Análise de investimentos em suínos, aves e florestas no estado de Santa Catarina.
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(2) 4GRÕDNKEC(GFGTCVKXCFQ$TCUKN .WK\+P¶EKQ.WNCFC5KNXC 2TGUKFGPVG. /KPKUVÃTKQFC#ITKEWNVWTC2GEW¶TKCG#DCUVGEKOGPVQ 4QDGTVQ4QFTKIWGU /KPKUVTQ. 'ORTGUC$TCUKNGKTCFG2GUSWKUC#ITQRGEW¶TKC'ODTCRC %QPUGNJQFG#FOKPKUVTCÁºQ .WKU%CTNQU)WGFGU2KPVQ 2TGUKFGPVG 5ÈNXKQ%TGUVCPC 8KEG2TGUKFGPVG #NGZCPFTG-CNKN2KTGU 'TPGUVQ2CVGTPKCPK *ÃNKQ6QNNKPK /CTEGNQ$CTDQUC5CKPVKXG /GODTQU. &KTGVQTKC'ZGEWVKXCFC'ODTCRC 5ÈNXKQ%TGUVCPC &KTGVQT2TGUKFGPVG ,QUÃ)GTCNFQ'WIÄPKQFG(TCPÁC -NGRGT'WENKFGU(KNJQ 6CVKCPC&GCPGFG#DTGW5¶ &KTGVQTGU'ZGEWVKXQU. 'ODTCRC5WÈPQUG#XGU NUKQ#PVÏPKQ2GTGKTCFG(KIWGKTGFQ %JGHG)GTCN ,GTÏPKOQ#PVÏPKQ(¶XGTQ %JGHG#FLWPVQFG%QOWPKECÁºQG0GIÎEKQU %NCWFKQ$GNNCXGT %JGHG#FLWPVQFG2GUSWKUCG&GUGPXQNXKOGPVQ &KTEGW$GPGNNK %JGHG#FLWPVQFG#FOKPKUVTCÁºQ. 2.
(3) ISSN 0101-6245 outubro, 2005 Empresa Brasileira de Pesquisa Agropecuária Centro Nacional de Pesquisa de Suínos e Aves Ministério da Agricultura, Pecuária e Abastecimento. Documentos 98. #P¶NKUGFG+PXGUVKOGPVQUGO 5 W È P Q U #X GU G( N Q T GU V CU P Q ' U V CF Q F G5 CP V C % CV CT K P C #PVÎPKQ%KRTKCPQ#HQPUQ2KPJGKTQ &KTEGW,QºQ&WCTVG6CNCOKPK. %QPEÎTFKC5% . 3.
(4) 'ZGORNCTGUFGUVCRWDNKECÁºQRQFGOUGTCFSWKTKFQUPC 'ODTCRC5WÈPQUG#XGU %CKZC2QUVCN %QPEÎTFKC5% 6GNGHQPG (CZ JVVR YYYEPRUCGODTCRCDT UCE"EPRUCGODTCRCDT. %QOKVÄFG2WDNKECÁÐGUFC7PKFCFG 2TGUKFGPVG ,GTÏPKOQ#PVQPKQ(¶XGTQ /GODTQU %NCWFKQ$GNNCXGT %ÈEGTQ,/QPVKEGNNK )GTUQP05EJGWGTOCPP #KTVQP-WP\ 8CNÃTKC/0#DTGW 5WRNGPVG #TNGK%QNFGDGNNC. 4GXKUºQVÃEPKEC #TNGK%QNFGDGNNC%ÈEGTQ,/QPVKEGNNKG/CTEGNQ/KGNNG %QQTFGPCÁºQGFKVQTKCN 6¸PKC/$%GNCPV 'FKVQTCÁºQGNGVTÏPKEC 8KXKCP(TCECUUQ 0QTOCNK\CÁºQDKDNKQIT¶HKEC +TGPG<2%COGTC (QVQFCECRC #EGTXQ'ODTCRC5WÈPQUG#XGUG(NQGUVG#UUGUUQTKC(NQTGUVCN. 6KTCIGO WPKFCFGU. 6QFQUQUFKTGKVQUTGUGTXCFQU # TGRTQFWÁºQ PºQCWVQTK\CFC FGUVC RWDNKECÁºQ PQ VQFQ QW GO RCTVG EQPUVKVWKXKQNCÁºQFQUFKTGKVQUCWVQTCKU .GKP . 2KPJGKTQ#PVQPKQ%KRTKCPQ#HQPUQ #P¶NKUGFGKPXGUVKOGPVQUGOUWÈPQUCXGUGHNQTGUVCUPQ'UVCFQFG. . 5CPVC%CVCTKPC#PVQPKQ%KRTKCPQ#HQPUQ2KPJGKTQ&KTEGW,QºQ&WCTVG 6CNCOKPK %QPEÎTFKC 'ODTCRC5WÈPQUG#XGU R EO 'ODTCRC 5WÈPQU G #XGU &QEWOGPVQU +550 . L. 2TQFWVQUCITÈEQNCU GEQPQOKC. LKPXGUVKOGPVQL5CPVC%CVCTKPC. +6CNCOKPK&KTEGW,QºQ&WCTVG++6ÈVWNQ+++5ÃTKG %&& 'ODTCRC.
(5) # #WWVVQQTTGGUU #PVÎPKQ%KRTKCPQ#HQPUQ2KPJGKTQ 2TQHGUUQT%CVGFT¶VKEQFQ&GRCTVCOGPVQFG'EQPQOKC 7PKXGTUKFCFGFGXQTC 2QTVWICN acap@uevora.pt. &KTEGW,QºQ&WCTVG6CNCOKPK 'EQPQOKC4WTCN2J& 2GUSWKUCFQT+++ 'ODTCRC5WÈPQUG#XGU VCNCOKPK"EPRUCGODTCRCDT. 5.
(6) 5 5WWO O¶¶TTKKQQ +PVTQFWÁºQ /GVQFQNQIKC #P¶NKUG GEQPÏOKEC FQU UKUVGOCU HNQTGUVCKU 2KPWU VCGFC G 'WECNKRVWU ITCPFKU #P¶NKUGFQKPXGUVKOGPVQPCRTQFWÁºQFG'WECNKRVWUITCPFKU #P¶NKUGPQKPXGUVKOGPVQPCRTQFWÁºQFG2KPWUVCGFC 2TQFWÁºQFGHTCPIQUFGEQTVG KPVGITCFQGUKUVGOCFGRCTEGTKC. . 2TQFWÁºQFGUWÈPQURCTCCDCVG KPVGITCFQGUKUVGOCFGRCTEGTKC. . %QPENWUÐGU 4GHGTÄPEKCUDKDNKQIT¶HKECU. 6. .
(7) #P¶NKUGFG+PXGUVKOGPVQUGO5WÈPQU #XGUG(NQTGUVCUPQ'UVCFQFG5CPVC %CVCTKPC #PVÎPKQ%KRTKCPQ#HQPUQ2KPJGKTQ &KTEGW,QºQ&WCTVG6CNCOKPK. ++PPVVTTQQFFWWÁÁººQQ #TGIKºQ1GUVGFQ'UVCFQFG5CPVC%CVCTKPCCNÃOFCUEWNVWTCUFQOKNJQUQLC HGKLºQGHWOQVGOPCRTQFWÁºQFGUWÈPQUHTCPIQUGNGKVGCUCVKXKFCFGUTWTCKU FQOKPCPVGU # RTQFWÁºQ KPVGPUKXC FG ECTPG FGOCPFC ECFC XG\ OCKU PQXCU VGEPQNQIKCU KPUVCNCÁÐGU G GSWKRCOGPVQU FG EWUVQ GNGXCFQ G UºQ CNVCOGPVG EQORGVKVKXCU VCPVQ PQ RCÈU EQOQ PQ GZVGTKQT 2CTC OKPKOK\CT QU EWUVQU FG RTQFWÁºQ VGOUG XGTKHKECFQ GNGXCFC EQPEGPVTCÁºQ FC RTQFWÁºQ XKUCPFQ CRTQXGKVCTCUGEQPQOKCUFGGUECNCSWGGZKUVGOPGUVCUCVKXKFCFGU#FKP¸OKEC FQ RTQEGUUQ VGO NGXCFQ C SWG OWKVQU ETKCFQTGU GO IGTCN QU FG OGPQT RTQFWÁºQ G OGPQU RTGRCTCFQU UGLCO GZENWÈFQU FC ECFGKC FG RTQFWÁºQ FG UWÈPQUGFGCXGU#NÃOFGUVCUCVKXKFCFGURTQFWVKXCUFKVCUREN¶UUKECURRCTCC TGIKºQ GZKUVGO QWVTCU EQOQ CU CVKXKFCFGU HNQTGUVCKU SWG GUVºQ UG VQTPCPFQ CVTCVKXCUFQRQPVQFGXKUVCGEQPÏOKEQUQEKCNGCODKGPVCN WOHCVQSWGCCXKEWNVWTCGCUWKPQEWNVWTCVÄOFGUGORGPJCFQGEQPVKPWCOC FGUGORGPJCTWORCRGNFGITCPFGTGNGX¸PEKCPQFGUGPXQNXKOGPVQGEQPÏOKEQG UQEKCNFQ'UVCFQFG5CPVC%CVCTKPCEQPHQTOGRQFGUGTXGTKHKECFQGO6CNCOKPK &GUEJCORUGVCNG5CPVQU(KNJQGVCNGPVTGQWVTQUOCU à KORQTVCPVG CPCNKUCT C XKCDKNKFCFG G UWUVGPVCDKNKFCFG GEQPÏOKEC UQEKCN G CODKGPVCNFGQWVTCUQRÁÐGU 5CPVC%CVCTKPCVGOWOCNQPICVTCFKÁºQ PCRTQFWÁºQ FGUWÈPQUGHTCPIQU#U ITCPFGU KPFÕUVTKCU SWG RTQEGUUCO GUUCU ECTPGU VKXGTCO QTKIGO G OCPVÄO C UWCOCVTK\PQ 'UVCFQ )TCFWCNOGPVG KORNCPVCTCO HKNKCKU GO QWVTCU TGIKÐGU FQ RCÈU RTQEWTCPFQ CRTQXGKVCT EQPFKÁÐGU HCXQT¶XGKU FG QHGTVC FG OKNJQ G UQLC G VCODÃOQEWRCTRQUKÁºQIGQIT¶HKECGUVTCVÃIKECGOTGNCÁºQCQOGTECFQKPVGTPQ G GZVGTPQ 1 'UVCFQ à OWKVQ HQTVG PC CXKEWNVWTC FG EQTVG UGPFQ Q RTQFWVQ CITQRGEW¶TKQ SWG CRTGUGPVC Q OCKQT XCNQT DTWVQ FC RTQFWÁºQ UGIWKFQ RGNC UWKPQEWNVWTC UGPFQ SWG C RTQFWÁºQ FG OCFGKTC RCTC FKXGTUQU HKPU QEWRC C VGTEGKTCRQUKÁºQ 5ÈPVGUG 1 'UVCFQ FG 5CPVC %CVCTKPC GO SWCPFQ EQORCTCFQ CQU FGOCKU GUVCFQU DTCUKNGKTQU EQNQEQWUG EQOQ Q OCKQT GZRQTVCFQT FG ECTPG FG HTCPIQ UGPFQ TGURQPU¶XGN RQT FQ VQVCN GZRQTVCFQ G QEWRCXC C UGIWPFC RQUKÁºQ PCEKQPCN PQU CDCVGU UQD KPURGÁºQ HGFGTCN EQO FQ VQVCN 0Q 7.
(8) SWGUGTGHGTG´UWKPQEWNVWTC5CPVC%CVCTKPCQEWRCCRTKOGKTCRQUKÁºQVCPVQPC RTQFWÁºQ PC SWCN EQPVTKDWK EQO EQOQ PC GZRQTVCÁºQ EQO RCTVKEKRCÁºQFGFQXQNWOGEQOGTEKCNK\CFQRGNQRCÈU'OCFKÁºQGUUCU CVKXKFCFGUEQPUQOGOGEQPUGS×GPVGOGPVGXKCDKNK\COCGZRQTVCÁºQFGOKNJQ GUQLCPCHQTOCFGECTPG2QTQWVTQNCFQEQOQCECTPGUQHTGWORTQEGUUQFG KPFWUVTKCNK\CÁºQCUCVKXKFCFGUCNÃOFGCRTGUGPVCTGOITCPFGGHGKVQPCIGTCÁºQ FG VTCDCNJQ G TGPFC PQ UGVQT RTKO¶TKQ VÄO GHGKVQ OWNVKRNKECFQT GO QWVTQU UGVQTGUFCGEQPQOKCEQOTGHNGZQUPQOGKQTWTCNGWTDCPQ 0QSWGUGTGHGTG´UCVKXKFCFGUHNQTGUVCKUCRGUCTFCUWCKPVTQFWÁºQEQOQHQPVG FG TGPFKOGPVQ VGT KPKEKCFQ PQU CPQU FQ UÃEWNQ RCUUCFQ C UWC FKOGPUºQ CKPFCPºQCVKPIKWCGZRTGUUºQSWGNJGEQORGVGPQSWCFTQFQFGUGPXQNXKOGPVQ FQ'UVCFQFG5CPVC%CVCTKPCFQRQPVQFGXKUVCGEQPÏOKEQ IGTCÁºQFGTGPFC UQEKCN HQPVG FG GORTGIQ G CODKGPVCN RTQVGÁºQ FG NKPJCU FG ¶IWC RTQVGÁºQ FCDKQFKXGTUKFCFGCWOGPVQFCHGTVKNKFCFGFGUQNQUGVE 5GIWPFQC'ORTGUC FG 2GUSWKUC #ITQRGEW¶TKC G FG 'ZVGPUºQ 4WTCN FG 5CPVC %CVCTKPC 'RCITK EGTECFGFQUUQNQUECVCTKPGPUGUVÄOCRVKFºQRCTCCCVKXKFCFGUKNXÈEQNC1 'UVCFQ CRGUCT FG VGT CRGPCU FQ VGTTKVÎTKQ PCEKQPCN à Q RTKOGKTQ RTQFWVQTFGEGNWNQUGHKDTCNQPICVGTEGKTQOCKQTRTQFWVQTFGEGNWNQUGGRCRGNG UGIWPFQOCKQTRTQFWVQTGGZRQTVCFQTFGRTQFWVQUFGTKXCFQUFCOCFGKTC (KGUE #U GZEGNGPVGU EQPFKÁÐGU FG ENKOC UQNQ G TGNGXQ FGVGTOKPCO C KPSWGUVKQP¶XGNCRVKFºQFQGUVCFQRCTCCUCVKXKFCFGUHNQTGUVCKU'PVTG,CPGKTQG /CTÁQ FG UGIWPFQ FCFQU FC (GFGTCÁºQ FCU +PFÕUVTKCU FQ 'UVCFQ FG 5CPVC %CVCTKPC (KGUE QU RTQFWVQU FG DCUG HNQTGUVCN GZRQTVCFQU RQT 5CPVC %CVCTKPC VQVCNK\CTCO 75 OKNJÐGU QW UGLC SWCUG 75 DKNJºQ EQNQECPFQQ'UVCFQPCUGZVCRQUKÁºQPQTCPMKPIFQUOCKQTGUGZRQTVCFQTGUPQ $TCUKN &KHKEWNFCFGU 3WCPVQ ´ GURÃEKGU FQ IÄPGTQ 2KPWU GO PQ $TCUKN JCXKC WOC ¶TGC RNCPVCFC FG OKNJÐGU FG JGEVCTGU FQU SWCKU PQ 'UVCFQ FG 5CPVC %CVCTKPC'OTGNCÁºQCQ'WECNKRVWUGOJCXKCOKNJÐGUFGJGEVCTGU RNCPVCFQUUGPFQSWGFGUVGUCRGPCUUGNQECNK\CXCPQ'UVCFQ FG5CPVC %CVCTKPCRTGFQOKPCPFQQURNCPVKQUGO¶TGCUKPHGTKQTGUCJGEVCTGU &QUUC GVCNC &QUUCGVCND 0Q2CÈUUºQEGTECFGOKNUGTTCTKCUH¶DTKECUFGEQORGPUCFQUGOKN GORTGUCU FG TGOCPWHCVWTCU FG OCFGKTC /WFCPÁC 6QFC C ECFGKC RTQFWVKXC FQ UGVQT FG DCUG HNQTGUVCN GORTGIC EGTEC FG FC RQRWNCÁºQ GEQPQOKECOGPVGCVKXCFQRCÈU 1 QDLGVKXQ FGUVG VTCDCNJQ à EQORCTCT FKHGTGPVGU CNVGTPCVKXCU FG KPXGUVKOGPVQ PCTGIKºQ1GUVGFQ'UVCFQFG5CPVC%CVCTKPCRCTCSWGQKPXGUVKFQTRQUUCFG WOOQFQOCKUTCEKQPCNHWPFCOGPVCTCUWCFGEKUºQFGKPXGUVKT%QPUKFGTCOUG SWCVTQ CVKXKFCFGU FWCU FCU SWCKU EQPUKFGTCFCU QEN¶UUKECUR PGUVC TGIKºQ C RTQFWÁºQ FG UWÈPQU G C RTQFWÁºQ FG HTCPIQU FG EQTVG G QWVTCU FWCU SWG RQFGOUGTEJCOCFCUFGQPQXCURCRTQFWÁºQFGOCFGKTCFG'WECNKRVWUGFG 2KPWU 8.
(9) / /GGVVQQFFQQNNQQIIKKCC 1SWGUGRTGVGPFGCQCPCNKUCTWORTQLGVQFGKPXGUVKOGPVQÃEQORCTCTQSWGUG ICUVCEQOQSWGUGTGEGDGKUVQÃEQORCTCTQSWGÃFGURGPFKFQJQLGEQOQ XCNQTFQHNWZQFGTGEGKVCURTQXGPKGPVGUFQUDGPUGUGTXKÁQUSWGQKPXGUVKOGPVQ F¶QTKIGOUWDVTCKPFQQUEWUVQUFGRTQFWÁºQSWGQEQTTGOCQNQPIQFCXKFCFQ RTQLGVQ 1 KPXGUVKOGPVQ KPKEKCN CU FGURGUCU FG GZRNQTCÁºQ G CU TGEGKVCU PºQ QEQTTGO PQ OGUOQ OQOGPVQ PºQ UGPFQ RQTVCPVQ EQORCT¶XGKU #UUKO à PGEGUU¶TKQTGRQTVCTVQFQUQUHNWZQUFGECKZCQWUGLCVQFQUQUXCNQTGURCIQUG TGEGDKFQUCQNQPIQFQVGORQCWOOGUOQOQOGPVQ#GUVCQRGTCÁºQF¶UG QPQOGFGCVWCNK\CÁºQFKHGTGPÁCGPVTGCUTGEGKVCUGCUFGURGUCUQEQTTKFCU PWOOGUOQOQOGPVQEJCOCUGTGEGKVCNÈSWKFC. 2CTC CVWCNK\CT WO FCFQ XCNQT à RTGEKUQ HKZCT WOC VCZC FG LWTQ VCZC FG CVWCNK\CÁºQ 0ºQ J¶ PGPJWOC NGK QW TGITC SWG RGTOKVC FGVGTOKPCT Q XCNQT GZCVQFGUVCVCZC%QPVWFQGNCUGTGUVKOCFCEQOQUGPFQCVCZCCNVGTPCVKXCC SWGUGRQFGTKCOCRNKECTQUECRKVCKUEQTTGPFQQOGUOQPÈXGNFGTKUEQ#UUKOC VCZCCWUCTRQFGXCTKCTFGKPXGUVKFQTRCTCKPXGUVKFQTFGRGPFGPFQFCUQRÁÐGU FG KPXGUVKOGPVQ SWCPVKFCFG FG ECRKVCN C UGT KPXGUVKFQ G GZRGEVCVKXCU FG TGVQTPQ CU SWCKU GUVºQ CUUQEKCFCU C FKHGTGPVGU PÈXGKU FG TKUEQ 6CZCU FG CVWCNK\CÁºQ OCKU GNGXCFCU TGFW\GO Q 8#. GZKIKPFQ OGNJQT TGUWNVCFQ GEQPÏOKEQ FQ RTQLGVQ 0CU GUVKOCVKXCU SWG UGIWGO EQPUKFGTCOUG X¶TKCU VCZCUFGLWTQFGNKOKVCPFQQKPVGTXCNQSWGOGNJQTRQUUCQTKGPVCTQ KPXGUVKFQT FCFQQOGTECFQHKPCPEGKTQFQ$TCUKNGCPCVWTG\CFCCVKXKFCFGGOCP¶NKUG (KZCFC C VCZC FG CVWCNK\CÁºQ T Q XCNQT CVWCN NÈSWKFQ 8#. RQFG UGT GUVKOCFQ RQT. . R1 − C1 R2 − C 2 R − CT + + ⋅⋅⋅ + T 2 1+ r (1 + r ) (1 + r ) T. VAL = −C0 +. QPFG% ÃQKPXGUVKOGPVQKPKEKCN V 4 G% TGRTGUGPVCOTGURGEVKXCOGPVG CUTGEGKVCUGQUEWUVQUQEQTTKFQUPQOQOGPVQV SWGXCTKCFGC6 TÃCVCZC FG CVWCNK\CÁºQ G 6 à C FWTCÁºQ FQ EKENQ FC CVKXKFCFG TGXQNWÁºQ PQ ECUQ FCU HNQTGUVCU 1WFGHQTOCUKPVÃVKEC . V. V. T. ∑ (R. t. VAL1 =. − Ct ). t =0. (1 + r ) t. 0QECUQFCUCVKXKFCFGUHNQTGUVCKUGUVKOCFQQXCNQTCVWCNFCRTKOGKTCTGXQNWÁºQ 8#. EKENQ EWNVWTCN EQO QU XCNQTGU G C FWTCÁºQ KPFKECFQU GO CPGZQ EQPUKFGTCPFQ SWG VQFCU CU TGXQNWÁÐGU RTQFW\KTºQ 8#.U KIWCKU GUVKOQWUG Q 8#. EQOQ UGPFQ C UQOC FG KPHKPKVCU RCTEGNCU FG XCNQT KIWCN C 8#. KUVQ à WUCPFQCGZRTGUUºQ . . 9.
(10) VAL =. VAL1 1 1− (1 + r ) T. 'UVG XCNQT FQ 8#. TGRTGUGPVC Q XCNQT FQ HNWZQ FG TGPFKOGPVQU NÈSWKFQU TGEGKVCUOGPQUFGURGUCUIGTCFQURQTECFCJGEVCTGFGVGTTCQWUGLCQXCNQT GURGTCFQ FG WO JGEVCTG FG VGTTC 2KPJGKTQ CFOKVKPFQ SWG CRÎU UG EQORNGVCT WO EKENQ EQO Q EQTVG HKPCN UG HCT¶ PQXC RNCPVCÁºQ G CUUKO UWEGUUKXCOGPVG 0GUVC UKVWCÁºQ VQOCUG WOC RGTURGEVKXC FG KPHKPKVQU EKENQU FCFQ SWG UG Q UKUVGOC EWNVWTCN HQT UWUVGPV¶XGN C RTQFWVKXKFCFG FC VGTTC UG OCPVGT¶ 5G PC GZRTGUUºQ GO XG\ FG UG HKZCT WOC VCZC FG CVWCNK\CÁºQ T HQUUG RTQEWTCFCWOCVCZC-SWGVQTPCUUGQ8#.KIWCNC\GTQGUVCTUGKCGUVKOCPFQ CVCZCKPVGTPCFGTGPVCDKNKFCFGFQKPXGUVKOGPVQ 6+4 KUVQÃ6+4 -1WUGLC C6+4ÃQXCNQTFG-SWGVQTPCCUGIWKPVGGZRTGUUºQXGTFCFGKTC 0 = −C 0 +. R1 − C1 R2 − C 2 R − CT + + ⋅⋅⋅ + T 2 1+ K (1 + K ) (1 + K ) T. #UUKO WO RTQLGVQ à GEQPQOKECOGPVG XK¶XGN UG CRTGUGPVCT 8#. RQUKVKXQ. 8#. QWUGLCUG IGTCTWOTGVQTPQRCTC QKPXGUVKFQTUWRGTKQT´SWGNGSWG UGTKCQDVKFQUGQECRKVCNHQUUGKPXGUVKFQ´VCZCTPWOCCRNKECÁºQHKPCPEGKTCQW RTQLGVQFGKPXGUVKOGPVQEQOQOGUOQTKUEQQWUGCRTGUGPVCTC6+4UWRGTKQT´ VCZCFGFGUEQPVQT. # #PP¶¶NNKKUUGG GGEEQQPPÏÏO OKKEECC FFQQUU UUKKUUVVGGO OCCUU HHNNQQTTGGUUVVCCKKUU 22KKPPWWUU VVCCGGFFCC GG ''WWEECCNNKKRRVVWWUUIITTCCPPFFKKUU 'UVG GUVWFQ DCUGKCUG GO KPHQTOCÁÐGU QDVKFCU LWPVQ C VÃEPKEQU HNQTGUVCKU G GORTGUCUFGTGHNQTGUVCOGPVQGHWPFCOGPVCUGPCUUGIWKPVGURTGOKUUCU ¾ # VGTTC FGUVKPCFC CQ CRTQXGKVCOGPVQ HNQTGUVCN L¶ GUV¶ PC RQUUG FQ CITKEWNVQT ¾ 0ºQÃEQPUKFGTCFQSWCNSWGTGPECTIQEQOQWUQFCVGTTC TGPFCQWQWVTQ ¾ 1U RTGÁQU FQU DGPU G UGTXKÁQU C QDVGT FC HNQTGUVC DGO EQOQ QU EWUVQU FQU HCVQTGU FG RTQFWÁºQ UºQ QU SWG CVWCNOGPVG UG RTCVKECO G CFOKVGUG SWGQUGWXCNQTTGCNRGTOCPGEGEQPUVCPVGKUVQÃSWGCKPHNCÁºQCHGVCT¶QU EWUVQUG CUTGEGKVCU FGVCNOQFQSWG QSWGHKECRCTC Q GORTGU¶TKQ VGO Q OGUOQXCNQTTGCN ¾ 1 QDLGVKXQ FQ GORTGU¶TKQ à Q FG OCZKOK\CT Q 8#. FQ KPXGUVKOGPVQ HNQTGUVCN KUVQ à QDVGT Q O¶ZKOQ TGPFKOGPVQ RQUUÈXGN FQ HNWZQ FG DGPU RTQXGPKGPVGUFQUGWTGEWTUQHKZQCVGTTC ¾ 'ODQTC C HNQTGUVC UGLC WOC CVKXKFCFG OWNVKHWPEKQPCN RTQFW\KPFQ OWKVQU DGPUGUGTXKÁQUCNÃOFCOCFGKTCPCCP¶NKUGGEQPÏOKECSWGUGUGIWGPºQ. 10.
(11) UºQ EQPUKFGTCFCU CU GZVGTPCNKFCFGU RQUKVKXCU EQOQ Q XCNQT FQ UGS×GUVTQ FGECTDQPQSWGQUUKUVGOCUHNQTGUVCKUFºQQTKIGO ¾ #KFCFGÎVKOCFGEQTVGEQPUKFGTCFCDGOEQOQQOQOGPVQGOSWGFGXGO QEQTTGTQUFGUDCUVGUGCUFGUTCOCUUºQCUKPFKECFCURGNQUVÃEPKEQUEQOQ UGPFQ CU OCKU TGEQOGPFCFCU RCTC C TGIKºQ G EQPUVCO FQU CPGZQU C GUVG VTCDCNJQ ¾ &CFCCKORQUKÁºQFQEÎFKIQHNQTGUVCNDTCUKNGKTQFGEQPUGTXCTPCTGIKºQUWN FGTGUGTXCNGICNPGUVGVTCDCNJQFGEKFKWUGEQPUKFGTCTWOCFKEKQPCNFG OCKU FG ¶TGC PºQ RNCPVCFC EQO GURÃEKGU GZÎVKECU FGXKFQ C TKQU G QWVTQUKORGFKOGPVQUPCVWTCKU1UEWUVQUGCUTGEGKVCUFGECFCJGEVCTGFG VGTTC UºQ TGFW\KFQU PC OGUOC RGTEGPVCIGO KUVQ à EQPUKFGTCUG SWG FC ¶TGCVQVCNFGUVKPCFC´HNQTGUVCUÎÃCRTQXGKVCFC ¾ 2CTCQURQXQCOGPVQUFG2KPWUURRGUVKOQWUGGOCRTQDCDKNKFCFGFG TKUEQFGKPEÄPFKQ#UUKOCUTGEGKVCUGUVKOCFCURCTCGUVCGURÃEKGHNQTGUVCN UºQFKOKPWÈFCUFGUVCRGTEGPVCIGO. # #PP¶¶NNKKUUGGFFQQKKPPXXGGUUVVKKO OGGPPVVQQPPCCRRTTQQFFWWÁÁººQQFFGG''WWEECCNNKKRRVVWWUUIITTCCPPFFKKUU &GCEQTFQEQOCUHKEJCUVÃEPKECUSWGUºQCRTGUGPVCFCUPQU#PGZQU+++G+++ VTCVCUGFGVTÄUUKUVGOCUFGGZRNQTCÁºQFKHGTGPVGU7OEQOQTKGPVCÁºQRCTCC RTQFWÁºQFGNGPJCQWVTQFGUKIPCFQFGOKUVQSWGXKUCCRTQFWÁºQFGNGPJCG VQTC G QWVTQ HWPFCOGPVCNOGPVG QTKGPVCFQ RCTC C RTQFWÁºQ FG VQTC 1 EQORCUUQ FG RNCPVCÁºQ DGO EQOQ CU RTKPEKRCKU CVKXKFCFGU CQ NQPIQ FC XKFC FCU ¶TXQTGU FGUTCOCU G FGUDCUVGU RTQFWÁÐGU G TGPFKOGPVQU EQPUVCO FQU CPGZQUCEKOCTGHGTKFQU %QOQ GUV¶ FGUETKVQ PC OGVQFQNQIKC Q 8#. UºQ XCNQTGU RCTC WO EKENQ FG RTQFWÁºQ GPSWCPVQ SWG Q 8#. à ECNEWNCFQ RCTC KPHKPKVQU EKENQU RTQFWVKXQU CRTGUGPVCPFQ RQTVCPVQ OCKQT XCNQT %QPUKFGTCPFQ CU RTGOKUUCU CPVGU TGHGTKFCUQ8#.RCTCECFCVCZCFGLWTQTGRTGUGPVCQXCNQTO¶ZKOQFQJGEVCTG FGVGTTCPCJKRÎVGUGFQKPXGUVKFQTSWGTGTVGTWOTGVQTPQCQUGWKPXGUVKOGPVQ KIWCN´VCZCCSWGHQKECNEWNCFQQ8#.#6CDGNCCRTGUGPVCRCTCFKHGTGPVGU VCZCUFGFGUEQPVQQXCNQTCVWCNK\CFQFGVTÄUFKHGTGPVGUHQTOCUFGGZRNQTCÁºQ FGWOCHNQTGUVCFGGWECNKRVQU QDVGPÁºQFGNGPJCEQOEQTVGHKPCNCQUCPQU QDVGPÁºQFGNGPJCGVQTCEQOWOEQTVGTCUQCQUCPQUGEQTVGHKPCNCQU CPQU G QDVGPÁºQ FG VQTCU EQO EQTVG HKPCN CQU CPQU %QO DCUG PCU KPHQTOCÁÐGUQDVGXGUGQUTGUWNVCFQUCRTGUGPVCFQUCUGIWKT . 6CDGNC %QORCTCÁºQ GEQPÏOKEC GPVTG FKHGTGPVGU HQTOCU FG GZRNQTCÁºQ FG WOC HNQTGUVC FG 'WECNKRVWUITCPFKU 6KRQFG'ZRNQTCÁºQ 6CZCFG. .GPJC CPQU. .GPJCG6QTC CPQU. 6QTC CPQU. &GUEQPVQ T. 8#. 4. 8#. 4. 8#. 4. 8#. 4. 8#. 4. 8#. 4. . . . . . . . . . . . . . . . PGICVKXQ. PGICVKXQ. . . . . 11.
(12) 1DUGTXCUGPC6CDGNCCEKOCSWGEQOGUVGUKUVGOCFGRTQFWÁºQFG'WECNKRVWU RCTC NGPJC PºQ à RQUUÈXGN QDVGT WOC VCZC FG TGPVCDKNKFCFG FG RQKU Q XCNQTFCVCZCKPVGTPCFGTGVQTPQ6+4HQKGUVKOCFQGO %QORCTCPFQ QU TGUWNVCFQU CEKOC TGHGTKFQU EQO QU TGUWNVCFQU QDVKFQU RQT &QUUC GV CN D EQPUVCVCUG SWG QU XCNQTGU PºQ UºQ OWKVQ FKHGTGPVGU GODQTCGUVGCWVQTVGPJCEQPUKFGTCFQQEWUVQVQVCNFGGZRNQTCÁºQDGOEQOQC TGEGKVCOWKVQUWRGTKQTCQUXCNQTGUEQPUKFGTCFQUPQRTGUGPVGGUVWFQ 0QECUQFQGWECNKRVQGZRNQTCFQRCTCNGPJCGVQTCEQOWOEQTVGTCUQCQU CPQUGEQTVGHKPCNCQUCPQUQXCNQTFC6+4HQKGUVKOCFQGO. 0CGZRNQTCÁºQFGGWECNKRVQRCTCVQTCEQOEQTVGHKPCNCQUCPQUQXCNQTFC 6+4HQKGUVKOCFQGO0QUECUQUGOSWGUGRTQFW\VQTCRCTCWUQUOCKU PQDTGU FC OCFGKTC QDVÄOUG RTGÁQU OCKU GNGXCFQU 'PSWCPVQ Q RTGÁQ FG NGPJC GO Rà à FG EGTEC FG 4O Q RTGÁQ FC VQTC à UWRGTKQT C 4 O &QUUC GV CN D FGVGTOKPCTCO QU EQGHKEKGPVGU VÃEPKEQU G GEQPÏOKEQU FG FQKU UKUVGOCU FG RTQFWÁºQ EQO EQTVG HKPCN CQU CPQU G GUETGXGTCO SWG QQU KPVGTGUUCFQU GO CWOGPVCT C TGPFC PC RTQFWÁºQ HNQTGUVCNFGXGTKCOQRVCTRCTCRTQFW\KT'WECNKRVWUGOEKENQUOCKUNQPIQUREQOQ FGOQPUVTCFQPQRTGUGPVGGUVWFQ. # #PP¶¶NNKKUUGGFFQQKKPPXXGGUUVVKKO OGGPPVVQQPPCCRRTTQQFFWWÁÁººQQFFGG22KKPPWWUUVVCCGGFFCC #U HKEJCU VÃEPKECU CRTGUGPVCFCU PQU #PGZQU +8 G 8 ECTCEVGTK\CO FQKU UKUVGOCU FG GZRNQTCÁºQ FKHGTGPVGU GODQTC EQO C OGUOC HKPCNKFCFG C RTQFWÁºQ FG OCFGKTC 1 PÕOGTQ FG RNCPVCU RQT JGEVCTG DGO EQOQ CU RTKPEKRCKU CVKXKFCFGU EWNVWTCKU NGXCFCU C ECDQ CQ NQPIQ FC XKFC FCU ¶TXQTGU. FGUTCOCUGFGUDCUVGU RTQFWÁÐGUGTGPFKOGPVQUEQPUVCOFQUCPGZQUCEKOC TGHGTKFQU #6CDGNCCRTGUGPVCQU8#. G8#.FCGZRNQTCÁºQFG2KPWU6CGFCEQOEQTVG HKPCNCQUGCQUCPQURCTCCUFKHGTGPVGUVCZCUFGFGUEQPVQ . 6CDGNC %QORCTCÁºQ GEQPÏOKEC GPVTG FKHGTGPVGU HQTOCU FG GZRNQTCÁºQ FG WOC HNQTGUVC FG 2KPWU6CGFC 6CZCFG&GUEQPVQ T. %QTVGHKPCNCQUCPQU 8#. 4. 8#. 4. %QTVGHKPCNCQUCPQU 8#. 4. 8#. 4. . . . . . . . . . . . . . . . %QOQPCGZRNQTCÁºQFG'WECNKRVWUQ8#.RCTCECFCVCZCFGLWTQTGRTGUGPVCQ XCNQT O¶ZKOQ FQ JGEVCTG FG VGTTC PC JKRÎVGUG FQ KPXGUVKFQT SWGTGT VGT EQOQ TGVQTPQCVCZC CSWGHQK ECNEWNCFQQ8#.1XCNQTFCVCZCKPVGTPCFGTGVQTPQ RCTCQEQTVGHKPCNCQUCPQUHQKGUVKOCFQGOGRCTCQEQTVGHKPCNCQU CPQUC6+4HQKGUVKOCFCGO. 12.
(13) %QORCTCPFQUG GUVGU XCNQTGU EQO QU QDVKFQU RQT &QUUC GV CN C C CRCTGPVGFKHGTGPÁCTGUKFGPQRTGÁQFQOCVGTKCNNGPJQUQQDVKFQPQUFGUDCUVGUG PQ EQTVG HKPCN 0QU ÕNVKOQU CPQU VGOUG XGTKHKECFQ WO HQTVG CETÃUEKOQ FG RTGÁQUFGUVGURTQFWVQUFCFQQFÃHKEKVFGQHGTVCFGOCFGKTCFG2KPWU1CWVQT OQUVTC PQ UGW VTCDCNJQ SWG Q RTGÁQ FC OCFGKTC FG 2KPWU FG CPQU GO Rà ETGUEGWOCKUFGPQRGTÈQFQFGC. 22TTQQFFWWÁÁººQQFFGGHHTTCCPPIIQQUUFFGGEEQQTTVVGGPPQQUUKKUUVVGGO OCCFFGGRRCCTTEEGGTTKKCC 2TCVKECOGPVGCVQVCNKFCFGFCRTQFWÁºQFGHTCPIQPQ'UVCFQFG5CPVC%CVCTKPC QEQTTG FG HQTOC KPVGITCFC PQ UKUVGOC FG RCTEGTKC GPVTG C CITQKPFÕUVTKC SWG GO IGTCN EQQTFGPC Q RTQEGUUQ G Q RTQFWVQT TWTCN 'UUC QTICPK\CÁºQ FC RTQFWÁºQ à OWKVQ GORTGICFC GO QWVTQU RCÈUGU G KPKEKQW PQ $TCUKN PC FÃECFC FGPQOWPKEÈRKQFG%QPEÎTFKC5%'ZKUVGORGSWGPCUFKHGTGPÁCUGPVTGCU GORTGUCU KPVGITCFQTCU PC FGHKPKÁºQ FCU TGURQPUCDKNKFCFGU FQU CVQTGU OCU PQTOCNOGPVGCCITQKPFÕUVTKCÃTGURQPU¶XGNRQTHQTPGEGTCQRTQFWVQTKPVGITCFQ QUKPUWOQUPGEGUU¶TKQURCTCCRTQFWÁºQEQOQQURKPVQUFGWOFKCCTCÁºQ QUOGFKECOGPVQUCNÃOFCQTKGPVCÁºQGCUUKUVÄPEKCVÃEPKECRCTCCETKCÁºQFCU CXGU GZGEWVCPFQ VCODÃO Q CDCVG RTQEGUUCOGPVQ G EQOGTEKCNK\CÁºQ FQ RTQFWVQ1KPVGITCFQVGOCTGURQPUCDKNKFCFGFGHQTPGEGTCGUVTWVWTCCFGSWCFC RCTCCRTQFWÁºQSWGKPENWKKPUVCNCÁÐGUGGSWKRCOGPVQUGOIGTCNQDGFGEGPFQ CQURCFTÐGUFCGORTGUCKPVGITCFQTCDGOEQOQCECOCCSWGEKOGPVQ¶IWC OºQFGQDTCGQWVTQU #TGOWPGTCÁºQFQRTQFWVQTÃDCUGCFCPQÈPFKEGFGGHKEKÄPEKCVÃEPKEC '6 FQ NQVG SWG EQPUKFGTC C RQUKÁºQ FG ECFC RTQFWVQT GO TGNCÁºQ CQ FGUGORGPJQ FQU FGOCKU SWG CDCUVGEGO C CITQKPFÕUVTKC 'O IGTCN CU XCTK¶XGKU EQPUKFGTCFCU RGNC KPVGITCFQTC RCTC C QDVGPÁºQ FQ '6 UºQ C EQPXGTUºQ CNKOGPVCT KFCFG FG CDCVG RGUQ FC CXG G VCZC FG OQTVCNKFCFG 1WVTQ EQORQPGPVG SWG KPVGTHGTG PQ XCNQT C UGT RCIQ CQ RTQFWVQT à C UKVWCÁºQ FQU OGTECFQU KPVGTPQ G GZVGTPQ 0C 4GIKºQ 5WN GO OÃFKC CU KPVGITCFQTCU VÄO TGOWPGTCFQQRTQFWVQTEQOXCNQTGUSWGXCTKCOGPVTG4G4RQT CXGRTQFW\KFC#ECOCFCUCXGUVCODÃOVGOWOXCNQTFGOGTECFQRQKURQFG UGTWUCFCEQOQHGTVKNK\CPVGGEQPUVKVWKWOCTGEGKVCRCTCQRTQFWVQT 0GUVGGUVWFQEQPUKFGTQWUGQUKUVGOCOCKUWUCFQPCTGIKºQTGRTGUGPVCFQRQT WO CXK¶TKQ FG OGVTQU FG EQORTKOGPVQ RQT OGVTQU FG NCTIWTC EQO ECRCEKFCFG FG CNQLCT EGTEC FG CXGU RTQRQTEKQPCPFQ Q CDCVG FG CXGUCQUFKCUEQOMIFGRGUQXKXQGCRTQFWÁºQFGNQVGU RQT CPQ # TGPFC FQ RTQFWVQT à EQPUVKVWKFC RGNQ XCNQT TGEGDKFQ RQT HTCPIQ RTQFW\KFQ UQOCFC CQ XCNQT FQU HTCPIQU EQPUWOKFQU PC RTQRTKGFCFG G FC ECOCFGCXK¶TKQRTQFW\KFC 4RQTNQVG 1XCNQTFQKPXGUVKOGPVQHQKFG 4PQCXK¶TKQGFG4GOGSWKRCOGPVQU0QUE¶NEWNQU EQPUKFGTQWUGSWGCXKFCÕVKNFQCXK¶TKQÃFGCPQUGCFQUGSWKRCOGPVQUà FGCPQU%QPUKFGTQWUGEQOQFGURGUCUFGTGURQPUCDKNKFCFGFQRTQFWVQTC CSWKUKÁºQFCECOCFQI¶UFCNGPJCFCGPGTIKCGNÃVTKECCOºQFGQDTCRCTC EWKFCT FQU CPKOCKU G RCTC Q CRCPJG FQU HTCPIQU RTQFWVQU RCTC FGUKPHGEÁºQ 13.
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(19)
(20) #01. #6+8+&#&'. %WUVQ. 4GEGKVC. 4JC. 0QVCU. 4JC. 2TGRCTQ¶TGCCFWDCÁºQKORNCPV TGHNQTGUVCOGPVQEQODCVGHQTOKICU. . 6QFQUQUEWUVQUFGUFGQ. GOCPWV4GHNQTGUV SWÈOKECQW. RTGRCTQFC¶TGC. . OCPWCN. 'URCÁCOGPVQ Z. . %QTVGHKPCN. GUVGTGUJCC . 4GORÃ.
(21) 2CTCQE¶NEWNQFCTGPVCDKNKFCFGFCFCTGUGTXCNGICNGQWVTQUKORGFKOGPVQUEQPUKFGTQWUGSWGCRGPCUFC¶TGCà WVKNK\CFC (QPVG 'PI(NQTGUVCN*GNVQP$CKCNCTFK4KDGKTQ5#&+#%QPEÎTFKC5#. # #0 0'': :1 1++++''WWEECCNNKKRRVVWWUUIITTCCPPFFKKUU RRCCTTCCCCRRTTQQFFWWÁÁººQQFFGGNNGGPPJJCCGGVVQQTTCC #6+8+&#&'. %WUVQ. 4GEGKVC. 4JC. 4JC. 2TGRCTCÁºQFQVGTTGPQG . RNCPVKQ. 0QVCU 'URCÁCOGPVQ Z . . ¶TXQTGU. %QODCVGCHQTOKICUG . KPHGUVCPVGU. . . &GUTCOC. . . &GUTCOC. . . 7O VGTÁQ FCU ¶TXQTGU O C . &GUDCUVGFGUTCOC. . 4GORÃ. . %QTVGTCUQGFGUTCOCFG. . ¶TXQTGUC4 O C. . WOVGTÁQ. . . %QTVGHKPCN. . 4GORà 4GPFGFQEQTVGTCUQCQU CPQU.
(22) 2CTCQE¶NEWNQFCTGPVCDKNKFCFGFCFCCTGUGTXCNGICNGQWVTQUKORGFKOGPVQUEQPUKFGTQWUGSWGCRGPCUFC¶TGC ÃWVKNK\CFC (QPVG 'PI(NQTGUVCN&KPCTVG#FºQ%QTC\\C(NQGUVG'ORTGGPFKOGPVQU(NQTGUVCKU.VFC. # #0 0'': :1 1++++++''WWEECCNNKKRRVVWWUUIITTCCPPFFKKUU RRCCTTCCCCRRTTQQFFWWÁÁººQQFFGGVVQQTTCC
(23)
(24). #01. #6+8+&#&'. %WUVQ. 4GEGKVC. 4JC. 4JC. +PUVCNCÁºQCFWDCÁºQ. 'URCÁCOGPVQPQVGTTGPQ KPENKPCFQZ . EQODCVGCHQTOKICUG . KPHGUVCPVGU. . &GUTCOC. 0QVCU. RNCPQZ. . . &GUDCUVGFG. . &GUTCOC. . GUVGTGUNGPJCC4RTGÁQGO Rà &GKZCUGFGEQRCGFQVTQPEQ. . O VQTCC4 OVUNGPJC . &GUDCUVGFGOCKU %QTVG. . HKPCN. G. . C4GORÃ. . O VQTC¶TXQTG O C4. PQXC. RNCPVCÁºQ QTGDTQVGPºQFC DQCVQTC. . . GOVUNGPJCC4GORÃ.
(25) 2CTCQE¶NEWNQFCTGPVCDKNKFCFGFCFCTGUGTXCNGICNGQWVTQUKORGFKOGPVQUEQPUKFGTQWUGSWGCRGPCUFC¶TGCÃ WVKNK\CFC (QPVG 'PI(NQTGUVCN4QDGTVQ%CTNQU%QQRGTCVKXC%GPVTCN1GUVG%JCRGEÎ. 18.
(26) # O C F G C E Q O E Q G P C C Q U OC CF FG GKKKTTTC CE EQ QO OE EQ QTTTVVVG GHHHKKKP PC CNNNC CQ QU U #0 0'': :1 1++8 822KKPPWWUUVVCCGGFFCC RRCCCTTTCCCCCCRRRTTTQQQFFFWWWÁÁÁºººQQQFFFGGGO C C P Q U CP PQ QU U
(27)
(28) #01. #6+8+&#&'. %WUVQ. 4GEGKVC. . 0QVCU. . 2TGRCTQFQVGTTGPQGRNCPVCÁºQ. . %QODCVGCHQTOKICGKPHGUVCPVGU. . 0FGRNCPVCU . . %QODCVGCHQTOKICGKPHGUVCPVGU. . . . &GUTCOC. . . &GUTCOC. . . . &GUTCOC. . . . &GUDCUVG RTKOGKTQ. . . &GUDCUVG UGIWPFQ. . . %QTVGHKPCN. %QTVCFCU¶TXQTGUVC 4GORà %GTECFGVC4VGO. . Rà %GTECFGVC4V.
(29) 2CTCQE¶NEWNQFCTGPVCDKNKFCFGFCFCTGUGTXCNGICNGQWVTQUKORGFKOGPVQUEQPUKFGTQWUGSWGCRGPCUFC¶TGCà WVKNK\CFC#FOKVKWUGVCODÃOWOTKUEQFGKPEÄPFKQFGQSWCNÃFGFW\KFQFCUTGEGKVCU (QPVG 'PI(NQTGUVCN&KPCTVG#FºQ%QTC\\C(NQGUVG'ORTGGPFKOGPVQU(NQTGUVCKU.VFC. 22KKPPWWUUVVCCGGFFCC RRRCCCTTTCCCCCCRRRTTTQQQFFFWWWÁÁÁºººQQQFFFGGGO O C F G C E Q O E Q G P C C Q U C P Q U
(30) OC CF FG GKKKTTTC CE EQ QO OE EQ QTTTVVVG GHHHKKKP PC CNNNC CQ QU U C CP PQ QU U
(31)
(32). # # 0 ' : 1 8 #0 0' ': :1 18 8. #01. #6+8+&#&'. %WUVQ. 4GEGKVC. 4*C. 4*C. 0QVCU. 2TGRCTQ¶TGCCFWDCÁºQKORNCPVCÁºQ TGHNQTGUVCOGPVQEQODCVGHQTOKICG. 0ÕOGTQFG¶TXQTGU . OCPWVGPÁºQFQTGHNQTGUVCOGPVQ SWÈOKEC. . . . QWOCPWCN. . %QODCVGCHQTOKIC. . . . %QODCVGCHQTOKIC. . . . %QODCVGCHQTOKIC. . . . &GUTCOC. . . . &GUTCOC. . . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . &GUDCUVG. . /65C4. . %QTVGHKPCN. . /65C4. .
(33) 2CTCQE¶NEWNQFCTGPVCDKNKFCFGFCFCTGUGTXCNGICNGQWVTQUKORGFKOGPVQUEQPUKFGTQWUGSWGCRGPCUFC¶TGCÃ WVKNK\CFC#FOKVKWUGVCODÃOWOTKUEQFGKPEÄPFKQFGQSWCNÃFGFW\KFQFCUTGEGKVCU (QPVG 'PI(NQTGUVCN*GNVQP$CKCNCTFK4KDGKTQ5CFKC5#. 19.
(34) # #0 0'': :1 18 8++((TTCCPPIIQQUUFFGGEEQQTTVVGGLL& &CCFFQQUUEEQQPPUUKKFFGGTTCCFFQQUU 6QVCNFQUEWUVQUFQRTQFWVQTRQTNQVG 4 %WUVQFCOºQFGQDTCRQTNQVG 4 8CNQTFQCFWDQQTI¸PKEQRQTNQVG 4. 0FQ. %WUVQ. 4GEGKVC. .QVG. 0FQ. %WUVQ. 4GEGKVC. .QVG. 0FQ .QVG. %WUVQ. 4GEGKVC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
(35) # # 0 ' : 1 8 5 W P Q U 6 G O P C Á º Q #0 0' ': :1 18 8++++++5 5W WÈÈÈP PQ QU U. 6 6G GTTTO OKKKP PC CÁ Áº ºQ Q 6QVCN FQU EWUVQU XCTK¶XGKU FQ RTQFWVQT RQT NQVG KPENWKPFQ EWUVQU FC OºQFGQDTC 4 %WUVQFCOºQFGQDTC4 0ÕOGTQFQ .QVG. 0ÕOGTQFQ %WUVQ. 4GEGKVC. %WUVQ. 4GEGKVC. .QVG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.
(36) Empresa Brasileira de Pesquisa Agropecuária Embrapa Suínos e Aves Ministério da Agricultura, Pecuária e Abastecimento Caixa Postal 21, 89.700-000, Concórdia, SC Telefone (49) 34428555, Fax (49) 34428559 http://www.cnpsa.embrapa.br sac@cnpsa.embrapa.br. Ministério da Agricultura, Pecuária e Abastecimento. 22.
(37)
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