TO O
Ava a !ã " #a p $%va &' ( a # % #%p $%)) ã " ' " pa ( %'t% ("o
ŚŝƉŽƟƌĞŽŝĚŝƐŵŽ
ƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƉƌĞǀĂůĞŶĐĞ ŽĨ ĚĞƉƌĞƐƐŝŽŶ ŝŶ ƚŚĞ ƉĂƟĞŶƚ ǁŝƚŚ
hy* +,hy-+ .0 .1 3
G 456 7879 :;:<= 7J> <? 8>C755 ?@ B>D49 55 :D 7 E
FC76 ?@ 7 H4 8IK ?>D4S> :L 7C75M 7@ B> N
FP 75 K4@ >Q> KB7U 7< <45 V?< <7
W F
XYZ [\] ^ _`[b] c \ `bf bg\ ij ^k l bc j ^f m n ^k qm^c r k sc^i\f u wxc ^ [z ^`[^ m { Ym [\]\`^ |mf ^} `\~mc i\ [^[mlm[m c ^f [b q m ^cr} lq k l bc j ^f m n^ kqm^c r ksc^i\f uYm ijcmm{_`[] b]c\`bf bg \ ^mYZ [\]bqbf ^bc ^ [bc[bm c~ \ b[m_`[b] c \ `bf bg \ ^m \ ^m jm i[b bi|\ j ^f } `\~mci\ j rc\b^f jmcq^`j[\ b}q klbc j ^fmn^kq m ^c r ks c ^ i\f u
\ ijc \ bi [bi bc{`\ bi j \c m b\ [m ^`bi r {z \ j bi ^`bi ib ^iib]\^ [bi à[m |cmiibk `b m `j ^`j bk^ `^ jzc m n^ [m ii^ cm f ^bjm {
VLGR GLItFLO GH GH¿QLU Mi TXH RV HVWXGRV DFHUFD GR WHPD PRVWUDP UHVXOWDGRV FRQÀLWDQWHV 2EMHWLYRXVH DYDOLDU DWUDYpV GH
HVWXGRWUDQVYHUVDODQDOtWLFRDSUHVHQoDGHGHSUHVVmRHPSDFLHQWHVFRPKLSRWLUHRLGLVPRSULPiULRWUDWDGRVDGHTXDGDPHQWHFRP
f m~ bj \c b\ `^k ] b{ |^c ^ [bi ] b{] b`jc bf m i ] b{z `bj \cm b\ [m `^`bc { ^f u ^c ^^~ ^f \ ^b[^|c m im `^ [m[m |cmiibb\z i^[b b `~m`jrc \ b[m m|cm iib[ms m] s u^c j \] \ |^c^{[bm ijz [b|^]\m`jm iu|b`jz ^b`b sjm ~m{Z[\ ^[mX kX±X kw`b gcz |b\ |bj \cm b\ [\ i{ bm[m k± kwk`bgcz |b]b`jcbfm | k u¡bbz~mcmf ^bm`jc m`~m \ iiZc \]bi{ ^ \bc m i[m¢m
SRQWXDomRPDLVDOWDQR,'%1mRIRLHQFRQWUDGDGLIHUHQoDVLJQL¿FDWLYDHQWUHRVJUXSRVVXJHULQGRQmRKDYHUFRUUHODomRHQWUHR
KLSRWLUHRLGLVPRWUDWDGRDGHTXDGDPHQWHHGHSUHVVmRDSHVDUGHWHUVLGRREVHUYDGDXPDWHQGrQFLDDXPULVFRPDLRUGHGHSUHVVmR
QRJUXSRKLSRWLUHRLGLVPR&RQVLGHUDQGRRQ~PHUROLPLWDGRGDDPRVWUDHRVGDGRVFRQÀLWDQWHVVmRQHFHVViULRVPDLVHVWXGRVFRP
SRSXODomRPDLVQXPHURVDSDUDFRQ¿UPDURXQmRHVVHVDFKDGRV
£ ¤¥ ¤¦§ ¤¨© ª« ¤¦ ¬ \ |bj\cmb\ [\i{ bu m |c m iibu bc {`\ bij \cm b\ [m ^ `biu
®¯°®²°
\ ibc [mcibjmj³c b\ [bc { b`mi^~mf b`gmm`^ iib]\^ jm [´\ j[m |c m ii\b`kb´m~m ckjm`^ jzcmbj\icm f ^ j\ b`i\ |^ im m `
GLI¿FXOWWRGH¿QHVLQFHVWXGLHVRQWKHVXEMHFWVKRZFRQÀLFWLQJUHVXOWV7KHREMHFWLYHZDVWRHYDOXDWHWKURXJKDQDO\WLFDOFURVV
im]j\ b`^fijz [³kjm|cmim `]mb[m|cm ii\ b`\ `|^j \m `j i´\ j|c\{ ^c³³|bj³c b\ [\ i{|c b|m cf³jcm^jm [´\ jf m~ bj³c b\ `m] b{ |^cm[ ´\ j] b`jc bf i´\ j`bc{ ^fj³c b\ [z `] j \ b`u¢bm~ ^f z ^jmjm|cmim `]mb[m |c m ii\ b`´^iz im [s m ] m |c m ii\ b` `~m `j bc³ s u ¢mijz [³\ `]f z [m [|^j \m `j iu¢mi] bc mb`jms ^~m c ^gm[X uX±X uw\ `jm³|bj³c b\ [\i{gcbz |^`[ u± uw\`jm ] b`jc bfgc bz | | u u¢m cm´^ i`bcmf ^ j\ b`i\ |mj´mm `\gmcimcz{f m~mf ib¢^ `[\gmci] bc m ib`jms u¢mcm´^i
QRVLJQL¿FDQWGLIIHUHQFHEHWZHHQWKHJURXSVVXJJHVWLQJQRFRUUHODWLRQEHWZHHQK\SRWK\URLGLVPWUHDWHGSURSHUO\DQGGHSUHVVLRQ
^f jbzg\j´^ibimc ~m [^jm `[m `]³j b^`\ `]cm^im [c \ ib[m |c m ii\b`\ `³|bj³cb\[\ i{gcbz |uq b`i\ [mc \ `gjmf \{ \ jm [i^{ |fm
VL]HDQGWKHFRQÀLFWLQJGDWDPRUHVWXGLHVDUHQHHGHGZLWKODUJHUSRSXODWLRQWRFRQ¿UPRUQRWWKHVH¿QGLQJV
µ ¬¶·¸§ ¹ ¨³|bj³c b\ [\ i{ u m |cmii\ b`u¢³cb\[bc { b`miu
º »¼ ½¾¿ ½¾ ¾ ÀÁ ½ÃÄÀ üÀ ÅÆ eÇÈÉ ÉÊËÌ ËÍ ÎÉÏ dÍ dÉ ÇÇ ÐÑ d eÊ Ç Ç ËÉ ÒR ËÉÓ Ð ÉÏÉ ÎÉÑÔÒ ÒÉ Î d Ò e ÇeÐeÍ Òd ÇÎÉ ÐeÕÉ ÒeÉ ÇÖ ×Ø 2 ÙeÐeÚdeÛ ×ÈÉ ÐÌ eÇÈÉ ÉÉ ËÌ ËÍÎÉ Ü ÔÉÑddÝdÈÞ Ç
&RQÀLWRGHLQWHUHVVHV
1mRKiTXDOTXHUFRQÀLWRGHLQWHUHVVHVSRUSDUWHGHTXDOTXHUXPGRVDXWRUHV
I O O
D pr m réu md g r i p i a a a md
SHOD2UJDQL]DomR0XQGLDOGH6D~GHGHWRUQDUVHDVHJXQGD
m m pra a i u d ipid d p rd d d a rb m
1
U m i a r pa rd md pr a m d ia p d m m d i pr mu a p r d
QDWXUH]D GHVVD UHODomR H R TXH D GHWHUPLQD QmR WHUHP VLGR
FRQYLQFHQWHPHQWH SURYDGDV 2EVHUYDo}HV DFHUFD GH RQGH
d r a i s m r d d d a m a r pi a r m a d pr m d i m pa rd m
R XVR WHUDSrXWLFR GH KRUP{QLRV WLUHRLGHDQRV QR PDQHMR GD
GHSUHVVmRHDVDSDUHQWHVDQRUPDOLGDGHVQRHL[RKLSRWiODPR
KLSy¿VHWLUHyLGHGHLQGLYtGXRVFRPGHSUHVVmR
21R%UDVLOSRXFRVHVWXGRVSRSXODFLRQDLVWrPVLGRIHLWRVFRPD
¿QDOLGDGHGHLQYHVWLJDUDRFRUUrQFLDGHGHSUHVVmRHPSDFLHQWHV
FRP GLVIXQo}HV WLUHRLGLDQDV FRPR KLSRWLUHRLGLVPR 7HQGR
HP YLVWD DV GLYHUVDV HYLGrQFLDV HP HVWXGRV LQWHUQDFLRQDLV
d irr a r fu a r d d pr dd m praoi pd m g i i i m i d a
PRUELGDGHVYrVHDQHFHVVLGDGHGHDPSOLDomRGDVSHVTXLVDV
a omba
&RPRREMHWLYRGHDYDOLDUDFRUUHODomRHQWUHKLSRWLUHRLGLVPRH
d pr pi a a d d m ua m anr d Dpr d Bi(DB D r a ru m a
WrP VLGR HODERUDGRV FRP D ¿QDOLGDGH DYDOLDU VLQWRPDV GH
GHSUHVVmR 2 ,'% p XP GRV PDLV XWLOL]DGRV PXQGLDOPHQWH
a m m a rd bmd pa d a p i m éa r ii m pa i d g r d r ua d
3
O I O!
A r pr d d pr fu a r d d pi a im pa r d m i m p r d im i a r
DWHQGLGRVQRVDPEXODWyULRVGR&HQWURGH(VWXGRH3HVTXLVDHP
Ed i r g Ma bg ("E#E iud H pa U r anr Wa r "aCd (HUW " d U r dd Fd r d " rn (UF " d Sr d Ed i r g
H 'LDEHWHV 6(' GR +8:&8)& &RPSDUDU RV GDGRV
UHJLRQDLVFRPDTXHOHVFRQKHFLGRVGHRXWURVVHUYLoRVDWUDYpV
d r a rnr
$ %O O!
&' )' * +,-,' )t. -,
7UDWDVH GH XP HVWXGR WUDQVYHUVDO DQDOtWLFR UHDOL]DGR QR
SHUtRGRGHVHWHPEURGHDMDQHLURGH3URFHGHXVHj
i a
d dd a ré d a r a im pi a r
GHSURQWXiULRVPpGLFRVHDSOLFDomRGRTXHVWLRQiULRGR,'%
du ra
i ua méd i
/0 4t50 4, )-'4*6 7.)8,
#i a a r9:;< impd pr pa rd m pr mnr mu d rp d r m a r d im L a r= Ep rg ru pia r pi a imfu
a r d rm mu d rp rm
/04t504, )-''x6 7. )8,
Frm =iuCd d m a r pi a im pra r d m u im pa r d m d irr a d a r d ia m pr ioird a rd> d i pia a i ri g r
TXHQHFHVVLWHPGHDFRPSDQKDPHQWRUHJXODUKLSRSLWXLWDULVPR
WUDWDPHQWRFRPGURJDVTXHDIHWDPDVHFUHomRPHWDEROLVPR
bd pbdd u d r m a r d > u
GHDQWLGHSUHVVLYRVRXGHPHGLFDo}HVSVLTXLiWULFDV
?v@74@G8,-'-' ã0' ))8,
# r d pr d d pr f ua d
,QYHQWiULRGH'HSUHVVmRGH%HFN,'%RTXDOFRQVLVWHHPXP
TXHVWLRQiULRFRPSRVWRSRUTXHVW}HVGHP~OWLSODHVFROKD
UHVSRQGLGRSHORSUySULRSDFLHQWHRTXDOSRQWXDDJUDYLGDGH
d i du m d 9 a m d m u m id
D SRQWRV VHQGR D DXVrQFLD GH VLQWRPDV H D SUHVHQoD
GHVLQWRPDVJUDYHV3DUDFDGDTXHVWmRRVSDUWLFLSDQWHVHUDP
VROLFLWDGRVDHVFROKHUDD¿UPDomRTXHPHOKRUGHVFUHYLDVHXV
VHQWLPHQWRVQD~OWLPDVHPDQD2HVFRUHWRWDOPi[LPRpGH
pa U mpa u mC md 9pa fi d rd i m m a fr rp rpr dd pr
3J K
V@04Nv'4)
#a u DB
3HU¿OGR76+
ŶĄůŝƐĞĞƐƚĂơƐƟĐĂ
$¿PGHFDUDFWHUL]DUDSRSXODomRGHFDGDJUXSRHFRPSDUDU
gu m iri a rC a i f rd n
d i r a d
PHGLo}HV GH IUHTXrQFLD TXDQGR D YDULiYHO IRL TXDOLWDWLYD H
PpGLD H VXDV YDULDo}HV TXDQGR D YDULiYHO IRL TXDQWLWDWLYD
1D FRPSDUDomR GDV YDULiYHLV LQGHSHQGHQWHV TXDOLWDWLYDV IRL
XWLOL]DGRRWHVWHGRTXLTXDGUDGRGH3HDUVRQ
$V YDULiYHLV TXDQWLWDWLYDV IRUDP WHVWDGDV SDUD QRUPDOLGDGH
SHORWHVWHGH6KDSLUR:LON3DUDDVYDULiYHLVLQGHSHQGHQWHV
pr d rmdd f d m g dd d roi d g ru p ua d a a L P Dd mg dd d fr a r gru p f a a d
SRU PHLR GH $129$ (P FDVR GH QmR FRPSURYDomR GD
m g dd p a a L P d fr a r rn d pd a f iiu d ua d a a
GH :HOFK $ GLVWLQomR HQWUH DV YDULiYHLV TXDQWLWDWLYDV VHP
QRUPDOLGDGHIRLYHUL¿FDGDSHORWHVWHGH0DQQ:KLWQH\
!QRO!
# ra iprm d aud T p i a d g ru p im pa rd m pr mnr d g ru p ia r X
KRXYH GLIHUHQoDV HSLGHPLROyJLFDV HQWUH DV GXDV SRSXODo}HV
¡¢ £ ¤¥ ¦¡¢¤ ¢ § § ¨
©ª ¦¦£¡ ¥ ¦ ¨¡¢ ¥ § § ¨ «©ª¬¥ ¥ ¨¤¡ ¥ ¥ ¨ ¢¡¦¥ § ¢¤ ® ¯¬° ¥¡§ ¢¤¡§ ¨ § ¢¦¥ ±°²³´ª ¨¦ ¡ § § §§§ ²µ±¶·´¸ ¢¦ ¢¡¢ ¥ ¤¡¨¥ § §¤ ¹º»¼½º¾¿´À ´Á¶ÁÃ
Ä ÅÆÇÈ ÉÊËÌ Æ ÍÆ ÎÏÐ ÈÑ ÒÑ Ó Ô ÍÕ Ê ÍÑ Ö×ØÖ Ù ÖÚØÛ ÇÆ ÜÝÉÅÆ ÞÕ ÅÆÈÕ ÝÑ ÆÕ ÍÕ ßÓ ÆàÑÍÑáØ âÙäØÛÇÆÜÝÉÅÆå ÆÇÈ ÝÆæÑçÅèêØ êâëì
*Ui¿FR4XDQGRREVHUYDPRVRYDORUGH76+UHODFLRQDGR
j SUHVHQoD GH GHSUHVVmR ,'% ! SHUFHEHPRV TXH QmR
ÞÆÉÒÑÝÑ æ ÊËÌÆÑÇÈÝÑÇí ÒÑ Õßß ÔÝÕ å ÆßÓ ÊÕ ÆÝÑßÍÑîï ðÑÅÆÇÈ ÉÊ ËÌ Æ
PDLVDOWDQR,'%*Ui¿FR)RLDYDOLDGDDTXDQWLGDGHGH
SDFLHQWHVFRPSRQWXDomRGR,'%PDLRUTXHFRPGR
JUXSRKLSRWLUHRLGLVPRFRPSDUDGRFRPGRJUXSRFRQWUROH
çÅèêØÛ êâìç îÊñÑ æ ÊÛ ìò
*Ui¿FR
Á¶± ·ªÁó´Ã*Ui¿FR
ôÀ²õ´®Â¶± ·ö ¢§ Ã÷øùúûºüýøùøþÿ · Gû ø
,'%
± ·ö¢§+LSRWLUHRLGLVPR
&RQWUROH
F bÁÃ
F bÁÃ
F bÁÃ F bÁÃ
D ÃO
C ÆÇÆÝÓÑ Ó Æß ÈÝ ÊÍÆØ ÇÌÆ ÆÕ ÑÇå ÆÇÈ ÝÊÍÊ ÍÕ Ñ ÝÑ ÇËÊ Ñ ÇÈ ÝÑ Æß ÜÝÉÅÆßØß ÉÜÑ ÝÕ ÇÍÆÇÌ ÆÞ ÊÒÑÝå ÆÝÝÑ æ ÊËÌ ÆÑ ÇÈ ÝÑÆÞÕ ÅÆÈÕ ÝÑÆÕ ÍÕ ßÓ Æ
WUDWDGR DGHTXDGDPHQWH H GHSUHVVmR 1R HQWDQWR SHUFHEHVH
TXHKRXYHXPDWHQGrQFLDDXPULVFRPDLRUGHGHSUHVVmRQR
ÜÝÉÅÆÞÕ ÅÆÈÕ ÝÑÆÕ ÍÕ ßÓ ÆòîÊ æÒÑaåÆÓÅÆÅÉæ Ê ËÌ ÆÓ ÊÕ ßÇÉÓ Ñ Ý ÆßÊØ
HVVDWHQGrQFLDSRGHULDVHUFRQ¿UPDGD
C ÆÇÒÑÇå Õ ÆÇÊæÓ Ñ ÇÈÑØÉÓÇí ÒÑ æß Ô ÝÕ å Æ ÍÑîï ðÍÑ ÇÈ ÝÆÍÊÊÕfÊ
GHUHIHUrQFLDGRODERUDWyULRWHPVLGRWRPDGDFRPRLQGLFDWLYR
GH WHUDSLD DGHTXDGD 1R HQWDQWR DSHVDU GH GRFXPHQWDomR
ÍÑ Çí ÒÑÕ ß ÇÆÝÓ ÊÕ ß ÍÑîï ðØ Ó ÉÕ È Æß ÅÊåÕ Ñ ÇÈÑ ß ÅÆÝ ÈÊ ÍÆÝÑß ÍÑ
KLSRWLUHRLGLVPRWUDWDGRVFRQWLQXDPTXHL[DQGRVHGHVLQWRPDV
ÝÑ æ Êå Õ ÆÇÊ ÍÆßÊ ÆÞÕ ÅÆÈÕ ÝÑ ÆÕ ÍÕ ßÓ ÆØÊ ÍÕ ÜÊØÍÕ ß Èd ÝñÕ ÆßåÆÜÇÕ ÈÕ ÒÆß ÑÍÑÞ ÉÓ ÆÝò
5
$QRUPDOLGDGHV WLUHRLGHDQDV WrP VLGR DVVRFLDGDV FRP D
RFRUUrQFLD GH GRHQoDV SVLTXLiWULFDV LQFOXLQGR GHSUHVVmR
69iULRV HVWXGRV YHP PRVWUDQGR XP DXPHQWR GR ULVFR GH
GHSUHVVmR WDQWR HP KLSR TXDQWR HP KLSHUWLUHRLGLVPR PDV
ÅÆÉåÆßÑß ÊñÑÊå Ñ ÝåÊÍÆßÑÑ Õ È ÆßÍÑÉÓ ÊÉÇËÌÆÈÕ ÝÑ ÆÕ ÍÑ Ê ÇÊ ÍÑ ÇÈ ÝÆÍÆßæÕ Ó Õ ÈÑßÇÆÝÓ ÊÕ ßÇÊÍÑ ÅÝÑßßÌ Æò
7
2VLQGLYtGXRVFRPKLSRWLUHRLGLVPRWLQKDP76+PpGLRPDLV
DOWRGRTXHRVFRQWUROHVDSHVDUGRVQtYHLVGH76+HVWDUHP
ÇÊÊÕfÊÇÆÝÓ Ê æÍÆ æ ÊñÆÝ ÊÈoÝÕ Æò Eß ÈÑß ÝÑß Éæ ÈÊ ÍÆßæÑ ÒÊÇÈ ÊÓ Ê
TXHVWmR VH XPD RWLPL]DomR GRV QtYHLV VpULFRV GH76+ SDUD
ÉÓ ÊÊÕfÊÇÆÝÓ Ê æÓ ÊÕ ßÑß È ÝÑ Õ È ÊÊÝÕ ÊÍÕ ÑÝÑ ÇË ÊÇÆßÝÑß Éæ È ÊÍÆß
HQFRQWUDGRV 9HUL¿FRXVH HQWUHWDQWR TXH QmR KRXYH
å ÆÝÝÑæ ÊËÌÆÑÇÈÝÑÇí ÒÑ ÕßÍÑîïðÓ ÊÕ ßÊæ È ÆßÑÅÆÇÈ ÉÊËÌÆÇÆÎÏÐ
PDLRUTXHQRVSDFLHQWHVDQDOLVDGRV
MÑÍÕ åÕ Ñ È Ê æò ÆñßÑ ÝÒÆÉØ Ñ Ó Ñß È ÉÍÆ ÍÑ å ÆÆÝÈÑ ÅÆÅÉæÊåÕ ÆÇÊæØ ÉÓÝÕ ßåÆÊ ÉÓ Ñ ÇÈ ÊÍÆÍÑß í ÇÍÝÆÓ ÑßÍÑ ÅÝÑßßÕ ÒÊßÑÓÕ ÇÍÕ Òí ÍÉÆß
FRP QtYHLV GH76+ QRUPDLVEDL[RV PRVWUDQGR TXH PHVPR
YDULDo}HV SHTXHQDV QD IXQomR WLUHRLGHDQD GHQWUR GD IDL[D
n'( )* + p' ,-(. * ) t -( . ) p'(t *nt -s -/ -. t ' s n'c' ) p'(t * ) -nt' */-t . 0'1
8
S* )2 -+ s -t *+1 t * ) 39) -nc 'nt( '2 ,-c( - )-nt' s
VLJQL¿FDWLYRV HP VWDWXV GH VD~GH H VRIULPHQWR SVLFROyJLFR
-) :; . n ,.0i,2' s p'( t*,'( -s ,- h. p't . ( -'. ,. s)' t (*t * ,' s c' ) p*( * ,' s c' ) <= c'nt (' + -s s-) ,' -n>* t. (-'. ,-*n*?
DQRV DVVLP FRPR SUHMXt]R HP IXQo}HV GH PHPyULD
HVSHFt¿FDV
@K(*) -( -t *+1? p'( s2* 0 -v? -) - st 2 ,' c ' ) t 't * + ,- A1=: ;
SDUWLFLSDQWHVRTXDOWDPEpPXVRXR,'%SDUDDYDOLDomRGH
GHSUHVVmRFRQFOXLXTXHWUDWDPHQWRGHKLSRWLUHRLGLVPRDORQJR
SUD]RQmRHVWiDVVRFLDGRFRPSUHMXt]RGDIXQomRFRJQLWLYDH
h2 )'(,- p( -ss. 0'n*p' p2 +*>u'. ,' s* 1 B
W* + sh-t* +1?-)- st2 ,'
GXSORFHJRUDQGRPL]DGRFRQWURODGRWDPEpPQmRHQFRQWURX
GLIHUHQoD HP UHODomR D VLQWRPDV GH KLSRWLUHRLGLVPR EHP
HVWDU H TXDOLGDGH GH YLGD FRP SHTXHQRV DMXVWHV QD GRVH GH
OHYRWLUR[LQDHPSDFLHQWHVFRPKLSRWLUHRLGLVPRREMHWLYDQGR
ni0 -. s,-T SHp(rI. )''2* 3* . I','+. ). t -. n/ -(. '(,')9t' ,'
GHGRVDJHPTXDQGRFRPSDUDGRFRP76+SUy[LPRDROLPLWH
s2 p-(. '(,-n'( )* +. ,* ,-1 J
Lpp-+h'/ -t * +1 '3s-(0'2? -) - st2 ,' c +in. c' ( *n ,' ).v* ,'?
GXSORFHJR SODFHERFRQWURODGR QmR KDYHU YDQWDJHP VREUH
p+*c - 3' n* *,.>u' ,- T: * p* ('I -t . n* -) p*c. -nt - s c' )
GLVW~UELRGHSUHVVLYRPDLRUQmRUHIUDWiULR3HORFRQWUiULRQR
-st 2 ,'?** ,.>u ',-T:p*(-c-2c *2 s*(2 )*2 ) -nt '* p -n* sn' s -0 -nt' s*,0 -( s' s1
N P
Q ' ,- )' s ,-st *c *( *. n ,* 2 ) -st 2 ,' ( -c -nt - c' ) ,*,' s ,-*t -n>u'p(. )U(. *n*VnX +* t -(( *c ' ))*. s,-Y:1===. n ,. 0i,2' s
HPXVRGHWLUR[LQDRTXDOPRVWURXTXHDSUR[LPDGDPHQWH
. n. c. '2t -(*p.*c' )T SHn*/ *. I* s2 3c+in. c*Z [A=) Vm \]^1 NN m )* p(' p'(>u ' c'n s. ,-(U0 -+ ,- ss- s p*c . -nt -s p' ,-t -( s. ,'
WUDWDGDSRUFDXVDGHVLQWRPDVGHSUHVVLYRV2SUREOHPDWUD]LGR
c' ) -ss* p( Ut. c* _p( . ) -.( * ) -nt -?' s s.nt ' )* s,' s p*c . -nt - s su '. ) p('0 U0 -. s,-) -+h'(* (c ' )'t (*t * ) -nt'c ' )t .( 'I.n*? ( -s2 +t *n ,' -) . n s*t . s/*>u' c' ) ' t (* t * ) -nt ' - n -c - ss. ,* ,-,- * 2 )-nt',- ,' s- '2 t (*t *)-nt' s * +t -(n*t . 0' s -?*. n ,*? *
SUREDELOLGDGHGHDWUDVRVLJQL¿FDWLYRGRGLDJQyVWLFRFRUUHWRGH
,-p( - ssu 'c' )t( *t * ) -nt '* p( ' p(. * ,'1
(QWUHDVOLPLWDo}HVGRQRVVRHVWXGRSRGHPRVGHVWDFDUDVXD
n*t 2( -v*t( *n s0 -(s*+_h*0. ** p-n* s2 )*) -,. ,*,-T SH?,* ,' s
GHSUpHSyVWUDWDPHQWRQmRHVWDYDPGLVSRQtYHLVHQmRKDYLD
LQIRUPDo}HV DFHUFD GD GXUDomR GR KLSRWLUHRLGLVPR DQWHV GR
.nic. ','t (* t*) -nt '1T*) 39)nu '/'.p' ssi0 - +*0*+. * ((-+*>u'
FDXVDHIHLWR HQWUH KLSRWLUHRLGLVPR WUDWDGR H SUHVHQoD GH
GHSUHVVmR SRGHPRV DSHQDV UHODWDU DVVRFLDo}HV TXH SRGHP
/'( )*(*3* s-p* (*- st2 ,' s/ 2t 2( ' s1
`. n* + ) -nt -? nu' (* st ( -* )' s n' ss' s .n ,. 0i,2' s c 'nt( ' +-p*(* h. st r(. */* ). +.* (,- ,' -n>* t. ( -'. ,-*n* '2 p( -s-n>*
,-DQWLFRUSRV DQWL732 H p SRVVtYHO TXH SRGHUtDPRV HQFRQWUDU
PDLRUHV GLIHUHQoDV HQWUH RV GRLV JUXSRV VH LQGLYtGXRV DQWL
732 SRVLWLYRV QR JUXSR FRQWUROH WLYHVVHP VLGR H[FOXtGRV
Mi TXH YiULDV GRHQoDV DXWRLPXQHV WHP VLGR DVVRFLDGDV FRP
2 ) (. sc' *2 ) -nt * ,',- ,- p( -ssu'1 NgjNk
Q 'p-t * +1? - )-st 2 ,' t( *n s0 -( s*+?
VXJHUH TXH D SUHVHQoD GH DQWLFRUSR DQWL732
-st U *ss'c .*,*c ' ) ,- p( -ssu ' - p' ,- t '(n*( )2 +h-(-s )*. s 02+n -( U0 -. s** p( - s-nt *(*,' -n>* 1Nl
(P FRQFOXVmR QRVVR WUDEDOKR GHPRQVWURX TXH RV SDFLHQWHV
FRPKLSRWLUHRLGLVPRSULPiULRWUDWDGRVDGHTXDGDPHQWHQmR
WHPPDLRUIUHTXrQFLDGHGHSUHVVmRTXDQGRFRPSDUDGRVFRP
c'nt (' + -s c' ) /2n>u ' t . ( -'. ,-*n* n'( )* +1 q 'n s. ,-(*n ,' ' nw) -(' +. ). t*,' ,* *)'st (* * n* +. s* ,*?0 -)' s n'ss'-st 2 ,'
FRPRSLORWRQRQRVVRPHLRFRPRREMHWLYRGHVHUYLUFRPR
3* s-p*( *-st 2 ,' s)*. '( -s/ 2t2( ' s1
xy zy x{ |}~
0XUUD\&-/RSH]$'(YLGHQFHEDVHGKHDOWKSROLF\OHVVRQVIURP
WKH*OREDO%XUGHQRI'LVHDVH6WXG\6FLHQFH
'D\DQ &0 3DQLFNHU 9 +\SRWK\URLGLVP DQG GHSUHVVLRQ (XU
6DXHU 6 =LHJOHU 0 6FKPLWW 0 5DVFK DQDO\VLV RI D VLPSOL¿HG
9DQ GH 9HQ$& 0XQWMHZHUII -: 1HWHD0DLHU 57 GH 9HJW )
¡¡
3V\FKLDWU6FDQG
¢ ¡ £ ¤¥ ¦§ ¨ ¨ © ¡ ¡ ¡ © /WK\UR[LQHWUHDWHGK\SRWK\URLGVXEMHFWV7K\URLG
¢ª%DXHU 0 *RHW] 7 *OHQQ 7 :K\EURZ 3& 7KH WK\URLG
¡ ¨
1HXURHQGRFULQRO
« ¥ £ § ¬ © ¥ SDWLHQWV1HXURSV\FKRELRORJ\
0HGLFL0'LUHN19LVVHU:(.RUHYDDU7,+RIPDQ$9LVVHU
¨ ¡ © GHSUHVVLRQ D SRSXODWLRQEDVHG FRKRUW VWXG\ - &OLQ (QGRFULQRO
0HWDE
:DOVK-3:DUG/&%XUNH9%KDJDW&,6KLHOV/+HQOH\'HW
¡ © ® © ¡
FKDQJHV LQ K\SRWK\URLG V\PSWRPV ZHOOEHLQJ RU TXDOLW\ RI OLIH
UHVXOWVRIDGRXEOHEOLQGUDQGRPL]HGFOLQLFDOWULDO-&OLQ(QGRFULQRO
0HWDE
$SSHOKRI %& %URXZHU -3 YDQ '\FN 5 )OLHUV ( +RRJHQGLMN
¯¨
¨
®
WUHDWPHQW RI PDMRU GHSUHVVLYH GLVRUGHU - &OLQ (QGRFULQRO 0HWDE
7D\ORU 31 ,TEDO $ 0LQDVVLDQ & 6D\HUV $ 'UDPDQ 06
¥
© ¡
ÑÒÓÒÔÕÖ×ØÙ
$UUXGD *$ &DUYDOKR &% +LVVD 05$YDOLDomR GD SUHYDOrQFLD GH GHSUHVVmR QR SDFLHQWH FRP KLSRWLUHRLGLVPR 5HY 0HG 8)& MDQ
MXQ
ÚÛÜÝÞßàÝá Ýßâãäß åæ áçÞèéêàç áëìíîáïÞ âÞê åßàßç áÝðññß åò á ß ã Þ âÜ óìãé ðôô ìñðãí ðñ õß öåßàà ðé ñ÷ ðñè åßÞàß õ Þ ñãðöøéà öøé âðöðõ
DXWRDQWLERGLHV$FWD3V\FKLDWU6FDQG
9DOW\VGyWWLU 67 *XGEM|UQVVRQ % /LQGTYLVW 8 +lOOJUHQ 5
+HWWD-$Q[LHW\DQGGHSUHVVLRQLQSDWLHQWVZLWKSULPDU\6M|JUHQV
V\QGURPH-5KHXPDWRO
3RS9-0DDUWHQV/+/HXVLQN*9DQ6RQ0-.QRWWQHUXV$$
ùÞ åõóÝáßãÞ âÜóåßÞ ìãé ðôô ìñßãøíåé ðõõíà úìñè ãðé ñÞ ñõõß öåßàà ðé ñ