Inventário de macroliquens epífitos sobre árvores utilizadas na arborização urbana em Curitiba, Paraná, Brasil: Subsídio para biomonitoramento urbano

,QYHQWiULRGHPDFUROLTXHQVHSt¿WRVVREUHiUYRUHVXWLOL]DGDVQD DUERUL]DomRXUEDQDHP&XULWLED3DUDQi%UDVLO6XEVtGLRSDUD

ELRPRQLWRUDPHQWRXUEDQR

6LRQDUD(OLDVDUR 3DWUtFLD:ROI9HLJD

&ULVWLQH*REHO'RQKD /XFDV1RJXHLUD

/DERUDWyULRGH/LTXHQRORJLD'HSDUWDPHQWRGH%RWkQLFD6HWRUGH&LrQFLDV%LROyJLFDV 8QLYHUVLGDGH)HGHUDOGR3DUDQi&(3&XULWLED±35%UD]LO

$XWRUSDUDFRUUHVSRQGrQFLD VLRQDUD#XISUEU

6XEPHWLGRHP

$FHLWRSDUDSXEOLFDomR

5HVXPR

)RLDQDOLVDGDDFRPSRVLomRGHFRPXQLGDGHVGHPDFUROLTXHQVHSt¿WRVVREUHDVVHJXLQWHVHVSpFLHVDUEyUHDV XWLOL]DGDV QD DUERUL]DomR XUEDQD HP &XULWLED$FHU QHJXQGR /DJHUVWURHPLD LQGLFD/LJXVWUXP OXFLGXP 3DUDSLSWDGHQLD ULJLGD&DVVLD OHSWRSK\OOD6\DJUXV URPDQ]RI¿DQ 7DEHEXLD DOED7DEHEXLD FKU\VRWULFKD 7DEHEXLDKHSWDSK\OODH7LSXDQDWLSX5HJLVWURXVHXPWRWDOGHHVSpFLHVVHQGRFLWDGDVSHODSULPHLUDYH]

SDUDRHVWDGRGR3DUDQiH)ODYRSDUPHOLDVRUHGLDQVFLWDGDSHODSULPHLUDYH]SDUDR%UDVLO3DUPHOLDFHDHIRLD IDPtOLDPHOKRUUHSUHVHQWDGDFRPHVSpFLHVGLVWULEXtGDVHPQRYHJrQHURVVHJXLGDGH3K\VFLDFHDHFRP HVSpFLHVGLVWULEXtGDVHPVHLVJrQHURV$VHVSpFLHVDUEyUHDVQDWLYDVDSUHVHQWDUDPPDLRUULTXH]DGHHVSpFLHV GHOLTXHQVHPDLRUQ~PHURGHHVSpFLHVH[FOXVLYDVGRTXHDVHVSpFLHVDUEyUHDVH[yWLFDV$PDLRUULTXH]DGH HVSpFLHVIRLHQFRQWUDGDHP7DEHEXLDFKU\VRWULFKDFRPHVSpFLHVVHJXLGDGH6\DJUXVURPDQ]RI¿DQDFRP HVSpFLHV&DQGHODULDFRQFRORU&DQRSDUPHOLDFUR]DOVLDQD&DQRSDUPHOLDWH[DQD'LULQDULDDSSODQDWD'LULQDULD FRQÀXHQV+HWHURGHUPLDREVFXUDWD0\HORFKURDOLQGPDQLL3DUPRWUHPDSLORVXP3K\VFLDSRQFLQVLL3XQFWHOLD ERUUHUL3XQFWHOLDUHGGHQGD3\[LQHVXEFLQHUHD5DPDOLQDFHODVWULH5DPDOLQDSHUXYLDQDVmRLQGLFDGDVFRPR HVSpFLHVGHPDFUROLTXHQVFRPPDLRUSRWHQFLDOHPIXWXURVHVWXGRVGHELRPRQLWRUDPHQWRGDTXDOLGDGHGRDUQD FLGDGHGH&XULWLED

8QLWHUPRVELRLQGLFDGRUHV3DUPHOLDFHDH3K\VFLDFHDH

$EVWUDFW

,QYHQWRU\RIHSLSK\WLFPDFUROLFKHQVRQWUHHVXVHGLQXUEDQDUERUL]DWLRQLQ&XULWLED3DUDQi%UD]LO 7KHÀRULVWLFFRPSRVLWLRQRIHSLSK\WLFPDFUROLFKHQVRQWKHIROORZLQJWUHHVSHFLHVXVHGLQXUEDQDUERUL]DWLRQ LQ&XULWLEDZDVDQDO\VHG$FHUQHJXQGR/DJHUVWURHPLDLQGLFD/LJXVWUXPOXFLGXP3DUDSLSWDGHQLDULJLGD

&DVVLDOHSWRSK\OOD6\DJUXVURPDQ]RI¿DQD7DEHEXLDDOED7DEHEXLDFKU\VRWULFKD7DEHEXLDKHSWDSK\OODDQG 7LSXDQDWLSX$WRWDORIVSHFLHVDUHUHSRUWHGIURPZKLFKDUHUHFRUGHGIRUWKH¿UVWWLPHLQ3DUDQi6WDWH

DQG)ODYRSDUPHOLDVRUHGLDQVLVUHFRUGHGIRUWKH¿UVWWLPHLQ%UD]LO3DUPHOLDFHDHZDVWKHEHVWUHSUHVHQWHG IDPLO\ZLWKVSHFLHVGLVWULEXWHGLQQLQHJHQHUDIROORZHGE\3K\VFLDFHDHZLWKVSHFLHVLQVL[JHQHUD7KH QDWLYHWUHHVSHFLHVVKRZHGJUHDWHUOLFKHQVSHFLHVULFKQHVVDQGDKLJKHUQXPEHURIH[FOXVLYHOLFKHQVSHFLHVWKDQ WKHH[RWLFWUHHVSHFLHV7KHKLJKHVWOLFKHQVSHFLHVULFKQHVVZDVIRXQGLQ7DEHEXLDFKU\VRWULFKDZLWKWD[D IROORZHGE\6\DJUXVURPDQ]RI¿DQDZLWK&DQGHODULDFRQFRORU&DQRSDUPHOLDFUR]DOVLDQD&DQRSDUPHOLD WH[DQD'LULQDULDDSSODQDWD'LULQDULDFRQÀXHQV+HWHURGHUPLDREVFXUDWD0\HORFKURDOLQGPDQLL3DUPRWUHPD SLORVXP3K\VFLDSRQFLQVLL3XQFWHOLDERUUHUL3XQFWHOLDUHGGHQGD3\[LQHVXEFLQHUHD5DPDOLQDFHODVWULDQG 5DPDOLQDSHUXYLDQDDUHVXJJHVWHGDVPDFUROLFKHQVSHFLHVZLWKWKHJUHDWHVWSRWHQWLDOIRUIXWXUHELRPRQLWRULQJ VWXGLHVRIDLUTXDOLW\LQ&XULWLED

.H\ZRUGVELRLQGLFDWRUV3DUPHOLDFHDH3K\VFLDFHDH

,QWURGXomR

$ SROXLomR DWPRVIpULFD FRQVWLWXLVH HP XP GRV SULQFLSDLVSUREOHPDVGRVJUDQGHVFHQWURVXUEDQRV$

XWLOL]DomRGHELRLQGLFDGRUHVSHUPLWHRPRQLWRUDPHQWR GDSROXLomRDWPRVIpULFDDFXUWRPpGLRHORQJRSUD]R VHPDQHFHVVLGDGHGHXWLOL]DUHTXLSDPHQWRVVR¿VWLFDGRV HGHDOWRFXVWRDOpPGHPRVWUDURVUHVXOWDGRVGDDomR GHSROXHQWHVVREUHRUJDQLVPRVYLYRVXPDDERUGDJHP UHOHYDQWHSDUDDGHWHUPLQDomRGRLPSDFWRGDWHFQRORJLD VREUHDELRVIHUD6HDZDUG

1XPHURVRV HVWXGRV XWLOL]DQGR RV OLTXHQV FRPR ELRQGLFDGRUHVWrPVLGRUHDOL]DGRVGHVGHTXH1\ODQGHU HP FRUUHODFLRQRX D SROXLomR GR DU FRP R GHVDSDUHFLPHQWRGHHVSpFLHVGHOLTXHQV6RPPHUIHOGW H -RKQ *UDQGH SDUWH GHVWHV WUDEDOKRV HVWi UHODFLRQDGDDRPDSHDPHQWRGDFRPXQLGDGHOLTXrQLFD HSLItWLFDHPXPDGDGDiUHDFLGDGHHJ*LRUGDQL -HUDQHWDO0XQ]LHWDO0DUWLQVHWDO 3ROLþQLNHWDO(VWHVPDSHDPHQWRVSRGHP VHUIHLWRVXWLOL]DQGRLQIRUPDo}HVVREUHDFRPXQLGDGH OLTXrQLFD WRWDO SURFXUDQGR GHWHFWDU UHGXo}HV QD GLVWULEXLomR QDWXUDO GDV HVSpFLHV VHQGR XP WLSR GH HVWXGRLQGLFDGRSDUDPRQLWRUDPHQWRHPiUHDVSHTXHQDV HHPWRUQRGHXPDIRQWHSROXLGRUD3LJQDWD

8PDYDULDomRGHVWHPpWRGRTXHSHUPLWHHVWXGRV HPiUHDVPDLRUHVFRQVLVWHQDXWLOL]DomRGHXPQ~PHUR OLPLWDGR GH HVSpFLHV TXH VHMDP ERDV LQGLFDGRUDV GH TXDOLGDGH GR DU 3LJQDWD $ YDOLGDGH GHVWH VHJXQGRPpWRGRpGHSHQGHQWHGRVFULWpULRVXWLOL]DGRVQD VHOHomRGDVHVSpFLHV3DUDVHGHWHUPLQDUTXDLVHVSpFLHV GHOLTXHQVVmRLQGLFDGDVpIXQGDPHQWDORFRQKHFLPHQWR SUpYLRGDFRPSRVLomRGDFRPXQLGDGHOLTXrQLFDQDiUHDD VHULQYHVWLJDGDTXDLVHVSpFLHVGHOLTXHQVSRGHPRFRUUHU

VREUHGLIHUHQWHVHVSpFLHVGHIRUy¿WRVHTXDLVHVSpFLHVGH IRUy¿WRVSRGHPDSUHVHQWDUXPDFRPXQLGDGHOLTXrQLFD GLYHUVL¿FDGD3LJQDWD$OpPGLVWRSDUDTXHR WUDEDOKR SRVVD WHU XPD DSOLFDomR SUiWLFD GHYHP VHU VHOHFLRQDGDVHVSpFLHVTXHSRVVDPVHUUHFRQKHFLGDVSRU QmRHVSHFLDOLVWDV*HHEHOHQH+RIIPDQQ

(P JHUDO HP iUHDV LQGXVWULDLV RX FHQWUDLV GH Q~FOHRVXUEDQRVRV~QLFRVVXEVWUDWRVGLVSRQtYHLVSDUD RGHVHQYROYLPHQWRGHOLTXHQVVmRDViUYRUHVXWLOL]DGDV HPDUERUL]DomRXUEDQD$VFRPXQLGDGHVOLTXrQLFDVTXH VHGHVHQYROYHPVREUHHVWHVIRUy¿WRVPHVPRTXDQGRHP ORFDLVFRPSRXFRVSROXHQWHVDWPRVIpULFRVSRVVXHPXPD FRPSRVLomRGLIHUHQWHGDVTXHRFRUUHPHPiUYRUHVGH SDUTXHVRXERVTXHVDGMDFHQWHVDSUHVHQWDQGRHVSpFLHV TXHVHDGDSWDPDHVWHDPELHQWH

$FLGDGHGH&XULWLEDDSUHVHQWDXPDVLJQL¿FDWLYD GLYHUVLGDGH QD FRPSRVLomR GH HVSpFLHV DUEyUHDV XWLOL]DGDVQDDUERUL]DomRGHUXDV0LODQRHWDO UHJLVWUDPHVSpFLHVQRHQWDQWRGDViUYRUHV SODQWDGDVSHUWHQFHPDVRPHQWHHVSpFLHV'HDFRUGR FRP0LODQRHWDOGHQWUHHVWDVHVSpFLHVVHLV VmRQDWLYDVHFRUUHVSRQGHPDGHWRGDVDViUYRUHV SODQWDGDV QDV UXDV GH &XULWLED&DVVLD OHSWRSK\OOD 9RJYXOJDUPHQWHFRQKHFLGDSRU&DQDItVWXOD 7DEHEXLD DOED &KDP 6DGZLWK H7DEHEXLD FKU\VRWULFKD 0DUW ([ '& 6WDQG HVSpFLHV FRQKHFLGDV SRU ,SrDPDUHOR7DEHEXLD KHSWDSK\OOD 9HOO 7ROHGR R ,SrUR[R3DUDSLSWDGHQLD ULJLGD %HQWK %UHQDQ R$QJLFR H6\DJUXV URPDQ]RIILDQD &KDP *ODVVP FRQKHFLGR SRU-HULYi$LQGDGHDFRUGRFRP0LODQRHWDO DVRXWUDVTXDWURHVSpFLHVVmRH[yWLFDVHFRUUHVSRQGHP DTXDVHPHWDGHGHWRGDVDViUYRUHVSODQWDGDVQDVUXDV

GH &XULWLED $FHU QHJXQGR/LQQ FRQKHFLGR SRU ÈFHU /DJHUVWURHPLD LQGLFD/LQQ D([WUHPRVD/LJXVWUXPOXFLGXP$LW SRSXODUPHQWH$OIHQHLURH7LSXDQDWLSX%HQWK.XQW]H D7LSXDQD

2 FRQKHFLPHQWR GH TXDLV HVSpFLHV GH OLTXHQV SRGHP VH GHVHQYROYHU VREUH HVWDV iUYRUHV VH H[LVWH SUHIHUrQFLD GH OLTXHQV SRU IRUyILWR EHP FRPR D DYDOLDomR GH TXDLV GHVWDV HVSpFLHV DUEyUHDV SRGHP DSUHVHQWDU XPD FRPXQLGDGH OLTXrQLFD GLYHUVL¿FDGD VmR SUpUHTXLVLWRV SDUD D HODERUDomR GH SURMHWRV GH ELRPRQLWRUDPHQWRXWLOL]DQGROLTXHQVHP&XULWLED1HVWH WUDEDOKRREMHWLYDPRVIRUQHFHUVXEVtGLRVDIXWXURVHVWXGRV GHELRPRQLWRUDPHQWRGDTXDOLGDGHGRDUQDFLGDGHGH

&XULWLEDXWLOL]DQGRPDFUROLTXHQVHSt¿WDV

0DWHULDLVH0pWRGRV

2V OLTXHQV IRUDP FROHWDGRV GH DFRUGR FRP D PHWRGRORJLDXVXDOHPOLTXHQRORJLD%URGRHWDO VREUHRWURQFRGDVVHJXLQWHVHVSpFLHVDUEyUHDV$FHU QHJXQGR&DVVLD OHSWRSK\OOD/DJHUVWURHPLD LQGLFD /LJXVWUXP OXFLGXP3DUDSLSWDGHQLD ULJLGD6\DJUXV URPDQ]RI¿DQD7DEHEXLDDOED7DEHEXLDFKU\VRWULFKD 7DEHEXLDKHSWDSK\OODH7LSXDQDWLSX)RUDPDPRVWUDGRV LQGLYtGXRV GH FDGD HVSpFLH DUEyUHD FRP H[FHomR GH/LQGLFDTXHSRUSHUGHURFyUWH[SHULRGLFDPHQWH GHPDQGRXPDLRUHVIRUoRDPRVWUDOVHQGRDQDOLVDGRV LQGLYtGXRV7RGDVDViUYRUHVDPRVWUDGDVORFDOL]DYDPVH HPUXDVDVIDOWDGDVFRPSRXFRWUiIHJRQRVVHJXLQWHV EDLUURVUHVLGHQFLDLV$EUDQFKHV%DFDFKHUL%DUUHLULQKD

%DWHO%RP5HWLUR%RTXHLUmR-DUGLPGDV$PpULFDV -DUGLP6RFLDO6DQWR,QiFLRH6HPLQiULR2VH[HPSODUHV IRUDPLQFRUSRUDGRVDRKHUEiULR83&%GD8QLYHUVLGDGH )HGHUDOGR3DUDQi

&DGD H[HPSODU IRL DQDOLVDGR VRE PLFURVFySLR HVWHUHRVFySLFR ; UHDOL]DQGRVH REVHUYDo}HV PRUIROyJLFDV GHWDOKDGDV 1RV H[HPSODUHV TXH DSUHVHQWDUDP HVWUXWXUDV UHSURGXWLYDV GR PLFRELRQWH IRUDPIHLWRVFRUWHVjPmROLYUHGHVWDVHVWUXWXUDVRVTXDLV IRUDPDQDOLVDGRVVREPLFURVFySLRySWLFR;

3DUD D FDUDFWHUL]DomR H LGHQWL¿FDomR GH PHWDEyOLWRV VHFXQGiULRVGHLPSRUWkQFLDWD[RQ{PLFDIRUDPUHDOL]DGRV WHVWHVGHFRORUDomRGHFyUWH[HPHGXODGHDFRUGRFRP

(OL[ REVHUYDomR GR WDOR VRE OkPSDGD 89 H TXDQGRQHFHVViULRFURPDWRJUD¿DGHFDPDGDGHOJDGD VHJXQGRWpFQLFDSDGURQL]DGDSRU&XOEHUVRQH$PPDQQ H(OL[H(UQVW5XVVHOO

$ULTXH]DÀRUtWLFDIRLFRQVLGHUDGDFRPRRQ~PHUR WRWDOGHHVSpFLHVGHOLTXHQVRFRUUHQWHVQRVLQGLYtGXRV DQDOLVDGRV 0DUWLQV HW DO 3DUD HVWLPDU D VLPLODULGDGHGDFRPSRVLomRGHHVSpFLHVOLTXrQLFDVHQWUH DVGLIHUHQWHVHVSpFLHVDUEyUHDVIRLXWLOL]DGRRËQGLFH GHVLPLODULGDGHGH6RUHQVHQ&VEDVHDGRQDSUHVHQoD FRPXPGHHVSpFLHV

5HVXOWDGRV

)RUDPHQFRQWUDGDVHVSpFLHVGHPDFUROLTXHQV GLVWULEXtGDVHPJrQHURVHQRYHIDPtOLDV7DEHOD 3DUPHOLDFHDH IRL D IDPtOLD PHOKRU UHSUHVHQWDGD FRP HVSpFLHVGLVWULEXtGDVHPQRYHJrQHURVVHJXLGDGH 3K\VFLDFHDHFRPHVSpFLHVGLVWULEXtGDVHPVHLVJrQHURV 5DPDOLQDFHDH7HORVFKLVWDFHDHH8VQHDFHDHDSUHVHQWDUDP FDGDXPDWUrVHVSpFLHVHPXP~QLFRJrQHUR&DQGHODULDFHDH H&ROOHPDWDFHDHDSUHVHQWDUDPFDGDXPDGXDVHVSpFLHVHP XP~QLFRJrQHURHQTXDQWR/REDULDFHDHH&RFFRFDUSLDFHDH DSUHVHQWDUDPDSHQDVXPDHVSpFLH

&DQGHODULDFRQFRORU'LFN%6WHLQ&¿EURVD )U0OO$UJ&RFFRFDUSLDSDOPLFROD6SUHQJ/

$UY '*DOO3DUPRWUHPDVXELVLGLRVXP0OO$UJ +DOH+HWHURGHUPLDFRPRVD(VFKZ)ROOP 5HGyQ +ÀDEHOODWD)pH$ZDVWKL+JDODFWRSK\OOD7XFN 7UHY+\SHUSK\VFLDDGJOXWLQDWD)O|UNH0D\ 3RHOW +SDQGDQL+0DJQ0REHUJ+V\QFROOD1\O.

.DOE+WXFNHUPDQLL/\QJH0REHUJ3K\VFLDHUXSHQV 0REHUJ3SRQFLQVLL+XHH3\[LQHVXEFLQHUHD6WLUWRQVmR UHJLVWUDGDVSHODSULPHLUDYH]SDUDRHVWDGRGR3DUDQi )ODYRSDUPHOLDVRUHGLDQVHVWiVHQGRFLWDGDSHODSULPHLUD YH]SDUDR%UDVLO

7DEHEXLDFKU\VRWULFKDIRLDHVSpFLHDUEyUHDTXH DSUHVHQWRXPDLRUULTXH]DGHHVSpFLHVVREUHVHXFyUWH[

VHQGR VHLV GHVWDV HQFRQWUDGDV H[FOXVLYDPHQWH QHVWD iUYRUH +\SRWUDFK\QD SOXULIRUPLV1\O +DOH 3DUPRWUHPDFDWDULQDH+DOH3DUPRWUHPDPHODQRWKUL[

0RQW +DOH +HWHURGHUPLD FRPRVD +HWHURGHUPLD FRUDOORSKRUD7D\O6NRUHSDH8VQHDVS

2IRUy¿WRFRPDVHJXQGDPDLRUULTXH]DGHHVSpFLHV IRL6\DJUXV URPDQ]RI¿DQD DSUHVHQWDQGR GXDV HVSpFLHVH[FOXVLYDV3DUPHOLQRSVLVGDPD]LDQD=DKOEUO +DOHH3DUPRWUHPDPHOOLVVLL&:'RGJH+DOH2V IRUy¿WRV/LJXVWUXPOXFLGXPH7LSXDQDWLSXDSUHVHQWDUDP RPHVPRYDORUGHULTXH]DÀRUtVWLFDFRPHVSpFLHV SRUpPDSHQDV/LJXVWUXPOXFLGXPDSUHVHQWRXHVSpFLHV H[FOXVLYDV+HWHURGHUPLDJDODFWRSK\OODH3KDHRSK\VFLD FI DGLDVWROD(VVO (VVO-i7DEHEXLD DOED DSUHVHQWRX GXDV HVSpFLHV QmR HQFRQWUDGDV HP RXWUR IRUy¿WRGDiUHDGHHVWXGR3DUPRWUHPDUHFLSLHQGXP 1\O+DOHH8VQHDVS

$FHUQHJXQGRH7DEHEXLDKHSWDSK\OODDSUHVHQWDUDP RPHVPRYDORUGHULTXH]DÀRUtVWLFDWD[DHQWUHWDQWR DSHQDV7DEHEXLD KHSWDSK\OODSRVVXtD XPD HVSpFLH H[FOXVLYD&RFFRFDUSLD SDOPLFROD 3DUDSLSWDGHQLD ULJLGDDSUHVHQWRXDSHQDVXPDHVSpFLHH[FOXVLYD

%XOERWUL[ LVLGL]D1\O +DOH&DVVLD OHSWRSK\OOD H/DJHUVWURHPLD LQGLFD DSUHVHQWDUDP R

PHQRU Q~PHUR GH HVSpFLHV GH OLTXHQV VHQGR TXH&

OHSWSK\OODQmRSRVVXLXHVSpFLHVH[FOXVLYDVH7HORVFKLVWHV FKU\VRSKWKDOPXV/7K)UIRLFROHWDGRH[FOXVLYDPHQWH HPUDPRV¿QRVGH/LQGLFD

&DQGHODULDFRQFRORU&DQRSDUPHOLDFUR]DOVLDQD

%RXO\GH/HV(OL[ +DOH3DUPRWUHPDSLORVXP6WL]

.URJ 6ZLQVFRZ&DQRSDUPHOLDWH[DQD7XFN(OL[

+DOH'LULQDULDDSSODQDWD)pH$ZDVWKL+HWHURGHUPLD REVFXUDWD1\O7UHY0\HORFKURDOLQGPDQLL/\QJH (OL[ +DOH 3K\VFLD SRQFLQVLL 3XQFWHOLD ERUUHUL 3XQFWHOLD UHGGHQGD H 5DPDOLQD SHUXYLDQD$FK DSUHVHQWDUDPVH LQGLIHUHQWHV HP UHODomR j IRUyILWR RFRUUHQGRVREUHWRGDVDVHVSpFLHVDPRVWUDGDV

'LULQDULDFRQÀXHQV)U$ZDVWKL3\[LQHVXEFLQHUHD H5DPDOLQDFHODVWUL6SUHQJ.URJ 6ZLQVFRZWDPEpP VHUHYHODUDPSRXFRH[LJHQWHVHPUHODomRjIRUy¿WRQmR VHQGRHQFRQWUDGDVUHVSHFWLYDPHQWHVREUH7LSXDQDWLSX 7DEHEXLDKHSWDSK\OODH&DVVLDOHSWRSK\OOD

7$%(/$0DFUROLTXHQVVREUHFyUWH[GHHVSpFLHVDUEyUHDVXWLOL]DGDVQDDUERUL]DomRXUEDQDHP&XULWLED

±/DJHUVWURHPLDLQGLFD±/LJXVWUXPOXFLGXP±7DEHEXLDDOED±7DEHEXLDKHSWDSK\OOD±

7DEHEXLDFKU\VRWULFKD±7LSXDQDWLSX±$FHUQHJXQGR±&DVVLDOHSWRSK\OOD3DUDSLSWDGHQLD ULJLGD±6\DJUXVURPDQ]RI¿DQD

0DFUROtTXHQ

&DQGHODULDFHDH

&DQGHODULDFRQFRORU'LFN%6WHLQ ; ; ; ; ; ; ; ; ; ;

&¿EURVD)U0OO$UJ ; ; ;

&ROOHPDWDFHDH

/HSWRJLXPF\DQHVFHQV5DEHQK.|UEHU ; ; ; ;

/HSWRJLXPVS ; ;

&RFFRFDUSLDFHDH

&RFFRFDUSLDSDOPLFROD6SUHQJ/$UY '*DOO ;

/REDULDFHDH

3VHXGRF\SKHODULDDXUDWD$FK9DLQ ; ; ; ; ; ; ;

3DUPHOLDFHDH

%XOERWUL[LVLGL]D1\O+DOH ;

%YHQWULFRVD+DOH .XURN+DOH ; ; ;

&DQRSDUPHOLDFDUROLQLDQD1\O(OL[ +DOH ; ;

&FUR]DOVLDQD%RXO\GH/HV(OL[ +DOH ; ; ; ; ; ; ; ; ; ;

&WH[DQD7XFN(OL[ +DOH ; ; ; ; ; ; ; ; ; ;

)ODYRSDUPHOLDVRUHGLDQV1\O+DOH ; ; ; ; ; ; ;

+\SRWUDFK\QDOLYLGD7D\O+DOH ; ;

+RVVHRDOED9DLQ<63DUN +DOH ; ;

+SOXULIRUPLV1\O+DOH ;

0\HORFKURDOLQGPDQLL/\QJH(OL[ +DOH ; ; ; ; ; ; ; ; ; ;

3DUPHOLQHOODZDOOLFKLDQD7D\O(OL[ +DOH ; ; ; ; ; ;

3DUPHOLQRSVLVGDPD]LDQD=DKOEUO+DOH ;

3PLQDUXP9DLQ(OL[ +DOH ; ;

3DUPRWUHPDDXVWURVLQHQVH=DKOEU+DOH ; ; ; ; ; ; ;

3FDWDULQDH+DOH ;

3FHWUDWXP$FK+DOH ; ; ; ; ; ; ;

3FKLQHQVH2VEHFN+DOH $KWL ; ; ; ; ; ; ; ;

3FRPPHQVXUDWXP+DOH+DOH ; ; ; ; ; ; ;

3FRQIHUHQGXP+DOH ; ; ; ;

3FRQVRUV1\O.URJ 6ZLQVFRZ ; ; ;

3HFLOLDWXP1\O+DOH ; ; ; ;

3KRPRWRPXP1\O+DOH ; ;

3LQWHUQH[XP1\O+DOH ; ; ; ;

3PDFURFDUSXP3HUV+DOH ; ; ;

3PHODQRKWUL[0RQW+DOH ;

3PHOOLVVLL&:'RGJH+DOH ;

3PXHOOHUL9DLQ2%ODQFR$&UHVSR'LYDNDU(OL[ /XPEVFK ; ; ; ;

3SHUPXWDWXP6WLUW+DOH ; ;

3SLORVXP6WL].URJ 6ZLQVFRZ ; ; ; ; ; ; ; ; ; ;

3UHFLSLHQGXP1\O+DOH ;

3UHWLFXODWXP7D\O0&KRLV\ ; ; ; ; ; ; ;

3VDQFWLDQJHOL/\QJH)OHLJ ; ;

3VLPXODQV+DOH+DOH ; ; ; ;

3VXEFDSHUDWXP.UHPS+DOH ; ;

3VXELVLGLRVXP0OO$UJ+DOH ; ;

3VXEVXPSWXP1\O+DOH ; ; ; ;

3WLQFWRUXP1\O+DOH ; ; ; ; ;

3XQFWHOLDERUUHUL6P.URJ ; ; ; ; ; ; ; ; ; ;

3FRQVWDQWLPRQWLXP6pUXV ; ; ; ; ;

3PLFURVWLFWD0OO$UJ.URJ ; ;

3QHJDWD1\O.URJ ; ; ;

3UHGGHQGD6WLUW.URJ ; ; ; ; ; ; ; ; ; ;

3ULRJUDQGHQVLV/\QJH.URJ ; ;

3UXGHFWD$FK+DOH )OHWFKHU ; ; ; ; ; ; ; ;

3VXEUXGHFWD1\O.URJ ; ; ;

3K\VFLDFHDH

'LULQDULDDSSODQDWD)pH$ZDVWKL ; ; ; ; ; ; ; ; ; ;

'FRQÀXHQV)U$ZDVWKL ; ; ; ; ; ; ; ; ;

'SLFWD6Z&OHP 6KHDU ; ; ; ; ; ; ;

+HWHURGHUPLDDOELFDQV3HUV6ZLQV .URJ ; ;

+FDVDUHWWLDQD0DVV7UHY ; ; ; ; ; ; ;

+FRPRVD(VFKZ)ROOP 5HGyQ ;

+FRUDOORSKRUD7D\O6NRUHSD ;

+ÀDEHOODWD)pH$ZDVWKL ; ; ; ; ; ; ; ;

+JDODFWRSK\OOD7XFN7UHY ;

+OHXFRPHORV/3RHOW ; ; ; ;

+OXWHVFHQV.XURN)ROOP ;

+REVFXUDWD1\O7UHY ; ; ; ; ; ; ; ; ; ;

+YXOJDULV9DLQ)ROOP ; ;

+\SHUSK\VFLDDGJOXWLQDWD)O|UNH0D\ 3RHOW ; ; ; ; ; ;

+SDQGDQL+0DJQ0REHUJ ; ; ; ;

+V\QFROOD1\O..DOE ; ;

+WXFNHUPDQLL/\QJH0REHUJ ; ; ; ; ; ; ; ;

3KDHRSK\VFLDFIDGLDVWROD(VVO(VVO ;

3K\VFLDDOED)pH0OO$UJ ; ; ; ; ; ; ;

3KHUXSHQV0REHUJ ; ; ; ; ; ; ;

3KSRQFLQVLL+XH ; ; ; ; ; ; ; ; ; ;

3KVRUHGLRVD9DLQ/\QJH ; ; ; ;

3K\VFLDVS ; ;

3\[LQHVXEFLQHUHD6WLUWRQ ; ; ; ; ; ; ; ; ;

5DPDOLQDFHDH

5DPDOLQDFHODVWUL6SUHQJ.URJ 6ZLQVFRZ ; ; ; ; ; ; ; ; ;

5DPDOLQDSHUXYLDQD$FK ; ; ; ; ; ; ; ; ; ;

5DPDOLQDSXVLROD0OO$UJ ; ; ;

8VQHDFHDH

8VQHDVS ; ;

8VQHDVS ;

8VQHDVS ;

7HORVFKLVWDFHDH

7HORVFKLVWHVFU\VRSKWKDOPXV/7K)U ;

7H[LOLV6Z1RUP ; ; ; ; ; ;

7ÀDYLFDQV0LFK9DLQLR ; ; ; ; ;

/LJXVWUXPOXFLGXP7LSXDQDWLSX-iDVHVSpFLHV DUEyUHDVTXHDSUHVHQWDUDPPHQRUVLPLODULGDGHÀRUtVWLFD IRUDPDH[yWLFD/DJHUVWURHPLDLQGLFDHDQDWLYD 7DEHEXLDFKU\VRWULFKD7DEHOD

7$%(/$6LPLODULGDGHÀRUtVWLFDGDFRPSRVLomRGHHVSpFLHVOLTXrQLFDVHQWUHDVHVSpFLHVDUEyUHDVXWLOL]DGDVQD DUERUL]DomRXUEDQDGH&XULWLEDËQGLFHGH6RUHQVHQ

)RUy¿WRV

/DJHUVWURHPLDLQGLFD /LJXVWUXPOXFLGXP 7DEHEXLDDOED 7DEHEXLDKHSWDK\OOD 7DEHEXLDFKU\VRWULFKD 7LSXDQDWLSX $FHUQHJXQGR &DVVLDOHSWRSK\OOD 3DUDSLSWDGHQLDULJLGD

/LJXVWUXPOXFLGXP

7DEHEXLDDOED

7DEHEXLDKHSWDSK\OOD

7DEHEXLDFKU\VRWULFKD

7LSXDQDWLSX

$FHUQHJXQGR

&DVVLDOHSWRSK\OOD

3DUDSLSWDGHQLDULJLGD

6\DJUXVURPDQ]RI¿DQD

2VPDLRUHVYDORUHVGHVLPLODULGDGHÀRUtVWLFDQD FRPSRVLomRGHHVSpFLHVOLTXrQLFDVIRUDPHQFRQWUDGRV UHVSHFWLYDPHQWH HQWUH DV VHJXLQWHV HVSpFLHV DUEyUHDV H[yWLFDV/LJXVWUXP OXFLGXP$FHU QHJXQGR H

'LVFXVVmR

$ JUDQGH PDLRULD GDV HVSpFLHV GH PDFUROLTXHQV RFRUUHQWHV VREUH DV iUYRUHV XWLOL]DGDV HP DUERUL]DomR XUEDQD HP &XULWLED RFRUUH VREUH DV HVSpFLHVDUEyUHDVQDWLYDVVHQGRTXHGDVHVSpFLHV GRV PDFUROLTXHQV RFRUUHP H[FOXVLYDPHQWH VREUH HVWDViUYRUHV(VWDFRQFHQWUDomRGHHVSpFLHVpGHYLGD SULQFLSDOPHQWH D7DEHEXLD FKU\VRWULFKD H6\DJUXV URPDQ]RI¿DQD7DEHEXLDFKU\VRWULFKDDSUHVHQWDVREUH VHXFyUWH[GDVHVSpFLHVHQFRQWUDGDVHQTXDQWR 6\DJUXVURPDQ]RI¿DQDDSUHVHQWD(VWDVIRUy¿WRV DSUHVHQWDPJUDQGHVLPLODULGDGHÀRUtVWLFD'HYLGR jFDSDFLGDGHGHDPEDVDVHVSpFLHVYHJHWDLVSRUWDUHP XPDFRPXQLGDGHOLTXrQLFDGLYHUVL¿FDGDHjVLPLODULGDGH QD FRPSRVLomR GHVWD FRPXQLGDGH HVWHV IRUyILWRV SRVVXHPJUDQGHSRWHQFLDOGHXWLOL]DomRHPHVWXGRVGH PDSHDPHQWRSRGHQGRVHDYHULJXDUDFRUUHODomRHQWUH DGLPLQXLomRGHHVSpFLHVGHOLTXHQVDQtYHLVFUHVFHQWHV GHSROXHQWHVDWPRVIpULFRV

$SHVDUGRSRWHQFLDOGH7DEHEXLDFKU\VRWULFKDH 6\DJUXV URPDQ]RI¿DQD HP HVWXGRV GH PDSHDPHQWR GHDFRUGRFRP0LODQRHWDOHVWDVUHSUHVHQWDP DSHQDV GDV iUYRUHVSODQWDGDV HP YLDVS~EOLFDV HP&XULWLEDRTXHOLPLWDVXDXWLOL]DomRHPSURMHWRV HQJOREDQGR WRGD D FLGDGH 3RU RXWUR ODGR6\DJUXV URPDQ]RI¿DQDpXPDHVSpFLHFRPXPHQWHSODQWDGDHP iUHDVFHQWUDLVGDFLGDGHHWDPEpPHPYLDVGHJUDQGH ÀX[R GH WUiIHJR R TXH SRVVLELOLWDULD VXD XWLOL]DomR SRQWXDOHPUHJL}HVHVWUDWpJLFDVGDFLGDGH

&RPUHODomRjVHVSpFLHVDUEyUHDVH[yWLFDVREVHUYD VHTXHDSUHVHQWDUDPGDÀRUDOLTXrQLFDWRWDOVHQGR TXH/LJXVWUXPOXFLGXPH7LSXDQDWLSXFRQFHQWUDUDP GDVHVSpFLHVHQFRQWUDGDV(VWDVHVSpFLHVSRVVXHP WDPEpPJUDQGHVLPLODULGDGHÀRUtVWLFDFRPUHODomRjV HVSpFLHVOLTXrQLFDVHSRUUHSUHVHQWDUHP GDVHVSpFLHVDUEyUHDVSODQWDGDVHPYLDVS~EOLFDVHP

&XULWLED0LODQRHWDOSRGHP¿JXUDUHQWUHDV IRUy¿WRVSUHIHUHQFLDLVHPHVWXGRVGHPDSHDPHQWRQHVWD FLGDGH

(PERUD/DJHUVWURHPLD LQGLFD VHMD D HVSpFLH DUEyUHD PDLV SODQWDGD HP YLDV S~EOLFDV HP &XULWLED 0LODQR HW DO HVWD QmR GHYH VHU LQFOXtGD HP HVWXGRVGHELRPRQLWRUDPHQWRXWLOL]DQGRDFRPXQLGDGH

OLTXrQLFDSRLVpDiUYRUHFRPPHQRUULTXH]DGHHVSpFLHV SRUWDQGR DSHQDV GDV HVSpFLHV$ PDLRULD GRV OLTXHQVHQFRQWUDGRVVREUHHVWHIRUy¿WRRTXDOHQWUHWRGRV GHPDQGRXRPDLRUHVIRUoRDPRVWUDOIRLFROHWDGDVREUH UDPRV¿QRVSRLVHVWDiUYRUHFDUDFWHULVWLFDPHQWHSHUGHR FyUWH[VRIUHQGRXPSURFHVVRGHGHVFDPDomRGRWURQFR TXHLPSRVVLELOLWDDSHUPDQrQFLDGRVOLTXHQV

'HQWUHDVHVSpFLHVGHOLTXHQVHSt¿WDVHQFRQWUDGDV VmRFDSD]HVGHFUHVFHUVREUHWRGDVDVHVSpFLHVDUEyUHDV DPRVWUDGDVHVRPHQWHWUrV'LULQDULDFRQÀXHQV3\[LQH VXEFLQHUHDH5DPDOLQDFHODVWULQmRIRUDPREVHUYDGDVVREUH XPDHVSpFLHGHIRURIy¿WR7DEHOD(VWHVPDFUROLTXHQV SRUQmRDSUHVHQWDUHPSUHIHUrQFLDHPUHODomRjHVSpFLH DUEyUHDFRQVWLWXHPVHHPHVSpFLHVUHFRPHQGDGDVSDUDD XWLOL]DomRHPSURMHWRVGHELRPRQLWRUDPHQWRHP&XULWLED FRQVLGHUDQGR TXH FRPR UHFRPHQGDGR SRU *HHEHOHQ H+RIIPDQQDXWLOL]DomRGHSRXFDVHVSpFLHVH QmRGDÀRUDOLTXrQLFDWRWDOSURSLFLDTXHSHVTXLVDGRUHV QmR HVSHFLDOLVWDV RX VHMD QmR OLTXHQyORJRV SRVVDP UHFRQKHFrODVHPFDPSR

$OpPGLVWRHQWUHHVWDVHVSpFLHVHQFRQWUDPVH OLTXHQVUHIHULGRVQDOLWHUDWXUD+DIHOOQHUHWDO (VWUDERXFRPRQLWUy¿ORVLVWRpTXHFUHVFHP DEXQGDQWHPHQWH HP DPELHQWHV HQULTXHFLGRV FRP FRPSRVWRVQLWURJHQDGRVDVDEHU&DQGHODULDFRQFRORUH HVSpFLHVGDIDPtOLD3K\VFLDFHDH'LULQDULDFRQÀXHQV' DSSODQDWD+HWHURGHUPLDREVFXUDWD3K\VFLDSRQFLQVLLH 3\[LQHVXEFLQHUHD(VWDVHVSpFLHVSRGHULDPVHUXWLOL]DGDV HPSURMHWRVGHELRPRQLWRUDPHQWRSRGHQGRVHUDYDOLDGR VHVHXSUHGRPtQLRDEXQGkQFLDHPGHWHUPLQDGDVUHJL}HV GDFLGDGHHVWDULDUHODFLRQDGRDRLQFUHPHQWRGDGHSRVLomR GH FRPSRVWRV QLWURJHQDGRV D H[HPSOR GH SURMHWRV GHVHQYROYLGRVHPRXWURVSDtVHV6¡FKWLQJ&DUUROO HWDO*RPEHUWHWDO

1HVWHJUXSRGHHVSpFLHVQmRVHOHWLYDVHPUHODomR DRVIRUy¿WRVHQFRQWUDVHWDPEpP&DQRSDUPHOLDWH[DQD (VWDHVSpFLHpFLWDGDSRU0DUFHOOLFRPRWROHUDQWH DSROXLomRHYHPVHQGRXWLOL]DGDHPHVWXGRVGHSROXLomR DWPRVIpULFDHP6mR3DXOR6DLNLHWDO)XJD HWDO&DQRSDUPHOLDWH[DQDWDPEpPpDSRQWDGD SRU0DUWLQVHWDOFRPRXPDHVSpFLHFDUDFWHUtVWLFD GHDPELHQWHVDOWHUDGRVHPHVWXGRVGHELRPRQLWRUDPHQWR XWLOL]DQGR OLTXHQV QD UHJLmR PHWURSROLWDQD GH 3RUWR

$OHJUH

$JUDGHFLPHQWRV

¬)XQGDomR$UDXFiULDSHORDX[tOLR¿QDQFHLURH EROVDGH,QLFLDomR&LHQWt¿FDGH/XFDV1RJXHLUD$R

&13TSHODEROVDGH,QLFLDomR&LHQWt¿FDGH3DWUtFLD:ROI 9HLJD¬0DQXHOD'DO)RUQRSHODUHYLVmRGR$EVWUDFW

5HIHUrQFLDV

%URGR , 0 6KDUQRII 6 ' 6KDUQRII 6 &ROOHFWLQJ DQG VWXG\LQJOLFKHQV,Q%URGR,06KDUQRII6' 6KDUQRII6 (GV/LFKHQV RI 1RUWK $PHULFD<DOH 8QLYHUVLW\3UHVV 1HZ +DYHQ86$S

&DUUROO-$&DSRUQ6-0&DZOH\/5HDG'-/HH-

$7KHHIIHFWRILQFUHDVHGGHSRVLWLRQRIDWPRVSKHULFQLWURJHQ RQ&DOOXQDYXOJDULVLQXSODQG%ULWDLQ1HZ3K\WRORJLVW

&XOEHUVRQ & ) $PPDQQ . 6WDQGDUGPHWKRG ]XU 'QQVFKLFKWFKURPDWRJUDSKLHYRQ)OHFKWHQVXEVWDQ]HQ+HU]RJLD

(OL[-$/LFKHQFKHPLVWU\DQGVLPSOHSURFHGXUHVIRULWV DSSOLFDWLRQLQWKH3DUPHOLDFHDH,Q*UJXULQRYLF&(G)ORUD RI$XVWUDOLD/LFKHQV±/HFDQRUDOHV$XVWUDOLDQ%LRORJLFDO 5HVRXUFHV6WXG\&DQEHUUD$XVWUDOLDS

(OL[-$(UQVW5XVVHOO-/$FDWDORJXHRIVWDQGDUGL]HG WKLQOD\HUFUKRPDWRJUDSKLFGDWDDQGELRV\QWKHWLFUHODWLRQVKLSV IRU OLFKHQ VXEVWDQFHV^QG HG $XVWUDOLDQ 1DWLRQDO 8QLYHUVLW\

&DQEHUUD$XVWUDOLDSS

(VWUDERX&/LFKHQVVSHFLHVLGHQWL¿FDWLRQDQGGLVWULEXWLRQ DFFRUGLQJ WROHUDQFH WR DLUERUQH FRQWDPLQDWLRQ LQ WKH FLW\ RI

&yUGRED$UJHQWLQD,Q0DUFHOOL03 6HDZDUG05'(GV /LFKHQRORJ\LQ/DWLQ$PHULFD+LVWRU\FXUUHQWNQRZOHGJHDQG DSSOLFDWLRQ&(7(6%6mR3DXOR%UDVLOS

)XJD $ 6DLNL 0 0DUFHOOL 0 3 6DOGLYD 3 + 1

$WPRVSKHULFSROOXWDQWVPRQLWRULQJE\DQDO\VLVRIHSLSK\WLFOLFKHQV (QYLURQPHQWDO3ROOXWLRQ

*HHEHOHQ : +RIIPDQQ 0 (YDOXDWLRQ RI ELRLQGLFDWLRQ PHWKRGV XVLQJ HSLSK\WHV E\FRUUHODWLQJ ZLWK 62 ± 3ROOXWLRQ SDUDPHWHUV/LFKHQRORJLVW

*LRUGDQL3,VWKHGLYHUVLW\RIHSLSK\WLFOLFKHQVDUHOLDEOH LQGLFDWRURIDLUSROOXWLRQ"$FDVHVWXG\IURP,WDO\(QYLURQPHQWDO 3ROOXWLRQ

*RPEHUW6$VWD-6HDZDUG05'&RUUHODWLRQEHWZHHQ WKHQLWURJHQFRQFHQWUDWLRQRIWZRHSLSK\WLFOLFKHQVDQGWKHWUDI¿F GHQVLW\LQDQXUEDQDUHD(QYLURQPHQWDO3ROOXWLRQ

+DIHOOQHU - 0D\UKRIHU + 3RHOW - 'LH *DWWXQJHQ GHU )OHFKWHQIDPLOLH3K\VFLDFHDH+HU]RJLD

-HUDQ=0UDN7-DüLPRYLü5%DWLþ).DVWHOHF'0DYVDU5 6LPRQþLþ3(SLSK\WLFOLFKHQVDVELRPRQLWRUVRIDWPRVSKHULF SROOXWLRQLQ6ORYHQLDQIRUHVWV(QYLURQPHQWDO3ROOXWLRQ

0DUFHOOL03+\VWRU\DQGFXUUHQWNQRZOHGJHRI%UD]LOLDQ OLFKHQRORJ\ ,Q 0DUFHOOL 0 3 6HDZDUG 0 5 ' (GV /LFKHQRORJ\LQ/DWLQ$PHULFD+LVWRU\FXUUHQWNQRZOHGJHDQG DSSOLFDWLRQ&(7(6%6mR3DXOR%UDVLOS

0DUWLQV60$.lIIHU0,/HPRV$/LTXHQVFRPR ELRLQGLFDGRUHVGDTXDOLGDGHGRDUQXPDiUHDGHWHUPRHOpWULFD5LR

*UDQGHGR6XO%UDVLO+RHKQHD

0LODQR061XQHV0/6DQWRV/$6DUQRZVNL)LOKR2 5RED\R-$0$VSHFWRVTXDOLTXDQWLWDWLYRVGDDUERUL]DomR GH UXDV GH &XULWLED$QDLV GR &RQJUHVVR %UDVLOHLUR VREUH

$UERUL]DomR8UEDQD

0XQ]L 6 5DYHUD 6 &DQHYD * (SLSK\WLF OLFKHQV DV LQGLFDWRUV RI HQYLURQPHQWDO TXDOLW\ LQ 5RPH(QYLURQPHQWDO 3ROOXWLRQ

3LJQDWD 0 / /LFKHQV DQG DLU SROOXWLRQ LQ$UJHQWLQD ,Q 0DUFHOOL03 6HDZDUG05'(GV/LFKHQRORJ\LQ/DWLQ

$PHULFD+LVWRU\FXUUHQWNQRZOHGJHDQGDSOLFDWLRQ&(7(6%

6mR3DXOR%UDVLOS

3ROLþQLN+6LPRQþLþ3%DWLþ)0RQLWRULQJDLUTXDOLW\

ZLWKOLFKHQV$FRPSDULVRQEHWZHHQPDSSLQJLQIRUHVWVLWHVDQGLQ RSHQDUHDV(QYLURQPHQWDO3ROOXWLRQ

6DLNL0&KDSDUUR&*9DVFRQFHOORV0%$0DUFHOOL03 'HWHUPLQDWLRQRIWUDFHHOHPHQWVLQOLFKHQVE\LQVWUXPHQWDO QHXWURQ DFWLYDWLRQ DQDO\VLV-RXUQDO RI 5DGLRDQDO\WLFDO DQG 1XFOHDU&KHPLVWU\

6DLNL 0 +RULPRWR / . 9DVFRQFHOORV 0 %$ 0DUFHOO, 0 3 &RFFDUR ' 0 % 6XUYH\ RI HOHPHQWDO FRQFHQWUDWLRQV LQ OLFKHQ VDPSOHV FROOHFWHG IURP 6DR 3DXOR 6WDWH-RXUQDO RI 5DGLRDQDO\WLFDODQG1XFOHDU&KHPLVWU\

6¡FKWLQJ 8 /LFKHQV DV PRQLWRUV RI QLWURJHQ GHSRVLWLRQ

&U\SWRJDPLF%RWDQ\

6HDZDUG05'/LFKHQVDVPRQLWRUVRIDLUSROOXWLRQDW ULVE\ZDUUHQDGMDFHQWWRVFXQWKRUSHVWHHOZRUNV1RUWK/LQFROQVKLUH

&RNH2YHQ0DQDJHUV$VVRFLDWLRQ

6RPPHUIHOGW0-RKQ9(YDOXDWLRQRIDPHWKRGIRUWKH UHDVVHVVPHQWRIDLUTXDOLW\E\OLFKHQPDSSLQJLQWKHFLW\RI,]PLU 7XUNH\7XUNH\-RXUQDORI%RWDQ\