A A
va !a "ã # $ a % a &'(a "õ' % $ '( )a&# o* !+a % ') p a+ !' ,&' %
ƉŽƌƚĂĚŽƌĞƐĚĞŶĞŽƉůĂƐŝĂĞŶĚſĐƌŝŶĂŵƷůƟƉůĂƟƉŽϭ
ĞƌŵĂƚŽůŽŐŝĐĂůĮŶĚŝŶŐƐĞǀĂůƵĂƟŽŶŝŶƉĂƟĞŶƚƐǁŝƚŚŵƵůƟƉůĞĞŶĚŽĐƌŝŶĞ
ŶĞŽƉůĂƐŝĂƚLJƉĞϭ
K- .0-L1 34- .56 P 1 37 8 9
:K-; 0135 < 5 S 8=>- P5.51 .-? .- =j8 @
:M1 B45 05 C53- 7- < 5S 8=>-D
:J 86 E W106 83? BB1 80;
F1 0 48 G
:H- .1 35M8=.I 8M508 N
:M- .1 - O016 -b 575?Q-.- 0< 5M8.-56 TU V
:M- 3850 C1 B- .< 8? 0X56M- .7 1 36 YU V
:
?3-C86 -P 1 378Z =1 < =7 5 [UV
:
\]é^i c_`fgrm _t hl hki st _`nqi ug rsi ^_^ gw g^ gr_l^hx g_ráyn w xz `whrt _ lg{_`x g_rá `|r_ si l}~fgrm _t hlhki st _ `_lq _ glh rhkr_m _
^ gós kr_^_çhgmw _rm_c hl hki _`nqiu grsi^ _^ gwg^ gr_l^hxg_ráyn w xz `whrt _l g{_`xg_rá `|r_si l }q^hcri qhl hki st _`]gst rg
gmw _rm_chl hki _` gs i s_^ hr_^ h grui çh^gq^hcri qhl hki _gfi _gt gsy fz `hsit _lnqiu grsit á ri h_lt grx_qt í^i hyn x
n wxz `whrt _lg{_ `xg_ rá `|r_ si l} rgcgt hr^ _rgsi ^êq ci _mé^i c_gmfg rm_t hl hki _`hsi t _lnqiu grsit á ri h_lt grx_qt í^i hyn x
n wxz `w hrt _lg {_`x g_rá `|r_si l }]é^i c_`rgsi ^gqt g^ h rhkr_m _^ g _t hl hki _`nqiu grsi^ _^ gwg^ gr_l^ hxg_ráyn w xz `w hrt _lg {_`
x g_rá `| r_si l}fht hr_gmw_rm _chlhki _xl íqi c _ gl _nqi ug rsi ^_^ g^ ghr^ `q kl _t g rr_} rhgsshr_`fg_ rt _m gqt h^ gwi si hl hki _
gw_rm_ chl hki _`nqi u grsi ^_^gwg^ gr_l^hx g_ráyn wxz `whrt _l g{_`xg_ rá `|r_si l }rhgsshr`fg _rt _mgqt h^g]g^i ciq _x líqi c_`
rgcgt hr^ _rgsi^ êq ci _gmq^hcri qhl hki _^h f`hsit _lnqi ug rsi tá ri h_lt grx _qt í^i hyn xnw xz `whrt _lg{_`x g_rá `|r_si l }
rhgsshr_`fg _rt _m gqt h^ gwi si hlhki _gw_rm _chl hki _`q^ hcriq hlhki st _` rgcgt hr_^ _rg si ^êq ci _mé^i c_gmq^hcri qhl hki _
^ h f`hsit _lnqiu grsi tári h_ lt grx_qt í^i hynxn wxz`whrt _l g{_`xg _rá `|r_si l } g s i s_^hrgs^ hú clgh^ g gs i s_g
fgsgquhlui mgqt h^ g]g^i c_m gqt hsy f]z `nqiu grsi^ _^ gwg^ gr_l^ hx g_ráyn wxz }whrt _l g{_`x g_rá `| r_si l }
¡¢£¤hh¥gtiuh^hgst^hhigst_glgcgr_rgu_lêqci_^glgs¦gsctâqg_sgmiq^iuí^hschm^i_kqóstichclíqich^gghl_si_
gq^ócriq_múltil_tih\y]\z}§ £¨£©£ª¡«¤rg_li{_mhsg_mg^grm_thlókichgmiq^iuí^hsgiósi_ctâqg_ _q^hqgcgssári_
_r_h^i_kqóstich}¬®© «¨£¤^hs_cigqtgs_u_li_^hs`~y`¯z_rgsgqt_u_mm_hm_islgs¦gsctâqg_s`^grg^hmíqihqh
WURQFRHDLGDGHPpGLDIRLGHDQRVDQRVVHQGRPXOKHUHVLQGLYtGXRVDSUHVHQWDYDPDQJLR¿EURPDV
gchl_kgqhm_s`y\°`¯zlihm_sgchl_kgqhm_s`\y`¯zmhm_ischl_kgqhm_s`~y`\¯zmgl_qhsgsshl_rgs`\y`¯zólih
¿EURHSLWHOLDOFHUDWRVHVDFWtQLFDVGHUPDWR¿EURPDHDSUHVHQWDYD
qguhmgl_qhcíti ch^i slásich}±_t hr{gOHV}HVVXJHVWLYDVGHFRODJHQRPDHGHDQJLR¿EURPDVIRUDPELRSVLDGDVVHQGRFRQ¿UPDGDVSRUKLVWRSDWROyJLFRHPH
y\°°¯z^hsc_shs`rgsgctiu_mgqtg}²£³´©®µ£¤hsgru_mhsrg^hmíqih^gml¶grgs_u_li_^_s`riqci_lmgqtgq_ _rt_^éc_^_^g
ui^__rgsgqt_q^hrghq^gr_qtgmgqtgchl_kgqhm_smúltilhs`rggrgqci_lmgqtgqhtrhqch}mhtr_ssgrigs`hchrrgmrg^hmíqih^g
DQJLR¿EURPDV(VVHVDFKDGRVSRGHPIDYRUHFHUDVXVSHLWDFOtQLFDGHQRYRVFDVRVOHYDQGRDRGLDJQyVWLFRSUHFRFHGD1(0
·«© «¢ ¸«¹ ´º «¢ ¤
1HRSODVLDVHQGyFULQDP~OWLSODWLSR0DQLIHVWDo}HVFXWkQHDV$QJLR¿EURPD/LSRPD
»¼½»¾½
´ ¡¢¤¿¶g_i mÀ_st hgst_lis¶t¶grgu_lgqcghct _qghslgsi hqsiqiq^iui^_lsÀit¶cliqi c_l^i _kqhsi sh]ltilggq^hcriqg
qghl_si_tÁg\y]\z}§ º£¨ ¤ tÀ_sc_rri g^ht^grm_t hlhki c_lg_miq_ti hqiqiq^iui^_ls_q^sÂiqi hsÁÀ¶gqqgcgss_rÁ
hrt¶g^i _kqhsi s}¬®© ¤Ãmhqkt¶ggu_l_t g^_ti gqt s`~y`¯zrgsgqt g^hqghrmhrgct_qghslgsihqsÀit¶t rqc_t g^
SUHGRPLQDQFHWKHPHDQDJHZDV\HDUV\HDUVDQGZDVZRPHQSDWLHQWVKDGDQJLR¿EURPDV
_q^chll_kgqhm_s`y\°`¯zlihm_s_q^chll_kgqhm_s`\y`¯zhqghrmhrgchll_kgqhm_s`~y`\¯zshl_rmgl_qhsi s`~y`\¯z
DFWLQLFNHUDWRVHV¿EURHSLWKHOLDOSRO\SGHUPDWR¿EURPDDQGPHODQRF\WLFLQWUDGHUPDOQHYXVOHVLRQV
VXJJHVWLYHRIFROODJHQRPDDQGDQJLR¿EURPDVZHUHELRSVLHGEHLQJFRQ¿UPHGE\KLVWRSDWKRORJLFDOH[DPLQDWLRQDQG
y\°°¯zc_sgsrgsgctiuglÁ}²£³´©®¡£³¤ghsgrug^_rg^hmiq_qcghÀhmgqgu_l_t g^`m_iqlÁiqt¶ghrt¶^gc_^ghli gÀit¶
SUHVHQFHRIPXOWLSOHOHVLRQVWUXQFDOFROODJHQRPDV,QRWKHUVHULHVDQJLR¿EURPDVSUHGRPLQDWH7KHVH¿QGLQJVPD\OHDGWRFOLQLFDO
ssi ci hqhqgÀc_sgs_uhriqkg_rlÁ^i _kqhsish]\}
Ä ÅÆ £¸¨¤
0XOWLSOHHQGRFULQHQHRSODVLDW\SH6NLQPDQLIHVWDWLRQV$QJLR¿EURPD/LSRPD
Ç ÈÉÊËÌ ÊË Ë Í ÎÏ ÊÐ ÑÍÐ ÉÍ Ò
$QD5RVD3LQWR4XLGXWH5XD&RURQHO1XQHVGH0HOR5RGROIR7Hy¿OR)RUWDOH]D&HDUi&(37HOHIRQH
(PDLODUTXLGXWH#JPDLOFRP
ÓÔ½Õ Ö×
g h l _si _gq^ó cri q _mú lti l _ ém _síq^ rhm g c _r _ct g ri {_^ _
g l_ hchr rêq ci _ ^ g q gh l _ si _ s gqu hlu gq^ h ^ _s h m _i s
klâq^ l _ sgq^ó c ri q _s gmm m gsm h _ci gqt g } ØÙ Ú
Ãq gh l _ si _
gq^ó cri q _ mú lt i l _ t i h \ y ] \z é c_ r_ct g ri {_^ _ g l_
hc hrrêq ci _ ^ g t m hr gs q _ _ r_ti rg hi ^ g` âq c rg_ s gq^ó c ri q h
H KLSy¿VH DQWHULRU VHQGR QHFHVViULR HVWDUHP SUHVHQWHV SHOR
m gq hs^ hi s^ gst gst rê s _ r_sggst _gl g cgrh^i _ kqó st i ch}t r hs
t m hrgst _m é m h^ gmsg rgq chqt r_^ hsg m m _rg êq ci _
PHQRUFRPRRVDGUHQRFRUWLFDLVFDUFLQRLGHVDQJLR¿EURPDV
c hl_ kgq hm _sgli hm _s} ØÙÛ
Ã]\ér_ r_`hc hrrgq^ hchmrgu _ lêq ci _^ g°`°°\_°`~¯`
_ rgsgqt _q^ h^i st ri i ç hi k_ lgqt rghssghsgr_ ç_ s} Ü
Ãt iq kg
t h^ hshskr hsgt ári hs` _ rt i cl _rm gqt g^ hs_hs\_q hs` ÜÙ Ý
sgq^ h g ` g m °¯ ^ hsc _shs` _s m_qi gst _ç ¦gscl íqi c_ssg
^ g sgqu hlu gmgqt r g °g°_q hs} c hrrgchmm _i q ci ^ êq ci _
^ g\_\¯`\_ ¯giq gri hr_¯ `rgs g ct i u _m gqt g`gqt r g
hs c_ shs ^ g ¶i gr _r_ti r hi^i sm h ri mári h` k_ st ri q hm_ s g
WXPRUHVKLSR¿ViULRV
ÝÃl km _s^ _sm _qi g st _ ç¦g sc líqi c_ s_ sshci _^ _ s__ rgsgqt _ç h
^ g t m hr gs rg l_ ci hq _^ hs
à
] \ i q cl g m i m hrt _qt g s
_ lt g r_ç ¦gs c tâ q g_s` chm h c _l ci q hsg c t âq g_ ` sgc q^á ri _
D KLSHUSDUDWLUHRGLVPR SULPiULR GH ORQJD GDWD ÀXVKLQJ
^ r_qt g hs _ rhi sm hs ^ _ íq^ rhm g ^ g Þgrq g r ]hrri shq g
hgri t g m _mi kr _t ó ri hq gc rhl íti c hc hm h _ rt g^ _ síq^ rhm g^ h
kl c_ khq hm _}
ß äå
(QWUHWDQWR DSHQDV R DQJLR¿EURPD IDFLDO
c hl_ kgq hm _s g hs li hm _s s h c hq si ^ gr_^ hs m _qi g st _ç¦g sc tâ q g_ s^i rgt _ s^ hst _t skgqé ti ch^ _]\` hr gq g ss_ s
t rê sl g s¦g shi^ gt gct _^ _ gr^ _^ g¶ gt gr h{i khsi^ _^ g^ gqt rh^ _
h l _ç h^ gcé l l _sq g h lási c_s} æäØØ
m _l km _s séri gs ^ _ li t gr _t r_ é ^ gsc ri t h h rg^ hm íqi h
^ g _ l km _ s m _qi gst _ç¦g s c l íqi c _s ^ _ síq^ r hm g` chm h h
SUHGRPtQLR GH WXPRUHV KLSR¿ViULRV QD VpULH GHVFULWD SRU
| rkg ssèë gt_l } Ø Ú
Ãssi m `sgt hrq _ i qt grg ss_qt g_rg_ li { _ç h
^ ggst ^ hs _ r_sgchq¶ gc grm gl¶ hr_s^i g rgqt g sc_ síst i c_ s`
ui s_q^ hh ^i _kqó st i ch c_^ _ u g{ m _i s rg chcg ^ g síq^ r hmg s
kgqét i c_s g gst h _sshci _^ _s _ m hri m hrt _ li ^ _^ g hr
t m hrgs ht gq ci _l m gqt g_ krgssi u hs}
á rg l_t hs ^ g c_ shs gm g h ^i _ kqó sti c h ^ g ] \ hi
skgri ^ h _t r_ué s ^ g _lt gr_ ç¦g s ct âq g_ s` gm m g rí h^ h
_ ssi qt hmát i ch^ _^ hgq ç _` ØÛÙ ØÜ
h g_ mgqt _h ht gq ci _l _r_
_ ^ gt gc çh r gc hcg g gr mi t g _ chhr^ gq _ç h ^ hs c i^ _^ hs
c hm m _ g ig m lt i ^i sci li q _r _ rh ri _^ _ _r_ iq c l i r
_ t ht _ li ^ _^ g h _ rt g ^ hs gs g ci _li st _s rg chm gq^ _^ hs} st g
i q í ci h ^ _ui ki lâ q ci _q _ _ sg _ssiqt hmát i c_ éi m hrt _qt g _ r_
^i mi q i r_m hri m hrt _li ^ _^ g^ _^ hgq ç _} ØÛ
hr t _qt h` gm ui rt ^ g ^ _ q gcg ssi^ _^ g ^ g sg c hq¶ g cg r _
^i st ri i çh^ _sl gs¦gs^ g g lgq hs _ci gqt gs chm]\g
c hq shli ^ _r h _ chm _q¶ _ mgqt h m lt i^i sci li q _r` h h¥ gt i u h
ri q ci _ l^ gssggst ^ h higst _g l gcg r_ r gu _l êq ci _^ gl gs¦g s
c tâ q g_ sg m _ ci gqt g s c hmq gh l _si _gq^ó cri q _mú lt i l_^ h
t i h \ ¥á _ chm _q¶ _^ hs q h sgrui çh ^ g q^ hcriq hl hki _ ^ h
hsi t _lnqi u gr sit ári h_ lt g rx _qt í^i hy n xz }
ìîïð ñò îò ôðìö ï÷ø ÷ô
whirg_li {_^ hmgst ^ht r_qsugrs_l `hsgru _ci hq _lg^gscri tiu h
q h gríh^h ^g ¥_qgi rh _ qhugmrh ^ g ~°\ iqcl iq^h
_ci gqt gs chm qghl _si _gq^ó cri q_ mú lt il _ ti h \y] \z
g _chm _q¶ _^ hs q h _ml_t óri h ^ g qgrhgq^hcri hq hlhki _
^ h hsi t _l nqi ugrsi tá ri h _lt gr x_qt í^i h` whrt _lg{_x }
^i _kqósti chcl íqi ch ^_]\hi gst _glgci^ hq hs _ci gqt gs
gquhlui ^hsq_gs i s__t r_ué s^ g\^hs~crité ri hsùhchrrêqci _
_t _lh_qt gri hr^g^ hi shm_i st mhrgs^gqt rg_^gq hm_^ g
SDUDWLUHRLGHDGHQRPDGHKLSy¿VHHWXPRUHQWHURSDQFUHiWLFRRX
gqt h\hm _i st m hrgs_sshci _^hs_] \gmm_ci gqt g
chm _rgqt g ^ g ri m gi rh kr_ chm^i _kqósti ch ^_ ^hgqç_} Ú
st g gst ^hhi _rhu_^ h glhxhmit ê^g ûti c_ gm gs i s_
^ _nqi ugrsi^ _^gwg^gr_l^hxg_ráshh _rgcgrqü\}~°}~°°}
Ãó s _ li c_ çh g _ssi q _t r_ ^ h t grm h ^ g chq sgqt i m gqt h
li u rg g gsc l _rg ci ^ h` t h^ hs hs _ ci gqt gs hr_ m sm gt i ^ hs _
m gst i hqá ri h _r_ _ _u _li _ç h cl íqi c_ g g i^ g mi hló ki c_ }
g _m g ^ g rm _t hló ki c h hi rg_ li { _^ h ^ g hr m _ miq ci hs_
HFRQVWLWXLXVHQDLQVSHomRYLVXDOGDSHOHFRPD¿QDOLGDGH
HVSHFt¿FD GH EXVFDU OHV}HV FXWkQHDV &RP R LQWXLWR GH
si st gm _t i {á l hgq h^ gi _r^ g_u _li _r _l g r _rt g^ hchr h`
ri m gi r _m gqt g`hs _ci gqt gshr_ m hsi ci hq _^ hs^ gé `_sg ki r
hr _m ^ g si ^ hsg _s sgki qt gs r gki ¦gs hr_ mi q s gci hq _^ _sù
c _gç _`t ó r_ `_^ hm g`rg ki hkgqi t _l `m gm rhss g ri hrgsg
i q g ri hrgs}
^i _kqó st i ch^ _sl gs¦gsct âq g _shigst _gl g ci ^ h_t r_ués^ _
_ rgsgqt _ ç hcl íqi c_gq hsc_ shsgm g_ sc_ r_ ct grí st i c_ shr_ m
GXYLGRVDV SURFHGHXVH j ELySVLD GH SHOH SDUD FRQ¿UPDomR
^i _kqó st i c_ }
ý½»Õ
whr_m g_miq_^hs _ci gqt gs hrt _^hrgs ^ g ghl_si _
q^ócriq_ ]ú ltil_chmi^_^g mé^i _^ g °`þ \°`` sgq^h
~ y¯z ml¶ grgs g \~ y~~¯z ¶hmgqs} fhs _ci gqt gs
_u_li _^hs` ~ y `¯z _rgsgqt _u_m m_ h m _i s lgs¦gs
ctâqg_s _h g_mg clíqi ch ^grm_t hlóki ch` sgq^h ~ y~`¯z
ml¶grgs g y~`¯z ¶hmgqs} gssgs iq^iuí^hs hi
HYLGHQFLDGR TXH DSUHVHQWDYDP DQJLR¿EURPDV H
chl_kgqhm_s`y\°`¯z lihm_sgchl_kgq hm_s`\y `¯z
mhm_i schl_kgqhm_s`~y`\¯zmgl_qhsgsshl_rgs`\y `¯z
SyOLSR ¿EURHSLWHOLDO FHUDWRVHV DFWtQLFDV
GHUPDWR¿EURPD H DSUHVHQWDYD
qguh mgl_qhcíti ch ^i slá si ch} m rgl_çh _hs t mhrgs rgl_ci hq_^hs à ] \`hsgru _mhs~~c_shs^g¶i gr _r_ti r gh^i smh`\_^ gq hm_s^g
KLSy¿VHWXPRUHVHQWHURSDQFUHiWLFRVHSDFLHQWHGRVH[R
m_scliq hrgcggh^i _kqósti ch^ gti mhm_}ÿ_gl_\rgsmg
_s riq ci _i s c_r_ct grísti c_s _rgsgqt _^_s glhs _ci gqt gs
_qt h_hsgh`i^_^g`t mhrgsgq^ó criqhsglgs¦gsctâqg_s}
mr gl _ç h_ hschl _kgq hm _s`hsgru _m hsl gs¦g sq h^ l _rg sh
_ lhs_ s`q hr mhc rÿmi c_s`u _ri _q^ hgqt rg°`~m mg\`~m m
^ g ^i â m gt r h ywi kr_ \z g \ y°¯ z _ ci gqt g s _ r gsgqt _u _ m
mú lt i l _ s lg s¦gs gl hc hr h` rg^ hmiq _q^ hq ht ó r_ _qt gri hr
Tu NE
P I
a
s T +PP §T EP T Lu
2 P L N Na
2 6 C NF P N C
3 3 P L N P N C L p
4 N C
3 C NF N C L p
6 N P N
&RODJHQRPDVHDQJLR¿EURPDV
7 3 N N
&RODJHQRPDVH$QJLR¿EURPDV
62 N P N Na p l
9 6 F N P N
&RODJHQRPDVHDQJLR¿EURPD
4 4 F P L P N C L p
2 F N N C b
2 4 F P L P N C b
e
3 F P L N C
3 F P L N C
33 F P L P N C
6 4 F P L N
'HUPDWR¿EURPDHPGRUVR
7 3 F P L N C
3 6 F P L N Iu C
9 3 6 F P L Iu C
24 F P L N C
2 3 F C NF P N C
22 2 F P L P N C
23 3 2 F P L N C
2 2 F P L N C
2 F P L l pII C
26 9 F N N C
27 62 F P L N e
2 2 F P L N N
3yOLSR¿EURHSLWHOLDO
_ rgsgqt _ r_mgm g gq hqú m g rh` _ lhs_ s`chr^ _ gl ghl gu g m gqt gg ri t gm _t hs_s` riq ci_l mgqt gq _rgki hcgqt r h_ci _l
ywi kr_ ~z ` chm q h mái m h l gs¦g s q h m gsm h _ci gqt g}
m rg l_ ç h _ hs _ ci gqt gs g _ rgsgqt _ r_ m li hm_ s` _ s
l gs¦g ssg_ rg sgqt _r_ mc hmhm _ss_¶ hm hkêq g_`c hmhr^ _ s
rg kl _rg s`i q^ hl hr`^ gc hq si st êq ci _glá st i c_ `móu g là _ l_ç h
ggmt h^ hs^ g hrm _mú lt i l _gl hchr h` ri q ci _l m gqt gg m
t rhq c h g m gm rhs} ± _t hr{ g lg s¦gs ^ ui ^ hs_ s cli qi c_m gqt g
m _s skgst iu _ s ^ g chl _kgq hm _ g _ s l gs¦g s skgst i u _s ^ g
DQJLR¿EURPD IRUDP ELRSVLDGDV VHQGR D VXVSHLWD FOtQLFD
FRQ¿UPDGD SRU KLVWRSDWROyJLFR HP H
c _shsr gs gcti u _ mgqt gy wi kr_ sgz }Ãsl gs¦gs^ ui ^ hs_ s
c li qi c_ m gqt g _qt h_ h ^i _ kqó sti c h^ gchl _kgq hm _` gq h
IRUDPFRQ¿UPDGDVSHODDYDOLDomRKLVWRSDWROyJLFDVHWUDWDYDP
^ g\q gu hm g l_q hcít i c h^i s lási c h i qt r_^érmi c hg\lg sh^ g
SyOLSR¿EURHSLWHOLDO
!"#$!%&C bu ' u p NE a (
7XPRUKLSR¿ViULR3URODFWLQRPD7XPRUKLSR¿ViULRFOLQLFDPHQWHQmRIXQFLRQDQWH
¥1mRVHFUHWRU
)pp
SULPiULR
*Õ Ó ¾ ×
x l _ssi c_m gqt g ` hiqt g rgssg q _ ] \ t g msi ^ h rg l _ci hq _^ h
_ hs t m hrg s gq^ó criq hs` gqt r gt _qt h gs i s_s r gcgqt gs t êm
rgu gl _^ h _ i m hrt âq ci _ ^ g ht r_ s c_ r_ct grí st i c_s c líqi c_ s
rg l _ci hq _^ _s _gss_síq^ rhm g } _ ci gqt g s chm] \ h^ gm
DSUHVHQWDU P~OWLSODV OHV}HV FXWkQHDV HSHFt¿FDV GD VtQGURPH
c hmh chl _ kgq hm _s` rgl _t _^ hs g m ~¯ ^ hs _ci gqt g s`
DQJLR¿EURPDV HP H OLSRPDV HP
ØÝ äØåm ht rhs
HVWXGRVHQFRQWURXVHPHQRUSUHYDOrQFLDGHDQJLR¿EURPDVH
c hl_ kgq hm _sgm _ci gqt gsc hm]\` ØÜÙØæ
gi ssh h^ g_tésgr
g li c _^ h g lh g gq hqú m grh^ g _ ci gqt gsgst ^ _^ hs` hrém
g ss_ síq^ rhm g é c_r _ct g ri {_^ _ hr kr_q^ g ¶ gt grhkgq gi ^ _^ g
^ g m _qi g st _ ç¦g s cl íqi c_ s g` hrt _qt h` _l gr rg l _ç h
gqt r gkgqót i hggqót i h q hhi gmgst _g lg ci ^ _ h^ gq^ h
HQWmR MXVWL¿FDU HVVD GLIHUHQoD QRV GLIHUHQWHV JUXSRV
h l _ci hq _i s} ÚÙ Ú, äÚÚ
Ãl kq s _t hrgs skgrg m g ht r hs
^ g gi t hs kgqét i chs` _lé m ^ h c lá ssi ch gqu hlui mgqt h ^ h kgq g
]\` gsgl hc_ li { _q hcrhm hsshm h\\ \ ` h^ gri _ mgst _r
gqu hlui ^ hs q gss_ ^i u grsi ^ _^ g gq ht íi c _` m_ s g ss_ s ht r_ s
PXWDo}HVDLQGDQmRIRUDPHVSHFL¿FDPHQWHLGHQWL¿FDGDV
Ø Ú m mg st^hrg _li{_^hh rf _r l i qg t_ l Ø ß
g m g_u_ l i_ r_ m
l g s ¦ gs ct âqg _s gm ~ _ c i g q tg s c h m ] \ ` ~ ^h s
SDFLHQWHVDSUHVHQWDUDPDQJLR¿EURPDVSDFLHQWHDSUHVHQWRX
_ gq_ s c h l _ k g qh m _s g ~ _ c igq tg s qh _rg s gq t_r _ m
l g s ¦ gs ct âqg _s _s sh c i_^_ s } à s _l t gr _ ç¦ g s k l _q ^ l _ rg s
m _is gqchq tr _^_s h r _ m ¶ i g r _t ir g h^ is m h ` í q ^r h m g ^g
Z h l l i qk g r l lis hq g ¶ i g rrh l _ct i qg m i_ rg sg c t i u_m gq tg }
'RV SDFLHQWHV TXH DSUHVHQWDYDP DOWHUDo}HV HP KLSy¿VH
âqc r g_ s g _ r _ t i rg hi ^g ` _ c i g q tg s _rg s gq t_ u_ m
DQJLR¿EURPDVFRODJHQRPDVHOLSRPDVFRQFRPLWDQWHPHQWH
g q ¶ m^h s_ c igq tg s_rg s gq th l i h m _i s h l _^_m gq tg } h
rg s gq tg gst^h _ s _ l tg r_ ç¦ g s gq ^ ócri q_ s m _is g qc hq tr _ ^_ s
h r _ m ¶ i g r_r _ t ir gh^ is m h ` ¶ i grr h l _ c t i qgmi_ g t m h r
^g âqc r g_ s q h s g cr gth r` r gsg ct i u_ m g q t g` ^ i g ri q ^h ^h
gst ^h_ cim _ } gq ¶ m ^h s _ cig q t gsg st^_^h s _r gs gq th
FRODJHQRPDV DQJLR¿EURPDV H OLSRPDV VLPXOWDQHDPHQWH H
qg q ¶ m^h s_ c igq tg s_r gs gq th l i h m _ch m hl g s h^gg l g
is h l _^_m g q t g} -./01!%&C b p
NE (
-./01!5&
$QJLR¿EURPDHPDVDQDVDOHVTXHUGDGHSD
8NE (
-./01!:&
'LVFUHWRLQ¿OWUDGROLQIRFLWiULRDRUHGRUGH
YDVRVVXSHU¿FLDLVHGLVFUHWD¿EURVHFRP¿EUREODVWRV
e (
-./01!; &Ep a u
GH¿EUDVFROiJHQDVTXHHVWmRHPSDUWHIUDJPHQWDGDV
gkq^ h _l kq s g st ^ hs` _ chm i q _ç h ^ g múlt i l hs
DQJLR¿EURPDV H SHOR PHQRV FRODJHQRPD WHP DOWD
VHQVLELOLGDGH H HVSHFL¿FLGDGH SRGHQGR VHU
út i l _r _ h^i _kqó st i ch^ _ ] \} ÚÛ
h |r _si lq hgi st gm
g st ^ hs _qt h _ rgu _ lêq ci _ ^ g l gs¦gs ct âq g _s gm
_ ci gqt gs c hm ] \ g hr i ssh q h sg s_g _ l h rg_ l
VLJQL¿FDGR GH FRODJHQRPDV H DQJLR¿EURPDV QR GLDJQyVWLFR
^ _ síq^ rhm g q g ss_ h l _ç h} rg sgqt g g st ^ h gq c hqt r h
XPD SUHYDOrQFLD PHQRU GH DQJLR¿EURPDV QRV SDFLHQWHV
g st ^ _^ hs _q^ h chm _r_^ hs _hs ^ g ht r _s g s i s_ s} ØÝÙØå
_Âr_i gt _ l ØÜ
t _ mém gq chqt r_ r_m mgq hr rgu _l êq ci _ ^ g
DQJLR¿EURPDVHPSDFLHQWHVMDSRQHVHVFRP1(0VHPWHU
HQFRQWUDGR QHQKXPD MXVWL¿FDWLYD SDUD HVVH IDWR 3RUWDQWR
l gu _qt _ sgh gst i hq _m gqt hsggss_sght r_ s h l_ ç¦g st g m
c _r_ ct gr íst i c_ s ró ri _s h sg gi st g _ lkm _t hr _ m i gqt _l
rg l _ci hq _^ h à _i _ rgu _ l êq ci _ g ^i grgq ç_ ^ g ^i st ri i ç h
GHVVHVDQJLR¿EURPDV
$GLVWULEXLomRGHFRODJHQRPDVDQJLR¿EURPDVHOLSRPDVQRV
SDFLHQWHVFRP1(0QmRYDULDVLJQL¿FDWLYDPHQWHHQWUHRV
sghs` Ø Ý äØ<
m _s q h r gsgqt g gst ^ h` _ g s_ r ^ g _ rgu _ l êq ci _
^ g chl _kgq hm_ s t g r si ^ h rh hrci hq _ l gqt rg hs sghs` _
SUHYDOrQFLDGHDQJLR¿EURPDVHOLSRPDVIRLPDLRUHPKRPHQV
hu gt _m émm r g^ hm íqi h^ gml¶ g rgs_u _ li _^ _s` _t h g
SRGHVHUMXVWL¿FDGRSRUVHWUDWDUGHXPDFRRUWHDFRPSDQKDGD
HP FHQWUR GH UHIHUrQFLD SDUD GRHQoDV KLSR¿ViULDV FRP
rg^ hm íqi h^ g rhl _cti q hm _s}
&DUDFWHULVWLFDPHQWHRVDQJLR¿EURPDVQD1(0VmRSiSXODV
mú lt i l _ s` chm hchs mi l ím gt r hs ^ g t _m _q¶ h`chr ^ _ gl g
hgrit g m_t hshsl hc_ li { _^ hs ri q ci _l m gqt gq _rg ki hcgqt r_ l
^ _ _cg } x hl _kgq hm_ s s h qó^ l hs h á l _s chr ^ _ g lg
kg r_l m gqt grgsgqt g s q h t rhq ch} ÚÜ
m hr_ _c hmi q _ç h ^ g
DQJLR¿EURPDV H FRODJHQRPDV VHMDP VXJHVWLYDV GH 1(0
i shl _^ _m gqt gq h sh _t hkq hm ÿqi chs^ gss_síq^ rhm g` hi s
ht r_ s ^ hgq ç_ s` chm h _ gsc l grhsg t g rhs_` síq^ rhm g ^ g
|i rt hkkfggsíq^ rhm g^ gxhÀ^ gq ` h^ g msg_ rg sgqt _r
c hm g ss_ s lg s¦gs} m hr_ c li qi c_ m gqt g i q^i st i q kíu gl ` hs
DQJLR¿EURPDVSUHVHQWHVQD1(0WHQGHPDVHDSUHVHQWDUHP
m gq hr _qt i ^ _^ g gq _sc lg rhsg¿gr hs_} ÚÜäÚß
h rgsgqt g
g st ^ h`_s c_ r_ct g rí st i c _s^ hschl _ kgq hm _sgs_^i st ri i ç h
hr _mchm _t íu gi schm_lit g r_t r_ ` ØÝÙ Øß
gqt rgt _qt hg mrg l _ç h
DRV DQJLR¿EURPDV R Q~PHUR GH OHV}HV p FRPSDUDWLYDPHQWH
i q g ri hr} ØÜÙØåÙ ÚÜ
=gs¦gsctâq g_ s_m l_ mgqt grgl _ci hq_^_s_ht r_ ssíq^ rhm gs
¶ grg^i tári _ s t _mé m ¥á hr_m ^g sc rit _s q _ ] \` chmh
PiFXODV KLSRFU{PLFDV H ¿EURPDV SHULXQJXHDLV VROLWiULRV
_m hsc_r_ ct g ríst i chs^_g scl grhsgt grhs_gm _q c¶ _sc_é_
ODLW WtSLFDV QD QHXUR¿EURPDWRVH
Øßqt rgt _qt h` q gst g gst ^ h
q gq¶ m_^g ss_sl gs¦g s higq chqt r_^ _q hs _ci gqt gs_u _li _^hs}
Ãi q^ _ g _ rgu _l êq ci _ g _s c_ r_ct grí st i c _s ^ g _ l km_ s
m _qi g st _ç¦g sct âq g _sgq c hqt r_^ _ sq gssgg st ^ hq hs_ci gqt g s
c hm]\sg¥ _m^i g rgqt gsgm_l kq s _s g ct hs^ g ht r hs`
q hu _ s g s i s_ s sh q gc gssá ri _s _ r_ _u _li _r gss_ rg l _ç h
q h |r _si l _r _ sg gqt gq^ gr m gl¶ hr hs m ht iu hs rgs hq sá u gi s
hr g ss_s ^i gr gq ç _s} s _c¶ _^ hs ^ gr m _t hló ki c hs rgl _t _^ hs
q h q hssh gst ^ h` q ht _^ _m gqt g _ rgsgq ç_ ^ g chl _kgq hm_ s
mú lt i l hsc hm rg^ hm íqi hgm rg ki h^ gt rhq ch`^ gu g_ l grt _ r
_chm qi ^ _^ gmé^i c_ _ r__hssi li ^ _^ g^ __sshci _ç hchm
_ ]\`q _ _l h^ gm hsgq chqt r_ r_lt _m hri ^ _^ g^ gui ^ h
ri q ci _ l mgqt g _ rgsgq ç_ ^ g t m hrg s q g rhgq^ó c ri q hs g
k_ st r hgqt grh _q cr gát i chs _q^ h^i _ kq hsti c _^ hst _r^i _ mgqt g}
R > Ô ¾Ó »
( ? C @( H H p p
u t ? e ( a E b D (
2( B LMFM@ @M BA?JPMB ?8P APM
B CM(Cuu e t p H e
0(1W\SHDQGW\SH-&OLQ(QGRFULQRO0HWDE
7(
3(Tt ??V( u p p Hp G ENK
W\SH0(10RO&HOO(QGRFULQRO
( FMF t @M F DMC bM AA @M LuA
EM
( u p p Hp(pt J
D(
( u J( Np E ' O p (@ P(
6( Fu t 8M ub A N( D e m e
SDUDWK\URLGUHODWHGGLVRUGHUV&OLQ'HUPDWRO
.UHMV*-9,3RPDV\QGURPH$P-0HGVXSSO%
( ta LMBt a V QML a @I(N H H
Ht Utu ?eu m H (@ t
'HUPDWRO
9(P ?MTu LMWtu WMV H@MBX M?u M
(Cu uu p w t u p p
Hptw et EN(JIaD (
4(BX MV H@MP ?MP ?YMBuM eb uM
( u et ENu upp
LQVSRUDGLFDQJLR¿EURPDV-,QYHVW'HUPDWRO
(D
[M
Db ? LVM
Ct ?t pp CM
E
8Bu ?
MWtu WMuuCM (L e tAH H\3U
H e p u H u M u M p M t
u u ub] w t e u p
QHRSOD¤VLDW\SH-&OLQ(QGRFULQRO0HWDE
2( Bu JM tpt JJM P w VM ee LM
w H T ( P ? w t u p
p HpU e u t p (
-&OLQ(QGRFULQRO0HWDE
5RPDQ-:/RJHPDQQ1)$GDPV(,QFLGHQWDODQJLR¿EURPDV
p p e u p p Hp 8G EN8K('HUPDWRO2QOLQH-SLL
(?u @M
u
QM
I ?^ M
Nt
IMQ?Aw TM
@ ?u
PXOWLSOHHQGRFULQHQHRSODVLDW\SH(QGRFU-_`c`d.f!1g
P QLM@ u]QM uA M@ H J YF tM C M EM(@a ' p
SRUWDGRUHVGHQHRSODVLDHQGyFULQDP~OWLSODWLSR5HY0HG8)&MDQPDU
(@t BMTu LMb FMEu tLQM JMJT(Cu uu p w t u p p
Hp G ENK U pp a u H e e\u H
DQGGHYHORSPHQWRIFULWHULDZLWKKLJKVHQVLWLYLW\DQGVSHFL¿FLW\IRU
0(1-&OLQ(QGRFULQRO0HWDE
6( D T NM ?u CM b M s JM p
$07XUQHU00XOWLSOHIDFLDODQJLR¿EURPDVDQGFROODJHQRPDVLQ
p w t u p p Hp (@ tD (
7( Tu JM
L b 8 u F M
u
NM Qu] M
H
FM F 8B DM ( P u H u t Hpp
u p p Hp H G ENK U 8
u H e 77 p au 249 8 EN
SDWLHQWV$P-6XUJ3DWKRO
+RDQJ;XDQ 7 6WHJHU -: $GXOWRQVHW DQJLR¿EURPD DQG
PXOWLSOHHQGRFULQHQHRSODVLDW\SH,-$P$FDG'HUPDWRO
P2K U9 482(
9( V @M I JM Fl A BM F EM C F(
Cu u u p p
V\QGURPHW\SH-(XU$FDG'HUPDWRO9HQHUHRO
24( Qua ? @M LJEM t p EM FM t IM
VM( H8ppt Hp H u pE
1HRSODVLDW\SH$UFK6XUJ±
2 ( Yu VM V t CM L p JMCt b BML M
=KDQJ&;HWDO*HUPOLQHPXWDWLRQSUR¿OHLQPXOWLSOHHQGRFULQH
p Hp U t e bw pt Hp
t eu e t EN p( u u (
±
22(Cb @Mu A8LMC @M P MDAJM P
@M( u u H et EN
w t e up tp (J (
H
23( \u
LM u A JM l tA
^u E( u p
¿EURPDV RI WKH VNLQ D FXWDQHRXV PDUNHU RI &RZGHQ¶V GLVHDVH
-&XWDQ3DWKRO±
2(h ^MD T N(p Hw u p
HQGRFULQHQHRSODVLDW\SH,-$P$FDG'HUPDWRO
2( t PM t EP JM JLM Qw ?w ? DJ(
C M
up t p e t ubu
VFOHURVLVFRPSOH[%UDLQ3DWKRO
26( t eeJVM t @M NeeJ M @ WMDaA?HI(