7(0$
,QWHJUDOGHILQLGDGH5LHPPDQ



&RQWHQLGRV


 ,QWURGXFFLyQ
 3ODQWHDPLHQWR\GHILQLFLyQ
 3URSLHGDGHVGHODLQWHJUDOGHILQLGD
 /DLQWHJUDOFRPRIXQFLyQGHOLQWHUYDORIXQFLyQLQWHJUDO
 )XQFLyQSULPLWLYD
 ,QWHJUDOLQGHILQLGD
 $SOLFDFLRQHVGHODLQWHJUDOGHILQLGDFiOFXORGHiUHDV
 $SOLFDFLRQHVHFRQyPLFDV
 
(MHUFLFLRVUHVXHOWRV

(MHUFLFLRVSURSXHVWRV


 ,QWURGXFFLyQ

'N ¶TGC GU WP EQPEGRVQ RQT VQFQU EQPQEKFQU C VTCXÃU FGN GUVWFKQ FG XCTKCU HKIWTCU
IGQOÃVTKECUTGEV¶PIWNQVTK¶PIWNQEWCFTCFQEÈTEWNQRQNÈIQPQGVE
 )GPGTCNOGPVGUGRKGPUCGPGN¶TGCEQOQGPWPCOCIPKVWFSWGOKFGFGCNIÕPOQFQGN
VCOCÌQFGWPCTGIKÎPCEQVCFC%WCPFQGUVCUTGIKQPGUVKGPGPNCHQTOCFGCNIWPCFGNCUHKIWTCU
IGQOÃVTKECUCPVGUEKVCFCUUGFKURQPGFGHÎTOWNCURCTCECNEWNCTUW¶TGCRQTGLGORNQ
DuJ
 ¶TGC  ¶TGC CuD



I C

C B

 #JQTC DKGP UK UG FGUGC ECNEWNCT GN ¶TGC FGN EQPLWPVQ # JCDT¶ SWG FGUCTTQNNCT WP
OÃVQFQ[CSWGPQGZKUVGPKPIWPCHKIWTCIGQOÃVTKECFGGUVCHQTOC[RQTEQPUKIWKGPVGVCORQEQ
JC[PKPIWPCGZRTGUKÎPSWGFGVGTOKPGUW¶TGC
 

 2QFTÈCOQU ECNEWNCT GN XCNQT
#
CRTQZKOCFQ FGN ¶TGC FG # OGFKCPVG NC
Y
B C UWOCFGXCTKQUTGEV¶PIWNQUFGNCHQTOC

¶TGC
# | ¶TGC
# ¶TGC
# 

¶TGC
# ¶TGC
# ¶TGC
#

#| #l #e#d #p

Y
B C


(MHPSOR +DOODUHOiUHDGHODUHJLyQOLPLWDGDSRUODFXUYD \ [\ODUHFWDYHUWLFDO[ 
6ROXFLyQ 3XHGHHVWLPDUVHHOiUHDPHGLDQWHODVXPDGHODVVXSHUILFLHVGHVHLVUHFWiQJXORV 




 
6HGLYLGHHOLQWHUYDOR>@HQVHLVVXELQWHUYDORVPiVSHTXHxRVFDGDXQRGHHOORVGHORQJLWXG 
>@>@>@>@>@>@
6HGLEXMDVREUHFDGD VXELQWHUYDORXQUHFWiQJXORGHDOWXUDLJXDODODFXUYD \ [ HQHOSXQWRPHGLRGHHVH
VXELQWHUYDOR)iFLOPHQWHSXHGHFRPSUREDUVHTXHHOiUHDWRWDOGHORVVHLVUHFWiQJXORVHV 
  
 

  
 

  
 

  
 

  
  

 
˜ 
 
˜ 
 

˜ 
  
˜ 

˜ 
  ˜

 
  
(VWHYDORUQRHVH[DFWDPHQWHHOiUHDGHOFRQ MXQWRGDGRHV~QLFDPHQWHXQDHVWLPDFLyQGHGLFKDiUHD3DUHFH
UD]RQDEOHHVSHUDUTXHFXDQWRVPiVUHFWiQJXORVVHFRQVLGHUHQPiVDSUR[LPDGRVHUiHOYDORUGHODVXPDGHODV
iUHDVGHGLFKRVUHFWiQJXORVDOYDORUH[DFWRGHOiUHDGHOFRQMXQWRGDGR 

 'P GUVC KFGC UG DCUC GN EQPEGRVQ FG KPVGITCN FGHKPKFC FG 4KGOOCP EQOQ UG XGT¶ C
EQPVKPWCEKÎP WPC XG\ GUVCDNGEKFQU CNIWPQU EQPEGRVQU RTGXKQU C NQU SWG UG JCT¶ TGHGTGPEKC
RQUVGTKQTOGPVG
i 5GCHWPCHWPEKÎPFGHKPKFCGPGNKPVGTXCNQ=CD?VCNSWGH
Z t RCTCVQFQ Z  C D 

UGFGPQOKPCEQPLWPVQQTFGPCFQFGHCNCRCTVGFGNRNCPQEQORTGPFKFCGPVTGNCIT¶HKEC
FGH[GNGLG1:GUVQGU#]
Z[    C d Z d D  d [ d H
Z _ 
GY 

#
Y
 B C

'NEQPLWPVQQTFGPCFQFGHGUQDLGVQFGPWGUVTQGUVWFKQ[CSWGWPCXG\SWGUGEQPQ\EC
EÎOQECNEWNCTUW¶TGCUGT¶RQUKDNGGXCNWCTGN¶TGCFGEWCNSWKGTTGIKÎPRNCPC
i &CFQGNKPVGTXCNQ=CD?
CDUGFKEGSWG2GUWPCRCTVKEKÎPFGFKEJQKPVGTXCNQUK
2 ;Z  Z ! Z
  P   ZP @ EQP Z C  Z  Z !  Z P   Z P D 

i .CRCTVKEKÎP2FKXKFGC=CD?GPPUWDKPVGTXCNQU ZK   ZK EQPKP5GFGPQVC

RQT 'ZK  C NC NQPIKVWF FGN UWDKPVGTXCNQ KÃUKOQ GU FGEKT 'ZK ZK  ZK   'N XCNQT

' ; @
OCZ 'Z ! 'Z P UGFGPQOKPCFK¶OGVTQFGNCRCTVKEKÎP 


(MHPSOR 'DGRHOLQWHUYDOR>@3 ^`HVXQDSDUWLFLyQGH>@HQWUHVVXELQWHUYDORV>@
>@\>@GHORQJLWXG3 ^`HVWDPELpQSDUWLFLyQGH>@HQWUHVVXELQWHUYDORV>@>@
>@FRQGLiPHWUR ' 8QDSDUWLFLyQGHOLQWHUYDOR>@TXHORGLYLGHHQXQQ~PHUR QGHVXELQWHUYDORV
GHLJXDOORQJLWXGVHGHILQHFRPR 3 ^ '  '  ' `VLHQGR
     
' HVGHFLU3 ^   `3RUHMHPSORSDUDQ VHWLHQH ' \SRU
Q Q Q Q Q
        
WDQWR3 ^                           _ 
        
  
> « « « « « « « « « « « @
     
   


 
 3ODQWHDPLHQWR\GHILQLFLyQ

 5GC H WPC HWPEKÎP EQPVKPWC PQ PGICVKXC GP GN KPVGTXCNQ =CD? [ UGC # GN EQPLWPVQ
QTFGPCFQCUQEKCFQFGNEWCNUGFGUGCEQPQEGTUW¶TGC
GY 

#
Y
 B C

 +PKEKCNOGPVG ECNEWNCTGOQU GN ¶TGC JCNNCPFQ GN NÈOKVG FG WPC UWOC FG ¶TGCU FG
TGEV¶PIWNQU2CTCGNNQUGFKXKFGGNKPVGTXCNQ=CD?GPPUWDKPVGTXCNQU ZK   ZK KPEQP

C[WFC FG NC RCTVKEKÎP 2 ;Z  Z ! Z

  P   ZP @  FQPFG Z C  Z  Z !  Z P   Z P D 

'UVCRCTVKEKÎPFKXKFGCUWXG\CNEQPLWPVQ#GPPUWDEQPLWPVQU###PFGHQTOCSWG

¶TGC
#¶TGC
# ¶TGC
#  ¶TGC
#P

#| #l #e #O
Y
BYŸY|YlYeYC
O

2QT UGT H EQPVKPWC GN VGQTGOC FG NQU XCNQTGU GZVTGOQU ICTCPVK\C SWG RCTC VQFQ
KPHVKGPGWPOÈPKOQ[WPO¶ZKOQGPECFCUWDKPVGTXCNQ ZK   ZK GUVQGU

 OK  ZK   ZK VCN SWG H
OK  OÈPKOQ XCNQT FG H GP ZK   ZK 

 /K  ZK   ZK VCN SWG H
/K  O¶ZKOQ XCNQT FG H GP ZK   ZK 

'N ¶TGC FG ECFC EQPLWPVQ #K

KP UG RWGFG GUVKOCT RQT GN ¶TGC FG WP TGEV¶PIWNQ

KPUETKVQTKQEKTEWPUETKVQ4KSWGVGPICRQTCNVWTCH
OKQH
/KTGURGEVKXCOGPVG[RQTDCUG 'ZK 

'PVQPEGURCTCECFCKPUGVKGPG
¶TGC
TK d ¶TGC
#K d ¶TGC
4K

QNQSWGGUKIWCN
H
OK 'ZK d ¶TGC
#K d H
/K 'ZK 

 
 Z Z

S| Sl Se SO 4| 4l 4e 4O
Y Y
B C B C

5WOCPFQGUVCU¶TGCUCUQEKCFCUCNCRCTVKEKÎP2EQPFK¶OGVTQ ' FGUFGKJCUVC
KPUGVKGPG
P P
 ¦ H
O 'Z
K 
K K  d ¶TGC
# d ¦ H
/ 'Z 
K 
K K =?

5GFGPQOKPC
P
5WOCKPHGTKQTCU
'  ¦ H
O 'Z
K 
K K 

P
5WOCUWRGTKQTC5
'  ¦ H
/ 'Z 
K 
K K

 
#NIWPCURTQRKGFCFGUFGGUVCUUWOCUUQPNCUUKIWKGPVGU


K 2CTCEWCNSWKGTRCTVKEKÎP2EQPFK¶OGVTQ ' UGXGTKHKECU

'  d 5
' 
'PGHGEVQRCTCVQFQKPGUVTKXKCNSWGH
OK d H
/K%QOQ 'ZK 

H
OK 'ZK  d H
/K 'ZK 

[UWOCPFQFGUFGKP
P P
U
'  ¦K 
H
OK 'ZK d ¦ H
/ 'Z 5
' 
K 
K K

 

KK 2CTCEWCNSWKGTRCTVKEKÎP2EQPFK¶OGVTQ ' UGXGTKHKEC

U
'  t O
D  C 
5
'  d /
D  C  

FQPFGOOÈPKOQXCNQTFGHGP=CD?[/O¶ZKOQXCNQTFGHGP=CD?
.CEQORTQDCEKÎPFGGUVCRTQRKGFCFGUKPOGFKCVC[CSWGRCTCVQFQKP
O d H
OK  / t H
/K  

2QTNQVCPVQCRNKECPFQNCURTQRKGFCFGUFGNQUUWOCVQTKQU

 
 P P P
U
'  ¦K 
H
OK 'ZK t ¦
K 
O'ZK O ¦ 'Z
K 
K O
D  C  

P P P
5
'  ¦
K 
H
/K 'ZK d ¦
K 
/'ZK / ¦ 'Z
K 
K /
D  C 

)T¶HKECOGPVG

GY 
GY 

N
S| Sl Se SO NCB 
Y
B C B C Y

GY  GY 
/

/CB 
4| 4l 4e 4O 
Y Y
B C B C

 

5KIWKGPFQ EQP GN E¶NEWNQ FGN ¶TGC FGN EQPLWPVQ QTFGPCFQ # QDUÃTXGUG SWG FG =? UG
VKGPG
U
'  d ¶TGC
# d 5
' 
.CCRTQZKOCEKÎPEQPSWGGUVKOCPU
' [5
' GN¶TGCFG#FGRGPFGFGNCRCTVKEKÎP
25GOGLQTCNCCRTQZKOCEKÎPEQPUKFGTCPFQRCTVKEKQPGUEQPO¶U[O¶UUWDKPVGTXCNQUGUFGEKT
VQOCPFQRCTVKEKQPGUEW[QFK¶OGVTQ ' VKGPFGCEGTQ
 5WRQPICOQURQTGLGORNQSWGUGFKXKFGRQTNCOKVCFECFCUWDKPVGTXCNQFGNCRCTVKEKÎP
KPKEKCN2FG=CD?5GVKGPGGPVQPEGU
%& Z  Z Z  Z Z  ZP ()
2  Z 
' 
 Z  

 Z   ZP   P 

 ZP 
*
'
FG FK¶OGVTQ '  SWG FGVGTOKPC GP =CD? P UWDKPVGTXCNQU [ FKXKFG CN EQPLWPVQ # GP P

UWDEQPLWPVQU#K

%QORCTCPFQNCURCTVKEKQPGUGPP[PUWDKPVGTXCNQUUGQDUGTXCSWG
U
'  d U
' [5
'  t 5
' 

 
  Z /DVXPDLQIHULRUFUHFHDO Z /DVXPDVXSHULRUGHFUHFH
FUHFHUQ
G DOFUHFHUQ G

Y Y
B C B C


 .C UWOC FG NCU ¶TGCU FG NQU TGEV¶PIWNQU KPUETKVQU ETGEG EWCPFQ UG EQPUKFGTC NC
RCTVKEKÎP2 [UGCRTQZKOCO¶UCNXGTFCFGTQXCNQTFGN¶TGCFG#[CSWGGPNCUWOCKPHGTKQT
CUQEKCFC C 2  UG KPENW[GP ¶TGCU FG \QPCU PQ EQPUKFGTCFCU GP U
' 
RCTVGU QUEWTCU GP GN
IT¶HKEQ2QTWPCTC\ÎPUKOKNCTFGETGEGPNCUUWOCUUWRGTKQTGU
 'UVQUWIKGTGSWGUWDFKXKFKGPFQ2 FGOCPGTCSWGGNFK¶OGVTQ ' FGECFCWPCFGNCU
RCTVKEKQPGUSWGUGXCPEQPUKFGTCPFQVKGPFCCEGTQRWGFGQDVGPGTUGSWGNQUNÈOKVGU
NKO U
'  [ NKO 5
'  
'o 'o

EQKPEKFCP[UGCPKIWCNGUCNXCNQTTGCNFGN¶TGCFG#

(MHPSOR &DOFXODUHOiUHDGHOFRQMXQWRRUGHQDGRGH I  [  [ HQHOLQWHUYDOR>@
6ROXFLyQ
GY  

/DIXQFLyQI[HVFRQWLQXDHQ>@'LYLGDPRVHO
LQWHUYDOR>@HQQVXELQWHUYDORVGHLJXDOORQJLWXG 
 
'[ L L Q
Q Q


Y
 

   "# 
/RV VXELQWHUYDORV GH OD SDUWLFLyQ VRQ GH OD IRUPD
Q ! Q $
 L   L   L    Q  \ HO GLiPHWUR HV '
Q


&RPR I  [  [ HVFUHFLHQWHHQ>@VXYDORUPtQLPRHQFDGDVXELQWHUYDORORDOFDQ]DHQHOH[WUHPRLQIHULRU
GHOPLVPR\VXYDORUPi[LPRHQHOH[WU HPRVXSHULRU3RUORWDQWR
Q Q
   Q  Q
V '   ¦ I  P L '[ L ¦  L   ¦ Q ¦
L  
L  L  Q Q Q L  L 
Q Q
 Q  
6 '   ¦ I  0 L '[ L ¦Q LQ¦ L 
L  L  Q L 
7HQLHQGRHQFXHQWDODVIyUPXODVGHODVVXPDVSURJUHVLRQHVDULWPpWLFDV 
 QQ    Q     QQ   Q  
V '     Q  6 '    
Q  Q Q Q Q  Q
7RPDQGROtPLWHVFXDQGRHOGLiPHWURGHODSDUWLFLyQWLHQGHDFHURHVGHFLU Q o f UHVXOWD

 Q      Q    
OLP V  '  OLP
'o Q of Q 
Q 
  OLP 6 '  OLP
' o  Q of Q 
 


 
 Q
&RQVLGHUHPRVDKRUDODVXPD , '   ¦ I & L '[ L DVRFLDGDDXQDSDUWLFLyQ3GHGLiPHWUR ' GRQGH&LHV
L 
XQ HOHPHQWR FXDOTXLHUD SHUWHQHFLHQWH DO LQWHUYDOR LpVLPR GH GLFKD SDUWLFLyQ (Q HO FDVR GH OD IXQFLyQ
I  [  [ HQ>@WRPDQGRFRPR&LHOSXQWRPHGLRGHFDGDVXELQWHUYDOR [L   [L VHWLHQH

¦  
Q

  L   L  Q  L  
¦
 
 Q
 ¦
 Q
L   ¦
 Q  Q     Q   
,'
L  Q

Q Q L  Q 

Q  L  Q L  Q 

 Q
Q Q
 
Q
7RPDQGRHOOtPLWHFXDQGRQ o f HVGHFLU ' o  VHYHULILFD

 Q    
OLP ,  '  OLP
'o Q of Q

 Q


(VWHYDORUHVSUHFLVDPHQWHHOiUHDGHOFRQMXQWRRU GHQDGRGH I  [  [ HQ>@\DTXHGLFKRFRQMXQWRHV
XQWULiQJXOR\SRUFRQVLJXLHQWHVXiUHDHV 
EDVH ˜ DOWXUD  ˜ 

 

 .CUWOC
P
+
'  ¦ H
% 'Z
K 
K K 

UG FGPQOKPC UWOC KPVGTOGFKC Q UWOC KPVGITCN 6TKXKCNOGPVG UG RWGFG EQORTQDCT SWG RCTC
ECFCRCTVKEKÎP2FGFK¶OGVTQ ' UGXGTKHKEC
 U
'  d +
'  d 5
'  =?
 #RCTVKTFGGUVCUUWOCUKPVGTOGFKCUUGGUVCDNGEGNCFGHKPKEKÎPFGKPVGITCNFGHKPKFCEQOQ
UKIWG

&GHKPKEKÎP 5GC H FGHKPKFC [ CEQVCFC GP GN KPVGTXCNQ EGTTCFQ =CD? [ UGC %K WP RWPVQ FGN

UWDKPVGTXCNQKÃUKOQ ZK   ZK FGCPEJWTC 'ZK FGWPCRCTVKEKÎP2EQPFK¶OGVTQ ' 'PVQPEGU

UKGNNÈOKVGFGNCUUWOCUKPVGTOGFKCU
P
NKO
'o
¦ H
% 'Z
K 
K K 

GZKUVGFGPQVCTGOQUGUVGNÈOKVGRQT

I
C
D
H
Z FZ 

[NQNNCOCTGOQUNCKPVGITCNFGHKPKFCFGHGPVTGC[D'PGUVGECUQUGFKEGSWGHGUKPVGITCDNG
GP=CD?[UGGUETKDKT¶

IC
D
H
Z FZ  NKO
'o
P

¦ H
% 'Z
K 
K K 


 6GPKGPFQGPEWGPVC=?RWGFGCHKTOCTUGVCODKÃPSWGHGUKPVGITCDNGGP=CD?UK
NKO U
'  NKO 5
'  
'o 'o

[GNXCNQTFGGUVGNÈOKVGGURTGEKUCOGPVGNCKPVGITCNFGHKPKFCFGHGP=CD?

 
 .QUGNGOGPVQUSWGCRCTGEGPGPNCPQVCEKÎPFGKPVGITCNFGHKPKFCUQP

I
C
D
H
Z FZ 

CNÈOKVGKPHGTKQTFGNCKPVGITCN
DNÈOKVGUWRGTKQTFGNCKPVGITCN
ZXCTKCDNGFGNCKPVGITCN
=CD?KPVGTXCNQFGKPVGITCEKÎP
H
ZKPVGITCPFQ
'UVCGZRTGUKÎPFGPQVCGN¶TGCFGNEQPLWPVQQTFGPCFQFGHGP=CD?
 B C Y
GY  
$

#
GY 
Y
 B C

I I

D D
 H
Z FZ ¶TGC
#    H
Z FZ ¶TGC
$
C C

 'P GN FGUCTTQNNQ GHGEVWCFQ GP GUVC UGEEKÎP UG JC EQPUKFGTCFQ SWG H GU WPC HWPEKÎP
EQPVKPWC GP =CD? UKP GODCTIQ GUVC EQPFKEKÎP PQ UG KORQPG GP NC FGHKPKEKÎP FG KPVGITCN
FGHKPKFC.CEQPVKPWKFCFFGNCHWPEKÎPPQGUWPCEQPFKEKÎPPGEGUCTKCRCTCUWKPVGITCDKNKFCFFG
JGEJQGZKUVGPEQOQUGXGT¶FGURWÃUHWPEKQPGUFKUEQPVKPWCURGTQKPVGITCDNGU
 %QP CNIWPCU RGSWGÌCU OQFKHKECEKQPGU GN FGUCTTQNNQ SWG PQU JC EQPFWEKFQ C NC
FGHKPKEKÎP FG KPVGITCN FGHKPKFC GU X¶NKFQ EWCPFQ H GU UKORNGOGPVG WPC HWPEKÎP CEQVCFC GP
=CD?#UÈWPCRTGIWPVCSWGUWTIGFGOCPGTCPCVWTCNGU‹3WÃHWPEKQPGUUQPKPVGITCDNGU!
 7PCEQPFKEKÎPUWHKEKGPVGFGKPVGITCDKNKFCFNCFCGNUKIWKGPVGVGQTGOC

6GQTGOC 5KHGUEQPVKPWCGP=CD?GPVQPEGUHGUKPVGITCDNGGP=CD?

(MHPSOR &DOFXODUODLQWHJUDOGHILQLGDGHI[ HQ>@
6ROXFLyQ
GY  
3RUVHUI[ FRQWLQXDHQ>@VDEHPRVTXH

HV LQWHJUDEOH \ VX LQWHJUDO GHILQLGD HV HO iUHD GHO
FRQMXQWR$
#
I 


G[ iUHD $

Y
 


 
 
6HFRQVLGHUDXQDSDUWLFLyQGHOLQWHUYDOR>@HQ QVXELQWHUYDORVGHLJXDOORQJLWXG '[ GHODIRUPD
Q
 L    L "# L Q
! Q Q$
/DVXPDLQWHUPHGLDDVRFLDGDDHVWDSDUWLFLyQHV 

,' ¦ I 
   L    L " '[ ¦    ¦ 
Q Q Q

  ! Q Q #$ L  Q Q
L
L  L  Q
Q 


7RPDQGROtPLWHFXDQGR ' o  RORTXHHVORPLVPRFXDQGRQ o f VHREWLHQH
Q
OLP ,  '  OLP   
'o Q of
$VtSXHV

(VWHUHVXOWDGRWDPELpQVHSXHGHREWHQHUJHRPpWULFDPHQWH 
I 


G[ 

iUHD$ ODUJRDQFKR  



(MHPSOR
6ROXFLyQ
&DOFXODU I 


[ G[ 


GY  6H FRQVLGHUD XQD SDUWLFLyQ GH >@ HQ Q

VXELQWHUYDORVGHORQJLWXG '[ GHODIRUPD
Q
 L   L  "#
Y
Q

Q ! $
L Q


 


&RPRI[ [HVFRQWLQXD\HVWULFWDPHQWHFUHFLHQWHHQ>@DOFDQ]DVXYDORUPtQLPRHQ FDGDVXELQWHUYDOR
GH OD SDUWLFLyQ HQ HO H[WUHPR LQIHULRU GHO PLVPR \ HO Pi[LPR HQ HO VXSHULRU 7HQLHQGR HVWR HQ FXHQWD
FDOFXODPRVODVXPDLQIHULRU\VXSHULRUDVRFLDGDVDODSDUWLFLyQ 

V' ¦ I
Q
 L   Q

'[ L ¦   L  
  Q 
¦ L   
L  Q 
L  Q Q Q L  
6 ' 
 L 
¦ I  Q  '[ ¦ Q
Q

L
Q


L
  Q 
¦L 
L  L  Q Q L 
GHGRQGH
 ¦ L  ¦ L  ¦ "#
Q Q Q

 Q Q   Q   Q Q   "#  Q   Q    Q   
! $

V '   Q    
Q !L  L  $ L  Q   Q  Q Q
 QQ   Q   
Q   Q   "#
Q
6 ' 
 !
Q 

$
7RPDQGR OtPLWHV FXDQGR HO GLiPHWUR GH OD SDUWLFLyQ WLHQGH D FHUR R OR TXH HV HTXLYDOHQWH HQ HVWH FDVR
FXDQGRQofVHREWLHQH

 Q   Q    Q    
OLP V  '  OLP
'o Q of Q 

Q   
Q


 Q   Q  
OLP 6 '  OLP  
'o Q of Q 

&RPRDPERVOtPLWHVFRLQFLGHQH[LVWH I 


[ G[ \HVLJXDOD

 
(MHPSOR &DOFXODU I 


I  [ G[ GHODIXQFLyQ I  [ 
%&
'
d [d
 [d 


6ROXFLyQ

GY  $ GLIHUHQFLD GH ORV HMHPSORV DQWHULRUHV HQ
SULQFLSLRQRVHVDEHVL IHVLQWHJUDEOHHQ>@\D
 # TXHQRHVFRQWLQXDHQGLFKRLQWHUYDOR
&RQVLGHUHPRVWDPELpQHQHVWHFDVRXQDSDUWLFLyQ
GH >@ HQ Q VXELQWHUYDORV LJXDOHV GH ORQJLWXG
 #l 
'[ 
#| Q
Y 
  

/DVXPDLQWHUPHGLDHV
Q Q Q 
  Q  
,' ¦
L 
I & L '[ L ¦L 
I & L 
Q
¦ 
L  Q
¦ 
Q Q
L 

\DTXH
Q
&L>@FXDQGRL  

\
Q
&L>@FXDQGRL    Q

$VtSXHV
Q  Q     Q
,'  Q
Q Q 
 
    
Q
   

7RPDQGROtPLWHVFXDQGRQof
OLP ,  '  OLP   
'o 'o
3RUWDQWRH[LVWHODLQWHJUDOGHILQLGDGH I[HQ>@\VXYDORUHV(VGHFLU

I 


I  [ G[ 
(VWRHVWiGHDFXHUGRFRQHOUHVXOWDGRTXHVHREWLHQHVLVHFDOFXODHOiUHDFRPSUHQGLGDHQWUHODJUiILFDGH I\HO
HMH2;HQHOLQWHUYDOR>@
iUHD$ iUHD$iUHD$  
(VWHHVXQHMHPSORGHXQDIXQFLyQTXHQRHVFRQWLQXDHQH OLQWHUYDORSHURVtHVLQWHJUDEOH



I  [   ˆ  K%&
(MHPSOR &DOFXODU

I  [ G[ GRQGH I  [ 
 [   \ HV LUUDFLRQDO

K'
6ROXFLyQ (VWD IXQFLyQ HQ SULQFLSLR QR VH VDEH VL HV LQWHJUDEOH HQ >@ SXHV SUHVHQWD LQILQLWDV
GLVFRQWLQXLGDGHV HQ GLFKR LQWHUYDOR 6H FRQVL GHUD XQD SDUWLFLyQ 3 [   [   !  [ Q  FXDOTXLHUD GH >@ GH ; @
<
GLiPHWUR' PD[ [ L  [ L  L A
 !  Q 'DGRTXHFDGDVXELQWHUYDORGHODSDUWLFLyQFRQWLHQHXQQ~PHUR
LUUDFLRQDO HO PtQLPR YDORUGH IHQFDGDVXELQWHUYDORHV'HOPLVPRPRGRHQFDGDVXELQ WHUYDORKD\XQ
Q~PHURUDFLRQDOSRUORTXHHOPi[LPRYDORUGH IHQFDGDVXELQWHUYDORHV$Vt
Q Q Q Q
V '  ¦ I  P '[ ¦  ˜ '[
L 
L L
L 
L   6 '  ¦ I  0 '[ ¦  ˜ '[
L 
L L
L 
L 

\WRPDQGROtPLWHVFXDQGRHOGLiPHWURGHODSDUWLFLyQWLHQGHDFHURVHREWLHQH 
OLP V '  OLP    OLP 6 '  OLP   

I
'o 'o 'o 'o

&RPRHVWRVOtPLWHVQRFRLQFLGHQQRH[LVWH I  [ G[ HVGHFLUIQRHVLQWHJUDEOH5LHPPDQHQ>@

(VWHHVXQHMHPSORGHXQDIXQFLyQTXHQRHVFRQWLQXDHQHOLQWHUYDORFRQVLGHUDGR\WDPSRFRHVLQWHJUDEOH
DXQTXHVtHVDFRWDGDHQ>@


 
 I
 2WGUVQSWGPQVQFCUNCUHWPEKQPGUUQPKPVGITCDNGUGUNÎIKEQRTGIWPVCTUGSWÃHWPEKQPGU
D
CFGO¶UFGNCUEQPVKPWCUGPWPKPVGTXCNQ=CD?UQPVCNGUSWGGZKUVG H
Z FZ .CTGURWGUVCC
C
GUVCEWGUVKÎPUGTGEQIGGPGNUKIWKGPVGVGQTGOC

6GQTGOC 5GCH=CD?o  WPCHWPEKÎP
 5KHGUOQPÎVQPCGPVQPEGUGUKPVGITCDNG
 5KHGUEQPVKPWCGPVQPEGUGUKPVGITCDNG
 5KHGUEQPVKPWCGP=CD?(EQP(WPEQPLWPVQHKPKVQFGRWPVQUFG=CD?GPVQPEGUH
GUKPVGITCDNGGP=CD?


 
 3URSLHGDGHVGHODLQWHJUDOGHILQLGD

2TQRQUKEKÎP5GCPH[IFQUHWPEKQPGUKPVGITCDNGUGP=CD?GPVQPEGUUGXGTKHKECSWG

C I C

C
H
Z FZ  [ I D

C
H
Z FZ  I C

D
H
Z FZ 

D .KPGCNKFCF

x I D

C
M ˜ H
Z FZ M I D

C
H
Z FZ RCTCVQFQM  

x I D

C
H
Z  r I
Z  FZ I D

C
H
Z FZ r I D

C
I
Z FZ 


&GOQUVTCEKÎP  .C FGOQUVTCEKÎP FGN RWPVQ
C GU KPOGFKCVC 4GURGEVQ CN RWPVQ
D
EQORTQDCOQUSWGUGEWORNGNCUGIWPFCKIWCNFCF
NCFGOQUVTCEKÎPFGNCRTKOGTCGUCP¶NQIC
2QTUGTH[IKPVGITCDNGUGP=CD?UGXGTKHKECFGCEWGTFQEQPNCFGHKPKEKÎP

I D

C
H
Z FZ NKO + H
' 
' o
NKO
'o
P

¦ H
% 'Z 
K 
K K

I D

C
I
Z  FZ NKO +I
' 
'o
NKO
'o
P

¦ I
% 'Z 
K 
K K

2CTCECFCRCTVKEKÎP2FG=CD?EQPFK¶OGVTQ'UGVKGPG
P P P

¦K 
H
%K 'ZK  ¦ K 
I
%K 'ZK ¦ K 
H
%K   I
%K  'ZK 

CUÈRWGU

I D

C
H
Z FZ  I D

C
I
Z FZ NKO
'o
¦
P

K 
H
%K 'ZK  NKO
'o
P

¦ I
% 'Z 
K 
K K

'o
 P

K 
K

 NKO  ¦ H
% 'Z  ¦ I
% 'Z 
  K
P

K 
K K NKO
'o
P

¦
K 
H
%K   I
%K  'ZK  I D

C
H
Z   I
Z  FZ 

[RQTVCPVQH IGUVCODKÃPKPVGITCDNGGP=CD? 

 #RCTVKTFGGUVCURTQRKGFCFGUUGFGFWEG
x .CUWOCFGHWPEKQPGUKPVGITCDNGUGPWPKPVGTXCNQ=CD?GUQVTCHWPEKÎPKPVGITCDNG
GPFKEJQKPVGTXCNQ
x 'NRTQFWEVQFGWPCHWPEKÎPKPVGITCDNGGP=CD?RQTWPCEQPUVCPVGGUWPCHWPEKÎP
KPVGITCDNGGPGNOKUOQKPVGTXCNQ
2WGFG CHKTOCTUG GPVQPEGU SWG GN EQPLWPVQ FG VQFCU NCU HWPEKQPGU KPVGITCDNGU GP WP
KPVGTXCNQ=CD?GUWPGURCEKQXGEVQTKCN


 
2TQRQUKEKÎP

C 6QFCHWPEKÎPEQPUVCPVGGPWPKPVGTXCNQ=CD?GUKPVGITCDNGXGTKHKE¶PFQUG

5KRCTCVQFQZH
Z%GPVQPEGU I D

C
%FZ %
D  C 

D 5GCHKPVGITCDNGGP=CD?UGXGTKHKECSWG

I D

C
H
Z FZ I E

C
H
Z FZ  I D

E
H
Z  FZ EQPE
CD

E +PXCTKCPEKCHTGPVGCVTCUNCEKQPGU
5KHGUKPVGITCDNGGP=CD?GPVQPEGURCTCVQFQE  

I D

C
H
Z FZ  I DE

CE
H
Z  EFZ 


&GOQUVTCEKÎP


C  .C HWPEKÎP H
Z  % RCTC VQFQ Z  =CD? GU EQPVKPWC [ RQT VCPVQ KPVGITCDNG GP FKEJQ
KPVGTXCNQ2QTFGHKPKEKÎP

I D

C
%FZ NKO
'o
¦
P

K 
H
%K 'ZK NKO
'o
K 
P

¦ % 'Z K NKO %
D  C %
DC
'o

1DUÃTXGUGSWG
 


I
D
D
%FZ ¶TGC
#%
DC
D C
#
Y 
B C
CB


D5KHGUKPVGITCDNGGPWPKPVGTXCNQFCFQVCODKÃPNQGUGPEWCNSWKGTUWDKPVGTXCNQEQPVGPKFQ
GPGNOKUOQ.CLWUVKHKECEKÎPIGQOÃVTKECFGGUVCRTQRKGFCFGUOW[UGPEKNNC
 'N¶TGCFGNEQPLWPVQ## #GUGNXCNQT
GY 

FG I D

C
H
Z FZ 2QTQVTCRCTVG

¶TGC
#¶TGC
# ¶TGC
#

UKGPFQ
#| #l
¶TGC
# I E

C
H
Z FZ 

I
Y
B D C D
¶TGC
# H
Z FZ 
E



 

E )GQOÃVTKECOGPVGGUVCRTQRKGFCFUKIPKHKECNQUKIWKGPVG

ZGY  ZHY 
HYD GY  HY GYD 

#{
#
Y
B Y C BD YD CD


¶TGC
# I D

C
H
Z FZ 

¶TGC
#  I DE

CE
I
Z FZ I DE

C E
H
Z  EFZ 

[CODQUEQPLWPVQUVKGPGPGNOKUOQ¶TGC[CSWG#yGUGNEQPLWPVQ#FGURNC\CFQ5GXGTKHKEC

I C
D
H
Z FZ I
CE
DE
H
Z  E FZ 

 

2TQRQUKEKÎP
2TQRKGFCFGUFGEQORCTCEKÎP
5GCPH[IFQUHWPEKQPGUKPVGITCNGUGP C D 

K 5K H
Z  t  RCTCVQFQ Z  C D GPVQPEGU I D

C
H
Z FZ t 

KK 5K H
Z  d I
Z  RCTCVQFQ Z  C D GPVQPEGU IC
D
I D
H
Z FZ d I
Z FZ 
C

KKK .CHWPEKÎP H Z 05 H
Z  GUKPVGITCDNGGP C D [

I C
D
H
Z FZ d I
C
D
H
Z  FZ 

KX 5GCHWPCHWPEKÎPEQPVKPWCGP C D UKO[/UQPGNOÈPKOQ[GNO¶ZKOQXCNQT

TGURGEVKXCOGPVGFGHGP C D UGXGTKHKEC

O
DCd I D

C
H
Z FZ d/
DC


&GOQUVTCEKÎP

K 2WGUVQSWGHGUKPVGITCDNGGP=CD? I D

C
H
Z FZ  NKO +
'   NKO
' o 'o
P

¦ H
% 'Z 
K 
K K

2CTCECFCRCTVKEKÎP2FG=CD?EQPFK¶OGVTQ'NCUWOCKPVGTOGFKCGUPQPGICVKXC

 
 P

¦ H
% 'Z
K 
K K t

RWGUH
%KtRCTCVQFQ%K=CD?RCTCVQFQKP

#UÈ RWGU NC KPVGITCN FGHKPKFC FG H GP =CD? UGT¶ OC[QT Q KIWCN C EGTQ [C SWG GU GN
NÈOKVGFGECPVKFCFGUPQPGICVKXCU


KK 5GCJ
ZI
ZH
ZCRNKECPFQNCRTQRKGFCF
DUGQDVKGPGNCKPVGITCDKNKFCFFGJGP
=CD?2QTQVTCRCTVGEQOQI
ZtH
ZRCTCVQFQZ=CD?NCHWPEKÎPJXGTKHKECJ
ZtRCTC
VQFQZ=CD?#RNKECPFQ
KUGVKGPG

I D

C
J
Z FZ t

6GPKGPFQGPEWGPVCNCNKPGCNKFCFFGNCKPVGITCNFGHKPKFC

I D

C
J
Z FZ  I D

C
I
Z FZ  I D

C
H
Z FZ 

&GCODCUGZRTGUKQPGUUGFGFWEGSWG

I D

C
I
Z FZ t I D

C
H
Z FZ 

KKK .CKPVGITCDKNKFCFFGNCHWPEKÎP^H^
Z^H
Z^RWGFGEQORTQDCTUGUKPFKHKEWNVCFC
RCTVKTFGNCFGHKPKEKÎP
05 05 05
 H Z d H Z d H Z RCTCVQFQ Z  C D 

6GPKGPFQGPEWGPVCNCKPVGITCDKNKFCFFGH[ H 
[RQTVCPVQFG  H [GNCRCTVCFQCPVGTKQTUG

XGTKHKEC

I1
D

C I 05 I
6
 H
Z  FZ d
D

C
H Z FZ d
D

C
05
H Z FZ 

QNQSWGGUKIWCN

I1 D

C
6 I 05 I
H
Z  FZ d
D

C
H Z FZ d
D

C
05
H Z FZ 

SWGRQTNCFGHKPKEKÎPFGXCNQTCDUQNWVQGUGSWKXCNGPVGC

I I
C
D
H
Z FZ d  H
Z  FZ 
D

KX 2QTUGTO[/NQUXCNQTGUOÈPKOQ[O¶ZKOQFGHGP=CD?UGXGTKHKECOdH
Zd/
RCTCVQFQZ=CD?.CUHWPEKQPGUEQPUVCPVGUI
ZO[I
Z/UQPKPVGITCDNGURWGU

UQPEQPVKPWCU#RNKECPFQ
KK

 
 I D

C
OFZ d I D

C
H
Z FZ d I D

C
/FZ 

[CRCTVKTFGNCRTQRKGFCF
EUGQDVKGPG

O
DCd I D

C
H
Z FZ d/
DC

)T¶HKECOGPVGGUVQUKIPKHKEC
GY  .CFGUKIWCNFCFGUGSWKXCNGPVGC
¶TGC
Td¶TGC
#d¶TGC
4
/
FQPFG T GU GN TGEV¶PIWNQ KPUETKVQ GP GN
# EQPLWPVQ#FGDCUGGNKPVGTXCNQ=CD?[FG
N CNVWTCO[4GUGNTGEV¶PIWNQEKTEWPUETKVQ
Y CNEQPLWPVQ#FGKIWCNDCUGSWGGNCPVGTKQT
 B C
 [CNVWTC/
 

1DUGTXCEKÎP 1DUÃTXGUGVCODKÃPSWGGPNCURTQRKGFCFGUFGNCUUWOCUKPHGTKQTGU[UWRGTKQTGU
[CUGQDVGPÈCPNQUXCNQTGUO
DC[/
DCEQOQEQVCKPHGTKQT[UWRGTKQTTGURGEVKXCOGPVG
FGFKEJCUUWOCU

6GQTGOC
6GQTGOCFGNXCNQTOGFKQ
 5GCHWPCHWPEKÎPEQPVKPWCFGHKPKFCGP=CD?'PVQPEGUGZKUVGE
CDVCNSWG

I D

C
H
Z FZ H
E
DC


&GOQUVTCEKÎP 5GCPO[/GNOÈPKOQ[GNO¶ZKOQFGHGP=CD?
GZKUVGPRQTUGTH
EQPVKPWC GP FKEJQ KPVGTXCNQ &KXKFKGPFQ GP NC FGUKIWCNFCF FG NC RTQRKGFCF CPVGTKQT
KX RQT

DCUGVKGPG

Od

DC I D

C
H
Z FZ d/

 2QTGNVGQTGOCFGNXCNQTKPVGTOGFKQUGXGTKHKECSWGGZKUVGE=CD?VCNSWG
OdH
Ed/
NWGIQ

H
E

DC I D

C
H
Z FZ 

[FGCSWÈUGFGFWEG I D

C
H
Z FZ H
E
DC

 
 )T¶HKECOGPVGGUVQUKIPKHKEC


 5KH
ZGURQUKVKXC I D

C
H
Z FZ GUGN¶TGCFG

GY  NC TGIKÎP EQORTGPFKFC GPVTG =CD? [ GN

IT¶HKEQ FG H 'N VGQTGOC FGN XCNQT OGFKQ
GD 
CHKTOC GPVQPEGU SWG JC[ WP TGEV¶PIWNQ FG
DCUG=CD?[CNVWTCH
EEW[C¶TGCEQKPEKFG

Y EQP NC FG NC TGIKÎP RCTC WP EKGTVQ

 B D C E  C D 



(MHPSOR (QFRQWUDUSDUDTXHYDORUGH F>@VHYHULILFDHOWHRUHPDGHOYDORUPHGLRSDUDODLQWHJUDO
GHODIXQFLyQ I  [  [  
6ROXFLyQ
 (QXQHMHPSORUHVXHOWRDQWHULRUPHQWHVHREWXYR 
GY
I 


[ G[  
7HQLHQGRHQFXHQWDHOWHRUHPDGHOYDORUPHGLR 


Y

I
 

[ G[ IF F


HVGHFLUF    \SRUWDQWRF   
 —  




 
 /DLQWHJUDOFRPRIXQFLyQGHOLQWHUYDORIXQFLyQLQWHJUDO

&CFC WPC HWPEKÎP H FGHKPKFC GP =C D? WPC XG\ EQORTQDCFC UW KPVGITCDKNKFCF GP GN

KPVGTXCNQ=CD?GNXCNQTFG I D

C
H
Z FZ EQKPEKFGEQPGN¶TGCFGNEQPLWPVQQTFGPCFQFGH#JQTC

DKGP UK H GU KPVGITCDNG GP =CD? VCODKÃP NQ GU GP EWCNSWKGT UWDKPVGTXCNQ =CV? FQPFG V GU
EWCNSWKGTXCNQTEQORTGPFKFQGPVTGC[DRQTVCPVQRWGFGECNEWNCTUGRCTCECFCVFGNKPVGTXCNQ
=CD?NCKPVGITCNFGHGP=CV?
1DXKCOGPVG

I V

C
H
Z FZ 

VQOCT¶XCNQTGUFKUVKPVQUFGRGPFKGPFQFGNXCNQTSWGVQOGVCUÈRWGFGFGHKPKTUGWPCHWPEKÎP(
GPGNKPVGTXCNQ=CD?EQPXCNQTGUGP  FGVCNHQTOCSWGCECFCVNGJCICEQTTGURQPFGTGNXCNQT
FGN¶TGCFGNEQPLWPVQQTFGPCFQFGHGP=CV?
'UVCHWPEKÎP(UGFGPQOKPCHWPEKÎPKPVGITCN.CFGHKPKEKÎPHQTOCNGUNCUKIWKGPVG

&GHKPKEKÎP 5GCHHWPEKÎPKPVGITCDNGGP=CD?5GFGHKPGNCHWPEKÎP
(  C D o 

V o (
V  I V

C
H
Z FZ


#NCHWPEKÎP(UGNGFGPQOKPCHWPEKÎPKPVGITCNFGHGP=CD?

)T¶HKECOGPVGGNUKIPKHKECFQFGGUVCHWPEKÎPGU
GY  
(
V GU GN XCNQT FGN ¶TGC FGN EQPLWPVQ
TC[CFQ
UKGORTG SWG H UGC WPC HWPEKÎP PQ
PGICVKXC

Y
B U C

'UVC HWPEKÎP VKGPG KORQTVCPVGU RTQRKGFCFGU SWG PQU RGTOKVKT¶P GPEQPVTCT WPC HQTOC
O¶U UGPEKNNCFGECNEWNCTKPVGITCNGUFGHKPKFCUCRCTVKTFGNCTGNCEKÎPSWGXGTGOQUSWGGZKUVG
GPVTGGNEQPEGRVQFGFGTKXCFC[GNEQPEGRVQFGKPVGITCN

 
 'UGXKFGPVGSWGUKHGUWPCHWPEKÎPKPVGITCDNGGPGNKPVGTXCNQ=CD?GZKUVGEQOQ[CUG
KPFKEÎ UW HWPEKÎP KPVGITCN [ CFGO¶U GU ÕPKEC RWGU NC KPVGITCN FG H GP =CV? GU GN ¶TGC FGN
EQPLWPVQQTFGPCFQFGHGP=CV?[GN¶TGCFGWPEQPLWPVQGUÕPKEC

6GQTGOC
2TKOGTVGQTGOCHWPFCOGPVCNFGNE¶NEWNQKPVGITCN
5GC H FGHKPKFC CEQVCFC G KPVGITCDNG GP =CD? 5GC ( C D o   UW HWPEKÎP KPVGITCN

FGHKPKFCRQT

(
V  I C
V
H
Z FZ RCTCVQFQ V  C D 

'PVQPEGU
05

K ( V GUEQPVKPWCRCTCVQFQ V  C D 

KK 5K H GU EQPVKPWC GP V  C D  NC HWPEKÎP KPVGITCN ( GU FGTKXCDNG GP V  [ UG XGTKHKEC[
(
V   H
V   


.CUGIWPFCRCTVGFGN6GQTGOCPQURGTOKVGGPVQPEGUCHKTOCTSWGUKHGUEQPVKPWCGP
=CD?NCHWPEKÎPKPVGITCN(GUFGTKXCDNGGP=CD?[UGXGTKHKEC
(
Z  H
Z  RCTCVQFQ Z  C D 


'PGHGEVQUKPRÃTFKFCFGIGPGTCNKFCFRWGFGUWRQPGTUGSWGHGUPQPGICVKXCGP=CD?

GY 

Y
B U U'
 U C

'N¶TGCFGNEQPLWPVQTC[CFQGU
'( (
V  'V   (
V  
[CSWGRQTNCRTQRKGFCFFGCFKVKXKFCFEQP 'V !  UGVKGPGSWG

(
V  'V   (
V  I
C
V  'V
H
Z FZ  I
C
V
H
Z FZ IC
V
H
Z FZ  I
V
V  'V
H
Z FZ  I
C
V
H
Z FZ I
V
V  'V
H
Z FZ 

SWG VGPKGPFQ GP EWGPVC GN UKIPKHKECFQ FG NC KPVGITCN FGHKPKFC GU RTGEKUCOGPVG GN ¶TGC FGN
EQPLWPVQTC[CFQ
'N XCNQT FG GUVC ¶TGC GUV¶ EQORTGPFKFQ GPVTG NQU XCNQTGU FG NCU UWRGTHKEKGU FG NQU
TGEV¶PIWNQUT[4


 
 GY 
GY 

S 4
Y Y
 B U U'
 U C  B U U'
 U C

'UFGEKT
H
O'V d '( d H
/ 'V 

FQPFG
H
OOÈPKOQXCNQTFGHGP V V  'V 

H
/O¶ZKOQXCNQTFGHGP V V  'V 

[CODQUGZKUVGP[CSWGHGUEQPVKPWCGP V V  'V 

&G H
O'V d '( d H
/ 'V UGQDVKGPG
(
V  'V   (
V 
H
O d d H
/  
'V
2QT UGT H EQPVKPWC EWCPFQ 'V o    H
O [ H
/ VKGPFGP C H
V CUÈ RWGU VQOCPFQ
NÈOKVGUGPNCGZRTGUKÎPRTGEGFGPVGEWCPFQVVKGPFGCEGTQRQTNCFGTGEJC
(
V  'V   (
V 
H
V  d NKO d H
V 
'V o  'V 
H
V  ( 
V 

2TQEGFKGPFQ FG OCPGTC CP¶NQIC RCTC '( (

V   (
V  'V   UG QDVKGPG H
V  ( 
V   2QT

VCPVQHKPCNOGPVGRCTCVQFQ V  C D UGQDVKGPG H
V  (
V   


$CU¶PFQPQUGPGUVGVGQTGOCGPWPEKCOQUGNUGIWPFQVGQTGOCHWPFCOGPVCNFGNE¶NEWNQ
KPVGITCNSWGPQUQHTGEGWPOÃVQFQO¶UUGPEKNNQRCTCQDVGPGTGNXCNQTFGNCKPVGITCNFGHKPKFC
FGWPCHWPEKÎPEQPVKPWC

6GQTGOC
5GIWPFQVGQTGOCHWPFCOGPVCNFGNE¶NEWNQKPVGITCN
5GC)WPCHWPEKÎPFKHGTGPEKCDNGGP=CD?[UWFGTKXCFC ) H WPCHWPEKÎPEQPVKPWCG

KPVGITCDNGGP=CD?'PVQPEGUNCHWPEKÎPHGUKPVGITCDNGGP=CD?[UWKPVGITCNGU

I D

C
H
Z FZ )
D  )
C 
4GINCFG$CTTQY

0QVC 7UWCNOGPVGUGFGPQVC I D

C
H
Z FZ
D
)
Z  C )
D  )
C 

 
&GOQUVTCEKÎP  %QOQ H GU EQPVKPWC GP =CD? GU KPVGITCDNG [ UW HWPEKÎP KPVGITCN (
V GU
FGTKXCDNGGP=CD?FGCEWGTFQEQPGNVGQTGOCUGXGTKHKEC

(
V  
 I V

C
H
Z FZ 


H
V  )
V  RCTCVQFQ V  C D 

%QOQ ( [ ) UQP FGTKXCDNGU GP VQFQ RWPVQ V  C D  [ (O

V)O
V GZKUVKT¶ WPC

EQPUVCPVG-VCNSWG
(
V  )
V   - RCTCVQFQ V  C D 

#FGO¶U(
CRQTVCPVQ-)
C(KPCNOGPVGUGQDVKGPGGNTGUWNVCFQ[CSWG

I D

C
H
Z FZ (
D )
D   )
C  

 


 
 )XQFLyQSULPLWLYD

.QU VGQTGOCU HWPFCOGPVCNGU FGN E¶NEWNQ PQU QHTGEGP WPC HQTOC O¶U QUGPEKNNCR FG
ECNEWNCTNCKPVGITCNFGHKPKFCFGWPCHWPEKÎPEQPVKPWCH2CTCQDVGPGTGNXCNQTFG

IC
D
H
Z FZ 

DCUVCT¶ EQP GPEQPVTCT WPC HWPEKÎP FGTKXCDNG ) EW[C FGTKXCFC UGC H GP =CD? WPC XG\
FGVGTOKPCFC GUVC HWPEKÎP GN XCNQT FG NC KPVGITCN FGHKPKFC FG H GP =CD? GU UKORNGOGPVG
)
D)
C
.CUHWPEKQPGUSWGEWORNGPNCEQPFKEKÎPFGVGPGTFGTKXCFCKIWCNCWPCHWPEKÎPFCFCUG
FGPQOKPCPRTKOKVKXCU'PEQPETGVQUGVKGPGNCUKIWKGPVG

'HILQLFLyQ6HD I XQD IXQFLyQ GHILQLGD HQ >DE@ FRQ YDORUHV HQ   6H GLFH TXH ) HV
SULPLWLYDGHIHQ>DE@VL\VyORVLSDUDWRGR Z  C D VHYHULILFD
(
Z  H
Z  


2EVHUYDFLRQHV

C 6GPKGPFQ GP EWGPVC NC FGHKPKEKÎP CPVGTKQT UK ( GU RTKOKVKXC FG H GPVQPEGUGUEQPVKPWC[
FGTKXCDNGGP=CD?

D 5K(GUHWPEKÎPRTKOKVKXCFGHGP=CD?GPVQPEGU )
Z  (
Z   -  -   VCODKÃPNQGU
[CSWGRCTCVQFQ Z  C D 

)
Z 
(
Z   -  (
Z  H
Z  

2QTVCPVQNCHWPEKÎPRTKOKVKXCFGHUKGZKUVGPQGUÕPKEC

E 5K H GU EQPVKPWC GP =CD? VGPKGPFQ GP EWGPVC NC FGHKPKEKÎP CPVGTKQT [ GN 6GQTGOC  UG
XGTKHKECSWGNCHWPEKÎPKPVGITCNCUQEKCFCCHGUWPCFGUWURTKOKVKXCUGP=CD?#UÈRWGU
VQFCHWPEKÎPEQPVKPWCVKGPGWPCHWPEKÎPRTKOKVKXC

(MHPSOR
L 8QDIXQFLyQSULPLWLYDGH I  [  [  HQ  HV
[
)  [  

\DTXH
[
)
  [   [ I  [  

[
7DPELpQHVSULPLWLYDGHIODIXQFLyQ )  [    



 
LL /DIXQFLyQGHILQLGDSRU )  [ 
%&[VL[ > QRHVSULPLWLYDGHQLQJXQDIXQFLyQ>@\D
'  [VL[  
TXHQRHVGHULYDEOHHQ [  
GY 

 Y
 



LLL /D IXQFLyQ I  [ 

%&VL[ >    QR WLHQH IXQFLyQ SULPLWLYD HVWR HV QR H[LVWH QLQJXQD
'VL[  
IXQFLyQ FRQWLQXD \ GHULYDEOH HQ >@ FX\D GHULYDGD FRLQFLGH FRQ I REVHUYDU TXH OD IXQFLyQ ) GHO HMHPSOR
DQWHULRUQRSXHGHVHUODSULPLWLYDGH I

(QUHVXPHQHOFiOFXORGHODLQWHJUDOGHILQLGDGHXQDIXQFLyQFRQWLQXDIVH´UHGXFHµQRVLHPSUHHVIiFLODHQFRQWUDUXQDGHODV
SULPLWLYDV\DSOLFDUHO7HRUHPD

LY &DOFXODUODIXQFLyQLQWHJUDOGH I  [  [   [    
/DIXQFLyQ I  [  [  HVFRQWLQXD\SRUWDQWRLQWHJUDEOHHQ>@H[LVWHSXHVVXIXQFLyQLQWHJUDO *
TXHSRUHO7HRUHPDVHUiFRQWLQXD\GHULYDEOH7HQLHQGRHQFXHQWDHO7HRUHPD\HOHMHPSORL 

* W 

W

I
[ G[ )  W   )  FRQ )  [ 
[



W 
$VtSXHV * W   HVFRQWLQXD\GHULYDEOHHQ>@\HVWDPELpQXQDSULPLWLYDGH I  [  [  
 


 
 ,QWHJUDOLQGHILQLGD

%QOQ [C UG JC KPFKECFQ NC HWPEKÎP RTKOKVKXC
C FKHGTGPEKC FG NC HWPEKÎP KPVGITCN UK
GZKUVGPQGUÕPKEC'NEQPLWPVQFGVQFCUNCUHWPEKQPGURTKOKVKXCUFGWPCFGVGTOKPCFCHWPEKÎP
UGFGPQOKPCKPVGITCNKPFGHKPKFCFGNCOKUOC'PEQPETGVQUGVKGPG

&GHKPKEKÎP 5GC ( c Z 05 :
H
Z  RCTCVQFQ Z NCHCOKNKCFGHWPEKQPGU (
Z   E E   UG ?
FGPQOKPCKPVGITCNKPFGHKPKFCFGH[UGFGPQVCRQT

I H
Z FZ (
Z  E 


2TQRQUKEKÎP
2TQRKGFCFGUFGNCKPVGITCNKPFGHKPKFC

K 5KHGUWPCHWPEKÎPFGTKXCDNGUGVKGPG

I H
Z FZ H
Z   E 

KK
F
FZ
4 I H
Z FZ 9 H
Z  

KKK.KPGCNKFCF

I

H
Z   I
Z FZ I I
H
Z FZ  I
Z FZ

I
CH
Z FZ I
C H
Z FZ RCTCVQFQC  


KX .CFKHGTGPEKCNFG I H
Z FZ XKGPGFCFCRQT
F
FZ
4 I 9
H
Z FZ FZ H
Z FZ 


 .C FGOQUVTCEKÎP FG GUVCU EWCVTQ RTQRKGFCFGU GU KPOGFKCVC DCUVC EQP CRNKECT NC
FGHKPKEKÎPFGKPVGITCNKPFGHKPKFC

 'NRTQEGUQFGNE¶NEWNQFGNCURTKOKVKXCUFGWPCHWPEKÎP H UGFGPQOKPCKPVGITCEKÎPFG

H  [ GU GN RTQEGUQ QKPXGTUQR C NC FGTKXCEKÎP EQOQ RWGFG QDUGTXCTUG C RCTVKT FG NCU

RTQRKGFCFGU
C[
D
 .QURTQEGUQUFGECNEWNCTRTKOKVKXCU[FGTKXCFCUFKHKGTGPGPFQUCURGEVQUKORQTVCPVGU
'P RTKOGT NWICT CNIWPCU HWPEKQPGU GNGOGPVCNGU PQ VKGPGP RTKOKVKXC GNGOGPVCN EQOQ RQT

GLGORNQ  H
Z  G Z 'PUGIWPFQNWICTWPNKIGTQECODKQGPNCHQTOCFGNKPVGITCPFQRWGFG

QECUKQPCTWPHWGTVGECODKQGPNCRTKOKVKXCRQTGLGORNQ

I 
  Z
FZ CTEVI Z  E  I Z
  Z
FZ


NP Z     E 

 
 #NIWPCU KPVGITCNGU KPFGHKPKFCU FG HWPEKQPGU FG WUQ HTGEWGPVG UQP
UKGPFQ H  WPC

HWPEKÎPFGTKXCDNG

C I P
H
Z  H
Z FZ
H
Z P 
P 
  EUKP z 

D  I H
Z 
H
Z
FZ NP^H
Z ^  E

I
E H
Z G H
Z  FZ G H
Z  E

I
F   H
Z UGP H
Z  FZ  EQU H
Z   E

I
G H
Z EQU H
Z  FZ UGP H
Z   E

I
H  H
Z UGE  H
Z  FZ VI H
Z   E

I
I H
Z EQUGE  H
Z  FZ  EVI H
Z   E

J I H
Z 
C   H
Z 
FZ

C
CTEVI  "#
H
Z
! $
C
E

K  I H
Z 
C  H
Z 

FZ CTEUGP 
H
Z "
! C #$  E
L  I H
Z 
H
Z  C  
FZ NP^H
Z   H
Z  r C  ^  E


M  I H
Z 
H
Z   C 
FZ
 H
Z  C
NP
C H
Z  C
E


 .C FGOQUVTCEKÎP FG GUVCU QPEG GZRTGUKQPGU GU KPOGFKCVC DCUVC EQP FGTKXCT GP GN
UGIWPFQ OKGODTQ FG ECFC WPC FG GNNCU TGURGEVQ C Z [ EQORTQDCT SWG FKEJCU FGTKXCFCU
EQKPEKFGPEQPNCHWPEKÎPKPVGITCPFQ
 2QTGLGORNQRCTCG

1EQU H
Z  E6 1EQU H
Z  E6 1
  H
Z UGP H
Z  6 H
Z UGP H
Z   

 'XKFGPVGOGPVGGZKUVGPQVTCUOWEJCUHWPEKQPGUSWGVKGPGPRTKOKVKXCCWPSWGRWGFGPQ
UGTH¶EKNGPEQPVTCTNC'UVWFKCTGOQUO¶UCFGNCPVGOÃVQFQURCTCGPEQPVTCTWPCHWPEKÎPRTKOKVKXC
FGWPCHWPEKÎP

(MHPSOR

I


L &DOFXODU  [  [G[ 

3RUODVSURSLHGDGHVGHOLQHDOLGDGGHODLQWHJUDOGHILQLGD 

I I I I I
    

 [   [ G[  [ G[   [G[  [  G[   [G[ 
    

 
/DVIXQFLRQHV I  [  [  \ J  [  [ VRQFRQWLQXDVHQ>@SRUWDQWRWLHQHQIXQFLyQSULPLWLYD'HDFXHUGR
FRQODH[SUHVLyQSULPHUDGHODWDEODDQWHULRUVHYHULILFD 

[  G[
[  
 
)LQDOPHQWHWHQLHQGRHQFXHQWDHO7HRUHPD 
I
 F
[

 F   [G[
[

F
[

F  I
I  [  F   [  F 
  
 


 [   [ G[ 
  


  





I
S

LL &DOFXODU   WJ [ G[ 


I I I I
S S S S
VHQ [  VHQ [
  WJ [ G[   G[ G[  G[ 
 
FRV [  
FRV [

VHQ [ S  "#
/D IXQFLyQ I  [ 
FRV [
 HV FRQWLQXD HQ 
 ! $
 WLHQH SRU WDQWR IXQFLyQ SULPLWLYD TXH FDOFXODUHPRV FRQ

D\XGDGHODWDEODGHLQWHJUDOHVLQGHILQLGDV 
 VHQ [
FRV [
G[ 
J
 [
J  [ I
G[ GRQGH J  [  FRV [  I
DVtSXHVDSDUWLUGHODVHJXQGDH[SUHVLyQGHODWDEODSUHFHGHQWH 

I
S
S S S S S 
  WJ [ G[ [  OQFRV [    OQFRV   OQFRV    OQ 

   

%K  [ d [ d 
LLL &DOFXODUODIXQFLyQLQWHJUDOGH I  [  &K  [  d [ d  HQHOLQWHUYDOR>@
'[   d [ d 
 
GY 
I HV FRQWLQXD HQ >@ SHUR QR HV GHULYDEOH HQ
WRGRHOLQWHUYDOR
I QRWLHQHGHULYDGDHQ[ \[ 

I
W

/DIXQFLyQLQWHJUDOHV )  W  I  [ G[ 

Y
 U  U  


I I I
W W W W
W [ W  W 
 6L W     ) W     [ G[ G[  [G[ [   W    W  
  
 
   

W 
/DH[SUHVLyQ  W  QRVGDHOYDORUGHOiUHDVLWXDGDEDMRODJUiILFDGH IFXDQGR[YDUtDGH²DW
 

 6L W   DSOLFDQGRODSURSLHGDGGHDGLWLYLGDGGHODLQWHJUDOGHILQLGD 

I I I I I I I I
W  W  W  W W

) W  I  [ G[ I  [ G[  I  [ G[    [ G[     [ G[    [ G[  G[  [G[
       

 W [  W
 W 


[ 
 

 W
  
 W  

/D H[SUHVLyQ

 W
  
 QRV GD HO YDORU GHO iUHD GHO FRQMXQWR RUGHQDGR GH I HQ HO LQWHUYDOR >W@ FRQ

W   


 
 6L W    

I I I I I I I I
W   W   W W

) W  I  [ G[    [ G[     [ G[  [  G[    [ G[     [ G[  [G[  G[
       


I I  W
 W 
      0W  5
   
[ W W 

   [ G[     [ G[ 

 
 [
   
W 


$VtSXHVODIXQFLyQLQWHJUDOHV

%KW    W    

VL   d W d 
) W  &K    W  W  

VL   W d  

'W    W    

VL   W d 

&RPR\DVDEHPRVSRUHO7HRUHPDHVFRQWLQXDHQ> @\DGHPiVFRPRIHVFRQWLQXDHQWRGRHOLQWHUYDOR
)HVGHULYDEOHSDUDWRGR W    /DUHSUHVHQWDFLyQJUiILFDGH)HV

(Y



Y
   

 
 $SOLFDFLRQHVGHODLQWHJUDOGHILQLGDFiOFXORGHiUHDV

 %QOQ [C UG JC XKUVQ I
C
D
H
Z FZ TGRTGUGPVC
UK H GU PQ PGICVKXC GP C D  GN ¶TGC FGN

EQPLWPVQ QTFGPCFQ # %QP RQECU OQFKHKECEKQPGU RQFGOQU QDVGPGT GN ¶TGC FG WPC TGIKÎP
NKOKVCFCRQTFQUEWTXCUCRCTVKTFGWPCKPVGITCNFGHKPKFCCFGEWCFC
%QPUKFGTGOQUGNEQPLWPVQFGNRNCPQFGHKPKFQRQT
$ <0 Z [5   C d Z d D I
Z  d [ d H
Z   A
FQPFG H  [ I UQP FQU HWPEKQPGU EQPVKPWCU GP C D  [ I
Z  d H
Z   RCTC VQFQ Z  C D 

)T¶HKECOGPVG$GUEQOQUGKPFKECGPNCUKIWKGPVGHKIWTC
 Z

G

$

H

Y
B C

 'NOÃVQFQRCTCECNEWNCTGN¶TGCFG$UGKPFKECGPGNUKIWKGPVG

6GQTGOC 5K H  [ I UQP HWPEKQPGU EQPVKPWCU GP =CD? [ I
Z d  H
Z RCTC VQFQ Z  C D 

GPVQPEGUGN¶TGCFGWPCTGIKÎPRNCPCFGHKPKFCRQT

¶TGC
$ I0
C
D
5
H
Z   I
Z  FZ 


.CKPVGTRTGVCEKÎPFGGUVGTGUWNVCFQGU
Z Z Z

G G G

H H H

Y Y Y
B C B C B C

iUHDGHODUHJLyQHQWUHI\J iUHDGHODUHJLyQEDMRI iUHDGHODUHJLyQEDMRJ



I0 D

C
5
H
Z   I
Z  FZ   I D

C
H
Z FZ    I D

C
I
Z FZ 

 
(MHPSOR

L +DOODUHOiUHDGHODUHJLyQOLPLWDGDSRU \ [     \  [  [  \ [  
/DUHJLyQFX\DiUHDKDGHFDOFXODUVHHVGHODIRUPD 
Z ZY" 6LGHQRWDPRVSRU J  [   [ \ I  [  [    
HQWRQFHV J  [  d I  [   SDUD WRGR [    @ \D

TXH [    t  [  SDUD [     SXHV

[     [ t   HQ   
$SOLFDQGRHO7HRUHPDWHQHPRV
 
Y
iUHD %  I 43 8

[       [  G[9
I I I


    
[  G[  [G[   G[
ZY    


LL +DOODUHOiUHDGHODUHJLyQFRPSUHQGLGDHQWUH \   [    \ [   H \ [   
 Z /DSDUiEROD \   [   WLHQHLQWHUVHFFLyQFRQHOHMH
2;HQ[ \[ 
/DVUHFWDV \ [   H \ [   VHFRUWDQHQHO
SXQWR\WLHQHQLQWHUVHFFLyQFRQODSDUiERODHQ
\UHVSHFWLYDPHQWH 
 Y 6LGHQRWDPRVSRU I  [    [   J   [  [   \
  
J   [  [   VHYHULILFD
 I  [  t J   [  SDUDWRGR [    
I  [  t J   [  SDUDWRGR [     

3RUWDQWRHOiUHDGHOFRQMXQWRUD\DGRHV 

I3 


  [   [    G[ 

8

I3 


  [   [    G[

8

 I 


[G[   I I


G[ 


[  G[   I I



G[ 


[ G[  I 


[G[

[  [  [ [      
   [     [                     
 
 
 
 
     

LLL +DOODUHOiUHDGHODUHJLyQFRPSUHQGLGDHQWUH \   [ H \  [   
 5DPDSRVLWLYDGHOD /D SDUiEROD  \   [  \ ODUHFWD \  [   VH
 SDUDERODVXHFXDFLyQ
 
 FRUWDQ HQ ORV SXQWRV FX\DV FRRUGHQDGDV VRQ
HVZ …Y
VROXFLyQGHOVLVWHPDGHHFXDFLRQHV 

#l
\  [
 VXVWLWX\HQGRODHQOD
()
#| \  [   *
   r    
\      \   \ 
  

5DPDQHJDWLYDGHOD &XDQGR \  HQWRQFHV [  \ SDUD \  [ 
SDUDERODVXHFXDFLyQ
HVZ …Y

2EVpUYHVHDSDUWLUGHODILJXUDTXH
 [ d  [ SDUD [      [   d  [ SDUD [   
$VtSXHVHOiUHDHVWiGDGDSRUODVXPDGHODViUHDVGHORVFRQMXQWRV $  \ $ HVGHFLU
iUHD iUHD $   iUHD $  I 
 [    [ G[  I 
 [   [   G[

I I I I
 
   

 [G[   [G[   [G[   G[ 
   

 
 (O iUHD GH HVWH FRQMXQWR SXHGH KDFHUVHFRQXQD~QLFDLQWHJUDOUHVSHFWRDODYDULDEOH \(QHIHFWR
JLUHPRVžJUDGRVKDFLDODL]TXLHUGDODILJXUDDQWHULRU\GHVSXpVHIHFWXHPRVXQDURWDFLyQVREUHHOHMH [GH
ž6HREWLHQH
 Y
YZ"

#
YZ  

Z
  


\ \ 
6LVHGHQRWDSRU J  \  \ I  \  HQWRQFHV J  \  d I  \  SDUDWRGR \    3RUWDQWRGH
 
DFXHUGRFRQHO7HRUHPDFDPELDQGR [SRU\VHREWLHQH

I  \    \  G\
I1 I 1 6   

6  \

      \
  

iUHD $  \   G\  \ G\   
         



'PIGPGTCNRCTCFGVGTOKPCTGN¶TGCGPVTGEWTXCUJC[SWGECNEWNCT

x +PVGITCPFQGPNCXCTKCDNGZ
 Z 


¶TGC I
Z C
0EWTXCUWR EWTXCKPH5FZ
Z D

Y
 B C


x +PVGITCPFQGPNCXCTKCDNG[
 Z 


I
E

¶TGC
[ E
[ F
0EWTXCFGT EWTXCK\S5F[
Y


D





 
 $SOLFDFLRQHV(FRQyPLFDV


C 1DVGPEKÎPFGWPCHWPEKÎPCRCTVKTFGUWHWPEKÎPOCTIKPCN

&CFC WPC HWPEKÎP
RQT GLGORNQ HWPEKÎP FG EQUVG VQVCN %6 HWPEKÎP FG KPXGTUKÎP +
GVE CN FGTKXCTNC QDVGPGOQU NC HWPEKÎP OCTIKPCN EQTTGURQPFKGPVG
RQT GLGORNQ HWPEKÎP FG
EQUVG OCTIKPCN %/ HWPEKÎP FG KPXGTUKÎP OCTIKPCN +/ GVE 2QT GN UGIWPFQ VGQTGOC
HWPFCOGPVCNFGNE¶NEWNQKPVGITCNUCDGOQUSWGGNRTQEGUQFGKPVGITCEKÎPGUGNKPXGTUQFGNFG
FGTKXCEKÎP #UÈ RWGU FCFC WPC HWPEKÎP OCTIKPCN FGDGTÈCOQU RQFGT QDVGPGT KPVGITCPFQ  NC
HWPEKÎPEQTTGURQPFKGPVG

(MHPSOR 6HDODIXQFLyQ &
T  H T HXURVSRUXQLGDGHVSURGXFLGDVGRQGHODYDULDEOH TUHSUHVHQWD
ODFDQWLGDGGHELHQSURGXFLGR3DUD KDOODUODIXQFLyQGHFRVWHWRWDOLQWHJUDPRVODIXQFLyQGHFRVWHPDUJLQDO 
&  T  H  T  N 
\ FRPR ORV FRVWHV ILMRV VRQ GH & )   HXURV HQWRQFHV  &   H   N œ N   \ SRU WDQWR
& T   H   HXURV 
T




D +PXGTUKÎP[HQTOCEKÎPFGECRKVCN

.CHQTOCEKÎPFGECRKVCNGUGNRTQEGUQFGCWOGPVCTWPUVQEMFCFQFGECRKVCN5KOQFGNCOQU
GN UVQEM FG ECRKVCN EQOQ WPC HWPEKÎP FGN VKGORQ -
V [ EQPUKFGTCOQU GN RTQEGUQ FG
HQTOCEKÎPFGECRKVCNEQOQWPRTQEGUQEQPVKPWQGPGNVKGORQGPVQPEGUNCFGTKXCFCFGNUVQEM
FGECRKVCNTGURGEVQFGNVKGORQF-FVOQFGNCNCVCUCFGHQTOCEKÎPFGECRKVCN#JQTCDKGPNC
VCUCFGHQTOCEKÎPFGECRKVCNGPWPKPUVCPVGVEQKPEKFGEQPNCVCUCFGHNWLQFGKPXGTUKÎPPGVCGP
FKEJQKPUVCPVGSWGUGFGPQVCRQT+
VGUVQGU
F-
V 
+
V  
FV
[RQTVCPVQ

-
V  I +
V FV 

1DUÃTXGUG SWG GN ECRKVCN - VKGPG ECT¶EVGT FG UVQEM OKGPVTCU SWG NC KPXGTUKÎP PGVC +
VKGPGECT¶EVGTFGHNWLQ'UVQGU-
VTGRTGUGPVCNCECPVKFCFFGECRKVCNGZKUVGPVGGPECFCKPUVCPVG
VG+
VTGRTGUGPVCNCVCUCFGKPXGTUKÎP
PGVCRQTRGTKQFQFGVKGORQGPECFCKPUVCPVGV

 
 5KSWGTGOQUXCNQTCTNCHQTOCEKÎPFGECRKVCNFWTCPVGWPKPVGTXCNQFGVKGORQ=CD?[PQ

UÎNQ NC VTC[GEVQTKC VGORQTCN FG -

GUVQ GU -
V  I +
V FV  WVKNK\CTGOQU GN EQPEGRVQ FG

KPVGITCNFGHKPKFCFG4KGOCPPUKGPFQ

I C
D
+
V FV -
V  C
D
-
D  -
C 

NCCEWOWNCEKÎPFGECRKVCNFWTCPVGGNKPVGTXCNQFGVKGORQ=CD?
 1DUÃTXGUG SWG GN ECRKVCN - GP ECFC KPUVCPVG V GU KIWCN CN ECRKVCN KPKEKCN -
 O¶U GN
CEWOWNCFQRWGU

I
V
+
U FU -
U
V
-
V   -
 Ÿ -
V  -
  I

V
+
UFU 


(MHPSOR 6LHOIOXMRGHLQYHUVLyQQHWDYLHQHGHVFULWRSRUODIXQFLyQ ,  W  W  FLHQWRVGHHXURVSRU
DxR\HOVWRFNLQLFLDOHV . FLHQWRVGHHXURVHQWRQFHVODWUD\HFWRULDWHPSRUDOGHOFDSLWDOYLHQHGDGD

I I
SRU
. W  ,  W GW W GW W   NFLHQWRVGHHXURV 
\FRPR  .  NFLHQWRVGHHXURV WHQHPRVTXHODWUD\HFWRULDWHPSRUDOGHOFDSLWDOHV 
.  W  W    FLHQWRVGHHXURV 

(MHPSOR 6LHOIOXMRGHLQYHUVLyQQHWDYLHQHGHVFULWRSRUODIXQFLyQ ,  W  W  FLHQWRVGHHXURVSRU
DxRHQWRQFHVODIRUPDFLyQGHFDSLWDOGX UDQWHHOVHJXQGRWHUFHU\FXDUWRDxRYHQGUiGDGRSRUODLQWHJUDO
GHILQLGD


I 


,  W GW I


W   GW W        FLHQWRVGHHXURV 

E $GPGHKEKQ[HNWLQFGDGPGHKEKQ

5KOQFGNCOQUGNDGPGHKEKQEQOQWPCHWPEKÎPFGNVKGORQ$
V[EQPUKFGTCOQUGNRTQEGUQ
FGCWOGPVQQFKUOKPWEKÎPFGDGPGHKEKQEQOQWPRTQEGUQEQPVKPWQGPGNVKGORQGPVQPEGUNC
FGTKXCFCFGNCHWPEKÎPDGPGHKEKQTGURGEVQFGNVKGORQF$FVOQFGNCGNHNWLQFGDGPGHKEKQGUVQ
GUEÎOQECODKCGNDGPGHKEKQGPECFCKPUVCPVGFGVKGORQ.WGIQGNHNWLQFGDGPGHKEKQGPWP
KPUVCPVGVXKGPGFCFQRQTNCHWPEKÎP
F$
$
V 
V  
FV
[RQTVCPVQ

$
V  I $
V FV 

 
 5KSWGTGOQUXCNQTCTGNDGPGHKEKQQDVGPKFQFWTCPVGWPKPVGTXCNQFGVKGORQ=CD?[PQ

UÎNQ NC VTC[GEVQTKC VGORQTCN FG $

GUVQ GU $
V  I $
V FV  WVKNK\CTGOQU GN EQPEGRVQ FG

KPVGITCNFGHKPKFCFG4KGOCPPUKGPFQ

I C
D
$c
V FV $
V  C
D
$
D  $
C 

GNDGPGHKEKQQDVGPKFQFWTCPVGGNKPVGTXCNQFGVKGORQ=CD?

(MHPSOR 6LHOIOXMRGHEHQHILFLRYLHQHGHVFULWRSRUODIXQFLyQ %
 W  W   W FLHQWRVGHHXURVSRU

I I
DxR\HOEHQHILFLRLQLFLDOHV% FLHQWRVGHHXURVHQWRQFHVODIXQFLyQEHQHILFLRYLHQHGDGDSRU 
% W  %
 W GW W   W GW W   W   NFLHQWRVGHHXURV 
\FRPR  .  NFLHQWRVGHHXURV WHQHPRVTXHODIXQFLyQEHQHILFLRHV 
% W  W   W    FLHQWRVGHHXURV 

(MHPSOR 6LHOIOXMRGHEHQHILFLRYLHQHGHVFULWRSRUO DIXQFLyQ %
 W  W   W FLHQWRVGHHXURVSRU
DxRHQWRQFHVHOEHQHILFLRGXUDQWHORVFLQFRSULPHURVDxRVYLHQHGDGRSRUODLQWHJUDOGHILQLGD 

I

% c W GW I


 W   W GW W   W        FLHQWRVGHHXURV 

 
(MHUFLFLRVUHVXHOWRV

 %CNEWNCTWVKNK\CPFQNCFGHKPKEKÎPFGKPVGITCNFG4KGOCPPNCKPVGITCNFG H
Z  Z   GP

GNKPVGTXCNQ=?

6ROXFLyQ

.C HWPEKÎP H
Z  Z    GU EQPVKPWC GP GN KPVGTXCNQ   [ RQT VCPVQ GU WPC HWPEKÎP

KPVGITCDNG4KGOCPPGPFKEJQKPVGTXCNQ2CTCGNE¶NEWNQFGNXCNQTFGNCKPVGITCNEQPUKFGTCOQUNC
UKIWKGPVGRCTVKEKÎPFGNKPVGTXCNQ=?
%&     
P   () 
2
' PP P *

.CRCTVKEKÎP2FKXKFGCNKPVGTXCNQ  GPPUWDKPVGTXCNQUFGNQPIKVWF 'ZK #FGO¶UGN
P
 
K     K "# EQP K
UWDKPVGTXCNQKÃUKOQGUFGNCHQTOC
! P P$  P 'NFK¶OGVTQFGNCRCTVKEKÎP


GU '  [C SWG VQFQU NQU UWDKPVGTXCNQU VKGPGP NC OKUOC NQPIKVWF 6QOGOQU EK  EQOQ GN
P
RWPVQOGFKQFGECFCUWDKPVGTXCNQ'UVQGU
 
K    K   K 
EK
 P P   
P P
.CUWOCKPVGTOGFKCRCTCHCUQEKCFCCGUVCRCTVKEKÎPGU

¦  P  P  P ¦  P  P   P

P P P
K   K  
+
' ¦
K 
H
EK 'ZK
K 
H
K 

¦  P  P  P  P ¦ K  P ¦  P ¦  P   P P  P P 
P P P P
K       P
P    
     
K  K  K  K 


P   
 
P P
6QOCPFQNÈOKVGEWCPFQ ' o  QGSWKXCNGPVGOGPVGEWCPFQ P o f UGQDVKGPG

I  
P      




Z  FZ NKO +
' 
'o
NKO
Pof  P P   

'UVG TGUWNVCFQ VCODKÃP RWGFG QDVGPGTUG C RCTVKT FG NC IT¶HKEC FG H [ NC KPVGTRTGVCEKÎP
IGQOÃVTKECFGNCKPVGITCNFGHKPKFCGPVÃTOKPQUFG¶TGCU

 
  Z G

   Y






 #PCNK\CTUKNCHWPEKÎP H
Z 
%& Z 
GUKPVGITCDNGGPGNKPVGTXCNQ=?‹'U
' Z    

HCEQVCFCGPFKEJQKPVGTXCNQ!

5QNWEKÎP

.CHWPEKÎP H
Z  VKGPGWPPÕOGTQKPHKPKVQFGFKUEQPVKPWKFCFGU2CTCXGTUK H
Z  GUKPVGITCDNG

GP =? ECNEWNCOQU NC UWOC UWRGTKQT G KPHGTKQT [ CPCNK\COQU UK UWU NÈOKVGU EQKPEKFGP 2CTC
GNNQEQPUKFGTCOQUNCUKIWKGPVGRCTVKEKÎPFGNKPVGTXCNQ=?
%&                 
P    () 
2
' P P P *

.CRCTVKEKÎP2FKXKFGCNKPVGTXCNQ=?GPPUWDKPVGTXCNQUFGNQPIKVWF 'ZK %QOQGP
P
ECFCUWDKPVGTXCNQJC[PÕOGTQUTCEKQPCNGUGKTTCEKQPCNGUGNXCNQTO¶ZKOQ /K FGNCHWPEKÎPGP

ECFCUWDKPVGTXCNQGU[GNXCNQTOÈPKOQ OK GU.CUUWOCKPHGTKQT[UWRGTKQTFG4KGOCPP

RCTCHCUQEKCFCUCGUVCRCTVKEKÎPUQP
P P P
  
U
'  ¦
K 
OK 'ZK ¦
K 

P P
¦
K  P
P  

P P P
  
5
'  ¦
K 
/K 'ZK ¦ K 

P P
¦
K  P
P  

6QOCPFQNÈOKVGUEWCPFQ ' o  QGSWKXCNGPVGOGPVGEWCPFQ P o f UGQDVKGPG

NKO U
'   z NKO 5
'  
Pof P of

[NCHWPEKÎP H
Z  PQGUKPVGITCDNGGP=?CWPSWGUÈGUCEQVCFCGPFKEJQKPVGTXCNQ

 
 *CNNCT GN XCNQT FG NC KPVGITCN FGHKPKFC FG NCU HWPEKQPGU EW[CU IT¶HKECU UG KPFKECP C
EQPVKPWCEKÎPGPNQUKPVGTXCNQUSWGUGUGÌCNCP
C  
 Z







   Y

D  
 Z




  
      Y



5QNWEKÎP

%CNEWNCOQU GN XCNQT FG NC KPVGITCN FGHKPKFC  FG NCU HWPEKQPGU RTQRWGUVCU WUCPFQ NC
KPVGTRTGVCEKÎPIGQOÃVTKECFGNCKPVGITCNFGHKPKFCGPVÃTOKPQUFG¶TGCU

C
 Z
>@




 #|
#l
   Y


I

 
H
Z FZ #  #  

 

 
D
Z
>@




#d
   #l  
#|   #e   Y



I

 
H
Z FZ  #  #  #  #  #  #   

 

 &CFCNCHWPEKÎP H
V 
%&V d V d
UGRKFG
'V   V d

C %CNEWNCTNCHWPEKÎPKPVGITCN(FGNCHWPEKÎPHGPGNKPVGTXCNQ=?
D ‹'UEQPVKPWC(GP=?!
E ‹'UFGTKXCDNG(GP=?!
F ‹.CHWPEKÎPHVKGPGHWPEKÎPRTKOKVKXC!

5QNWEKÎP

C.CHWPEKÎPHGUKPVGITCDNGGP=?[CSWGGUEQPVKPWCGP=?UCNXQGPGNRWPVQV2QT
VCPVQNCHWPEKÎPKPVGITCNFGHGZKUVG
%K
I
Z

I
VFV Z  d Z d
Z
K&
I I

(
Z H
V FV 
 KK  Z
VFV 
V  FV
Z
 Z 

 Z d 
'  
 

#UÈRWGU
%K Z 
 d Z d
(
Z &K Z   Z  


' 
 Z d


D.CHWPEKÎPKPVGITCNUKGORTGGUEQPVKPWCGPGNKPVGTXCNQGPGNSWGGUV¶FGHKPKFC'UENCTQSWG
 Z   Z   

 NKO (
Z 
Z o
NKO
Z o  
NKO (
Z 
Z o
NKO Z 
Z o
 (
 

 
E .C HWPEKÎP KPVGITCN ( GU FGTKXCDNG GP VQFQU NQU RWPVQU GP NQU SWG GU EQPVKPWC NC
HWPEKÎP H
V  #UÈRWGU(GUFGTKXCDNGRCTCVQFQ Z = ?EQP Z z  'PGHGEVQ

(
  'Z   (

  'Z    
(
 NKO  NKO   
'Z o  'Z 'Z o  'Z

  'Z   
 
  'Z    
(
  'Z   (
  
(
 NKO NKO  
'Z o   'Z 'Z o   'Z
%QOQ (
 z (
 NCHWPEKÎP(PQGUFGTKXCDNGGP Z  


F.CHWPEKÎPHPQVKGPGRTKOKVKXCGP=?

%KV  d V d
 &CFCNCHWPEKÎP H
V  &K V

  V d  UGRKFG
'V   Vd

C %CNEWNCTNCHWPEKÎPKPVGITCN(FGNCHWPEKÎPHGPGNKPVGTXCNQ=?
D %CNEWNCT (
   (
  (
 (
 
E ‹'UFGTKXCDNG(GP=?!

5QNWEKÎP

4GRTGUGPVCOQUIT¶HKECOGPVGNCHWPEKÎPH

Z 

¶TGC( 

    Y


C.CHWPEKÎPKPVGITCNFGHGUEQPVKPWC[FGTKXCDNGGP=?RQTUGTHWPCHWPEKÎPEQPVKPWCGP
FKEJQKPVGTXCNQ

 
 %K
I
Z
Z
VFV  d Z d
KK 

I K& I I

Z  Z
 Z 
(
Z H
V FV VFV  V  FV    Z d 
KK   

I I I
  

KK
  Z

Z   
VFV  V  FV 
V  FV   Zd
'   
 

2QTVCPVQ
%K Z 
 d Z d
KK Z 
&K   

(
Z   Z d  

KK
Z   


Zd
'  

  

I


  
   
D (
  
H
V FV
 
[CSWG =?


05 I 0 5
 
 
(  H
V FV  [CSWG  
?

  

05 I 0   5
 
 
( H
V FV  [CSWG  
?

  

05 I 0  5
 
 
(  H
V FV  [CSWG  
?

  


E .C HWPEKÎP ( GU FGTKXCDNG GP =? [ UW FGTKXCFC GU NC HWPEKÎP H &G JGEJQ ( GU WPC
HWPEKÎPRTKOKVKXCFGH


 2CTCNCUHWPEKQPGUEW[CUIT¶HKECUUGKPFKECPGPGNGLGTEKEKQJCNNCTRCTCNCRTKOGTCGN
XCNQTFGUWHWPEKÎPKPVGITCNGPNQURWPVQU[[RCTCNCUGIWPFCGNXCNQTFGUWHWPEKÎP
KPVGITCNGPNQURWPVQU[

5QNWEKÎP

C.CUTGIKQPGUEQP¶TGCU # [ # GUV¶PTGRTGUGPVCFCUGPNCUUQNWEKQPGUFGNGLGTEKEKQC

 
 Z

 ZY 


#e


 Y


I

(
 H
V FV 


I


(
 H
V FV # 



I

 
(
 H
V FV #  #  

 

I


(
  H
V FV # 




D.CUTGIKQPGUEQP¶TGCU #  #  # [ # GUV¶PTGRTGUGPVCFCUGPGNGLGTEKEKQD#FGO¶UUG

TGRTGUGPVCCEQPVKPWCEKÎPNCTGIKÎPEQP¶TGC # 

Z
 

Y #p


I

(
 H
V FV  

 

#

I I I
  
(
 H
V FV H
V FV  H
V FV     
 
 


#

I I I I
   

(
  H
V FV H
V FV  H
V FV  H
V FV 

 

 



 


 

 # #  #

I I I I I
    
 
(
 H
V FV H
V FV  H
V FV  H
V FV  H
V FV   
 
 

 



 
  
  

 # #  # #

 
 *CNNCTNCHWPEKÎPKPVGITCNFG H
Z  G Z   Z  GPGNKPVGTXCNQ=?


5QNWEKÎP

I2  G   G   
Z V Z

(
Z G V 
 V FV 
7 
V 

V
  
Z 

Z
  
 G 

  G Z  
Z 
 
 
 V 



 *CNNCT
UKGZKUVGPNCUHWPEKQPGURTKOKVKXCUFG

C H
Z  G Z  GP=?
Z

D H
Z 
%& Z  d Z d  GP=?
'G   Z d 
Z

E H
Z 
%&  Z    d Z d  GP=?
'Z     Z d 



5QNWEKÎP

 Z
C )
Z  G  NP Z  % 


D H  PQ VKGPG RTKOKVKXCU GP GN KPVGTXCNQ =? [C SWG H PQ GU EQPVKPWC GP Z   RWGU
NKO H
Z   z NKO H
Z  G 
Z o Z o


E.CUHWPEKQPGURTKOKVKXCUFGHUGT¶PCSWGNNCUHWPEKQPGUEQPVKPWCUFGNCHQTOC

)
Z 
%& Z  Z  %

 d Z d 

'Z   Z  %

 Zd

'NCLWUVGFGEQPUVCPVGUUGJCEGVGPKGPFQGPEWGPVCSWGNCHWPEKÎP )FGDGUGTEQPVKPWCGPGN
KPVGTXCNQ=?RQTNQSWG
NKO )
Z    % NKO )
Z    % 
Z o  Z o 

[RQTVCPVQ % %   #UÈNCURTKOKVKXCUDWUECFCUUQP

)
Z 
%& Z 
Z% d Z d 

'Z 
  Z    %   Z d 

 
 +PFKECTUKNCUHWPEKQPGU

C )
Z 
%& Z   Zd
GP=?
' Z   Z!

D )
Z 
%& Z   Zd
GP=?
'Z  

Z!

E )
Z 
%& Z   Z d
GP=?
'Z 
Z !

F )
Z  G Z  Z  GP=?

RWGFGP UGT HWPEKQPGU RTKOKVKXCU FG CNIWPC HWPEKÎP GP GN KPVGTXCNQ EQTTGURQPFKGPVG 'P ECUQ
CHKTOCVKXQECNEWNCTNCHWPEKÎPHFGNCSWGNCHWPEKÎP )K GUHWPEKÎPRTKOKVKXC


5QNWEKÎP


C )
Z 
%& Z   Zd
GP=?
' Z   Z!
 Z .C HWPEKÎP PQ RWGFG UGT RTKOKVKXC FG

 PKPIWPCHWPEKÎPRQTSWGPQGUFGTKXCDNGGP
VQFQU NQU RWPVQU FGN KPVGTXCNQ
L GP
   Y EQPETGVQ PQ GU FGTKXCDNG GP Z   [C SWG
) 
  z ) 






D )
Z 
%& Z   Zd
GP=?
'Z  

Z!
 Z 0QRWGFGUGTHWPEKÎPRTKOKVKXCFGPKPIWPC
 HWPEKÎP RQT PQ UGT FGTKXCDNG GP =? [C

 SWG )  GU FKUEQPVKPWC GP Z   RWGU

 NKO )
Z   z  NKO )
Z  
Z o  Zo 
  Y





 
E )
Z 
%& Z   Z d
GP  
'Z
Z !
 Z 

 'UVC HWPEKÎP UK GU WPC HWPEKÎP RTKOKVKXC

RWGUGUFGTKXCDNGGPGNKPVGTXCNQ=?'U
NCHWPEKÎPRTKOKVKXCFG


 H
Z
%&  Z d

' Z Z !
   Y
[CSWG )
Z  H
Z  



F ) UKGUWPCHWPEKÎPRTKOKVKXC[CSWGGUFGTKXCDNGGP=?,WUVCOGPVGGUNCRTKOKVKXCFG

NCHWPEKÎP H
Z  G Z   Z 



%K V   V z 


K& V   I
 V   FV 5GRKFG
Z 
 &CFCU H
Z 
KKV 
[ (
Z 
 V   

'
C 'ZCOKPCTNCKPVGITCDKNKFCFFGHGP=?
D #PCNK\CTNCEQPVKPWKFCF[FGTKXCDKNKFCFFG(GP=?

5QNWEKÎP

C.CHWPEKÎPHGUKPVGITCDNGGP=?[CSWGHGUEQPVKPWCGPFKEJQKPVGTXCNQUCNXQGPGNRWPVQ
V  
 V  

0V  50V  5
NKO
V o  V   NKO
V o V 
NKO
V  
V o
 z H
  


D ( GU WPC HWPEKÎP EQPVKPWC GP =? [C SWG GU NC HWPEKÎP KPVGITCN FG H GP FKEJQ KPVGTXCNQ

I  V   FV
I I
Z  Z Z
1DUÃTXGUGSWG (
Z 

 V   
H
V FV


V  FV 

 
 I  V   FV
I
Z  Z
Z
E.CHWPEKÎPKPVGITCN(GUFGTKXCDNGGP=?RWGU (
Z 

 V   

V  FV

 Z 



 +PFKECTSWÃKPVGITCNQKPVGITCNGUFGHKPKFCUJCDTÈCSWGTGUQNXGTRCTCECNEWNCTGN¶TGCFG
NQUUKIWKGPVGUTGEKPVQU
VCPVQRQTQHTCPLCURJQTK\QPVCNGUEQOQRQTXGTVKECNGU
B 
Z C  Z
Y Z«Y«
Y


ZY"


 Y Y


 Z Z
D  E 
ZY 

ZY
Y

Y

Y"Z"





5QNWEKÎP

C.CTGEVCSWGEQTVCCNQUGLGUGPNQURWPVQU
[
VKGPGEQOQGEWCEKÎP  Z   [  

I  


   Z 
x 2QTHTCPLCUXGTVKECNGU¶TGC


  FZ
 


I     [  F[


x 2QTHTCPLCUJQTK\QPVCNGU¶TGC

   



D %QOQ NC TGIKÎP GU UKOÃVTKEC TGURGEVQ FGN GLG 1; CN ECNEWNCTGN¶TGCRQFGOQUEQPUKFGTCT
UÎNQWPCOKVCFFGNCTGIKÎP[FGURWÃUOWNVKRNKECTGN¶TGCFGÃUVCRQTFQU

 
  Z Z  
I
 

2Z 
Z 7   
 

      Z
 
x 2QTHTCPLCUXGTVKECNGU¶TGC    FZ 
   

 "  
I I
 
x 2QTHTCPLCUJQTK\QPVCNGU¶TGC 
  [F[  [  F[ #
!   #$ 
E
 Z %CNEWNCOQU GP RTKOGT NWICT NQU RWPVQU FG
 ZY
KPVGTUGEEKÎP FG NC TGEVC [ Z  [ NC
—

YZ EKTEWPHGTGPEKC Z   [   

—  Y
[ Z () o  Z 
 o Z oZ r 
 Y"Z"

Z [ 
 *

 

I I4
 
x 2QTHTCPLCUXGTVKECNGU¶TGC
Z 
Z   FZ    Z  
Z    FZ  9
 

x 2QTHTCPLCUJQTK\QPVCNGU¶TGC I

4   [   [ F[  9 I0 


5
  [ F[ 

F
 Z 
ZY
 %CNEWNCOQU GP RTKOGT NWICT GN RWPVQ FG
KPVGTUGEEKÎPFGNCUUKIWKGPVGUTGEVCU
YZ Z [  () o [  o [ 

oZ





Y Z  [  *  

 YZ 

ZY


x 2QTHTCPLCUXGTVKECNGU

I I I


   Z    Z  FZ     Z    Z  FZ     Z 
Z  FZ
 

¶TGC

        
    



x 2QTHTCPLCUJQTK\QPVCNGU

I0 5 I  
 
  [ [   
¶TGC



[    
   [ F[ 




F[
 



 
 *CNNCTGN¶TGCFGNCUUKIWKGPVGUTGIKQPGU
C .KOKVCFCRQT [ Z    [  Z  Z  Z  

D .KOKVCFCRQT [   Z [  Z   

E 4 =
Z [   
 Z   [ d  [ t Z   [   Z   t   B
%&
Z [   Z ()
' *

F 4  Z[ d  d [ d  Z 


5QNWEKÎP

C


ZY"
 Y

 


YZ


I2 I2
 
#
4 Z    
 Z  FZ 7 7
Z     Z FZ



 

D
 Z
ZY



 Y


Z"Y


%CNEWNCOQUGPRTKOGTNWICTNQURWPVQUFGKPVGTUGEEKÎPFGNCUFQUEWTXCU

[ (K
Z
 )K
o[
[
  o [   [   o[
 r   
¢
oZ 

[ Z   *    o Z 

%CNEWNCOQUGN¶TGCFGNCTGIKÎPRQTHTCPLCUJQTK\QPVCNGUSWGWVKNK\CUÎNQWPCKPVGITCN

 
 I  [    [  F[
I   I2
  

7

 [ 
#
4

      
F[ 
 
[  F[


   

[   [
    
  
  

E
 Z


ZY
ZY

  Y
ZY"



%CNEWNCOQUGPRTKOGTNWICTGNRWPVQFGKPVGTUGEEKÎPFGNCUFQUTGEVCU
[Z  () o  Z   o Z  o [  
[  Z    *
.C TGIKÎP UG FKXKFG GP FQU TGIKQPGU [ UG ECNEWNC GN ¶TGC FG NC RCTVG UWRGTKQT RQT HTCPLCU
XGTVKECNGU[GN¶TGCFGNCRCTVGKPHGTKQTRQTHTCPLCUJQTK\QPVCNGU

I I
2  Z 7FZ  !
  [    [   "#$F[ I I I  
    



#
4  FZ  Z  FZ   [ F[
    


   
 Z  [   
 Z    [ 
      
 
  
  

F
 Z ZY



ZY

YZ

  Y


I   Z  Z  FZ     Z  FZ I I I I
    
  
#
4

   Z   

ZFZ 

Z
FZ 

ZFZ

 

Z  Z  
   NP Z    NP      NP  
 
 
 

 
 5CDKGPFQ SWG WPC HWPEKÎP H GU EQPVKPWC GP D  [ UCVKUHCEG NC GEWCEKÎP

I
Z
H
V FV Z  Z  RCTCVQFQ Z   D FGVGTOKPCT H
Z  



5QNWEKÎP


I
Z
H
V FV GU NC HWPEKÎP KPVGITCN FG H SWG CFGO¶U GU FGTKXCDNG [C SWG H GU EQPVKPWC 'PVQPEGU


I
Z
RQTGNRTKOGTVGQTGOCHWPFCOGPVCNFGNE¶NEWNQKPVGITCN (
Z  H
Z  
UKGPFQ (
Z  H
V FV 


RCTCVQFQ Z   D 2QTVCPVQ

H
Z    Z 



 5K NC HWPEKÎP FG EQUVGU OCTIKPCNGU FG WPC GORTGUC GUV¶ FCFC RQT NC HWPEKÎP
%/I
3 % c
3   3  3 [NQUEQUVGUHKLQUUQP %(  %CNEWNCT

C .CHWPEKÎPFGEQUVGUXCTKCDNGU
D .CHWPEKÎPFGEQUVGUVQVCNGU

5QNWEKÎP

C2WGUVQSWGGNEQUVGOCTIKPCNGUNCFGTKXCFCTGURGEVQFGNCECPVKFCFRTQFWEKFCFGNQUEQUVGU
XCTKCDNGUVGPGOQUSWG

%8
3 I % c
3F3 I2 7
  3  3 F3

I I I
 F3   3F3   3 F3 

3  3  3  %

#JQTCDKGP %8
  2QTVCPVQ %  [ %8
3 3  3   3  


D.QUEQUVGUVQVCNGUUQPNQUEQUVGUXCTKCDNGUO¶UNQUEQUVGUHKLQU
%6
3 %(  %8
3   3  3   3  




 
 5K UG FGHKPG NC KPXGTUKÎP PGVC EQOQ NC XCTKCEKÎP FGN UVQEM FG ECRKVCN FWTCPVG WP
F-
V 
FGVGTOKPCFQRGTKQFQFGVKGORQGUFGEKT +
V  [UWRWGUVQSWGGNHNWLQFGKPXGTUKÎPPGVC
FV
GUV¶FGUETKVQRQTNCHWPEKÎP +
V   V
OKNNQPGUFGGWTQURQTCÌQ5GRKFG
C ‹'URQUKDNGGPEQPVTCTO¶UFGWPCHWPEKÎP -
V  SWGFGHKPCGNUVQEMFGECRKVCN!
D 5K NC HQTOCEKÎP FG ECRKVCN GU GN RTQEGUQ FG CWOGPVCT WP UVQEM FCFQ FG ECRKVCN [
GUVGRTQEGUQUGEQPUKFGTCEQPVKPWQGPGNVKGORQUWRWGUVQSWGNCHWPEKÎP +
V  GUNC
FGHKPKFCCPVGTKQTOGPVG[SWGGNUVQEMFGECRKVCNGP V  GU -
   ‹%W¶N
GUNCVTC[GEVQTKCVGORQTCNFG -
V  !
E &GVGTOKPCTGNPKXGNFGRTQFWEEKÎPFGECRKVCNFGNSWKPVQCNQEVCXQCÌQ

5QNWEKÎP

C6QFCUNCUHWPEKQPGU

-
V  I +
V FV I  V FV

V   % 

F-
V 
UQPHWPEKQPGURCTCNCUSWGUGXGTKHKEC +
V  
FV

D2WGUVQSWGGNUVQEMKPKEKCNGU -
   RQFGOQUFGVGTOKPCTWPÈXQECOGPVGNCVTC[GEVQTKC
VGORQTCNFGHQTOCEKÎPFGECRKVCNRWGUGPGUGECUQ

-
   ˜   % o %  

[ -
V    ˜V  

E.CHQTOCEKÎPFGECRKVCNFGNSWKPVQCNQEVCXQCÌQXGPFT¶FCFQRQTNCKPVGITCNFGHKPKFC

I I  
   
+
V FV  VFV V   ˜    ˜   3
     8
  



 'N GSWKRQ FG OCTMGVKPI FG NC GORTGUC *Q[Q 5# FGFKECFC C NC EQOGTEKCNK\CEKÎP FG
XKFGQUJCGUVWFKCFQSWGGNTKVOQFGETGEKOKGPVQFGNCFGOCPFC
GPOKNNQPGUFGGWTQURQTCÌQ
FWTCPVG NQU EKPEQ RTKOGTQU CÌQU FG GZKUVGPEKC FG NC GORTGUC XKGPG FCFQ RQT NC HWPEKÎP
V
I
V   2CTC CWOGPVCT NCU XGPVCU FKEJQ GSWKRQ FGEKFG JCEGT WPC ECORCÌC RWDNKEKVCTKC NC


 
EWCN FC NWICT C SWG GN TKVOQ FG XCTKCEKÎP FG NC FGOCPFC UGC UGIÕP NC HWPEKÎP

H
V   
V    5GRKFG

C *CNNCT NC HWPEKÎP SWG PQU RGTOKVC EQPQEGT NC FGOCPFC GP EWCNSWKGT KPUVCPVG FG
VKGORQ
D ‹%W¶NGUNCFGOCPFCFGURWÃUFGCÌQU!‹(WGRQUKVKXCNCECORCÌCRWDNKEKVCTKC!
E ‹'PSWÃKPUVCPVGNCGORTGUCFGDGT¶ECODKCTUWRQNÈVKECRWDNKEKVCTKCUKPQFGUGCSWG
NCFGOCPFCFKUOKPW[C!

5QNWEKÎP

.CXCTKCEKÎPFGNCFGOCPFCGU
%K V dVd
F
V  &K    0V  5 

'  V!


C.CHWPEKÎPSWGPQURGTOKVGEQPQEGTNCFGOCPFCGPEWCNSWKGTKPUVCPVGGUWPCHWPEKÎPEW[C
FGTKXCFCGUNCHWPEKÎPF
V$WUECOQUGPVQPEGUWPCHWPEKÎPRTKOKVKXCFGF#JQTCDKGPEQOQ
FGUEQPVKPWCWPCFGUWURTKOKVKXCUGUUWHWPEKÎPKPVGITCN
%K
I I
V V
Z V
F
Z FZ FZ dVd
K&  

I I I 
 
&
V 
5  FZ

KK V
F
Z FZ

Z
FZ 
V

 Z 0 
V!
'  
 


5GQDVKGPGRQTVCPVQ

%K V

dVd
&
V  &K  

' V   0V  5
 
 V!


  
D.CFGOCPFCFGURWÃUFGCÌQUGU &
    
  
 
.CECORCÌCHWGRQUKVKXC[CSWG &
  &
 
 


 
E .C GORTGUC FGDGT¶ ECODKCT UW RQNÈVKEC RWDNKEKVCTKC EWCPFQ NC FGOCPFC EQOKGPEG C
F&
V 
FKUOKPWKT NQ EWCN UWEGFG EWCPFQ F
V     2WGUVQ SWG RCTC V   F
V  !  
FV
CPCNK\COQUGNECUQ V !  

   
 
V      œ
V    !  œ
V    ! œV ! |  
   
#NECDQFGCÌQUNCGORTGUCFGDGECODKCTUWRQNÈVKECRWDNKEKVCTKC


 'P  GN XCNQT TGCN FGN ITWRQ FG GORTGUCU 7/#5# CUEGPFÈC C  OKNNQPGU FG
RGUGVCU *CUVC  NC RQNÈVKEC EQOGTEKCN [ HKPCPEKGTC RTCEVKECFC RTQRQTEKQPÎ DGPGHKEKQU
ETGEKGPVGU UGIÕP NC HWPEKÎP H
V  V 
GP OKNNQPGU FG RGUGVCU RQT CÌQ # RCTVKT FG  GN

JQNFKPI KPKEKÎ WPC HWGTVG GZRCPUKÎP OGFKCPVG NC CDUQTEKÎP FG GORTGUCU QECF¶XGTR SWG JK\Q
SWGDTCTNCVGPFGPEKCETGEKGPVGFGDGPGHKEKQUNQUEWCNGURCUCPCUGT H
V    V 
GPOKNNQPGU

FGRGUGVCURQTCÌQ5GRKFG
C %CNEWNCTGNXQNWOGPFGDGPGHKEKQUCEWOWNCFQUGPNCRTKOGTCGVCRC
D &GVGTOKPCTCRCTVKTFGSWGCÌQNQUDGPGHKEKQUGORKG\CPCUGTPGICVKXQU[ECNEWNCT
GNXQNWOGPFGDGPGHKEKQUCEWOWNCFQUJCUVCGPVQPEGU
E &GVGTOKPCTEWCPFQGUPWNQGNDGPGHKEKQCEWOWNCFQ
F 5K NCU NG[GU OGTECPVKNGU RTGUGPVGU RTGUETKDGP SWG NCU GORTGUCU EW[CU RÃTFKFCU
CEWOWNCFCUUWRGTGPGNFGUWXCNQTTGCNUGCPGZRTQRKCFCUFGVGTOKPCTGNCÌQ
GPSWGNCCFOKPKUVTCEKÎPGZRTQRKCT¶GNJQNFKPI

5QNWEKÎP

.CHWPEKÎPFGDGPGHKEKQUGU H
V 
%& V dV

'  V Vt


C'NDGPGHKEKQCEWOWNCFQGUV¶FCFQRQTNCUKIWKGPVGHWPEKÎP
%K
I
V 
 

I
ZFZ V dV
V
K& 

I I

$
V  H
Z FZ 
 KK  V
ZFZ 
  Z FZ
V  
V   Vt
'  
 

#UÈRWGUGNDGPGHKEKQCEWOWNCFQGPNCRTKOGTCGVCRC
GU $
  OKNNQPGURVCU

 
D'NDGPGHKEKQGUPGICVKXQUK H
V    GUFGEKTEWCPFQ V !  .QUDGPGHKEKQUCEWOWNCFQU

JCUVCGUGOQOGPVQUQP $
  

/DJUDILFDGHGW

)XQFLyQGHEHQHILFLRV 

(ODUHDHV
%
%HQHILFLRVQHJDWLYRV 

    U
/DJUDILFDGH%W
'LVPLQX\HHOEHQHILFLR 
%  DFXPXODGR



)XQFLyQGHEHQHILFR
DFXPXODGR

%
U
   

E'NDGPGHKEKQCEWOWNCFQGUPWNQGPGNKPUVCPVG6SWGXGTKHKEC $
6   
'UVQGUGNXCNQTFG6SWGUCVKUHCEGNCGEWCEKÎPUKIWKGPVG
RWGURCTC 6   $
6  !  

6     
 6    œ 6  6     œ 6   6   œ6 | 
  
'NDGPGHKEKQCEWOWNCFQGUPWNQCRTQZKOCFCOGPVGGPLWNKQFGNCÌQ
 

F5GIÕPGNCRCTVCFQDNCGORTGUCGORKG\CCVGPGTRÃTFKFCURCUCFQUCÌQU.CURÃTFKFCUCN
ECDQFG6CÌQUUQP

I V  V 
6 6

6  6


  V FV
  
6 

  

6 

  

.C CFOKPKUVTCEKÎP GZRTQRKC GN JQNFKPI UK NCU RÃTFKFCU UQP UWRGTKQTGU CN  FGN XCNQT TGCN
2QTVCPVQUGVTCVCFGGPEQPVTCTGNXCNQTFG6RCTCGNEWCN
6  6 
 6      œ   6    !  œ 6   6   ! 
   

  r     r   r  
6  6    o 6 | ¢
   
#UÈRWGUNCCFOKPKUVTCEKÎPGZRTQRKCT¶GNJQNFKPIGP
 

 
(MHUFLFLRVSURSXHVWRV

 *CNNCTNCHWPEKÎPKPVGITCNFGNCUUKIWKGPVGUHWPEKQPGU
C H
V  UGPV GP=?

D H
V 
%&G  d V d   GP=?
V 

'V   V d 
E H
V 
%&V  V  d V d  GP=?


' V V d 


 *CNNCT
UKGZKUVGPNCUHWPEKQPGURTKOKVKXCUFG
C H
Z 
Z     GP
f f 

%K ZNP Z d Z d 
D H
V  &K  G   Z d   GP  


'
Z

E H
Z 
%& Z   Z  d Z d  GP=?


'Z 
Zd

 %CNEWNCTGN¶TGCFGNCTGIKÎP 4 =
Z [   
B
  d [ d Z  [ t Z   Z 


 7PCGORTGUCETGCFCGP
V  [EQPWPQUEQUVGUHKLQUFGOKNNQPGUFGRGUGVCU
UCDG SWG GN TKVOQ FG ETGEKOKGPVQ FG UWU EQUVGU XKGPG FGVGTOKPCFQ RQT NC HWPEKÎP H
V  V  

FQPFGVUGOKFGGPCÌQU[H
VGPOKNNQPGUFGGWTQURQTCÌQ2CTCFKUOKPWKTUWUEQUVGUFG
RTQFWEEKÎP NC GORTGUC FGEKFG GP  TGFWEKT RGTUQPCN #UÈ GN TKVOQ FG XCTKCEKÎP FG UWU
EQUVGUECODKC[RCUCCXGPKTFGVGTOKPCFQRQTNCHWPEKÎP I
V  V   5GRKFG

C &GVGTOKPCTNCHWPEKÎPFGEQUVGFGNCGORTGUC
D %CNEWNCTGNEQUVGSWGVWXQNCGORTGUCGP
E ‹(WGCEGTVCFCNCFGEKUKÎPFGTGFWEKTRGTUQPCN!

 7PC OWNVKPCEKQPCN UCDG SWG FWTCPVG UWU FKG\ RTKOGTQU CÌQU FG GZKUVGPEKC JC VGPKFQ
V
WPQUDGPGHKEKQUFGVGTOKPCFQURQTNCHWPEKÎP H
V  
VOGFKFQGPCÌQU[H
VGPOKNNQPGUFG

GWTQU RQT CÌQ 2CTC CWOGPVCT UWU DGPGHKEKQU NC EQORCÌÈC FGEKFG JCEGT WPC ECORCÌC

 
   
RWDNKEKVCTKC[CUÈUWUDGPGHKEKQURCUCTQPCUGT I
V  V  V  . 
 
Se pide:
C %CNEWNCTNCHWPEKÎPSWGFGVGTOKPCGNDGPGHKEKQCEWOWNCFQ
D ‹%W¶NGUGNXQNWOGPFGDGPGHKEKQUCEWOWNCFQUFWTCPVGNQURTKOGTQUCÌQU!
E ‹%W¶PFQFGDGTÈCECODKCTNCECORCÌCRWDNKEKVCTKCUKNCGORTGUCPQSWKGTGSWGUWU
DGPGHKEKQUFGETG\ECP!