You are on page 1of 232

$872'(6.

$XWR&$'

$XWR&$'Š ±,QLFLDO

2%-(7,92'(/&8562

ƒ &RQRFHUODSDQWDOODSULQFLSDOVXVSDUWHV\SHUVRQDOL]DUOR
ƒ 8WLOL]DUODVKHUUDPLHQWDVGHGLEXMRHQGRVGLPHQVLRQHV
ƒ $ PRGLILFDUODVILJXUDVJHRPpWULFDVEiVLFDVSDUDFRQVHJXLURWUDVHVSHFLDOHV
ƒ 8VDUORVPpWRGRVGHVHOHFFLyQGHREMHWRV
ƒ 8VDUORVFDSWXUDGRUHVGHSXQWRV
ƒ &UHDU\DGPLQLVWUDUFDSDV
ƒ &UHDU\PRGLILFDUWH[WRV
ƒ $FRWDURGLPHQVLRQDUQXHVWURSUR\HFWR
ƒ ,PSULPLUDHVFDODFRQYHQLHQWH

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

,1752'8&&,Ï1 ƒ )DFLOLWD  WHQHU  VREUH  HO  PLVPR  GLEXMR


 RWURV  DQiOLVLV  GHO  SUR\HFWR  SHUPLWLHQGR
%LHQYHQLGRV DO PXQGR GHO GLVHxR DVLVWLGR DOXVXDULRVHSDUDUORV\PRVWUDUVRODPHQWH
SRU FRPSXWDGRUD X RUGHQDGRU WHFQRORJtD ORVQHFHVDULRV
TXH QRV DKRUUD WLHPSR \ HVSDFLR \ TXH KD ƒ (V SRVLEOH QR VROR GLEXMDU HQ GRV
ORJUDGRGDUOH PD\RU YLWDOLGDG D ODV DSOLFDFLRQHV GLPHQVLRQHV VLQR WUDQVIRUPDUORV HQ XQ
HQODHODERUDFLyQGHSODQRVHQOD,QJHQLHUtDOD REMHWR WULGLPHQVLRQDO \  YLVXDOL]DUOR  GHVGH
$UTXLWHFWXUD \ HO GLVHxR ,QGXVWULDO PDV FXDOTXLHU iQJXOR $GHPiV HV SRVLEOH
FRQRFLGR SRU VXV VLJODV HQ ,QJOHV &RPSXWHU DxDGLUOH XQ HVFHQDULR FRQ WH[WXUDV \ OXFHV
$LGHG 'UDXJWKLQJ DQG 'HVLJQ  y ORTXHORJUDGDUOHPD\RUUHDOLVPR
DEUHYLDGDPHQWH&$' ƒ 6XIiFLOFRPXQLFDFLyQFRQRWURVSURJUDPDV
GHGLVHxRORKDFHDXQPiVDPLJDEOH
(QHOSUHVHQWHDSDUWDGRKDEODUHPRVGHXQRGH ƒ 3HUPLWH HO LQWHUFDPELR UiSLGR GH
ORVSURJUDPDVPiVSRSXODUHVSDUDHOGLVHxR LQIRUPDFLyQFRQRWURVGLVHxDGRUHV
DVLVWLGR   SRU  RUGHQDGRU FRPR HV $XWR&$'Š ƒ (VGHIiFLODOPDFHQDMH\UiSLGDORFDOL]DFLyQ
 HQ VX YHUVLyQ ~OWLPD YiOLGR SDUD ODV ƒ &UHDU DQLPDFLRQHV GH WUD\HFWRULD GH
YHUVLRQHV $XWR&$'Š  $XWR&$'Š  PRYLPLHQWR ORV UHFRUULGRV ' DQLPDGRV GH
$XWR&$'Š  $XWR&$'Š  $XWR&$'Š XQ PRGHOR SHUPLWHQ PRVWUDU XQ PRGHOR D
 $XWR&$'Š  \ $XWR&$'Š  XQ S~EOLFR WDQWR WpFQLFR FRPR QR WpFQLFR
H[SOLFDGRGHPDQHUDVHQFLOOD\GLUHFWD 3XHGH JUDEDU \ UHSURGXFLU XQD QDYHJDFLyQ
'H ODV YHQWDMDV GHO GLVHxR SRU SDUDFRPXQLFDUFRQGLQDPLVPRVXVLGHDVGH
FRPSXWDGRUD GLVHxR
(V LPSRUWDQWH PHQFLRQDU TXH D SHVDU GH ODV
ƒ 'LEXMDU PiV IiFLO \ UiSLGR FRQ PHMRUHV
IDFLOLGDGHV TXH $XWR&$'Š QRV RIUHFH QXHVWUR
DFDEDGRV VLQ ODV GHVYHQWDMDV GHO GLEXMR D
WUDEDMRSXHGHWHUPLQDUHQXQDREUDHPStULFDR
PDQR
GH SpVLPR DFDEDGR R VLPSOHPHQWH LQFRQFOXVR
ƒ $GHPiV SHUPLWH FXDOTXLHU WLSR GH
SRU GHVFRQRFLPLHQWR  WpFQLFR 3RU HOOR VH
PRGLILFDFLyQLQPHGLDWDVLQWHQHUTXHYROYHU
UHFRPLHQGD WHQHU XQ HVWXGLR SUHYLR GHO 'LEXMR
D GLEXMDU
7pFQLFR \ OD *HRPHWUtD 'HVFULSWLYD
ƒ (VSRVLEOHSUHVHQWDUORHQFRORURDEODQFR\
KHUUDPLHQWDV LQGLVSHQVDEOHV  TXH  QRV DEULUiQ
QHJUR
ODVSXHUWDVDOPXQGRGHOGLVHxRSHURGHPDQHUD
SURIHVLRQDO

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$XWR&$'

, &21&(3726,1,&,$/(6'(6&5,3&,Ï1'(/$0%,(17('(75$%$-2<862'(
',6326,7,926
(QWLGDG X REMHWR 6RQ XQLGDGHV EDVLFDV \D
H[LVWHQWHVTXHVHXWLOL]DQSDUDODFUHDFLyQGH
XQGLEXMR8QDHQWLGDGXREMHWRSXHGHVHU
XQD OtQHD XQD FLUFXQIHUHQFLD XQ DUFR XQ
&DSDV 6H YDQ XWLOL]DU EiVLFDPHQWH SDUD
UHFWiQJXORXQWH[WRHWF
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
/tQHD LPSUHVLyQ
&LUFXQIHUHQFLD

5HFWiQJXOR
$UFR

7H[WR
%ORTXHV6RQXQFRQMXQWRGHHQWLGDGHVTXHYDQ
D WUDEDMDUFRPRVLIXHUDXQDVRODHQWLGDG
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

8QLGDG GH GLEXMR(VDVXPLGDSRUHOXVXDULRGHDFXHUGRDORTXHHVWDSUR\HFWDGR/DVXQLGDGHVGH
GLEXMRSRUGHIHFWRGHOSURJUDPDHVHQPP SXOJDGDV 

'LEXMHHOREMHWRDHVFDODHQODVXQLGDGHVTXHHOLMD

(QHOGLEXMRPDQXDOVHGHEH XQ PXUR GH  PHWURV OR PiV VHQFLOOR HV
GHWHUPLQDU OD HVFDOD GH XQD LQWURGXFLU HO YDORU  XQLGDGHV GH GLEXMR  VL HO
YLVWD DQWHV GH FRPHQ]DU D GLEXMRDUHDOL]DUHVHOGHXQPXHEOHODVPHGLGDV
GLEXMDU (VWD HVFDOD FRPSDUD VREUHpOVHWRPDUiQHQFHQWtPHWURVSRUORTXH
HOWDPDxRGHOREMHWRUHDOFRQ DO GLEXMDU HO VREUH GH XQD PHVD GH  FP GH
HOWDPDxRGHOPRGHORGLEXMDGRHQHOSDSHO JURVRU OR OyJLFR VHUtD LQWURGXFLU HO YDORU 
XQLGDGHVGHGLEXMR (QHOSULPHUFDVRHOYDORU
&RQ $XWR&$' HQ SULPHU OXJDU VH
 FRUUHVSRQGHDGRVPHWURV\HQHOVHJXQGRD
GHFLGH TXp XQLGDGHV GH PHGLGD VH
FHQWtPHWURV
XWLOL]DUiQ \ D FRQWLQXDFLyQ VH GLEXMD
HOPRGHORDHVFDOD 3RU WDQWR GRV PHGLGDV WDQ GLVSDUHV FRPR OD
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 )RUPDWR GH KRMD9DVHUHOiUHDGHHOVHFWRU
XQ HGLILFLR OR PiV OyJLFR HV XWLOL]DU HO PHWUR HQHOFXDOYDPRVDKDFHUHOGLVHxR$$R
FRPR XQLGDG GH PHGLGD SRU OR FXDO DO GLEXMDU SHUVRQDOL]DGR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,1&,$1'2$XWR&$'
(OLQLFLRGHODDSOLFDFLyQSXHGHKDFHUVHGHVGHHOHVFULWRULR DWUDYpVGHODFFHVRGLUHFWRGHOSURJUDPD

7DPELpQSXHGHKDFHUVHGHVGHHO0HQ~,QLFLR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

2 VLJXLHQGRODUXWDGHO0HQ~,QLFLR!7RGRVORVSURJUDPDV

'5$:,1*7(03/$7(6 3ODQWLOODVGH'LEXMR 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
OtQHDVOLEUHUtDVGHVtPERORV EORFNV IRUPDWRVGHOiPLQDVHWF
$O LQLFLDU HO SURJUDPD HVWH LQJUHVD GLUHFWDPHQWH D OD
3ODQWLOOD',1$ 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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

$OFHUUDUOD3ODQWLOOD$FDGLVR DSDUHFHODVLJXLHQWHYHQWDQD

(QHO0HQ~%URZVHU²)LOH²1HZDEULUHPRVXQDQXHYD3ODQWLOODGH'LEXMR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3$17$//$'($872&$'

 











 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

 ÈUHDGHGLEXMR 'UDZLQJDUHD
 ([SORUDGRUGHPHQ~V 0HQX%URZVHU
 &XUVRU &URVVKDLU
 %DUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR
4XLFN$FFHVV7RROEDU  ,FRQRGHOVLVWHPDGHFRRUGHQDGDVXQLYHUVDO
 %DUUDGHWLWXOR  %DUUDGHGHVSOD]DPLHQWR 6FUROOEDUV 
 &HQWURGHLQIRUPDFLyQ ,QIR&HQWHU  9HQWDQDGHODOtQHDGHFRPDQGR &RPPDQG
ZLQGRZ
 %RWRQHVGH7tWXOR
 /tQHDGHFRPDQGR &RPPDQG/LQH
 &LQWDGHRSFLRQHV 5LEERQ
 %DUUDGHHVWDGR 6WDWXVEDU
 3DQHOHV HQ OD FLQWD GH RSFLRQHV 3DQHOV LQ
WKH5LEERQ

([SORUDGRUGHPHQ~V 0HQX%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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

D 6HDUFK 0HQ~ 8QD


KHUUDPLHQWD GH
E~VTXHGD VHDUFK HQ
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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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~
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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
41HZ 1XHYR 2SHQ $EULU 6DYH *XDUGDU 3ORW ,PSULPLU 8QGR 'HVKDFHU \5HGR 5HKDFHU 
3XHGH DJUHJDU KHUUDPLHQWDV D OD EDUUD GH KHUUDPLHQWDV GH DFFHVR UiSLGR VHOHFFLRQDQGR OD RSFLyQ
&XVWRPL]HTXLFNDFFHVVWRROEDU 3HUVRQDOL]DUEDUUDGHKHUUDPLHQWDVGHDFFHVRUiSLGR GHOPHQ~DO
KDFHUFOLFGHUHFKR\DFRQWLQXDFLyQDUUDVWUDUORVFRPDQGRVGHODOLVWDGHFRPDQGRVGHOFXDGURGH

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 %DUUDGHKHUUDPLHQWDVGHDFFHVRUiSLGR
UiSLGR VHOHFFLRQDQGR HVD
RSFLyQ HQ HO PHQ~ GHO FOLF
GHUHFKR
$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\DUFKLYRVHVSHFLILFDGRV RHQXQ~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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

&ORVH &HUUDUODYHQWDQD 
 5HVWRUH'RZQ 5HVWDXUDUPD[LPL]DUODYHQWDQD 
 0LQLPL]H 0LQLPL]DUODYHQWDQD 

&LQWDGHRSFLRQHV
/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
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
7tWXORGHODFLQWDGHRSFLRQHV 5LEERQ 

$MXVWDQGRDPLQLPL]DUDILFKDVVyORPXHVWUDORVQRPEUHVGHODILFKD

2FXOWDUDXWRPiWLFDPHQWHODILFKDGHODFLQWDGHRSFLRQHV
< DMXVWDQGRDPLQLPL]DUDWtWXORVGHSDQHOPXHVWUDORVQRPEUHVGHILFKD\SDQHO

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3DQHOHVGHODFLQWDGHRSFLRQHVHQHOFXDGURGHGLiORJR&XVWRPL]H8VHU,QWHUIDFH 3HUVRQDOL]DUOD
LQWHUID]GHXVXDULR 
/D FLQWDGHRSFLRQHV 5LEERQ HVWiFRPSXHVWRGHODVVLJXLHQWHVILFKDV 7DEV 
• +RPH
• %ORFNV 5HIHUHQFHV
• $QQRWDWH
• 7RROV
• 9LHZ
• 2XWSXW
+RPH 6HUi OD ILFKD SULQFLSDO TXH
FRQVWDQWHPHQWH HPSOHDUHPRV HQ QXHVWUR FXUVR
(VWDFRQWLHQHORV3DQHOHVGH

'UDZ &RQWLHQHORVFRPDQGRVXVXDOHVGHGLEXMR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

%ORFN &RQWLHQH ORV FRPDQGRV GH FUHDFLyQ


0RGLI\ &RQWLHQH ORV FRPDQGRV JHQHUDOHV GH
HGLFLyQLQVHUFLyQ\PDQHMRGHDWULEXWRV
HGLFLyQ

3URSHUWLHV: Contiene las herramientas de


/D\HUV &RQWLHQH ORV FRPDQGRV GH
DGPLQLVWUDFLyQGH/D\HUV &DSDV 
color, grosor de impresión, tipo de línea,
estilo de impresión y listado de propiedades
de los objetos de dibujo.

8WLOLWLHV &RQWLHQH ODV KHUUDPLHQWDV GH =RRP


FRSLDU SHJDU VHOHFFLyQ UiSLGD VHOHFFLRQDU
WRGRFRUWDU\HQFXDGUH
$QQRWDWLRQ &RQWLHQH ORV FRPDQGRV GH
URWXODFLyQ GH WH[WRV DFRWDGR WDEODV \
GLUHFWULFHV

$OJXQRVGHORV7DEV TXHYLHQHQDFRQWLQXDFLyQ
VHUiQ VROR PHQFLRQDGRV VRPHUDPHQWH SXHVWR
TXH HVWRV FRQWLHQHQ XQD GLYHUVLGDG GH
FRPDQGRVTXHHVFDSDQHODOFDQFHGHOFXUVR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
YtQFXORV DORVREMHWRVGHGLEXMR

%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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

de acotado y comandos específicos de


edición.

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

$QQRWDWH (VWD )LFKD DGPLQLVWUD ODV $XWR&$'


DWULEXWRV D XQ DUFKLYR H[WHUQR R D XQD WDEOD GH

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)LHOGV FDPSRV 
:LSHRXW\ 5HYLVLRQ&ORXG

$QQRWDWLRQ 6FDOLQJ $xDGH \ HOLPLQD OD HVFDOD


DFWLYDDORVREMHWRVDQRWDWLYRVFRQWLHQHHOOLVWDGR
GHHVFDODVGHODUFKLYR6FDOH/LVW

'LPHQVLRQV (VWH 3DQHO PDQHMD OD FUHDFLyQ GH


HVWLORVGHDFRWDPLHQWRORVGLIHUHQWHVcomandos

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
0DFURV &XVWRPL]DWLRQ &RQWLHQH OD KHUUDPLHQWD GH
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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

FXDQWRHOXVXDULRKDFHFOLFHQRWURSDQHO3DUDPDQWHQHUXQSDQHODPSOLDGRKDJDFOLFHQHOLFRQRGH
DOILOHUHQODHVTXLQDLQIHULRUGHUHFKDGHGLFKRSDQHO

ÈUHDGHGLEXMR
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
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

/tQHDGHFRPDQGR &RPPDQG/LQH 
8ELFDGRHQODSDUWHLQIHULRUGHODSDQWDOOD
™ 3HUPLWH HMHFXWDU FRPDQGRV GLJLWiQGRORV HQ HVWD OtQHD \ WUDV SUHVLRQDU (17(5 R OD %$55$
(63$&,$'25$pVWDVVHHMHFXWDQGHLQPHGLDWR

%DUUDGHHVWDGR 6WDWXVEDU 
8ELFDGRHQODSDUWHLQIHULRUGHODSDQWDOOD
/D EDUUDGHHVWDGRGHODDSOLFDFLyQPXHVWUD
™ /RVYDORUHVGHODFRRUGHQDGDVGHOFXUVRU
™ /DVKHUUDPLHQWDVGHGLEXMR
™ /DVKHUUDPLHQWDVGHQDYHJDFLyQ
™ /DVKHUUDPLHQWDVGHYLVWDUiSLGD\HVFDODGHDQRWDFLyQ

/DEDUUDGHHVWDGRGH$XWR&$'VHKDDFWXDOL]DGRFRQQXHYDVKHUUDPLHQWDVHLFRQRV(OODGRL]TXLHUGR
GHODEDUUDGHHVWDGRLQFOX\HORVERWRQHVSDUDDFWLYDURGHVDFWLYDUSDUDODIXQFLRQDOLGDGIDPLOLDUFRPR
2VQDS 5HIHUHQFLDDREMHWRV *ULG 5HMLOOD \'\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
5iSLGDV HVXQDDGLFLyQQXHYDDODEDUUDGHHVWDGR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

%RWRQHVGHDFWLYDFLyQRGHVDFWLYDFLyQGHODEDUUDGHHVWDGR

$ FRQWLQXDFLyQVHGHVFULEHQORVSULPHURVLFRQRVGHO6WDWXV%DU

 'UDZLQJ &RRUGLQDWHV &RRUGHQDGDVGHGLEXMR /RVYDORUHVQXPpULFRVTXHDSDUHFHQDOLQLFLRGH


OD EDUUD VH GHQRPLQDQ 'UDZLQJ &RRUGLQDWHV HVWRV LQGLFDQ ODV FRPSRQHQWHV [ \ ] GH XQ
GHWHUPLQDGRSXQWRHQHOiUHDJUiILFD
 6QDS 0RGRIRU]DUFXUVRU (VWDEOHFHORVGHVSOD]DPLHQWRVGHOFXUVRUHQLQFUHPHQWRVHVSHFtILFRVGH
ODGLUHFFLyQ[ \ ODGLUHFFLyQ\
 *ULG 9LVXDOL]DU UHMLOOD  $FWLYD XQD PDWUL] GH SXQWRV TXH HVWDEOHFHQ ORV OtPLWHV GHO GLEXMR HO
HVSDFLDGRGHHVWRVSXQWRVSXHGHHVWDUVLQFURQL]DGRFRQHOGHO6QDS
 2UWKR 0RGRRUWR &RQGLFLRQDVRORDGHVSOD]DPLHQWRVRUWRJRQDOHVDOFXUVRU

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

 3RODU 5DVWUHRSRODU 3HUPLWHHOUDVWUHRSRODUKDFLHQGRXVRGHiQJXORVSRODUHVHVWDEOHFLGRV


 2VQDS 5HIHUHQFLDDREMHWRV $FWLYDODVUHIHUHQFLDVDREMHWRV
 2WUDFN 5DVWUHRGHUHIHUHQFLDDREMHWRV $FWLYDHOUDVWUHDGRUGHUHIHUHQFLDVDREMHWRV
 'XFV 3HUPLWLU1R SHUPLWLU 8&6 GLQiPLFR  3HUPLWH HO XVR GHO 8&6 GLQiPLFR HQ HO PRGHOR
WULGLPHQVLRQDO
 '\Q (QWUDGDGLQiPLFD (VWDEOHFHODHQWUDGDGLQiPLFD
 /ZW 0RVWUDU2FXOWDUJURVRUGHOtQHD 3HUPLWHYHUORVJURVRUHVGHOtQHDHQSDQWDOOD
 4S 3URSLHGDGHVUiSLGDV $FWLYDHO4XLFN3URSHUWLHV
$O KDFHU FOLF GHUHFKR SDUD DOJXQRV ERWRQHV GH OD EDUUD GH HVWDGR ORV PHQ~V FRQWH[WXDOHV LQFOX\HQ
FRQWUROHVDGLFLRQDOHVTXHVRQSHUWLQHQWHVSDUDHVHERWyQHQSDUWLFXODU(ODFFHVRIiFLODHVWRVFRQWUROHV
PLQLPL]DODQHFHVLGDGSDUDFRQILJXUDUORVHQHOFXDGURGHGLiORJR6HWWLQJV 3DUiPHWURV 

0HQ~VFRQWH[WXDOHVDOKDFHUFOLFGHUHFKRVREUH6QDS3RODU\2VQDS
/RV ERWRQHV 0RGHO 0RGHOR  \ /D\RXW 3UHVHQWDFLyQ  VH KDQ PRYLGR DO ODGR GHUHFKR GH OD EDUUD GH
HVWDGRGyQGHYDULDVKHUUDPLHQWDVQXHYDVWDPELpQVHKDQDJUHJDGR/RVLFRQRV/D\RXW 3UHVHQWDFLyQ 
HVUHHPSOD]DGRSRUHOERWyQ4XLFN9LHZ/D\RXWV 9LVWDUiSLGDGHSUHVHQWDFLRQHV HOFXDOHVVHJXLGRSRU
HOERWyQ4XLFN9LHZ'UDZLQJV 9LVWDUiSLGDGHGLEXMRV /DEDUUDGHHVWDGRSURSRUFLRQDHODFFHVRIiFLOD
ODVKHUUDPLHQWDVGHQDYHJDFLyQ\YLVXDOL]DFLyQLQFOX\HQGR3DQ (QFXDGUH \=RRP $PSOLDU DVtFRPR
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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

/RVVLJXLHQWHVLFRQRVGHO6WDWXV%DUVHGHVFULEHQDFRQWLQXDFLyQ

 0RGHO6SDFH 0RGHOR ,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 (QFXDGUH 3HUPLWHKDFHUXVRGHOFRPDQGRHQFXDGUHHQWLHPSRUHDO
 =RRP $PSOLDU $FWLYDHOFRPDQGR=RRP
 6WHHULQJ:KHHO 5XHGDGHQDYHJDFLyQ +HUUDPLHQWDTXHSHUPLWHQDYHJDUDOUHGHGRUGHXQPRGHOR
WULGLPHQVLRQDOLQFOX\HFRPDQGRVFRPRHO=RRP\ HO2UELW
 6KRZ0RWLRQ 0RVWUDUDQLPDFLyQ 3HUPLWHFUHDU\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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
LQVWUXFFLRQHV 3RUHMHPSORSDUDUHDOL]DUXQDOtQHDUHFWDVHHMHFXWDUiHOFRPDQGR/LQH /tQHD 
$ FRQWLQXDFLyQVHH[SOLFDQORVGLIHUHQWHVPpWRGRVSDUDHMHFXWDUHVWRVFRPDQGRV
 $ WUDYpVGHOWHFODGR
• 6HHVFULEHGLUHFWDPHQWHHOQRPEUHGHOFRPDQGRHQODOtQHDGHFRPDQGRVHJXLGRGH(17(5R
%$55$(63$&,$'25$
• 2SFLRQHV
*HQHUDOPHQWH ORV FRPDQGRV UHTXLHUHQ DOJXQD RUGHQ DGLFLRQDO RSFLRQHV  \R YDORUHV
QXPpULFRVSDUDHMHFXWDUODLQVWUXFFLyQ
o

o /DVRSFLRQHVDSDUHFHQHQWUHFRUFKHWHV >@ VHSDUDGRVSRUXQDEDUUD  


o /D RSFLyQSRUGHIHFWRDSDUHFHHQWUHFRUFKHWHVDJXGRV ! 
3DUD VHOHFFLRQDU XQD RSFLyQ GHEH HVFULELU ODV OHWUDV PD\~VFXODV TXH DSDUH]FDQ HQ HO
QRPEUHGHGLFKDRSFLyQ
o

(MHPSOR3DUDGLEXMDUXQDFLUFXQIHUHQFLDGHGLiPHWURPP
&RPPDQGFLUFOH HQWHU 
o

3UHFLVHSXQWRFHQWUDOSDUDFtUFXORR>337WU@+DFHUFOLFHQXQSXQWRGHODSDQWDOOD
3UHFLVHUDGLRGHFtUFXORR>'LiPHWUR@G HQWHU 
3UHFLVHGLiPHWURGHFtUFXOR
• 5HSHWLFLyQ\FDQFHODFLyQ
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
o

ƒ 6yORVHSXHGHQUHFXSHUDUDTXHOORVFRPDQGRVHMHFXWDGRVPHGLDQWHHOWHFODGR
o 3DUDFDQFHODUXQFRPDQGRHQHMHFXFLyQVHSXOVD(6&
 $ WUDYpVGHOH[SORUDGRUGHPHQ~V
• 6RQORVPHQ~VLQFOXLGRVHQODEDUUDGHPHQ~V)LOH(GLW9LHZ«
• 8QDYH]GHVSOHJDGRSRGHPRVYHUTXHHQDOJXQDVRSFLRQHVDSDUHFH
o /D FRPELQDFLyQGHOHWUDVHTXLYDOHQWH(MHPSOR&75/2SDUD2SHQ $EULU 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

o 8QWULiQJXORDODL]TXLHUGDLQGLFDTXHFRQWLHQHRWURPHQ~GHVSOHJDEOH
o 8QRVSXQWRVVXVSHQVLYRVDODGHUHFKDLQGLFDQTXHVHDFFHGHDXQFXDGURGHGLiORJR
o (OWH[WRHQJULVLQGLFDTXHODRSFLyQQRHVWiDFWXDOPHQWHGLVSRQLEOH

 $ WUDYpVGHODFLQWDGHRSFLRQHV
• +DFLHQGRFOLFHQODVGLIHUHQWHVILFKDV\SDQHOHVSDUDDFFHGHUDODVGLIHUHQWHVKHUUDPLHQWDV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 /DGRGHOWULiQJXORHTXLOiWHURLJXDOD
FDGDSXQWRHQODVVLJXLHQWHVILJXUDV

/DGRGHOFXDGUDGRLJXDOD

/DGRGHOKH[iJRQRUHJXODULJXDOD
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

/DGRGHOKH[iJRQRUHJXODULJXDOD

,,,&21752/'(/$(6&$/$'(,035(6,Ï1'(/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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,9 &21752/'(/$(6&$/$'(,035(6,Ï1'(/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*ULG UHMLOOD \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]FXUVRU HVWiDFWLYDGRSDUHFHTXHHOFXUVRUVHDGKLHUHRVHIXHU]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 < GHODVRSFLRQHV6QDS IRU]DGR
GHFXUVRU \*ULG UHMLOOD $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
6HWWLQJV« 3DUiPHWURV 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'REOH
FOLF
'REOH L]TXLHUGR
FOLF \ HVFULED
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 ³LQYLVLEOH´ REOLJDQGR DO FXUVRU D GHVSOD]DUVH ~QLFDPHQWH SRU
HVWRVSXQWRV
6QDS2Q 5HVROXFLyQDFWLYDGD 
¾ (VWDRSFLyQSHUPLWH$FWLYDU'HVDFWLYDUHOIRU]DGR
¾ 7DPELpQSXHGHKDFHUVHPHGLDQWH)RSXOVDQGRHOERWyQ61$3
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

2SFLRQHVEiVLFDV
¾ 6QDS;VSDFLQJ 'LVWDQFLDUHVROXFLyQ; 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH
;
¾ 6QDS<VSDFLQJ 'LVWDQFLDUHVROXFLyQ< 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH
<3RUGHIHFWRWHQGUiHOPLVPRYDORUTXHHOGHOHMH;

*ULG 5HMLOOD
'HILQLFLyQ&UHDXQDPDOODGHSXQWRV³YLVLEOH´HPSOHDGD~QLFDPHQWHFRPRUHIHUHQFLDYLVXDO
*ULG2Q 5HMLOODDFWLYDGD
¾ (VWDRSFLyQSHUPLWH$FWLYDU'HVDFWLYDUODUHMLOOD
¾ 7DPELpQSXHGHKDFHUVHPHGLDQWH)RSXOVDQGRHOERWyQ*5,'
2SFLRQHV
¾ *ULG ; VSDFLQJ ,QWHUYDOR;GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH;
1RWLHQHSRUTXHWHQHUHOPLVPRYDORUTXHOD'LVWDQFLDGHUHVROXFLyQ;
¾ 6QDS<VSDFLQJ ,QWHUYDOR<GHODUHMLOOD 'LVWDQFLDHQWUHSXQWRVGHODPDOODDORODUJRGHOHMH<
3RUGHIHFWRWHQGUiHOPLVPRYDORUTXHHOGHOHMH;

6QDS W\SH 7LSR\HVWLORGHUHVROXFLyQ


6QDSW\SH 5HIHUHQFLDDUHMLOOD 
¾ 3HUPLWHHVFRJHU³5HFWDQJXODUVQDS´ 5HVROXFLyQUHFWDQJXODUORKDELWXDO R³,VRPHWULFVQDS´
5HVROXFLyQLVRPpWULFD 


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


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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

(Q OD SDUWH (QODSDUWH


L]TXLHUGD SRGHPRV GHUHFKD
LQGLFDUODVXQLGDGHV SRGHPRV
GH PHGLGD SDUD OD LQGLFDUHO
ORQJLWXG SRU VLVWHPDGH
GHIHFWRODFDVLOODGH XQLGDGHV
W\SH WLSR HVWDHQ DQJXODUHV
'HFLPDO TXH 3RUGHIHFWR
VHUiQ ODV XQLGDGHV HVWDHQ
FRQ ODV TXH 'HFLPDO
WUDEDMDUHPRV 'HJUHHV
 *UDGRV
VH[DJHVLPDOHV
/DFDVLOOD GHFLPDOHV 
3UHFLVLyQQRV /DFDVLOOD
PXHVWUDOD 3UHFLVLyQ
SUHFLVLyQRJUDGR HVWDSRU
GHH[DFWLWXGHQ GHIHFWRHQ
GHFLPDOHVGHODV GHFLPDOHV
XQLGDGHV3RU 
GHIHFWRHVWDHQ
GHFLPDOHVFDPELH
D GHFLPDOHV


&DPELH D XQLWOHVV
VLQ XQLGDGHV  ODV
XQLGDGHV GH HVFDOD
SDUD HO FRQWHQLGR
LQVHUWDGR
3XOVHODRSFLyQ2. $FHSWDU SDUDVDOLUGHHVWHFXDGURGH 
GLiORJR

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\HOLJLHQGRODRSFLyQ6HWWLQJV ILMDUFDPELRV
WUDV OR FXDO VH PRVWUDUi OD YHQWDQD 'UDIWLQJ 6HWWLQJV SDUiPHWURV GHO GLEXMR  OD FXDO PRVWUDUi ORV
GLIHUHQWHV0RGRVGH5HIHUHQFLDD2EMHWRV 2EMHFW6QDS0RGHV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

2EMHFW6QDS 5HIHUHQFLDDREMHWRV &RPR UHVXOWDGR DSDUHFHUi XQ PHQ~ FRQWH[WXDO


'HILQLFLyQ 3HUPLWH HPSOHDU FRPR UHIHUHQFLD GHWRGDVODVUHIHUHQFLDVSXGLHQGRHOHJLUODTXH
ORV SXQWRV PiV VLJQLILFDWLYRV GH HOHPHQWRV \D GHVHDPRVXVDU
GLEXMDGRV
2EMHFW 6QDS 2Q 5HIHUHQFLD D REMHWRV
DFWLYDGD 
ƒ (VWD RSFLyQ SHUPLWH $FWLYDU'HVDFWLYDU OD
UHIHUHQFLDDREMHWRV
ƒ 7DPELpQ SXHGH KDFHUVH PHGLDQWH ) R
SXOVDQGRHOERWyQ261$3
2EMHFW 6QDS PRGHV 0RGRV GH UHIHUHQFLD D
REMHWRV 
ƒ (VWD RSFLyQ SHUPLWH $FWLYDU'HVDFWLYDU ORV
GLIHUHQWHVSXQWRVVLJQLILFDWLYRV
ƒ 1R HV UHFRPHQGDEOH WHQHU WRGRV ORV SXQWRV
DFWLYDGRV \D TXH JHQHUDUtD JUDQ FRQIXVLyQ
D ODKRUDGHGLEXMDU
3HUVRQDOPHQWH UHFRPLHQGR WHQHU
DFWLYDGRV ~QLFDPHQWH (QGSRLQW
o

0LGSRLQW &HQWHU 4XDGUDQW H


,QWHUVHFWLRQ\HOUHVWRVyORDFWLYDUORV
HQFDVRGHQHFHVLGDG
ƒ /RVSXQWRVHPSOHDGRV\ORVVtPERORVFRQORV
TXHVHUHSUHVHQWDQVRQ

3RGHPRV WDPELpQ GH XQD PDQHUD PiV UiSLGD


DFFHGHU D HVWDV UHIHUHQFLDV PHGLDQWH OD
SXOVDQGR D OD YH] OD WHFOD 6+,)7  %27Ï1
'(5(&+2GHOPRXVH
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$GHPiV SRGHPRV KDFHU DSDUHFHU WDPELpQ OD


EDUUD GH KHUUDPLHQWDV 2EMHFW 6QDS 5HIHUHQFLD $ FRQWLQXDFLyQVHSUHVHQWDXQDOLVWDFRQORV
D REMHWRV  3DUD OR FXDO KDJD FOLF GHUHFKR HQ SXQWRV2VQDSTXHRIUHFH$XWR&$'
FXDOTXLHU LFRQR \ VHOHFFLRQH ³2EMHFW 6QDS´ GHO 
PHQ~FRQWH[WXDO

/tQHDGH
2EMHFW6QDS ,FRQR 8VRGHODUHIHUHQFLDDREMHWRV
FRPDQGR
(QGSRLQW
(1' ,QGLFDHOSXQWRH[WUHPRGHXQDOtQHDDUFRRFXUYD
3XQWRILQDO
0LGSRLQW
3XQWRPHGLR 0,' ,QGLFD HO SXQWR PHGLR GH XQD OtQHD DUFR FXUYD
DULVWD
&HQWHU
&(1 ,QGLFDHOFHQWURGHDUFRVFtUFXORV\HOLSVHV
&HQWUR
4XDGUDQW
&XDGUDQWH 48$ ,QGLFDORVFXDGUDQWHVGHDUFRVFtUFXORV\HOLSVHV

1RGH
12' ,QGLFDXQREMHWR3XQWR
3XQWR 

$UFR (OLSVH
/RVSXQWRVTXHVHSXHGHQFDSWXUDUGHODILJXUDV
EiVLFDVVRQ
/tQHD 3XQWR

ƒ (OFHQWUR
ƒ (OSXQWR ƒ /RVFXDGUDQWDOHVGH
ƒ /RVH[WUHPRV ƒƒr \r
ƒ (OSXQWRPHGLR ƒ /RVH[WUHPRV
5HFWiQJXOR &LUFXQIHUHQFLD ƒ (OSXQWRVPHGLR
ƒ (OFHQWUR
ƒ /RV FXDGUDQWDOHV
GHƒ\ƒ

ƒ /RV FXDWUR
H[WUHPRV ƒ (OFHQWUR
ƒ /RVSXQWRVPHGLRV ƒ /RVFXDGUDQWDOHV
GHFDGDODGR GHƒƒr \
r

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

9, 'LEXMDQGRHQWLGDGHVVLPSOHVHQ'
(QWLGDGHVRREMHWRVVLPSOHV
/tQHDGHFRPDQGR $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>8QGR@
6SHFLI\QH[WSRLQWRU>&ORVH8QGR@
&RPDQGR/,1($
3UHFLVHSULPHUSXQWR3UHFLVHXQSXQWRRSXOVH(17(5SDUDFRQWLQXDUGHVGHOD~OWLPDOtQHDRDUFR
GLEXMDGRV
3UHFLVHVLJXLHQWHSXQWRR>GHV+DFHU@
3UHFLVHVLJXLHQWHSXQWRR>GHV+DFHU@
3UHFLVHVLJXLHQWHSXQWRR>&HUUDUGHV+DFHU@
ƒ 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
3URFHGLPLHQWR
™ 7DPELpQVHSXHGHILQDOL]DUFRQ(17(5R
ƒ (MHFXWDUHOFRPDQGR
%$55$(63$&,$'25$
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
™ 3UHFLVHSULPHUSXQWR 2SFLRQHV
¾ ,QWURGXFLU XQ SXQWR KDFLHQGR FOLF ƒ &ORVH &HUUDU
VREUHHOiUHDJUiILFDRLQWURGXFLHQGR ™ 8QH HO SXQWR ILQDO FRQ HO SXQWR LQLFLDO
ODVFRRUGHQDGDVGHOSXQWR IRUPDQGRXQDOtQHDSROLJRQDOFHUUDGD
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
™ 3UHFLVH VLJXLHQWH SXQWR R
>&HUUDUGHV+DFHU@
¾ ,QWURGXFLU XQ SXQWR KDFLHQGR FOLF
VREUHHOiUHDJUiILFDRLQWURGXFLHQGR
ODVFRRUGHQDGDVGHOSXQWR
¾ 3RU GHIHFWR VH HQFDGHQDQ OtQHDV $QWHVGHVHOHFFLRQDUOD 'HVSXpV GH VHOHFFLRQDU
KDVWDTXHVHILQDOLFHHOFRPDQGR RSFLyQ&ORVH ODRSFLyQ&ORVH
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

ƒ 8QGR 'HVKDFHU
™ 3HUPLWH HOLPLQDU GH IRUPD VXFHVLYD ODV
OtQHDVFUHDGDVVLQILQDOL]DUHOFRPDQGR

$QWHVGHSXOVDU 'HVSXpVGHSXOVDU(17(5
(17(5
™ 6L HO ~OWLPR REMHWR GLEXMDGR HV XQ DUFR
HVWD RSFLyQ GLEXMDUi XQD OtQHD WDQJHQWH
DODUFRHQVXSXQWRGHFRQH[LyQFRQHOOD
$QWHVGHVHOHFFLRQDUODRSFLyQ8QGR &RQHVWHPpWRGRFDPELDHOIRUPDWRGHO
FRPDQGR TXH VROLFLWD OD ORQJLWXG GH OD
OtQHD HQ OXJDU GH ODV FRRUGHQDGDV GHO
VLJXLHQWHSXQWR(OFRPDQGR$5&2WLHQH
XQDRSFLyQDQiORJD

'HVSXpVGHVHOHFFLRQDUODRSFLyQ8QGR
ƒ &RQWLQXH &RQWLQXDU
™ 1R HV XQD RSFLyQ GHO FRPDQGR
SURSLDPHQWH GLFKD 6L FXDQGR VH
HPSLH]D XQD QXHYD OtQHD VH UHVSRQGH D
$QWHVGHSXOVDU 'HVSXpVGHSXOVDU(17(5
ODSUHJXQWD3ULFLVH SULPHU SXQWRFRQ
(17(5 pVWD VH GLEXMDUi HQOD]DGD D OD (17(5
~OWLPDOtQHD &RQ/,1(SXHGHFUHDUXQDVHULHGHVHJPHQWRV
GHOtQHDFRQWLJXRV&DGDVHJPHQWRHVXQREMHWR
GHOtQHDTXHVHSXHGHHGLWDUSRUVHSDUDGR

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD1RGLPHQVLRQDU

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD1RGLPHQVLRQDU

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDUOD³9,*$,´HQFRRUGHQDGDVUHFWDQJXODUHVDEVROXWDV\HQFRRUGHQDGDVUHFWDQJXODUHVUHODWLYDV

3UREOHPD
'LEXMDUOD³&$1$/´HQFRRUGHQDGDVUHFWDQJXODUHVDEVROXWDV\HQFRRUGHQDGDVUHFWDQJXODUHVUHODWLYDV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
'LEXMHHOSROtJRQRLUUHJXODUGHODILJXUDXWLOL]DQGRODVGLPHQVLRQHVGDGDVVREUHXQDKRMD$1R
FRORTXHODVGLPHQVLRQHV'LEXMHHQSXOJDGDV

3UREOHPD
'LEXMDUHOVLJXLHQWHVHOOR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 (MHFXWDUHOFRPDQGRGHVGHHOPHQ~'UDZ 'LEXMR RKDFLHQGRFOLFHQHOLFRQR
(QODOtQHDGHFRPDQGRDSDUHFH
ƒ 3UHFLVHXQSXQWR
o

 +DFHUXQFOLFVREUHXQSXQWR
 (OSXQWRWDPELpQVHSXHGHLQWURGXFLUPHGLDQWHFRRUGHQDGDV
(QODOtQHDGHFRPDQGRDSDUHFH
ƒ 3UHFLVHXQSXQWR
o

 6HLQWURGXFHSXQWRVKDVWDTXHVHILQDOLFHHOFRPDQGR
o 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR

''37<3( )250$7!32,1767</(«
)250$72!7,32'(38172«

'HILQLFLyQ9DUtDHOIRUPDWRGHYLVXDOL]DFLyQGHOSXQWR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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]H 7DPDxRGHSXQWR
3HUPLWH LQWURGXFLU HO WDPDxR GHO
SXQWR FRPR SRUFHQWDMH R HQ
o

XQLGDGHVDEVROXWDV
    
6HW6L]H5HODWLYHWR6FUHHQ (VWDEOHFHU
3'6,=(

WDPDxRUHODWLYHDSDQWDOOD
3HUPLWH GHILQLU HO WDPDxR GHO SXQWR &RQWUROD HO WDPDxR GH ODV ILJXUDV GH SXQWR
FRPR SRUFHQWDMH UHIHUHQWH DO VDOYRHQORVYDORUHV\GH3'02'(8QYDORU
o

WDPDxRGHODSDQWDOOD ]RRPDFWXDO   JHQHUDHOSXQWRDOSRUFLHQWRGHODDOWXUDGHO


iUHD JUiILFD 8Q YDORU SRVLWLYR GH 3'6,=(
&RQ HVWD RSFLyQ VH FRQVLJXH TXH HO HVSHFLILFD XQ WDPDxR DEVROXWR SDUD ODV ILJXUDV
WDPDxRGHOSXQWRQRVHYHDDIHFWDGR
o
GHSXQWR8QYDORUQHJDWLYRVHLQWHUSUHWDFRPR
DOKDFHU]RRP XQSRUFHQWDMHGHOWDPDxRGHODYHQWDQDJUiILFD
(Q FDVR GH TXH QR VH PRGLILTXH (O WDPDxR GH WRGRV ORV SXQWRV YXHOYH D
DXWRPiWLFDPHQWH HO WDPDxR GH ORV FDOFXODUVHDOUHJHQHUDUHOGLEXMR
o

SXQWRV
'HVSXpV GH FDPELDU 3'02'( \ 3'6,=( OD
ƒ +DFHU FOLF HQ 9LHZ ! 5HJHQ SUy[LPDYH]TXHVHUHJHQHUHHOGLEXMRFDPELDUi
9HU!5HJHQHUDU HODVSHFWRGHORVSXQWRVH[LVWHQWHV
• 6HW 6L]H LQ $EVROXWH 8QLWV (VWDEOHFHU 
WDPDxRHQXQLGDGHVDEVROXWDV
3HUPLWH GHILQLU HO WDPDxR GHO SXQWR
HQXQLGDGHVDEVROXWDV
o

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

)LOODFWLYDGR )LOOGHVDFWLYDGR

&LUFOH &tUFXOR

'HILQLFLyQ (VWH FRPDQGR GLEXMD HO REMHWR FtUFXOR PHGLDQWH FLQFR SURFHGLPLHQWRV GLIHUHQWHV HO
SURFHGLPLHQWRSRUGHIHFWRHVHVSHFLILFDUHOFHQWUR\HOUDGLR/RVFtUFXORVVRQXVDGRVSDUDUHSUHVHQWDU
DJXMHURVGLVFRVFROXPQDVHMHVHWF

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLUFOHRU>337WU WDQWDQUDGLXV @

&RPDQGR&,5&8/2 ↵
3UHFLVHXQSXQWRFHQWUDOSDUDHOFtUFXORR>337WU WDQJHQWHWDQJHQWHUDGLR @

2SFLRQHV
ƒ &HQWHU\5DGLXV 2SFLyQSRUGHIHFWR
™ 0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHHOFHQWUR\HOUDGLR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WU WDQWDQUDGLXV @3
6SHFLI\UDGLXVRIFLUFOHRU>'LDPHWHU@ ↵
ƒ &HQWHU\'LDPHWHU 2SFLyQSRUGHIHFWR
™ 0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHHOFHQWUR\HOGLiPHWUR

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WU WDQWDQUDGLXV @3
6SHFLI\UDGLXVRIFLUFOHRU>'LDPHWHU@' ↵
6SHFLI\GLDPHWHURIFLUFOH ↵
ƒ 3
™ 0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHSXQWRVGHSDVR

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WU WDQWDQUDGLXV @3 ↵
6SHFLI\ILUVWSRLQWRQFLUFOH3
6SHFLI\VHFRQGSRLQWRQFLUFOH3
6SHFLI\WKLUGSRLQWRQFLUFOH3
ƒ 3
™ 0pWRGRSDUDGLEXMDUXQFtUFXORPHGLDQWHSXQWRVTXHVRQORVH[WUHPRVGHXQGLiPHWUR

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WU WDQWDQUDGLXV @3 ↵
6SHFLI\ILUVWHQGSRLQWRIFLUFOH
VGLDPHWHU3
6SHFLI\VHFRQGHQGSRLQWRIFLUFOH
VGLDPHWHU3
ƒ 7WU
™ 0pWRGRSDUDGLEXMDUXQFtUFXORWDQJHQWHDGRVREMHWRVFRQXQUDGLRGHWHUPLQDGR

&RPPDQG&,5&/( ↵
6SHFLI\FHQWHUSRLQWIRUFLFOHRU>337WU WDQWDQUDGLXV @7 ↵
6SHFLI\SRLQWRQREMHFWIRUILUVWWDQJHQWRIFLUFOH7
6SHFLI\SRLQWRQREMHFWIRUVHFRQGWDQJHQWRIFLUFOH7
6SHFLI\UDGLXVRIFLUFOH ↵
ƒ 7WW
™ 0pWRGRSDUDGLEXMDUXQFtUFXORWDQJHQWHDWUHVREMHWRVSUHYLDPHQWHGLEXMDGRV
3HURHVWiRSFLyQQRHVWDHQODVRSFLRQHVGHOFRPDQGRFLUFOH
3DUDDFFHGHUKD\TXHHQWUDUSRUODEDUUDGHPHQ~
'UDZ!&LUFOH!7DQ7DQ7DQ

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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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',È0(752
/XHJRGHLQGLFDUHOFHQWURVHVHOHFFLRQDOD
RSFLyQGLiPHWUR\VHLQGLFDODPDJQLWXG
GHpVWHWLSHiQGRORRLQGLFiQGRORFRQHO
FXUVRU

(MHPSOR
6HSXHGHHVFULELUXQDGLPHQVLyQRVHxDODU
XQSXQWRFRQHOPRXVH

GLDPHWHU


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
$EULUODSODQWLOODFLUFOH\FRPSOHWDUSDUDTXHVHYHDVLPLODUDODILJXUDPRVWUDGD


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD 5DGLR ↵
'LEXMDUHOFRPSiV'RVGHODVOtQHDVLQFOLQDGDV
'LEXMDU OD SDUWH VXSHULRU GH VXMHFLyQ GHO
GHORQJLWXG\ODVGRVOtQHDVYHUWLFDOHVGH
FRPSiV(OWUD]DGRGHODVOtQHDVHPSLH]DHQXQ
ORQJLWXGLQLFLDQHQORVFXDGUDQWDOHVGHƒ\
SXQWRGHIRU]DGRGHFXUVRUTXHFRLQFLGHFRQHO
ƒGHODFLUFXQIHUHQFLDPD\RU
FXDGUDQWHGHOFtUFXORH[WHULRU
/ ↵ &RPDQGR/,1($ 
'HVGHHOSXQWR FXDGUDQWHL]TXLHUGR 
$OSXQWR# ↵
$OSXQWR#↵

$OSXQWR#↵

$OSXQWR#↵

$OSXQWR#↵

$OSXQWR#↵

$OSXQWR#↵

$OSXQWR↵ (17(5SDUDWHUPLQDU 
'LEXMDUODVSDWDVGHOFRPSiV(OWUD]DGRGHODV
OtQHDVHPSLH]DHQXQSXQWRGHIRU]DGRGH
FXUVRUTXHFRLQFLGHFRQORVFXDGUDQWHVGHUHFKR
R L]TXLHUGRGHOFtUFXORH[WHULRU
/ ↵ &RPDQGR/,1($ 
'LEXMDUORVFtUFXORVGHJLURGHOFRPSiV 'HVGHHOSXQWR FXDGUDQWHGHUHFKR 

& ↵ $OSXQWR#↵
3 VHVHxDODHOFHQWUR 
$OSXQWR#↵
5DGLR ↵
$OSXQWR#↵
&↵
$OSXQWR↵ (17(5SDUDWHUPLQDU 
#↵ 3DUDTXHWRPHHOPLVPRFHQWUR 
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

/↵ &RPDQGR/,1($  $OSXQWR# ↵
'HVGHHOSXQWR FXDGUDQWHL]TXLHUGR 
$OSXQWR# ↵
$OSXQWR#

$OSXQWR ↵ (17(5SDUDWHUPLQDU 
$OSXQWR#↵ 

'RQXW $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),//

5HOOHQDU GRQGHODRSFLyQ21PDQWLHQHDFWLYR
ODYLVXDOL]DFLyQGHORVUHOOHQRV\ODRSFLyQ2))
GHVDFWLYDODYLVXDOL]DFLyQGHUHOOHQRV

'LEXMDUODVDUDQGHODVGHGLiPHWURLQWHULRU\
GLiPHWURH[WHULRUHQORVSXQWRVVHxDODGRV

)LOODFWLYDGR)LOOGHVDFWLYDGR
7UDVKDEHUDSOLFDGRDOJXQDGHODVPRGDOLGDGHV
GH),//HVQHFHVDULRUHJHQHUDUHOHQWRUQR
PHGLDQWHHOFRPDQGR5(*(1SDUDDFWXDOL]DUORV
FDPELRV
3UREOHPD
$EULUODSODQWLOODGRQXW\FRPSOHWDUSDUDTXHVH
YHDVLPLODUDODILJXUDPRVWUDGD


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

6HOHFFLyQFtFOLFD
&XDQGR KD\D YDULRV REMHWRV VXSHUSXHVWRV
XELTXH HO FXUVRU VREUH HOORV PDQWHQJD SXOVDGD
OD WHFOD 0$<Ò6 R 6+,)7 \ SXOVH OD %$55$
(63$&,$'25$ UHSHWLGDPHQWH SDUD UHFRUUHU
FtFOLFDPHQWHORVREMHWRVVRODSDGRV&XDQGRHVWH
'HVLJQDFLyQSRUYHQWDQD
GH DFXHUGR HQ HO REMHWR D VHOHFFLRQDU SXOVH HO
$UUDVWUH HO FXUVRU GH L]TXLHUGD D GHUHFKD SDUD
ERWyQL]TXLHUGRGHOPRXVHSDUDVHOHFFLRQDU
GHVLJQDU ~QLFDPHQWH ORV REMHWRV TXH TXHGDQ

WRWDOPHQWHLQFOXLGRVHQHOiUHDUHFWDQJXODU

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

• 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
1RWDV
• 6L VH GHVHD VHOHFFLRQDU PiV REMHWRV GH
ORV \D VHOHFFLRQDGRV VLPSOHPHQWH VLJD
VHOHFFLRQDQGR SRU FXDOTXLHUD GH ORV
PpWRGRVGHVHOHFFLyQ

9,,, 02'26'(5()(5(1&,$$2%-(726,,
/tQHDGH
2EMHFW6QDS ,FRQR 8VRGHODUHIHUHQFLDDREMHWRV
FRPDQGR
,QWHUVHFWLRQ ,17 ,QGLFDODLQWHUVHFFLyQHQWUHGRVREMHWRV
,QWHUVHFFLyQ

([WHQVLyQ (;7 ,QGLFDODSURORQJDFLyQGHXQREMHWR


([WHQVLyQ

$SSDUHQWLQWHUVHFWLRQ ,QGLFD HO SXQWR GH LQWHUVHFFLyQ DSDUHQWH HQWUH GRV


$33
,QWHUVHFFLyQILFWLFLD REMHWRVTXHQRVHLQWHUVHFDQ

3HUSHQGLFXODU ,QGLFDHOSXQWRSHUSHQGLFXODUDXQREMHWR
3(5
3HUSHQGLFXODU

7DQJHQW 7$1 ,QGLFDHOSXQWRWDQJHQWHDXQREMHWR


7DQJHQWH

1HDUHVW ,QGLFD HO SXQWR GHO REMHWR PiV SUy[LPR DO SXQWR
1($
&HUFDQR VHxDODGR

3DUDOOHO 3$5 6HxDODQGRXQVHJPHQWR\PRYLHQGRHOFXUVRULQGLFD


3DUDOHOR ODGLUHFFLyQSDUDOHODDGLFKRVHJPHQWR

)URP (VWDEOHFH XQ SXQWR GH UHIHUHQFLD WHPSRUDO FRPR


)520
'HVGH SXQWREDVHSDUDGHVIDVDUSXQWRVSRVWHULRUHV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD 3UREOHPD
8QLUORVSXQWRVILQDOHV 8QLUORVSXQWRVPHGLRV

3UREOHPD 3UREOHPD
8QLUORVSXQWRVFHQWURV 8QLUORVSXQWRVFXDGUDQWDOHV

3UREOHPD 3UREOHPD
8QLUORVSXQWRVGHLQWHUVHFFLyQ ([WHQGHUODOtQHDXQDGLVWDQFLDGH

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD 3UREOHPD
7UD]DUODFXHUGD 7UD]DUODVUHFWDVWDQJHQWHVDORVFtUFXORV

3UREOHPD 3UREOHPD
7UD]DUODVUHFWDVWDQJHQWHVDORVFtUFXORV 7UD]DU OD UHFWD GHO SXQWR PHGLR D OD LQWHUVHFFLyQ
ILFWLFLD

3UREOHPD 3UREOHPD
7UD]DUODVSHUSHQGLFXODUHV 7UD]DUODVSHUSHQGLFXODUHV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,; &21752/'(9,68$/,=$&,Ï1(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
 'HVSXpV
=RRPSUHYLRXV
=RRPSUHYLRXV =RRPSUHYLR
3HUPLWH  YROYHU  D  OD  ~OWLPD =RRPDOO =RRPWRGR
YLVXDOL]DFLyQ  HIHFWXDGD  $XWR&$' 9LVXDOL]D WRGR HO GLEXMR 6L ORV REMHWRV
DOPDFHQD ODV GLH] ~OWLPDV QRH[FHGHQGHORVOtPLWHVGHOGLEXMROD
YLVXDOL]DFLRQHV GH PDQHUD TXH VH YLVXDOL]DFLyQ VH SURGXFH KDVWD HVRV
SXHGHQ LU REWHQLHQGR ODV GLH] ~OWLPDV OtPLWHV6LSRUHOFRQWUDULRORVREMHWRV
UHSLWLHQGR=RRPSUHYLRXV VREUHSDVDQ ORV OtPLWHV GHO GLEXMR OD
YLVXDOL]DFLyQ DEDUFD WRGRV ORV REMHWRV
H[LVWHQWHV &RLQFLGLHQGR HQ HVWH FDVR
FRQODRSFLyQ([WHQWV 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

$QWHV 'HVSXpV
=RRP$OO =RRP$OO

; (',&,Ï1%È6,&$'((17,'$'(66(1&,//$6
(UDVH ( %RUUD

'HILQLFLyQ 3HUPLWH ERUUDU ORV REMHWRV
VHOHFFLRQDGRVGHOGLEXMR

&RPPDQG(5$6( ↵
6HOHFW REMHFWV 8WLOLFH XQ PpWRGR GH VHOHFFLyQ
GH REMHWRV \ SXOVH (17(5 FXDQGR KD\D
DFDEDGR

&RPDQGR%255$ ↵
6HOHFFLRQDUREMHWRV
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR 'HVSXpV(UDVH

(QODOtQHDGHFRPDQGRDSDUHFH 3UREOHPD
%RUUDUORVREMHWRVXWLOL]DQGRODRSFLyQ&3RO\JRQ

6HOHFFLRQDU ORV REMHWRV TXH VH
GHVHDQERUUDU
o

• +DJDFOLFHQHOERWyQGHUHFKRGHO0RXVH
R SXOVDU ↵
3UREOHPD
%RUUDU ORV REMHWRV XWLOL]DQGR OD RSFLyQ )HQFH
%RUGH 

$QWHV(UDVH

$QWHV(UDVH
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

7ULP 75 5HFRUWD


'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
ƒ (MHFXWDUHOFRPDQGR
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWVRUVHOHFWDOO!
 6HOHFFLRQDUORVREMHWRVTXHVHUiQWRPDGRVFRPRDULVWDVGHFRUWH
ƒ +DJDFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU ↵
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWWRWULPRUVKLIWVHOHFWWRH[WHQGRU
>)HQFH&URVVLQJ3URMHFW(GJHH5DVH8QGR@
 +DFHUFOLFVREUHHOWUR]RGHOREMHWRTXHVHGHVHDERUUDU
 6HSXHGHQERUUDUYDULRVWUR]RVGHGLIHUHQWHVREMHWRVVLHPSUH\FXDQGRDPERVREMHWRV
FRUWHQFRQHOGHUHIHUHQFLD
ƒ 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
• 0RGR PiVUiSLGR 
ƒ (MHFXWDUHOFRPDQGR
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWVRUVHOHFWDOO!
 +DFHUFOLFHQHOERWyQGHUHFKRGHOUDWyQ
 &RQHVWRVHVHOHFFLRQDQWRGRORVREMHWRVGHOGLEXMRFRPRDULVWDVGHFRUWH
ƒ (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWWRWULPRUVKLIWVHOHFWWRH[WHQGRU
>)HQFH&URVVLQJ3URMHFW(GJHH5DVH8QGR@
 +DFHUFOLFVREUHHOWUR]RGHOREMHWRTXHVHGHVHDERUUDU
 6HSXHGHQERUUDUYDULRVWUR]RVGHGLIHUHQWHVREMHWRVVLHPSUH\FXDQGRDPERVREMHWRV
FRUWHQFRQHOGHUHIHUHQFLD
ƒ 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
2SFLRQHVEiVLFDV
• 3URMHFW 3UR\HFFLyQ~WLOVRORSDUD' 
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

ƒ 1RQH 1LQJXQD 
1RVHUHDOL]DQSUR\HFFLRQHV
6L ODV DULVWDV GH FRUWH \ ORV REMHWRV D UHFRUWDU HVWiQ HQ GLIHUHQWHV SODQRV QR KD\
o

LQWHUVHFFLyQSRUORTXHWDPSRFRKD\FRUWH
o

ƒ 8FV 6&3 
/DVDULVWDVGHFRUWH\ORVREMHWRVDUHFRUWDUVHSUR\HFWDQVREUHHOSODQR;<GHOVLVWHPDGH
FRRUGHQDGDVDFWXDO
o

o (QHVWHFDVRKD\LQWHUVHFFLyQHQHOSODQR;<SRUORTXHWDPELpQKD\UHFRUWH
ƒ 9LHZ 9LVWD 
/DVDULVWDVGHFRUWH\ORVREMHWRVDUHFRUWDUVHSUR\HFWDQVREUHHOSODQRGHOSXQWRGHYLVWD
DFWXDO
o

o (QHVWHFDVRKD\LQWHUVHFFLyQHQHOSODQRGHSUR\HFFLyQSRUORTXHWDPELpQKD\UHFRUWH
• (GJH $ULVWD 
ƒ ([WHQG $ODUJDU 
(OUHFRUWHWLHQHOXJDUDXQTXHQRKD\DLQWHUVHFFLyQHQWUHHOREMHWRDUHFRUWDU\ODDULVWDGH
FRUWH
o

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
ƒ 1RH[WHQG 1RDODUJDU 
o (OUHFRUWHQRVHSURGXFHVLQRKD\LQWHUVHFFLyQHQWUHHOREMHWRDUHFRUWDU\ODDULVWDGHFRUWH
• (UDVH %RUUDU 
ƒ 3HUPLWHHOLPLQDUXQREMHWRFRPSOHWRVLQILQDOL]DUHOFRPDQGR
• 8QGR 'HVKDFHU 
ƒ 3HUPLWHHOLPLQDUGHIRUPDVXFHVLYDORVUHFRUWHVUHDOL]DGRVVLQILQDOL]DUHOFRPDQGR
3UREOHPD
3UREOHPD

6HOHFFLRQDUODOtQHD 6HOHFFLRQDUHOSXQWR
6HOHFFLRQDUODOtQHD 6HOHFFLRQDUODRSFLyQ
LQFOLQDGDDODL]TXLHUGD 3
LQFOLQDGDDODL]TXLHUGD HGJHOXHJRH[WHQG
FRPRILORFRUWDQWH\
FRPRILORFRUWDQWH\
OXHJRSXOVH(17(5
OXHJRSXOVH(17(5

6HOHFFLRQDUHOSXQWR 5HVXOWDGR
6HOHFFLRQDUHOSXQWR3 5HVXOWDGR
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD

3UREOHPD
5HFRUWDUSDUDTXHODILJXUDVXSHULRUVHYHDLJXDO
3UHVLRQDUHQWHUSDUD 6HOHFFLRQDUORVSXQWRV TXHODILJXUDLQIHULRU
TXHWRGRVVHDQILORV LQGLFDGRV 
FRUWDQWHV

5HVXOWDGR
3UREOHPD
5HFRUWDUSDUDTXHODILJXUDVXSHULRUVHYHDLJXDO
TXHODILJXUDLQIHULRU

3UREOHPD
5HFRUWDUSDUDTXHODILJXUDVXSHULRUVHYHDLJXDO
TXHODILJXUDLQIHULRU


3UREOHPD
5HFRUWDUSDUDTXHODILJXUDVXSHULRUVHYHDLJXDO
TXHODILJXUDLQIHULRU

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
3UREOHPD
'LEXMDUODFXFKDUD
'LEXMDUODVLJXLHQWHILJXUD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

([WHQG (; $ODUJD


'HILQLFLyQ3HUPLWHDODUJDUORVREMHWRVLQGLFDGRVKDVWDDOFDQ]DUXQOtPLWHGHILQLGRSRURWURVREMHWRV

&RPPDQG(;7(1' ↵
&XUUHQWVHWWLQJV3URMHFWLRQ 8&6(GJH 1RQH
6HOHFWERXQGDU\HGJHV
6HOHFWREMHFWVRUVHOHFWDOO!
6HOHFWREMHFWWRH[WHQGRUVKLIWVHOHFWWRWULPRU
>)HQFH&URVVLQJ3URMHFW(GJH8QGR@

&RPDQGR$/$5*$ ↵
3DUiPHWURVDFWXDOHV3UR\HFFLyQ 6&3$ULVWD 1LQJXQD
'HVLJQHDULVWDVGHFRQWRUQR
'HVLJQHREMHWRVRVHOHFFLRQDUWRGR!HQFRQWUDGRV
'HVLJQHREMHWRDDODUJDURXVHODWHFOD0D\~VSDUDUHFRUWDUR
>%RUGH&DSWXUD3UR\HFFLyQ$ULVWDGHV+DFHU@
3URFHGLPLHQWRV
• /RVSURFHGLPLHQWRVGHHVWHFRPDQGRFRLQFLGHQFRQORVGHOFRPDQGR75,0 5HFRUWD 
ƒ /D ~QLFDGLIHUHQFLDHVTXHHQOXJDUGHLQGLFDUORVREMHWRVTXHGHILQHQODVDULVWDVGHFRUWHVH
LQGLFDQORVREMHWRVTXHGHILQHQHOOtPLWHGHDODUJDPLHQWR
2SFLRQHVEiVLFDV
• /DVRSFLRQHVGHHVWHFRPDQGRFRLQFLGHQFRQODVGHOFRPDQGR7ULP 5HFRUWD 
ƒ /D ~QLFDGLIHUHQFLDHVTXHDOOtGRQGHVHUHILHUHDODVDULVWDVGHFRUWHGHEHQFRQVLGHUHDUVHORV
OtPLWHVGHDODUJDPLHQWR
3UREOHPD
0RGLILFDUODILJXUDVXSHULRUSDUDTXHVHYHDLJXDOTXHODILJXUDLQIHULRU

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
• (QODOtQHDGHFRPDQGRDSDUHFH
ƒ 6HOHFWREMHFWV 6HOHFFLRQDUREMHWRV 
o 6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQFRSLDU
• +DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU ↵
• (QODOtQHDGHFRPDQGRDSDUHFH
ƒ 6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
o +DFHUFOLFHQXQSXQWRGHUHIHUHQFLDSUHIHULEOHPHQWHSHUWHQHFLHQWHDOREMHWR
ƒ $UUDVWUDUHOFXUVRU\KDFHUFOLFHQHOOXJDUGRQGHVHGHVHHLQVHUWDUORVREMHWRVFRSLDGRV
ƒ 3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR

3UREOHPD
'LEXMDUORVDQLOORVHQWUHOD]DGRV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDUORVDQLOORVHQWUHOD]DGRV D 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 6WDUW ,QLFLR 
& &HQWHU &HQWUR 
( (QG )LQ 
5 5DGLXV 5DGLR 
$ $QJOH ÈQJXOR 
/ /HQJKW /RQJLWXGGHFXHUGD 
' 'LUHFWLRQ 'LUHFFLyQ 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

)RUUPD ,FRQR 0pWRGR 3URFHVRDVHJXLU


  3RLQWV 'LEXMDXQDUFRHVSHFLILFDQGRWUHVSXQWRVGHSDVR

 6WDUW&HQWHU(QG 'LEXMD XQ DUFR HVSHFLILFDQGR HO SXQWR LQLFLDO HO


SXQWRFHQWUDO\HOSXQWRILQDO
 6WDUW&HQWHU$QJOH 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWRFHQWUDO\HOiQJXORLQFOXLGR
 6WDUW&HQWHU/HQJWK 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWRFHQWUDO\ODORQJLWXGGHODFXHUGD
 6WDUW(QG$QJOH 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWRILQDO\HOiQJXORLQFOXLGR
 6WDUW(QG'LUHFWLRQ 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWR ILQDO \ OD GLUHFFLyQ TXH HV HO iQJXOR GH OD
WDQJHQWHHQHOSXQWRLQLFLDOGHODUFR
 6WDUW(QG5DGLXV 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR LQLFLDO XQ
SXQWRILQDO\HOUDGLRGHODUFR
 &HQWHU6WDUW(QG 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR FHQWUDO XQ
SXQWRLQLFLDO\XQSXQWRILQDO
 &HQWHU6WDUW$QJOH 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR FHQWUDO XQ
SXQWRLQLFLDO\HOiQJXORLQFOXLGR
 &HQWHU6WDUW/HQJWK 'LEXMD XQ DUFR HVSHFLILFDQGR XQ SXQWR FHQWUDO XQ
SXQWRLQLFLDO\ODORQJLWXGGHODFXHUGD
 &RQWLQXH '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\VWDUWSRLQWRIDUFRU>&HQWHU@3
6SHFLI\VHFRQGSRLQWRIDUFRU>&HQWHU(QG@&↵
6SHFLI\FHQWHUSRLQWRIDUF3

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

6SHFLI\ HQG SRLQW RI DUF RU >$QJOHFKRUG


/HQJWK@3

3UREOHPD
&RPSOHWDU OD ILJXUD SURFHGLHQGR GHO PLVPR
PRGR

&RQWLQXH 0pWRGR SDUD GLEXMDU XQ DUFR


WDQJHQFLDOPHQWH D XQD OtQHD R DUFR
DQWHULRUPHQWHGLEXMDGR
3ULPHUFDVR/tQHDDUFR
&RPPDQGOLQH ↵
6SHFLI\ILUVWSRLQW3
6SHFLI\QH[WSRLQWRU>8QGR@3
6SHFLI\QH[WSRLQWRU>8QGR@ ↵
&RPPDQG$5& ↵
6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@ ↵
6SHFLI\HQGSRLQWRIDUF3

3UREOHPD
&RPSOHWDU OD ILJXUD SURFHGLHQGR GHO PLVPR
PRGR

6HJXQGRFDVR$UFRDUFR
&RPPDQGDUF ↵
6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@3
6SHFLI\VHFRQGSRLQWRIDUFRU>&HQWHU(QG@3
6SHFLI\HQGSRLQWRIDUF3
&RPPDQG$5& ↵
3UREOHPD 6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@ ↵
&RPSOHWDU OD ILJXUD SURFHGLHQGR GHO PLVPR 6SHFLI\HQGSRLQWRIDUF3
PRGR

3UREOHPD
&RPSOHWDU OD ILJXUD SURFHGLHQGR GHO PLVPR
PRGR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

7HUFHUFDVR$UFR/tQHD
&RPPDQGDUF ↵
6SHFLI\VWDUWSRLQWRIDUFRU>&HQWHU@3
6SHFLI\VHFRQGSRLQWRIDUFRU>&HQWHU(QG@3
6SHFLI\HQGSRLQWRIDUF3
&RPPDQGOLQH ↵
6SHFLI\ILUVWSRLQW↵
/HQJWKRIOLQH
6SHFLI\QH[WSRLQWRU>8QGR@ ↵ 3UREOHPD
'LEXMDU HO VLJQR GH LQWHUURJDFLyQ FRQ HO
FRPDQGRDUFR

3UREOHPD
'LEXMDU HO VLJQR GH LQWHUURJDFLyQ FRQ HO
FRPDQGRDUFR

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDU OD VLJXLHQWH
ILJXUD


3UREOHPD
'LEXMDU OD VLJXLHQWH
ILJXUD


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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

5HFWDQJOH 5(& 5HFWiQJXOR


'HILQLFLyQ 3HUPLWHGLEXMDUREMHWRVUHFWDQJXODUHVWUD]iQGRORHQEDVHDGRVGHVXVYpUWLFHVRSXHVWRV
ILUVWFRUQHUSRLQW±RWKHUFRUQHUSRLQW RHQEDVHDVXVGLPHQVLRQHV GLPHQVLRQV GHORQJLWXG OHQJWK \
DQFKR ZLGWK (OUHVXOWDGRHVXQREMHWRSROLQHDOFHUUDGR


&RPPDQG5(&7$1*/( ↵
6SHFLI\ILUVWFRUQHUSRLQWRU>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@

&RPDQGR5(&7È1*8/2 ↵
3UHFLVHSULPHUDHVTXLQDR>&KDIOiQ(OHYDFLyQ(PSDOPH$OWXUDGHREMHWR*URVRU@
3UHFLVHHVTXLQDRSXHVWDR>$UHD'LPHQVLRQHV5RWDFLyQ@

)LUVWFRUQHUSRLQW 3ULPHUDHVTXLQD (VSHFLILFDXQDHVTXLQDGHOUHFWiQJXOR


6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@3UHFLVHXQSXQWRRLQWURGX]FDXQDRSFLyQ

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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@# ↵

$UHD ÈUHD  &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

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@$ ↵
(QWHUDUHDRIUHFWDQJOHLQFXUUHQWXQLWV!
&DOFXODWHUHFWDQJOHGLPHQVLRQVEDVHGRQ>/HQJWK:LGWK@
/HQJWK! ↵
(QWHUUHFWDQJOHOHQJWK!

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@$ ↵
(QWHUDUHDRIUHFWDQJOHLQFXUUHQWXQLWV!
&DOFXODWHUHFWDQJOHGLPHQVLRQVEDVHGRQ>/HQJWK:LGWK@
/HQJWK!: ↵
(QWHUUHFWDQJOHZLGWK!

'LPHQVLRQV &RWDV  &UHDXQUHFWiQJXORXVDQGRYDORUHVGHORQJLWXG\DQFKXUD

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@'¢
6SHFLI\OHQJWKIRUUHFWDQJOHV!
6SHFLI\ZLGWKIRUUHFWDQJOHV!
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@3
0XHYDHOFXUVRUSDUDPRVWUDUXQDGHODVFXDWURSRVLEOHV
XELFDFLRQHVGHOUHFWiQJXOR\KDJDFOLFHQODTXHGHVHH

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

5RWDWLRQ 5RWDFLyQ &UHDXQUHFWiQJXORRULHQWDGRFRQXQiQJXORHVSHFLILFDGR

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@5 ↵
6SHFLI\URWDWLRQDQJOHRU>3LFNSRLQWV@! (VSHFLILTXHXQ
iQJXORLQWURGXFLHQGRXQYDORUSUHFLVDQGRXQSXQWRR
HVFULELHQGRS\SUHFLVDQGRGRVSXQWRV
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@G
6SHFLI\OHQJWKIRUUHFWDQJOHV!
6SHFLI\ZLGWKIRUUHFWDQJOHV!
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@3
0XHYDHOFXUVRUSDUDPRVWUDUXQDGHODVFXDWURSRVLEOHV
XELFDFLRQHVGHOUHFWiQJXOR\KDJDFOLFHQODTXHGHVHH

(O YDORU VH FRQYHUWLUi HQ HO iQJXOR GH URWDFLyQ DFWXDO SDUD ORV VLJXLHQWHV FDVRV GH HMHFXFLyQ GHO
FRPDQGR5(&7$1*


&KDPIHU &KDIOiQ  'LEXMDXQUHFWiQJXORFRQODVHVTXLQDVELVHODGDV

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@& ↵
6SHFLI\ILUVWFKDPIHUGLVWDQFHIRUUHFWDQJOHV!
6SHFLI\VHFRQGFKDPIHUGLVWDQFHIRUUHFWDQJOHV!
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\RWKHUFRUQHUSRLQWRU>$UHD'LPHQVLRQV5RWDWLRQ@' ↵
6SHFLI\OHQJWKIRUUHFWDQJOHV!
6SHFLI\ZLGWKIRUUHFWDQJOHV!
6SHFLI\ RWKHU FRUQHU SRLQW RU >$UHD'LPHQVLRQV5RWDWLRQ@ 3
0XHYD HO FXUVRU SDUD PRVWUDU XQD GH ODV FXDWUR SRVLEOHV
XELFDFLRQHVGHOUHFWiQJXOR\KDJDFOLFHQODTXHGHVHH

/RVYDORUHVVHFRQYHUWLUiQHQODVGLVWDQFLDVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQ
GHOFRPDQGR5(&7$1*


(OHYDWLRQ (OHYDFLyQ  3HUPLWH GLEXMDU XQ UHFWiQJXOR HQ XQ SODQR D XQD DOWXUD GHWHUPLQDGD GHO
SODQR;<


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@( ↵
6SHFLI\WKHHOHYDWLRQIRUUHFWDQJOHV! ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\ RWKHU FRUQHU SRLQW RU
>$UHD'LPHQVLRQV5RWDWLRQ@# ↵

(O YDORU VH FRQYHUWLUi HQ OD HOHYDFLyQ DFWXDO SDUD ORV VLJXLHQWHV FDVRV GH HMHFXFLyQ GHO FRPDQGR
5(&7$1*

)LOOHW (PSDOPH  'LEXMDXQUHFWiQJXORFRQODVHVTXLQDVILOHWHDGDV UHGRQGHDGDV 

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@) ↵
6SHFLI\ILOOHWUDGLXVIRUUHFWDQJOHV!↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
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

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@7↵
6SHFLI\WKLFNQHVVIRUUHFWDQJOHV!↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\ RWKHU FRUQHU SRLQW RU >$UHD'LPHQVLRQV5RWDWLRQ@
# ↵
(OYDORUVHFRQYHUWLUiHQODDOWXUDGHREMHWRDFWXDOSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
5(&7$1*


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

:LGWK *URVRU  3HUPLWHLQJUHVDUXQDQFKRGHOtQHD

3URFHGLPLHQWRGHGLEXMR

&RPPDQGUHFWDQJOH ↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@: ↵
6SHFLI\OLQHZLGWKIRUUHFWDQJOHV!↵
6SHFLI\ILUVWFRUQHUSRLQWRU
>&KDPIHU(OHYDWLRQ)LOOHW7KLFNQHVV:LGWK@3
6SHFLI\ RWKHU FRUQHU SRLQW RU >$UHD'LPHQVLRQV5RWDWLRQ@
# ↵
(OYDORUVHFRQYHUWLUiHQHOJURVRUGHOtQHDDFWXDOSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
5(&7$1*

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

'LEXMDUHOVLOOyQFRQHOFRPDQGRUHFWiQJXOR 'LEXMDUODPHVDODWHUDO 'LEXMDU OD PHVD GH


2SFLyQ)LOOHW5DGLR  2SFLyQ5RWDWLRQ FHQWUR FRQ HO FRPDQGR
  UHFWiQJXOR
2SFLyQ&KDPIHU[


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'LEXMRLQLFLDO


'LEXMRILQDO

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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
ƒ +DFHUFOLFVREUHHOSULPHUSXQWRGHODSROLOtQHD
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@
ƒ +DFHUFOLFVREUHHO6HJXQGRSXQWRGHODSROLOtQHD
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\QH[WSRLQWRU>$UF+DOIZLGWK/HQJWK8QGR:LGWK@
ƒ 3RUGHIHFWRVHHQFDGHQDQOtQHDVKDVWDTXHVHILQDOLFHHOFRPDQGR
• 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
2SFLRQHV
• $UF $UFR 
o 3HUPLWHJHQHUDUDUFRVHQOXJDUGHVHJPHQWRVUHFWRV
o $QJOH iQJXOR 
ƒ 3HUPLWHGHILQLUHOiQJXORTXHDEDUFDHODUFR
ƒ 8QDYH]LQWURGXFLGRHOiQJXORVROLFLWD
 6SHFLI\HQGSRLQWRIDUFRU>&(QWHU5DGLXV@
™ (OSXQWRILQDOGHODUFRHOFHQWURRHOUDGLRGHODUFR
o &HQWHU &HQWUR 
ƒ 3HUPLWHGHILQLUHOFHQWURGHODUFR
ƒ 8QDYH]LQWURGXFLGRHOFHQWURVROLFLWD
 6SHFLI\HQGSRLQWRIDUFRU>$QJOH/HQJWK@
™ (OSXQWRILQDOGHODUFRHOiQJXORRODORQJLWXG
o &ORVH &HUUDU 
ƒ 3HUPLWHFHUUDUODSROLOtQHDPHGLDQWHXQDUFRWDQJHQWHDOSXQWRILQDOHLQLFLDOGHGLFKD
SROLOtQHD
o 'LUHFWLRQ 'LUHFFLyQ 
ƒ 3HUPLWHGHILQLUODGLUHFFLyQGHWDQJHQFLDSDUDHOSXQWRLQLFLDOGHODUFR
ƒ 8QDYH]LQWURGXFLGDODGLUHFFLyQVROLFLWD
 6SHFLI\HQGSRLQWRIWKHDUF
™ (OSXQWRILQDOGHODUFR
o +DOIZLGWK 0LWDGJURVRU 
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3HUPLWHYDULDUHOJURVRUGHFDGDDUFRLQWURGXFLHQGR
ƒ
 (OYDORUGHODPLWDGGHJURVRULQLFLDO\ILQDO
o /LQH /tQHD 
ƒ 3HUPLWHYROYHUDODJHQHUDFLyQGHOtQHDV
o 5DGLXV 5DGLR 
ƒ 3HUPLWHGHILQLUHOUDGLRGHODUFR
ƒ 8QDYH]LQWURGXFLGRHOUDGLRVROLFLWD
 6SHFLI\HQGSRLQWRIDUFRU>$QJOH@
™ (OSXQWRILQDOGHODUFRRHOiQJXOR
o 6HFRQGSW 6HJXQGRSWR 
ƒ 3HUPLWHGHILQLUXQVHJXQGRSXQWRGHODUFR
ƒ 8QDYH]LQWURGXFLGRHOVHJXQWRSXQWRVROLFLWD
 6SHFLI\HQGSRLQWRIDUF
™ (OSXQWRILQDOGHODUFR
o 8QGR 'HVKDFHU 
ƒ 3HUPLWHHOLPLQDUHO~OWLPRDUFRGLEXMDGR
o :LGWK *URVRU 
ƒ 3HUPLWHYDULDUHOJURVRUGHFDGDDUFRLQWURGXFLHQGR
 (OYDORUGHOJURVRULQLFLDO\ILQDO
• &ORVH &HUUDU 
o 3HUPLWHFHUUDUODSROLOtQHDPHGLDQWHXQVHJPHQWRUHFWR
• +DOIZLGWK 0LWDGJURVRU 
o 3HUPLWHYDULDUHOJURVRUGHFDGDVHJPHQWRVUHFWRLQWURGXFLHQGR
ƒ (OYDORUGHODPLWDGGHJURVRULQLFLDO\ILQDO
• /HQJWK /RQJLWXG 
o 6LHOVHJPHQWRDQWHULRUHVUHFWR
ƒ &UHD XQ QXHYR VHJPHQWR UHFWR FRQ OD PLVPD GLUHFFLyQ TXH HO DQWHULRU \ FRQ OD
ORQJLWXGHVSHFLILFDGD
o 6LHOVHJPHQWRDQWHULRUHVDUFR
ƒ &UHDXQVHJPHQWRUHFWRWDQJHQWHDODUFRDQWHULRU\FRQODORQJLWXGHVSHFLILFDGD
• 8QGR 'HVKDFHU 
o 3HUPLWHHOLPLQDUHO~OWLPRVHJPHQWRUHFWRGLEXMDGR
• :LGWK *URVRU 
o 3HUPLWHYDULDUHOJURVRUGHFDGDVHJPHQWRUHFWRLQWURGXFLHQGR
ƒ (OYDORUGHOJURVRULQLFLDO\ILQDO

3UREOHPD 3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH 'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD 3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH 'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH

3UREOHPD 3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH 'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDFRQHOFRPDQGRSOLQH

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

;,,$<8'$63$5$'(6$552//$5)È&,/0(17(/26',%8-26
3XHGHQ XWLOL]DUVH XQD JUDQ YDULHGDG GH KHUUDPLHQWDV GH SUHFLVLyQ SDUD UHDOL]DU GLEXMRV UiSLGRV \
SUHFLVRVVLQQHFHVLGDGGHHIHFWXDUFiOFXORVWHGLRVRV
 (VWDEOHFLPLHQWRGHORVYDORUHVGH61$3 5HVROXFLyQ \*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 UHVROXFLyQ 61$3 OLPLWDHOPRYLPLHQWRGHORVFXUVRUHVHQFUX]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
'REOH L]TXLHUGR
FOLF \ HVFULED
L]TXLHUGR 
\ HVFULED


0RVDLFR
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

0RVDLFR 0RVDLFR

0RVDLFR
7UDPD,QFD 3UREOHPD
'LEXMDU ODV ILJXUDV VREUH
UHWtFXODV FXDGUDGDV GH ODGR D 
PP

3DUD URWDU OD UHMLOOD D ƒ XWLOLFH


ODYDULDEOH61$3$1*


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
'LEXMDUODVILJXUDV 9,67$
5HORMGHSpQGXOR 61$3*5,'
61$3*5,'

9,67$
61$3*5,'

9,67$
61$3*5,'
*5(&$
61$3*5,'

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

',$1$
61$3*5,' 61$3*5,'

61$3*5,'

61$3*5,'

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$KRUD WUDEDMDUHPRV HQ PRGR LVRPpWULFR 3XOVH FOLF GHUHFKR VREUH *5,' \ VHOHFFLRQDU 6HWWLQJV«
3DUiPHWURV \FRQILJXUDUVHJ~QHOFDVR

'REOH
FOLF
L]TXLHUGR
'REOH \ HVFULED
FOLF 
L]TXLHUGR\ 
HVFULED

'LEXMDUHOFXER

'HO PLVPR PRGR SURFHGD SDUD ODV VLJXLHQWHV ILJXUDV


FRQILJXUDQGRHO61$3\*5,'


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

61$3*5,' 61$3*5,'

61$3*5,'

 8VRGHOEORTXHRRUWRJRQDO PRGR2UWR 


(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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

 0pWRGRGH2UWKR2VQDS\2WUDFN
3UREOHPD
'LEXMHODVILJXUDVXWLOL]DQGRHOPpWRGRGH
2UWKR2VQDS\2WUDFN

3UREOHPD
'LEXMDUODVVLJXLHQWHVILJXUDV

 0pWRGRGH3RODU2VQDS\2WUDFN
3UREOHPD
'LEXMHODVILJXUDVXWLOL]DQGRHOPpWRGRGH
3RODU2VQDS\2WUDFN


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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.

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

6HOHFFLRQDUODRSFLyQPRVWUDGD
HQ OD FDMD GH GLDORJR \ 2.
$FHSWDU 


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

;,,, &20$1'26'((',&,Ï1$',&,21$/(6
2IIVHW 2 '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
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\RIIVHWGLVWDQFHRU>7KURXJK(UDVH/D\HU@7KURXJK!
ƒ ,QWURGXFLUODGLVWDQFLDDODTXHVHGHVHDREWHQHUHOREMHWRHTXLGLVWDQWH
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWWRRIIVHWRU>([LW8QGR@([LW!
ƒ +DFHUFOLFVREUHHOREMHWRRULJHQ
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\SRLQWRQVLGHWRRIIVHWRU>([LW0XOWLSOH8QGR@([LW!
ƒ +DFHUFOLFHQXQSXQWRFXDOTXLHUDGHOODGRHQHOTXHVHGHVHDHOQXHYRREMHWR
x 3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR2))6(7 '(6)$6( 
2SFLRQHV
x 7KURXJK 3XQWRDDWUDYHVDU 
o 3HUPLWHLQWURGXFHUXQSXQWRSRUHOTXHSDVDUiHOQXHYRREMHWRHTXLGLVWDQWH
x (UDVH %RUUDU 
o 3HUPLWHERUUDUHOREMHWRRULJHQGHVSXpVGHHIHFWXDUODHTXLGLVWDQFLD
x /D\HU &DSD 
o 3HUPLWHLQFOXLUHOQXHYRREMHWRGHQWURGHODPLVPDFDSDTXHHOREMHWRRULJHQRGHQWURGH
ODFDSDDFWXDO

3UREOHPD
'LEXMDUODVLJXLHQWH
ILJXUD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

0RYH 0 'HVSOD]D

'HILQLFLyQ3HUPLWHGHVSOD]DUORVREMHWRVVHOHFFLRQDGRV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

&RPPDQG029( ↵
6HOHFWREMHFWV
6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
6SHFLI\VHFRQGSRLQWRUXVHILUVWSRLQWDVGLVSODFHPHQW!

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


3UREOHPD
'LEXMDUSRUVHSDUDGRFDGDXQDGHODVSLH]DVGHO
*ORER7HUUiTXHR\OXHJRHQVDPEODUFRPRVH
PXHVWUDHQODVLJXLHQWHILJXUD


*ORER7HUUiTXHRHQVDPEODGR
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 ³DFRPRGDU´ XQ REMHWR
IiFLOPHQWH(QVXSURFHVRKDFHXVRGHYDULRVFRPDQGRVVLPXOWiQHDPHQWHFRPR527$7(029(\KDVWD
6&$/(VLDVtVHGHVHD

&RPPDQG$/,*1 ↵
6HOHFWREMHFWV
6SHFLI\ILUVWVRXUFHSRLQW
6SHFLI\ILUVWGHVWLQDWLRQSRLQW
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

7RUUHL]TXLHUGDGHOFDVWLOOR
9HQWDQDRSXHUWD

7RUUHGHUHFKDGHOFDVWLOOR

&XHUSRFHQWUDOGHOFDVWLOOR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

(VFXGR %DQGHULQ

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

5RWDWH 52 *LUD

'HILQLFLyQ3HUPLWHJLUDUORVREMHWRVVHOHFFLRQDGRV

&RPPDQG527$7( ↵
&XUUHQWSRVLWLYHDQJOHLQ8&6$1*',5 FRXQWHUFORFNZLVH$1*%$6( 
6HOHFWREMHFWV
6SHFLI\EDVHSRLQW
6SHFLI\URWDWLRQDQJOHRU>&RS\5HIHUHQFH@!

&RPDQGR*,5$ ↵
ÈQJXORDFWXDOSRVLWLYRHQ6&3$1*',5 HQVHQWLGRKRUDULRLQYHUVR$1*%$6( 
'HVLJQHREMHWRV
3UHFLVHSXQWREDVH
3UHFLVHiQJXORGHURWDFLyQR>&RSLDU5HIHUHQFLD@!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWV
ƒ 6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQJLUDU
x +DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\EDVHSRLQW
ƒ +DFHUFOLFHQHOSXQWRFRUUHVSRQGLHQWHDOFHQWURGHJLUR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\URWDWLRQDQJOHRU>&RS\5HIHUHQFH@!
ƒ ,QWURGXFLUHOYDORUGHiQJXORGHURWDFLyQ\SXOVDU(17(5
2SFLRQHV
x &RS\ &RSLDU 
o 3HUPLWHFRSLDU\JLUDUORVREMHWRVVHOHFFLRQDGRVPDQWHQLHQGRORVREMHWRVRULJHQ
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

x 5HIHUHQFH 5HIHUHQFLD 
o 3HUPLWHJLUDUORVREMHWRVVHOHFFLRQDGRVLQWURGXFLHQGRXQiQJXORGHUHIHUHQFLD\HOQXHYR
iQJXORILQDOTXHGHEHSDVDUDPHGLU
3UREOHPD
*LUDUODVPDQHFLOODVGHOUHORMSDUDTXHPDUTXHODKRUDH[DFWDHQFDGDFDVR

  


3UREOHPD
*LUDUORVEUD]RVGHWDOPDQHUDTXHHOEUD]R$IRUPHFRQODKRUL]RQWDOXQiQJXORGHƒ\HOiQJXOR
IRUPDGRSRUORVEUD]RV$\%VHDGHƒ<HOJDQFKR&PDQWHQJDHQWRGRPRPHQWRVXSRVLFLyQLQLFLDO

3UREOHPD
*LUDUODSXHUWDVHJ~QHOiQJXORLQGLFDGRORVFHQWURVGHJLURHVWiQHQORVFtUFXORV

ÈQJXOR ƒ ÈQJXOR ƒ ÈQJXOR ƒ


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

ÈQJXOR "  

0LUURU 0, 6LPHWUtD

'HILQLFLyQ3HUPLWHREWHQHUODVLPHWUtDUHVSHFWRDXQHMHGHORVREMHWRVVHOHFFLRQDGRV

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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

9LWUDOHV
3UREOHPD
$SOLFDQGRVLPHWUtDFRPSOHWHHOYRODQWH


3UREOHPD 3UREOHPD
9ROWHDUODIOHFKD 'LEXMDUODWD]DIORUHUR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWV
ƒ 6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQHVFDODU
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

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

% HVF 

& HVF"" 
$ HVF 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

$UUD\ $5 0DWUL]

'HILQLFLyQ3HUPLWHFUHDUFRSLDVGHORVREMHWRVVHOHFFLRQDGRVVLJXLHQGRXQSDWUyQUHFWDQJXODURSRODU
'HVFULSFLyQ
x $SDUHFHHOFXDGURGHGLiORJR$UUD\ 0DWUL] 

x 5HFWDQJXODU$UUD\ 0DWUL]UHFWDQJXODU 
o /DVFRSLDVVHRUJDQL]DQSRUILODV\FROXPQDV
o 6HOHFWREMHFWV 6HOHFFLRQDUREMHWRV 
ƒ 3HUPLWHVHOHFFLRQDUORVREMHWRVGHRULJHQ
o 5RZVDQGFROXPQV )LODV\FROXPQDV 
ƒ 3HUPLWHLQWURGXFLUHOQ~PHURGHILODV\GHFROXPQDV
o 5RZRIIVHW 'HVSOD]DPLHQWRHQWUHILODV 
ƒ 3HUPLWHLQWURGXFLUODGLVWDQFLDHQWUHORVREMHWRVGHQWURGHXQDPLVPDILODO
ƒ (OYDORUSXHGHLQWURGXFLUVHPHGLDQWHXQYDORUQXPpULFRRJUiILFDPHQWHPHGLDQWHOD
GLVWDQFLDHQWUHGRVSXQWRV
o &ROXPQRIIVHW 'HVSOD]DPLHQWRHQWUHFROXPQDV 
ƒ 3HUPLWHLQWURGXFLUODGLVWDQFLDHQWUHORVREMHWRVGHQWURGHXQDPLVPDFROXPQD
ƒ (OYDORUSXHGHLQWURGXFLUVHPHGLDQWHXQYDORUQXPpULFRRJUiILFDPHQWHPHGLDQWHOD
GLVWDQFLDHQWUHGRVSXQWRV
o $QJOHRIDUUD\ ÈQJXORGHPDWUL] 
ƒ 3HUPLWHYDULDUHOiQJXORGHLQFOLQDFLyQGHODPDWUL]
o 3UHYLHZ 9LVWDSUHYLD 
ƒ 3HUPLWHFRPSUREDUVLHOUHVXOWDGRGHODFRQILJXUDFLyQHVHOGHVHDGRRQR
$O ODGR GHUHFKR GHO FXDGUR GH GLiORJR SXHGH YHUVH XQ HVTXHPD JHQHUDO GH OD
FRQILJXUDFLyQGHODPDWUL]
o

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

x 3RODU$UUD\ 0DWUL]SRODU 
o /DVFRSLDVVHRUJDQL]DQDORODUJRGHXQDUFRGHFLUFXQIHUHQFLD
o 6HOHFWREMHFWV 6HOHFFLRQDUREMHWRV 
ƒ 3HUPLWHVHOHFFLRQDUORVREMHWRVGHRULJHQ
o &HQWHUSRLQW &HQWUR 
ƒ 3HUPLWHLQWURGXFLUHOFHQWURGHODPDWUL]
ƒ (O YDORU SXHGH LQWURGXFLUVH PHGLDQWH ORV YDORUHV QXPpULFRV GH ODV FRRUGHQDGDV R
JUiILFDPHQWHLQGLFDQGRXQSXQWR
o 0HWKRG 0pWRGR 
ƒ 3HUPLWHHVFRJHUHQWUHODVVLJXLHQWHVRSFLRQHV
 7RWDOQXPEHURILWHPV $QJOHWRILOO 1~PHURWRWDOGHHOHPHQWRV\iQJXORD
UHOOHQDU 
 7RWDOQXPEHURULWHPV $QJOHEHWZHHQtWHPV 1~PHURWRWDOGHHOHPHQWRV
\ iQJXORHQWUHHOHPHQWRV 
 $QJOH WR ILOO  $QJOH EHWZHHQ tWHPV ÈQJXOR D UHOOHQDU \ iQJXOR HQWUH
HOHPHQWRV 
o 7RWDOQXPEHURItWHPV 1~PHURGHHOHPHQWRV 
ƒ 3HUPLWHLQWURGXFLUHOQ~PHURGHFRSLDVGHVHDGR
o $QJOHWRILOO *UDGRVFXELHUWRV 
ƒ ÈQJXORTXHDEDUFDHODUFRGHFLUFXQIHUHQFLDGHODPDWUL]
o $QJOHEHWZHHQtWHPV ÈQJXORHQWUHHOHPHQWRV 
ƒ ÈQJXORTXHDEDUFDHODUFRGHFLUFXQIHUHQFLDHQWUHHOHPHQWRV
o 5RWDWHtWHPVDVFRSLHG *LUDUREMHWRVDPHGLGDTXHVHFRSLDQ 
ƒ (VWDRSFLyQSHUPLWHJLUDUODVFRSLDVDORODUJRGHODPDWUL]
o 3UHYLHZ 9LVWDSUHYLD 
ƒ 3HUPLWHFRPSUREDUVLHOUHVXOWDGRGHODFRQILJXUDFLyQHVHOGHVHDGRRQR
$O ODGR GHUHFKR GHO FXDGUR GH GLiORJR SXHGH YHUVH XQ HVTXHPD JHQHUDO GH OD
FRQILJXUDFLyQGHODPDWUL]
o

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUD0DWUL]UHFWDQJXODUGH['LVWDQFLDHQWUHILODV'LVWDQFLDHQWUHFROXPQDV


3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRHOFRPDQGR$UUD\

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRHOFRPDQGR$UUD\

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
'LEXMDUHOYHQWLODGRU

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

6WUHWFK 6 (VWLUD

'HILQLFLyQ3HUPLWHHVWLUDURGHVSOD]DUORVREMHWRVVHOHFFLRQDGRV


&RPPDQG675(7&+ ↵
6HOHFWREMHFWVWRVWUHWFKE\FURVVLQJZLQGRZRUFURVVLQJSRO\JRQ
6HOHFWREMHFWV
6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
6SHFLI\VHFRQGSRLQWRUXVHILUVWSRLQWDVGLVSODFHPHQW!

&RPDQGR(67,5$ ↵
'HVLJQHREMHWRVTXHHVWLUDUPHGLDQWHYHQWDQDRSROtJRQR
'HVLJQHREMHWRV
3UHFLVHSXQWREDVHR>'HVSOD]DPLHQWR@'HVSOD]DPLHQWR!
3UHFLVHVHJXQGRSXQWRRXVDUSULPHUSXQWRFRPRGHVSOD]DPLHQWR!
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWV
ƒ 6HOHFFLRQDUORVREMHWRVTXHVHGHVHDQHVWLUDURGHVSOD]DU
ƒ 6L ORV REMHWRV VH HQFXHQWUDQ WRWDOPHQWH GHQWUR GHO UHFWiQJXOR GH GHVLJQDFLyQ
PHGLDQWHUHFWiQJXORD]XO ORVREMHWRVVHGHVSOD]DQ
ƒ 6L ORV REMHWRV VH HQFXHQWUDQ SDUFLDOPHQWH GHQWUR GHO UHFWiQJXOR GH GHVLJQDFLyQ
PHGLDQWHUHFWiQJXORYHUGH ORVREMHWRVVHHVWLUDQ
x +DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\EDVHSRLQWRU>'LVSODFHPHQW@'LVSODFHPHQW!
ƒ +DFHUFOLFHQXQSXQWRGHUHIHUHQFLDSUHIHULEOHPHQWHSHUWHQHFLHQWHDOREMHWR
o +DFHUFOLFVREUHHOSXQWRGRQGHVHGHVHDGHVSOD]DUHOSXQWRGHUHIHUHQFLD
3UREOHPD
0RGLILFDUHOSODQRGHODFDVDFRQHOFRPDQGR675(7&+

$QWHVGHDSOLFDU6WUHWFK
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'HVSXpVGHDSOLFDU6WUHWFK
&KDPIHU &+$ &KDIODQ

'HILQLFLyQ 3HUPLWH ELVHODU ODV HVTXLQDV IRUPDGDV SRU ORV REMHWRV VHOHFFLRQDGRV /RV REMHWRV GHEHQ
VHUOtQHDVSROLOtQHDV VHJPHQWRVUHFWRV \VyOLGRV'


&RPPDQG&+$0)(5 ↵
75,0PRGH &XUUHQWFKDPIHU'LVW 'LVW 
6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU

&RPDQGR&+$)/$1 ↵
0RGR5HFRUWDU 3ULPHUDGLVWDQFLDGHFKDIOiQDFWXDO 6HJXQGDGLVWDQFLD 
'HVLJQHODSULPHUDOtQHDR>GHV+DFHU3ROLOtQHD'LVWDQFLDiQJ8OR5HFRUWDU0pWRGRP~/WLSOH@
'HVLJQHVHJXQGDOtQHDRXVHODWHFOD0D\~VSDUDDSOLFDUHVTXLQD
3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
ƒ (VFRJHUODRSFLyQ'LVWDQFH 'LVWDQFLD G ↵
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ILUVWFKDPIHUGLVWDQFH!
ƒ ,QWURGXFLUHOYDORUQXPpULFRGHODSULPHUDGLVWDQFLDGHOFKDIOiQ
ƒ 3XOVDU(17(5
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\VHFRQGFKDPIHUGLVWDQFH!
ƒ ,QWURGXFLUHOYDORUQXPpULFRGHODVHJXQGDGLVWDQFLDGHOFKDIOiQ
ƒ 3XOVDU(17(5
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

x
(Q ODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWILUVWOLQHRU>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@
ƒ +DFHUFOLFVREUHXQDGHODVOtQHDVGHODHVTXLQD
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU
ƒ +DFHUFOLFVREUHODRWUDOtQHDGHODHVTXLQD
2SFLRQHV
x 3RO\OLQH 3ROLOtQHD 
o 3HUPLWH UHDOL]DU GH IRUPD VLPXOWDQHD ORV FKDIODQHV GH ORV VHJPHQWRV UHFWRV GH XQD
SROLOtQHD
x 'LVWDQFH 'LVWDQFLD 
o 3HUPLWHGLPHQVLRQDUHOFKDIOiQPHGLDQWHGRVGLVWDQFLDV
o /DV GLVWDQFLDV VH DSOLFDUiQ HQ HO PLVPR RUGHQ HQ HO TXH VH KD\DQ GHILQLGR ORV REMHWRV
TXHIRUPDQODHVTXLQD
x $QJOH ÈQJXOR 
o 3HUPLWHGLPHQVLRQDUHOFKDIOiQPHGLDQWHXQDGLVWDQFLD\XQiQJXOR
x 7ULP 5HFRUWDU 
o 3HUPLWH FRQWURODU VL DO HIHFWXDU HO FKDIOiQ VH UHFRUWDQ R QR ORV REMHWRV TXH IRUPDQ OD
HVTXLQD
x 0HWKRG 0pWRGR 
o 3HUPLWH HVWDEOHFHU HO PpWRGR HPSOHDGR SRU GHIHFWR SDUD UHDOL]DU HO FKDIOiQ GRV
GLVWDQFLDVRGLVWDQFLD\iQJXOR
x 0XOWLSOH 0~OWLSOH 
o 3HUPLWHUHDOL]DUYDULRVFKDIODQHVVLQILQDOL]DUHOFRPDQGRSHUPDQHFLHQGRGLVSRQLEOHVODV
GHPiVRSFLRQHV

'LEXMRRULJLQDO &RQFKDIOiQ

$SOLFDQGRFKDIODQHVFRQWULP\H[WHQGDXWRPiWLFRV
'RVGLVWDQFLDV

3URFHGLPLHQWRGHGLEXMR

&RPPDQGFKDPIHU ↵
75,0PRGH &XUUHQWFKDPIHU'LVW 'LVW 
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@G ↵
6SHFLI\ILUVWFKDPIHUGLVWDQFH! ↵
6SHFLI\VHFRQGFKDPIHUGLVWDQFH! ↵
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@ 6HOHFFLRQDU
SULPHUOtQHD
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU 6HOHFFLRQDUVHJXQGD
OtQHD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

/RVYDORUHVVHFRQYHUWLUiQHQODVGLVWDQFLDVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQ
GHOFRPDQGR&+$0)(5

'LVWDQFLD\iQJXOR

3URFHGLPLHQWRGHGLEXMR

&RPPDQGFKDPIHU ↵
75,0PRGH &XUUHQWFKDPIHU'LVW 'LVW 
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@D ↵
6SHFLI\FKDPIHUOHQJWKRQWKHILUVWOLQH! ↵
6SHFLI\FKDPIHUDQJOHIURPWKHILUVWOLQH! ↵
6HOHFWILUVWOLQHRU
>8QGR3RO\OLQH'LVWDQFH$QJOH7ULPP(WKRG0XOWLSOH@ 6HOHFFLRQDU
SULPHUOtQHD
6HOHFWVHFRQGOLQHRUVKLIWVHOHFWWRDSSO\FRUQHU 6HOHFFLRQDUVHJXQGD
OtQHD
/RVYDORUHVGHGLVWDQFLD\iQJXORVHFRQYHUWLUiQHQORVYDORUHVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHV
FDVRVGHHMHFXFLyQGHOFRPDQGR&+$0)(5
'LVWDQFLD

3URFHGLPLHQWRGHGLEXMR

&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\FRUQHU 6HOHFFLRQDUVHJXQGDOtQHD
/RVYDORUHVVHFRQYHUWLUiQHQODVGLVWDQFLDVDFWXDOHVGHFKDIOiQSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQ
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@

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
ƒ (VFRJHUODRSFLyQ5DGLXV 5$GLR 5 ↵
x
(QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ILOOHWUDGLXV!
ƒ ,QWURGXFLUHOYDORUQXPpULFRGHOUDGLR
ƒ 3XOVDU(17(5
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
ƒ +DFHUFOLFVREUHXQRGHORVREMHWRVDHPSDOPDU
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWVHFRQGREMHFWRUVKLIWVHOHFWWRDSSO\FRUQHU
ƒ +DFHUFOLFVREUHHORWURREMHWRDHPSDOPDU
2SFLRQHVEiVLFDV
x 3RO\OLQH 3ROLOtQHD 
o 3HUPLWH UHDOL]DU GH IRUPD VLPXOWDQHD ORV HPSDOPHV GH ORV VHJPHQWRV UHFWRV GH XQD
SROLOtQHD
x 5DGLXV 5DGLR 
o 3HUPLWHGLPHQVLRQDUHOUDGLRGHOHPSDOPH
x 7ULP 5HFRUWDU 
o 3HUPLWHFRQWURODUVLDOHIHFWXDUHOHPSDOPHVHUHFRUWDQRQRORVREMHWRVVHOHFFLRQDGRV
x 0XOWLSOH 0~OWLSOH 
o 3HUPLWHUHDOL]DUYDULRVHPSDOPHVVLQILQDOL]DUHOFRPDQGRSHUPDQHFLHQGRGLVSRQLEOHVODV
GHPiVRSFLRQHV

'LEXMRRULJLQDO &RQFKDIOiQ

3URFHGLPLHQWRGHGLEXMR

&RPPDQGILOOHW ↵
&XUUHQWVHWWLQJV0RGH 75,05DGLXV 
6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@U ↵
6SHFLI\ILOOHWUDGLXV! ↵
6HOHFWILUVWREMHFWRU>8QGR3RO\OLQH5DGLXV7ULP0XOWLSOH@
6HOHFWVHFRQGREMHFWRUVKLIWVHOHFWWRDSSO\FRUQHU

(OUDGLRVHFRQYHUWLUiHQHOUDGLRDFWXDOGHILOOHWSDUDORVVLJXLHQWHVFDVRVGHHMHFXFLyQGHOFRPDQGR
),//(7

3DUDXQUDGLRGHHPSDOPHFHURHOFRPDQGRDODUJDRUHFRUWDORVREMHWRVKDVWDVXLQWHUVHFFLyQHQDULVWD
YLYD
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'LEXMRRULJLQDO &RQFKDIOiQ

([SORGH ; 'HVFRPSRQHU
'HILQLFLyQ3HUPLWHGHVFRPSRQHUORVREMHWRVVHOHFFLRQDGRVHQVXVHOHPHQWRVEiVLFRV
o /RVREMHWRVGHEHQVHUEORTXHVSROLOtQHDV\FRWDV


&RPPDQG(;3/2'( ↵
6HOHFWREMHFWV

&RPDQGR'(6&203 ↵
'HVLJQHREMHWRV

3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWV
ƒ +DFHUFOLFVREUHORVREMHWRVDGHVFRPSRQHU
• +DFHUFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

;,9 3URSLHGDGHVGHREMHWRV
2EMHWLYRVHVSHFtILFRV


$OILQDOL]DUHOSDUWLFLSDQWHSRGUi
9 0RGLILFDUODVSURSLHGDGHVGHORVREMHWRV
9 8WLOL]DUHOSDQHO\ODSDOHWDGHSURSLHGDGHV
3DQHOGHSURSLHGDGHVGHORVREMHWRV 3URSHUWLHV 
Se puede usar este panel para ver y cambiar en forma rápida las propiedades de los objetos
tales como:
™ Color (Color)
™ Tipo de línea (Linetype)
™ Grosor de impresión (Lineweight)
™ Estilo de impresión (Plot style)
™ Igualar propiedades (Match Properties)
™ Listado (List)
Igualar propiedades Color Grosor de impresión


Listado Tipo de línea Estilo de impresión

1RSHUPLWHHOFDPELRGHSURSLHGDGHVVLODFDSDHVWDEORTXHDGD

7UDEDMDQGRFRQODSURSLHGDG&2/25
3XHGH DFFHGHU D OD YHQWDQD GH DGPLQLVWUDFLyQ GH FRORU SRU PHGLR GH OD EDUUD GH SURSLHGDGHV \ HO
FRQWUROGHFRORU RSFLyQ6HOHFW&RORU« RPHGLDQWHHOFRPDQGR&2/25

6HOHFFLRQDXQFRORU

([LVWHQWUHVIRUPDVGHDSOLFDUFRORUHVHQHVWDYHQWDQD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 
3HUPLWHVHOHFFLRQDUFRORUHVGHELWV FRORUYHUGDGHUR HVGHFLUPiVGHPLOORQHVGHWRQDOLGDGHV
3XHGHXWLOL]DUGRVPRGDOLGDGHV+/6 WRQRVDWXUDFLyQOXPLQRVLGDG \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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3DUDXVDUXQWLSRGHOtQHDVHGHEHFDUJDUSULPHURVREUHHOGLEXMR /RDG 8QWLSRGHOtQHDGHEHH[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&$'WUDEDMDFRQODHVFDODJOREDO ODHVFDODJOREDODIHFWDDWRGRVORVGLEXMRV\DFUHDGRV\
SRUFUHDUTXHKD\DQXWLOL]DGRRXWLOLFHQDOJ~QWLSRGHOtQHD


&RPPDQG/76&$/( ↵
(QWHUQHZOLQHW\SHVFDOHIDFWRU!

&RPDQGR(6&$/$7/ ↵
,QGLTXHQXHYRIDFWRUGHHVFDODGHOWLSRGHOtQHD!
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 
• (VWLORGHSORWHR 3ORW6W\OH 
• (VFDODGHOWLSRGHOtQHD /LQHW\SHVFDOH 
• $OWXUD'GHREMHWR 7KLFNQHVV 
(QFDVRVHVSHFLDOHVSHUPLWHFRSLDUODVSURSLHGDGHVGH
• 'LPHQVLRQHV 'LPHQVLRQV 
• 7H[WRV 7H[W 
• 6RPEUHDGRV +DWFK 
• 3ROLOtQHDV 3RO\OLQH 
• 9HQWDQDJUiILFD 9LHZSRUW 
• 7DEOD 7DEOH 
&RPPDQG0$7&+3523
6HOHFWVRXUFHREMHFW
&XUUHQW DFWLYH VHWWLQJV  &RORU /D\HU /W\SH /WVFDOH /LQHZHLJKW 7KLFNQHVV 3ORW6W\OH 'LP 7H[W +DWFK
3RO\OLQH9LHZSRUW7DEOH0DWHULDO6KDGRZGLVSOD\0XOWLOHDGHU
6HOHFWGHVWLQDWLRQREMHFW V RU>6HWWLQJV@
&RPDQGR,*8$/$53523
'HVLJQHREMHWRGHRULJHQ
3DUiPHWURV DFWLYRV DFWXDOHV  &RORU &DSD 7OtQHD (VFDODWO *URVRU GH OtQHD  $OWREMHWR (VWLORWUD] $FRWD
7H[WR6RPEUHDGR3ROLOLQHD9HQWDQD7DEOD0DWHULDO9LVXDOL]DFLyQGHVRPEUDV'LUHFWUL]P~OWLSOH
'HVLJQHREMHWR V GHGHVWLQRR>3$UiPHWURV@
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3URFHGLPLHQWR
• $FWLYDUHOFRPDQGR0$7&+3523
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWVRXUFHREMHFW
ƒ 6HOHFFLRQDUHOREMHWRGHOTXHVHFRSLDQODVSURSLHGDGHV
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWGHVWLQDWLRQREMHFW V RU>6HWWLQJV@
ƒ 6HOHFFLRQDUORVREMHWRVDORVTXHVHOHVGHVHDQDSOLFDUODVSURSLHGDGHVGHOREMHWR

DQWHULRU(OSXQWHURVHPXHVWUDFRPR
• 3XOVDU(6&R(17(5SDUDILQDOL]DUHOFRPDQGR
2SFLRQHV
• 6HWWLQJV 3DUiPHWURV 
o 3HUPLWHGHWHUPLQDUODVSURSLHGDGHVTXHVHYDQDFRSLDU
o $SDUHFHHOFXDGURGHGLiORJR3URSHUW\6HWWLQJV 3DUiPHWURVGHSURSLHGDGHV 


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3DOHWDGHDGPLQLVWUDGRUGH3URSLHGDGHV 3523(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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

+D\RFKRSURSLHGDGHVJHQHUDOHV FRPXQHVD
WRGRVORVREMHWRV7RGDVODVGHPiVSURSLHGDGHV
GHREMHWRVRQHVSHFtILFDVGHOWLSRGHREMHWR
 &RORU
 &DSD /D\HU 
 7LSRGHOtQHD /LQHW\SH 
 (VFDODGHWLSRGHOtQHD /LQHW\SHVFDOH 
 (VWLORGHWUD]DGR 3ORW6W\OH 
 *URVRUGHOtQHD /LQHZHLJKW 
 +LSHUYtQFXOR +\SHUOLQN 
 $OWXUDGHREMHWR 7KLFNQHVV 

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 GHOSDQHO3DOHWWHV 3DOHWDV GHODILFKD9LHZ 9LVWD 



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\HU FDSD 
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

;9/D\HUV &DSDV 

/DVFDSDVGHEHQVHUFRQVLGHUDGDVFRPRSDSHOHVWUDQVSDUHQWHVVREUHSXHVWRVHQWUHVL$XWR&$'SHUPLWH
WUDEDMDUFRQXQQ~PHURLOLPLWDGRGHFDSDVGRQGHFDGDXQDGHHOODVSRVHHUiXQQRPEUHXQFRORUXQ
WLSRGHOtQHDXQJURVRU\XQHVWLORGHWUD]DGRSRUGHIHFWRHVGHFLUVLQRVHDVLJQDQHVWDVSURSLHGDGHV
ODVHQWLGDGHVTXHVHFUHHQHQXQDFDSDWHQGUiQODVFDUDFWHUtVWLFDVSUHGHILQLGDVSRUODPLVPD
/DYHQWDMDSULQFLSDOGHWUDEDMDUFRQFDSDVHVODSRVLELOLGDGGHYLVXDOL]DUDTXHOODVTXHTXLHUDHOXVXDULR
SXGLHQGRGHHVWDIRUPDQRWHQHUTXHUHSHWLUHOHPHQWRVTXHGHEHUtDQDSDUHFHUHQFDGDXQDGHHOODV
/DRUJDQL]DFLyQGHORVREMHWRVHQFDSDVIDFLOLWDHOPDQHMRGHODLQIRUPDFLyQHQORVGLEXMRV
(QHOSDQHO/D\HUV &DSDV GHODILFKD+RPH ,QLFLR VLHPSUHVHOHLQIRUPDUiGHODFDSDHQODFXDOVH
HVWiWUDEDMDQGR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$UTXLWHFWXUD

0HFiQLFD

$XWR&$' DO LQLFLDU XQD VHVLyQ GH GLEXMR SRVHH WDQ VyOR XQD FDSD GHQRPLQDGD ³´ OD FXDO GHEHPRV
HQWHQGHU FRPR FDSD ³PDGUH´ (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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'HVFULSFLyQ
• $SDUHFHHOFXDGURGHGLiORJR/D\HU3URSHUWLHV0DQDJHU $GPLQLVWUDGRUGHSURSLHGDGHVGH
FDSD
/D\HU3URSHUWLHV0DQDJHU

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

)XQFLRQHVGH&RQWUROGHQWURGHO&XDGURGH'LiORJRGH/D\HUV

1HZ/D\HU &UHDXQDFDSDQXHYD3DUDFUHDUXQDQXHYDFDSDHOHJLU


1XHYDFDSD 
2 GLJLWDU(17(5


6H DFWLYDUD XQD ILOD TXH OOHYDUi XQ QRPEUH SRU GHIHFWR
³/D\HU´ FDSD FRQWRGRVVXVDWULEXWRVVLPLODUHVDOD
FDSDPDGUH³´
/DQXHYDFDSDQRVHFUHDIRU]RVDPHQWHFRQFRORUEODQFR
\ WLSRGH OtQHD FRQWLQXD VLQR TXH DGRSWD HO FRORU \ WLSR
GHOtQHDGHODFDSDDFWXDOPHQWHVHOHFFLRQDGD LOXPLQDGD
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
1HZ/D\HU93)UR]HQ &UHD XQD QXHYD FDSD \ OR FRQJHOD HQ WRGRV ORV
1XHYDYHQWDQDGHFDSD 9LHZSRUWVH[LVWHQWHV
LQXWLOL]DGDHQWRGDVODVYHQWDQDV 
(OLPLQDODV&DSDVTXHQRVHKD\DQXVDGRHQHOGLEXMR
/DV FDSDV SXHGHQ VHU HOLPLQDGDV HQ FXDOTXLHU PRPHQWR
'HOHWH GXUDQWH OD VHVLyQ GH GLEXMR VLHPSUH \ FXDQGR TXH OD
6XSULPLUFDSD  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

&XUUHQW 'HILQH FRPR DFWXDO OD FDSD VHxDODGD 7RGRV ORV REMHWRV
'HILQLUDFWXDO  TXH VH GLEXMHQ HQ DGHODQWH DGRSWDUiQ GLFKDV
FDUDFWHUtVWLFDV

1HZ3URSHUW\)LOWHU )LOWUD ODV FDSDV HQ IXQFLyQ GH FLHUWRV FULWHULRV HVWDEOHFLGRV
1XHYRILOWURGHSURSLHGDGHV  SUHYLDPHQWH
(MHPSOR (Q XQ GLEXMR KD\  FDSDV \  GH HOODV HVWiQ
GHVDFWLYDGDV
• 6LVHFUHDXQILOWURGHHVWHWLSR\HOFULWHULRHVFDSDV
GHVDFWLYDGDVHVWHILOWURDJUXSDUi~QLFDPHQWHODVWUHV
FDSDVGHVDFWLYDGDV
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

1HZ*URXS)LOWHU )LOWUD ODV FDSDV HQ VXEJUXSRV EDVDGRV HQ FULWHULRV


1XHYRILOWURGHJUXSR  HVWDEOHFLGRVSUHYLDPHQWH
6DYHVWDWHVPDQDJHU 3HUPLWHJXDUGDUYDULDVFRQILJXUDFLRQHVGH/D\HUV
$GPLQLVWUDGRUGHHVWDGRGH
FDSDV 
5HIUHVK $FWXDOL]DODVSURSLHGDGHVGHORV/D\HUVHGLWDGRV
$FWXDOL]DU 
6HWWLQJV 0XHVWUDODFDMDGHGLiORJRGHORVSDUiPHWURVGHORV/D\HUV
3DUiPHWURV  HQ GRQGH VH HVWDEOHFHQ ODV QRWLILFDFLRQHV GH ORV /D\HUV
QXHYRV\VREUHHVFULWXUDVGHORVPLVPRV
$GPLQLVWUDFLyQ'H,QIRUPDFLyQGHORV/D\HUV
6WDWXV 0XHVWUDHOHVWDGRGHODFDSD
(VWDGR 
1DPH 0XHVWUD HO QRPEUH GH OD FDSD UHVDOWDGD SDUD TXH
1RPEUH  SXHGDHGLWDUVHXQQRPEUHGHFDSDSXHGHWHQHUXQD
ORQJLWXG GH KDVWD FDUDFWHUHV /RV QRPEUHV GH
FDSDVSXHGHQFRQWHQHUOHWUDVFLIUDV\ORVFDUDFWHUHV
HVSHFLDOHVGHGyODU  JXLyQ  \VXEUD\DGR B 
2Q2II $FWLYD\GHVDFWLYDOD&DSD
$FWLYDGHVDFWLYD 

)UH]]H7KDZ &RQJHODRGHVFRQJHODOD&DSD /DLQIRUPDFLyQQRVH


,QXWLOL]DUHXWLOL]D  UHJHQHUDHQSDQWDOOD

/RFN8QORFN %ORTXHD \ GHVEORTXHD OD &DSD HVWH VH YH HQ


%ORTXHD'HVEORTXHD  SDQWDOODSHURQRVHSXHGHQPRGLILFDUORVREMHWRVTXH
FRQWLHQH

&RORU &RORUGHOD&DSDSDUDIDFLOLWDUODLGHQWLILFDFLyQGHORV
&RORU  REMHWRV HQ SDQWDOOD \ SDUD GHILQLU HVSHVRUHV GH
SOXPLOODVDOLPSULPLU
/LQH7\SH (VWDEOHFHHOWLSRGHOtQHDGHOD&DSD
7LSRGHOtQHD 
/LQHZHLJKW (VSHVRUGHOWUD]R
*URVRUGHOtQHD 
3ORW'RQ¶WSORW 6LODLQIRUPDFLyQGHXQD&DSDVHLPSULPHRQR
,PSULPH1RLPSULPH 

1HZ93)UHH]H &RQJHOD ODV &DSDV VHOHFFLRQDGRV HQ QXHYRV


,QXWLOL]DUHQODVYHQWDQDV YLHZSRUWVHQORV/D\RXWV
QXHYDV 
93&RORU 3HUPLWH FDPELDU HO FRORU DVRFLDGR D XQD &DSD VROR
&RORU9*  HQ HO 9LHZSRUW DFWLYR 6ROR GLVSRQLEOH HQ ORV
/D\RXWV
93/LQHW\SH 3HUPLWH FDPELDU HO WLSR GH OtQHD DVRFLDGR D XQD


7LSRGHOtQHDGH9*  &DSDVRORHQHO9LHZSRUWDFWLYR6RORGLVSRQLEOHHQ
ORV/D\RXWV
93/LQHZHLJKW 3HUPLWH FDPELDU HO JURVRU GH OtQHD DVRFLDGR D XQD
*URVRUGHOtQHDGH9*  &DSDVRORHQHO9LHZSRUWDFWLYR6RORGLVSRQLEOHHQ
ORV/D\RXWV


933ORW6W\OH 3HUPLWH FDPELDU HO HVWLOR GH LPSUHVLyQ DVRFLDGR D


(VWLORGHWUD]DGRGH9*  XQD &DSD VROR HQ HO 9LHZSRUW DFWLYR 6ROR
GLVSRQLEOHHQORV/D\RXWV


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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
• +DFHUXQVHJXQGRFOLFVXDYHPHQWH QRXQGREOHFOLF RWDPELpQSXHGHSXOVDUODWHFODGHIXQFLyQ
)
• 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)LOWURV 1HZ*URXS)LOWHU 

$JUHJDUXQQXHYRILOWURGHSURSLHGDGHV 1HZ3URSHUW\)LOWHU 
'H PDQHUD SUHGHWHUPLQDGD H[LVWH XQ ILOWUR GH SURSLHGDGHV SUHGHWHUPLQDGR GHQRPLQDGR $OO 8VHG
/D\HUV 7RGDVODVFDSDVHQXVR TXHHVODTXHPXHVWUDWRGDVODVFDSDVFRQWRGDVODVSURSLHGDGHV\
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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

6HSXHGHQFUHDUILOWURVEDVDGRVHQ

• 6WDWXV (VWDGR %DVDGRVHQHOHVWDGRGHODVFDSDVFDSDVFRQFRQWHQLGR\FDSDVVLQFRQWHQLGR

• 1DPH 1RPEUHV GH FDSDV  /RV FXDOHV SXHGHV KDFHU XVR GH FDUDFWHUHV FRPRGLQHV GH :LQGRZV
" 3RUHMHPSORSDUDPRVWUDUWRGDVODVFDSDVFX\RQRPEUHHPSLHFHFRQODOHWUD³6´HVFULELHQGR
6 PLHQWUDVVLGHVHDPRVWUDUWRGDVODVFDSDVFX\RQRPEUHWHQJDFRPRVHJXQGRFDUiFWHUODOHWUD³,´
HVFULELUtDPRV", 

• &RPSRUWDPLHQWRV RQRIIIUHH]HWKDZORFNXQORFN 

• &RORUHVWLSRV\DQFKRGHOtQHDVHVWLORGHSORWHR

• (VWDGRGHOSORWHR 3ORW'RQW3ORW 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

 1RWDUiTXHHQODSDUWHLQIHULRUHQODYHQWDQDGHO)LOWHUSUHYLHZ 9LVWDSUHYLDGHOILOWUR VHPXHVWUD


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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

/LVWDGHFDSDVFRQILOWUR

/LVWDGHFDSDVVLQILOWUR


(MHPSOR
(OILOWURGHQRPLQDGR³>3&@´PXHVWUDODVFDSDVTXHFXPSOHQWRGRVORVFULWHULRVVLJXLHQWHV
• (VWiQHQXVR
• 7LHQHQXQQRPEUHTXHFRQWLHQHODVOHWUDV3&
• (VWiQDFWLYDGDV

(MHPSOR
(O ILOWUR GHQRPLQDGR ³5RMR $PDULOOR %ODQFR´ PXHVWUD ODV FDSDV TXH FXPSOHQ WRGRV ORV FULWHULRV
VLJXLHQWHV
• (VWiQDFWLYDGDV
• (VWiQFRQJHODGDV
• 6RQURMDVDPDULOODVREODQFDV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$JUHJDUXQQXHYRJUXSRGHILOWURV 1HZ*URXS)LOWHU 
3HUPLWHFUHDUJUXSRVHQORVTXHVHSXHGHQLQFOXLUDOJXQDVGHODVFDSDVFRQODVTXHTXLHUDWUDEDMDU$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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/$6 OD\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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

&DPELDQGR,QIRUPDFLyQGHXQ/D\HUD RWUR
7RGDODLQIRUPDFLyQGHOGLEXMRGHEHHVWDUDVRFLDGDDXQ/D\HU DOJXQDVYHFHVHVQHFHVDULRFDPELDUODV
FDUDFWHUtVWLFDVGHOPLVPR FRORUJURVRU\WLSRGHOtQHD RFDPELDUORGH&DSD
3DUDFDPELDUXQREMHWRGH/D\HUKD\WUHVDOWHUQDWLYDV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

(OSDQHO/D\HUV
 6HOHFFLRQDXQ
&RQJHODU
HVWDGRGHFDSD
 
$GPLQLVWUDGRUGH'HVDLVODU 'HVDFWLYDU
3URSLHGDGHVGHFDSD HVWDGRGHFDSDV
 $LVODU

)LMDUFRPRDFWXDOOD ,JXDODU
FDSDGHOREMHWR


3UHYLR

$FWLYDUWRGDVODVFDSDV 6XSULPLU

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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

2Q2II/RFN8QORFN


)UHH]HWKDZ
$FWLYDQGR\GHVDFWLYDQGRFDSDV 2Q2II 
&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 ]RRP QL
HQORVFiOFXORVGHUHJHQHUDFLyQ
&RQODFRQJHODFLyQGHFDSDVVHSXHGHUHGXFLUDPSOLDPHQWHHOWLHPSRGHHQIRTXH\UHJHQHUDFLyQORFXDO
PHMRUDODSURGXFWLYLGDG6HUHFRPLHQGDXWLOL]DUHOFRQJHODGRGHFDSDVFXDQGRVHGHVHDKDFHULQYLVLEOHV
ORVREMHWRVSRUSHULRGRVODUJRV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

;9, &iOFXORVHVSHFLDOHVGHQWURGH$XWR&$'
3UREOHPD
'LEXMDUODPDQLYHOD

3UREOHPD
'LEXMDUHOMDUUyQRUQDPHQWDO\XELFDUORVSXQWRVGHWDQJHQFLDFRORFDQGRXQSXQWR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
'LEXMDU HO PDQJR SDUD
VHUUXFKR


3UREOHPD
'LEXMDU HO
FDEDOOR


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDUODOHYD


3UREOHPD
'LEXMDUODMDUUD


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 LJXDOHV TXH $% 6H QXPHUDQ FRPR VH PXHVWUD
&RQVWUXLU OD SDUiEROD SRU HO PpWRGR GHO HQODILJXUD
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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3DVR SXQWRGHODSROLOtQHDDFRQWLQXDFLyQVHLQJUHVD
6HXQHQORVSXQWRV¶¶«¶\¶FRQ$6H $ \ VH SXOVH (17(5 SDUD JHQHUDU DUFRV /XHJR
WUD]DQSDUDOHODVD%&SRUORVSXQWRV« VH LQJUHVD ' \ VH SXOVD (17(5 SDUD GHILQLU OD
\ TXHVHFUX]DQFRQODVXQLRQHVDQWHULRUHV 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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

7,326'(=220
=RRP:LQGRZ $PSOLDFLyQGHOD]RQDGHOGLEXMRVHOHFFLRQDGDSRUXQUHFWiQJXOR


=RRPYHQWDQD 
=RRP,Q


=RRPDPSOLDU  $PSOtDDOGREOHGHODFHUFDPLHQWRDFWXDO  

=RRPRXW 5HGXFHDODPLWDGGHODFHUFDPLHQWRDFWXDO  




=RRPUHGXFLU 
=RRP3UHYLXV 3HUPLWHUHJUHVDUKDVWD]RRPVSUHYLDPHQWHUHDOL]DGRV


=RRPSUHYLR 
=RRP2EMHFW $FHUFDPLHQWRFHQWUDGRHQORVREMHWRVVHOHFFLRQDGRV
=RRPREMHWR 
=RRP([WHQWV 9LVXDOL]D WRGRV ORV REMHWRV FRQWHQLGRV HQ HO GLEXMR
=RRPH[WHQVLyQ  LQGHSHQGLHQWHPHQWHGHORVOtPLWHVGHOPLVPR
=RRP$OO
9LVXDOL]DFLyQGHOiUHDGHWHUPLQDGDSRUORVOtPLWHVSUHHVWDEOHFLGRV
=RRPWRGR 
GHOGLEXMR OLPLWV
ÈUHD GH YLVXDOL]DFLyQ GHWHUPLQDGD SRU VX FHQWUR \ WDPDxR /D
=RRP&HQWHU
UHSHWLFLyQFRQYDORUPiVDOWRSURYRFDUHGXFFLyQGHODLPDJHQFRQ
=RRPFHQWUR 
XQYDORUPHQRUVXDPSOLDFLyQ
3XOVDU \ DUUDVWUDU FRQ HO ERWyQ L]TXLHUGR GHO PRXVH $UUDVWUDU
=RRP5HDOWLPH
YHUWLFDOPHQWHSDUDDFHUFDURDOHMDU
=RRPWLHPSRUHDO 
=RRP6FDOH 3HUPLWHDFHUFDURDOHMDUHOGLEXMRHPSOHDQGRXQIDFWRUGHHVFDOD
=RRPHVFDOD 
=RRP'\QDPLF (O]RRPVHDMXVWDDODSDUWHJHQHUDGDGHOGLEXMRFRQXQPDUFRGH
=RRPGLQiPLFR  YLVXDOL]DFLyQ

;9,,, &RPDQGRVGHFRQVWUXFFLyQDGLFLRQDOHV
3RO\JRQ 32/ 3ROtJRQR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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
3URFHGLPLHQWRGHGLEXMR

&RPPDQGSRO ↵
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@3
(QWHU DQ RSWLRQ >,QVFULEHG LQ FLUFOH&LUFXPVFULEHG DERXW FLUFOH@
,! ↵
6SHFLI\UDGLXVRIFLUFOH3 ,QVFULWR
3URFHGLPLHQWRGHGLEXMR

&RPPDQGSRO ↵
(QWHUQXPEHURIVLGHV!
6SHFLI\FHQWHURISRO\JRQRU>(GJH@3
(QWHUDQRSWLRQ>,QVFULEHGLQFLUFOH&LUFXPVFULEHGDERXWFLUFOH@,!& ↵
6SHFLI\UDGLXVRIFLUFOH3

&LUFXQVFULWR

(GJH /DGR  'HILQHXQSROtJRQRDSDUWLUGHORVSXQWRVH[WUHPRVGHOSULPHUODGR


3URFHGLPLHQWRGHGLEXMR

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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD 3UREOHPD 3UREOHPD


'LEXMDU ORV FXDGUDGRV LQVFULWRV 'LEXMDU ORV FXDGUDGRV 
HQXQFtUFXORGHUDGLR 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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
'LEXMDUODVLOXHWDGHGDPDV 3DVR 'LEXMDUXQSROtJRQRGH 3DVR  'LEXMDU  WULiQJXORV
FKLQDV  ODGRV LQVFULWR HQ XQ FtUFXOR GH HTXLOiWHURV
GHUDGLR

3DVR%RUUDUHOH[iJRQR

3UREOHPD
'LEXMDUODHVWUHOODGHYpUWLFHV 3DVR  'LEXMDU HO SHQWiJRQR 3DVR7UD]DUODVOtQHDV
GHGHODGR

3DVR8QLUORVSXQWRVFRQHO 3DVR  %RUUDU ODV OtQHDV GHO 3DVR8QLUSRUOtQHDVVHJ~QHO


FRPDQGROLQH FHQWUR FDVR

3UREOHPD
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'LEXMDUORVWULiQJXORV 3DVR  'LEXMDU XQ FtUFXOR GH 3DVR  'LEXMDU  WULiQJXORV
HQWUHOD]DGRV UDGLR HTXLOiWHURV

3DVR'LEXMDUGRVWULiQJXORV 3DVR  3UHVLRQDU HQWHU SDUD 3DVR  6HOHFFLRQDU ORV SXQWRV
HTXLOiWHURV 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
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

LQGLFDGRV FLUFXQIHUHQFLD

3UREOHPD
'LEXMDU OD VLJXLHQWH
ILJXUD XWLOL]DQGR ORV
FRPDQGRV 32/<*21
',9,'( 3/,1( 2))6(7
\ 75,0


3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV&,5&/(32/<*213/,1(\$55$<

3UREOHPD
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV&,5&/(32/<*21/,1(75,0\$55$<

3UREOHPD
'LEXMDUODVLJXLHQWHILJXUDXWLOL]DQGRORVFRPDQGRV3/,1(32/<*212))6(7\75,0

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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( ↵ &RPDQGR(/,36( ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@ 3UHFLVHSXQWRILQDOGHHMHGHHOLSVHR>$UFR&HQWUR@
6SHFLI\RWKHUHQGSRLQWRID[LV 3UHFLVHRWURSXQWRILQDOGHHMH
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@ 3UHFLVHGLVWDQFLDGHORWURHMHR>5RWDFLyQ@

3URFHGLPLHQWR
x (MHFXWDUHOFRPDQGR
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@
ƒ +DFHUFOLFVREUHXQSXQWRFRUUHVSRQGLHQWHDXQRGHORVH[WUHPRVGHXQRGHORVHMHV
GHODHOLSVH
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\RWKHUHQGSRLQWRID[LV
ƒ +DFHUFOLFVREUHXQSXQWRFRUUHVSRQGLHQWHDORWURH[WUHPRGHOHMHDQWHULRU
x (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@
ƒ +DFHUFOLFVREUHXQSXQWRLQGLFDQGRODGLVWDQFLDGHVGHHOFHQWURKDVWDHOH[WUHPRGHO
RWURHMHGHODHOLSVH

2SFLRQHVEiVLFDV


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

x &HQWHU &HQWUR 
o 3HUPLWHGHILQLUODHOLSVHPHGLDQWHHO
FHQWUR\GRVSXQWRVTXHGHWHUPLQDQ
ORVGRVHMHV
o (VWD RSFLyQ WDPELpQ SXHGH VHU
HMHFXWDGR GLUHFWDPHQWH
PHGLDQWHODKHUUDPLHQWD

 &HQWHU

x (OOLSWLFDO$UF $UFR 
o 3HUPLWHFUHDUDUFRVHOtSWLFRV
ƒ /D HOLSVH VH GHILQH LJXDO TXH
HQ OD RSFLyQ SRU GHIHFWR 
SXQWRV 
ƒ (O DUFR VH GHILQH PHGLDQWH HO
iQJXORLQLFLDO\HOiQJXORILQDO
(VWDRSFLyQWDPELpQSXHGHVHU
HMHFXWDGR GLUHFWDPHQWH

PHGLDQWHODKHUUDPLHQWD
(OOLSWLFDO$UF

x 5RWDWH 5RWDFLyQ 
o 7UDV KDEHU GHILQLGR XQR GH ORV HMHV GH OD HOLSVH HO VHJXQGR HMH SXHGH VHU HVWDEOHFLGR
PHGLDQWHXQiQJXORGHURWDFLyQGHXQDOtQHDLPDJLQDULDTXHSDUWHGHVGHHOFHQWURGHOD
HOLSVHHQFRQVWUXFFLyQ
x ,VRFLUFOH ,VRFtUFXOR 
o 2EWLHQHODUHSUHVHQWDFLyQLVRPpWULFDGHOFtUFXORODHOLSVHLVRPpWULFD3DUDHOORHVSUHFLVR
DFWLYDUHOHVWLORLVRPpWULFRGHOFRPDQGR61$3 )25=&85625 


ƒ $[LV(QG 2SFLyQSRUGHIHFWR
™ 0pWRGRSDUDGLEXMDUXQDHOLSVHPHGLDQWHXQRGHVXVHMHV\ODPHGLDORQJLWXGGHORWUR

&RPPDQG(//,36( ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@3
6SHFLI\RWKHUHQGSRLQWRID[LV# ↵
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@# ↵
ƒ &HQWHU &HQWUR 
™ 0pWRGRSDUDGLEXMDUXQDHOLSVHPHGLDQWHVXFHQWUR\ODPHGLDORQJLWXGGHORVGRVHMHV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

&RPPDQG(//,36( ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@& ↵
6SHFLI\FHQWHURIHOOLSVH3
6SHFLI\HQGSRLQWRID[LV# ↵
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@# ↵

ƒ (OOLSWLFDO$UF $UFRHOLSWLFR 
™ 0pWRGRSDUDGLEXMDUXQDUFRHOtSWLFRRSRUFLyQGHHOLSVH

&RPPDQG(//,36( ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU@$ ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSWLFDODUFRU>&HQWHU@3
6SHFLI\RWKHUHQGSRLQWRID[LV# ↵
6SHFLI\GLVWDQFHWRRWKHUD[LVRU>5RWDWLRQ@# ↵
6SHFLI\VWDUWDQJOHRU>3DUDPHWHU@ ↵
6SHFLI\HQGDQJOHRU>3DUDPHWHU,QFOXGHGDQJOH@ ↵
ƒ ,VRFLUFOH ,VRFLUFXOR 
™ 0pWRGRSDUDGLEXMDUXQFtUFXORLVRPpWULFR

&RPPDQG(//,36( ↵
6SHFLI\D[LVHQGSRLQWRIHOOLSVHRU>$UF&HQWHU,VRFLUFOH@, ↵
6SHFLI\FHQWHURILVRFLUFOH3
6SHFLI\UDGLXVRILVRFLUFOHRU>'LDPHWHU@ ↵

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
$EULUODSODQWLOODHOOLSVH\FRPSOHWDUSDUDTXHVHYHDVLPLODUDODILJXUDPRVWUDGD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

3UREOHPD
'LEXMDUHO$/),/


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 $OLQHDFLyQ -XVWLILFDWLRQ 
o $OWXUDGHOWH[WR +HLJKW 
o $QJXORGHURWDFLyQ 5RWDWLRQDQJOH 
o < HOSXQWRGHLQVHUFLyQ

&RPPDQG7(;7 ↵
&XUUHQWWH[WVW\OH6WDQGDUG7H[WKHLJKW$QQRWDWLYH1R
6SHFLI\VWDUWSRLQWRIWH[WRU>-XVWLI\6W\OH@
6SHFLI\KHLJKW!
6SHFLI\URWDWLRQDQJOHRIWH[W!
&RPHQ]DUDHVFULELUWH[WR  SDUDWHUPLQDUSXOVDUGRVYHFHV(17(5 

&RPDQGR7(;72 ↵
(VWLORGHWH[WRDFWXDO6WDQGDUG$OWXUDGHWH[WR$QRWDWLYR1R
3UHFLVHSXQWRLQLFLDOGHWH[WRR>M8VWLILFDU(VWLOR@
3UHFLVHDOWXUD!
3UHFLVHiQJXORGHURWDFLyQGHWH[WR!

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

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

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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 7 7H[WRGH/tQHD0~OWLSOH
'HILQLFLyQ Genera textos de párrafos completos mediante un editor propio. $XWR&$'
SURSRUFLRQDQXQHGLWRUGHWH[WRSDUDDxDGLUWH[WRDORVGLEXMRV(OHGLWRUGHWH[WRFRQVWDGHXQDILFKD
HQODFLQWDGHRSFLRQHVFRQXQFRQMXQWRGHSDQHOHV\XQFXDGURGHOLPLWDGRUGHWH[WRFRQXQDUHJODHQ
ODSDUWHVXSHULRU(VWRVGRVFRPSRQHQWHVVHPXHVWUDQDXWRPiWLFDPHQWHDOXVDUHOFRPDQGR7H[WRGH
OtQHDVP~OWLSOHV
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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[W 7H[WRGHOtQHDVP~OWLSOHV \XQ
FXDGURGHOLPLWDGRUGHWH[WRFRQXQDUHJODHQODSDUWHVXSHULRUDSDUHFHVREUHODVXSHUILFLHTXH
DFDEDGHVHOHFFLRQDU


(VWLOR)RUPDWR3iUUDIR,QVHUWDU2SFLRQHV&HUUDU


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

(VWLORGHWH[WR 


$QRWDWLYR

$OWXUDGHWH[WR 


&XUVLYD6XEUD\DGR 
 )XHQWHSDUDHOWH[WR
1HJULWD 

ÈQJXORGHLQFOLQDFLyQGHODV &RORUSDUDHOWH[WR
OHWUDV 

6XSUDUUD\DGR
'LVWDQFLDHQWUHOHWUDV

 $QFKRGHOHWUDV  


,QWHUOLQHDGR ,]TXLHUGD&HQWUR'HUHFKD



-XVWLILFDFLyQ

1XPHUDFLyQ  3iUUDIR-XVWLILFDU'LVWULEXLU


,QVHUWDUFDPSR
 6tPEROR

&ROXPQDV


2UWRJUDItD'HVKDFHU 5HKDFHU


%XVFDU\UHHPSOD]DU

2SFLRQHV

 
5HJOD

• (VFULEDHOWH[WRGHVHDGR
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• +DJDFOLFIXHUDGHOFRQWRUQRGHWH[WRRSXOVH SDUDILQDOL]DUHOFRPDQGR


/D RSFLyQ GH FDPELR HQWUH


PD\~VFXODV \ PLQ~VFXODV VH DFWLYD
FRQ HO ERWyQ GHUHFKR GHO PRXVH
VREUHHOHGLWRUGHWH[WR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 6tPEROR &RGLJRGHFRQWURO




'HJUHHV *UDGRV ƒ G


3OXV0LQXV 0iV0HQRV ± S
'LDPHWHU 'LiPHWUR ∅ F

1RPEUH 6tPEROR &RGLJRGHFRQWURO




$OPRVW(TXDO &DVLLJXDO ?8


$QJOH ÈQJXOR ?8

%RXQGDU\/LQH /tQHDGHFRQWRUQR ?8(

&HQWHU/LQH /tQHDGHFHQWUR ?8

'HOWD ,QFUHPHQWR ?8




,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

1RPEUH 6tPEROR &RGLJRGHFRQWURO


(OHFWULFDO3KDVH )DVHHOpFWULFD ?8

)ORU/LQH /tQHDGHIOXMR ?8(

,GHQWLW\ ,GHQWLGDG ?8


,QLFLDO/HQJWK /RQJLWXGLQLFLDO ?8(

0RQXPHQW/LQH /tQHDGHPRQXPHQWR ?8(

1R(TXDO 1RHVLJXDOD ?8

2KP 2KPLR ?8

2PHJD 2PHJD ?8$

3URSHUW\/LQH /tQHDGHSURSLHGDG ?8$

6XEVFULSW 6XEtQGLFH ?8


6TXDUHG (OHYDGRDOFXDGUDGR ?8%

&XEHG (OHYDGRDOFXER ?8%

1RQEUHDNLQJ6SDFH (VSDFLRGHQRVHSDUDFLyQ  &WUO6KLIW6SDFH

3URSLHGDGHVGHDSLODFLyQDXWRPiWLFD $XWR6WDFN3URSHUWLHV 
/DDSLODFLyQFRQVLVWHHQTXHHQGHWHUPLQDGDVFLUFXQVWDQFLDVFXDQGRVHHVFULEDQFLHUWDVFRPELQDFLRQHV
GHWH[WRHOUHVXOWDGRVHUtDODGLVWULEXFLyQDXWRPiWLFDHQIRUPDGHIUDFFLRQHVRHQWRGRFDVRXQYDORU
QXPpULFRRFDUiFWHUHQFLPDGHRWUR


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

([LVWHQODVVLJXLHQWHVFRPELQDFLRQHV
• )UDFFLRQHVKRUL]RQWDOHV KRUL]RQWDOIUDFWLRQ 
 6LHVFULEHREWHQGUi

• )UDFFLRQHVGLDJRQDOHV GLDJRQDOIUDFWLRQ 
 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[WRSODQR 7;7 RGHWH[WRHQULTXHFLGR 57) 
3URFHGLPLHQWR
 &UHDUXQiUHDGHWH[WRFRQHOFRPDQGR0/,1(
 5HDOL]DUFOLFGHUHFKRGHQWURGHOiUHDGHWH[WR\HQHOPHQ~HPHUJHQWHVHOHFFLRQDUODRSFLyQ,PSRUW
WH[W

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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 creación de estilos de texto. Los estilos son definiciones
de fuentes y algunos efectos que podrán ser utilizados por diversos comandos que lo soliciten,
entre ellos los textos de línea simple TEXT, los de línea múltiple MTEXT e incluso cuando cree
sus propios tipos de línea o utilice bloque con atributos, entre otros. La ventaja de crear un
estilo de texto es que ya queda definido para su próxima utilización. Este concepto es común
en los procesadores de texto.

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'HVFULSFLyQ
 $FFHGHUDODYHQWDQDGHGHILQLFLyQGHHVWLORVSURFHGDSRUFXDOTXLHUDGHORVVLJXLHQWHVPpWRGRV
9 'HODOtQHDGHFRPDQGRHMHFXWDU67</(
9 'HOH[SORUDGRUGHPHQ~V)250$7!7(;767</(

9 0HGLDQWHHOXVRGHODKHUUDPLHQWD GHOSDQHO7(;7GHODILFKD$1127$7(
 $SDUHFHHOFXDGURGHGLiORJR7H[W6W\OH


(O FXDGURGH GLiORJR GH 7H[W 6W\OH SHUPLWH OD FUHDFLyQ GH HVWLORV GHWH[WR FRQYHQFLRQDOHV DVtFRPR
WDPELpQHVWLORVDQRWDWLYRVRSWLPL]DQGRHOSURFHVRGHURWXODFLyQWDQWRHQHOHVSDFLRPRGHORFRPRHQHO
HVSDFLRSDSHO


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

 %RWRQHV
9 6HW &XUUHQW 'HILQLU DFWXDO   (VWDEOHFH FRPR DFWXDO HO HVWLOR VHOHFFLRQDGRV HQ 6W\OHV
(VWLORV 
9 1HZ 1XHYR  ,QJUHVDHOQRPEUHGHOHVWLORDFUHDU
9 'HOHWH 6XSULPLU 6XSULPHHVWLORVGHWH[WRTXHQRHVWpQHQXVR
9 $SSO\ $SLFDU $SOLFDORVFDPELRVGHHVWLORUHDOL]DGRVHQHOFXDGURGHGLiORJRHQHOHVWLOR
DFWXDO\HQHOWH[WRGHOHVWLORDFWXDOGHOGLEXMR
 )RQW 7LSRGHOHWUD 
9 )RQW1DPH 1RPEUHGHOWLSRGHOHWUD  ,QGLFDHODUFKLYRIXHQWHGHWLSRGHOHWUD
9 )RQW6W\OH (VWLORGHOWLSRGHOHWUD  ,QGLFDHOHVWLORGHOWLSRGHOHWUDVHOHFFLRQDGR 1RUPDO
FXUVLYDQHJULWDQHJULWDFXUVLYD 
9 8VH%LJ)RQW 8VDUWLSRVGHOHWUDJUDQGHV  +DELOLWDODXWLOL]DFLyQGHDUFKLYVGHOHWUDJUDQGH
SDUDLGLRPDVFRQDOIDEHWRVQR$6&,,
 6L]H 7DPDxR  &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


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$OWXUDVGHWH[WRYHUVXVHVFDODGHLPSUHVLyQ

$/785$'(7(;72 (6&$/$'(,035(6,Ï1
 
 
 
 
 (IIHFWV
9 8SVLGH'RZQ &DEH]DDEDMR  0XHVWUDORVFDUDFWHUHVFDEH]DDEDMRFRQVLPHWUtDKRUL]RQWDO
FRPRUHIOHMDGRVHQHOVXHOR

9 %DFNZDUGV 5HIOHMDGRDODL]TXLHUGD  0XHVWUDORVFDUDFWHUHVGHGHUHFKDDL]TXLHUGD

9 9HUWLFDO 9HUWLFDO  0XHVWUDORVFDUDFWHUHVDOLQHDGRVYHUWLFDOPHQWH

9 :LGWK)DFWRU 5HODFLyQDQFKXUDDOWXUD  (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$QJOH ÈQJXORREOLFXR  (VWDEOHFHHOiQJXORGHLQFOLQDFLyQGHOWH[WR6LVHLQGLFDXQ


YDORUHQWUH\HOWH[WRDSDUHFHUiHQFXUVLYD&XDQGRHOiQJXORHVSRVLWLYR  HOWH[WR
VHLQFOLQDDODGHUHFKD\FXDQGRHOiQJXORHVQHJDWLYR  HOWH[WRVHLQFOLQDDODL]TXLHUGD

6DQJUtDV\WDEXODFLRQHV
&XDQGRFUHDWH[WRGHOtQHDV
P~OWLSOH 0/,1( HQODYHQWDQD
VHDFWLYDXQDUHJODKRUL]RQWDO
TXHSHUPLWHLQVHUWDU
WDEXODFLRQHV\VDQJUtDV3DUD
HGLWDUODVVDQJUtDV\
WDEXODFLRQHVGHEHKDFHUFOLF
GHUHFKRHQFXDOTXLHUSDUWHGHOD
UHJOD\VHDFWLYDUiXQPHQ~
FRQWH[WXDOHQHOTXHGHEHHOHJLU
ODRSFLyQ3DUDJUDSK 3iUUDIR 
TXHVLUYHSDUDGLFKRSURSyVLWR


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

;;, 6RPEUHDGRVHQ$XWR&$'
+$7&+ 7H[WXUDV 
/RV +DWFK VRQ XQ EORTXH TXH UHOOHQD iUHDV GH GLEXMR HVWULFWDPHQWH FHUUDGDV 6H XWLOL]DQ SDUD
UHSUHVHQWDUPDWHULDOHVWH[WXUDVUHOOHQRVDEVROXWRVUHOOHQRVWLSRJUDGLHQWH GHJUDGHGHXQDWRQDOLGDG
HQXQDGLUHFFLyQ 

3DUD DFWLYDU OD 3DOHWD GH +DWFK HV QHFHVDULR DEULU OD 3DOHWD GH +HUUDPLHQWDV 7RRO 3DOHWWHV \
VHOHFFLRQDUODILFKD+DWFK

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

+DWFK&DMDGH'LiORJR

)LFKD+DWFK 6RPEUHDGR 
'HILQLFLyQ
• 3HUPLWHUHOOHQDUXQiUHDGHILQLGDPHGLDQWHXQSHUtPHWURFHUUDGRFRQXQSDWUyQGHVRPEUHDGR
GHWHUPLQDGR
7\SHDQGSDWWHUQ 7LSR\SDWUyQ
• 7\SH 7LSR
o 3UHGHILQHG 3UHGHILQLGR 
ƒ 3HUPLWHHVFRJHUHQWUHORVSDWURQHVSUHGHILQLGRV
o 8VHUGHILQHG 'HILQLGRSRUHOXVXDULR 
ƒ 3HUPLWHHVFRJHUHQWUHORVSDWURQHVUD\DGRQRUPDORFUX]DGR
o &XVWRP 3HUVRQDOL]DGR 
ƒ 3HUPLWHHVFRJHUHOSDWUyQSHUVRQDOL]DGR
• 3DWWHUQ 3DWUyQ 
o 3HUPLWHHVFRJHUHQWUHORVSDWURQHVSUHGHILQLGRV
o 0pWRGRVSDUDVHOHFFLRQDUHOSDWUyQ
ƒ (OHJLUXQRGHORVQRPEUHVGHODOLVWD

ƒ +DFHUFOLFHQHOERWyQ
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

™ $SDUHFHHOFXDGURGHGLiORJR+DWFK3DWWHUQ3DOHWWH 3DOHWDGHSDWURQHV
GHVRPEUHDGR 
™ 6HOHFFLRQDU HO SDWUyQ GHVHDGR HQWUH ORV SDWURQHV $16, ,62 \ 2WKHU
3UHGHILQHG 2WURVSUHGHILQLGRV 
™ 3XOVDU2. $FHSWDU 
• 6ZDWFK 0XHVWUD 
o 3HUPLWHYLVXDOL]DUXQDPXHVWUDGHOSDWUyQVHOHFFLRQDGR
+DFLHQGRFOLFVREUHODPXHVWUDDSDUHFHHOFXDGURGHGLiORJRDQWHULRU3DOHWDGHSDWURQHV
GHVRPEUHDGR
o

$QJOHDQGVFDOH ÈQJXOR\HVFDOD 
• $QJOH ÈQJXOR 
o 3HUPLWHYDULDUHOiQJXORGHOVRPEUHDGR
• 6FDOH (VFDOD 
o 3HUPLWHYDULDUODHVFDODGHOVRPEUHDGR
o (VWDRSFLyQQRHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUHOXVXDULR
• 'RXEOH 'REOH 
o 3HUPLWHUHDOL]DUXQUD\DGRFUX]DGR
o (VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUHOXVXDULR
• 6SDFLQJ ,QWHUYDOR 
o 3HUPLWHYDULDUODGLVWDQFLDHQWUHODVOtQHDVGHVRPEUHDGR
o (VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO7LSRHV'HILQLGRSRUXVXDULR
• 5HODWLYHWRSDSHUVSDFH (QUHODFLyQDHVSDFLRSDSHO 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

o 3HUPLWHUHODFLRQDUODHVFDODGHOVRPEUHDGRFRQODGHOHVSDFLRSDSHO
o (VWDRSFLyQVyORHVWiDFWLYDFXDQGRHOFRPDQGRVHHMHFXWDGHVGHXQDSUHVHQWDFLyQ
• ,62SHQZLGWK *URVRUSOXPLOOD,62 
o 3HUPLWHYDULDUODHVFDODHQIXQFLyQGHOJURVRUGHSOXPLOOD,62
o (VWDRSFLyQVyORHVWiDFWLYDFXDQGRH3DWUyQHV,62
%RXQGDULHV &RQWRUQRV 
• $GG3LFNSRLQWV $xDGLU'HVLJQDUSXQWRV 
o 3HUPLWHVHOHFFLRQDUXQSXQWRLQWHULRUGHOiUHDDVRPEUHDU
• $GG6HOHFWREMHFWV $xDGLU6HOHFFLRQDUREMHWRV 
o 3HUPLWHVHOHFFLRQDUORVREMHWRVTXHIRUPDQHOFRQWRUQRGHOiUHDDVRPEUHDU
2SWLRQV 2SFLRQHV 
• $QQRWDWLYH $QRWDWLYR 
• $VVRFLDWLYH $VRFLDWLYD 
o 3HUPLWHTXHHOVRPEUHDGRVHDFWXDOLFHDOPRGLILFDUHOFRQWRUQRTXHORGHILQH
• &UHDWHVHSDUDWHKDWFKHV &UHDUVRPEUHDGRVLQGHSHQGLHQWH 
3HUPLWH FUHDU VRPEUHDGRV LQGHSHQGLHQWHV FXDQGR VH VHOHFFLRQDQ YDULRV FRQWRUQRV
LQGHSHQGLHQWHV
o

• 'UDZRUGHU 2UGHQDUREMHWRV 
o 'RQRWDVVLJQ 1RDVLJQDU 
o 6HQGWREDFN 3RQHUGHWUiV 
o %ULQJWRIURQW 3RQHUGHODQWH 
o 6HQGEHKLQGERXQGDU\ 3RQHUGHWUiVGHFRQWRUQR 
o %ULQJLQIURQWRIERXQGDU\ 3RQHUGHODQWHGHFRQWRUQR 
,QKHULW3URSHUWLHV +HUHGDUSURSLHGDGHV 
• 3HUPLWHGHILQLUODVSURSLHGDGHVGHXQVRPEUHDGRDSDUWLUGHRWURVRPEUHDGR\DH[LVWHQWH
+DWFKRULJLQ 2ULJHQGHVRPEUHDGR 
• 3HUPLWHFRQWURODUODSRVLFLyQDSDUWLUGHODFXDOVHJHQHUDHOVRPEUHDGR
o 3RUGHIHFWRHORULJHQGHOVRPEUHDGRFRUUHVSRQGHFRQHORULJHQGHO8&6DFWXDO
• 8VHFXUUHQWRULJLQ 8VDURULJHQDFWXDO 
o 3RUGHIHFWRHORULJHQFRUUHVSRQGHFRQHOSXQWR
• 6SHFLILHGRULJLQ 2ULJHQHVSHFLILFDGR 
o 3HUPLWHYDULDUHORULJHQGHOVRPEUHDGR
• &OLFWRVHWQHZRULJLQ &OLFSDUDGHILQHUHOQXHYRRULJHQ 
o 3HUPLWHGHILQLUJUiILFDPHQWHHORULJHQGHOVRPEUHDGR
o (VWDRSFLyQVyORHVWiDFWLYDFXDQGRODRSFLyQ2ULJHQHVSHFLILFDGRHVWiDFWLYDGD
• 'HIDXOWWRERXQGDU\H[WHQWV 'HIHFWRHQH[WHQVLyQFRQWRUQRV 
o 3HUPLWHFDOFXODHOQXHYRRULJHQEDViQGRVHHQODH[WHQVLyQUHFWDQJXODUGHOVRPEUHDGR
ƒ /D RSFLRQHVSHUPLWLGDVVRQODVFXDWURHVTXLQDV\HOFHQWUR
• 6WRUHDVGHIDXOWRULJLQ $OPDFHQD2ULJHQSRUGHIHFWR 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

o 3HUPLWHJXDUGDUHOQXHYRRULJHQ
3UHYLHZ 3UHYLVXDOL]DU 
• 3HUPLWHSUHYLVXDOL]DUHOUHVXOWDGRGHOVRPEUHDGR
o 3XOVDQGR(6&VHYXHOYHDOFXDGURGHGLiORJR
o 3XOVDQGRHOERWyQGHUHFKRGHOPRXVHVHDFHSWDHOVRPEUHDGR

+DWFK*UDGLHQW&DMDGH'LiORJR

'HILQLFLyQ
• 3HUPLWHUHOOHQDUXQiUHDGHILQLGDPHGLDQWHXQSHUtPHWURFHUUDGRFRQXQIRUPDWRGHGHJUDGDGR
GHWHUPLQDGR
&RORU
• 2QH&RORU 8QFRORU 
o (OGHJUDGDGRVHUHDOL]DHPSOHDQGRXQVRORFRORU

o 3HUPLWHHVFRJHUHOFRORUHPSOHDGRSDUDHOGHJUDGDGR

o
ƒ 6KDGH 6RPEUHDGR 
™ (OGHJUDGDGRWLHQGHDOQHJUR
ƒ 7LQW 0DWL]DGR 
™ (OGHJUDGDGRWLHQGHDOEODQFR
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

• 7ZR&RORUV 'RVFRORUHV 
o 'HJUDGpHQWUHGRVFRORUHVDHVFRJHUHQSDOHWDVGHFRORUHVWLSR7UXH&RORU\ 3DQWRQH
*UDGLHQW3DWWHUQV 3DWURQHVGHGHJUDGDGR 

0XHVWUD QXHYH SDWURQHV ILMRV GH UHOOHQRV GH GHJUDGDGR (Q HVWRV SDWURQHV VH LQFOX\H HO

EDUULGROLQHDOHVIpULFR\SDUDEyOLFR
2ULHQWDWLRQ 2ULHQWDFLyQ 
• &HQWHUHG &HQWUDGR 
o 3HUPLWHUHDOL]DUXQGHJUDGDGRVLPpWULFR
• $QJOH ÈQJXOR 
o 3HUPLWHLQWURGXFLUHOiQJXORLQFOLQDFLyQGHOGHJUDGDGR
%RXQGDULHV &RQWRUQRV 
• $GG3LFNSRLQWV $xDGLU'HVLJQDUSXQWRV 
o 3HUPLWHVHOHFFLRQDUXQSXQWRLQWHULRUGHOiUHDDVRPEUHDU
• $GG6HOHFWREMHFWV $xDGLU6HOHFFLRQDUREMHWRV 
o 3HUPLWHVHOHFFLRQDUORVREMHWRVTXHIRUPDQHOFRQWRUQRGHOiUHDDVRPEUHDU
2SWLRQV 2SFLRQHV 
• $QQRWDWLYH
• $VVRFLDWLYH $VRFLDWLYD 
o 3HUPLWHTXHHOVRPEUHDGRVHDFWXDOLFHDOPRGLILFDUHOFRQWRUQRTXHORGHILQH
• &UHDWHVHSDUDWHKDWFKHV &UHDUVRPEUHDGRVLQGHSHQGLHQWH 
3HUPLWH FUHDU VRPEUHDGRV LQGHSHQGLHQWHV FXDQGR VH VHOHFFLRQDQ YDULRV FRQWRUQRV
LQGHSHQGLHQWHV
o

,QKHULW3URSHUWLHV +HUHGDUSURSLHGDGHV 
• 3HUPLWHGHILQLUODVSURSLHGDGHVGHXQVRPEUHDGRDSDUWLUGHRWURVRPEUHDGR\DH[LVWHQWH
3UHYLHZ 3UHYLVXDOL]DU 
• 3HUPLWHSUHYLVXDOL]DUHOUHVXOWDGRGHOGHJUDGDGR
o 3XOVDQGR(6&VHYXHOYHDOFXDGURGHGLiORJR
3XOVDQGRHOERWyQGHUHFKRGHOPRXVHVHDFHSWDHOGHJUDGDGR

o

2SFLRQHVDYDQ]DGDV

• %RWyQTXHSHUPLWHHODFFHVRDODVRSFLRQHVDYDQ]DGDV
6LWXDGR HQ OD HVTXLQD LQIHULRU GHUHFKD GHO FXDGUR GH GLiORJR +DWFK DQG *UDGLHQW
6RPEUHDGR\GHJUDGDGR 
o

• $SDUHFHHOFXDGURGHGLiORJR+DWFKDQG*UDGLHQW

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

(QHVWDFDMDGHGLDORJRVHGHILQHHOPpWRGRGHUHOOHQRGHODWH[WXUD
,VODQGV ,VODV 
• ,VODQGGHWHFWLRQ 'HWHFFLyQGHLVODV 
o 3HUPLWHFRQWURODUODGHWHFFLyQGHFRQWRUQRVFHUUDGRVLQWHUQRV LVODV 
• ,VODQGGLVSOD\VW\OH (VWLORGHYLVXDOL]DFLyQGHLVODV 
1RUPDO 5HOOHQDODSULPHUDiUHDFHUUDGDTXHHQFXHQWUHUHVSHWDODVLJXLHQWH\
UHOOHQDWRGDVODVSRVWHULRUHVDHVWD~OWLPD
o

2XWHU 5HOOHQD VROR OD SULPHUD iUHD FHUUDGD TXH HQFXHQWUH LJQRUDQGR WRGRV
ORVFHUUDPLHQWRVLQWHUQRV
o

o ,JQRUDU&RQpVWHPpWRGRUHOOHQDWRWDOPHQWHHOiUHDVHOHFFLRQDGD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 ([WUHPRVGHFRWD 7DPELpQOODPDGRVVtPERORVGHWHUPLQDFLyQVHPXHVWUDQHQFDGD
H[WUHPRGHODOtQHDGHFRWD(VSRVLEOHSUHFLVDUGLIHUHQWHVWDPDxRV\IRUPDVSDUDORVH[WUHPRVGH
FRWD
• &HQWHU PDUN 0DUFDGHFHQWUR (VXQDSHTXHxDFUX]TXHLQGLFDHOFHQWURGHXQFtUFXORRGHXQ
DUFR
• &HQWHUOLQHV /tQHDVGHFHQWUR 6RQOtQHDVGLVFRQWLQXDVTXHLQGLFDQHOFHQWURGHXQFtUFXORRGHXQ
DUFR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• /HDGHU 'LUHFWUL]  (Q $XWR&$' VH SXHGHQ LQWURGXFLU DQRWDFLRQHV UHIHULGDV D XQD SDUWH GHO
GLEXMRSRUPHGLRGHXQFRQMXQWRGHOtQHDVTXHSRUXQH[WUHPRVHxDODGLFKDSDUWH\SRUHORWUR
SHUPLWHHVFULELUODDQRWDFLyQGHVHDGD

8VRGHRSFLRQHVGHDFRWDFLyQ
$GHPiVGHORVWLSRVEiVLFRVGHFRWDVHQHOPHQ~\ODEDUUDGHKHUUDPLHQWDV$FRWDUHVWiQGLVSRQLEOHV
ODVVLJXLHQWHVRSFLRQHV
ƒ /DVPDUFDVGHFHQWUR\OtQHDVGHFHQWURORFDOL]DQHOFHQWURH[DFWRGHFtUFXORVRDUFRV

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

ƒ /DVOtQHDVGLUHFWULFHVFRQHFWDQDQRWDFLRQHVFRQFDUDFWHUtVWLFDVGHOGLEXMR
ƒ /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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• 6W\OHV (VWLORV 
o 9LVXDOL]DXQDOLVWDFRQORVHVWLORGHFRWDH[LVWHQWHV
• 3UHYLHZRI 9LVWDSUHOLPLQDUGH 
o 3HUPLWHYLVXDOL]DUHODVSHFWRGHOHVWLORGHFRWD
• 6HW&XUUHQW 'HILQLUDFWXDO 
o 3HUPLWHVHOHFFLRQDUFRPRDFWXDOHOHVWLORGHFRWDGHVHDGR
• 1HZ 1XHYR 
o 3HUPLWHFUHDUQXHYRVHVWLORVGHFRWD
• 0RGLI\ 0RGLILFDU 
o 3HUPLWHPRGLILFDUXQHVWLORGHFRWD\DH[LVWHQWH
o $SDUHFHHOFXDGURGHGLiORJR0RGLI\'LPHQVLRQ6W\OH 0RGLILFDUHVWLORGHFRWD 
• 2YHUULGH 5HHPSOD]DU 
o 3HUPLWHHVWDEOHFHUPRGLILFDFLRQHVWHPSRUDOHVHQORVHVWLORVGHFRWD
o $SDUHFHHOFXDGURGHGLiORJR2YHUULGH&XUUHQW6W\OH 5HHPSOD]DUHVWLORDFWXDO 
• &RPSDUH &RPSDUDU 
o 3HUPLWHFRPSDUDUGRVHVWLORVRHQXPHUDUWRGDVODVSURSLHGDGHVGHXQHVWLORFRQFUHWR
o $SDUHFHHOFXDGURGHGLiORJR&RPSDUH'LPHQVLRQ6\WOHV &RPSDUDUHVWLORVGHFRWD 

&UHDFLyQGHXQQXHYR(VWLORGH$FRWDPLHQWR
3XOVHHOERWyQ1HZ 'LPHQVLRQ'LPHQVLRQ6W\OH0DQDJHU1HZ 

• 1HZ6W\OH1DPH 1RPEUHGHOQXHYRHVWLORDFUHDU(VFULED'LPHQVLyQ

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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 IRU 8VDUSDUD  (VWLORFUHDGRSDUDDFRWDUHQWLGDGHVHVSHFtILFDVSRUHMHPSORFtUFXORViQJXORV
UHFWDVHWF
• &RQWLQXH &RQWLQXDUODFRQILJXUDFLyQ

'LPHQVLRQ6W\OH0DQDJHU/LQHV

• 'LPHQVLRQOLQH $SDULHQFLDGHODOtQHDGHGLPHQVLyQFRORUJURVRUHWF
o &RORU
ƒ 3HUPLWHGHILQLUHOFRORUSDUDODVOtQHDVGHFRWD
o /LQHW\SH 7LSRGHOtQHD 
ƒ 3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODOtQHDVGHFRWD
o /LQHZHLJKW *URVRUGHOtQHD 
ƒ 3HUPLWHGHILQLUHOJURVRUGHOtQHDSDUDODVOtQHDVGHFRWD
o ([WHQGEHQ\RQGWLFNV $PSOLDUWUD]RV 
ƒ (VWD RSFLyQ VROR HVWi DFWLYD FXDQGR VH
HPSOHDQWUD]RVHQOXJDUGHIOHFKDV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

o %DVHOLQHVSDFLQJ ,QWHUYDORGHOtQHDEDVH 
ƒ (VWDRSFLyQVRORDIHFWDDFRWDVGHOtQHDEDVH
ƒ 3HUPLWH GHILQLU OD GLVWDQFLD HQWUH ODV OtQHDVGH
FRWD

o 6XSSUHVV 6XSUHVLyQ 
ƒ 3HUPLWHVXSULPLUODOtQHDVGHFRWD

• ([WHQVLRQOLQH &DUDFWHUtVWLFDVGHODVOtQHDVSHUSHQGLFXODUHVDODOtQHDGHGLPHQVLyQ
&RORU
ƒ 3HUPLWHGHILQLUHOFRORUSDUDODVOtQHDVGHUHIHUHQFLD
o

/LQHW\SHH[WOLQH 7LSROtQHDUHI 
ƒ 3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODSULPHUDOtQHDGHUHIHUHQFLD
o

/LQHW\SHH[WOLQH 7LSROtQHDUHI 
ƒ 3HUPLWHGHILQLUHOWLSRGHOtQHDSDUDODVHJXQGDOtQHDGHUHIHUHQFLD
o

/LQHZHLJKW *URVRUGHOtQHD 
ƒ 3HUPLWHGHILQLUHOJURVRUGHOtQHDSDUDODVOtQHDVGHUHIHUHQFLD
o

o 6XSSUHVV 6XSUHVLyQ 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

ƒ 3HUPLWHVXSULPLUODVOtQHDVGHUHIHUHQFLD

o ([WHQGEH\RQGGLPOLQH $PSOLDUOtQHDVGHUHIHUHQFLD 
ƒ 'LVWDQFLDTXHVREUHVDOHODOtQHDGHUHIHUHQFLD
D SDUWLUGHODOtQHDGHGLPHQVLRQDPLHQWR

o 2IIVHWIURP2ULJLQ 'HVIDVHGHVGHRULJHQ 
ƒ 3HUPLWHGHILQLUODGLVWDQFLDHQWUHHORULJHQGHOD
FRWD\ODVOtQHDVGHUHIHUHQFLD

)L[HGOHQJWKH[WHQVLyQOLQHV /tQHDVGHUHIHUHQFLDGHORQJLWXGILMD 
ƒ 3HUPLWH GHILQLU XQD ORQJLWXG ILMD SDUD ODV
o

OtQHDVGHUHIHUHQFLD

'LPHQVLRQ6W\OH0DQDJHU6\PEROVDQG$UURZV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• $UURKHDGV ([WUHPRVGHFRWD  FRQWURODODDSDULHQFLDGHODVIOHFKDV


)LUVW 3ULPHUR 
ƒ 3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODSULPHUDOtQHDGHFRWD
o

6HFRQG 6HJXQGR 
ƒ 3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODVHJXQGDOtQHDGHFRWD
o

/HDGHU 'LUHFWUL] 
ƒ 3HUPLWHGHILQLUHOWLSRGHH[WUHPRSDUDODVGLUHFWULFHV
o

$UUR]6L]H 7DPDxRGHIOHFKD 
ƒ 3HUPLWHGHILQLUHOWDPDxRGHIOHFKD
o

• &HQWHU0DUNV 0DUFDVGHFHQWUR &RQWURODOD


DSDULHQFLDGHODVPDUFDVGHFHQWURSDUD
FtUFXORV\DUFRV
1RQH 1LQJXQD 
ƒ 1RFUHDQLQJXQDPDUFDGH
o

FHQWUR
0DUN 0DUFD 
ƒ &UHDXQDFUX]FRPRPDUFDGH
o

FHQWUR
/LQH /tQHDGHFHQWUR 
ƒ &UHDXQDOtQHDGHFHQWUR&UHD
o

XQDFUX]\FXDWUROtQHDVTXH
LQGLFDQORVFXDGUDQWHV
6L]H 7DPDxR 
ƒ 3HUPLWHGHILQLUHOWDPDxRGHOD
o

PDUFDGHFHQWUR

• 'LPHQVLRQ%UHDN &RUWHGHFRWD &RQWURODHOJURVRUGHKXHFRGHOFRUWHGHFRWD


$UFOHQJWKV\PERO 6tPERORGHORQJLWXGGHDUFR 3HUPLWHGHILQLUODSRVLFLyQGHOVtPERORGH
ORQJLWXGGHDUFR
o

o 3UHFHGLQJGLPHQVLRQWH[W 'HODQWHGHOWH[WRGHFRWD 
ƒ 6LW~DHOVtPERORGHDUFRGHODQWHGHOWH[WRGHFRWD
o $ERYHGLPHQVLRQWH[W 6REUHHOWH[WRGHFRWD 
ƒ 6LW~DHOVtPERORGHDUFRVREUHHOWH[WRGHFRWD
o 1RQH 1LQJXQR 
ƒ 6XSULPHHOVtPERORGHDUFR
• 5DGLXV MRJ GLPHQVLRQ
5HFRGR GH FRWD GH UDGLR 
3HUPLWH GHILQLU HO iQJXOR GHO
UHFRGRGHODFRWDGHUDGLR
o -RJDQJOH ÈQJXORGH
UHFRGR 
ƒ 'HWHUPLQD HO iQJXOR
GHOUHFRGR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

• /LQHDU MRJ GLPHQVLRQ &RWDOLQHDO


FRQ UHFRGR  &RQWUROD OD
YLVXDOL]DFLyQ GHO UHFRGR SDUD FRWDV
OLQHDOHV
o -RJ KHLJKW IDFWRU )DFWRU
GHDOWXUDGHUHFRGR 
ƒ '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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'LPHQVLRQ6W\OH0DQDJHU7H[W

• 7H[WDSSHDUHQFH $VSHFWRGHOWH[WR 
7H[WVW\OH (VWLORGHWH[WR 
ƒ 3HUPLWHGHILQLUHOHVWLORGHWH[WR
o

7H[WFRORU &RORUGHWH[WR 
ƒ 3HUPLWHGHILQLUHOFRORUGHOWH[WRGHFRWD
o

7H[WKHLJKW $OWXUDGHWH[WR 
ƒ 3HUPLWHGHILQLUODDOWXUDGHOWH[WRGHFRWD
o

)UDFWLRQKHLJKWVFDOH (VFDODGHDOWXUDGHIUDFFLyQ 
ƒ (VWDRSFLyQVyORHVWiDFWLYDFXDQGRVHVHOHFFLRQDHQODILFKD8QLGDGHVSULQFLSDOHV\
o

GHQWURGHO)RUPDWRGHXQLGDGHVODRSFLyQ)UDFFLRQDULDV
ƒ 3HUPLWHGHILQLUODDOWXUDGHODIUDFFLyQ
™ $OWXUD (VFDODGHDOWXUDGHIUDFFLyQ[$OWXUDGHWH[WR
'UDZIUDPHDURXQGWH[W 'LEXMDUPDUFRDOUHGHGRUGHOWH[WR 
ƒ 3HUPLWHGLEXMDUXQPDUFRDOUHGHGRUGHOWH[WRGHODFRWD
o

• 7H[WSODFHPHQW 8ELFDFLyQGHOWH[WR 
o 9HUWLFDO3HUPLWHGHILQLUODSRVLFLyQGHOWH[WRUHVSHFWRDODOtQHDGHFRWD
ƒ &HQWHUHG &HQWUDGR 
™ &HQWUDHOWH[WRUHVSHFWRDODOtQHDGHFRWD
ƒ $ERYH $UULED 

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

™ 6LW~DHOWH[WRVREUHODOtQHDGHFRWD
ƒ 2XWVLGH ([WHULRU 
™ 6LW~D HO WH[WR HQ HO ODGR GH OD OtQHD GH FRWD
PiVDOHMDGRGHOREMHWRDFRWDGR

ƒ -,6
™ 6LW~DHOWH[WRVHJ~QODQRUPD-,6-DSDQHVH,QGXVWULDO6WDQGDUGV
o +RUL]RQWDO3HUPLWHGHILQLUODSRVLFLyQGHOWH[WRUHVSHFWRDODVOtQHDVGHUHIHUHQFLD
ƒ &HQWHUHG &HQWUDGR 
™ &HQWUDHOWH[WRUHVSHFWRDODVOtQHDVGHUHIHUHQFLD
ƒ $W([W/LQH (QOtQHDUHI 
™ 6LW~DHOWH[WRMXQWRDODSULPHUDOtQHDGHUHIHUHQFLD
ƒ $W([W/LQH (QOtQHDUHI 
™ 6LW~DHOWH[WRMXQWRDODVHJXQGDOtQHDGHUHIHUHQFLD
ƒ 2YHU([W/LQH 6REUHOtQHDUHI 
™ 6LW~DHOWH[WRVREUHODSULPHUDOtQHDGHUHIHUHQFLD
ƒ 2YHU([W/LQH 6REUHOtQHDUHI 
™ 6LW~DHOWH[WRVREUHODVHJXQGDOtQHDGHUHIHUHQFLD
2IIVHWIURPGLPOLQH 'HVIDVHGHOtQHDGHFRWD 
ƒ 6HSDUDFLyQGHOWH[WRDODOtQHDGHGLPHQVLyQ
o

• 7H[WDOLJQDPHQW $OLQHDFLyQGHWH[WR 3HUPLWHDOLQHDUHOWH[WRUHVSHFWRDODOtQHDGHFRWD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

+RUL]RQWDO
ƒ 6LW~DHOWH[WRHQSRVLFLyQKRUL]RQWDO
o

$OLJQHGZLWKGLPHQVLRQOLQH $OLQHDGRFRQOtQHDGHFRWD 
ƒ $OLQHDHOWH[URFRQODOtQHDGHFRWD
o

o ,626WDQGDUG (VWiQGDU,62 
ƒ 6LHOWH[WRVHHQFXHQWUDHQWUHODVOtQHDVGH
UHIHUHQFLDVHDOLQHDFRQODOtQHDGHFRWD
ƒ 6LHOWH[WRVHHQFXHQWUDIXHUDGHODVOtQHDVGH
UHIHUHQFLDVHVLW~DHQSRVLFLyQKRUL]RQWDO


'LPHQVLRQ6W\OH0DQDJHU)LW

• )LW RSWLRQV 2SFLRQHVGHDMXVWH  6LQRKD\VXILFLHQWHHVSDFLRSDUDHOWH[WR\ODVIOHFKDVGHQWURGH


ODVOtQHDVGHGLPHQVLRQDPLHQWRGHFLGHFXDOGHORVGRVHOHPHQWRVGHEHVHUHOSULPHURHQVHUOOHYDGR
IXHUDGHODVOtQHDVGHFRWD
(LWKHUWH[WDQGDUURZV EHVWILW  (OWH[WRRODVIOHFKDV ORTXHPHMRUVHDMXVWH 
ƒ 6LQRKD\HVSDFLRVXILFLHQWHSHUPLWHGHVSOD]DUODVIOHFKDV\RHOWH[WRIXHUDGHODVOtQHDV
o

GHUHIHUHQFLDVHJ~QORTXHPHMRUVHDMXVWH
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

$UURZV )OHFKDV 
ƒ /DVIOHFKDVGHEHQVHUGHVSOD]DGDV
o

7H[W 7H[WR 
ƒ (OWH[WRGHEHVHUGHVSOD]DGR
o

%RWKWH[WDQGDUURZV (OWH[WR\ODVIOHFKDV 
ƒ $PERVGHEHQVHUGHVSOD]DGRV
o

$OZD\VNHHSWH[WEHWZHHQH[WOLQHV 0DQWHQHUWH[WRHQWUHOtQHDVGHUHIHUHQFLD 
ƒ 0DQWHQHUHOWH[WRVLHPSUHVREUHODOtQHDGH'LPHQVLRQDPLHQWR
o

6XSSUHVV DUURZV LI WKH\ GRQ¶W ILW LQVLGH H[WHQVLRQ OLQHV 6XSULPLUIOHFKDVVLQRVHVLW~DQ
GHQWURGHODVOtQHDVGHUHIHUHQFLD 
o

ƒ 6XSULPLUIOHFKDVVLQRFDEHQHQWUHODVOtQHDVGHH[WHQVLyQ
• 7H[W SODFHPHQW 8ELFDFLyQGHOWH[WR 2SFLRQHVSDUDFXDQGRVHDQHFHVDULRPRYHUHOWH[WRGHVX
SRVLFLyQRULJLQDOHVGHFLUODGHWHUPLQDGDSRUHOHVWLORGHGLPHQVLRQDPLHQWR
2SFLRQHV
%HVLGHWKHGLPHQVLRQOLQH -XQWRDOtQHDGHFRWD 
ƒ 3HUPLWH GHVSOD]DU HO WH[WR IXHUD GH ODV OtQHDV GH
o

UHIHUHQFLDSHURVLHPSUHFRQODOtQHDGHFRWD

2YHUGLPHQVLRQOLQHZLWKOHDGHU 6REUHODOtQHDGHFRWDFRQGLUHFWUL] 
ƒ 3HUPLWH GHVSOD]DU HO WH[WR IXHUD GH ODV OtQHDV GH
o

UHIHUHQFLD
ƒ /D OtQHD GH FRWD QR VH GHVSOD]D FRQ HO WH[WR VLQR TXH
VHFUHDXQDGLUHFWUL]TXHXQHHOWH[WRFRQODFRWD

2YHUGLPHQVLRQOLQHZLWKRXWOHDGHU 6REUHODOtQHDGHFRWDVLQGLUHFWUL] 
ƒ 3HUPLWH GHVSOD]DU HO WH[WR IXHUD GH ODV OtQHDV GH
o

UHIHUHQFLD
ƒ /DOtQHDGHFRWDQRVHGHVSOD]DFRQHOWH[WRQLVHFUHD
XQDGLUHFWUL]

• 6FDOHIRUGLPHQVLRQV (VFDODGHODFRWD 
2SFLRQHV
$QQRWDWLYH $QRWDWLYD 
ƒ ,QGLFDTXHODFRWDHVDQRWDWLYR
o

6FDOHGLPHQVLRQVWROD\RXW (VFDODUFRWDVHQHVSDFLRSDSHO 
ƒ 3HUPLWH HVFDODU ODV FRWDV HQ SUHVHQWDFLyQ FRQVLGHUDQGR OD HVFDOD H[LVWHQWH HQWUH OD
o

YHQWDQDGHOHVSDFLRPRGHOR\HOHVSDFLRSDSHO SUHVHQWDFLyQ 
8VHRYHUDOOVFDOHRI 8VDUHVFDODJHQHUDO 
ƒ 3HUPLWHGHILQLUXQDHVFDODSDUDWRGRVORVSDUiPHWURVGHODFRWD
o

• )LQGWXUQLQJ $MXVWHSUHFLVR 
3ODFHWH[WPDQXDOO\ &RORFDUWH[WRPDQXDOPHQWH 
ƒ 3HUPLWHGHILQLUPDQXDOPHQWHODSRVLFLyQGHOWH[WRGHFRWD
o

'UDZGLPOLQHEHWZHHQH[WOLQHV 'LEXMDUOtQHDGHFRWDHQWUHOtQHDVGHUHIHUHQFLD 
ƒ 3HUPLWH GLEXMDU OD OtQHD GH FRWD HQWUH ODV GH UHIHUHQFLD DXQTXH HO WH[WR HVWH VLWXDGR
o

IXHUDGHHOODV

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'LPHQVLRQ6W\OH0DQDJHU3ULPDU\8QLWV
• /LQHDU GLPHQVLRQV )RUPDWRGHXQLGDGHVDXWLOL]DUSUHFLVLyQ FDQWLGDGGHGHFLPDOHV GLVHxRGH
FRWDVFRQQ~PHURVIUDFFLRQDOHVVtPERORSDUDODVHSDUDFLyQGHGHFLPDOHVDSUR[LPDFLyQGHPHGLGDV
SUHILMRV\VXILMRVSDUDWH[WRV
8QLWIRUPDW )RUPDWRGHXQLGDGHV 
ƒ 3HUPLWHGHILQLUHOIRUPDWRGHXQLGDGHVGHODFRWD
o

 /RVIRUPDWRVGLVSRQLEOHVVRQ
¾ 6FLHQWLILF &LHQWtILFDV (
¾ 'HFLPDO 'HFLPDO 
¾ (QJLQHHULQJ 3LHV\SXOJDGDV, ¶±´
¾ $UFKLWHFWXUDO 3LHV\SXOJDGDV,, ¶±´
¾ )UDFWLRQDO )UDFFLRQDULDV ò
¾ :LQGRZV'HVNWRS (VFULWRULR:LQGRZV 
3UHFLVLRQ 3UHFLVLyQ 
ƒ 3HUPLWHGHILQLUHOQ~PHURGHGHFLPDOHVGHOWH[WRGHFRWD
o

)UDFWLRQIRUPDW )RUPDWRGHIUDFFLyQ 
ƒ 3HUPLWHGHILQLUHOIRUPDWRGHODVIUDFFLRQHV
o

 /RVIRUPDWRVGLVSRQLEOHVVRQ
¾ +RUL]RQWDO
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

¾ 'LDJRQDO
¾ 6LQDSLODU
ƒ (VWD RSFLyQ VyOR HVWi DFWLYD FXDQGR HO )RUPDWR GH XQLGDGHV HV 3LHV \ SXOJDGDV ,, R
)UDFFLRQDULDV
'HFLPDOVHSDUDGRU 6HSDUDGRUGHFLPDO 
ƒ 3HUPLWHGHILQLUHOVHSDUDGRUGHFLPDO
o

 /RVVHSDUDGRUHVGLVSRQLEOHVVRQ
¾ 3HUtRGR³´
¾ &RPD³´
¾ (VSDFLR³´
ƒ (VWDRSFLyQVyORHVWiDFWLYDFXDQGRHO)RUPDWRGHXQLGDGHVHV'HFLPDO
5RXQGRII 5HGRQGHR 
ƒ 3HUPLWHGHILQLUODSUHFLVLyQGHOUHGRQGHR
o

3UHIL[ 3UHILMR 
ƒ 3HUPLWHGHILQLUXQSUHILMRSDUDHOWH[WRGHFRWD
o

6XIIL[ 6XILMR 
ƒ 3HUPLWHGHILQLUXQVXILMRSDUDHOWH[WRGHFRWD
o

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

0HDVXUHPHQW VFDOH (VFDOD GH PHGLGD  'HWHUPLQD XQ YDORU SRU HO TXH VH PXOWLSOLFDQ ODV
PHGLGDVRULJLQDOHVGHODFRWDPLHQWR&DVLOODGRQGHVHILMDUiHOIDFWRUGHHVFDODSDUDDFRWDUGHVGH
o

HO3DSHU6SDFH
ƒ 6FDOHIDFWRU )DFWRUGHHVFDOD 
 3HUPLWHGHILQLUXQIDFWRUGHHVFDODSDUDODVPHGLGDVTXHDSDUHFHQHQHOWH[WRGH
FRWD
¾ 7H[WRGHFRWD )DFWRUGHHVFDOD[0HGLGDUHDO
ƒ $SSO\WROD\RXWGLPHQVLRQVRQO\ $SOLFDUVRORDFRWDVGHSUHVHQWDFLyQ 
 3HUPLWH DSOLFDU OD RSFLyQ DQWHULRU ~QLFDPHQWH D ODV FRWDV FUHDGDV HQ HO HVSDFLR
SDSHO SUHVHQWDFLRQHV 
o =HURVXSSUHVVLRQ 6XSUHVLyQGHFHURV 
ƒ /HDGLQJ $ODL]TXLHUGD 
 6XSULPHHOFHURDQWHVGHODFRPD
¾ (MHPSOR
9 VHWUDQVIRUPDHQ
ƒ 7UDLOLQJ $ODGHUHFKD 
 6XSULPHHOFHURGHVSXpVGHODFRPD
¾ (MHPSOR
9 VHWUDQVIRUPDHQ
ƒ  IHHW SLHV 
 3HUPLWHVXSULPLUGHOWH[WRODH[SUHVLyQ¶
¾ (MHPSOR
9 ¶±´VHWUDQVIRUPDHQ´
ƒ  LQFKHV SXOJDGDV 
 3HUPLWHVXSULPLUGHOWH[WRODH[SUHVLyQ´
¾ (MHPSOR
9 ¶±´VHWUDQVIRUPDHQ¶

• $QJXODU GLPHQVLRQ $FRWDFLRQHVDQJXODUHV  )RUPDWRGHXQLGDGHVSDUDDFRWDUiQJXORVSUHFLVLyQ
GHODVXQLGDGHV\HOLPLQDFLyQGHOFHURSDUDODVFRWDVGHiQJXORV
8QLWVIRUPDW )RUPDWRXQLGDGHV 
ƒ 3HUPLWHGHILQLUHOIRUPDWRGHXQLGDGHVDQJXODUHV
o

 /RVIRUPDWRVGLVSRQLEOHVVRQ
™ 'HFLPDO'HJUHHV *UDGRVIUDFFLyQGHFLPDO ƒ
™ 'HJUHHV0LQXWHV6HFRQGV *UDGRV0LQXWRV6HJXQGRV ƒ¶
™ *UDGLDQV *UDGRVFHQWHVLPDOHV J
™ 5DGLDQV 5DGLDQHV U
o 3UHFLVLRQ 3UHFLVLyQ 
ƒ 3HUPLWHGHILQLUHOQ~PHURGHGHFLPDOHVSDUDFRWDVDQJXODUHV
o =HURVXSUHVLyQ 6XSUHVLyQGHFHURV 
ƒ /HDGLQJ $ODL]TXLHUGD 
 3HUPLWHVXSULPLUORVFHURVDQWHVGHODFRPD
™ (MHPSOR
¾ ƒVHWUDQVIRUPDHQƒ
ƒ 7UDLOLQJ $ODGHUHFKD 
 3HUPLWHVXSULPLUORVFHURVVLWXDGRVDODGHUHFKDGHOWH[WR
™ (MHPSOR
¾ ƒVHWUDQVIRUPDHQƒ

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

;;,9 7LSRVGHGLPHQVLRQDPLHQWR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

/LQHDU &UHDFRWDVOLQHDOHVGHWUHVWLSRVKRUL]RQWDOHVYHUWLFDOHV\FRQXQ
/LQHDO  iQJXORHVSHFLILFR
$OLJQHG &RWDV DOLQHDGDV D OD GLUHFFLyQ GH ORV GRV SXQWRV TXH VH
$OLQHDGD  GHWHUPLQHQHQSDQWDOOD
$UF/HQJWK $FRWDORQJLWXGHVGHDUFR
/RQJLWXGGHDUFR 
2UGLQDOHV $FRWDODVFRRUGHQDGDV;<GHXQSXQWRSRUVHSDUDGR
&RRUGHQDGD 
5DGLXV $FRWDUDGLRVGHXQDUFRRFLUFXOR
5DGLR 
-RJJHG $FRWD UDGLDOPHQWH SHUPLWLHQGR HVWDEOHFHU HO FHQWUR GHO UDGLR HQ
&RQUHFRGR  SXQWRVHVSHFtILFRV
'LDPHWHU $FRWDGLiPHWURVGHDUFRV\FtUFXORV
'LiPHWUR 
$QJXODU $FRWDDWUDYpVGHXQDUFRHOiQJXORGDGRHQWUHGRVUHFWDV
$QJXODU 
4XLFNGLP *HQHUDFRWDVPHGLDQWHODVHOHFFLyQGHXQJUXSRGHREMHWRVRXQ
&RWDUiSLGD  FRQWRUQR LQFOX\H OD SRVLELOLGDG GH DSOLFDU XQ HVWLOR FRWDV
FRQWLQXDV DOLQHDGDV DQJXODUHV HWF  D ODV JHRPHWUtDV
VHOHFFLRQDGDV
%DVHOLQH &UHD QXHYDV FRWDV PDQWHQLHQGR FRPR UHIHUHQFLDOD SULPHUD FRWD
/tQHDEDVH  HVWDEOHFLGD VXPDQGR ORV YDORUHV 3XHGH VHU D SDUWLU GH XQD FRWD
OLQHDODQJXODURGHFRRUGHQDGDV
&RQWLQXH &UHDXQDVHULHGHFRWDVXQDDFRQWLQXDFLyQGHODRWUD
&RQWLQXD 
'LPHQVLRQ6SDFH 3HUPLWHDMXVWDUHOHVSDFLDGRHQWUHOtQHDVGHFRWDSDUDOHODVGHWDO
(VSDFLRGHFRWD  PDQHUDTXHQRVHVRODSHQ
-RJJHG/LQHDU ,QGLFDXQDUXSWXUDHQHOREMHWRDFRWDGR
/LQHDOFRQUHFRGR 
'LPHQVLRQ%UHDN &UHDXQKXHFRHQXQDOtQHDGHH[WHQVLyQ
&RUWHGHFRWD 
7ROHUDQWH ,QVHUWDVtPERORV\YDORUHVGHWROHUDQFLD
7ROHUDQFLD 
,QVSHFWLRQ ,QVHUWD (WLTXHWDV YDORUHVWROHUDQFLDV \ SRUFHQWDMH GH IUHFXHQFLD
,QVSHFFLyQ  GHUHYLVLyQ
'LP(GLW (GLWDORVHOHPHQWRVGHODFRWD
(GLWDUFRWD 
'LP7H[W(GLW (GLWDORVYDORUHVGHODVFRWDV
(GLWDUWH[WRGHFRWD 
'LP8SGDWH $FWXDOL]DORVHVWLORVGHFRWD
$FWXDOL]DUFRWD 

'/,
',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@
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

&RPDQGR$&2/,1($/ ↵
'HVLJQHHORULJHQGHODSULPHUDOtQHDGHUHIHUHQFLDRGHVLJQDUREMHWR!
'HVLJQHHORULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLD
6HKDFUHDGRXQDFRWDQRDVRFLDWLYD
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR
>WH[WR07H[WRiQJ8OR+RUL]RQWDO9HUWLFDO*LUDU@
3URFHGLPLHQWR 'HVLJQDFLyQPDQXDO 
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
ƒ 6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDOSULPHU
SXQWRGHODGLVWDFLDDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
ƒ 6HOHFFLRQDU RWUR SXQWR FRUUHVSRQGLHQWH DO
VHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
1RQDVVRFLDWLYHGLPHQVLRQFUHDWHG
o 6SHFLI\ GLPHQVLRQ OLQH ORFDWLRQ RU
>0WH[W7H[W$QJOH+RUL]RQWDO9HUWLFDO5RWDWHG@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLD
GHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
3URFHGLPLHQWR 'HVLJQDFLyQDXWRPiWLFD 
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
ƒ 3XOVDU(17(5
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWREMHFWWRGLPHQVLRQ
ƒ 6HOHFFLRQDUHOREMHWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ GLPHQVLRQ OLQH ORFDWLRQ RU
>0WH[W7H[W$QJOH+RUL]RQWDO9HUWLFDO5RWDWHG@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLD
GHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
• +RUL]RQWDO
o 3HUPLWHFUHDUFRWDVOLQHDOHVKRUL]RQWDOHV
• 9HUWLFDO
o 3HUPLWHFUHDUFRWDVOLQHDOHVYHUWLFDOHV
• 5RWDWHG *LUDU 
o 3HUPLWHFUHDUFRWDVLQFOLQDGDVLQWURGXFLHQGRHOiQJXORGHVHDGR
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\ILUVWH[WHQVLRQOLQHRULJLQRUVHOHFWREMHFW!
ƒ 6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDOSULPHUSXQWRGHODGLVWDQFLDDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\VHFRQGH[WHQVLRQOLQHRULJLQ
ƒ 6HOHFFLRQDURWURSXQWRFRUUHVSRQGLHQWHDOVHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'$1


',0$1*8/$5 $&2$1*8/2

'HILQLFLyQ3HUPLWHDFRWDUORViQJXORVGHILQLGRVFRPR
• ÈQJXORIRUPDGRSRUGRVOtQHDV
• ÈQJXORTXHDEDUFDXQDUFRRXQVHJPHQWRGHDUFRGHSROLOtQHD
• ÈQJXORHQWUHGRVSXQWRVGHXQFtUFXOR
• ÈQJXORGHILQLGRSRUWUHVSXQWRV YpUWLFH\GRVSXQWRV 

&RPPDQG',0$1*8/$5 ↵
6HOHFWDUFFLUFOHOLQHRUVSHFLI\YHUWH[!
6HOHFWVHFRQGOLQH
6SHFLI\GLPHQVLRQDUFOLQHORFDWLRQRU>0WH[W7H[W$QJOH4XDGUDQW@

&RPDQGR$&2$1*8/2 ↵
'HVLJQHDUFRFtUFXOROtQHDRGHVLJQDUYpUWLFH!
'HVLJQHVHJXQGDOtQHD
'HVLJQHXELFDFLyQGHODUFRGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR&XDGUDQWH@
3URFHGLPLHQWR SDUDGRVOtQHDV 
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFFLUFOHOLQHRUVSHFLI\YHUWH[!
ƒ 6HOHFFLRQDUODSULPHUDOtQHD
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWVHFRQGOLQH
ƒ 6HOHFFLRQDUODVHJXQGDOtQHD
• (QODOtQHDGHFRPPDQGRDSDUHFH
o 6SHFLI\GLPHQVLRQDUFOLQHORFDWLRQRU>0WH[W7H[W$QJOH4XDGUDQW@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
• 4XDGUDQW &XDGUDQWH 
o (VSHFLILFDHOFXDGUDQWHFRQHOTXHVHGHEHEORTXHDUODFRWD&XDQGRHOFRPSRUWDPLHQWRGH
FXDGUDQWHHVWiDFWLYDGRODOtQHDGHFRWDVHH[WLHQGHPiVDOOiGHODOtQHDGHUHIHUHQFLDVLHO
WH[WRGHFRWDVHVLW~DIXHUDGHODFRWDDQJXODU

'$5


',0$5& $&2$5&2

'HILQLFLyQ3HUPLWHDFRWDUODORQJLWXGGHXQDUFRRGHXQVHJPHQWRGHDUFRGHSROLOtQHD

&RPPDQG',0$5& ↵
6HOHFWDUFRUSRO\OLQHDUFVHJPHQW
6SHFLI\DUFOHQJWKGLPHQVLRQORFDWLRQRU>0WH[W7H[W$QJOH3DUWLDO/HDGHU@

&RPDQGR$&2$5&2 ↵
'HVLJQHDUFRRVHJPHQWRGHDUFRGHSROLOtQHD
(VSHFLILTXHXELFDFLyQGHFRWDGHORQJLWXGGHDUFRR>WH[WR07H[WRiQJ8OR3DUFLDO'LUHFWUL]@
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFRUSRO\OLQHDUFVHJPHQW
ƒ 6HOHFFLRQDUHOREMHWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\DUFOHQJWKGLPHQVLRQORFDWLRQRU>0WH[W7H[W$QJOH3DUWLDO/HDGHU@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR
• 3DUWLDO 3DUFLDO 
o 3HUPLWHDFRWDUXQVHJPHQWRGHODUFRLQLFLDO
• /HDGHU 'LUHFWUL] 
o 3HUPLWHDxDGLUXQDGLUHFWUL]DODFRWD
ƒ (VWDRSFLyQVyORHVWDGLVSRQLEOHVLHODUFRDEDUFDXQiQJXORVXSHULRUDORVƒ

'',


',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',$0(7(5 ↵
6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W 
6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@

&RPDQGR$&2',$0(752 ↵
'HVLJQHXQDUFRRXQFtUFXOR
7H[WRGHFRWD 
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR@
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFRUFLUFOH
ƒ 6HOHFFLRQDUHOREMHWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
'LPHQVLRQWH[W 
o 6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

'5$


',05$',86 $&25$',2

'HILQLFLyQ3HUPLWHDFRWDUHOUDGLRGHXQFtUFXORGHXQDUFRRGHXQVHJPHQWRGHDUFRGHSROLOtQHD

&RPPDQG',05$',86 ↵
6HOHFWDUFRUFLUFOH
'LPHQVLRQWH[W 
6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@

&RPDQGR$&25$',2 ↵
'HVLJQHXQDUFRRXQFtUFXOR
7H[WRGHFRWD 
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR@

3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFRUFLUFOH
ƒ 6HOHFFLRQDUHOREMHWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
'LPHQVLRQWH[W 
o 6SHFLI\ GLPHQVLRQ OLQH ORFDWLRQ RU
>0WH[W7H[W$QJOH@
ƒ 'HVSOD]DU OD FRWD HQ OD GLUHFFLyQ \ D OD
GLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD


2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWHPRGLILFDUHOWH[WRGHFRWDPHGLDQWHHOFXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWR
GHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
• $QJOH iQJ8OR 
o 3HUPLWHJLUDUHOWH[WRGHFRWDLQWURGXFLHQGRHOiQJXORGHVHDGR



 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

'-/
',0-2*/,1( $&2/,15(&2'

'HILQLFLyQ $xDGHRHOLPLQDXQDOtQHDGHUHFRGRHQXQDFRWDOLQHDORDOLQHDGD/DVOtQHDVFRQUHFRGR
HQXQDFRWDLQGLFDQXQDURWXUDHQORVREMHWRVTXHVHHVWiQDFRWDQGR(OYDORUGHODFRWDUHSUHVHQWDOD
GLVWDQFLDUHDOPiVTXHODGLVWDQFLDPHGLGDHQHOGLEXMR

&RPPDQG',0-2*/,1( ↵
6HOHFWGLPHQVLRQWRDGGMRJRU>5HPRYH@
6SHFLI\MRJORFDWLRQ RUSUHVV(17(5 

&RPDQGR$&2/,15(&2' ↵
'HVLJQHFRWDSDUDDxDGLUUHFRGRR>(OLPLQDU@
3UHFLVHXELFDFLyQGHUHFRGR RSXOVH(17(5 
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWGLPHQVLRQWRDGGMRJRU>5HPRYH@
ƒ 6HOHFFLRQHXQDFRWDOLQHDORDOLQHDGDHQTXHVHDxDGLUiXQUHFRGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\MRJORFDWLRQ RUSUHVV(17(5 
ƒ (VSHFLILTXHXQSXQWRSDUDODXELFDFLyQGHOUHFRGRRELHQSXOVH(17(5SDUDVLWXDUHO
UHFRGRHQHOSXQWRPHGLRHQWUHHOWH[WRGHFRWD\ODSULPHUDOtQHDGHUHIHUHQFLDRHO
SXQWRPHGLRGHODOtQHDGHFRWDHQIXQFLyQGHODXELFDFLyQGHOWH[WRGHFRWD
2SFLRQHV
• 5HPRYH (OLPLQDU 
o 3HUPLWHHOLPLQDUXQUHFRGRGHODFRWDOLQHDORDOLQHDGD

'25


',025',1$7( $&2&225'(1$'$

'HILQLFLyQ3HUPLWHDFRWDUODVFRRUGHQDGDVGHXQSXQWR

&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
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\IHDWXUHORFDWLRQ
ƒ 6HOHFFLRQDUHOSXQWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

6SHFLI\OHDGHUHQGSRLQWRU>;GDWXP<GDWXP0WH[W7H[W$QJOH@
ƒ 6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQYHUWLFDOHQODFRWDDSDUHFHODFRRUGHQDGD;
o

ƒ 6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQKRUL]RQWDOHQODFRWDDSDUHFHODFRRUGHQDGD<
2SFLRQHV
• ;GDWXP $EVFLVDV 
o 3HUPLWH FUHDU XQD FRWD FRQ HO YDORU GH OD
FRRUGHQDGD;
• <GDWXP 2UGHQDGDV 
o 3HUPLWH FUHDU XQD FRWD FRQ HO YDORU GH OD
FRRUGHQDGD<
• 0WH[W WH[WR0 
o 3HUPLWH PRGLILFDU HO WH[WR GH FRWD PHGLDQWH HO
FXDGURGHGLiORJR7H[W)RUPDWWLQJ )RUPDWRGH
WH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WRGHFRWD
• $QJOH iQJ8OR 
o 3HUPLWH JLUDU HO WH[WR GH FRWD LQWURGXFLHQGR HO
iQJXORGHVHDGR

'&2


',0&217,18( $&2&217,18$

'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( ↵
6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU>8QGR6HOHFW@6HOHFW!
'LPHQVLRQWH[W 
6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU>8QGR6HOHFW@6HOHFW!

&RPDQGR$&2&217,18$ ↵
'HVLJQHXQRULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLDR>GHV+DFHU'HVLJQDU@'HVLJQDU!
7H[WRGHFRWD 
'HVLJQHXQRULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLDR>GHV+DFHU'HVLJQDU@'HVLJQDU!
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQ
RU>8QGR6HOHFW@6HOHFW!
ƒ 6HOHFFLRQDU RWUR SXQWR
FRUUHVSRQGLHQWH DO VHJXQGR
SXQWR GH OD GLVWDQFLD D
DFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQ
RU>8QGR6HOHFW@6HOHFW!
• 3XOVDU(6&SDUDILQDOL]DUHOFRPDQGR
2SFLRQHV
• 8QGR GHV+DFHU 
o 3HUPLWH HOLPLQDU OD ~OWLPD FRWD
UHDOL]DGD
 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

• 6HOHFW 'HVLJQDU 
o 3HUPLWHVHOHFFLRQDUODFRWDGHUHIHUHQFLDREDVH
ƒ /D VHOHFFLyQGHODFRWDVHUHDOL]DKDFLHQGRFOLFVREUHODFRWDGHVHDGD
ƒ 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 
6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU>8QGR6HOHFW@6HOHFW!

&RPDQGR$&2/,1($%$6( ↵
'HVLJQHXQRULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLDR>GHV+DFHU'HVLJQDU@'HVLJQDU!
7H[WRGHFRWD 
'HVLJQHXQRULJHQGHODVHJXQGDOtQHDGHUHIHUHQFLDR>GHV+DFHU'HVLJQDU@'HVLJQDU!
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU[Undo/Select] <Select>
ƒ 6HOHFFLRQDURWURSXQWRFRUUHVSRQGLHQWHDOVHJXQGRSXQWRGHODGLVWDQFLDDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\DVHFRQGH[WHQVLRQOLQHRULJLQRU[Undo/Select] <Select>
• 3XOVDU(6&SDUDILQDOL]DUHOFRPPDQGR
2SFLRQHV
• 8QGR GHV+DFHU 
o 3HUPLWHHOLPLQDUOD~OWLPDFRWDUHDOL]DGD
• 6HOHFW 'HVLJQDU 
o 3HUPLWHVHOHFFLRQDUODFRWDGHUHIHUHQFLDREDVH
ƒ /D VHOHFFLyQGHODFRWDVHUHDOL]DKDFLHQGRFOLFVREUHODFRWDGHVHDGD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

ƒ 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
• (QODOtQHDGHFRPDQGRDSDUHFH
$VVRFLDWLYHGLPHQVLRQSULRULW\ (QGSRLQW
o 6HOHFWJHRPHWU\WRGLPHQVLRQ
ƒ 6HOHFFLRQDUORVREMHWRVDDFRWDU
• +DJDFOLFHQHOERWyQGHUHFKRGHOPRXVHRSXOVDU(17(5
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\GLPHQVLRQOLQHSRVLWLRQRU
>&RQWLQXRXV6WDJJHUHG%DVHOLQH2UGLQDWH5DGLXV'LDPHWHUGDWXP3RLQW(GLWVH7WLQJV@
&RQWLQXRXV!
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

ƒ +DFHUFOLFSDUDILMDUODFRWD
2SFLRQHV
• &RQWLQXRXV FR1WLQXD 
o 3HUPLWHODFUHDFLyQGHFRWDVFRQWLQXDV
ƒ &RWDV FRQWLQXDV &RQMXQWR GH FRWDV
TXH FRQVLGHUDQ FRPR RULJHQ OD VHJXQGD
OtQHD GH UHIHUHQFLD GH XQD FRWD
GHWHUPLQDGD

6WDJJHUHG G(VIDVDGD 



o 3HUPLWHODFUHDFLyQGHFRWDVGHVIDVDGDV

• %DVHOLQH /tQHDEDVH 
o 3HUPLWHODFUHDFLyQGHFRWDVGHOtQHDEDVH
ƒ /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
ƒ 6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQ
YHUWLFDO HQ OD FRWD DSDUHFH OD
FRRUGHQDGD;
ƒ 6LHOFXUVRUVHGHVSOD]DHQGLUHFFLyQ
KRUL]RQWDO HQ OD FRWD DSDUHFH OD
FRRUGHQDGD<

5DGLXV 5$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]

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

• GDWXP3RLQW SXQWR5HI 
o 3HUPLWHGHILQLUXQQXHYRSXQWRGHUHIHUHQFLDSDUDFRWDVGHOtQHDEDVH\SRUFRRUGHQDGDV
• (GLW 0RGLILFDU 
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

• VH7WLQJV 3DUiPHWURV 
o 3HUPLWH GHILQLU HO PRGRGH UHIHUHQFLD D REMHWRV HPSOHDGR SRUGHIHFWRSDUD GHWHUPLQDU HO
RULJHQGHODOtQHDGHUHIHUHQFLD3XHGHVHUSXQWRILQDORLQWHUVHFFLyQ

'&(


',0&(17(5 $&2&(1752

'HILQLFLyQ&UHDPDUFDGHFHQWURRODVOtQHDVGHFHQWURGHFtUFXORV\DUFRV

&RPPDQG',0&(17(5 ↵
6HOHFWDUFRUFLUFOH

&RPDQGR$&2&(1752 ↵
'HVLJQHXQDUFRRXQFtUFXOR
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFRUFLUFOH
ƒ 6HOHFFLRQDU HO REMHWR GHO TXH VH GHVHD PDUFDU HO
FHQWUR

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$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

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$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\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
6SHFLI\MRJORFDWLRQ

&RPDQGR$&25(&2'2 ↵
'HVLJQHXQDUFRRXQFtUFXOR
(VSHFLILTXHPRGLILFDFLyQGHXELFDFLyQGHFHQWUR
7H[WRGHFRWD 
'HVLJQHXELFDFLyQGHOtQHDGHFRWDR>WH[WR07H[WRiQJ8OR@
(VSHFLILTXHXELFDFLyQGHUHFRGR
3URFHGLPLHQWR
• (MHFXWDUHOFRPDQGR
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6HOHFWDUFRUFLUFOH
ƒ 6HOHFFLRQDUHOREMHWRDDFRWDU
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\FHQWHUORFDWLRQRYHUULGH
ƒ 6HOHFFLRQDUXQSXQWRFRUUHVSRQGLHQWHDXQQXHYRFHQWURSDUDODFRWDGHUDGLRFRQ
UHFRGR
• (QODOtQHDGHFRPDQGRDSDUHFH
'LPHQVLRQWH[W 
o 6SHFLI\GLPHQVLRQOLQHORFDWLRQRU>0WH[W7H[W$QJOH@
ƒ 'HVSOD]DUODFRWDHQODGLUHFFLyQ\DODGLVWDQFLDGHVHDGD
ƒ +DFHUFOLFSDUDILMDUODFRWD
• (QODOtQHDGHFRPDQGRDSDUHFH
o 6SHFLI\MRJORFDWLRQ
ƒ 'HVSOD]DUHOUHFRGR
ƒ +DFHUFOLFSDUDILMDUHOUHFRGR
2SFLRQHV
• 0WH[W WH[WR0 
o 3HUPLWH PRGLILFDU HO WH[WR GH FRWD
PHGLDQWH HO FXDGUR GH GLiORJR 7H[W
)RUPDWWLQJ )RUPDWRGHWH[WR 
• 7H[W 7H[WR 
o 3HUPLWHPRGLILFDUGLUHFWDPHQWHHOWH[WR
GHFRWD
• $QJOH iQJ8OR 
o 3HUPLWH JLUDU HO WH[WR GH FRWD
LQWURGXFLHQGRHOiQJXORGHVHDGR


 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

;;9 ,PSUHVLyQ\SORWHDGRGHOGLEXMR


,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

62/8&,21$5,2
3UREOHPD

/ ↵
$ +DJDFOLFHQXQSXQWRFXDOTXLHUDGHOiUHDJUiILFD 
#↵ % 
#↵ & 

#↵ ' 

#↵ ( 

#↵ ) 

#↵ * 

#↵ + 

#↵ , 

#↵ - 

#↵ . 

& ↵ $ 
3UREOHPD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

/ ↵ ↵ 3 
# / ↵
3 +DJDFOLFHQXQSXQWR 3
FXDOTXLHUDGHOiUHDJUiILFD  #↵ 3  3
#↵ 3  #↵ 3  ↵
#↵ 3  & ↵ $  /↵
3
#↵ 3  /↵
3
3
#↵ 3  3 ↵
#↵ 3  ↵

3UREOHPD

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD


3UREOHPD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL
$872'(6.$872&$'

/ ↵
- +DJDFOLFHQXQSXQWRFXDOTXLHUDGHOiUHDJUiILFD 
#↵ , 
#↵ + 

#↵ * 

#↵ ) 

#↵ ( 

#↵ ' 

#↵ & 

#↵ % 

#↵ $ 

& ↵ - 

,QJ)HUQDQGR)ORUHV-iXUHJXL 
$872'(6.$XWR&$'

3UREOHPD
↵ . 
#
/ ↵
#↵ / 
↵ $ 
#↵ 0 
#↵ % 
#↵ 1 
#↵ & 
#↵ 2 
#↵ ' 
&↵
#↵ ( 
/↵
#↵ )  $
&
#↵ * 

#↵ + 

#↵ , 

#↵ - 

3UREOHPD

 ,QJ)HUQDQGR)ORUHV-iXUHJXL

You might also like