&URQRORJLDGR'HVHQYROYLPHQWR&LHQWt¿FR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
+RPHQDJHPGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRUHGR6HUYLoR%UDVLOHLURGH
$SRLRjV0LFURH3HTXHQDV(PSUHVDVSHORVDQRVGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
0HGDOKDGR&RQKHFLPHQWR
+RPHQDJHPGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRUHPSDUFHULDFRPD
&RQIHGHUDomR1DFLRQDOGD,QG~VWULDHR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVDRV
HPSUHViULRVTXHVHGHVWDFDUDPSRUVXDFRQWULEXLomRDRGHVHQYROYLPHQWRWHFQROyJLFRGDLQG~VWULDEUDVLOHLUD
3UHVLGHQWHGD5HS~EOLFD
/XL],QiFLR/XODGD6LOYD
3UHVLGHQWH
0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
/XL])HUQDQGR)XUODQ
0LQLVWURGH(VWDGR
6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
5REHUWR-DJXDULEH
6HFUHWiULR
&DUORV0DQXHO3HGURVR1HYHV&ULVWR
&KHIHGH*DELQHWH
0DQXHO)HUQDQGR/RXVDGD6RDUHV
'LUHWRUGH3ROtWLFD7HFQROyJLFD
-RVp5LQFRQ)HUUHLUD
'LUHWRUGH$UWLFXODomR7HFQROyJLFD
6HFUHWDULDGH'HVHQYROYLPHQWRGD3URGXomR
$QW{QLR6pUJLR0DUWLQV0HOOR
6HFUHWiULR
6HFUHWDULDGH&RPpUFLR([WHULRU
,YDQ5DPDOKR
6HFUHWiULR
6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
3DXOR2NDPRWWR
'LUHWRUSUHVLGHQWH
&pVDU5HFK
'LUHWRUGH$GPLQLVWUDomRH)LQDQoDV
/XL]&DUORV%DUER]D
'LUHWRU7pFQLFR
&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
$UPDQGRGH4XHLUR]0RQWHLUR1HWR
3UHVLGHQWH
,QVWLWXWR(XYDOGR/RGL
&DUORV5REHUWR5RFKD&DYDOFDQWH
6XSHULQWHQGHQWH
( ! ) ' ( !)
! " # $ %&' ( !"*#
+ ), ' "
-./0(122/
! " # $ %&' %UDVtOLD
‹0',&&1,,(/H6HEUDH1DFLRQDO
4XDOTXHUSDUWHGHVVDREUDSRGHUiVHUUHSURGX]LGDGHVGHTXHFLWDGDDIRQWH
$RUJDQL]DomRGD&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLURDVVLPFRPRDKRPHQD
JHPDRVHPSUHViULRVTXHVHGHVWDFDUDPQRFDPSRGDFLrQFLDWHFQRORJLDHLQRYDomRQRkPELWRGDVFRPHPRUDo}HVGRVDQRV
GD&RQIHGHUDomR1DFLRQDOGD,QG~VWULDQRTXHVHUHIHUHDFROHWDHWUDWDPHQWRGHGDGRVWHYHRDSRLRGRSURMHWR´$HPSUHVDEUDVLOHL
UDQRFRQWH[WRGDHFRQRPLDPXQGLDORIRFRQDFRPSHWLWLYLGDGHµFRQFHGLGRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
H7HFQROyJLFR&13THGD6HFUHWDULDGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRUFRP
YLVWDVDIRPHQWDUDo}HVGHLQIRUPDomRWHFQROyJLFDHHVWUDWpJLFDSDUDRVHWRUSURGXWLYR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
KRPHQDJHPGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
HGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVSHORVDQRVGD
&RQIHGHUDomR1DFLRQDOGD,QG~VWULD0HGDOKDGR&RQKHFLPHQWR0LQLVWpULRGR
'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH
3HTXHQDV(PSUHVDV²HGUHYHDWXDO²%UDVtOLD0',&67,6(%5$(,(/&1,
SLOFP
'HVHQYROYLPHQWR ,QGXVWULDO &LrQFLD H 7HFQRORJLD )DWRV +LVWyULFRV
, 7tWXOR KRPHQDJHP GR 0LQLVWpULR GR 'HVHQYROYLPHQWR ,QG~VWULD H &RPpUFLR
([WHULRUHGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVSHORV
DQRVGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD,,0LQLVWpULRGR'HVHQYROYLPHQWR,QGXVWULD
H&RPpUFLR([WHULRU,,,&RQIHGHUDomR1DFLRQDOGD,QG~VWULD,96HUYLoR%UDVLOHLURGH
$SRLRjV0LFURH3HTXHQDV(PSUHVDV90HGDOKDGR&RQKHFLPHQWR
0LQLVWpULRGH'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
'HSDUWDPHQWRGH$UWLFXODomR7HFQROyJLFD
(VSODQDGDGRV0LQLVWpULRV%ORFR-VREUHORMD
%UDVtOLD')
7HO
)D[
KWWSZZZPGLFJRYEU
HPDLOVWL#GHVHQYROYLPHQWRJRYEU
,QVWLWXWR(XYDOGR/RGL1~FOHR&HQWUDO,(/1&
6%14XDGUD%ORFR%žDQGDU(G&1&
%UDVtOLD')
7HO
)D[
KWWSZZZLHOFQLRUJEU
HPDLOIDOH#LHOFQLRUJEU
$JUDGHFLPHQWRV
$V HQWLGDGHV SURPRWRUDV GDV KRPHQDJHQV DRV $QRV GD &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD DJUDGHFHP D
$VVRFLDomR%UDVLOHLUDGD,QG~VWULD(OpWULFDH(OHWU{QLFD$ELQHH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD
7HFQROyJLFD$ELSWL%DQFRGR%UDVLO%DQFR1DFLRQDOGR'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%QGHV&RPSDQKLD
%UDVLOHLUD GH $OXPtQLR *UXSR 9RWRUDQWLP &RQVHOKR )HGHUDO GH (QJHQKDULD $UTXLWHWXUD H $JURQRPLD &RQIHD
(PSUHVD %UDVLOHLUD GH $HURQiXWLFD 6$ (PEUDHU )XQGDomR 2GHEUHFKW ,QVWLWXWR 1DFLRQDO GH 0HWURORJLD
1RUPDOL]DomR H 4XDOLGDGH ,QGXVWULDO ,QPHWUR 3HWUyOHR %UDVLOHLUR 6$ 3HWUREUDV 3KLOLSV GR %UDVLO 5REHUW %RVFK
/WGD6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6HEUDH6LHPHQVH6XSHULQWHQGrQFLDGD=RQD
)UDQFDGH0DQDXV6XIUDPDSHODSDUWLFLSDomRQDHGLomRGD&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFR
H,QGXVWULDO%UDVLOHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SUHVHQWDomR
(VWDFURQRORJLDUHSUHVHQWDDFRQWLQXDomRGHXPHVIRUoRGHHQXPHUDURVSULQFLSDLVPDUFRVGRSURFHVVRGHGHVHQYRO
YLPHQWRFLHQWtILFRWHFQROyJLFRHLQGXVWULDOEUDVLOHLURTXHVHLQLFLRXFRPDHGLomRGHXPDFURQRORJLDFRPHPRUDWLYDGRV
FLQTHQWDDQRVGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR7UDWDVHGHXPDLQLFLDWLYDTXHYLVD
WDQWRDUHVJDWDUDPHPyULDGHXPSURFHVVRIXQGDPHQWDOGHGHVHQYROYLPHQWRGRSDVVDGRUHFHQWHGR%UDVLOFRPRIRU
QHFHUVXEVtGLRVSDUDDQRYDSROtWLFDLQGXVWULDOHWHFQROyJLFDTXHYHPVHQGRLPSODQWDGDSHOR*RYHUQR)HGHUDO2IRFRGD
FURQRORJLDpRSHUtRGRGHDQRGHFULDomRGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULDDRVGLDVGHKRMH
$OpPGDSUySULDFURQRORJLDRWUDEDOKRFRQWDFRPEUHYHVWH[WRVVREUHPDUFRVFURQROyJLFRVVLJQLILFDWLYRVHDOJXPDV
GDVWHPiWLFDVVHWRULDLVPDLVUHOHYDQWHV3DUDDHODERUDomRGHVVHVWH[WRVWLYHPRVRSULYLOpJLRGHSRGHUFRQWDUFRPD
FRODERUDomRGHHPLQHQWHVSHUVRQDOLGDGHVTXHDOpPGHQRVWUDQVPLWLUHPXPDUHILQDGDHVXFLQWDOHLWXUDFUtWLFDGHVVDV
TXHVW}HVIRUDPSURWDJRQLVWDVUHOHYDQWHVGHGLYHUVRVGRVSURFHVVRVUHWUDWDGRVVHMDFRPRIRUPXODGRUHVFRQFHLWXDLV
VHMD FRPR HODERUDGRUHV GH SROtWLFDV S~EOLFDV VHMD FRPR HPSUHViULRV GLUHWDPHQWH HQJDMDGRV QD FRQVWUXomR GHVWD
KLVWyULDUHFHQWHGR%UDVLO
7RGDWDUHIDGHVVDQDWXUH]DVREUHWXGRTXDQGRLQRYDGRUDQmRSRGHHYLGHQWHPHQWHSUHWHQGHUVHUH[DXVWLYDRXFRPSOHWD
(VWDQmRpH[FHomRPDVUHSUHVHQWDXPHVIRUoRYiOLGRHHVSHFLDOPHQWHVLJQLILFDWLYRQHVWHPRPHQWRHPTXHVHSUHWHQGH
UHVWDXUDUXPDSROtWLFDDWLYDGHSURGXomRHGHVHQYROYLPHQWRFLHQWtILFRWHFQROyJLFRHLQGXVWULDOSDUDR%UDVLO
7UDWDVHGHXPHVIRUoRFROHJLDGRHPTXHDVFRQWULEXLo}HVGHGLYHUVDVXQLYHUVLGDGHVFHQWURVGHSHVTXLVDHQWLGD
GHVVHWRULDLVHGHFODVVHHyUJmRVS~EOLFRVIRUDPIXQGDPHQWDLVSDUDDLGHQWLILFDomRGHIDWRVUHOHYDQWHV2WUDEDOKRGD
6HFUHWDULDGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRUIRLHVVHQFLDOPHQWH
GHFRPSLODomRHFODVVLILFDomRGHVVDVLQIRUPDo}HV
3RUILPDFURQRORJLDUHSUHVHQWDXPDKRPHQDJHPj&RQIHGHUDomR1DFLRQDOGH,QG~VWULDQRVVHXVVHVVHQWDHFLQFR
DQRVGHH[LVWrQFLDSHODFRQWULEXLomRIXQGDPHQWDOTXHSUHVWRXQHVVHSURFHVVRGHWUDQVIRUPDomRGHXPDVRFLHGDGH
DJUiULDHPXPSDtVGHHOHYDGDHGLYHUVLILFDGDLQGXVWULDOL]DomREHPFRPRSHORDSRLRQRQRYRHVIRUoRGHFRQVWUXLUPRV
XPDVRFLHGDGHPRGHUQDFRPSHWLWLYDHTLWDWLYDHMXVWD
/XL])HUQDQGR)XUODQ
0LQLVWURGH(VWDGRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6XPiULR
$SUHVHQWDomR 7HPiWLFDV6HWRULDLV5HOHYDQWHV
$VGXDVJHUDo}HVGD&1,
2VFDU6/RUHQ]R)HUQDQGH]
1RVDQRVGD&1,
$QWRQLR(UPtULRGH0RUDHV
8QLYHUVLGDGHGH6mR3DXOR8PDVtQWHVHGHVXDWUDMHWyULDGHDQRV
$GROSKR-RVp0HOIL
$HQJHQKDULDEUDVLOHLUDQRFRQWH[WRGRGHVHQYROYLPHQWRLQGXVWULDO
:LOVRQ/DQJ 2GHVHQYROYLPHQWRGDVLGHUXUJLDQR%UDVLO
-RUJH*HUGDX-RKDQQSHWHU 5HWURVSHFWLYDGDHQHUJLDHOpWULFDQR%UDVLO
-RUJH6DPHN $JrQFLDVGHIRPHQWRHRGHVHQYROYLPHQWRGD5HJLmR1RUWHXPDYLVmRUHWURVSHFWLYD
)OiYLD6NURERW%DUERVD*URVVR
3ROtWLFD,QGXVWULDOQR%UDVLO
&DUORV*DVWDOGRQL
&RXURHFDOoDGRVQR%UDVLOGHD
ÈQLR.OHLQ )DWRVPDUFDQWHVQDiUHDGHPDGHLUDHPyYHLVQR%UDVLOQRSHUtRGRGHD
0LOO\7HSHUPDQ 7HFQRORJLDRFDPLQKRSDUDRIXWXUR
-RVp(GXDUGR'XWUD ,QRYDomRWHFQROyJLFDIUHQWHDRVGHVDILRVGRDJURQHJyFLR
&OD\WRQ&DPSDQKROD
'HVHQYROYLPHQWRGDiUHDGHQRUPDOL]DomRQR%UDVLO²3HUtRGR
$UPDQGR0DULDQWH&DUYDOKR 1RUPDOL]DomRQR%UDVLO
3HGUR%X]DWWR 2GHVHQYROYLPHQWRGDLQG~VWULDGDPDGHLUDHPyYHLVQR%UDVLO
0LJXHO6DQFKH]-~QLRU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQVWUXomRFLYLOQR%UDVLOGHDIDWRVPDUFDQWHV
1RUEHUWR2GHEUHFKW
0iTXLQDVEUDVLOHLUDVFRQTXLVWDPRH[WHULRU
/XL]&DUORV'HOEHQ/HLWH
8PDVDJDGHGHVDILRVHGHEXVFDSRURSRUWXQLGDGHV
(XJrQLR(PtOLR6WDXE
2VHWRUGHEULQTXHGRVQR%UDVLO
(PHUVRQ.DSD]
,QFXEDGRUDVHSDUTXHVWHFQROyJLFRV
&DUORV$OEHUWR6FKQHLGHU
'HVHQYROYLPHQWRGDLQG~VWULDEUDVLOHLUDGDDOLPHQWDomR
1HOVRQ%HUDTXHW
3HWURTXtPLFDHTXtPLFD
$QW{QLR6pUJLR3L]]DUUR)UDJRPHQL
,QRYDomRWHFQROyJLFDQR%UDVLO
*XLOKHUPH$U\3ORQVNL 'HVLJQQR%UDVLO
-RLFH-RSSHUW/HDOH/XL]%ODQN
%UDVLOQRHVSDoRPDLVIXWXURGRTXHSDVVDGR
-RVp0RQVHUUDW)LOKR )DWRVPDUFDQWHVGDWHFQRORJLDLQGXVWULDOEiVLFDQR%UDVLO
5HLQDOGR)HUUD]
&URQRORJLDGRGHVHQYROYLPHQWRLQGXVWULDOEUDVLOHLURHPPLFURHOHWU{QLFD
-RVp(OOLV5LSSHU)LOKR
$PLFURHSHTXHQDHPSUHVDQR%UDVLO
/XL]&DUORV%DUERVD 8PH[HPSORGHRXVDGLD
&DUORV(GXDUGR0RUHLUD)HUUHLUD &URQRORJLDGDHQHUJLDQXFOHDUQR%UDVLO
&OiXGLR5RGULJXHV 'HVDILRVGHGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVHGHSHVTXLVDQRFRQWH[WRGDSROtWLFDLQGXVWULDO
0DQRHO%DUUDO1HWWR %LRWHFQRORJLDDJUtFROD
-RVp0DQXHO&DEUDOGH6RX]D'LDV 'HVHQYROYLPHQWRGDTXtPLFDILQDQR%UDVLO
1HOVRQ%UDVLO &URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$LQG~VWULDGHVRIWZDUHQR%UDVLO
5REHUWR-DJXDULEH 'HVHQYROYLPHQWRGDVH[SRUWDo}HVEUDVLOHLUDVQRSHUtRGRGHD
,YDQ5DPDOKR 2QHJyFLRVRIWZDUHOLYUH
5HQDWR0DUWLQL (GXFDomR&RUSRUDWLYDQR%UDVLO
$OEHUWR9DUDQR 'LILFXOGDGHVGHHPSUHHQGHGRULVPRQD$PD]{QLD8PDYLVmRUHWURVSHFWLYD
0kQFLR/LPD&RUGHLUR
26(1$,QRFRQWH[WRGRVSULQFLSDLVIDWRVFLHQWtILFRVHWHFQROyJLFRVQR%UDVLO
/\QDOGR&DYDOFDQWLGH$OEXTXHUTXH $LQG~VWULDEUDVLOHLUDGHDXWRSHoDV
(GJDU6LOYD*DUEDGH
'HVDILRVGRVHWRUHOHWU{QLFR8PDYLVmRUHWURVSHFWLYDHSURVSHFWLYD
:DOWHU'XUDQ
&ULDomRGDLQG~VWULDGHEDVH-RVp0LQGOLQ
0DUFRVKLVWyULFRV,
,QGLFDomRGRVSULQFLSDLVIDWRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
2SHUtRGRGHVHQYROYLPHQWLVWD2VFDU6/RUHQ]R)HUQDQGH] 0DUFRVKLVWyULFRV,,
,QGLFDomRGRVSULQFLSDLVIDWRV
&ULVHVQRSURFHVVRGHLQGXVWULDOL]DomR0DXUR$UUXGD 0DUFRVKLVWyULFRV,,,
,QGLFDomRGRVSULQFLSDLVIDWRV
$SROtWLFDHFRQ{PLFDGRVGH]DQRVGRSHUtRGRGH2]LUHV6LOYD 0DUFRVKLVWyULFRV,9
,QGLFDomRGRVSULQFLSDLVIDWRV
$´'pFDGD3HUGLGDµ5HQDWR2OLYHLUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
0DUFRVKLVWyULFRV9
,QGLFDomRGRVSULQFLSDLVIDWRV
3ROtWLFDLQGXVWULDOQDGpFDGDGH2ODYR6HW~EDO 0DUFRVKLVWyULFRV9,
,QGLFDomRGRVSULQFLSDLVIDWRV
2GHVHQYROYLPHQWRQRFRQWH[WRGDVSROtWLFDVLQGXVWULDLV8PDYLVmRSURVSHFWLYD&DUORV/HVVD
0DUFRVKLVWyULFRV9,,
0HGDOKDGR&RQKHFLPHQWR
$SUHVHQWDomR
3URQXQFLDPHQWR $JUDFLDGRVFRPD0HGDOKDGR&RQKHFLPHQWR
$QW{QLR(UPtULRGH0RUDHV
'pFLR6LOYD (XJrQLR(PtOLR6WDXE
-RVp(SKLP0LQGOLQ
2ODYR(J\GLR6HW~EDO $GDXWR3RXVD3RQWHV
$IUkQLR$UDJmR&UDYHLUR -RVp&XWUDOH-~QLRU
0DQXHO$XJXVWR3LQWR&DUGRVR
:DOTXtULD3HUHLUD$LUHV
&RPLVVmR&RPHPRUDWLYDGRVDQRVGD&1,$0HGDOKDGR&RQKHFLPHQWR 7HPiWLFDV6HWRULDLV5HOHYDQWHV
&URQRORJLDGR'HVHQYROYLPHQWRFLHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VGXDVJHUDo}HVGD&1,
2VFDU6/RUHQ]R)HUQDQGH]
(VWmRVHFRPSOHWDQGRGXDVJHUDo}HVGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD'DWDTXH
FRQVWLWXtXPDUHIHUrQFLDFHQWUDOQDYLGDGR%UDVLOPRGHUQR
$WpRVDQRVDVHOLWHVHRVJRYHUQRVLGHQWLILFDYDPR%UDVLOFRPRXPSDtVHVVHQFLDOPHQ
WHDJUtFRODRUJXOKDQGRVHRILFLDOPHQWHGHVVHIDWR1DWXUDOPHQWHSRUHVVHWHPSRDLP
SRUWkQFLDGRVHWRUDJUiULRHUDHPJHUDOPXLWRFRQVLGHUiYHOPHVPRHPSDtVHVDOWDPHQWH
LQGXVWULDOL]DGRV1RV(VWDGRV8QLGRVHPDSRSXODomRXUEDQDHDUXUDOHUDPSUDWL
FDPHQWHGDPHVPDRUGHPHDLQGDHPDSULPHLUDHUDPHQRVGHPDLRU$SHVDU
GRQRWiYHODYDQoRWHFQROyJLFRDPHFDQL]DomRGRFDPSRHVWDYDORQJHGRTXHYLULDDVHU
GHSRLVGDJXHUUD2TXHQRQRVVRSDtVDVLWXDomRWLQKDGHPHQRVOLVRQMHLURHUDDDOLHQD
omRGDVHOLWHVSROtWLFDVHHFRQ{PLFDVSDUDDVTXDLVTXHDFRQGLomRVHWRUQDYDLGHRORJLD
PRGRGHHQWHQGHURPXQGR*HUPHVGHUHDomRKRXYHGHVGHPXLWRWHPSRHQmRVHULDR
FDVRGHUHFRUGDUPRVDVWHQWDWLYDVLQFLSLHQWHVGHHVWDEHOHFLPHQWRGHPDQXIDWXUDVDLQGD
QD&RO{QLDFRQWUDRVLQWHUHVVHVGRPLQDQWHVHDPmRGHIHUURGD&RURDHDH[WUDRUGLQiULD
H[SHULrQFLDGH0DXiHGHRXWURVSLRQHLURVPDOVXFHGLGDVDRILQDOSHODRSRVLomRGDHV
WUXWXUDDJUiULRPHUFDQWLOHSHODYLVmRRILFLDOFRQYHUJHQWH
2GHVHQYROYLPHQWRWHFQROyJLFRFRPHoRXDILFDUHVWUHLWDPHQWHOLJDGRjEDVHLQGXVWULDO
GHVGHRFLFORGDVIHUURYLDVGHHPGLDQWHQD(XURSDHQRV(VWDGRV8QLGRVHXPD
JHUDomRGHSRLVSDUDWRGRVRVHIHLWRVSUiWLFRVMiVHFRQIXQGLDP2%UDVLODQWHULRUD
UHJLVWURXSURJUHVVRVQDHGXFDomRWpFQLFDHFLHQWtILFDLQFOXVLYHGHHQJHQKDULDHUHDOL
]Do}HVFRPRDVGH2VZDOGR&UX]H9LWDO%UDVLOHpMXVWROHPEUDUGDLQVWLWXLomRTXHVH
YLULDDVHUR,370DVQmRKDYHQGRRDOLFHUFHHFRQ{PLFRLVWRpXPDEDVHLQGXVWULDOFRP
HVFDODVXILFLHQWHQmRVHULDGHFRQWDUVHFRPXPDWRPDGDGHFRQVFLrQFLDDQmRVHUQD
´LQWHOOLJHQWVLDµFXMDHIHUYHVFrQFLDVHGiFRPRPRYLPHQWRPRGHUQLVWDQDGpFDGDGH
GHSRLVGRLPSXOVRGDHVSRQWkQHDVXEVWLWXLomRGHLPSRUWDo}HVGD3ULPHLUD*XHUUD
'RGHVHMRDQWLJRPDVYDJRGHSURJUHVVRTXHWHYHQRSDtVXPH[WUDRUGLQiULRVXUWRLGH
ROyJLFRFRPRSRVLWLYLVPRSDUDXPDDomRGHOLEHUDGDHFRQVFLHQWHLULDUHTXHUHUVHXPD
JHUDomRSLRQHLUDGHFLGLGDDWUDQVIRUPDUDUHDOLGDGHGRSDLVQmRDSHQDVSHQVDUVREUH
HOD1HPVHPSUHWHPKDYLGRXPUHFRQKHFLPHQWRMXVWRGRH[WUDRUGLQiULRSDSHOH[HUFLGR
SRUWRGDXPDJHUDomRGHLQGXVWULDLVDTXHVHGHYHXHQWUHRXWUDVDRUJDQL]DomRGDV
SULPHLUDVDVVRFLDo}HVTXHLULDPWUDQVIRUPDUVHQRVJUDQGHVyUJmRVGDLQG~VWULDGRFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
PpUFLRHGDDJULFXOWXUDQDGHIHVDGHHQWLGDGHVGHDomRWHFQROyJLFDHQWUHHODVR,37HD$%17HDVSULPHLUDVIRUPX
ODo}HVGHXPSURMHWRQDFLRQDOGHGHVHQYROYLPHQWR3HUVRQDOLGDGHVFRPR5REHUWR6LPRQVHQ(XYDOGR/RGL+RUiFLR
/iIHUHWDQWRVRXWURV³OLVWDUQRPHVVHPLQMXVWLoDVVHULDLPSRVVtYHOQXPEUHYHWH[WRLQWURGXWyULR0DVpSUHFLVROHPEUi
ORVRXSHORPHQRVOHPEUDUOKHVDVLGpLDVHRSDSHOQRTXHIRLHQWmRGHIDWRXPUHSHQVDUGDQDFLRQDOLGDGHKDYLD
PXLWRGHVHMDGRHHVSHUDGR
$UXSWXUDGRSDtVSUpPRGHUQRGiVHHPFRPXPDUHYROXomREUDVLOHLUDPHQWHTXDVHFRQVHQVXDOH*HW~OLR9DUJDV
FRP DV FRQWUDGLo}HV GR VHX DXWRULWDULVPR SRVLWLYLVWD RV WHPSRV HUDP RXWURV H SRXFDV GHPRFUDFLDV UHVWDULDP QR
PXQGRVXUJHFRPRRUHIRUPDGRUPRGHUQL]DQWHGR(VWDGR'HVVHSURFHVVRDSRGHUDPVHDVOLGHUDQoDVHPSUHVD
ULDLV$&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,pIXQGDGDHPGHDJRVWRGHGHSRLVGHHQWHQGLPHQWRVHQWUH
(XYDOGR/RGLSUHVLGHQWHGD)HGHUDomRGRV6LQGLFDWRV,QGXVWULDLVGR5LRGH-DQHLURH5REHUWR6LPRQVHQSUHVLGHQWH
GD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXORTXHGHVGHSDUWLFLSDUDGDFULDomRGR&HQWURGH,QG~VWULDV
GR (VWDGR H HP FULDUD ,QVWLWXWR GH 2UJDQL]DomR 5DFLRQDO GR 7UDEDOKR 0DLV WDUGH HVWDEHOHFHULD QD &1, XP
'HSDUWDPHQWRGH(FRQRPLDFRP5{PXORGH$OPHLGDTXHGHSRLVVHULDRHVStULWRPRWRUSRUWUiVGDVJUDQGHVUHDOL]D
o}HVGRSURJUDPDGHGHVHQYROYLPHQWRGRVHJXQGRJRYHUQR9DUJDV
2HQJHQKHLUR/RGLPDLVRKRPHPGHDomRIRFDOL]DYDHVWtPXORVHVSHFtILFRVHQTXDQWRRHQJHQKHLUR6LPRQVHQRLQ
WHOHFWXDOTXHDMXGDUDDFULDUDQRWiYHO(VFROD/LYUHGH6RFLRORJLDH3ROtWLFDFRQWULEXtDFRPXPDFRQFHSomRJOREDOGR
GHVHQYROYLPHQWRLQGXVWULDOHDGHSWRGDLQWHUYHQomRUDFLRQDOQDRUGHPGDVFRLVDVHGHFHUWDPHGLGDGHSODQHMDPHQWR
HPSHQKDUVHLDQXPDIRUPLGiYHOSROrPLFDFRPRXOWUDOLEHUDOHQJHQKHLUR(*XGLQ$YLVmRGHVVHVKRPHQVHUDGHFLrQ
FLDWHFQRORJLDIRUPDomRHFDSDFLWDomR1R&RQJUHVVR%UDVLOHLURGD,QG~VWULDGHQDFRPLVVmRGH´3ODQLILFDomR
(FRQ{PLFDGR%UDVLOQR6HWRUGH$WLYLGDGHV,QGXVWULDLVµUHGLJLXDVSURSRVLo}HVVREUHD´$VVLVWrQFLDWpFQLFDHLQFHQWL
YRDRVHXGHVHQYROYLPHQWRµHQWHQGLGDFRPR´VXSHUYLVmRWpFQLFDHRFRQMXQWRGHPpWRGRVSURFHVVRVODERUDWyULRVH
UHFXUVRVWHFQROyJLFRVPDWHULDLVHKXPDQRµ(XPSRXFRDQWHVIRLLPSRUWDQWHPDUFRR6(1$,HVWDEHOHFLGRHP
TXHMiSUHSDURXDWpKRMHFHUFDGHPLOK}HVGHWUDEDOKDGRUHV0DVWDPEpPHUDXPDYLVmRVRFLDO'HVVDHIHUYHV
FrQFLDGDFRQVFLHQWL]DomRGRSDtVILFDUDPFRPRWHVWHPXQKRVHPRVSULQFtSLRVGD&DUWD(FRQ{PLFDHQDGD
3D]GH7HUHVySROLV
1mRKiFRPRID]HUMXVWLoDHPWmRSRXFDVOLQKDVDHVVHHVIRUoRFROHWLYRGHFRQVFLrQFLDGHVVDJHUDomRTXHSDUWLFLSRX
QDFRQVWUXomRGRSDtVTXHVDtDGRXIDQLVPRHGRGHVWLQRHVVHQFLDOPHQWHDJUtFROD&LWDUDOJXQVQRPHVpSUHFLVRSRU
TXHVmRUHIHUrQFLDREULJDWyULD0DVHOHVIDODYDPSHORHPSUHVDULDGRHHPYHUGDGHSRUWRGDDYDQJXDUGDGDFRQVFLrQ
FLDQDFLRQDO&RPRSRUpPVLQWHWL]DURHVVHSURFHVVRGHFRQVFLHQWL]DomRFROHWLYDTXHDEULULDFDPLQKRSDUDDDUUDQ
FDGDGRGHVHQYROYLPHQWRHGDLQGXVWULDOL]DomRHTXHHUDDQWHVGHPDLVQDGDXPDFRQFHSomRGRPXQGRFRQGX]LGR
SHODUD]mRHQWHQGLGDWDOYH]pFHUWRXPWDQWRjPDQHLUDSRVLWLYLVWDTXHHUDXPGRVHOHPHQWRVFRPXQVGR´=HLWJHLVWµ
GRHVStULWRGRWHPSRFRPRFRQKHFLPHQWRFLHQWtILFRSHVTXLVDHWHFQRORJLD"
2VFDU6/RUHQ]R)HUQDQGH]²(PEDL[DGRU([6HFUHWiULRGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULR
GR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU([6HFUHWDULR([HFXWLYRGR0LQLVWpULRGD
,QG~VWULDHGR&RPpUFLR([0HPEURGR&RQVHOKRGH'HVHQYROYLPHQWRGD3UHVLGrQFLDGD
5HS~EOLFDIRLXPGRVFRUGHQDGRUHVGR3URJUDPDGH0HWDVGRJRYHUQR-XVFHOLQR.XELWVFKHN
1RVDQRVGD&1,
$QWRQLR(UPtULRGH0RUDHV
'H SDUD Fi QDVFH H VH GHVHQYROYH D QRVVD LQG~VWULD $V PRQRFXOWXUDV HPERUD
VXEVLVWLQGR DWp EHP GHSRLV GHL[DP GH VHU D ~QLFD DWLYLGDGH GH LPSRUWkQFLD QR SDtV
'LYHUVLILFDQGRVH D DJULFXOWXUD SDVVD D VHU EDVH VyOLGD SDUD XP GHVHQYROYLPHQWR GR
PHUFDGR LQWHUQR DR PHVPR WHPSR TXH D SDU GD SHFXiULD FULD H[FHGHQWHV H[SRUWi
YHLVTXHSRVVLELOLWDPDRFDSLWDOQDFLRQDOYROWDUVHPDLVSDUDDLQGXVWULDOL]DomR(PERUD
GHVFXUDQGREDVWDQWHGRVHWRUGHSHVTXLVDHFULDomRGHWHFQRORJLDVSUySULDVTXHQRV
REULJDUDPDLPSRUWDUSODQWDVPRGHORVHSURFHVVRVMiSURQWRVTXDVHVHPSUHFRPGXDV
RXPDLVJHUDo}HVGHDWUDVRHVVDDWLYLGDGHIRLVHGHVHQYROYHQGRGHPRGRVDWLVIDWyULR
&RPRpQDWXUDORUDPRTXHVREUHVVDLXIRLRGDPLQHURPHWDOXUJLDGHYLGRjDEXQGkQFLD
HjGLYHUVLGDGHGHQRVVRVUHFXUVRVQDWXUDLVHPXODQGRFRPRVHWRUWr[WLOHVWHWDPEpP
HPIXQomRGDDEXQGkQFLDGHPDWpULDVSULPDV
7XGRSRUpPID]LDVHDRPHVPRWHPSRHPTXHVHOXWDYDSHODIRUPDomRQmRVyGDPmR
GHREUDHVSHFLDOL]DGDLQH[LVWHQWHQRLQtFLRFRPRSHODSUySULDIRUPDomRGHXPDFDSD
FLWDomRHGHXPDFXOWXUDHPSUHVDULDLVYROWDGDVHVSHFLILFDPHQWHSDUDDQRYDDWLYLGDGH
)LJXUDVGHHVFROFRPHoDUDPDVXUJLUGHVWDFDQGRVHRMiDIDPDGROtGHU5REHUWR&RKUDQH
6LPRQVHQFULDGRUGRHQWmR&HQWURGDV,QG~VWULDVPDLVWDUGHRULJHPGD)HGHUDomRGDV
,QG~VWULDV GR (VWDGR GH 6mR 3DXOR LGHDOL]DGRU WDPEpP GR 6(1$, H 6(6, H IXQGDGRU
DLQGDGD)DFXOGDGHGH(QJHQKDULD,QGXVWULDOSDVVRLPSRUWDQWHQDIRUPDomRGHQRVVR
VWDIILQGXVWULDO
+RMHDLQGDUHVVHQWLQGRVHGHXPDIRUPDomRVLVWHPiWLFDGHWHFQRORJLDVSUySULDVRHVWi
JLRDOFDQoDGRSHODLQG~VWULDEUDVLOHLUDQRVGiGHVWDTXHHQWUHRVSDtVHVHPHUJHQWHVFRP
MXVWRVDQVHLRVGHXPPDLRUSURJUHVVR(VSHUDPRVTXHyUJmRVFRPRR,37D(0%5$3$
H RXWURV VH WRUQHP RV LPSXOVLRQDGRUHV GH WHFQRORJLDV SUySULDV H DODYDQFDGRUDV GH
PDLRUSURJUHVVRHTXHRPHUFDGRLQWHUQRVHMDHQWmRRSULQFLSDOHVFRDGRXURGHQRVVD
SUySULDSURGXomR
$QWRQLR(UPtULRGH0RUDHVp3UHVLGHQWHGR*UXSR9RWRUDQWLP
8QLYHUVLGDGHGH6mR3DXOR8PDVtQWHVHGHVXD
WUDMHWyULDGHDQRV
$GROSKR-RVp0HO¿
$8QLYHUVLGDGHGH6mR3DXORIRLFULDGDHPQXPFRQWH[WRPDUFDGRSRULPSRUWDQWHV
WUDQVIRUPDo}HVVRFLDLVSROtWLFDVHFXOWXUDLVSHORGHFUHWRHVWDGXDOQžGHGH
MDQHLURGHSRUGHFLVmRGRJRYHUQDGRUGH6mR3DXOR$UPDQGRGH6DOOHV2OLYHLUD
7HYHFRPRPHQWRULQWHOHFWXDO-~OLR0HVTXLWD)LOKRHQWmRGLUHWRUGR-RUQDO2(VWDGRGH
63DXORTXHSXEOLFDYDRVWHQVLYDPHQWHDUWLJRVHHVWXGRVIDYRUiYHLVjFULDomRGHXPD
XQLYHUVLGDGHHP6mR3DXORHVREUHRVSUREOHPDVGRHQVLQRVXSHULRUHXQLYHUVLWiULRQR
%UDVLO$863IRLHQWmRFULDGDFRPDILQDOLGDGHGHSURPRYHUDSHVTXLVDHRSURJUHVVRGD
FLrQFLDWUDQVPLWLUSHORHQVLQRFRQKHFLPHQWRVTXHHQULTXHoDPRXGHVHQYROYDPRHVSt
ULWRHTXHVHMDP~WHLVjYLGDHIRUPDUHVSHFLDOLVWDVHPWRGRVRVUDPRVGDFXOWXUDHHP
WRGDVDVSURILVV}HVGHEDVHFLHQWtILFDRXDUWtVWLFD6HXREMHWLYRFHQWUDOpGHVHQYROYHUXP
HQVLQRYLYRDFRPSDQKDQGRDVWUDQVIRUPDo}HVQDiUHDGRFRQKHFLPHQWRHPDQWHQGR
VHHPSHUPDQHQWHGLiORJRFRPDVRFLHGDGHQXPDSURGXWLYDLQWHJUDomRHQWUHRHQVLQR
DSHVTXLVDHDH[WHQVmR$W{QLFDGDLQVWLWXLomRp´9HQFHUiVSHOD&LrQFLDµ+RMHDQRV
GHSRLVD8QLYHUVLGDGHGH6mR3DXORpDPDLRULQVWLWXLomRGHHQVLQRVXSHULRUHGHSHV
TXLVDGR3DtVeDWHUFHLUDGD$PpULFD/DWLQDHHVWiFODVVLILFDGDHQWUHDVSULPHLUDVFHP
RUJDQL]Do}HVVLPLODUHVGHQWUHDVFHUFDGHVHLVPLOH[LVWHQWHVQRPXQGR
$863WHPSURMHomRPDUFDQWHQRHQVLQRVXSHULRUGHWRGRRFRQWLQHQWHIRUPDJUDQGH
SDUWHGRVPHVWUHVHGRXWRUHVGRFRUSRGRFHQWHGRHQVLQRSDUWLFXODUEUDVLOHLURHFDUUH
JDXPULFRODVWURGHUHDOL]Do}HVHYROXLQGRQDViUHDVGDHGXFDomRFLrQFLDWHFQRORJLD
LQRYDomR H DUWHV $V XQLGDGHV GH HQVLQR GD 863 HVWmR GLVWULEXtGDV DR ORQJR GH VHWH
FDPSLXQLYHUVLWiULRVGRLVR863/HVWHHPFRQVWUXomRQD&LGDGHGH6mR3DXORHFLQFR
QRLQWHULRUGR(VWDGRQDVFLGDGHVGH%DXUX3LUDFLFDED3LUDVVXQXQJD5LEHLUmR3UHWR
H6mR&DUORV$FRPXQLGDGHXVSLDQDpFRQVWLWXtGDSRUSURIHVVRUHVIXQ
FLRQiULRVHWHPRVDOXQRVPDWULFXODGRVVHQGRQRVFXUVRVGHJUDGX
DomRHQRVFXUVRVGHSyVJUDGXDomR1RDQRGHD863IRUPRX
EDFKDUpLVHRXWRUJRXWtWXORVGHPHVWUHVHGRXWRUHV3XEOLFDPRVWUDEDOKRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FLHQWtILFRVQR%UDVLOHQR([WHULRUVHQGRTXHXPHPFDGDTXDWURDUWLJRVFLHQWtILFRVLQGH[DGRVQRH[WHULRUKiSHORPHQRV
XPDXWRUSHUWHQFHQWHDRFRUSRGRFHQWHGD8632VUHVXOWDGRVMiDOFDQoDGRVHRVIDWRVPDUFDQWHVHPVXDFURQRORJLD
HYLGHQFLDPRYLJRUHDSXMDQoDGHVXDFRQVROLGDomRQDYDQJXDUGDGRFRQKHFLPHQWREHPFRPRGHPRQVWUDRVHXSHU
PDQHQWHFRPSURPLVVRFRPDSURGXomRGHFRQKHFLPHQWRHPSUROGRGHVHQYROYLPHQWRVRFLDOHHFRQ{PLFRGR(VWDGR
GH6mR3DXORHGR3DtV
$GROSKR-RVp0HOILp5HLWRUGD8QLYHUVLGDGHGH6mR3DXOR
$HQJHQKDULDEUDVLOHLUDQRFRQWH[WRGR
GHVHQYROYLPHQWRLQGXVWULDO
:LOVRQ/DQJ
)XQGDGDHPGHDJRVWRGHFRPRHQWLGDGHPi[LPDGHUHSUHVHQWDomRGRVHWRU
LQGXVWULDO EUDVLOHLUR D &1, &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD SDVVRX D UHSUHVHQWDU
LPSRUWDQWHSDSHOQRGHVHQYROYLPHQWRQDFLRQDOFRQFHQWUDQGRVHQDIRUPXODomRHQDLP
SOHPHQWDomRGHSURMHWRVTXHIDYRUHFHUDPDFULDomRQRSDtVGHXPDHVWUXWXUDLQGXVWULDO
LQWHJUDGDHGLYHUVLILFDGD
&ULDGR TXDWUR DQRV H TXDWUR PHVHV DQWHV HP GH GH]HPEUR GH R 6LVWHPD
&RQIHD&UHDWDPEpPQDVFHXSUHGHVWLQDGRDEHPFXPSULUVXDIXQomREiVLFDGHDJHQWH
GR GHVHQYROYLPHQWR DWXDQGR LQWHQVDPHQWH DWUDYpV GH VHXV SURILVVLRQDLV H HPSUHVDV
UHJLVWUDGDVQDH[SDQVmRGDFDSDFLGDGHWHFQROyJLFDHLQGXVWULDOGRSDtV
(PSHORPHQRVWUrVSHUtRGRVGHVWDFDGRVDRORQJRGRVDQRVGHKLVWyULDGR&1,HGRV
DQRVGDKLVWyULDGR6LVWHPD&RQIHD&UHDD&RQIHGHUDomRHR6LVWHPDLQWHUDJLUDP
GLQDPLFDPHQWHGHVHPSHQKDQGRSDSpLVHPRELOL]DQGRUHFXUVRVYLVDQGRDWLQJLURVRE
MHWLYRVFRPXQVGRSURJUHVVRGR%UDVLODWUDYpVGRGHVHQYROYLPHQWRLQWHJUDOHLQWHJUDGR
GRVLQ~PHURVVHJPHQWRVGRVHWRULQGXVWULDOHGXFDFLRQDOHGHWUHLQDPHQWR
2SULPHLURSHUtRGRDPHUHFHUGHVWDTXHpDTXHOHFRPSUHHQGLGRHQWUHRVDQRVD
-iDSDUWLUGHFRPDTXHGDGRVSUHoRVLQWHUQDFLRQDLVGRFDIpVXUJHDLGpLD
GDLQGXVWULDOL]DomRFRPRDOWHUQDWLYDSDUDRGHVHQYROYLPHQWRHFRQ{PLFR,QH[LVWLQGRFD
SLWDOSULYDGRQDFLRQDOSDUDDLQVWDODomRGDVLQG~VWULDVGHEDVHGHPDQGDGDVR(VWDGR
SDVVD D LQWHUYLU GLUHWDPHQWH QR SURFHVVR SURGXWLYR 2 FLFOR VH LQLFLD FRP XP JUDQGH
HVIRUoR GH UHJXODomR H SODQHMDPHQWR FHQWUDOL]DGR GD HFRQRPLD $VVLP p TXH VXUJL
UDPQHVVHSHUtRGRRV&yGLJRVGH0LQDVGHÉJXDVHR)ORUHVWDORV&RQVHOKRV
)HGHUDOGH&RPpUFLR([WHULRU7pFQLFRGH(FRQRPLDH)LQDQoDVHR&RQVHOKRGH0LQDV
H0HWDOXUJLDR&RQVHOKR1DFLRQDOGR3HWUyOHRR3ODQRGH2EUDV3~EOLFDV
H$SDUHOKDPHQWRGD'HIHVDHR3ODQR6LGHU~UJLFR1DFLRQDO1RLQtFLRGRVDQRV
TXDUHQWDIRLDYH]GDVHPSUHVDVS~EOLFDVQRVVHWRUHVHVWUDWpJLFRVGDHFRQRPLD&LD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6LGHU~UJLFD1DFLRQDO&LD1DFLRQDOGHÉOFDOLVD&LD6LGHU~UJLFDGH9ROWD5HGRQGDD&LD9DOHGR
5LR'RFHHD&KHVI
$SDUWLUGHD&1,SDVVDDDFRPSDQKDUFULWLFDPHQWHHVVHVHPSUHHQGLPHQWRVGHEDVHHLQIOXLUGHFLVLYDPHQWHQD
H[SDQVmRHPWHPSRVGHVXEVWLWXLomRGHLPSRUWDo}HVHVWLPXODGDSHORVHVIRUoRVGHJXHUUDGRFRPSOH[RLQGXVWULDO
EUDVLOHLUR(R6LVWHPD&RQIHD&UHDQRH[HUFtFLRGHVXDVIXQo}HVS~EOLFDVDLQGDPDLVUHYLJRUDGRSHODDPSOLDomRGH
VXDVFRPSHWrQFLDVXQLXVHXVHVIRUoRVDRVGD&1,DWUDYpVGDUHJXODomRGDILVFDOL]DomRHGRDSULPRUDPHQWR
GDVDWLYLGDGHVSURILVVLRQDLVQDiUHDLQGXVWULDO
2VHJXQGRSHUtRGRREMHWRGHQRVVDVFRQVLGHUDo}HVpDTXHOHFHQWUDGRQRDQRGHTXDQGRRVLVWHPDSURILVVLRQDO
IH]DSURYDUQR&RQJUHVVR1DFLRQDODOHJLVODomRTXHDWpKRMHDLQGDUHJXODPHQWDQRSDtVRH[HUFtFLRSURILVVLRQDOGH
DSUR[LPDGDPHQWHGLIHUHQWHVWtWXORV1HVVHSHUtRGRHPTXHRSURWDJRQLVPRGD&1,DJLJDQWRXVHVREUHPDQHLUD
YLYHQFLDPRVR´SURMHWRQDFLRQDOGHGHVHQYROYLPHQWRGH-XVFHOLQR.XELVWFKHNµ´DQRVHPµHQRWUDQVFXUVRGRV
GHQRPLQDGRV´JRYHUQRVDXWRULWiULRVµH[SHULPHQWDPRVRVHIHLWRVGRVWUrV3ODQRV1DFLRQDLVGH'HVHQYROYLPHQWRTXH
FRPDUHVVDOYDGDVFUtWLFDVTXHOKHSRVVDPVHUDSUHVHQWDGDVHPDERUGDJHPVRFLRSROtWLFDPDLVSURIXQGDSURGX]LX
RFKDPDGR´PLODJUHEUDVLOHLURµ7DOYH]WHQKDVLGRHVWHRSHUtRGRPDLVGLQkPLFRGDLQG~VWULDQDFLRQDOTXDQGRRVHP
SUHHQGLPHQWRVVHVXFHGLDPHPSURIXVmRHDRIHUWDGHHPSUHJRVDSUHVHQWDYDVHHPQ~PHURVFUHVFHQWHV$WpTXH
VXUJLUDPDVFULVHVPXQGLDLVGRSHWUyOHRHGDHQHUJLDGHXPODGRHDVFULVHVSROtWLFDVGD´DEHUWXUDµTXHPDUFDUDPR
WpUPLQRGHVVHSHUtRGR
2WHUFHLURSHUtRGRpRDWXDOTXDQGRRVSDtVHVGRSULPHLURPXQGRWUDQVLWDQGRFUHVFHQWHPHQWHSHODVDPSODVYLDVGD
VRFLHGDGHGDLQIRUPDomRHGRFRQKHFLPHQWRSDVVDPDXWLOL]DUWDQWRQRGHVHQYROYLPHQWRFLHQWtILFRHWHFQROyJLFR
FRPRQRJHUHQFLDOHFRPHUFLDORVPHFDQLVPRVGHDomRSROtWLFDHHFRQ{PLFDJDUDQWLGRUHVGDFRQWLQXLGDGHGHVXDV
KHJHPRQLDVeXPDGDVIDFHVGRFKDPDGRSURFHVVRGDJOREDOL]DomRTXHUHTXHUGHWRGDVDVVRFLRHFRQRPLDVRPi
[LPRGHVXDVDWHQo}HVYLVDQGRXPDLQWHJUDomRPDLVDPLJiYHOHPHQRVSHUYHUVD(QHVWDVLWXDomRPDLVXPXUJHQWHH
GLItFLOGHVDILRVHDSUHVHQWDWDQWRj&1,FRPRDR6LVWHPD&RQIHD&UHDDXQLmRGHHVIRUoRVHPSUROGHXPSURMHWRQD
FLRQDOGHGHVHQYROYLPHQWRVXVWHQWiYHO²IRUWHPHQWHDQFRUDGRQD$JHQGD²HTXHWHQKDHPVXDFRQVLVWHQWHSROtWLFD
LQGXVWULDOXPGRVSULQFLSDLVIDWRUHVGHVXDHILFiFLD
:LOVRQ/DQJpHQJHQKHLURFLYLO3UHVLGHQWHGR&RQVHOKR)HGHUDOGH
(QJHQKDULD$UTXLWHWXUDH$JURQRPLD&RQIHD
2GHVHQYROYLPHQWRGDVLGHUXUJLDQR%UDVLO
-RUJH*HUGDX-RKDQQSHWHU
$VLGHUXUJLDEUDVLOHLUDLQLFLRXVXDWUDMHWyULDGHGHVHQYROYLPHQWRQRLQtFLRGRVpFXOR;;H
DRORQJRGHVVHSHUtRGRFRQVROLGRXXPDLPSRUWDQWHSRVLomRQRFHQiULRLQWHUQDFLRQDO
DRVHUUHFRQKHFLGDFRPRXPDGDVPDLVFRPSHWLWLYDVGRPXQGR7HYHVXDRULJHPQR
SURFHVVRGHVXEVWLWXLomRGDVLPSRUWDo}HVHKRMHDOpPGHDVVHJXUDURSOHQRDEDVWHFL
PHQWRGRPHUFDGRLQWHUQRFRQWULEXLGHPDQHLUDGHFLVLYDSDUDDEDODQoDFRPHUFLDO$V
H[SRUWDo}HVEUDVLOHLUDVGHDoRQRSULPHLURWULPHVWUHGHUHSUHVHQWDUDPGDV
YHQGDV
$V GpFDGDV GH H PDUFDP XP GRV PDLV LPSRUWDQWHV SHUtRGRV GLQkPLFRV SDUD
R VHWRU j PHGLGD TXH VXUJHP QRYDV FRPSDQKLDV QR PHUFDGR FRPR D &RPSDQKLD
6LGHU~UJLFD %HOJR0LQHLUD (VVD WHQGrQFLD IRL UHIRUoDGD QDV GpFDGDV VHJXLQWHV 1RV
DQRVR*UXSR*HUGDXLQJUHVVDQDVLGHUXUJLDFRPRIRUPDGHJDUDQWLUDPDQXWHQomR
GRDoRSDUDDSURGXomRGHSUHJRVMiTXHRLQVXPRHUDLPSRUWDGRHVRIULDUHJLPHGH
FRWDV1HVVDPHVPDGpFDGDQDVFHD&RPSDQKLD6LGHU~UJLFD1DFLRQDO&61YROWDGD
SDUDDSURGXomRGHDoRVSODQRV
7ULQWDDQRVGHSRLVRFRUUHRSULPHLURERRPGHLQYHVWLPHQWRVQDVLGHUXUJLDYROWDGRSDUD
H[SDQVmRGDFDSDFLGDGHLQVWDODGDGDVXVLQDV1DGpFDGDVHJXLQWHDFULVHGR(VWDGR
LPSHGHTXHVHMDPUHDOL]DGRVLQYHVWLPHQWRVQDPRGHUQL]DomRGRSDUTXHLQGXVWULDOVRE
FRQWUROHHVWDWDO2FRUUHHQWmRRGLVWDQFLDPHQWRGDLQG~VWULDHPUHODomRDRVSDGU}HV
LQWHUQDFLRQDLVGHTXDOLGDGHHGHFRPSHWLWLYLGDGH
2PRYLPHQWRPXQGLDOGHSULYDWL]DomRHGHFRQFHQWUDomRFKHJDDR%UDVLOHPH
HQWUHHRSURFHVVRSDVVDDDEUDQJHUDVLGHUXUJLDPDUFDQGRXPDIDVHGH
UHHVWUXWXUDomRGRVHWRU$SyVDSULYDWL]DomRRFRUUHGHDRVHJXQGRFLFORGH
LQYHVWLPHQWRV)RUDPLQYHVWLGRV86ELOK}HVREMHWLYDQGRDDWXDOL]DomRWHFQROyJLFD
GRVSDUTXHVLQGXVWULDLVRHQREUHFLPHQWRGRVSURGXWRVHDLPSODQWDomRGHIHUUDPHQ
WDVGHJHVWmR
$SDUWLUGHVVHSHUtRGRRHPSUHHQGHGRULVPRQDDGPLQLVWUDomRGRVQHJyFLRVJDQKDQR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
YDVGLPHQV}HVHHPDOJXQVFDVRVXOWUDSDVVDDVIURQWHLUDVQDFLRQDLVID]HQGRFRPTXHHPSUHVDVGHVSRQWHPFRPR
SOD\HUVPXQGLDLVLQFOXVLYHFRPXQLGDGHVQRH[WHULRU$SDUWLUGHVWHDQRRVHWRUHQWUDHPXPQRYRFLFORGHLQYHVWLPHQ
WRV$WpVHUmRGHVWLQDGRV86ELOK}HVSDUDDPSOLDUDSURGXomRGHPLOK}HVGHWRQHODGDVSDUDPLOK}HV
GHWRQHODGDVDQXDLVJDUDQWLQGRjVLGHUXUJLDPHOKRUHVFRQGLo}HVGHFRPSHWLWLYLGDGH$RILQDOGHVVHSHUtRGRR%UDVLO
VDOWDUiGDQRQDSDUDDTXLQWDSRVLomRQRUDQNLQJGRVSULQFLSDLVSDtVHVSURGXWRUHVGHDoREUXWRHFRQWULEXLUiDLQGDPDLV
SDUDRFUHVFLPHQWRGDJHUDomRGHGLYLVDVHHPSUHJRVSDUDR3DtV
-RUJH*HUGDX-RKDQQSHWHUp3UHVLGHQWHGR*UXSR*HUGDX
5HWURVSHFWLYDGDHQHUJLDHOpWULFDQR%UDVLO
-RUJH6DPHN
+i XP VpFXOR R &RQJUHVVR 1DFLRQDO DSURYDYD R SULPHLUR WH[WRGHOHLGLVFLSOLQDQGR R
XVRGHHQHUJLDHOpWULFDQRSDtV0DVDSHQDVGpFDGDVGHSRLVHPTXHVHULDFULDGD
QR5LRGH-DQHLURDSULPHLUDHPSUHVDGHHOHWULFLGDGHGHkPELWRIHGHUDOD&RPSDQKLD
+LGUR(OpWULFDGR6mR)UDQFLVFRD&+(6)
2%UDVLOHQWUDYDQRTXHVHSRGHFKDPDUGH´UHYROXomRLQGXVWULDOµFRPDFRQVWUXomR
GHVXDSULPHLUD6LGHU~UJLFD9ROWD5HGRQGDHYROWDYDVHSDUDDQHFHVVLGDGHSUHPHQ
WHGHJHUDomRGHHQHUJLDHOpWULFDSDUDVHXGHVHQYROYLPHQWR$JHQHURVDQDWXUH]DGD
UHGHIOXYLDOEUDVLOHLUDSURSRUFLRQRXDRSDtVFRQVROLGDUDIRQWHKLGUHOpWULFDFRPRDPDWUL]
GHJHUDomRHQHUJpWLFDHR5LR3DUDQiRVH[WRULRGRPXQGRDFXPXODHQWUHVXDVEDU
UDQFDVGH]HQDVGHJUDQGHVHPpGLDVEDUUDJHQVDPDLRUGHODV,WDLSXQDIURQWHLUDGR
%UDVLOFRPR3DUDJXDL
+iH[DWRVDQRVFRPRFRQVHTrQFLDGHXP7UDWDGRDVVLQDGRHQWUHRVJRYHUQRVGR
%UDVLO HGR3DUDJXDL QDVFLD D,WDLSX%LQDFLRQDO HPSUHVDGHFDUDFWHUtVWLFDV ~QLFDV QR
PXQGRSHODVXDELQDFLRQDOLGDGHHTXHDGPLQLVWUDD8VLQD+LGUHOpWULFDGH,WDLSXDPDLRU
GRSODQHWD6XDVREUDVIRUDPLQLFLDGDVHPHHPDSULPHLUDGDVVXDVXQLGD
GHVJHUDGRUDV0:FDGDXPDHQWURXHPRSHUDomRHDSHQ~OWLPDGHODVHP
3HQ~OWLPDSRUTXHRSURMHWRILQDOGH,WDLSXVHFRQVROLGDUiQRSUy[LPRDQRTXDQGRHQWUD
UmRHPRSHUDomRRXWUDVGXDVXQLGDGHVDXPHQWDQGRGHSDUDWXUELQDVVXD&DVDGH
0iTXLQDVHHOHYDQGRGH0:SDUD0:VXDSRWrQFLDLQVWDODGD
$WXDOPHQWHDViJXDVGRULR3DUDQiR3DUDQD]mRFRPRpFRQKHFLGRSHORVULEHLULQKRV
SURSRUFLRQD D ,WDLSX JHUDU GD HQHUJLD FRQVXPLGD QR %UDVLO H SHOR 3DUDJXDL
´$OpPGDJDUDQWLDGHHQHUJLDTXHVXVWHQWDRGHVHQYROYLPHQWREUDVLOHLURµGL]R'LUHWRU
*HUDO %UDVLOHLUR -RUJH 6DPHN ´,WDLSX WHP XP GRV PDLRUHV SURJUDPDV DPELHQWDLV GR
PXQGRGHVHQYROYHXPDPSOR&RPSOH[R7XUtVWLFRHHVWDPRVLQVWDODQGRXPDQRYD8VLQD
DGRFRQKHFLPHQWRDWUDYpVGR37,²3DUTXH7HFQROyJLFRGH,WDLSXµ
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HIDWR,WDLSXWHPXPDSUHRFXSDomRPDLRUFRPVXDSULQFLSDOPDWpULDSULPDDiJXDHPHGLDQWHXP3URJUDPDFKD
PDGR´ÉJXD%RDµEXVFDDSURWHomRHSUHVHUYDomRHPWRGRGRHQWRUQRGHVHX5HVHUYDWyULR0DLVGHPLOSHVVRDV
DQXDOPHQWHYLVLWDPHVVD8VLQDORFDOL]DGDHP)R]GR,JXDoXQDWUtSOLFHIURQWHLUDEUDVLOHLURDUJHQWLQRSDUDJXDLD(QD
iUHDGRFRQKHFLPHQWRHGRDSURYHLWDPHQWRGDLQWHOLJrQFLDR37,GHVHQYROYHDo}HVGHVGHDDOIDEHWL]DomRDWpXPD
IiEULFDGH´VRIWZDUHVµ
-RUJH6DPHNp'LUHWRU([HFXWLYR%UDVLOHLURGD,WDLS~%LQDFLRQDO
$JrQFLDVGHIRPHQWRHRGHVHQYROYLPHQWRGD
5HJLmR1RUWH8PDYLVmRUHWURVSHFWLYD
)OiYLD6NURERW%DUERVD*URVVR
&RPRUHVXOWDGRGHDFRUGRVTXHR%UDVLOUHDOL]RXGXUDQWHDD*XHUUD0XQGLDO
FRPRV(VWDGRV8QLGRVRVFKDPDGRV$FRUGRVGH:DVKLQJWRQIRLFULDGDQD$PD]{QLD
XPDLQIUDHVWUXWXUDGHSHVTXLVDVFLHQWtILFDVHH[SHULrQFLDVWHFQROyJLFDVQRVFDPSRVGD
DJULFXOWXUDHGDSHFXiULDGRVDQHDPHQWREiVLFRHGRVWUDQVSRUWHV&RPRUHVXOWDGRGHV
VHVDFRUGRVR,QVWLWXWR$JURQ{PLFRGR1RUWHFRPVHGHHP%HOpPUHFHEHXH[SUHVVLYR
LQFHQWLYRFLHQWtILFRWpFQLFRHILQDQFHLURIRLFULDGRR6HUYLoR(VSHFLDOGH6D~GH6(63
HQFDUUHJDGRGHSHVTXLVDUHLPSODQWDUPHGLGDVGHWUDWDPHQWRGHPROpVWLDVWURSLFDLVH
R6DQHDPHQWRGR9DOH$PD]{QLFRHQFDUUHJDGRGRVDQHDPHQWREiVLFRUHJLRQDO&ULRX
VHDLQGDD6XSHULQWHQGrQFLDGH$EDVWHFLPHQWRGR9DOH$PD]{QLFR6$9$R%DQFRGH
&UpGLWRGD%RUUDFKDR6HUYLoRGH1DYHJDomRGD$PD]{QLDHRXWURV
(PD&RQVWLWXLomRHQWmRSRVWDHPYLJRUSUHYLDDDSOLFDomRGHGDUHQGDWULEX
WiULDQDFLRQDODRGHVHQYROYLPHQWRHYDORUL]DomRHFRQ{PLFDGD$PD]{QLD7DOSUHYLVmR
OHJDOVyVHHIHWLYDULDHPDUHJXODPHQWDomRGR3ODQRGH9DORUL]DomRGD$PD]{QLD
HRyUJmRGHVWLQDGRDLPSOHPHQWDORD6XSHULQWHQGrQFLDGH9DORUL]DomRGD$PD]{QLD
639($(PVHX3URJUDPDGH(PHUJrQFLDSDUDSHODSULPHLUDYH]pUHFRQKHFLGD
QXP GRFXPHQWR GH DOWD UHVSRQVDELOLGDGH JRYHUQDPHQWDO D H[LVWrQFLD GH LPHQVRV UH
FXUVRVPLQHUDLVQD$PD]{QLDFRQIHULQGRXPDYLVmRJOREDOHLQWHJUDGDGDSUREOHPiWLFD
DPD]{QLFDWUDWDGDFRPFRQKHFLPHQWRFLHQWtILFRHWpFQLFRGDUHJLmR
&RPD639($IRUDPODQoDGDVDVEDVHVLQIRUPDWLYDVHDVLQGLFDo}HVFLHQWtILFDVHWpF
QLFDVTXHYLHUDPUHVXOWDUDQRVGHSRLVFRPDHYROXomRGDSHVTXLVDQDGHVFREHUWD
GRVLPHQVRVMD]LPHQWRVPLQHUDOyJLFRVHIRQWHVHQHUJpWLFDVFRQWLGDVKRMHQRVPRGHUQRV
SURMHWRVGHYDORUL]DomRHFRQ{PLFDGDiUHDFRPRR3URMHWR*UDQGH&DUDMiVDH[SORUD
omRGHEDX[LWDQR5LR7URPEHWDVHRXWURV
$DSOLFDomRGHUDGDUQRDHUROHYDQWDPHQWRYHLRUHYROXFLRQDURFDPSRGDWHFQRORJLDQR
VHWRU GDV SHVTXLVDV VREUH R VROR H R VXEVROR GR SODQHWD FXMD H[SUHVVmR WpFQLFD QD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$PD]{QLDILFRXFRQKHFLGDFRPR3URMHWR5$'$05DGDUGD$PD]{QLDRTXDOXWLOL]DQGRVHGHDYL}HVHVDWpOLWHVFRQV
WLWXLXXPFRPSOH[RFLHQWtILFRGHVHQVRULDPHQWRjGLVWkQFLDTXHYHLRSHUPLWLUROHYDQWDPHQWRGRVUHFXUVRVPLQHUDLV
IORUHVWDLVHKtGULFRVGDLPHQVDHDQWHVLQGHYDVViYHOUHJLmRDPD]{QLFD
3RURXWURODGRDSDUWLUGH,QVWLWXWR1DFLRQDOGH3HVTXLVDGD$PD]{QLD,13$YHLRVHMXQWDUDR0XVHX3DUDHQVH
(PLOLR*RHOGL03(*QDJHUDomRGHFRQKHFLPHQWRGDQDWXUH]DDPD]{QLFDRULHQWDQGRVHSDUWLFXODUPHQWHSDUDR
FDPSRGDERWkQLFDGD]RRORJLDGDFOLPDWRORJLDGHQWUHRXWURVJHUDQGRDVEDVHVGDVDVSLUDo}HVKRGLHUQDVUHODWLYDV
jXWLOL]DomRHFRQ{PLFDGDELRGLYHUVLGDGHUHJLRQDOSRUWHFQRORJLDVJHUDGDVDSDUWLUGHVVHFRQKHFLPHQWRDFXPXODGR
2JRYHUQREUDVLOHLURGHVGHDGpFDGDGHVHVVHQWDGRVpFXORSDVVDGRFRQVHJXLHVWLPXODURGHVHQYROYLPHQWRDPD]{QLFR
DWUDYpVGHYiULDVLQLFLDWLYDVWDLVFRPRDFULDomRGD68'$06XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGD$PD]{QLDGD
68)5$0$6XSHULQWHQGrQFLDGD=RQD)UDQFDGH0DQDXVDLPSODQWDomRGHXPDH[WHQVDUHGHYLiULDDPHOKRULDGDQD
YHJDomRIOXYLDODFRQVWUXomRGD+LGUHOpWULFDGH7XFXUXtDOpPGHLQ~PHURVRXWURVSURMHWRVGHPHQRUSRUWH
3UHVHQWHPHQWHDEUHPVHQRYRVKRUL]RQWHVGHSURJUHVVRHFRQ{PLFRHVRFLDOQDUHJLmR+iDFRQVROLGDomRGDIURQWHLUD
DJUtFRODDRVXOGD$PD]{QLDDSDUWLUGDVLQRYDo}HVWHFQROyJLFDVDOFDQoDGDVSHOD(0%5$3$KiDEXVFDGHHQUDL]D
PHQWRGRPRGHUQRVHJPHQWRLQGXVWULDOGR3yOR,QGXVWULDOGH0DQDXV3,0DSDUWLUGDJHUDomRDGDSWDomRHWUDQV
IHUrQFLDGHWHFQRORJLDDVHUHPUHDOL]DGDVSHODVLQVWLWXLo}HVWpFQLFRFLHQWtILFDVMiLQVWDODGDVFRPRD)8&$3,HDVH
LQVWDODUHPFRPRR&73,0HKiDSURPLVVRUDOyJLFDGRGHVHQYROYLPHQWRVXVWHQWiYHODSDUWLUGDFLrQFLDDFXPXODGD
QR,13$H03(*FXMDWUDQVIRUPDomRHPWHFQRORJLDHLQRYDomRVHUmRDJLOL]DGDVWDPEpPSRULQVWLWXLo}HVMiLQVWDODGDV
FRPRR,(3$,QVWLWXWR(VWDGXDOGH3HVTXLVDVGR$PDSiHDVHLQVWDODUHPFRPRR&%$
$V H[SHFWDWLYDV FRUUHQWHV p TXH RV PRGHUQRV VXFHGkQHRV GR 3URMHWR 5$'$0 R 6,3$0 6LVWHPD GH 3URWHomR GD
$PD]{QLDHR6,9$06LVWHPDGH9LJLOkQFLDGD$PD]{QLDHVWDUmRjVHUYLoRGDH[SDQVmRFRQWURODGDHQDFRQVHUYDomR
GD$PD]{QLDHVWUXWXUDGRQRFRQKHFLPHQWRFLHQWtILFRHWHFQROyJLFR
3RUWDQWRD$PD]{QLDEUDVLOHLUDKRMHWUDQVFRUULGDDVHJXQGDPHWDGHGRVpFXORSDVVDGRMiVHDSUHVHQWDPXLWRGLVWDQ
WHHPWHUPRVGHUHDOL]Do}HVHSHUVSHFWLYDVIXWXUDVGDTXHODPRGRUUHQWDHSDVVLYDiUHDSUREOHPDGDSULPHLUDPHWDGH
GRVpFXORSDVVDGR
)OiYLD6NURERW%DUERVD*URVVRp6XSHULQWHQGHQWHGD=RQD)UDQFDGH
0DQDXV68)5$0$
3ROtWLFD,QGXVWULDOQR%UDVLO
&DUORV*DVWDOGRQL
$5HYROXomRGHS{VILPjKHJHPRQLDGDEXUJXHVLDFDIHHLUDQDHFRQRPLDGR3DtV
FXMR SDUTXH LQGXVWULDO DWp HQWmR HUD SHTXHQR H GHVRUGHQDGR FRP SUHGRPtQLR GDV
LQG~VWULDV Wr[WLO H GH DOLPHQWDomR $SyV D SURFODPDomR GR (VWDGR 1RYR HP R
3UHVLGHQWH *HW~OLR 9DUJDV EXVFRX LPSXOVLRQDU R GHVHQYROYLPHQWR HFRQ{PLFR FULDQGR
YiULRVyUJmRVHDXWDUTXLDVFRPHVVHLQWXLWRGHVWDFDQGRVHDFULDomRGR0LQLVWpULRGR
7UDEDOKR,QG~VWULDH&RPpUFLRHP
'XUDQWHD6HJXQGD*UDQGH*XHUUD0XQGLDOKRXYHGLPLQXLomRGDRIHUWDGH
SURGXWRVLQGXVWULDLVGHVVDIRUPDHQVHMDQGRDSROtWLFDGHVXEVWLWXLomRGHLPSRUWDo}HV
23UHVLGHQWH9DUJDVSUDWLFRXXPMRJRGXSORGHDSUR[LPDomRFRPRVGRLVEORFRVEHOLJH
UDQWHVQHJRFLDQGRFRPRVDOHPmHV*UXSR.5833DLQVWDODomRGHXPDVLGHU~UJLFDQR
%UDVLOHVLPXOWDQHDPHQWHFRPRVDPHULFDQRVSRULQWHUPpGLRGR([LPEDQNTXHYHLR
SRVWHULRUPHQWH D PDWHULDOL]DUVH QD &LD 6LGHU~UJLFD 1DFLRQDO &61 LQDXJXUDGD HP
GDQGRLQtFLRjLQG~VWULDGHEDVHQR%UDVLODEDQGRQDQGRDSVHXGRQHXWUDOLGDGHQR
FRQIOLWRVRPHQWHHPMDQHLURGHURPSHQGRUHODo}HVGLSORPiWLFDVFRPRVSDtVHVGR
´HL[Rµ$OHPDQKD,WiOLDH-DSmRHGHFODUDQGRJXHUUDDRVPHVPRV
1R6HJXQGR3HUtRGR9DUJDVDFRQWHFHUDPGRLVIDWRVPDUFDQWHVSDUDD3ROtWLFD
,QGXVWULDO%UDVLOHLUDHPDFULDomRGRHQWmR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR
(FRQ{PLFR²%1'(TXHYHLRDWRUQDUVHR%1'(6DWXDOSRGHURVRDJHQWHGHIRPHQWR
GHORQJRSUD]RGRGHVHQYROYLPHQWRLQGXVWULDOHPVHWRUHVHVWUDWpJLFRVSRUPHLRGHSROtWL
FDVVHWRULDLVHHPDSyVXPDFDPSDQKDQDFLRQDOYHQFHGRUDLQWLWXODGD´R3HWUyOHR
pQRVVRµFULRXVHD3(752%5$6ORFRPRWLYDGRGHVHQYROYLPHQWRSHWUROtIHURHSHWURTXt
PLFRQDFLRQDODWXDOPHQWHOtGHUPXQGLDOHPWHFQRORJLDGHH[SORUDomRGHSHWUyOHRHP
SODWDIRUPDVPDUtWLPDV
23ODQR1DFLRQDOGH'HVHQYROYLPHQWRFRQKHFLGRFRPR3ODQRGH0HWDVWUDGX]LGRQR
OHPD´DQRVGHSURJUHVVRHPDQRVGHJRYHUQRµSULYLOHJLRXRVVHWRUHVGHHQHUJLDH
WUDQVSRUWHFRQVWUXLQGRXPDLQIUDHVWUXWXUDSDUDDH[SDQVmRGRSDUTXHLQGXVWULDO
)RLLPSODQWDGRXPSyORDXWRPRELOtVWLFRHGHHOHWURGRPpVWLFRQDUHJLmRGR$%&SDXOLVWD
LQLFLDQGRDLQVWDODomRGHXPDEDVHLQGXVWULDOGHSURGXWRVGHFRQVXPRGXUiYHO
&RPRREMHWLYRGHSURPRYHURGHVHQYROYLPHQWRUHJLRQDOHDLQWHULRUL]DomRHFRQ{PLFD
WHUULWRULDOHGHPRJUiILFDGR%UDVLO-XVFHOLQR.XELWVFKHNFRQVWUXLXHLQDXJXURXHPGH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
DEULOGHDQRYDFDSLWDOIHGHUDO%UDVtOLDGDQGRXPJUDQGHLPSXOVRjLQG~VWULDGDFRQVWUXomRFLYLO
1RJRYHUQRVHJXLQWHGR3UHVLGHQWH-kQLR4XDGURVFRQKHFLGRSRUVXDEUHYLGDGHIRLFULDGRR3ODQR4XLQTHQDOHP
VXEVWLWXLomRDR3ODQRGH0HWDVGH-.)RUDPFULDGRVRV0LQLVWpULRVGD,QG~VWULDH&RPpUFLRHGDV0LQDVH(QHUJLD
&RPDUHQ~QFLDGH-kQLRDVVXPHRYLFH-RmR*RXODUWTXHODQoRXR3ODQR7ULHQDOGH'HVHQYROYLPHQWR
(FRQ{PLFRH6RFLDOHODERUDGRSRU&HOVR)XUWDGRHXPDHTXLSHGHHFRQRPLVWDVOLJDGRVj&RPLVVmR(FRQ{PLFDSDUD
D$PpULFD/DWLQD&(3$/FXMRSURJUDPDWLQKDXPFDUiWHUUHIRUPLVWDHGHVHQYROYLPHQWLVWDRPHVPRHQIUHQWRXIRUWH
RSRVLomRQR&RQJUHVVRHDGHVFRQILDQoDGRHPSUHVDULDGRQDFLRQDOHHVWUDQJHLUR6HPFRQGLo}HVGHYLDELOL]DomRGR
SURJUDPDGHUHIRUPDVDFHLWRXDSUHVVmRGDHVTXHUGDHPRELOL]RXDVPDVVDVHPIDYRUGDVFKDPDGDVUHIRUPDVGH
EDVHXPSURJUDPDPDLVUDGLFDOGHWUDQVIRUPDomRGDVHVWUXWXUDVDJUiULDEDQFiULDWULEXWiULDILVFDOHDGPLQLVWUDWLYDGR
3DtV­UDGLFDOL]DomRGDHVTXHUGDVHJXLXVHXPDUDGLFDOL]DomRGDGLUHLWDFXOPLQDQGRFRPDGHVWLWXLomRGRSUHVLGHQWH
HPGHPDUoRGHLQDXJXUDQGRRFLFORGHSUHVLGHQWHVPLOLWDUHV
$RWRPDUSRVVHHPDEULOGH&DVWHOR%UDQFRGHXLQtFLRDXPDPSORSURJUDPDGHHVWDELOL]DomRHFR
Q{PLFDHFRPEDWHLQIODFLRQiULRLPSODQWDQGRUHIRUPDVDGPLQLVWUDWLYDHOHLWRUDOEDQFiULDWULEXWiULDKDELWDFLRQDOSROtWLFD
HDJUiULD&ULRXR&UX]HLUR1RYRLPSODQWRXR%DQFR&HQWUDOHR%DQFR1DFLRQDOGH+DELWDomRXQLILFRXD3UHYLGrQFLD
SRULQWHUPpGLRGR,136LQWHJURXR%UDVLOQDVWHOHFRPXQLFDo}HVHFULRXD(PEUDWHOHR)XQGRGH*DUDQWLDSRU7HPSR
GH6HUYLoR)*763URFXURXUHVWDXUDUR3DtVHFRQ{PLFDHILQDQFHLUDPHQWHFULDQGRDVFRQGLo}HVIDYRUiYHLVSDUDD
HODERUDomRGHXPSODQRGHGHVHQYROYLPHQWRHFRQ{PLFRSDUDRVJRYHUQRVVHJXLQWHV
$UWKXUGD&RVWDH6LOYDTXHDVVXPLXRSRGHUHPGHPDUoRGHWHYHXPDJHVWmRDJLWDGDHEUHYH
VHQGRPDUFDGRSRUVHJXLGDVFULVHVSROtWLFDV1RVHXFXUWRJRYHUQRIRLFULDGDD3(75248,6$HPSUHVDVXEVLGLiULD
GD3(752%5$6TXHYLVDYDDDFHOHUDURGHVHQYROYLPHQWRGDLQG~VWULDSHWURTXtPLFDHPDVVRFLDomRFRPFDSLWDLVSUL
YDGRV(PGHGH]HPEURGHDSyVXPDV~ELWDHQIHUPLGDGHR3UHVLGHQWH&RVWDH6LOYDIDOHFHXVHQGRSURYLVR
ULDPHQWHVXFHGLGRSRUXPD-XQWD0LOLWDU
23UHVLGHQWH*DUUDVWD]X0pGLFLWRPRXSRVVHHPGHRXWXEURGHWHQGRRVHXPDQGDWRFRLQFLGLGR
FRPRFKDPDGR´PLODJUHHFRQ{PLFR·SHUtRGRGHJUDQGHGHVHQYROYLPHQWRUHSUHVHQWDGRSHORH[FHSFLRQDOFUHVFLPHQ
WRGR3,%UHFRUGHGHDRDQRTXDQGRWDPEpPRVHWRULQGXVWULDOFUHVFHXDXPDWD[DH[SUHVVLYDGHDRDQR
$GLVSRQLELOLGDGHH[WHUQDGHFDSLWDOHDGHWHUPLQDomRGRVJRYHUQRVPLOLWDUHVGHWUDQVIRUPDUR%UDVLOHPXPDSRWrQFLD
HPHUJHQWHYLDELOL]DUDPSHVDGRVLQYHVWLPHQWRVHPLQIUDHVWUXWXUDLQG~VWULDVGHEDVHLQG~VWULDVGHWUDQVIRUPDomRGH
EHQVGHFDSLWDOHGHEHQVGXUiYHLVHWDPEpPDJURLQG~VWULD2%UDVLODOFDQoRXDVXDPDLRUSDUWLFLSDomRQRFRPpUFLR
LQWHUQDFLRQDOFRPFHUFDGHWRUQDQGRVHXPH[SRUWDGRUGHPDQXIDWXUDGRV
(PGHPDUoRGH(UQHVWR*HLVHOSDVVRXDH[HUFHURFDUJRGH3UHVLGHQWHGD5HS~EOLFDHHPGH]HPEURGR
PHVPRDQRGLYXOJRXR,,3ODQR1DFLRQDOGR'HVHQYROYLPHQWR,,31'TXHGHILQLDDSROtWLFDVyFLRHFRQ{PLFDSDUD
HQYROYHQGRSROtWLFDGHVXEVWLWXLomRGHLPSRUWDo}HVHLQYHVWLPHQWRVQRSURJUDPDHQHUJpWLFRDOpPGHLQ
FHQWLYRVjLQG~VWULDGHEHQVGHFDSLWDO2LQtFLRGHVHXJRYHUQRFRLQFLGLXFRPRILPGRPLODJUHHFRQ{PLFRUHSUHVHQ
WDGRSHODSULPHLUDFULVHLQWHUQDFLRQDOGRSHWUyOHRTXHFRQWULEXLXSDUDXPDUHFHVVmRPXQGLDOHRDXPHQWRGD
WD[DGHMXURVTXHDOpPGHUHGX]LUDRIHUWDGHFUpGLWRFRORFRXDGtYLGDH[WHUQDEUDVLOHLUDHPXPSDWDPDUFUtWLFR&RPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
ILQDQFLDPHQWRH[WHUQRPDLVFDURRFRUUHXPDGHVDFHOHUDomRLQGXVWULDO(PYLUWXGHGDFULVHFDPELDOUHSUHVHQWDGRSHOD
PHQRURIHUWDGHGyODUHVIRUDPFULDGDVVREUHWD[DVQDVLPSRUWDo}HVGHDUWLJRVFRQVLGHUDGRVVXSpUIOXRVIDYRUHFHQGR
DLQG~VWULDQDFLRQDOGHEHQVGHFRQVXPR
23UHVLGHQWH-RmR%DWLVWDGH2OLYHLUD)LJXHLUHGRWRPRXSRVVHHPGHPDUoRGHUHSUHVHQWDQGR
RILPGRFLFORGHJRYHUQRVPLOLWDUHV2PRGHORHFRQ{PLFRGHGHVHQYROYLPHQWRLQLFLRXRVHXSHUtRGRGHHVJRWDPHQ
WRDJUDYDGRSHODVHJXQGDFULVHGRSHWUyOHRHPHWDPEpPSHORQRYRSHUtRGRGHHOHYDomRGRVMXURVQRPHU
FDGRLQWHUQDFLRQDO)RUDPLQWHQVLILFDGDVDVDo}HVGR3URiOFRROSULPHLURSURJUDPDPXQGLDOGHXWLOL]DomRGHUHFXUVR
UHQRYiYHOSDUDILQVGHFRPEXVWtYHO&ULDomRGR),162&,$/TXHGHVWLQDYDGDUHQGDEUXWDGHHPSUHVDVS~EOL
FDVHSULYDGDVDSURJUDPDVFRQVLGHUDGRVSHORJRYHUQRFRPRSULRULWiULRVDWULEXLQGRRJHUHQFLDPHQWRDR%1'(62
DXPHQWRGDGtYLGDH[WHUQDIUXWRSULQFLSDOPHQWHGDVGXDVFULVHVGRSHWUyOHRHWDPEpPGRDXPHQWRGDWD[DGHMXURV
QRPHUFDGREDQFiULRLQWHUQDFLRQDODVVRFLDGRDRFUHVFLPHQWRQHJDWLYRGR3,%HDRVDOWRVtQGLFHVLQIODFLRQiULRVJH
UDUDPRSURFHVVRFRQKHFLGRFRPRHVWDJIODomRRXVHMDHVWDJQDomRGDVDWLYLGDGHVHFRQ{PLFDVHSURGXWLYDVDOLDGD
jLQIODomRGRVSUHoRV
-RVp6DUQH\WRPRXSRVVHHPGHDEULOGHVHQGRPDUFDGRSRUGXDVJUDQGHVWDUHIDVTXHVHLP
SXQKDP DR 3DtV UHFRQVWUXLU D GHPRFUDFLD H HQIUHQWDU D FULVH LQIODFLRQiULD )RL SURPXOJDGD XPD QRYD FRQVWLWXLomR
HPGHRXWXEURGHHLPSOHPHQWDGRVWUrVSODQRVHFRQ{PLFRVKHWHURGR[RVGHHVWDELOL]DomRHFRQ{PLFD3ODQR
&UX]DGR3ODQR%UHVVHUH3ODQR9HUmR7RGRVWLQKDPRPHVPRREMHWLYRDFDEDUFRPDLQIODomRH
FULDUFRQGLo}HVIDYRUiYHLVSDUDXPGHVHQYROYLPHQWRVXVWHQWDGRHQWUHWDQWRWRGRVIDOKDUDPQRFRQWUROHGDLQIODomR(P
FRQVHTrQFLDYHULILFRXVHDGLPLQXLomRGRVLQYHVWLPHQWRVS~EOLFRVHUHWUDomRGDLQFLDWLYDSULYDGDHPIDFHGDVDOWDV
WD[DVGHMXURVHGDUHGX]LGDSHUVSHFWLYDGHFRQVXPR
(PGHPDUoRGH)HUQDQGR&ROORUGH0HOORWRPRXSRVVHFRPRRSULPHLURSUHVLGHQWHHOHLWRGHIRUPDGLUHWD
GHSRLVGHDQRV,QLFLRXLPHGLDWDPHQWHDOXWDFRQWUDDFULVHHFRQ{PLFDSRULQWHUPpGLRGR3ODQR%UDVLO1RYRPDLV
FRQKHFLGRFRPR3ODQR&ROORU2QRYRSODQRH[WLQJXLXRFUX]DGRQRYRHYROWRXDRSDGUmRFUX]HLURFRQJHORXSUHoRVH
VDOiULRVHEORTXHRXDPDLRUSDUWHGRVDWLYRVILQDQFHLURV1RVPHVHVVHJXLQWHVRJRYHUQRUHGX]LXDVDOtTXRWDVGRLP
SRVWRGHLPSRUWDomRGDQGRLQtFLRjDEHUWXUDSDUDRPHUFDGRH[WHUQRHDRLQFHQWLYRjVLPSRUWDo}HVDOpPGDGHVLQGH
[DomRGDHFRQRPLD(VVDVPHGLGDVSURYRFDUDPXP´FKRTXHµQDLQG~VWULDQDFLRQDOOHYDQGRDXPDFUHVFHQWHDXWRPD
omRGRVVHWRUHVLQGXVWULDLVHEDQFiULRVHjFRQVHTHQWHOLEHUDomRGHPmRGHREUDHDRGHVHPSUHJRWHFQROyJLFR
$SyVGRLVDQRVGHPDQGDWR&ROORUUHQXQFLRXGLDQWHGDDPHDoDGHLPSHDFKPHQWHGHSUHVV}HVGDVRFLHGDGHFLYLO
2YLFHSUHVLGHQWH,WDPDU)UDQFRDVVXPLXD3UHVLGrQFLDHPGHGHGH]HPEURGHSURFXUDQGRDMXVWDURVHX
0LQLVWpULRjVIRUoDVSROtWLFDVGR&RQJUHVVR1DFLRQDO6HXJRYHUQRIRLPDUFDGRSHODDSOLFDomRGR3ODQR5HDOFULDGR
SHODHTXLSHHFRQ{PLFDGR0LQLVWURGD)D]HQGD)HUQDQGR+HQULTXH&DUGRVRFXMDHVWDELOL]DomRIRLREWLGDVHPXVDU
UHFXUVRVFRPRRFRQJHODPHQWRGHSUHoRVHVDOiULRVSRUPHLRGHPHGLGDVTXHYLVDYDPDFRQWHURVJDVWRVS~EOLFRV
DFHOHUDURSURFHVVRGHSULYDWL]DomRGDVHVWDWDLVFRQWURODUDGHPDQGDYLDHOHYDomRGRVMXURVHSUHVVLRQDURVSUHoRV
SHODIDFLOLWDomRGDVLPSRUWDo}HV
$SRSXODULGDGHGR3ODQR5HDOTXHFRQVHJXLXILQDOPHQWHFRQWURODUDLQIODomRSURSRUFLRQRXD)HUQDQGR+HQULTXHDYL
WyULDQDVHOHLo}HVSUHVLGHQFLDLVGHGHRXWXEURGHHDUHHOHLomRHP2JRYHUQRVXEPHWHXjDSURYDomRGR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQJUHVVR1DFLRQDOXPDVpULHGHPHGLGDVYLVDQGRDDOWHUDUD&RQVWLWXLomR)HGHUDOGHHSURPRYHUXPDPXGDQoD
QR(VWDGR%UDVLOHLURFRPRREMHWLYRGHDGDSWiORjVQRYDVUHDOLGDGHVGDHFRQRPLDPXQGLDOJOREDOL]DGD$VVLPGHWHU
PLQDGRVWHPDVSDVVDUDPDID]HUSDUWHGDUHDOLGDGHSROtWLFDQDFLRQDOWDLVFRPRUHIRUPDDGPLQLVWUDWLYDHSUHYLGHQFLiULD
GHVUHJXODPHQWDomRGHPHUFDGRVIOH[LELOL]DomRGDVUHJUDVGHFRQWUDWDomRGHPmRGHREUDHILPGRPRQRSyOLRHVWDWDO
QDViUHDVGHHQHUJLDSHWUyOHRVLGHUXUJLDHWHOHFRPXQLFDo}HV
$3ROtWLFD,QGXVWULDOGR*RYHUQR)HUQDQGR+HQULTXHIRLGHILQLGDQRFRQWH[WRGHXPQRYRSDUDGLJPDGHUHODFLRQDPHQWR
(VWDGR6RFLHGDGHHPTXHDDomRGRDJHQWHS~EOLFRSURFXUDVREUHWXGRFULDUXPDPELHQWHGHQHJyFLRVIDYRUiYHODR
LQYHVWLPHQWRSURGXWLYRFDEHQGRDRDJHQWHSULYDGRLGHQWLILFDURSRUWXQLGDGHVHUHDOL]DULQYHVWLPHQWRV1HVVHFRQWH[WR
SRGHVHUFRORFDGRRUHJLPHGHEHQHItFLRVFRQFHGLGRDRVHWRUDXWRPRELOtVWLFRQDIRUPDGHLQFHQWLYRVFRQFHGLGRVSDUD
DLQVWDODomRGHQRYDVPRQWDGRUDVGHVVDIRUPDDXPHQWDQGRDFDSDFLGDGHLQVWDODGDHWUDQVIRUPDQGRR3DtVHPXPD
SODWDIRUPDGHH[SRUWDomRGHYHtFXORV
2*RYHUQRGR3UHVLGHQWH/XL],QiFLR/XODGD6LOYDWRPRXSRVVHHPSULPHLURGHMDQHLURGHHODQoRXDVEDVHVGH
XPDQRYD3ROtWLFD,QGXVWULDO7HFQROyJLFDHGH&RPpUFLR([WHULRUWHQGRFRPRREMHWLYRRDXPHQWRGDHILFLrQFLDHFRQ{
PLFDHGRGHVHQYROYLPHQWRHGLIXVmRGHWHFQRORJLDVFRPPDLRUSRWHQFLDOGHLQGXomRGRQtYHOGHDWLYLGDGHHGHFRP
SHWLomRQRFRPpUFLRLQWHUQDFLRQDOSRUPHLRGRHVWtPXORjHILFLrQFLDSURGXWLYDDRFRPpUFLRH[WHULRUjLQRYDomRHDR
GHVHQYROYLPHQWRWHFQROyJLFRFRPRYHWRUHVGLQkPLFRVGDDWLYLGDGHLQGXVWULDO
$QRYD3ROtWLFD,QGXVWULDOFRQFHQWUDHVIRUoRVHPDOJXPDViUHDVLQWHQVLYDVHPFRQKHFLPHQWRVHPLFRQGXWRUHVHVRI
WZDUHLQIRUPiWLFDIiUPDFRVHPHGLFDPHQWRVELRWHFQRORJLDHEHQVGHFDSLWDOTXHUHSUHVHQWDPRSo}HVHVWUDWpJLFDV
HPDWLYLGDGHVTXH
D DSUHVHQWDPGLQDPLVPRFUHVFHQWHHVXVWHQWiYHO
E VmRUHVSRQViYHLVSRUSDUFHODVH[SUHVVLYDVGRVLQYHVWLPHQWRVLQWHUQDFLRQDLVHP3HVTXLVD
H'HVHQYROYLPHQWR
F DEUHPQRYDVSRVVLELOLGDGHVGHQHJyFLRV
G UHODFLRQDPVHGLUHWDPHQWHFRPDLQRYDomRGHSURFHVVRVSURGXWRVHIRUPDVGHXVR
H SURPRYHPRDGHQVDPHQWRGRWHFLGRSURGXWLYR
I VmRLPSRUWDQWHVSDUDRIXWXURGR3DtVHDSUHVHQWDPSRWHQFLDOSDUDRGHVHQYROYLPHQWR
GHYDQWDJHQVFRPSDUDWLYDVGLQkPLFDV
&DUORV*DVWDOGRQLp6XSHULQWHQGHQWHGDÉUHD,QGXVWULDOGR%DQFR1DFLRQDO
GH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO²%QGHVH([6HFUHWiULRGR'HVHQYROYLPHQWRGD
3URGXomRGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
&RXURHFDOoDGRVQR%UDVLOGHD
ÇQLR.OHLQ
7DQWRRFRXURFRPRRFDOoDGRHPFRXURWrPVXDRULJHPDSDUWLUGDLQWURGXomRGDSH
FXiULDDLQGDQR%UDVLO&RO{QLDVREUHWXGRQR1RUGHVWHHQR([WUHPR6XO$QWHVGRVXU
JLPHQWRGHPDWHULDLVDOWHUQDWLYRVDVSHOHVFXUWLGDVWLQKDPODUJDDSOLFDomRHPDUWHIDWRV
H REMHWRV RV PDLV GLYHUVRV GHVGH XWHQVtOLRV GH FR]LQKD DWp WRGR R HTXLSDPHQWR GH
PRQWDULDWUDomRHYHVWXiULRWDQWRGRYDTXHLURQDUHJLmR1RUGHVWHFRPRGRJD~FKRQD
UHJLmR6XO
2UiSLGRSURFHVVRGHXUEDQL]DomRHDDVFHQVmRVRFLDOHHFRQ{PLFDGDPXOKHUDSyVD
6HJXQGD*XHUUD0XQGLDODOLDGRVjIRUPDomRGHXP~QLFRPHUFDGRQDFLRQDOJUDoDVj
H[SDQVmRGDVURGRYLDVHGDVWHOHFRPXQLFDo}HVJHUDUDPXPDGHPDQGDIRUWHTXHSHU
PLWLXQRVDQRVHDLQVWDODomRGHYHUGDGHLUDVLQG~VWULDVGHFDOoDGRVFRPOLQKDV
GHPRQWDJHPIRUGLVWDFRPFUHVFHQWHHPSUHJRGHPDTXLQDULDLPSRUWDGDHGHSRLVQD
FLRQDO2VDSDWHLURDUWHVmRSDVVDDVDSDWHLURLQGXVWULDOHDHVSHFLDOL]DomRHDVHFRQR
PLDVGHHVFDODSURSLFLDGDVSHODSURGXomRHPVpULHHVWUXWXUDPDLQG~VWULDEUDVLOHLUDGH
FDOoDGRV
&XULRVDPHQWHVHPXPDH[SOLFDomRVRFLROyJLFDDHVSHFLDOL]DomRWDPEpPVHID]VHQWLU
QRVGRLVSULQFLSDLVSyORVSURGXWRUHVVXUJLGRVDRQDWXUDOSHUWRGHFXUWXPHVFRPRRGH
)UDQFDQR(VWDGRGH6mR3DXORTXHVHFRQFHQWUDHPFDOoDGRVPDVFXOLQRVHRGH1RYR
+DPEXUJRQR(VWDGRGR5LR*UDQGHGR6XOHPFDOoDGRVIHPLQLQRV
&RPR DV PXOKHUHV QmR Vy QR %UDVLO FRQVRPHP WUrV YH]HV PDLV FDOoDGRV TXH RV
KRPHQVRSyORFDOoDGLVWDGH1RYR+DPEXUJRDODVWURXVHSHOR9DOHGR6LQRVHFRP
DGHPDQGDGRPHUFDGRQRUWHDPHULFDQRDSDUWLUGRVDQRVFRQVWLWXLXVHQRPDLRU
FOXVWHUGRPXQGRRFLGHQWDOMXQWDQGRVHDHOHIiEULFDVGHPiTXLQDVHFRPSRQHQWHV
0DLV DGLDQWH D HVSHFLDOL]DomR QRYDPHQWH VH IH] SUHVHQWH HP %LULJXL 6mR 3DXOR
SDUD FDOoDGRV LQIDQWLV 1RYD 6HUUDQR 0LQDV *HUDLV SDUD FDOoDGRV HVSRUWLYRV -D~
6mR3DXORH*RLkQLDSDUDFDOoDGRVVRFLDLVIHPLQLQRVH&DPSLQD*UDQGH3DUDtED
SDUDDOSDUJDWDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RPRIDWRVPDUFDQWHVWHPRVQRVDQRVRLQtFLRGRXVRGHDGHVLYRVHFRODVHPVXEVWLWXLomRjFRVWXUDSDUDXQLU
RFDEHGDODRVRODGR2XVRLQWHQVLYRGRSURFHVVRGHFRODJHPGHXLQtFLRDRFKDPDGRSUpIDEULFDGRSRVWHULRUPHQWH
VXEVWLWXtGRSHORVVRODGRVLQMHWDGRV3RXFRDSRXFRUHGX]VHDTXDQWLGDGHGHFRXURXVDGRQRVDSDWRHDLQG~VWULDGH
FXUWXPHVWHPQRYHVWXiULRQRVPyYHLVHQRHVWRIDPHQWRGHFDUURVVHXVQRYRVPHUFDGRV
$LQG~VWULDGHFRPSRQHQWHVVLQWpWLFRVHPHWiOLFRVSRUVXDYH]FRQVROLGDVH(RDFHOHUDGRFUHVFLPHQWRGDVH[SRU
WDo}HVQRVDQRVHHVWDELOL]DDLQG~VWULDGHPiTXLQDVHHTXLSDPHQWRVWDQWRSDUDRVFXUWXPHVFRPRSDUDRV
FDOoDGRVHSDUDRVFRPSRQHQWHV
6HRVDQRVWURX[HUDPDGHVDFHOHUDomRHRIHFKDPHQWRGHPXLWDVHPSUHVDVGHYLGRjFRQFRUUrQFLDFKLQHVDHj
VXSHUYDORUL]DomRGRUHDOXPDQRYDJHUDomRGHHPSUHViULRVDGHULXDQRYDVWHFQRORJLDV&$'QDPRGHODJHPHDXWRPD
omRGDVOLQKDVGHSURGXomR(WDPEpPSDVVRXDLQYHVWLUHPGHVLJQSUySULREUDVLOHLURPDUFDVSUySULDVHGLVWULEXLomR
SUySULDQRH[WHULRU
2QRYRPLOrQLRHQFRQWUDDLQG~VWULDEHPVROLGLILFDGDFRPDSUHVHQoDGHFDOoDGRVEUDVLOHLURVHPPDLVGHFHPSDtVHV
&DEHGHVWDFDUTXHDRORQJRGHVVDVPDLVGHVHLVGpFDGDVDVXQLGDGHVGR6(1$,ORFDOL]DGDVLQVHULGDVHDWLYDVHP
WRGDDWHVVLWXUDLQGXVWULDOIRUDPLPSRUWDQWHHOHPHQWRGHDSRLRQHVVHSURFHVVRGHFUHVFLPHQWRDWXDOL]DomRHLQRYDomR
WHFQROyJLFDGHWRGRRFRPSOH[RFRXUHLURFDOoDGLVWD
ÈQLR.OHLQp3URIHVVRUXQLYHUVLWiULR&RQVXOWRUGD$VVRFLDomR%UDVLOHLUD
GDV,QG~VWULDVGH&DOoDGRVH(['LUHWRUGR&HQWUR7HFQROyJLFRGH&RXURV&DOoDGRVH$ILQV
&7&&$GH1RYR+DPEXUJR56
)DWRVPDUFDQWHVQDiUHDGHPDGHLUDHPyYHLV
QR%UDVLOQRSHUtRGRGHD
0LOO\7HSHUPDQ
$SURGXomRGHPyYHLVWHPSDVVDGRSRUSHUtRGRVTXHYmRGDSURGXomRLQWHLUDPHQWHDU
WHVDQDOjVHPLDUWHVDQDODWpDWRWDOPHQWHPHFDQL]DGD
1DGpFDGDGHRSHUtRGRVHPLDUWHVDQDOHVWDYDHPVHXDXJHFRPDOJXPDVILUPDV
DSUHVHQWDQGR WHFQRORJLD DYDQoDGD SDUD D pSRFD 1D VHJXQGD PHWDGH GD GpFDGD R
3UHVLGHQWH-XVFHOLQR.XELWVFKHNLQLFLRXDFRQVWUXomRGH%UDVtOLDSDUDVHULQDXJXUDGDHP
DEULOGH
$1RYDFDSTXHHUDUHVSRQViYHOSHODVREUDVFRQYRFRXXPJUXSRGHLQG~VWULDVTXHVH
GHVWDFDYDSHODDOWDTXDOLGDGHGHVHXVSURGXWRVHSHODFDSDFLGDGHGHSURGXomR/LFHX
GH$UWHVH2ItFLRV0yYHLV3DVWRUH/HDQGUR0DUWLQV6ROLGRU7HSHUPDQH2FD
2VVHUYLoRVGHPDUFHQDULDFRPSUHHQGLDPGHVGHRVODPEULVTXHUHYHVWLDPRVLQWHULRUHV
GRVSUpGLRVS~EOLFRVDSDUHGHVGLYLVyULDVPyYHLVGHHVFULWyULRDSDUWDPHQWRVHUHVLGrQ
FLDVGH0LQLVWURVHIXQFLRQiULRVHVFRODVSDOiFLRVKRWpLVHQILPPRELOLDUXPDFLGDGHHP
SRXFRPDLVGHDQRVWHQGRHPYLVWDTXHDPDLRUSDUWHGRWUDEDOKRGHYHULDVHUUHDOL]DGD
QRV~OWLPRVPHVHVTXDQGRRVSUpGLRVIRVVHPILFDQGRSURQWRV
)RLXPDHSRSpLD,PDJLQHVHFRORFDUODPEULVHGLYLVyULDVQRVDQGDUHVGDVWRUUHVGR
&RQJUHVVRDLQGDVHPHOHYDGRUHV
2 WUDEDOKR IRL SRVVtYHO JUDoDV DR JrQLR GH 2VFDU 1LHPH\HU H VXD HTXLSH GH ,VUDHO
3LQKHLURGD1RYDFDSFRP3HU\)UDQoDHVHXVHQJHQKHLURVHGRVGLULJHQWHVHWUDEDOKD
GRUHVGDVILUPDVGHPyYHLV2WUDEDOKRHUDGLXWXUQRFRPXPDLQWHQVDFRODERUDomRHQWUH
DVILUPDVSDUWLFLSDQWHV$VIiEULFDVHP6mR3DXORHQR5LRGH-DQHLURDWHQGLDPGHVHQ
YROYHQGRRPi[LPRGHVXDVFDSDFLGDGHVHPXLWDVYH]HVVXSHUDQGRVH(PGHDEULO
GH%UDVtOLDIRLLQDXJXUDGDPRELOLDGD
0LOO\7HSHUPDQp3UHVLGHQWHGRV0yYHLV7HSHUPDQH(['LUHWRU
)LQDQFHLURGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63
7HFQRORJLDRFDPLQKRSDUDRIXWXUR
-RVp(GXDUGR'XWUD
$3HWUREUDVpXPDGDVPDLRUHVSHWUROtIHUDVGRPXQGR$OpPGR%UDVLOHVWiSUHVHQWHHP
SDtVHV3URGX]PLOK}HVGHEDUULVGHSHWUyOHRSRUGLDFRPUHVHUYDVHPWRUQRGH
ELOK}HVGHEDUULVGHyOHRHTXLYDOHQWH3RVVXLUHILQDULDVFRPFDSDFLGDGHSDUDUHILQDU
PLOK}HVGHEDUULVSRUGLD2SHUDPLOTXLO{PHWURVGHGXWRVHXPDIURWDGHQDYLRV
eOtGHUQDGLVWULEXLomRGHGHULYDGRVQR%UDVLOFRPPDLVGHPLOSRVWRVGHVHUYLoRVH
LQLFLRXHPDUHWRPDGDGDDWXDomRQDSHWURTXtPLFD
3DUDFKHJDUDHVWHSDWDPDUD3HWUREUDVDFUHGLWRXGHVGHVXDFULDomRKiDQRVQD
WHFQRORJLDFRPRYHWRUSDUDVXSHUDUGHVDILRVHFRQVWUXLURIXWXUR$VVLPSDVVDQGRSHOD
FULDomRGR&HQWURGH3HVTXLVDVR&HQSHVHPDWpDVUHFHQWHVLQFXUV}HVQD
iUHDGHHQHUJLDVUHQRYiYHLVD3HWUREUDVWHPLQYHVWLGRGHIRUPDFRQVLVWHQWHHP3'QD
FDSDFLWDomRGRVVHXVSURILVVLRQDLVHHPLQRYDomR
$VSULPHLUDVFRQTXLVWDVHVWmRUHODFLRQDGDVDRGHVDILRGHFRQVWUXLUQRYDVXQLGDGHVLQ
GXVWULDLVEXVFDQGRDUHGXomRGRVFXVWRVGHLPSRUWDomRGHGHULYDGRVHGHFULDUXPD
LQIUDHVWUXWXUDGHDEDVWHFLPHQWRFRPDPHOKRULDGDUHGHGHWUDQVSRUWHHDLQVWDODomRGH
WHUPLQDLVHPSRQWRVHVWUDWpJLFRVGR3DtV
2GHVDILRVHJXLQWHIRLDXPHQWDUDVUHVHUYDVHDSURGXomRGHSHWUyOHRQDFLRQDO$SODWD
IRUPDFRQWLQHQWDOHQWmRSDVVRXDPHUHFHUDWHQomRHVSHFLDOQRILQDOGRVDQRVGHYL
GRjVSRXFDVH[SHFWDWLYDVGHVXFHVVRHPWHUUD'DWDGHVVDpSRFDWDPEpPRSULPHLUR
SURGXWRSHWURTXtPLFRGHVHQYROYLGRLQWHJUDOPHQWHSHOD&RPSDQKLDGHVGHDVSHVTXLVDV
GHODERUDWyULRDWpRSURMHWRGDXQLGDGHGHSURGXomR
1DGpFDGDGHFRPDVHOHYDo}HVGHSUHoRVGHSHWUyOHRQRH[WHULRURGLVSrQGLRGHGL
YLVDVGR3DtVFRPyOHRHGHULYDGRVDXPHQWRXPDLVGHYH]HV23URJUDPD7HFQROyJLFR
GHÉJXDV3URIXQGDV²352&$3pDIDFHPDLVYLVtYHOGRHVIRUoRWHFQROyJLFRTXHOHYRX
D3HWUREUDVjSURGXomRGHPLOEDUULVGLDDLQGDQRILQDOGRVDQRV2VSUrPLRVGD
27&2IIVKRUH7HFKQRORJ\&RQIHUHQFHHPHUHFRQKHFLPHQWRLQWHUQDFLRQDO
GDFDSDFLGDGHWHFQROyJLFDGD3HWUREUDVFDPLQKDPODGRDODGRFRPRVXEVWDQFLDOFUHV
FLPHQWRGDVUHVHUYDVHGDSURGXomRGHSHWUyOHRGD&RPSDQKLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
1RUHILQRDHOLPLQDomRGRFKXPERQDJDVROLQD²XPDGDVSULPHLUDVQRPXQGR²HDVWHFQRORJLDVSDUDRSURFHVVD
PHQWRHDYDORUL]DomRGRyOHRSHVDGRQDFLRQDOVmRRVSULQFLSDLVPDUFRV$PHOKRULDGDTXDOLGDGHGRVSURGXWRVHVWHYH
VHPSUHQDRUGHPGRGLD$GHFLVmRGHLQYHVWLUQRGHVHQYROYLPHQWRGHOXEULILFDQWHVHFRPEXVWtYHLVSDUDD)yUPXOD
OHYRXjIRUPXODomRGHGLYHUVRVSURGXWRVLQRYDGRUHVFRPGHVWDTXHSDUDDJDVROLQDSRGLXP
$3HWUREUDVGHGLFDWDPEpPJUDQGHTXDQWLGDGHGHUHFXUVRVDRWUHLQDPHQWRHjHGXFDomRDPELHQWDODVVLPFRPRDR
GHVHQYROYLPHQWRGHWHFQRORJLDVHVSHFtILFDVGHSURWHomRDRPHLRDPELHQWH8PSURJUDPDGHH[FHOrQFLDDPELHQWDO
ODQoDGRHPPRELOL]DQGRUHFXUVRVGDRUGHPGH5ELOK}HVHTXLSDURXD&RPSDQKLDjVVXDVFRQJrQHUHVQR
PXQGRLQWHLUR
2DWXDO3ODQR(VWUDWpJLFRWUDoDRSHUFXUVRSDUDWUDQVIRUPDUD3HWUREUDVHPXPDHPSUHVDGHHQHUJLD(PDLVXPDYH]
DWHFQRORJLDVHUiYHWRULPSRUWDQWHQRFDPLQKRGRIXWXUR$VSHVTXLVDVHPJiVQDWXUDOHIRQWHVUHQRYiYHLVFRPRELR
PDVVDHQHUJLDVRODUHHyOLFDVHUmRIXQGDPHQWDLVSDUDTXHD&RPSDQKLDSRVVDVXSHUDUPDLVHVWHGHVDILR
-RVp(GXDUGR'XWUDp3UHVLGHQWHGD3HWUREUDV
,QRYDomRWHFQROyJLFDIUHQWHDRVGHVD¿RVGR
DJURQHJyFLR
&OD\WRQ&DPSDQKROD
(PWtQKDPRVGDSRSXODomREUDVLOHLUDQRPHLRUXUDO)RLRFDPSRTXHIRU
QHFHXDPmRGHREUDQHFHVViULDjHPHUJHQWHLQGXVWULDOL]DomRHXUEDQL]DomRGRSDtV
$OpP GH WHU DFXPXODGR R FDSLWDO TXH VXVWHQWRX R LQtFLR GDV DWLYLGDGHV LQGXVWULDLV D
DJURSHFXiULDEUDVLOHLUDWDPEpPIRUQHFHXPDWpULDSULPDSDUDDLQG~VWULD²DOJRGmRSDUD
RVWr[WHLVHFDUYmRSDUDDVVLGHU~UJLFDVSRUH[HPSOR²HIRLRGHVWLQRGHSDUWHGHVXD
SURGXomR²WUDWRUHVFDPLQK}HVLPSOHPHQWRVDJUtFRODVIHUWLOL]DQWHVHWF3DUDTXHLVVR
IRVVHSRVVtYHORGHVHQYROYLPHQWRGD&LrQFLDH7HFQRORJLDQDFLRQDOQDiUHDDJURSH
FXiULDHIORUHVWDOWHYHFRQWULEXLomRIXQGDPHQWDO1yVWtQKDPRVDSHQDVWUDWRUHVSRU
KHFWDUHVGHODYRXUDHP+RMHHVVHQ~PHURMiSDVVDGH6HSRUXPODGRD
PHFDQL]DomRDXPHQWRXDSURGXWLYLGDGHSRURXWURIRLSUHFLVRTXHDSHVTXLVDFRQWULEX
tVVHFRPYDULHGDGHVGHSODQWDVDGDSWDGDVDRFXOWLYRHFROKHLWDPHFDQL]DGRVHIRVVHP
DOWDPHQWHSURGXWLYDVSDUDTXHDSHVDUGDGLPLQXLomRFRQVWDQWHGRSHVRGRVSURGXWRV
DJURSHFXiULRVQDFHVWDEiVLFDRSURGXWRUSXGHVVHREWHUUHQWDELOLGDGHGHVXDDWLYLGDGH
$QRYDFRQFHSomRGH´DJURQHJyFLRµYHLRSDUDVXDYL]DUDVIURQWHLUDVHQWUHLQG~VWULDH
DJURSHFXiULDSURPRYHQGRXPHQWUHODoDPHQWRHQWUHHVVHVVHWRUHVTXHWHPFRQWULEXtGR
SDUDRVXFHVVRGHDPERV
2VDYDQoRVFLHQWtILFRVWrPSRVVLELOLWDGRDRDJURQHJyFLRRFXSDUSRVLomRGHGHVWDTXHQR
SURFHVVRGHGHVHQYROYLPHQWREUDVLOHLURKiSURYLPHQWRDGHTXDGRGHDOLPHQWRVQRPHU
FDGRLQWHUQRRIHUWDGHPDWpULDSULPDSDUDDDJURLQG~VWULDPRYLPHQWDomRGDLQG~VWULDGH
LQVXPRVHGRVHWRUGHSUHVWDomRGHVHUYLoRV0DLVTXHLVVRRDJURQHJyFLRVHFRQVWLWXLX
HPIDWRUSUHSRQGHUDQWHQDJHUDomRGHGLYLVDVYLDH[SRUWDo}HV2DJURQHJyFLRpKRMHUHV
SRQViYHOSRUFHUFDGHGR3,%QDFLRQDOUHVSRQGHQGRSRUTXDVHPHWDGHGRVYDORUHV
JHUDGRVQDH[SRUWDomRHHPSUHJDQGRHPWRUQRGHGDSRSXODomRHFRQRPLFDPHQWH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
DWLYDGRSDtV$VDIUDQDFLRQDOGHJUmRVTXHHPHUDGHPLOK}HVGHWRQHODGDVYHPVXSHUDQGRVHXVSUySULRVUH
FRUGHVDFDGDDQRUHJLVWUDQGRHPVHJXQGRR0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWRPLOK}HVGH
WRQHODGDV(PDVH[SRUWDo}HVGRDJURQHJyFLREUDVLOHLURWRWDOL]DUDP86ELOK}HV
&OD\WRQ&DPSDQKRODp(['LUHWRU3UHVLGHQWHGD(PSUHVD%UDVLOHLUDGH
3HVTXLVD$JURSHFXiULD(PEUDSD
'HVHQYROYLPHQWRGDiUHDGHQRUPDOL]DomRQR
%UDVLO±3HUtRGR
$UPDQGR0DULDQWH&DUYDOKR
2VIDWRVPDLVGHVWDFDGRVQRSHUtRGR²LQLFLDPVHFRPD3URPXOJDomRGD
/HJLVODomR 0HWUROyJLFD DWUDYpV GR 'HFUHWROHL Qž H FRP R ,QVWLWXWR 1DFLRQDO GH
7HFQRORJLDDVVXPLQGRDJHVWmRGHXPVLVWHPDGHPHWURORJLDOHJDOQRkPELWRQDFLRQDO
(PIRLFULDGDD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV²$%17FRPRREMHWLYR
GHVHURyUJmRUHVSRQViYHOSHODQRUPDOL]DomRWpFQLFDQR%UDVLO$$%17pXPDHQWLGDGH
SULYDGDVHPILQVOXFUDWLYRVHPHPEURIXQGDGRUGD,62GD&RPLVVmR3DQDPHULFDQDGH
1RUPDV7pFQLFDV&23$17HGD$VVRFLDomR0HUFRVXOGH1RUPDOL]DomR$01
0DLVGHYLQWHDQRVGHSRLVHPR%UDVLOIL[DQRUPDVSDUDDLQGLFDomRTXDQWLWDWLYD
GHSURGXWRVRXFDUQHVYHQGLGRVHPHPEDODJHQVGHPHWDOSOiVWLFRRXYLGUR/RJRHP
VHJXLGDHPIRLLQVWLWXtGRR'LD,QWHUQDFLRQDOGD1RUPDOL]DomRGHRXWXEURR
%UDVLOLQWHUQDOL]DHVVDGDWDHDSDUWLUGDtWRGRVRVDQRVHVVHGLDpFRPHPRUDGR(P
IRLGHWHUPLQDGDDSDGURQL]DomRGRDFRQGLFLRQDPHQWRSDUDDYHQGDDYDUHMRGH
FHUHDLVHJUmRV
1DGpFDGDGHVHWHQWDREVHUYDPVHQR%UDVLOLPSRUWDQWHVLQLFLDWLYDVEHPVXFHGLGDVQR
FDPSR GD QRUPDOL]DomR H PHWURORJLD $ SULPHLUD HP FRUUHVSRQGH j FULDomR GD
6HFUHWDULDGH7HFQRORJLD,QGXVWULDOYLQFXODGDDR0LQLVWpULRGD,QG~VWULDHGR&RPpUFLR
0,&FRPDSULQFLSDODWULEXLomRGHSODQHMDUHFRRUGHQDUDVDo}HVGR6LVWHPDGH7HFQRORJLD
,QGXVWULDO FRQVWLWXtGR SHOR ,QVWLWXWR 1DFLRQDO GH 7HFQRORJLD SHOR ,QVWLWXWR 1DFLRQDO GH
3URSULHGDGH ,QGXVWULDO H SHOR ,QVWLWXWR 1DFLRQDO GH 3HVRV H 0HGLGDV 1R DQR VHJXLQWH
IRL FULDGR R 6LVWHPD 1DFLRQDO GH 0HWURORJLD 1RUPDOL]DomR H 4XDOLGDGH ,QGXVWULDO
6LQPHWUR1HVVHPHVPRDQRFRPRREMHWLYRGHH[HFXWDUDVSROtWLFDVHVWDEHOHFLGDVSHOR
6LVWHPDIRLFULDGRR,QPHWURFRPRXPDDXWDUTXLDIHGHUDOYLQFXODGDDR0,&FRPSHUVR
QDOLGDGHMXUtGLFDHSDWULP{QLRSUySULRVHFRPVHGHQD&DSLWDO)HGHUDO$LPSODQWDomRGHIL
QLWLYDGR,QPHWURWUDQVIHULQGRDVDWULEXLo}HVGR,130DFRQWHFHXHP
'DQGRFRQWLQXLGDGHjSROtWLFDGHHODERUDUQRUPDVTXHDMXGHPQRGHVHQYROYLPHQWRGD
LQG~VWULDQDFLRQDOHGRFRPpUFLRH[WHULRUHPIRUDPIL[DGDVQRUPDVSDUDDHPED
ODJHPGHPDVVDVDOLPHQWtFLDVHELVFRLWRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(PIRLLQVWDODGRR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&RQPHWUR-iQRDQR
VHJXLQWHHVVH&RQVHOKRDSURYDDUHVROXomRTXHHVWDEHOHFHDGHILQLomRGHUHJXODPHQWRWpFQLFRD5HVROXomR
TXHGHVLJQDR,QPHWURFRPRIyUXPSDUDDKDUPRQL]DomRGRVLQWHUHVVHVGR*RYHUQRQDQRUPDOL]DomRGHiUH
DVHVSHFtILFDVGHVXDDWXDomRD5HVROXomRGHILQLQGRFRPRQRUPDEUDVLOHLUDDSHQDVDTXHODVUHJLVWUDGDVSHOR
,QPHWURD5HVROXomRIL[DQGRFULWpULRVSDUDFULDomRGHQRUPDVD5HVROXomRLGHQWLILFDQGRD$%17FRPR
yUJmRGR6LQPHWURHD5HVROXomRTXHUHVSRQVDELOL]DD$%17SHODHODERUDomRGDVQRUPDVYROXQWiULDVDSURYDQ
GRDLQGDRVLVWHPDGHFODVVLILFDomRGDVQRUPDVEUDVLOHLUDV
(PR&RQPHWURIL[DDVUHJUDVSDUDRFUHGHQFLDPHQWRGHHQWLGDGHMXQWRDR6LQPHWURHHVWLSXODDVFRQGLo}HV
SDUDRFUHGHQFLDPHQWRGDSUySULD$%171RDQRVHJXLQWHR&RQVHOKRFRPSOHWDQGRRSURFHVVRGHGHWDOKDPHQWRGR
6LQPHWURGHILQHRVFULWpULRVSDUDDFHUWLILFDomRGHFRQIRUPLGDGHjVQRUPDVEUDVLOHLUDVRUHJXODPHQWRSDUDDRUJDQL
]DomRGRVXEVLVWHPDGHFHUWLILFDomRGHTXDOLGDGHGHSURGXWRVLQGXVWULDLVHFULDR&RPLWr1DFLRQDOGH0HWULILFDomR$
SULPHLUDQRUPDEUDVLOHLUDQDYLJrQFLDGDQRVVDOHJLVODomRDQRUPDFRPSXOVyULD1%5UHODWLYDDPRWRUHVDiOFRRO
HD1%5UHODWLYDDRWUDQVSRUWHIHUURYLiULRGHH[SORVLYRVIRUDPDSURYDGDVHP-iQDGpFDGDGRRLWHQWDPDLV
HVSHFLILFDPHQWHHPGHVWDFDVHDDSURYDomRGRQRYRUHJXODPHQWRPHWUROyJLFRQDFLRQDO
$~OWLPDGpFDGDGRVpFXORYLQWHFRPHoDFRPR/DQoDPHQWRGR3URJUDPD%UDVLOHLURGD4XDOLGDGHH3URGXWLYLGDGH3%43
SURVVHJXHHPFRPDPRGHUQL]DomRGDVDWLYLGDGHVGH1RUPDOL]DomR&UHGHQFLDPHQWR$FUHGLWDomRGH
/DERUDWyULRVH&HUWLILFDomRDWUDYpVGHUHVROXo}HVGR&RQPHWUR1RTXHWDQJHj1RUPDOL]DomRIRLFULDGRWDPEpPHP
R&RPLWr1DFLRQDOGH1RUPDOL]DomR&11FRPRLQVWUXPHQWRDVVHVVRUGR&RQPHWURLQVWLWXLQGRRVRUJDQLV
PRVGHQRUPDOL]DomRVHWRULDOFRPRSURSyVLWRGHGDUPDLRUDJLOLGDGHjHODERUDomRGDVQRUPDV1HVVHPHVPRDQR
IRLGHVLJQDGDD$%17FRPR)RUR1DFLRQDOGH1RUPDOL]DomRDWUDYpVGD5HVROXomRGR&RQPHWURQž2&RQPHWUR
WDPEpP GHWHUPLQRX TXH R ,QPHWUR HQFHUUDVVH DV DWLYLGDGHV GH UHJLVWUR GH QRUPDV EHP FRPR OLPLWRX R SDSHO GR
,QVWLWXWRQDFHUWLILFDomRDRGH2UJDQLVPR&UHGHQFLDGRU'HVVDPDQHLUDHVWLPXORXVHRVXUJLPHQWRGH2UJDQLVPRVGH
&HUWLILFDomR&UHGHQFLDGRV2&&
(PIRLFULDGRR3URJUDPDGH$QiOLVHGH3URGXWRVH[HFXWDGRGHDFRUGRFRPRSURFHGLPHQWRHVWDEHOHFLGRFRP
EDVHQR,62*XLGH²´&RPSDUDWLYH7HVWLQJRI&RQVXPHU3URGXFWVDQG5HODWHG6HUYLFHV²*HQHUDO3ULQFLSOHVµ
UHFRPHQGDomRLQWHUQDFLRQDOSDUDDUHDOL]DomRGHVVHWLSRGHDYDOLDomR
(PR&RPLWr1DFLRQDOGH1RUPDOL]DomR&11PXGRXVXDGHQRPLQDomRSDUD&RPLWr%UDVLOHLURGH1RUPDOL]DomR
&%1 H HP R &RQPHWUR DSURYRX D WUDQVIRUPDomR GR &RPLWr %UDVLOHLUR GH &HUWLILFDomR &%& HP &RPLWr
%UDVLOHLURGD$YDOLDomRGD&RQIRUPLGDGH&%$&HDLQGDDSURYRXR7HUPRGH5HIHUrQFLDGR3URJUDPD%UDVLOHLURGH
$YDOLDomRGD&RQIRUPLGDGH3%$&HGR5HJLPHQWR,QWHUQRGR&%$&
$UPDQGR0DULDQWH&DUYDOKRp'LUHWRU5HVSRQViYHOSHODVÉUHDV,QGXVWULDO
H&RPpUFLR([WHULRUGR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO²%QGHVH([
3UHVLGHQWHGR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
1RUPDOL]DomRQR%UDVLO
3HGUR%X]DWWR
$ $VVRFLDomR %UDVLOHLUD GH 1RUPDV 7pFQLFDV $%17 ~QLFR )yUXP 1DFLRQDO GH
1RUPDOL]DomRVHPSUHVHIH]SUHVHQWHTXDQGRRDVVXQWRIRLQRUPDOL]DomR$RORQJRGH
VHXVDQRVGHH[LVWrQFLDDDVVRFLDomRWHPSDUWLFLSDGRDWLYDPHQWHGRSURFHVVRGHGH
VHQYROYLPHQWRQDFLRQDOPDUFDQGRSUHVHQoDHPWRGRVRVDFRQWHFLPHQWRVLPSRUWDQWHV
UHODFLRQDGRVjQRUPDOL]DomRWDQWRHPQtYHOQDFLRQDOFRPRLQWHUQDFLRQDO
(QWUHHFRPRLQtFLRGRGHVHQYROYLPHQWRLQGXVWULDOEUDVLOHLURIRUDPUHDOL]D
GDVDVSULPHLUDVUHXQL}HVHQWUHR,37HR,17ODQoDQGRDVEDVHVSDUDDFULDomRGHXP
RUJDQLVPRGHQRUPDOL]DomREUDVLOHLUDIDWRTXHVHFRQFUHWL]RXXPDQRPDLVWDUGHFRP
DIXQGDomRGD$%17
-i HP IRL FULDGD HP *HQHEUD QD 6XtoD D ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU
6WDQGDUGL]DWLRQ ,62 $OpP GH SDUWLFLSDU DWLYDPHQWH GD IXQGDomR D $%17 IRL HOHLWD
SDUDFRPSRURSULPHLUR&RQVHOKRGRRUJDQLVPRLQWHUQDFLRQDO1RYHDQRVPDLVWDUGH
MiQRSHUtRGR-.IRLFULDGDQR5LRGH-DQHLURD&RPLVVmR3DQ$PHULFDQDGH1RUPDV
7pFQLFDV&23$17FRPRREMHWLYRGHLQWHJUDUWRGRVRVRUJDQLVPRVGHQRUPDOL]DomR
GDV$PpULFDV
/RJRHPHPSOHQRSURFHVVRGHGHVHQYROYLPHQWRLQGXVWULDOD$%17IRLUHFRQKH
FLGDSRUOHLFRPRÐUJmRGH8WLOLGDGH3~EOLFDQRVVHUYLoRVS~EOLFRVLQVWLWXLQGRRUHJLPH
REULJDWyULR GH SUHSDUR H REVHUYkQFLD GDV 1RUPDV 7pFQLFDV QRV FRQWUDWRV GH REUDV H
FRPSUDVGRVHUYLoRS~EOLFRGHH[HFXomRGLUHWDFRQFHGLGDDXWiUTXLFDRXGHHFRQRPLD
PLVWD 6HLV DQRV GHSRLV Mi VH HQFRQWUDYDP HP SOHQR IXQFLRQDPHQWR RV SULPHLURV
&RPLWrV%UDVLOHLURV
-i QR SHUtRGR GH DFHOHUDomR GR FUHVFLPHQWR HP IRUDP FULDGRV R 6LVWHPD R
&RQVHOKR H R ,QVWLWXWR 1DFLRQDO GH 0HWURORJLD 1RUPDOL]DomR H 4XDOLGDGH ,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6,10(752&210(752H,10(752UHVSHFWLYDPHQWH$SyVDFULDomRGHVVDVWUrVHQWLGDGHVMiQRSHUtRGRGHWUDQ
VLomRQmRGHPRURXPXLWRSDUDTXHD$%17IRVVHFUHGHQFLDGDFRPR)yUXP%UDVLOHLURGH1RUPDOL]DomR
(QILPQRSHUtRGRGDDEHUWXUDFRPHUFLDOHDJOREDOL]DomRD$%17SDUWLFLSDGDFULDomRGD$VVRFLDomR0HUFRVXOGH
1RUPDOL]DomR$01$HQWLGDGHGRFRQHVXOQDVFHXFRPDILQDOLGDGHGHFXLGDUGRVLQWHUHVVHVGDTXHODVXEUHJLmR
YLVDQGRVXDSDUWLFLSDomRPDLVHIHWLYDQRPHUFDGRPXQGLDO
3HGUR%X]DWWRp3UHVLGHQWHGD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
2GHVHQYROYLPHQWRGDLQG~VWULDGDPDGHLUD
HPyYHLVQR%UDVLO
0LJXHO6DQFKH]-~QLRU
1RGHVHQYROYLPHQWRGDLQG~VWULDGHPDGHLUDHPyYHLVSRGHPRVGHVWDFDUDIDEULFDomR
QR%UDVLOHPGHFKDSDVGHILEUDGHPDGHLUDQD(XFDWH[DPSOLDQGRSRVWHULRU
PHQWHVXDOLQKDSDUDSDLQpLVLQGXVWULDLV7UrVDQRVGHSRLVVXUJHRODPLQDGRPHODPtQLFR
HFRPHOHDFKDSD)RUPLSODF
(PIRLIXQGDGDD(VFRODGH'HVHQKRGR5LRGH-DQHLUR(6'$1RJRYHUQRPLOLWDU
KRXYHXPLQFHQWLYRjFRQVWUXomRGHFDVDVSRSXODUHVFRPDFULDomRGR%DQFR1DFLRQDO
GH+DELWDomR1HVVHSHUtRGRD'XUDWH[FRORFDQRPHUFDGRR'XUDSODFHFRQVROLGDVXD
SRVLomRQRPHUFDGR0DLVWDUGHHPDV3ODFDVGR3DUDQiODQoDPQRPHUFDGRFKD
SDVDJORPHUDGDVSURYRFDQGRYHUGDGHLUDUHYROXomRGRVHWRUPRYHOHLURQDFLRQDO
1RGLDGHMXOKRGHpFULDGDD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH0DGHLUDV
&RPSHQVDGDV (VSHFLDLV $ELQFH WUDQVIRUPDGD GHSRLV HP $VVRFLDomR %UDVLOHLUD GDV
,QG~VWULDVGH0DGHLUDV&RPSHQVDGDVH,QGXVWULDOL]DGDV$ELQFL
(QWUHHLQLFLDVHRSURFHVVRGHQDFLRQDOL]DomRGDVPiTXLQDVSDUDVXEVWL
WXLomRGDLPSRUWDomRHWUDQVIHUrQFLDGHWHFQRORJLDSDUDHPSUHVDVEUDVLOHLUDVJHUDQGR
PDLRUTXDOLGDGHHFRPSHWLWLYLGDGHGDLQG~VWULDPRYHOHLUDGRSDtV
(PpUHDOL]DGDD,)HLUD1DFLRQDOGH9HQGDVH([SRUWDomRGH0yYHLV)(1$9(1
TXHGHXXPQRYRLPSXOVRjLQG~VWULDGRPyYHODPSOLDQGRRPHUFDGRLQWHUQRHH[WHUQR
GRVHWRU'HDDIHLUDIRLUHDOL]DGDDQXDOPHQWHVHQGRGHSRLVUHDOL]DGDGHGRLV
HPGRLVDQRV(PFHUFDGHHPSUHViULRVGHWRGRRSDtVVHXQHPSDUDIXQGDU
D$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH0yYHLV²$)$0HP1RGLDGHDEULO
GHDFRQWHFHDSULPHLUDUHXQLmRGHIDEULFDQWHVGHPiTXLQDVHHTXLSDPHQWRVSDUD
PDGHLUDTXHGHXRULJHPSRVWHULRUPHQWHDR'HSDUWDPHQWRGH0iTXLQDVSDUD0DGHLUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
GR 6LQGLPDT$ELPDT e FULDGR HP R &HQWUR 7HFQROyJLFR GR 0RELOLiULR GR 6HQDL 6HQDL&HWHPR HP %HQWR
*RQoDOYHV²56(PSUHViULRVJD~FKRVFULDPD$VVRFLDomRGDV,QGXVWULDVGH0yYHLVGR5LR*UDQGHGR6XO²0RYHUJV
HP
(PpFULDGDD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR$%,029(/+RXYHDLPSODQWDomRGRSULPHLUR
&XUVR6XSHULRUGD7HFQRORJLDHP3URGXomR0RYHOHLUDQD8QLYHUVLGDGHGH&D[LDVGR6XO²8&6HP1HVVHPHV
PRDQRKRXYHDFULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH3DLQpLVGH0DGHLUD$%,3$
$VLPSRUWDo}HVGHFKDSDV´0pGLXP'HQVLW\)LEHUERDUGµTXHGHVGHHUDPHVSRUiGLFDVFRPHoDPDVHUWUD]LGDV
HPTXDQWLGDGHVPDLRUHVHP$VVLPDPDWpULDSULPDVHH[SDQGHQRPHUFDGRLQWHUQRFRPJUDQGHLQWHQVLGDGH
$'HOO$QQR0yYHLV/WGDpDSULPHLUDHPSUHVDQRSDtVDUHFHEHUHPRFHUWLILFDGRGHTXDOLGDGH,62
(PRVHWRUPRYHOHLURSRUPHLRGD$%,029(/LQWHJUDR3URJUDPD%UDVLOHLURGH'HVLJQFRRUGHQDGRSHOR0LQLVWpULR
GD,QG~VWULD&RPpUFLRH7XULVPR0,&72FRUUHXDDVVLQDWXUDGR3URJUDPD%UDVLOHLURGH,QFUHPHQWRj([SRUWDomRGH
0yYHLV ²3520Ð9(/ HP TXH SURSLFLRX XP LQFUHPHQWR EDVWDQWH VLJQLILFDWLYR QRV tQGLFHV GH H[SRUWDomR GR
%UDVLO
,QLFLDVHHPXPSURMHWRGHLQFUHPHQWRjH[SRUWDomRGHVHQYROYLGRSHOD(PEDL[DGDGR%UDVLOQD,QJODWHUUDOLGH
UDGRSHOR(PEDL[DGRU6pUJLR$PDUDOFRPRDSRLRGR3URPyYHOTXHYLVDXPDSDUFHULDSDUDSDUWLFLSDomRHP)HLUDVGH
0yYHLVQD,QJODWHUUD
1RGLDIHYHUHLURGHpLQVWDODGRR)yUXPGH&RPSHWLWLYLGDGHGD&DGHLUD3URGXWLYDGD0DGHLUDH0yYHLVODQoD
GRHP%UDVtOLDSHOR0LQLVWURGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU$OFLGHV7iSLDV
(PDEULOGHD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,ODQoDR)yUXP1DFLRQDOGD,QG~VWULDSDUDGLVFXVVmRH
YLDELOL]DomRGHVROXo}HVSDUDRVHWRU1HVVHPHVPRDQRKRXYHXPDDPSOLDomRGDVH[SRUWDo}HVGRVHWRUSDUDPHUFD
GRVFRPRD(XURSD0p[LFR$PpULFD/DWLQD*ROIRÉUDEHH-DSmRDOpPGRV(VWDGRV8QLGRV
0LJXHO6DQFKH]-~QLRUp6XSHULQWHQGHQWH([HFXWLYRGD$VVRFLDomR
%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
&RQVWUXomRFLYLOQR%UDVLOGHD
IDWRVPDUFDQWHV
1RUEHUWR2GHEUHFKW
2SHUtRGRGHDTXHFRPSUHHQGHXD6HJXQGD*XHUUD0XQGLDO
RFRUUHXQR*RYHUQR9DUJDVFRPkQLPRVRFLDOIRUWHHFRQIXVDGHPDQGDGHFRQVWUXomR
$oRHPHWDLVQmRIHUURVRVFLPHQWRORXoDFHUkPLFDPiTXLQDVHRXWURVLQVXPRVQmR
FKHJDYDPPDLVDR%UDVLO'HVWDFDPVHQHVVHSHUtRGRDFRQVWUXomRGD&LD6LGHU~UJLFD
1DFLRQDODVUHILQDULDVGD3HWUREUDVR(VWiGLRGR0DUDFDQmDV3RQWHV-XD]HLUR²3HWUROLQD
H5LRGDV$QWDVR6LVWHPD5RGRYLiULRGR6XOGR%UDVLOHD5RGRYLD5LR²%DKLD
'HDWHPRVRSHUtRGR-.2WLPLVPR'HVSUH]RjVQRUPDVGR)0,&RQVWUXomR
GH %UDVtOLD FRP DXGDFLRVD H FDUD ORJtVWLFD +RXYH SURJUHVVR QR VLVWHPD YLiULR GR
&HQWUR6XOSDUDDSRLRjLQG~VWULDDXWRPRELOtVWLFDHPGHWULPHQWRGRVSRUWRVHIHUURYLDV
GR1RUGHVWH,QtFLRGD5RGRYLD7UDQVEUDVLOLDQDGH3RUWR$OHJUHDWp%HOpP6XUJLUDPDV
+LGUHOpWULFDVHDHQJHQKDULDEUDVLOHLUDPRVWURXVHHILFLHQWHSDUDFRQVWUXtODV
$FULVHQRSURFHVVRGHLQGXVWULDOL]DomRRFRUUHQRSHUtRGRGHD5HQ~QFLDGH
-kQLR4XDGURV'HSRVLomRGH-RmR*RXODUG*RYHUQR0LOLWDU$´VHJXUDQoDµDFLPDGR
´GHVHQYROYLPHQWRµ FRQFHGHX DRV SROtWLFRV VROLGiULRV FRP R *RYHUQR )HGHUDO D RSRU
WXQLGDGHGR(VWDGR(PSUHViULRFRPUHFXUVRVIHGHUDLVSDUDDV+LGUHOpWULFDV3RQWH5LR
1LWHUyLH(PLVViULRV6XEPDULQRVGDVFLGDGHVGR5LRGH-DQHLURH6DOYDGRU
6ROXo}HVQRYDVHGHVFRQKHFLGDVGD(QJHQKDULD%UDVLOHLUD2VPHWU{VGR5LRGH-DQHLUR
H6mR3DXOR8VLQD1XFOHDUGH$QJUDGRV5HLVDHURSRUWRVSDUDDYL}HVZLGH²ERG\5LR
GH -DQHLUR %HOR +RUL]RQWH H 6mR 3DXOR SRQWHV FRP JUDQGHV YmRV H IXQGDo}HV SUR
IXQGDVDPHWURVDFRQWHFHPHQWUHH2XWUDVVROXo}HVFRPSOH[DVWDPEpP
IRUDPUHDOL]DGDVQD)HUURYLDGR$oRHQD(VWDomRGH7UDWDPHQWRGH*XDUD~QR6LVWHPD
&DQWDUHLUD)RLDGpFDGDGDV7HFQRORJLDV(VSHFLDLV
3DUDRSHUtRGRGHDGHVWDFDPVHRVIRUWHVLPSDFWRVGDSROtWLFDGRSDtV
(OHLomR GD &RQVWLWXLQWH 'pILFLW RUoDPHQWiULR 3DUDOLVDomR GRV JUDQGHV SURMHWRV $
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FRQVWUXomRFLYLOEUDVLOHLUDTXHUHSUHVHQWDYDQDGpFDGDSDVVDGDGR3,%FDLXSDUDDRUGHPGH2VHVFUL
WyULRVGHFRQVXOWRULDHSURMHWRVSDVVDUDPGHSURILVVLRQDLVSDUD
4XDQWRjGpFDGDGHSRUVXDYH]FDEHFLWDUDSXOYHUL]DomRGRRUoDPHQWRSDUDDORFDomRGHUHFXUVRVjVREUDVLQD
FDEDGDV$EHUWXUDFRPHUFLDO*OREDOL]DomR3ULYDWL]Do}HV1RYDFXOWXUDGHDQWHULRUHVREUDVS~EOLFDVDFDUJRGDLQLFLD
WLYDSULYDGD'HVDILRYHQFLGRSHODSURGXWLYLGDGHHWHFQRORJLDGD(QJHQKDULD%UDVLOHLUDHPGLYHUVRVVHJPHQWRV
1RUEHUWR2GHEUHFKWpHQJHQKHLURFLYLOIXQGDGRUHSUHVLGHQWHGHKRQUDGD2UJDQL]DomR
2GHEUHFKWHGD)XQGDomR2GHEUHFKW
0iTXLQDVEUDVLOHLUDVFRQTXLVWDPRH[WHULRU
/XL]&DUORV'HOEHQ/HLWH
(VWUDWpJLFRSDUDRSDtVRVHWRUGHEHQVGHFDSLWDOPHFkQLFRVUHWUDWDDSUySULDWUDMHWyULD
GRSURFHVVRGHLQGXVWULDOL]DomRQDFLRQDODRFRQWULEXLUSDUDHTXLSDURSDUTXHIDEULOFRP
VXDVPiTXLQDVHHTXLSDPHQWRV'HVGHVHXVDOLFHUFHVFRPDFULDomRGDVLGHU~UJLFDGH
9ROWD5HGRQGDGXUDQWHRJRYHUQRGH*HW~OLR9DUJDVjUHYHUVmRGDJUDQGHGHSHQGrQFLD
H[WHUQDGR%UDVLOHPUHODomRDRVSURGXWRVPDQXIDWXUDGRVDWDPEpPFKDPDGDLQG~VWULD
GDVLQG~VWULDVFKHJDDRVpFXOR;;,FRPRRVHJXQGRFRORFDGRQRUDQNLQJGRVSULQFLSDLV
H[SRUWDGRUHVLQGXVWULDLVEUDVLOHLURV(PDOFDQoRXHVVDSRVLomRJUDoDVDRYROXPH
GH YHQGDV H[WHUQDV GH TXDVH 86 ELOK}HV SDUD PHUFDGRV DOWDPHQWH FRPSHWLWLYRV
FRPR(VWDGRV8QLGRV$OHPDQKDH&KLQD
&DUDFWHUL]DGDSHORDOWRYDORUDJUHJDGRHFRQWH~GRWHFQROyJLFRGHVHXVSURGXWRVDPR
GHUQDLQG~VWULDGHEHQVGHFDSLWDOJDQKRXLPSXOVRFRPR3ODQRGH0HWDVGRHQWmRSUHVL
GHQWH-XVFHOLQR.XELWVFKHN2XWURIDWRULPSRUWDQWHSDUDVHXGHVHQYROYLPHQWRIRLDFULDomR
GR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO²%1'(6HPTXHLQVWL
WXLXD)LQDPHSULPHLUDOLQKDGHILQDQFLDPHQWRSDUDDFRPSUDGHEHQVGHFDSLWDO
2JUDQGHHVWtPXORDRVHWRUFRQWXGRIRLGDGRFRPDVSROtWLFDVLQGXVWULDLVGDVGpFDGDV
GHHTXHLPSODQWDUDPR&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDOHVHXVJUXSRV
VHWRULDLV(VVHVyUJmRVDWLYDUDPWRGRVRVVHWRUHVLQGXVWULDLVLQFOXLQGRRGHPiTXLQDVH
HTXLSDPHQWRV&RPUHVHUYDGHPHUFDGRUHODWLYDRSDtVHQWURXQRVWXUEXOHQWRVDQRV
TXDQGRDVH[SRUWDo}HVEUDVLOHLUDVHUDPFRPSRVWDVGHEHQVSULPiULRVHVHEXVFDYDR
GHVHQYROYLPHQWRDXWRVXVWHQWDGR$SHVDUGDIRUWHGHVDFHOHUDomRGDGHPDQGDGRPpV
WLFDQRSHUtRGRRVQtYHLVGHLQYHVWLPHQWRVJLUDYDPHPWRUQRGHGR3,%(P
RVHWRUHPSUHJDYDPDLVGHPLOIXQFLRQiULRVTXHVHFDUDFWHUL]DYDPSHODDOWDTXDOL
ILFDomRSURILVVLRQDO
6HPDGHYLGDSUHSDUDomRSDUDDDEHUWXUDHFRQ{PLFDGHFUHWDGDSHORJRYHUQR&ROORUD
LQG~VWULDGHPiTXLQDVHHTXLSDPHQWRVDH[HPSORGHPXLWDVHPSUHVDVGHDOWDWHFQROR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
JLDQR%UDVLOWHYHVHXGHVHQYROYLPHQWRFRPSURPHWLGR&RPRFRQVHTrQFLDPDLVGHIDEULFDQWHVWRUQDUDPVH
LPSRUWDGRUHVPXGDUDPGHUDPRYROWDUDPSDUDVHXVSDtVHVGHRULJHPRXVLPSOHVPHQWHGHL[DUDPGHH[LVWLU²RHP
SUHJRFDLXSDUDPLOYDJDV
$SHVDUGDVLWXDomRHFRQ{PLFDDGYHUVDGRVYiULRVSODQRVGHHVWDELOL]DomRHFRQ{PLFDIUDFDVVDGRVGDVUHGX]LGDV
WD[DVGHFUHVFLPHQWRGRSDtVHGRVEDL[RVQtYHLVGHLQYHVWLPHQWRVDLQG~VWULDGHPiTXLQDVUHFXSHURXVHJUDoDVDRV
HVIRUoRVGRVHPSUHViULRVGRVHWRUTXHDGRWDUDPFRQVWDQWHVDSHUIHLoRDPHQWRVWHFQROyJLFRVHPVHXVSURGXWRVSHU
VHJXLQGRRVQtYHLVGHFRPSHWLWLYLGDGHLQWHUQDFLRQDLV
&RPRUHVXOWDGRDWXDOPHQWHDLQG~VWULDGHPiTXLQDVHHTXLSDPHQWRVEUDVLOHLUDH[SRUWDPDLVGHGHVXDSURGXomR
$OpPGLVVRXPDQRYDSHUVSHFWLYDVHDEUHFRPDSROtWLFDLQGXVWULDODQXQFLDGDSHORJRYHUQRIHGHUDOTXHFRQWHPSODR
VHWRUHSURS}HPHGLGDVFRPRRSURJUDPDGHILQDQFLDPHQWR0RGHUPDTEHQHILFLDQGRWRGRVHWRUSURGXWLYREUDVLOHLUR
XPDYH]TXHSURSLFLDVXDPRGHUQL]DomRHUHQRYDomR(VVDVLQLFLDWLYDVDVVLPFRPRRLQGLVSHQViYHOGHVHQYROYLPHQWR
WHFQROyJLFRGHYHPFRQWULEXLUSDUDDFRQVDJUDomRGDLQG~VWULDGHEHQVGHFDSLWDOPHFkQLFRVQRFHQiULRLQWHUQDFLRQDO
RQGHRFXSDKRMHDFRORFDomRVHJXQGRD8QLWHG1DWLRQV,QGXVWULDO'HYHORSPHQW2UJDQL]DWLRQ²8QLGRHPXP
XQLYHUVRGHFHUFDGHSURGXWRUHVPXQGLDLV
/XL]&DUORV'HOEHQ/HLWHp([3UHVLGHQWHGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH
0iTXLQDVH(TXLSDPHQWRV²$%,0$4
8PDVDJDGHGHVD¿RVHGHEXVFDSRU
RSRUWXQLGDGHV
(XJrQLR(PtOLR6WDXE
$LQG~VWULDHOHWURHOHWU{QLFDEUDVLOHLUDFRPRRXWURVVHWRUHVGDHFRQRPLDQDFLRQDOFRPH
oRXDVHGHVHQYROYHUQDGpFDGDGHQDHVWHLUDGDLQGXVWULDOL]DomRIHEULOTXHWRPRX
FRQWDGRSDtV2UiGLRIRLRSULPHLURSURGXWRGHFRQVXPRHOHWURHOHWU{QLFRDID]HUSDUWHGR
FRWLGLDQRGRVEUDVLOHLURV$SDUWLUGHHQWmRPXOWLSOLFDUDPVHRVVHXVIDEULFDQWHVHPDLV
WDUGHRVGHWHOHYLVRUHV(VVDHIHUYHVFrQFLDIH]VXUJLUXPDIRUWHLQG~VWULDGHFRPSRQHQ
WHVHGHXLPSXOVRDXPDIDVHiXUHDTXHGXURXDWpPHDGRVGRVDQRV
(PVHJXLGDXPDVXFHVVmRGHFDWDFOLVPRVLQWHUURPSHXHVVHYLUWXRVLVPR$SULPHLUDIRL
DLQVWDODomRGD=RQD)UDQFDGH0DQDXV²=)0HPEDVLFDPHQWHVXVWHQWDGDSHOD
FRQFHVVmRGHEHQHItFLRVILVFDLV$=)0DWUDLXIDEULFDQWHVHVWUDQJHLURVPDVGHVRUJDQL
]RXDLQG~VWULDORFDOTXHFXVWRXDVHGDUFRQWDGHTXHWDPEpPWHULDGHVHLQVWDODUDOL
SDUDFRQWRUQDURGHVHTXLOtEULRWUD]LGRSHORVLQFHQWLYRVILVFDLVHVREUHYLYHU
1RVDQRVRDGYHQWRGDWHYrHPFRUHVHDVLQRYDo}HVWUD]LGDVSHODWHFQRORJLDGRV
MDSRQHVHVTXHVHLQVWDODUDPHP0DQDXVWUD]HQGRVHXVSUySULRVIRUQHFHGRUHVIRUDP
RVGHVDILRVGDYH]1HPDH[LJrQFLDGHtQGLFHVGHQDFLRQDOL]DomRQDSURGXomRGD=)0
LPSHGLXTXHDPDLRULDGRVIDEULFDQWHVORFDLVHVHXVIRUQHFHGRUHVGHVDSDUHFHVVHPYDU
ULGRVGRPDSDHPUD]mRGHSROtWLFDVJRYHUQDPHQWDLVHQmRSRUDWUDVRWHFQROyJLFR
(P D IUiJLO VDOYDJXDUGD GRV tQGLFHV GH QDFLRQDOL]DomR IRL H[WLQWD SHOR JRYHUQR
&ROORU ­ PXGDQoD GH UHJUDV VRPRXVH D FKHJDGD GH IDEULFDQWHV FRUHDQRV QD =)0
TXHSRUFRQWDGHVHXVFXVWRVUHGX]LGRVLPSXVHUDPQRYRGHVDILRjLQG~VWULDORFDO
1HVWHVpFXORD&KLQDpDUHVSRQViYHOSHORUHGHVHQKRGDLQG~VWULDHOHWURHOHWU{QLFDEUDVL
OHLUDHPXQGLDO(PSUHVDVHXURSpLDVHDPHULFDQDVHVWmRFRQFHQWUDQGRDOLVXDSURGXomR
GHEHQVGHFRQVXPRHOHWU{QLFRV(VVHPRYLPHQWRVHWRULDODOLDGRDRIUDQFRGHVHQYROYL
PHQWRGRPHUFDGRLQWHUQRFKLQrVUHSUHVHQWDXPQRYRGHVHTXLOtEULRTXHWHQGHDWRUQDU
TXDVHLQYLiYHODFRQWLQXLGDGHGDSURGXomRGHVVHVEHQVQR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'LDQWHGHVVHFHQiULRDVREUHYLYrQFLDGHQRVVDLQG~VWULDHOHWURHOHWU{QLFDH[LJHDGHILQLomRGHHVWUDWpJLDVHDH[HFXomR
GHSROtWLFDVS~EOLFDVFDSD]HVGHSHUPLWLUTXHRVHWRUGrXPVDOWRTXDOLWDWLYRHGLUHFLRQHVHXIRFRSDUDPHUFDGRVPDLV
VRILVWLFDGRVHHPH[SDQVmRFRPRRGDHOHWU{QLFDPpGLFDHGDHOHWU{QLFDHPEDUFDGDSDUDDDYL}HVHDXWRPyYHLVe
SUHFLVRFULDUFRQGLo}HVSDUDTXHHVVDLQG~VWULDTXHKRMHDEDVWHFHRPHUFDGRLQWHUQRVHMDUHDOPHQWHLQWHUQDFLRQDOHYL
WDQGRXPFRQIURQWRFRQFRUUHQFLDOGLUHWRFRPD&KLQD
(XJrQLR6WDXEpSUHVLGHQWHGD*UDGLHQWHHUHSUHVHQWDQWHGRVHWRUSULYDGRQR
&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDO²&1',
2VHWRUGHEULQTXHGRVQR%UDVLO
(PHUVRQ.DSD]
)DODU VREUH R VHWRU GH EULQTXHGRV QR %UDVLO p FRPR FRQWDU D KLVWyULD GD HYROXomR GD
FULDQoDHGRDWRGHEULQFDU6LPSRUTXHQmRKiFRPRGLVVRFLDUREULQTXHGRGDHYROXomR
GDFULDQoDSULQFLSDOPHQWHFRPRLQVWUXPHQWRGHHGXFDomRGHFRPRDFULDQoDVHUHOD
FLRQDFRPRPXQGRDGXOWRHDPDGXUHFHDWUDYpVGREULQFDU
( IRL D SDUWLU GR UHFRQKHFLPHQWR GHVVD YLVmR TXH R VHWRU GH EULQTXHGRV FRPHoRX D
JDQKDU FRUSR H VH RUJDQL]DU FRPR XP GRV VHWRUHV UHOHYDQWHV GD HFRQRPLD EUDVLOHLUD
TXDQGRHPIRLIXQGDGDD(VWUHODHPSUHVDVtPERORGDHYROXomRGRVIDEULFDQWHV
GHEULQTXHGRVQR%UDVLO
$WpPHDGRVGDGpFDGDGHDKLVWyULDGRVHWRUIRLPXLWRVLPEROL]DGDQDKLVWyULDGHVVD
SLRQHLUDTXHMiHPDFUHGLWDQGRQDQHFHVVLGDGHGHLQYHVWLUSDUDGDUFRQWDGHXPD
GHPDQGDFUHVFHQWHDEULXRVHXFDSLWDOWUDQVIRUPDQGRVHHPVRFLHGDGHDQ{QLPD$Wp
RVGLDVGHKRMHD(VWUHODSURGX]LXPDLVGHPLOEULQTXHGRVGLIHUHQWHVHPXPWRWDOGH
PDLVGHELOKmRGHXQLGDGHVMiIDEULFDGDV
0DVIRLDSDUWLUGRVDQRVTXHDHVWUXWXUDomRHPSUHVDULDOGRVHWRUFRPHoRXDWRPDU
IRUPD3DUDVHWHUXPDLGpLDGHVWDVPXGDQoDVDQWHVGRVDQRVDUHSUHVHQWDomRVLQ
GLFDOGDVHPSUHVDVGRVHWRUHUDIHLWDDWUDYpVGR6LQGLFDWRGDV,QGXVWULDVGH,QVWUXPHQWRV
0XVLFDLVH%ULQTXHGRVGR(VWDGRGH6mR3DXORTXHEDVLFDPHQWHUHXQLDDVHPSUHVDVGH
LQVWUXPHQWRVPXVLFDLVHFHUFDGHPHLDG~]LDGHHPSUHVDVGRVHWRUHQWUHHODVDJLJDQWH
(VWUHODTXHjpSRFDGHWLQKDPDLVGHGRPHUFDGRQDFLRQDO
$SDUWLUGHPHDGRVGHRDPDGXUHFLPHQWRHDFRQVFLHQWL]DomRGRVHWRUIRUDPDFH
OHUDGRVGHXPODGRSHODQHFHVVLGDGHGHQRVILUPDUPRVFRPRXPDLQG~VWULDQDFLRQDO
UHOHYDQWHHGHRXWURSHODVIRUWHVOLJDo}HVFXOWXUDLVTXHRSURFHVVRHGXFDFLRQDOHP
VLGHPDQGDYD
6XUJLXHQWmRD$EULQT$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH%ULQTXHGRVHQWLGDGH
TXHGHXUHSUHVHQWDomRQDFLRQDODRVHWRUHYLVLELOLGDGHLQWHUQDFLRQDOQDGXUDFRPSHWLomR
TXHRVHWRUWUDYRXFRPDLPSRUWDomRGHSURGXWRVGDVPDLVYDULDGDVSDUWHVGRPXQGR
HPHVSHFLDOGD&KLQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
0DVDRXVDGLDQmRSDURXDt(UDLPSRUWDQWHTXHSXGpVVHPRVGHIHQGHUWDPEpPRQRVVRPDLVILHODOLDGRDFULDQoDH
FRQYHQFHURHPSUHVDULDGRDOXWDUSHODVFDXVDVTXHIRVVHPPDLVDPSODVTXHRVHXSUySULRQHJyFLR&ULDPRVHQWmRD
)XQGDomR$EULQTSHORVGLUHLWRVGDFULDQoDTXHLQLFLRXXPWUDEDOKRGHOXWDSHODLPSOHPHQWDomRGRHVWDWXWRGDFULDQoD
HGRDGROHVFHQWHHSHODFDXVDGDUHVSRQVDELOLGDGHVRFLDOGRVHPSUHViULRVQR%UDVLO
+RMHTXDQGRROKDPRVHPQRVVRUHGRUYHPRVDXUJrQFLDTXHWHPDVFRPRGLUHLWRVGDFULDQoDPHQRUHVGHUXDDEDQ
GRQDGRVLQIkQFLDUHVSHLWDGDGLUHLWRVGRFRQVXPLGRUWrPQDVRFLHGDGHPDVTXHYLQWHDQRVDWUiVQmRSDUHFLDPID]HU
PXLWRVHQWLGR
2VHWRUGHEULQTXHGRVDRVHFRQJUDWXODUFRPD&1,SHODFRPHPRUDomRGHVHXVDQRVTXHUFRQWLQXDUQDYDQ
JXDUGD GR GHVHQYROYLPHQWR LQGXVWULDO GDV SUy[LPDV GpFDGDV SULRUL]DQGR VHPSUH VXD DWXDomR SHOD pWLFD H SHOR
UHVSHLWRDRFRQVXPLGRU
(PHUVRQ.DSD]p3UHVLGHQWH([HFXWLYRGR,QVWLWXWR%UDVLOHLURGHeWLFD&RQFRUUHQFLDO
,QFXEDGRUDVHSDUTXHVWHFQROyJLFRV
&DUORV$OEHUWR6FKQHLGHU
$FULDomRHRGHVHQYROYLPHQWRGHHPSUHVDVGHEDVHWHFQROyJLFDQmRVypHVWUDWpJLFR
VRESRQWRGHYLVWDGHRIHUWDGHSURGXWRVGHDOWRYDORUDJUHJDGRSDUDRPHUFDGRQDFLRQDO
HLQWHUQDFLRQDOPDVWDPEpPSHORIDWRGHSURGX]LUEHQVHVHUYLoRVHVVHQFLDLVjPRGHU
QL]DomRGRSDUTXHLQGXVWULDOH[LVWHQWH
$V ,QFXEDGRUDV H 3DUTXHV 7HFQROyJLFRV VmR LQVWUXPHQWRV DOWDPHQWH HILFLHQWHV SDUD D
SURPRomRGHHPSUHVDVGHEDVHWHFQROyJLFDHR%UDVLODSUHVHQWDXPDDomREDVWDQWH
FRQVLVWHQWHQRSURFHVVRGHLQFXEDomRFRPUHVXOWDGRVPXLWRH[SUHVVLYRVFRQVLGHUDQGR
RPRGHVWRPDVGHFLVLYRLQYHVWLPHQWRUHDOL]DGR
(PPHDGRVGDGpFDGDGHVXUJLUDPDVSULPHLUDVLQLFLDWLYDVGHLPSODQWDomRGHPH
FDQLVPRV GH LQFXEDomR GH HPSUHVDV VHQGR DV ,QFXEDGRUDV GH 6mR &DUORV 63 GD
8QLYHUVLGDGH)HGHUDOGD3DUDtEDHP&DPSLQD*UDQGH3%HGD)XQGDomR&(57,HP
)ORULDQySROLV 6& FRQVLGHUDGDV DV SULPHLUDV LQFXEDGRUDV EUDVLOHLUDV 2 SURFHVVR IRL
UHFRQKHFLGRFRPRHVWUDWpJLFRGDQGROXJDUDGLYHUVDVLQLFLDWLYDVLQFOXVLYHDFULDomRHP
GD $VVRFLDomR 1DFLRQDO GH (QWLGDGHV 3URPRWRUDV GH 7HFQRORJLDV $YDQoDGDV ²
$13527(&SULQFLSDOPHQWHFRQJUHJDQGRDVJHVWRUDVGHLQFXEDGRUDV
)DWRU GH JUDQGH LPSRUWkQFLD j GLVVHPLQDomR ODWLQRDPHULFDQD GR FRQFHLWR H GR GHVHQ
YROYLPHQWRGRSURFHVVRGHLQFXEDomRIRLDDGRomRGHVWHWHPDSHOR3URMHWR&2/80%86
XPD &RRSHUDomR (XURSpLD/DWLQR $PHULFDQD GH LQWHJUDomR XQLYHUVLWiULD &RP ILQDQFLD
PHQWRGD&RPXQLGDGH(XURSpLDHGD&$3(6QR%UDVLOSURPRYHXVHXPDVpULHGHHYHQWRV
GHPRWLYDomRFDSDFLWDomRHDYDOLDomRGRSURFHVVRGHLQFXEDomRQD$PpULFD/DWLQD
1R %UDVLO HVWH SURFHVVR WHYH FRQWLQXLGDGH FRP XP GHVHQYROYLPHQWR H[SRQHQFLDO GH
LQFXEDGRUDVVREOLGHUDQoDGD$13527(&HFRPGHFLVLYRVDSRLRVILQDQFHLURVGR&13T
GD),1(3GR6(%5$(HGR0LQLVWpULRGD&LrQFLDH7HFQRORJLD+RMHR%UDVLOWHPXPGRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
SURFHVVRVGHSURPRomRPDLVFRQVLVWHQWHVPXQGLDOPHQWHHYHPHIHWLYDQGRXPFUHVFLPHQWRLPSDFWDQWHGHJHUDomR
GHHPSUHVDVGHEDVHWHFQROyJLFDHGHGHVHQYROYLPHQWRHFRQ{PLFRFRQVHTHQWH$RILQDOGHD$13527(&UH
JLVWUDDH[LVWrQFLDGH,QFXEDGRUDV3DUTXHV7HFQROyJLFRV(PSUHVDV,QFXEDGDV*UDGXDGDVH$VVRFLDGDV
FRPSRVWRVGHWUDEDOKRHQYROYHQGRFHUFDGHSURILVVLRQDLVGHQtYHOVXSHULRU
)ORULDQySROLVWHPVLGRXPDUHIHUrQFLDHPLQLFLDWLYDVQHVWHFDPSRWHQGRMiWUDQVIRUPDGRDVXDEDVHHFRQ{PLFDGH
VXVWHQWDELOLGDGHHKRMHHVWiSUHSDUDQGRXPHPSUHHQGLPHQWRTXHUHSUHVHQWDXPQRYRVDOWRQRGHVHQYROYLPHQWRGD
LQG~VWULDGRFRQKHFLPHQWRRPHFDQLVPR3DUTXHGH,QRYDomRFRPRSLRQHLUR6$3,(163DUTXH
&DUORV$OEHUWR6FKQHLGHUp6XSHULQWHQGHQWH*HUDOGD)XQGDomR&(57,
'HVHQYROYLPHQWRGDLQG~VWULDEUDVLOHLUD
GDDOLPHQWDomR
1HOVRQ%HUDTXHW
$JUDQGHH[SDQVmRGDVFXOWXUDVGHFDQDGHDo~FDUROHDJLQRVDVFHUHDLVYLGHLUDVWR
PDWHVHFLWURVHGDSHFXiULDERYLQDDYtFRODHVXLQtFRODVyIRLSRVVtYHOGHYLGRjLQGXV
WULDOL]DomR HP ODUJD HVFDOD ( HVVD LQGXVWULDOL]DomR Vy RFRUUHX SHORV FRQKHFLPHQWRV
WpFQLFRFLHQWtILFRVGHFRPRDVWpFQLFDVGHUHIULJHUDomRFRQJHODPHQWRFRQFHQWUDomR
HVWHULOL]DomRHVHFDJHPSRGHPVHUDSOLFDGDVUHVXOWDQGRHPDOLPHQWRVVHJXURVQXWULWL
YRVHHVWiYHLVTXDQGRDUPD]HQDGRV
9DOHGHVWDFDUDWpRDSRUWHGDWHFQRORJLDGHUHIULJHUDomRFRQJHODPHQWRHHVWHUL
OL]DomRSHORVJUDQGHVIULJRUtILFRVDPHULFDQRVHLQJOHVHVLQVWDODGRVQR%UDVLOGXUDQWHD
D*XHUUD0XQGLDO
(PGH]HPEURGHIRLGDGRRSULPHLURSDVVRSDUDDLQVWDODomRGDSHVTXLVDHPDOL
PHQWRVFRPDLGDGHFLQFRSHVTXLVDGRUHVGR,QVWLWXWR$JURQ{PLFRGH&DPSLQDVSDUD
RV(VWDGRV8QLGRV$YLDJHPYLVDYDjUHDOL]DomRGHHVWXGRVUHIHUHQWHVjIHUPHQWDomR
LQG~VWULDGHODWLFtQLRVSURGXWRVYHJHWDLVIDEULFDomRGHIDULQKDVHLQGXVWULDOL]DomRGHFDU
QHVHGHULYDGRV1RPHVPRDQRIRUDPFULDGRVRVSULPHLURVDEDWHGRXURVHPIULJRUtILFRV
QDFLRQDLV
$ FULDomR GR &HQWUR 7URSLFDO GH 3HVTXLVDV H 7HFQRORJLD GH $OLPHQWRV ² &737$ HP
&DPSLQDV63VHGHXHPVHJXLGDSHORLQtFLRGDVSHVTXLVDVHGDSURGXomRGHVXFR
GHODUDQMDFRQFHQWUDGRHFRQJHODGRQRFHQWUR(PIRLFULDGDDSULPHLUD)DFXOGDGH
GH(QJHQKDULDGH$OLPHQWRVQD81,&$03
4XDQWRDRSHUtRGRGHDPHUHFHPGHVWDTXHDWUDQVIRUPDomRGR&737$QR
,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV²,7$/RILQDQFLDPHQWRHPODUJDHVFDODjLQG~V
WULD SHVTXHLUD SHOR 3ODQR 1DFLRQDO ,QWHJUDGR GH 7HFQRORJLD GH $OLPHQWRV ² 3ODQLWD D
H[SDQVmRGDV)DFXOGDGHVGH(QJHQKDULDGH$OLPHQWRVSHORSDtVEHPFRPRGDWHFQR
ORJLDGHOtTXLGRVHVWHULOL]DGRVSRUDOWDWHPSHUDWXUDHWHPSRFXUWRHDLPSODQWDomRGH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FDGHLDVGHIDVWIRRGTXHH[SDQGLXVHQDFLRQDOPHQWHQDGpFDGDVHJXLQWHFRLQFLGLQGRFRPRIDWRGHDVHJXUDQoD
DOLPHQWDUWHUVLGRPRWLYRGHSUHRFXSDomRHPIXQomRGRDSDUHFLPHQWRGHQRYRVPLFURRUJDQLVPRVSDWyJHQRV/LVWHULD
&RPS\OREDFWHUMHMXQL(FROL2++RXYHWDPEpPXPFUHVFLPHQWRGRXVRHSURGXomRGHDOLPHQWRVSDUDSUHSDUR
FRPPLFURRQGDVDLQGDHQWUHH
3DUDILQDOL]DUpLQWHUHVVDQWHUHDOoDUDLPSRUWkQFLDGHDOLPHQWRVGLUHFLRQDGRVSDUDRVFRQVXPLGRUHVLVWRpDOLPHQWRV
SURQWRVFRQJHODGRVFRPEDL[RVWHRUHVGHVDOJRUGXUDHDo~FDUDSDUWLUGDGpFDGDGH
1HOVRQ%HUDTXHWpGLUHWRUGR&HQWURGH7HFQRORJLDGH&DUQHVGR,QVWLWXWRGH
7HFQRORJLDGH$OLPHQWRV
3HWURTXtPLFDHTXtPLFD
$QW{QLR6pUJLR3L]]DUUR)UDJRPHQL
2GHVHQYROYLPHQWRGDVDWLYLGDGHVSHWURTXtPLFDHTXtPLFDQR%UDVLOWHYHLQtFLRFRPDDV
VLQDWXUDHPGR'HFUHWR/HLGR*RYHUQR)HGHUDOQDFLRQDOL]DQGRDVDWLYLGDGHVYLQ
FXODGDVDRDEDVWHFLPHQWRGHSHWUyOHRQRSDtVGHILQLQGRVXDXWLOLGDGHS~EOLFDHFULDQGRR
&RQVHOKR1DFLRQDOGH3HWUyOHR&13(PRXWUR'HFUHWRGR*RYHUQR)HGHUDODEULX
jLQLFLDWLYDSULYDGDDFRQFHVVmRSDUDLPSRUWDUGHULYDGRVGHSHWUyOHRLQVWDODUUHILQDULDVH
FRQWUDWDUIRUQHFLPHQWRGHSHWUyOHREUXWRSDUDSURFHVVDPHQWRQR%UDVLO
)RL VRPHQWH HP TXH R SLRQHLULVPR GH DOJXQV LQGXVWULDLV OHYRXRV D FRQVWLWXLU
XPDVRFLHGDGHDQ{QLPDFRPDYHQGDGHDo}HVSDUDFHUFDGHPLOLQYHVWLGRUHV$
RSHUDomRIRLXPVXFHVVRHR&13DXWRUL]RXDLQVWDODomRGHXPDXQLGDGHGHUHILQRHP
&DSXDYD63TXHYHLRDVHURHPEULmRGDFRQVWUXomRGHXPDSODQWDFRPFDSDFLGDGH
GHSURGX]LUHWHQRHRXWUDVPDWpULDVSULPDVSDUDDEDVWHFHUXPFRQMXQWRGHXQLGDGHV
GHVHJXQGDJHUDomR
1RLQtFLRGDGpFDGDGHHVWDYDPLQVWDODGDVQR%UDVLOGXDVSODQWDVSURGXWR
UDVGHSROLHVWLUHQR²D%DNROHD.RSHUVVXSULGDVSRUHVWLUHQRLPSRUWDGR$RILQDO
GHVVDGpFDGDDUHFpPFULDGD3HWUREUDVLQLFLDYDDSURGXomRGHWGLDGHHWHQR
SURFHVVDGRQD5HILQDULD3UHVLGHQWH%HUQDUGHVGH&XEDWmR63$SDUWLUGHVVDSUR
GXomRIRUDPGHVHQYROYLGRVDOJXQVSURMHWRVSHWURTXtPLFRVTXDVHWRGRVGHLQLFLD
WLYDGHHPSUHVDVPXOWLQDFLRQDLV
0DV D DWXDO LQG~VWULD SHWURTXtPLFD EUDVLOHLUD p FRQVHTrQFLD GR SODQHMDPHQWR HVWDWDO
LQLFLDGR HP TXDQGR R JRYHUQR SURPXOJRX R 'HFUHWR Qž ² R FKDPDGR
´'HFUHWRSDUDFULDUEDVHSDUDRGHVHQYROYLPHQWRGDLQG~VWULDSHWURTXtPLFDµ²TXHGLVWLQ
JXLDRFDPSRGHUHILQRSDUDHIHLWRGHPRQRSyOLRHRFDPSRGDLQG~VWULDSHWURTXtPLFD
2 *UXSR ([HFXWLYR GD ,QG~VWULD 4XtPLFR ² *(,48,0 FULDGR SHOR 'HFUHWR IRUPXORXRFRQFHLWRGH3yOR3HWURTXtPLFR,QGXVWULDOHIRLUHVSRQViYHOSHODVRULHQWDo}HV
EiVLFDVQDFRQFHSomRGRVWUrVSyORVSHWURTXtPLFRVKRMHH[LVWHQWHVTXHLQLFLDUDPVXDV
DWLYLGDGHVDRORQJRGHXPSHUtRGRGHDQRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(PMXQKRGHD3HWURTXtPLFD8QLmRLQLFLDDSURGXomRGHPLOWRQHODGDVGHHWHQRQDUHJLmRPHWURSROLWDQDGH
6mR3DXORRTXHLQFHQWLYRXRXWURVHPSUHViULRVDLQYHVWLUHPQDUHJLmRFRQVWLWXLQGRVHHQWmRHP6mR3DXORRSULPHL
URSyORSHWURTXtPLFREUDVLOHLUR
(PIRLFULDGRRSyORSHWURTXtPLFRGD%DKLD&DPDoDULHHPRSyORSHWURTXtPLFRGR5LR*UDQGHGR6XO
1RVWUrVSyORVSHWURTXtPLFRVKRMHH[LVWHQWHVVLWXDGRVSUy[LPRVDUHILQDULDVGD3HWUREUDVHVWiORFDOL]DGDDTXDVHWR
WDOLGDGHGDVLQG~VWULDVSHWURTXtPLFDVGHHJHUDo}HVHPERUDH[LVWDPDOJXPDVLQVWDODo}HVGHVVDVPRGDOLGDGHV
GHPHQRUSRUWHHPRXWURVFHQWURVLQGXVWULDLVGRSDtV
$QW{QLR6pUJLR3L]]DUUR)UDJRPHQLp([6HFUHWiULRGH3ROtWLFD7HFQROyJLFD
GR0LQLVWpULRGH&LrQFLDH7HFQRORJLDHHQJHQKHLURGDHTXLSHVHQLRUGR&HQWURGH3HVTXLVDGD
3HWUREUiV
,QRYDomRWHFQROyJLFDQR%UDVLO
*XLOKHUPH$U\3ORQVNL
$RFRQWUiULRGRTXHPXLWRVSURSDJDPR%UDVLOWHPXPDWUDGLomRUHVSHLWiYHOQRFDPSR
GDLQRYDomRWHFQROyJLFD,Q~PHURVDYDQoRVWHFQROyJLFRVVmRSHUPDQHQWHPHQWHLQFRU
SRUDGRVSRUHPSUHVDV²JUDQGHVPDVWDPEpPGHPpGLRHSHTXHQRSRUWH²HPSURGX
WRVSURFHVVRVSURGXWLYRVHVHUYLoRVDVVRFLDGRVFRQVWLWXLQGRLQRYDo}HVLQFUHPHQWDLV
3HVTXLVDIHLWDSHOR,%*(LQGLFRXTXHGHPLOHPSUHVDVLQGXVWULDLVFRPGH]RX
PDLVSHVVRDVRFXSDGDVLPSOHPHQWDUDPLQRYDo}HVQRSHUtRGR
$LQGD TXH VHP R JODPRXU GH LQRYDo}HV UDGLFDLV RX UHYROXFLRQiULDV UHVXOWDQWHV GH UH
OHYDQWHV GHVFREHUWDV FLHQWtILFDV VFLHQFHGULYHQ VmR HVVDV LQRYDo}HV LQFUHPHQWDLV
PRWLYDGDV SHOR PHUFDGR PDUNHWGULYHQ DV UHVSRQViYHLV SRU SDUFHOD VLJQLILFDWLYD GR
DXPHQWR GD SURGXWLYLGDGH QDFLRQDO DR ORQJR GR SHUtRGR FREHUWR SRU HVWD REUD (VVH
TXDGURpFRQVLVWHQWHFRPDH[SHULrQFLDLQWHUQDFLRQDO
+iWDPEpPQXPHURVRVFDVRVEUDVLOHLURVGHLQRYDo}HVGHFDUiWHUPDLVSUy[LPRDRUD
GLFDOIUHTHQWHPHQWHGHFRUUHQWHVGHFRQGLo}HVVLQJXODUHVGHUHFXUVRVQDWXUDLVGR3DtV
2FRQKHFLGRVXFHVVRGDLQRYDomRWHFQROyJLFDQRDJURQHJyFLRVHPDQLIHVWRXWDPEpP
HPRXWURVUDPRVWDLVFRPRRGRVPLQHUDLVQmRIHUURVRVHRGRVSOiVWLFRV$DEXQGkQFLD
GHQLyELR]LQFRHQtTXHODFRSODGDDXPGHVHQYROYLPHQWRWHFQROyJLFRSDFLHQWHHODER
ULRVRSDUDGDUFRQWDGDVSHFXOLDULGDGHVGRVPLQpULRVORFDLVWRUQRXSRVVtYHORVHXXVR
FRPHUFLDO3OiVWLFRELRGHJUDGiYHOSURGX]LGRDSDUWLUGHUHVtGXRVDJUtFRODVGHVHQYROYLGR
FRPWHFQRORJLDQDFLRQDOMipH[SRUWDGR
8PGRVIDWRUHVFKDYHGHVXFHVVRSDUDXPDLQRYDomRWHFQROyJLFDVLVWHPiWLFDpFRPSUH
HQGrODHWUDWDODFRPRMRJRGHHTXLSH&DGDXPGRVDJHQWHV²HPSUHVDVLQVWLWXWRVGH
SHVTXLVDLQVWLWXLo}HVGHHQVLQRVXSHULRUHPpGLRDJrQFLDVGHIRPHQWRRUJDQLVPRV
IRUPXODGRUHVGHSROtWLFDVS~EOLFDVH[HFXWLYRHOHJLVODWLYRKiELWDWVGHLQRYDomRDVVR
FLDo}HVSURILVVLRQDLVHVHWRULDLV21*VyUJmRVGHLPSUHQVDHRXWURV²WHPSDSHODFXP
SULU2%UDVLOSRVVXLH[SHULrQFLDVLQVSLUDGRUDVGRDOFDQFHGHUHVXOWDGRVH[FHOHQWHVSHOD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
LQRYDomRWHFQROyJLFDPHGLDQWHHVIRUoRFRRSHUDWLYRVXVWHQWDGRGHORQJRSUD]RWDOFRPRDSUDWLFDPHQWHDOFDQoDGD
DXWRVXILFLrQFLDHPSHWUyOHR
2GHVDILRQDFLRQDOSDUDDFHOHUDUDLQRYDomRWHFQROyJLFDpHVVHQFLDOPHQWHSROtWLFRHGHFDSDFLGDGHGHJHVWmR6mR
SDVVRVHVVHQFLDLVHLPHGLDWRVSDUDVXSHUDUHVVHGHVDILRHVWDEHOHFHUREMHWLYRVHVWUDWpJLFRVFRQVHQVXDLVTXHIDoDP
VHQWLGRFRQVROLGDUYLVmRHDo}HVVLVWrPLFDVHDSULPRUDUFRPSHWrQFLDVJHUHQFLDLV
*XLOKHUPH$U\3ORQVNLp'LUHWRU6XSHULQWHQGHQWHGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGR
GH6mR3DXOR,37
'HVLJQQR%UDVLO
-RLFH-RSSHUW/HDOH/XL]%ODQN
$R WUDoDU D KLVWyULD GR GHVLJQ QR %UDVLO GHVWDFDVH R SLRQHLULVPR GD 6HFUHWDULD GH
7HFQRORJLD,QGXVWULDOGRHQWmR0LQLVWpULRGD,QG~VWULDH&RPpUFLRTXHHPFULRXQR
kPELWRGR)XQGR1DFLRQDOGH$PSDURD7HFQRORJLD²)XQDWR3URJUDPD'HVHQKR
,QGXVWULDOFXMRVREMHWLYRVHUDPDSRLDURGHVHQYROYLPHQWRGHSURMHWRVFRPFRQWH~GRGH
GHVLJQ ,Q~PHUDV Do}HV VmR GHFRUUHQWHV GHVVD LQLFLDWLYD FRPR RV SULPHLURV HVWXGRV
SDUD D FULDomR GH XP &HQWUR 1DFLRQDO GH 'HVHQKR ,QGXVWULDO HP D FULDomR GR
SULPHLUR JUXSR GH GHVHQKR LQGXVWULDO HP XP RUJDQLVPR JRYHUQDPHQWDO D $VVHVVRULD
GH'HVHQKR,QGXVWULDOTXHSDVVRXDIXQFLRQDUQRSUpGLRGR,QSL0LFQR5LRGH-DQHLUR
HOLJDGRGLUHWDPHQWHj67,HPDSDUWLFLSDomRQRGHVHQYROYLPHQWRGHSURMHWRVGH
HTXLSDPHQWRVSDUDRWUDWRDJUtFRODGR3URJUDPDGRÉOFRROHHPDLQFRUSRUDomR
DR,QVWLWXWR1DFLRQDOGH7HFQRORJLDGR0,&FRPRQRPHGH8QLGDGHGH3URJUDPDVGH
'HVHQKR,QGXVWULDO
(PVXUJHQR%UDVLORSULPHLURHVFULWyULRGHGHVLJQR)RUPLQIRUPHDSDUWLUGH
LQFOXLVHR'HVLJQHD&RPXQLFDomR9LVXDOQRFXUVRGD)DFXOGDGHGH$UTXLWHWXUDH
8UEDQLVPRGD8QLYHUVLGDGHGH6mR3DXOR)$8863
3RULQVSLUDomRGH0D[%LOOTXHHVWHYHQR%UDVLOHPIRLLQDXJXUDGRREORFRHVFROD
GR0XVHXGH$UWH0RGHUQDGR5LRGH-DQHLURHPMDQHLURGHWHQGRVLGRHQFRPHQ
GDGDD7RPiV0DOGRQDGRXPDSURSRVWDGHFXUUtFXORSDUDD(VFROD7pFQLFDGH&ULDomR
(VVDLQLFLDWLYDDFDEDUiSRUIRUPDUDEDVHFRQFHLWXDOSDUDDFULDomRGD(VFROD6XSHULRU
GH 'HVHQKR ,QGXVWULDO ² (6', IXQGDGD HP GH 'H]HPEUR GH QR JRYHUQR GH
&DUORV/DFHUGD+RMHVmRPDLVGHHVFRODVHPWRGRR%UDVLO
2XWURPDUFRDVHUUHODWDGRpDFULDomRHPQRYHPEURGHGR1~FOHRGH'HVHQKR
,QGXVWULDO1',QD)LHVS&LHVSYROWDGRSDUDDSURPRomRGR'HVHQKR,QGXVWULDOMXQWRj
LQG~VWULDGH6mR3DXOR$HVWpWLFDHIXQFLRQDOLGDGHGRVSURGXWRVEUDVLOHLURVHDFDSDFL
GDGHGHWRUQiORVPDLVDWUDHQWHVIRUDPIRUWDOHFLGRVQR1',
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
8PIDWRUGHH[WUHPDUHOHYkQFLDSDUDRGHVLJQQDFLRQDOIRLDLQVWDELOLGDGHHFRQ{PLFDTXHQRVVRSDtVVRIUHXDRORQJR
GRWHPSR(VVHIDWRJHURXXPDFDSDFLGDGH~QLFDGHVXSHUDomRGHSUREOHPDVLQVWLJDQGRGHIRUPDVXUSUHHQGHQWHD
QRVVDFULDWLYLGDGH3DUDOHODPHQWHDH[SRUWDomRIRLVHWRUQDQGRLPSHUDWLYDXPDVDtGDSDUDLQG~VWULDVTXHSDVVDUDPD
QHFHVVLWDUGHSURMHWRVGHJUDQGHTXDOLGDGHHLQRYDomRSDUDFRPSHWLUQRVPHUFDGRVH[WHUQRVVHPSUHPXLWRH[LJHQWHV
$UHGXomRGRVFXVWRVGHSURGXomRVRPDGDjVTXHVW}HVGHTXDOLGDGHHFRPSHWLWLYLGDGHLQGLFRXTXHRFDPLQKRGR
VXFHVVRSDVVDYDQHFHVVDULDPHQWHSHODLQRYDomRYDOHGL]HU'HVLJQ
-RLFH-RSSHUW/HDOp'LUHWRUD([HFXWLYDGR2EMHWR%UDVLOH/XtV%ODQNp'HVLJQHU
%UDVLOQRHVSDoRPDLVIXWXURGRTXHSDVVDGR
-RVp0RQVHUUDW)LOKR
&RPHoDPRVQRVVDVDWLYLGDGHVHVSDFLDLVQRLQtFLRGRVDQRV$ÌQGLDWDPEpP+RMH
HODHVWiEHPPDLVDGLDQWDGDGRTXHQyVWDQWRHPVDWpOLWHVTXDQWRHPIRJXHWHVHLQYHV
WHQRVHWRUPDLVGH86PLOK}HVDQXDLV1yVQmRDSOLFDPRVGLVVR(RGLQKHLUR
PHVPRSRXFRVDLHPJHUDOFRPDWUDVRHGLILFXOGDGH
(PPDLVGHDQRVDWpQDVPHOKRUHVEUHYHVIDVHVQmRORJUDPRVFRQVROLGDURFRP
SURPLVVRHDGHWHUPLQDomRTXHOHYDUDPDÌQGLDjGLDQWHLUD2HVSDoRDLQGDQmRpSULRUL
GDGHSDUDQyV2VHIHLWRVGLVVRVmRJUDYHV2GHVDVWUHGHGHDJRVWRGHFRPR
IRJXHWH9/6QR&HQWURGH$OFkQWDUDUHVXOWDGRGHORQJRVDQRVGHHUURVLQVXILFLrQFLDV
FDUrQFLDVHQHJOLJrQFLDVFHLIRXDYLGDGHGHQRVVRVPDLVFRPSHWHQWHVWpFQLFRVH
HQJHQKHLURV(VWDPRVDJRUDREULJDGRVDGLYLGLUQRVVDKLVWyULDHVSDFLDOHPDQWHVHGH
SRLVGHVVDWUDJpGLD
8UJH PXGDU R PRGR GH FRQGX]LU D SROtWLFD HVSDFLDO 7HPRV H[SHULrQFLD DFXPXODGD H
PHLRVWpFQLFRFLHQWtILFRVTXHGHYHPVHUXWLOL]DGRVRPi[LPRSRVVtYHO&ULDPRVHFRQV
WUXtPRVGRLVVDWpOLWHVGHFROHWDGHGDGRV6&'HODQoDGRVHPH(OHV
FRQWLQXDP UHFHEHQGR GDGRV DPELHQWDLV GH PDLV GH SODWDIRUPDV LQVWDODGDV SHOR
SDtVHUHPHWHQGRRVSDUDDQiOLVHHWUDWDPHQWRQDV(VWDo}HVGH&XLDEiH$OFkQWDUD
1RVVRDFRUGRFRPD&KLQDGHMiSURGX]LXGRLVVDWpOLWHVGHUHFXUVRVQDWXUDLV
GD7HUUD&EHUVH$VLPDJHQVGR&EHUVFRPUHVROXomRGHPVmRGHH[
FHOHQWHTXDOLGDGHHSRGHPLQWHUHVVDUDPXLWRVRXWURVSDtVHV%UDVLOH&KLQDILUPDUDP
QRYRDFRUGRSDUDFRQVWUXLURV&EHUVHFRPVpULRVDYDQoRV1RVVDFRRSHUDomR
WRUQDVHSHUPDQHQWH
2XWURDFRUGRYDOLRVRGHQRVXQHj8FUDQLD5HDOL]DUHPRVODQoDPHQWRVFRPHUFLDLV
D SDUWLU GD SULYLOHJLDGD EDVH GH $OFkQWDUD FRP RV IRJXHWHV XFUDQLDQRV &\FORQH GH
DOWDFRQILDELOLGDGH(VWDPRVIXQGDQGRDHPSUHVDELQDFLRQDO´$OFDQWDUD&\FORQH6SDFHµ
SDUDRIHUHFHUDRPHUFDGRPXQGLDOODQoDPHQWRVVHJXURVDSUHoRFRPSHWLWLYR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
eDSULPHLUDJUDQGHFKDQFHGHR%UDVLOLQJUHVVDUFRPr[LWRHPWmRGLItFLOPHUFDGR1HVVHHHPWRGRVRVRXWURVSURMHWRV
KiTXHHQYROYHUHHVWLPXODUDRPi[LPRQRVVDMRYHPLQG~VWULDHVSDFLDO$tHVWiRIXWXUR
-RVp0RQVHUUDW)LOKRpMRUQDOLVWDHGLWRUGR´-RUQDOGD&LrQFLDµGD6%3&MXULVWDSURIHVVRUGH
'LUHLWR(VSDFLDOYLFHSUHVLGHQWHGD$VVRFLDomR%UDVLOHLUDGH'LUHLWR$HURQiXWLFRH
(VSDFLDO²6%'$PHPEURGDGLUHWRULDGR,QVWLWXWR,QWHUQDFLRQDOGH'LUHLWR(VSDFLDO
)DWRVPDUFDQWHVGDWHFQRORJLDLQGXVWULDOEiVLFD
QR%UDVLO
5HLQDOGR)HUUD]
2SUHVHQWHWUDEDOKRQmRFRQWHPSODXPUHJLVWURFRPSOHWRGRVIDWRVQHPXPDUHIHUrQ
FLDH[DXVWLYDjVRUJDQL]Do}HVS~EOLFDVHSULYDGDVTXHWUDWDPGRWHPDQR%UDVLOeWmR
VRPHQWHRUHJLVWURGHHYHQWRVHVLWXDo}HVTXHSURFXUDPRVWUDURHVIRUoRPDLVGRTXH
FHQWHQiULRGR3DtVQHVVHFDPSRWHQGRRHQIRTXHGDTXDOLGDGHYLVWDQRVHXVHQWLGR
DPSORDQRUWHDUHVVDUHIHUrQFLD
8PD EUHYH FURQRORJLD GD KLVWyULD GD 4XDOLGDGH QR %UDVLO LUi UHYHODU D VHJXLQWH VHT
rQFLD GH HYHQWRV *DELQHWH GH 5HVLVWrQFLD GH 0DWHULDLV GD (VFROD 3ROLWpFQLFD GH 6mR
3DXORHPPDLVWDUGHWUDQVIRUPDGRHP/DERUDWyULRGH(QVDLRGH0DWHULDLV
FRPLPSRUWDQWHVFRQWULEXLo}HVSDUDDFRQVWUXomRFLYLODGHVmRGR%UDVLOj&RQYHQomR
GR0HWURHPFULDomRGR,17,QVWLWXWR1DFLRQDOGH7HFQRORJLDHPFRPD
SRVWHULRULQVWDODomRGDVXD&RPLVVmRGH0HWURORJLDHPFULDomRGR,37,QVWLWXWR
GH 3HVTXLVDV 7HFQROyJLFD GR (VWDGR GH 6mR 3DXOR HP SHOD WUDQVIRUPDomR GR
/DERUDWyULRGH5HVLVWrQFLDGH0DWHULDLVFULDomRGD$%17HPFULDomRGR&13T
&RQVHOKR 1DFLRQDO GH 3HVTXLVDV HP FULDomR GR ,130 ,QVWLWXWR 1DFLRQDO GH
3HVRVH0HGLGDVHPFULDomRGD),1(3)LQDQFLDGRUDGH(VWXGRVH3URMHWRVHP
FULDomRGD67,6HFUHWDULDGH7HFQRORJLD,QGXVWULDOGRHQWmR0LQLVWpULRGD,QG~VWULD
H GR &RPpUFLR HP FULDomR GR 6,10(752 6LVWHPD 1DFLRQDO GH 0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDOHGR,10(752²,QVWLWXWR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDOHPLQVWLWXFLRQDOL]DomRGR6,10(752HHIH
WLYD LPSODQWDomR GR ,10(752 HP LPSODQWDomR GR 6XESURJUDPD GH 7HFQRORJLD
,QGXVWULDO %iVLFD HP FULDomR GR 3(*4 3URMHWR GH (VSHFLDOL]DomR HP *HVWmR
GD 4XDOLGDGH HP ODQoDPHQWR GR 3%43 3URJUDPD %UDVLOHLUR GD 4XDOLGDGH H
3URGXWLYLGDGHHPPRGHUQL]DomRGDVDWLYLGDGHVGH1RUPDOL]DomR&UHGHQFLDPHQWR
GH/DERUDWyULRVH&HUWLILFDomRFRPDV5HVROXo}HVGR&210(752GHDJRVWRGH
WpUPLQRGD5RGDGD8UXJXDLGR*$77HPFRPjDVVLQDWXUDGR$FRUGRGH%DUUHLUDV
7pFQLFDV DR &RPpUFLR H GRV GHPDLV DFRUGRV HPHUJHQWHV GD 5RGDGD FULDomR GD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
2UJDQL]DomR0XQGLDOGR&RPpUFLRHPFRPR&RPLWrGH%DUUHLUDV7pFQLFDVDR&RPpUFLRDVVLQDWXUDGR7UDWDGR
GH $VVXQomR SDUD D FULDomR GR 0HUFRVXO HP QR kPELWR GR TXDO HP IRL FULDGR 6*7 1ž ² 6XEJUXSR
1RUPDV7pFQLFDVTXHHPSDVVRXDVHU6XEJUXSR5HJXODPHQWRV7pFQLFRVH$YDOLDomRGD&RQIRUPLGDGHFULD
omRGDÉUHDGH/LYUH&RPpUFLRGDV$PpULFDV²$/&$GXUDQWHDUHDOL]DomRGD5HXQLmRGH&~SXODGDV$PpULFDVHP
HPFXMRSHUtRGRSUHSDUDWyULRIRLFRQVWLWXtGRR*UXSRGH7UDEDOKRVREUH%DUUHLUDVDR&RPpUFLRTXH
HPSDVVRXDLQWHJUDUR*1$0²*UXSRGH1HJRFLDomRGH$FHVVRD0HUFDGRVFULDomRGR3URJUDPDGH(VWtPXOR
j ,QWHUDomR 8QLYHUVLGDGH(PSUHVD SDUD R $SRLR j ,QRYDomR )XQGR 9HUGH$PDUHOR HP H R ODQoDPHQWR GR
3URJUDPD7HFQRORJLD,QGXVWULDO%iVLFDH6HUYLoRV7HFQROyJLFRVSDUDD,QRYDomRH&RPSHWLWLYLGDGH3URJUDPD7,%HP
LQWHJUDQGRHPXPPHVPRGRFXPHQWRGHUHIHUrQFLDDVDWLYLGDGHVGH7,%HRVVHUYLoRVWHFQROyJLFRVHVSHFLDOL]D
GRVUHTXHULGRVSHORSURFHVVRGHLQRYDomR
7UDWDVHGHXPDFURQRORJLDLQFRPSOHWDXPDYH]TXHVHOLPLWDSULQFLSDOPHQWHDRVyUJmRVS~EOLFRV1DiUHDGH*HVWmR
SRUH[HPSORFXPSUHHQIDWL]DUDVLPSRUWDQWHVFRQWULEXLo}HVGD$VVRFLDomR%UDVLOHLUDSDUDR&RQWUROHGD4XDOLGDGH
$%&4GD)XQGDomR&DUORV$OEHUWR9DQ]ROLQLGD)XQGDomR&KULVWLDQR2WWRQLFXMDVDWLYLGDGHVHPTXDOLGDGHHVWmR
KRMHQR)XQGDomRGH'HVHQYROYLPHQWR*HUHQFLDO)'*GR,QVWLWXWR%UDVLOHLURGD4XDOLGDGH1XFOHDU,%41HGHRX
WUDVLQVWLWXLo}HVFRPSDSpLVUHOHYDQWHVQHVVHFDPSR,JXDOPHQWHpLPSRUWDQWHUHJLVWUDURSDSHOGRV'HSDUWDPHQWRV
GH(QJHQKDULDGD3URGXomRGDVXQLYHUVLGDGHVFRPFRQWULEXLo}HVVLJQLILFDWLYDVSDUDRGHVHQYROYLPHQWRDGDSWDomR
HGLIXVmRGHPHWRGRORJLDVGHJHVWmRDOpPQDWXUDOPHQWHGDVHPSUHVDVGHFRQVXOWRULDHGDVHQWLGDGHVDVVRFLDWLYDV
TXHSUHVWDPLPSRUWDQWHVVHUYLoRV
1DViUHDVGHPHWURORJLDQRUPDOL]DomRHDYDOLDomRGDFRQIRUPLGDGHDPRGHUQL]DomRGR6,10(752HPSUHHQGLGD
DSDUWLUGHDJRVWRGHGHWHUPLQRXTXHR,QVWLWXWRHQFHUUDVVHDVDWLYLGDGHVGHUHJLVWURGHQRUPDVRTXHHQVH
MRXXPQRYR YLJRU SDUD D $%17FXOPLQDQGR D$VVRFLDomR FRPR )RUR %UDVLOHLUR GH1RUPDOL]DomR $R PHVPRWHP
SRR,10(752GHL[DWDPEpPDVDWLYLGDGHVGHFHUWLILFDomRHFRPLVVRKiXPHVSHFLDOHVWtPXORDRVXUJLPHQWRGRV
2UJDQLVPRVGH&HUWLILFDomR&UHGHQFLDGRV2&&RIHUHFHQGRDRPHUFDGRRSo}HVSDUDDFHUWLILFDomRGHSURGXWRV
SURFHVVRVVHUYLoRVVLVWHPDVHSHVVRDO
4XDQWRjEDVHODERUDWRULDOFDEHUHJLVWUDUTXHGXDV5HGHVGH&DOLEUDomRHGH(QVDLRVFRPSRUWDPKRMHFHUFDGHWUH
]HQWRVHFLQTHQWDODERUDWyULRVWRGRVHOHVDFUHGLWDGRVGHDFRUGRFRPD1RUPD,62,(&
(PUHVXPRDTXDOLGDGHQR%UDVLOYLVWDFRPVHQWLGRDPSORQDVFHGHXPFRQMXQWRGHSUHRFXSDo}HVHPWRUQRGH
WUDQVDo}HVFRPHUFLDLVSDVVDSHORVSULPHLURVHVIRUoRVGHGHVHQYROYLPHQWRWHFQROyJLFRVHHVWHQGHSHODVLQLFLDWLYDV
GHTXDOLILFDomRGHIRUQHFHGRUHVOHYDGDVDFDERSRUHPSUHVDVHVWDWDLVFRPGHVWDTXHSDUDR3URJUDPD1XFOHDUHP
FXMRHVFRSRVHLQWURGX]LXQR3DtVRFRQFHLWRGH2UJDQLVPRGH6XSHUYLVmR7pFQLFD,QGHSHQGHQWH267,DQFHVWUDO
GRVDWXDLV2UJDQLVPRVGH&HUWLILFDomR&UHGHQFLDGRV2&&HD3HWUREUDVLQWHJUDDVDo}HVGHIRPHQWRj7HFQRORJLD
,QGXVWULDO%iVLFDHPSUHHQGLGDVSHODH[WLQWD6HFUHWDULDGH7HFQRORJLD,QGXVWULDO67,GRDQWLJR0LQLVWpULRGH,QG~VWULD
H&RPpUFLR0,&HILQDOPHQWHHQFRQWUDDJUDQGHH[SDQVmRFRPRSURFHVVRGHDEHUWXUDGDHFRQRPLDSDUDDTXDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
IRUDPFULDGRVLQVWUXPHQWRVHPHFDQLVPRVFRPGHVWDTXHSDUDR3URJUDPD%UDVLOHLURGD4XDOLGDGHH3URGXWLYLGDGH
3%43QRLQtFLRGRVDQRV
+iXPDVSHFWRH[WUHPDPHQWHVLJQLILFDWLYRQHVVDSHTXHQDFURQRORJLDR%UDVLOIRLRSULPHLURHpXPGRVSRXFRVD
SRVVXLUXPVLVWHPDLQWHJUDGRTXHWUDWDGDFRUHiUHDGH7,%0HWURORJLD1RUPDOL]DomRH$YDOLDomRGD&RQIRUPLGDGH
GHQWURGHXPDPHVPDHVWUXWXUDR6,10(752RULHQWDGRSRUXPFROHJLDGRGHQtYHOPLQLVWHULDOR&RQVHOKR1DFLRQDOGH
0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752WHQGRR,10(752FRPRHQWLGDGHFHQWUDOGRVLVWHPD
HH[HFXWDGRSRUGLYHUVDVHQWLGDGHVTXHUHVSRQGHPSRUSDSpLVHVSHFtILFRVYiULRVGHOHVREMHWRGHDFUHGLWDomRSHOR
,QVWLWXWRFRPRVmRRV2UJDQLVPRVGH&HUWLILFDomRSURGXWRVVLVWHPDVHSHVVRDORV2UJDQLVPRVGH,QVSHomRHRV
/DERUDWyULRVGH&DOLEUDomR5HGH%UDVLOHLUDGH&DOLEUDomRHGH(QVDLRV5HGH%UDVLOHLUDGH/DERUDWyULRVGH(QVDLRV
1HVVDViUHDVR,10(752FXPSUHDIXQomRGHVLQJOHYRLFHDFFUHGLWDWLRQGHDFRUGRFRPDOyJLFDVHJXLGDSHODPDLRULD
GRVSDtVHVHFRQVDJUDGDQRVIyUXQVLQWHUQDFLRQDLVTXHWUDWDPGDPDWpULD
2&210(752DVVHVVRUDGRSHORV&RPLWr%UDVLOHLURGH0HWURORJLD&%0&RPLWr%UDVLOHLURGH1RUPDOL]DomR&%1
&RPLWr%UDVLOHLURGH$YDOLDomRGD&RQIRUPLGDGH&%$&H&RPLWrGR&RGH[$OLPHQWDULXVGR%UDVLO&&$%YHPHGL
WDQGRRVGRFXPHQWRVGHRULHQWDomRHVWUDWpJLFDGR6LVWHPDHFRQWULEXLQGRSDUDFRPVXDRUJDQLFLGDGH
)LQDOPHQWHRVGHVDILRVTXHVHDSUHVHQWDPSDUDR3DtVQRFDPSRGD7,%SRGHPVHUVLQWHWL]DGRVGHIRUPDQmRH[DXV
WLYDHPDOJXQVSRXFRVSRQWRV
‡ PRGHUQL]DomRGDUHJXODPHQWDomRWpFQLFDDFDUJRGR*RYHUQRFRPjDGRomRGDUHIHUrQFLDjQRUPDV
WpFQLFDVQDHGLomRGHUHJXODPHQWRVWpFQLFRVHFRPDFRQVWLWXLomRGDLQIUDHVWUXWXUDWpFQLFDODERUDWRULDOH
GHRUJDQLVPRVGHFHUWLILFDomRFRPEDVHHPQRUPDVHJXLDVLQWHUQDFLRQDLV
‡ DPSOLDomRGDLQIUDHVWUXWXUDWpFQLFDGHODERUDWyULRVHRUJDQLVPRVGHLQVSHomRHFHUWLILFDomRGHPRGRj
DWHQGHUDVGHPDQGDVLQFOXLQGRVHDtDPHOKRUGLVWULEXLomRJHRJUiILFDGHVVHVVHUYLoRV
‡ IRUWDOHFLPHQWRGRV6LVWHPDV%UDVLOHLURVGH1RUPDOL]DomRHGH$YDOLDomRGD&RQIRUPLGDGHFRPDPDLRU
SUHVHQoDGDVHPSUHVDVFRQVXPLGRUHVDFDGHPLDWUDEDOKDGRUHVHJRYHUQRQHVVHVHVIRUoRV
‡ IRUWDOHFLPHQWRGDSDUWLFLSDomRGR%UDVLOQRIyUXQVWpFQLFRVLQWHUQDFLRQDLVHPFRQGLo}HVGHLQWHUYLUQDWR
PDGDGHGHFLV}HVQRVFDPSRVFRUUHVSRQGHQWHV
5HLQDOGR)HUUD]p&RRUGHQDGRU*HUDOGH3ROtWLFD7HFQROyJLFDH,QGXVWULDOGR
0LQLVWpULRGH&LrQFLDH7HFQRORJLD
&URQRORJLDGRGHVHQYROYLPHQWRLQGXVWULDO
EUDVLOHLURHPPLFURHOHWU{QLFD
-RVp(OOLV5LSSHU)LOKR
$KLVWyULDGDPLFURHOHWU{QLFDHVWiLQWLPDPHQWHOLJDGDjKLVWyULDGDHQJHQKDULDGHHTXL
SDPHQWRVHOHWU{QLFRVSRUTXHpQRSURMHWRGHHTXLSDPHQWRVTXHRVFRPSRQHQWHVVmR
HVSHFLILFDGRVHHPJHUDOpRGHWHQWRUGDWHFQRORJLDGRHTXLSDPHQWRTXHWHUPLQDGH
FLGLQGR D FRPSUD GRV FRPSRQHQWHV 1R SHUtRGR HQWUH H IORUHVFLD XPD LQ
G~VWULDGHEHQVGHFRQVXPRUiGLRV79VHWFPXLWRVGHOHVSURMHWDGRVQR%UDVLO,VVR
DWUDLXIiEULFDVGHYiOYXODVHDLQGDQDGpFDGDGHD,EUDSH3KLOOLSVFRPHoRXDPRQ
WDUWUDQVLVWRUHV0XLWDVRXWUDVHPSUHVDVWUDQVQDFLRQDLVVHJXLUDPRH[HPSORLQVWDODQGR
RSHUDo}HVGHPRQWDJHPDRORQJRGDVGXDVGpFDGDVVHJXLQWHV,PSXOVLRQDGDSRUHVVH
PHUFDGRD3KLOFRSDVVRXQRILPGHVVHSHUtRGRDQmRVyWHURFLFORFRPSOHWRGHSUR
GXomRFRPRDSURMHWDURVSUySULRVFRPSRQHQWHVXWLOL]DQGRVHXSUySULRPHUFDGRLQWHUQR
FRPRDODYDQFD
2ILPGDGpFDGDGHHQYROYHXDSULPHLUDLQWHUIHUrQFLDGLUHWDJRYHUQDPHQWDO2%1'(6
GHFLGLX HVWLPXODU R DSDUHFLPHQWR GH XPD LQG~VWULD QDFLRQDO FRPHoDQGR SHOD FULDomR
GHXPODERUDWyULRGHGHVHQYROYLPHQWRLQGXVWULDOHGHIRUPDomRGHUHFXUVRVKXPDQRV2
/DERUDWyULRGH0LFURHOHWU{QLFD²/0(IRLORFDOL]DGRQD(3863&RPEDVHQDWHFQRORJLD
GHVVHODERUDWyULRDOJXQVDQRVGHSRLVR%1'(6ILQDQFLRXD7UDQVLWTXHQmRFRQVHJXLX
VHYLDELOL]DU
$QLPDGDSHORVHXVXFHVVRD3KLOFRGHFLGLXFULDUXPJUDQGHHPSUHHQGLPHQWRHPDV
VRFLDomRFRPD5&$XPGRVOtGHUHVWHFQROyJLFRVGHHQWmR2GHVDFRSODPHQWRFRPR
VHXSUySULRPHUFDGRMXQWRFRPDFULDomRGD=RQD)UDQFDGH0DQDXVTXHDRDWUDLUD
LQG~VWULDHOHWU{QLFDGHFRQVXPRSDVVDQGRDXVDUH[FOXVLYDPHQWHWHFQRORJLDHVWUDQJHL
UDUHWLUDQGRRPHUFDGRGHVVHVSURGXWRVGRDFHVVRDRVSURGXWRUHVEUDVLOHLURVOHYRXDR
IUDFDVVRDTXHOHHPSUHHQGLPHQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
1RILPGHVVHSHUtRGRWLYHPRVRLQtFLRGDDWXDomRGD7HOHEUiVHPXPGRVSURJUDPDVPDLVEHPVXFHGLGRVTXHVH
SURORQJRXSHODGpFDGDVHJXLQWH(PXPDSROtWLFDLQWHJUDGDILQDQFLRXODERUDWyULRVXQLYHUVLWiULRV86381,&$0338&
5-8)6&DU8)0*HWFGHVHQYROYHXWHFQRORJLDLQGXVWULDOQR&3T'WUDQVIHULXWHFQRORJLDSDUDLQG~VWULDV$%&;WDO
(OHEUD0XOWLWHO$YLEUiV$V*D%UDVFHO3LUHOOLHWFHJDUDQWLXDHODVRDFHVVRDRPHUFDGRGRVLVWHPD7HOHEUiV
$OpPGDDWXDomRGD7HOHEUiVPHQFLRQDGDDFLPDRSHUtRGRGHDVHFDUDFWHUL]DSHODSROtWLFDGHLQIRUPiWLFD
FRRUGHQDGDSHOD6HFUHWDULD(VSHFLDOGH,QIRUPiWLFD7UrVJUDQGHVHPSUHVDVQDFLRQDLVIRUDPHVWLPXODGDVFRPXPSD
FRWHJHQHURVRGHLQFHQWLYRVILVFDLV,WDXFRP(OHEUDH6LG0LFURHOHWU{QLFDTXHDGTXLULXDVLQVWDODo}HVGDDVVRFLDomR
3KLOFR5&$DOpPGHYiULDVRXWUDVPHQRUHV7DPEpPIRLFULDGRXP,QVWLWXWRGH0LFURHOHWU{QLFDSDUDGDUDSRLRWHFQROy
JLFRjVHPSUHVDV(VVH,QVWLWXWRTXHVHWRUQRXQ~FOHRGR&7,KRMH&HQ35$QXQFDUHFHEHXRVUHFXUVRVSDUDLPSODQWDU
FRPSOHWDPHQWHRVHXSURMHWR
$DEHUWXUDFRPHUFLDOUHSHQWLQDHPIRLIDWDOSDUDDHQJHQKDULDGHHTXLSDPHQWRVHFRPRFRQVHTrQFLDSDUDD
LQG~VWULDGHPLFURHOHWU{QLFD$RSULYLOHJLDUDWHFQRORJLDLPSRUWDGDDGHFLVmRGHFRPSUDGHFRPSRQHQWHVIRLWUDQVIHULGD
SDUDRH[WHULRU3UDWLFDPHQWHWRGDVDVHPSUHVDVWUDQVQDFLRQDLVWUDQVIHULUDPLPHGLDWDPHQWHSDUDRH[WHULRUVXDVRSH
UDo}HV$VQDFLRQDLVDLQGDSURFXUDUDPVHPPXLWRVXFHVVRVREUHYLYHUSRUDOJXPWHPSR+RMHVyUHVWDPD,WDXFRP
DSHQDVPRQWDQGRPHPyULDVHD$HJLVIDEULFDQGRFRPSRQHQWHVGHSRWrQFLDHH[SRUWDQGRPDVQmRWHQGRDFHVVRD
PDLRUSDUWHGRSUySULRPHUFDGREUDVLOHLUR
-RVp(OOLV5LSSHU)LOKRp3UHVLGHQWHGD$VJD
$PLFURHSHTXHQDHPSUHVDQR%UDVLO
/XL]&DUORV%DUERVD
$WUDMHWyULDGRGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDOGR%UDVLOVHPSUHGHXrQIDVHjLP
SRUWkQFLDGRVJUDQGHVHPSUHHQGLPHQWRVS~EOLFRVHSULYDGRV6RPHQWHDSDUWLUGDVH
JXQGDPHWDGHGRVpFXORSDVVDGRRVSHTXHQRVHPSUHHQGLPHQWRVFRPHoDPDPHUH
FHUDWHQomRHQTXDQWRDJHQWHVHFRQ{PLFRVFRPDFULDomRHPGR3URJUDPDGH
)LQDQFLDPHQWRj3HTXHQDHj0pGLD(PSUHVD²),3(0(SHORHQWmR%DQFR1DFLRQDOGH
'HVHQYROYLPHQWR(FRQ{PLFR²%1'($SyVHVVDLQLFLDWLYDSLRQHLUDVXUJHPQRV(VWDGRV
QRUGHVWLQRVHPRV1~FOHRVGH$VVLVWrQFLDjV3HTXHQDVH0pGLDV,QG~VWULDV²1$,V
SRULQVSLUDomRGD68'(1((PSRULQLFLDWLYDGR%1'(),1(3HGD$VVRFLDomR
1DFLRQDOGRV%DQFRVGH'HVHQYROYLPHQWRFULDVHR&HQWUR%UDVLOHLURGH$VVLVWrQFLDj
3HTXHQD H j 0pGLD (PSUHVD ² &(%5$( QD HVWUXWXUD RUJDQL]DFLRQDO GR 0LQLVWpULR GD
,QG~VWULD H GR &RPpUFLR )LQDOPHQWH HP R &(%5$( p WUDQVIRUPDGR QR 6HUYLoR
%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV²6(%5$(HQWLGDGHVRFLDODXW{QRPD
GHGLUHLWRSULYDGRFRPDWXDomRHPWRGRRWHUULWyULRQDFLRQDO
2 6(%5$( LQLFLRX VXD DWXDomR HP XP FRQWH[WR KLVWyULFR GH JOREDOL]DomR GDV HFRQR
PLDV2%UDVLODSDUWLUGHSURPRYHDDEHUWXUDFRPHUFLDOH[SRQGRDVHPSUHVDV
QDFLRQDLVDSDGU}HVLQWHUQDFLRQDLVGHFRPSHWLomR2FKRTXHpFRQVLGHUiYHOFRPHVVD
TXHEUDGHSDUDGLJPD$VJUDQGHVHPSUHVDVSDVVDPDHQIUHQWDUSURFHVVRVGHDMXVWHV
H[LJLGRVSHODQRYDRUGHPHFRQ{PLFDPXQGLDO(pQHVVHFRQWH[WRTXHDV03(GHPRQV
WUDP FDUDFWHUtVWLFDV DWp HQWmR SRXFR YDORUL]DGDV WDLV FRPR FULDWLYLGDGH IOH[LELOLGDGH
FRPSOHPHQWDULGDGHQDVFDGHLDVSURGXWLYDVPHQRUVHQVLELOLGDGHjVFULVHVHPDLRUFD
SDFLGDGHSDUDJHUDUSRVWRVGHWUDEDOKR
6HJXQGRGDGRVGR,%*(DV03(UHSUHVHQWDPDSUR[LPDGDPHQWHGDVPLOK}HV
GHHPSUHVDVIRUPDOPHQWHFRQVWLWXtGDVHPQRVVRSDtVHPFDGDQRYRVSRVWRVGHWUD
EDOKRJHUDGRVSDUWLFLSDPFRPVmRUHVSRQViYHLVSRUGDPDVVDVDODULDO3RURXWUR
ODGRVHJXQGRD)81&(;FRQWULEXHPFRPDSUR[LPDGDPHQWHGHQRVVDVH[SRUWD
o}HV$OpPGHVVHVLQGLFDGRUHVGHYHVHOHYDUHPFRQWDPLOK}HVGHHPSUHHQGLPHQWRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
LQIRUPDLVGHPLFURHSHTXHQRSRUWHTXHWrPVLJQLILFDGRXPDDOWHUQDWLYDGHVREUHYLYrQFLDSDUDXPLPHQVRFRQWLQJHQWH
GHEUDVLOHLURV
eIiFLOSRUWDQWRSHUFHEHURSDSHOHVWUDWpJLFRGDV03(QRSURFHVVRGHGHVHQYROYLPHQWRVRFLDOHHFRQ{PLFRGR%UDVLO
DVVLPFRPRDPDJQLWXGHGDPLVVmRGR6(%5$(TXHDH[HFXWDDWUDYpVGHSDUFHULDVFRPFHQWHQDVGHHQWLGDGHVSUL
YDGDVS~EOLFDVHGRWHUFHLURVHWRUDGRWDQGRHVWUDWpJLDVTXHSHUPLWDPDJHUDomRGHEHQHItFLRVHLPSDFWRVSRVLWLYRV
MXQWRjVXDFOLHQWHODDOYR
26(%5$(TXHLQLFLRXVXDVDWLYLGDGHVGDQGRrQIDVHjFDSDFLWDomRJHUHQFLDOFRQVXOWRULDWpFQLFDRULHQWDomRHPSUH
VDULDOHSDUWLFLSDomRHPPLVV}HVHIHLUDVHYROXLXSDUDXPDDomRPDLVDPSODQDPHGLGDHPTXHVHIH]QHFHVViULR
WDPEpPDWXDUQDEXVFDSHUPDQHQWHGHDPELrQFLDIDYRUiYHOjV03(FRPGHVWDTXHSDUDRHVIRUoRDWXDOQDHODERUD
omRHDSURYDomRGD/HL*HUDOGDV0LFURH3HTXHQDV(PSUHVDV(PVHXSURFHVVRGHHYROXomRLQVWLWXFLRQDOR6(%5$(
KRMHpPXLWRPDLVTXHXPDHQWLGDGHGHDVVLVWrQFLDWpFQLFDjV03()RFDGRQRVPLFURHSHTXHQRVQHJyFLRVDWXD
FRPRDJrQFLDGHGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDODGRWDQGRDVVHJXLQWHVSULRULGDGHVHVWUDWpJLFDVDWXDUQDEXV
FDGDUHGXomRHUDFLRQDOL]DomRGDFDUJDWULEXWiULDHGDEXURFUDFLDIRPHQWDUDDPSOLDomRHDXQLYHUVDOL]DomRGRDFHV
VRGDV03(DRFUpGLWRHjFDSLWDOL]DomRSURPRYHUDHGXFDomRHPSUHHQGHGRUDHDFXOWXUDGDFRRSHUDomRSURPRYHU
RDFHVVRjWHFQRORJLDHDDPSOLDomRGDFDSDFLGDGHGHLQRYDomRSURPRYHURDFHVVRDPHUFDGRVHDWXDUSULRULWDULD
PHQWHHPDo}HVFROHWLYDVFRPIRFRHPDUUDQMRVSURGXWLYRVORFDLVDWUDYpVGHVROXo}HVLQWHJUDGDV
/XL]&DUORV%DUERVDp'LUHWRU7pFQLFRGR6HEUDH1DFLRQDO
8PH[HPSORGHRXVDGLD
&DUORV(GXDUGR0RUHLUD)HUUHLUD
'HVGHTXHFRPHoDUDPDVHUDSOLFDGRVPXQGRDIRUDRVPpWRGRVGHHGXFDomRDGLVWkQ
FLDR6(6,HR6(1$,²TXHFRPS}HPR6LVWHPD&1,²EXVFDUDPDSOLFDORVjUHDOLGD
GHEUDVLOHLUD$VVLPQRV~OWLPRVDQRVIRUDPGHVHQYROYLGRVGLYHUVRVSURJUDPDVGH
FDSDFLWDomRQRVHWRULQGXVWULDOWHQGRFRPRILQDOLGDGHDIRUPDomRWpFQLFDGDPmRGH
REUD,JXDOPHQWHWHPVHXWLOL]DGRHVVDPHWRGRORJLDSDUDDFKDPDGDIRUPDomRGHUHV
SRQViYHLVSHODPXOWLSOLFDomRGRFRQKHFLPHQWRjOX]GRPRGHUQRSULQFtSLRGDHGXFDomR
FRQWLQXDGD
0DV DR H[DPLQDUPRV FRP XP JUXSR GH FRODERUDGRUHV D TXHVWmR GD HGXFDomR QR
%UDVLODRWHPSRHPTXHSUHVLGLD)HGHUDomRHR&HQWURGDV,QG~VWULDVGR(VWDGRGH
6mR3DXOR²),(63&,(63FKHJDPRVjFRQFOXVmRGHTXHDLQG~VWULDWHULDXPTXDGURGH
WUDEDOKDGRUHVPDLVTXDOLILFDGRHRSDtVWHULDPDLRUHVFRQGLo}HVGHVHGHVHQYROYHUVH
KRXYHVVHXPDDPSOLDomRFRQVLVWHQWHGRSURFHVVRHGXFDFLRQDOHPJHUDOHQmRVRPHQWH
QRFDPSRGDFDSDFLWDomRWpFQLFDHVSHFtILFD²QHFHVViULDPDVQmRVXILFLHQWH
$VVLP HP RXVDPRV FHOHEUDU XP FRQYrQLR HQWUH R 6LVWHPD ),(63&,(63 H D
)XQGDomR5REHUWR0DULQKRQDVFHQGRGDtR7HOHFXUVR²RPDLRUSURMHWRGHHQVLQR
DGLVWkQFLDMiH[HFXWDGRQD$PpULFD/DWLQDTXHFRQWDFRPRDSRLRGD&1,HRXWUDVLQV
WLWXLo}HVS~EOLFDVHSULYDGDV27HOHFXUVRDWpKRMHQRDUFRPDPSODDFHLWDomRQD
VRFLHGDGHRIHUHFHHQVLQRIXQGDPHQWDOžHžJUDXVHSURILVVLRQDOL]DQWHSDUDDGXOWRV
SRUPHLRGHDXODVWUDQVPLWLGDVHPFDQDLVDEHUWRVGHWHOHYLVmRRXUHSURGX]LGDVHPWHOHV
VDODVFRPDSRLRGHRULHQWDGRUHVHPDWHULDOGLGiWLFRHVSHFtILFR
3DVVDGD XPD GpFDGD PLOKDUHV GH HVWXGDQWHV FRQWLQXDP DSUHQGHQGR H VH IRUPDQGR
FRPDVDXODVTXHDVVLVWHPSHOD79HPFDVDHPEDUFRVQD$PD]{QLDHPWUHQVH{QLEXV
TXH WUDQVSRUWDP WUDEDOKDGRUHV HP FRPXQLGDGHV UXUDLV H LQGtJHQDV HP XQLGDGHV GR
([pUFLWRHHPSUHVtGLRV
27HOHFXUVRpXPDGDVJUDQGHVFRQWULEXLo}HVGDLQG~VWULDjHGXFDomRQR%UDVLO
&DUORV(GXDUGR0RUHLUD)HUUHLUDpRSULPHLURYLFHSUHVLGHQWH
GD&1,SUHVLGLXD),(63&,(63GHD
&URQRORJLDGDHQHUJLDQXFOHDUQR%UDVLO
&OiXGLR5RGULJXHV
1R%UDVLOORJRDSyVDVHJXQGDJXHUUDR$OPLUDQWHÉOYDUR$OEHUWRpRPDLRULQFHQWLYDGRU
GRGHVHQYROYLPHQWRGDHQHUJLDQXFOHDU2VHVIRUoRVGR$OPLUDQWHÉOYDUR$OEHUWRFXOPL
QDPFRPDFULDomRHPGH-DQHLURGHGRFRQVHOKR1DFLRQDOGH3HVTXLVDVDWX
DOPHQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T&RPD
FULDomRGHVWHyUJmRpHVWDEHOHFLGRRFRQWUROHJRYHUQDPHQWDOVREUHRFRPHUFLRHLQGXV
WULDOL]DomRGHPLQpULRVQXFOHDUHVPRQRSyOLR1HVWDpSRFDpFULDGRQR&13TD'LYLVmR
GH(QHUJLD$W{PLFDSDUDDWXDUFRPRyUJmRFRQVXOWLYR
$SyVDFULDomRGR&13THPIHYHUHLURGHpIRUPDGDXPD&RPLVVmR3DUODPHQWDU
GH,QTXpULWRSDUDWUDWDUGHDVVXQWRVUHODWLYRVj(QHUJLD1XFOHDU'HVWDFRPLVVmRSDUWH
DSULPHLUDVXJHVWmRGHFULDomRGD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU/RJRDSyV
R&RQVHOKRGH6HJXUDQoD1DFLRQDODSUHVHQWDDV´´'LUHWUL]HV*RYHUQDPHQWDLVSDUDD
3ROtWLFD1DFLRQDOGH(QHUJLD1XFOHDUµDSURYDGDVSHORSUHVLGHQWHGD5HSXEOLFDHFRPR
FRQVHTrQFLD HP GH RXWXEUR GH p FULDGD D &RPLVVmR 1DFLRQDO GH (QHUJLD
1XFOHDU&1(1TXHWHULDVXDUHJXODPHQWDomRSHOD/HLGHGHDJRVWRGH
$QWHULRUPHQWHjFULDomRGD&1(1MiKDYLDPVLGRFULDGRVLQVWLWXWRVGHSHVTXLVDVQDiUHD
QXFOHDU$VVLPR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35pFULDGRHPFRPRSDUWHGD
8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLVKRMH&HQWURGH'HVHQYROYLPHQWRGH7HFQRORJLD
1XFOHDU2,QVWLWXWRGH(QHUJLD$W{PLFDDWXDO,3(1,QVWLWXWRGH3HVTXLVD(QHUJpWLFDVH
1XFOHDUHVIRLFULDGRHPGH$JRVWRGHDSDUWLUGHXPFRQYHQLRHQWUHR&13TH
D8QLYHUVLGDGHGH6mR3DXOR863
2SULPHLURUHDWRUGHSHVTXLVDEUDVLOHLURIRLLQVWDODGRQR,($HP6mR3DXORHGHQRPLQD
GR,($5WHQGRVLGRIRUQHFLGRSHORJRYHUQRDPHULFDQRGHQWURGRSURJUDPD´ÉWRPRV
SDUDD3D]µ$RSHUDomRLQLFLDODSULPHLUDGRKHPLVIpULRVXORFRUUHXHPGHRXWXEUR
GHeQHVWHUHDWRUTXHVHGiLQLFLRDSURGXomRGHUDGLRIiUPDFRVFRPRHQYLRSDUD
R+RVSLWDOGDV&OLQLFDVGH6mR3DXORGDVSULPHLUDVGRVHVGH,RGRSDUDGLDJQRVWLFRH
WUDWDPHQWRGHGRHQoDVGDWLUyLGHVHQGRTXHKRMHQR,3(1DSURGXomRGHUDGLRIiUPD
FRVSHUPLWHDUHDOL]DomRGHPDLVGHPLOK}HVGHSURFHGLPHQWRVPpGLFRVGHGLDJQyVWL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FRVHWHUDSLDHPWRGRRSDtV)RLWDPEpPFRPDIXQGDomRGR,($TXHDVSULPHLUDVSHVTXLVDVHP4XtPLFD1XFOHDUVH
UHDOL]DUDPSHUPLWLQGRRGRPtQLRGRFLFORGRFRPEXVWtYHOQXFOHDUHDWUDQVIHUrQFLDGHVVDWHFQRORJLDSDUDDPDULQKDH
D,1%LQFOXLQGRRHQULTXHFLPHQWRLVRWySLFR
$SyVR,($5RVHJXQGRUHDWRUGHSHVTXLVDVIRLR75,*$UHDWRUDPHULFDQRLQVWDODGRQR,35WHQGRLQLFLDGRVXDRSH
UDomRHPGHRXWXEURGH
2XWURLQVWLWXWRGHSHVTXLVDVQDiUHDQXFOHDUR,QVWLWXWRGH(QJHQKDULD1XFOHDU,(1IRLFULDGRHPMDQHLURGHDWUD
YpVGHXPFRQYHQLRHQWUHD&1(1HD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR1HVWHLQVWLWXWRIRLLQVWDODGRRWHUFHLUR
UHDWRUGHSHVTXLVDEUDVLOHLURR$UJRQDXWDTXHLQLFLRXVXDRSHUDomRHPGH)HYHUHLURGH
2,QVWLWXWRGH5DGLRSURWHomRH'RVLPHWULD,5'WDPEpPQR5LRGH-DQHLURIRLFULDGRHPGHMXQKRGHDWUD
YpVGHXPFRQYHQLRHQWUHD&1(1HD38&2&(1$&HQWURGH(QHUJLD1XFOHDUQD$JULFXOWXUDIRLFULDGRHP
SHOR*RYHUQRGR(VWDGRGH6mR3DXORHLQVWDODGRMXQWRD(VFROD6XSHULRU/XL]GH4XHLUR]HP3LUDFLFDEDVHQGRKRMH
XPDXQLGDGHGD863)LQDOPHQWHQDGpFDGDGHpFULDGRR,QVWLWXWRGH(VWXGRV$YDQoDGRV,($YOLJDGRDR&HQWUR
7HFQROyJLFR GD $HURQiXWLFD&7$ HP 6mR -RVp GRV &DPSRV H R &HQWUR 7HFQROyJLFR GR ([HUFLWR&7([ GHGLFDGRV
DSHVTXLVDVQDiUHDQXFOHDUHDHQWmRFRRUGHQDGRULDGHSURMHWRVHVSHFLDLV&23(63DWXDO&HQWUR7HFQROyJLFRGD
0DULQKDHP6mR3DXOR&7063QRFDPSXVGR,3(1
1DGpFDGDGHRSDtVFRQGX]LXXPSURJUDPD1DFLRQDOGH'HVHQYROYLPHQWRGH7HFQRORJLD1XFOHDUDWUDYpVGHV
WHVLQVWLWXWRVHFHQWURVGHSHVTXLVDHGD&1(1'HQWURGHVWHSURJUDPDGHVWDFRXVHDHVWUHLWDFRRSHUDomRHQWUHD
&23(63HR,3(1SDUDRGHVHQYROYLPHQWRGDSURSXOVmRQXFOHDUTXHUHVXOWDUDPHPLPSRUWDQWHVFRQTXLVWDVWHFQR
OyJLFDVSDUDRSDtV$VVLP(PRSUHVLGHQWHGDUHSXEOLFDDQXQFLDQRkPELWRGHVWHSURJUDPDRGRPtQLRGDV
WHFQRORJLDVGRFLFORGRFRPEXVWtYHOLQFOXVLYHGRHQULTXHFLPHQWRLVRWySLFRIUXWRGDFRRSHUDomR,3(1&23(632XWUD
LPSRUWDQWHFRQTXLVWDQRkPELWRGHVVDFRRSHUDomRIRLRSURMHWRHFRQVWUXomRGRSULPHLURUHDWRUGHSHVTXLVDLQWHLUD
PHQWHQDFLRQDORUHDWRU,3(10%TXHHQWURXHPRSHUDomRHP
1D iUHD GH IRUPDomR GH SURILVVLRQDLV QXFOHDUHV HQVLQR GH SyV JUDGXDomR R SULPHLUR FXUVR GH LQWURGXomR j HQ
JHQKDULD QXFOHDU LQLFLRXVH HP QD DQWLJD (VFROD 1DFLRQDO GH (QJHQKDULD QR 5LR GH -DQHLUR /RJR DSyV R
,QVWLWXWR0LOLWDUGH(QJHQKDULD,0(WDPEpPFULDXPFXUVRGHSyVJUDGXDomRHPHQJHQKDULDQXFOHDU2SURJUDPDGH
(QJHQKDULD1XFOHDUGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLURIRLFULDGRHPQD&RRUGHQDomRGRV3URJUDPDVGH
3yV*UDGXDomRHP(QJHQKDULD&233((P3HUQDPEXFRD8QLYHUVLGDGH)HGHUDOFULDR'HSDUWDPHQWRGH(QHUJLD
1XFOHDUQDGpFDGDGH(P6mR3DXORR,3(1HPDVVRFLDomRFRPD8QLYHUVLGDGHGH6mR3DXORYHPGHVGHD
GpFDGDGHFRQGX]LQGRXPFXUVRGHSyVJUDGXDomRHPWHFQRORJLDQXFOHDUDQtYHOGHGRXWRUDGRHPHVWUDGRTXH
DWXDOPHQWHpDYDOLDGRSHOD&$3(6FRPRFXUVRGHH[FHOrQFLDQtYHOHXPGRVPHOKRUHVGRSDtV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
1DiUHDGHHQHUJLDMiHPIRLFULDGRXPJUXSRGHWUDEDOKRLQWHUPLQHVWHULDOTXHUHFRPHQGRXDLQVWDODomRGHXPD
XVLQDGH0:HQDUHJLmRVXGHVWHSDUDHQWUDUHPIXQFLRQDPHQWRQDGpFDGDGH(VWHVHVWXGRVIRUDPFRQ
ILUPDGRVSHOD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFD(VWDVUHFRPHQGDo}HVHRSODQHMDPHQWRGRSULPHLUR3ODQR
1DFLRQDOGH'HVHQYROYLPHQWR,31'ID]FRPTXHHPDWUDYpVGHFRQFRUUrQFLDLQWHUQDFLRQDOIRVVHHVFROKLGD
D:HVWLQJKRXVHSDUDDFRQVWUXomRGDSULPHLUDXVLQDQXFOHDUQXPSURMHWR´FKDYHQDPmRXP3:5$1*5$,TXH
HQWUDULDHPRSHUDomRHPDLQGDpFULDGDD&RPSDQKLD%UDVLOHLUDGH7HFQRORJLD1XFOHDU&%71SDUDDFRQ
GXomRGHRSURJUDPDQXFOHDUEUDVLOHLURHQHUJpWLFRVHQGRH[WLQWDHPOHLFRPDFULDomRGD18&/(%5$6
FRPXPDHVIHUDGHDWXDomRDLQGDPDLVDPSOD
(PpILUPDGRRDFRUGR1XFOHDU%UDVLO$OHPDQKDTXHDEUDQJLDWRGRRFLFORLSUSRVSHFomRH[WUDomRHSURFHV
VDPHQWRGHPLQpULRVGHXUkQLRLLFRQYHUVmRHPKH[DIOXRUHWRGHXUkQLRLLLHQULTXHFLPHQWRLVRWySLFRDWUDYpVGRMDWR
FHQWULIXJRLYUHFRQYHUVmRYIDEULFDomRGHFRPEXVWtYHOYL&RQVWUXomRGHRLWRUHDWRUHV3:5GHJUDQGHSRUWHYLL
UHSURFHVVDPHQWR3DUDDFRQGXomRGHVWHDFRUGRIRUDPFULDGDVHPSUHVDVGRJUXSR18&/(%5$6HPDVVRFLDomRFRP
HPSUHVDVDOHPmV(PRFRUUHXPDFRPSOHWDUHIRUPXODomRGRVHWRUQXFOHDUFRPDH[WLQomRGD18&/(%5$6D
FULDomRGDV,QGXVWULDV1XFOHDUHV%UDVLOHLUDV,1%HDRSHUDomRGDVFHQWUDLVILFDFRPD(/(75218&/($5XPDHP
SUHVDGRJUXSR(/(752%5$6'HVWHDFRUGRUHVWDUDP$QJUD,,TXHHQWUDHPIXQFLRQDPHQWRHPHDGHFLVmRGH
ILQDOL]DomRGDFRQVWUXomRGH$1*5$,,,DLQGDLQGHILQLGD$LQG~VWULDGHHTXLSDPHQWRVSHVDGRV18&/(3SDVVDSDUD
RFRQWUROHDFLRQiULRGD&1(1EHPFRPRWRGDDLQGXVWULDQXFOHDU,1%TXHILFDUHVSRQViYHOSHODPLQHUDomRIDEULFD
omRGRVFRPEXVWtYHLVGH$1*5$,H,,HUHFHQWHPHQWHDVVLQRXXPDFRUGRFRPD0DULQKDSDUDDLPSOHPHQWDomRGR
HQULTXHFLPHQWRSRUXOWUDFHQWULIXJDomRDQtYHOLQGXVWULDO
&ODXGLR5RGULJXHVp6XSHULQWHQGHQWHGR,QVWLWXWRGH3HVTXLVDV
(QHUJpWLFDVH1XFOHDUHV,3(1
'HVD¿RVGHGHVHQYROYLPHQWRGHUHFXUVRV
KXPDQRVHGHSHVTXLVDQRFRQWH[WRGDSROtWLFD
LQGXVWULDO
0DQRHO%DUUDO1HWWR
1RV~OWLPRVDQRVR%UDVLOHPSUHHQGHXXPORXYiYHOHVIRUoRGHFDSDFLWDomRHFRQVWUX
omRGHXPVLVWHPDGHFLrQFLDHWHFQRORJLD)RUPDPRVKRMHFHUFDGHGRXWRUHVSRU
DQR$SURGXomRFLHQWtILFDEUDVLOHLUDFUHVFHXDFHOHUDGDPHQWH(PSXEOLFiYDPRV
FHUFDGHDUWLJRVDQRHPDWLQJLPRVDUWLJRV1HVWHSHUtRGRVXSHUDPRV
HPQ~PHURGHDUWLJRVSXEOLFDGRVSDtVHVFRPR%pOJLFDHÉXVWULD
&RQWXGRDOJXQVSUREOHPDVFUXFLDLVQmRIRUDPVXSHUDGRVLQVXILFLrQFLDHGHVFRQWLQXLGD
GHGRDSRUWHGHUHFXUVRVSRXFDSDUWLFLSDomRGRVHWRUSULYDGRSRXFDSURGXomRWHFQROy
JLFDRXLQRYDomRSRUH[HPSOR2%UDVLOXVDVRPHQWHGRVHX3,%HP&7HQTXDQWR
RV(8$XVDPHR-DSmR
$FLrQFLDEUDVLOHLUDHQIUHQWDKRMHREVWiFXORVFRORFDGRVSRUIDOVRVGLOHPDVeUHFRUUHQWH
DDOHJDomRGHTXHDrQIDVHHPFLrQFLDpDFDXVDGDQRVVDGHILFLrQFLDHPWHFQRORJLD
FULDQGRXPHPEDWHLPSUySULRHGHVQHFHVViULRHQWUHFLrQFLDEiVLFDHDSOLFDGD(PWRGR
R PXQGR D PDLRU SDUWH GRV FRQKHFLPHQWRV EiVLFRV TXH SHUPLWH R GHVHQYROYLPHQWR
WHFQROyJLFR RFRUUHX QR VHWRU S~EOLFR RX FRP YHUEDV S~EOLFDV 6RPHQWH R H[SUHVVLYR
FUHVFLPHQWRFRQWLQXDGRGR%UDVLOQDSURGXomRGHFRQKHFLPHQWRHQDIRUPDomRGHSHV
TXLVDGRUHV SHUPLWLUi DR SDtV DVVXPLU XP SDSHO SURHPLQHQWH HP WHFQRORJLD $V LGpLDV
TXH JHUDUmR DV SDWHQWHV GH DPDQKm HVWmR KRMHHPLQYHVWLJDomR QDV 8QLYHUVLGDGHV H
,QVWLWXWRV3RURXWURODGRQmRSRGHPRVWHUDLOXVmRTXHRDXPHQWRGDSURGXomRFLHQWtILFD
OHYHLQH[RUDYHOPHQWHDRDXPHQWRGDSURGXomRWHFQROyJLFD6mRQHFHVViULRVPHFDQLV
PRVGHLQGXomRHDHVFROKDGHSULRULGDGHV
2VHWRUSULYDGRQHFHVVLWDVHUHVWLPXODGRDLQYHVWLUPDLVHP&7,$SURWHomRGDSURSULH
GDGHLQWHOHFWXDOHLQGXVWULDOpIXQGDPHQWDOSDUDRVXFHVVRGRGHVHQYROYLPHQWRWHFQROy
JLFRHRVPHFDQLVPRVRULHQWDGRUHVGHVVDVDo}HVSUHFLVDPVHUGLIXQGLGRVHIDFLOLWDGRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6RPHQWHTXDQGRRVHWRUHPSUHVDULDODXPHQWDUVLJQLILFDQWHPHQWHDFDSWDomRGHGRXWRUHVSDUDUHDOL]DomRGH3'WH
UHPRVVXSHUDGRRGHVDILRUHDOGHFRORFDUD&7DVHUYLoRGDVRFLHGDGHSRUPHLRGDJHUDomRGHULTXH]D
$&7EUDVLOHLUDVHPSUHDOLPHQWDGDSHORFRQKHFLPHQWREiVLFRQHFHVVLWDWUDGX]LURVHXSRWHQFLDOHPUHVXOWDGRV
UHDLVSDUDDPHOKRULDGDTXDOLGDGHGHYLGDGHYHVHHQYROYHUQDVXSHUDomRGDVGHVLJXDOGDGHVHQDHOLPLQDomRGDV
LQMXVWLoDVVRFLDLVDVVLPFRPRGHYHPDQWHUHUHIRUoDUXPHOHYDGRSDGUmRpWLFRTXHYDORUL]HDGLJQLGDGHHDYLGD
GRVFLGDGmRV
0DQRHO%DUUDO1HWWRp'LUHWRUGH3URJUDPDV7HPiWLFRVH6HWRULDLVGR&13T
%LRWHFQRORJLDDJUtFROD
-RVp0DQXHO&DEUDOGH6RX]D'LDV
'HXPDPDQHLUDJHUDORLQtFLRGDELRWHFQRORJLDPRGHUQDSURYDYHOPHQWHpFRLQFLGHQWH
FRP D GHVFREHUWD GD HVWUXWXUD GR PDWHULDO JHQpWLFR HP $ ELRWHFQRORJLD VHQVX
VWULFWXQDiUHDGDDJULFXOWXUDLQFLRXVHFRPRDGYHQWRGDVWpFQLFDVGH'1$UHFRPEL
QDQWHGHXPODGRHGHRXWURFRPRUHFRQKHFLPHQWRGHTXHSODVPtGHRVGRWLSR7LGH
DJUREDFWpULDVSRGHPVHUPDQLSXODGRVHXWLOL]DGRVSDUDDWUDQVIHUrQFLDGHJHQHVGHXP
RUJDQLVPRSDUDRXWURVHPDVUHVWULo}HVGDVEDUUHLUDVQDWXUDLV
1R%UDVLODWLYLGDGHVSUHFXUVRUDVjVGDELRWHFQRORJLDPRGHUQDLQLFLDUDPVHFRPRVWUD
EDOKRVGHVHQYROYLGRVQD863VREUHRVFURPRVVRPRVJLJDQWHVHDELRORJLDPROHFXODU
GHLQVHWRV7UDEDOKRVTXHSRGHPVHUFRQVLGHUDGRVFRPREDVHVSDUDDIXWXUDELRWHF
QRORJLDDJUtFRODMiIRUDPUHDOL]DGRVQR,QVWLWXWR$JURQ{PLFRGH&DPSLQDVQDGpFDGD
GHFRPRPHOKRUDPHQWRJHQpWLFRGHFDIpPLOKRHRXWUDVHVSpFLHV7DPEpPQD
(VFROD6XSHULRUGH$JULFXOWXUD´/XL]GH4XHLUR]µXPJUXSRGHJHQHWLFLVWDVMiUHDOL]DYD
WUDEDOKRVGHPHOKRUDPHQWRJHQpWLFRGHPLOKRHKRUWDOLoDVFRPPpWRGRVPDWHPiWLFRV
DSOLFDGRVjELRORJLD'HVWDFDVHR,QVWLWXWR$JURQ{PLFRGH&DPSLQDVFRPRVWUDED
OKRVTXHVHLQLFLDUDPDLQGDQDGpFDGDGHSDUDRFRQWUROHGDWULVWH]DGRFLWURVHR
PHOKRUDPHQWRGHFDIpFLWURVHRXWUDVFXOWXUDV3RGHPRVWDPEpPGHVWDFDURWUDEDOKR
GR,QVWLWXWR%LROyJLFRGH6mR3DXORFRPDJHUDomRGHWHFQRORJLDSDUDRFRPEDWHGH
SUDJDVGRFDIpFLWURVHDOJRGmRHR,QVWLWXWR$JURQ{PLFRGR3DUDQiFRPRRPHOKRUD
PHQWRJHQpWLFRGHJUDQGHVFXOWXUDV
3RUpP DV EDVHV GD ELRWHFQRORJLD QDFLRQDO DWXDO IRUDP HVWDEHOHFLGDV DWUDYpV GH JUX
SRVDWLYRVQDiUHDGHELRORJLDPROHFXODUQDPHWDGHGDGpFDGDGH'HVWDFDPVHRV
HVIRUoRVUHDOL]DGRVQD8QLYHUVLGDGHGH%UDVtOLDFRPDFULDomRGRFXUVRGHSyVJUDGX
DomRHPELRORJLDPROHFXODUHPDVVLPFRPRDWLYLGDGHVQDPHVPDiUHDQD863
HQD8QLYHUVLGDGH)HGHUDOGH5LRGH-DQHLUR2HQYROYLPHQWRGD(PEUDSDFRPDELR
WHFQRORJLDDJURSHFXiULDFRPHoRXHPFRPDFULDomRGRJUXSRGDiUHDGH%LRORJLD
0ROHFXODUQR&(1$5*(1RILFLDOPHQWHFRQYHUWLGRHPXPFHQWURGHELRWHFQRORJLDHP
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVGHRVHVWXGRVLQLFLDLVGHH[SUHVVmRGHJHQHVHPSODQWDVHVXDPDQLSXODomRSDUDRDXPHQWRGDTXDOLGDGH
QXWULFLRQDOGHOHJXPLQRVDVYiULDVWHFQRORJLDVWrPVLGRJHUDGDVFRPREWHQomRGHSODQWDVUHVLVWHQWHVDKHUELFLGDVH
YLURVHV$(PEUDSDMXQWDPHQWHFRPDOJXPDVXQLYHUVLGDGHVFRPRD8QLYHUVLGDGH)HGHUDOGH6mR3DXORH863WrP
DYDQoDGRHPFORQDJHPHHQJHQKDULDJHQpWLFDGHDQLPDLV
1RV~OWLPRVGH]DQRVDFRPXQLGDGHFLHQWtILFDEUDVLOHLUDGHVHQYROYHXXPDUHVSHLWiYHOFDSDFLGDGHGHPDQLSXODomR
GDVQRYDVIHUUDPHQWDVGDELRWHFQRORJLDWDLVFRPRDWHFQRORJLDGR'1$UHFRPELQDQWHHDVSHVTXLVDVJHQ{PLFDVH
SURWH{PLFDV23URMHWR*HQRPD%UDVLOHLURJDQKRXQRWRULHGDGHFRPRVHTHQFLDPHQWRGDEDFWpULD;\OOHODIDVWLGLRVD
FDXVDGRUDGDGRHQoDGRDPDUHOLQKRHPFtWULFRV2%UDVLOWHPKRMHXPFRUSRWpFQLFRDOWDPHQWHFRPSHWHQWHHPWRGDV
DViUHDVHQYROYLGDVQDJHUDomRGHELRWHFQRORJLDVDJURSHFXiULDFRQWDQGRHPFRPPDLVGHSHVTXLVDGR
UHVGLVWULEXtGRVHPPDLVGHJUXSRVGHSHVTXLVD
-RVp0DQXHO&DEUDOGH6RX]D'LDVp&KHIH*HUDOGD(PEUDSD5HFXUVRV
*HQpWLFRVH%LRWHFQRORJLD
'HVHQYROYLPHQWRGDTXtPLFD¿QDQR%UDVLO
1HOVRQ%UDVLO
2FRPSOH[RLQGXVWULDOGDTXtPLFDILQDHVXDVHVSHFLDOLGDGHVQR%UDVLOFRPSUHHQGHXP
FRQMXQWRGHHPSUHVDVSURGXWLYDVGHGLFDGDVjIDEULFDomRGHXPDDPSODYDULHGDGHGH
SURGXWRVHVVHQFLDLVjVDWLYLGDGHVKXPDQDVFRPHOHYDGRFRQWH~GRWHFQROyJLFRHYDORU
DJUHJDGRUHOHYDQWHDSOLFDomRVRFLDOHFRPH[SUHVVLYDVLPSOLFDo}HVHVWUDWpJLFDVSDUD
RVREHUDQRGHVHQYROYLPHQWRGR3DtVWDLVFRPRIiUPDFRVHPHGLFDPHQWRVGHIHQVLYRV
DJUtFRODVHDQLPDLVFDWDOLVDGRUHVLQGXVWULDLVFRUDQWHVDGLWLYRVHGHPDLVHVSHFLDOLGD
GHVGDTXtPLFDILQD$H[SUHVVmRHFRQ{PLFDGHVVHVHWRULQGXVWULDOQR%UDVLOSRGHVHUYL
VXDOL]DGDQRJUiILFRDSUHVHQWDGRDVHJXLUHPWHUPRVSHUFHQWXDLVVREUHXPIDWXUDPHQWR
WRWDOGDRUGHPGH86ELOK}HVDQR
1RWDGDGRVFRQVROLGDGRVGHHQWLGDGHV
HPSUHVDULDLV
$WpRILQDOGRVDQRVDTXtPLFDILQDQR
%UDVLOHUDFRQVWLWXtGDSRUXPUHGX]LGRQ~
PHURGHHPSUHVDVDWXDQWHVQDiUHDTXt
PLFDRXGHPHGLFDPHQWRVFRPFODUDLQVHUomRPHUFDGROyJLFDPDVFRPUHGX]LGRJUDX
GHYHUWLFDOL]DomRGDFDGHLDSURGXWLYD2VSULPHLURVODERUDWyULRVIDUPDFrXWLFRVQDFLRQDLV
IRUDPIXQGDGRVSRUHPSUHViULRVEUDVLOHLURVLQLFLDOPHQWHYLQFXODGRVjViUHDVGHYHQGDV
HPODERUDWyULRVPXOWLQDFLRQDLV
1RVDQRVIRLGHVHQYROYLGDFRPSOHQRr[LWRXPDSROtWLFDLQGXVWULDOGHGLFDGDjPRQ
WDJHPGRJUDQGHSDUTXHSHWURTXtPLFRQDFLRQDODWUDYpVGHGHFLV}HVGR&RQVHOKRGH
'HVHQYROYLPHQWR,QGXVWULDO&',YLD*UXSRGH(VWXGRV6HWRULDLVGDiUHDTXtPLFD*6
,,,DRTXDOFDELDDSURYDUSURMHWRVGHLQYHVWLPHQWRVVREFRQGLo}HVQHJRFLDGDVGHDSRU
WH VRFLHWiULR GD 3HWUREUiV YLD 3HWURTXLVD FULDGD HP H HPSUHVDV QDFLRQDLV GH
VXSRUWHILQDQFHLURGR%1'(6GR´NQRZKRZµWUDQVIHULGRSRUHPSUHVDVPXOWLQDFLRQDLV
VyFLDVGRVQRYRVHPSUHHQGLPHQWRVEHPFRPRXVRGHPHGLGDVGHJRYHUQRSDUDD
SURWHomRDRPHUFDGRLQWHUQR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RPEDVHQRVXFHVVRDOFDQoDGRSRUHVVDSROtWLFDS~EOLFDDRORQJRGRVDQRVGHVHQYROYHXVHXPJUDQGHSURJUDPD
GHLQFHQWLYRjLQGXVWULDOL]DomRQDiUHDGHTXtPLFDILQDHPHVSHFLDODSyVDHGLomRGD3RUWDULD,QWHUPLQLVWHULDOQR
$WUDYpVGRXVRGRSRGHUGHFRPSUDGR(VWDGRFRPDFULDomRGD&HQWUDOGH0HGLFDPHQWRV&(0(FRPRDSRLRDR
GHVHQYROYLPHQWRWHFQROyJLFRUHTXHULGR²YLDLPSODQWDomRGD&2'(7(&HILQDQFLDPHQWRVSHOR(VWDGR&(0(),1(3
%1'(6IRUDPSURPRYLGRVLQYHVWLPHQWRVTXHHQWUHHDWLQJLUDPYDORUHVDFXPXODGRVHPWRUQRGH86
ELOKmR1HVVHSURJUDPDGHTXtPLFDILQDD3HWURTXLVDWHYHXPDSDUWLFLSDomRPDLVPRGHVWDGRTXHQDSHWURTXtPLFD
VHQGRDVVRFLDGDLQGLUHWDGHDOJXQVHP
SUHHQGLPHQWRV YLQFXODGRV j ´KROGLQJµ
1RUTXLVD FRQIRUPH PRVWUD D WDEHOD
VHJXLU TXH DSUHVHQWD XPD UHODomR GH
JUDQGHV HPSUHVDV TXH LQYHVWLUDP SLR
QHLUDPHQWHQHVVDiUHDQHVVHSHUtRGR
&RP D DEHUWXUD FRPHUFLDO UHDOL]D
GD SHOR JRYHUQR IHGHUDO DR ORQJR GRV
DQRVVHPHVWDEHOHFHUTXDOTXHUSH
UtRGR GH DGDSWDomR j QRYD VLWXDomR
GH PHUFDGR VHJXQGR OHYDQWDPHQWR
SURFHGLGR QR kPELWR GR 0LQLVWpULR GR
(PSUHVD
1RUTXLVD
%DVI
&LED*HLJ\
(1,$
&LTXLQH4XtPLFD
,VRFLDQDWRV
3ROLFDUERQDWRV
&DUERQRU
6PLWK.OLQH1(
8QLUKRGLD
4XtPLFDGD%DKLD
$OFORU
1LWURQRU
1LWURFORU
6LOLQRU
/RFDOL]DomR
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
,WDSHYD63
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
$/
&DPDoDUL%$
&DPDoDUL%$
&DPDoDUL%$
3URGXWRV
$OFRLODPLQDV
$JURTXtPLFRV
&RUDQWHV
ÉFLGRIXPiULFR
$QLOLQDV
3ROLFDUERQDWRV
%LFDUERQDWRHVXOILWRVGHVyGLR
)DUPDFrXWLFRV
0HWLRQLQD
$OFRLODPLQDV
(SLFORULGULQD
3UHFXUVRUHVFRUDQWHV
,QWHUPHGLiULRVIDUPRHDJURTXtPLFRV
6LODQRV
1RWD,QG~VWULD4XtPLFD²5LVFRVH2SRUWXQLGDGHV3HGUR:RQJWVFKRZVNL 'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRUQDiUHDGDTXtPLFDILQDXQLGDGHVSURGXWLYDVIRUDPIHFKDGDV
EHPFRPRSURMHWRVIRUDPFDQFHODGRVFXMRVQ~PHURVFRQVROLGDGRVVmRDSUHVHQWDGRVQDWDEHODDVHJXLU
2VLJQLILFDGRHFRQ{PLFRGRFRPpUFLRH[WHUQREUDVLOHLURGHVVHFRPSOH[RLQGXVWULDOSRGHVHUDIHULGRSHORJUiILFRDVH
JXLUDSUHVHQWDGR
$ QRYD SROtWLFD LQGXVWULDO WHFQROyJLFD
H GH FRPpUFLR H[WHULRU FRQFHELGD HP
'LVFULPLQDomR
,QWHUPHGLiULRV )DUPRTXtPLFRV 'HIHQVLYRV
$GLWLYRV
GH4)
$JUtFRODV $URPiWLFRVH
&RUDQWHV
3DUDOLVDGD
1mR,PSOHPHQWDGD
7RWDO
7RWDO
ERDKRUDSHORQRYRJRYHUQRIHGHUDOHP
SDUFHULDFRPRVHWRUSULYDGRGHILQLXXPDVpULHGHLQVWUXPHQWRVYLVDQGR
FULDUDVFRQGLo}HVQHFHVViULDVSDUDSURPRYHUDUHWRPDGDGRFUHVFLPHQ
WRQDLQG~VWULDLQVWDODGDQR%UDVLOFRPrQIDVHQDLQRYDomRWHFQROyJLFD
FHQWUDGDQDVHPSUHVDVSURGXWLYDVTXHDWXDPHPVHWRUHVHVWUDWpJLFRV
QR3DtVHFRPRREMHWLYRGHDXPHQWDURVDOGRGREDODQoRFRPHUFLDO2V
VHWRUHV FRQVLGHUDGRV HVWUDWpJLFRV SHOD QRYD SROtWLFD VmR RV GH VHPL
FRQGXWRUHVVRIWZDUHEHQVGHFDSLWDOIiUPDFRVHPHGLFDPHQWRV2VPHFDQLVPRVSDUDDSURPRomRGRFUHVFLPHQWR
LQGXVWULDOQDIRUPDDVHUGHILQLGDHPOHLVHJXQGRR3/QRGHYHUmRVHUDFLRQDGRVSRUXP&RQVHOKR1DFLRQDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
GH'HVHQYROYLPHQWR,QGXVWULDO&1',yUJmRQRTXDOWrPDVVHQWRPLQLVWURVGH(VWDGRGLULJHQWHVHPSUHVDULDLVHWUDED
OKDGRUHVHTXHWrPQD$JrQFLD%UDVLOHLUDGH'HVHQYROYLPHQWR,QGXVWULDOVHXEUDoRH[HFXWLYR6mRDPSODVDVH[SHFWD
WLYDVGHXPDUHWRPDGDGRGHVHQYROYLPHQWRLQGXVWULDOQHVVHHVWUDWpJLFRVHWRUDSDUWLUGH
1HOVRQ%UDVLOGH2OLYHLUDp9LFH3UHVLGHQWHGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGD
4XtPLFD)LQD%LRWHFQRORJLDHVXDV(VSHFLDOLGDGHV
$LQG~VWULDGHVRIWZDUHQR%UDVLO
5REHUWR-DJXDULEH
$LQG~VWULDGHVRIWZDUHpIHQ{PHQRUHFHQWH$WpSRXFRWHPSRRVRIWZDUHHUDFRQVLGH
UDGRSDUWHLQWHJUDQWHGRVHTXLSDPHQWRVDTXHVHGHVWLQDYDHDVDSOLFDo}HVHVSHFtILFDV
GHVRIWZDUHHUDPPDMRULWDULDPHQWHGHVHQYROYLGDVSHORVVHXVSUySULRVXVXiULRV
3DFRWHVGHVRIWZDUHjYHQGDSDUDRS~EOLFRLQGLYLGXDORXHPSUHVDULDOIRUDPWDOYH]R
SULPHLURIHQ{PHQRGDLQG~VWULDDVHGHVHQYROYHUSULQFLSDOPHQWHDSDUWLUGRXQEXQGOLQJ
HQWUHRVHTXLSDPHQWRVHRVRIWZDUHQRWDGDPHQWHHP3&V$SDUWLUGDGpFDGDGH
FRPDVQHFHVVLGDGHVFUHVFHQWHVGDVHPSUHVDVSRUVROXo}HVGHJHVWmRQRPXQGRJOR
EDOL]DGR XPD SXMDQWH LQG~VWULD GH VRIWZDUH GHVHQYROYHXVH QR PXQGR EDVHDGD QDV
FRPSHWrQFLDV TXH DFRPSDQKRX R IHQ{PHQR GD UHHQJHQKDULD H GD WHUFHLUL]DomR 2V
SDGU}HVGHFRQWUDWDomRMiH[LVWHQWHVSULQFLSDOPHQWHQDiUHDPLOLWDUVHFRQVWLWXtDPHP
XPDUHIHUrQFLDLPSRUWDQWHQHVWHPRYLPHQWRGHFULDomRGHXPDLQG~VWULDLQGHSHQGHQWH
GHVRIWZDUH
0DLV UHFHQWHPHQWH FRP R DPSOR GHVHQYROYLPHQWR H PDWXULGDGH GD LQG~VWULD VXUJH
RX DPSOLDVH HQRUPHPHQWH R IHQ{PHQR GR RXWVRXUFLQJRIIVKRULQJ SHOR TXDO HP HV
FDODSODQHWiULDDVGHPDQGDVSRUVRIWZDUHV²DJRUDDFUHVFLGRGHYDULDGRVVHUYLoRVED
VHDGRV QR PHVPR H RXWUDV WHFQRORJLDV GD LQIRUPDomR H FRPXQLFDomR ² GLVWULEXHP H
IUDJPHQWDPRPHUFDGRFRQIHULQGRRSRUWXQLGDGHVDQWHVQmRYLVOXPEUDGDVSDUDSDtVHV
HPGHVHQYROYLPHQWRQHVVDLQG~VWULDDWHFQRORJLDDWpHQWmRYLVWDFRPREDUUHLUDSDUDD
HQWUDGDGHVVHVSDtVHVQDLQG~VWULDGHVRIWZDUHSDVVDDVHUGRPLQDGDFRPYDQWDJHQV
FRPSDUDWLYDVSRUYiULRVGHOHV
1R%UDVLODOJXPDVUHDOL]Do}HVHPWHFQRORJLDVGDLQIRUPDomRHFRPXQLFDomRVmRUH
FRQKHFLGDVFRPRQRWiYHLVFLWDQGRVHFRPRH[HPSORVRVVLVWHPDVGHDGPLQLVWUDomR
S~EOLFDDVYRWDo}HVHOHWU{QLFDVRVVLVWHPDVEDQFiULRVRVVRIWZDUHVSDUDWHOHFRPX
QLFDo}HVRVVLVWHPDVGHFRPpUFLRHOHWU{QLFRVRIWZDUHVSDUDMRJRVHPXLWRVPDLV$
LQG~VWULDGHVRIWZDUHQR%UDVLOTXHVHFRPS}HDWXDOPHQWHGHPDLVGHPLOHPSUHVDV
PRYLPHQWD PDLV GH ELOK}HV GH GyODUHV HPSUHJD SHUWR GH PLO SURILVVLRQDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
GLVWULEXLVHSRUJUDQGHSDUWHGRSDtVHFUHVFHDPDLVGHDRDQRDSUHVHQWDQRHQWDQWRYiULDVOLPLWDo}HV
HQWUH DV PDLV LPSRUWDQWHV VXD QmR LQWHUQDFLRQDOL]DomR D LQVLSLHQWH FHUWLILFDomR HP TXDOLGDGH H D LQVXILFLHQWH
IRUPDomRGHUHFXUVRVKXPDQRVTXDOLILFDGRV0DVLPSRUWDQWHHYLJRURVRPRYLPHQWRGHUHIOH[mRHDomRHVWiHP
PDUFKDGRTXDOVHHVSHUDDYDQoRVH[SRQHQFLDLVQDVXSHUDomRGHVVDVOLPLWDo}HVHPTXHWDQWRRVHWRUSURGXWLYR
TXDQWRRJRYHUQRVHDOLQKDPSDUDHVWLPXOiORHJDUDQWLUDRSDtVXPDLQVHUomRUHOHYDQWHQDLQG~VWULDQDWHFQRORJLD
HQRPHUFDGRLQWHUQDFLRQDOGHVRIWZDUHHVHUYLoRVEDVHDGRVHP7HFQRORJLDVGH,QIRUPDomRH&RPXQLFDomR
$QXQFLDGRVHPGHPDUoRGHSHOR3UHVLGHQWHGD5HS~EOLFDRVGHWDOKHVGD3ROtWLFD,QGXVWULDO7HFQROyJLFDH
GH&RPpUFLR([WHULRUSDUDRVHWRUGHVRIWZDUHFRORFDPXPQRYRPDUFRSDUDRGHVHQYROYLPHQWRGHVVDLQG~VWULDRV
TXDLVFRQWHPSODPRVYDULDGRVDVSHFWRVQHFHVViULRVDRVHXVXFHVVRHTXHWrPSRUPRWRUDLQVHUomRLQWHUQDFLRQDO
HDVH[SRUWDo}HVDRUHFRQKHFHUDMDQHODGHRSRUWXQLGDGHTXHVHDSUHVHQWDQRPHUFDGRJOREDOPDVTXHVHPRVWUD
FRPRQHFHVVLGDGHSDUDDPRGHUQL]DomRHRGHVHQYROYLPHQWRGRSDtV
5REHUWR-DJXDULEHp6HFUHWiULRGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRUH3UHVLGHQWHGR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
'HVHQYROYLPHQWRGDVH[SRUWDo}HVEUDVLOHLUDV
QRSHUtRGRGHD
,YDQ5DPDOKR
2FRPpUFLRH[WHULRUEUDVLOHLURHPHVSHFLDODVH[SRUWDo}HVVHPSUHWHYHXPDIRUWHFRU
UHODomRDRPRPHQWRKLVWyULFRTXHRSDtVDWUDYHVVD$IRUPDomRHFRQ{PLFDEUDVLOHLUD
GHVGHRSHUtRGRFRORQLDOWHYHQDDWLYLGDGHH[SRUWDGRUDVHXSULQFLSDOIDWRUGHGLQDPLV
PR$VVLPIRLFRPRFLFORGRDo~FDUGRRXURGDERUUDFKDHGRFDIpGHQWUHRXWURV(P
GHFRUUrQFLDGHVVHIDWRR%UDVLODWpPHWDGHGRVpFXOR;;FDUDFWHUL]RXVHFRPRXPD
HFRQRPLDDJURH[SRUWDGRUD
&ULDomRGDLQG~VWULDGHEDVHQR%UDVLO
$LQGXVWULDOL]DomRGR%UDVLOH[SHULPHQWRXIRUWHLPSXOVRDSDUWLUGD*UDQGH'HSUHVVmRGRV
DQRVWULQWDPDVIRLVREUHWXGRGXUDQWHD6HJXQGD*XHUUD0XQGLDOFRPDLQWHUUXSomR
GRVIOX[RVFRPHUFLDLVHILQDQFHLURVHQWUHR%UDVLOHVHXVSULQFLSDLVSDUFHLURVTXHRSDtV
WHYHGHEXVFDUDVVHJXUDULQWHUQDPHQWHRVXSULPHQWRGHPXLWRVSURGXWRVTXHOKHSHUPL
WLVVHPHYROXLUGDVXDFRQGLomRGHXPDQDomRHPLQHQWHPHQWHDJUtFRODSDUDFRQVWLWXLUXP
SDUTXHLQGXVWULDOSUySULR
1RVDQRVGDGDVDVHOHYDGDVFRQGLo}HVGHUHQWDELOLGDGHGDHFRQRPLDFDIHHLUDRV
UHFXUVRVH[LVWHQWHVQRSDtVDFDEDPFRQYHUJLQGRSDUDHVVDDWLYLGDGH$FULVHQRVDQRV
IRLXPPRPHQWRGHUXSWXUDQRGHVHQYROYLPHQWRHFRQ{PLFREUDVLOHLURDIUDJLOL]DomR
GRPRGHORDJURH[SRUWDGRUWURX[HjWRQDDFRQVFLrQFLDVREUHDQHFHVVLGDGHGDLQGXV
WULDOL]DomRFRPRIRUPDGHVXSHUDURVFRQVWUDQJLPHQWRVH[WHUQRVHRVXEGHVHQYROYLPHQ
WR$RORQJRGDGpFDGDGHRVHWRULQGXVWULDOSDVVDDJDQKDUHVSDoRHPGHWULPHQWR
GR VHWRU DJUtFROD QD JHUDomR GH YDORU DGLFLRQDGR j HFRQRPLD EUDVLOHLUD +RXYH XPD
UHGXomR UHODWLYD GDV LPSRUWDo}HV GH EHQV DFDEDGRV GH FRQVXPR HP EHQHItFLR GDV
DTXLVLo}HVGHEHQVGHFDSLWDOHGHPDWpULDVSULPDVRTXHIDYRUHFLDGXSODPHQWHRVHWRU
LQGXVWULDO&UHVFHUDPDVGLILFXOGDGHVQDLPSRUWDomRWRUQDQGRPDLVDWUDHQWHVRVSURGX
WRVQDFLRQDLVTXHSDVVDUDPDVXEVWLWXLURVEHQVLPSRUWDGRVQRDWHQGLPHQWRGDGHPDQ
GDLQWHUQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(PIRLSURPRYLGDVLJQLILFDWLYDPRGLILFDomRQRVFRQWUROHVDGPLQLVWUDWLYRVVHQGRFULDGDD&DUWHLUDGH&RPpUFLR
([WHULRU&$&(;GR%DQFRGR%UDVLOFRPDFRPSHWrQFLDGHHPLWLUOLFHQoDVGHLPSRUWDomRHH[SRUWDomRH[HUFHUD
ILVFDOL]DomRGHSUHoRVSHVRVPHGLGDVHFODVVLILFDomRQDVRSHUDo}HVGHH[SRUWDomRHLPSRUWDomRFODVVLILFDUPHUFD
GRULDVHILQDQFLDUDH[SRUWDomRHDLPSRUWDomRGHEHQVGHSURGXomRHFRQVXPRGHDOWDHVVHQFLDOLGDGH
1DGpFDGDGHDVH[SRUWDo}HVEUDVLOHLUDVHYROXtUDPGH86PLOK}HVHPSDUD86PLOK}HVHP
XPFUHVFLPHQWRGH
3HUtRGR-.
1RVDQRVDVH[SRUWDo}HVEUDVLOHLUDVVLWXDUDPVHQDIDL[DGH86DELOKmRFRPSDUWLFLSDomRGHFOLQDQWHQDV
H[SRUWDo}HVPXQGLDLVSRVWRTXHHVWDVHUDPGHHPHFDLUDPSDUDHP-iDSDUWLFLSDomRGDV
H[SRUWDo}HVQR3,%TXHHUDGHHQFHUURXDGpFDGDFRP
23ODQRGH0HWDVDGRWDGRSHORJRYHUQRGH-.pFRQVLGHUDGRRDXJHGRSURFHVVRGHVXEVWLWXLomRGH
LPSRUWDo}HVFXMDSULQFLSDOFDUDFWHUtVWLFDIRLRIDWRGHVHWUDWDUGHXPSURFHVVRIHFKDGRRXVHMDYROWDGRSDUDR
DWHQGLPHQWRGRPHUFDGRGRPpVWLFRHQmRSDUDH[SRUWDU2SULQFLSDODOYRGRSODQRGHPHWDVHUDRHVWDEHOHFLPHQWR
GDVEDVHVGHXPDHFRQRPLDLQGXVWULDOPDGXUDQR%UDVLOHVSHFLDOPHQWHSDUDDWHQGHUDGHPDQGDLQWHUQDSRUEHQV
GHFRQVXPRGXUiYHLV
8PPDUFRLPSRUWDQWHGHVVHSHUtRGRIRLDUHIRUPDWDULIiULDGHTXHWURX[HDOWHUDo}HVVLJQLILFDWLYDVXPDYH]TXH
FRPDDSURYDomRGD/HLGH7DULIDV$GXDQHLUDVIRLDGRWDGRRVLVWHPDGHDOtTXRWDVDGYDORUHPWRUQDQGRRLPSRVWRGH
LPSRUWDomRXPLQVWUXPHQWRPDLVHILFLHQWHQDSURWHomRGDLQG~VWULDQDFLRQDO
&ULVHVQRSURFHVVRGHLQGXVWULDOL]DomR
1RLQtFLRGRVDQRVRSDtVYLYHXXPPRPHQWRGHJUDQGHLQVWDELOLGDGHSROtWLFDFRPRDJUDYDPHQWRGDVLWXDomR
HFRQ{PLFD$SyVDLQVWDODomRGRJRYHUQRPLOLWDUIRUDPHPSUHHQGLGDVDPSODVUHIRUPDVHFRQ{PLFDVHLQVWLWXFLR
QDLVLPSRQGRVHGHIRUPDDXWRULWiULDXPDVROXomRSDUDDFULVHSROtWLFDHDGRWDQGRVHPHGLGDVSDUDDVXSHUD
omRGDFULVHHFRQ{PLFD
3DUDWUDWDUGDSROtWLFDGHFRPpUFLRH[WHULRUHPIRLFULDGRR&RQVHOKR1DFLRQDOGH&RPpUFLR([WHULRU&21&(;H
DVIXQo}HVGD&DUWHLUDGH&RPpUFLR([WHULRU&$&(;IRUDPUHGHILQLGDV
1RWRFDQWHjVLPSRUWDo}HVIRLLPSOHPHQWDGDXPDSURJUHVVLYDOLEHUDOL]DomRHEXVFRXVHYDORUL]DUDWDULIDDGXDQHLUD
1RFDPSRGDVH[SRUWDo}HVIRUDPLQVWLWXtGRVPHFDQLVPRVYLVDQGRDHVWLPXODUHGLYHUVLILFDUDSDXWDWHQGRVLGRFULD
GRVLQFHQWLYRVILVFDLVHFUHGLWtFLRVjVH[SRUWDo}HVSULQFLSDOPHQWHGHSURGXWRVPDQXIDWXUDGRV$OPHMDYDVHDVVLP
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
VXSHUDURPRGHORGHVXEVWLWXLomRGHLPSRUWDo}HVHVXDRULHQWDomRYROWDGDSDUDRFUHVFLPHQWRGRPHUFDGRLQWHUQRH
HOLPLQDUXPGRVVHXVSULQFLSDLVSRQWRVGHHVWUDQJXODPHQWRTXHHUDDWHQGrQFLDGHSHUSHWXDomRGRVGpILFLWVGREDODQ
oRGHSDJDPHQWRVHPYLUWXGHGRDXPHQWRGDVLPSRUWDo}HVGHHTXLSDPHQWRVHPDWpULDVSULPDV
1RVDQRVRFRUUHXXPDGLYHUVLILFDomRGDVH[SRUWDo}HVFRPPDLRUSDUWLFLSDomRGHSURGXWRVLQGXVWULDOL]DGRV(P
RFDIpDLQGDUHSUHVHQWDYDGDQRVVDSDXWDGHH[SRUWDo}HVSDUWLFLSDomRTXHFDLXSDUDHP$V
H[SRUWDo}HVQRSHUtRGRDXPHQWDUDPFRQVLGHUDYHOPHQWHSDVVDQGRGH86ELOKmRHPSDUD86ELOK}HV
HP$SDUWLFLSDomRGDVH[SRUWDo}HVQR3,%FRQWXGRGLPLQXtUDPHPIDFHGRDXPHQWRPDLVH[SUHVVLYRGHVWH
IHFKDQGRRILQDOGRSHUtRGRFRPRSHUFHQWXDOGH2PHVPRRFRUUHXHPUHODomRjVH[SRUWDo}HVPXQGLDLVWHQGR
DUHSUHVHQWDWLYLGDGHEUDVLOHLUDGHFOLQDGRSDUD
$FHOHUDomRSDUDRFUHVFLPHQWR
2SHUtRGRFRQKHFLGRFRPR´PLODJUHHFRQ{PLFRµIRLFDUDFWHUL]DGRSHODVDOWDVWD[DVGHFUHVFLPHQWRHFR
Q{PLFRGRSDtVRTXHJHUDYDRDXPHQWRGDGHPDQGDSRULPSRUWDo}HV1RRXWURSUDWRGDEDODQoDKDYLDDSROtWLFDGH
HVWtPXORjVH[SRUWDo}HVSRUPHLRGDFRQFHVVmRJHQHUDOL]DGDGHLQFHQWLYRVILVFDLVHFUHGLWtFLRVWHQGRDERDSHUIRU
PDQFHGDVYHQGDVDRH[WHULRUDOFDQoDGRDPpGLDGH86ELOK}HV
(PILQVGHGHVHQFDGHRXVHXPDSURIXQGDFULVHLQWHUQDFLRQDOPRWLYDGDSHORDXPHQWRH[SORVLYRGRSUHoRGR
SHWUyOHR2IRUWHLPSDFWRGDEDODQoDFRPHUFLDOHDUHFHVVmRPXQGLDOTXHVHVHJXLXDIHWDUDPSURIXQGDPHQWHDVFRQ
WDVH[WHUQDVEUDVLOHLUDV2GpILFLWGDEDODQoDFRPHUFLDOQDTXHOHDQRDWLQJLXDH[SUHVVLYDFLIUDGH86ELOK}HVSDUD
H[SRUWDo}HVGH86ELOK}HV
(PIRLODQoDGRR,,3ODQR1DFLRQDOGH'HVHQYROYLPHQWR31'FRPREMHWLYRGHDOWHUDUDHVWUXWXUDSURGXWLYDGR
SDtVGHPRGRTXHHPORQJRSUD]RIRVVHUHGX]LGDDQHFHVVLGDGHGHLPSRUWDo}HVHIRUWDOHFLGDDFDSDFLGDGHH[SRUWD
GRUDQDFLRQDO2,,31'VLJQLILFRXXPDPXGDQoDFRPSOHWDQDVSULRULGDGHVGDLQGXVWULDOL]DomREUDVLOHLUDSDVVDQGRGH
XPSDGUmREDVHDGRQDH[SDQVmRGRVHWRUGHEHQVGHFRQVXPRGXUiYHLVSDUDRVVHJPHQWRVGHPHLRVGHSURGXomR
²EHQVGHFDSLWDOHLQVXPRVEiVLFRV
(PIDFHGHVVDSROtWLFDKRXYHIRUWHH[SDQVmRGDLQG~VWULDQRSHUtRGRFRPGHVWDTXHSDUDRVVHWRUHVPHWD
O~UJLFRGHPDWHULDOHOpWULFRGHSDSHOHFHOXORVHHTXtPLFRHPERUDWHQKDPFUHVFLGRWDPEpPVHWRUHVWUDGLFLRQDLVFRPR
RWr[WLORGHPDWHULDOGHWUDQVSRUWHVHRGHDOLPHQWRV$PpGLDDQXDOGHH[SRUWDo}HVGRSHUtRGRIRLGH86ELOK}HV
7DPEpPQHVVHSHUtRGRSUHFLVDPHQWHDSDUWLUGHRFRUUHXXPDVLJQLILFDWLYDDOWHUDomRGDFRPSRVLomRGDSDXWD
GHH[SRUWDo}HVGRSDtVWHQGRSHODSULPHLUDYH]DVYHQGDVGHSURGXWRVPDQXIDWXUDGRVXOWUDSDVVDGRDGHSURGXWRV
EiVLFRV$VH[SRUWDo}HVEUDVLOHLUDVTXHHUDPGH86ELOK}HVHPVDOWDUDPSDUD86ELOK}HVHP
HVWDELOL]DQGRVXDSDUWLFLSDomRQR3,%DRUHGRUGHHQDVH[SRUWDo}HVPXQGLDLVHPWRUQRGH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$WUDQVLomR
$SDVVDJHPGDGpFDGDGHSDUDDGHRFRUUHXHPXPFHQiULRLQWHUQDFLRQDOH[WUHPDPHQWHGUDPiWLFRSRLVKRXYH
DFRQMXJDomRGRVHJXQGRFKRTXHGRSHWUyOHRFRPDIRUWHHOHYDomRGDVWD[DVGHMXURVRTXHUHYHUWHXDVFRQGLo}HVGH
ILQDQFLDPHQWRLQWHUQDFLRQDOHDJUDYRXRFUHVFHQWHHQGLYLGDPHQWRH[WHUQREUDVLOHLUR$GHWHULRUDomRGDVLWXDomRILVFDO
HFDPELDOOHYRXRJRYHUQRDDGRWDUXPDSROtWLFDRUWRGR[DSURPRYHQGRDUHFHVVmRSDUDFRQWHUDGHPDQGDLQWHUQDH
SHUPLWLUDJHUDomRGHPHJDVXSHUiYLWVFRPHUFLDLVSDUDID]HUIUHQWHDRVVHUYLoRVGDGtYLGDH[WHUQD
$SDUWLUGHHPIDFHGRVHJXQGRGpILFLWVHJXLGRGH86ELOK}HVQDEDODQoDFRPHUFLDORVLQVWUXPHQWRVGH
SROtWLFDFRPHUFLDOIRUDPVHFRQFHQWUDQGRFDGDYH]PDLVQDXWLOL]DomRGHEDUUHLUDVQmRWDULIiULDVWHQGRD&$&(;GH
VHPSHQKDGRXPSDSHOIXQGDPHQWDOSDUDDVVHJXUDUVDOGRVFRPHUFLDLVH[SUHVVLYRV(QWUHHDVH[SRUWDo}HV
SDVVDUDPGH86ELOK}HVSDUD86ELOK}HVHRVDOGRQDEDODQoDFRPHUFLDOVDLXGRGpILFLWMiPHQFLRQDGR
SDUDXPVXSHUiYLWVLJQLILFDWLYRGH86ELOK}HVHP$SDUWLFLSDomRQR3,%RVFLORXEDVWDQWHQDGpFDGDPDV
KRXYHUHFXSHUDomRGDSDUWLFLSDomRQDVH[SRUWDo}HVPXQGLDLVTXHSDVVRXSDUDHP
$EHUWXUDFRPHUFLDOHDJOREDOL]DomR
(PGHXVHLQtFLRDRSURFHVVRGHOLEHUDOL]DomRFRPHUFLDOTXHID]LDSDUWHGDFKDPDGD´1RYD3ROtWLFD,QGXVWULDOµ
WHQGRSRUREMHWLYRDPRGHUQL]DomRHRDXPHQWRGDFRPSHWLWLYLGDGHGRSDUTXHLQGXVWULDO)RUDPDEROLGRVGLYHUVRVUH
JLPHVHVSHFLDLVGHLPSRUWDomRHIRLLQLFLDGDDUHIRUPDWDULIiULDTXHUHGX]LXDVDOtTXRWDVGR,PSRVWRGH,PSRUWDomR
GLPLQXLQGRDUHGXQGkQFLDWDULIiULDHRWDPDQKRGRVHXHVSHFWUR&RQWXGRDOpPGHDWDULIDSHUPDQHFHUHOHYDGDIRUDP
PDQWLGRVRVFRQWUROHVDGPLQLVWUDWLYRVQDVLPSRUWDo}HV
(PFRPRJRYHUQR&ROORUIRLLPSOHPHQWDGDXPDDPSODDEHUWXUDFRPHUFLDOFRQWHPSODQGRGHQWUHRXWUDVPHGL
GDVRILPGDOLVWDGHSURGXWRVFRPLPSRUWDomRVXVSHQVDHGRV3URJUDPDVGH,PSRUWDomRDHOLPLQDomRGDVLVHQo}HV
HUHGXo}HVDSOLFiYHLVDR,PSRVWRGH,PSRUWDomRHDR,PSRVWR6REUH3URGXWRV,QGXVWULDOL]DGRVSUHVHUYDGRVDSHQDV
DOJXQVUHJLPHVDGXDQHLURVHVSHFLDLVHDLPSOHPHQWDomRGHXPDUHIRUPDDGXDQHLUDFRPRHVWDEHOHFLPHQWRGHXP
FURQRJUDPDGHGHVJUDYDomRWDULIiULDWHQGRVLGRUHGX]LGDVDWDULIDPpGLDHDGLVSHUVmRWDULIiULD$OpPGLVVRIRLDGRWD
GRRVLVWHPDGHFkPELRIOXWXDQWHHRVLQFHQWLYRVjVH[SRUWDo}HVIRUDPHOLPLQDGRV
(PUHODomRjHVWUXWXUDGD$GPLQLVWUDomR3~EOLFD)HGHUDOIRLHPSUHHQGLGDXPDDPSODUHIRUPDTXHQDiUHDGRFRPpU
FLRH[WHULRUOHYRXjH[WLQomRGD&3$HGD&$&(;HjFULDomRGR'HSDUWDPHQWRGH&RPpUFLR([WHULRU'(&(;VXERU
GLQDGRj6HFUHWDULD1DFLRQDOGH(FRQRPLDGR0LQLVWpULRGD(FRQRPLD)D]HQGDH3ODQHMDPHQWRRTXDOLQFRUSRURXDV
IXQo}HVDQWHULRUPHQWHH[HUFLGDVSRUDTXHOHVyUJmRV(PIRLFULDGDD6HFUHWDULDGH&RPpUFLR([WHULRU6(&(;
QRkPELWRGRDWXDO0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
1R SODQR UHJLRQDO HP MXOKR GH
RV SUHVLGHQWHV GR %UDVLO H GD
$UJHQWLQDGHFLGLUDPHPSUHHQGHUHV
IRUoR SDUD FRQVWLWXLomR GH XP PHU
FDGRFRPXPDRTXDOSRVWHULRUPHQ
WH DGHULUDP R 8UXJXDL H R 3DUDJXDL
$VVLPHPGHPDUoRGHIRL
FHOHEUDGR R 7UDWDGR GH $VVXQomR
TXH HVWDEHOHFH DV EDVHV GH FRQV
WLWXLomR GR 0HUFDGR &RPXP GR 6XO
0(5&268/SUHYHQGRDFRQVROLGD
*UiILFR,²(YROXomRGR&RPpUFLR([WHULRU%UDVLOHLUR
omRGHXPDXQLmRDGXDQHLUDHPDQRVHDDGRomRGHXPD7DULID([WHUQD&RPXP7(&SHORV(VWDGRVSDUWH
(PWRUQRXVHHYLGHQWHTXHDDFHOHUDomRGDGHVJUDYDomRWDULIiULDHDYDORUL]DomRGDWD[DGHFkPELRDPSOLD
YDPDVGLILFXOGDGHVGDLQG~VWULDQDFLRQDODQWHDFRQFRUUrQFLDH[WHUQD$FRQVHTrQFLDIRLRIHFKDPHQWRGHLQ~PH
UDV HPSUHVDV H XPD IRUWH TXHGD QR
HPSUHJRLQGXVWULDO,VVRIH]FRPTXH
R FRHILFLHQWH GH SHQHWUDomR GDV LP
SRUWDo}HV DXPHQWDVVH GH HP
SDUD HP 7DLV GL
ILFXOGDGHV DFDEDUDP SRU OHYDU j UH
YHUVmR GD WHQGrQFLD GH UHGXomR GD
WDULIDPpGLDTXHFDtUDGHHP
SDUD HP VHQGR
HOHYDGDSDUDHP
(QWUH H DV H[SRUWDo}HV
*UiILFR,,²([SRUWDomREUDVLOHLUDSRUIDWRUDJUHJDJRPDUoR
SDVVDUDPGH86ELOK}HVSDUD86ELOK}HV$SDUWLFLSDomRQR3,%QDPpGLDVLWXRXVHSRXFRDFLPDGRV
HQTXDQWRDSDUWLFLSDomRQDVH[SRUWDo}HVPXQGLDLVJLURXHPWRUQRGH+RXYHUHJLVWURGHGpILFLWVVHJXLGRVQDED
ODQoDFRPHUFLDOHQWUHH
1RLQtFLRGHRJRYHUQRYLXVHIRUoDGRDDOWHUDUDSROtWLFDFDPELDOLQLFLDOPHQWHFRPXPDIRUWHGHVYDORUL]DomRH
SRVWHULRUPHQWHFRPRDEDQGRQRGRVLVWHPDGHEDQGDVHPIDYRUGDOLYUHIOXWXDomRGDWD[DGHFkPELR(VVDDOWHUDomR
IDYRUHFHXDUHFXSHUDomRGDVH[SRUWDo}HVHLQLELXRFUHVFLPHQWRGDVLPSRUWDo}HVSURSLFLDQGRRUHWRUQRGHVXSHUiYLWV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FRPHUFLDLVHP(QWUHHDVH[SRUWDo}HVSDVVDUDPGH86ELOK}HVSDUD86ELOK}HV$SDUWL
FLSDomRQR3,%QDPpGLDVLWXRXVHSRXFRDFLPDGRVHQTXDQWRDSDUWLFLSDomRQDVH[SRUWDo}HVPXQGLDLVJLURXHP
WRUQRGH
$VH[SRUWDo}HVTXHKDYLDPGHFOLQDGRHPLQYHUWHUDPHVVDWHQGrQFLDHFUHVFHUDPFRQWLQXDPHQWHGHVGH
HQWmRDXPHQWDQGRDWpTXDQGRDVH[SRUWDo}HVDOFDQoDUDPVHXPDLRUYDORUKLVWyULFRGH86ELOK}HV
SDVVDQGRDUHSUHVHQWDUGR3,%HGDVH[SRUWDo}HVPXQGLDLV(PDSDXWDGHH[SRUWDo}HVSRUIDWRU
DJUHJDGRWHYHDVHJXLQWHGLVWULEXLomRGHLQGXVWULDOL]DGRVVHQGRPDQXIDWXUDGRVHVHPLPDQXIDWX
UDGRVHGHSURGXWRVEiVLFRV
,YDQ5DPDOKRp6HFUHWiULRGH&RPpUFLR([WHULRUGR0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU
2QHJyFLRVRIWZDUHOLYUH
5HQDWR0DUWLQL
2 PRYLPHQWR GR VRIWZDUH OLYUH HVWi LQWLPDPHQWH LQVHULGR QD VRFLHGDGH JOREDO FRPR
DVVLVWLPRVQD~OWLPDGpFDGDHLJXDOPHQWHLQVHULGRQDVRFLHGDGHHPUHGHQD,QWHUQHW
$,QWHUQHWpRHVSDoRRQGHRFRPSDUWLOKDPHQWRGRFRQKHFLPHQWRDGLIXVmRGRFyGLJR
IRQWH TXH p R OHLWPRWLY GR VRIWZDUH OLYUH H R GHVHQYROYLPHQWR FRPSDUWLOKDGR ( SRGH
VHU WDPEpP R HVSDoR SDUD R GHVHQYROYLPHQWR GR QHJyFLR VRIWZDUH OLYUH 2 TXH QmR
HVWiSDUDVHULQYHQWDGRDVVHUWLYDTXHFDXVDUiHVWUDQKH]DDPXLWRVOHLWRUHV3RLVRVRI
WZDUHOLYUHQmRLPSHGHDEVROXWDPHQWHDYHQGDGHXPVRIWZDUH8PSURJUDPDGHFRP
SXWDGRUOLYUHPHQWHGLVWULEXtGRVRERVWHUPRVGHXPDOLFHQoDOLYUHSRGHSHODQDWXUH]D
PHVPDGHVWDOLFHQoDSHUPLVVLYDVHUYHQGLGR2VSULPHLURVVRIWZDUHV*18FULDGRVSRU
5LFDUKDUG6WDOOPDQ²IXQGDGRUGD)UHH6RIWZDUH)RXQGDWLRQTXHKRMHPDQWpPDVYHUV}HV
GDVOLFHQoDVUHIHULGDV²IRUDPYHQGLGRVSRUYLDSRVWDOSHORVHXFULDGRU
7RGDYLDSRXFRVLPDJLQDPLVVRHSRXFRIRLH[SORUDGRQHVVHVHQWLGR3HODHVFDODELOLGD
GH GD ,QWHUQHW FRQWHPSRUkQHD H VHX GLQDPLVPR WDOYH] HVWHMDPRV DXWRUL]DGRV D IDODU
HPQHFHVVLGDGHGHUHLQYHQWDURQHJyFLRVRIWZDUHOLYUH$WHFQRORJLDGDLQIRUPDomRWHP
H[SHULPHQWDGRDWpKRMHGLYHUVDVPXGDQoDVGHVHXVPRGHORVRTXHQmRQRVSHUPLWLULD
QRV OLPLWHV GHVWH DUWLJR GHPRQVWUiOR 2V PRGHORV GH XVR WHFQROyJLFR H GH QHJyFLR
WrPVRIULGRDOWHUDo}HVVLJQLILFDWLYDV$DGHVmRGHJUDQGHVHPSUHVDVHFRQJORPHUDGRV
LQWHUQDFLRQDLVDRVSURMHWRVRSHQVRXUFHGHPRQVWUDDYLDELOLGDGHGRPRGHORVGHXVRGR
PRGHORWHFQROyJLFRHGRPRGHORGHQHJyFLRGRVRIWZDUHOLYUH7RP:KHHOHUHP2SHQ
6\VWHPV +DQGERRN Mi DILUPDUD TXH ´RV VLVWHPDV HEHUWRV FDXVDUDP D PHVPD HURVmR
QR PHUFDGR GH FRPSXWDGRUHVµ 2 XVR GH SDGU}HV GH WHFQRORJLD DEHUWRV JHUDP XP
DPELHQWHFRQFRUUHQFLDOSRUH[FHOrQFLDRTXHRVSDGU}HVSURSULHWiULRVQmRSRGHPVHU
HVWHVVmRDQWLFRQFRUUHQFLDLV
5HQDWR0DUWLQLp'LUHWRUGR,QVWLWXWR1DFLRQDOGH7HFQRORJLD
GD,QIRUPDomR²&DVD&LYLO
(GXFDomR&RUSRUDWLYDQR%UDVLO
$OEHUWR9DUDQR
3RUDOJXPDVGpFDGDVQR%UDVLORVGHSDUWDPHQWRVGH5+GDVJUDQGHVHPSUHVDVHQWUH
RXWUDVWDUHIDVHUDPRULHQWDGRVSDUDWUHLQDURXPHOKRU´DGHVWUDUµRVIXQFLRQiULRVGHDFRU
GRFRPRRVLQWHUHVVHVGDFRUSRUDomRDRLQYpVGHFDSDFLWiORVIRUPiORVHTXDOLILFiORV
$PmRGHREUDHUDWUHLQDGDHPIXQomRGDHVSHFLDOL]DomRUHTXHULGDGHQWURGHXPDSROt
WLFDTXHQmRYDORUL]DYDDLQRYDomRHDSDUWLFLSDomR$VRUJDQL]Do}HVHUDPPHFDQLFLVWDV
EDVWDQWHVEXURFUiWLFDVRIRFRHUDQmRSHUPLWLUTXHRVIXQFLRQiULRVHQWUDVVHPHPJUHYH
(VVHPHVPRSHQVDPHQWRSUHYDOHFHXHQWUHDVHPSUHVDVGHVGHRLQtFLRGRSURFHVVRGD
LQGXVWULDOL]DomREUDVLOHLUDSRUYROWDGHDWpRILQDOGRVDQRV
$SDUWLUGRVDQRVHVVHFHQiULRFRPHoRXDPXGDUHVXUJLUDPPRGLILFDo}HVQDJHVWmR
GRWUDEDOKR'HVGHRVSULPHLURVDQRVGDGpFDGDDLQG~VWULDSDVVRXDYLYHUXPORQJR
SHUtRGRGHHVWDJQDomRTXHGXURXDWp$IOH[LELOL]DomRGDVRUJDQL]Do}HVFRPHoRX
FRPDLPSODQWDomRGRVVLVWHPDVGH*HVWmRGD4XDOLGDGH7RWDOQDVHPSUHVDVRTXHUH
VXOWRXQDLQWHJUDomRGHWDUHIDVQRWUDEDOKRHPHTXLSHQDHVWDELOL]DomRHQDTXDOLILFDomR
SHVVRDOHSRUFRQVHTrQFLDHPXPDERDUHPXQHUDomR
1RLQtFLRGRVDQRVFRQWLQXRXRPRPHQWRGHUHHVWUXWXUDomRSURGXWLYDEDVHDGDQRHQ
YROYLPHQWRGRVWUDEDOKDGRUHVFRPRVREMHWLYRVHPSUHVDULDLV8PDHFRQRPLDIRFDGDQR
FRQKHFLPHQWRHQmRHPPDWpULDVSULPDV1HVVDpSRFDSUHYDOHFHXDDOWDFRPSHWLYLGDGH
QRPHUFDGRRTXHUHVXOWRXHPXPDQRYDSROtWLFDLQGXVWULDO
+RMH DLQGD QD HUD GD FRPSHWLYLGDGH PXLWDV JUDQGHV HPSUHVDV Mi DGRWDUDP DV
´8QLYHUVLGDGHV &RUSRUDWLYDVµ FRPR PRGHORV GH TXDOLILFDomR FHQWUDGDV QD SURGXomR
GLVVHPLQDomRDEVRUomRHJHVWmRGRFRQKHFLPHQWRWDQWRHVSHFtILFRTXDQWRJHQHUDOLVWD
GRV´SDUFHLURVµUHYHODQGRRVWDOHQWRVFULDWLYRVHPFDGDHPSUHVD(VVHQRYRFRQKHFL
PHQWRFRUSRUDWLYRTXHIRPHQWDDSURGXWLYLGDGHDMXGDDSHUFHEHUHGHWHFWDURSRUWXQL
GDGHVHDPHDoDVDJLUSUHYHQWLYDPHQWHHQIUHQWDUDFRQFRUUrQFLDHFRQTXLVWDUPHUFDGRV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
VHJXQGR DV HVWUDWpJLDV GH FDGD FRUSRUDomR 2 FRQKHFLPHQWR FRUSRUDWLYR HVWi QD FDSDFLGDGH GH PDQWHU D FXOWXUD
HPSUHVDULDOMiTXHWHPIRFRHPGHPDQGDVHVSHFtILFDVGHFDSDFLWDomRGLUHWDPHQWHDVVRFLDGDVjVH[SHFWDWLYDVGDV
HPSUHVDV(VVDpDSULQFLSDOGLIHUHQoDHQWUHDHGXFDomRWUDGLFLRQDOHDHGXFDomRFRUSRUDWLYD
$OEHUWR9DUDQRpPHPEURGRFRUSRGLUHWLYRGD)LDWHP/RQGUHVH([3UHVLGHQWHGD$VVRFLDomR
%UDVLOHLUDGH(GXFDomR&RUSRUDWLYD
'L¿FXOGDGHVGHHPSUHHQGHGRULVPRQD
$PD]{QLD8PDYLVmRUHWURVSHFWLYD
0kQFLR/LPD&RUGHLUR
$UHJLmR$PD]{QLFDHPUD]mRGDDEXQGkQFLDGHUHFXUVRVQDWXUDLVHGDVXDPHJDGLYHU
VLGDGHDEUHLQ~PHUDVRSRUWXQLGDGHVSDUDHPSUHHQGHU
'DPHWDGHGRVpFXOR;,;DRLQtFLRGRVpFXORSDVVDGRGHVHQYROYHXVHQD$PD]{QLDRFL
FORGDERUUDFKDVHPG~YLGDRPDUFRVHPLQDOGRHPSUHHQGHGRULVPRTXHDWUDLXJUDQGHV
FRQWLQJHQWHVSRSXODFLRQDLVHSHUPLWLXDDFXPXODomRGHFDSLWDOHDLQVHUomRGD5HJLmR
QRFRPpUFLRH[WHULRU
9HQFLGDHVWDIDVHPXLWDVRXWUDVVHVXFHGHUDP$RORQJRGRV~OWLPRVFLQTHQWDDQRV
D GHSHQGrQFLD UHODWLYD j HFRQRPLD GR H[WUDWLYLVPR YHP VH UHGX]LQGR JUDGDWLYDPHQWH
HGLYHUVDVDWLYLGDGHVSURGXWLYDVWrPJDQKRHVSDoRQRPHLRDPD]{QLFRDH[HPSORGD
DJULFXOWXUDIUXWLFXOWXUDSHFXiULDGHFRUWHDJURLQG~VWULDWXULVPRPLQpULRVSURGXWRVIOR
UHVWDLVHQWUHRXWUDV
1RGHFRUUHUGHVVHSURFHVVRKLVWyULFRPXLWRVyELFHVWrPOLPLWDGRHFRQWLQXDPDOLPLWDUD
FRPSHWLWLYLGDGHGDVLQLFLDWLYDVHPSUHHQGHGRUDVQD5HJLmReQRWyULDDQHFHVVLGDGHGH
VHDPSOLDURDSRLRDSHVTXLVDDSURSULDGDj5HJLmRFRPrQIDVHQDVLQLFLDWLYDVGHLQRYD
omRWHFQROyJLFDVDIRUPDomRLQVHUomRQRVPHUFDGRVDUHJLmRSRUVXDVFDUDFWHUtVWLFDV
JHRJUiILFDVGHVFRQWLQXLGDGHGDSURGXomRHEDL[DSURGXWLYLGDGHHQWUHRXWUDVFDXVDV
SDGHFHGHLVRODPHQWRDRIRUWDOHFLPHQWRGRVVHUYLoRVGHDVVLVWrQFLDWpFQLFDHDLQIUD
HVWUXWXUDHFRQ{PLFDHVWUDGDVHQHUJLDHOpWULFDWHOHFRPXQLFDo}HVDILQDODRIHUWDGHV
VHVIDWRUHVSRGHJHUDUDVH[WHUQDOLGDGHVSRVLWLYDVLQGLVSHQViYHLVSDUDSRWHQFLDOL]DURV
LQYHVWLPHQWRVS~EOLFRVHSULYDGRV'RPHVPRPRGRWDPEpPWRUQDVHLPSUHVFLQGtYHO
LQYHVWLUHPFDSLWDOKXPDQRHVRFLDOHQHVVDSHUVSHFWLYDHGXFDomRHVD~GHVmRIXQGD
PHQWDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$PSOLDUDRIHUWDGHUHFXUVRVSDUDRFUpGLWRGHIRPHQWRWDPEpPpFUXFLDO$ILQDODUHJLmRWUDGLFLRQDOPHQWHWHPILFDGRj
PDUJHPGRSURFHVVRGHSDUWLomRGHUHFXUVRVGHVIUXWDQGRGHEDL[DVUHODo}HVFUpGLWR3,%VHPG~YLGDIUDJLOL]DRVHWRU
SURGXWLYRHDVRFLHGDGHFRPRXPWRGR
8P RXWUR GHVDILR TXH VH DSUHVHQWD DRV HPSUHHQGHGRUHV QD 5HJLmR UHVLGH HP FRPR VH XWLOL]DU H FRPHUFLDOL]DU RV
SURGXWRVUHJLRQDLVGHPRGRDTXHSRVVDPFRQWULEXLUSDUDJHUDUUHQGDHEHPHVWDUDRKRPHPDPD]{QLFRGHIRUPD
VXVWHQWiYHO1HVWHFRQWH[WRSURGX]LUQD5HJLmRWHPXPHOHYDGRFXVWR&XVWR$PD]{QLFRRTXHSRGHpFRQWRUQDGR
FRPSROtWLFDVGHVXEVtGLRVHRXWD[DVGHMXURVGLIHUHQFLDGDV
7XGRLVWRHQWUHWDQWRQRVOHYDjVHJXLQWHUHIOH[mRD$PD]{QLDEUDVLOHLUDWHPVLGRDUHJLmRGRSDtVTXHWHYHRPDLRU
FUHVFLPHQWR GHPRJUiILFR UHODWLYR QDV ~OWLPDV GpFDGDV R TXH LPS}H XPD JUDQGH SUHVVmR VREUH RV HFRVVLVWHPDV
3RUWDQWRDFULDomRGHXPDPELHQWHGHQHJyFLRTXHPRWLYHDDomRHPSUHHQGHGRUDQDUHJLmRpXPFDPLQKRSURItFXR
SDUDFRPEDWHUDSREUH]DRGHVHPSUHJRHYLDELOL]DUDLQFOXVmRVRFLDOHSHVVRDOGHXPDJUDQGHSDUFHODGDSRSXODomR
UHJLRQDOUHGX]LQGRGHVLJXDOGDGHVLQWHUHLQWUDUHJLRQDO
0kQFLR/LPD&RUGHLURpHFRQRPLVWD3UHVLGHQWHGR%DQFRGD$PD]{QLD
26HQDLQRFRQWH[WRGRVSULQFLSDLVIDWRV
FLHQWt¿FRVHWHFQROyJLFRVQR%UDVLO
/\QDOGR&DYDOFDQWLGH$OEXTXHUTXH
$ FULDomR HP GR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO ² 6(1$, HVWi
HQWUHRVSULQFLSDLVIDWRVFLHQWtILFRVHWHFQROyJLFRVRFRUULGRVQR%UDVLOQRSHUtRGRGH
D
3DUWHLQWHJUDQWHGR6LVWHPD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD²&1,R6(1$,IRLFULD
GRFRPDILQDOLGDGHLQLFLDOGHIRUPDUWUDEDOKDGRUHVSDUDDLQG~VWULDHHVWHYHGHVGHVXD
RULJHPOLJDGRjYDQJXDUGDGRVVHWRUHVSURGXWLYRV1RVFXUVRVRIHUHFLGRVLQLFLDOPHQWH
HQWUHHOHVRGHPHFkQLFDPDUFHQDULDJUiILFDHFRQVWUXomRFLYLODSHQDVRDSUHQGL]DGR
HRWUHLQDPHQWRHUDPWUDWDGRV
(QWUHWDQWRDRORQJRGHVXDKLVWyULDPXLWDFRLVDPXGRX'HHVFRODIRUPDGRUDGHPmR
GHREUDHVSHFLDOL]DGDSDVVRXDVHUXPSyORQDFLRQDOGHJHUDomRHGLIXVmRGHFRQKH
FLPHQWRRIHUHFHQGRWDPEpPXPDJUDQGHGLYHUVLGDGHGHFXUVRVQDiUHDGHHGXFDomR
WHFQROyJLFD
$WXDOPHQWHRV&HQWURV7HFQROyJLFRVGR6(1$,DWXDPQDIRUPDomRGHUHFXUVRVKXPD
QRV DWUDYpV GH LQIRUPDomR WHFQROyJLFD DVVHVVRULD WpFQLFD H WHFQROyJLFD VHUYLoRV OD
ERUDWRULDLVVHUYLoRVWpFQLFRVRSHUDFLRQDLVHSHVTXLVDDSOLFDGDHPiUHDVVHWRULDLVQDV
TXDLVRV&7·VVmRHVSHFLDOL]DGRV$FULDomRGHVVHV&7·VDSUHVHQWDXPDFRQFHQWUDomR
QDVUHJL}HVPDLVGHVHQYROYLGDVHPIXQomRGHPDLRUHVUHFXUVRVGLVSRQtYHLV
'RV &HQWURV 7HFQROyJLFRV GR 6(1$, HQFRQWUDPVH QDV 5HJL}HV 6XO H
6XGHVWHDSHQDVQD5HJLmR1RUGHVWHQD5HJLmR1RUWHH
&HQWUR2HVWH6y SUD VH WHU XPD LGpLD R (VWDGR GR 5LR *UDQGH GR 6XO WHP &7·V R
PHVPRQ~PHURGHWRGDD5HJLmR1RUGHVWH3RUWDQWRpGHVHMiYHOTXHHPORQJRSUD]RD
&1,MXQWDPHQWHFRPR6(1$,1DFLRQDODWUDYpVGRVHXSRGHUGHFRRUGHQDomRDWHQXHP
HVVDFRQFHQWUDomR
/\QDOGR&DYDOFDQWLGH$OEXTXHUTXHp6HFUHWiULR([HFXWLYRGD
$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
$LQG~VWULDEUDVLOHLUDGHDXWRSHoDV
(GJDU6LOYD*DUEDGH
2VHWRUGHDXWRSHoDVQR%UDVLOQDVFHXQDYLUDGDGRVpFXOR;;DWUHODGRjFKHJDGDDR
SDtV GRV SULPHLURV DXWRPyYHLV LPSRUWDGRV $LQGD QD SULPHLUD GpFDGD RV UDURV SUR
SULHWiULRVTXHFLUFXODYDPFRPVHXVFDUURVSHODVUXDVWRUWXRVDVHHVEXUDFDVFRQWDYDP
FRPSRXFRVPHFkQLFRVTXHFRPFXULRVLGDGHHRXVDGLDFRQVHUWDYDPRVQRYRVYHt
FXORVPXLWDVYH]HVLPSURYLVDQGRHDGDSWDQGRSHoDVGHUHSRVLomR
&RPRILPGD3ULPHLUD*XHUUD0XQGLDOHRLQtFLRGRSURFHVVRGHLQGXVWULDOL]DomRQR
SDtVDVPRQWDGRUDVQRUWHDPHULFDQDV)RUGH*HQHUDO0RWRUVVHQWLUDPVHDWUDtGDVSH
ODVSURPLVVRUDVFRQGLo}HVGRPHUFDGREUDVLOHLURHLQVWDODUDPDTXLDVSULPHLUDVOLQKDV
GHPRQWDJHP2VUHIOH[RVIRUDPVHQWLGRVHPSRXFRWHPSR$SURGXomRHPVpULHSHU
PLWLXDDPSOLDomRGDIURWDGHDXWRPyYHLVTXHVXEVWLWXtUDPGHILQLWLYDPHQWHDVFKDUUH
WHVHDVFDUURoDV2DXPHQWRVLJQLILFDWLYRGRQ~PHURGHYHtFXORVSURYRFRXDH[SDQVmR
GRPHUFDGRGHUHSRVLomR6XUJLDDVVLPDLQG~VWULDGHDXWRSHoDV
$SDUWLUGRVDQRVRVHWRULQLFLDHYROXomRFRQWtQXDVHJXLQGRDWUDMHWyULDGRSUR
FHVVRGHLQGXVWULDOL]DomRVREUHWXGRGDiUHDDXWRPRELOtVWLFD,PSXOVLRQDGRSHODDGR
omRGHSROtWLFDVJRYHUQDPHQWDLVFRPRRSURJUDPDGHLQFHQWLYRjLQG~VWULDGHEDVHGH
*HW~OLR9DUJDVHR3ODQRGH0HWDVHR*(,$²*UXSR([HFXWLYRGD,QG~VWULD
$XWRPRELOtVWLFD²GRJRYHUQRGH-XVFHOLQR.XELWVFKHNRVHJPHQWRSURILV
VLRQDOL]DVHHHPSUHVDVPXOWLQDFLRQDLVFRPRD5REHUW%RVFKLQVWDODPVHQR
SDtV$SDUWLUGRVDQRVLQLFLDVHXPDIDVHGHDPSORGHVHQYROYLPHQWRLQWHUFDODGD
SRUPRPHQWRVGHH[SDQVmRHFULVH2VHJPHQWRGHDXWRSHoDVWRUQDVHFDGDYH]PDLV
LPSRUWDQWHSDUDRDYDQoRWHFQROyJLFRGDLQG~VWULDQDFLRQDOHGDHFRQRPLDEUDVLOHLUD
FRPRXPWRGR
$GpFDGDGHQRHQWDQWRWURX[HXPDVpULHGHPRGLILFDo}HVSDUDHVVHPHUFDGR
2XWUDV UHJUDV GH SURGXomR LPSRVWDV SHOD PRGHUQD WHFQRORJLD GR LQtFLR GR 7HUFHLUR
0LOrQLRGHWHUPLQDUDPQRYRVFRQFHLWRVHHVWUXWXUDVLQGXVWULDLVHGHJHVWmRGHQHJy
FLRV UHGHILQLQGR R SHUILO GDV HPSUHVDV GR VHWRU 6XUJHP FRPSDQKLDV JOREDOL]DGDV
FRPHVWUXWXUDViJHLVHPEXVFDGHH[FHOrQFLDGHSURFHVVRVHTXDOLGDGHGHSURGXWRV
HFRPHOHYDGDFDSDFLGDGHGHLQYHVWLPHQWRHPWHFQRORJLD
+RMHRVHWRUpUHVSRQViYHOSRU86PLOK}HVGDVH[SRUWDo}HVEUDVLOHLUDVHPSUHJDPLOIXQFLRQiULRVH
SDUWLFLSDFRPGRIDWXUDPHQWRVREUHR3,%
(GJDU6LOYD*DUEDGHp3UHVLGHQWHGD5REHUW%RVFK$PpULFD/DWLQD
'DGRVRILFLDLVGR6LQGLSHoDV
'HVD¿RVGRVHWRUHOHWU{QLFR8PDYLVmR
UHWURVSHFWLYDHSURVSHFWLYD
:DOWHU'XUDQ
+iDQRVD3KLOLSVLQYHVWHQR%UDVLO$3KLOLSVVHQGRXPDHPSUHVDFRPEDVHHP
WHFQRORJLDGHSRQWDFUHVFHXDQRDSyVDQRLPSOHPHQWDQGRQRYDVIiEULFDVHQRYRVQH
JyFLRVFRPPRGHUQRVSURGXWRVGHVHQYROYLGRVFRPDVPDLVDYDQoDGDVWHFQRORJLDV
'DVSULPHLUDVOkPSDGDVDRVLQRYDGRUHV'9'VDHPSUHVDQmRSRXSRXHVIRUoRVSDUD
SDUWLFLSDUDWLYDPHQWHGRGLDDGLDGHVWH3DtV
'HQWURGDJDPDGHSURGXWRVTXHD3KLOLSVSURGX]RXGLVWULEXLQR%UDVLOHQFRQWUDPVH
WHOHYLVRUHVGHWHFQRORJLD3ODVPDH/&'GLVSRVLWLYRVGH/&'SDUDWHOHIRQHVFHOXODUHV
GHVILEULODGRUHVEDUEHDGRUHVHOkPSDGDVGDVPDLVVRILVWLFDGDVFRPRDVQRYDV/('V
9iULDVGHVXDVOLQKDVGHQHJyFLRVHVWmRDTXLLQVWDODGDVHFRPSURGXomRORFDOHPIi
EULFDVORFDOL]DGDVHP&DSXDYD630DQDXV$05HFLIH3(H9DUJLQKD0*
8PDGDVPDLVUHFHQWHVHPSUHLWDGDVGD3KLOLSVpR/DERUDWyULR3KLOLSVGD$PD]{QLD
FRPIRFRQDiUHDGHLQYHVWLPHQWRVHPGHVHQYROYLPHQWRGHFRQKHFLPHQWRORFDO(VVD
QRYDHPSUHVDLQWURGX]QR3DtVXPDIUHQWHDWpHQWmRUHVWULWDDDOJXQVRXWURVSDtVHVD
DWLYLGDGHGHSHVTXLVDHGHVHQYROYLPHQWR
$3KLOLSVPXQGLDOWHPPDLVGHSDWHQWHVJHUDGDVGHQWURGHVHXVODERUDWyULRV
HVWDQGRHQWUHDVHPSUHVDVTXHPDLVJHUDPFRQKHFLPHQWRQRPXQGR(VVDDWLYLGD
GH YHP DR HQFRQWUR GH XPD LPSRUWDQWH H[SHFWDWLYD GR 3DtV 1HVWH SRXFR PDLV GH
XPDQRGHYLGDR/DERUDWyULR3KLOLSVWHPVHGHGLFDGRDSURMHWRVTXHUHDOPHQWHWUD
]HPDOJRQRYRHFRQWULEXWLYRGHQWUHHOHVWHPRVSURMHWRVLQWHUQDFLRQDLVDVVRFLDGRV
j&RPXQLGDGH(XURSpLDTXHGHVHQYROYHPWHFQRORJLDVDLQGDHPLPSOHPHQWDomRQR
PXQGR RX R SURMHWR GH IRUPDomR GH XP FHQWUR GH SHVTXLVD HP VHPLFRQGXWRUHV
FULDQGRXP&HQWUR,QWHUQDFLRQDOGH&RPSHWrQFLD1(;3(5,$XPGRVPDLVSRGHUR
VRVSURFHVVDGRUHVSDUDPXOWLPtGLDGRPXQGRDSWRDGHVHQYROYHUDSOLFDo}HVSDUD
TXDOTXHUDSDUHOKRGDFRQYHUJrQFLDGLJLWDOFRPRWHOHYLVmRFHOXODURXDSDUHOKRVTXH
XVHP,QWHUQHW
$FRPSHWLWLYLGDGHPXQGLDOQmRHVWiDSHQDVQRTXHPSURGX]EDVHLDVHDWXDOPHQWHHPWHFQRORJLD2FRQVXPLGRU
HVWi PXLWR PDLV H[LJHQWH TXHU TXDOLGDGH LQRYDomR H SUHoR FRPSHWLWLYR 'HVVH PRGR VHJXLQGR HVVD WHQGrQFLD
PXQGLDOHVWDUHPRVDWHQGHQGRHH[FHGHQGRjVH[SHFWDWLYDVGRVFOLHQWHVILQDLVHFRPRFRQVHTrQFLDFUHVFHQGR
MXQWRFRPR3DtV2VGHVDILRVVmRPXLWRVPDVRPRPHQWRpGHHVSHUDQoDHWUDEDOKRTXDOLGDGHVTXHD3KLOLSVWHP
GHPRQVWUDGRQHVWHV~OWLPRVDQRVHTXHFHUWDPHQWHPRVWUDUiQRVSUy[LPRV
:DOWHU'XUDQp'LUHWRU([HFXWLYRGR/DERUDWyULR3KLOLSVGD$PD]{QLD
&URQRORJLDGR'HVHQYROYLPHQWR
&LHQWt¿FR7HFQROyJLFRH,QGXVWULDO
%UDVLOHULR
0DUFRKLVWyULFR,
&ULDomRGDLQG~VWULDGHEDVH
-RVp0LQGOLQ
2SHUtRGRGHDIRLIpUWLOHPDFRQWHFLPHQWRVHDo}HVTXHWLYHUDPJUDQGHLQ
IOXrQFLDQDYLGDEUDVLOHLUD$OJXQVPXLWRIDYRUiYHLVRXWURVPXLWRQHJDWLYRVHVWDQGRD
PDLRULDGHOHVOLVWDGDQHVWDSXEOLFDomR
*RVWDULDGHGHVWDFDUXPFDVRFXULRVRGHXPDFRQWHFLPHQWRQHJDWLYRTXHDFDERXQR
HQWDQWRSRUUHVXOWDUHPXPHIHLWRPXLWRIDYRUiYHOSDUDDQRVVDHFRQRPLD5HILURPHj
JUDYHFULVHFDPELDOGRV~OWLPRVDQRVGDGpFDGDGHHSDUWHGDGHSURYHQLHQWHGR
GHVSHUGtFLRSRULPSRUWDo}HVVXSpUIOXDVGDVUHVHUYDVFDPELDLVDFXPXODGDVGXUDQWHD
6HJXQGD*XHUUD0XQGLDO(VVDFULVHSURYRFRXDDGRomRGHXPDSROtWLFDGHVXEVWLWXL
omRGHLPSRUWDo}HVTXHSRUVXDYH]SHUPLWLXRVXUJLPHQWRGHXPSDUTXHLQGXVWULDOGH
VXUSUHHQGHQWHVSURSRUo}HVSRGHQGRVHUFRQVLGHUDGRXPPDUFRVLJQLILFDWLYRGDLQGXV
WULDOL]DomREUDVLOHLUD
0XLWDVLQG~VWULDVGHHTXLSDPHQWRVSHoDVHEHQVGXUiYHLVTXHVHEDVHDUDPHPFRQ
WUDWRVGHDVVLVWrQFLDWpFQLFDHVWUDQJHLUDWRUQDUDPSRVVtYHORUiSLGRIXQFLRQDPHQWRGDV
LQG~VWULDVVHPRULVFRGHSHVTXLVDVGHUHVXOWDGRLQFHUWRHFXVWRLPSUHYLVtYHO,VVRWHYH
pFODURRLQFRQYHQLHQWHGDGHSHQGrQFLDWHFQROyJLFDTXHIRLHQWUHWDQWRVHQGRJUDGXDO
PHQWHUHGX]LGDTXDQGRVHLQLFLRXQR%UDVLOQDGpFDGDGHRSURFHVVRGHH[SRUWDomR
GHPDQXIDWXUDGRVTXHSRUVXDYH]GHWRQRXXPJUDQGHHVIRUoRGHSHVTXLVDHFDSDFLWD
omRWHFQROyJLFDSUySULDDLQGDTXHQmRVXEVWLWXWLYDGDWHFQRORJLDH[WHUQDGDGRRULWPR
DFHOHUDGRGHLQRYDomRTXHRPXQGRYHPDSUHVHQWDQGR
)RL HVVH VXUWR LQGXVWULDO TXH WRUQRX SRVVtYHO D LPSODQWDomR GD LQG~VWULD DXWRPRWLYD R
TXHSRUVLVyFRPSURYDVXDLPSRUWkQFLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
-RVp0LQGOLQ²)RUPDGRHP'LUHLWRHPSHOD8QLYHUVLGDGHGH6mR3DXOR-RVp0LQGOLQIRLUHGDWRUGRMRUQDO´2(VWDGRGH6mR3DXORµHSUH
VLGHQWHGR&RQVHOKR(GLWRULDOGRSHULyGLFR$GYRJRXGHDTXDQGRIRLXPGRVIXQGDGRUHVGD0HWDO/HYH6$HPSUHVDSLRQHLUDHP
SHVTXLVDHGHVHQYROYLPHQWRWHFQROyJLFRSUySULRQRVHXFDPSRGHDWXDomR$SDUWLUGDtSDVVRXDVHLQWHUHVVDUSHORSUREOHPDGRGHVHQYROYLPHQWR
FLHQWtILFRHWHFQROyJLFREUDVLOHLUR'HLQWHUHVVHVPXLWRGLYHUVLILFDGRVWDQWRQRFDPSRFXOWXUDOFRPRGDHGXFDomRGDHFRQRPLDGDSROtWLFDHGD
FLrQFLDYHPDWXDQGRKiPXLWRVDQRVHPWRGRVHVVHVVHWRUHVID]HQGRSDUWHGH&RQVHOKRVHHQWLGDGHVQR%UDVLOHQR([WHULRUeDWXDOPHQWHXPGRV
PHPEURVGD$FDGHPLD%UDVLOHLUDGH&LrQFLDVHFRPR6HFUHWiULRGD&XOWXUD&LrQFLDH7HFQRORJLDGR(VWDGRGH6mR3DXORHVWUXWXURXDFDUUHLUDGH
SHVTXLVDGRUSXEOLFDQGRQXPHURVRVDUWLJRVHUHFHEHQGRYiULRVSUrPLRVHFRQGHFRUDo}HV(PYLUWXGHGDH[WHQVDFDUUHLUDFRPPDLVGHDQRV
GHFRQWULEXLomRSDUDRFUHVFLPHQWRFLHQWtILFRHWHFQROyJLFREUDVLOHLURIRLUHFRQKHFLGRFRPD0HGDOKDGR&RQKHFLPHQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,HQWLGDGHPi[LPDGHUHSUHVHQWDomRGRVHWRU
LQGXVWULDOEUDVLOHLURTXHWHPFRPRREMHWLYRFRRUGHQDUXPVLVWHPDIRUPDGRSHODV)HGHUDo}HV
GH,QG~VWULDGRV(VWDGRVHGR'LVWULWR)HGHUDOjVTXDLVHVWmRILOLDGRVVLQGLFDWRVSDWURQDLV
EHPFRPRDGPLQLVWUDUR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,R6HUYLoR6RFLDOGD
,QG~VWULD6(6,HR,QVWLWXWR(XYDOGR/RGL,(/)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomR6XUJLPHQWRGDVSULPHLUDVLQVWDODo}HVGHUHIULJHUDomRHFOLPDWL]DomRGD$VVRFLDomR6XO%UDVLOHLUDGH5HIULJHUDomR
$U&RQGLFLRQDGR$TXHFLPHQWRH9HQWLODomR$6%5$9QR5LR*UDQGHGR6XO
)RQWH$VVRFLDomR6XO%UDVLOHLUDGH5HIULJHUDomR$U&RQGLFLRQDGR
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV),(0*j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
$VVLQDWXUDGH'HFUHWR/HLQDFLRQDOL]DQGRDVDWLYLGDGHVYLQFXODGDVDRDEDVWHFLPHQWRGHSHWUyOHRQR%UDVLOGHILQLQGRVXD
XWLOLGDGHS~EOLFD
)RQWH3HWUyOHR%UDVLOHLUR6$
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO),(5*6j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
5HFRQKHFLPHQWRRILFLDOGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO),(5*6SHOR0LQLVWpULRGR7UDEDOKR
,QG~VWULDH&RPpUFLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
&ULDomRSHOR'HFUHWRQžGD/HJLVODomR0HWUROyJLFD
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,1DFLRQDOFRPRVXUJLPHQWRGRVSULPHLURV'HSDUWDPHQWRV
5HJLRQDLVQRV(VWDGRVGR5LRGH-DQHLUR6mR3DXOR0LQDV*HUDLVH5LR*UDQGHGR6XO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQFHVVmRGD&DUWDGH6LQGLFDOL]DomRGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULDFRQJUHJDQGRDV)HGHUDo}HVGR5LR*UDQGH
GR6XO6mR3DXOR'LVWULWR)HGHUDOH0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD0$JRVWLQLSDUDLPSRUWDUODPSL}HVGDPDUFD$ODGGLQHTXHHPSDVVRXDSURGX]LORV(PD
HPSUHVDFRPHoRXDIDEULFDUJDUUDIDVWpUPLFDVQR%UDVLOFRPDVVHVVRULDWpFQLFDGD$ODGGLQ
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
,QtFLRSHOR,QVWLWXWR1DFLRQDOGH7HFQRORJLDGDJHVWmRGHXPVLVWHPDGHPHWURORJLDOHJDOQRkPELWRQDFLRQDO
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&RQFHVVmRGD&DUWDGH6LQGLFDOL]DomRGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,FRQJUHJDQGRDV)HGHUDo}HVGR5LR
*UDQGHGR6XO6mR3DXOR'LVWULWR)HGHUDOH0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
3DQRUDPD1DFLRQDO
&ULDomRGR'HSDUWDPHQWR$GPLQLVWUDWLYRGR6HUYLoR3~EOLFR'$63XPyUJmRHVSHFLDOPHQWH
YROWDGRSDUDDUHIRUPDHDPRGHUQL]DomRGDDGPLQLVWUDomRS~EOLFD)RQWH&HQWURGH+LVWyULD
&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&ULDomRGR,QVWLWXWRGH3UHYLGrQFLDH$VVLVWrQFLDDRV6HUYLGRUHVGR(VWDGR,3$6($SUHVLGrQFLDGHVVHVLQVWLWXWRVHUD
H[HUFLGDSRUSHVVRDVOLYUHPHQWHQRPHDGDVSHOR3UHVLGHQWHGD5HS~EOLFD
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&ULDomRGR'HSDUWDPHQWRGR6HUYLoRGH7UkQVLWRGR3DUDQi
)RQWH*RYHUQRGR(VWDGRGR3DUDQi
5HJXODPHQWDomRGRVDOiULRPtQLPRGHYHQGRFRUUHVSRQGHUjVQHFHVVLGDGHVEiVLFDVGHXPWUDEDOKDGRU
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
(VWDEHOHFLPHQWRSHOR'HFUHWR/HLGHGHPDLRGHTXHWRGRVRVFXUVRVVXSHULRUHVGHYHPREWHUUHFRQKHFLPHQWR
MXQWRDR*RYHUQR)HGHUDODWpGHGH]HPEURGHH[LJLQGRDGHTXDomRGDVIDFXOGDGHVHPIXQFLRQDPHQWRHP-XL]GH
)RUD0*
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
&LrQFLDV$JUiULDV
&ULDomRSHOR'HFUHWR/HLQžGHQRYRVyUJmRVQR0LQLVWpULRGD$JULFXOWXUD&HQWUR1DFLRQDOGH(QVLQRH3HVTXLVDV
$JURQ{PLFDV 6HUYLoR GH 3XEOLFLGDGH $JUtFROD 6HUYLoR GH (FRQRPLD 5XUDO 6HUYLoR )ORUHVWDO 6HUYLoR GH 0HWHRURORJLD
'HSDUWDPHQWR GH $GPLQLVWUDomR H D 'LYLVmR GH 7HUUDV H &RORQL]DomR H DLQGD D 6XSHULQWHQGrQFLD GR (QVLQR $JUtFROD
yUJmRDXW{QRPRGLUHWDPHQWHVXERUGLQDGRDR0LQLVWUR
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR,QVWLWXWR1DFLRQDOGR/LYURFXMDVDWULEXLo}HVDHGLomRGHREUDVOLWHUiULDVMXOJDGDVGHLQ
WHUHVVHSDUDDIRUPDomRFXOWXUDOGDSRSXODomRDHODERUDomRGHXPDHQFLFORSpGLDHXPGLFLRQiULR
QDFLRQDLVHILQDOPHQWHDH[SDQVmRSRUWRGRRWHUULWyULRQDFLRQDOGRQ~PHURGHELEOLRWHFDVS~EOL
FDV)RQWH0LQLVWpULRGD&XOWXUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGRSURJUDPDGHUiGLR$+RUDGR%UDVLOSHOR'HSDUWDPHQWR1DFLRQDOGH3URSDJDQGD'132SURJUDPDWUDQVPL
WLGRGLDULDPHQWHSRUWRGDVDVHVWDo}HVGHUiGLRFRPGXUDomRGHXPDKRUDYLVDjGLYXOJDomRGRVSULQFLSDLVDFRQWHFLPHQ
WRVGDYLGDQDFLRQDO$SDUWLUGH$+RUDGR%UDVLOSDVVRXDVHUIHLWDSHOR'HSDUWDPHQWRGH,PSUHQVDH3URSDJDQGD',3
TXHWRPRXROXJDUGR'13HP2SURJUDPDGHVWLQDYDVHDFXPSULUWUrVILQDOLGDGHVLQIRUPDWLYDFXOWXUDOHFtYLFD$OpP
GHLQIRUPDUGHWDOKDGDPHQWHVREUHRVDWRVGR3UHVLGHQWHGD5HS~EOLFDHDVUHDOL]Do}HVGR(VWDGRLQFOXtDXPDSURJUDPD
omRFXOWXUDOTXHSUHWHQGLDLQFHQWLYDURJRVWRSHOD´ERDP~VLFDµDWUDYpVGDDXGLomRGHDXWRUHVFRQVLGHUDGRVFpOHEUHV
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
,QFRUSRUDomRGR,QVWLWXWR1DFLRQDOGH(VWDWtVWLFDHGR&RQVHOKR%UDVLOHLURGH*HRJUDILDDR,QVWLWXWR%UDVLOHLURGH*HRJUDILD
H(VWDWtVWLFD,%*((PVHXVSULPHLURVWHPSRVR,%*(IXQFLRQRXFRPRDXWDUTXLDVXERUGLQDGDj3UHVLGrQFLDGD5HS~EOLFD
RTXHGHPRQVWUDDLPSRUWkQFLDTXHVHDWULEXtDjJHRJUDILDHjHVWDWtVWLFDFRPREUDoRVGDDomRJRYHUQDPHQWDO6RPHQWH
HPR,%*(WUDQVIRUPRXVHHPIXQGDomR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&LrQFLDVGD6D~GH
)XQGDomRSHOR'HFUHWR/HLQžGR,QVWLWXWRGH3VLTXLDWULDGD8QLYHUVLGDGHGR%UDVLO²,38%,QFRUSRUDGRj8QLYHUVLGDGH
GR%UDVLOIRLRPDLVDQWLJR+RVSLWDO8QLYHUVLWiULR3~EOLFR)HGHUDOGR%UDVLOFRPRKHUGHLURGR+RVSLWDO1DFLRQDOVHGHGD
8QLYHUVLGDGHGR%UDVLODSULPHLUDGRSDtV
)RQWH0LQLVWpULRGD(GXFDomR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QVWDODomRGR&RQVHOKR1DFLRQDOGR3HWUyOHR&13(VVHyUJmRHUDDXW{QRPRVXERUGLQDGRGL
UHWDPHQWHDR3UHVLGHQWHGD5HS~EOLFDHWLQKDFRPRREMHWLYRHVWUXWXUDUHUHJXODUL]DUDVDWLYLGDGHV
HQYROYLGDVGHVGHRSURFHVVRGHH[SORUDomRGHMD]LGDVDWpDLPSRUWDomRH[SRUWDomRWUDQVSRUWH
GLVWULEXLomRHFRPpUFLRGHSHWUyOHRHGHULYDGRV)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD
&LrQFLD
,QtFLRSHOD3HUGLJmR6$IXQGDGDHPGHVXDVDWLYLGDGHVLQGXVWULDLVSRUPHLRGDDVVRFLDomRFRPD)UH\.HOOHUPDQQ
HP9LODGH9LWyULDQDPDUJHPRSRVWDGR5LRGR3HL[H6XUJHHQWmRD6RFLHGDGHGH%DQKD&DWDULQHQVH/WGD
)RQWH3(5',*®26$
,QtFLRGDWUDQVIRUPDomRGHSHTXHQDVRILFLQDVHPIiEULFDVGHDXWRPyYHLV
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
,QDXJXUDomRGD8VLQD0RQOHYDGHDPDLRUVLGHU~UJLFDQDpSRFDLQWHJUDGDDFDUYmRYHJHWDOGRPXQGR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
$XPHQWRGDSURGXomRGHIHUURHGHDoRHPPDLVGHHQTXDQWRDSURGXomRGHPLQHUDLVPHWiOLFRVFUHVFHXHPPDLV
GHGHD
)RQWH8QLYHUVLGDGHGH6mR3DXOR
$VVLQDWXUDGH'HFUHWRDEULQGRjLQLFLDWLYDSULYDGDDFRQFHVVmRSDUDLPSRUWDUGHULYDGRVGHSHWUyOHRLQVWDODUUHILQDULDVH
FRQWUDWDUIRUQHFLPHQWRGHSHWUyOHREUXWRSDUDSURFHVVDPHQWRQRSDtV
)RQWH3HWUyOHR%UDVLOHLUR6$
3DQRUDPD1DFLRQDO
5HRUJDQL]DomRGR&RQVHOKR1DFLRQDOGR7UDEDOKRSHOR'HFUHWR/HLQž)RQWH6HQDGR)HGHUDO
)XQGDomRGD8QLYHUVLGDGH6DQWDÔUVXOD868QR5LRGH-DQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
'HILQLomRGDQRYDRUJDQL]DomRVLQGLFDOSHOR'HFUHWRQž'HXVHXPDQRYDIHLomRDLQGDPDLVFHQWUDOL]DGDjHVWUX
WXUDVLQGLFDOYH]TXHVHHOLPLQDUDPDVFHQWUDLVTXHUHXQLDPGLIHUHQWHVFDWHJRULDVSURILVVLRQDLVSRUPXQLFtSLRVRXUHJLmR
HPIDYRUGHXPDRUJDQL]DomRGHFDUiWHUYHUWLFDOHPTXHRVVLQGLFDWRVGHFDGDFDWHJRULDFRQYHUJLDPSDUDDVIHGHUDo}HV
HVWDGXDLVHFRQIHGHUDo}HVQDFLRQDLV
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&ULDomRGD(PSUHVD5DQGRQ6$HP&D[LDVGR6XO56
)RQWH5$1'216$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
&ULDomRGR&RQVHOKR1DFLRQDOGHÉJXDVH(QHUJLD(OpWULFD&1$((FRPDILQDOLGDGHGHHVWXGDUR
SUREOHPDGDH[SORUDomRHXWLOL]DomRGDHQHUJLDHOpWULFDQRSDtVHPHVSHFLDODGHRULJHPKLGUiXOL
FD)RQWH&HQWUDLV(OpWULFDV%UDVLOHLUDV6$
,QtFLRGDFRQVWUXomRGD%5%5TXHOLJD5LR%DKLDSULPHLUDHVWUDGDEUDVLOHLUDGHORQJRSHUFXUVR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUDQi
&ULDomRGR&RQVHOKR1DFLRQDOGHÉJXDVH(QHUJLD(OpWULFD&1$((FRPDILQDOLGDGHGHHVWXGDURSUREOHPDGDH[SORUD
omRHXWLOL]DomRGDHQHUJLDHOpWULFDQRSDtVHPHVSHFLDODGHRULJHPKLGUiXOLFD(UDLQWHJUDGRSRUFLQFRPHPEURVWRGRV
QRPHDGRVSHOR3UHVLGHQWHGD5HS~EOLFD2&1$((SURFXUDYDFRORFDUHPSUiWLFDDVGLVSRVLo}HVFRQWLGDVQR&yGLJRGH
ÉJXDVGH6XDILQDOLGDGHSULQFLSDOHUDSURSRUFLRQDUXPDDWXDomRFRRUGHQDGDGR(VWDGRQRkPELWRGDSURGXomRKL
GUHOpWULFDDWpHQWmRHQWUHJXHTXDVHH[FOXVLYDPHQWHjLQLFLDWLYDSULYDGD1DGpFDGDGHDSyVDFULDomRGD(OHWUREUiVH
GR'HSDUWDPHQWR1DFLRQDOGHÉJXDVH(QHUJLDR&1$((IRLSHUGHQGRJUDGXDOPHQWHVXDVIXQo}HV)RLH[WLQWRHP
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR´'LDGD0~VLFD3RSXODU%UDVLOHLUDµFRPRREMHWLYRGHFRQVWUXLUXPDLPDJHPSRVLWLYDGR
JRYHUQRMXQWRDRVDUWLVWDV)RLGXUDQWHR(VWDGR1RYRTXHVXUJLXRFKDPDGR´VDPEDGDOHJLWLPLGD
GHµHPTXHVHEXVFDYDFRQYHUWHUDILJXUDGRPDODQGURQDILJXUDH[HPSODUGRRSHUiULRGHIiEULFD
2'HSDUWDPHQWRGH,PSUHQVDH3URSDJDQGD',3LQFHQWLYDYDRVFRPSRVLWRUHVDH[DOWDURWUDEDOKR
HDEDQGRQDUDERHPLD7DPEpPDWUDYpVGRVDPEDVHHQVLQDYDDUHSXGLDURFRPXQLVPRFRPR
DPHDoDjQDFLRQDOLGDGH)RQWH&HQWURGH3HVTXLVDH'RFXPHQWDomRHP+LVWyULD&RQWHPSRUkQHD
GR%UDVLO&3'2&
&ULDomRGRSURJUDPDGHUiGLR$+RUDGR%UDVLOSHOR'HSDUWDPHQWR1DFLRQDOGH3URSDJDQGD'132SURJUDPDWUDQVPL
WLGRGLDULDPHQWHSRUWRGDVDVHVWDo}HVGHUiGLRFRPGXUDomRGHXPDKRUDYLVDjGLYXOJDomRGRVSULQFLSDLVDFRQWHFLPHQ
WRVGDYLGDQDFLRQDO$SDUWLUGH$+RUDGR%UDVLOSDVVRXDVHUIHLWDSHOR'HSDUWDPHQWRGH,PSUHQVDH3URSDJDQGD',3
TXHWRPRXROXJDUGR'13HP2SURJUDPDGHVWLQDYDVHDFXPSULUWUrVILQDOLGDGHVLQIRUPDWLYDFXOWXUDOHFtYLFD$OpP
GHLQIRUPDUGHWDOKDGDPHQWHVREUHRVDWRVGR3UHVLGHQWHGD5HS~EOLFDHDVUHDOL]Do}HVGR(VWDGRLQFOXtDXPDSURJUDPD
omRFXOWXUDOTXHSUHWHQGLDLQFHQWLYDURJRVWRSHOD´ERDP~VLFDµDWUDYpVGDDXGLomRGHDXWRUHVFRQVLGHUDGRVFpOHEUHV
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&LrQFLDVGD6D~GH
1DVFLPHQWRGDLGpLDGHVHSURGX]LUDYDFLQDDQWLOHLVKPDQLRVFRP6DOOHV*RPHVSHVTXLVDGRUGR,QVWLWXWR%DFWHULROyJLFR
GH6mR3DXORHDUHDOL]DomRGDSULPHLUDH[SHULrQFLDHPFDPSRXPDQRGHSRLVHP3UHVLGHQWH3UXGHQWHSHORSDUDVLWROR
JLVWD6DPXHO3HVVRDGD6HFUHWDULDGH6D~GHGH6mR3DXOR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGR0LQDV*HUDLV
&LrQFLDV%LROyJLFDV
&ULDomRSHOR'HFUHWR/HLQžGR3DUTXH1DFLRQDOGR,JXDoX
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV([DWDVHGD7HUUD
,PSODQWDomRQDIiEULFD(OHWUR4XtPLFD%UDVLOHLUD6$(/48,6$HP6DUDPHQKDGLVWULWRGH2XUR3UHWR0*GRVHTXLSD
PHQWRVGHXPDIiEULFDGHFLPHQWRDOXPLQRVRFRPIRUQRVHOpWULFRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV$%17TXHpRyUJmRUHVSRQViYHOSHOD
QRUPDOL]DomRWpFQLFDQRSDtVIRUQHFHQGRDEDVHQHFHVViULDDRGHVHQYROYLPHQWRWHFQROyJLFR
EUDVLOHLUReXPDHQWLGDGHSULYDGDVHPILQVOXFUDWLYRVUHFRQKHFLGDFRPR)yUXP1DFLRQDOGH
1RUPDOL]DomR²Ô1,&2²DWUDYpVGD5HVROXomRQžGR&210(752GHGHDJRVWRePHPEUR
IXQGDGRUGD,62,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQGD&RPLVVmR3DQDPHULFDQDGH
1RUPDV7pFQLFDV&23$17HGD$VVRFLDomR0HUFRVXOGH1RUPDOL]DomR$01)RQWH$VVRFLDomR
%UDVLOHLUDGH1RUPDV7pFQLFDV
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH3HUQDPEXFRj&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomRGDHPSUHVD&RQVWUXo}HV(OHWURPHFkQLFDV%UDVLOHLUDV/WGD0DWHULDLV(OpWULFRSRU-RmR$UQVWHLQ$UQRQDWXUDOGH
7ULHVWH,WiOLDHQDWXUDOL]DGREUDVLOHLUR$HPSUHVDHUDHVSHFLDOL]DGDHPIDEULFDUPRWRUHVHOpWULFRVFRQKHFLGDPDLVWDUGH
FRPR$5126$
)RQWH$5126$
3UHGRPLQkQFLDGDLQG~VWULDWr[WLOHGHSURGXWRVDOLPHQWtFLRVPDVRVVHWRUHVPHWDO~UJLFRVPHFkQLFRTXtPLFRHIDUPD
FrXWLFRDXPHQWDUDPVHXSHVRUHODWLYRQDHVWUXWXUDLQGXVWULDO
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGRVSULPHLURVEULQTXHGRVGHPDGHLUDFRPPRYLPHQWRHVRPSURGX]LGRVQRSDtVSHODIiEULFDGHEULQTXHGRV
(VWUHODIXQGDGDHP2VSULPHLURVEULQTXHGRVGHVVHSHUtRGRIRUDPRFDFKRUUR0LPRVRRMRJRSHJD9DUHWDVH
%DQFR,PRELOLiULR
)RQWH%ULQTXHGRV(VWUHOD
&RQVWUXomRSHOD0LQHUDomR0RUUR9HOKRGDSULPHLUDEDUUDJHPGHUHMHLWRVGHPLQHUDomRGR%UDVLOLQDXJXUDQGRXPD
QRYDHUDGHSURWHomRDPELHQWDOQRSDtV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
3DQRUDPD1DFLRQDO
,QVWLWXLomRGHFRQWULEXLomRVLQGLFDOFRPSXOVyULDLPSRVWRVLQGLFDOFRUUHVSRQGHQWHDXPGLDGH
VDOiULRSDJRDRVLQGLFDWRSRUWUDEDOKDGRUHVVLQGLFDOL]DGRVRXQmR$PHGLGDFULDGDSHORJRYHU
QRWLQKDRREMHWLYRGHGDUJDUDQWLDVGHVREUHYLYrQFLDDRVVLQGLFDWRV)RQWH&HQWURGH+LVWyULD
&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
)XQGDomRGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5-
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
&RQVWUXomRGDSULPHLUDEDUUDJHPGHUHMHLWRVGHPLQHUDomRGR%UDVLOSHOD0LQHUDomR0RUUR9HOKR
QR(VWDGRGH0LQDV*HUDLV)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR
1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRSHOR'HFUHWR/HLQžGDVHPSUHVDVLQFRUSRUDGDVDRSDWULP{QLR
GD8QLmRTXHHQWUHRXWUDVUiGLRVHQFDPSRXD5iGLR1DFLRQDOGHSURSULHGD
GHGRJUXSR$1RLWH
)RQWH0LQLVWpULRGDV&RPXQLFDo}HV
&LrQFLDV$JUiULDV
$XWRUL]DomRSHOR'HFUHWR/HLQžDRVJRYHUQRVHVWDGXDLVDSURPRYHUHPDJXDUGDHILVFDOL]D
omRGDVIORUHVWDV)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
,QDXJXUDomRGD)iEULFD(VFRODGH/DWLFtQLRV´&kQGLGR7RVWHVµ)(/&7HP-XL]GH)RUD0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDV+XPDQDVH6RFLDLV
$XWRUL]DomRSUpYLDSHOR&RQVHOKR1DFLRQDOGH(GXFDomRSDUDRIXQFLRQDPHQWRGDV)DFXOGDGHV&DWyOLFDVGLULJLGDVSHOD
&RPSDQKLDGH-HVXVTXHLQFOXtDPXPD)DFXOGDGHGH'LUHLWRHVHWHFXUVRVGD)DFXOGDGHGH)LORVRILDJHRJUDILDKLVWyULD
FLrQFLDVVRFLDLVSHGDJRJLDOHWUDVFOiVVLFDVQHRODWLQDVHQHRJHUPkQLFDV$HOHLomRGDVIDFXOGDGHVGH)LORVRILDHGH'LUHLWR
FRPRQ~FOHRVGRHQVLQRVXSHULRUFDWyOLFRFRQYLQKDDRSURMHWRGD,JUHMDMiTXHDPDLRUSDUWHGDVHOLWHVEUDVLOHLUDVHUD
FRPSRVWDGHMXULVWDVHDGYRJDGRV7DPEpPLQWHUHVVDYDDGLVVHPLQDomRGDFXOWXUDKXPDQtVWLFDHQWUHDVHOLWHVIDFLOLWDQGR
DVXDHVSLULWXDOL]DomR
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&LrQFLDVGD6D~GH
&ULDomRGR6HUYLoR1DFLRQDOGH)HEUH$PDUHOD
)RQWH6XSHULQWHQGrQFLDGH&RQWUROHGH(QGHPLDVGR(VWDGRGH6mR3DXOR
&LrQFLDV%LROyJLFDV
$XWRUL]DomRSHOR'HFUHWR/HLQžDRVJRYHUQRVHVWDGXDLVDSURPRYHUHPDJXDUGDHILVFDOL]DomRGDVIORUHVWDV
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV([DWDVHGD7HUUD
&RQVWUXomRGDSULPHLUDEDUUDJHPGHUHMHLWRVGHPLQHUDomRGR%UDVLOSHOD0LQHUDomR0RUUR9HOKRQR(VWDGRGH0LQDV
*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD&RPSDQKLD6LGHU~UJLFD1DFLRQDO&61HPGHDEULOTXHVyFRPHoRXDRSHUDUHPž
GHRXWXEURGH)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO
7UDQVIRUPDomRGD)HGHUDomR,QGXVWULDOGR5LRGH-DQHLURHP&HQWUR,QGXVWULDOGR5LRGH-DQHLUR&,5-
)RQWH-RUQDOGR%UDVLO&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)XQGDomRGDIiEULFDGR(QJHQKRGD&RQFHLomRTXHSURGX]LDSDSHOLPSUHQVDDSDUWLUGDIROKDGHEDQDQHLUD
)RQWH-RUQDOGR%UDVLO&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGDSURGXomRGHiFLGRVXOI~ULFRHVXOIDWRGHDOXPtQLRSHOD&RPSDQKLD%UDVLOHLUDGH$OXPtQLR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
5HWRPDGDGDSURGXomRGHDOSDUJDWDVSHOD(PSUHVD6mR3DXOR$OSDUJDWDV$HPSUHVDDVVXPHXPSDVVRPXLWRLPSRU
WDQWHSDUDVHXVIXQFLRQiULRVSDVVDFRQFHGHUDERQRGHQDWDO/RJRSDVVRXDEHQHILFLDUOKHVDRVGRPLQJRVHIHULDGRVQmR
WUDEDOKDGRVDQRVDQWHVGHVVHVEHQHItFLRVVHUHPGHWHUPLQDGRVSRUOHL
)RQWH(PSUHVD6mR3DXOR$OSDUJDWDV
(VWDEHOHFLPHQWRSHOR'HFUHWRQžGHQRUPDVSDUDDPSDUDUDLQG~VWULDQDFLRQDOGDERUUDFKD2REMHWLYRSRU
XPODGRHUDDVVHJXUDUjLQG~VWULDQDFLRQDOGDERUUDFKDDPDWpULDSULPDLQGLVSHQViYHODRVHXIXQFLRQDPHQWRQRUPDODR
DEULJRGDFRQFRUUrQFLDSHODVLQG~VWULDVHVWUDQJHLUDVHGDH[FHVVLYDDOWDGHSUHoRVQRPHUFDGRQDFLRQDO3RURXWURODGR
HVWLPXODUDSURGXomRHDWLYLGDGHHFRQ{PLFDQD$PD]{QLDIUHQWHDFRQFRUUrQFLDLQWHUQDFLRQDO
)RQWH6HQDGR)HGHUDO
,QtFLRGHRSHUDomRGD8VLQD;LFmRQR5LR6DQWD&UX]HP&DPSDQKD
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
)XQGDomRHP-XQGLDt63GD&RPSDQKLD,QGXVWULDOGH&RQVHUYDV$OLPHQWtFLDV&LFDGLULJLGDSRU5RGROIR0DUFR%RQILJORLOL
$HPSUHVDWRUQRXVHOtGHUQRPHUFDGRFRPRODQoDPHQWRGR([WUDWRGH7RPDWH(OHIDQWHGD&LFD(PMDQHLURGHR
JUXSR8QLOHYHUGRTXDOD.QRUUID]SDUWHLQFRUSRURXD&LFD
)RQWH*UXSR8QLOHYHU
,QtFLRGDSURGXomRGHiFLGRVJUD[RVHVWHDULQDHJOLFHULQDSHOD,QG~VWULD$QDVWiFLR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGD&LGDGH,QGXVWULDOQRPXQLFtSLRGH&RQWDJHP0*SULPHLUDFLGDGHSODQHMDGDSDUDDORFDOL]DomRGHLQG~VWULD
SHOR'HFUHWR/HLQž
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQVWUXomRGD&RPSDQKLD6LGHU~UJLFD1DFLRQDOSHOR'HFUHWR/HL
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDSURGXomRGHDFLGRQtWULFRSHODIiEULFDGHSyOYRUDGR0LQLVWpULRGD*XHUUD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
3DQRUDPD1DFLRQDO
&ULDomRGR0LQLVWpULRGD$HURQiXWLFDWHQGRFRPRSULPHLURWLWXODURFLYLO-RDTXLP3HGUR6DOJDGR)LOKR2QRYRPLQLV
WpULRHQJORERXR'HSDUWDPHQWRGH$HURQiXWLFD&LYLOHDVMiH[LVWHQWHVDYLDomRPLOLWDUGR([pUFLWRHDYLDomRQDYDOGD
0DULQKD2SHVVRDORULXQGRGDVGXDV~OWLPDVSDVVRXDFRPSRUD)RUoD$pUHD%UDVLOHLUD
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
(QJHQKDULDH7HFQRORJLD
&ULDomRGR&HQWUR7HFQROyJLFRGD$HURQiXWLFD)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
,QVWLWXLomRGRSULPHLUR&yGLJR1DFLRQDOGH7UkQVLWRSHOR'HFUHWR/HL
)RQWH*RYHUQRGR(VWDGRGR3DUDQi
&ULDomRGR&RQVHOKR1DFLRQDOGH7UkQVLWR&2175$1
)RQWH*RYHUQRGR(VWDGRGR3DUDQi
&ULDomRGR&RUUHLR$pUHR1DFLRQDO&$1
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
(VWDEHOHFLPHQWRGRSULPHLURSRoRGHSHWUyOHRFRPHUFLDOQRSDtV
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&LrQFLDV$JUiULDV
&ULDomRSHOR'HFUHWRQžGH&RO{QLDV$JUtFRODVHLQVWLWXLomRGDFRORQL]DomRPHGLDQWHDRUJDQL]DomRGH´*UDQMDV
0RGHORVµSHOR'HFUHWRQž
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR´5HSyUWHU(VVRµSHOD5iGLR1DFLRQDOGXUDQWHD,,*XHUUD0XQGLDORMRUQDOUDGLRI{QLFR
LQVSLUDGRQRPRGHORQRUWHDPHULFDQRFRPQRWtFLDVSURFHGHQWHVGD8QLWHG3UHVV,QWHUQDWLRQDO
83,2SURJUDPDILFRXQRDUDWp)RQWH&HQWURGH3HVTXLVDH'RFXPHQWDomRHP+LVWyULD
&RQWHPSRUkQHDGR%UDVLO&3'2&
&ULDomRGRSURJUDPDGHUiGLR$+RUDGR%UDVLOSHOR'HSDUWDPHQWR1DFLRQDOGH3URSDJDQGD'132SURJUDPDWUDQVPL
WLGRGLDULDPHQWHSRUWRGDVDVHVWDo}HVGHUiGLRFRPGXUDomRGHXPDKRUDYLVDjGLYXOJDomRGRVSULQFLSDLVDFRQWHFLPHQ
WRVGDYLGDQDFLRQDO$SDUWLUGH$+RUDGR%UDVLOSDVVRXDVHUIHLWDSHOR'HSDUWDPHQWRGH,PSUHQVDH3URSDJDQGD',3
TXHWRPRXROXJDUGR'13HP2SURJUDPDGHVWLQDYDVHDFXPSULUWUrVILQDOLGDGHVLQIRUPDWLYDFXOWXUDOHFtYLFD$OpP
GHLQIRUPDUGHWDOKDGDPHQWHVREUHRVDWRVGR3UHVLGHQWHGD5HS~EOLFDHDVUHDOL]Do}HVGR(VWDGRLQFOXtDXPDSURJUDPD
omRFXOWXUDOTXHSUHWHQGLDLQFHQWLYDURJRVWRSHOD´ERDP~VLFDµDWUDYpVGDDXGLomRGHDXWRUHVFRQVLGHUDGRVFpOHEUHV
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
&ULDomRGR/DERUDWyULR&HQWUDOGH7XEHUFXORVHTXHRFXSRXXPHVSDoRGHGHVWDTXHQDEDFWHULRORJLDGDWXEHUFXORVHQR
%UDVLOFRPWUDEDOKRVVREUHUHVLVWrQFLDPLFURELDQDDRVEDFWHULRVWiWLFRVHHVWXGRVDFHUFDGHPLFREDFWpULDVDWtSLFDV$UHOH
YkQFLDGHVVHVHVWXGRVSRVVLELOLWRXRUHFRQKHFLPHQWRSRUSDUWHGD2UJDQL]DomR0XQGLDOGH6D~GHFRPRXPGRVFLQFR
ODERUDWyULRVGHUHIHUrQFLDPXQGLDOQRFDPSRGDVPLFREDFWpULDVDWtSLFDV
)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&LrQFLDV%LROyJLFDV
&RQYHUVmRGR/DERUDWyULRGH$QiOLVHH3HVTXLVD/$3HP,QVWLWXWRGH%LRORJLD$JUtFRODH$QLPDO,%$$HFULDomRGHPDLV
TXDWURVHUYLoRVFLHQWtILFRVQDViUHDVGH0LQHUDORJLD*HRORJLDH3HWURJUDILD)LWRSDWRORJLDH(QWRPRORJLD3DULVLWRORJLDH
=RRORJLDH%RWkQLFDH&LWRORJLDSHOR'HFUHWRQž
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
&LrQFLDV([DWDVHGD7HUUD
,QDXJXUDomRGRQRYR2EVHUYDWyULR$VWURQ{PLFRSHORHQWmR,QWHUYHQWRU)HGHUDOHP6mR3DXOR'U$GKHPDU3HUHLUDGH
%DUURVSDVVDQGRDFRQVWLWXLUDVHGHGR,QVWLWXWR$VWURQ{PLFRH*HRItVLFR
)RQWH8QLYHUVLGDGHGH6mR3DXOR,QVWLWXWRGH$VWURQRPLD*HRItVLFDH&LrQFLDV$WPRVIpULFDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD&RPSDQKLD6LGHU~UJLFD9DOHGR5LR'RFH$QRYDFRPSDQKLDIRLDGTXLULGDSHOR
&RQVyUFLR%UDVLOWUDQVIRUPDQGRVHDRORQJRGRWHPSRQDPDLRUPLQHUDGRUDGLYHUVLILFDGDGDV
$PpULFDVHPDLRUSUHVWDGRUDGHVHUYLoRVGHORJtVWLFDGR%UDVLODOpPGHSDUWLFLSDUGRVHWRUGHJHUD
omRGHHQHUJLDHOpWULFD)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDSURGXomRGHiFLGRFtWULFRSHOD,QG~VWULDV5HXQLGDV)UDQFLVFR0DWDUD]]R
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR(VWDGRGR5LR*UDQGHGR6XO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
,QtFLRGDSURGXomRGHiFLGROiFWLFRODFWDWRGHFiOFLRHODFWDWRGHHWLODSHOD,QG~VWULDGH3URGXWRV4XtPLFRV$OFD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QFRUSRUDomR GR &HQWUR )HUURYLiULR GH (QVLQR H 6HOHomR 3URILVVLRQDO &)(63 DR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP
,QGXVWULDO6(1$,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGD)iEULFD1DFLRQDOGH0RWRUHVQD%DL[DGD)OXPLQHQVHQR5LRGH-DQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
)LUPDGRR´$FRUGRGH:DVKLQJWRQµHQWUHR%UDVLOHRV(VWDGRV8QLGRVHR%UDVLOUHFHEHD0LVVmR&RRNHTXHDSURYDHP
VHXUHODWyULRRSURFHVVRGHLQGXVWULDOL]DomRGRSDtVHSURPHWHILQDQFLDPHQWRGRV(VWDGRV8QLGRV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,SRUPHLRGR'HFUHWR/HLQž26(1$,VXVWHQWDYD
VXDVDWLYLGDGHVLQLFLDOPHQWHFRPDDUUHFDGDomRPHQVDOSDJDSHORVHPSUHJDGRVGDVHPSUHVDVILOLDGDVj&RQIHGHUDomR
1DFLRQDOGD,QG~VWULD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDFRQVWUXomRGD&RPSDQKLD6LGHU~UJLFD1DFLRQDO&61HP9ROWD5HGRQGDHFULDomRGD&RPSDQKLD9DOHGR5LR
'RFH&95'GD)iEULFD1DFLRQDOGH0RWRUHV)10GD&RPSDQKLD)HUURH$oRGH9LWyULD&2)$9,HGD&RPSDQKLD
%UDVLOHLUDGH0LQHUDomRH6LGHUXUJLD6$&%06$&95'HUDXPDVRFLHGDGHDQ{QLPDGHHFRQRPLDPLVWDHHQFDPSRXDV
HPSUHVDVGH)DUTXEDUHD(VWUDGDGH)HUUR9LWyULD0LQDV$)10IRLLQVWDODGDQD%DL[DGD)OXPLQHQVH5LRGH-DQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRGD)iEULFD1DFLRQDOGH0RWRUHVSULPHLUDHPSUHVDEUDVLOHLUDDIDEULFDUYHtFXORV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QVWDODomRGRVSULPHLURV'HSDUWDPHQWRV5HJLRQDLVQRV(VWDGRVRQGHKi)HGHUDomRGDV,QG~VWULDVILOLDGDVj&RQIHGHUDomR
1DFLRQDOGD,QG~VWULD5LRGH-DQHLUR6mR3DXOR0LQDV*HUDLVH5LR*UDQGHGR6XO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HILQLomROHJDOGRFRQFHLWRGH´DSUHQGL]µTXHSDVVRXDVHUR´WUDEDOKDGRUPDLRUGHFDWRU]HDQRVHPHQRUGHGH]RLWR
VXMHLWRjIRUPDomRPHWyGLFDGRRItFLRHPTXHH[HUoDDVXDDWLYLGDGHµ$RHVWDEHOHFHUDLGDGHPtQLPDDOHJLVODomRDFD
ERXJHUDQGRXPKLDWRQRFLYRMiTXHSDUDDSRSXODomRSREUHDHVFRODUL]DomRUDUDPHQWHXOWUDSDVVDYDRHQVLQRSULPiULR
TXDVHVHPSUHFRQFOXtGRHPLGDGHSRXFRVXSHULRUDGH]DQRV&RPRIRUPDGHVROXFLRQDURSUREOHPDR6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO6(1$,FULRXFXUVRVYRFDFLRQDLVRQGHVHYDORUL]DYDVREUHWXGRRWUDEDOKRPDQXDOHPHFD
QLVPRVTXHSXGHVVHPSUHHQFKHURFKDPDGRKLDWRQRFLYR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
7UDQVIRUPDomRGRVHVWDEHOHFLPHQWRVGHHQVLQRLQGXVWULDOHPFHQWURVGHSURGXomRLQGXVWULDOGHILQLQGRDVEDVHVGHRUJD
QL]DomRGRHQVLQRLQGXVWULDOGHHPHUJrQFLDSHOR'HFUHWRQž
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGR'HSDUWDPHQWR1DFLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR5LRGH-DQHLURHP
VROHQLGDGHSUHVLGLGDSHOR0LQLVWURGD(GXFDomR*XVWDYR&DSDQHPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
5HJXODPHQWDomRGXUDQWHR(VWDGR1RYRGD-XVWLoDGR7UDEDOKR)RQWH&HQWURGH+LVWyULD
&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&ULDomRGD&RRUGHQDomRGH0RELOL]DomR(FRQ{PLFD&0(FRPDPSORVSRGHUHVSDUDRUJDQL]DUDHFRQRPLDGXUDQWHR
SHUtRGRGHJXHUUDHLPSHGLURPHUFDGRQHJUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QVWLWXFLRQDOL]DomRGD8QLmR1DFLRQDOGRV(VWXGDQWHV81(SHOR'HFUHWR/HLQ~PHURQRJRYHUQRGR3UHVLGHQWH
*HW~OLR9DUJDV$81(IRLFULDGDHP
)RQWH8QLYHUVLGDGHGH6mR3DXOR
(QJHQKDULDH7HFQRORJLD
)XQGDomRGD(VFROD3URILVVLRQDO)HUURYLiULD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDV$JUiULDV
$SURYDomRSHOR'HFUHWRQžGR5HJXODPHQWRSDUDDH[HFXomRGHVHUYLoRVGHIRPHQWRGD
SURGXomRYHJHWDOVREUHJLPHGHDFRUGRLQVWLWXtGRSHOD/HLQžGHGHMDQHLURGH
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQYHUVmRGR,QVWLWXWRGH%LRORJLD$JUtFRODH$QLPDO,%$$HP,QVWLWXWRGH%LRORJLDVH3HVTXLVDV7HFQROyJLFDV,%37
TXH SUHYLD DPSOLDomR GRV HVWXGRV RFXSDQGRVH WDPEpP GDV LQYHVWLJDo}HV GLUHFLRQDGDV j SURGXomR LQGXVWULDO SHOR
'HFUHWR/HLQž
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
&LrQFLDV+XPDQDVH6RFLDLV
(QWUDGDQRDUGDSULPHLUDUDGLRQRYHODLQWLWXODGD(P%XVFDGD)HOLFLGDGHSHOD5iGLR1DFLRQDOGR5LRGH-DQHLUR
)RQWH0LQLVWpULRGDV&RPXQLFDo}HV
&LrQFLDVGD6D~GH
&ULDomRGR6HUYLoR(VSHFLDOGH6D~GH3~EOLFD6(63TXHRFRUUHXGXUDQWHD*XHUUD0XQGLDOFRPRFRQVHTrQFLDGR
FRQYrQLRILUPDGRHQWUHRVJRYHUQRVEUDVLOHLURHQRUWHDPHULFDQRGXUDQWHD7HUFHLUD5HXQLmRGH&RQVXOWDDRV0LQLVWpULRV
GDV5HODo}HV([WHULRUHVGDV5HS~EOLFDV$PHULFDQDVUHDOL]DGDQR5LRGH-DQHLUR
)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGDVHPSUHVDVHVWDWDLV)iEULFD1DFLRQDOGH0RWRUHV)10HGD&RPSDQKLD1DFLRQDOGH
ÉOFDOLV)RQWH6HQDGR)HGHUDO
,QtFLRGDSURGXomRGHEHQ]HQRWROXHQRH[LOHQRSHOD6RFLHWp$QRQ\PHGX*D]GH5LRGH-DQHLUR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
)XQGDomRSHORJRYHUQRIHGHUDOGD&RPSDQKLD1DFLRQDOGHÉOFDOLVORFDOL]DGDQRPXQLFtSLRGH$UUDLDOGR&DERQR5LRGH
-DQHLUR)RLSULYDWL]DGDHP$&RPSDQKLDpD~QLFDSURGXWRUDGHEDUULOKDFDUERQDWRGHVyGLRGD$PpULFDGR6XO
)RQWH&RPSDQKLD1DFLRQDOGHÉOFDOLV
&ULDomRSHOR'HFUHWR/HLQžGR&RQVHOKR1DFLRQDOGH3ROtWLFD,QGXVWULDOH&RPHUFLDOQR*RYHUQR9DUJDV
)RQWH6HQDGR)HGHUDO
$Q~QFLRGHTXHD8VLQD0RQOHYDGHDWLQJLXDFDSDFLGDGHGHPLOWRQHODGDVDQRDPDLRUSDUFHODGDSURGXomRFRUUHV
SRQGLDDDUDPHIDUSDGRHFHUFDGHPLOWRQHODGDVGHWULOKRV
)RQWH%DQFRGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO&(7,47SULPHLURFXUVRVXSHULRUGR6HUYLoR1DFLRQDOGH
$SUHQGL]DJHP,QGXVWULDO6(1$,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,QtFLRGDSURGXomRGHFORUDWRGHSRWiVVLRSHOD,QG~VWULD$QGUDGH/DWRUUH6$
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
3DQRUDPD1DFLRQDO
&RQVROLGDomRGDV/HLVGR7UDEDOKR&/7DSURYDGDSRUGHFUHWRUHSUHVHQWDQGRDUHXQLmRHVLV
WHPDWL]DomRGDYDVWDOHJLVODomRWUDEDOKLVWDSURGX]LGDQRSDtVDSyVD5HYROXomRGH)RQWH
&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&ULDomRGR%DQFR%UDGHVFRHP0DUtOLDQRLQWHULRUGH6mR3DXORFRPRQRPHGH%DQFR%UDVLOHLURGH'HVFRQWRV
)RQWH%DQFR%UDGHVFR
5HFHELPHQWRGD&DUWD6LQGLFDOGRFXPHQWRFRQFHGLGRSHOR0LQLVWpULRGH(VWDGRGRV1HJyFLRVGR7UDEDOKRH3UHYLGrQFLD
6RFLDOSHORUHFRQKHFLPHQWRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
,QVWDODomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR(VWDGRGR3DUDQi
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
5HRUJDQL]DomRSHOR'HFUHWR/HLQžGR&HQWUR1DFLRQDOGH(QVLQRH3HVTXLVD$JURQ{PLFDVXUJLQGRD8QLYHUVLGDGH
5XUDO
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDVGD6D~GH
5HDOL]DomRGHSHVTXLVDVSDUDSURGXomRGHYDFLQDFRQWUDFyOHUDSHOD)XQGDomR,QVWLWXWR2VZDOGR&UX]2LQtFLRGDSUR
GXomRDFRQWHFHXHP
)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&LrQFLDV%LROyJLFDV
3URGXomRGDSHQLFLOLQDHPODUJDHVFDODSHORODERUDWyULR(OL/LOO\GR%UDVLO
)RQWH(OL/LOO\GR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&RQVWUXomRGD&RPSDQKLDGH$oRV(VSHFLDLV,WDELUD$&(6,7$)RQWH)HGHUDomRGDV,QG~VWULDV
GR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDVDWLYLGDGHVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP6DQWD&DWDULQDSRUPHLRGHTXDWUR
Q~FOHRVGHDSUHQGL]DJHP)ORULDQySROLV-RLQYLOOH%OXPHQDXH6LGHURSyOLV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH&HOXORVHH3DSHO%5$&(/3$IXQGDGDHPGHDEULOGHWHQGRVHXQRPHDOWH
UDGRSDUD$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH3DSHO
)RQWH$VVRFLDomR%UDVLOHLUDGH&HOXORVHH3DSHO
)XQGDomR SRU $WWLOLR )RQWDQD GD ,QG~VWULD H &RPpUFLR &RQFyUGLD EDWL]DGD SRU VHX IXQGDGRU SRXFR WHPSR GHSRLV
FRPR6DGLD
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
3DQRUDPD1DFLRQDO
(QWUDGDGR%UDVLOQD*XHUUD0XQGLDO)RQWH&HQWURGH3HVTXLVDH+LVWyULD&RQWHPSRUkQHDGD
)XQGDomR*HW~OLR9DUJDV
&ULDomRGRPXQLFtSLRGH9LGHLUDDSDUWLUGDXQLmRGDV9LODVGH3HUGL]DVHGH9LWyULD(6
)RQWH3HUGLJmR6$
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomR GD 8VLQD +LGUHOpWULFD GR &DERFOR H LQtFLR GDV RSHUDo}HV GD 8VLQD 6DQWD 0DUWD $ 8VLQD +LGUHOpWULFD GR
&DERFORSHUWHQFLDj(OHWUR4XtPLFD%UDVLOHLUD(/48,6$HFRPHoRXDRSHUDUFRP+3$SyVDVXDLQDXJXUDomRWHP
LQtFLRDSURGXomRGHy[LGRGHDOXPtQLR$8VLQD6DQWD0DUWDVHORFDOL]DQR5LR7LFRURUyHP*UmR0RJRO0LQDV*HUDLV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDV$JUiULDV
'LVSRVLomRVREUHDVLQGLFDOL]DomRUXUDOSHOR'HFUHWR/HLQž
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
)XQGDomRGR&HQWUR)HGHUDOGH(GXFDomR7HFQROyJLFD&()(72XUR3UHWR0*)RQWH&HQWUR
)HGHUDOGH(GXFDomR7HFQROyJLFD
&ULDomRGRVSULPHLURVFXUVRVSDUDPHQRUHVR&XUVRGH7UDEDOKDGRUSDUD0HQRUHV&70HR&XUVRGH3UHSDUDomR&3
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDVGD6D~GH
,QDXJXUDomRGR+RVSLWDOGDV&OtQLFDVHP6mR3DXORSRUH[LJrQFLDGD)XQGDomR5RFNIHOOHUTXH
FRQVWUXtDDpSRFDD)DFXOGDGHGH0HGLFLQDH&LUXUJLDGH6mR3DXOR,GHDOL]DGRFRPRKRVSLWDO
XQLYHUVLWiULRR+RVSLWDOGDV&OtQLFDVpRPDLRUFRPSOH[RKRVSLWDODUGD$PpULFD/DWLQDHFRQWD
KRMHFRPPpGLFRVUHVLGHQWHVUHDOL]DPLOFLUXUJLDVDQXDLVPLOK}HVGHDWHQGLPHQWRV
DPEXODWRULDLVPLOLQWHUQDo}HVSDUWRVGHDOWRULVFR)RQWH)DFXOGDGHGH0HGLFLQDGD
8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGD6RFLHGDGH%UDVLOHLUDGH3DWRORJLD&OtQLFD6HXREMHWLYRpWUDEDOKDUSHORGHVHQYROYLPHQWRGDSDWRORJLDFOtQL
FDHHVWUHLWDURUHODFLRQDPHQWRFRPRVFROHJDVGHRXWUDVHVSHFLDOLGDGHV
)RQWH6RFLHGDGH%UDVLOHLUDGH3DWRORJLD&OtQLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
3URPRomRGDSULPHLUDFRUULGDGRDOXPtQLRHPOLQJRWHVSLRQHLUDQD$PpULFD/DWLQDSHOD(OHWUR
4XtPLFD%UDVLOHLUD6$(/48,6$)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV
*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDSURGXomRGHSHUy[LGRGHKLGURJrQLRHiFLGRR[iOLFRSHOD,QG~VWULD4XtPLFD0DQWLTXHLUD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLR GD SURGXomR GH SHUy[LGR GH VRGD FiXVWLFD iFLGR FORUtGULFR H KLSRFORULWR GH VyGLR SHODV ,QG~VWULDV 4XtPLFDV
(OHWURFORUR6$
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGDGLVWULEXLomRGHDXWRPyYHLVGD6WXGHEDNHUSHOD9HtFXORVH0iTXLQDV$JUtFRODV9(0$*
)RQWH9HtFXORVH0iTXLQDV$JUtFRODV6$
3DQRUDPD1DFLRQDO
(ODERUDomRGD/HL(OHLWRUDOVREDVXSHUYLVmRGR0LQLVWUR$JDPHQRQ0DJDOKmHVTXHGHWHUPLQRXD
FRQVWLWXLomRGHSDUWLGRVGHFDUiWHUQDFLRQDORTXHURPSLDFRPDWUDGLomRUHJLRQDOLVWDGDSROtWLFD
SDUWLGiULDEUDVLOHLUD)RQWH&HQWURGH3HVTXLVDH'RFXPHQWDomRGH+LVWyULD&RQWHPSRUkQHDGR
%UDVLO)XQGDomR*HW~OLR9DUJDV
5HDOL]DomRGD&RQIHUrQFLDGDV&ODVVHV3URGXWRUDVHP7HUHVySROLV5-FRPFUtWLFDVDRLQWHUYHQFLRQLVPRHVWDWDOGH9DUJDV
HQRYDGHIHVDGROLYUHFDPELVPR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD(VFRODGH6HUYLoR6RFLDOGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
(QJHQKDULDH7HFQRORJLD
&ULDomRQR5LRGH-DQHLURGDSULPHLUDHPSUHVDGHHOHWULFLGDGHGHkPELWRIHGHUDOD&RPSDQKLD
+LGURHOpWULFDGR6mR)UDQFLVFR&+(6))RQWH&HQWUDLV(OpWULFDV%UDVLOHLUDV6$
&ULDomRGR'HSDUWDPHQWR1DFLRQDOGH(VWUDGDVH5RGDJHP'1(5
)RQWH'HSDUWDPHQWR1DFLRQDOGH(VWUDGDVH5RGDJHP
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
5HDOL]DomRGR,&RQJUHVVR%UDVLOHLURGH(VFULWRUHVQRPHVH[SUHVVLYRVGDLQWHOHFWXDOLGDGHGRSDtV
DOpPGHFRQYLGDGRVHVWUDQJHLURV$PHVDGLUHWRUDHUDFRPSRVWDHQWUHRXWURVSRU$QtEDO0DFKDGR
SUHVLGHQWH6pUJLR0LOOLHW'LRQpOLR0DFKDGR0XULOR5XELmRH-RUJH$PDGR'XUDQWHRHQFRQWUR
IRLUHGLJLGRXPPDQLIHVWRH[LJLQGRDOHJDOLGDGHGHPRFUiWLFDFRPRJDUDQWLDGDFRPSOHWDOLEHUGDGH
GHSHQVDPHQWRHDLQVWDODomRGHXPJRYHUQRHOHLWRSHORSRYRPHGLDQWHVXIUiJLRXQLYHUVDOGLUHWRH
VHFUHWR)RQWH&HQWURGH3HVTXLVDH'RFXPHQWDomRHP+LVWyULD&RQWHPSRUkQHDGR%UDVLO
&ULDomRGD(VFRODGH%LEOLRWHFRQRPLDQD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV38&
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV
&LrQFLDVGD6D~GH
([LVWrQFLDGHFHUFDGHGRLVPLOK}HVGHSHVVRDVYLQFXODGDVDRVLQVWLWXWRVSUHYLGHQFLiULRV
)RQWH0LQLVWpULRGD6D~GH
&LrQFLDV%LROyJLFDV
)XQGDomRGR/DERUDWyULR&DWDULQHQVH6$XPGRVPDLRUHVODERUDWyULRVILWRWHUiSLFRVGR%UDVLO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&LrQFLDV([DWDVHGD7HUUD
)XQGDomRGD6RFLHGDGH%UDVLOHLUDGH*HRORJLDFXMRSULQFtSLRpDSURPRomRGRSURJUHVVRHPJHR
FLrQFLDVQR%UDVLO)RQWH6RFLHGDGH%UDVLOHLUDGH*HRORJLD
&ULDomRGR,QVWLWXWRGH4XtPLFD$JUtFRODH7HFQRORJLDGD%DKLDSHOR'HFUHWRGH/HLTXHHPSDVVDDVHFKD
PDU,QVWLWXWRGH7HFQRORJLDGD%DKLDSHOD/HLGHGHPDLRGH
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,26(6,WLQKDDILQDOLGDGHGHH[HFXWDUXPWUDEDOKR
DVVLVWHQFLDOYROWDGRSDUDDLQG~VWULD)RQWH6HUYLoR6RFLDOGD,QG~VWULD
([WLQomRSHOR'HFUHWR/HLQžGR&RQVHOKR1DFLRQDOGH3ROtWLFD,QGXVWULDOH&RPHUFLDOQRJRYHUQRGH(XULFR*DVSDU
'XWUD
)RQWH%DVHGD/HJLVODomR)HGHUDOGR%UDVLO&DVD&LYLOGD3UHVLGrQFLDGD5HS~EOLFD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDGR(VWDGRGR3DUDQi),(3j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QDXJXUDomRGD(VFRODGH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GR&HDUi
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD3HWLQR5LR6DQWD%iUEDUDHP6mR*RQoDORGR5LR$EDL[R0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGHRSHUDomRGD8VLQD*DIDQKRWRQR5LR3DUiHP'LYLQySROLV0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUD
,QtFLRGDSURGXomRGHDOFDWU}HVDP{QLD%7;QDIWDOHQRVDQWUDFHQRHyOHRGHFUHRVRWRSHOD&RPSDQKLD6LGHU~UJLFD
1DFLRQDO
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,FRPDILQDOLGDGHGHUHDOL]DUXPWUDEDOKRDVVLVWHQFLDOYROWDGRSDUDDLQG~VWULD
)RQWH6HUYLoR6RFLDOGD,QG~VWULD
)XQGDomRGR&HQWURGH7HFQRORJLD(XYDOGR/RGL5-
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR&HQWURGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV&,(0*HQWLGDGHGHGLUHLWRSULYDGROLJDGDj)HGHUDomRGDV
,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV),(0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQVWUXomRGD6RFLHGDGH(VSRUWLYDH5HFUHDWLYD6DGLD²D6(56DGLD²SDUDRVIXQFLRQiULRVHVXDVIDPtOLDVLQVWLWXLomRTXH
FRPRVDQRVVHWRUQDULDXPDGDVPDLVH[SUHVVLYDVGHWRGRRLQWHULRUFDWDULQHQVH
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
3URPXOJDGDDTXDUWD&RQVWLWXLomRGD5HS~EOLFD%UDVLOHLUDHPGHVHWHPEUR
)RQWH6LQGLFDWRGRV$JHQWHV)LVFDLVGH5HQGDVGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
5HFRQKHFLPHQWRSHOD&RQVWLWXLomR)HGHUDOGDLPSRUWkQFLDGRULR6mR)UDQFLVFRLQVHULQGRQR
$WRGDV'LVSRVLo}HV7UDQVLWyULDVRDUWLJRTXHGHWHUPLQRXDH[HFXomRGHXPSODQRGHDSUR
YHLWDPHQWRGDVSRVVLELOLGDGHVHFRQ{PLFDVGHVVHULRHVHXVDIOXHQWHVHPXPSUD]RGHDQRV
DSOLFDQGRVHTXDQWLDDQXDOQmRLQIHULRUDGDUHQGDWULEXWiULDGD8QLmR)RQWH&RPSDQKLDGH
'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR
,QVWDODomRGD6RX]D&UX]HP%OXPHQDX6&TXHSDVVRXDEHQHILFLDUDVIROKDVGHIXPRSURGX]LGDVHPERDSDUWHQR
WHUULWyULRFDWDULQHQVH
)RQWH(PSUHVD6RX]D&UX]
&LrQFLDV+XPDQDVH6RFLDLV
5HFRQKHFLPHQWRSHODGH8WLOLGDGH3~EOLFDSRU'HFUHWR)HGHUDOHLQVWLWXLomRFRPRÐUJmR7pFQLFR&RQVXOWLYRGR*RYHUQR
)HGHUDOSRU'HFUHWRGHGHMXQKRGHGD$FDGHPLD%UDVLOHLUDGH0~VLFDSRU+HLWRU9LOOD/RERV'HVGHVHXVSUL
PyUGLRVMiSDVVDUDPSHOD$FDGHPLDPDLVGHDFDGrPLFRVHQWUHHOHV5DGDPpV*QDWWDOL0DUWLQ%UDXQZLHVHU-RVp
6LTXHLUD/RUHQ]R)HUQkQGH]&OiXGLR6DQWRUR/XL]+HLWRU&RUUrDGH$]HYHGR&DPDUJR*XDUQLHUL)UDQFLVFR0LJQRQH
*XHUUD3HL[H5HQDWR$OPHLGD&OHRIH3HUVRQGH0DWWRV0DULR7DYDUHVH-RVp0DULD1HYHVHQWUHRXWURV
)RQWH$FDGHPLD%UDVLOHLUDGH0~VLFD
&LrQFLDVGD6D~GH
&ULDomRGR,QVWLWXWRGH/HSURORJLDGR6HUYLoR1DFLRQDOGH/HSUDHQWmRVXERUGLQDGRDR'HSDUWDPHQWR1DFLRQDOGH6D~GH
'16+RMHpGHQRPLQDGR/DERUDWyULRGH+DQVHQtDVHGR'HSDUWDPHQWRGH0HGLFLQD7URSLFDOGR,QVWLWXWR2VZDOGR&UX]
,2&6XDFULDomRYLVDYDjFRQVWLWXLomRGHXPQ~FOHRGHHVWXGRVHSHVTXLVDVTXHVXEVLGLDVVHPDVDo}HVS~EOLFDVYROWD
GDVDRFRQWUROHHWUDWDPHQWRGDKDQVHQtDVHVXSULPLQGRDODFXQDGHL[DGDSHORHQFHUUDPHQWRGDVDWLYLGDGHVGR&HQWUR
,QWHUQDFLRQDOGH/HSUDTXHFRPRDSRLRGD/LJDGDV1Do}HVIXQFLRQRXHQWUHHQR,2&
)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&LrQFLDV([DWDVHGD7HUUD
,QFRUSRUDomRGR,QVWLWXWR$VWURQ{PLFRH*HRItVLFRj8QLYHUVLGDGHGH6mR3DXORSHOR'HFUHWR(VWDGXDOQžGH
GHGH]HPEURFRPDPHVPDGHQRPLQDomRHILQDOLGDGHVSDVVDQGRDFRQVWLWXLUXPGHVHXV,QVWLWXWRV$QH[RV
)RQWH8QLYHUVLGDGHGH6mR3DXOR,QVWLWXWRGH$VWURQRPLD*HRItVLFDH&LrQFLDV$WPRVIpULFDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGRVSULPHLURVFXUVRVGHVWLQDGRVjIRUPDomSUHJXODUGHDSUHQGL]HVLQGXVWULDLVHPLQVWD
ODo}HVDOXJDGDVGHHVFRODVSURILVVLRQDLVHVWDGXDLVDSURYHLWDQGRSURJUDPDVPpWRGRVHPDWH
ULDLVGLGiWLFRVGR&HQWUR)HUURYLiULRGH(QVLQRH6HOHomR3URILVVLRQDO)RQWH6HUYLoR1DFLRQDOGH
$SUHQGL]DJHP,QGXVWULDO
'LYHUVLILFDomRGRVSURGXWRVGDHPSUHVD$5126$SDVVDQGRDIDEULFDUSHoDVSDUDDXWRPyYHLVHSDUDSHTXHQRVHOHWUR
GRPpVWLFRV3RXFRGHSRLVFRPHoRXDSURGX]LURVSULPHLURVHOHWURGRPpVWLFRVFRPRHQFHUDGHLUDVDVSLUDGRUHVGHSyH
OLTXLGLILFDGRUHV
)RQWH$5126$
3XEOLFDomRGDHGLomRQžGD5HYLVWD6(6,1+2HGLWDGDSHOR6HUYLoR6RFLDOGD,QG~VWULD6(6,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGHRSHUDomRGD8VLQD0DUWLQVQR5LR8EHUDELQKDHP8EHUOkQGLD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH$ODJRDV),($j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)XVmRGDVHPSUHVDV&RQVWUXo}HV(OHWURPHFkQLFDV%UDVLOHLUDV/WGD,QWHUPDUHV/WGD%UDVVHOYD/WGDH6LOWH[6$VXUJLQGR
5HXQLGDVH&RPpUFLR$UQR6$8PDQRPDLVWDUGHDUD]mRVRFLDOSDVVDSDUD$5126$,QG~VWULDH&RPpUFLR
)RQWH$5126$
3XEOLFDomRGDHGLomRQžGR%ROHWLPGH,QIRUPDo}HVSHOD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)XQGDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD)DUPDFrXWLFDQR5LRGH-DQHLUR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD)DUPDFrXWLFD
,QtFLRGDSURGXomRGHIRUPROHKH[DPHWLOHQRWHWUDPLQDSHOD$OED6$$GHVLYRVH/DWLFtQLRV%UDVLO$PpULFD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,35FXMRREMHWLYRpDSUHVWDomRGHVHUYLoRVVRFLDLVGHTXDOLGDGHjFRPX
QLGDGHLQGXVWULDOTXHSRVVDPFRQWULEXLUGHFLVLYDPHQWHSDUDRIRUWDOHFLPHQWRGDLQG~VWULDHRH[HUFtFLRGHVXDUHVSRQ
VDELOLGDGHVRFLDO
)RQWH6HUYLoR6RFLDOGD,QG~VWULD
&ULDomRGR&XUVR2ILFLQDGH$OIDLDWHVQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR3DUDQi6(1$,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGDSURGXomRGHQLWURFHOXORVHGLQLWURFHOXORVHHWULQLWURFHOXVORVHSHOD&RPSDQKLD1LWUR4XtPLFD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
3DQRUDPD1DFLRQDO
&ULDomRGD8QLYHUVLGDGHGR5LR*UDQGHGR6XO)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR
(VWDGRGR5LR*UDQGHGR6XO
(VWDEHOHFLPHQWRGRDPSDURjSHVTXLVDFLHQWtILFDSHOR(VWDGRSRULQWHUPpGLRGD)XQGDomRGH$PSDURj3HVTXLVDGR
(VWDGRGH6mR3DXOR)$3(63FRQIRUPHRDUWLJRGD&RQVWLWXLomR(VWDGXDOGRDQRGHQRVPROGHVHVWDEHOHFLGRV
QHVVDOHL
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
)L[DomRSHOR'HFUHWRQžGDUHGHGHHVWDEHOHFLPHQWRGHHQVLQRDJUtFRODQRWHUULWyULRQDFLRQDOHGDGDVQRUPDV
SDUDLQVWDODomRGHHVFRODVDJUtFRODVHPUHJLPHGHDFRUGRFRPRV(VWDGRV
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
,QDXJXUDomRGR0XVHXGH$UWHGH6mR3DXOR0$63LQLFLDWLYDGH$VVLV&KDWHDXEULDQGHGRFUtWLFRGHDUWHLWDOLDQR3LHWUR
0DULD%DUGL
)RQWH0XVHXGH$UWHGH6mR3DXOR
&LrQFLDV%LROyJLFDV
&ULDomRGD&RPLVVmR([HFXWLYDGH'HIHVDGD%RUUDFKDSHOD/HLQž
)RQWH0LQLVWpULRGR0HLR$PELHQWH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGHRSHUDomRGD8VLQD-DFXWLQJDQR5LR0RJL*XDoXHP-DFXWLQJD0*)RQWH6HFUHWDULDGH
&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRQR6WXGLR3DOPDSRU/LQD%R%DUGLH*LDQFDUOR3DODQWLGHPRELOLiULRFRPSHVTXLVDGHPDWHULDLV
)RQWH2EMHWR%UDVLO
,QVWDODomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGD%DKLD),(%HVXDILOLDomRj&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6HUJLSH),1'(6j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGHRSHUDomRGD8VLQD6mR%HUQDUGRQR5LR6mR%HUQDUGRHP3LUDQJXoX0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDSURGXomRGHUHVLQDVDOTXtGLFDVPDOpLFDVHIHQyOLFDVGHDQLGULGRVPDOpLFRVHUHVLQDVGHSROLpVWHUSHOD5HVDQD6$
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR1~FOHR5HJLRQDOGR6HUYLoR6RFLDOGD,QG~VWULD6(6,HP&DPSR*UDQGH06
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGHRSHUDomRGD8VLQD5LRJUDQGHQVHVLGHU~UJLFDSLRQHLUDGR*UXSR*HUGDX
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&ULDomR GD (PSUHVD $QGUDGH *XWLHUUH] 2 *UXSR $QGUDGH *XWLHUUH] p XP GRV PDLRUHV JUXSRV SULYDGRV GD $PpULFD
/DWLQD$WXDHPFRQVWUXomRSHVDGDFRQFHVV}HVS~EOLFDVWHOHFRPXQLFDo}HVHLQYHVWLPHQWRVLPRELOLiULRV
)RQWH(PSUHVD$QGUDGH*XWLHUUH]
3DQRUDPD1DFLRQDO
&RQWUROHSHORJRYHUQREUDVLOHLURGDVLPSRUWDo}HVFRPRREMHWLYRGHUHHTXLOLEUDUDEDODQoDFRPHU
FLDOHGLILFXOWDUDHQWUDGDEHQVGHFDSLWDO)RQWH8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGR&HQWUR$FDGrPLFR0DXUtFLR&DUGRVRTXHIRLHTXLSDUDGRj8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
&ULDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/HP&DPSR*UDQGH
)RQWH,QVWLWXWR(XYDOGR/RGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
&ULDomRSHOR'HFUHWRQžGR3DUTXH1DFLRQDOGH3DXOR$IRQVR)RQWH0LQLVWpULRGD
$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&ULDomR SHOD /HL Qž GD &RPLVVmR GR 9DOH GR 6mR )UDQFLVFR TXH DWXRX GXUDQWH RV DQRV HVWDEHOHFLGRV QD
&RQVWLWXLomR
)RQWH,QVWLWXWR1DFLRQDOGH&RORQL]DomRH5HIRUPD$JUiULD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGD6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&FRPRIUXWRGHXPPR
YLPHQWRGHDILUPDomRGRSHQVDPHQWRFLHQWtILFREDVWDQWHPRWLYDGRSHODFKHJDGDDR%UDVLOGH
JUDQGHVFLHQWLVWDVHXURSHXV2IDWRUGHFLVLYRSDUDDFRQVWLWXLomRGDHQWLGDGHIRLDLQLFLDWLYDGR
HQWmR*RYHUQDGRUGH6mR3DXOR$GKHPDUGH%DUURVGHWUDQVIRUPDUXPLQVWLWXWRGHSHVTXLVDV
R%XWDQWDQ²HPXPDLQVWLWXLomRDSHQDVSURGXWRUDGHVRURVDQWLRItGLFRV3DUDID]HUIUHQWHDHVVD
LQWHUIHUrQFLDHDRXWURVSUREOHPDVVHPHOKDQWHVRVFLHQWLVWDVUHVROYHUDPFULDUXPDDVVRFLDomRSDUD
GHIHQGHURVVHXVLQWHUHVVHVH´OXWDUSHORSURJUHVVRGDFLrQFLDHPQRVVRSDtVµ)RQWH6RFLHGDGH
%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&ULDomRQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53GR&RQVHUYDWyULR0XVLFDO
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
)XQGDomRGR0XVHXGH$UWH0RGHUQD0$0GH6mR3DXOR
)RQWH0LQLVWpULRGD&XOWXUD
)XQGDomRGR7HDWUR%UDVLOHLURGH&RPpGLD7%&HP6mR3DXOR
)RQWH0LQLVWpULRGD&XOWXUD
&LrQFLDV%LROyJLFDV
&ULDomRGD)XQGDomR%UDVLOHLUDSDUDD&RQVHUYDomRGD1DWXUH]D
)RQWH,QVWLWXWR%UDVLOHLURGR0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV5HQRYiYHLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
3URGXomRGRSULPHLURPRGHORGHFDPLQKmRSHOD)iEULFD1DFLRQDOGH0RWRUHV)RQWH)HGHUDomR
GDV,QG~VWULDVGR(VWDGRGR3DUDQi
,QtFLRGDSURGXomRGHVXSHUIRVIDWRVSHOD(OHNHLUR]6$
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGDSURGXomRGHELFLFOHWDVQRSDtVSHOD&DORL
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUDQi
&ULDomRGDSULPHLUDHVFRODWpFQLFDGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,(VFROD7pFQLFD)HGHUDOGH
,QG~VWULD4XtPLFDH7r[WLO&(7,4726(1$,&(7,47pXPD8QLGDGH5HIHUrQFLDGR6LVWHPD6(1$,YROWDGDSDUDD&DGHLD
3URGXWLYD7r[WLO1DFLRQDOVHQGRR&HQWURPDLVLPSRUWDQWHGRSDtVHXPGRVPDLVGHVWDFDGRVGRPXQGRQDiUHD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR1~FOHR5HJLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR(VWDGRGR0DWR*URVVR07
)RQWH)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD%UDVLQFD6$)HUUDPHQWDV&DUURFHULDVH9HtFXORV$%UDVLQFDHUDXPDHPSUHVDTXHIDEULFDYDFDUURFHULDVSDUDFDPL
QK}HVH{QLEXVHP6mR&DHWDQRGR6XO63'D%UDVLQFDKDYLDVDtGRDFDELQHGRSULPHLURFDPLQKmREUDVLOHLURR)10´)HQHPrµ
6HXSULPHLURH~QLFRDXWRPyYHOGHSDVVHLRIRLR8LUDSXUX*7ODQoDGRHP2IRUDGHVpULHIRLGHVFRQWLQXDGRHP
FRPDSHQDVXQLGDGHVSURGX]LGDV$HPSUHVDYROWRXDVHGHGLFDUDFDUURFHULDVHFDoDPEDVGHSLFDSHV
)RQWH%UDVLQFD6$)HUUDPHQWDV&DUURFHULDVH9HtFXORV
,QtFLRGHRSHUDomRGD8VLQD3RoR)XQGRQR5LR0DFKDGRHP3RoR)XQGR0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD(PSUHVD5KRGRViGH5D\RQHP6DQWR$QGUp63SDUDSURGX]LUUDLRPYLVFRVHHD(PSUHVD'X3RQWLQDXJXURX
VXDSULPHLUDXQLGDGHGHSURGXomRHP%DUUD0DQVD5-
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
3DQRUDPD1DFLRQDO
&ULDomRGD(VFROD6XSHULRUGH*XHUUD(6*)RQWH0LQLVWpULRGD'HIHVD
5HDOL]DomRGDSULPHLUDUHXQLmRGHFLHQWLVWDVQD$PpULFD/DWLQDLQWHJUDQGRWRGRVRVFDPSRVGRFRQKHFLPHQWR,QLFLDVH
QHVVDpSRFDDWUDGLomRGHVHDGRWDUXPJUDQGHWHPDSDUDDVUHXQL}HVDQXDLV3RUVXJHVWmRGD2UJDQL]DomRGDV1Do}HV
8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2RSULPHLURHQFRQWURGLVFXWLXD´DOLPHQWDomRµ2VHJXQGRHP
&XULWLEDWHYHFRPRWHPDFHQWUDO´DLQGXVWULDOL]DomRjVPDUJHQVGDPDWDYLUJHPµMiHYLGHQFLDQGRDSUHRFXSDomRGRV
FLHQWLVWDVFRPRTXHpDWpKRMHXPDGDVPDUFDVGD6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&DEXVFDGD
GLPHQVmRVRFLDOHHFRQ{PLFDSDUDRVSUREOHPDVGDFLrQFLD
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD(VFROD7pFQLFDGH4XtPLFD,QGXVWULDOGD$VVRFLDomRGH(QVLQRGH5LEHLUmR3UHWR63
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
&LrQFLDV+XPDQDVH6RFLDLV
)XQGDomRSRU)UDQFR=DPSDULHXPJUXSRGHHPSUHViULRVGD&RPSDQKLD&LQHPDWRJUiILFD9HUD&UX]HP6mR%HUQDUGR
GR &DPSR &RQVWURHP HVW~GLRV JLJDQWHVFRV H FDURV ,PSRUWDP RV PHOKRUHV HTXLSDPHQWRV GLVSRQtYHLV QR H[WHULRU
2V HPSUHViULRV WRPDP FRPR PRGHOR R FLQHPD GH +ROO\ZRRG QRV (VWDGRV 8QLGRV ´3URGXomR %UDVLOHLUD GH 3DGUmR
,QWHUQDFLRQDOµ&RPHVWHOHPDD9HUD&UX]VHSURS}HDUHDOL]DUXPFLPHQDEUDVLOHLURHPEDVHVLQGXVWULDLV$SULPHLUD
SURGXomRGD9HUD&UX]pRILOPH´&DLoDUDµGLULJLGRSRU$GROIR&HOL
)RQWH79&XOWXUD
&LrQFLDVGD6D~GH
0RYLPHQWDomRGRVVLQGLFDWRVIRUoDQGRRJRYHUQRDUHYHUDOHJLVODomRSUHYLGHQFLiULD$PSOLRXVHFRQWLQXDPHQWHRQ~
PHURGHWUDEDOKDGRUHVHVHXVGHSHQGHQWHVFRPGLUHLWRDWUDWDPHQWRGHVD~GHILQDQFLDGRSHORVLQVWLWXWRVHFDL[DV
)RQWH0LQLVWpULRGD6D~GH
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV&%3)XPGRVLQVWLWXWRVGHSHVTXLVDGR0LQLVWpULRGD&LrQFLDH7HFQRORJLD
0&7WHQGRFRPRREMHWLYRDLQYHVWLJDomRFLHQWtILFDEiVLFDHRGHVHQYROYLPHQWRGHDWLYLGDGHVDFDGrPLFDVGHSyVJUDGX
DomRHPItVLFDWHyULFDHH[SHULPHQWDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH5HIULJHUDQWHV)RQWH0LQLVWpULRGR
'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
5HDOL]DomRGRž&XUVRGH'HVHQKR,QGXVWULDOSHOR,QVWLWXWRGH$UWH&RQWHPSRUkQHDQR0XVHXGH$UWHGH6mR3DXOR
0$63
)RQWH2EMHWR%UDVLO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD),(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QVWDODomRGHGXDVSODQWDVSURGXWRUDVGHSROLHVWLUHQRD%DNROHD.RSHUVVXSULGDVSRUHVWLUHQRLPSRUWDGR
)RQWH3HWUyOHR%UDVLOHLUR6$
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi),(&j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGDVDWLYLGDGHVGD(VFRODGH$SUHQGL]DJHPGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,3%DWXDOPHQWH
FRQKHFLGDFRPR&HQWURGH(GXFDomR3URILVVLRQDO3URIHVVRU6WHQLR/RSHVRIHUHFHQGRFXUVRVGHDSUHQGL]DJHPQDViUHDV
GHPRELOLiULRPHFkQLFDHPDQXWHQomRGHYHtFXORVDXWRPRWRUHV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD0DVFDUHQKDVGH0RUDHVQR5LR*UDQGHHP,ELUDFL0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGD)iEULFDGH&DOoDGRV/tULRGDLQG~VWULDGH&DOoDGRV6DQ0DULQR/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
$FUpVFLPRGHPDLVWUrVXQLGDGHVORFDOL]DGDVHP6DQWR$QGUp%DXUXH5LEHLUmR3UHWRQDUHGHGR'HSDUWDPHQWR5HJLRQDO
GR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63TXHMiFRQWDYDFRPHVFRODV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD-RDVDOQR5LR3DUDLEXQDHP-XL]GH)RUD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QVWDODomRGDVSULPHLUDVLQG~VWULDVDXWRPRELOtVWLFDVQR%UDVLO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
5HLQtFLRGHSURGXomRGD)iEULFDGH$OXPtQLRGH6DUDPHQKDSLRQHLUDQD$PpULFD/DWLQDHVREFRQWUROHGRJUXSRFDQD
GHQVH$/&$1HP2XUR3UHWR0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD(VFROD7pFQLFDGH,QG~VWULD4XtPLFDH7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR5LR
GH-DQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi),(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
([SDQVmRSHOR*UXSR9,*25GHVXDFDSDFLGDGHGHFROHWDGHOHLWHSRUPHLRGDFRQVWUXomRHRXDTXLVLomRGHPDLV
SRVWRVGHFROHWD(VVHSDVVRSRVVLELOLWRXjIiEULFDGH6mR3DXORDXPHQWDUVXDFDSDFLGDGHSDUDOLWURVK
)RQWH*UXSR9,*25
3DQRUDPD1DFLRQDO
$SURYDomRGRSODQR6$/7(TXHGHILQHDVPHWDVSULRULWiULDVQDViUHDVGHVD~GHDOLPHQWDomR
WUDQVSRUWHHHQHUJLDHPGHPDLR)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGHGR(VWDGRGR5LRGH-DQHLUR8(5-
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD)XQGDomRSDUDR'HVHQYROYLPHQWRGDV&LrQFLDV)81'(&
)RQWH8QLYHUVLGDGH)HGHUDOGD%DKLD
$VVLQDWXUDGHFRQYrQLRHQWUHR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HD5HSDUWLomR,QWHUQDFLRQDOGR
7UDEDOKR5,7DWXDO2UJDQL]DomR,QWHUQDFLRQDOGR7UDEDOKR2,7
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
7UDQVIRUPDomRGD8QLYHUVLGDGHGD%DKLDFULDGDHPHP8QLYHUVLGDGH)HGHUDOGD%DKLD8)%$
)RQWH8QLYHUVLGDGH)HGHUDOGD%DKLD
/DQoDPHQWRGDFDPSDQKD´2SHWUyOHRpQRVVRµTXHPRELOL]RXDRSLQLmRS~EOLFDHJDQKRXDVUXDV(VVDFDPSDQKDWLQKD
FRPRSULQFLSDOREMHWLYRDGHIHVDGRSHWUyOHRHDFULDomRGD3HWUyOHR%UDVLOHLUR6$3(752%5$6
)RQWH3HWUyOHR%UDVLOHLUR6$
&ULDomRGD(VFRODGH4XtPLFDGH6HUJLSH
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO8)5*6
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
&ULDomRGD8QLYHUVLGDGHGR'LVWULWR)HGHUDOQR5LRGH-DQHLUR
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
3ULRUL]DomRSHOR*RYHUQRGH*HW~OLR9DUJDVGRVLQYHVWLPHQWRVQRVVHWRUHVGHLQIUDHVWUXWXUD
)RQWH8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGD8QLYHUVLGDGHGR(VWDGRGR5LRGH-DQHLUR8(5-
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGD35)7XS\'LIXVRUDHP6mR3DXORSULPHLUDHPLVVRUDGHWHOHYLVmRGR%UDVLO
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGR,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD,7$GR&HQWUR7pFQLFR$HURHVSDFLDO&7$HP6mR-RVpGRV&DPSRV63
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGRVHUYLoRUiGLR,QWHULRUHQWUH5LRGH-DQHLURH$UDFDMX
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGD&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV&(0,*
)RQWH&RPLWr%UDVLOHLURGR&RQVHOKR0XQGLDOGH(QHUJLD
,QtFLRGRDSURYHLWDPHQWRHQHUJpWLFRGD%DFLDGR5LR3DUDQiHP6mR3DXOR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&LrQFLDV$JUiULDV
,QtFLRGRGHVHQYROYLPHQWRGRSULPHLURPLOKRKtEULGRFRPHUFLDOGR%UDVLOSHOD8QLYHUVLGDGH)HGHUDOGH9LoRVD
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&ULDomRGRODERUDWyULRGHSURGXomRGHYDFLQDFRQWUDDSHVWHVXtQDHP-DFDUH]LQKR35
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&LrQFLDV+XPDQDVH6RFLDLV
,QWURGXomRGRDEVWUDFLRQLVPRQR%UDVLOO$QW{QLR%DQGHLUD&tFHUR'LDVH6KHLOD%UDQQLJDQVmR
DUWLVWDVEUDVLOHLURVFRQVLGHUDGRVSLRQHLURVQRHVWLOR&RPRHOHVYmRGHSRLVSUDWLFDUDEVWUDFLRQLVPR
LQIRUPDODUWLVWDVFRPR0DQDEX0DEH<RODQGD0RKiO\L)OiYLR6KLUy:HJD1HU\HRXWURVDOpPGH
,EHUr2DEVWUDFLRQLVPRPDLVJHRPpWULFRHQFRQWUDSUDWLFDQWHVHP7RPLH2KWDNH)D\JD2VWURZHU
$UFDQJHOR,DQHOOLH6DPVRQ)OH[RUIXQGDGRUGRDWHOLr$EVWUDomRHP6mR3DXOR)RQWH0XVHXGH
$UWH0RGHUQD
&ULDomRGD)DFXOGDGHGH'LUHLWR&OyYLV%HYLOiTXDDQWHVPDQWLGDSHOD0LWUD'LRFHVDQDGH3HORWDV
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD)DFXOGDGHGH&LrQFLDV(FRQ{PLFDVQR(VWDGRGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&LrQFLDVGD6D~GH
&ULDomRGR&HQWURGH3HVTXLVDV$JJHX0DJDOKmHV&3T$0ORFDOL]DGRHP5HFLIHeXPDXQLGDGH
WpFQLFRFLHQWtILFDGD)XQGDomR2VZDOGR&UX])XQGDomR,QVWLWXWR2VZDOGR&UX]GHVGH2
&HQWURGHVHQYROYHXPWUDEDOKRVLVWHPiWLFRGHHQVLQRHSHVTXLVDHPGLYHUVRVFDPSRVGDVD~GH
S~EOLFDHQRFRPEDWHjVHQGHPLDVGD5HJLmR1RUGHVWH2&3T$0pUHIHUrQFLDHPHVTXLVWRV
VRPRVHSHOD2UJDQL]DomR0XQGLDOGH6D~GH206HHPILODULRVHSHVWHFRQWUROHGHFXOLFtGHRV
YHWRUHVHVD~GHDPELHQWDOSHOR0LQLVWpULRGD6D~GH2&HQWURHVWiGLYLGLGRHPVHLVGHSDUWDPHQ
WRV,PXQRORJLD3DUDVLWRORJLD0LFURELRORJLD(QWRPRORJLD3DWRORJLDH%LRORJLD&HOXODUH6D~GH
&ROHWLYD)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SURYDomR GD LQFRUSRUDomR SHOR JRYHUQR IHGHUDO GD )DFXOGDGH GH )DUPiFLD GH 6DQWD 0DULD j 8QLYHUVLGDGH GR 5LR
*UDQGHGR6XO85*6
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&LrQFLDV%LROyJLFDV
&ULDomRGD6RFLHGDGH%UDVLOHLUDGH%RWkQLFD)RQWH6RFLHGDGH%UDVLOHLUDGH%RWkQLFD
,QtFLRGDSURGXomRGHDQWtJHQRVSDUDRGLDJQyVWLFRGDEUXFHORVH
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
,QtFLRQR%UDVLOGRVWUDEDOKRVHPJHQpWLFDKXPDQD1DPHVPDpSRFDHVWXGRVFRPYHJHWDLVUHIRUoDUDPDWUDGLomRGD
JHQpWLFDEUDVLOHLUDHPLQHQWHPHQWHYROWDGDSDUDDDJULFXOWXUDKRMHELRWHFQRORJLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&LrQFLDV([DWDVHGD7HUUD
'HVHQYROYLPHQWRSHOR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763GHWpFQLFDVHPHWRGRORJLDV
SULQFLSDOPHQWHQDViUHDVGH*HRORJLD(QJHQKDULDH0HFkQLFDGH5RFKDVSDUDDSRLRDRVSURMHWRVGHREUDVHLQIUDHV
WUXWXUDSDUDDFRQVWUXomRGDVSULPHLUDVXVLQDVKLGUHOpWULFDVGR%UDVLO3DXOR$IRQVR,QR5LR6mR)UDQFLVFR6DOWR*UDQGH
QR5LR3DUDQDSDQHPD%DUUD%RQLWDQR5LR7LHWr/LPRHLURH(XFOLGHVGD&XQKDQR5LR3DUGR,OKD6ROWHLUDH-XSLiQR5LR
3DUDQiDRORQJRGDVGpFDGDVGHH
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR3ODQRGR&DUYmR1DFLRQDOSDUDVROXFLRQDUDFUHVFHQWHGHPDQGDGHVWHFRPEXVWtYHO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDSURGXomRGHUHFHSWRUHVGH79QR%UDVLOSHOD,QG~VWULD,QYLFWXVHP6mR3DXOR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QDXJXUDomRGD'XUDWH[6$
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDL
,QDXJXUDomRGD(XFDWH[6$,QG~VWULDH&RPpUFLR
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGD3DUDtED),(3j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
5HLQJUHVVRGR%UDVLOFRPRPHPEURGR%XUHDX,QWHUQDWLRQDOGH3HVRVH0HGLGDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUi),(3$j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD),(6&j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGDSURGXomRGDDoRVHVSHFLDLVGH,WDELUD$&(6,7$TXHHUDFRQWURODGDSHOR%DQFRGR%UDVLOHTXHSRVWHULRUPHQWH
GLUHFLRQRXVHjSURGXomRGHDoRVHVSHFLDLVFRPRREMHWLYRGHDEDVWHFHURPHUFDGRQDFLRQDO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGD&RPLVVmRGH'HVHQYROYLPHQWR,QGXVWULDO&',1R*RYHUQR9DUJDVHVVD&RPLVVmRLQFHQWLYRXDIDEULFDomRGH
DXWRPyYHLV
)RQWH8QLYHUVLGDGHGH6mR3DXOR&HQWURGH+LVWyULDGD&LrQFLD
)XQGDomR GR *UXSR (GVRQ 4XHLUR] TXH LQLFLRX D GLVWULEXLomR GH JiV EXWDQR LQWHJUDQGR RXWUDV HPSUHVDV FRPR D
7HFQRPHFkQLFD(VPDOWHF/WGD&DVFDMX$JURLQGXVWULDO6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
(QWUDGDGHQRYDVHVFRODV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HPDWLYLGDGHQDFDSLWDOGH6mR3DXOR
%DLUURGD/DSDHP&DPSLQDVH6mR&DUORV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFRQKHFLPHQWRRILFLDOSHOD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,GD)HGHUDomR1DFLRQDOGDV,QG~VWULDVGR(VWDGR
GH6DQWD&DWDULQD),(6&
)RQWH)HGHUDomR1DFLRQDOGD,QG~VWULDGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD'LYLVmRGH(QJHQKDULD0HFkQLFDSHOR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763
TXHFRPRXWUDVGLYLV}HVWRUQDVHXPFHQWURGHUHIHUrQFLDQDFLRQDOSDUDRGHVHQYROYLPHQWRGHLQG~VWULDGHPDWHULDLVH
SURGXWRVPHWDO~UJLFRVHFHUkPLFRVEHPFRPRSDUDDFULDomRGHSHoDVHFRPSRQHQWHVPHFkQLFRVDOpPGHDWXDUFRPR
VXSRUWHWHFQROyJLFRSDUDRGHVHQYROYLPHQWRGDLQG~VWULDDXWRPRELOtVWLFD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,QtFLRGDIDEULFDomRGHFKDSDVGHILEUDGHPDGHLUDQD(XFDWH[DPSOLDQGRSRVWHULRUPHQWHVXDOLQKDSDUDSDLQpLVLQGXVWULDLV
)RQWH$VVRFLDomR%UDVLOHLUDGH0yYHLV
3DUWLFLSDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QRSURJUDPDGHDVVLVWrQFLDWpFQLFDDRVSDtVHVGD
$PpULFD/DWLQD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
,QtFLRGRSURFHVVRGHVXEVWLWXLomRGHLPSRUWDo}HVTXHDWLQJLXDVLQG~VWULDVGHEHQVGHFRQVXPRGXUiYHODXWRPyYHLVHOHWUR
GRPpVWLFRVEHQVGHFDSLWDOPiTXLQDVHTXLSDPHQWRVHEHQVLQWHUPHGLiULRVVLGHUXUJLDSURGXWRVTXtPLFRVERUUDFKDSDSHO
HFHOXORVH$LPSODQWDomRGHVVDVLQG~VWULDVVHGHXHPJUDQGHSDUWHPHGLDQWHLQYHVWLPHQWRVGRFDSLWDOHVWUDQJHLUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGH6DQWD&DWDULQD),(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGH6DQWD&DWDULQD
)XQGDomRGD&RPSDQKLD)DEULFDGRUDGH3HoDV&2)$3SHORHPSUHViULR$EUDKDP.DVLQVNL
)RQWH&RPSDQKLD)DEULFDGRUDGH3HoDV
,QtFLRGDSURGXomRGH39&SHOD*HRQGR%UDVLOHPDVVRFLDomRFRPD%)*RRGULFK
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGDSURGXomRGHGLy[LGRVGHWLWkQLRSHOD&RPSDQKLD4XtPLFD,QGXVWULDO&,/
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
'HVLJQDomRGR'HSDUWDPHQWR5HJLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63SDUD
SURPRYHUDIRUPDomRSURILVVLRQDOSDUDDLQG~VWULDQRV(VWDGRVGH*RLiV0DWR*URVVRHQRWHUULWyULRGH*XDSRUpDWXDO
5RQG{QLD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
&ULDomRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRFRPRQRPH
&RQVHOKR1DFLRQDOGH3HVTXLVDV&13TSHOD/HLGHGHMDQHLURSDUDFRRUGHQDUHHVWL
PXODUDSHVTXLVDFLHQWtILFDQR%UDVLO6XDRULJHPUHPRQWDDRSyVJXHUUDTXDQGRQD2UJDQL]DomR
GDV1Do}HV8QLGDVGiVHLQtFLRDXPDUHHVWUXWXUDomRGDSROtWLFDLQWHUQDFLRQDOTXHHQWUHRXWUDV
Do}HVVXJHULDDFULDomRGHFRQVHOKRVGHSHVTXLVDHPYiULRVSDtVHV)RQWH&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGHXPPXVHXGHRFHDQRJUDILDHHVWDomRGHELRORJLDPDULQKDQD%DtDGD*XDQDEDUD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
/DQoDPHQWRQR*RYHUQR9DUJDVGRSODQRTLQTHQDOFRQKHFLGRWDPEpPSRU3ODQR/DIHUFRPLQYHVWLPHQWRQRYDORU
GH86ELOKmR)XQGDPHQWDYDVHQRDSRLRGRFDSLWDOHVWUDQJHLURSDUDLQYHVWLPHQWRVQDLQG~VWULDGHEDVHWUDQVSRUWH
HHQHUJLD
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD(VFROD3ROLWpFQLFDGR(VStULWR6DQWRHPGHVHWHPEUR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
)RUPDomR GD &RPLVVmR 0LVWD %UDVLO(VWDGRV 8QLGRV &0%(8 TXH UHXQLX WpFQLFRV GRV GRLV SDtVHV SDUD UHDOL]DU XP
GLDJQyVWLFRGDHFRQRPLDEUDVLOHLUDHIRUPXODUSURMHWRVYLVDQGRDRILQDQFLDPHQWRSHOR%DQFR0XQGLDOHSHOR([LPEDQN
(VWDGRV8QLGRV$FRPLVVmRIXQFLRQRXDWpWHQGRSURGX]LGRSURMHWRVVREUHWXGRQDiUHDGRVWUDQVSRUWHVHGD
HQHUJLDHOpWULFD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)XQGDomR GD 8QLYHUVLGDGH &DWyOLFD GH 3HUQDPEXFR 8QLGDGHV LQFRUSRUDGDV )DFXOGDGH GH )LORVRILD &LrQFLDV H /HWUDV
0DQRHOGD1yEUHJDIXQGDGDSHORV-HVXtWDVGR5HFLIHHPGHDEULOGH)DFXOGDGHGH&RPpUFLRH(FRQRPLDGH
3HUQDPEXFRIXQGDGDHPHD(VFROD3ROLWpFQLFDGH3HUQDPEXFRIXQGDGDHP
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
(QJHQKDULDH7HFQRORJLD
&ULDomRQR,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD,7$GDPRGDOLGDGHGH(QJHQKDULD(OHWU{QLFD
DSULPHLUDQR%UDVLO)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGRSURJUDPDGHGHVHQYROYLPHQWRQDFLRQDOQRVHWRUGDHQHUJLDQXFOHDUFRPR$OPLUDQWHÉOYDUR$OEHUWR3UHVLGHQWH
GR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLRQR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763GRSULPHLURGHVHQYROYLPHQWRGHDWLYLGDGHV
QDiUHDGHHQULTXHFLPHQWRLVRWySLFRSRUPHLRGDLQVWDODomRGHXOWUDFHQWUtIXJDVDGTXLULGDVSHOR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
'HVLJQDomRGRVSURIHVVRUHV)UDQFLVFRGH$VVLV0DJDOKmHV*RPHV(GXDUGR6FKPLGW0RQWHLURGH&DVWURH'U'RPtFLRGH
)LJXHLUHGR0XUWDSDUDFRQVWLWXLUD&RPLVVmR7pFQLFDGR(VWDGRGH0LQDV*HUDLVGHVWLQDGDDFRRSHUDUFRPR&RQVHOKR
1DFLRQDOGH3HVTXLVDVQDORFDOL]DomRQRHVWXGRHQDFULDomRGHXP&HQWUR1XFOHDUSHOR*RYHUQDGRU-XVFHOLQR.XELWVFKHN
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
$SURYDomRGD/HLTXHFRQWpPDVSULPHLUDVGHILQLo}HVGDSROtWLFDHVWDWDOSDUDDiUHDQXFOHDUTXDLVVHMDPLQFHQ
WLYRjSURVSHFomRHSHVTXLVDGHUHVHUYDVGHPDWHULDLVDSURSULDGRVDRDSURYHLWDPHQWRGDHQHUJLDDW{PLFDHDGRomRGH
PHGLGDVQHFHVViULDVjLQGXVWULDOL]DomRGDHQHUJLDDW{PLFDLQFOXLQGRRWUDWDPHQWRGHPLQpULRVSDUWLFXODUPHQWHXUkQLR
WyULRHVHXVFRPSRVWRV
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLRGHHQWHQGLPHQWRVSDUDDDTXLVLomRGHXPVLFURFLFORWRQSDUDR&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDVGLULJLGRSHOR
SURIHVVRU&pVDU/DWWHV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGDVHJXQGDHPLVVRUDGR%UDVLOD797XSLGR5LRGH-DQHLUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
)XQGDomRGD&RPSDQKLD7HOHI{QLFDGR(VStULWR6DQWRHPGHDJRVWR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QtFLRGDQXFOHDomRDUWLILFLDOQR(VWDGRGR&HDUiSRU-RmR5DPRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&LrQFLDV$JUiULDV
7UDQVIRUPDomRSHOD/HLQžGD&DL[DGH&UpGLWR&RRSHUDWLYRHP%DQFR1DFLRQDOGH&UpGLWR
&RRSHUDWLYR)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&ULDomRGHPDQHLUDSLRQHLUDQRRHVWH&DWDULQHQVHGDLQWHJUDomRYHUWLFDOQDVXLQRFXOWXUDTXHPDLVWDUGHYHLRDVHFKD
PDU)RPHQWR$JURSHFXiULR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,PSODQWDomRGRVLVWHPDGHSUHYHQomRjHQWUDGDGRFDQFURFtWULFRHP0LQDV*HUDLV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGDVSULPHLUDVFRO{QLDVDJUtFRODVGH5RUDLPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR)XQGRGH3HVTXLVDSDUDSURPRYHUHDPSOLDUDVSHVTXLVDVFLHQWtILFDVGR,QVWLWXWR$JURQ{PLFRSHOD/HL
GHGHRXWXEUR
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGD&DPSDQKD1DFLRQDOGH$SHUIHLoRDPHQWRGR(QVLQR6XSHULRUGHSRLVWUDQVIRUPDGDQD
&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRUKRMH)XQGDomR&RRUGHQDomRGH
$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6FRPRSURSyVLWRGHDSRLDUDIRUPDomRGH
UHFXUVRVKXPDQRVHPWRGDVDViUHDVGRFRQKHFLPHQWR)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
,QVWDODomRGD)DFXOGDGHGH'LUHLWRGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomR GD %LHQDO ,QWHUQDFLRQDO GH 6mR 3DXOR SHOD LQLFLDWLYD GR LQGXVWULDO )UDQFLVFR 0DWDUD]]R 6REULQKR D H[SRVLomR
FRORFDRSDtVHPVLQWRQLDFRPDDUWHLQWHUQDFLRQDO$VHJXQGD%LHQDOWUD]REUDVGRFXELVPRIUDQFrVIXWXULVPRLWDOLDQR
FRQVWUXWLYLVWDVGD6XtoD$OHPDQKD+RODQGDH$UJHQWLQDDEVWUDWRVIUDQFHVHVHQRUWHDPHULFDQRVDOpPGDFRQVDJUDGD
*XHUQLFDGH3DEOR3LFDVVR
)RQWH0XVHXGH$UWH0RGHUQD
&ULDomRGR,QVWLWXWR%UDVLOHLURGH(FRQRPLD,%5(SHUWHQFHQWHj)XQGDomR*HW~OLR9DUJDVTXHVHUiDXQLGDGHUHVSRQVi
YHOSHOROHYDQWDPHQWRGRVGDGRVTXHVHUYHPGHEDVHSDUDRFiOFXORGRVtQGLFHVGHSUHoRVPDLVXWLOL]DGRVQR%UDVLO
)RQWH)XQGDomR*HW~OLR9DUJDV
&ULDomRGD)DFXOGDGH&DWyOLFDGH)LORVRILDGH6HUJLSH
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
)XQGDomRSHOR'HFUHWR/HLQžGR,QVWLWXWRGH3VLTXLDWULDGD8QLYHUVLGDGHGR%UDVLO²,38%,QFRUSRUDGRj8QLYHUVLGDGH
GR%UDVLOIRLRPDLVDQWLJR+RVSLWDO8QLYHUVLWiULR3~EOLFR)HGHUDOGR%UDVLOFRPRKHUGHLURGR+RVSLWDO1DFLRQDOVHGHGD
8QLYHUVLGDGHGR%UDVLODSULPHLUDGRSDtV
)RQWH0LQLVWpULRGD(GXFDomR
&LrQFLDV%LROyJLFDV
7RPDGDVPHGLGDVLQLFLDLVSDUDDFULDomRGHXPPXVHXGHRFHDQRJUDILDHGHXPDHVWDomRGH
ELRORJLDPDULQKDQD%DtDGH*XDQDEDUD)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
H7HFQROyJLFR
5HDOL]DomRGDVSULPHLUDVSHVTXLVDVSDUDYLDELOL]DUDIDEULFDomRGHFHOXORVHDSDUWLUGDPDGHLUDGHHXFDOLSWRSHOD&RPSDQKLD
6X]DQRGH3DSHOH&HOXORVH(PDHPSUHVDSURGX]LULDGHFHOXORVHGRHXFDOLSWR
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR,QVWLWXWRGH)tVLFD7HyULFD,)7HP6mR3DXOR)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLRGHHVWXGRVSDUDDFULDomRQR5LRGH-DQHLURGR,QVWLWXWR1DFLRQDOGH(OHWU{QLFDHSDUDDLQVWDODomRGHXPDHVWDomR
H[SHULPHQWDOSDUDREVHUYDomRGHUDLRVFyVPLFRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$SURYDomRGRSODQRGHSURVSHFo}HVHSHVTXLVDVGHGHSyVLWRVXUDQtIHURVHWRUtIHURVHODERUDGRSHOR6HWRUGH3HVTXLVDV
*HROyJLFDVGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THSHOR'HSDUWDPHQWR1DFLRQDOGH
3URGXomR0LQHUDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(ODERUDomRGHSURMHWRSDUDROHYDQWDPHQWRDHURJHROyJLFRQDIDL[DOLWRUkQHDGR5LRGH-DQHLUR(VStULWR6DQWRH%DKLD
SDUDDGHWHUPLQDomRGHFRQFHQWUDo}HVGHPRQD]LWD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HDOL]DomRGRSULPHLURHVWXGRVREUHFRUURVmRVREWHQVmR
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
$VVXPLGRSHORJRYHUQREUDVLOHLURRFRQWUROHGHILQLWLYRGR6LVWHPD2SHUDFLRQDOGD&RPSDQKLD9DOH
GR5LR'RFH&95')RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
$EHUWXUDGDSULPHLUDHVFRODGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,2FRPSOH[RFDSL[DEDQDVFHXHP
XPJDOSmRFHGLGRSHOD&RPSDQKLD9DOHGR5LR'RFHXPGRVSULPHLURVSDUFHLURVGDHQWLGDGH$(VFRODGH$SUHQGL]DJHP
3HGUR1RODVFRIXQFLRQDYDHP3RUWR9HOKRPXQLFtSLRGH&DULDFLFDFRPRVFXUVRVGHPDUFHQDULDHPHFkQLFD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
/LPLWDomR SHOR JRYHUQR GH FRQFHVVmR GH OLFHQoDV GH LPSRUWDomR GH SHoDV DXWRPRWLYDV FRP VLPLODUHV IDEULFDGRV QR
%UDVLOFRPRREMHWLYRGHSURPRYHURGHVHQYROYLPHQWRLQGXVWULDOEUDVLOHLUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
2EULJDWRULHGDGHGHLQGLFDomRGDTXDQWLGDGHGHSURGXWRFRPHUFLDOL]DGRHPHPEDODJHPODFUDGD
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV),(*HPGHPDUoR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR5HJLRQDOGH*RLiVHPGHPDUoR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
)XQGDomRGD:KHDWRQGR%UDVLOTXHVHFDUDFWHUL]DSHODIDEULFDomRHPDOWDYHORFLGDGHGHHPEDODJHQVSDUDDLQG~VWULD
IDUPDFrXWLFDHGHFRVPpWLFRV
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
&RQVWUXomRGDž(VFRODGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,0*HPSDUFHULDFRPXPDHPSUHVD
&RPSDQKLD6LGHU~UJLFD%HOJR0LQHLUD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomRGD&RPSDQKLD6LGHU~UJLFD0DQQHVPDQQHP%HOR+RUL]RQWH0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWUDGDHPDWLYLGDGHGHQRYDVHVFRODVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP6mR&DHWDQRGR6XO
0DUtOLDH$QiSROLV*2
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
&ULDomRGR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFR%1'(KRMHFRPR´6µGHVRFLDO
%1'(6SRU5REHUWR&DPSRVDVVHVVRUHFRQ{PLFRGH*HW~OLR9DUJDV)RQWH)XQGDomR*HW~OLR9DUJDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD&RPLVVmRGH([SRUWDomRGH0DWHULDLV(VWUDWpJLFRV&(0(MXQWRDR0LQLVWpULRGDV5HODo}HV([WHULRUHV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGD8QLYHUVLGDGH0DFNHQ]LH80HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
$GRomRSHOD6XSHULQWHQGrQFLDGD0RHGDHGR&UpGLWR6802&GRVLVWHPDGHWD[DVP~OWLSODVGHFkPELRSDUDWHQWDU
UHVWDXUDUDVH[SRUWDo}HVEUDVLOHLUDVGDQGROKHVFRPSHWLWLYLGDGHLQWHUQDFLRQDO
)RQWH8QLYHUVLGDGHGH6mR3DXOR
'HVLJQDomRGHXPDFRPLVVmRSDUDRUJDQL]DUSURMHWRGHGLUHWUL]HVSDUDLQFUHPHQWRGDVSHVTXLVDVQDVXQLYHUVLGDGHV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD&RPLVVmRGH([SRUWDomRGH0DWHULDLV(VWUDWpJLFRV&(0(SHOR'HFUHWR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWURGH)RUPDomR3URILVVLRQDO*XVWDYR3DLYD
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGDSULPHLUD(VFROD6XSHULRUGH&LrQFLDV'RPpVWLFDVGR%UDVLOQD8QLYHUVLGDGH)HGHUDOGH9LoRVD
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&ULDomRGR%DQFRGR1RUGHVWHGR%UDVLO%1%SHOD/HL)HGHUDOGHGHMXOKR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
(ODERUDomRGHSURMHWRSDUDDFULDomRGDFDUUHLUDGHSHVTXLVDGRU
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(QJHQKDULDH7HFQRORJLD
&ULDomRGR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35DWXDO&HQWURGH'HVHQYROYLPHQWRGD
7HFQRORJLD1XFOHDU&'71SRUDFRUGRGD(VFRODGH(QJHQKDULDGD8QLYHUVLGDGH)HGHUDOGH
0LQDV*HUDLV8)0*FRPR&RQVHOKR1DFLRQDOGH3HVTXLVDV)RQWH)XQGDomRGH$PSDURj
3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35KRMHGHQRPLQDGR&HQWURGH'HVHQYROYLPHQWRGD7HFQRORJLD1XFOHDU
)RQWH,QVWLWXWRGH(QHUJLD$W{PLFD,($
,QtFLRGRGHVHQYROYLPHQWRGR&RQYHUWLSODQR+HOLFRQDLU+&XPDDHURQDYHGHGHFRODJHPYHUWLFDOPRQRPRWRUFRP
TXDWURURWRUHVFXMRVHL[RVEDVFXODYDPFRQYHUWHQGRVHHPDYLmRFRQYHQFLRQDO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
)LUPDGRDFRUGRFRPR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXORTXHFRQFHGHDX[tOLRSDUDDLQVWDODomR
QHVVHHVWDEHOHFLPHQWRGHXPODERUDWyULRSDUDHQVDLRVGHPRGHORVGHHPEDUFDo}HV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGHXPDFRPLVVmRSDUDFRRUGHQDUD
iUHDQXFOHDUQR%UDVLO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGDV&HQWUDLV(OpWULFDVGH0LQDV*HUDLV&(0,*
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDVDWLYLGDGHVGR6HWRUGH3HVTXLVDV7HFQROyJLFDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
7RPDGDVPHGLGDVSDUDLQLFLDURDSURYHLWDPHQWRGRVPLQpULRVXUDQtIHURVWHQGRHPYLVWDRDSURYLVLRQDPHQWRHPFRP
EXVWtYHODW{PLFRGHIXWXURVUHDWRUHVQXFOHDUHV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(QFRPHQGDGRXPVLQFURFLFORWURQGHSROHJDGDVQRV(VWDGRV8QLGRVSDUDWUHLQDPHQWRGHSHVVRDOHLQLFLDGDDFRQV
WUXomRQR%UDVLOGHRXWURGHSROHJDGDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$VVLQDWXUDGHGRLVDFRUGRVFRPRV(VWDGRV8QLGRVSDUDIRUQHFLPHQWRGHPDWHULDLVQXFOHDUHVFRPSDJDPHQWRHP
GyODUHWULJR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&LrQFLDV$JUiULDV
&ULDomRSHOD/HLQžGHGHGH]HPEURGR,QVWLWXWR%UDVLOHLURGR&DIp&RPDVXDFULDomRWHPVHDSURPRomR
GHSHVTXLVDVHH[SHULPHQWDo}HVQRFDPSRGDDJURQRPLDHGHWHFQRORJLDGRFDIpFRPRILPGHEDUDWHDURVHXFXVWR
DXPHQWDUDSURGXomRSRUFDIHHLURHPHOKRUDUDTXDOLGDGHGRSURGXWR
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
3URGXomRSHORHVW~GLR0XOWLILOPHVGRSULPHLURILOPHEUDVLOHLURHPFRUHV´2&DQJDFHLURµpXPD
DGDSWDomRGRIDURHVWHDPHULFDQRjFXOWXUDQDFLRQDO*DQKRXRSUrPLRGHPHOKRUILOPHGHDYHQWX
UDVQR)HVWLYDOGH&DQQHV)RQWH0LQLVWpULRGD&XOWXUD
5HDOL]DomRGR,&RQJUHVVRGH&LQHPDFRPRREMHWLYRGHFRQKHFHUSUREOHPDVGRFLQHPDEUDVLOHLURHDSRQWDUVROXo}HV
QRVHQWLGRGDFRQTXLVWDGRPHUFDGRLQWHUQRGHGHQXQFLDURVPHFDQLVPRVGHGRPLQDomRHVWUDQJHLUDGHHVWXGDUQRYDV
IRUPDVGHSURGXomRDUWHVDQDOTXHGLVSHQVDVVHPRVJUDQGHVHVW~GLRVHRDSDUDWRWpFQLFRGDSURGXomRHVWUDQJHLUDGH
SUHJDURFRQWH~GRQDFLRQDODVVLPFRPRRSWDUSRUWHPDVQDFLRQDLVQRVILOPHV
)RQWH0LQLVWpULRGD&XOWXUD
)XQGDomRGD)DFXOGDGHGH'LUHLWRGH0DWR*URVVR
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
)XQGDomRGRHVW~GLRSDXOLVWD0XOWLILOPHV
)RQWH0LQLVWpULRGD&XOWXUD
&ULDomRGD(VFROD%UDVLOHLUDGH$GPLQLVWUDomR3~EOLFD(%$3SHUWHQFHQWHj)XQGDomR*HW~OLR9DUJDVDSULPHLUDHVFROD
GHDGPLQLVWUDomRGD$PpULFDGR6XO
)RQWH)XQGDomR*HW~OLR9DUJDV
&LrQFLDVGD6D~GH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$,QRYDomRQRWUDWDPHQWRSVLTXLiWULFRGHGRHQWHVPHQWDLVSHODPpGLFDSVLTXLDWUD1LVHGD6LOYHLUDUHFXSHUDQGRVXDV
H[SUHVV}HVLQFRQVFLHQWHVSRUPHLRGDSLQWXUDHGDDUWH)RLXPDGDVSULPHLUDVDSHUFHEHUTXHWHUDSLDRFXSDFLRQDOSRGHULD
YLUDUPpWRGRGHWUDWDPHQWR(ODIXQGDQHVWHDQRQRVXE~UELRGH(QJHQKRGH'HQWURQR5LRR0XVHXGDV,PDJHQVGR
,QFRQVFLHQWHTXHKRMHUH~QHREUDVWRGDVUHDOL]DGDVSRUSDFLHQWHV
)RQWH0XVHXGDV,PDJHQVGR,QFRQVFLHQWH
&LrQFLDV%LROyJLFDV
&ULDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$SHOR'HFUHWRGHGHRXWXEUR&RPVHGHHP
0DQDXVR,13$pXPGRVJUDQGHVFHQWURVPXQGLDLVGHELRORJLDWURSLFDOTXHYLVDjFRQVHUYDomRGDQDWXUH]DHDRGHVHQ
YROYLPHQWRVXVWHQWiYHO)RLRVHJXQGRLQVWLWXWRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR,QVWLWXWRGH0DWHPiWLFD3XUDH$SOLFDGD,03$HPGHRXWXEUR2,03$IRLRSULPHLUR
LQVWLWXWRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THGHGLFDVHj
SHVTXLVDHPYiULDViUHDVGDPDWHPiWLFDYLVDQGRDGLIXQGLUHDDSULPRUDUDFXOWXUDGHVVDFLrQFLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HDOL]DomRGHWUDEDOKRVGHSHVTXLVDHSURVSHFomRHPFRRSHUDomRFRPR'HSDUWDPHQWR1DFLRQDOGH3URGXomR0LQHUDO
GR0LQLVWpULRGD$JULFXOWXUDHFRPR,QVWLWXWRGH7HFQRORJLD,QGXVWULDOGH%HOR+RUL]RQWHSDUDDORFDOL]DomRGHMD]LGDV
GHPLQHUDLVUDGLRDWLYRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&RQFHVVmRGHDX[tOLRDR2EVHUYDWyULR1DFLRQDOSDUDDDTXLVLomRGHPRGHUQRVHTXLSDPHQWRVSDUDRVHUYLoRGDKRUDHSDUD
ROHYDQWDPHQWRGDFDUWDJHRPDJQpWLFDGR%UDVLO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD3HWUyOHR%UDVLOHLUR6$3(752%5$6)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR5HJLRQDOGR0DUDQKmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD,QG~VWULDGH)HUWLOL]DQWHV0LQDV*HUDLV6$)(57,6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
)XQGDomRGD&RPSDQKLD6LGHU~UJLFD3DLQVQR0XQLFtSLRGH'LYLQySROLV0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
$VVXPLGDLQWHJUDOPHQWHSHOD6DGLDDQRYDHPSUHVD0RLQKRGD/DSD6$
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
$PSOLDomRGD&RPSDQKLD6LGHU~UJLFD%HOJR0LQHLUDUHSUHVHQWDQGRDSDUWLFLSDomRGR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR
(FRQ{PLFRH6RFLDO%1'(6QDHYROXomRGDVLGHUXUJLDQDFLRQDOFRPHIHWLYRVHVIRUoRVHUHFXUVRV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
3URLELomRGDLPSRUWDomRGHYHtFXORVPRQWDGRV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR1RUWH),(51
)RQWH&HQWURGH7HFQRORJLDVGR*iV
,QVWDODomRGD,QG~VWULDV5RPL6$(PD5RPLWHYHVXDSURGXomRGHVDWLYDGD
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH$XWRSHoDV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGHIXQFLRQDPHQWRGD(VFRODGH6mR/XtVFRPRVFXUVRVGH$SUHQGL]DJHPQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP
,QGXVWULDOGR0DUDQKmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGD:LOO\V2YHUODQGGR%UDVLO
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
([SRUWDomRGRPRGHOR´6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOµ6(1$,SDUD&RO{PELDH9HQH]XHOD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRSRUXPJUXSRGHHPSUHViULRVGH-XL]GH)RUD0*GRV0RLQKRV9HUD&UX]DWXDQGRDWpKRMHQRUDPRGD
LQG~VWULDGHWULJRHGHULYDGRV$SULPHLUDXQLGDGHPRDJHLUDHP-XL]GH)RUDLQLFLRXVXDVDWLYLGDGHVHPFRPFDSD
FLGDGHGHSURGXomRGHWRQHODGDVSRUGLDHFRPVLORVSDUDPLOWRQHODGDVGHJUmRV
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH$OLPHQWDomR
&RQVWLWXLomRGD&RPSDQKLD%UDVLOHLUDGH(VWLUHQR&%(HPGHPDLRTXHLQLFLRXVXDVDWLYLGDGHVLQGXVWULDLVHPGH
RXWXEURGH
)RQWH&RPSDQKLD%UDVLOHLUDGH(VWLUHQR
)XQGDomRHP0DGXUHLUD(VWDGRGR5LRGH-DQHLURGDIiEULFDGHELVFRLWRV3LUDTXr(PpODQoDGRRELVFRLWRUROD
GLQKRGHJRLDEDSURGXWRPDLVYHQGLGRGDHPSUHVDDWpKRMH
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QGXVWULDVGH$OLPHQWDomR
&ULDomRGR6HUYLoRGH$GDSWDomR3URILVVLRQDOGH&HJRVSHOD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR'HSDUWDPHQWR5HJLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GD3DUDtEDFRPVHGHQD
FLGDGHGH&DPSLQD*UDQGH3%
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD/*3+,/,36'LVSOD\VHPSUHVDGR*UXSR3KLOLSV&RPHoRXVXDSURGXomRORFDOGHYLGURSDUDDSDUHOKRVGH79
SUHWRHEUDQFR'RLVDQRVGHSRLVFRPHoDDSURGXomRORFDOGHYiOYXODVFRPSRQHQWHVGHYLGURSDUDOkPSDGDVHOkP
SDGDVLQFDQGHVFHQWHV(PLQLFLDDSURGXomRGHOkPSDGDVIOXRUHVFHQWHVHGHFLQHVFySLRVWXERVGHLPDJHPSDUD
DSDUHOKRVGH79SUHWRHEUDQFR
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
&ULDomRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,*2
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
3DQRUDPD1DFLRQDO
&ULDomRGD6HomRGH%ROVDVGH(VWXGRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH
7HFQROyJLFR&13T)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD)XQGDomR&LGDGHGR5LR*UDQGHTXHIXQGRXD(VFRODGH(QJHQKDULD,QGXVWULD((,
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD8QLYHUVLGDGH&DWyOLFDGH3HWUySROLV8&3QR5LRGH-DQHLUR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGR6DJUDGR&RUDomR86&HP%DXUX63
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomR GR ,QVWLWXWR GH 3HVTXLVDV 5DGLRDWLYDV QD (VFROD GH (QJHQKDULD GD 8QLYHUVLGDGH )HGHUDO GH 0LQDV *HUDLV 8)0*
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,GHDOL]DomRGD&RPSDQKLD6LGHU~UJLFD3DXOLVWD&26,3$
)RQWH)XQGDomR*HW~OLR9DUJDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
&RQWUDWRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TFRPD
6RFLHWpGHV3URGXLWV&KLPLTXHVGHV7HUUHV5DUHVGD)UDQoDSDUDSURPRYHUHVWXGRVVREUHPL
QpULRVDW{PLFRVHLQVWDODomRGHXPDXVLQDDW{PLFDSLORWRQR%UDVLO)RQWH&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
&ULDomRGR,QVWLWXWRGH7HFQRORJLDGR(VStULWR6DQWR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
,QDXJXUDomRGD(VFRODGH(QJHQKDULDGH6mR&DUORVGD8QLYHUVLGDGHGH6mR3DXOR863FULDGDHPLQLFLDQGRR
SURFHVVRGHGHVHQYROYLPHQWRWHFQROyJLFRTXHFXOPLQDULDFRPDIRUPDomRGRSyORWHFQROyJLFRGH6mR&DUORV63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD)XUQDV&HQWUDLV(OpWULFDV6$HPSUHVDTXHDWXDQDViUHDVGHJHUDomRWUDQVPLVVmRHFRPHUFLDOL]DomRGHHQHU
JLDHOpWULFDDGPLQLVWUDGDLQGLUHWDPHQWHSHORJRYHUQRIHGHUDOYLQFXODGDDR0LQLVWpULRGH0LQDVH(QHUJLDHFRQWURODGD
SHODV&HQWUDLV(OpWULFDV%UDVLOHLUDV6$(/(752%5É6
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
)XQGDomRGD&RPSDQKLD7HOHI{QLFDGH0LQDV*HUDLV
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
5HDOL]DomRGRSULPHLURHQVDLRGHSHUGDGHiJXDVRESUHVVmRHPIXURGHVRQGDJHPGDQGRDVSULPHLUDVFRQWULEXLo}HVDR
DYDQoRGDiUHDGHKLGURJHRWHFQLDQR%UDVLO
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
$SURYDomRGRUHJXODPHQWRSDUDDILVFDOL]DomRGRFRPpUFLRGHDGXERVFRUUHWLYRVHRXWURVIHUWLOL
]DQWHVGHVWLQDGRVjDJULFXOWXUDSHOR'HFUHWRQž)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH
$EDVWHFLPHQWR
&ULDomRSHOR'HFUHWR/HLQžGHQRYRVyUJmRVQR0LQLVWpULRGD$JULFXOWXUD&HQWUR1DFLRQDOGH(QVLQRH3HVTXLVDV
$SURYDomR GR UHJXODPHQWR SDUD D ILVFDOL]DomR GR FRPpUFLR GH DGXERV FRUUHWLYRV H RXWURV IHUWLOL]DQWHV GHVWLQDGRV j
DJULFXOWXUDSHOR'HFUHWRQž
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
)DOrQFLDGD&RPSDQKLD&LQHPDWRJUiILFD9HUD&UX]DSyVVHLVDQRVGHIXQFLRQDPHQWR
)RQWH0LQLVWpULRGD&XOWXUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
,QtFLRGDSURGXomRQRODERUDWyULRGD'LYLVmRGH3URGXomRGR7HUULWyULR)HGHUDOGR5LR%UDQFRDWXDO
(VWDGRGH5RUDLPDGDYDFLQDDQWLUiELFD)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH5RUDLPD²55
0XGDQoDGDGHQRPLQDomRGR,QVWLWXWR4XtPLFR%LROyJLFRYROWDQGRDGHQRPLQDUVH,QVWLWXWR(]HTXLHO'LDVHSDVVDQGR
SDUDD6HFUHWDULDGH6D~GHH$VVLVWrQFLD
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&LrQFLDV%LROyJLFDV
5HDOL]DomRGDSULPHLUDSHVTXLVDHPHFRORJLDQR$UUDLDOGR&DERFRPRXPGRVSURMHWRVGR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T,QLFLDGRHPFRP
DSRLRGD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2R
SURMHWRIRLGHSRLVHQFDPSDGRSHOR&13T7DOSURMHWRTXHVHHVWHQGHXDRORQJRGDGpFDGDGH
HUHXQLXERWkQLFRV]RyORJRVHDQWURSyORJRVGR0XVHX1DFLRQDOWLQKDFRPRREMHWLYRHVWXGDUR
LPSDFWRDPELHQWDOFDXVDGRSHODFRQVWUXomRHP$UUDLDOGR&DERQRUWHIOXPLQHQVHGDLQG~VWULDTXt
PLFDÉOFDOLV$VWUDQVIRUPDo}HVTXHVRIUHULDDVRFLHGDGHGHSHVFDGRUHVFDELVWDVFRQVLGHUDGDXPD
GDVPDLVDQWLJDVHWUDGLFLRQDLVGRSDtVHUDPXPGRVSULQFLSDLVDOYRVGRSURMHWR)RQWH&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&LrQFLDV([DWDVHGD7HUUD
'HVFREULPHQWRSRUJHyORJRQRUWHDPHULFDQRGHRFRUUrQFLDGHWyULRHWHUUDVUDUDVQRPRUURGH
)HUURHP3RoRVGH&DOGDV0*)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&RQWUDWRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TFRPD6RFLHWpGHV3URGXLWV&KLPLTXHV
GHV7HUUHV5DUHV)UDQoDSDUDSURPRYHUHVWXGRVVREUHPLQpULRVDW{PLFRVHLQVWDODomRGHXPDXVLQDDW{PLFDSLORWRQR
%UDVLO
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
6XUJLPHQWRGRODPLQDGRPHODPtQLFRQR%UDVLOHFRPHOHDIRUPDomRGD&RPSDQKLD4XtPLFD
,QGXVWULDOGH/DPLQDGRV)RUPLSODF)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH0RELOLiULR
$ELPyYHO
&ULDomRGD&RPLVVmRGH,QG~VWULDV3HWURTXtPLFDV
)RQWH)XQGDomR*HW~OLR9DUJDV
,QtFLRGDSURGXomRGHVXOIHWRGHVyGLRSHOD,QG~VWULDV5HXQLGDV)UDQFLVFR0DWDUD]]R
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR5HJLRQDOGH6DQWD&DWDULQD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QDXJXUDomRGD5HPDQ5HILQDULDGH3HWUyOHRGR$PD]RQDVDWXDOPHQWH5HILQDULD,VDDF6DEEi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&ULDomRGDSULPHLUDLQG~VWULDQDFLRQDOGHDOXPtQLRSHUWHQFHQWHDRJUXSR9RWRUDQWLP
)RQWH)XQGDomR*HW~OLR9DUJDV
&ULDomRRILFLDOGHXPDXQLGDGHGR6HUYLoR6RFLDOGD,QGXVWULD,6(6,HP6DQWD&DWDULQD
)RQWH6HUYLoR6RFLDOGD,QG~VWULD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR1RUWH),(51j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,$QFKLHWDHP6mR3DXORQREDLUUR
9LOD0DULDQD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3LDXt),(3HP3DUQDtED
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
0XGDQoDGD&RQVWUXWRUD1RUEHUWR2GHEUHFKWFpOXODPDWHUGD2UJDQL]DomR2GHEUHFKWSDUDVRFLHGDGHDQ{QLPD$FRQV
WUXWRUDVHUHVSRQVDELOL]DULDSHODFRQVWUXomRGR(GLItFLR6HGHGD3HWUyOHR%UDVLOHLUR6$3(752%5$6QR5LRGH-DQHLUR
GD8VLQD1XFOHDUGH$QJUDGRV5HLVHSHORFDPSXVGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLURGHQWUHRXWUDVREUDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGD%DKLD
&ULDomRRILFLDOGR'HSDUWDPHQWRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,TXHIRLLPSODQWDGRHP6DQWD&DWDULQD6&
)RQWH6HUYLoR6RFLDOGD,QG~VWULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD0HWURSROLWDQ9LFNHUVGR%UDVLOSURGXWRUDGHPDWHULDOIHUURYLiULRQD&LGDGH,QGXVWULDOGH&RQWDJHP0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGRV&HQWURVGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH7XEDUmRH-RLQYLOOH6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGDVLQVWDODo}HVLQGXVWULDLVGD&RPSDQKLD6LGHU~UJLFD0DQQHVPDQQ
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
3DQRUDPD1DFLRQDO
)XQGDomRGR,QVWLWXWR%UDVLOHLURGH%LEOLRJUDILDH'RFXPHQWDomR,%%'YLQFXODGRDR&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TSHOR'HFUHWR)RQWH
,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
)XQGDomRGD8QLYHUVLGDGH)HGHUDOGR&HDUi8)&SHOD/HL)HGHUDOGHGHGH]HPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&ULDomRGD8QLYHUVLGDGHGR(VStULWR6DQWR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomRGR&DPSRGH3URYDVGH&DFKLPERDOWHUDGRSDUD&DPSRGH3URYDV%ULJDGHLUR9HOORVR&3%9HP
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
(QJHQKDULDH7HFQRORJLD
,QtFLRGDRSHUDomRGD8VLQD7HUPHOpWULFD3LUDWLQLQJDDyOHRFRPEXVWtYHOSULPHLUDWHUPHOpWULFDGH
JUDQGHSRUWHGR%UDVLO)RQWH&HQWUDLV(OpWULFDVGR%UDVLO6$
&ULDomRGD&RPSDQKLD3DUDQDHQVHGH(QHUJLDSRUPHLRGR'HFUHWRGHGHRXWXEURSHORJRYHUQRHVWDGXDO
)RQWH3$5$1$7(&
'HILQLomRSHOD/HLGHTXHR,QVWLWXWR7HFQROyJLFRGD$HURQiXWLFD,7$WRUQDVHyUJmRGHHQVLQRVXSHULRUGR
&RPDQGRGD$HURQiXWLFD
)RQWH,QVWLWXWR7HFQROyJLFRGD$HURQiXWLFD
&ULDomRGR,QVWLWXWRGH3HVTXLVDH'HVHQYROYLPHQWR,3'GR&HQWUR7HFQROyJLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
)XQGDomRGD&RPSDQKLDGH7HOHIRQHVGR%UDVLO&HQWUDO7LQKDFRPRREMHWLYRSULQFLSDOLQWHUOLJDU8EHUOkQFLDQR7ULkQJXOR
0LQHLURDRUHVWRGRSDtVSRUPHLRGDWHOHIRQLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGRSULPHLURFXUVRGH(QJHQKDULD1XFOHDUQD8QLYHUVLGDGHGR5LRGH-DQHLUR
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD&HQWURGH*HVWmRH(VWXGRV(VWUDWpJLFRV
,QDXJXUDomRGD8VLQD+LGUHOpWULFD5LR&DVWD,,
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
&ULDomRGR,QVWLWXWR1DFLRQDOGH,PLJUDomRH&RORQL]DomRSHOD/HLQž
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
,PSODQWDomRGR&DWiORJR&ROHWLYR1DFLRQDO&&1SHOR,QVWLWXWR%UDVLOHLURGH%LEOLRJUDILDH'RFXPHQWDomR,%%'DXWR
PDWL]DGRHPHTXHLQFRUSRURXRFDWiORJRFROHWLYRGHPRQRJUDILDVGD)XQGDomR*HW~OLR9DUJDV)*9
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD6HFUHWDULDGH(GXFDomRGR(VWDGRGR3LDXt
)RQWH6HFUHWDULDGD(GXFDomR
)XQGDomRGR,QVWLWXWR%UDVLOHLURGH%LEOLRJUDILDH'RFXPHQWDomR,%%'YLQFXODGRDR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13TSHOR'HFUHWR
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&LrQFLDVGD6D~GH
,QVWLWXLomRSHOD/HLQžGD&DPSDQKD1DFLRQDOFRQWUDD(VTXLVWRVVRPRVH
)RQWH)XQGDomR1DFLRQDOGH6D~GH
&LrQFLDV([DWDVHGD7HUUD
/RFDOL]DomRGDMD]LGDGHXUkQLRQDVHUUDGH-DFRELQDQD%DKLD)RQWH&RPLVVmR1DFLRQDOGH
(QHUJLD1XFOHDU
,QGLFDomRGH3RoRVGH&DOGDV0*SDUDVHGHGDSULPHLUDXVLQDGHWUDWDPHQWRGHPLQpULRVXUDQtIHURVHSURGXomRGHXUkQLR
PHWiOLFRQR%UDVLO
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDIDEULFDomRGR5RPL,VHWWDSULPHLURYHtFXORDXWRPRWRUEUDVLOHLUR)RQWH6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDSURGXomRGHFDUEHWRGHFiOFLRSHODV,QG~VWULDV5HXQLGDV)UDQFLVFR0DWDUD]]R
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGDSURGXomRGHiFLGRDFpWLFRDFHWDWRVDQLGULGRVDFpWLFRSROLDPLGDHiOFRROLVRSURStOLFRSHOD5KRGLD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFR6RFLDO
)XQGDomRGDV&HQWUDLV(OpWULFDVGH6DQWD&DWDULQD6$&(/(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3LDXt),(3,j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomR GR &HQWUR GH $SHUIHLoRDPHQWR H 3HVTXLVDV GH 3HWUyOHR &(1$3 R HPEULmR GR DWXDO &HQWUR GH 3HVTXLVDV H
'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,QDXJXUDomRGD5HILQDULD3UHVLGHQWH$UWXU%HUQDUGHVMXQWRGD8VLQDGD/LJKWQDUDL]GD6HUUDXPPDUFRGHFLVL
YRQDHYROXomRGDFLGDGH&XEDWmRGHXPVLPSOHVYLODUHMRSDVVRXDDJORPHUDGRLQGXVWULDO)RLWDODLPSRUWkQFLD
GD5HILQDULDHLQG~VWULDVGHULYDGDVWDQWRVRERSRQWRGHYLVWDGHLQYHVWLPHQWRGHYDORUGHSURGXomRHGHPmR
GHREUDTXHDVLQG~VWULDVMiH[LVWHQWHVSDVVDUDPDWHULPSRUWkQFLDVHFXQGiULD3ULPHLUDUHILQDULDFRQVWUXtGDSHOD
3HWUyOHRGR%UDVLOHLUR6$3HWUREUDV
)RQWH3HWUyOHRGR%UDVLOHLUR6$
,QtFLRGDSURGXomREUDVLOHLUDGHDXWRPyYHLV
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
,QtFLRGDSURGXomRGHQHJURGHIXPRSHOD&RPSDQKLD3HWURTXtPLFD%UDVLOHLUDKRMHGHQRPLQDGD&RSHEUiV
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
7UDQVIRUPDomRGD'LVWULEXLGRUDGH$XWRPyYHLV6WXGHEDNHUHP9HtFXORVH0iTXLQDV$JUtFRODV6$9(0$*
)RQWH9HtFXORVH0iTXLQDV$JUtFRODV6$
,QtFLRGDSURGXomRGHDQLOLQDiFLGRIyUPLFRHIRUPLDWRVSHODHPSUHVD$QLOLQDV+RODQGHVDVGR%UDVLO
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRGD6DGLD6$7UDQVSRUWHV$pUHRVSDUDRWUDQVSRUWHGHFDUJDSDUDRJUXSR6DGLDTXHHPPXGDVXD
UD]mRVRFLDOSDUD7UDQV%UDVLO6$/LQKDV$pUHDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QDXJXUDo}HVGDVHPSUHVDV0LWVXL7RVKLEDH'HOOH$OWKHPHP0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR&HQWURGDV,QG~VWULDVGDV&LGDGHV,QGXVWULDLVGH0LQDV*HUDLV&,&,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,HGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR
5HJLRQDOGR3LDXtHP3DUQDtED
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomRGD&RPSDQKLD%UDVLOHLUDGH0HWDOXUJLDH0LQHUDomR&%00HPSUHVDGHGLFDGDjH[WUDomRPLQHUDODWXDQGR
HP$UD[i0*QRSURFHVVDPHQWRIDEULFDomRHFRPHUFLDOL]DomRGHSURGXWRVjEDVHGHQLyELR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomR GR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, 'HSDUWDPHQWR 5HJLRQDO GR &HDUi $ HQWLGDGH p
YLQFXODGDj)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH&HDUi),(&TXHGHVHQYROYHFRPSHWrQFLDQRXVRGHQRYRVUHFXUVRV
WHFQROyJLFRVHPHWRGRORJLDVHGXFDFLRQDLVOLGHUDQGRDGLIXVmRGRFRQKHFLPHQWRMXQWRjVRUJDQL]Do}HVFHDUHQVHVVHPSUH
YLVDQGRDRFUHVFLPHQWRVXVWHQWiYHOGDUHJLmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD$/&20,1$6IDEULFDQWHGHDOXPtQLRHP0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGD&RPSDQKLDGH&LPHQWR3RUWODQG&DXr6$QD&LGDGH,QGXVWULDOGH&RQWDJHP0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR5HJLRQDOGR(VStULWR6DQWRHPGHPDLR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWURGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP%OXPHQDX6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGDIiEULFDGD5&$9LFWRUQD&LGDGH,QGXVWULDOGH&RQWDJHP0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
3DQRUDPD1DFLRQDO
&ULDomRGR,QVWLWXWR6XSHULRUGH(VWXGRV%UDVLOHLURVSHOR'HFUHWRQžFRPRyUJmRGR0LQLVWpULRGD
(GXFDomRH&XOWXUD2JUXSRGHLQWHOHFWXDLVTXHRFULRXWLQKDFRPRREMHWLYRVRHVWXGRRHQVLQRHDGLYXO
JDomRGDVFLrQFLDVVRFLDLVFXMRVGDGRVHFDWHJRULDVVHULDPDSOLFDGRVjDQiOLVHHjFRPSUHHQVmRFUtWLFDGD
UHDOLGDGHEUDVLOHLUDHGHYHULDPSHUPLWLURLQFHQWLYRHDSURPRomRGRGHVHQYROYLPHQWRQDFLRQDO2,6(%IRLXP
GRVFHQWURVPDLVLPSRUWDQWHVGHHODERUDomRWHyULFDGHXPSURMHWRTXHILFRXFRQKHFLGRFRPR´QDFLRQDOGH
VHQYROYLPHQWLVWDµ6HXVRVSULQFLSDLVIRUPXODGRUHVIRUDP+pOLR-DJXDULEH*XHUUHLUR5DPRV&kQGLGR0HQGHV
GH$OPHLGDÉOYDUR9LHLUD3LQWRH1HOVRQ:HUQHFN6RGUp)RQWH&HQWURGH3HVTXLVDH+LVWyULD&RQWHPSRUkQHD
GD)XQGDomR*HW~OLR9DUJDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SURYDomRGRHVWDWXWRGDV)DFXOGDGHV&DPSLQHLUDVTXHUHFHEHPDHTXLSDUDomRFRPD8QLYHUVLGDGHGH&DPSLQDVSHOR
'HFUHWRGHGHGH]HPEUR
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV
&ULDomRGD8QLYHUVLGDGHGD3DUDtEDSHOD/HL(VWDGXDOGHGHGH]HPEUR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&ULDomRGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV38&
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
(QJHQKDULDH7HFQRORJLD
$XWRUL]DomRGRIXQFLRQDPHQWRGD(VFRODGH(QJHQKDULD,QGXVWULDOQD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QDXJXUDomRGDVXVLQDVKLGUHOpWULFDVGH7URQTXHLUDV,WXWLQJDH3LDXGD&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV&(0,*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGDSULPHLUDKLGUHOpWULFDGR1RUGHVWHD3DXOR$IRQVR,GD&RPSDQKLD+LGUHOpWULFDGR6mR)UDQFLVFR&+(6)
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV$JUiULDV
$SURYDomRGRUHJXODPHQWRGRVQRYRVFXUUtFXORVGR(QVLQR$JUtFRODSHUPLWLQGRDPSODDUWLFXODomRFRPRHQVLQRVHFXQ
GiULRHHVFRODVVXSHULRUHV
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
/DQoDPHQWRGRILOPH´5LR*UDXVµGLULJLGRSRU1HOVRQ3HUHLUDGRV6DQWRVFRQVLGHUDGRRSULPHL
URILOPHGRFKDPDGR&LQHPD1RYRGR%UDVLO)RQWH0LQLVWpULRGD&XOWXUD
3XEOLFDomR GD SULPHLUD ELEOLRJUDILD EUDVLOHLUD LPSUHVVD QD iUHD GH )tVLFD SHOR ,QVWLWXWR %UDVLOHLUR GH %LEOLRJUDILD H
'RFXPHQWDomR,%%',QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&LrQFLDVGD6D~GH
&ULDomRGR&HQWURGH3HVTXLVDV5HQp5DFKRXYROWDGRSDUDSHVTXLVDVELROyJLFDVHP%HOR
+RUL]RQWH0*)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
&LrQFLDV%LROyJLFDV
&ULDomRGD6RFLHGDGH%UDVLOHLUDGH6LOYLFXOWXUD6%6FRPRREMHWLYRGHFRQJUHJDUWRGDVDV
HPSUHVDVHLQVWLWXLo}HVGHGLFDGDVjVXVWHQWDELOLGDGHGDVIORUHVWDVEUDVLOHLUDV)RQWH,QVWLWXWRGH
3HVTXLVDVH(VWXGRV)ORUHVWDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DUWLFLSDomRGRODERUDWyULR(OL/LOO\GR%UDVLOQDGHVFREHUWDHIDEULFDomRGDSULPHLUDYDFLQDFRQWUD3ROLRPLHOLWH
)RQWH(PSUHVDV(OL/LOO\GR%UDVLO
&ULDomRGD6RFLHGDGH%UDVLOHLUDGH*HQpWLFD
)RQWH6RFLHGDGH%UDVLOHLUDGH*HQpWLFD
&ULDomRHP%HOpPGR0XVHX3DUDHQVH(PtOLR*RHOGLQRILQDOGRVpFXOR;,;TXHWHPFRPRPLVVmRDSHVTXLVDHDSUH
VHUYDomRGHDFHUYRVQDWXUDLVHFXOWXUDLVGD$PD]{QLD1RPHVPRDQRSDVVRXDVHUVXERUGLQDGRDR,QVWLWXWR1DFLRQDO
GH3HVTXLVDVGD$PD]{QLD,13$7RUQRXVHLQVWLWXLomRDXW{QRPDYLQFXODGDDR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13THP
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR)XQGRGH3HVTXLVDVGR,QVWLWXWRGH%LRORJLDH3HVTXLVDV7HFQROyJLFDV,%37SHOD/HLGHGHPDUoR
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&LrQFLDV([DWDVHGD7HUUD
3XEOLFDomRGDSULPHLUDELEOLRJUDILDEUDVLOHLUDLPSUHVVDQDiUHDGH)tVLFDSHOR,QVWLWXWR%UDVLOHLUR
GH%LEOLRJUDILDH'RFXPHQWDomR,%%',QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,%,&7)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$VVLQDWXUDSRUPHLRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THR,WDPDUDW\GHGRLV
DFRUGRVFRPRV(VWDGRV8QLGRVREMHWLYDQGR3URJUDPD&RQMXQWRGH&RRSHUDomRSDUD5HFRQKHFLPHQWRGRV5HFXUVRVGH
3URVSHFomRGH8UkQLRQR%UDVLO3&&558H1HJRFLDomRGHXPUHDWRUGHSHVTXLVD
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGD&RPLVVmRGH(QHUJLD$W{PLFD&($
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
3DUWLFLSDomRDWLYDGR%UDVLOQD&RQIHUrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFDSDUDILQVSDFtILFRVUHDOL]DGDHP*HQHEUD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
0DUFRKLVWyULFR,,
2SHUtRGRGHVHQYROYLPHQWLVWD
2VFDU6/RUHQ]R)HUQDQGH]
1mRVHSRGHHQWHQGHURSHUtRGRGHVHQYROYLPHQWLVWDVHPVHFRQVLGHUDUTXHD'HSUHVVmR
GRVDQRVHD*XHUUDUHYHODUDPEUXWDOPHQWHDRSDtVVXDVHQRUPHVYXOQHUDELOLGDGHV
LQWHUQDVHH[WHUQDVFDUrQFLDVHOLPLWDo}HV$VGHILFLrQFLDVHVWUXWXUDLVHUDPGHWDORUGHP
TXHWUrV0LVV}HVDPHULFDQDVYLHUDPDRSDtVD~OWLPDHPHQRJRYHUQR9DUJDV
VHIRUPDULDD&RPLVVmR0LVWD%UDVLO(VWDGRV8QLGRVTXHVHWUDQVIRUPRXHP
PLQXFLRVDFRQFHSomRGHFRQMXQWRRJUDQGHQ~PHURGHHVWXGRVHDQiOLVHVVREUHGHIL
FLrQFLDV ODFXQDV H HVWUDQJXODPHQWRV GD HFRQRPLD EUDVLOHLUD TXH FRQVWLWXLULD R SRQWR
GHSDUWLGDSDUDR3URJUDPDGH0HWDV(UDPJUDQGHVDVIUXVWUDo}HVSRUTXHRSDtVKDYLD
IHLWRDVXDSDUWHQD*XHUUDFRPJUDQGHVDFULItFLRGHVGHRFRPHoRFRQWULEXLQGRFRP
PDWpULDVSULPDVFUtWLFDVDEDVHGD´SRQWHDpUHDµGR1RUGHVWHSDUDDVRSHUDo}HVPLOLWD
UHVQR1RUWHGDÉIULFDH6XOGD(XURSDHD)(%HQmRUHFHEHXDDMXGDGLVSHQVDGDDWp
DRVLQLPLJRV
$RPHVPRWHPSRHUDUHDODPRELOL]DomRGRVHVStULWRV'HVGHD´&DUWDGD3D]6RFLDOµHOD
ERUDGDSHORVUHSUHVHQWDQWHVGDVFODVVHVSURGXWRUDVQDKLVWyULFDUHXQLmRGH7HUHVySROLV
GHDGHPDLRGHRVGHEDWHVHQWUH´QDFLRQDOLVWDVµH´OLEHUDLVµVREUHRVUXPRV
SURSRVWRVSDUDDHFRQRPLDEUDVLOHLUDGHSRLVGD*XHUUDVHDODVWUDUDPSHORVPHLRVLQ
WHOHFWXDLVHSROtWLFRV(PERUDR*RYHUQR'XWUDKRXYHVVHIRUPXODGRHPR3ODQR
6$/7(VD~GHDOLPHQWDomRWUDQVSRUWHVHHQHUJLDTXHQmRWHYHLPSDFWRR´GHVHQYRO
YLPHQWLVPRµ FRPHoD GH IDWR QR VHJXQGR JRYHUQR 9DUJDV GH PDQHLUD DLQGD
QmRVLVWHPiWLFDPDVFRPXPD$VVHVVRULD(FRQ{PLFDQRWiYHOGLULJLGDSHORHFRQRPLVWD
5{PXORGD$OPHLGDTXHSURPRYHXXPDVpULHGHLQLFLDWLYDVLPSRUWDQWHVHVSHFLDOPHQWH
HP PDWpULD GH HOHWULILFDomR H GH SHWUyOHR 2 JUDQGH WHyULFR VHULD 5REHUWR &DPSRV D
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
TXHPVHGHYHXDSULQFLSDOFRQWULEXLomRSDUDRSURMHWRGR%1'(GRTXDOVHWRUQRXGLUHWRUHFRQ{PLFR(PR
%DQFRHD&RPLVVmR(FRQ{PLFDSDUDD$PpULFD/DWLQD&(3$/³FRP53UHELVKH&HOVR)XUWDGRXPQRWiYHOFHQWUR
GHSHQVDPHQWRQmRRUWRGR[R³IRUPDUDP*UXSR0LVWRGH(VWXGRV%1'(&(3$/VRE&HOVR)XUWDGRFXMR´(VERoR
GHXPSURJUDPDGHGHVHQYROYLPHQWRSDUDDHFRQRPLDEUDVLOHLUDSHUtRGRGHµYLULDDFRQVWLWXLUDEDVHWHy
ULFDGR3URJUDPDGH0HWDVGRJRYHUQR-XVFHOLQR.XELWVFKHN
2 3URJUDPD GH 0HWDV GH - .XELWVFKHN IRL XP UDUR FDVR GH r[LWR SDUD LQLFLDWLYDV JRYHUQDPHQWDLV GHVVD GLPHQVmR
HDEUDQJrQFLDDHQRUPHH[SDQVmRLQGXVWULDOGHEDVHHPDLVHVSHFLILFDPHQWHRHOHYDGRFUHVFLPHQWRHFRQ{PLFR
7HQKDVHHPFRQWDFRPRDVFRQGLo}HVGRSDtVHUDPSULPLWLYDVHPHPPLOK}HVGHKDELWDQWHVYLYLDP
QRFDPSRHHUDPDQDOIDEHWRV2GHVHPSHQKRGR3URJUDPDIRLH[WUDRUGLQiULRR3,%FUHVFHXDRDQRGH
DSHUFDSLWDRGREURGDFLIUDSUHYLVWDDSURSRUomRGDLQG~VWULDQR3,%HOHYRXVHGHHP
SDUDHP(VVHQFLDOPHQWHVHJXLDWUrVSULQFLSDLVOLQKDVGHDomRDHOLPLQDomRGHSRQWRVGHHVWUDQJXODPHQ
WRGDHFRQRPLDMiUD]RDYHOPHQWHHTXDFLRQDGRVGHSRLVGRVWUDEDOKRVGD&RPLVVVmR0LVWD%UDVLO(VWDGRV8QLGRVH
GR*UXSR%1'(&(3$/DFDQDOL]DomRGHUHFXUVRVDWUDYpVGR(VWDGRSDUDRVVHWRUHVHREUDVHPTXHLVVRIRVVH
PDLVDSURSULDGRSUHYLDVHTXHHVWHHQWUDULDFRPFHUFDGHGRVGHVHPEROVRVHRHVWtPXORDRVLQYHVWLPHQWRV
SULYDGRVQDFLRQDLVHHVWUDQJHLURV3UHYLDLQYHVWLPHQWRVFRUUHVSRQGHQWHVDGR3,%EUDVLOHLURHPVHQGR
DSDUFHODGHSURGXomRQDFLRQDOGHGHVWHHDLPSRUWDGDHTXLYDOHQWHDYH]RYDORUDQXDOGDVH[SRUWDo}HV
GRSDtV&RPEDVHHPXPFUHVFLPHQWRGHDRDQRRPRQWDQWHWRWDOGR3URJUDPDQmRFKHJDULDDGRYDORU
DFXPXODGRGR3,%HP
1HPWRGDVDV0HWDVIRUDPDWLQJLGDV&DUYmRPLQHUDOIHUURYLDVUHILQRGHSHWUyOHRHDOLPHQWRVILFDUDPDEDL[RGRSUR
SRVWR0DVDFRQVWUXomRHSDYLPHQWDomRGHURGRYLDVHQHUJLDHOpWULFDSHWUyOHRVLGHUXUJLDFLPHQWRFDUURVHFDPL
QK}HVRXWURVVHWRUHVGHEDVHVXSHUDUDPDVPHWDVHIRUDPEDVWDQWHjIUHQWH(R3URJUDPDFRPSRUWRXULVFRVXQV
GRPRQWDQWHJOREDOH[FHGLDPDVSRVVLELOLGDGHVGDVIRQWHVHVWLPDGDVDPDLRUGLILFXOGDGHFRPRVHULDGHVXSRU
VHORFDOL]DQGRVHQRVHWRUH[WHUQRRQGHGDVQHFHVVLGDGHVGHLPSRUWDomRQmRGLVSXQKDGHFREHUWXUDGHILQLGD
7DOYH]RVPDLVYDOLRVRVGRVUHVXOWDGRVWHQKDPVLGRRRWLPLVPRHDFRQILDQoDQDVSRVVLELOLGDGHVGRGHVHQYROYLPHQWR
DPXOWLSOLFDomRGDVLQLFLDWLYDVHPSUHVDULDLVRDXPHQWRGRHPSUHJRHGDUHQGD³DGHPRQVWUDomRGDFDSDFLGDGHGH
ID]HUGREUDVLOHLUR
-XVFHOLQRFRPROKHFKDPDYDRSRYRSHUVRQDOLGDGHDPHQDHOKDQDSRVVXtDXPDGHWHUPLQDomRWUDQTLODVLQJHOD
TXDVHLQJrQXDQDPDQXWHQomRGRVUXPRVGDV0HWDV'RPHVPRHVWLORMiKDYLDGDGRH[HPSORQRJRYHUQRGH0LQDV
*HUDLVTXDQGRFRQWUDWRGDVDVLURQLDVGRVDGYHUViULRVWUDGLFLRQDLVVHJXLXILUPHPHQWHRVHXSURJUDPDGR%LQ{PLR
(QHUJLDH7UDQVSRUWHVHFRQWUDWRGRVRVKiELWRVSROtWLFRVHQUDL]DGRVUHDOL]RXRTXHSURS{V1DH[HFXomRGR3URJUDPD
GH0HWDVHPERUDDFRPSDQKDQGRPXLWRGHSHUWRRTXHVHID]LDQXQFDLQWHUIHULXQDVGHFLV}HVWpFQLFDVQHPDFHLWRX
SUHVV}HVSROtWLFDV$V0HWDVHD0HWD6tQWHVHDFRQVWUXomRGDQRYDFDSLWDOFRUUHVSRQGHUDPUHDOPHQWHDGHFLV}HV
QmRDMRJRGHFHQDRXD´IDFWyLGHVµ(VXDH[WUDRUGLQiULDYLVmRLDPXLWRDOpPGDVIURQWHLUDVHPMXOKRGHHP
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
FDUWDDR3UHVLGHQWH(LVHQKRZHUODQoRXD2SHUDomR3DQDPHULFDQDSURSRQGRXPSURJUDPDGHGHVHQYROYLPHQWRSDUD
DUHJLmR³DQWHVGDYLWyULDGD5HYROXomR&XEDQDTXHVHGDULDHP
8PSRUPHQRUSRXFRFRQKHFLGRpTXHGHQWURGDV0HWDVKRXYHSUHRFXSDomRFRPGHVHQYROYLPHQWRWHFQROyJLFRLQFOX
VLYHFRPILQDQFLDPHQWRGHSURMHWRVSLORWRSURFHVVRHOHWUROtWLFRSDUDRPLQpULRGH]LQFRVLOLFDWDGRGH0LQDVDYDOLDomR
FRPSHWLWLYDGHWUrVSURFHVVRVGLVWLQWRVGHERUUDFKDVLQWpWLFDHVWXGRVSDUDDH[WUDomRGHVDOPDULQKRSDUDIDEULFDomR
GHiOFDOLVHSURPRomRGRXVRGHFHOXORVHGHILEUDVFXUWDV
2VFDU6/RUHQ]R)HUQDQGH]²(PEDL[DGRU([6HFUHWiULRGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
([6HFUHWiULR([HFXWLYRGR0LQLVWpULRGD,QG~VWULDHGR&RPpUFLR([0HPEURGR&RQVHOKRGH'HVHQYROYLPHQWRGD3UHVLGrQFLDGD5HS~EOLFDIRL
XPGRVFRRUGHQDGRUHVGR3URJUDPDGH0HWDVGRJRYHUQR-XVFHOLQR.XELWVFKHN
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDSURGXomRGR/SULPHLURYHtFXORQDFLRQDOFRPPRWRUDGLHVHOSHOD0HUFHGHV%HQ]
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUDQi
&ULDomRGD$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV$1)$9($
)RQWHVVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
,QtFLRGHRSHUDomRGD8VLQD6XPLGRXURQR5LR6DFUDPHQWRHP%RP-HVXVGR*DOKR0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGD8QLGDGHGH(QVLQRGH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,3%
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomRQDFLGDGHGH6HDUD(VWDGRGH6DQWD&DWDULQDGDHPSUHVD6HDUDGRVHJPHQWRGHDYHVHFDUQHVSURFHVVDGDV
+RMHFRQKHFLGDFRPR6HDUD$OLPHQWRV6$
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QGXVWULDVGH$OLPHQWDomR
,QtFLRGHRSHUDomRGD8VLQDGH6DOWR*UDQGHQRV5LRV6DQWR$QW{QLRH*XDQKmHVHP%UD~QDV0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD&RPSDQKLD6LGHU~UJLFD3DXOLVWD&26,3$
)RQWH%DQFRGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGD8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$8VLPLQDVFRPFDSLWDOHVWDWDOHSULYDGR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD'RFROHP-DUDJXiGR6XOHPSUHVDTXHFRPHoRXDVVXDVDWLYLGDGHVLQGXVWULDLVIDEULFDQGRDUWLJRVGHQWiULRV
HYiOYXODVGHVXFomR
)RQWH(PSUHVD'RFRO
$TXLVLomRSHOD&RPSDQKLDGH$oRV(VSHFLDLV,WDELUD$&(6,7$GHHTXLSDPHQWRVHXURSHXVSDUDWULSOLFDUDSURGXomR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
1RYDGHQRPLQDomRGD)iEULFD(VFRODGH/DWLFtQLRV´&kQGLGR7RVWHVµ)(/&7SDUD,QVWLWXWRGH/DWLFtQLRV´&kQGLGR7RVWHVµ
SHOD/HLQžTXHLQWHJUDDHVWUXWXUDGD6HFUHWDULDGH(VWDGRGD$JULFXOWXUDGH0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDLPSODQWDomRQD(PSUHVD5KRGLDGD8QLGDGH4XtPLFDGH3DXOtQLDHP6mR3DXOR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QWUDGDQRPHUFDGRGRSULPHLURYHtFXORFRPPRWRUQDFLRQDOXPFDPLQKmR0HUFHGHV%HQ]FRPPRWRUDGLHVHO
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR),(6j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
3DQRUDPD1DFLRQDO
/DQoDPHQWRSHOR3UHVLGHQWH-XVFHOLQR.XELWVFKHNGRSODQRGHGHVHQYROYLPHQWRDQRVHP
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
,QtFLRGR&XUVRGH*UDGXDomRHP(QJHQKDULD0HFkQLFDH4XtPLFD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR8)53(SHOD/HLGHGHQRYHPEURWHQGRFRPRSULPHLUR
UHLWRURSURIHVVRU0DQRHO5RGULJXHV)LOKR
)RQWH8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR
,PSODQWDomRGR´3ODQRGH0HWDVµSULPHLUDH[SHULrQFLDEUDVLOHLUDGHSURJUDPDomRGDVDo}HVGHXPJRYHUQRFHQWUDO
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
(QJHQKDULDH7HFQRORJLD
$SUHVHQWDomRSRU(OLViULR7iYRUDDR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGRUHODWyULR
GR3URJUDPD&RQMXQWRGH&RRSHUDomRSDUD5HFRQKHFLPHQWRGRV5HFXUVRVGH3URVSHFomRGH8UkQLRQR%UDVLO
)RQWH)XQGDomR*HW~OLR9DUJDV
&RRUGHQDomRGD&RPLVVmRGH(QHUJLD$W{PLFD&($QDH[HFXomRGRVWUDEDOKRVGR&RPLWr&LHQWtILFRSDUD(VWXGRVGDV
5DGLDo}HVRUJDQL]DGRSHOD2UJDQL]DomRGDV1Do}HV8QLGDV218
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
1DFLRQDOL]DomR GD 6RFLHGDGH $Q{QLPD %UD]LOLDQ 7HOHSKRQH &RPSDQ\ VRE GHQRPLQDomR GH &RPSDQKLD 7HOHI{QLFD
%UDVLOHLUD&7%HPGHQRYHPEUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&RQVWUXomRGD+LGUHOpWULFDGH&DFKRHLUD'RXUDGDTXHpKRMHXPGRVPDLVLPSRUWDQWHVSRQWRVWXUtVWLFRVGR(VWDGRHXP
GRVJUDQGHVSURGXWRUHVDJUtFRODVGH*RLiV$VFXOWXUDVGHPLOKRVRMDDOJRGmRHDUUR]VmRDVTXHSUHGRPLQDP6HGHGD
KLGUHOpWULFDGH&DFKRHLUD'RXUDGDRPXQLFtSLRWHPSULYLOpJLRGHSRVVXLUFOXEHVWHUPDLVGHiJXDVDOJDGDXPDUDULGDGH
QDFLRQDOTXHWHPDWUDtGRPLOKDUHVGHWXULVWDVGHWRGRRSDtV$ViJXDVTXHQWHVHVDOJDGDVGH&DFKRHLUD'RXUDGDSRV
VXHPSRGHUWHUDSrXWLFRSRLVVmRSURYHQLHQWHVGDVFDPDGDVSURIXQGDVGRVXEVROR
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomRGD&RPLVVmR1DFLRQDO$HURHVSDFLDO&1$(
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDVGD6D~GH
&ULDomRGR'HSDUWDPHQWR1DFLRQDOGH(QGHPLDV5XUDLVTXHSURFXURXDGRWDUXPVLVWHPDDG
PLQLVWUDWLYRGLQkPLFRHSUiWLFRDQWHULRUPHQWHH[SHULPHQWDGRQDGpFDGDGHQDTXDOWpFQLFRV
DPHULFDQRVPRQWDUDPR6HUYLoR(VSHFLDOGH6D~GH3~EOLFDSDUDVDQHDUDVUHJL}HVGHH[SORUDomR
GDERUUDFKDDPD]{QLFDHR9DOHGR5LR'RFH)RQWH0LQLVWpULRGD6D~GH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGHXP/DERUDWyULRGH5DGLRLVyWRSRVQR+RVSLWDOGDV&OtQLFDV+&HP6mR3DXOR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFDQD2UJDQL]DomRGDV1Do}HV8QLGDVSRU
PHLRGHXPDFRQIHUrQFLDGHSDtVHVFXMDSUHVLGrQFLDIRLGDGDDREUDVLOHLUR(PEDL[DGRU-RmR
&DUORV0XQL])RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
$TXLVLomRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TQRV(VWDGRV8QLGRVGHXPUHD
WRUDW{PLFRGRWLSR´SLVFLQDµXWLOL]DQGRFRPRFRPEXVWtYHOXUkQLRHQULTXHFLGR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QVWDODomRGDFRPLVVmRSDUODPHQWDUGHLQTXpULWRSDUDLQYHVWLJDUDVGHQ~QFLDVGHDOWHUDomRQDVGLUHWUL]HVGDSROtWLFDEUD
VLOHLUDGHHQHUJLDDW{PLFDGXUDQWHRJRYHUQR&DIp)LOKRSRULQWHUIHUrQFLDGDHPEDL[DGDQRUWHDPHULFDQDQR%UDVLO
)RQWH)XQGDomR*HW~OLR9DUJDV
&ULDomRGR,QVWLWXWRGH(QHUJLD$W{PLFD,($DWXDO,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1SHOR'HFUHWR
JUDoDV D XP DFRUGR HQWUH D 8QLYHUVLGDGH GH 6mR 3DXOR 863 H R &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13TRQGHIRLFRQVWUXtGRRSULPHLURUHDWRUQXFOHDUGR+HPLVIpULR6XO
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&ULDomR GD &RPLVVmR 1DFLRQDO GH (QHUJLD 1XFOHDU &1(1 H LQVWLWXLomR GR )XQGR 1DFLRQDO GH (QHUJLD 1XFOHDU SHOR
'HFUHWRGHGHQRYHPEUR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
5HDOL]DomRSHOD&RPLVVmRGH(QHUJLD$W{PLFD&($GHXPOHYDQWDPHQWRGDVSULQFLSDLVUHVHUYDVEUDVLOHLUDVGHPLQHUDLV
DW{PLFRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH&KRFRODWH&DFDX%DODVH'HULYDGRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,$QWRQLRGH6RX]D1RVFKHVHHP
6DQWRV63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD)XQGDomR5RPLFXMRGHVWDTXHpDSDUFHULDFRPR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,TXH
WHPXPSURJUDPDGHTXDOLILFDomRSURILVVLRQDOGHDMXVWDGRUHVPHFkQLFRVWRUQHLURVPHFkQLFRVIUHVDGRUHVHUHWLILFDGRUHV
DOpPGHSRVVXLUXP1~FOHRGH'LIXVmRGH7HFQRORJLDTXHVHGHVWLQDjSUHSDUDomRGHSHVVRDOSDUDSURJUDPDomRRSHUD
omRHPDQXWHQomRGHPiTXLQDVIHUUDPHQWDFRPFRPDQGRQXPpULFRFRPSXWDGRUL]DGR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGR3OiVWLFR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
)XQGDomRGD$FXPXODGRUHV0RXUD6$SRU(GVRQ0RURUy0RXUDSDUDSURGX]LUEDWHULDVDXWRPRWLYDV
)RQWH8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD7r[WLO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGHRSHUDomRGDWUHILODULDGD%HOJR0LQHLUDHP&RQWDJHP0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGHRSHUDomRGD8VLQD6DOWR0RUDLVQR5LR7HMXFRHP,WXLXWDED0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QVWDODomRSHODVPRQWDGRUDVPXOWLQDFLRQDLVGHIiEULFDVDXWRPRWLYDVDRODGRGHHPSUHVDVTXHMiRSHUDYDPFRPRD
)iEULFD1DFLRQDOGH0RWRUHV)10HSURGX]LDPLQLFLDOPHQWHFDPLQK}HV$9HtFXORVH0iTXLQDV$JUtFRODV9HPDJ
IDEULFDQWHGHDXWRPyYHLVHXWLOLWiULRVHD5RPLIDEULFDQWHGHYHtFXOROHYHGHQRPLQDGR5RPL,VHWWD
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLRGDSURGXomRGHHVWLUHQRDSDUWLUGHEHQ]HQRRULXQGRGHJDVHVGHFRTXHULDHGHHWHQRDSDUWLUGHiOFRROHWtOLFR
SHOD&RPSDQKLD%UDVLOHLUDGH(VWLUHQR&%($8QLRQ&DUELGHSDVVRXDSURGX]LUSROLHVWLUHQRDSDUWLUGHHWHQRRULXQGR
GHiOFRROHWtOLFR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD(VFRODGH$SUHQGL]DJHPGH0DQDXV$0GDQGRLQtFLRjVDWLYLGDGHVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP
,QGXVWULDO6(1$,QD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV),($0$(VFRODGH$SUHQGL]DJHPGH0DQDXV
RIHUHFLDQHVVDpSRFDFXUVRVSDUDRVRItFLRVGHFDUSLQWDULDHPDUFHQDULD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD3DQGHLURVQR5LR3DQGHLURVHP-DQXiULD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QVWDODomRGHLQG~VWULDVGHFHOXORVHTXHXWLOL]DYDPH[FOXVLYDPHQWHDPDGHLUDGRHXFDOLSWRFRPRPDWpULDSULPD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&ULDomRGD%5$6.(0PDLRUHPSUHVDSHWURTXtPLFDGD$PpULFD/DWLQDUHVXOWDGRGHXPSURFHVVRGHUHHVWUXWXUDomRVRFLH
WiULDHQWUHRVJUXSRV2GHEUHFKWH0DULDQL$%5$6.(0WHPXPSRUWIROLRGLYHUVLILFDGRGHSURGXWRVTXtPLFRVDOWDFRP
SHWLWLYLGDGHGHHVFDODHIRFRHVWUDWpJLFRHPWHUPRSOiVWLFRVeD~QLFDFRPSDQKLDEUDVLOHLUDFRPXQLGDGHVSHWURTXtPLFDV
GHSURGXomRGHSULPHLUDHVHJXQGDJHUDomRLQWHJUDGDV
)RQWH%5$6.(0
3DQRUDPD1DFLRQDO
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR3DUi8)3$HP%HOpP)RQWH&RQVHOKRGH5HLWRUHVGDV
8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRQD8QLYHUVLGDGH5HJLRQDOGR1RURHVWHGR(VWDGRGR5LR*UDQGHGR6XO81,-8Ì
)RQWH8QLYHUVLGDGH5HJLRQDOGR1RURHVWHGR(VWDGRGR5LR*UDQGHGR6XO
(QJHQKDULDH7HFQRORJLD
,QVWDODomRGRSULPHLURVLVWHPDWHOHI{QLFRSRUPLFURRQGDVOLJDQGR5LRGH-DQHLUR6mR3DXORH
&DPSLQDV)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
)XQGDomRGR,QVWLWXWRGH3HVTXLVDV5RGRYLiULDV,35QR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13TSHOR'HFUHWR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
(VWDEHOHFLPHQWRGDSULPHLUDLQVWDODomRWHOHI{QLFDLQWHUXUEDQDDWUDYpVGHHQODFHVSRUPLFURRQGDVQR%UDVLOHQWUHR5LR
GH-DQHLURH6mR3DXOR1RPHVPRDQRIRLLQYHQWDGRRWUDQVLVWRUTXHVXEVWLWXLQGRDVDQWLJDVYiOYXODVSHUPLWLXTXHRV
HTXLSDPHQWRVGHWHOHFRPXQLFDo}HVIRVVHPPRGHUQL]DGRVHGLPLQXtVVHPGHWDPDQKR
)RQWH0LQLVWpULRGDV&RPXQLFDo}HV
,QtFLR QR ,QVWLWXWR 0LOLWDU GH (QJHQKDULD ,0( GR SURJUDPD GH SyVJUDGXDomR FRP R &XUVR GH (VSHFLDOL]DomR HP
(QJHQKDULD1XFOHDU
)RQWH,QVWLWXWR0LOLWDUGH(QJHQKDULD
&ULDomRGD5HGH)HUURYLiULD)HGHUDO6$5))6$HPGHVHWHPEUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
3URPRomRGHHVWXGRVHHIHWLYDomRGHVHUYLoRVUHODWLYRVjSURGXomRDJUtFRODHSHFXiULDQDiUHDGRIXWXUR'LVWULWR)HGHUDO
SHOR 0LQLVWpULR GD $JULFXOWXUD HP SDUFHULD FRP D &RPSDQKLD 8UEDQL]DGRUD GD 1RYD &DSLWDO GR %UDVLO H R (VFULWyULR
7pFQLFRGH$JULFXOWXUD
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDVGD6D~GH
)DEULFDomRSHOR,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5GDYDFLQDFRQWUDDJULSHDVLiWLFDGXUDQWHRVXUWRRFRUULGR
QR3DUDQi
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&LrQFLDV%LROyJLFDV
)XQGDomRGD6RFLHGDGH%UDVLOHLUDGH)LVLRORJLD
)RQWH6RFLHGDGH%UDVLOHLUDGH)LVLRORJLD
&LrQFLDV([DWDVHGD7HUUD
,QVWDODomRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THP
7DWXRFD$0GHXPREVHUYDWyULRPDJQpWLFR)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR
,QtFLRGDRSHUDomRGR5HDWRU1XFOHDUGH3HVTXLVDV,($5RSULPHLURGR+HPLVIpULR6XOFRQVWLWXtGRHPWHPSRUHFRUGHH
ORFDOL]DGRQRDWXDO,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
$SUHVHQWDomRGRSULPHLURDXWRPyYHOGHSDVVHLRIDEULFDGRQR%UDVLOR6HGDQWXULVPRGD'.:
9HPDJ)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HVOLJDPHQWR GD (VFROD 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, GH $QiSROLV*2 GD MXULVGLomR GR
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomR GD &RPSDQKLD 3HWURTXtPLFD GR 6XO &23(68/ ORFDOL]DGD HP 7ULXQIR PXQLFtSLR GR 5LR *UDQGH GR 6XO $
HPSUHVDSURFHVVDSULQFLSDOPHQWHQDIWDDOpPGHFRQGHQVDGRH*/3SDUDJHUDURVSURGXWRVEiVLFRVTXHDOLPHQWDPDV
LQG~VWULDVGHJHUDomRGDFDGHLDSHWURTXtPLFDHDGRWDDVPDLVDYDQoDGDVWHFQRORJLDVGHSURGXomRSHWURTXtPLFDHGH
FRQWUROHDPELHQWDOYLVDQGRDRGHVHQYROYLPHQWRVXVWHQWiYHOGHVHXQHJyFLRHGRSDtV
)RQWH6HFUHWDULDGR'HVHQYROYLPHQWRH$VVXQWRV,QWHUQDFLRQDLV
&ULDomRGRIXQGRHWD[DGD0DULQKD0HUFDQWHSDUDILQDQFLDUDLPSODQWDomRGDLQG~VWULDGHFRQVWUXomRQDYDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,PSODQWDomRGD&LGDGH,QGXVWULDOGH8EHUOkQGLD0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,PSODQWDomRGR&XUVR7pFQLFR7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,63QD(VFROD7pFQLFD7r[WLO
)UDQFLVFR0DWDUD]]RQR%DLUURGR%UiVHP6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDFRQVWUXomRGRHVWDOHLURGD,VKLNDZDMLPDQR5LRGH-DQHLUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
6XUJLPHQWRQR%UDVLOGRSULPHLURHVFULWyULRGH´GHVLJQµR)RUPLQIRUP
)RQWH2EMHWR%UDVLO
,QDXJXUDomRGD5LSDVD6$&HOXORVHH3DSHO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,QDXJXUDomRGDIiEULFDGD)RUGQREDLUURGR,SLUDQJDFRPDSUHVHQoDGR3UHVLGHQWH-XVFHOLQR.XELWVFKHNHPGH
RXWXEUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQVWUXomRGD6FKHULQJGR%UDVLOQDFLGDGHGH6mR3DXOR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0HGLFDPHQWRV,VHQWRVGH3UHVFULomR
0DUFRGRLQtFLRGDPRGHUQDLQG~VWULDGHFRQVWUXomRQDYDOEUDVLOHLUD
)RQWH6RFLHGDGH%UDVLOHLUDGH(QJHQKDULD1DYDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR0DUDQKmR),(0$j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGDSURGXomRSHOD7LJUHDQWLJDIiEULFDGHSHQWHVGHFKLIUHHP-RLQYLOOH6&GHWXERVHFRQH[RVGH39&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
(GLomRGD3RUWDULD0)TXHHVWDEHOHFHFRHILFLHQWHVSHUFHQWXDLVPi[LPRVSDUDDGHGXomRGH´UR\DOWLHVµSHODH[SORUD
omRGHPDUFDVHSDWHQWHVGHDVVLVWrQFLDWpFQLFDFLHQWtILFDDGPLQLVWUDWLYDRXVHPHOKDQWH
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
&ULDomRGR*UXSR([HFXWLYRGD,QG~VWULDGH&RQVWUXomR1DYDO*(,&21SDUDGLQDPL]DURFUHVFLPHQWRGRVHWRU
)RQWH)XQGDomR*HW~OLR9DUJDV
(QWUDGDHPDWLYLGDGHGR&HQWURGH$SUHQGL]DJHP520,VRERULHQWDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
GH6mR3DXOR6(1$,63HP6DQWD%iUEDUD'·2HVWH
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
5HDOL]DomRGD&RQIHUrQFLD,QWHUQDFLRQDOGH,QYHVWLPHQWRVHP%HOR+RUL]RQWHUHXQLQGRLQYHVWLGRUHV
GRV(VWDGRV8QLGRV(XURSDH-DSmR)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
)XQGDomRGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH0LQDV*HUDLV38&HP%HOR+RUL]RQWH
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR1RUWH8)51HP1DWDO
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
2UJDQL]DomRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGHSODQRVFRRUGHQDGRVGH
FRRSHUDomRHPGLYHUVDViUHDVGHSHVTXLVDSRUPHLRGHSURJUDPDVQDFLRQDLVPHWDOXUJLDIHUWLOL]DQWHVSRWiVVLFRVWHF
QRORJLD GR FRXUR ELRORJLD PDULQKD DVWURQRPLD TXtPLFD EiVLFD HQHUJLD VRODU DJULFXOWXUD ]RRWHFQLD DJURVWRORJLD H
SDWRORJLDDQLPDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGR6LVWHPDGH'LVFDJHPD'LVWkQFLD'''HQWUH6DQWRVH6mR3DXORSHOD
&RPSDQKLD7HOHI{QLFD%UDVLOHLUD)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGD5RGREUiVyUJmRFRRUGHQDGRUGDFRQVWUXomRGDURGRYLD%HOpP%UDVtOLDHPGHPDLR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
5HFHELPHQWR GR 3UrPLR 6KHOO0R[ SRU KDYHU UDVWUHDGR VDWpOLWHV DUWLILFLDLV SHORV DOXQRV GR ,QVWLWXWR 7HFQROyJLFR GH
$HURQiXWLFD ,7$ )HUQDQGR GH 0HQGRQoD H -~OLR $OEHUWR GH 0RUDLV &RXWLQKR TXH FRQVWUXtUDP QR &HQWUR 7pFQLFR
$HURHVSDFLDO&7$XPDHVWDomRGHUDVWUHLR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
,QVWLWXLomRGRFUpGLWRGHHPHUJrQFLDDRVDJULFXOWRUHVHFULDGRUHVGR3ROtJRQRGDV6HFDVSHOD/HLQž
)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDVGD6D~GH
2UJDQL]DomRGR/DERUDWyULR)DUPDFrXWLFR1DYDOSHOR'HFUHWRSDVVDQGRDVHGHQRPLQDU/DERUDWyULR)DUPDFrXWLFR
GD0DULQKD
)RQWH0DULQKDGR%UDVLO
&LrQFLDV+XPDQDVH6RFLDLV
6XUJLPHQWRGD%RVVD1RYD²0RYLPHQWRGD0~VLFD3RSXODU%UDVLOHLUD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&LrQFLDV([DWDVHGD7HUUD
)LUPDGRDFRUGRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TFRP
HTXLSHGHItVLFRVGD8QLYHUVLGDGHGR5LR*UDQGHGR6XOSDUDDUHFXSHUDomRGRVLQFURFLFORWURQQR
VHQWLGRGDLPHGLDWDXWLOL]DomRGHVXDVLQVWDODo}HVSDUDILQVGHHVWXGR)RQWH&RQVHOKR1DFLRQDO
GH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVLJQDomRFRPRSULRULWiULRGRGHVHQYROYLPHQWRGRSUREOHPDGDSURGXomRGHVDLVGHSRWiVVLRSHOR6HWRUGH3HVTXLVDV
4XtPLFDVGR&RQVHOKRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
ÈQIDVHQRVHVWXGRVGH0DWHPiWLFD$SOLFDGDHDRHVWtPXORjLPSODQWDomRGHFDOFXODGRUDVHOHWU{QLFDVHPGLYHUVDVLQVWLWXL
o}HVSHOR6HWRUGH3HVTXLVDV0DWHPiWLFDVGR&RQVHOKRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QDXJXUDomRRILFLDOHPGHMDQHLURGHXPUHDWRUDW{PLFRXWLOL]DGRSHODSULPHLUDYH]QDIRUPDomRGHUHFXUVRVKXPD
QRVSHORVDOXQRVGRVFXUVRV(QHUJLD1XFOHDUGD(VFRODGH(QJHQKDULDGD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV8)0*
(QJHQKDULD1XFOHDUPLQLVWUDGRQRSUySULR,QVWLWXWRGH(QHUJLD$W{PLFD,($(QJHQKDULD1XFOHDUGD(VFROD7pFQLFDGR
([pUFLWRSyVJUDGXDomRGD(VFROD1DFLRQDOGH(QJHQKDULD(QJHQKDULD1XFOHDUGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
GR6XO8)5*6
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
3URGXomRQR%UDVLOGRSULPHLURIXVFDSHOD9RONVZDJHQ5HVVDOWDVHTXHQDVLQVWDODo}HVGH6mR
&DUORV63H5HVHQGH5-D9RONVZDJHQGR%UDVLO/WGDYHPH[HUFHQGRVXDVDWLYLGDGHVSUHHQFKHQ
GRWRGRVRVUHTXLVLWRVGD,62H,62)RQWH5HYLVWD0HFkQLFD2QOLQH
,QtFLRGHRSHUDomRGD8VLQD&DMXUXQR5LR3DUiHP'LYLQySROLV0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGRSULPHLUR0RLQKR9LOPD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGRVHVWDOHLURV9HUROPHTXHFRQJUHJDFDSLWDLVHWpFQLFRVQDFLRQDLVHKRODQGHVHVHP$QJUDGRV5HLV5-
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QVWDODomRGDIiEULFDGHFLPHQWR3RUWODQGUHSUHVHQWDQGRRJUXSR9RWRUDQWLPQR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QDXJXUDomRGRV)ULJRUtILFRV0LQDV*HUDLV6$)5,0,6$HVWDWDOFULDGDSDUDLQGXVWULDOL]DUDFDUQHHP0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QtFLRGHRSHUDomRGD8VLQD'RQD5LWDQR5LR7DQTXHHP,WDELUD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
$TXLVLomRGD&RPSDQKLD0LQDV)DEULOSHORHPSUHViULR$QW{QLR/XFLDQR3HUHLUD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR*UXSR([HFXWLYRGD,QG~VWULD0HFkQLFD3HVDGD*(,0$3(FRPRREMHWLYRGHFRRUGHQDUDLPSODQWDomRGD
PHWDSDUDDPHFkQLFDSHVDGDHRHTXLSDPHQWRHOpWULFR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
(QWUDGD HP DWLYLGDGH GDV (VFRODV 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, 5RFKGDOH HP 2VDVFR H HP
7DWXDSp
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
&ULDomRGD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH68'(1(HPGHGH]HPEUR
1RSHUtRGRHQWUHHR3ODQRGD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWHSDUD
DDJULFXOWXUDQRUGHVWLQDHVWDYDDSRLDGRQRHVWXGRGDUHDOLGDGHGDUHJLmRHFRQVWDYDGRVVHJXLQWHV
SURJUDPDVSULRULWiULRVSURGXomRGHDOLPHQWRVQD]RQD~PLGDGR1RUGHVWHGHVHQYROYLPHQ
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
WRQR6HPLiULGRGHXPDDJULFXOWXUDUHVLVWHQWHDRVHIHLWRVGDVHFDFRORQL]DomRGR0DUDQKmR
GHVHQYROYLPHQWRGDLUULJDomRQR6mR)UDQFLVFR)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD
$JURSHFXiULD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH
,QDXJXUDomRGD(VFRODGH0HFkQLFDGH$XWRPyYHLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR,QVWLWXWRGH3HVTXLVDGD0DULQKD,3T0SHOR'HFUHWR
)RQWH0DULQKDGR%UDVLO
&ULDomRGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR3DUDQi38&HP&XULWLED
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR3DUDQi
&ULDomRGD(VFROD7pFQLFD7XS\HP-RLQYLOOH6&FRPRREMHWLYRGHFDSDFLWDUPmRGHREUDSDUDDHPSUHVDPDLRUIXQGL
omRGD$PpULFD/DWLQDHGHIDEULFDUFRQH[}HVKLGUiXOLFDVHSHoDVSDUDDLQG~VWULDDXWRPRELOtVWLFD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD(VFROD7pFQLFDGH(OHWU{QLFD)UDQFLVFR0RUHLUDGD&RVWDHP6DQWD5LWDGR6DSXFDt0*SLRQHLUDQRHQVLQR
WpFQLFRGHHOHWU{QLFDQR%UDVLOHQD$PpULFD/DWLQD)RLDSULPHLUDGR%UDVLORULJHPGR9DOHGD(OHWU{QLFDPLQHLUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
)XQGDomRGD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH)XQGDomRGH$SRLRj3HVTXLVDGD8QLYHUVLGDGH&DWyOLFDGH*RLiV
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomR GR &HQWUR GH +LGUiXOLFD H +LGURORJLD &(+3$5 3URIHVVRU 3DULJRW GH 6RX]D &RQYrQLR ILUPDGR HQWUH D
8QLYHUVLGDGH )HGHUDO GR 3DUDQi 8)35 H D &RPSDQKLD 3DUDQDHQVH GH (QHUJLD &23(/ SDUD R GHVHQYROYLPHQWR GH
SHVTXLVDVEiVLFDVHDSOLFDGDVHP+LGUiXOLFD+LGURORJLD0HFkQLFDGRV)OXtGRV2EUDV+LGUiXOLFDV5HFXUVRV+tGULFRVH
(QHUJpWLFRVH(VWXGRV$PELHQWDLV
)RQWH,QVWLWXWRGH7HFQRORJLDSDUDR'HVHQYROYLPHQWR
,QDXJXUDomRGD)HUQmR'LDV%5TXHOLJD6mR3DXORD%HOR+RUL]RQWH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
&ULDomRGR,QVWLWXWR0LOLWDUGH(QJHQKDULD,0(DSDUWLUGDIXVmRGD(VFROD7pFQLFDGR([pUFLWRHGR,QVWLWXWR0LOLWDUGH
7HFQRORJLD
)RQWH,QVWLWXWR0LOLWDUGH(QJHQKDULD
5HFXSHUDomRHFRORFDomRHPIXQFLRQDPHQWRGRVLQFURFLFORWURQORFDOL]DGRQR0RUURGH6mR-RmR%DWLVWDHP1LWHUyL5-
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR&XUVRGH(QJHQKDULD1DYDOQD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-HPFRQYrQLRFRPD0DULQKD
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLRQR,QVWLWXWRGH(VWXGRV$YDQoDGRV,($GDPRQWDJHPGHXPD´FpOXODTXHQWHµSDUDRGHVHQYROYLPHQWRWHFQROy
JLFRHSDUDDSURGXomRGHUDGLRLVyWRSRVQR%UDVLO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
,QVWLWXLomRGR3ODQR1DFLRQDOGH7UDWRUHV$JUtFRODV
)RQWH)XQGDomR*HW~OLR9DUJDV
&LrQFLDV+XPDQDVH6RFLDLV
5HJXODPHQWDomRSHODSULPHLUDYH]GDFHQVXUDQD79
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&LrQFLDV([DWDVHGD7HUUD
5HDOL]DomR GD SULPHLUD SURGXomR GH ,RGR SDUD DSOLFDo}HV PpGLFDV SHOR ,QVWLWXWR GH 3HVTXLVDV (QHUJpWLFDV H
1XFOHDUHV,3(1
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
ÈQIDVHQRVHVWXGRVGHFOLPDWRORJLDSUHYLVmRGRWHPSRHPHGLGDVGHUDGLRDWLYLGDGHDWPRVIpULFDSHOR6HWRUGH3HVTXLVDV
7HFQROyJLFDVGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QVWLWXLomRGR3URMHWR0DPEXFDEDSDUDDFRQVWUXomRGHXPDFHQWUDOQXFOHDUQR(VWDGRGR5LRGH-DQHLUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
$SURYDomRSHOD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFD$,($GRSURMHWRGR/DERUDWyULRGH'RVLPHWULD/'RDWX
DO,QVWLWXWRGH5DGLRSURWHomRH'RVLPHWULD,5'SDUDSDGURQL]DomRHGRVLPHWULDGHIRQWHVUDGLRDWLYDVHGHUDGLDo}HV
LRQL]DQWHV EHP FRPR FDOLEUDo}HV GH LQVWUXPHQWRV H GRVtPHWURV ,QLFLDOPHQWH IXQFLRQDQGR QR ,QVWLWXWR 1DFLRQDO GH
7HFQRORJLDHSRVWHULRUPHQWHQRFDPSXVGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5-
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDFRQVWUXomRGD5HILQDULDGH3HWUyOHR'XTXHGH&D[LDVQR5LRGH-DQHLUR)RQWH
8QLYHUVLGDGHGH6mR3DXOR
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&UHVFLPHQWRPRGHUQL]DomRWHFQROyJLFDDYDQoRVHPJHQpWLFDDQLPDOSURGXWRVLQpGLWRVQRPHUFDGRGLVWULEXLomRSUD
WLFDPHQWHFDSLODUGRVSURGXWRV6DGLDHPWRGRRPHUFDGREUDVLOHLURLPDJHPGHPDUFDGHTXDOLGDGHIRUDPFRQTXLVWDV
PDUFDQWHVQHVVHDQR
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&ULDomRGR*UXSR([HFXWLYRGD,QG~VWULD$XWRPRELOtVWLFD*(,$GRTXDOID]LDPSDUWHYiULRVyUJmRVGR*RYHUQR)HGHUDO
HQWUHHOHVR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%1'(62*(,$WLQKDFRPREMHWLYRLQVWDODUDLQG~VWULD
HSURPRYHUDUiSLGDIDEULFDomRGRVEHQVGHFRQVXPRFDUURVGHSDVVHLRHGRVEHQVGHSURGXomRYHtFXORVGHFDUJDFRP
SULRULGDGHSDUDRV~OWLPRV7DPEpPYLVDYDDDWHQXDURVHIHLWRVVREUHREDODQoRGHSDJDPHQWRVHPYLUWXGHGDVFUHVFHQWHV
LPSRUWDo}HVWDQWRGHFDUURVGHSDVVHLRTXDQWRGHYHtFXORVGHFDUJDHWUDQVSRUWHGHSDVVDJHLURV$IXQomRGHVVH*UXSRHUD
GHILQLUQRUPDVGHLQVWDODomRPHWDVGHSURGXomRHSODQRVGHQDFLRQDOL]DomRDXWRUL]DUSURMHWRVHDFRPSDQKDUDHYROXomR
)RQWH9HtFXORVH0iTXLQDV$JUtFRODV6$
)XQGDomRGD(OLDQHHPSUHVDGHUHYHVWLPHQWRVFHUkPLFRVQDUHJLmRGH&ULFL~PD6&SULQFLSDOSyORSURGXWRUGHSLVRVH
D]XOHMRVQR%UDVLO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
0RQWDJHPGRSULPHLURWUDWRUIDEULFDGRQR%UDVLOSHOD)RUG
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD&DPDUJRVQR5LR*UDQGHHP,WXWLQJD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&RQVROLGDomRGRFRPSOH[RLQGXVWULDOGHDSURYHLWDPHQWRGRVGHULYDGRVGHFRFR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
,PSODQWDomRGDSULPHLUDIiEULFDGHVXFRFRQFHQWUDGRHFRQJHODGRQR%UDVLOFKDPDGD&RPSDQKLD0LQHLUDGH%HELGDV
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH3RUWR9HOKR52
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD&RPSDQKLD3HUQDPEXFDQDGH%RUUDFKD6LQWpWLFD&23(5%2$&RSHUERIRLXPDSURSRVWDGRVHWRULQGXVWULDO
GH3HUQDPEXFRSRUTXHWUDEDOKRXFRPRFHQiULRLQWHUQDFLRQDOTXHOKHIDYRUHFLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
&ULDomRGD&DSLWDO)HGHUD%UDVtOLDLQDXJXUDQGRXPQRYRHVWLORDUTXLWHW{QLFRQR%UDVLOFRPSURMHWR
GRXUEDQLVWD/~FLR&RVWDHFRPSURMHWRGRVHGLItFLRVGH2VFDU1LHPH\HU)RQWH6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH*RLiVHPGHGH]HPEURHP*RLkQLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63SHOD/HLGHGHRXWXEURVDQFLRQD
GDSHOR*RYHUQDGRU&DUORV$OEHUWR$OYHVGH&DUYDOKR3LQWRFRPIRUWHSDUWLFLSDomRGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGD8QLYHUVLGDGH&DWyOLFDGH3HORWDV8&3HO
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRSHOD/HLQžGR0LQLVWpULRGD,QG~VWULDHGR&RPpUFLRLQFRUSRUDQGRGLYHUVRVGHSDUWDPHQWRVHLQVWLWXWRV
YROWDGRVSDUDDSURSULHGDGHLQGXVWULDOWHFQRORJLDVHJXURVSULYDGRVHFDSLWDOL]DomRFDIpiOFRROPDWHSLQKRVDOVLGH
UXUJLDPiTXLQDVSHVDGDViOFDOLVHERUUDFKD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
&ULDomRGR&RQVHOKR(VWDGXDOGH'HVHQYROYLPHQWRGR(VWDGRGD3DUDtED
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
0XGDQoDGDGHQRPLQDomRGD8QLYHUVLGDGHGR'LVWULWR)HGHUDO8')TXHSDVVDD8QLYHUVLGDGHGR(VWDGRGD*XDQDEDUD8(*
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)(5-TXHHPSDVVDDVHGHQRPLQDU8QLYHUVLGDGH)HGHUDO
)OXPLQHQVH8))
)RQWH8QLYHUVLGDGH)HGHUDO)OXPLQHQVH
)HGHUDOL]DomRGD8QLYHUVLGDGHGD3DUDtEDTXHSDVVRXDVHFKDPDU8QLYHUVLGDGH)HGHUDOGD3DUDtEDSHOD/HLGH
GHGH]HPEUR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&ULDomRGHSyVJUDGXDomR´VWULFWRVHQVXµQR%UDVLOFRPSDUWLFLSDomRGD8QLYHUVLGDGH)HGHUDOGH9LoRVD
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
0XGDQoDGDGHQRPLQDomRGD8QLYHUVLGDGHGH&DPSLQDVTXHSDVVDD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDVSHOR'HFUHWR
GHGHDJRVWR
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV
&ULDomRGR0LQLVWpULRGDV0LQDVH(QHUJLD²00(/HLQž
)RQWH0LQLVWpULRGDV0LQDVH(QHUJLD
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD8)6056
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
&ULDomRGRVHUYLoRQDFLRQDOGH7HOH[)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
'HVHQYROYLPHQWRFRPHIHWLYDFRQWULEXLomRGD8QLYHUVLGDGH)HGHUDOGH9LoRVDGHWHFQRORJLDSDUDSURGXomRGHSDSHO
XVDQGRGHHXFDOLSWR
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
,QDXJXUDomRGRVHUYLoRGHWHOHIRQLDYLD5iGLR,6%HQWUH5LRGH-DQHLURH%UDVtOLD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGR5HDWRU7ULJD0DUNQR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDVDWXDO&HQWURGH'HVHQYROYLPHQWRGD7HFQRORJLD
1XFOHDU&'71SDUDUHDOL]DomRGHSHVTXLVDVSURGXomRGHUDGLRLVyWRSRVHWUHLQDPHQWRGHSHVVRDO
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGR,QVWLWXWRGH(QJHQKDULDGR0DWR*URVVR
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
,QDXJXUDomRGRHQODFHGHWHOHIRQLDGHPLFURRQGDVHQWUH5LRGH-DQHLUR%HOR+RUL]RQWH%UDVtOLDH*RLkQLD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGRSULPHLURFRPSXWDGRUGHJUDQGHSRUWH%XUURXJKVSDUDXVRDFDGrPLFRQD$PpULFD/DWLQDSHOR3UHVLGHQWH
-XVFHOLQR.XELWVFKHNQD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5-
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
)XQGDomRGD8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD8)6&HGD(VFRODGH(QJHQKDULD,QGXVWULDOTXHHPWRUQDVH
&HQWUR7HFQROyJLFR&7&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
5HDOL]DomRGRY{RGRSURWyWLSRGRKHOLFySWHUR%HLMDIORU%)SULPHLURKHOLFySWHURSURMHWDGRHFRQVWUXtGRQR%UDVLOSHOR
&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGD79&HDUiFDQDOSULPHLUDHPLVVRUDGHWHOHYLVmRGR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&LrQFLDV$JUiULDV
,QVWDODomRQD8QLYHUVLGDGH)HGHUDOGH9LoRVD8)9GDSULPHLUD(VFRODGH(QJHQKDULD)ORUHVWDOQR
%UDVLO(VFROD1DFLRQDOGH)ORUHVWDVHPFRQYrQLRFRPRJRYHUQRIHGHUDOHD)RRGDQG$JULFXOWXUH
2UJDQL]DWLRQ)$2(PRFXUVRIRLWUDQVIHULGRSDUDD8QLYHUVLGDGH)HGHUDOGR3DUDQi8)35
YROWDQGRDVHURIHUHFLGRWDPEpPQD8)9HP)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV
)ORUHVWDLV
7UDQVIRUPDomRGR,QVWLWXWRGH3HVTXLVDV$JURQ{PLFDVGR(VWDGRGR3HUQDPEXFR,3$FULDGRHPQDDXWDUTXLD
(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULDH[SDQGLQGRVXDVDWLYLGDGHVSDUDRLQWHULRUGR(VWDGRSRUPHLRGH
UHGHGHHVWDo}HVH[SHULPHQWDLVTXHOKHIRLLQFRUSRUDGD
)RQWH8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
$XWRUL]DomRSDUDRIXQFLRQDPHQWRGD)DFXOGDGHGH&LrQFLDV(FRQ{PLFDV)$&(0SHOR&RQVHOKR1DFLRQDOGH(GXFDomR
VHQGRLQVWDODGDRILFLDOPHQWH
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
&LrQFLDVGD6D~GH
6DQomRGD/HL2UJkQLFDGD3UHYLGrQFLD6RFLDOFRPRREMHWLYRGHDSHUIHLoRDURVLVWHPDGDSUHYLGrQFLDVRFLDO
)RQWH0LQLVWpULRGD6D~GH
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR0LQLVWpULRGDV0LQDVH(QHUJLD²00(/HLQž)RQWH0LQLVWpULRGDV0LQDVH
(QHUJLD
&ULDomRGR,QVWLWXWRGH(QJHQKDULD1XFOHDU,(1SRUPHLRGHFRQYrQLRILUPDGRHQWUHD&RPLVVmR1DFLRQDOGH(QHUJLD
1XFOHDU &1(1 H D HQWmR 8QLYHUVLGDGH GR %UDVLO KRMH 8QLYHUVLGDGH )HGHUDO GR 5LR GH -DQHLUR 8)5- QD &LGDGH
8QLYHUVLWiULD
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
7UDQVIHUrQFLDGR,QVWLWXWRGH(QHUJLD$W{PLFD,($SDUDD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR,QVWLWXWR1DFLRQDOGH3HVRVH0HGLGDV,130)RQWH0LQLVWpULRGD&LrQFLD
H7HFQRORJLD
)XQGDomRGD&RPSDQKLDGH)HUUR/LJDVGD%DKLD)(5%$6$SRU-RVp&RUJR]LQKRGH&DUYDOKR)LOKR
)RQWH&HQWURGH3HVTXLVDVH'HVHQYROYLPHQWR
(VWDEHOHFLPHQWRGD5HIRUPDGR(QVLQR,QGXVWULDOGH6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
/DQoDPHQWRSHOD(PSUHVD5KRGLDGRSROLpVWHU2SROLpVWHUFXMDPDWpULDSULPDEiVLFDpRS[LOHQRSRGHVHUREWLGRSRU
LQWHUPpGLRGHGXDVURWDVGHSURGXomRDGR'07'LPHWLO7HUHIWDODWR0(*RXDGR37$ÉFLGR7HUHIHWiOLFR3XUR
0(*0RQRHWLOHQRJOLFRO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,'HSDUWDPHQWR5HJLRQDOGH$ODJRDV
)RQWH,QVWLWXWR(XYDOGR/RGL
)XQGDomRGR*UXSR:(*SRU:HUQHU5LFDUGR9RLJW(JJRQ-RmRGD6LOYDH*HUDOGR:HUQLQJKDXVHP-DUDJXiGR6XO6&
DPDLRULQG~VWULDGHPRWRUHVHOpWULFRVGD$PpULFD/DWLQD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD0HWDLVGH0LQDV*HUDLV6$0(7$0,*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV),($0j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomRGD&RPSDQKLD%UDVLOHLUDGH)ULJRUtILFRV)5,*2%5É6SULPHLUDXQLGDGHLQGXVWULDOGHFDUQHVHGHULYDGRVIRUDGH
&RQFyUGLD
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH6RURFDED63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomR QR 'HSDUWDPHQWR 5HJLRQDO63 GR &HQWUR )UDQFR%UDVLOHLUR GH 'RFXPHQWDomR 7pFQLFD HP GHFRUUrQFLD GH
DFRUGRHQWUHR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HR6HUYLoRGH&RRSHUDomR7pFQLFDGR0LQLVWpULR
GDV)LQDQoDVH$VVXQWRV(FRQ{PLFRVGD)UDQoDFRPRREMHWLYRGHLQWURGX]LUQR%UDVLORVPpWRGRVDWLYRVGLYXOJDGRVSHOD
)HGHUDomRGDV,QG~VWULDV0HFkQLFDVHGH7UDQVIRUPDomRGH0HWDLVGD)UDQoD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
&ULDomRGD8QLYHUVLGDGHGH%UDVtOLD8Q%)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH
6mR3DXOR
&ULDomRGD(GLWRUDGD8QLYHUVLGDGHGH%UDVtOLD('8Q%TXHSXEOLFRXPDLVGHWtWXORVFRPXPDWLUDJHPWRWDOGD
RUGHPGHPLOK}HVGHH[HPSODUHV
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
,QVWDODomRGDV)DFXOGDGHV8QLGDV&DWyOLFDVGH0DWR*URVVR)8&07PDQWLGDVSHODPLVVmRVDOHVLDQDGH0DWR*URVVR
KRMH8QLYHUVLGDGH&DWyOLFD'RP%RVFR
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO
,QDXJXUDomRGD8QLYHUVLGDGH&DWyOLFDGH6DOYDGRUSHOR'HFUHWRQž
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
)HGHUDOL]DomRGD(VFRODGH(QJHQKDULD,QGXVWULDO
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
)HGHUDOL]DomRGD8QLYHUVLGDGHGR(VStULWR6DQWRHPGHMDQHLURFULDQGRD8QLYHUVLGDGH)HGHUDOGR(VStULWR6DQWR
8)(6HP9LWyULD
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomR GR %DQFR GH 'HVHQYROYLPHQWR GR (VWDGR GH 6DQWD &DWDULQD %$'(6& DWXDOPHQWH $JrQFLD &DWDULQHQVH GH
)RPHQWR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QVWDODomRGR&HQWURGH7UHLQDPHQWRH$GDSWDomRGH,PLJUDQWHV1DFLRQDLVH(VWUDQJHLURVQR'HSDUWDPHQWRGH,PLJUDomR
H&RORQL]DomRGH6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&RQVHOKRGH'HVHQYROYLPHQWRGR(VWDGRGH0LQDV*HUDLV&2'(0,*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH$ODJRDV8)$/
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
(QWUDGDHPIXQFLRQDPHQWRGD(VFRODGH$UWHV*UiILFDVFRPDILQDOLGDGHGHIRUPDUPmRGHREUDHVSHFLDOL]DGDSDUDD
LQG~VWULDJUiILFDGR(VWDGRGR5LRGH-DQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,PSODQWDomRGR&RQVHOKRGH'HVHQYROYLPHQWRGH6HUJLSH&21'(6(
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
&ULDomRGRSULPHLUR&HQWURGH(GXFDomR6XSHULRUGR(VWDGRGR0DWR*URVVRD)DFXOGDGH'RP$TXLQRGH)LORVRILD
&LrQFLDVH/HWUDV
)RQWH,QVWLWXWR(XYDOGR/RGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD)XQGDomR8QLYHUVLGDGHGH%UDVtOLDHPGHGH]HPEURFRPRREMHWLYRGHFULDUHPDQWHUD8QLYHUVLGDGHGH
%UDVtOLD2SURMHWRRULJLQDOIRLHODERUDGRSRU'DUF\5LEHLURUHXQLQGRRSLQL}HVGHYiULRVFLHQWLVWDVEUDVLOHLURV$8QLYHUVLGDGH
GH%UDVtOLDLQLFLRXVXDVDWLYLGDGHVDFDGrPLFDVHPGHDEULOGH
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
(QJHQKDULDH7HFQRORJLD
&ULDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13()RQWH$FDGHPLD%UDVLOHLUDGH
&LrQFLDV
&ULDomRGD(VFRODGH(QJHQKDULDGD8QLYHUVLGDGHGR(VWDGRGD*XDQDEDUD8(*
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
0RQWDJHPGRSULPHLURFRPSXWDGRUQR%UDVLO=H]LQKRQR,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD,7$
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&RQVWUXomRGD5RGRYLD5pJLV%LWWHQFRXUW%5TXHOLJD6mR3DXORD&XULWLED
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
,QVWDODomRQRV'HSDUWDPHQWRVGH+RUWLFXOWXUDH(FRQRPLD5XUDOGD8QLYHUVLGDGH)HGHUDOGH
9LoRVDGRVSULPHLURVFXUVRVGHSyVJUDGXDomR´VWULFWRVHQVXµHP&LrQFLDV$JUiULDVHPQtYHOGH
PHVWUDGR)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&ULDomRGD(VFROD$JURWpFQLFDGH6DQWD0DULDVXERUGLQDGDj6XSHULQWHQGrQFLDGR(QVLQR$JUtFRODH9HWHULQiULRGR5LR
*UDQGHGR6XO
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
,QWURGXomRGD6DGLDjDYLFXOWXUDLQWHJUDGD
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&LrQFLDV+XPDQDVH6RFLDLV
&RPSRVLomRGDP~VLFD*DURWDGH,SDQHPDSRU7RP-RELPH9LQtFLXVGH0RUDHV)RQWH%1'(6
,QVWLWXLomRGD/HLGH'LUHWUL]HVH%DVHVGD(GXFDomR1DFLRQDO/'%/HLGHGHGH]HPEUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDVGD6D~GH
&ULDomRGR)XQGR(VSHFLDOGH3HVTXLVDH$SHUIHLoRDPHQWRHP&DUGLRORJLD
)RQWH6RFLHGDGH%UDVLOHLUDGH&DUGLRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV%LROyJLFDV
&ULDomRGR/DERUDWyULR&LrQFLDVGR0DU/$%20$5GD8QLYHUVLGDGH)HGHUDOGR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
0DUFRKLVWyULFR,,,
&ULVHVQRSURFHVVRGHLQGXVWULDOL]DomR
0DXUR$UUXGD
3DUDHIHLWRGHDQiOLVHRSHUtRGRGHYHVHUGLYLGLGRHPGRLVGHD
HGHD2SULPHLURSHUtRGRLGHQWLILFDVHVRERSRQWRGHYLVWDHVWUXWXUDOFRP
R HVJRWDPHQWR GR GLQDPLVPR GD LQGXVWULDOL]DomR FDOFDGD QD VXEVWLWXLomR GH LPSRU
WDo}HV&RPHIHLWRFRQFOXtGRRSDFRWHGHLQYHVWLPHQWRVGRSHUtRGRDQWHULRUFRUUHV
SRQGHQWHDRVSURMHWRVFRQWLGRVQR3ODQRGH0HWDVGR*RYHUQR-XVFHOLQR.XELWVFKHFN
DHFRQRPLDSDVVRXQRVDQRVVHJXLQWHVSRUXPDHQRUPHFRQWUDomRGDWD[D
GHLQYHVWLPHQWRV
6HPG~YLGDDFRQWUDomRGDWD[DGHLQYHVWLPHQWRVIRLRSULQFLSDOIDWRUGDFULVHHFRQ{PL
FDGHVVHSHUtRGR$TXHGDGRYROXPHGHLQYHVWLPHQWRVHVWDYDUHODFLRQDGDFRPRSHUILO
GDGHPDQGDHFRPRHVWUDQJXODPHQWRGRILQDQFLDPHQWRGDHFRQRPLD'HIDWRDUHQGD
DSUHVHQWDYDVHH[WUHPDPHQWHFRQFHQWUDGDLQLELQGRRVLQYHVWLPHQWRVQDIDEULFDomRGH
SURGXWRVTXHDWHQGHVVHDIDL[DVGHFRQVXPLGRUHVGHUHQGDPDLVEDL[D3RURXWURODGR
DVHPSUHVDVHRJRYHUQRILFDUDPVHPFDSDFLGDGHGHLQYHVWLPHQWRV$VHPSUHVDVSHOD
SHUGDGHOXFUDWLYLGDGHGHYLGRDRDXPHQWRGDLQIODomRHGDFDSDFLGDGHRFLRVDHRJR
YHUQRFRPRFRQVHTrQFLDGDFULVHILVFDOGR(VWDGR
$LQIODomRDFHOHURXVHVHUYLQGRGHHVWtPXORjVSUHVV}HVWUDEDOKLVWDV$FULVHHFRQ{PL
FDDOLPHQWRXDFULVHSROtWLFDHHVWDDFULVHHFRQ{PLFDQXPHIHLWRGHFDXVDomRFLUFXODU
6HPFRQGLo}HVSROtWLFDVSDUDDLPSOHPHQWDomRGDVUHIRUPDVGHEDVHGR*RYHUQR-RmR
*RXODUWDSROtWLFDHFRQ{PLFDYROWRXVHSDUDRFRPEDWHjLQIODomRTXHQRHQWDQWRQmR
ORJURXr[LWR
2SHUtRGRDFDEDFRPRJROSHPLOLWDUGHPDUoRGH2JRYHUQRPLOLWDUTXHVHLQVWDORX
QRFRPDQGRGRSDtVFHUFRXVHGHWHFQRFUDWDVTXHSURPRYHUDPPXGDQoDVVXEVWDQFLDLV
QDFRQGXomRGDSROtWLFDHFRQ{PLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DUDFRQWHUDLQIODomRDSROtWLFDEDVHRXVHQRFRUWHYLROHQWRQRVJDVWRVS~EOLFRVQDFRPSUHVVmRVDODULDOHQDIRUWH
UHVWULomRDRFUpGLWR3RUFRQWDGHVVDSROtWLFDUHVWULWLYDSHODSULPHLUDYH]GHVGHRLQtFLRGRVDQRVDSURGXomRLQ
GXVWULDOFDLXGH3RUpPHVVDSROtWLFD´IRLIXQFLRQDOGRSRQWRGHYLVWDGDOXWDFRQWUDDFULVHHGDSDVVDJHPDXPD
QRYDHWDSDGHGHVHQYROYLPHQWRµ
$OpPGRSURJUDPDGHHVWDELOL]DomRPRQHWiULDRVPLOLWDUHVGHUDPLQtFLRDXPFRQMXQWRGHUHIRUPDVLQVWLWXFLRQDLVTXH
IRUDPVHQGRLPSOHPHQWDGDVDWp(VVDVUHIRUPDVWLYHUDPLQtFLRFRPDFRUUHomRPRQHWiULDHPPHDGRVGH
,QLFLDOPHQWHDSOLFDGDSDUDFRUULJLUGpELWRVILVFDLVFRPRWHPSRYDLVHGLIXQGLQGRSRUWRGDDHFRQRPLD2XWUDVPHGLGDV
IRUDPWRPDGDVQRILQDOGRDQRGHWDLVFRPRDFULDomRGR%DQFR&HQWUDOHPVXEVWLWXLomRj6802&HGR%1+$
FULDomRGR%DQFR&HQWUDOHUDLQGLVSHQViYHOSDUDRSDtVWHUFRQWUROHPRQHWiULRGDHFRQRPLDDGR%1+SDUDFRQFHGHU
ILQDQFLDPHQWRGHORQJRSUD]RSDUDRVHWRUGHKDELWDomR
1RVGRLVDQRVVHJXLQWHVIRUDPLQWURGX]LGDVPRGLILFDo}HVLPSRUWDQWHVQDHVWUXWXUDILVFDOHQDIRUPDGHILQDQFLDPHQWR
GRVHWRUS~EOLFR$UHIRUPDWULEXWiULDSURFXURXDFDEDUFRPRVLPSRVWRVHPFDVFDWDDGXSOLFLGDGHGHLPSRVWRVFRP
RXWURVTXHQmRWLQKDPILQDOLGDGHHFRQ{PLFDHWF$OpPGDUHIRUPDWULEXWiULDFRQVWUXLXVHRPHUFDGRGHWtWXORVS~EOL
FRVYLDELOL]DGRSHODFULDomRGDFRUUHomRPRQHWiULD
2XWUDUHIRUPDLPSRUWDQWHIRLRILPGR(VWDWXWRGD(VWDELOLGDGHTXHFRQFHGLDHVWDELOLGDGHSDUDRVWUDEDOKDGRUHVGHSRLV
GHGH]DQRVGHVHUYLoRSUHVWDGRVjPHVPDHPSUHVD$HVWDELOLGDGHIRLVXEVWLWXtGDSHOR)XQGRGH*DUDQWLDSRU7HPSR
GH6HUYLoRTXHYHLRDVHFRQVWLWXLUQDSULQFLSDOIRQWHGHUHFXUVRVGR6LVWHPD)LQDQFHLURGH+DELWDomR0DLVUHIRUPDV
IRUDPLPSOHPHQWDGDVEDQFiULDILQDQFHLUDDGPLQLVWUDWLYDVDODULDORUoDPHQWiULDHWF7RGDVEXVFDYDPSUHSDUDURSDtV
SDUDDUHWRPDGDGRFUHVFLPHQWRFRPEDVHQRPRGHORTXHSUHYDOHFHUDDWpRLQtFLRGRVDQRV
&RPHVVDVUHIRUPDVRSHUtRGRHVWDEHOHFHXDVFRQGLo}HVSDUDRFUHVFLPHQWRUiSLGRTXHRSDtVYLULDDOFDQ
oDUQRSHUtRGRVHJXLQWH
´$OpP GD (VWDJQDomR XPD 'LVFXVVmR VREUH R (VWLOR GH 'HVHQYROYLPHQWR 5HFHQWH GR %UDVLOµ 0DULD GD &RQFHLomR 7DYDUHV H -RVp 6HUUD ²
&LQTXHQWD$QRVGH3HQVDPHQWRGD&HSDOYROSDJRUJDQL]DomRGH5LFDUGR%LHOVFKRZVN\&HSDO
´$V 7UDQVLo}HV 5HFHVVLYDV YHUVXV µ ² 0iULR +HQULTXH 6LPRQVHQ ² 7H[WRV 6HOHFLRQDGRV SDJ RUJDQL]DGRUHV &DUORV (GXDUGR
6DUPHQWR6pUJLR5LEHLUR&RVWD:HUODQJH9HUHQD$OEHUWL)*9
0DULDGDFRQFHLomR7DYDUHVH-RVp6HUUDRSFLW
0DXUR$UUXGD²&RQVXOWRUGH(PSUHVDVIRL3UHVLGHQWHGR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO,QSL'LUHWRU6XSHULQWHQGHQWHGR,QVWLWXWRGH
(VWXGRVSDUDR'HVHQYROYLPHQWR,QGXVWULDO,HGLHFRQRPLVWDGR%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%QGHVHGD)LQDQFLDGRUD
GH(VWXGRVH3URMHWRV)LQHSHSHVTXLVDGRUGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR3XFUM
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,PSODQWDomRGRSULPHLURFXUVRGHIHUUDPHQWDULDGD$PpULFDGR6XOQD(VFROD6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO6(1$,5REHUWR6LPRQVHQQREDLUURGR%UiVHP6mR3DXOR)RQWH
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6XUJLPHQWRGDHPSUHVD&KRFRODWHV*DURWR6$VRFLHGDGHDQ{QLPDGHFDSLWDOIHFKDGR
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QGXVWULDVGH$OLPHQWDomR
,PSODQWDomRGRV'LVWULWRV,QGXVWULDLVGH-RmR3HVVRDHGH&DPSLQD*UDQGH3%
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
(QWUDGDHPRSHUDomRGRSULPHLURDOWRIRUQRGD8VLQD,QWHQGHQWH&kPDUDGDV8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$
8VLPLQDV3DUDOHODPHQWHjFRQVWUXomRGD8VLQDQDVFHX,SDWLQJDKRMHXPDGDVPDLVLPSRUWDQWHVFLGDGHVGR9DOHGR$oR
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
,QDXJXUDomRGDSULPHLUDIiEULFD%DXGXFFR$IDPtOLD%DXGXFFRFKHJRXDR%UDVLOHPDSURGXomRGHSDQHWRQHIRL
LQLFLDGDHP
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QGXVWULDVGH$OLPHQWDomR
,QtFLRGHRSHUDomRGDV8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$86,0,1$6HP,SDWLQJD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
5HDOL]DomRGD,&RQYHQomR1DFLRQDOGH3HVRVH0HGLGDVQR5LRGH-DQHLUR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH/LPHLUD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
/DQoDPHQWRGDVVDQGiOLDV+DYDLDQDVSHOD(PSUHVD6mR3DXOR$OSDUJDWDV
)RQWH(PSUHVD6mR3DXOR$OSDUJDWDV
,QDXJXUDomRGD)iEULFDGD7R\RWDHP6mR%HUQDUGRGR&DPSRQR(VWDGRGH6mR3DXOR
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
5HDOL]DomRGDSULPHLUDFRUULGDGHIHUURJXVDSHODV8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$86,0,1$6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD7UrV0DULDVQR5LR6mR)UDQFLVFRHP7UrV0DULDV0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SHOD/HLGHGHGH]HPEUR
FRPRHQWLGDGHDXWiUTXLFDUHYRJDQGRDVOHLVDQWHULRUHVHLQFRUSRUDQGRD)DFXOGDGHGH0HGLFLQD
GH&DPSLQDVFULDGDSHOD/HLGHGHQRYHPEURGH)RQWH8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV
$Q~QFLRSHOR3UHVLGHQWH-RmR*RXODUWGR3ODQR7ULHQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR%DQFRGH'HVHQYROYLPHQWRGH0LQDV*HUDLV%'0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
$SURYDomRGRV(VWDWXWRVGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63DWUDYpVGR'HFUHWR
SHOR*RYHUQDGRUGR(VWDGRGH6mR3DXOR(PGHPDLRR&RQVHOKR6XSHULRUGD)XQGDomRDSURYRXVHX5HJLPHQWR
,QWHUQR1DSULPHLUDUHXQLmRMiFRPRVHVWDWXWRVDSURYDGRVRXYLXVHRSDUHFHUGH0LJXHO5HDOHVREUHDSHUVRQDOLGDGH
MXUtGLFDGD)XQGDomRHSURFHGHXVHjOHLWXUDGLVFXVVmRHDSURYDomRGRUHJLPHQWRLQWHUQRHGRRUoDPHQWR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
,QWURGXomRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGHEROVDVSDUDSyVJUDGXDomR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomR GDV GLVFLSOLQDV GH GHVHQKR LQGXVWULDO H FRPXQLFDomR YLVXDO QD )DFXOGDGH GH 8UEDQLVPR H $UTXLWHWXUD GD
8QLYHUVLGDGHGH6mR3DXOR
)RQWH2EMHWR%UDVLO
&ULDomRGD)XQGDomR1RUWH0LQHLUDGH(QVLQR6XSHULRU)810
)RQWH8QLYHUVLGDGH(VWDGXDOGH0RQWHV&ODURV
&ULDomRGR&HQWURGH(VWXGRV%UDVLOHLURV&(%
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
(QJHQKDULDH7HFQRORJLD
,QVWLWXLomRGR&yGLJR%UDVLOHLURGH7HOHFRPXQLFDo}HVTXHFULDR&RQVHOKR1DFLRQDOGH
7HOHFRPXQLFDo}HV&217(/DXWRUL]DR3RGHU([HFXWLYRDFRQVWLWXLUXPDHPSUHVDSDUDH[SORUDU
LQGXVWULDOPHQWHRVVHUYLoRVGHWHOHFRPXQLFDo}HVHFULDR)XQGR1DFLRQDOGH7HOHFRPXQLFDo}HV
)17SDUDVHUDSOLFDGRQR3ODQR1DFLRQDOGH7HOHFRPXQLFDo}HV)RQWH)HGHUDomR3DUDQDHQVHGH
5DGLRDPDGRULVPR
,QDXJXUDomRGD5RGRYLD%HOpP%UDVtOLDTXHSRVVXLTXLO{PHWURVHDWUDYHVVDR'LVWULWR)HGHUDOHTXDWUR(VWDGRV
*RLiV7RFDQWLQV0DUDQKmRH3DUiHQJOREDQGRTXDWURURGRYLDVIHGHUDLV%5%5%5H%5
)RQWH*RYHUQRGR(VWDGRGR3DUDQi
&ULDomRGD8QLYHUVLGDGHGR$PD]RQDV8$HQRPHVPRDQRGDVXD)DFXOGDGHGH7HFQRORJLD
)RQWH8QLYHUVLGDGHGR$PD]RQDV&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGDV&HQWUDLV(OpWULFDV%UDVLOHLUDV6$(/(752%5É6
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGRDYLmRDJUtFROD,SDQHPD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&LrQFLDV$JUiULDV
$XWRUL]DomRSHOD/HL'HOHJDGDQžSDUDDFRQVWLWXLomRGD&RPSDQKLD%UDVLOHLUDGH$OLPHQWRV
&RPSHWHFRPSUDUWUDQVSRUWDUYHQGHULPSRUWDUHH[SRUWDUJrQHURVDOLPHQWtFLRVHEHQVQHFHVViULRV
jVDWLYLGDGHVDJURSHFXiULDVLQFOXVLYHjSHVFDHjVLQG~VWULDVGHDOLPHQWRVLPSRUWDURTXHIRUQH
FHVViULRDRDWHQGLPHQWRGRVSURJUDPDVGHDVVLVWrQFLDDOLPHQWDUGRVyUJmRVIHGHUDLVIXQFLRQDQGR
FRPRGHSRVLWiULDGRVJrQHURVGHSULPHLUDQHFHVVLGDGHUHFHELGRVSRUGRDomRGHSURFHGrQFLD
QDFLRQDORXLQWHUQDFLRQDO)RQWH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&ULDomRGR,QVWLWXWR(VWDGXDOGH)ORUHVWDV,()0*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR&XUVR&ROHJLDO$JUtFRODGH6DQWD0DULDTXHIXQFLRQDQR&HQWUR$JURWpFQLFRGD8QLYHUVLGDGHGH6DQWD0DULD
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
'HVHQYROYLPHQWRGDLQG~VWULDFtWULFDEUDVLOHLUDFRPDJHDGDTXHDWLQJLXRVSRPDUHVGD)OyULGD(VVDJHDGDWRUQRXVHXP
PDUFRSDUDDFHOHUDURGHVHQYROYLPHQWRGDLQG~VWULDGHSURFHVVDPHQWRGHODUDQMD
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
&HVVmRGD5HVHUYD)ORUHVWDO$GROSKR'XFNHSDUDSHVTXLVDVGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&LrQFLDV+XPDQDVH6RFLDLV
$Q~QFLRSHOR3UHVLGHQWH-RmR*RXODUWGR3ODQR7ULHQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&RQVHOKR(VWDGXDOGH(GXFDomRGD3DUDtEDSHOD/HL(VWDGXDOGHGHPDLR
)RQWH&RQVHOKR(VWDGXDOGH(GXFDomR
3UHPLDomRGRILOPH´23DJDGRUGH3URPHVVDµGRGLUHWRU$QVHOPR'XDUWHFRPD3DOPDGH2XURGHPHOKRUILOPHQR
)HVWLYDOGH&DQQHV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&LrQFLDVGD6D~GH
&ULDomRGD$FDGHPLD%UDVLOHLUDGH1HXURORJLDHODUHSUHVHQWDD1HXURORJLD%UDVLOHLUDQD:RUOG
)HUHUDWLRQRI1HXURORJ\HGLULJHDVHVVmRGH1HXURORJLDGD$VVRFLDomR0pGLFD%UDVLOHLUDQR
&RQVHOKRGDV(VSHFLDOLGDGHV7HPFRPRIXQGDPHQWRDSURPRomRGRGHVHQYROYLPHQWRFLHQWtILFR
GDQHXURORJLDEUDVLOHLUD)RQWH$FDGHPLD%UDVLOHLUDGH1HXURORJLD
,PSODQWDomRGD)DFXOGDGHGH0HGLFLQDGR1RUWHGH0LQDVTXHDGRWRXRVLVWHPDGHFRQFHVVmRGHEROVDVGHHVWXGRDRV
VHXVDOXQRVDVHUHPSDJDVSHORVSUySULRVDFDGrPLFRVGHSRLVGHIRUPDGRV$LQLFLDWLYDVHUYLXGHPRGHORSDUDDLPSODQ
WDomRGR&UpGLWR(GXFDWLYRQR%UDVLO
)RQWH8QLYHUVLGDGH(VWDGXDOGH0RQWHV&ODURV
&ULDomRGD)DFXOGDGHGH)DUPiFLDH2GRQWRORJLDGH&DPSR*UDQGHTXHGHXRULJHPj8QLYHUVLGDGH)HGHUDOGR0DWR
*URVVRGR6XO
)RQWH,QVWLWXWR(XYDOGR/RGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
$SURYDomRQR&RQJUHVVR1DFLRQDOGD/HLGHGHDJRVWRTXHGLVS}HVREUHDSROtWLFD
QDFLRQDOGHHQHUJLDQXFOHDULQVWLWXLRPRQRSyOLRHVWDWDOVREUHPLQpULRVPLQHUDLVHPDWHULDLVQX
FOHDUHVHWUDQVIRUPDD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1HPDXWDUTXLDIHGHUDOFRP
DXWRQRPLDDGPLQLVWUDWLYDHILQDQFHLUD)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGR,QVWLWXWR4XtPLFRGH*RLiV,48(*2SHOD/HLGHGHQRYHPEUR
)RQWH)XQGDomRGH$SRLRj3HVTXLVD8)*
,PSODQWDomRGR&HQWUR/DWLQR$PHULFDQRGH)tVLFD&/$)HGD(VFROD/DWLQR$PHULFDQDGH)tVLFD(ODIRFHQWURpDSUL
PHLUDLQVWLWXLomREUDVLOHLUDDDWXDUQDSyVJUDGXDomRHPItVLFDHDREWHUFUHGHQFLDPHQWRSDUDDFRQFHVVmRGHWtWXORVGH
PHVWUHHGRXWRU
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
)XQGDomRGD$VVRFLDomR%UDVLOHLUDSDUDD3URWHomRGD3URSULHGDGH,QGXVWULDO$%3,KRMHFRPR
QRPHGH$VVRFLDomR%UDVLOHLUDGD3URSULHGDGH,QWHOHFWXDOHPGHDJRVWR)RQWH$VVRFLDomR
%UDVLOHLUDGD3URSULHGDGH,QWHOHFWXDO
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH6mR%HUQDUGRGR&DPSR63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD(OpWULFDH(OHWU{QLFD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR3URJUDPD,QWHQVLYRGH3UHSDUDomRGH0mRGHREUD,QGXVWULDO3,302,SHOR'HFUHWRGHGHGH]HP
EURGR0LQLVWpULRGD(GXFDomR0(&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGD3HWUyOHR%UDVLOHLUR6$3(752%5$6HP6HUJLSHHGHVFREHUWDGRFDPSRSHWUROtIHURGH&DUPySROLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6HUJLSH
&ULDomRGR'LVWULWR,QGXVWULDOGH-RmR3HVVRDSHOD/HLGHGHMXQKR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&ULDomRGR&RQMXQWR3HWURTXtPLFRGD%DKLD&23(%SDUDDSURGXomRGHDP{QLDHXUpLDSHOD3HWUyOHR%UDVLOHLUR6$
3(752%5$6
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QVWDODomRGD3HWUyOHR%UDVLOHLUR6$3(752%5$6HP6HUJLSH
)RQWH3HWUyOHR%UDVLOHLUR6$
&RQVWUXomRGD8VLQD7HUPHOpWULFDGH)LJXHLUD87(/)$IXQGDPHQWDOQDLPSODQWDomRGR3ODQR(VWDGXDOGH(OHWULILFDomR
)RQWH3$5$1$7(&
&ULDomRGR&HQWUR7URSLFDOGH3HVTXLVDVH7HFQRORJLDGH$OLPHQWRV&737HP&DPSLQDV63
)RQWH,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV
)XQGDomRGR,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD,%6FRPRREMHWLYRGHFRQJUHJDUHUHSUHVHQWDUDVHPSUHVDVSURGXWRUDV
GHDoR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR'LVWULWR,QGXVWULDOGH&DPSLQD*UDQGHSHOR'HFUHWR/HLGHGHGH]HPEUR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GD 6HFUHWDULD GH ,QG~VWULD H &RPpUFLR SRU GHVGREUDPHQWR GD 6HFUHWDULD GH $JULFXOWXUD ,QG~VWULD &RPpUFLR
9LDomRH2EUDV3~EOLFDV
)RQWH6HFUHWDULDGH,QG~VWULD&RPpUFLR0LQDVH(QHUJLD
&ULDomRSHOD3HWUyOHR%UDVLOHLUR6$3(752%5$6GHXPyUJmRYROWDGRH[FOXVLYDPHQWHSDUDDVDWLYLGDGHVGHSHVTXLVDH
GHVHQYROYLPHQWRR&HQWURGH3HVTXLVDVH'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
5HDOL]DomRQRLQtFLRGDGpFDGDGHGDVSULPHLUDVH[SRUWDo}HVH[SHULPHQWDLVGHVXFRFRQFHQWUDGRGHODUDQMDIHLWDV
SHOR%UDVLOPDVDLQG~VWULDGHVXFRYROWDGDSDUDDH[SRUWDomRILUPRXVHHP
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH$OLPHQWDomR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULD
3DQRUDPD1DFLRQDO
(ODERUDomRHDSURYDomRSHOR&RQVHOKR'HOLEHUDWLYRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13TGR3URMHWRGH(VWUXWXUDGR0LQLVWpULRGD&LrQFLDH7HFQRORJLDHP
DVVHVVRULDDR0LQLVWURGD5HIRUPD$GPLQLVWUDWLYD)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR
&ULDomRGR,QVWLWXWR8QLYHUVLWiULRGH3HVTXLVDVGR5LRGH-DQHLUR,83(5-
)RQWH,QVWLWXWR8QLYHUVLWiULRGH3HVTXLVDVGR5LRGH-DQHLUR
,QFHQWLYRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGDDGRomRGRUHJLPHGHGHGLFD
omRH[FOXVLYDDRVSHVTXLVDGRUHVGHUHFRQKHFLGDSURGXomRFLHQWtILFD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR,QVWLWXWRGH(VWXGRV%UDVLOHLURV,(%XPFHQWURGHGRFXPHQWDomRIXQGDGRSRU6pUJLR%XDUTXHGH+RODQGD
)RQWH,QVWLWXWRGH(VWXGRV%UDVLOHLURV
&ULDomRGR)XQGRGR'HVHQYROYLPHQWRGR(VWDGRGH6DQWD&DWDULQD)81'(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
5HDOL]DomR GH HVWXGRV SDUD D ILOLDomR GR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T DR
&RQVHOKR,QWHUQDFLRQDOGDV8QL}HV&LHQWtILFDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(QJHQKDULDH7HFQRORJLD
,QVWLWXLomRGR3ODQR1DFLRQDOGH7HOHIRQLD)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD&RPSDQKLD0LQHLUDGHÉJXDVH(VJRWRVSHORJRYHUQRGH0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQDGH)XUQDVQR5LR*UDQGHHP6mR-RVpGD%DUUDH6mR-RmR%DWLVWDGR*OyULD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRQD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5LRGRVHXSULPHLURFXUVRGHSyVJUDGXDomRHP
(QJHQKDULD(OpWULFD
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
,QWURGXomRGRILRVLQWpWLFRSDUDUHGHVGHSHVFDQD$PD]{QLD&HQWUDO
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
$VVLQDWXUDGR$FRUGR%iVLFRGH&RRSHUDomR7pFQLFDHQWUH%UDVLOH$OHPDQKD
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
,QVWDODomRGDHVWDomRHVSDFLDOHP1DWDO51FRQVWLWXLQGRVHQXPHPEULmRGD%DUUHLUDGR,QIHUQR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR3URJUDPDGH([SDQVmRGR(QVLQR7HFQROyJLFR3527(&SHOR'HFUHWRVXERUGLQDGRDR0LQLVWpULRGD
(GXFDomR0(&
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QDXJXUDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDV+LGURYLiULDVGR'HSDUWDPHQWR1DFLRQDOGH3RUWRVH9LDV1DYHJiYHLVQR
5LRGH-DQHLUR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLR GD SURGXomR URWLQHLUD GH UDGLRLVyWRSRV H UDGLRIiUPDFRV SDUD PHGLFLQD QXFOHDU SHOR ,QVWLWXWR GH 3HVTXLVDV
(QHUJpWLFDVH1XFOHDUHV,3(1
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&LrQFLDV$JUiULDV
,QtFLRGDSHVTXLVDGH-RKDQQD'REHUHLQHUVREUHDIL[DomRGHQLWURJrQLRSRUEDFWpULDVQDSODQWDomR
GHVRMD)RUDPRVUHVXOWDGRVGHVVHWUDEDOKRTXHSHUPLWLUDPDR%UDVLOVHUKRMHRVHJXQGRPDLRU
SURGXWRUGHVRMDGRPXQGRHVHPID]HUXVRGHTXDOTXHUDGLWLYRTXtPLFR$OpPGLVVRR%UDVLOGHL[D
GHLPSRUWDUSRUDQRRHTXLYDOHQWHDPDLVGHGRLVELOK}HVGHGyODUHVHPDGXERVQLWURJHQDGRV2V
WUDEDOKRVGDSHVTXLVDGRUDWLYHUDPUHFRQKHFLPHQWRLQWHUQDFLRQDOVHQGRLQGLFDGDHPSDUD
R3UrPLR1REHO)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH
7HFQRORJLD,QGXVWULDO
3DWURFtQLR SHOD )XQGDomR GH $PSDUR j 3HVTXLVD GR (VWDGR GH 6mR 3DXOR )$3(63 GR ,,, &RQJUHVVR GD 2UJDQL]DomR
,QWHUQDFLRQDOGH9LURORJLVWDVGH&LWURV$VSHVTXLVDVVREUHDFLWULFXOWXUDUHFHEHPDX[tOLRVHEROVDVSRUORQJRSHUtRGRR
TXHFRQWULEXLSDUDRFRQWUROHGHGRHQoDVFRPRRFDQFURFtWULFRFRODERUDQGRGHVVDIRUPDFRPRGHVHQYROYLPHQWRGH
XPDDWLYLGDGHLPSRUWDQWHSDUDDHFRQRPLDGR(VWDGRGH6mR3DXOR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
,QtFLRGDVDWLYLGDGHVGR,QVWLWXWRGH7HFQRORJLD$JUtFROD,7$/HP&DPSLQDV63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
5HDOL]DomRIRUDGHHVW~GLRVGHILOPHVFKDPDGRVGH&LQHPD1RYRFRPDWRUHVQmRSURILVVLRQDLV
FRPRUoDPHQWRVUHGX]LGRV´XPDFkPHUDQDPmRHXPDLGpLDQDFDEHoDµHORFDo}HVHPIDYHODV
HVHUWmRILOPHVSURGX]LGRVSRUHSDUDFODVVHPpGLDHGXFDGD)RQWH0LQLVWpULRGD&XOWXUD
&ULDomRGR0XVHXGH$UWH&RQWHPSRUkQHDTXDQGRD8QLYHUVLGDGHGH6mR3DXORUHFHEHXGH)UDQFLVFR0DWDUD]]R6REULQKR
HQWmRSUHVLGHQWHGR0XVHXGH$UWH0RGHUQDGH6mR3DXORRDFHUYRTXHFRQVWLWXtDR0$0$OpPGHVVHDFHUYRTXHVH
WUDQVIHULXSDUDD8630DWDUD]]RHVXDPXOKHU<RODQGD3HQWHDGRGRDUDPVXDVFROHo}HVSDUWLFXODUHVDRQRYRPXVHX
)RQWH0XVHXGH$UWH&RQWHPSRUkQHD
&ULDomRGR0XVHXGH$UWH&RQWHPSRUkQHDTXDQGRD8QLYHUVLGDGHGH6mR3DXOR863UHFHEHXGH)UDQFLVFR0DWDUD]]R
6REULQKRHQWmRSUHVLGHQWHGR0XVHXGH$UWH0RGHUQDGH6mR3DXOR0$0RDFHUYRTXHFRQVWLWXtDR0$0$OpP
GHVVHDFHUYRTXHVHWUDQVIHULXSDUDD8630DWDUD]]RHVXDPXOKHU<RODQGD3HQWHDGRGRDUDPVXDVFROHo}HVSDUWLFXODUHV
DRQRYRPXVHX
)RQWH0XVHXGH$UWH&RQWHPSRUkQHD
)XQGDomRGD(VFRODGH'HVHQKRGR5LRGH-DQHLUR(6',TXHIRLLQFRUSRUDGDj8QLYHUVLGDGH(VWDGXDOGR5LRGH-DQHLUR
)RLDSULPHLUDGR%UDVLOFULDGDDSDUWLUGHXPSODQRHODERUDGRSRU$OH[DQGUH:ROOQHUH7KRPDV0DOGRQDGRHVHRULJLQRX
GHXPFXUVRGHWLSRJUDILDQR0XVHXGH$UWH0RGHUQD0$0HODERUDGRSRU:ROOQHUH$ORtVLR0DJDOKmHVHP
)RQWH2EMHWR%UDVLO
&ULDomRGR&RQVHOKR(VWDGXDOGH(GXFDomRSHOD/HL
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
,QtFLRGDRUJDQL]DomRGR0XVHX8QLYHUVLWiULRSRUPHLRGDFDWDORJDomRGRDFHUYRGH$QWURSRORJLD$UTXHRORJLD%UDVLOHLUD
H)ROFORUHXWLOL]DQGRRVLVWHPDLQWHUQDFLRQDO+XPDQ5HODWLRQV$UHD)LOHV
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDV
&LrQFLDVGD6D~GH
,QtFLRGDSURGXomRURWLQHLUDGHUDGLRLVyWRSRVHUDGLRIiUPDFRVSDUDPHGLFLQDQXFOHDUSHOR,QVWLWXWR
GH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH
1XFOHDUHV
$XWRUL]DomRGHIXQFLRQDPHQWRGD)DFXOGDGHGH0HGLFLQDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPDXODLQDX
JXUDOUHDOL]DGDHPGHPDLRSHORUHLWRUGD8QLYHUVLGDGHGH6mR3DXOR863SURIHVVRU$QW{QLR%DUURVGH8OK{D&LQWUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRGD6RFLHGDGH%UDVLOHLUDGH%LRItVLFD
)RQWH6RFLHGDGH%UDVLOHLUDGH%LRItVLFD
&LrQFLDV([DWDVHGD7HUUD
,QtFLRQR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-GRSULPHLURSURJUDPDGHPHVWUDGRHP
HQJHQKDULDGR%UDVLO
)RQWH8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGDVDWLYLGDGHVGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFDH3URGXWRV'HULYDGRV$%,48,0
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomR GR *UXSR ([HFXWLYR GD ,QG~VWULD 4XtPLFD *(,48,0 QR &RQVHOKR GH 'HVHQYROYLPHQWR ,QGXVWULDO &',
(VWDEHOHFHQGRRULHQWDo}HVFODUDVSDUDDSURPRomRGDLQG~VWULDSHWURTXtPLFDQR%UDVLOR*(,48,0ODQoRXDVEDVHVTXH
YLULDPDJHUPLQDUQRVSyORVSHWURTXtPLFRVGRVDQRVH
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
$VVLQDWXUDGHFRQYrQLRHQWUHD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63HD)DFXOGDGHGH(QJHQKDULD
,QGXVWULDO GD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD 38&63 SDUD D FULDomR GH XP FXUVR HVSHFLDO SDUD HQJHQKHLURV Wr[WHLV
VHQGRDSDUWHSUiWLFDGRFXUVRUHDOL]DGDQD(VFROD7pFQLFD7r[WLO´)UDQFLVFR0DWDUD]]RµFRPHTXLSDPHQWRVFHGLGRVSHOR
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGDSULPHLUDHVFRODRILFLQDGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HPGHPDLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
)XQGDomRGDPDOKDULDHPDOJRGmRHP-DUDJXiGR6XO6&0DULVRO,QG~VWULDGR9HVWXiULR6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
(QWUDGDHPDWLYLGDGHGDV(VFRODV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH6mR-RVpGR5LR3UHWRHGH
3UHVLGHQWH3UXGHQWH63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR3DXOLVWDGRV)DEULFDQWHVGH3DSHOH&HOXORVHFXMDPLVVmRpSUHVWDUVHUYLoRVGHQDWXUH]DLQVWLWXFLRQDOH
SROtWLFDEDVHDGRHPXPDVyOLGDHFRQILiYHOHVWUXWXUDWpFQLFDFRPRREMHWLYRGHRIHUHFHUPHOKRUHVFRQGLo}HVGHUHVXOWDGRVD
VHXVDVVRFLDGRVSRVVLELOLWDQGRDJHUDomRGHHPSUHJRVHRVEHQHItFLRVVRFLDLVGHFRUUHQWHVGRGHVHQYROYLPHQWRHFRQ{PLFR
)RQWH$VVRFLDomR%UDVLOHLUDGH&HOXORVHH3DSHO
,QtFLRGHRSHUDomRGD8VLQD$QLOQR5LR-DFDUpHP6DQWDQDGR-DFDUp0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&RQVWUXomRGHFDVDVSRSXODUHVSHOR%DQFR1DFLRQDOGH+DELWDomRLQFHQWLYDGRSHORJRYHUQRPLOLWDU1HVVHSHUtRGRD
'XUDWH[FRORFDQRPHUFDGRR'XUDSODFOLQKDGHSLQWXUDHFRQVROLGDVXDSRVLomRQRPHUFDGR
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
,QtFLRGRJRYHUQRPLOLWDU
)RQWH8QLYHUVLGDGHGH%UDVtOLD²')
&ULDomRGR)XQGRGH)LQDQFLDPHQWRSDUD$TXLVLomRGH0iTXLQDVH(TXLSDPHQWRV,QGXVWULDLV),1$0(FRPWDUHIDGHILQL
GDGHDSRLDUDFRPHUFLDOL]DomRGHPiTXLQDVHHTXLSDPHQWRVGHIDEULFDomRQDFLRQDOEHPFRPRDUHVSHFWLYDH[SRUWDomR
HLPSRUWDomR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGRV&RQVHOKRVGH3HVTXLVD8QLYHUVLWiULRVVHUYLQGRGHSRQWHHQWUHDVXQLYHUVLGDGHVHR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$VVLQDWXUDGHFRQYrQLRHQWUHR0LQLVWpULRGD(GXFDomR0(&HD6HFUHWDULDGH(GXFDomRGR(VWDGRGH6mR3DXORSDUDD
FULDomRGR&HQWURGH(GXFDomR7pFQLFDGH6mR3DXORYLVDQGRjIRUPDomRHDSHUIHLoRDPHQWRGHGRFHQWHV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHHQWHQGLPHQWRVFRPR&RQVHOKR%ULWkQLFRSDUDDLQVWDODomRQR%UDVLOGHFHQWURVGHWUHLQDPHQWRGHSHVVRDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(VWDEHOHFLPHQWR GR 3URJUDPD GR /LYUR &LHQWtILFR SHOD $FDGHPLD GH &LrQFLDV GRV (VWDGRV 8QLGRV D $OLDQoD SDUD R
3URJUHVVRHR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR5LR*UDQGHGR6XO)$3(5*6
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGR%DQFR&HQWUDOGR)XQGRGH*DUDQWLDSRU7HPSRGH7UDEDOKR)*76GDFDGHUQHWDGHSRXSDQoDGR%DQFR
1DFLRQDOGH+DELWDomR%1+HGR(VWDWXWRGD7HUUDSHOR0LQLVWUR5REHUWR&DPSRVGR0LQLVWpULRGR3ODQHMDPHQWR
)RQWH)XQGDomR*HW~OLR9DUJDV
,QDXJXUDomRGR%DQFRGR(VWDGRGR&HDUi%(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QtFLRGR)XQGRGH'HVHQYROYLPHQWR7pFQLFRH&LHQWtILFR)817(&FULDGRSHOD5HVROXomRQR%DQFR1DFLRQDOGH
'HVHQYROYLPHQWR(FRQ{PLFR%1'(
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD/HLGD%DODQoDTXHUHJXODYDRSHVRSRUHL[RGRVYHtFXORVGHFDUJD
)RQWH5$1'216$
&ULDomRGD)XQGDomR)RUGTXHYHPDSRLDQGRSURMHWRVSDUDRGHVHQYROYLPHQWRGHDWLYLGDGHVQDiUHDGHWHFQRORJLDV
DOWHUQDWLYDVDJULFXOWXUDPHLRDPELHQWHHGHVHQYROYLPHQWRHFRORJLDGHQWUHRXWUDV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD8QLYHUVLGDGHGR6XOGH6DQWD&DWDULQD81,68/HP7XEDUmR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7UDQVIRUPDomRGD)XQGDomRGH&LrQFLDH7HFQRORJLD)81&,7(&HP)XQGDomR8QLYHUVLGDGH5HJLRQDOGR5LR*UDQGHGR
1RUWH)8551
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR5LR*UDQGHGR6XOSHOD/HLGHGHGH]HPEUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR5LR*UDQGHGR6XO
(QFDPLQKDPHQWRDR&RQJUHVVRHPGHDJRVWRGR3ODQRGH$omR(FRQ{PLFDGR*RYHUQR3$(*
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QJHQKDULDH7HFQRORJLD
,QtFLRGDDWLYLGDGHHPSUHVDULDOGDiUHDQXFOHDUQR%UDVLOFRPDFULDomRSHOD&RPLVVmR1DFLRQDO
GH(QHUJLD1XFOHDU&1(1GHXPDVRFLHGDGHDQ{QLPDVXEVLGLiULDGHQRPLQDGD&RPSDQKLDGH
0DWHULDLV1XFOHDUHVGR%UDVLO&RPDQEUDOTXHWLQKDSRUILQDOLGDGHDODYUDREHQHILFLDPHQWRR
UHILQRRWUDWDPHQWRTXtPLFRHRFRPpUFLRGHPLQHUDLVQXFOHDUHVGHLQWHUHVVHSDUDDSURGXomRGH
HQHUJLDQXFOHDUHVHXVDVVRFLDGRV)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,PSODQWDomRGRVFXUVRVGHSyVJUDGXDomRQD(VFROD3ROLWpFQLFDGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGR)XQGRGH$PSDURj7HFQRORJLD)81$7
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&LrQFLDV$JUiULDV
(GLomRGR(VWDWXWRGD7HUUD/HLQžSULPHLURSDVVRSDUDLQLFLDUDUHIRUPDDJUiULDQRSDtV
)RQWH,QVWLWXWR1DFLRQDOGH&RORQL]DomRH5HIRUPD$JUiULD
3XEOLFDomRGD/HLGHGHIHYHUHLURTXHGLVS}HVREUHRIXQFLRQDPHQWRGD(VFROD6XSHULRUGH)ORUHVWDHP9LoRVD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGD(VWDomR([SHULPHQWDOGD&DQDGH$o~FDUGR(VWDGRGH$ODJRDV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
'HVHQYROYLPHQWRGHSURJUDPDVHVSHFLDLVVROLFLWDGRVSHORFRUSRGHSHVTXLVDGRUHVGR(VWDGRWUHLQDPHQWRHPH[WHQVmR
DJUtFRODGHPRQVWUDomRGHSURGXomRGHDoRFDUERQRSRUFRQYHUVmRGHR[LJrQLRSHVTXLVDVGHLPSDFWRLQGXVWULDOFRUWL
FyLGHVH[WUDtGRVGRVLVDOIDEULFDomRGHPiTXLQDSDUDFiOFXORHOHWU{QLFRHHVWXGRGDEDFWpULD´6WHYLDUHEDXGLDQDµ
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR&HQWURGH$SHUIHLoRDPHQWRGH(FRQRPLVWDV&$(18QLYHUVLGDGH)HGHUDOGR&HDUi8)&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
/DQoDPHQWRGRILOPH´'HXVHR'LDERQD7HUUDGR6ROµGRFLQHDVWD*ODXEHU5RFKD
)RQWH0LQLVWpULRGD&XOWXUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QWURGXomRGRXVRGRUiGLRQDHGXFDomR3URMHWRV0,1(59$H+$35217
)RQWH6HFUHWDULDGH(VWDGRGD(GXFDomR
&ULDomRGD)DFXOGDGHGH6HUYLoR6RFLDO)$662
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
&LrQFLDVGD6D~GH
,QFRUSRUDomRSHOD8QLYHUVLGDGH)HGHUDO)OXPLQHQVHGR+RVSLWDO8QLYHUVLWiULR$QW{QLR3HGURFRP
RREMHWLYRGHHQVLQRSHVTXLVDHH[WHQVmR)RQWH8QLYHUVLGDGH)HGHUDO)OXPLQHQVH
,QtFLRGRXVRQR+RVSLWDOGDV&OtQLFDVGH6mR3DXORGHVXEVWkQFLDVPDUFDGDVFRPUDGLRQXFOtGHRVSURGX]LGRVQR,QVWLWXWR
GH(VWXGRV$YDQoDGRV,($SHOR/DERUDWyULRGH5DGLRLVyWRSRVSDUDXVRH[SHULPHQWDOFRPRSODQHMDPHQWRGHVXDSUR
GXomRSDUDDWHQGLPHQWRDRPHUFDGRQDFLRQDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDSURGXomRGHSROLEXWDGLHQRFRPEXWDGLHQRDSDUWLUGRHWDQROSHOD&RPSDQKLD
3HUQDPEXFDQDGH%RUUDFKD&RSHUER)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR3URJUDPDGH)LQDQFLDPHQWRj3HTXHQDHj0pGLD(PSUHVD),3(0(
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD*UiILFD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGDLPSODQWDomRGR3yOR3HWURTXtPLFRGR0DXiHP6mR3DXOR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
$XWRUL]DomRGRIXQFLRQDPHQWRGR&ROpJLR7pFQLFR,QGXVWULDO&7,QD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QtFLRGRV&XUVRVGH4XDOLILFDomRH7UHLQDPHQWRGH$GXOWRVQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GR
0DUDQKmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR'LVWULWR,QGXVWULDOGH)RUWDOH]D',),
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QtFLRGDVDWLYLGDGHVGD(VFRODGH$SUHQGL]DJHP,QGXVWULDOQR&RQMXQWR(GXFDFLRQDOGD0RRFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR3yOR,QGXVWULDOGR3LDXt
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD&RPSDQKLD'RFDVGR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
3DQRUDPD1DFLRQDO
,PSODQWDomRGRVSURJUDPDVHPSUHVDULDLV)XQGRGH,QYHVWLPHQWRVGR1RUGHVWH),125)XQGRGH
,QYHVWLPHQWRV6HWRULDLV),6(7H352&$)e)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
)XQGDomRGD8QLYHUVLGDGHGR$PD]RQDV)8$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&ULDomRGD8QLYHUVLGDGHGR9DOHGR,WDMDt81,9$/,HP6DQWD&DWDULQD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GR )XQGR GH )LQDQFLDPHQWR GH (VWXGRV GH 3URMHWRV H 3URJUDPDV YLQFXODGR DR HQWmR %DQFR 1DFLRQDO GH
'HVHQYROYLPHQWR(FRQ{PLFR%1'(HTXHGDULDRULJHPHPj)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3UHVSRQ
ViYHOSHORDSRLRDSURMHWRVGHSHVTXLVDHGHVHQYROYLPHQWRUHDOL]DGRVSRUHPSUHVDVHLQVWLWXWRVGHSHVTXLVD
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
)HGHUDOL]DomRGD8QLYHUVLGDGHGH6DQWD0DULDTXHSDVVDDGHQRPLQDUVH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD8)60
FRQIRUPH/HLGHGHDJRVWR
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&ULDomRGD)XQGDomR8QLYHUVLGDGHGH3HUQDPEXFR83(HP5HFLIH
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
$VVLQDWXUD GH FRQYrQLR FRP R ,QVWLWXWR %UDVLOHLUR GH (GXFDomR &LrQFLD H &XOWXUD SDUD D GLVWULEXLomR GH %{QXV GD
2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
)XQGDomRGD8QLYHUVLGDGHGR(VWDGRGH6DQWD&DWDULQD8'(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD8QLYHUVLGDGHGH,WD~QD8,HP0LQDV*HUDLV
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
(QJHQKDULDH7HFQRORJLD
&ULDomRGD(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$(0%5$7(/)RQWH)XQGDomR*HW~OLR9DUJDV
&ULDomRGR*UXSRGR7yULR*7QR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35FRPDILQDOLGDGHGHGDUFRQWLQXLGDGHDRVHVWXGRV
GRFLFORGRFRPEXVWtYHOQXFOHDUHjSRVVLELOLGDGHGHXWLOL]DomRGRWyULRFRPRFRPEXVWtYHOQRVUHDWRUHVGHSRWrQFLDeUHDOL
]DGRHPHVWiJLRSUHOLPLQDURSULPHLURSURMHWRFRPSOHWRGHXPUHDWRUHGDVGHPDLVXQLGDGHVGHXPDFHQWUDOQXFOHDU
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLRGRSURMHWRGHGHVHQYROYLPHQWRGDDHURQDYH,3'%DQGHLUDQWH
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
/DQoDPHQWRGRSULPHLURIRJXHWH1LNH$SDFKHGR&HQWURGH/DQoDPHQWRGD%DUUHLUDGR,QIHUQR&/%,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR&DPSRGH/DQoDPHQWRGH)RJXHWHV&/)HP3RQWD1HJUD1DWDOTXHPDLVWDUGHSDVVDULDDGHQRPLQDUVH
&DPSRGH/DQoDPHQWRGH)RJXHWHVGD%DUUHLUDGR,QIHUQR&/)%,HKRMHVHGHQRPLQD&HQWURGH/DQoDPHQWRGD%DUUHLUD
GR,QIHUQR&/%,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLR GR GHVHQYROYLPHQWR GDV DWLYLGDGHV GH SHVTXLVD WHFQROyJLFD FRP ILQDQFLDPHQWR GR 'HSDUWDPHQWR 1DFLRQDO GH
3URGXomR0LQHUDO'130GD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH68'(1(GR,QVWLWXWRGH3ODQHMDPHQWR
GH3HUQDPEXFR&21'(3(HGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QDXJXUDomRGD8VLQD+LGUHOpWULFDGH)XUQDV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGRSULPHLUR&HQWURGH(VWXGRVHP7HOHFRPXQLFDo}HVGR%UDVLO
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
'HVHQYROYLPHQWRGRSODQDGRUPRQRSODFHGHDOWRUHQGLPHQWR8UXSHPD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGD5HGH*ORERGH7HOHYLVmRQR5LRGH-DQHLURTXHHQWUDYDQRDUHGDYDLQtFLRDXPDWUDMHWyULDYLWRULRVD6HJXLQGR
DGHWHUPLQDomRGHVHXIXQGDGRURMRUQDOLVWD5REHUWR0DULQKRD*ORERFRQVROLGRXDRORQJRGHPDLVGHDQRVGH
IXQFLRQDPHQWRVXDYRFDomRGHUHGHQDFLRQDOFRPTXDOLGDGHDUWtVWLFDMRUQDOtVWLFDHWpFQLFDGHQtYHOLQWHUQDFLRQDOHLGHQ
WLGDGHYLVXDOLQLJXDOiYHOHPWRGRRPXQGR
)RQWH5HGH*ORERGH7HOHYLVmR
$VVRFLDomRGR%UDVLODR&RQVyUFLR,QWHUQDFLRQDOGH7HOHFRPXQLFDo}HVSRU6DWpOLWH,17(/6$7
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGR,QVWLWXWR1DFLRQDOGH7HOHFRPXQLFDo}HV,1$7(/GHFDUiWHUSULYDGRHP6DQWD5LWDGR6DSXFDt0*
)RQWH8QLYHUVLGDGHGH6mR3DXOR
0DUFRKLVWyULFRGDiUHDQXFOHDU)RLDWLQJLGDDFULWLFDOLGDGHGRSULPHLURUHDWRUFRQVWUXtGRQR%UDVLOGHQRPLQDGRUHDWRU
$UJRQDXWDORFDOL]DGRQR,QVWLWXWRGH(QHUJLD1XFOHDU,(1´FDPSXVµGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-
2SURMHWRpSLRQHLURHPWHUPRVGHSDUFHULDHQWUHXQLYHUVLGDGHFHQWURVGHSHVTXLVDHLQG~VWULDQDFLRQDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QDXJXUDomRGDFKHJDGDGHHQHUJLDGD8VLQD+LGUHOpWULFD3DXOR$IRQVRD)RUWDOH]D
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&LrQFLDV$JUiULDV
&ULDomR GD &HQWUDO GH ([SHULPHQWDomR3HVTXLVD H ([WHQVmR GR 7ULkQJXOR 0LQHLUR &(3(7 GD 8QLYHUVLGDGH )HGHUDO GH
9LoRVD8)9YLDELOL]DQGRSHVTXLVDVTXHSRVVLELOLWDUDPDIHUWLOL]DomRGRFHUUDGREUDVLOHLURFRPFRQVHTHQWHH[SDQVmRGD
FXOWXUDGDVRMDQR%UDVLODWpKRMHIRUDPGHVHQYROYLGDVYDULHGDGHVSHOD8)9VXSHUDQGRVHGDiUHDFXOWLYDGDQRV
(VWDGRVGH0LQDV*HUDLV*RLiVH0DWR*URVVRGR6XO
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&LrQFLDV+XPDQDVH6RFLDLV
,QtFLRGDIDVH3yV&LQHPD1RYRQR%UDVLO
)RQWH0LQLVWpULRGD&XOWXUD
&LrQFLDV%LROyJLFDV
,QVWLWXLomRGRQRYR&yGLJR)ORUHVWDOSHOD/HLQ)RQWH0LQLVWpULRGR0HLR$PELHQWH
5HDOL]DomR GRV OHYDQWDPHQWRV ELROyJLFRV QD %DVH (FROyJLFD GR /LWRUDO H QD ÉUHD &RVWHLUD %DtD GH ,OKD *UDQGH FRP
DFRODERUDomRGR,QVWLWXWR2FHDQRJUiILFR,QVWLWXWRGH%RWkQLFDHGRV'HSDUWDPHQWRVGH*HRJUDILDHGH*HRORJLDGD
8QLYHUVLGDGHGH6mR3DXOR863DOpPGD6HFUHWDULDGH$JULFXOWXUDGR(VWDGRGH6mR3DXORVREFRRUGHQDomRGH3DXOR
(PtOLR9DQ]ROLQLH0DUWD9DQQXFFL
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLR GR GHVHQYROYLPHQWR GR 3URMHWR $PD]RQDV /HYDQWDPHQWR )DXQtVWLFR (FROyJLFR H (FRQ{PLFR GDV 5HVHUYDV
3HVTXHLUDVGR$PD]RQDVYLVDQGRjXUJrQFLDGHSHVTXLVDVQDUHJLmRjIRUPDomRGHSHVTXLVDGRUHVWUHLQDGRV´LQORFRµ
HDRFRQKHFLPHQWRGRVUHFXUVRVGDUHJLmRFRPRLQLFLDWLYDGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
)$3(636XSHUYLVmRGH3DXOR(PtOLR9DQ]ROLQLGR0XVHXGH=RRORJLDGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&LrQFLDV([DWDVHGD7HUUD
,QWHJUDomRGR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35QR3ODQR1DFLRQDOGH(QHUJLD1XFOHDU
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QDXJXUDomRGR3RUWRGH7XEDUmRGD&RPSDQKLD9DOHGR5LR'RFHRPDLRUSRUWRGRPXQGRHVSH
FLDOL]DGRHPPLQpULRGHIHUUR)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
)XQGDomRGD$d20,1$6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD&RPSDQKLDGH,QGXVWULDOL]DomRGR(VWDGRGD3DUDtED&,1(3SHOD/HLGHGHGH]HPEUR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGR5LRGH-DQHLUR,3(05-
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGD6RF{FRDPDLRUHPDLVPRGHUQDHPSUHVDGRPXQGRGHGLFDGDDRFXOWLYRHDRSURFHVVDPHQWRGHSURGXWRV
GHULYDGRVGHFRFR
)RQWH6RF{FR,QG~VWULDV$OLPHQWtFLDV
,QFRUSRUDomRGDLQG~VWULDDXWRPRELOtVWLFD,QWHUQDWLRQDO+DUYHUVWHUj&KU\VOHU
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
&RQVWLWXLomRGDSULPHLUDXQLGDGHLQGXVWULDOGR*UXSR&HFULVDHPUHYHVWLPHQWRVFHUkPLFRVHP&ULFL~PD6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
/DQoDPHQWRSHODHPSUHVD3ODFDVGR3DUDQiQRPHUFDGRQDFLRQDOGHFKDSDVDJORPHUDGDVSURYRFDQGRYHUGDGHLUDUH
YROXomRGRVHWRUPRYHOHLURQDFLRQDO
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
(QWUDGDHPDWLYLGDGHGD(VFRODGH$SUHQGL]DJHP,QGXVWULDO*RYHUQRGR(VWDGR6(1$,6HUYLoR1DFLRQDOGH$SUHQGL]DJHP
,QGXVWULDOQREDLUURGH6DQWR$PDURHP6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
&ULDomRGR&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDVHPGHDEULO)RQWH&RQVHOKRGH
5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD$JrQFLD(VSHFLDOGH)LQDQFLDPHQWR,QGXVWULDO),1$0(
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR,QVWLWXWRGH/HWUDVGH&XLDEi
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRGD(VFROD7pFQLFD/LEHUDWR6DO]DQR9LHLUDGD&XQKDSHOR'HFUHWR
)RQWH6XSHULQWHQGrQFLDGD(GXFDomR3URILVVLRQDO
&RQVWLWXLomRGH&RPLVV}HVGH$VVHVVRULDVSHOR&RQVHOKR'HOLEHUDWLYRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
H7HFQROyJLFR&13TSDUDUHFROKHUHPWRGRVRVVHWRUHVGDDWLYLGDGHFLHQWtILFDVXJHVW}HVSDUDSURJUDPDVTXHOHYDPHP
FRQVLGHUDomRDVGLVSDULGDGHVUHJLRQDLVDVQHFHVVLGDGHVGR%UDVLOHRVPHLRVGLVSRQtYHLV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&HOHEUDomRGRFRQYrQLRFRPD&RQIHUrQFLDGH5HLWRUHVGD$OHPDQKD2FLGHQWDO
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGR*UXSR([HFXWLYRGDV,QG~VWULDV7r[WHLV*(,7(;QR0LQLVWpULRGH,QG~VWULDH&RPpUFLRHSHOR&RQVHOKRGH
'HVHQYROYLPHQWR,QGXVWULDO&',TXHFRQFHGLDGHLVHQomRGHLPSRVWRVSDUDLPSRUWDomRGHPiTXLQDVWr[WHLV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)XQGDomRGD&HFULVD5HYHVWLPHQWRV&HUkPLFRV6$HPSUHVDOtGHUGRPHUFDGREUDVLOHLURGH&HUkPLFD
)RQWH&HFULVD5HYHVWLPHQWRV&HUkPLFRV6$
,QtFLRGDVDWLYLGDGHVGR&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV&58%FRPRH[HFXWRUGRFRQYrQLRHQWUH%UDVLO
H(VWDGRV8QLGRVDFRUGR0LQLVWpULRGH(GXFDomR0(&H8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW86$,'
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD&RPSDQKLDGH'HVHQYROYLPHQWRGH0DWR*URVVR&2'(0$7
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
,QtFLR GD FRRSHUDomR GR )XQGR 1DFLRQDO GH 'HVHQYROYLPHQWR 7pFQLFR&LHQWtILFR FULDGR SHOR %DQFR 1DFLRQDO GH
'HVHQYROYLPHQWR(FRQ{PLFR%1'(YLVDQGRDFRQVWLWXLURVFHQWURVQDFLRQDLVGHSyVJUDGXDomRHWUHLQDPHQWRDYDQoDGR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD&RPSDQKLDGH'HVHQYROYLPHQWRGD3DUDtEDSHOD/HLGHGHMXOKR
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&ULDomRGD8QLYHUVLGDGH5HJLRQDOGR1RUGHVWH851RSHOD/HL0XQLFLSDOQžHP-RmR3HVVRD3%TXHIXQFLRQRXLQL
FLDOPHQWHFRPRDXWDUTXLDPXQLFLSDO
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGD3DUDtED
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR0DUDQKmR8)0$HP6mR/XtVSHOD/HLGHGHRXWXEUR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGR&RQVHOKR5HJLRQDOGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLD&5($GH0DWR*URVVR
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
$XWRUL]DomRSDUDDLQVWDODomRHRIXQFLRQDPHQWRGRV,QVWLWXWRVGH%LRORJLD0DWHPiWLFD)tVLFDH4XtPLFDHGDV)DFXOGDGHV
GH(QJHQKDULD7HFQRORJLDGH$OLPHQWRV&LrQFLDVH(QIHUPDJHPGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SHOR
&RQVHOKR(VWDGXDOGH(GXFDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGD&DPSDQKDGH)RJXHWHVSDUDPHGLGDVQDDWPRVIHUDGXUDQWHR(FOLSVH6RODU
HPSDUFHULDFRPYiULRVSDtVHVQDSUDLDGR&DVVLQR5LR*UDQGH56$&RPLVVmR1DFLRQDOGH
$WLYLGDGHV(VSDFLDLV&1$(IRLDLQVWLWXLomRUHVSRQViYHOSHODFDPSDQKD)RQWH,QVWLWXWR1DFLRQDO
GH3HVTXLVDV(VSDFLDLV
&ULDomRGDV&HQWUDLV(OpWULFDVGH6mR3DXOR&(63FRPRREMHWLYRGHFHQWUDOL]DURSODQHMDPHQWRHUDFLRQDOL]DomRGRV
UHFXUVRVHQHUJpWLFRVGR(VWDGRGH6mR3DXOR
)RQWH&HQWUDLV(OpWULFDVGH6mR3DXOR
(VSHFLILFDomRHFRQWUDWDomRGRGHVHQYROYLPHQWRGR6RQGD,j,QG~VWULD1DFLRQDO$YLEUiV,QG~VWULD$HURHVSDFLDO6$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&LrQFLDV$JUiULDV
,QVWLWXLomRSHOR'HFUHWRQžGRSULPHLUR3ODQR1DFLRQDOGH5HIRUPD$JUiULD)RQWH
&RPSDQKLDGH'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR
(QWUDGDGDLQG~VWULDFtWULFDEUDVLOHLUDHPIUDQFDH[SDQVmRHPIXQomRGDVYHQGDVTXHVHILUPDUDP
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR&HQWURGH'RFXPHQWDomR+LVWyULFD'HSDUWDPHQWRGH+LVWyULDGD8QLYHUVLGDGHGH6mR
3DXOR863)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
,QtFLRGDVDWLYLGDGHVGR&HQWURGH'RFXPHQWDomRGD8QLYHUVLGDGHGH6mR3DXOR863FRPRDSRLRGD)XQGDomRGH
$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&LrQFLDVGD6D~GH
7UDQVIRUPDomRGR/DERUDWyULR&HQWUDOGH7XEHUFXORVHHP/DERUDWyULRGH5HIHUrQFLDSDUDR
%UDVLOQDiUHDHVSHFtILFDDWXDQGRWDPEpPFRPRyUJmRGHFRRUGHQDomRGD5HGH1DFLRQDOGH
/DERUDWyULRVGH%DFWHULRORJLDGD7XEHUFXORVHFULDGDQHVVHPHVPRDQR)RQWH)XQGDomR,QVWLWXWR
2VZDOGR&UX]
&ULDomRGD)DFXOGDGHGH0HGLFLQDGD$PD]{QLD
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&ULDomRGR&HQWURGH(VWXGRVGH1XWULomR)DFXOGDGHGH0HGLFLQD8QLYHUVLGDGHGH6mR3DXOR863VREVXSHUYLVmRGH
$QW{QLR%DUURVGH8OK{D&LQWUDH$OEHUWR&DUYDOKRGD6LOYD
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGR/DERUDWyULR)DUPDFrXWLFRGR(VWDGRGH3HUQDPEXFR/$)(3(
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
'HVFREULPHQWRGDEDX[LWDQR5LR7URPEHWDV3$)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLR
H0LQHUDomR
&ULDomRGR&HQWURGH3HVTXLVDVGH3URGXWRV1DWXUDLVH/DERUDWyULRGH4XtPLFDGH3URGXWRV1DWXUDLVQR&RQMXQWRGDV
4XtPLFDVGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QVWLWXLomRGD3ROtWLFD1DFLRQDOGH0HWURORJLDSHOR'HFUHWR/HLGHGHIHYHUHLUR)RQWH
,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,QDXJXUDomRGD$UDFUX]&HOXORVH6$
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGD)iEULFDGH&LPHQWRGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
)LUPDGRFRQYrQLRHQWUHR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6HFUHWDULDGH0mRGH2EUD602HR
3URJUDPD,QWHQVLYRGH3UHSDUDomRGH0mRGH2EUD3,302FXMRREMHWLYRHUDDTXDOLILFDomRHWUHLQDPHQWRGHWUDEDOKD
GRUHVSDUDDLQG~VWULD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR*UXSR([HFXWLYRGD,QG~VWULD4XtPLFD*(,48,0(VWDEHOHFHQGRRULHQWDo}HVFODUDVSDUDDSURPRomRGDLQG~V
WULDSHWURTXtPLFDQR%UDVLOR*(,48,0ODQoRXDVEDVHVTXHYLULDPDJHUPLQDUQRVSyORVSHWURTXtPLFRVGRVDQRVH
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
,QDXJXUDomRGD8VLQD6DOWR*UDQGHGR,JXDoXSHOD&RPSDQKLD3DUDQDHQVHGH(QHUJLD&23(/
)RQWH3$5$1$7(&
2UJDQL]DomRGD3HWUREUDV4XtPLFD3(75248,6$QD3HWUyOHR%UDVLOHLUR6$3(752%5$6
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,PSODQWDomRGRSULPHLUR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRGDVHPSUHVDVHVWDWDLVQD8VLQDV6LGHU~UJLFDVGH0LQDV
*HUDLV6$8VLPLQDV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,PSODQWDomRGR3DUTXH,QGXVWULDOGD=RQD)UDQFDGH0DQDXVSHOR'HFUHWRGHGHIHYHUHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
$EVRUomR GDV HPSUHVDV QDFLRQDLV GH DXWRPyYHLV SHOR SRGHU GDV PXOWLQDFLRQDLV $ 9RONVZDJHQ DGTXLUH D 9HtFXORV H
0iTXLQDV$JUtFRODV6$9HPDJ
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGR&HQWUR,QGXVWULDOGH$UDWX&,$RSULPHLURGRVFRPSOH[RVUHVSRQViYHLVSHORLPSXOVRGHLQGXVWULDOL]DomR
)RQWH&HQWUR,QGXVWULDOGH$UDWX
&ULDomRGR&HQWURGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP0DIUD6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGDQRYD(VFRODGH&RQVWUXomR&LYLO/\FpULR6FKHUHLQHUGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR
5LRGH-DQHLUR6(1$,5-HPGHRXWXEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
(QWUDGDHPDWLYLGDGHGD(VFRODGH$SUHQGL]DJHP,QGXVWULDO´+HUPHQHJLOGR&DPSRVGH$OPHLGD*RYHUQRGR(VWDGR
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,µHP*XDUXOKRV63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH(PEDODJHP
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD6DGLD&RPHUFLDO/WGDTXHSDVVRXDVHUHVSRQVDELOL]DUSRUWRGDDDWLYLGDGHGHYHQGDVHGLVWULEXLomRGRVSUR
GXWRVQDFLRQDOPHQWH
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&ULDomRGD$VVRFLDomR%UDVLOHLUD7pFQLFDGH&HOXORVHH3DSHO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
6XUJLPHQWRSRULQLFLDWLYDSLRQHLUDGRV1~FOHRVGH$VVLVWrQFLDjV3HTXHQDVH0pGLDV,QG~VWULDVQRV(VWDGRVGR1RUGHVWH
SRULQVSLUDomRGD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH68'(1(
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0DGHLUD$JORPHUDGD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD6HFUHWDULDGH,QG~VWULDH&RPpUFLRTXHUHFHEHXFRPRIXQomRDLPSODQWDomRGHFHQWURVRXGLVWULWRVLQGXVWULDLV
QR(VWDGRGR(VStULWR6DQWR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
3URLELomRGDXWLOL]DomRGHFDULPERVHPUyWXORVRXHQYROWyULRVSDUDHYLWDUIUDXGHVQDGHILQLomRGHTXDQWLGDGHHRXWUDV
FDUDFWHUtVWLFDVGRSURGXWR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,QtFLRGDVDWLYLGDGHVGD7HFQRZDWW,OXPLQDomR/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGH6mR3DXOR0LQDV*HUDLVH3DUDQi
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
$VVLQDWXUD GH FRQYrQLR HQWUH R 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO GH 6mR 3DXOR 6(1$,63 H D )HGHUDomR
5HORMRHLUD 6XtoD SDUD FULDomR GH XP FXUVR FRPSOHWR GH UHORMRHLURV LQVWDODGR QD (VFROD GH $SUHQGL]DJHP ,QGXVWULDO
´3UHIHLWXUD6(1$,µQR&RQMXQWR(GXFDFLRQDOGD0RRFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
,QVWLWXLomRSHOR0LQLVWpULRGR7UDEDOKRH3UHYLGrQFLD6RFLDOGDFDWHJRULDGHHVWiJLRVQDVHPSUH
VDVDVHULQWHJUDGDSRUDOXQRVRULXQGRVGDVIDFXOGDGHVRXHVFRODVWpFQLFDVGHQtYHOFROHJLDOSHOD
3RUWDULDGHGHVHWHPEUR)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD6XSHULQWHQGrQFLDGD=RQD)UDQFDGH0DQDXV68)5$0$SHOR'HFUHWROHLYLQFXODGDDR0LQLVWpULRGR
3ODQHMDPHQWRSRULQWHUPpGLRGD6HFUHWDULD(VSHFLDOGH3ROtWLFDV5HJLRQDLVHFRPDILQDOLGDGHGHSURPRYHULQYHVWLPHQWRV
HDGPLQLVWUDUD=RQD)UDQFDGH0DQDXV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
(ODERUDomRGR3URJUDPDGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR*UXSR&RQVXOWLYRGD,QG~VWULD6LGHU~UJLFD*&,6
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
3URPXOJDomRHPGHPDLRGDQRYDFRQVWLWXLomRTXHPDQWpPRVSULQFLSDLVGLVSRVLWLYRVVREUHHGXFDomRFRQVDJUDGRV
QD&DUWDGH
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWUDGDHPYLJRUGDVQRYDVFRQVWLWXLo}HVGR3DtVHGR(VWDGRGDVPRGLILFDo}HVTXHDWLQJHPD)XQGDomRGH$PSDURj
3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63$PDLVLPSRUWDQWHGL]UHVSHLWRDRGLVSRVLWLYRGD&RQVWLWXLomR(VWDGXDODUWLJR
VXEVWLWXtGRSHORDUWLJR1DUHIRUPDFRQVWLWXFLRQDORDUWLJRUHJLVWUDDREULJDomRGHR(VWDGRLQFHQ
WLYDUDSHVTXLVDHRHQVLQRFLHQWtILFRWHFQROyJLFR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3FRPRREMHWLYRGHIRPHQWDUWpFQLFDHILQDQFHLUDPHQWHHVWXGRV
SHVTXLVDVSURJUDPDVHSURMHWRVHFRQ{PLFRVVRFLDLVFLHQWtILFRVHWHFQROyJLFRVGHDFRUGRFRPDVPHWDVHSULRULGDGHV
VHWRULDLVIL[DGDVSHOR*RYHUQR)HGHUDO
)RQWH)LQDQFLDGRUDGH(VWXGRVH3URMHWRV
&ULDomRGD)XQGDomR-RmR3LQKHLURyUJmRGHHVWXGRVSHVTXLVDVHSODQHMDPHQWRGR*RYHUQRGH0LQDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QVWLWXLomRGD8QLYHUVLGDGHGH3DVVR)XQGR83)SHODXQLmRGD6RFLHGDGH3Uy8QLYHUVLGDGHHGR&RQVyUFLR8QLYHUVLWiULR
&DWyOLFR
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
$SURYDomRSHOR*RYHUQR)HGHUDOGDV'LUHWUL]HVGD3ROtWLFD1DFLRQDOGH(QHUJLD1XFOHDUTXHGHVLJQDPDR&RQVHOKRGH
6HJXUDQoD1DFLRQDODVXSHUYLVmRRULHQWDomRHFRRUGHQDomRGRH[HUFtFLRGDHQHUJLDQXFOHDUQR%UDVLO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
(VWDEHOHFLPHQWRGR7UDWDGRSDUD3URVFULomRGH$UPDV1XFOHDUHVQD$PpULFD/DWLQD7UDWDGRGH
7ODWHOROFRFULDQGRSHODSULPHLUDYH]DVFKDPDGDV´]RQDVOLYUHVGHDUPDVQXFOHDUHVµQDVTXDLV
WRGDVDVDDUPDVQXFOHDUHVVmRSURLELGDV)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLR GR IXQFLRQDPHQWR GD )DFXOGDGH GH (QJHQKDULD GH &DPSLQDV )(& GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRIXQFLRQDPHQWRGR&ROpJLR7pFQLFRGH&DPSLQDVXQLGDGHGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR'HSDUWDPHQWR1DFLRQDOGH7UkQVLWR'(1$75$1SHOR'HFUHWR/HL
)RQWH'HSDUWDPHQWR1DFLRQDOGH7UkQVLWR
,QtFLRGRGHVHQYROYLPHQWRGR)RJXHWH6RQGD,,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
/DQoDPHQWRGRSULPHLURSURWyWLSRGR6RQGD,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR0LQLVWpULRGDV&RPXQLFDo}HVTXHSDVVRXDILVFDOL]DUDVGLYHUVDVFRQFHVVLRQiULDVGRVHUYLoRWHOHI{QLFRYLQ
FXODQGRVHDHVWHR&RQVHOKR1DFLRQDOGH7HOHFRPXQLFDo}HV&217(/HD(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
(0%5$7(/
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&RQVWUXomRGR7HUPLQDO0DUtWLPRGH&DUPySROLV7(&$502
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&LrQFLDV$JUiULDV
&ULDomRGR,QVWLWXWR%UDVLOHLURGH'HVHQYROYLPHQWR)ORUHVWDO,%')yUJmRIHGHUDOHQFDUUHJDGRGH
JHUHQFLDURVHWRUIORUHVWDOEUDVLOHLURKRMHFRPRQRPHGH,QVWLWXWR%UDVLOHLURGR0HLR$PELHQWHH
GRV5HFXUVRV1DWXUDLV5HQRYiYHLV,%$0$)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGD)HGHUDomR$JUtFRODGR(VWDGRGH*RLiV)$(*
)RQWH)XQGDomRGH$SRLRj3HVTXLVD8)*
,QtFLR GR IXQFLRQDPHQWR GD )DFXOGDGH GH 7HFQRORJLD GH $OLPHQWRV )7$ GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03DSULPHLUDGD$PpULFD/DWLQDQDiUHDLGHDOL]DGDSHORFLHQWLVWD$QGUp7RVHOORKRMHFRPRQRPHGH)DFXOGDGH
GH(QJHQKDULDGH$OLPHQWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomR5XUDO0LQHLUD585$/0,1$6
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD(VWDomR([SHULPHQWDO$SRO{QLR6DOHV(($6YLQFXODGDDR'HSDUWDPHQWR1DFLRQDOGH3HVTXLVD$JURSHFXiULD
'13($GDQGRLQtFLRjSHVTXLVDDJURSHFXiULDQR3LDXt
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
&RQYrQLRILUPDGRFRPR,QVWLWXWRGH'HVHQYROYLPHQWR(GXFDFLRQDOGR3DUDQiSDUDDLPSODQWDomR
GR3URMHWR´8VLQDVGR&RQKHFLPHQWRµ)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
/DQoDPHQWRGRILOPH´7RGDVDV0XOKHUHVGR0XQGRµHLQtFLRGDSURGXomRGHFRPpGLDVXUEDQDVEUDVLOHLUDV
)RQWH0LQLVWpULRGD&XOWXUD
&ULDomRGR0RYLPHQWREUDVLOHLURGHDOIDEHWL]DomR²02%5$/
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGD)XQGDomR1DFLRQDOGRÌQGLR)81$,
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
/DQoDPHQWRGRILOPH´*DURWDGH,SDQHPDµTXHPRVWUDXPDSUHRFXSDomRFRPDSURGXomRGHILOPHVFRPHUFLDLVFRPD
SDUWLFLSDomRGHDVWURVGDP~VLFDSRSXODUHFHQiULRVVRILVWLFDGRVSDUDFDWLYDURS~EOLFR
)RQWH0LQLVWpULRGD&XOWXUD
&LrQFLDVGD6D~GH
&ULDomR GD %LEOLRWHFD 5HJLRQDO GH 0HGLFLQD %,5(0( KRMH &HQWUR /DWLQR$PHULFDQR H GR &DULEH GH ,QIRUPDomR HP
&LrQFLDVGD6D~GH
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&LrQFLDV%LROyJLFDV
&ULDomRSHOR'HFUHWR/HLQžGR,QVWLWXWR%UDVLOHLURGR'HVHQYROYLPHQWR)ORUHVWDO²,%')LQ
WHJUDQWHGDDGPLQLVWUDomRGHVFHQWUDOL]DGDGR0LQLVWpULRGD$JULFXOWXUD)RQWH0LQLVWpULRGR0HLR
$PELHQWH
&ULDomRGD6RFLHGDGH%UDVLOHLUDGH&LrQFLDH7HFQRORJLDGH$OLPHQWRV
)RQWH6RFLHGDGH%UDVLOHLUDGH&LrQFLDH7HFQRORJLDGH$OLPHQWRV
&ULDomRGR&HQWUR0LQHLURSDUD&RQVHUYDomRGD1DWXUH]D&0&1
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&LrQFLDV([DWDVHGD7HUUD
,QVWLWXLomRGD)XQGDomR3DGUH$QFKLHWD&HQWUR3DXOLVWDGH5iGLRH79(GXFDWLYDVSHORJRYHUQRGR
(VWDGRGH6mR3DXORHPpXPDHQWLGDGHGHGLUHLWRSULYDGRTXHJR]DGHDXWRQRPLDLQWHOHFWX
DOSROtWLFDHDGPLQLVWUDWLYD)RQWH)XQGDomR3DGUH$QFKLHWD
'HVFREULPHQWRGDVPLQDVGH&DUDMiV
)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
&ULDomRGHXPJUXSRGHWUDEDOKRHVSHFLDOSDUDIRUPXODUDV'LUHWUL]HV1XFOHDUHVTXHHQYROYHXR0LQLVWpULRGDV0LQDVH
(QHUJLD00(D&RPSDQKLD6LGHU~UJLFD1DFLRQDO&61HD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1$UHFRPHQ
GDomRSULQFLSDOFRQVWUXomRGHXPUHDWRUGHSRWrQFLD
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGRIXQFLRQDPHQWRGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQWUDWRFRPD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1SDUDDFRQVWUXomRGDSULPHLUDFHQWUDOGH
JHUDomRGHHQHUJLDQXFOHDU2OXJDUHVFROKLGRp$QJUDGRV5HLV5-
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLRGRIXQFLRQDPHQWRGR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR1~FOHRGH&RPSXWDomRGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-KRMHXPFHQWURQDFLRQDOGHUHIHUrQ
FLDHPWHFQRORJLDHUHFXUVRVGHFRPSXWDomR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGHÉOFDOLVH&ORUR'HULYDGRV)RQWH0LQLVWpULRGR
'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR&RPLWr%UDVLOHLURGH4XtPLFDGD$VVRFLDomR%UDVLOHLUDGH1RUPDOL]DomR$%17&%
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QDXJXUDomRGR2OHRGXWRHGD5HILQDULD*DEULHO3DVVRV5(*$3GD3HWUyOHR%UDVLOHLUR6$3(752%5$6HP%HWLP0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QFHQWLYRGR*UXSR([HFXWLYRGDV,QG~VWULDV7r[WHLV*(,7(;HPFRQMXQWRFRPD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWR
GR1RUGHVWH68'(1(jLPSODQWDomRGD6DIURQ7HLMLQHP$UDWXQD%DKLD´MRLQWYHQWXUHµGRJUXSR6DIUDFRPD7HLMLQ
-DSmRTXHHUDFRQVLGHUDGDDSULPHLUDFRQFRUUHQWHGHSHVRGD5KRGLD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QWHUUXSomRGDIDEULFDomRGHYHtFXORVSHODIiEULFDGHDXWRPyYHLV5RPL
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLRGDVDWLYLGDGHVQDiUHDGH6D~GH2FXSDFLRQDOGR&HQWURGH+LJLHQH6HJXUDQoD,QGXVWULDOGDKRMH&HQWURGH
7HFQRORJLD$PELHQWDOGR6LVWHPD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR),5-$1
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
5HJXODPHQWDomRGDSURILVVmRGHWpFQLFRLQGXVWULDOSHOD/HLGHGHQRYHPEUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,´&RQGH-RVp9LFHQWHGH$]HYHGRµ
QREDLUURGR,SLUDQJDHP6mR3DXOR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD3RO\TXtPLFD6$,QG~VWULD7r[WLOQDFLGDGHGH6mR%HUQDUGRGR&DPSRPDLVWDUGHVHWRUQDGRD3RO\HQND
/WGDHPSUHVDGHSROLpVWHUFRPDPDLRUH[SHULrQFLDQRPHUFDGREUDVLOHLUR
)RQWH3RO\HQND/WGD
,QtFLRGDH[SORUDomRGRSHWUyOHRQDSODWDIRUPDFRQWLQHQWDOGH6HUJLSHQRFDPSR*XDULFHPDSULPHLURSURGXWRUGH
SHWUyOHRPDUtWLPR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
)XQGDomRGD0DOKDULD0DOZHHHP-DUDJXiGR6XO6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGD3DUDtED,3(03%GH3HUQDPEXFR,3(03(HGD%DKLD,%$0(752
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,QVWLWXLomRGR)XQGRGH0HWURORJLDFULDGRSHOR'HFUHWR/HLGHGHIHYHUHLUR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
6XUJLPHQWR GR &RQVHOKR &RQVXOWLYR GD ,QG~VWULD 6LGHU~UJLFD &216,'(5 (P DFRQWHFHX D WUDQVIRUPDomR GR
&216,'(5HP&RQVHOKR1DFLRQDOGD,QG~VWULD6LGHU~UJLFD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,PSODQWDomRGR3ULPHLUR3yOR3HWURTXtPLFRHP6mR3DXORFRPD3HWURTXtPLFD8QLmR6$348FRPRFHQWUDOGHPD
WpULDVSULPDV
)RQWH3HWURTXtPLFD8QLmR6$
$TXLVLomRSHODHPSUHVDLWDOLDQD$OID5RPHRGD)iEULFD1DFLRQDOGH$XWRPyYHLV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
0XGDQoDGHGHQRPLQDomRGDSULPHLUD(VFRODGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH1DWDOTXH
SDVVDDVHUFKDPDGDGH&HQWURGH)RUPDomR3URILVVLRQDO´-HU{QLPR'L[6HSW5RVDGR0DLDµ
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR,QVWLWXWRGH'HVHQYROYLPHQWR,QGXVWULDOGH0LQDV*HUDLV,1',TXHWHPFRPRPLVVmRGLYHUVLILFDURSDUTXH
SURGXWLYRPLQHLURUHIRUoDUVHWRUHVMiFRQVROLGDGRVFRPRPLQHUDomRPHWDOXUJLDIHUURDOXPtQLR]LQFRPDJQpVLRWr[WLO
HGHPLQHUDLVQmRPHWiOLFRVHVWLPXODUDDJURLQG~VWULDFRQVROLGDUDLQG~VWULDGHDXWRSHoDVHFRQWULEXLUSDUDRGHVHQYRO
YLPHQWRGDVLQG~VWULDVTXtPLFDHOHWU{QLFDELRWHFQROyJLFDHGHPHFkQLFDGHSUHFLVmR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
3DQRUDPD1DFLRQDO
&RQYLWHDR3UHVLGHQWH&RVWDH6LOYDSDUDHQFHUUDPHQWRGD5HXQLmR$QXDOGD6RFLHGDGH
%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&TXHUHLYLQGLFDDR*RYHUQRWUrVSRQWRVYLWDLVSDUD
DSHVTXLVDQDFLRQDOSURPRYHURUHWRUQRGHFLHQWLVWDVDSRLDUDVSHVTXLVDVHGHIODJUDUDUHIRUPD
XQLYHUVLWiULD)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&ULDomRGR&HQWUR7pFQLFR&LHQWtILFRUHXQLQGRDVFLrQFLDVH[DWDVHHQJHQKDULDVQXP~QLFRFHQWUR
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR3LDXt8)3,SHOD/HLGHGHQRYHPEUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
,QWURGXomRGRVLVWHPDGHFUpGLWRVQD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR38&5-DSULPHLUDXQLYHUVLGDGH
EUDVLOHLUDDDGRWDUHVVHVLVWHPD
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
,QVWLWXLomR QR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T GD FDWHJRULD GH 3HVTXLVDGRU
&RQIHUHQFLVWDTXHDOpPGRVGHYHUHVFRPXQVGHFKHIHVGHSHVTXLVDGHYHUiGHGLFDUDFDGDDQRXPPrVGHDWLYLGDGHV
SURQXQFLDQGRFRQIHUrQFLDVHUHDOL]DQGRFXUVRVLQWHQVLYRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGHGR2HVWHGH6DQWD&DWDULQD812(6&HP&KDSHFy
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH8(51HP0RVVRUy
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,QtFLRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGHXPDSROtWLFDSDUDUHVROYHURSUREOH
PDGRr[RGRGHFLHQWLVWDVEUDVLOHLURVSDUDRH[WHULRU
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
2UJDQL]DomRGR3ODQR7ULHQDOGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63FRQWHQGRR3URJUDPD
(VWUDWpJLFRGH'HVHQYROYLPHQWRTXHUHDILUPDRSDSHOGDHGXFDomRHSURS}HPHGLGDVSDUDDUHIRUPDXQLYHUVLWiULD
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRHUHFRQKHFLPHQWRGD8QLYHUVLGDGHGH3DVVR)XQGR83)
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&ULDomR GRV FXUVRV GH SyVJUDGXDomR HP &LrQFLD $PELHQWDO H (VSDFLDO PDLV WDUGH &LrQFLDV (VSDFLDLV H $WPRVIpULFDV
(OHWU{QLFD H &RPXQLFDo}HV H (QJHQKDULD GH 6LVWHPDV 1R PHVPR DQR D &RPLVVmR 1DFLRQDO GH $WLYLGDGHV (VSDFLDLV
&1$( H R ,QVWLWXWR 1DFLRQDO GH 3HVTXLVDV (VSDFLDLV ,13( IRUDP FRQVLGHUDGRV FHQWURV GH H[FHOrQFLD SHOR &RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TQDiUHDGD&LrQFLD(VSDFLDOH$WPRVIpULFD
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH6mR&DUORV8)6&DUHP6mR3DXOR
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
&ULDomRGD)XQGDomR8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
&ULDomRGHILQLWLYDGD)XQGDomR8QLYHUVLGDGH5HJLRQDOGR5LR*UDQGHGR1RUWH)8551HPGHVHWHPEUR
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
(QJHQKDULDH7HFQRORJLD
&RQFOXVmRGD8VLQD3LORWRGH3XULILFDomRGHXUkQLRQR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH
1XFOHDUHV,3(1)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
,QtFLRGRGHVHQYROYLPHQWRGHSURSHOHQWHVVyOLGRVFRPyVLWRVQR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
3URMHWR6DWpOLWH$YDQoDGRGH&RPXQLFDo}HV,QWHUGLVFLSOLQDUHV6$&,FRPLPSODQWDomRGRVLVWHPDQDFLRQDOGHWHOHGXFD
omRXWLOL]DQGRVDWpOLWHGHFRPXQLFDo}HVFRPRPHLRGHGLIXVmR
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
5HDOL]DomRGRY{RRILFLDOGDDHURQDYH%DQGHLUDQWHGHVHQYROYLGRSHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGRGHVHQYROYLPHQWRGHSHUFORUDWRGHDP{QLRGHTXDOLGDGHHVSDFLDOQR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
)XQGDomRGD)HGHUDomRGD$JULFXOWXUDGR(VWDGRGR$FUH)$($&HPGHMXQKR
)RQWH,QVWLWXWR(XYDOGR/RGL
&LrQFLDV+XPDQDVH6RFLDLV
([LELomRGDQRYHOD%HWR5RFNHIHOOHUSHOD5HGH*ORERTXHUHYROXFLRQDDSURGXomRGHQRYHODVWHOH
YLVLYDV)RQWH0LQLVWpULRGD&XOWXUD
&ULDomRGR,QVWLWXWR6XSHULRUGH7HRORJLDQD8QLYHUVLGDGHGR6DJUDGR&RUDomR%DXUX,$6&-
)RQWH8QLYHUVLGDGHGR6DJUDGR&RUDomR%DXUX
3XEOLFDomR GD SULPHLUD ELEOLRJUDILD EUDVLOHLUD SRU SURFHVVR DXWRPDWL]DGR QD iUHD GH )tVLFD QR ,QVWLWXWR %UDVLOHLUR GH
%LEOLRJUDILDH'RFXPHQWDomR,%%',QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,PSODQWDomRGR'HSDUWDPHQWRGH3ODQHMDPHQWR(FRQ{PLFRH6RFLDOQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
RTXDOIRLLQFRUSRUDGRDR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDVHP
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,ÌWDOR%RORJQDHP*RLkQLD*2
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDVGD6D~GH
5HDOL]DomRGRSULPHLURWUDQVSODQWHGHFRUDomRGD$PpULFD/DWLQDSHORFLUXUJLmREUDVLOHLUR
(XU\FOLGHV=HUELQLHVXDHTXLSH3RXFRVPHVHVDQWHVR'U&KULVWLDQ%DUQDUGUHDOL]DUDQDÉIULFD
GR6XODSULPHLUDH[SHULrQFLDGRWLSRHPWRGRRPXQGR)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR/DERUDWyULRGH7HFQRORJLD)DUPDFrXWLFD/)7SHOD3RUWDULD*5&&3GHGHMXQKRHUHJLPHQWDGRSHOD
5HVROXomRGR&21681,HPGHDJRVWRGH
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
,QVWDODomRGR,QVWLWXWRGH3DWRORJLD7URSLFDO
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
&LrQFLDV%LROyJLFDV
&ULDomRGR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()SULPHLUDLQVWLWXLomREUDVLOHLUDH[FOXVLYDPHQWHGHGLFDGDjSHV
TXLVDIORUHVWDOHQWUHDVXQLYHUVLGDGHVHVHWRUHPSUHVDULDOyUJmRFRQYHQLDGRj8QLYHUVLGDGHGH6mR3DXOR
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
&ULDomRQD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLURGRSULPHLURFXUVRGHSyVJUDGXDomR
HP,QIRUPiWLFDGD$PpULFD/DWLQD)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
,QtFLRGRIXQFLRQDPHQWRGR,QVWLWXWRGH0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFDGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRSULPHLURFXUVRGHSyVJUDGXDomRHP,QIRUPiWLFDGD$PpULFD/DWLQD
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
$VVLQDWXUD GH FRQYrQLR HQWUH D &RPLVVmR 1DFLRQDO GH (QHUJLD 1XFOHDU &1(1 H &HQWUDLV (OpWULFDV %UDVLOHLUDV 6$ (/(752%5É61HOHD&1(1GHOHJRXj(/(752%5É6DFRQVWUXomRHDRSHUDomRGDVFHQWUDLVQXFOHDUHVTXHHUDPGHVXD
FRPSHWrQFLD$&1(1FRQWLQXDFRPRyUJmRUHVSRQViYHOSHODVQRUPDVHSHODILVFDOL]DomRGDFRQVWUXomRHGDRSHUDomR
GDVFHQWUDLV
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
0DUFRKLVWyULFR,9
$SROtWLFDHFRQ{PLFDGRVGH]DQRVGRSHUtRGR
GH
2]LUHV6LOYD
2SHUtRGRGHDIRLULFRSDUDRGHVHQYROYLPHQWRHFRQ{PLFREUDVLOHLUR$LPD
JHPGRSDtVQRFDPSRILQDQFHLURLQWHUQDFLRQDOSRUYiULDVUD]}HVWRUQRXVHIDYRUiYHO
,VVRSHUPLWLXRH[HUFtFLRFRQWtQXRGHXPDSROtWLFDDEHUWDSDUDDHQWUDGDGHVLJQLILFDWL
YRVLQYHVWLPHQWRVHPWHUPRVGHFDSLWDOGHULVFRHGHILQDQFLDPHQWRVQHFHVViULRVSDUD
HTXLSDUDQDomRSUHSDUDQGRDDVDOWRVGHTXDOLGDGHHTXDQWLGDGHGDVXDLQIUDHVWUXWXUD
SURGXWLYDGHEHQVHGHVHUYLoRV
(PFRQVHTrQFLDQDGpFDGDGRVDHFRQRPLDQDFLRQDOUHJLVWURXXPDPpGLDGH
FUHVFLPHQWRSUy[LPDGHDRDQRHPERUDRFRQWH[WRSURGXWLYRHGHFRQVXPRVR
IUHVVHPSHQDOL]Do}HVVpULDVVRERLPSDFWRGHXPDLQIODomRDQXDOHPWRUQRGH
WD[DVFRQVLGHUDGDVDWpPyGLFDVSHUWRGDTXHODVUHJLVWUDGDVQDVGpFDGDVSRVWHULRUHV
GHH
3RURXWURODGRDFXOWXUDEXURFUiWLFDQDFLRQDOQmRDMXGRX2TXDGURJHUDOUHJXODWyULRUt
JLGRJHUDGRSRUFXOWXUDVSURFHVVXDLVSRXFRHILFD]HVLPS{VEDUUHLUDVjYHORFLGDGHGH
LPSODQWDomRGRVLQYHVWLPHQWRVHSRUFRQVHTrQFLDjJHUDomRGHFDL[DSDUDRSDJD
PHQWRGRVFRPSURPLVVRVFRPRVFUHGRUHV$VDSURYDo}HVRILFLDLVVHPSUHIRUDPOHQWDV
HUHWDUGDGDVSHORVPpWRGRVHSURFHVVRVJRYHUQDPHQWDLVSHUPDQHQWHPHQWHUHVXOWDQGR
QRVHQWLGRGHUHWDUGDUDYHORFLGDGHGHLPSODQWDomRGRVHPSUHHQGLPHQWRV(VVHTXD
GURQmRFRUULJLGRQRVDQRVIXWXURVDFHQWXRXDGLILFXOGDGHSDUDDWLQJLUDVUHQWDELOLGDGHV
QHFHVViULDV&RPRUHVXOWDGRRYROXPHGRVHQGLYLGDPHQWRVFUHVFHXVHQGRREMHWRGH
FRQWtQXDV UHQHJRFLDo}HV DV TXDLV SHQDOL]DGDV SHORV MXURV DFDEDUDP SRU GDU PDLRU
EDVHjH[SDQVmRGDSHVDGDHGLItFLOGtYLGDQDFLRQDOEUDVLOHLUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
0XLWRVQRYRVHPSUHHQGLPHQWRVYLYRVDWpKRMHIRUDPGHVLJQLILFDWLYRYDORUSDUDDHPSUHJDELOLGDGHHSDUDDIRUPDomR
GDULTXH]DQDFLRQDO8PGHOHVRFRUUHXDSDUWLUGRLQtFLRGDGpFDGDHPTXDQGRQDVFHXHIORUHVFHXD(0%5$(5
²(PSUHVD%UDVLOHLUDGH$HURQiXWLFD6$DTXDODWUDYpVGHWHFQRORJLDVHPDUFDVSUySULDVFRQVHJXLXDEULUXPQRYR
KRUL]RQWHSDUDDLPDJHPQDFLRQDOQRH[WHULRUIDEULFDQGRHH[SRUWDQGRDYL}HVSDUDXPQRYRHSURPLVVRUVHJPHQWRGH
PHUFDGR²RGD$YLDomRGH7UDQVSRUWH$pUHR5HJLRQDO
2]LUHV6LOYD²)RUPRXVHRILFLDODYLDGRUHSLORWRPLOLWDUSHOD(VFRODGH$HURQiXWLFDQR5LRGH-DQHLURHVHUYLXGXUDQWHTXDWURDQRVDRFRUUHLRGD
)RUoD$pUHD%UDVLOHLUDQD$PD]{QLD(QJHQKHLUR$HURQiXWLFRSHOR,QVWLWXWRGH7HFQRORJLDGD$HURQiXWLFDFRQFOXLX3yVJUDGXDomRQHVWDiUHDQRV
(VWDGRV8QLGRV3URIHVVRUGR,WDOLGHURXRJUXSRTXHFULRXD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD6$(PEUDHUTXHGLULJLXGDVXDIXQGDomRDWp
RVHXSURFHVVRGHSULYDWL]DomR)RL3UHVLGHQWHGD3HWUREUiV0LQLVWURGD,QIUD(VWUXWXUDFRQVXOWRUGHHPSUHVDVSULYDGDVHPHPEURGHFRQVHOKRV
GH YiULDV HQWLGDGHV )RL 'LUHWRU3UHVLGHQWH GD 9DULJ 5HFHEHX FRQGHFRUDo}HV H KRPHQDJHQV QR %UDVLO H QR H[WHULRU p GRXWRU ´+RQRULV &DXVDµ
SHOD4XHHQ·V8QLYHUVLW\GD,UODQGDPHPEURGD5HDO$FDGHPLD6XHFDGH(QJHQKDULDGR%ULWLVK&RXQFLOHGD5R\DO$HURQDXWLFDO6RFLHW\GD*Um
%UHWDQKD3XEOLFRXROLYUR´$GHFRODJHPGHXP6RQKR$+LVWyULDGD&ULDomRGD(PEUDHUµ
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD(0%5$(5VREOLGHUDQoDGH2]LUHV6LOYD)RQWH
(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
)XQGDomRGD$8525$FRPFRRSHUDWLYDVILOLDGDVSDUDDEDWHHLQGXVWULDOL]DomRGHVXtQRVHDYHVHP&KDSHFy6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0DWHULDO)RWRJUiILFR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR6LVWHPD)XQGRGHUHFXSHUDomR(FRQ{PLFDGR(VWDGRGR(VStULWR6DQWR)XQUHVTXHVHGHVWLQDjFRQFHVVmRGH
LQFHQWLYRVDPpGLDVHSHTXHQDVHPSUHVDVGRVUDPRVWUDGLFLRQDLVGDHFRQRPLDFDSL[DEDSHOR'HFUHWR/HJLVODWLYR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
,QFRUSRUDomRGD:LOO\V2YHUODQGj)RUG
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
/DQoDPHQWRGR,SDQHPDSULPHLURYHtFXORGD*XUJHO0RWRUHVVHJXLGRGRVODQoDPHQWRVGR´RIIURDGµ;HPDLVWDU
GHGR;TXHpHTXLSDGRFRPRPRWRU9RONVZDJHQDDUHVHWRUQRXXPJUDQGHVXFHVVR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QVWDODomRGD6HPS7RVKLED$PD]RQDV6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
3URGXomR GR SULPHLUR SRoR FRP SHWUyOHR SHUIXUDGR HP WHUUD FDSL[DED HP 6mR 0DWHXV SHOR 3HWUyOHR %UDVLOHLUR 6$
3(752%5$6
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/HP0DWR*URVVRGR6XO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH)XQGLomR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/QD3DUDtEDSHOD)HGHUDomRGDV,QG~VWULDVGD3DUDtEDSHOR
6HUYLoR6RFLDOGD,QG~VWULDHSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOQRGLDGHMDQHLUR
)RQWH,QVWLWXWR(XYDOGR/RGL
,QVWDODomRGD3ULPHLUD7HUPRHOpWULFDGH5RUDLPD
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URGXomRGRSULPHLURPLQpULRGHIHUURSHORWL]DGRQD&RPSDQKLD9DOHGR5LR'RFH
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomRGD&RRUGHQDomRGR3ODQHMDPHQWR,QGXVWULDOGR(VStULWR6DQWR&23/$1(6TXHWHPHQWUHVXDVDWULEXLo}HVD
HODERUDomRGHXPSODQRSDUDFULDomRHLQVWDODomRGHXPRXPDLVFHQWURVLQGXVWULDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
)XQGDomRGD&LPHWDO6LGHUXUJLD6$TXHPRQWRXVHLVXVLQDVHP0LQDV*HUDLVHXPDQR(VStULWR6DQWR
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDSURGXomRGHDoRSRUPHLRGD6LGHU~UJLFD$oRQRUWHHP3HUQDPEXFRSHOR*UXSR*HUGDX
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR,QVWLWXWR(XYDOGR/RGL1~FOHR5HJLRQDOGH0LQDV*HUDLVHQWLGDGHLQWHJUDQWHDR6LVWHPD)HGHUDomRGDV
,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV),(0*&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/HP6DQWD&DWDULQD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/QR3DUDQi
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/QR(VWDGRGR(VStULWR6DQWR
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/HQWLGDGHOLJDGDj&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,HPGHMDQHLUR
SDUDVHURSyORLUUDGLDGRUGHLGpLDVHDSUR[LPDomRHQWUHRVHWRUSURGXWLYRHDVLQVWLWXLo}HVGHHQVLQRHSHVTXLVD
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGDSURGXomRGHHWLOKH[DQRODSDUWLUGRHWDQROSHOD(OHNHLUR]6$
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&ULDomRGR&HQWURGD,QG~VWULDGR(VStULWR6DQWR&,1'(6HGR,QVWLWXWR(XYDOGR/RGL,(/QR(VStULWR6DQWR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
3DQRUDPD1DFLRQDO
7UDQVIRUPDomRGR'HSDUWDPHQWRGRV&RUUHLRVH7HOpJUDIRV'&7HPHPSUHVDS~EOLFDFRP
RQRPHGH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV(&7YLQFXODGDDR0LQLVWpULRGDV
&RPXQLFDo}HVHPGHPDUoR)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGD8QLYHUVLGDGHGR*UDQGH$%&8QL$%&HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD8)8SHOR'HFUHWR/HL
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
&ULDomRGR)XQGR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR)1'&7SHOR'HFUHWR/HL
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SURYDomRGRSODQRGH'LUHWRULD&LHQWtILFDGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63'HDFRU
GRFRPRSODQRGRWRWDOGDYHUEDGHDPSDURjSHVTXLVDGHYHPVHUGHVWLQDGRVDRFXVWHLRGHSURMHWRVTXHSRVVDP
UHVROYHURXHTXDFLRQDULPSRUWDQWHVSUREOHPDVGHGHWHUPLQDGDViUHDV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGR%DQFRGH'HVHQYROYLPHQWRGR(VStULWR6DQWR%$1'(6HPGHMXQKR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomRGD)XQGDomR-RmR3LQKHLURDXWDUTXLDGRJRYHUQRPLQHLURYROWDGDSDUDUHDOL]DomRGHSURMHWRVGHSHVTXLVDDSOL
FDGDFRQVXOWRULDVGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRVHDSRLRWpFQLFR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGH)HGHUDOGR(VWDGRGR0DWR*URVVR8(07DWXDO8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO
8)06
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGHGR5LR*UDQGH85*SHOR'HFUHWR/HLGHGHDJRVWRFRQVWLWXtGDGDVXQLGDGHVUHFR
QKHFLGDV)DFXOGDGH)HGHUDOGH(QJHQKDULD,QGXVWULDO)DFXOGDGHVGH)LORVRILD&LrQFLDVH/HWUDV)DFXOGDGHGH'LUHLWR
)DFXOGDGHGH&LrQFLDV3ROtWLFDVH(FRQ{PLFDVH)DFXOGDGHGH0HGLFLQD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGR3URJUDPDGH,QFHQWLYRj,PSODQWDomRGR5HJLPHGH7HPSR,QWHJUDOH'HGLFDomR([FOXVLYDj3HVTXLVD&LHQWtILFD
SHOR'HFUHWR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$XWRUL]DomRGRIXQFLRQDPHQWRGD8QLYHUVLGDGHGR5LR*UDQGH85*TXHLQFRUSRUDDV)DFXOGDGHVD(VFRODGH(QJHQKDULD
,QGXVWULDOHR&ROpJLR7pFQLFR,QGXVWULDOFRQIRUPHR'HFUHWR/HLGHGHDJRVWR
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGD%DKLDSHOD/HL(VWDGXDOGHžGHGH]HPEURSLRQHLUD
QR%UDVLO
)RQWH8QLYHUVLGDGH)HGHUDOGD%DKLD
9LQFXODomRGD)XQGDomRSDUDR'HVHQYROYLPHQWRGD&LrQFLDGR(VWDGRGD%DKLDj6HFUHWDULDGH&LrQFLDH7HFQRORJLDSHOD
/HLGHžGHGH]HPEUR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH2XUR3UHWR8)23HP0LQDV*HUDLV
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV81,6,126HP6mR/HRSROGR56
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH9LoRVD8)9HP0LQDV*HUDLV
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
$SURYDomRGR(VWDWXWRGD)XQGDomR8QLYHUVLGDGH)HGHUDOGR3LDXtSHOR'HFUHWRGHGHDJRVWR
)RQWH8QLYHUVLGDGH)HGHUDOGR3LDXt
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH3HORWDV8)3(/QR5LR*UDQGHGR6XOHPGHDJRVWR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD)XQGDomR8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO)8)06HP&DPSR*UDQGH
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGR,3(3/$1SULPHLURyUJmRRILFLDOUHVSRQViYHOSHORGHVHQYROYLPHQWRGHDWLYLGDGHVGHSHVTXLVDHSODQHMDPHQWR
GD8QLYHUVLGDGHGH3DVVR)XQGR83)
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
(QJHQKDULDH7HFQRORJLD
5HDOL]DomRGDSULPHLUDWUDQVPLVVmRFRPHUFLDOGHWHOHYLVmRYLDVDWpOLWH)RQWH(PSUHVD%UDVLOHLUDGH
7HOHFRPXQLFDo}HV6$
/DQoDPHQWRGRSURWyWLSRQžGR%DQGHLUDQWHTXHID]VHXY{RLQDXJXUDO$RORQJRGRVSUy[LPRVDQRVHVWiSODQHMDGD
DFRQVWUXomRGHXQLGDGHVGHVVHWLSRGHDYLmR
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
,QVWDODomRGD)DFXOGDGHGH(QJHQKDULDGH/LPHLUD)(/GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HOHJDomRj(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$(0%5$7(/GRH[HUFtFLRGRFRQWUROHVREUHWRGRVRVHTXLSD
PHQWRVHRSHUDo}HVGDVWHOHFRPXQLFDo}HVLQWHUHVWDGXDOHLQWHUQDFLRQDOGR%UDVLO
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
0XGDQoDQDGHQRPLQDomRGR,QVWLWXWRGH7HFQRORJLDSDUD&HQWURGH3HVTXLVDV7HFQROyJLFDVH,QGXVWULDLVYLQFXODGRj
6HFUHWDULDGH&LrQFLDH7HFQRORJLDSHOD/HLGHžGHGH]HPEUR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
7UDQVIRUPDomRGR&HQWUR7pFQLFRGH$HURQiXWLFDHP&HQWUR7pFQLFR$HURHVSDFLDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,PSODQWDomRQR,QVWLWXWR1DFLRQDOGH7HFQRORJLD,17GRSULPHLUR&HQWURGH,QIRUPDomR7HFQROyJLFDGD$PpULFD/DWLQD&,7
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
,QDXJXUDomRGD7DQJXiDSULPHLUDHVWDomRWHUUHQDGHFRPXQLFDo}HVYLDVDWpOLWHFXMDFHULP{QLDFRQWRXFRPDWUDQVPLV
VmRGHXPDEHQomRHVSHFLDOGR3DSD3DXOR9,GLUHWDPHQWHGH5RPD
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&ULDomRGR,QVWLWXWRGH$WLYLGDGHV(VSDFLDLV,$(GR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
/DQoDPHQWRGR3ULPHLUR3URWyWLSRGR6RQGD,,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR&HQWUR(VWDGXDOGH(GXFDomR7HFQROyJLFD3DXOD6RX]D&((736HP6mR3DXOR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGRWURQFRVXOLQWHUOLJDQGR&XULWLEDH3RUWR$OHJUHHPGHPDUoR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
7UDQVIRUPDomRGR'HSDUWDPHQWRGRV&RUUHLRVH7HOpJUDIRV'&7HPHPSUHVDS~EOLFDFRPRQRPHGH(PSUHVD%UDVLOHLUD
GH&RUUHLRVH7HOpJUDIRV(&7YLQFXODGDDR0LQLVWpULRGDV&RPXQLFDo}HVHPGHPDUoR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QtFLR GR SURFHVVR GH GHVHQYROYLPHQWR GR 6HUYLoR 3RVWDO %UDVLOHLUR FRP D FULDomR GD (PSUHVD %UDVLOHLUD GH &RUUHLRV H
7HOpJUDIRV
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
&LrQFLDV$JUiULDV
&ULDomRGR3URJUDPD1DFLRQDOGH6D~GH$QLPDO3URQDVDSHOR0LQLVWpULRGD$JULFXOWXUD)RQWH
8QLYHUVLGDGH)HGHUDOGH9LoRVD
,QtFLRGDVSHVTXLVDVSDUDRGHVHQYROYLPHQWRGHHVSpFLHVIORUHVWDLVPDLVDGHTXDGDVjIDEULFDomRGHFDUYmRYHJHWDOSHOR
,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
$SURYDomRGRFRQYrQLRGD8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)FRPR,QVWLWXWRGH3HVTXLVDH([SHULPHQWDomR
$JURSHFXiULDGR&HQWUR2HVWHGR0LQLVWpULRGD$JULFXOWXUDYLVDQGRDOHYDQWDPHQWRVHHVWXGRVHFRQ{PLFRVGHWUDEDOKRV
]RRWpFQLFRVUHDOL]DGRVQD(VWDomR([SHULPHQWDOGH&RURQHO3DFKHFR0*
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
&LrQFLDV+XPDQDVH6RFLDLV
&,QtFLRGRPRYLPHQWRFKDPDGR&LQHPD0DUJLQDOWDPEpPFRQKHFLGRFRPR8GLJUXGLGHULYDomR
GH´XQGHUJURXQGµ-RYHQVFLQHDVWDVIRUPDPPRYLPHQWRLVRODGRLGHQWLILFDGRFRPO~PSHP2VILO
PHVGHVVHPRYLPHQWRVmR´0DWRXD)DPtOLDHIRLDR&LQHPDµH´%DQGLGRGD/X]9HUPHOKDµ)RQWH
0LQLVWpULRGD&XOWXUD
&ULDomRGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3UHPLDomRGRILOPH´2'UDJmRGD0DOGDGH&RQWUDR6DQWR*XHUUHLURµGRGLUHWRU*ODXEHU5RFKDGHPHOKRUGLUHomRQR
)HVWLYDOGH&DQQHV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
3URGXomRGDVSULPHLUDVSRUQRFKDQFKDGDVWDOJrQHURWHUiYLGDORQJDFRPJDOHULDGHSHUVRQDJHQVSLDGDVPDOLFLRVDVH
´JDJVµ$WLQJHPDPSODVSDUFHODVGRPHUFDGRDWUDLQGRQRYRVSURGXWRUHVHGLUHWRUHVFHQWUDOL]DGRVQD%RFDGR/L[RSDX
OLVWDHPHVSHFLDOH[LELGRUHVFRPRDFDGHLD+DZD\HDPXOWLQDFLRQDO&LQHPD,QWHUQDWLRQDO&RUSRUDWLRQ&,&
)RQWH0LQLVWpULRGD&XOWXUD
/DQoDPHQWRGRILOPH´0DFXQDtPDµTXHPDUFDDFULVHGHFULDWLYLGDGHRVILQDQFLDPHQWRVWRUQDPVHHVFDVVRVRVGLUHWR
UHVSDUWHPSDUDFRSURGXo}HVFRPRXWURVSDtVHVDFRHVmRGR&LQHPD1RYRTXHIRLLQRYDGRUHSURGX]LXFHUFDGH
GRVILOPHVGDpSRFDDSUR[LPDVHGRILP
)RQWH0LQLVWpULRGD&XOWXUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
&ULDomRGD)DFXOGDGHGH)DUPiFLDH%LRTXtPLFDGR(VStULWR6DQWRSHOR*RYHUQRGR(VWDGRDWUDYpVGD/HLUHJXOD
PHQWDGDSHOR'HFUHWR1
)RQWH6HFUHWDULDGH(VWDGRGD(GXFDomR
&LrQFLDV%LROyJLFDV
&ULDomRGR,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV²,7$/FXMDPLVVmRpSHVTXLVDGHVHQYROYLPHQWRHDVVLVWrQFLDWHFQROyJLFD
LQGXVWULDOSDUDRVHWRUGHDOLPHQWRV
)RQWH,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGD&RPSDQKLDGH3HVTXLVDGH5HFXUVRV0LQHUDLV&350HWUDQIRUPDGDHPHPSUHVD
S~EOLFDHPSHOD/HL1ž)RQWH)XQGDomRGH$SRLRj3HVTXLVDGD8QLYHUVLGDGH)HGHUDO
GH*RLiV
&ULDomRGD5HVLGrQFLD(VSHFLDOGH7HUHVLQDGR6HUYLoR*HROyJLFRGR%UDVLO
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&ULDomRGD)DFXOGDGHGH4XtPLFD,QGXVWULDOQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR,QVWLWXWRGH3URSULHGDGH,QGXVWULDO,13,SHOD/HLGHGHGH]HPEURUHV
SRQViYHOSHODFRQFHVVmRGHSDWHQWHVUHJLVWURVGHPDUFDVHGHFRQWUDWRVGH7UDQVIHUrQFLDGH
7HFQRORJLDHPVXEVWLWXLomRDR'HSDUWDPHQWR1DFLRQDOGH3URSULHGDGH,QGXVWULDO)RQWH,QVWLWXWR
1DFLRQDOGD3URSULHGDGH,QGXVWULDO
0DQWLGRV RV LQFHQWLYRV ILVFDLV SHOR 'HFUHWR/HL PDV IRUDP H[WLQWRV RV *UXSRV ([HFXWLYRV LQFOXVLYH R *UXSR
([HFXWLYRGDV,QG~VWULDV7r[WHLV*(,7(;FULDQGRHPVHXOXJDURV*UXSRV6HWRULDLV2*69,,ILFRXUHVSRQViYHOSHORVHWRU
GHEHQVGHFRQVXPRTXHDEUDQJLDRVHWRUWr[WLORGHFRXURHFDOoDGRV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QDXJXUDomRGD,QG~VWULDGH3DSHO$UDSRWL6$,13$&(/
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,PSODQWDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/HP*RLiV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
&ULDomRGR)XQGRSDUDR'HVHQYROYLPHQWRGDV$WLYLGDGHV3RUWXiULDVGR(VStULWR6DQWR)81'$3HPGHPDLR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
,PSODQWDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/QR5LR*UDQGHGR1RUWH
)RQWH&HQWURGH7HFQRORJLDVGR*iV
,QtFLRGDGLVVHPLQDomRGRFXUVRGH'HVHQKR,QGXVWULDOH&RPXQLFDomR9LVXDOSHODVXQLYHUVLGDGHVEUDVLOHLUDV
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
,QtFLRGDVDWLYLGDGHVGR,QVWLWXWR(XYDOGR/RGL,(/HP3DUQDtED3,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,PSODQWDomRGR1~FOHR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/HP$ODJRDV
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD5KRGLDFRTXHSDVVDDSURGX]LUiFLGRWHUHIWiOLFRXPDGDVPDWpULDVSULPDVQHFHVViULDVjIDEULFDomRGHSROLpVWHU
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QtFLRGDLPSODQWDomRGR3yOR3HWURTXtPLFRGH&DPDoDULQD%DKLD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGDVLQVWDODo}HVGR,QVWLWXWR(XYDOGR/RGL,(/QR$PD]RQDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR&HQWURGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD&,(6&
)RQWH&HQWURGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
$LQG~VWULDEUDVLOHLUDMiHUDUHVSRQViYHOSRUTXDVHGRIDWXUDPHQWRHSRUGRVHPSUHJRVQRUDPRGRPDWHULDOGH
WUDQVSRUWHLQFOXLQGRRIHUURYLiULRRQDYDOHRDHURQiXWLFR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGR,QVWLWXWRGH3URSULHGDGH,QGXVWULDO,13,SHOD/HLGHGHGH]HPEURUHVSRQViYHOSHODFRQFHVVmRGH
SDWHQWHVUHJLVWURVGHPDUFDVHGHFRQWUDWRVGH7UDQVIHUrQFLDGH7HFQRORJLDHPVXEVWLWXLomRDR'HSDUWDPHQWR1DFLRQDO
GH3URSULHGDGH,QGXVWULDO
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
$FLRQDGDVDVWUrVQRYDVXQLGDGHVJHUDGRUDVGHHQHUJLDHOpWULFDGD8VLQDGH-XSLi63HPGHMDQHLUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRHP&XEDWmR63GRFRPSOH[RSHWURTXtPLFRGD8QLRQ&DUELGHGR%UDVLOHPGHMXQKR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGR$OXPtQLR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
(QWUDGD HP DWLYLGDGH GRV &HQWURV GH )RUPDomR 3URILVVLRQDO ´3UHIHLWXUD6(1$, 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP
,QGXVWULDOµQR%RP5HWLURHQD9LOD$OSLQDHP6mR3DXORHXPDVHJXQGDHVFRODHP6mR&DHWDQRGR6XO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,PSODQWDomRGR'LVWULWR,QGXVWULDOGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
3DQRUDPD1DFLRQDO
,QtFLRGRSULPHLURPHVWUDGRGH&LrQFLDGD,QIRUPDomRQR%UDVLOHQD$PpULFD/DWLQDSHOR
,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7FRPPDQGDWRDFDGrPLFRGD
8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLD
H7HFQRORJLD
([WLQomRGR,QVWLWXWRGH7HFQRORJLDGD%DKLDSHOR'HFUHWR/HLQž
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
,QFRUSRUDomRj)XQGDomR2VZDOGR&UX]GR&HQWURGH3HVTXLVDV5HQp5DFKRX
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
$EHUWXUDGHFRQFRUUrQFLDLQWHUQDFLRQDOSDUDDFRPSUDGRUHDWRUGH$QJUD9HQFHDQRUWHDPHULFDQD:HVWLQJKRXVH
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLR GDV DWLYLGDGHV DFDGrPLFDV GD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV 8)6&DU FRP RV FXUVRV GH JUDGXDomR HP
(QJHQKDULDGH0DWHULDLVH/LFHQFLDWXUDHP&LrQFLDV
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH3RQWD*URVVD8(3*
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH)HLUDGH6DQWDQD8()6SHOD/HL
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&ULDomRGD8QLYHUVLGDGH,ELUDSXHUD81,%HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
5HHVWUXWXUDomRGD8QLYHUVLGDGHGR5LR*UDQGHREHGHFHQGRDRVSUHFHLWRVGD/HLGD5HIRUPD8QLYHUVLWiULDHP
&HQWURV&HQWURGH&LrQFLDV([DWDVH7HFQROyJLFDV&HQWURGH&LrQFLDV+XPDQDVH6RFLDLV&HQWURGH/HWUDVH$UWHVH&HQWUR
GH&LrQFLDVGR0DUHSRVWHULRUPHQWHHP'HSDUWDPHQWRVOLJDGRVGLUHWDPHQWHD6XE5HLWRULDVGH(QVLQRD3HVTXLVD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD)DFXOGDGH8QLYHUVLGDGH&DWyOLFDGH0DWR*URVVR)8&07
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH0DWR*URVVR)8)07
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
$EHUWXUDGD5RGRYLD7UDQVDPD]{QLFD%5FRPTXLO{PHWURVOLJDQGR-RmR3HVVRDQROLWRUDO$WOkQWLFRjIURQ
WHLUDFRPR3HUXDWUDYHVVDQGRDIORUHVWDWURSLFDO'XUDQWHRVDQRV{QLEXVHFDPLQK}HVSHUFRUUHUDPHVVHFDPLQKR
$WXDOPHQWHHVWiDEDQGRQDGDWRUQDQGRVHLQWUDQVLWiYHOHPPXLWRVWUHFKRVQDpSRFDGHFKXYDV
)RQWH*RYHUQRGR(VWDGRGR3DUDQi
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH0DWR*URVVRFRPVHGHHP&DPSR*UDQGH
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH0DULQJi8(0
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH/RQGULQD8(/
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
5HJUHVVRDR%UDVLOSRULQLFLDWLYDRXFRPDMXGDGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
GHHVSHFLDOLVWDVEUDVLOHLURVTXHVHHQFRQWUDYDPQRH[WHULRU
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD)XQGDomR8QLYHUVLGDGH(VWDGXDOGH$ODJRDV)81(6$
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
(QJHQKDULDH7HFQRORJLD
&RPHoDDVHUSURMHWDGDD+LGUHOpWULFDGH,WDLSX)RQWH8QLYHUVLGDGHGH6mR3DXOR
,PSOHPHQWDomRGDFRRSHUDomRGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763FRPR([pUFLWR
%UDVLOHLURQDUHFXSHUDomRGHFDUURVGHFRPEDWHHQRGHVHQYROYLPHQWRGHFKDSDVGHEOLQGDJHPHPDoRVHVSHFLDLVFRP
JUDQGHUHVLVWrQFLDDRLPSDFWRHQRGHVHQYROYLPHQWRGHSURFHVVRVGHIDEULFDomRGHFRPSRQHQWHVXVDGRVQRVFDUURVGH
FRPEDWHSURGX]LGRVSHOD(QJHVDRVTXDLVVmRYHQGLGRVHPXLWRYDORUL]DGRVQRH[WHULRU
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,QtFLRGRSURMHWRGDKLGUHOpWULFDGH,WDLSX
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGRVLVWHPDGHPLFURRQGDVHQWUH5HFLIHH)RUWDOH]D
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomR GR &HQWUR GH 3HVTXLVD H 'HVHQYROYLPHQWR &(3(' HP VXEVWLWXLomR DR &HQWUR GH 3HVTXLVDV 7HFQROyJLFDV H
,QGXVWULDLVYLQFXODGRj6HFUHWDULDGH&LrQFLDH7HFQRORJLDSHOD/HLGHGHMXQKR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
,QDXJXUDomRGR/DERUDWyULRGH0LFURHOHWU{QLFDGD(VFROD3ROLWpFQLFDGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD)XQGDomR&RRUGHQDomRGH3URMHWRV3HVTXLVDVH(VWXGRV7HFQROyJLFRV&233(7(&TXHWHPFRPRREMHWLYR
SURPRYHUHDJLOL]DUDLQWHUDomRHQWUHD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-HRVHWRUSURGXWLYR
)RQWH)XQGDomR&RRUGHQDomRGH3URMHWRV3HVTXLVDVH(VWXGRV
,QDXJXUDomRGRQRYRVLVWHPDGHPLFURRQGDVHQWUH6mR3DXOR5LEHLUmR3UHWRH8EHUDED
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGD7HOHYLVmR9HUGHV0DUHVFDQDOHP)RUWDOH]D&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
$VVLQDWXUDGHFRQYrQLRHQWUHR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763R*UXSR([HFXWLYRGH
,QWHJUDomRGD3ROtWLFDGH7UDQVSRUWHV*(,327HD6XSHULQWHQGrQFLD1DFLRQDOGD0DULQKD0HUFDQWH681$0$0YLVDQGR
DHVWDEHOHFHUDLQIUDHVWUXWXUDQHFHVViULDSDUDDYDOLDUPRGHORVGHHPEDUFDomRQR%UDVLOTXHGHXRULJHPDDWLYLGDGHVGH
SURMHWRVGHHPEDUFDomRDX[LOLDGRVSRUFRPSXWDGRU&RPRH[HPSORVSRGHVHFLWDURGHVHQYROYLPHQWRGHHPEDUFDo}HV
SDUDD/DJRDGRV3DWRV56HVWXGRVGHQDYHJDELOLGDGHGRULR6mR)UDQFLVFRHHPEDUFDo}HVSDUDHVWDYLDRUHDSDUHOKD
PHQWRGDIURWDIOXYLDOGHWUDQVSRUWHGHFDUJDQRVULRV3DUDJXDLH3DUDQiHRDSRLRj0DULQKDGR%UDVLOHPVHXSURJUDPD
GHUHQRYDomRHPHVWUXWXUDVIOXWXDQWHV
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&ULDomRSHOD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRVGRVVHJXLQWHVVHUYLoRV6HUYLoR(VSHFLDOGH(QWUHJDGH'RFXPHQWRV
6(('6HUYLoRGH&RUUHVSRQGrQFLD$JUXSDGD6(59$HR6HUYLoR(VSHFLDOGH(QWUHJD5iSLGDHDPSOLDGR
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
$SRLRGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763DR3URJUDPDGH3URSXOVmR1XFOHDUGD
0DULQKDGR%UDVLOQRGHVHQYROYLPHQWRGHXOWUDFHQWUtIXJDVSDUDHQULTXHFLPHQWRGHXUkQLR2VXFHVVRGHVWH3URJUDPDIRL
YLWDOSDUDDRULJHPGRDWXDO&HQWUR7HFQROyJLFRGD0DULQKD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&RQVWUXomRGRQDYLRRFHDQRJUiILFR$WOkQWLFR6XO
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&RQVWUXomRGD/DQFKD2FHDQRJUiILFD/DUXV
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QDXJXUDomRGRVQRYRVVLVWHPDVGHPLFURRQGDVLQWHUOLJDQGR%UDVtOLDH5HFLIHDRV(VWDGRVGDVUHJL}HV&HQWURH6XO
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
'HVHQYROYLPHQWRGH5DGDU0HWHRUROyJLFRSDUDLQWHJUDUR&HQWUR,QWHJUDGRGH'HIHVD$pUHDH&RQWUROHGH7UiIHJR$pUHR
&,1'$&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGRVWURQFRVGHPLFURRQGDV%UDVtOLDH%HOR+RUL]RQWH%HOR+RUL]RQWHH5LRGH-DQHLUR5LRGH-DQHLURH6mR
3DXOR6mR3DXORH&XULWLED&XULWLEDH)ORULDQySROLVH%HOR+RUL]RQWHH6DOYDGRUHPGHIHYHUHLUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
$WLYDomRGD%DVH$pUHDGH&DPSR*UDQGHFULDGDHP
)RQWH,QVWLWXWR(XYDOGR/RGL
3URSRVLomRGRGLUHWRUGR,QVWLWXWRGH0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFDSURIHVVRU5XEHQV0XULOOR0DUTXHV
GDLQWHUOLJDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRP6mR3DXORSRUPHLRGDFRQH[mRGRVLVWHPD
SHUWHQFHQWHj8QLYHUVLGDGHFRPRFRPSXWDGRUPRGHORDVHULQVWDODGRSHOD,%0QDTXHODFLGDGH$PHGLGD
YLVDDDPSOLDUDLQIUDHVWUXWXUDFRPSXWDFLRQDOSDUDDLQVWDODomRGRWHUFHLURDQRGRFXUVRGHEDFKDUHODGRHPFLrQFLDGD
FRPSXWDomRHFRORFDUD81,&$03QDYDQJXDUGDGDUHDOL]DomRFLHQWtILFDQRVHWRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV$JUiULDV
/DQoDPHQWRGD5HYLVWD,3()SHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()SULPHLUDUHYLVWD
FLHQWtILFDIORUHVWDOEUDVLOHLUDGHQtYHOLQWHUQDFLRQDO+RMHFKDPDVH6FHQWLD)RUHVWDOLV)RQWH,QVWLWXWR
GH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,PSODQWDomRGR3ODQRGH5HFXSHUDomRGRV&DIH]DLVGR(VStULWR6DQWR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
)L[DomR GH HPSUHVDV UXUDLV QDV UHJL}HV PDWRJURVVHQVH H DPD]{QLFD SRU PHLR GH HVWtPXORV GRV SURJUDPDV GD
6XSHULQWHQGrQFLDGH'HVHQYROYLPHQWRGD$PD]{QLD68'$0GR%DQFRGD$PD]{QLD6$%$6$HGD6XSHULQWHQGrQFLD
GH'HVHQYROYLPHQWRGR&HQWUR2HVWH68'(&2
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
&LrQFLDV+XPDQDVH6RFLDLV
,QtFLRGRSULPHLURPHVWUDGRGH&LrQFLDGD,QIRUPDomRQR%UDVLOHQD$PpULFD/DWLQDSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomR
HP&LrQFLDH7HFQRORJLD,%,&7FRPPDQGDWRDFDGrPLFRGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR8)5-
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGRSULPHLURFXUVRGHSyVJUDGXDomRHP(GXFDomRQD8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD8)60HPFRQYrQLR
FRPD2UJDQL]DomRGRV(VWDGRV$PHULFDQRVSHOD)DFXOGDGH,QWHUDPHULFDQDHFULDomRGRSULPHLURFXUVRGHHVSHFLDOL]D
omRQDPHVPDiUHDDWXDOPHQWH*HVWmR(GXFDFLRQDO
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&RODERUDomRGRVSURIHVVRUHVHVWUDQJHLURVQDRUJDQL]DomRGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDVGD8QLYHUVLGDGH
(VWDGXDO GH &DPSLQDV 81,&$03 VRE FRRUGHQDomR GR SURIHVVRU )DXVWR &DVWLOKR HQWUH HOHV 0LFKHO 'HEUXQ FLrQFLDV
SROtWLFDV<YHV*HQWLOKRPPHOLQJtVWLFD&KDUOHV&DUERQHOOH7KRPDV6NLGPRUHKLVWyULD(GPXQG/HDFK3HWHU)U\H
9HUHQD$OOLHUDQWURSRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$ILUPDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPRLPSRUWDQWHSyORGHSURGXomRGHSHVTXLVDVHGH
FXOWXUDHTXHUH~QHJUDQGHVQRPHVQRPHLRDFDGrPLFRHQWUHHOHV&pVDU0DQVXHWR*LXOLR/DWWHV$QGUp7RVHOOR6pUJLR
3HUHLUDGD6LOYD3RUWR*OHE:DWDJKLQ9LWDO%UDVLO0DUFHOR'DP\-RVp(OOLV5LSSHU)LOKR-RmR0DQXHO&DUGRVRGH0HOOR
5RJpULR&p]DUGH&HUTXHLUD/HLWH*LXVHSSH&LOHQWR%HQLWR-XDUH]GH6RX]D5XEHQV0XULOOR0DUTXHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGR0XVHX$QWURSROyJLFR
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
,QtFLRGRIXQFLRQDPHQWRGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWLWXLomRGD)XQGDomR&HQWURGH3HVTXLVDV(FRQ{PLFDVH6RFLDLVGR3LDXt&(5352
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&LrQFLDVGD6D~GH
,QtFLRGDSURGXomRQDFLRQDOGHYDFLQDVKXPDQDVHYHWHULQiULDVSHOR,QVWLWXWRGH%LRORJLDH
3HVTXLVDV7HFQROyJLFDV,%37TXHVHWRUQDXPGRVSULQFLSDLVIRUQHFHGRUHVGD&HQWUDOGH
0HGLFDPHQWRVGR0LQLVWpULRGD6D~GH)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
7UDQVIRUPDomRGR,QVWLWXWR(]HTXLHO'LDVHP)XQGDomR(]HTXLHO'LDVLQFRUSRUDQGRDMiH[LVWHQWH(VFRODGH6D~GH3~EOLFD
GH0LQDV*HUDLV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
$VVLQDWXUD GH FRQYrQLR HQWUH D )DFXOGDGH GH &LrQFLDV 0pGLFDV GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 D
3UHIHLWXUD0XQLFLSDOHD0DWHUQLGDGHGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD5HVLGrQFLD0pGLFDHPFOtQLFDPpGLFDHPSHGLDWULDHPJLQHFRORJLDHREVWHWUtFLDHHPFLUXUJLD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD(VFRODGH&LrQFLDV0pGLFDVGH$ODJRDV(&0$/
)RQWH,QVWLWXWR(XYDOGR/RGL
,QVWLWXLomRGD)XQGDomR2VZDOGR&UX]FRQJUHJDQGRLQLFLDOPHQWHRHQWmR,QVWLWXWR2VZDOGR&UX]D)XQGDomRGH5HFXUVRV
+XPDQRVSDUDD6D~GHSRVWHULRUPHQWH(163HR,QVWLWXWR)HUQDQGHV)LJXHLUD$VGHPDLVXQLGDGHVTXHKRMHFRPS}HP
D)XQGDomR2VZDOGR&UX]),2&58=IRUDPLQFRUSRUDGDVDRORQJRGRVDQRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,QDXJXUDomRGR+RVSLWDOGDV&OtQLFDVGH8EHUOkQGLD+&
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
&LrQFLDV%LROyJLFDV
5HDOL]DomRGRSURMHWR5DGDP2REMHWLYRGRSURMHWRHUDLQYHQWDULDURVUHFXUVRVQDWXUDLVGD
$PD]{QLDHPDLVWDUGHGHWRGRR%UDVLO)RQWH)XQGDomR*HW~OLR9DUJDV
,QtFLRGDSURGXomRQDFLRQDOGHYDFLQDVKXPDQDVHYHWHULQiULDVSHOR,QVWLWXWRGH%LRORJLDH3HVTXLVDV7HFQROyJLFDV,%37
TXHVHWRUQDXPGRVSULQFLSDLVIRUQHFHGRUHVGD&HQWUDOGH0HGLFDPHQWRVGR0LQLVWpULRGD6D~GH
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&ULDomRGRVGHSDUWDPHQWRVGH(FRORJLD3HL[HH3HVFDDWXDO%LRORJLD$TXiWLFDQR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD
$PD]{QLD,13$
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HDOL]DomRGRSURMHWR5DGDUGD$PD]{QLD5DGDPSDUDLQYHQWDULDURVUHFXUVRVQDWXUDLVGD$PD]{QLDHPDLVWDUGHGH
WRGRR%UDVLO
)RQWH)XQGDomR*HW~OLR9DUJDV
&ULDomRGR&XUVRGH2FHDQRORJLDQD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*SLRQHLURQR%UDVLOHPQtYHO
GHJUDGXDomR
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QtFLRGDVSHVTXLVDVGR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()VREUHRPHOKRUDPHQWRYHJHWDOGDVHVSpFLHVGH
UiSLGRFUHVFLPHQWRYLVDQGRDGHVHQYROYHUHVSpFLHVPDLVSURGXWLYDVSDUDGLIHUHQWHVFRQGLo}HVGHVRORHFOLPD
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGHGH%UDVtOLD8Q%HR1HZ<RUN%RWDQLFDO*DUGHQSDUDIDFLOLWDUHGHVHQYROYHU
RHVWXGRGDIORUDEUDVLOHLUDHVSHFLDOPHQWHQDiUHDGR&HUUDGR
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
(ODERUDomRHLPSODQWDomRGR3URMHWR$WOkQWLFRHLQtFLRGDFRQVWUXomRGD%DVH2FHDQRJUiILFD$WOkQWLFD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QFRUSRUDomRGR0XVHX2FHDQRJUiILFR3URIHVVRU(OLp]HUGH&DUYDOKR5LRVj)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
)85*
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
/DQoDPHQWRGD5HYLVWD,3()SHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()SULPHLUDUHYLVWDFLHQWtILFDIORUHVWDOEUD
VLOHLUDGHQtYHOLQWHUQDFLRQDO+RMHFKDPDVH6FHQWLD)RUHVWDOLV
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR&HQWURGH,QIRUPDo}HV1XFOHDUHV&,1GD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&1(1FXMRSULQFLSDOREMHWLYRpDWXDUQR%UDVLOFRPRDJHQWHGR6LVWHPD,QWHUQDFLRQDOGH
,QIRUPDo}HV1XFOHDUHV,1,6TXHQHVVDPHVPDpSRFDIRLLQVWLWXtGRQRkPELWRGD$JrQFLD
,QWHUQDFLRQDOGH(QHUJLD$W{PLFD$,($)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&RQVROLGDomRGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763FRPRSULQFLSDOQ~FOHRGHSHVTXLVD
QDFLRQDOHPURFKDVRUQDPHQWDLVDEUDQJHQGRFHQWHQDVGHPDWHULDLVJHROyJLFRVFRPPXLWRVWLSRVGHDSOLFDomR(VVHGH
VHQYROYLPHQWRGHXEDVHSDUDDHODERUDomRGHQRUPDVWpFQLFDVRILFLDLV$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV$%17
SDUDURFKDVRUQDPHQWDLV
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)HR2EVHUYDWyULR$VWURQ{PLFR)ODPPDULRQHP
0DWLDV%DUERVD0*
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
,QtFLRGR%LRT)$3(63)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXORSULPHLURSURMHWRHVSHFLDOUHVXOWDGRGH
XP3ODQRSDUDR'HVHQYROYLPHQWRGD%LRTXtPLFDQD&LGDGHGH6mR3DXORSUHSDUDGRSRUXPDFRPLVVmRFRPSRVWD
SRU0HWU\%DFLOD+HUPDQ&KDLPRYLFK*XUDOQLN:DOWHU&ROOL&DUO3HWHUYRQ'LHWULFK$QW{QLR&HFKHOOLGH0DWWRV3DLYDH
)UDQFLVFR-HURQ\PR6DOOHV/DUD
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR&HQWURGH,QIRUPDo}HV1XFOHDUHV&,1GD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1FXMRSULQFLSDORE
MHWLYRpDWXDUQR%UDVLOFRPRDJHQWHGR6LVWHPD,QWHUQDFLRQDOGH,QIRUPDo}HV1XFOHDUHV,1,6TXHQHVVDPHVPDpSRFD
IRLLQVWLWXtGRQRkPELWRGD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFD$,($
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGR3ODQHWiULRQD8QLYHUVLGDGH)HGHUDOGH*RLiV8)*
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
)XQGDomRGD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2XPDGDVSULQFLSDLVHPSUHVDV
PXQGLDLVSURGXWRUDGHFRPSUHVVRUHVKHUPpWLFRVSDUDUHIULJHUDomRSRULQLFLDWLYDGHWUrVIDEULFDQWHV
GHUHIULJHUDGRUHV&RQVXO6SULQJHUH3URVGyFLPRTXHHQWmRGHSHQGLDPGDLPSRUWDomRGHFRP
SUHVVRUHVHP-RLQYLOOH6&)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
)XQGDomRGD&HYDOPDLRUHPSUHVDEUDVLOHLUDHGD$PpULFD/DWLQDQDLQGXVWULDOL]DomRGHVRMD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
0XGDQoDGD,QG~VWULDH&RPpUFLR&RQFyUGLDSDUDDQRYD6DGLD&RQFyUGLD6$,QG~VWULDH&RPpUFLRFRQWURODGRUDGHXP
JUXSRGHFLQFRHPSUHVDVGRVHWRUDJURLQGXVWULDOHFRPHUFLDO
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&ULDomR GD 6XSHULQWHQGrQFLD GH 3URMHWRV GH 3RODUL]DomR ,QGXVWULDO 6833,1 XPD DXWDUTXLD OLJDGD j 6HFUHWDULD GH
,QG~VWULDH&RPpUFLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
&ULDomRGR,QVWLWXWRGH'HVHQYROYLPHQWR,QGXVWULDOGR(VWDGRGR(VStULWR6DQWR,'(,(6XPyUJmRWpFQLFRGHVXSRUWHGR
VLVWHPDGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR),1'(6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
3URGXomRGRSULPHLURDoRQR(VStULWR6DQWRSHOD&LD)HUURH$oRGH9LWyULD
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
3URPXOJDomRGRQRYR&yGLJRGD3URSULHGDGH,QGXVWULDO
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
&ULDomRGR&HQWURGH7UHLQDPHQWR7r[WLOGHSRLVGHQRPLQDGR/DERUDWyULRGH)LDomRH7HFHODJHP/$),7(GR6HUYLoR
1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6&HP%UXVTXH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&RQTXLVWDSHOR%UDVLOGDSRVLomRGHžPDLRUSURGXWRUPXQGLDOGHDoR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,PSODQWDomRGD)iEULFDGH3DSHO3DUDLEXQDHP-XL]GH)RUD0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,´+HQULTXH/XSRµHP$UDUDTXDUD63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWURGH7UHLQDPHQWR7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP%UXVTXH6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGR&HQWURGH)RUPDomR3URILVVLRQDO&kQGLGR$WKD\GHGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,3,HP7HUHVLQD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD&RPSDQKLDGH'LVWULWRV,QGXVWULDLV&',HP0LQDV*HUDLV3LRQHLUDQRSDtVQRIRPHQWRLQGXVWULDOWHPFRPR
PHWDSULRULWiULDDSURPRomRGHHVWXGRVSURMHWRVLPSODQWDomRHRSHUDomRGHiUHDVLQGXVWULDLVSODQHMDGDVHPORFDLVHV
WUDWpJLFRVGRSRQWRGHYLVWDVyFLRHFRQ{PLFR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
$SURYDomR GR 3URJUDPD 6LGHU~UJLFR 1DFLRQDO TXH SUHYr D DPSOLDomR GD &RPSDQKLD 6LGHU~UJLFD 1DFLRQDO &61 GDV
8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$8VLPLQDVHGD&RPSDQKLD6LGHU~UJLFD3DXOLVWD&RVLSDHPGHMDQHLUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWLWXLomRGR&yGLJRGH3URSULHGDGH,QGXVWULDOSHOD/HL(VVDOHLHVWDEHOHFHXSURWHomRGRVGLUHLWRVUHODWLYRVjSUR
SULHGDGHLQGXVWULDOTXHVHHIHWXDPHGLDQWHDFRQFHVVmRGHSULYLOpJLRVGHLQYHQomRGHPRGHORGHXWLOLGDGHGHPRGHOR
LQGXVWULDOHGHGHVHQKRLQGXVWULDO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)XQGDomR GD (PSUHVD %UDVLOHLUD GH &RPSUHVVRUHV 6$ (0%5$&2 HP GH PDUoR XPD GDV SULQFLSDLV HPSUHVDV
PXQGLDLVSURGXWRUDGHFRPSUHVVRUHVKHUPpWLFRVSDUDUHIULJHUDomRSRULQLFLDWLYDGHWUrVIDEULFDQWHVGHUHIULJHUDGRUHV
&RQVXO6SULQJHUH3URVGyFLPRTXHHQWmRGHSHQGLDPGDLPSRUWDomRGHFRPSUHVVRUHVHP-RLQYLOOH6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,PSODQWDomRGD(VFROD7pFQLFDGH$UWHV*UiILFDVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,63DSDUWLUGHDFRU
GRGHFRRSHUDomRWpFQLFDFRPD$VVRFLDomRGH&RQVWUXWRUHV,QGXVWULDLVGH0iTXLQDV*UiILFDVH$ILQV$&,0*$GD,WiOLD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGDVXEVLGLiULDGD3HWUyOHR%UDVLOHLUR6$3(752%5$6FRPFDUDFWHUtVWLFDVGHXPDFRPSDQKLDGHHFRQRPLDPLV
WDTXHSDVVRXDDWXDUQDFRPHUFLDOL]DomRHGLVWULEXLomRGHGHULYDGRVGRSHWUyOHRSDUDWRGRR%UDVLO'HYLGRDRHQRUPH
GHVHQYROYLPHQWRGD3(752%5$6'LVWULEXLGRUDFRPRHPSUHVDHPQRWHUFHLURDQRGHYLGDD&RPSDQKLDDVVXPLXR
SRVWRGHPDLRUGLVWULEXLGRUDGHGHULYDGRVGRSHWUyOHRGRSDtVH[HUFHQGRVXDIXQomRHPFDUiWHUHVWULWDPHQWHFRPSHWLWLYR
HPFRQGLo}HVGHLJXDOGDGHFRPDVGHPDLVGLVWULEXLGRUDVHVXSHUDQGRFRQFRUUHQWHVQDFLRQDLVHHVWUDQJHLUDV
)RQWH3HWUyOHRGR%UDVLOHLUR6$
3DQRUDPD1DFLRQDO
$SURYDomRGRQRYR(VWDWXWRGD)XQGDomR8QLYHUVLGDGH)HGHUDOGR3LDXt)8)3,SHOR'HFUHWRGHGHPDLR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&ULDomRGD8QLYHUVLGDGH&DWyOLFDGH6DOYDGRU8&6DOQD%DKLD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD6HFUHWDULDGR3ODQHMDPHQWR&LrQFLD7HFQRORJLD6(3/$17(&SHOD/HLGHGHPDLR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
([WLQomR GD 6HFUHWDULD GH &LrQFLD H 7HFQRORJLD VHQGR FULDGD D 6HFUHWDULD GH 3ODQHMDPHQWR &LrQFLD H 7HFQRORJLD 6(3/$17(&
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
5HDOL]DomRGHHVWXGRVSDUDRHVWDEHOHFLPHQWRGR6LVWHPD1DFLRQDOGH,QIRUPDomR&LHQWtILFDH7HFQROyJLFD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR&HQWUR8QLYHUVLWiULRGH-RmR3HVVRD81,3(QD3DUDtED
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,PSODQWDomR GH XPD QRYD HVWUXWXUD GH SHVTXLVD H SODQHMDPHQWR SDUD DODYDQFDU R GHVHQYROYLPHQWR GH 0LQDV *HUDLV
GHVWDFDQGRVHR,QVWLWXWR(VWDGXDOGH(VWDWtVWLFD,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$&HQWUR7HFQROyJLFRGH0LQDV
*HUDLV&(7(&HRyUJmRUHVSRQViYHOSHORSODQHMDPHQWRXUEDQRGD5HJLmRGH%HOR+RUL]RQWH3/$0%(/
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
(VFROKDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPFRQYrQLRFRPR3URMHWR5RQGRQSDUDDLPSODQWDomRGR
&DPSXV$YDQoDGRGH&UX]HLURGR6XOQR$FUH
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGDSULPHLUD&HQWUDO,QWHUQDFLRQDO6HPLDXWRPiWLFDGRSDtVSHOD(PSUHVD%UDVLOHLUDGH
7HOHFRPXLFDo}HV6$²(0%5$7(/)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&ULDomRGR&HQWURGH/DQoDPHQWRGH)RJXHWHVGD%DUUHLUDGR,QIHUQRHP1DWDO51
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
7UDQVIRUPDomRGR&HQWUR7HFQROyJLFRGD$HURQiXWLFDHP&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
([WLQomR GR *UXSR GH 2UJDQL]DomR GD &RPLVVmR 1DFLRQDO GH $WLYLGDGHV (VSDFLDLV *2&1$( H FULDomR GR ,QVWLWXWR
1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(DLQGDVHPDSDODYUD´1DFLRQDOµQRQRPH'HVGHVHXLQtFLRR,QVWLWXWR1DFLRQDO
GH3HVTXLVDV(VSDFLDLV,13(DWXRXHPYiULDVIUHQWHVGHSHVTXLVDHQWUHHODVPHWHRURORJLDOHYDQWDPHQWRGHUHFXUVRV
QDWXUDLVUDGLRDVWURQRPLDWHOHPHWULDGHIRJXHWHVItVLFDGDDWPRVIHUDHUDGLRFRPXQLFDomR
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
$VVLQDWXUDGRGHFUHWRTXHFULDD&RPLVVmR%UDVLOHLUDGH$WLYLGDGHV(VSDFLDLV&2%$(SDUDDVVHVVRUDUD3UHVLGrQFLDGD
5HS~EOLFDQDLPSOHPHQWDomRGDVGLUHWUL]HVGD3ROtWLFD1DFLRQDOGH'HVHQYROYLPHQWRGDV$WLYLGDGHV(VSDFLDLV31'$(
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
&ULDomRGR&HQWURGH7ULDJHP0DUtWLPRGH6DQWRVHP6mR3DXORSHOD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRVGHVWL
QDGRDRWUDWDPHQWRGDV(QFRPHQGDV3RVWDLV,QWHUQDFLRQDLV
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
&ULDomRSHOD$JrQFLD(VSHFLDOGH)LQDQFLDPHQWR,QGXVWULDO),1$0(GR3URJUDPDGH/RQJR3UD]RGHVWLQDGRDILQDQFLDU
HTXLSDPHQWRVVREHQFRPHQGDFXMDIDEULFDomRQDFLRQDOFRQFRUUHVVHFRPHTXLSDPHQWRLPSRUWDGRPHGLDQWHFRQFRUUrQ
FLDVLQWHUQDFLRQDLVLQFRUSRUDQGRQRYDVWHFQRORJLDV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QDXJXUDomRGDVXVLQDVKLGUHOpWULFDVGH;DYDQWHV63H&DSLYDUL35
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGDSULPHLUD&HQWUDO,QWHUQDFLRQDO6HPLDXWRPiWLFDGRSDtVSHOD(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV
6$(0%5$7(/
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRHH[SDQVmRGDVUHGHVQDFLRQDLVGHWHOHYLVmRGHYLGRjJUDQGHSHQHWUDomRGD79
)RQWH0LQLVWpULRGD&XOWXUD
&ULDomRGR*UXSRGH7UDEDOKR(VSHFLDO*7(FRQIRUPH'HFUHWRFRPRREMHWLYRGHDSDUWLUGRVXSRUWHILQDQFHLUR
GD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3HGR)XQGRGH'HVHQYROYLPHQWR7pFQLFRH&LHQWtILFR)817(&GR%DQFR
1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%1'(6SURMHWDUSURPRYHUHFRQVWUXLUXPSURWyWLSRGHFRPSXWDGRU
HOHWU{QLFRSDUDRSHUDo}HVQDYDLV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QDXJXUDomRGRVLVWHPDGHPLFURRQGDVHQWUH5LRGH-DQHLURH9LWyULD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGH´KRWOLQHµHQWUHR%UDVLOHRV(VWDGRV8QLGRV
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,PSODQWDomRGR3yOR3HWURTXtPLFRGH&DPDoDUL%$WHQGRFRPRPHWDSULQFLSDOVXEVWLWXLULPSRUWDo}HVGHDOJXQVGHULYD
GRVGR0HWDQROTXHDWpHQWmRVyFKHJDYDPDRSDtVDWUDYpVGHLPSRUWDo}HVFRPRIRUPDOGHtGRVKH[DPHWLOHQRDPLQD
SHQWDHULWULWROIRUPLDWRGHVyGLRHiFLGRIyUPLFR
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
,PSOHPHQWDomR GR SURMHWR GH OHYDQWDPHQWR GH UHFXUVRV QDWXUDLV SRU PHLR GH VDWpOLWHV SHOR 3ODQR 1DFLRQDO GH
'HVHQYROYLPHQWR31'
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QDXJXUDomRGRVLVWHPDGHPLFURRQGDVHQWUH%HOpPH%UDVtOLD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
$TXLVLomRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHXPFRQMXQWRGHHTXLSDPHQWRVSDUDR&HQWURGH7HFQRORJLD
RTXHSHUPLWHVLPXODUHPODERUDWyULRHVIRUoRVHPRYLPHQWRVTXHPiTXLQDVHFRPSRQHQWHVID]HPQRXVRGLiULR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGR$FRUGRSWQGH$SURYDomRGH&RQYrQLR(VSHFLDOFHOHEUDGRHQWUHR&HQWUR7pFQLFR$HURHVSDFLDO&7$H
R,QVWLWXWR$OHPmRGH3HVTXLVDH(QVDLRGH1DYHJDomR$pUHDH(VSDFLDO')9/5SDUDD([HFXomRGH3URMHWRV&LHQWtILFRV
HQWUH%UDVLOH$OHPDQKDHPGHQRYHPEUR
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
&LrQFLDV$JUiULDV
,QtFLRQD8QLYHUVLGDGH)HGHUDOGH9LoRVDGHSURJUDPDGHPHOKRUDPHQWRJHQpWLFRGRFDIHHLUR
SLRQHLURQR%UDVLOUHVXOWDQGRQDFULDomRGHFXOWLYDUHVUHVLVWHQWHVjIHUUXJHP)RQWH8QLYHUVLGDGH
)HGHUDOGH9LoRVD
,PSODQWDomRGRSURMHWR3URWHUUD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&UHVFLPHQWRGDLQG~VWULDGHFtWULFRVSDVVDQGRDRFXSDUDVEUHFKDVGRPHUFDGRLQWHUQDFLRQDOVHQGRWDPEpPDSRLDGD
SHODOHJLVODomREUDVLOHLUDTXHEHQHILFLDYDDVH[SRUWDo}HV&RPRSDVVDUGRWHPSRDLQG~VWULDFtWULFDEUDVLOHLUDVXSHURXHP
QtYHOWHFQROyJLFRRVSDtVHVPDLVDYDQoDGRVGRVHWRU
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
,PSODQWDomRGD&RPLVVmR([HFXWLYDGR3ODQRGD/DYRXUD&DFDXHLUR&(3/$&$PD]{QLD2FLGHQWDOSDUDDWXDUQDViUHDV
GHSHVTXLVDH[WHQVmRHHGXFDomRQR(VWDGRGH5RQG{QLD
)RQWH6HFUHWDULDGH(VWDGRGH3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRQD8QLYHUVLGDGH)HGHUDOGH9LoRVDGHSURJUDPDGHPHOKRUDPHQWRJHQpWLFRGRFDIHHLURSLRQHLURQR%UDVLOUHVXO
WDQGRQDFULDomRGHFXOWLYDUHVUHVLVWHQWHVjIHUUXJHP
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
/DQoDPHQWRGR3URJUDPDGH(UUDGLFDomRGD)HEUH$IWRVDHP0LQDV*HUDLV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGR3URJUDPD,QWHJUDGRGH3HVTXLVD$JURSHFXiULDGH0LQDV*HUDLV3,3$(0*LQWHJUDQGRD8QLYHUVLGDGH)HGHUDO
GH9LoRVDD(VFROD6XSHULRUGH$JULFXOWXUDGH/DYUDVDWXDO8QLYHUVLGDGH)HGHUDOGH/DYUDVHD8QLYHUVLGDGH)HGHUDOGH
0LQDV*HUDLV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRHH[SDQVmRGDVUHGHVQDFLRQDLVGHWHOHYLVmRGHYLGRjJUDQGHSHQHWUDomRGD79)RQWH
0LQLVWpULRGD&XOWXUD
&ULDomRGR,QVWLWXWRGR3DWULP{QLR+LVWyULFRH$UWtVWLFRGD3DUDtEDSHOR'HFUHWR(VWDGXDO
)RQWH,QVWLWXWRGR3DWULP{QLR+LVWyULFRH$UWtVWLFRGR(VWDGRGD3DUDtED
&ULDomRGD)XQGDomR&HQWURGH3HVTXLVDV(FRQ{PLFDVH6RFLDLVGR3LDXt&(352
)RQWH)XQGDomR&HQWURGH3HVTXLVDV(FRQ{PLFDVH6RFLDLVGR3LDXt
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HHPSUHVDVGDUHJLmRGH&DPSLQDVH
VmRRIHUHFLGRVFXUVRVRUJDQL]DGRVSHOR'HSDUWDPHQWR(FRQ{PLFRH6RFLDOGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDV
'(3(6FRPRREMHWLYRGHDMXGDUSHTXHQDVHPpGLDVLQG~VWULDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
,QtFLRGDSURGXomRSHOR,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5GDYDFLQDDQWLUiELFDFDQLQDD
SDUWLUGRPpWRGRFKLOHQRHPUD]mRGHXPFRQYrQLRFRPR0LQLVWpULRGD6D~GHSDUDD&DPSDQKD
1DFLRQDOGH3URILOD[LDGD5DLYD)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
)XQGDomRSHOR'HFUHWR/HLQžGR,QVWLWXWRGH3VLTXLDWULDGD8QLYHUVLGDGHGR%UDVLO²,38%,QFRUSRUDGRj8QLYHUVLGDGH
GR%UDVLOIRLRPDLVDQWLJR+RVSLWDO8QLYHUVLWiULR3~EOLFR)HGHUDOGR%UDVLOFRPRKHUGHLURGR+RVSLWDO1DFLRQDOVHGHGD
8QLYHUVLGDGHGR%UDVLODSULPHLUDGRSDtV
)RQWH0LQLVWpULRGD(GXFDomR
&LrQFLDV%LROyJLFDV
&ULDomRGR3DUTXH1DFLRQDOGR3DQWDQDOSHOR'HFUHWR)RQWH6HFUHWDULDGH(GXFDomRGR
(VWDGRGR0DWR*URVVR
&ULDomRGD)XQGDomRGH3HVTXLVDV)ORUHVWDLV)83()yUJmRFRQYHQLDGRj8QLYHUVLGDGH)HGHUDOGR3DUDQiFRPEDVHQR
VXFHVVRGR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGR3DUTXH1DFLRQDOGR3DQWDQDOSHOR'HFUHWR
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD&HQWUDOGH0HGLFDPHQWRV&(0(yUJmRGR0LQLVWpULRGD6D~GHHQFDUUHJDGRGHGHILQLUDVSROtWLFDVHFHQWUD
OL]DUDVFRPSUDVJRYHUQDPHQWDLVGHPHGLFDPHQWRV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QtFLRGDSURGXomRSHOR,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5GDYDFLQDDQWLUiELFDFDQLQDDSDUWLUGRPpWRGR
FKLOHQRHPUD]mRGHXPFRQYrQLRFRPR0LQLVWpULRGD6D~GHSDUDD&DPSDQKD1DFLRQDOGH3URILOD[LDGD5DLYD
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGD&RPLVVmR%UDVLOHLUDGH*HRGLQkPLFDHGD&RPLVVmRGH2FHDQRJUDILD)RQWH&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
5HFHELPHQWRGHDXWRUL]DomRJRYHUQDPHQWDOSDUDDFRQFHVVmRGHGLSORPDVGH'RXWRUH0HVWUHHP)tVLFDSHOR&HQWUR
%UDVLOHLURGH3HVTXLVDV)tVLFDVSULPHLUDLQVWLWXLomRQDFLRQDODUHFHErOD
)RQWH&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV
,PSODQWDomRQR,QVWLWXWRGH3HVTXLVDGD0DULQKD,3T0GR3URMHWR&DER)ULR(VVHSURMHWRWLQKDSRUREMHWLYRSULQFLSDO
VHURHPEULmRSDUDDFULDomRGHXPDLQVWLWXLomRGHVWLQDGDDDSRLDUHH[HFXWDUHVWXGRVGRPDUHGHVHXVUHFXUVRVRFHDQR
JUiILFRVItVLFRTXtPLFRVHELROyJLFRVHVWLPXODQGRDSURGXomRQDWXUDOHSURPRYHQGRDSURGXomRFRQWURODGDGHSHL[HV
FUXVWiFHRVPROXVFRVHDOJDVFRPRPi[LPRDSURYHLWDPHQWRGDVFRQGLo}HVDPELHQWDLVHVSHFLDLVH[LVWHQWHVQDUHJLmR
)RQWH0DULQKDGR%UDVLO
3DUWLFLSDomRGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03QRSURJUDPDGHIDEULFDomRGHODVHU
SDUDILQVGHSHVTXLVDFLHQWtILFD8PGRVSURMHWRVSURJUDPDGRVpRVLVWHPDGHFRPXQLFDomRSRUODVHUjLQMHomROLGHUDGR
SHORSURIHVVRU-RVp(OOLV5LSSHU)LOKR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SURYDomRSHOR&RQJUHVVR1DFLRQDOGD/HLGHžGHGH]HPEURTXHDXWRUL]DD&RPLVVmR1DFLRQDOGH(QHUJLD
1XFOHDU&1(1DFRQVWLWXLUD&RPSDQKLD%UDVLOHLUDGH7HFQRORJLD1XFOHDU&%71FXMDUHVSRQVDELOLGDGHVHUiFRQVWUXLUH
RSHUDUDVLQVWDODo}HVQXFOHDUHVDOpPGDSHVTXLVDPLQHUDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$FRPXPDYLVmRVLVWrPLFDQRkPELWRGDVFLrQFLDVGDWHUUDLQWHJUDQGR
DJHRJUDILDDJHRORJLDHDFDUWRJUDILDiUHDVEiVLFDVGHDSRLRDRSODQHMDPHQWRJRYHUQDPHQWDO
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGR2EVHUYDWyULR$VWURQ{PLFR$QWDUHVHP)HLUDGH6DQWDQD%$
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD&RPSDQKLD0DWR*URVVHQVHGH0LQHUDomR0(7$0$7
)RQWH6HFUHWDULDGH,QG~VWULD&RPpUFLR0LQDVH(QHUJLD
$TXLVLomRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRSULPHLURFRPSXWDGRUHOHWU{QLFRGD$PpULFD/DWLQD
XP,%0PRGHORSDUDILQVGHSHVTXLVD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GR SURJUDPD EUDVLOHLUR GH FRPXQLFDomR SRU ILEUD ySWLFD WDPEpP GR SULPHLUR ODERUDWyULR R /DERUDWyULR GH
3HVTXLVDVHP'LVSRVLWLYRV/3'GHGLFDGRjItVLFDGHFRPSRQHQWHVVHPLFRQGXWRUHVSHORSURIHVVRU-RVp(OOLV5LSSHU)LOKR
GR'HSDUWDPHQWRGH)tVLFDGD8QLYHUVLGDGH)HGHUDOGH&DPSLQDV81,&$032SURIHVVRUWDPEpPpUHVSRQViYHOSHORJUX
SRTXHSURMHWRXR&HQWUR7HFQROyJLFRSDUD,QIRUPiWLFD&7,KRMH,QVWLWXWR1DFLRQDOGH7HFQRORJLDGD,QIRUPDomR,7,
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD&RPLVVmRGH2FHDQRJUDILD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD&RPLVVmR%UDVLOHLUDGH*HRGLQkPLFD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRQR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHXPSURJUDPDGHDQiOLVH
HSURGXomRGHVHPLFRQGXWRUHVHFULVWDLVSRUXPDHTXLSHGHHVSHFLDOLVWDVFKHILDGDSRU5RJpULR&p]DUGH&HUTXHLUD
/HLWH$VSHVTXLVDVQDiUHDVmRDEDVHSDUDVLVWHPDVDXWRPDWL]DGRVGHWHOHIRQLDHSURGXomRGHFRPSXWDGRUHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRQR'HSDUWDPHQWRGH)tVLFDGR(VWDGR6yOLGRH&LrQFLDGH0DWHULDLVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03GHSHVTXLVDVQRVHWRUGHFRPXQLFDomRYLDODVHUVREDFRRUGHQDomRGRSURIHVVRU-RVp
(OOLV5LSSHU)LOKR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD6HFUHWDULDGH7HFQRORJLD,QGXVWULDO67,SHOR'HFUHWR1žVXERUGLQDGDDR
0LQLVWpULRGD,QG~VWULDH&RPpUFLR0,&)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
H7HFQROyJLFR
&ULDomRGR/DERUDWyULR,QGXVWULDO)DUPDFrXWLFRGH$ODJRDV6$/,)$/
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
(QWUDGDHPDWLYLGDGHGD(VFROD7pFQLFDGR3OiVWLFRQREDLUURGR7DWXDSpHP6mR3DXORHGDV(VFRODV6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP,QGXVWULDO6(1$,GH6mR-RVpGRV&DPSRVH$UDoDWXED
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD(OHWURPRXUD6$SDUDSURGX]LUSLOKDVVHFDVSRU(GVRQ0RURUy0RXUD
)RQWH8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR
&RQFHVVmRSHOR&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDO&',GHLQFHQWLYRVILVFDLVjVLQG~VWULDVDXWRPRELOtVWLFDVGH
PiTXLQDVSDYLPHQWDGRUDVGHUDGLRFRPXQLFDo}HVHGHFHOXORVHHSDSHO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGDHPSUHVD*URZ-RJRVH%ULQTXHGRV6$IXQGDGDSRUTXDWURMRYHQVGD)DFXOGDGHGH(QJHQKDULDGD3ROL863
2SULPHLURSURGXWRODQoDGRIRLRMRJR:DUGHVWLQDGRDRS~EOLFRDGXOWR
)RQWH*URZ-RJRVH%ULQTXHGRV6$
&ULDomRGR1~FOHRGH$SRLR(PSUHVDULDO&21$(TXHSDVVDDVHU&HQWURGH$SRLRDR3HTXHQRH0pGLR(PSUHViULR
&($*HP1RYDPHQWHVHPRGLILFDHSDVVDDVHU6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
6(%5$(HPGHMDQHLURGH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
)XQGDomRGR&HQWUR%UDVLOHLURGH$VVLVWrQFLD*HUHQFLDOj3HTXHQDH0pGLD(PSUHVDGH*RLiV&(%5$(*2HPGHMXOKR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&ULDomRGD3HWUREUiV,QWHUQDFLRQDO6$%5$63(752EUDoRLQWHUQDFLRQDOGD3HWUyOHR%UDVLOHLUR6$3(752%5$6QD
WHQWDWLYDGHEXVFDUQRH[WHULRURSHWUyOHRQmRHQFRQWUDGRLQWHUQDPHQWH
)RQWH3HWUyOHR%UDVLOHLUR6$
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO),%5$
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&ULDomRGR&HQWURGH)RUPDomR3URILVVLRQDO´ÌWDOR%RORJQDµGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QD
FLGDGHGH0RVVRUy51
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUDGHFRQYrQLRGD8QLYHUVLGDGHGH%UDVtOLD8Q%FRPR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
SDUDGHVHQYROYHURHQVLQRLQGXVWULDOQDiUHDGR'LVWULWR)HGHUDO
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
&ULDomRGD,QG~VWULDGH&DOoDGRV$UH]]R,QG~VWULDH&RPpUFLR/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDVRSHUDo}HVGRSyORSHWURTXtPLFRGH6mR3DXORHP0DXiFRPDLQVWDODomRGHHPSUHVDVSDUDDSURGXomR
GHHWHQRSURSHQREXWDGLHQREHQ]HQRWROXHQRR[LOHQRS[LOHQRPRQ{PHURGHFORUHWRGHYLQLODSROLHWLOHQRGHDOWDH
EDL[DGHQVLGDGHIHQROy[LGRGHHWHQRHWHUkPHURGHFXPHQRHSURSHQR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QVWDODomRGD*UDGLHQWH(OHWU{QLFD6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,QtFLRGHXPQRYRFLFORGHLQYHVWLPHQWRVQRVHWRUWr[WLOSRUPHLRGD5HVROXomRGR*UXSR6HWRULDO*69,,,HGR&RQVHOKR
GH'HVHQYROYLPHQWR,QGXVWULDO&',TXHSDVVRXDSHUPLWLUDDSURYDomRGHSURMHWRVGHILDomRHWHFHODJHPTXHSUHYLVVHP
DVXEVWLWXLomRGHHTXLSDPHQWRVREVROHWRVPRGHUQL]DQGRVHPDXPHQWDUDFDSDFLGDGHGHSURGXomRYLVDVVHPDH[SRUWDU
GRDXPHQWRGDSURGXomRGXUDQWHGRLVDQRVHFRPSURYDVVHPWHURSHUDGRGDFDSDFLGDGHGXUDQWHXPDQR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/QR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
/DQoDPHQWRSHOD(PSUHVD6mR3DXOR$OSDUJDWDVGHXPDFDOoDYHOKDGHVERWDGD8V7RS$HPSUHVDLQDXJXUDIiEULFDV
GHQRUWHDVXOGRSDtVHHQWUDDWRGRYDSRUHPXPVHJPHQWRSURPLVVRURGRVDUWLJRVHVSRUWLYRVFRPRODQoDPHQWRGD
PDUFD7RSSHUHPHDFRPSUDGD5DLQKDHP
)RQWH(PSUHVD6mR3DXOR$OSDUJDWDV
&ULDomRGD6HFUHWDULDGH7HFQRORJLD,QGXVWULDO67,SHOR'HFUHWR1žVXERUGLQDGDDR0LQLVWpULRGD,QG~VWULDH
&RPpUFLR0,&
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
6LQWRQL]DomRGRSURJUDPDGHDWLYLGDGHVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,FRPDVGLUHWUL]HVGR,
H,,31'3ODQR1DFLRQDOGH'HVHQYROYLPHQWR6RFLDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
&ULDomRGR&HQWUR%UDVLOHLURGH$VVLVWrQFLD*HUHQFLDOj3HTXHQDH0pGLD(PSUHVD6(%5$(6&DQWLJR,EDJHVF
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QDXJXUDomRHP6mR3DXORGD5HILQDULDGH3DXOtQHDHGD3HWURTXtPLFD8QLmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QGXVWULDVGH&DIp6RO~YHO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5É6´KROGLQJµGHXPVLVWHPDGHVWLQDGRHQWUHRXWUDVDWLYLGDGHVD
FRRUGHQDUWRGRRGHVHQYROYLPHQWRGDVWHOHFRPXQLFDo}HVQRSDtV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$XWRUL]DomRFRPLVHQomRGHLPSRVWRVGRLQJUHVVRQR%UDVLOGHLQG~VWULDVHVWUDQJHLUDVSURGX]LQGRSDUDRPHUFDGR
H[WHUQRSHOR'HFUHWRGHGHDJRVWR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomR SHOD 3RUWDULD GRV SODQRV GH QDFLRQDOL]DomR GH PiTXLQDV H HTXLSDPHQWRV Wr[WHLV DGPLQLVWUDGRV SHOR
&RQVHOKR GH GHVHQYROYLPHQWR ,QGXVWULDO &', WHQGR VLGR DSURYDGRV TXDUHQWD SURMHWRV GH LPSODQWDomR DPSOLDomR H
PRGHUQL]DomRGDLQG~VWULDGHPiTXLQDVWr[WHLVSULQFLSDOPHQWHGHILODWyULRVGHDQpLVHWHDUHVVHPODQoDGHLUDV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QDXJXUDomRGD5LRFHOO6$DWXDO.ODELQ5LRFHOO6$
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGR&HQWUR%UDVLOHLURGH$SRLR*HUHQFLDOj3HTXHQDH0pGLD(PSUHVD&(%5$(QR5LRGH-DQHLURFRPRXPyUJmR
IHGHUDOGHDVVLVWrQFLDjSHTXHQDHPSUHVDYLQFXODGRDR0LQLVWpULRGR3ODQHMDPHQWR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&ULDomR GD $VVRFLDomR %UDVLOHLUD GH 0DGHLUDV FRPSHQVDGDV (VSHFLDLV $%,1&( WUDQVIRUPDGD GHSRLV HP $VVRFLDomR
%UDVLOHLUDGDV,QGXVWULDVGH0DGHLUDV&RPSHQVDGDVH,QGXVWULDOL]DGDV$%,1&,
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
,QtFLRGRSURFHVVRGHQDFLRQDOL]DomRGDVPiTXLQDVSDUDVXEVWLWXLomRGDLPSRUWDomRHSDUDWUDQVIHUrQFLDGHWHFQRORJLD
SDUDHPSUHVDVEUDVLOHLUDVJHUDQGRPDLRUTXDOLGDGHHFRPSHWLWLYLGDGHGDLQG~VWULDPRYHOHLUDGRSDtV
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
3DQRUDPD1DFLRQDO
,PSOHPHQWDomRGRSULPHLUR3ODQR1DFLRQDOGH'HVHQYROYLPHQWR31')RQWH)XQGDomRGH
$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&ULDomRGD6HFUHWDULD(VSHFLDOGH,QIRUPiWLFDyUJmRGHVWLQDGRDFRRUGHQDUDiUHDGHDTXLVLomRGHFRPSXWDGRUHVHSUR
FHVVDPHQWRGHGDGRVSDUDRVHWRUS~EOLFR
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
&ULDomRGR&HQWURGH$SRLRj3HTXHQDH0pGLD(PSUHVDGR(VWDGRGH0LQDV*HUDLV&($*0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR&HQWURGH)RUPDomR3URILVVLRQDO0iULR5H]HQGHHP&DFKRHLURGH,WDSHPLULP(6
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLYHUVLGDGH5HJLRQDOGH%OXPHQDX)85%HP6DQWD&DWDULQD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH*DPD)LOKR8*)QR5LRGH-DQHLUR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH6DOYDGRU81,)$&6QD%DKLD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGR*UDQGH5LR81,*5$15,2HP'XTXHGH&D[LDV5-
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GD )XQGDomR GH &LrQFLD H 7HFQRORJLD &,(17(& HP VXEVWLWXLomR DR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GR 5LR
*UDQGHGR6XO,7(56IXQGDGRHP+RMHD)XQGDomRpYLQFXODGDj6HFUHWDULDGD&LrQFLDH7HFQRORJLDGR(VWDGR
GR5LR*UDQGHGR6XO
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
5HFRQKHFLPHQWRGR&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV&58%FRPRyUJmRGHXWLOLGDGHS~EOLFDHPGHMXOKR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,PSOHPHQWDomRGRSULPHLUR3ODQR1DFLRQDOGH'HVHQYROYLPHQWR31'
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
(QJHQKDULDH7HFQRORJLD
$TXLVLomRSHOR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(GHHVWDomRFRPSOHWDSDUDUHFHS
omRHJUDYDomRGRVGDGRVGRVDWpOLWH(567VREUHD$PpULFDGR6XO)RQWH,QVWLWXWR1DFLRQDOGH
3HVTXLVDV(VSDFLDLV
,QtFLRGDVH[SHULrQFLDVQR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763GHWRGRVLVWHPDPHWURYL
iULRDQWHVGHFRPHoDURVHXIXQFLRQDPHQWR2,3763DWXDFRPRSULQFLSDODJHQWHQRVWHVWHVGHPDWHULDOURGDQWHHSHOD
LQIUDHVWUXWXUDGHOLQKDQRUWHVXO5HDOL]DWDPEpPGHVHQYROYLPHQWRVHVSHFtILFRVQDiUHDGHLQVWUXPHQWDomRHOHWU{QLFD
HYHQWLODomRGRVW~QHLVHHVWDo}HV
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
$TXLVLomRSHOR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRHVSHFWU{PHWURGHPDVVDDFRSOD
GRDFURPDWyJUDIRGHJiVeRSULPHLURHTXLSDPHQWRGHVVHWLSRQD$PpULFDGR6XOHSRGHVHUXVDGRSDUDILQVGHDQiOLVHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR´3DWLQKR)HLRµFRPSXWDGRUQDFLRQDOPRQWDGRQD(VFROD3ROLWpFQLFDGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QDXJXUDomRGR&HQWURGH7HFQRORJLD&7GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03yUJmRGHSUHVWDomRGHVHU
YLoRVHGHDSRLRjVXQLGDGHVGHHQVLQRHSHVTXLVD1HOHVHHVWXGDPPRGHORVHVWUDWpJLFRVSURMHWRVDYDQoDGRVHVROXo}HV
SDUDDLQG~VWULDGRVVHWRUHVPHFkQLFRHPHWDO~UJLFRQDVXEVWLWXLomRGDWHFQRORJLDH[WHUQDSHODQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFRQKHFLPHQWR SHOR 0LQLVWpULR GD (GXFDomR GD )DFXOGDGH GH (QJHQKDULD GH &DPSLQDV H GR &XUVR GH 4XtPLFD GR
,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGDHVWDomRUDVWUHDGRUDGHVDWpOLWHVPHWHRUROyJLFRVGH%UDVtOLDTXHUHFHEHLPDJHQVGRVDWpOLWHQRUWHDPHUL
FDQR(VVD
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
0XGDQoDGR,QVWLWXWRGH3HVTXLVDV5RGRYLiULDV,35GR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13TSDUDR'HSDUWDPHQWR1DFLRQDOGH(VWUDGDVH5RGDJHP'1(5
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomR GD )XQGDomR &HQWUR 7HFQROyJLFR GH 0LQDV *HUDLV &(7(& YLQFXODGD DR 6LVWHPD (VWDGXDO GH 3ODQHMDPHQWR H
&RRUGHQDomR*HUDOGH0LQDV*HUDLV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(ODERUDomRGHXPIRUPDWREUDVLOHLURD&DWDORJDomR/HJtYHOSRU&RPSXWDGRU&$/&2DSDUWLUGD0DFKLQH5HDGLDEOH
5HFRUG&DWDORJXLQJGD/LEUDU\RI&RQJUHVV0$5&
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGR6LVWHPD1DFLRQDOGH&LrQFLDH7HFQRORJLD61'&7SHOR'HFUHWR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QtFLRGDSURGXomRGRVSULPHLURVFULVWDLVVHPLFRQGXWRUHVGD$PpULFD/DWLQDSHODItVLFD=RUDLGH3ULPHUDQR$UJXHOORGR
,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGDžHWDSDGD+LGUHOpWULFDGH3DXOR$IRQVRQD%DKLDHDXWRUL]DomRGRDSURYHLWDPHQWRGRSRWHQFLDOHQHU
JpWLFRGR5LR6mR)UDQFLVFRQDUHJLmRGH6REUDGLQKRSHOD&RPSDQKLD+LGUHOpWULFDGR6mR)UDQFLVFR&+(6)
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR6LVWHPDGH2QGDV&XUWDV0DQDXV%RD9LVWDHPGH2XWXEUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QtFLRGHHVWXGRVHPIDFHGDFULVHGHSHWUyOHRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()YLVDQGRDUHFXSHUDU
RVJDVHVSURFHVVDGRVQDSURGXomRGHFDUYmRYHJHWDOSDUDXWLOL]DomRFRPRIRQWHGHHQHUJLDSDUDDVLGHUXUJLD
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,QtFLRQD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV(&7GHRSHUDo}HVLQWHUQDFLRQDLVGH&RUUHVSRQGrQFLD$JUXSDGD
SRUPHLRGHFRQYrQLRDVVLQDGRFRPRV(VWDGRV8QLGRV
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
,PSODQWDomR GD 8VLQD 3LORWR GH 'HVHQYROYLPHQWR GH 3URFHVVRV SDUD D 3URGXomR GH 3HUFORUDWR GH $P{QLR QR &HQWUR
7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRSHOD(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$(0%5$7(/GD'LVFDJHP'LUHWDD'LVWkQFLD'''HQWUH6mR
3DXORH3RUWR$OHJUH
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
/DQoDPHQWRGRSULPHLUR3URWyWLSRGR)RJXHWH;GHVHQYROYLGRHPFRRSHUDomRGR&HQWUR7pFQLFR$HURHVSDFLDO&7$
FRPR,QVWLWXWR0LOLWDUGH(QJHQKDULD,0(
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR&XUVRGH(QJHQKDULD)ORUHVWDOGD(VFROD6XSHULRUGH$JULFXOWXUD´/XL]GH4XHLUR]µ(6$/4GD8QLYHUVLGDGH
GH6mR3DXOR863
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRSHOD3RUWDULD0LQLVWHULDOGR*UXSRGH7UDEDOKRSDUDHVWXGDUDYDOLDUHUHIRUPXODUDSHVTXLVDDJURSHFXiULD
HPQtYHOIHGHUDO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR5XUDO8QLYHUVLWiULRGH7UHLQDPHQWRH$omR&RPXQLWiULD&587$&
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
'HVHQYROYLPHQWRGHPHWRGRORJLDVQRUPDVHFULWpULRVGHSHVTXLVDHPVRORVEHPFRPRSUiWLFDVGHPDQHMRFRQVHUYDomR
HSURWHomRGHVRORSODQWLRGLUHWRHPFRQGLo}HVGHFHUUDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7UDQVIRUPDomRGD(VWDomR([SHULPHQWDO$SRO{QLR6DOHV(($6HP(VWDomR([SHULPHQWDOGH7HUHVLQD((7SDVVDQGRD
VHUGHUHVSRQVDELOLGDGHGD6HFUHWDULDGH$JULFXOWXUDGR(VWDGRGR3LDXtPHGLDQWHFRQYrQLRILUPDGRFRPR0LQLVWpULRGD
$JULFXOWXUD
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
$YDOLDomRGHHVWLUSHVSDUDUL]yELRSDUDLQRFXODomRGHVHPHQWHVGHVRMD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR,QVWLWXWR$JURQ{PLFRGR3DUDQi,$3$5
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
$VVLQDWXUDGHFRQYrQLRGD8QLYHUVLGDGHGH%UDVtOLD8Q%FRPR'HSDUWDPHQWR1DFLRQDOGH3HVTXLVDV$JURSHFXiULDVGR
0LQLVWpULRGD$JULFXOWXUDSDUDH[HFXomRGRSURMHWR(VWXGRVREUHGRHQoDVGDPDQGLRFD
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
&LrQFLDV+XPDQDVH6RFLDLV
5HDOL]DomRGDSULPHLUDWUDQVPLVVmRGH79HPFRUHVQR%UDVLOD)HVWDGD8YDHP&D[LDVGR6XO
56)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV
&HOHEUDomR GR FRQYrQLR FRP R 0LQLVWpULR GD (GXFDomR 0(&8QLWHG 6WDWHV $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQW 86$,'H6XEVHFUHWDULDGH&RRSHUDomR(FRQ{PLFDH7pFQLFD,QWHUQDFLRQDO68%,1SDUDSURPRYHUDVFRQGLo}HVGDLQIUD
HVWUXWXUDSDUDD5HIRUPD8QLYHUVLWiULD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,QWHJUDomRGDV&LrQFLDV+XPDQDVj6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
/DQoDPHQWRGRILOPH´4XDQGRR&DUQDYDO&KHJDUµSHOD$WOkQWLGD1HVVHILOPHR&LQHPD1RYRWUDEDOKRXFRPDVWURVGD
P~VLFDSRSXODUSDUDUHFXSHUDUDWUDGLomRGD$WOkQWLGD
)RQWH0LQLVWpULRGD&XOWXUD
5HDOL]DomRGR,6LPSyVLRSDUD$YDOLDomRGD,PSODQWDomRGD5HIRUPD8QLYHUVLWiULD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
5HFRUGHDOFDQoDGRSHORILOPH´'RQD)ORUH6HXV'RLV0DULGRVµFRPPDLVGHPLOK}HVGHHVSHFWDGRUHV
)RQWH0LQLVWpULRGD&XOWXUD
&RH[LVWrQFLDGHGXDVFLQHPDWRJUDILDVGLVWLQWDVGHXPODGRDSURGXomRUHJXODUFRPPDLVUHFXUVRVURWHLULVWDVGDOLWHUD
WXUDWHDWURH79HHOHQFRFRQVDJUDGRTXHDGDSWDDOLWHUDWXUDEUDVLOHLUDHH[SORUDIDWRVGDKLVWyULDFRPRRVILOPHV;LFD
GD6LOYDH&RPR(UD*RVWRVR0HX)UDQFrVGHRXWURODGRDVSRUQRFKDQFKDGDV
)RQWH0LQLVWpULRGD&XOWXUD
&UHVFLPHQWRGDSURGXomRHGRPHUFDGRGHFLQHPDDSDUWLUGDVHJXQGDPHWDGHGDGpFDGDHPGHFRUUrQFLDGDVSROtWLFDV
LPSOHPHQWDGDV H DPSOLDomR GD SDUWLFLSDomR GR FLQHPD QDFLRQDO QR PHUFDGR È[LWR FRPHUFLDO GRV 7UDSDOK}HV TXHHQWUHHUHJLVWUDPGDVPDLRUHVELOKHWHULDVRS~EOLFRYDULDHQWUHDPLOK}HVGHHVSHFWD
GRUHVHDSURGXomRpGLULJLGDSULQFLSDOPHQWHjVFULDQoDV
)RQWH0LQLVWpULRGD&XOWXUD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR,QVWLWXWR*RLDQRGH3Up+LVWyULDH$QWURSRORJLD,*3$GD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH)XQGDomRGH$SRLRj3HVTXLVDGD8QLYHUVLGDGH)HGHUDOGH*RLiV
'RPtQLR GR SDQRUDPD FLQHPDWRJUiILFR QDFLRQDO GXUDQWH D GpFDGD GH GD (PSUHVD %UDVLOHLUD GH )LOPHV 6$ (0%5$),/0(GR,QVWLWXWR1DFLRQDOGR&LQHPD,1&
)RQWH0LQLVWpULRGD&XOWXUD
$VVLQDWXUDGHFRQYrQLRGD8QLYHUVLGDGHGH%UDVtOLD8Q%FRPD)XQGDomR)RUGSDUDUHDOL]DomRGR3URJUDPDGH3yV
*UDGXDomRHP$QWURSRORJLD6RFLDO
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
,QtFLRGDVDWLYLGDGHVGD)DFXOGDGHGH(GXFDomR)(GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03TXHSDVVDDRIH
UHFHUGLVFLSOLQDVGHFDUiWHUSHGDJyJLFRSDUDRVFXUUtFXORVGHOLFHQFLDWXUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR7HOHFXUVRRPDLRUSURMHWRGHHGXFDomRDGLVWkQFLDHPSUiWLFDQR%UDVLO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD8QLmR%UDVLOLHQVHGH(GXFDomRH&XOWXUD8%(&PDQWHQHGRUDGD8QLYHUVLGDGH&DWyOLFDGH%UDVtOLD8&%
)RQWH8QLYHUVLGDGH&DWyOLFDGH%UDVtOLD
$VVLQDWXUDGH&RQYrQLRGD8QLYHUVLGDGHGH%UDVtOLD8Q%FRPD)XQGDomR)RUGSDUDUHDOL]DomRGR3URJUDPDGH(FRQRPLD
GR,QVWLWXWRGH&LrQFLDV+XPDQDV
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
&LrQFLDVGD6D~GH
$VVLQDWXUDGHFRQYrQLRVHQWUHD8QLYHUVLGDGHGH%UDVtOLD8Q%HD2UJDQL]DomR0XQGLDOGH
6D~GH²206SDUDHVWXGRVHPSDFLHQWHVSRUWDGRUHVGHGRHQoDGHFKDJDV)RQWH)XQGDomR
8QLYHUVLGDGHGH%UDVtOLD
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGHGH%UDVtOLD8Q%HD2UJDQL]DomR0XQGLDOGD6D~GH206SDUDSHVTXLVD
QDSUiWLFDGHVD~GHS~EOLFDWUHLQDPHQWRGHSHVVRDOGHVD~GH
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
$VVLQDWXUDGH&RQYrQLRHQWUHD8QLYHUVLGDGHGH%UDVtOLD8Q%HD2UJDQL]DomR0XQGLDOGD6D~GH206SDUDHVWXGRV
HPSDFLHQWHVSRUWDGRUHVGHGRHQoDGHFKDJDV
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
&LrQFLDV%LROyJLFDV
,QtFLRGDVDWLYLGDGHVGR0XVHX=RRERWkQLFRGD8QLYHUVLGDGHGH3DVVR)XQGR²83)$SDUWLUGH
R0XVHXSDVVRXDGHQRPLQDUVH0XVHX=RRERWkQLFR$XJXVWR5XVFKL)RQWH8QLYHUVLGDGH
GH3DVVR)XQGR
,QtFLRGDVDWLYLGDGHVGD(XURIDUPDQR%UDVLOSRUPHLRGDIDEULFDomRGHPHGLFDPHQWRVSDUDRXWURVODERUDWyULRV
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0HGLFDPHQWRV,VHQWRVGH3UHVFULomR
&ULDomRGR3URJUDPDGR7UySLFRÔPLGR378SHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13TFRQVWLWXLQGRVHGHVGHHQWmRHPWUDGLFLRQDODomRSURJUDPiWLFDGHIRPHQWRjFLrQFLDHWHFQRORJLDGD$PD]{QLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
9LQFXODomRj&RPSDQKLD%UDVLOHLUDGH7HFQRORJLD1XFOHDU&%71GR,QVWLWXWRGH(QJHQKDULD
1XFOHDU,(1GR,QVWLWXWRGH5DGLRSURWHomRH'RVLPHWULD,5'HGR,QVWLWXWRGH3HVTXLVDV
5DGLRDWLYDV,35(VVH~OWLPRSDVVRXDVHU&HQWURGH'HVHQYROYLPHQWRGH7HFQRORJLD1XFOHDU
&'71)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QDXJXUDomRHP9DOLQKRV63GR2EVHUYDWyULR$VWURQ{PLFRH*HRItVLFRGD8QLYHUVLGDGHGH6mR3DXORRPDLVDSHUIHLoR
DGRFHQWURDVWURQ{PLFRGR+HPLVIpULR6XOOLJDGRDR,QVWLWXWR$VWURQ{PLFRH*HRItVLFRGD8QLYHUVLGDGHGH6mR3DXOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
9LQFXODomRj&RPSDQKLD%UDVLOHLUDGH7HFQRORJLD1XFOHDU&%71GR,QVWLWXWRGH(QJHQKDULD1XFOHDU,(1GR,QVWLWXWR
GH5DGLRSURWHomRH'RVLPHWULD,5'HGR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35(VVH~OWLPRSDVVRXDVHU&HQWURGH
'HVHQYROYLPHQWRGH7HFQRORJLD1XFOHDU&'71
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGD(PSUHVD(VWDGXDOGH3URFHVVDPHQWRGH'DGRV352'(0*(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
$VVLQDWXUDGHXPQRYRDFRUGRHQWUHR%UDVLOHRV(VWDGRV8QLGRVSDUDRIRUQHFLPHQWRGHXUkQLRHQULTXHFLGRHPWURFD
GHXUkQLRQDWXUDOEUDVLOHLUR)LFDDFDUJRGD&RPLVVmRGH(QHUJLD$W{PLFDGRV(VWDGRV8QLGRVRFRQWUROHGDVLQVWDODo}HV
EUDVLOHLUDVSDUDTXHHVVDVQmRIDoDPXVRPLOLWDUeXPFRQWUDWRWLSR´FDL[DSUHWDµHPTXHQmRKiLQFRUSRUDomRGHWHF
QRORJLDSHOR%UDVLO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QDXJXUDomRSHOR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGHGH6mR3DXOR863GR3HOOHWURQXPDFHOHUDGRUHOHWURVWiWLFRGH
SDUWtFXODVVXEDW{PLFDV
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&ULDomRGR,QVWLWXWRGH5DGLRSURWHomRH'RVLPHWULD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,PSODQWDomRGR&HQWURGH3HVTXLVDV)tVLFDVHP3HUQDPEXFR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR6LVWHPD1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO6,10(752
SHOD/HLGHGHGH]HPEURTXHDPSOLRXDVDWULEXLo}HVGR,QVWLWXWR1DFLRQDOGH3HVRVH
0HGLGDV,130WUDQVIRUPDQGRRHP,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH
,QGXVWULDO,10(752FRPFDUiWHUGHDXWDUTXLDIHGHUDO)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HR&HQWURGH$VVLVWrQFLD*HUHQFLDOD
3HTXHQDVH0pGLDV(PSUHVDVGR(VWDGRGH6mR3DXORSDUDHVWLPXODULQG~VWULDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QWUDGD HP DWLYLGDGH GD (VFROD 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, ´0DQRHO -RVp )HUUHLUDµ GH 5LR
&ODUR63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD&HOXORVH1LSR%UDVLOHLUD6$&(1,%5$HP%HOR2ULHQWH0*FRPFDSDFLGDGHGHSURGXomRGHWRQHODGDV
GLiULDVGHFHOXORVH
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR3URJUDPD'HVHQKR,QGXVWULDOSHOD6HFUHWDULDGH7HFQRORJLD,QGXVWULDOGRHQWmR0LQLVWpULRGD,QG~VWULDH
&RPpUFLRQR)XQGR1DFLRQDOGH$PSDURD7HFQRORJLD)XQDW2REMHWLYRHUDDSRLDURGHVHQYROYLPHQWRGHSURMHWRVFRP
FRQWH~GRGH´GHVLJQµ
)RQWH2EMHWR%UDVLO
&ULDomRGR,QVWLWXWR(XYDOGR/RGLGR'LVWULWR)HGHUDO,(/')
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD8VLQD6LGHU~UJLFDGD%DKLD86,%$DSULPHLUDXVLQDLQWHJUDGDFRPRSURFHVVRGHUHGXomRGLUHWDGH
PLQpULRVDJiVQDWXUDO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR,QVWLWXWR(XYDOGR/RGLGR'LVWULWR)HGHUDO,(/
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
,PSODQWDomRGDVSULPHLUDVXQLGDGHVPyYHLVSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6mRDV(VFRODV
9RODQWHVTXHSRGHPVHUPRQWDGDVRXWUDQVSRUWDGDVHHVVDPRGDOLGDGHGHDWHQGLPHQWRSHUPLWHOHYDURHQVLQRDTXDO
TXHUSRQWRGRSDtV(PFRQYrQLRFRPSUHIHLWXUDVWDPEpPVmRLQVWDODGRVFHQWURVGHWUHLQDPHQWRGHVWLQDGRVjIRUPDomR
UiSLGDGHPmRGHREUDRXUHTXDOLILFDomRGHSURILVVLRQDLV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
)LUPDGR FRQYrQLR RSHUDFLRQDO HQWUH D $JrQFLD (VSHFLDO GH )LQDQFLDPHQWR ,QGXVWULDO ),1$0( H D &DL[D (FRQ{PLFD
)HGHUDO&()SDUDILQDQFLDUDLQG~VWULDGHEHQVGHFDSLWDOFRPUHFXUVRVGR3URJUDPDGH,QWHJUDomR6RFLDO3,6HGD
SUySULD),1$0(
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGR&HQWUR,QWHJUDGR6HUYLoR6RFLDOGD,QG~VWULD6(6,6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
&DYDOHLUR *LXVHSSH )DULQD TXH HP SDVVD D VHU R &HQWUR 7HFQROyJLFR GR 0RELOLiULR 6(1$,&(7(02 HP %HQWR
*RQoDOYHV56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH&DIp(VVDDVVRFLDomRUHSUHVHQWDDVLQG~VWULDVGHWRUUHIDomRHPRDJHP
GHFDIpGHWRGRRSDtV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD&RPSDQKLDGR'HVHQYROYLPHQWR,QGXVWULDOGR3LDXt
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD6LGHU~UJLFD%UDVLOHLUD6$6,'(5%5É6SURGXWRUDGHIHUURHDoRSHOR0LQLVWpULRGD,QG~VWULDH&RPpUFLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQDGH3RUWR&RO{PELDQR5LR*UDQGHHP3ODQXUD0*H*XDtUD63
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QVWDODomRGR&HQWURGH$VVLVWrQFLD*HUHQFLDO&($*63FRPRXPQ~FOHRHVWDGXDOGR6HUYLoR%UDVLOHLURGH$SRLRjV
0LFURH3HTXHQDV(PSUHVDV6(%5$(
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
,QDXJXUDomRGD)iEULFD(QJHQKHLUR,OtGLR)HUUHLUD/HDOQR$QHO5RGRYLiULRGH%HOR+RUL]RQWH0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDSURGXomRFRPHUFLDOGHSHWUyOHRQR(VStULWR6DQWRHP6mR0DWHXVSHOD3HWUyOHR%UDVLOHLUR6$3(752%5$6
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
)XQGDomRGD$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLD$%&
)RQWH$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLD
(QWUDGDHPDWLYLGDGHGDVGXDVSULPHLUDVXQLGDGHVPyYHLVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR
6(1$,63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD&LGDGH,QGXVWULDOGH&XULWLED&,&UHJLmRTXHKRMHFRQFHQWUDLPSRUWDQWHVLQG~VWULDVEUDVLOHLUDVHTXHJHUD
PDLVGHGR,PSRVWRVREUHD&LUFXODomRGH0HUFDGRULDVH6HUYLoRV,&06DUUHFDGDGRQR(VWDGR$&,&pUHVSRQViYHO
SHODPDLRUSDUWHGRVHPSUHJRVHP&XULWLEDVmRPLOGLUHWRVHPLOLQGLUHWRV
)RQWH3$5$1$7(&
,QtFLRGDVDWLYLGDGHVGD$oRV)LQRV3LUDWLQLVLGHU~UJLFDGD*HUGDX6$TXHFRPHUFLDOL]DHSURGX]DoRVHVSHFLDLVORQJRV
GHVWLQDGRVSULQFLSDOPHQWHSDUDDLQG~VWULDDXWRPRWLYDHP&KDUTXHDGDVQR(VWDGRGR5LR*UDQGHGR6XO
)RQWH8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGH%UDVtOLD),%5$j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomR GR 3URJUDPD GH 'HVHQKR ,QGXVWULDO SHOD 6HFUHWDULD GH 7HFQRORJLD ,QGXVWULDO GR 0LQLVWpULR GD ,QG~VWULD H GR
&RPpUFLR67,0,&
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD6DGLD$YtFROD6$HP&KDSHFy6&HVSHFLDOL]DGDHPSURGXomRHDEDWHGHSHUXV
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
,QVWDODomRGD3KLOLSVGD$PD]{QLD,QG~VWULDH&RPpUFLR/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,QDXJXUDomRGD&HUYHMDULD&XLDEDQDKRMH%DYDULD
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
,QtFLRGDVDWLYLGDGHVGR&HQWURGH$VVLVWrQFLDj0pGLDH3HTXHQD,QG~VWULDGR3LDXt&$03,HP3DUQDtED
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
,QtFLRSHODGLUHWRULDFLHQWtILFDGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63GRSURMHWR6LVWHPD
GH5HFXSHUDomRGH,QIRUPDo}HVID]HQGRHVWXGRVSDUDDLPSODQWDomRGHXPVLVWHPDGHDUTXLYRVFRQWUROHHLQIRUPDo}HV
VREUHRVDX[tOLRVjSHVTXLVDHEROVDVDWHQGLGDVRXHPHVWXGR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
$SURYDomRGR,3ODQR%iVLFRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3%'&7HVWDEHOHFHQGRRREMHWLYRSULQFLSDOGR
6LVWHPD1DFLRQDOGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD61,&7
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR,QVWLWXWR3DUDHQVHGH'HVHQYROYLPHQWR,3$5'(6TXHpIRUPDOL]DGRSHOD/HL3RVWHULRUPHQWHD/HL
GHGHGH]HPEURGHDOWHUDDGHQRPLQDomR)XQGDomR,QVWLWXWR3DUDQDHQVHGH'HVHQYROYLPHQWR(FRQ{PLFR
H6RFLDOSDUD,QVWLWXWR3DUDQDHQVHGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO,3$5'(6)XQGDomReGLVRQ9LHLUD
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
&ULDomRGD8QLYHUVLGDGHGH0RJLGDV&UX]HV80&HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGH)RUWDOH]D81,)25SHOR'HFUHWR)HGHUDOGHGHMDQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
(QJHQKDULDH7HFQRORJLD
&ULDomRGR3URJUDPDGH'HVHQKR,QGXVWULDOSHOD6HFUHWDULDGH7HFQRORJLD,QGXVWULDOGR0LQLVWpULR
GD,QG~VWULDHGR&RPpUFLR67,0&,
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
(VWDEHOHFLPHQWRQD,OKDGH&DER)ULRSHOR,QVWLWXWRGH3HVTXLVDGD0DULQKD,3T0GHXPDLQIUDHVWUXWXUDGHVWLQDGDD
GHPRQVWUDUTXHDViJXDVGDUHVVXUJrQFLDSRGHULDPVHUXWLOL]DGDVSDUDSURGXomRGHHQHUJLDIDEULFDomRGHJHORIHUWLOL]D
omRGHiUHDVPDUtWLPDVHFXOWLYRGHILFWRSOkQFWRQV]RRSOkQFWRQVDOHYLQRVSHL[HVHFDPDU}HV
)RQWH0DULQKDGR%UDVLO
5HFHELPHQWRSHOD)RUoD$pUHD%UDVLOHLUDGRSULPHLURDYLmR%DQGHLUDQWH
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
,QDXJXUDomRGRFDERVXEPDULQROLJDQGRR%UDVLOjV,OKDV&DQiULDV
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUDGHDFRUGRILUPDGRHQWUHD8QLWHG6WDWHV$JHQF\IRU,QWHUQDWLRQDO'HYHORSPHQW86$,'HR&RQVHOKR(VWDGXDO
GH 7HFQRORJLD GH 6mR 3DXOR TXH SRVVLELOLWD D UHDOL]DomR GH XP LPSRUWDQWH SURJUDPD GH WUHLQDPHQWR GH WpFQLFRV GR
,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,37QR1DWLRQDO%XUHDXRI6WDQGDUGVGRV(VWDGRV8QLGRV3RU
PHLRGHVVHIRUDPLQLFLDGDVQR%UDVLODViUHDVGHPHWURORJLDQRUPDOL]DomRHTXDOLGDGHDSOLFDGDVjTXtPLFDPHWDOXUJLD
FRQVWUXomRFLYLOHHQJHQKDULDPHFkQLFD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,QtFLRGRUHFHELPHQWRHJUDYDomRGHGDGRVGRVDWpOLWH(567QDHVWDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
,13(HP&XLDEiTXHSRVWHULRUPHQWHSDVVRXDVHUFKDPDGRGH/DQGVDW2%UDVLOIRLRWHUFHLURSDtVQRPXQGRDWHU
XPDHVWDomRRSHUDFLRQDOSDUDUHFHSomRGHGDGRVGHVDWpOLWHVGHVHQVRULDPHQWRUHPRWR
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
)XQGDomRGD8QLYHUVLGDGH7HFQROyJLFDGR$PD]RQDV87$0
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,PSODQWDomRGD(VFROD7pFQLFD6XtoR%UDVLOHLUDGH0HFkQLFDGH3UHFLVmRHP6DQWR$PDUR63DSDUWLUGRDFRUGRGHFRR
SHUDomRWpFQLFDFRPD6ZLVV)RXQGDWLRQIRU7HFKQLFDO&RRSHUDWLRQ6:,66&217$&7GD6XtoD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR,QVWLWXWRGH7HFQRORJLDGD$PD]{QLD,7$0
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
(ODERUDomRSHOR&HQWURGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GDSURJUDPDomRGRWUiIHJR
GRPHWU{GH6mR3DXOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGRSULPHLURY{RLQVWUXPHQWDGRFDUJD~WLOFRPWUDQVPLVVmRGHGDGRVGRIRJXHWH6RQGD,,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$VVLQDWXUDGR7UDWDGRGH,WDLSXSURMHWRGHVHQYROYLGRFRQMXQWDPHQWHSRU%UDVLOH3DUDJXDL$8VLQD+LGUHOpWULFDGH,WDLSX
DPDLRUHPRSHUDomRQRPXQGRFRPHoRXDVHUFRQVWUXtGDQRLQtFLRGH$SURGXomRUHFRUGHGRDQRGH
ELOK}HVGH.:KTXLORZDWWVKRUDIRLUHVSRQViYHOSHORVXSULPHQWRGHGDHQHUJLDHOpWULFDFRQVXPLGDQR3DUDJXDLH
GHWRGDDGHPDQGDGRPHUFDGREUDVLOHLUR
)RQWH3$5$1$7(&
&ULDomRGD(PSUHVD'LJLWDO%UDVLOHLUD',*,%5É6HPSUHVD´KROGLQJµHVWDWDOFRPREMHWLYRGHFRRUGHQDUSODQHMDUHFRQ
WURODUDVDWLYLGDGHVGHLPSOHPHQWDomRHRSHUDFLRQDOL]DomRGHVXEVLGLiULDVTXHYLHVVHPDVXUJLUQRVHJPHQWR
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
$VVLQDWXUDGHFRQYrQLRHQWUHD7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6HD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
REMHWLYDQGRDUHDOL]DomRGHHVWXGRVSDUDDSOLFDomRGRODVHUHGDVILEUDVySWLFDVQDVWHOHFRPXQLFDo}HVEUDVLOHLUDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRGHVHQYROYLPHQWRGHH[SHULrQFLDLQRYDGRUDQDXWLOL]DomRGHiOFRROFRPRFRPEXVWtYHOSHOR&HQWURGH7HFQRORJLD
GD8QLYHUVLGDGHGH&DPSLQDV81,&$03VREDFRRUGHQDomRGRHFRQRPLVWD)OHXU\&DUGRVRGD&XQKDHGRVHQJHQKHLURV
7KHRGRU'DULrH-RVp'XUYDOGH&DPDUJR%DUURV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
)RUPDomRGHSDUFHULDGRV0LQLVWpULRVGD$JULFXOWXUDGD(GXFDomRH&XOWXUDGD)LQDQFLDGRUDGH
(VWXGRVH3URMHWRV²),1(3HGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$REMHWL
YDQGRRIRUWDOHFLPHQWRGR6LVWHPD1DFLRQDOGH3HVTXLVD$JURSHFXiULDSDUDIRUPDomRGHUHFXUVRV
KXPDQRVHGLQDPL]DomRGDSHVTXLVDQDVXQLYHUVLGDGHV)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD
&ULDomRGD(PSUHVD*RLDQDGH3HVTXLVD$JURSHFXiULD(1*23$SHOD/HLGHGHVHWHPEURDOWHUDGDSHOD/HL
(VWDGXDOGHGHGH]HPEURGHFRQFUHWL]DGRSHOR'HFUHWRGHGHMDQHLURGH
)RQWH)XQGDomRGH$SRLRj3HVTXLVD8)*
&ULDomRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$SHOD/HLGHGHGH]HPEURWHQGRLQLLFDGRDV
VXDVDWLYLGDGHVHPGHDEULOGH$(0%5$3$VXEVWLWXLXRH['HSDUWDPHQWR1DFLRQDOGH3HVTXLVD$JURSHFXiULD
DQWLJRyUJmRGR0LQLVWpULRGD$JULFXOWXUDHGR$EDVWHFLPHQWR0$$FXMR(VWDWXWRIRLDSURYDGRSHOR'HFUHWR
GHGHIHYHUHLURGH$PLVVmRGD(0%5$3$pYLDELOL]DUVROXo}HVSDUDRGHVHQYROYLPHQWRVXVWHQWiYHOGRDJURQHJy
FLREUDVLOHLURSRUPHLRGDJHUDomRDGDSWDomRHWUDQVIHUrQFLDGHFRQKHFLPHQWRVHWHFQRORJLDVHPEHQHItFLRGDVRFLHGD
GH$OpPGDVXDVHGHORFDOL]DGDHP%UDVtOLD')D(PEUDSDSRVVXLFHQWURVGH3HVTXLVDH'HVHQYROYLPHQWRGHSURGXWRV
HFRUUHJLRQDLVHWHPiWLFRVDOpPGHVHUYLoRVHVSHFLDOL]DGRVLPSODQWDGRVHPGLYHUVRVHVWDGRVGDIHGHUDomREUDVLOHLUD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(VWDEHOHFLPHQWRGHSDUFHULDHQWUHD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HD)LQDQFLDGRUDGH(VWXGRV
H3URMHWRV),1(3FRPDILQDOLGDGHGHDSRLDUDLPSODQWDomRGR6LVWHPD1DFLRQDOGH3HVTXLVD$JURSHFXiULDFRRUGHQDGR
SHOD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
6XUJLPHQWR GH XPD QRYD SURILVVmR HQJHQKHLUR WHFQROyJLFR GH DOLPHQWRV IRUPDGR SHOD )DFXOGDGH GH 7HFQRORJLD GH
$OLPHQWRV TXH VH GHGLFD DR SURFHVVDPHQWR SUHVHUYDomR HPEDODJHP GLVWULEXLomR H XWLOL]DomR GH SURGXWRV DOLPHQWt
FLRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)RUPDomRGHSDUFHULDGRV0LQLVWpULRVGD$JULFXOWXUDHGD(GXFDomRH&XOWXUDREMHWLYDQGRRIRUWDOHFLPHQWRGR6LVWHPD
1DFLRQDOGH3HVTXLVD$JURSHFXiULDSDUDIRUPDomRGHUHFXUVRVKXPDQRVHGLQDPL]DomRGDSHVTXLVDQDVXQLYHUVLGDGHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD)XQGDomR&DUJLOOTXHWHPRREMHWLYRGHFRQWULEXLUSDUDRGHVHQYROYLPHQWRHDSURPRomRGDWHFQRORJLDHGH
HVWXGRVFLHQWtILFRVUHODFLRQDGRVFRPDDJULFXOWXUDHPJHUDO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGHSHVTXLVDVQR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()VREUHFLFODJHPGHQXWULHQWHVHPIORUHVWDVGHSLQXV
GHHXFDOLSWRYLVDQGRjPDQXWHQomRGDSURGXWLYLGDGHIORUHVWDO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,QVWDODomRGR1~FOHRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$QR(VWDGRGR$PD]RQDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
7UDQVIRUPDomRGR,QVWLWXWRGH7HFQRORJLD$JUtFRODGH&DPSLQDVHP,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV,7$/
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR&HQWURGH3HVTXLVDH'RFXPHQWDomRGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO&3'2&
SHOD)XQGDomR*HW~OLR9DUJDVTXHKRMHSRVVXLRPDLVLPSRUWDQWHDFHUYRGHDUTXLYRVSHVVRDLVGH
KRPHQVS~EOLFRVGR%UDVLO)RQWH)XQGDomR*HW~OLR9DUJDV
,PSODQWDomRGD5HGHGH%LEOLRWHFDVGD$PD]{QLD5(%$0
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDVHD&RPSDQKLDGR0HWU{GH6mR3DXORSDUDDUHVROXomR
GRVSULQFLSDLVSUREOHPDVGHWUiIHJR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
,QtFLRGRSURJUDPD'RHQoDV(QGrPLFDVTXHIRUPRXQRSDtVXPDDPSODUHGHGHSHVTXLVDQDiUHD
GHVD~GHS~EOLFDLQWHJUDQGRSRUTXDVHXPDGpFDGDPLQLVWpULRVXQLYHUVLGDGHVHLQVWLWXWRVGH
YiULDVUHJL}HVGR%UDVLO7DPEpPIRUDPIHLWDVSHVTXLVDVHPLPXQRORJLDSDWRORJLDTXLPLRWHUDSLD
HTXLPLRSURILOD[LDGHGRHQoDVHQGrPLFDVEHPFRPRHVWXGRVJHQpWLFRVGHVHXVYHWRUHV8PGRV
SULQFLSDLVUHVXOWDGRVGRSURJUDPDIRLDVtQWHVHGHGURJDVSDUDRFRPEDWHjHVTXLVWRVVRPRVHHj
OHLVKPDQLRVH8PEDQFRGHGDGRVUHXQLQGRFHSDVGH´7U\SDQRVRPDFUX]LµFDXVDGRUGDGRHQoD
GH&KDJDVSRVVLELOLWRXHQWHQGHUDVFDUDFWHUtVWLFDVUHJLRQDLVGHVVDHQGHPLD)RQWH&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HDOL]DomRGHH[SHULrQFLDVFRPKRUP{QLRGHFUHVFLPHQWRHPSDFLHQWHVSRUWDGRUHVGHPHFDQLVPRFKDPDGR´DQmRKLSR
ILVyULRµSHOD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGHGH&DPSLQDV81,&$03HSHOD)DFXOGDGHGH0HGLFLQDGH
6mR3DXOR$VH[SHULrQFLDVIRUDPPRQLWRUDGDVSHORFLHQWLVWD+DQ.MHOPDQQ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&HOHEUDomRGHFRQYrQLRHQWUHR/DERUDWyULR)DUPDFrXWLFRGD0DULQKDHD&HQWUDOGH0HGLFDPHQWRVGR0LQLVWpULRGD
6D~GHSDUDSURGXomRGHPHGLFDPHQWRVFRQVWDQWHVGD5HODomR1DFLRQDOGH0HGLFDPHQWRV(VVHQFLDLV5(1$0(GHVWLQD
GRVDRS~EOLFRDVVLVWLGRSHORHQWmR,QVWLWXWR1DFLRQDOGH3UHYLGrQFLD6RFLDO,136
)RQWH0DULQKDGR%UDVLO
&ULDomRGR,QVWLWXWRGH*HULDWULDH*HURQWRORJLDGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO38&56
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
&ULDomRGR&HQWURGH5HDELOLWDomR*DEULHO3RUWRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03UHVXOWDGRGRFRQYrQLRHQ
WUHD)DFXOGDGHGH&LrQFLDV0pGLFDVHD&UX]DGDGDV6HQKRUDV&DWyOLFDVGH&DPSLQDVRTXDOVHSURS}HDLQWHJUDUGHILFLHQWHV
jFRPXQLGDGHHDPDQWHUHVWXGRVHLQWHUFkPELRFRPLQVWLWXLo}HVQDFLRQDLVRXLQWHUQDFLRQDLVLQWHUHVVDGDVQDUHDELOLWDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
2ULHQWDomRGHSHVTXLVDSLRQHLUDSDUDPHOKRUDUDTXDOLGDGHGHYLGDGRGLDEpWLFRGRSURIHVVRU$QW{QLR&DUORV%RVFKHUR
GD)DFXOGDGHGH&LrQFLDV0pGLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV%LROyJLFDV
&ULDomRGR/DERUDWyULRGH3URGXWRV)ORUHVWDLVFXMRREMHWLYRpYLDELOL]DUVROXo}HVWHFQROyJLFDV
SDUDRFUHVFLPHQWRVXVWHQWiYHOGDDWLYLGDGHIORUHVWDOeXPFHQWURGHHVSHFLDOL]DomRGR,QVWLWXWR
%UDVLOHLURGR0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV5HQRYiYHLV,%$0$
)RQWH,QVWLWXWR%UDVLOHLURGR0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV5HQRYiYHLV
(ODERUDomR GH SODQR GD FDUWD 3ODQRUEtGLFD GD =RQD GD 0DWD SHOR ,QVWLWXWR GH &LrQFLDV %LROyJLFDV H *HRFLrQFLDV GD
8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
,QDXJXUDomRGD%LEOLRWHFD+HOOiGLRGR$PDUDO0HOORSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()$WXDOPHQWH
pRPDLRUHPDLVFRPSOHWRFHQWURGHLQIRUPDo}HVIORUHVWDLVGD$PpULFD/DWLQD
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomR QD 6HFUHWDULD GR 3ODQHMDPHQWR &LrQFLD H 7HFQRORJLD GR (VWDGR GD %DKLD GR &RQVHOKR (VWDGXDO GH 3URWHomR
$PELHQWDO&(35$SHOD/HL
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&ULDomRGD6HFUHWDULD(VSHFLDOGH0HLR$PELHQWHGR(VWDGRGH6mR3DXOR
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDV([DWDVHGD7HUUD
)XQGDomRGR&HQWURGH*HRFLrQFLDGD8QLYHUVLGDGH)HGHUDOGR3DUi²8)3$)RQWH6HFUHWDULD
([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
,QDXJXUDomRQR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35GRUHDWRUVXEFUtWLFRGHQRPLQDGR&RQMXQWRÉJXD3HVDGD,7yULR
8UkQLR&$3,78SDUDREWHQomRGHGDGRVUHODWLYRVDRFLFORGRFRPEXVWtYHOQXFOHDU
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GHFXUVRVGHQtYHOVXSHULRUSRU
PHLRGHFRQYrQLRFRPD8QLYHUVLGDGHGR(VWDGRGD*XDQDEDUDDWXDO8QLYHUVLGDGHGR(VWDGR
GR5LRGH-DQHLURSDUDGHVHQYROYHURFXUVRGH(QJHQKDULDGH2SHUDomR7r[WLO)RQWH6HUYLoR
1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
,QDXJXUDomRSHOD'X3RQWHP3DXOtQLDGHXPGRVSULQFLSDLVFHQWURVSURGXWRUHVGHILRHODVWDQRO\FUDHPERUDFRP
WRGRVRVVHXVLQVXPRVLPSRUWDGRV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
)LUPDGRRSULPHLURFRQYrQLRSDUDDIRUPDomRGHPHVWUHVSDUDDLQG~VWULDVLGHU~UJLFDHQWUHD8QLYHUVLGDGH)HGHUDOGH
0LQDV*HUDLVFXUVRGHSyVJUDGXDomRHP(QJHQKDULDGH0LQDVH0HWDOXUJLDHD&RPSDQKLDGH$oRV(VSHFLDLV,WDELUD
$&(6,7$FRPUHFXUVRVGD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3$HVWHFRQYrQLRVHJXLUDPVHYiULRVRXWURVFRP
DV8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$8VLPLQDV&RPSDQKLD6LGHU~UJLFD3DXOLVWD&RVLSD&RPSDQKLD6LGHU~UJLFD
%HOJR0LQHLUD&RPSDQKLD9DOHGR5LR'RFH6LGHU~UJLFDGH7XEDUmRFRPRXVHPDSDUWLFLSDomRGD),1(3RTXHIRL
GHFLVLYRSDUDRDXPHQWRGDFRPSHWLWLYLGDGHGRDoREUDVLOHLURQRPHUFDGRLQWHUQDFLRQDO
)RQWH8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR'LVWULWR)HGHUDO6(1$,')
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
,QDXJXUDomRGDXVLQDGH,OKD6ROWHLUDQRULR3DUDQiHP6mR3DXORHPGHMDQHLUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWUDGDHPDWLYLGDGHGRV&HQWURVGH7UHLQDPHQWR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,7r[WLOHP6DQWD
%iUEDUD'·2HVWH63HGH&DOoDGRVHP)UDQFD63
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRQD)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&HQR,QVWLWXWR)UDQFrVGH3HWUyOHRGHHVWXGRVGHYLDELOLGDGHWpFQLFD
SDUDDLPSODQWDomRGR,,,3yOR3HWURTXtPLFRGR5LR*UDQGHGR6XO
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
,PSODQWDomRGHXPDFHQWUDOSHWURTXtPLFDQR1RUGHVWHTXHSHUPLWLXDXPHQWDURDEDVWHFLPHQWRGHPDWpULDVSULPDVFD
SURODFWDPD'07HWFGHQWURGRSDtVSURSLFLDQGRDH[SDQVmRGRVHJPHQWRGHILEUDVVLQWpWLFDV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QVWDODomRGD,WDXWHF3KLOFR6$*UXSR,WDXWHF3KLOFR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,QDXJXUDomRGR6HWRU,GR&HQWUR,QGXVWULDOGH9LWyULD&,9,7HPGHQRYHPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRGR&RPSOH[R4XtPLFRGR7ULkQJXOR0LQHLUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD&RPSDQKLD%UDVLOHLUDGH&ULVWDO&(%5$&(
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH3DSHOmR2QGXODGR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
3URGXomRGDVJDUUDIDVWpUPLFDVGD0$JRVWLQLHPPiTXLQDVDXWRPiWLFDVPDVRVLVWHPDGHIDEULFDomRDLQGDpRPHVPR
GXDVDPSRODVGHYLGURVHSDUDGDVSRUXPDDPDUUDGHYiFXRTXHILFDHPFRQWDWRFRPVXSHUItFLHVHVSHOKDGDV
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
7UDQVIRUPDomRGR&RQVHOKR1DFLRQDOGD,QG~VWULD6LGHU~UJLFDHP&RQVHOKRGH1mR)HUURVRVH6LGHUXUJLD&216,'(5
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QDXJXUDomRGD3HUGLJmR5Do}HV6$&RPpUFLRH,QG~VWULDUHVSRQViYHOSHODVIiEULFDVSURGXWRUDVGHUDomRDQLPDOPDLV
WDUGHGHQRPLQDGD3HUGLJmR$OLPHQWRV6$
)RQWH3(5',*®26$
)XQGDomRGD&HOXORVH1LSR%UDVLOHLUD6$&(1,%5$XPDGDVPDLRUHVSURGXWRUDVPXQGLDLVGHFHOXORVHEUDQTXHDGDGH
ILEUDFXUWDGHHXFDOLSWR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
/DQoDPHQWRSHOD(PSUHVD5DQGRQ6$GRFDPLQKmRIRUDGHHVWUDGD5.FRPWHFQRORJLDVXHFD
)RQWH5$1'216$
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0iTXLQDVH(TXLSDPHQWRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQDGH9ROWD*UDQGHQR5LR*UDQGHHP0LJXHOySROLV63
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
3DQRUDPD1DFLRQDO
(VWUXWXUDomRGR6LVWHPD1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR61'&7LQWH
JUDGRSRUXPFRQMXQWRGHLQVWLWXLo}HVHPHFDQLVPRVILQDQFHLURVFXMDPHWDSULQFLSDOFRQVLVWHQD
LPSOHPHQWDomRGHXPDSROtWLFDWHFQROyJLFDYROWDGDSDUDRVREMHWLYRVVRFLDLVHGRGHVHQYROYLPHQWR
FLHQWtILFRSULQFLSDOPHQWHQDViUHDVUHODWLYDVDRGHVHQYROYLPHQWRVRFLRHFRQ{PLFR)RQWH0LQLVWpULR
GD&LrQFLDH7HFQRORJLD
$SURYDomRGR,,3ODQR1DFLRQDOGH'HVHQYROYLPHQWR,,31'
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR&HQWURGH)RUPDomR3URILVVLRQDO(XULFR$JXLDU6DOOHVHP/LQKDUHV(6
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVWLQDomRGHUHFXUVRVGR)XQGR1DFLRQDOGH'HVHQYROYLPHQWR7HFQROyJLFRDGPLQLVWUDGRSHOD)LQDQFLDGRUDGH(VWXGRV
H 3URMHWRV ),1(3 SDUD SURMHWRV HVSHFtILFRV HP FLrQFLD H WHFQRORJLD jV VHJXLQWHV LQVWLWXLo}HV ,QVWLWXWR GH (VWXGRV
1DWXUDLVGR0DUDQKmR8QLYHUVLGDGH(VWDGXDOGH&DPSLQDVH6RFLHGDGH&LYLO)DFXOGDGHV&DWyOLFDV3RQWLItFLD8QLYHUVLGDGH
&DWyOLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWUXWXUDomR GR 6LVWHPD 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR 61'&7 LQWHJUDGR SRU XP FRQMXQWR
GHLQVWLWXLo}HVHPHFDQLVPRVILQDQFHLURVFXMDPHWDSULQFLSDOFRQVLVWHQDLPSOHPHQWDomRGHXPDSROtWLFDWHFQROyJLFD
YROWDGDSDUDRVREMHWLYRVVRFLDLVHGRGHVHQYROYLPHQWRFLHQWtILFRSULQFLSDOPHQWHQDViUHDVUHODWLYDVDRGHVHQYROYLPHQWR
VRFLRHFRQ{PLFR
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
&ULDomRGR&HQWURGH(QVLQR6XSHULRUGH&DPSR*UDQGH&(683
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR&HQWURGH(QVLQR6XSHULRU3URIHVVRU3OtQLR0HQGHVGRV6DQWRV
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO
&ULDomR GD )XQGDomR (GXFDFLRQDO -D\PH GH $OWDYLOD )(-$/ TXH HQJORED R &HQWUR GH (QVLQR 6XSHULRU GH 0DFHLy &(60$&
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGDVSULPHLUDVLQVWLWXLo}HVGHHQVLQRVXSHULRUSDUWLFXODUHVGR(VWDGRGR3DUi&HQWURGH(VWXGRV6XSHULRUHVGR
(VWDGRGR3DUi&(6(3H)DFXOGDGHV,QWHJUDGDV&ROpJLR0RGHUQR),&20
)RQWH8QLYHUVLGDGHGD$PD]{QLD
)XQGDomRGD8QLYHUVLGDGH)HGHUDOGR$FUH8)$&HPGHDEULO
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD8QLYHUVLGDGHGR2HVWH3DXOLVWD812(67(HP3UHVLGHQWH3UXGHQWH
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomR GD &RRUGHQDomR GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &'&7 GD 6HFUHWDULD GH 3ODQHMDPHQWR GH
$ODJRDV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGRVSULPHLURVSURWyWLSRVGR)RJXHWH;GHVHQYROYLGRVHPFRRSHUDomRGR&HQWUR7pFQLFR$HURHVSDFLDO
&7$FRPR,QVWLWXWRGH3HVTXLVDH'HVHQYROYLPHQWRGR([pUFLWR,3'([
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QVWDODomRGHDQWHQDVHP0DQDXVH&XLDEiSDUDVHUYLoRVGRPpVWLFRVYLDVDWpOLWH
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRQD&RPSDQKLD3DUDQDHQVHGH(QHUJLD&23(/GD+LGUHOpWULFD&DSLYDUL&DFKRHLUDVHQGRDSULQFLSDOXQLGD
GHJHUDGRUDGD&23(/HDPDLRUXVLQDHPIXQFLRQDPHQWRQR6XOGR%UDVLO
)RQWH3$5$1$7(&
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGR6LVWHPDGH0LFURRQGDVLQWHUOLJDQGRR3LDXtDR6LVWHPD1DFLRQDOGH7HOHFRPXQLFDo}HV
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
(VWDEHOHFLPHQWRGHFRQYrQLRHQWUHR&HQWUR7pFQLFR$HURHVSDFLDO&7$HD3HWUyOHR%UDVLOHLUR6$3(752%5$6&HQWUR
GH3HVTXLVDVH'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6TXHUHVXOWRXQRGHVHQYROYLPHQWRGHUHVL
QDVOtTXLGDVHVSHFLDLVGHSROLEXWDGLHQR3%/+H3%/&SDUDDDSOLFDomRHPSURSHOHQWHVVyOLGRVHRXWURVSURGXWRV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomRGR6HPLQiULRVREUH'RFXPHQWDomRH,QIRUPiWLFDSURPRYLGRSHOR,QVWLWXWRGH'RFXPHQWDomRGD)XQGDomR
*HW~OLR9DUJDVSDUDGLVFXWLUDQRYDiUHDFLrQFLDGDLQIRUPDomR
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
(QWUDGDHPIXQFLRQDPHQWRGR/DERUDWyULRGH3URFHVVDPHQWRGH,PDJHQVTXHWUDQVIRUPDDVLQIRUPDo}HVGRVDWpOLWHHP
LPDJHQVIRWRJUiILFDVHGLJLWDLV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
/DQoDPHQWRSHOD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV(&7GHQRYRVSURGXWRVDHURJUDPDHPHQVDJHPGHQDWDO
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
&ULDomRGR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWR&3T'GD7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6HP&DPSLQDV63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
5HDOL]DomRGDƒ5HXQLmR$QXDOGR&RPLWrGH3HVTXLVD(VSDFLDO&263$5IXQGDGRHPSHOR&RQVHOKR,QWHUQDFLRQDO
GH8QL}HV&LHQWtILFDV,&68FRPDILQDOLGDGHGHGHVHQYROYHUHPHVFDODLQWHUQDFLRQDOHVWXGRVFLHQWtILFRVOLJDGRVDRXVR
GHIRJXHWHVVRQGDVHVSDFLDLVHVDWpOLWHV
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
0RQWDJHPSHOR&HQWURGH7HFQRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRSULPHLURPRWRUDiOFRRO
SXURHPVXEVWLWXLomRjJDVROLQDFRPRDOWHUQDWLYDjFULVHGRSHWUyOHR2WUDEDOKRWHPDFRRUGHQDomRGRVHQJHQKHLURV
7KHRGRU'DULrH-RVp'XUYDOGH&DPDUJR%DUURVHGRHFRQRPLVWD)OHXU\&DUGRVRGD&XQKD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFOXVmRGDXVLQDSLORWRGHSURGXomRGH7HWUDIOXRUHWRGHXUkQLR
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&ULDomRGR&HQWURGH3HVTXLVDVGH(QHUJLD(OpWULFD&(3(/QD,OKDGR)XQGmRQR5LRGH-DQHLURFRPRVRFLHGDGHFLYLO
VHPILQVOXFUDWLYRV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD&RPSDQKLDGH6DQHDPHQWRGH0LQDV*HUDLV&23$6$SHOD/HL
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(VWDEHOHFLPHQWRGHFRQYrQLRHQWUHR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763R0LQLVWpULRGR
3ODQHMDPHQWRR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THR%DQFR,QWHUDPHULFDQRGH
'HVHQYROYLPHQWR%,'SDUDDDPSOLDomRHPRGHUQL]DomRGDVLQVWLWXLo}HVGHWHFQRORJLDTXHLQWHJUDYDPDLQIUDHVWUXWXUD
WHFQROyJLFDQDFLRQDOGDpSRFDHQWUHH
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
'HVHQYROYLPHQWRGRSULPHLURHTXLSDPHQWRGHFRQWUROHQXPpULFRQDFLRQDO
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
&ULDomRSHOD/HLQžGD&RPSDQKLDGH'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR²
&RGHYDVITXHDWXDOPHQWHHVWiYLQFXODGDDR0LQLVWpULRGD,QWHJUDomR1DFLRQDOGHVWLQDGDDSURPR
YHURGHVHQYROYLPHQWRGDUHJLmRXWLOL]DQGRDLUULJDomRFRPRIRUoDSURSXOVRUDDWXDQGRQRV(VWDGRV
GH$ODJRDV%DKLD0LQDV*HUDLV3HUQDPEXFR6HUJLSHSDUWHGR'LVWULWR)HGHUDO0DUDQKmRH3LDXt
$&RGHYDVIIRLH[WLQWDHPHUHFULDGDHPSHOR&RQJUHVVR1DFLRQDO)RQWH&RPSDQKLD
GH'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH5HFXUVRV*HQpWLFRVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP%UDVtOLD')
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QFRUSRUDomR GR ,QVWLWXWR GH /DWLFtQLRV &kQGLGR 7RVWHV ,/&7 j (PSUHVD GH 3HVTXLVD $JURSHFXiULD GH 0LQDV *HUDLV (3$0,*DPSOLDQGRVXDVDWLYLGDGHVGHSHVTXLVDHFDSDFLGDGHGHVXSRUWHDRVHWRUGHODWLFtQLRVGR(VWDGR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD(PSUHVDGH3HVTXLVD$JURSHFXiULDGH0LQDV*HUDLV(3$0,*SHOD/HLGHGHDJRVWRYLQFXODGDj
6HFUHWDULDGH(VWDGRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWRSDUDLQWHJUDUHFRRUGHQDUR6LVWHPD(VWDGXDOGH3HVTXLVD
$JURSHFXiULDHSDUWLFLSDUGR6LVWHPD1DFLRQDOGH3HVTXLVD$JURSHFXiULDFRRUGHQDGDSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH7ULJRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP3DVVR
)XQGR56
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
'HILQLomRSHOD'LUHWRULD([HFXWLYDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$GR0RGHOR,QVWLWXFLRQDO
GH([HFXomRGD3HVTXLVD$JURSHFXiULD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
3XEOLFDomRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GDVSULPHLUDVSHVTXLVDVVREUHDYLDELOLGDGHGDSURSDJD
omRYHJHWDWLYDGRHXFDOLSWRDEULQGRFDPLQKRSDUDDELRWHFQRORJLDIORUHVWDO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH*DGRGH&RUWH&13*&GD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$GH&DPSR*UDQGH06
)RQWH,QVWLWXWR(XYDOGR/RGL
,QVWDODomR GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD $JURSHFXiULD (0%5$3$ HP 0DQDXV XQLGDGH &HQWUR GH 3HVTXLVDV
$JURSHFXiULDVQD$PD]{QLD&HQWUDO&3$$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR/DERUDWyULRGH(QHUJLD6RODUSDUDXWLOL]DomRQDDJUL
FXOWXUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
8WLOL]DomR HP ODUJD HVFDOD GR FRQWUROH ELROyJLFR GH SUDJDV FRP IXQJRV HQWRPyJHQRV ´0HWDUKL]LXPP DQLVRSOLDHµ H
´%HDXYHULDEDVVLDQDµ
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGR$UUR]H)HLMmR&13$)YLQFXODGRj(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$HPGHRXWXEUR
)RQWH)XQGDomRGH$SRLRj3HVTXLVD8)*
&ULDomRSHOD/HLQžGD&RPSDQKLDGH'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR²&2'(9$6)TXHDWXDOPHQWH
HVWiYLQFXODGDDR0LQLVWpULRGD,QWHJUDomR1DFLRQDOGHVWLQDGDDSURPRYHURGHVHQYROYLPHQWRGDUHJLmRXWLOL]DQGRD
LUULJDomRFRPRIRUoDSURSXOVRUDDWXDQGRQRV(VWDGRVGH$ODJRDV%DKLD0LQDV*HUDLV3HUQDPEXFR6HUJLSHSDUWHGR
'LVWULWR)HGHUDO0DUDQKmRH3LDXt$&RGHYDVIIRLH[WLQWDHPHUHFULDGDHPSHOR&RQJUHVVR1DFLRQDO
)RQWH&RPSDQKLDGH'HVHQYROYLPHQWRGR9DOHGR6mR)UDQFLVFR
/DQoDPHQWR GR 3RODPD]{QLD XP GHVGREUDPHQWR GR ,, 3ODQR 1DFLRQDO GH 'HVHQYROYLPHQWR TXH SUHYLX D RFXSDomR
HFRQ{PLFDGD$PD]{QLD2REMHWLYRGR3RODPD]{QLDHUDGHVHQYROYHUSURJUDPDVDJURSHFXiULRVDJURPLQHUDLVHDJURLQ
GXVWULDLVSDUDDH[SORUDomRGHUHFXUVRVQDWXUDLVHPiUHDVFRQVLGHUDGDVHVWUDWpJLFDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QVWLWXLomRSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$GR3UrPLR)UHGHULFRGH0HQH]HV9HLJDTXHp
DQXDOPHQWHFRQFHGLGRjTXHOHVTXHQRFDPSRGDSHVTXLVDDJURSHFXiULDWHQKDPVHGHVWDFDGRSHODUHDOL]DomRGHREUD
FLHQWtILFDRXWHFQROyJLFDGHUHFRQKHFLGRYDORU'HGLFDGRDSURGX]LUWUDEDOKRTXHVLJQLILTXHHIHWLYDHPDUFDQWHFRQWULEXL
omRDRGHVHQYROYLPHQWRGDDJULFXOWXUDHSHFXiULDQDFLRQDLV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
)XQGDomRGR0XVHXGH$UWHH&XOWXUD3RSXODU)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomRGR(VWDGR
GH0DWR*URVVR
&ULDomRGD$VVRFLDomR&DWDULQHQVHGDV)XQGDo}HV(GXFDFLRQDLV$&$)(FRQJUHJDQGRIXQGDo}HVPXQLFLSDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QtFLRGRIXQFLRQDPHQWRGDWHOHYLVmR795RUDLPDFDQDOHPFDUiWHUH[SHULPHQWDO
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
)XQGDomRGR0XVHXGH$UWHH&XOWXUD3RSXODU
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
&LrQFLDVGD6D~GH
/DQoDPHQWRSHODHTXLSHGD)DFXOGDGHGH2GRQWRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03GRSULPHLURDQHVWpVLFRLQIDQWLOGRPXQGRGHQRPLQDGR3ULORFDtQDQR,9&RQJUHVVR
%UDVLOHLURGD)HGHUDomR1DFLRQDOGRV2GRQWRORJLVWDV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(ODERUDomRGDSULPHLUD5HODomR1DFLRQDOGH0HGLFDPHQWRV(VVHQFLDLV5(1$0(DWXDOL]DGDHPSHOD3RUWDULD06
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QtFLR GR 3URJUDPD 0XOWLGLVFLSOLQDU GH 1XWULomR GR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13TGD&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6GD)XQGDomRGH$PSDURj3HVTXLVDGR
(VWDGRGH6mR3DXOR)$3(63HGD)XQGDomR)RUG
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV%LROyJLFDV
$SHVTXLVDUHDOL]DGDSRU9tWRU&LFLOLDWRGD)DFXOGDGHGH(QJHQKDULD(OpWULFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03VRERULHQWDomRGR3URIHVVRU-RVp*HUDOGR&KLTXLWRGHVHQYROYH
XPPpWRGRGHSURFHVVDPHQWRGLJLWDOSDUDUHDOL]DUDVUHSURGXo}HVHPPLFURVFySLRVySWLFRVFRP
DFRQILDELOLGDGHHDSURIXQGLGDGHGHFDPSRGHVHMDGDV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGD3ROtWLFDGH&RQWUROH$PELHQWDOHP5RUDLPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD6RFLHGDGHGH,QYHVWLJDo}HV)ORUHVWDLV6,)yUJmRFRQYHQLDGRj8QLYHUVLGDGH)HGHUDOGH9LoRVDFRPEDVHQR
VXFHVVRGR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&LrQFLDV([DWDVHGD7HUUD
,PSODQWDomRGRSURMHWR0DSDV0XQLFLSDLVFRP0RQRJUDILDVSHOR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$SLRQHLURQR
SDtVWHQGRFRQFOXtGRDWpDEULOGHDFREHUWXUDGHPDLVGHPXQLFtSLRV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD0*
,QtFLRGR3URMHWR5$'$63VLVWHPDGHDOHUWDDLQXQGDo}HVQR(VWDGRGH6mR3DXORSHOD)XQGDomRGH$PSDURj3HVTXLVD
GR(VWDGRGH6mR3DXOR)$3(63SDUDDLQVWDODomRGHXPUDGDUPHWHRUROyJLFRHP%DXUX63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
$SUHVHQWDomRGD´SDUWtFXOD-µDPHVPD´%RODGH)RJRµGHVFREHUWDHPSRU&pVDU0DQVXHWR*LXOLR/DWWHVTXH
GHWHUPLQRXVHXFRQMXQWRGHSURSULHGDGHVHVHXFRPSRUWDPHQWR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SURYDomRGD/HLGHGHGH]HPEURTXHUHHVWUXWXUDRVHWRUQXFOHDUQRSDtVWUDQVIRUPDD&RPSDQKLD%UDVLOHLUD
GH7HFQRORJLD1XFOHDU&%71HP(PSUHVDV1XFOHDUHV%UDVLOHLUDV6$18&/(%5É6FXMRFRQWUROHDFLRQiULRpH[HUFLGR
SHOD8QLmRGHOHJDDILVFDOL]DomRGDVRSHUDo}HVGDVXVLQDVQXFOHDUHVj&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1H
DR'HSDUWDPHQWR1DFLRQDOGHÉJXDH(QHUJLD(OpWULFDQDVVXDVUHVSHFWLYDViUHDVGHDWXDomR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&ULDomRGR&HQWURGH,QIRUPDo}HV1XFOHDUHV&,1
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$VVLQDWXUDGRSURWRFRORGH%UDVtOLDTXHDPSOLDRVHQWHQGLPHQWRVSUHVHQWHVQR$FRUGRGH%RQQDOpPGHHVWDEHOHFHUDV
EDVHVSDUDRDFRUGRGHFRRSHUDomRFRPRJRYHUQRGD$OHPDQKDQRFDPSRGRVXVRVSDFtILFRVGDHQHUJLDQXFOHDUHP
GHRXWXEUR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
3URPXOJDomRGD5HVROXomRGR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH
,QGXVWULDO&210(752TXHHVWDEHOHFHR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH
4XDOLGDGH,QGXVWULDO,10(752FRPRIyUXPSDUDKDUPRQL]DomRGRVLQWHUHVVHVGR*RYHUQR
QDQRUPDOL]DomRGHiUHDVHVSHFtILFDVGHVXDDWXDomR)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomR GH -RVp &ORYLV 0RURQL 9LGDO GD $SOLFDo}HV (OHWU{QLFDV ,QG~VWULD H &RPpUFLR /WGD $3(/ SDUD R ODQoDPHQWR
GR SURGXWR SLRQHLUR ´6LVWHPD 0286,.(µ TXH IRL DGRWDGR SRU GH]RLWR FRQFHVVLRQiULDV GR 6LVWHPD 7HOHFRPXQLFDo}HV
%UDVLOHLUDV6$7(/(%5$6WDLVFRPR7HOHFRPXQLFDo}HVGH6mR3DXOR6$7(/(637HOHFRPXQLFDo}HVGR5LRGH-DQHLUR
6$7(/(5-7HOHFRPXQLFDo}HVGD3DUDtED6$7(/3$7HOHFRPXQLFDo}HVGH3HUQDPEXFR6$7(/3(2EWHYHRUHFR
QKHFLPHQWRGDVREHUDQLDGDWHFQRORJLDQDFLRQDOGHVHQYROYLGDQRVODERUDWyULRVGHXPDXQLYHUVLGDGHQRUGHVWLQDVREUHR
SURGXWRVLPLODURUDLPSRUWDGRGD6XtoD&RPR'LUHWRUVXSHULQWHQGHQWHGD$3(/9LGDOFRQWULEXLSDUDRGHVHQYROYLPHQWR
GDHPSUHVDOHYDQGRDRUHFRQKHFLPHQWRQDFLRQDOHLQWHUQDFLRQDOQRVVHJPHQWRVGHPHUFDGRGHVXDDWXDomRFRPXPD
GLYHUVLGDGHGHPDLVGHSURGXWRVGHVHQYROYLGRVSHODHPSUHVDRXHPSDUFHULDFRP,QVWLWXWRVGH3HVTXLVDVWDLVFRPR
3DFWT8QLYHUVLGDGH)HGHUDOGD3DUDtED8)3%,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13((PSUHVD%UDVLOHLUDGH
7HOHFRPXQLFDo}HV6$(0%5$7(/H&HQWUDLV(OpWULFDV%UDVLOHLUDV6$(/(752%5É6
)RQWH,QVWLWXWR(XYDOGR/RGL
(VWDEHOHFLPHQWRSHOD5HVROXomRGHTXHDVHPSUHVDVWHULDPGLUHLWRDVHEHQHILFLDUGRVLQFHQWLYRVILVFDLVGR'HFUHWR
/HLGHVGHTXHH[SRUWDVVHPDWRWDOLGDGHGHVXDSURGXomRGXUDQWHQRPtQLPRFLQFRDQRVVHSURGX]LVVHPILEUDV
DUWLILFLDLV H VLQWpWLFDV FRP EDVH HP PDWpULDVSULPDV SURGX]LGDV QR SDtV VH KRXYHVVH VXEVWLWXLomR GRV HTXLSDPHQWRV
REVROHWRVHPHOKRUDVVHPDTXDOLGDGHHRDFDEDPHQWRGRSURGXWR(VVDUHVROXomRWDPEpPSURFXUDYDLQFHQWLYDUDWUDQV
IHUrQFLDGHLQG~VWULDVWr[WHLVGR6XGHVWHSDUDR1RUGHVWH
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR,QVWLWXWRGH)RPHQWR,QGXVWULDO,),GR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDOH&RPHUFLDO&2'(,&GR(VWDGRGR0DWR*URVVRGR6XO07
)RQWH6HFUHWDULDGH,QG~VWULD&RPpUFLR0LQDVH(QHUJLD
&ULDomRGD6HFUHWDULDGH,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD6,&7&7SHOD/HLGHGHMXOKRHUH
HVWUXWXUDGDSHOD/HLGHGHPDLRGH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDGR(VWDGRGD3DUDtED
5HDOL]DomRGHGXDVHIHWLYDVWUDQVIHUrQFLDVGHIiEULFDVGHILDomRHWHFHODJHPGR6XO6XGHVWHSDUDR1RUGHVWHFRPSROtWLFD
LQGXVWULDOQDGpFDGDGH$VHPSUHVDVTXHPRQWDUDPVXDVIiEULFDVIRUDPD$UWH[HD9LFXQKD
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URPXOJDomRGD5HVROXomRGR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
TXHDSURYDR6LVWHPDGH&ODVVLILFDomRGH1RUPDV%UDVLOHLUDV
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&RQVWLWXLomRGRSULPHLURDEDWHGRXURH[FOXVLYRSDUDDYHVHP9LGHLUD6&SHOD3HUGLJmR6$
)RQWH3(5',*®26$
3URPXOJDomRGD5HVROXomRGR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
TXH GHILQH FRPR 1RUPD %UDVLOHLUD DSHQDV DTXHODV UHJLVWUDGDV SHOR ,QVWLWXWR 1DFLRQDO GH 0HWURORJLD 1RUPDOL]DomR H
4XDOLGDGH,QGXVWULDO,10(752
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGD6HFUHWDULDGH,QG~VWULDH&RPpUFLRGH$ODJRDV
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD(PSUHVDGH5HFXUVRV1DWXUDLVGR(VWDGRGH$ODJRDV('51
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
&ULDomRGHXPFHQWURJUiILFRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD),(6&HQFDUUHJDGRGDVLPSUHV
V}HVSXEOLFDo}HVHHGLo}HVGHLQWHUHVVHGDHQWLGDGH
)RQWH)HGHUDomR1DFLRQDOGD,QG~VWULDGR(VWDGRGH6DQWD&DWDULQD
,QtFLRGDLPSODQWDomRGR3yOR3HWURTXtPLFRGH7ULXQIRQR5LR*UDQGHGR6XO
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR),5-$1j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
7UDQVIRUPDomRGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,37HPHPSUHVDS~EOLFDVHPILQVOXFUDWL
YRVYLQFXODGDj6HFUHWDULDGH,QG~VWULD&RPpUFLR&LrQFLDH7HFQRORJLDGR(VWDGRGH6mR3DXOR
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD(PSUHVDGH$VVLVWrQFLD7pFQLFDH([WHQVmR5XUDOGR(VWDGRGH$ODJRDV(0$7(5$/
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH(QJHQKDULD4XtPLFD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QDXJXUDomRGD3HWURFRTXH6$HP&XEDWmR63DSULPHLUDIiEULFDEUDVLOHLUDGHFRTXHFDOFLQDGRGHSHWUyOHRPDWpULD
SULPDSDUDDHODERUDomRGRDOXPtQLR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH0HWDLVQmR)HUURVRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR),(07
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
&ULDomRGR&HQWURGH7UHLQDPHQWRGH9LGHLUDGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(ODERUDomRGRSULPHLUR3ODQR7ULHQDOSHOR'HSDUWDPHQWR1DFLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,HVWDEHOHFLGRHPFRQVRQkQFLDFRPR,,3ODQR1DFLRQDOGR'HVHQYROYLPHQWR,,31'
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
&ULDomRGR1~PHUR,QWHUQDFLRQDO1RUPDOL]DGRSDUD3XEOLFDo}HV6HULDGDV,661QR,QVWLWXWR
%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7SDUDUHJLVWURHFRQWUROHGHSHULyGLFRV
EUDVLOHLURV)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD8QLYHUVLGDGH6DQWDÔUVXOD868QR5LRGH-DQHLUR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
$SURYDomRGR,,3ODQR%iVLFRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3%'&7FRPDLQFOXVmRGDLQIRUPDomRFLHQWt
ILFDHWHFQROyJLFDFRPR´HOHPHQWREiVLFRGHDSRLRSDUDDIRUPXODomRGHSROtWLFDVHHVWUDWpJLDVGHJRYHUQRµ
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLDSHOR'HFUHWR/HLQž
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGD3DUDtED
&ULDomRGD8QLYHUVLGDGH0HWRGLVWDGH3LUDFLFDED81,0(3
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomR GD 6XEVHFUHWDULD GH &LrQFLD H 7HFQRORJLD QD (VWUXWXUD GD 6HFUHWDULD GH 3ODQHMDPHQWR &LrQFLD H 7HFQRORJLD 6(3/$17(&SHOD/HL
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
7UDQVIRUPDomRGR&RQVHOKR1DFLRQDOGH3HVTXLVDVHP&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD&HQWURGH*HVWmRH(VWXGRV(VWUDWpJLFRV
$OWHUDomR GD GHQRPLQDomR GD 8QLYHUVLGDGH GR (VWDGR GD *XDQDEDUD 8(* SDUD 8QLYHUVLGDGH GR (VWDGR GR 5LR GH
-DQHLUR8(5-SHOR'HFUHWR/HLTXHLQFRUSRURXRDFHUYRSHVVRDODGPLQLVWUDWLYRHGRFHQWHGD)DFXOGDGHGH)RUPDomR
GH3URIHVVRUHVGD)XQGDomR&HQWURGH7UHLQDPHQWRGH3URIHVVRUHVGR(VWDGRGR5LRGH-DQHLUR&(75(5-
)RQWH)XQGDomR&DUORV&KDJDV)LOKRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH0LOKRH6RUJRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP6HWH/DJRDV3(
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$VVLQDWXUDGHFRQWUDWRVGHULVFRFRPHPSUHVDVHVWUDQJHLUDVSDUDH[SORUDomRGHSHWUyOHR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QVWLWXLomRGD)XQGDomR,QVWLWXWRGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDOGR5LRGH-DQHLUR),'(5-SHOR'HFUHWR/HL
GHGHPDUoRTXDQGRHQWmRIRUDPH[WLQWDVD)XQGDomRSDUDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRGR(VWDGR
GR5LRGH-DQHLURHD)XQGDomR(VWDGXDOGH*HRJUDILDH(VWDWtVWLFDFXMRVDFHUYRVIRUDPLQFRUSRUDGRVDRSDWULP{QLRGD
),'(5-
)RQWH)XQGDomR&DUORV&KDJDV)LOKRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
&ULDomRGR3URJUDPD1DFLRQDOGRÉOFRRO352É/&22/2VWUDEDOKRVGH-RKDQQD'REHUHLQHUHP
PLFURELRORJLDGRVRORHVSHFLILFDPHQWHQDIL[DomRGHQLWURJrQLRSRUEDFWpULDVIRUDPDFKDYHSDUD
DFULDomRGHVWHSURJUDPDFRQVLGHUDGRRPDLRUSURJUDPDGHFRPEXVWtYHOELROyJLFRGRPXQGR2
iOFRROSRVVXtDDVYDQWDJHQVGHVHUEHPPHQRVSROXHQWHHDJUHVVLYRDRPHLRDPELHQWHGRTXHR
SHWUyOHR$LPSODQWDomRGR352É/&22/GHXDHVVDFXOWXUDXPSDSHOUHOHYDQWHQRDVSHFWRVRFLDO
HFRQ{PLFRHDPELHQWDO)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQDGH0DULPERQGRQR5LR*UDQGHHP,FpP63
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&RQYHUVmRGRSULPHLURYHtFXORDXWRPRWRUXP'RGJHSDUDURGDUH[FOXVLYDPHQWHFRPiOFRROFRPRFRPEXVWtYHO
SHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRRILFLDOGD795RUDLPDFDQDOFRPWUDQVPLVVmRHPFRUHV
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
5HFHELPHQWRGHXPHVSHFWU{PHWURSDUDDQiOLVHGHURFKDVSHOR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$FRPDSRLRGR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TSURSLFLDQGRLQ~PHUDVSHVTXLVDVFRRUGHQDGDV
SHOR'U&OiXGLR9LHLUD'XWUD
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
'XSOLFDomRGD(VWUDGDGH)HUUR9LWyULD0LQDVWUHFKR9LWyULD,WDELUD
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
5HDOL]DomRGDSHVTXLVDVREUHD2UJDQL]DomR(VSDFLDOGR(VWDGRGH6HUJLSH&21'(6(6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWR
GR1RUGHVWH68'(1(
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomRGD)XQGDomRGH$PSDURj7HFQRORJLDHDR0HLR$PELHQWH)$70$SHORJRYHUQRGR(VWDGRGH6DQWD&DWDULQD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QtFLRGRHVWXGRSDUDDYLDELOLGDGHGRHWDQROFRPRFRPEXVWtYHOSRUPHLRGR3URMHWRGR,QVWLWXWRGH7HFQRORJLD,17
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&RQVWUXomRGRVODERUDWyULRVGH0DWHULDLVGH&RQVWUXomRH&RQFUHWR0HFkQLFDGRV6RORVHGH0HFkQLFDGRV)OXtGRVH
+LGUiXOLFDQDiUHDGHWHFQRORJLD
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
,QtFLRGD'LVFDJHP'LUHWD,QWHUQDFLRQDO'',OLJDQGRGHILQLWLYDPHQWHR%UDVLODYiULRVSDtVHVHPGHQRYHPEUR
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
,QtFLRGDRSHUDomRGD5HGH1DFLRQDOGH7HOH[
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DUWLFLSDomRGR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763FRPRDSRLRGD6HFUHWDULDGH&LrQFLD
7HFQRORJLDH'HVHQYROYLPHQWR(FRQ{PLFRGR(VWDGRGH6mR3DXORGRGHVHQYROYLPHQWRGR3URJUDPD1DFLRQDOGRÉOFRRO
352É/&22/FULDGRQD6HFUHWDULDGH7HFQRORJLD,QGXVWULDODWXDOGR0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR
([WHULRU~QLFRSURJUDPDGHHQHUJLDUHQRYiYHOLPSODQWDGRHPODUJDHVFDODHPQtYHOPXQGLDO
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&ULDomRGD$VVRFLDomR1DFLRQDOGD,QG~VWULDGH0iTXLQDVH(TXLSDPHQWRV$%,0$4FXMRREMHWLYRpDWXDUQRFRQWtQXR
GHVHQYROYLPHQWRGDLQG~VWULDQDFLRQDOGHPiTXLQDVHHTXLSDPHQWRV
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH0iTXLQDVH(TXLSDPHQWRV
,PSODQWDomRGR3URMHWR$WOkQWLFRFXMRSULQFLSDOREMHWLYRpRGHVHQYROYLPHQWRGDSHVTXLVDWHFQROyJLFDQDUHJLmRRFHkQL
FDQD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
6XEVWLWXLomRGD(PSUHVD'LJLWDO%UDVLOHLUD',*,%5$6SHOD&REUD6$
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD&HQWURGH*HVWmRGH(VWXGRV(VWUDWpJLFRV
&ULDomRHLPSODQWDomRGR3URMHWR$WOkQWLFRQD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*FXMRREMHWLYRpR
GHVHQYROYLPHQWRGDSHVTXLVDWHFQROyJLFDQDUHJLmRRFHkQLFD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QtFLRGDLQG~VWULDPLFURHOHWU{QLFDQR%UDVLOSRUPHLRGHXPDXQLGDGHGHPRQWDJHPHWHVWHVGHFLUFXLWRVLQWH
JUDGRVGD3KLOFR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR&HQWURGH$QiOLVHGH6LVWHPDV1DYDLV&$61$92&HQWURID]H[WHQVRXVRGHSHVTXLVDRSHUDFLRQDOGHDQi
OLVHGHVLVWHPDVGDHQJHQKDULDGHVLVWHPDVGDLQIRUPiWLFDGDHVWDWtVWLFDHGDVWHFQRORJLDVTXHDVVHYHUDPVHJXUDQoDj
LQIRUPDomRWDOFRPRDFULSWRORJLD
)RQWH0DULQKDGR%UDVLO
,QtFLRGDRSHUDomRGDQRYD5HGH1DFLRQDOGH(VWDo}HV&RVWHLUDVHPžGHDJRVWR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&LrQFLDV$JUiULDV
7UDQVIHUrQFLDSHOR0LQLVWpULRGD$JULFXOWXUDj(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$GDUHVSRQVDELOLGDGHSHODH[HFXomRGR3URJUDPDGH3URGXomRGH6HPHQWHV%iVLFDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH$UUR]H)HLMmRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP*RLkQLD*2
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$QR0HLR1RUWH
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR (VWDGXDO GH $OWDPLUD GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$QR3DUi
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR (VWDGXDO GH &RUXPEi GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$HP0DWR*URVVRGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
7UDQVIHUrQFLDSHOR0LQLVWpULRGD$JULFXOWXUDj(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$DUHVSRQVDELOLGD
GHSHODH[HFXomRGR3URJUDPDGH3URGXomRGH6HPHQWHV%iVLFDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR GR &HQWUR 1DFLRQDO GH 3HVTXLVD GH 6XtQRV GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD $JURSHFXiULD (0%5$3$ HP
&RQFyUGLD6&
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR (VWDGXDO GH 6mR &DUORV GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$HP6mR3DXOR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH6RMDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP/RQGULQD35
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%UDVtOLDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$QR'LVWULWR)HGHUDO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWURGH3HVTXLVD$JURSHFXiULDGR6HPLÉULGRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP3HWUROLQD3(
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR (VWDGXDO GH 'RXUDGRV GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$HP0DWR*URVVRGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR'HSDUWDPHQWRGH&LrQFLDV$JURQ{PLFDVDWXDO&RRUGHQDomRGH3HVTXLVDV$JURQ{PLFDV&3&$QR,QVWLWXWR
1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH3HORWDVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$QR5LR*UDQGHGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD(PSUHVDGH$VVLVWrQFLD7pFQLFDH([WHQVmR5XUDOGR(VWDGRGH*RLiV(0$7(5*2SHOD/HL(VWDGXDO
GHGHRXWXEUR
)RQWH)XQGDomRGH$SRLRj3HVTXLVD8)*
5HFRQKHFLPHQWRGDQHFHVVLGDGHGRXVRGHURWDomRGHFXOWXUDVSDUDRFRQWUROHGHGRHQoDVGRWULJR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGDJHVWmRGHXPGRVSURJUD
PDVGR3RODPD]{QLDRSURMHWR$ULSXDQmFXMDPHWDpLPSODQWDUQ~FOHRVGHFRORQL]DomRDXWRVXVWHQWiYHLVHPHQHUJLDH
DOLPHQWRV1RkPELWRGR&13TR$ULSXDQmIRLFRRUGHQDGRSHOR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD$WpRILP
GDGpFDGDGHIRUDPGHVHQYROYLGRVSURMHWRVHPYiULDViUHDVHQWUHHODVKDELWDomRWURSLFDOHFRORJLDDJULFXOWXUD
HQHUJLDVRORJHRORJLDHDQWURSRORJLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDVGH)ORUHVWDV&13)(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$3DQWDQDOQDFLGDGHGH&RUXPEi06FRPRREMHWLYR
GHGHVHQYROYHUHWUDQVIHULUWHFQRORJLDVSDUDRXVRVXVWHQWDGRGHVHXVUHFXUVRVQDWXUDLV
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH'RXUDGRV8(3$(SHOD'HOLEHUDomRGHGH
MXQKRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$FRPRREMHWLYRGHGDUVXSRUWHDRGHVHQYROYLPHQWR
GHXPDIURQWHLUDDJUtFRODGHJUDQGHSRWHQFLDOHFRQ{PLFRTXHVXUJHQRVXOGR(VWDGR
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH7HUHVLQD8(3$(SRU-RVp,ULQHX&DEUDOXQLGDGH
GHVFHQWUDOL]DGDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$FRPDILQDOLGDGHGHJHUDUDGDSWDUHGLIXQGLU
WHFQRORJLDVDJURSHFXiULDVSDUDRHVWDGRGR3LDXt
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGD6RMD&13VR(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGD(PSUHVDGH$VVLVWrQFLD7pFQLFDH([WHQVmR5XUDOGR(VWDGRGR3LDXt(0$7(53,HPGHDJRVWR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&ULDomRGDUHGHQDFLRQDOSDUDDYDOLDomRGHSHUGDVGHVRORSRUHURVmR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH0DQGLRFDH)UXWLFXOWXUDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$HP&UX]GDV$OPDV%$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH&DSULQRVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP
6REUDO&(
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR6HUYLoR1DFLRQDOGH/HYDQWDPHQWRH&RQVHUYDomRGH6RORVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$QR5LRGH-DQHLUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH$OJRGmR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWURGH3HVTXLVD$JURSHFXiULDGRV&HUUDGRVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP%UDVtOLD')
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR6HUYLoRGH3URGXomRGH6HPHQWHV%iVLFDVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP
%UDVtOLD')
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
6HOHomRGHJHQyWLSRVVXSHULRUHVGHIUXWHLUDVWURSLFDLVSDUD3HUQDPEXFR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%HQWR*RQoDOYHVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$QR5LR*UDQGHGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH&DVFDWDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$QR5LR*UDQGHGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH6HULQJXHLUDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP
0DQDXV$0
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWURGH3HVTXLVD$JURSHFXiULDGR7UySLFRÔPLGRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP%HOpP3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
7UDQVIRUPDomRGR,QVWLWXWRGH3HVTXLVDV$JURQ{PLFDV,3$HP(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWURGH3HVTXLVD$JURSHFXiULDSDUDR7UySLFR6HPLÉULGR3$76$
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR1~PHUR,QWHUQDFLRQDO1RUPDOL]DGRSDUD3XEOLFDo}HV6HULDGDV,661QR,QVWLWXWR
%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7SDUDUHJLVWURHFRQWUROHGHSHULyGLFRV
EUDVLOHLURV)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
5HDOL]DomRGD3ULPHLUD5HXQLmR%UDVLOHLUDGH&LrQFLDGD,QIRUPDomRSURPRYLGDSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP
&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,QtFLRGD5HGHGH'RFXPHQWDomRH,QIRUPDomRGR0LQLVWpULRGR,QWHULRU0,17(5QDTXDOSRVWHULRUPHQWHIRLHODERUDGR
R,17(592&9RFDEXOiULR&RQWURODGR
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD)XQGDomR&HQWURGH'HVHQYROYLPHQWRGH5HFXUVRV+XPDQRVGD(GXFDomRH&XOWXUD&'5+SHOR'HFUHWR/HL
GHGHMXOKRHPVXEVWLWXLomRj)XQGDomR&HQWURGH7UHLQDPHQWRGH3URIHVVRUHVGR(VWDGRGR5LRGH-DQHLUR&(75(5-
)RQWH)XQGDomR&DUORV&KDJDV)LOKRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR1~PHUR,QWHUQDFLRQDO1RUPDOL]DGRSDUD3XEOLFDo}HV6HULDGDV,661QR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP
&LrQFLDH7HFQRORJLD,%,&7SDUDUHJLVWURHFRQWUROHGHSHULyGLFRVEUDVLOHLURV
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&RQFHVVmRDRSURIHVVRU5DXO7KRPD]2OLYHLUDGR9DOOHGR'HSDUWDPHQWRGH0~VLFDGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03GRVSUrPLRVGHFUtWLFDHGHS~EOLFRSRUVXDSDUWLFLSDomRFRPDSHoD&RPEDWHVGD
DEHUWXUDGRž'LRUDPDGD0~VLFD&RQWHPSRUkQHDGH5iGLRH7HOHYLVmR6XtoDHP*HQHEUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRODERUDWyULRGH/tQJXDVHGR&LUFXLWR)HFKDGRGH7HOHYLVmR
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
,QtFLRGR6LVWHPD(VWDGXDOGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD6(,&7HP6mR3DXORTXHYHLRDVHUFRRUGHQDGRSHOR
,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7QDGpFDGDGHUHXQLQGRDPDLRULDGDVVHFUHWDULDV
HVWDGXDLVEUDVLOHLUDV
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&LrQFLDVGD6D~GH
,QVWDODomRQR,QVWLWXWR3HQLGR%XUQLHUGHXPDSDUHOKRGHUDLRODVHUSDUDRSHUDo}HVGRIRWRFRD
JXODomRUHVXOWDGRGHSHVTXLVDPRQLWRUDGDSHORSURIHVVRU6pUJLR3HUHLUDGD6LOYD3RUWRItVLFRGR
,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03YLVDQGRjUHDOL]DomRGHFLUXU
JLDV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomR=HUELQLSDUDRGHVHQYROYLPHQWRGDELRHQJHQKDULDFRPYLVWDVDGDUVXSRUWHWpFQLFRDR,QVWLWXWRGR
&RUDomRGR+RVSLWDOGDV&OtQLFDVGD)DFXOGDGHGH0HGLFLQDGD8QLYHUVLGDGHGH6mR3DXOR+RMHD)XQGDomRH[SRUWD
WHFQRORJLD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&LrQFLDV%LROyJLFDV
,QVWLWXLomRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGR
3URJUDPD,QWHJUDGRGH*HQpWLFD3,*TXHHPVHLVDQRVGREURXRQ~PHURGHJUXSRVHGHFLHQ
WLVWDVGHGLFDGRVDHVVDiUHDQR%UDVLO$RPHVPRWHPSRDPSOLDYDVHDJHQpWLFDGRVPLFURRUJD
QLVPRV)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HFHELPHQWRSHOR,QVWLWXWRGH%LRORJLDGHXPPLFURPDQLSXODGRURIHUHFLGRSHOD)XQGDomR$OHPm$OH[DQGUH+XPEROGW
GH IXQGDPHQWDO LPSRUWkQFLD QD SHVTXLVD GH HVWUXWXUD FURPRVV{PLFDV VHQGR UHVSRQViYHO R SURIHVVRU %HQHGLFWR GH
&DPSRV9LGDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)XQGDomRGD(VWDomR(FROyJLFDGH7DSDFXUiHP3HUQDPEXFRTXHYLVDDSUHVHUYDURSDXEUDVLO
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
,QVWLWXLomR SHOR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T GR 3URJUDPD ,QWHJUDGR GH
*HQpWLFD3,*TXHHPVHLVDQRVGREURXRQ~PHURGHJUXSRVHGHFLHQWLVWDVGHGLFDGRVDHVVDiUHDQR%UDVLO$RPHVPR
WHPSRDPSOLDYDVHDJHQpWLFDGRVPLFURRUJDQLVPRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3URJUDPD)ORUDSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TSDUDHVWXGRGD
IORUDVLOYHVWUHEUDVLOHLUD
)RQWH0XVHX3DUDQDHQVH(PtOLR*RHOGL
&ULDomRSHORSURIHVVRUGHTXtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03/DXUR(XFOLGHV6RDUHV%DUDWDLQWH
UHVVDGRHPHFRORJLDHWUDEDOKDQGRQDSHVTXLVDDEUDQJHQGRSURGXWRVQDWXUDLVGD6RFLHGDGHGH3URWHomRDR$PELHQWH
352$0FXMRREMHWLYRpDLQWHQVDOXWDFRQWUDDSROXLomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV([DWDVHGD7HUUD
,QFRUSRUDomRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGR
&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV&%3)SDVVDQGRDVHUGHQRPLQDGR/DERUDWyULR1DFLRQDO
GH)tVLFD)RQWH&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV
'HVFREULPHQWRGDVPDLRUHVMD]LGDVGHXUkQLRGRSDtVHP,WDWLUDQRPXQLFtSLRGH6DQWD4XLWpULDDNPGH)RUWDOH]D&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
$SUHVHQWDomR HP 0RQWHYLGpX D SHGLGR GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV SDUD D (GXFDomR D &LrQFLD H D &XOWXUD
81(6&2 GR WUDEDOKR 3URMHWRV ,QWHJUDGRV GH 0DWHPiWLFD H &LrQFLDV QRYD RSomR SDUD R HQVLQR GH &LrQFLDV SRU
8ELUDWDQ'·$PEUyVLRSURIHVVRUGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGR$FRUGRVREUH&RRSHUDomRQR&DPSRGRV8VRV3DFtILFRVGD(QHUJLD1XFOHDUHQWUH%UDVLOH$OHPDQKDHP
GHMXQKR
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
,QVWDODomRGHJUXSRVQD8QLYHUVLGDGHGH&DPSLQDV81,&$03TXHHVWXGDPDILEUDySWLFDXPJUXSRFKHILDGRSHOR
SURIHVVRUGRXWRU6pUJLR3HUHLUDGD6LOYD3RUWRLQWHUHVVDGRQDSURGXomRGHILEUDVySWLFDVGHYLGURHRRXWURSHORSURIHV
VRU-RVp(OOLV5LSSHU)LOKRTXHHVWXGDDSRVVLELOLGDGHGHWUDQVPLVVmRWHOHI{QLFDSRUPHLRGHILEUDVXWLOL]DQGRRODVHUGH
VHPLFRQGXWRUFRPRIRQWHGHOX]
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGR$FRUGR%UDVLO$OHPDQKDHPGHMXOKRTXHLQFOXLFRRSHUDomRQDVVHJXLQWHViUHDVSURVSHFomRH[WUDomR
HSURFHVVDPHQWRGHPLQpULRVGHXUkQLRHSURGXomRGHVHXVFRPSRVWRVSURGXomRGHUHDWRUHVQXFOHDUHVHGHRXWUDVLQV
WDODo}HVGRFLFORLQFOXVLYHGHVHXVFRPSRQHQWHVHQULTXHFLPHQWRGHXUkQLRSHORPpWRGRGHMDWRFHQWUtIXJRHSURGXomR
GHHOHPHQWRVFRPEXVWtYHLVHUHSURFHVVDPHQWRGHFRPEXVWtYHOLUUDGLDGR
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
$VVLQDWXUDGR$FRUGR%UDVLO5HS~EOLFD)HGHUDOGD$OHPDQKDVHQGRHVWDWUDQVIRUPDGDHPSDUFHLUDRILFLDOGR%UDVLOFRP
UHODomRDDVVXQWRVQXFOHDUHV2DFRUGRFRPD$OHPDQKDHQWUHWDQWRQmRVLJQLILFRXXPDJUDQGHPHOKRULDFRPUHODomR
jWUDQVIHUrQFLDGHWHFQRORJLD
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVFREULPHQWR GR IHQ{PHQR PHWHRUROyJLFR 3RoR GRV $QGHV SHOR SHVTXLVDGRU &DUORV *LUDUGL GR &HQWUR 7pFQLFR
$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
'RDomR SDUD D )XQGDomR 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH )85* GR 0XVHX 2FHDQRJUiILFR 3URIHVVRU (OLp]HU GH
&DUYDOKRV5LRVSHOD)XQGDomR&LGDGHGR5LR*UDQGH
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR6LVWHPD1DFLRQDOGH)RUPDomRGH0mRGHREUD61)02SHORJRYHUQRIHGHUDO
UHSUHVHQWDGRSRUXP&RQVHOKR1DFLRQDOGH0mRGH2EUD&)02DRTXDOVHYLQFXODDR6HUYLoR
%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$()RQWH6HUYLoR1DFLRQDOGH
$SUHQGL]DJHP,QGXVWULDO
5HDOL]DomRGD,)HLUDQDFLRQDOGHYHQGDVHH[SRUWDomRGHPyYHLVTXHGHXXPQRYRLPSXOVRjLQG~VWULDGHPyYHODP
SOLDQGRRPHUFDGRLQWHUQRHH[WHUQRGRVHWRU'HDDIHLUDIRLUHDOL]DGDDQXDOPHQWHVHQGRGHSRLVUHDOL]DGD
GHGRLVHPGRLVDQRV
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR$ELPyYHO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH3URGXWRVGH/LPSH]DH$ILQV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
$VVLQDWXUDGHDFRUGRHQWUHRJRYHUQREUDVLOHLURHRJRYHUQRMDSRQrVGHFRRSHUDomRSDUDDFRQVWUXomRGHXPFRPSOH[R
SURGXWLYRGHDOXPtQLRQR(VWDGRGR3DUi
)RQWH$/%5$6
&ULDomRGD$VVRFLDomRGDV(PSUHVDV1DFLRQDLVGH'HIHQVLYRV$JUtFRODV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,PSODQWDomRGDIiEULFDGHPRWR+RQGDGD$PD]{QLDQR'LVWULWR,QGXVWULDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&ULDomRGR&HQWUR0yYHOGH)RUPDomR3URILVVLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QRHQWDQWR
VXDLPSODQWDomRVHGHXHP
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV(PSUHVDV([SRUWDGRUDVGH&HOXORVH$%((&(/
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&RQVWLWXLomR QD 5HLWRULD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 GD &RPSDQKLD GH 'HVHQYROYLPHQWR
7HFQROyJLFR&2'(7(&FRPDILQDOLGDGHGHYLDELOL]DUDLQWHUDomRGDXQLYHUVLGDGHFRPDLQG~VWULDQDFLRQDOSDUDILQVGH
GHVHQYROYLPHQWRHWUDQVIHUrQFLDGHWHFQRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63GR&XUVR7pFQLFRGH&HOXORVHH3DSHO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR'LVWULWR,QGXVWULDOGR(VWDGRGR$FUHHPGHPDLR
)RQWH,QVWLWXWR(XYDOGR/RGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRGD$d20,1$6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomR GRV &HQWURV GH 7UHLQDPHQWR GR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, HP -RDoDED /DJHV H
&DoDGRU6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD),$7$XWRPyYHLVHP0LQDV*HUDLVSULPHLUDLQG~VWULDDXWRPRELOtVWLFDDVHLQVWDODUIRUDGR(VWDGRGH6mR
3DXOR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
5HDOL]DomRGHWHVWHVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPHTXLSDPHQWRGHFRORULPHWULDIDEULFDGRSHOD
&DUO=HLVVSDUDUHDOL]DomRGHSHVTXLVDHIRUPDomRGHPmRGHREUDHVSHFLDOL]DGD2HTXLSDPHQWRSHUPLWHDSDGURQL]DomR
GDFRUHPLQG~VWULDWr[WLOGHFRXURHGHSDSHO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRGHVHQYROYLPHQWRQD)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&GH7HFQRORJLDV/LPSDVHDSURSULDGDVDRXVR
GRFDUYmREUDVLOHLUR$&,(17(&SDWHQWHRXHGHVHQYROYHXRVSURFHVVRV&LFRP&LYRJiVH&LJiVWUDQVIHULQGRDRVHWRULQ
GXVWULDOQRVDQRVHDVWHFQRORJLDV&LHQWHOGH&RPEXVWmRH*DVHLILFDomRHPOHLWRIOXLGL]DGR
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
&ULDomRGD$VVRFLDomRGRV)DEULFDQWHVGH0yYHLVGR%UDVLO$)$0
)RQWH$VVRFLDomRGDV%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGRV3URGXWRUHVH([SRUWDGRUHVGH)UDQJRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QVWDODomRGD)RVIHUWLOHGD6LGHU~UJLFD0HQGHV-~QLRU
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QVWDODomRGR3yOR$OFRROHLURGR'LVWULWR,QGXVWULDOGR-DtEDHP0LQDV*HUDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
(QWUDGDHPRSHUDomRGDSULPHLUDIiEULFDQDFLRQDOGHVHPLFRQGXWRUHV7UDQVLW
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0DWR*URVVR),(07j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&ULDomRGR0HWDLVGH*RLiV6$0(7$*2HPGHQRYHPEUR
)RQWH)XQGDomRGH$SRLRj3HVTXLVD
&ULDomRGD1XFOHEUiV$X[LOLDUGH0LQHUDomR6$18&/$0SHODV(PSUHVDV1XFOHDUHV%UDVLOHLUDV6$18&/(%5É6SDUD
SURVSHFomRODYUDHFRQFHQWUDomRGHPLQpULRVGHXUkQLRQR%UDVLO
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
,QtFLRGDVDWLYLGDGHVQD8QLYHUVLGDGH)HGHUDOGH6mR&DUORV8)6&DUQRkPELWRGDSyVJUDGXDomRFRPDLPSODQWDomR
GRV3URJUDPDVGH3yVJUDGXDomRHP(FRORJLDH5HFXUVRV1DWXUDLVH(GXFDomRPRVWUDQGRDVXDYRFDomRLQVWLWXFLRQDO
QDIRUPDomRHFDSDFLWDomRGHPHVWUHVHGRXWRUHVHQDSURGXomRFLHQWtILFD$WXDOPHQWHRIHUWDWDPEpPRVFXUVRVGH
(GXFDomR(VSHFLDOH(QJHQKDULDGH0DWHULDLVHPQtYHLVGHPHVWUDGRHGRXWRUDGR
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
&ULDomRGD6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLDGH0LQDV*HUDLV6(&7
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRQD8QLYHUVLGDGH(VWDGXDOGD3DUDtED8(3%GR3URJUDPDGH(QWURVDPHQWRHQWUHXQLYHUVLWiULRVHIDPtOLDVSHOR
6HUYLoRGH$VVLVWrQFLDDR(VWXGDQWH
)RQWH8QLYHUVLGDGH(VWDGXDOGD3DUDtED
&ULDomRGD8QLYHUVLGDGHGH7DXEDWp81,7$8HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH)HLUDGH6DQWDQD8()6SHOR'HFUHWR)HGHUDO
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD&RPSDQKLDGH'HVHQYROYLPHQWRGR(VWDGRGH6DQWD&DWDULQD&2'(6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGRVFXUVRVGHSyVJUDGXDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
$WHQWDGRVDERPEDGHJUXSRVGHH[WUHPDGLUHLWDFRQWUD2$%$%,&(%5$3HGLWRUDVHUHGHVGHWHOHYLVmR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGD8QLYHUVLGDGH(VWDGXDO3DXOLVWD´-~OLRGH0HVTXLWD)LOKRµ81(63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
5HDOL]DomR GR , 6HPLQiULR ,QWHUQDFLRQDO GH 3HVTXLVD ,QVWLWXFLRQDO QD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03
RUJDQL]DGRSHOR&HQWURGH(VWXGRVHP$GPLQLVWUDomR8QLYHUVLWiULD&(17$8HSURPRYLGRSHOR0LQLVWpULRGD(GXFDomR
H&XOWXUDFRPRREMHWLYRGHPHOKRUDUDDGPLQLVWUDomRHRSODQHMDPHQWRGDHGXFDomRVXSHULRUEUDVLOHLUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR,QVWLWXWRGH3ODQHMDPHQWRGR(VWDGRGR&HDUi,3/$1&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QtFLRGREDQFRGHWHVHVGR0LQLVWpULRGD(GXFDomR0(&6,%(&HODQoDPHQWRGRVFDWiORJRVLPSUHVVRVGHGLVVHUWDo}HV
HWHVHVEUDVLOHLUDV
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,PSODQWDomRGD&RRUGHQDomR*HUDOGH3HVTXLVDH3yV*UDGXDomR&*3
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
,QtFLRQR&HQWURGH(VWXGRVHP$GPLQLVWUDomR8QLYHUVLWiULD&(17$8GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
GDLPSODQWDomRGHXPVLVWHPDGHSHVTXLVDVLQVWLWXFLRQDLVSDUDLGHQWLILFDUFDXVDVTXHGLILFXOWDPRSOHQRGHVHPSHQKRGD
DGPLQLVWUDomRXQLYHUVLWiULD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFRQKHFLPHQWRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SHOR0LQLVWpULRGD(GXFDomR'HFUHWRGH
GHRXWXEUR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QJHQKDULDH7HFQRORJLD
)XQGDomRGD(PSUHVD%UDVLOHLUDGH5DGLRGLIXVmR6$²5$',2%5É6)RQWH)HGHUDomR
3DUDQDHQVHGH5DGLRDPDGRULVPR
9LQFXODomRGD)XQGDomR&HQWUR7HFQROyJLFRGH0LQDV*HUDLV&(7(&j6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLDGR
(VWDGRGH0LQDV*HUDLV6(&7
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
/DQoDPHQWRGRSULPHLURIRJXHWHEUDVLOHLURXP6RQGD,,FRPSURSHOHQWHWRWDOPHQWHQDFLRQDOSURGX]LGRSHOR&HQWUR
7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGDFRQVWUXomRGD)HUURYLDGR$oR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
$GRomRGH5HVHUYDGH0HUFDGRSRUPHLRGD&RPLVVmRGH&RRUGHQDomRGH$WLYLGDGHVGH3URFHVVDPHQWR(OHWU{QLFR
&$35(SDUDPLQLHPLFURFRPSXWDGRUHVHVHXVSHULIpULFRV
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QtFLRQR&HQWUR7pFQLFR$HURHVSDFLDO&7$GR3URJUDPDGH1DFLRQDOL]DomRGH$UPDPHQWRGH$YLDomRFRPPDLVGH
YLQWHLWHQVYHQGLGRVHKRPRORJDGRVDWp
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,PSODQWDomRQD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREFRRUGH
QDomRGRHQJHQKHLUR,VDtDV&DUYDOKRGH0DFHGRGHXPDIiEULFDGHJHORTXHXVDFRPRFRPEXVWtYHODHQHUJLDVRODUHFXMR
REMHWLYRpDEXVFDGHVROXo}HVHFRQ{PLFDVSDUDDFRQVHUYDomRGHDOLPHQWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGR$FRUGR%iVLFRGH&RRSHUDomR&LHQWtILFDH7pFQLFDHQWUH%UDVLOH*XDWHPDODHPGHMXQKR
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
$VVLQDWXUD GR $FRUGR &RPSOHPHQWDU QR &DPSR GD (QHUJLD 6RODU H GH RXWUDV )RUPDV QmR&RQYHQFLRQDLV GH (QHUJLD
HQWUH%UDVLOH)UDQoDHPGHDEULO
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
$SURYHLWDPHQWRGRVRUJRVDFDULQRSDUDSURGXomRGHiOFRROFRPRDOWHUQDWLYDSDUDDHQWUHVVDIUDGDFDQDGHDo~FDU
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(ODERUDomRGR3URMHWR5LR1HJURSRUXPJUXSRGHFLHQWLVWDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03OLJDGRDR
&HQWURGH7HFQRORJLDSDUDJHUDomRGHHOHWULFLGDGHQRSDtVVREDFRRUGHQDomRGRSURIHVVRU$VWRU0RGHVWRGH6RX]D
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRGHVHQYROYLPHQWRGR)RJXHWH6RQGD,9
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
0XGDQoDGR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3FULDGRHPFRPRDXWDUTXLDSDUDIXQGDomR
)RQWH,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
7UDQVIRUPDomR GR 2EVHUYDWyULR 1DFLRQDO 21 HP ,QVWLWXWR H VH LQWHJUD DR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGR8UXEXXPSODQDGRUELSODFHGHHVWUXWXUDPHWiOLFD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGD,QWHOEUDVHPSUHVDSLRQHLUDQRODQoDPHQWRGHXPDFHQWUDO3$%;FRPWHFQRORJLDQDFLRQDOKRMHDHPSUHVDp
OtGHUQD$PpULFD/DWLQDQDIDEULFDomRGHFHQWUDLVHDSDUHOKRVWHOHI{QLFRV
)RQWH(PSUHVD,QWHOEUDV
'HVHQYROYLPHQWRSHORJUXSRGHSHVTXLVDGRUHVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
GR3URJUDPDGH&RPXQLFDo}HVSRU/DVHUVXEYHQFLRQDGRSHOD7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6HPFRQYrQLR
DVVLQDGRHPSDUDDSOLFDomRGRODVHUHGDVILEUDVySWLFDVQDVWHOHFRPXQLFDo}HV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR SRU SHVTXLVDGRUHV GD )DFXOGDGH GH (QJHQKDULD $JUtFROD H GR ,QVWLWXWR GH )tVLFD GR 3URJUDPD GH
$SURYHLWDPHQWRGD(QHUJLD6RODUDVHUXWLOL]DGDQDVHFDJHPGHJUmRVHUHIULJHUDomRHQDDUTXLWHWXUDFRQVWUXomRGH
UHVLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGRSULPHLURY{RGR;LQJXDYLmRSUHVVXUL]DGRSURMHWDGRHIDEULFDGRSHOD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
(0%5$(5
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&RQYRFDomRGR*RYHUQRGR(VWDGRGH6mR3DXORSDUDR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,37
63LQLFLDURVSULPHLURVHVWXGRVVREUH&RQVHUYDomRGH(QHUJLDQD,QG~VWULDFLPHQWRFHOXORVHHSDSHO1RGHFRUUHUGRV
DQRVVHJXLQWHVVHUmRHODERUDGRVYiULRVPDQXDLVGHFRQVHUYDomRGHHQHUJLDFRQWHPSODQGRiUHDVLPSRUWDQWHVGDLQG~V
WULDQDFLRQDOFRPRFLPHQWRFHOXORVHSDSHOIXQGLomRFHUkPLFDYLGURWr[WLOIHUWLOL]DQWHPHWDOXUJLDDo~FDUHiOFRRO$
FRQWULEXLomRGHVWHVPDQXDLVVHUiDSRLDUDVHPSUHVDVQDFRQVHUYDomRHXVRUDFLRQDOGHHQHUJLD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
0XGDQoDGDGHQRPLQDomRGD&RPSDQKLD7HOHI{QLFD%UDVLOHLUDSDUD7HOHFRPXQLFDo}HVGR5LRGH-DQHLUR6$7(/(5-
HPGHIHYHUHLUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
'HVHQYROYLPHQWRQR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763GHWHFQRORJLDVRFHkQLFDVHP
HVSHFLDODVYROWDGDVjSURGXomRGHSHWUyOHRFXMRUHVXOWDGRVHUHIOHWHDWXDOPHQWHQDGLQkPLFDGDVHVWUXWXUDVIOXWXDQWHV
FRPRDSODWDIRUPD´RIIVKRUHµSDUDSHWUyOHR
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
,PSODQWDomRGRSULPHLURHTXLSDPHQWRGHFROXQDUHVVRQDQWHSDUDHQVDLRVGLQkPLFRVGHVRORVQR
SDtV)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH0LOKRH6RUJRHP6HWH/DJRDV0*(PEUDSD0LOKRH6RUJR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$$&
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR3URMHWR6HUWDQHMRRX3URJUDPD(VSHFLDOGH$SRLRDR'HVHQYROYLPHQWRGD5HJLmR6HPLiULGDGR1RUGHVWH
WRUQDQGRDPHQRVYXOQHUiYHOjRFRUUrQFLDGHVHFDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&ULDomRGD(PSUHVD0DUDQKHQVHGH3HVTXLVD$JURSHFXiULD
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH*DGRGH/HLWHHP&RURQHO3DFKHFR0*(PEUDSD*DGRGH/HLWH
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGRVSULPHLURVODERUDWyULRVSDUDDQiOLVHVGHVHPHQWHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRQD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRGRSURMHWRSDUDYLDELOL]DUDLQGXVWULDOL]DomRGDSHQLFLOLQD
VLQWpWLFDiFLGRDSDDPLQLRSHQLFLOODQLFR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV+XPDQDVH6RFLDLV
5HDOL]DomRGHHVWXGRVVREUHDWHPiWLFD([WHQVmR8QLYHUVLWiULD)RQWH&RQVHOKRGH5HLWRUHVGDV
8QLYHUVLGDGHV%UDVLOHLUDV
7UDQVIRUPDomRGR,QVWLWXWR%UDVLOHLURGH%LEOLRJUDILDH'RFXPHQWDomR,%%'HP,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP
&LrQFLDH7HFQRORJLD,%,&7FRPRREMHWLYRGHRIHUHFHUSURGXWRVHVHUYLoRVDOpPGHGHVHQYROYHUSHVTXLVDVHPFLrQFLDV
GDLQIRUPDomR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(ODERUDomRGRSULPHLUR3ODQR$QXDOGH&DSDFLWDomR'RFHQWH3$&'GD8QLYHUVLGDGH(VWDGXDOGH0DULQJi8(0
)RQWH8QLYHUVLGDGH(VWDGXDOGH0DULQJi
$SURYDomRGRVHVWDWXWRVGD)XQGDomR&HQWURGH'HVHQYROYLPHQWRGH5HFXUVRV+XPDQRVGD(GXFDomRH&XOWXUD&'5+
SHOR'HFUHWRGHGHMDQHLURDWULEXLQGROKHSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR
)RQWH)XQGDomR&DUORV&KDJDV)LOKRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR
)RUPDomRGH&RPLWrV$VVHVVRUHV(VSHFLDOL]DGRVHPÉUHDVGH&RQKHFLPHQWR&$V
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HDOL]DomRGHHVWXGRVVREUHDWHPiWLFD([WHQVmR8QLYHUVLWiULD
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomR GR ,QVWLWXWR GH (VWXGRV GD /LQJXDJHP ,(/ GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 RULXQGR GR
'HSDUWDPHQWRGH/LQJtVWLFDGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDV,)&+
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
&ULDomRGR&HQWURGH&LrQFLDVGD6D~GHGD8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV%LROyJLFDV
5HDOL]DomRGD5HXQLmRGD6RFLHGDGH%UDVLOHLUDGH%LRItVLFDQD8QLYHUVLGDGH)HGHUDOGR5LRGH
-DQHLURHROLYURGHUHVXPRVGRVWUDEDOKRVDSUHVHQWDGRVIRLHGLWDGRSHOD$FDGHPLD%UDVLOHLUDGH
&LrQFLDV)RQWH6RFLHGDGH%UDVLOHLUDGH%LRItVLFD
,QtFLRGR3URMHWR)ORUD1RUWHFRPLPSODQWDomRGHGRLVQ~FOHRVXPQD$PD]{QLD2FLGHQWDOVHGLDGRHP0DQDXVHR
RXWURQD$PD]{QLD2ULHQWDOHP%HOpP
)RQWH0XVHX3DUDQDHQVH(PtOLR*RHOGL
5HDOL]DomRGD5HXQLmRGD6RFLHGDGH%UDVLOHLUDGH%LRItVLFDQD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLURHROLYURGHUHVX
PRVGRVWUDEDOKRVDSUHVHQWDGRVIRLHGLWDGRSHOD$FDGHPLD%UDVLOHLUDGH&LrQFLDV
)RQWH6RFLHGDGH%UDVLOHLUDGH%LRItVLFD
'HVHQYROYLPHQWR QD )XQGDomR GH &LrQFLD H 7HFQRORJLD &,(17(& GD 3URWHtQD 9HJHWDO 7H[WXUL]DGD 397 FRQKHFLGD
FRPRFDUQHGHVRMDWHFQRORJLDGHSURGXomRUHSDVVDGDSDUDDLQG~VWULD
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
&LrQFLDV([DWDVHGD7HUUD
&ULDomR GR 3URQXFOHDU SURJUDPD LQWHUPLQLVWHULDO FXMR *UXSR 6XSHUYLVRU p FRQVWLWXtGR SHORV WLWXODUHV GD &RPLVVmR
1DFLRQDOGH(QHUJLD1XFOHDU&1(1GDV(PSUHVDV1XFOHDUHV%UDVLOHLUDV6$18&/(%5É6GR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGR'$80LQLVWpULRGD(GXFDomR0(&HGRUHSUHVHQWDQWHGD6HFUHWDULD
*HUDOGR&RQVHOKRGH6HJXUDQoD1XFOHDUVRERULHQWDomRGRVHFUHWiULRJHUDOGR0LQLVWpULRGDV0LQDVH(QHUJLD00(
$SROtWLFDGHIRUPDomRGHUHFXUVRVKXPDQRVHPIXQomRGDVQHFHVVLGDGHVGR3URJUDPD1XFOHDU%UDVLOHLURpSODQHMDGD
SHOR3URQXFOHDUHH[HFXWDGDSHORVyUJmRV&1(1&13TH&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU
&$3(6
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
(QYLRD)UDQoD+RODQGD,QJODWHUUD$OHPDQKD(VWDGRV8QLGRV&KLQD&RO{PELDH3DQDPiGHGR]HWpFQLFRVGHQtYHO
VXSHULRUGR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$VREDFRRUGHQDomRGLUHWDGRSURIHVVRU-RVp,VUDHO9DUJDVHQWmR
6HFUHWiULRGH(VWDGRGH&LrQFLDH7HFQRORJLDHDX[tOLRGLUHWRGR&RQVHOKRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13TSDUDDFRQFOXVmRGHGRXWRUDPHQWRHRXHVWiJLRDWpRDQRGH
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&RQFOXVmRGHSHVTXLVDVHSXEOLFDomRGRSULPHLURPDSDJHROyJLFRRSULQFLSDOGH0LQDV*HUDLVDSyVDGpFDGDGH
(VVHGRFXPHQWRIRLHODERUDGRVREFRRUGHQDomRGRSURIHVVRU0DQRHO7HL[HLUDGD&RVWDGLVFtSXORGRSURIHVVRU'MDOPD
*XLPDUmHV
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
0DSHDPHQWRGHGDVXSHUItFLHGH0LQDV*HUDLVSHOR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$TXHSURGX]LXPDSDV
SODQLPpWULFRVJHROyJLFRVHJHRPRUIROyJLFRV0LQDV*HUDLVpRSULPHLUR(VWDGRIRUDGDUHJLmR$PD]{QLFDDVHUFREHUWR
SRULPDJHQVGHUDGDU$VSHVTXLVDVVmRILQDQFLDGDVSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFR
&13T2VWpFQLFRVGDLQVWLWXLomRIRUDPFDSDFLWDGRVGXUDQWHPHVHVSHOR3URMHWR5DGDUGD$PD]{QLD5DGDPHP
%HOpP3$H0DQDXV$0
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
0XGDQoDGR&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDVFULDGRHPSDUD,QVWLWXWRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
(QWUDGDHPRSHUDomRFRPHUFLDOGRSULPHLURWHUPLQDOGHYtGHRSURMHWDGRHIDEULFDGRQR%UDVLOSHOD
HPSUHVD6FRSXV7HFQRORJLD6$)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR
([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH(PEDODJHQV3OiVWLFDV)OH[tYHLV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
$VVLQDWXUDGRFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SRUPHLRGR&HQWURGH7HFQRORJLD&7
HD(PSUHVD0HWURSROLWDQDGH6mR3DXOR0(75ÑSDUDGHVHQYROYHUSHVTXLVDSDUDPHOKRULDGRWUiIHJRHSURGXomRGH
PDWHULDOIHUURYLiULR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)XQGDomRGD$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH0yYHLV$)$0SRUFHUFDGHHPSUHViULRV
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
,QVWLWXLomRGR1~FOHRGH'HVHQKR,QGXVWULDO1',SHOR3UHVLGHQWHGR&HQWURGH,QG~VWULDVGR(VWDGRGH6mR3DXOR&,(63
7KHREDOGR'H1LJULVFRQVLGHUDQGRTXHRGHVHQKRLQGXVWULDOFRQVWLWXLLQVWUXPHQWRFDSD]GHLPSRUWDQWHFRQWULEXLomR
SDUDRREMHWLYRJHUDOGHIRUWDOHFLPHQWRHSURPRomRGDLQG~VWULDEUDVLOHLUDQRSDtVHQRH[WHULRU
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
,PSODQWDomRGR'HSDUWDPHQWR5HJLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH0DWR*URVVR
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
5HDOL]DomRGDSULPHLUDH[WUDomRGHyOHRQD%DFLDGH&DPSRVQROLWRUDOQRUWHGR(VWDGRGR5LRGH-DQHLURSURYDQGRVHX
SRWHQFLDOGHJUDQGHUHJLmRSHWUROtIHUD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGRV&HQWURVGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP,WDMDtH6mR%HQWRGR
6XO6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGRV'LVWULWRV,QGXVWULDLVGH%HWLPHGH*RYHUQDGRU9DODGDUHV0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULD)HUURYLiULD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
(QWUDGD HP RSHUDomR GD 6DOJHPD ,QG~VWULDV 4XtPLFDV 6$ KRMH 75,.(0 6$ PDLRU LQG~VWULD GH VRGDFORUR GD
$PpULFD/DWLQD
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLD7HFQRORJLDH(GXFDomR6XSHULRU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRGD'LJLWURHPSUHVDGH´VRIWZDUHµSDUDDiUHDGHWHOHPiWLFDHP)ORULDQySROLV6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
)XQGDomRGD&HUkPLFD3RUWREHOORHP7LMXFDV6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QDXJXUDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD9ROYRGR%UDVLO0RWRUHVH9HtFXORVHP&XULWLED3DUDQi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUDQi
,QVWDODomRGD0XOWLEUiVGD$PD]{QLD/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
3DQRUDPD1DFLRQDO
$VVLQDWXUDGHFRQYrQLRHQWUHD$FDGHPLD%UDVLOHLUDGH&LrQFLDVHD-DSDQ6RFLHW\IRU3URPRWLRQRI
6FLHQFHSHUPLWLQGRDYLQGDGHYiULRVHPLQHQWHVSHVTXLVDGRUHVMDSRQHVHVDR%UDVLO'DPHVPD
PDQHLUDPXLWRVEUDVLOHLURVWLYHUDPDRSRUWXQLGDGHGHYLVLWDUDVLQVWLWXLo}HVGHHQVLQRHSHVTXLVD
GR-DSmRGXUDQWHHVVHSHUtRGR)RQWH$FDGHPLD%UDVLOHLUDGH&LrQFLDV
,PSODQWDomRGD5HGH%LEOLRGDWD&$/&2&DWDORJDomR/HJtYHOSRU&RPSXWDGRUGD)XQGDomR*HW~OLR9DUJDVKRMH5HGH
%LEOLRGDWD
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$VVLQDWXUDGHFRQYrQLRHQWUHD$FDGHPLD%UDVLOHLUDGH&LrQFLDVHD-DSDQ6RFLHW\IRU3URPRWLRQRI6FLHQFH
)RQWH$FDGHPLD%UDVLOHLUDGH&LrQFLDV
,QtFLRGRVHUYLoRGHDFHVVRDEDVHVGHGDGRVQRH[WHULRU2UELW'LDORJH4XHVWHOSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomR
HP&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGR(VWDGRGH0DWR*URVVRGR6XOSHOD/HL&RPSOHPHQWDUGHGHRXWXEURGLYLGLQGRRWHUULWyULRGH0DWR
*URVVR
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
&ULDomRGR&RQVHOKR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRSHOD/HLGHGHMXOKR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
,PSODQWDomRGR/DERUDWyULR&HQWUDOGH3HVTXLVDH'HVHQYROYLPHQWR/$&SRUPHLRGHXPFRQYrQLRHQWUHD8QLYHUVLGDGH
)HGHUDOGR3DUDQi8)35HD&RPSDQKLD3DUDQDHQVHGH(QHUJLD&23(/
)RQWH,QVWLWXWRGH7HFQRORJLDSDUDR'HVHQYROYLPHQWR
5HFHELPHQWRSRU=HIHULQR9D]GR3UrPLR3HUVRQDOLGDGH*OREDORIHUHFLGRSHODV2UJDQL]Do}HV*ORERGH6mR3DXORFRPR
ILJXUDGHVWDFDGDGD(GXFDomRSRUWHUWUDQVIRUPDGRD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPXPGRVPDLV
LPSRUWDQWHVFHQWURVGHHVWXGRVHSHVTXLVDVGRPXQGR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
(QWUDGDHPRSHUDomRQRVHWRUS~EOLFR6HUYLoR)HGHUDOGH3URFHVVDPHQWRGH'DGRV6(5352GR
SULPHLURHTXLSDPHQWRGHLQIRUPiWLFDSURMHWDGRHIDEULFDGRQR%UDVLOVLVWHPDGHWUDQVFULomRGHGD
GRV)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD
,QGXVWULDO
3URGXomRQR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763GRVSULPHLURVORWHVGHPDWHULDLVGH
UHIHUrQFLDFHUWLILFDGRVSDGU}HVHPTXtPLFDQR%UDVLOFRPRDSRLRWpFQLFRGR1DWLRQDO%XUHDXRI6WDQGDUGVGRV(VWDGRV
8QLGRVTXHPDQWpPDWpKRMHDOLGHUDQoDQHVWDiUHDDWHQGHQGRjGHPDQGDQDFLRQDOEHPFRPRH[SRUWDQGRHVVHLQVX
PRGHDOWRYDORUWHFQROyJLFR
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,QtFLRGRSURJUDPDGHFRQYHUVmRGHPRWRUHVDJDVROLQDSDUDiOFRROFRPDLQVWDODomRGDVFKDPDGDVIURWDVH[SHULPHQWDLV
VREVXSHUYLVmRWpFQLFDGR'HSDUWDPHQWRGH0RWRUHVGR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
(QWUDGD HP RSHUDomR GD SULPHLUD WXUELQD D JiV XWLOL]DQGR iOFRRO FRPR FRPEXVWtYHO FRQYHUWLGD QR &HQWUR 7pFQLFR
$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGRWURQFRGHPLFURRQGDVHQWUH6mR3DXORH%HOR+RUL]RQWH
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRRILFLDOGRQRYRVLVWHPDGH79([HFXWLYD5HGH%UDVLOHLUDGH&LUFXLWRGH7HOHYLVmRHPGHPDLR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
3DUWLFLSDomRGD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD(0%5$(5SHODSULPHLUDYH]GR6DOmR,QWHUQDFLRQDOGH$HURQiXWLFD
QRDHURSRUWRGH/H%RXUJHWQD)UDQoD
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&ULDomRGR0XVHXGH&LrQFLDH7HFQRORJLDSHOD/HLGHžGHPDLR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
,QDXJXUDomRGD5iGLR1DFLRQDOGRJUXSR5DGLREUiVFRP.:2&(20RXYLGDHPWRGRRWHUULWyULREUDVLOHLUR
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
3ODQHMDPHQWRGDSURGXomRGHiOFRROHWtOLFRGDPDQGLRFDSHOR,QVWLWXWR1DFLRQDOGH7HFQRORJLD,17MXQWDPHQWHFRPD
8VLQDGHÉOFRROGH&XUYHORHP0LQDV*HUDLV
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
5HDOL]DomRGHH[SHULrQFLDVFRPODVHUGHVHPLFRQGXWRUHVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SRUPHLRGR
,QVWLWXWRGH)tVLFD*OHE:DWDJKLQHPSDUFHULDFRPRV/DERUDWyULRVGD+DPOOHW3DFNDUGVREDFRRUGHQDomRGRVFLHQWLVWDV
-RVp(OOLV5LSSHU)LOKRH5REHUW2UFKHU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGR3RVWR0HWHRUROyJLFRQD(VWDomR([SHULPHQWDOGD&(3/$&$PD]{QLD2FLGHQWDO
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRSHOD&RPSDQKLDGH'HVHQYROYLPHQWR7HFQROyJLFRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
GHXPQRYRSURFHVVRSDUDSURGXomRGHDP{QLDEDVHGRVIHUWLOL]DQWHVKLGURJHQDGRVTXHHPSUHJDLQVXPRVLQWHLUDPHQ
WHQDFLRQDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD(PSUHVD&HDUHQVHGH7HOHFRPXQLFDo}HV(&(7(/
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
'HVHQYROYLPHQWRGRSURFHVVRGHODPLQDomRDIULRGHFKDSDVGHDoRHVSHFLDOGHXOWUDDOWDUHVLVWrQFLDSDUDXVRDHURHVSD
FLDOFRQKHFLGRFRPR0SHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGR3RUWRGH8EXGD6DPDUFR0LQHUDomRTXHIRLDSULPHLUDHPSUHVDQR%UDVLODH[SORUDURLWDELULWRXP
PLQpULRFRPEDL[RWHRUGHIHUUR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH7HFQRORJLD$JURLQGXVWULDOGH$OLPHQWRVGD(PSUHVD
%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD²(0%5$3$QR5LRGH-DQHLUR)RQWH(PSUHVD%UDVLOHLUDGH
3HVTXLVD$JURSHFXiULD
,QtFLRGRVHVWXGRVSRUJHQHWLFLVWDVGR,QVWLWXWRGH$JURQRPLDGH&DPSLQDVHFRQWLQXDGRVQD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03TXHOHYDUDPjGHVFREHUWDGHXPQRYRPLOKRGRFHUHVXOWDGRGRFUX]DPHQWRGHGXDVYDULHGDGHV
GRV(VWDGRV8QLGRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWLPXODomRGDSURGXomRHFRDJXODomRGROiWH[HPVHULQJDLVQDWLYRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR)XQGR3DXOLVWDGH'HIHVDGD&LWULFXOWXUD)XQGHFLWUXVFRPRREMHWLYRGHDWXDUQRPRQLWRUDPHQWRUHDOL]DomR
H ILQDQFLDPHQWR GH SHVTXLVDV FLHQWtILFDV SDUD D GHVFREHUWD GH IRUPDV GH FRPEDWHRX GH FRQYLYrQFLD FRPGRHQoDV H
SUDJDVTXHDIHWDPDODYRXUDGRVFtWULFRVePDQWLGRSRUSURGXWRUHVHLQG~VWULDVGHVXFRYROWDGRVSDUDDGHIHVDVDQLWiULD
YHJHWDO
)RQWH$VVRFLDomR%UDVLOHLUDGRV([SRUWDGRUHVGH&tWULFRV
,QtFLRGDSURGXomRGHDUUR]XWLOL]DQGRPHFDQL]DomRDJUtFRODQRFRPHoRQRVHTXHLURGHSRLVHPPDLRUHVFDODQDLUUL
JDomR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH5RUDLPD
,QtFLRGR3URJUDPDGH3HVTXLVDGH$YHLDQD8QLYHUVLGDGHGH3DVVR)XQGR83)TXHSUHWHQGHGHVHQYROYHUDWpRDQRGH
YLQWHFXOWLYDUHVGHDYHLDEUDQFD
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&LrQFLDV+XPDQDVH6RFLDLV
$SUHVHQWDomRGDSULPHLUDYHUVmRFRPSOHWDGR9RFDEXOiULR2UWRJUiILFRGD/tQJXD3RUWXJXHVD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
92/3SHORSUHVLGHQWH$XVWUHJpVLORGH$WKD\GHHQWmRSUHVLGHQWHGD$FDGHPLD%UDVLOHLUDGH
/HWUDV)RQWH$FDGHPLD%UDVLOHLUDGH/HWUDV
&ULDomRGD$VVRFLDomR1DFLRQDOGH3yV*UDGXDomRH3HVTXLVDHP&LrQFLDV6RFLDLV$132&6
)RQWH&HQWURGH*HVWmRH(VWXGRV(VWUDWpJLFRV
$VVLQDWXUDGHFRQYrQLRSDUDLPSODQWDomRGHXPVLVWHPDGHFDSLWDOL]DomRHILQDQFLDPHQWRGDHGXFDomRQD$PpULFD/DWLQD
TXHpDSULPHLUDDWLYLGDGHFRQMXQWDGR&HQWURGH(VWXGRVHP$GPLQLVWUDomR8QLYHUVLWiULD&(17$8GD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03HGD8QLYHUVLGDGH&HQWUDOGD9HQH]XHOD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
'HVLJQDomRGD)DFXOGDGHGH&LrQFLDV0pGLFDV)&0GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03SDUDSUHVWDUHUHFHEHULQIRUPDo}HVFLHQWtILFDVGHWRGRRPXQGRSRUPHLRGREDQ
FRGHGDGRV0HG/LQHHGD%LEOLRWHFDGH6mR3DXOR&HQWUR/DWLQR$PHULFDQRHGR&DULEHGH
,QIRUPDomRHP&LrQFLDVGD6D~GH%,5(0(ILOLDGDj2UJDQL]DomR3DQ$PHULFDQDGD6D~GH
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
(UUDGLFDomRGD5DLYDQR3DUDQi
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
'HVHQYROYLPHQWRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR3URJUDPD0DWHUQR,QIDQWLOHPPXQLFtSLRVGD
UHJLmRGH&DPSLQDVSRULQWHUPpGLRGHFRQYrQLRFRPR'HSDUWDPHQWRGH2EVWHWUtFLDH*LQHFRORJLDGD)DFXOGDGHGH
&LrQFLDV0pGLFDVH6HFUHWDULDGH6D~GHGR(VWDGRGH6mR3DXORFRPRREMHWLYRGHLPSOHPHQWDUPHGLGDVLQpGLWDVQR
DWHQGLPHQWRFRPXQLWiULRSDUDWRUQiOREDUDWRHLQRYDGRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRQD8QLYHUVLGDGHGH)RUWDOH]DGR1~FOHRGH$WHQomR0pGLFD,QWHJUDGD1$0,FRPRREMHWLYRGHSUHVWDUVHU
YLoRVQDiUHDGHVD~GHDRVPRUDGRUHVGD&RPXQLGDGHGR'HQGrEHPFRPRVHUYLUGHFDPSRGHHVWiJLRDRVDOXQRVGR
&HQWURGH&LrQFLDVGD6D~GH
)RQWH8QLYHUVLGDGHGH)RUWDOH]D
$Q~QFLRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GDQRYDWpFQLFDGHFLUXUJLDSDUDSRUWDGRUHVGHGHILFLrQFLDV
DXGLWLYDVFRPRHPSUHJRGRUDLRODVHUGHDUJ{QLRGHVHQYROYLGRSRUItVLFRVGDXQLYHUVLGDGHWUDEDOKDQGRFRPDHTXLSH
PpGLFDGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(OHLomRGRSURIHVVRU0DXULFLR.QREHOSVLTXLDWUDGLUHWRUGR'HSDUWDPHQWRGH3VLFRORJLD0pGLFDGD)DFXOGDGHGH&LrQFLDV
0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SDUDSDUWLFLSDUGR,QWHUQDWLRQDO&RXQFLORI3V\FKRORJLVWFRPR
FRRUGHQDGRUSDUDWRGD$PpULFD/DWLQDHGD)HGHUDomR0XQGLDOGH3VLFRWHUDSLDFRPRPHPEURGR&RQVHOKR'LUHWRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)XQGDomRGD6RFLHGDGH%UDVLOHLUDGH1HXURFLrQFLDH&RPSRUWDPHQWR
)RQWH6RFLHGDGH%UDVLOHLUDGH1HXURFLrQFLDH&RPSRUWDPHQWR
5HDOL]DomR SHOD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 H D &RRUGHQDGRULD GH 6D~GH 0HQWDO GR (VWDGR GH
6mR 3DXOR GD , -RUQDGD GH $WXDOL]DomR HP 3VLFRSDWRORJLD ,QIDQWLO RUJDQL]DGD SHOR SURIHVVRU 0DXUtFLR .QREHO GR
'HSDUWDPHQWRGH%LRORJLD0pGLFDH3VLTXLDWULDGD)DFXOGDGHGH&LrQFLDV0pGLFDVFRPRREMHWLYRGHSURPRYHUGHEDWHV
VREUHDVD~GHPHQWDOGDFULDQoDHGRDGROHVFHQWHEUDVLOHLUR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV%LROyJLFDV
)XQGDomRGD6RFLHGDGH%UDVLOHLUDGH1HXURFLrQFLDH&RPSRUWDPHQWR)RQWH6RFLHGDGH%UDVLOHLUD
GH1HXURFLrQFLDH&RPSRUWDPHQWR
,QtFLRQR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GHSHVTXLVDVSDUDGHVHQYROYLPHQWRGHPDWHULDLVJHQpWLFRVH
WHFQRORJLDSDUDDIDEULFDomRGHSDLQpLVGHSLQXVWURSLFDLV
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGR&RQVHOKR(VWDGXDOGH3ROtWLFD$PELHQWDO&23$0
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
,PSODQWDomRGRFXUVRGHSyVJUDGXDomRHP%LRORJLD9HJHWDOQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR/DERUDWyULRGH)tVLFDGH3ODVPDGD8QLYHUVLGDGH)HGHUDO)OXPLQHQVH²8)))RQWH
8QLYHUVLGDGH)HGHUDO)OXPLQHQVH
,QtFLRGDVRSHUDo}HVGD6DPDUFR0LQHUDomR6$TXHIRLDSULPHLUDHPSUHVDQR%UDVLODH[SORUDURLWDELULWRXPPLQpULR
FRPEDL[RWHRUGHIHUUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(PLVVmRGDOLFHQoDSDUDDFRQVWUXomRGH$QJUDSHOD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1$LQGDQHVVHDQR
VHUiFRQFHGLGDDOLFHQoDSDUDDFRQVWUXomRGH$QJUDEHPFRPRDHIHWLYDomRGRSULPHLURFDUUHJDPHQWRGRQ~FOHRGR
UHDWRU$WpVHUiGDGDDDXWRUL]DomRSURYLVyULDSDUDDDSXUDomRGDVXVLQDV
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
5HDOL]DomRGDSULPHLUDYHQGDSDUDRPHUFDGRDPHULFDQRIHLWDSHOD(PSUHVD%UDVLOHLUDGH
$HURQiXWLFD(0%5$(5)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&ULDomR GR &HQWUR GH 8QLGDGHV 0yYHLV &(80 FRP R REMHWLYR GH LQWHQVLILFDU D DWXDomR GR 6HUYLoR 1DFLRQDO GH
$SUHQGL]DJHP,QGXVWULDO6(1$,HPYiULRVPXQLFtSLRVGR(VWDGRGR0DUDQKmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,PSODQWDomR GR &RPSOH[R ,QGXVWULDO GH %DVH GH 6HUJLSH FRP D )iEULFD GH )HUWLOL]DQWHV 1LWURJHQDGRV )$)(1 H GD
3HWUREUDV0LQHUDomR6$3(7520,6$
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
)LUPDGRDFRUGRGHFRRSHUDomRWpFQLFDFRPR,1$03GR&KLOHSDUDHQVLQRSURILVVLRQDOL]DQWHDGLVWkQFLD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGRV&HQWURVGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP&KDSHFy6mR-RVp5LR
GR6XOH-DUDJXi6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGHRSHUDomRGD8VLQD6mR6LPmRQR5LR3DUDQDtEDHP6mR6LPmR0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGDSULPHLUDIiEULFDGHFRPSXWDGRUHVGD(PSUHVD&REUDTXHIDEULFDFRPSXWDGRUHVGHWHFQRORJLDLQJOHVD
)HUUDQWLSDUDDSOLFDo}HVPLOLWDUHVHRFRPSXWDGRU*SURMHWDGRHIDEULFDGRQR%UDVLOHPFRQMXQWRFRPD3RQWLItFLD
8QLYHUVLGDGH&DWyOLFD38&5-HD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
$SURYDomRSHOR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752GDSULPHLUD1RUPD
%UDVLOHLUD&RPSXOVyULD1%5UHODWLYDDPRWRUHVDiOFRROQDYLJrQFLDGDQRYDOHJLVODomR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGHÐOHRV(VVHQFLDLV3URGXWRV4XtPLFRV$URPiWLFRV)UDJUkQFLDV$URPDVH$ILQV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
0RQWDJHPGRV/DERUDWyULRV0HWDO~UJLFR)tVLFR4XtPLFRHGH$SOLFDomRGD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
(0%5$&2SDUDWHVWDUHFRQWURODUWRGRVRVPDWHULDLVHFRPSRQHQWHVGRSURGXWR
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
5HFHELPHQWRGR3UrPLR9LVFRQGHGH&DLUXGR,QVWLWXWR5REHUWR0RQVHQ\SHORVSURIHVVRUHV:LOVRQ&DQRH6pUJLR6LOYD
GR'HSDUWDPHQWRGH(FRQRPLDGR,QVWLWXWRGH)LORVRILDH&LrQFLDV+XPDQDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03UHVSHFWLYDPHQWHSHORVOLYURV´5Dt]HVGHFRQFHQWUDomRLQGXVWULDOHP6mR3DXORµH´([SDQVmRFDIHHLUDHRULJHP
GDLQG~VWULDQR%UDVLOµ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV(PSUHVDVGH6HUYLoRVGH(QJHQKDULDGH7HOHFRPXQLFDo}HV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRGDH[SRUWDomRGHiOFRROSHOR%UDVLOVREUHWXGRSDUDRV(VWDGRV8QLGRVHR-DSmR
)RQWH79&XOWXUD
,QVWDODomRGD7KRPVRQ0XOWLPtGLD/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/HP0DWR*URVVR
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
&ULDomRGD$OXPtQLR%UDVLOHLUR6$$/%5$6UHXQLQGRFDSLWDLVEUDVLOHLURHMDSRQrV
)RQWH$/%5$6
,QtFLRGHRSHUDomRGD8VLQD,JDUDSpQR5LR3DUDRSHEDHP-XDWXED0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QFRUSRUDomRGD6LPFDj9RONVZDJHQ
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGR(VStULWR6DQWR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGRV&HQWURVGH)RUPDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP-RLQYLOOH6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
)XQGDomRGD'DWDVXOSURGXWRUDGH´VRIWZDUHµHSUHVWDGRUDGHVHUYLoRVHPDGPLQLVWUDomRGHHPSUHVDVHP-RLQYLOOH6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
3URGXomRGDSULPHLUDFHOXORVHQR(VStULWR6DQWRSHOD$UDFUX]&HOXORVH6$
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
'HVHQYROYLPHQWRGRSURFHVVRSDUDREWHQomRGHWDOFRSDUDILQVLQGXVWULDLVSLRQHLURQDLPSODQWDomRGHXVLQDSLORWRGH
IORWDomRGRWDOFRPLQHUDOQR%UDVLOSRVVLELOLWDQGRDDPSOLDomRGHPHUFDGRVSDUDR6LQGLFDWRGRV3URGXWRUHVGH7DOFRGH
3RQWD*URVVD
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
&ULDomRGDHPSUHVD6XDSH&RPSOH[R,QGXVWULDO3RUWXiULRHP3HUQDPEXFR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
,QWURGXomRQR&HQWURGH)RUPDomR3URILVVLRQDO(XYDOGR/RGLGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR5LR
GH-DQHLUR6(1$,5-GDWHFQRORJLDGH&RPDQGR1XPpULFR&RPSXWDGRUL]DGR&1&SDUDFDSDFLWDomRGHSURILVVLRQDLV
SDUDDLQG~VWULD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGHHPSUHVDVQR3yOR3HWURTXtPLFRGD%DKLDHP&DPDoDULSDUDDSURGXomRGHHWHQRSURSHQREXWDGLH
QR[LOHQRVWROXHQREHQ]HQRRFWDQROEXWDQROLVREXWDQRODQLGULGRIWiOLFRDQLGULGRQDOpLFRILEUDVDFUtOLFDVPDODPLQD
PHWDQROFDSURODFWDPDVXOIDWRGHDP{QLRGLPHWLOWHUHIWDODWRDFULORQLWULODiFLGRFLDQtGULFRIRUPDOGHtGRKH[PHWLOHQRWH
WUDPLQDSHQWDHULWULWROIRUPLDWRGHVyGLRPRQ{PHURGHFORUHWRGHYLQLODFORUHWRGHSROLYLQLODDOTXLOEHQ]HQRHVWLUHQR
SROLHWLUHQRWROXHQRGLLVRFLDQDWRy[LGRGHHWHQRHWLOHQRJOLFRLVHWDQRODPLQDVpWHUHVJOLFyOLFRVSROLHWLOHQRVGHDOWDH
EDL[DGHQVLGDGHHSROLSURSLOHQR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,PSODQWDomRGD6DGLD$JURSDVWRULOHP)D[LQDOGRV*XHGHV6&HVSHFLDOL]DGDHPPHOKRUDPHQWRJHQpWLFRDQLPDOELRWHF
QRORJLDHWpFQLFDVDYDQoDGDVGHWUDWDPHQWRGHVROR
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
,QVWDODomRQR%UDVLOGRJUXSR3LONLQJWRQTXHDGTXLULXD3URYLGURIiEULFDGHYLGURODPLQDGRHD%OLQGH[TXHRSHUDQR
PHUFDGRGHYLGURVSDUDYHtFXORVDXWRPRWRUHVHFRQVWUXomRFLYLO
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
3LRQHLULVPRGD3RO\HQND/WGDQRODQoDPHQWRGHILRVFRPWHFQRORJLDGHWDQJOHDPHQWRILRVSURWHJLGRVSDUDVHUHPXWLOL
]DGRVHPXUGXPHGHWHFHODJHPHWUDPDGHDOWDYHORFLGDGHVXEVWLWXLQGRRILRUHWRUFLGRFRPYDQWDJHQVGHFXVWRV
)RQWH3RO\HQND/WGD
&ULDomRGR1~FOHRGH7HFQRORJLD,QGXVWULDO187(&SHOD/HL(VWDGXDOGHGHQRYHPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
3DQRUDPD1DFLRQDO
,QVWLWXLomRGHUHIRUPDVSROtWLFDVSHOD(PHQGD&RQVWLWXFLRQDOTXHUHYRJDR$,HRVDWRVEDL
[DGRVDQWHULRUPHQWH3RUHODR3UHVLGHQWHGD5HS~EOLFDUHFHELDRGLUHLWRGHGHFUHWDURHVWDGRGH
VtWLRHGHHPHUJrQFLD)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRQD8QLYHUVLGDGH(VWDGXDOGD3DUDtED8(3%GR&XUVRGH(GXFDomR)tVLFDH'HVSRUWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGD3DUDtED
,QVWLWXLomR GR 3UrPLR -RVp 5HLV GH 'LYXOJDomR &LHQWtILFD SHOR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H
7HFQROyJLFR&13TSDUDRVTXHWHQKDPFRQWULEXtGRVLJQLILFDWLYDPHQWHSDUDWRUQDUDFLrQFLDDWHFQRORJLDHDSHVTXLVD
FRQKHFLGRVGRS~EOLFROHLJRHSHODGLYXOJDomRGDVDWLYLGDGHVGHSHVTXLVDVHGRVDYDQoRVFLHQWtILFRVHWHFQROyJLFRVQRV
YHtFXORVGHFRPXQLFDomRFROHWLYDLPSUHVVRVRXHOHWU{QLFRV2SUrPLRpXPDKRPHQDJHPDRSURIHVVRU-RVp5HLVSLRQHLUR
GHGLYXOJDomRFLHQWtILFDQR%UDVLO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGR3URJUDPDGH&DSDFLWDomR'RFHQWHGD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3XWLOL]DQGRVH
UHFXUVRVSUySULRVGDLQVWLWXLomRQRRIHUHFLPHQWRGHFXUVRVGHHVSHFLDOL]DomRHPQtYHOGHSyVJUDGXDomR´ODWRVHQVXµDRV
SURIHVVRUHVGD8QLYHUVLGDGHSRUPHLRGD&RRUGHQDomR*HUDOGH3HVTXLVDH3yV*UDGXDomR&*3
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
,PSODQWDomRGR,QWHUQDWLRQDO6WDQGDUG%RRN1XPEHU,6%1SDUDUHJLVWURHFRQWUROHGHOLYURVQD%LEOLRWHFD1DFLRQDO
GHSyVLWROHJDO
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
(ODERUDomRGHSURMHWRSDUDRGHVHQYROYLPHQWRGR$FUHSRUPHLRGR&HQWURGH(VWXGRVHP'HVHQYROYLPHQWR8QLYHUVLWiULR
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREDFRRUGHQDomRGH0DUFR$QW{QLR&DPSRVGH6RX]D
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRSULPHLUREDQFRGHGDGRVSDUDDUPD]HQDULQIRUPD
o}HVFLHQWtILFDVHWHFQROyJLFDVQXPGRVPDLVVRILVWLFDGRVFRPSXWDGRUHVGD$PpULFD/DWLQDR3'3
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWUR8QLYHUVLWiULRGH&RRSHUDomR,QWHUQDFLRQDO&(&2,QD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
FRPREMHWLYRGHGHVHQYROYHUSURJUDPDVGHSHVTXLVDVHGHVHQYROYLPHQWRHPFRRSHUDomRLQWHUQDFLRQDODOpPGHSUHVWDU
DVVHVVRULDWpFQLFDQDViUHDVGHVXDFRPSHWrQFLDjVHQWLGDGHVEUDVLOHLUDVGHFRRSHUDomRLQWHUQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomR8QLYHUVLWiULDGH'HVHQYROYLPHQWR([WHQVmRH3HVTXLVD)81'(36
)RQWH,QVWLWXWR(XYDOGR/RGL
)HGHUDOL]DomRGD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD8)8SHOD/HL
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGDQRYD5HGH1DFLRQDOGH(VWDo}HV&RVWHLUDV5(1(&FRPRREMHWLYRGHSUHVWDUR
6HUYLoR0yYHO0DUtWLPR600)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
,QDXJXUDomRGRWURQFRGHPLFURRQGDVHQWUH&XULWLEDH%DXUX
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGD)XQGDomR5REHUWR0DULQKRTXHSHORGHVHQYROYLPHQWRGHWHFQRORJLDVGHFRPXQLFDomRYHPDWXDQGRQDiUHD
GHHGXFDomRSDUDFLrQFLDHHFRORJLDHGXFDomREiVLFDHHGXFDomRSDUDRSDWULP{QLR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD)DFXOGDGHGH7HFQRORJLD)7GD8QLYHUVLGDGHGH%UDVtOLD8Q%
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
$SUHVHQWDomR GD PiTXLQD SURFHVVDGRUD GH OHLWH GH VRMD YDFD PHFkQLFD SURMHWDGD SHOR SURIHVVRU GD )DFXOGDGH GH
(QJHQKDULDGH$OLPHQWRVH$JUtFROD5REHUWR+HUPtQLR0RUHWWLDTXDOSURFHVVDPLOOLWURVSRUGLDDEDL[RFXVWR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH7HFQRORJLD0LQHUDO&(7(0SHOR0LQLVWpULRGH0LQDVH(QHUJLDFRPRREMHWLYRGHGLIXQGLUHDGDS
WDUWHFQRORJLDVQDViUHDVGHPLQHUDORJLDPHWDOXUJLDHPHLRDPELHQWH
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
&ULDomRHP%UDVtOLD')GD(VFROD6XSHULRUGH$GPLQLVWUDomR3RVWDO(6$3
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
&ULDomRQD8QLYHUVLGDGHGH)RUWDOH]D81,)25GR1~FOHRGH$WLYLGDGHV7HFQROyJLFDV,QWHJUDGDV1$7,FXMRREMHWLYR
pDGTXLULUYDVWDH[SHULrQFLDSDUDXWLOL]DomRGDWHFQRORJLDGDLQIRUPDomRSRUPHLRGDSUiWLFDHPDWLYLGDGHVGHSURGXWRV
GHVHQYROYLGRVSDUDRPHUFDGRHFDSDFLWDomRDWXDOL]DGDFRPUHODomRjVPDLVPRGHUQDVIHUUDPHQWDVGH´VRIWZDUHµ´KDU
GZDUHµHJHVWmR
)RQWH8QLYHUVLGDGHGH)RUWDOH]D
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7UDQVIRUPDomRGR,QVWLWXWRGH%LRORJLDH3HVTXLVDV7HFQROyJLFDV,%37TXHIRLFULDGRHPQR,QVWLWXWRGH7HFQRORJLD
GR3DUDQi7(&3$5WRUQDQGRVHHPSUHVDS~EOLFDIRUWDOHFHQGRDSROtWLFDGHDSUR[LPDomRFRPDFRPXQLGDGHHPSUH
VDULDO
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
,QDXJXUDomRGDHVWDomRGHFRPXQLFDo}HVGRPpVWLFDVYLDVDWpOLWHHP5LR%UDQFR$&
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGRWURQFRGHPLFURRQGDVHQWUH%UDVLOH$UJHQWLQD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGRQRYRWURQFRGHPLFURRQGDVHQWUH%HOR+RUL]RQWHH%UDVtOLDHPGHPDUoR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGDHVWDomRWHUUHQDGHFRPXQLFDo}HVGRPpVWLFDVYLDVDWpOLWHHP0DFDSi$3
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGDHVWDomRWHUUHQDSDUDFRPXQLFDo}HVGRPpVWLFDVYLDVDWpOLWHHPGHPDUoRHP3RUWR9HOKR52
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGRWURQFRGHPLFURRQGDVHQWUH&XLDEiH*RLkQLD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
0DSHDPHQWRGDVLQVWLWXLo}HVDWXDQWHVHP&LrQFLDH7HFQRORJLDHP0LQDV*HUDLVSHODHTXLSHGR3URJUDPDGH,QIRUPDomR
HP&LrQFLDH7HFQRORJLDGR&HQWUR7HFQROyJLFRGH0LQDV*HUDLV&(7(&SRUHQFRPHQGDGD6HFUHWDULDGH(VWDGRGH
&LrQFLDH7HFQRORJLDGH0LQDV*HUDLV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&LrQFLDV$JUiULDV
$OWHUDomRQDDEUDQJrQFLDGDPLVVmRGR&HQWUR1DFLRQDOGH6XtQRVSDVVDQGRDGHQRPLQDUVH
&HQWUR1DFLRQDOGH6XtQRVH$YHV)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$SUHVHQWDomRGDQRYDWHFQRORJLDGHUHFRPELQDomRGDSROSDFRPVRURSDUDRSURFHVVDPHQWRGRWRPDWHFDSD]GHSUH
VHUYDURVYDORUHVSURWpLFRVVHPSUHMXt]RSDUDRVDERUHRDURPDSHORSURIHVVRU5REHUWR+HUPtQLR0RUHWWLGD)DFXOGDGH
GH(QJHQKDULDGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRVWUDEDOKRVTXHYLHUDPDGHPRQVWUDURFRQWUROHELROyJLFRGHODJDUWDVHPSODQWDo}HVGHVRMDSRUYtUXV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGD(VWDomRGH3VFLFXOWXUDHP5RUDLPD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH5RUDLPD
&ULDomRGD%LEOLRWHFD5HJLRQDOGH$JULFXOWXUD%,1$*5,KRMH&HQWUR1DFLRQDOGH$JULFXOWXUD&(1$*5,
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,QtFLRGRSURJUDPDGHFRQWUROHELROyJLFRGHSXOJ}HVGRWULJR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HDOL]DomRGHSHVTXLVDVFRPRREMHWLYRGHFRQVHJXLUDHVWHULOL]DomRLGHDOSDUDRVDOLPHQWRVFRQGX]LGDVSHORSURIHVVRU
)XPLR<RNR\DGD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV+XPDQDVH6RFLDLV
3URPRomRGR,&RQJUHVVRGH/HLWXUDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPSDUFHULDFRPD$VVRFLDomR
&DPSLQHLUDGH%LEOLRWHFiULRVHD3UHIHLWXUD0XQLFLSDOGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWURGXomRQR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7GHILWDVPDJQpWLFDVGR1DWLRQDO7HFKQLFDO
,QIRUPDWLRQ6HUYLFH17,6/LEUDU\,QIRUPDWLRQ6FLHQFH$EVWUDFWV/,6$HRXWUDVEDVHVGHGDGRVHVWUDQJHLUDVSDUDDFHVVR
´RQOLQHµ
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
,QtFLRGDVDWLYLGDGHVGR,QVWLWXWRGH(VWXGRVGD/LQJXDJHP,(/GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VRE
GLUHomRGRSURIHVVRU$QW{QLR&kQGLGR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
,QVWDODomRGRSULPHLURPDPyJUDIRGD$PpULFD/DWLQDQD0DWHUQLGDGHGH&DPSLQDVSDUDGHWHFomR
GHFkQFHUQDPDPD)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SUHVHQWDomRQR0DUJDUHWK6DQJHU&HQWHUGDVH[SHULrQFLDVGHVHQYROYLGDVQDiUHDGHFRQWUROHGHFkQFHUJLQHFROyJLFRH
PDPiULRTXHLQWHJUDRSURJUDPDGHDWHQGLPHQWRLQWHJUDOjPXOKHUSHORSURIHVVRU-RVp$ULVWRGHPR3LQRWWLGD)DFXOGDGH
GH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWLWXLomRGRV3UrPLRV(GJDUGGH0DJDOKmHVH3KLOOLS+HQFKSHOD6RFLHGDGH%UDVLOHLUD5HXPDWROyJLFDGHVWLQDGRVDRV
PHOKRUHVWUDEDOKRVQDiUHDGHUHXPDWRORJLD$)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03UHFHEHXDVSULPHLUDVFRORFDo}HVQHVWHDQR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomRGH+HPDWRORJLDHGH+HPRWHUDSLDGH3HUQDPEXFR+(023(
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
5HFHELPHQWR GR 3UrPLR *HUKDUG 'RPDJN SHORV SURIHVVRUHV /XL] $XJXVWR 0DJDOKmHV GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03H-RVp)GH&DUYDOKRGD8QLYHUVLGDGH)HGHUDOGH6mR&DUORVSHORHVWXGR&RPSRUWDPHQWRGHGXDV
OLQKDJHQVGHHVTXLVWRVVRPDSUHSRVLomRSDUDXPPpWRGRGHHVWXGRTXDQWLWDWLYRQR&RQJUHVVR$QXDOGD6RFLHGDGH
%UDVLOHLUDGH0HGLFLQD7URSLFDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWDEHOHFLPHQWR GR 'HSDUWDPHQWR GH *LQHFRORJLD H 2EVWHWUtFLD GD )DFXOGDGH GH &LrQFLDV 0pGLFDV GD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03SDUDDVVHVVRUDUR0LQLVWpULRGD6D~GHGD9HQH]XHODQDLPSODQWDomRGHXPSURJUDPD
GHFRQWUROHGHFkQFHUGHPDPD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3URJUDPDGH&RQWUROHGH&kQFHUGH0DPDQD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03QR6HWRUGH0DVWRORJLDVRED&RRUGHQDomRGRSURIHVVRU-RVp$ULVWRGHPR3LQRWWL
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
5HDOL]DomRGHSHVTXLVDVFRPRREMHWLYRGHFRQVHJXLUDHVWHULOL]DomRLGHDOSDUDRVDOLPHQWRVSHOD
)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVGD81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR,QVWLWXWRGR0HLR$PELHQWH,0$
)RQWH,QVWLWXWR(XYDOGR/RGL
5HFHELPHQWR GH YHUED GD )XQGDomR 9RONVZDJHQ GH +DQQRYHU SHOR &HQWUR GH (QJHQKDULD *HQpWLFD GD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03SDUDDSHVTXLVDGRVSURIHVVRUHV)UDQFLVFR/DUDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03H&RUQHOLV)6WROOHQEHUJGR,QVWLWXWR0DUN3ODQNGH7ELQJHQ$OHPDQKDTXHYLVDDHVWXGDURFRQWUROHGH
DomRJrQLFDGHXPDHVSpFLHGHPRVFDPXLWRFRPXPQR%UDVLO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGR3URMHWR)ORUD1RUGHVWH
)RQWH0XVHX3DUDQDHQVH(PtOLR*RHOGL
&ULDomRGD$GPLQLVWUDomR(VWDGXDOGR0HLR$PELHQWH$'(0$SHOD/HL(VWDGXDOGHGHRXWXEUR$XWDUTXLD
(VWDGXDOTXHHP6HUJLSHH[HFXWDDSURPRomRGDSUHVHUYDomRGRPHLRDPELHQWHGDIDXQDGDIORUDHGRXVRUDFLRQDO
GRVUHFXUVRVKtGULFRVDVVLPFRPRDSURWHomRGRVHFRVVLVWHPDVQDWXUDLV
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
,PSODQWDomRSHOD6DGLDQRRHVWHFDWDULQHQVHGHXPFHQWURGHSHVTXLVDDSOLFDGDHPJHQpWLFDDQLPDOELRWHFQRORJLDH
WUDWDPHQWRGRVROR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD&RPLVVmR(VWDGXDOGR0HLR$PELHQWH&(0$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
,PSODQWDomRGR3URMHWR)ORUD&HQWUR2HVWHSRUPHLRGHXPFRQYrQLRILUPDGRHQWUHD8QLYHUVLGDGHGH%UDVtOLD8Q%
D (PSUHVD %UDVLOHLUD GH 3HVTXLVD $JURSHFXiULD (0%5$3$ H R &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H
7HFQROyJLFR&13T
)RQWH0XVHX3DUDQDHQVH(PtOLR*RHOGL
&LrQFLDV([DWDVHGD7HUUD
5HDOL]DomRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRSULPHLURHQFRQWURGHSyV
JUDGXDomRFRPUHSUHVHQWDQWHVGHWRGDVDVLQVWLWXLo}HVEUDVLOHLUDVTXHFRQIHUHPWtWXORVGHSyV
JUDGXDomRHPItVLFDDVWURQRPLDRXiUHDVSUy[LPDVGDItVLFDVRERUJDQL]DomRGD&RRUGHQDomR
GH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6)RQWH8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFHELPHQWR GR 3UrPLR %HUQDUGR $ +RXVVD\ SHOR FLHQWLVWD &pVDU 0DQVXHWWR *LXOLR /DWWHV SURIHVVRU GR ,QVWLWXWR GH
)tVLFD*OHE:DWDJKLQGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SRUVXDVFRQWULEXLo}HVQRFDPSRGDItVLFDDW{
PLFDHQXFOHDUQD$PpULFD/DWLQD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
/HYDQWDPHQWRVHSHVTXLVDVGHFDPSRSHOR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$SDUDHODERUDomRGHFDUWDVWRSRJUiIL
FDVQD5HJLmR0HWURSROLWDQDGH%HOR+RUL]RQWH3URMHWRSLRQHLURQRSDtVIRUDPFRQFOXtGDVFDUWDVHDSDUWLUGH
RVWUDEDOKRVIRUDPUHLQLFLDGRV(VVDVFDUWDVSHUPLWHPDLPSODQWDomRHGHVHQYROYLPHQWRGHLQ~PHURVSURMHWRVGHPDLRU
DOFDQFHVRFLDOFRPDSOLFDomRGHWHFQRORJLDGHSRQWD
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGH)XPR)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
7UDQVIRUPDomRSHOR&RQVHOKR1DFLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GD(VFROD7pFQLFDGD
,QG~VWULD4XtPLFDH7r[WLOVLWXDGDQR5LRGH-DQHLURQRSULPHLUR&HQWURGH7HFQRORJLDGR6LVWHPD6(1$,SDVVDQGRDVH
FKDPDU&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO&(7,472QRYR&HQWURGH7HFQRORJLDDOpPGDHGXFDomRWHF
QROyJLFDSDVVDDGHVHQYROYHUDWLYLGDGHVGHDVVHVVRULDWpFQLFDHWHFQROyJLFDDWLYLGDGHVGHSHVTXLVDDSOLFDGDHYHLFXODomR
GHLQIRUPDomRWHFQROyJLFD
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
&ULDomRGR&HQWURGH7UHLQDPHQWRGH6XSHUYLVRUHVH*HUHQWHVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
GH*RLiV&(75(6*HP*RLkQLD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWUR,QWHJUDGRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,HGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWUR,QWHJUDGRGR6HUYLoR6RFLDOGD,QG~VWULD6(6,HGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,QR5LR*UDQGHGR1RUWH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR1RUWH
&ULDomRGR)XQGRGH'HVHQYROYLPHQWR,QGXVWULDOGR&HDUi)',SHOD/HLGHGHGH]HPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&ULDomR GR /DERUDWyULR GH $QiOLVH )tVLFR4XtPLFDV GD 0DGHLUD H 0RELOLiULR /$),48,0 GR 6HUYLoR 1DFLRQDO GH
$SUHQGL]DJHP,QGXVWULDO6(1$,HP6mR%HQWRGR6XO6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,PSODQWDomRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63GR&XUVR7pFQLFRGH&HOXORVHH3DSHO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGD&209$3$o~FDUHÉOFRRO/WGD
)RQWH6HFUHWDULDGD(GXFDomR
$TXLVLomRGHXPDIiEULFDGHHVPDJDPHQWRGHVRMDHH[WUDomRGHyOHRHP-RDoDED6&'HVVDIRUPDD6DGLDHQWUDQR
QHJyFLRGDVRMDHDRDGTXLULUXPIULJRUtILFRHP'XTXHGH&D[LDV5-LPSODQWDQDTXHODORFDOLGDGHPDLVXPDIiEULFDSDUD
DSURGXomRGHHPEXWLGRV
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGDVDWLYLGDGHVGR&HQWURGH)RUPDomR3URILVVLRQDOGH-RmR3HVVRDDWXDOPHQWHGHQRPLQDGR&HQWURGH(GXFDomR
3URILVVLRQDO2GLORQ5LEHLUR&RXWLQKRRIHUHFHQGRFXUVRVQDVPRGDOLGDGHVGH$SUHQGL]DJHP,QGXVWULDOHP(OHWULFLGDGHH
0HFkQLFD*HUDOHQDPRGDOLGDGHGH4XDOLILFDomRDWHQGHQGRiUHDVGHYHVWXiULRHDUWHIDWRVGHWHFLGRVFDOoDGRVPHFkQLFD
HHOHWULFLGDGH
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&UHGHQFLDPHQWRGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3SDUDFRQYHUWHUPRWRUHVGHFDUUR
DJDVROLQDSDUDXVRGRHWDQROiOFRROKLGUDWDGRLQLFLDQGRQR1RUGHVWHRSURFHVVRGHLPSOHPHQWDomRGHVVHWLSRGH
FRPEXVWtYHO
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRGD$VVRFLDomRGRV(PSUHViULRVGR'LVWULWR,QGXVWULDO$(',
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&UHGHQFLDPHQWR GD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH 3HUQDPEXFR ,7(3 SHOR &RQVHOKR 1DFLRQDO GR
3HWUyOHR&13SDUDHPLWLUSDUHFHUHVWpFQLFRVVREUHDXWLOLGDGHGRXVRGRJiVOLTXHIHLWRGRSHWUyOHRQDVLQG~VWULDVGH
3HUQDPEXFR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGR0DWR*URVVRGR6XO),(06j&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QDXJXUDomR GR 7HOHFXUVR SHOR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, HP FRQYrQLR FRP D )XQGDomR
3DGUH$QFKLHWDGH5iGLRH79(GXFDWLYD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
$VVLQDWXUDGHSURWRFRORGHLQWHQomRHQWUHDLQG~VWULDDXWRPRELOtVWLFDHRJRYHUQRIHGHUDOFRPRREMHWLYRGHH[SDQGLUD
SURGXomRGHYHtFXORVDiOFRROQRSDtV$RPHVPRWHPSRRVHJXQGRFKRTXHGRSHWUyOHRRFRUULGRQDTXHOHDQRHOHYRX
RSUHoRGREDUULOHP(VVHDXPHQWROHYRXDVDXWRULGDGHVEUDVLOHLUDVDWUDoDUHPQRYRVUXPRVSDUDDSROtWLFDHQHU
JpWLFDQDFLRQDO
)RQWH6RFLHGDGH%UDVLOHLUDGH3ODQHMDPHQWR(QHUJpWLFR
,QVWDODomRQR%UDVLOGD(OHWUR9LGUR~QLFDIiEULFDGHLVRODGRUHVGHFRUUHQWHGHWRGDD$PpULFD/DWLQD
)RQWH$VVRFLDomR%UDVLOHLUDGR9LGUR
,QVWDODomRGHFDGHLDVGH´IDVWIRRGµQR%UDVLO
)RQWH,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGH0DWR*URVVRGR6XO),(06FRPVHGHHP&DPSR*UDQGH
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD(PSUHVDGH)ULJRULILFDomRGH0DWR*URVVR()5,0$7
)RQWH6HFUHWDULDGH,QG~VWULD&RPpUFLR0LQDVH(QHUJLD
3DQRUDPD1DFLRQDO
5HDOL]DomRGHSHVTXLVDVUHJLRQDLVVREUHR1RUGHVWHEUDVLOHLURSHOD8QLYHUVLGDGH)HGHUDOGH
6HUJLSH8)66XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH68'(1()RQWH)XQGDomRGH
$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD6HFUHWDULD(VSHFLDOGH&RQWUROHGDV(PSUHVDV(VWDWDLV6(67
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
7UDQVIRUPDomRGD8QLYHUVLGDGH(VWDGXDOGH0DWR*URVVRHP8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO8)06SHOD
/HLFRQIRUPHSUHYLVWRSHOD/HL&RPSOHPHQWDU
)RQWH8QLYHUVLGDGH)HGHUDOGH0DWR*URVVRGR6XO
&ULDomRQD8QLYHUVLGDGH)HGHUDOGH9LoRVDGD)XQGDomR$UWKXU%HUQDUGHV)81$5%(
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&ULDomRGR&HQWUR8QLYHUVLWiULRGD*UDQGH'RXUDGRV81,*5$1
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRHPFDUiWHUSULYDGRGR&HQWURGH(QVLQR6XSHULRUGH5RQG{QLD&(685
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR&HDUi8(&(SHOD/HL(VWDGXDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
([WLQomRGR&RQVHOKR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRHGD6XEVHFUHWDULDGH&LrQFLDH7HFQRORJLD
1D HVWUXWXUD GD 6HFUHWDULD GH 3ODQHMDPHQWR &LrQFLD H 7HFQRORJLD 6(3/$17(& p FULDGD D &RRUGHQDomR GH &LrQFLD H
7HFQRORJLDSHOD/HL
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&ULDomRGD8QLYHUVLGDGHGR5LRGH-DQHLUR81,5,2
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD)XQGDomR,QVWLWXWRGH'HVHQYROYLPHQWRGH0DWR*URVVRGR6XO,'(68/YLQFXODGDj6HFUHWDULDGH3ODQHMDPHQWR
H&RRUGHQDomR*HUDO6(3/$106SHOR'HFUHWRQžGHžGHMDQHLUR
)RQWH6HFUHWDULDGH(VWDGRGH3ODQHMDPHQWRHGH&LrQFLDH7HFQRORJLDGH0DWR*URVVRGR6XO
(QJHQKDULDH7HFQRORJLD
&ULDomRGD0LVVmR(VSDFLDO&RPSOHWD%UDVLOHLUD²0(&%TXHFRPSUHHQGLDRGHVHQYROYLPHQWRH
RSHUDomRHPyUELWDGHSHTXHQRVVDWpOLWHVFRPDSOLFDomRHP&ROHWDGH'DGRVH6HQVRULDPHQWR
5HPRWRGLUHFLRQDGRSDUDDVQHFHVVLGDGHVEUDVLOHLUDV)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV
(VSDFLDLV
$VVLVWrQFLDWpFQLFDjUHFpPFULDGD&RPLVVmR1DFLRQDOGH(QHUJLDGHVWDFDQGRVHR3URJUDPDGH$VVLVWrQFLDj,QG~VWULD
HP&RQVHUYDomRGH(QHUJLDHPIUHQWHDRFKRTXHGRSHWUyOHRSHOR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR
3DXOR,3763
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&RQFHVVmRGDSDWHQWH´2EWHQomRGHSODFDVVHSDUDGRUDVPDJQpWLFDVSRUSURFHVVRGHODPLQDomRSHUILODGDµDRLQYHQWRU
9LFHQWH1HOVRQ*LRYDQQL0D]]DUHOOD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
/DQoDPHQWRGRSULPHLURFDUURDiOFRROGRPXQGRXPPRGHOR),$7
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGDSHVTXLVDVREUHDXWLOL]DomRGRSyGHFDUYmRHPPRWRUHVGHFRPEXVWmRLQWHUQDSRUXPJUXSRGH
FLHQWLVWDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRRUGHQDGRSHORSURIHVVRU-RDTXLP6HYHULQRGH3DLYD1HWR
GR'HSDUWDPHQWRGH0HFkQLFDGD)DFXOGDGHGH(QJHQKDULDVHWRUGH(QHUJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SUHVHQWDomRGRVUHVXOWDGRVGHHVWXGRVUHDOL]DGRVSHORSURIHVVRU0DXUtFLR3UDWHV&DPSRVGD)DFXOGDGHGH(QJHQKDULD
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03TXHDOHUWDPVREUHDIXWXUDFULVHGHHVFDVVH]GHPHWDLVQRPXQGRH
DQHFHVVLGDGHGDUHFLFODJHP
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWRGR3UrPLR*RYHUQDGRUGR(VWDGRSHORVSHVTXLVDGRUHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
5REHUWR+HUPtQLR0RUHWWL-RVp5RTXH/RSHV%DULRQLH6pUJLR5LEHLUR5RPHLURSHORLQYHQWR(TXLSDPHQWRFRPSDFWR
SDUDSURGXomRGHH[WUDWRVYHJHWDLVHRXDQLPDLVFRQFHGLGRSHOR6HUYLoR(VWDGXDOGH$VVLVWrQFLDDRV,QYHQWRUHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRVWUDEDOKRVGDSHVTXLVDGR3URMHWR$JXDSpSDUDDSURGXomRGRJiVPHWDQRSDUDXVRGRPpVWLFRH
LQGXVWULDOFRPRDOWHUQDWLYDHQHUJpWLFDSHODHTXLSHFRRUGHQDGDSHORSURIHVVRU$QW{QLR&HOVR1RYDHVGH0DJDOKmHVGR
'HSDUWDPHQWRGH)LVLRORJLD9HJHWDOGR,QVWLWXWRGH%LRORJLDHPFRQYrQLRFRPR&HQWURGH'HVHQYROYLPHQWRGH3HVTXLVDV
7HFQROyJLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HFRPRILQDQFLDPHQWRGDV&HQWUDLV(OpWULFDV%UDVLOHLUD
6$(/(752%5É6
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRGHFRRSHUDomRFRPD8QLYHUVLGDGHGR$PD]RQDVHFRPRJRYHUQRGR(VWDGRGR$PD]RQDV
SDUDLPSODQWDomRGR&HQWURGH7HFQRORJLD$SOLFDGDTXHWHUiSRUILQDOLGDGHGHIODJUDUSURMHWRVGHkPELWRPXOWLGLVFLSOLQDU
YLVDQGRDRGHVHQYROYLPHQWRGR$PD]RQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRSURMHWRGHSHVTXLVDHP5HDWRUHV5HJHQHUDGRV5iSLGRVSHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
6XFHVVmR GD IXQomR GD &RRUGHQDomR GH $WLYLGDGHV GH 3URFHVVDPHQWR (OHWU{QLFR &$35( SHOD 6HFUHWDULD (VSHFLDO GH
,QIRUPiWLFD6(,
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QVWDODomRQD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3GHXPEDQFRGHWHVWHVSDUDDIHULomRGH
FROHWRUVRODU
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRHGHVHQYROYLPHQWRGR3URFHVVRGH2EWHQomRGR0DJQpVLR0HWiOLFRDSDUWLUGD7DTXLGULWDSDWHQWHDGRVRERQ~
PHURGHVHQYROYLGRHPFRQYrQLRHQWUH8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6,QVWLWXWRGH7HFQRORJLDH3HVTXLVD
GH6HUJLSH,736)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3H%DQFRGR1RUGHVWHGR%UDVLO%1%WHQGRSRUDXWRUHV+pOLR
)HUUHLUDGRV6DQWRV0DQXHO)UDQFLVFR$QGUDGHH5LFKDUG/RXLV&RPEHV
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
)XQGDomRGR&HQWURGH7HFQRORJLD&RSHUVXFDU&7&SDUDDSHVTXLVDGHWpFQLFDVSURFHVVRVHPpWRGRVOLJDGRVjFXOWXUD
GDFDQDHjSURGXomRGHDo~FDUHiOFRRO
)RQWH*UXSR-%
,QDXJXUDomRGD8VLQDGH6REUDGLQKRGD&RPSDQKLD+LGUHOpWULFDGR6mR)UDQFLVFR&+(6)
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)RUPXODomRGDHVSHFLILFDomRGRiOFRROFRPEXVWtYHOHPFRQMXQWRFRPR$QWLJR&RQVHOKR1DFLRQDOGR3HWUyOHR&13
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&RRUGHQDomRQDFLRQDOHGHVHQYROYLPHQWRGHSHVTXLVDVHPFRUURVmRSHORiOFRROSDUDR3URJUDPD1DFLRQDOGRÉOFRRO
352É/&22/
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
&RQFHVVmRGD&DUWD3DWHQWH3,SHOR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO,13,DR´3URFHVVRGH'HVLGUDWDomR
GH0LVWXUDV6DOLQDVGH&ORUHWRGH&iOFLR&ORUHWRV$OFDOLQRVHÉJXDGH&ULVWDOL]DomRHP3URSRUo}HV9DULiYHLVµ
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&LrQFLDV$JUiULDV
,QWURGXomRGDELRWHFQRORJLDQRPHOKRUDPHQWRGRWULJRQR%UDVLO)RQWH(PSUHVD%UDVLOHLUDGH
3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPHWRGRORJLDVDOWHUQDWLYDVHUHGXomRGRVGHVSHUGtFLRVGXUDQWHDFROKHLWDPHFkQLFDGDVRMD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPpWRGRVGHOLPSH]DFORQDOGHPDomSrUDDPHL[DPRUDQJRDPRUDSUHWDQRFRQWUROHGHGRHQoDV
HSUDJDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH$UDFDMXGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$6HUJLSH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR0RGHOR&LUFXODUGH3URJUDPDomRGH3HVTXLVDHPVXEVWLWXLomRDR6LVWHPDGH3ODQHMDPHQWRFULDGRHP
HFRQVHTHQWHXVRGDFRPSXWDomRHOHWU{QLFDQRVFRQWUROHVGRVSURMHWRVGHSHVTXLVD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
6XJHVWmRSDUDDFULDomRGHXPDWHFQRORJLDSUySULDGHJHUDomRGHHQHUJLDSDUDDVUHJL}HVUXUDLVjEDVHGHUHVtGXRVDJUt
FRODVHELRJiVSHUPLWLQGRDHOHYDomRGDSURGXWLYLGDGHDJUtFRODHFRQVHTHQWHUHGXomRGRVFXVWRVGHSURGXomRSHOR
SURIHVVRU5RGROIR5RKUGD)DFXOGDGHGH$OLPHQWRVH$JUtFRODGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLR GH SHVTXLVDV SDUD YLDELOL]DU D XWLOL]DomR GD PDGHLUD HXFDOLSWR GH UHIORUHVWDPHQWR SDUD D FRQVWUXomR FLYLO SHOR
,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGRSURMHWRLQWHJUDGRGHXVRHFRQVHUYDomRGRVRORQR5LR*UDQGHGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
7UDQVIHUrQFLDGD(VWDomR([SHULPHQWDOGH8LWLFXOWXUDH(QRORJLD((9(FULDGDHPHP&DOGDVSDUDD(PSUHVDGH
3HVTXLVD$JURSHFXiULDGH0LQDV*HUDLV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWR GR 3URMHWR %LRORQ YHUVmR TXH FRQVLVWH HP SHVTXLVDV SDUD R DSURYHLWDPHQWR GH UHVtGXRV DJUtFRODV
SDUDREWHQomRGHHOHWULFLGDGHHPSHTXHQDVSURSULHGDGHVUXUDLVSHORVSURIHVVRUHVGR/DERUDWyULRGH%LRFRQYHUVmRGR
'HSDUWDPHQWRGH(QJHQKDULD4XtPLFDGD)DFXOGDGHGH(QJHQKDULDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRGR&HQWUR,QWHJUDGRGH$SRLRj3URGXomR$JURSHFXiULD
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&LrQFLDV+XPDQDVH6RFLDLV
2UJDQL]DomRGR3URJUDPD1DFLRQDOGH3HVTXLVDV$UTXHROyJLFDV)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
5HDOL]DomRGRž(QFRQWURGH+LVWyULDH)LORVRILDGD&LrQFLDRUJDQL]DGRSHOR&HQWURGH/yJLFD(SLVWHPRORJLDH+LVWyULD
GD&LrQFLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3RVVH GR GLUHWRU GR SURJUDPD +LVWyULD GH $UWH QR %UDVLO QD 79 &XOWXUD GR FRPSRVLWRU GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$035DXO7KRPD]2OLYHLUDGR9DOOH
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGREROHWLPELEOLRJUiILFRÌQGLFHGH&LrQFLD3ROtWLFDH6RFLRORJLD
)RQWH,QVWLWXWR8QLYHUVLWiULRGH3HVTXLVDVGR5LRGH-DQHLUR
&ULDomRGD2UTXHVWUD6LQI{QLFDGR7HDWUR1DFLRQDO&OiXGLR6DQWRURHP%UDVtOLD')
)RQWH$JrQFLDGH'HVHQYROYLPHQWRGR7XULVPRGR'LVWULWR)HGHUDO
,QVWDODomRGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03RULXQGRGR'HSDUWDPHQWRGH0~VLFD
FULDGRHP
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3UHPLDomRGRVFRPSRVLWRUHVGHP~VLFDHUXGLWDGR'HSDUWDPHQWRGH0~VLFDGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03-RVp$QW{QLRGH5H]HQGHGH$OPHLGDGR9DOOHHPžOXJDUFRPR3UrPLR(VVRGH0~VLFD(UXGLWD
FRPDSHoD&U{QLFDGHXPDQRLWHGHYHUmRH0DULD+HOHQD5RVD)HUQDQGHVHPžOXJDUFRP7HUULWyULRVH2FDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GR 3URJUDPD ,QVWLWXFLRQDO GH &DSDFLWDomR 'RFHQWH 3,&' HP FRQYrQLR FRP D &RRUGHQDomR GH
$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&LrQFLDVGD6D~GH
$SUHVHQWDomRQR&RQJUHVVR,QWHUQDFLRQDOGH2GRQWRORJLDQR5LRGH-DQHLURHQR,&RQJUHVVR
,QWHUQDFLRQDOGH&LUXUJLD%XFRPD[LORIDFLDOHP%XHQRV$LUHV$UJHQWLQDGDGHVFREHUWDGHXPQRYR
PpWRGRGHDQDOJHVLDSUHYHQWLYDTXHHOLPLQDFRPSOHWDPHQWHDSRVVLELOLGDGHGHGRUDSyVFLUXUJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$033RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH&DPSLQDVH6HFUHWDULD
GH6D~GHGD3UHIHLWXUDGH&DPSLQDVGD,-RUQDGDGH&DUGLRSDWLD&KDJiVWLFDGH&DPSLQDVHPKRPHQDJHPDRFHQWHQiULR
GRFLHQWLVWDEUDVLOHLUR&DUORV&KDJDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGRSURMHWRGHSHVTXLVDVVREUHRVHIHLWRVGDVSHoRQKDVYLVDQGRDHQFRQWUDUDDXUDGHHQYHQHQDPHQWR
SRUPHLRGRGHVHQYROYLPHQWRGHQRYRVPHGLFDPHQWRVHVHXVHIHLWRVQRRUJDQLVPRKXPDQRSHORSURIHVVRU2VZDOGR
9LWDO%UDVLOGR'HSDUWDPHQWRGH)DUPDFRORJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGR6LPSyVLR,QWHUQDFLRQDO3HUVSHFWLYDVGH&XUDGD/HXFHPLDQD,QIkQFLDRUJDQL]DGRSHOD)DFXOGDGHGH
&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URPRomRGD,-RUQDGD5HJLRQDOGH3HGLDWULDHPFRPHPRUDomRDR$QR,QWHUQDFLRQDOGD&ULDQoDSHOR'HSDUWDPHQWR
GH3HGLDWULDGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HSHOD3UHIHLWXUDGH
&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HPRQVWUDomRGDXWLOL]DomRGRODVHUQDFDUGLRORJLDSDUDDGHVREVWUXomRGHDUWpULDVSHORJUXSRGHSHVTXLVDFRRUGHQDGR
SHORSURIHVVRU&DUORV$OIUHGR$UJXHOORGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHDFRUGRSDUDLQWHQVLILFDURLQWHUFkPELRGHLQIRUPDo}HVFLHQWtILFDVHDGPLQLVWUDWLYDVQDViUHDVGRHQVLQR
PpGLFRHGDDVVLVWrQFLDKRVSLWDODUHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD8QLYHUVLGDGHGH6mR3DXOR
863HPHQFRQWURGRVUHLWRUHVQR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3UHPLDomRGRSURIHVVRU-RVp+XJR6DEDWLQRGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03SHORWUDEDOKR/DWURJHQLDVHP2EVWHWUtFLDRIHUHFLGRSHOR/DERUDWyULR6DQGR]HSDWURFLQDGRSHOD)HGHUDomR
%UDVLOHLUDGH*LQHFRORJLDH2EVWHWUtFLDGD%DKLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GD,-RUQDGDGR)yUXP7HOHYLVDGR&LUXUJLDGR$SDUHOKR
'LJHVWLYRSDWURFLQDGRSHOR'HSDUWDPHQWRGH&LUXUJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD81,&$03H&ROpJLR%UDVLOHLUR
GH&LUXUJL}HV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRGR3DUTXH1DFLRQDOGD6HUUDGD&DSLYDUDQDFLGDGHGH6mR5DLPXQGR1RQDWR3,(OHYDGRDSDWULP{QLRPXQGLDO
SHOD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2HPGHGH]HPEURGH
)RQWH6HFUHWDULDGD(GXFDomR
&LrQFLDV([DWDVHGD7HUUD
,QtFLRGDSHVTXLVDSDUDGHVFREHUWDGHQRYDVIRQWHVGHHQHUJLDHSDUDDXWLOL]DomRGRKLGURJr
QLRFRPRVXEVWLWXWRGRSHWUyOHRQR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
²81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQWUDWDomRGRSURIHVVRU$PLOFDU2VFDU+HUUHUDGR0p[LFRXPGRVPDLVLPSRUWDQWHVHVSHFLDOLVWDVGRPXQGRQRVHWRUGH
*HRORJLD(FRQ{PLFDFRPDILQDOLGDGHGHFULDUDiUHDGHJHRFLrQFLDQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGRSURMHWRSDUDLQRYDURHQVLQRGD)tVLFDFRPRREMHWLYRGHOHYDURDOXQRDFRQFOXLUVREUHDVSURSULH
GDGHVItVLFDVPDLVLPSRUWDQWHVFRPEDVHQDH[SHULPHQWDomRSRUXPDHTXLSHGHSURIHVVRUHVGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03FRRUGHQDGDSHORSURIHVVRU&DUORV$OEHUWR6LOYD/LPDHFRPRDSRLRILQDQFHLURGR0LQLVWpULRGD
(GXFDomRH&XOWXUD0(&SRUPHLRGD6HFUHWDULDGH(QVLQRGHžHžJUDXV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RRUGHQDomR GD  &RQIHUrQFLD ,QWHUDPHULFDQD GH (GXFDomR 0DWHPiWLFD SHOR ,QVWLWXWR GH 0DWHPiWLFD (VWDWtVWLFD H
&RPSXWDomR &LHQWtILFD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 SURPRYLGR SHOD 2UJDQL]DomR GDV 1Do}HV
8QLGDV218
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGR3URJUDPD$XW{QRPRGH7HFQRORJLD1XFOHDU3$71FRPRREMHWLYRGHGHVHQYROYHUDXWLOL]DomRGDWHFQRORJLDQXFOHDU
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVFREULPHQWRGRSURFHVVRSDUDREWHQomRGHiJXDSHVDGDHOHPHQWRFKDYHSDUDRGHVHQYROYLPHQWRGRSURJUDPDGH
IXVmRQXFOHDUSHODHTXLSHFRRUGHQDGDSHORSURIHVVRU6pUJLR3HUHLUDGD6LOYD3RUWRGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QFRUSRUDomR j &RPLVVmR 1DFLRQDO GH (QHUJLD 1XFOHDU &1(1 GR ,QVWLWXWR GH 5DGLRSURWHomR H 'RVLPHWULD DQWLJR
/DERUDWyULRGH'RVLPHWULDH,QVWLWXWRGH(QJHQKDULD1XFOHDU
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QtFLRGR3URJUDPD1XFOHDU3DUDOHORGHVHQYROYLGRSHOD0DULQKDGR%UDVLOHDSRLDGRSHOR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDV
H1XFOHDUHV,3(1&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(163DQWLJR,QVWLWXWRGH(QHUJLD$W{PLFD,($FRPR
REMHWLYRGHGHVHQYROYHUXPVXEPDULQRQXFOHDU(VVHSURJUDPDIRLPDQWLGRGXUDQWHXPORQJRSHUtRGRIRUDGRFRQKHFL
PHQWRS~EOLFR(PVHWHPEURGHRHQWmR3UHVLGHQWH-RVp6DUQH\DQXQFLDRGRPtQLRGRHQULTXHFLPHQWRGRXUkQLR
DOFDQoDGRSHORVSHVTXLVDGRUHVHQYROYLGRVQR3URJUDPD1XFOHDU3DUDOHOR&RPUHODomRDRFRQKHFLPHQWRFLHQWtILFRSRGH
VHGL]HUTXHRVPDLRUHVSURJUHVVRVIRUDPFRQVHJXLGRVSHOR,3(1SRUPHLRGRJUDQGHDSRUWHGHUHFXUVRVGDPDULQKD
LQWHUHVVDGDQRGHVHQYROYLPHQWRGRVLVWHPDGHSURSXOVmRGRVXEPDULQRQXFOHDU
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
$SUHVHQWDomRGRVUHVXOWDGRVGDSHVTXLVDVREUHD5HIRUPXODomRQR(QVLQRGD*HRPHWULDGHVHQYROYLGDSRUPDWHPiWLFRV
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPRDSRLRGR0LQLVWpULRGD(GXFDomRH&XOWXUDFRRUGHQDGRSHOD
SURIHVVRUD0DULD/XL]D/HPHGR3UDGR=DPDULRQHTXHIRUDPLQWURGX]LGRVQDUHGHRILFLDOGR(VWDGRGH6mR3DXORFRPR
QRYDPHWRGRORJLDQRHQVLQRGD*HRPHWULD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH'DGRV1XFOHDUHVFRPRREMHWLYRGHVHURUHVSRQViYHOSHORIRUQHFLPHQWRGHGDGRVQXFOHDUHVH
DSRLRQHFHVViULRDRVSURMHWRVGHUHDWRUHVWpUPLFRVHUiSLGRVH[LVWHQWHVQRSDtV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
0DUFRKLVWyULFR9
$³'pFDGD3HUGLGD´
5HQDWR2OLYHLUD
2VHFRQRPLVWDVFRVWXPDPDSRQWDUWUrVFRPSRQHQWHVSDUDUHVXPLUDHFRQRPLDEUDVL
OHLUDGRVDQRVDMXVWHH[WHUQRGHVHTXLOtEULRLQWHUQRHVXSHULQIODomR'HIDWRKHUGHLUR
GDVGLVWRUo}HVRULXQGDVGR´PLODJUHHFRQ{PLFRµGDYLUDGDGRVDQRVSDUDRVHFRP
FODURVVLQDLVGHHVJRWDPHQWRGDFDSDFLGDGHGHHQGLYLGDPHQWRS~EOLFRSDUDFRQWLQXDUD
ILQDQFLiORR*RYHUQR)LJXHLUHGRMiKDYLDHQVDLDGRXPDSULPHLUDWHQWDWLYDGHDMXVWDPHQ
WRH[WHUQRHPVRERFRPDQGRGH0iULR+HQULTXH6LPRQVHQ&XUWDH[SHULrQFLDGH
´HFRQRPLDGHJXHUUDµH[SUHVVmRXVDGDSHORSUySULRJRYHUQRSDUDDQXQFLDURVVDFULIt
FLRVTXHVHULDPH[LJLGRVGDSRSXODomRORJRGHVFDUWDGDSRU'HOILP1HWWRTXHVXEVWL
WXLQGR6LPRQVHQQR0LQLVWpULRGR3ODQHMDPHQWRGiQRYDPHQWHDVDVDRGHVHQYROYLPHQ
WLVPRRTXHUHVXOWDQXPVHQVtYHOFUHVFLPHQWRGDHFRQRPLDHP&UHVFLPHQWRQR
HQWDQWRTXHJHUDXPGpILFLWUHFRUGHPFRQWDVFRUUHQWHVDJUDYDQGRRGHVDMXVWHH[WHUQR
DOpPGHDXPHQWDUDLQIODomRHPPDLVGHXPWHUoRHPUHODomRDGHSDUD
H[SRQGRjOX]GRVRORVGHVHTXLOtEULRVLQWHUQRVGDHFRQRPLD
3DUDDJUDYDURTXDGURRDXPHQWRGRVMXURVLQWHUQDFLRQDLVGHFRUUHQWHGRVHJXQGRFKR
TXHGRSHWUyOHRHPWUDQVIRUPDUDPRLQtFLRGDGpFDGDGHHPDQRVGHFULVHGD
GtYLGD H[WHUQD SUDWLFDPHQWH DQXODQGR RV SRVVtYHLV HIHLWRV EHQpILFRV GR DXPHQWR GRV
VDOGRVGDVH[SRUWDo}HVGRVHWRUSULYDGR(QGLYLGDGRDFLPDGHVXDFDSDFLGDGHRVHWRU
S~EOLFRFRQVWUDQJLDRVHWRUSULYDGRDFRQYHUWHUWDLVVDOGRVHPWtWXORVGDGtYLGDS~EOLFD
RTXHDVVHJXUDYDUHFXUVRVSDUDID]HUIUHQWHDRDXPHQWRH[SRQHQFLDOGDGtYLGDH[WHUQD
GHFRUUHQWHGDFDSLWDOL]DomRGRVMXURVGDPHVPD&RQVHTrQFLDLPHGLDWDRQtYHOGHLQ
YHVWLPHQWRVLQGXVWULDLVFDLEUXWDOPHQWH$IRUPDomREUXWDGHFDSLWDOIL[RFRPRSURSRUomR
GR3,%TXHHQWUHHILFRXQDPpGLDGHFDLXSDUDGXUDQWHDGpFDGD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
VHQGRTXHSDUDDVHVWDWDLVHVVDTXHGDIRLGHH[DWRVGHSDUD1DHVWHLUDGHFRQVHTrQFLDVRFUHVFL
PHQWRPpGLRGDHFRQRPLDSDUDRSHUtRGRQmRDOFDQoRXILFDQGRQHJDWLYRSDUDRVDQRVHHQTXDQWRR
SURGXWRLQGXVWULDOTXHKDYLDFUHVFLGRDXPDPpGLDGHDRDQRHQWUHHILFRXHPDRDQR-iR3,%
SHUFDSLWDTXHKDYLDFUHVFLGRjPpGLDGHDRDQRHQWUHHFDLQDGDPHQRVGHHQWUHHSDUD
VRIUHUSHTXHQDUHFXSHUDomRQRVDQRVVHJXLQWHVPDOFKHJDQGRDRSDWDPDUGHDRILQDOGDGpFDGD
$VXFHVVmRGH´SODQRVHFRQ{PLFRVµSRUVXDYH]QmRFRQVHJXLXFRQWURODUDLQIODomRSULQFLSDOLQGLFDGRUGDGHWHULR
UDomRGDHFRQRPLD
8PDGpFDGDSHUGLGDVHPG~YLGDVHSHQVDUPRVQDLQG~VWULDHQRVHXFRPSOHPHQWROyJLFRRHPSUHJR(VWHTXHHV
WDYDHPWRUQRGHGD3($HPPDQWHYHVHSUDWLFDPHQWHQRPHVPRQtYHOHPGHSRLVGHEDL[DUSDUD
GD3($HP0DVXPDGpFDGDSURYHLWRVDSDUDRVHWRUILQDQFHLURRVDQRVUHSUHVHQWDUDPDFRQVROLGDomRGR
PRGHORGHILQDQFHLUL]DomRGDHFRQRPLD6HTXLVpVVHPRVVLPSOLILFDUDDERUGDJHPGLUtDPRVTXHRGHEDWHHFRQ{PLFR
LQVWDXUDGRQRSHUtRGRHYLJHQWHDWpRVGLDVDWXDLVSULYLOHJLDQGRGHIRUPDDEVROXWDR´HTXLOtEULRPDFURHFRQ{PLFRµVH
ULDRFRPSOHPHQWRLGHROyJLFRGDILQDQFHLUL]DomRGDHFRQRPLDQDH[DWDPHGLGDGRGHVSUH]RSHODHYHQWXDOVXSHUDomR
GDFULVHSHODYLDGRGHVHQYROYLPHQWR'HQWUHRVHOHPHQWRVQHFHVViULRVSDUDLVWRFLWDUtDPRVDQHFHVVLGDGHGHPRGHU
QL]DomRSODQHMDGDGDEDVHWHFQROyJLFDGDLQG~VWULDGHIRUPDDJDUDQWLUVXDFRPSHWLWLYLGDGHQXPPXQGRHPUiSLGR
SURFHVVRGHLQRYDomRWHFQROyJLFD(VVDPRGHUQL]DomRWHQGRRFRUULGRQRVVHWRUHV´GHSRQWDµGDLQG~VWULDRFRUUHX
PDLVSRUSUHVVmRGRV´FKRTXHVGHGHPDQGDµGRTXHSRULQGXomRGHSROtWLFDVS~EOLFDVRTXHFRQWULEXLXSDUDDJUDYDU
RIHQ{PHQRGDGHVFRQWLQXLGDGHGDEDVHLQGXVWULDOMiHYLGHQFLDGRQRLQtFLRGDGpFDGD$OLiVDH[SDQVmRGDLQG~VWULD
EUDVLOHLUDQRPHUFDGRLQWHUQDFLRQDOQRSHUtRGRGHXVHFRPEDVHQRPRGHORGHGHVHQYROYLPHQWRDQWHULRUFRPSUR
GXWRVLQWHQVLYRVHPUHFXUVRVQDWXUDLVPmRGHREUDHHQHUJLDOHYDQGRjFRPSUHVVmRVDODULDOGLPLQXLomRUHODWLYDGR
PHUFDGRLQWHUQRHIRUWHDSRLRHPVXEVtGLRVFUHGLWtFLRVHILVFDLV
0DVQmRKiG~YLGDVTXHDGpFDGDGRVIRLXPDWUDQVLomRQDKLVWyULDGDHFRQRPLDLQGXVWULDOEUDVLOHLUD(ODVLJQLILFRX
SRUDVVLPGL]HUXPFKRTXHGHUHDOLGDGHGHVFRQVWLWXLQGRGHILQLWLYDPHQWHRPLWRGR(VWDGRWRGRSRGHURVRHPPDWpULD
HFRQ{PLFD&RPRWRGDWUDQVLomRHODIRLSDOFRGHOXWDSULQFLSDOPHQWHHQWUHRV´UHFHVVLRQLVWDVµHRV´GHVHQYROYLPHQ
WLVWDVµPXLWREHPUHSUHVHQWDGRVUHVSHFWLYDPHQWHSRU0iULR+HQULTXH6LPRQVHQH$QWRQLR'HOILP1HWWRTXHGLVSX
WDUDPR0LQLVWpULRGR3ODQHMDPHQWRQRLQtFLRGR*RYHUQR)LJXHLUHGR,URQLDDYLWyULDGHXPSUHSDURXRFDPLQKRSDUD
DYLWyULDGRRXWUR
3DUDFRPSUHHQGHUPRVHVVDWUDQVLomRHPWRGDVXDFRPSOH[LGDGHQRHQWDQWRGHYHUtDPRVSURMHWiODVREUHRXWUD
WUDQVLomRTXHHVWDYDLJXDOPHQWHHPSURFHVVRDWUDQVLomRSROtWLFDjGHPRFUDFLD2ROKDUFUtWLFRVREUHDWUDQVL
omRHFRQ{PLFDWDOYH]QRVPRVWUHDJUDQGHODFXQDGDWUDQVLomRSROtWLFDQmRWHUDUWLFXODGRDDJHQGDHFRQ{PLFD
jDJHQGDGHPRFUiWLFDGDVRFLHGDGHEUDVLOHLUDRTXHGLILFXOWRXDVXVWHQWDELOLGDGHGHVWDHGHL[RXDTXHODDTXHOD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
yUImGHQRYRVYDORUHV$PEDVHPVXPDILFDUDPHPDEHUWR­RXVDGLDRXjDYHQWXUD(VWD~OWLPDFRPRVHVDEH
IRLORJRH[SHULPHQWDGD
0DVHVWDVHULDPDWpULDSDUDXPDVRFLRORJLDSROtWLFDGDWUDQVLomRHFRQ{PLFD
5HQDWRGH2OLYHLUD²3URIHVVRUGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XOIRL6HFUHWiULRGH&LrQFLDH7HFQRORJLD
GR(VWDGRGR5LR*UDQGHGR6XO3UHVLGHQWHGD)XQGDomRGH$PSDURj3HVTXLVDGR5LR*UDQGHGR6XO)DSHUJVHGD
$VVRFLDomR1DFLRQDOGH'RFHQWHVGR(QVLQR6XSHULRU$QGHVHIXQGDGRUGD$VVRFLDWLRQ2SWLRQRQ%UpVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QVWDODomRGH+HOLFySWHURVGR%UDVLO6$+(/,%5É6)RQWH8QLYHUVLGDGHGH6mR3DXOR
5HGHILQLomRGDVGLUHWUL]HVGHSROtWLFDVJRYHUQDPHQWDLVH[LJLQGRXPDMXVWDPHQWRQDDWXDomRGDVHQWLGDGHVFRPSUHHQGLGDV
QR0LQLVWpULRGD,QG~VWULDHGR&RPpUFLRRTXHIH]WRUQDUPDLVUHOHYDQWHVDWUtDGHLQG~VWULDFRPpUFLRHWHFQRORJLD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
&ULDomRGD)XQGDomR&HQWURGH7HFQRORJLD,QGXVWULDOGR(VWDGRGD3DUDtED)81&(7,SHOD/HLQž
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGDSDUDtED
,QVWDODomRGHXQLGDGHVLQGXVWULDLVQD$UJHQWLQD&DQDGi&KLOH(VWDGRV8QLGRVH8UXJXDLGR*UXSR*HUGDXDOpPGH
VLGHU~UJLFDVHVWUDWHJLFDPHQWHGLVWULEXtGDVSRUWRGRR%UDVLO
)RQWH8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV
/DQoDPHQWRGRSUHVXQWRWLSR3DUPDVHXSURGXWRPDLVQREUHIHLWRHP&RQFyUGLDHDJRUDFRPRHPSUHJRGHVRILVWLFDGD
WHFQRORJLD
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
&RQVROLGDomRGRSyORLQGXVWULDOGHWRPDWHQR9DOHGR6mR)UDQFLVFR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD(GLWRUDH*UiILFDGD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*('*5$)
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGR&HQWURGH'HVHQYROYLPHQWRGH3HVVRDO&(3('GR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP
%OXPHQDXSRVWHULRUPHQWHWUDQVIHULGRSDUD)ORULDQySROLV6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGHHPSUHVDVFRPRD1RUGHVWH4XtPLFD6$12548,6$QDiUHDGDTXtPLFDILQDTXHWrPHPFRPXPDYRFDomR
HDQHFHVVLGDGHGHGHVHQYROYLPHQWRGHWHFQRORJLDVSUySULDVSRUDWXDUHPHPVHWRUHVDOWDPHQWHROLJRSROL]DGRVHPQtYHO
PXQGLDOHPTXHDWHFQRORJLDpIDWRUGHFLVLYRQDGLVSXWDGHPHUFDGRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,PSODQWDomRGR'LVWULWR,QGXVWULDOGH5RUDLPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR,QVWLWXWR(XYDOGR/RGLQR(VWDGRGR0DWR*URVVRGR6XO,(/06
)RQWH,QVWLWXWR(XYDOGR/RGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GR &HQWUR GH 7UHLQDPHQWR HP &RQIHFo}HV ´&OyYLV 0RWWDµ GR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$,SRUpPDLQDXJXUDomRRILFLDOVHGHXHP
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR,QVWLWXWR(XYDOGR/RGL,(/HP0DWR*URVVRGR6XO
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGHRSHUDomRGD8VLQDGH,WXPELDUDQR5LR3DUDQDtEDHP,WXPELDUD*2H$UDSRUm0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGDIiEULFDGD+HOLFySWHURVGR%UDVLO6$+(/,%5É6HP,WDMXEi0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QWHQVLILFDomR GDV DWLYLGDGHV GH FRRSHUDomR WpFQLFRLQWHUQDFLRQDO FRP YiULRV SDtVHV GHVHQYROYLGRV GRV TXDLV UHFHEH
WHFQRORJLDDYDQoDGDSDUDGLYHUVRVVHJPHQWRVLQGXVWULDLVSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,2V
SULQFLSDLVSDUFHLURVVmRD$OHPDQKDR&DQDGiD,WiOLDR-DSmRHDV1Do}HV8QLGDV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
3URPXOJDomRGD5HVROXomRGR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
TXHFULRXD5HGH1DFLRQDOGH&DOLEUDomR51&
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
'HVHQYROYLPHQWRQD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2GHSURJUDPDVGHFRPSXWDGRUSDUDSURMHWRV
GHPRWRUHV
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
,QtFLRGDSURGXomRHH[SRUWDomRGHLQVXOLQDKXPDQDVHPLVLQWpWLFDSHOD%LRTXtPLFDGR%UDVLO6$%,2%5É6HP0RQWHV
&ODURV0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QtFLRGDFRQVWUXomRGD8VLQDGH3RUWR3ULPDYHUDVREUHR5LR3DUDQi
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,PSODQWDomRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63GR&XUVR7pFQLFRGH6LGHUXUJLD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLR GDV $WLYLGDGHV GD &RPSDQKLD 6LGHU~UJLFD GH 7XEDUmR &67 HVWUDWHJLFDPHQWH ORFDOL]DGD QD UHJLmR GD *UDQGH
9LWyULDQR(VWDGRGR(VStULWR6DQWR
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR&HQWUR5HJLRQDOGH7UHLQDPHQWRHP0RDJHPH3DQLILFDomR&(575(0TXHSRVVXLVXDVDWLYLGDGHVYROWDGDV
SDUDDIRUPDomRHRDSHUIHLoRDPHQWRGRVWUDEDOKDGRUHVGDLQG~VWULDGHPRDJHPHSDQLILFDomR2VSULQFLSDLVSURGXWRV
GR&(575(0VmRDIRUPDomRSURILVVLRQDODDVVLVWrQFLDWpFQLFDHWHFQROyJLFDDOpPGDLQIRUPDomR$LQG~VWULDpRSULQ
FLSDOFOLHQWHSRUpPHVWHQGHVHXDWHQGLPHQWRjFRPXQLGDGHHPJHUDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'XSOLFDomRGDLQG~VWULDDXWRPRELOtVWLFDHPVXDSURGXomRGHDXWRPyYHLVFKHJDQGRDSURGX]LUXPPLOKmRGHYHtFXORV
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR'LVWULWR,QGXVWULDOGH%RD9LVWD55
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH5RUDLPD
,QVWDODomRGDSULPHLUDLQG~VWULDSURGXWRUDGHDoRGR&HDUi*HUGDX&HDUHQVHQR'LVWULWR,QGXVWULDOGH0DUDFDQD~
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,PSODQWDomRGR'LVWULWR,QGXVWULDOGH1RVVD6HQKRUDGR6RFRUUR6(
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomRGR/DERUDWyULRGH)LDomR7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP%UXVTXH6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD)XQGDomR&HQWURGH7HFQRORJLD,QGXVWULDO)81&(7,HPGHMDQHLURVHQGRKRMHGHQRPLQDGD)XQGDomRGH
$PSDURj3HVTXLVDGR(VWDGRGD3DUDtED)$3(3
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
3DQRUDPD1DFLRQDO
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR0DUDQKmR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLD
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
&ULDomRHDSURYDomRGRHVWDWXWRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR)$3(5-SHOR'HFUHWR
GHGHMXQKRRTXDOIXQGLXD)XQGDomR,QVWLWXWRGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDOGR5LRGH-DQHLUR
),'(5-HR&HQWURGH'HVHQYROYLPHQWRGH5HFXUVRV+XPDQRVGD(GXFDomRH&XOWXUD&'5+DWULEXLQGROKHSHUVRQDOL
GDGHMXUtGLFDGHGLUHLWRSULYDGR
)RQWH)XQGDomR&DUORV&KDJDV)LOKRGH$PSDURj3HVTXLVDGR(VWDGRGR5LRGH-DQHLUR
&RQIHUrQFLDSRU'HFUHWR)HGHUDOGHDPSORVSRGHUHVDR0LQLVWURGR3ODQHMDPHQWR'HOILP1HWWRSDUDFRQWUROHILVFDOL
]DomRHH[HFXomRGHWRGDDUHFHLWDHGHVSHVDGRJRYHUQR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
$SURYDomRGR,,,3ODQR%iVLFRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3%'&7LQFOXLQGRRUHFRQKHFLPHQWRGRSDSHO
GR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7GH´yUJmRFHQWUDOFRPFRQGLo}HVLQVWLWXFLRQDLVH
PDWHULDLVSDUDGHVHPSHQKDUIXQo}HVGHFRRUGHQDomRGHVFHQWUDOL]DGDGDVDWLYLGDGHGHLQIRUPDomRHPFLrQFLDHWHFQR
ORJLDQRSDtVµ
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$EHUWXUDGDVGLVFXVV}HVVREUHRVDVSHFWRVGRVWUDEDOKRVTXHVmRGHVHQYROYLGRVQHVWHDQRSHOR&RQVHOKR5HJLRQDOGH
5HSUHVHQWDQWHVGR3URMHWR5RQGRQQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomR QD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV 8)6&DU GRV 3URJUDPDV GH 3yV*UDGXDomR HP 4XtPLFD (QJHQKDULD4XtPLFD0DWHPiWLFD&LrQFLDGD&RPSXWDomR)tVLFD&LrQFLDV6RFLDLVH)LORVRILDH0HWRGRORJLD
GDV&LrQFLDV*HQpWLFDH(YROXomR(QJHQKDULDGH3URGXomR&LrQFLDV)LVLROyJLFDV(QJHQKDULD
8UEDQD(VWDWtVWLFDH)LVLRWHUDSLDFRPQtYHLVGHPHVWUDGRHRXGRXWRUDGRFRQWDQGRDWXDOPHQWHFRPFHU
FDGHDOXQRVPDWULFXODGRV
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR6XGRHVWHGD%DKLD8(6%SHOD/HL'HOHJDGD
)RQWH6HFUHWDULDGD(GXFDomR
$SURYDomRGR,,,3ODQR1DFLRQDOGH'HVHQYROYLPHQWR,,,31'UHDILUPDQGRRVREMHWLYRVGHFUHVFLPHQWRDSHVDUGDVGLIL
FXOGDGHVHFRQ{PLFDVGRSDtV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3XEOLFDomRGD5HYLVWD&LrQFLD+RMHSHOD6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD6%3&
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
(QJHQKDULDH7HFQRORJLD
5HDOL]DomRGRSULPHLURY{RGR7XFDQRDYLmRSDUDWUHLQDPHQWRPLOLWDU)RQWH(PSUHVD%UDVLOHLUDGH
$HURQiXWLFD
5HDOL]DomRQD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3FRPDSRLRGD)LQDQFLDGRUDGH(VWXGRVH
3URMHWRV),1(3GRSURMHWRGHHVWXGRWpFQLFRHFRQ{PLFRGHXWLOL]DomRGRyOHRGHSLQKmRFRPRFRPEXVWtYHODOWHUQDWLYR
SDUDPRWRUHVDGLHVHO
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
5HFHELPHQWRGR3UrPLR*RYHUQDGRUGR(VWDGRSHORLQYHQWR(TXLSDPHQWRH3URFHVVRSDUDDSURGXomRGH(VSRQMDV
GH7LWkQLRRXGH=LUF{QLRSHOD5HGXomRGH7HWUDFORUHWRVGH7LWkQLRRXGH=LUF{QLRSRU0DJQpVLRDSUHVHQWDGRQR9,,,
&RQFXUVR1DFLRQDOGR,QYHQWR%UDVLOHLUR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD$%,37,HP5HFLIHWHQGRFRPRIXQGDGRUHV
RV VHJXLQWHV LQVWLWXWRV GH SHVTXLVD &HQWURV GH 3HVTXLVD H 'HVHQYROYLPHQWR GD %DKLD &(3('%$ )XQGDomR &HQWUR
7HFQROyJLFRGH0LQDV*HUDLV&(7(&0*)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&56,QVWLWXWR1DFLRQDOGH7HFQRORJLD
,175-,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH
3HUQDPEXFR,7(33(,QVWLWXWRGH7HFQRORJLDH3HVTXLVDGH6HUJLSH,3766()XQGDomR1~FOHRGH7HFQRORJLD,QGXVWULDO
GR&HDUi187(&&(H,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$535
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
,QtFLRGDRSHUDomRGRFDERVXEPDULQR%UXVOLJDQGRR%UDVLODRV(VWDGRV8QLGRV
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
)LUPDGRFRQYrQLRHQWUHD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3HR,QVWLWXWRGR$o~FDUHGR
ÉOFRRO,$$SDUDFRQWUROHGHTXDOLGDGHHHVWRFDJHPGRiOFRROSURGX]LGRQDVUHJL}HV1RUWH1RUGHVWHGR%UDVLO
)RQWH,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
'HVHQYROYLPHQWRGHODVHUSDUDWUDQVPLVVmRGHVRQVHLPDJHQVDORQJDGLVWkQFLDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03 $ SHVTXLVD p FRRUGHQDGD SHOR SURIHVVRU 1DYLQ %KDO $OEKDL 3DWHO GR ,QVWLWXWR GH )tVLFD /DERUDWyULR GH
3HVTXLVDVHP'LVSRVLWLYRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
/DQoDPHQWRGRSULPHLURVHUYLoRGHFRPXQLFDo}HVGHGDGRVGD$PpULFDGR6XO75$16'$7$
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$YDOLDomRGD=RQD)UDQFDGH0DQDXVFRPRVXEVtGLRVSDUDIRUPXODomRGHXPD3ROtWLFD7HFQROyJLFDSHOR&RQVHOKR1DFLRQDO
GH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
'HVHQYROYLPHQWRGDWHFQRORJLDGHSURGXomRGRDUUR]SDUEROL]DGRSHOD)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&TXH
DWXDFRPRVHWRUSURGXWLYR
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR6LPSyVLRVREUH5DLR/DVHUHPPHPyULDGH6pUJLR
3HUHLUD GD 6LOYD 3RUWR TXDQGR SDUWLFLSDUDP ItVLFRV LQWHUQDFLRQDLV HQWUH HOHV R 3UrPLR 1REHO &KDUOHV 7RZQHV H /
(VDNL
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRHLPSODQWDomRGHDSURYHLWDPHQWRGRPLQpULRR[LGDGRGH]LQFRGH9D]DQWH0*SRUPHLRGDIORWDomR
SHORVWpFQLFRVGR&HQWURGH7HFQRORJLD0LQHUDO&(7(0
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
$VVLQDWXUDGR&RQYrQLRGH&RRSHUDomRSDUDLPSODQWDomRGR&HQWURGH7HFQRORJLD,QGXVWULDO%UDVLO-DSmRGR3DUDQi&7,
,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
'HVHQYROYLPHQWRHLPSOHPHQWDomRSHOD8QLYHUVLGDGH)HGHUDOGH9LoRVDGHWHFQRORJLDGHEUDQTXHDPHQWRGHFHOXORVH
FRPR[LJrQLR
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
'HVHQYROYLPHQWRGR3URMHWR%LRFRQYHUVmRGHSHVTXLVDVQDiUHDGHHQHUJLDSURPRYHQGRDVXEVWLWXLomRGHGHULYDGRVGH
SHWUyOHRSRUGHULYDGRVGHELRPDVVDSHORSURIHVVRU6DXO*RQoDOYHV'·$YLODGR'HSDUWDPHQWRGH(QJHQKDULD4XtPLFD
GD)DFXOGDGHGH(QJHQKDULDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRQMXQWDPHQWHFRPD&RPSDQKLDGH
'HVHQYROYLPHQWR7HFQROyJLFR&2'(7(&HD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULR1DFLRQDOGH&RPSXWDomR&LHQWtILFD/1&&FRPDILQDOLGDGHGHUHDOL]DUSHVTXLVDVHPFRPSXWD
omRDSOLFDGDjVGLIHUHQWHViUHDVGDVFLrQFLDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&RQVWUXomRGDDGXWRUDGR6mR)UDQFLVFR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
'HVHQYROYLPHQWRGHSHVTXLVDVVREUHVLVWHPDVGLJLWDLVGHFRPXQLFDomRHVXDDSOLFDomRQRVLVWHPDGHWHOHFRPXQLFDomR
GRSDtVSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD7HOHFRPXQLFDo}HV%UDVLOHLUD6$7(/(%5$62WUD
EDOKRpFRRUGHQDGRSHORSURIHVVRU'DOWRQ6RDUHV$UDQWHVGR'HSDUWDPHQWRGH(QJHQKDULD(OpWULFDGD)DFXOGDGHGH
(QJHQKDULD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomR GR /DERUDWyULR GH %LRJiV FXMD ILQDOLGDGH p GDU DSRLR WpFQLFRFLHQWtILFR DR 3URJUDPD %LRJiV GR *RYHUQR GR
(VWDGRGH3HUQDPEXFR
)RQWH,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWR GH WUDEDOKR QD iUHD GH PLFURHOHWU{QLFD TXH SHUPLWH D IRUPDomR GH SHVVRDO FDSD] GH FRQIHFFLRQDU
PLFURFLUFXLWRVHWDPEpPGHSURMHWDUHFRQVWUXLUDOJXQVEHQVGHSURGXomRGHVVHV~OWLPRVSHOD8QLYHUVLGDGH(VWDGXDO
GH &DPSLQDV 81,&$03 HP FRQMXQWR FRP R /DERUDWyULR GH (OHWU{QLFD H 'LVSRVLWLYRV GR ,QVWLWXWR GH )tVLFD H D
7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV$JUiULDV
(VWDEHOHFLPHQWRGHQRUPDVHFULWpULRVGHOHYDQWDPHQWRVSHGROyJLFRVSDUDDPHOKRULDGR6LVWHPD
%UDVLOHLURGH&ODVVLILFDomRGH6RORV)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHSURGXomRVHFDJHPEHQHILFLDPHQWRHDQiOLVHGHVHPHQWHVGHIRUUDJHLUDVWURSLFDLV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHVDQJULDGDVHULQJXHLUDGHSODQWLRHQDWLYDVSDUDRDXPHQWRGDSURGXomRGHERUUDFKD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHKtEULGRVHYDULHGDGHVGHVRUJRIRUUDJHLUR%5H%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPpWRGRVGHOLPSH]DHSURSDJDomRGHEDWDWDEDWDWDGRFHDOKRHDVSDUJR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
1RYDGHQRPLQDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH6HULQJXHLUDSDUD&HQWUR1DFLRQDOGH3HVTXLVDGH6HULQJXHLUDH
'HQGrHP0DQDXV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$SOLFDomRDpUHDGH´EDFXORYLUXVDQWLFDUVLDµSDUDRFRQWUROHGDODJDUWDGDVRMD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QDXJXUDomRGDVHGHGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP%RD9LVWD55
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
&ULDomRGD(PSUHVDGH3HVTXLVDV$JURSHFXiULDGR(VWDGRGH$ODJRDV(3($/
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH$ODJRDV
&ULDomRSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$GR3URJUDPD1DFLRQDOGH%LRWHFQRORJLDFXMRV
REMHWLYRVHQWUHRXWURVHUDPDFRPSUHHQVmRGRVSURFHVVRVELRWHFQROyJLFRVHRGHVHQYROYLPHQWRGHPpWRGRVDYDQoDGRV
LPSRUWDQWHVSDUDDFRPSHWLWLYLGDGHVXVWHQWDELOLGDGHHTXDOLGDGHGDSURGXomRDJURSHFXiULDHDJURIORUHVWDOEUDVLOHLUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QtFLRGDH[HFXomRGRSURMHWRGHSHVTXLVDHH[WHQVmRHPHOHWULILFDomRUXUDOWHFQRORJLDFULDGDSHORSURIHVVRUÈQLR-HVXV
GH3LQKHLUR$PDUDOXWLOL]DQGRILRGHDoRJDOYDQL]DGRTXHYLDELOL]RXRDEDVWHFLPHQWRGHHQHUJLDHOpWULFDGHQXPHURVDV
SURSULHGDGHVUXUDLVGH]RQDVGHPLQLI~QGLRVFRQWULEXLQGRSDUDDIL[DomRGDVVXDVSRSXODo}HVQRFDPSR
)RQWH8QLYHUVLGDGH)HGHUDOGH3HORWDV
'HVHQYROYLPHQWRGHSURMHWRGHVHFDJHPGHJUmRVFRPXVRGDHQHUJLDVRODUHDUTXHQWHTXHWHPFRPRUHVXOWDGRDHOLPL
QDomRGHJUDQGHVGHVSHUGtFLRVGHDOLPHQWRVSRUXPJUXSRGHFLHQWLVWDVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03FRRUGHQDGRSHORSURIHVVRU-RmR$OEHUWR0H\HU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGHSURGXomRGHVHPHQWHVFRPHUFLDLVGHFHERODHPUHJLmRWURSLFDOHP3HUQDPEXFR
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
/DQoDPHQWRGDFXOWLYDUGHVRMDWURSLFDOSULPHLUDFXOWLYDUDGDSWDGDjVFRQGLo}HVHGDIRFOLPiWLFDVGDUHJLmR0HLR1RUWH
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
2EWHQomRQR%UDVLOGDVSULPHLUDVOLQKDJHQVGHULYDGDVGHFUX]DPHQWRVSDUDREWHQomRGHWULJRGHSDQLILFDomRHGHUHVLV
WrQFLDDPROpVWLDVI~QJLFDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGD(VWDomR0DULQKDGH$TXDFXOWXUD3URIHVVRU0DUFRV$OEHUWR0DUFKLRUL
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QVWDODomRGRSULPHLURODERUDWyULRGHHQJHQKDULDJHQpWLFDGHSODQWDVSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULDH0LQLVWpULRGD$JULFXOWXUD3HFXiULDH$EDVWHFLPHQWR
&LrQFLDV+XPDQDVH6RFLDLV
5HFHELPHQWRGR3UrPLR5HL%DOGXtQRGHVWLQDGRDSHVTXLVDGRUHVTXHVHGHVWDFDPQDGHIHVD
GRGHVHQYROYLPHQWRGHSDtVHVVXEGHVHQYROYLGRVSHORHGXFDGRU3DXOR)UHLUHGD)DFXOGDGHGH
(GXFDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV
,PSODQWDomR GR 3URJUDPD GH &RPXWDomR %LEOLRJUiILFD &2087 QR 0LQLVWpULR GD (GXFDomR 0(& DWXDOPHQWH QR
,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
/DQoDPHQWRGR3UrPLR1HOVRQ&KDYHVGH7HVHVVREUH1RUWHH1RUGHVWH%UDVLOHLURÉUHD*HRJUiILFD
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
6XUJLPHQWRGHQRYDVJHUDo}HVHQRYRVQ~FOHRVQRFLQHPDQDFLRQDOHPTXHDSURGXomRQmRPDLVUHIOHWHPRYLPHQWRV
SROtWLFRVHFXOWXUDLVGRSDVVDGR(P6mR3DXORJUXSRVGD9LOD0DGDOHQD8637DWX)LOPHV5DL]H6XSHUILOPHVSURGX]HP
XPQ~PHURVLJQLILFDWLYRGHFXUWDVHORQJDVPHWUDJHQVHPJHUDODSRLDGRVSRUyUJmRVHVWDWDLV(PRXWURV(VWDGRVVXU
JHPQRYDVYHUWHQWHVILOPHVSDUDMXYHQWXGHFRPR´%HWH%DODQoRµ´0HQLQRGR5LRµH´*DURWD'RXUDGDµGHWHUURUFRPR
´26HJUHGRGD0~PLDµH´6HWH9DPSLURVµHRFLQHPDXUEDQRSDXOLVWDFRPR6mR3DXOR6$
)RQWH0LQLVWpULRGD&XOWXUD
2UJDQL]DomRGR&ROyTXLRGH)LORVRILDFRPRWHPDFHQWUDO23RVLWLYLVPR/yJLFRSHOR&HQWURGH/yJLFD(SLVWHPRORJLDH
+LVWyULDGD&LrQFLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
$VVLQDWXUDGR3URWRFRORGDV'LVFXVV}HV6REUH&RRSHUDomR7pFQLFDSDUDR3URMHWR3URGXomRGH
%LROyJLFRVGHVHQYROYLGRHP%LR0DQJXLQKRVFRPRDSRLRWpFQLFRGHLQVWLWXLo}HVGHSHVTXLVD
MDSRQHVDV(VVDSDUFHULDSRVVLELOLWDDWUDQVIHUrQFLDSDUD%LR0DQJXLQKRVGHWHFQRORJLDGHSURGX
omRGDYDFLQDFRQWUDRVDUDPSRGR,QVWLWXWR%LNHQHGDYDFLQDFRQWUDDSROLRPLHOLWHGR,QVWLWXWRGH
3HVTXLVDGH3ROLRPLHOLWHGR-DSmR)RQWH)XQGDomR,QVWLWXWR2VZDOGR&UX]
'HVHQYROYLPHQWRGHVROXomRKLSHUW{QLFDXPDDOWHUQDWLYDDRXVRGRVRURILVLROyJLFRQDUHDQLPDomRGHYtWLPDVGHFKRTXH
KHPRUUiJLFR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGDLPSODQWDomRGR+RVSLWDO8QLYHUVLWiULR'U0LJXHO5LHU&RUUHD-~QLRU
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&LrQFLDV%LROyJLFDV
,QDXJXUDomRGD(VWDomRGH$SRLR$QWiUWLFR(6$17$5)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR
5LR*UDQGH
'HVHQYROYLPHQWRGHSHVTXLVDVVREUHRFRQWUROHELROyJLFRGDVSUDJDVFRPDILQDOLGDGHGHUHGX]LURFXVWRGDSURGXomR
DJUtFRODDXPHQWDUDSURGXWLYLGDGHHJDUDQWLUDVD~GHGDSRSXODomRDOHUWDQGRVREUHRSHULJRGRXVRLQGLVFULPLQDGRGH
LQVHWLFLGDVQDVODYRXUDVSHORSURIHVVRU0RKDPHG(]](O'LQ0XVWDID+DELEGR'HSDUWDPHQWRGH=RRORJLDGR,QVWLWXWR
GH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRVHVWXGRVSDUDSURPRYHUDLQWHJUDomRHQWUHDIORUHVWDHDLQG~VWULDSRUPHLRGRGHVHQYROYLPHQWRGHPDWHULDLV
JHQpWLFRVPDLVSURGXWLYRVHGHPDLRUUHQGLPHQWRHPFHOXORVHSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&RQVWUXomRGR%LRWpULRQRFDPSXV&DUUHLURV
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QtFLRGR3URMHWR)ORUD6XGHVWHFRPFRQYrQLRHQWUHR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13THRJRYHUQRGR(VWDGRGH6mR3DXOR
)RQWH0XVHX3DUDQDHQVH(PtOLR*RHOGL
'LYXOJDomR GH GDGRV GR SULPHLUR OHYDQWDPHQWR GR GHVPDWDPHQWR GD $PD]{QLD /HJDO HP SDUFHULD FRP R ,QVWLWXWR
%UDVLOHLURGH'HVHQYROYLPHQWR)ORUHVWDO,%')$SDUWLUGHHQWmRROHYDQWDPHQWRSDVVRXDVHUIHLWRSHULRGLFDPHQWH
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
)XQGDomRGR3DUTXH=RRERWkQLFRGD8QLYHUVLGDGH)HGHUDOGR$FUH8)$&
)RQWH,QVWLWXWR(XYDOGR/RGL
&LrQFLDV([DWDVHGD7HUUD
5HDOL]DomRGHFRQYrQLRHQWUHR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH(VWDWtVWLFD,%*(HR6HUYLoR
&DUWRJUiILFRGR([pUFLWRHR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$0LQDV*HUDLVSDVVRX
DWHUWRGDDVXDVXSHUItFLHFREHUWDSRUFDUWDVWRSRJUiILFDV1RDQRGDDVVLQDWXUDGRFRQYrQLRVR
PHQWHGDiUHDHVWDGXDOHVWDYDPFREHUWRV7DLVGRFXPHQWRVSHUPLWLUDPRGHVHQYROYLPHQWRGH
FHQWHQDVGHSHVTXLVDVQDVGLYHUVDViUHDVFLHQWtILFDV)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
6ROLFLWDomR j $FDGHPLD %UDVLOHLUD GH &LrQFLDV SDUD UHWLUDGD GR VHX WUDEDOKR TXH FRQWHVWD D WHRULD GD UHODWLYLGDGH GH
(LQVWHLQ SHOR SURIHVVRU &pVDU 0DQVXHWR *LXOLR /DWWHV GR ,QVWLWXWR GH )tVLFD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03MXVWLILFDQGRTXHRVHIHLWRVDUHVSHLWRGDSURSDJDomRGDOX]QmRVHUHODFLRQDPjWHRULDGH(LQVWHLQ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWDEHOHFLPHQWRSRUPHLRGR'HFUHWROHLGR6LVWHPDGH3URWHomRGR3URJUDPD1XFOHDU6,3521QRkPELWRGR
&RQVHOKRGH6HJXUDQoD1DFLRQDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVHQYROYLPHQWRGRSURMHWR&DUDFWHUtVWLFDVH&DXVDVGR5HJLPHGH3OXYLRVLGDGHQD5HJLmRGR6HPLÉULGRGR1RUGHVWH
%UDVLOHLUR
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRQD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3GRSURMHWR&DUDFWHUtVWLFDVHFDXVDVGRUHJLPHGH
SOXYLRVLGDGHQDUHJLmRGR6HPLiULGRGR1RUGHVWHEUDVLOHLUR
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
'HVHQYROYLPHQWR GD SHVTXLVD FRP R ODVHU GH GLy[LGR GH FDUERQR &2 SDUD DSOLFDomR QD LQG~VWULD H QD PHGLFLQD
SHORSURIHVVRU-RUJH+XPEHUWR1LFRODGR/DERUDWyULRGH(VSHFWURVFRSLD5DPDQGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULR1DFLRQDOGH&RPSXWDomR&LHQWtILFD/1&&RULJLQiULRGR&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV
&%3)
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
7UHLQDPHQWRGHHTXLSHWpFQLFDHFULDomRGHLQIUDHVWUXWXUDSDUDWUDWDPHQWRGHHIOXHQWHVOtTXLGRV
QDVLQG~VWULDVGHFRXURSURGXWRVDOLPHQWDUHVHWr[WHLVSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP
,QGXVWULDO6(1$,MXQWDPHQWHFRPR3URJUDPDGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR
318'HD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR,QGXVWULDO81,'2
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HILQLomRGRVLWHQVSULRULWiULRVSDUDDFRQFHVVmRGD0DUFDGH&RQIRUPLGDGHSDUDDVLQG~VWULDVHOHWURHOHWU{QLFDFRQVWUX
omRFLYLOPHWDOPHFkQLFDHTXtPLFD
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&UHGHQFLDPHQWR GRV ODERUDWyULRV GD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH 3HUQDPEXFR ,7(3 SHOR 6LVWHPD
1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO6,10(752
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
5HDOL]DomR QD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 GR 6HPLQiULR VREUH 3URSULHGDGH ,QGXVWULDO YLVDQGR D
SURPRYHUGHEDWHVVREUHDLPSRUWkQFLDGDSURSULHGDGHLQGXVWULDODVVLPFRPRVXDLPSOLFDomRHPSURFHVVRVGHGHVHQYRO
YLPHQWRFLHQWtILFRHWHFQROyJLFRFRPDFRODERUDomRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13THGR&HQWURGH7HFQRORJLDGD81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGHVLGHU~UJLFDQRV(VWDGRVGR&HDUiH3DUDQiSHOR*UXSR*HUGDX
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
)LUPDGRDFRUGRGHFRRSHUDomRHQWUHDVILOLDLVEUDVLOHLUDVHDUJHQWLQDVGD9RONVZDJHQHGD)RUGSDUDDIRUPDomRGHXPD
HPSUHVDD$XWRODWLQDFRPGHFDSLWDOGD9RONVZDJHQ
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGHÐOHRV9HJHWDLV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
'HVHQYROYLPHQWRGHSURMHWRGHFRQFHQWUDomRGHGLQDPLWHVLQGXVWULDLVSRUPHLRGRSURFHVVR'\QDZKLUOSRROSHORVWpFQL
FRVGR&HQWURGH7HFQRORJLD0LQHUDO&(7(0
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
&ULDomRGD,QG~VWULDGH6RURV3URGXWRV)DUPDFrXWLFRVGR3LDXt/WGD,1623,6$
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD&RHQFLVD,QG~VWULDGH&RPXQLFDo}HV/WGDSRUPHLRGH´-RLQW9HQWXUHµHQWUHDHPSUHVDDPHULFDQD5DFDOO
0LOJRHD&RQVWUXWRUD&RHQFLVDFRPVHGHHP6REUDGLQKRXPDGDVSULPHLUDVIiEULFDVGHPRGHPGR%UDVLO
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD*XUJHO0RWRUHVHP5LR&ODUR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD2GHEUHFKW6$´KROGLQJµGRJUXSR1RUEHUWR2GHEUHFKW
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGD%DKLD
&RQVWUXomRGHXPDXQLGDGHSLORWRSDUDDSURGXomRGHSHORWDVDXWRUHGXWRUDVGHIHUURSDUDVHUXVDGDVHPIXQGLomRHP
-RLQYLOOH6&SHOD)XQGLomR7XS\DSDUWLUGHSURMHWRVGHVHQYROYLGRVSHOR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH
6mR3DXOR,3763
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&RQWULEXLomRGDHPSUHVDPLQHLUD/LJDVGH$OXPtQLR6$/,$6$SDUDTXHMXQWDPHQWHFRPD&KLQDR%UDVLOIRVVHR
PDLRUH[SRUWDGRUPXQGLDOGHVLOtFLRPHWiOLFRQHVVHDQR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,PSODQWDomR GR &RPSOH[R 4XtPLFR GR 7ULkQJXOR 0LQHLUR $SOLFDomR GH 86 ELOK}HV DWp MXOKR GRV TXDLV 86
PLOK}HV FRUUHVSRQGHP D SURMHWRV HP RSHUDomR HP LPSODQWDomR RX Mi GHFLGLGRV ORFDOL]DGRV HP 8EHUDED SyOR GR
FRPSOH[RLQGXVWULDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
/DQoDPHQWRGR,WDLSXXPDYDQHOpWULFDTXHEDVWDFRQHFWiODDXPDWRPDGDGRPpVWLFDSDUDVXDUHFDUJDPDVFXMRGH
VHPSHQKRVHPRVWURXIUDFRSHOD*XUJHO0RWRUHV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD6DGLD7UDGLQJ6$TXHWHPFRPRREMHWLYRDH[SRUWDomRGHFDUQHVGHSRUFRHGHIUDQJRFRQJHODGRV²LQWHLUDV
RXHPFRUWH²SDUDSDtVHVVHOHFLRQDGRVQmRFRQVWLWXLQGRILQDOLGDGHSULQFLSDODH[SRUWDomRGHFDUQHVLQGXVWULDOL]DGDV
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
3DQRUDPD1DFLRQDO
&ULDomRGR3UrPLR-RYHP&LHQWLVWD3-&SDUDLQFHQWLYDUDSHVTXLVDQRVDOXQRVGRVFXUVRV
WpFQLFRHVXSHULRUFRPPHQRVGHDQRVHQRVMiJUDGXDGRVFRPPHQRVGH$LQLFLDWL
YDGD*HUGDXGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THGD
)XQGDomR5REHUWR0DULQKRDWUDYHVVRXDQRVFRPVXFHVVRHKRMHpFRQVLGHUDGDSHODFRPXQLGDGH
FLHQWtILFDXPDGDVPDLVLPSRUWDQWHVSUHPLDo}HVGRJrQHURQD$PpULFD/DWLQD)RQWH&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR3UrPLR1DFLRQDOGH&LrQFLDH7HFQRORJLDTXHWHYHFRPRREMHWLYRR´UHFRQKHFLPHQWRHHVWtPXORDSHVTXLVDGR
UHVHFLHQWLVWDVEUDVLOHLURVTXHSUHVWHPUHOHYDQWHFRQWULEXLomRQRVFDPSRVGDFLrQFLDHWHFQRORJLDµFRQIRUPHR'HFUHWR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLD&(&,7(&QD6HFUHWDULDGH3ODQHMDPHQWRH&RRUGHQDomR*HUDOGR
(VWDGRGR0DWR*URVVRGR6XO6(3/$106SHOR'HFUHWR
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO
&ULDomRGR1~FOHRGH,QRYDomR7HFQROyJLFD1,7QD8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD8)60FRPDSRLRGR&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&ULDomRGD)XQGDomRGH$SRLRj3HVTXLVD)81$3(8QLYHUVLGDGH)HGHUDOGH*RLiV8)*
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRSHOD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV(&7GRVVHJXLQWHVVHUYLoRV6HUYLoRGH6HJXULGDGHGRV&RUUHLRV
3267$/,6HR6HUYLoRGH'RFXPHQWRV$FKDGRVH3HUGLGRV
)RQWH(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV
&ULDomRGD6HFUHWDULDGH(VWDGRGD,QG~VWULD&RPpUFLR&LrQFLDH7HFQRORJLDGH5RQG{QLDSHOR'HFUHWRGHGH
GH]HPEUR
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLDGR3DUDQi&21&,7(&
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLDGH0DWR*URVVRGR6XOSHOR'HFUHWRQž
)RQWH6HFUHWDULDGH(VWDGRGH3ODQHMDPHQWRHGH&LrQFLDH7HFQRORJLDGH0DWR*URVVRGR6XO
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGR6HUYLoR,QWHUQDFLRQDOGH&RPXQLFDomRGH'DGRV$HURYLiUHRV$,5'$7$HPGH
DJRVWR)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QtFLR GD SURGXomR GH IRQWHV UDGLRDWLYDV VHODGDV SDUD JDPDJUDILD LQGXVWULDO SURGX]LGDV QR ,QVWLWXWR GH 3HVTXLVDV
(QHUJpWLFDVH1XFOHDUHV,3(1
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
5HDOL]DomRGRVPDLRUHVHPSUpVWLPRVDR3URJUDPD1DFLRQDOGRÉOFRRO3URiOFRROSHOR%DQFR0XQGLDOFRUUHVSRQGHQGR
DRPDLRULQYHVWLPHQWRGR3ODQR
)RQWH6RFLHGDGH%UDVLOHLUDGH3ODQHMDPHQWR(QHUJpWLFR
,QWHUOLJDo}HVGRV6LVWHPDV7HUUHVWUHVGH&RPXQLFDo}HVGH%UDVLOH8UXJXDL
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
'HVHQYROYLPHQWRGHSURMHWRGR*UXSRGH&RQYHUVmR)RWRYROWDLFDTXHSUHYrREDUDWHDPHQWRGRFXVWRGDJHUDomRGH
FpOXODVVRODUHVHRXWUDVDSOLFDELOLGDGHVSDUDDHQHUJLDVRODUFRRUGHQDGRSHORSURIHVVRU5HQr%UHQ]LNRIHUGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGD8VLQDGH3DXOR$IRQVR,9GD&RPSDQKLD+LGUHOpWULFDGR6mR)UDQFLVFR&+(6)
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QDXJXUDomRGDHVWDomRWHUUHQDGH$OWDPLUD3$
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGHVHUYLoRGHOLJDomRWHOHI{QLFDFRPLQWpUSUHWH
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGR3URJUDPD1DFLRQDOGR0HOKRUDPHQWRGD&DQDGHDo~FDU3/$1$/68&$5
)RQWH*UXSR-%
,QDXJXUDomRGRVWURQFRVGHPLFURRQGDVHQWUH9LWyULD6DOYDGRUH)RUWDOH]D
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
/DQoDPHQWR HP 6mR 3DXOR GH PRGR SLRQHLUR GR SURJUDPD GH WHVWHV FRP {QLEXV PRYLGRV D JiV PHWDQR YHLFXODU *09,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,37D&RPSDQKLDGH6DQHDPHQWR%iVLFRGR(VWDGR
GH6mR3DXOR6$%(63D&RPSDQKLD0XQLFLSDOGH7UDQVSRUWHV&ROHWLYRV&07&D0(5&('(6%(1=HR%DQFR1DFLRQDO
GH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO%1'(6VHQGRR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,3763RFRRUGHQDGRUWpFQLFRGRFRQYrQLR(VVHSURJUDPDIRLRSUHFXUVRUQDXWLOL]DomRGRJiVQDWXUDOQRVPHLRVGH
WUDQVSRUWHQDFLRQDO
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,QtFLR GD FRQVWUXomR GD 8VLQD +LGUHOpWULFD GH %DOELQD QR 5LR 8DWXPm HP 3UHVLGHQWH )LJXHLUHGR0$ D NP GH
0DQDXVSHOD&HQWUDLV(OpWULFDVGR1RUWHGR%UDVLO6$(/(7521257(
)RQWH&HQWUDLV(OpWULFDVGR1RUWHGR%UDVLO6$
,QDXJXUDomRGRSURMHWRSLRQHLURQR%UDVLOGHVWLQDGRDRDSURYHLWDPHQWRGDHQHUJLDVRODUHP&DXFDLD&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&RQFHVVmRGRž3UrPLR-RYHP&LHQWLVWD7HOHFRPXQLFDo}HVD+HQULTXH6DUPHQWR0DOYDUFRPDSHVTXLVD)LOWURV(OpWULFRV
6LQWRQL]iYHLV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR3UrPLR1DFLRQDOGR,QYHQWRU3URIHVVRU5DLPXQGR/LUD&&%68QLYHUVLGDGH)HGHUDOGD3DUDtED8)3%3%
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
5HDOL]DomR GH 6HPLQiULR 1DFLRQDO VREUH )HUURYLDV SDUD GHEDWHU D UHFXSHUDomR GR SDUTXH IHUURYLiULR GR %UDVLO SHOD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSURMHWRSDUDWUDWDPHQWRGHiJXDVDOLQDSRUPHLRGHGHVWLODGRUHVVRODUHV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
/DQoDPHQWRSLRQHLURQRSDtVGRSURWyWLSRGH&RPSXWDGRU$QDOyJLFR+tEULGRGH3RUWHEDWL]DGRGH$NmGHVHQ
YROYLGRSHORJUXSRGHFRPSXWDomRGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFD38&$SOLFDomRQDViUHDVGHPDWHPiWLFDItVLFD
HQJHQKDULDVFLYLOHOpWULFDHOHWU{QLFDPHFkQLFDHDPELHQWDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWR GH SHVTXLVD VREUH FLUFXLWR LQWHJUDGR FRRUGHQDGR SHOR SURIHVVRU $ODtGH 3HOOHJULQL 0DPPDQD GR
/DERUDWyULR GH (OHWU{QLFD H 'LVSRVLWLYRV GR &HQWUR GH &RPSRQHQWHV 6HPLFRQGXWRUHV GD )DFXOGDGH GH (QJHQKDULD GD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRHQWUHD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3HR&HQWURGH3HVTXLVDVH
'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6REMHWLYDQGRDLPSODQWDomRGHXPSURJUDPDGHDIHULomR
LQWHUODERUDWRULDO
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QDXJXUDomRGDVHVWDo}HVWHUUHQDVGH6LQRS$OWD)ORUHVWDH,WDLWXED$0
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGR6LVWHPD'','LVFDJHP'LUHWD,QWHUQDFLRQDOGH3RUWXJDOSDUDR%UDVLO
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
/DQoDPHQWR GR 3URJUDPD 3HUQDPEXFR GD 4XDOLGDGH FRRUGHQDGR SHOD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH
3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
'HVHQYROYLPHQWR GH FDWDOLVDGRUHV DQWLSROXHQWHV SDUD DSOLFDomR HP DXWRPyYHLV SRU SHVTXLVDGRUHV GR /DERUDWyULR GH
)tVLFDGH6XSHUItFLHVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV$JUiULDV
&ULDomRGR&HQWURGH3HVTXLVDVHP3URGXWRV)ORUHVWDLVGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD
$PD]{QLD,13$)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
5HDOL]DomR QD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH 3HUQDPEXFR ,7(3 GR , 6HPLQiULR VREUH 3UHVHUYDomR GH
0DGHLUDV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR 7HUULWRULDO GH 5LR %UDQFR GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$$FUH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
7UDQVIRUPDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%UDVtOLDHP&HQWUR1DFLRQDOGH3HVTXLVDGH
+RUWDOLoDVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR7HUULWRULDOGH3RUWR9HOKRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$5RQG{QLD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHSURMHWRGHSHVTXLVDVREUHUHVtGXRVDJUtFRODVFRPRIRQWHGHHQHUJLDDOWHUQDWLYDSDUDRSDtV$SHVTXL
VDYLVDDFRQYHUWHUGLUHWDPHQWHELRPDVVDVHPFRPEXVWtYHLVOtTXLGRVSHORDSURYHLWDPHQWRGHUHVtGXRVLQGXVWULDLVFRPR
REDJDoRGDFDQDHDOL[tYLDQHJUDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVREUHRXVRGHYtUXVQRFRPEDWHjVSUDJDVDJUtFRODVSHOR'HSDUWDPHQWRGH*HQpWLFDGR
,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHWHFQRORJLDGHSURGXomRGHHVWLUSHVHILFLHQWHVSDUDUL]yELRSDUDHUYLOKD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR 7HUULWRULDO GH %RD 9LVWD GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$5RUDLPD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR 7HUULWRULDO GH 0DFDSi GD (PSUHVD %UDVLOHLUD GH 3HVTXLVD
$JURSHFXiULD(0%5$3$$PDSi
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGHFHQRXUDFXOWLYDUHV%UDVtOLDH.XURQDQFRPUHVLVWrQFLDQHPDWyLGHHDXPHQWRGHSURGXomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHWpFQLFDVGHUHSURGXomRGHERYLQRVGHFRUWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHGDODJDUWDGDVRMD´$QWLFDUVLDJHPDWDOLVµSRUPHLRGR´%DFXORYLUXVDQWLFDUVLDµ
HWHFQRORJLDSDUDDVXDSURGXomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGRSURMHWR'HVVXOIXUL]DomRGH$oRSHOR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
,3763SDUDD&RPSDQKLD6LGHU~UJLFD3DXOLVWD&26,3$TXHLQFOXLSURFHVVRHTXLSDPHQWRWUHLQDPHQWRGHRSHUDGRUHV
H´VWDUWXSµSDUDTXHHVVDHPSUHVDSXGHVVHDWHQGHUjVHVSHFLILFDo}HVGD$PHULFDQ3HWUROHXP,QVWLWXWHHUHDOL]DUH[SRU
WDo}HV
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDV+XPDQDVH6RFLDLV
/DQoDPHQWRGD$QiOLVH6yFLR(WQR/LQJtVWLFDGD/LQJXDJHP5HJLRQDOQD2EUDGH-RVp$PpULFR
GH$OPHLGD)RQWH)XQGDomR&DVDGH-RVp$PpULFR
5HDOL]DomRGR(QFRQWUR0XQGLDOGH(VWXGRV/LQJtVWLFRVHGR(QFRQWUR,QWHUQDFLRQDOGD)LORVRILDGD/LQJXDJHPFXMR
WHPD SULQFLSDO DERUGDGR IRL R GLiORJR TXH UHXQLX HVSHFLDOLVWDV QR DVVXQWR QD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03SURPRYLGRVSHOR,QVWLWXWRGH(VWXGRVGD/LQJXDJHPHPSDUFHULDFRPR&HQWURGH/yJLFD(SLVWHPRORJLDH
+LVWyULDGD&LrQFLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URPRomRGR&RQJUHVVRGH/HLWXUDSHOD)DFXOGDGHGH(GXFDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRP
RWHPiULRJHUDO/XWDVSHOD'HPRFUDFLDGD/HLWXUDQR%UDVLOFRPDEHUWXUDGH3DXOR)UHLUHHDSRLRGR&HQWURGH(VWXGRV
H6RFLHGDGHHGD6HFUHWDULD0XQLFLSDOGH&XOWXUDGD3UHIHLWXUD0XQLFLSDOGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVREUHFUDYRVHVXDFRQVWUXomRHRXWURVLQVWUXPHQWRVPXVLFDLVEDUURFRVHUHQDVFHQWLVWDV
FRPRRVRULJLQDLVSHOR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SRUPHLRGR/DERUDWyULR
GH$F~VWLFD0XVLFDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
,QtFLRGDSURGXomRQR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1GH*HUDGRUHVGH
7HFQpFLRRPDLVLPSRUWDQWHUDGLRIiUPDFRXVDGRSHODPHGLFLQDQXFOHDUSDUDGLDJQyVWLFR)RQWH
,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
'HVFREULPHQWR SRU PHLR GH HVWXGRV JHQpWLFRV GH XPD XOWUDVRQRJUDILD TXH SHUPLWH DOpP GH YLVXDOL]DU R VH[R GH
WHUPLQDURHVWDGRJHUDOGDFULDQoDHPJHVWDomRSHORSURIHVVRU:DOWHU3LQWR-~QLRUGR'HSDUWDPHQWRGH*HQpWLFDGD
)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URPRomRGR,6HPLQiULRGH(GXFDomR0pGLFDSHOD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03FRPDILQDOLGDGHGHGLVFXWLUDVFDUDFWHUtVWLFDVGHHQVLQRSDUDIRUPDUPpGLFRVTXHUHDOPHQWHDWHQGDPjV
QHFHVVLGDGHVGHVD~GHGDSRSXODomROHYDQGRHPFRQWDRPHUFDGRGHWUDEDOKRHDSROtWLFDQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7HUPLQDGRRSULPHLURSURMHWRGHPLQLFRPSXWDGRUGHVHQYROYLGRQR%UDVLODHQWUDUHPSURGXomRFRPHUFLDO*863
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&LrQFLDV%LROyJLFDV
,QVWLWXLomRSHOD/HLQžGD3ROtWLFD1DFLRQDOGR0HLR$PELHQWHVHXVILQVHPHFDQLVPRVGH
IRUPXODomRHDSOLFDomR2DUWLJRžWUDWDGDFRQVWLWXLomRGR6LVWHPD1DFLRQDOGR0HLR$PELHQWH
6,61$0$HRDUWžWUDWDGDFULDomRGR&RQVHOKR1DFLRQDOGR0HLR$PELHQWH&21$0$)RQWH
0LQLVWpULRGR0HLR$PELHQWH
'HVHQYROYLPHQWRGHSHVTXLVDVREUHRFRQWUROHELROyJLFRGHSUDJDVTXHFDXVDPELFKHLUDVHPDQLPDLVSHODHTXLSHGRSUR
IHVVRU&URGRZDOGR3DYDQGR'HSDUWDPHQWRGH*HQpWLFDGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWLWXLomRGR)XQGR(VSHFLDOGH3URWHomRDR0HLR$PELHQWH)(3(0$SHOR*RYHUQRGR(VWDGRGH6DQWD&DWDULQD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
'HVHQYROYLPHQWRGHSHVTXLVDVVREUHDJHQpWLFDYHJHWDOFRPRREMHWLYRSULQFLSDOGHHVWXGDUDVtQWHVHGHDPLQRiFLGRV
HSURWHtQDVGDVHPHQWHGRPLOKRSHORSURIHVVRU:LOOLDP-RVpGD6LOYDGR'HSDUWDPHQWRGH*HQpWLFDH(YROXomRGR
,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHSHVTXLVDVREUHDRVVLILFDomRLQGX]LGDFRRUGH
QDGDSHORSURIHVVRU%HQHGLFWRGH&DPSRV9LGDOFKHIHGR'HSDUWDPHQWRGH%LRORJLD&HOXODU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV([DWDVHGD7HUUD
(QWUHJDGRWHOHVFySLRySWLFRGHPRPDLRUHPWHUULWyULRQDFLRQDOjFRPXQLGDGHDVWURQ{PL
FDLQVWDODGRQR2EVHUYDWyULRGR3LFRGRV'LDVVXOGH0LQDV*HUDLVSHOR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T)RQWH/DERUDWyULR1DFLRQDOGH$VWURItVLFD
3URPRomRGD,0RVWUDGH+RORJUDILDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREDFRRUGHQDomRGRSURIHVVRU
-RVp-RDTXLP/XQD]]LGR'HSDUWDPHQWRGH)tVLFDGR(VWDGR6yOLGRH&LrQFLDGRV0DWHULDLVGR,QVWLWXWRGH)tVLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRVSULPHLURVFROHWRUHVVRODUHVEUDVLOHLURVTXHHOLPLQDPWRWDOPHQWHDSHUGDGHHQHUJLDSRUUDGLDomRQD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPRILQDQFLDPHQWRGD&RPSDQKLD(QHUJpWLFDGH6mR3DXOR&(63HD
FRRUGHQDomRGR,QVWLWXWRGH)tVLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GH SURMHWR SDUD R DSURYHLWDPHQWR DOWHUQDWLYR GDV UHVHUYDV EUDVLOHLUDV GH FDUYmR PLQHUDO SDUD D SUR
GXomR GH FRPEXVWtYHO VLQWpWLFR SHOR *UXSR GH (QHUJLD GR ,QVWLWXWR GH )tVLFD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SURYDomRGRFXUVRLQWHUGLVFLSOLQDUGH)tVLFDH(QJHQKDULD(OpWULFDSDUDIRUPDUSURILVVLRQDLVGLIHUHQFLDGRVSDUDRPHUFD
GRGHWUDEDOKRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmRGR3UrPLR&RQVHOKHLUR-RUJHGD&XQKDDRVSHVTXLVDGRUHV+pOLR)HUUHLUDGRV6DQWRV0DQXHO)UDQFLVFR$QGUDGH
H5LFKDUG/RXLV&RPEHVREWHQGRRSULPHLUROXJDUQR&RQVHOKR)HGHUDOGH4XtPLFD
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
,QtFLRGDVGLVFXVV}HVSUHOLPLQDUHVVREUHOX]VtQFURWURQQR&HQWUR%UDVLOHLURGH3HVTXLVDV)tVLFDV&%3)
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
,PSODQWDomRGR/DERUDWyULRGH0DWHPiWLFD$SOLFDGDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SDUDFRPR
,QVWLWXWRGH0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFDRUJDQL]DUPDVVDFUtWLFDGHWpFQLFRVHSHVTXLVDGRUHVHVHUYLU
GHFHQWURPRWLYDGRUGHSHVTXLVDVHPWHRULDHWpFQLFDVGHDQiOLVHQXPpULFDSDUDSUHVWDUDSRLRDLQG~VWULDVHDRXWURV
VHWRUHVGDSURGXomRQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
'HVHQYROYLPHQWRGR3URMHWR+LGURFRQGHFRRSHUDomRWpFQLFDHQWUHFLHQWLVWDVGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03HDLQG~VWULDFRPRREMHWLYRGHWRUQDUPDLVHILFLHQWHDWUDQV
IRUPDomRGDELRPDVVDHPLQVXPRVTXtPLFRVHFRPEXVWtYHLV)RQWH8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV
,QVWDODomRGD,QG~VWULDGH&LPHQWRGH)URQWHLUDV3,
)RQWH6HFUHWDULDGD(GXFDomR
/DQoDPHQWRSHOD$VVRFLDomRGRV)DEULFDQWHVGH0yYHLVGR%UDVLO$)$0GRž&XUVRGH'HVHQKR,QGXVWULDOSDUDHVWX
GDQWHVFXMRWHPDHUD3URMHWR%HUoR(VVHFXUVRYLVDYDDDSULPRUDUDTXDOLGDGHJDUDQWLDHDFDEDPHQWRGRVSURGXWRV
DVHUHPH[SRUWDGRVVHQGRTXHWRGRVWHULDPTXHOHYDUXPVHORGHJDUDQWLD
)RQWH$VVRFLDomRGDV%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
0RGHUQL]DomRGDDFLDULDHUHIRUPDGRDOWRIRUQRGDV8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$8VLPLQDVSDVVDQGR
DSURGXomRGHJXVDGHWRQHODGDVGLDSDUDWRQHODGDVGLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGR3tHU3HWUROHLURQR3RUWRGR0XFXULSHHP)RUWDOH]D&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QtFLRQD3HUGLJmR6$GRDEDWHHFRPHUFLDOL]DomRGHDYHVLQWHLUDVHSDUWHVFRPDPDUFD&KHVWHUSURGXWRLQGXVWULDOL]D
GRSLRQHLURFRPEDL[RWHRUGHJRUGXUD
)RQWH3(5',*®26$
,QtFLRGHRSHUDomRGD8VLQD(PERUFDomRQR5LR3DUDQDtEDHP$UDJXDUL0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGR&HQWURGH8QLGDGHV0yYHLV´-RVp0iULR3LQKHLURµGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,3,HP7HUHVLQD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRSRU)HUQDQGR6WHHOHGD&UX]'LUHWRUH)XQGDGRUGD0LFURELROyJLFD4XtPLFDH)DUPDFrXWLFD/WGDGHXPDVp
ULH GH DWLYLGDGHV FRP D HTXLSH FLHQWtILFD GD HPSUHVD QR GHVHQYROYLPHQWR H FRPHUFLDOL]DomR GRV VHJXLQWHV IiUPDFRV
$]DWLRSULPD 0HUFDSWRSXULQD H GRV VHJXLQWHV IDUPRTXtPLFRV XWLOL]DGRV QR WUDWDPHQWR GH $,'6 =LGRYXGLQD $=7
(VWDYXGLQDG7H/DPLYXGLQD7&
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6DQFLRQDGDHPGHMXOKRDOHLGHFULDomRGD(PSUHVD*HUHQFLDOGH3URMHWRV1DYDLV(1*(3521YLQFXODGDDR0LQLVWpULR
GD0DULQKDHVHGLDGDQR5LRGH-DQHLURDTXDODRODGRGD,QG~VWULDGH0DWHULDO%pOLFRGR%UDVLO,0%(/GR0LQLVWpULR
GR([pUFLWRHGD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD(0%5$(5GR0LQLVWpULRGD$HURQiXWLFDIRUPDRWULSpGRFRPSOH[R
PLOLWDUEUDVLOHLUR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
(QWUDGDHPRSHUDomRGR&RPSOH[R0tQHUR,QGXVWULDOGR3ODQDOWRGH3RoRVGH&DOGDVWRUQDQGRR%UDVLORGpFLPRSDtVGR
PXQGRDSURGX]LULQGXVWULDOPHQWHRXUkQLR
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
,QDXJXUDomRGR3URMHWR)HUUR&DUDMiVSHOD&RPSDQKLD9DOHGR5LR'RFH&95'
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&ULDomRGR6HUYLoRGH,QIRUPDomRDR&RQVXPLGRU6DGLD6,&HDGLVWLQomRGDPDUFD6DGLDSHOR,QVWLWXWR1DFLRQDOGH
3URSULHGDGH,QGXVWULDO,13,FRPR0DUFD1RWyULD'RLVPDUFRVLQVWLWXFLRQDLVKLVWyULFRVVHQGRDTXHOHSLRQHLURQDLQG~V
WULDDOLPHQWtFLDFRPRSULPHLURFDQDOGLUHWRGHGLiORJRFRPFRQVXPLGRUHV
)RQWH,QG~VWULDH&RPpUFLR&RQFyUGLD
$TXLVLomRSHOR*UXSR9LFXQKDGD)LEUDXPDGDVSULQFLSDLVLQG~VWULDVWr[WHLVGRSDtVDWpHQWmRSHUWHQFHQWHDRJUXSR
LWDOLDQR6QLD9LVFRVD&RPHVVDDTXLVLomRR*UXSRDPSOLDHYHUWLFDOL]DRGHVHQYROYLPHQWRHDSURGXomRGHILEUDVDUWLIL
FLDLVHVLQWpWLFDV
)RQWH*UXSR9LFXQKD
&ULDomRGR'HSDUWDPHQWRGH3HVRVH0HGLGDVGH0DWR*URVVRGR6XO
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
$VVLQDWXUD GR SULPHLUR FRQWUDWR GH FRRSHUDomR WHFQROyJLFD HQWUH D (PSUHVD %UDVLOHLUD GH &RPSUHVVRUHV 6$ H D
8QLYHUVLGDGH )HGHUDO GH 6DQWD &DWDULQD SDUD SHVTXLVD FRQMXQWD HP WHUPRGLQkPLFD IOXLGRGLQkPLFD H UHVLVWrQFLD GRV
PDWHULDLVDSOLFDGRVDRVFRPSUHVVRUHVHTXHSUHYrWDPEpPRSDWURFtQLRGHPHVWUDGRV
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
,QDXJXUDomRGRV/DERUDWyULRVGH0HWDOXUJLDHGR&HQWUR1DFLRQDOGH&DUYmR9HJHWDO&(1$9$&$LQVWDODGRVQD)XQGDomR
&HQWUR7HFQROyJLFRGH0LQDV*HUDLV&(7(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRGRSURMHWRGHLPSODQWDomRGHWHFQRORJLDVDGHTXDGDVjVPLFURHPSUHVDVQRLQWHULRUGH3HUQDPEXFR
SRUPHLRGHXPFRQYrQLRHQWUHD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3D8QLmR1RUGHVWLQD
GH$VVLVWrQFLDD3HTXHQDV2UJDQL]Do}HVHR3RORQRUGHVWH
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD&RPSDQKLD6LGHU~UJLFD3DXOLVWDSDUD
SUHVWDUDVVLVWrQFLDHFRQVXOWRULDGHVHQYROYLPHQWRWHFQROyJLFRGHDXWRPDomRHFRQWUROHGHSURFHVVRVQDiUHDVLGHU~UJLFD
VREFRRUGHQDomRGRSURIHVVRU0DXUtFLR3UDWHVGH&DPSRV)LOKRGD)DFXOGDGHGH(QJHQKDULDGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDVRSHUDo}HVGR3yOR3HWURTXtPLFRGR6XOHP7ULXQIRFRPDLQVWDODomRGHVHLVHPSUHVDVSDUDDSURGXomRGH
HWHQRSURSHQREXWDGLHQREHQ]HQR[LOHQRSROLHWLOHQRGHDOWDHEDL[DGHQVLGDGHSROLSURSLOHQRHWLOEHQ]HQRHERUUDFKD
GHHVWLUHQREXWDGLHQR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RPHPRUDomRGRVDQRVGHH[LVWrQFLDGD(PSUHVD6mR3DXOR$OSDUJDWDVTXHDGTXLUHD-HDQHUDWLRQ1RDQRVHJXLQWH
ODQoDDVPDUFDV6DPRDH7RS3OXV
)RQWH(PSUHVD6mR3DXOR$OSDUJDWDV
3DQRUDPD1DFLRQDO
,PSODQWDomRSHOD(PSUHVD%UDVLOHLUDGH&RUUHLRVH7HOpJUDIRV(&7GR6HUYLoRGH(QFRPHQGD
([SUHVVD1DFLRQDO6('(;FRPSUD]RPi[LPRGHHQWUHJDGHKRUDV)RQWH(PSUHVD%UDVLOHLUD
GH&RUUHLRVH7HOpJUDIRV
(GLomR GR &DWiORJR &ROHWLYR GRV SHULyGLFRV GHGLFDGRV j HGXFDomR H &ROHWkQHD ,QIRUPDWLYD VREUH D &RRSHUDomR
,QWHULQVWLWXFLRQDO
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,PSODQWDomRGR6LVWHPDGH,QIRUPDomRSDUD$PD]{QLD,1)250$1UHWRPDQGRDVDWLYLGDGHVGD5HGHGH%LEOLRWHFDVGD
$PD]{QLD5(%$0
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGR6LVWHPD(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR6('&7GR(VWDGRGR0DUDQKmR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
&ULDomRSHOR*RYHUQRGR(VWDGRGD3DUDtEDGR6LVWHPD(VWDGXDOGH&LrQFLDH7HFQRORJLDFRPDLQVWDODomRGR&RQVHOKR
(VWDGXDOGH&LrQFLDH7HFQRORJLD&'&7HFRQVWLWXLomRGR)XQGR(VWDGXDOGH&LrQFLDH7HFQRORJLD)'&7
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
&ULDomRGD)XQGDomR8QLYHUVLGDGH)HGHUDOGH5RQG{QLD81,5HP3RUWR9HOKR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRDSDUWLUGR&HQWURGH(QVLQR6XSHULRUGH5RQG{QLD&(685GD)XQGDomR8QLYHUVLGDGH)HGHUDOGH5RQG{QLD
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
5HDOL]DomRGR,,&RQFXUVRGH0RQRJUDILDVREUH(GXFDomR6XSHULRU
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
$VVLQDWXUDGHGRLVFRQYrQLRVGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TFRPD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03SDUDRGHVHQYROYLPHQWRGHHVWXGRVVREUHSROtWLFDFLHQWtILFDSRUJUXSRVGHSHVTXLVD
GRV,QVWLWXWRVGH*HRFLrQFLDVGH)LORVRILDH&LrQFLDV+XPDQDV)LUPDWDPEpPXPSURWRFRORGHFRRSHUDomRP~WXDSDUD
DFRQVWUXomRGRSULPHLUR/DERUDWyULR%UDVLOHLURGH5DGLDomR6LQFURWU{QLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLDGD3DUDtEDSHOD/HLFRQVROLGDGDSHOR'HFUHWRGH
GHMXQKR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDGR(VWDGRGD3DUDtED
&ULDomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHQ~FOHRVLQWHUGLVFLSOLQDUHVGHSHVTXLVDLQWHJUDQGRRVSUR
MHWRV3HVTXLVDHP7HOHPiWLFD(VWXGRVH3HVTXLVDV0XOWLGLVFLSOLQDUHV,QIRUPDomRH'LIXVmR&XOWXUDO3HVTXLVDHP3ROtWLFDV
3~EOLFDVH(VWXGRVHP3RSXODomRVREFRRUGHQDomRGRSURIHVVRU3DXOR5HQDWRGD&RVWD6RX]DGR'HSDUWDPHQWRGH
(FRQRPLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SURYDomRGR(VWDWXWRGD)XQGDomR8QLYHUVLGDGHGR(VWDGRGR5LRGH-DQHLUR8(5-SHOR'HFUHWRGHGH
GH]HPEUR
)RQWH6HFUHWiULDGH(VWDGRGH(GXFDomR
,PSODQWDomRGR3URJUDPDGH,QIRUPDomR&LHQWtILFDH7HFQROyJLFD,&7DEUDQJHQGRRVVLVWHPDVGH,QIRUPDomRHVSH
FLDOL]DGRVHQWUHRVTXDLVRVGH*HRFLrQFLDVH7HFQRORJLD0LQHUDO*(2&,1)%LRWHFQRORJLD4XtPLFDH,QVWUXPHQWDomR
FRRUGHQDGRVSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7HFRPRDSRLRGR3URJUDPDGH$SRLR
DR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
(QJHQKDULDH7HFQRORJLD
,QDXJXUDomRGD8VLQD+LGUHOpWULFDGH,WDLSXHP)R]GR,JXDoX)RQWH6HUYLoR1DFLRQDOGH
$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR,QVWLWXWRGH(VWXGRV$YDQoDGRV,($YFRPDPLVVmRGHHIHWXDUSHVTXLVDVGHVHQYROYHUWHFQRORJLDVHUHDOL]DU
HVWXGRVDYDQoDGRVGRLQWHUHVVHGR0LQLVWpULRGD$HURQiXWLFDQDViUHDVGHItVLFDQXFOHDUGHEDL[DHDOWDHQHUJLDVGHODVHU
GHLQWHUDomRUDGLDomRPDWpULDGHHQHUJLDQXFOHDUHGHLQIRUPiWLFD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
2EWHQomRGRODVHU´H[FLPHUµLQWHLUDPHQWHFRQVWUXtGRQR,QVWLWXWRGH(VWXGRV$YDQoDGRV,($YFRPDOWRtQGLFHGHQD
FLRQDOL]DomR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
'HVHQYROYLPHQWRGRSULPHLURVLVWHPDGHWUDQVFHSWRUySWLFRDODVHUVHPLFRQGXWRUSDUDFRPXQLFDo}HV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomR GR , &RQFXUVR 1RUGHVWLQR GH ,QYHQWRV SDWURFLQDGR SHOD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH
3HUQDPEXFR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
5HDOL]DomRGRSULPHLURH[SHULPHQWRGHHQULTXHFLPHQWRGHXUkQLRSRUXOWUDFHQWULIXJDomRHPDVVRFLDomRFRPD0DULQKD
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&ULDomRGD)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD)8&$3,
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&RQFHVVmR GH GRLV SUrPLRV -RYHP &LHQWLVWD H *RYHUQDGRU GR (VWDGR GR ž &RQFXUVR GH ,QYHQWRV %UDVLOHLUR SHOD
GHVFREHUWDGHXPFDWDOLVDGRUGHHVWpUHLVGHULYDGRVGHyOHRVYHJHWDLVFDSD]HVGHVXEVWLWXLURyOHRGLHVHOHPYHtFXORVDX
WRPRWRUHVDRHVWXGDQWH2VYDOGR&kQGLGR/RSHVGDSyVJUDGXDomRHP4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGR$FRUGRGH&RRSHUDomRHQWUHRVJRYHUQRVGR%UDVLOHGR-DSmRSDUDLPSODQWDomRGHXPFHQWURGHHQVLQR
GHDOWDWHFQRORJLDQR(VStULWR6DQWR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
5HFHELPHQWRGRž3UrPLR-RYHP&LHQWLVWD(QHUJLD)RQWHV$OWHUQDWLYDVSHORSHVTXLVDGRU&DUORV9DORLV0DFLHO%UDJD
SHORV WUDEDOKRV 2WLPL]DomR GH 5HQGLPHQWR 7pUPLFR GH 0RWRUHV GH &RPEXVWmR ,QWHUQD H &RPEXVWtYHO $OWHUQDWLYR H
8WLOL]DomRGH0LVWXUDVÉJXDÉOFRRO+LGUDWDGR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HDOL]DomRGHSHVTXLVDSDUDGHVFREULURPHFDQLVPRGRSURFHVVRLGHQWLILFDURVSURGXWRVIRUPDGRVQDUHDomRHWHQWDUREWHU
DQWLR[LGDQWHVPDLVHILFD]HVSDUDDIRWR[LGDomRGHSROtPHURVSHORJUXSRGHSHVTXLVDGRUHVGRSURIHVVRU0DUFR$XUpOLRGH
3DROLGR'HSDUWDPHQWRGH4XtPLFD,QRUJkQLFDGR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDRSHUDomRGDXVLQDGHSURGXomRGH82´\HOORZFDNHµFRPtQGLFHGHQDFLRQDOL]DomRVXSHULRUDUHDOL]DGD
SRUPHLRGD8UkQLRGR%UDVLO6$QR&RPSOH[R0tQHUR,QGXVWULDOGH3RoRVGH&DOGDV&,3&
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&RQFHVVmRGDSDWHQWH´3URFHVVRHHTXLSDPHQWRGHILQVP~OWLSORVSDUDWUDWDPHQWRGHDoROtTXLGRSDUDIXQGLomRHPIRU
QRVGHLQGXomRGHSHTXHQDFDSDFLGDGHµ3,DRLQYHQWRU9LFHQWH1HOVRQ*LRYDQQL0D]]DUHOOD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR&RQJUHVVR%UDVLOHLURGH$XWRPDomRVRERUJDQL]DomR
GRSURIHVVRUÉOYDUR*HUDOGR%DGDQ3DOKDUHVGR'HSDUWDPHQWRGH(QJHQKDULD(OpWULFDGD)DFXOGDGHGH(QJHQKDULDGH
&DPSLQDVVHQGRDURERWL]DomRQR%UDVLOXPGRVWHPDVGLVFXWLGRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR6HUYLoR,QWHUQDFLRQDOGH&RPXQLFDomRGH'DGRV,17(5'$7$
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGDVFRPXQLFDo}HVPDUtWLPDVYLDVDWpOLWH,10$56$7HPHPEDUFDo}HVGHEDQGHLUDEUDVLOHLUD
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
5HDOL]DomRSHOD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3GR,6HPLQiULRVREUH7HFQRORJLDSDUD
R1RUGHVWH
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QDXJXUDomRGR/DERUDWyULR&HQWUDOGH3HVTXLVDH'HVHQYROYLPHQWR/$&5HDOL]DomRGHHQVDLRVHDQiOLVHVTXDOLILFDGDV
GLDJQyVWLFRVDYDOLDo}HVSHVTXLVDHGHVHQYROYLPHQWRGHSURGXWRVHSURFHVVRVYROWDGRVSDUDRVHWRUHOpWULFR
)RQWH,QVWLWXWRGH7HFQRORJLDSDUDR'HVHQYROYLPHQWR
&ULDomRGR'HSDUWDPHQWRGH7HFQRORJLD'(7(&QRkPELWRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXORSHOR
3UHVLGHQWH/XtV(XOiOLRGH%XHQR9LGLJDO)LOKRWHQGRFRPRGLUHWRUWLWXODU-RVp0LQGOLQHWLWXODUDGMXQWR2]LUHV6LOYDLQFRU
SRUDQGRR1~FOHRGH'HVHQKR,QGXVWULDO1',
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
3DWURFtQLRGRHQFRQWURGH6RFLHGDGHV&LHQWtILFDVHPTXHpVXJHULGDDHODERUDomRGHXPHVWXGRVREUHDYLDELOLGDGHGHVH
ID]HUQR%UDVLOXPDFHOHUDGRUGHSDUWtFXODVGHVWLQDGRDHPLWLUOX]VtQFURWRQSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13T
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
,PSODQWDomRGR6LVWHPD0RGXODUQDiUHDGHHOHWULFLGDGHGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR1DFLRQDO
&RQVWUXomRGHGLYHUVRVQDYLRVQR$UVHQDOGH0DULQKDGR5LRGH-DQHLUR$05-DSDUWLUGHGRVTXDLVpLPSRUWDQWH
UHVVDOWDUR%DOL]DGRU&RPDQGDQWH9DUHOD(VVHWLSRGHQDYLRRIHUHFHFRQGLo}HVH[FHSFLRQDLVSDUDH[HFXomRGDVWDUHIDV
OLJDGDV j PDQXWHQomR GH VLVWHPDV GH VLQDOL]DomR QiXWLFD SULQFLSDOPHQWH QR WUDQVSRUWH ODQoDPHQWR UHFROKLPHQWR H
QRVSHTXHQRVUHSDURVGHEyLDVSRLWDVHDPDUUDVSRGHQGRWDPEpPVHUXWLOL]DGRFRPJUDQGHHILFiFLDHPRSHUDo}HVGH
PDUFDomRGHREVWiFXORVHGHFDQDLVGHDFHVVR
)RQWH0DULQKDGR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD5HGH1DFLRQDOGH5DGLRPRQLWRUDJHP5(1$5
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
3URPRomRGRFXUVR7UDomR(OpWULFDFRP$OLPHQWDomRHP&RUUHQWH$OWHUQDGDTXHWUDWDGHXPQRYRPpWRGRGHLPSODQWD
omRGHHVWUDGDVGHIHUURPLQLVWUDGRSHORSURIHVVRU-RKQ7KRPDV+D\GHQGR,QVWLWXWRGH7HFQRORJLDGD,QJODWHUUDSHOR
,QVWLWXWRGH(QJHQKDULD(OpWULFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GR SURMHWR &REUH TXH SURGX]LX SRU YLD KLGURPHWDO~UJLFD D SULPHLUD SODFD GH FREUH HOHWUROtWLFR QD
&DUDtED0HWDLVHP-DJXDUDUL%$
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
,QDXJXUDomRGDVHVWDo}HVWHUUHQDVGH7DEDWLQJD7HIpH&RDUL3$
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGD5HGH1DFLRQDOGH7HOHYLVmRSRU6DWpOLWH796$7
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QtFLRGDIDEULFDomRGDVSULPHLUDVFpOXODVVRODUHVEUDVLOHLUDVIHLWDVGHVLFtOLRDPRUIRDVHUHPSUHJDGRSDUDID]HUDFRQYHUVmRGD
OX]GRVROHPHQHUJLDHOpWULFDQR/DERUDWyULRGH&RQYHUVmR)RWRYROWDLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URMHomRHFRQVWUXomRSHOR$UVHQDOGH0DULQKDGR5LRGH-DQHLUR$05-GHGRLVQDYLRVGHDVVLVWrQFLDKRVSLWDODUR
2VZDOGR&UX]HR&DUORV&KDJDV(VVHVQDYLRVHVWmRRSHUDQGRQD$PD]{QLDDOFDQoDQGRUHJL}HVGLVWDQWHVHVHUYLQGRGH
EDVHKRVSLWDODUSDUDRVKDELWDQWHVQRUPDOPHQWHGLVSHUVRVHPJUDQGHViUHDVQD$PD]{QLD
)RQWH0DULQKDGR%UDVLO
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH'HIHVDGD$JULFXOWXUDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$HP-DTXDULXQD63)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
5HFHELPHQWRGR3UrPLR$OPLUDQWHÉOYDUR$OEHUWRSDUD&LrQFLDH7HFQRORJLDSHORSHVTXLVDGRU$OFLGHV&DUYDOKRGDiUHD
GH&LrQFLDV$JURSHFXiULDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGHWpFQLFDVSDUDDTXHEUDGHGRUPrQFLDGDYLGHLUD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHHQUDL]DPHQWRGHHVWDFDVGHIUXWHLUDVGHFOLPDWHPSHUDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
2UJDQL]DomRGR&ROyTXLR5HJLRQDOVREUH3ODQWDV0HGLFLQDLVQD$PD]{QLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDIRUPDomRGHSDVWDJHQVGHJUDPtQHDVIRUUDJHLUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGH´VRIWZDUHµSDUDPDQHMRGHLUULJDomRGHFXOWXUDVDQXDLV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR%DQFRGH3DUWLWXUDVSDUDUDVWUHDUSRVVtYHLVREUDVLQpGLWDVGH&DUORV*RPHVTXHVHJXQGRVHXVELyJUDIRVHUD
GDGRDFULDUREUDVOLJHLUDVGLVWULEXLQGRDVDSHVVRDVGHVXDLQWLPLGDGHSHORMRUQDOLVWDHSHVTXLVDGRU%HQHGLWR%DUERVD
3XSRGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URPRomRGR,6HPLQiULR9LROrQFLD&ULPHH3RGHUVREDFRRUGHQDomRGRSURIHVVRU3DXOR6pUJLR3LQKHLURGR,QVWLWXWRGH
)LORVRILDH&LrQFLDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULRGH+LVWyULD2UDOH,FRQRJUDILDGD8QLYHUVLGDGH)HGHUDO)OXPLQHQVH8))
)RQWH8QLYHUVLGDGH)HGHUDO)OXPLQHQVH
$SUHVHQWDomR GRV UHVXOWDGRV GH XP SURJUDPD GH UHIRUPXODomR GR HQVLQR GDV FLrQFLDV EDVHDGR QD YDORUL]DomR GRV
FRQWH[WRV VRFLRFXOWXUDLV SHOR SURIHVVRU 8ELUDWDQ '·$PEUyVLR GR ,QVWLWXWR GH 0DWHPiWLFD (VWDWtVWLFD H &RPSXWDomR
&LHQWtILFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
&RQVWUXomRGRSULPHLURODVHUGHGLy[LGRGHFDUERQRFRPDILQDOLGDGHHVSHFtILFDGHDSOLFDomRHP
PHGLFLQDVREDFRRUGHQDomRGRVSHVTXLVDGRUHV$QW{QLR)HUQDQGHVGRV6DQWRV3HQQDH'LPLWULRV
*HRUJHV%R]LQLVGR'HSDUWDPHQWRGH(OHWU{QLFD4XkQWLFDGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGHXPQRYRPpWRGRSDUDGLDJQRVWLFDUDVFDXVDVGDGLDUUpLDFRPWpFQLFDVVLPSOHVHHILFLHQWHVTXHSHUPLWHPD
UHDOL]DomRGHH[DPHEDFWHULROyJLFRSHODHTXLSHGRSURIHVVRU$QW{QLR)HUQDQGR3HVWDQDGH&DVWURGR'HSDUWDPHQWRGH
0LFURELRORJLDH,PXQRORJLDGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVGHQRYDVWpFQLFDVGHPDVWHFWRPLDHUHFRQVWLWXLomRGDPDPDSDUDSHUPLWLUDUHGXomRGD
H[WHQVmRGDiUHDUHPRYLGDHPSDFLHQWHVFRPFkQFHUSHODHTXLSHFRRUGHQDGDSHORSURIHVVRU-RVp$ULVWRGHPR3LQRWWL
GD)DFXOGDGHGH&LrQFLDV0pGLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RRUGHQDomRGRSURMHWRLQWHUQDFLRQDOVREUHDVD~GHDPELHQWDOGD2UJDQL]DomR0XQGLDOGD6D~GHSDUDHVWUXWXUDUR
SURJUDPDGHWUDEDOKRTXHLQFOXLVHPLQiULRVHFXUVRVGHWR[LFRORJLDDPELHQWDOHPWRGRVRVVHXVVHJPHQWRVGHDSOLFD
omRGRPpGLFR0DQLOR)iYDURGR'HSDUWDPHQWRGH0HGLFLQD3UHYHQWLYDH6RFLDOGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SOLFDomRHPWHVWHGHXPDQRYDYiOYXODFDUGtDFDTXHJHUDPHQRULQFLGrQFLDGHFRPSOLFDo}HVHPEyOLFDVHPSHVTXLVDUHDOL
]DGDSHORSURIHVVRU5HQDWR*LXVHSSH*LRYDQQL7HHU]HPFRODERUDomRFRPR,QVWLWXWRGH&DUGLRORJLDGR(VWDGRGH6mR3DXOR
GR'HSDUWDPHQWRGH&LUXUJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGR&HQWURGH(QJHQKDULD%LRPpGLFDTXHMiYLQKDWUDEDOKDQGRQRGHVHQYROYLPHQWRGHHTXLSDPHQWRVKRVSLWD
ODUHVVREFRRUGHQDomRGRSURIHVVRU:DQJ%LQVHQJ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3RVVH GR PpGLFR H SURIHVVRU 5HQr 0HQGHV GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 QD &RRUGHQDomR GRV
3URJUDPDVGH6D~GH2FXSDFLRQDOGD2UJDQL]DomR3DQ$PHULFDQDGH6D~GHyUJmRUHJLRQDOGD2UJDQL]DomR0XQGLDOGD
6D~GHSDUDDV$PpULFDVHP:DVKLQJWRQ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUD GH DFRUGR HQWUH R &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR GR %UDVLO H R ,QVWLWXW
1DWLRQDOGH/D6DQWpHWGHOD5HFKHUFKH0qGLFDOHGD)UDQoDSRQGRHPYLJRURDMXVWHGR$FRUGRGH&RRSHUDomR7pFQLFD
H&LHQWtILFDGHGHMDQHLURGHHQWUH%UDVLOH)UDQoDHPGHPDLR
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
$Q~QFLRGDLQWHQVLILFDomRGRVHVWXGRVSDUDREWHQomRGHEHErVGHSURYHWDHGDRUJDQL]DomRGR6LPSyVLR,QWHUQDFLRQDO
GH7UDWDPHQWRGD(VWHULOLGDGH&RQMXJDOSHORPpGLFR5RJHU$EGHOPDVVLKGR6HWRUGH8URORJLDGD)DFXOGDGHGH&LrQFLDV
0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQVWUXomRSHOR,QVWLWXWRGH)tVLFDGHXPODVHUGHJiVFDUE{QLFRXWLOL]DGRSHOD)DFXOGDGHGH&LrQFLDV0pGLFDVHPFL
UXUJLDVRWRUULQRODULQJROyJLFDV2VHQYROYLGRVQRSURMHWRVmRRVSURIHVVRUHV-RUJH+XPEHUWR1LFRODGR,QVWLWXWRGH)tVLFD
H5DXO5HQDWR*XHGHVGH0HOORH(VWHU0DULD'DQLHOOL1LFRODGD)DFXOGDGHGH&LrQFLDV0pGLFDVFRPDSRLRILQDQFHLUR
%DQFRGR%UDVLO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRGR3URJUDPD$QWiUWLFR%UDVLOHLUR352$17$5TXHYHPVHGHGLFDQGRDHVWXGDUD$QWiUWLFD
XPODERUDWyULRQDWXUDO~QLFRGHLPSRUWkQFLDLQFRQWHVWiYHOSDUDDSHVTXLVDFLHQWtILFD)RQWH
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGHHVWXGRVVREUHIDWRUHVHFROyJLFRVFOLPiWLFRVTXHGHWHUPLQDPRSRWHQFLDOGHSURGXWLYLGDGHGHDOJX
PDVHFRQRPLDVGHLQWHUHVVHSDUDR%UDVLOHQWUHHODVFDQDGHDo~FDUFDIpVRMDHPLOKRVREFRRUGHQDomRGRSURIHVVRU
$QW{QLR1RYDHVGH&HOVR0DJDOKmHVGR'HSDUWDPHQWRGH)LVLRORJLD9HJHWDOGR,QVWLWXWRGH%LRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR'HSDUWDPHQWRGH0XVHRORJLDGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&HOHEUDomRGHFRQYrQLRHQWUH8QLYHUVLGDGH(VWDGXDOGH0DULQJi8(0H%DQFRGR%UDVLO6$YLVDQGRDRGHVHQYROYLPHQ
WRGRSURMHWRGHSHVTXLVD([WUDomRH3XULILFDomRHP/DUJD(VFDODGRV&RPSRQHQWHV$GRoDQWHVHVWHYLRVtGHRGD´6WHYLD
UHEDXGLDQD%HUW%HUWRQLµFXOPLQDQGRHPDJRVWRGHFRPDLQDXJXUDomRQDFLGDGHGH0DULQJiGDSULPHLUD
XQLGDGHLQGXVWULDOGR%UDVLOSDUDDSURGXomRGRHVWHYLRVtGHRFDSDFLGDGHGHSURFHVVDPHQWRDWpNJGHIROKDVGH
VWpYLDSRUGLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH0DULQJi
5HFHELPHQWRGHFRQYLWHSHOD8QLYHUVLGDGHGR5LR*UDQGHSDUDSDUWLFLSDUGR3URMHWR$QWiUWLFR%UDVLOHLUR352$17$5PH
GLDQWHFRQYrQLRFHOHEUDGRHQWUHD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*HD&RPLVVmR,QWHUPLQLVWHULDOSDUD
5HFXUVRVGR0DU&,50REMHWLYDQGRDSRLRORJtVWLFRDRVGHVORFDPHQWRVH[SHGLFLRQiULRVGR%UDVLOUXPRj$QWiUWLFD
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
,QDXJXUDomR GR /DERUDWyULR GH %LRDF~VWLFD PDLV FRPSOHWR GR PXQGR SDUD HVWXGRV VREUH RV FDQWRV GH SiVVDURV QR
,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREDFRRUGHQDomRGRSURIHVVRU-DFTXHV0DULH
(GPH9LHOOLDUG
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3URJUDPD1DFLRQDOGH%LRWHFQRORJLD3521$%IRUPXODGRSHOD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3H
R&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QVWDODomRGR%LRWpULR&HQWUDO
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
'HVHQYROYLPHQWRGHSHVTXLVDVREUHLPSODQWHGHHVWUXWXUDRUJkQLFDGHULYDGDGHRVVRVHTXHSHUPLWHPHOKRULDQRSURFHV
VRGHUHSDURGHRVVRVDIHWDGRVQR'HSDUWDPHQWRGH%LRORJLD&HOXODUGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV([DWDVHGD7HUUD
'HVHQYROYLPHQWRGHHTXLSDPHQWRTXHXWLOL]DILEUDySWLFDWUDQVSRUWDQGRLPSXOVRVWHOHI{QLFRVVRE
DFRRUGHQDomRGRSURIHVVRU&DUORV$OEHUWR5LEHLURGR/DERUDWyULRGH3HVTXLVDVHP'LVSRVLWLYRV
/3'GR'HSDUWDPHQWRGH)tVLFD$SOLFDGDGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03HPFRQYrQLRFRPR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWR&3T'GD
7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHPpWRGRSDUDDQiOLVHHGHWHUPLQDomRPDLVUiSLGDHGHWDOKDGDGDHVWUXWXUDGRVFULVWDLVSHORSURIHVVRU
6KLK/LQ&KDQJGR'HSDUWDPHQWRGH)tVLFDGR(VWDGR6yOLGRH&LrQFLDGRV0DWHULDLVGR,QVWLWXWRGH)tVLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRSURMHWRGLDWRPLWDTXHSRVVLELOLWRXDDEHUWXUDGHPHUFDGRVSDUDRVSURGXWRUHVQDFLRQDLVGHVVHPL
QHUDOLQGXVWULDOGR(VWDGRGR&HDUi
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
'HVHQYROYLPHQWRGHHVWXGRVSDUDDFRQYHUVmRGHHQHUJLDVRODUHPHQHUJLDHOpWULFDSRUPHLRGHFpOXODVIRWRHOHWURTXtPL
FDVSHORVSURIHVVRUHV0LOWRQ$EUDPRYLFKLH-RmR5REHUWR0RXUDGR'HSDUWDPHQWRGH)tVLFD$SOLFDGDGR,QVWLWXWRGH
)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDSDUDPHOKRUDURXVRGDELRPDVVDFRPRDSURYHLWDPHQWRGHUHVtGXRVDJUtFRODVFRPRREDJD
oRGDFDQDHDFDVFDGRDUUR]SDUDFRQYHUVmRHPHWDQROiOFRROSHORVSHVTXLVDGRUHVOLGHUDGRVSHORSURIHVVRU-RVHSK0LOOHU
GR'HSDUWDPHQWRGH4XtPLFD2UJkQLFDGR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GH SURMHWR SDUD REWHQomR GR HWLOHQR JOLFRO GLUHWDPHQWH GR HWDQRO VHP D SDVVDJHP WUDGLFLRQDO SHOD
SURGXomR GR HWLOHQR SHORV SHVTXLVDGRUHV -RVp $XJXVWR 5RViULR 5RGULJXHV H $QLWD -RFHO\QH 0DUVDLROL 0DUVDLGL GR
'HSDUWDPHQWRGH4XtPLFD2UJkQLFDGR,QVWLWXWRGH4XtPLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVSDUDHVWXGDUHDYDOLDUDGHPDQGDIXWXUDGRVUHFXUVRVPLQHUDLVEUDVLOHLURVSRUSHVTXLVD
GRUHVGR,QVWLWXWRGH*HRFLrQFLDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QWUDGDHPSOHQDRSHUDomRGR6LVWHPDGH3URFHVVDPHQWRGH'DGRVGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH
6mR3DXOR$3(63UHPDWDQGRHVWXGRVLQLFLDGRVHP
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&HOHEUDomRGRFRQYrQLRHQWUHD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1HR*RYHUQRGR(VWDGRGH6mR3DXOR
6HFUHWDULDGH(VWDGRGD,QG~VWULD&RPpUFLR&LrQFLDH7HFQRORJLDHD8QLYHUVLGDGHGH6mR3DXORHPTXHR,QVWLWXWRGH
3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1SDVVDDVHUJHULGRWpFQLFDHDGPLQLVWUDWLYDPHQWHSHOD&1(1TXHDVVXPLXWRGRV
RVHQFDUJRVILQDQFHLURVFRPVXDPDQXWHQomRLQFOXVLYHRVUHIHUHQWHVDSHVVRDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVHQYROYLPHQWRGHHVWXGRVSDUDDXWLOL]DomRGHXPDPHPEUDQDIHLWDFRPILOPHSROLPpULFRFRPSURSULHGDGHGHGLVFULPLQDU
GHWHUPLQDGRVWLSRVGHVXEVWkQFLDVFRPRREMHWLYRGHUHGX]LURFXVWRGRiOFRROSURGX]LGRQRSDtVSRUSHVTXLVDGRUHVGR
,QVWLWXWRGH4XtPLFDFRRUGHQDGRSHORSURIHVVRU)HUQDQGR*DOHPEHFNGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGD2SHUDomR$QWiUWLFD,UHDOL]DGDDERUGRGRQDYLRGHSHVTXLVDRFHDQRJUiILFD%DUmRGH7HIIpGD0DULQKDGR
%UDVLOHGR1DYLRRFHDQRJUiILFRSURIHVVRU:%HUQDUGGD8QLYHUVLGDGHGH6mR3DXOR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGHPpWRGRGHDQiOLVHTXDQWLWDWLYDGHTXDUW]RFULVWDOLQRQDSRHLUDDWPRVIpULFDSHORVFLHQWLVWDV&DWLFKD
6WHSKHQVRQ(OOLVH,ULV&RQFHSWLRQ/LQDUHVGH7RUULDQLQRV/DERUDWyULRVGH&ULVWDORJUDILDGR,QVWLWXWRGH)tVLFD2PpWRGR
SHUPLWHGHWHUPLQDUDSRUFHQWDJHPGHTXDUW]RQDSRHLUDLQGXVWULDOSRUPHLRGHDPRVWUDVFROHWDGDVHFRPSDUDUUHVXOWD
GRVFRPRVSDUkPHWURVGHWROHUkQFLDSHUPLWLGRVSRUOHL
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHGHEDWHS~EOLFRVREUHDOX]VtQFURQWRQHPUHXQLmRFLHQWtILFDSURPRYLGDSHOD6RFLHGDGH%UDVLOHLUDGH)tVLFD6%)
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
'HVHQYROYLPHQWRGHXPPpWRGRSLRQHLURQR%UDVLOSDUDDGHWHFomRGDVtOLFDOLYUHFULVWDOL]DGDHPDPRVWUDVGHSRHLUD
SRU PHLR GH GLIUDomR GH UDLRV; TXH SHUPLWH UHGX]LU RV ULVFRV GD VtOLFD SHOR SURIHVVRU 6WHSKHQVRQ &DWLFKD (OOLV GR
/DERUDWyULRGH&ULVWDORJUDILDGR'HSDUWDPHQWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
0DUFRKLVWyULFRGDJHUDomRQ~FOHRHOpWULFDQR%UDVLOFRPDFULWLFDOLGDGHGRUHDWRUGH$QJUDHPPDUoRHDUHDOL]DomR
GDSULPHLUDVLQFURQL]DomRDGHSRWrQFLDHPDEULO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVHQYROYLPHQWRGHWUDEDOKRSLRQHLURSDUDREWHQomRGRQLyELRPHWiOLFRFDUDFWHUL]DomRHDQiOLVHFUtWLFDGHILRVVXSHU
FRQGXWRUHVFRRUGHQDGRSHORSURIHVVRU2VFDU)HUUHLUDGH/LPDGR*UXSRGH%DL[DV7HPSHUDWXUDVGR,QVWLWXWRGH)tVLFD
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR1~FOHRGH)tVLFD$SOLFDGDGD)XQGDomR8QLYHUVLGDGH)HGHUDOGH0DWR*URVVR)8)07
)RQWH)HGHUDomRGDV,QG~VWULDVQR(VWDGRGH0DWR*URVVR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD5HGH%UDVLOHLUDGH&DOLEUDomRTXHFRQTXLVWRXDFUHGLELOLGDGHGDPDUFD5%&HHYROXLX
GHODERUDWyULRVFUHGHQFLDGRVHPSDUDFHUFDGHDWXDOPHQWHPXLWRVGRVTXDLVDOFDQ
oDUDPRFUHGHQFLDPHQWRHDPSOLDUDPDVXDiUHDGHDWXDomRFRPRDSRLRGR3URJUDPDGH$SRLR
DR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&77HFQRORJLD,QGXVWULDO%iVLFD7,%HGRV
5HFXUVRV+XPDQRVQDVÉUHDV(VWUDWpJLFDV5+$()RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
&RORFDomRHQWUHRVSULQFLSDLVIDEULFDQWHVQDFLRQDLVGHPLFURFRPSXWDGRUHVSHVVRDLVGDHPSUHVD',*,786VHGLDGDHP
%HOR+RUL]RQWH0*HFXMDRULJHPHVWiDVVRFLDGDDRWUDEDOKRGHWUrVSURILVVLRQDLVUHFpPIRUPDGRVQRFXUVRGHHQJHQKD
ULDGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFD38&TXHGHVHQYROYHUDPDSDUWLUGHXP3&XPSURWyWLSRPDLVDSHUIHLoRDGRGH
XPFRPSXWDGRUFRPPHPyULDGH´NE\WHVµLGHQWLILFDGRFRPR'*7-iIRUDPFRPHUFLDOL]DGRVXQLGDGHV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGDVQRYDVLQVWDODo}HVGD0HQGHV-~QLRU0HFkQLFDHP-XL]GH)RUD0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,QDXJXUDomRGR3RUWRGH3UDLD0ROHGD&RPSDQKLD9DOHGR5LR'RFH&95'H&RPSDQKLD6LGHU~UJLFDGH7XEDUmR&67
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
3URGXomRQDFLRQDOGHFRPSRQHQWHVGHVLVWHPDGHLQVXIODPHQWRGHDUGRDOWRIRUQRGDXVLQDGH,SDWLQJDGDV
8VLQDV6LGHU~UJLFDVGH0LQDV*HUDLV6$8VLPLQDVSHOD'(/3(QJHQKDULD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
(QWUDGDHPRSHUDomRGD8VLQDGH3URSHOHQWHV6yOLGRVGR&HQWUR7pFQLFR$HURHVSDFLDO&7$LPSODQWDGDSDUDDWHQGHUj
0LVVmR(VSDFLDO&RPSOHWD%UDVLOHLUD0(&%DWXDOPHQWHGHQRPLQDGD8VLQD&RURQHO$EQHU
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HFHELPHQWRGRSULPHLUROXJDUQR9,&RQJUHVVR/DWLQR$PHULFDQRH,EpULFRGH4XtPLFRVH&RVPpWLFRVQDFDWHJRULDGH
1RYDV0DWpULDV3ULPDVSHORWUDEDOKR3RWHQFLDOLGDGHGH8WLOL]DomRHP&RVPpWLFRVGD1DIWRTXLQRQD(QFRQWUDGDQD6HUUD
GR,SrGRSHVTXLVDGRU0DQXHO&DUDPrV
)RQWH$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLD
&ULDomRSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GR&HQWUR5HJLRQDOGH7HFQRORJLD7r[WLO'RPtFLR
9HOORVRGD6LOYHLUD&HUWWH[HP3DUDWLEH3(
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
$SUHVHQWDomR GD &RPSDQKLD GH 'HVHQYROYLPHQWR 7HFQROyJLFR GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 DR
0LQLVWpULRGDV&RPXQLFDo}HVGHXPDSURSRVWDGHLQGXVWULDOL]DomRGHILEUDVySWLFDVTXHSRGHPVXEVWLWXLURVPHLRVFRQ
YHQFLRQDLVFRPRFDERVHPLFURRQGDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URPRomRSRU-RUJH*HUGDX-RKDQQSHWHUGRLQFHQWLYRHGRUHFRQKHFLPHQWRGHHPSUHVDVSRUDYDQoRVWHFQROyJLFRVQR
VHWRUGHPiTXLQDVHLPSOHPHQWRVDJUtFRODVDWUDYpVGR3UrPLR*HUGDX0HOKRUHVGD7HUUD
)RQWH8QLYHUVLGDGHGR9DOHGR5LRGRV6LQRV
,QtFLRGDRSHUDomRGDSULPHLUDIDVHGD)iEULFDGH(OHPHQWRV&RPEXVWtYHLVHP5HVHQGH5-
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
5HFHELPHQWRGD3ULPHLUD&DUWD3DWHQWHGD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2GHXPDVpULHGHSDWHQWHV
FRQFHGLGDVj(PSUHVDSRU(UQHVWR+HLQ]HOPDQQ
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD
/DQoDPHQWRFRPHUFLDOGRSULPHLURVLVWHPDRSHUDFLRQDOSDUD3&VGHVHQYROYLGRQR%UDVLO'266LVQH6FRSXV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR&HQWURGH8QLGDGHV0yYHLV&(027GR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR(VWDGRGR&HDUi
6(1$,&(
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRQD&LGDGH,QGXVWULDOGH&XULWLEDGR&HQWURTXHFDSDFLWDR,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5DH[
SDQGLURVVHUYLoRVHVSHFLDOL]DGRVQDiUHDGHWHFQRORJLDLQGXVWULDOHHQJHQKDULD
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
)XQGDomRGR&HQWUR7HFQROyJLFRGH0HFkQLFDGH3UHFLVmRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,3OtQLR
*LOEHUWR.URHII&(7(03HP6mR/HRSROGR56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR&HQWURGH7HFQRORJLD,QGXVWULDO´%UDVLO-DSmRGR3DUDQiµDSDUWLUGRDFRUGRGHFRRSHUDomRWpFQLFDFRP
D$JrQFLDGH&RRSHUDomR,QWHUQDFLRQDOGR-DSmR-,&$QDFLGDGHGH&XULWLED35
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
,QtFLRGDSURGXomRQD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2GHXPDVHJXQGDIDPtOLDGHFRPSUHVVRUHV
)GHPDLRUHILFLrQFLDHQHUJpWLFDFRPWHFQRORJLD'DQIRVV
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
$SUHVHQWDomRGRDYLmR%UDVtOLDDRS~EOLFR0DLVGHXQLGDGHVIRUDPYHQGLGDVSULQFLSDOPHQWHSDUDDVFRPSDQKLDV
QRUWHDPHULFDQDVGHDYLDomRUHJLRQDO
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&ULDomRGR3URJUDPD$JURLQG~VWULDSDUD0DWR*URVVRGR6XO
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH,QG~VWULDVGH&RPSRQHQWHVSDUD&RXURH&DOoDGRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
'HVHQYROYLPHQWR GH SURJUDPD LQWHJUDGR FRP XQLYHUVLGDGHV H LQG~VWULDV ORFDLV REMHWLYDQGR SURMHWDU D DOFRROTXtPLFD
GH 3HUQDPEXFR SHOR &RQVHOKR 1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T H D )XQGDomR ,QVWLWXWR
7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGR,,,3yOR3HWURTXtPLFRGH7ULQIR56
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
&ULDomRGR&HQWUR7HFQROyJLFRGR0RELOLiULRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6HQDL&HWHPRHP
%HQWR*RQoDOYHV56
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR$ELPRYHO
&ULDomRGD,QG~VWULDGH%HELGDV$QWiUWLFDGR1RUWH1RUGHVWH6$
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH&DOoDGRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR&HQWURGH(GXFDomRH7HFQRORJLD$OEDQR)UDQFRQR'LVWULWR,QGXVWULDOGH$UDFDMXFRPXPDRIHUWDGLIHUHQFLD
GDGHFXUVRVSDUDDVHPSUHVDVTXHXWLOL]DPDWHFQRORJLDGDDXWRPDomRLQGXVWULDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD&RPSDQKLD6LGHU~UJLFDGH7XEDUmR
)RQWH$JrQFLDGH'HVHQYROYLPHQWRHP5HGHGR(VStULWR6DQWR
&ULDomRGR3yOR&ORURiOFRROTXtPLFRGH$ODJRDVKRMH3yOR0XOWLIDEULO
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLD7HFQRORJLDH(GXFDomR6XSHULRU
3DQRUDPD1DFLRQDO
$JUDFLDPHQWRGDUHYLVWD&LrQFLD+RMHGD6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
6%3&FRPRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH,QVWLWXLomR2SUrPLR
OKHIRLFRQFHGLGRSHORDOWRQtYHOGRWUDEDOKRGHVHQYROYLGRQDGLYXOJDomRFLHQWtILFDDUHVSHLWDELOLGD
GHGDWHPiWLFDHDSUHRFXSDomRHPGLYXOJDUSHVTXLVDVQDFLRQDLV)RQWH&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
/HYDQWDPHQWRGDVHQWLGDGHVDWXDQWHVHPFLrQFLDHWHFQRORJLDGR(VWDGRGR$PD]RQDV
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&ULDomRGD8QLYHUVLGDGHGR(VWDGRGD%DKLD81(%SHOD/HL'HOHJDGD
)RQWH6HFUHWDULDGD(GXFDomR
/DQoDPHQWRGDUHHGLomRFRPHQWDGDHIDFVLPLODU9LDJHP)LORVyILFDDR5LR1HJURGH$OH[DQGUH5RGULJXHV)HUUHLUD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,QVWDODomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GD(GLWRUDVREFRRUGHQDomRGRSURIHVVRU-DLPH3LQVN\
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGR6LVWHPDGH3yV*UDGXDomRGD8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6*HRJUDILD)LVLRORJLD(GXFDomR
(VWXiULRVH0DQJXH]DLV
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
5HDOL]DomR GR 6LPSyVLR )LQDQFLDPHQWR GD 3HVTXLVD 8QLYHUVLGDGH H D &ULVH %UDVLOHLUD VRE FRRUGHQDomR GH 6KR]R
0RWR\DPDSURPRYLGRSHOD$VVRFLDomRGRV'RFHQWHVGD8QLYHUVLGDGHGH6mR3DXOR$'863UHXQLQGRUHSUHVHQWDQWHVGR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3
GD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63GD$FDGHPLD%UDVLOHLUDGH&LrQFLDV$%&HGD
$FDGHPLDGH&LrQFLDVGR(VWDGRGH6mR3DXOR$&,(631HOHGLVFXWHVHDDQXDOL]DomRGRRUoDPHQWRGD)$3(63RRUoD
PHQWRGDVXQLYHUVLGDGHVHVWDGXDLVHDLPSOHPHQWDomRGHSODQRGHFDUUHLUDSDUDRVSHVTXLVDGRUHVHVWHLQLFLDGRHP
HTXHHVWDYDSDUDOLVDGR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
'HVYLQFXODomRGR0XVHXGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$TXHSDVVDDVHUXQLGDGHDXW{QRPDGR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&ULDomR GD &RPLVVmR ,QWHULQVWLWXFLRQDO GH &LrQFLD H 7HFQRORJLD &21&,7(& SUHFXUVRU GR &HQWUR GH $SRLR DR
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&$'&7
)RQWH8QLYHUVLGDGH)HGHUDOGD%DKLD
3XEOLFDomRGR,3ODQR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRGR3DUDQi
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
,QVWDODomRGRSULPHLUR/DERUDWyULR1DFLRQDOGH$QiOLVHGD5HFHLWD)HGHUDOQR3RUWRGH6DQWRVTXHVHUiRSHUDFLRQDOL]DGR
SRUWpFQLFRVGR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03QRVSURFHGLPHQWRVGHDQiOLVH
GHSURGXWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLR GD RIHUWD GH SUrPLRV DQXDLV FRPR LQFHQWLYR j SHVTXLVD SDUD RV DOXQRV GH SyVJUDGXDomR SHOD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGRSULPHLUR)RJXHWHGH6RQGDJHP%UDVLOHLUR6RQGD,,,QRH[WHULRUHP:DOORSV
(VWDGRV8QLGRV)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
3URGXomRGRVSULPHLURV´FKLSVµGHIDEULFDomRQDFLRQDOSHOR&HQWUR7HFQROyJLFRSDUD,QIRUPiWLFDHP&DPSLQDV63FRP
HVWXGRVGHVHQYROYLGRVFRPDFRODERUDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
2EWHQomRGRSULPHLURDOWtPHURODVHUXWLOL]DQGRXPGLRGRODVHUVHPLFRQGXWRU
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRQR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGR3URMHWR5DGLDomR6tQFURWURQFRP
SDUWLFLSDQWHVTXDQGRRFRUUHRHQFRQWUR7pFQLFDVH$SOLFDo}HVGD5DGLDomR6tQFURWURQ
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
2EWHQomRGRSULPHLURSURWyWLSRGHJLURVFySLRySWLFRTXHIRLGHVHQYROYLGRQR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&RQFHVVmRGDSDWHQWH´3URFHVVRGHELRSROLPHUL]DomRSRUIXQJRVJHODWLQRVRVµ3,DRVSURIHVVRUHV/DXUR;DYLHU)LOKR
H0DUoDO3DXORGH4XHLUR]GR/DERUDWyULRGH7HFQRORJLD)DUPDFrXWLFD/7)GD8QLYHUVLGDGH)HGHUDOGD3DUDtED8)3%
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGRPDoDULFRFDSD]GHFRUWDUDoRLQR[LGiYHOFRPDXWLOL]DomRGDWHFQRORJLDGRSODVPDQXFOHDUSURGXWR
SLRQHLURQR%UDVLOSHOR*UXSRGH3ODVPDGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRSHOD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD(0%5$(5GRVLPXODGRUGHY{RGDDHURQDYH7
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
5HDOL]DomRGD2ILFLQD%UDVLOHLUDGH0LFURHOHWU{QLFDTXHUHXQLXHVSHFLDOLVWDVGRPXQGRWRGRSDUDDWURFDGHLQIRUPD
o}HVFLHQWtILFDVHWHFQROyJLFDVRUJDQL]DGDSHOR/DERUDWyULRGH(OHWU{QLFDH'LVSRVLWLYRVGD)DFXOGDGHGH(QJHQKDULDGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGDSULPHLUDDJrQFLDEDQFiULDDXWRPDWL]DGDFRPHTXLSDPHQWRVSURMHWDGRVHIDEULFDGRVQR%UDVLO%UDGHVFR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QGLFDomRGR5DGLREVHUYDWyULRGR,WDSHWLQJDGR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(HP$WLEDLD63FRPR
LQVWLWXLomREUDVLOHLUDLQWHJUDQWHGD,QWHUQDWLRQDO+DOOH\:DWFK,+:UHGHPXQGLDOPRQWDGDSDUDREVHUYDUDSDVVDJHPGR
FRPHWD+DOOH\HQWUHIHYHUHLURHDEULOGH
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
'HVHQYROYLPHQWRGHSURMHWRSLRQHLURQR%UDVLOSDUDPHOKRUDURDUPD]HQDPHQWRHRDSURYHLWDPHQWRGHHQHUJLDVREDFRRUGH
QDomRGRSURIHVVRU.DPDO$EGHO5DGL,VPDLOGD)DFXOGDGHGH(QJHQKDULDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWRGR3UrPLR*RYHUQDGRUGR(VWDGRGRž&RQFXUVR1DFLRQDOGR,QYHQWR%UDVLOHLURSHODSHVTXLVD&RPSRVLomR
$QWLVpSWLFD%XFDODSHOLGDGDGH´FKLFOHDQWLFiULHµGRIDUPDFRORJLVWD$QW{QLR&DUORV1HGHUFRRUGHQDGRUGDV)DFXOGDGHV
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR1~FOHRGH7HFQRORJLDGRÉOFRROGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
2EWHQomRGRSULPHLURODVHUDYDSRUPHWiOLFRGR%UDVLO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGDHVWDomRGHFRPXQLFDomRSRUVDWpOLWHORFDOL]DGDHP6LQWUD3RUWXJDOSDUDHVFRDPHQWRGRWUiIHJRWHOHI{
QLFRGR%UDVLOSDUDRVSDtVHVGDVUHJL}HVGRV2FHDQRVÌQGLFRH3DFtILFRHPGHVHWHPEUR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
,QDXJXUDomRGRWURQFRGHPLFURRQGDVHQWUH&XLDEiH3RUWR9HOKR
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&ULDomRGR&HQWURGH/DQoDPHQWRGH$OFkQWDUD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QWHUOLJDomRGRVFRPSXWDGRUHVGDEROVDGHYDORUHVGR5LRGH-DQHLURFRPD5HGH1DFLRQDOGH7HOH[
)RQWH)HGHUDomR3DUDQDHQVHGH5DGLRDPDGRULVPR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUDGHFRQYrQLRHQWUHD$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD$%,37,D)LQDQFLDGRUDGH
(VWXGRVH3URMHWRV),1(3HR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TSDUDXPSURJUDPD
GHIRUPDomRGHUHFXUVRVKXPDQRVTXHGHVWLQDYDEROVDVGHORQJDGXUDomRSDUDRDSHUIHLoRDPHQWRGHWpFQLFRVGDV
HQWLGDGHVDVVRFLDGDVQRH[WHULRU
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH)UXWHLUDVGH&OLPD7HPSHUDGRGD(PSUHVD%UDVLOHLUD
GH3HVTXLVD$JURSHFXiULD(0%5$3$HP3HORWDV56)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD
5HFHELPHQWRGRž3UrPLR-RYHP&LHQWLVWDSHODSHVTXLVD&RQWUROH%LROyJLFRGH/DJDUWDGD6RMD´$QWLFDUVLD*HPPDWDOLVµ
SRUPHLRGHXPYtUXV´%DFXORYLUXV$QWLFDUVLDµGH)OiYLR0RVFDUGL
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QtFLRGR3URJUDPDGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRSDUDR1RUGHVWH3'&71(PHGLDQWHRFRQYrQLRILUPDGR
HQWUHR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T%DQFR,QWHUDPHULFDQRGH'HVHQYROYLPHQWR
%,'HRXWUDVFLQFRLQVWLWXLo}HV)XQGDomR8QLYHUVLGDGH)HGHUDOGR3LDXt8QLYHUVLGDGH)HGHUDOGR&HDUi(VFROD6XSHULRU
GH$JULFXOWXUDGH0RVVRUy8QLYHUVLGDGH)HGHUDOGD3DUDtEDH8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR2REMHWLYR
GRSURJUDPDpRDPSORGHVHQYROYLPHQWRGDSHVTXLVDHDDGDSWDomRGHWHFQRORJLDVSDUDRVHWRUDJUiULRFRPHQIRTXH
HVSHFLDOGLULJLGRDRSHTXHQRSURGXWRUUXUDOQDEXVFDGDVXDPHOKRULDHFRQ{PLFDHVRFLDO
)RQWH8QLYHUVLGDGH)HGHUDO5XUDOGH3HUQDPEXFR
'HVHQYROYLPHQWRGHFXOWLYDUGHDUUR]LUULJDGR%5&DHWp
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$Q~QFLRGHWHFQRORJLDGHVHQYROYLGDVREUHRPDQHMRLQWHJUDGRGHSUDJDVTXHSHUPLWHDUHGXomRGRXVRGHLQVHWLFLGDVQD
FXOWXUDGHDOJRGmRSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHHVWDEHOHFLPHQWRGHSDVWDJHQVWURSLFDLVSDUDERYLQRVGHFRUWHIRUPDomRFRQVRUFLDomR
PDQHMRHUHIRUPD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRHSURGXomRGHVHPHQWHVGHVRMD%56DYDQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&RQFOXVmRGRWUDEDOKRTXHFRQVHJXLXLVRODUSHODSULPHLUDYH]QRPXQGRXPYtUXVGHFRPEDWHjEURFDGDFDQDHIHLWR
XPWHVWHFRPDSXOYHUL]DomRDpUHDGRYtUXVPHOKRUDGRHPSODQWDo}HVQRLQWHULRUGH6mR3DXORSHORJHQHWLFLVWD2WiYLR
+HQULTXHGH2OLYHLUDGR/DERUDWyULRGH9LURORJLDGRV,QVHWRVGR'HSDUWDPHQWRGH*HQpWLFDGR,QVWLWXWRGH%LRORJLDGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRSURJUDPD$JURLQG~VWULDSDUDR0DWR*URVVRGR6XO
)RQWH,QVWLWXWR(XYDOGR/RGL
&RQFHVVmRGR3UrPLR*RYHUQDGRUGR(VWDGRGH6mR3DXORSHORLQYHQWR3URFHVVRFRQWtQXRGHH[WUDomRGHFDOGRYHJHWDO
HGLIXVRUSDUDDUHDOL]DomRGRPHVPRj(PSUHVD%UDVLOHLUDGH$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWR GH XP VLVWHPD FRPSRVWR GH FROHWRU VRODU H EDUFDoD SDUD DUPD]HQDU RV JUmRV FDSD] GH GLPLQXLU DV
SHUGDVQRDUPD]HQDPHQWRSRUXPJUXSRGHSHVTXLVDGRUHVOLGHUDGRSHORSURIHVVRU-RVp7DGHX-RUJHGD)DFXOGDGHGH
(QJHQKDULD$JUtFRODGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV+XPDQDVH6RFLDLV
'HVFREULPHQWRGRHVTXHOHWRPDLVFRPSOHWRGHXPDSUHJXLoDJLJDQWH´([UHPRWEHULXP/DXULOODUGLµ
H[WLQWDKiPDLVGHPLODQRVSHOR0XVHXGH&LrQFLDV1DWXUDLVGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFD
38&GH0LQDV*HUDLV)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH0LQDV*HUDLV
&ULDomRGHXP6LVWHPD*HUHQFLDOHGH$FRPSDQKDPHQWRGH3URMHWRVQD$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD
7HFQROyJLFD$%,37,
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
,QtFLRQD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3GDV3HVTXLVDV$UTXHROyJLFDVQR%UHMRGD0DGUHGH'HXV3(
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&RQFHVVmRGRSUrPLR0ROLpUHSHODGLUHomRGDSHoD$V/iJULPDV$PDUJDVGH3HWUDYRQ.DQWDRSURIHVVRU&HOVR1XQHV
GR,QVWLWXWRGH$UWHGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SHOR&tUFXORGH&UtWLFRV7HDWUDLVGH3DULVHTXHp
FRQFHGLGRDRVDUWLVWDVTXHVHGHVWDFDPQRVHVSHWiFXORVSDULVLHQVHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRGHFRRSHUDomRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HR,QVWLWXWR1DFLRQDOGH
$XGLRYLVXDOGD)UDQoDSDUDIRUPDomRGHSURILVVLRQDLVGRFLQHPDWURFDGHDUTXLYRVHFRSURGXomRGHILOPHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDV3HVTXLVDV$UTXHROyJLFDVGD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3QR%UHMRGD0DGUHGH'HXV3(
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
5HDOL]DomRGRSULPHLUR6HPLQiULRGH3VLFRItVLFDH(VSLULWXDOLGDGHTXHUHXQLXSHVTXLVDGRUHVGHGLYHUVDViUHDVHQWUHPD
WHPiWLFRVPpGLFRVHSDUDSVLFyORJRVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRIXQFLRQDPHQWRGR1~FOHRGH3yV*UDGXDomRH3HVTXLVDHP*HRJUDILD
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
&LrQFLDVGD6D~GH
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR6LPSyVLR,QWHUQDFLRQDO
GH5HSURGXomR+XPDQDSURPRYLGRSHOR'HSDUWDPHQWRGH7RFRJLQHFRORJLDGD)DFXOGDGH
GH&LrQFLDV0pGLFDVSHOR&HQWURGH3HVTXLVDVH&RQWUROHGH'RHQoDV0DWHUQR,QIDQWLVGH
&DPSLQDVHSHOD$VVRFLDomR/DWLQR$PHULFDQDGH,QYHVWLJDo}HVGH5HSURGXomR+XPDQD)RQWH
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$Q~QFLRGRUHVXOWDGRGDSHVTXLVDTXHFRQVHJXLXLVRODUDSURWHtQDGHXPGLVW~UELRLPXQROyJLFRFRQKHFLGRFRPRPD
FURJOREXOLQHPLDGD6tQGURPHGH:DOGHQVWURPSHODSULPHLUDYH]QD$PpULFDGR6XOSHORSURIHVVRU%HQHGLWR2OLYHLUD
)LOKRGR/DERUDWyULRGH,PXQRORJLDGR'HSDUWDPHQWRGH%LRTXtPLFDGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03
IRQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVFREULPHQWRGHXPDVXEVWkQFLDGHQRPLQDGDQHROLJXDQDUHWLUDGDGDVIROKDVGHXPDiUYRUHGD$PD]{QLDXFXXED´9LUROD
6XULQDPHQVLVµTXHVHPRVWURXHILFLHQWHQRFRPEDWHjHVTXLVWRVVRPRVHHFRPSURSULHGDGHVDQWLFDQFHUtJHQDVHDQWLELyWLFDV
SHORSURIHVVRU/DXUR(XFOLGHV6RDUHV%DUDWDGR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHGHEDWHS~EOLFRHQWUHHVSHFLDOLVWDVVREUHKRPHRSDWLDQRSULPHLUR&XUVR,QIRUPDWLYRGH+RPHRSDWLDTXH
FRPHoDDVHUHVWXGDGDSHOD)tVLFDDRGHVFREULUQRVUHPpGLRVKRPHRSiWLFRVXPQtYHOHQHUJpWLFRQXQFDDQWHVQRWDGR2
GHEDWHIRLFRRUGHQDGRSHORPpGLFR0DWKHXV0DULPGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
/DQoDPHQWRGR3URJUDPD1DFLRQDOGH&RPEDWHjV'RHQoDV6H[XDOPHQWH7UDQVPLVVtYHLV'67H$,'6SHOR0LQLVWpULRGD
6D~GH
)RQWH0LQLVWpULRGD6D~GH
'HVHQYROYLPHQWRGHXPWUDEDOKRSLRQHLURTXHLPSODQWDQRYDVWpFQLFDVGHPLFURQHXURORJLDYDVFXODUSDUDSHUPLWLUWUDQV
SODQWHVGHQHUYRVVREDFRRUGHQDomRGRSURIHVVRU*XLOKHUPH%RUJHVGR'HSDUWDPHQWRGH1HXURORJLDH1HXURFLUXUJLD
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGRSULPHLUR&HQWURGH'RFXPHQWDomRGH,QIRUPiWLFD%LRPpGLFDGD$PpULFD/DWLQDQR+RVSLWDOGDV&OtQLFDV
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREFRRUGHQDomRGRSURIHVVRU5HQDWR0DUFRV(QGUL]]L6DEEDWLQLGR
1~FOHRGH,QIRUPiWLFD%LRPpGLFDGD81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR SRU PpGLFRV GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 GH XPD DPEXOkQFLD SUySULD SDUD
DWHQGHUHQIDUWDGRVGRHQoDVFRURQiULDVIDEULFDGDHPVpULHQR%UDVLOSHOD9RONVZDJHQ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHXPQRYRUDLRODVHUSDUDVHUDFRSODGRDRODSDURVFySLRTXHpXWLOL]DGRHPH[DPHVQDUHJLmRGR~WHUR
HWURPSDVHSDUDDUHDOL]DomRGHLQWHUYHQo}HVFLU~UJLFDVVREDFRRUGHQDomRGRSURIHVVRU'LPLWURV*HRUJHV%R]LQLVGR
,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGHXPQRYRDQWLFRQFHSFLRQDOSUHSDUDGRHPIRUPDGHFUHPHFRPRUHVXOWDGRGDSHVTXLVDGRSURIHVVRU%HQHGLWR
GH&DPSRV9LGDOGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGR1~FOHRGH,QIRUPiWLFD%LRPpGLFD1,%JUXSRDYDQoDGRGHSHVTXLVDHGHVHQYROYLPHQWRPXOWLGLVFLSOLQDUQD
iUHDGHLQIRUPiWLFDDSOLFDGDj0HGLFLQDHj%LRORJLDVREDFRRUGHQDomRGRPpGLFR5HQDWR0DUFRV(QGUL]]L6DEEDWLQL
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&HOHEUDomRGRFRQYrQLRHQWUHR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$HD
8QLYHUVLGDGHGR$PD]RQDVSDUDFULDomRGRVFXUVRVGHSyVJUDGXDomRHP%LRORJLD7URSLFDO)RQWH
8QLYHUVLGDGHGR$PD]RQDV
&RQFOXVmRGDSHVTXLVDTXHFRQVHJXLXVHOHFLRQDUXPDOLQKDJHPGHIXQJRFDSD]GHPDWDURLQVHWRWUDQVPLVVRUGDGRHQoD
GH&KDJDVGRSURIHVVRU&OiXGLR/XL]0HVVLDVUHVSRQViYHOSHODiUHDGH*HQpWLFDGH0LFURRUJDQLVPRVGR'HSDUWDPHQWR
GH*HQpWLFDH(YROXomRGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$Q~QFLRGDGHVFREHUWDGHXPYtUXVFDSD]GHPDWDUDODJDUWDTXHFDXVDDEURFDGDFDQDGHDo~FDUUHVSRQViYHOSRUSHU
GDVHQWUHDGDFXOWXUDHPWRGRRSDtVSHORJHQHWLFLVWD2WiYLR+HQULTXHGH2OLYHLUDGR'HSDUWDPHQWRGH*HQpWLFD
GR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVREUHXPDOKRPDLVSURGXWLYRFRPDXWLOL]DomRGHWpFQLFDVGHFpOXODVGHWHFLGRVSDUD
HYLWDUGRHQoDVSURYRFDGDVSRUYtUXVQR'HSDUWDPHQWRGH*HQpWLFDH(YROXomRGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD(VWDomR$PELHQWDOGH3HTXL0*GD&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV&(0,*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&LrQFLDV([DWDVHGD7HUUD
5HDOL]DomRSHODSULPHLUDYH]QR%UDVLOGR6LPSyVLRGH/DVHUVREDFRRUGHQDomRGRVItVLFRV
&DUORV$OEHUWRGD6LOYD/LPDH$UWHPLR6FDODEULQGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR2EVHUYDWyULR$VWURQ{PLFR´FDPSXVµGR,WDSHULGD8QLYHUVLGDGH(VWDGXDOGR&HDUi8(&(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
$JUDFLDPHQWRGR'U5LFDUGR0DJQR2VyULR*DOYmRSHOR&HQWUHRQ7KHRUHWLFDO3K\VLFV7ULHVWH,WiOLDSRUGHVWDFDUVHQD
iUHDGHItVLFDGHSODVPDV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomRGD(VFROD,QWHUQDFLRQDOGH(QVLQRHP&ULVWDORJUDILDSDUD&LrQFLDGDV0DWpULDVSURSRVWDSHOD&RPLVVmRGH
(QVLQRGD8QLmR,QWHUQDFLRQDOGH&ULVWDORJUDILDFRPSDWURFtQLRGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH
7HFQROyJLFR&13TGD&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6GD)XQGDomRGH$PSDUR
j3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63HGD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD
81(6&2VREDFRRUGHQDomRGRSURIHVVRU&DWLFKD(OOLVGR,QVWLWXWRGH)tVLFD*OHE:DWDJKLQQD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGR,QVWLWXWRGH*HRFLrQFLDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FXMDLPSODQWDomRIRLLQLFLDGD
HPHTXHVHFRQFHQWUDQDSHVTXLVDHSyVJUDGXDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGH$FRUGRTXHS}HHPYLJRURDMXVWHFRPSOHPHQWDUDR$FRUGRGH&RRSHUDomR7pFQLFDH&LHQWtILFDHQWUHR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THR&HQWUH1DWLRQDOG·eWXGHV6SDWLDOHV&1(6
SDUDDH[HFXomRGHY{RVGHEDO}HVHVWUDWRVIpULFRVHPWHUULWyULR%UDVLOHLURHQWUH%UDVLOH)UDQoD
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
5HDOL]DomRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GD3ULPHLUD(VFROD%UDVLOHLUDGH)tVLFDGRV6HPLFRQGXWRUHV
VREFRRUGHQDomRGRSURIHVVRU&\ORQ(XGR[LR7ULFRW*RQoDOYHVGD6LOYDGR'HSDUWDPHQWRGH)tVLFDGR(VWDGR6yOLGRH
&LrQFLDGRV0DWHULDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGR&RQJUHVVRGD6RFLHGDGH%UDVLOHLUDGH&RPSXWDomRVREDFRRUGHQDomRGRSURIHVVRU9tWRU%DUDQDXVNDVGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGRSURMHWRHVSHFLDO$omR3URJUDPDGDHPÉJXDV6XEWHUUkQHDVDVVXQWRWUD]LGRSHORSHVTXLVDGRU$OGRGD&XQKD
5HERXoDVGR,QVWLWXWRGH*HRFLrQFLDVGD8QLYHUVLGDGHGH6mR3DXOR863
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRSHOR*RYHUQR%UDVLOHLURGR6XESURJUDPDGH7HFQRORJLD,QGXVWULDO%iVLFD7,%GHQWUR
GR3URJUDPDGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&72WHUPR7HFQRORJLD
,QGXVWULDO%iVLFDIRLFRQFHELGRSHOD6HFUHWDULDGH7HFQRORJLD,QGXVWULDO67,GR0LQLVWpULRGD
,QG~VWULDHGR&RPpUFLR0,&QRILQDOGDGpFDGDGHSDUDH[SUHVVDUQXPFRQFHLWR~QLFR
DVIXQo}HVEiVLFDVGR6LVWHPD1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
6,10(752jVTXDLVVHDJUHJRXD*HVWmRGD4XDOLGDGH,QIRUPDomR7HFQROyJLFD)RQWH0LQLVWpULR
GR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH*UDQGHV&RQVXPLGRUHV,QGXVWULDLVGH(QHUJLD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
/DQoDPHQWRGHQRYRVSURGXWRVGRVHWRUHOHWURHOHWU{QLFRQD,)HLUDGD,QG~VWULD(OpWULFD(OHWU{QLFDGH0LQDV*HUDLVHQD,
)HLUD1DFLRQDOGH'LVWULEXLomRGH(QHUJLD(OpWULFDHP%HOR+RUL]RQWH1DQVHQ6$,QVWUXPHQWRVGH3UHFLVmRPHGLGRUGH
GXSODWDULIDGHFRQVXPRGHHQHUJLDHOpWULFD(5(TXLSDPHQWRV(OpWULFRVGH$OWD7HQVmRPRGHORVGHERELQDGHEORTXHLR
HGHUHDWRUGHQ~FOHRGHDU7HFQRZDWWVLVWHPDGHFRQWUROHDXWRPiWLFRSDUDLOXPLQDomRS~EOLFD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&RQVROLGDomRGDHPSUHVDPLQHLUD4XDUW]LO,QIRUPiWLFDVHGLDGDHP0RQWHV&ODURVQDLQG~VWULDGDLQIRUPiWLFDQDFLRQDO
FRPQRYRVHTXLSDPHQWRV4,PLFURFROHWRUSRUWiWLOGHGDGRVH4,PLFURFRPSXWDGRUSURILVVLRQDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH0DVVDV$OLPHQWtFLDV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
/DQoDPHQWR SHOD HPSUHVD 'LJLWXV GR ´VRIWZDUHµ G'$6(5 FRQVLGHUDGR XP GRV PDLV FRPSOHWRV SDUD DWLYLGDGHV
FRPHUFLDLV QRV HYHQWRV SURPRYLGRV SHOD $VVRFLDomR %UDVLOHLUD GD ,QG~VWULD (OpWULFD H (OHWU{QLFD $%,1((0* , )HLUD
,QWHUQDFLRQDOGH'LVWULEXLomRGH(QHUJLD(OpWULFD)(1$'((H,)HLUDGD,QG~VWULD(OpWULFDH(OHWU{QLFDGH0LQDV*HUDLV
),1(/(752$HPSUHVDIDEULFRXWDPEpPRSULPHLURPLFUREUDVLOHLURTXHIDOD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRQD)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&GRSURFHVVRHSURGXWRFLPHQWDQWHQREUH$JORWHFGHGLFD
GRjFRQVWUXomRFLYLODSDUWLUGHFDOFiULRVLPSXURVHFDUYmRPLQHUDOFRPDOWDVFLQ]DVDEXQGDQWHVQR5LR*UDQGHGR6XO
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
,QVWDODomRGD6RQ\GD$PD]{QLD/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
/DQoDPHQWRGR3URJUDPD3Uy,QG~VWULDSRUPHLRGD/HL1ž
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR/DERUDWyULRGH'HVHQYROYLPHQWRGH3URGXWR'HVHQKR,QGXVWULDO,%',SDUFHULDHQWUHR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T*RYHUQRGR(VWDGRGH6DQWD&DWDULQDHP)ORULDQySROLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
'HVHQYROYLPHQWRGRSURMHWRGHSODVPDHPIRUQRVVLGHU~UJLFRVGHILQLGRFRPR6ROGHODERUDWyULRJDQKDQGRXPXVRGH
FRQVLGHUiYHOLPSDFWRHFRQ{PLFRRDTXHFLPHQWRGRVDOWRVIRUQRVGDVXVLQDVVLGHU~UJLFDVHQFDUUHJDGDVGDIXQGLomRGR
PLQpULRGHIHUURSHOR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRPDoDULFRGHSODVPDXPGLVSRVLWLYRGHODWDHILFLHQWHXWLOL]DGRSDUDFRUWDUHVROGDUPDWHULDLVUHVLV
WHQWHVHDTXHFHUIRUQRVLQGXVWULDLVGHWHPSHUDWXUDVHOHYDGDVVREFRRUGHQDomRGRSURIHVVRU3DXOR+LURVK6DNDQDNDGR
/DERUDWyULRGH(OHWU{QLFD4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRQD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2GRFRQWUROHSRUFRPSXWDGRUGDVOLQKDVGHPRQWDJHP
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
,PSODQWDomRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63GR&XUVR7pFQLFRGH&DOoDGRV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR/DERUDWyULRGH$QiOLVH)tVLFR0HFkQLFDGD0DGHLUDH0RELOiULRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,HP6mR%HQWRGR6XO6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRHP&DPSLQDVGDHPSUHVD$%&;7DO0LFURHOHWU{QLFD6$SULPHLUDIiEULFDQR+HPLVIpULR6XODSURGX]LU
ILEUDV ySWLFDV FRP FRQKHFLPHQWR JHUDGR QD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 H QD 7HOHFRPXQLFDo}HV
%UDVLOHLUDV6$7(/(%5$6
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRHQWUHHSHOD*XUJHO0RWRUHVGRVHXSURMHWRPDLVDPELFLRVRR&DUUR(FRQ{PLFR1DFLRQDO
&(1$TXHYLVDYDDFULDUXPFDUURWRWDOPHQWHSURMHWDGRHPDQXIDWXUDGRQR%UDVLO(PRPRGHORDXWRPRELOtVWLFR
GD*XUJHO0RWRUHVIRLDSHUIHLoRDGRQRGHVHQKRLQWHULRUHWUDQVPLVVmRSDVVDQGRDFKDPDUVH%56XSHUPLQLTXDQGRMi
QmRHVWDYDEHPILQDQFHLUDPHQWH(PDHPSUHVDHQWUDHPFRQFRUGDWDYLQGRDIDOLU
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&RQVWLWXLomRGHGDSURGXomRGDVPRQWDGRUDVSRUFDUURVDiOFRRORXVHMDHPFDGDFDUURVTXHVDHPGDV
OLQKDVGHPRQWDJHP
)RQWH*UXSR-%
'HVHQYROYLPHQWRGR3URMHWR$UJLODPRQWPRULORQtWLFDSDUDXVRQDSHUIXUDomRGHSRoRVGHSHWUyOHR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD6HFUHWDULD(VWDGXDOGH,QIRUPiWLFDGD
3UHVLGrQFLDGD5HS~EOLFDSDUDUHFHEHUXPURE{LQGXVWULDOIDEULFDGRQRH[WHULRUYLVDQGRDGRPLQDUDWHFQRORJLDGHSRQWD
GDDXWRPDomRQHVVHVHWRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
2EWHQomRSHOR/DERUDWyULRGH(QVDLRV)tVLFRVHGH&RPSRVLomRGH)LEUDV7r[WHLVGR&HQWURGH7HFQRORJLDGD,QG~VWULD
4XtPLFDH7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR5LRGH-DQHLUR6(1$,5-GRFUHGHQFLDPHQWRMXQWR
DR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,10(752
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7UDQVIRUPDomRGR&HQWURGH)RUPDomR3URILVVLRQDO(XYDOGR/RGLHP&HQWURGH7HFQRORJLD0HWDO0HFkQLFD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
)LUPDGR7HUPRGH&RRSHUDomR7pFQLFDH)LQDQFHLUDHQWUHD$OFRD$OXPtQLR6$HR'HSDUWDPHQWR1DFLRQDOGR6HUYLoR
1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,YLVDQGRjH[HFXomRGH3URJUDPDGH)RUPDomR3URILVVLRQDOSDUDRFRPSOH[R
,QGXVWULDO&RQVyUFLRGH$OXPtQLRGR0DUDQKmR6$$/80$5
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH&HUkPLFD$1)$&(5FXMRREMHWLYRpSURPRYHUDLQWHUQDFLRQDOL]DomR
GRVHWRUDGLIXVmRGHFRQKHFLPHQWRHDRIHUWDGHRSRUWXQLGDGHVDRFRQMXQWRGDVHPSUHVDVIDEULFDQWHVGHUHYHVWLPHQWRV
FHUkPLFRVGRSDtV
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH&HUkPLFD
3DQRUDPD1DFLRQDO
$SURYDomRGD/HL1žTXHGHILQLDD3ROtWLFD1DFLRQDOGH,QIRUPiWLFD)RQWH0LQLVWpULRGR
'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
3UHPLDomRQR&RQFXUVR(VWtPXORSDUD-RYHQV,QVWUXPHQWLVWDVSDWURFLQDGRSHOD6HFUHWDULDGH&XOWXUDGR(VWDGRGH6mR
3DXORGH(VGUDV5RGULJXHVGD6LOYDDOXQRGR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPR
PHOKRUYLROLQLVWDH/DUD=LJJLDWWL0RQWHLURFRPRPHOKRUSLDQLVWDGRDQR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR&HQWURGH'RFXPHQWDomRGD$PD]{QLD&'$
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
3URPRomRGR(QFRQWURHP&LrQFLDH7HFQRORJLDGRVSDtVHVGR7UDWDGRGH&RRSHUDomR$PD]{QLFD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
)LUPDGR7HUPRGH&RRSHUDomR7pFQLFDHQWUHR&RQVHOKR,QWHUPLQLVWHULDOGR3URJUDPD*UDQGH&DUDMiVR0LQLVWpULRGR
7UDEDOKRH(QWLGDGHVYLQFXODGDVR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,R6HUYLoR6RFLDOGD,QG~VWULD
6(6,HR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO6(1$&HR6HUYLoR6RFLDOGR&RPpUFLR6(6&GHVWLQDGRDR
GHVHQYROYLPHQWRGHDWLYLGDGHVQDViUHDVGHLQIRUPDomRHLQWHUPHGLDomRGHHPSUHJRIRUPDomRSURILVVLRQDOHGHVHQYRO
YLPHQWRVRFLDOHPJHUDOSDUDDWHQGLPHQWRjVQHFHVVLGDGHVVRFLDLVGR3URJUDPD*UDQGH&DUDMiV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGR&RQVHOKR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
&ULDomRGR3URJUDPDGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&7SHORJRYHUQREUDVLOHLURFRPRLQVWUX
PHQWRFRPSOHPHQWDUjSROtWLFDGHIRPHQWRjFLrQFLDHWHFQRORJLDFRRUGHQDGRSHOR0LQLVWpULRGD&LrQFLDH7HFQRORJLD
)RQWH0LQLVWpULRGD&LrQFLDH7HFQRORJLD
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR3LDXt8(63,HP7HUHVLQD
)RQWH6HFUHWDULDGD(GXFDomR
$SURYDomRSHOR&RQJUHVVR1DFLRQDOGD/HLGH5HVHUYDGH0HUFDGRGH,QIRUPiWLFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGH9DOHGR$FDUD~89$SHOD/HL(VWDGXDOGHGHRXWXEURHUHFRQKHFLGDSHOR&RQVHOKR
(VWDGXDOGH(GXFDomRSHOD3RUWDULD0LQLVWpULRGD(GXFDomR0(&'28GHžGHMXQKR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGRSULPHLURSURWyWLSRGR6RQGD,9RSULPHLURIRJXHWHGHVRQGDJHPEUDVLOHLURFRQWUROD
GRHPWUrVHL[RVVLVWHPDSRULQMHomRVHFXQGiULD)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGD8VLQD+LGUHOpWULFD7XFXUXtORFDOL]DGDQRWUHFKRLQIHULRUGR5LR7RFDQWLQVDNPDRVXOGH%HOpPHP
GHQRYHPEUR
)RQWH&HQWUDLV(OpWULFDVGR1RUWHGR%UDVLO6$
&UHGHQFLDPHQWRSHOR,QVWLWXWR1DFLRQDOGH7HFQRORJLD,17GHVHLVODERUDWyULRVSHOR,QVWLWXWR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,10(752SDUDDUHDOL]DomRGHHQVDLRVHVSHFLDLV
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
(QWUDGDHPRSHUDomRGDVGXDVSULPHLUDVXQLGDGHVJHUDGRUDVGD8VLQD+LGUHOpWULFDGH7XFXUXt
)RQWH$/%5$6
'HVHQYROYLPHQWR GH SHVTXLVDV QR FDPSR GRV GLVSRVLWLYRV RSWRHOHWU{QLFRV SHOD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV
81,&$03 H SHOD 7HOHFRPXQLFDo}HV %UDVLOHLUDV 6$ 7(/(%5$6 VHJXQGR R FDQDGHQVH -DFN '\PHQW GLUHWRU GD %HOO
1RUWKHPHPSUHVDIDEULFDQWHGHHTXLSDPHQWRVGHFRPXQLFDomRFRORFDPR%UDVLOHQWUHRVSRXFRVSDtVHVTXHOLGHUDPD
WHFQRORJLDGRVHWRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR MXQWDPHQWH FRP D 3HWUyOHR %UDVLOHLUR 6$ 3(752%5$6&HQWUR GH 3HVTXLVDV H 'HVHQYROYLPHQWR
/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6GRSURFHVVRGHREWHQomRGH´(VSRQMD0DJQpWLFDµDSDUWLUGHUHMHLWRV
SLULWRVRVGHFDUYmRSDUDDXWLOL]DomRFRPRDEVRUYHQWHGHJiVVXOItGULFRQDSHUIXUDomRGHSRoRVGHSHWUyOHR
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
'HVHQYROYLPHQWR GH SURWyWLSR GH PRUDGLD SRSXODU XWLOL]DQGR VRORFLPHQWR SHOR &HQWUR 7HFQROyJLFR GH 0LQDV *HUDLV
&(7(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRQD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3GHXPUHDWRUGHOHLWRIOXLGL]DGR
SDUDGHVLGURJHQDomRGHiOFRROHWtOLFR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
5HFHELPHQWRGR3UrPLR*RYHUQDGRUGR(VWDGRSHORLQYHQWR3URFHVVRSDUDDREWHQomRGH&DUERQR9tWUHRDSDUWLUGH
5HVLQDj%DVHGHÉOFRRO)XUIXUtOLFRDSUHVHQWDGRQR;,,&RQFXUVR1DFLRQDOGR,QYHQWR%UDVLOHLUR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGRSURFHVVRHHTXLSDPHQWRSDUDUHFLFODJHPGRPRVWRYLQKRWRPHODoRSDWHQWHDGRVRERVQ~PHURV3,
H3,GHVHQYROYLGRSHORSHVTXLVDGRU-RVp%DUUHWR)RQWHV
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
7UDQVIRUPDomRGDV&HQWUDLV(OpWULFDVGH0LQDV*HUDLVHP&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV&(0,*DPSOLDQGRVXD
DWXDomRSDUDRXWUDVIRQWHVHQHUJpWLFDV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGD&RPSDQKLDGH'HVHQYROYLPHQWR7HFQROyJLFRFRPDILQDOLGDGHGHGHVHQYROYHUSURMHWRVGHSHVTXLVDHGH
VHQYROYLPHQWRQDViUHDVGHTXtPLFDILQDHDOWHUQDWLYDVHQHUJpWLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)RUPDomRGHXPDHTXLSHGHHVSHFLDOLVWDVSDUDHVWUXWXUDUXPSURJUDPDGHDSRLRjLQFXEDomRGHHPSUHVDVHSDUTXHVWHF
QROyJLFRVSHOR3UHVLGHQWHGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T/\QDOGR&DYDOFDQWL
GH$OEXTXHUTXH$WpHQWmRRQ~PHURGHLQFXEDGRUDVQR%UDVLOWDQWRGHGLFDGDVDHPSUHVDVGHEDVHWHFQROyJLFDFRPR
DHPSUHVDVGHVHWRUHVQmRLQFOXtGDVQHVVDFDWHJRULDSDVVRXGHPHQRVGHXPDGH]HQDQRILQDOGDGpFDGDGHSDUD
FHUFDGHQRLQtFLRGH1RVHXFRQMXQWRHVVDVLQFXEDGRUDVDEULJDPPDLVGHPLOHPSUHVDVHPHUJHQWHVGHEDVH
WHFQROyJLFDHMiJUDGXDUDPPDLVGHWUH]HQWDVHPSUHVDVPXLWDVGDVTXDLVYrPREWHQGRVLJQLILFDWLYRIDWXUDPHQWRHUHFR
QKHFLPHQWRLQFOXVLYHHPkPELWRLQWHUQDFLRQDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&RQVWUXomRGHXPGHVWLODGRUVRODUSDUDDiJXDVDOREUDQRVHUWmRGH3HUQDPEXFRSHOD)XQGDomR,QVWLWXWR7HFQROyJLFR
GR(VWDGRGH3HUQDPEXFR,7(3HD6HFUHWDULDGH7UDQVSRUWHV(QHUJLDH&RPpUFLR67(&
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
)DEULFDomRGHXPXOWUDOHYHFRPWHFQRORJLDLQWHLUDPHQWHQDFLRQDOSHORSURIHVVRU&DUORV$PDGHX3DOOHURVLGR'HSDUWDPHQWR
GH(QJHQKDULD0HFkQLFDGD)DFXOGDGHGH(QJHQKDULD0HFkQLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD5HGHGH1~FOHRVGH,QIRUPDomR7HFQROyJLFDQRkPELWRGR6XESURJUDPDGH7HFQRORJLD,QGXVWULDO%iVLFDGR
3URJUDPDGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR7,%3$'&7LQLFLDWLYDSLRQHLUDGHLQWHJUDomRGHYDULDGDV
LQVWLWXLo}HVHPSUROGDGLVVHPLQDomRGDLQIRUPDomRHPWHFQRORJLDLQGXVWULDO+RMHVmRQ~FOHRVHVSHFLDOL]DGRVHP
$XWRPDomR,QGXVWULDO$OLPHQWRV&RQVWUXomR&LYLO&RXURH&DOoDGRV´'HVLJQµ*HPDVH-yLDV0DWHULDLV0iTXLQDVH
(TXLSDPHQWRV0RELOLiULRH0DGHLUD1RUPDV7pFQLFDV3DWHQWHV3OiVWLFRH7r[WLOGHDWXDomRUHJLRQDO&HDUi(VStULWR
6DQWR0LQDV*HUDLV3DUDQi5LRGH-DQHLURH6mR3DXORHGHFDSDFLWDomRGHUHFXUVRVKXPDQRV0LQDV*HUDLV
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
5HFHELPHQWRGRSULPHLURSUrPLR6RFLHGDGH%UDVLOHLUDGH&RPSXWDomRQDiUHDGHWHFQRORJLDSHORSURMHWRGHSHVTXLVDH
GHVHQYROYLPHQWRGHILOPHVILQRVGHy[LGRGHHVWDQKRSDUDDSOLFDomRHPFpOXODVVRODUHVFLUFXLWRVLQWHJUDGRVHYLVRUHVGH
FULVWDOOtTXLGRSHOR/DERUDWyULRGH(OHWU{QLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomR GD )XQGDomR 3DUTXH 7HFQROyJLFR GD 3DUDtED 3DT7HF3% HP GH GH]HPEUR SHOR &RQVHOKR 1DFLRQDO GH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T*RYHUQRGR(VWDGRGD3DUDtED8QLYHUVLGDGH)HGHUDOGD3DUDtED8)3%
H%DQFRGR(VWDGRGD3DUDtED3$5$,%$1
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLDD
&RQFHSomRHGHVHQYROYLPHQWRGHWHFQRORJLDGHUHILQRGHPHWDLVSUHFLRVRVTXHGRWRXD&DVDGD0RHGDGR%UDVLOGH
´NQRZKRZµGHSURGXomRGHRXUR´JRRGGHOLYHU\µGHDFHLWDomRLQWHUQDFLRQDO
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
,QDXJXUDomR GD SULPHLUD ,QFXEDGRUD GH (PSUHVDV GD $PpULFD /DWLQD R &HQWUR ,QFXEDGRU GH (PSUHVDV 7HFQROyJLFDV
OLJDGRj)XQGDomR3DT7HF
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&ULDomRGD)XQGDomR&HQWURGH5HIHUrQFLDHP7HFQRORJLDV,QRYDGRUDV&(57,TXHRIHUHFHSURGXWRVHVHUYLoRVHPWHFQR
ORJLDGDLQIRUPDomRLQVWUXPHQWDomRDXWRPDomRLQGXVWULDOHJHVWmRGDWHFQRORJLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmR GD SDWHQWH ´3URFHVVR SDUD SURGXomR GH (FRJHQLQD D SDUWLU GD IHUPHQWDomR DQDHUyELFD GR 6XFR GR 6LVDOµ
3,GHGHPDLRDRSURIHVVRUGRXWRU&KDQJLO<DQJGR/DERUDWyULRGH7HFQRORJLD)DUPDFrXWLFD/7)GD
8QLYHUVLGDGH)HGHUDOGD3DUDtED8)3%
)RQWH8QLYHUVLGDGH)HGHUDOGD3DUDtED
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH)ORUHVWDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$HP&RORPER35)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
5HFHELPHQWRGH0HQomR+RQURVDSHORLQYHQWR3URFHVVRHHTXLSDPHQWRSDUDVHFDJHPGHPDWHULDLVELROyJLFRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QDXJXUDomRQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53GR/DERUDWyULRGH4XtPLFD$JUtFRODFDSDFLWDGRSDUDUHDOL]DU
DQiOLVHVGHVRORIHUWLOL]DQWHIROKDHFDOFiULR
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
$VVLQDWXUDGHFRQYrQLRSDUDRGHVHQYROYLPHQWRGHSHVTXLVDVUHODFLRQDGDVDRFRQWUROHELROyJLFRGDVSUDJDVTXHDIHWDP
DV ODYRXUDV FDQDYLHLUDV HP VXEVWLWXLomR DRV GHIHQVLYRV TXtPLFRV LPSRUWDGRV H GH HIHLWRV Wy[LFRV HQWUH D 6HFUHWDULD
GH7HFQRORJLD,QGXVWULDOGR0LQLVWpULRGD,QG~VWULDHGR&RPpUFLRHD)XQGDomR7URSLFDOGH3HVTXLVDVGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$033DUWLFLSDPWDPEpPGRFRQYrQLRR3URJUDPDGH0HOKRUDPHQWRVGD&DQDGHDo~FDU
3/$1$/68&$5HR,QVWLWXWRGR$o~FDUHGRÉOFRRO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
7UDQVIRUPDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDO8(3$(GH&RUXPEiHP&HQWURGH3HVTXLVD
$JURSHFXiULDGR3DQWDQDO&3$3SHOD3RUWDULDSHOD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO
'HVHQYROYLPHQWRGHSHVTXLVDVSDUDRDSURYHLWDPHQWRGHJUDQGHVTXDQWLGDGHVGHDUUR]LPSUySULRSDUDRFRQVXPRKX
PDQRGHYLGRjFRQWDPLQDomRSHODDIOXWR[LQDSHODWUDQVIRUPDomRHPIDULQKDSUpJHODWLQL]DGDSRUSURFHVVRGHH[WUXVmR
SHOR'HSDUWDPHQWRGH7HFQRORJLDGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$032SURFHVVRSRGHVHU
IHLWRDLQGDFRPPLOKRHDPHQGRLP
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGH7HFQRORJLDSDUD$OJRGmR+HUEiFHR1RUGHVWH&13$3UHFRFH$OJRGmRGHDOWDSURGXWLYLGDGHUH
FRPHQGDGRSDUDFRQYLYrQFLDFRPELFXGRGR1RUGHVWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRSHODSHVTXLVDGRUD,UDFHPDGH2OLYHLUD0RUDLVGD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03GHLQVHWLFLGDEDFWHULDQRVHPSURGX]LUHIHLWRVHPDQLPDLVYHUWHEUDGRVHLQVHWRVEHQpILFRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSURMHWRVYLVDQGRDRDSURYHLWDPHQWRGHFROHWRUHVVRODUHVELRGLJHVWRUHVJDVRJrQLRHDHQHUJLDHyOLFD
SDUDVHFDJHPHDUPD]HQDPHQWRGHJUmRVQDDJULFXOWXUDSHOD)DFXOGDGHGH(QJHQKDULD$JUtFRODGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWDEHOHFLPHQWRGHGLDJQyVWLFRFRPSOHWRGDTXDOLGDGHGHVHPHQWHGHVRMD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDUHFRPHQGDomRGHFDOFiULRSDUDFXOWXUDGDVRMDQR(VWDGRGR3DUDQi
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$)ORUHVWD
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
7UDQVIHUrQFLDGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH$OWDPLUDSDUD%HOpPQR(VWDGRGR3DUiUH
FHEHQGRDGHQRPLQDomRGH8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%HOpP
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
7UDQVIRUPDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH&RUXPEiHP&HQWURGH3HVTXLVD$JURSHFXiULD
GR3DQWDQDOGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP0DWR*URVVRGR6XO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPpWRGRVGHDOLPHQWDomRGHERYLQRVFRPRXVRGDPLQHUDOL]DomRHSXHUiULD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHDOWHUQDWLYDJHQpWLFDSDUDFRQWURODUDSUDJD
´&HUDWLWHV&DSLWDWDµPRVFDVGDVIUXWDVVREFRRUGHQDomRGDSHVTXLVDGRUD+HEH0\ULQD/DJKLGH6RX]DGR'HSDUWDPHQWR
GH%LRORJLDFRPRREMHWLYRGHVXEVWLWXLURVGHIHQVLYRVDJUtFRODV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHFRQWUROHGDTXDOLGDGHGRVXFRGHXYDFRQFHQWUDGRSDUDHYLWDUFRQWDPLQDomRSRUOHYHGXUDVRVPR
ItOLFDVHRVPRWROHUDQWHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHFXOWLYDUHVKtEULGDVGHSHSLQRSDUDFRQVHUYD*XDtUDH&RO{QLD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHDGXEDomRIRVIDWDGDQDIRUPDomRHUHFXSHUDomRGHSDVWDJHP
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGRFXOWLYRGHVHPHQWHVGH´DGOD\µFHUHDOXVDGRSDUDFRPSOHPHQWDomRGHDOLPHQWDomRDQLPDLVPDLV
IRUWHHSURGXWLYRTXHRWULJRHTXHSHUPLWHXPDHFRQRPLDQRFRQVXPRGHVVHJUmRQR%UDVLOSRUXPJUXSRGDiUHDGH
JHQpWLFDFRRUGHQDGRSRU:LOOLDP-RVpGD6LOYDH3DXOR$UUXGDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHVLPXOWkQHRGRPDOGDVIROKDVHPDQGDURYiHPYLYHLURGHVHULQJXHLUD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHGDYHUPLQRVHHPFDSULQRVPHGLDQWHYHUPLIXJDomRHVWUDWpJLFD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
2UJDQL]DomRGD([SRVLomR3RYRVGR&HGURHÌQGLRVGR%UDVLO)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
5HDOL]DomRQR,QVWLWXWR*RLDQRGH3Up+LVWyULDH$QWURSRORJLD,*3$GHXPDVpULHGHSHVTXLVDVVREUHRPDVVDFUHGRV
tQGLRV$Yi&DQRHLUR
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
3XEOLFDomRGD$omR3URJUDPDGDHP,QIRUPDomR&LHQWtILFDH7HFQROyJLFD,&7SHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP
&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
6XUJLPHQWRGR)yUXPGH-RYHQV(PSUHViULRVGR(VWDGRGH6mR3DXORIXQGDGRHPDEULOGHQWURGD$VVRFLDomR&RPHUFLDO
GH 6mR 3DXOR FRP R LQWXLWR SULQFLSDO GH IRUPDU MRYHQV SDUD DVVXPLU FDUJRV JHVWRUHV $WXDOPHQWH XPD TXDQWLGDGH
H[SUHVVLYDGHMRYHQVIH]HID]SDUWHGHVVHJUXSRTXHRVWHQWDDSRVLomRGHWHUIRUPDGRLQ~PHUDVOLGHUDQoDVSROtWLFDVH
HPSUHVDULDLVGHGHVWDTXHHPQRVVRSDtV2SDSHOGR)-(pDFDSDFLWDomRGRMRYHPLQFUHPHQWDQGRVXDEDJDJHPFXOWXUDO
LQWHOHFWXDOHVXDSUHSDUDomRFRPDDPSOLDomRGHVHXVFRQKHFLPHQWRVJHUHQFLDLVWRUQDQGRRPDLVDSWRSDUDHQIUHQWDURV
GHVDILRVSURILVVLRQDLVSRUPHLRGDIRUPDomRGHOLGHUDQoDVFRPSURPHWLGDVFRPDQRYDPHQWDOLGDGHHPSUHVDULDOEDVHD
GDQDpWLFDFLGDGDQLDHUHVSRQVDELOLGDGH
)RQWH&RQIHGHUDomR1DFLRQDOGRV-RYHQV(PSUHViULRV
&RQFHVVmRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFDDRVSHVTXLVDGRUHV&OiXGLR6DYDJHWH(O]D.DZDNDPL6DYDJHWGD
,QVWLWXLomRGH-RUQDOLVWDV$XW{QRPRV2SUrPLROKHVIRLFRQFHGLGRSHORVWUDEDOKRVWHOHYLVLYRVHQWUHRVTXDLVRGRFXPHQWiULR
$7DUWDUXJDGD$PD]{QLDPXLWREHPH[HFXWDGRLQFOXVLYHTXDQWRjVTXDOLGDGHVGLGiWLFDVHSHORVDUWLJRVSXEOLFDGRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$VVLQDWXUD GH SURWRFROR SDUD GHVHQYROYHU R 3URJUDPD GH ,QIRUPiWLFD QD (GXFDomR R (GXFRQ TXH YLVD j DSOLFDomR
GR FRPSXWDGRU FRPR UHFXUVR SHGDJyJLFR DX[LOLDU QDV HVFRODV GH ž H ž JUDXV HQWUH D 6HFUHWDULD GD (GXFDomR H D
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03TXHIRUPDHTXLSHLQWHUGLVFLSOLQDUFRQVWLWXtGDSRUHGXFDGRUHVGDViUHDV
GH3VLFRORJLD(GXFDomR&RPSXWDomR6RFLRORJLD)tVLFDH&LrQFLDV%LROyJLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDVGD6D~GH
1DVFLPHQWRGRSULPHLUREHErGHSURYHWDQR%UDVLO)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&ULDomRSHOD%LR)LOO,QG~VWULDH&RPpUFLRGH3URGXWRV0pGLFRV+RVSLWDODUHVGDSHOHDUWLILFLDOSDUDWUDWDPHQWRGHOHV}HV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
'HVHQYROYLPHQWRGHWHVWHVFRPRSULPHLURDQWLFRQFHSFLRQDOPDVFXOLQRSDUDDIHULUDTXDQWLGDGHH[DWDGHDSOLFDomRGD
GURJDSHORDQGURORJLVWD5RJHU$EGHOPDVVLKHRSHVTXLVDGRU$QLEDO(XVpELR)DXQGHV/DWKDPGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03MXQWDPHQWHFRPD0DWHUQLGDGH&OLPpULRGH2OLYHLUDGD%DKLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomR GD SULPHLUD FLUXUJLD GH WUDQVSODQWH GH ULQV SRU XPD HTXLSH GH PpGLFRV GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomR-RVp3HGURGH$UD~MRTXHIRLLGHDOL]DGDSULQFLSDOPHQWHSDUDHVWLPXODUDSHVTXLVDVREUHSURSULHGD
GHVWHUDSrXWLFDVGHDOJXPDSODQWDGHQRVVDULFDIORUDWURSLFDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGRSULPHLUR&HQWURGH&RPEDWHj'RUQR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03YLVDQGRDDWHQGHUDFODVVHSRSXODUTXHQmRWHPDFHVVRDFOtQLFDVSDUWLFXODUHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWHQomR GH LQGXVWULDOL]DomR H FRPHUFLDOL]DomR QR %UDVLO GR SULPHLUR FKLFOHWH TXH FRPEDWH D FiULH QD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03SHODHTXLSHGRHVSHFLDOLVWD$QW{QLR&DUORV1HGHU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHXPDSDUHOKRTXHSHUPLWHH[WUDLURYHQHQRGDDEHOKDGHPHOVHPVDFULILFiODSRVVLELOLWDQGRDIDEUL
FDomRYDFLQDVLPXQROyJLFDVSHORPpGLFR6pUJLR/D]]DULQLHRItVLFR-RUJH+XPEHUWR1LFRODGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFHELPHQWRGR3UrPLR1DFLRQDOGH*DVWURHQWHURORJLDQR&RQJUHVVR%UDVLOHLURGH*DVWURHQWHURORJLDSHODGHVFREHUWD
GDWpFQLFDLQpGLWDGHQRPLQDGD(VWXGRHOHWURPDQRPpWULFRGRVHJPHQWRGHHV{IDJRLQIHULRUDSyVDYDJRWRPLDJiVWULFD
SUR[LPDOSHORVSURIHVVRUHV/XLV6pUJLR/HRQDUGL1HOVRQ$GDPH$QGUHROLRH1HOVRQ$U\%UDQGDOLVHGD)DFXOGDGHGH
&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH$WHQomR,QWHJUDOj6D~GHGD0XOKHU&$,60GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFHVVmRGR3UrPLR1DFLRQDOGH3URFWRORJLD3LWDQJD6DQWRVDQXDOPHQWHHQWUHJXHSHOD6RFLHGDGH%UDVLOHLUDGH3URFWRORJLD
DRVSHVTXLVDGRUHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03/XL]6pUJLR/HRQDUGL5DXO5DSRVRGH0HGHLURVH
%HQHGLFWRGH&DPSRV9LGDOSRUVXDVSHVTXLVDVVREUHRHPSUHJRGRELVWXULHOpWULFRQDVFLUXUJLDVGHLQWHVWLQR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SUHVHQWDomRSHODHTXLSHGRJLQHFRORJLVWD-RVp$ULVWRGHPR3LQRWWLGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03GDWpFQLFDGHUHFRQVWUXomRGHPDPDGHSDFLHQWHVQRPHVPRLQVWDQWHHPTXHpH[WLUSDGR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SUHVHQWDomRGDQRYDWpFQLFDGHH[WUDomRGHFpOXODVUHQDLVSRUPHLRGRXOWUDVRPGLVSHQVDQGRLQWHUYHQomRFLU~UJLFD
WpFQLFDMiXWLOL]DGDQRV(VWDGRV8QLGRVH(XURSDSHORXURORJLVWD1HOVRQ5RGULJXHV1HWWR-~QLRUGD8QLYHUVLGDGHGH6mR
3DXOR863HGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRGR&HQWURGH%LRWHULVPRVREUHVSRQVDELOLGDGHGH+XPEHUWRGH$UD~MR5DQJHOHDFRODER
UDomRGRVSURIHVVRUHV$-XUNLHZLF]H7HUH]D.LSQLV2SURMHWRDJUHJDLQVWLWXLo}HVFRPRR,QVWLWXWR
GH&LrQFLDV%LRPpGLFDVGD8QLYHUVLGDGHGH6mR3DXOR863R%LRWpULR&HQWUDOGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDVHR%LRWpULR&HQWUDOGD(VFROD3DXOLVWDGH0HGLFLQDFRPDSRLRGD)XQGDomR
GH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63)RQWH8QLYHUVLGDGHGH6mR3DXOR
,QDXJXUDomRGDUHSUHVHQWDomRGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$HP%RD9LVWD
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
&ULDomRGD)XQGDomR-RVp3HGURGH$UD~MR(VVD)XQGDomRWHPSRUREMHWLYRHVWLPXODUDSHVTXLVDVREUHDIORUDEUDVLOHLUD
HSUHPLDUWUDEDOKRVFLHQWtILFRVQRWiYHLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRGR3URMHWR7XUIDSDUDSURWHomRDPELHQWDO8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6,QVWLWXWRGH7HFQRORJLD
H3HVTXLVDGH6HUJLSH,736
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
,QDXJXUDomRGD(VWDomR$QWiUWLFD&RPDQGDQWH)HUUD]($&)VLWXDGDQDEDtDGR$OPLUDQWDGRQDLOKD5HL*HRUJH
TXLO{PHWURVDRHVWHGDSHQtQVXOD$QWiUWLFD$($&)FRQWULEXLXSDUDRGHVHQYROYLPHQWRGHXPUHVSHLWDGRSURJUDPDGH
SHVTXLVDVFLHQWtILFDVTXHSHUPLWHDR%UDVLOHVWXGDURLPSDFWRGDVPXGDQoDVDPELHQWDLVGDWHPSHUDWXUDGDWHUUDHIHLWR
HVWXIDREXUDFRGDFDPDGDGHR]{QLRHRDXPHQWRGRQtYHOGRVRFHDQRVVmRDOJXQVIDWRUHVQD$QWiUWLFDTXHFODUDPHQ
WHLQWHUIHUHPQDVPXGDQoDVJOREDLV
)RQWH0DULQKDGR%UDVLO
3DUWLFLSDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QDH[SRVLomR27UDMH&HULPRQLDO$IUREUDVLOHLUR
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmRGRž3UrPLR-RYHP&LHQWLVWD4XtPLFDGH3URGXWRV1DWXUDLVj0DUtOLD2OLYHLUD)RQVHFD*RXODUWSHODSHVTXLVD
&RPSRVLomR4XtPLFDGH3ODQWDV%UDVLOHLUDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
3DUWLFLSDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03QR3URJUDPD1DFLRQDOGH%LRWHFQRORJLDFRPRVGLYHUVRV
SURMHWRVGHVHQYROYLGRVQR,QVWLWXWRGH%LRORJLDH)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVFRPRFXOWXUDVGHWHFLGRVSUR
GXomRGHYDFLQDVHRXWURVLWHQVFDSDFLWDPD8QLYHUVLGDGHQRFRQWH[WRQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RPSURYDomRSHORHFRORJLVWDHSURIHVVRUGH$F~VWLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03-DFTXHV0DULH
(GPH9LHOOLDUGGR,QVWLWXWRGH%LRORJLDHSHORHWQyORJR$UWXU-HQVHQTXHSiVVDURVLQVSLUDPOLQJXDJHPHPSHVTXLVD
FRPOtQJXD7XSL*XDUDQLGRVtQGLRVGRQRUWHGR%UDVLO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULR7HFQROyJLFRGH0DGHLUDVH(VWUXWXUDVGH0DGHLUD/$7(0$&QR$FUH
)RQWH)XQGDomRGH7HFQRORJLDGR(VWDGRGR$FUH
5HFHELPHQWRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GDYLVLWDGH1HYLQ6FULPVKDZPHPEURGD8QLYHUVLGDGH
GDV1Do}HV8QLGDVXPDGDVPDLRUHVDXWRULGDGHVPXQGLDLVHPDOLPHQWDomRHQXWULomRTXHYHLRFRQKHFHUDOLQKDGH
SHVTXLVDGD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV([DWDVHGD7HUUD
,QVWDODomRQD$FDGHPLD%UDVLOHLUDGH&LrQFLDV$%&GD&RPLVVmR1DFLRQDOGR3URJUDPD
,QWHUQDFLRQDOGH&RUUHODomR*HROyJLFD3,&*)RQWH$FDGHPLD%UDVLOHLUDGH&LrQFLDV
'HVHQYROYLPHQWRGHWpFQLFDVDYDQoDGDVHSLRQHLUDVQRSDtVQDIDEULFDomRGHJUDGHVKRORJUiILFDVGHGLIUDomRVREFRRUGHQDomR
GRSURIHVVRU-DLPH)UHMOLFK6RFKDF]HZVN\GR/DERUDWyULRGHÐSWLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GH XP QRYR PpWRGR GLULJLGR D SURIHVVRUHV GH WRGRV RV QtYHLV TXH WRUQD D PDWHPiWLFD PDLV DFHV
VtYHO H DWUDHQWH DRV DOXQRV SHORV SURIHVVRUHV 5RGQH\ &DUORV %DVVDQHVVL H (GXDUGR 6HEDVWLDQL )HUUHLUD GR ,QVWLWXWR GH
0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR/DERUDWyULRGH(OHWURDF~VWLFD(QVDLRV$F~VWLFRVH9LEUDo}HV
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
'LUHomR GH FXUVR DYDQoDGR VREUH ELRItVLFD PROHFXODU QR &HQWUR GH )tVLFD GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV SDUD D
(GXFDomRD&LrQFLDHD&XOWXUD81(6&2HQD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD$W{PLFDHP7ULHVWH,WiOLDGRSURIHVVRU
6pUJLR0DVFDUHQKDVGD8QLYHUVLGDGHGH6mR3DXOR863H8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRIXQFLRQDPHQWRGR1~FOHRGH3yV*UDGXDomRH3HVTXLVDHP)tVLFD
)RQWH8QLYHUVLGDGH)HGHUDOGH6HUJLSH
'HVHQYROYLPHQWRGH3ODQWD3LORWRGH6tQWHVH+LGURWpUPLFDGH&ULVWDLVSDUDYLDELOL]DURLQJUHVVRGRSDtVQRFLUFXLWRH[SRU
WDGRUGHTXDUW]RFXOWLYDGR&HQWUR7HFQROyJLFRGH0LQDV*HUDLV&(7(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
5HFRQKHFLPHQWRSHOD&RPSDQKLDGH7HFQRORJLDGH6DQHDPHQWR$PELHQWDOGH6mR3DXOR&(7(6%63H&RQIHGHUDomR
1DFLRQDOGD,QG~VWULD&1,GR3URFHVVR%DUUHWR)RQWHVGH5HFLFODJHPGR9LQKRWRGR3URIHVVRU-RVp%DUUHWR)RQWHV
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&RQYrQLRHQWUHD6XSHULQWHQGrQFLDGR'HVHQYROYLPHQWRGR1RUGHVWH68'(1(HD)XQGDomR,QVWLWXWR7HFQROyJLFRGR
(VWDGRGH3HUQDPEXFR,7(3SDUDUHDOL]DomRGHGLDJQyVWLFRHQHUJpWLFRQRVHWRULQGXVWULDOGH3HUQDPEXFR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
(QWUDGDHPDWLYLGDGHGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH'LDGHPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGDIDEULFDomRFRPHUFLDOGDVSULPHLUDVLPSUHVVRUDVSURMHWDGDVHFRQVWUXtGDVQR%UDVLOSHODVHPSUHVDV(OHEUDH5LPD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi&,73$5FRPRREMHWLYRGHSURPRYHURGHVHQYROYLPHQWRWHF
QROyJLFRLQGXVWULDOGDVHPSUHVDVSDUDQDHQVHV
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
,QtFLRGDSURGXomRGHDOXPtQLRSULPiULRHP%DUFDUHQD3$SHOD$OXPtQLR%UDVLOHLUR6$$/%5$6
)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
,QtFLRGDIDEULFDomRHPHVFDODFRPHUFLDOGDSULPHLUDFHQWUDOGHFRPXWDomRHOHWU{QLFDGLJLWDOSURMHWDGDQR%UDVLO7UySLFR
&HQWURGH3HVTXLVDH'HVHQYROYLPHQWR&3T'GD7HOHFRPXQLFDo}HV%UDVLOHLUDV6$7(/(%5$6
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&RRUGHQDomR SHOD $VVRFLDomR %UDVLOHLUD GH &RVPHWRORJLD GR 9,, &RQJUHVVR /DWLQR $PHULFDQR H ,EpULFR GH 4XtPLFRV
&RVPpWLFRV
)RQWH$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLD
&ULDomRGD)XQGDomR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRGD,QG~VWULD4XtPLFD&(3(4GD8QLYHUVLGDGH)HGHUDOGR
&HDUi8)&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGD,OXPLQDomR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
)XQGDomRGD/ZDUFHO&HOXORVHH3DSHO/WGD
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUD GH DFRUGR GH FRRSHUDomR WHFQROyJLFD HQWUH D (PSUHVD %UDVLOHLUD GH &RPSUHVVRUHV 6$ (0%5$&2 H
D 8QLYHUVLGDGH GH 3XUGXHO (VWDGRV 8QLGRV H FRPHoR GR GHVHQYROYLPHQWR GH WUDEDOKR FRQMXQWR FRP R /DERUDWRLUH
G·(OHWURQLTXH,QGXVWULHOOGH7RXORXVHQD)UDQoD
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
,QtFLRGDLPSODQWDomRGRVLVWHPDGHSURGXomRHPiJXDVSURIXQGDVSHOD3HWUyOHR%UDVLOHLUR6$3(752%5$6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR)XQGRGH'HVHQYROYLPHQWR,QGXVWULDO)81'(,
)RQWH6HFUHWDULDGH,QG~VWULD&RPpUFLR0LQDVH(QHUJLD
,QDXJXUDomRRILFLDOGD&RPSDQKLD6LGHU~UJLFD0HQGHV-~QLRUHP-XL]GH)RUD0*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQVWUXomR SHOD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH 3HUQDPEXFR ,7(3 GR SURWyWLSR GH XPD PiTXLQD
SDUDHVPDJDPHQWRHGHVHQJDUoDPHQWRGHFDFKRVGHXYDVXWLOL]DGDVQDIDEULFDomRGHYLQKRSHODVPLFURHPSUHVDVGR
(VWDGR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRGD&RPSDQKLD%UDVLOHLUDGH$UPD]HQDPHQWR&,%5$=(0HLQVWDODomRQD8QLYHUVLGDGH)HGHUDOGH9LoRVDGR
&HQWUR1DFLRQDOGH7UHLQDPHQWRHP$UPD]HQDJHP&(175(,1$5
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
3DQRUDPD1DFLRQDO
&ULDomRSHOR'HFUHWRQžGR0LQLVWpULRGD&LrQFLDH7HFQRORJLD)RQWH0LQLVWpULRGD&LrQFLD
H7HFQRORJLD
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV)$3(0,*
)RQWH&HQWURGH*HVWmRH(VWXGRV(VWUDWpJLFRV
&ULDomRGD&RRUGHQDGRULDGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&2'(&,7HPGHQRYHPEUROLJDGDD6HFUHWDULD
GR3ODQHMDPHQWR(VWDGXDO
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
&ULDomRGD8QLYHUVLGDGH5HJLRQDOGR1RURHVWHGR(VWDGRGR5LR*UDQGHGR6XO81,-8ÌHP,MXt
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
(ODERUDomRGRSULPHLUR3ODQR(VWDGXDOGH&LrQFLDH7HFQRORJLD
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomR GD )XQGDomR GH $PSDUR DR 'HVHQYROYLPHQWR GR (VWDGR GR 3LDXt )$'(3, LQVWLWXLomR PDQWHQHGRUD GD
8QLYHUVLGDGH(VWDGXDOGR3LDXt8(63,
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
$SURYDomRSHOD6HFUHWDULDGH3ODQHMDPHQWRH&RRUGHQDomR*HUDO6(3/$1SRUPHLRGD5HVROXomRQžGRUHJL
PHQWRGD)XQGDomR,QVWLWXWRGH'HVHQYROYLPHQWRGR0DWR*URVVRGR6XO,'(68/FULDQGRD&RRUGHQDGRULDGH&LrQFLD
H7HFQRORJLDFRPRyUJmRFRPSHWHQWHGHVXDHVWUXWXUDHGHVLJQDQGRVHXFRRUGHQDGRUFRPR6HFUHWiULR([HFXWLYRGR
&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLD&(&,7(&2ž3ODQR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
GR(VWDGRGH0DWR*URVVRGR6XO3('&706IRUPXODGRHPFRQVWLWXLVHQDSULPHLUDLQLFLDWLYDGHVLVWHPDWL]DomR
GDVDo}HVGHGHVHQYROYLPHQWRGHFLrQFLDHWHFQRORJLDHP0DWR*URVVRGR6XO
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(VWUXWXUDomRGR3URJUDPDGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&7
)RQWH)LQDQFLDGRUDGH(VWXGRVH3URMHWRV
'HVHQYROYLPHQWRGR3URMHWR3URJUDPDGH$YDOLDomRGD5HIRUPD8QLYHUVLWiULD3$588QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
81,&$3HPFRQYrQLRFRP0LQLVWpULRGD(GXFDomR0(&
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&ULDomRGD8QLYHUVLGDGH6mR)UDQFLVFR86)HP%UDJDQoD3DXOLVWD63
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,PSODQWDomRGR6LVWHPD(VWDGXDOGH&LrQFLDH7HFQRORJLDGR(VWDGRGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomRGHXP*UXSRGH7UDEDOKRFRPHVSHFLDOLVWDVGHWRGRRSDtVDUWLFXODGRSHOR'U&DUORV5'LQL]FRPDPLVVmRGH
UHYHUHPEDVHVFLHQWtILFDVWRGRRVLVWHPDGHWUDWDPHQWRHSUHYHQomRGHDFLGHQWHVFRPDQLPDLVSHoRQKHQWRV(VVHJUXSR
HQIRFRXVHXWUDEDOKRQDVLVWHPDWL]DomRGRVFXLGDGRVPpGLFRVLQFOXLQGRHGXFDomRPpGLFDHSLGHPLRORJLDHSURGXomR
VXVWHQWiYHOGHVRURVGHTXDOLGDGH2UHVXOWDGRIRLXPDTXHGDGHQDPRUWDOLGDGHFRPDFLGHQWHVRItGLFRVHDJHUD
omRGHFRQGXWDVPDLVDGHTXDGDVEHPFRPRDHGLomRGHWUrVPDQXDLVHPH
)RQWH8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGHGR3RUWRHD8QLYHUVLGDGHGR$PD]RQDV)8$
)RQWH8QLYHUVLGDGHGR$PD]RQDV
3XEOLFDomRGR,QIRUPH&LrQFLD+RMHTXHHPSDVVRXDWHUXPDHGLomRLQGHSHQGHQWHR-RUQDOGD&LrQFLD
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
(ODERUDomRGRž3ODQRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRGR(VWDGRGD%DKLD3'&7%$SHOR'HFUHWRQž
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&RPHPRUDomRGR-XELOHXGH3UDWDGD8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
&ULDomRGD8QLYHUVLGDGH%UiV&XEDV8%&HP0RJLGDV&UX]HV63
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
5HFHELPHQWRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFDSHODREUDH[WHQVDFRQWtQXDHGHDOWDTXDOLGDGHWDQWRQR
kPELWRQDFLRQDOFRPRQRLQWHUQDFLRQDOGHLQFHQWLYRjVDWLYLGDGHVH[WUDHVFRODUHVQRFDPSRGDFLrQFLDHGRGHVHQYRO
YLPHQWRGHYRFDomRFLHQWtILFDSRUPHLRGRV&OXEHVH)HLUDVGH&LrQFLDVGRVSURJUDPDV&LHQWLVWDGH$PDQKmH-RYHQV
&LHQWLVWDVHGDVFRODERUDo}HVQRVXSOHPHQWRLQIDQWLOGD)ROKDGH6mR3DXORSHODSHVTXLVDGRUD0DULD-XOLHWD6HEDVWLDQL
2UPDVWURQLGR,QVWLWXWR%UDVLOHLURGH(GXFDomR&LrQFLDH&XOWXUD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD)XQGDomR9LWDHXPDVRFLHGDGHFLYLOVHPILQVOXFUDWLYRVTXHDSyLDSURMHWRVQDViUHDVGHFXOWXUDHGXFDomRH
SURPRomRVRFLDO$VDo}HVQDiUHDGDFXOWXUDVmRGLULJLGDVSDUDDSUHVHUYDomRGRSDWULP{QLRFXOWXUDOEUDVLOHLURHYDORUL
]DomRGDFULDomRDUWtVWLFD1DHGXFDomRFRQFHQWUDVHHPDo}HVTXHYLVHPjPHOKRULDGRHQVLQREiVLFRQRSDtV(QDiUHD
VRFLDOFRQFHQWUDVHQDDVVLVWrQFLDDFULDQoDVHDGROHVFHQWHVGHIDPtOLDVGHEDL[DUHQGDHSURPRomRGDLQWHJUDomRVRFLDO
GHSRUWDGRUHVGHGHILFLrQFLD
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGR&HQWURGH(QVLQR6XSHULRU1LOWRQ/LQV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGRELQDXPLQYHQWRGHDXWRULDGRWpFQLFRGD7HOHEUDVtOLD1pOLR1LFRODLTXHSHUPLWHD
LGHQWLILFDomRGRQ~PHURGRWHOHIRQHFKDPDGRUFRPSDWHQWHHPSDtVHV)RQWH)HGHUDomRGDV
,QG~VWULDVGR'LVWULWR)HGHUDO
2WLPL]DomRSHOD3RO\HQND/WGDGRVLVWHPDGHWUDWDPHQWRGHHIOXHQWHVFRPDLPSODQWDomRGHXPWUDWDPHQWRSRUUHDWR
UHVELROyJLFRVEXVFDQGRGHVVDIRUPDPi[LPDHILFLrQFLDQDUHPRomRGRVSROXHQWHVGDiJXDGHYROYLGDDR5LR3LUDFLFDED
HRDWHQGLPHQWRDRVUHTXLVLWRVOHJDLV
)RQWH3RO\HQND/WGD
'HVHQYROYLPHQWRGDSULPHLUDERPEDGHJDVROLQDWRWDOPHQWHHOHWU{QLFDSDUDD3HWUyOHR%UDVLOHLUR6$3(752%5$6QD
&DSLWDO)HGHUDOSHOD3UyORJR6$XPDHPSUHVDVXEVLGLiULDGD,QG~VWULDGH0DWHULDO%pOLFRGR%UDVLO,0%(/
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
3URFHVVRGHUHGXomRVLJQLILFDWLYDQRVLQYHVWLPHQWRVGHVWLQDGRVDRGHVHQYROYLPHQWRGR3URJUDPD1DFLRQDOGRÉOFRRO
3URiOFRROFDUDFWHUL]DQGRXPTXDGURWtSLFRGHFULVHVRFLDO
)RQWH6RFLHGDGH%UDVLOHLUDGH3ODQHMDPHQWR(QHUJpWLFR
5HDOL]DomRGHHVWXGRVGHJDQKRHPEDL[RVLQDOHPODVHUJDVGLQkPLFRRSHUDGRSHODSULPHLUDYH]QR%UDVLO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$XPHQWRGRFRQVXPRGHiOFRROHPYHtFXORVFDXVDQGRLPSDFWRSRVLWLYRQRTXHVHUHIHUHjSROXLomRDWPRVIpULFDHP
JUDQGHFHQWURVXUEDQRVFRPRD5HJLmR0HWURSROLWDQDGH6mR3DXOR
)RQWH6RFLHGDGH%UDVLOHLUDGH3ODQHMDPHQWR(QHUJpWLFR
2EWHQomRGHXPODVHU5DPDQHPSDUDKLGURJrQLRTXLQWRGRJrQHURHPWRGRRPXQGR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$Q~QFLRVHJXQGRRJRYHUQRGHTXHREDODQoRGDSULPHLUDGpFDGDGR3URJUDPD1DFLRQDOGRÉOFRRO3URiOFRROpSRVL
WLYR1DVDIUDGHVmRSURGX]LGRVRQ]HELOK}HVGHOLWURVGHiOFRRO
)RQWH79&XOWXUD
3DUWLFLSDomR GD $VVRFLDomR %UDVLOHLUD GDV ,QVWLWXLo}HV GH 3HVTXLVD 7HFQROyJLFD $%,37, QD &RPLVVmR GH $YDOLDomR GR
3RWHQFLDO7HFQROyJLFRGR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO,13,LQVWLWXtGDSHOD3RUWDULDQžGHGH
VHWHPEURTXHWHPSRUREMHWLYRDYDOLDURSRWHQFLDOWHFQROyJLFRGRVLQYHQWRVGHDXWRUHVQDFLRQDLVGHSRVLWDGRVQR,13,
LGHQWLILFDQGRiUHDVLQGXVWULDLVPDLVVXVFHWtYHLVGHGHVHQYROYLPHQWRGRSDtVHGHPDQGDVWHFQROyJLFDVSDUDVXEVLGLDUyU
JmRVGHIRPHQWR
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
&ULDomRHGHVHQYROYLPHQWRGR3URFHVVRGH2EWHQomRGR0DJQpVLR0HWiOLFRSRU(OHWUyOLVHDSDUWLUGRV0LQpULRV7DTXLGULWD
H&DUQDOLWDSDWHQWHDGRVRERQƒ3,GHVHQYROYLGRHPFRQYrQLRHQWUH8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6
,QVWLWXWRGH7HFQRORJLDH3HVTXLVDGH6HUJLSH,736)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3HR%DQFRGR1RUGHVWHGR
%UDVLO%1%WHQGRSRUDXWRUHV0DQXHO)UDQFLVFR$QGUDGH+pOLR)HUUHLUDGRV6DQWRVH5LFKDUG/RXLV&RPEHV
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
/DQoDPHQWRGRVDWpOLWH%UDVLOVDW$SDUDSURYHUFRPXQLFDo}HVGRPpVWLFDV
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGRSURFHVVRSDUDUHFXSHUDomRGHVXOIDWRGHFREUHGRPDWWHGDPHWDOXUJLDGRFKXPERSDUD3OXPEXP
0LQHUDomRH0HWDOXUJLD6$HP$GULDQySROLV35
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
&ULDomRQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53GR1~FOHRGH%LRWHFQRORJLD9HJHWDO
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
&RQFHVVmR GR SDWHQWHDPHQWR GD WHFQRORJLD GH VHFDJHP GH PDGHLUD PHGLDQWH R XVR GH HQHUJLD VRODU SHOR ,QVWLWXWR
1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
&RQVWUXomRGR1DYLR3DWUXOKD,WDLSXSHOR$UVHQDOGH0DULQKDGR5LRGH-DQHLUR$05-UHSUHVHQWDQGRXPJUDQGHPDUFR
SDUDDFRQVWUXomRQDYDOQRSDtVSRUWHUVLGRRSULPHLURQDYLRGHJXHUUDSDUDH[SRUWDomR
)RQWH0DULQKDGR%UDVLO
'HVHQYROYLPHQWRGRSULPHLUR´VRIWZDUHSDFRWHµSDUD3&QR%UDVLODDOFDQoDUH[SUHVVmRQRPHUFDGRSURFHVVDGRUGH
WH[WR5HGDWRU,WDXWHF
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR/DERUDWyULR1DFLRQDOGH$VWURItVLFD/1$TXDWURDQRVGHSRLVWRUQDVH,QVWLWXWRGR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T2,QVWLWXWRID]SHVTXLVDVHSUHVWDVHUYLoRVQDiUHDGHDVWURQRPLDRE
VHUYDFLRQDO
)RQWH/DERUDWyULR1DFLRQDOGH$VWURItVLFD
'HVHQYROYLPHQWRQR&HQWUR7pFQLFR$HURHVSDFLDO&7$GHH[SORVLYRVSUHQVDGRVGHDOWDHQHUJLDHEDL[DYXOQHUDELOLGDGH
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGDSURGXomRQDFLRQDOGHUHVLQD3%/+GHVHQYROYLGDGHQWURGRFRQYrQLR&HQWUR7pFQLFR$HURHVSDFLDO&7$H&HQWUR
GH3HVTXLVDVH'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomRGHHVWXGRGRVGHWDOKHVVREUHDLQWURGXomRGHUHDWRUHVUiSLGRVQDPDWUL]HQHUJpWLFDEUDVLOHLUDUHVXOWDQGRHP
FRQFOXV}HVLPSRUWDQWHVDVVRFLDGDVjWHFQRORJLDQXFOHDU
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGRGHVHQYROYLPHQWRGR9HtFXOR/DQoDGRUGH6DWpOLWHV9/6
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomRGRSULPHLURY{RGHXPDDHURQDYHWUHLQDGRUSULPiULRGD)RUoD$pUHD%UDVLOHLUDGRWLSRXQLYHUVDO7XVDQ
GR iOFRRO FRPR FRPEXVWtYHO $ FRQYHUVmR GR PRWRU GHVVD DHURQDYH /\FRPLQJ ,2. IRL IHLWD QR &HQWUR 7pFQLFR
$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&LrQFLDV$JUiULDV
&ULDomRGRSURJUDPDQDFLRQDOGHPLFUREDFLDV)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD
'HVHQYROYLPHQWRGHVHPHDGRUDH[SHULPHQWDOSDUDSODQWLRGLUHWRHPkPELWRQDFLRQDO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDVLVWHPDGHSURGXomRGHDUUR]LUULJDGRHPYiU]HD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGD)DFXOGDGHGH(QJHQKDULD$JUtFRODGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRFXOWLYDU%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDDDSOLFDomRGHPDFURQXWULHQWHVQDFXOWXUDGDVRMDQR(VWDGRGR3DUDQi]LQFRH
PROLEGrQLR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDGHFRQVHUYDomRHSURGXomRGHDUUR]GHVHTXHLUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHLQWHJUDGRGHGRHQoDVHSUDJDVGRDUUR]LUULJDGRHPDQHMRGHiJXD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
3URGXomRGHOHYHGXUD(PEUDSD%SDUDHODERUDomRGHYLQKRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHHVTXHPDHVWUDWpJLFRGHFRQWUROHGDYHUPLQRVHGRVERYLQRVGHOHLWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH&RFRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HPVXEV
WLWXLomRj8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH$UDFDMX
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHSURGXomRGHEDWDVHPHQWHSUpEiVLFD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRHSURGXomRGHVHPHQWHVGHPLOKRYDULHGDGH%56XSHU'RFH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGR&HQWURGH3HVTXLVDHP$OLPHQWDomR&(3$
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHTXtPLFRGDVGRHQoDVGRSDLQHOGDVHULQJXHLUD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWURGH3HVTXLVD$JURSHFXiULDGH7HUUDV%DL[DVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
HP3HORWDV56
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH8YDH9LQKRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP
VXEVWLWXLomRD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%HQWR*RQoDOYHV56
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmRGRž3UrPLR-RYHP&LHQWLVWD$OLPHQWRVGH&RQVXPR3RSXODU&RQVHUYDomR3URGXomRD-RVp/XL]5RGULJXHV
SHODSHVTXLVDGHWUDQVIHUrQFLDGHHPEUL}HVFRPRWpFQLFDSDUDDFHOHUDUDSURGXomRGHOHLWH
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomR GR FXUVR GH SyVJUDGXDomR HP =RRORJLD HP FRQYrQLR FRP R 0XVHX 3DUDHQVH (PtOLR *RHOGL 03(* H D
8QLYHUVLGDGH)HGHUDOGR3DUi8)3$
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,QVWDODomRGR&HQWURGH(QVLQR3HVTXLVDH([WHQVmR$JURQ{PLFD&(3$*52
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&LrQFLDV+XPDQDVH6RFLDLV
5HFHELPHQWRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFDPRGDOLGDGHLQVWLWXLomRSHORSUR
JUDPD*ORER&LrQFLDGD)XQGDomR5REHUWR0DULQKRH*ORER9tGHRHPIXQomRGDERDTXDOLGD
GHGRSURJUDPDTXHDWLQJHXPS~EOLFRMRYHPGHJUDQGHVSURSRUo}HVGHVSHUWDQGRRLQWHUHVVH
SHODVDWLYLGDGHVFLHQWtILFDVGHPpWRGRVDWUDHQWHVGRSRQWRGHYLVWDGHFRPXQLFDomRPDVVHPR
UHFXUVRDDUWLItFLRVGHVHQVDFLRQDOLVPR)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH
7HFQROyJLFR
)XQGDomRGD)DFXOGDGHGH)LORVRILDH&LrQFLDV+XPDQDVGH*XUXSL
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
&ULDomRGR&HQWURGH'RFXPHQWDomRH3HVTXLVDHP+LVWyULD&'+,6
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
,QVWDODomRGR3URMHWRGHVDOYDPHQWRGHVtWLRVDUTXHROyJLFRVHP5RUDLPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&LrQFLDVGD6D~GH
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD&HQWUDOGH0HGLFDPHQWRVGR0LQLVWpULR
GD6D~GHSDUDDLQVWDODomRGHPLQLLQG~VWULDGHSURGXWRVIiUPDFRVTXHVHUYLUiSDUDWHVWHVGHSURGXomRGHPHGLFDPHQWRV
GR,QVWLWXWRGH4XtPLFDVREFRRUGHQDomRGR3URIHVVRU-RVp$XJXVWR5RViULR5RGULJXHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGD)DFXOGDGHGH(GXFDomR)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRGR0LQLVWpULRGR'HVHQYROYLPHQWR8UEDQRH0HLR$PELHQWHSHOR'HFUHWRQž
)RQWH0LQLVWpULRGR0HLR$PELHQWH
5HFHELPHQWRSHOR0XVHX3DUDHQVH(PtOLR*RHOGL03(*GDPHGDOKDHGLSORPDSHODFRPHPRUDomRGRFHQWHQiULRGH
*DVSDU9LDQD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR0XVHXGH$VWURQRPLDH&LrQFLDV$ILQV0$67FXMRSURSyVLWRpRGHHVWLPXODUDYRFD
omRLQWHOHFWXDOGHVSHUWDURSHQVDPHQWRFUtWLFRHIDYRUHFHUDFRPSUHHQVmRGRSDSHOGDFLrQFLDQD
VRFLHGDGHFRQWHPSRUkQHD$OpPGHFHQWURGHUHIHUrQFLDSDUDFRQVHUYDomRHSHVTXLVDGHLQVWUX
PHQWRVFLHQWtILFRVKLVWyULFRVR0$67pXPDGDVSRXFDVLQVWLWXLo}HVEUDVLOHLUDVRFXSDGDVFRPD
SUHVHUYDomRGHDUTXLYRVSHVVRDLVGHFLHQWLVWDVWRUQDQGRVHDVVLPLQVWUXPHQWRHVVHQFLDOSDUDD
FRPSUHHQVmRGDVRULJHQVHGRSURFHVVRGHLQVWLWXFLRQDOL]DomRGDFLrQFLDQR%UDVLO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
/DQoDPHQWRGR3URJUDPD(VSHFLDOGH$SRLRDR6HWRUGH,QIRUPiWLFD352,1)2
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDIDEULFDomRFRPHUFLDOGRSULPHLURGLVFRPDJQpWLFRIOH[tYHOGHVHQYROYLGRQR%UDVLOSHOD
HPSUHVD(OHEUD)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH
7HFQRORJLD,QGXVWULDO
,PSODQWDomRGDIiEULFDGHSHUFORUDWRGHDP{QLRHGHiFLGRSHUFOyULFRQDiUHDGD8VLQDGH3URSHOHQWHVGR,QVWLWXWRGH
$WLYLGDGHV(VSDFLDLV,$(
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QtFLRGDVRSHUDo}HVGD$d20,1$66$
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGH5RQG{QLD),(52HPGHVHWHPEUR
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
$VVLQDWXUD GH FRQYrQLR HQWUH D 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 H D &RPSDQKLD 6LGHU~UJLFD 3DXOLVWD
SDUDSUHVWDomRGHVHUYLoRVDVVLVWrQFLDFRQVXOWRULDHGHVHQYROYLPHQWRWHFQROyJLFRRIHUHFLPHQWRGHFXUVRVHVHPLQiULRV
HVSHFtILFRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGD8QLGDGH3LORWRGH3URFHVVDPHQWRGH)UXWDV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QtFLRGDSURGXomRGHUHVXOWDGRVGRV3URJUDPDVGHSHVTXLVDGD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2
SURWyWLSRVHDPRVWUDVILQDLVGRFRPSUHVVRU(0VmRSURGX]LGRVHWHVWDGRVFRPr[LWR
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
&ULDomRGR&HQWURGH7HFQRORJLDGH6ROGD2UODQGR%DUERVDQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGR5LRGH
-DQHLUR6(1$,5-DWHQGHQGRjFUHVFHQWHGHPDQGDGDVHPSUHVDVHPWHUPRVGHWpFQLFDVGHVROGDJHPHVROGDGRUHVGH
PDLRUQtYHOWHFQROyJLFR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGH4XtPLFD)LQD%LRWHFQRORJLDHVXDV(VSHFLDOLGDGHV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QtFLRQD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$(0%5$&2GDVRSHUDo}HVGR/DERUDWyULRGH$F~VWLFDH9LEUDo}HV
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
([SORUDomRGHSHWUyOHRHJiVQDWXUDOHP&RDUL$0-XUXiFRPRGHVFREULPHQWRGRSULPHLURSRoRQD%DFLDGR6ROLP}HV
QR5LR8UXFXHDLQVWDODomRGRVGHPDLVSRoRVFRQVHFXWLYDPHQWHQRVDQRVGHH
)RQWH6HFUHWDULDGR(VWDGRGH,QG~VWULDH&RPpUFLR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVFREULPHQWRSHOD3HWUyOHR%UDVLOHLUR6$3(752%5$6GRSULPHLURFDPSRJLJDQWHGRSDtVQD%DFLDGH&DPSRV
VHQGRDOFDQoDGDDPHWDGDSURGXomRGHPLOEDUULVGLD
)RQWH3HWUyOHR%UDVLOHLUR6$
(QWUDGDHPRSHUDomRGDSULPHLUDIiEULFDQDFLRQDOGHFLUFXLWRVLQWHJUDGRV6,'DTXLVLomRGD3KLOFR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGDSULPHLUD,QFXEDGRUD(PSUHVDULDO7HFQROyJLFDQR%UDVLOTXHGHXOXJDUHPDR&(/7$PDLVDYDQoDGR
FHQWURGHHPSUHVDVGHEDVHWHFQROyJLFDGD$PpULFD/DWLQDHP)ORULDQySROLVSHOD)XQGDomR&HQWURGH5HIHUrQFLDHP
7HFQRORJLDV,QRYDGRUDV&(57,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
)LOLDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGR5RQG{QLDj&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,
)RQWH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD
,QtFLRGRFXUVRGH(QJHQKDULD0HFkQLFD+DELOLWDomR7r[WLOSHOR&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLOGR
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,5-SRUPHLRGHFRQYrQLRFRPD8QLYHUVLGDGHGR(VWDGRGR5LR
GH-DQHLUR8(5-
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
,QVWDODomRGD'85(,128VLQD/LYUDPHQWR
)RQWH6HFUHWDULDGD(GXFDomR
5HDOL]DomR GD SULPHLUD IDEULFDomR HP HVFDOD GH ODERUDWyULR GH FRPSRQHQWHV RSWRHOHWU{QLFRV SDUD WHOHFRPXQLFDo}HV
GHVHQYROYLGRVFRPWHFQRORJLDEUDVLOHLUDQR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWR&3T'GD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,PSODQWDomRGHXPVHUYLoRGHLQIRUPDo}HVWHFQROyJLFDVQRkPELWRGDVLQG~VWULDVSULYDGDVQR(VWDGRGR3DUDQi
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
,QFRUSRUDomRGR&HQWUR,QGXVWULDOGR5LRGH-DQHLUR&,5-DR6LVWHPDGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH
-DQHLUR),5-$1
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
(QWUDGDHPRSHUDomRGDSULPHLUDIiEULFDQDFLRQDOGHGLVFRVUtJLGRVHPVDODOLPSDFODVVH0XOWLWHO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
3DQRUDPD1DFLRQDO
,PSODQWDomRGR3ODQR1DFLRQDOGH%LEOLRWHFDV8QLYHUVLWiULDV31%8QR0LQLVWpULRGD(GXFDomR
0(&6HFUHWDULDGH(QVLQR6XSHULRU6(68)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH
7HFQRORJLD
$TXLVLomRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRFHQWURGHSHVTXLVDVGD0RQVDQWRGR%UDVLO/WGD
ORFDOL]DGRQDVSUR[LPLGDGHVGR´FDPSXVµHWUDQVIRUPDGRQR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV%LROyJLFDVH
$JUtFRODV&34%$SDUDSRWHQFLDOL]DUSHVTXLVDVHPELRWHFQRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV)$3(0,*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD8QLYHUVLGDGH&DWyOLFDGH6DQWRV81,6$1726
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGR&HQWUR3DUDQDHQVHGH'RFXPHQWDomRH3HVTXLVD
)RQWH8QLYHUVLGDGH(VWDGXDOGH0DULQJi
,QVWDODomRGRFXUVRGH,QLFLDomRDR)ROFORUHHD3HVTXLVD)ROFOyULFD
)RQWH)XQGDomR&DVDGH-RVp$PpULFR
&ULDomRGR)XQGR(VWDGXDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR)81&,7(&
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
5HDOL]DomRGRPDSHDPHQWRGRV$UTXLYRV3~EOLFRV3DUDLEDQRV
)RQWH)XQGDomR&DVDGH-RVp$PpULFR
,QVWDODomRGR&HQWUR,QWHJUDGRGH(GXFDomR6XSHULRUGR$PD]RQDV&,(6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
0XGDQoD GH GHQRPLQDomR GR 3UrPLR 1DFLRQDO GH &LrQFLD H 7HFQRORJLD SDUD 3UrPLR $OPLUDQWH ÉOYDUR $OEHUWR SDUD D
&LrQFLDH7HFQRORJLDREMHWLYDQGRKRPHQDJHDURSULPHLUR3UHVLGHQWHGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFR
H7HFQROyJLFR&13TSHOR'HFUHWRQžGHGHMDQHLUR$OpPGHVVDDOWHUDomRRGHFUHWRGHWUDQVIHULXR
SUrPLRSDUDkPELWRGR0LQLVWpULRGD&LrQFLDH7HFQRORJLDPDVRVHXJHUHQFLDPHQWRpGR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
(ODERUDomRGRƒ3ODQRGH&LrQFLDH7HFQRORJLDGH6HUJLSH
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
/DQoDPHQWRGR&DWiORJR&ROHWLYRGH3XEOLFDo}HV6HULDGDV&&1YLD5HGH1DFLRQDOGH3DFRWHV5(13$&GD(PSUHVD
%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$(0%5$7(/
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
1RPHDomR GR SURIHVVRU &URGRZDOGR 3DYDQ GRFHQWH GR ,QVWLWXWR GH %LRORJLD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV
81,&$03H3UHVLGHQWHGD6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLDFRPR3UHVLGHQWHGR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRSURMHWRH[SHULPHQWDOSDUDRHQVLQRGHIXQGDPHQWRVFLHQWtILFRVDSDUWLUGHEULQTXHGRVSHORJUXSR
GHSURIHVVRUHVGR1~FOHR,QWHUGLVFLSOLQDUSDUDD0HOKRULDGR(QVLQRGH&LrQFLDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03FRRUGHQDGRSHORSURIHVVRU&DUORV$OIUHGR$UJXHOOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD8QLYHUVLGDGHGH*XDUXOKRV8Q*HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
,PSODQWDomRGR6LVWHPDGH,QIRUPDo}HVVREUHDV8QLYHUVLGDGHV%UDVLOHLUDV6,8%
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGRVHWRUGHSURGXomRGHYtGHRVSDUDWUHLQDPHQWRIRUQHFHQGRPDWHULDOGLGiWLFRSDUDRVFXUVRVSUHVHQFLDLVGR
%DQFRGR%UDVLOHXPVHUYLoRGHHPSUpVWLPRGHILWDVSDUDRVXVXiULRV
)RQWH%DQFRGR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGD&RPLVVmRGDV6RFLHGDGHV&LHQWtILFDV
)RQWH6RFLHGDGH%UDVLOHLUDSDUDR3URJUHVVRGD&LrQFLD
&ULDomRGR&HQWURGH(QVLQR6XSHULRUGR(VWDGRGR3LDXt&(63WHQGRFRPRPDQWHQHGRUDD)XQGDomRGH$PSDURDR
'HVHQYROYLPHQWRGR(VWDGRGR3LDXt)$'(3,
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
'HVHQYROYLPHQWRSHOR1~FOHRGH,QIRUPiWLFD$SOLFDGDj(GXFDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
FRRUGHQDGRSHORSURIHVVRU-RVp$UPDQGR9DOHQWHGRSURMHWRGHXVRGHFRPSXWDGRUHVQDVHVFRODVGH&DPSLQDVFRP
UHVXOWDGRVSRVLWLYRV2SURMHWRID]SDUWHGR(GXFRP(GXFDomRFRP&RPSXWDGRUHVSURJUDPDGD6HFUHWDULDGH(VWDGR
GD(GXFDomRGH6mR3DXOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD6HFUHWDULDGH(GXFDomRGR(VWDGRGH6mR
3DXORFRPRREMHWLYRGHDMXGDUQDUHFXSHUDomRGRHQVLQRS~EOLFRRIHUHFHQGRWUHLQDPHQWRSDUDSURIHVVRUHVGD
UHGHRILFLDOGHHQVLQR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QJHQKDULDH7HFQRORJLD
,QtFLRGRGHVHQYROYLPHQWRGRDYLmR&%$HPVXEVWLWXLomRDR%DQGHLUDQWHTXHHQYROYHR%UDVLO
HD$UJHQWLQDFRPRLQYHVWLPHQWRGH86PLOK}HVGD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
(0%5$(5)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&RQFOXVmRGDXVLQDSLORWRGHKH[DIOXRUHWRGHXUkQLRHLQtFLRGDSURGXomR
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&ULDomRGD6RFLHGDGHGRV8VXiULRVGH,QIRUPiWLFDH7HOHFRPXQLFDo}HV68&(68
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
5HFRPHQGDomRSHOR0LQLVWpULRGD&LrQFLDH7HFQRORJLDGRLQtFLRGDH[HFXomRGRSURMHWRGHXPODERUDWyULRFRPOX]
VtQFURWURQ(FRPHoRGDEXVFDSRUSHVVRDVWpFQLFRVHQJHQKHLURVItVLFRVLQWHUHVVDGDVHPSDUWLFLSDUGRGHVDILR
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
&ULDomRGR&HQWURGH'HVHQYROYLPHQWR7HFQROyJLFR&'7GD8QLYHUVLGDGHGH%UDVtOLD8Q%
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&ULDomRGR&HQWURGH$SRLRDR'HVHQYROYLPHQWR7HFQROyJLFR&'7GD8QLYHUVLGDGHGH%UDVtOLD8Q%
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD&HQWURGH$SRLRDR'HVHQYROYLPHQWR7HFQROyJLFR
,QVWDODomRSHOD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3GHXPDXQLGDGHWpFQLFDQRPXQLFtSLR
GH3HWUROLQDYLVDQGRDRGHVHQYROYLPHQWRWHFQROyJLFRGDVPLFURSHTXHQDVHPpGLDVHPSUHVDV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
5HGDomR GR GRFXPHQWR 'LUHWUL]HV SDUD XPD 3ROtWLFD GH 'HVHQYROYLPHQWR ,QGXVWULDO H 7HFQROyJLFR GR (VWDGR GR
3DUDQi
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
&ULDomRGRSURFHVVRGHXWLOL]DomRGDWXUIDQRWUDWDPHQWRHSXULILFDomRGDiJXDSRUPHLRGDDEVRUomRGHOtTXLGRVRUJk
QLFRVLPLVFtYHLVSDWHQWHDGRVRERQ~PHUR3,GHVHQYROYLGRSHORSHVTXLVDGRU-RmR6DPSDLR'·iYLOD
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomR GD )DFXOGDGH GH (QJHQKDULD (OpWULFD )(( GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 SHOR 'HFUHWR
(VWDGXDOGHžGHMXOKRRULXQGDGHGHSDUWDPHQWRGD)DFXOGDGHGH(QJHQKDULDGH&DPSLQDV7HYHRQRPHDOWH
UDGRSHODGHOLEHUDomR&2168$GHGHPDUoRSDUD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRSURFHVVRGHSXULILFDomRGRFORUHWRGHVyGLRFRQWLGRQRUHMHLWRGREHQHILFLDPHQWRGRPLQpULRVLOYLQLWDSDWHQ
WHDGRVRERQ~PHUR3,HPFRQYrQLRHQWUHD8QLYHUVLGDGH)HGHUDOGH6HUJLSH8)6,QVWLWXWRGH7HFQRORJLDH
3HVTXLVDGH6HUJLSH,736HGHVHQYROYLGRSHORSHVTXLVDGRU0DQXHO)UDQFLVFR$QGUDGH
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
&ULDomRGR3URJUDPDGH&DSDFLWDomR7HFQROyJLFD352&$3FRPRREMHWLYRGHUHDOL]DUHVWXGRVSDUDYLDELOL]DUDSURGXomR
GHSHWUyOHRHPSURIXQGLGDGHVFDGDYH]PDLRUHV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
)LUPDGRDFRUGRGHFRRSHUDomRFLHQWtILFDHWHFQROyJLFDHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD(OHEUD
0LFURHOHWU{QLFDSDUDRILFLDOL]DURLQWHUFkPELRMiH[LVWHQWHHQWUHDVGXDVHQWLGDGHVYLVDQGRjIRUPDomRGHWpFQLFRVHGR
FHQWHVGDiUHDGDLQIRUPiWLFDSDUDVXSRUWHGHWHFQRORJLDGHSRQWD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(QWUDGDGR3URJUDPD1DFLRQDOGRÉOFRRO3URiOFRROHPSURFHVVRGHHVWDJQDomR$SURGXomRGHiOFRROSiUDHPGR]H
ELOK}HVGHOLWURVSRUVDIUDPDVDIDEULFDomRGHFDUURVDiOFRROFRQWLQXDDWLQJLQGRDRILPGDGpFDGDGHGRV
YHtFXORVFRPHUFLDOL]DGRV
)RQWH79&XOWXUD
$VVLQDWXUDGHFRQYrQLRHQWUHD)DFXOGDGHGH(QJHQKDULDGH&DPSLQDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
HR,QVWLWXWRGH3HVTXLVD7HFQROyJLFDTXHYLDELOL]DGHVHQYROYLPHQWRGHIUHLRVIHUURYLiULRVSDUDDVSULQFLSDLVIHUURYLDVEUDVL
OHLUDVFRPRDV)HUURYLDV3DXOLVWDV6$)HSDVD&RPSDQKLD9DOHGR5LR'RFHH5HGH)HUURYLiULD)HGHUDODOpPGHPHWU{V
HIRUQHFHGRUHVGHPDWHULDOHHTXLSDPHQWRVQDiUHDGHHQJHQKDULDIHUURYLiULD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFOXVmR GR SURMHWR GH XP PRWRU FLFOR 2WWR D iOFRRO SDUD VHUYLoR SHVDGR {QLEXV H FDPLQKmR FRP +3
GDQGR RULJHP D FLQFR SURWyWLSRV 8P GRV SURWyWLSRV FKHJRX D VHU LQVWDODGR HP XP {QLEXV GH OLQKD GD &RPSDQKLD
0HWURSROLWDQDGH7UDQVSRUWHV&ROHWLYRV&07&SDUDIXQFLRQDUWDPEpPFRPJiVQDWXUDO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR3URJUDPDGH&RQWUROHGH3ROXLomRSRU9HtFXORV$XWRPRWRUHV3521&29(SHOR&RQVHOKR1DFLRQDOGH0HLR
$PELHQWH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR3DUDQi
,GHDOL]DomR GH WHFQRORJLD DOWHUQDWLYD GH FRQVWUXomR GH KDELWDo}HV SRSXODUHV H SUHVWDomR GH DVVHVVRULD WpFQLFD SDUD
DFRQVWUXomRGHFDVDVQREDLUUR9LOD$UFRÌULV*UDMD~HP6mR3DXORSHOR/DERUDWyULRGH+DELWDomRGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGD8QLGDGH3LORWRGD1257(&48Ì0,&$HP;HUpP'XTXHGH&D[LDV5-eXPDHPSUHVDYROWDGDjSURGXomR
GHSULQFtSLRVDWLYRVIDUPDFrXWLFRV$GLFLRQDOPHQWHRVSURGXWRVIDEULFDGRVWDPEpPDOFDQoDPDSOLFDo}HVQDVLQG~VWULDV
GHDOLPHQWRVFRVPpWLFRVKLJLHQHHPHGLFDPHQWRVYHWHULQiULRV
)RQWH1257(&48Ì0,&$6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)LUPDGRDFRUGRGHFRRSHUDomRWpFQLFDHQWUHR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDOGH6mR3DXOR6(1$,63HD
eFROH7HFKQLTXHGH6DLQW&URL[GD6XtoDSDUDIRUPDomRGHGRFHQWHVHWpFQLFRVQDViUHDVGHPHFkQLFDGHSUHFLVmRHGH
DXWRPDomRGDPDQXIDWXUD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
/DQoDPHQWRGR%UDVLOVDW$SDUDFRPSOHPHQWDURVLVWHPDGHWHOHFRPXQLFDo}HVYLDVDWpOLWH
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
3ODQR3DUDQDHQVHGH'HVHQYROYLPHQWRGH7HFQRORJLDVGH$OWD'HQVLGDGH
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
)LUPDGRDFRUGRGHFRRSHUDomRWpFQLFDHQWUHR&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi&,73$5HR0LQLVWpULRGD
&LrQFLDH7HFQRORJLD0&7
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
&ULDomRGD0LFURGHVWLODULDQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53FRPDILQDOLGDGHGHVHUXPODERUDWyULRGHSHV
TXLVDEXVFDQGRDOWHUQDWLYDVSDUDXPPHOKRUDSURYHLWDPHQWRGRVVXESURGXWRVGDFDQDGHDo~FDU
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
5HFHELPHQWRGR3UrPLR*RYHUQDGRUGR(VWDGRSHORLQYHQWR3URFHVVRFRQWtQXRSDUDDREWHQomRGHILEUDGHFDUERQRD
SDUWLUGHSROLDFULORQLWULODXVDQGRIOX[RGHDUDTXHFLGRDSUHVHQWDGRQR;,9&RQFXUVR1DFLRQDOGR,QYHQWR%UDVLOHLUR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$VVLQDWXUDGHFRQYrQLRHQWUHD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3HR&HQWURGH3HVTXLVDVH
'HVHQYROYLPHQWR/HRSROGR$PpULFR0LJXH]GH0HOOR&(13(6REMHWLYDQGRDLPSODQWDomRGHXPSURJUDPDGHDIHULomR
LQWHUODERUDWRULDO
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
$SURYDomRLQVWLWXLomRHRSHUDFLRQDOL]DomRGR&HQWUR8QLYHUVLGDGH(PSUHVDGH,QIRUPiWLFDGR3DUDQi&(,13$5
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
&LrQFLDV$JUiULDV
&ULDomRH,PSODQWDomRQDFLGDGHGH3DUQDtEDGR&HQWUR1DFLRQDOGH3HVTXLVDGH$JULFXOWXUD
,UULJDGD&13$,OLJDGRj(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HPGH
MXOKR)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
,PSODQWDomRGR3URMHWR&DOLIyUQLDLUULJDomRGR6HUWmRGR%DL[R6mR)UDQFLVFR
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomRGR&HQWURGH3HVTXLVDHP$OLPHQWDomRQD8QLYHUVLGDGHGH3DVVR)XQGR83)GHVHQYROYHQGRYiULDVWHFQRORJLDV
SDUDXWLOL]DomRGHSURGXWRVDJUtFRODVUHJLRQDLVQDDOLPHQWDomRKXPDQDHDQLPDO
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
5HFHELPHQWRGH0HQomR+RQURVDSHORLQYHQWR0pWRGRGHDQiOLVHSDUDHVWLPDUDYLDELOLGDGHGHVHPHQWHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHFXOWLYDUHVGHDUUR]GHVHTXHLURHLUULJDGRHFRQWUROHGHiJXDFXOWLYDUHV$UDJXDLD*XDUDQL0HWLFD
3HVDJURH3HVDJUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(ODERUDomRGRGLDJQyVWLFRGHSULRULGDGHVGHSHVTXLVDHPDJULFXOWXUDLUULJDGDDERUGDQGRRHVWDGRGDDUWHQDVFLQFR
SULQFLSDLVPDFURUUHJL}HVEUDVLOHLUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHGHVDOHLWDPHQWRSUHFRFHGHEH]HUURV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDGHUHJHQHUDomRGDEDQDQHLUD´LQYLWURµ
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHFXOWLYDUGHUHSROKRXQLmR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDSURGXomRGHVHPHQWHVGHVRMD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRHSURGXomRGHVHPHQWHVJHQpWLFDVGHPLOKRFXOWLYDUHV%5SLRQHLURH%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHGDLUULJDomRQDFXOWXUDGRIHLMRHLUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDSURGXomRGHIHLMmRFDXSL
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHWpFQLFDVSDUDDFXOWXUDGRFDIHHLURHPFRQGLo}HVGHFHUUDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD6HFUHWDULDGH
(GXFDomRGR(VWDGRGH6mR3DXORFRPRREMHWLYRGHDMXGDUQDUHFXSHUDomRGRHQVLQRS~EOLFR
RIHUHFHQGRWUHLQDPHQWRSDUDSURIHVVRUHVGDUHGHRILFLDOGHHQVLQR)RQWH8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV
&RQFHVVmR GR ž 3UrPLR -RVp 5HLV GH 'LYXOJDomR &LHQWtILFD PRGDOLGDGH -RUQDOLVPR &LHQWtILFR DR SHVTXLVDGRU 6pUJLR
0RUDHV&DVWDQKHLUD%UDQGmRGD5HGH*ORERGH7HOHYLVmRSRUVXDFRQWULEXLomRUHJXODUHSLRQHLUDDRSURFHVVRGHGLYXO
JDomRFLHQWtILFDSHOD5HGH*ORERGH7HOHYLVmR
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
2UJDQL]DomRGD([SRVLomR.D\DSy$&LrQFLDGRVtQGLRV0HEHQJRNUr
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&ULDomRGD)XQGDomR0XVHXGR+RPHP$PHULFDQR)81'+$0LQVWDODGDHP6mR5DLPXQGR1RQDWRHPGHQRYHPEUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
5HDOL]DomRGRƒ6HPLQiULR1RUGHVWLQRGH&XOWXUD3RSXODU
)RQWH)XQGDomR&DVDGH-RVp$PpULFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH,QVWLWXLomRDR,QVWLWXWRGH$UTXHRORJLD%UDVLOHLUD
,$%SHODH[SRVLomRFRPHPRUDWLYDGRVDQRVGDIXQGDomRGDHQWLGDGH3HVTXLVDGR3DVVDGR$UTXHRORJLDQR%UDVLO
UHDOL]DGDHPVHWHPEURHRXWXEURHDFRPSDQKDGDGHH[LELomRGHPDWHULDODXGLRYLVXDOVLPSyVLRFLFORGHSDOHVWUDVH
VHVVmRGH$UTXHRORJLDSDUDFULDQoDV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&LrQFLDVGD6D~GH
&RPSURYDomRGDHILFiFLDGDSULPHLUDYDFLQDFRQWUDSURWR]RiULRVGRPXQGRDYDFLQDFRQWUDDOHLVK
PDQLRVHSURGX]LGDSHOD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLVTXHGHXSURWHomRDFLPDGHH
UHGXomRGDLQFLGrQFLDGDGRHQoDHPQDVWURSDVVHGLDGDVQD$PD]{QLD)RQWH8QLYHUVLGDGH
)HGHUDOGH0LQDV*HUDLV
,QtFLRQR&HQWURGH+HPDWRORJLDH+HPRWHUDSLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GDIDVHH[SHULPHQWDO
GHLPSODQWDomRGRVWHVWHVGDLPXQRIOXRUHVFrQFLDSDUDGHWHFomRGRVDQWLFRUSRVGRYtUXVGD$,'6
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGDSULPHLUDFLUXUJLDFDUGtDFDFRPDXWLOL]DomRGHFLUFXODomRH[WUDFRUSyUHDHKLSRWHUPLDSHOR+RVSLWDOGDV
&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HTXLSHGR'U$QW{QLR%HQHGLFWR3UDGR)RUWXQDFKHIHGD
GLVFLSOLQDGH&LUXUJLD&DUGtDFDGR'HSDUWDPHQWRGH&LUXUJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)LUPDGRFRQWUDWRHQWUHD&RPSDQKLDGH'HVHQYROYLPHQWR7HFQROyJLFR&2'(7(&D&HQWUDOGH0HGLFDPHQWRV&(0(
GR0LQLVWpULRGD6D~GHD6HFUHWDULDGH%LRWHFQRORJLDHR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&13TYLVDQGRjLPSODQWDomRGHLQIUDHVWUXWXUDGRyUJmRTXHUHDOL]DUiSHVTXLVDVHGHVHQYROYLPHQWRGHWHFQRORJLDV
YROWDGDVjSURGXomRGHDQWLELyWLFRVYDFLQDVHKRUP{QLRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGRSULPHLURWUDQVSODQWHGHULPSHOR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDVSRUPHLRGD
HTXLSHGHXURORJLDGR'HSDUWDPHQWRGH&LUXUJLDGD)DFXOGDGHGH&LrQFLDV0pGLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH3HVTXLVDHP0DOiULDSDUDDWHQGHUDR9DOHGR*XDSRUpFRPVHGHQRPXQLFtSLRGH&RVWD0DUTXHV
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
5HDOL]DomRSHOR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHVHXVGRLVSULPHLURVWUDQV
SODQWHVGHULQVDSDUWLUGHGRDGRUHVPRUWRVVREUHVSRQVDELOLGDGHPpGLFDGRVGRXWRUHV*HQWLO$OYHV)LOKR0DULD+HOHQD
6WDQJOHU.UHPHUH3DXOR&pVDU5RGULJXHV3DOPD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDVDWLYLGDGHVGR&HQWURGH3HVTXLVDHP0HGLFLQD7URSLFDO&(3(0QRPXQLFtSLRGH&RVWD0DUTXHV52FRPSDU
FHLUDGD8QLYHUVLGDGHGH%UDVtOLD8Q%WHQGRFRPRILQDOLGDGHGLPLQXLUDPDOiULDHP&RVWD0DUTXHVDRQtYHOGHVLWXDomR
GHFRQWUROH
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
$VVLQDWXUDGHFRQYrQLRLQWHUQDFLRQDOHQWUHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD$JrQFLDGH&RRSHUDomR
,QWHUQDFLRQDOGR-DSmR-,&$YLVDQGRDRUHFHELPHQWRGHGRDo}HVGHHTXLSDPHQWRVSDUDDiUHDPpGLFDGHJDVWURHQWH
URORJLDHjSURPRomRGHLQWHUFkPELRGHFDSDFLWDomRHQWUHHVSHFLDOLVWDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
8VRGRODVHUSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPFLUXUJLDFDUGLRYDVFXODU2SHVTXLVDGRU'LPLWULRV
*HRUJH%R]LQLVGR,QVWLWXWRGH)tVLFDGHVHQYROYHWUDEDOKRGHDSOLFDomRGHODVHUQDPHGLFLQDFXMDVH[SHULrQFLDVVmRGHVHQ
YROYLGDVQR,QVWLWXWRGR&RUDomRGH6mR3DXOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3DUWLFLSDomR GR &HQWUR GH (QJHQKDULD %LRPpGLFD H GD )DFXOGDGH GH &LrQFLDV 0pGLFDV GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03QDFRQVWUXomRGRSULPHLURJHUDGRUGHXOWUDVRPOLWRWULGRUGHVHQYROYLGRLQWHJUDOPHQWHQRSDtV
GHVWLQDGRjIUDJPHQWDomRGHFiOFXORUHQDOVHPQHFHVVLGDGHGHFLUXUJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
$PSOLDomRGDDEUDQJrQFLDGDPLVVmRGR&HQWUR1DFLRQDOGH3HVTXLVDGH5HFXUVRV*HQpWLFRV
SDVVDQGRDGHQRPLQDUVH&HQWUR1DFLRQDOGH3HVTXLVDGH5HFXUVRV*HQpWLFRVH%LRWHFQRORJLD
GD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP%UDVtOLD)RQWH(PSUHVD
%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGR/DERUDWyULRGH0LFURELRORJLD
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&RQFHVVmRDR0XVHX3DUDHQVH(PtOLR*RHOGL03(*GRGLSORPDGHUHFRQKHFLPHQWRGHSDUWLFLSDomRGRPXVHXQRGHVHQ
YROYLPHQWRGDVFLrQFLDVHWHFQRORJLDPLQHUDOQR%UDVLOSHOD6RFLHGDGH%UDVLOHLUDGH*HRORJLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,PSODQWDomRGR/DERUDWyULRGH%LRJHRTXtPLFD$PELHQWDOGD8QLYHUVLGDGH)HGHUDOGH5RQG{QLD
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
2UJDQL]DomRGD([SRVLomR3HUPDQHQWHGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*$PD]{QLDRKRPHPHRDPELHQWH
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
$SURYDomR MXQWR DR 0LQLVWpULR GD &LrQFLD H 7HFQRORJLD GR SURMHWR QD iUHD GH %LRWHFQRORJLD )HUPHQWDomR H
(Q]LPRORJLD
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
,QtFLRGRSURMHWR(VWXGR7pFQLFR(FRQ{PLFRGH$YDOLDomRGH2SRUWXQLGDGHVHP(Q]LPRORJLD
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&ULDomRGR&HQWURGH(QJHQKDULD*HQpWLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQD
,QVWDODomRGR/DERUDWyULRGH%LRWHFQRORJLDGD(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD,3$
)RQWH(PSUHVD3HUQDPEXFDQDGH3HVTXLVD$JURSHFXiULD
&ULDomR GR 1~FOHR GH 3HVTXLVDV HP /LPRQRORJLD ,FWLRORJLD H $TXLFXOWXUD 1XSpOLD VHQGR KRMH XP GRV 1~FOHRV GH
([FHOrQFLDHP3HVTXLVDVFDGDVWUDGRSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH8QLYHUVLGDGH(VWDGXDOGH0DULQJi
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
,QVWDODomRQD$FDGHPLD%UDVLOHLUDGH&LrQFLDV$%&GD&RPLVVmR1DFLRQDOGR,QWHUQDWLRQDO
*HRVSKHUH%LRVSKHUH3URJUDPPH,*%3)RQWH$FDGHPLD%UDVLOHLUDGH&LrQFLDV
&ULDomRGR&HQWURGH(QVLQR3URILVVLRQDOL]DQWHHP,QIRUPiWLFD&(3,
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
,QDXJXUDomRGRV/DERUDWyULRVGH0LFURLQIRUPiWLFDHGH4XtPLFD2UJkQLFDGD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
5HFHELPHQWRGHDSRLRLQVWLWXFLRQDOHILQDQFHLURTXHSHUPLWLXDR,QVWLWXWRGH*HRFLrQFLDV$SOLFDGDV,*$LPSODQWDUVLVWH
PDVHSDUWLFLSDUGHFXUVRVQDiUHDGHJHRSURFHVVDPHQWRLQWURGX]LQGRDHQWLGDGHQRkPELWRGD*HRPiWLFDHPIXQomR
GDFULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV)$3(0,*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLD
&RRUGHQDomRGHXPWUDEDOKRSRUItVLFRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03YLVDQGRjPHGLomRGDUDGLR
DWLYLGDGHDPELHQWDOFRPRSDUWHGHXPSODQRSDUDGHWHFomRGDUDGLRDWLYLGDGHSURYRFDGDSHORDFLGHQWHGDXVLQDQXFOHDU
VRYLpWLFDGH&KHUQRE\O
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWR SHORV SHVTXLVDGRUHV -RVp +XPEHUWR 1LFROD &DUORV 5HWWRUL H $PLU 2UGDFJL &DOGHURD GD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03GR3UrPLRGR(VWtPXOR,QWHOHFWXDOFRQFHGLGRSHOR,QVWLWXWRGH)tVLFDGD81,&$03
DWULEXtGRDWUrVSHVTXLVDGRUHVFXMRVWUDEDOKRVDOFDQoDPGHVWDTXHHPQtYHOLQWHUQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHGHEDWHVVREUHDFLGHQWHVQXFOHDUHVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03TXDQGRRItVLFR
5RJpULR&p]DUGH&HUTXHLUD/HLWHGR,QVWLWXWRGH)tVLFDGHIHQGHXTXHDQRYD&RQVWLWXLomRWHQKDPHFDQLVPRVTXHSHUPL
WDPTXHDVRFLHGDGHFLYLOLQWHUYHQKDQDTXHVWmRQXFOHDU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)LUPDGR FRQYrQLR SDUD R GHVHQYROYLPHQWR GH SURMHWR GH ´VFDQQHUµ OHLWRU ySWLFR GH FyGLJR GH EDUUDV KRORJUiILFR
HQWUHR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HDHPSUHVDSDXOLVWD7HOHPiWLFD6LVWHPDV
,QWHOLJHQWHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3URPRomRGDSULPHLUD(VFROD%UDVLOHLUDGH,QIRUPiWLFDSLRQHLUDQD$PpULFD/DWLQDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03FRPDSDUWLFLSDomRGHFHUFDGHSHVTXLVDGRUHVGR%UDVLOHGD$UJHQWLQDFRPRREMHWLYRGHGHEDWHURV
SURMHWRVGHLQIRUPiWLFDGHVHQYROYLGRVSHORVGRLVSDtVHV$DXODLQDXJXUDOFRQWDFRPDSUHVHQoDGR0LQLVWURGD&LrQFLDH
7HFQRORJLD5HQDWR$UFKHU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRSHODHTXLSHGH&DUORV.HQLFKL6X]XNLFRRUGHQDGRUGR/DERUDWyULRGH3HVTXLVDVFRP4XDUW]RGR,QVWLWXWRGH
)tVLFD*OHE:DWDJKLQGHOHYDQWDPHQWRVHPDSHDPHQWRVGDSURGXomRGHTXDUW]RSURGXomRGHTXDUW]RVLQWpWLFRHSX
ULILFDomRGRTXDUW]RSDUDH[SRUWDomRGHVVDPDWpULDSULPDFRPILQDQFLDPHQWRGD$JrQFLDGH&RRSHUDomR,QWHUQDFLRQDO
GR-DSmR-,&$
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGR3URMHWRGH(VSHFLDOL]DomRHP*HVWmRGD4XDOLGDGH3(*4QRkPELWRGR
6XESURJUDPDGH7HFQRORJLD,QGXVWULDO%iVLFD7,%HIRLH[HFXWDGRSHOR7,%GXUDQWHDQRV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD
,QGXVWULDO
,QDXJXUDomRGR&HQWUR7pFQLFRGH,QVWUXPHQWDomR$ULYDOGR)RQWHVKRMHFRPRQRPHGH&HQWURGH(GXFDomRH7HFQRORJLD
&(7(&HP9LWyULDHPGHPDLRUHVXOWDGRGRDFRUGR%UDVLO-DSmR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGDÐUELWD6LVWHPDV$HURHVSDFLDLV6$
)RQWH8QLYHUVLGDGHGH6mR3DXOR
5HFHELPHQWRGR3UrPLR&RVLSDSHORWUDEDOKR7UDQVIHUrQFLDGHFDORUHHVWUXWXUDGHVROLGLILFDomRQROLQJRWDPHQWRGHPH
WDLVSHORVSURIHVVRUHVGD)DFXOGDGHGH(QJHQKDULD0HFkQLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$035XEHQV
&DUDQ-~QLRU$PDXUL*DUFLDH0DULD&ODUD)LOLSSLQL,HUDUGL
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUD GH FRQYrQLR HQWUH D 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 D &RPSDQKLD 6LGHU~UJLFD 3DXOLVWD &26,3$HDHPSUHVD7HFQR/DVHU6LVWHPDVH(TXLSDPHQWRVSDUDSURGX]LUVREFRRUGHQDomRGH-RUJH+XPEHUWR1LFROD
GR/DERUDWyULRGH'HVHQYROYLPHQWRGH$SOLFDomRGH/DVHUGR,QVWLWXWRGH)tVLFD*OHE:DWDJKLQXPLQGLFDGRUGHOLQKD
GHFRUWHDODVHUFRPDVILQDOLGDGHVGHFRUWDUFRPSUHFLVmRSHoDVGHOkPLQDVGHDoRHGLPLQXLUHPDWpRFXVWRHP
UHODomRDRVVLPLODUHVHPFLUFXODomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRSHOR,QVWLWXWR3DUDQDHQVHGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO,3$5'(6FRPDSRLRGR0LQLVWpULRGD
&LrQFLDH7HFQRORJLDGHSHVTXLVDVREUHRSHUILOGDLQG~VWULDSDUDHQVHHGHVHQYROYLPHQWRGRVHWRUSURGXWLYRQDiUHDGH
QRYRVPDWHULDLV
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
(ODERUDomRGR3URMHWR,QIRUPiWLFD,QGXVWULDO3/,
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
&ULDomRGD$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGD,QIRUPiWLFD$%5$,QR'LVWULWR)HGHUDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&RQFOXVmRSRU(UQHVWR+HLQ]HOPDQQGRSURMHWRGRSULPHLURFRPSUHVVRUFRPWHFQRORJLDGD(PSUHVD%UDVLOHLUDGH
&RPSUHVVRUHV6$(0%5$&2R(0XPSURGXWRJOREDOHPXQGLDOPHQWHUHFRQKHFLGRSRUVXDDOWDSHUIRUPDQFHHILFL
rQFLDHQHUJpWLFDHEDL[RQtYHOGHUXtGRHYLEUDomRKRMHIDEULFDGRWDQWRQR%UDVLOTXDQWRQD,WiOLDHQD&KLQD2VXFHVVR
GHVWHSURGXWRQDpSRFDHOHYRXDRQtYHOGHGLUHomRDiUHDGHSHVTXLVDHGHVHQYROYLPHQWRGDHPSUHVD
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFHELPHQWR SHORV WpFQLFRV GD )XQGDomR &LrQFLD H 7HFQRORJLD GR 3UrPLR 8VLQD 3UHVLGHQWH 9DUJDV FRQIHULGR SHOD
$VVRFLDomR%UDVLOHLUDGH0HWDLVSHORLQHGLWLVPRGRWUDEDOKRQDiUHDGDFRTXHLILFDomR
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
&ULDomRGD(PEUDFR1RUWK$PHULFDSDUDDWHQGLPHQWRFRPHUFLDODRVPHUFDGRVGRV(VWDGRV8QLGRV&DQDGiH0p[LFR
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
&ULDomRGD$XWRODWLQDFRPRREMHWLYRPDLRUGHJDUDQWLUDVREUHYLYrQFLDGDVHPSUHVDVHPXPPHUFDGRFRPSHWLWLYR8PD
´MRLQWYHQWXUHµHQWUH9RONVZDJHQH)RUG
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
,QDXJXUDomRGR&HQWUR7pFQLFRGH,QVWUXPHQWDomR,QGXVWULDO$ULYDOGR)RQWHV9LWyULDHPGHPDLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR(VStULWR6DQWR
/DQoDPHQWRSHOD$VVRFLDomRGRV)DEULFDQWHVGH0yYHLVGR%UDVLO$)$0HPSDUFHULDFRPD$VVRFLDomRGDV,QG~VWULDV
GR(VWDGRGH6mR3DXORGHXP0RGHORGH6LPXODomRGH3UHoR
)RQWH$VVRFLDomRGDV%UDVLOHLUDGDV,QG~VWULDVGR0RELOLiULR
/HYDQWDPHQWR $QWURSRPpWULFR GD 3RSXODomR %UDVLOHLUD ,QVWLWXWR 1DFLRQDO GH 7HFQRORJLD ,17 HP FRQMXQWR FRP R
0LQLVWpULRGR([pUFLWRSRVVLELOLWDQGRSHVTXLVDQDiUHDGHGHVHQKRLQGXVWULDOPHGLQGRVHJPHQWRVUHSUHVHQWDWLYRVGD
SRSXODomR
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
5HDOL]DomRGRSULPHLUR(QFRQWURGH&ULDomRH'HVHQYROYLPHQWRGH,QG~VWULDVHP*RLiVSHOD),(*HPHGHPDLR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
,QtFLRGDIDEULFDomRFRPHUFLDOGRSULPHLURFRQWURODGRUGHSURFHVVRSURMHWDGRQR%UDVLO0XOWLWHO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QDXJXUDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO'HSDUWDPHQWR5HJLRQDOGH5RUDLPD6(1$,55
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
&ULDomRGD3URQDWXVGR$PD]RQDVSRU(YDQGURGH$UD~MR6LOYD3ULPHLUDLQG~VWULDDGHVHQYROYHUHDSURYHLWDUELRPDWH
ULDLVGDIORUHVWD$PD]{QLFDLQLFLDQGRRDSDUHFLPHQWRGHQRYDVHPSUHVDVORFDLVHHVWLPXODQGRDFULDomRGHSyORVLQGXV
WULDLVGHPHGLFDPHQWRVILWRWHUiSLFRVHILWRFRVPpWLFRVQR$PD]RQDVDSRLDGRSHOD6XSHULQWHQGrQFLDGD=RQD)UDQFDGH
0DQDXV68)5$0$
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
/DQoDPHQWRGRSULPHLUR&XUVRGH(VSHFLDOL]DomRGH(QJHQKHLURVGH6ROGDHPQtYHOGHSyVJUDGXDomR´/DWR6HQVXµ
SHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,5-
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR&HQWURGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP&DSLYDULGH%DL[R6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6HOHomRGRLQYHQWR0RGHORGHELRGLJHVWRUFRPSXOPmRLQWURGLQkPLFRHGLJHVWRUFRPDJLWDomRXWLOL]DQGRYHQWRGR
SURIHVVRU-RVp%DUUHWR)RQWHVSHOR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD%DKLD6XO&HOXORVH6$
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
(ODERUDomRGRSURJUDPDGH)RUPDomRGH5HFXUVRV+XPDQRVQDVÉUHDV(VWUDWpJLFDV5+$(SHOR&RQVHOKR1DFLRQDOGH
'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TSDUDRGHVHQYROYLPHQWRWHFQROyJLFRHLQGXVWULDORULHQWDGRSHODVGLUH
WUL]HVGR0LQLVWpULRGD&LrQFLDH7HFQRORJLD0&7HGD3ROtWLFD,QGXVWULDOHGH&RPpUFLR([WHULRUGHWDOKDGDVQR3URJUDPD
%UDVLOHLURGH4XDOLGDGHH3URGXWLYLGDGH3%43HQR3URJUDPDGH$SRLRj&DSDFLWDomRGD,QG~VWULD3$&7,
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,PSODQWDomRGRSURJUDPDGHDIHULomRLQWHUODERUDWRULDOYLVDQGRjHVWDELOLGDGHGRiOFRROSRUXPSHUtRGRGHHVWRFDJHP
GHVHLVPHVHVHGHWHUPLQDomRGRWLSRGHHPEDODJHPPDLVDGHTXDGDDRSURGXWR
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
3DQRUDPD1DFLRQDO
(VWDGXDOL]DomRGD)XQGDomR8QLYHUVLGDGH5HJLRQDOGR5LR*UDQGHGR1RUWH)8551
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
&ULDomRGD8QLYHUVLGDGH5HJLRQDOGR&DULUL85&$SHOD/HL(VWDGXDOQžGHGHIHYHUHLURLQVWDODGDRILFLDOPHQWH
GHDFRUGRFRPR'HFUHWR)HGHUDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
(ODERUDomRGRž3ODQRGH&LrQFLDH7HFQRORJLDGR0DUDQKmR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
&ULDomRGD6HFUHWDULD([WUDRUGLQiULDSDUD$VVXQWRVGH&LrQFLDH7HFQRORJLDGR5LR*UDQGHGR6XO
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
3URPRomRGRž6LPSyVLR&DPSLQDVGLULJLGRDWpFQLFRVHVWXGDQWHVHSHVVRDVTXHSRVVDPLQIOXLUQDiUHDGHSOD
QHMDPHQWRGHVXDVFLGDGHVSHORV,QVWLWXWRGH(FRQRPLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03&HQWURGH
$SRLRj7HFQRORJLDGH(QVLQRHP(QJHQKDULD&($7(1*($VVRFLDomRGRV(QJHQKHLURVH$UTXLWHWRVGH&DPSLQDV$($&
H$VVRFLDomRGRV(FRQRPLVWDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGD0RVWUDGH3HVTXLVDH3URGXomR&LHQWtILFDGD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*FRPH[SRVLomRGH
IRWRVOLYURVHGLWDGRVHPRQRJUDILDVSURGX]LGDV
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
5HFHELPHQWR GR ž 3UrPLR -RVp 5HLV GH 'LYXOJDomR &LHQWtILFD 0RGDOLGDGH -RUQDOLVPR &LHQWtILFR SHOR SHVTXLVDGRU
'LyJHQHV9LHLUD6LOYDGR'LiULRGR*UDQGH$%&SRUWHUVHXWUDEDOKRFRQWULEXtGRVLJQLILFDWLYDPHQWHSDUDWRUQDUDFLrQFLD
DWHFQRORJLDHDSHVTXLVDFRQKHFLGDVGRJUDQGHS~EOLFRSHODGLYXOJDomRGDVDWLYLGDGHVGHSHVTXLVDVHDYDQoRVFLHQWtILFRV
HWHFQROyJLFRV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD8QLYHUVLGDGH0HWURSROLWDQDGH6DQWRV81,0(6
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGD3DUDtED8(3%SHOD/HLQž
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGDSDUDtED
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QWURGXomR QR %UDVLO GR ´VRIWZDUHµ 0LFUR&'6,6,6 0,&52,6,6 GHVHQYROYLGR SHOD 2UJDQL]DomR GDV 1Do}HV 8QLGDV SDUD D
(GXFDomRD&LrQFLDHD&XOWXUD81(6&2HGLVWULEXtGRSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD6HFUHWDULDGH(VWDGRGD&LrQFLDH7HFQRORJLDGR3DUDQi
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGD)DFXOGDGH*DPD)LOKR)*)HP)RUWDOH]DSHOR'HFUHWRGHGHDJRVWR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
5HFHELPHQWRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH,QVWLWXLomRSHOR0XVHX3DUDHQVH(PtOLR*RHOGL
SRUWHUDQRVGHKLVWyULDFRPRLQVWLWXLomRFLHQWtILFDHVyUHFHQWHPHQWHYROWRXVHDFHUWDGDPHQWHSDUDDYHUWHQWHGH
GLYXOJDomRFLHQWtILFDWDPEpPSHODVXDLPSRUWkQFLDGHPXVHXIRUDGRVJUDQGHVFHQWURVGRSDtV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD6RFLHGDGHGH3UHYLGrQFLD&RPSOHPHQWDUGR6LVWHPD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
),(6&TXHWHPFRPRREMHWLYRSULPRUGLDOFRPSOHPHQWDUDDSRVHQWDGRULDGRVIXQFLRQiULRVGRVLVWHPDXPDLQLFLDWLYD
SLRQHLUDH~QLFDQR%UDVLO
)RQWH)HGHUDomR1DFLRQDOGD,QG~VWULDGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR2HVWHGR3DUDQi81,2(67(HP&DVFDYHO
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGD3DUDtED8(3%
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
$SURYDomRGR,3ODQR(VWDGXDOGH&LrQFLDH7HFQRORJLDGR(VWDGRGD3DUDtED
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
$SUHVHQWDomR GH (PHQGDV QD iUHD GH HGXFDomRFXOWXUD FLrQFLD H WHFQRORJLD WHQGR HP YLVWD D $VVHPEOpLD 1DFLRQDO
&RQVWLWXLQWH
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD)XQGDomRGH$PSDURj(VFROD3URILVVLRQDO)$(3
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
&ULDomRGD$VVRFLDomRGH(QVLQR6XSHULRUGR(VWDGRGR3LDXt$(63,PDQWHQHGRUDGD)DFXOGDGH3LDXLHQVHGH$GPLQLVWUDomR
HGD)DFXOGDGH3LDXLHQVHGH3URFHVVDPHQWRGH'DGRVHPGHMDQHLUR
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
(ODERUDomRGHXP3ODQR(VWUDWpJLFRGH(GXFDomR&LrQFLDH7HFQRORJLD
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
(QJHQKDULDH7HFQRORJLD
&ULDomRGR'LVWULWRGH$OWD7HFQRORJLDGH0DQDXV
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGDHVWUXWXUDEiVLFDHGDVFRQGLo}HVSDUDRLQtFLRHIHWLYRGDLPSODQWDomRGR/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
/1/6SHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13THVHWRUQDXPDGHVXDVXQLGDGHV
DGPLQLVWUDWLYDV
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
,QDXJXUDomRGRV/DERUDWyULRVGD'LYLVmRGH0HFkQLFD
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGR&RQVHOKR6XSHULRUGH7HFQRORJLDGD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV&217(&),1(3SHOR3UHVLGHQWH0iULR
$PDWRFRPRREMHWLYRGHGHEDWHUDVTXHVW}HVUHODFLRQDGDVjWHFQRORJLDFRQWULEXLQGRGHIRUPDVLVWHPiWLFDHSHUPDQHQ
WHSDUDRHVWDEHOHFLPHQWRGHXPDSROtWLFDWHFQROyJLFDQRkPELWRGDSROtWLFDLQGXVWULDOHPQtYHLVQDFLRQDLVHGDVHQWLGDGHV
)HGHUDomRGH,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63H&HQWURGH,QG~VWULDVGR(VWDGRGH6mR3DXOR&,(63
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
'HVHQYROYLPHQWRSHORSURIHVVRU-RVp$QW{QLR'HUPHQJL5LRVGR'HSDUWDPHQWRGH(QJHQKDULDGH$OLPHQWRVGD)DFXOGDGH
GH(QJHQKDULD$JUtFRODHGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHXPUHIULJHUDGRUVRODUDXW{
QRPRSRUDEVRUomRVyOLGDFRPRREMHWLYRGHEXVFDUVROXo}HVHPFXUWRSUD]RSDUDDViUHDVDJUtFRODVFDUHQWHVGHHQHUJLDV
FRQYHQFLRQDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GH XP FDUWmR ySWLFR VHPHOKDQWH DRV FDUW}HV GH FUpGLWR FRP LQpGLWRV UHVXOWDGRV SHOR ItVLFR 6pUJLR
0RHKOHFNHGR'HSDUWDPHQWRGH)tVLFD$SOLFDGDGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QYHQomRGHXPGLVSRVLWLYRFDSD]GHWUDQVIRUPDURPRQy[LGRGHFDUERQRSURGX]LGRSHORVHVFDSDPHQWRVGRVFDUURVHPGL
y[LGRGHFDUERQRIXPDoDQmRWy[LFDSHORTXtPLFR$GODH\)RUWH5XELUDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
TXHWDPEpPGHVHQYROYHXXPFDUWXFKRSDUDVHUFRORFDGRQRHVFDSDPHQWRGRVYHtFXORVHID]HUDWUDQVIRUPDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRHIDEULFDomRGRSULPHLURFRPSXWDGRU3&SHODHPSUHVD1RYDGDWD6LVWHPDVH&RPSXWDGRUHV6$
QR'LVWULWR)HGHUDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
/DQoDPHQWR GR SULPHLUR SURWyWLSR GH PtVVLO 6XSHUItFLH$U SDUD D GHIHVD GH SRQWR WRWDOPHQWH GHVHQYROYLGR QR SDtV
&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
/DQoDPHQWRGRSULPHLURSURWyWLSRGRIRJXHWHGHVRQGDJHP96GHVHQYROYLGRSHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
2EWHQomRGRSULPHLURSURWyWLSRGRODVHU7($FRD[LDOGRSDtV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
'HVHQYROYLPHQWRHPRQWDJHPGRFDQKmRGHHOpWURQV
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
5HDOL]DomRGR,6LPSyVLR,QWHUQDFLRQDOHP7HRULDGD,QIRUPDomRH&RGLILFDomRSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03VREFRRUGHQDomRGH5HJLQDOGR3DOD]]R-~QLRUSURIHVVRUGD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomR
FRPRREMHWLYRGHSURPRYHULQWHUFkPELRHQWUHSHVTXLVDGRUHVEUDVLOHLURVHGHRXWURVSDtVHVQRTXHVHUHIHUHjVWHQGrQFLDV
GHVXEVWLWXLomRGDVUHGHVWHOHI{QLFDVSHORVDWpOLWHSDUDWUDQVPLVVmRGHGDGRVYR]HLPDJHQVHDFUHVFHQWHXWLOL]DomRGD
FULSWRJUDILD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWR GR SULPHLUR FDUUR EUDVLOHLUR PRYLGR D HQHUJLD VRODU SHOR JUXSR GH SHVTXLVDGRUHV GD 8QLYHUVLGDGH
(VWDGXDO GH &DPSLQDV 81,&$03 H 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV 8)6&DU $ HTXLSH UH~QH SHVTXLVDGRUHV GR
/DERUDWyULRGH(OHWU{QLFDH'LVSRVLWLYRV/('GD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomRGD81,&$03GR
'HSDUWDPHQWRGH(QJHQKDULD0HFkQLFDGD81,&$03HGR,QVWLWXWRGH4XtPLFDGD8)6&DU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDFRQVWUXomRGD+LGUHOpWULFDGH;LQJy
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
,QDXJXUDomRGR/DERUDWyULRGH,QWHJUDomRH7HVWHVGR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(~QLFRGRJrQHUR
QR+HPLVIpULR6XOXWLOL]DGRSDUDDVVHJXUDUDLQWHJULGDGHGRVVDWpOLWHVGXUDQWHDIDVHFUtWLFDHODQoDPHQWRHXPERP
GHVHPSHQKRQRDPELHQWHHVSDFLDO
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
&RHODERUDomRGR3URJUDPDGH$SRLR&ULDomRH$WUDomRGH(PSUHVDVGH%DVH7HFQROyJLFDHRX7HFQRORJLDGH3RQWD
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
,QDXJXUDomRGR1~FOHR7HFQROyJLFRGR$JUHVWH&DUXDUXSDUDGDUVXSRUWHDSHTXHQRVHPpGLRVHPSUHViULRVDSRLDQGR
RGHVHQYROYLPHQWRGHQRYDVWHFQRORJLDV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
7UDQVIRUPDomRGR'HSDUWDPHQWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGR$FUH'7351HP)XQGDomRGH7HFQRORJLDGR
(VWDGRGR$FUH)817$&SHORJRYHUQRGR(VWDGRGR$FUHUHJXODPHQWDGDSHOD/HLQžHPGHVHWHPEUR
)RQWH)XQGDomRGH7HFQRORJLDGR(VWDGRGR$FUH
&RQWLQXLGDGHGR3URJUDPD1DFLRQDOGRÉOFRRO3URiOFRRODSDUWLUGHHPIXQomRGDDPSODGLVFXVVmRTXHWHYHLQtFLRHP
HGRUHODWyULRGRWUDEDOKRGH$YDOLDomRGR3URiOFRROUHDOL]DGRQRkPELWRD&RPLVVmR1DFLRQDOGH(QHUJLD&1(
)RQWH6RFLHGDGH%UDVLOHLUDGH3ODQHMDPHQWR(QHUJpWLFR
5HDOL]DomRGRSULPHLUR6HPLQiULR,QWHUQDFLRQDOVREUH3DUTXHV7HFQROyJLFRVQR5LRGH-DQHLURFRPDSRLRGR&RQVHOKR
1DFLRQDO GH 'HVHQYROYLPHQWR &LHQWtILFR H 7HFQROyJLFR &13T TXH FXOPLQRX QD FULDomR GD $VVRFLDomR 1DFLRQDO GH
(QWLGDGHV3URPRWRUDVGH(PSUHHQGLPHQWRVGH7HFQRORJLDV$YDQoDGDV$13527(&
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
5HDOL]DomRGRž(QFRQWUR5HJLRQDO8QLYHUVLGDGH(PSUHVDSDUDLQRYDomRWHFQROyJLFDHP&DPSLQDVVRERUJDQL]DomRGR
SURIHVVRU&DUORV5REHUWR/LPD+pOLR:DOGPDQSUyUHLWRUGH3HVTXLVDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
H0iULR(GXDUGR%DUUD3UHVLGHQWHGD$VVRFLDomR1DFLRQDOGH3HVTXLVDH'HVHQYROYLPHQWRGDV,QG~VWULDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDSURGXomRGRVUDGLRIiUPDFRV*iOLRH,RGRXWLOL]DQGRRDFHOHUDGRU&LFORWURQGH0H9GR,QVWLWXWR
GH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
&ULDomRGR1~FOHRGH7HFQRORJLD0HFkQLFD
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&RQFOXVmRQR$UVHQDOGH0DULQKDGR5LRGH-DQHLUR$05-GRPRGHUQR1DYLR(VFROD%UDVLOHPSUHJDQGRXPSURMHWR
QDFLRQDOGHULYDGRGDV)UDJDWDV
)RQWH0DULQKDGR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH2YLQRVGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
(0%5$3$HP%DJp)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGR/DERUDWyULRGH6RORVHGR/DERUDWyULRGH6DQLGDGH$QLPDOH3ODQWDV0HGLFLQDLVGD8QLYHUVLGDGH)HGHUDOGR
3LDXt8)3,SRUPHLRGR3URJUDPDGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRSDUDR1RUGHVWH3'&71(
)RQWH8QLYHUVLGDGH)HGHUDOGR3LDXt
5HDOL]DomRGHSHVTXLVDVHPTXDWURJUDQGHVFkPDUDVGHFUHVFLPHQWRFRPFRQWUROHFRPSXWDGRUL]DGRGHUDGLDomROXPLQR
VDWHPSHUDWXUDHXPLGDGHSHUPLWLQGRRGHVHQYROYLPHQWRGHSURMHWRVHQYROYHQGRDVLPXODomRGHFRQGLo}HVFOLPiWLFDV
HPHVWDGRVGHFUHVFLPHQWRHSURGXomRYHJHWDOQR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV%LROyJLFDVH$JUtFRODV
&34%$GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDVSHVTXLVDVQD8QLYHUVLGDGH)HGHUDOGH9LoRVDEXVFDQGRVHYDULHGDGHVGHVRMDGLUHFLRQDGDVSDUDRFRQVXPR
KXPDQR
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRYDULHGDGH%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGH´VRIWZDUHµSDUDFRQIHFomRGHSODQLOKDGHFXVWRVGHSURGXomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
3XEOLFDomRGRVSULPHLURVWUDEDOKRVVREUHPRGHORVGHUHYHJHWDomRGRVUHVHUYDWyULRVGD&RPSDQKLD(QHUJpWLFDGH6mR
3DXOR&(63SHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
'HVHQYROYLPHQWRGHWHFQRORJLDGRSODVWLYiFXRVLVWHPDGHDUPD]HQDPHQWRGHSURGXWRVDOLPHQWtFLRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHWRPDWHFXOWLYDU1HPDGRUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHWULJRFXOWLYDU%57HUHQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHIRQWHVDOWHUQDWLYDVGHIyVIRURSDUDDDOLPHQWDomRGHERYLQRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVJHQpWLFDVGRPLOKRFXOWLYDU%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH&DMXGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP)RUWDOH]D
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHXPSURJUDPDGHTXtPLFDILQDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPXPWUDED
OKRPXOWLGLVFLSOLQDUHQYROYHQGRR,QVWLWXWRGH4XtPLFDD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVR'HSDUWDPHQWRGH
(QJHQKDULD4XtPLFDGD)DFXOGDGHGH(QJHQKDULD4XtPLFDHR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV%LROyJLFDV
H$JUtFRODV&34%$FRPRREMHWLYRGHIRUQHFHUSURGXWRVFDSD]HVGHVHUXWLOL]DGRVQRPHUFDGREUDVLOHLURVXEVWLWXLQGR
RVVLPLODUHVLPSRUWDGRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDSDUDGHWHFWDUPXGDVGHVHULQJXHLUDPDLVUHVLVWHQWHVDPXGDQoDVGHHVWDomRSHORDJU{QR
PR2OLQWR*RPHVGD5RFKD1HWRRULHQWDGDSHORFRRUGHQDGRUGR&HQWURGH(QVLQRH3HVTXLVDHP$JULFXOWXUD&(3$*5,
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03+LOWRQ6LOYHLUD3LQWR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRHSURGXomRGHVHPHQWHVGHPHOmRFXOWLYDU(OGRUDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGR,QVWLWXWR,WD~&XOWXUDOTXHYHPGLYXOJDQGRFRPDEUDQJrQFLDDFXOWXUDEUDVLOHLUDGHVHQYROYHQGRSURMHWRVH
SURGXWRVHGLIXQGLQGRWRGDVHVVDVDo}HVGH´GHVLJQµDUWHVYLVXDLVDUWHVFrQLFDVPXVLFDLVOLWHUDWXUDQRYDVPtGLDVH
FLQHPDHYtGHR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QDXJXUDomRGR0XVHXGRÌQGLROLJDGRDR,QVWLWXWRGH+LVWyULDGD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD8)8
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
,QWHJUDomRGD5HGH5HJLRQDOSDUD&DSDFLWDomR,QRYDomRH3HVTXLVDQRV&DPSRVGR3ODQHMDPHQWRH$GPLQLVWUDomR%iVLFDH
GRV3URJUDPDVGH$OIDEHWL]DomR5(3/$'GD)DFXOGDGHGH(GXFDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03$
UHGHIRLFULDGDHpFRRUGHQDGDSHOD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HXQLmRQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SDUDGHEDWHUDVSHFWRVGHIRUPDomRGHSHVVRDOGHDGPLQLV
WUDomRHSODQHMDPHQWRGDHGXFDomREiVLFDQD$PpULFD/DWLQDGHUHSUHVHQWDQWHVGD5HGH5HJLRQDOSDUD&DSDFLWDomR
,QRYDomRH3HVTXLVDQRV&DPSRVGR3ODQHMDPHQWRH$GPLQLVWUDomR%iVLFDHGRV3URJUDPDVGH$OIDEHWL]DomR5(3/$'
yUJmRGD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDD(GXFDomRD&LrQFLDHD&XOWXUD81(6&2
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR0XVHX$UTXHROyJLFR
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
7UDQVIRUPDomRGR3URMHWR$OGHLD-XYHQLOHPUHIHUrQFLDVREUHRWUDEDOKRFRPFULDQoDVHDGROHVFHQWHVHPVLWXDomRGHULVFR
QR%UDVLO
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&RPSURYDomRSRUPHLRGHSHVTXLVDVUHDOL]DGDVQDUHJLmREDLDQDGH&RUUHQWLQDTXHRKRPHPFKHJRXDR%UDVLOKi
PLODQRVSHOR,QVWLWXWR*RLDQRGH3Up+LVWyULDH$QWURSRORJLD,*3$
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
/DQoDPHQWRGR)RUPDWRGH,QWHUFkPELR%LEOLRJUiILFRH&DWDORJUiILFRSHOR,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLD
H7HFQRORJLD,%,&7
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
(VFROKDGR1~FOHRGH,QIRUPiWLFD%LRPpGLFD1,%GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03SHOD2UJDQL]DomR0XQGLDOGD6D~GH206SDUDVHUR4XLQWR&HQWUR&RODERUDWLYRGH
,QIRUPiWLFDHPVD~GHGDHQWLGDGHRVRXWURVTXDWURHVWmRLQVWDODGRVHP7yTXLR5RPD3DULVH
(VWRFROPR(VVHVFHQWURVWrPDIXQomRGHUHDOL]DUFXUVRVHDWHQGHUDUHJLmRHPTXHHVWmRLQVWDOD
GRV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWURGXomRQRSDtVSHOR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHXPDQRYDWHFQROR
JLDDGRVWUDQVSODQWHVGHRVVRVWHQG}HVHDUWLFXODo}HVQDWXUDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'LIXVmRGDQRYDWpFQLFDRUWRSpGLFDTXHSHUPLWHRFUHVFLPHQWRGHSHVVRDVEDL[DVHPDWpFHQWtPHWURVSRUPHLRGRV
´IL[DGRUHVH[WHUQRVµQR%UDVLOSHOD)DFXOGDGHGH&LrQFLDV0pGLFDV2WUDEDOKRpFRRUGHQDGRSHORSURIHVVRU*RWKIULHG
.|EHUOHGR'HSDUWDPHQWRGH2UWRSHGLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRFRPD$JrQFLDGH&RRSHUDomR,QWHUQDFLRQDOGR-DSmR-,&$SDUDDLPSODQWDomRGR&HQWURGH
'LDJQyVWLFRGH'RHQoDVGR$SDUHOKR'LJHVWLYRR*DVWURFHQWUR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGD-RUQDGD0pGLFD5HJLRQDOGH3QHXPRFRQLRVHVHP&DPSLQDVSHOR0LQLVWpULRGR7UDEDOKR)XQGDomR
-RUJH'XSUDW)LJXHLUHGRGH6HJXUDQoDH0HGLFLQDGR7UDEDOKR)81'$&(1752HD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGRž6LPSyVLR,QWHUQDFLRQDOGH1HXURFLUXUJLDFRPRWHPDEiVLFR2VDQHXULVPDVFHUHEUDLVHRWXPRUHV
GDEDVHGRFUkQLRSHOR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREFRRUGHQDomRGR
PpGLFRQHXURFLUXUJLmR*XLOKHUPH%RUJHV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULRGH(QVLQR3HVTXLVDH([WHQVmRHP0HGLFDPHQWRVH&RVPpWLFRV/(3(0&LPSOHPHQWDGRSDUD
GHVHQFDGHDUDPELHQWHDFDGrPLFRFRPSURPHWLGRFRPRGRPtQLRGHQRYDVWHFQRORJLDVIRPHQWDQGRSURMHWRVGHHQVLQR
SHVTXLVDHH[WHQVmRDWUHODGRVjIRUPDomRGRIDUPDFrXWLFRLQGXVWULDOHSHUPLWLQGRHVWUHLWDPHQWRGDVDWLYLGDGHVDFDGr
PLFDVFRPDVH[LJrQFLDVGRPHUFDGRGHWUDEDOKRHVSHFLDOPHQWHDTXHODVYROWDGDVjLQG~VWULDIDUPDFrXWLFD$WXDOPHQWH
GHVHQYROYHUHJLVWUDFRQWURODHSURGX]PHGLFDPHQWRVQmRHVWpUHLVHPHVFDODLQGXVWULDOGHVWLQDGRVSULRULWDULDPHQWHDR
DWHQGLPHQWRGH3URJUDPDVGH6D~GH3~EOLFD$$6PJHPJ&ORUHWRGH6yGLRVROQDVDO'LSLURQDVRO
RUDO0HWRFORSUDPLGDVRORUDO6XOIDPHWR[D]RO7ULPHWRSULPDFRPSU
)RQWH8QLYHUVLGDGH(VWDGXDOGH0DULQJi
$VVLQDWXUD GH FRQYrQLR HQWUH R &HQWUR 3OXULGLVFLSOLQDU GH 3HVTXLVDV 4XtPLFDV %LROyJLFDV H $JUtFRODV GD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03HR6LQGLFDWRGD,QG~VWULDGH3URGXWRV)DUPDFrXWLFRVGR(VWDGRGH6mR3DXORSDUD
HODERUDUHSDGURQL]DUPpWRGRVGHLGHQWLILFDomRHDQiOLVHGHSODQWDVPHGLFLQDLVEUDVLOHLUDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDXWLOL]DomRHPSDFLHQWHVJUDYHVQR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR
3ULPHLURSURWyWLSREUDVLOHLURSURGX]LGRSHOD8QLGDGHGH7HUDSLD,QWHQVLYD87,H&HQWURGH(QJHQKDULD%LRPpGLFD&(%
GHERPEDGHLQIXVmRDXWRUHIULJHUDGDEDWL]DGDGH3URWHXV,
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HDOL]DomRGHSHVTXLVDTXHHVWXGDRVDJHQWHVFDXVDGRUHVGHFkQFHUQRFRORGR~WHURSHOD(TXLSHGRFLHQWLVWD/XL]&DUORV
=HIHULQRGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HPDVVRFLDomRFRPR
&HQWURGH3HVTXLVDV+HLGHOEHUJ)RUFKXQJV]HQWUXPGD$OHPDQKD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGHWHVWHVSHOR&HQWURGH+HPDWRORJLDH+HPRWHUDSLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRDSD
UHOKR4XDQWXPDWLFSULPHLURQR%UDVLOSDUDDUHDOL]DomRGHH[DPHVSDUDGLDJQyVWLFRVGH$,'6HKHSDWLWH
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomR GR ž (QFRQWUR 1DFLRQDO GH 0HGLFLQD +LSHUEiULFD SURPRYLGR SHOD 8QLGDGH GH (VWXGRV H 7UHLQDPHQWRV H
8QLGDGHGH0HGLFLQD+LSHUEiULFDGR+RVSLWDOGDV&OtQLFDVGD81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGD-RUQDGDVREUH&RPSOLFDo}HV1HXUROyJLFDVHPQHRQDWRORJLDSHOD)DFXOGDGHGH&LrQFLDV0pGLFDVGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
'HVHQYROYLPHQWRGDVWpFQLFDV´LQYLWURµYLVDQGRDREWHUFXOWXUDVGHFpOXODVHPLFURSURSDJDomRGH
SODQWDVPHGLFLQDLVFRPDSRLRILQDQFHLURGD&HQWUDOGH0HGLFDPHQWRV&(0(HFRPDLQIUDHVWUX
WXUDGD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
$SURYDomRSHOR&RQVHOKR8QLYHUVLWiULRGDILORVRILDHSROtWLFDSDUDD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
)85*TXHDVVXPHFRPRYRFDomRLQVWLWXFLRQDOR(FRVVLVWHPD&RVWHLUR
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&RQFHVVmRDRSHVTXLVDGRU0HVVLDV&DUUHUDGD6RFLHGDGH%UDVLOHLUDGH(QWRPRORJLDGRž3UrPLR-RVp5HLVGH'LYXOJDomR
&LHQWtILFD0RGDOLGDGH'LYXOJDomR&LHQWtILFDSRUVHXVWUDEDOKRVFRPDUWLJRVGHGLYXOJDomRGHFRQKHFLPHQWRVVREUH
RV,QVHWRV'tSWHURV6HXOLYUR´(QWRPRORJLDSDUDYRFrµWHPVLGRIRQWHSHUPDQHQWHGHLQVSLUDomRGRVMRYHQVSDUDSHVTXLVD
FLHQWtILFDQDiUHDGH(QWRPRORJLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR&HQWURGH'HVHQYROYLPHQWRGH%LRWHFQRORJLDHP-RLQYLOOH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
2UJDQL]DomRGRVHPLQiULR%LRORJLDH(FRORJLD+XPDQDQD$PD]{QLD$YDOLDomRH3HUVSHFWLYDV
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&RQVWLWXLomRGD6XSHULQWHQGrQFLD(VWDGXDOGR0HLR$PELHQWH6(0$&(SHOD/HL1žGHGHGH]HPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
3DUWLFLSDomRGRODERUDWyULR(OL/LOO\GR%UDVLOHPWUDEDOKRVFRPRKRUP{QLRGRFUHVFLPHQWR+XPDWURSH
)RQWH(OL/LOO\GR%UDVLO
'HVLJQDomRGR&HQWURGH(VWXGRVGH$QLPDLV3HoRQKHQWRV&($3SHOR0LQLVWpULRGD6D~GHSDUDVHUR1~FOHR5HJLRQDO
GH2ILGLRORJLDGH*RLkQLD1RDQRVHJXLQWHWHYHVXDVHGHDPSOLDGDHUHFHEHXDGHQRPLQDomRGH&HQWURGH(VWXGRVH
3HVTXLVDV%LROyJLFDV&(3%
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSODQWDomRGR3URJUDPD(VWDGXDOGH%LRWHFQRORJLD
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
3XEOLFDomRGRUHODWyULR%UXWODQGHPTXHVmRGLIXQGLGDVDVEDVHVFRQFHLWXDLVGRGHVHQYROYLPHQWRVXVWHQWiYHOTXHSDUWH
GRSULQFtSLRGHUHVSRQVDELOLGDGHGDJHUDomRDWXDOHPUHODomRDRXVRGRVUHFXUVRVQDWXUDLVVHPFRPSURPHWHUDTXDOLGD
GHGHYLGDGDVJHUDo}HVGRSUHVHQWHHGRIXWXUR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
5HDOL]DomRGHSHVTXLVDVQR3DUTXH1DFLRQDOGDV(PDVVXGRHVWHJRLDQRHGHVFREULPHQWRGDSUHVHQoDGRKRPHPQD
UHJLmRGHVGHKiPLODQRVSHOR,QVWLWXWR*RLDQRGH3Up+LVWyULDH$QWURSRORJLD,*3$
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
)XQGDomR-RDTXLP1DEXFRRXWRUJDGLSORPDHPHGDOKDDR0XVHX3DUDHQVH(PtOLR*RHOGL03(*SRUVXDUHOHYDQWHFRQ
WULEXLomRjSUHVHUYDomRHHQULTXHFLPHQWRGRDFHUYRFXOWXUDOGDUHJLmRQRUWHHGRSDtV
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&LrQFLDV([DWDVHGD7HUUD
'HVHQYROYLPHQWRGHXPFDUWmRySWLFRVHPHOKDQWHDRVFDUW}HVGHFUpGLWRSHOD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRQR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV,3(1&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(163GD
SURGXomRGHXUkQLRHQULTXHFLGRSHORPpWRGRGHXOWUDFHQWULIXJDomRFRPWHFQRORJLDWRWDOPHQWHGHVHQYROYLGDQRSDtV
PDUFRWHFQROyJLFRGRGRPtQLRGRFLFORGHFRPEXVWtYHOQXFOHDU
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
,QDXJXUDomRGR0XVHXGH0LQHUDLVH5RFKDFULDGRMXQWRDR,QVWLWXWRGH*HRJUDILDGD8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
8)8
)RQWH8QLYHUVLGDGH)HGHUDOGH8EHUOkQGLD
5HFHELPHQWR GR SUrPLR $OPLUDQWH ÉOYDUR $OEHUWR SDUD &LrQFLD H 7HFQRORJLD FRQFHGLGR SHOR 0LQLVWpULR GD &LrQFLD H
7HFQRORJLDDRSHVTXLVDGRU)HUQDQGR)OiYLR0DUTXHVGH$OPHLGDGR,QVWLWXWRGH*HRFLrQFLDVGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03SRUVHXVDQRVGHGLFDGRVjSHVTXLVDQDiUHDGRVIHQ{PHQRVJHROyJLFRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWRSHODVHJXQGDYH]GRSUrPLRÉOYDUR$OEHUWRGH,QIRUPiWLFDSHOD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH
-DQHLUR38&5-
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LRGH-DQHLUR
&RPHPRUDomRFRPXPVHPLQiULRGRVDQRVGHGHVFREHUWDHSHVTXLVDVFRPPpVRQSLSDUWtFXODVHQFRQWUDGDVQR
LQWHULRU GH iWRPRV H DQRV GH SHVTXLVDV FRP UDLRV FyVPLFRV SHOR ,QVWLWXWR GH )tVLFD GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULRGH7UDWDPHQWRGH,PDJHQVGR,QVWLWXWR$VWURQ{PLFRH*HRItVLFRGD8QLYHUVLGDGHGH6mR3DXOR
863FRPDSDUWLFLSDomRGH6\OYLR)HUUD]0HOORHFRPRDSRLRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR
3DXOR)$3(63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD)XQGDomR&HDUHQVHGH0HWHRURORJLDH&KXYDV$UWLILFLDLV)81&(0(
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SUHVHQWDomRGRUHODWyULRGDDQiOLVHGDVEDFLDVGR5LR7XUYR-DFDUp*XDoX3DUGR-DFDUHtH&DSLYDULFRPRVOHYDQWD
PHQWRVGDFDUWRJUDILDJHROyJLFDHJHRJUiILFDHGRVHVWXGRVVREUHDSROXLomRSURYRFDGDSRUDWHUURVVDQLWiULRVHUHMHLWRV
LQGXVWULDLVSHOD$omR3URJUDPDGDHPÉJXDV6XEWHUUkQHDV)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
)$3(63'HSDUWDPHQWRGHÉJXDVH(QHUJLD(OpWULFDGR(VWDGRGH6mR3DXOR'$((
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
,QtFLRGDVDWLYLGDGHVGRSULPHLURFDPSRGHSHWUyOHRHJiVQD)ORUHVWD$PD]{QLFDRFDPSR5LR
8UXFX$SDUWLUGDtD3HWUyOHR%UDVLOHLUR6$3(752%5$6LPSODQWRXHPVXDSURSULHGDGHD
3URYtQFLD3HWUROtIHUDGR5LR8UXFXWRUQDQGRSRVVtYHODSURVSHFomRRWUDQVSRUWHHRHVFRDPHQWR
GRPDWHULDOSURGX]LGR)RQWH3HWUyOHR%UDVLOHLUR6$
,QVWDODomRGD,QG~VWULD;HUR[GR%UDVLO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,QtFLRGDSURGXomRGHIHUURJXVDHP0DUDEiSHOD&RPSDQKLD6LGHU~UJLFDGR3DUi&26,3$5
)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
,QtFLRGRSURFHVVRGHSULYDWL]DomRGDVLGHUXUJLDEUDVLOHLUDFRPR3ODQRGH6DQHDPHQWRGR6LVWHPD6LGHUXUJLD%UDVLOHLUD
6$6LGHUEUiV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
,QtFLRGDSURGXomRGHVLOtFLRPHWiOLFR%UHX%UDQFRSHOD&DPDUJR&RUUrD0HWDLV&&0
)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
)XQGDomRGD$GPLQLVWUDomR5HJLRQDOGR,QVWLWXWR(XYDOGR/RGL,(/QR$FUHHPGHMDQHLUR
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGRVSULPHLURVFXUVRVWpFQLFRVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
)XQGDomRGD)HGHUDomRGDV,QG~VWULDVGR$FUH),(&$HPGHMXOKR
)RQWH,QVWLWXWR(XYDOGR/RGL
'HILQLomRSHOR'HFUHWR/HLQžDVVLQDGRSHOR3UHVLGHQWH-RVp6DUQH\GDSROtWLFDLQGXVWULDOPHGLDQWHDSOLFDomRGHLQV
WUXPHQWRVTXHWHPSRUREMHWLYRDPRGHUQL]DomRHRDXPHQWRGDFRPSHWLWLYLGDGHGRSDUTXHLQGXVWULDOGRSDtV$SROtWLFD
LQGXVWULDOIRLGHVHQYROYLGDEDVLFDPHQWHSRUPHLRGH3URJUDPDV6HWRULDLV,QWHJUDGRV3URJUDPDVGH'HVHQYROYLPHQWR
7HFQROyJLFR,QGXVWULDO3URJUDPDV(VSHFLDLVGH([SRUWDomR3URJUDPD%(),(;
)RQWH6HQDGR)HGHUDO
)DEULFDomRGR3&GHWHFQRORJLDQDFLRQDOGHQ~PHUR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QVWDODomR HP 6HUUD 7DOKDGD 6HUWmR GH XPD LQG~VWULDHVFROD GH EHQHILFLDPHQWR GH IUXWDV WURSLFDLV SHOD )XQGDomR
,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFHELPHQWRSHOD%LRTXtPLFDGR%UDVLO6$%,2%5É6GRSUrPLR/LFHXGH7HFQRORJLDFRQFHGLGRSHOR0LQLVWpULRGD
&LrQFLDH7HFQRORJLD
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
/DQoDPHQWRGRSULPHLURQDYLRIDEULFDGRQR&HDUiFRQVWUXtGRQRHVWDOHLURGD,QG~VWULD1DYDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&RQVWLWXLomRGR6LQGLFDWRGD,QG~VWULDGH,QIRUPiWLFDGR'LVWULWR)HGHUDO6,1)25RSULPHLURVLQGLFDWRGHVVDFDWHJRULD
IXQGDGRQR%UDVLO
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
$VVLQDWXUDGHFRQYrQLRFRPD&RRSHUDWLYD$JURSHFXiULDSDUDDVVLVWrQFLDWHFQROyJLFDjIiEULFDHVFRODQDLQGXVWULDOL]DomR
GHIUXWDVWURSLFDLV
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
$VVLQDWXUD GH FRQYrQLR FRP D 6XSHULQWHQGrQFLD GR 'HVHQYROYLPHQWR GR 1RUGHVWH 68'(1( SDUD ILQDQFLDPHQWR GR
SURMHWRVREUHWUDWDPHQWRGHYLQKDoDHPUHDWRUGHIOX[RDVFHQGHQWH
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,PSODQWDomRGHXQLGDGHGHERELQDJHPILODPHQWDUQRSDtV&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$SURYDomRHDGRomRGR4XDGUR*HUDOGH8QLGDGHVGH0HGLGDSHOD5HVROXomRGR&RQVHOKR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGRFHQWURSDUDSURGX]LUDQWLELyWLFRSHOD&RPSDQKLDGH'HVHQYROYLPHQWR7HFQROyJLFR&2'(7(&
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGD)XQGLomR(PEUDFRHP3LUDEHLUDEDGLVWULWRGH-RLQYLOOH
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
(QWUDGD HP DWLYLGDGH GD (VFROD 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, ´0iUFLR %DJXHLUD /HDOµ HP
)UDQFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGRVSULPHLURVFXUVRVWpFQLFRVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH&DWDOmR*2QRGLDGHGH]HPEUR
1HVVHVDQRVGHH[LVWrQFLDDXQLGDGHWRUQRXVHJUDQGHSDUFHLUDGDVHPSUHVDVGRSyORLQGXVWULDOGDUHJLmRVXGHVWHGR
HVWDGR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&HQWURGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP6mR0LJXHOGR2HVWH6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD$VVRFLDomR%UDVLOHLUDGH3ROtPHURV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3DUTXH$JURLQGXVWULDOGH*XUXSL
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
&ULDomRGR&RQVHOKR(PSUHVDULDOGH7HFQRORJLDGR6LVWHPD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR),5-$1
YROWDGRSDUDDEXVFDGHDOWHUQDWLYDVSDUDRGHVHQYROYLPHQWRWHFQROyJLFRGRHVWDGRHPSHUPDQHQWHVLQWRQLDFRPDV
GHPDQGDVGRVVHWRUHVHPSUHVDULDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&RPHPRUDomRGRVDQRVGD&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,HQWLGDGHPi[LPDGHUHSUHVHQWDomRGRVHWRULQGXV
WULDOEUDVLOHLURFULDGDHPGHDJRVWRWHQGRFRPRVHXSULPHLUR3UHVLGHQWH(XYDOGR/RGLH5REHUWR6LPRQVHQFRPR9LFH
)RQWH,QVWLWXWR(XYDOGR/RGL
7UDQVIHUrQFLDGDFRPSHWrQFLDSDUDUHJLVWUDUSURJUDPDVGHFRPSXWDGRUSDUDR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO,13,
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
,QVWDODomRGD*LOOHWWHGR%UDVLO/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&RQFHVVmRGR3UrPLR6ROWURQLFj(QJHQKDULDGH6ROGDJHP,QVWUXPHQWDomRH$XWRPDomR/WGDSHOD$VVRFLDomR%UDVLOHLUD
GH6ROGDJHP$%6
)RQWH&RPLVVmR0HGDOKDGR&RQKHFLPHQWR&1,0',&6(%5$(
3DQRUDPD1DFLRQDO
&RQVWLWXLomRGD$VVHPEOpLD1DFLRQDOSUHVLGLGDSHORSDUODPHQWDU8O\VVHV*XLPDUmHVHSURPXOJD
omRGDQRYD&RQVWLWXLomR%UDVLOHLUD)RQWH6HQDGR)HGHUDO
&ULDomRGD)XQGDomR8QLYHUVLGDGHGH&UX]$OWD81,&58=SHOR'HFUHWRGHGHRXWXEURHUHFRQKHFLGDSHOD
3RUWDULDGHGHGH]HPEUR
)RQWH8QLYHUVLGDGHGH&UX]$OWD
&ULDomRGD8QLYHUVLGDGH/XWHUDQDGR%UDVLO8/%5$HP&DQRDV
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGHGH0DUtOLD81,0$5HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD8QLYHUVLGDGH3DXOLVWD81,3HP6mR3DXOR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
)XQGDomRGD8QLYHUVLGDGH(VWiFLRGH6i81(6QR5LRGH-DQHLUR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGR)XQGR(VWDGXDOGH&LrQFLDH7HFQRORJLDGR(VWDGRGH*RLiV
)RQWH8QLYHUVLGDGH)HGHUDOGH*RLiV
&ULDomRGR,QVWLWXWRGH3HVTXLVDV&LHQWtILFDVH7HFQROyJLFDV,3&7
)RQWH3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URPXOJDomRGDOHLGHGLUHLWRVDXWRUDLV
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
,PSODQWDomRGR3ODQR&RQWiELOGDV,QVWLWXLo}HVGR6LVWHPD)LQDQFHLUR&26,)SHOR%DQFR&HQWUDO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
5HDOL]DomRGRVHPLQiULR%UDVLO6pFXOR;;,SHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPFRQYLGDGRVUHQR
PDGRVLQWHUQDFLRQDLVHEUDVLOHLURVTXHSURS}HUHIOH[}HVVREUHRTXHSUHVXPLYHOPHQWHFRQVWLWXLUiROHJDGRGHVWHVpFXOR
DR;;,GLVFXWLQGRDVSHUVSHFWLYDVTXHVHDEUHPHRVSUREOHPDVUHVXOWDQWHVDSDUWLUGRGHVHQYROYLPHQWRUHDOL]DGRQDV
GLYHUVDViUHDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPD8QLYHUVLGDGHGH2[IRUGFULDQGRDFi
WHGUD6pUJLR%XDUTXHGH+RODQGDQR&HQWURGH(VWXGRV/DWLQR$PHULFDQRVGDXQLYHUVLGDGHLQJOHVD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD)XQGDomRGH(QVLQRH3HVTXLVD0DWKLDV0DFKLOLQH)(3(00
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
(ODERUDomRGR,3ODQRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRGR$PD]RQDV
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&ULDomRGR&HQWURGH(VWXGRVGD&RQVFLrQFLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SDUDHVWXGDUHVWDGRVGH
FRQVFLrQFLDTXHDWXDPQRVFRPSRUWDPHQWRVItVLFRVPHQWDLVHHGXFDFLRQDLVVREFRRUGHQDomRGRSURIHVVRU$UQROGR-RVp
GH+R\RV*XHYDUDGR,QVWLWXWRGH0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRSURMHWRGHOHLSDUDDSOLFDomRGHSHUFHQWXDOGDDUUHFDGDomRGR(VWDGRHP&LrQFLDH7HFQRORJLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&ULDomRGD6HFUHWDULD([WUDRUGLQiULDSDUD$VVXQWRVGH&LrQFLD7HFQRORJLD(QVLQR6XSHULRUH0RGHUQL]DomR
)RQWH6HFUHWDULDGR3ODQHMDPHQWR&LrQFLDH7HFQRORJLD
,PSODQWDomRGR3URJUDPD(VSHFLDOGH7UHLQDPHQWR3(7QD8QLYHUVLGDGHGR$PD]RQDV
)RQWH8QLYHUVLGDGHGR$PD]RQDV
&ULDomRGD8QLmRGDV(VFRODV6XSHULRUHVGR3DUi81(63DFRPDXQLmRGR&HQWURGH(VWXGRV6XSHULRUHVGR(VWDGRGR
3DUi&HVHSH)DFXOGDGHV,QWHJUDGDV&ROpJLR0RGHUQR)LFRP
)RQWH8QLYHUVLGDGHGD$PD]{QLD
$OWHUDomRQDGHQRPLQDomRGDV)DFXOGDGHV,QWHJUDGDVGD5HJLmRGH$OIHQDVTXHSDVVDD8QLYHUVLGDGHGH$OIHQDVUHFR
QKHFLGDSHOD3RUWDULD0(&GHGHGH]HPEUReXPDXQLYHUVLGDGHFRPXQLGDGHVDFDGrPLFDVQRVPXQLFtSLRVGH
$OIHQDV&DPSR%HOR6mR6HEDVWLmRGR3DUDtVR3RoRVGH&DOGDV9DUJLQKD'LYLQySROLVH%HOR+RUL]RQWH
)RQWH8QLYHUVLGDGHGH$OIHQDV
&ULDomRGR3URJUDPDGH$SRLRj$TXLVLomRGH/LYURV&LHQWtILFRV)$3/LYURVSHOD)XQGDomRGH$PSDURj3HVTXLVDGR
(VWDGRGH6mR3DXOR)$3(63
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URPRomRGR6HPLQiULR5HJLRQDOGH-RUQDOLVPR&LHQWtILFRFRPRREMHWLYRGHPHOKRUGLYXOJDURVIDWRVHDWLYLGDGHVFLHQWt
ILFDVHWHFQROyJLFDVGDUHJLmRSHOD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3HD6XSHULQWHQGrQFLD
GR'HVHQYROYLPHQWRGR1RUGHVWH68'(1(
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
3HUPLVVmRGDRUJDQL]DomRGH)XQGDo}HV(VWDGXDLVGH$PSDURj3HVTXLVDSHOD&RQVWLWXLQWH)HGHUDO
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&ULDomRGD(VWDomR&LrQFLDGD3DUDtEDHPGHVHWHPEUR
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
&ULDomRGD6HFUHWDULDGH&LrQFLDH7HFQRORJLDGH3HUQDPEXFRSRUPHLRGD/HL(VWDGXDOQžGHGHMXQKR
)RQWH)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR
&ULDomRGD)DFXOGDGH6DQWR$JRVWLQKR)6$
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
(QJHQKDULDH7HFQRORJLD
3URPRomRGDUHHVWUXWXUDomRGRVHWRUQXFOHDUEUDVLOHLURSRUPHLRGHYiULDVPHGLGDVJRYHUQDPHQ
WDLVHQWUHHODVDFULDomRGR&RQVHOKR6XSHULRUGH3ROtWLFD1XFOHDUFULDomRGDV,QG~VWULDV1XFOHDUHV
GR%UDVLO6$,1%H[WLQomRGD(PSUHVDV1XFOHDUHV%UDVLOHLUDV6$1XFOHEUiVHWUDQVIHUrQFLDGR
&HQWURGH'HVHQYROYLPHQWRGD7HFQRORJLD1XFOHDU&'71SDUDD&RPLVVmR1DFLRQDOGH(QHUJLD
1XFOHDU&1(1HGD1XFOHQSDUDDV&HQWUDLV(OpWULFDV%UDVLOHLUDV6$(/(752%5É6)RQWH
&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
5HDOL]DomRGR,6HPLQiULR$([SHULrQFLD%UDVLOHLUDHP,PSODQWDomRGH3DUTXHV7HFQROyJLFRVHR3yORGH7HFQRORJLDGH
0DQDXV
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
,QtFLRGR3URMHWR7UDQVSRUWHGR3URMHWRGH&RQVHUYDomRGH(QHUJLDHGR3URJUDPDGH(VSHFLDOL]DomR7HFQROyJLFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
5HDOL]DomRGD)HLUDGH7HFQRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPDH[SRVLomRGHPDLVGH
GX]HQWRVSURGXWRVHSURFHVVRVGHVHQYROYLGRVSHODVIDFXOGDGHVLQVWLWXWRVHFHQWURVGHSHVTXLVDVREDFRRUGHQDomRGR
SURIHVVRU-RVp&DUORV9DOODGmRGH0DWWRVSUyUHLWRUGH([WHQVmRH$VVXQWRV&RPXQLWiULRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHXPHTXLSDPHQWRFRPSXWDGRUL]DGRTXHDX[LOLDDFRPXQLFDomRGHSHVVRDVSRUWDGRUDVGHSDUDOLVLD
FHUHEUDO EDVHDGR QR PpWRGR %OLVV GD FRPXQLFDomR SHOR SHVTXLVDGRU -HDQ $QGUp /DJH 0LFKDODURV GD )DFXOGDGH GH
(QJHQKDULD(OpWULFDHGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHDFRUGRGRSURJUDPDGHFRRSHUDomRFRPD5HS~EOLFD3RSXODUGD&KLQDGHQRPLQDGR6DWpOLWH6LQR%UDVLOHLUR
GH5HFXUVRV7HUUHVWUHV&%(56
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
7UDQVIHUrQFLDGH7HFQRORJLDj&RPSDQKLD9DOHGR5LR'RFHUHIHUHQWHDSURFHVVRSDUDDSURGXomRGHHVSRQMDVYLDUHGXomR
GHWHWUDFORUHWRGHWLWkQLRSRU0DJQpVLR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQWLQXDomRGR6HPLQiULR%UDVLO6pFXOR;;,FRPRWHPD$&LrQFLDHD7HFQRORJLDQD6RFLHGDGH7HFQROyJLFD3HUVSHFWLYDV
%UDVLOHLUDVVREDFRRUGHQDomRGHVVDVpULHGHGHEDWHVGRSURIHVVRU+pOLR:DOGPDQGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomR GR Y{R GD DHURQDYH %DQGHLUDQWH XVDQGR FRPR FRPEXVWtYHO 3UR]HQH 7DO FRPEXVWtYHO IRL GHVHQYROYLGR QR
&HQWUR7pFQLFR$HURHVSDFLDO&7$DSDUWLUGDWUDQVHVWHULILFDomRGHyOHRVYHJHWDLV$VIUDo}HVPDLVOHYHVGHUDPRULJHPD
XPFRPEXVWtYHOVHPHOKDQWHDRTXHURVHQHDHURQiXWLFR
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&ULDomRGR&XUVRGH&DSDFLWDomRHP*HVWmR7HFQROyJLFD
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
5HDOL]DomRGDSHVTXLVDSDUDGRWDUURE{GHUHFXUVRVGHLQWHOLJrQFLDDUWLILFLDOSHOD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH
&RPSXWDomRHR/DERUDWyULRGH5REyWLFDGR1~FOHRGH$XWRPDomR,QGXVWULDOGD)DFXOGDGHGH(QJHQKDULD0HFkQLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFHVVmRGDSDWHQWH´(VWHULOL]DomRGHDUSRUGXWRVGHDOWRJUDGLHQWHWpUPLFRµ6WHULODLU3,GHGHVH
WHPEURDRLQYHQWRU$OLQWRU)LRUHQ]DQR-~QLRU7LWXODU&ORYHU(OHWU{QLFD/WGD
)RQWH$VVRFLDomR%UDVLOHLUDGD3URSULHGDGH,QWHOHFWXDO
&ULDomRGR&XUVRGH(VSHFLDOL]DomRGH(QJHQKDULDGH3URGXomR&RRSH5-
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&RQFHVVmRj)HLUDGH7HFQRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRž3UrPLR-RVp5HLVGH'LYXOJDomR
&LHQWtILFD0RGDOLGDGH,QVWLWXLomR2SUrPLROKHIRLFRQFHGLGRSRUTXHD)HLUDGH7HFQRORJLDWUDQVFHQGHXHPPXLWRRV
REMHWLYRVSDUDRVTXDLVIRLFRQFHGLGD2VXFHVVRGHS~EOLFRHVWLPDGRHPPLOSHVVRDVHP&DPSLQDVHFDOFXODGRHP
PDLVGHPLOQR5LRWUDQVIRUPRXD)HLUDHPXPH[FHOHQWHYHtFXORGHGLYXOJDomRFLHQWtILFD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&RQFHVVmRGR3UrPLR*RYHUQDGRUGR(VWDGRSHOR6HUYLoR(VWDGXDOGH$VVLVWrQFLDDRV,QYHQWRUHVSHORLQYHQWR%RPEDUR
WDWLYDD[LDOSDUDDVVLVWrQFLDFLUFXODWyULDD(GXDUGR,VVDPX1DND\DPD$GLE'RPLQJRV-DWHQHH/HLUQHU$GROIR$OEHUWR
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
'HVHQYROYLPHQWRGHXPDFkPHUDGHYtGHRTXHTXDQGRDFLRQDGDSRUFRQWUROHUHPRWRSRVVLELOLWDDYLVmRGRLQWHULRU
GH ORFDLV TXH DSUHVHQWHP ULVFR j YLGD KXPDQD SHOR GLUHWRU GR &HQWUR GH &RPXQLFDomR GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$030DUFHOR&RVWD6RX]D
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$XWRUL]DomRGDLQVWDODomRGR&HQWURGH3HVTXLVDH&RQWUROHGH)RQWH5DGLRDWLYDQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGRVODERUDWyULRVGH7HQVmRH&RUUHQWH(OpWULFD5HVLVWrQFLD&DSDFLWkQFLDH,QGXWkQFLDHGH3RWrQFLD(QHUJLD
H7UDQVIRUPDGRUHV
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
'HVHQYROYLPHQWRHFRQVWUXomRGHXPDFHOHUDGRUOLQHDUGHHOpWURQVSULPHLUDHWDSDGDIRQWHGHOX]VtQFURWURQSHODHTXLSH
/DERUDWyULR1DFLRQDOGH/X]6tQFURWRQ/1/6
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGRUHDWRU,3(10%FRPRUHVXOWDGRGHXPDSDUFHULDHQWUHR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
,3(1&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(163D&RRUGHQDGRULDGH3URMHWRV(VSHFLDLVGR0LQLVWpULRGD0DULQKD
&23(63HDLQG~VWULDQDFLRQDO0DUFRQRGHVHQYROYLPHQWRGHWHFQRORJLDGHUHDWRUHVRSURMHWRIRLFRQFHELGRFRQVWUX
tGRHPRQWDGRSRUWpFQLFRVEUDVLOHLURVXVDQGRWHFQRORJLDQDFLRQDO
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&LrQFLDV$JUiULDV
3URPRomRGR,6LPSyVLRGD,QG~VWULD0DGHLUHLUDGR(VWDGRGR$PD]RQDV
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
'HVHQYROYLPHQWRGHWHVWHVSDUDGLDJQyVWLFRVRUROyJLFR7&5HYDFLQDVREUHDWULVWH]DSDUDVLWiULDERYLQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGD´0HWRGRORJLDGH,PSODQWDomRGH$JURSyORVµXPLQVWUXPHQWRFRQVLGHUDGRHVWUDWpJLFRSDUDDLPSOHPHQWDomR
HJHUHQFLDPHQWRGHLQVWLWXLo}HVFRPDWXDomRUHJLRQDOGHHODERUDomRHGHVHQYROYLPHQWRGHSURMHWRVFRRSHUDWLYRVDJURLQ
GXVWULDLVSHOD$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD$%,37,
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
'HWHUPLQDomRGDVXSOHPHQWDomRYROXPRVDGHYDFDVOHLWHLUDVKRODQGR]HEXGXUDQWHRSHUtRGRVHFR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHHUYLOKDFXOWLYDUHV$PpOLD0DULD0DULQD/XL]DH9LoRVD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDFRQWUROHGDGRHQoDJRPRVHHPFLWURV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGRPDQHMRLQWHJUDGRGDVFLJDUULQKDVGDVSDVWDJHQV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&RQFHVVmR SHOD (PSUHVD %UDVLOHLUD GH 3HVTXLVD $JURSHFXiULD (0%5$3$&3$78 GR GLSORPD GH PpULWR DR 0XVHX
3DUDHQVH(PtOLR*RHOGL03(*SHORVVHUYLoRVSUHVWDGRVDRGHVHQYROYLPHQWRGDSHVTXLVDDJURSHFXiULDGD$PD]{QLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,QtFLRGDVSULPHLUDVSHVTXLVDVSDUDYLDELOL]DUDXWLOL]DomRGDKLGURSRQLDSDUDDSURGXomRGHPXGDVIORUHVWDLVSHODVHP
SUHVDVIORUHVWDLV.ODELQ5LRFHOOH,QWHUQDWLRQDO3DSHUGR%UDVLO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRHSURGXomRGHFXOWLYDUGDFHQRXUDSDUDRFHUUDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&RQFHVVmR GR 3UrPLR *RYHUQDGRU GR (VWDGR GR ,QYHQWR %UDVLOHLUR RIHUHFLGR QR ;9 &RQFXUVR 1DFLRQDO GR ,QYHQWR
%UDVLOHLUR SHOD LQYHQomR GH VHPHDGHLUD GH SUHFLVmR SDUD VHPHQWHV GH KRUWDOLoDV SHOHWL]DGDV DR SURIHVVRU :ODGLPLU
3HUHLUD*RUGRGD)DFXOGDGHGH(QJHQKDULD$JUtFROD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWDEHOHFLPHQWRGDQRUPDEUDVLOHLUDGRDUUR]SDUEROL]DGRHPLWLGDSHOR0LQLVWpULRGD$JULFXOWXUDHGR$EDVWHFLPHQWR
SHOD)XQGDomRGH&LrQFLDH7HFQRORJLD&,(17(&
)RQWH)XQGDomRGH&LrQFLDH7HFQRORJLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRHSURGXomRGHVHPHQWHVGHVRUJRFXOWLYDUHV*UDQtIHUR%5H
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
3URGXomRSHODVSHVTXLVDGRUDV$GLOPD5HJLQD3LSSD6FDPSDULQL<RNR%RPXUD5RVDWRH5RVDQD7LEDQDGD)DFXOGDGHGH
(QJHQKDULDGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03DSDUWLUGHSHVTXLVDLQpGLWDGDJRPD[DQ
WDQDQDFLRQDOFRPDFRODERUDomRGHSHVTXLVDGRUHVGR,QVWLWXWRGH%LRORJLDHFRPILQDQFLDPHQWRGR&RQVHOKR1DFLRQDO
GH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TUHFHEHQGRR3UrPLR9DOOpGH%LRWHFQRORJLDQR,&RQJUHVVR1DFLRQDO
GH%LRWHFQRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$XWRUL]DomRGDLQVWDODomRGHXPD)DFXOGDGHGH(QJHQKDULD$JUtFRODQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGRSURMHWRSDUDDYDOLDomRGHWRGRVRVPpWRGRVGHLPSOHPHQWRVDJUtFRODVXWLOL]DGRVGHVGHDWUDomRDQLPDO
DWpRVVLVWHPDVGHSODQWLRGLUHWRHPVHXFDPSRH[SHULPHQWDOSHOD$)DFXOGDGHGH(QJHQKDULD$JUtFROD)($*5,GD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03$OpPGHDYDOLDUDHURVmRGRVRORSURYRFDGDSRUFDGDXPGRVWLSRVGH
PHFDQL]DomRXWLOL]DGRVQRSDtVSUHWHQGHVHIRUPDUXPDFRQVFLrQFLDFRQVHUYDFLRQLVWDGRVDOXQRVGRFXUVRTXHVHUmRRV
IXWXURVHQJHQKHLURVDJUtFRODVSDUDTXHQRGHVHQYROYLPHQWRGHVXDVDWLYLGDGHVSRVVDPSURMHWDUHTXLSDPHQWRVDGHTXD
GRVjVFRQGLo}HVGHVXDUHJLmR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHSHVTXLVDQD)DFXOGDGHGH(QJHQKDULD$JUtFRODGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VREUH
XVRGRVRORUHDOL]DQGRWHVWHVFRPQRYDVPiTXLQDVDJUtFRODVVREFRRUGHQDomRGH/XL]$QW{QLR'DQLHO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$OWHUDomRGDGHQRPLQDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR7HUULWRULDOGH3RUWR9HOKRSDUD8QLGDGHGH
([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH3RUWR9HOKRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
QDFLGDGHGRPHVPRQRPH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDVLVWHPDGHSURGXomRGHEDQDQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPpWRGRVGHLQRFXODomRGHIHLMmRGHFRUGD&DXLSL´9LJQD8QJXLFXODWDµSDUDDUHJLmRVHPLiULGD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHFHERODFXOWLYDUHV$XURUDH3ULPDYHUD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$OWHUDomRGDGHQRPLQDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR7HUULWRULDOGH%RD9LVWDSDUD8QLGDGHGH
([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%RD9LVWDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$QD
FLGDGHGRPHVPRQRPH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDSURGXomRGHERUEXOKDVGHSODQWDVPDWUL]HVGHFLWURVREWLGDVSDUDPLFURHQ[HUWLDH
SUHPXQL]DGDVFRPHVWLUSHVIUDFDVGRYtUXVWULVWH]D
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$OWHUDomR GD GHQRPLQDomR GD 8QLGDGH GH ([HFXomR GH 3HVTXLVD GH ÇPELWR 7HUULWRULDO GH 0DFDSi SDUD 8QLGDGH GH
([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH0DFDSiGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$QD
FLGDGHGRPHVPRQRPH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRHSURGXomRGHFXOWLYDUHVGHIHLMmRPLQHLURSUHFRFHUXEL
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
5HDOL]DomRGRƒ6HPLQiULR1DFLRQDO$3UREOHPiWLFDGR6HPLÉULGR1RUGHVWLQR
)RQWH)XQGDomR&DVDGH-RVp$PpULFR
,QDXJXUDomRGD(VWDomR([SHULPHQWDOGH3LVFLFXOWXUDYLQFXODGDDR'HSDUWDPHQWRGH%LRPHGLFLQD&%%YLVDQGRjSUR
GXomRGHDOLPHQWRVHjFRQVHUYDomRHHTXLOtEULRHFROyJLFR
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
3URPRomRGR:RUNVKRS,QWHUQDFLRQDOVREUH$QDWRPLDGD0DGHLUDGRV3DtVHVGR7UDWDGRGH&RRSHUDomR$PD]{QLFD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
$OWHUDomRGDGHQRPLQDomRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR7HUULWRULDOGH5LR%UDQFRSDUD8QLGDGHGH
([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH5LR%UDQFRGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$QD
FLGDGHGRPHVPRQRPH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDFRQVHUYDomRGHJHUPRSODVPD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGR&HQWUR,QWHJUDGRGH%LRWHFQRORJLD$JURSHFXiULDH$JURLQGXVWULDOGR3DUDQi&,%$$3
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR3DUDQi
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHHVWUDWpJLFRGHKHOPLQWRVHVQRJDGRGHFRUWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
)XQGDomRGDRUJDQL]DomRQmRJRYHUQDPHQWDO´626$PD]{QLDµHPGHMXOKR
)RQWH,QVWLWXWR(XYDOGR/RGL
3XEOLFDomRQR%UDVLOSHOR&RQVHOKR1DFLRQDOGH6D~GHGDV1RUPDVGH3HVTXLVDHP6D~GHGDSULPHLUDUHJXODPHQWDomR
GHSHVTXLVDFRPVHUHVKXPDQRVQRSDtV$VQRUPDVHVWDEHOHFHPUHVWULo}HVjSHVTXLVDHQYROYHQGRiFLGRVQXFOpLFRVUH
FRPELQDQWHV
)RQWH)DFXOGDGH$UWKXU6i(DUS1HWR
&ULDomRGD6HFUHWDULDGH(VWDGRGH0HLR$PELHQWHH'HVHQYROYLPHQWR6XVWHQWiYHOGH0LQDV*HUDLV6(0$'
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
9LVLWDomRDR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV%LROyJLFDVH$JUtFRODVDR/DERUDWyULRGHÐSWLFDGR,QVWLWXWR
GH)tVLFDHDR'HSDUWDPHQWRGH(QJHQKDULD*HQpWLFDGR,QVWLWXWRGH%LRORJLDGHXPDPLVVmRGD)XQGDomRGH&LrQFLDV
1DWXUDLVGD&KLQDTXHPRVWUDLQWHUHVVHQDVSHVTXLVDVTXHHVWmRVHQGRGHVHQYROYLGDVFRPSURGXWRVQDWXUDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV+XPDQDVH6RFLDLV
3URPXOJDomRGDOHLGHGLUHLWRVDXWRUDLV)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
&ULDomRGRSURJUDPDGHUiGLR$+RUDGR%UDVLOSHOR'HSDUWDPHQWR1DFLRQDOGH3URSDJDQGD'132SURJUDPDWUDQVPL
WLGRGLDULDPHQWHSRUWRGDVDVHVWDo}HVGHUiGLRFRPGXUDomRGHXPDKRUDYLVDjGLYXOJDomRGRVSULQFLSDLVDFRQWHFLPHQ
WRVGDYLGDQDFLRQDO$SDUWLUGH$+RUDGR%UDVLOSDVVRXDVHUIHLWDSHOR'HSDUWDPHQWRGH,PSUHQVDH3URSDJDQGD',3
TXHWRPRXROXJDUGR'13HP2SURJUDPDGHVWLQDYDVHDFXPSULUWUrVILQDOLGDGHVLQIRUPDWLYDFXOWXUDOHFtYLFD$OpP
GHLQIRUPDUGHWDOKDGDPHQWHVREUHRVDWRVGR3UHVLGHQWHGD5HS~EOLFDHDVUHDOL]Do}HVGR(VWDGRLQFOXtDXPDSURJUDPD
omRFXOWXUDOTXHSUHWHQGLDLQFHQWLYDURJRVWRSHOD´ERDP~VLFDµDWUDYpVGDDXGLomRGHDXWRUHVFRQVLGHUDGRVFpOHEUHV
)RQWH&HQWURGH+LVWyULD&RQWHPSRUkQHDGR%UDVLO)XQGDomR*HW~OLR9DUJDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
$VVLQDWXUDGHFRQYrQLRHQWUHR0LQLVWpULRGD6D~GHHR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV
%LROyJLFDVH$JUtFRODVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SDUDIDEULFDomRGHPHGL
FDPHQWRVSURYHQLHQWHVGHSODQWDVPHGLFLQDLV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGRDSDUHOKRTXHPHGHDLQWHQVLGDGHGDOX]D]XOGDIRWRWHUDSLDIDFLOLWDQGRRDFRPSDQKDPHQWRPpGLFR
QRVFDVRVPDLVFUtWLFRVGDLFWHUtFLDSHORVSHVTXLVDGRUHV:DQJ%LQVHQJHeGHQ-DQXiULR1HWWRGR&HQWURGH(QJHQKDULD
%LRPpGLFD&(%$SHVTXLVDpUHVXOWDGRGHXPFRQYrQLRGHWUDQVIHUrQFLDGHWHFQRORJLDHQWUHD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03HD)iEULFDGH$SDUHOKRV1DFLRQDLVGH(OHWUR0HGLFLQD)$1(0
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$SUHVHQWDomR GR UHVXOWDGR GD SHVTXLVD GH 3DXOR &HOVR %XGUL )UHLUH VRE RULHQWDomR GR SURIHVVRU 6DLGH -RUJH &DOLO GD
)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03XPQRYRHTXLSD
PHQWRTXHDX[LOLDHPFLUXUJLDVGHUHYDVFXODUL]DomRGHVHQYROYLGRQR&HQWURGH(QJHQKDULD%LRPpGLFD&(%
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH0HGLFLQD7URSLFDOGH5RQG{QLD&(0(7521HPIHYHUHLUR
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
'HVHQYROYLPHQWRSHOR&HQWURGH(QJHQKDULD%LRPpGLFD&(%GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GR
DSDUHOKRHOpWULFRFRQWUDDGRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
3URPRomRGRVHPLQiULRLQWHUQDFLRQDO2ULJHQV$GDSWDo}HVH'LYHUVLGDGH%LROyJLFDGR+RPHP
1DWLYRGD$PD]{QLD)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
5HDOL]DomR GH SURMHWR GH SHVTXLVD SDUD R GHVHQYROYLPHQWR H SURGXomR GH LQVXOLQD KXPDQD SHOR 'HSDUWDPHQWR GH
%LRORJLD&HOXODUGD8QLYHUVLGDGHGH%UDVtOLD8Q%
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD
&ULDomRGD)XQGDomR(VWDGXDOGR0HLR$PELHQWHGH0LQDV*HUDLV)($0
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
3DUWLFLSDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QD([SRVLomR3ULPDWDVGR$PD]{QLD%UDVtOLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&RQFHVVmRDR0XVHX3DUDHQVH(PtOLR*RHOGL03(*GRSUrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFDQDPRGDOLGDGH,QVWLWXLomR
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&ULDomRGD$VVRFLDomR3DUDQDHQVHGDV(PSUHVDVGH%LRWHFQRORJLD$3(%,
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
5HFHELPHQWRSHORSHVTXLVDGRU5REHUWR0X\ODHUW7LQRFRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH
'LYXOJDomR&LHQWtILFD2SUrPLROKHIRLFRQFHGLGRSRUUD]mRGHVXDVREUDVSURGX]LGDVSDUDMRUQDLVHUHYLVWDVVHPSUH
DERUGDQGRDVIRUPDVYLYDVGDQDWXUH]DYD]DGDVHPXPDOLQJXDJHPDWUDHQWHVHPGHL[DUGHVHUSUHFLVDVHPSUHHQULTXH
FLGDVSRUEHOtVVLPDVLOXVWUDo}HVHIRWRVSURGX]LGDVSRUHOHPHVPR(SRUVHX3URMHWR&DUDJXDWiTXHSUHWHQGHSURGX]LU
XPFRQMXQWRGHOLYURVSHGDJyJLFRVRLWRMiSXEOLFDGRVGHVWLQDGRDOHYDUjVFULDQoDVGRVFHQWURVXUEDQRVLQIRUPDo}HV
SUHFLVDVHLOXVWUDo}HVSHUIHLWDVVREUHDYLGDGRVSHTXHQRVDQLPDLVTXHFRQYLYHPFRPHODVGHQWURGDVFLGDGHV
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGRSyORGHELRWHFQRORJLDGR(VWDGRGR5LRGH-DQHLUR%,25,2
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR/DERUDWyULR6LVPROyJLFROLJDGRDR,QVWLWXWRGH*HRFLrQFLDVGD8QLYHUVLGDGHGH%UDVtOLD
)RQWH8QLYHUVLGDGHGH%UDVtOLD
&RQFHVVmRGRž3UrPLR-RYHP&LHQWLVWD&RUURVmRHP$oRVGH%DL[D/LJDD)iELR'RPLQJRV3DQQRQRSHODLQYHVWLJD
omR(OLSVRPpWULFDGR(IHLWRGR$U$WPRVIpULFRVREUHXP$oR&DUERQRHXP$oR3DWLQiYHO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
7UDQVIHUrQFLDGR,QVWLWXWRGH3HVTXLVDV5DGLRDWLYDV,35SDUDD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(0
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
'HVHQYROYLPHQWRGRSURFHVVRSDUDDSURYHLWDPHQWRGHSROLVVXOIHWRVGHFKXPER]LQFRHFREUHSRUIORWDomR
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
,QtFLRGDQRYDUHHVWUXWXUDomRGRVHWRUQXFOHDUFULDomRGR&RQVHOKR6XSHULRUGH3ROtWLFD1XFOHDUFULDomRGDV,QG~VWULDV
1XFOHDUHVGR%UDVLO6$,1%WUDQVIHUrQFLDGR&HQWURGH'HVHQYROYLPHQWRGD7HFQRORJLD1XFOHDU&'71SDUDD&RPLVVmR
1DFLRQDOGH(QHUJLD1XFOHDU&1(1HGD1XFOHQSDUDDV&HQWUDLV(OpWULFDV%UDVLOHLUDV6$(/(752%5É6H[WLQomRGDV
(PSUHVDV1XFOHDUHV%UDVLOHLUDV6$18&/(%5É6
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
$VVLQDWXUDGHFRQYrQLRHQWUH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&1(1TXHSUHYrDLPSODQWDomRQDXQLYHUVLGDGHGHXPFHQWURGHSHVTXLVDHFRQWUROHGHIRQWHVUDGLRDWLYDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDRSHUDomRGRUHDWRUQXFOHDUGHSRWrQFLD]HUR,3(10%FRQVWUXtGRSHOR,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH
1XFOHDUHV,3(1HPDVVRFLDomRFRPD0DULQKD
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
/DQoDPHQWR GR SULPHLUR EDOmR QDFLRQDO GHVWLQDGR j FDSWDomR GH UDGLDomR FyVPLFD SDUD D UHDOL]DomR GH HVWXGRV FOL
PiWLFRVVREFRRUGHQDomRGRSURIHVVRU,QiFLR0DOPRQJH0DUWLQSHOR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03MXQWDPHQWHFRPSHVTXLVDGRUHVVRYLpWLFRV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWRSHODSHVTXLVDGRUD%HUWD*OHLVHU5LEHLURGR3UrPLReULFR9DQQXFFL0HQGHVTXHIRLFRQFHGLGRSHODVXD
SURItFXDSURGXomRFRQVROLGDGDQR'LFLRQiULRGH$UWHVDQDWR,QGtJHQD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,QDXJXUDomRGR/DERUDWyULRGH3HVTXLVDV*HRJUiILFDVFRPXQLGDGHVGHWpFQLFDVFDUWRJUiILFDVDHURIRWRJHRJUDILDHHVWX
GRVGRFOLPDSHOR'HSDUWDPHQWRGH+LVWyULD*HRJUDILDH&LrQFLDV6RFLDLV+*6
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
'HVHQYROYLPHQWRGRSURMHWRGHSHVTXLVD6LWXDomRH3HUVSHFWLYDGRV0RYLPHQWRV3RSXODUHVHP*RLkQLDSULPHLURHVWXGR
UHDOL]DGRVREUHRWHPDHP*RLiVSHOD8QLYHUVLGDGH&DWyOLFDGH*RLiV
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$EHUWXUDHPFRQMXQWRFRPD)XQGDomRGH(QVLQR6XSHULRUGH5LR9HUGH)(6859SHOD8QLYHUVLGDGH&DWyOLFDGH*RLiV
8&*GHXPFXUVRGHSyVJUDGXDomRHP'LUHLWRH(FRQRPLDQDTXHODFLGDGH
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
$VVLQDWXUDGHFRQYrQLRHQWUHD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*HD6HFUHWDULD(VWDGXDOGH(GXFDomR6((SDUD
GHVHQYROYHUR3URMHWR6DQWD)pQDUHJLmRGDFLGDGHGH*RLiV6mRHQIRFDGDVDVDWLYLGDGHVGHHGXFDomRSRSXODUHDUHFL
FODJHPGRVSURIHVVRUHVGDUHGHS~EOLFD
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&ULDomRGR3UrPLR)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD),(6&GHMRUQDOLVPRHFRQ{PLFRGHVWLQDGRD
GHVWDFDURWUDEDOKRGRVSURILVVLRQDLVGHFRPXQLFDomRQRVHWRUHFRQ{PLFR
)RQWH)HGHUDomR1DFLRQDOGD,QG~VWULDGR(VWDGRGH6DQWD&DWDULQD
,QVWDODomRGDWHUFHLUDILOLDOGR&HQWURGH'RFXPHQWDomRGD0~VLFD&RQWHPSRUkQHDGD)UDQoDQD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03DVRXWUDVGXDVILFDPHP7yTXLR-DSmRHHP%UHPHQQD$OHPDQKD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QDXJXUDomRGR&HQWURGH7HFQRORJLDGH7UDQVSRUWHVRQGHKRMHVHORFDOL]DR6HUYLoR1DFLRQDOGH7UDQVSRUWH6(1$7
DEULQGRXPDQRYDSHUVSHFWLYDQRSDQRUDPDGDIRUPDomRHDSHUIHLoRDPHQWRSURILVVLRQDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
$SUHVHQWDomRGD3URSRVWDGH&ULDomRGR&HQWURGH(VWXGRVVREUH(GXFDomR6XSHULRU
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
5HDOL]DomR GH GHEDWHV WHQGR HP YLVWD D QRYD /HL GH 'LUHWUL]HV H %DVHV GD (GXFDomR H R QRYR 3ODQR 1DFLRQDO GH
(GXFDomR
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGH&RPLVVmRSDUDSURPRYHUHVWXGRVWHQGRHPYLVWDjHODERUDomRGH3URSRVWDSDUDDQRYD/'%H3ODQR1DFLRQDO
GH(GXFDomR31(
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
5HDOL]DomRGDVSULPHLUDVHVFDYDo}HVVLVWHPiWLFDVGHVtWLRVDUTXHROyJLFRVHP6HUJLSH&DQLQGpGR6mR)UDQFLVFR3URJUDPD
GH6DOYDPHQWR$UTXHROyJLFRGH;LQJy3$;
)RQWH)XQGDomRGH$SRLRj3HVTXLVDH([WHQVmRGH6HUJLSH
&ULDomRGR&RQVHUYDWyULRGH0~VLFDGD8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
3URPRomRGR6HPLQiULRVREUH$EROLomR(VFUDYLGmR
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
5HDOL]DomRGDSULPHLUDH[SRUWDomRGHVLVWHPDGHFRQWUROHFRPSXWDGRUL]DGRSDUDWUiIHJRXUEDQRSURMHWDGRHIDEULFDGR
QR%UDVLO0XOWLWHO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,PSODQWDomRGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(72
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
&ULDomRGD,QFXEDGRUD7HFQROyJLFDGH&XULWLED1,7(&FRPRREMHWLYRGHIRUWDOHFHUHPRGHUQL]DUDEDVHLQGXVWULDOH[LV
WHQWHQR(VWDGR
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
,QVWDODomRGR'HSDUWDPHQWR5HJLRQDOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,QR$FUHHPžGHPDLR
)RQWH,QVWLWXWR(XYDOGR/RGL
,QDXJXUDomRGR&HQWURGH7HFQRORJLDGH3URGXWRV$OLPHQWDUHVGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,
5- HP 9DVVRXUDV FRQWULEXLQGR FRP R IRUWDOHFLPHQWR GLQDPL]DomR H H[SDQVmR GD DJURLQG~VWULD SDUWLFXODUPHQWH GR
JUXSRGDVLQG~VWULDVGHSURFHVVDPHQWRGHDOLPHQWRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
,QVWDODomRGR'HSDUWDPHQWR5HJLRQDOGR6HUYLoR6RFLDOGD,QG~VWULD6(6,QR$FUHHPžGHPDLR
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomR GRV &HQWURV GH 7UHLQDPHQWR GR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, HP 7LMXFDV ;DQ[HUr H
7LPEy6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HVHQYROYLPHQWRGHSRUWDULDVSDUDUHJXODPHQWDURVHWRUSHOD$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLDR6LQGLFDWRGD
,QG~VWULDGH3HUIXPDULDH$UWLJRVGH7RXFDGRUQR(VWDGRGH6mR3DXOR6,3$7(63R6LQGLFDWRGD,QG~VWULDGH3HUIXPDULD
H $UWLJRV GH 7RXFDGRU QR (VWDGR GH 5LR GH -DQHLUR 6,3$7(5- H R ,QVWLWXWR 1DFLRQDO GH 0HWURORJLD 1RUPDOL]DomR H
4XDOLGDGH,QGXVWULDO,10(752
)RQWH$VVRFLDomR%UDVLOHLUDGH&RVPHWRORJLD
&ULDomRGR,QVWLWXWRGH&LrQFLDH7HFQRORJLD,&7GD6HFUHWDULDGH0HLR$PELHQWH&LrQFLDH7HFQRORJLDGR'LVWULWR)HGHUDO
6(0$7(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
'HVHQYROYLPHQWRGHSHVTXLVDVREUHJiVPHWDQRDSDUWLUGRVHIOXHQWHVGDLQG~VWULDDOFRROTXtPLFD2PHWDQRSRGHVHUYLU
WDQWRSDUDPRYHUDXWRPyYHLVTXDQWRSDUDID]HUIXQFLRQDUPiTXLQDVLQGXVWULDLVSHOD)XQGDomR,QVWLWXWR7HFQROyJLFRGR
(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HWRPDGDGDVDWLYLGDGHVGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,´$QFKLHWDµUHIRUPXODGDSDUD
RIHUHFHUR&XUVR7pFQLFRGH(OHWU{QLFDYROWDGRSDUDDXWRPDomRGDPDQXIDWXUD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HILQLomRGR/DERUDWyULR1DFLRQDOGH0HWURORJLD/10HGD5HGH1DFLRQDOGH&DOLEUDomR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
5HDOL]DomRGHXPDVpULHGH´ZRUNVKRSVµFRPRREMHWLYRGHHVWDEHOHFHUPDLRUDSUR[LPDomRGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03FRPDLQLFLDWLYDSULYDGDFRRUGHQDGDSHORSUyUHLWRUGH([WHQVmR-RVp&DUORV9DOODGmRGH0DWWRV
MXQWDPHQWHFRPD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR),(63R&HQWURGH,QG~VWULDVGR(VWDGRGH6mR3DXOR
&,(63HR,QVWLWXWR5REHUWR6LPRQVHQ
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGDIiEULFDGHODVHUGHVHPLFRQGXWRUQD$V*D0LFURHOHWU{QLFDSRU-RVp(OOLV5LSSHU)LOKRTXHVHWRUQDR
'LUHWRU3UHVLGHQWHGHVVDHPSUHVDGHWHOHFRPXQLFDo}HVTXHpEDVHDGDHPWHFQRORJLDQDFLRQDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,3%GR&HQWUR,QWHJUDGRGH)RUPDomRQDÉUHDGH
0HWDO0HFkQLFDQR&HQWURGH(GXFDomR3URILVVLRQDO3URIHVVRU6WHQLR/RSHVHPFRQYrQLRFRPR0LQLVWpULRGD(GXFDomR
H &XOWXUD 6HFUHWDULD GH (GXFDomR H &XOWXUD GR (VWDGR GD 3DUDtED 6HFUHWDULD GD ,QG~VWULD &RPpUFLR H 7HFQRORJLD GR
0XQLFtSLR&HQWURGH&LrQFLDVH7HFQRORJLDGD8QLYHUVLGDGH)HGHUDOGD3DUDtED
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQVWLWXLomRGD3HUGLJmRGD$PD]{QLD6$YROWDGDDRSURFHVVDPHQWRGHVRMDHGHULYDGRVHP&XLDEi07
)RQWH3(5',*®26$
,QDXJXUDomRGD&DVDGD,QG~VWULDQR&HDUiSHOR6LVWHPD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi),(&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
)XQGDomRGD3LVD)ORUHVWDO6$
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,QtFLRGR3URJUDPD&RPXQLWiULRGH)RUPDomR3URILVVLRQDOHGR3URJUDPDGH)RUPDomRGH0LFURHPSUHViULRV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
3DQRUDPD1DFLRQDO
)XQGDomRGD$VVRFLDomR1DFLRQDOGH3yV*UDGXDomRH3HVTXLVDHP&LrQFLDGD,QIRUPDomR
$1&,%)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$SURYDomRSHOD&RQVWLWXLomR(VWDGXDOGH6mR3DXORGRDUWLJRSHORTXDOR(VWDGRSDVVDDGHVWLQDURPtQLPRGH
GHVXDUHFHLWDWULEXWiULDj)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63FRPRUHQGDGHVXDSULYDWLYD
DGPLQLVWUDomRSDUDDSOLFDomRHPGHVHQYROYLPHQWRFLHQWtILFRHWHFQROyJLFR$WUDQVIHUrQFLDVHGDUiPHQVDOPHQWHFDOFX
ODGDVREUHDDUUHFDGDomRGRPrVGHUHIHUrQFLDDVHUSDJDQRPrVVXEVHTHQWH
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
(ODERUDomRGR3ODQR'HFHQDOGH&LrQFLDH7HFQRORJLD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QFOXVmRGD&LrQFLDH7HFQRORJLDQD&RQVWLWXLomR(VWDGXDOGR0DUDQKmR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
(OHLo}HVJHUDLVSDUDSUHVLGHQWH²HOHLomRGLUHWDDSyVDQRV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRSRUGLVSRVLomRFRQVWLWXFLRQDOVREIRUPDGHDXWDUTXLDGD8QLYHUVLGDGH(VWDGXDOGH0LQDV*HUDLV8(0*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
6LQDOL]DomRGRVSULQFtSLRVSDUDRGHVHQYROYLPHQWRGD&LrQFLDH7HFQRORJLDQR(VWDGRSHOD&RQVWLWXLomRGR(VWDGRGR5LR
*UDQGHGR6XO
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
5HDOL]DomRGR,6HPLQiULR1DFLRQDOGH7HFQRORJLDSDUD$UWHVFRPRREMHWLYRGHGLVFXWLUDVPDLVGLYHUVDVIRUPDVGHLQWHU
UHODFLRQDPHQWRHQWUHDWHFQRORJLDHDVDUWHVFRRUGHQDGRSHORSURIHVVRU-RVp(GXDUGR5LEHLURGH3DLYDFRPRDSRLR
GD6HFUHWDULDGH&LrQFLDV7HFQRORJLDH'HVHQYROYLPHQWR,QGXVWULDOQR,QVWLWXWRGH$UWHVGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGD8QLYHUVLGDGHGD5HJLmRGH&DPSDQKD85&$03HP%DJp56
)RQWH&RQVHOKRGH5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDV
&ULDomRGD)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR)$&(3(SHODGD/HL(VWDGXDO
GHGHGH]HPEUR
)RQWH)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR
,QVHUomRQD&RQVWLWXLomR(VWDGXDOGD3DUDtEDSURPXOJDGDHPGHRXWXEURGHFDStWXORUHVHUYDGRjFLrQFLDHWHFQRORJLD
$UWLJRVD$UWGDV'LVSRVLo}HV7UDQVLWyULDVRQGHGHILQHGRWDomRPtQLPDGHGDUHFHLWDHVWDGXDOSULYD
WLYDGDDGPLQLVWUDomRSDUDIRPHQWRDRHQVLQRjSHVTXLVDFLHQWtILFDHWHFQROyJLFD
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDH7HFQRORJLD
3DUWLFLSDomRQDHODERUDomRGRSURMHWR*RLiV6pFXOR;;,&LrQFLDH7HFQRORJLDQR&RQWH[WRGR'HVHQYROYLPHQWRUHVXO
WDQWHGR3ODQR'HFHQDOGH&LrQFLDH7HFQRORJLDGH*RLiVGD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
,QVWLWXLomRGR)XQGRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFRFRPDGRWDomRDQXDOPtQLPDGHGDUHFHLWDRUoD
PHQWiULDGR(VWDGRGHVWLQDGRDRIRPHQWRjFLrQFLDHWHFQRORJLDSHOD&RQVWLWXLomRGR(VWDGRGH3HUQDPEXFR
)RQWH)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR
&ULDomRGD8QLYHUVLGDGH)HGHUDOGH5RUDLPD8)55SHOR'HFUHWRGHGHVHWHPEUR
)RQWH8QLYHUVLGDGH)HGHUDOGH5RUDLPD
3URPXOJDomRGDQRYD&RQVWLWXLomRGR(VWDGRGH0LQDV*HUDLVFRPXPDVHomRTXHGLVS}HVREUHFLrQFLDHWHFQRORJLDHP
HVSHFLDOVREUHDGRWDomRRUoDPHQWiULDGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV)$3(0,*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&RQFHVVmRj(VWDomR&LrQFLDGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TGRž3UrPLR
-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH,QVWLWXLomRSRUVHUFRQVLGHUDGDXPDGDVPDLVEHPVXFHGLGDVH[SHULrQ
FLDVGHGLYXOJDomRFLHQWtILFDQR%UDVLO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QDXJXUDomRGD5HGH$FDGHPLF1HWZRUNDW6mR3DXOR$163QDVFLGDGHJUXSRGHWUDEDOKRQD6HFUHWDULDGH&LrQFLDH
7HFQRORJLDGRTXDOSDUWLFLSD'HPL*HWVFKNRFRPRUHSUHVHQWDQWHGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR
3DXOR)$3(63FXMDSURSRVWDIRLDSUHVHQWDGDSHOR3UHVLGHQWHGR&RQVHOKR6XSHULRU2VFDU6DOD(VVDUHGHYDLSURSLFLDUD
FRPXQLFDomRYLDFRUUHLRHOHWU{QLFRGDQGRDFHVVRDEDVHVGHGDGRVQDFLRQDLVHLQWHUQDFLRQDLV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
'HVWLQDomRGHGDUHFHLWDWULEXWiULDSDUDRGHVHQYROYLPHQWRFLHQWtILFRHWHFQROyJLFRSHOD&RQVWLWXLomRGR(VWDGRGR
3DUDQi$UW
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
(QJHQKDULDH7HFQRORJLD
/DQoDPHQWRGRSURMHWRGD5HGH1DFLRQDOGH3HVTXLVD513XPPDUFRQDLPSODQWDomRGD,QWHUQHW
EUDVLOHLUDSHOR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13TQXPFRQ
WH[WRGHXPDVLJQLILFDWLYDUHGXomRGDVDOtTXRWDVGHLPSRUWDomRGRVEHQVHVHUYLoRVGHLQIRUPiWLFD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$SUHVHQWDomRGRSULPHLUR´FKLSµySWLFREUDVLOHLURUHVXOWDGRGDSHVTXLVDTXHWHPFRPRREMHWLYRGLUHWRDFRPSXWDomRDWL
YDFRRUGHQDGDSRU9tWRU%DUDQDXVNDVGD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03GHQWURGR3URJUDPD0XOWLXVXiULRILQDQFLDGRSHOD6,'%DQFR,WD~6$H(OHEUD0LFURHOHWU{QLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(ODERUDomRGR,,3ODQR1DFLRQDOGH,QIRUPiWLFDH0LFUR(OHWU{QLFD,,3ODQLQ
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFDL
,QVWDODomRGDVIDFXOGDGHVGH(QJHQKDULD0HFkQLFDH(QJHQKDULD4XtPLFDTXHIXQFLRQDYDPFRPRGHSDUWDPHQWRVGD
)DFXOGDGHGH(QJHQKDULDGH&DPSLQDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDRSHUDomRGH%DOELQDD~QLFDKLGUHOpWULFDQR$PD]RQDV
)RQWH6HFUHWDULDGR(VWDGRGH,QG~VWULDH&RPpUFLR
&ULDomRGD,QFXEDGRUD7HFQROyJLFDGR3DUDQi,17(&
)RQWH6HFUHWDULDGH(VWDGRGD&LrQFLD7HFQRORJLDH(QVLQR6XSHULRU
&ULDomRGHXPQRYRPpWRGRSDUDDGTXLULUSROSDFHOXOyVLFDGHERDTXDOLGDGHDSDUWLUGDPDGHLUDGRHXFDOLSWRGHQRPL
QDGR$ONDOFSHOR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$032SURMHWRIRLGHVHQYROYLGR
SRUPHLRGHFRQYrQLRFRPDHPSUHVD5LSDVD6$&HOXORVHH3DSHOVREDFRRUGHQDomRGRSURIHVVRU0DWWKLHX7XELQRH
GRSHVTXLVDGRU2WiYLR0DPEULP)LOKR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWHJUDomRGHXQLYHUVLGDGHVEUDVLOHLUDVYLD´ELWQHWµYLVDQGRDWUDQVIHUrQFLDVGHDUTXLYRVHWUDQVPLVV}HVGHHPDLOV
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
$VVLQDWXUDGHDFRUGRGHFRRSHUDomRFXMRREMHWLYRpVXSULUDFDUrQFLDGHHVSHFLDOLVWDHPFRPSXWDomRJUiILFDQRPHUFD
GRGHWUDEDOKRHQWUHD)DFXOGDGHGH(QJHQKDULD(OpWULFD)((GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD
(PSUHVD+LFDG6LVWHPDV/WGD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RPHPRUDomRGDVXSHUDomRGRSULPHLURJUDQGHGHVDILRWpFQLFRFLHQWtILFRGRSURMHWRDFRQFOXVmRGRDFHOHUDGRUOLQHDU
GHHOpWURQVFRPQRYHPHWURVGHFRPSULPHQWRHHQHUJLDQRPLQDOGH0H9PLOK}HVGHHOHWURQYROWVSHODHTXLSHGR
/DERUDWyULR1DFLRQDOGH/X]6tQFURWRQ/1/6
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
$VVLQDWXUDGRFRQWUDWRGHWUDQVIHUrQFLDGHWHFQRORJLDGRODVHUGHYDSRUGHFREUHFRPD8QLODVHU,QG~VWULDH&RPpUFLR/WGD
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,PSODQWDomRGR6HUYLoRGH,QIRUPDo}HV7HFQROyJLFDV
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
$Q~QFLRGRLQtFLRGRSURMHWRGRSULPHLURMDWRUHJLRQDOGD(PSUHVD%UDVLOHLUDGH$HURQiXWLFD(0%5$(5R(5-
)RQWH(PSUHVD%UDVLOHLUDGH$HURQiXWLFD
&RQYRFDomRGHXP3DLQHOGH$YDOLDomR,QWHUQDFLRQDOGHHVSHFLDOLVWDVHPIRQWHVGHOX]VtQFURWURQSDUDDYDOLDURGHVHQYRO
YLPHQWRGRSURMHWRQR%UDVLOTXHFRQFOXtUDPTXHRVHVWXGRVHWHVWHVDSUHVHQWDGRVIRUPDPXPDEDVHVyOLGDGHWUDEDOKR
SHOR/DERUDWyULR1DFLRQDOGH/X]6tQFURWRQ/1/6
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
,PSOHPHQWDomRGD,QFXEDGRUDGH(PSUHVDVGH%DVH7HFQROyJLFDGR&HQWURGH$SRLRDR'HVHQYROYLPHQWR7HFQROyJLFR
&'78QLYHUVLGDGHGH%UDVtOLD8Q%SDUDDSRLDUHPSUHVDVGHGHVHQYROYLPHQWRGHSURGXWRVRXVHUYLoRVGHWHFQRORJLD
LQRYDGRUD
)RQWH)XQGDomR8QLYHUVLGDGHGH%UDVtOLD&HQWURGH$SRLRDR'HVHQYROYLPHQWR7HFQROyJLFR
,QtFLRGDSURGXomRGHHOHPHQWRVFRPEXVWtYHLVSDUDR5HDWRU1XFOHDUGH3HVTXLVDV,($5
)RQWH,QVWLWXWRGH3HVTXLVDV(QHUJpWLFDVH1XFOHDUHV
,PSODQWDomRGR3URJUDPD4XDOLGDGH3DUDQi
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
&ULDomRGR3URJUDPDGH$SRLRDRV3yORVGH0RGHUQL]DomR7HFQROyJLFD
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
,QDXJXUDomRGR&HQWURGH5DVWUHLRH&RQWUROHGH6DWpOLWHVQR,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(GH6mR-RVp
GRV&DPSRVLQVWDODomRQHFHVViULDjRSHUDomRGRVVDWpOLWHVEUDVLOHLURVHPyUELWD
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
,QDXJXUDomRQR%UDVLOGRSULPHLURVLVWHPDGHWHFQRORJLDDQDOyJLFD$036$GYDQFHG0RELOH3KRQH6HUYLFH
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
2EWHQomRSHODSULPHLUDYH]QR%UDVLOGDRVFLODomRGHXPODVHUGHYDSRUGHRXURFRPSRWrQFLDPpGLDGH:
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,QDXJXUDomRGDWXUELQDGD+LGUHOpWULFDGH6DPXHOORFDOL]DGDQRPXQLFtSLRGH&DQGHLDVGR-DYDULDNPGH3RUWR
9HOKR(PPDUoRGHHQWURXHPRSHUDomRDWXUELQD
)RQWH&HQWUDLV(OpWULFDVGR1RUWHGR%UDVLO6$
/DQoDPHQWRGRTXDUWRSURWyWLSRGR6RQGD,9FRPVLVWHPDGHFRQWUROHQRSULPHLURHVWiJLRLQMHomRVHFXQGiULDHQR
VHJXQGRHVWiJLRWXEHLUDPyYHO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
/DQoDPHQWRGRYHtFXOR9/65GHVHQYROYLGRSHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$SDUDWHVWHVHPHVFDODUHGX]LGDGD
VHSDUDomRGHSULPHLURHVHJXQGRHVWiJLRVGR9/6
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,PSODQWDomRGR&HQWURGH3HVTXLVDH'HVHQYROYLPHQWRHP,QIRUPiWLFDGR5LR*UDQGHGR6XO
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
&RQFOXVmRQR$UVHQDOGH0DULQKDGR5LRGH-DQHLUR$05-GDFRQVWUXomRGR'LTXH)OXWXDQWH$OPLUDQWH6FKLHFNDILP
GHSHUPLWLURLQtFLRGDFRQVWUXomRGHVXEPDULQRV
)RQWH0DULQKDGR%UDVLO
,QDXJXUDomRGR&HQWURGH7HOHFRPXQLFDo}HVGH6mR3DXORGREUDQGRDFDSDFLGDGHGHSURFHVVDPHQWRGRWUiIHJRLQWHU
QDFLRQDO
)RQWH(PSUHVD%UDVLOHLUDGH7HOHFRPXQLFDo}HV6$
&ULDomRQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53GR/DERUDWyULRGH&RVPHWRORJLDYROWDGRSDUDSHVTXLVDVFRPiFL
GRVUHWLQyLFRHJOLFyOLFR
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
&LrQFLDV$JUiULDV
&ULDomRGR&HQWUR1DFLRQDOGH3HVTXLVDGH%LRORJLDGR6RORGD(PSUHVD%UDVLOHLUDGH3HVTXLVD
$JURSHFXiULD(0%5$3$QR5LRGH-DQHLUR)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHWULJRFXOWLYDUHV%5&DLXiH%57HUHQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
/DQoDPHQWRGDFXOWLYDU%5RPLOKRSDUDYiU]HDGR$PD]RQDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPpWRGRVGHPDQHMRLQWHJUDGRGHEUXVRQHQRDUUR]GHVHTXHLUR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRFXOWLYDU%56mR)UDQFLVFR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHVRMDFXOWLYDU%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHIHLMmRSUHWRPDFDQXGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GRSURJUDPDGHSHVTXLVDHPPRQLWRUDPHQWRGHLQVHWRV
HPIORUHVWDVLPSODQWDGDV(PRSURJUDPDHYROXLXSDUDRPDQHMRLQWHJUDGRGHSUDJDVIORUHVWDV$WXDOPHQWHR
SURJUDPDGHVHQYROYHSHVTXLVDHPWRGRVRVFDPSRVGDSURWHomRIORUHVWDO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
'HVHQYROYLPHQWR GH XP DOLPHQWR OtTXLGR FDSD] GH VXSULU DV QHFHVVLGDGHV EiVLFDV PDQWHQGR R HTXLOtEULR QXWULFLRQDO
GHXPSDFLHQWHSRUSHVTXLVDGRUHVGR+RVSLWDOGDV&OtQLFDV+&HGD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRV)($GD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03MXQWDPHQWHFRPR,QVWLWXWRGH7HFQRORJLDGH$OLPHQWRV,7$/$VLQIRU
PDo}HVIRUDPDSUHVHQWDGDVSRUXPGRVFRRUGHQDGRUHVGRSURMHWR$QLEDO%DVLOH)LOKR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$PSOLDomR GD PLVVmR GR &HQWUR 1DFLRQDO GH 3HVTXLVD GH 6HULQJXHLUD H 'HQGr SDVVDQGR D GHQRPLQDUVH &HQWUR GH
3HVTXLVD$JURIORUHVWDOGD$PD]{QLDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP0DQDXV$0
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHXPQRYRWLSRGHDOLPHQWDomRR(QWHURV,SDUDSDFLHQWHVHPFRPDSURORQJDGRHHVWDGRVVHPHOKDQ
WHVSHORVSURIHVVRUHV$QtEDO%DVLOH)LOKRH$GLOPD5HJLQD3LSSD6FDPSDULQLRHQJHQKHLURDJU{QRPR-RVp/HRQDUGR(WRUH
GR9DOOHHDHQIHUPHLUD0DULDÇQJHOD'DUURV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUDGHFRQYrQLRHQWUH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD0HWDOVLGHU/WGDTXHFRQVROLGDPDV
SHVTXLVDVGD)DFXOGDGHGH(QJHQKDULD$JUtFRODQRGHVHQYROYLPHQWRGHXPEH]HUUHLURHXPPLQLHVWiEXORXWLOL]DQGR
H[FOXVLYDPHQWHDWHFQRORJLDGRDoR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDGRXVRGREDPEXHPVXEVWLWXLomRDRIHUURHDRDoRQDFRQIHFomRGHPRXU}HVODMHVHSDUH
GHVHPVLVWHPDVGHFRQVWUXomRQR%UDVLOSHORSURIHVVRU$QW{QLR/XGRYLFR%HUDOGRGD)DFXOGDGHGH(QJHQKDULD$JUtFROD
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHWpFQLFDVGHSURGXomRGHPXGDVHHQ[HUWLDGHFDVWDQKDGR%UDVLO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QDXJXUDomRGR/DERUDWyULRGHÐOHRVH*RUGXUDVGD)DFXOGDGHGH(QJHQKDULDGH$OLPHQWRVVREFRRUGHQDomRGH:DOWHU
(VWHYHVFRPRREMHWLYRGHSURFHVVDUyOHRVHJRUGXUDVFRPPDLRUTXDOLGDGHHPFRQYrQLRILUPDGRHQWUHD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03HD$JrQFLDGH&RRSHUDomR$OHPmSDUDR'HVHQYROYLPHQWR*7=yUJmRGHIRPHQWR
HDGPLQLVWUDomRGHSURMHWRVGHFRRSHUDomRWpFQLFDGRJRYHUQRGD$OHPDQKD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGHPLOKRFDSD]GHVXSRUWDUDVHFDSRUJHQHWLFLVWDVGR,QVWLWXWRGH%LRORJLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03VREFRRUGHQDomRGRSURIHVVRU3DXOR$UUXGD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHWHFQRORJLDSDUD$OJRGmR+HUEiFHR&HQWUR2HVWH&13$*9DULHGDGHGHJHUJHOLPDGDSWDGRDR
1RUGHVWHGHPpGLDSURGXWLYLGDGHVHPHQWHVFODUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDSURGXomRGHOHJXPLQRVDVIRUUDJHLUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDVSDUDRPDQHMRLQWHJUDGRGHIRUUDJHLUDVGHLQYHUQRHWURSLFDLVSDUDSURGXomRGHOHLWHDSDVWR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHXPDUDomRDQLPDOIHLWDFRPFDQDLQWHJUDORQGHPLFURRUJDQLVPRVDSURSULDGRVWUDQVIRUPDPRVDo~FDUHV
HPSURWHtQDVSRUPHLRGHIHUPHQWDomRVHPLVyOLGDSHOR/DERUDWyULRGH%LRWHFQRORJLDGD)XQGDomR,QVWLWXWR7HFQROyJLFR
GR(VWDGRGH3HUQDPEXFR,7(3HPFRRSHUDomRFRPDV8QLYHUVLGDGHVGH3LUDFLFDED63H)HGHUDOGR&HDUi8)&
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
'HVHQYROYLPHQWRGHWHFQRORJLDVSDUDIL[DomRELROyJLFDGHQLWURJrQLRHPFDQDGHDo~FDU
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRHSURGXomRGHVHPHQWHVGHDUUR]LUULJDGRFXOWLYDU%506
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHPXGDVGHHVSpFLHVIORUHVWDLV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
,QVWLWXLomRGR3URJUDPD1DFLRQDOGH,QIRUPiWLFDQD(GXFDomRHFULDomRGH&HQWURVGH,QIRUPiWLFD
QD(GXFDomR&,(')RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
3XEOLFDomRGR'LDJQyVWLFRH3HUVSHFWLYDVGD(FRQRPLD0LQHLUDFRRUGHQDGRSHOR%DQFRGH'HVHQYROYLPHQWRGH0LQDV
*HUDLV6$%'0*
)RQWHXQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR&HQWURGH(VWXGRV6LQGLFDLVHGH(FRQRPLDGR7UDEDOKRQR,QVWLWXWRGH(FRQRPLDGD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03TXHYLVDDGHVHQYROYHUSHVTXLVDVVREUHRPRYLPHQWRVLQGLFDOHDVUHODo}HVGRWUDEDOKRVREGLUHomR
GRSURIHVVRU&DUORV$ORQVR%DUERVDGH2OLYHLUD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR6LVWHPDGH%LEOLRWHFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GHRQGHVmRJHULGDVELEOLRWHFDV
VHWRULDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGR,,,6LPSyVLR1RYRV5XPRVGR-RUQDOLVPRSDUDGLVFXWLUDTXHVWmRGDQRWtFLDGRMRUQDOLVPRFLHQWtILFRVRE
FRRUGHQDomRGRDVVHVVRUGHLPSUHQVD(XVWiTXLR7HL[HLUD*RPHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGR3URMHWR9tGHR(VFRODGRDomRGH799tGHRSHOD)XQGDomR5REHUWR0DULQKRH)XQGDomR%DQFRGR%UDVLO
SDUDDVHVFRODVS~EOLFDV
)RQWH6HFUHWDULDGH(VWDGRGD(GXFDomR
)XQGDomRGD$VVRFLDomR1DFLRQDOGH3yV*UDGXDomRH3HVTXLVDHP&LrQFLDGD,QIRUPDomR$1&,%
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
$Q~QFLRGDGHVFREHUWDGRSULPHLURRVVRKXPDQRIRVVLOL]DGRQDVHVFDYDo}HVGRVVtWLRVDUTXHROyJLFRVQRPXQLFtSLRGH
6mR5DLPXQGR1RQDWRQR3LDXtIHLWRSHODSHVTXLVDGRUD1LpGH*XLGRQSURIHVVRUDFRQYLGDGDGD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$03HGD(VFRODGH$OWRV(VWXGRVHP&LrQFLDV6RFLDLVGH3DULV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWURGXomRGD79HYtGHRQDHGXFDomR3URMHWRV7HOHFXUVRH-RmRGD6LOYD
)RQWH6HFUHWDULDGH(VWDGRGD(GXFDomR
$VVLQDWXUDGHFRQYrQLRHQWUH8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*HR1~FOHRGH&XOWXUD,QGtJHQDGD8QLmRGDV1Do}HV
,QGtJHQDV81,SDUDLPSODQWDomRHH[HFXomRGR3URJUDPD(VSHFLDOGH)RUPDomRH$SRLRj3HVTXLVDGDV&RPXQLGDGHV
,QGtJHQDV
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDVGD6D~GH
'HVHQYROYLPHQWRGHSHVTXLVDVREUHXPDGURJDFRQWUDDPDOiULDDSDUWLUGDSODQWD$UWHPtVLDRULJL
QiULDGD&KLQDSHOR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV%LROyJLFDVH$JUtFRODV&34%$
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHLQWHUFkPELRHQWUHR1~FOHRGH3UHYHQomRj&HJXHLUDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD
+HOHQ.HOOHU,QWHUQDFLRQDOLQVWLWXLomRQRUWHDPHULFDQDTXHSURPRYHSURJUDPDGHSUHYHQomRjFHJXHLUDHUHDELOLWDomRGH
GHILFLHQWHVYLVXDLV2REMHWLYRpRUHSDVVHGDH[SHULrQFLDGDLQVWLWXLomRHPRSHUDomRGHFDWDUDWDDSHVVRDVGHRLWRSDtVHV
GD$PpULFD/DWLQD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR QR &HQWUR 3OXULGLVFLSOLQDU GH 3HVTXLVDV 4XtPLFDV %LROyJLFDV H $JUtFRODV &34%$ GD 8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03VREFRRUGHQDomRGRILWRTXtPLFR1LNRODL6KDUDSLQDSDUWLUGHXPFRQYrQLRHQWUHD
8QLYHUVLGDGHHD$FKp/DERUDWyULRV)DUPDFrXWLFRV6$GRSULPHLURDQWLLQIODPDWyULRHFLFDWUL]DQWHEUDVLOHLUR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGRSURMHWRWHPiWLFRGHVHQYROYLPHQWRGHPHFDQLVPRVyUJmRVDUWLILFLDLVHELRVHQVRUHVQDPRGXODomRFRQWUROHH
FRPXQLFDomRHPVLVWHPDVELRPHFkQLFRVHGHUHDELOLWDomRDSRLDGRSHOD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH
6mR3DXOR)$3(63HTXHFRPSUHHQGHTXDWURWUDEDOKRV6mRHOHVVLVWHPDVGRFRQWUROHKRPHPPiTXLQDSDUDDUHVWDXUD
omRGHPRYLPHQWRVHPSDUDSOpJLFRVHWHWUDSOpJLFRVTXHSURS}HUHVWDEHOHFHUDORFRPRomRGHSDFLHQWHVDFLRQDQGRVHXV
PHPEURVVDGLRVVLVWHPDVGHHVWLPXODomRHOHWURWiFWLOTXHSUHYrDJHUDomRGHVHQVDo}HVDUWLILFLDLVSDUDRVPHPEURVGRV
GHILFLHQWHVTXHWLYHUDPRVPRYLPHQWRVUHVWDXUDGRVSUyWHVHGHPmRDFLRQDGDSRUSROtPHURVSDUDSDFLHQWHVDPSXWDGRV
GHVHQYROYLPHQWR SDUD SDFLHQWHV LPSODQWiYHO SDUD FRORVWRPLD TXH YLVD GHVHQYROYLPHQWR GH XP HVItQFWHU 'RLV GHVVHV
TXDWURHVWXGRVFRQTXLVWDUDPRVSULPHLURVOXJDUHVQRž3UrPLR-RYHP&LHQWLVWDGHSURPRYLGRSHOR&RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
$VVLQDWXUDGHFRQYrQLRHQWUH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD$FKp/DERUDWyULRV)DUPDFrXWLFRV6$
SDUDSHVTXLVDURDSHUIHLoRDPHQWRPROHFXODUGDDUWHPLWLQDVXEVWkQFLDTXHVHUiXVDGDFRPRPDWpULDSULPDQDSURGXomR
GRSULPHLURDQWLLQIODPDWyULRLQWHULQRGHVHQYROYLGRQR%UDVLO$SHVTXLVDVHUiGHVHQYROYLGDSHOR&HQWUR3OXULGLVFLSOLQDUGH
3HVTXLVDV4XtPLFDV%LROyJLFDVH$JUtFRODV&34%$GD81,&$03HLQWHJUDR3URJUDPDGH'HVHQYROYLPHQWRGHIiUPDFRV
SDWURFLQDGRSHOD$FKp
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFHVVmRjSHVTXLVDGRUD$QGUHMXV.RURONRYDVGD)DFXOGDGHGH&LrQFLDV)DUPDFrXWLFDV8QLYHUVLGDGHGH6mR3DXOR863
GRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH'LYXOJDomR&LHQWtILFD2SUrPLROKHIRLFRQFHGLGRSHORVWUD
EDOKRVQDViUHDVGHIDUPDFRJQLDHIDUPDFRORJLDTXHYHPGHVHQYROYHQGRKiFHUFDGHDQRVDVVLPVHQGRXPDDWLYLGDGH
SHUPDQHQWHGHGLYXOJDomRFLHQWtILFD1HVWDDWLYLGDGHMiSXEOLFRXPDLVGHGXDVFHQWHQDVGHDUWLJRVHPiUHDVWmRYDULDGDV
FRPRFLrQFLDVIDUPDFrXWLFDVSDUDVLWRVHVHQGrPLFDVWHRULDGDHYROXomRDVSHFWRVGDItVLFDPRGHUQDJUDQGHVYXOWRVGD
FLrQFLDEUDVLOHLUDDOpPGHGHVFULo}HVGDKLVWyULDHGDUHDOLGDGHDWXDOGHLQVWLWXLo}HVWRGDVHPHVWLORFODURHLQIRUPDWLYR2
SURIHVVRU.RURONRYDVWHPFRQWULEXtGRVLJQLILFDWLYDPHQWHSDUDGLYXOJDUDFLrQFLDDRJUDQGHS~EOLFRQR%UDVLO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD&OtQLFDHVFRODGH2GRQWRORJLDQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
'HVHQYROYLPHQWRGHSURFHVVRLQpGLWRQR%UDVLOGHFULDomRGHFREDLDVGHDOWDTXDOLGDGHSHUPLWLQGRTXHRUHVXOWDGRGDV
H[SHULrQFLDVFLHQWtILFDVFRPHODVUHDOL]DGDVVHMDPDLVHILFLHQWHSRUSHVTXLVDGRUHVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
81,&$03$LQIRUPDomRIRLDSUHVHQWDGDSRU+XPEHUWRGH$UD~MR5DQJHOSURIHVVRUGR'HSDUWDPHQWRGH0LFURELRORJLD
H,PXQRORJLDGD81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHXPVLPXODGRUGHHOHWURFDUGLRJUDPDHDUULWPLDVFDUGtDFDVTXHSHUPLWHDPDQXWHQomRSUHFLVDGH
HOHWURFDUGLyJUDIRVHPRQLWRUHVGHFDUGtDFRVHDX[LOLDRHQVLQRDHVWXGDQWHVGHPHGLFLQDHHQIHUPDJHPSHORHQJHQKHLUR
6DPXHO(X]HGLFHGH/XFHQDGR&HQWURGH(QJHQKDULD%LRPpGLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRQD1257(&48Ì0,&$6$GDSURGXomRGHDQHVWpVLFRVORFDLVQDXQLGDGHSURWyWLSRFRPHUFLDOFRPRVSURGXWRV
IDUPDFrXWLFRVOLGRFDtQDHSULORFDtQDHVSHFLILFDGRVSHODIDUPDFRSpLDDPHULFDQDHEULWkQLFD
)RQWH1257(&48Ì0,&$6$
$Q~QFLRGDQRYDWpFQLFDGHIHUWLOL]DomRDUWLILFLDOVHPHOKDQWHjHPSUHJDGDSDUDR´EHErGHSURYHWDµFRPDYDQWDJHP
GHQmRVHUQHFHVViULRFRUWDUDEDUULJDGDPXOKHUSDUDUHWLUDURyYXORSHODDQGURORJLVWD5RJHU$EGHOPDVVLKGD)DFXOGDGH
GH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
&ULDomRSHOD/HLGR)XQGR1DFLRQDOGR0HLR$PELHQWH)10$TXHWHPSRUPLVVmRFRQWUL
EXLUFRPRDJHQWHILQDQFLDGRUHSRUPHLRGDSDUWLFLSDomRVRFLDOSDUDDLPSOHPHQWDomRGD3ROtWLFD
1DFLRQDOGR0HLR$PELHQWH310$)RQWH0LQLVWpULRGR0HLR$PELHQWH
&ULDomRGR,QVWLWXWR%UDVLOHLURGR0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV5HQRYiYHLV,%$0$
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
2XWRUJDSHOR&RPDQGR0LOLWDUGD$PD]{QLDGRGLSORPDKRPHQDJHDQGRR0XVHX3DUDHQVH(PtOLR*RHOGL03(*SHOD
FRODERUDomRHPpULWDDR([pUFLWR%UDVLOHLUR
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&ULDomRGR3DUTXH1DFLRQDOGH&KDSDGDGRV*XLPDUmHVSHOR'HFUHWRHPGHDEULO
)RQWH6HFUHWDULDGH(VWDGRGH(GXFDomR
3UHSDUDomRGREDQFRGHHPEUL}HVGHUDWRVFRPHTXLSDPHQWRVGRDGRVSHODDJrQFLDILQDQFLDGRUDGHSHVTXLVDV+)$GD
$OHPDQKDSHORR/DERUDWyULRGH&RQWUROH*HQpWLFRH&ULRSUHVHUYDomRGR&HQWUR0XOWLLQVWLWXFLRQDOGH%LRWHULVPR&(0,%
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPDFRRUGHQDomRGRSURIHVVRU+XPEHUWRGH$UD~MR5DQJHO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULRGH1HXURELRORJLD&HOXODUGD8QLYHUVLGDGH)HGHUDO)OXPLQHQVH8))
)RQWH8QLYHUVLGDGH)HGHUDO)OXPLQHQVH
5HDOL]DomRQRDXGLWyULRGR,QVWLWXWRGH(FRQRPLDGR6HPLQiULR,QWHUQDFLRQDOD$PD]{QLDHD(FRORJLDUHXQLQGRHV
SHFLDOLVWDVEUDVLOHLURVHHVWUDQJHLURVTXHGHEDWHUDPTXHVW}HVUHODFLRQDGDVjRFXSDomRHDRGHVHQYROYLPHQWRGDUHJLmR
DPD]{QLFDSHOD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHHVWXGRVGHFRQJHODPHQWRGHHPEUL}HVGHUDWRVDILPGHSHUPLWLUDPDQXWHQomRGHSDGU}HVJH
QpWLFRV LQGLVSHQViYHLV SHOR &HQWUR GH %LRWHULVPR GR ,QVWLWXWR GH %LRORJLD GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&LrQFLDV([DWDVHGD7HUUD
3URGXomRGH´TXDVHFULVWDLVµPDWHULDLVLQWHUPHGLiULRVHQWUHRVDPRUIRVFRPRRVYLGURVHRV
FULVWDLVVREFRRUGHQDomRGRSHVTXLVDGRU)HUQDQGR/XL]GH$UD~MR0DFKDGRFRPILQDQFLD
PHQWRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXORSHOR/DERUDWyULRGH%DL[DV
7HPSHUDWXUDVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SULPHLUR
ODERUDWyULRGD$PpULFD/DWLQDDSURGX]LORV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDVVREUHDXWLOL]DomRGHDUJLODVHPTXtPLFDIULDFRPRFDWDOLVDGRUHVVXEVWkQFLDVXVDGDVSDUD
DFHOHUDUUHDo}HVTXtPLFDVSHOR,QVWLWXWRGH4XtPLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$033DUDOHODPHQWH
UHDOL]DVHXPFXUVRQDiUHDSHORTXtPLFRIUDQFrV3LHUUH/D]VOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFHVVmR DR SHVTXLVDGRU -RVp /HLWH /RSHV GD iUHD GH &LrQFLDV )tVLFDV H $VWURQ{PLFDV GR 3UrPLR $OPLUDQWH ÉOYDUR
$OEHUWRSDUD&LrQFLDH7HFQRORJLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGR&HQWURGH5DGLRDVWURQRPLDH$SOLFDo}HV(VSDFLDLVSRUPHLRGHFRQYrQLRHQWUHD8QLYHUVLGDGHGH6mR3DXOR
863D8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03R,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(HD8QLYHUVLGDGH
0DFNHQ]LHSDUDSHVTXLVDQDiUHDGHJHRGpVLDHVSDFLDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QVWDODomRGR3yORGH6RIWZDUHGH&XULWLED
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
,GHDOL]DomR H GHVHQYROYLPHQWR GH XPD WHOD KRORJUiILFD FDSD] GH WUDQVIRUPDU D LPDJHP GH ´VOLGHVµ RX GH XPD WHOD
GH WHOHYLVmR HP KRORJUDPD SHOR SURIHVVRU -RVp -RDTXLP /XQD]]L GR /DERUDWyULR GH ÐSWLFD GR ,QVWLWXWR GH )tVLFD GD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GD PRDJHP DXWyJHQD H D IORWDomR GRV PLQpULRV DXUtIHURV SDUD D 0LQHUDomR 6mR %HQWR HP 0LQDV
*HUDLV
)RQWH&HQWURGH7HFQRORJLD0LQHUDO
5HDOL]DomRSHOR'HSDUWDPHQWRGH5DLRV&yVPLFRVGR,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
GD(VFRODGH)HQRPHQRORJLDGH$OWD(QHUJLD*OHE:DWDJKLQFRPRREMHWLYRGHUHVJDWDURSDSHOKLVWyULFRGHVHPSH
QKDGRSHORItVLFR*OHE:DWDJKLQHFRODERUDGRUHVQDLPSODQWDomRGRVFXUVRVGH)tVLFDQR%UDVLOHGHPRWLYDUHRULHQWDURV
HVWXGDQWHVGHSyVJUDGXDomRHRVMRYHQVSHVTXLVDGRUHVSDUDDiUHDGH)HQRPHQRORJLDGH$OWDV(QHUJLDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSOHPHQWDomRQD0LQHUDomR5LRGR1RUWHGHQRYDPHWRGRORJLDGHGLVSRVLomRGRVUHMHLWRVIHLWDQDSUySULDiUHDODYUD
GDHPYLUWXGHGDWUDQVIHUrQFLDGD3ODQWDGH/DYDJHPGDEDX[LWDSDUDDiUHDGDPLQD
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR/DERUDWyULR1DFLRQDOGH$VWURItVLFD/1$
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
6XUJLPHQWRGR3URJUDPDGH,QIRUPDWL]DomRQR7UHLQDPHQWRFRPDSDUWLFLSDomRGR%DQFRGR%UDVLOQRFXUVR&RPR
3ODQHMDUR7UHLQDPHQWRHP,QIRUPiWLFDTXHDERUGDYDHQWUHRXWURVDVVXQWRVIXQGDPHQWRVGH7UHLQDPHQWR%DVHDGRHP
&RPSXWDGRU7%&
)RQWH%DQFRGR%UDVLO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUDGHFRQYrQLRHQWUH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HR,QVWLWXWR1DFLRQDOGH)tVLFD1XFOHDU
GD,WiOLDSDUDLQWHUFDPELDUWUHLQDPHQWRWHFQROyJLFRQRHVWXGRGDYDULDomRFyVPLFDVREDFRRUGHQDomRGRSURIHVVRU
$UPDQGR7XUWHOOL-~QLRUFKHIHGRJUXSRGR'HSDUWDPHQWRGH5DLRV&yVPLFRVGR,QVWLWXWRGH)tVLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HDOL]DomRGHSHVTXLVDSLRQHLUDQR%UDVLOGH%LRPDWHPiWLFDHVWXGRGDDSOLFDomRGDPDWHPiWLFDQDELRORJLDVREFRRU
GHQDomRGRSURIHVVRU/DpUFLR/XtV9HQGLWLGR,QVWLWXWRGH0DWHPiWLFD(VWDWtVWLFDH&RPSXWDomR&LHQWtILFDGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
0DUFRKLVWyULFR9,
3ROtWLFDLQGXVWULDOQDGpFDGDGH
2ODYR6HW~EDO
2VDQRVYmRPXLWRDOpPGDUXSWXUDFRPRSDGUmRGHGHVHQYROYLPHQWRSUHYDOHFHQWHQDV
FLQFRGpFDGDVDQWHULRUHV(OHVWDPEpPUHSUHVHQWDPXPDLQYHUVmRQDFXOWXUDHPSUHVDULDO
HQRVSULQFtSLRVSROtWLFRVVXEMDFHQWHVDRGHEDWHGH(XJrQLR*XGLQFRP5REHUWR6LPRQVHQ
WUDYDGRQDGpFDGDGHTXDQGRR%UDVLOGHIODJURXVXD5HYROXomR,QGXVWULDO
'HIHQVRU GR OLYUH PHUFDGR *XGLQ IRL UHOHJDGR D REVFXULGDGH GXUDQWH D ´(UD 9DUJDVµ
GDGDDKHJHPRQLDGDVWHVHVGH6LPRQVHQSDUDTXHPR3DtVVyFRQVHJXLULDLQGXVWULDOL
]DUVHSRUPHLRGHXP´(VWDGR(PSUHHQGHGRUµFRPVXDSROtWLFDGHVXEVWLWXLomRGHLP
SRUWDomRHDRSomRSHODUHVHUYDGHPHUFDGR2VDQRVPDUFDPRUHWRUQRGHVVHGHED
WHHFRPHOHRUHVVXUJLPHQWRGHLGpLDVHLQLFLDWLYDVTXH*XGLQFHUWDPHQWHHQGRVVDULD
&RPDFREHUWXUDFRPHUFLDOSURPRYHXVHXPFKRTXHGHFRPSHWLWLYLGDGHQDHFRQRPLD
&RP DV SULYDWL]Do}HV IRUDP FRQTXLVWDGRV RV LQYHVWLPHQWRV GLUHWRV HP LQIUDHVWUXWXUD
TXHR(VWDGRQmRFRQVHJXLDDWHQGHU&RPRFRQWUROHGDLQIODomRHDHVWDELOLGDGHPRQH
WiULDGLVVHPLQRXVHRSULQFLSLRGDUHVSRQVDELOLGDGHILVFDO(FRPDVDJHQFLDVUHJXODGR
UDVEXVFRXVHXPDIRUPDGHJHVWmRHVWDWDOGDHFRQRPLDPHQRVLQWHUYHQFLRQLVWDHPDLV
HILFLHQWHFRPEDVHQRIRPHQWRjFRQFRUUrQFLD
-XVWDPHQWHSRUVXDLPSRUWkQFLDHVHXLPSDFWRHVVDVPXGDQoDVDLQGDWrPGHVHUDQD
OLVDGDVFRPULJRUHLVHQomR(ODVWURX[HUDPPDLVHILFLrQFLDHFRQRPLDQmRKiGXYLGD
0DVDUHWRPDGDGRFUHVFLPHQWRILFRXWUDYDGDSRUGLIHUHQWHVIDWRUHVFRPRFULVHVLQWHUQD
FLRQDLVHGHVHTXLOtEULRVPDFURHFRQ{PLFRVGHFRUUHQWHVGRDWUDVRGDVUHIRUPDVMXGLFLDO
SUHYLGHQFLiULDHWUDEDOKLVWD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
7DOYH]SRULVVRpTXHDRORQJRSHUtRGRDH[FHVVLYDDWHQomRGLVSHQVDGDjOLEHUDomRWHQKDREVFXUHFLGRXPDTXHVWmR
LPSRUWDQWH²DGHTXHFHUWRVSDSHLVVySRGHPFDEHUDRFROHWLYR1mRTXHHOHRVGHVHPSHQKHFRPPDLRUHILFLrQFLD
TXHDLQLFLDWLYDSULYDGD0DVLVWRVLPSRUTXHRSDUWLFXODUSRUVXDQDWXUH]DQmROHYDHPFRQWDPDLVTXHVHXVLQWHUHV
VHVRXRVGHVHXVHWRUHFRUSRUDomR
eSRULVVRTXHQmRVHSRGHDSODXGLUDSULYDWL]DomRRXDWUDQVIHUrQFLDGHGHWHUPLQDGDVDWLYLGDGHVDQWHVH[HUFLGDVSHOR
(VWDGRVHPVHGHL[DUGHFREUDUGHOHILUPH]DHPVXDVIXQo}HVGHFRRUGHQDomRGHLQWHUHVVHHGHSODQHMDPHQWR&ULDU
SURJUDPDVHGHILQLUREMHWLYRVGHORQJRSUD]RFRPRXPDSROtWLFDLQGXVWULDOQmRVmRSDSHLVGDLQLFLDWLYDSULYDGD6mR
DWULEXLo}HVDRJRYHUQR
(VVHIRLRGHVDILRTXHRGHEDWHHPWRUQRGDVSROtWLFDVLQGXVWULDLVQRVWURX[HDSDUWLUGRVDQRVFRQMXJDUDEHUWXUD
FRPHUFLDOHHILFLrQFLDHFRQ{PLFDFRPQRomRGHHVWUDWpJLDFRQFLOLDUSULQFtSLRVFRPRRVGDUHVSRQVDELOLGDGHILVFDOH
RUoDPHQWiULDFRPGHILQLomRGHSULRULGDGHVHGHVFREULUTXHVHJXUDQoDHFRQ{PLFDHGHVHQYROYLPHQWRIDWRUHVLQGLV
SHQViYHLVjJHUDomRGHHPSUHJRVHULTXH]DVFRPS}HPRUHSHUWyULRFRQWHPSRUkQHRGRVGLUHLWRVIXQGDPHQWDLV
(HVVHGHVDILRTXHGiDDWXDOLGDGHj&1,XPDHQWLGDGHSDWURQDODSyVGHH[LVWrQFLDeHVVHGHVDILRTXHGiVHQWLGRj
LQLFLDWLYDGR0LQLVWpULRGR'HVHQYROYLPHQWRQDJHVWmRGR3DUWLGRGRV7UDEDOKDGRUHVGHFRPHPRUDUHVVHDQLYHUVDULR
2ODYR (J\GLR 6HW~EDO ² (QJHQKHLUR GLSORPDGR HP SHOD (VFROD 3ROLWpFQLFD GD 8QLYHUVLGDGH GH 6mR 3DXOR LQLFLRX VXD FDUUHLUD WUDEDOKDQGR
FRPRSURIHVVRUDVVLVWHQWHQR,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDV)RLVyFLRIXQGDGRUGDHPSUHVD'HFDHVSHFLDOL]DGDQDIDEULFDomRGHIHFKDGXUDV
WRUQHLUDVHQWUHRXWURVXWHQVtOLRVHUHHVWUXWXURXDHPSUHVD'XUDWH[1DGLUHomRJHUDOGRDQWLJR%DQFR)HGHUDOGH&UpGLWRPRGHUQL]RXHH[SDQGLXRV
QHJyFLRVSRUPHLRGDLQFRUSRUDomRGHQXPHURVDVLQVWLWXLo}HVILQDQFHLUDVHQWUHHODVR%DQFR,WD~SURPRYHQGRXPDUHYROXomRQDiUHDGHLQIRUPiWLFD
DSDUWLUGDFRQVWUXomRGRFHQWURWpFQLFRHRSHUDFLRQDO1RVDQRV2ODYR6HW~EDOMiWLQKDVHWUDQVIRUPDGRQRVHJXQGRPDLRUEDQTXHLURGR3DtVH
DWXDOPHQWHpUHIHUrQFLDGRHPSUHVDULDGREUDVLOHLURQRPHUFDGRILQDQFHLURQDFLRQDO)RLSUHIHLWRGH6mR3DXOR3HODJUDQGHUHYROXomRWHFQROyJLFDQR
VHWRUGHLQG~VWULDVILQDQFHLUDVPHGLDQWHDLQIRUPDWL]DomRGHVXDVDWLYLGDGHVIRLDJUDFLDGRFRPD0HGDOKDGR&RQKHFLPHQWR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
/DQoDPHQWRGR3URJUDPD%UDVLOHLURGD4XDOLGDGHH3URGXWLYLGDGH3%43SHOR'HFUHWR
GHGHQRYHPEURREMHWLYDQGRDSRLDURHVIRUoRGHPRGHUQL]DomRGDLQG~VWULDEUDVLOHLUDSRUPHLR
GDSURPRomRGDTXDOLGDGHHSURGXWLYLGDGHFRPYLVWDVDDXPHQWDUDFRPSHWLWLYLGDGHGHEHQVH
VHUYLoRVSURGX]LGRVQRSDtV)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU
6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGDV=RQDVGH3URFHVVDPHQWRGH([SRUWDomR=3(VQR(VWDGRGR&HDUi
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QtFLRGDDEHUWXUDHFRQ{PLFDEUDVLOHLUDSDUDLQG~VWULDVDXWRPRELOtVWLFDV*0ÉVLDH.LDFRPHoDQGRDLPSRUWDUFDPLQK}HV
)RQWH$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH9HtFXORV$XWRPRWRUHV
&RQFHVVmRGR3UrPLR-RYHP&LHQWLVWDDRSURIHVVRU:DJQHU*HUEHUGR&HQWUR)HGHUDOGH(GXFDomR7HFQROyJLFD&()(7
56FRPRSURMHWRGHSHVTXLVD2EWHQomRGHFHOXORVHDWUDYpVGDSDOKDHFDVFDGHDUUR]MiWHVWDGRHDSURYDGRSDUD
SURGXomRHPHVFDODLQGXVWULDO
)RQWH8QLYHUVLGDGH)HGHUDOGH3HORWDV
,PSODQWDomRGDSULPHLUDPRQWDGRUDGHDXWRPyYHLVGR&HDUi*XUJHO6$,QG~VWULDH&RPpUFLRGH9HtFXORV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
(VWDEHOHFLPHQWRGRDQRGHFRPRR$QR1DFLRQDOGD4XDOLGDGHH3URGXWLYLGDGHSHOR'HFUHWRGHGH
QRYHPEUR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QVWDODomRGD5HFRIDUPD,QG~VWULDGR$PD]RQDV/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
3UHSDUDomRGHXPDVpULHGHSURGXWRVSDUDVHUHPLQGXVWULDOL]DGRVSHOR(VFULWyULRGH7UDQVIHUrQFLDGH7HFQRORJLDWDLV
FRPRXPDJHODGHLUDVRODUERODFKDVIHLWDVGHVDQJXHERYLQRHXPFDWDOLVDGRUDQWLSROXLomRSHOD8QLYHUVLGDGH(VWDGXDO
GH&DPSLQDV81,&$032REMHWLYRGR(VFULWyULRpSHUPLWLUTXHHPSUHVDVWHQKDPDFHVVRDSHVTXLVDVGHVHQYROYLGDVQD
XQLYHUVLGDGH
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QtFLRGDDWLYLGDGHPHWUROyJLFDQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,5-FRPDLPSODQWDomRHFUHGHQ
FLDPHQWRGRODERUDWyULRGHFRQWUROHGLPHQVLRQDOGR&HQWURGH7HFQRORJLD(XYDOGR/RGL
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR6HUYLoRGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVQR'LVWULWR)HGHUDO6(%5$(')
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDGR'HFUHWRGR*RYHUQR(VWDGXDOLQVWLWXLQGRR35Ð,1'Ô675,$SURJUDPDGHILQDQFLDPHQWRDLQYHVWLPHQWRVLQGXVWULDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&ULDomRGR6HUYLoRGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVHP$ODJRDV6(%5$($/
)RQWH,QVWLWXWR(XYDOGR/RGL
,QWURGXomRGDiUHDGHHOHWU{QLFDQR&HQWURGH7HFQRORJLD(XYDOGR/RGLFRPDLPSODQWDomRGRODERUDWyULRFRPSXWDGR
UL]DGR(%HGRODERUDWyULRGHDXWRPDomRQRkPELWRGR3URMHWR6DLQWH&URL[
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(SHODV/HLVHHUHJXODPHQWDGR
QRPHVPRDQRSHOR'HFUHWR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
5HFHELPHQWRGR3UrPLR$*$SHOD,0&(QJHQKDULDGH6ROGDJHP,QVWUXPHQWDomRH$XWRPDomR/WGDFRQIHULGR
SHOD$VVRFLDomR%UDVLOHLUDGH6ROGDJHP$%6
)RQWH&RPLVVmR0HGDOKDGR&RQKHFLPHQWR&1,0',&6(%5$(
&ULDomRGR'LVWULWR,QGXVWULDOGH)RUWDOH]D',),,,
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,QVWDODomR GH XPD XQLGDGH SDUD IDEULFDomR GH FRPSRQHQWHV HOpWULFRV HP ,WDLySROLV6& SHOD (PSUHVD %UDVLOHLUD GH
&RPSUHVVRUHV6$(0%5$&2
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
&ULDomRGR'LVWULWR$JURLQGXVWULDOGH$UDJXDtQD
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
,PSODQWDomRGR3yOR,QGXVWULDO5L]LFXOWRUHP5RUDLPD
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR,QG~VWULDH&RPpUFLR
&ULDomRGR&HQWURGH7UHLQDPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP&RQFyUGLD6&
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVHP6mR3DXOR6(%5$(63FRPRHQWLGDGHQmR
JRYHUQDPHQWDO
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
0XGDQoDGDGHQRPLQDomRGD(VFROD7pFQLFDGH&DOoDGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,,OGHIRQVR
6LP}HV/RSHVSDUD&HQWUR7HFQROyJLFRGH&DOoDGR6(1$,GH1RYR+DPEXUJR56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(')
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3URJUDPD7HPiWLFR0XOWLLQVWLWXFLRQDOHP&LrQFLDGD&RPSXWDomR3UR7H0&&XPDLQLFLDWLYDGR0LQLVWpULR
GD&LrQFLDH7HFQRORJLDHGR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T6HXSULQFLSDOREMH
WLYRpIRUWDOHFHUDFDSDFLWDomRWHFQROyJLFDHPLQIRUPiWLFDQR%UDVLODSOLFDQGRRFRQFHLWRGHSHVTXLVDFRRSHUDWLYDHQWUH
HPSUHVDVXQLYHUVLGDGHVHFHQWURGHSHVTXLVD2XWUDPHWDGRSURJUDPDpLQWHQVLILFDURSURFHVVRGHIRUPDomRGHSHVVRDO
TXDOLILFDGRSDUDVXSULUDVQHFHVVLGDGHVGRVHWRULQGXVWULDO
)RQWH8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR
,QVWLWXLomR GR 3URMHWR ´5HGH (VWDGXDO GH /DERUDWyULRV 3~EOLFRV H 3ULYDGRV GH 3UHVWDomR GH 6HUYLoRV 7HFQROyJLFRV
,QGXVWULDLVµ
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
([WHQVmRGDVDWLYLGDGHVSDUDDiUHDDPELHQWDOFRPDFULDomRGR/DERUDWyULRGH(IOXHQWHVTXHDOpPGHDWHQGHUDVGH
PDQGDVGDFDGHLDSURGXWLYDWr[WLODWHQGHWDPEpPWRGDVDViUHDVTXHFDXVDPLPSDFWRDRPHLRDPELHQWHSRUPHLRVGH
VHXVHIOXHQWHVSHOR&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,5-FRPRDSRLRGR'HSDUWDPHQWR1DFLRQDOGR6(1$,2ODERUDWyULRpFUHGHQFLDGRSHOD)XQGDomR(VWDGXDOGH
(QJHQKDULDGR0HLR$PELHQWH)((0$5-
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
(VWUXWXUDomRGD8QLGDGH2SHUDFLRQDOGH&RORULPHWULDFULDQGRRSULPHLUR/DERUDWyULRGH(QVDLRV3HVTXLVDVH6HUYLoRV
QDiUHDGHFRORULPHWULDGD$PpULFD/DWLQDTXHDOpPGHDWHQGHUDVGHPDQGDVGDFDGHLDSURGXWLYDWr[WLODWHQGHWRGDV
DViUHDVLQGXVWULDLVTXHHQYROYHPFRQKHFLPHQWRVVREUHFRUSHOR&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLOGR
6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$,5- HP SDUFHULD FRP D 2UJDQL]DomR GDV 1Do}HV 8QLGDV SDUD R
'HVHQYROYLPHQWR,QGXVWULDO81,'2(VVHODERUDWyULRFODVVLILFDVHFRPRXPGRVFLQFRPHOKRUHVGRPXQGRQHVVDiUHD
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
,QDXJXUDomRGDXVLQDGHELRJiVHP%HOR+RUL]RQWHSHOD&RPSDQKLDGH*iVGH0LQDV*HUDLV*$60,*VXEVLGLiULDGD
&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV&(0,*
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
)XQGDomRGD)HGHUDomRGDV$VVRFLDo}HV&RPHUFLDLVH,QGXVWULDLVGR(VWDGRGR7RFDQWLQV)$&,(7
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
&ULDomRGR'LVWULWR(FR,QGXVWULDOGH3DOPDV
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
/DQoDPHQWRGD3ROtWLFD,QGXVWULDOHGH&RPpUFLR([WHULRU3,&(TXHLPSXOVLRQRXDVPXGDQoDVQHFHVViULDVjUHHVWUXWXUD
omRGRSDUTXHSURGXWLYRQDFLRQDOTXHHQYROYLDPFDSDFLWDomRWHFQROyJLFDDGHTXDomRGRPRGHORHPSUHVDULDOPHOKRULD
GDTXDOLGDGHHDXPHQWRGDSURGXWLYLGDGH
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD&RPSDQKLD0LQHUDGRUDGH0LQDV*HUDLV&20,*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD4XLUDO4XtPLFDGR%UDVLOHP-XL]GH)RUDSULPHLUDLQG~VWULDGHEDVHWHFQROyJLFDEUDVLOHLUDQRVVHWRUHVGHTXt
PLFDILQDHIDUPDFrXWLFRFRQVROLGDGDDSDUWLUGRPRGHOR´LQFXEDomRGHHPSUHVDµGHQWURGHXPDXQLYHUVLGDGH
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD&RPLVVmR,QWHUQDSDUD$VVXQWRVGH4XDOLGDGH,QGXVWULDOFRRUGHQDGDSHORGLUHWRUWLWXODUGR'HSDUWDPHQWRGH
7HFQRORJLD'(7(&
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
5HFRQKHFLPHQWRGR'HSDUWDPHQWRGH7HFQRORJLD'(7(&GD)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
),(63SHOD2UJDQL]DomRGDV1Do}HV8QLGDVSDUDR'HVHQYROYLPHQWR,QGXVWULDO218',FRPRyUJmRGHH[FHOrQFLDHP
LQIRUPDomRWHFQROyJLFDLQGXVWULDOQR%UDVLOeGHVLJQDGRFRPR3RQWR)RFDO5HJLRQDOSDUDD$PpULFD/DWLQDH&DULEHGR
%DQFRGH,QIRUPDomR,QGXVWULDOH7HFQROyJLFD,17,%
)RQWH)HGHUDomRH&HQWURGDV,QG~VWULDVGR(VWDGRGH6mR3DXOR
5HFHELPHQWRGD2UGHPGR0pULWR,QGXVWULDOGD)HGHUDomRGDV,QG~VWULDVGH6DQWD&DWDULQDSRU(JJRQ-RmRGD6LOYD
)RQWH:(*,QG~VWULDV6$
3DQRUDPD1DFLRQDO
&ULDomRGR&RQVHOKR'HOLEHUDWLYRGR)XQGRGH$PSDURDR7UDEDOKDGRUSRUPHLRGD/HLQž
)RQWH0LQLVWpULRGR7UDEDOKRHGR(PSUHJR
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLD&(&7
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
0XGDQoDGHGHQRPLQDomRGR,QVWLWXWRGH3HVTXLVDV(VSDFLDLVTXHSDVVDDVHFKDPDU,QVWLWXWR1DFLRQDOGH3HVTXLVDV
(VSDFLDLV,13(
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
&ULDomRGD)XQGDomR&HDUHQVHGH$PSDURj3HVTXLVD)81&$3SHOD/HLGHGHQRYHPEURDOWHUDGDSHOD/HL
GHžGHPDUoRGHFRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFRHYLQFXODGDj6HFUHWDULDGH&LrQFLDH
7HFQRORJLD6(&,7(&(3DVVDDGHQRPLQDUVH)XQGDomR&HDUHQVHGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
)81&$3SHOD/HLGHGHMDQHLURGH
)RQWH)XQGDomRGH$PSDURj3HVTXLVD
,QtFLRGDVDWLYLGDGHVGHIRPHQWRGD)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR)$&(3(
LQRYDQGRFRPDFULDomRGDVPRGDOLGDGHVGH%ROVDGH3Up*UDGXDomRSDUD(VWXGDQWHVGR,QWHULRUH%ROVDGH7UHLQDPHQWR
GH7pFQLFRGH$SRLRj3HVTXLVDVHQGRWDPEpPDSULPHLUDDJrQFLDGHIRPHQWRDGHVHQYROYHUXPSURJUDPDGHLQGXomR
QR1RUWHH1RUGHVWH
)RQWH)XQGDomRGH$PSDURj&LrQFLDH7HFQRORJLDGR(VWDGRGH3HUQDPEXFR
,QGLFDomRGRSURIHVVRU$OWDLU6DOHV%DUERVDSDUDLQWHJUDURFRPLWrFLHQWtILFRGD1DWLRQDO*HRJUDIKLF6RFLHW\GH:DVKLQJWRQ
(VWDGRV8QLGRVQDiUHDGHSHVTXLVDHH[SORUDomR
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
,QVWLWXLomR GD )XQGDomR (VWDGXDO GR 1RUWH )OXPLQHQVH )(1257( PDQWHQHGRUD GD 8QLYHUVLGDGH (VWDGXDO GR 1RUWH
)OXPLQHQVH8(1)
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
&ULDomRGR&HQWURGH&LrQFLDVGR(VWDGRGR5LRGH-DQHLUR&(&,(5-
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
$VVLQDWXUDGR$FRUGRSDUDR(VWDEHOHFLPHQWRGHXP*UXSRGH7UDEDOKRGH&RRSHUDomR7pFQLFD%LODWHUDODR&RQYrQLR
%iVLFRGH&RRSHUDomR7pFQLFDGHIHYHUHLURGHHQWUH%UDVLOH9HQH]XHODHPGHMXQKR
)RQWH0LQLVWpULRGDV5HODo}HV([WHULRUHV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,PSOHPHQWDomRGR3URJUDPD1DFLRQDOGH'HVHVWDWL]DomR31'&RQVLGHUDVHGHVHVWDWL]DomRDDDOLHQDomRSHOD8QLmR
GHGLUHLWRVTXHOKHDVVHJXUHPGLUHWDPHQWHRXDWUDYpVGHRXWUDVFRQWURODGDVSUHSRQGHUkQFLDQDVGHOLEHUDo}HVVRFLDLVH
RSRGHUGHHOHJHUDPDLRULDGRVDGPLQLVWUDGRUHVGDVRFLHGDGHEDWUDQVIHUrQFLDSDUDDLQLFLDWLYDSULYDGDGDH[HFXomR
GHVHUYLoRVS~EOLFRVH[SORUDGRVSHOD8QLmRGLUHWDPHQWHRXDWUDYpVGHHQWLGDGHVFRQWURODGDVEHPFRPRGDTXHOHVGH
VXDUHVSRQVDELOLGDGH
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
$SURYDomRGR3ODQR'LUHWRUGH&LrQFLDH7HFQRORJLDGH0DWR*URVVRGR6XO
)RQWH6HFUHWDULDGH(VWDGRGD3URGXomR6XSHULQWHQGrQFLDGH&LrQFLDH7HFQRORJLD
&ULDomR GR )XQGR GH $SRLR H GH 'HVHQYROYLPHQWR GR (QVLQR &LrQFLD H 7HFQRORJLD )$'(&7 JHULGR SHOR &RQVHOKR
(VWDGXDOGH&LrQFLDH7HFQRORJLD&(&,7(&GR(VWDGRGR0DWR*URVVRGR6XOFXMRREMHWLYRpJHUHQFLDURVUHFXUVRVGHV
WLQDGRVjFLrQFLDHWHFQRORJLD
)RQWH8QLYHUVLGDGHSDUDR'HVHQYROYLPHQWRGR(VWDGRHGD5HJLmRGR3DQWDQDO6HFUHWDULDGH(VWDGRGH3ODQHMDPHQWRHGH&LrQFLDH7HFQRORJLD
GH0DWR*URVVRGR6XO
$OWHUDomRGR1RPHGD)85*GH)XQGDomR8QLYHUVLGDGHGR5LR*UDQGHSDUD)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGD6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR5LR*UDQGHGR6XO
)RQWH6HFUHWDULDGD&LrQFLDH7HFQRORJLD
'HVDWLYDomR GDV DJrQFLDV UHJLRQDLV VHQGR TXH R TXDGUR WpFQLFR GH 5HFLIH p UHGLVWULEXtGR SDUD D )XQGDomR -RDTXLP
1DEXFR TXH FULD XP GHSDUWDPHQWR HVSHFtILFR SDUD 3ODQHMDPHQWR H 3ROtWLFD GH &LrQFLD H 7HFQRORJLD SHOR &RQVHOKR
1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
$TXLVLomRGRDFHUYRHPPLFURILOPHGR/DQGPDUNVRI6FLHQFHTXHFRQWpPREUDVFLHQWtILFDVDEUDQJHQGRDDQWLJXL
GDGHDWpRLQtFLRGRVpFXOR;;SRUPHLRGR3URMHWR%LEOLRWHFDH$UTXLYRGH'RFXPHQWDomRHP+LVWyULDGD&LrQFLDSHOR
&HQWURGH/yJLFD(SLVWHPRORJLDH+LVWyULDGD&LrQFLD&/(GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
)LUPDGRFRQYrQLRHQWUHD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*HR&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH
7HFQROyJLFR&13TSDUDDSRLDUR3URJUDPD(VSHFLDOGH&RQFHVVmR,QWHULQVWLWXFLRQDOGH%ROVDVGH,QLFLDomR&LHQWtILFD
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&RQVROLGDomRGD(VWUXWXUDGD6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD6(&7&
)RQWH6HFUHWDULDGH(VWDGRGH&LrQFLDH7HFQRORJLD
,QtFLRGH3URMHWRV7HPiWLFRVGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63
)RQWH8QLYHUVLGDGHGH6mR3DXOR
5HFHELPHQWRGRž3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH,QVWLWXLomRSHODUHYLVWD6XSHULQWHUHVVDQWHGD
(GLWRUD$EULO6$2SUrPLROKHIRLFRQIHULGRSRUVHWUDWDUGHXPDUHYLVWDWRWDOPHQWHYROWDGDSDUDDGLYXOJDomRGDFLrQFLD
HWHFQRORJLDHEDVWDQWHDFHVVtYHOjSRSXODomRHPIDFHDRIRUWHHVTXHPDGHGLVWULEXLomRGD(GLWRUD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
/DQoDPHQWRGR3URJUDPD%UDVLOHLURGH4XDOLGDGHH3URGXWLYLGDGH3%43SHORJRYHUQRIHGHUDOTXHWHPFRPRREMHWLYR
PHOKRUDUDFRPSHWLWLYLGDGHGRVVHWRUHVSURGXWLYRVQDFLRQDLVEHPFRPRFRQWULEXLUSDUDDPHOKRULDGDTXDOLGDGHGRV
VHUYLoRVS~EOLFRV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QJHQKDULDH7HFQRORJLD
$VVLQDWXUDGHDFRUGRHQWUHD&RPLVVmR%UDVLOHLUDGH$WLYLGDGHV(VSDFLDLV&2%$(HD$JrQFLD
(VSDFLDO1RUWH$PHULFDQD1$6$TXHLQFOXLODQoDPHQWRVGHIRJXHWHVHEDO}HVSDUDPHGLGDV
GHR]{QLRDOpPGHFROHWDHDQiOLVHGHFRPSRQHQWHVGDTXtPLFDGDDWPRVIHUD)RQWH,QVWLWXWR
1DFLRQDOGH3HVTXLVDV(VSDFLDLV
5HXQLmRSHODSULPHLUDYH]GHFLHQWLVWDVTXHHVWmRVHSUHSDUDQGRSDUDXVDUQR%UDVLODOX]VtQFURWURQ(VWHHYHQWRFLHQ
WtILFRVHWRUQDULDUHJXODUUHDOL]DGRDFDGDDQRSHOR/DERUDWyULR1DFLRQDOGH/X]6tQFURWRQ/1/6
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
)DEULFDomRGRSULPHLURSURWyWLSRGRHQYHORSHPRWRUHPILEUDGHNHYODUQR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
2SHUDomRGHXPFDORUtPHWURGHUHDomR0HWWOHU5&SDUDDDYDOLDomRWHUPRGLQkPLFDGHSURFHVVRVYLVDQGRDRGHVHQYRO
YLPHQWRGHSURFHVVRVVHJXURVGRSRQWRGHYLVWDRSHUDWLYRHDPELHQWDOSHOD1257(&48Ì0,&$6$SULPHLUDHPSUHVD
QR+HPLVIpULR6XODUHDOL]DUWDORSHUDomR
)RQWH1257(&48Ì0,&$6$
&ULDomRGD5HGHGH7HFQRORJLDGR5LRGH-DQHLUR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
5HFHELPHQWRGR3UrPLR-RYHP&LHQWLVWDFRPDSHVTXLVD&RQVHUYDomRGHHQHUJLDGHVDILRGRVDQRVTXHSURS}HXP
PHLRDOWHUQDWLYRSDUDREWHQomRGHiOFRROVHPiJXDSHORSURIHVVRU$QW{QLR-RVp0HLUHOOHVGD)DFXOGDGHGH(QJHQKDULD
GH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$032SUrPLRpFRQFHGLGRSHOD)XQGDomRGH$PSDURDR
(QVLQRHj3HVTXLVDGR(VWDGRGH6mR3DXOR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RORFDomRHPIXQFLRQDPHQWRGRSULPHLURFRPSXWDGRUIRW{QLFRGRPXQGRTXHWUDEDOKDFRPXP´FKLSµySWLFRXP
FULVWDOSDUDPHPyULDWUrVHVSHOKRVXPDOHQWHHXPDIRQWHGHOX]ODVHUSHODHTXLSHGHSHVTXLVDGRUHVFKHILDGDSHOR
SURIHVVRU9tWRU%DUDQDXVNDVGR'HSDUWDPHQWRGH6HPLFRQGXWRUHV,QVWUXPHQWRVH)RW{QLFDGD)DFXOGDGHGH(QJHQKDULD
(OpWULFDHGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&HOHEUDomRGH&RQYrQLRHQWUH)XQGDomRGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*HD$JrQFLD(VSDFLDO1RUWHDPH
ULFDQD1$6$SDUDSURFHVVDPHQWRVGRVGDGRVGRVDWpOLWH6($67$5$)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
)85*IRLLQGLFDGDFRPRDSULQFLSDOLQYHVWLJDGRUDGHVVHVGDGRVSDUDD$PpULFD/DWLQDGpFDGDGH
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGR(VFULWyULRGH7UDQVIHUrQFLDGH7HFQRORJLD(77GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPRRE
MHWLYRGHVLVWHPDWL]DUDVUHODo}HVGDXQLYHUVLGDGHFRPDLQG~VWULD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GH SHVTXLVD VREUH WRPyJUDIR GH UHVVRQkQFLD PDJQpWLFD QXFOHDU SDUD XVR HP FOtQLFDV PpGLFDV QD
)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QtFLRGRGHVHQYROYLPHQWRGRIRJXHWH96QR&HQWUR7pFQLFR$HURHVSDFLDO&7$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
'HVLJQDomRGDVHGHGR3RQWRGH3UHVHQoD323GD5HGH1DFLRQDOGH3HVTXLVDQD)XQGDomR,QVWLWXWR7HFQROyJLFRGR
(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3DUTXHGH'HVHQYROYLPHQWR7HFQROyJLFR3$'(&8QLYHUVLGDGH)HGHUDOGR&HDUi8)&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
,PSODQWDomR QD )XQGDomR ,QVWLWXWR 7HFQROyJLFR GR (VWDGR GH 3HUQDPEXFR ,7(3 GR 1~FOHR 5HJLRQDO %UDVLOHLUR GH
&RQVWUXomR&LYLO&2%5$&21
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
/DQoDPHQWRGRSULPHLURIRJXHWHGHVRQGDJHP6RQGD,,QR&HQWURGH/DQoDPHQWRGH$OFkQWDUD&/$
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
$SUHVHQWDomR RILFLDO j FRPXQLGDGH GR DFHOHUDGRU OLQHDU GH HOpWURQV SHOR /DERUDWyULR 1DFLRQDO GH /X] 6tQFURWRQ /1/6
)RQWH/DERUDWyULR1DFLRQDOGH/X]6tQFURWURQ
&ULDomRGR&HQWUR$PD]RQHQVHGH(GXFDomR7HFQROyJLFD/LQGROIR&ROORU&$(7
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&RQVWUXomRGDDHURQDYHPRWRSODQDGRUD9HVSHUSUHPLDGDFRPR6HORGH([FHOrQFLDQD%LHQDO%UDVLOHLUDGH'HVLJQ
)RQWH8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
,QDXJXUDomRGD79-DQJDGHLUR&DQDO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR&HDUi
&RQFHVVmRD$OEHUWR-RVpÉOYDUHVSHVTXLVDGRUGD)XQGDomR&HQWURGH5HIHUrQFLDHP7HFQRORJLDV,QRYDGRUDV&(57,
GR3UrPLR<HKDQ1XPDWDGH7HFQRORJLDSHOD)XQGDomR-DSRQHVD0LWXWR\RQDiUHDGH0HFkQLFDGH3UHFLVmRFRPR
WUDEDOKR$WHFQRORJLDGHPHGLomRSRUFRRUGHQDGDVFRPREDVHSDUDUHJXODomRGDTXDOLGDGHJHRPpWULFDGRSURFHVVR
GHXVLQDJHP&1&
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,QDXJXUDomRGR&DQDO8QLYHUVLWiULR79)85*
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
3LRQHLULVPRGD3ROLDOGHQ3HWURTXtPLFD6$QD$PpULFD/DWLQDQRGHVHQYROYLPHQWRGHXPQRYRSROLHWtOHQRGHXOWUDDOWRSHVR
PROHFXODU(VVHSOiVWLFRGHHQJHQKDULDDSUHVHQWDyWLPDVFDUDFWHUtVWLFDVGHUHVLVWrQFLDDRGHVJDVWHSRUDEUDVmRDRLPSDFWRH
DSURGXWRVTXtPLFRVVHQGRDSOLFDGRQDFRQIHFomRGHUROHWHVHVWHLUDVWUDQVSRUWDGRUDVUHYHVWLPHQWRVGHVLORVHGHFDoDPEDV
GHFDPLQKRVGHIHQVDVSDUDQDYLRVHDSOLFDo}HVPpGLFDVFRPRSHoDVFLU~UJLFDVHPHVSHFLDOSUyWHVHVyVVHDV
)RQWH%5$6.(0
,QVWDODomRGHUHGHGHFRPXQLFDomRSDUDLQWHUOLJDUWRGRRSDUTXHFRPSXWDFLRQDOFRPHVWDo}HVJUiILFDVDXPHQWDQ
GRDVVLPDFDSDFLGDGHGHSURFHVVDPHQWRGHLQIRUPDo}HVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRPD
FRRUGHQDomRGRSURIHVVRU)HUQDQGR3DL[mRGR,QVWLWXWRGH)tVLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
$VVLQDWXUD GR FRQYrQLR GH FRRSHUDomR HQWUH R *RYHUQR GH &XED H R *RYHUQR GH 3HUQDPEXFR SDUD WUDQVIHUrQFLD GH
WHFQRORJLD GH ´VDFFKDULQDµ FRPSRQHQWH SURWHLFR GH UDomR D SDUWLU GD FDQDGHDo~FDU DEVRUYLGD SHOD *HUrQFLD GH
%LRWHFQRORJLDGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QWHJUDomRGDV8QLYHUVLGDGHVYLD,QWHUQHWj)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
)RQWH8QLYHUVLGDGH)HGHUDOGH9LoRVD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$SUHVHQWDomRGRSURWyWLSRGHXPVLVWHPDGHYRWRHOHWU{QLFRR7RTXH7HODTXHSHUPLWHDRHOHLWRUYRWDUHQFRVWDQGRR
GHGRQRQRPHGRFDQGLGDWRHTXHIRUQHFHRUHVXOWDGRGDDSXUDomRPLQXWRVGHSRLVGR~OWLPRYRWRSHOD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03HR&HQWUR7HFQROyJLFRSDUD,QIRUPiWLFD&7,
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV$JUiULDV
&ULDomRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GHXPDUHGHGHPRQLWRUDPHQWR
DPELHQWDOGHPLFUREDFLDVKLGURJUiILFDVYLVDQGRDRGHVHQYROYLPHQWRGHLQGLFDGRUHVKLGUROyJLFRV
GHVXVWHQWDELOLGDGHIORUHVWDO)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRHSURGXomRGHVHPHQWHVGHVRMDFXOWLYDUHV%5%5H%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDRXVRGHD]ROODQDFXOWXUDGRDUUR]
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDRFRQWUROHGRDQHOYHUPHOKRGRGHQGr
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDIRUPDomRHPDQHMRGHFDSLQHLUDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRGHJUDPtQHDVIRUUDJHLUDVUHVLVWHQWHVjVFLJDUULQKDVGDVSDVWDJHQV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
)XQGDomRGD21**UXSRGH3HVTXLVDH([WHQVmRGH6LVWHPDV$JURIORUHVWDLVGR$FUH3(6$&5(HPGHMXOKR
)RQWH,QVWLWXWR(XYDOGR/RGL
'HVHQYROYLPHQWRGHDSOLFDGRUSRUWiWLOGHSURGXWRVTXtPLFRVYLDiJXDGHLUULJDomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,PSOHPHQWDomRGR3URMHWR3',772'HVHQYROYLPHQWR,QWHJUDGRGD$PD]{QLD2FLGHQWDOEDVHDGRQRVUHFXUVRV
IORUHVWDLVWHFQRORJLDVSDUDDXWLOL]DomRVXVWHQWiYHOGDVPDWpULDVSULPDVIORUHVWDLV
)RQWH)XQGDomRGH7HFQRORJLDGR(VWDGRGR$FUH
&ULDomRGR3URJUDPD$JUtFRODSHOD$JrQFLD(VSHFLDOGH)LQDQFLDPHQWR,QGXVWULDO),1$0(GHVWLQDGRDILQDQFLDUPiTXL
QDVHHTXLSDPHQWRVDJUtFRODVSDUDHPSUHVDV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
'HVHQYROYLPHQWRGHWpFQLFDVSDUDGHWHUPLQDomRGDHSLGHPLRORJLDHFRQWUROHGHHFWRHQGRHKHPRSDUDVLWRVHPERYLQRVGHFRUWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHHVWLUSHVHILFLHQWHVGHUL]yELRSDUDFHQWURVHPDKLEULJR,WDJXDL
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQVRUFLDomRGHPDQGLRFDFRPFXOWXUDVGHFLFORFXUWR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDSURGXomRGDIRUUDJHLUD´3DQLFXPPD[LPXPµ7DQ]kQLD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGDDOLPHQWDomRGHERYLQRVGHFRUWHQRSHUtRGRVHFR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHWpFQLFDVSDUDSURFHVVDPHQWRGHQHFWDUHVGHIUXWDVWURSLFDLV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDFRQWUROHELROyJLFRGDFLJDUULQKDYHUGH´(PSRDVFDNUDHPHULµ
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVSDUDRXVRGHHVTXHPDVGHFUX]DPHQWRVHPERYLQRVGHOHLWH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGDGRVDJHPGHFDODJHPHDGXEDomRIRVIDWDGDHPSDVWDJHQVGH´EUDFKLDUDKXPLGtFRODµH´DQGURSRJRQ
JD\DQXVµFXOWLYDU3ODQDOWLQD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWR GH SURMHWR GH SHVTXLVD SDUD ID]HU GD FDFKDoD XP EHELGD WmR FRQFHLWXDGD TXDQWR R XtVTXH WHQGR
FULWpULRV GHVGH D IHUPHQWDomR GR FDOGR DWp R HQYHOKHFLPHQWR SHOD SHVTXLVDGRUD $GLOPD 5HJLQD 3LSSD GD )DFXOGDGH
GH (QJHQKDULD GH $OLPHQWRV GD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 81,&$03 MXQWDPHQWH FRP SHVTXLVDGRUHV GD
8QLYHUVLGDGHGH6mR3DXOR8636mR&DUORVHGD(VFROD6XSHULRUGH$JULFXOWXUD/XL]GH4XHLUR]
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRHSURGXomRGHVHPHQWHGHWRPDWHFXOWLYDU&'´/\FRSHUVLFXPHVFXOHQWXPµ
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWR GH WHFQRORJLD SDUD $OJRGmR +HUEiFHR &HQWUR2HVWH &13$ ,7$ $OJRGmR UHFRPHQGDGR SDUD R
&HUUDGREUDVLOHLURGHDOWDSURGXWLYLGDGHHPHFDQL]DomRWRWDO
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QWURGXomRQRPHOKRUDPHQWRJHQpWLFRGHDYHLDGDYDULDomRVRPDFORQDO
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRGRFHFXOWLYDU'RFHPHO%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQJHODPHQWRHELVVHFomRGHHPEUL}HVERYLQRVHTLQRVHTXtGHRVHFDSULQRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHXP´VRIWZDUHµTXHHODERUDSURMHWRVTXHFRORFDPRDQLPDOHPFRQGLo}HVLGHDLVGHSURGXomRFRP
YHUV}HVSDUDJDGRGHOHLWHIUDQJRGHFRUWHHVXtQRVSHODSURIHVVRUD,UHQLO]DGH$OHQFDU1RDVSHODYHWHULQiULD.HLOD9LDQD
HSHORDQDOLVWDGHVLVWHPDV/XL]5REHUWR$PDUDOGR'HSDUWDPHQWRGH&RQVWUXo}HV5XUDLVGD)DFXOGDGHGH(QJHQKDULD
$JUtFRODGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV+XPDQDVH6RFLDLV
([WLQomRGD(PEUDILOPHH&RQFLQHFDXVDQGRXPDVLJQLILFDWLYDTXHGDGDSURGXomRTXHSDVVDDVHUVXVWHQWDGDSRUFXUWD
PHWUDJHQV
)RQWH0LQLVWpULRGD&XOWXUD
5HFHELPHQWRGR3UrPLR%UDVLOGH(FRQRPLDFRPDSHVTXLVD%UDVLOGHVDILRSDUDRQRYRVpFXORQRFRQFXUVRRUJDQL]D
GRSHOD)XQGDomR%DQFRGR%UDVLOH&RQVHOKR)HGHUDOGH(FRQRPLDSHORSURIHVVRU-RVp&DUORV0LUDQGDGR,QVWLWXWRGH
(FRQRPLDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3URPRomRSHOD(PSUHVD(VWDGXDOGH&LrQFLD7HFQRORJLDH'HVHQYROYLPHQWR(FRQ{PLFR6RFLDO(1&,'(&FRPRDSRLR
GR,QVWLWXWR(XYDOGR/RGL,(/GR3URJUDPDGH&DSDFLWDomRHP*HVWmRGH&LrQFLDH7HFQRORJLDSDUDRV6LVWHPDV(VWDGXDLV
5HJLmR&HQWUR2HVWHGHDGHVHWHPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
'HVHQYROYLPHQWRGHXPVLVWHPDGHVLQDLVHOHWUDVTXHSHUPLWHDFRPXQLFDomRHQWUHGHILFLHQWHVVHPTXDOTXHUFRRUGHQD
omRPRWRUDLQFDSD]HVGHDUWLFXODUSDODYUDVHGHFRQWURODURVPDLVVLPSOHVPRYLPHQWRVSHOD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03HPSDUFHULDFRPR,QVWLWXWR1DFLRQDOGH7HFQRORJLD2VLVWHPDXWLOL]DRPpWRGR%OLVVGHFRPXQL
FDomRGHVHQYROYLGRGXUDQWHD6HJXQGD*XHUUD0XQGLDOSHORDXVWUtDFR$GULDQR.DUO%OLW]
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QWHJUDomR GR 3URMHWR $OGHLD -XYHQLO QR &RQVHOKR 0XQLFLSDO GH 3URWHomR H 'HIHVD GRV 'LUHLWRV GD &ULDQoD H GR
$GROHVFHQWH
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&LrQFLDVGD6D~GH
7UDQVIRUPDomRHPSyORGHUHIHUrQFLDHWUHLQDPHQWRSDUDRVSURJUDPDVGHSUHYHQomRjFHJXHLUD
HPFRQVHTrQFLDGDFULDomRGR&HQWURGH&RPEDWHj&HJXHLUDGR'HSDUWDPHQWRGH2IWDOPRORJLD
GR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03)RQWH8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHHTXLSDPHQWRTXHGLVSHQVDFLUXUJLDHPDOJXQVFDVRVGHIUDWXUDGHQRPLQDGR2UWRFRQFXMRSURMHWR
GHLQLFLDomRFLHQWtILFDpILQDQFLDGRSHOR&RQVHOKRGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQRORJLD&13TSHORHQJHQKHL
URHOHWU{QLFR*HUDOGR0DUWLQVGRV5HLV-~QLRUGR&HQWURGH(QJHQKDULD%LRPpGLFD&(%GD8QLYHUVLGDGH(VWDGXDOGH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHXPFRPSXWDGRUFDSD]GHDJLOL]DURSODQHMDPHQWRGHDSOLFDo}HVUDGLRWHUiSLFDVSDUDIDFLOLWDURWUD
WDPHQWRGHFkQFHUSHOR&HQWURGH(QJHQKDULD%LRPpGLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,QRYDomRQRGLDJQyVWLFRGHOHSUDFRPDLQWURGXomRGHWpFQLFDVJHQpWLFDVGHDQiOLVHGH'1$SHODSHVTXLVDGRUD&KULVWLQH
+DFNHOGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RQFHVVmRjSHVTXLVDGRUD9LUJLQLD7RUUHV6FKDOOGR,QVWLWXWRGH%LRORJLDGD)XQGDomR2VZDOGR&UX]),2&58=GRž
3UrPLR-RVp5HLVGH'LYXOJDomR&LHQWtILFD0RGDOLGDGH'LYXOJDomR&LHQWtILFD2SUrPLROKHIRLFRQFHGLGRSHORFRQMXQWR
GHVHXVWUDEDOKRVGHVWLQDGRVDGLYXOJDUSULQFLSDOPHQWHHQWUHFULDQoDVFXUVDQGRRžJUDXLQIRUPDo}HVVREUHKLJLHQHH
GRHQoDVLQIHFWRFRQWDJLRVDVLQLFLDGRHPFRPXPWUDEDOKRVREUHHVTXLVWRVVRPRVHHTXHHYROXLXSDUDDFROHomR
&LUDQGDGD6D~GHHGHSRLVQDFULDomRGD&LUDQGDGR0HLR$PELHQWH
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
'HVHQYROYLPHQWRGHHTXLSDPHQWRGHWHFWRUGHDUULWPLDFDUGtDFDDVHUXWLOL]DGRSDUDUHDOL]DomRGHHOHWURFDUGLRJUDPD
SHOR&HQWURGH(QJHQKDULD%LRPpGLFD&(%GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03DSDUWLUGRUHVXOWDGR
GH SHVTXLVDV HODERUDGDV SHOR SHVTXLVDGRU 3DXOR &DUXVR 9DVFRVVHU SHOR SURIHVVRU -RVp :LOVRQ 0DJDOKmHV %DVVLQL GD
)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH&RPSXWDomRHSHORSURIHVVRU&OiXGLR3LQKRGD)DFXOGDGHGH&LrQFLDV0pGLFDV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGR6LVWHPDÔQLFRGH6D~GH686
)RQWH0LQLVWpULRGD6D~GH
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
/DQoDPHQWRSHOD%LRTXtPLFDGR%UDVLO6$%,2%5É6GDYDFLQDFRQWUDOHLVFKPDQLRVH
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,GHQWLILFDomRGDEDFWpULDFDXVDGRUDGDJDVWULWHFU{QLFDHSRVVLYHOPHQWHGD~OFHUDGXRGHQDOFRPRUHVXOWDGRGDVSHV
TXLVDVTXHLQYHVWLJDPDFRPELQDomRGHWUrVDQWLELyWLFRVSDUDHUUDGLFDUDEDFWpULDFRRUGHQDGDVSRU$QW{QLR)UHGHULFR
0DJDOKmHV GR &HQWUR GH 'LDJQyVWLFR GH 'RHQoDV GR $SDUHOKR 'LJHVWLYR *DVWURFHQWUR GD 8QLYHUVLGDGH (VWDGXDO GH
&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HFHELPHQWR GR 3UrPLR 'MDOPD %UHGD SHOD SHVTXLVD (VWXGR KLVWRSDWROyJLFR GDV DGHQyLGHV GH FULDQoDV DOpUJLFDV H
QmRDOpUJLFDVLPSOLFDo}HVQDVLQGLFDo}HVGHFLUXUJLDSHODSURIHVVRUD/Xt]D(QGRHPFRODERUDomRFRP-RVp9DVVDORH
6tOYLD5HJLQD/HLWmRGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$032SUrPLRp
FRQFHGLGRSHOD6RFLHGDGH1RUWH1RUGHVWHGH2WRUULQRODULQJRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHSHVTXLVDTXHMXQWDWHFQRORJLDHWUDGLomRRULHQWDOFRQWUDDGRUQR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH
(VWDGXDO GH &DPSLQDV 81,&$03 D SDUWLU GR WUDEDOKR GR SURIHVVRU 0DUFR $XUpOLR *XDUDOGR GLUHWRU GR 6HUYLoR GH
0HGLFLQD)tVLFDHGH5HDELOLWDomRTXHXWLOL]DODVHUVHPLFRQGXWRUSDUDFRPEDWHjVGRUHVGHGLYHUVDVRULJHQVDSDUWLUGRV
FKDPDGRVPHULGLDQRVGDDFXSXQWXUDHSRQWRVGHJDWLOKRiUHDVFUtWLFDVGHGRU
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
$&ULDomRGD)XQGDomR2%RWLFiULRGH3URWHomRj1DWXUH]DTXHYHPSDWURFLQDQGRSURMHWRVFRQ
VHUYDFLRQLVWDVHPWRGR%UDVLOSHOR3URJUDPDGH,QFHQWLYRj&RQVHUYDomRGD1DWXUH]DUHODFLRQD
GRVjFULDomRLPSODQWDomRHPDQXWHQomRGHXQLGDGHVGHFRQVHUYDomRSURWHomRGDYLGDVLOYHVWUH
EHPFRPRUHFXSHUDomRGHHFRVVLVWHPDV)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH
&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
)XQGDomRGD(FRDPD]{QLDHP5RUDLPD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QFRUSRUDomRGD,OKDGD3yOYRUDj)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH)85*SDUDLPSODQWDomRGR(FR0XVHX
GD,OKDGD3yOYRUDGpFDGDGH
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGR/DERUDWyULRGH7R[LFRORJLDGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRGR&HQWURGH(VWXGRVH3HVTXLVDVGR0HLR$PELHQWH&(0$'
)RQWH8QLYHUVLGDGHGR(VWDGRGR5LR*UDQGHGR1RUWH
&ULDomRGR3URMHWR0DPLUDXiUHVHUYDGHGHVHQYROYLPHQWRVXVWHQWiYHOFRPPLOKHFWDUHVQRPHLRGDIORUHVWDDPD
]{QLFD,QLFLDWLYDGHXPDRUJDQL]DomRQmRJRYHUQDPHQWDOTXHID]SHVTXLVDVHPHFRORJLDHUHFHEHDSRLRLQVWLWXFLRQDOGR
&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
&ULDomRGD5HVHUYD%LROyJLFDGR8DWXPmQDiUHDGHLQIOXrQFLDGD8VLQD+LGUHOpWULFDGH%DOELQD$0SHOR'HFUHWR)HGHUDO
GHGHMXQKR$VXDLPSODQWDomRPDQXWHQomRHFRQWUROHHVWiVREUHVSRQVDELOLGDGHGR,QVWLWXWR%UDVLOHLURGR
0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV5HQRYiYHLV,%$0$FRPDSRLRORJtVWLFRHILQDQFHLURGD&HQWUDLV(OpWULFDVGR
1RUWHGR%UDVLO6$(OHWURQRUWH
)RQWH&HQWUDLV(OpWULFDVGR1RUWHGR%UDVLO6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRSHOD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*GR,QVWLWXWRGR7UySLFR6XEÔPLGR,76SDUDDWXDUQDSURGXomRGH
FRQKHFLPHQWRVVREUHRPHLRDPELHQWHSDUWLFXODUPHQWHR&HUUDGR
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&ULDomRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GHXPDUHGHGHPRQLWRUDPHQWRDPELHQWDOGHPLFUREDFLDV
KLGURJUiILFDVYLVDQGRDRGHVHQYROYLPHQWRGHLQGLFDGRUHVKLGUROyJLFRVGHVXVWHQWDELOLGDGHIORUHVWDO
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
,QVWDODomRHIXQFLRQDPHQWRGD(VWDomR0DULQKDGH$TXDFXOWXUDQR%DOQHiULRGR&DVVLQR
)RQWH)XQGDomR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGH
&ULDomRGHXPSURJUDPDFRQMXQWR)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3$JrQFLD(VWDGXDOGH
5HFXUVRV+tGULFRV&35+8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR8)3(ILQDQFLDGRSHOR&RQVHOKR%ULWkQLFRSDUDDIRUPD
omRGHXPJUXSRPXOWLGLVFLSOLQDUHPXOWLLQVWLWXFLRQDOQDiUHDGHWUDWDPHQWRGHHIOXHQWHVSROXLGRUHV$FDSDFLWDomRIRL
FRPSOHPHQWDGDQD,QJODWHUUD
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&RQFHVVmRjHTXLSHGHRIWDOPRORJLVWDVGR+RVSLWDOGDV&OtQLFDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRRU
GHQDGDSHORSURIHVVRU1HZWRQ.DUD-RVpGRSUrPLR/LRQV+XPDQLWDU\$ZDUGGR&RQVHOKR%UDVLOHLURGH2IWDOPRORJLD
GXUDQWHR&RQJUHVVR3DQ$PHULFDQRGH2IWDOPRORJLDQR5LRGH-DQHLURFRPR3URMHWR&DWDUDWD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR1~FOHRGH6HQVRULDPHQWR5HPRWRH&OLPDWRORJLDGD6HFUHWDULD(VWDGXDOGH'HVHQYROYLPHQWR$PELHQWDOGH
5RQG{QLD6('$052
)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWR&RRUGHQDomR*HUDOH$GPLQLVWUDomR
3URGXomR GR SURMHWR DUTXLWHW{QLFR GR ´FDPSXVµ XQLYHUVLWiULR GH &iUFHUHV07 SHOR 3URJUDPD +DELWDomR 3RSXODU GD
8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
$VVLQDWXUDGD'HFODUDomR&RQMXQWD%UDVLO$UJHQWLQDGH)R]GR,JXDoXVREUHSROtWLFDQXFOHDUTXHDSURYDYDDHVWUXWXUD
EiVLFDGHSURFHGLPHQWRVJHUDLVSDUDXP6LVWHPD&RPXPGH&RQWDELOLGDGHH&RQWUROHGH0DWHULDO1XFOHDU6&&&
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
'HVHQYROYLPHQWRGH´VRIWZDUHµSDUDHVWLPDWLYDGHHYDSRWUDQVSLUDomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
5HDOL]DomRGR6LPSyVLR3URIHVVRU6pUJLR3RUWRVREUHODVHUHVXDVDSOLFDo}HVPDUFDQGRRGpFLPRDQLYHUViULRGDPRUWH
GRItVLFRHSURIHVVRU6pUJLR3HUHLUDGD6LOYD3RUWRSLRQHLUREUDVLOHLURQDXWLOL]DomRGHODVHUSDUDILQDOLGDGHVPpGLFDVGR
,QVWLWXWRGH)tVLFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
5HHVFULWXUDGDVOHLVGH1HZWRQVREUHGLQkPLFDHJUDYLWDomRSHORItVLFR$QGUp.RFN7RUUHV$VVLVGR,QVWLWXWRGH)tVLFDGD
8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR/DERUDWyULRGH3HWURJUDILD0LFURVFySLFDOLJDGRj8QLGDGHGH*HRWHFQLD
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRGR*UXSRGH7UDEDOKRGR3URJUDPDGH(QHUJLD1XFOHDU*73521(1FRQVWLWXtGRGHUHSUHVHQWDQWHVGRV0LQLVWpULRV
GD0DULQKD$HURQiXWLFD([pUFLWR5HODo}HV([WHULRUHVH,QIUD(VWUXWXUDHGDV6HFUHWDULDVGH&LrQFLDH7HFQRORJLD$VVXQWRV
(VWUDWpJLFRV0HLR$PELHQWHHSHOD&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU&1(1
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
&ULDomRGD$VVRFLDomR%UDVLOHLUDGD,QG~VWULDGR7ULJR)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR
,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDO&',HPžGHGH]HPEUR
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR3yOR,QGXVWULDOGH$OWDV7HFQRORJLDV%HUQDUGR6D\mR
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
5HFHELPHQWR GD 2UGHP GR 0pULWR ,QGXVWULDO GD &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD &1, SHOR SHVTXLVDGRU
(JJRQ-RmRGD6LOYD
)RQWH:(*,QG~VWULDV6$
&UHGHQFLDPHQWRGR,QVWLWXWRGH7HFQRORJLDGR3DUDQi7(&3$5SHOR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH
4XDOLGDGH,QGXVWULDO,10(752FRPR2UJDQLVPRGH,QVSHomR9HLFXODU
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQ
&ULDomRGD(VFROD7pFQLFDGH&XUWLPHQWRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,TXHHPSDVVD
DVHUR&HQWUR7HFQROyJLFRGR&RXUR6(1$,(VWkQFLD9HOKD56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomRGR&HQWURGH7HFQRORJLD,QGXVWULDO&7$HP0DULQJi
)RQWH,QVWLWXWRGH7HFQRORJLDGR3DUDQi
'HVHQYROYLPHQWR GRSULPHLURLQVHWLFLGDELROyJLFR LQWHLUDPHQWHQDFLRQDOFRQWUDRPRVTXLWR ´$HGLVµVRE DFRRUGHQD
omRGRVSHVTXLVDGRUHV(GLOEHUWR3ULQFH3RUWXJDOH*LO(GXDUGR6HUUDGR&HQWUR3OXULGLVFLSOLQDUGH3HVTXLVDV4XtPLFDV
%LROyJLFDVH$JUtFRODVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03(PFRQVHTrQFLDD8QLYHUVLGDGHILUPDFRQYr
QLRFRPD1LWUDO,QG~VWULDH&RPpUFLRGH,QRFXODGRUHVH3URGXWRV$JURSHFXiULRV/WGDSDUDDIDEULFDomRGRSURGXWR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR'LVWULWR,QGXVWULDOGH3RUWR1DFLRQDO
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGR5LR*UDQGHGR1RUWHHGR3DUi
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGR3yORGH,QG~VWULDVGH$OWD7HFQRORJLD%HUQDUGR6D\mR
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
&ULDomRGDLQIUDJiVLQIUDHVWUXWXUDGHJiVSDUDDUHJLmR6XO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRSHOR&RPLWr1DFLRQDOGD4XDOLGDGHH3URGXWLYLGDGHGR3URJUDPD%UDVLOHLURGD4XDOLGDGHH3URGXWLYLGDGH3%43
GR3UrPLR1DFLRQDOGD4XDOLGDGHFRPRREMHWLYRGHLQFHQWLYDURVPHOKRUHVPRGHORVGHJHVWmRGDTXDOLGDGH'H
DWp IRUDP FRQFHGLGRV RQ]H SUrPLRV D HPSUHVDV GD iUHD LQGXVWULDO H SUHVWDGRUDV GH VHUYLoRV WRGDV FHUWLILFDGDV
FRQIRUPHDV1RUPDV,62
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGR3URJUDPDGH&RPSHWLWLYLGDGH,QGXVWULDO3&,FRPDILQDOLGDGHGHGHVHQYROYHURVVHWRUHVGHWHFQRORJLDGH
SRQWDHUHHVWUXWXUDURVVHWRUHVLQGXVWULDLVHGHVHUYLoRVTXHSXGHVVHPDOFDQoDUSUHoRVHTXDOLGDGHHPSDGU}HVLQWHUQD
FLRQDLV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,QVWLWXLomRGR3URJUDPDGH)RUPDomR3URILVVLRQDOGH$SUHQGL]HV3)3$
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGD)XQGDomRGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVQR$FUH6(%5$($&HPGHIHYHUHLUR
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGDVDWLYLGDGHVGD5HGH%DOFmR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
)XQGDomRGR6HUYLoRGH$SRLRjV0LFURH3HTXHQDV(PSUHVDVGH*RLiV6(%5$(*2HPGHIHYHUHLUR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
5HDOL]DomRGRFXUVRSLRQHLURHPJHVWmRGDTXDOLGDGHHSURGXWLYLGDGHTXHWHYHFRPRILQDOLGDGHDFDSDFLWDomRUHFL
FODJHPHWUHLQDPHQWRGRVSDUWLFLSDQWHVQRJHUHQFLDPHQWRGHWpFQLFDVGHVWLQDGDVDDXPHQWDUDHILFLrQFLDGHSURFHVVRV
SURGXWLYRVSHODDomRFRQMXQWDHQWUH&RQIHGHUDomR1DFLRQDOGD,QG~VWULD&1,'HSDUWDPHQWRGH$VVLVWrQFLDj0pGLD
H 3HTXHQD ,QG~VWULD '$03, )HGHUDomR GDV ,QG~VWULDV GR (VWDGR GH 6DQWD &DWDULQD ),(6& 6HUYLoR 1DFLRQDO GH
$SUHQGL]DJHP,QGXVWULDO6(1$,HP-DUDJXiGR6XO
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
,PSODQWDomRGR6HUYLoRGH8OWUDVRQRJUDILDQR6HUYLoR6RFLDOGD,QG~VWULD6(6,6HGHHP&XULWLED35
)RQWH6HUYLoR6RFLDOGD,QG~VWULD
&ULDomRGR,QVWLWXWRGH3HVRVH0HGLGDVGR3LDXt
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,QWHQVLILFDomRGRVLQYHVWLPHQWRVHPWHFQRORJLDHUHFXUVRVKXPDQRVSHOD&RPSDQKLD6LGHU~UJLFD%HOJR0LQHLUDREWHQ
GRDFHUWLILFDomR,62
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH0LQDV*HUDLV
,PSODQWDomRSHOR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,3%GR3URMHWRGH'HVHQYROYLPHQWRGR6LVWHPD
GH)RUPDomR3URILVVLRQDOQDiUHDGHHOHWURHOHWU{QLFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGR&RQVHOKRGH'HVHQYROYLPHQWR,QGXVWULDO&',QR(VWDGRGR0DWR*URVVR
)RQWH,QVWLWXWR(XYDOGR/RGL
,QVWDODomRGD'L[WDO%LRPpGLFD,QG~VWULDH&RPpUFLR/WGD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(ODERUDomRGR3URJUDPDGH'HVHQKR,QGXVWULDO&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR&13T
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&ULDomRGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,55
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
5HDOL]DomRGR,6HPLQiULRGH4XDOLGDGHH3URGXWLYLGDGH
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&ULDomRGR'LVWULWR,QGXVWULDOGH3DUDtVR
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
3DQRUDPD1DFLRQDO
&ULDomRGD)XQGDomR%DQFRGR%UDVLOTXHWHPDSURYDGRSURMHWRVFRPRREMHWLYRGHSURPRYHUR
DFHVVRGDVRFLHGDGHEUDVLOHLUDDRVEHQHItFLRVTXHFRQIHUHPGLJQLGDGHVRFLDOPHGLDQWHDo}HV
QDViUHDVGHFLrQFLDHWHFQRORJLDDVVLVWrQFLDDFRPXQLGDGHVXUEDQRUXUDLVDVVLVWrQFLDVRFLDO
HGXFDomRFXOWXUDVD~GHUHFUHDomRHGHVSRUWR)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH
&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGR1RUWH)OXPLQHQVH8(1)HDSURYDomRGRHVWDWXWRSHOR'HFUHWRGHGHIHYHUHLUR
)RQWH6HFUHWiULDGH(VWDGRGH(GXFDomR
,QtFLRSHOD5HGHGH1~FOHRVGH,QIRUPDomR7HFQROyJLFDGDHGLomRGHJXLDVGHIRQWHVGHLQIRUPDomRSDUDRVHWRUSURGX
WLYRQDVVHJXLQWHViUHDVGHVLJQHQHUJLDSDUDRVHWRULQGXVWULDOSURFHVVDPHQWRGHIUXWRVWURSLFDLV
&$'&$0&$(LQIRUPiWLFDWHFQRORJLDGHFRQWUROHDPELHQWDOJHVWmRHWHFQRORJLDGDTXDOLGDGH
HOHWURHOHWU{QLFDPiUPRUHHJUDQLWRJHPDVMyLDVELMXWHULDVHDILQVWr[WLOHGHFRQIHFomR
LQVWUXPHQWDomRWHFQRORJLDGHHPEDODJHPHDFRQGLFLRQDPHQWRWHFQRORJLDVDSURSULDGDV
TXtPLFDHHQJHQKDULDTXtPLFDQR%UDVLOVDQHDPHQWRDPELHQWDO
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGR,QVWLWXWR+HEHUW/HY\TXHYHPDWXDQGRQRGHVHQYROYLPHQWRHSURPRomRGHSURMHWRVGHDWLYLGDGHVFLHQWtILFDV
HWHFQROyJLFDV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
,PSODQWDomRGD)XQGDomR&HQWURGH7HFQRORJLD,QGXVWULDOGD3DUDtED)81&(7,3%FRPRREMHWLYRGHSURPRYHUDJHUD
omRGLIXVmRHWUDQVIHUrQFLDGHWHFQRORJLDLQGXVWULDOFRPrQIDVHQDVPLFURHSHTXHQDVHPSUHVDV
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGDSDUDtED
&ULDomRGR)XQGRGH$SRLRj&LrQFLDH7HFQRORJLDGR0XQLFtSLRGH9LWyULD)$&,7(&SULPHLURIXQGRPXQLFLSDOQDiUHD
GH&LrQFLDH7HFQRORJLDQR%UDVLO
)RQWH&RQVHOKR0XQLFLSDOGH&LrQFLDH7HFQRORJLD
3ULYDWL]DomRGD8VLPLQDV
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&ULDomRGR&RQVHOKR(VWDGXDOGH&LrQFLDH7HFQRORJLDGR(VWDGRGD%DKLD
)RQWH6HFUHWDULD([WUDRUGLQiULDGH&LrQFLD7HFQRORJLDH,QRYDomRGR(VWDGRGD%DKLD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
)XQGDomRGR&RQVHOKR(PSUHVDULDOGH-RYHQVHP%HOR+RUL]RQWH'XUDQWHHVVHVDQRVPXLWRVSURMHWRVIRUDPUHDOL]DGRV
YLVDQGRDRDSULPRUDPHQWRHDIRUPDomRGHMRYHQVOLGHUDQoDVSDUDR(VWDGRGH0LQDV*HUDLV2&(-GH0LQDV*HUDLVUH
~QHVHFRP)HGHUDPLQDV-RYHP&L&L-RYHP&HQWURGDV,QG~VWULDVGDV&LGDGHV,QGXVWULDLVGH0LQDV*HUDLVR&RQVHOKR
(VWDGXDOGD-XYHQWXGHR&'/-RYHP&kPDUDGH'HVHQYROYLPHQWR/RMLVWDHD2$%-RYHP2UGHPGRV$GYRJDGRVGR
%UDVLOSDUDWHUHPXPDIRUoDPDLRUQDREWHQomRGHUHVXOWDGRVFRPXQV
)RQWH&RQIHGHUDomR1DFLRQDOGRV-RYHQV(PSUHViULRV
&ULDomRGD,QIUDHVWUXWXUDGH*iVSDUDDUHJLmR6XO,1)5$*É6
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR6XO
/DQoDPHQWRGD5HGH$QWDUHVLQLFLDOPHQWHGHQRPLQDGD6HUYLoR3~EOLFRGH$FHVVRj%DVHGH'DGRV63$TXHWHYHSD
SHOGHVWDFDGRQDRUJDQL]DomRHUHFXSHUDomRGHLQIRUPDomRHPPHLRHOHWU{QLFRQRSHUtRGRTXHDQWHFHGHXD,QWHUQHW
FRPHUFLDOQR%UDVLO
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomRGD6HFUHWDULDGH(VWDGRGH&LrQFLD7HFQRORJLDH0HLR$PELHQWH6(&70$YLQFXODQGRVHDHVWDD)XQGDomRGH
7HFQRORJLDGR(VWDGRGR$FUH)817$&HR,QVWLWXWRGR0HLR$PELHQWHGR$FUH,0$&GHDFRUGRFRPD/HLGH
H/HL&RPSOHPHQWDUGHGHMXOKR
)RQWH)XQGDomRGH7HFQRORJLDGR(VWDGRGR$FUH
&ULDomRGD8QLYHUVLGDGH(VWDGXDOGH6DQWD&UX]8(6&SHOD/HL(VWDGXDO
)RQWH6HFUHWDULDGD(GXFDomR
&ULDomRGR3URJUDPDGH&DSLWDOL]DomRGH(PSUHVDGH%DVH7HFQROyJLFD&217(&
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
'HVHQYROYLPHQWR GD SULPHLUD SHVTXLVD GH XPD VpULH VREUH R SHUILO GR VHX DOXQR SHOD 8QLYHUVLGDGH &DWyOLFD GH
*RLiV8&*
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&RORFDomRQDSUiWLFDGRSURJUDPDGHSULYDWL]DomRGHHPSUHVDVHVWDWDLVSHOR*RYHUQR)HGHUDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGD6HFUHWDULD(VWDGXDOGH3ODQHMDPHQWR,QG~VWULDH&RPpUFLRGH5RUDLPD
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH5RUDLPD
&ULDomRGD6HFUHWDULDGH(VWDGRGH3ODQHMDPHQWRH&LrQFLDH7HFQRORJLD6(3/$1&7
)RQWH6HFUHWDULDGH(VWDGRGD3URGXomR6XSHULQWHQGrQFLDGH&LrQFLDH7HFQRORJLD
&ULDomRGD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR0DUDQKmR
)RQWH*HUrQFLDGH3ODQHMDPHQWRH'HVHQYROYLPHQWR(FRQ{PLFR
(QJHQKDULDH7HFQRORJLD
)XQGDomRGD$FDGHPLD1DFLRQDOGH(QJHQKDULD$1()RQWH$FDGHPLD1DFLRQDOGH(QJHQKDULD
0RGLILFDomRGRDYLmR+$&.SHOR&HQWUR7pFQLFR$HURHVSDFLDO&7$SDUDRVHQVDLRVHPY{RGRUDGDU6&3GDDHURQDYH
$0;
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QVWDODomRGHGDVPiTXLQDVJHUDGRUDVGDKLGUHOpWULFDGH,WDLSXFRPJHUDomRGHPLOK}HVGH.:
)RQWH8QLYHUVLGDGHGH6mR3DXOR
&RQFHVVmRDRVSHVTXLVDGRUHV2VQL/LVE{DH6LGQH\/XLV$OHVVL&DUUDUDGR&HQWUR7pFQLFR$HURHVSDFLDO&7$GR3UrPLR
*RYHUQDGRUGR(VWDGRSHORLQYHQWR6HQVRUSRU'HIRUPDomRGH)LEUDÐSWLFD%LPRGDO
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
,PSODQWDomRGR3URMHWR7HFQySROLVLQLFLDWLYDGRJRYHUQRHVWDGXDOHP)ORULDQySROLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
'HVHQYROYLPHQWRGRVLVWHPDRUELWDOGHDOWDUHVROXomRWHPSRUDOSDUDPRQLWRUDPHQWRGHTXHLPDGDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGHHTXLSDPHQWRGHOLWRJUDILDSRUIHL[HGHHOpWURQVTXHSRVVLELOLWDDR/DERUDWyULRGH(OHWU{QLFDGD)DFXOGDGH
GH(QJHQKDULD(OpWULFDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03SURGX]LUDPHQRULPDJHPHPXPHVSDoRPL
OLPpWULFRLPSRUWDQWHSDUDDSHVTXLVDHPPLFURHOHWU{QLFD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWR GR SURMHWR GR FDUUR HOpWULFR SHOR SHVTXLVDGRU $QW{QLR $XJXVWR $QGUDGH $UD~MR GD )DFXOGDGH GH
(QJHQKDULD(OpWULFDHGH&RPSXWDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR,QVWLWXWRGH(VWXGRVH3HVTXLVDVGR(VWDGRGR$PDSi,(3$TXHHPSDVVDDVHFKDPDU,QVWLWXWRGH
3HVTXLVDV&LHQWtILFDVH7HFQROyJLFDVGR(VWDGRGR$PDSi,(3$
)RQWH,QVWLWXWRGH3HVTXLVDV&LHQWtILFDVH7HFQROyJLFDVGR(VWDGRGR$PDSi
(QWUDGDHPGLVFXVVmRQD&kPDUD)HGHUDOGDQRYD/HLGH,QIRUPiWLFD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&RQFHVVmRGDSDWHQWH´3OiVWLFRVELRGHJUDGiYHLVµ3,GHGHMXOKRGH3,GHGHQR
YHPEURGH3,GHGHMXQKRGHDRVLQYHQWRUHV&HOVR/HOOLV%XHQR-RVp*HUDOGR3UDGHOOD$OIUHGR
0DLURQD 6LODV 'HUHQ]R 3DXOR (GXDUGR 0RQWHODWWR 5RVD 0LWLNR 0DWVXEDUD -RVp *UHJyULR &DEUHUD *RPHV $PpULFR
&UDYHLUR0DUJDUHWWL62OLYHLUD$UPHQLR*3LQWR*UDFLQGD0&RUUHD&DUORVH9D]5RVVHOO/XL]LDQD)HUUHLUDGD6LOYD
)RQWH$VVRFLDomR%UDVLOHLUDGD3URSULHGDGH,QWHOHFWXDO
$ILUPDomRGHTXHD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRQVHJXLXUHSURGX]LUHPFRPSXWDGRUDLPDJHP
GHXPiWRPRREVHUYDGRSRUPLFURVFySLRSHORSURIHVVRU9tWRU%DUDQDXVNDVGD)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH
&RPSXWDomRGD81,&$03SRGHQGRSHUPLWLUDFRQVWUXomRGH´FKLSVµFRPPHQRUGLPHQVmRHPDLRUFDSDFLGDGHGHSUR
FHVVDPHQWRGHLQIRUPDo}HV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&RPSUDHLQVWDODomRGHXPDHVWDomRGHUHFHSomRHSURFHVVDPHQWRGHGDGRVGHVDWpOLWHVTXHRSHUDPQDIDL[DGHPLFURRQGDV
)RQWH,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV
&ULDomRSHOD/HLGHQRYRVLQVWUXPHQWRVGHLQFHQWLYRjSURGXomRLQWHUQDGHEHQVHVHUYLoRVGHLQIRUPiWLFDDXWR
PDomRHWHOHFRPXQLFDo}HVGHEDVHGLJLWDO
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QWHJUDomR GR 3URJUDPD 1DFLRQDO GH 7HFQRORJLD SDUD +DELWDomR FXMR REMHWLYR p WUDQVIRUPDU D iUHD GH SHVTXLVD GH
PDWHULDLVGHFRQVWUXomRHPXPJUDQGHODERUDWyULRYROWDGRSDUDDVHPSUHVDVGRVHWRUHSDUDFRQVWUXomRSRSXODUSHOD
)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
&ULDomRGR1~FOHRGH,QIRUPDomR7HFQROyJLFDSDUD&RQVWUXomR&LYLO1,7QR,QVWLWXWR(XYDOGR/RGL,(/HPGHVHWHPEUR
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH*RLiV
7UDQVIHUrQFLDGR1~FOHR5HJLRQDOGH,QIRUPDomR7HFQROyJLFDGR(VStULWR6DQWR1,7(6SDUDDDGPLQLVWUDomRGR,QVWLWXWR
(XYDOGR/RGL,(/(6
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomR GR &HQWUR $VVRFLDomR %UDVLOHLUD GDV ,QVWLWXLo}HV GH 3HVTXLVD 7HFQROyJLFD $%,37, GH ,QIRUPDomR &LHQWtILFD H
7HFQROyJLFD&$,&7SURMHWRTXHSHUPDQHFHDWpRSUHVHQWHHpUHVXOWDGRGRHVIRUoRGRGLUHWRUH[HFXWLYRDGMXQWR(UQR
,YDQ3DXOLQ\L$$%,37,LQLFLRXXPDQRYDHUDFXMDrQIDVHpDGDYDORUL]DomRGDLQIRUPDomRHGRFRQKHFLPHQWR
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
&ULDomRGR3URJUDPDGH$SRLRj&RPSHWLWLYLGDGHH'LIXVmR7HFQROyJLFD3&'7FXMDVOLQKDVGHDomRLQFOXtDPDSRLRD
LQFXEDGRUDVGHHPSUHVDVHSDUTXHVWHFQROyJLFRVPHGLDQWHLQVWUXPHQWRVFRPRDFRQFHVVmRGHEROVDVGHIRPHQWRWHFQR
OyJLFRHUHFXUVRVSDUDFXVWHLRHEHQVGHFDSLWDO
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
$TXLVLomRGHXPHVSHFW{PHWURGHHPLVVmRGHSODVPDDSDUHOKRTXHID]FRPSUHFLVmRDQiOLVHVGHFRPSRVLomRGHVXEV
WkQFLDVGDRUGHPGHSDUWHSRUELOKmRSHOD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
,QDXJXUDomRGR/DERUDWyULRGH(QVDLRV7HFQROyJLFRVGH$UJLOD/(7$GR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,HP7HUHVLQD3,
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRQR,QVWLWXWR(XYDOGR/RGL(6GHiUHDVGHQHJyFLRLQWHUDomRHDo}HVHVWUDWpJLFDVJHVWmRHWHFQRORJLDLQIRUPD
omRHPSUHVDULDOGHVHQYROYLPHQWRGHUHFXUVRVKXPDQRV$iUHDGHLQWHUDomRHDo}HVHVWUDWpJLFDVFRPSRUWRXR3URJUDPD
,QWHUDomR(VFROD(PSUHVDH%ROVDGH,QLFLDomR7HFQROyJLFD
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGR&HQWURGH&DUDFWHUL]DomRH'HVHQYROYLPHQWRGH0DWHULDLV&&'0QD8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
8)6&DU SRU LQLFLDWLYD GR 0LQLVWpULR GD &LrQFLD H 7HFQRORJLD SRU PHLR GR 3URJUDPD GH $SRLR DR 'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR3$'&7FRPUHFXUVRVGR%DQFR,QWHUQDFLRQDOSDUD5HFRQVWUXomRH'HVHQYROYLPHQWR%,5'H
JHUHQFLDPHQWRILQDQFHLURGD)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3$8)6&DUHD8QLYHUVLGDGH(VWDGXDO3DXOLVWD
81(63FRQWULEXtUDPSDUDDLPSODQWDomRFHGHQGRHILQDQFLDQGRDDGHTXDomRGDVLQVWDODo}HVItVLFDVGR&&'0
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
3DUWLFLSDomR GD $VVRFLDomR %UDVLOHLUD GDV ,QVWLWXLo}HV GH 3HVTXLVD 7HFQROyJLFD $%,37, QD &RPLVVmR 3DUODPHQWDU GH
,QTXpULWRGR&RQJUHVVR1DFLRQDOUHODWLYDDRDWUDVRWHFQROyJLFRSRUPHLRGRGHSRLPHQWRGRGLUHWRUH[HFXWLYR/LQDOGR
&DYDOFDQWL GH$OEXTXHUTXH(VVH PDWHULDOIRL WUDQVIRUPDGR QXPD SXEOLFDomR TXHFXPSUHDWpR SUHVHQWHLPSRUWDQWH
PLVVmRQDVHQVLELOL]DomRGDFRPXQLGDGHSROtWLFDHDFDGrPLFDTXDQWRjGLPHQVmRHSHUYHUVLGDGHGRVGHVQtYHLVUHJLRQDLV
TXHVHREVHUYDPQmRVyQDHFRQRPLDPDVWDPEpPQDiUHDGDFLrQFLDHWHFQRORJLD
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QVWLWXLo}HVGH3HVTXLVD7HFQROyJLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QtFLRGDQXFOHDomRGHFRPSHWrQFLDVHP*HVWmRGH3URGXomR&HUkPLFDV$YDQoDGDVH&DWiOLVHSHOR,QVWLWXWR1DFLRQDO
GH7HFQRORJLD,17
)RQWH,QVWLWXWR1DFLRQDOGH7HFQRORJLD
5HDOL]DomR GR SULPHLUR Y{R SDUD LPDJHDPHQWR WHUPDO QD DHURQDYH $7 FRP R SURWyWLSR GR 6LVWHPD ,PDJHDGRU
,QIUDYHUPHOKR7HUPDO6,6,0,
)RQWH,QVWLWXWR7HFQROyJLFRGH$HURQiXWLFD
&UHGHQFLDPHQWRGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFRSDUDYLVWRULDUYHtFXORVDJiVSHOR,QVWLWXWR
1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,10(752
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
'HVHQYROYLPHQWRGHXPLQVWUXPHQWRSRUWiWLOSDUDFROHWDHWUDWDPHQWRGHGDGRVSDUDPDQXWHQomRSUHGLWLYDDSRLDGRSHOR
3URJUDPDGH$SRLRDR'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR3$'&7)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3
)RQWH,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR
&LrQFLDV$JUiULDV
&DUDFWHUL]DomRWHFQROyJLFDGHHVSpFLHVGHPDGHLUDVGD$PD]{QLDSHOR&HQWURGH3HVTXLVDV
HP3URGXWRV)ORUHVWDLVGR,QVWLWXWR1DFLRQDOGH3HVTXLVDVGD$PD]{QLD,13$)RQWH,QVWLWXWR
1DFLRQDOGH3HVTXLVDVGD$PD]{QLD
'HVHQYROYLPHQWRGHWpFQLFDVGHOLPSH]DGHYtUXVHPSODQWDVGHEDWDWDGRFH
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHVXSOHPHQWDomRGHRYLQRVQDpSRFDVHFD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QVWDODomRGR3yORGH'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFR1~FOHRGH$OLPHQWRV
)RQWH8QLYHUVLGDGHGH3DVVR)XQGR
&ULDomRHSURGXomRGHVHPHQWHVGHWULJRFXOWLYDUHV%5,DQRPDPLH%57XL~FD
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHIHLMmRFXOWLYDUHVGLDPDQWHQHJURPLQXDQRIHLMmRSUHWRRXURQHJURVDILUDYDUUHVDL
IHLMmRSUHWR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHGRVDJHPGHFDODJHPHDGXEDomRGHSDVWDJHQV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$PSOLDomRGDPLVVmRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH5LR%UDQFRSDVVDQGRDGHQRPLQDUVH
&HQWURGH3HVTXLVD$JURIORUHVWDOGR$FUHGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$PSOLDomRGDPLVVmRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH0DFDSiSDVVDQGRDGHQRPLQDUVH
&HQWURGH3HVTXLVD$JURIORUHVWDOGR$PDSiGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
'HVHQYROYLPHQWRGHPpWRGRVSDUDRFRQWUROHLQWHJUDGRGHLQVHWRVGDFXOWXUDGRDUUR]LUULJDGR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWpFQLFDVGHFRQWUROHHVWUDWpJLFRGDYHUPLQRVHHPERYLQRV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HWHUPLQDomRGHWpFQLFDVSDUDDTXHEUDGDGRUPrQFLDHPVHPHQWHVGHDQGURSRJRQ
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
5HFHELPHQWRGH0HQomR+RQURVDSHORLQYHQWR'LVSRVLWLYRTXHSHUPLWHDDSOLFDomRGHSURGXWRVTXtPLFRVYLDiJXDGHLUULJDomR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,PSODQWDomRHP$UDUDVGR&HQWURGH&LrQFLDV$JUiULDVGHYLGRjLQFRUSRUDomRGRH[WLQWR3ODQDo~FDUGR,QVWLWXWRGR
$o~FDUHGRÉOFRROSHOD8QLYHUVLGDGH)HGHUDOGH6mR&DUORV8)6&DU2FDPSXVGH$UDUDVHVXDVXQLGDGHVQRVPXQLFtSLRV
SDXOLVWDVGH$QKHPEL9DOSDUDtVRH3LUDFLFDEDRFXSDPXPDiUHDItVLFDGHKHFWDUHV(PpFULDGRRFXUVRGH
(QJHQKDULD$JURQ{PLFDR~QLFRRIHUHFLGRSRULQVWLWXLomRIHGHUDOQR(VWDGRGH6mR3DXOR
)RQWH8QLYHUVLGDGH)HGHUDOGH6mR&DUORV
'HVHQYROYLPHQWRGHWHFQRORJLDSDUDGUHQDJHPDJUtFRODGHEDL[RFXVWR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHWHFQRORJLDSDUD$OJRGmR&RORULGR&13$0$OJRGmRPRFySUHFRFHGHPpGLDSURGXWLYLGDGHSDUD
R6HULGy1RUGHVWLQR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHVLVWHPDVGHSURGXomRGHERYLQRVHPUHJL}HVVHPLiULGDV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRFXOWLYDU%56HUWDQHMR
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
'HVHQYROYLPHQWRGHXPPpWRGRSDUDSURGX]LUDo~FDUTXHQmRHQJRUGDGHQRPLQDGR1HZ6XJDUVXEVWkQFLDQDWXUDOGH
VHQYROYLGDDSDUWLUGDVDFDURVHSRUXPJUXSRGHSHVTXLVDGRUHVGR'HSDUWDPHQWRGH&LrQFLDVGH$OLPHQWRVGD)DFXOGDGH
(QJHQKDULDGH$OLPHQWRVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03FRRUGHQDGRSHORSURIHVVRU<RQJ.XQ3DUN
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVHQYROYLPHQWRGHIyUPXODPLQHUDOSDUDUXPLQDQWHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomR H SURGXomR GH VHPHQWHV GH VRMD FXOWLYDUHV %5 5LR %DOVDV (PEUDSD ,$6 5& (PEUDSD %5 5&
(PEUDSD%D\V
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&ULDomRHSURGXomRGHVHPHQWHVGHPLOKRSLSRFDEUDQFRFXOWLYDU%5
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$OWHUDomRGDGHQRPLQDomRGH&HQWURGH3HVTXLVD$JURIORUHVWDOGD$PD]{QLDSDUD&HQWURGH3HVTXLVD$JURIORUHVWDOGD
$PD]{QLD2FLGHQWDOGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP0DQDXV$0
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRHSURGXomRGHVHPHQWHVGHDUUR]LUULJDGRFXOWLYDUHV%56&KXtH%567DLP
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
0DSHDPHQWRJHQpWLFRGRJHQHGHWROHUkQFLDDRDOXPtQLRWy[LFRGRVRORSRUPHLRGHDQHXSOyLGHV
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
$PSOLDomRGDPLVVmRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH%RD9LVWDSDVVDQGRDGHQRPLQDUVH
&HQWURGH3HVTXLVD$JURIORUHVWDOGH5RUDLPDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QtFLRGRSURMHWRWHPiWLFRVREUHPDFURQXWULHQWHVHPLFURHOHPHQWRVWpFQLFRVQDDJULFXOWXUDILQDQFLDGRSHOD)XQGDomRGH
$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(632SURMHWRIRLGHVHQYROYLGRSRUXPDHTXLSHGHTXLQ]HSHVTXLVDGRUHV
GD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HGR,QVWLWXWR$JURQ{PLFRGH&DPSLQDV,$&HQWUHVHWHPEURGH
HIHYHUHLURGH(OHUHVXOWRXHQWUHRXWUDVFRLVDVQDSULPHLUDWDEHODULJRURVDPHQWHGHILQLGDSDUDLQWHUSUHWDomR
GRVQtYHLVGRVPLFURQXWULHQWHVERURFREUHIHUURPDQJDQrVH]LQFRHPVRORVSDUDDJULFXOWXUDTXHSRVVLELOLWDUHFRPHQ
GDo}HVFRUUHWDVHSUHFLVDVSDUDDGXEDomRGDWHUUDFRPPLFURQXWULHQWHV
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
$PSOLDomRGDDEUDQJrQFLDGDPLVVmRGR&HQWURGH3HVTXLVD$JURSHFXiULDGR7UySLFRÔPLGRHGD8QLGDGHGH([HFXomR
GH 3HVTXLVD GH ÇPELWR (VWDGXDO GH %HOpP SDVVDQGR D GHQRPLQDUVH &HQWUR GH 3HVTXLVD $JURIORUHVWDO GD $PD]{QLD
2ULHQWDOGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$HP%HOpP3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
,QtFLRGRSURMHWRWHPiWLFR0DVWLWH,QIHFFLRVD%RYLQDHVWXGDGRSHORVSHVTXLVDGRUHVGR1~FOHRGH$SRLRj3HVTXLVDHP
*OkQGXOD0DPiULDH3URGXomR/HLWHLUD1$3*$0$HILQDQFLDGRSHOD)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR
3DXOR)$3(63FRPREMHWLYRGHPLQLPL]DUDGRHQoDHDVVLPPHOKRUDUDSURGXomROHLWHLUDQR%UDVLO
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
$PSOLDomRGDDPLVVmRGD8QLGDGHGH([HFXomRGH3HVTXLVDGHÇPELWR(VWDGXDOGH3RUWR9HOKRSDVVDQGRDGHQRPLQDU
VH&HQWURGH3HVTXLVD$JURIORUHVWDOGH5RQG{QLDGD(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD(0%5$3$
)RQWH(PSUHVD%UDVLOHLUDGH3HVTXLVD$JURSHFXiULD
&LrQFLDV+XPDQDVH6RFLDLV
&ULDomRGD/HL5RXDQHW/HLQƒSHUPLWHTXHRVSURMHWRVDSURYDGRVSHOD&RPLVVmR
1DFLRQDOGH,QFHQWLYRj&XOWXUD&1,&UHFHEDPSDWURFtQLRVHGRDo}HVGHHPSUHVDVHSHVVRDV
TXHSRGHUmRDEDWHUDLQGDTXHSDUFLDOPHQWHRVEHQHItFLRVFRQFHGLGRVGR,PSRVWRGH5HQGDGHYL
GR)RQWH0LQLVWpULRGD&XOWXUD
7UDQVIRUPDomR GR SURMHWR $OGHLD -XYHQLO HP &HQWUR GH (VWXGRV H 3HVTXLVDV QD iUHD GH DWHQGLPHQWR D FULDQoDV H
DGROHVFHQWHV
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
5HFHELPHQWR GR ž 3UrPLR -RVp 5HLV GH 'LYXOJDomR &LHQWtILFD 0RGDOLGDGH -RUQDOLVPR &LHQWtILFR SHOD SHVTXLVDGRUD
(ULND)UDQ]LVND+HUG:HUQHFNGR'HSDUWDPHQWRGH&RPXQLFDomRGR,QVWLWXWRGH$UWHVH&RPXQLFDomRGD8QLYHUVLGDGH
)HGHUDO)OXPLQHQVH8))SHODTXDOLGDGHHTXDQWLGDGHGHVHXVWUDEDOKRVGLYXOJDGRVSULQFLSDOPHQWHQR3URJUDPD*ORER
&LrQFLD
)RQWH&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR&LHQWtILFRH7HFQROyJLFR
,PSODQWDomRGR&HQWURGH3HVTXLVDV(FRQ{PLFDV&3(SDUDIRUPDUXPEDQFRGHGDGRVFRPHVWXGRVSHVTXLVDVHDQi
OLVHVGDUHJLmR&HQWUR2HVWHHGR%UDVLO
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
$VVLQDWXUDGHFRQYrQLRSDUDRGHVHQYROYLPHQWRGRSURMHWR(XUHNDYLVDQGRjLQIRUPDWL]DomRGRHQVLQRPXQLFLSDOHQ
WUHR1~FOHR,QWHUGLVFLSOLQDUGH,QIRUPiWLFD$SOLFDGDj(GXFDomRGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03HD
6HFUHWDULD0XQLFLSDOGH(GXFDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
'HVFREULPHQWRV$UTXHROyJLFRVGDV1RYDV)RQWHVGH&RQGXomRGHÉJXDVQDV5XtQDVGH6mR0LJXHO56SHODHTXLSHGR
,QVWLWXWRGR3DWULP{QLR+LVWyULFRH$UWtVWLFR1DFLRQDO
)RQWH8QLYHUVLGDGH5HJLRQDO,QWHJUDGDGR$OWR8UXJXDLHGDV0LVV}HV
6HOHomRGRILOPH´.UDK{RV)LOKRVGD7HUUDµSDUDR)HVWLYDO,QWHUQDFLRQDOGH&LQHPD9tGHRH7HOHYLVmRGH&XED$SURGX
omRWDPEpPSDUWLFLSDGD6HPDQDGH&LQHGH/RV3XHEORV,QGtJHQDVQD(VSDQKDHGR5HQFRQWUHGH&LQpPD$PHUtQGLH
QD)UDQoD
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
/DQoDPHQWRGR&XUVRGH3yVJUDGXDomRHP-RUQDOLVPRGH0RGDSULPHLURFXUVRGR%UDVLOQHVWDPRGDOLGDGHSHOR&HQWUR
GH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLOGR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,5-HPFRQYrQLRFRP
D(VFRODGH&RPXQLFDomRGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR(&28)5-
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
5HDOL]DomRGRƒ&RQJUHVVRGH/HLWXUD&2/(FRPRWHPD/HLWXUDDXWRQRPLDWUDEDOKRHFLGDGDQLDFRPXPDSUR
JUDPDomRGHDWLYLGDGHVHQWUHFRPXQLFDo}HVHRILFLQDVQD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03VRED
FRRUGHQDomRGRSURIHVVRU(]HTXLHO7KHRGRURGD6LOYDGD)DFXOGDGHGH(GXFDomR
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGR&HQWURGH3HVTXLVDV3DOHRQWROyJLFDV/OHZHOO\Q,YRU3ULFHHP8EHUDED0*
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH0LQDV*HUDLV
&LrQFLDVGD6D~GH
8QLmRGR,QVWLWXWRGH)tVLFDHR1~FOHRGH0HGLFLQDH&LUXUJLD([SHULPHQWDOQD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV81,&$03SDUDSHVTXLVDURVHIHLWRVGRODVHUVREUHOHV}HVHFRPSUR
YDPTXHKiDFHOHUDomRGHFLFDWUL]DomR$FRRUGHQDomRpGRSURIHVVRU2WRQLQR-RUJH5R]]HWR
3DVFKRDOGD)DFXOGDGHGH&LrQFLDV0pGLFDVGD81,&$03HPpGLFRGR,QVWLWXWR3HQLGR%XLQLHU
GH&DPSLQDV)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&ULDomRGRSULPHLUR&XUVRGH'RXWRUDGRHP&LrQFLDGR0RYLPHQWR+XPDQRQD8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD8)60
)RQWH8QLYHUVLGDGH)HGHUDOGH6DQWD0DULD
&RQFHVVmRGHSUrPLRSHODSHVTXLVD1RYDOX]VREUHPHODQLQDTXHUHODFLRQDHVVHSLJPHQWRDRPDOGH3DUNLQVRQSHOD
)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63DRHVWXGDQWH'RXJODV6RDUHV*DOYmRGR,QVWLWXWRGH
)tVLFD*OHE:DWDJKLQRULHQWDGRSHODSURIHVVRUD 0DUtOLD&DOGDVGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$032
SUrPLRpFRQFHGLGRDRVMRYHQVFLHQWLVWDVTXHVHGHVWDFDPSHORVWUDEDOKRVQRSDQRUDPDXQLYHUVLWiULRSDXOLVWD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
(VWDEHOHFLPHQWRGDTXDQWLGDGHPtQLPDGHIO~RUQRVGHQWLIUtFLRVFRPRUHVXOWDGRGDSHVTXLVDGH6RODQJH<XULNR$\XNDZD
VREDRULHQWDomRGRSURIHVVRU-DLPH$SDUHFLGR&XU\GD)DFXOGDGHGH2GRQWRORJLDGH3LUDFLFDEDJDQKDQGRRž3UrPLR
1DFLRQDO&ROJDWHGH3UHYHQomRGH2GRQWRORJLD
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&RQFHVVmRjSHVTXLVDGH3HGUR/Xt]5RVDOHQ(IHLWRVGHDQWLiFLGRQDIDUPDFRFLQpWLFDHUHDWLYLGDGHGRIOXRUHWRFRPR
HVPDOWHGHQWDODSyVDDSOLFDomRWySLFDGHIO~RUJHOHVWXGR´LQYLWURµRULHQWDGDSHORSURIHVVRU-DLPH$SDUHFLGR&XU\
GD)DFXOGDGHGH2GRQWRORJLDGH3LUDFLFDEDGD8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV81,&$03GRSULPHLUROXJDUGXUDQWH
R)yUXP&LHQWtILFRGD6RFLHGDGH%UDVLOHLUDGH3HVTXLVDV2GRQWROyJLFDVQDFLGDGHGHÉJXDGH6mR3HGUR(VWHSUrPLRp
GHVWLQDGRDRVWUDEDOKRVPDLVUHOHYDQWHVQDiUHDGHVD~GHEXFDO
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
&LrQFLDV%LROyJLFDV
3URPXOJDomRSHOR'HFUHWRQžGDFRQYHQomRVREUHDVVLVWrQFLDQRFDVRGHDFLGHQWHQXFOHDURX
HPHUJrQFLDUDGLROyJLFD)RQWH,QVWLWXWR%UDVLOHLURGHGR0HLR$PELHQWHHGRV5HFXUVRV1DWXUDLV
5HQRYiYHLV
$SRLRHSDUWLFLSDomRQR6HPLQiULR,QWHUQDFLRQDOVREUH0HLR$PELHQWH3REUH]DH'HVHQYROYLPHQWRGD$PD]{QLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
5HDOL]DomRGHLQYHQWiULRGDIDXQDGDUHJLmRGD6HUUDGD0HVDTXHSRVWHULRUPHQWHVHUiDODJDGDSDUDDFRQVWUXomRGD
XVLQDKLGUHOpWULFDGH)XUQDVSHOR&HQWURGH(VWXGRVH3HVTXLVDV%LROyJLFDVGD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&%
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&RQFHVVmRGHPHGDOKDDR0XVHX3DUDHQVH(PtOLR*RHOGL03(*SHOD8QLYHUVLGDGHGH&RLPEUD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
9LVmRGDSULPHLUDLPDJHPGDPROpFXODGHFROiJHQRQR+HPLVIpULR6XOSRU9tWRU%DUDQDXVNDVSHVTXLVDGRUGD)DFXOGDGH
GH(QJHQKDULD(OpWULFDHGH&RPSXWDomRHPSDUFHULDFRP%HQHGLFWRGH&DPSRV9LGDOGR,QVWLWXWRGH%LRORJLD2FRQKH
FLPHQWRGHVVDFRPSRVLomRSRGHOHYDUDVLJQLILFDWLYRVDYDQoRVFRPRDREWHQomRGHFyUQHDVDUWLILFLDLV
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
3DUWLFLSDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QRž,QWHUQDWLRQDO3ODQW3URWHFWLRQ&RQJUHVV
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,QtFLRGDSHVTXLVD(VWXGRGDVSRWHQFLDOLGDGHVGHDOJXPDVHVSpFLHVYHJHWDLVHSURGXWRVQDWXUDLVHVLQWpWLFRVSDUDRFRQ
WUROHGHIRUPLJDVFRUWDGHLUDVTXHVHGHVGREURXHPGRLVSURMHWRVWHPiWLFRVHQYROYHQGRSHVTXLVDGRUHVGD8QLYHUVLGDGH
)HGHUDOGH6mR&DUORV8)6&DUH8QLYHUVLGDGH(VWDGXDO3DXOLVWD81(635LR&ODURILQDQFLDGRSHOD)XQGDomRGH$PSDUR
j3HVTXLVDGR(VWDGRGH6mR3DXOR)$3(63
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR)RQWH
3DUWLFLSDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QR,&RQJUHVVRGH2UQLWRORJLD
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
5HFHELPHQWRGHGLSORPDGHKRPHQDJHPSHOR0XVHX3DUDHQVH(PtOLR*RHOGL03(*FRQFHGLGRSHOD&UX]9HUPHOKD
SRUVHUYLoRVSUHVWDGRV
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&ULDomRSHOR,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV,3()GRSURJUDPDGHJHVWmRDPELHQWDO$WXDOPHQWHRSURJUDPD
DWXDQDViUHDVGHFRQVHUYDomRHGXFDomRHOHJLVODomRDPELHQWDOGHIRUPDLQWHJUDGDHLQWHUGLVFLSOLQDU
)RQWH,QVWLWXWRGH3HVTXLVDVH(VWXGRV)ORUHVWDLV
&ULDomRGD&RRUGHQDomRGH(FRORJLD+XPDQDH0HLR$PELHQWHGR,QVWLWXWR(YDQGUR&KDJDV,(&)XQGDomR1DFLRQDO
GD6D~GH)81$6$
)RQWH6HFUHWDULD([HFXWLYDGH,QG~VWULD&RPpUFLRH0LQHUDomR
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DUWLFLSDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QD([SRVLomR,WLQHUDQWH´1RVVD)ORUHVWD1RVVD+HUDQoDµ(&2
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
,QDXJXUDomRGDSHGUDIXQGDPHQWDOGD(VWDomR&LrQFLD0DWRGR$oXGHHP-DWDtSDUDGHVHQYROYHUHPQtYHOUHJLRQDO
DWLYLGDGHVGHSHVTXLVDHHGXFDomRDPELHQWDOSHOD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&RRUGHQDomRGR0XVHX3DUDHQVH(PtOLR*RHOGL03(*QR%UDVLOGDLWLQHUkQFLDGDH[SRVLomR)ORUHVWDV7URSLFDLV
)RQWH0XVHX3DUDHQVH(PtOLR*RHOGL
&LrQFLDV([DWDVHGD7HUUD
&ULDomRGR3URJUDPD1DFLRQDOGH3URVSHFomRGH2XUR23URJUDPDIRLHVWUXWXUDGRSDUDH[HFXomR
HPWUrVHWDSDV8PDSULPHLUDHWDSDGHOHYDQWDPHQWRHVLVWHPDWL]DomRGHGDGRVELEOLRJUiILFRVH
VXDDSUHVHQWDomRQDIRUPDGHPDSDVFDUDFWHUL]DQGRiUHDVSURVSHFWiYHLVXPDVHJXQGDHWDSD
GHFDPSDQKDVGHFDPSRYLVDQGRjYHULILFDomRHjFRQVROLGDomRGRVGDGRVOHYDQWDGRVHXPD
WHUFHLUDH~OWLPDHWDSDGHDWXDOL]DomRGRVGDGRVIXQGDPHQWDGDQRVUHVXOWDGRVGDVFDPSDQKDVGH
FDPSRFRPUHFRPHQGDo}HVGHiUHDVSRWHQFLDLVFDUHQWHVHPSURVSHFomRHSHVTXLVDHVXJHV
W}HVGRVWLSRVGHWUDEDOKRVSURVSHFWLYRVDGHTXDGRVjVWLSRORJLDVLGHQWLILFDGDVDVHUHPFRQGX]L
GDVSHODLQLFLDWLYDSULYDGD(PDVDWLYLGDGHVRSHUDFLRQDLVIRUDPLQLFLDGDVGHVHQYROYHQGRVH
HPSDUDHQWUDUHPIDVHGHH[HFXomRSOHQDDSDUWLUGH)RQWH&RPSDQKLDGH3HVTXLVD
GH5HFXUVRV0LQHUDLV
,PSODQWDomRGR3URJUDPDGH0RQLWRUDPHQWRGH7HPSR&OLPDH5HFXUVRV+tGULFRV307&5+
)RQWH)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGR3LDXt
&ULDomRHLPSODQWDomRGR&HQWUR(VWDGXDOGH3HVTXLVDV(VSDFLDLV&(3(6FRPSRVWRGRVODERUDWyULRVGH6HQVRULDPHQWR
5HPRWR0HWHUHRORJLDH5HFXUVRV+tGULFRVSRUPHLRGHFRQYrQLRHQWUHD6HFUHWDULDGH&LrQFLDH7HFQRORJLD6&735
,QVWLWXWR1DFLRQDOGH3HVTXLVDV(VSDFLDLV,13(HR*RYHUQRGH6HUJLSHSRUPHLRGD6HFUHWDULDGH(VWDGRGD,QG~VWULD
&RPpUFLR&LrQFLD7HFQRORJLDH0HLR$PELHQWHHD&RPSDQKLDGH'HVHQYROYLPHQWR,QGXVWULDOH5HFXUVRV0LQHUDLVGH
6HUJLSH&2',6(
)RQWH6HFUHWDULDGH(VWDGRGD,QG~VWULDH&RPpUFLR
$VVLQDWXUDGHDFRUGRHQWUHD5HS~EOLFD)HGHUDWLYDGR%UDVLOHD5HS~EOLFD$UJHQWLQDSDUDXVRH[FOXVLYDPHQWHSDFtILFRGD
HQHUJLDQXFOHDUFULDQGRD$JrQFLD%UDVLOHLUR$UJHQWLQDGH&RQWDELOLGDGHH&RQWUROHGH0DWHULDO1XFOHDU$%$&&
)RQWH&RPLVVmR1DFLRQDOGH(QHUJLD1XFOHDU
5HDOL]DomR GH XPD PRVWUD GH ´VRIWZDUHµ GHVHQYROYLGR QD 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 8QLFDPS SHOR
'HSDUWDPHQWRGH&LrQFLDGD&RPSXWDomRGR,QVWLWXWRGH&RPSXWDomRHPHYHQWRRUJDQL]DGRSHODHTXLSH$+DQG
)RQWH8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV
,PSODQWDomRGR/DERUDWyULRGH(QVDLRV0HFkQLFRVH0HWDORJUDILD
)RQWH)XQGDomR&HQWURGH$QiOLVH3HVTXLVDH,QRYDomR7HFQROyJLFD
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
,QG~VWULD
5HFHELPHQWRGRSUrPLRGD2IIVKRUH7HFKQROJ\&RQIHUHQFH27&SHOD3HWUyOHR%UDVLOHLUR6$
3(752%5$6)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
'HVHQYROYLPHQWRQR,QVWLWXWR(XYDOGR/RGL,(/(6GR3URJUDPDGH$SRLRDRV3HTXHQRVH0pGLRV(PSUHHQGLPHQWRV
QD4XDOLGDGH7RWDO
)RQWH,QVWLWXWR(XYDOGR/RGL
,PSODQWDomR GD 5HGH GH ,QIRUPDomR 7HFQROyJLFD GD &RQIHGHUDomR 1DFLRQDO GD ,QG~VWULD &1, VRE FRRUGHQDomR GH
=DXGLUHQH5DPRVGH6RX]D
)RQWH,QVWLWXWR%UDVLOHLURGH,QIRUPDomRHP&LrQFLDH7HFQRORJLD
&ULDomR GD $VVRFLDomR %UDVLOHLUD GDV ,QG~VWULDV GH 0iTXLQDV H (TXLSDPHQWRV SDUD RV 6HWRUHV GR &RXUR &DOoDGRV H
$ILQV
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
5HFHELPHQWRGR3UrPLR$66(6352FRPRSURGXWR/LJKW%DVHIRU'268QL[SHOD/LJKW,QIRFRQ7HFQRORJLD6$
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGHRSHUDomRGD8VLQD)RUPRVRQR5LR)RUPRVRHP)RUPRVR0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
&ULDomRGD%OXPHQDX3yORGH6RWIZDUH%/862)7
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGH6DQWD&DWDULQD
([WHQVmRGDVDWLYLGDGHVSDUDDiUHDGH*HVWmRGD4XDOLGDGHSHOR&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLOGR
6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,5-FULDQGRHPSDUFHULDFRPD2UJDQL]DomRGDV1Do}HV8QLGDV
SDUDR'HVHQYROYLPHQWR,QGXVWULDO81,'2R1~FOHRGRV6LVWHPDVGD4XDOLGDGHTXHWHPFRPRSULQFLSDOIXQomRSUHVWDU
DVVHVVRULDDHPSUHVDVGDFDGHLDWr[WLOQDLPSODQWDomRGHVLVWHPDVGHTXDOLGDGHGDIDPtOLD,62RXRXWURVSURJUDPDV
YROWDGRVSDUDDTXDOLGDGHWRWDO
)RQWH&HQWURGH7HFQRORJLDGD,QG~VWULD4XtPLFDH7r[WLO
5HFXSHUDomRSHOR*UXSR&DUORV/\UDGD,QG~VWULD7r[WLO)iEULFDGD3HGUDFULDGDSRU'HOPLUR*RXYHLDHP
)RQWH,QVWLWXWR(XYDOGR/RGL
,QtFLRGHRSHUDomRGD8VLQD0DFKDGR0LQHLURQR5LR3DUGRHP1LQKHLUD0*
)RQWH6HFUHWDULDGH&LrQFLDH7HFQRORJLDGR(VWDGRGH0LQDV*HUDLV
/DQoDPHQWRSHOR,QVWLWXWRGR7UySLFR6XEÔPLGR,76GHVXDSULPHLUDOLQKDGHSURGXWRVIDUPDFrXWLFRVHFRVPpWLFRV
HODERUDGRVDSDUWLUGHUHFXUVRVYHJHWDLVGR&HUUDGR
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
(QWUHJD GD SULPHLUD YHUVmR GR SUrPLR 1DFLRQDO GD 4XDOLGDGH j ,%0 6XPDUp HP %UDVtOLD VHGH GR SULPHLUR )yUXP
,QWHUQDFLRQDOGD4XDOLGDGH
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
,PSOHPHQWDomRGR3URMHWRGH&DSDFLWDomRHP1RUPDOL]DomRH4XDOLGDGH
)RQWH&HQWURGH,QWHJUDomRGH7HFQRORJLDGR3DUDQi
&ULDomR GR &RPLWr 1DFLRQDO GH 1RUPDOL]DomR &11 LQVWUXPHQWR DVVHVVRU GR &RQVHOKR 1DFLRQDO GH 0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752SHOD5HVROXomR
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
&ULDomRGR&HQWURGH,QIRUPDomRH$VVHVVRULD7HFQROyJLFD6(1$,7(&')EDVHDGRQRPRGHORFDQDGHQVHGR&HQWURGH
5HFKHUFKH,QGXVWULDOGH4XHEHF&5,4
)RQWH)HGHUDomRGDV,QG~VWULDVGR'LVWULWR)HGHUDO
,QVWDODomRGR&HQWUR7HFQROyJLFRGH3ROtPHURV6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,&(7(32HP6mR
/HRSROGR56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QVWDODomRGR&HQWUR7HFQROyJLFRGH0HFDWU{QLFD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,HP&D[LDVGR
6XO56
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
$SURYDomRGRGRFXPHQWR1RYR0RGHORGDV5HGHV%UDVLOHLUDVGH&DOLEUDomRH(QVDLRVSHOD5HVROXomRGR&RQVHOKR
1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
'HILQLomRGD1RUPD%UDVLOHLUDHDWULEXLomRDR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,10(752GDVDWLYLGDGHVGHVXSHUYLVmRGDVQRUPDVTXHUHSHUFXWHPQDViUHDVGHVHJXUDQoDVD~GHHPHLRDPELHQWHSHOR
&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,QWURGXomRQR%UDVLOGR3URJUDPD$WXDomR5HVSRQViYHOYHUVmRQDFLRQDOGRSURJUDPD´5HVSRQVLEOH&DUHµYROWDGRSDUD
RVDVVXQWRVGHVD~GHVHJXUDQoDHSURWHomRGRPHLRDPELHQWHQDVDWLYLGDGHVGRVHWRUTXtPLFR
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QtFLRGRSURFHVVRGHSULYDWL]DomRGDLQG~VWULDSHWURTXtPLFDEUDVLOHLUD
)RQWH$VVRFLDomR%UDVLOHLUDGD,QG~VWULD4XtPLFD
,QVWDODomRGD%UDVWHPSGD$PD]{QLD6$
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR$PD]RQDV
,QWURGXomRGDiUHDDPELHQWDOQR&HQWUR6HUYLoR6RFLDOGD,QG~VWULD6(6,GH7HFQRORJLD$PELHQWDOHQWLGDGHVXFHVVRUD
GR&HQWURGH+LJLHQH6HJXUDQoD,QGXVWULDOFULDGRHPSRUPHLRGDLPSODQWDomRGR3URJUDPDGH&ODVVLILFDomRGH
ÉJXDV(IOXHQWHV/tTXLGRVH5HVtGXRV6yOLGRV,QGXVWULDLV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LRGH-DQHLUR
&ULDomRGRVHUYLoR'LVTXH7HFQRORJLDTXHSDVVRXDLQWHJUDUR3URJUDPDGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV
(PSUHVDVGH&RQVXOWRULD7HFQROyJLFD6(%5$(WHFSRUPHLRGHSDUFHULDHVWDEHOHFLGDFRPD8QLYHUVLGDGHGH6mR3DXOR
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
&ULDomRGR3URJUDPD,QWHUQDFLRQDOGH*HVWmRGDV5HODo}HV8QLYHUVLGDGH,QG~VWULDSDUDDRWUHLQDPHQWRGRVGLULJHQWHV
GDV8QLYHUVLGDGHVGR(VWDGRGR3DUDQiQDiUHDGH*HVWmR8QLYHUVLGDGH,QG~VWULD
)RQWH6HFUHWDULDGH&LrQFLD7HFQRORJLDH(QVLQR6XSHULRUGR3DUDQi
&ULDomRGD5HGH0HWUROyJLFDGR5LR*UDQGHGR6XO
)RQWH,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
5HDOL]DomRGD,6HPDQD&DSL[DEDGD4XDOLGDGHQD,QG~VWULDGH&RQIHFo}HV4XDOLFRQIHFQR,QVWLWXWR(XYDOGR/RGL(6
)RQWH,QVWLWXWR(XYDOGR/RGL
&ULDomRGD$VVRFLDomR1DFLRQDOGRV)DEULFDQWHVGH&HUkPLFDSDUD5HYHVWLPHQWR
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
'HVLJQDomRGR,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO,13,SDUDDYHUEDUFRQWUDWRVGHIUDQTXLD
)RQWH,QVWLWXWR1DFLRQDOGD3URSULHGDGH,QGXVWULDO
&ULDomRGD8QLGDGHGH,QIRUPDomR7HFQROyJLFDQD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR5LR*UDQGHGR1RUWH),(51
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
$OWHUDomR QD GHQRPLQDomR GH $VVRFLDomR GRV )DEULFDQWHV GH 0yYHLV GR %UDVLO $)$0 SDUD $VVRFLDomR %UDVLOHLUD GDV
,QG~VWULDVGR0RELOLiULR$%,029(/
)RQWH$VVRFLDomR%UDVLOHLUDGDV,QG~VWULDVGR,PRELOLiULR
3LRQHLULVPRQR%UDVLOGDHPSUHVD3ROLROHILQDVQDSURGXomRGH3ROLHWLOHQRGH%DL[D'HQVLGDGH/LQHDU3(%'/FRPWHFQR
ORJLD8QLSROHPVXDXQLGDGHLQGXVWULDOGR3yOR3HWURTXtPLFRGH&DPDoDUL
)RQWH%5$6.(0
,QtFLRGDDWXDomRPDLVHIHWLYDGR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(63HPFLrQFLDH
WHFQRORJLDSRUPHLRGDFULDomRGRSURJUDPD6(%5$(WHFGHFRQVXOWRULDWHFQROyJLFDSRQWXDOHPSDUFHULDFRPR,QVWLWXWR
GH3HVTXLVDV7HFQROyJLFDVGR(VWDGRGH6mR3DXOR,3763YLVDQGRDIRUQHFHUVROXo}HVVREPHGLGDSDUDSUREOHPDVWHF
QROyJLFRVQRVSURFHVVRVSURGXWLYRVRXQRGHVHQYROYLPHQWRGHSURGXWRV
)RQWH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV
$SURYDomRSHOR&RQVHOKR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO&210(752GHXPPRGHOR
SDUDR6LVWHPD%UDVLOHLURGH&HUWLILFDomR6%&RTXDOYHLRDVHFRQVWLWXLUQXPUHIHUHQFLDOSDUDRSDtVHPWRGDVDVDWLYL
GDGHVGHDYDOLDomRGDFRQIRUPLGDGHWDQWRQRTXHVHUHIHUHDSURGXWRVFRPRQRTXHGL]UHVSHLWRDVLVWHPDVVHUYLoRV
WUHLQDPHQWRHSHVVRDO
)RQWH0LQLVWpULRGR'HVHQYROYLPHQWR,QG~VWULDH&RPpUFLR([WHULRU6HFUHWDULDGH7HFQRORJLD,QGXVWULDO
/LGHUDQoDGD)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR,7(3QRSURJUDPDGHPHOKRULDGRVPDWHULDLV
XWLOL]DGRVQDFRQVWUXomRFLYLO
)RQWH)XQGDomR,QVWLWXWR7HFQROyJLFRGR(VWDGRGH3HUQDPEXFR
(QFDPLQKDPHQWRSDUDWHVWHVQRV(VWDGRV8QLGRVGRSULPHLURORWHGHFRPSUHVVRUHVSDUDJDVHVUHIULJHUDQWHVDOWHUQDWLYRV
DRJiV&)&5SHOD(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
)RQWH(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV6$
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
([WHQVmRGRWUDEDOKRGHWUDWDPHQWRGHHIOXHQWHVOtTXLGRVjVLQG~VWULDVGHSDSHOHFHOXORVHHRXWUDVQXPWRWDOGH
SHOR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$, GHSRLV TXH DGTXLULX D SRVVH GD WHFQRORJLD ( DLQGD VLVWH
PDWL]RXRGHVHQYROYLPHQWRGDVDWLYLGDGHVSRULQWHUPpGLRGR3ODQRGH$SRLRDR0HLR$PELHQWHSRVVXLQGRHVWUXWXUD
FRPSOHWDSDUDWDOFRPRODERUDWyULRVXQLGDGHVPyYHLVHXQLGDGHVSLORWRDOpPGHHTXLSHWpFQLFDSHUPDQHQWHSDUDR
VHWRUGHFRQWUROHDPELHQWDO
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR7RFDQWLQV),(72
)RQWH6HFUHWDULDGH3ODQHMDPHQWRH0HLR$PELHQWH
,PSODQWDomRQR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,63GRV&XUVRV7pFQLFRVGH,QIRUPiWLFD,QGXVWULDO
$XWRPDomRGD0DQXIDWXUDHGH5HIULJHUDomRHGH$U&RQGLFLRQDGR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QDXJXUDomR GR &HQWUR GH )RUPDomR 3URILVVLRQDO H 7HFQRORJLD GH $OLPHQWRV H 1XWULomR GR 6HUYLoR 1DFLRQDO GH
$SUHQGL]DJHP,QGXVWULDO6(1$,3,HP7HUHVLQD
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRQD8QLYHUVLGDGHGH5LEHLUmR3UHWR81$(53GR/DERUDWyULR,QGXVWULDO)DUPDFrXWLFR/,)$(53TXHSURGX]PH
GLFDPHQWRVUHJLVWUDGRVQR0LQLVWpULRGD6D~GH
)RQWH8QLYHUVLGDGHGH5LEHLUmR3UHWR
&ULDomRGR&HQWUR5HJLRQDOGH7HFQRORJLDGH$OLPHQWRV0iULR'DYLG$QGUHD]]D&(57$HP3HWUROLQD3(ÔQLFRFHQWUR
GHWHFQRORJLDGR6LVWHPD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,DDWXDUQRVHWRUGHDOLPHQWRVHPWRGRR
1RUWH1RUGHVWH
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&ULDomRGD)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR7RFDQWLQVFRPVHGHHP$UDJXDtQDFRPUHSUHVHQWDWLYLGDGHGHGH]
VLQGLFDWRVGDVLQG~VWULDV
)RQWH)HGHUDomRGDV,QG~VWULDVGR(VWDGRGR7RFDQWLQV
5HDOL]DomR SHOR 6HUYLoR 1DFLRQDO GH $SUHQGL]DJHP ,QGXVWULDO 6(1$,3% GR (VWXGR 2FXSDFLRQDO QD ÉUHD GH
(OHWURHOHWU{QLFDYLVDQGRDFRQKHFHUDUHDOLGDGHGRPHUFDGRGHWUDEDOKRHDHVWUXWXUDGDVRFXSDo}HVQDiUHDMXQWRD
HPSUHVDVGRVHJPHQWRGDDWLYLGDGHHFRQ{PLFDHDILQV
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
,QtFLRGRSURFHVVRGHDVVLVWrQFLDHPSUHVDULDOQR,QVWLWXWR(XYDOGR/RGL(63DUDFDGDHPSUHVDpLGHDOL]DGRXPSURJUDPD
GHVROXo}HVJHUHQFLDLVEDVHDGRQDJHVWmRHVWUDWpJLFDGDHPSUHVD
)RQWH,QVWLWXWR(XYDOGR/RGL
,QDXJXUDomRGD(VFROD6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,GH,WXPELDUD*2HPGHGH]HPEUR$
XQLGDGHDWHQGHDJUDQGHVHPSUHVDVGDUHJLmRFRPRD&DUDPXUX$OLPHQWRVIRUPDQGRPmRGHREUDHVSHFLDOL]DGDSDUD
VXSULUjGHPDQGDGRPHUFDGR
)RQWH6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
&URQRORJLDGR'HVHQYROYLPHQWR&LHQWtILFR7HFQROyJLFRH,QGXVWULDO%UDVLOHLUR
3DQRUDPD1DFLRQDO
,PSODQWDomRGR,3URJUDPD,QVWLWXFLRQDOGH%ROVDVGH,QLFLDomR&LHQWtILFD3,%,&&RQVHOKR1DFLRQDOGH'HVHQYROYLPHQWR
&LHQWtILFRH7HFQROyJLFR&13TQD8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD8)-)
)RQWH8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD
3XEOLFDomRGR´3ODQR'LUHWRUGH&LrQFLDH7HFQRORJLDGH0DWR*URVVRGR6XOµ
)RQWH6HFUHWDULDGH(VWDGRGD3URGXomR6XSHULQWHQGrQFLDGH&LrQFLDH7HFQRORJLD
&ULDomRGR)XQGR(VWDGXDOGH&LrQFLDVH7HFQRORJLD)(&7GR(VWDGRGD3DUDtED3%FXMRREMHWLYRpYLDELOL]DUDLPSOH
PHQWDomRGDSROtWLFDGHFLrQFLDHWHFQRORJLD
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGDSDUDtED
5HDOL]DomRHSURPRomRQD8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR81,&$3GR6HPLQiULR,QWHUQDFLRQDOGH8QLYHUVLGDGHV
VREUHR0HUFRVXO
)RQWH8QLYHUVLGDGH&DWyOLFDGH3HUQDPEXFR
&ULDomRGD)XQGDomRGH$SRLRj3HVTXLVDGR'LVWULWR)HGHUDO)$3')
)RQWH)XQGDomRGH$SRLRj3HVTXLVDGR'LVWULWR)HGHUDO
&ULDomRGD8QLYHUVLGDGH$EHUWDj7HUFHLUD,GDGH81$7,GLULJLGDSDUDSHVVRDVGHDQRVDFLPDVHPH[LJrQFLDGHHVFR
ODULGDGHSHOD8QLYHUVLGDGH&DWyOLFDGH*RLiV8&*
)RQWH8QLYHUVLGDGH&DWyOLFDGH*RLiV
&ULDomRGD)XQGDomRGH$SRLRj3HVTXLVDGR(VWDGRGD3DUDtED)$3(64FXMRREMHWLYRpIRUQHFHUHFRRUGHQDUDSHVTXLVD
FLHQWtILFDHWHFQROyJLFDQR(VWDGRGD3DUDtED
)RQWH6HFUHWDULDGD,QG~VWULD&RPpUFLR7XULVPR&LrQFLDVH7HFQRORJLDGR(VWDGRGDSDUDtED
7UDQVIRUPDomRGD&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6HPIXQGDomRS~EOLFDSHOD/HL
GHGHMDQHLUR
)RQWH6HQDGR)HGHUDO
3URFHVVRGHLPSHDFKPHQWGHUUXEDRSUHVLGHQWH)HUQDQGR&ROORU
)RQWH%DQFR1DFLRQDOGH'HVHQYROYLPHQWR(FRQ{PLFRH6RFLDO
5HFRQKHFLPHQWR GD WUDQVIRUPDomR GD )DFXOGDGH &DWyOLFD GH %UDVtOLD HP 8QLYHUVLGDGH SHOR &RQVHOKR )HGHUDO GH
(GXFDomR
)RQWH8QLYHUVLGDGH&DWyOLFDGH%UDVtOLD
,PSODQWDomRGD8QLYHUVLGDGH/XWHUDQDGR%UDVLOHP0DQDX
Download

Cronologia do Desenvolvimento Científico