X
X
Q
Q
H
H
V
V
S
S
8811,,99((5566,,''$$''((((6677$$''88$$//33$$88//,,6677$$ & &DDPPSSXXVVGGHH33UUHHVVLLGGHHQQWWHH33UUXXGGHHQQWWHH ) )DDFFXXOOGGDDGGHHGGHH&&LLrrQQFFLLDDVVHH77HHFFQQRROORRJJLLDD 3URJUDPDGH3yV*UDGXDomRHP&LrQFLDV&DUWRJUiILFDV862'(9Ë'(2(67(5(2&Æ0$5$3$5$
5(&216758d2'(683(5)Ë&,(6
¬&857$',67Æ1&,$
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP &LrQFLDV &DUWRJUiILFDV GD )DFXOGDGH GH &LrQFLDV H 7HFQRORJLD GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD 8QHVS FRPR SDUWH GRV UHTXLVLWRV H[LJLGRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP &LrQFLDV &DUWRJUiILFDV$8725$17Ð1,2'(2/,9(,5$$/9(6
25,(17$'25352)'5$1721,20$5,$*$5&,$7200$6(//,
3UHVLGHQWH3UXGHQWH IHYHUHLUR
L
862'(9Ë'(2(67(5(2&Æ0$5$3$5$
5(&216758d2'(683(5)Ë&,(6
¬&857$',67Æ1&,$
'LVVHUWDomR DSUHVHQWDGD DR 3URJUDPD GH 3yV *UDGXDomR HP &LrQFLDV &DUWRJUiILFDV GD )DFXOGDGH GH &LrQFLDV H 7HFQRORJLD GD 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD 8QHVS FRPR SDUWH GRV UHTXLVLWRV H[LJLGRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP &LrQFLDV &DUWRJUiILFDV
$8725$17Ð1,2'(2/,9(,5$$/9(6
25,(17$'25352)'5$1721,20$5,$*$5&,$7200$6(//,
3UHVLGHQWH3UXGHQWH -DQHLUR
LL )LFKDFDWDORJUiILFD $OYHV$QW{QLRGH2OLYHLUD $X 8VRGHYtGHRHVWHUHRFkPHUDSDUD UHFRQVWUXomRGHVXSHUItFLHVjFXUWDGLVWkQFLD $QW{QLRGH2OLYHLUD$OYHV± 3UHVLGHQWH 3UXGHQWH81(63)&7 S 'LVVHUWDomRPHVWUDGR± 81(63 )DFXOGDGHGH&LrQFLDVH7HFQRORJLD 3UHVLGHQWH3UXGHQWH 5HFRQVWUXomR(VWHUHRFkPDUD )RWRJUDPHWULD,$XWRU,97tWXOR
LLL
7(502'($3529$d2
LY '(',&$7Ï5,$ 'HGLFRHVWHWUDEDOKRDRVPHXVSDLV$JHOLWDH*DEULHOLQPHPRULDP TXHSDUWLFLSRXGRLQtFLRPDVQmRSUHVHQFLRXRILQDO (PHVSHFLDOD.HOO\&DUROLQDH0DULDQDSHORDSRLRHFRPSUHHQVmR RVPRPHQWRVHPTXHQmRSXGHHVWDUSUHVHQWHSHODVIpULDVVHPYLDJHQVHRV PRPHQWRVGHOD]HUTXHSHUGHUDP
Y
$*5$'(&,0(1726
$R SURIHVVRU 'U $QWRQLR 0DULD *DUFLD 7RPPDVHOOL SHOD RULHQWDomRSDFLrQFLDHGHGLFDomRGLVSHQVDGD
$RSURIHVVRU0DXUtFLR*DORSRUWHUFHGLGRJHQWLOPHQWHR SURJUDPDGHFDOLEUDomRXWLOL]DGRQHVWHWUDEDOKR
$RV SURIHVVRUHV H IXQFLRQiULRV GR &XUVR GH 3yV *UDGXDomR HP &LrQFLDV FDUWRJUiILFD GD 8QHVS)&7 SHOR DX[tOLR H DWHQomR
$R IXQFLRQiULR :LOOLDQ GD IDFXOGDGH GH &RPXQLFDomR 6RFLDOGD812(67(TXDQGRGDIDVHGHGLJLWDOL]DomRGDVLPDJHQV
¬ WRGDV DV GHPDLV SHVVRDV PHVPR TXH GH IRUPD GLVFUHWDFRQWULEXtUDPSDUDDUHDOL]DomRGHVWHWUDEDOKR
YL 680È5,2 3iJLQD )2/+$'(52672 L ),&+$&$7$/2*5È),&$ LL 7(502'($3529$d2 LLL '(',&$7Ï5,$ LY $*5$'(&,0(1726 Y 680È5,2 YL /,67$'(),*85$6 YLLL /,67$'(7$%(/$6 [ 5(6802 [LLL $%675$&7 [LY &$3Ë78/2± ,1752'8d2 &216,'(5$d®(635(/,0,1$5(6 2%-(7,926 -867,),&$7,9$ $35(6(17$d2'$(6758785$'275$%$/+2 &$3Ë78/2± 6,67(0$6'(9Ë'(2 6,67(0$9Ë'(2$1$/Ï*,&2 6,67(0$9Ë'(2',*,7$/ &219(562'(6,1$,6'(9Ë'(2 &Æ0$5$'(9Ë'(2 &Æ0$5$'(9Ë'(2&20&&' &$3785$'(9Ë'(2 6,67(0$ '( 9Ë'(2 189,(: ± (67e5(29Ë'(2 &Æ0$5$
YLL &$3Ë78/2± &$/,%5$d2(5(&216758d2 *(20(75,$'2,0$*($0(172 25,(17$d2,17(5,25 &$/,%5$d2'(&Æ0$5$6 25,(17$d2(;7(5,25'(8002'(/2,62/$'2 5(66(d2(63$&,$/ ,17(56(&d2 )27275,$1*8/$d2 &$3Ë78/2± 5(&216758d2'(,0$*(1686$1'29Ë'(2 (67(5(2&Æ0$5$ +$5':$5(687,/,=$'2612'(6(192/9,0(172 62)7:$5(687,/,=$'2612'(6(192/9,0(172 0(72'2/2*,$'(75$%$/+2 ',6&8662*/2%$/'265(68/7$'26 &$3Ë78/2± &21&/86®(6(5(&20(1'$d®(6 &21&/86Ð(6 5(&20(1'$d®(6 $1(;26 5()(5Ç1&,$6%,%/,2*5È),&$6 %,%/,2*5$),$
YLLL /,67$'(),*85$6 ),*85$)250$'(80$21'$(/e 75,&$ ),*85$%$55$'(&25(6'26,1$/5*% ),*85$(92/8d2'26,1$/'( 9Ë'(2$1$/Ï*,&2 ),*85$6,1$/'(9Ë'(23$5$8 0$/,1+$&203/(7$ ),*85$&219(562'(6,1$/'( 176&3$5$3$/(9,&(9(56$
),*85$&$0323$5(Ë03$5'$ (;3/25$d2(175(/$d$ '$ ),*85$352&(662'(&219(562 '$(;3/25$d2(175( /$d$'$(0352*5(66,9 $ ),*85$$02675$*(0'26,1$/$ 1$/Ï*,&2 ),*85$75Ç61Ë9(,6'(80$,0 $*(0&2/25,'$ ),*85$6,67(0$3$5$9Ë'(2', *,7$/0Ë1,02 ),*85$352&(662'($02675$*( 0 ),*85$$02675$*(06(0(&20()(,72'($/,$6,1* ),*85$)250$'(21'$&20( 6(0()(,72³-,77(5´ ),*85$7(162'26,17(9$/26 '(48$17,),&$d2 ),*85$',$*5$0$ '(%/2&26'(80&21 9(5625'$&&219(1&,21$/
),*85$6(1625'(,0$*(0 ),*85$&$5*$*(5$'$e$&808/ $'$(0&$3$&,725(68 6$1'2$7e&1,&$026
),*85$ 9$55('85$'$6/,1+$6 +25,=217$,6 ),*85$',$*5$0$'(%/2&2'( 80$&Æ0$5$'(9Ë'(2 3$'52
),*85$(/(0(1726%È6,&263$5 $&$3785$5,0$*(0$ 75$9e6'(9Ë'(2$1$/ Ï*,&2 ),*85$26,67(0$3$5$&$3785$ '(,0$*(16(67(5(26 &Ï3,&$6(09Ë'(2 ),*85$&20321(17(6'26,67(0 $3$5$&$3785$'(,0 $*(16(67(5(26&Ï3,&$ 6(0
9Ë'(2 ),*85$,0$*(02%7,'$3(/26,67(0$ 02675$1'223$'52( 175(/$d$'2
L[ ),*85$6,67(0$6'(5()(5Ç1&, $12(63$d22%-(72( ,0$*(0 ),*85$6,67(0$'(0È48,1$ ),*85$6,67(0$&2025,*(012&(1752 '2)5$0( ),*85$6,67(0$'2(63$d2,0$ *(028)272*5$0e75,& 2 ),*85$352-(d23(563(&7,9$ &(175$/ ),*85$&21',d2'(&2/,1($5, '$'( ),*85$&21',d2'(&2/,1($5, '$'(233 ),*85$',6725d25$',$/ ),*85$5(/$d2(175(',6725d 25$',$///5(68$6&20321(17(6 //;5//<5 ),*85$()(,72'26(5526'(1 22572*21$/,'$'(( (6&$/$ ),*85$02'(/2352'8=,'23(/$ 25,(17$d25(/$7,9$ ),*85$25,*(0'26,67(0$'( &225'(1$'$6'202'(/ 2(05(/$d2$ 26,67(0$'( &225'(1$'$6'27(55( 12 ),*85$,17(56(&d2(175(321726+20Ï/2*26 ),*85$(7$3$6&20816$26'2, 60e72'26'('(6(192 /9,0(172'2352-(72 ),*85$,0$*(0(175(/$d$'$*( 5$'$3(/26,67(0$&Æ 0$5$'(9Ë'(2189,(: ),*85$,0$*(0'(6(175(/$d$'$ *(5$'$3(/$&Æ0$5$ '(9Ë'(2 ),*85$,0$*(0'(6(175(/$d$'$ *(5$'$3(/2189,(: ),*85$(7$3$6'20e72'2 ),*85$180(5$d2'$6&e/8/$6 '2&$032'(7(67(7 5,',0(16,21$/ ),*85$(55269(5'$'(,526'$6 &225'(1$'$61$$872&$/,%5$d25(&216758Ë'26
12685)(5$&225'(1$'$6;<(552(0;%&225'(1$'$6;<(552(0< &&225'(1$'$6;<(552(0= ),*85$2%-(72$6(55(&21675 8Ë'212685)(5&20321726180(5$'26 ),*85$2%-(725(&216758Ë'21 2685)(5&216,'(5$1'2321726'($32,2 ),*85$2%-(725(&216758Ë'21 2685)(5&216,'(5$1'272'262 6321726'$ 3/$&$&202321726'( $32,2
[
),*85$(55269(5'$'(,526'$6& 225'(1$'$61$)27275 ,$1*8/$d2
5(&216758Ë'2612685)(5$&225'(1$'$6;<(552(0;%&225'(1$'$6
;<(552(0<&&225'(1$'$6;<(552(0= ),*85$321726+20Ï/2*26'23 $5'(,0$*(16
[L /,67$'(7$%(/$6 7$%(/$± 3$'5®(6'((67Ò',2'( 9Ë'(2',*,7$/ 7$%(/$± (6758785$'2$548,92'(3$5Æ0( 7526 7$%(/$± 3$5Æ0(7526'$25,(17$ d2,17(5,25'$&$/, %5$d2 7$%(/$± ',6&5(3Æ1&,$6'263$5 Æ0(7526'$25,(17$d 2,17(5,25'$&$/,%5 $d2 7$%(/$± (67$7Ë67,&$'$&$/,%5 $d2'(72'$6$6,0$ *(16-817$6
7$%(/$± 321726&20&225'(1$'$ 612,1-81&,21$'$6 1$&$/,%5$d2
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6 '$6,0$*(16Ë03$5(6 1$&$/,%5$d2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6;<='$6,0$*(16Ë03$5(6 1$&$/,%5$d2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6 '$6,0$*(163$5(61 $&$/,%5$d2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6;<='$6,0$*(163$5(61$ &$/,%5$d2 7$%(/$± ',)(5(1d$'263$5Æ0(7 526(;75Ë16(&261$& $/,%5$d2 7$%(/$± 3$5Æ0(7526'$25,(17$ d2,17(5,25'$$872&$/,%5$d2 352&(66$0(1726,08/7 Æ1(2 7$%(/$± 3$5Æ0(7526'$25,(17$ d2,17(5,253$5$$ &$/,%5$d2($872 &$/,%5$d2352&(66$0(1726,08/7 Æ1(2 7$%(/$± (67$7Ë67,&$'$$872&$/,%5$d2&2072'$6 $6,0$*(16
7$%(/$± (55260e',2648$'5È7,&26(041$$872&$/,%5$d2&202
352&(66$0(172'(72' $6$6,0$*(16 7$%(/$± 3$5Æ0(7526(;75Ë16(&26Æ1*8/26'(527$d2'$)27275,$1*8/$d2
&2072'$6$6,0$*(1686$1'23$5Æ0(7526,1 75Ë16(&26&$/&8/$'26 1$
&$/,%5$d2
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6&225'(1$'$6'26&(17 5263(563(&7,926 2%7,'261$)27275,$1*8/$d2& 2072'$6$6,0$*(1686$1'23$5Æ0(7526 ,175Ë16(&26&$/&8/$' 261$&$/,%5$d2 7$%(/$± ',)(5(1d$'263$5Æ0(7 526(;75Ë16(&26'$) 27275,$1*8/$d2&20 72'$6$6,0$*(1686$1'23$5Æ0(7526,1 75Ë16(&26&$/& 8/$'261$&$/,%5$d2 7$%(/$± (67$7Ë67,&$'$)27275 ,$1*8/$d2&$/,%5$d2
7$%(/$± (55260e',2648$'5È7,&26(041$)27275,$1*8/$d2 &20
&$/,%5$d2&202352 &(66$0(172'(72'$6 $6,0$*(16
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6Æ1*8/26'(527$d2'$)27275,$1*8/$d2 &2072'$6$6,0$*(16&216,'(5$1'23$5Æ0(7 526,175Ë16(&26&$/& 8/$'261$ &$/,%5$d2&20'(69, 263$'52'(00
[LL
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6&225'(1$'$6'26&(17 5263(563(&7,926 2%7,'261$)27275,$1 *8/$d2&2072'$6$6 ,0$*(16&216,'(5$1'23$5Æ0(7 526 ,175Ë16(&26&$/&8/$' 261$&$/,%5$d2&20 '(69,263$'52'(00 7$%(/$± ',)(5(1d$6'263$5Æ0( 7526(;75Ë16(&26'$ )27275,$1*8/$d2&2 0
72'$6$6,0$*(16&216,'(5$1'23$5Æ0(7 526,175Ë16(&26&$/& 8/$'261$
&$/,%5$d2&20'(69, 263$'52'(00
7$%(/$± (67$7Ë67,&$'$)27 275,$1*8/$d2&2072 '$6$6,0$*(16&216,'(5$1'2 3$5Æ0(7526,175Ë16(& 26&$/&8/$'261$&$/ ,%5$d2&20'(69,26 3$'52'( 00
7$%(/$± (55260e',2648$'5È7,&26(04'$)27275,$1*8/$d2 &2072'$6$6 ,0$*(16&216,'(5$1'23$5Æ0(7526,175Ë 16(&26&$/&8/$'261$ &$/,%5$d2&20 '(69,263$'52'(00
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6Æ1*8/26'(527$d2'$)27275,$1*8/$d2 &2072'$6$6,0$*(16&216,'(5$1'23$5Æ0(7 526,175Ë16(&26&$/& 8/$'261$ $872&$/,%5$d2&20'(69, 263$'52'(00
7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6&225'(1$'$6'26&(17 5263(563(&7,926 2%7,'261$)27275,$1 *8/$d2&2072'$6$6 ,0$*(16&216,'(5$1'23$5Æ0(7 526 ,175Ë16(&26&$/&8/ $'261$$872&$/,%5$d2&20'(69, 263$'52'(00 7$%(/$± ',)(5(1d$'263$5Æ0(7 526(;75Ë16(&261$) 27275,$1*8/$d2&20
72'$6$6,0$*(16&216,'(5$1'23$5Æ0(7 526,175Ë16(&26&$/& 8/$'261$$872 &$/,%5$d2&20'(69, 263$'52'(00
7$%(/$± (67$7Ë67,&$1$)27275 ,$1*8/$d2&2072'$6 $6,0$*(16&216,'(5$1'2 3$5Æ0(7526,175Ë16(& 26&$/&8/$'261$$87 2&$/,%5$d2&20'(69, 263$'52'(
00
7$%(/$± (55260e',2648$'5È7,&26(042%7,'261$)27275,$1 *8/$d2&20 72'$6$6,0$*(16&216,'(5$1'23$5Æ0(7 526,175Ë16(&26&$/& 8/$'261$$872
&$/,%5$d2&20'(69, 263$'52'(00 7$%(/$± ',67Æ1&,$(175(269, =,1+261$)27275,$1*8/$ d2&20$872&$/,%5$d2
7$%(/$± &203$5$d2'26(55260e',2648$'5È7,&26
7$%(/$± &203$5$d2'26(04&20(6(0321726&20 9$/25(61$&225'(1$ '$
= 7$%(/$± 3$5Æ0(7526'$25,(17$ d2,17(5,25'202'( /2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6 '$6,0$*(161$&$/, %5$d2'202'(/2 7$%(/$± 3$5Æ0(7526(;75Ë16 (&26;<='$6,0$*(161$&$/,% 5$d2'202'(/2
[LLL 7$%(/$± ',)(5(1d$'263$5Æ0(7 526(;75Ë16(&26'$& $/,%5$d2'202'(/2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6 '$6,0$*(161$)272 75,$1*8/$d2'2 02'(/2 7$%(/$± 3$5Æ0(7526(;75Ë16(&2 6;<='$6,0$*(161$)2727 5,$1*8/$d2'2 02'(/2
7$%(/$± (55260e',2648$'5È7,&26± (04'$)27275,$1*8/$d2 &20321726 '($32,2(&20263$5Æ0( 7526'(25,(17$d2, 17(5,25'$7$%(/$
7$%(/$± (55260e',2648$'5È7,&26± (04'$)27275,$1*8/$d2 &20321726 '($32,2(&20263$ 5Æ0(7526'(25,(17$d 2,17(5,25'$7$%(/ $
7$%(/$± (55260e',2648$'5È7,&26± (04'$)27275,$1*8/$d2 &20321726 '($32,2(&20263$ 5Æ0(7526'(25,(17$d 2,17(5,25'$$872&$/,%5$d2'( 02'(/2 7$%(/$± 9$/25(687,/,=$'263$ 5$$35(9,62'(35(&,62'$6 &225'(1$'$6'26 32172612(63$d22%- (72 7$%(/$± 9$/25(6(63(5$'26(2 6&$/&8/$'26'26(55 260e',2648$'5È7,&2 6 7$%(/$± (55260e',2648$'5È7,&26(04&$/&8/$'26126352&(66$0(172 6
[LY
$/9(6 $2 8VR GH YtGHRHVWHUHRFkPDUD SDUD UHFRQVWUXomR GH VXSHUItFLHV j FXUWD GLVWkQFLD 3UHVLGHQWH 3UXGHQWH S 'LVVHUWDomRGH0HVWUDGR )DFXOGDGHGH&LrQFLDVH7HFQRORJLD&DPSXV GH3UHVLGHQWH3UXGHQWH8QLYHUVLGDGH(VWDGXDO3DXOLVWD
5(6802
$XWLOL]DomRGHFkPDUDGHYtGHRQDUHFRQVWUXomRGHREMHWRVjFXUWD GLVWkQFLD SURSRUFLRQD DOJXQV EHQHItFLRV WDLV FRPR EDL[R FXVWR GR HTXLSDPHQWR IDFLOLGDGH QD DTXLVLomR GDV LPDJHQV H R SURFHVVDPHQWR GDVFHQDVSRGHVHUFRQWURODGRDWUDYpVGHFRPSXWDGRUHV$DSOLFDomRGR VLVWHPD 1X9LHZ IDEULFDGR SHOD ' 9tGHR ,QF j UHFRQVWUXomR GH LPDJHQV j FXUWD GLVWkQFLD LQFUHPHQWD HVVHV EHQHItFLRV (VWH VLVWHPD p XP DGDSWDGRU HVWHUHRVFySLFR SDUD FkPDUDV GH YtGHR TXH TXDQGR DFRSODGRjVOHQWHVJHUDLPDJHQVWULGLPHQVLRQDLVGRVREMHWRV
2 REMHWLYR GHVWH WUDEDOKR p DYDOLDU R SRWHQFLDO GR VLVWHPD FkPDUD1X9LHZQDFROHWDHUHFRQVWUXomRGHLPDJHQVWULGLPHQVLRQDLVGH REMHWRV$FkPDUDGHYtGHRXVDGDpXPD-9&&RPSDFW9+6PRGHOR*5 $;
)RL DQDOLVDGD D FRQILDELOLGDGH ILQDO SURSRUFLRQDGD SHOR VLVWHPD XWLOL]DQGR VRIWZDUHV FRPHUFLDLV H DFDGrPLFRV SDUD D UHFRQVWUXomR GDV VXSHUItFLHV LGHQWLILFDQGR R QtYHO GH DFXUiFLD GDV FRRUGHQDGDV H DV DSOLFDo}HV SRWHQFLDLV XWLOL]DQGR VRIWZDUHV SDUD JHUDU LPDJHQV WULGLPHQVLRQDLV TXH SRVVDP VHU XWLOL]DGDV HP iUHDV GH UHDOLGDGH YLUWXDO HRXQDUHFRQVWUXomRGHSHTXHQRVREMHWRVFRPRRVDUTXHROyJLFRV
[Y
$/9(6 $2 8VR GH YtGHRHVWHUHRFkPDUD SDUD UHFRQVWUXomR GH VXSHUItFLHV j FXUWD GLVWkQFLD 3UHVLGHQWH 3UXGHQWH S 'LVVHUWDomRGH0HVWUDGR )DFXOGDGHGH&LrQFLDVH7HFQRORJLD&DPSXV GH3UHVLGHQWH3UXGHQWH8QLYHUVLGDGH(VWDGXDO3DXOLVWD
$%675$&7
7KH XVH RI YLGHR FDPHUD LQ FORVH UDQJH REMHFW UHFRQVWUXFWLRQ SURYLGHVVRPHEHQHILWVVXFKDVORZFRVWRIWKHHTXLSPHQWHDVLQHVVLQ WKH LPDJH DFTXLVLWLRQ DQG WKH VFHQHV SURFHVVLQJ FDQ EH FRPSXWHUV FRQWUROOHG 7KHDSSOLFDWLRQRIWKH1X9LHZV\VWHP PDQXIDFWXUHGE\' 9LGHR,QFIRUFORVHUDQJHREMHFWUHFRQVWUXFWLRQLQFUHDVHVWKHVHEHQHILWV 7KLV V\VWHP LV D VWHUHRVFRSLFDGDSWHU IRUYLGHR FDPHUDV WKDW JHQHUDWHV WKUHHGLPHQVLRQDOSLFWXUHVZKHQFRXSOHGWRWKHOHQVHV
7KHDLPRIWKLVSURMHFWLVWRHYDOXDWHWKHSRWHQWLDORIWKHFDPHUD1X 9LHZ V\VWHP LQ WKH DFTXLVLWLRQ DQG UHFRQVWUXFWLRQ RI WKUHHGLPHQVLRQDO LPDJHV7KHYLGHRFDPHUDXVHGLVD-9&&RPSDFW9+6PRGHO*5$;
7KH ILQDO UHDELOLW\ DFKLHYHG E\ WKH V\VWHP LV DQDO\]HG XVLQJ FRPPHUFLDODQGVFLHQWLILFVRIWZDUHLGHQWLI\LQJWKHOHYHORIDFFXUDF\RIWKH JHQHUDWHG'FRRUGLQDWHVDQGWKHSRWHQWLDODSSOLFDWLRQVXVLQJVRIWZDUHV WRJHQHUDWHWKUHHGLPHQVLRQDOSLFWXUHVWKDWFDQEHXVHGLQDUHDVVXFKDV YLUWXDO UHDOLW\ DQGRU WKH UHFRQVWUXFWLRQ RI VPDOO REMHFWV VXFK DV WKH DUFKDHRORJLFDODUWLIDFWV
&$3Ë78/2 ,1752'8d2 &216,'(5$d®(635(/,0,1$5(6 $)RWRJUDPHWULDSURFXUDUHFRQVWUXLUVXSHUItFLHVGHREMHWRV DWUDYpVGHPHGLo}HVHPLPDJHQVDGTXLULGDVSRUPHLRGHGLIHUHQWHVWLSRV GH VHQVRUHV FRP R SURSyVLWR GH VH REWHU LQIRUPDo}HV VREUH SRVLomR WDPDQKR H IRUPD GHVVHV REMHWRV 4XDQGR RV REMHWRV VmR SHTXHQRV PHQRUHV TXH PHWURV H RV VHQVRUHV HVWmR SRVLFLRQDGRV SUy[LPRV HRX DR UHGRU GHVVHV REMHWRV D )RWRJUDPHWULD p FKDPDGD GH )RWRJUDPHWULDjFXUWDGLVWkQFLD
1D IDVH GH DTXLVLomR GDV LPDJHQV HP )RWRJUDPHWULD j FXUWDGLVWkQFLDXVXDOPHQWHVmRXWLOL]DGDVFkPDUDVIRWRJUiILFDVPpWULFDV GHYLGR j DOWD TXDOLGDGH JHRPpWULFD GDV LPDJHQV PDV GHSHQGHQGR GD DSOLFDomRSRGHVHXWLOL]DUFkPDUDVQmRPpWULFDVYtGHRVHHVWpUHRYtGHRV (P iUHDV GR FRQKHFLPHQWR FRPR (QJHQKDULD LQGXVWULDO 0HGLFLQD $UTXHRORJLD H ,QIRUPiWLFD UHDOLGDGH YLUWXDO SRGHVH WHU LPDJHQVFRPXPDTXDOLGDGHJHRPpWULFDLQIHULRUVHPRFRPSURPHWLPHQWR QDV DSOLFDo}HV 2 FXVWR GR VHQVRU XWLOL]DGR SDUD D DTXLVLomR GHVVDV LPDJHQVpLQIHULRUTXDQGRFRPSDUDGRDRFXVWRGDVFkPDUDVPpWULFDV$V FDPFRUGHUV RX FkPDUDV GH YtGHR 9+6 TXH VmR FkPDUDV GH YtGHR DQDOyJLFDVVmRXPH[HPSORGHVVHWLSRGHVHQVRU
&RPSUHHQGHU R LPDJHDPHQWR GH YtGHR UHDOL]DGR SHODV FkPDUDVGHYtGHRDQDOyJLFDVpXPIDWRUUHOHYDQWHQRSURFHVVDPHQWRGH LPDJHQV FRP HVVH WLSR GH VHQVRU (QYROYH LQLFLDOPHQWH R SURFHVVR GH DTXLVLomR GDV LPDJHQV TXH FRPSUHHQGH D WUDQVIRUPDomR GH UDLRV OXPLQRVRV LQFLGHQWHV QDV OHQWHV GH XPD FkPDUD GHYtGHR HP LPSXOVRV HOpWULFRV $ WUDQVIRUPDomR HP LPSXOVRV HOpWULFRV p UHDOL]DGD SRU XP RX
PDLV&&'VTXHVmRFDSD]HVGHTXDQWLILFDUDLQWHQVLGDGHGREULOKRGRV UDLRVOXPLQRVRVQRVGLIHUHQWHVSRQWRVGHXPDLPDJHP
2V UDLRV OXPLQRVRV VRIUHP GLVWRUo}HV JHUDGDV SHODV FDUDFWHUtVWLFDV GD FkPDUD H D FDOLEUDomR PRGHOD HVVDV GLVWRUo}HV TXH RFRUUHPQDJHRPHWULDGHIRUPDomRGDLPDJHPHPXPDFkPDUD
$VFkPDUDVGHYtGHR9+6JUDYDPDVLPDJHQVQRIRUPDWR DQDOyJLFR 3DUD TXH VHMDP XWLOL]DGDV QRV PLFURFRPSXWDGRUHV p QHFHVViULDDFRQYHUVmRSDUDRIRUPDWRGLJLWDO$VSODFDVGHFDSWXUDVGH YtGHR³IUDPHJUDEEHUV´ID]HPHVWDFRQYHUVmR
3DUDRVHUKXPDQRWHUXPDYLVmRUHDOtVWLFDGDVLPDJHQV SUHFLVDVH JHUDU LPDJHQV HVWHUHRVFySLFDV WDPEpP GHVLJQDGDV GH LPDJHQV WULGLPHQVLRQDLV $ SHUFHSomR GH SURIXQGLGDGH p DVVRFLDGD j YLVmR HVWHUHRVFySLFD RX HVSDFLDO RQGH FDGD ROKR UHJLVWUD XPD LPDJHP GLIHUHQWH H R FpUHEUR XVD R SHTXHQR GHVORFDPHQWR ODWHUDO GDV LPDJHQV SDUDPHGLUDSURIXQGLGDGHSURSRUFLRQDQGRDYLVmRHVWHUHRVFySLFD
$V LPDJHQV WULGLPHQVLRQDLV JHUDGDV SRU FkPDUDV GH YtGHR SDUD VHUHP H[LELGDV HP XPD WHOHYLVmR RX HP XP PRQLWRU GH FRPSXWDGRU DOpP GH SURSRUFLRQDU HIHLWRV HVSHFLDLV GH JUDQGH LPSDFWR SRVVXHP XP FXVWR PHQRU HP UHODomR jV FkPDUDV IRWRJUiILFDV GLJLWDLV PDWULFLDLVHDVPpWULFDV
$'9tGHR,QFGHVHQYROYHXXPVLVWHPDGHVLJQDGRSRU 189LHZ TXH p XP DGDSWDGRU HVWHUHRVFySLFR SDUD FkPDUDV GH YtGHR 4XDQGRDFRSODGRjVOHQWHVJHUDLPDJHQVWULGLPHQVLRQDLV(VWHFRQMXQWR SURFXUD VLPXODU D DTXLVLomR GH LPDJHQV SRU GXDV FkPDUDV GLVWLQWDV &RPRDFkPDUDGHYtGHR9+6HWDPEpPRVLVWHPD189LHZQmRIRUDP SURMHWDGRVSDUDVHUHPXWLOL]DGRVHP)RWRJUDPHWULDKiDQHFHVVLGDGHGH VHUHPUHDOL]DGDVDYDOLDo}HVGRFRQMXQWRFRPRSURSyVLWRGHGHWHUPLQDUD DSOLFDELOLGDGH GR VLVWHPD 189LHZ HP FRQMXQWR FRP XPD FkPDUD GH YtGHRQDUHFRQVWUXomRGDVLPDJHQV
$ IDVH LQLFLDO QD UHFRQVWUXomR GDV LPDJHQV SDUD DSOLFDo}HV IRWRJUDPpWULFDV HQJORED D DYDOLDomR GR FRQMXQWR FkPDUD GH
YtGHR H VLVWHPD 189LHZ (VWD DYDOLDomR SRGH VHU GH QDWXUH]D UDGLRPpWULFD FRU WRP GH FLQ]D RX JHRPpWULFD GLVWkQFLDV kQJXORV FRRUGHQDGDV&RPHVVHSURFHGLPHQWRGHWHUPLQDVHRQtYHOGHUHVSRVWD GRFRQMXQWRFkPDUDGHYtGHRHVLVWHPD189LHZHPUHODomRjUHDOLGDGH ItVLFD1DDQiOLVHUDGLRPpWULFDGHYHVHYHULILFDUVHRQtYHOGHUXtGRVHD HVWDELOLGDGHWpUPLFDQmRSUHMXGLFDPDUHVSRVWDHVSHFWUDOGRFRQMXQWRH QDDQiOLVHJHRPpWULFDGHYHVHGHWHUPLQDURVSDUkPHWURVTXHFRUULJHPRV HUURVVLVWHPiWLFRVLVWRpRVSDUkPHWURVLQWUtQVHFRV $ IDVH VHJXLQWH QD UHFRQVWUXomR GDV LPDJHQV p D TXH GHWHUPLQD RV SDUkPHWURV H[WUtQVHFRV 'XDV LPDJHQV WRPDGDV GH GXDV FkPDUDV GLVWLQWDV SRVVXHP PRYLPHQWRV OLQHDUHV H URWDFLRQDLV LQGHSHQGHQWHV (VVHV PRYLPHQWRV OLQHDUHV H URWDFLRQDLV VmR RV SDUkPHWURVH[WUtQVHFRV
1D UHFRQVWUXomR GDV LPDJHQV WDQWR DXWRPDWLFDPHQWH FRPRPDQXDOPHQWHpJHUDGRXPPRGHORQXPpULFRGDVXSHUItFLH6REUH HVWH PRGHOR DV LPDJHQV SRGHP VHU VXSHULPSRVWDV SDUD SHUPLWLU D YLVXDOL]DomRUHDOtVWLFDGDFHQDHPXPFRPSXWDGRU
$V FRRUGHQDGDV GR PRGHOR QXPpULFR SRGHP VHU XWLOL]DGDVSDUDYHULILFDUDDFXUiFLDGRVLVWHPDFkPDUDGHYtGHRHVLVWHPD 189LHZHPUHODomRjUHDOLGDGHItVLFD 2%-(7,926 2REMHWLYRGHVVHWUDEDOKRpDYDOLDURSRWHQFLDOJHRPpWULFR GRVLVWHPD1X9LHZIDEULFDGRSHOD'9tGHR,QFSDUDDUHFRQVWUXomRGH LPDJHQVjFXUWDGLVWkQFLDHPFRQMXQWRFRPXPDFkPDUDGHYtGHRGHXVR GRPpVWLFR$DYDOLDomRFRQVWDUiGRVLWHQVDEDL[R
([DWLGmR ± LGHQWLILFDU JHRPHWULFDPHQWH R QtYHO GH DFXUiFLD GDV LPDJHQVJHUDGDV
$SOLFDomR± YHULILFDUDSOLFDo}HVUHOHYDQWHVQDViUHDVGHUHDOLGDGH YLUWXDO HRX QD UHFRQVWUXomR GH SHTXHQRV REMHWRV FRPRRVREMHWRVDUTXHROyJLFRV
-867,),&$7,9$
'HYLGRDREDL[RFXVWRGDV&DPFRUGHUVHGR VLVWHPD1X 9LHZ FDVR R VLVWHPD FkPDUD GH YtGHR VLVWHPD 1X9LHZ WHQKD XPD DYDOLDomR JHRPpWULFD DFHLWiYHO SDUD ILQV IRWRJUDPpWULFRV HVWH WLSR GH VLVWHPDVHUiGHJUDQGHXWLOLGDGHSDUDDGLVVHPLQDomRGD)RWRJUDPHWULD
$35(6(17$d2'$(6758785$'275$%$/+2 2WUDEDOKRHVWiRUJDQL]DGRGDVHJXLQWHIRUPD
D 1RFDStWXOR GRLVKiXPDUHYLVmRGDOLWHUDWXUDVREUHVLVWHPDGHYtGHR DQDOyJLFR VLVWHPD GH YtGHR GLJLWDO FRQYHUVmR GH VLQDLV GH YtGHR FkPDUDGHYtGHRFDSWXUDGHYtGHRHRVLVWHPD189LHZ
E 1R FDStWXOR WUrV D UHYLVmR GD OLWHUDWXUD FRQWHPSOD D JHRPHWULD GR LPDJHDPHQWR D RULHQWDomR LQWHULRU D FDOLEUDomR GH FkPDUDV D RULHQWDomR H[WHULRU RULHQWDomR UHODWLYD H RULHQWDomR DEVROXWD D UHVVHomRHVSDFLDODLQWHUVHFomRHDIRWRWULDQJXODomR
F 1R FDStWXOR TXDWUR p IHLWD XPD EUHYH GHVFULomR GRV HTXLSDPHQWRV VLVWHPDV PHWRGRORJLDV HPSUHJDGDV H H[SHULPHQWRV FRP GDGRV UHDLVGDVLPDJHQVDGTXLULGDVFRPRVLVWHPDFkPDUDGHYtGHRH18 9LHZ
G $HODERUDomRGHXPDFRQFOXVmRJHUDOVREUHRVREMHWLYRVHUHVXOWDGRV DOFDQoDGRVHQFRQWUDVHQRFDStWXORFLQFR
&$3Ë78/2
6,67(0$6'(9Ë'(2
6,67(0$'(9Ë'(2$1$/Ï*,&2
$ SDODYUD YtGHR HVWi UHODFLRQDGD j LQIRUPDomR YLVXDO LQFOXLQGR LPDJHQV HVWiWLFDV H LPDJHQV GLQkPLFDV (P 7(.$/3 GHILQHVH LPDJHP HVWiWLFD FRPR D TXH WrP VXD LQWHQVLGDGH GH GLVWULEXLomRHVSDFLDOFRQVWDQWHHPUHODomRDRWHPSRHQTXDQWRDLPDJHP GLQkPLFDPXGDDVXDLQWHQVLGDGHHVSDFLDOQRGHFRUUHUGRWHPSR 6HTrQFLDGHLPDJHQVpWDPEpPXPWHUPRHPSUHJDGR SDUDDWHFQRORJLDGHYtGHRVLJQLILFDQGRTXHXPDLPDJHPYDULDQWHFRPR WHPSRpUHSUHVHQWDGDSRUXPDVHTrQFLDGHLPDJHQVHVWiWLFDVIRWRV 2VLQDOGHYtGHRpXPVLQDOXQLGLPHQVLRQDODQDOyJLFRRX GLJLWDO QR WHPSR RQGH D LQIRUPDomR HVSDoRWHPSRUDO p RUGHQDGD FRPR XPD IXQomR GR WHPSR GH DFRUGR FRP FRQYHQomR GH YDUUHGXUD SUHGHILQLGD 7UDGLFLRQDOPHQWH R YtGHR p JUDYDGR DUPD]HQDGR H WUDQVPLWLGRQRIRUPDWRDQDOyJLFR
6HJXQGR 9$//(-2 QR VLVWHPD DQDOyJLFR D LQIRUPDomR p WUDQVPLWLGD FRPR XPD YDULDomR ILQLWD GH XP SDUkPHWUR FRQWtQXR SRGHQGR VHU D PRGXODomR HP DPSOLWXGH IUHTrQFLD RX IDVH 2FRUUHQGRTXDOTXHUYDULDomRHPDOJXPSDUkPHWURGRVLQDOVHUiJHUDGR XPRXWURVLQDOTXHGLILFLOPHQWHSRGHUiVHUUHFRQKHFLGRFRPRXPDFySLD ILHO GDLQIRUPDomRWUDQVPLWLGD(VWDYDULDomRpFRQKHFLGDFRPRUXtGRRX LQWHUIHUrQFLDHQmRSRGHVHULGHQWLILFDGDHPXPVLVWHPDDQDOyJLFR
2V VLQDLV GH YtGHR VmR RQGDV HOpWULFDV TXH WUDQVPLWHP LPDJHQVHPPRYLPHQWRGRWUDQVPLVVRUDWpRUHFHSWRU$IRUPDGHXPD RQGDHOpWULFDpELGLPHQVLRQDOHOHYDXPDWHQVmR TXHPXGDFRPUHODomR DRWHPSRILJXUD
)LJXUD)RUPDGHXPDRQGDHOpWULFD )RQWH$GDSWDGRGH:$7.,621
1D UHDOLGDGH DV LPDJHQV QmR HVWmR HP PRYLPHQWR D LOXVmR GH PRYLPHQWR GHYHVH DR IHQ{PHQR GD SHUFHSomR KXPDQD GHQRPLQDGDSHUVLVWrQFLDUHWLQLDQD$VLPDJHQVTXHFKHJDPjUHWLQDQmR GHVDSDUHFHP EUXVFDPHQWH HODV VH GHVYDQHFHP SDXODWLQDPHQWH &RPR FRQVHTrQFLD GHVWH IHQ{PHQR XPD VXFHVVmR UiSLGD GH LPDJHQV VHUi LQWHUSUHWDGDSHORFpUHEURFRPRXPDLPDJHPHPPRYLPHQWR(QWUHWDQWR HVWH SURFHVVR SURGX] XP WUHPRU GXUDQWH D SDVVDJHP GH XPD LPDJHP FODUDHRLQWHUYDORGHHVFXULGmR3DUDHYLWDUHVWHLQFRPRGRDYHORFLGDGH GHH[SRVLomRGDVLPDJHQVGHYHVHUDXPHQWDGD
$OJXPDVFkPDUDVFRORULGDVWrPWUrVVHQVRUHVLQGLYLGXDLV XPSDUDFDGDFRUSULPiULDGRVLVWHPDGHWUDWDPHQWRGHVLQDLV5*%3DUD GLPLQXLUDODUJXUDGHEDQGDTXHpDTXDQWLGDGHGHLQIRUPDomRSDVVtYHO GH VHU WUDQVPLWLGD SRU XQLGDGH GH WHPSR QXP GHWHUPLQDGR PHLR GH FRPXQLFDomR ILR RQGD GH UiGLR ILEUD ySWLFD HWF WUDEDOKDVH FRP RV VLQDLVGHGLIHUHQoDGHFRUSRLVRROKRKXPDQRXWLOL]DREULOKROXPLQkQFLD SDUDREWHURVGHWDOKHVGHXPDLPDJHPVHQGRQHFHVViULRXPDUHVROXomR PHQRUQDLQIRUPDomRGHFRU3DUDVHREWHURVLQDO<GHOXPLQkQFLDFULD VHXPDPDWUL]FRPRVVLQDLV5*%1HVWDPDWUL]RVVLQDLVGHGLIHUHQoDGH FRU5<H%<WDPEpPVmRJHUDGRVILJXUD2QRYRVLQDOJHUDGRp FRPSRVWR SHOR VLQDO GH OXPLQkQFLD < H R VLQDO GH FURPD TXH p D LQIRUPDomRGHFRUTXHVXUJHDSDUWLUGRVVLQDLVGHGLIHUHQoDGHFRU5<H %<$ODUJXUDGHEDQGDGHVVHQRYRVLQDOHTXLYDOHDGRLVWHUoRVGRTXH SUHFLVDRVLQDO5*%
)LJXUD%DUUDGHFRUHVGRVLQDO5*%
)RQWH$GDSWDGRGH9$//(-2
1D WUDQVPLVVmR GRV VLQDLV GH YtGHR DQDOyJLFRV RV VHJXLQWHVVLVWHPDVGHWUDQVPLVVmRVmRXWLOL]DGRV176&3$/H6(&$0
3DGU}HVGHYtGHRDQDOyJLFR
'HDFRUGRFRP2=(5TXDQGRGRDGYHQWRGD79 FRORULGD KRXYH D QHFHVVLGDGH GD FULDomR GH XP SDGUmR GH VLQDO FRPSDWtYHO FRP D 79 EUDQFRHSUHWR H FRP D FRORULGD )RL FULDGR XP SDGUmR TXH HQYLD XP VLQDO GH OXPLQkQFLD < SDUD R EUDQFR H SUHWR H MXQWDPHQWH RXWURV VLQDLV FRP D LQIRUPDomR GH FRU FKDPDGRV GH FRORUDomRHVDWXUDomRRX8H9
([LVWHP YiULRV SDGU}HV GH VLQDO GH YtGHR DQDOyJLFR SRVVXLQGRGLIHUHQWHVSDUkPHWURVGDVLPDJHQV(OHVGLIHUHPQRPRGRGH WUDWDUDFRUHSRGHPVHUDJUXSDGRVHP
x 9tGHRDQDOyJLFRGHFRPSRQHQWHV x 9tGHRFRPSRVWR
$ ILJXUD UHSUHVHQWD D HYROXomR GR VLQDO GH YtGHR DQDOyJLFR FRORULGR 'XUDQWH D FDSWXUD GD LPDJHP FRP XPD FkPDUD FRORULGD p XWLOL]DGR R SDGUmR 5*% PDQWHQGR XP FDQDO SDUD FDGD FRU SULPiULD
)LJXUD(YROXomRGRVLQDOGHYtGHRDQDOyJLFR
)RQWH$GDSWDGRGH2=(5
$UPD]HQDURVLQDOGHYtGHRQRIRUPDWR5*%pLQHILFLHQWH SRUTXH RV WUrV FDQDLV GH FRUHV SUHFLVDP WHU LJXDO ODUJXUD GH EDQGD H FRPR FDGD SL[HO p D VRPD GRV YDORUHV YHUPHOKR YHUGH H D]XO XPD PRGLILFDomRQRSL[HOIRUoDRDMXVWHGRVWUrVYDORUHVHQTXDQWRQRIRUPDWR <89RSL[HOSRGHVHUPRGLILFDGRXVDQGRVRPHQWHXPGRVYDORUHV
1R YtGHR DQDOyJLFR GH FRPSRQHQWHV &$9 FDGD FRU SULPiULDYHUPHOKR5YHUGH*HD]XO%pFRQVLGHUDGDFRPRXPVLQDO VHSDUDGRGHYtGHRPRQRFURPiWLFR3RGHVHURVLQDOGDVFRUHVSULPiULDV RX XPD WUDQVIRUPDomR GHODV VXDV OXPLQkQFLD H FURPLQkQFLD $ FURPLQkQFLD&pDFRPELQDomRGRVFDQDLV8H9
2 FRPSRQHQWH OXPLQkQFLD < FRUUHVSRQGH j UHSUHVHQWDomRGRQtYHOGHFLQ]DGRYtGHR
< 5*% 2V FRPSRQHQWHV FURPLQkQFLD 8 H 9 FRQWrP D LQIRUPDomRGDFRU 8 5 *% 9 5 *% 2X &U 5 < &E % < 1D SUiWLFD HVWHV FRPSRQHQWHV GHSHQGHP GD QRUPDOL]DomR H GD FRUUHomR JDPD 2 SDGUmR &$9 SURGX] D PHOKRU UHSURGXomR HP FRUHV PDV VXD WUDQVPLVVmR UHTXHU D VLQFURQL]DomR SHUIHLWDGRVWUrVFRPSRQHQWHVGRVWUrVWHPSRVHGDODUJXUDGHEDQGD
2 IRUPDWR GR VLQDO GH YtGHR FRPSRVWR FRORFD RV FRPSRQHQWHVFURPLQkQFLDQRWRSRGRVLQDOGHOXPLQkQFLDFRPRXPVLQDO VLPSOHV TXH WrP D PHVPD ODUJXUD GH EDQGD GR VLQDO OXPLQkQFLD (VWH IRUPDWRQRUPDOPHQWHUHVXOWDHPHUURVQDWUDGXomRGDVFRUHVFRQKHFLGRV FRPRHUURVGHFRORUDomRHVDWXUDomRGHYLGRjLPSUHFLVmRQDVHSDUDomR GRV VLQDLV GD FRU ([LVWHP GLIHUHQWHV IRUPDWRV GH YtGHR FRPSRVWR WDLV FRPR176&3$/H6(&$0
2 VLQDO GH YtGHR 6YtGHR p XP DMXVWH HQWUH R YtGHR FRPSRVWR H R SRU FRPSRQHQWHV 1HVWH WLSR GH VLQDO R YtGHR p UHSUHVHQWDGR SRU GRLV FRPSRQHQWHV XP VLQDO GH OXPLQkQFLD H XP GH FURPLQkQFLD FRPSRVWR 2 VLQDO 6YtGHR p XVDGR HP HTXLSDPHQWRV GH PHOKRUTXDOLGDGHHDVLPDJHQVREWLGDVVmRPHOKRUHVGRTXHDVGRYtGHR FRPSRVWR
6LVWHPDGHWUDQVPLVVmR176&
2SULPHLURSDGUmRFRQKHFLGRFRPR56RX176&SDUD WHOHYLVmR PRQRFURPiWLFD IRL GHILQLGR SHOR 1DWLRQDO 7HOHYLVLRQ 6\VWHPV &RPPLWWHH176&3RVWHULRUPHQWHRPHVPRSDGUmRVRIUHXPHOKRULDVH IRLDGRWDGRSDUDDWHOHYLVmRFRORULGD
(VWH SDGUmR p FRPSDUWLOKDGR SHORV (VWDGRV 8QLGRV &DQDGi *URHQOkQGLD 0p[LFR &XED 3DQDPi -DSmR 3RUWR 5LFR H DOJXQVSDtVHVGD$PpULFDGR6XO
2VLVWHPDpXPVLQDOHQWUHODoDGRFRPOLQKDV SRU FDPSR OLQKDV SRU TXDGUR H TXDGURV SRU VHJXQGR FRP UHODomR GH DVSHFWR GH UHODomR HQWUHODUJXUD H DOWXUD GH XP &57 ± 7XERGH5DLRV&DWyGLFRV
6HQGRDWUDQVPLVVmRHPTXDGURVSRUVHJXQGRWrPVH FDPSRV &RP LVVR D IUHTrQFLD GH YDUUHGXUD KRUL]RQWDO p GH .+][HSRUWDQWRGHPRUDVHJXQGRV PVSDUD FDGDYDUUHGXUDGHOLQKDKRUL]RQWDO 2UHWUDoRKRUL]RQWDOUHWRUQRGRILQDOGDOLQKDYDUULGDSDUD RLQtFLRGDSUy[LPDOLQKDFRQVRPHPVGDYDUUHGXUDGHOLQKDKRUL]RQWDO VREUDQGRPVSDUDDWLYDURVLQDOGHYtGHRSRUOLQKD 1RLQWHUYDORGR UHWUDoRKRUL]RQWDOpLQVHULGRXPSXOVREODFN SDUDEUDQTXHDUR&57QR UHWUDoRGDVOLQKDV2SXOVRGHVLQFURQLVPRKRUL]RQWDOV\QFpFRORFDGRQR WRSRGRSXOVRGHEUDQTXHDPHQWRKRUL]RQWDOHGXUDPVVLQFURQL]DQGRRV FLUFXLWRVGHYDUUHGXUDKRUL]RQWDOHYHUWLFDO$ILJXUDPRVWUDXPVLQDOGH YtGHRDQDOyJLFRSDUDXPDOLQKDFRPSOHWD 6RPHQWHOLQKDVGDVVmRDWLYDGDVYLVWRTXH OLQKDVSRUFDPSRVmREUDQTXHDGDVSDUDRUHWRUQRYHUWLFDO$UHVROXomR YHUWLFDOGHILQLGDFRPRRQ~PHURGHOLQKDVKRUL]RQWDLVSHUFHELGDVp[ OLQKDVSRUTXDGUR2IDWRUpFRQKHFLGRFRPRIDWRUGH.HOO YHULWHP
)LJXUD6LQDOGHYtGHRSDUDXPDOLQKDFRPSOHWD )RQWH$GDSWDGRGH7(.$/3 &RPDUHODomRGHDVSHFWRGHDUHVROXomRKRUL]RQWDOp GHILQLGDSRU[HOHPHQWRVSRUOLQKD3RUWDQWRDODUJXUDGH EDQGDGRVLQDOGHOXPLQkQFLDpGH[[0+] 6LVWHPDGHWUDQVPLVVmR3$/H6(&$0 2V VLVWHPDV 3$/ H 6(&$0 VmR XWLOL]DGRV HP PDLV GD PHWDGH GRV SDtVHV GR PXQGR 1R %UDVLO p DGRWDGR R VLVWHPD 3$/0 (VWHV VLVWHPDV SRVVXHP OLQKDV H TXDGURV SRU VHJXQGR FDPSRV
$V OLQKDV D PDLV GRV VLVWHPDV 3$/ H 6(&$0 DXPHQWDP RV GHWDOKHV H D FODUH]D GD LPDJHP GH YtGHR PDV TXDQGR FRPSDUDGRV FRP R VLVWHPD 176& SRGHVH QRWDU XPD OLJHLUD RVFLODomR IOLFNHUQDLPDJHPGHVVHVVLVWHPDV 3XOVRGH VLQFU KRUL]RQWDO 7HPSRGHOLQKD 5HWUDoRKRUL]RQWDO 6LQFURQLVPR 3UHWR %UDQFR
$ UHVROXomR YHUWLFDO H WHPSRUDO GHVVHV VLVWHPDV p GLIHUHQWH HP FRPSDUDomR FRP R 176& D ODUJXUD GH EDQGD p PDLRU 0+]HWUDWDVHGLIHUHQWHPHQWHDLQIRUPDomRVREUHFRU
8PDGDVGLIHUHQoDVHQWUHRVVLVWHPDV3$/H6(&$0pFRPRHOHV UHSUHVHQWDPDLQIRUPDomRGHFRU$PERVXWLOL]DPDFURPLQkQFLDPDVD LQWHJUDomRGRVLQDOGHOXPLQkQFLDpGLIHUHQWH
2V IRUPDWRV GH YtGHR FRPSRVWR QRUPDOPHQWH UHVXOWDP HPHUURVQDUHFRQVWUXomRGDFRUFRQKHFLGRVFRPRFRORUDomRHHUURVGH VDWXUDomR GHYLGR D LQHILFLrQFLD QD VHSDUDomR GRV VLQDLV GH FRU 2 6 YtGHR p XVDGR HP YLGHRFDVVHWHV JUDYDGRUHV H FDPFRUGHUV GH PHOKRU TXDOLGDGH SRLV DV LPDJHQV REWLGDV VmR PHOKRUHV GR TXH DV GR YtGHR FRPSRVWR
&RQYHUVmRGHSDGU}HV
$ GLIHUHQoD HVVHQFLDO HQWUH RV VLVWHPDV 176& 3$/ H 6(&$0SDUDVLQDLVPRQRFURPiWLFRVpRQ~PHURGHOLQKDVQDKRUL]RQWDOH DIUHTrQFLDGHWUDQVPLVVmR
'HYLGRjH[LVWrQFLDGHSDGU}HVGHWUDQVPLVVmRGLIHUHQWHV SDUD R LQWHUFkPELR GH YtGHRV p QHFHVViULD D XWLOL]DomR GH XP WUDQVFRGLILFDGRU TXH FRQYHUWH HOHWURQLFDPHQWH RV SDGU}HV $ ILJXUD LOXVWUDHVVDWUDQVFRGLILFDomR
&DPSRV176& &DPSRV3$/
)LJXUD&RQYHUVmRGHVLQDOGH176&SDUD3$/HYLFHYHUVD )RQWH$GDSWDGRGHZZZF\EHUFROOHJHFRPSRUWWYSKWP )RUPDVGHWUDQVPLVVmRGHVLQDLVGHYtGHR ([LVWHPEDVLFDPHQWHGXDVIRUPDVGHH[SORUDomRGRVLQDO GHYtGHRHQWUHODoDGDHSURJUHVVLYD x ([SORUDomRHQWUHODoDGD $H[SORUDomRFRQVLVWHHPYDUUHGXUDVKRUL]RQWDLVUiSLGDV HPFRQMXQWRFRPYDUUHGXUDVYHUWLFDLVPDLVOHQWDVTXDQGRVHFRPSOHWDD YDUUHGXUDYHUWLFDORSURFHVVRVHUHSHWH(VWHVLVWHPDUHGX]DFLQWLODomRH DVYDULDo}HVQREULOKRGDLPDJHPSRLVFDGDTXDGURGHYtGHRpGLYLGLGR HP GRLV VHJPHQWRV HQWUHODoDGRV $V OLQKDV tPSDUHV VmR FRGLILFDGDV SULPHLUR GD HVTXHUGD SDUD D GLUHLWD H GH FLPD SDUD EDL[R H DV SDUHV GHSRLV
2 WHUPR HQWUHODoDGR GHVFUHYH R PpWRGR GH DOWHUQkQFLD GDVOLQKDVtPSDUHVHSDUHVQRSURFHVVRGHYDUUHGXUDGRQ~PHURWRWDOGH OLQKDVGHXPDLPDJHPFRPSOHWD(VVHVPHLRVTXDGURVFRPSRVWRVSHODV OLQKDVSDUHVRXtPSDUHVVmRGHQRPLQDGRVSRUFDPSRGHYtGHR$LPDJHP FRPSOHWDIRUPDGDSHORVGRLVFDPSRVGHYtGHRpFKDPDGDGHXPTXDGUR GHYtGHR 2SULPHLURFDPSRRXYDUUHGXUDYHUWLFDOGHPRUDDPHWDGH GRWHPSRHSRVVXLDPHWDGHGDVOLQKDV6XDYDUUHGXUDFRPHoDFRPXPD OLQKDFRPSOHWDHWHUPLQDQDPHWDGHGHRXWUDOLQKDHRVHJXQGRFDPSR FRPHoD QD PHWDGH GH XPD OLQKD H WHUPLQD FRP XPD OLQKD FRPSOHWD 6RPHQWH FRP Q~PHURV GH OLQKDV tPSDUHV LVWR p SRVVtYHO )LJXUD
'HVWH PRGR DV OLQKDV GRV GRLV FDPSRV VH HQWUHODoDP YHUWLFDOPHQWH GH IRUPDDXWRPiWLFD
)LJXUD&DPSRSDUHtPSDUGDH[SORUDomRHQWUHODoDGD
)RQWH$GDSWDGRGH9$//(-2
x ([SORUDomRSURJUHVVLYD
8PD RXWUD IRUPD GH HOLPLQDU DV FLQWLODo}HV QD WUDQVPLVVmR 3$/ p FRQYHUWHU D H[SORUDomR HQWUHODoDGD HP SURJUHVVLYD RX QmR HQWUHODoDGD 2V FDPSRV GH OLQKDV SDUHV H tPSDUHV VmR FRPELQDGRVHUHSURGX]LGRVDR PHVPRWHPSRQDVXDSUySULDVHTrQFLD $IUHTrQFLDGHYLVXDOL]DomRpGH+]$ILJXUDLOXVWUDRSURFHVVR EiVLFRGHFRQYHUWHUDH[SORUDomRHQWUHODoDGDHPSURJUHVVLYD$VOLQKDV GRV FDPSRV VH LQWHUSRODP FRP R SURSyVLWR GH REWHU DV OLQKDV FRQWLGDVHPXPTXDGURQRVLVWHPD3$/3DUDHYLWDUDFLQWLODomRQRWiYHOD 2SULPHLURFDPSRFRPHoDFRP XPDOLQKDFRPSOHWDHWHUPLQD FRPPHLDOLQKD 2VHJXQGRFDPSRFRPHoDFRP PHLDOLQKDHWHUPLQDFRPXPD OLQKDFRPSOHWD
V V V 9LVXDOL]DomRFRP H[SORUDomRSURJUHVVLYD V V 4XDGUR3$/V +]XWLOL]DVHXPDPHPyULDFRPDILQDOLGDGHGHDSUHVHQWDURVFDPSRV FRPXPDIUHTrQFLDGH+]
8PD FkPDUD FRP H[SORUDomR SURJUHVVLYD GREUD VXD FDSDFLGDGHGHUHVROXomRYHUWLFDO2VPRGHUQRVVLVWHPDVGHYLVXDOL]DomR 3ODVPD GLVSOD\ 3DQHO ± 3'3 /LTXLG &U\VWDO 'LVSOD\ ± /&' 'LJLWDO 0LFURPLUURU 'HYLFHV ± '0' H 'LUHFW ,PDJH /LJKW $PSOLILHU ± ',/$ VH EDVHLDPQDH[SORUDomRSURJUHVVLYD )LJXUD3URFHVVRGHFRQYHUVmRGDH[SORUDomRHQWUHODoDGDHP SURJUHVVLYD )RQWH$GDSWDGRGH2=(5 )DWRUGH.HOO (P5D\'DYLV.HOOUHDOL]RXLQYHVWLJDo}HVVREUHD UHVROXomRVXEMHWLYDHREMHWLYDGDVLPDJHQVGHWHOHYLVmR)LFRXFRQVWDWDGR TXH R WHOHVSHFWDGRU YLVXDOL]D XPD UHVROXomR LQIHULRU j UHDO $ UHODomR HQWUHDUHVROXomRVXEMHWLYDSHUFHELGDSHORWHOHVSHFWDGRUHDUHVROXomR REMHWLYDDUHDOpFRQKHFLGDFRPRRIDWRUGH.HOORXUHODomRGHXWLOL]DomR
2IDWRUGH.HOOOHYDHPFRQVLGHUDomRHIHLWRVSVLFRYLVXDLVSRLVRFpUHEUR DEVRUYHPHQRVLQIRUPDomRGRTXHH[LVWHQDUHDOLGDGH 1RVVLVWHPDVGHH[SORUDomRHQWUHODoDGDRIDWRUGH.HOOp GHHQRVVLVWHPDVGHH[SORUDomRSURJUHVVLYDpGH 9Ë'(2',*,7$/
$ PDLRULD GRV VLVWHPDV GH YtGHR GLJLWDO XVDP D UHSUHVHQWDomR GHFRPSRQHQWHVGRVLQDOGDFRU0XLWDVFkPDUDVGHYtGHR FRORULGDVSRVVXHPVDtGDV5*%TXHVmRLQGLYLGXDOPHQWHGLJLWDOL]DGDV$ UHSUHVHQWDomR GH FRPSRQHQWHV SURSRUFLRQD RV PHLRV TXH UHVXOWDP QD FRGLILFDomRFRPSRVWD1RYtGHRGLJLWDOQmRpSUHFLVREUDQTXHDPHQWRRX SXOVRVV\QFGHVGHTXHXPFRPSXWDGRUFRQKHoDH[DWDPHQWHRQGHXPD QRYDOLQKDVHLQLFLDHRQ~PHURGHSL[HOVSRUOLQKD2EUDQTXHDPHQWRH SXOVRVV\QFVmRHOLPLQDGRVQRFRQYHUVRUDQDOyJLFRGLJLWDO
$PRGXODomRSRUFRGLILFDomRGHLPSXOVRV3&0pXVDGD SDUD FRGLILFDU R VLQDO GH YtGHR DQDOyJLFR FRP R REMHWLYR GH HIHWXDU VHX WUDWDPHQWRGLJLWDO
3DUDJHUDURVLQDOGLJLWDOVmRIHLWDVPHGLGDVHPLQWHUYDORV UHJXODUHV GD IRUPD GHRQGDGRVLQDODQDOyJLFRSURFHVVRGHILQLGRFRPR DPRVWUDJHPHDIUHTrQFLDFRPTXHHVVDVPHGLGDVVmRUHDOL]DGDVpD IUHTrQFLDGHDPRVWUDJHP$ILJXUDLOXVWUDRSURFHVVR 7HPSR 2VGDGRVTXHVHUmR DUPD]HQDGRVRXWUDQVPLWLGRV VmRQ~PHURVLQWHLURV 7 7 7 7 7 7 7 7 7HQ VmR
)LJXUD$PRVWUDJHPGRVLQDODQDOyJLFR
)RQWH$GDSWDGRGH9$//(-2
'H DFRUGR FRP *21=$/(= XPD LPDJHP UHSUHVHQWDGDSRUXPDIXQomR FRQWtQXDI[\SUHFLVDVHUGLJLWDOL]DGDWDQWR HVSDFLDOPHQWH TXDQWR HP DPSOLWXGH $ GLJLWDOL]DomR GDV FRRUGHQDGDV HVSDFLDLV[\pGHQRPLQDGDDPRVWUDJHP HDGLJLWDOL]DomRGDDPSOLWXGH p FKDPDGD GH TXDQWL]DomR HP QtYHLV GH FLQ]D $V DPRVWUDV VmR DUUDQMDGDVQDIRUPDGHXPDPDWUL]ELGLPHQVLRQDOHPTXHFDGDHOHPHQWR pXPDTXDQWLGDGHGLVFUHWD(VVHVHOHPHQWRVVmRGHQRPLQDGRVGHSL[HO SLFWXUHHOHPHQW 8PD LPDJHP HP SUHWRHEUDQFRSRGHUiVHUIRUPDGDGH XPDPDWUL]GHSRQWRVTXHUHSUHVHQWDPREULOKRHPIRUPDQXPpULFD2V SL[HOVHVWmRVHSDUDGRVHQWUHVLSRUXPDGLVWkQFLDUHJXODUHGLVSRVWRVHP OLQKDVHFROXQDV )LJXUD7UrVQtYHLVGHXPDLPDJHPFRORULGD 3DUDRREVHUYDGRU &DGDSRVLomRGHSL[HOHPXP SODQRELGLPHQVLRQDOKRUL] YHUWSRVVXLWUrVDWULEXWRV 5*%RX<5<H%< (L[R YHUWLFDO (L[R KRUL]RQWDO
)RQWH$GDSWDGRGH:$7.,1621
8PD LPDJHP FRORULGD JHUD SDUD FDGD SL[HO DV LQIRUPDo}HVFRUUHVSRQGHQWHVjVFRUHV5*%RX<5<H%<ILJXUD &DGD LPDJHP FRQVLVWH GH WUrV FDPDGDV VXSHULPSRVWDV GDV DPRVWUDV XPDSDUDFDGDFRPSRQHQWH&DGDSL[HOpXPYHWRUTXHSDUDRIRUPDWR 5*% SRVVXL WUrV YDORUHV TXH UHSUHVHQWDP D SURSRUomR GH FDGD FRU SULPiULDQDTXHOHSRQWRGDLPDJHP7UDEDOKDQGRVHFRPGLIHUHQoDGHFRU FDGDSL[HOWDPEpPFRQWpPWUrVQ~PHURVTXHUHSUHVHQWDPREULOKRRWRP GDFRUHDVDWXUDomR:$7.,1621
1R VLVWHPD GLJLWDO R YDORU GR SL[HO p XP Q~PHUR LQWHLUR TXHUHSUHVHQWDRFRPSULPHQWRGDDPRVWUD(VVHYDORUpUHSUHVHQWDGRQR VLVWHPD ELQiULR $V DPRVWUDV GH YtGHR UHSUHVHQWDGDV SRU Q~PHURV LQWHLURV SRGHP VHU WUDQVPLWLGDV GH PRGR FRQILiYHO VHP D SHUGD GH LQIRUPDomR3DUDDWUDQVPLVVmRGRVSL[HOVUHSUHVHQWDQGRDVDPRVWUDVp XVXDORHQYLRHPVpULHGHGtJLWRV RXELWVHHVVDpDGHILQLomRGH PRGXODomRSRUFRGLILFDomRGHSXOVRV
1D GHWHFomR GH HUURV QR VLVWHPD GLJLWDO p XWLOL]DGD XPD FRGLILFDomR GRV GDGRV PpWRGR TXH DFUHVFHQWD ELWV GH FRGLILFDomR UHGXQGkQFLDDRVELWVGHXPDLPDJHP4XDQWRPDLRUIRUDSUREDELOLGDGH GHHUURVPDLVUHGXQGkQFLDVHUiQHFHVViULD&DVRRJUDXGHHUURVH[FHGD DR JUDX GH UHGXQGkQFLD D FRUUHomR QmR SRGH VHU IHLWD H SURFHGHVH j DSOLFDomRGHXPDWpFQLFDTXHWHQGHDRFXOWDUHUURV
$SDUWLUGHDPRVWUDVYL]LQKDVSRGHVHFDOFXODURYDORUGH XPDPRVWUDSHUGLGD(VVDWpFQLFDpUHDOL]DGDPHVFODQGRVHDVHTrQFLD GH DPRVWUDV DQWHV GD JUDYDomR 1D UHSURGXomR DV DPRVWUDV YROWDP D FRPELQDUVH REHGHFHQGR D VHTrQFLD QDWXUDO 2 HUUR SDVVD D VHU GLYLGLGRH DLPDJHPVHUiDSUHVHQWDGDFRPDPHWDGHGDIUHTrQFLDFRP XPD FHUWD SHUGD GH SUHFLVmR 3UDWLFDPHQWH WRGRV RV HTXLSDPHQWRV GLJLWDLV GH JUDYDomR XWLOL]DP D UHGLVWULEXLomR GH SDUHV H tPSDUHV SDUD HIHWXDUDRFXOWDomRGRVHUURV
$VHJXLUVmRUHODFLRQDGDVDOJXPDVYDQWDJHQVGRVLVWHPD GLJLWDOHPUHODomRDRDQDOyJLFR
1DJUDYDomRGLJLWDODVFySLDVVmRILpLVDRRULJLQDO
&DVR DOJXQV GtJLWRV HVWLYHUHP GHIHLWXRVRV SRU FDXVD GH UXtGR RX SHUGD GH VLQDO R VLVWHPD GH FRUUHomR GH HUURV UHVWLWXL R YDORU RULJLQDO
*UDYDo}HV GLJLWDLV RFXSDP PHQRV HVSDoR H SRVVXHP TXDOLGDGH VXSHULRU
2VFLUFXLWRVHOHWU{QLFRVGLJLWDLVFXVWDPPHQRV 0HOKRUDPHQWRVGHLPDJHPSRGHPVHUDSOLFDGRV 2SHUDo}HVSRGHPVHUUHDOL]DGDVHPWHPSRUHDO 3RVVLELOLGDGHGDFULDomRGHHIHLWRVVREUHDLPDJHP
1D )RWRJUDPHWULD j FXUWD GLVWkQFLD D IOH[LELOLGDGH H R EDL[RFXVWRGDVFkPDUDVVmRRVIDWRUHVSUHSRQGHUDQWHVQDDFHLWDomRGRV VLVWHPDVGLJLWDLV
8P VLVWHPD SDUD YtGHR GLJLWDO PtQLPR p UHSUHVHQWDGR SHODILJXUD2VVLQDLVDQDOyJLFRVGHYtGHRHQWUDPQR VLVWHPDHVmR WUDQVIRUPDGRV HP VLQDLV GLJLWDLV SHOR FRQYHUVRU DQDOyJLFRGLJLWDO $'& 1DUHDOLGDGHFRQYHUWHVHRYtGHRDQDOyJLFRHPGLJLWDOHSRVWHULRUPHQWH JHUDVHHVWHVLQDOQRIRUPDWRDQDOyJLFRQRYDPHQWH&RQVLVWHGHXPSDU GH FRQYHUVRUHV H KDUGZDUH TXH SDGURQL]DP DV DPRVWUDV FRP VLQDO GH WUDQVPLVVmRHPVpULH,VWRpQHFHVViULRTXDQGRYiULRVGLVSRVLWLYRVHVWmR FRQHFWDGRVHQWUHVL
2 ODoR IHFKDGR HP IDVH p XP RVFLODGRU TXH VH DXWR VLQFURQL]D FRP D PpGLD GD IUHTrQFLD GR UHOyJLR PDV ILOWUD R ³MLWWHU´ WUHPXODomRQDVDtGD 3DUDOHOR SDUD VHULDO 6HULDO SDUD SDUDOHOR 5HOyJLR 5HOyJLR VHP³MLWWHU´ '$& $'& /DoR IHFKDGR HPIDVH 5XtGR ,/48 (QWUDGD DQDOyJLFD 5XtGRVGRVGDGRV VmRHOLPLQDGRV 6DtGD DQDOyJLFD
)LJXUD6LVWHPDSDUDYtGHRGLJLWDOPtQLPR
)RQWH$GDSWDGRGH:$7.,1621
$FUHVFHQWDQGR XP FLUFXLWR GH PHPyULD5$0 DR VLVWHPD DQWHULRUpSRVVtYHODJUDYDomRGDVHTrQFLDGHLPDJHQV
$V UHVROXo}HV KRUL]RQWDO H YHUWLFDO GR YtGHR GLJLWDO VmR UHODFLRQDGDV DR Q~PHUR GH SL[HOV SRU OLQKD H R Q~PHUR GH OLQKDV SRU TXDGUR 2V HIHLWRV QR YtGHR GLJLWDO GHYLGR j EDL[D UHVROXomR VmR GLIHUHQWHVGRVGHYtGHRDQDOyJLFR1RYtGHRDQDOyJLFRDEDL[DUHVROXomR JHUD HPEDoDPHQWR GD LPDJHP QD UHVSHFWLYD GLUHomR 1R YtGHR GLJLWDO WrPVHDSL[HOL]DomRDOLDVLQJ $VPDLRUHVGLILFXOGDGHVQDSRSXODUL]DomRGRYtGHRGLJLWDO DWXDOPHQWHVmRDHQRUPHTXDQWLGDGHGHPHPyULDHDODUJXUDGHEDQGD QDWUDQVPLVVmR$YLDELOLGDGHGRYtGHRGLJLWDOGHSHQGHGD WHFQRORJLDGH FRPSUHVVmRGHLPDJHP 3DGU}HVGHYtGHRGLJLWDO
3DUD R LQWHUFkPELR GH YtGHR GLJLWDO HQWUH GLIHUHQWHV DSOLFDo}HVHSURGXWRVVmRQHFHVViULRVIRUPDWRVGHSDGU}HVGHYtGHR2V GDGRV GR YtGHR SUHFLVDP VHU FRPSULPLGRV SDUD HVVH LQWHUFkPELR QHFHVVLWDQGRFRPLVWRGHSDGU}HVGHFRPSUHVVmR
1D LQG~VWULD GH FRPSXWDGRUHV SDGU}HV QDV UHVROXo}HV GRV PRQLWRUHV QD LQG~VWULD GH 79V SDGU}HV GH HVW~GLR GLJLWDO H QD LQG~VWULD GHFRPXQLFDo}HVSDGU}HV SDUD RV SURWRFRORV GH UHGHV Mi VmR HVWDEHOHFLGRV'HYLGRDRYtGHRGLJLWDOHVWDVLQG~VWULDVHVWmRFRPHoDQGR XPDSDGURQL]DomR7DEHOD
1RVHVW~GLRVGDV79VWUDQVPLWLGDVRYtGHRGLJLWDOQmRp QRYLGDGH (GLo}HV H HIHLWRV HVSHFLDLV VmR JHUDGRV HP YtGHR GLJLWDO SRUTXHpPDLVIiFLOPDQLSXODULPDJHQVGLJLWDLV1DVUHJUDYDo}HVGHYtGHR GLJLWDO QmR RFRUUHP GHJUDGDo}HV QDV LPDJHQV FRPR QRV YtGHRV DQDOyJLFRV 7DEHOD± 3DGU}HVGHHVW~GLRGHYtGHRGLJLWDO )RQWH7(.$/3 3DUkPHWUR &&,5 176& &&,5 3$/6(&$0 &,) 1~PHURGHSL[HOV DWLYRVOLQKD /XP< &URPD89 1~PHURGHOLQKDV DWLYRVTXDGUR /XP< &URPD89 (QWUHODoDPHQWR 7D[DWHPSRUDO 5HODomRGHDVSHFWR $WDEHODFRQWpPRVSDUkPHWURVGRVSDGU}HVGR&&,5 &RPLWr ,QWHUQDFLRQDO &RQVXOWLYR SDUD 5iGLRV 'HYLGR j WD[D GH WUDQVIHUrQFLD GH GDGRV SDUD RV IRUPDWRV &&,5 VHU GH 0ESV PXLWR DOWD SDUD PXLWDV DSOLFDo}HV R &&,77 &RPLWr ,QWHUQDFLRQDO &RQVXOWLYRSDUD7HOHIRQHVH7HOpJUDIRVSURS{VXPQRYRIRUPDWRGHYtGHR GLJLWDO R )RUPDWR &RPXP ,QWHUPHGLiULR &,) 2 IRUPDWR &,) p SURJUHVVLYRHUHTXHUDSUR[LPDGDPHQWH0ESVQDWD[DGHWUDQVIHUrQFLD GHGDGRV
1DLQG~VWULDGHFRPSXWDGRUHVRVSDGU}HVGDVUHVROXo}HV GRV PRQLWRUHV VmR GHILQLGRV SHOD 9(6$ $VVRFLDomR GH 3DGU}HV GH 9tGHRV (OHWU{QLFRV 2 SDGUmR DWXDO 69*$ VXSRUWD GRLV PRGRV
SL[HOVOLQKD[OLQKDVRXSL[HOVOLQKD[OLQKDVFRPXPDWD[D GHDWXDOL]DomRGHTXDGURVVHJXQGR
9iULDV DSOLFDo}HV FRP YtGHR GLJLWDO VmR SRVVtYHLV WDLV FRPR WHOHYLVmR GH DOWD UHVROXomR VHUYLoRV GH PXOWLPtGLD YLGHRFRQIHUrQFLDIRWRMRUQDOLVPRHWF
&219(562'(6,1$,6'(9Ë'(2
1RSURFHVVRGHFRQYHUVmRGHVLQDODQDOyJLFRSDUDGLJLWDO VmR JHUDGDV DV SULQFLSDLVIRQWHV GHGHJUDGDomRQRVLQDODGHJUDGDomR RFRUUHQDHQWUDGDHQDVDtGDGRGRPtQLRGLJLWDO
$DPRVWUDJHPGHXPDIRUPDGHRQGDGHYtGHRDQDOyJLFR RFRUUH QR GRPtQLR WHPSRUDO GH XP $'& FRQYHUVRU DQDOyJLFRGLJLWDO $ LPDJHP ILFD DPRVWUDGD HVSDFLDOPHQWH HP GXDV GLPHQV}HV OLQKDV H SL[HOVHWHPSRUDOPHQWHHPFDPSRVHPXPDWHUFHLUDGLPHQVmR
2 SURFHVVR GH DPRVWUDJHP SRGH VHU UHDOL]DGR FRP XP FRQMXQWRGHSXOVRVWHQGRDPSOLWXGHHSHUtRGRFRQVWDQWHV)LJXUDD )LJXUD3URFHVVRGHDPRVWUDJHP )RQWH$GDSWDGRGH9$//(-2 D E F 6LQDO 'HVORFDPHQWR
$ ILJXUD E DSUHVHQWD XP SURFHVVR GH DPRVWUDJHP JHUDQGRXPDVREUHPRGXODomRGRFRQMXQWRGHSXOVRVGHYLGRDDPSOLWXGH GHDPRVWUDJHPQmRHVWDUFRPSDWtYHOFRPDDPSOLWXGHGDIRUPDGHRQGD GR VLQDO DQDOyJLFR 3DUD VH HYLWDU D VREUHPRGXODomR DSOLFDVH XP GHVORFDPHQWRjIRUPDGHRQGDDQDOyJLFDILJXUDFFRPRDX[tOLRGH XPDWHQVmRFRQWtQXD$VREUHPRGXODomRSURGX]RHIHLWRGHDOLDVLQJRX VHUULOKD
2 ³$OLDVLQJ´ WDPEpP SRGH VHU SURGX]LGR QR GRPtQLR GD IUHTrQFLDFRPRPRVWUDDILJXUDE(VWHHIHLWRQmRDSDUHFHTXDQGRD IUHTrQFLD GH HQWUDGD IRU LJXDO RX PHQRU j PHWDGH GD IUHTrQFLD GH DPRVWUDJHP )LJXUD D (VWH HIHLWR SRGH VHU REVHUYDGR QXPD VHTrQFLDGHLPDJHQVHPPRYLPHQWRQDTXDODYHORFLGDGHGHXPREMHWR pPDLRUTXHDPHWDGHGDYHORFLGDGHGHFDSWXUDGRVTXDGURV$VURGDVGH XPFDUURHPPRYLPHQWRVmRXPH[HPSOR
)LJXUD$PRVWUDJHPVHPHFRPHIHLWRGHDOLDVLQJ
)RQWH$GDSWDGRGH9$//(-2
3DUD UHGX]LU R HIHLWR GH ³DOLDVLQJ´ SURGX]LGR QR GRPtQLR GDIUHTrQFLDVmRXWLOL]DGRV ILOWURV GHSDVVDEDL[D(VVHVILOWURVGHL[DP SDVVDUVRPHQWHDVIUHTrQFLDVEDL[DV
4XDQGR VH WRPDP DPRVWUDV HP $'& FRQYHUVRU DQDOyJLFRGLJLWDORXHP'$&FRQYHUVRUGLJLWDODQDOyJLFRDVFRQYHUV}HV GHYHPHVWDUHVSDoDGDVGHPRGRUHJXODUSDUDTXHQmRLQWURGX]DPVLQDLV LQGHVHMDGRV QRV FRPSRQHQWHV GH YtGHR $ ILJXUD D PRVWUD R HIHLWR
SURYRFDGRSHOR³MLWWHU´WUHPXODomRGRUHOyJLRVREUHXPDIRUPDGHRQGD FRPR UHVXOWDGR DV DPRVWUDV VmR WRPDGDV HP LQVWDQWHV LQFRUUHWRV $ WUHPXODomR p D IOXWXDomR TXH XP VLQDO VRIUH FRPR FRQVHTrQFLD GD WRPDGDGHDPRVWUDVHPLQWHUYDORVLQFRUUHWRV$ILJXUDEUHSUHVHQWDD DPRVWUDFRUULJLGDGHVVHHIHLWR
)LJXUD)RUPDGHRQGDFRPHVHPHIHLWR³MLWWHU´
)RQWH$GDSWDGRGH:$7.,1621
1D TXDQWLILFDomR H[SUHVVDVH FRP YDORUHV GLVFUHWRV FRGLILFiYHLVXPDDPRVWUDREWLGDGHXPVLQDOTXHYDULD FRQWLQXDPHQWH FRP R WHPSR &RPR H[HPSOR WHPRV R WHPSR TXH YDULD GH PDQHLUD FRQWtQXD 1R HQWDQWR R PRVWUDGRU GH XP UHOyJLR GLJLWDO PXGD UHSHQWLQDPHQWHDFDGDPLQXWRSRLVRUHOyJLRHVWiTXDQWLILFDQGRRWHPSR
(P YtGHR RV YDORUHV D VHUHP TXDQWLILFDGRV VmR WHQV}HV TXHYDULDPGHPRGRFRQWtQXRSURFHGHQWHVGHXPVLQDODQDOyJLFR 9 9 W W¶ W (UUR D E
$ ILJXUD PRVWUD TXH R SURFHVVR GH TXDQWLILFDomR GLYLGHDIDL[DGHWHQVmRHPLQWHUYDORVGHTXDQWLILFDomR4GHQRPLQDGRV WDPEpPGHGHJUDXV6 ,QWHUYDORVGH TXDQWL]DomR 4 9ROWDJHP QRPLQDOGRV ,QWHUYDORVGH TXDQWL]DomR 9ROWDJHP )LJXUD7HQVmRGRVLQWHYDORVGHTXDQWLILFDomR )RQWH$GDSWDGRGH9$//(-2 3DUDRYtGHRGLJLWDORVLQWHUYDORVGHTXDQWLILFDomRGHYHP VHULGrQWLFRVSRUWDQWRRVQ~PHURVELQiULRVUHVXOWDQWHVVmRSURSRUFLRQDLV j WHQVmR DQDOyJLFD RULJLQDO 1D ILJXUD R QtYHO GH TXDQWLILFDomR FRGLILFDVH PHGLDQWH D SDODYUD R QtYHO FRP H DVVLP VXFHVVLYDPHQWH
&RQYHUVRUHV'LJLWDLV$QDOyJLFRVH$QDOyJLFRV'LJLWDLV 8P FRQYHUVRU GLJLWDODQDOyJLFR JHUD XPD IRUPD GH RQGD FRQWtQXD$WUDYpVGHYDORUHVQXPpULFRVFRQYHUWHXPVLQDOGLJLWDOHPXP FRUUHVSRQGHQWH VLQDO DQDOyJLFR $ ILJXUD PRVWUD R GLDJUDPD GH EORFRVGHXPFRQYHUVRU'$&FRQYHQFLRQDO2³MLWWHU´GRVLQDOGHUHOyJLRp HOLPLQDGRSHOR9&2RVFLODGRUFRQWURODGRSRUWHQVmR
)LJXUD 'LDJUDPD GH EORFRV GH XP FRQYHUVRU '$& FRQYHQFLRQDO
)RQWH$GDSWDGRGH9$//(-2
2V YDORUHV GDV DPRVWUDV VmR DUPD]HQDGRV HP XP UHJLVWUDGRU ODWFK H SDVVDGRV SDUD RFRQYHUVRU$VDtGDpXPDWHQVmR SURSRUFLRQDO DR Q~PHUR GDV DPRVWUDV 2 UHDPRVWUDGRU HOLPLQD RV WUDQVLWyULRVGHFRPXWDomR$FRPXWDomRpRSURFHVVRSHORTXDOXPVLQDO GHYtGHRSRGHVHULQWURGX]LGRHPRXWURSDUDVXEVWLWXLUSDUWHGDLPDJHP SRURXWUDLPDJHPGLVWLQWD
FRQYHUVRU UHDPRVWUDGRU ILOWUR
VDtGD GDGRV UHOyJLR 6LQDOGHUHOyJLR VHPMLWWHU /DoR IHFKDGR HPIDVH
± &Æ0$5$'(9Ë'(2
2FRUDomRGHXPDFkPDUDGHYtGHRpRVHXGLVSRVLWLYRGH IRUPDomR GH LPDJHP $V SULPHLUDV FkPDUDV XWLOL]DYDP WXER GH UDLRV FDWyGLFRV $V SULPHLUDV FkPDUDV FRORULGDV SRVVXtDP WXERV YHUPHOKR D]XOYHUGHHOXPLQkQFLD+RMHDPDLRULDGDVFkPDUDVXWLOL]DXPFKLSGH FRPSXWDGRU FKDPDGR &KDUJHG&RXSOHG 'HYLFH &&' RX GLVSRVLWLYR GH &DUJD$FRSODGR2VWDPDQKRVPDLVFRPXQVGH&&'VmR´´´ H´
6HJXQGR72036(77DWDOFLWDGRSRU6KRUWLV H %H\HU HP $7.,1621 R SULPHLUR &&' FRQVWUXtGRFRQVLVWLD GH VRPHQWH RLWR HOHPHQWRV GH y[LGR GH PHWDO VHPLFRQGXWRU WHQGR VLGR PRQWDGDXPDPDWUL]OLQHDUGHIRWRGLRGRVTXHSURGX]LUDPDVSULPHLUDV LPDJHQV~WHLV
$WXDOPHQWH D TXDQWLGDGH GH HOHPHQWRV VHQVRUHV TXH FRPS}HPXP&&'HVWiQDIDL[DGHGH]HQDVGHPLOK}HV'HDFRUGRFRP -$1(6,&.DWDOFLWDGRSRU6KRUWLVH%H\HUHP$7.,1621 D PDLRU PDWUL] GH VHQVRUHV SRVVXtD DSUR[LPDGDPHQWH PLOK}HV GH HOHPHQWRVVHQVRUHV
&&' &KDUJHG&RXSOHG'HYLFH
2V&&'VVmRVHQVRUHVGLVSRVWRVFRPRPDWUL]HVOLQHDUHV RXHPPDWUL]HVELGLPHQVLRQDLV6HQGRRVELGLPHQVLRQDLVHPSUHJDGRVQD )RWRJUDPHWULDjFXUWDGLVWkQFLD2&&'FRQYHUWHDOX] TXHLQFLGH VREUH VXD VXSHUItFLH HP HOpWURQV TXH VmR DFXPXODGRV HP FDSDFLWRUHV H FRQYHUWLGRVQRIRUPDWRGLJLWDO
2 WDPDQKR GD PDWUL] H R WDPDQKR GR SL[HO VmR DV FDUDFWHUtVWLFDV PDLV LPSRUWDQWHV GH XPD FkPDUD SDUD XVR QD )RWRJUDPHWULD $ IDL[D GLQkPLFD DV FDUDFWHUtVWLFDV JHRPpWULFDV SULQFLSDOPHQWH D GLVWRUomR GDV OHQWHV D WUDQVIHUrQFLD GRV GDGRV GR
VHQVRU SDUD VHUHP DUPD]HQDGRV H R WHPSR GH JUDYDomR GD LPDJHP WDPEpPFRQVWLWXHPFDUDFWHUtVWLFDVLPSRUWDQWHV
$TXDQWLGDGHGHGDGRVTXHSUHFLVDPVHUDUPD]HQDGRVGH XPDLPDJHPQRIRUPDWRGLJLWDOGHSHQGHGRWDPDQKRGR&&'8PVHQVRU FRP XPD PDWUL] GH [ SL[HOV SUHFLVDUi GH .E\WHV H XPD PDWUL]GH[SL[HOVSUHFLVDUiGH0E\WHV
)XQFLRQDPHQWRGR&&'
8P &&' p FRPSRVWR SRU GLRGRV IRWRFRQGXWRUHV HVVHV HOHPHQWRV VHQVtYHLV D OX] HVWmR HP XP SULPHLUR SODQR GH XP FLUFXLWR LQWHJUDGR)LJXUD
)LJXUD6HQVRUGHLPDJHP
)RQWHZZZF\EHUFROOHJHFRPSRUWWYSKWP
&DGD SRVLomR GH XP TXDGUR GH LPDJHP UHFHELGR GR VLVWHPDyWLFRGDFkPDUDpWUDQVIRUPDGDSRUFDGDXPGHVWHVHOHPHQWRV HPXPDFDUJDHOpWULFD$GLPHQVmRGHVWDFDUJDHOpWULFDpSURSRUFLRQDOj TXDQWLGDGHGHOX]UHFHELGD
$FDUJDJHUDGDpDFXPXODGDHPFDSDFLWRUHV0260HWDO 2[LGH 6HPLFRQGXFWRU GHQWUR GR FLUFXLWR LQWHJUDGR )LJXUD D (VWD FDUJD p WUDQVIHULGD SDUD XPD RXWUD iUHD FDSDFLWLYD SDUD VHU OLGD H
FRORFDGD GLVSRQtYHO QR WHUPLQDO GH VDtGD GR LQWHJUDGR HQTXDQWR QRYR TXDGURGHLPDJHPHVWiVHQGRJHUDGR)LJXUDVEHF
)LJXUD&DUJDJHUDGDp DFXPXODGDHPFDSDFLWRUHVXVDQGRD WpFQLFD026
)RQWH$GDSWDGRGH0$5&+,
$ OHLWXUD GH FDGD FDUJD GLVSRQtYHO HP FDGD FDSDFLWRU FRUUHVSRQGHQWHDFDGDHOHPHQWRGHLPDJHPpIHLWDDWUDYpVGHYDUUHGXUD GLJLWDO FRP UHJLVWUDGRUHV GH GHVORFDPHQWR VKLIW UHJLVWHU RX VHMD DV WHQV}HV GRV HOHPHQWRV GD OLQKD VmR FRORFDGDV QR WHUPLQDO GH VDtGD VHTHQFLDOPHQWHDWpFRPSOHWDUXPDOLQKD
7HUPLQDGDDOLQKDRUHJLVWUDGRUGHGHVORFDPHQWRYHUWLFDO GHVORFD WRGDV DV OLQKDV GH IRUPD TXH D VHJXQGD OLQKD SDVVH D VHU SULPHLUDDWHQVmRGRSULPHLURHOHPHQWRGDVHJXQGDOLQKDpFRORFDGDQR WHUPLQDO GH VDtGD H QRYRV GHVORFDPHQWRV KRUL]RQWDLV VmR UHDOL]DGRV )LJXUD(VVHSURFHVVRFRQWLQXDDWpTXHWRGDVDVOLQKDVGRTXDGUR WHQKDPVLGRWUDQVIHULGDV8PQRYRTXDGURpWUDQVIHULGRGRVFDSDFLWRUHV DFRSODGRV DRV GLRGRV IRWRFRQGXWRUHV SDUD RV FDSDFLWRUHV FRPDQGDGRV SHORVUHJLVWUDGRUHVGHGHVORFDPHQWRHDVVLPVXFHVVLYDPHQWH /X] LQFLGHQWH )LOWUR FRORULGR IRWRGLRGR &DUJD DUPD]HQDGD D 7UDQVIHUrQFLD 'HFDUJD E &DSDFLWRUSURQWR SDUDQRYDFDUJD QRYRTXDGUR &DSDFLWRUSURQWR SDUDVHU³OLGR´ SHODYDUUHGXUD F
)LJXUD9DUUHGXUDGDVOLQKDVKRUL]RQWDLV )RQWH$GDSWDGRGH0$5&+, 3URSULHGDGHVJHRPpWULFDVHUDGLRPpWULFDVGR&&' 'HDFRUGRFRP6KRUWLVH%H\HUHP$7.,1621D KRPRJHQHLGDGHGRVHOHPHQWRVVHQVRUHVHD VXSHUItFLHOLQHDUGRVHQVRU VmRRVIDWRUHVPDLVLPSRUWDQWHVFDVRR&&'VHMDXVDGRSDUDDSOLFDo}HV IRWRJUDPpWULFDV $ DFXUiFLD QD IDEULFDomR GR VHQVRU WHP XP LPSDFWR GLUHWRVREUHDDSOLFDomRGRSULQFtSLRGHFROLQHDULGDGH
2V&&'VVmRIDEULFDGRVSHODVXSHUSRVLomRGHFDPDGDV VREUH R VXEVWUDWR GH VLOtFLR &DGD FDPDGD VHUYH SDUD XP SURSyVLWR $ JHRPHWULD GDV FDPDGDV GHSRVLWDGDV p FRQWURODGD SRU XP SURFHVVR IRWROLWRJUiILFR FRPXP QD IDEULFDomR GH WRGRV RV FLUFXLWRV LQWHJUDGRV EDVHDGRVVREUHIDWLDVGHVLOtFLR
2 OLPLWH GD DFXUiFLD H SUHFLVmR JHRPpWULFD GRV &&'V SRGH VHU GHGX]LGR DWUDYpV GD DFXUiFLD H SUHFLVmR GR SURFHVVR IRWROLWRJUiILFR 0LFURSURFHVVDGRUHV IDEULFDGRV FRP REMHWLYRV GH SURMHWRV GHPPQHFHVVLWDPGHDFXUiFLDPHOKRUGRTXHPP
0HGLo}HV GLUHWDV H LQGLUHWDV GRV VHQVRUHV WDPEpP LQGLFDPQtYHLVVLPLODUHVGHDFXUiFLDHSUHFLVmR0HGLo}HVHPXPVHQVRU /LQKDVGH YDUUHGXUD (OHPHQWRVGH LPDJHQVFDUJDV 'HVORFDPHQWR GDVOLQKDV YHUWLFDO 'HVORFDPHQWR GDVOLQKDV
PDWULFLDO &,' XVDQGR XP PLFURVFySLR LQGLFDUDP TXH R HVSDoDPHQWR SULQFLSDOHVWDYDHQWUHPPSDUDXPDHVSHFLILFDomRGHPP
$ VXSHUItFLH OLQHDU GR &&' p XP DVVXQWR UHODFLRQDGR j IRUPD FRPSOHWD GR VXEVWUDWR GH VLOtFLR H WDPEpP GD VXSHUItFLH PLFURWRSRJUiILFD(VWXGRVLQGLFDPTXHRVHIHLWRVGDQmROLQHDULGDGHVmR PDQLIHVWDGRVFRPRXPDGHJUDGDomRQDSHUIRUPDQFHWRWDOGR&&'PDV QmR SRGHP VHU PRGHODGRV H HOLPLQDGRV DWUDYpV GD DXWRFDOLEUDomR *$/2
$ PLFURWRSRJUDILD p FDXVDGD SHOD VXSHUItFLH LQLFLDO GR VLOtFLR H SHOD HVWUXWXUD GDV SRUWDV XVDGDV SDUD R GLVSRVLWLYR GH FDUJD DFRSODGD $ UHJXODULGDGH GD VXSHUItFLH LQLFLDO IRL HVWLPDGD DWUDYpV GD PLFURVFRSLDGHHOpWURQVGHVLOtFLRHLQGLFRXXPDYDULDomRGHPP
&Æ0$5$'(9Ë'(2&20&&'
2 WLSR PDLV FRPXP GH FkPDUD GH HVWDGR VyOLGR p D EDVHDGD QR IRUPDWR GD WHOHYLVmR WUDQVPLWLGD p FKDPDGD GH &&79 RX FkPDUD GH YtGHR (VWH WLSR GH FkPDUD p XVDGR SDUD D WUDQVPLVVmR GH WHOHYLVmR ILOPDGRUD GH YtGHR GRPpVWLFR VLVWHPDV GH VHJXUDQoD SDUD YLJLOkQFLD9LVmRGH0iTXLQD)RWRJUDPHWULDHPWHPSR UHDO H0HWURORJLD LQGXVWULDO
2IRUPDWRGHUDGLRGLIXVmRDGRWRXDUHODomRGDODUJXUD SDUD D DOWXUD RULJLQDGD GDV FkPDUDV GH YtGHR GH WXERV 2V SULPHLURV VHQVRUHV &&' SDUD SDGUmR GH YtGHR HUDP HTXLYDOHQWHV D XP WXER GH ´FRUUHVSRQGHQWHDRIRUPDWRGRVHQVRUGHHVWDGRVyOLGRGH[ PP &RP R DSHUIHLoRDPHQWR QD WHFQRORJLD GH IDEULFDomR RV &&'V JHUDOPHQWH VmR GLVSRQtYHLV QRV IRUPDWRV GH ò´ H ´ FRUUHVSRQGHQGR UHVSHFWLYDPHQWHj[PPH [PP
$UHVROXomRGR&&'HPWHUPRVGHHOHPHQWRVVHQVRUHV GHSHQGH GR SDGUmR GH YtGHR 5HVROXo}HV WtSLFDV VmR QD RUGHP GH
SL[HOV QD KRUL]RQWDO H SL[HOV QD YHUWLFDO (P FRQVHTrQFLD R HVSDoDPHQWRGRVHOHPHQWRVVHQVRUHVYDULDGHPPSDUDRIRUPDWRGH ´ SDUD PHQRV GH PP SDUD R IRUPDWR GH ´ e LPSURYiYHO D IDEULFDomR GH HOHPHQWRV VHQVRUHV PHQRUHV TXH PP GHYLGR DR GHFUpVFLPR HP VXD FDSDFLGDGH H FRQVHTHQWH SHUGD GR DOFDQFH GLQkPLFR
2V &&'V SDUD D WHOHYLVmR GH DOWD GHILQLomR +'79 DGRWDPQRYRVIRUPDWRVSDUDRVSDGU}HVGHYtGHR2WDPDQKRGR&&'p [PPHWHPXPDUHODomRGH
8PDFkPDUDGHYtGHRSDGUmRLQFRUSRUDSODFDVHOHWU{QLFDV SDUDSURYHUYiULDVIXQo}HV8PDGHODpSURFHVVDURVLQDODSURSULDGRSDUD GLPLQXLUR UXtGR HPDQWHU XPD YROWDJHP GH UHIHUrQFLDFRQVWDQWHSDUDR VLQDO GH VDtGD $ VLQFURQL]DomR GRV VLQDLV GH HQWUDGD H VDtGD p FUtWLFD SDUD FkPDUDV GH YtGHR FRP VLQDO DQDOyJLFR QD VDtGD H FRP DOWDV IUHTrQFLDVWLSLFDPHQWHPDLRUHVTXH0+]
$ ILJXUD PRVWUD XP GLDJUDPD GH EORFR GH XPD FkPDUDGHYtGHRSDGUmR3DUDFRQYHUWHUFRUUHQWHDOWHUQDGDH[WHUQDSDUD FRUUHQWHFRQWtQXDLQWHUQDpQHFHVViULDXPDXQLGDGHGHSRWrQFLDJHUDQGR YiULDV YROWDJHQV SDUD RV FRPSRQHQWHV HOHWU{QLFRV 2 GHWHFWRU GH VLQFURQL]DomRH[WHUQD SRVVXLGXDVWDUHIDV$SULPHLUDpGHWHFWDUXPVLQDO GH VLQFURQL]DomR H[WHUQR H DWLYDU D FkPDUD SDUD XVDU HVWH VLQDO RX R UHOyJLRLQWHUQR$VHJXQGDpFRQYHUWHURVVLQDLVGHVLQFURQL]DomRH[WHUQRV HPVLQDLVLQWHUQRV
2VLQDOGHVDtGDGHYtGHRpSUpSURFHVVDGRSDUDUHGXomR GHUXtGR3RGHVHUDWUDYpVGHXPDDPRVWUDJHPVLPSOHVRXXPHVTXHPD DYDQoDGRGHDPRVWUDJHPP~OWLSOD
)LJXUD'LDJUDPDGHEORFRGHXPDFkPDUDGHYtGHRSDGUmR
)RQWH$GDSWDGRGH6+257,6(%(<(5
2 FRQWUROH DXWRPiWLFR GH JDQKR H GH tULV DMXVWD R EULOKR PpGLRGDLPDJHP(OHSURFXUDFRPSHQVDURHIHLWRGDOX]DPELHQWHPDV SRGHJHUDUHIHLWRVLQGHVHMiYHLVQRQtYHOGHVLQDOGHXPDiUHDGDLPDJHP FDVRDVFRQGLo}HVGHLOXPLQDomRPXGHPHPRXWUROXJDUQDLPDJHP(VWD IXQomR pFRQWURODGDSRUXPLQWHUUXSWRUSRLVQmRpDFHLWiYHOHPFRQGLo}HV GHVIDYRUiYHLVGHLOXPLQDomRRXRQGHDUDGLRPHWULDpLPSRUWDQWH2ILOWUR SDVVDEDL[D pXVDGRSDUDUHPRYHUWUDQVLHQWHVHIHLWRVGHDOWDIUHTrQFLD QD LPDJHP RFDVLRQDGRV SRU HUURV GH UHOyJLR 2 &RUWDGRU UHPRYH TXDLVTXHUFRPSRQHQWHVTXHSRGHULDPUHVXOWDUHPXPVLQDOQHJDWLYRFRP UHVSHLWR j XP QtYHO GH UHIHUrQFLD ]HUR 2 UHFRUWH GH EUDQFR UHPRYH TXDOTXHUVLQDODFLPDGRPi[LPRGRSDGUmRGHYtGHR$IXQomRFRUUHomR VHQVRU 'HWHFWRUGH VLQFURQL]DomR H[WHUQR *HUDGRUGR UHOyJLRGR VHQVRU 3Up SURFHVVDPHQWR &RQWUROH DXWRPiWLFRGH JDQKR H GH tULV )LOWUR SDVVDEDL[D &RUWDGRU 5HFRUWHGHEUDQFR &RUUHomRJDPD %UDQTXHDPHQWR 6LQDLVGH
JDPD p XVDGD SDUD FRPSHQVDU D FRQGXWD QmR OLQHDU GRV PRQLWRUHV GH WHOHYLVmR(VVHVPRQLWRUHVSRVVXHPXPJDPDGHDSUR[LPDGDPHQWHH UHTXHUHPXPIDWRUGHFRUUHomRJDPDGHFRPDFkPDUD1RUPDOPHQWH DVFkPDUDVVmRFKDYHDGDVFRPIDWRUGHFRUUHomRJDPDHQWUHH
$ IXQomR EUDQTXHDPHQWR LQWURGX] R QtYHO ]HUR GH UHIHUrQFLD QRVLQDO GH VDtGD &RQIRUPH R WLSR GH SDGUmR GH VDtGDXPD LQIRUPDomRGHVLQFURQL]DomRWDPEpPpDGLFLRQDGDDRVLQDOGHVDtGD
$LQRYDomRQDVFkPDUDV&&79pDYDUUHGXUDSURJUHVVLYD QRUPDOPHQWHFRPELQDGDFRPDVDtGDGLJLWDO$VFkPDUDVFRPYDUUHGXUD SURJUHVVLYD KDELOLWDP DV LPDJHQV j VHUHP WUDQVPLWLGDV HQWUHODoDGDV RX FRPRTXDGURFRPSOHWR
$YDUUHGXUDSURJUHVVLYDSRVVXLGXDVYDQWDJHQV
eFRPSDWtYHOFRPIRUPDWRVGHWHODVQmRHQWUHODoDGRVFRPRDV WHODVGRVFRPSXWDGRUHV
2 TXDGUR FRPSOHWR GD LPDJHP p LQGHSHQGHQWH GR SUREOHPD UHODFLRQDGRDRPRYLPHQWRGDFkPDUDRXGRREMHWR &$3785$'(9Ë'(2 2GLVSRVLWLYRTXHID]DFDSWXUDGHLPDJHQVGHYtGHRSDUD XPPLFURFRPSXWDGRUpXPDSODFDGHFLUFXLWRLPSUHVVRGHQRPLQDGDIUDPH JUDEEHU$IXQomRGHVWDSODFDpDPRVWUDUDVDtGDGHXPVHQVRUGHHVWDGR VyOLGRTXHpWUDQVPLWLGRSRUXPSDGUmRGHYtGHRDQDOyJLFR(VWHVLQDOGH YtGHRDQDOyJLFRSRGHUiVHUUHWUDQVPLWLGRHYLVXDOL]DGRHPXPPRQLWRUGH YtGHRRXJUDYDGRFRQWLQXDPHQWH
$V DPRVWUDV FROHWDGDV SRU IUDPH JUDEEHU VmR DUPD]HQDGDVHPPHPyULDVGHHVWDGRVyOLGRTXHSRVWHULRUPHQWHSRGHP VHUDFHVVDGDVSRURXWURVFRPSXWDGRUHV
'HSHQGHQGR GR WLSR GH DSOLFDomR GDV LPDJHQV DPRVWUDGDV D IUDPH JUDEEHU SUHFLVD DPRVWUDU LQWHUPLWHQWHPHQWH H