modelo nÃo-linear inelÁstico para anÁlise de

Download MODELO NÃO-LINEAR INELÁSTICO PARA ANÁLISE DE

If you can't read please download the document

Upload: vuongthu

Post on 10-Jan-2017

223 views

Category:

Documents


2 download

TRANSCRIPT

  • MODELO NO-LINEAR INELSTICO PARA ANLISE DE ESTRUTURAS

    METLICAS APORTICADAS EM CONDIES DE INCNDIO

    Alexandre Landesmann

    TESE SUBMETIDA AO CORPO DOCENTE DA COORDENAO DOS

    PROGRAMAS DE PS-GRADUAO DE ENGENHARIA DA UNIVERSIDADE

    FEDERAL DO RIO DE JANEIRO COMO PARTE DOS REQUISITOS

    NECESSRIOS PARA A OBTENO DO GRAU DE DOUTOR EM CINCIAS EM

    ENGENHARIA CIVIL.

    Aprovada por:

    ________________________________________________

    Prof. Eduardo de Miranda Batista, D.Sc.

    ________________________________________________

    Prof. Jos Luis Drummond Alves, D.Sc.

    ________________________________________________

    Prof. Ronaldo Carvalho Battista, Ph.D.

    ________________________________________________

    Prof. Ricardo Hallal Fakury, D.Sc.

    ________________________________________________

    Prof. Paulo de Mattos Pimenta, Dr.-Ing.

    ________________________________________________

    Prof. Valdir Pignatta e Silva, D.Sc.

    RIO DE JANEIRO, RJ - BRASIL

    DEZEMBRO DE 2003

  • ii

    LANDESMANN, ALEXANDRE

    Modelo No-Linear Inelstico para Anlise

    de Estruturas Metlicas Aporticadas em

    Condies de Incndio [Rio de Janeiro] 2003

    XXIII, 295 p. 29,7 cm (COPPE/UFRJ,

    D.Sc., Engenharia Civil, 2003)

    Tese - Universidade Federal do Rio de

    Janeiro, COPPE

    1. Estruturas de ao 2. Incndio 3. Modelo

    Computacional 3. Plasticidade

    I. COPPE/UFRJ II. Ttulo ( srie )

  • iii

    A DEUS por tudo,

    Aos meus pais, Henry e Catharina, e minha irm, Miriam,

    A Carol.

  • iv

    Agradecimentos:

    Ao meu orientador, Professor Eduardo de Miranda Batista, pela competncia,

    dedicao, aconselhamento e amizade minha sincera gratido.

    Ao Professor Jos Luis Drummond Alves, pela valiosa co-orientao e pelo importante

    estmulo nas diversas etapas do desenvolvimento deste trabalho de pesquisa.

    Ao Professor Francisco Claudio Pereira de Barros da Comisso Nacional de Energia

    Nuclear CNEN, pelo constante incentivo, apoio e amizade.

    Ao Engenheiro Artur Correa Filho da CNEN, pelo apoio e compreenso, demonstrados

    durante todas as etapas deste estudo.

    A todos meus colegas de trabalho na CNEN, em especial, aos Engenheiros Ricardo

    Colosimo, Humberto Teixeira e Ronaldo Pollis, pelo apoio e amizade no decorrer desta

    jornada.

    Comisso Nacional de Energia Nuclear, pelo apoio institucional, que viabilizou o

    desenvolvimento deste trabalho de pesquisa.

    A todos meus colegas da COPPE/UFRJ, especialmente, Hisashi Inoue, Santigo

    Venncio, Danilo Fernandes, Maurcio Alves e Tiago de Oliveira, pela amizade,

    companheirismo e diversas colaboraes neste perodo de convivncia.

    COPPE/UFRJ, em particular, ao Programa de Engenharia Civil, representado por

    todos seus Professores e Funcionrios, o meu sincero agradecimento.

    Aos professores Roger Plank e Ian Burgess da Universidade de Sheffield (UK) pela

    precisa orientao durante minha estadia naquela instituio.

    Ao Professor Jean-Marc Franssen da Universidade de Lige (Blgica) pela permisso

    de utilizao do Programa de Anlise Estrutural SAFIR, largamente utilizado nesta

    pesquisa para fins de validao dos nossos resultados.

    Coordenao de Aperfeioamento de Pessoal de Nvel Superior CAPES, pelo

    auxlio financeiro, que possibilitou a realizao do Programa de Doutorado no Brasil

    com Estgio no Exterior (PDEE), durante o perodo de Novembro/2002 a

    Fevereiro/2003 junto a Universidade de Sheffield (UK).

  • v

    Resumo da Tese apresentada COPPE/UFRJ como parte dos requisitos necessrios

    para a obteno do grau de Doutor em Cincias (D.Sc.)

    MODELO NO-LINEAR INELSTICO PARA ANLISE DE ESTRUTURAS

    METLICAS APORTICADAS EM CONDIES DE INCNDIO

    Alexandre Landesmann

    Dezembro/2003

    Orientadores: Prof. Eduardo de Miranda Batista

    Prof. Jos Luis Drummond Alves

    Programa: Engenharia Civil

    Este trabalho dedicado ao desenvolvimento de um modelo computacional

    para anlise no-linear elastoplstica de estruturas de ao, planas e aporticadas, sob

    condies de incndio. A primeira etapa do processo de anlise, traduzida pela

    determinao da variao do campo de temperaturas de sees-transversais expostas ao

    fogo, realizada por meio de procedimento numrico no-linear transiente de

    transferncia de calor, desenvolvido com base na formulao geral do Mtodo dos

    Elementos Finitos (MEF). O comportamento estrutural numericamente investigado

    por meio de princpios de plasticidade concentrada, que fazem uso de modelos refinados

    de rtulas plsticas, funes de estabilidade, mdulos tangentes e superfcies inelsticas

    de reduo de resistncia, permitindo-se assim, estimar o tempo crtico de resistncia ao

    fogo, associado formao de mecanismos de colapso estrutural. Os resultados obtidos,

    para um grupo selecionado de estruturas aporticadas, so examinados tomando-se por

    base o Programa SAFIR e recomendaes previstas pela normatizao nacional e

    internacional, vigente.

  • vi

    Abstract of Thesis presented to COPPE/UFRJ as a partial fulfillment of the

    requirements for the degree of Doctor of Science (D.Sc.)

    SECOND-ORDER INELASTIC MODEL FOR THE ANALYSIS OF STEEL-

    FRAMED STRUCTURES UNDER FIRE CONDITIONS

    Alexandre Landesmann

    December/2003

    Advisors: Prof. Eduardo de Miranda Batista

    Prof. Jos Luis Drummond Alves

    Department: Civil Engineering

    This work is dedicated to the development of a computational model for the

    inelastic second-order analysis of plane steel-framed structures under fire conditions.

    The first step of the analysis process, represented by the determination of the variation

    of the transversal temperature field, is performed by a numerical transient nonlinear

    heat transfer procedure, that was developed on the general basis of the Finite Element

    Method (FEM). The structural behavior is numerically tracked by the concept of

    concentrated plasticity, making use of refined plastic hinges models, stability functions,

    tangent modulus models and gradual inelastic plastic surfaces, allowing the estimation

    of the fire-resistance critical time, associated with the development of the structural

    collapse mechanism. The numerical results, for a selected group of framed structures,

    are examined in contrast with the SAFIR computational program results as well as

    recommendations proposed by national and international standards.

  • vii

    Sumrio

    Captulo 1: INTRODUO

    1.1 Motivao ................................................................................................... 1

    1.2 Importncia da anlise estrutural no contexto da engenharia de

    incndio....................................................................................................... 3

    1.3 Pesquisa bibliogrfica sobre a anlise de estruturas de ao sob

    fogo .............................................................................................................. 9

    1.4 Mtodo das rtulas plsticas..................................................................... 16

    1.5 Organizao deste trabalho ...................................................................... 19

    Captulo 2: ANLISE TRMICA 2.1 Introduo ..................................................................................................22

    2.2 Curvas de incndio ....................................................................................24

    2.3 Modelo trmico simplificado segundo EC-3 ...........................................27

    2.3.1 Elementos estruturais sem proteo contra incndio...................................27

    2.3.2 Elementos estruturais com material de proteo contra incndio ...............33

    2.4 Elemento unidimensional de transferncia de calor ..............................35

    2.4.1 Elementos estruturais sem proteo trmica................................................35

    2.4.2 Elementos estruturais protegidos contra incndio .......................................44

    2.5 Verificao dos modelos trmicos implementados .................................48

    2.5.1 Elementos estruturais sem proteo trmica................................................50

    2.5.2 Elementos estruturais protegidos contra incndio .......................................54

    2.6 Considerao da variao de temperatura na seo-transversal pelo

    mtodo de anlise avanada......................................................................57

    2.6.1 Seo-transversal equivalente......................................................................57

    2.6.2 Limites equivalentes de resistncia plstica ................................................61

    2.6.3 Esforos de engastamento perfeito devido variao de temperatura ........62

    2.6.4 Temperatura de referncia ...........................................................................64

  • viii

    Captulo 3: ANLISE ESTRUTURAL

    3.1 Anlise avanada de estruturas................................................................69

    3.2 Considerao de efeitos no-lineares geomtricos..................................71

    3.2.1 Restries e consideraes gerais para elemento de viga-coluna................71

    3.2.2 Funes de estabilidade para elemento de viga-coluna...............................73

    3.2.3 Relao de rigidez tangente .........................................................................77

    3.2.4 Aplicaes com modelos de funes de estabilidade ..................................80

    3.2.5 Fatores de amplificao de momentos fletores............................................83

    3.3 Conceito de mdulo tangente....................................................................91

    3.3.1 Adaptao do conceito de anlise avanada s prescries da NBR-8800 .94

    3.3.2 Considerao do efeito de temperatura........................................................101

    3.3.3 Resistncia de barras comprimidas, segundo EC-3/Parte-2 (2001) ............102

    3.3.4 Modelo de mdulo tangente segundo o Eurocdigo ...................................105

    3.3.5 Estudos com modelos de mdulos tangentes...............................................107

    3.4 Modelo inelstico de reduo de rigidez flexional ..................................115

    3.5 Considerao de ligaes semi-rgidas.....................................................123

    3.5.1 Modelo de ligao semi-rgida KISHI e CHEN (1990) ..............................125

    3.5.2 Modificao da rigidez do elemento devido presena de ligaes...........127

    Captulo 4: RESULTADOS

    4.1 Introduo .................................................................................................. 131

    4.2 Vigas isoladas em condies de incndio ................................................. 134

    4.3 Pilares isolados sob ao de incndio ....................................................... 143

    4.4 Prtico plano sob ao de incndio .......................................................... 155

    4.5 Prtico plano industrial sob ao de incndio......................................... 166

    4.6 Edifcio industrial sob ao de incndio .................................................. 169

    4.7 Anlise comparativa dos resultados......................................................... 177

  • ix

    Captulo 5: CONSIDERAES FINAIS 5.1 Breve resumo do presente trabalho ......................................................... 176

    5.2 Concluses .................................................................................................. 178

    5.3 Sugestes para trabalhos futuros ............................................................. 181

    6. Referncias bibliogrficas ......................................................................... 185

    Anexo A: IMPLEMENTAO COMPUTACIONAL A.1 Introduo .................................................................................................. 203

    A.2 Entrada de dados para o programa de anlise trmica ......................... 204

    A.3 Entrada de dados para o programa de anlise estrutural ..................... 209

    A.4 Procedimentos de solues numricas ..................................................... 224

    Anexo B: RESULTADOS COM MODELO DE ANLISE TRMICA B.1 Introduo .................................................................................................. 231

    B.2 Variao do campo de temperaturas ....................................................... 233

    B.3 Seo-transversal equivalente .................................................................. 245

    Anexo C: VERIFICAES ESTRUTURAIS EM TEMPERATURA

    AMBIENTE C.1 Introduo .................................................................................................. 268

    C.2 Prtico plano tipo portal ........................................................................ 271

    C.3 Prtico plano tipo industrial .................................................................. 273

    C.4 Edifcio de seis andares ............................................................................ 275

    C.5 Parmetros adimensionais padronizados para ligaes com

    cantoneiras.................................................................................................. 277

    C.6 Prtico de oito andares.............................................................................. 281

    C.7 Exemplo de aplicao em projeto............................................................. 289

  • x

    ndice de figuras:

    Captulo 1: Introduo

    Figura 1.1: Fases de um incndio natural, comparadas com curva

    padronizada temperatura-tempo (ISO 834-1, 1999). ......................... 4

    Figura 1.2: Medidas de segurana contra incndio em edificaes...................... 6

    Figura 1.3: Principais etapas seguidas pelo procedimento computacional

    desenvolvido....................................................................................... 20

    Captulo 2: Anlise Trmica

    Figura 2.1: Comparao entre diferentes curvas de incndio, previstas

    pelo EC-1/Parte-2 (2001).................................................................27

    Figura 2.2: Diviso da seo-transversal de perfis I ou H para

    utilizao do modelo trmico simplificado......................................28

    Figura 2.3: Calor especfico do ao (ca) em funo da temperatura

    (EC-3/Parte-2, 2001)........................................................................30

    Figura 2.4: Elemento finito trmico unidimensional (1D) com funes de

    interpolao lineares (Ni e Nj) ..........................................................36

    Figura 2.5: Discretizao da seo-transversal por meio de elementos

    unidimensionais (1D) para anlise trmica......................................37

    Figura 2.6: Condutividade trmica do ao a em funo da temperatura,

    segundo modelo recomendado pelo EC-3/Parte-2 (2001) ...............38

    Figura 2.7: Balano trmico em cada elemento 1D; contribuio do fluxo

    de calor para anlise trmica............................................................39

    Figura 2.8: Esquema de integrao temporal pelo mtodo dos trapzios

    para soluo do sistema de equaes transientes de

    temperatura ......................................................................................42

    Figura 2.9: Aplicao do elemento trmico unidimensional para anlise

    de perfis metlicos envolvidos por material de proteo

    contra incndio.................................................................................44

  • xi

    Figura 2.10: Simulao de perfis metlicos protegidos por material de

    revestimento trmico por meio de elementos trmicos

    unidimensionais ...............................................................................46

    Figura 2.11: Comparao entre variao de temperatura para o grupo de

    perfis selecionados, assumindo-se exposio em 3 faces ................51

    Figura 2.12: Comparao entre variao de temperatura para o grupo de

    perfis selecionados, assumindo-se exposio em 4 faces ................52

    Figura 2.13: Variao de temperatura para perfis selecionados, protegidos

    por material de revestimento, expostos ao fogo em 3 faces ............54

    Figura 2.14: Variao de temperatura para perfis selecionados, protegidos

    por material de revestimento, expostos ao fogo em 3 faces ............55

    Figura 2.15: Segmentao da seo-transversal em funo do aumento de

    temperatura; (a) sistema de coordenadas dos segmentos.................58

    Figura 2.16: Variao dos fatores de reduo do ao em funo da

    temperatura (EC-3/Parte-2, 2001)....................................................58

    Figura 2.17: Alongamento do ao () em funo da temperatura, segundo

    modelo sugerido pelo EC-3/Parte-2 (2001). ....................................63

    Captulo 3: Anlise Estrutural

    Figura 3.1: Elemento de viga-coluna submetido a foras axiais e

    momentos de extremidade. ..............................................................73

    Figura 3.2: Deslocamentos nodais do elemento viga-coluna, para os ns

    sistemas local e global. ....................................................................77

    Figura 3.3: Sistemas de foras equivalentes para o elemento de viga-

    coluna...............................................................................................79

    Figura 3.4: Curvas de deslocamento para diferentes condies de

    imperfeio geomtrica inicial.........................................................81

    Figura 3.5: Modelo de pilar isolado adotado nas avaliaes do efeito P-

    delta..................................................................................................85

    Figura 3.6: Comparao entre os fatores de amplificao de momento

    obtidos pelo modelo de funes de estabilidade (PNL-F),

  • xii

    soluo terica e especificaes do LRFD (1999), para

    relaes P/Pe inferiores a 0,4. ..........................................................86

    Figura 3.7: Comparao entre os fatores de amplificao de momento

    obtidos pelo modelo de funes de estabilidade (PNL-F),

    soluo terica e especificaes do AISC-LRFD (1999), para

    relaes P/Pe entre 0,5 e 0,9. ...........................................................87

    Figura 3.8: Amplificao de momento obtidos pela soluo terica,

    especificaes do AISC-LRFD (1999) e NBR-8800 (1986). ..........88

    Figura 3.9: Comparao entre curvas de flambagem de pilares (a-d)

    adotadas pela NBR-8800 (1986) e pelo AISC-LRFD (1999)..........96

    Figura 3.10: Comparao entre curvas de flambagem de pilares (a-d)

    adotadas pela NBR-8800 (1986) e as curvas pseudo-elsticas........97

    Figura 3.11: Redues inelsticas de rigidez devido ao efeito da fora

    axial, obtidos a partir das curvas de resistncia da

    NBR-8800 (1986) e AISC-LRFD (1999). .......................................100

    Figura 3.12: Curvas de resistncia de barras comprimidas para diferentes

    nveis de temperatura, segundo NBR-14323 (1999). ......................102

    Figura 3.13: Curvas de resistncia de barras comprimidas para diferentes

    nveis de temperatura, segundo EC-3/Parte-2 (2001). .....................104

    Figura 3.14: Comparao entre as curvas de flambagem de Euler, EC-

    3/Parte-2 (2001) e NBR-14323 (1999), em condies de

    temperatura ambiente (20oC). ..........................................................104

    Figura 3.15: Reduo inelstica de rigidez devido ao efeito da fora axial,

    obtido a partir da curva de resistncia do EC-3/Parte2 (2001). .......107

    Figura 3.16: Modelo de barra isolada empregada nas anlises numricas

    para comparao entre o modelo de mdulo tangente e as

    curvas de resistncia do AISC-LRFD (1999) e da

    NBR-8800 (1986). ...........................................................................108

    Figura 3.17: Comparao entre resultados de viga-coluna isolada sob

    temperatura ambiente, para curva de flambagem a

    (NBR-8800, 1986). ..........................................................................109

  • xiii

    Figura 3.18: Comparao entre resultados de viga-coluna isolada sob

    temperatura ambiente, para curva de flambagem b

    (NBR-8800, 1986). ..........................................................................109

    Figura 3.19: Comparao entre resultados de viga-coluna isolada sob

    temperatura ambiente, para curva de flambagem c

    (NBR-8800, 1986). ..........................................................................110

    Figura 3.20: Comparao entre resultados de viga-coluna isolada sob

    temperatura ambiente, para curva de flambagem d

    (NBR-8800, 1986). ..........................................................................110

    Figura 3.21: Comparao entre resultados de viga-coluna isolada sob

    temperatura ambiente, para curva de flambagem original do

    AISC-LRFD (1999). ........................................................................111

    Figura 3.22: Comparao entre os resultados obtidos com o modelo de

    mdulo tangente e as curvas de resistncia do EC-3/Parte-2,

    para valores de esbelteza entre 0,1 e 0,9..........................................113

    Figura 3.23: Comparao entre os resultados obtidos com o modelo de

    mdulo tangente e as curvas de resistncia do EC-3/Parte-2,

    para valores de esbeltez entre 1,1 e 1,9............................................114

    Figura 3.24: Modelos inelsticos para reduo de rigidez flexional

    propostos por LIEW e WHITE (1993) em condies de

    temperatura ambiente.......................................................................116

    Figura 3.25: Curvas de resistncia plstica e de incio de plastificao

    obtidas em funo das prescries do EC-3 (2003) e do

    AISC-LRFD (1999). ........................................................................117

    Figura 3.26: Relao tenso-deformao para o ao em condies de

    temperatura elevada, segundo o EC-3/Parte-2 (2001). ....................119

    Figura 3.27: Modificao da relao tenso-deformao do ao em funo

    da temperatura, segundo o modelo proposto pelo

    EC-3/Parte-2 (2001).........................................................................120

    Figura 3.28: Modelos polinomial de 4o grau proposto para o fator de

    reduo de rigidez flexional para as temperaturas no ao ()

    entre 100oC e 1200oC.......................................................................122

  • xiv

    Figura 3.29: Comportamento de curvas momento-rotao, para ligaes

    semi-rgidas segundo o modelo de KISHI e CHEN (1990).............126

    Figura 3.30: Elemento viga-coluna, modificado devido a presena de

    ligaes de extremidade semi-rgidas. .............................................128

    Captulo 4: Resultados

    Figura 4.1: Modelo estrutural de viga isolada em condies de incndio;

    (a) seo-transversal do perfil exposto ao incndio nas trs

    faces inferiores. ................................................................................ 134

    Figura 4.2: Comparao entre os deslocamentos verticais em funo do

    tempo de incndio normalizado, para o modelo de viga

    isolada. ............................................................................................. 135

    Figura 4.3: Comparao entre os deslocamentos verticais elsticos em

    funo do tempo de incndio normalizado. ..................................... 138

    Figura 4.4: Variao da configurao deformada do modelo de viga

    simples, sob fator de carga =0,6. ................................................... 139

    Figura 4.5: Comparao entre temperaturas para o perfil IPE-360

    exposto ao fogo em 3 faces: (a) temperaturas na seo a 600

    segundos; (b) idem para 1800 segundos; (c) idem para 3600

    segundos........................................................................................... 140

    Figura 4.6: Modelo estrutural de pilares isolados; (a) perfil exposto ao

    fogo em 3 faces: mesa inferior e alma; (b) idem para 4 faces:

    alma e mesas. ................................................................................... 143

    Figura 4.7: Deslocamentos horizontais em funo do tempo de incndio,

    para o modelo de pilar isolado formado pelo perfil IPE-360. ......... 145

    Figura 4.8: Deslocamentos horizontais em funo do tempo de incndio,

    para o modelo de pilar isolado formado pelo perfil W-360............. 145

    Figura 4.9: Distribuio de temperaturas para o perfil IPE-360 exposto

    ao fogo em 4 faces; (a) temperaturas ao longo da seo-

    transversal no tempo de 600 segundos; (b) idem para 1800

    segundos; (c) idem para 3600 segundos. ......................................... 147

  • xv

    Figura 4.10: Distribuio de temperaturas para o perfil W-360 exposto ao

    fogo em 3 faces; (a) temperaturas a 600 segundos; (b) 1800

    seg.; (c) 3600 seg. ............................................................................ 148

    Figura 4.11: Distribuio de temperaturas para o perfil W-360 exposto ao

    fogo em 4 faces(a) temperaturas a 600 segundos; (b) 1800

    seg.; (c) 3600 seg. ............................................................................ 148

    Figura 4.12: Superfcies de resistncia plstica da seo-transversal do

    perfil IPE-360 exposta ao fogo em 3 e 4 faces. ............................... 149

    Figura 4.13: Superfcies de resistncia plstica da seo-transversal do

    perfil W-360 aquecido em 3 e 4 faces. ............................................ 150

    Figura 4.14: Mdulos elsticos equivalentes: EA e EI em funo do

    tempo de incndio para os perfis IPE-360 e W-360, expostos

    em 3 e 4 faces................................................................................... 151

    Figura 4.15: Variao de esforos axiais equivalentes: Py e P, em funo

    do tempo de incndio para o perfil IPE-360, exposto ao fogo

    em 3 e 4 faces................................................................................... 152

    Figura 4.16: Variao de esforos axiais equivalentes: Py e P, em funo

    do tempo de incndio para o perfil W-360, exposto ao fogo

    em 3 e 4 faces................................................................................... 153

    Figura 4.17: Momentos equivalentes normalizados: Mp e M, em funo

    do tempo de incndio para o perfil IPE-360, exposto ao fogo

    em 3 e 4 faces................................................................................... 154

    Figura 4.18: Momentos equivalentes normalizados: Mp e M, em funo

    do tempo de incndio para o perfil W-360, exposto ao fogo

    em 3 e 4 faces................................................................................... 154

    Figura 4.19: Modelo de prtico plano tipo portal adaptado de VOGEL

    (1985), sob condies de incndio normalizado; (a) perfis

    expostos ao fogo nas trs faces internas: alma e mesa inferior. ...... 156

    Figura 4.20: Comparao entre deslocamentos horizontais do modelo de

    prtico plano em funo do tempo de incndio, obtidos pelos

    programas PNL-F e SAFIR (FRANSSEN et al., 2000), para

    diferentes nveis de carregamento aplicado ()............................... 157

  • xvi

    Figura 4.21: Configurao deformada do prtico plano para diferentes

    intervalos de tempo de incndio, =0,4........................................... 159

    Figura 4.22: ndices plsticos associados flexo (*) para a estrutura do

    prtico plano deformada sob fator de carga de 0,4; no

    instante de 960s................................................................................ 160

    Figura 4.23: Distribuio de temperaturas para o perfil HEA-340 exposto

    ao fogo em 3 faces; (a) distribuio de temperaturas ao longo

    da seo-transversal no instante de 600 segundos; (b) idem

    para 1800 segundos; (c) idem para 3600 segundos. ........................ 161

    Figura 4.24: Distribuio de temperaturas para o perfil HEB-300 exposto

    ao fogo em 3 faces; (a) 600 segundos; (b) 1800 seg.;

    (c) 3600 seg...................................................................................... 162

    Figura 4.25: Curvas de resistncia plstica para os perfis HEA-340 e

    HEB-300, para diferentes instantes do incndio padronizado......... 163

    Figura 4.26: Variao normalizada da resistncia axial e esforo axial de

    engastamento, em funo do tempo de incndio. ............................ 164

    Figura 4.27: Variao do momento plstico e momento de engastamento

    perfeito em funo do tempo de incndio para os perfis

    HEA-340 e HEB-300. ...................................................................... 164

    Figura 4.28: Reduo dos mdulos elsticos equivalentes: EA e EI em

    funo do tempo de incndio para os perfis HEA-340 e

    HEB-300 adotados no modelo de prtico plano. ............................. 165

    Figura 4.29: Configurao geomtrica inicial e carregamento externo do

    modelo de prtico plano industrial; (a) seo-transversal do

    perfil IPE-360. ................................................................................. 166

    Figura 4.30: Comparao entre os deslocamentos horizontais em funo

    do tempo de incndio normalizado, obtidos pelos programas

    PNL-F e SAFIR, para o modelo de prtico plano industrial,

    em regime elstico. .......................................................................... 167

    Figura 4.31: Desenvolvimento da configurao deformada do prtico

    plano industrial para diferentes instantes do incndio, obtido

    pelo programa PNL-F ...................................................................... 168

  • xvii

    Figura 4.32: Modelo de edifcio de 4 andares sob incndio; (a) pilares

    expostos em 3 faces; (b) idem para 4 faces; (c) vigas expostas

    em 3 faces; (d) carregamentos vertical; (e) 50% do vento

    proposto LEON et al. (1996). .......................................................... 169

    Figura 4.33: Relao momento-rotao segundo o modelo tri-linear

    proposto por LEON et al. (1996) para ligaes semi-rgidas. ......... 171

    Figura 4.34: Distribuio de ligaes semi-rgidas para o edifcio de

    4 andares proposto por LEON et al. (1996)..................................... 172

    Figura 4.35: Variao de deslocamento horizontal do edifcio de 4 andares

    (LEON et al., 1996), sob diferentes condies de incndio,

    obtidos pelos programas PNL e SAFIR

    (FRANSSEN et al., 2000). .............................................................. 172

    Figura 4.36: Variao da configurao deformada do edifcio de 4 andares

    adaptado de LEON et al. (1996) no tempo de incndio,

    obtido pelo programa PNL-F........................................................... 175

    Figura 4.37: Superfcies de resistncia plstica para diferentes instantes do

    incndio padronizado para os perfis: W21x44 (3 e 4 faces) e

    W14x82............................................................................................ 176

    Figura 4.38: Reduo dos mdulos elsticos equivalentes: EA e EI em

    funo do tempo de incndio para os perfis: W21x44 e

    W14x82 (3 e 4 faces) adotados no modelo de 4 andares

    adaptado de LEON et al. (1996). ..................................................... 176

  • xviii

    ndice de tabelas

    Captulo 2: Anlise Trmica

    Tabela 2.1: Permetros expostos para elementos que compem a seo-

    transversal de perfis metlicos I ou H. .......................................32

    Tabela 2.2: Propriedades de elementos unidimensionais utilizados na

    discretizao de sees-transversais de perfis metlicos I ou

    H envolvidos por material de proteo contra incndio................47

    Tabela 2.3: Fatores de massividade para o grupo de perfis metlicos

    selecionados para anlise trmica entre os diferentes modelos

    implementados. ................................................................................49

    Tabela 2.4: Propriedades trmicas do material de proteo contra

    incndio adotado nas anlises de comparao de variao de

    temperatura. .....................................................................................50

    Tabela 2.5: Diferenas percentuais entre resultados trmicos, para perfis

    metlicos sem a presena de material de proteo contra

    incndio............................................................................................53

    Tabela 2.6: Diferenas percentuais entre resultados trmicos, para perfis

    metlicos envolvidos por material de proteo contra

    incndio............................................................................................56

    Tabela 2.7: Fatores de reduo das propriedades mecnicas do ao para

    diferentes nveis de temperatura ......................................................59

    Tabela 2.8: Diferenas percentuais para propriedades de sees

    equivalentes, de perfis metlicos desprotegidos, expostos ao

    fogo em 3 faces. ...............................................................................66

    Tabela 2.9: Diferenas percentuais para propriedades de sees

    equivalentes, de perfis metlicos desprotegidos, expostos ao

    fogo em 4 faces. ...............................................................................67

    Tabela 2.10: Diferenas percentuais para propriedades de sees

    equivalentes, de perfis metlicos protegidos, expostos ao

    fogo em 3 faces. ...............................................................................67

  • xix

    Tabela 2.11: Diferenas percentuais para propriedades de sees

    equivalentes, de perfis metlicos protegidos, expostos ao

    fogo em 4 faces. ...............................................................................68

    Captulo 3: Anlise Estrutural

    Tabela 3.1: Comparao entre valores de funes de estabilidade.....................76

    Tabela 3.2: Diferenas entre os fatores mximos de amplificao de

    momento para diferentes valores de carga axial e momento

    aplicado. ...........................................................................................89

    Tabela 3.3: Comparao entre os fatores mximos de amplificao de

    momento, para momentos fletores com o mesmo sentido

    (MA/MB 0).....................................................................................90

    Tabela 3.4: Comparao entre fatores mximos de amplificao de

    momento fletor, para momentos fletores opostos

    (MA/MB < 0).....................................................................................90

    Tabela 3.5: Curvas de flambagem para perfis tipo I ou H, fletidos

    segundo seu eixo de maior inrcia (NBR-8800, 1986)....................95

    Tabela 3.6: Fator de imperfeio para curvas de flambagem

    (NBR8800, 1986).............................................................................95

    Tabela 3.7: Fator de escala curvas de flambagem elsticas................................97

    Tabela 3.8: Constantes para as expresses analticas do fator de reduo

    de rigidez inelstico .........................................................................99

    Tabela 3.9: Constantes para fator de reduo de rigidez inelstico

    aproximados por polinmios de quarto-grau ...................................100

    Tabela 3.10: Diferena entre as curvas de resistncia originais

    (NBR8800, 1986 e LRFD-AISC, 1999) (A) e os resultados

    obtidos com respectivo modelo de mdulo tangente (B). ...............112

    Tabela 3.11: Diferena entre curvas de resistncia (EC-3/Parte-2, 2001)

    (A) e resultados pelo modelo de mdulo tangente PNL-F

    (B), para valores de esbeltez entre 0,1 e 1,9; temperatura no

    ao entre 20oC e 1200oC. .................................................................115

    Tabela 3.12: Limites de tenso-deformao para o ao em condies de

    temperatura elevada, segundo o EC-3/Parte-2 (2001). ....................119

  • xx

    Tabela 3.13: Coeficientes polinomiais para o fator de reduo de rigidez

    flexional, em funo da temperatura do ao. ...................................121

    Captulo 4: Resultados

    Tabela 4.1: Tempo Crtico de Resistncia ao Fogo (TCRF) obtido pelos

    programas PNL-F e SAFIR (FRANSSEN et al., 2000) para o

    modelo de viga isolada. ................................................................... 137

    Tabela 4.2: Comparao entre valores de flechas mximas elsticas

    obtidos pelos programas PNL-F e SAFIR para diferentes

    nveis de momento fletor, aps 1h de incndio. .............................. 139

    Tabela 4.3: TCRF obtidos pelos programas PNL-F e SAFIR para

    diferentes nveis de carregamento aplicado () para o prtico

    plano tipo portal. .......................................................................... 158

    Tabela 4.4: TCRF obtidos pelos programas PNL-F e SAFIR para

    diferentes condies de aquecimento do prtico de 4 andares

    (LEON et al. ,1996). ........................................................................ 173

  • xxi

    Lista de smbolos:

    Letras romanas

    A rea da seo-transversal, rea do elemento

    Ae superfcie da seo-transversal exposta ao fogo

    Am rea da seo-transversal material de proteo trmica

    A rea equivalente da seo-transversal

    b caractersticas trmicas do material de fechamento do compartimento

    B1 fator de amplificao de momento fletor

    B2 fator de amplificao de momento fletor

    bf largura da mesa de perfil metlico

    ca calor especfico do ao

    cm calor especfico do material de proteo contra incndio

    Cm fator de homogeneizao de momentos fletores

    dci deslocamento locais do elemento viga-coluna

    dgi grau de liberdade em coordenadas globais

    E mdulo elstico (mdulo de Young)

    EA mdulo elstico equivalente associado rigidez axial

    EI mdulo elstico equivalente associado rigidez flexional

    Et mdulo tangente

    fp, tenso limite proporcional

    fy tenso de escoamento para temperatura ambiente

    h altura total da alma de perfil metlico

    Hcr matriz de transferncia de calor por conveco e por radiao

    hw altura til da alma de perfil metlico

    I momento de inrcia equivalente

    k segmento bsico da seo-transversal

    ka fator de correo emprico para anlises em condies de incndio

    Kt matriz de conduo de calor

    L comprimento do elemento

    comprimento do elemento

    M matriz de massa concentrada

    M momento de extremidade

  • xxii

    Mp20 momento plstico para temperatura ambiente (ou simplesmente Mp)

    Mp momento plstico em funo da temperatura

    n parmetro de forma de ligaes semi-rgidas

    Ni funes de interpolao lineares

    O fator de abertura para o compartimento

    P esforo axial

    p permetro exposto da seo-transversal

    Pcr carga crtica de Euler, tambm adotado (Pe)

    Py20 resistncia plstica axial para temperatura ambiente (ou simplesmente Py)

    Py resistncia plstica axial em funo da temperatura

    q fluxo de calor

    qt,d densidade de carga de incndio acondicionada no compartimento

    Rcr vetor de transferncia de calor por conveco e por radiao

    Rkt rigidez tangente da ligao

    rs comprimento de raio de solda de perfil metlico

    S1 funes de estabilidade

    S2 funes de estabilidade

    tf espessura da mesa de perfil metlico

    tlim taxa de crescimento do incndio

    tm espessura do material de proteo contra incndio

    tw espessura da alma de perfil metlico

    u permetro efetivo da seo-transversal

    u/A fator de massividade de elementos estruturais de ao sem proteo contra incndio

    um permetro efetivo da seo-transversal envolvida por material de proteo

    um/A fator de massividade para elementos com material de proteo contra fogo

    Letras gregas:

    j fluxo de calor por unidade de rea

    la coeficiente de conduo de calor do ao

    ra massa especfica do ao

    ac coeficiente de transferncia de calor por conveco

    jc fluxo de calor por unidade de rea associado conveco

    qg temperatura do ambiente

  • xxiii

    lm condutividade trmica do material de proteo contra incndio

    qm temperatura na superfcie do ao

    rm massa especfica do material de proteo

    ar coeficiente de transferncia de calor por radiao

    jr fluxo de calor por unidade de rea associado radiao

    x comprimento qualquer do elemento de viga-coluna

    estado de esforos combinados, momento fletor e esforo axial

    fator de imperfeio

    fator de forma especfico para anlises em condies de incndio

    t intervalo de tempo

    a,t elevao de temperatura do ao em funo do tempo t

    res coeficiente de emissividade resultante

    alongamento do ao em funo da temperatura

    parmetros de reduo de rigidez sob temperatura ambiente

    parmetros de reduo de rigidez em funo da temperatura

    rotao de extremidade do elemento

    temperatura

    0 temperatura do ambiente antes do incio do aquecimento

    a temperatura do ao

    max temperatura mxima dada pela fase de aquecimento

    r rotao relativa entre a viga e a coluna

    ref temperatura de referncia

    E, fator de reduo do mdulo elstico

    p, fator de reduo do limite proporcional

    y, fator de reduo do limite de escoamento

    parmetro de esbeltez para barras comprimidas

    armazenagem relativa de calor do material de proteo trmica

    fator de correo

    deformao

    tenso

  • ,1752'8d2

    0RWLYDomR2 IRJR VHPSUH IDVFLQRX R+RPHP TXHU SHOD VXD XWLOLGDGH TXHU SHOR VHX

    DOWR SRGHU GH GHVWUXLomR 2 VHX GRPtQLR TXH RFRUUHX Ki DQRV IRLSURYDYHOPHQWH D SULPHLUD WUDQVIRUPDomR TXtPLFD TXH D HVSpFLH KXPDQD DSUHQGHX DXWLOL]DU SDUD IDFLOLWDU VHX GLDDGLD 6HP R IRJR D FLYLOL]DomR VHULD UDGLFDOPHQWHGLIHUHQWH SURYDYHOPHQWH QHP PHVPR H[LVWLULD &RQWXGR PHVPR HP IDFH GH VXDLPSRUWDQWH FRQWULEXLomR QR GHVHQYROYLPHQWR GH QRVVD VRFLHGDGH PRGHUQD DV SHUGDVKXPDQDV H RV SUHMXt]RV PDWHULDLV RULJLQDGRV SRU LQFrQGLRV IRUD GH FRQWUROH WrPUHVVDOWDGR DR ORQJR GD +LVWyULD D LPSRUWkQFLD GD FRQVLGHUDomR GD VHJXUDQoD FRQWUDLQFrQGLRQRVSURMHWRVGHHQJHQKDULDFLYLO0255,6

    ,QIHOL]PHQWH R WHPD VHJXUDQoD FRQWUD LQFrQGLRV VRPHQWH UHFHEH DPHUHFLGDDWHQomRDSyVVpULRVHIDWDLVDFLGHQWHVFRPRSRUH[HPSORRKLVWyULFR*UDQGH,QFrQGLR GH /RQGUHV R LQFrQGLR GR(GLItFLR$QGRULQKDV QR FHQWUR GR5LR GH-DQHLURRFRUULGRHP)HYHUHLURGHRQGHSHVVRDVPRUUHUDPHILFDUDPIHULGDVD WUDJpGLD GRV HGLItFLRV $QGUDXV HP GH )HYHUHLUR GH H -RHOPD HP R GH

  • )HYHUHLURGHRQGHPRUUHUDPUHVSHFWLYDPHQWHHSHVVRDVFLWDQGRVHDLQGDRUHFHQWHDWDTXHjVWRUUHVJrPHDVGR:RUOG7UDGH&HQWHURFRUULGRHPGH6HWHPEURGHQDFLGDGHGH1RYD,RUTXHQRV(VWDGRV8QLGRV

    $XWLOL]DomRGRDoRFRPRSDUWLGRHVWUXWXUDOQRkPELWRLQGXVWULDOFRPHUFLDORX PHVPR UHVLGHQFLDO GHYHVH D GLYHUVDV YDQWDJHQV GHVWH PDWHULDO HP UHODomR DRFRQFUHWR DUPDGR H GHPDLV PDWHULDLV HPSUHJDGRV QD FRQVWUXomR FLYLO SRGHQGRVHGHVWDFDUYHORFLGDGHH IDFLOLGDGHQDPRQWDJHPHVWUXWXUDVH IXQGDo}HV OHYHVH UHODWLYREDL[RFXVWRHPIXQomRGHVXDHOHYDGDUHVLVWrQFLDHVWUXWXUDO&RQWXGRDVHVWUXWXUDVGHDoR DLQGD VmR WUDWDGDV FRPXPDSDUWLFXODU H LQMXVWLILFDGD GHVFRQILDQoD HP UHODomR DRVHXGHVHPSHQKRHPVLWXDo}HVGH LQFrQGLR7DO IDWR IXQGDPHQWDVHQDYXOQHUDELOLGDGHGHVWH PDWHULDO VRE FRQGLo}HV GH WHPSHUDWXUDV HOHYDGDV 1HVVHV FDVRV R DoR SHUGHFRQVLGHUDYHOPHQWHHJUDGXDOPHQWHVXDVFDUDFWHUtVWLFDVGHUHVLVWrQFLDHULJLGH]DVTXDLVSUHFLVDPVHUFXLGDGRVDPHQWHFRQVLGHUDGDVQDVDQiOLVHVGHHVWUXWXUDVVREIRJR

    ,PSRUWDQWHVSHVTXLVDVH[SHULPHQWDLVQXPpULFDVHDQDOtWLFDVFRQGX]LGDVQRV~OWLPRVDQRVVREUHRFRPSRUWDPHQWRGHHVWUXWXUDVPHWiOLFDVVREFRQGLo}HVGHLQFrQGLRWrP SRVVLELOLWDGR R GHVHQYROYLPHQWR GH DYDOLDo}HV GH VHJXUDQoD HVWUXWXUDO FDGD YH]PDLV VRILVWLFDGDV VREUH R UHDO GHVHPSHQKR GH HGLItFLRV VRE IRJR &RP EDVH QDVFRQFOXV}HV H[WUDtGDV GHVWHV HVWXGRV DILUPDVH TXH DV HVWUXWXUDV GH DoR SRGHP VHUGLPHQVLRQDGDV SDUD UHVLVWLUHP TXDOTXHU QtYHO GH UHVLVWrQFLD DR IRJR 672//$5' H-2+16721

    $VROXomRFRPXPHQWHDGRWDGDQDSUiWLFDGHSURMHWRVGHHQJHQKDULDSDUDDFRQVLGHUDomR GH Do}HV UHODFLRQDGDV D LQFrQGLRV HP HGLILFDo}HV HVSHFLDOPHQWH SDUDHVWUXWXUDV GH DoR UHVXPHVH QD HVSHFLILFDomR GH XPD GHWHUPLQDGD TXDQWLGDGH GHPDWHULDO GH UHYHVWLPHQWR WpUPLFR D VHU DSOLFDGD QRV SULQFLSDLV HOHPHQWRV HVWUXWXUDLVSRWHQFLDOPHQWHDWLQJLGRVSHORIRJR

  • (QWUHWDQWRRXVRLQGLVFULPLQDGRGHVVDVROXomRWpFQLFDQRUPDOPHQWHUHVXOWDHPXPDGHVFDUDFWHUL]DomRGRVSULQFLSDLVEHQHItFLRVWUD]LGRVSHORHPSUHJRGRDoRFRPRSDUWLGR HVWUXWXUDO 1HVWHV FDVRV PHVPR TXH RV SULQFLSDLV REMHWLYRV SUHYLVWRV SHORSURMHWRGHVHJXUDQoDFRQWUDLQFrQGLR PLQLPL]DomRGHSHUGDVKXPDQDVHPDWHULDLVWHQKDP VLGR DWLQJLGRV GHL[D GH H[LVWLU XPD KDUPRQL]DomR HQWUH DV GHPDLVFDUDFWHUtVWLFDV SUHYLVWDV SHOD HGLILFDomR IXQFLRQDLV HVWpWLFDV H HFRQ{PLFDV672//$5'H$%5$+$06

    1HVWH FRQWH[WR HPEDVDGR SHOR GLYHUVRV UDPRV GH LQYHVWLJDomR GD(QJHQKDULD GH ,QFrQGLR SURFXUDVH QD SUHVHQWH 3HVTXLVD GH 'RXWRUDGR RGHVHQYROYLPHQWRGHXPDPHWRGRORJLDGHFiOFXORGHHVWUXWXUDVGHDoRVREFRQGLo}HVGHLQFrQGLR PDQWHQGRVH XPD LQWHJUDomR KDUPRQLRVD HQWUH DV SRVVtYHLV VROXo}HV GHHQJHQKDULD YLVDQGR VREUHWXGR D UHGXomR GRV SHULJRV DVVRFLDGRV D LQFrQGLRV IRUD GHFRQWUROH SDUD DV SHVVRDV H D SURSULHGDGH $ FRQWULEXLomR GD DQiOLVH HVWUXWXUDO QRFRQWH[WRGD(QJHQKDULDGH,QFrQGLRpWUDWDGDDVHJXLU ,PSRUWkQFLDGDDQiOLVHHVWUXWXUDOQRFRQWH[WRGD(QJHQKDULD

    GH,QFrQGLR,QFrQGLRV UHDLV GHVHQYROYHPVH H GHFDHP GH DFRUGR FRP R EDODQoR GH

    PDVVDHHQHUJLDFRQWLGRVQXPGHWHUPLQDGRFRPSDUWLPHQWRDIHWDGRSHORIRJR$HQHUJLDOLEHUDGDGHSHQGHDOpPGDTXDQWLGDGHHGRWLSRGHHOHPHQWRFRPEXVWtYHOGLVSRQtYHOGDVFRQGLo}HVGHYHQWLODomR(PRXWUDVSDODYUDVGHVFUHYHVHRWULkQJXORGRIRJRTXHpFDUDFWHUL]DGRSHODFRPSRVLomRGHWUrVHOHPHQWRVIXQGDPHQWDLVHHVVHQFLDLVSDUDTXHVHPDQWHQKDP DV FRQGLo}HV GH LQFrQGLR TXH VmR FRPEXVWtYHO FRPEXUHQWH H FDORU $UHPRomRGHTXDOTXHUXPGHVWHVFRPSRQHQWHVDFDUUHWDQDH[WLQomRGRIRJR

    'HXPPRGRJHUDOLQFrQGLRVQDWXUDLVSRGHPVHUUHSUHVHQWDGRVSRUIDVHV

  • GLVWLQWDV GHILQLGDV FRPR FUHVFLPHQWR GHVHQYROYLPHQWR H GHFDLPHQWR FRQIRUPHPRVWUDGRQD)LJXUD

    )LJXUD )DVHV GH XP LQFrQGLR QDWXUDO 63&( FRPSDUDGDV FRP FXUYDSDGURQL]DGDWHPSHUDWXUDWHPSR,62

    1DSULPHLUDIDVHGHXPLQFrQGLRQDWXUDORXIDVHGHFUHVFLPHQWRLQLFLDVHR SURFHVVR GH TXHLPDSDUFLDO GRVPDWHULDLV FRPEXVWtYHLV RFDVLRQDQGR D SURGXomR GHIXPDoDHGHSHTXHQDVTXDQWLGDGHVGHFDORU1HVWDIDVHDWHPSHUDWXUDDPELHQWHDXPHQWDSURJUHVVLYDPHQWHDWpTXHVHDWLQMDXPYDORUFDUDFWHUtVWLFRGHWHPSHUDWXUDGHQRPLQDGRFRPR IODVKRYHU (VWH LQVWDQWH DVVRFLDGR D XPD WHPSHUDWXUD DSUR[LPDGD GH R&GHILQH R SRQWR RQGH WRGRV RVPDWHULDLV RUJkQLFRV HQWUDP HP SURFHVVR GH FRPEXVWmR

    LJQLomR

    7HPSRFUHVFLPHQWR

    SUpIODVKRYHU SyVIODVKRYHU R&7HPS

    HUDWXUD

    IODVKRYHUaR&LQtFLRGRIRJR

    FXUYDGHLQFrQGLRQDWXUDOFXUYDGHLQFrQGLRSDGURQL]DGR,62

    GHVHQYROYLPHQWRGHFDLPHQWR

  • HVSRQWkQHD VHQGR D SDUWLU GHVWHPRPHQWR LQYLiYHO R FRPEDWH DR LQFrQGLR TXHU SHODDWXDomR GH VLVWHPDV DXWRPiWLFRV GH H[WLQomR TXHU SHOD DomR GH EULJDGDV $SyV RWpUPLQRGDTXHLPDGHWRGRVRVPDWHULDLVFRPEXVWtYHLVGLVSRQtYHLVTXHGHOLPLWDDIDVHGH FUHVFLPHQWR )LJ D WHPSHUDWXUD QR DPELHQWH DWLQJH VHX YDORUPi[LPR HQWUH H R& FRPHoDQGR D GHFDLU SURJUHVVLYDPHQWH $ SDUWLU GHVWH SRQWR WHPVHHQWmRRLQtFLRGRHVWiJLRGHDUUHIHFLPHQWRRXIDVHGHGHFDLPHQWRWDPEpPGHQRPLQDGDGH]RQDSyVIODVKRYHU

    'XUDQWHDIDVHGHFUHVFLPHQWRRX]RQDSUpIODVKRYHU)LJTXDQGRRLQFrQGLRDLQGDVHHQFRQWUDHPXPHVWiJLREDVWDQWHSUHPDWXURGHVHXGHVHQYROYLPHQWRVLVWHPDVDWLYRVGHFRPEDWHDLQFrQGLRSRGHPIXQFLRQDUHILFLHQWHPHQWHQDSUHYHQomRGDLJQLomR 1HVWHV FDVRV D XWLOL]DomR GH VLVWHPDV GH H[WLQomR DXWRPiWLFD FRPR SRUH[HPSORVSULQNOHUVFKXYHLURVDXWRPiWLFRVDOpPGHDX[LOLDUQDH[WLQomRHOLPLWDomRGD SURSDJDomR GR IRJR FRQWULEXHP VXEVWDQFLDOPHQWH SDUD D UHGXomR GRV QtYHLV GHIXPDoDHGHWHPSHUDWXUDQRVFRPSDUWLPHQWRVDIHWDGRV

    3RUVXDYH]DSURYLVmRGHGHWHFWRUHVDXWRPiWLFRVGHIXPDoDFKDPDHFDORUSRVVLELOLWDXPDUiSLGDFRPXQLFDomRDRV RFXSDQWHVGDHGLILFDomRVREUHDRFRUUrQFLDGHSURFHVVRVGHLJQLomRPD[LPL]DQGRDVVLPRWHPSRGHIXJD$OpPGLVVRYLDELOL]DPXPDSURQWDLQWHUYHQomRGDVHTXLSHVGHFRPEDWHDLQFrQGLRUHGX]LQGRVHFRQVLGHUDYHOPHQWHDSRVVLELOLGDGHGHVHDWLQJLURSRQWRGH IODVKRYHU

    $OWHUQDWLYDPHQWHjXWLOL]DomRGHVLVWHPDVDWLYRVGHFRPEDWHDRIRJRFRPRSRUH[HPSORVLVWHPDVGHGHWHFomRHH[WLQomRDXWRPiWLFRVXPDVHOHomRFXLGDGRVDGRVPDWHULDLVDVHUHPDGRWDGRVQDFRPSRVLomRGHIHFKDPHQWRVHDFDEDPHQWRVGDHGLILFDomR QDPHGLGDGRSRVVtYHODQWLLQIODPiYHLV SRVVLELOLWDXPDUHGXomRVLJQLILFDWLYDGRVULVFRVGHLJQLomRHGHSURSDJDomRGRIRJR$OpPGLVVRRVPDWHULDLVHPSUHJDGRVSRGHPVHU VHOHFLRQDGRV GH PRGR D JHUDU TXDQWLGDGHV PtQLPDV GH IXPDoD DVVHJXUDQGR ERD

  • YLVLELOLGDGHSDUDHVFDSHGRVRFXSDQWHVPLQLPL]DQGRDVVLPULVFRGHDVIL[LD SULQFLSDOFDXVD GH PRUWH HP LQFrQGLRV 2 DUPD]HQDPHQWR VHJXUR GH PDWHULDLV LQIODPiYHLVDGHTXDGDPDQXWHQomRGDV LQVWDODo}HV HOpWULFDV GLVSRVLomR VXILFLHQWHGH HTXLSDPHQWRVGH FRPEDWH DR IRJR DSURSULDGD XWLOL]DomR GH SRUWDV FRUWDIRJR DOpP GR FRQVWDQWHWUHLQDPHQWR GRV RFXSDQWHV VmR DOJXQV GRV H[HPSORV LPSUHVFLQGtYHLV QD UHGXomR GRULVFRGHLJQLomR

    $VFRQVLGHUDo}HVDQWHULRUPHQWHPHQFLRQDGDVGHSUHYHQomRFRQWUDLJQLomRHGHFRQWUROHGDSURSDJDomRID]HPSDUWHGHXPFRQMXQWRGHPHGLGDVGHVHJXUDQoDFRQWUDIRJR GLVSRQtYHLV SDUD R SURMHWLVWD SDUD TXH RVREMHWLYRV SULQFLSDLV GD(QJHQKDULD GH,QFrQGLR SRVVDP VHU DWLQJLGRV $VVLP DSUHVHQWDVH HVTXHPDWLFDPHQWH QD )LJXUD XP UHVXPR GDV SULQFLSDLV DOWHUQDWLYDV FRPXPHQWH DGRWDGDV QD VHJXUDQoD FRQWUDLQFrQGLRGHHGLILFDo}HV

    )LJXUD 0HGLGDVGHVHJXUDQoDFRQWUDLQFrQGLRHPHGLILFDo}HV2EVHUYDVH QD )LJXUD TXH DSDUWH GDV PHGLGDV FRPXQV DRV REMHWLYRV

    HVWDEHOHFLGRV D IDFLOLGDGH GH IXJD SULRUL]D H[FOXVLYDPHQWH DPLQLPL]DomR GH SHUGDVKXPDQDV7DOPHGLGDTXHpQRWRULDPHQWH UHFRQKHFLGDFRPRRPDLVHILFLHQWHPHLRGH

    PLQLPL]DUULVFRjYLGDUHGX]LUULVFRGHFRODSVRHVWUXWXUDO

    SUHYHQLULJQLomR IDFLOLWDUHVFDSH

    UHGX]LUULVFRjSURSULHGDGHFRQWURODUSURSDJDomR

    REMHWLYRV

  • UHGXomRGHIDWDOLGDGHVHVWiLQWLPDPHQWHUHODFLRQDGDFRPDKDELOLGDGHGRVRFXSDQWHVGHHQFRQWUDU UDSLGDPHQWH DV URWDV GH IXJD &RQWXGR HVWXGRV VREUH R FRPSRUWDPHQWRKXPDQRHPFRQGLo}HVGH LQFrQGLR&$17(5 LQGLFDPTXHD UHVSRVWDSDUD WDLVVLWXDo}HV GH SHULJR p EDVWDQWH OHQWD'HVWHPRGR UHVVDOWDVH DOpPGD QHFHVVLGDGH GHFRQVWDQWHV WUHLQDPHQWRV H GH OLEHUDomR GH IXPDoD H FDORU SDUD D DWPRVIHUD D HIHWLYDJDUDQWLD GH TXH DV HVWUXWXUDV DSUHVHQWHP FRQGLo}HV PtQLPDV GH UHVLVWrQFLD DR IRJRSRVVLELOLWDQGRDVVLPRHVFDSHVHJXURGHWRGRVRVRFXSDQWHV

    $VXSRVLomRGHTXHXPLQFrQGLRQDWXUDOSRVVDDWLQJLUFRQGLo}HVGHSHUGDGHFRQWUROH IODVKRYHU DQWHV GD DWXDomR GRV VLVWHPDV GH FRPEDWH D LQFrQGLR H GHEULJDGDV HOHYD FRQVLGHUDYHOPHQWH R ULVFR GH FRODSVR HVWUXWXUDO 1HVWH FHQiULR DPLQLPL]DomRGRV ULVFRVDVVRFLDGRVDRFRODSVRVRPHQWHSRGHVHUDOFDQoDGDDWUDYpVGDFRQFLOLDomR HQWUH VLVWHPDV GH FRPSDUWLPHQWDOL]DomR H GH DGHTXDGDV DYDOLDo}HV GHUHVLVWrQFLDHVWUXWXUDO

    $ DGRomR GH VLVWHPDV GH SURWHomR SDVVLYD QD SUHYHQomR GR FRODSVRHVWUXWXUDO QRUPDOPHQWH FDUDFWHUL]DGRV SHOD DSOLFDomR GH PDWHULDLV GH UHYHVWLPHQWRWpUPLFRHPHVWUXWXUDVGHDoRHGHPDGHLUDpFRQVLGHUDGDEDVWDQWHLQHILFD]QDUHGXomRGHIDWDOLGDGHVHGHSHUGDVPDWHULDLV672//$5'H$%5$+$06,VWRVHGHYHDR HOHYDGR QtYHO GH WHPSHUDWXUDV GHVHQYROYLGR DSyV D IDVH GH IODVKRYHU EDVWDQWHVXSHULRUHV jTXHODV QHFHVViULDV SDUD VH HYLWDU D SRVVLELOLGDGH GH SHUGDV PDWHULDLV HKXPDQDV$OpPGLVVRGHYHVHWHUHPPHQWHDQHFHVVLGDGHGHFRQVWDQWHPDQXWHQomRGRVPDWHULDLVGHSURWHomRSDVVLYDDVVHJXUDQGRGHVWHPRGRVXDHILFiFLD

    6HJXQGR ,1*+$1 Ki FRQVHQVR VREUH D SUHIHUrQFLD SRU PHGLGDVSDVVLYDV GH SURWHomR FRQWUD IRJR ,VWR VH GHYH j SHUFHSomR GHPDLRU FRQILDELOLGDGH HGHVHPSHQKRDVVHJXUDGRFRPPHQRVLQFHUWH]DVUHODFLRQDGDVjRSHUDomR

    2GHVHPSHQKRGHHOHPHQWRVHVWUXWXUDLV VXMHLWRVDR IRJRpDSUHVHQWDGRHP

  • WHUPRVGHVXDUHVLVWrQFLDDRLQFrQGLRTXHpRSHUtRGRGHWHPSRGHH[SRVLomRDRIRJRHPWHVWHSDGURQL]DGRQRTXDOREVHUYDVHDIDOKDHVWUXWXUDO$VVLPR7HPSR5HTXHULGRGH5HVLVWrQFLDDR)RJR755)GHXPHOHPHQWRLVRODGRQRUPDOPHQWHHVSHFLILFDGRSRUFyGLJRV QRUPDWLYRV p GHVLJQDGR HP IXQomR GR GHVHPSHQKR HVWUXWXUDO REWLGR SRUHQVDLRV ODERUDWRULDLV HVWXIDV 2 755) p QRUPDOPHQWH H[SUHVVR HPP~OWLSORV GH PLQXWRV FRPR SRU H[HPSOR 1%5 1HVWH SURFHGLPHQWR GHWHVWHRSURFHVVRGHDTXHFLPHQWRpFRQWURODGRGHDFRUGRFRPXPDFXUYDSDGURQL]DGDGHWHPSR YHUVXV WHPSHUDWXUD HVWDEHOHFLGD LQWHUQDFLRQDOPHQWH H UHIHUHQFLDGD SHOD,62 LQFOXtGD HP(&3DUWH H1%5 7DO FXUYDWDPEpPLOXVWUDGDQD)LJXUD SRVWHULRUPHQWHWUDWDGDHPGHWDOKHVQD6HomRGHVWDSHVTXLVDpFDUDFWHUL]DGDSHORDTXHFLPHQWRFRQWtQXRGRDPELHQWHHPIXQomRGRWHPSRGHLQFrQGLRWUDQVFRUULGRPDQWHQGRVHFRQWXGRXPDWD[DGHDTXHFLPHQWRGHFUHVFHQWH2V UHVXOWDGRV REWLGRV SHOD XWLOL]DomR GD FXUYD ,62 SHUPLWHP XPDDYDOLDomR SDGURQL]DGD VREUH D VHYHULGDGH GR IRJR VREUH XP GDGR FRPSRQHQWHHVWUXWXUDO

    3DUWLQGRVH GR SULQFtSLR TXH VLJQLILFDWLYRV QtYHLV GH UHVLVWrQFLD DR IRJRSRGHPVHUDWLQJLGRVPHVPRSDUDHVWUXWXUDVPHWiOLFDVGHVSURYLGDVGHTXDOTXHUWLSRGHPDWHULDO GH SURWHomR FRQWUD LQFrQGLR D XWLOL]DomR GH PpWRGRV DYDQoDGRV GH DQiOLVHWpUPLFD H HVWUXWXUDO SDUD HVWUXWXUDV GH DoR VRE FRQGLo}HV GH LQFrQGLR FRPR RVGHVHQYROYLGRVQDSUHVHQWH3HVTXLVDGH'RXWRUDGRWHPSRVVLELOLWDGRRDWHQGLPHQWRGRVUHTXLVLWRV GH UHVLVWrQFLD DR IRJR GH XP PRGR PDLV SUHFLVR GR TXH DTXHOHVWUDGLFLRQDOPHQWHSUHYLVWRVSHODVHVSHFLILFDo}HVVLPSOLILFDGDVHVWDEHOHFLGDVHPQRUPDV$OpPGLVVRSHUPLWHPDRSURMHWLVWDDHVSHFLILFDomRPDLVUDFLRQDOGRXVRGHPDWHULDLVGHSURWHomRSDVVLYDFRQWUD LQFrQGLRTXDQGRQHFHVViULRV&RQWXGRGHYHVH WHUHPPHQWHTXH D FRPELQDomR GH VLVWHPDV DWLYRV GH SURWHomR EDVHDGRV QR FRQFHLWR GH

  • PRQLWRUDPHQWRHH[WLQomRDOLDGRVDDQiOLVHVHVWUXWXUDLVSURSRUFLRQDPXPDVXEVWDQFLDOUHGXomR QRV UHTXLVLWRV GH UHVLVWrQFLD DR IRJR 755) FRQIRUPH UHFRPHQGDo}HVSUHYLVWDVSHOD(&3DUWH

    $VSULPHLUDVSHVTXLVDVVREUHRFRPSRUWDPHQWRGHHVWUXWXUDVVREIRJRGDWDPGR ILQDO GR VpFXOR ;,; TXDQGR JUDQGHV SHUGDV GHFRUUHQWHV GR FRODSVR GH HGLItFLRVSURYRFDGRVSRULQFrQGLRVIRUDPLQLFLDOPHQWHLGHQWLILFDGDV'HVGHHQWmRHVSHFLDOPHQWHQDV ~OWLPDV WUrV GpFDGDV VLJQLILFDWLYRV DYDQoRV QRV VLVWHPDV FRPSXWDFLRQDLVDODYDQFDUDPRGHVHQYROYLPHQWRHRDSULPRUDPHQWRGHPXLWDVPHWRGRORJLDVQXPpULFDVH DQDOtWLFDV SDUD D DQiOLVH GR FRPSRUWDPHQWR GH HVWUXWXUDV GH DoR HP FRQGLo}HV GHLQFrQGLR$SUHVHQWDVHDVHJXLUXPDVtQWHVHGRVSULQFLSDLVHVWXGRVSXEOLFDGRVVREUHDDQiOLVHGHHVWUXWXUDVGHDoRVREDomRGHWHPSHUDWXUDVHOHYDGDV

    3HVTXLVD ELEOLRJUiILFD VREUH D DQiOLVH GH HVWUXWXUDV GH DoRVREIRJR8P GRV PDLV DQWLJRV HVWXGRV DQDOtWLFRV SXEOLFDGRV VREUH IODPEDJHP GH

    SLODUHV GH DoR HP FRQGLo}HV GH WHPSHUDWXUDV HOHYDGDV IRL FRQGX]LGR SRU &8/9(51HVWH WUDEDOKR SLODUHV LVRODGRV GH DoR D[LDOPHQWH FDUUHJDGRV FRPSRVWRV SRUSHUILV PHWiOLFRV ODPLQDGRV GR WLSR ZLGHIODQJH IRUDP VXEPHWLGRV D GLIHUHQWHVJUDGLHQWHVGHWHPSHUDWXUDORQJLWXGLQDLVYDULDQGRVHDLQGDDVFRQGLo}HVGHUHVWULomRQRVDSRLRV $V HTXDo}HV GLIHUHQFLDLV TXH JRYHUQDP R SUREOHPD IRUDP VROXFLRQDGDV SRUPHLR GH GLIHUHQoDV ILQLWDV SDUD SRQWRV QRGDLV DR ORQJR GR FRPSULPHQWR GRVPHPEURV&XUYDVELOLQHDUHVGHWHQVmRGHIRUPDomRSURSRVWDVSRU%52&.(1%528*+ IRUDP DGRWDGDV QD GHWHUPLQDomR GD ULJLGH] IOH[LRQDO SDUD FDGD SRQWR GHLQWHJUDomR DVVXPLQGRVH TXH D WHPSHUDWXUD DR ORQJR GD VHomRWUDQVYHUVDO HUD

  • FRQVLGHUDGDFRQVWDQWH266(1%58**(1 HW DO D DPSOLRX R WUDEDOKR GHVHQYROYLGR SRU

    &8/9(5DWUDYpVGD LQFOXVmRGRVHIHLWRVGHFRUUHQWHVGH WHQV}HV UHVLGXDLVSDUDWUrVGLIHUHQWHV WLSRVGH SHUILVPHWiOLFRV ODPLQDGRV VROGDGRV H WXEXODUHV DGRWDQGRVHFXUYDV WHQVmRGHIRUPDomR SURSRVWDV SRU %52&.(1%528*+ 2V UHVXOWDGRVDQDOtWLFRV REWLGRV VXSRQGR XPD GLVWULEXLomR ORQJLWXGLQDO H WUDQVYHUVDO FRQVWDQWH GHWHPSHUDWXUD FXOPLQDUDP QD SURSRVLomR GH H[SUHVV}HV DSUR[LPDGDV SDUD R FiOFXOR GHWHQV}HVDGPLVVtYHLVGHIODPEDJHPSDUDSLODUHVPHWiOLFRVVREDOWDVWHPSHUDWXUDV

    'DQGR FRQWLQXLGDGH j VXD SHVTXLVD 266(1%58**(1 HW DOEDEUDQJHX VHX WUDEDOKR DQWHULRU 266(1%58**(1 HW DO D DWUDYpV GDFRQVLGHUDomR GH HIHLWRV GH WHQV}HV WpUPLFDV LQGX]LGDV SHOD H[SDQVmR QmRXQLIRUPHFDXVDGD SHORV JUDGLHQWHV GH WHPSHUDWXUD DR ORQJR GD VHomRWUDQVYHUVDO H GRFRPSULPHQWRGRVPHPEURV1HVWHHVWXGRDFRQILJXUDomRGHIRUPDGDpREWLGDSRUPHLRGHXPSURFHGLPHQWRQXPpULFRLQFUHPHQWDOLWHUDWLYR

    &+(1*H0$. GHVHQYROYHUDPXPSURJUDPDQXPpULFR FRPEDVHQR0pWRGRGRV(OHPHQWRV)LQLWRV0()FRQVLGHUDQGRVHRVHIHLWRVGDIOXrQFLDGRDoRQRFRPSRUWDPHQWRGHHVWUXWXUDVSODQDVHPFRQGLo}HVGH WHPSHUDWXUDVHOHYDGDV1HVWDSHVTXLVD D WHPSHUDWXUD FRQVLGHUDGD FRQVWDQWH DR ORQJR GD VHomRWUDQVYHUVDO pLQWURGX]LGDFRPRXPGDGRGHHQWUDGDQRSUREOHPDHPIXQomRGRWHPSRGHFRUUHQWHGRLQFrQGLR &RPSDUDo}HV HQWUH UHVXOWDGRV REWLGRV SHOR PRGHOR SURSRVWR H GDGRVH[SHULPHQWDLV FRQFOXtUDP VREUH D QHFHVVLGDGH GH UHDOL]DomR GH PDLV WHVWHV FRP RSURSyVLWR GH FRPSOHPHQWDU R WUDEDOKR DQDOtWLFR DSUHVHQWDGR 3RVWHULRUPHQWH&+(1* DEUDQJHX D IRUPXODomR RULJLQDOPHQWH LPSOHPHQWDGD &+(1* H0$. DWUDYpV GD LQFOXVmR GRV HIHLWRV GH HQGXUHFLPHQWR LVRWUySLFR GR DoR 1HVWH WUDEDOKRIRUDPDSUHVHQWDGDVFRQVLGHUDo}HVVREUHDLPSRUWkQFLDGRVHIHLWRVGHYLGRVjIOXrQFLDQD

  • DQiOLVHGHHVWUXWXUDVSODQDVHPFRQGLo}HVGHLQFrQGLR8PD VXEVWDQFLDO UHYLVmR ELEOLRJUiILFD FRQWHQGR DUWLJRV IRL FRPSLODGD

    SRU 8'',1 H &8/9(5 1HVWD SHVTXLVD R HVWDGRGDDUWH H[LVWHQWH j pSRFDVREUHRFRPSRUWDPHQWRHDUHVLVWrQFLDGHHVWUXWXUDVPHWiOLFDVHGHFRQFUHWRVXEPHWLGDVD FRQGLo}HV GH WHPSHUDWXUD HOHYDGDV IRL SRVWR HP GHVWDTXH 2V SULQFLSDLV IDWRUHVHVWDEHOHFLGRV TXH PRGLILFDP R GHVHPSHQKR GH GLIHUHQWHV VLVWHPDV HVWUXWXUDLV IRUDPFXLGDGRVDPHQWHH[DPLQDGRVDSUHVHQWDQGRVHDLQGDXPDDYDOLDomRTXDOLWDWLYDVREUHRVSULQFLSDLVPDWHULDLVGHSURWHomRFRQWUDLQFrQGLRVFRPXPHQWHDGRWDGRVSHODLQG~VWULDGHFRQVWUXomRFLYLO

    :,77(9((1 H 7:,/7 H :,77(9((1 HW DO DSUHVHQWDUDPFRPSDUDo}HVHQWUHUHVXOWDGRVDQDOtWLFRVHH[SHULPHQWDLVSDUDPRGHORVGHSLODUHV H SyUWLFRV SODQRV HP HVFDOD UHGX]LGD &RQWXGR WDQWR R HPEDVDPHQWR WHyULFRFRPRRSURFHGLPHQWRGHVROXomRDGRWDGDQmRIRUDPUHIHUHQFLDGRVQHVWDVSXEOLFDo}HV

    8PPRGHORLQHOiVWLFRFRPEDVHQR0pWRGRGRV(OHPHQWRV)LQLWRV0()IRL GHVHQYROYLGRSRU)858085$H6+,12+$5$ SDUDR HVWXGRGRV HIHLWRVGHFRUUHQWHVGDIOXrQFLDGRDoRQDDQiOLVHGHHVWUXWXUDVSODQDVVREIRJR1HVWHWUDEDOKRXP SURFHGLPHQWR GH DQiOLVH WpUPLFD IRL XVDGR SDUD D GHWHUPLQDomR GR FDPSR GHWHPSHUDWXUDV SDUD SHUILV PHWiOLFRV SURWHJLGRV 2V UHVXOWDGRV REWLGRV HQIDWL]DUDP DLPSRUWkQFLD GD FRQVLGHUDomR GD IDVH GH UHVIULDPHQWR RX VHMD IDVH GH GHVFDUJD QRPRGHORHVWUXWXUDO

    8PPRGHOR WHyULFR VLPSOLILFDGR IRL VXJHULGR SRU.5833$ SDUD DDQiOLVH GH YLJDFROXQDV H SyUWLFRV SODQRV HVWDWLFDPHQWH LQGHWHUPLQDGRV FRPGLVWULEXLomRGHWHPSHUDWXUDKRPRJrQHDDRORQJRGDVHomRWUDQVYHUVDO1HVWHWUDEDOKRRPDWHULDO HP FRQGLo}HV GH WHPSHUDWXUD HOHYDGD SHUPDQHFH FRP FDUDFWHUtVWLFDV GHWHQVmRGHIRUPDomR HODVWRSOiVWLFD SHUIHLWD $ SDUWLU GH FRPSDUDo}HV HQWUH UHVXOWDGRV

  • WHyULFRV H H[SHULPHQWDLV FRQFOXLXVH VREUH D LPSRUWkQFLD GD FRQVLGHUDomR GRV HIHLWRVGHFRUUHQWHVGHJUDGLHQWHVWpUPLFRVQDDQiOLVHJOREDOGHPHPEURVHVWUXWXUDLV

    (IHLWRV GH JUDQGHV GHIRUPDo}HV H GH IOXrQFLD GR PDWHULDO IRUDPLQWURGX]LGRV SRU -$,1 H 5$2 HP XP SURFHGLPHQWR QXPpULFR LQFUHPHQWDOLWHUDWLYR SDUD D DQiOLVH GH HVWUXWXUDV SODQDV VRE IRJR FRQVLGHUDQGRVH XPD YDULDomROLQHDUHQWUHDVWHPSHUDWXUDVGDPHVDVXSHULRUHLQIHULRU

    %$%$ H 1$*85$ HPSUHJDUDP XPPRGHOR GH HOHPHQWRV ILQLWRVXQLGLPHQVLRQDO QR HVWXGR GRV HIHLWRV GH GHSHQGrQFLD GR WHPSR GR PDWHULDO QDVFDUDFWHUtVWLFDVGHSyUWLFRVVLPSOHV1HVWHHVWXGRIRUDPFRQVLGHUDGRVDPERVRVHIHLWRVGHHQGXUHFLPHQWRHIOXrQFLDGRDoRSRUPHLRGHPRGHORVELOLQHDUHV

    '275(33(H)5$166(1H)5$66(1GHVHQYROYHUDPXPPRGHOR FRPSXWDFLRQDO FRP EDVH QR0() SDUD DQiOLVH SODQD GH SyUWLFRV PLVWRV VREFRQGLo}HVGHLQFrQGLR1HVWHHVWXGRDGLVWULEXLomRGHWHPSHUDWXUDVDRORQJRGDVHomRWUDQVYHUVDO p REWLGD SRU PHLR GH DQiOLVH WpUPLFD 2 GHVHQYROYLPHQWR GR SURJUDPD&(),&266 &RPSXWHU (QJLQHHULQJ RI WKH )LUH GHVLJQ RI &RPSRVLWH DQG 6WHHO6WUXFWXUHV UHSUHVHQWRX D SULPHLUD JHUDomR GH SURJUDPDV GH DQiOLVH HVWUXWXUDO FRPFRQVLGHUDomRGHFDUJDGHLQFrQGLRHPGHVHQYROYLPHQWRQD8QLYHUVLGDGHGH/LqJH7DOFyGLJR IRL GHVFULWR H XWLOL]DGR HP GLYHUVRV WUDEDOKRV FLHQWtILFRV SRGHQGRVH FLWDU6&+/(,&+ )5$166(1 H '275(33( H )5$166(1 HW DO 3RVWHULRUPHQWH )UDQVVHQ DSULPRURX H HVWHQGHX VHX SURFHGLPHQWR GH DQiOLVH SDUD WUrVGLPHQV}HV2 UHVXOWDGR GHVWH DSULPRUDPHQWR SURJUDPD6$),5 )5$166(1HW DO SHUPLWLX D DFRPRGDomR GH GLIHUHQWHV WLSRV GH HOHPHQWRV ILQLWRV DPSOLDQGRVXEVWDQFLDOPHQWHDDSOLFDELOLGDGHQXPpULFDGDIHUUDPHQWDFRPSXWDFLRQDOGHVHQYROYLGD2SURJUDPD6$),5OHYDHPFRQVLGHUDomRDVFDUDFWHUtVWLFDVGH WHQVmRGHIRUPDomRGRVPDWHULDLVSUHYLVWDVSHOD3DUWH GRFyGLJR HXURSHX (&3DUWH$VVLPFRPR

  • VHXDQWHFHVVRUDVLPSOHPHQWDo}HVHDSOLFDo}HVGHVHQYROYLGDVFRPRSURJUDPD6$),5WrPUHVXOWDGRQDSXEOLFDomRGHGLIHUHQWHVHVWXGRVVREUHRFRPSRUWDPHQWRGHHVWUXWXUDVGH DoR HP FRQGLo}HV GH LQFrQGLR SRGHQGRVH FLWDU DOJXQV GRV UHFHQWHV WUDEDOKRVSXEOLFDGRV )5$166(1 GH 628=$ -81,25 H )5$166(1 /$1'(60$11 H %$7,67$ G 9,/$ 5($/ HW DO &$'25,1 H)5$166(1H&$'25,1HWDO

    $SDUWLUGHXPDFRUGRGHFRRSHUDomRLQWHUQDFLRQDOILUPDGRHQWUHD&233(HD 8QLYHUVLGDGH GH /LpJH R SURJUDPD 6$),5 IRL DGRWDGR QHVWD SHVTXLVD FRPRIHUUDPHQWDGHDYDOLDomRGRVUHVXOWDGRVFRPSXWDFLRQDLVREWLGRV QRSUHVHQWHHVWXGR

    2FRPSRUWDPHQWR H[SHULPHQWDO WHQVmRGHIRUPDomRGH DoRV HVWUXWXUDLV VREWHPSHUDWXUDV HOHYDGDV IRL UHSUHVHQWDGR SRU 32+ DWUDYpV GH PRGHORVPDWHPiWLFRV $SHVDU GR SUHFLVR DMXVWDPHQWR GR PRGHOR SURSRVWR TXH SHUPLWH DLQFOXVmR GRV HIHLWRV GH HQGXUHFLPHQWR GR DoR D DGRomR GHVWH QmR VH MXVWLILFD HPDQiOLVHV FRUUHQWHV GH HVWUXWXUDV PHWiOLFDV VRE IRJR WHQGR HP YLVWD DOpP GDFRPSOH[LGDGH GRV PRGHORV SURSRVWRV D WUDEDOKRVD LPSOHPHQWDomR GRV GLIHUHQWHVFRHILFLHQWHVTXHGHVFUHYHPRPRGHOR

    1D8QLYHUVLGDGHGH6KHIILHOG8.2/$:$/(LPSOHPHQWRXXPDIRUPXODomR GH IDL[DV ILQLWDV SDUD D DQiOLVH GH SLODUHV SHUIHLWRV LVRODGRV VRE IRJR7DOIRUPXODomR OHYD HP FRQVLGHUDomR WHQV}HV UHVLGXDLV FDUUHJDPHQWRV H[FrQWULFRV HIODPEDJHP ORFDO $ IHUUDPHQWDQXPpULFDGHVHQYROYLGD IRLXWLOL]DGDSRU%85*(66HWDO QD REWHQomR GH VROXo}HV QXPpULFDV SDUD GLYHUVRV SLODUHVSHUIHLWRV VREFRQGLo}HVGH LQFrQGLR(/5,0$:,HVWXGRXYLJDVPHWiOLFDVHPIOH[mRSXUDVREFRQGLo}HVGHLQFrQGLRSRUPHLRGHSURFHGLPHQWRQXPpULFREDVHDGRQDULJLGH]VHFDQWHGRVHOHPHQWRV7DODQiOLVHIRLHVWHQGLGDSRU6$$%SDUDDDQiOLVHQmROLQHDU GH SyUWLFRV SODQRV VRE IRJR (VWH SURFHGLPHQWR GH DQiOLVH TXH XWLOL]D

  • SULQFtSLRV GH SODVWLFLGDGH GLVWULEXtGD IRL HPSUHJDGR QR HVWXGR GR FRPSRUWDPHQWR GHSyUWLFRV SODQRV GHVORFiYHLV H QmRGHVORFiYHLV DVVXPLQGRVH GLIHUHQWHV FRQGLo}HV GHWHPSHUDWXUDVDR ORQJRGD VHomRWUDQVYHUVDOGHSHUILVPHWiOLFRVSURWHJLGRVRXQmR7DOSURMHWRGHSHVTXLVDLQLFLDGRHPPHDGRVGRVDQRVFXOPLQRXQRGHVHQYROYLPHQWRGHXPD IHUUDPHQWDQXPpULFDFRPEDVHQD IRUPXODomRGR0()SDUDDQiOLVHGHHVWUXWXUDVPLVWDVWULGLPHQVLRQDLVVREFRQGLo}HVGHLQFrQGLR1$--$5GHQRPLQDGRFRPRSURJUDPD98/&$1'HVGHVXDSULPHLUDYHUVmRR SURJUDPD98/&$1WHPPRWLYDGRGLYHUVRV WUDEDOKRV GH SHVTXLVD HVSHFLDOPHQWH DTXHOHV UHODFLRQDGRV FRP D DQiOLVH GHHVWUXWXUDVGHDoRVREDomRGRIRJR5HFHQWHPHQWHHVSHFLILFDPHQWHQDiUHDGHHVWUXWXUDVGH DoR :21* D HVWXGRX R FRPSRUWDPHQWR HVWUXWXUDO GH GLYHUVRV SyUWLFRVLQGXVWULDLV VRE IRJR FRPSDUDQGR UHVXOWDGRV H[SHULPHQWDLV H DTXHOHV RULJLQiULRV GRSURJUDPDGHHOHPHQWRVILQLWRV98/&$1'DQGRFRQWLQXLGDGH&$,DSULPRURXRPRGHOR QXPpULFR DQWHULRU DSOLFDQGRR QD PRGHODJHP GH VHo}HV WUDQVYHUVDLVDVVLPpWULFDV H PLVWDV &$, HW DO 1HVWH WUDEDOKR RV HIHLWRV GHFRUUHQWHV GDSODVWLFLGDGH VmR FRQVLGHUDGRV DWUDYpV GD GLVWULEXLomR GDV ]RQDV SOiVWLFDV DR ORQJR GRFRPSULPHQWRGRPHPEURHVWUXWXUDO&$,HWDO

    1R%UDVLO6,/9$H)$.85

  • 6,/9$ H3,0(17$ DE UHSUHVHQWDQGR VHPG~YLGD XPJUDQGH DYDQoR SDUD DVSHVTXLVDVGHVWDQDWXUH]DHPGHVHQYROYLPHQWRQRSDtV

    2VSULQFLSDLVSDUkPHWURVTXHLQIOXHQFLDPRSURFHVVRGHGHVHQYROYLPHQWRGHLQFrQGLRV UHDLV FLWDQGRVH YHQWLODomR FDUJD WpUPLFD H FRQILJXUDomR JHRPpWULFDIRUDPWUDWDGRVGH IRUPDULJRURVDSRU6,/9$QRHVWXGRGRFRPSRUWDPHQWRGHHVWUXWXUDVGHDoRVXEPHWLGDVDDOWDVWHPSHUDWXUDV1HVWDSHVTXLVDSURS}HVHXPPpWRGRVLPSOLILFDGR GH GLPHQVLRQDPHQWR GH HVWUXWXUDV VRE DomR GR IRJR OHYDQGRVH HPFRQVLGHUDomRDLQIOXrQFLDGRVHIHLWRVQmROLQHDUHVItVLFRVHJHRPpWULFRV

    3RVWHULRUPHQWH 6,/9$ DQDOLVRX R FRPSRUWDPHQWR GH HVWUXWXUDVDSRUWLFDGDVVXEPHWLGDVDFRQGLo}HVGHWHPSHUDWXUDVHOHYDGDVDWUDYpVGR0()OHYDQGRHP FRQVLGHUDomR RV HIHLWRV QmROLQHDUHV ItVLFRV H JHRPpWULFRV 2V UHVXOWDGRV REWLGRVIRUDPFRPSDUDGRVFRPUHFRPHQGDo}HVSUHYLVWDVSHOD1%5

    8PDH[SUHVVmRVLPSOLILFDGDSDUDGHWHUPLQDomRGDHOHYDomRGHWHPSHUDWXUDHP HOHPHQWRVPHWiOLFRV SURWHJLGRV RX QmR SRUPDWHULDO GH UHYHVWLPHQWR WpUPLFR IRLSURSRVWDSRU6,/9$SDUDSRVVtYHOLQFOXVmRQD 1%5

    8P SURJUDPD SDUD GHWHUPLQDomR GD HOHYDomR GH WHPSHUDWXUD HP SHUILVPHWiOLFRVHQYROYLGRVRXQmRSRUPDWHULDOGHSURWHomRFRQWUDLQFrQGLRVIRLDSUHVHQWDGRSRU$%5(8H)$.85

  • -1,25 SDUD GHWHUPLQDomR GD GLVWULEXLomR GH WHPSHUDWXUDV HP VHo}HVWUDQVYHUVDLV IRUPDGDVSRUTXDLVTXHUPDWHULDLVSHUPLWLQGRDDYDOLDomRGDIRUoDQRUPDOUHVLVWHQWH GH FiOFXOR SDUD GLYHUVDV FRQILJXUDo}HV GH SLODUHV PLVWRV DoRFRQFUHWRWRPDQGRVHSRUEDVHSUHVFULo}HV%UDVLOHLUDV1%5

    8PSURFHGLPHQWRGHFiOFXORHVWUXWXUDOSDUDSLVRVPLVWRVFRPIRUPDGHDoRLQFRUSRUDGD VRE FRQGLo}HV GH LQFrQGLR RULJLQDOPHQWH GHVHQYROYLGR SRU %$,/(

  • GH FDORU IRL HPSUHJDGR QD GHWHUPLQDomR GR FDPSR GH WHPSHUDWXUDV DR ORQJR GRHOHPHQWRHGHVXDVHomRWUDQVYHUVDO$UHVSRVWDGRPRGHORHVWUXWXUDOpHVWLPDGDDWUDYpVGR0()FRPRXVRGHHOHPHQWRVYLJDFROXQDLQHOiVWLFRV$VFRPSDUDo}HVDSUHVHQWDGDVSDUD YLJDV FRQWtQXDV OLPLWDUDPVH j YHULILFDomR GD UHVSRVWD HVWUXWXUDO SDUD GLIHUHQWHVFRQGLo}HVGHYHQWLODomRQRFRPSDUWLPHQWR$SHVDUGDLQFOXVmRQRPRGHORHVWUXWXUDOGRVHIHLWRV GHYLGRV j VHPLFRQWLQXLGDGH GDV OLJDo}HV YLJDFROXQD DV FXUYDV PRPHQWRURWDomR DGRWDGDV QD VXD FDUDFWHUL]DomR QmR OHYDP HP FRQVLGHUDomR R DXPHQWR GDWHPSHUDWXUDGHYLGRDRLQFrQGLR7DOIDWRVHIXQGDPHQWRXQDKLSyWHVHGHTXHDVOLJDo}HVHVWXGDGDVVmRFRQVLGHUDGDVFRPSOHWDPHQWHDEULJDGDVGDDomRGRIRJR3RVWHULRUPHQWH/,(: HW DO DSHUIHLoRRX VXD PHWRGRORJLD GH DQiOLVH HVWUXWXUDO /,(: HW DO DWUDYpV GD FRQVLGHUDomR GD SURSDJDomR GR LQFrQGLR HP HGLItFLRV GHVWLQDGRV DHVWDFLRQDPHQWRV

    $ SDUWLU GRV FRQFHLWRV GH 3ODVWLFLGDGH&RQFHQWUDGD:21* E HPFRQWLQXLGDGHDRVHXWUDEDOKRGHSHVTXLVDDSUHVHQWRXXPPpWRGRGHDQiOLVHVLPSOLILFDGDSDUD R FiOFXOR GD WHPSHUDWXUD FUtWLFD GH FRODSVR DSOLFDGR D HVWUXWXUDV PHWiOLFDV VREIRJR1HVWHPpWRGRXPIDWRUGHFDUJDDVVRFLDGRDGLIHUHQWHVQtYHLVGHWHPSHUDWXUD pLQFUHPHQWDOPHQWH LQWURGX]LGR QR SURFHVVR GH DQiOLVH HVWUXWXUDO DWp D IRUPDomR GRPHFDQLVPRGHFRODSVR$VLPSOLFLGDGHGRSURFHGLPHQWR LPSOHPHQWDGRQmRSHUPLWHDGHVFULomRGDWUDMHWyULDGHHTXLOtEULRGDHVWUXWXUDOLPLWDQGRVHDSHQDVjGHWHUPLQDomRGDFDUJDOLPLWHGHFRODSVR

    (PFRQWLQXLGDGHjVSHVTXLVDVDQWHULRUHV72+HWDODE72+HWDO SURSXVHUDPXPPpWRGRQmROLQHDUGHDQiOLVHHVWUXWXUDOFRPEDVHQRFRQFHLWR GH UyWXODV SOiVWLFDV SDUD HVWUXWXUDV GH DoR SODQDV HP FRQGLo}HV GH LQFrQGLR)RUDP DSUHVHQWDGDV FRPSDUDo}HV SDUD WUrV H[HPSORV QXPpULFRV HQWUH R PpWRGRSURSRVWR H UHVXOWDGRV DQDOtWLFRV H REWLGRV SHOR0()1HVWDV FRPSDUDo}HV QmR IRUDP

  • FRQVLGHUDGRV RV HIHLWRV GHYLGRV DR JUDGLHQWH WpUPLFR DR ORQJR GD VHomRWUDQVYHUVDO$OpP GLVVR DVVXPLXVH TXH R DoR HVWUXWXUDO SRVVXL FRPSRUWDPHQWR HODVWRSOiVWLFRSHUIHLWRPHVPRSDUDFRQGLo}HVGHWHPSHUDWXUDHOHYDGDV

    8PSURFHGLPHQWRQXPpULFRSDUDDQiOLVHQmROLQHDUGHHVWUXWXUDVPHWiOLFDVSODQDVIRLSURSRVWRSRU&+$1H&+$1WHQGRFRPREDVHRFRQFHLWRGHUyWXODVSOiVWLFDV 1HVWH WUDEDOKR D GLVWULEXLomR GH WHPSHUDWXUDV p FRQVLGHUDGD FRQVWDQWH DRORQJR GD VHomRWUDQVYHUVDO GH SHUILV PHWiOLFRV , RX + VHQGR GHVWH PRGRQHJOLJHQFLDGRV RV HIHLWRV GHFRUUHQWHV GR JUDGLHQWH WpUPLFR 2 PRGHOR DGRWDGR SDUDIRUPDomRGHUyWXODVSOiVWLFDVFRQVLGHUDDSHQDVDLQIOXrQFLDGHYLGDjUHGXomRGDWHQVmRGH HVFRDPHQWR HP IXQomR GD WHPSHUDWXUD QmR WHQGR VLGR OHYDGD HP FRQVLGHUDomR DSHUGDGHSURSRUFLRQDOLGDGHGRDoRVREFRQGLo}HVGHWHPSHUDWXUDHOHYDGDSUHYLVWDSHORPRGHORGR(&3DUWH

    $WUDYpV GH XPPRGHOR GH UyWXODV SOiVWLFDV 9,0216$7,7 HW DO DDPSOLDUDP VHX WUDEDOKR DQWHULRU 9,0216$7,7 HW DO E OHYDQGR HPFRQVLGHUDomR D VHPLFRQWLQXLGDGH GH OLJDo}HV YLJDFROXQD 2 SULQFLSDO IRFR GHVWDSHVTXLVD FRQVLVWH QD XWLOL]DomR GH FXUYDV WULOLQHDUHV SDUD D UHSUHVHQWDomR GDVFDUDFWHUtVWLFDV GH WHQVmRGHIRUPDomR GR DoR HVWUXWXUDO VRE IRJR SUHYLVWDV SHOR (&3DUWHHPGHWULPHQWRDFXUYDVELOLQHDUHV

    $Wp HVWH SRQWR QHQKXP GRV WUDEDOKRV UHIHUHQFLDGRV UHODFLRQDGRV FRP DDSOLFDomRGR0pWRGRGH5yWXODV3OiVWLFDVSHUPLWHDFRQVLGHUDomRFRQMXQWDGRVHIHLWRVDVVRFLDGRVDRGHVHQYROYLPHQWRGHXPFDPSRQmRXQLIRUPHGHWHPSHUDWXUDVDRORQJRGDVHomRWUDQVYHUVDOHGDVLPXOWkQHDYDULDomRLQHOiVWLFDGHULJLGH]HUHVLVWrQFLDSURYRFDGDSHORDXPHQWRGHWHPSHUDWXUDQRDoR$VVLPDQHFHVVLGDGHGDFRQVLGHUDomRGRVHIHLWRVQmROLQHDUHV JHRPpWULFRV H GR PDWHULDO SRU PHLR GH PRGHORV UHILQDGRV GH UyWXODVSOiVWLFDV DOpP GD SRVVLELOLGDGH GH GHVFULomR DFXUDGD GD GLVWULEXLomR GH WHPSHUDWXUDV

  • SDUDSHUILVPHWiOLFRVSURWHJLGRVRXQmRSRUPDWHULDLVGHUHYHVWLPHQWRWpUPLFRPRWLYRXR GHVHQYROYLPHQWR GR SUHVHQWH WUDEDOKR GH 3HVTXLVD GH 'RXWRUDGR FXMR HVFRSR HVWiUHVXPLGRDVHJXLUQD6HomR

    $PHWRGRORJLDGH DQiOLVHSURSRVWDQHVWH WUDEDOKR DSUHVHQWDVH FRPRXPDDOWHUQDWLYDFRPSXWDFLRQDOPHQWHPDLVHILFLHQWHGRTXHDFRPXPHQWHGHVHQYROYLGDFRPEDVH QR 0pWRGR GRV (OHPHQWRV )LQLWRV DWUDYpV GD PRGHODJHP ELGLPHQVLRQDO GHHVWUXWXUDVPHWiOLFDV)5$166(1HWDOVHPFRQWXGRGHVSUH]DURVHIHLWRVQmROLQHDUHV JHRPpWULFRV H GR PDWHULDO GHFRUUHQWHV GD LQWHUDomR HQWUH D YDULDomR GHWHPSHUDWXUDHDDomRGHFDUUHJDPHQWRVH[WHUQRV

    2UJDQL]DomRGHVWHWUDEDOKR2WUDEDOKRGHSHVTXLVDDSUHVHQWDGRQHVWD7HVHGH'RXWRUDGRWHYHVHXLQtFLR

    D SDUWLU GD LPSOHPHQWDomR FRPSXWDFLRQDO $/9(6 GH XPPRGHOR UHILQDGR GHUyWXODV SOiVWLFDV /$1'(60$11 H %$7,67$ E SDUD DQiOLVH LQHOiVWLFD GHHVWUXWXUDVPHWiOLFDV SODQDV RULJLQDOPHQWH FRQFHELGR VHJXQGR RV FRQFHLWRV EiVLFRV GH$QiOLVH $YDQoDGD $ IHUUDPHQWD FRPSXWDFLRQDO RULJLQDOPHQWH GHVHQYROYLGD IRLSURJUHVVLYDPHQWH DGDSWDGD /$1'(60$11DSDUD D DQiOLVHELGLPHQVLRQDO GHHVWUXWXUDVGHDoRHPFRQGLo}HVGHLQFrQGLRGHQRPLQDGDGHSURJUDPD31/)3yUWLFR1mR/LQHDUVRE)RJR

    2 SURFHGLPHQWR QXPpULFR GHVHQYROYLGR p FRPSRVWR SRU GXDV HWDSDVIXQGDPHQWDLVDQiOLVHWpUPLFDHDQiOLVHHVWUXWXUDOTXHVHLQWHUOLJDPFRQIRUPHLOXVWUDGRSHORIOX[RJUDPDGD)LJXUD$VSULQFLSDLVFDUDFWHUtVWLFDVGRPRGHORFRPSXWDFLRQDOLPSOHPHQWDGRQHVWD3HVTXLVDVmRDSUHVHQWDGDVQR$QH[R$

  • )LJXUD 3ULQFLSDLV HWDSDV VHJXLGDV SHOR SURFHGLPHQWR FRPSXWDFLRQDOGHVHQYROYLGR

    $SULPHLUDIDVHGRSURFHVVRGHDQiOLVHGHHVWUXWXUDVHPFRQGLo}HVGHIRJRpFDUDFWHUL]DGD SHOD GHWHUPLQDomR GR FDPSR GH WHPSHUDWXUDV DR ORQJR GD VHomRWUDQVYHUVDOGDVHVWUXWXUDVGHDoRDIHWDGDVSHORLQFrQGLR1HVWDHWDSDDUHVSRVWDWpUPLFDp GHWHUPLQDGD SDUD FDGD LQVWDQWH HVWDEHOHFLGR GR LQFrQGLR SRVWXODGR DWUDYpV GHSURFHGLPHQWRQXPpULFRGHFiOFXORGHWUDQVIHUrQFLDGHFDORUTXHSHUPLWHDFRQVLGHUDomRGD YDULDomR GDV SURSULHGDGHV WpUPLFDV HPHFkQLFDV GR DoR HP IXQomR GR DXPHQWR GH

    3URSULHGDGHVHTXLYDOHQWHVOLPLWHVGHUHVLVWrQFLDHHVIRUoRVGHHQJDVWDPHQWRGDVHomRWUDQVYHUVDODTXHFLGD

    $XPHQWRGDWHPSHUDWXUDQRDPELHQWH'HWHUPLQDomRGRFDPSRGHWHPSHUDWXUDVQDVHomRWUDQVYHUVDO $QiOLVH7pUPLFD

    3URFHGLPHQWRLQFUHPHQWDOVLPSOHV

    'HWHUPLQDomRHDWXDOL]DomRGRVGHVORFDPHQWRVHVWUXWXUDLV&iOFXORGRVHVIRUoRVQRVHOHPHQWRV

    $QiOLVH(VWUXWXUDO

    ,QWHUIDFHHQWUHDDQiOLVHWpUPLFDHHVWUXWXUDO

    &RPELQDomRGHDo}HVSDUDDQiOLVHHVWUXWXUDO

    9HULILFDomRGRFRODSVR

    3URFHGLPHQWRLQFUHPHQWDOLWHUDWLYR

    5HSHWLGRGXUDQWHWRGRRSURFHVVRGHGXUDomRGRLQFrQGLR

    ),0

  • WHPSHUDWXUD LPSOHPHQWDGRVVHJXQGRDIRUPXODomRGR0()FRQIRUPHDSUHVHQWDGRQR&DStWXORGHVWHWUDEDOKR

    $ SDUWLU GRV UHVXOWDGRV GH YDULDomR GD WHPSHUDWXUD GDV HVWUXWXUDV GH DoRREWLGRVSHORPRGHORGHDQiOLVHWpUPLFDVmRGHWHUPLQDGDVDVSURSULHGDGHVHTXLYDOHQWHVGDVVHo}HVDTXHFLGDV UHGXomRJUDGXDOGD UHVLVWrQFLDSOiVWLFDGDVVHo}HVHHVIRUoRVGHHQJDVWDPHQWRSHUIHLWRHVWDEHOHFHQGRVHDVVLPXPDFRQH[mRHQWUHDVDQiOLVHVWpUPLFDHHVWUXWXUDO $ PHWRGRORJLD GHVHQYROYLGD SDUD LPSOHPHQWDomR GHVWD IDVH GD DQiOLVH pDSUHVHQWDGDSHODVHomRGHVWDSHVTXLVD

    8PDYH]TXHRFDPSRGHWHPSHUDWXUDVHVXDLQIOXrQFLDQRFiOFXORHVWUXWXUDOIRUDPHVWDEHOHFLGRVDHWDSDTXHVHVHJXHFRQVLVWHQDDQiOLVHJOREDOGDVHVWUXWXUDVVREIRJR$VEDVHVGDIRUPXODomRQXPpULFDXWLOL]DGDVQDGHVFULomRGRHOHPHQWRLQHOiVWLFRQmROLQHDU GH YLJDFROXQD LPSOHPHQWDGR QR SURJUDPD 31/) SDUD D DQiOLVH GHHVWUXWXUDVVRELQFrQGLRVmRWUDWDGDVQR&DStWXOR

    $ YDOLGDomR GRV PRGHORV FRPSXWDFLRQDLV GHVHQYROYLGRV QHVWD 3HVTXLVD pDSUHVHQWDGD QR&DStWXOR DWUDYpV GH FRPSDUDo}HV FRP UHVXOWDGRV QXPpULFRV REWLGRVFRPR3URJUDPD6$),5)5$166(1HWDO

    $VSULQFLSDLVFRQFOXV}HVH UHFRPHQGDo}HVREWLGDVQHVWDSUHVHQWH3HVTXLVDGH'RXWRUDGRHVWmRVXPDUL]DGDVQR&DStWXOR

  • $1/,6(7e50,&$

    ,QWURGXomR$ SULPHLUD HWDSD GR SURFHVVR GH DQiOLVH GH HVWUXWXUDV HP FRQGLo}HV GH

    LQFrQGLRFRQVLVWHQDGHWHUPLQDomRGDYDULDomRGRFDPSRGHWHPSHUDWXUDVGRVHOHPHQWRVH[SRVWRVDRIRJRHPIXQomRGRWHPSRGHFRUULGRGHLQFrQGLR1HVWDIDVHVHJXLQGRVHDVPHVPDVKLSyWHVHVDVVXPLGDVSRU)5$166(1HWDO DGPLWHVHTXHDGLVWULEXLomRORQJLWXGLQDO GH WHPSHUDWXUDV DR ORQJR GH FDGD HOHPHQWR HVWUXWXUDO p XQLIRUPH HLGrQWLFDjTXHODHVWLPDGDSDUDDVHomRWUDQVYHUVDO$VVLPDDQiOLVHWpUPLFDpFRPSXWDGDH[FOXVLYDPHQWHQRSODQRGD VHomRWUDQVYHUVDO VXSRQGRVHDLQGDTXHDGLVWULEXLomRGHWHPSHUDWXUDV p VLPpWULFD HP WRUQR GR HL[R \ QRUPDO DR HL[R GH IOH[mR GD EDUUDFRQIRUPHDSUHVHQWDGRSRVWHULRUPHQWHQD)LJXUD

    1D SUHVHQWH 3HVTXLVD GH 'RXWRUDGR IRUDP SURSRVWRV GRLV PRGHORVQXPpULFRVGHWUDQVIHUrQFLDGHFDORUSDUDGHWHUPLQDomRGDGLVWULEXLomRGHWHPSHUDWXUDVHP VHo}HVWUDQVYHUVDLV IRUPDGDV SRU SHUILV , RX + FRP RX VHP D SUHVHQoD GHPDWHULDLV GH SURWHomR FRQWUD LQFrQGLR 2V PRGHORV WpUPLFRV UHIHUHQFLDGRV QHVWHWUDEDOKRQDV6Ho}HVHIRUDPFRPSXWDFLRQDOPHQWHLPSOHPHQWDGRVDWUDYpVGHXP

  • SURFHGLPHQWR GH VROXomR GH HTXDo}HV QmROLQHDUHV GR WLSR LQFUHPHQWDO VLPSOHVSHUPLWLQGR DVVLP D FRQVLGHUDomR GD YDULDomR GDV SURSULHGDGHV WpUPLFDV GR DoR HPIXQomRGDHOHYDomRGH WHPSHUDWXUDVHJXLQGRVHSRUWDQWR UHFRPHQGDo}HVSUHFRQL]DGDVSHOR(&3DUWHSDUDPRGHORVGHDQiOLVHDYDQoDGD

    2V SURFHGLPHQWRV GH DQiOLVH WpUPLFD YHULILFDGRV QHVWH WUDEDOKR DVVXPHPTXHDWD[DGHDTXHFLPHQWRGRDPELHQWHRXVHMDDUD]mRGHHOHYDomRGHWHPSHUDWXUDSDUDXPGDGRFRPSDUWLPHQWR LQFHQGLDGRpGHWHUPLQDGDDSDUWLUGH UHODo}HV WHPSRYHUVXVWHPSHUDWXUD7DOPHWRGRORJLDSRVVLELOLWDDFRQVLGHUDomRGHTXDOTXHU WLSRGHFXUYDGHDTXHFLPHQWR TXHU DTXHODV SDGURQL]DGDV SUHYLVWDV SHOD QRUPDOL]DomR YLJHQWH,62 (&3DUWHTXHUFXUYDVHVSHFtILFDVGHILQLGDVSDUDFDVRVQmRFRQYHQFLRQDLVGHDTXHFLPHQWR$VSULQFLSDLVFXUYDVGHDTXHFLPHQWRUHFRPHQGDGDVSHOR(&3DUWHHDGRWDGDVQHVWDSHVTXLVDHVWmRDSUHVHQWDGDVQD6HomR

    2 SULPHLUR PRGHOR GH DQiOLVH WpUPLFD LPSOHPHQWDGR QHVWD 3HVTXLVDGHVFULWRDVHJXLUQD6HomRXWLOL]DVHGHHTXDo}HVVLPSOLILFDGDVGHFiOFXORWpUPLFRVXJHULGDV SHOR (&3DUWH H LJXDOPHQWH LQFOXtGDV QD1%5 2VHJXQGRPRGHORID]XVRGDIRUPXODomREiVLFDGHWUDQVIHUrQFLDGHFDORUXQLGLPHQVLRQDOHVWDEHOHFLGDFRPEDVHQR0pWRGRGRV(OHPHQWRV)LQLWRV0()FRQIRUPHDSUHVHQWDGRQD6HomRGHVWHWUDEDOKR

    $ SDUWLU GD VHOHomR GH XP JUXSR UHSUHVHQWDWLYR GH SHUILV PHWiOLFRVSDGURQL]DGRV $5%(' HPSUHJDGRV HP REUDV GH FRQVWUXomR FLYLO IRUDPUHDOL]DGDVFRPSDUDo}HVQXPpULFDVHQWUHUHVXOWDGRVGHYDULDomRGHWHPSHUDWXUDREWLGRVFRPPRGHORVQXPpULFRVSURSRVWRVQHVWDSHVTXLVDHDTXHOHVDSUHVHQWDGRVSHORPyGXORWpUPLFR ELGLPHQVLRQDO GR SURJUDPD 6$),5 )5$166(1 HW DO (P OLQKDVJHUDLV SRGHVH DILUPDU DQWHFLSDGDPHQWH D FRQVWDWDomR GH FRUUHODo}HV VDWLVIDWyULDVHQWUH RV UHVXOWDGRV QXPpULFRV DQDOLVDGRV FRQIRUPH DSUHVHQWDGR QD 6HomR $V

  • GLIHUHQoDV Pi[LPDV REVHUYDGDV SHOR PRGHOR VLPSOLILFDGR YDULDP GH D SDUDSHUILVGHVSURWHJLGRVHHQWUHDSDUDSHUILV UHFREHUWRV SRUPDWHULDLVGHSURWHomRFRQWUD LQFrQGLR(VWDV GLIHUHQoDV VmR FRQVLGHUDYHOPHQWH HOHYDGDV TXDQGR FRPSDUDGDVDRVUHVXOWDGRVDSUHVHQWDGRVSHORPRGHORXQLGLPHQVLRQDOFXMDGLIHUHQoDPi[LPDpSDUDSHUILVGHVSURWHJLGRVHSURWHJLGRV

    $LQGD GXUDQWH R SURFHVVR GH $QiOLVH 7pUPLFD RV HIHLWRV GHFRUUHQWHV GRDXPHQWR GH WHPSHUDWXUD QR FRPSRUWDPHQWR PHFkQLFRHVWUXWXUDO GRV HOHPHQWRVDTXHFLGRV VmR FRPSXWDGRV H DUPD]HQDGRV WHQGR HP YLVWD VXD HIHWLYD FRQVLGHUDomRTXDQGRGRGHVHQYROYLPHQWRGRFiOFXORHVWUXWXUDOFRQIRUPHPHQFLRQDGRDQWHULRUPHQWHQR LWHP 'HVWH PRGR HVWDEHOHFHVH XPD FRQH[mR HQWUH D $QiOLVH 7pUPLFDSURSULDPHQWH GLWD H D $QiOLVH (VWUXWXUDO $ PHWRGRORJLD DGRWDGD QHVWD HWDSD pDSUHVHQWDGDQR LWHPGHVWD3HVTXLVDRQGHD LQIOXrQFLDGDYDULDomRGH WHPSHUDWXUDREWLGDSHORVPRGHORVWpUPLFRVLPSOHPHQWDGRVHDTXHOHVJHUDGRVSHORSURJUDPD6$),5)5$166(1HWDOQDGHWHUPLQDomRGRVHIHLWRVHVWUXWXUDLVQDVHomRWUDQVYHUVDOVmRFRPSDUDGRVHDSUHVHQWDGRVDRILQDOGD6HomRGHVWDSHVTXLVD &XUYDVGHLQFrQGLR

    &RP R LQWXLWR GH VH UHSUHVHQWDU R GHVHQYROYLPHQWR GH LQFrQGLRV UHDLV HSULQFLSDOPHQWH RV HIHLWRV SURYRFDGRV SHOR DXPHQWR GH WHPSHUDWXUD QDV HVWUXWXUDVDIHWDGDV GLYHUVDV FXUYDV GH DTXHFLPHQWR WrP VLGR SURSRVWDV ,62 (&3DUWH1%51HVWDVH[SUHVV}HVDYDULDomRGH WHPSHUDWXUDSDUWHGRSULQFtSLRGHTXHRLQFrQGLRMiWHQKDDWLQJLGRROLPLWHGHIODVKRYHULJQRUDQGRVHSRUWDQWRWRGDIDVHGHLJQLomRFRQIRUPHGHWDOKDGRSHOD)LJXUD

    6HJXLQGRVH UHFRPHQGDo}HV SUHYLVWDV SHOR (&3DUWH DVSULQFLSDLV FXUYDV GH LQFrQGLR RX VHMD UHODo}HV WHPSR YHUVXV WHPSHUDWXUD IRUDP

  • LQFOXtGDV QRV PyGXORV GH DQiOLVH WpUPLFD GHVHQYROYLGRV QHVWD SHVTXLVD $ FXUYDSDGURQL]DGD GH LQFrQGLR SURSRVWD SHOD ,62 WDPEpP LQFOXtGD QR(&3DUWHH1%5pGHVFULWDSHODVHJXLQWHH[SUHVVmRJ ORJ WT T (T

    RQGHJ pDYDULDomRGHWHPSHUDWXUDGRDPELHQWHHPIXQomRGRWHPSRGHLQFrQGLR pD WHPSHUDWXUDGR DPELHQWHDQWHVGRLQtFLRGRDTXHFLPHQWRJHUDOPHQWHWRPDGDLJXDOD&W pRWHPSRGHFRUULGRDSyVRLQtFLRGRLQFrQGLRHPPLQXWRV

    (VWH WLSRGHFXUYDGHDTXHFLPHQWRQmR OHYDHPFRQVLGHUDomRQHQKXPWLSRGHFDUDFWHUtVWLFDGRFRPSDUWLPHQWRDIHWDGR'HVWH PRGRVLWXDo}HVRQGHDGHQVLGDGHGHPDWHULDLVFRPEXVWtYHLVVHMDFRQVLGHUDYHOPHQWHEDL[DDXWLOL]DomRGHFXUYDVGHLQFrQGLRSDGURQL]DGDV FRQGX] D DQiOLVHV GHVQHFHVVDULDPHQWH FRQVHUYDWLYDV VLWXDomR LQYHUVDWDPEpP p YHUGDGHLUD 1HVWHV FDVRV SRGH VHU YDQWDMRVD D XWLOL]DomR GH FXUYDVSDUDPpWULFDV TXH SHUPLWHP D VLPXODomR GH DPEDV IDVHV GH DTXHFLPHQWR H GHUHVIULDPHQWR LPHGLDWDPHQWH DSyV R SRQWR GH IODVKRYHU FRQIRUPH LQGLFDGR QD)LJXUD

    $V FXUYDV SDUDPpWULFDV SHUPLWHP D FRQVLGHUDomR GHPRGRPDLV UDFLRQDOGRV SULQFLSDLV SDUkPHWURV TXH LQIOXHQFLDP D H[WHQVmR H R GHVHQYROYLPHQWR GHLQFrQGLRV RX VHMD GLPHQV}HV GRV FRPSDUWLPHQWRV IDWRUHV GH DEHUWXUD DVVRFLDGRV jYHQWLODomR GR DPELHQWH H GHQVLGDGH GH FDUJD GH LQFrQGLR GHQVLGDGH GH PDWHULDLVSRWHQFLDOPHQWH FRPEXVWtYHLV$ IDVH GH DTXHFLPHQWR SDUD DPRGHODJHP GH LQFrQGLRSRUPHLRGHFXUYDVSDUDPpWULFDVpGDGDDVHJXLU J W W WH H HT T (TVHQGRTXHW FRUUHVSRQGHDW+RQGH

    2E * (T

  • 2 UHSUHVHQWDRIDWRUGHDEHUWXUDGDGRSHOR$QH[R$GR(&3DUWHHQWUHDVDEHUWXUDVYHUWLFDLVHD iUHD WRWDOGRFRPSDUWLPHQWRFXMRV OLPLWHVVmR2 HPP 2 IDWRU E GHVFUHYH DV FDUDFWHUtVWLFDV WpUPLFDV GR PDWHULDO GH IHFKDPHQWRFXMRVOLPLWHVVmRE HP-PV.$H[SUHVVmRFRUUHVSRQGHQWHjIDVHGHUHVIULDPHQWRVLPXODGDSRUFXUYDVSDUDPHWUL]DGDVpREWLGDDSDUWLUGDVHJXLQWHUHODomR

    PD[ PD[ J PD[ PD[ PD[ PD[ PD[

    $ SDUD $ $ SDUD $ SDUD W W WW W W WW W W

    TT TT d t (TRQGHPD[ VLPEROL]DDWHPSHUDWXUDPi[LPDGDGDSHODIDVHGHDTXHFLPHQWRTXDQGRWIRULJXDODWPD[ HPKRUDVGDGRSRU PD[ W GW T 2 * (TQHVWDTWG GHVFUHYHDGHQVLGDGHGHFDUJDGHLQFrQGLRDFRQGLFLRQDGDQRFRPSDUWLPHQWRGHWHUPLQDGDGHDFRUGRFRPR(&3DUWHREVHUYDQGRVHRVVHJXLQWHVOLPLWHV

    TWG HP0-P2IDWRUGHFRUUHomR$ pGDGRSRUPD[ OLP

    OLP PD[ OLPPD[SDUD$ SDUD W WW W WW

    ! * (T2 YDORU GH WOLP p REWLGR HP IXQomR GD WD[D GH FUHVFLPHQWR GR LQFrQGLRFRQVLGHUDGRVH RV VHJXLQWHV FDVRV WOLP PLQXWRV OHQWD WD[D GH FUHVFLPHQWRWOLP PLQXWRV PpGLD WD[D GH FUHVFLPHQWR WOLP PLQXWRV UiSLGD WD[D GHFUHVFLPHQWR1DVVLWXDo}HVRQGHpSUHYLVWDDDUPD]HQDJHPGHPDWHULDLV KLGURFDUE{QLFRV

    FRPR SRU H[HPSOR RV GHULYDGRV GR SHWUyOHR H JiV QDWXUDO TXH WRUQDP R LQFrQGLRH[WUHPDPHQWH VHYHUR GHYH VHU DGRWDGD D FXUYD GH LQFrQGLR GH KLGURFDUERQHWRDSUHVHQWDGDDVHJXLUSHOD(TMXQWDPHQWHFRPD)LJXUD J W WH H (T

  • )LJXUD &RPSDUDomR HQWUH GLIHUHQWHV FXUYDV GH LQFrQGLR SUHYLVWDV SHOR(&3DUWH

    0RGHORWpUPLFRVLPSOLILFDGRVHJXQGR(& (OHPHQWRVHVWUXWXUDLVVHPSURWHomRFRQW UDLQFrQGLR

    0RGHORWpUPLFRVLPSOLILFDGRDSOLFDGRSDUDDGHWHUPLQDomRGDYDULDomRGHWHPSHUDWXUDGHVHo}HVWUDQVYHUVDLVIRUPDGDVSRUSHUILVPHWiOLFRVGRWLSR,RX+IRLFRPSXWDFLRQDOPHQWH LPSOHPHQWDGR QHVWD SHVTXLVD /$1'(60$11 H %$7,67$G D SDUWLU GH H[SUHVV}HV GH HOHYDomR GH WHPSHUDWXUD QR DoR UHFRPHQGDGDV SHOR(&3DUWHLJXDOPHQWHLQFOXtGDVQD1%5

    $SULQFLSDOVLPSOLILFDomRDVVXPLGDQHVWDPHWRGRORJLDFRQVWLWXLQDDXVrQFLDGH HTXLOtEULR WpUPLFR HQWUHRVSULQFLSDLV HOHPHQWRVTXH FRPS}HPD VHomRWUDQVYHUVDOPHVDVHDOPD'HVWHPRGRRFRHILFLHQWHGHFRQGXomRGHFDORUGRDoRODQmRDSDUHFH

    7HPSR>PLQ@

    7HPSHUDWX

    UD>R &@

    FXUYDSDUDPpWULFD DOWDYHQWLODomRFXUYDSDUDPpWULFD EDL[DYHQWLODomR

    ,62KLGURFDUERQHWR

  • QD HTXDomR GH HOHYDomR GH WHPSHUDWXUD $OpP GLVVR D HOHYDomR GH WHPSHUDWXUD pFRQVLGHUDGDXQLIRUPHSDUDFDGDUHJLmRDTXHFLGD

    1HVWHSURFHGLPHQWRVLPSOLILFDGRRDXPHQWRGHWHPSHUDWXUDDW (TpFDOFXODGRVHSDUDGDPHQWHSDUDFDGDHOHPHQWREiVLFRNGDVHomRWUDQVYHUVDOFRQIRUPHLOXVWUDGRSHOD)LJXUD

    )LJXUD 'LYLVmR GD VHomRWUDQVYHUVDO GH SHUILV , RX + SDUD XWLOL]DomR GRPRGHORWpUPLFRVLPSOLILFDGR(&3DUWH

    3DUD HOHPHQWRV HVWUXWXUDLV VHP D SUHVHQoD GHPDWHULDO GH SURWHomR FRQWUDLQFrQGLR D HOHYDomR WHPSHUDWXUD DW SDUD XP GDGR LQWHUYDOR GH WHPSR W HPVHJXQGRVpGHWHUPLQDGDLQGLYLGXDOPHQWHSDUDFDGDVHJPHQWRGDVHomRWUDQVYHUVDOGHDFRUGRFRPDVHJXLQWHH[SUHVVmRH[WUDtGDGR(&3DUWH

    DW D D X $ WFT MU SDUDDW ! (T

    1HVWDH[SUHVVmRM UHSUHVHQWDR IOX[RGHFDORUSRUXQLGDGHGH iUHD VHQGR

    P

    0HVDVXSHULRUHOHPHQWRN

    [

    \

    0HVDLQIHULRUHOHPHQWRN

    $OPDN

    EI

    KW I

    WZUV

    HL[RGHIOH[mRGDEDUUD X $ DWFD

    X $ DWFDX $ DWFDK Z

    \ N

  • FRPSRVWRSRUGXDVSDUFHODVUHVSHFWLYDPHQWHDVVRFLDGDVjFRQYHFomRMF Hj UDGLDomRMUFRQIRUPHGDGRDVHJXLUF UM M M (T

    RQGH F F J P M D T T (T U UHV J P > @M H T T (T

    1DV H[SUHVV}HV DFLPD (T D RV VHJXLQWHV SDUkPHWURV IRUDPLQWURGX]LGRVDF UHIHUHVHDRFRHILFLHQWHGHWUDQVIHUrQFLDGHFDORUSRUFRQYHFomRLJXDOD :PR&(&3DUWHTJpD WHPSHUDWXUDGRDPELHQWHHP&REWLGDHPIXQomR GH FXUYDV WHPSRWHPSHUDWXUD FRQIRUPH DSUHVHQWDGR DQWHULRUPHQWH SHOD 6HomRTPp D WHPSHUDWXUD QD VXSHUItFLH GR DoR HP & 0UHV FRUUHVSRQGH D HPLVVLYLGDGHUHVXOWDQWH SRGHQGR VHU WRPDGD LJXDO D (&3DUWH R YDORU GH UHSUHVHQWD D FRQVWDQWHGH6WHIDQ%ROW]PDQQX$ UHSUHVHQWDR IDWRUGHPDVVLYLGDGHGHHOHPHQWRVHVWUXWXUDLVGHDoRVHPSURWHomRFRQWUD LQFrQGLRGDGRHPPUDpDPDVVDHVSHFtILFD GR DoR TXH SRGH VHU FRQVLGHUDGD LQGHSHQGHQWH GD WHPSHUDWXUD FXMR YDORUVXJHULGRSHOR(&3DUWHpGHNJP

    $ SDUWLU GH UHFRPHQGDo}HV DSUHVHQWDGDV SHOR (&3DUWH DYDULDomRGRFDORUHVSHFtILFRGRDoRFD HPIXQomRGDWHPSHUDWXUDSRGHVHUGHWHUPLQDGDSHOD(THP-NJR&LJXDOPHQWHLOXVWUDGDQD)LJXUD

    R RD D D DR RDDD R RDD R RD

    SDUD & & SDUD & & SDUD & & SDUD & &F

    T T T TTT TT T

    d d d d d(T

  • )LJXUD &DORU HVSHFtILFR GR DoR FD HP IXQomR GD WHPSHUDWXUD(&3DUWH $H[SUHVVmRSURSRVWDSHOR(&3DUWHSDUDGHWHUPLQDomRGRIOX[R

    GHFDORUHD FRQVHTHQWHYDULDomRGHWHPSHUDWXUDGRVHOHPHQWRVpREWLGDHPIXQomRGDGLIHUHQoD HQWUH D WHPSHUDWXUD GR PHLR H D WHPSHUDWXUD GD VXSHUItFLH H[WHUQD GRVHOHPHQWRV DTXHFLGRV R TXH WRUQD D (T GHSHQGHQWH GD WHPSHUDWXUD GR DoR D$GLFLRQDOPHQWHSDUDQtYHLVHOHYDGRVGHWHPSHUDWXUD&REVHUYDVH)LJTXH R FDORU HVSHFtILFR WDPEpP YDULD FRQVLGHUDYHOPHQWH HP IXQomR GD WHPSHUDWXUD'HVWHPRGRDGHWHUPLQDomRGRDXPHQWRGH WHPSHUDWXUDHPFDGDVHJPHQWRGDVHomRWUDQVYHUVDOSUHFLVDVHUUHVROYLGRDWUDYpVGHXPSURFHVVRLWHUDWLYR

    1D SUHVHQWH 3HVTXLVD DGRWRXVH SURFHGLPHQWR QXPpULFR GR WLSRLQFUHPHQWDOVLPSOHVSDUDGHWHUPLQDomRGDHOHYDomRGHWHPSHUDWXUDQRDoR%$77,67$H3)(,/1HVWHSURFHVVRWDQWRRIOX[RGH FDORUFRPRRFDORUHVSHFtILFRGRDoRVmR FRPSXWDGRV HP IXQomR GD WHPSHUDWXUD REWLGD QR SDVVR LPHGLDWDPHQWH DQWHULRU

    7HPSHUDWXUDDoR>&@

    &DORUHVSHF

    tILFRFD>-N

    JR &@

  • XWLOL]DQGRVHSDUDLVVRLQWHUYDORVGHWHPSRFRPSDWtYHLVFRPDSUHFLVmRHVSHUDGD)RUDPDGRWDGRVLQFUHPHQWRVGHWHPSRWGHVHJQRVFiOFXORVWpUPLFRVGHVHQYROYLGRVQHVWHWUDEDOKR

    $VVXPLQGRVHTXHRDoRHQFRQWUDVHDWHPSHUDWXUDXQLIRUPHLQLFLDO DT GHR&DWHPSHUDWXUDGHFDGDHOHPHQWRSRGHVHUGHWHUPLQDGDDFDGDLQFUHPHQWRQGHWHPSRWDSDUWLUGDWHPSHUDWXUDDQWHULRU QDT DFUHVFLGDGDYDULDomRGHWHPSHUDWXUD QDT FRQIRUPHVXPDUL]DGRDVHJXLU

    Q Q QDW DW DWT T T (TQ QDW DQD D

    X $ WFT MU SDUDD ! (TRQGH Q Q QF F JW DW M D T T (T

    Q Q Q U UHV JW DW > @M H T T (T5HVXOWDGRVQXPpULFRVSDUDR FiOFXORGD HOHYDomRGH WHPSHUDWXUDGHSHUILV

    PHWiOLFRV REWLGRV SHOR SUHVHQWH PpWRGR LQFUHPHQWDOVLPSOHV VmR DSUHVHQWDGRV HFRPSDUDGRVFRPDTXHOHVREWLGRVSHORSURJUDPD6$),5)5$166(1HWDOQD6HomRGHVWHWUDEDOKR

    'HDFRUGRFRPRLWHPGD1%5DRVHGHWHUPLQDURIDWRUGHPDVVLYLGDGHX$SDUDHOHPHQWRVVHPSURWHomRRXXP$SDUDHOHPHQWRVUHFREHUWRVFRPPDWHULDO GH SURWHomR FRQWUD LQFrQGLR D iUHD EUXWD GD VHomRWUDQVYHUVDO GHYH VHUXVDGDGHVSUH]DQGRVHRHIHLWRGHSHTXHQRVIXURV$OpPGLVVRVHJXQGRRLWHPGD1%5RYDORUGHW QmRSRGHVHUVXSHULRUDX$UHVSHLWDQGRVHDLQGDROLPLWHPi[LPRUHFRPHQGDGRGHVHJ

    $7DEHODDSUHVHQWDXPDVtQWHVHGRFiOFXORGRV IDWRUHVGHPDVVLYLGDGHSDUDSHUILVPHWiOLFRVGHVSURWHJLGRVFRPRXVHPDSUHVHQoDGHODMHGHFRQFUHWR

  • 7DEHOD 3HUtPHWURVH[SRVWRVSDUDHOHPHQWRVTXHFRPS}HPDVHomRWUDQVYHUVDOGHSHUILVPHWiOLFRV,RX+

    (OHPHQWR 3HUtPHWURH[SRVWRXRXXPHPPUHDGRHOHPHQWR $HPP (VTXHPDWL]DomRGDVLWXDomR0HVDVXSHULRUN

    VHPODMH I I V Z W E U W FRPODMH II V Z EW U W

    I I Z V V E W W U U

    $OPDN ZK Z Z K W0HVDLQIHULRUN I I V Z W E U W I I Z V V E W W U U DVGLPHQV}HVWIEIUVWZKZ HVWmRLQGLFDGDVQD)LJXUD3 UHSUHVHQWDRIOX[RGHFDORUGDGRSHOD(T

    (OHPHQWRVHVWUXWXUDLVFRPPDWHULDOGHSURWHomRFRQWUDLQFrQGLR3DUDSHUILVPHWiOLFRVHQYROYLGRVSRUPDWHULDLVGHSURWHomRFRQWUDLQFrQGLR

    RV PHFDQLVPRV EiVLFRV GH WUDQVIHUrQFLD GH FDORU SHUPDQHFHP LGrQWLFRV jTXHOHVDSUHVHQWDGRVSDUDHOHPHQWRVGHVSURWHJLGRV&RQWXGRDEDL[DFRQGXWLYLGDGHGRPDWHULDOGH SURWHomR VXSHUILFLDO LQGX] XPD FRQVLGHUiYHO UHGXomR QD WD[D GH DTXHFLPHQWR GD

    ODMHGHFRQFUHWR

    3

    33

    3

  • VHomR GH DoR 3RU RXWUR ODGR D SUySULD FDPDGD GH UHYHVWLPHQWR WpUPLFR SRVVXLFDSDFLGDGH GH DUPD]HQDU XPD FHUWD TXDQWLGDGH GH FDORUPHVPR TXH SHTXHQD R TXHRFDVLRQDXPVXEVWDQFLDOUHWDUGDPHQWRQRSURFHVVRGHDTXHFLPHQWRGRDoR

    6HJXQGRDPHWRGRORJLDSURSRVWDSHOR(&3DUWHDVVXPHVHTXHDVXSHUItFLH H[SRVWD DR IRJR GR PDWHULDO GH UHYHVWLPHQWR WpUPLFR HQFRQWUDVH VRE DPHVPD WHPSHUDWXUD GR PHLR DTXHFLGR RX VHMD FRP DPHVPD WHPSHUDWXUD GR DU 7DOKLSyWHVHpYiOLGDGHVGHTXH XPDSDUFHODPtQLPDGRFDORULQFLGHQWHQDFDPDGDSURWHWRUDVHMD XWLOL]DGD QR FiOFXOR GR DXPHQWR GD WHPSHUDWXUD GR PDWHULDO GH UHYHVWLPHQWRWpUPLFR R TXH p EDVWDQWH UD]RiYHO XPD YH] TXH R FRHILFLHQWH GH FRQGXomR GR DU pVXEVWDQFLDOPHQWHEDL[RHPUHODomRDRDoR:22//(

  • PDWHULDO GH SURWHomR FRQWUD LQFrQGLR HQFRQWUDPVH LQLFLDOPHQWH D XPD WHPSHUDWXUDXQLIRUPH DT GH R& D YDULDomR GD WHPSHUDWXUD QR DoR (T SRGH VHUGHWHUPLQDGD HP IXQomR GR WHPSR GHFRUULGR DWUDYpV GH SURFHGLPHQWR LQFUHPHQWDOVLPSOHV FRPSXWDGR D FDGD LQWHUYDOR GH WHPSR W XWLOL]DQGRVH SDUD LVVR UHVXOWDGRVREWLGRVQRSDVVRDQWHULRUQFRQIRUPHGHVFULWRDVHJXLU

    Q Q QDW DW DWT T T (TQQ QJW DWQ Q QPDW JW DWQ QP D D

    H SDUD PX $ WW F [T TOT T TU [ ' t (TRQGH Q P P PQD D PF W X $F U[ U (T

    2VIDWRUHVGHPDVVLYLGDGHDSUHVHQWDGRVSHOD7DEHODDSOLFDGRVDSHUILVPHWiOLFRV GHVSURWHJLGRV WDPEpP SRGHP XWLOL]DGRV QD DQiOLVH WpUPLFD GH SHUILVPHWiOLFRVHQYROYLGRVSRUPDWHULDOGHSURWHomRFRQWUDLQFrQGLRRXPHVPRSHODIL[DomRGH SODFDV UtJLGDV QR HQWRUQR H[SRVWR DR IRJR :22//(

  • SDUFHODGRFDORUODWHQWHHQYROYLGRQRDTXHFLPHQWRGHVHo}HVSURWHJLGDV(VWHIHQ{PHQRFDXVDXPUHWDUGDPHQWRQDFXUYDGHDTXHFLPHQWRGHHOHPHQWRVSURWHJLGRVDWpTXHWRGDiJXD UHWLGD VHMD H[SHOLGD GD FDPDGD GH SURWHomR $ SDUWLU GDV UHFRPHQGDo}HV GR(&3DUWH DV DQiOLVHVGHVHQYROYLGDVQHVWDSHVTXLVDGHPRGRFRQVHUYDWLYRQmROHYDPHPFRQVLGHUDomRHVWHIHQ{PHQR

    $SOLFDo}HV GR PRGHOR QXPpULFR VLPSOLILFDGR QR FiOFXOR GD HOHYDomR GHWHPSHUDWXUDGHSHUILVPHWiOLFRVHQYROYLGRVSRUPDWHULDOGHSURWHomRVmRDSUHVHQWDGDVHFRPSDUDGDVFRPUHVXOWDGRVQXPpULFRVVHPHOKDQWHVREWLGRVFRPRDX[tOLRGRSURJUDPD6$),5)5$166(1HWDOFRQIRUPHLOXVWUDGRSHOD6HomRGHVWHWUDEDOKR (OHPHQWRXQLGLPHQVLRQDOGHWUDQVIHUrQFLDGHFDORU (OHPHQWRVHVWUXWXUDLVVHPSURWHomRWpUPLFD

    &RPRLQWXLWRGHVHREWHUXPDUHVSRVWDWpUPLFDPDLVUHDOLVWDVH FRPSDUDGDFRP RV UHVXOWDGRV REWLGRV SHOR PpWRGR VLPSOLILFDGR DSUHVHQWDGR DQWHULRUPHQWH SHOD6HomRIRL LPSOHPHQWDGRQRSUHVHQWH WUDEDOKRXPPRGHORWpUPLFRXQLGLPHQVLRQDOGHVHQYROYLGR FRP EDVH QD IRUPXODomR JHUDO GR 0() &22. HW DO =,(1.,(:,&= H 7$

  • GHOLPLWDGR SRU GRLV QyV GH H[WUHPLGDGH TXH UHSUHVHQWDP DV WHPSHUDWXUDV QRGDLV HPFDGDH[WUHPLGDGHGRHOHPHQWRL HMFRQIRUPHLOXVWUDGRSHOD)LJXUD$VVXPLXVHTXH D WHPSHUDWXUD YDULD OLQHDUPHQWH QD GLUHomR ORQJLWXGLQDO GR HOHPHQWR GLUHomR \(VWDFRQGLomRpREWLGDDWUDYpVGH IXQo}HV OLQHDUHVGH LQWHUSRODomRSRUFRQGXomR1L H1MDSUHVHQWDGDVDVHJXLU L1 \ A A (T M 1 \ A (T

    2 FDPSR GH WHPSHUDWXUDV YHWRU SRGH VHU GHILQLGR FRP DX[tOLR