81,9(56,'$'((67$'8$/3$8/,67$
³-Ò/,2'(0(648,7$),/+2´
)$&8/'$'('(&,Ç1&,$6(7(&12/2*,$ &$0386'(35(6,'(17(358'(17(
352*5$0$'(3Ï6*5$'8$d2(0*(2*5$),$
(VWHYDQ/HRSROGRGH)UHLWDV&RFD
80(678'2'$',9(56,'$'(($78$/,'$'('$
5()250$$*5È5,$$1È/,6('267,326'(
$66(17$0(1726'27(55,7Ï5,2&$17848,5,*8$d8
(67$'2'23$5$1È
81,9(56,'$'((67$'8$/3$8/,67$
³-Ò/,2'(0(648,7$),/+2´
)$&8/'$'('(&,Ç1&,$6(7(&12/2*,$ &$0386'(35(6,'(17(358'(17(
352*5$0$'(3Ï6*5$'8$d2(0*(2*5$),$
80(678'2'$',9(56,'$'(($78$/,'$'('$
5()250$$*5È5,$$1È/,6('267,326'(
$66(17$0(1726'27(55,7Ï5,2&$17848,5,*8$d8
(67$'2'23$5$1È
(VWHYDQ/HRSROGRGH)UHLWDV&RFD
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yVJUDGXDomR HP *HRJUDILD GD )&7 8QHVS FDPSXV GH 3UHVLGHQWH 3UXGHQWH FRPR UHTXLVLWR SDUFLDO SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP *HRJUDILD
2ULHQWDomR 3URI 'U %HUQDUGR 0DQoDQR)HUQDQGHV
ÈUHD GH FRQFHQWUDomR 3URGXomR GR (VSDoR*HRJUiILFR
/LQKDGHSHVTXLVD(VWXGRV5XUDLVH 0RYLPHQWRV6RFLDLV
&RFD(VWHYDQ/HRSROGRGH)UHLWDV
&H 8P HVWXGR GD GLYHUVLGDGH H DWXDOLGDGH GD UHIRUPD DJUiULD DQiOLVH GRV WLSRV GH DVVHQWDPHQWRV GR 7HUULWyULR &DQWXTXLULJXDoX HVWDGR GR 3DUDQi (VWHYDQ/HRSROGR GH)UHLWDV&RFD3UHVLGHQWH 3UXGHQWH>VQ@
I
2ULHQWDGRU%HUQDUGR0DQoDQR)HUQDQGHV
'LVVHUWDomR PHVWUDGR 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD )DFXOGDGHGH&LrQFLDVH7HFQRORJLD
,QFOXLELEOLRJUDILD
5HIRUPD DJUiULD $VVHQWDPHQWRV UXUDLV 7HUULWyULR &DQWXTXLULJXDoX , )HUQDQGHV %HUQDUGR 0DQoDQR ,, 8QLYHUVLGDGH (VWDGXDO3DXOLVWD)DFXOGDGHGH&LrQFLDVH7HFQRORJLD,,,7tWXOR
&''
(VWHYDQ/HRSROGRGH)UHLWDV&RFD
8PHVWXGRGDGLYHUVLGDGHHDWXDOLGDGHGDUHIRUPD
DJUiULDDQiOLVHGRVWLSRVGHDVVHQWDPHQWRVGR
7HUULWyULR&DQWXTXLULJXDoXHVWDGRGR3DUDQi
'LVVHUWDomRGHPHVWUDGRDSUHVHQWDGDFRPRUHTXLVLWRSDUFLDOSDUDDREWHQomRGR WtWXORGHPHVWUHHP*HRJUDILDSHOD8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH
0HVTXLWD)LOKR´jEDQFDH[DPLQDGRUD
2ULHQWDGRU3URI'U%HUQDUGR0DQoDQR)HUQDQGHV 'HSDUWDPHQWRGH*HRJUDILD)&78QHVS
3URI'U-RVp$QWRQLR6HJUHOOHV
'HSDUWDPHQWRGH*HRJUDILD+XPDQD8QLYHUVLGDGHGH$OLFDQWH(VSDQKD 3URI'U&DUORV$OEHUWR)HOLFLDQR
'HSDUWDPHQWRGH*HRJUDILD)&78QHVS
$JUDGHFLPHQWRV
$QWHV GH WXGR DJUDGHoR D 'HXV SRU WHU PH FRQFHGLGR D RSRUWXQLGDGH GH SURJUHGLUQRVHVWXGRVHFRQFOXLURPHVWUDGRHP*HRJUDILDFRPr[LWR(OHpR6HQKRU GHWRGRFRQKHFLPHQWRHGHWRGDVDEHGRULDSRULVVRQmRSRGHULDGHL[DUGHH[SUHVVDU WRGDPLQKDJUDWLGmRSDUDFRP(OH
¬ PLQKD HVSRVD 7KDtV TXH PHVPR QmR WHQGR FRQWULEXtGR WpFQLFD RX WHRULFDPHQWH SDUD TXH HX FKHJDVVH DRV UHVXOWDGRV DTXL DSUHVHQWDGRV RIHUHFHX FRQWULEXLo}HVPXLWRPDLVHVSHFLDLVSDUDDSHVTXLVDFRPRRFDULQKRHDDWHQomRQRV PRPHQWRVHPTXHHXSUHFLVDYD2EULJDGRSRUPHID]HUIHOL]
$R 3URIHVVRU %HUQDUGR 0DQoDQR )HUQDQGHV RULHQWDGRU GD SHVTXLVD FRP TXHPWUDEDOKRGHVGHRSHUtRGRHPTXHFXUVHLD*UDGXDomRHP*HRJUDILD2EULJDGR SHODDWHQomRGLVSHQVDGDHSHORVFRQVHOKRVTXHPHWRUQDUDPPHOKRUQmRVyFRPR SHVTXLVDGRUPDVSULQFLSDOPHQWHFRPRVHUKXPDQR
$RV FRPSDQKHLURV GR 1(5$ JUXSR GH SHVTXLVDV QR TXDO WUDEDOKR GHVGH RXWXEUR GH $ WRGRV RV JUDGXDQGRV H SyVJUDGXDQGRV TXH HVWLYHUDP GLUHWDPHQWHUHODFLRQDGRVFRPRVUHVXOWDGRVDTXLH[SRVWRV'HQWUHHVVHVQmRSRVVR GHL[DU GH FLWDU RV QRPHV GH 5DIDHO &RHOKR GRV 6DQWRV +HULYHOWR 5RFKD (OLHQDL &RQVWDQWLQR*RQoDOYHV0DWX]DOpP&DYDOFDQWH%H]HUUD'LHJR9LODQRYD5RGULJXHV -DQDtQDGH 6RX]D &DPSRV 1tYHD 0DVVDUHWR $QQD/XtVD GH $UD~MR 5XEHQV GRV 6DQWRV5RPmR-RVp6REUHLUR)LOKR/DUD'DOSpULR/HDQGUR5LEHLUR$QJHOD&ULVWLQD 6LOYD &DPLOD )HUUDFLQL &DUORV $OIUHGR 9DFDIORUHV 5LYHUR &ODXGLD 3LODU /L]iUUDJD $UDQLEDU 'DEO\V 7DGHX &RPLQL %RDYHQWXUD 'DQLOR 9DOHQWLQ 3HUHLUD (OHQLUD GH -HVXV6RX]D)HUQDQGD%HUWXTXL0DU]ROD)UDQFLODQH(XOiOLDGH6RX]D,VUDHO)HOLSH &DVWUR 5HLV 0D\DUD *RPHV &DGHWWH 1DOOtJLD 7DYDUHV GH 2OLYHLUD 5RGULJR 6LPmR &DPDFKR5RQDOGR'HVLGpULR&DVWDQJH7KDLV)HUQDQGHVGH$OPHLGD7LDJR(JtGLR $YDQoR&XEDV7RPDV6RPEULQL'UX]LDQHRVGHPDLVTXHSDVVDUDPSHORJUXSRGH SHVTXLVDVQHVVHSHUtRGR
$RV SURIHVVRUHV /XtV $QWRQLR %DURQH H &DORV $OEHUWR )HOLFLDQR TXH SDUWLFLSDUDP GR ([DPH GH 4XDOLILFDomR FRQWULEXLQGR FRP XPD OHLWXUD DWHQWD H FULWHULRVDGRWUDEDOKR
$RSURIHVVRU-RVp$QWRQLR6HJUHOOHVTXHDRODGRGRSURIHVVRU&DUORV$OEHUWR )HOLFLDQRSDUWLFLSRXGDEDQFDGHGHIHVDGDGLVVHUWDomR
$ WRGRV RV DVVHQWDGRV HQWUHYLVWDGRV IRUPDOPHQWH RX LQIRUPDOPHQWH 3HOD DWHQomR jV SHUJXQWDV TXH IRUDP IHLWDV H SHOD GLVSRVLomR HP ID]HU FRP TXH HX HQWHQGHVVHRVDVVHQWDPHQWRVQmRDSHQDVVRERYLpVGDWHRULDPDLVSULQFLSDOPHQWH SHODV YLGDV TXH QHOH VH GHVHQYROYHP )DoR TXHVWmR GH GHVWDFDU R DX[tOLR GRV DVVHQWDGRVeOGHU-RVp0DUFHOLWHV3HGUR7DYDUHV$QW{QLR7DYDUHV,VLGRURH'DQLOR $OPHLGDTXHQmRKHVLWDUDPHPPHUHFHEHUHPVXDVFDVDVTXDQGRHUDPIHLWRVRV WUDEDOKRVGHFDPSR
$RPHXSDL9DOGLUHPHXLUPmR'LHJRTXHIRUDPPHXVPRWRULVWDVGXUDQWHR WUDEDOKRGHFDPSR
$RVFRPSDQKHLURVGHIDFXOGDGHTXHPHVPRHVWXGDQGRRXWURVWHPDVGHXP PRGR RX GH RXWUR VHPSUH GLDORJDUDP FRPLJR VREUH RV UHVXOWDGRV TXH HUDP DOFDQoDGRV $TXL PHQFLRQR GH PDQHLUD HVSHFLDO RV QRPHV GH (GHU 3HUHLUD GRV 6DQWRVH5LFDUGRGRV6DQWRVTXHGHFRPSDQKHLURVGHHVWXGRWRUQDUDPVHJUDQGHV DPLJRV
$SRLRVLQVWLWXFLRQDLV
(VWH WUDEDOKR IRL ILQDQFLDGR SHOR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR 7HFQROyJLFR H &LHQWtILFR &13T SRU PHLR GH XPD EROVD GH HVWXGRV TXH IRL FRQFHGLGDHQWUHPDUoRGHHIHYHUHLURGH &RPHVWDEROVDIRLSRVVtYHO PLQKDWRWDOGHGLFDomRjUHDOL]DomRGRWUDEDOKRGHPDQHLUDDFXPSULURFURQRJUDPD SUpHVWDEHOHFLGRGHQWURGRSUD]RSURSRVWR
$OpP GHVVD EROVD UHFHEL DX[tOLR ILQDQFHLUR GR 3URJUDPD GH 3yVJUDGXDomR HP *HRJUDILD GD 8QHVS SDUD UHDOL]DomR GH GRLV WUDEDOKRV GH FDPSR QR 7HUULWyULR &DQWXTXLULJXDoX H SDUD D SDUWLFLSDomR QR ;,, (QFRQWUR GH *HyJUDIRV GD $PpULFD /DWLQD HP 0RQWHYLGpX H GR ,9 6LPSyVLR ,QWHUQDFLRQDO GH *HRJUDILD $JUiULD HP 1LWHUyL
³3UHFLVDPRVHVWXGDURVFDPSRQHVHVQmR Vy SDUD DMXGiORV PDV SDUD QRV DMXGDU 1mRWHPRVTXHHQVLQDUDRVFDPSRQHVHV FRPR YLYHU QyV p TXH WHPRV TXH DSUHQGHU FRP HOHV FRPR YLYHU H FRPR UHVROYHU SUREOHPDV QRV TXDLV D PDLRU SDUWH GD SRSXODomR HVWi HQYROYLGD´ 7HRGRU 6KDQLQ /Lo}HV &DPSRQHVDV
5HVXPR
1R%UDVLOH[LVWHPWLSRVGHDVVHQWDPHQWRVGH5HIRUPD$JUiULDDOpPGHOLQKDV GH ILQDQFLDPHQWR GR &UpGLWR )XQGLiULR 2V DVVHQWDPHQWRV UXUDLV QmR VmR LPSODQWDGRVVRPHQWHSRUPHLRGDGHVDSURSULDomRGHWHUUDVPDVWDPEpPDWUDYpVGH RXWUDV SROtWLFDV FRPR D UHJXODUL]DomR IXQGLiULD R UHFRQKHFLPHQWR GH SURMHWRV Mi H[LVWHQWHV R UHDVVHQWDPHQWR GH DWLQJLGRV SRU JUDQGHV REUDV GH LQIUDHVWUXWXUD H RXWURV(OHVQmRVmRLPSODQWDGRVVRPHQWHQRFDPSRPDVWDPEpPQDIORUHVWD1mR VmR DVVHQWDGRV VRPHQWH FDPSRQHVHV VHPWHUUD PDV WDPEpP FRPXQLGDGHV WUDGLFLRQDLVSRVVHLURVFRORQRVHRXWURV(VVHVIDWRVGHPRQVWUDPTXHDDWXDOLGDGH GDUHIRUPDDJUiULDEUDVLOHLUDQmRSRGHVHUHVWXGDGDVHPVHOHYDUHPFRQVLGHUDomR HVVD GLYHUVLGDGH GRV DVVHQWDPHQWRV UXUDLV &RPR PHLR GH FRQWULEXLU FRP HVWH GHEDWH QHVWD GLVVHUWDomR ID]HPRV XP HVWXGR VREUH DV WHUULWRULDOLGDGHV TXH VmR GHVHQYROYLGDV QRV WLSRV GH DVVHQWDPHQWRV TXH H[LVWHP QR 7HUULWyULR &DQWXTXLULJXDoX QR HVWDGR GR 3DUDQi (VWXGDPRV DPRVWUDV GRV WLSRV GH DVVHQWDPHQWRVSUHVHQWHVQHVWH7HUULWyULRR3URMHWRGH&RORQL]DomR3&R3URMHWR GH $VVHQWDPHQWR )HGHUDO 3$ H R 3URMHWR GH 5HDVVHQWDPHQWR GH $WLQJLGRV SRU %DUUDJHQV35%(VVHVWLSRVSRVVXHPRULJHQVHILQDOLGDGHVGLVWLQWDVFRQILJXUDQGR GLIHUHQWHVXVRVGRWHUULWyULR(PEDVDGRVSRUHVWHVUHVXOWDGRVGHPRQVWUDPRVFRPR D UHIRUPD DJUiULD QR %UDVLO SUHFLVD VHU HQWHQGLGD SRU PHLR GH XPD SHUVSHFWLYD DEUDQJHQWH OHYDQGRVH HP FRQVLGHUDomR D YDULHGDGH GRV WLSRV TXH WrP VLGR LPSODQWDGRV
$EVWUDFW
,Q%UD]LOWKHUHDUHW\SHVRIODQGUHIRUPVHWWOHPHQWVLQDGGLWLRQWRVHYHQGLIIHUHQW ILQDQFLQJ DUUDQJHPHQWV RIIHUHG E\ WKH IHGHUDO JRYHUQPHQW¶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¶VWKHVLVLVDVWXG\RIWKHWHUULWRULDOLWLHVWKDWKDYHEHHQ GHYHORSHGDPRQJWKHVHWWOHPHQWVWKDWH[LVWLQ&DQWXTXLULJXDoXWHUULWRU\LQWKHVWDWH RI 3DUDQi LQ VRXWKHUQ %UD]LO :H VWXG\ H[DPSOHV RI WKUHH W\SHV RI VHWWOHPHQWV SUHVHQW LQ WKH DUHD 7KH\ DUH &RORQL]DWLRQ 3URMHFWV 3& 3URMHWR GH &RORQL]DomR )HGHUDO 6HWWOHPHQW 3URMHFWV 3$ 3URMHWR GH $VVHQWDPHQWR )HGHUDO DQG 'DP 'LVSODFHPHQW 5HVHWWOHPHQW 3URMHFWV 35% 3URMHWR GH 5HDVVHQWDPHQWR GH $WLQJLGRV SRU %DUUDJHQV 7KHVH GLIIHUHQW W\SHV KDYH GLVWLQFW RULJLQV DQG REMHFWLYHV %DVHG RQ WKH UHVXOWV RI WKLV UHVHDUFK ZH DUJXH WKDW ODQG UHIRUP LQ %UD]LO QHHGV WR EH XQGHUVWRRG WKURXJK D ZLGHU SHUVSHFWLYH WDNLQJ LQWR DFFRXQWWKHYDULHW\RIW\SHVWKDWKDYHEHHQLPSOHPHQWHG
/LVWDGHILJXUDV
7LSRVH(VFDODV7HUULWRULDLVGR7HUULWyULR&DQWXTXLULJXDoX
/RFDOL]DomRGR3URMHWRGH&RORQL]DomR,OKpXV
3UR[LPLGDGHHQWUHRVORWHVGR3&,OKpXVHRVFRUSRVGiJXD
5HOHYRGR$VVHQWDPHQWR,OKpXV
3RUWmRGHDFHVVRDR3$,UHQR$OYHVGRV6DQWRV
&RPXQLGDGH$UDSRQJDV3$,UHQR$OYHVGRV6DQWRV
3ODFDFRORFDGDQDHQWUDGDGHXPGRVORWHVRQGHVHGHVHQYROYHDDJULFXOWXUDRUJkQLFDQR3$&HOVR)XUWDGR 0RGHORGHUHVLGrQFLDFULDGDSHOD&RSHOQR35%7UrV%DUUDV
&DPSRVGHIXWHEROHERFKDGR35%7UrV%DUUDV
&DSHODGR35%$JURLEHPD
3RVWRGHVD~GHGR35%$JURLEHPD
/LVWDGHPDSDV
%UDVLO*HRJUDILDGRV$VVHQWDPHQWRV5XUDLV0XQLFtSLRVFRP$VVHQWDPHQWRVGRWLSR3&
%UDVLO*HRJUDILDGRV$VVHQWDPHQWRV5XUDLV0XQLFtSLRVFRP$VVHQWDPHQWRVGRWLSR3$
%UDVLO*HRJUDILDGRV$VVHQWDPHQWRV5XUDLV0XQLFtSLRVFRP$VVHQWDPHQWRVGRWLSR35%
/LVWDGHSUDQFKDV
7HUULWyULR&DQWXTXLULJXDoX7LSRVGH$VVHQWDPHQWRV5XUDLV
/LVWDGH7DEHODV
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR*RYHUQR-RmR*RXODUW
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR5HJLPH0LOLWDU
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQR5HJLPH0LOLWDU
%UDVLO2FXSDo}HVGHWHUUDV*RYHUQR6DUQH\
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR*RYHUQR6DUQH\
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQR*RYHUQR6DUQH\
%UDVLO2FXSDo}HVGH7HUUDV*RYHUQRV&ROORUH,WDPDU
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQRV*RYHUQRV&ROORU,WDPDU
%UDVLO7LSRVGH$VVHQWDPHQWRVGH5HIRUPD$JUiULDGH0HUFDGRLPSODQWDGRVQR*RYHUQR)+&
%UDVLO2FXSDo}HVGH7HUUDV*RYHUQR)+&
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR3ULPHLUR0DQGDWRGR*RYHUQR)+&
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR6HJXQGR0DQGDWRGR*RYHUQR)+&
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQR3ULPHLUR0DQGDWRGR*RYHUQR)+&
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQR6HJXQGR0DQGDWRGR*RYHUQR)+&
%UDVLO±2FXSDo}HVGH7HUUDV*RYHUQR/XOD
%UDVLO7LSRVGH$VVHQWDPHQWRVGH5HIRUPD$JUiULDGH0HUFDGR,PSODQWDGRVQR*RYHUQR/XOD
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD2EWLGRVQR*RYHUQR/XOD
%UDVLO±7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD&ULDGRVQR*RYHUQR/XOD
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD1~PHURGH$VVHQWDPHQWRV
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD1~PHURGH)DPtOLDV$VVHQWDGDV
%UDVLO7LSRVGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULDÈUHDGRV$VVHQWDPHQWRV
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV8WLOL]DGDVSDUDD,PSODQWDomRGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD
1~PHURGH$VVHQWDPHQWRV
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV8WLOL]DGDVSDUDD,PSODQWDomRGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD
1~PHURGH)DPtOLDV$VVHQWDGDV
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV8WLOL]DGDVSDUDD,PSODQWDomRGH$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULDÈUHD
GRV$VVHQWDPHQWRV
%UDVLO1~PHURGH$VVHQWDPHQWRV5HIRUPD$JUiULDGH0HUFDGR
%UDVLO1~PHURGH)DPtOLDV$VVHQWDGDV5HIRUPD$JUiULDGH0HUFDGR
%UDVLOÈUHDGRV$VVHQWDPHQWRV5HIRUPD$JUiULDGH0HUFDGR
7HUULWyULR&DQWXTXLULJXDoX$VVHQWDPHQWRV5XUDLVGH5HIRUPD$JUiULD
/LVWDGH*UiILFRV
*RYHUQR-RmR*RXODUW
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV5HJLPH0LOLWDU
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRV$VVHQWDPHQWRV5HJLPH0LOLWDU
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV*RYHUQR6DUQH\
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR6DUQH\
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV*RYHUQR&ROORU,WDPDU
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR&ROORU,WDPDU
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV*RYHUQR)+&
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR)+&
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV*RYHUQR)+&
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR)+&
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV±*RYHUQR/XOD
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR/XOD
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV1~PHURGH$VVHQWDPHQWRV±*RYHUQR/XOD
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDVÈUHDGRVDVVHQWDPHQWRV*RYHUQR/XOD
/LVWDGH4XDGURV
%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV
%UDVLO7LSRORJLDGH$VVHQWDPHQWRVGH5HIRUPD$JUiULD
%UDVLO7LSRORJLDGRV3URMHWRVGH$VVHQWDPHQWRVGH5HIRUPD$JUiULDGH0HUFDGR
%UDVLO±5HODomRH&DUDFWHUL]DomRGRV7LSRVGH$VVHQWDPHQWRVGH5HIRUPD$JUiULD±
5HODomRH&DUDFWHUL]DomRGDV3ROtWLFDVGH2EWHQomRGH7HUUDVSDUD5HIRUPD$JUiULD
%UDVLO5HODomRGRV7LSRVGH$VVHQWDPHQWRVGH5HIRUPD$JUiULDGH0HUFDGR
/,67$'(6,*/$6 7LSRVGH$VVHQWDPHQWRV
$4 $VVHQWDPHQWR4XLORPEROD
%7 %DQFRGD7HUUD
&$) &RQVROLGDomRGD$JULFXOWXUD)DPLOLDU
&) &UpGLWR)XQGLiULR
&35 &RPEDWHD3REUH]D5XUDO
)/2( )ORUHVWD(VWDGXDO
)/21$ )ORUHVWDV1DFLRQDLV
137&$) 1RVVD3ULPHLUD7HUUD&RQVROLGDomRGD$JULFXOWXUD)DPLOLDU 137&35 1RVVD3ULPHLUD7HUUD&RPEDWHD3REUH]D5XUDO
3$ 3URMHWRGH$VVHQWDPHQWR)HGHUDO
3$& 3URMHWRGH$VVHQWDPHQWR&RQMXQWR
3$' 3URMHWRGH$VVHQWDPHQWR'LULJLGR
3$( 3URMHWRGH$VVHQWDPHQWRV$JURH[WUDWLYLVWD
3$) 3URMHWRGH$VVHQWDPHQWR)ORUHVWDO
3$0 3URMHWRGH$VVHQWDPHQWR0XQLFLSDO
3$5 3URMHWRGH$VVHQWDPHQWR5iSLGR
3& 3URMHWRGH&RORQL]DomR2ILFLDO 3&$ 3URMHWRGH$VVHQWDPHQWR&DVXOR
3'6 3URMHWRGH'HVHQYROYLPHQWR6XVWHQWiYHO
3( 3URMHWRGH$VVHQWDPHQWR(VWDGXDO
3($(; 3URMHWR$JURH[WUDWLYLVWD
3)/ 3DUWLGRGD)UHQWH/LEHUDO
3)3 3URMHWR)XQGRGH3DVWR
3,& 3URMHWR,QWHJUDGRGH&RORQL]DomR
35% 3URMHWRGH5HDVVHQWDPHQWRGHDWLQJLGRVSRU%DUUDJHQV
5'6 5HVHUYDGH'HVHQYROYLPHQWR6XVWHQWiYHO
5(6(; 5HVHUYD([WUDWLYLVWD
,QVWLWXFLRQDLV
$%5$ $VVRFLDomR%UDVLOHLUDGH5HIRUPD$JUiULD
$*% $VVRFLDomRGH*HyJUDIRV%UDVLOHLURV
$3,* $VVRFLDomRGRV,OKpXV$WLQJLGRVSHOR3DUTXH1DFLRQDOGH,OKD*UDQGH
$5(1$ $OLDQoD5HQRYDGRUD1DFLRQDO
%,' %DQFR,QWHUDPHULFDQRGH'HVHQYROYLPHQWR
&'$ &RRUGHQDomRGH'HVHQYROYLPHQWR$JUiULDGR*RYHUQRGD%DKLD &($*52 &HQWURGH'HVHQYROYLPHQWR6XVWHQWiYHOH(GXFDomRHP$JURHFRORJLD &(3$/ &RPLVVmR(FRQ{PLFDSDUDD$PpULFD/DWLQD
&(8&6'6 &HQWUR(VWDGXDOGH8QLGDGHVGH&RQVHUYDomR6HFUHWDULDGH(VWDGRGR0HLR$PELHQWHH'HVHQYROYLPHQWR6XVWHQWiYHOGR(VWDGRGR $PD]RQDV
&*8 &RQWURODGRULD*HUDOGD8QLmR
&/$&62 &RQVHOKR/DWLQR$PHULFDQRGH&LrQFLDV6RFLDLV &1$ &RQIHGHUDomR1DFLRQDOGD$JULFXOWXUD &1%% &RQIHUrQFLD1DFLRQDOGRV%LVSRVGR%UDVLO
&16 &RQVHOKR1DFLRQDOGRV6HULQJXHLURV
&2$*5, &RRSHUDWLYDGH7UDEDOKDGRUHV5XUDLVH5HIRUPD$JUiULDGR&HQWUR2HVWHGR3DUDQi &2)/$3 &RRSHUDWLYDGH/HLWHGD$JULFXOWXUD)DPLOLDUFRP,QWHJUDomR6ROLGiULD &21$0$ &RQVHOKR1DFLRQDOGR0HLR$PELHQWH
&21,& &RQVHOKR1DFLRQDOGH,JUHMDV&ULVWmV
&21'(7(& &RQVHOKRGH'HVHQYROYLPHQWRGR&DQWXTXLULJXDoX &217$* &RQIHGHUDomR1DFLRQDOGRV7UDEDOKDGRUHVQD$JULFXOWXUD &23(/ &RPSDQKLD3DUDQDHQVHGH(QHUJLD
&3, &RPLVVmR3DUODPHQWDUGH,QTXpULWR &37 &RPLVVmR3DVWRUDOGD7HUUD
&5$%, &RPLVVmR5HJLRQDOGRV$WLQJLGRVSRU%DUUDJHPGR5LR,JXDoX &5(62/ 6LVWHPDGH&RRSHUDWLYDVGH&UpGLWR5XUDOFRP,QWHUDomR6ROLGiULD &87 &HQWUDOÒQLFDGRV7UDEDOKDGRUHV
'$7$/87$ %DQFRGH'DGRVGD/XWD3HOD7HUUD (0%5$3$ (PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$7(5 (PSUHVD%UDVLOHLUDGH$VVLVWrQFLD7pFQLFDH([WHQVmR5XUDO )73 6RFLHGDGH%UDVLOHLUDGH'HIHVDGD7UDGLomRD)DPtOLDH3URSULHGDGH *(2/87$6 /DERUDWyULRGH*HRJUDILDH/XWDVQR&DPSRHQD&LGDGH *2( *UXSRGH2SHUDo}HV(VSHFLDLVGD3ROtFLD0LOLWDU
,$3 ,QVWLWXWR$PELHQWDOGR3DUDQi
,%$6( ,QVWLWXWR%UDVLOHLURGH3HVTXLVDV6yFLR(FRQ{PLFDV
,%5$ ,QVWLWXWR%UDVLOHLURGH5HIRUPD$JUiULD
,&0%LR ,QVWLWXWR&KLFR0HQGHVGH&RQVHUYDomRGD%LRGLYHUVLGDGH
,'+0 ËQGLFHGH'HVHQYROYLPHQWR+XPDQR0XQLFLSDO
,(&/% ,JUHMD(YDQJpOLFDGH&RQILVVmR/XWHUDQDQR%UDVLO ,+$ $VVRFLDomR,QWHUQDFLRQDOGH(QHUJLD(OpWULFD
,,&$ ,QVWLWXWR,QWHUDPHULFDQRGH&RRSHUDomRSDUDD$JULFXOWXUD ,1&5$ ,QVWLWXWR1DFLRQDOGH&RORQL]DomRH5HIRUPD$JUiULD ,1'$ ,QVWLWXWR1DFLRQDOGH'HVHQYROYLPHQWR$JUiULR ,7(53$ ,QVWLWXWRGH7HUUDVGR(VWDGRGR3DUi ,7(63 ,QVWLWXWRGH7HUUDVGR(VWDGRGH6mR3DXOR
,75 ,PSRVWR7HUULWRULDO5XUDO
/$*($ /DERUDWyULRGH*HRJUDILD$JUiULD8)8
/($'(5 /LDLVRQV(QWUH$FWLRQVGH'pYHORSSHPHQWGHO¶(FRQRPLH5XUDOH 0$$5$ 0LQLVWpULRGD$JULFXOWXUDGR$EDVWHFLPHQWRHGD5HIRUPD$JUiULD
0$% 0RYLPHQWRGRV$WLQJLGRVSRU%DUUDJHQV
0$5,3È &RPSDQKLD0DGHLUHLUDH&RORQL]DGRUD5LR3DUDQi 0$67(5 0RYLPHQWRGRV$JULFXOWRUHV6HPWHUUD
0$67(6 0RYLPHQWRGRV$JULFXOWRUHV6HP7HUUDGR6XGRHVWHGR3DUDQi 0$6752 0RYLPHQWRGRV$JULFXOWRUHV6HP7HUUDGR2HVWHGR3DUDQi
0'$ 0LQLVWpULRGR'HVHQYROYLPHQWR$JUiULR
0'% 0RYLPHQWR'HPRFUiWLFR%UDVLOHLUR
0,5$' 0LQLVWpULRGD5HIRUPDHGR'HVHQYROYLPHQWR$JUiULR
0-7 0RYLPHQWR-XVWLoDH7HUUD
03$ 0RYLPHQWRGRV3HTXHQRV$JULFXOWRUHV
067 0RYLPHQWRGRV7UDEDOKDGRUHV5XUDLV6HPWHUUD
1(5$ 1~FOHRGH(VWXGRV3HVTXLVDVH3URMHWRVGH5HIRUPD$JUiULD 3&% 3DUWLGR&RPXQLVWD%UDVLOHLUR
3&GR% 3DUWLGR&RPXQLVWDGR%UDVLO
3'7 3DUWLGR'HPRFUDWD7UDEDOKLVWD
3/ 3DUWLGR/LEHUDO
30'% 3DUWLGRGD0RELOL]DomR'HPRFUiWLFD%UDVLOHLUD 31&) 3URJUDPD1DFLRQDOGH&UpGLWR)XQGLiULR
315$ 3ODQR1DFLRQDOGH5HIRUPD$JUiULD
3315$ 3URSRVWDGR3ODQR1DFLRQDOGH5HIRUPD$JUiULD
351 3DUWLGRGD5HQRYDomR1DFLRQDO
352&(5$ 3URJUDPDGH&UpGLWR(VSHFLDOSDUDD5HIRUPD$JUiULD 352*(5 3URJUDPDGH*HUDomRGH(PSUHJRH5HQGD
3521$) 3URJUDPD1DFLRQDOGH)RUWDOHFLPHQWRGD$JULFXOWXUD)DPLOLDU 3521(5$ 3URJUDPD1DFLRQDOGH(GXFDomRQD5HIRUPD$JUiULD 355$V 3ODQRV5HJLRQDLVGH5HIRUPD$JUiULD
37% 3DUWLGR7UDEDOKLVWD%UDVLOHLUR
36% 3DUWLGR6RFLDOLVWD%UDVLOHLUR
36'% 3DUWLGRGD6RFLDO'HPRFUDFLD%UDVLOHLUD
3678 3DUWLGR6RFLDOLVWD7UDEDOKLVWD8QLILFDGR
2$1 2XYLGRUD$JUiULD1DFLRQDO
2&% 2UJDQL]DomRGDV&RRSHUDWLYDV%UDVLOHLUDV
218 2UJDQL]DomRGDV1Do}HV8QLGDV
3$$ 3URJUDPDGH$TXLVLomR$OLPHQWDU
3,1 3ODQRGH,QWHJUDomR1DFLRQDO
5$ 5HIRUPD$JUiULD
5$0 5HIRUPD$JUiULDGH0HUFDGR
5,0$ 5HODWyULRGH,PSDFWRV$PELHQWDLV
5,0,63 &HQWUR/DWLQRDPHULFDQRSDUDHO'HVDUUROOR5XUDO 6,%5$7(5 6LVWHPD%UDVLOHLURGH$VVLVWrQFLD7pFQLFDH([WHQVmR5XUDO 6$& 6LVWHPDGH$QiOLVHH&RQWUDWDomR
6,* 6LVWHPDGH,QIRUPDo}HV*HUDLV
67) 6XSUHPR7ULEXQDO)HGHUDO
65% 6RFLHGDGH5XUDO%UDVLOHLUD
6835$ 6XSHULQWHQGrQFLDGH3ROtWLFD$JUiULD
7'$V 7tWXORVGD'tYLGD$JUiULD
7-/3 7D[DGH-XURVGH/RQJR3UD]R
8)8 8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
8)5* 8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO
81(63 8QLYHUVLGDGH(VWDGXDO3DXOLVWD
8'5 8QLmR'HPRFUiWLFD5XUDOLVWD
8/7$% 8QLmRGRV/DYUDGRUHVH7UDEDOKDGRUHV$JUtFRODVQR%UDVLO
81( 8QLmR1DFLRQDOGRV(VWXGDQWHV
81,2(67( 8QLYHUVLGDGHGR2HVWHGR3DUDQi 2XWUDV
3&$ 3ODQRGH&RQVROLGDomR$PELHQWDO
3'$ 3ODQRGH'HVHQYROYLPHQWRGR$VVHQWDPHQWR
6XPiULR
,QWURGXomR
0HWRGRORJLD
$GLYHUVLGDGHGRVDVVHQWDPHQWRVUXUDLV
$LPSRUWkQFLDGDOXWDSHODWHUUDSDUDDFRQTXLVWDGRV
DVVHQWDPHQWRVUXUDLV
$LPSRUWkQFLDGRVDVVHQWDPHQWRVUXUDLVSDUDDWHUULWRULDOL]DomR
FDPSRQHVD
$GLYHUVLGDGHGRVDVVHQWDPHQWRVUXUDLVWLSRORJLDHSROtWLFDVGH
REWHQomRGHWHUUDV
'LIHUHQWHVDERUGDJHQVGRFRQFHLWRGHUHIRUPDDJUiULD
$UHIRUPDDJUiULDDSDUWLUGRVWHyULFRV
$UHIRUPDDJUiULDDSDUWLUGDVLQVWLWXLo}HVHGRVPRYLPHQWRV
VRFLRWHUULWRULDLV
$UHIRUPDDJUiULDDSDUWLUGRVJRYHUQRVEUDVLOHLURV
2*RYHUQR-RmR*RXODUWDSRVVLELOLGDGHGHUHIRUPD
DJUiULDDVVXVWDRVGHWHQWRUHVGRSRGHU
25HJLPH0LOLWDUDUHIRUPDDJUiULDpVXERUGLQDGDD
FRORQL]DomRDJUtFROD
2JRYHUQR-RVp6DUQH\DIUXVWUDomRGRVTXH
HVSHUDYDPHQILPDUHIRUPDDJUiULD
2JRYHUQR)HUQDQGR&ROORUGH0HORH,WDPDU)UDQFR GRHQIUHWDPHQWRFRQWUDDUHIRUPDDJUiULDjUHWRPDGD GRGLiORJR
2JRYHUQR)HUQDQGR+HQULTXH&DUGRVRDUHIRUPD
DJUiULDJDQKDUHOHYRQRVGHEDWHVVREUHRSDtV
2*RYHUQR/XtV,QiFLR/XODGD6LOYDDUHIRUPDDJUiULD
$VSROtWLFDVGHREWHQomRGHWHUUDVQRVJRYHUQRVEUDVLOHLURV
(OHPHQWRVTXHFRPS}HPDUHIRUPDDJUiULDEUDVLOHLUD
$5$
$5$0
$OJXPDVLQWHUSUHWDo}HVVREUHRVHOHPHQWRVTXHFRPS}HPD
DWXDOLGDGHGDUHIRUPDDJUiULDEUDVLOHLUD
27HUULWyULR&DQWXTXLULJXDoXHRVDVVHQWDPHQWRVUXUDLV 'HOLPLWDomRWHyULFDVREUHWHUULWyULRHWHUULWRULDOLGDGH 7HUULWyULRVHPFRQVWUXomRQR7HUULWyULR&DQWXTXLULJXDoX
%UHYH KLVWyULFR GDV GLVSXWDV SRU WHUULWyULRV QR 7HUULWyULR
&DQWXTXLULJXDoX
3ROtWLFDVGHGHVHQYROYLPHQWRWHUULWRULDOHR7HUULWyULR
&DQWXTXLULJXDoX
$WHUULWRULDOLGDGHGRVDVVHQWDPHQWRVGRWLSR3&
2VSURMHWRVGHFRORQL]DomRQR%UDVLO
$FRQVWUXomRGH,WDLSXHDIRUPDomRGRDVVHQWDPHQWR,OKpXV
$WHUULWRULDOLGDGHGR3&,OKpXVEXVFDQGRUHSURGX]LUDVFRQGLo}HV
HQFRQWUDGDVQDVLOKDVGRULR3DUDQi
'LPHQVmRVRFLDO
'LPHQVmRHFRQ{PLFD
'LPHQVmRSROtWLFD
'LPHQVmRDPELHQWDO
&RQVLGHUDo}HVVREUHRV3&V
$WHUULWRULDOLGDGHGRVDVVHQWDPHQWRVGRWLSR3$
$UHSUHVHQWDWLYLGDGHGRV3$VSDUDDWHUULWRULDOL]DomRGDUHIRUPD
DJUiULDQR%UDVLO
$FRQTXLVWDGRVDVVHQWDPHQWRV,UHQR$OYHVGRV6DQWRV0DUFRV )UHLUHH&HOVR)XUWDGRGRWHUULWyULRGRODWLI~QGLRDRWHUULWyULRGR FDPSHVLQDWR
$WHUULWRULDOLGDGHGRV3$VDLQIOXrQFLDGR067
'LPHQVmRVRFLDO
'LPHQVmRHFRQ{PLFD
'LPHQVmRSROtWLFD
'LPHQVmRDPELHQWDO
&RQVLGHUDo}HVVREUHRV3$V
$WHUULWRULDOLGDGHGRVDVVHQWDPHQWRVGRWLSR35%
2VDVVHQWDPHQWRVGRWLSR35%QR%UDVLO
'DH[SURSULDomRDRUHDVVHQWDPHQWRDFRQVWUXomRGD8VLQD
+LGUHOpWULFDGH6DOWR&D[LDVHDLPSODQWDomRGRV35%V$JURLEHPD H7UrV%DUUDV
$WHUULWRULDOLGDGHGRVSURMHWRVGHUHDVVHQWDPHQWRVGHDWLQJLGRVSRU
EDUUDJHQVRVFRQWUDVWHVGDDGDSWDomRDRVQRYRVWHUULWyULRV
'LPHQVmRVRFLDO
'LPHQVmRHFRQ{PLFD
'LPHQVmRSROtWLFD
'LPHQVmRDPELHQWDO
&RQVLGHUDo}HVVREUHRV35%CV
&RQVLGHUDo}HVILQDLVDDWXDOLGDGHGDUHIRUPDDJUiULDQR%UDVLO
$GHILQLomRGRVFRQFHLWRVHDSRVVLELOLGDGHGHHQWHQGHUPRVD
UHIRUPDDJUiULDPDLVDEUDQJHQWHPHQWH
7HFHQGRXPDLQWHUSUHWDomRVREUHDDWXDOLGDGHGDUHIRUPDDJUiULD
EUDVLOHLUD
,QWURGXomR
(VWDGLVVHUWDomRID]SDUWHGHXPSURMHWRGHPDLRUDEUDQJrQFLDTXHpR%DQFR GH 'DGRV GD /XWD SHOD 7HUUD 'DWDOXWD´ (OD p UHVXOWDGR GH XP SURFHVVR GH
DPDGXUHFLPHQWR WHyULFR H PHWRGROyJLFR TXH YHP RFRUUHQGR GHVGH R SHUtRGR HP TXHFXUVDPRVD*UDGXDomRHP*HRJUDILDHUHDOL]DPRVXPDSHVTXLVDHPFDUiWHUGH LQLFLDomRFLHQWtILFDVREDRULHQWDomRGR3URI'U%HUQDUGR0DQoDQR)HUQDQGHV(P DJRVWR GH LQLFLDPRV RV HVWXGRV VREUH D WLSRORJLD GRV DVVHQWDPHQWRV UXUDLV FRPRREMHWLYRGHTXDOLILFDUR'DWDOXWDHFRQWULEXLUFRPRGHEDWHVREUHDDWXDOLGDGH GDUHIRUPDDJUiULDQR%UDVLO1HVWDSHVTXLVDDJUXSDPRVLQIRUPDo}HVVREUHWLSRV GHDVVHQWDPHQWRVGH5HIRUPD$JUiULDTXHWLYHUDPRULJHPDWUDYpVGHSROtWLFDVGH REWHQomRGHWHUUDVDOpPGHOLQKDVGHILQDQFLDPHQWRGR&UpGLWR)XQGLiULRTXH WDPEpP GHQRPLQDPRV WLSRV GH DVVHQWDPHQWRV 6LVWHPDWL]DPRV HVVHV GDGRV HP TXDGURVWDEHODVJUiILFRVHPDSDVUHIHUHQWHVjVPDFURUUHJL}HV1RUWHH1RUGHVWHGR %UDVLO
(VVHV UHVXOWDGRV GHVSHUWDYDP HP QyV XPD QHFHVVLGDGH GH PHOKRU QRV DSURIXQGDUPRVQDGLVFXVVmRVREUHRFRQFHLWRGHUHIRUPDDJUiULD(QWHQGHPRVTXH RV DVVHQWDPHQWRV UXUDLV QR %UDVLO Mi QmR SRGLDP VHU HQWHQGLGRV DSHQDV SHOR FOiVVLFR PRGHOR DJURSHFXiULR REMHWLYDQGR EHQHILFLDU RV DJULFXOWRUHV VHPWHUUD $ FRUUHODomRGHIRUoDVHQWUHRV FDPSRQHVHV R FDSLWDOH R (VWDGR KDYLD FRODERUDGR SDUD TXH RV DVVHQWDPHQWRV SDVVDVVHP D EHQHILFLDU WDPEpP FRPXQLGDGHV WUDGLFLRQDLVSRVVHLURVDWLQJLGRVSRUREUDVS~EOLFDVHRXWURVVHQGRLPSODQWDGRVQmR VyQRFDPSRFRPRWDPEpPHPiUHDVIORUHVWDGDV(VVHVIDWRVGHPRQVWUDYDPTXH HOHPHQWRVQRYRVHUDPUHODFLRQDGRVjUHIRUPDDJUiULDHTXHHVVHVSUHFLVDYDPVHU GHEDWLGRV$SRVVLELOLGDGHGHPHOKRUFRQWULEXLUFRPRGHEDWHIRLFRQTXLVWDGDTXDQGR LQJUHVVDPRVQRFXUVRGH0HVWUDGRHP*HRJUDILDHPPDUoRGH
3DUD R 0HVWUDGR WLYHPRV D LQWHQomR GH GDU FRQWLQXLGDGH D HVWD SHVTXLVD WRGDYLD LQFRUSRUDQGR DRV GDGRV H LQIRUPDo}HV Mi REWLGRV DQiOLVHV GH FDPSR &RQVLGHUDPRVTXHFRQKHFHUDUHDOLGDGHGRVDVVHQWDPHQWRVHUDLPSRUWDQWHMiTXH
2 'DWDOXWD WHP VLGR FRQVWUXtGR DWUDYpV GH XP SURFHVVR FROHWLYR LQWHULQVWLWXFLRQDO VHQGR TXH
DWLSRORJLDpJHUDGDSHODGLYHUVLGDGHGRFDPSHVLQDWRHVXDVGHPDQGDVFRQVWLWXLQGR WHUULWRULDOLGDGHV GLIHUHQFLDGDV (OHJHPRV R 7HUULWyULR &DQWXTXLULJXDoX XP FRQMXQWR GH PXQLFtSLRV SHUWHQFHQWHV jV PHVRUUHJL}HV 2HVWH 3DUDQDHQVH H &HQWUR6XO 3DUDQDHQVH FRPR HVFDOD GH DQiOLVH SHOR IDWR GHOH SRVVXLU XPD FRQVLGHUiYHO GLYHUVLGDGH GH WLSRV GH DVVHQWDPHQWRV H SHOD UHOHYkQFLD TXH RV DVVHQWDPHQWRV UXUDLV FRPR LPSRUWDQWH H[SUHVVmR GD UHIRUPD DJUiULD SRVVXHP QD GHILQLomR H RULHQWDomRGDVSROtWLFDVOiDGRWDGDV27HUULWyULR &DQWXTXLULJXDoXHVWiLQVHULGRQR JUXSRGHWHUULWyULRVFRPFDUDFWHUtVWLFDVUXUDLVEHQHILFLDGRVFRPRSURJUDPDIHGHUDO 7HUULWyULRV GD &LGDGDQLD VHQGR TXH XP GRV PRWLYRV TXH JHURX WDO IDWR IRL D GLYHUVLGDGHGRVDVVHQWDPHQWRVUXUDLVTXHHOHSRVVXL
2 7HUULWyULR &DQWXTXLULJXDoX p GHILQLGR FRPR XP JUXSR GH PXQLFtSLRV RX VHMDRWHUULWyULRpIRUPDGRSHORVHVSDoRVGHJRYHUQDQoD1HVWHWUDEDOKRRWHUULWyULR p LQWHUSUHWDGR SDUD DOpP GR HVSDoR GH JRYHUQDQoD GHVWDFDPRV WDPEpP DV SURSULHGDGHV SDUWLFXODUHV H FRPXQLWiULDV FRQIRUPH WLSRORJLD VLVWHPDWL]DGD SRU )HUQDQGHV&RQWXGRpLPSRUWDQWHGHVWDFDUTXHRHVSDoRGHJRYHUQDQoDpR SRQWR GH SDUWLGD SDUD DQDOLVDUPRV DV GHPDLV UHODo}HV TXH JHUDP RV RXWURV WHUULWyULRV GHQWUR GR 7HUULWyULR &DQWXTXLULJXDoX 2 7HUULWyULR &DQWXTXLULJXDoX LQIOXrQFLDRVWHUULWyULRVGRVDVVHQWDPHQWRVHYLFHYHUVD
1R &DQWXTXLULJXDoX H[LVWHP WUrV WLSRV GH DVVHQWDPHQWRV R 3URMHWR GH &RORQL]DomR 3& R 3URMHWR GH $VVHQWDPHQWR )HGHUDO 3$ H R 3URMHWR GH 5HDVVHQWDPHQWR GH $WLQJLGRV SRU %DUUDJHQV 35% 6mR GLIHUHQWHV UHVSRVWDV jV GHPDQGDVGRVFDPSRQHVHVSDUDQDHQVHVSRUWHUUDHWHUULWyULRH[SUHVV}HVGLIHUHQWHV GH XP PHVPR SURFHVVR GHQRPLQDGR FRPR UHIRUPD DJUiULD 1DV YLVLWDV D FDPSR REVHUYDPRV FRPR DV WHUULWRULDOLGDGHV GRV FDPSRQHVHV GHVWHV DVVHQWDPHQWRV FRQILJXUDPRVGLIHUHQWHVWLSRV
(VVDV SDUWLFXODULGDGHV QRV OHYDUDP D LQGDJDU VHR SURFHVVR VRFLDO TXH RULJLQD RV 3&VHUDRPHVPRGRVSURMHWRVGHFRORQL]DomRRXPHVPRWHQGRHVWDQRPHQFODWXUD HOHQmRHUDXPDDomRGHFRORQL]DomR
3DUD UHVSRQGHUPRV D HVWH LQGDJDomR QR &DQWXTXLULJXDoX YLVLWDPRV R 3& ,OKpXVTXHWHYHRULJHPQDH[SURSULDomRGHFRPXQLGDGHVTXHKDELWDYDPLOKDVGRULR 3DUDQiTXDQGRIRLFRQVWUXtGDD8VLQD+LGUHOpWULFDGH,WDLSX6XDWHUULWRULDOLGDGHWHP VLGR GHILQLGD WHQGR FRPR UHIHUrQFLD D RUJDQL]DomR TXH HVWDV IDPtOLDV WLQKDP QDV LOKDV DQWHVGD H[SURSULDomR OHYDQGRVHHP FRQVLGHUDomR GRLV HOHPHQWRV TXH VmR IXQGDPHQWDLVSDUDDUHSURGXomRGHVVHVFDPSRQHVHVDWHUUDHDiJXD
SURFHVVRV VHPHOKDQWHV D H[SURSULDomR GH IDPtOLDV FDPSRQHVDV GHYLGR j FRQVWUXomRGHEDUUDJHQV
'H WDO PDQHLUD RV WLSRV GH DVVHQWDPHQWRV HVWXGDGRV VmR IRUPDQGRV SRU GLVWLQWRVHOHPHQWRVTXHFRPS}HPD4XHVWmR$JUiULDEUDVLOHLUD(OHVFDUDFWHUL]DPD UHVSRVWDGR(VWDGRjVGHPDQGDVTXHVmRDSUHVHQWDGDVSHORFDPSHVLQDWRHPVXDV P~OWLSODVFDUDFWHUtVWLFDV$VVLPHVVDGLVVHUWDomRWUD]XPDFRQWULEXLomRSDUDTXHVH FRQVLGHUHDLPSRUWkQFLDGDUHIRUPDDJUiULDQmRVySDUDRVFDPSRQHVHVVHPWHUUD TXHDSUHVHQWDPVXDVUHLYLQGLFDo}HVQDVRFXSDo}HVGHWHUUDVPDVWDPEpPSDUDRV GHPDLV WLSRV GH FDPSRQHVHV H D GLYHUVLGDGH GRV WHUULWyULRV TXH VmR JHUDGRV QR H[HUFtFLRGRVHXPRGRGHYLGDHSURGXomR
1D ELEOLRJUDILD VREUH RV DVVHQWDPHQWRV UXUDLV EUDVLOHLURV D GLVFXVVmR VREUH WLSRORJLD p VXPiULD &RP HVWH WUDEDOKR WUD]HPRV XPD FRQWULEXLomR SDUD DSURIXQGDUPRV QRVVDV FRPSUHHQV}HV VREUH R DVVXQWR R TXH SRGHUi HPEDVDU IXWXURV HVWXGRV 7UD]HPRV XPD DQiOLVH JHRJUiILFD GD UHIRUPD DJUiULD GHPRQVWUDQGR FRPR RV GLIHUHQWHV WLSRV GH DVVHQWDPHQWRV FRQWULEXHP SDUD TXH R FDPSHVLQDWRFRQTXLVWHHSURFXUHPDQWHUGRPtQLRVREUHWHUULWyULRV
'H WDO PDQHLUD RUJDQL]DPRV D GLVVHUWDomR HP RLWR FDStWXORV SRU PHLR GRV TXDLVEXVFDPRVUHODFLRQDUWHRULDHUHDOLGDGH
2 SULPHLUR FDStWXOR p GHGLFDGR j DSUHVHQWDomR GRV SURFHGLPHQWRV PHWRGROyJLFRVTXHIRUDPXWLOL]DGRVQDHODERUDomRGRWUDEDOKR(VVHVSURFHGLPHQWRV HQJOREDP D UHYLVmR ELEOLRJUiILFD H GRFXPHQWDO D GHILQLomR GRV FULWpULRV XWLOL]DGRV QRVWUDEDOKRVGHFDPSRHRWUDWDPHQWRFRPRVGDGRVTXDQWLWDWLYRV
1R FDStWXOR GHVWDFDPRV D GLYHUVLGDGH GRV DVVHQWDPHQWRV UXUDLV H VXD LPSRUWkQFLD SDUD WHUULWRULDOL]DomR FDPSRQHVD QR %UDVLO 'HPRQVWUDPRV FRPR D DWXDomR GRV PRYLPHQWRV VRFLRWHUULWRULDLV SRU PHLR GDV RFXSDo}HV GH WHUUDV p D SULQFLSDO UHVSRQViYHO SHOD LPSODQWDomR GRV DVVHQWDPHQWRV 'H DFRUGR FRP D PXGDQoD GR IRFR GHVVDV RFXSDo}HV WDPEpP SRGHPRV REVHUYDU PXGDQoDV QD GHILQLomRGDUHIRUPDDJUiULD$LQGDQHVWHFDStWXOREXVFDPRVGHILQLURTXHVmRRV DVVHQWDPHQWRV UXUDLV H DSUHVHQWDPRV DOJXPDV FDUDFWHUtVWLFDV GDV SROtWLFDV GH REWHQomRHGRVWLSRV
DSUHVHQWDomR p IHLWD SRU PHLR GD SURGXomR GRV LQWHOHFWXDLV GDV LQVWLWXLo}HV H PRYLPHQWRV VRFLRWHUULWRULDLV H GRV JRYHUQRV EUDVLOHLURV &RP EDVH QHVVDV DERUGDJHQV EXVFDPRV WHU UHIHUrQFLDV SDUD SRVWHULRUPHQWH WHFHUPRV XPD LQWHUSUHWDomRVREUHDDWXDOLGDGHGDUHIRUPDDJUiULDQR%UDVLO
1R FDStWXOR GHPRQVWUDPRV QRVVD FRPSUHHQVmR VREUH RV FRQFHLWRV GH WHUULWyULRHWHUULWRULDOLGDGHTXHVmRFHQWUDLVQDSHVTXLVD$TXLGHVWDFDPRVTXHVW}HV LPSRUWDQWHVFRPRDPXOWLGLPHQVLRQDOLGDGHHDPXOWLHVFDODULGDGHGRVWHUULWyULRVSDUD D LQWHUSUHWDomR GDV GLIHUHQoDV HQWUH RV WLSRV GH DVVHQWDPHQWRV 1HVWD GLVFXVVmR WDPEpP GHPRQVWUDPRV TXDO D YLVmR GH WHUULWyULR TXH R 0LQLVWpULR GR 'HVHQYROYLPHQWR $JUiULR 0'$ DGRWRX QD HODERUDomR GD SROtWLFD GH WHUULWyULRV UXUDLV QD TXDO R7HUULWyULR &DQWXTXLULJXDoXHVWi LQVHULGR (QTXDQWR HQWHQGHPRV R WHUULWyULRSRUPHLRGDVUHODo}HVGHSRGHUR0'$RHQWHQGHFRPRXPHVSDoRItVLFR 3RU LVVR PRVWUDPRV D LPSRUWkQFLD GH FRQVLGHUDUPRV RV GLIHUHQWHV WLSRV GH WHUULWyULRV LQFOXLQGR RV HVSDoRV GH JRYHUQDQoD DV SURSULHGDGHV H RV WHUULWyULRV IOX[RVSDUDQmRQHJDUPRVDVGLIHUHQoDVHQWUHDVFODVVHVVRFLDLVQDHODERUDomRGH SROtWLFDVS~EOLFDV
2VUHVXOWDGRVGDDQiOLVHVREUHRVWLSRVGHDVVHQWDPHQWRVHVWmRFRQWLGDVQRV FDStWXORVHGHVWDGLVVHUWDomR(PFDGDXPGHVVHVFDStWXORVWUDWDPRVGHXP WLSRGHDVVHQWDPHQWRFRQVLGHUDQGRDWHUULWRULDOL]DomRGHOHVHPHVFDODQDFLRQDOR SURFHVVR GH FRQTXLVWD GR WHUULWyULR H D WHUULWRULDOLGDGH FRP HQIRTXH QDV VHJXLQWHV GLPHQV}HVGRWHUULWyULRVRFLDOHFRQ{PLFDSROtWLFDHDPELHQWDO
3RU ILP QR RLWDYR FDStWXOR QRV DSRLDPRV QRV UHVXOWDGRV TXDQWLWDWLYRV H TXDOLWDWLYRV SDUD ID]HU XPD DQiOLVH GD DWXDOLGDGH GD UHIRUPD DJUiULD EUDVLOHLUD 'HPRQVWUDPRV FRPR D GHILQLomR GR FRQFHLWR GH UHIRUPD DJUiULD SRGH VHU IHLWD OHYDQGRVH HP FRQVLGHUDomR DOJXQV HOHPHQWRV RX QmR GHSHQGHQGR GD SRVLomR SROtWLFDGRVHXIRUPXODGRU7HFHPRVXPDDERUGDJHPTXHGHPRQVWUDDQHFHVVLGDGH GH VH HQWHQGHU j UHIRUPD DJUiULD SDUD DOpP GRV DVVHQWDPHQWRV RULXQGRV GD GHVDSURSULDomRGHWHUUDVWRGDYLDVHPGHVFRQVLGHUDHVWDFRPRRPHLRPDLVHILFD] GHHIHWLYiOD
&$3Ë78/2,
0HWRGRORJLD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'HPRQVWUDPRVQHVWHSULPHLURFDStWXORDPHWRGRORJLDXWLOL]DGDSDUDDFRQIHFomRGHVVDGLVVHUWDomR 'HVWDFDPRV WDQWR RV FULWpULRV GH RUGHP WHyULFD TXH HPEDVDUDP RV UHVXOWDGRV DTXL DSUHVHQWDGRV TXDQWRRV GHRUGHPWpFQLFD'HGLFDPRVHVSHFLDO DWHQomR jFRQWULEXLomRWUD]LGDSHOR'DWDOXWD SRU PHLRGRTXDOWLYHPRVXPDDPSODFRPSUHHQVmRGDGLYHUVLGDGHGHWLSRVGHDVVHQWDPHQWRVUXUDLVQR %UDVLO
$ SULPHLUD HWDSD GD HODERUDomR GHVWD GLVVHUWDomR IRL FRQVWLWXtGD SHOR OHYDQWDPHQWR OHLWXUD H GLVFXVVmR GD ELEOLRJUDILD SDUD D IXQGDPHQWDomR WHyULFD PHWRGROyJLFD H HPStULFD 2V SULQFLSDLV WHPDV OHYDQWDGRV IRUDP UHIRUPD DJUiULD DVVHQWDPHQWRVUXUDLVFRQFHLWRVGHWHUULWyULRHWHUULWRULDOLGDGHHTXHVWmRDJUiULDQR HVWDGRGR3DUDQi$SURIXQGDPRVRFRQKHFLPHQWRVREUHHVVHVWHPDVSRUPHLRGH FRQVXOWDVDVtWLRVGD,QWHUQHWHDRDFHUYRGHMRUQDLVGR'DWDOXWD
e LPSRUWDQWH IULVDU TXH DLQGD QHVWD HWDSD WLYHPRV DFHVVR DRV 3ODQRV GH 'HVHQYROYLPHQWR GR $VVHQWDPHQWR 3'$V GRV 3$V ,UHQR $OYHV GRV 6DQWRV H 0DUFRV)UHLUHHDR3ODQRGH&RQVROLGDomR$PELHQWDO3&$GR3$&HOVR)XUWDGR (VVHV PDWHULDLV IRUDP FHGLGRV SHOD VXSHULQWHQGrQFLD GR ,QVWLWXWR 1DFLRQDO GH &RORQL]DomRH5HIRUPD$JUiULD,QFUDGRHVWDGRGR3DUDQiHQRVSRVVLELOLWRXXP PDLRU DSURIXQGDPHQWR GDV LQIRUPDo}HV VREUH RV 3$V &RQWXGR D PHVPD VXSHULQWHQGrQFLD QmRSRVVXtD PDWHULDLV VREUH R 3& HVWXGDGR PHVPR VHQGR HVWH DGPLQLVWUDGRSHOR,QFUD
4XDQGR VROLFLWDPRV j &RSHO PDWHULDLV VREUH RV 35%V $JURLEHPD H 7UrV %DUUDV HVWD SHGLX TXH HQYLiVVHPRV XP RItFLR VROLFLWDQGR DV LQIRUPDo}HV TXH GHVHMiYDPRV(VWHRItFLRIRLHQYLDQGRSRUpPQmRUHFHEHPRVUHVSRVWD3RUGLYHUVDV YH]HV HQWUDPRV HP FRQWDWR FRP R VHWRU UHVSRQViYHO SHORV DVVHQWDPHQWRV GHQWUR GHVGHyUJmRHVWDWDOSRUpPVHPREWHUUHVSRVWD
$VHJXQGDHWDSDFRQVWLWXLVHGDVLVWHPDWL]DomRGRVGDGRVHLQIRUPDo}HVGR 'DWDOXWDSDUDTXDOLILFDomRHDQiOLVHVREUHRVWLSRVGHDVVHQWDPHQWRV2'DWDOXWDp GLYLGR HP FDWHJRULDV FRPR PRYLPHQWRV VRFLRWHUULWRULDLV RFXSDo}HV GH WHUUDV DVVHQWDPHQWRV UXUDLV H HVWUXWXUD IXQGLiULD $SHVDU GH WDPEpP XWLOL]DUPRV GDGRV VREUH PRYLPHQWRV H RFXSDo}HV QHVWH WUDEDOKR RV DVVHQWDPHQWRV IRUDP R IRFR SULQFLSDOGDSHVTXLVDSRUWDQWRpLPSRUWDQWHH[SOLFDUPRVDOJXQVFULWpULRVGR'DWDOXWD SDUDRHVWXGRGRVDVVHQWDPHQWRVUXUDLV
$JUXSDPRV RV DVVHQWDPHQWRV HP GRLV PRGHORV GH UHIRUPD DJUiULD D 5HIRUPD$JUiULDDSOLFDGDGHPDQHLUD³FRQYHQFLRQDO´5$TXDQGRRJRYHUQRDUFD FRP R {QXV GD LPSODQWDomR GR DVVHQWDPHQWR H D 5HIRUPD $JUiULD GH 0HUFDGR 5$0TXHRFRUUHTXDQGRRVDVVHQWDPHQWRVVmRSDJRVSHORVFDPSRQHVHVDWUDYpV GH ILQDQFLDPHQWRV VXEVLGLDGRV SHOR %DQFR 0XQGLDO 2V GDGRV VREUH D 5$ VmR FHGLGRVSHOR,QFUDHRVGD5$0SHOR31&)
1RV GDGRV GD 5$ FRQVLGHUDPRV FRPR DQR GH RULJHP GR DVVHQWDPHQWR SULPHLUR D GDWD HP TXH D WHUUD p REWLGD SHOR JRYHUQR H HP VHJXQGR D GDWD GH FULDomR$PEDVSRGHPVHULJXDLVRXGLIHUHQWHVFRQWXGRQXQFDD GDWD GH FULDomR VHUiPHQRUGRTXHDGDWDGHREWHQomR$RSomRSHODGDWDGHREWHQomRGDWHUUDp IHLWDSHORIDWRGHDWUDYpVGHODHQWHQGHUPRVDLQWHQomRGHGHWHUPLQDGRJRYHUQRGH WUDQVIHULUWHUUDVVREVHXGRPtQLRRXVRERGRPtQLRGHSDUWLFXODUHVjUHIRUPDDJUiULD PDVWDPEpPSDUD
1RTXHWDQJHjTXDQWLGDGHGHIDPtOLDVDVVHQWDGDV RSWDPRVSULPHLUDPHQWH SHOD FDSDFLGDGH GH IDPtOLDV GR DVVHQWDPHQWR H FDVR QmR H[LVWLU HVVH GDGR XWLOL]DPRVRQ~PHURGHIDPtOLDVDVVHQWDGDV-XOJDPRVPDLVFRHUHQWHFRQVLGHUDUD FDSDFLGDGHGHIDPtOLDVFRPRDSULPHLUDLQIRUPDomRDVHFRQVLGHUDUSHORIDWRGHVVD GLILFLOPHQWHVHUDOWHUDGD-iRQ~PHURGHIDPtOLDVSRGHYDULDUGHYLGRjH[LVWrQFLDGH DJUHJDGRVQRVORWHV
$OpPGHVVHVVmRFRQVLGHUDGDVDSROtWLFDGHREWHQomRGRVDVVHQWDPHQWRVHD VXDWLSRORJLD$SROtWLFDGHREWHQomRpRSURFHVVRTXHJHUDDUHIRUPDDJUiULDHD WLSRORJLDGiFRQWH~GRDHOH1R'DWDOXWDGLYLGLPRVRVDVVHQWDPHQWRVHPSROtWLFDV GHREWHQomRTXHVmRDVVHJXLQWHV
4XDGUR%UDVLO3ROtWLFDVGH2EWHQomRGH7HUUDV 3ROtWLFDVGH2EWHQomRGH7HUUDV
$GMXGLFDomR &HVVmR &RPSUD &RQILVFR 'HVDSURSULDomR
'RDomR ,QFRUSRUDomR 5HFRQKHFLPHQWR
7UDQVIHUrQFLD
2VWLSRVGHDVVHQWDPHQWRVmRDRWRGR4XDGUR(OHVGHPRQVWUDPD GLYHUVLGDGH GH FDPSRQHVHV H WHUULWyULRV TXH HVWmR UHODFLRQDGRV FRP D UHIRUPD DJUiULDQDDWXDOLGDGH
4XDGUR±%UDVLO7LSRORJLDGH$VVHQWDPHQWRVGH5HIRUPD$JUiULD
6,*/$ 7,326'(352-(726'($66(17$0(1725$ Ï5*25(63216È9(/
3$ 3URMHWRGH$VVHQWDPHQWR)HGHUDO ,1&5$,167,78726'(7(55$6(67$'8$,6 3$( 3URMHWRGH$VVHQWDPHQWRV$JURH[WUDWLYLVWD ,1&5$,167,78726'(7(55$6(67$'8$,6 $4 $VVHQWDPHQWR4XLORPEROD ,1&5$,167,78726'(7(55$6(67$'8$,6 35% 3URMHWRGH5HDVVHQWDPHQWRGHDWLQJLGRVSRUEDUUDJHQV ,1&5$*29(5126(67$'8$,6 3$) 3URMHWRGH$VVHQWDPHQWR)ORUHVWDO ,1&5$ 3'6 3URMHWRGH'HVHQYROYLPHQWR6XVWHQWiYHO ,1&5$ 3$& 3URMHWRGH$VVHQWDPHQWR&RQMXQWR ,1&5$ 3$' 3URMHWRGH$VVHQWDPHQWR'LULJLGR ,1&5$ 3$5 3URMHWRGH$VVHQWDPHQWR5iSLGR ,1&5$ 3& 3URMHWRGH&RORQL]DomR2ILFLDO ,1&5$ 3,& 3URMHWR,QWHJUDGRGH&RORQL]DomR ,1&5$ 3)3 3URMHWR)XQGRGH3DVWR &'$
3( 3URMHWRGH$VVHQWDPHQWR(VWDGXDO 7(55$6(67$'8$,6,167,78726'( 3$0 3URMHWRGH$VVHQWDPHQWR0XQLFLSDO *29(512081,&,3$/ 3&$ 3URMHWRGH$VVHQWDPHQWR&DVXOR *29(512081,&,3$/ )/21$ )ORUHVWDV1DFLRQDLV ,&0ELR 5(6(; 5HVHUYD([WUDWLYLVWD ,&0ELR 5'6 5HVHUYDGH'HVHQYROYLPHQWR6XVWHQWiYHO ,&0ELR )/2( )ORUHVWD(VWDGXDO &(8&6'6 3($(; 3URMHWRGH$VVHQWDPHQWR$JURH[WUDWLYLVWD ,7(53$ )RQWH'DWDOXWD2UJ(VWHYDQ&RFD
,QVWLWXWR&KLFR0HQGHVGH&RQVHUYDomRGD%LRGLYHUVLGDGH
&HQWUR(VWDGXDOGH8QLGDGHVGH&RQVHUYDomR6HFUHWDULDGH(VWDGRGR0HLR$PELHQWHH'HVHQYROYLPHQWR 6XVWHQWiYHO$PD]RQDV
,QVWLWXWRGH7HUUDVGR3DUi
1R TXH VH UHIHUH j 5$0 FRQVLGHUDPRV FRPR R Q~PHUR GH IDPtOLDV D TXDQWLGDGHGHSHVVRDVTXHDFHVVDPDRFUpGLWRGHILQDQFLDPHQWR(PDOJXQVFDVRV LVVR VH Gi XQLWDULDPHQWH GH PDQHLUD FRP TXH FDGD IDPtOLD DVVHQWDGD UHSUHVHQWD XPDVVHQWDPHQWR(PRXWURVRFUpGLWRpDFHVVDGRDWUDYpVGHDVVRFLDo}HVVHQGR TXHRQ~PHURGHPHPEURVGHVVDVpTXHFRQILJXUDRQ~PHURGHIDPtOLDV
2DQRGHRULJHPpRDQRHPTXHRFRQWUDWRGHILQDQFLDPHQWRIRLILUPDGRHQWUH RVFDPSRQHVHVHRyUJmRUHVSRQViYHO
2VWLSRVVmRGHILQLGRVGHDFRUGRFRPDOLQKDGHILQDQFLDPHQWRDFHVVDGD$R WRGRH[LVWHPVHWHOLQKDVILQDQFLDPHQWR4XDGUR
4XDGUR±%UDVLO7LSRORJLDGRV3URMHWRVGH$VVHQWDPHQWRGH5HIRUPD$JUiULDGH 0HUFDGR
7,326'(352-(726'($66(17$0(172 6,*/$ Ï5*25(63216È9(/
3URMHWRGH&pGXODGD7HUUD 3&7 0'$
%DQFRGD7HUUD %7 0'$
&UpGLWR)XQGLiULR &) 0'$ &RPEDWHD3REUH]D5XUDO &35 0'$ &RQVROLGDomRGD$JULFXOWXUD)DPLOLDU &$) 0'$ 1RVVD3ULPHLUD7HUUD&RQVROLGDomRGD$JULFXOWXUD)DPLOLDU 137&$) 0'$ 1RVVD3ULPHLUD7HUUD&RPEDWHD3REUH]D5XUDO 137&35 0'$ )RQWH%DQFRGH'DGRVGD/XWD3HOD7HUUD'$7$/87$
0LQLVWpULRGR'HVHQYROYLPHQWR$JUiULR
1R SURFHGLPHQWR VHJXLQWH UHDOL]DPRV DV YLVLWDV D FDPSR TXDQGR HQWUHYLVWDPRV OLGHUDQoDV GDV IDPtOLDV TXH YLYHP QHVWHV DVVHQWDPHQWRV H DXWRULGDGHV GR 7HUULWyULR &DQWXTXLULJXDoX 8WLOL]DPRV R PpWRGR GH SHVTXLVD TXDOLWDWLYDGHOLQHDGRSRU7ULYLxRV)RUDPHODERUDGRVURWHLURVGHHQWUHYLVWDV XPYROWDGRSDUDRVDVVHQWDGRVRQGHEXVFDPRVFRQKHFHUDWHUULWRULDOLGDGHGHFDGD DVVHQWDPHQWR YLVLWDGR H RXWUR YROWDGR SDUD DXWRULGDGHV GR &DQWXTXLULJXDoX RQGH EXVFDPRVFRQKHFHUDFRQWULEXLomRGRVDVVHQWDPHQWRVSDUDVXDIRUPDomR1RWRWDO HQWUHYLVWDPRV OLGHUDQoDV GRV DVVHQWDGRV H DXWRULGDGHV GR 7HUULWyULR &DQWXTXLULJXDoX
2V UHVXOWDGRV IRUDP DQDOLVDGRV WRPDQGRVH SRU UHIHUrQFLD R HQIRTXH VRFLRWHUULWRULDO FRPR TXHVWmR JHRJUiILFD EXVFDQGR XP PHOKRU UHFRQKHFLPHQWR GD UHDOLGDGHFRPSOH[DHSURFHVVXDO
&$3Ë78/2,,
$GLYHUVLGDGHGRVDVVHQWDPHQWRVUXUDLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1HVWHSULPHLURFDStWXORpGHPRQVWUDGDDFRQWULEXLomRTXHRVDVVHQWDPHQWRVUXUDLVRIHUHFHPSDUDD HIHWLYDomRGDUHIRUPDDJUiULDQR%UDVLO(OHVVmRXPLPSRUWDQWHLQVWUXPHQWRGHWHUULWRULDOL]DomRGRV FDPSRQHVHVTXHOXWDPSHORDFHVVRRXSHODSHUPDQrQFLDQDWHUUD0RVWUDPRVFRPRDVRFXSDo}HV GHWHUUDVVmRDVSULQFLSDLVUHVSRQViYHLVSHODH[LVWrQFLDGRVDVVHQWDPHQWRVLPSODQWDGRVQR%UDVLODWp RPRPHQWR7DPEpPDSUHVHQWDPRVDGLYHUVLGDGHGHSROtWLFDVTXHIRUPDPRVDVVHQWDPHQWRVUXUDLV DWUDYpVGHVXDWLSRORJLDHGDVSROtWLFDVGHREWHQomRGHWHUUDVXWLOL]DGDVTXDQGRVmRRULJLQDGRV
$ LPSRUWkQFLD GD OXWD SHOD WHUUD SDUD D FRQTXLVWD GRV DVVHQWDPHQWRV UXUDLV
1R%UDVLODVOXWDVSHORDFHVVRRXSHUPDQrQFLDQDWHUUDHVWmRSUHVHQWHVHP WRGDV DV PDFURUUHJL}HV QmR VH OLPLWDQGR DR FDPSR PDV FKHJDQGR WDPEpP jV IORUHVWDV H jV iUHDV XUEDQDV (VVDV OXWDV VmR DV SULQFLSDLV UHVSRQViYHLV SHOD LPSODQWDomRGRVDVVHQWDPHQWRVUXUDLVQRSDtV)(51$1'(61DDXVrQFLD GHXPSURJUDPDGHUHIRUPDDJUiULDTXHJDUDQWDWHUUDDRVFDPSRQHVHVH[SURSULDGRV RX HP YLDV GH H[SURSULDomR GH VHXV WHUULWyULRV D OXWD SHOD WHUUD VXUJH FRPR DOWHUQDWLYD SDUD JDUDQWLU D UHSURGXomR VRFLDO GR FDPSHVLQDWR 2X VHMD R SULQFLSDO IDWRU SDUD D LPSODQWDomR GRV DVVHQWDPHQWRV UXUDLV QmR p D LQLFLDWLYD GR *RYHUQR )HGHUDO GH HVWDGRV RX PXQLFtSLRV H VLP R SURWDJRQLVPR GRV PRYLPHQWRV VRFLRWHUULWRULDLV
$OXWDSHODWHUUDpFRPSRVWDSRUYiULDVWiWLFDVXWLOL]DGDVSHORVFDPSRQHVHVQD EXVFD SHOD PDQXWHQomR GR VHX PRGR GH YLGD H SURGXomR 'HQWUH HVWDV WiWLFDV D PDLV XWLOL]DGD p D RFXSDomR GH WHUUDV (OD H[S}H R FRQIOLWR HQWUH RV PRGHORV GH GHVHQYROYLPHQWR GR FDPSHVLQDWR H GR FDSLWDO $ WHQGrQFLD GR FDSLWDO GH H[SDQGLU VHXVWHUULWyULRVSDUDTXHRVOXFURVGDVHPSUHVDVHJUDQGHVSURSULHWiULRVVHWRUQHP FDGD YH] PDLRUHV FRORFD R FDPSHVLQDWR HP XPD IXQomR GH VXEDOWHUQLGDGH H FRPSOHPHQWDULGDGH QHVWH SURFHVVR 2 FDPSHVLQDWR p FRQVLGHUDGR FRPR SDUWH GR GHVHQYROYLPHQWRFDSLWDOLVWDHQmRFRPRGHWHQWRUGHXPDSURSRVWDDOWHUQDWLYD(VWH IDWRQmRpQRYRRFDSLWDOLVPRVHMDTXDOIRUVXDIDFHWDQRFDPSRWHPXWLOL]DGRD WiWLFD GH VH DSURSULDU GD WHUUD H GR WUDEDOKR GRV FDPSRQHVHV SDUD VHX GHVHQYROYLPHQWR H H[SDQVmR ,VVR GHPRQVWUD R FDUiWHU GR GHVHQYROYLPHQWR FDSLWDOLVWDQRFDPSRTXHpFRQWUDGLWyULRHGHVLJXDO
DVXDFDSDFLGDGHGHRIHUWDUDOLPHQWRVSDUDDFUHVFHQWHSRSXODomR2ODWLI~QGLRHUD XP WHUULWyULR D VHU RFXSDGR SDUD TXH VH IRVVHP FULDGDV RXWUDV SROtWLFDV GH GHVHQYROYLPHQWR SDUD R SDtV HP HVSHFLDO D UHIRUPD DJUiULD $V OXWDV UHDOL]DGDV SHORV PRYLPHQWRV VRFLRWHUULWRULDLV WLQKDP FRPR SULQFLSDO IRFR R FRPEDWH DR ODWLI~QGLR H D UHIRUPD DJUiULD DSDUHFLD FRPR XPD DOWHUQDWLYD GH GLQDPL]DU D SURGXomR GH DOLPHQWRV DWUDYpV GD RFXSDomR GH iUHDV TXH QmR HUDP H[SORUDGDV HFRQRPLFDPHQWH
1DGpFDGDGHRPHVPRHVTXHPDGHH[SORUDomRGRFDPSRUHFHEHXP QRYRQRPHDJURQHJyFLR(UDDWHQWDWLYDGHGDUXPFDUiWHUSURGXWLYLVWDDRODWLI~QGLR MXVWLILFDUHJDUDQWLUDRSomRSHORPRGHORFDSLWDOLVWDGHGHVHQYROYLPHQWRQRFDPSR &RP LVVR IRL GHVHQFDGHDGD XPD VpULH GH SURFHVVRV TXH FDXVDUDP JUDQGHV LPSDFWRV QR PHLR UXUDO D VXEVWLWXLomR GR WUDEDOKR KXPDQR SHOR PHFDQL]DGR D XWLOL]DomRGHQRYDVWpFQLFDVGHPDQHMRHFXOWLYRDLQFRUSRUDomRGHQRYDViUHDVDR SURFHVVR SURGXWLYR R FUHVFLPHQWR TXDQWLWDWLYR GD SURGXomR HWF 7RGDYLD FRP R DJURQHJyFLR R FDUiWHU FRQFHQWUDGRU GR ODWLI~QGLR QmR GHL[RX GH H[LVWLU HOH IRL PRGLILFDGR ³+RXYH R DSHUIHLoRDPHQWR GR SURFHVVR PDV QmR D VROXomR GRV SUREOHPDV R ODWLI~QGLR HIHWXD D H[FOXVmR SHOD LPSURGXWLYLGDGH R DJURQHJyFLR SURPRYH D H[FOXVmR SHOD LQWHQVD SURGXWLYLGDGH´ )(51$1'(6 S (QTXDQWR R ODWLI~QGLR FRQFHQWUD DSHQDV D WHUUD R DJURQHJyFLR YDL DOpP FRQFHQWUDQGRWDPEpPDVWHFQRORJLDVGHSURGXomRHDVSROtWLFDVGHGHVHQYROYLPHQWR )(51$1'(6
&RPRMiDSRQWDGRSRU)HUQDQGHVH:HOFKDVSULPHLUDVIRUPXODo}HV VREUH R FRQFHLWR GH DJURQHJyFLR IRUDP IHLWDV SRU 'DYLV H *ROGEHUJ (OHV FRQVLGHUDP R DJURQHJyFLR FRPR XP FRPSOH[R TXH XQH RV VLVWHPDV DJUtFROD LQGXVWULDO PHUFDQWLO H ILQDQFHLUR &RQWXGR p LPSRUWDQWH IULVDU TXH HOHV WUDWDP GD UHDOLGDGH HVWDGXQLGHQVH QD GpFDGD GH 1DTXHOH SDtV Mi QHVWD pSRFD RV VLVWHPDVKDYLDPVHXQLGRSRUpPQR%UDVLOLVVRVy RFRUUHULDQDGpFDGDGH 3RU LVVR FRQVLGHUDPRV TXH p D SDUWLU GD GpFDGD GH TXH R DJURQHJyFLR p HIHWLYDGRQR%UDVLOFDXVDQGRPXGDQoDVQRFDPSRHGDQGRXPFDUiWHUSURGXWLYLVWD DRODWLI~QGLR
DPSOLWXGHTXHVWLRQDQGRDVSROtWLFDVGHGHVHQYROYLPHQWRSDUDRFDPSRTXHQDVXD JUDQGHPDLRULDHVWmRDWUHODGDVDRSURFHVVRGHH[SDQVmRGRFDSLWDO
$VVLPDVRFXSDo}HVFRPRWiWLFDVGHOXWDSHODWHUUDHVWDEHOHFHPRFRQIOLWR HQWUHRFDPSHVLQDWRHRFDSLWDOWHQGRFRPRPHGLDGRUR(VWDGReRFRQIOLWRVREUH TXDO WLSR GH H[SORUDomR VHUi GDGR j SURSULHGDGH GD WHUUD VH DR FDSLWDO RX DR FDPSHVLQDWRVHQGRTXHR(VWDGRDJHFRPRUHJXODGRUGHWDOSURFHVVR
e LPSRUWDQWH IULVDU TXH D &RQVWLWXLomR )HGHUDO EUDVLOHLUD HODERUDGD QR DQR HVWDEHOHFHTXHDVSURSULHGDGHVGHYHPREHGHFHU DXPDIXQomRVRFLDOFDVR FRQWUiULR VH WRUQDP SDVVtYHLV GH GHVDSURSULDomR SDUD ILQV GH UHIRUPD DJUiULD e QHVWD KLSyWHVH GH QmR FXPSULPHQWR GD IXQomR VRFLDO TXH RV PRYLPHQWRV VRFLRWHUULWRULDLV VH DSHJDP SDUD FULDUHP R FRQIOLWR DWUDYpV GD RFXSDomR GHVWDV UHLYLQGLFDQGRDVXDGHVDSURSULDomR'HDFRUGRFRPRDUWLJRGD&RQVWLWXLomRDV SURSULHGDGHVGHYHPREHGHFHUDTXDWURUHTXLVLWRVSDUDFXPSULUHPFRPVXDIXQomR VRFLDO,DSURYHLWDPHQWRUDFLRQDOHDGHTXDGR,,XWLOL]DomRDGHTXDGDGRVUHFXUVRV QDWXUDLV GLVSRQtYHLV H SUHVHUYDomR GR PHLR DPELHQWH ,,, REVHUYkQFLD GDV GLVSRVLo}HV TXH UHJXODP DV UHODo}HV GH WUDEDOKR ,9 H[SORUDomR TXH IDYRUHoD R EHPHVWDUGRVSURSULHWiULRVHGRVWUDEDOKDGRUHV7RGDYLDQRLQFLVR,,GRDUWLJR GHVWDPHVPD&RQVWLWXLomRpHVWDEHOHFLGRTXHDVSURSULHGDGHVSURGXWLYDVQmRVmR VXVFHWtYHLV GH GHVDSURSULDomR SDUD UHIRUPD DJUiULD GDQGR PDUJHP SDUD TXH H[LVWDPYDULDGDVLQWHUSUHWDo}HVVREUHDVSRVVLELOLGDGHVGHGHVDSURSULDomRGHWHUUDV SDUDILQVGHUHIRUPDDJUiULDQD&RQVWLWXLomR)HGHUDO%5,72
'HXPODGRDOJXQVGHIHQGHPTXHEDVWDDSURSULHGDGHREHGHFHUDRVFULWpULRV GHSURGXWLYLGDGHSDUDFXPSULUFRPVXDIXQomRVRFLDO'HRXWURKiTXHHQWHQGDTXH FDVRVHMDGHVREHGHFLGRDOJXPGRVGLVSRVLWLYRVGRDUWLJRDSURSULHGDGHGHL[DGH FXPSULUFRPVXDIXQomRVRFLDO$SRLDGRVQHVWDODFXQDGHL[DGDSHOD&RQVWLWXLomRRV PRYLPHQWRVVRFLRWHUULWRULDLVWrPDPSOLDGRVXDVDo}HVSDUDDOpPGDVSURSULHGDGHV LPSURGXWLYDV7HPVLGRUHDOL]DGDVRFXSDo}HVGHWHUUDVHPSURSULHGDGHVRQGHVmR GHVREHGHFLGDV DV OHLV DPELHQWDLV RQGH VmR HQFRQWUDGDV VLWXDo}HV GH WUDEDOKR HVFUDYRHRXWURVFDVRV
VXtoD6\QJHQWD 6HHGV 2V FDPSRQHVHV UHLYLQGLFDYDP D GHVDSURSULDomR GD iUHD GHYLGRDRIDWRGHDHPSUHVDSUDWLFDUH[SHULPHQWRVFRPVHPHQWHVWUDQVJrQLFDVHP XPDiUHD LQVHULGD QD ]RQD GH DPRUWHFLPHQWR GR 3DUTXH 1DFLRQDO GR ,JXDoXIDWR TXHQmRHUDSHUPLWLGRSHOD/HLGH%LRVVHJXUDQoD2HVWDEHOHFLGRSHOD/HLHUDTXH RV H[SHULPHQWRV GH WDO WLSR Vy SRGHULDP VHU UHDOL]DGRV VH REHGHFHVVHP D XPD GLVWkQFLD PtQLPD GH NP GH SDUTXHV H XQLGDGHV GH FRQVHUYDomR R TXH QmR DFRQWHFLD QHVWH FDVR Mi TXH D GLVWkQFLD HUD GH DSHQDV NP )$%5,1, 5226 H 0$548(6
&RP D RFXSDomR RV FDPSRQHVHV IRUPDUDP R DFDPSDPHQWR SHUPDQHQWH ³7HUUD/LYUH´FREUDQGRDGHVDSURSULDomRGDiUHDSDUDILQVGHUHIRUPDDJUiULD&RPR UHDomR D RFXSDomR XPD PLOtFLD DUPDGD FRQWUDWDGD SHOD6\QJHWD SURPRYHX XP DWDTXHDRDFDPSDPHQWRDWLQJLQGRFRPWLURVDOJXQVGRVDFDPSDGRVHFDXVDQGRD PRUWHGRDJULFXOWRU9DOPLU0RWDGH2OLYHLUDFRQKHFLGRFRPR.HQR(VWHIDWRUHQGHX QRWRULHGDGHLQWHUQDFLRQDODRFRQIOLWR'HSRLVGHPXLWDSUHVVmRD6\QJHQWDUHSDVVRX DiUHDDRJRYHUQRGRHVWDGRGR3DUDQiSRUPHLRGR,DSDU,QVWLWXWR$JURQ{PLFRGR 3DUDQi H QR DQR GH IRL LQDXJXUDGR QR PHVPR OXJDU R &HQWUR GH (QVLQR H 3HVTXLVDHP$JURHFRORJLD9DOPLU0RWDGH2OLYHLUD
(VWH H[HPSOR HOXFLGD TXH DV RFXSDo}HV GH WHUUDV QD DWXDOLGDGH WrP UHSUHVHQWDGR QmR DSHQDV XP PHLR GH DFHVVR D WHUUD PDV SULQFLSDOPHQWH XPD IRUPDGHFRQWHVWDURDWXDOPRGHORGHGHVHQYROYLPHQWR1mRVHTXHVWLRQDPDLVVH HVWmR VHQGR SURGX]LGRV DOLPHQWRV RX QmR FRPR QD pSRFD HP TXH R DOYR GDV RFXSDo}HV HUD ODWLI~QGLR 4XHVWLRQDVH DJRUD TXDLV DV UHODo}HV VRFLDLV TXH GmR RULJHP D HVWD SURGXomR &RQWXGR p LPSRUWDQWH GHVWDFDU TXH D PDLRU SDUWH GRV FDVRVGHGHVDSURSULDomRGHWHUUDVRFRUUHGHYLGRDLPSURGXWLYLGDGH
8PLPSRUWDQWHIDWRUGDVRFXSDo}HVGHWHUUDDSRQWDGRSRU)HUQDQGHV SpTXHHODVSRVVLELOLWDPDUHFULDomRGRFDPSHVLQDWRMiTXH
(P VXD UHSURGXomR DPSOLDGD R FDSLWDO QmR SRGH DVVDODULDU D WRGRV H[FOXLQGR VHPSUH JUDQGH SDUWH GRV WUDEDOKDGRUHV 'D PHVPD IRUPD QD UHDOLGDGH EUDVLOHLUD R FDSLWDO HP VHX SURFHVVR FRQWUDGLWyULR GH UHSURGXomR GDV UHODo}HV QmR ± FDSLWDOLVWDV QmR UHFULD QD PHVPD LQWHQVLGDGH FRP TXH H[FOXL $VVLP SRU PHLR GD RFXSDomR GD WHUUD RV WUDEDOKDGRUHV VH UHVVRFLDOL]DP OXWDQGR FRQWUD R FDSLWDO H VH VXERUGLQDQGR D HOH SRUTXH DR RFXSDUHP H FRQTXLVWDUHP D WHUUD VH UHLQVHUHP QDSURGXomRFDSLWDOLVWD GDV UHODo}HVQmRFDSLWDOLVWDVGHSURGXomR0DUWLQV
QD UHVLVWrQFLD FRQWUD R SURFHVVR GH H[FOXVmR RV WUDEDOKDGRUHV FULDP XPD IRUPD SROtWLFD SDUD VH UHVVRFLDOL]DUHP OXWDQGR SHOD WHUUD H FRQWUD R DVVDODULDPHQWRTXHpDRFXSDomRGDWHUUD3RUWDQWRDOXWDSHODWHUUDpXPD OXWD FRQVWDQWH FRQWUD R FDSLWDO e D OXWD FRQWUD D H[SURSULDomR H FRQWUD D H[SORUDomR ( D RFXSDomR p XPD DomR TXH RV WUDEDOKDGRUHV VHPWHUUD GHVHQYROYHPOXWDQGRFRQWUDDH[FOXVmRFDXVDGDSHORVFDSLWDOLVWDVHRXSHORV SURSULHWiULRVGHWHUUD$RFXSDomRpSRUWDQWRXPDIRUPDGHPDWHULDOL]DomR GDOXWDGHFODVVHV
3RUWDQWR DV RFXSDo}HV GH WHUUD WrP VLGR GH YLWDO LPSRUWkQFLD SDUD TXH R WUDEDOKR GH EDVH IDPLOLDU QmR VHMD VXSULPLGR SHOR DVVDODULDGR JDUDQWLGR D UHSURGXomR VRFLDO GRV FDPSRQHVHV (QWHQGHU R VHX VLJQLILFDGR p GH IXQGDPHQWDO LPSRUWkQFLDSDUDFRQKHFHUPRVDGLYHUVLGDGHGDVSROtWLFDVGHDVVHQWDPHQWRVUXUDLV SRLVRVWLSRVGHDVVHQWDPHQWRUHIOHWLUmRRVREMHWLYRVWUDoDGRVSHORVFDPSRQHVHVQD OXWDSHODWHUUDHRXSHODSHUPDQrQFLDQHOD$RPHVPRWHPSRHPTXHDOXWDJDQKD PDLRU DPSOLWXGH WDPEpP RV SURMHWRV GH DVVHQWDPHQWRV LUmR PXGDU 6mR DV GHPDQGDVH[SUHVVDVSHORVFDPSRQHVHVTXHFRQILJXUDUmRDGLYHUVLGDGHGDUHIRUPD DJUiULD
$ LPSRUWkQFLD GRV DVVHQWDPHQWRV UXUDLV SDUD D WHUULWRULDOL]DomR FDPSRQHVD
2VDVVHQWDPHQWRVUXUDLVSRVVXHPXPDJUDQGHLPSRUWkQFLDSDUDDHIHWLYDomR GD UHIRUPD DJUiULD QR %UDVLO (OHV VmR FRQVHTrQFLD GD OXWD GR FDPSHVLQDWR SHOD WHUUD UHSUHVHQWDQGR UHDOLGDGHV GLVWLQWDV H FRPSOH[DV $R PHVPR WHPSR HP TXH SRVVLELOLWDPRDFHVVRHDJDUDQWLDGDWHUUDWDPEpPUHSUHVHQWDPRGHVDILRGHQHOD SHUPDQHFHUGHJDUDQWLUDOLPHQWRPRUDGLDHUHQGDSDUDDVIDPtOLDVDVVHQWDGDV$ PDQHLUD FRPR VmR LPSODQWDGRV VHX VLJQLILFDGR SDUD D YLGD GRV FDPSRQHVHV DVVHQWDGRV H SDUD R FDPSR GH PDQHLUD JHUDO VmR DVVXQWRV TXH GHYHP VHU HOXFLGDGRVSDUDFRQKHFHUPRVRVLJQLILFDGRGDUHIRUPDDJUiULDQDDWXDOLGDGH
DVVHQWDPLHQWRVQD9HQH]XHOHHQR&KLOHRVHMLGRVQR0p[LFRRVNLEXW]HPRVKRY HP,VUDHODDXWRJHVWmRQD,XJXVOiYLDGHQWUHRXWURV
1R %UDVLO FRQIRUPH 'HOJDGR DV OHLV UHIHUHQWHV j UHIRUPD DJUiULD SRXFDVUHIHUrQFLDVID]HPDRVDVVHQWDPHQWRVUXUDLV1R(VWDWXWRGD7HUUDGH ³QmR HQFRQWUDPRV R WHUPR ³DVVHQWDPHQWR´ PDV D SURSULHGDGH IDPLOLDU ³D FRORQL]DomR´ D ³HPSUHVD UXUDO´ HWF ³$ /HL DWXDO GD 5HIRUPD $JUiULD p PXLWR HFRQ{PLFDFRPRFRQFHLWRGHDVVHQWDPHQWRFLWDQGRRXPDVyYH]QRVHXDUWLJR VHPGHILQLORSUHYLDPHQWH´S
8PDGHILQLomRPDLVHVFODUHFHGRUDpGDGDQD3RUWDULDQGH HODERUDGDSHOR0'$RQGHRDVVHQWDPHQWRUXUDOpGHILQLGRFRPR
8QLGDGH 7HUULWRULDO REWLGD SHOR 3URJUDPD GH 5HIRUPD $JUiULD GR JRYHUQR IHGHUDO RX HP SDUFHULD FRP HVWDGRV RX FRP PXQLFtSLRV PHGLDQWH GHVDSURSULDomR DUUHFDGDomR GH WHUUDV S~EOLFDV DTXLVLomR GLUHWD GRDomR UHYHUVmRDRSDWULP{QLRS~EOLFRRXSRUILQDQFLDPHQWRGHFUpGLWRVIXQGLiULRV SDUD UHFHEHU HP VXDV YiULDV HWDSDV LQGLYtGXRV VHOHFLRQDGRV SHORV SURJUDPDVGHDFHVVRjWHUUD%5$6,/
1HVVD GHILQLomR QRV p PRVWUDGD D GLYHUVLGDGH GH SROtWLFDV IXQGLiULDV GHQRPLQDGDVFRPRDVVHQWDPHQWRVUXUDLV(OHVQmRVmRRULJLQiULRVXQLFDPHQWHGDV Do}HV IHGHUDLV PDV WDPEpP HVWDGXDLV H PXQLFLSDLV 0XLWRV GRV DVVHQWDPHQWRV FULDGRV SRU HVWDGRV H PXQLFtSLRV VmR SRVWHULRUPHQWH UHFRQKHFLGRV SHOR *RYHUQR )HGHUDOSDUDTXHRVEHQHILFLiULRVDVVHQWDGRVSRVVDPWHUDFHVVRDRVUHFXUVRVH DVVLVWrQFLDWpFQLFDRIHUHFLGRVQRVSURJUDPDVGDUHIRUPDDJUiULD2VDVVHQWDPHQWRV QmR VmR RULJLQiULRV XQLFDPHQWH GDV Do}HV GH GHVDSURSULDomR GH WHUUDV PDV WDPEpP SRU PHLR GH RXWUDV SROtWLFDV GH REWHQomR FRPR D FRPSUD D GRDomR R UHFRQKHFLPHQWRHDUHJXODUL]DomRIXQGLiULD
0HVPR VHQGR XP IDWR UHFHQWH QRV PDLV GH DQRV GH OXWD SHOD WHUUD QR %UDVLO)(51$1'(6RVDVVHQWDPHQWRVWrPVLGRDPHGLGDPDLVXVDGDSHOR (VWDGR SDUD FRQWHU RV FRQWHU RV FRQIOLWRV SHOD SRVVH RX SHUPDQrQFLD QD WHUUD (QWHQGHUVHXVLJQLILFDGRpGHIXQGDPHQWDOLPSRUWkQFLDSDUDHQWHQGHUPRVRFDPSR DSRSXODomRTXHQHOHUHVLGHHDVUHODo}HVVRFLDLVTXHRVHQYROYHP
H[SURSULDGRVRXHPYLDVGHH[SURSULDomRLPSHGLQGRDGHVLQWHJUDomRGHVHXPRGR GH YLGD H WUDEDOKR 6mR WUXQIRV SRU TXH VHUYHP FRPR UHIHUrQFLD SDUD TXH RXWUDV OXWDV VHMDP UHDOL]DGDV 2V DFDPSDGRV TXH DLQGD HVWmR HP EXVFD GD WHUUD YrHP QRVTXHMiDFRQTXLVWDUDPXPH[HPSORTXHRVPRWLYDDVHVXVWHQWDUDPQDOXWDSHOD WHUUD2VDVVHQWDPHQWRVUHSUHVHQWDPSRUWDQWRDFRQTXLVWDGHWHUULWyULRVPDWHULDLV WHUUDHGHWHUULWyULRVLPDWHULDLVVRQKRVLGHRORJLDVHWF)(51$1'(6(OHV VH FDUDFWHUL]DP FRPR XPD DomR IXQGLiULD SRU PHLR GD TXDO p JDUDQWLGD WHUUD D TXHPQmRSRVVXLHIRPHQWDPDOXWDGDTXHOHVTXHHVWmRDFDPSDGRVHDLQGDQmRD FRQTXLVWDUDP
&RPDLPSODQWDomRGRVDVVHQWDPHQWRVRFRUUHPPXGDQoDVORFDLVHWDPEpP UHJLRQDLV$SHVTXLVDFRRUGHQDGDSRU0HGHLURVH/HLWHGHPRQVWUDFRPRRV DVVHQWDPHQWRVFDXVDPFRQVLGHUiYHLVLPSDFWRVQDVUHJL}HVRQGHVmRLQVWDODGRVe H[SRVWRDWUDYpVGHDQiOLVHVDPRVWUDLVHPVHLVHVWDGRVGDIHGHUDomREUDVLOHLUDFRPR RV DVVHQWDPHQWRV PRGLILFDP D HFRQRPLD H D SROtWLFD GDV ORFDOLGDGHV RQGH VmR LPSODQWDGRV(OHVIRUWDOHFHPDOXWDSHODWHUUDH[LJHPRUHDSDUHOKDPHQWRGR(VWDGR SDUDSRGHUOLGDUFRPQRYDVGHPDQGDVIRPHQWDPRFRPpUFLRGLYHUVLILFDPDRIHUWD GHDOLPHQWRVHRVDVVHQWDGRVSDVVDPDWHULQIOXrQFLDHOHLWRUDOQRVPXQLFtSLRVRQGH YLYHP DWUDYpV GR DXPHQWR GR Q~PHUR GH HOHLWRUHV H HP DOJXQV FDVRV FRP D FRQTXLVWD GH FDUJRV SROtWLFRV FRPR YHUHDGRUHV SUHIHLWRV H VHFUHWiULRV HQWUH RXWURV 1mR VmR DSHQDV PRGLILFDo}HV QD HVWUXWXUD DJUiULD TXH RV DVVHQWDPHQWRV FDXVDPPDVQDVGLYHUVDVGLPHQV}HVVRFLDLV
FRQVXPRV HP JHUDO GLYHUVLILFDomR GRV FDQDLV GH FRPHUFLDOL]DomR DFHVVR jV SROtWLFDVS~EOLFDVFULDQGRQRYDVGHPDQGDVSDUDRV JRYHUQRVQDFLRQDOHVWDGXDOH PXQLFLSDO SDUD TXH VHMDP RIHUHFLGDV QRV DVVHQWDPHQWRV FRQGLo}HV GH YLGD H SURGXomRHOHYDomRGRQtYHOGHYLGDGRVDVVHQWDGRVHFULDomRGHHPSUHJRVQRPHLR UXUDO
1D SHVTXLVD FRRUGHQDGD SRU6SDURYHN FXMR REMHWLYR HUD DQDOLVDURV DVSHFWRV TXDOLWDWLYRV GRV DVVHQWDPHQWRV UXUDLV EUDVLOHLURV WDPEpP VmR DSRQWDGDV DOJXPDV LPSRUWDQWHV FRQWULEXLo}HV WUD]LGDV SRU HVWHV 'HQWUH RV DVSHFWRV PHWRGROyJLFRVGRWUDEDOKRIRUDPFROKLGDVDVRSLQL}HVGRVHQYROYLGRVFRPDUHIRUPD DJUiULD SDUD TXH IRVVH DYDOLDGD VXD TXDOLGDGH (QWUH RV HQWUHYLVWDGRV HVWDYDP UHSUHVHQWDQWHVGRJRYHUQRGRVDVVHQWDGRVHGDVDVVRFLDo}HVTXHUHSUHVHQWDPRV DVVHQWDPHQWRV &RQVWDWRXVH TXH RV DVVHQWDPHQWRV DSHVDU GDV LQ~PHUDV GLILFXOGDGHV HQFRQWUDGDV FRQWULEXtUDP SDUD PHOKRUDU DV FRQGLo}HV HFRQ{PLFDV H VRFLDLVQRFDPSR)DWRUHVFRPRRDFHVVRDRVFUpGLWRVDJUtFRODVPHOKRULDGDLQIUD HVWUXWXUD PRUDGLD H RXWURV VmR DSRQWDGRV FRPR PXGDQoDV JHUDGDV SHOD LPSODQWDomR GRV DVVHQWDPHQWRV 7RGDYLD R GRPtQLR GRV PHLRV GH SURGXomR HP HVSHFLDO D SRVVH GD WHUUD p FRQVLGHUDGR FRPR D SULQFLSDO FDXVD GR VXFHVVR GD UHIRUPDDJUiULDS
$EUDQJHQGRXPD HVFDOD JHRJUiILFD PHQRU SRUpP FRP UHIOH[}HV GH JUDQGH SURIXQGLGDGHDGLVVHUWDomRGH0D]]LQLGHPRQVWUDFRPRDLPSODQWDomRGRV DVVHQWDPHQWRV FRQWULEXL SDUD R GHVHQYROYLPHQWR UHJLRQDO $ DXWRUD DQDOLVD RV LPSDFWRV VRFLRWHUULWRULDLV FDXVDGRV SHORV DVVHQWDPHQWRV HP WUrV PXQLFtSLRV GR 3RQWDOGR3DUDQDSDQHPDQRHVWDGRGH6mR3DXOR2GHVHQYROYLPHQWRpDERUGDGR HP XPD SHUVSHFWLYD PXOWLGLPHQVLRQDO GHVWDFDQGRVH D LQIOXrQFLD GRV DVVHQWDPHQWRV QDV GLPHQV}HV VRFLDO SROtWLFD HFRQ{PLFD H DPELHQWDO GRV PXQLFtSLRV$SyVFRPSDUDURXWUDVSROtWLFDVGHGHVHQYROYLPHQWRDGRWDGDVQR3RQWDO FRP D GRV DVVHQWDPHQWRV UXUDLV FKHJDVH D FRQFOXVmR TXH HVWD VHJXQGD IRL D ~QLFD D QmR EXVFDU R GHVHQYROYLPHQWR DSHQDV GD GLPHQVmR HFRQ{PLFD FRPSUHHQGHQGRWDPEpPDVGHPDLV
GHVHQYROYLPHQWR$RPHVPRWHPSRHPTXHHOHH[SXOVDDVIDPtOLDVFDPSRQHVDVGH VHXV WHUULWyULRV HOH QHFHVVLWD GR WUDEDOKR IDPLOLDU SDUD SRGHU VH H[SDQGLU 'HVWD IRUPDRFDPSRQrVGHYHVHUHQWHQGLGRFRPR
>@FODVVHVRFLDOTXHHOHp'HYHVHUHVWXGDGRFRPRXPWUDEDOKDGRUFULDGR SHOD H[SDQVmR FDSLWDOLVWD XP WUDEDOKDGRU TXH TXHU HQWUDU QD WHUUD 2 FDPSRQrVGHYHVHUYLVWRFRPRXPWUDEDOKDGRUTXHPHVPRH[SXOVRGDWHUUD FRP IUHTrQFLD D HOD UHWRUQD DLQGD TXH SDUD LVVR WHQKD TXH HPLJUDU 'HVVD IRUPD HOH UHWRUQD j WHUUD PHVPR TXH GLVWDQWH GH VXD UHJLmR GH RULJHP e SRU LVVR TXH ERD SDUWH GD KLVWyULD GR FDPSHVLQDWR VRE R FDSLWDOLVPRpXPDKLVWyULDGHHPLJUDo}HV2/,9(,5$S
2VDVVHQWDPHQWRVUXUDLVWHVWHPXQKDPHVVHSURFHVVRDSRQWDGRSRU2OLYHLUD (OHV UHSUHVHQWDP D EXVFD GDV IDPtOLDV FDPSRQHVDV SHOD WHUUD VH UHFULDQGR HQTXDQWRFODVVHVRFLDODWUDYpVGDOXWDSHODWHUUDHVXDFRQVHTHQWHFRQTXLVWD,VVR GHPRQVWUD D FRQWUDGLomR GR VLVWHPD FDSLWDOLVWD R TXDO VXEDOWHUQL]D R FDPSRQrV SDUD VH H[SDQGLU PDV DR PHVPR WHPSR SHUPLWH TXH HOH VH UHFULH VRFLDO H HFRQRPLFDPHQWH
$V IDPtOLDV DVVHQWDGDV DSUHVHQWDP WUDMHWyULDV YDULDGDV WRGDYLD p FRPXP HQWUHHODVRYtQFXORFRPDWHUUD&RPRPRVWUDGRSRU/HLWHHWDODPDLRUSDUWH GRVDVVHQWDGRVpGHRULJHPUXUDOUHVLGLQGRDQWHULRUPHQWHQRSUySULRPXQLFtSLRGR DVVHQWDPHQWR RX HP DOJXP PXQLFtSLR YL]LQKR H[HUFHQGR DWLYLGDGHV DJUtFRODV $OJXPDV GDV FRQGLo}HV GH VXERUGLQDomR D TXDO HVVHV WUDEDOKDGRUHV HUDP VXEPHWLGRVVmRDVVDODULDGRVGRPHLRUXUDOHXUEDQRSRVVHLURVSDUFHLURVQDEXVFD SHODWHUUDSUySULDDWLQJLGRVSRUREUDVGHLQIUDHVWUXWXUDHVSHFLDOPHQWHDFRQVWUXomR GH EDUUDJHQV VHULQJXHLURV TXH FRP D H[SDQVmR GD IURQWHLUD DJUtFROD H D WUDQVIRUPDomRGDViUHDVIORUHVWDGDVHPSDVWRVYLUDPDPHDoDGRVHXPRGRGHYLGD ILOKRVGHDJULFXOWRUHVGHEDVHIDPLOLDUDSRVHQWDGRVHPEXVFDGHXPDPHOKRULDGH UHQGD H GD TXDOLGDGH GH YLGD SHVVRDV TXH YLYLDP QD SHULIHULD XUEDQD HWF 7RGDV HVVDV VLWXDo}HV GHPRQVWUDP FRPR R FDSLWDO VHSDUD R FDPSRQrV GH VHX SULQFLSDO LQVWUXPHQWRGHWUDEDOKRDWHUUDID]HQGRFRPTXHHOHVHVXMHLWHDSDJDUWD[DSRU HODH[HFXWDUWUDEDOKRVSDUDRXWURVRXPLJUDUSDUDRVFHQWURVXUEDQRV
EXVFDDOWHUQDWLYDVSDUDTXHSRVVDJDUDQWLUDVXDUHSURGXomRPDWHULDO7RGDYLDHP PXLWRV FDVRV SDUD TXH HVVD UHFULDomR DFRQWHoD RV FDPSRQHVHV VmR IRUoDGRV H PLJUDUHPSDUDUHJL}HVGLIHUHQWHVGDVVXDVWHQGRTXHVHDGDSWDUHPDRVGLIHUHQWHV FOLPDV FXOWXUDV OLQJXDJHQV HWF ,VVR DFRQWHFH SRU H[HPSOR QRV SURMHWRV GH FRORQL]DomRRQGHRVFDPSRQHVHVVmROHYDGRVSDUDiUHDVGHH[SDQVmRGDIURQWHLUD DJUtFRODGHYD]LRGHPRJUiILFR2VDVVHQWDPHQWRVVmRFULDGRVQHVWHVFDVRVORQJH GDV UHJL}HVRQGH VHPDQLIHVWDUDP RV FRQIOLWRV SHOD SRVVHGD WHUUD 6mR TXHVW}HV TXHGHYHPVHUPHOKRUSHQVDGDVSDUDTXHSRVWHULRUPHQWHRVDVVHQWDPHQWRVUXUDLV QmRVHMDPUHODFLRQDGRVDRIUDFDVVRFRPRPXLWRVWHPDSRQWDGR
'HYHVHVDOLHQWDUTXHFRPDFRQTXLVWDGRDVVHQWDPHQWRUXUDOLQLFLDVHXPD QRYDOXWDDJRUDQmRPDLVSDUDWHURDFHVVRDWHUUDPDVSHODSHUPDQrQFLDQHOD2V FDPSRQHVHV EXVFDP D SDUWLU GH HQWmR ID]HU GR DVVHQWDPHQWR XP WHUULWyULR TXH JDUDQWH D UHSURGXomR GR VHX PRGR GH YLGD H WUDEDOKR (VVD FRQVFLHQWL]DomR WHP JXLDGRDVWiWLFDVGHYiULRVPRYLPHQWRVVRFLRWHUULWRULDLVWHPVHHQWHQGLGRTXHDOXWD QmRSRGHSDUDUQDFRQTXLVWDGRDVVHQWDPHQWRUXUDOPDVSURVVHJXLUQDEXVFDSHOD UHSURGXomRGRFDPSHVLQDWRHQTXDQWRFODVVHVRFLDO'HYHPVHUEXVFDGDVPHOKRUHV FRQGLo}HVGHYLGDHGXFDomRVD~GHOD]HUVDQHDPHQWREiVLFRHQHUJLDHOpWULFDH WUDEDOKRHVWUDGDVSDUDHVFRDPHQWRGDSURGXomRSUHoRVPtQLPRVSDUDRVSURGXWRV FUpGLWRV SURGXWLYRV HWF 2V DVVHQWDGRV QmR SRGHP VHU DOKHLRV DRV HIHLWRV FDXVDGRV SHODV SROtWLFDV TXH WrP VLGR LPSODQWDGDV QR FDPSR PDV DR FRQWUiULR GHYHP FRQKHFrODV SDUD VH SRVLFLRQDUHP HQTXDQWR FODVVH VRFLDO TXH TXHU SHUPDQHFHU QD WHUUD %DVWDQWH HOXFLGDWLYD GHVWH IDWR p D HQWUHYLVWD GH 9DOGLU 0LVQHURYLF] OLGHUDQoD QDFLRQDO GR 067 SXEOLFDGD QR MRUQDO GR PRYLPHQWR (OH H[SOLFDFRPRRDVVHQWDPHQWRpXPWHUULWyULRTXHHVWiHPSHUPDQHQWHGLVSXWDFRPR FDSLWDO 2 FDSLWDO UHSUHVHQWDGR SHOR DJURQHJyFLR EXVFD H[SDQGLU VHXV WHUULWyULRV DWUDYpV GD FRPSUD H GR DUUHQGDPHQWR GDV WHUUDV GRV SHTXHQRV DJULFXOWRUHV IDWR TXHWUD]GHVDILRVSDUDTXHDVIDPtOLDVDVVHQWDGDVVHMDPPDQWLGDVQDWHUUD
1RVVDV iUHDV GH DVVHQWDPHQWR QmR HVWmR OLYUHV GH XPD RIHQVLYD GH WHUULWRULDOL]DomR GR DJURQHJyFLR TXH EXVFD GH YiULDV IRUPDV GH HQWUDU H FRQWURODURVQRVVRVHVSDoRV3UHFLVDPRVILFDUDWHQWRVSDUDLPSHGLUTXHLVVR DFRQWHoDHFRORFDUQRVVDViUHDVDVHUYLoRGHQRVVRSURMHWRGHDVVHQWDPHQWR 0,61(529,&=
DVH[SHFWDWLYDVGRFDPSHVLQDWRDVIDPtOLDVDVVHQWDGDVVHUmRIUXVWUDGDVHPVHXV REMHWLYRV GH SHUPDQHFHUHP QD WHUUD FRQWULEXLQGR SDUD TXH PXLWRV FRQVLGHUHP DV Do}HV GH UHIRUPD DJUiULD FRPR XP LQVXFHVVR (VWH IDWR WUD] XP GHVDILR SDUD RV DVVHQWDGRV SDUD DV RUJDQL]Do}HV TXH FRQWULEXHP FRP R GHVHQYROYLPHQWR GRV DVVHQWDPHQWRVHDVDJrQFLDVGHPHGLDomRVHQRDVVHQWDPHQWRQmRIRUHPJHUDGDV PHGLGDVTXHSRVVLELOLWHPDRFDPSHVLQDWRVHUHSURGX]LUDWUDYpVGRWUDEDOKRIDPLOLDU RFDSLWDOYROWDUiDVXERUGLQiOR
,VVR SRGH VHU REVHUYDGR QRV WHUULWyULRV GH DOJXQV DVVHQWDPHQWRV TXH WrP VLGR XWLOL]DGRV SRU HPSUHVDV FDSLWDOLVWDV SDUD GHVHQYROYHUHP VXDV SURGXo}HV GH FRPRGLWWLHV FRPR D FDQDGHDo~FDU SRU H[HPSOR $QDOLVDQGR R 3RQWDO GR 3DUDQDSDQHPD*RQoDOYHVPRVWUDFRPRRDJURQHJyFLRVXFURDOFRROHLURWHP H[SDQGLGR VXDV WHUULWRULDOLGDGHV DWUDYpV GDV ³SDUFHULDV´ HVWDEHOHFLGDV FRP RV DVVHQWDGRV XWLOL]DQGRVH GR DUUHQGDPHQWR GDV WHUUDV ,VVR DFRQWHFH SRU TXH SHUDQWH DV GLILFXOGDGHV TXH RV DVVHQWDGRV HQFRQWUDP SDUD VREUHYLYHUHP GDV SURGXo}HVGRVORWHVVHID]PDLVUHQWiYHORDUUHQGDPHQWR$WUDYpVGHOHDVXVLQDV FRPSUDPRGLUHLWRGHH[SORUDURHVSDoRSURGXWLYRGRVORWHVGXUDQWHFHUWRSHUtRGR DWUDYpVGHXPDFRUGRILUPDGRHPFRQWUDWR(VVHSURFHVVRVXUJLXGHXPDGHPDQGD DSUHVHQWDGD SHORV FDPSRQHVHV DR ,QVWLWXWR GH 7HUUDV GR (VWDGR GH 6mR 3DXOR ,WHVSTXHSRVWHULRUPHQWHFULRXDOWHUQDWLYDVTXHSRVVLELOLWDUDPHVWDSDUFHULDHQWUH HOHVHRFDSLWDO
$H[SDQVmRGRFXOWLYRGDFDQDGHDo~FDUHPiUHDVGHDVVHQWDPHQWRVUXUDLV WDPEpPpPRVWUDGDQDSHVTXLVDGH0RUHLUDH7DUJLQR2VDXWRUHVXWLOL]DP FRPR HVFDOD JHRJUiILFD HP VXD DQiOLVH D =RQD GD 0DWD QR HVWDGR GD 3DUDtED FKHJDQGRDRUHVXOWDGRGHTXHGRVDVVHQWDPHQWRVGDUHJLmRWrPVLGRXWLOL]DGRV SDUD D SURGXomR GD FDQD FRPSUHHQGHQGR GDV IDPtOLDV DVVHQWDGDV 2V DVVHQWDGRVMXVWLILFDPDRSomRSRUHVWDDWLYLGDGHSURGXWLYDSRUMXOJDUHPTXHDUHQGD TXHHODJHUDQmRVHULDDOFDQoDGDFRPRXWUDVSURGXo}HV
OLPLWDo}HVWRUQDQGRQHFHVViULRTXHVHMDPFRQVWDQWHPHQWHGHEDWLGRVSHOR(VWDGR SRULQVWLWXLo}HVSHODDFDGHPLDHSULQFLSDOPHQWHSHORVSUySULRVEHQHILFLiULRV
$ GLYHUVLGDGH GRV DVVHQWDPHQWRV UXUDLV WLSRORJLD H SROtWLFDV GH REWHQomRGHWHUUDV
2%UDVLOSRVVXLXPDGDVPDLVGLYHUVLILFDGDVH[SHULrQFLDVGHUHIRUPDDJUiULD HPkPELWRPXQGLDO$FRUUHODomRGHIRUoDVHQWUHRVPRYLPHQWRVVRFLRWHUULWRULDLVHR (VWDGRWHPLPSXOVLRQDGRDLPSODQWDomRGHDVVHQWDPHQWRVDWUDYpVGHSROtWLFDVTXH YmRDOpPGDGHVDSURSULDomRGHWHUUDVVHQGRXWLOL]DGRVWDPEpPPHFDQLVPRVFRPR D FRPSUD D GRDomR R UHFRQKHFLPHQWR H D UHJXODUL]DomR IXQGLiULD (QWUH RV EHQHILFLiULRV GR SURFHVVR HVWmR DOpP GRV FDPSRQHVHV VHP RX FRP SRXFD WHUUD FRPXQLGDGHVWUDGLFLRQDLVTXLORPERODVID[LQDLVIXQGRVGHSDVWRVHULQJXHLURVHWF DWLQJLGRVSRUREUDVS~EOLFDVFRPRQRFDVRGDFRQVWUXomRGHEDUUDJHQVFRORQRVH RXWURV 6mR EHQHILFLiULRV GR 3URJUDPD 1DFLRQDO GH 5HIRUPD $JUiULD 315$ FDPSRQHVHVHQYROYLGRVQRVPDLVGLYHUVRVWLSRVGHFRQIOLWRVSHODSRVVHGDWHUUDQmR VyDTXHOHVTXHGHVHMDPQHODHQWUDUPDVWDPEpPRVTXHDRFXSDPVHPSRVVXLUR WtWXOR GH SURSULHGDGH $ GLYHUVLGDGH GD UHIRUPD DJUiULD H[SOLFLWD GHVWH PRGR D GLYHUVLGDGH GDV OXWDV GR FDPSHVLQDWR H D SUySULD DEUDQJrQFLD GR FRQFHLWR GH FDPSRQrVHDVDo}HVGR(VWDGRSDUDFRQWHURVFRQIOLWRV
8PD PDQHLUD GH FRQKHFHU D DPSOLWXGH GHVVDV SROtWLFDV p R HVWXGR GRV DVVHQWDPHQWRVUXUDLVDWUDYpVGHVXDWLSRORJLD1RTXDGURVmRDSUHVHQWDGRVRV WLSRV GH DVVHQWDPHQWRV UXUDLV TXH FRPS}HP RV 315$ GR ,QFUD QD HVFDOD WHPSRUDOGHD2VFULWpULRVTXHGHILQHPRVWLSRVVmRRVPDLVYDULDGRV LQGR GHVGH DV FDUDFWHUtVWLFDV GRV FDPSRQHVHV TXH VHUmR DVVHQWDGRV DWp DV SURSRVWDV GH H[SORUDomR HFRQ{PLFD SDUD HVWHV WHUULWyULRV 7UD]HPRV DOJXPDV GDV FDUDFWHUtVWLFDVSULQFLSDLVGHFDGDXPGHOHV
4XDGUR%UDVLO5HODomRH&DUDFWHUL]DomRGRV7LSRVGH$VVHQWDPHQWRV 5XUDLVGH5HIRUPD$JUiULD
1 6LJOD 1RPH'HVFULomR &DUDFWHUtVWLFDV ÏUJmRUHVSRQViYHO
3$ $VVHQWDPHQWR3URMHWRGH )HGHUDO
x $REWHQomRGDWHUUDDFULDomRGRSURMHWR HDVHOHomRGRVEHQHILFLiULRVVmRGH UHVSRQVDELOLGDGHGD8QLmRDWUDYpVGR
,QFUD
x $JHVWmRGRWHUULWyULRpLQGLYLGXDO
x 3RVVXLXPOLPLWHGHGHVPDWDPHQWRGH
x 2LQVWUXPHQWRGHJHVWmRpR3ODQRGH 'HVHQYROYLPHQWRGR$VVHQWDPHQWR
x 2VUHFXUVRVGHFUpGLWRSDUDLQVWDODomRH SURGXomRVmRSURYHQLHQWHVGR3URQDIGH
UHVSRQVDELOLGDGHGD8QLmR
x ,QIUDHVWUXWXUDEiVLFDHVWUDGDVGH DFHVVRiJXDHHQHUJLDHOpWULFDWRGDGH
UHVSRQVDELOLGDGHGD8QLmR
x 7LWXODomR&RQFHVVmRGH8VR7LWXORGH 3URSULHGDGHGHUHVSRQVDELOLGDGHGD
8QLmR
x /HJLVODomR,16758d21250$7,9$ 1'('(0$5d2'(
DUW
3$( $VVHQWDPHQWR3URMHWRGH $JURH[WUDWLYLVWD
x $REWHQomRGDWHUUDDFULDomRGRSURMHWR HDVHOHomRGRVEHQHILFLiULRVVmRGH UHVSRQVDELOLGDGHGD8QLmRDWUDYpVGR
,QFUD
x $JHVWmRGRWHUULWyULRpFROHWLYD
x 2OLPLWHGHGHVPDWDPHQWRpGH
x 2VUHFXUVRVGHFUpGLWRSDUDLQVWDODomRH SURGXomRVmRRULXQGRVGR3URQDI$GH
UHVSRQVDELOLGDGHGD8QLmR
x $LQIUDHVWUXWXUDEiVLFDHVWUDGDVGH DFHVVRiJXDHHQHUJLDHOpWULFDpGH
UHVSRQVDELOLGDGHGD8QLmR
x $WLWXODomR&RQFHVVmRGH8VRGH UHVSRQVDELOLGDGHGD8QLmR
x 2VEHQHILFLiULRVQDPDLRULDGRVFDVRV VmRRULXQGRVGHFRPXQLGDGHV
H[WUDWLYLVWDV
x 1HOHVmRGHVHQYROYLGDVDWLYLGDGHV DPELHQWDOPHQWHGLIHUHQFLDGDVYLVDQGRR
GHVHQYROYLPHQWRVXVWHQWiYHO
x /HJLVODomR3257$5,$,1&5$31 '('(2878%52'( ,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD $JUiULD,QVWLWXWRVGH WHUUDHVWDGXDLV
$4 $VVHQWDPHQWRV4XLORPERODV
x 9LVDJDUDQWLURGLUHLWRGHSURSULHGDGHGD WHUUDGHFRPXQLGDGHVWUDGLFLRQDLV TXLORPERODVVHQGRFRQVLGHUDGRVSHOR ,QFUDFRPREHQHILFLiULRVGDUHIRUPD DJUiULD ,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD $JUiULD,QVWLWXWRVGH 7HUUDV(VWDGXDLV 35% 3URMHWRGH UHDVVHQWDPHQWRGH DWLQJLGRVSRU EDUUDJHQV
x $LPSODQWDomRpGHFRPSHWrQFLDGRV HPSUHHQGHGRUHVHR,QFUDUHFRQKHFH FRPREHQHILFLiULRGR315$&RPLVVR
DVIDPtOLDVDVVHQWDGDVSDVVDPDWHU GLUHLWRDR3URQDI$$VVLVWrQFLD7pFQLFD
6RFLDOH$PELHQWDOHDR3URQHUD
x /HJLVODomR3257$5,$,1&5$ 1 ,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD $JUiULD*RYHUQRV (VWDGXDLV 3$) 3URMHWRGH $VVHQWDPHQWR )ORUHVWDO
x 0RGDOLGDGHGHDVVHQWDPHQWRGHVWLQDGD jViUHDVFRPDSWLGmRSDUDRPDQHMR IORUHVWDOGHXVRP~OWLSORHPEDVHIDPLOLDU FRPXQLWiULD3UHYrDIRUPDomRGH SODQWLRVFRPHVSpFLHVQDWLYDVHPFDVRV GHH[LVWrQFLDGHiUHDVVLJQLILFDWLYDVMi FRQYHUWLGDVSDUDRXWUDVDWLYLGDGHV SURGXWLYDV
x $JHVWmRGRWHUULWyULRpFROHWLYD
x 2OLPLWHGHGHVPDWDPHQWRpGH
HQHUJLDHOpWULFDHDWLWXODomR&RQFHVVmR GH8VR7LWXORGH3URSULHGDGHVmRGH
UHVSRQVDELOLGDGHGR,QFUD
x /HJLVODomR3257$5,$,1&5$31 GHGHGH]HPEURGHH 3257$5,$,1&5$31'('(
-81+2'(
3'6 'HVHQYROYLPHQWR3URMHWRGH 6XVWHQWiYHO
x 9LVDRGHVHQYROYLPHQWRGHDWLYLGDGHV DPELHQWDOPHQWHGLIHUHQFLDGDVGHVWLQDGR
jVSRSXODo}HVTXHEDVHLDPVXD VXEVLVWrQFLDQRH[WUDWLYLVPRQD DJULFXOWXUDIDPLOLDUHHPRXWUDV DWLYLGDGHVGHEDL[RLPSDFWRDPELHQWDO
x $REWHQomRGDWHUUDDFULDomRGRSURMHWR HDVHOHomRGRVEHQHILFLiULRVVmRGH UHVSRQVDELOLGDGHGD8QLmRDWUDYpVGR
,QFUD
x $JHVWmRGRWHUULWyULRpFROHWLYD
x 7LWXODomRFRQFHVVmRUHDOGHGLUHLWRGH XVR
x 2OLPLWHGHGHVPDWDPHQWRpGH
x $SRUWHGHUHFXUVRVGHFUpGLWRSDUD LQVWDODomRHSURGXomR3URQDI$GH UHVSRQVDELOLGDGHGR*RYHUQR)HGHUDO
x ,QIUDHVWUXWXUDEiVLFDHVWUDGDVGH DFHVVRiJXDHHQHUJLDHOpWULFDGH
UHVSRQVDELOLGDGHGD8QLmR
x /HJLVODomR3RUWDULD,1&5$31GH GHQRYHPEURGH
,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD$JUiULD
3$& $VVHQWDPHQWR3URMHWRGH &RQMXQWR
x 3URMHWRGH&RORQL]DomR2ILFLDO LPSODQWDGRSHOR,QFUDHPSDUFHULD SUHYLDPHQWHGHILQLGDFRPHPSUHVDV UXUDLVGHJUDQGHSRUWHRXFRRSHUDWLYDV
x (VWHSURMHWRQmRWHPVLGRLPSODQWDGRQD DWXDOLGDGH
x /HJLVODomR/(,1'('( 129(0%52'(
,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD$JUiULD
3$' $VVHQWDPHQWR3URMHWRGH 'LULJLGR
x 0HVPDVFDUDFWHUtVWLFDVGR3URMHWRGH &RORQL]DomR2ILFLDOSRUpPpXPSURMHWR TXHDSUHVHQWDXPDGHPDQGDHVSHFtILFD FRPRRUHPDQHMDPHQWRGHFRPXQLGDGHV DWLQJLGDVSRUEDUUDJHQVH UHPDQHMDPHQWRGHIDPtOLDVLQVHULGDVHP iUHDVLQGtJHQDVHQWUHRXWUDV
x )RUPDFULDGDDSDUWLUGDGpFDGDGH FRPRREMHWLYRGHFXPSULUDV GHWHUPLQDo}HVGR(VWDWXWRGD7HUUD TXDQWRDRDVVHQWDPHQWRGHSHTXHQRVH
PpGLRVDJULFXOWRUHVHPUHJLPHGH SURSULHGDGHIDPLOLDU
x 3URMHWRVFULDGRVHWLWXODGRVSHOD8QLmR YLVDQGRDUHJXODUL]DomRGHJOHEDVUXUDLV
VREVHXGRPtQLR
x /HJLVODomR/(,1'('( 129(0%52'(
,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD$JUiULD
3$5 $VVHQWDPHQWR3URMHWRGH 5iSLGR
x 3URMHWRVFULDGRVSHOD8QLmRYLVDQGRD UHJXODUL]DomRGHJOHEDVUXUDLVVREVHX
GRPtQLR
x $SRUWHGHUHFXUVRVEDVLFDPHQWH UHIHUHQWHVjGHPDUFDomRWRSRJUiILFD
x 7LWXODomRGHUHVSRQVDELOLGDGHGD8QLmR
x 1mRKDYLDRDSRUWHGHUHFXUVRVSDUD LPSODQWDomRGHLQIUDHVWUXWXUDEiVLFD
x (VWHSURMHWRQmRWHPVLGRLPSODQWDGRQD DWXDOLGDGH
x /HJLVODomR/(,1'('( 129(0%52'(
3& &RORQL]DomR2ILFLDO3URMHWRGH
x 3URMHWRFULDGRSHOD8QLmRYLVDQGRD FRORQL]DomRGHiUHDVGHYD]LR GHPRJUiILFRHGHH[SDQVmRGDIURQWHLUD
DJUtFRODGRWHUULWyULRQDFLRQDOHP HVSHFLDOGD$PD]{QLD/HJDOQDVGpFDGDV
GHH
x (VWHSURMHWRQmRWHPVLGRLPSODQWDGRQD DWXDOLGDGH
x $REWHQomRGHWHUUDVFULDomRDSRUWHGH UHFXUVRVGH&UpGLWR$SRLRD,QVWDODomRH
GHFUpGLWRGHSURGXomRDOpPGD FRRUGHQDomRGRSURMHWRVmRGH
UHVSRQVDELOLGDGHGD8QLmR
x $LQIUDHVWUXWXUDEiVLFDHVWUDGDVGH DFHVVRiJXDHHQHUJLDHOpWULFDpGH UHVSRQVDELOLGDGHGD8QLmRSRGHQGRVHU
IHLWDFRQMXQWDPHQWHFRPDVXQLGDGHV IHGHUDWLYDVHRVPXQLFtSLRV
x $WLWXODomR&RQFHVVmRGH8VR7LWXORGH 3URSULHGDGHpGHUHVSRQVDELOLGDGHGR
,QFUD
x /HJLVODomR/(,1'('( 129(0%52'(
,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD$JUiULD
3,& 3URMHWR,QWHJUDGRGH&RORQL]DomR
x 3URMHWRGH&RORQL]DomR2ILFLDO JHUDOPHQWHLPSODQWDGRHPJUDQGHV
H[WHQV}HVGHiUHDHQYROYHQGR VLJQLILFDWLYRQ~PHURGHIDPtOLDV UHTXHUHQGRDo}HVLQWHJUDGDVHQWUHDV
WUrVLQVWkQFLDVJRYHUQDPHQWDLV
x ,PSODQWDGRHPWHUUDVS~EOLFDVGD8QLmR RXiUHDVGHVDSURSULDGDVSHOR,1&5$
x )RUPDSRXFRXWLOL]DGDQDV~OWLPDVGXDV GpFDGDV
x /HJLVODomR/(,1'('( 129(0%52'(
,QVWLWXWR1DFLRQDOGH &RORQL]DomRH 5HIRUPD$JUiULD
3)3 3URMHWR)XQGRGH3DVWR
x 3URMHWRVFULDGRVSHORHVWDGRRX PXQLFtSLRVVREUHVSRQVDELOLGDGHGD
&RRUGHQDomRGR'HVHQYROYLPHQWR $JUiULR&'$yUJmRGRJRYHUQRGR HVWDGRGD%DKLDYROWDGRDRDWHQGLPHQWR
GHVVDVSRSXODo}HVWUDGLFLRQDLVORFDLV
x 3URMHWRVUHFRQKHFLGRVSHOR,QFUDFRPR EHQHILFLiULDVGR3URJUDPD1DFLRQDOGH 5HIRUPD$JUiULDYLDELOL]DQGRRDFHVVR GDVFRPXQLGDGHVTXHDOLYLYHPDR
3URQDI$
x /HJLVODomR&RQYrQLRHQWUHR,QFUDGD %DKLDD)XQGDomRGH$SRLRj3HVTXLVD (QVLQRH&XOWXUD)DSHFHD &RRUGHQDomRGR'HVHQYROYLPHQWR $JUiULR&'$ &RRUGHQDomRGH 'HVHQYROYLPHQWR $JUiULDGR(VWDGRGD %DKLD 3( 3URMHWRGH $VVHQWDPHQWR (VWDGXDO
x $REWHQomRGDWHUUDDFULDomRGRSURMHWR HDVHOHomRGRVEHQHILFLiULRVVmRGH
UHVSRQVDELOLGDGHGDVXQLGDGHV IHGHUDWLYDV
x 2DSRUWHGHUHFXUVRVGHFUpGLWRHLQIUD HVWUXWXUDpGHUHVSRQVDELOLGDGHGDV XQLGDGHVIHGHUDWLYDVVHJXQGRVHXV
SURJUDPDVIXQGLiULRV
x +iDSRVVLELOLGDGHGHSDUWLFLSDomRGD 8QLmRQRDSRUWHGHUHFXUVRVUHODWLYRVj
REWHQomRGHWHUUDVFUpGLWRSDUD LQVWDODomRHSURGXomR3URQDI$
PHGLDQWHFRQYrQLR
x +iDSRVVLELOLGDGHGHSDUWLFLSDomRGD 8QLmRQRDSRUWHGHUHFXUVRVUHODWLYRVj
LQIUDHVWUXWXUDEiVLFD
x 2,QFUDUHFRQKHFHRVSURMHWRVHVWDGXDLV FRPRSURMHWRVGH5HIRUPD$JUiULD YLDELOL]DQGRRDFHVVRGRVEHQHILFLiULRV DRVGLUHLWRVEiVLFRVHVWDEHOHFLGRVSDUDR
3URJUDPDGH5HIRUPD$JUiULD
x $WLWXODomRpGHUHVSRQVDELOLGDGHGDV XQLGDGHVIHGHUDWLYDV
x /HJLVODomR1250$'((;(&8d2 ,1&5$1'('(0$5d2'(
3$0 $VVHQWDPHQWR3URMHWRGH 0XQLFLSDO
x $REWHQomRGDWHUUDDFULDomRGRSURMHWR HDVHOHomRGRVEHQHILFLiULRVVmRGH
UHVSRQVDELOLGDGHGRVPXQLFtSLRV
x 2DSRUWHGHUHFXUVRVGHFUpGLWRHLQIUD HVWUXWXUDpGHUHVSRQVDELOLGDGHGRV
PXQLFtSLRV
x +iDSRVVLELOLGDGHGHSDUWLFLSDomRGD 8QLmRQRDSRUWHGHUHFXUVRVUHODWLYRVj REWHQomRGHWHUUDVRFUpGLWRGHDSRLRD LQVWDODomRHSURGXomRpR3URQDI$
PHGLDQWHFRQYrQLR
x 2,QFUDUHFRQKHFHRVSURMHWRVPXQLFLSDLV FRPRGHUHIRUPDDJUiULDYLDELOL]DQGRR
DFHVVRGRVEHQHILFLiULRVDRVGLUHLWRV EiVLFRVHVWDEHOHFLGRVSDUDR3URJUDPD
GH5HIRUPD$JUiULD35$
x $WLWXODomRGHUHVSRQVDELOLGDGHGRV PXQLFtSLRV
x /HJLVODomR1250$'((;(&8d2 ,1&5$1'('(0$5d2'(
*RYHUQR0XQLFLSDO
3&$ $VVHQWDPHQWR3URMHWRGH &DVXOR
x 3URMHWRFULDGRSHORVPXQLFtSLRV
x $8QLmRSRGHSDUWLFLSDUQDREWHQomRGH UHFXUVRVIXQGLiULRVPDVDWHUUDpGR
PXQLFtSLR
x 2DSRUWHGHUHFXUVRVSDUDLQVWDODomRH SURGXomR3URQDI$H&pGH UHVSRQVDELOLGDGHGR*RYHUQR)HGHUDO
x $LQIUDHVWUXWXUDEiVLFDHVWUDGDVGH DFHVVRiJXDHHQHUJLDHOpWULFDpGH UHVSRQVDELOLGDGHGR*RYHUQR)HGHUDOH
GRVPXQLFtSLRV
x 'LIHUHQFLDVHSHODSUR[LPLGDGHGRV FHQWURVXUEDQRVHSHODVDWLYLGDGHV DJUtFRODVJHUDOPHQWHLQWHQVLYDVH
WHFQLILFDGDV
x $WLWXODomRpGHUHVSRQVDELOLGDGHGR PXQLFtSLR
x /HJLVODomR1250$'((;(&8d2 ,1&5$1'('(0$5d2'(
*RYHUQR0XQLFLSDO
)/21$ )ORUHVWDV 1DFLRQDLV
x $JHVWmRpGHUHVSRQVDELOLGDGHGR ,QVWLWXWR&KLFR0HQGHVGH&RQVHUYDomR
GD%LRGLYHUVLGDGH