dissertacao mestrado rodrigo

52'5,*2'(72/('2&$5235(62

$1È/,6('$,1)/8Ç1&,$'2

35e352&(66$0(172('$

0,1,0$/7(0325$/,1)250$7,2107,

125(&21+(&,0(172$8720È7,&2

'2/2&872587,/,=$1'2

5('(61(85$,6$57,),&,$,65(&255(17(6

&205(7$5'267(0325$,6(

08/7,/$<(53(5&(375216

'LVVHUWDomRDSUHVHQWDGDj(VFROD 3ROLWpFQLFDGD8QLYHUVLGDGHGH 6mR3DXORSDUDREWHQomRGR 7tWXORGH0HVWUHHP(QJHQKDULD 6mR3DXOR 

52'5,*2'(72/('2&$5235(62

$1È/,6('$,1)/8Ç1&,$'2

35e352&(66$0(172('$

0,1,0$/7(0325$/,1)250$7,2107,

125(&21+(&,0(172$8720È7,&2

'2/2&872587,/,=$1'2

5('(61(85$,6$57,),&,$,65(&255(17(6

&205(7$5'267(0325$,6(

08/7,/$<(53(5&(375216

'LVVHUWDomRDSUHVHQWDGDj(VFROD 3ROLWpFQLFDGD8QLYHUVLGDGHGH 6mR3DXORSDUDREWHQomRGR 7tWXORGH0HVWUHHP(QJHQKDULD ÈUHDGH&RQFHQWUDomR 6LVWHPDV(OHWU{QLFRV 2ULHQWDGRU 3URIHVVRU'RXWRU (XYDOGR)HUUHLUD&DEUDO-U 6mR3DXOR 

'HGLFRHVWDREUDDRVPHXVSDLV H[HPSORV GH YLGD SHOR VHX LQWHUPLQiYHO DSRLR H LQFHQWLYR D WRGRV RV WUDEDOKDGRUHV GH ~OWLPD KRUD TXH GLUHWD RX LQGLUHWDPHQWH FRQWULEXHP SDUD D HYROXomRGD+XPDQLGDGH

$*5$'(&,0(1726

$R PHX RULHQWDGRU 3URI 'U (XYDOGR )HUUHLUD &DEUDO -U SRU WRGR DSRLR GXUDQWH HVWD SHVTXLVD SHODV GLUHWUL]HV REMHWLYDV H SHODV DJUDGiYHLV GLVFXVV}HV QR GHFRUUHUGHVWHWUDEDOKR

$WRGRVRVFROHJDVGRJUXSR&+0&RPXQLFDomR+RPHP0iTXLQD±TXH GLUHWDRXLQGLUHWDPHQWHFRQWULEXtUDPFRPDUHDOL]DomRGHVWHWUDEDOKRHHPHVSHFLDO D$QW{QLR3HGUR7PRV]F]XN H5RQDOGR2OLYHLUD0HVVLQD

¬ 6PDU (TXLSDPHQWRV ,QGXVWULDLV /WGD H PHXV FROHJDV GH WUDEDOKR SHOR DSRLRHLQIUDHVWUXWXUDIRUQHFLGDSDUDDILQDOL]DomRGHVWHWUDEDOKR

680È5,2

±,1752'8d­2   ±2%-(7,926 ±-867,),&$7,9$ ±25*$1,=$d­2'275$%$/+2  ±25(&21+(&,0(172'2/2&8725  ±,1752'8d­2 ±+,67Ï5,&2'25$/ ±5HFRQKHFLPHQWRSRU2XYLQWHV  ±5HFRQKHFLPHQWRSRU(VSHFWRJUDPDV  ±5HFRQKHFLPHQWR$XWRPiWLFRSRU&RPSXWDGRUHV   ± 2352&(662'()250$d­2'$92=

±6,67(0$6&20387$&,21$,6'(5(&21+(&,0(172$8720È7,&2'2/2&8725

±(VWUXWXUDGHXP6LVWHPDGH5$/  ±&RGLILFDomRGR6LQDOGH9R]  ±2SUpSURFHVVDPHQWR   ±$H[WUDomRGHDWULEXWRV   ±$UPD]HQDPHQWRGH3DGU}HV  ±5HJUDVGHGHFLVmR  ±$6(/(d­2'(3$5Æ0(7526'(5(35(6(17$d­2'$92= ±)5DWLR   ±'LYHUJrQFLDGH.XOOEDFN   ±0pWRGRGHNQRFNRXWGH6DPEXU   ±.QRFNRXWGHGLYHUJrQFLD  ±$(;75$d­2'(3$5Æ0(7526'(5(35(6(17$d­2'$92= ±7D[DGHFUX]DPHQWRSRU]HURV  ±$QiOLVHGHHQHUJLD  ±$QiOLVHHVSHFWUDOGHWHPSRFXUWR   ±$QiOLVHHVSHFWUDOFRP%DQFRGH)LOWURV   ±/LQHDU3UHGLFWLYH&RGLQJ/3&   ±2&HSVWUR   ±'HOWD&HSVWUXP  ±&HSVWUDO0HDQ6XEWUDFWLRQ  ±&RHILFLHQWHV0HO&HSVWUDLV   ±0e72'26'(&/$66,),&$d­286$'26125$/ 

±0HGLGDVGH'LVWkQFLD  ±0RGHORV3UREDELOtVWLFRV  ±0RGHORVEDVHDGRVHP5HGHV1HXUDLV$UWLILFLDLV51$ 

±$65('(61(85$,6$57,),&,$,6  ±,1752'8d­2 ±21(85Ð1,2%,2/Ï*,&2 ±+,67Ï5,&2'$65('(61(85$,6$57,),&,$,6 ±208/7,/$<(53(5&(375210/3  ±21rXURQHVXDIXQomRGH$WLYDomR   ±$UTXLWHWXUDGR03/   ±2DOJRULWPRGHDSUHQGL]DGR%DFNSURSDJDWLRQ  ±)RUZDUG6WHS  ±%DFNZDUG6WHS  ±&RQVLGHUDo}HVILQDLVVREUHR%DFNSURSDJDWLRQ   ±2SUREOHPDGRVPtQLPRVORFDLV[PtQLPRVJOREDLV   ±&RQVLGHUDo}HVILQDLVVREUHR0/3  ±7,0('(/$<1(85$/1(7:25.7'11 ±$DUTXLWHWXUD7'11  ±)RUGZDUG6WHSSDUDD7'11   ±%DFNZDUG6WHSSDUDD7'11   ±(VWUDWpJLDVSDUDR%DFNZDUG6WHSGR$OJRULWPRGH$SUHQGL]DGR   ±&RQVLGHUDo}HVILQDLVVREUHD7'11   ±5('(61(85$,65(&255(17(6 ±,QWURGXomR   ±5HGH5HFRUUHQWHGH-RUGDQ   ±$UTXLWHWXUDGD5HGHGH-RUGDQ   ±2WUHLQDPHQWRGD5HGHGH-RUGDQ  ±)RUZDUG6WHS±5HGHGH-RUGDQ  ±%DFNZDUG6WHS±5HGHGH-RUGDQ  ±5HGH5HFRUUHQWHGH(OPDQ   ±$UTXLWHWXUDGD5HGHGH(OPDQ   ±2WUHLQDPHQWRGD5HGHGH(OPDQ  ±)RUZDUG6WHS±5HGHGH(OPDQ  ±%DFNZDUG6WHS±5HGHGH(OPDQ  ±,03/(0(17$d­2'(806,67(0$'(5(&21+(&,0(172  ±,1752'8d­2 ±$%$6('('$'26 ±235e352&(66$0(172 ,QWURGXomR  ±&RQYHUVmR1,675,))H(GLomRGH3RQWRV7HUPLQDLV  ±1RUPDOL]DomRGDV/RFXo}HV  ±6HJPHQWDomR3UprQIDVHH-DQHODPHQWR  

±$(;75$d­2'($75,%8726(2$/,1+$0(1727(0325$/ ±$H[WUDomRGHDWULEXWRV   2$OLQKDPHQWR7HPSRUDO  ±/LQHDU7LPH:DUSLQJ/7:  ±7UDFH6HJPHQWDWLRQ76   ±0LQLPDO7HPSRUDO,QIRUPDWLRQ07,  ±$548,7(785$6'26,67(0$'(5(&21+(&,0(172 ±'HVFULomRGDV$UTXLWHWXUDV  ±$UTXLWHWXUD6LQJOHHVHX&ULWpULRGH'HFLVmR  ±$UTXLWHWXUD&11HVHX&ULWpULRGHGHFLVmR  ±(;3(5,0(17265($/,=$'26(5(68/7$'262%7,'26  ±,1752'8d­2 ±&/$66,),&$d­2&200/3(0$548,7(785$6,1*/( ±'HWHUPLQDomRGRV1rXURQVGD&DPDGD2FXOWD  ±0/3$QiOLVHGRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HV  ±0/3$QiOLVHGDVFRQILJXUDo}HVGHMDQHODVILOWURVHFRHILFLHQWHV   &/$66,),&$d­2&207'11(0$548,7(785$6,1*/( ±'HWHUPLQDomRGDPHOKRUHVWUDWpJLDGHWUHLQDPHQWR   ±'HWHUPLQDomRGDPHOKRUFRQILJXUDomRGHDWUDVRV   ±7'11'HWHUPLQDomRGRVQrXURQVGDFDPDGDRFXOWD  ±7'11$QiOLVHGRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HV  ±7'11$QiOLVHGDVFRQILJXUDo}HVGHMDQHODVILOWURVHFRHILFLHQWHV   &/$66,),&$d­2&20-25'$1(0$548,7(785$6,1*/( ±-25'$1'HWHUPLQDomRGRVQrXURQVGDFDPDGDRFXOWD   ±-25'$1$QiOLVHGRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HV  ±-25'$1$QiOLVHGDLQIOXrQFLDGDFDPDGDGHHVWDGRV  ±-25'$1$QiOLVHGDVFRQILJXUDo}HVGHMDQHODVILOWURVHFRHILFLHQWHV    &/$66,),&$d­2&20(/0$1(0$548,7(785$6,1*/( ±(/0$1'HWHUPLQDomRGRVQrXURQVGDFDPDGDRFXOWD  ±(/0$1$QiOLVHGRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HV  ±(/0$1$QiOLVHGDLQIOXrQFLDGDFDPDGDGHHVWDGRV  ±(/0$1$QiOLVHGDVFRQILJXUDo}HVGHMDQHODVILOWURVHFRHILFLHQWHV   ±$$548,7(785$&11

±&/$66,),&$d­2&200/3(0$548,7(785$&11 

±&/$66,),&$d­2&207'11(0$548,7(785$&11 

±&/$66,),&$d­2&20-25'$1(0$548,7(785$&11

±&/$66,),&$d­2&20(/0$1(0$548,7(785$&11 

±',6&866­2'265(68/7$'262%7,'26  ±,1752'8d­2

±5(68/7$'262%7,'26&20$548,7(785$6,1*/( ±$QiOLVHGDRWLPL]DomRGRVSDUkPHWURVGDV5HGHV 

±$QiOLVHGRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HV   ±$QiOLVHGDVFRQILJXUDo}HVGHSUpSURFHVVDPHQWR  ±$QiOLVHGDLQIOXrQFLDGDV07,QRGHVHPSHQKRGRVLVWHPD   ±5(68/7$'262%7,'26&20$548,7(785$&11  ±$QiOLVHGDRWLPL]DomRGRVSDUkPHWURVGDV5HGHVGD&11  ±$QiOLVHGDLQIOXrQFLDGDV07,QRGHVHPSHQKRGRVLVWHPD   ±$QiOLVHGDVFRQILJXUDo}HVGHSUpSURFHVVDPHQWR  ±&216,'(5$d®(662%5(27(032'(75(,1$0(172'$65('(6  ±&216,'(5$d®(6),1$,6  ±&21&/86­2 ±68*(67®(63$5$75$%$/+26)878526 5()(5Ç1&,$6%,%/,2*5È),&$6  $3Ç1',&(,0/3  ,±0/327,0,=$d­2'269$/25(6'(1+ ,±0/3,1)/8Ç1&,$'26$/*25,7026'(1250$/,=$d­2 ,±0/3,1)/8Ç1&,$'$6&21),*85$d®(6'(35e352&(66$0(172  ,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V  ,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V  ,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V  ,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V  ,±0/3±'(6(03(1+23$5$$6&21),*85$d®(6(0$548,7(785$&11  $3Ç1',&(,,7'11  ,,±7'11'(7(50,1$d­2'$0(/+25(675$7e*,$'(75(,1$0(172  ,,±7'1127,0,=$d­2'26$75$626'$6&$0$'$6'$5('( ,,±7'1127,0,=$d­2'269$/25(6'(1+ ,,±7'11,1)/8Ç1&,$'26$/*25,7026'(1250$/,=$d­2 ,,±7'11,1)/8Ç1&,$'$6&21),*85$d®(6'(35e352&(66$0(172  ,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,±7'11±'(6(03(1+23$5$$6&21),*85$d®(6(0$548,7(785$&11  $3Ç1',&(,,,±-25'$1  ,,,±-25'$127,0,=$d­2'269$/25(6'(1+  ,,,±-25'$1,1)/8Ç1&,$'26$/*25,7026'(1250$/,=$d­2 ,,,±-25'$1,1)/8Ç1&,$'$321'(5$d­2'$&$0$'$'((67$'26'$5('( ,,,±-25'$1,1)/8Ç1&,$'$6&21),*85$d®(6'(35e352&(66$0(172 ,,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,,,±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V  

,,,±-25'$1±'(6(03(1+23$5$$6&21),*85$d®(6(0$548,7(785$&11  $3Ç1',&(,9±(/0$1  ,9±(/0$127,0,=$d­2'269$/25(6'(1+   ,9±(/0$1,1)/8Ç1&,$'26$/*25,7026'(1250$/,=$d­2 ,9±(/0$1,1)/8Ç1&,$'$321'(5$d­2'$&$0$'$'(&217(;72'$5('( ,9±(/0$1,1)/8Ç1&,$'$6&21),*85$d®(6'(35e352&(66$0(172 ,9±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,9±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,9±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,9±&RQILJXUDomR-DQHODV[FRP)LOWURVH0)&&V   ,9±(/0$1±'(6(03(1+23$5$$6&21),*85$d®(6(0$548,7(785$&11

/,67$'(),*85$6

)LJXUD±27UDWR9RFDO+XPDQR  )LJXUD±'LDJUDPDGHXP6LVWHPDGH5HFRQKHFLPHQWR$XWRPiWLFRGR/RFXWRU )LJXUD±'LDJUDPDGHEORFRVGRPpWRGRGHNQRFNRXW GH6DPEXU )LJXUD±'LDJUDPDGHEORFRVGRNQRFNRXW GHGLYHUJrQFLD )LJXUD±'LDJUDPDGH%ORFRVGR%DQFRGH)LOWURV )LJXUD±%DQFRGH)LOWURVGRPtQLRGDVIUHTXrQFLDV  )LJXUD±(VTXHPDGHJHUDomRGRV&RHILFLHQWHV0HO&HSVWUDLV0)&&V  )LJXUD±(VWUXWXUDVLPSOLILFDGDGHXPQHXU{QLR )LJXUD±0RGHORVLPSOLILFDGRGHXPQHXU{QLR )LJXUD±0RGHOREiVLFRGRQrXURQXWLOL]DGRQDV51$V  )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ$¶ )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ%¶ )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ&¶ )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ'¶ )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ(¶ )LJXUD±6LJPyLGH,QIOXrQFLDGRSDUkPHWURµ)¶  )LJXUD±$UTXLWHWXUDEiVLFDGHXP0/3GHFDPDGDV )LJXUD±$OJRULWPRGHDSUHQGL]DGR%DFNSURSDJDWLRQ   )LJXUD±6XSHUItFLHGHHUURPtQLPRORFDO;PtQLPRJOREDO  )LJXUD±$UTXLWHWXUDGD7'117LPH'HOD\1HXUDO1HWZRUN )LJXUD±$UTXLWHWXUDGD5HGHGH-RUGDQ )LJXUD±0iTXLQDVGHHVWDGRGH0HDO\H0RRUH  )LJXUD±$OJRULWPR%DFNSURSDJDWLRQQD5HGHGH-25'$1 )LJXUD$UTXLWHWXUDGD5HGHGH(OPDQ )LJXUD±$OJRULWPRGHDSUHQGL]DGRGD5HGHGH(/0$1 )LJXUD±'LDJUDPDGR/LQHDU7LPH:DUSLQJ /7:   )LJXUD±*HUDomRGDV07,V  )LJXUD±$UTXLWHWXUD6LQJOH SDUDD51$GR6LVWHPDGH5$/  )LJXUD±$UTXLWHWXUD&11 SDUDD51$GR6LVWHPDGH5$/  )LJXUD±7'11&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGRVEORFRV07,XWLOL]DGRV )LJXUD±7'11&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV )LJXUD±7'11&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV )LJXUD±7'11&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV )LJXUD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGH UHDOLPHQWDomRGHHVWDGRV  )LJXUD±-25'$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±-25'$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±-25'$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV 

)LJXUD±-25'$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGH FRQWH[WR  )LJXUD±(/0$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±(/0$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±(/0$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±(/0$1&RQILJXUDomR7D[DGHDFHUWRHPIXQomRGRVEORFRV07,VXWLOL]DGRV  )LJXUD±&117D[DVGHDFHUWRGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHPRQWDJHPGD DUTXLWHWXUD )LJXUD±&11±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDVFRQILJXUDo}HV GHSUpSURFHVVDPHQWRXVDQGR07,  )LJXUD±&11±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDVFRQILJXUDo}HV GHSUpSURFHVVDPHQWRXVDQGR07,  )LJXUD±&11±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDVFRQILJXUDo}HV GHSUpSURFHVVDPHQWRXVDQGR07,  )LJXUD±&11±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDVFRQILJXUDo}HV GHSUpSURFHVVDPHQWRXVDQGR07,  )LJXUD±&11±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDV FRQILJXUDo}HVGHSUpSURFHVVDPHQWRXVDQGR07, )LJXUD±&11±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDV FRQILJXUDo}HVGHSUpSURFHVVDPHQWRXVDQGR07, )LJXUD±&11±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDV FRQILJXUDo}HVGHSUpSURFHVVDPHQWRXVDQGR07, )LJXUD±&11±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGHWSDUDDV FRQILJXUDo}HVGHSUpSURFHVVDPHQWRXVDQGR07, )LJXUD±&RPSDUDWLYRHQWUHDV51$HVWXGDGDVDSDUWLUGRPHOKRUGHVHPSHQKRGHFDGDWRSRORJLD  )LJXUD±&RPSDUDWLYRHQWUHDVDUTXLWHWXUDV6LQJOH H&11EDVHDGDVHP0/3 )LJXUD±&RPSDUDWLYRHQWUHDVDUTXLWHWXUDV6LQJOH H&11EDVHDGDVHP7'11 )LJXUD,±0/37D[DGHUHFRQKHFLPHQWRSDUD7UXQFXVDQGR07, )LJXUD,±0/37D[DGHUHFRQKHFLPHQWRSDUD7612LXVDQGR07, )LJXUD,±0/37D[DGHUHFRQKHFLPHQWRSDUD76LXVDQGR07, )LJXUD,±0/37D[DGHUHFRQKHFLPHQWRSDUD/7:XVDQGR07, )LJXUD,±7D[DGHUHFRQKHFLPHQWRSDUDORFXo}HV1R1250XVDQGR07,  )LJXUD,±0/37D[DGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWRWHPSRUDO  )LJXUD,±0/37D[DGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWRWHPSRUDO  )LJXUD,±0/37D[DGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWRWHPSRUDO  )LJXUD,±0/3&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWSDUD76LFRP07, )LJXUD,±0/3&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWSDUD76LFRP07, )LJXUD,±0/3&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWSDUD76LFRP07, )LJXUD,±&11±0/37D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHPIXQomRGH WXVDQGR07,  )LJXUD,±&11±0/37D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHPIXQomRGH WXVDQGR07,  )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGDV(VWUDWpJLDVGHWUHLQDPHQWR

)LJXUD,,±7'117D[DGH$FHUWRSDUDFRPELQDo}HVGHGHOD\V XVDQGR07,H7UXQF )LJXUD,,±7'117D[DGH$FHUWRSDUDFRPELQDo}HVGHGHOD\V XVDQGR07,H7612L )LJXUD,,±7'117D[DGH$FHUWRSDUDFRPELQDo}HVGHGHOD\V XVDQGR07,H76L  )LJXUD,,±7'117D[DGH$FHUWRSDUDFRPELQDo}HVGHGHOD\V XVDQGR07,FRP/7:  )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGH1+XVDQGR07,FRP7UXQF )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGH1+XVDQGR07,FRP7612L )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGH1+XVDQGR07,FRP76L )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGH1+XVDQGR07,FRP/7: )LJXUD,,±7'117D[DGH$FHUWRHPIXQomRGH1+XVDQGR07,FRP1R1250 )LJXUD,,±7'117D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR XWLOL]DGRV )LJXUD,,±7'117D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOLQKDPHQWRVXWLOL]DGRV )LJXUD,,±7'117D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOLQKDPHQWRVXWLOL]DGRV )LJXUD,,±7'11&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWH1+SDUD76LFRP07,  )LJXUD,,±7'11&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWH1+SDUD76LFRP07,  )LJXUD,,±7'11&RQILJXUDomR7D[DGH$FHUWRHPIXQomRGHWH1+SDUD76LFRP07,  )LJXUD,,±&11±7'117D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHPIXQomR GHWXVDQGR07, )LJXUD,,±&11±7'117D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHPIXQomR GHWXVDQGR07, )LJXUD,,,±-25'$17D[DGH$FHUWRHPIXQomRGH1+SDUD7UXQFXVDQGR07, )LJXUD,,,±-25'$17D[DGH$FHUWRHPIXQomRGH1+SDUD7612LXVDQGR07, )LJXUD,,,±-25'$17D[DGH$FHUWRHPIXQomRGH1+SDUD76LXVDQGR07, )LJXUD,,,±-25'$17D[DGH$FHUWRHPIXQomRGH1+SDUD/7:XVDQGR07, )LJXUD,,,±-25'$17D[DGH$FHUWRHPIXQomRGH1+SDUD1R1250XVDQGR07, )LJXUD,,,±-25'$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,,,±-25'$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,,,±-25'$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,,,±-25'$17D[DGHDFHUWRGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGHHVWDGRV 3$57( )LJXUD,,,±-25'$17D[DGHDFHUWRGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGHHVWDGRV 3$57( )LJXUD,,,±-25'$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,,,±-25'$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,,,±-25'$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,,,±&11±-25'$17D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHP IXQomRGHWXVDQGR07, )LJXUD,,,±&11±-25'$17D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHP IXQomRGHWXVDQGR07,

)LJXUD,9±(/0$17D[DGH$FHUWRHPIXQomRGH1+SDUD7UXQFXVDQGR07, )LJXUD,9±(/0$17D[DGH$FHUWRHPIXQomRGH1+SDUD7612LXVDQGR07, )LJXUD,9±(/0$17D[DGH$FHUWRHPIXQomRGH1+SDUD76LXVDQGR07, )LJXUD,9±(/0$17D[DGH$FHUWRHPIXQomRGH1+SDUD/7:XVDQGR07, )LJXUD,9±(/0$17D[DGH$FHUWRHPIXQomRGH1+SDUD1R1250XVDQGR07, )LJXUD,9±(/0$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,9±(/0$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,9±(/0$17D[DVGH$FHUWRSDUD07,HPIXQomRGRVDOJRULWPRVGHDOLQKDPHQWR  )LJXUD,9±(/0$17D[DGHDFHUWRGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGHFRQWH[WR 3$57( )LJXUD,9±(/0$17D[DGHDFHUWRGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGHFRQWH[WR 3$57( )LJXUD,9±(/0$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,9±(/0$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,9±(/0$1&RQILJXUDomR7D[DGHDFHUWRGR6LVWHPDXVDQGR07,H76LHPIXQomR GH1+HW )LJXUD,9±&11±(/0$17D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHP IXQomRGHWXVDQGR07, )LJXUD,9±&11±(/0$17D[DGHDFHUWRGRVLVWHPDSDUDDVFRQILJXUDo}HVHVWXGDGDVHP IXQomRGHWXVDQGR07,

/,67$'(7$%(/$6

7DEHOD±)UDVHVGH7UHLQDPHQWRHWHVWHSDUDR6LVWHPD  7DEHOD±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGH1+XVDQGR07,SDUDRV DOJRULWPRVGHQRUPDOL]DomRHPHVWXGR  7DEHOD±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDV07,SDUDFDGDDOJRULWPRGH QRUPDOL]DomRHVWXGDGR   7DEHOD±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRXVDQGR76LFRP07,  7DEHOD±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRSDUDFDGDEORFR07,XWLOL]DGR   7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDV(VWUDWpJLDVGHWUHLQDPHQWR  7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVPRQWDJHQVGHGHOD\V XVDQGR 07,SDUDFDGDDOJRULWPRGHQRUPDOL]DomRHVWXGDGR   7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGH1+XVDQGR07,SDUDDOJRULWPRV GHQRUPDOL]DomRHPHVWXGR  7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDV07,SDUDFDGDDOJRULWPRGH QRUPDOL]DomRHVWXGDGR   7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRXVDQGR76LFRP07,  7DEHOD±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRSDUDFDGDEORFR07,XWLOL]DGR   7DEHOD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGH1+XVDQGR07,SDUDRV DOJRULWPRVGHQRUPDOL]DomRHPHVWXGR  7DEHOD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDV07,SDUDFDGDDOJRULWPRGH QRUPDOL]DomRHVWXGDGR   7DEHOD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGH UHDOLPHQWDomRGHHVWDGRV   7DEHOD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRXVDQGR76LFRP07,  7DEHOD±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRSDUDFDGDEORFR07,XWLOL]DGR   7DEHOD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGH1+XVDQGR07,SDUDRV DOJRULWPRVGHQRUPDOL]DomRHPHVWXGR  7DEHOD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDV07,SDUDFDGDDOJRULWPRGH QRUPDOL]DomRHVWXGDGR   7DEHOD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDSRQGHUDomRGDFDPDGDGH FRQWH[WR   7DEHOD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRXVDQGR76LFRP07,  7DEHOD±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRSDUDFDGDEORFR07,XWLOL]DGR   7DEHOD±&11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDFRQILJXUDomRGHRSHUDomR   7DEHOD±&11±0/3'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRHEORFRV07,XWLOL]DGRV  7DEHOD±&11±7'11'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRHEORFRV07,XWLOL]DGRV 

7DEHOD±&11±-25'$1'HVHPSHQKRJOREDOGRVLVWHPDSDUDDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRHEORFRV07,XWLOL]DGRV  7DEHOD±&11±(/0$1'HVHPSHQKRJOREDOGRVLVWHPDHPIXQomRGDVFRQILJXUDo}HVGHSUp SURFHVVDPHQWRHEORFRV07,VXWLOL]DGRV  7DEHOD±$UTXLWHWXUD6LQJOH'HVHPSHQKRVJOREDLVPi[LPRVREWLGRVSHODV51$HVWXGDGDVSDUD 76LH/7:  7DEHOD±$UTXLWHWXUD6LQJOH'HVHPSHQKRVJOREDLVPi[LPRVREWLGRVSHODV51$HVWXGDGDVHP IXQomRGDV07,V  7DEHOD±7DEHODJHUDWUL]GRJUiILFRGD)LJXUD   7DEHOD±$UTXLWHWXUD&11'HVHPSHQKRVJOREDLVPi[LPRVREWLGRVSHODV51$HVWXGDGDVHP IXQomRGDV07,V  7DEHOD±&RPSDUDWLYRHQWUHRVGHVHPSHQKRVGDV51$HPIXQomRGDVpSRFDVGHWUHLQDPHQWR 

/,67$'($%5(9,$785$6H6,*/$6

$'3&0 $GDSWLYH'LIHUHQWLDO3XOVH&RGH0RGXODWLRQ $11 $UWLILFLDO1HXUDO1HWZRUN &11 &RQFXUUHQW1HXUDO1HWZRUN &6/8 &HQWHURI6SRNHQ/DQJXDJH8QGHUVWDQGLQJ '&7 'LVFUHWH&RVLQH7UDQVIRUP (/0$1 5HGHGH(OPDQ ))7 )DVW)RXULHU7UDQVIRUP +00 +LGGHQ0DUNRY0RGHOV -25'$1 5HGHGH-RUGDQ /3& /LQHDU3UHGLFWLYH&RGLQJ /7: /LQHDU7LPH:DUSLQJ 0)&& 0HO)UHTXHQF\&HSVWUDO&RHIILFLHQWV 0/3 0XOWL/D\HU3HUFHSWURQ 07, 0LQLPDO7HPSRUDO,QIRUPDWLRQ 1+ 1HXURQVGD&DPDGD2FXOWDGHXPD5HGH1HXUDO$UWLILFLDO 1R1250 6HPXWLOL]DomRGHDOJRULWPRVGHDOLQKDPHQWRWHPSRUDO 3&0 3XOVH&RGH0RGXODWLRQ 5$/ 5HFRQKHFLPHQWR$XWRPiWLFRGR/RFXWRU 5%) 5DGLDO%DVH)XQFWLRQ 6,1*/( $UTXLWHWXUDGHUHFRQKHFLPHQWREDVHDGDHPXPD~QLFDUHGH 67)7 6KRUW7LPH)RXULHU7UDQVIRUP 51$ 5HGHV1HXUDLV$UWLILFLDLV 615 6LJQDOWR1RLVH5DWLR 7'11 7LPH'HOD\1HXUDO1HWZRUN 7581& 7UXQFDPHQWR6LPSOHV 7612L 7UDFH6HJPHQWDWLRQZLWK12,QWHUSRODWLRQ 76L 7UDFH6HJPHQWDWLRQZLWK,QWHUSRODWLRQ

5(6802

2HVWXGRGRVLVWHPDVEDVHDGRVHP5HFRQKHFLPHQWR$XWRPiWLFRGR/RFXWRU5$/ WHP GHVSHUWDGR R LQWHUHVVH GH PXLWRV SHVTXLVDGRUHV DR UHGRU GR PXQGR DEULQGR QRYDVSRVVLELOLGDGHVGHHVWXGRQHVWDiUHD

1HVWHWUDEDOKRVmRXWLOL]DGDVWpFQLFDVMiFRQVDJUDGDVGHSUpSURFHVVDPHQWRFRPRR 7UDFH 6HJPHQWDWLRQ H R /LQHDU 7LPH :DUSLQJ H R IRFR GR HVWXGR p D DQiOLVH GD LQIOXrQFLDGHVWDVWpFQLFDVQRGHVHPSHQKRGRVVLVWHPDVGH5$/

8PD QRYD IRUPD GH RUJDQL]DomR GRV VHJPHQWRV WHPSRUDLV GR VLQDO GH YR] GHQRPLQDGDGH0LQLPDO7HPSRUDO,QIRUPDWLRQ07,UHFHQWHPHQWHGHILQLGDHPXPD SHVTXLVD DQWHULRU p XWLOL]DGD SDUD D PRQWDJHP GRV SDGU}HV DSUHVHQWDGRV SDUD R FODVVLILFDGRU

3DUD D UHDOL]DomR GRV WHVWHV IRL XWLOL]DGD XPD EDVH GH GDGRV HP ,QJOrV IRUQHFLGD SHOR 2*, H RV FODVVLILFDGRUHV VmR EDVHDGRV HP SDUDGLJPDV FOiVVLFRV 0XOWL/D\HU 3HUFHSWURQ0/3H7LPH'HOD\1HXUDO1HWZRUNV7'117DPEpPIRLHVWXGDGDD YLDELOLGDGHGRXVRGH5HGHV5HFRUUHQWHVGH-RUGDQH(OPDQFRPRVLVWHPDVGH5$/ &RPSOHPHQWDQGRRHVWXGRRVWHVWHVVHUmRUHDOL]DGRVHPGXDVDUTXLWHWXUDVGLVWLQWDV GHUHFRQKHFLPHQWRXPPRGHORFOiVVLFRFRPXPD~QLFD5HGHHXPPRGHORPXOWL UHGHGHQRPLQDGR&RQFXUUHQW1HXUDO1HWZRUN&11 2VUHVXOWDGRVFRQILUPDUDPRFRPSRUWDPHQWRHVSHUDGRGRVSDUDGLJPDVQHXUDLV0/3 H 7'11 FRP RV PHOKRUHV JDQKRV GH GHVHPSHQKR SURSRUFLRQDGRV SHOR 7UDFH 6HJPHQWDWLRQ DVVRFLDGRjV07,HPDUTXLWHWXUDGHXPDUHGH

)LQDOPHQWHILFRX FRPSURYDGR DYLDELOLGDGHGRPRGHORGH (OPDQ FRPR VLVWHPD GH UHFRQKHFLPHQWR FRP UHVXOWDGRV VXSHULRUHV j 7'11 H PHOKRUHV GR TXH R 0/3 VREUHWXGRHPWUHLQDPHQWRVUHDOL]DGRVSDUDXPDSHTXHQDTXDQWLGDGHGHpSRFDV

$%675$&7

$XWRPDWLF6SHDNHU5HFRJQLWLRQ$65LVSDUWRIDJURZLQJQXPEHURIUHFHQWVWXGLHV ZKLFK DUH EHLQJ SHUIRUPHG 7KH DGYDQFHV LQ WKLV DUHD RIIHU RSSRUWXQLWLHV WR JR IXUWKHULQWRWKHH[SORUDWLRQRILWVSRVVLELOLWLHV

%DVHG RQ WKLV WKH SUHVHQW ZRUN UHSUHVHQWV D ZLGH VWXG\ RI VRPH FODVVLFDO SUH SURFHVVLQJ WHFKQLTXHV XVHG LQ UHFRJQLWLRQ VXFK DV 7UDFH 6HJPHQWDWLRQ DQG /LQHDU 7LPH:DUSLQJZLWK0HO)UHTXHQF\&HSVWUDO&RHIILFLHQWVDVIHDWXUHVIRFXVLQJRQWKH LQIOXHQFHRIWKHVHRYHUWKH$656\VWHP¶VSHUIRUPDQFH

7KH0LQLPDO7HPSRUDO ,QIRUPDWLRQ07,GHILQHGLQSUHYLRXVZRUNVUHSUHVHQWVD QRYHO ZD\ WR RUJDQL]H WKH VSHHFK VHJPHQWV EHIRUH SUHVHQWLQJ WKHP WR WKH $11 FODVVLILHUUHVXOWLQJLQUHFRJQLWLRQV\VWHPZLWKEHWWHUSHUIRUPDQFH

)RUWKHWHVWVDQ(QJOLVKYRLFHGDWDEDVHSURYLGHGE\2UHJRQ*UDGXDWH,QVWLWXWH2*, LVXVHGDORQJZLWKFODVVLILHUVEDVHGRQFODVVLFDOSDUDGLJPV0XOWL/D\HU3HUFHSWURQ 0/3 DQG 7LPH'HOD\ QHXUDO 1HWZRUN 7'11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



±,QWURGXomR

±2EMHWLYRV

2UHFRQKHFLPHQWRGDYR]KXPDQDHGHXPLQWHUORFXWRUWHPVLGRREMHWRGH HVWXGR FDGD YH] PDLV IUHTHQWH QD DWXDOLGDGH>6$.$, @ >&256, @ >-$&2%6@

25HFRQKHFLPHQWR$XWRPiWLFRGR/RFXWRU5$/FRQVLVWHQDLGHQWLILFDomR GH XP ORFXWRU j SDUWLU GH VXD YR] GH PDQHLUD DXWRPiWLFD (P SDUDOHOR j HVWDV SHVTXLVDV RV HVWXGRV QD iUHD GH ,QWHOLJrQFLD $UWLILFLDO H 5HGHV 1HXUDLV $UWLILFLDLV 51$ WrP VH LQWHQVLILFDGR H QRYDV WpFQLFDV YrP VHQGR LQWURGX]LGDV SHOD FRPXQLGDGH FLHQWtILFD DR ORQJR GRV ~OWLPRV DQRV D H[HPSOR GH >/8&. @ >:2/)@>6$0%85@>$7$/@H>*5$<@

&RP R SURSyVLWR GH FRODERUDU QHVWD H[WHQVD SHVTXLVD HVWH WUDEDOKR WHP R REMHWLYR GH WHVWDU DOJXQV GRV SDUDGLJPDV QHXUDLV 1HVWH HVWXGR VHUi DQDOLVDGR R GHVHPSHQKRGHDOJXQVSDUDGLJPDVQHXUDLVFRPRFODVVLILFDGRUHVSDUDRSUREOHPDGR 5$/RWUDGLFLRQDO0XOWL/D\HU3HUFHSWURQ 0/3DV5HGHV1HXUDLVFRP5HWDUGRV 7HPSRUDLV7LPH'HOD\1HXUDO1HWZRUN ±7'11HDV5HGHV1HXUDLV5HFRUUHQWHV GH-RUGDQGH(OPDQ

6HUiUHDOL]DGRXPHVWXGRFRPSDUDWLYRHQWUHDVUHGHVDFLPDFLWDGDVDILPGH LQYHVWLJDU D LQIOXrQFLD GDV FDUDFWHUtVWLFDV GLQkPLFDV LQHUHQWHV DR PRGHOR 7'11 H 5HFRUUHQWHQDVDSOLFDo}HVGHYR]

1RVVLVWHPDVGHUHFRQKHFLPHQWRGHORFXWRUD HWDSDGHSUpSURFHVVDPHQWR SRGH VHU FRQVLGHUDGD XP GRV SRQWRV IXQGDPHQWDLV GR 5$/ H WHP VLGR REMHWR GH DPSOR HVWXGR >/8&. @ >0$.+28/ @ >3,&21( @ >5$%,1(5 @ >6&+$)(5@7DPEpPpREMHWLYRGHVWHWUDEDOKRDQDOLVDUDOJXQVPRGHORVGHSUp SURFHVVDPHQWRGLVSRQtYHLVDWXDOPHQWHSDUDDWDUHIDGHQRUPDOL]DomRHDOLQKDPHQWR WHPSRUDO GDV ORFXo}HV GH YR] FRPR R /LQHDU 7LPH :DUSLQJ /7: R 7UDFH 6HJPHQWDWLRQ HRFRQFHLWRGDV0LQLPDO7HPSRUDO,QIRUPDWLRQ 07,V LQWURGX]LGR SRU >7026=&=8&. @ FRPR IRUPD GH UHSUHVHQWDomR GDV FDUDFWHUtVWLFDV GR ORFXWRU

±-XVWLILFDWLYD 

±-XVWLILFDWLYD

7UDEDOKRVUHFHQWHVVREUHDV5HGHV1HXUDLV$UWLILFLDLV>&$6$*5$1'(@ >(/0$1@>-25'$1@>0$*1,@>:$,%(/@>7026=&=8&.@ VHUYLUDPFRPREDVHSDUDDIRUPXODomRGHVWHWUDEDOKR&ODVVLILFDGRUHVGRWLSR0XOWL /D\HU 3HUFHSWURQ 0/3 WrP VLGR DPSODPHQWH XWLOL]DGRV HP SUREOHPDV GH LGHQWLILFDomR GR ORFXWRU GHYLGR j VXD VLPSOLFLGDGH H HILFLrQFLD 3RU HVWH PRWLYR D UHGH0/3VHUiXVDGDFRPRPRGHORGHFODVVLILFDGRUSDGUmRQRHVWXGRGHVWHWUDEDOKRH VHXGHVHPSHQKRVHUYLUiFRPREDOL]DGRUSDUDFRPSDUDomRFRPDVGHPDLVUHGHV

8PD YH] TXH DV FDUDFWHUtVWLFDV GRV VLQDLV GH YR] WrP XPD FRPSRQHQWH WHPSRUDO PXLWR IRUWH R HVWXGR GDV YDULDo}HV WHPSRUDLV p LPSRUWDQWH SDUD PHOKRU FRPSUHHQGHUDVXDLQIOXrQFLDQRGHVHPSHQKRGRVLVWHPD$GHILQLomRGRSDUDGLJPD 7'11SRU>:$,%(/@DEULXQRYDVSHUVSHFWLYDVGHHVWXGRXPDYH]TXHSDVVRX DDERUGDUHVWDVFDUDFWHUtVWLFDV

'HQWUR GR JUXSR &RPXQLFDomR +RPHP0iTXLQD HVWXGRV HQYROYHQGR D 7'11 >&$6$*5$1'( @ GHILQLUDP YDULDQWHV SDUD R WUHLQDPHQWR GD UHGH DWUDYpVGDUHDOL]DomRGHWHVWHVH[SHULPHQWDLVDILPGHGHILQLURDOJRULWPRFRPPDLRU GHVHPSHQKR

2 FRQFHLWR GD 0LQLPDO 7HPSRUDO ,QIRUPDWLRQ >7026=&=8&. @ LQWURGX]LGR FRPR IRUPD GH DSUHVHQWDU ORFXo}HV GH YR] jV 51$ REWHYH UHVXOWDGRV H[SUHVVLYRV TXH HQFRUDMDUDP HVWXGRV SRVWHULRUHV D XWLOL]DU HVWD WpFQLFD 6HXV WUDEDOKRV IRUDP IRFDGRV QR 0/3 H 5%) SRUpP GHL[DUDP DEHUWDV DOJXPDV SRVVLELOLGDGHV GH HVWXGRV FRPR D DSOLFDomR GH WpFQLFDV GH QRUPDOL]DomR GDV ORFXo}HVHPFRQMXQWRFRPDV07,SDUDPHOKRUDURGHVHPSHQKRGRVLVWHPD

>0$*1, @ YHLR D FRPSOHPHQWDU R HVWXGR GH >7026=&=8&. @ DWUDYpVGHXPDDQiOLVHH[WHQVDGDH[WUDomRGHDWULEXWRVDSDUWLUGHFRHILFLHQWHV0HO &HSVWUDLV0)&&VDSOLFDGDDUHGHVGRWLSR0/37'11/94H5%)PRVWUDQGRDV PHOKRUHVFRQILJXUDo}HVGHILOWURVHFRHILFLHQWHVDGHTXDGDVDFDGDSDUDGLJPDQHXUDO

>025*$'2 @ DEULX XPD QRYD IUHQWH GH HVWXGR DQDOLVDQGR R GHVHPSHQKR GH XPD DUTXLWHWXUD PXOWLUHGH EDVHDGD HP 0/3 H 5%) VRE YiULDV VLWXDo}HV GH UHODomR VLQDO UXtGR PRVWUDQGR TXH XPD DUTXLWHWXUD PXOWLQHXUDO SRGH SURGX]LUERQVUHVXOWDGRVQDSHVTXLVDGR5$/

±-XVWLILFDWLYD 

(PERUD PXLWR Mi WHQKD VLGR H[SORUDGR FRP R 0/3 H D 7'11 DOJXPDV SRVVLELOLGDGHVILFDUDPHPDEHUWRHHVWHWUDEDOKRYDLSURFXUDUSUHHQFKrODVHVWXGDQGR DLQIOXrQFLDGHXPDGDVHWDSDVPDLVLPSRUWDQWHVGRSURFHVVDPHQWRGRVLQDOGHYR]R SUpSURFHVVDPHQWRHRVDOJRULWPRVGHQRUPDOL]DomRGDVORFXo}HVGHYR] eFRPXPQR5$/HIHWXDURVWUHLQDPHQWRVGHXPD51$LQWURGX]LQGRXPD ORFXomRGHYR]GHXPDVyYH]QDHQWUDGDGDUHGH'HYLGRDRIDWRGHDVORFXo}HV DSUHVHQWDUHPFRPSULPHQWRVWHPSRUDLVGLIHUHQWHVpQHFHVViULRDRPHQRVQRUPDOL]i ODVSDUDXPFRPSULPHQWRIL[RXPDOLPLWDomRLQWUtQVHFDjV51$V3DUDUHDOL]DUHVWD QRUPDOL]DomR DOJXPDV WpFQLFDV IRUDP GHVHQYROYLGDV HQWUH DV TXDLV R 7UDFH 6HJPHQWDWLRQ R /LQHDU 7LPH :DUSLQJ H R '\QDPLF 7LPH :DUSLQJ >.8+1@ >:22'/$1'@

2SDUDGLJPDGDV07,VSHUPLWHTXHHVWDVQRUPDOL]Do}HVQmRVHMDPIHLWDVMi TXHRFRPSULPHQWRpIL[DGRHPIXQomRGRWDPDQKRGREORFR07,SRUpPQHVWHFDVR RVFRPSULPHQWRVGDVORFXo}HVFRQWLQXDPGLIHUHQWHV

$VVLP XPD GDV SURSRVWDV GHVWH WUDEDOKR p H[SORUDU R GHVHPSHQKR GH VLVWHPDVGH5$/FRP0/3H7'11XWLOL]DQGRWDPEpPDVWpFQLFDVGHQRUPDOL]DomR GHFRPSULPHQWRSRXFRH[SORUDGDVQRVWUDEDOKRVDQWHULRUHVDVVRFLDGDVDRSDUDGLJPD GDV07,V2VHVWXGRVLUmRFRQWHPSODUWDQWRDDUTXLWHWXUDGHXPD~QLFD51$TXDQWR DDUTXLWHWXUDPXOWLUHGH

$OpP GD 7'11 H[LVWHP RXWURV SDUDGLJPDV QHXUDLV TXH DSUHVHQWDP FDUDFWHUtVWLFDV GLQkPLFDV HP VXD WRSRORJLD GHQWUH HOHV DV 5HGHV 5HFRUUHQWHV GH -RUGDQ H (OPDQ ,QLFLDOPHQWH GHILQLGDV QR ILQDO GD GpFDGD GH  DV SULQFLSDLV DSOLFDo}HVHQYROYHQGRHVWHVSDUDGLJPDVHVWDYDPYROWDGDVjSUHGLomRGHVHTXrQFLDVH VLVWHPDV QmROLQHDUHV 'HYLGR jV VXDV FDUDFWHUtVWLFDV LQWUtQVHFDV HVWDV UHGHV SUDWLFDPHQWH QmR IRUDP H[SORUDGDV GHQWUR GR FDPSR GR 5$/ D H[HPSOR GH XP DUWLJR UHFHQWH >72:6(< @ TXH Mi H[SORUD R UHFRQKHFLPHQWR GH OLQJXDJHP QDWXUDOSRUpPDLQGDPXLWRIRFDGRHPVHTXrQFLDVGHIRQHPDV7UDEDOKRVHQYROYHQGR GLUHWDPHQWH R 5$/ QmR IRUDP HQFRQWUDGRV R TXH QmR VLJQLILFD VXD LQH[LVWrQFLD DSHQDVXPDHVFDVVH]GHPDWHULDOQHVWDiUHD

$VVLP FRPSOHPHQWDQGR HVWH WUDEDOKR RV HVWXGRV UHDOL]DGRV FRP 0/3 H 7'11 WDPEpP VHUmR DSOLFDGRV jV GXDV UHGHV UHFRUUHQWHV GH -RUGDQ H (OPDQ EDVHDGRV QD SUHPLVVD TXH HQYROYH DV 07,V (VWHV EORFRV TXH VHUmR GHILQLGRV HP

±-XVWLILFDWLYD 

GHWDOKHVPDLVDGLDQWHVmRIRUPDGRVSRUXPDVHTXrQFLDGHYHWRUHVGHDWULEXWRV8PD YH] TXH DV 5HGHV 5HFRUUHQWHV VmR XWLOL]DGDV SDUD FODVVLILFDomR GH VHTXrQFLDV VHUi IHLWR XPD DQiOLVH GH YLDELOLGDGH GHVWDV DUTXLWHWXUDV QD WDUHID GR 5$/ FRP D H[SHFWDWLYD GH TXH HODV FRQVLJDP HVWDEHOHFHU UHODo}HV HQWUH DV VHTXrQFLDV LQWHUQDV TXHIRUPDPXPD07,H³DSUHQGrODV´GHIRUPDDSRGHULGHQWLILFiODVHFODVVLILFiODV DGHTXDGDPHQWH

'HVWD IRUPD SDUWLQGR GRV UHVXOWDGRV SURPLVVRUHV YHULILFDGRV HP GLYHUVDV RXWUDVDSOLFDo}HVHVWHWUDEDOKRHQFRQWUDVXDMXVWLILFDWLYDQDQHFHVVLGDGHGHH[SORUDU GH PDQHLUD PHWyGLFD H RUJDQL]DGD R FRPSRUWDPHQWR GRV SDUDGLJPDV QHXUDLV FOiVVLFRV SUHHQFKHQGR DOJXPDV ODFXQDV H[LVWHQWHV DSOLFDQGRDV jV WpFQLFDV GHVHQYROYLGDVSDUDDYDOLDUDYLDELOLGDGHGHVHXWLOL]DUSDUDGLJPDVSRXFRH[SORUDGRV QRFDPSRGR5$/

±2UJDQL]DomRGR7UDEDOKR 

±2UJDQL]DomRGR7UDEDOKR

2WUDEDOKRHVWiHVWUXWXUDGRVHJXQGRDVHTXrQFLDGHFDStWXORVDEDL[R

1R&DStWXORpDSUHVHQWDGRRFRQFHLWRGH5HFRQKHFLPHQWR$XWRPiWLFRGR /RFXWRU 5$/ H VHX KLVWyULFR FRP EUHYHV FRPHQWiULRV VREUH R SURFHVVR GH IRUPDomR GD YR] H R WUDWR YRFDO RV SULQFLSDLV VLVWHPDV FRPSXWDFLRQDLV XWLOL]DGRV SDUDRSUREOHPDGR5$/DVHOHomRHH[WUDomRGHDWULEXWRVGRSURFHVVDPHQWRGRVLQDO GHYR]FRPDGHVFULomRGRVDWULEXWRVPDLVXWLOL]DGRVSDUDDVROXomRGRSUREOHPDH ILQDOPHQWHDGHVFULomRGRVPpWRGRVGHFODVVLILFDomRPDLVXVDGRV

2SDUDGLJPDGDV5HGHV1HXUDLV$UWLILFLDLV51$pGLVFXWLGRQR&DStWXOR  RQGH p DSUHVHQWDGR VHX KLVWyULFR D SDUWLU GRV WUDEDOKRV SLRQHLURV LQLFLDGRV QD GpFDGDGHRPRGHODJHPGRQHXU{QLRELROyJLFRRVWLSRVGH51$XWLOL]DGRVQHVWH WUDEDOKRVXDVDUTXLWHWXUDVHD IRUPXODomRPDWHPiWLFDGRVDOJRULWPRVGHWUHLQDPHQWR 2 &DStWXOR  GHVFUHYH D LPSOHPHQWDomR GRV VLVWHPDV GH UHFRQKHFLPHQWR HVWXGDGRVQHVWHWUDEDOKRDEDVHGHGDGRVXWLOL]DGDHQIRFDQGRRSUpSURFHVVDPHQWRH RSUREOHPDGRDOLQKDPHQWRWHPSRUDOMXQWDPHQWHFRPRVDOJRULWPRVGHQRUPDOL]DomR GR VLQDO GH YR] XWLOL]DGRV /7: 76 H 07,V H DV DUTXLWHWXUDV GH 5HGHV 6LQJOH H &11&RQFXUUHQW1HXUDO1HWZRUNVDSOLFDGDVDRVLVWHPD

1R&DStWXORVmRDSUHVHQWDGDVDVDWLYLGDGHVGHVHQYROYLGDVDPHWRGRORJLD XWLOL]DGD QR GHVHQYROYLPHQWR GR WUDEDOKR D RWLPL]DomR GRV SDUkPHWURV GH FDGD SDUDGLJPD QHXUDO H RV UHVXOWDGRV REWLGRV SDUD RV GLYHUVRV VLVWHPDV H DUTXLWHWXUDV LPSOHPHQWDGRV

2&DStWXORFRQWpPDGLVFXVVmRGRVUHVXOWDGRVREWLGRVQR&DStWXORFRP DDQiOLVHGHGHVHPSHQKRGDVDUTXLWHWXUDVHVLVWHPDVXWLOL]DGRVFRPSDUDQGRRVFRP WUDEDOKRV DQWHULRUHV GR JUXSR >0$*1, @ >&$6$*5$1'( @ >7026=&=8&. @ DOpP GD DQiOLVH GH YLDELOLGDGH SDUD DV 5HGHV 5HFRUUHQWHV FRPRVLVWHPDVGH5$/

$V FRQVLGHUDo}HV ILQDLV VREUH R WUDEDOKR HVWmR SUHVHQWHV QR &DStWXOR  MXQWDPHQWHFRPVXJHVW}HVSDUDSHVTXLVDVIXWXUDVHSURVVHJXLPHQWRGRWUDEDOKR

±2UJDQL]DomRGR7UDEDOKR 

$ ILP GH VLPSOLILFDU D DSUHVHQWDomR GRV UHVXOWDGRV GH WHVWHV JUiILFRV FRPSOHPHQWDUHV DR HVWXGR IRUDP FRORFDGRV HP TXDWURV $SrQGLFHV FDGD TXDO WUDWDQGRXQLFDPHQWHGHXPSDUDGLJPDQHXUDO

x $SrQGLFH,0/3 x $SrQGLFH,,7'11

x $SrQGLFH,,,5HGHGH-25'$1 x $SrQGLFH,95HGHGH(/0$1



±25HFRQKHFLPHQWRGR/RFXWRU

±,QWURGXomR

2 5HFRQKHFLPHQWR $XWRPiWLFR GH /RFXWRUHV 5$/ WHP GHVSHUWDGR GXUDQWHDV~OWLPDVGpFDGDVXPSURIXQGRLQWHUHVVHSRUSDUWHGDFRPXQLGDGHFLHQWtILFD HSRUFRQWDGLVVRWHPVLGRIUXWRGHDPSODVSHVTXLVDV

&RPR UHVXOWDGR GHVWDV SHVTXLVDV IRL SRVVtYHO HODERUDU SURFHGLPHQWRV H DOJRULWPRV FDSD]HV GH SURFHVVDU H HIHWXDU R 5$/ (QWUHWDQWR DSHVDU GRV DYDQoRV REWLGRV SHODV SHVTXLVDV DLQGD QmR IRL SRVVtYHO REWHU XPD PiTXLQD FDSD] GH FRPSUHHQGHUWRGDDIDODGHXPVHUKXPDQR

$LQGD DVVLP R DYDQoR GD WHFQRORJLD GRV FRPSXWDGRUHV H GDV WHOHFRPXQLFDo}HV WHP VHUYLGR FRPR IDWRU GH DPSOLDomR GDV SHVTXLVDV QD iUHD GR 5$/HVXDVSRVVLELOLGDGHVDSOLFDo}HVGHDXWRPDomREDQFiULDFRQWUROHGHDFHVVRj LQIRUPDo}HVVLVWHPDVGHVHJXUDQoDHRXWUDV>+$721@

'H XPD IRUPD PDLV VLPSOHV SRGHPRV GHILQLU R 5$/ FRPR VHQGR D FDSDFLGDGH GH UHFRQKHFHU XPD GHWHUPLQDGD SHVVRD DWUDYpV GD VXD YR] VHQGR XPD YDULDomR GR 5HFRQKHFLPHQWR GH 9R] RXWUR DVVXQWR DPSODPHQWH HVWXGDGR SRU GLYHUVRV SHVTXLVDGRUHV >3,&21( @ >)858, @ (QWUHWDQWR QR HVWXGR GR 5HFRQKHFLPHQWRGH9R]DVYDULDo}HVUHIHUHQWHVDRVORFXWRUHVQmRVmRFRQVLGHUDGDV HQTXDQWRTXHQR5$/WRGDHTXDOTXHUYDULDomRLQWUDORFXWRUpDPSODPHQWHOHYDGD HPFRQVLGHUDomRSDUDDVDQiOLVHV$OJXQVHVWXGRVDEUDQJHQWHVVREUHR5$/SRGHP VHUYLVWRVHP>$7$/@>&256,@H>*,6+@

'HQWUR GR 5$/ DLQGD H[LVWHP YDULDQWHV GLVWLQWDV D VHUHP H[SORUDGDV GHILQLGDVDVHJXLU

x ,GHQWLILFDomR GH XP /RFXWRU FRQVLVWH HP VHOHFLRQDU XP LQGLYtGXR SHUWHQFHQWHDXPJUXSRHVSHFtILFRGHSHVVRDVDWUDYpVGDDQiOLVHGHXPD ORFXomRSURQXQFLDGDRXVHMDDUHVSRVWDSDUDDLGHQWLILFDomRGHSHQGHGH XPD DQiOLVH GR FRQMXQWR GH ORFXWRUHV HQYROYHQGR FULWpULRV GH GHFLVmR SUHYLDPHQWHGHILQLGRV

±,QWURGXomR 

x 9HULILFDomRGHXP/RFXWRU FRQVLVWHHPDVVRFLDUXPDGDGDORFXomRD XP GDGR LQGLYtGXR GH IRUPD SRVLWLYD RX QHJDWLYD RX VHMD D UHVSRVWD SDUDDYHULILFDomRGRORFXWRUpGRWLSRELQiULDDORFXomReRX1­2e GDTXHODSHVVRD

(VWHFDStWXORLUiWUDWDUR5$/DSUHVHQWDQGRXPEUHYHKLVWyULFRGDVIDVHVGH SHVTXLVD R PHFDQLVPR GD SURGXomR GH YR] RV SURFHGLPHQWRV HQYROYLGRV QD H[WUDomR GH FDUDFWHUtVWLFDV TXH SHUPLWHP D VLVWHPDV FRPSXWDFLRQDLV H[HFXWDU DOJRULWPRV TXH SRVVDP GHILQLU H LGHQWLILFDU ORFXWRUHV H RV FULWpULRV GH GHFLVmR DVVRFLDGRVDR5$/

±+LVWyULFRGR5$/ 

±+LVWyULFRGR5$/

3HVTXLVDV HQYROYHQGR UHFRQKHFLPHQWR GH ORFXWRUHV WrP VLGR HIHWXDGDV GHVGHRLQtFLRGRVpFXOR;;HSRGHVHLQLFLDOPHQWHGLYLGLODVHPWUrVIDVHVGLVWLQWDV

x 5HFRQKHFLPHQWRSRURXYLQWHVRQGHXPJUXSRGHRXYLQWHVpUHVSRQViYHO SHORUHFRQKHFLPHQWR

x 5HFRQKHFLPHQWR SRU HVSHFWRJUDPDV GiVH DWUDYpV GD LQVSHomR GH HVSHFWRJUDPDVJHUDGRVSHORVORFXWRUHV

x 5HFRQKHFLPHQWR SRU FRPSXWDGRUHV RQGH VmR XWLOL]DGRV DOJRULWPRV H WpFQLFDV FRPSXWDFLRQDLV SDUD SURFHVVDU XP VLQDO GH YR] H HIHWXDU R UHFRQKHFLPHQWR1HVWDIDVHREVHUYDVHXPDDPSODXWLOL]DomRGDV5HGHV 1HXUDLV$UWLILFLDLV51$_{HQWUHRXWUDVWpFQLFDV}

$VGLIHUHQoDVHQWUHFDGDXPDGHVWDVIDVHVVHUiGLVFXWLGDDVHJXLU ±5HFRQKHFLPHQWRSRU2XYLQWHV

7HQGR LQtFLR QR ILQDO GD GpFDGD GH  DV SULPHLUDV SHVTXLVDV QHVWD iUHD IRUDPIHLWDVSRU0F*(+((GHDFRUGRFRPRTXHQRVUHODWD>&256,@

(VWHPpWRGRFRQVLVWLDGHIDVHV

D _{)DVH XP ORFXWRU GHVFRQKHFLGR Or XP WUHFKR GH XP WH[WR SUHYLDPHQWH}

VHOHFLRQDGRSDUDDEDQFDGHRXYLQWHVUHVSRQViYHLVSHORUHFRQKHFLPHQWR

D _{)DVH XP JUXSR GH ORFXWRUHV GHYLGDPHQWH LGHQWLILFDGRV LQFOXLQGRVH R}

ORFXWRUGD)DVHOrHPRPHVPRWUHFKRGHWH[WRSRVVLELOLWDQGRDRJUXSRGHRXYLQWHV LGHQWLILFDURORFXWRUGHVFRQKHFLGR $VH[SHULrQFLDVUHDOL]DGDVSXGHUDPFRQVWDWDUTXHRGHVHPSHQKRGRVLVWHPD pEDVWDQWHGHSHQGHQWHGRLQWHUYDORGHWHPSRGHFRUULGRHQWUHDDSUHVHQWDomRGRJUXSR GHORFXWRUHVHDVIDVHVGHUHFRQKHFLPHQWRRVLVWHPDpUREXVWRWDQWRDRUXtGRTXDQWR DRFDQDOGHWUDQVPLVVmRRVLVWHPDpEDVWDQWHVXEMHWLYR _{$V51$VHUmRDPSODPHQWHGLVFXWLGDVQRSUy[LPRFDStWXOR}

±+LVWyULFRGR5$/  ±5HFRQKHFLPHQWRSRU(VSHFWRJUDPDV 2SULPHLURHVIRUoRHPPRQWDUXPVLVWHPDSDUDUHFRQKHFLPHQWRGHORFXWRUHV DWUDYpVGHPiTXLQDVIRLIHLWRQDGpFDGDGHTXDQGRYiULRVSHVTXLVDGRUHVWHQWDUDP H[SORUDUDVLGpLDVIXQGDPHQWDLVGDIRQpWLFDHDF~VWLFD 2HVSHFWRJUDPDIRLGHVHQYROYLGRQRV/DERUDWyULRV%HOOSRU3RWWHU.RSSH *UHHQ >&256, @ FRP D ILQDOLGDGH GH FRQYHUWHU XP VLQDO GH YR] QXPD UHSUHVHQWDomR YLVXDO XWLOL]DQGR R PpWRGR SURSRVWR SRU .HUVWD >-$&2%6 @ $ SDUWLU GHVWH PRPHQWR VXUJLX R WHUPR YRLFHSULQW LPSUHVVmR YRFDO XPD DQDORJLD D ILQJHUSULQW LPSUHVVmRGLJLWDO

2 VLVWHPD FRQWDYD FRP PHGLGDV GH UHVVRQkQFLDV HVSHFWUDLV UHDOL]DGDV QD UHJLmR YRFiOLFD GH FDGD ORFXomR 2 FULWpULR GH DQiOLVH SDUD WRPDGD GH GHFLVmR FRQVLVWLD HP XPD FRPSDUDomR YLVXDO GDV FDUDFWHUtVWLFDV GRV HVSHFWRJUDPDV GH XP PHVPRORFXWRUHPEXVFDGHVLPLODULGDGHVHQWUHHOHV (QWUHDVFDUDFWHUtVWLFDVDQDOLVDGDVSRGHPRVGHVWDFDUDVVHJXLQWHV x 3RVLo}HVGDVIUHTrQFLDVIRUPDQWHVYRFiOLFDV x /DUJXUDGHEDQGDGDVIRUPDQWHV x ,QFOLQDo}HVGDVIRUPDQWHV x 'XUDo}HVGHFHUWRVHYHQWRVYRFiOLFRV x ,QWHUUXSo}HVHWLSRVGHWUDoDGRVYHUWLFDLV x &DUDFWHUtVWLFDVGHVRQVQDVDOL]DGRVHIULFDWLYRV

8P IDWR D VH GHVWDFDU QHVWD WpFQLFD SLRQHLUD GD GpFDGD GH  p D DSUHVHQWDomR GH XPD PHWRGRORJLD GH DQiOLVH DLQGD TXH R GHVHPSHQKR GR VLVWHPD ILTXH LQWLPDPHQWH OLJDGR j H[SHULrQFLD GR SHVTXLVDGRU TXH HVWi HIHWXDQGR D LGHQWLILFDomRYLVXDOGRVLQDO

2XWUDV SHVTXLVDV LQGHSHQGHQWHV IRUDP UHDOL]DGDV QD PHVPD pSRFD 1RV ODERUDWyULRV5&$RVLVWHPDXWLOL]DGRWHQWDYDUHFRQKHFHUGH]VtODEDVGLVWLQWDVGHXP ~QLFRORFXWRULQFRUSRUDGDVHPGH]SDODYUDVPRQRVVLOiELFDV2VLVWHPDFRQWDYDFRP PHGLGDV HVSHFWUDLV SULPiULDV EDQFR GH ILOWURV DQDOyJLFRV UHDOL]DGDV QD UHJLmR YRFiOLFD

±+LVWyULFRGR5$/ 

(P  QR FROpJLR XQLYHUVLWiULR QD ,QJODWHUUD )U\ H 'HQHV WHQWDUDP FRQVWUXLU XP UHFRQKHFHGRU GH IRQHPD SDUD UHFRQKHFHU  YRJDLV H  FRQVRDQWHV XVDQGR XP DQDOLVDGRU HVSHFWUDO H XP YHULILFDGRU GH SDGUmR 8PD FDUDFWHUtVWLFD LQRYDGRUD GHVWD SHVTXLVD IRL XWLOL]DU LQIRUPDo}HV HVWDWtVWLFDV VREUH VHTXrQFLDV GH IRQHPDVHPLQJOrVSDUDDSURYHLWDUDH[DWLGmRGHWRGRVRVIRQHPDVSDUDSDODYUDVTXH FRQVLVWLDPGHRXPDLVIRQHPDV

2XWUR HVIRUoR HP KDUGZDUH IRL UHDOL]DGR QR -DSmR SRU 6DNDL H 'RVKLWD >6$.$,@GD8QLYHUVLGDGHGH.\RWRHPRVTXDLVFRQVWUXtUDPXPKDUGZDUH UHFRQKHFHGRU GH IRQHPDV )RL XWLOL]DGR KDUGZDUH VHJPHQWDGRU GH ORFXo}HV MXQWDPHQWH FRP XPD DQiOLVH GH WD[D GH FUX]DPHQWR SRU ]HUR ]HURFURVVLQJ SDUD GLIHUHQWHV UHJL}HV GH HQWUDGD GD ORFXomR IRUQHFHQGR XPD VDtGD UHFRQKHFLGD 8P RXWUR HVIRUoR MDSRQrV IRL R KDUGZDUH UHFRQKHFHGRU GH GtJLWR GH 1DJDWD QRV ODERUDWyULRV1HFHP(VWHHVIRUoRIRLWDOYH]RPDLVQRWiYHOQDWHQWDWLYDLQLFLDO GRUHFRQKHFLPHQWRGHORFXWRUGD1(&HWRUQRXSRVVtYHOXPSURJUDPDGHSHVTXLVD ORQJRHDOWDPHQWHSURGXWLYR

$R ORQJR GDV GpFDGDV GH  H  RXWUDV SHVTXLVDV IRUDP UHDOL]DGDV XWLOL]DQGR DV WpFQLFDV GH HVSHFWRJUDPDV HQTXDQWR QRYDV WpFQLFDV IRUDP GHVHQYROYLGDVHXWLOL]DGDVFRPPHOKRUHVUHVXOWDGRV

±5HFRQKHFLPHQWR$XWRPiWLFRSRU&RPSXWDGRUHV

(VWD IDVH IRL LPSXOVLRQDGD EDVLFDPHQWH GHYLGR DRV DYDQoRV QR SURFHVVDPHQWRGHVLQDOGHYR]DOLDGRDRVGHVHQYROYLPHQWRVQDiUHDFRPSXWDFLRQDO

$VSHVTXLVDVQHVWDiUHDGHL[DPDFDUJRGRVVLVWHPDVFRPSXWDFLRQDLVWRGDV DV IDVHV GH DQiOLVH SURFHVVDPHQWR GRV VLQDLV GH YR] H[WUDomR GH DWULEXWRV LGHQWLILFDomRGDVFDUDFWHUtVWLFDVHGHFLVmRILQDOUHFRQKHFLPHQWR

8PD YH] TXH DV WpFQLFDV FRPSXWDFLRQDLV FRQVWLWXHP D EDVH GR SUHVHQWH WUDEDOKRHVWHDVVXQWRVHUiDERUGDGRPDLVDGLDQWHDSyVXPHVWXGRPDLVGHWDOKDGRGD IRUPDomRGRVVLQDLVGHYR]

±23URFHVVRGHIRUPDomRGDYR] 

±23URFHVVRGHIRUPDomRGDYR]

2V VLQDLV GH YR] VmR SURGX]LGRV SHOR DSDUHOKR IRQDGRU RX WUDWR YRFDO KXPDQRDWUDYpVGHYLEUDo}HVGDVFRUGDVYRFDLVHPFDYLGDGHVVLWXDGDVHQWUHDIDULQJH H D ERFD $ ILJXUD DEDL[R LOXVWUD R WUDWR YRFDO KXPDQR >)/$1$*$1 @ >5$%,1(5@

)LJXUD±27UDWR9RFDO+XPDQR

2DUHQWUDQRVSXOP}HVDWUDYpVGDUHVSLUDomRHTXDQGRpH[SHOLGRID]FRP TXHDVFRUGDVYRFDLVYLEUHP'HSHQGHQGRGDSRVLomRGDVDUWLFXODo}HVDVYLEUDo}HV SURGX]LGDV SHODV FRUGDV YRFDLV VRIUHP PRGLILFDo}HV SURGX]LQGR DVVLP GLIHUHQWHV WLSRVGHVRQV

(VWDVPRGLILFDo}HVSRGHPVHUPRGHODGDVSRUXPDIXQomRGHWUDQVIHUrQFLD >5$%,1(5@>$7$/@UHODFLRQDQGRDHQWUDGDH[FLWDomRGDVFRUGDVYRFDLV FRPDVDtGDSURGXomRGDYR]

±23URFHVVRGHIRUPDomRGDYR]  

¦

_˜   1 N N N ] * ] )     D RQGHRVDNVmRSDUkPHWURVGHSHQGHQWHVGDVFDUDFWHUtVWLFDVHGLPHQV}HVGRWUDWRYRFDO H*UHSUHVHQWDRJDQKRGRVLVWHPD

&RP UHODomR D (TXDomR  FDEH FRPHQWDU TXH R PRGHOR GR WUDWR YRFDO UHSUHVHQWDGRSRUHVWDHTXDomRFRQVLVWHGHXPDVLPSOLILFDomRPRGHORVyGHSyORV2 PRGHORLGHDOGRWUDWRYRFDOLQFOXLSyORVH]HURVRQGHHVWHV~OWLPRVFRUUHVSRQGHPj PRGHODJHP GRV IRQHPDV QDVDLV H IULFDWLYRV $ VLPSOLILFDomR DGRWDGD SDUD REWHU D (TXDomRID]FRPTXHDSHQDVDLQIRUPDomRGHDPSOLWXGHGDGHQVLGDGHHVSHFWUDO GHSRWrQFLDVHMDXWLOL]DGDRTXHpFRQVLGHUDGRDFHLWiYHOSDUDDJUDQGHPDLRULDGDV DSOLFDo}HVXPDYH]TXHRRXYLGRKXPDQRQmR³SHUFHEH´DLQIRUPDomRGHIDVHHQR FDVRGRPRGHORVyGHSyORVDSUHVHQWDXPDUHVSRVWDGHIDVHPtQLPD

2PRGHORDSUHVHQWDGRUHSUHVHQWDFDUDFWHUtVWLFDVLQGLYLGXDLVTXHGHSHQGHP GH XP FRQMXQWR GH IDWRUHV HQWUH RV TXDLV SRGHPRV GHVWDFDU YDULDo}HV QDV IRUPDV ItVLFDVGRVWUDWRVYRFDOHQDVDOUHVVRQkQFLDVQDVFRUGDVYRFDLVPDVVDHHODVWLFLGDGH GRVP~VFXORVGDVSDUHGHVGRVWUDWRVSRVLomRGDOtQJXDHVSDoDPHQWRHIRUPDomRGRV GHQWHVHYLVFRVLGDGHGDVDOLYD 3RUVHUXPVLQDOGHYDULDomRWHPSRUDOOHQWDTXDQGRH[DPLQDGRHPSHUtRGRV GHWHPSRVVXILFLHQWHSHTXHQRVHQWUHHPVHPERUDQDVDSOLFDo}HVSUiWLFDVVHMD PXLWRFRPXPFRQVLGHUDULQWHUYDORVLQIHULRUHVDPVVXDVFDUDFWHUtVWLFDVSRGHPVHU FRQVLGHUDGDV HVWDFLRQiULDV 4XDQGR LQWHUYDORV PDLRUHV GH WHPSR  VHJXQGRV RX PDLVVmRDQDOLVDGRVHQWUHWDQWRSRGHPVHUREVHUYDGDVPXGDQoDVQDVFDUDFWHUtVWLFDV GRVLQDOTXHUHIOHWHPRVGLIHUHQWHVVRQVGDIDOD ([LVWHPGLYHUVDVIRUPDVGHVHFODVVLILFDURVHYHQWRVGDIDODHXPGHOHVVH GHVWDFDSRUVHUVLPSOHVHGLUHWRRHVWDGRGDIRQWHGHSURGXomRGDIDOD±DVFRUGDV YRFDLV(VWDFRQYHQomRXWLOL]DDUHSUHVHQWDomRGHWUrVHVWDGRV x 6LOrQFLR6QHQKXPDIDODpSURGX]LGD

x 6RQV QmR SURQXQFLDGRV 8 DV FRUGDV YRFDLV QmR HVWmR YLEUDQGR UHVXOWDQGR QXPD IRUPD GH RQGD GH IDOD DSHULyGLFD H GH QDWXUH]D UDQG{PLFD

±23URFHVVRGHIRUPDomRGDYR] 

x 9R] 9 HVWDGR QR TXDO DV FRUGDV YRFDLV HVWmR HVWLFDGDV H YLEUDQGR TXDQGR R DU VDL GRV SXOP}HV UHVXOWDQGR QXPD IRUPD GH RQGD GH IDOD SHULyGLFD

$WUDYpV GRV HVWXGRV GH SURGXomR GRV GLIHUHQWHV WLSRV GH VRQV IRQHPDV SRGHPRVGHVWDFDUXPUHVXOWDGRLPSRUWDQWHQRTXHGL]UHVSHLWRDRVVRQVYRFiOLFRVH QDVDLV HVWHV ~OWLPRV SURGX]LGRV D SDUWLU GH UHVVRQkQFLDV GR WUDWR QDVDO TXDQGR XWLOL]DGRVQR5$/ 2VVRQVYRFiOLFRVVmRSURGX]LGRVSHODH[FLWDomRGDUHJLmRYRFDOMXQWDPHQWH FRPSXOVRVSHULyGLFRVGRDUFDXVDQGRYLEUDomRGDVFRUGDVYRFDLV$PDQHLUDQDTXDO DiUHDVHFFLRQDOYDULDMXQWRFRPDiUHDYRFDOGHWHUPLQDDIUHTrQFLDGDUHVVRQkQFLD HFRQVHTXHQWHPHQWHRVRPSURGX]LGR2VRPYRFiOLFRpGHWHUPLQDGRSHODSRVLomR GDOtQJXDMXQWDPHQWHFRPDVSRVLo}HVGRPD[LODUHOiELRVVHQGRJHUDOPHQWHORQJRVH FRPSDUDGRDRVRPFRQVRQDQWDOHHVSHFWUDOPHQWHEHPGHILQLGR

$OpP GLVVR IRL FRQVWDWDGR TXH GXUDQWH D IRUPDomR GHVWHV VRQV SUDWLFDPHQWH QmR Ki YDULDomR QR WUDWR YRFDO ID]HQGR FRP TXH DV FDUDFWHUtVWLFDV ItVLFDV LQHUHQWHV D FDGD ORFXWRU SRVVDP VHU H[WUDtGDV JDUDQWLQGR XPD PDLRU IDFLOLGDGHHFRQILDELOLGDGHQRUHFRQKHFLPHQWRFRQWULEXLQGRVLJQLILFDWLYDPHQWHSDUD R5$/FRPSXWDFLRQDO

2VVRQVQDVDOL]DGRVVmRSURGX]LGRVSHODH[FLWDomRGDJORWHHDiUHDYRFDO ILFD WRWDOPHQWH IHFKDGD HP DOJXP SRQWR GD SDVVDJHP RUDO $ ~YXOD ILFD DEDL[DGD SDUD TXH R DU SDVVH DWUDYpV GD iUHD QDVDO $ FDYLGDGH RUDO HPERUD IHFKDGD HP GLUHomR IURQWDO ILFD XQLGD DFXVWLFDPHQWH FRP D IDULQJH $V FRQVRDQWHV QDVDLV H YRFiOLFRV QDVDODGRV SUHFHGLGRV RX VHJXLGRV SRU FRQVRDQWHV QDVDLV SRGHP VHU FDUDFWHUL]DGRVSHODVUHVVRQkQFLDVHVSHFWUDOPHQWHPDLVH[WHQVDV(VWDVFDUDFWHUtVWLFDV JDUDQWHPERDFRQILDELOLGDGHSDUDR5$/XWLOL]DQGRVRQVQDVDLV

(QWUHWDQWRGHYHVHUHVVDOWDUDTXLTXHSHODVXDQDWXUH]DRVVRQVQDVDOL]DGRV VmRGHSHQGHQWHVGHDOWHUDo}HVILVLROyJLFDVGRWUDWRQDVDOFRPRSRUH[HPSORJULSHV VLQXVLWHVHRXWURVSUREOHPDVQDVDLV