Bioethanol: State and perspectives

(1)

! "#$

[%]

&

'(

) *

'(

[+]

& ,$%-. [-] & ) * )* / 0

& ! [1]

) $ * #",-, 2 %34'2%34' "4-+4' % 5 $ +""+- 62[+] %4%# 78$9 :

';(→+';(; < +'(

!

) = * / %,"3 !=> %,"4

?[3] @

A )1"3## $ %,,- %,%### $ +### * [B] )%,,+ -"-+, +##1 $ +"%,# *["] 5

8 RYRP UDGX UD]PRWUHQL VX SURFHVL GRELMDQMD HWDQROD L] ELRPDVH 1DJODVDN MH VWDYOMHQ QD SROD]QH VLURYLQH ]QD DMQH IDNWRUH NRML NRQWUROLåX WRN L HIHNWH UHDNFL MD RåHþHUHQMD L IHUPHQWDFLMH L XWL X QD SULQRV IHUPHQWDELOQLK åHþHUD L HWDQROD UHVSHNWLYQR NDR åWR VX YUVWH L NRQFHQWUDFLMH NLVHOLQD YUVWH HQ]LPD YUVWD SURL ]YRGQRJ PLNURRUJDQL]PD WHPSHUDWXUD S+L YUHPH WUDMDQMD UHDNFLMH 5DGL VD JOHGDYDQMD SHUVSHNWLYH LQGXVWULMVNH SURL]YRGQMH ELRHWDQROD RFHQMHQD MH HNRQRPL QRVW FHORNXSQRJ SRVWXSND SURL]YRGQMH ELRHWDQROD L] ELRPDVH

!"# !$%%%

&'( ()( * +( , "- "%%. * + , / "%%$

(2)

GD HWDQRO ]DX]LPD ]QD DMQR PHVWR SUH VYHJD NDR HQHU JHQW DOL L NDR VLURYLQD ]D KHPLMVNX L IDUPDFHXWVNX LQGXV WULMX[]

6XåWLQD SRVWXSND SURL]YRGQMH ELRHWDQROD MH X DONR KROQRM IHUPHQWDFLML RGQRVQR DQDHUREQRM ELRKHPLMVNRM RGQRVQR HQ]LPVNRM UD]JUDGQML åHþHUD GR HWDQROD L &2 SRPRþX UD]OL LWLK PLNURRUJDQL]DPD QDM HåþH NYDVFLPD äHþHU NRML VH IHUPHQWLåH PRçH VH GRELWL L] UD]OL LWLK L]YR UD YRþD çLWDULFD NURPSLUD åHþHUQH UHSH L GUXJRJ ELOM QRJ PDWHULMDOD 8 ]DYLVQRVWL RG SROD]QH ELOMQH VLURYLQH UD]OLNXMX VH SURFHVL GRELMDQMD MHGQRVWDYQLK åHþHUD L] QMLK 3URL]YRGQMD ELRHWDQROD SRGUçDYD UD]YRM WUL WHKQROR åNH SODWIRUPH 3UYD MH WUDGLFLRQDOQD GYRVWHSHQD NRQYHU ]LMD ELRPDVH X HWDQRO NRMD XNOMX XMH RåHþHUHQMH L IHUPHQWDFLMX 'UXJD MH GLUHNWQD IHUPHQWDFLMD ELRPDVH SX WHP LVWRYUHPHQRJ RåHþHUHQMD L IHUPHQWDFLMH 7UHþD NRMD GUDVWL QR PHQMD SULVWXS SURGXNFLML ELRHWDQROD XNOMX XMX þL WHUPL NX REUDGX ELRPDVH GD EL VH GRELOL +L & 2 L] NRMLK VH VLQWHWL]XMH HWDQRO [] .DUDNWHULVWL QR ]D VYH WUL WHKQRORåNH SODWIRUPH MH GRELMDQMH HWDQROD NRML VH SURFH VRP GHVWLODFLMH L]GYDMD X PDNVLPDOQRM NRQFHQWUDFLML RG GRN RVWDOLK LQL YRGD $SVROXWQL HWDQRO VH QH PRçH GRELWL VDPR GHVWLODFLMRP YHþ MH ]D WR SRWUH EQR L SULPHQLWL SURFHV GHKLGUDWDFLMH 'RGDYDQMHP QH NH RWURYQH VXSVWDQFH EHQ]LQ LOL VO VSUH DYD VH QMHJRYD XSRWUHED X SURL]YRGQML DONRKROQLK SLþD[]

8 RNYLUX RYRJ UDGD QD GDOMH GHWDOMQLMH VX UD]PDWUD QH VDPR SUYH GYH SODWIRUPH VD HNRQRPVNRP RSUDYGD QRP SULPHQRP X LQGXVWULMVNLP XVORYLPD

!"

1DMMHGQRVWDYQLMD MH WUDGLFLRQDOQD GYRVWHSHQD UD ]JUDGQMD VLURYLQD 3UYL VWHSHQ SUHGVWDYOMD KLGUROL]X VLURYL QH X IHUPHQWDWLYQH åHþHUH RåHþHUHQMH X NRPH VH SROLPHUQL PDNURPROHNXOL UD]ODçX GR PRQRVDKDULGD IL]L NL KHPLMVNL LOL HQ]LPVNL 9HOLNL EURM UD]OL LWLK IDNWRUD LMD VX GHMVWYD QDM HåþH NRPELQRYDQD XWL X QD NLQHWLNX RåH þHUHQMD NDR L QD SULQRV HWDQROD X SURFHVX IHUPHQWDFLMH 1DMYDçQLML VX YUVWD L NRQFHQWUDFLMD NLVHOLQD YUVWD HQ]LPD WHPSHUDWXUD YUHPH WUDMDQMD UD]JUDGQMH L S+ 8 WDEHOL GDW MH SUHJOHG QDMYDçQLMLK XVORYD RåHþHUHQMD

8VORYL NRML NRQWUROLåX NLVHOLQVNX KLGUROL]X JOXNR]H YUHPH WUDMDQMD UHDNFLMH WHPSHUDWXUD L S+ PRJX VH REMH GLQLWL X MHGLQVWYHQL SDUDPHWDU VMHGLQMHQD MD LQD FRPEL QHG VHYHULW\ &6 2EMHGLQMDYDQMHP YUHPHQD WUDMDQMD UHDNFLMH VD WHPSHUDWXURP X MHGLQVWYHQX UHDNFLRQX RUGL QDWX GHILQLVDQ MH SDUDPHWDU MD LQH 54 SUHPD VOHGHþRM MHGQD LQL[]

54=W H[S   77²7

-  

JGH MH W ² YUHPH WUDMDQMD UHDNFLMH PLQ 77 ² UHDNFLRQD WHPSHUDWXUD 4& L 7-² UHIHUHQWQD WHPSHUDWXUD 4&

&KXP L VDU XYHOL VX WUHþL SDUDPHWDU S+ VUHGLQH L RSLVDOL IDNWRU &6[]

& 6 ORJ 5R ² S+

JGH MH S+ L]UD XQDW L] NROL LQH GRGDWH VXPSRUQH NL VHOLQH

3ULPHQD SDUDPHWUD &6 QLMH RJUDQL HQD VDPR QD NLVHOLQVNX KLGUROL]X åHþHUD YHþ L QD HQ]LPVNX V RE]LURP QD LQMHQLFX NLVHOLQVNRJ SUHGWUHWPDQD VLURYLQH NRMD VH HQ]LPVNL KLGUROL]XMH GR PRQRVDKDULGD[]

,DNR RåHþHUHQMH NLVHOLQDPD GDMH UHODWLYQR YLVRNH SULQRVH åHþHUD EH] SUHWKRGQH SULSUHPH X] YHOLNX EU]LQX KLGUROL]H L QD QLVNLP UHDNFLRQLP WHPSHUDWXUDPD QDUR LWR VD NRQFHQWURYDQLMLP NLVHOLQDPD RQ LPD L L]YHVQH QHGRV WDWNH NDR åWR VX REDYH]QD QHXWUDOL]DFLMD KLGUROL]DWD SUH IHUPHQWDFLMH LQKLELFLMD UDVWD NYDVFD VSRUHGQLP SURL]YR GLPD KLGUROL]H QLçL SULQRV HWDQROD QHPRJXþQRVW LVWRYUH PHQRJ VSURYRHQMD RåHþHUHQMD L IHUPHQWDFLMH L VNXSOML NRQVWUXNFLRQL PDWHULMDO ]D L]UDGX RSUHPH[] 2YL SUR EOHPL VH ]DRELOD]H NRULåþHQMHP HQ]LPD NDR ELRNDWDOL ]DWRUD

'UXJL VWHSHQ SUHGVWDYOMD SUHYRHQMH åHþHUD X HWD QRO LOL IHUPHQWDFLMD X NRMRM PLNURRUJDQL]PL DQDHUREQH EDNWHULMH NYDVFL PHWDEROLåX åHþHUH X HWDQRO 1DM HåþH VH SUL LQGXVWULMVNRM IHUPHQWDFLML NRULVWH NYDVFL URGRYD [] [] L [] EDNWHULMH YUVWH L [] RGUHHQH WHUPRILOQH EDNWHULMH URGD NDR L YHOLNL EURM UD]QLK VRMHYD GRELMHQLK PHWRGDPD JHQHWVNRJ XNUåWDQMD [²] 3R UHG YUVWH SURL]YRGQRJ PLNURRUJDQL]PD L NROL LQH LQRNXOX PD [] SURFHV IHUPHQWDFLMH ]DYLVL L RG NRQFHQWUDFLMH IHUPHQWDELOQLK åHþHUD SULVXVWYD LQKLELWRUD L QHIHUPHQWD ELOQLK åHþHUD ]DWLP RG NRQFHQWUDFLMH VROL DPRQLMXPD L IRVIDWD[] PDJQH]LMXPD LOL NDOFLMXPD[]L WHPSHUDWX UH 2SWLPL]DFLMRP RYLK SDUDPHWDUD RVLJXUDYD VH HILND VQRVW SURFHVD L PDNVLPDOQL SULQRV HWDQROD 8WLFDM QHNLK RG RYLK SDUDPHWDUD QD SULQRV HWDQROD SUHJOHGQR MH GDW X WDEHOL

"#$ !" %&'

3URFHV VLPXOWDQRJ RåHþHUHQMD L IHUPHQWDFLMH 66) MH NRPELQDFLMD HQ]LPVNH KLGUROL]H SRGORJH VD LVWRYUHPH QRP IHUPHQWDFLMRP åHþHUD X HWDQRO 7RN 66) SURFHVD MH LVWL NDR L X SRVWXSNX RGYRMHQRJ RåHþHUHQMD L IHUPHQWDFL MH L]X]HY LQMHQLFH GD VH RGYLMD X LVWRP ELRUHDNWRUX -H GLQL SUREOHP YH]DQ ]D 66) VX UD]OL LWH RSWLPDOQH WHPSHUDWXUH ]D RåHþHUHQMH L IHUPHQWDFLMX NRMH VX SULEOL çQR 4& L 4& UHVSHNWLYQR 2YDM SUREOHP MH UHåHQ NR ULåþHQMHP WHUPRWROHUDQWQLK VRMHYD NYDVDFD VSRVREQLK GD IHUPHQWLåX JOXNR]X X HWDQRO QD WHPSHUDWXUDPD RNR 4& NRMD MH EOLçD RSWLPDOQRM DNWLYQRVWL HQ]LPVNRJ NRP SOHNVD QD WHPSHUDWXUDPD X RSVHJX ²4&[] 7HUPR WROHUDQWQH VX VH SRND]DOH QHNH YUVWH URGRYD L SR VSRVR EQRVWL IHUPHQWLVDQMD JOXNR]H JDODNWR]H L PDQR]H QD 0 ++ 1( $% 2!0"3 !0/ 2"%%$3

(3)

0> 0.4 [>] ( >

A ? ! % " ?#[]

' & )

B B % 00222 [>]

C % % % % % ( % " #

[]

! !" ##

NLVHOLQHED]H DFLGDONDOL

[] $ %

R_] _&' _[_]

"

( ')

"*" +*

,!-. /0012 345 604370 6 30460

∼70D

∼7/E [/5] "

( ,82 ') 4 3 3/0 4 50 705D [/6] "

( ,82 '") 4 9 :0 336 304950 :647:D [/:]

( * 4

+*" +* ,!-. /0012 +*" +* ,!!;2

4 :0 56 3/90 4 [3<]

1+* _'

) 4 06455 3604950 66 34/0 6/74:=9E [=] 1+* ₄ β4+*"

β4+* 4 /7 5= 7:50 4 %/<] *"** "

') +*"+* 5 393 59 304:0 574=0/D [/7] " ₄ ₄ _/0 _/6 _<900 _=04=5:E _[_/=_]

$&" &"

$& & 4

α4

β4,>&2 +*" +* ?!93 ,! /002

4 :0 6 3550 4 [50]

*+ @*+

&& * ') 4 07 3<6 4 30 <04=<E [53] &

' 4 0649 =54=7 5645< :0 :04::E [59]

&

4

α4

α4 !& +* + +*" +*

4 664=6 5646: 360 <<4=:E [5/]

_{4 8 , *2 4 "}

D_{4 + "+ & , *+2} E_{4 "+ & , 2}

-A>A $ AB > C &&" 'A A :0 ,3C92 3C= ,900:2

(4)

PD NURPSLU[] 8SRWUHED NURPSLUD ]D GRELMDQMH HWDQR OD MH RSUDYGDQD X VOX DMX SRVWRMDQMD ]QD DMQLK NROL LQD RWSDGQRJ PDWHULMDOD SUL SUHUDGL NURPSLUD NDR L X REODVWL PD VD YHOLNLP WUçLåQLP YLåNRYLPD NURPSLUD L UHODWLYQR OD NRJ L]GYDMDQMD [] =D UD]OLNX RG SORGRYD NRML VDGUçH åHþHUH LVNRULVWOMLYRVW OLJQRFHOXOR]H NDR VXSVWUDWD ]D SURL ]YRGQMX ELRHWDQROD LPD EDULMHUX ]ERJ NRPSOHNVQH VWUXN WXUH NRMD MH LQL RWSRUQLMRP QD UD]JUDGQMX /LJQRFHOXOR]D VH VDVWRML L] WUL YHOLNH IUDNFLMH FHOXOR]H ∼ X VXYRM PDWHULML KHPLFHOXOR]H ∼ X VXYRM PDWHULML L OLJQLQD ∼ X VXYRM PDWHULML[] 3UREOHP XSRWUHEH OLJQRFHOX OR]H OHçL X QHPRJXþQRVWL MHGQRJ PLNURRUJDQL]PD GD IHU PHQWLåH SHQWR]H L KHNVR]H QDVWDOH X SURFHVX RåHþHUHQMD 1DMLVNRULåþHQLML NYDVDF QH PRçH GD IHUPHQWLåH SHQWR]H L ]ERJ WRJD PX MH RJUDQL HQD XSRWUHED ]D OLJQRFHOXOR]QH SRGORJH ,VWD RJUDQL HQMD VX VH MDYLOD L NRG EDNWHULMH .DR SRVOHGLFD ]D SRVOHGQMH GYH GHFHQLMH YHOLNL EURM PLNURRUJDQL]DPD VH SRGYUJDYD JHQHWVNRM PDQLSX ODFLML X FLOMX GRELMDQMD çHOMHQLK RVRELQD[]

1D L]ERU VLURYLQH XWL X UDVSRORçLYL DJUDUQL NDSDFL WHWL YUHPH VNODGLåWHQMD VLURYLQH SULSUHPD VLURYLQH[]

XVORYL KLGUROL]H IHUPHQWDFLMH L GHVWLODFLMH NDR L PHXSUR L]YRGL 7DNR MH åHþHUQD WUVND QDMYHþL VLURYLQVNL PDWHULMDO ]D SURL]YRGQMX HWDQROD X %UD]LOX ,QGLML L -XçQRM $IULFL GRN MH NXNXUX] X 6$' D åHþHUQD UHSD X )UDQFXVNRM 8 6$' JRGLQH[]SULQRV ELRHWDQROD GRELMHQRJ L] NXNX UX]D ELR MH OW GRN MH X )UDQFXVNRM JRGLQH L] åHþHUQH UHSH GRELMHQR OW [] 8VORYL SURL]YRGQMH HWDQROD L] QHNLK VLURYLQD GDWL VX X WDEHOL []

äWR VH WL H QDåH ]HPOMH SUL D R NRULåþHQMX HWDQROD NDR SRJRQVNRJ JRULYD ]D DXWRPRELOH MRå XYHN MH VDPR X GRPHQX WHRULMH $OL SURL]YRGQMD QHNLK RG SRWHQFLMDOQLK L]YRUD VLURYLQH X 6&* NDR åWR VX NXNXUX] MH DP UDç SåHQLFD LQGXVWULMVNR ELOMH L NURPSLU ]D JRGLQX L]QRVLOD MH L KLOMDGD WRQD UHVSHNWLYQR[] 2YD LQMHQLFD NDR L YHOLNH NROL LQH VSRUHGQLK SURL]YRGD NRMH VH MDYOMDMX SUL SUHUDGL RYLK VLUR YLQD VWDYOMDMX QDåX ]HPOMX X SRWHQFLMDOQR YHOLNH SURL]YR D H ELRHWDQROD

.DR åWR MH XND]DQR *D\²/LVVDF²RYRP MHGQD LQRP &2 L HWDQRO QDVWDMX L] JOXNR]H X VNRUR HNYLPRODUQLP

+

* -+-"+

[]D

$[_] _&' _[_] & &

>4&* '*

'* (>9094!8E /0 6 3:0 . *" ". * 70479 [373=]

1+* 1+*

!$/9:=3

!$/577<

/0 56 90 _E ∼70 [35]

- &

- *+ !$/:76: // 4 95 + + + + 6=4<: [90] 1+*

"+

1+*

[ ]

!"!" []

#$"$ $ "# #$ $"

%& [ ]

"# "'"$

$" (" '$ & [] "# "'"$

$" (" '$ [] "# "$

$" (" " &)& [] "# "$

$" (" " *+,'!-,'-- &)& [] . /" '"$ $$ 0( "$ ( $1

_{) (2$$) 3- '4 5 0-/ 1} _{"$ 6'" 3- (" '4 5 0-/ 1} _{#$$ $}_κ_{$ $}

_#_κ_{$"$$ #$}

_{) (2$$) $$$}_α_{$$$ !!} _{"$ 6'" $$ $ !!}_α_$$ 744 /$8) $"49 $ : $ '"'2 ;4 4 0:1 :& 0 1

(5)

! " # $ "

% # & ' #

[(] )

[*+] )

# " #[,-]

(.2120,.$

. " " # # " " [(] / " & # # " # " " [,]

0 " # " # # # 1 # " / 2 / /2/! /2/ " [,3]&

<"

-2$$ >$2$$=$

<" ?8"$ ("$ '$"$ " $ ("$ '" 0;+1

78 2$ 2$ ($ ' '$ 2$

/ '# ( "" $ ' " '$ "$

@ #" " ; " "$

A( $ '$ $$$" '" " '"$$

$' $ $ $2$$# $"$ $ " ( #"$

B# ?8" #"$ "$ "

%$ $" # " " "$

/?8 2$"$ '2 " $ ($ " >(( $ $ ($2"$# " "$

@ "?2 ?8"$ # 2 $

; ( $ $$"($ #$ ( '" (

' " $"$ $ '" 56'2 " $"$ (" C'

<" $ ?8"$ ("$ $ $$"($ $ ("$ '" 0+1

<" 2$ #"$" <" #"$"

D$ 2 ?8"$ ("$

$$"($ $ ("$ "$

7""$ $ " # ?8" E$ ( $$"( $" # "#

D$ '"2 ""$$$ $ $ $$ ?8"$

'" ( "# $ "$ $$ ( $"

<"2 $$ $ 8 $$ ' ("$

5$ '" " '# ( $$

%$ " 2$ 2$"$ 8 F$'F '"$

=" $# F$'F ( '"

B"$ "?2 2"$$ G $'$

%$ '"$" ' "$$ ?8"$ ("$

>((" '"$" ' ( $$"($ $ ("$ "$

H'"#$ ""$ ""$$$ / ( ""$ "#

=' $'$ $ ""$$) 8$2$ " ("$ ?8"$ $

=$" $'$ 2" "#) $# ("$ ( $" $

/?8 ""$ '2 '"# ""$$$

7"# " $ " ((

<" $$ $ # 2 "$ ?8"$) $ "$ ""$$$) #

$ 2$ '$ '"$ G $ #$ ( $" "$) "$ " ( "#) #" ( '" C4

744 /$8) $"49 $ : $ '"'2 ;4 4 0:1 :& 0 1

(6)

/2/= =    4I ΣLβL5LαL'L

  

& #&

!6 4I

-3 7$89 #!6 αL "

6 5L "

6 'L "

9 "!6 :L

βL

"βL; 333! /2/ - 3

/2/ " < /2/ "

0 =4 > 2 = /2/ -, -?+ [,3] < /2/ ' " " # "

0 # # # " " "

[,*] # % # " " % " [] [] [] /"$$ $?: $ "2 "$ ( '' <"'"$ "2 + '"'$"$ 5"$$ ?8"$ $" 6"$ H $2$ " +"$$

+"$ >$$>$

>#$ '": '"2$ '" '" I" " )

!"$ #) 72!" =$=

D$"2$ "$ ;$ $ " $ 2" ($ J >2 / 2 "' $ K#"$ >>! " $ <?$ J$ )

!"$ #) 72!" =$=

D$"2$ "$ ;$ $ " $ 2" ($ J >2 / 2 "' $ K#"$ >>! " $

"$ $ " 7,"

)

!"$ #) 72!" =$=

D$"2$ "$ ;$ $ " $ 2" ($ J >2 / 2 "' $ K#"$ >>! " $ "$ ?8"$ " !) $ <)

>"# "$: 2$ " ""

B2$$ ?8: "$ 2$$ '$"$ $"

L (#"

=$

= GC / @8 G$""

@$$ $# 2$$ G 2$ (#"

M8"$ "$ $"$ !) $ <)

>"# "$: 2$ " ""

B2$$ ?8: "$ 2$$ '$"$ $"

L (#"

=$

= GC / @8 G$""

@$$ $# 2$$ G 2$ (#"

M8"$ "'$ $"# !) $ <) B#$ "$$ 562 6"$ =$

= GC / @8 G$""

M8"$ $?$ 2$ 2$K$ '' " " I"'" <$ I"$$ $("$) " $'") 72

!" =$=

D$"2$ "$ ;$ $ " / GC =? 28 $ $"" I"'"$$ $?$ 2$ "$ <$ '' " " "# $" %"2$") ) =$= =$= D$"2$ "$ ;$ $ " / GC =? 28 $ $"" $ 2$ *$ 7$$ 7$ ")

/$) =$= =$= =$= GC /

=? 28

$ $""

$ 2$ *$ 744 /$8) $"49 $ : $ '"'2 ;4 4 0:1 :& 0 1

(7)

=$./-8ÿ$.

[] !

"# $ [] % &'( ! ) * ! +

( + * * , * ! ! &* ! ) - ) ) + ! )

- ) 6DFFKDURP\FHV

. * + * * , ! ) ** *

=$+9$/1,&$

5DG MH XUDHQ X RNYLUX SURMHNWD 75 % NRML ILQDQVLUD 0LQLVWDUVWYR QDXNH L ]DåWLWH çLYRWQH VUHGLQH

5()(5(1&(

[1] - 6KHHKDQ0 +LPPHO(Q]\PHVHQHUJ\DQG WKH HQYL URQPHQW $ VWUDWHJLF SHUVSHFWLYH RQ WKH 86 'HSDUWPHQW RI HQHUJ\·V UHVHDUFK DQG GHYHORSPHQW DFWLYLWLHV IRU ELRHW KDQRO%LRWHFKQRO 3URJ ²

[2] - %DUDV- -DNRYOMHYLþ6WDQMH L PRJXþQRVW UD]YRMD SURL ]YRGQMH L SULPHQH HWDQROD X -XJRVODYLML7HKQRORåNL IDNXO WHW1RYL 6DGVWU

[3] 6 .LP%( 'DOH*OREDO SRWHQWLDO ELRHWKDQRO SURGXFWLRQ IURP ZDVWHG FURSV DQG FURS UHVLGXHV%LRPDVV DQG %LRHQHUJ\ ²

[4] ( *QDQVRXQRX$ 'DXULDW&( :\PDQ5HILQLQJ VZHHW VRUJKXP WR HWKDQRO DQG VXJDU HFRQRPLF WUDGH²RIIV LQ WKH FRQWH[W RI 1RUWK &KLQD%LRUHV 7HFKQRO ²

[5] $( :KHDOV/& %DVVR'0* $OYHV+9 $PRULP)XHO HWKDQRO DIWHU \HDUV7LEWHFK ²

[]

'LUHNWQL WURåNRYL

'LUHFW FRVWV 'LUHNWQH NRULVWL'LUHFW EHQHILWV =UQR LOL åHþHUQD WUVND NDR VLURYLQH

*UDLQ RU VXJDU²FDQH IHHGVWRFN

8SRWUHED HOHNWUL QH HQHUJLMH L YRGH (OHFWULFLW\ DQG ZDWHU XVH

7UDQVSRUWSURL]YRGQMDIHUPHQWDFLMD L GHVWLODFLMD 7UDQVSRUWSURFHVVLQJIHUPHQWDWLRQ DQG GLVWLOODWLRQ

'LVWULEXFLMD L QDEDYOMDQMH 'LVWULEXWLRQ DQG VXSSO\

3RUHVNH VXEYHQFLMH LOL RODNåLFH 7D[ VXEVLG\ RU H[HPSWLRQ

3URGDMD HWDQROD 6DOH RI HWKDQRO

3RYHþDQMH QDFLRQDOQH SROMRSULYUHGQH LQGXVWULMH 0DMRU QDWLRQDO DJULFXOWXUDO LQGXVWU\

3URL]YRGQMD HOHNWUL QH HQHUJLMH &RJHQHUDWLRQ RI HOHFWULFLW\

3URGDMD VSRUHGQLK SURL]YRGD 6DOH RI FRSURGXFWV

7HKQRORåNL UD]YRM 7HFKQRORJLFDO GHYHORSPHQW ,QGLUHNWQL WURåNRYL

,QGLUHFW FRVWV ,QGLUHNWQH NRULVWL,QGLUHFW EHQHILWV 'HJUDGDFLMD ]HPOMLåWD

/DQG GHJUDGDWLRQ

3RYHþDQMH ]DJDHQMD DFHWDOGHKLGRP ,QFUHDVHG DFHWDOGHK\GH SROOXWLRQ

,VSODWD X VWUDQRM YDOXWL L LQWHUHV VWUDQDFD )RUHLJQ FXUUHQF\ SD\PHQWV DQG LQWHUHVW

9RMQD ]DåWLWD UH]HUYL SULURGQRJ JDVD 0LOLWDU\ SURWHFWLRQ RI JDVROLQH VXSSOLHV

6PDQMHQMH HPLVLMH JDVRYD VWDNOHQH EDåWH 5HGXFHG HPLVVLRQ RI JUHHQ KRXVH JDVHV

6PDQMHQMH &2 L 12[]DJDLYDQMHP 5HGXFHG SROOXWLRQ E\ &2 DQG 12[

=DSRVOHQRVW SR VHOLPD L VRFLMDOQD VWDELOQRVW 5XUDO HPSOR\PHQW DQG VRFLDO VWDELOLW\

2EQRYOMLYL L]YRUL 5HQHZDEOH UHVRXUFHV

6PDQMHQMH XSRWUHEH IRVLOQLK JRULYD 5HGXFWLRQ LQ IRVVLO²IXHO XVH

6PDQMHQMH X ]DYLVQRVWL QD XYR]QLP XOMLPD 5HGXFHG GHSHQGHQF\ RQ LPSRUWHG RLO

0% 7DVLþL VDU %LRHWDQRO VWDQMH L SHUVSHNWLYH +HP LQG

(8)

[6] (HH& ""HH. *H & "#

[7] .# . G# & 0 ( <<<' .&%3

[8] (HH<<<"*%H"H #I

[9] A $ /#"J ! 5!K&# > &.& : .& ; D** 7G 7#. & " . & # * %#% < $ %" *. * # 012223 1=151=2

[10] ?< +# *### " .( /.#" / # *. . .* #&% EA / ? & =58= 01243

[11] )# > # 5 $ ;## A +.#' ; ;" A . E" & # * .#% .% " ' & &% & 5.* * )# *.# * # 03 85

[12] / #* $ ; >" /* ; D# * ##% &( *" " % & & A )# *.# 0=3 885

[13] ## G# 7& / E ## $ # " #& *###* "# .% ' "# *** " * 0C3 < >$> 14= /* *" 03 1495144

[14] L * B $ > ) % C >"* >" % " ,5&#*H,5 @%# "@ < * $ & 012223 ==5=9

[15] B : 6 ,. # # " "6 "& + ' 7 A*

[16] M 7" C :.% G & < )#' *# " * .% & * *". % & &#*"%# *% * # & 01223 15=

[17] / A.## A M @ C ,* >" % < # *** # *' < < &#*"%# E > /' * 01223 2152=

[18] :% / !& ! )#" & )) ? # / , / .#* & ' & @%#5"5@ & .* @%# " C$ M 0=3 92252

[19] :% )) ? # / , / ' "# ".#* & & * .* @%# " ( ' *# C$ M 03 8==588

[20] ! )% D , /* * # " & . "# & )>> 984=4 * # /& 03 9592

[21] : 6 B B#6 A6 +* " # " # #" ## " ' * # " EEE "" F" ' #& F D. &"" E!51= 9= 95 . 1224 A*

[22] B B#6 A A6 , 6 D 6 * " & * # # " ' .% & )* * # 012423 925 94

[23] :A :" , *## )#.#% * .# * . # * * # 093 15=

[24] 6 6 B B#6 , 6 A' 6 )## " * # . " . "" #" &# & ". & "*& "& " " 6" D. / 192 1851 ". 1222 7

[25] A A6 6 D 6 B B#6 $ ' " # " . # !" 03 9598

[26] D# 7# A G# C# # * " #& *###( *## & ".#* & & * & )# *.# * # 013 159

[27] 6 D 6 A A6 B B#6 , 6 +* " " # . " BE " ' #& .# D. 14 125 ". 1224 A

[28] $ 5 "( )& *% $ " $ &% &" ," )&*# &% # #J .# C * ' < $ &% 012223 145142

[29] (HH<<<& #H *% H&88H#*H#*I1@H *" 01=3

[30] ) E ) : :% ! E * ' "* " " "5@# # #' * # " .% C" * # 012483 =85=

[31] )) : ? & > ?.. $# < & * * *"*# * E > /* 03 =544

[32] ! 7&% ;! / * ) "# # . &% * # " ( . # " & * < &" " &% 012283 7 =H8 981598=

[33] (HH<<<&**"H CH949H @" 0=913

[34] / ) / >N.L ;#. ; D** $' # * " 5* *.% < . * # 0=3 4954=

[35] / >N.L / ) ;#. ; D** : #* %* /* & < . & # C $ & 03 =815=8=

[36] > ) ,#* )## %& @ @' * < . 5* #%** ># * 013 259=

[37] > &.& ;#. ; D** E # * %" #' & %*# " %"* ' #% "5 < * # /& 013 11511

[38] , *## > #% 7 ,< C" :7 E. C $ A" ) . # * ' #" ( # & @ * # < * . * * # 03 125 144

[39] + > D ,) M: / /* # " < * * .% * # " " * # & 012413 21522

[40] 7: )&&<# / 7&" , & M /* " * & . # % " * * # * * ?# *.# * # 013 4954

[41] ; )## , *#" A*< ) # ) *" J # * &# "' " %##< # < E $ & >" 013 9=5981

[42] B : 6 A A6 B B#6 :# # . # " EEE &# "' 6 ( # ' !" 8 01'3 1'2 083

(9)

" ". #& D. B 151 & 1224

[43] : 6 B B#6 A6 +* " # " # #" ## " ' * # " EEE "" F" ' #& F D. &"" E!51= 9= 95 . 1224 A*

[44] : C %# ! , 7/ 7&" $*' "* #% # # * " * *

& # 5 . .* * # 03 2251=

[45] ! &* M C : + ! C ) : ' $ &% 5 & * # * " #< 5 " 5 * * * & *## 5 * & % * 5 #% & &#*"%#

α5 "%# *" $ & 03 1251=9

6800$5<

! !"#$ #%& ' $% $"# $! ## _{()*$+, #- ).!#$#&, /!+, #- 0 12333 "#) *$ #$#4#! 156}

_{()*$+, #- ).!#$#&, !% +$$*&, /!+, #- $&% 7!& 6 11333 #&%} ++ /!#! #- 4 !% #!+!&#

#) #- 4#+.!#$ #%*)+#! )*!+$, $% $$ # +. #$% 8 % ! +. ++!+#! -#)*% #! #+!+$$, ). 4#9 #*8 ) $$ +. 9#+ 9#+!+ #+!& -)+# )#!+#$$!& +. #& !% *$+ #- )).-)+#! !% -9!++#! )+#! !% --)+!& +. ,$% #- -9!+4$ *& !% +.!#$ )+$, *). : +. +, !% )#!)!++#! #- )% +. +, #- !',9 +. +, #- #"!& 9)##&8 !9 #+!& +9+* %*+#! +9 !% . .,%#$, )#!%+8 #! !9$, %*+#! +9 +9+* !% *$-*) )% )#!)!++#! )#94!% ! !&$ 9+ "!#! +. ;)#94!% +,; ! #8 % +# +9+ +. --)!), #- 4#+.!#$ #%*)+#! -#9 4#9 <.! +. !) +. ,$% #- -9!+4$ *& $# !) . %)8 ! +. ,$% #- 9#!#)).% )#!)% +. +. 9=9*9 )#!)!+8 )#! #- 4,#%*)+ *). -*-*$ !% >.,%#=,9+.,$-*-*$ .). $$"!#! ,+ !.4+# . .&.+ +.!#$ ,$% . 4! #4+!% *!& +. ,+ <+. $# #$ ) !% #$+)$ 8 $*)+!) +# 9$9!+ )4#! += -*$+.!#$ #%*)+#! $$ 9! *!8 )#9++ *!$ #9 #+. -#9 #- )#+ %*)+#! )! 4 9% *). -%+#)" +#! )#+

7, #%: #+.!#$ • )).8 -)+#!• $)#.#$) -9!++#!• +.!#$#%*)!& 9)##&!9• 7$* ! : #+!#$ • 08 !• (9!+)• +!#$#8 '#%! 9"##&!'9•

0% 7DVLþ L VDU %LRHWDQRO VWDQMH L SHUVSHNWLYH +HP LQG