• Nenhum resultado encontrado

Procedimentos para redução do efeito de bloco em sinais de video codificados por MPEG-2 test model 5

N/A
N/A
Protected

Academic year: 2021

Share "Procedimentos para redução do efeito de bloco em sinais de video codificados por MPEG-2 test model 5"

Copied!
160
0
0

Texto

(1)

L

8

1,9(56,'$'(

(

67$'8$/'(

&

$03,1$6

)

$&8/'$'('(

(

1*(1+$5,$

(

/e75,&$('(

&

20387$d­2

'

(3$57$0(172'(

&

2081,&$d®(6

7

(6('(

0

(675$'2

3

52&(',0(17263$5$

5

('8d­2'2

(

)(,72'(

%

/2&2(0

6

,1$,6'(

9

Ë'(2

&

2',),&$'26325

03(*7

(67

0

2'(/



$QD/~FLD0HQGHV&UX]6LOYHVWUHGD6LOYD

2ULHQWDGRU3URI'U<X]R,DQR

%DQFD([DPLQDGRUD

3URI'UÈOYDUR/XL]6WHOOH &()(7±3DUDQi

3URI'U,RVKLDNL'RL )((&±81,&$03

3URI'U-RVp$QW{QLR6LTXHLUD'LDV )((&±81,&$03

&DPSLQDV63±%UDVLO

0DUoR±

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH (QJHQKDULD (OpWULFD H GH &RPSXWDomR FRPR SDUWH GRV UHTXLVLWRV H[LJLGRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP (QJHQKDULD(OpWULFD

(2)

LL

),&+$&$7$/2*5È),&$(/$%25$'$3(/$

%,%/,27(&$'$È5($'( (1*(1+$5,$ %$(81,&$03

6LS

6LOYD$QD/~FLD0HQGHV&UX]6LOYHVWUHGD

3URFHGLPHQWRVSDUDUHGXomRGRHIHLWRGHEORFRHPVLQDLV

GHYtGHRFRGLILFDGRVSRU03(*WHVWPRGHO$QD

/~FLD0HQGHV&UX]6LOYHVWUHGD6LOYD&DPSLQDV63

>VQ@

2ULHQWDGRU<X]R,DQR

'LVVHUWDomR PHVWUDGR 8QLYHUVLGDGH(VWDGXDOGH

&DPSLQDV)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH

&RPSXWDomR

3URFHVVDPHQWRGHLPDJHQV±7pFQLFDVGLJLWDLV

&RPSUHVVmRGHGDGRV 7HOHFRPXQLFDo}HV 7HRULDGD

FRGLILFDomR7HOHYLVmRGLJLWDO&RPXQLFDo}HV

GLJLWDLV,,DQR<X]R,,8QLYHUVLGDGH(VWDGXDOGH

&DPSLQDV)DFXOGDGHGH(QJHQKDULD(OpWULFDHGH

&RPSXWDomR,,,7tWXOR

(3)

LLL

5(6802

(VWHWUDEDOKRDSUHVHQWDXPDQRYDDSUR[LPDomRSDUDDUHGXomRGRHIHLWRGHEORFRHPVLQDLV GH YtGHR FRGLILFDGRV SRU 03(* 7HVW 0RGHO  D EDL[DV WD[DV GH ELWV YLVDQGR PHOKRUDU D TXDOLGDGH VXEMHWLYD GDV LPDJHQV (VWD QRYD SURSRVWD FRQVLVWH HP XPD PRGLILFDomR QD HWDSD GH TXDQWL]DomRSRUEORFRVHPUHJL}HVFDUDFWHUL]DGDVFRPRFUtWLFDVSDUDDJHUDomRGH(IHLWRGH%ORFR UHJL}HVGHPRYLPHQWRUiSLGRRXFRPSOH[RHERUGDVQDWXUDLV $PRGLILFDomRSURSRVWDFRQVLVWHQD UHGXomRDGDSWDWLYDGRSDVVRGHTXDQWL]DomRGRVFRHILFLHQWHVWUDQVIRUPDGRVSHOD'&7TXHIRUDP FRQVLGHUDGRVFRPRPDLVLQIOXHQWHVQDVERUGDVGRVEORFRV5HGX]LQGRDGDSWDWLYDPHQWHRSDVVRGH TXDQWL]DomR GHVWHV FRHILFLHQWHV IRL FRQVWDWDGD XPD UHGXomR GDV GLVSDULGDGHV QDV IURQWHLUDV GRV EORFRV (VWDUHGXomRUHVXOWRX HP XPD PHOKRUD VLJQLILFDWLYD QD TXDOLGDGH VXEMHWLYD GDV LPDJHQV TXDQWR DR (IHLWR GH %ORFR FRUURERUDGD SHOR DXPHQWR GR 3615 HP FHUFD GH  G% VHP DFUpVFLPR GH ELWV FRP UHODomR DR 03(* 70 2 HVTXHPD SURSRVWR QmR UHTXHU PXLWDV PRGLILFDo}HVQRVFyGLJRVRULJLQDLVHVHXSULQFtSLRGHIXQFLRQDPHQWRSRGHVHUDGDSWDGRSDUDRXWURV SDGU}HVRXHVTXHPDVGHFRPSUHVVmRTXHDGRWHPFRGLILFDomRSRUWUDQVIRUPDGDEDVHDGDHPEORFRV

$%675$&7

7KLV ZRUN SUHVHQWV D QHZ DSSURDFK WR WKH %ORFNLQJ (IIHFW 5HGXFWLRQ 3UREOHP LQ WKRVH PRYLQJSLFWXUHVHQFRGHGE\03(*7HVW0RGHOZLWKORZELWUDWHVLQRUGHUWRLPSURYHSLFWXUHV¶ VXEMHFWLYHTXDOLW\7KLVQHZDSSURDFKFRQVLVWVRIDPRGLILFDWLRQLQWKH EORFN EDVHG TXDQWL]DWLRQ VWDJH DSSOLHG WR DUHDV FKDUDFWHUL]HG DV FULWLFDO IRU JHQHUDWLQJ WKH EORFNLQJ HIIHFW KLJKFRPSOH[ PRWLRQDUHDVDQGUHDOHGJHV 7KHSURSRVHGPRGLILFDWLRQFRQVLVWVRIDQDGDSWDWLYHUHGXFWLRQRIWKH TXDQWL]DWLRQ VWHS RI '&7 FRHIILFLHQWV ZKLFK ZHUH FRQVLGHUHG DV PRUH LQIOXHQW DW EORFN HGJHV 5HGXFLQJ DGDSWDWLYHO\  WKH TXDQWL]DWLRQ VWHS RI WKHVH FRHIILFLHQWV D UHGXFWLRQ RI GLVSDULWLHV DW EORFNV¶ERXQGDULHVZDVQRWLFHG6XFKDUHGXFWLRQUHVXOWHGLQDVLJQLILFDQWLPSURYHPHQWRIPRYLQJ SLFWXUHVVXEMHFWLYHTXDOLW\FRQFHUQLQJWKH%ORFNLQJ(IIHFWDQGREWDLQHGDQDYHUDJHRIG%LQ 3615ZLWKRXWLQFUHDVLQJWKHWRWDOQXPEHURIELWVZKHQFRPSDUHGWRWKHRULJLQDO03(*70

7KH SURSRVHG VFKHPH GRHV QRW UHTXLUH QXPHURXV PRGLILFDWLRQV RQ WKH RULJLQDO FRGHV EHVLGHVVXFKVFKHPHPD\EHDGDSWHGWRRWKHUEORFNEDVHGWUDQVIRUPFRGLQJFRPSUHVVLRQVWDQGDUGV RUVFKHPHV

(4)

LY

2)(5(&,0(172

³$TXHOHTXHKDELWDQRHVFRQGHULMRGR $OWtVVLPRjVRPEUDGR2QLSRWHQWHGHVFDQVDUi 'LUHLGR6HQKRU(OH p RPHX'HXVRPHXUHI~JLRDPLQKDIRUWDOH]DH1HOHFRQILDUHL 3RUTXH(OH WHOLYUDUiGRODoRGRSDVVDULQKHLURHGDSHVWHSHUQLFLRVD (OHWHFREULUiFRPDVVXDVSHQDVHGHEDL[RGDVVXDVDVDVHVWDUiVVHJXURHVXDYHUGDGHpHVFXGRH EURTXHO´ 6DOPRV ³3RUTXH7Xy6HQKRUpVRPHXUHI~JLR2$OWtVVLPRpD 7XDKDELWDomR 1HQKXPPDOWHVXFHGHUiQHPSUDJDDOJXPDFKHJDUijWXDWHQGD 3RUTXHDRV6HXVDQMRVGDUiRUGHQVDWHXUHVSHLWRSDUDWHJXDUGDUHPHPWRGRVRVWHXVFDPLQKRV (OHVWHVXVWHQWDUmRQDVVXDVPmRVSDUDTXHQmRWURSHFHVFRPWHXSpHPSHGUD´ 6DOPRV ³(OH0HLQYRFDUiH(XOKHUHVSRQGHUHLHVWDUHLFRPHOHQDDQJ~VWLDOLYUiORHLHRJORULILFDUHL 6DOPRV $'HXVHXRIHUHoRHVWHWUDEDOKRIHLWRFRP(VIRUoR'HGLFDomRHPXLWR$PRU(VVDRUDomR QDTXDOEXVTXHLWDQWRDSRLRQRVPRPHQWRVGLItFHLV7HRIHUHoRDJRUD6HQKRUFRPRDJUDGHFLPHQWR SRU7HUHVWDGRDRPHXODGRQDVDOHJULDVHGLILFXOGDGHV

2EULJDGDSRUFDGDSHVVRDTXH&RORFDVWHVHP PHXFDPLQKRHTXHGH DOJXPD IRUPD PH DMXGDUDPFRQWULEXLQGRSDUDTXHHVVHWUDEDOKRVHUHDOL]DVVH

(5)

Y

$*5$'(&,0(172¬)$3(63

$JUDGHFLPHQWRV HVSHFLDLV j )$3(63 ± )XQGDomR GH $PSDUR j 3HVTXLVD GR

(VWDGR GH 6mR 3DXOR ± SHOR DSRLR LQGLVSHQViYHO TXH WHP VLGR RIHUHFLGR j HVWD

SHVTXLVDGRUD DWUDYpVGRV3URMHWRV³$OJRULWPRV&RPSXWDFLRQDLVSDUDD(VWLPDomRGH

0RYLPHQWR QR 0pWRGR +tEULGR GH &RPSUHVVmR HP $PELHQWH 03(* 3', ´

3URFHVVR )$3(63 QR  H ³3URFHGLPHQWRV SDUD R 0pWRGR +tEULGR GH

&RPSUHVVmR HP 3URFHVVDPHQWR 'LJLWDO GH ,PDJHP FRP 'HVWDTXH SDUD (WDSD GH

&RPSUHVVmR (VSDFLDO ± 3', ´ 3URFHVVR )$3(63 QR  TXH YLDELOL]DUDP D

UHDOL]DomR GHVWD SHVTXLVD GHVGH D ,QLFLDomR &LHQWtILFD DWp R 0HVWUDGR SURYHQGR VXSRUWH

ILQDQFHLUR H SRVVLELOLWDQGR D DTXLVLomR GRV UHFXUVRV H HTXLSDPHQWRV IXQGDPHQWDLV SDUD R

GHVHQYROYLPHQWRHFRQFOXVmRGHVWDSHVTXLVD

(6)

YL

$*5$'(&,0(1726

$RDOFDQoDURILPGHVVDHWDSDWmRLPSRUWDQWHJRVWDULDGHH[SUHVVDUPHXVDJUDGHFLPHQWRVjVSHVVRDV HLQVWLWXLo}HVTXHWDQWRFRQWULEXtUDPGLUHWDRXLQGLUHWDPHQWHSDUDTXHHVWHWUDEDOKRIRVVHFRQFOXtGR

3ULPHLUDPHQWH GHVHMR DJUDGHFHU DR 3URIHVVRU 'RXWRU <X]R,DQR TXH FRPR RULHQWDGRU HVWHYH VHPSUHDWHQWRjVG~YLGDVHTXHVWLRQDPHQWRVHVWLPXODQGRQRVVHPSUHDFRQWLQXDUQDEXVFDGHQRYDVLGpLDVH QRGHVHQYROYLPHQWRGHODV2EULJDGRSRUWHUPHJXLDGRGHVGHD,QLFLDomR&LHQWtILFDHDFLPDGHWXGRSRUWHU VLGRXPJUDQGHDPLJRHXPPRGHORGHIRUoDSHUVHYHUDQoDHVHUHQLGDGH ¬8QLYHUVLGDGH(VWDGXDOGH&DPSLQDV 81,&$03 SHODRSRUWXQLGDGHHSHORDSRLRUHFHELGRGXUDQWH DUHDOL]DomRGHVWDSHVTXLVD¬)$3(63SHORVXSRUWHILQDQFHLURFRQFHGLGRDPLPGHVGHD,QLFLDomR&LHQWtILFD $RVPHXVSDLVWRGRRPHXDPRUHDGPLUDomRSRUWHUHPVLGRSRQWRGHUHIHUrQFLDHDSRLRHPWRGRV HVVHVDQRVHVWDQGRVHPSUHSUHVHQWHVPHVPRjGLVWkQFLDQRVPRPHQWRVGHDOHJULDVHGLILFXOGDGHV2EULJDGD SHODVRUDo}HVHSHODVSDODYUDVGHkQLPRQRVPRPHQWRVPDLVGLItFHLV1HPHPPLOYLGDVHXSRGHULDDJUDGHFHU RTXHIL]HUDPSRUPLP ¬IDPtOLDGHPHXPDULGR)HUQDQGRSHODVSDODYUDVGHDSRLRHSHODFRPSUHHQVmRFRPUHODomRjQRVVD DXVrQFLDHPPRPHQWRVGRVTXDLVJRVWDUtDPRVGHWHUSDUWLFLSDGR $RVDPLJRV-~OLR5RGULJR$OH[DQGUHH/LD/XLV)HOLSH&DPLORH:LOVRQSHODVGLYHUWLGDVUHXQL}HV UHVSRQViYHLV SRU PXLWDV DOHJULDV H VRUULVRV ¬ 'RQD'DUFOr H 6U (PtOLR SHODV SDODYUDVHQFRUDMDGRUDV H WUDQTXLOL]DGRUDVVHPSUHSUHVHQWHV

¬PLQKDDYyGHTXHPWRGRVVHQWLPRVVDXGDGHV

$RVFROHJDVGHGHSDUWDPHQWRHHPHVSHFLDODRDPLJR9LFHQWHSHODDMXGDVHPSUHSUHVHQWHHGHERD YRQWDGH$RVDPLJRV:DVKLQJWRQH:DUOH\VHPSUHHILFLHQWHVHTXHFRPVXDVLPSDWLDQRVDMXGDUDPGHVGHD JUDGXDomR $JUDGHFLPHQWRV WDPEpP j1RrPLD H j /~FLD 4XH YRFrV UHFHEDP HP GREUR WRGD D DOHJULD FRWLGLDQDFRPTXHVHPSUHQRVDWHQGHP

$RPHXPDULGR)HUQDQGRPHXDPRUHPHXFRUDomRDJUDGHoRSRUWRGRRDPRUFDULQKRHGHGLFDomR VHP RV TXDLV HX WHULD VXFXPELGR HP PXLWRV PRPHQWRV $ HOH DJUDGHoR WDPEpP SHOD DMXGD VXJHVW}HV H SDODYUDVHQFRUDMDGRUDVIXQGDPHQWDLVSDUDTXHHVVHWUDEDOKRIRVVHUHDOL]DGR

¬'HXVSHOD,OXPLQDomRHSHOR7UDEDOKR

(7)

YLL

6XPiULR

&$3Ë78/2,1752'8d­2  &RQWULEXLo}HVH2UJDQL]Do}HVGHVWH7UDEDOKR  &$3Ë78/20e72'2+Ë%5,'2'(&2035(66­203(*  ,PDJHQV'LJLWDOL]DGDV   &RPSUHVVmR   2SDGUmR03(*  &RPSUHVVmR7HPSRUDOH(VSDFLDO   &RPHQWiULRV   &$3Ë78/2&2035(66­27(0325$/1203(*  &RUUHODomR7HPSRUDO  0%HTXLYDOHQWH   5HVWULo}HVGD(VWLPDomRGH0RYLPHQWR   (VSDoRGH3URFXUD>UU@  9HWRUGH0RYLPHQWRQR(VSDoRGH3URFXUD  &ULWpULRGH(VWLPDomR7KH0DWFKLQJ&ULWHULRQ   0pWRGRVGH3URFXUD  (VWLPDomRGH0RYLPHQWRFRP3UHFLVmR6XESL[HO   (VWLPDomRGH0RYLPHQWR0XOWLIUDPHV   7LSRVGH3LFWXUHV,3%  3DQRUDPDGD&RPSUHVVmR7HPSRUDOQR03(*  &RPHQWiULRVVREUHDVOLPLWDo}HVGD(VWLPDomRGH0RYLPHQWR   &RPHQWiULRV   &$3Ë78/2%$6(6'$&2035(66­2(63$&,$/1203(*  ,QWURGXomRj&RGLILFDomRSRU7UDQVIRUPDGD  7UDQVIRUPDGDVHP,PDJHQV  

(8)

YLLL

 ,QWURGXFmRj4XDQWL]DomR   ,QWURGXomRDRV&yGLJRVGH&RPSULPHQWR9DULiYHO 9/&   &RPHQWiULRV   &$3Ë78/248$17,=$d­2(&2',),&$d­21203(*  &RGLILFDomRGRV0%VQR03(*  4XDQWL]DomRHIHWLYDGRVEORFRVQR03(*  &RQWUROHGH7D[DGH%LWVHGH4XDQWL]DomR   &RGLILFDomR9/&HIHWLYDQR03(*   ([HPSORGHTXDQWL]DomRGHXPEORFRQR03(*70   (VWUXWXUDGRELWVWUHDPFRGLILFDGR   (IHLWRGH%ORFR  &RPHQWiULRV   &$3Ë78/23523267$'(5('8d­2'2()(,72'(%/2&2  *HUDomRGHHIHLWRGHEORFRHPUHJL}HVGHPRY5iSLGR&RPSOH[R  &ULWpULRGHHVFROKDGRV0%V   0DSHDPHQWR%RUGD&HQWURQDV5HJL}HV6HOHFLRQDGDV   &RQWUROHGR0XOWLSOLFDGRU  (VTXHPDSDUDDUHGXomRGRHIHLWRGHEORFR   &RPHQWiULRV   &$3Ë78/26,08/$d®(6(5(68/7$'26  ,QWURGXomR   6REUHR9DORUGH/LPLDU  7HVWHVFRPRVSDUkPHWURVGR&RQWUROHGR0XOWLSOLFDGRU &0   5HVXOWDGRV2EWLGRV  6REUHDYDULDomRGH0  5HVXPRH&RPHQWiULRVGDV&RQFOXV}HV  &$3Ë78/2&21&/86®(6(68*(67®(63$5$75$%$/+26)878526 

(9)

L[

&RPHQWiULRV6REUHR&RQWH[WRH&RQWULEXLo}HV   &RQFOXV}HV%UHYHV6REUHRV&DStWXORVH5HODomRFRPD3URSRVWD   &RPHQWiULRV6REUH6LPXODo}HVH5HVXOWDGRV   6XJHVW}HVSDUD7UDEDOKRV)XWXURV  %,%/,2*5$),$)81'$0(17$/  $3Ç1',&($&21',d®(6'(6,08/$d­2  $3Ç1',&(%527,1$635,1&,3$,6'$&2',),&$d­23523267$  38%/,&$d®(668%0(7,'$6 

(10)

[

/LVWDGH)LJXUDV

(VTXHPD%iVLFRGR&RGLILFDGRUH'HFRGLILFDGRU+tEULGRGR03(*  ([HPSOLILFDomRGDFRUUHODomRWHPSRUDOQXPDVHTrQFLDGHYtGHR  ,OXVWUDomR GD FRPSDUDomR GH HQHUJLD GR IUDPHHUUR SDUD XP IUDPH GD VHTrQFLD 7HQQLV

D )UDPHFRUUHQWH E )UDPHUHIHUrQFLD F (QHUJLDGR)UDPHHUUR   'HILQLomRGH(VSDoRGH3URFXUD  (VSDoRGH3URFXUDSDUD0%SRVLFLRQDGRMXQWRDRVOLPLWHVGRIUDPH   5HSUHVHQWDomRHVTXHPiWLFDGRHQFRQWURGR0%HTXLYDOHQWH   (VWLPDomRGRYHWRUGHPRYLPHQWR 90 FRPSUHFLVmRGHPHLRSL[HO   (VWLPDomRGHPRYLPHQWRPXOWLIUDPHV   ([HPSORGHLQWHUGHSHQGrQFLDHQWUH,3 H%SLFWXUHV QXPDVHTrQFLDGHYtGHR   (VTXHPDJHQpULFRGDFRGLILFDomRHGHFRGLILFDomRSRUWUDQVIRUPDGD   5HSUHVHQWDomRGHSRVLo}HVVHPHOKDQWHVGHYHWRUHVGHHOHPHQWRVHP'  9HWRUHVEDVHSDUD'&7'1  D )RUPDJUiILFD E )RUPDPDWULFLDO    ,PDJHQVEDVHSDUD'&7'[   ([HPSORVGH'&7GHLPDJHQVPRQRFURPiWLFDV  ([HPSORVGH'&7GHLPDJHQVELQiULDV   ,OXVWUDomRGDFRPSDFWDomRGDHQHUJLDSDUDDLPDJHP/HQD SURFHVVDGDHPEORFRV[ D ,PDJHP/HQD [ E *UiILFRGDVYDULkQFLDVGRVFRHILFLHQWHV$&  9DUUHGXUD=LJ=DJGHXPEORFR[  )XQomRHQWUDGDVDtGDGRTXDQWL]DGRUHVFDODUJHQpULFRGH/ QtYHLVFRPSDVVRFHQWUDO  (UURGHTXDQWL]DomRSDUDRTXDQWL]DGRUOLQHDUGH/ QtYHLV  $JUXSDPHQWRGHSL[HOV SDUDJHUDUFyGLJR5XQ/HQJWK  ([HPSORGDVFRQVHTrQFLDVGHHUURVGHFDQDOSDUDDFRGLILFDomR5/   ,PDJHP)ORUHV D 2ULJLQDO E +LVWRJUDPD   ÈUYRUHGH+XIIPDQQSDUDD,PDJHP)ORUHV 

(11)

[L

ÈUYRUHVGHGHFLVmRSDUDDFRGLILFDomRGRV0%VHP,3H %SLFWXUHV    'LDJUDPD HP EORFRV GHWDOKDGR GD FRPSUHVVmR HVSDFLDO GR FRGLILFDGRU 03(* SDUD XPD

LPDJHPPRQRFURPiWLFD  'LDJUDPDHPEORFRVGHWDOKDGRGDFRPSUHVVmRHVSDFLDOGRGHFRGLILFDGRU03(*SDUDXPD LPDJHPPRQRFURPiWLFD  0DWUL]GH4XDQWL]DomR,QWUD   0DWUL]GH4XDQWL]DomR,QWHU  ([HPSORGHSLFWXUHV UHPDQHVFHQWHVQXP*23QRIUDPH    D ,PDJHP/HQD[FRP%ORFR,QWUDHPGHVWDTXH E 9DORUHVGREORFR    D %ORFRGHVWDFDGRDSyVD'&7 E %ORFRSyV'&7TXDQWL]DGR  &DPDGDVEiVLFDVGDVLQWD[HGRELWVWUHDP  6LQWD[HFRPSOHWDGRELWVWUHDP GR03(*  'HJUDGDomRGH,PDJHPSHOR(IHLWRGH%ORFR D ,PDJHP2ULJLQDO E ,PDJHPUHFXSHUDGD EORFDGD  ([HPSORVGHGLIHUHQWHVGHVFRQWLQXLGDGHVHQWUHEORFRVDGMDFHQWHV  3L[HOV GH%RUGDGREORFR[ DQWHVGD'&7   0DSHDPHQWRGRVFRHILFLHQWHVWUDQVIRUPDGRVPDLVLQIOXHQWHV D 1D%RUGDGREORFRRULJLQDO E 1R&HQWURGREORFRRULJLQDO   (VTXHPD GR FRGLILFDGRU SRU WUDQVIRUPDGD GR 03(* 70 DSOLFDQGR R SURFHGLPHQWR

SURSRVWR    (VTXHPD GR GHFRGLILFDGRU SRU WUDQVIRUPDGD GR 03(* 70 DSOLFDQGR R SURFHGLPHQWR

SURSRVWR   )UDPHV UHSUHVHQWDWLYRVGDVVHTrQFLDVRULJLQDLVXWLOL]DGDV D )ORZHUSRULJLQDO±[

SL[HOV E 0RP'DX RULJLQDO±[SL[HOV F 0RELOHRULJLQDO±[SL[HOV G 7HQQLVRULJLQDO±[SL[HOV    ([HPSOR GD VHOHomR GRV 0%V SURFHVVDGRV 06'6¶! /  0pGLD SDUD DOJXQV IUDPHV GD

VHTrQFLD 0RP'DX D  0RP'DX3 RULJLQDO E  0RP'DX3 ,PDJHP(UUR F 0RP'DX3 VORSHBLPDJHHUUR G  0RP'DX, RULJLQDO H  0RP'DX, VORSHBLPDJHBRULJLQDO 

(12)

[LL

 ([HPSOR GD VHOHomR GRV 0%V SURFHVVDGRV 06'6¶! /  0pGLD SDUD DOJXQV IUDPHV GD VHTrQFLD7HQQLV D 7HQQLV 3RULJLQDO E 7HQQLV 3,PDJHP(UUR F 7HQQLV 3 VORSHBLPDJHHUUR G 7HQQLV ,RULJLQDO H 7HQQLV ,VORSHBLPDJHBRULJLQDO  *UiILFRVGH 3615' [EDVH[NSDUDDVHTrQFLD)ORZHUS D &XUYDVGH1tYHO E 6XSHUItFLH   *UiILFRVGH1%5[EDVH[NSDUDDVHTrQFLD)ORZHUS D &XUYDVGH1tYHO E 6XSHUItFLH  *UiILFRVGH 3615' [EDVH[NSDUDDVHTrQFLD0RELOH D &XUYDVGH1tYHO E 6XSHUItFLH   *UiILFRVGH1%5[EDVH[NSDUDDVHTrQFLD0RELOH D &XUYDVGH1tYHO E 6XSHUItFLH  *UiILFRVGH 3615' [EDVH[NSDUDDVHTrQFLD0RP'DX D &XUYDVGH1tYHO E 6XSHUItFLH  *UiILFRVGH1%5[EDVH[NSDUDDVHTrQFLD0RP'DX D &XUYDVGH1tYHO E 6XSHUItFLH   *UiILFRVGH 3615' [EDVH[NSDUDDVHTrQFLD7HQQLV D &XUYDVGH1tYHO E 6XSHUItFLH   *UiILFRVGH1%5[EDVH[NSDUDDVHTrQFLD7HQQLV D &XUYDVGH1tYHO E 6XSHUItFLH   *UiILFRV GD PpGLD GRV 3615' [ EDVH [ N SDUD DV  VHTrQFLDV D  &XUYDV GH 1tYHO E

6XSHUItFLH   D   3615' [ N _EDVH  RQGH d Nd  0  / 0pGLD  E  0pGLD GDV FXUYDV

3615' [ N _EDVH GDVVHTrQFLDV    D  3615' [ EDVH _N  0  / 0pGLD  E  0pGLD GDV FXUYDV 3615' [

EDVH _N GDVVHTrQFLDV   $PSOLDo}HV GD 6HTrQFLD )ORZHUS SDUD R 70 2ULJLQDO H $SOLFDQGR R 3URFHGLPHQWR

3URSRVWR D 70$PSOLDomR,)ORZHUS 3615 G% E 3URS$PSOLDomR,)ORZHUS 3615 G% F 70$PSOLDomR,,)ORZHUS3615 G% G 70$PSOLDomR ,, )ORZHUS3615 G%   (YROXomRGR'3615JHUDO'3615%RUGDVH'3615&HQWURVSDUDDVHT)ORZHUS 

*UiILFRGH(YROXomRGR3615JHUDOSDUDDVHTrQFLD)ORZHUS 

 $PSOLDo}HV GD 6HTrQFLD 0RP'DX SDUD R 70 2ULJLQDO H $SOLFDQGR R 3URFHGLPHQWR 3URSRVWR D  70 $PSOLDomR , 0RP'DX 3615 G% E  3URS $PSOLDomR , 0RP'DX3615 G% F 70$PSOLDomR,,0RP'DX3615 G% G 70 $PSOLDomR,,0RP'DX3615 G%   (YROXomRGR'3615JHUDO'3615%RUGDVH'3615&HQWURVSDUDDVHT0RP'DX  

(13)

[LLL

*UiILFRGH(YROXomRGR3615JHUDOSDUDDVHTrQFLD0RP'DX  

$PSOLDo}HVGD6HTrQFLD0RELOH SDUDR702ULJLQDOH$SOLFDQGRR3URFHGLPHQWR3URSRVWR D 70$PSOLDomR,0RELOH3615 G% E 3URS$PSOLDomR,0RELOH3615 G% F  70 $PSOLDomR ,, 0RELOH 3615 G% G  70 $PSOLDomR ,, 0RELOH3615 G%   (YROXomRGR'3615JHUDO'3615%RUGDVH'3615&HQWURVSDUDDVHT0RELOH  

*UiILFRGH(YROXomRGR3615JHUDOSDUDDVHTrQFLD0RELOH  

$PSOLDo}HVGD6HTrQFLD7HQQLV SDUDR702ULJLQDOH$SOLFDQGRR3URFHGLPHQWR3URSRVWR D  70 $PSOLDomR , 7HQQLV 3615 G% E  3URS $PSOLDomR , 7HQQLV 3615 G% F 70$PSOLDomR,, 7HQQLV3615 G% G 70$PSOLDomR,, 7HQQLV3615 G%  (YROXomRGR'3615JHUDO'3615%RUGDVH'3615&HQWURVSDUDDVHT7HQQLV 

*UiILFRGH(YROXomRGR3615JHUDOSDUDDVHTrQFLD7HQQLV 

±,PSDFWRQDTXDOLGDGHVXEMHWLYDFRPDYDULDomRGH0SDUDDVHTrQFLD)ORZHUSHQRYDORUGR 3615 PpGLR GD VHTrQFLD D  3URS $PSOLDomR ,,  )ORZHUS 0  3615 G% E 3URS$PSOLDomR,,)ORZHUS0 3615 G% F 3URS$PSOLDomR,,)ORZHUS 0 3615 G% G 3URS$PSOLDomR,,)ORZHUS0 3615 G%   ±,PSDFWRQDTXDOLGDGHVXEMHWLYDFRPDYDULDomRGH0SDUDDVHTrQFLD0RP'DX HQRYDORU

GR3615PpGLRGDVHTrQFLD D 3URS$PSOLDomR,,0RP'DX0 3615 G% E  3URS $PSOLDomR ,, 0RP'DX 0   3615  G% F  3URS $PSOLDomR ,, 0RP'DX 0  3615  G% G  3URS $PSOLDomR ,, 0RP'DX 0  3615 G%  ±,PSDFWRQDTXDOLGDGHVXEMHWLYDFRPDYDULDomRGH0SDUDDVHTrQFLD0RELOH HQRYDORUGR

3615 PpGLR GD VHTrQFLD D  3URS $PSOLDomR ,,  0RELOH 0  3615 G% E 3URS$PSOLDomR,,0RELOH0 3615 G% F 3URS$PSOLDomR,,0RELOH 0 3615 G% G 3URS$PSOLDomR,,0RELOH0 3615 G%   ±,PSDFWRQDTXDOLGDGHVXEMHWLYDFRPDYDULDomRGH0SDUDDVHTrQFLD7HQQLV HQRYDORUGR

3615 PpGLR GD VHTrQFLD D  3URS $PSOLDomR ,, 7HQQLV 0  3615 G% E 3URS $PSOLDomR ,, 7HQQLV 0   3615 G% F  3URS $PSOLDomR ,, 7HQQLV 0 3615 G% G 3URS$PSOLDomR,,7HQQLV0 3615 G%  

(14)

[LY

/LVWDGH7DEHODV

,, 3HUILV1tYHLVGDFRGLILFDomR03(*SDUDRVPRGRVHVFDORQiYHOHQmRHVFDORQiYHO   ,9 &yGLJRVGH+XIIPDQQSDUDD,PDJHP)ORUHV  9 5HODomRHQWUHLQWUDBGFBSUHFLVLRQHRYDORUGHIDXOW GRSUHGLWRU'&   9 5HODomRHQWUH/HYHO H$PSOLWXGHGRFRHILFLHQWHSDUD'&H$&V  9, 0pGLDVRUGHQDGDHUHVSHFWLYRV FRHILFLHQWHVWUDQVIRUPDGRVSDUD%   9, 0pGLDVRUGHQDGDHUHVSHFWLYRVFRHILFLHQWHVWUDQVIRUPDGRVSDUD%·  9, 7DEHODGHFRGLILFDomRGH+XIIPDQQSDUDDPiVFDUDGHVHOHomRGRV0%V   9,,9DULDomRGH0SDUDN EDVH H/ 0pGLD  

(15)

[Y

$EUHYLDWXUDV

$& ±$OWHUQDWH&XUUHQW ESS ±ELWVSRUSL[HO FES ±&RGHG%ORFN3DWWHUQ %66±%URDGFDVWLQJ6DWHOOLWH6HUYLFH %0$±%ORFN0DWFKLQJ$OJRULWKPV %0&±%ORFN0DWFKLQJ&ULWHULRQ &$79±&DEOH79'LVWULEXWLRQRQ2SWLFDO1HWZRUNV &&,77±,QWHUQDWLRQDO&RQVXOWDWLYH&RPPLWWHHIRU7HOHSKRQHDQG7HOHJUDSK &'$'±&DEOH'LJLWDO$XGLR'LVWULEXWLRQ &0 ±&RQWUROHGR0XOWLSOLFDGRU '& ±'LUHFW&XUUHQW '&7

±

'LVFUHWH&RVLQH7UDQVIRUP ')7±'LVFUHWH)RXULHU7UDQVIRUP '3&0 ±'LIIHUHQWLDO3XOVH&RGH0RGXODWLRQ '67U ±'LVFUHWH6LQH7UDQVIRUPZLWK$[LV5RWDWLRQ (& ±(OHFWURQLF&LQHPD (2% ±(QGRI%ORFN )6 ±)XOO6HDUFK *23 ±*URXSRI3LFWXUHV +'79 ±+LJK'HILQLWLRQ7HOHYLVLRQ +77 ±+RPH7HOHYLVLRQ7KHDWUH +96 ±+XPDQ9LVXDO6\VWHP ,'&7± ,QYHUVH'LVFUHWH&RVLQH7UDQVIRUP ,62

±

7KH ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ -3(* ±-RLQW3KRWRJUDSKLF([SHUWV*URXS ./7 ±.DUKXQHQ/RqYH7UDQVIRUP /27 ±/DSSHG2UWKRJRQDO7UDQVIRUP 0$' ±0HDQ$EVROXWH'LIIHUHQFH 0$( ±0HDQ$EVROXWH(UURU 0% ±0DFUREORFRV 0ESV ± 0HJDELWVSRUVHJXQGR

(16)

[YL

0& ±0RWLRQ&RPSHQVDWLRQ 0( ±0RWLRQ(VWLPDWLRQ 0RSV ± 0HJDRSHUDo}HVSRUVHJXQGR 03(* ±0RYLQJ3LFWXUH([SHUWV*URXS 06'6 ±0HDQ6TXDUH'LIIHUHQFHRI6ORSH 06( ±0HDQ6TXDUH(UURU 3', ± 3URFHVVDPHQWR'LJLWDOGH,PDJHQV 3L[HO ±3LFWXUHHOHPHQW 3615 ± 3HDN6LJQDOWR1RLVH5DWLR 5/ ±5XQ/HQJWK 70 ±7HVW0RGHO 9%9 ±9LUWXDO%XIIHU9HULILHU 9/& ± 9DULDEOH/HQJWK&RGLQJ 90 ±9HWRUGHPRYLPHQWR

(17)



&DStWXOR

,QWURGXomR

23URFHVVDPHQWR'LJLWDOGH,PDJHQVSRVVXLXPODUJRHVSHFWURGHDSOLFDo}HVDEUDQJHQGR GLYHUVDV iUHDV GHQWUH DV TXDLV R VHQVRULDPHQWR UHPRWR YLD VDWpOLWH WHOHFRQIHUrQFLD UHGHV GH FRPXQLFDomRGHFRPSXWDGRUHVUDGDUHVVRQDUHVFLQHPDGLJLWDOWUDQVPLVVmRHDUPD]HQDPHQWRGH LPDJHQVGHWHOHYLVmRGLJLWDOGHDOWDGHILQLomR +'79+LJK'HILQLWLRQ7HOHYLVLRQFXMRVSDGU}HVMi HVWmR VHQGR GHILQLGRV SDUD LPSODQWDomR QR %UDVLO  HQILP XP OHTXH HQRUPH GH DSOLFDo}HV UHYROXFLRQDQGRHVSHFLDOPHQWHQRV~OWLPRVDQRVRSDQRUDPDPXQGLDOGDVWHOHFRPXQLFDo}HV>@>@

$SHVDU GH VXDV PXLWDV YDQWDJHQV WDLV FRPR PDLRU UREXVWH] D HUURV GH WUDQVPLVVmR H IOH[LELOLGDGHGHPDQXVHLRDUHSUHVHQWDomRSXUDHVLPSOHVGHLPDJHQVQRIRUPDWRGLJLWDOLPSOLFD QXP PDLRU YROXPH GH GDGRV GH IRUPD TXH VHX DUPD]HQDPHQWR H WUDQVPLVVmR UHTXHUHP DOWD FDSDFLGDGH H ODUJXUD GH EDQGD R TXH VHULD PXLWR FXVWRVR GR SRQWR GH YLVWD ILQDQFHLUR /LPLWHV ILQLWRV H FXVWRV GR PHLR GH DUPD]HQDPHQWR H GRV OLQNV GH WUDQVSRUWH VmR VHPSUH PRWLYR GH SUHRFXSDomR 1HVVHFRQWH[WRREMHWLYDQGRDPHOKRULDHHFRQRPLDQRDUPD]HQDPHQWRHQDWUDQVPLVVmR VXUJLUDPDVWpFQLFDVHSDGURQL]Do}HVGHFRPSUHVVmRXWLOL]DGDVQRSURFHVVDPHQWRGLJLWDOGHLPDJHQV 3', (VVDVWpFQLFDVVmREDVHDGDVQDLQIRUPDomRHVWDWtVWLFDGDLPDJHPHQDTXDOLGDGHGHLPDJHP DFHLWiYHOSHORREVHUYDGRUKXPDQR 2SDGUmRGHFRPSUHVVmRGHYtGHR03(* 0RYLQJ3LFWXUHV([SHUWV*URXS DWUDYpVGR 0pWRGR +tEULGR GH &RPSUHVVmR H[SORUD D DOWD UHGXQGkQFLD WHPSRUDO H HVSDFLDO TXH VmR FDUDFWHUtVWLFDVQRVLQDOGHYtGHRHSRVVXLGHVWDTXHXPDYH]TXHIRLHVFROKLGRFRPRFRUDomRGRV VLVWHPDV GH +'79 DPHULFDQR HXURSHX H MDSRQrV 6HJXQGR :DWNLQVRQ >@ WDOYH] VHMD HP UDGLRGLIXVmRTXHRXVRGDFRPSUHVVmRWHUiVHXPDLRULPSDFWRXPDYH]TXHKiVRPHQWHXPHVSDoR GH HVSHFWURHOHWURPDJQpWLFR H D SUHVVmR GH RXWURV VHUYLoRV WDLV FRPR D WHOHIRQLD FHOXODU WRUQD R HILFLHQWHXVRGDODUJXUDGHEDQGDSUDWLFDPHQWHXPDH[LJrQFLD

$ FRPSUHVVmR HVSDFLDO GR 03(* XWLOL]D D FRGLILFDomR SRU WUDQVIRUPDGD EDVHDGD HP EORFRVTXHFRQVLVWHQXPSURFHVVRGHWUrVHVWiJLRVDSOLFDGRVDRVEORFRVGDLPDJHPDSOLFDomRGH XPD WUDQVIRUPDomR RUWRQRUPDO LQYHUVtYHO TXDQWL]DomR H FRGLILFDomR FRP FRPSULPHQWR YDULiYHO 9/& &RPRDTXDQWL]DomRGHFDGDEORFRpIHLWDVHSDUDGDPHQWHGRVGHPDLVRVEORFRVGDLPDJHP SRGHP VRIUHU SHUGDV VLJQLILFDWLYDPHQWH GLIHUHQWHV H FRPR FRQVHTrQFLD SRGHP DSDUHFHU GLVSDULGDGHVQDVIURQWHLUDVGHEORFRVDGMDFHQWHVQDVLPDJHQVUHFRQVWUXtGDV

(18)



(VVDVGLVSDULGDGHV SRGHP DSDUHFHU HP YLUWXGH GH XPD HYHQWXDO TXDQWL]DomR ³JURVVHLUD´ GHVVHVEORFRVHVSHFLDOPHQWHDEDL[DVWD[DVGHELWVHVmRPXLWRGHVDJUDGiYHLVYLVXDOPHQWH7UDWDVH GR(IHLWRGH%ORFRFRQKHFLGRFRPRRPDLRUDUWHIDWRGHUHFRQVWUXomRQRHVTXHPDGHFRGLILFDomR 03(*>@'LYHUVDVWHQWDWLYDVYrPVHQGRIHLWDVDSOLFDQGRVHYiULDVWpFQLFDVREMHWLYDQGRDUHGXomR GHVVHDUWHIDWR(P>@pFRORFDGRTXHR(IHLWRGH%ORFRDSDUHFHPDLVLQWHQVDPHQWHSULQFLSDOPHQWH HPUHJL}HVGRVLQDOGHYtGHRRQGHRPRYLPHQWRpUiSLGRRXFRPSOH[R QmRWUDQVODFLRQDO 

±&RQWULEXLo}HVH2UJDQL]DomRGR7UDEDOKR

2REMHWLYRGHVWHWUDEDOKRpSURSRUXPQRYRPpWRGRSDUDDUHGXomRGRHIHLWRGHEORFRHP VLQDLVGHYtGHRFRGLILFDGRVSRU03(*7HVW0RGHO  70 DWUDYpVGHXPDPRGLILFDomRQDHWDSD GHTXDQWL]DomRSRUEORFRVHPUHJL}HVFDUDFWHUL]DGDVFRPRPDLVSURSHQVDVDRDSDUHFLPHQWRGHVVH DUWHIDWR UHJL}HV GH PRYLPHQWR UiSLGR RX FRPSOH[R H ERUGDV QDWXUDLV  $ PRGLILFDomR SURSRVWD FRQVLVWHQDUHGXomRDGDSWDWLYDGRSDVVRGHTXDQWL]DomRGRVFRHILFLHQWHVWUDQVIRUPDGRVTXHIRUDP FRQVLGHUDGRVFRPRPDLVLQIOXHQWHVQDVERUGDVGRVEORFRV5HGX]LQGRDGDSWDWLYDPHQWHRSDVVRGH TXDQWL]DomR GHVVHV FRHILFLHQWHV IRL FRQVWDWDGD XPD UHGXomR GDV GLVSDULGDGHV QDV IURQWHLUDV GRV EORFRV PHOKRUDQGR VLJQLILFDWLYDPHQWH D TXDOLGDGH VXEMHWLYD GDV LPDJHQV TXDQWR DR (IHLWR GH %ORFRFRUURERUDGDSHORDXPHQWRGR3615 3HDN6LJQDOWR1RLVH5DWLR HPFHUFDGHG% VHPDFUpVFLPRGHELWVFRPUHODomRDR03(*702ULJLQDO

2SURFHGLPHQWRQmRUHTXHUPXLWDVPRGLILFDo}HVQRVFyGLJRVRULJLQDLVHVHXSULQFtSLRGH IXQFLRQDPHQWRSRGHVHUDGDSWDGRSDUDRXWURVSDGU}HVGHFRPSUHVVmRTXHDGRWHPFRGLILFDomRSRU WUDQVIRUPDGDEDVHDGDHPEORFRV

'HVVDIRUPDVmRVXPDUL]DGDVDTXL DV SULQFLSDLV FRQWULEXLo}HV GHVWH WUDEDOKR D  XVR GR 06'6 0HDQ6TXDUH'LIIHUHQFHRI6ORSH SDUDORFDOL]DUDQWHVGDTXDQWL]DomRDVUHJL}HVFUtWLFDV PDLVSURSHQVDV SDUDDJHUDomRGR(IHLWRGH%ORFR E SURSRVWDGHUHGXomRGDEORFDJHPEDVHDGD QDUHGXomRGRSDVVRGHTXDQWL]DomRGRVFRHILFLHQWHVWUDQVIRUPDGRVTXHIRUDPFRQVLGHUDGRVFRPR PDLV LQIOXHQWHV QDV ERUGDV GRV EORFRV F  GHVHQYROYLPHQWR GH XP FRQWUROH DGDSWDWLYR SDUD D UHGXomRGRSDVVRGHTXDQWL]DomRUHVSRQViYHOSRUPDQWHURPHVPRQ~PHURGHELWVGRSURFHGLPHQWR SURSRVWRFRPUHODomRDR03(*70RULJLQDO7DPEpPpDSUHVHQWDGRRHVTXHPDGRFRGLILFDGRU HGRGHFRGLILFDGRUSRUWUDQVIRUPDGDGR03(*70DSOLFDQGRRSURFHGLPHQWRSURSRVWR

(19)



&DStWXOR,QWURGXomRDR03(*

1HVWH FDStWXOR p IHLWD XPD EUHYH DSUHVHQWDomR GR SDGUmR 03(* H GH VHX VXSRUWH GH FRGLILFDomR6mRDSUHVHQWDGRVRVFRQFHLWRVEiVLFRVGR0pWRGR+tEULGRGH&RPSUHVVmRGHLPDJHQV GLJLWDLVDGRWDGRSRUHVWHSDGUmRDEUDQJHQGRVXDVHWDSDVGHFRPSUHVVmRWHPSRUDOHHVSDFLDO

&DStWXOR&RPSUHVVmR7HPSRUDOQR03(*

1HVWHFDStWXORUHDOL]DVHXPHVWXGRDFHUFDGDFRPSUHVVmRWHPSRUDOYROWDGDSDUDR%ORFN 0DWFKLQJ &ULWHULRQ H PpWRGR )XOO 6HDUFK DGRWDGRV SHOR 03(* 70 FXMD DOWHUDomR QD TXDQWL]DomRHVWiVHQGRSURSRVWDQHVWHWUDEDOKR2FDStWXORpILQDOL]DGRID]HQGRVHFRQVLGHUDo}HV VREUHDVIDOKDVGRSURFHVVRGHHVWLPDomRFRPSHQVDomRGHPRYLPHQWRTXHWHQGHPDJHUDUUHJL}HV RQGHRHIHLWRGHEORFRHYHQWXDOPHQWHVHSURQXQFLDUiGHIRUPDPDLVDFHQWXDGD &DStWXOR%DVHVGD&RPSUHVVmR(VSDFLDOQR03(* $SUHVHQWDVHQHVWHFDStWXORXPHVWXGRVREUHRVHVWiJLRVGDFRGLILFDomRSRUWUDQVIRUPDGD YROWDGDSDUDR03(*UHVSRQViYHOGLUHWDSHODJHUDomRGDEORFDJHP,QLFLDOPHQWHDWUDQVIRUPDGD JHQpULFD XQLGLPHQVLRQDO H ELGLPHQVLRQDO R FRQFHLWR GH VHSDUDELOLGDGH D WUDQVIRUPDGD '&7,, 'LVFUHWH&RVLQH7UDQVIRUP 'H'EHPFRPRVXDVSDUWLFXODULGDGHVVmRDSUHVHQWDGDV$VHJXLU DV EDVHV GRV HVWiJLRV GH TXDQWL]DomR H GD FRGLILFDomR SRU FRPSULPHQWR YDULiYHO 9/&9DULDEOH /HQJWK&RGLQJ VmRLQWURGX]LGDVSDUDQXPVHJXQGRPRPHQWR FDStWXOR GHWDOKDUHIHWLYDPHQWH FRPRR03(*DVXWLOL]D

&DStWXOR4XDQWL]DomRH&RGLILFDomRGR03(*

1HVWH FDStWXOR p DERUGDGR FRPR R 03(* 70 UHDOL]D D TXDQWL]DomRFRGLILFDomR PDQWHQGRDWD[DGHELWVFRQVWDQWHQDVDtGDGRFRGLILFDGRUXPDYH]TXHVXDVSDUWLFXODULGDGHVVHUmR DSRQWDGDV QR FDStWXOR VHJXLQWH FRPR GHFLVLYDV QD JHUDomR GR (IHLWR GH %ORFR HP GHWHUPLQDGDV UHJL}HV UHJL}HVGHDOWDDWLYLGDGH HSRUGHVFUHYHURSDVVRGHTXDQWL]DomRFXMDPRGLILFDomRSDUD DOJXQVFRHILFLHQWHVHVWiVHQGRSURSRVWDQHVWHWUDEDOKR1HVWHFDStWXORWDPEpPpDSUHVHQWDGDXPD H[SODQDomR D UHVSHLWR GR (IHLWR GH %ORFR VXDV FDUDFWHUtVWLFDV H VmR FLWDGRV DOJXQV PpWRGRV WUDGLFLRQDLVSDUDVXDUHGXomR

&DStWXOR3URSRVWDSDUD5HGXomRGR(IHLWRGH%ORFR

6mR GHWDOKDGRV QHVWH FDStWXOR RV SULQFtSLRV GH IXQFLRQDPHQWR GD WpFQLFD GH UHGXomR GR (IHLWR GH %ORFR SURSRVWD D  R XVR GR 06'6 QD ORFDOL]DomR GDV UHJL}HV FDUDFWHUL]DGDV FRPR SRWHQFLDOPHQWH JHUDGRUDV GD EORFDJHP E  D TXDQWL]DomR GLIHUHQFLDGD HQWUH RV FRHILFLHQWHV

(20)



WUDQVIRUPDGRVSULYLOHJLDQGRDTXHOHVTXHIRUDPFRQVLGHUDGRVFRPRPDLVLQIOXHQWHVQDERUGDGRV EORFRVF RFRQWUROHGHVHQYROYLGRSDUDUHJHUDTXDQWL]DomRGLIHUHQFLDGDVHPJHUDomRGHELWVSDUDD VHTrQFLD FRP UHODomR DR 03(* 70 RULJLQDO 7DPEpP p DSUHVHQWDGR R HVTXHPD GH FRGLILFDomRGHFRGLILFDomRSRUWUDQVIRUPDGDGR03(*70DSOLFDQGRRSURFHGLPHQWRSURSRVWR

&DStWXOR$SUHVHQWDomRH$QiOLVHGH5HVXOWDGRV

1HVWH FDStWXOR DSUHVHQWDPVH RV UHVXOWDGRV GDV VLPXODo}HV H DV UHVSHFWLYDV DQiOLVHV UHDOL]DGDV GXUDQWH R GHVHQYROYLPHQWR GR WUDEDOKR (VVHV UHVXOWDGRV H DQiOLVHV VmR GLYLGLGRV HP TXDWUR VHo}HV UHODWLYDV UHVSHFWLYDPHQWH DR YDORU GH OLPLDU DGRWDGR DRV SDUkPHWURV GR FRQWUROH GHVHQYROYLGRDRVUHVXOWDGRVILQDLVSURSULDPHQWHGLWRVHDRHIHLWRGDYDULDomRGRV0FRHILFLHQWHV WUDQVIRUPDGRVTXHIRUDPVHOHFLRQDGRVFRPR PDLVLQIOXHQWHVQDERUGD2VUHVXOWDGRVREWLGRVVmR DQDOLVDGRVEDVLFDPHQWHTXDQWRjTXDOLGDGHYLVXDO VXEMHWLYD 3615 3HDN6LJQDOWR1RLVH5DWLR H Q~PHURGHELWV

&DStWXOR&RQFOXV}HVH6XJHVW}HVSDUD7UDEDOKRV)XWXURV

)LQDOL]DVH HVWH WUDEDOKR DSUHVHQWDQGRVH FRPHQWiULRV H FRQFOXV}HV j OX] GRV UHVXOWDGRV REWLGRV DQDOLVDQGRVH DV SHUVSHFWLYDV GH PHOKRULDV H H[WHQV}HV GR SURFHGLPHQWR SURSRVWR TXH SRGHUmRVHULPSOHPHQWDGDVFRPEDVHQRVUHVXOWDGRVMiREWLGRV

(21)



&DStWXOR

0pWRGR+tEULGRGH&RPSUHVVmRGR03(*

2 DYDQoR GDV WpFQLFDV HP SURFHVVDPHQWR GLJLWDO GH LPDJHQV YHP UHYROXFLRQDQGR HVSHFLDOPHQWH QRV ~OWLPRV DQRV R SDQRUDPD PXQGLDO GDV WHOHFRPXQLFDo}HV $ OLPLWDomR GR HVSHFWUR HOHWURPDJQpWLFR EHP FRPR OLPLWHV ILQLWRV H FXVWRV GH DUPD]HQDPHQWR H GRV OLQNV GH WUDQVSRUWH WRUQDP DV WpFQLFDV GH FRPSUHVVmR LQGLVSHQViYHLV SDUD XP HILFLHQWH XVR GD ODUJXUD GH EDQGD>@

2 VLVWHPD 03(* DWUDYpV GD H[SORUDomR GD DOWD UHGXQGkQFLD WHPSRUDO H HVSDFLDO FDUDFWHUtVWLFDVGRVLQDOGHYtGHR VXUJHFRPRXPGRVSULQFLSDLVSDGU}HVGHFRPSUHVVmRDWXDOPHQWH DGRWDGRVQDVPDLVGLYHUVDVDSOLFDo}HV

,QLFLDOPHQWHRREMHWLYRGHVWHFDStWXORpIRUQHFHUXPDDSUHVHQWDomRGR03(*HGHVHX VXSRUWH GH FRGLILFDomR $ VHJXLU VmR DSUHVHQWDGRV RV FRQFHLWRV EiVLFRV GR 0pWRGR +tEULGR GH &RPSUHVVmR GH LPDJHQV GLJLWDLV DGRWDGR QmR Vy SHOR 03(* PDV SRU WRGRV RV SDGU}HV GH FRGLILFDomRGHYtGHR++03(*H03(*>@

±,PDJHQV'LJLWDOL]DGDV

8PVLQDODQDOyJLFR6 7 SRGHVHUFRQYHUWLGRQRIRUPDWRGLJLWDODWUDYpVGRVSURFHVVRVGH DPRVWUDJHP H TXDQWL]DomR >@ 2 WLSR PDLV XVDGR GH DPRVWUDJHP p D DPRVWUDJHP XQLIRUPH SHULyGLFD  QD TXDO DV DPRVWUDV VmR XQLIRUPHPHQWH HVSDoDGDV GH XP SHUtRGR 7 GHQRPLQDGR SHUtRGRGHDPRVWUDJHPVHXLQYHUVR I 7pSRUGHILQLomRDIUHTrQFLDGHDPRVWUDJHP'HYHVH OHPEUDU TXH SDUD TXH XPD IXQomR FRQWtQXD 6 7 VHMDLQWHLUDPHQWHUHFXSHUDGD GR FRUUHVSRQGHQWH VLQDODPRVWUDGR6D 7 7 GHYHVHUHVFROKLGRGHPRGRTXHVDWLVIDoDRWHRUHPDGH1\TXLVWTXHDILUPD

TXHDIUHTXrQFLDGHDPRVWUDJHPIGHYHVHUPDLRURXLJXDODGXDVYr]HVDODUJXUDGHEDQGDGRVLQDOD VHUDPRVWUDGR>@>@

8P VLQDO GH YtGHR GLJLWDO p FRPSRVWR SRU XPD VHTrQFLD GH LPDJHQV IUDPHV  TXH UHSUHVHQWDDDPRVWUDJHPWHPSRUDOGDSURMHomRGHXPDFHQD ' VREUHVXSHUItFLHVHQVRUD ' GD FkPHUDGHYtGHR2VIUDPHV GDVHTrQFLDSRVVXHPFDPSRVGHOXPLQkQFLDHFURPLQkQFLDSRGHQGR RXQmRDSUHVHQWDUHQWUHODoDPHQWR1RFDVRGHHQWUHODoDPHQWRRVIUDPHV VmRGLYLGLGRVHPFDPSRV SDUHtPSDU FDGDXPFRGLILFDGRFRPRXPTXDGUR SLFWXUH VHSDUDGR(VVHVTXDGURVVmRFKDPDGRV GHILHOGSLFWXUHV2VIUDPHV VHPHQWUHODoDPHQWRVmRFRGLILFDGRVFRPRXP~QLFRTXDGURFKDPDGR

(22)



GH IUDPHSLFWXUH 1HVWH WUDEDOKR XWLOL]RXVH VRPHQWH R FDPSR GH OXPLQkQFLD H IUDPHV VHP HQWUHODoDPHQWR 9tGHR 3URJUHVVLYR  /RJR R WHUPR ³IUDPH´ DR ORQJR GR WUDEDOKR VH UHIHULUi VRPHQWH DRIUDPHSLFWXUH

$QDORJDPHQWHDRFDVRXQLGLPHQVLRQDORVSL[HOV 3LFWXUHHOHPHQWVRX SHOV GDVVHTrQFLDV GHYtGHRDQWHVGHVHUHP PDQLSXODGRV GLJLWDOPHQWH GHYHP VHU GLVFUHWL]DGRV QR WHPSR HVSDoR H DPSOLWXGHLVWRpDPRVWUDGRV QRWHPSRHHVSDoR HTXDQWL]DGRV HPDPSOLWXGH >@

$VVLPVHMD ;< DSRVLomRHVSDFLDO GH XP SL[HO HP FRRUGHQDGDV FRQWtQXDV ;<  ƒ

GHQWURGRVOLPLWHVGRIUDPH, ;<7 pDLQWHQVLGDGHGRSL[HO ORFDOL]DGRHP ;< QRLQVWDQWH7QR WHPSR FRQWtQXR $ LQWHQVLGDGH , ;<7   ƒ p OLPLWDGD SHOR LQWHUYDOR GLQkPLFR GR DSDUHOKR GH FDSWDomR

6HMDP [\ , HW RVFRUUHVSRQGHQWHVGLVFUHWRVGHUHVSHFWLYDPHQWH ;<  ,H7GHQRPLQD VH GH , [\W  D LQWHQVLGDGH GLVFUHWL]DGD GH XP SL[HO ORFDOL]DGR QR WHPSR GLVFUHWR W QD SRVLomR HVSDFLDOGLVFUHWD [\  FRPd [d + Hd \d : : H + VHQGR UHVSHFWLYDPHQWH DODUJXUDH DOWXUDGRIUDPH HPSL[HOV &RPRVRPHQWHHVWiVHQGRXVDGRRFDPSRGHOXPLQkQFLDDLQWHQVLGDGH GLVFUHWL]DGDUHSUHVHQWDQDSUiWLFDRVQtYHLVGHFLQ]D GHjQtYHLVQR03(* $VVXPHVH QHVWHWUDEDOKRVRPHQWHRXVRGHLPDJHQVGLJLWDLV 3RGHVHPDWHPDWLFDPHQWHGHVFUHYHUXPIUDPH QRWHPSR W FRPR

+

 

  [  :  \

W

\



[

,

W

)UDPH

 

'HYLGR DR IDWR GD ODUJXUD GH IDL[D GH XPD LPDJHP VHU PXLWR JUDQGH H GH QDWXUH]D ELGLPHQVLRQDODIUHTrQFLDGHDPRVWUDJHP II FRPI 7 HI 7 7 QDDEFLVVDH7 QD

RUGHQDGD WRUQDVHPXLWRHOHYDGDXPDYH]TXHGHYHVHUPDLRUGRTXHGXDVYr]HVDODUJXUDGHEDQGD >@ ,VVR LPSOLFD QXPD JUDQGH TXDQWLGDGH GH GDGRV D VHU PDQLSXODGD H[SOLFDQGR DV GLYHUVDV WpFQLFDVGHFRPSUHVVmRTXHHVWmRVHQGRFDGDYH]PDLVSHVTXLVDGDVQRLQWXLWRGHPDQLSXODUGDGRV GLJLWDLV

±&RPSUHVVmR

$LQIRUPDomRYLVXDOSRGHVHUGLJLWDOL]DGDRXVHMDUHSUHVHQWDGDSRUXPDTXDQWLGDGHILQLWD GHGDGRVGLJLWDLVRXQR FDVRGHLPDJHQVYDULDQWHVQRWHPSR YtGHR SRUXPDUD]mRILQLWDGHGDGRV )DWRpTXHDUHSUHVHQWDomRGLJLWDOQRUPDOPHQWHFRQWpPXPDTXDQWLGDGHFRQVLGHUiYHOGHLQIRUPDomR UHGXQGDQWHRXLUUHOHYDQWHTXHSRGHVHUUHPRYLGDSRUGLYHUVRVPpWRGRVVHPTXHKDMDFRQVLGHUiYHO SUHMXt]RGDTXDOLGDGHGDVLPDJHQV 

(23)



$ LQIRUPDomR UHGXQGDQWH HVWi UHODFLRQDGD j FRUUHODomR H LQWHUGHSHQGrQFLD GRV GDGRV SRGHQGRVHUUHPRYLGDVHPGHWHULRUDUDTXDOLGDGHGDLPDJHPXPDYH]TXHSRGHVHUFRPSOHWDPHQWH SUHGLWDDSDUWLUGDLQIRUPDomRUHVWDQWHGDLPDJHP $LQIRUPDomRLUUHOHYDQWHHVWiUHODFLRQDGDjVFDUDFWHUtVWLFDVTXHSRGHPVHUUHPRYLGDVVHP TXHRVLVWHPDGHVWLQRQRFDVRR +96 +XPDQ9LVXDO6\VWHP SHUFHED(VVHWLSRGHLQIRUPDomR QmRSRGHVHUUHFXSHUDGRDSyVVXDHOLPLQDomRSRUWDQWRGHYHVHUUHPRYLGDFRPFULWpULRSDUDHYLWDU TXHRFRUUDPSHUGDVVLJQLILFDWLYDVQDTXDOLGDGHGDLPDJHP $VWpFQLFDVGHFRPSUHVVmRVmRHQWmRFODVVLILFDGDVGHDFRUGRFRPRWLSRGHLQIRUPDomRTXH UHPRYHP&RPSUHVVmRVHP3HUGDV /RVVOHVV &RPSUHVVLRQ TXHUHPRYHDLQIRUPDomRUHGXQGDQWHH &RPSUHVVmRFRP3HUGDV /RVV\ &RPSUHVVLRQ TXHUHPRYHDLQIRUPDomRLUUHOHYDQWH

3RGHVH GL]HU TXH D FRPSUHVVmR p XP SURFHVVR TXH JHUD XPD UHSUHVHQWDomR GLJLWDO FRPSDFWDGRVLQDODWUDYpVGDH[SORUDomRGDLQIRUPDomRUHGXQGDQWHHRXLUUHOHYDQWHSUHVHUYDQGRRV QtYHLVGHTXDOLGDGHQHFHVViULRVDXPDGDGDDSOLFDomR

1XPD VHTrQFLD GH YtGHR DUHGXQGkQFLDH D LUUHOHYkQFLD DSDUHFHP WDQWRHQWUH SL[HOV GH IUDPHV SUy[LPRVWHPSRUDOPHQWHTXDQWRHQWUHSL[HOV QRPHVPRIUDPH$VVLPR03(*GLYLGHD FRPSUHVVmRHPGXDVHWDSDV

x &RPSUHVVmR7HPSRUDO 6HPSHUGDV HWDSDTXHH[SORUDDUHGXQGkQFLDHQWUHSL[HOV GHIUDPHV FRQVHFXWLYRVSUy[LPRV

x &RPSUHVVmR (VSDFLDO &RP SHUGDV  HWDSD TXH H[SORUD D UHGXQGkQFLD H D LUUHOHYkQFLD HQWUH SL[HOV YL]LQKRVQRPHVPRIUDPH

±23DGUmR03(*

(P  HP UHVSRVWD D XPD QHFHVVLGDGH FUHVFHQWH SRU XP IRUPDWR FRPXP SDUD D FRGLILFDomR H DUPD]HQDPHQWR GH YtGHR GLJLWDO D ,62 7KH ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ  UHXQLX XP JUXSR GH HVSHFLDOLVWDV TXH IRL GHQRPLQDGR 0RYLQJ 3LFWXUHV ([SHUW *URXS 03(* FRPDWDUHIDGHGHVHQYROYHUSDGU}HVSDUDDUHSUHVHQWDomRFRGLILFDGDGHVLQDLVGH YtGHRHiXGLRDVVRFLDGRHPPHLRVGHDUPD]HQDPHQWRGLJLWDO203(*IRUPDOPHQWHFRQKHFLGR FRPR JUXSR ,62,(&-7& 6&:* JHURX QD SULPHLUD IDVH GH VHX WUDEDOKR R SDGUmR 03(*>@

(P  03(* FRPHoRX D VHJXQGD IDVH GH VHX WUDEDOKR TXH REMHWLYDYD GHVHQYROYHU H[WHQV}HVGR03(*TXHSHUPLWLVVHPPDLRUIOH[LELOLGDGHGRIRUPDWRGHHQWUDGDUD]}HVGHGDGRV PDLRUHV QHFHVViULDVj+'79 HQWUHRXWURV(VVHWUDEDOKRJHURXRSDGUmR,62&RGLILFDomR

(24)



*HQpULFDGH,PDJHQVGH9tGHRH,QIRUPDomRGHÈXGLR$VVRFLDGRWDPEpPFRQKHFLGRFRPR03(* >@>@

7RGRV RV SDGU}HV 03(* VmR JHQpULFRV RX VHMD LQGHSHQGHQWHV GD DSOLFDomR (OHV QmR HVSHFLILFDPH[DWDPHQWHDVRSHUDo}HVGRFRGLILFDGRU$RLQYpVGLVVRSHUPLWHPXPDDPSODJDPDGH RSo}HV SDUD D FRGLILFDomR 2V SDGU}HV HVSHFLILFDP VLP D VLQWD[H GR ELWVWUHDP FRGLILFDGR H R SURFHVVRGHGHFRGLILFDomR>@>@(QWHQGHVHSRUELWVWUHDP XPDVpULHRUGHQDGDGHELWVTXHIRUPDD UHSUHVHQWDomRFRGLILFDGDGRVGDGRV>@

2 03(* FRPSUHHQGH  SDUWHV GDV TXDLV DV SULQFLSDLV VmR 6\VWHPV 9LGHR $XGLR H &RPSOLDQFH7HVWLQJ >@$SDUWHGHYtGHRQDTXDOVHEDVHLDHVWHWUDEDOKRHVSHFLILFDDUHSUHVHQWDomR FRGLILFDGD GRV GDGRV GH YtGHR H R SURFHVVR GH GHFRGLILFDomR SDUD UHFRQVWUXLU DV LPDJHQV FRGLILFDGDV SHOR 03(* 2 VXSRUWH GH FRGLILFDomR GR 03(* p GLYLGLGR HP SHUILV SURILOHV  H QtYHLV OHYHOV 3DUDFDGDSDUSHUILOQtYHOpGHILQLGDXPDVLQWD[HSDUDRELWVWUHDP FRGLILFDGRHDV QHFHVVLGDGHVGHGHFRGLILFDomR

8PSHUILOpXPVXEFRQMXQWRGHILQLGRGDVLQWD[HFRPSOHWDGRELWVWUHDP >@2VSHUILVVmR 6LPSOH0DLQ615 6SDWLDO+LJK H0XOWLYLHZFRPRSRGHVHUYLVWRQDWDEHOD,,>@'HQWUR GHFDGDSHUILOXPQtYHOpGHILQLGRFRPRXPVXEFRQMXQWRGHUHVWULo}HVLPSRVWDVQRVSDUkPHWURVGR ELWVWUHDPWDLVFRPRDPi[LPDUHVROXomRGRVIUDPHV IUDPHUHVROXWLRQ RXDPi[LPDWD[DGHELWV ELWUDWH 3DUDFDGDSHUILORVQtYHLVVmR/RZ0DLQ+LJK H+LJK HVWH~OWLPRSDUD+'79 >@ %LWUDWHDUD]mRQDTXDORELWVWUHDPFRGLILFDGRpHQWUHJXHGRPHLRGH DUPD]HQDPHQWRjHQWUDGDGRGHFRGLILFDGRU>@

)UDPH UDWH D UD]mR QD TXDO RV IUDPHV VDHP GR SURFHVVR GH GHFRGLILFDomR>@

$ViUHDVFRP³1$´LQGLFDPTXHQmRKiUHVWULo}HV

(25)



2V SHUILV H QtYHLV WrP XPD UHODomR KLHUiUTXLFD $VVLP D VLQWD[H VXSRUWDGD SRU XP SDU SHUILOQtYHOPDLRULQFOXLWRGRVRVHOHPHQWRVVLQWiWLFRVGRVSDUHVSHUILVQtYHLV PHQRUHV 'H IRUPD JHUDOXPGHFRGLILFDGRUTXHSRGHGHFRGLILFDUELWVWUHDPV DXPFHUWRSHUILOQtYHOGHYHVHUFDSD]GH GHFRGLILFDUWRGRVRVELWVWUHDPV GHSHUILVQtYHLVPHQRUHVTXHRVHX

$VLQWD[HGR03(*WHPGXDVFDWHJRULDV  QmRHVFDORQiYHOTXHpXPVXSHUFRQMXQWRGD VLQWD[H GH FRGLILFDomR GR 03(* FRP H[WHQV}HV DGLFLRQDLV TXH VXSRUWDP VLQDLV FRP HQWUHODoDPHQWR H   HVFDORQiYHO TXH SHUPLWH XPD FRGLILFDomR GR ELWVWUHDP SRU FDPDGDV 2V GHFRGLILFDGRUHVSRGHPGHFRGLILFDUVRPHQWHDFDPDGDEiVLFDREWHQGRXPVLQDOGHTXDOLGDGHPDLV EDL[DRXXVDUFDPDGDVDGLFLRQDLVSDUDPHOKRUDUDTXDOLGDGHGRVLQDOGHFRGLILFDGR>@

2 03(* p XP HVTXHPD GH FRPSUHVVmR GH YtGHR FRP SHUGDV R TXDO WHP XPD DPSOD JDPD GH DSOLFDo}HV EDVLFDPHQWH UHODFLRQDGDV DRV PHLRV GH DUPD]HQDPHQWR GLJLWDO YLGHR EURDGFDVWLQJ HFRPXQLFDo}HVSRUH[HPSOR&$79 &DEOH79'LVWULEXWLRQRQ2SWLFDO1HWZRUNV  &'$' &DEOH 'LJLWDO $XGLR 'LVWULEXWLRQ  %66 %URDGFDVWLQJ 6DWHOOLWH 6HUYLFH  (& (OHWURQLF &LQHPD +77 +RPH7HOHYLVLRQ7KHDWUH HQWUHRXWURV>@ *HQHULFDPHQWHSRGHVHGL]HUTXHHVVHHVTXHPDH[SORUDDFRPSUHVVmRWHPSRUDOHHVSDFLDO VHQGREDVHDGRHPHVWLPDomRFRPSHQVDomRGHPRYLPHQWRWUDQVIRUPDGD'&7TXDQWL]DomRHVFDODU HFRGLILFDomRHQWUySLFDJHUDQGRWD[DVGHFRPSUHVVmRGDRUGHPGHD>@

±&RPSUHVVmR7HPSRUDOH(VSDFLDO

$VSDGURQL]Do}HVGHFRPSUHVVmRGHYtGHRHQWUHHODVR03(*XWLOL]DPJHQHULFDPHQWH XP SURFHVVR GH FRPSUHVVmR EDVHDGR HP GRLV HVWiJLRV 2 SULPHLUR GHOHV XWLOL]D XP PpWRGR TXH H[SORUDDUHGXQGkQFLDWHPSRUDOHQWUHIUDPHV FRGLILFDomRLQWHUIUDPH 2VHJXQGRHVWiJLRXWLOL]DXP PpWRGRTXHH[SORUDDUHGXQGkQFLDHVSDFLDOGHQWURGHXPPHVPRIUDPH FRGLILFDomRLQWUDIUDPH 

*HQHULFDPHQWH D UHSUHVHQWDomR GHVVHV GRLV HVWiJLRV XWLOL]DGRV FRQMXQWDPHQWH 0pWRGR +tEULGR GH &RPSUHVVmR  SRGH VHU IHLWD DQDOLVDQGRVH R HVTXHPD D VHJXLU (VWD EUHYH H[SRVLomR ILFDUiPHOKRUFRPSUHHQGLGDWUDWDQGRVHFDGDLPDJHPQDVHTrQFLDFRPRXPDLPDJHPHVWiWLFD

6HMDRGLDJUDPDGD)LJ3RGHVHGL]HU TXHXPDVHTrQFLD GH YtGHR FRQVLVWHHP XPD FROHomR GH IUDPHV VHTHQFLDLV YDULDQWHV QR WHPSR 3DUD RV SDGU}HV GH FRPSUHVVmR GH YtGHR RV IUDPHV VmRSURFHVVDGRVSRUSDUWHV&DGDIUDPH pSRUWDQWRVHJPHQWDGRHPUHJL}HVQmRVREUHSRVWDV GH3[4 SL[HOVGHQRPLQDGDV³0DFUREORFRV´ 0%V 

(26)





 &DGD PDFUREORFR 0%  p UHIHUHQFLDGR SHODV FRRUGHQDGDV [\ GR SL[HO GH VHX FDQWR VXSHULRU HVTXHUGR HP FRQMXQWR FRP D FRRUGHQDGD WHPSR W GR IUDPH RQGH VH HQFRQWUD $VVLP VHQGR3[4 SL[HOV DVGLPHQV}HVGR0%FDGD0%SRGHVHUUHIHUHQFLDGRFRPR

HQFRQWUD VH 0% R RQGH )UDPH W GR WHPSR FRRUGHQDGD W ,1 4 : )UDPH W  GR SL[HOV HP ODUJXUD : 4 : M  M4 \ ,1 3 + )UDPH W  GR SL[HOV HP DOWXUD + 3 + L  L3 [ W \ [ ,  ¿ ¾ ½ ¯ ® ­ d    ¿ ¾ ½ ¯ ® ­ d   (QTXDQWR)UDPH W SRGHVHUHVFULWRFRPR



 ¨©§ ¸¹·

,1

4

:



3

+

W M4  L3 , W )UDPH  3 +  L  4 :  M

 

3RUVLPSOLFLGDGH, [\W VHUHIHULUiDR0%QRFDPSRGHOXPLQkQFLDHRVLQWHUYDORV[ ^L3 d Ld +3`H \ ^M4d Md :4`HVWDUmRLPSOtFLWRV

6HMDP)UDPH W H)UDPH W GXDVLPDJHQVJHQpULFDVFRQVHFXWLYDVQDVHTrQFLDGHYtGHR )UDPH W pRIUDPH UHIHUrQFLDMiWUDQVPLWLGR HMi GLVSRQtYHO QR UHFHSWRUH )UDPH W pR IUDPH FRUUHQWHTXHDLQGDYDLVHUSURFHVVDGRHWUDQVPLWLGR$WUDYpVGRWUDWDPHQWRGRV0%VGHVVDVGXDV LPDJHQVSRUDOJRULWPRVFRPSXWDFLRQDLV FDGDYH]PDLVUiSLGRVHPHOKRUHV GHWHUPLQDVHRYHWRU GH PRYLPHQWR XY  VRIULGR SRU FDGD 0% , [\W FRUUHQWH D VHU SURFHVVDGR  GR )UDPH W FRP UHODomRDRIUDPH UHIHUrQFLD 8PYHWRUGHPRYLPHQWRFDUDFWHUL]DSRUWDQWRDPXGDQoDGHSRVLomRGR

, [\W , [\W (VWLPDomRGH 0RYLPHQWR &RPSHQVDomR GH 0RYLPHQWR 9HWRUGH PRYLPHQWR XY H [\W , [\W , [X\YW '&7 4XDQWL]DomR &RGLILFDomR (QWUySLFD &2',),&$'25*(1e5,&2 '(&2',),&$'25*(1e5,&2 ,'&7 'HTXDQWL]DomR 'HFRGLILFDomR (QWUySLFD &RPSHQVDomR GH 0RYLPHQWR H [\W  , [X\YW 0HPyULDGH )UDPH , [\W , [\W 9HWRUGH PRYLPHQWR XY )LJ&RGLILFDGRUH'HFRGLILFDGRU+tEULGR*HQpULFRGH9tGHR>@ )LJ±(VTXHPDEiVLFRGR&RGLILFDGRUH'HFRGLILFDGRU+tEULGRGR03(*

(27)



VHXUHVSHFWLYRPDFUREORFRHQWUH )UDPH W H)UDPH W 2REMHWLYRGHVVDHWDSDpHQFRQWUDUUHJL}HV GHSL[HOV FRUUHVSRQGHQWHVHQWUHRVIUDPHV HHODUHFHEHRQRPHGH(VWLPDomRGH0RYLPHQWR 0RWLRQ (VWLPDWLRQ 0( 

2REMHWLYRGHVVDSUHYLVmRpQmR WHU TXH WUDQVPLWLUR 0%FRUUHQWH , [\W  LQWHJUDOPHQWH XPD YH] TXH R 0% , [\W Mi HVWi GLVSRQtYHO QR UHFHSWRU 2 0% , [\W p HQWmR FRPSDUDGR VXEWUDtGR FRP, [X\YW HVRPHQWHDGLIHUHQoDHQWUHDPERV PDFUREORFRHUUR RX 0%(UUR H [\W SDVVDUiSDUDRSUy[LPRHVWiJLRSRVVLELOLWDQGRXPDHQRUPHHFRQRPLDHPODUJXUDGHEDQGD $HVVHSURFHVVRGiVHRQRPHGH&RPSHQVDomRGH0RYLPHQWR 0RWLRQ&RPSHQVDWLRQ 0& 

2 SURFHVVR GH FRPSHQVDomR GH PRYLPHQWR SRGH VHU GHILQLGR FRPR R SURFHVVR GH FRPSHQVDU R GHVORFDPHQWR GH REMHWRV TXH VH PRYHP GH XP IUDPH D RXWUR , [X\YW p FRPXPHQWH UHIHUHQFLDGR FRPR D SUHGLomR FRPSHQVDGD HP PRYLPHQWR PRWLRQFRPSHQVDWHG SUHGLFWLRQ GH, [\W 2H [\W pWDPEpPFKDPDGRGHUHVtGXRGHSUHGLomRGH, [\W $LPDJHP FRPSRVWDSHODXQLmRGHVVHVH [\W pGHQRPLQDGD)UDPH(UURRX)UDPH5HVLGXDO(VVHSURFHVVRGH SUHGLomRGHPRYLPHQWRpFRQKHFLGRFRPRIUDPHSUHGLFWLRQ $OpPGDIUDPHSUHGLFWLRQR03(*SHUPLWHRXWUDVIRUPDVPDLVFRPSOH[DVGHUHDOL]DUD SUHGLomRGHPRYLPHQWR(VVDVRXWUDVIRUPDVYDULDPGHDFRUGRFRPRWLSRGHSLFWXUHVSRGHQGRVHU HQFRQWUDGDVHP>@&RPRHVWHWUDEDOKRRSHUDFRPYtGHRSURJUHVVLYRUHVWULQJLXVHRSURFHVVRGH FRPSUHVVmRWHPSRUDODRIUDPHSUHGLFWLRQ SDUDIUDPHSLFWXUHV 'HYHVHQRWDUTXHHPWHRULDDFRPSUHVVmRWHPSRUDOSRGHVHUDSOLFDGDDTXDOTXHUUHJLmR GHVGHXP~QLFRSL[HO DXPFRQMXQWRGHSRQWRVTXHSRGHVHUXPEORFRUHWDQJXODUGHSL[HOV RXXPD UHJLmR GH IRUPDWR LUUHJXODU >@ +i XP FRPSURPLVVR HQWUH GHVHPSHQKR H YHORFLGDGH FRPSXWDFLRQDO XPD YH] TXH TXDQWR PHQRU IRU D UHJLmR GH SURFHVVDPHQWR WDQWR PHOKRU VHUi D DSUR[LPDomRGRPRYLPHQWRSRUpPPDLRUVHUiDFRPSOH[LGDGHFRPSXWDFLRQDO

$WXDOPHQWH WRGRV RV SDGU}HV GH FRPSUHVVmR GLJLWDO GH YtGHR + H  03(* 03(* DGRWDPFRPSUHVVmRWHPSRUDOEDVHDGDSRUEORFRVUHWDQJXODUHV 0%V 1RFDVRGR03(* HVVHV0%VWrPGLPHQV}HV[8PDGHVFULomRGRXVRGHUHJL}HVGHIRUPDWRLUUHJXODUXVDGD QRSDGUmR03(*SRGHVHUHQFRQWUDGDHP>@

&RPR SRGHVH QRWDU WDQWR D (VWLPDomR GH 0RYLPHQWR TXDQWR D &RPSHQVDomR GH 0RYLPHQWR VmR DV HWDSDV UHVSRQViYHLV SHOD &RPSUHVVmR 7HPSRUDO (P VHJXLGD H [\W SDVVDUi DLQGDSHORSURFHVVRGH&RPSUHVVmR(VSDFLDODWUDYpVGHPpWRGRVGHFRGLILFDomRSRUWUDQVIRUPDGDRV TXDLVHQJOREDPDDSOLFDomRGHXPDWUDQVIRUPDomRQRVLQDOVHJXLGDGHTXDQWL]DomRHFRGLILFDomR VHPSHUGDV +XIIPDQ5XQ/HQJWK HVyHQWmRWUDQVPLWLGDSDUDVHXGHVWLQR

(28)



1DUHFHSomRFKHJDP

 $LQIRUPDomRFRPSULPLGDWHPSRUDOHHVSDFLDOPHQWH H [\W DSyVFRGLILFDomRHVSDFLDO  YHWRUGHPRYLPHQWR XY FRGLILFDGR

1R UHFHSWRU UHDOL]DPVH RV SURFHGLPHQWRV LQYHUVRV GHFRGLILFDomR HQWUySLFD GHTXDQWL]DomRHDSOLFDomRGDWUDQVIRUPDGDLQYHUVD$VHJXLUGHSRVVHGDVLQIRUPDo}HVHDFLPD HFRPR0%, [\W TXHMiKDYLDVLGRUHFHELGRRGHFRGLILFDGRUpFDSD]GHDSUHVHQWDURQRYR , [\W  0%FRUUHQWH $WUDYpV GH WRGR HVVH SURFHGLPHQWR SDUD WRGRV RV 0%V R GHFRGLILFDGRU p FDSD]GHDSUHVHQWDURIUDPH FRUUHQWH

$VVLP QRWDVH TXH D FRPSHQVDomR GH PRYLPHQWR p UHDOL]DGD QR FRGLILFDGRU H QR GHFRGLILFDGRU SRUpP D HVWLPDomR p IHLWD VRPHQWH QR FRGLILFDGRU 8P FRGLILFDGRU UHDO WDPEpP LQFOXLXPEXIIHU GHPHPyULDSUpSURFHVVDPHQWRHSyVSURFHVVDPHQWRQmRPRVWUDGRVQD)LJ $WUDYpVGHWRGRHVVHSURFHVVDPHQWRWHPSRUDOHHVSDFLDOGR0pWRGRGH&RPSUHVVmR+tEULGD SDUDFDGD0%GDVHTrQFLDREWpPVHXPDJUDQGHHFRQRPLDHPODUJXUDGHEDQGDQDWUDQVPLVVmRGH LPDJHQVGLJLWDLV,VVRH[SOLFDVHXXVRHPWRGRVRVSDGU}HVGHFRGLILFDomRGHYtGHR++ 03(*03(*03(*>@

±&RPHQWiULRV

&RPRRREMHWLYRGHVWHWUDEDOKRpSURSRUXPD PRGLILFDomRQDTXDQWL]DomRSRUEORFRV GR 03(*QHVWHFDStWXORIRLDSUHVHQWDGDXPDLQWURGXomRDHVVHSDGUmRHVHXVXSRUWHGHFRGLILFDomR )RL YLVWR TXH R 03(* SRGH VHU XVDGR SRU XPD DPSOD JDPD GH DSOLFDo}HV EDVLFDPHQWH UHODFLRQDGDV DRV PHLRV GH DUPD]HQDPHQWR GLJLWDO UDGLRGLIXVmR H FRPXQLFDo}HV )RUDP WDPEpP DSUHVHQWDGRV RV FRQFHLWRV EiVLFRV GR 0pWRGR +tEULGR GH &RPSUHVVmR DGRWDGR SHOR  03(* HQJOREDQGRDVHWDSDVGHFRPSUHVVmRWHPSRUDOHHVSDFLDOVHQGRHVWD~OWLPDDUHVSRQViYHOGLUHWDSHOD JHUDomRGR(IHLWRGH%ORFR2VGRLVFDStWXORVVHJXLQWHVDERUGDUmRDVFDUDFWHUtVWLFDVGHVVDVHWDSDV SRVVLELOLWDQGRUHODFLRQiORVDR(IHLWRGH%ORFREHPFRPRIRUQHFHURVFRQFHLWRVEiVLFRVXWLOL]DGRV SHODPRGLILFDomRSURSRVWD

(29)



&DStWXOR

&RPSUHVVmR7HPSRUDOQR03(*

$FRPSUHVVmRWHPSRUDOpRSULPHLURHVWiJLRGR0pWRGR+tEULGRGH&RPSUHVVmRDGRWDGR SHORSDGUmR03(*VHQGRUHVSRQViYHOSHOD H[SORUDomR GHERD SDUWH GD FRUUHODomR GRVLQDOGH HQWUDGDGRFRGLILFDGRU1HVVHFDStWXORpIHLWRXPHVWXGRGDHWDSDGHFRPSUHVVmRWHPSRUDOYROWDGR SDUDR%ORFN0DWFKLQJ&ULWHULRQ H0pWRGRGH3URFXUD)XOO6HDUFKDGRWDGRVSHOR03(*70

2 REMHWLYR GHVVH WUDEDOKR p UHGX]LU R HIHLWR GH EORFR DSOLFDQGR XP SURFHVVDPHQWR GLIHUHQFLDGR QDV UHJL}HV GR IUDPH FDUDFWHUL]DGDV SRU VHUHP PDLV SURSHQVDV FUtWLFDV  DR DSDUHFLPHQWRGHVVHDUWHIDWR(P>@VmRFRORFDGDVFRPRUHJL}HVFUtWLFDVDVUHJL}HVGHPRYLPHQWR UiSLGRRXFRPSOH[RRQGHDHVWLPDomRGHPRYLPHQWRJHUDOPHQWHIDOKD>@$VVLPQHVVHFDStWXOR VmR IHLWDV FRQVLGHUDo}HV VREUH DV IDOKDV GR SURFHVVR GH HVWLPDomRFRPSHQVDomR GH PRYLPHQWR /RFDOL]DQGRVHDVUHJL}HVGHIDOKDVVmRLQGLFDGDVDVUHJL}HVQDVTXDLVVHDSOLFDUiRSURFHGLPHQWR TXHHVWiVHQGRSURSRVWR

±&RUUHODomR7HPSRUDO

9DVXGHY>@H[HPSOLILFDDQRomRGHPRYLPHQWRHQWUHRVIUDPHV FRQVLGHUDQGRLQLFLDOPHQWH D VLWXDomR GH FDSWXUDU RV PRYLPHQWRV GH XP REMHWR WULGLPHQVLRQDO DWUDYpV GR WHPSR FRPR QD )LJ

1RSULPHLURIUDPH GD)LJWHPVHDSURMHomRGRREMHWRGLWDUHJLmR³$´ 6H R REMHWR HVWLYHUHPPRYLPHQWRSURGX]LUiXPDSURMHomRHVSDFLDOGHVORFDGDQRSUy[LPRIUDPHGLWDUHJLmR ³;´SRUH[HPSOR$VVLPFRPRDFRUGHXPFDUURQmRPXGDVLJQLILFDWLYDPHQWHjPHGLGDTXHHOHVH GHVORFDGHXPIUDPH SDUDRRXWURSURSULHGDGHVGDVLPDJHQVWDLVFRPRREULOKRHFRUGRVREMHWRV DSUHVHQWDP XPD DOWD FRUUHODomR QD GLUHomR GR PRYLPHQWR HQWUH RV IUDPHV >@ 'HVVD IRUPD QR H[HPSORKiXPDDOWDFRUUHODomRHQWUHREULOKRHD FRUGRVSL[HOV QDUHJLmR³$´GRSULPHLURIUDPH H

)LJ±([HPSOLILFDomRGDFRUUHODomRWHPSRUDOQXPDVHTrQFLDGHYtGHR 7HPSR (VSDoR [ \ $ ; & \ [

(30)



GRVSL[HOV GDUHJLmR³;´QRIUDPH FRQVHFXWLYR&RQVHTHQWHPHQWHSRGHVHHVSHUDUXPDOWRJUDXGH UHGXQGkQFLDWHPSRUDOHQWUHIUDPHV YL]LQKRVQDVHTrQFLD>@

1DWHQWDWLYDGHH[SORUDUHVVDUHGXQGkQFLDHQWUHIUDPHV SDUDILQVGHFRPSUHVVmRVXUJLXD LGpLDGHFRPSULPLUDVHTrQFLDWHPSRUDOPHQWHDWUDYpVGD(VWLPDomR&RPSHQVDomRGH0RYLPHQWR

([LVWHXPDDPSODYDULHGDGHGHDOJRULWPRVGHHVWLPDomRGHPRYLPHQWRHPYiULRVGRPtQLRV GRV SL[HOV RX GD IUHTrQFLD  VHJXLQGR YiULRV FULWpULRV PDWFKLQJ JUDGLHQWH HQWUH RXWURV  8PD GHVFULomRFRPSOHWDVREUHPpWRGRVGLYHUVRVSRGHVHUHQFRQWUDGDHP>@1HVVHFDStWXORpGHVFULWRR DOJRULWPRXVDGRSRUWRGRVRVSDGU}HVGHFRPSUHVVmRGHYtGHRSUiWLFRVR%ORFN0DWFKLQJ&ULWHULRQ %0& TXHXWLOL]DRSURFHVVDPHQWRHPEORFRVUHWDQJXODUHVQRGRPtQLRGRVSL[HOV HDGRWDDKLSyWHVH GHPRYLPHQWRWUDQVODFLRQDO'>@

±0%HTXLYDOHQWH

6HMDPGRLVIUDPHV FRQVHFXWLYRVWHPSRUDOPHQWH )UDPH W IUDPH FRUUHQWH

)UDPH W IUDPH UHIHUrQFLD

1RFDStWXORIRLYLVWRTXHDFRPSUHVVmRWHPSRUDOVHLQLFLDFRPDHWDSDFKDPDGD(VWLPDomR GH0RYLPHQWR 0( QDTXDOR)UDPH W pVHJPHQWDGRHP0%VGHGLPHQVmR3[4 HSDUDFDGDXP GHOHVREMHWLYDVHHQFRQWUDUR0%HTXLYDOHQWH3[4 QR)UDPH W (VVHSURFHVVRGHHQFRQWUDURV 0%VHTXLYDOHQWHVVHEDVHLDHPDOJRULWPRVGHQRPLQDGRV$OJRULWPRVGH(VWLPDomRGH0RYLPHQWR

±5HVWULo}HVGD(VWLPDomRGH0RYLPHQWR

1RFDVRPDLVJHUDOGH0(DJHRPHWULDUHDOGR0%QR)UDPH W QmRSUHFLVDVHUDPHVPDGR VHX0%HTXLYDOHQWHQR)UDPH W XPDYH]TXHRVREMHWRVGRPXQGRUHDOVRIUHPDOWHUDo}HVGH HVFDOD ]RRPSRUH[HPSOR EHPFRPRURWDomR(QWUHWDQWRQRVSDGU}HVGHFRGLILFDomRGHYtGHR SUiWLFRVVRPHQWHRPRGHORGHPRYLPHQWRWUDQVODFLRQDOpDVVXPLGRSDUDREMHWRVHPFHQD>@2V DOJRULWPRVGH(VWLPDomRGH0RYLPHQWRRSHUDPFRPDVVHJXLQWHVVXSRVLo}HV>@  2VREMHWRVPRYHPVHHPWUDQVODomRQXPSODQRTXHpSDUDOHORDRSODQRGDFkPHUDLHRV HIHLWRVGHFkPHUD]RRP HURWDomRQmRVmRFRQVLGHUDGRV  2FXOWDomRGHXPREMHWRSRURXWURpQHJOLJHQFLDGD  ,OXPLQDomRHVSDFLDOPHQWHHWHPSRUDOPHQWHXQLIRUPH 4XDQGRD0(pEHPVXFHGLGDRVSL[HOV GR0%(UURH [\W SRVVXHPYDORUHVSUy[LPRVD ]HUR3RGHVHGL]HUQHVVHFDVRTXHR0%(UURDSUHVHQWDEDL[DHQHUJLD3RUpPTXDQGRXPSDGUmR

(31)



GHFRGLILFDomRGHYtGHRFRPRR03(*SRUH[HPSORHVWiSURFHVVDQGRXPDUHJLmRGDVHTrQFLD GHYtGHRTXHQmRVDWLVID]DOJXPDGDVVXSRVLo}HVDD0(WHQGHD³IDOKDU´QRSURFHVVRGHEXVFD SRUUHJL}HVFRUUHVSRQGHQWHVHQWUHRVGRLVIUDPHV

'HYHVHQRWDUTXHQHVVHFDVRD0(YDLFRQWLQXDU SURFXUDQGR H HQFRQWUDQGR FRPR 0% HTXLYDOHQWHR0%QR)UDPH W TXHPDLVVH³SDUHFH´FRPR0%QR)UDPH W 2SRQWRpTXHHVVH 0%HTXLYDOHQWHSRGHQmRFRUUHVSRQGHUH[DWDPHQWHDR0%QR)UDPH W HPYLUWXGHGHXPHIHLWRGH ]RRP SRU H[HPSOR QD UHJLmR HP TXH HVVH 0% VH HQFRQWUD 1HVVH FDVR R 0%(UUR H [\W UHVXOWDQWH GD FRPSHQVDomR GH PRYLPHQWR WHQGH FRPSDUDWLYDPHQWH j 0( EHP VXFHGLGD D DSUHVHQWDUXPDHQHUJLDPDLVDOWD>@

1D)LJpLOXVWUDGDDFRPSDUDomRGDHQHUJLDGRIUDPHHUURSDUDXPIUDPH GDVHTrQFLD 7HQQLV TXH DSUHVHQWD DOJXPDV UHJL}HV TXH REHGHFHP H RXWUDV UHJL}HV TXH QmR REHGHFHP jV VXSRVLo}HVD(VVDVHTrQFLDDSUHVHQWDPRYLPHQWRPXLWRUiSLGR1D)LJFDVFRUHVSUHWDH EUDQFDUHSUHVHQWDPUHVSHFWLYDPHQWHRYDORU]HURHRYDORUPi[LPRGHHQHUJLDGHVVDLPDJHPHUUR

3RGHVHSHUFHEHUQD)LJFTXHDHQHUJLDGRIUDPHHUURpFRPSDUDWLYDPHQWHPDLRUQDV UHJL}HV TXH GHVREHGHFHP jV VXSRVLo}HV  D  HVSHFLDOPHQWH HP WRUQR GR MRJDGRU TXH H[HFXWD PRYLPHQWRVQmRWUDQVODFLRQDLVHUiSLGRV1DVUHJL}HVTXHREHGHFHPjVVXSRVLo}HVD0(pEHP VXFHGLGD H RV SL[HOV GH VHXV 0%(UUR SRVVXHP YDORUHV SUy[LPRV D ]HUR ORJR GH HQHUJLD PDLV EDL[D

±(VSDoRGH3URFXUD>UUUU@

,GHDOPHQWHDSURFXUDSHOR0%HTXLYDOHQWHDR0%GR)UDPH W GHYHULDVHUIHLWDHPWRGDD H[WHQVmR GR )UDPH W  (VVH SURFHGLPHQWR SRUpP VHULD LPSUDWLFiYHO GDGD D HQRUPH GHPDQGD FRPSXWDFLRQDO XPD YH] TXH XPD GDV RSHUDo}HV FRPSXWDFLRQDLV PDLV H[WHQVDV QD FRGLILFDomR

D )UDPH FRUUHQWH E )UDPHUHIHUrQFLD F (QHUJLDGR)UDPHHUUR

(32)



LQWHUIUDPH p MXVWDPHQWH R SURFHVVR 0( $ SDUWLU GDt KRXYH D QHFHVVLGDGH GD GHILQLomR GH XP (VSDoR GH 3URFXUD UHWDQJXODU

UU

 GLWR GH >UU@ QR )UDPH UHIHUrQFLD HP WRUQR GR SRQWR FRUUHVSRQGHQWHDRSRQWRGRFDQWRVXSHULRUHVTXHUGRGR0%QR)UDPHFRUUHQWH >@3DUDPHOKRU YLVXDOL]DomREDVWDREVHUYDUD)LJ

^

L M U L UU M U

`

U

  d d d d

&ODUDPHQWH VH R 0%FRUUHQWH HVWLYHU SRVLFLRQDGR MXQWR D XP GRV OLPLWHV GR IUDPH D UHJLmRGHSURFXUDQmRSRGHVHU PDLV>UU@XPD YH] TXH QmR SRGH XOWUDSDVVDU DV GLPHQV}HVGR IUDPHFRPRSRGHVHUREVHUYDGRQD)LJ

±9HWRUGH0RYLPHQWRQR(VSDoRGH3URFXUD

'HQWURGRHVSDoRGHSURFXUDVHMD [X\Y DSRVLomRGR0%GR)UDPH W TXHPDLVVH DVVHPHOKDFRPR0%GR)UDPH W TXHVHGHVHMDFRPSULPLU2YHWRUGHPRYLPHQWRpGHILQLGRSHOD GLIHUHQoD XY HQWUHDSRVLomRGR0%QRIUDPH FRUUHQWHHD SRVLomR GR VHX 0%HTXLYDOHQWH QR IUDPH UHIHUrQFLD>@FRPRSRGHVHUREVHUYDGRQDILJ  U U )UDPH5HIHUrQFLD )UDPH&RUUHQWH [\ [\ )LJ±(VSDoRGH3URFXUDSDUD0%SRVLFLRQDGRMXQWRDRVOLPLWHVGRIUDPH [\ [\ 3 4 0DFUREORFR 3 4 U U U U 5HJLmRGHSURFXUD>U U @ )UDPH&RUUHQWH )UDPH5HIHUrQFLD )LJ±'HILQLomRGR(VSDoRGH3URFXUD>UU@ (VSDoRGHSURFXUD>UU@

(33)

 1RWHTXHDVVXPLUXPGHVORFDPHQWR XY SDUDR0%LPSOLFDHVWDUVXSRQGRTXHWRGRVRV VHXVSL[HOV VRIUHPRPHVPRPRYLPHQWRHQWUHIUDPHV(VVDXQLIRUPL]DomRSRUWDQWRpWDQWRPHOKRU TXDQWRPHQRUHVIRUHPDVGLPHQV}HVGR0%

±&ULWpULRGH(VWLPDomR7KH0DWFKLQJ&ULWHULRQ

7UDWDVHGRFULWpULRXVDGRSDUDDGHWHUPLQDomRGR0%HTXLYDOHQWH(VWHFULWpULREDVHLDVH HP JHUDO QD PLQLPL]DomR GH XPD IXQomR GH FRPSDUDomR HQWUH GRLV 0%V R 0%FRUUHQWH GR )UDPH W HFDGD0%GDUHJLmRGHSURFXUDQR)UDPH W 

6HMDP RV SL[HOV GR 0% D VHU SURFHVVDGR 0%FRUUHQWH  QR )UDPH W GHQRWDGRV SRU , [L\MW DVFRRUGHQDGDV [\ VmRDVGRFDQWRVXSHULRUHVTXHUGRGHXP0%HVSHFtILFRQR

HL[R [\ GR IUDPH HP TXH VH HQFRQWUD H LM  DV FRRUGHQDGDV GR SL[HO GHQWUR GHVVH 0%  $QDORJDPHQWH VHMDP RV SL[HOV GR0% GR )UDPH W  GHQRWDGRV SRU , [LO \MP W RQGH

OP VmRRVGHVORFDPHQWRVQRHVSDoRGHSURFXUD 'HILQHVHGHSRVVHGHVVDVGXDVLQIRUPDo}HVD VHJXLQWHIRUPXODomRFRPSDUDWLYDHQWUHRVGRLV0%VGHGLPHQV}HV3[4

U U U U d d  d d         

¦¦

  P O RQGH  W P M \ O L [ , W M \ L [ , 34  P O 0$(  3  L  4  M     (VWDIXQomR0$( 0HDQ$EROXWH(UURU ±(UUR$EVROXWR0pGLR pRSULQFLSDOFULWpULRGH FRPSDUDomR HQWUH GRLV 0%V H p R FULWpULR XWLOL]DGR HIHWLYDPHQWH SHORV FRGLILFDGRUHV GH YtGHR SUiWLFRVKRMHHPGLD>@20$(pFDOFXODGR DSULQFtSLR HQWUHR0%TXHHVWiVHQGRSURFHVVDGRQR )UDPH W HFDGDXPGRV0%VQR)UDPH W GHQWURGH

U

HDVVXPHVHFRPR0%HTXLYDOHQWHR0%  [\ [\ 3 4 0DFUREORFR 3 4 9HWRUGH PRYLPHQWR XY )UDPH&RUUHQWH )UDPH5HIHUrQFLD 0% (TXLYD OHQWH [X\Y U U U U Y X )LJ±5HSUHVHQWDomRHVTXHPiWLFDGRHQFRQWURGR0%HTXLYDOHQWH

(34)



, [O\PW GR)UDPH W TXHMXQWRFRPR0%FRUUHQWHGR)UDPH W DSUHVHQWDURPHQRU

YDORUGH0$( P O 0$( PLQ Y  X 0$( P  O U  W Y \  X [ , W \  [ , W \  [ H        2FULWpULRGHHVWLPDomRpSRUWDQWRDPLQLPL]DomRGDIXQomRFXVWR0$(/RJRRYHWRUGH PRYLPHQWR XY pGHILQLGRFRPRVHQGRDVFRRUGHQDGDV OP SDUDDVTXDLVR0$(pPLQLPL]DGR 1RWHTXHHVVHSURFHGLPHQWRWRGRpIHLWRSDUDFDGD0%QR)UDPH W DVHUSUHGLWRSDUDFDGD0%QR )UDPH W KDYHUiXPYHWRUGHPRYLPHQWR

(P>@H>@ID]VHXPDDQiOLVHPDLVGHWDOKDGDDFHUFDGRXVRGHRXWUDVIXQo}HVGLIHUHQWHV GR0$(FRPRSRUH[HPSORRHUURTXDGUiWLFRPpGLRRX DIXQomRGH/RUHQW]EHPFRPRRXWUR FULWpULRGHHVWLPDomREDVHDGRQDPD[LPL]DomRGHXPDIXQomRGHFRUUHODomRFUX]DGD

2V FRGLILFDGRUHV GH YtGHR SUiWLFRV FRQWXGR XWLOL]DP D IXQomR PyGXOR GHYLGR j VXD VLPSOLFLGDGH FRPSXWDFLRQDO DXVrQFLD GH PXOWLSOLFDo}HV  H ERP GHVHPSHQKR $OpP GLVVR H[SHULPHQWDOPHQWHREVHUYDVHTXHDSUHFLVDGHILQLomRGHVVDIXQomRQmRDIHWDGHIRUPDVLJQLILFDWLYD DTXDQWLGDGHGHSURFXUDVRXDSUHFLVmRGDHVWLPDomRGHPRYLPHQWR>@

1D WHUPLQRORJLD GD FRGLILFDomR GH YtGHR TXDQGR R SURFHVVDPHQWR p HP EORFRV UHWDQJXODUHV H VH DGRWD D KLSyWHVH GH PRYLPHQWR WUDQVODFLRQDO ' R FULWpULR p FKDPDGR %ORFN 0DWFKLQJ&ULWHULRQ>@HDVWpFQLFDVGHSURFXUDGH XY TXHSURGX]DPRPHQRUYDORUGDIXQomR FXVWRVmRFKDPDGDVGH%ORFN0DWFKLQJ$OJRULWKPV %0$ >@

2XWURSRQWRTXHGHYHVHUFLWDGRpTXHIRUDPGHVHQYROYLGDVRXWUDVWpFQLFDVSDUDHVWLPDomR GH PRYLPHQWR TXH VmR GLIHUHQWHV GD WpFQLFD YLVWD DTXL (PERUD PHQRV XVDGRV Ki FULWpULRV GH HVWLPDomR TXH QmR VH EDVHLDP QR GRPtQLR GRV SL[HOV PDV VLP QR GRPtQLR GD IUHTrQFLD >@ IXQGDPHQWDQGRVHQDSURSULHGDGHGRGHVORFDPHQWRGD7UDQVIRUPDGDGH)RXULHU

7HQGRVH YLVWR FRPR D FRPSDUDomR HQWUH GRLV 0%V p IHLWD DJRUD VHUmR DERUGDGDV DV WpFQLFDVGHSURFXUDTXHGHWHUPLQDPTXDLVGRV0%VGR)UDPH W GHQWURGH

U

VHUmRHIHWLYDPHQWH FRPSDUDGRVFRPR0%GR)UDPH W 

±0pWRGRVGH3URFXUD

(PERUDH[LVWDPXPDVpULHGHGLIHUHQWHVPpWRGRVGHSURFXUD>@>@QHVWHWUDEDOKRVRPHQWH pDSUHVHQWDGRRDOJRULWPR)XOO6HDUFK )6 SRUVHURDOJRULWPRXWLOL]DGRSHOR03(*70  

(35)

   )XOO6HDUFK0HWKRG 7UDWDVHGRPpWRGRPDLVVLPSOHVGHHQFRQWURGR0%HTXLYDOHQWHQR)UDPH W SDUDFDGD XPGRV0%VGR)UDPH W &RQVLVWHQRFiOFXORGDVIXQo}HV0$(HQWUHR0%FRUUHQWHHWRGRVRV SRVVtYHLV GHVORFDPHQWRV OP QR HVSDoR GH SURFXUD QR )UDPH W  'Dt VXD GHQRPLQDomR FRPR VHQGR)XOO6HDUFK SURFXUDHPWRGDVDVSRVLo}HVGH

U



(VVHPpWRGRFODUDPHQWHJDUDQWHDORFDOL]DomRGR0%TXHFRQILUDRYDORUPtQLPRGH0$( GHQWUR GH >UU@ SDUD GHWHUPLQDomR GR YHWRU GH PRYLPHQWR SRUpP FRPR R FiOFXOR GH 0$( p UHDOL]DGR SDUD WRGDV DV SRVLo}HV GHQWUR GHVVH HVSDoR HVVH PpWRGR WHP FRQVLGHUiYHO FDUJD FRPSXWDFLRQDO x &RPSOH[LGDGH&RPSXWDFLRQDO $FRPSOH[LGDGHFRPSXWDFLRQDOGR)XOO6HDUFK pDQDOLVDGDHP>@SRUSDVVRVHSDUDRSLRU FDVR RGHPDLRUQ~PHURGHRSHUDo}HV HPTXHRHVSDoRGHSURFXUDpGH>UU@ SDUD0%VFRODGRV DRVOLPLWHVGRIUDPHDUHJLmRGHSURFXUDpPHQRUSRUWDQWRKDYHULDPHQRUQ~PHURGHRSHUDo}HV  7DLVSDVVRVSRGHPVHUGHVFULWRVFRPR 3DVVR 'DGDDLOXVWUDomRHOXFLGDWLYDGRHVSDoRGHSURFXUD )LJ SHUFHEHVHGHLPHGLDWRTXH SDUDFDGDYHWRUGHPRYLPHQWRDVHUGHWHUPLQDGRKiSDUDRSLRUFDVR U  GHVORFDPHQWRVQR HVSDoRGHSURFXUD FiOFXORVGH0$( 

3DVVR   6HQGR 3[4 SL[HOV DV GLPHQV}HV GR 0% SDUD FDGD GHVORFDPHQWR OP QR HVSDoR GH SURFXUD VmRFRPSDUDGRV3 4 SL[HOV

3DVVR   3DUD D FRPSDUDomR GH FDGD SL[HO VmR QHFHVViULDV WUrV RSHUDo}HV VXEWUDomR FiOFXOR GR YDORUDEVROXWRHXPDDGLomR HTXDomR 

3DVVR   ,JQRUDQGR R FXVWR SDUD DFHVVDU RV SL[HOV , [L \M W H , [OL \PM W  D

FRPSOH[LGDGHSRU0%pGH

U

[34[

RSHUDo}HVSRUPDFUREORFR

3DVVR 3DUDXPIUDPH GHGLPHQV}HV:[+ HUD]mRGH5IUDPHV SRUVHJXQGRDFRPSOH[LGDGHWRWDO pGH

 

34  RSHUDo}HVSRUVHJXQGR 34 :+5 IUDPHVV 5 [ VIUDPH PDFUREORFR 34 :+ PDFUREORFR SRU GH FRPSOH[LGD  [ [ [  U ([HPSOLILFDQGRWHPRVTXHVH3 4  IRUHPDVGLPHQV}HVGHFDGD0%SDUDYDORUHVGH : + H5 DHVWLPDomRGHPRYLPHQWREDVHDGDQHVVHPpWRGRQHFHVVLWDULDGH*RSV

Referências

Documentos relacionados

Mehñykamrek Arapuá Ei irapua Brazil Kayapó Pankararé Guarani M’Byá Honey, brood, pollen cerumen Honey Honey, pollen, E: Food – honey, brood and pollen E: Craft:

O presente estudo teve como finalidade desenvolver atividades orientadas para a promoção do raciocínio moral de alunos do 2.º CEB, num quadro EDS e centradas na

Mostram também um aumento do rendimento total da exploração e do rendimento esperado da produção, bem como uma diminuição da variabilidade relativa do

Observemos que Cruges, de certa forma, reconhece que sua gu- lodice vai além da alimentação devido à grande quantidade de ovos e chouriço que coloca no prato. Todavia isso não o faz,

This process uses membrane technologies (ultrafiltration) that allow obtaining permeate fractions enriched in small bioactive peptides. The Kjeldahl method, combined with the

As variáveis estudadas foram: idade em anos completos e em dois grupos, sendo o grupo 1 formado por crianças de 5 e 6 anos e o grupo 2 por crianças de 7 e 8 anos; sexo; percepção

Nesse cenário, a pesquisa investiga o estágio do capital social em quatro municípios baianos – Apuarema, Nova Ibiá, Piraí do Norte e Presidente Tancredo Neves

atitude negativa em relação à manutenção do ressentimento e ao sentimento de vingança, o que, no contexto do perdão, sugere um estado de espírito positivo.. portanto,