#
%# % ! (" $ " "' )# , ( '(% !>=3A8=0
#
3URMHWR JU¼ƬFR H HGLWRUD¾R 01A84; D6DBC> 34 0<?>B BC4E4B 846> '>DI0 #8F0 5HYLV¾R GH 7H[WRV B014;;0 '8<]4B "0AC8=B 34 A8C> 01A84; D6DBC> 34 0<?>B BC4E4B &4E8BW> (X2=820 "0DA> 34 $;8E48A0 D=8>A 0<1DB0 8>0A@D8C4CDA0 #'# $ %4G4;B 2>< DC>A 82>= 2>< )RWR 7HUFHLUD &DSD %4G4;B 2>< DC>A0 *0;4A880 "8;;4A
(!-% # "
"
(
&
$ 4=2>=CA> 2>< > 10<1D ?0A0 >B >A84=C08B 4@D8E0;4 T 34B2>14AC0 3> 5>6> 38I4< 0;6D=B 4B?4280;8BC0B ?4;> 4=>A<4 8<?02C> @D4 4BC4 20DB>D 4< BD0B E830B )<0 <0CXA80 @D4 ?>34 B4A DC8;8I030 34 8=^<4A0B 5>A<0B 4 @D4 EHQHƬFLD D WRGRV GHVGH R VHX SODQWLR 2>< 6A0=34 ?>34A 34 B4@D4BCA0A 20A1>=> 30 0C<>B54A0 T 2>;748C0 34 1A>C>B 2><4BCZE48B 0> <0C4A80; ;4=7>B> 34 BD0B E0A0B 4< 83034 03D;C0 @D8 =4BC4 4 1>>: 6>BC0A80 34 4G?>A D< ?>D2> 34BB0 6A0=34 A8@D4I0 ?0A0 @D4 B4D 024BB> B490 5028;8C03> 0 @D4<
?;0=C0 4 34 B4D D=8E4AB> )<0 1>0 ;48CDA0 ?0A0 C>3>B >B 0<0=C4B 34BB0 6A0<Z=40 @D4 20A8=7>B0<4=C4 270<> 34 0 A0<0 3>B 8=>BB0DA>B
)*
@D48A0 <>BCA0=3> D< ?>D2> 34BB0
'
)+
%
"
( M#W> B4 2>;428>=0< 10<1DB 0?4=0B ?4;> ?A0I4A 34 03<8AU ;>B #0@D4;4B @D4 >1B4AE0< 4BCD30< 4 0<0< 4BC4 E464C0; 64A0 B4 D<0 E8BW> <4=>B ?4BB8<8BC0 3> 5DCDA> 3> ?;0=4C0 N + A>DI4C O (74 0<1>DB4A084 34 %A05A0=24 78BC>AH 34E4;>?<4=C 0=3 5DCDA4 - .
$ 10<1D B4 09DBC0 T 83480 34 B4A M?0A0 C>30B 0B ?4BB>0BN >D 2><> BDBC4=C0 && !+ (74 1>>: >5 0<1>> '84AA0 ;D1 >>:B 'W> A0=28B2> S pQXQFD KDYHU¼ HP QRVVR SODQHWD VXƬFLHQWH ƮDXWDV GH SUDWD SDUD GDU D WRGRV PDV IDFLOPHQWH KDYHU¼ EDPEX R VXƬFLHQWH SDUD TXH FDGD XP IDÂD VXD SUÎSULD ƮDXWD H D WRTXHq
$ 10<1D X D<0 ?;0=C0 0=24BCA0; 4 34 2A4B24=C4 8<?>ACV=280 ?0A0 0 7D<0=83034 B4=3> 2>=74283> 2><> M0 <0348A0 3>B ?>1A4BN =0 S=380 M> 0<86> 30B ?4BB>0BN =0 78=0 4 M> 8A<W>N => *84C=W => $2834=C4 4;4 X 14< <4=>B 2>=74283> B4=3> 64A0;<4=C4 0BB>2803> 0 >1A0B 34 <4=>A 8<?>ACV=280 ! $ !$% , $ 0<1>> C74 685C >5 C74 >3 B E8==8 !C30 >6>CU >;\<180
? 2><4=C>D @D4 0CD0;<4=C4 C4< B4 A4E8E83> EUA8>B
DQWLJRV XVRV TXH VH ID]LDP FRP R EDPEX FRPR DSOLFDÂÐHV HP PHGLFLQD 50A<U280 @DZ<820 4 4< >DCA>B 20<?>B 8=3DBCA808B CX B4 501A820 D< 4GCA0C> 34 BZ;820 4GCA0Z3> 3> 10<1D 270<03> C010B78A 4<?A4603> 2>=CA0 0B<0 4 C0<1X< 2><> 05A>38BZ02> 4 2X;D;0B A4C8A030B 30 20<030 4GC4A=0 3> 2>;<> B4 ?A>3DI D<0 141830 @D4 2><10C4 0 541A4 30B 5>;70B E4A34B X 4GCA0Z30 D<0 OR¾R SDUD RV ROKRV H DLQGD SURGXWRV FRPR HQ]LPDV KRUPÏQLRV VXEVW½QFLDV SDUD 2>B<XC82>B G0<?DB 2D;C8E> 34 102CXA80B 20AEW> 4=4A680 [;4> 2><4BCZE4; U;2>>;
(
"
WHFLGRV DTXHGXWRV FRUGDV SRQWHV SDSHO DUWHVDQDWR FRQVWUX¾R FLYLO H UXUDO <0C4A80; ?0A0 4=64=70A80 4 0;8<4=C>B ><> ?0AC4 30 78BC[A80 B014 B4 @D4 > ?A8<48A> ƬODPHQWR XWLOL]DGR HP XPD O½PSDGD SRU 7KRPDV $OYD (GLVRQ IRL R FDUY¾R GH EDPEX H TXH QD FRQVWUX¾R GRV SULPHLURV DYLÐHV SRU $OEHUWR 6DQWRV 'XPRQW FRPR R <>34;> 4<>8B4;;4 5>A0< DC8;8I03>B 2>;<>B 34 10<1D $ 8<?>=4=C4 <>=D<4=C> 8=380=> (09 "070; 2>< BD0 2^?D;0 10B4030 4< 4BCADCDA0 34 10<1D 5>8 0 5>=C4 34 LQVSLUD¾R GH WRGD XPD OLQKD GH FRQVWUX¾R QR 2FLGHQWH
8BC>A820<4=C4 > 10<1D C4< 02><?0=703> > B4A 7D<0=> 5>A=424=3> 0;8<4=C> DEULJR IHUUDPHQWDV XWHQVÈOLRV H XPD LQƬQLGDGH GH RXWURV LWHQV $WXDOPHQWH 4BC8<0 B4 @D4 2>=CA81D0 ?0A0 0 BD1B8BCY=280 34 <08B 34 D< 18;7W> 34 ?4BB>0B 6D0;<4=C4 8<?>AC0=C4 0> ;03> 3>B DB>B CA03828>=08B C4< B83> > 34B4=E>;E8<4=C> 34 DB>B 8=3DBCA808B 3> 10<1D ' '(&+ (8<14A 5>A C74 BC 4=CDAH $=;8=4 =10A 8B?>=ZE4; 4< FFF 8=10A >A6 2= (8<14A 0B? 024BB> 4<
$ 10<1D D<0 ?;0=C0 ?A43><8=0=C4<4=C4 CA>?820; 4 @D4 2A4B24 <08B A0?830<4=C4 3> @D4 @D0;@D4A >DCA0 ?;0=C0 3> ?;0=4C0 =424BB8C0=3> 4< <X380 34 0 <4B4B ?0A0 @D4 D< 1A>C> 0C8=90 BD0 0;CDA0 <UG8<0 34 0CX < ?0A0 0B 4B?X284B 34=><8=030B 34 6860=C4B ?A4B4=C0 D<0 03<8AUE4; E8C0;83034 D<0 6A0=34 E4AB0C8;83034 ;4E4I0 A4B8BCY=280 4 5028;83034 4< B4A CA010;703> 2>< 54AA0<4=C0B B8<?;4B 5>A<83UE4; 14;4I0 3> 2>;<> 0> =0CDA0; >D 0?[B B4A ?A>24BB03> @D0;83034B @D4 ;74 CY< SURSRUFLRQDGR R PDLV ORQJR H YDULDGR SDSHO QD HYROX¾R GD FXOWXUD KXPDQD TXDQGR 2><?0A03> 2>< @D0;@D4A >DCA> C8?> 34 ?;0=C0 && !+ (74 1>>: >5 0<1>> '84AA0 ;D1 >>:B 'W> A0=28B2> ?
&454AY=280 3> 20?ZCD;> %4A48A0 "0A2> & 0<1D 34 2>A?> 4 0;<0 "0A2> & %4A48A0 4 =C>=8> ! 4A0;3> 0DAD '% 0=0;
(
)*
$B 10<1DB ?4AC4=24< T 50<Z;80 A0<8=404 4
GHVFREULPHQWR H[FH¾R IHLWD DR JÅQHUR *XDGXD RULJLQ¼ULR GD $PÄULFD VHQGR
BD150<Z;80 0<1DB>83404 0;6D<0B E4I4B
<D8C> DC8;8I03> =0 >;\<180 4 @D03>A 4 ?>BBD8=3> EUA80B 4B?X284B =0C8E0B =>
CA0C03>B B4?0A030<4=C4 2><> ?4AC4=24=C4B T
A0B8; % & & " 3>B & 0<1D B?X284B 0A02C4AZBC820B 4 ?;8202]4B
50<Z;80 0<1DB02404 2>< 0?A>G8<030<4=C4
4?0AC0<4=C> 34 =64=70A80 "42V=820 )=4B? ?>BC8;0 0DAD
6Y=4A>B 4
D03D0 B4 ;>20;8I0 TB <0A64=B 3> A8> %A0C0 4 A8> %0A0=U B4=3> 4=2>=CA03> 4<
4B?X284B @D4 B4 38BCA81D4<
? $
=0CDA0;<4=C4 3>B CA[?82>B TB A468]4B
C>30 <0A64< 30 >;\<180 0 A64=C8=0 8=2;D8=3> > %0A06D08 4 0 A468W> 34
C4<?4A030B C4=3> => 4=C0=C> <08>A >2>AAY=280
5A>=C48A0 3> A0B8; 34 5>A<0 =0C8E0
=0B I>=0B @D4=C4B 4 2>< 27DE0B 01D=30=C4B 30B A468]4B CA>?8208B 4 BD1CA>?8208B 30 RB80 R5A820 4
4=CA4 0B
4B?X284B 4B?0;7030B ?4;> <D=3> > A0B8; X > ?0ZB 30 0<XA820
<XA820 3> 'D; $B 10<1DB =0C8E>B 2A4B24<
>=34 <08B B4 2>=24=CA0< 24A20 34
=0CDA0;<4=C4 4< C>3>B >B 2>=C8=4=C4B 4G24C>
JUDQGH PDLRULD HQGÅPLFDV TXH HVW¾R UHODFLRQDGDV D ORFDOLGDGHV HVSHFÈƬFDV SRU
=0 DA>?0 B4=3> @D4 30B 4B?X284B BW>
4G 0<1D D03D0 =0 4GC4=BW> 3> A8> %A0C0 %0A0=U
4B?X284B 4=CA4 =0C8E0B 4 4G[C820B 0
=0C8E0B 30 RB80 30B <XA820B 4 30 R5A820 4 30 $240=80 ! $ !$% , $ 0<1>> C74
;6D<0B 34BC0B 4B?X284B BW> 5028;<4=C4 A42>=742830B =0B 283034B 4BCA030B 4
685C >5 C74 >3 B E8==8 !C30 >6>CU >;\<180
I>=0B ADA08B 6>BC0A80 34 01>A30A 4BB0B <08B ?A4B4=C4B => =>BB> 2>C8380=>
?
#> A0B8; 0B 4B?X284B =0C8E0B BW> 4< BD0 6A0=34 <08>A80 4=@D03A030B =0 20C46>A80 34 >A=0<4=C08B 4 4BCW> 0BB>28030B 0 D< <48> DPELHQWH HVSHFÈƬFR FRPR DV ƮRUHVWDV $ PDLRULD 30B 4B?X284B 34 10<1D @D4 B4 EY ?;0=C030B BW> 4G[C820B >A868=UA80B 4< BD0 <08>A ?0AC4 34 ?0ZB4B >A84=C08B 34 >=34 5>A0< B4=3> CA0I830B 4 0@D8 8=CA>3DI830B 34B34 > C4<?> 3>
)ão
* #&' *& (% B?X284 34 10<1D 0;0BCA0=C4 5>A<0 6A0=34 ƮRUHVWDV GH PÄGLR SRUWH FRP FROPRV SHUIHLWDPHQWH UHWRV H SDUHGH ƬQD XVDGR SDUD SURGX¾R GH PÎYHLV FHVWDULD DUWHVDQDWR H QD FRQVWUX¾R 3RVVXL EURWRV FRPHVWÈYHLV
)ão
%DPEXVD 7XOGRLGHV B?X284 34 10<1D 4=C>D248A0=C4 5>A<0 C>D248A0B 5427030B 34 <X38> ?>AC4 DB03> ?0A0 24A20B <[E48B 0=308<4B 4 0AC4B0=0C>
)ão
! (& ( % & ( % & '' ' B?X284 34 10<1D 4=C>D248A0=C4 34 <X38> 6A0=34 ?>AC4 DB03> ?0A0 24A20B 4 0AC4B0=0C>B
)ão
" %# !(& &$ % " %# !(& "' (& B?X284B 34 10<1D 6860=C4 4=C>D248A0=C4 34 6A0=34 ?>AC4 DB03> ?A8=28?0;<4=C4 =0 FRQVWUX¾R FLYLO SRLV DSUHVHQWD DOWD UHVLVWÅQFLD H 3DA018;83034 B4D 1A>C> ?>34 B4A 2>;783> 2>< 0CX 2< 34 0;CDA0 ?0A0 2>=BD<> %>BBD8 0;C0 ?A>3DC8E83034
)ão
$ & #W> 7U D< 2>=B4=B> B>1A4 0B ;48B @D4 A464< > 10<1D C4=3> 0CD0;<4=C4 D<0 ;48 => BC03> 3> %0A0=U @D4 4BCU 4< CA0<8C4 ?0A0 > 5><4=C> 30 2>;748C0 4 DB> 34BC4 <0C4A80; CD0;<4=C4 E8BC> @D4 4;4 X D<0 6A0<Z=40 @D4 C4< ?4A<8BBW> 34 <0=49> =0B ;48B ?>AX< ;4=7>B> @D4 =W> X ?4A<8C83> <0=49> <4;7>A 5>A<0 34 2>=3DI8A 0 2>;748C0 34BC4 <0C4A80; =0B 283034B X 4=CA0A 4< 2>=C0C> 2>< > [A6W> A4B?>=BUE4; B42A4C0A80 3> <48> 0<184=C4 4 8=5>A<0A 0 =424BB83034 *8BC> @D4 > 10<1D X D<0 4B?X284 @D4 B4 A4?A>3DI 5028;<4=C4 0 2>;748C0 =W> C4=34 0 B4A =46030 4 > 0E0; 3>B A4B?>=BUE48B ?4A<8C4 0 2>;748C0 3DA0=C4 > 380 4 B4< <08>A4B A4248>B @D0=C> T B>2843034 28E8; < EUA8>B 20B>B >B 3>=>B 0248C0< 8=2;DB8E4 09D30A 2>< >B 2DBC>B 20B> B490 D<0 6A0=34 2>;748C0 E8BC> @D4 4< <D8C>B 20B>B > 10<1D 8=E034 UA40B 34 8=C4A4BB4 3> 06A82D;C>A <>A03>A G8BC4< 8=^<4A>B ?>=C>B >=34 4BC0 ?;0=C0 4BCU 38B?>=ZE4; 4< <>8C0B 4 <0C0B 0=C860B 5D=3>B 34 E0;4 @D8=C08B >=34 > <0=49> 2>AA4C> 09D30 0 ?;0=C0 0 B4 GHVHQYROYHU OLEHUDQGR HVSDÂR SDUD QRYRV EURWRV
$
&
"
4B2>;70 30B E0A0B 2>=5>A<4 BD0 83034 E0A80 34 02>A3> 2>< B4D DB> B4=3>
& 8WLOL]D¾R FRPR DOLPHQWR EURWRV FRPHVWÈYHLV
'W> 1A>C>B 2>< 0CX 2< 34 0;CDA0 A4E4BC83>B 34 D<0 20?0 4B2DA0 2>< M?Y;>BN A>C> 34 0<1DB0 *D;60A8B
! & & "# )C8;8I03> ?0A0 0AC4B0=0C>B 2><> A8?0B 4< FHVWDULDV WUDQÂDGRV H SLSDV
'W> E0A0B 2>< ?>D20B 5>;70B 34 D< E4A34 1A8;70=C4 4 D< ?[ 1A0=2> ?A[G8<> 0>B =[B @D4 X
*0A0 9>E4< 2>< 0=>B
FKDPDGR GH WDOFR SDUD LGHQWLƬF¼ ORV FRPR 141YB 4 0 M5A0;30N 5>;70B @D4 =W> B4
*0A0 2>< 0 0=>B
34B?A4=34A0< 30 10B4 30 E0A0
"#& )C8;8I03> ?0A0 CX2=820 34 4BC4A8;70 4 A8?0B
'W> E0A0B @D4 ?>BBD4< 0;6D<0B 5>;70B M5A0;30BN 34 2A4B28<4=C> 4< BD0 10B4 34 2>A E4A34 <08B 4B2DA> 4 =W> 0?A4B4=C0< ;Z@D4= => 342>AA4A 3> B4D 2>A?>
$
&
*0A0 E4;70 2>< <08B 34 0=>B
"#& 8WLOL]DGR SDUD ƬQV HVWUXWXUDLV IRUURV PDFLÂRV
'W> E0A0B 34 E4A34 >?02> 028=I4=C030B 2>< 0 SUHVHQÂD GH OLTXHQV VHP pIUDOGDVq
4B?X284 34 10<1D <08B DB030 =0 2D;8=UA80 X > 4=3A>20;0<DB $ 10<1D 30 4B?X284 %7H;;>BC0278B C0<1X< X D< [C8<> 0;8<4=C>
%0A0 2>=BD<> 54AE4A >B 1A>C>B CAYB E4I4B 0 ?A8<48A0 U6D0 2>< 1820A1>=0C> 34 B[38> 0 B46D=30 4 C4A248A0 0?4=0B U6D0 ?DA0 >D 2>< B0; B4<?A4 9>60=3> 5>A0 0 U6D0 0=C4A8>A ?0A0 ;814A0A > >G0;0C> <4B<> ?A>24BB> ?0A0 > 2>=BD<> 30 (08>10
*0A0B @D4 9U 0?A4B4=C0< ?A>24BB> 34 B4=4B2Y=280 4=E4;7428<4=C> @D4 08=30 4BCW> 34 ?X ?>AX< B420B =W> BW> 8=382030B ?0A0 DB> %>34< B4A DC8;8I030B ?0A0 5>6D48A0B > EDPEX Ä D PDGHLUD PDLV FDORUÈƬFD TXH H[LVWH <0B 34 @D48<0 <D8C> AU?830 BC> E0;4 ?0A0 @D0;@D4A 10<1D B42>
$
&
*>D 0?A4B4=C0A 0B 54AA0<4=C0B <08B DC8;8I030B 4 ?>BC4A8>A<4=C4 A4;028>=U ;0B 2>< 0 4B?X284 34 10<1D ?>8B 4G8BC4< 54AA0<4=C0B <08B 034@D030B ?0A0 24AC0B 4B?X284B @D0=C> ?0A0
">C>BB4AA0 X 14< DC8;8I030 4< C>3>B 0BB8< 2><> 0B B4AA0B 4;XCA820B >< 4BB0 IHUUDPHQWD YHULƬTXH SDUD RQGH R EDPEX HVW¼ WHQVLRQDGR IDÂD R FRUWH HP p9q RQGH HOH HVW¼ 0?>803> 4 C4A<8=4 > 2>AC4 =0 ?0AC4 34 CAUB
>DCA0B
1¾R ƬTXH SRVLFLRQDGR DWU¼V GR FRUWH SRLV HOH ?>34 A0270A 0=C4B 3> 2>AC4 C4A<8=0A 4 ?0AC4 34;4 ?>34 K4BC8;8=60AL ?0A0 CAUB )C8;8I4 >B % LB =424BBUA8>B
)DF¾R $ 02W> ?>34 B4A DC8;8I03> 4< C>30B 0B 4B?X284B SRUÄP Q¾R GHL[D XP ERP DFDEDPHQWR H GLƬFXOWD >B 2>AC4B =0B <>8C0B <08B 5427030B
% # %% )<0 54AA0<4=C0 B8<?;4B @D4 <D8C>B ?>BBD4< 4< BD0B 20B0B DC8;8I030 ?0A0 2>AC0A 20=>B 4 PHWDLV Ä XPD HƬFLHQWH IHUUDPHQWD SDUD R FRUWH 3> %7H;;>BC027HB @D4 ?>BBD8 2A4B28<4=C> DODVWUDQWH R TXH Q¾R GLƬFXOWD R PRYLPHQWR GD B4AA0 4< BD0 10B4
$B >DCA>B C8?>B 34 10<1D 0CX ?>34< B4A <0=4903>B 2>< 4BC0 54AA0<4=C0 <0B > 50C> 34 HVWDUHP DPRQWRDGRV HP XPD PRLWD GLƬFXOWD <D8C> > E08 4 E4< 3> 0A2> %>34 B4 DC8;8I0A 0?4=0B 0 ;V<8=0 30 B4AA0 ?0A0 5028;8C0A => 20B> 3> 0<1DB0 (D;3>834B
%%#' #&' )<0 30B <4;7>A4B 54AA0<4=C0B ?0A0 > <0=49> ?4;> 108G> 2DBC> 4 0?;82018;83034 4< 38E4AB>B C8?>B 34 10<1D $B 34=C4B 08=30 BW> CA0E03>B ?0A0 5>A0 ?>AX< 2>< V=6D;>B <4=>A4B ?0A0 FRUWHV PDLV ƬQRV H V¾R IHLWRV SDUD R FRUWH pQD ?DG030N 4=@D0=C> >B B4AA>C4B 2><D=B BW> 548C>B ?0A0 > 2>AC4 M4<?DAA0=3>N
%%#' #!(! %>BBD8 > <4B<> B8BC4<0 34 2>AC4 3> ?>3W> B4=3> <08B 34B09DBC03> ?4;> C0<0=7> <0B ?>34 B4A DC8;8I03> 30 <4B<0 5>A<0 #W> X 8340; ?0A0 > <0=49> <0B 5D=28>=0 14< ?0A0 ;830A 2>< > <0C4A80; 0?[B 0 2>;748C0 ?A8=28?0;<4=C4 > 10<1D 6860=C4
G8BC4< B4AA>C4B ?0A0 DB> 4< ;0<8=03>B 4 C02>B 2>< 34=C4B <4=>A4B ?>BB818;8C0=3> D< 2>AC4 <08B ;8<?>
6HUUD GH SRGD SRG¾R $ ?>3W> 5028;8C0 2>;748C0 34 10<1DB 4=C>D248A0=C4B ?>AX< B4DB 34=C4B BW> JHUDOPHQWH DƬDGRV H DQJXODGRV SDUD IRUD GLƬFXOWDQGR R FRUWH GR EDPEX SRLV VXD FDUDFWHUÈVWLFD ƬEURVD ID] FRP TXH D VHUUD nDJDUUHo <D8C> )C8;8I0=3> 4BB0 54AA0<4=C0 34E4 B4 ?DG0A 0 B4AA0 34 D<0 E4I 2>=CA0 > 2>A?> 4 B4< ?A4BBW> ?A>2DA4 D<0 B4AA0 2>< 34=C4B 8=C4ACA0E03>B YROWDGRV SDUD GHQWUR 3DUD LGHQWLƬFDU SDVVH D <W> =0 B4AA0 4;0 34E4 B4A C>C0;<4=C4 ;8B0 ?4;> ;03> 34 5>A0 ?>AX< ?>BBD8 D< 0;C> E0;>A 2><4A280;
#'#&& %% %0A0 2>AC4B 4< ;0A60 4B20;0 4 <0=49> 34 <>8C0B
EDPEX ID]HU R FRUWH FRPR RULHQWDGR SDUD ¼UYRUHV RX VHMD SULPHLUR IDÂD D FDYD
X D<0 [C8<0 54AA0<4=C0 ">34;>B 34 D<0 <W>
GH XP GRV ODGRV H GHSRLV WHUPLQH R FRUWH GR RXWUR ODGR 2 EDPEX SRU PDLV ƬQR
?0A0 2>AC4 4< 0;CDA0B 5028;8C0< ?4;> <4=>A ?4B>
TXH VHMD SRVVXL PXLWD ƬEUD H XP FRUWH VHFR QD KRUL]RQWDO SRGH DSHUWDU R VDEUH H
4 ?>BB818;83034 34 D<0 30B <W>B ?>34A B46DA0A >
GDQLƬFDU R PHVPR 2 XVR GH (3, V FRP HVWH HTXLSDPHQWR Ä PDLV DFRQVHOKDGR
10<1D ?0A0 @D4 4;4 =W> 2430 4 0?4AC4 0 ;V<8=0
7DPEÄP H[LVWHP FXUVRV GH FDSDFLWD¾R SDUD XWLOL]DU HVWH HTXLSDPHQWR RQGH Ä
>=B834A4 B4<?A4 8=34?4=34=C4 3> C0<0=7> 3>
JHUDGD XPD FDUWHLUD GH KDELOLWD¾R SDUD R PHVPR
!
6>A0 D< ?>D2> B>1A4 > <0=49> 34 2030
VHUURWH GH SRGD SRLV DV PHOKRUHV YDUDV HVW¾R QD VH¾R PDLV LQWHUQD GD PRLWD
4B?X284
GLƬFXOWDQGR DWÄ D H[HFX¾R GR FRUWH FRP IDF¾R 1D SDUWH GH FROKHLWD YHUHPRV IRUPDV GH FROKHLWD TXH VLPSOLƬFDP VHX PDQHMR
* #&' *& (% 6HX FUHVFLPHQWR EHP HVSDÂDGR H VXD SDUHGH
! (& ( % &
UHODWLYDPHQWH ƬQD IDFLOLWD R XVR GD PDLRULD GDV
=C>D248A0=C4 2>< ?0A434B 6A>BB0B B4D <0=49> <08B 8=38203> X 2>< B4AA>C4 34
54AA0<4=C0B > 2D8303> 0@D8 X => 02010<4=C>
2>BC0 B4AA>C4 2><D< >D ?>3W> $ B4AA>C4 34 2>BC0 4 > ?>3W> C4< 0 E0=C064< 34
@D4 0 54AA0<4=C0 E08 30A => 2>AC4 4AA0<4=C0B
?>BBD8A >B 34=C4B <4=>A4B 4 2>< > 2>AC4 8=C4A=> =W> 4=A>B20=3> C0=C> =0B
FRPR R IDF¾R GHYHP VHU EHP DƬDGRV SDUD
ƬEUDV GR EDPEX TXH V¾R PXLWDV H Ä R TXH GLIHUH HOH GH XPD PDGHLUD FRPXP
?4A<8C8A > 2>AC4 4< D< 6>;?4 ?>8B > 2>=CAUA8> ID] FRP TXH GDQLƬTXH D SDUHGH H SRGH FRPSURPHWHU D SHÂD SRU LQWHLUR 6HUUDV ƬQDV 2><> > 0A2> 34 B4AA0 2>AC0< 14< 4 ?4A<8C4< D< 2>AC4 A4C8;Z=4> 4 B4< A410A10B $ B4AA>C4 34 FRVWD Ä R TXH PDLV XWLOL]R EDL[R SUHÂR GHQWHV ƬQRV FRP ERP DFDEDPHQWR 6HUURWHV
" %# !(& "' (& =C>D248A0=C4 B46D4 0 <4B<0 ;[6820 3> *D;60A8B ?>AX< C4< B4D ?>AC4 <D8C> PDLRU QHFHVVLWDQGR GH XP HVIRUÂR PDLRU *HUDOPHQWH XWLOL]D VH PRWRVVHUUD QHVWD HVSÄFLH $R FRUWDU YHULƬFDU DQWHV R TXDQWR D SDUWH VXSHULRU HVW¼ HQURVFDGD QD PRLWD SRLV VH D PHVPD HVW¼ FUHVFHQGR SDUD GHQWUR GLƬFLOPHQWH FRQVHJXLU¼ A4C8A0A B4< <0=490A C>3>B >B >DCA>B @D4 > ?A4=34<
FRQYHQFLRQDLV GHVƬDP PXLWR DV ƬEUDV SRU ?>BBDZA4< 34=C4B <D8C> 6A0=34B <>C>BB4AA0 SRGH VHU XWLOL]DGD SDUD ƬQV GH FROKHLWDV JUDQGHV
%DPEXVD 7XOGRLGHV 4 2A4B28<4=C> 4=C>D248A0=C4 2><> >B SUÎ[LPRV TXH YHUHPRV D FROKHLWD FRP VHUUDV ƬFD SUHMXGLFDGD SRLV D PHVPD Q¾R WHP HVSDÂR SUD FRUUHU ¤ LQWHUHVVDQWH DEULU SHTXHQRV HVSDÂRV 2>< > 502W> 4 ?A>2434A 2>< D< ?>3W> >D
"
2 EDPEX Ä FRQKHFLGR FRPR R DÂR YHUGH VXD
?0A0 10<1DB 6A>BB>B 2>< 38B2>B <D;C8DB> >D 34 2>AC4 34 54AA> <>C>BB4AA0B
WUD¾R Ä FRPSDU¼YHO » GR DÂR H VHJXLQGR HVVH
5028;8C0< 0 2>;748C0 4 > <0=49> 34 10<1DB 6860=C4B ;8G0348A0B >A18C08B >D 34 28=C0
?4=B0<4=C> 0B 54AA0<4=C0B 2>< DB> 34BC8=03>
?>BB818;8C0< D< >DCA> C8?> 34 02010<4=C>
0>B <4C08B B4 B04< <D8C> 14< ?A>?>A28>=0=3> XP PHOKRU DFDEDPHQWR H SURGX¾R TXDQGR 2><?0A03> TB 54AA0<4=C0B ?0A0 <0348A0 C4=70 4< <4=C4 @D4 8BC> E0;4 ?0A0 1A>20B 38B2>B 34 2>AC4 4 C8?>B 34 ;8G0 8PD ERD IHUUDPHQWD HOÄWULFD SDUD FRPHÂDU Ä D 4B<4A8;70348A0 2>< > 38B2> 34 2>AC4 4< 8=>G X SRVVÈYHO FRUWDU EDPEXV ƬQRV FRP ERP 02010<4=C> 2>< 38B2>B 34 ;8G0 X ?>BBZE4; ;8G0A > <0C4A80;
$V IXUDGHLUDV » EDWHULD V¾R XPD ÎWLPD RS¾R ?0A0 8=8280A BW> ;4E4B 4 ?4A<8C4< > CA010;7> UHPRWR H DSUHVHQWDP SRWHQFLD VXƬFLHQWH SDUD CA010;70A 2>< 0B 4B?X284B %7H;;>BC027HB 4 %DPEXVD WXOGRLGHV SDUD ƬQV GH DUWHVDQDWR H <>E4;0A80
>< D< 4B<4A8; 34 10=2030 X ?>BBZE4; 30A DFDEDPHQWRV ƬQRV DR EDPEX H UHWLUDU UHEDUEDV B4AA0 C82> C82> 50I 1>=B 2>AC4B 2>< B4AA0B ?0A0 <4C0; $V VHUUD FRSRV V¾R ÕWHLV QR HQFDL[H GH SHÂDV
3DUD XP QÈYHO GH PDLRU SURGX¾R 3ROLFRUWHV q
G8BC4< 54AA0<4=C0B @D4 ?>34< B4A ?A>3DI830B ?0A0 0DG8;80A => CA010;7> 2>< > 10<1D
3DUD IDEULFDU WDUXJRV FDYLOKDV XWLOL]D VH XPD FKDSD ƬUPH GH PHWDO TXH SRGH VHU UHFLFODGD GH DOJXPD LQGÕVWULD RX VHUUDOKHULD 1HVWD 270?0 5DA0<>B 0B <43830B @D4 6>BC0AZ0<>B 34 ?A>3DI8A =>BB>B M?A46>B 34 <0348A0N @D4 BW> 548C>B 30 ?0A434 <08B 4GC4A=0 3> 10<1D 8WLOL]R PP SDUD SHÂDV GH DUWHVDQDWR H PP RX PP SDUD PÎYHLV H FRQVWUXÂÐHV 9RFÅ SRGH SDVVDU FROD GH PDGHLUD QRV WDUXJRV DQWHV GH LQVHULU QDV SHÂDV SDUD PDLRU Ƭ[D¾R
<<
<< <<
48C> 2>< 270?0 34 <4C0; A4282;030 =>B C0<0=7>B @D4 <08B DC8;8I>
8WLOL]R SHGDÂRV GH EDPEX JLJDQWH B4< =[ 4 9U B42>B
?0A434 X <08B AZ6830 ?A[G8<> 0 20B0 A4?0A4 => 06AD?0<4=C>B 3>B E48>B
%>B828>=4 D<0 5020 >D 502W> => C0<0=7> 0?A>G8<03> 3> ?A46> @D4 34B490
>< 09D30 34 D< <0AC4;> 10C0 =0B 2>BC0B 30 5020 DC8;8I4 D<0 @D4 B490 A4B8BC4=C4
>=C8=D4 ?A4BB8>=0=3> 0CX @D4 > SHGDÂR VH VHSDUH GD ULSD
&4C8A4 0 ?0AC4 8=C4A=0 3> 10<1D 348G0=3> > @D03A03>
AA43>=34 0B 1>A30B ;4E4<4=C4 ?0A0 5028;8C0A > ?0BB> B46D8=C4
)DÂD XPD SRQWD EHP DƬDGD 5HSLWD HVVH ?A>24BB> B4<?A4 @D4 DC8;8I0A > ?A46>
%>B828>=4 0 ?>=C0 => C0<0=7> 4B2>;783>
!
0C0 =0 ?>=C0 3> ?A46> 0CX @D4 B080 ?>A 108G>
$ A4BD;C03> X D< (0AD6> >D 0E8;70 4G0C0<4=C4 => C0<0=7> 34B4903>
"
(0<1X< DC8;8I0 B4 <D8C> 0 4BCA4;0 ?0A0
2V 0DÂDULFRV V¾R XWLOL]DGRV SDUD GDU FRU H WUDWDU R FDQD GD ÈQGLD ([LVWHP Y¼ULRV
A8?0<4=C> >=34 5020B BW> 03828>=030B 0 D<
PRGHORV H WRGRV FXPSUHP D IXQ¾R YDULDQGR QR XVR GH J¼V H DFDEDPHQWR GD
2ZA2D;> 34 <4C0; @D4 ?>34 C4A >D 5020B
SHÂD 5HFRPHQGR R PRGHOR GR PHLR GD IRWR D VHJXLU TXH Ä GH EDL[R FXVWR H
34?4=34=3> 3> C0<0=7> @D4 =424BB8C0 0B A8?0B
FXPSUH EHP D IXQ¾R FRP GLIHUHQWHV RSÂÐHV GH ELFR
4 > 38V<4CA> 3> 10<1D
2V (3,oV HTXLSDPHQWRV GH SURWH¾R LQGLYLGXDO BW> 5D=30<4=C08B 4=@D0=C> CA010;70<>B > 10<1D ?A8=28?0;<4=C4 <UB20A0B 2>=CA0 ?[ C8?> % ?>34 B4A 2>< EU;ED;0 9U @D4 > ?[ 3> <4B<> ?>BBD8 D<0 64><4CA80 <D8C> =>28E0 WDQWR R SÎ TXDQWR D IXPDÂD GH VXD TXHLPD $R 4B2>;74A ;830A 2>< 54AA0<4=C0B 4;XCA820B ?A8=28?0;<4=C4 2>< 38B2>B 34 2>AC4 34 54AA> DC8;8I4 ?A>C4C>A 50280; ?>8B >B 38B2>B ?>34< B4 A><?4A > ;830A 2>< <U@D8=0B B4AA0B C82> C82> HQWUH RXWUDV XWLOL]DU ÎFXORV GH SURWH¾R
+ '( ! ";! & ' ( #& ' $&3( ' '# &
1DV SULPHLUDV KRUDV GD PDQK¾ H QR ƬP GH WDUGH FRPHÂR GD
# ( # ! ) ( "( & #& & ' ! '
QRLWH
''9* ' " # # * # #"(#&"# $ & %)
¤SRFDV GH EDL[D XPLGDGH 6HFD
ƬP VHU¼ XWLOL]DGR R PDWHULDO
! 3HUÈRGR DSÎV D SUHVHQÂD GRV EURWRV
5HFRPHQGR VHPSUH GHSRLV GH ORFDOL]DU R EDPEX D VHU FROKLGR YHULƬFDU MXQWR » VHFUHWDULD GH PHLR
! ! )' "(#) & "( ' ' !#' ' !# ( ' ! ) ' # !#' )! $ &(
! "( $#'' ' # & #
GHOH SDUD ID]HUPRV XPD DEHUWXUD PDLRU H FRQVHJXLU DFHVVDU RV EDPEXV PDLV
PDWHULDO MXVWLƬFDQGR VHX XVR H VHX PDQHMR
LQWHUQRV TXH V¾R PDLV DQWLJRV H PHOKRUHV SDUD XVR ID]HQGR R TXH FKDPDPRV GH
# & ! ) ! 3& ' $; ' 7 $&# # $#&
/ #&! (# * 0 " !# (
LVVR Ä LPSRUWDQWH TXH D 6(0$ DXWRUL]H R PDQHMR '(# $# ' & (# (& *7' )! ' !$ ' 65# &RPR YLPRV DQWHULRUPHQWH R PDQHMR YDL $ " & && ! "( ! !5#' ! ' 3 )! ' # ' ' ' * & ! #"( #&! XQLYHUVDO
! # %) $ &! " "# ! ) # 6; & %) #' #' *5# (&3' '(3 & #" # ( * ƬVLROÎJLFD GR EDPEX RX VHMD R DÂÕFDU TXH HVW¼ DUPD]HQDGR QDV FÄOXODV Q¾R QD VHLYD HQW¾R $# !#' ' # & ' ! #& ' 7$# ' #! #' PRPHQWRV RQGH HVWH M¼ JDVWRX VXDV UHVHUYDV RX HVW¼ HP UHSRXVR QDV VXDV DWLYLGDGHV
! ! )' '(& "( ' 7 "( & '' "( " & (7
FRPSURPHWHU R EDPEX UDFKDQGR R
XPD ¼UHD TXH VHMD EHP LOXPLQDGD RQGH KDMD
7HQGR LVVR HP PHQWH SRGHPRV DVVHJXUDU XP PDWHULDO GH PHOKRU TXDOLGDGH 0DV
* & ' ( ! " # # ' ) "( & '' &&) & #'
' ) "5# $#''# '$ & & ( ' ( ' 9 3 " '' "* '( & ! )!
! )' ' #' $# & ' #! ' !5#' #' $7'
(& ( ! "(# ( %) #!# (& ( ! "(#' ! &'5# %) & !#' * &
DQWHV GH FRPHÂDU D FROKHLWD 3X[H DV EDVHV GRV
VHJXLU 6RPHQWH D GDWD FRUUHWD WDPEÄP Q¾R JDUDQWH D TXDOLGDGH GR PDWHULDO
! )' #&( #' " & 65# (& ' 9 (7
YLVWR TXH EDPEXV GH DOWD FRQFHQWUD¾R GH DPLGR LU¾R DWUDLU PDLV SUHGDGRUHV
TXH VXD FRSD HVWHMD WRWDOPHQWH QR FK¾R SDUD
" ! ! "( # %) "(# ( !$# *# 8 * $& ' & %) # ! ( & )&
* ( & %) # #&(3 # # $ '# # ! '!# * "
LQYLVWD HP XP WUDWDPHQWR DGHTXDGR » QHFHVVLGDGH
' #&( & #&( & #' #' 6 )! $ %) "# #&( " $ &( +# # # $)+ # #! ' !5#' $ & (# # ( $# # EDPEX
# 8 $# ) & ' !# ( ' ! ) #! ) #' #& 4" #' '$ #' "(&# ' PRLWDV DSÎV R PDQHMR
( SRU ƬP FRUWH SUÎ[LPR D QÎV DFLPD RX DEDL[R SRLV SRVVXL XPD SDUHGH PDLV ƬUPH H LQFLGH PHQRV FRQWUD D VHUUD DSHUWDQGR R VDEUH H GLƬFXOWDQGR R FRUWH HQTXDQWR GHL[D R EDPEX UHQWH DR VROR
)(& 7 #&( & ' !$& & "( ' + " # # ; ( !# # !# # $ & * ( & # DSRGUHFLPHQWR GHVWH UL]RPD LPSHGLQGR R QDVFHU GH XP QRYR EURWR
+ '( ! *3& #' ( $#' (& ( ! "(# ' * & ! #" #&! '$7 %) ' &3 XWLOL]DGD $ERUGDUHL DOJXQV GRV PDLV FRPXQV H IXQFLRQDLV GHVWDFDQGR D TXDO HVSÄFLH Ä PDLV DSURSULDGR
#"
$SÎV R FRUWH GHL[DU R EDPEX QD PDWD HP SRVL¾R YHUWLFDO DWÄ TXH DV IROKDV FDLDP WRWDOPHQWH ID]HQGR FRP TXH D SODQWD FRQVXPD R DPLGR DUPD]HQDGR IHUPHQWDQGR R LQWHUQDPHQWH H SURGX]LQGR XP DURPD nDYLQDJUDGRo
$SÎV FROKHLWD DUPD]HQDU HP ORFDO YHQWLODGR » VRPEUD GH D DQRV SDUD TXDOTXHU HVSÄFLH 3DUD GLƬFXOWDU R DWDTXH GRV SUHGDGRUHV SRGH VH ERUULIDU '# )6: ' %) ' " ! #!# 3 ) )&( #! $ ! "( # ' 5# #) * " "#' FDVHLURV
(VSHFLDOPHQWH XWLOL]DGR SDUD R WUDWDPHQWR GH YDUDV GH 3K\OORVWDFK\V $XUHD XVDPRV XP PDÂDULFR GH ERWLM¾R GH J¼V SDUD nSHQWHDUo DV ƬEUDV GR EDPEX ID]HQGR FRP TXH R DÂÕFDU VHMD H[SHOLGR H DV ƬEUDV VH FRPSULPDP GDQGR PDLRU GXUH]D DR EDPEX 2 $XUHD OLEHUD XPD FHUD GXUDQWH HVVH SURFHVVR GHL[DQGR R FRP XPD FRORUD¾R EULOKDQWH H XPD SURWH¾R D PDLV
XWLOL]DPRV PO GHVWD VROX¾R SRU PHWUR GH EDPEX PÄGLR PO HP YDUDV ƬQDV
$ VROX¾R GH WDQLQR HUD XWLOL]DGD SHORV SRYRV
YDUD GLUHWDPHQWH QD JDUUDID FRUWDGD FRP D VROX¾R ID]HQGR FRP TXH R EDPEX
) & " "# (& ( ! "(# ! & ' ! )
SX[H D VROX¾R SRU FDSLODULGDGH
VXEVW½QFLD WDPEÄP XWLOL]DGD SDUD WUDWDPHQWR GH
' (& ( ! "(#' ! '5# #"' & #' $ ( *#' '5# 3 ' ! ' "5# & "( !
FRXUR DQLPDO 3DUD FRQVHJXLU HVVD VXEVW½QFLD
SURWH¾R WRWDO GDV SHÂDV $EDL[R YHUHPRV PÄWRGRV PDLV VHJXURV SRUÄP GH
EDVWD IHUYHU FDVFDV GH ¼UYRUHV TXH VHMDP EHP
PDLRU FRPSOH[LGDGH
PO HP YDUDV JURVVDV H DVVLP TXH HIHWXDUPRV R FRUWH GR PHVPR FRORFDPRV D
* &! ' #!# 3 #) (&#" #' " " & ' (7 %) 3 ) ' (#&" ! DYHUPHOKDGD 2 WUDWDPHQWR SRU FDSLODULGDGH WDPEÄP SRGH VHU IHLWR XWLOL]DQGR XPD VROX¾R GH VDLV GH ERUR UHFHLWD GHVFULWD QR WÎSLFR D VHJXLU &RUWDPRV R IXQGR GH XPD JDUUDID 3(7 H
,PHUV¾R FRP VDLV GH ERUR
" $WXDOPHQWH R PÄWRGR PDLV FRQƬ¼YHO FRQVLVWH QD LPHUV¾R GDV YDUDV HP XPD VROX¾R GH VXOIDWR GH FREUH GLFURPDWR GH VÎGLR ¼FLGR EÎULFR SRU OLWUR GH VROX¾R J OLWUR NJ OLWURV SRU GXDV D TXDWUR VHPDQDV 3DUD UHXWLOL]DU D VROX¾R DGLFLRQDU PO D FDGD OLWURV GH ¼FLGR DFÄWLFR
JODFLDO $SÎV D LPHUV¾R DUPD]HQDU DV SHÂDV HP ORFDO SURWHJLGR
8WLOL]D VH R PHVPR HTXLSDPHQWR GH DXWRFODYH SDUD PDGHLUDV PRXUÐHV H SRVWHV SRUÄP R EDPEX SUHFLVD HVWDU VHFR FRP DSHQDV GH XPLGDGH UHVWDQWH 3DUD LVVR DFRQWHFHU VHP R DWDTXH GH FDUXQFKRV Ä LPSRUWDQWH SURWHJHU D EDVH H R WRSR SRU RQGH HOHV HQWUDP FRP PDLRU IDFLOLGDGH $QWHV GH FRORFDU DV SHÂDV QR DXWRFODYH Ä QHFHVV¼ULR SHUIXUD ODV FRP XPD KDVWH PHW¼OLFD SDUD TXH RV FROPRV Q¾R H[SORGDP FRP D SUHVV¾R
$XWRFODYH HP HXFDOLSWR
";! &#' !7(# #' #"'(&)65# #! # ! ) V¾R WHVWDGRV H FULDGRV WRGRV RV GLDV 1¾R $& ( " # #& & %) #' * &'#' ( $#' HQFDL[H H IRUPDV WUDUHL DOJXPDV UHƮH[ÐHV GH XVR
&RPR YLPRV DQWHULRUPHQWH XWLOL]DPRV RV WDUXJRV SUHJRV GH EDPEX SDUD Ƭ[D¾R GDV SHÂDV 8WLOL]DPRV XPD EURFD GH PHVPR WDPDQKR RX PP PHQRU SDUD JDUDQWLU D ULJLGH] + !#' # $& # ! $#"( ) # $ & $ & )& & OHYHPHQWH D SDUHGH LQWHUQD GR EDPEX H WUDY¼ OR
Corte rente do tarugo após inserção no bambu.
Bambu com tarugo inserido ainda sem corte.
'(&)()& ! * & 9$&# &R]LQKD GR FDPSXV GD %DPERR 8 ,QGRQÄVLD ! ! ZZZ IDFHERRN FRP EDPERRXEDOL SKRWRV SFE "W\SH WKHDWHU
8PD WÄFQLFD EHP XWLOL]DGD QD FRQVWUX¾R FRP ! ) '5# ' '(&)()& ' & 9$&# ' $# ' # #&! (# && #" # # ! ) "5# $ &! ( HVTXDGUHMDPHQWR 5HFRPHQGR R HVWXGR D SDUWH GHVWD WÄFQLFD PXLWR DPSOD H FRPSOH[D
' ! && ' '5# ! #" ' "# !)" # # EDPEX XWLOL]R XPD TXH SRGH VHU UHSOLFDGD WDQWR $ & &( ' " (#' #!# $ & #"'(&)65# * ID]HQGR XVR GH XP PDWHULDO FKDPDGR p)LR 7RUFLGR GH 3ROLDPLGDq (VWH ƬR Ä D OLQKD XWLOL]DGD SDUD IDEULFDU UHGH GH SHVFD HQFRQWUDGD HP ORMDV
'Å GXDV YROWDV QDV SHÂDV TXH YRFÅ TXHLUD DPDUUDU GHL[DQGR XPD SRQWD GH FDGD ODGR
GH SHVFDULD GH WDPDQKRV YDULDGRV 5HFRPHQGR R Q SDUD DUWHVDQDWR SDUD PRYHODULD H RX SDUD FRQVWUX¾R $ DPDUUD Ä IHLWD FRPR PRVWUD D VHJXLU
3DVVH D SRQWD PHQRU SRU FLPD RX SRU EDL[R H UHWRUQH D SRVL¾R LQLFLDO
&RP DV OLQKDV FUX]DGDV VHJXUH D LQWHUVHF¾R
ID]HQGR XP QÎ VLPSOHV SX[H D
GDV OLQKDV
SRQWD PHQRU DWÄ VH IHFKDU
FRP D RXWUD P¾R SDVVH D SRQWD PHQRU GHQWUR
GR HVSDÂR HQWUH DV SHÂDV
)DÂD R QÎ R PDLV SUÎ[LPR TXH
OHYH R QÎ DWÄ D ODWHUDO GD SHÂD SDUD SRGHU
FRQVHJXLU GD SRQWD
SX[DU H GDU XPD ERD SUHVV¾R
UHSLWD HVVH PRYLPHQWR GH OHYDU DWÄ D ODWHUDO H SX[DU DWÄ HVWDU EHP ƬUPH
GHSRLV GH ƬUPDU IDÂD XP QÎ VLPSOHV FRP D
)HFKDQGR R QÎ FRP DMXGD GRV GHGRV EHP
RXWUD SRQWD QRYHOR GH OLQKD
SUÎ[LPR D EDVH
SDVVH R QRYHOR SRU GHQWUR GR FLUFXOR
*DUDQWD TXH R QÎ Q¾R FHGD FRP R WHPSR SUHVVLRQH EHP
IDÂD PDLV XP QÎ FRP R QRYHOR
'HVVD IRUPD D D OLQKD Q¾R
$JRUD Ä VÎ FRUWDU H HVW¼ SURQWR
GHVƬD TXDQGR FRUWDU
SDUD R SUÎ[LPR
)ORUHLUD IHLWD FRP DPDUUDV GH ! ) " 9" (& ( # "# PDÂDULFR
: '
' ) & )! ' ' $ & #! "( & ! " 65# %) ! %) ' & ' * "()& & QHVVH PXQGR GH LQƬQLWDV SRVVLELOLGDGHV TXH Ä R EDPEX
õ
õ
õ
õ
õ
õ
õ
˜ es fi nais 9LPRV TXH H[LVWHP Y¼ULRV PHLRV SDUD OLGDU FRP R EDPEX $ WRGRV TXH HVW¾R FRPHÂDQGR UHFRPHQGR HQFRQWUDU XPD PDWD GH 3K\OORVWDFK\V $XUHD R FDQD GD 9" #) * & " $ ' & #!# 7 ! # "* '( & ! )! ! 6 & # ' !$ ' IDF¾R H VHUURWH GH FRVWD LU D XPD ORMD GH SHVFD H FRPSUDU UROR GH ƬR H FRPHÂDU VLPSOHV PHQRV GH UHDLV GH LQYHVWLPHQWR 2 $XUHD Ä XWLOL]DGR SDUD IDEUL FDU PÎYHLV TXH GXUDP DWÄ DQRV GHQWUR GH FDVD VXD FROKHLWD Ä VLPSOHV H HVW¼ HVSDOKDGR HP WRGRV RV OXJDUHV GR %UDVLO 1¾R WHQKD PHGR GH HQWUDU QD PDWD TXDQGR R HQFRQWUDU 3HÂD SHUPLVV¾R H SLVH ƬUPH QR FK¾R DYLVH RV PRUDGRUHV GD ! ( %) *# 8 '(3 "(& " # ' &5# $ &! ( & ') $& ' "6 ' ! ! #& ' FRPSOLFDÂÐHV 6HMD XPD ERD YLVLWD DSÎV D FROKHLWD MXQWH R PDWHULDO GHVQHFHVV¼ULR #!# ' $#"( & ' # ! ) ! )! # $ & %) #!$#" ! "5# + VXMHLUD Q¾R FRORTXH IRJR QDV YDUDV VHFDV 6H SRVVÈYHO GHUUXEH WRGRV RV EDPEXV VHFRV TXH DLQGD HVW¾R GH SÄ SDUD SHUPLWLU PDLRU HQWUDGD GH OX] 6HMD EHP YLQGR # !)" # # ! ) '# ( " "( & '' ! ' & ! ' '( & '$#' 65# QRV FDQDLV ,QVWDJUDP #=DPEX]DO H )DFHERRN IE FRP ]DPEX]DO RQGH SRGHUHL LQGLFDU FXUVRV PDLV DYDQÂDGRV H VDQDU TXDLVTXHU GÕYLGDV
&RQWÄP D ¼JXD VH SHUPLWH DR DU DEUDÂD D WHUUD SURGX] IRJR H VRD DR YD]LR GD LPDJLQD¾R HWÄUHD
*DEULHO $ GH & (VWHYHV
õ
õ