29.04.2013 Views

Disseny d'un divisor de potència programable per ... - Recercat

Disseny d'un divisor de potència programable per ... - Recercat

Disseny d'un divisor de potència programable per ... - Recercat

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

'LVVHQ\ GXQ GLYLVRU GH SRWqQFLD<br />

SURJUDPDEOH SHU DSOLFDFLy D<br />

DQWHQHV UHFRQILJXUDEOHV<br />

0HPzULD GHO 7UHEDOO )LQDO GH &DUUHUD<br />

G (QJLQ\HULD 7qFQLFD GH<br />

7HOHFRPXQLFDFLy HVSHFLDOLWDW 6LVWHPHV<br />

(OHFWUzQLFV<br />

UHDOLW]DW SHU<br />

$QWRQL &RVWD &DVWLOOD<br />

L GLULJLW SHU<br />

'DYLG *LUEDX 6DOD<br />

%HOODWHUUD GH JHQHU GH


(O VRWDVLJQDW '$9,' *,5%$8 6$/$<br />

(VFROD 7qFQLFD 6XSHULRU G·(QJLQ\HULD<br />

3URIHVVRU D GH O (VFROD 7qFQLFD 6XSHULRU G (QJLQ\HULD GH OD 8$%<br />

&(57,),&$<br />

4XH HO WUHEDOO D TXq FRUUHVSRQ DTXHVWD PHPzULD KD HVWDW UHDOLW]DW VRWD OD<br />

VHYD GLUHFFLy SHU HQ $1721, &267$ &$67,//$<br />

, SHU WDO TXH FRQVWL ILUPD OD SUHVHQW<br />

6LJQDW '$9,' *,5%$8 6$/$<br />

%HOODWHUUD GH *(1(5 GH


ËQGH[<br />

,1752'8&&,Ï $/ 352-(&7(<br />

(/ 352-(&7(<br />

2%-(&7,86<br />

3/$1,),&$&,Ï<br />

(,1(6 '( ',66(1<<br />

$'6<br />

0RPHQWXP<br />

48Ê e6 81 93' , $3/,&$&,216<br />

&RQFHSWH GH 93'<br />

$SOLFDFLRQV GHOV 93'V<br />

25*$1,7=$&,Ï '( /$ 0(0Ñ5,$<br />

%,%/,2*5$),$<br />

',9,625 '( 327Ê1&,$ 9$5,$%/( 93'<br />

,1752'8&&,Ï<br />

&LUFXLW GH PLFURRQHV<br />

$QjOLVL GH FLUFXLWV GH PLFURRQHV 3DUjPHWUHV 6<br />

/D OtQLD GH WUDQVPLVVLy PLFURVWULS<br />

(O VXEVWUDW<br />

,1752'8&&,Ï $/ 93' (/(0(176 48( (/ )250(1<br />

$1¬/,6,6 '( %/2&6<br />

/tQLD GH WUDQVPLVVLy<br />

+tEULG %UDQFK /LQH<br />

3URSLHWDWV GH OHV [DU[HV GH SRUWV<br />

(VWXGL GH OD PDWULX GH GLVSHUVLy SHU XQD [DU[D GH SRUWV<br />

$FREODGRUV KtEULGV /KtEULG %UDQFK /LQH<br />

'HVIDVDGRU YDULDEOH GH WLSXV UHIOH[LX<br />

3/$17(-$0(17 *(1(5$/<br />

(VWUXFWXUD EDVH KtEULG KtEULG<br />

'HVIDVDGRU<br />

93'<br />

5(680 '(/ &$3Ë72/<br />

%,%/,2*5$),$<br />

+Ë%5,' %5$1&+ /,1(<br />

3$5¬0(75(6 '( ',66(1< ,03/(0(17$&,Ï 0,&52675,3<br />

/LQH&DOF<br />

',66(1< $0% $'6<br />

',66(1< '( /+Ë%5,' %5$1&+ /,1(<br />

+tEULG %UDQFK /LQH SUHOLPLQDU<br />

+tEULG %UDQFK /LQH DPE XQLRQV 7<br />

',66(1< '(/ /$


&$3Ë72/ 'Ë2'( 3,1<br />

(/ 'Ë2'( 3,1<br />

02'(/$7 '(/ 'Ë2'( 3,1<br />

0RGHODW SHWLW VHQ\DO<br />

0RGHODW DPE OHQFDSVXODW<br />

0RGHO SHWLW VHQ\DO G$'6 GHO GtRGH 3,1 %$3<br />

6LPXODFLRQV GHOV WUHV GLVVHQ\V GH PRGHO L FRPSDUDFLy GH UHVXOWDWV<br />

&5($&,Ï '(/ &20321(17<br />

6,08/$&,216 $'6 '(/ &20321(17<br />

5(680 '(/ &$3Ë72/<br />

%,%/,2*5$),$<br />

&$3Ë72/ '(6)$6$'25 9$5,$%/(<br />

$1¬/,6, 7(Ñ5,&<br />

',66(1< $'6 $0% &857&,5&8,76 ,'($/6<br />

+tEULG DFDEDW HQ FXUWFLUFXLWV LGHDOV<br />

+tEULG FDUUHJDW DPE OtQLHV DFDEDGHV HQ FXUWFLUFXLWV LGHDOV<br />

',66(1< 020(1780 $0% &857&,5&8,76 ,'($/6<br />

&2 6,08/$&,Ï $'6 020(1780<br />

',66(1< '(/ '(6)$6$'25 352*5$0$%/(<br />

'tRGH L [DU[D GH SRODULW]DFLy $'6<br />

&UHDFLy GHO OD\RXW GH OD [DU[D GH SRODULW]DFLy<br />

'LVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH DPE GtRGHV LQWHJUDWV HQ $'6<br />

'LVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH HQ 0RPHQWXP<br />

5(680 '(/ &$3Ë72/<br />

&$3Ë72/ ,03/(0(17$&,Ï '(/ 93'<br />

6,08/$&,Ï $'6<br />

&2 6,08/$&,Ï $'6 020(1780 '(/ 93'<br />

5(680 '(/ &$3Ë72/<br />

&$3Ë72/ &21&/86,216 , /Ë1,(6 )8785(6<br />

&21&/86,216<br />

/Ë1,(6 )8785(6<br />

$11(; $ &$5$&7(5Ë67,48(6 '(/ 68%675$7<br />

$11(; % '$7$6+((7 '(/ 'Ë2'( 3,1 %$3<br />

$11(; & &2', '( 0$7/$% '( /(6 6,08/$&,216 5($/,7=$'(6


&$3Ë72/ ,1752'8&&,Ï $/ 352-(&7(<br />

(Q DTXHVW SULPHU FDStWRO HV GHVFULX EUHXPHQW HO SURMHFWH 6HQXPHUHQ HOV REMHFWLXV DOV TXDOV HV<br />

YRO DUULEDU L OD SODQLILFDFLy GH OD IHLQD D UHDOLW]DU SHU DFRQVHJXLU KR 6LQWURGXHL[ JHQqULFDPHQW HO<br />

IXQFLRQDPHQW GHO 'LYLVRU GH 3RWqQFLD 9DULDEOH 93' DL[t FRP OHV VHYHV DSOLFDFLRQV $ PpV<br />

VH[SRVHQ OHV HLQHV GH WUHEDOO XWLOLW]DGHV L OD RUJDQLW]DFLy GH OD PHPzULD<br />

(/ 352-(&7(<br />

(Q VLVWHPHV GH FRPXQLFDFLRQV PRGHUQV HV GHGLFD XQ LQWHUqV HVSHFLDO DOV FLUFXLWV L GLVSRVLWLXV<br />

UHFRQILJXUDEOHV WDQW SHU DSOLFDFLRQV FRPHUFLDOV FRP PLOLWDUV $TXHVW LQWHUqV HV IRQDPHQWD HQ OD<br />

QHFHVVLWDW GH VLVWHPHV GDOWHV SUHVWDFLRQV L HQ OHV HVSHFLILFDFLRQV FUHL[HQWPHQW UHVWULFWLYHV TXH<br />

DL[z VXSRVD HQ XQ DPSOL YHQWDOO GDVSHFWHV YHORFLWDW GH WUDQVPLVVLy DPSOH GH EDQGD<br />

DGDSWDFLy D GLIHUHQWV HVWjQGDUGV GH FRPXQLFDFLy TXDOLWDW GH VHUYHL PLQLDWXULW]DFLy GH<br />

VLVWHPHV UHGXFFLy GH FRVW L SHV HQWUH GDOWUHV 'LQV DTXHVW PDUF GH UHFRQILJXUDELOLWDW L<br />

DGDSWDELOLWDW VHPPDUFD HO GLVVHQ\ SURSRVDW HQ HO SUHVHQW SURMHFWH XQ GLYLVRU GH SRWqQFLD<br />

YDULDEOH<br />

6yQ PROWV HOV VLVWHPHV GH FRPXQLFDFLRQV GH PLFURRQHV TXH HQ DOJXQ PRPHQW GHO SURFpV<br />

UHVXOWD QHFHVVDUL GLYLGLU OD SRWqQFLD GXQ VHQ\DO HQ GLYHUVHV EUDQTXHV , WDQWV DOWUHV HQ TXH OHV<br />

QHFHVVLWDWV UHTXHUHL[HQ TXH OHV SRWqQFLHV GH VRUWLGD QR VLJXLQ IL[HV VLQy TXH SXJXLQ VHU<br />

YDULDGHV HQ IXQFLy GH OHV QHFHVVLWDWV GHO PRPHQW $TXHVWD pV OD SURSLHWDW TXH RIHUHL[ XQ<br />

'LYLVRU GH 3RWqQFLD 9DULDEOH SRGHU FRQWURODU H[WHUQDPHQW TXLQD TXDQWLWDW GH OD SRWqQFLD TXH<br />

WHQLP HQ HO VHQ\DO GHQWUDGD YROHP WHQLU HQ FDGD EUDQFD GH VRUWLGD HQ IXQFLy GH OHV QHFHVVLWDWV<br />

GHO VLVWHPD 7DPEp VyQ GH JUDQ LPSRUWjQFLD FLUFXLWV TXH FRPELQLQ VHQ\DOV SURFHGHQWV GH<br />

GLIHUHQWV RUtJHQV &LUFXLWV TXH WHQHQ XQ IXQFLRQDPHQW LQYHUV DO GLYLVRU (Q ODSDUWDW HV<br />

GHWDOOHQ OHV P~OWLSOHV DSOLFDFLRQV GXQ GLYLVRU GH SRWqQFLD YDULDEOH<br />

(O WUHEDOO UHDOLW]DW HVFROOLW GH HQWUH OHV SURSRVWHV GHOV GLIHUHQWV GHSDUWDPHQWV SRUWD SHU WtWRO<br />

'LVVHQ\ GXQ GLYLVRU GH SRWqQFLD SURJUDPDEOH SHU D DSOLFDFLy D DQWHQHV UHFRQILJXUDEOHV<br />

(O VHX WXWRU pV HO SURIHVVRU 'DYLG *LUEDX GHO GHSDUWDPHQW GH 7HOHFRPXQLFDFLy L (QJLQ\HULD GH<br />

6LVWHPHV /LQWHUqV HQ HOV VLVWHPHV HOHFWUzQLFV GDOWD IUHT qQFLD L HQ HOV FLUFXLWV TXH HOV<br />

FRQIRUPHQ L OD UHDOLWDW TXH SRUWD DOV FLUFXLWV GH PLFURRQHV SHU DOV VLVWHPHV GH<br />

WHOHFRPXQLFDFLRQV YDQ IHU TXH HO WUHEDOO GHVSHUWpV OD PHYD DWHQFLy L HP SRUWpV D HVFROOLU OR SHU<br />

D UHDOLW]DU OR GXUDQW HO VHJRQ VHPHVWUH GHO FXUV


2%-(&7,86<br />

/REMHFWLX GDTXHVW SURMHFWH pV GLVVHQ\DU XQ FLUFXLW GLYLVRU GH SRWqQFLD UHFRQILJXUDEOH D *+]<br />

GH WUHV HVWDWV HQ WHFQRORJLD PLFURVWULS (V GHPRVWUDUj HO IXQFLRQDPHQW SHU HVWDWV TXHGDQW<br />

DL[t GHPRVWUDW OD LGRQHwWDW GHO FLUFXLW L OD VHYD SRVVLEOH H[WHQVLy D 1 HVWDWV DIHJLQW<br />

VLVWHPjWLFDPHQW FHOÂOHV MD GLVVHQ\DGHV HQ HO SURMHFWH<br />

(OV REMHFWLXV PDUFDWV SHU DUULEDU D DFRQVHJXLU KR VyQ<br />

ƒ (VWXGL WHzULF GHO 93' DSOLFDFLRQV L SODQWHMDPHQW JHQHUDO<br />

ƒ 'LVVHQ\ GXQ KtEULG %UDQFK /LQH 7HRULD DQjOLVL L VLPXODFLy G$'6 L 0RPHQWXP<br />

DSUHQHQWDWJH GHOV GRV SURJUDPHV<br />

ƒ &UHDFLy GXQ PRGHO GHO FRPSRQHQW GtRGH 3,1 SHU D OD VHYD XWLOLW]DFLy HQ HO<br />

GLVVHQ\ GHO GHVIDVDGRU 7HRULD GH GtRGHV 3,1 PRGHODW HQ SHWLW VHQ\DO PRGHODW<br />

GH OHQFDSVXODW L VLPXODFLRQV G$'6<br />

ƒ 'LVVHQ\ GXQ GHVIDVDGRU YDULDEOH GH WUHV HVWDWV 7HRULD DQjOLVL VLPXODFLRQV<br />

G$'6 L 0RPHQWXP L FR VLPXODFLy<br />

ƒ 'LVVHQ\ GHO FLUFXLW 93' DPE OD FRPELQDFLy GKtEULGV %UDQFK /LQH L HO GHVIDVDGRU<br />

,QWHJUDFLy GH EORFV GLVVHQ\DWV 6LPXODFLRQV FRPSOHWHV G$'6 L 0RPHQWXP<br />

2SWLPLW]DFLy<br />

7DPEp KD HVWDW XQ REMHFWLX LPSRUWDQW ODSUHQHQWDWJH GHO SURFpV GH GLVVHQ\ GH FLUFXLWV GH<br />

PLFURRQHV FRPHQoDQW SHU XQ HVWXGL DQDOtWLF OD VLPXODFLy FLUFXLWDO G$'6 L ILQDOPHQW OD VLPXODFLy<br />

HOHFWURPDJQqWLFD DPE 0RPHQWXP DL[t FRP OD LQWHUDFFLy HQWUH DTXHVWV GRV VLPXODGRUV<br />

PLWMDQoDQW OHLQD GH FR VLPXODFLy<br />

$FRQVHJXLU SODVPDU L VLQWHWLW]DU OD IHLQD UHDOLW]DGD GXUDQW OHODERUDFLy GHO SURMHFWH HQ OD SUHVHQW<br />

PHPzULD GH PDQHUD RUJDQLW]DGD L HQWHQHGRUD pV XQ GHOV REMHFWLXV PpV<br />

3/$1,),&$&,Ï<br />

3HU D SRUWDU D WHUPH HO WUHEDOO VKD GHILQLW OD VHJ HQW SODQLILFDFLy TXH VKD UHDOLW]DW GH IRUPD<br />

VHT HQFLDO HQ HO WHPSV<br />

,QWURGXFFLy ELEOLRJUjILFD DO SURMHFWH<br />

7HRULD GH FLUFXLWV EDVDWV HQ OtQLHV GH WUDQVPLVVLy WHFQRORJLD PLFURVWULS<br />

'LYLVRUV GH SRWqQFLD +tEULG %UDQFK /LQH<br />

'LYLVRUV GH SRWqQFLD YDULDEOHV<br />

&LUFXLWV GHVIDVDGRUV<br />

(VWXGL DQDOtWLF GH OKtEULG %UDQFK /LQH 6LPXODFLRQV G$'6 L 0RPHQWXP DSUHQHQWDWJH<br />

GHOV GRV SURJUDPHV<br />

(VWXGL DQDOtWLF GHO FLUFXLW 93' D QLYHOO GH EORFV +tEULG 'HVIDVDGRU +tEULG<br />

,PSOHPHQWDFLy GH OKtEULG DPE $'6 0RPHQWXP<br />

(VWXGL DQDOtWLF GHO GHVIDVDGRU YDULDEOH HQ UHIOH[Ly<br />

,QWURGXFFLy DOV GtRGHV 3,1 (VWXGL DQDOtWLF PRGHODW L VLPXODFLy DPE $'6<br />

,PSOHPHQWDFLy GHO GHVIDVDGRU YDULDEOH DPE $'6 0RPHQWXP &DVRV GH FjUUHJXHV<br />

UHIOH[LYHV LGHDOV L GH FjUUHJXHV UHIOH[LYHV UHDOV GtRGHV 3,1<br />

,PSOHPHQWDFLy GHO FLUFXLW 93' +tEULG 'HVIDVDGRU +tEULG DPE $'6 0RPHQWXP<br />

(,1(6 '( ',66(1<<br />

3HU DO GLVVHQ\ GHO 'LYLVRU GH 3RWqQFLD 9DULDEOH VKD XWLOLW]DW HO VRIWZDUH $GYDQFHG 'HVLJQ<br />

6\VWHP $'6 > @ SURJUDPD GHVHQYROXSDW SHU $JLOHQW 7HFKQRORJLHV 'LQWUH G$'6 WUREHP HO


SURJUDPD 0RPHQWXP HLQD GHGLFDGD H[FOXVLYDPHQW DO GLVVHQ\ GH OD\RXWV GH FLUFXLWV EDVDWV HQ<br />

OtQLHV GH WUDQVPLVVLy<br />

$'6<br />

$GYDQFHG 'HVLJQ 6\VWHP $'6 SHUPHW HO GLVVHQ\ L VLPXODFLy FLUFXLWDO D QLYHOO GH GLVSRVLWLX<br />

FLUFXLW R VLVWHPD SHUPHWHQW XWLOLW]DU QRPEURVRV FRPSRQHQWV GH OOLEUHULD DL[t FRP WLSXV GH JXLD<br />

GRQD 6REWHQHQ XQV UHVXOWDWV IRUoD DFXUDWV TXH SHUPHWUDQ FRQqL[HU GXQD PDQHUD IRUoD<br />

DSUR[LPDGD OD UHVSRVWD GXQ FLUFXLW 'H WRWHV IRUPHV SUHYL D OD IDEULFDFLy pV LQGLVSHQVDEOH XQD<br />

VLPXODFLy HOHFWURPDJQqWLFD VREUHWRW TXDQ HV WUHEDOOD D DOWD IUHT qQFLD HQ HO UDQJ GH *+]<br />

'HQWUH WRWHV OHV SRVVLELOLWDWV HV WURED HO GLVVHQ\ L VLPXODFLy GH FLUFXLWV DPE OtQLHV GH<br />

WUDQVPLVVLy PLFURVWULS $'6 LQFRUSRUD XQ FRQMXQW GH OOLEUHULHV TXH FRQWHQHQ OD PDMRU SDUW GHOV<br />

FRPSRQHQWV QHFHVVDULV HGLWDEOHV SHU D UHDOLW]DU XQ GLVVHQ\ L OD VHYD VLPXODFLy ,QFRUSRUD<br />

WDPEp OOLEUHULHV DPE FRPSRQHQWV DFWLXV UHDOV GH GLYHUVRV IDEULFDQWV DL[t FRP OD SRVVLELOLWDW GH<br />

FUHDU FRPSRQHQWV L DIHJLU ORV<br />

0RPHQWXP<br />

0RPHQWXP pV XQ VXESURJUDPD LQFOzV GLQV OHQWRUQ $'6 TXH SHUPHW HO GLVVHQ\ GHOV OD\RXWV<br />

ItVLFV GHOV FLUFXLWV EDVDWV HQ OtQLHV GH WUDQVPLVVLy L OD VLPXODFLy GDTXHVWV 0RPHQWXP UHDOLW]D<br />

XQD VLPXODFLy PROW PpV DFXUDGD TXH $'6 EDVDGD HQ HO PqWRGH GHOV 0RPHQWV 'DTXHVWD<br />

IRUPD Wp HQ FRPSWH HOV HIHFWHV SDUjVLWV FRP DFREODPHQWV R UDGLDFLRQV 3HU WHQLU XQ RUGUH GH<br />

PDJQLWXG D QLYHOO GH WHPSV GH VLPXODFLy HOV FLUFXLWV GLVVHQ\DWV DO ILQDO GHO SURMHFWH FDStWROV L<br />

OD VLPXODFLy HQ 0RPHQWXP WULJD XQD KRUD L HQ $'6 QR WULJD PpV GXQ PLQXW<br />

)LQDOPHQW FRPHQWDU OD SRVVLELOLWDW GH OHGLWRU GH OD\RXWV GH 0RPHQWXP GH JHQHUDU HO OD\RXW<br />

GXQ FLUFXLW D SDUWLU GHO VHX GLVVHQ\ HVTXHPjWLF DPE $'6 7DPEp FRPHQWDU OD LPSRUWjQFLD GH<br />

OHLQD GH FR VLPXODFLy TXH SHUPHW IHU XQD VLPXODFLy VLPXOWjQLD GXQ FLUFXLW HQ $'6 L<br />

0RPHQWXP HVSDFLDOPHQW LQWHUHVVDQW HQ FLUFXLWV TXH FRQWHQHQ HOHPHQWV GLVFUHWV SDVVLXV R<br />

DFWLXV D PpV GH OtQLHV GH WUDQVPLVVLy<br />

48Ê e6 81 93' , $3/,&$&,216<br />

&RQFHSWH GH 93'<br />

(OV GLYLVRUV GH SRWqQFLD IL[HV VRQ GLVSRVLWLXV GH WUHV R PpV EUDQTXHV PtQLP XQD HQWUDGD L<br />

GXHV VRUWLGHV TXH UHSDUWHL[HQ OD SRWqQFLD GHQWUDGD HQWUH OHV GLYHUVHV EUDQTXHV GH VRUWLGD (O<br />

YDORU GH OHV SRWqQFLHV D OHV VRUWLGHV HVWDUj IL[DW HQ IXQFLy GHO GLVVHQ\ GHO GLYLVRU QRUPDOPHQW D<br />

SDUWV LJXDOV G% GHO TXDO VH QKDQ GH UHVWDU OHV SqUGXHV (OV GLYLVRUV GH EUDQTXHV HV<br />

FRQHL[HQ FRP D DFREODGRUV GLUHFFLRQDOV (OV DFREODGRUV HV SRGHQ GLVVHQ\DU DPE UHODFLRQV GH<br />

GLYLVLy GH SRWqQFLD DUELWUjULHV<br />

(O GLYLVRU GH SRWqQFLD YDULDEOH pV DTXHOO GLYLVRU GH SRWqQFLD GLVVHQ\DW SHU D VHU FDSDo GH<br />

PRGLILFDU PLWMDQoDQW XQ VHQ\DO GH FRQWURO H[WHUQ OD GLVWULEXFLy GH SRWqQFLD D OHV VRUWLGHV<br />

FRQWURODQW DL[t TXLQD pV OD TXDQWLWDW GH SRWqQFLD TXH HV YRO WHQLU HQ XQ LQVWDQW GH WHPSV<br />

GHWHUPLQDW D FDGDVFXQD GH OHV EUDQTXHV GH VRUWLGD 6XSRVHP FRP D FDV JHQHUDO XQ GLYLVRU<br />

GH SRWqQFLD YDULDEOH GH DFFHVVRV ILJXUD RQ HO VHQ\DO GH FRQWURO pV XQD YDULDEOH<br />

FRPSUHVD HQWUH L D 3HU D GLIHUHQWV YDORUV GH OD YDULDEOH D HV SRW REVHUYDU FRP<br />

VREWHQHQ GLIHUHQWV UHODFLRQV GH SRWqQFLD D OHV VRUWLGHV<br />

)LJXUD (VTXHPD GXQ GLYLVRU GH SRWqQFLD YDULDEOH


(V SRGHQ GLVVHQ\DU 93'V DPE PpV GH GXHV EUDQTXHV GH VRUWLGD D SDUWLU GH GLYHUVRV 93'V GH<br />

R DFFHVVRV FROÂORFDWV HQ VqULH 7DPEp VKDQ GH GLIHUHQFLDU HOV 93'V DQDOzJLFV PDUJH GH<br />

YDULDFLy FRQWLQX L HOV GLJLWDOV FRP HO GHO SUHVHQW SURMHFWH PDUJH GH YDULDFLy GLVFUHW<br />

$SOLFDFLRQV GHOV 93'V<br />

(OV 93'V KDQ WLQJXW HQ DQ\V SDVVDWV QRPEURVHV DSOLFDFLRQV HQ FLUFXLWV L VLVWHPHV TXH HV<br />

SRGHQ FRQVLGHUDU GH FDLUH MD PpV WUDGLFLRQDO SHUz DFWXDOPHQW VyQ HOHPHQWV TXH SRGHQ WHQLU XQ<br />

SDSHU LPSRUWDQW HQ FLUFXLWV GH FRPXQLFDFLRQV DFWXDOV L IXWXUV 7DO FRP LQGLFD HO WtWRO GHO SURMHFWH<br />

ODSOLFDFLy SHU OD TXDO HV SURSRVD HO 93' pV FRP D HOHPHQW LQWHJUDEOH HQ DQWHQHV<br />

UHFRQILJXUDEOHV<br />

$FWXDOPHQW HOV HVWjQGDUGV :/$1 WHQHQ HO SRWHQFLDO SHU RIHULU VHUYHLV DPE YHORFLWDW GH ELW<br />

HOHYDGHV FRP SHU H[HPSOH DSOLFDFLRQV PXOWLPqGLD 1R REVWDQW HQ FHUWV DPELHQWV TXH SRGUtHP<br />

FRQVLGHUDU GH SURSDJDFLy GLItFLO FRP LQWHULRUV R XUEDQV OD SURSDJDFLy PXOWLFDPt UHSUHVHQWD XQD<br />

OLPLWDFLy LPSRUWDQW SHU OD TXDOLWDW GH OD FRPXQLFDFLy +L KD PDQHUHV FRQYHQFLRQDOV GH PLWLJDU<br />

HOV HIHFWHV PXOWLFDPt PLWMDQoDQW DOJRULVPHV VRILVWLFDWV LPSOHPHQWDWV HQ )3*$V R $6,&V 8QD<br />

VHJRQD DSUR[LPDFLy VHULD HO TXH VDQRPHQHQ DQWHQHV LQWHOÂOLJHQWV R UHFRQILJXUDEOHV VLWXDGHV<br />

WDQW DO WHUPLQDO FRP D OHVWDFLy EDVH<br />

3HU DTXHVWD GDUUHUD VROXFLy VKDQ SURSRVDW DUUD\V FRQIRUPDOV FRQIRUPDO DUUD\V TXH XWLOLW]HQ<br />

[DU[HV GDOLPHQWDFLy UHFRQILJXUDEOHV > @ 8WLOLW]DQW FRP D [DU[D GDOLPHQWDFLy GLYLVRUV GH<br />

SRWqQFLD YDULDEOHV VREWp XQ FRQWURO FRPSOHW HQ OD IRUPD GHO IHL[ EHDP KDYHQW VH GHPRVWUDW<br />

DTXHVW SULQFLSL SHO FDV GDUUD\V OLQHDOV HQ > @ 3HUz PHQWUH HQ HOV DUUD\V OLQHDOV XQD YDULDFLy HQ<br />

ODPSOLWXG GH OH[FLWDFLy QRPpV SURGXHL[ XQD YDULDFLy HQ OD IRUPD GHO EHDP EHDP VKDSLQJ<br />

VLPqWULFD L OHVFRPEUDW GHO IHL[ EHDP VWHHULQJ QRPpV HV SRW REWHQLU PLWMDQoDQW HO FRQWURO GH OD<br />

IDVH HQ DUUD\V FRQIRUPDOV FRQIRUPDO DUUD\V HV SRW REWHQLU XQ EHDP VWHHULQJ GH ž DPE XQ<br />

FRQWURO GDPSOLWXG GH OH[FLWDFLy UHDOLW]DW DPE 93'V JUjFLHV D OD JHRPHWULD GH ODQWHQD $PE<br />

DTXHVWD WRSRORJLD WDPEp HV SRGHQ REWHQLU FRQILJXUDFLRQV TXH DMXGLQ D PLWLJDU OHIHFWH<br />

PXOWLFDPt<br />

8QD VHJRQD DSOLFDFLy VHULD OD XWLOLW]DFLy GH 93'V HQ HO IRUPDWHLJ GHO EHDP GH ODQWHQD HQ XQ<br />

VDWqOÂOLW GH URWDFLy URWDWLQJ VDWHOOLWH DL[t FRP SHU OHVFRPEUDW R HO IRUPDWHLJ GHO EHDP EHDP<br />

VWHHULQJ RU VKDSLQJ HQ XQ VLVWHPD GDQWHQHV GH IHL[ P~OWLSOH WDO FRP SURSRVD > @ DSOLFDW D XQ<br />

VDWqOÂOLW 606 6\QFURQRXV 0HWHRURORJLFDO 6DWHOOLWH (Q > @ WDPEp HV SURSRVD OD XWLOLW]DFLy GH<br />

93'V HQ DOWUHV DSOLFDFLRQV GH VDWqO OLWV FRP SHU H[HPSOH HQ OH[FLWDFLy GDPSOLWXG YDULDEOH<br />

GXQD DQWHQD GH OHQWV DPE P~OWLSOHV KRUQV GH[FLWDFLy WDO FRP HV PRVWUD D OD ILJXUD R D OD<br />

FDSDFLWDW GH SURGXLU QXOV HQ GLUHFFLRQV GHWHUPLQDGHV HQ SDWURQV GH UDGLDFLy SHU GLVFULPLQDU<br />

VHQ\DOV LQWHUIHUHQWV (Q > @ WDPEp HV GHVFULXHQ GLIHUHQWV WLSXV GH 93'V PHFjQLFV EDVDWV HQ<br />

IHUULWHV L HQ KtEULGV $ > @ HV SURSRVD XQ GLYLVRU GH SRWqQFLD YDULDEOH HQ EDQGD .X WDPEp DSOLFDW<br />

D DQWHQHV UHFRQILJXUDEOHV SHU VDWqO OLWV<br />

)LJXUD ([HPSOH GH FRPELQDFLy GH 93'V SHU D XQD DSOLFDFLy<br />

GDQWHQHV UHFRQILJXUDEOHV > @


25*$1,7=$&,Ï '( /$ 0(0Ñ5,$<br />

$TXHVWD PHPzULD HV SRW GLYLGLU HQ GXHV SDUWV GLIHUHQFLDGHV XQD SULPHUD SDUW GLQWURGXFFLy GH<br />

FDLUH WHzULF DQDOtWLF &DStWROV L L XQD VHJRQD GH GLVVHQ\ &DStWROV L DPE XQ ~OWLP<br />

FDStWRO GH FRQFOXVLRQV<br />

(Q HO SULPHU FDStWRO VKD LQWURGXwW HO SURMHFWH (V GRQD XQD LGHD JHQHUDO GHO FLUFXLW 93' L OHV<br />

VHYHV DSOLFDFLRQV (V PDUTXHQ HOV REMHFWLXV TXH HV YROHQ DVVROLU L HV SODQWHMD OD IHLQD D IHU SHU<br />

DFRQVHJXLU KR 7DPEp HV ID XQD LQWURGXFFLy D OHV HLQHV GH WUHEDOO XWLOLW]DGHV L HQ DTXHVW ~OWLP<br />

SXQW HV GHVFULX FRP HVWj RUJDQLW]DGD OD PHPzULD<br />

(O VHJRQ FDStWRO HVWj GHGLFDW D OHVWXGL GHO FLUFXLW 93' (V PRVWUHQ L HVWXGLHQ HOV FRPSRQHQWV<br />

TXH HO IRUPHQ D QLYHOO GH EORFV DQDOLW]DQW QH FDGDVFXQ SHU VHSDUDW 3HU ~OWLP HV UHDOLW]D OHVWXGL<br />

DQDOtWLF GHO FLUFXLW 93' VHQFHU PRVWUDQW HO FRPSRUWDPHQW TXH VHVSHUD HQ HOV GLVVHQ\V /HV<br />

VLPXODFLRQV HQ DTXHVWD VHFFLy VKDQ UHDOLW]DW HQ 0$7/$%<br />

(O WHUFHU FDStWRO HVWj GHGLFDW DO GLVVHQ\ GH OKtEULG %UDQFK /LQH L DO GLVVHQ\ XWLOLW]DQW GRV<br />

KtEULGV %UDQFK /LQH GH OHVWUXFWXUD EDVH GHO 93'<br />

(Q HO FDStWRO TXDUW HV SUHVHQWD HO GtRGH 3,1 HOHPHQW LQWHJUDW HQ HO GHVIDVDGRU eV OHOHPHQW<br />

TXH SHUPHWUj GH SURJUDPDU HO 93' PLWMDQoDQW XQD FRUUHQW GH FRQWURO '& (V UHDOLW]D OD FUHDFLy<br />

GHO VHX FRPSRQHQW SHU D VHU XWLOLW]DW HQ HO GLVVHQ\ GHO GHVIDVDGRU<br />

(O FLQTXq FDStWRO HVWj GHGLFDW DO GLVVHQ\ GHO GHVIDVDGRU YDULDEOH +DYHQW HVWXGLDW OD VHYD<br />

HVWUXFWXUD HQ HO FDStWRO HV UHDOLW]DUj XQ SULPHU GLVVHQ\ XWLOLW]DQW FXUWFLUFXLW LGHDOV L XQ VHJRQ<br />

DPE FXUWFLUFXLWV UHDOV L DPE OD LQWURGXFFLy GHOV GtRGHV 3,1 (V GLVVHQ\D XQ GHVIDVDGRU GH WUHV<br />

HVWDWV SURJUDPDEOH<br />

(O FDStWRO VLVq FRQVLVWHL[ HQ OD LQWHJUDFLy GHO GHVIDVDGRU YDULDEOH FDStWRO L OHVWUXFWXUD<br />

IRUPDGD SHOV GRV KtEULGV FDStWRO L TXH SRUWDUj DO FLUFXLW 'LYLVRU GH 3RWqQFLD 9DULDEOH ILQDO<br />

(Q HO FDStWRO VHWq VHQXPHUHQ OHV FRQFOXVLRQV L HV SURSRVHQ OHV OtQLHV IXWXUHV<br />

%,%/,2*5$),$<br />

> @ $'6 0RPHQWXP70 $JLOHQW (HVRI KWWS HHVSI WP DJLOHQW FRP<br />

> @ $ 6LELOH & 5REOLQ * 3RQFHOHW ³%HDP VWHHULQJ FLUFXODU PRQRSROH DUUD\V IRU ZLUHOHVV<br />

DSSOLFDWLRQV´ ,QW &RQIHUHQFH RQ $QWHQQDV DQG 3URSDJDWLRQ 9RO SS $EULO<br />

> @ - &KHQJ 0 +DVKLJXFKL . /LJXVD 7 2KLUD ³(OHFWURQLFDOO\ VWHHUDEOH SDUDVLWLF DUUD\<br />

UDGLDWRU DQWHQQD IRU RPQL DQG VHFWRU SDWWHUQ IRUPLQJ DSSOLFDWLRQV WR ZLUHOHVV DQG KRF<br />

QHWZRUNV´ 3URF ,QVW (OHFW (QJ $QWHQQDV DQG 3URSDJDWLRQ 9RO SS $JRVW<br />

> @ & 6XQ $ +LUDWD 7 2KLUD 1 & .DUPDNDU ³)DVW EHDPIRUPLQJ RI HOHFWURQLFDOO\ VWHHUDEOH<br />

SDUDVLWLF DUUD\ UDGLDWRU DQWHQQDV WKHRU\ DQG H[SHULPHQW´ ,((( 7UDQVDFWLRQV RQ $QWHQQDV DQG<br />

3URSDJDWLRQ 9RO 1ž SS -XOLRO<br />

> @ $ 2FHUD 3 )DULQHOOL 3 0H]]DQRWWH 5 6RUUHQWLQR ³0(06 7XQHDEOH SKDVH VKLIWHU DQG<br />

SRZHU GLYLGHU IRU UHFRQILJXUDEOH DQWHQQDV´ 0(06:$9( SURFHHGLQJV 9RO SS<br />

-XQH<br />

> @ $ 2FHUD 5 9LQFHQWL *DWWL 3 0H]]DQRWWH 3 )DULQHOOL 5 6RUUHQWLQR ³ $ 0(06<br />

3URJUDPPDEOH 3RZHU 'LYLGHU &RPELQHU´ WK (XURSHDQ 0LFURZDYH &RQIHUHQFH 2FWXEUH<br />

> @ ( : 0DWWKHZV ³9DULDEOH SRZHU GLYLGHUV LQ VDWHOOLWH V\VWHPV´ ,((( 077 6 ,QWO 0LFURZDYH<br />

6\PSRVLXP 'LJHVW 9RO 1ž -XQH<br />

> @ 5 0L]]RQL 5 5DYDQHOOL % 3LRYDUQR ) $OHVVDQGUL 6 %DGHVVL ³$ .X EDQG YDULDEOH SRZHU<br />

GLYLGHU IRU UHFRQILJXUDEOH VDWHOOLWH DQWHQQDV´ WK ,QWO &RQIHUHQFH RQ $QWHQQDV DQG<br />

3URSDJDWLRQ 9RO SS


&$3Ë72/ ',9,625 '( 327Ê1&,$ 9$5,$%/( 93'<br />

8Q FRS LQWURGXwW HO SURMHFWH FRQHL[HQW TXq pV XQ 93' L HO FLUFXLW D GLVVHQ\DU DQHP D YHXUH HQ<br />

DTXHVW VHJRQ FDStWRO ODQjOLVL GH EORFV GHO FLUFXLW OHV VHYHV SURSLHWDWV TXLQV VyQ HOV<br />

FRPSRQHQWV L FLUFXLWV TXH HO IRUPHQ DL[t FRP HO VHX DQjOLVL L HO SODQWHMDPHQW GHO GLVVHQ\ GHO<br />

FLUFXLW 7DPEp YHXUHP DTXt HOV UHVXOWDWV REWLQJXWV GH OD VLPXODFLy GH OHV HTXDFLRQV DQDOtWLTXHV<br />

GHO 93'<br />

,1752'8&&,Ï<br />

/HOHPHQW D GLVVHQ\DU HQ HO SURMHFWH HO GLYLVRU GH SRWqQFLD YDULDEOH pV XQ FLUFXLW GH PLFURRQHV<br />

GHO TXDO VHQ SURSRVDUj XQ DQjOLVL VLPXODFLy L GLVVHQ\ HQ SHWLW VHQ\DO PLWMDQoDQW SDUjPHWUHV<br />

6 VREUH XQ VXEVWUDW GH 5RJHUV L HQ WHFQRORJLD LPSUHVD PLFURVWULS $ FRQWLQXDFLy HV GHVFULXHQ<br />

EUHXPHQW WRWV DTXHVWV FRQFHSWHV<br />

&LUFXLW GH PLFURRQHV<br />

(O WHUPH PLFURRQHV ID UHIHUqQFLD D VHQ\DOV GH IUHT qQFLHV TXH YDQ GHV GXQV SRFV 0+] ILQV D<br />

DOJXQD FHQWHQD GH *+] L TXH SHU WDQW HOV FRUUHVSRQ XQD ORQJLWXG GRQD DO EXLW TXH YD GH<br />

ORUGUH G PHWUH D PLOÂOtPHWUH $PE WRW XQ FLUFXLW GH PLFURRQHV pV DTXHOO TXH WUHEDOOD D XQD<br />

IUHT qQFLD FRPSUHVD GLQWUH GDTXHVW UDQJ<br />

/D WHRULD GH FLUFXLWV FOjVVLFD DVVXPHL[ TXH OHV GLPHQVLRQV ItVLTXHV GHOV FLUFXLWV TXH FRPSRVHQ<br />

XQD [DU[D VyQ PROW PHQRUV TXH OD ORQJLWXG GRQD GHO VHQ\DO TXH KL FLUFXOD $ IUHT qQFLHV GH<br />

PLFURRQHV VXFFHHL[ HO FRQWUDUL OD ORQJLWXG GRQD GHO VHQ\DO pV GH ORUGUH R PpV SHWLWD TXH HOV<br />

FRPSRQHQWV L OHV OtQLHV GH WUDQVPLVVLy GHO FLUFXLW SHU RQ FLUFXOD $ DTXHVWHV IUHT qQFLHV HO<br />

FRPSRUWDPHQW GHOV GLVSRVLWLXV HV YHX DOWHUDW SULQFLSDOPHQW SHU GRV PRWLXV OD SURSDJDFLy GHO<br />

VHQ\DO SHU OHV OtQLHV L OHV DOWHUDFLRQV HQ HO IXQFLRQDPHQW SUHYLVLEOH GHOV HOHPHQWV GLVWULEXwWV<br />

5 / & TXH IRUPHQ HO FLUFXLW<br />

eV SHU WRW DL[z TXH HOV FLUFXLWV GH PLFURRQHV UHTXHUHL[HQ GXQ GLVVHQ\ L XQ WUDFWDPHQW HVSHFLDO<br />

OD 7HRULD GHOV FLUFXLWV GH PLFURRQHV TXH EjVLFDPHQW Wp HQ FRQVLGHUDFLy HO WHPSV ILQLW TXH OHV<br />

SHUWRUEDFLRQV HOHFWURPDJQqWLTXHV WULJXHQ HQ SURSDJDU VH GXQ SXQW D XQ DOWUH<br />

$QjOLVL GH FLUFXLWV GH PLFURRQHV 3DUjPHWUHV 6<br />

3HU DQDOLW]DU XQ FLUFXLW pV QHFHVVDUL UHODFLRQDU PDJQLWXGV HOqFWULTXHV WHQVLRQV FRUUHQWV<br />

SRWqQFLHV HQ FDGD SRUW R DFFpV GH OD [DU[D TXH HO IRUPD &DGD XQ GHOV DFFHVVRV YLQGUj


FDUDFWHULW]DW SHU XQ SOD GH UHIHUqQFLD XQD LPSHGjQFLD FDUDFWHUtVWLFD L OHV WHQVLRQV L FRUUHQWV<br />

LQFLGHQWV<br />

'DTXHVWD PDQHUD XQD [DU[D GH 1 SRUWV GDFFpV SRW VHU FRPSOHWDPHQW FDUDFWHULW]DGD SHU XQD<br />

PDWULX GLPSHGjQFLHV >=@ R GDGPLWjQFLHV >9@ >=@Â>,@ R >,@ >9@ $PE WRW WHQLP XQD PDWULX FRPSOH[D >=@ R<br />

> @<br />

⎡9 ⎤ ⎡ = = " = 1 ⎤ ⎡ , ⎤<br />

⎢<br />

9<br />

⎥ ⎢<br />

= = =<br />

⎥ ⎢<br />

1 ,<br />

⎥<br />

⎢ ⎥ ⎢<br />

"<br />

=<br />

⎥ ⎢ ⎥<br />

⎢ # ⎥ ⎢ # # % # ⎥ ⎢ # ⎥<br />

⎢ ⎥ ⎢ ⎥ ⎢ ⎥<br />

9 ⎣= = " = ⎦ ,<br />

⎣ 1 ⎦ 1 1 11 ⎣ 1 ⎦<br />

2Q SHU FDOFXODU FDGD WHUPH GH OD PDWULX VKDQ GH GHL[DU HQ FLUFXLW REHUW WRWV HOV DFFHVVRV<br />

H[FHSWH HO TXH HV YRO FDOFXODU<br />

=<br />

LM<br />

9L<br />

=<br />

, =<br />

M ,<br />

∀. ≠ M<br />

(Q HO FDV GH IHU DTXHVW DQjOLVL D IUHT qQFLHV GH PLFURRQHV VRUJHL[HQ XQD VqULH GLQFRQYHQLHQWV<br />

HQ OD XWLOLW]DFLy GH OHV PDWULXV GLPSHGjQFLHV R GDGPLWjQFLHV<br />

• /D PHVXUD GH OD LPSHGjQFLD pV PROW VHQVLEOH D GHVSODoDPHQWV GHO SOD GH UHIHUqQFLD HQ<br />

FDGD DFFpV<br />

ƒ /HV FRQGLFLRQV GH FRQWRUQ LPSOLFDGHV FXUWFLUFXLW R FLUFXLW REHUW VyQ GLItFLOV<br />

GDFRQVHJXLU<br />

eV SHU DL[z TXH SHU D IHU ODQjOLVL GDTXHVW WLSXV GH FLUFXLWV VXWLOLW]HQ HOV SDUjPHWUHV 6<br />

G³VFDWWHULQJ´ R GLVSHUVLy XQD YDULDQW TXH VLPSOLILFD HO PqWRGH<br />

3DUjPHWUHV 6<br />

(V GHILQHL[ SHU D FDGD DFFpV GH OD [DU[D XQD RQD GHQWUDGD DO FLUFXLW R LQFLGHQW D1 L XQD GH<br />

VRUWLGD R UHIOHFWLGD E1 DPEGXHV QRUPDOLW]DGHV 'H IRUPD TXH TXHGHQ UHODFLRQDWV WRWV HOV<br />

DFFHVVRV GH OD [DU[D VHJRQV >E@ >6@Â>D@ 2Q >6@ pV OD PDWULX GH GLVSHUVLy R PDWULX GH<br />

SDUjPHWUHV 6 PDWULX FRPSOH[D TXH GHILQHL[ SHUIHFWDPHQW HO FLUFXLW OLQHDO > @<br />

⎡ E ⎤ ⎡ 6 6 " 6 1 ⎤ ⎡ D ⎤<br />

⎢<br />

E<br />

⎥ ⎢<br />

6 6 6<br />

⎥ ⎢<br />

1 D<br />

⎥<br />

⎢ ⎥ ⎢<br />

"<br />

=<br />

⎥ ⎢ ⎥<br />

⎢ # ⎥ ⎢ # # % # ⎥ ⎢ # ⎥<br />

⎢ ⎥ ⎢ ⎥ ⎢ ⎥<br />

E ⎣6 6 " 6 ⎦ D<br />

⎣ 1 ⎦ 1 1 11 ⎣ 1 ⎦<br />

(OV HOHPHQWV GH OD PDWULX VREWHQHQ D SDUWLU GH /HTXDFLy HTXLYDO DO TXRFLHQW HQWUH OD RQD<br />

GH VRUWLGD GHO SRUW L pVVLP L OD RQD GHQWUDGD GHO SRUW M pVVLP DPE OD FRQGLFLy GH WHQLU WRWV HOV<br />

SRUWV DGDSWDWV H[FHSWH HO M<br />

6<br />

LM<br />

EL<br />

=<br />

D =<br />

M ¡ D<br />

∀. ≠ M


&DGD SDUjPHWUH 6 GyQD LQIRUPDFLy GHO WUDFWDPHQW TXH VRIUHL[ XQ VHQ\DO HQWUDQW SHU XQ SRUW L<br />

TXH HQ VXUW SHU XQ DOWUH (O SULPHU VXEtQGH[ GHO SDUjPHWUH 6 LQGLFD HO SRUW GH VRUWLGD L HO VHJRQ<br />

VXEtQGH[ HO SRUW GHQWUDGD<br />

%jVLFDPHQW HOV DYDQWDWJHV GH WUHEDOODU DPE OD PDWULX GH SDUjPHWUHV GH GLVSHUVLy VyQ GRV<br />

ƒ 7UHEDOODU GH IRUPD LQGHSHQGHQW DPE OD RQD LQFLGHQW L OD RQD UHIOHFWLGD<br />

ƒ /D IjFLO LPSOHPHQWDFLy GH OHV FRQGLFLRQV GH FRQWRUQ MD TXH FDUUHJDQW HOV DFFHVVRV<br />

DPE OD LPSHGjQFLD FDUDFWHUtVWLFD DFRQVHJXLP OD QR H[FLWDFLy HQ TXDOVHYRO SRUW<br />

&DUWD G6PLWK<br />

/D FDUWD G6PLWK pV XQD DMXGD JUjILFD GH JUDQ XWLOLWDW 3HUPHW OD UHSUHVHQWDFLy R YLVXDOLW]DFLy GH<br />

FRHILFLHQWV GH UHIOH[Ly L GLPSHGjQFLHV IDFLOLWDQW ODQjOLVL GH SUREOHPHV UHODFLRQDWV DPE OtQLHV GH<br />

WUDQVPLVVLy (Q HVVqQFLD FRQVWLWXHL[ OD UHSUHVHQWDFLy HQ FRRUGHQDGHV SRODUV GHO FRHILFLHQW GH<br />

UHIOH[Ly /D SULQFLSDO XWLOLWDW HV WURED HQ HO IHW TXH SRGHP FRQYHUWLU GLUHFWDPHQW FRHILFLHQWV GH<br />

UHIOH[Ly HQ LPSHGjQFLHV QRUPDOLW]DGHV L YLFHYHUVD 'RQDW TXH TXDOVHYRO FjUUHJD SDVVLYD<br />

FRPSOHL[ ρ ≤ OD UHSUHVHQWDFLy GH OD VHYD LPSHGjQFLD HVWDUj GLQWUH GXQ FHUFOH GH UDGL XQLWDW<br />

ILJXUD<br />

/D OtQLD GH WUDQVPLVVLy PLFURVWULS<br />

)LJXUD &DUWD G6PLWK<br />

/D OtQLD GH WUDQVPLVVLy /7 SUHQ LPSRUWjQFLD GRQFV HQ HOV FLUFXLWV GH PLFURRQHV MD TXH SRW<br />

PRGLILFDU HO VHQ\DO TXH WUDQVPHW SURYRFDQW KL UHWDUGV L SqUGXHV ([LVWHL[HQ GLIHUHQWV<br />

HVWUXFWXUHV SHU D WUDQVPHWUH VHQ\DOV HQ FLUFXLWV GH PLFURRQHV FRP SHU H[HPSOH OD OtQHD<br />

FRD[LDO JXLHV GRQD GH GLIHUHQWV WRSRORJLHV DL[t FRP OtQLHV GH WUDQVPLVVLy LPSUHVHV VREUH<br />

VXEVWUDW 'HQWUH OHV LPSUHVHV H[LVWHL[HQ GLIHUHQWV WHFQRORJLHV GH IDEULFDFLy VWULSOLQH PLFURVWULS<br />

R JXLD GRQHV FRSODQDU HQWUH GDOWUHV /D OtQLD PLFURVWULS ILJXUD pV XQD WLUD GH PDWHULDO<br />

FRQGXFWRU OtQHD LPSUHVD VREUH GXQ VXEVWUDW DPE XQ SOD PHWDOÂOLW]DW D ODOWUH FDUD QRUPDOPHQW<br />

FRQHJXW FRP D PDVVD *1' (Q OD ILJXUD HV PRVWUHQ HOV SDUjPHWUHV DPE PpV UHOOHYjQFLD GH OD<br />

VHYD LPSOHPHQWDFLy (Q JHQHUDO OHV SqUGXHV SURYRFDGHV SHU XQD /7 VyQ GHJXGHV D OD<br />

FRQGXFWLYLWDW ILQLWD GH OD OtQLD L D OHV SqUGXHV GHO GLHOqFWULF<br />

)LJXUD /tQLD PLFURVWULS L HOV VHXV SDUjPHWUHV<br />

3HU D IUHT qQFLHV GH PLFURRQHV HO FLUFXLW HTXLYDOHQW GXQD OtQLD GH WUDQVPLVVLy pV XQD [DU[D GH<br />

SDUjPHWUHV GLVWULEXwWV 5 / & > @


(O VXEVWUDW<br />

(O VXEVWUDW HVFROOLW SHU LPSOHPHQWDU HO FLUFXLW pV HO 52 &ΠGH OD VqULH GH PDWHULDOV SHU D<br />

FLUFXLWV GDOWD IUHT qQFLD 52 Š GH OD FDVD 52*(56 > @ eV XQ VXEVWUDW IDEULFDW DPE YLGUH<br />

UHIRUoDW DPE FDSHV GKLGURFDUEy L FHUjPLFD (VWj GLVVHQ\DW SHU D RIHULU XQ PROW ERQ UHQGLPHQW D<br />

DOWHV IUHT qQFLHV ! 0+] DPE EDL[HV SqUGXHV L HVWDELOLWDW<br />

/HOHFFLy GDTXHVW VXEVWUDW YH GHWHUPLQDGD SHU OD GLVSRQLELOLWDW GHO VXEVWUDW DO ODERUDWRUL DL[t FRP<br />

HO FRQHL[HPHQW GHO VHX SURFpV GH IDEULFDFLy 8WLOLW]DQW OR IDFLOLWHP XQD SRVWHULRU DPSOLDFLy R<br />

PRGLILFDFLy GHO GLVVHQ\ SHU SDUW GHOV PHPEUHV GHO GHSDUWDPHQW DL[t FRP OD VHYD IDEULFDFLy HQ<br />

XQ IXWXU<br />

(Q ODQQH[ $ HV WURED HO GDWDVKHHW GHO VXEVWUDW L HQ OD ILJXUD SRGHP REVHUYDU OHV VHYHV<br />

FDUDFWHUtVWLTXHV SULQFLSDOV<br />

3URSLHWDW 9DORU<br />

3HUPLWLYLWDW GLHOqFWULFD ε U<br />

3HUPHDELOLWDW µ U<br />

7DQJHQW GH SqUGXHV WDQδ<br />

*UXL[ GHO GLHOqFWULF + PP<br />

*UXL[ GH OD OtQLD 7 P<br />

)LJXUD &DUDFWHUtVWLTXHV VXEVWUDW<br />

,1752'8&&,Ï $/ 93' (/(0(176 48( (/ )250(1<br />

(O GLYLVRU GH SRWqQFLD SURJUDPDEOH TXH HV GLVVHQ\DUj L HV GHPRVWUDUj SHU WUHV HVWDWV HOV TXDOV<br />

VHUDQ GHWHUPLQDWV PLWMDQoDQW HO FRQWURO GH GtRGHV 3,1 WUHEDOODUj D OD IUHT qQFLD GH *+] (O<br />

GLDJUDPD GH EORFV GHO FLUFXLW HV PRVWUD D OD ILJXUD 7p TXDWUH DFFHVVRV XQ TXH IXQFLRQD<br />

FRP D HQWUDGD GRV GH VRUWLGD HQWUH HOV TXDOV HV UHSDUWLUj OD SRWqQFLD VRUWLGD L VRUWLGD L XQ<br />

TXDUW SRUW TXH SHU XQ ERQ IXQFLRQDPHQW GHO FLUFXLW KD GHVWDU DFDEDW (O WUDFWDPHQW TXH HIHFWXD<br />

HO FLUFXLW VREUH HO VHQ\DO GHQWUDGD pV HO GH UHSDUWLU OD SRWqQFLD HQWUH HOV GRV SRUWV GH VRUWLGD<br />

GLULJLQW OD SRWqQFLD FRP FRQYLQJXL OR TXDO HV SRW FRQWURODU H[WHUQDPHQW DPE OD VHQ\DO GH<br />

FRQWURO (OV WUHV HVWDWV GHO FLUFXLW TXH VLPSOHPHQWDUj VyQ<br />

• (VWDW 'LULJLU WRWD OD SRWqQFLD GHQWUDGD DO SRUW GH VRUWLGD<br />

• (VWDW 5HSDUWLU OD SRWqQFLD GHQWUDGD D SDUWV LJXDOV HQWUH HOV GRV SRUWV GH VRUWLGD<br />

• (VWDW 'LULJLU WRWD OD SRWqQFLD GHQWUDGD DO SRUW GH VRUWLGD<br />

(O FDQYL GHVWDWV HV SURJUDPD PLWMDQoDQW XQ VHQ\DO '& GH FRQWURO H[WHUQ TXH HV FRPSRVD GXQ<br />

EXV GH ILOV 9 L 9 WDO FRP HV PRVWUD D OD ILJXUD<br />

(VWDW<br />

(VWDW<br />

(VWDW<br />

9 9<br />

)LJXUD 3URJUDPDFLy GHOV HVWDWV GHO 93'<br />

$ JUDQV WUHWV HO IXQFLRQDPHQW GHO FLUFXLW pV HO VHJ HQW<br />

• (QWUDGD GHO VHQ\DO DO SULPHU KtEULG SHO SRUW GHQWUDGD<br />

• 'LYLVLy GH OD SRWqQFLD GHO VHQ\DO D SDUWV LJXDOV HQWUH HOV GRV SRUWV GH VRUWLGD GH OKtEULG<br />

GHVIDVDWV ž


• 8Q GHOV VHQ\DOV HV WUDQVPHW D WUDYpV GXQD OtQHD GH WUDQVPLVVLy GH ORQJLWXG IL[D D XQD<br />

HQWUDGD GHO VHJRQ KtEULG DTXHVWD OtQHD OL SURYRFD XQ GHVIDVDPHQW FRQFUHW<br />

• /DOWUH VHQ\DO HQWUD DO GHVIDVDGRU YDULDEOH $PE HO VHQ\DO GH FRQWURO HV GHFLGHL[ DSOLFDU<br />

XQ GHOV WUHV GHVIDVDPHQW SRVVLEOHV (O VHQ\DO VLQMHFWD D ODOWUH HQWUDGD GHO VHJRQ<br />

KtEULG<br />

• /D FRPELQDFLy GHOV GRV VHQ\DOV HQ HO VHJRQ KtEULG DPE OHV IDVHV FRUUHVSRQHQWV JHQHUD<br />

OD VRUWLGD GHVLWMDGD<br />

)LJXUD (VWUXFWXUD GH EORFV GHO 93' SURSRVDW<br />

(V SRW GHGXLU GHO GLDJUDPD GH EORFV L GH ODQjOLVL GH IXQFLRQDPHQW TXH HO FLUFXLW WDPEp SRW<br />

IXQFLRQDU FRP D FRPELQDGRU GH SRWqQFLD UHFRQILJXUDEOH FLUFXLW TXH HVWDUj IRUPDW SHU GXHV<br />

HQWUDGHV L XQD VRUWLGD L HO TXDO HV SURSRVDUj FRP D OtQLHV IXWXUHV<br />

3HU WDQW HV SRW REVHUYDU HQ OD ILJXUD TXH HO GLVVHQ\ GDTXHVW FLUFXLW UHTXHULUj ODQjOLVL L<br />

GLVVHQ\ GHOV VHJ HQWV HOHPHQWV<br />

• 7UDPV GH OtQHD GH WUDQVPLVVLy PLFURVWULS<br />

7RWV HOV HOHPHQWV TXH IRUPHQ HO 93' HVWDQ UHDOLW]DWV R LQWHUFRQQHFWDWV DPE OtQLHV GH<br />

WUDQVPLVVLy<br />

• +tEULG %UDQFK /LQH<br />

eV XQ FLUFXLW GH DFFHVVRV GLYLVRU GH SRWqQFLD D G% GLYLVLy D SDUWV LJXDOV (OV GLYLVRUV<br />

GH SRWqQFLD FRQHJXWV FRP D KtEULGV VyQ DTXHOOV TXH LQFRUSRUHQ XQ GHVIDVDPHQW HQWUH HOV<br />

VHQ\DOV GHOV SRUWV GH VRUWLGD TXH HQ HO FDV GH OKtEULG %UDQFK /LQH pV GH ž $TXHVW<br />

HOHPHQW Wp XQHV SURSLHWDWV PROW LQWHUHVVDQWV SHU OHV TXDOV HO IHP VHUYLU (OV VHXV SRUWV<br />

HVWDQ DGDSWDWV L Wp GRV SDUHOOV GH SRUWHV DwOODGHV HQWUH VL 6L HQ FRPSWHV GHQWUDU XQ<br />

VHQ\DO D OKtEULG QHQWUHQ GRV DTXHVW IXQFLRQD FRP D FRPELQDGRU GH SRWqQFLHV 0pV<br />

HQGDYDQW VDQDOLW]DUj GHWDOODGDPHQW<br />

• 'HVIDVDGRU YDULDEOH GH WLSXV UHIOH[LX<br />

&LUFXLW TXH FRPELQD XQ KtEULG %UDQFK /LQH DPE WUDPV GH OtQLD GH WUDQVPLVVLy L GtRGHV<br />

3,1 eV XQ ELSRUW GLVVHQ\DW SHU D YDULDU OD IDVH GHO VHQ\DO D OD VRUWLGD (O GHVIDVDPHQW HV<br />

SURGXHL[ GHJXW D OD WUDQVPLVVLy GHO VHQ\DO SHU GXHV OtQLHV DFDEDGHV HQ FXUWFLUFXLW<br />

FRQQHFWDGHV D OKtEULG (Q IXQFLy GH OD ORQJLWXG GH OHV OtQLHV GH WUDQVPLVVLy HV WLQGUDQ<br />

GHVIDVDPHQWV GLIHUHQWV (O GtRGH 3,1 pV OHOHPHQW JUjFLHV DO TXH D WUDYpV GXQ FRUUHQW<br />

'& GH SRODULW]DFLy DFRQVHJXLP YDULDU OD ORQJLWXG GH OHV OtQLHV L SHU WDQW HO GHVIDVDPHQW<br />

GHO VHQ\DO<br />

• 'tRGH 3LQ<br />

6XWLOLW]D DTXHVW GtRGH SHU OD FDSDFLWDW TXH Wp GH IXQFLRQDU FRP D FRPPXWDGRU HQWUH GRV<br />

HVWDWV REHUW L FXUW GH VHQ\DOV 5) VHJRQV VL HVWj SRODULW]DW HQ GLUHFWD R LQYHUVD )RUPD<br />

SDUW GHO GHVIDVDGRU YDULDEOH L pV OHOHPHQW D SDUWLU GHO TXDO VDFRQVHJXHL[ OD YDULDELOLWDW GHO<br />

93'


$1¬/,6,6 '( %/2&6<br />

/D GLYLVLy GXQ FLUFXLW SHU EORFV R SDUWV HQ TXH HVWj IRUPDW L OD SRVWHULRU FRPELQDFLy GDTXHVWV<br />

IDFLOLWD OHVWXGL GHO FLUFXLW L OD VHYD FRPSUHQVLy (Q DTXHVW DSDUWDW HV GHVFULX HO FRPSRUWDPHQW<br />

LQGLYLGXDO GHOV GLVSRVLWLXV TXH IRUPHQ HO 'LYLVRU GH SRWqQFLD 9DULDEOH SHU DQDOLW]DU GHVSUpV HO<br />

FRPSRUWDPHQW JOREDO GHO FLUFXLW<br />

/tQLD GH WUDQVPLVVLy<br />

/RQD TXH HV SURSDJD SHU XQD OtQLD GH WUDQVPLVVLy VHQVH SqUGXHV TXHGD GHILQLGD SHU OHV<br />

HTXDFLRQV GH WHQVLy L FRUUHQW<br />

9 ] = 9 H + 9 H<br />

+ −β O − + βO<br />

R R<br />

, ] = , H + , H<br />

+ −β O − + βO<br />

R R<br />

RQ 9 , 9 , VyQ OHV DPSOLWXGV GH OD WHQVLy L FRUUHQW GH OHV RQHV SURJUHVVLYHV L<br />

UHJUHVVLYHV UHVSHFWLYDPHQW β pV OD FRQVWDQW GH IDVH L O pV OHVSDL GHVSODoDPHQW<br />

/D LPSHGjQFLD FDUDFWHUtVWLFD GH OD OtQLD<br />

YLDWMD SHU OD OtQLD<br />

= R SHUPHW UHODFLRQDU OD WHQVLy L HO FRUUHQW GH ORQD TXH<br />

=<br />

R<br />

9 9<br />

= = −<br />

, ,<br />

+ −<br />

R R<br />

+ −<br />

R R<br />

3HU XQD OtQLD GH WUDQVPLVVLy FDUUHJDGD DPE XQD LPSHGjQFLD TXDOVHYRO = / ORQD TXH HV<br />

WUDQVPHW L LQFLGHL[ D OD FjUUHJD HV YHX IRUoDGD D FRPSOLU OD FRQGLFLy GH FRQWRUQ TXH LPSRVD OD<br />

LPSHGjQFLD / = 6L / = R = ORQD HV WUDQVPHWUj QRUPDOPHQW SHUz VL = / ≠ = R ORQD HV GLYLGLUj<br />

HQ XQD RQD LQFLGHQW L XQD UHIOHFWLGD SRGHQW YHXUHV UHIOHFWLGD SHU FRPSOHW (O FRHILFLHQW GH<br />

UHIOH[Ly Γ HQV GyQD DTXHVWD LQIRUPDFLy UHODFLRQDQW ORQD LQFLGHQW DPE OD UHIOHFWLGD<br />

9 = − =<br />

Γ = =<br />

9<br />

−<br />

R / R<br />

+<br />

R = / + = R<br />

6L Γ GLHP TXH OD FjUUHJD HVWj DGDSWDGD QR H[LVWHL[ RQD UHIOHFWLGD 3DUOHP OODYRUV GXQD<br />

RQD SODQD HQ TXH OD PDJQLWXG GH OD WHQVLy L HO FRUUHQW pV FRQVWDQW<br />

6L Γ ≠ OD FjUUHJD QR HVWj DGDSWDGD L SHU WDQW H[LVWHL[ XQD RQD UHIOHFWLGD 3DUOHP OODYRUV<br />

GXQD RQD HVWDFLRQjULD IRUPDGD SHU OD VXSHUSRVLFLy GXQD RQD LQFLGHQW L XQD UHIOHFWLGD (Q XQD<br />

RQD HVWDFLRQjULD OD PDJQLWXG GH OD WHQVLy L HO FRUUHQW QR VyQ FRQVWDQWV VLQy TXH YDULHQ DO OODUJ<br />

GH OD OtQLD (V SRW FDOFXODU OD LPSHGjQFLD HQ TXDOVHYRO SXQW GH OD OtQLD FRP /D SRWqQFLD GHO<br />

VHQ\DO HV PDQWLQGUj FRQVWDQW DO OODUJ GH OD OtQLD $L[t OD SRWqQFLD GLVVLSDGD D XQD FjUUHJD VHUj<br />

LJXDO D OD SRWqQFLD UHIOHFWLGD PpV OD WUDQVPHVD $FRQVHJXLQW OD Pj[LPD WUDQVPLVVLy GH SRWqQFLD<br />

DPE ODGDSWDFLy GH OD FjUUHJD Γ<br />

= = =<br />

+ ΓH<br />

− ΓH<br />

− Mβ O<br />

,1 R − Mβ O<br />

(V SRW GHPRVWUDU TXH XQD OtQLD DPE O HV FRPSRUWD FRP XQ VHJXLGRU GLPSHGjQFLHV 0HQWUH<br />

TXH XQD DPE O HV FRPSRUWD FRP XQ LQYHUVRU R WUDQVIRUPDGRU GLPSHGjQFLHV<br />

Φ = β WDPEp YDULD DO OODUJ GH OD OtQLD (Q OD ILJXUD YHLHP<br />

/D IDVH GHO VHQ\DO O<br />

UHSUHVHQWDGD ODPSOLWXG GH OD WHQVLy GXQD RQD HVWDFLRQjULD L FRP HV UHODFLRQHQ ORQJLWXG GRQD<br />

GLVWjQFLD GH OD OtQLD GH WUDQVPLVVLy L ORQJLWXG HOqFWULFD $L[t SHU H[HPSOH XQD OtQLD GH O<br />

GHVIDVD HO VHQ\DO ž


)LJXUD 2QD HVWDFLRQjULD<br />

$ SDUWLU GDTXt FRQHL[HQW HO VXEVWUDW HQ TXH LPSOHPHQWDUHP HO FLUFXLW L OD IUHT qQFLD D OD TXH<br />

WUHEDOODUj SRGHP FDOFXODU OD ORQJLWXG GRQD GHO VHQ\DO<br />

• (O FLUFXLW WUHEDOOD D OD IUHT qQFLD GH I = *+] → ω = π I = < UDG V<br />

• $VVXPLQW OD LPSHGjQFLD FDUDFWHUtVWLFD GH OD OtQHD = R = Ω<br />

• &RQHL[HP HOV SDUjPHWUHV GHO VXEVWUDW L SHU WDQW SRGHP FDOFXODU<br />

6XEVWUDW<br />

ε<br />

U<br />

µ =<br />

U<br />

=<br />

σ =<br />

WDQδ<br />

=<br />

<<br />

ε<br />

R<br />

= <<br />

−<br />

)<br />

P<br />

ε = εR ⋅ ε U = Â<br />

− )<br />

×<br />

P<br />

= Â<br />

− )<br />

P<br />

µ R = π <<br />

− +<br />

P<br />

µ = µ R  µ U = πÂ<br />

− +<br />

P<br />

0LWMDQoDQW HO /LQH&DOF XQ SURJUDPD GLQV OHQWRUQ G$'6 YHXUH DSDUWDW SRGHP FDOFXODU<br />

H[DFWDPHQW<br />

• ε UHII =<br />

• S<br />

•<br />

•<br />

F<br />

Y = = ⋅ P V<br />

ε<br />

UHII<br />

YS<br />

λ = =<br />

I<br />

π<br />

β = =<br />

λ<br />

P<br />

&RQHL[HQW OD ORQJLWXG GRQD GHO VHQ\DO SRGHP UHODFLRQDU OHV ORQJLWXGV HOqFWULTXHV φ TXH<br />

FRUUHVSRQHQ D FDGD ORQJLWXG GH OtQLD GH WUDQVPLVVLy ILJXUD<br />

I I UDG<br />

π<br />

Φ = β ⋅ O = O<br />

λ<br />

/RQJLWXG<br />

/RQJLWXG /7<br />

GRQD<br />

ž FP<br />

ž FP<br />

ž FP<br />

ž FP<br />

ž FP


ž FP<br />

ž FP<br />

ž FP<br />

ž FP<br />

ž FP<br />

)LJXUD (TXLYDOqQFLD HQWUH OD ORQJLWXG GH OD OtQLD GH WUDQVPLVVLy OD ORQJLWXG<br />

+tEULG %UDQFK /LQH<br />

3URSLHWDWV GH OHV [DU[HV GH SRUWV<br />

GRQD L OD ORQJLWXG HOqFWULFD HQ HO VXEVWUDW XWLOLW]DW<br />

(OV GLVSRVLWLXV GH SRUWV SUHVHQWHQ XQD PDWULX GH SDUjPHWUHV 6 GH HOHPHQWV<br />

[ 6]<br />

⎛ 6 6 6 6 ⎞<br />

⎜ ⎟<br />

⎜<br />

6 6 6 6<br />

⎟<br />

⎜6 6 6 6 ⎟<br />

⎜ ⎟<br />

⎝6 6 6 6 ⎠<br />

3HU GHILQLFLy VyQ GLVSRVLWLXV FRQVLGHUDQW HO FDV LGHDO<br />

• 3DVVLXV (O PzGXO GH WRWV HOV HOHPHQWV GH OD PDWULX pV PHQRU R LJXDO TXH OD XQLWDW<br />

6LM ≤<br />

• 3DVVLXV L VHQVH SqUGXHV (O SURGXFWH GH OD PDWULX GH GLVSHUVLy L OD PDWULX GH GLVSHUVLy<br />

KHUPqWLFD WUDQVSRVDGD L FRQMXJDGD pV LJXDO D OD PDWULX LGHQWLWDW<br />

+<br />

[ 6][ 6 ] = [ , ]<br />

• 5HFtSURFV 6L HO FLUFXLW pV UHFtSURF SRGHP GLU TXH OD VHYD PDWULX GH GLVSHUVLy pV VLPqWULFD<br />

[ ] [ ] W<br />

6 = 6 ⇔ 6 = 6<br />

LM ML<br />

• 7RWDOPHQW DGDSWDWV (Q WRWV HOV SRUWV OD SRWqQFLD LQFLGHQW HV WUDQVPHW SHU FRPSOHW<br />

6 = 6 = 6 = 6 =<br />

(VWXGL GH OD PDWULX GH GLVSHUVLy SHU XQD [DU[D GH SRUWV<br />

6XSRVDQW 6 = 6 = 6 = 6 = [ 6] XQLWjULD L OD [DU[D UHFtSURFD OODYRUV VKDQ GH FRPSOLU<br />

OHV VHJ HQWV UHODFLRQV<br />

6 6 + 6 6 =<br />

6 + 6 + 6 =<br />

6 6 + 6 6 =<br />

6 + 6 + 6 =<br />

6 6 + 6 6 =<br />

6 + 6 + 6 =<br />

6 + 6 + 6 =<br />

6 6 + 6 6 =<br />

6 6 + 6 6 =<br />

6 6 + 6 6 =


8QD GH OHV SRVVLEOHV VROXFLRQV GDTXHVW VLVWHPD FRQVLVWHL[ HQ SUHQGUH 6 = SHO TXH<br />

HV UHGXHL[ D<br />

6 6<br />

6 6<br />

6 6<br />

6 6<br />

6L SUHQHP SHU H[HPSOH 6 = SHU D TXH HV FRPSOHL[L OODYRUV HV UHGXHL[ D<br />

=<br />

=<br />

=<br />

=<br />

6 + 6 =<br />

6 + 6 =<br />

6 + 6 =<br />

6 + 6 =<br />

'H YHLHP TXH 6 = 6 L 6 = 6 6L SUHQHP SHU H[HPSOH 6 = 6 = α<br />

M<br />

6 H θ<br />

β L<br />

M<br />

6 H φ<br />

β OD PDWULX GH GLVSHUVLy TXHGD GH OD VHJ HQW IRUPD<br />

Mθ<br />

⎛ βH α ⎞<br />

⎜ ⎟<br />

Mφ<br />

⎜ α βH<br />

⎟<br />

[ 6]<br />

= ⎜ Mθ<br />

⎟<br />

⎜ β H α<br />

⎟<br />

⎜ Mφ<br />

α β H<br />

⎟<br />

⎝ ⎠<br />

3HU ~OWLP SHU D TXH [ ]<br />

6 VLJXL XQLWjULD VKDXUDQ GH FRPSOLU OHV VHJ HQWV UHODFLRQV<br />

α + β =<br />

− Mθ Mφ<br />

− βαH = αβH ⇒ θ + φ = ( Q + ) π<br />

([LVWHL[HQ GXHV SRVVLEOHV VROXFLRQV SHU D OHV HTXDFLRQV<br />

$FREODGRU VLPqWULF<br />

θ = φ =<br />

$FREODGRU DQWLVLPqWULF θ = φ =<br />

π<br />

π<br />

⎛ Mβ<br />

α ⎞<br />

⎜ ⎟<br />

α Mβ<br />

[ 6]<br />

= ⎜ ⎟<br />

⎜ Mβ<br />

α ⎟<br />

⎜ ⎟<br />

⎝ α Mβ<br />


⎛ β α ⎞<br />

⎜ ⎟<br />

α −β<br />

[ 6]<br />

= ⎜ ⎟<br />

⎜ β α ⎟<br />

⎜ ⎟<br />

⎝α −β<br />

⎠<br />

(Q WRWV GRV FDVRV DSUHFLHP FRP DO LQFLGLU XQD SRWqQFLD SHU TXDOVHYRO GHOV SRUWV DTXHVWD HV<br />

UHSDUWHL[ HQWUH GRV SRUWV DQRPHQDWV GLUHFWH L DFREODW TXHGDQW XQ WHUFHU DwOODW L HO SRUW GHQWUDGD<br />

DGDSWDW 3HU WDQW OD [DU[D Wp GRV SDUHOOV GH SRUWV GH IRUD GH OD GLDJRQDO SULQFLSDO DwOODWV HQWUH<br />

HOOV<br />

$OWUHV SRVVLEOHV VROXFLRQV GHOV VLVWHPHV GHTXDFLRQV L SRUWHQ DO PDWHL[ UHVXOWDW<br />

REWLQJXW L 7RWHV DTXHVWHV VROXFLRQV VyQ FRQHJXGHV FRP D DFREODGRUV GLUHFFLRQDOV<br />

$' L HV UHSUHVHQWHQ DPE HOV VHJ HQWV VtPEROV ILJXUD<br />

)LJXUD 'XHV UHSUHVHQWDFLRQV GH ODFREODGRU GLUHFFLRQDO<br />

(Q HOV $' QRUPDOPHQW OD PDMRU SDUW GH OD SRWqQFLD HV GLULJHL[ DO SRUW GLUHFWH L QRPpV XQD SHWLWD<br />

SDUW DUULED DO SRUW DFREODW 3HU DTXHVW PRWLX HV GHILQHL[HQ OHV VHJ HQWV UHODFLRQV GH SRWqQFLD<br />

FRP D ILJXUHV GH PqULW<br />

• $FREODPHQW & = ( 3 3 ) = − β ( )<br />

ORJ ORJ G%<br />

' = ORJ 3 3 =<br />

β<br />

ORJ<br />

6<br />

G%<br />

• 'LUHFWLYLWDW ( ) ( )<br />

• $wOODPHQW , = ( 3 3 ) = − 6 ( )<br />

8QD UHODFLy GLUHFWH HQWUH HOOHV pV , & '<br />

$FREODGRUV KtEULGV /KtEULG %UDQFK /LQH<br />

ORJ ORJ G%<br />

5HEHQ HO QRP GKtEULGV HOV DFREODGRUV GH G% 8WLOLW]DQW OD QRWDFLy DQWHULRU HV WUDFWD GXQ<br />

DFREODGRU GLUHFFLRQDO VLPqWULF<br />

6 pV<br />

π<br />

θ = φ = DPE α = β = /D VHYD PDWULX GH SDUjPHWUHV<br />

[ 6]<br />

=<br />

⎛ M ⎞<br />

⎜ ⎟<br />

⎜<br />

M<br />

⎟<br />

⎜ M ⎟<br />

⎜ ⎟<br />

⎝ M ⎠<br />

&RP VKD YLVW HO FLUFXLW OHVTXHPD GHO TXDO HV PRVWUD D OD ILJXUD Wp OHV VHJ HQWV SURSLHWDWV<br />

• 3DVVLX L VHQVH SqUGXHV >6@>6@ >,@<br />

• 5HFtSURF 6LM = 6 ML<br />

• 7RWV HOV SRUWV DGDSWDWV 6 LL =<br />

• 'RV SDUHOOV GH SRUWV DwOODWV HQWUH HOOV 6 6 L 6 6<br />

• ,QWURGXHL[ XQ GHVIDVDPHQW GH ž HQWUH HOV SRUWV GLUHFWH L DFREODW


)LJXUD 5HSUHVHQWDFLy JUjILFD GH OKtEULG %UDQFK /LQH<br />

6L VXSRVHP TXH H[FLWHP O KtEULG SHO SRUW D L OD UHVWD GH SRUWV DFDEDWV SRGHP WUREDU OHV<br />

VRUWLGHV HQ IXQFLy GH OHQWUDGD<br />

[ E] = [ 6][ D]<br />

⎡E ⎤ ⎛ M ⎞⎛ D ⎞<br />

⎢<br />

E<br />

⎥ ⎜ ⎟⎜⎜ ⎟<br />

⎢ ⎥<br />

M<br />

= ⎜ ⎟ ⎟<br />

⎢E ⎥ ⎜ M ⎟⎜ ⎟<br />

⎢ ⎥ ⎜ ⎟⎜<br />

⎟<br />

⎣E ⎦ ⎝ M ⎠⎝ ⎠<br />

E = M<br />

D<br />

D<br />

E =<br />

9HLHP FRP SHOV SRUW L VXUW OD PHLWDW GH OD SRWqQFLD GH VHQ\DO TXH HQWUD SHU<br />

D 3<br />

3 = 3 = E = =<br />

3HO TXH ID DO IXQFLRQDPHQW FRP D FRPELQDGRU GH SRWqQFLHV HQWUHP VHQ\DO SHOV SRUWV L<br />

L D OHV VRUWLGHV WHQLP OHV VHJ HQWV HTXDFLRQV<br />

⎡E ⎤ ⎛ M ⎞⎛ D ⎞<br />

⎢<br />

E<br />

⎥ ⎜ ⎟⎜⎜ ⎟<br />

⎢ ⎥<br />

M D<br />

= ⎜ ⎟ ⎟<br />

⎢E ⎥ ⎜ M ⎟⎜ ⎟<br />

⎢ ⎥ ⎜ ⎟⎜<br />

⎟<br />

⎣E ⎦ ⎝ M ⎠⎝ ⎠<br />

D D<br />

E = M + = +<br />

( MD D )<br />

D D<br />

E = + M = +<br />

'HVIDVDGRU YDULDEOH GH WLSXV UHIOH[LX<br />

( D MD )<br />

(O GHVIDVDGRU HV EDVD HQ HO FRPSRUWDPHQW GH OKtEULG %UDQFK /LQH DPE GRV GHOV VHXV SRUWV<br />

LGqQWLFDPHQW DFDEDWV HQ XQD FjUUHJD SXUDPHQW UHIOH[LYD HQ DTXHVW FDV FXUWFLUFXLW /KtEULG<br />

SDVVD D WHQLU XQ SRUW GHQWUDGD L XQ GH VRUWLGD $ OD VRUWLGD HO VHQ\DO PDQWLQGUj WRWD OD SRWqQFLD<br />

SHUz HV YHXUj GHVIDVDW HQ IXQFLy GH OD GLVWjQFLD D OD TXDO HO FXUWFLUFXLW HV VLWXw 0pV H[SOLFDFLy<br />

GDTXHVWD HVWUXFWXUD GH GHVIDVDGRU HV SRW WUREDU HQ GLIHUHQWV UHIHUqQFLHV ELEOLRJUjILTXHV > @


$QDOLW]HP HO FRPSRUWDPHQW GXQ KtEULG DPE GRV GHOV VHXV SRUWV FDUUHJDWV DPE XQD LPSHGjQFLD<br />

TXDOVHYRO ILJXUD<br />

)LJXUD (VTXHPD GH OKtEULG %UDQFK /LQH DPE HOV SRUWV GLUHFWH L DFREODW<br />

FDUUHJDWV DPE XQD LPSHGjQFLD TXDOVHYRO<br />

3HU XQ VHQ\DO GHQWUDGD DO SRUW OD FRPELQDFLy GH VHQ\DOV LQFLGHQWV L UHIOHFWLWV pV<br />

⎡E ⎤ ⎛ M ⎞⎛ D ⎞<br />

⎢<br />

E<br />

⎥ ⎜ ⎟⎜⎜ ⎟<br />

⎢ ⎥<br />

M<br />

= ⎜ ⎟ ⎟<br />

⎢E ⎥ ⎜ M ⎟⎜ D ⎟<br />

⎢ ⎥ ⎜ ⎟⎜<br />

⎟<br />

⎣E ⎦ ⎝ M ⎠⎝ D ⎠<br />

&DOFXOHP OHV VRUWLGHV GH OKtEULG HQ IXQFLy GHOV VHQ\DOV GHQWUDGD FRP<br />

E = ( MD + D ) E ( D MD )<br />

= + E = M D L E = D<br />

/HV RQHV LQFLGHQWV L UHIOHFWLGHV HV SRGHQ UHODFLRQDU DPE HO FRHILFLHQW GH UHIOH[Ly<br />

, D OHV VRUWLGHV WHQLP<br />

D = Γ ,1 E L D = Γ,1E<br />

E = ( MD + D ) = ( MΓ ,1 E + Γ ,1 E ) =<br />

⎛<br />

⎜ M ⋅ MΓ ,1<br />

⎝<br />

D + Γ ,1<br />

⎞<br />

D ⎟ =<br />

⎠<br />

=<br />

⎛<br />

⎜Γ ,1<br />

⎝<br />

D − Γ ,1<br />

⎞<br />

D ⎟ =<br />

⎠<br />

E = ( D + MD ) = ( Γ ,1 E + MΓ ,1 E ) =<br />

⎛<br />

⎜ MΓ ,1<br />

⎝<br />

D + MΓ ,1 D<br />

⎞<br />

⎟ =<br />

⎠<br />

=<br />

⎛<br />

⎜ M<br />

⎝<br />

Γ ,1 D ⎞<br />

⎟ = M<br />

⎠<br />

Γ ,1 D<br />

= MΓ ,1 D<br />

2EVHUYHP HQ OHV HTXDFLRQV L OD SULPHUD FDUDFWHUtVWLFD LPSRUWDQW WRWD OD SRWqQFLD<br />

VXUW SHU XQ GHOV SRUWV $L[z HV FRPSOLUj VHPSUH TXH HOV FRHILFLHQWV GH UHIOH[Ly D OHQWUDGD GH OHV<br />

OtQLHV VLJXLQ LGqQWLFV<br />

• (Q HO FDV SDUWLFXODU GHVWDU FDUUHJDGHV DPE XQ FXUWFLUFXLW<br />

Ζ/ − ΖR Γ = =<br />

Ζ / + Ζ R<br />

−<br />

+<br />

= −<br />

D OD VRUWLGD HO VHQ\DO GHVIDVDW ž<br />

E = − MD L E =<br />

WLQGUHP


• 6L DUD FDUUHJXHP HOV GRV SRUWV DPE GXHV OtQLHV DFDEDGHV HQ FXUWFLUFXLW ILJXUD VDEHQW<br />

TXH HO FRHILFLHQW GH UHIOH[Ly D OHQWUDGD GXQD OtQLD DFDEDGD DPE XQD FjUUHJD TXDOVHYRO pV<br />

Γ = Γ ⋅<br />

− Mβ O<br />

,1 / H<br />

)LJXUD /7 FDUUHJDGD DPE F F<br />

3RGHP FRQqL[HU HO FRHILFLHQW GH UHIOH[Ly D OHQWUDGD TXH HQ DTXHVW FDV VHUj<br />

OD VRUWLGD GH OKtEULG VHUj LJXDO D<br />

E = MΓ D = MD Γ ⋅ H = − MD ⋅ H<br />

,1 /<br />

− Mβ O − Mβ O<br />

− Mβ O<br />

Γ ,1 = −H L<br />

− Mβ O<br />

(O GHVIDVDPHQW GHO VHQ\DO − MH GHSqQ GH OD ORQJLWXG GH OHV OtQLHV GH WUDQVPLVVLy SHU WDQW<br />

DPE DTXHVWD HVWUXFWXUD SRGHP DFRQVHJXLU TXDOVHYRO GHVIDVDPHQW QRPpV YDULDQW OD ORQJLWXG GH<br />

OHV OtQLHV<br />

3HU D GLVVHQ\DU HO GHVIDVDGRU YDULDEOH HQ UHIOH[Ly GH WUHV HVWDWV HV ID QHFHVVDUL XQ HOHPHQW TXH<br />

IXQFLRQL GH FRPPXWDGRU SHU D VHQ\DOV 5) $TXHVW pV HO GtRGH 3,1 VHJRQV HV SRODULW]D HQ<br />

GLUHFWD R HQ LQYHUVD FRQGXHL[ R QR &ROÂORFDQW HOV GtRGHV 3,1 DPE XQ GHOV VHXV WHUPLQDOV<br />

FRQQHFWDW D PDVVD HQ OHV GLVWjQFLHV DGHTXDGHV GH OHV OtQLHV GH WUDQVPLVVLy GH FjUUHJD GH<br />

O KtEULG SHUPHWUDQ YDULDU HO SXQW GH UHIOH[Ly GHO VHQ\DO L SHU WDQW HO GHVIDVDPHQW HQWUH OHQWUDGD<br />

L OD VRUWLGD &RP HO GHVIDVDGRU D GLVVHQ\DU pV GH WUHV HVWDWV DTXHVW Wp OHVTXHPD PRVWUDW HQ OD<br />

ILJXUD RQ VREVHUYD FRP OHV OtQLHV DFDEDGHV HQ FXUWFLUFXLW SRGHQ SUHQGUH ORQJLWXGV<br />

GLIHUHQWV HQ IXQFLy GH OD SURJUDPDFLy GHO GHVIDVDGRU D WUDYpV GHOV FRUUHQWV DSOLFDWV DOV GtRGHV<br />

9 L 9<br />

3/$17(-$0(17 *(1(5$/<br />

)LJXUD 'HVIDVDGRU HQ UHIOH[Ly<br />

'LYLGLW HO FLUFXLW HQ EORFV L DQDOLW]DWV HQ DTXHVW DSDUWDW HOV FRPELQDUHP VLPLODU D FRP VKD<br />

SODQWHMDW HQ ODSDUWDW SHU DUULEDU DO GLVVHQ\ GHO FLUFXLW ILQDO<br />

3URFHGLP GH OD VHJ HQW PDQHUD<br />

• (VWXGL GH OHVWUXFWXUD EDVH KtEULG KtEULG SHU XQ GHVIDVDPHQW TXDOVHYRO<br />

• &jOFXO GHOV GHVIDVDPHQWV QHFHVVDULV SHU DFRQVHJXLU HOV WUHV HVWDWV GHO 93'<br />

• (VWXGL GHO GHVIDVDGRU TXH FRPSOHL[ HOV WUHV GHVIDVDPHQWV<br />

• (VWXGL GH OHVWUXFWXUD GHO 93' ILQDO KtEULG GHVIDVDGRU KtEULG


(VWUXFWXUD EDVH KtEULG KtEULG<br />

(V UHDOLW]D OHVWXGL HQ DTXHVW DSDUWDW GH OHVWUXFWXUD GH OD ILJXUD SHU XQ VHQ\DO GHQWUDGD DO<br />

SRUW GH OKtEULG + D L VXSRVDQW TXH HO GHVIDVDGRU YDULDEOH LQWURGXHL[ XQ GHVIDVDPHQW<br />

M<br />

TXDOVHYRO ( H ) φ<br />

)LJXUD (VWUXFWXUD HQ EORFV GHO 93'<br />

6LJXL OD PDWULX GH SDUjPHWUHV 6 GHOV GRV KtEULGV<br />

⎛ M ⎞<br />

⎜ ⎟<br />

⎡ M<br />

6<br />

⎤ ⎡ ⎜ ⎟<br />

6<br />

⎤<br />

⎢ = =<br />

⎣ ⎥⎦ ⎢⎣ ⎥⎦<br />

⎜<br />

M<br />

⎟<br />

⎜ ⎟<br />

⎜ M ⎟<br />

⎝ ⎠<br />

SHU XQ VHQ\DO LQFLGHQW DO SRUW GH + WHQLP D OD VRUWLGD GH OKtEULG<br />

E = M<br />

D<br />

E =<br />

(OV VHQ\DOV GH VRUWLGD E L E VyQ GHVIDVDWV SHU HO GHVIDVDGRU<br />

M<br />

H ψ<br />

D<br />

M<br />

H φ<br />

UHVSHFWLYDPHQW GH PDQHUD TXH D OHQWUDGD GH OKtEULG + WHQLP<br />

Mφ<br />

Mφ<br />

D H<br />

D = E H = M<br />

Mψ<br />

Mψ<br />

D H<br />

D = E H =<br />

L SHU OD OtQLD GH WUDQVPLVVLy<br />

, HQ HOV SRUWV GH VRUWLGD GH OKtEULG + WUREHP OD FRPELQDFLy GH WRWV GRV VHQ\DOV GH OD VHJ HQW<br />

PDQHUD<br />

⎡E ⎤ =<br />

⎡<br />

6<br />

⎤ ⎡D ⎤<br />

⎣ ⎦ ⎣⎢ ⎦⎥<br />

⎣ ⎦<br />

⎡ ⎤<br />

⎢E ⎥ ⎛ M ⎞ ⎛ ⎞<br />

⎢ ⎥ ⎜ ⎟ ⎜ D ⎟<br />

⎢<br />

E<br />

⎥ ⎜ M ⎟ ⎜ ⎟<br />

= D<br />

⎢E ⎥ ⎜<br />

M<br />

⎟ ⎜ ⎟<br />

⎢ ⎥ ⎜ ⎟ ⎜ ⎟<br />

⎜<br />

E<br />

M ⎟ ⎜ ⎟<br />

⎢ ⎥ ⎝ ⎠ ⎝ ⎠<br />

⎣ ⎦<br />

⎛<br />

D H<br />

Mφ D H<br />

Mψ<br />

⎞<br />

D<br />

E = MD + D =<br />

⎜<br />

M M<br />

⎟<br />

⎜<br />

⋅ +<br />

⎟<br />

= ⋅ − D H + D H = H −H<br />

⎜ ⎟<br />

⎝ ⎠<br />

Mφ Mψ Mψ Mφ<br />

( ) ( )<br />

⎛<br />

D H<br />

Mφ D H<br />

Mψ<br />

⎞<br />

D<br />

E = D + MD =<br />

⎜<br />

M M<br />

⎟<br />

⎜<br />

+<br />

⎟<br />

= ⋅ M D H + D H = M H + H<br />

⎜ ⎟<br />

⎝ ⎠<br />

Mψ Mφ Mψ Mφ<br />

( ) ( )<br />

(Q OHV HTXDFLRQV GH VRUWLGD L YHLHP TXH OD UHSDUWLFLy GH OD SRWqQFLD GHQWUDGD D OHV<br />

VRUWLGHV GHSqQ GHOV GHVIDVDPHQWV LQWURGXwWV SHO GHVIDVDGRU YDULDEOH<br />

M<br />

H ψ<br />

M<br />

H φ<br />

L SHO WUDP GH OtQLD<br />

/D OtQLD GH WUDQVPLVVLy RIHUHL[ XQ GHVIDVDPHQW IL[DW TXH GHSHQGUj GH OD ORQJLWXG GH OD<br />

OtQLD βO PHQWUH TXH HO GHVIDVDGRU LQWURGXLUj XQ GHVIDVDPHQW YDULDEOH eV SHU DL[z TXH HO<br />

GLVVHQ\ GHO GHVIDVDGRU QHFHVVDUL SHU WHQLU HOV WUHV HVWDWV GHO 93' GHSHQGUj GH OD ORQJLWXG GH OD


OtQLD GH WUDQVPLVVLy L DTXHVWD VHUj IXQFLy GH OD GLVSRVLFLy ItVLFD GH WRW HO FLUFXLW VREUH HO<br />

VXEVWUDW<br />

3HU D FRPSURYDU OHV HTXDFLRQV GH VRUWLGD L VKD UHDOLW]DW XQ SURJUDPD 0DWODE TXH<br />

OHV VLPXOD SHU XQD HQWUDGD GLIHUqQFLD GH GHVIDVDPHQWV ψ − φ (Q OHV JUjILTXHV UHVXOWDQWV HQ<br />

HVFDOD OLQHDO ILJXUD L ORJDUtWPLFD ILJXUD VREVHUYD OD YDULDFLy GH UHODFLRQV GH<br />

SRWqQFLD HQWUH HOV SRUWV GH VRUWLGD HQ IXQFLy GHOV GHVIDVDPHQWV LQWURGXwWV<br />

)LJXUD *UjILTXHV GH OHV HTXDFLRQV GH VRUWLGD HQ<br />

HVFDOD OLQHDO (TXDFLy HQ YHUPHOO L HQ EODX<br />

)LJXUD *UjILTXHV GH OHV HTXDFLRQV GH VRUWLGD HQ<br />

HVFDOD ORJDUtWPLFD (TXDFLy HQ YHUPHOO L HQ<br />

EODX<br />

6L LPSRVHP SHU H[HPSOH ψ ž<br />

M<br />

H ψ L WUREHP UHVROHQW OHV HTXDFLRQV L TXLQ pV HO<br />

GHVIDVDPHQW QHFHVVDUL HQ FDGD HVWDW GHO 93' HOV WUHV HVWDWV VHULHQ<br />

(VWDW 7RWD OD SRWqQFLD VXUW SHO SRUW<br />

(VWDW 'LYLVRU GH SRWqQFLD<br />

D D<br />

M ž<br />

φ = ž ⇒ E = ( − H ) = ( − ) =<br />

M ž ( ) ( + )<br />

D D<br />

E = M + H = M = MD<br />

D D D<br />

M ž<br />

φ = ž ⇒ E = ( − H ) = ( − M)<br />

= − M<br />

(VWDW 7RWD OD SRWqQFLD VXUW SHO SRUW<br />

M ž ( ) ( + M)<br />

D D D<br />

E = M + H = M = − + M<br />

D D<br />

M ž<br />

φ = ž ⇒ E = ( − H ) = ( + ) = D<br />

M ž ( ) ( − )<br />

D D<br />

E = M + H = M =<br />

3HU WDQW SHU DFRQVHJXLU HOV WUHV HVWDWV GH VRUWLGD GHO 93' SHU D ψ ž VKD GH GLVVHQ\DU XQ<br />

GHVIDVDGRU SURJUDPDEOH FDSDo GLQWURGXLU GHVIDVDPHQWV GH ž ž L ž<br />

(Q OD ILJXUD SRGHP REVHUYDU TXLQV VyQ HOV GHVIDVDPHQWV QHFHVVDULV SHU GLIHUHQWV<br />

ORQJLWXGV GH OtQLD GH WUDQVPLVVLy GLIHUHQWV


(VWDW (VWDW (VWDW<br />

ž ž ž ž<br />

ž ž ž ž<br />

ž ž ž ž<br />

ž ž ž ž<br />

)LJXUD 'HVIDVDPHQWV QHFHVVDULV VHJRQV HO GHVIDVDPHQW LQWURGXwW SHU<br />

OD OtQLD GH WUDQVPLVVLy<br />

'DTXHVW DQjOLVL VH[WUHX TXH DPE XQ GHVIDVDGRU YDULDEOH FDSDo GLQWURGXLU GHVIDVDPHQWV DO<br />

VHQ\DO HQ XQ UDQJ GH ž VDFRQVHJXHL[ TXDOVHYRO UHSDUWLFLy GH SRWqQFLD D OHV VRUWLGHV GHO<br />

93'<br />

&RQHL[HQW OHVWUXFWXUD ItVLFD GHO 93' D GLVVHQ\DU YHXUH DSDUWDW LPSOHPHQWHP XQD OtQLD<br />

GH WUDQVPLVVLy GH ORQJLWXG λ/4 ž HQWUH HOV KtEULGV GH PDQHUD TXH HOV GHVIDVDPHQWV TXH<br />

KD GRIHULU HO GHVIDVDGRU SHU DFRQVHJXLU HOV WUHV HVWDWV GHO 93' VyQ ž ž L ž<br />

'HVIDVDGRU<br />

&RQHL[HQW HOV GHVIDVDPHQWV TXH KD GH SURSRUFLRQDU HO GHVIDVDGRU SHU DFRQVHJXLU D OD VRUWLGD<br />

GHO 93' HOV WUHV HVWDWV GHVLWMDWV UHDOLW]DUHP HO VHX HVWXGL SHU D FRQqL[HU OHV FDUDFWHUtVWLTXHV<br />

GHO GLVVHQ\ TXH HOV SURSRUFLRQD (Q FRQFUHW FRQqL[HU TXLQHV VyQ OHV ORQJLWXGV GH OHV OtQLHV GH<br />

WUDQVPLVVLy DFDEDGHV HQ FXUWFLUFXLW QHFHVVjULHV<br />

&RP KHP YLVW HQ ODQjOLVL GHO GHVIDVDGRU GH ODSDUWDW DO HQWUDU XQ VHQ\DO SHU XQ GHOV<br />

DFFHVVRV SRUW WHQLP D OD VRUWLGD SHU ODOWUH DFFpV SRUW<br />

−<br />

E = − MD ⋅H<br />

(O GHVIDVDPHQW LQWURGXwW pV<br />

−<br />

− M ⋅H MβO L GHSqQ GH OD ORQJLWXG GH OHV OtQLHV DFDEDGHV HQ<br />

FXUWFLUFXLW ,PSRVDQW D OHTXDFLy HOV GHVIDVDPHQWV GH<br />

OtQLD TXH HOV FRPSOHL[HQ<br />

ž ž L ž WUREHP OHV ORQJLWXGV GH<br />

• 3HU DFRQVHJXLU XQ GHVIDVDPHQW GH ž<br />

− MβO )DVH 6 = − M ⋅ H = ž ⇒<br />

⇒ βO<br />

= ž ⇒ / = PP<br />

MβO • 'LYLVLy GH SRWqQFLD HQWUH HOV SRUWV GHVIDVDPHQW GH ž<br />

− MβO )DVH 6 = − M ⋅ H = ž ⇒ βO<br />

= ž ⇒<br />

π π π λ<br />

⇒ βO<br />

= ⇒ ⋅ O = ⇒ / =<br />

λ<br />

• 3HU DFRQVHJXLU XQ GHVIDVDPHQW GH ž<br />

− MβO )DVH 6 = − M ⋅ H = ž ⇒ βO<br />

= ž⇒<br />

π λ<br />

⇒ βO = π ⇒ ⋅ O = π ⇒ / =<br />

λ


$ SDUWLU GH OD WDXOD GH SURSLHWDWV GH OD OtQLD GH WUDQVPLVVLy PLFURVWULS XWLOLW]DGD ILJXUD<br />

FRQHL[HP OHV ORQJLWXGV GH OHV OtQLHV GH OHVTXHPD GH OD ILJXUD / PP / FP L<br />

/ FP<br />

93'<br />

)LJXUD 'HVIDVDGRU HQ UHIOH[Ly<br />

(Q DTXHVW ~OWLP DSDUWDW GHO SXQW HV FRPELQD OHVWUXFWXUD EDVH KtEULG KtEULG DPE HO<br />

GHVIDVDGRU GLVVHQ\DW DUULEDQW D OHVTXHPD GHO 93' ILQDO ILJXUD GHO TXDO FRQHL[HP HO VHX<br />

FRPSRUWDPHQW L HOV SDUjPHWUHV GH GLVVHQ\ SHU WHQLU D OD VRUWLGD HOV WUHV HVWDWV<br />

)LJXUD 93' GH WUHV HVWDWV FRQWURODWV SHU FRUUHQW '&<br />

2EVHUYHP HQ OHV HTXDFLRQV GH VRUWLGD GHO 93' FRP OD UHSDUWLFLy GH SRWqQFLHV HQWUH HOV<br />

SRUWV GHSqQ GHO GHVIDVDPHQW LQWURGXwW L SHU WDQW GHOV FRUUHQWV GH SRODULW]DFLy GHOV GtRGHV 9 L<br />

9 (Q OD ILJXUD HV UHODFLRQHQ HOV HVWDWV GHO 93' DPE HOV HVWDWV GH FRQWURO GHOV GtRGHV L<br />

HOV GHVIDVDPHQW QHFHVVDULV HQ FDGD FDV


D<br />

Mψ Mφ D<br />

M ž Mφ<br />

D<br />

Mψ Mφ D<br />

M ž Mφ<br />

= ( − ) = ( − ) E = M( H + H ) = M( H + H )<br />

E H H H H<br />

9 9 'HVIDVDGRU I (VWDW 93'<br />

ž 7RWD OD SRWqQFLD DO SRUW<br />

ž 'LYLVLy GH SRWqQFLHV HQWUH SRUWV L<br />

ž 7RWD OD SRWqQFLD DO SRUW<br />

5(680 '(/ &$3Ë72/<br />

)LJXUD 5HODFLy GH FRUUHQWV DPE HVWDWV GHO 93'<br />

• (Q DTXHVW FDStWRO VKD IHW XQD EUHX LQWURGXFFLy D OHV FDUDFWHUtVWLTXHV GHOV FLUFXLWV GH<br />

PLFURRQHV DO VHX DQjOLVL D SDUWLU GHOV SDUjPHWUHV 6 L VKD SDUWLFXODULW]DW SHO FDV GH OD<br />

OtQLD GH WUDQVPLVVLy PLFURVWULS<br />

• 6KD GHILQLW HO FLUFXLW REMHFWH GH GLVVHQ\ HO GLYLVRU GH SRWqQFLD UHFRQILJXUDEOH EDVDW HQ<br />

OtQLHV GH WUDQVPLVVLy PLFURVWULS GH WUHV HVWDWV L FRQWURODW SHU FRUUHQW '& 6KD GLYLGLW HO<br />

93' HQ EORFV L VKD HVWXGLDW HO FRPSRUWDPHQW GH FDGDVFXQ GHOOV SHU VHSDUDW (OV EORFV<br />

DQDOLW]DWV KDQ HVWDW OD OtQLD GH WUDQVPLVVLy PLFURVWULS L DQjOLVL GHO VXEVWUDW OKtEULG<br />

%UDQFK /LQH HO FRV GHO GLYLVRU GH SRWqQFLD FRQFDWHQDFLy GKtEULGV L HO GHVIDVDGRU<br />

YDULDEOH GH WLSXV UHIOH[LX<br />

• 6HJXLGDPHQW VKD SODQWHMDW HO FLUFXLW FRP OD FRPELQDFLy GHOV GLIHUHQWV EORFV DQDOLW]DQW<br />

HO VHX FRPSRUWDPHQW SHU FRQqL[HU HOV SDUjPHWUHV GH GLVVHQ\ TXH FRPSOHL[HQ HOV WUHV<br />

HVWDWV GHO FLUFXLW SURSRVDW $OKRUD VKD GHOLPLWDW OHVTXHPD D VHJXLU HQ HO GLVVHQ\ GHO<br />

FLUFXLW GLVVHQ\ GH OKtEULG %UDQFK /LQH GLVVHQ\ GHO GHVIDVDGRU YDULDEOH GH WLSXV UHIOH[LX<br />

EDVDW HQ KtEULGV %UDQFK /LQH L GtRGHV 3,1 FRPELQDFLy GDPEGyV GLVVHQ\V<br />

%,%/,2*5$),$<br />

> @ ' 0 3R]DU ³0LFURZDYH HQJLQHHULQJ´ ,6%1 -RKQ :LOH\ 6RQV<br />

> @ - %DUi ³&XUV GH PLFURRQHV´ ,6%1 ; 8QLYHUVLWDW SROLWqFQLFD GH &DWDOXQ\D<br />

> @ - %DUi ³&LUFXLWV GH PLFURRQHV EDVDWV HQ OtQLHV GH WUDQVPLVVLy´ ,6%1<br />

(GLFLRQV 83&<br />

> @ 5RJHUV &RUSRUDWLRQ ³52 6HULHV +LJK )UHTXHQF\ &LUFXLW 0DWHULDOV´<br />

> @ 9 . 9DUDGDQ . - 9LQR\ . $ -RVH ³5) 0(06 DQG 7KHLU $SSOLFDWLRQV´ ,6%1<br />

; -RKQ :LOH\ 6RQV ,QF<br />

> @ * 0 5HEHL] ³5) 0(06 7KHRU\ 'HVLJQ DQG 7HFKQRORJ\´ -RKQ :LOH\ 6RQV<br />

> @ 6 . .RXO % %KDW ³0LFURZDYH DQG 0LOOLPHWHU :DYH 3KDVH 6KLIWHUV 9ROXPH ,,<br />

VHPLFRQGXFWRU DQG GHOD\ OLQH SKDVH VKLIWHUV´ ,6%1 $UWHFK +RXVH


&$3Ë72/ +Ë%5,' %5$1&+ /,1(<br />

$TXHVW FDStWRO HVWj GHGLFDW DO GLVVHQ\ GH OKtEULG %UDQFK /LQH $QDOLW]DW HQ HO FDStWRO<br />

FRQHL[HP OHV VHYHV SURSLHWDWV L UHVSRVWD (VWXGLDUHP DUD HOV SDUjPHWUHV SHU D OD VHYD<br />

LPSOHPHQWDFLy PLFURVWULS L UHDOLW]DUHP HO GLVVHQ\ L VLPXODFLy HQ $'6 L 020(1780 7DPEp HV<br />

SUHVHQWDUj HO GLVVHQ\ ItVLF GH OHVWUXFWXUD EDVH GHO GLYLVRU GH SRWqQFLD YDULDEOH 93'<br />

DQDOLW]DGD HQ ODSDUWDW IRUPDGD SHOV GRV KtEULGV HQ VqULH RQ DTXt HO GHVIDVDPHQW<br />

VLPSOHPHQWDUj DPE OtQLHV GH WUDQVPLVVLy GH GLIHUHQW ORQJLWXG<br />

3$5¬0(75(6 '( ',66(1< ,03/(0(17$&,Ï 0,&52675,3<br />

/D LPSOHPHQWDFLy ItVLFD GH OKtEULG %UDQFK /LQH HQ WHFQRORJLD PLFURVWULS FRQVWD GH WUDPV GH<br />

OtQLD GH WUDQVPLVVLy GH ORQJLWXG FRQQHFWDWV HQWUH HOOV IRUPDQW XQ TXDGUDW ILJXUD (OV<br />

WUDPV VXSHULRU L LQIHULRU WHQHQ XQD LPSHGjQFLD FDUDFWHUtVWLFD GH = L HOV WUDPV ODWHUDOV GH<br />

= (OV SRUWV GHQWUDGD GHO FLUFXLW HV WUREHQ D OHV FDQWRQDGHV $TXHVWV VHUDQ WUDPV GH OtQLD D =<br />

DPE OD ORQJLWXG TXH GHVLWJHP GRQFV QR DIHFWDUj D OD UHVSRVWD GHO FLUFXLW /D QXPHUDFLy GHOV<br />

SRUWV FRUUHVSRQ D OD GRQDGD D OD VHFFLy<br />

)LJXUD /D\RXW GLVVHQ\ KtEULG %UDQFK /LQH<br />

/D SULQFLSDO OLPLWDFLy GH OKtEULG %UDQFK /LQH pV TXH OD VHYD UHVSRVWD pV GH EDQGD HVWUHWD WDO<br />

FRP HV SRGUj YHXUH HQ OHV VLPXODFLRQV PpV HQGDYDQW $TXHVWD FDUDFWHUtVWLFD HV SRW PLOORUDU<br />

DPE HVWUXFWXUHV PXOWLVHFFLy R DOWUHV WLSXV G KtEULG FRP HO GH /DQJH > @


3HU D FDOFXODU OHV GLPHQVLRQV GH OHV OtQLHV TXH FRPSOHL[HQ HOV SDUjPHWUHV GH GLVVHQ\ D<br />

*+] HV ID VHUYLU HO /LQH&DOF<br />

/LQH&DOF<br />

eV XQD HLQD TXH LQFRUSRUD $'6 3HUPHW XQ FjOFXO UjSLG GHOV SDUjPHWUHV ItVLFV GH OtQLHV GH<br />

WUDQVPLVVLy R JXLHV GRQD D SDUWLU GH OHV HVSHFLILFDFLRQV HOqFWULTXHV L YLFHYHUVD VtQWHVL L DQjOLVL<br />

eV GH JUDQ DMXGD D OKRUD GH GLVVHQ\DU XQ FLUFXLW EDVDW HQ OtQLHV GH WUDQVPLVVLy PLFURVWULS<br />

(Q OHQWRUQ /LQH&DOF ILJXUD VHVSHFLILFD HO FRPSRQHQW D FDOFXODU HQ HO DTXHVW FDV OtQLD GH<br />

WUDQVPLVVLy PLFURVWULS $O IHU KR HV PRVWUD D OD ILQHVWUD OHVTXHPD GH OD OtQLD DPE HOV VHXV<br />

SDUjPHWUHV ItVLFV 7RW VHJXLW VLQWURGXHL[HQ OHV FDUDFWHUtVWLTXHV GHO VXEVWUDW L OD IUHT qQFLD GH<br />

WUHEDOO GHO FLUFXLW /LQH&DOF HVWj OODYRUV SUHSDUDW SHU D WUHEDOODU (V GLVSRVD GH GXHV RSFLRQV<br />

• $QDOLW]DU XQD OtQLD GH WUDQVPLVVLy LQWURGXLQW OHV VHYHV GLPHQVLRQV ORQJLWXG L DPSODGD<br />

$L[z PRVWUDUj FRP D UHVXOWDW OD ORQJLWXG HOqFWULFD GH OD OtQLD L OD VHYD LPSHGjQFLD<br />

FDUDFWHUtVWLFD =<br />

• 6LQWHWLW]DU XQD OtQLD GH WUDQVPLVVLy D SDUWLU GH OD ORQJLWXG HOqFWULFD GHVLWMDGD L OD<br />

LPSHGjQFLD FDUDFWHUtVWLFD (Q DTXHVW FDV HO UHVXOWDW VyQ OHV GLPHQVLRQV GH OD OtQLD TXH<br />

KR FRPSOHL[<br />

)LJXUD (QWRUQ /LQH&DOF<br />

7DPEp FDO GHVWDFDU TXH HO /LQH&DOF HQV GyQD OD SHUPLWLYLWDW GLHOqFWULFD HIHFWLYD (UHII HQ HO FDV<br />

GH WUHEDOODU DPE GLHOqFWULFV QR KRPRJHQLV > @<br />

&RQHL[HQW /LQH&DOF FDOFXOHP OHV GLPHQVLRQV GH OHV OtQLHV GH WUDQVPLVVLy PLFURVWULS ILJXUD<br />

LPSOHPHQWDGHV HQ HO VXEVWUDW XWLOLW]DW D OD IUHT qQFLD GH WUHEDOO GH *+] L LPSHGjQFLD<br />

FDUDFWHUtVWLFD Ω SHU D FRPSDUDU OHV DPE OHV FDOFXODGHV DQDOtWLFDPHQW HQ HO FDStWRO ILJXUD


I<br />

I<br />

UDG<br />

/RQJLWXG<br />

GRQD<br />

/RQJLWXG<br />

/7<br />

DQDOtWLF<br />

/RQJLWXG<br />

/7<br />

/LQH&DOF<br />

$PSODGD /7<br />

/LQH&DOF<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

ž FP FP PP<br />

)LJXUD 'LPHQVLRQV GH OHV /tQLHV GH WUDQVPLVVLy FDOFXODGHV DPE /LQH&DOF<br />

',66(1< $0% $'6<br />

(O SURFpV SHU DO GLVVHQ\ GH OHVTXHPjWLF L OD VHYD VLPXODFLy HQ $'6 GH WRWV HOV FLUFXLWV VHJXHL[<br />

OHV SDXWHV PRVWUDGHV D FRQWLQXDFLy > @<br />

(VSHFLILFDU HO WLSXV GH VXEVWUDW TXH IDUHP VHUYLU LQWURGXLU HOV VHXV SDUjPHWUHV L<br />

QRPEUDU OR (O WLSXV GH VXEVWUDW GHSqQ GHO WLSXV GH OtQLD GH WUDQVPLVVLy LPSUHVD HQ HO<br />

QRVWUH FDV 06XE ILJXUD ,QWURGXwP HO QRP ³52 &´ L OHV VHYHV HVSHFLILFDFLRQV<br />

(VSHFLILFDU HO WLSXV GH VLPXODFLy D UHDOLW]DU L HOV VHXV SDUjPHWUHV /D VLPXODFLy GH<br />

SDUjPHWUHV 6 ILJXUD HQV GyQD LQIRUPDFLy GH OHV UHODFLRQV GRQD GHQWUDGD L VRUWLGD<br />

HQWUH WRWV HOV SRUWV GHO FLUFXLW 6KD GHVSHFLILFDU HO UDQJ GH IUHT qQFLHV L HO YDORU GH<br />

FDGD SDV GH VLPXODFLy<br />

<br />

¥§¦ ¢¤£<br />

© ¨<br />

<br />

<br />

¢ <br />

§ <br />

§<br />

¨ <br />

<br />

<br />

)LJXUD 6XEVWUDW 0LFURVWULS<br />

<br />

<br />

¤ <br />

<br />

¤ <br />

¤ §<br />

)LJXUD 6LPXODFLy GH<br />

SDUjPHWUHV 6<br />

5HDOLW]DU HO GLVVHQ\ GHO FLUFXLW XWLOLW]DQW HOV FRPSRQHQWV GH OHV GLIHUHQWV OOLEUHULHV<br />

HGLWDQW ORV L FRQQHFWDQW ORV HQWUH HOOV &RP D H[HPSOH OD OtQLD GH WUDQVPLVVLy PLFURVWULS<br />

O0/,1 ILJXUD<br />

<br />

<br />

¤¤<br />

¤¤<br />

<br />

)LJXUD (OHPHQW OtQLD GH WUDQVPLVVLy<br />

'HILQLU OHV WHUPLQDFLRQV GHOV SRUWV ILJXUD QHFHVVDUL HQ VLPXODFLRQV GH<br />

SDUjPHWUHV 6 SHU ORFDOLW]DU L GHILQLU OD LPSHGjQFLD GHOV SRUWV GHQWUDGD


6LPXODFLy<br />

2EWHQFLy GH UHVXOWDWV<br />

<br />

<br />

§ ¤<br />

¤ <br />

)LJXUD 7HUPLQDFLy GHILQHL[ HOV SRUWV SHU<br />

D VLPXODFLRQV GH SDUjPHWUHV 6<br />

',66(1< '( /+Ë%5,' %5$1&+ /,1(<br />

+tEULG %UDQFK /LQH SUHOLPLQDU<br />

(O SULPHU FLUFXLW D GLVVHQ\DU pV OKtEULG %UDQFK /LQH &RQHL[HP HOV SDUjPHWUHV GH GLVVHQ\<br />

8WLOLW]HP /LQHFDOF SHU D FDOFXODU OHV GLPHQVLRQV GH OHV TXDWUH OtQLHV GH WUDQVPLVVLy QHFHVVjULHV<br />

ILJXUD L UHDOLW]HP HO GLVVHQ\ 'LVVHQ\<br />

'LVVHQ\ +tEULG %UDQFK /LQHBY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

§ <br />

<br />

<br />

<br />

<br />

¤¤<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

3DUjPHWUHV /7 'LPHQVLRQV /7<br />

= = L / :<br />

/<br />

PP<br />

FP<br />

= = L /<br />

:<br />

/<br />

PP<br />

FP<br />

)LJXUD 3DUjPHWUHV GH GLVVHQ\ KtEULG %UDQFK /LQH<br />

<br />

<br />

§ <br />

§<br />

<br />

<br />

§ <br />

<br />

(VTXHPjWLF<br />

<br />

§<br />

¤ <br />

§ <br />

§ <br />

'LVVHQ\<br />

<br />

§<br />

¤ ¤<br />

§ <br />

§ <br />

<br />

§<br />

¤ ¤<br />

§ <br />

§ <br />

<br />

§<br />

¤ ¤<br />

§ <br />

§ <br />

<br />

<br />

§ <br />

<br />

<br />

<br />

§ <br />

<br />

'H OD VLPXODFLy GH 'LVVHQ\ LQWHUHVVD YHXUH HO FRPSOLPHQW GH OHV SURSLHWDWV GH OKtEULG<br />

/DGDSWDFLy GH WRWV HOV SRUWV GHQWUDGD ILJXUD<br />

3RUWV DwOODWV ILJXUD HQ OD JUjILFD HV YHX UHSUHVHQWDW ODwOODPHQW HQWUH HOV SRUWV L<br />

'LYLVLy GH SRWqQFLD HQ HOV SRUWV GLUHFWH L DFREODW ILJXUD SHU VHQ\DO LQFLGHQW HQ HO<br />

SRUW 6REVHUYHQ XQHV SqUGXHV GXQV G%<br />

'HVIDVDPHQW GH ž HQWUH HOV SRUWV GLUHFWH L DFREODW ILJXUD<br />

7RWV HOV UHVXOWDWV VyQ GLUHFWHV GH OD VLPXODFLy TXH ID O$'6 SHU D YHXUH HO GHVIDVDPHQW HQWUH<br />

HOV SRUWV GH VRUWLGD VKD LQWURGXwW XQD HTXDFLy SHU IHU OD GLIHUqQFLD GH IDVHV


G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

)LJXUD $GDSWDFLy GH SRUWV )LJXUD 7UDQVPLVVLy GHO VHQ\DO<br />

*+]<br />

P<br />

IUHT *+]<br />

GHVIDVDPHQW<br />

P<br />

IUHT *+]<br />

GHVIDVDPHQW<br />

P<br />

IUHT *+]<br />

)LJXUD 3RUW DwOODW )LJXUD 'HVIDVDPHQW HQWUH HOV SRUWV GLUHFWH L DFREODW<br />

$ PRGH GH[HPSOH UHSUHVHQWHP HQ OD FDUWD G6PLWK ILJXUD HOV PDWHL[RV UHVXOWDWV 3HO FDV<br />

GHQWUDGD GH VHQ\DO SHO SRUW DGDSWDFLy GHO SRUW GHQWUDGD 6 FHQWUH GH OD FDUWD G6PLWK<br />

3RUWD DwOODGD 6 WDPEp DO FHQWUH GH OD FDUWD , OHV GXHV VRUWLGHV GHVIDVDGHV ž L DPE XQD<br />

PDJQLWXG GH<br />

6<br />

6<br />

6<br />

6<br />

P<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M (<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M (<br />

P<br />

P<br />

IUHT 0+] WR *+]<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

)LJXUD 5HSUHVHQWDFLy GH SDUjPHWUHV 6 GH 'LVVHQ\ PLWMDQoDQW OD FDUWD G6PLWK<br />

*+]


+tEULG %UDQFK /LQH DPE XQLRQV 7<br />

$TXHVW VHJRQ GLVVHQ\ GH OKtEULG 'LVVHQ\ LQFRUSRUD XQ QRX FRPSRQHQW O07(( ILJXUD<br />

XWLOLW]DW SHU D FRQQHFWDU OtQLHV GH WUDQVPLVVLy GH GLIHUHQWV DPSODGHV /07(( FDUDFWHULW]D HOV<br />

HIHFWHV LQGHVLWMDWV TXH WHQHQ OORF HQ DTXHVWHV HVWUXFWXUHV (O PRWLX GDTXHVW VHJRQ GLVVHQ\ pV<br />

YHXUH OHV SqUGXHV LQWURGXwGHV L SUHVHQWDU HO WXQQLQJ GH FLUFXLWV 7DPEp VKD LQWURGXwW OD<br />

XWLOLW]DFLy GH YDULDEOHV HQ HO GLVVHQ\<br />

'LVVHQ\ +tEULG %UDQFK /LQHBY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

§ <br />

<br />

<br />

<br />

<br />

¤¤<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

07((<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

<br />

<br />

<br />

§<br />

¤§<br />

§<br />

)LJXUD (OHPHQW 07((<br />

¤ ¦ <br />

¤ ¦ <br />

<br />

¨ © <br />

¤ ¦ <br />

¤ § ¦<br />

©<br />

<br />

<br />

§<br />

¨<br />

(VTXHPjWLF<br />

¡£¢ ¤§<br />

¤ ¤ <br />

<br />

§ ¤ <br />

<br />

¥ <br />

<br />

¤<br />

¡£¢ ¤§<br />

¤ ¤ <br />

§ ¤ <br />

<br />

§ <br />

<br />

§ ¤ <br />

<br />

¥ <br />

'LVVHQ\<br />

<br />

¤<br />

§ <br />

<br />

<br />

<br />

¤<br />

§ <br />

<br />

<br />

¡£¢ ¤¤<br />

¤ ¤ ¥ <br />

§ <br />

§ <br />

§ <br />

¥ § <br />

<br />

¤<br />

¡£¢ ¤¤<br />

¤ ¤ <br />

§ ¤ <br />

<br />

§ <br />

§ <br />

§ <br />

§ <br />

¥ § <br />

(V VLPXOD HO 'LVVHQ\ JUjILFD EODYD MXQW DPE HO 'LVVHQ\ JUjILFD YHUPHOOD HQ XQ PDWHL[ IXOO<br />

GH UHVXOWDWV $'6 DL[z ID SRVVLEOH YLVXDOLW]DU HOV UHVXOWDWV GDPEGXHV VLPXODFLRQV HQ XQD<br />

PDWHL[D ILQHVWUD L FRPSDUDU OHV<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT *+]<br />

¤ ¦ <br />

¤ ¦ <br />

§ <br />

¨ © <br />

¤ ¦ <br />

¤ ¦ <br />

§ <br />

¨ © <br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD $GDSWDFLy SRUW GHQWUDGD )LJXUD 7UDQVPLVVLy SRUW GLUHFWH


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

GHVIDVDPHQW<br />

GHVIDVDPHQW<br />

P<br />

IUHT<br />

GHVIDVDPHQW<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

GHVIDVDPHQW<br />

)LJXUD 7UDQVPLVVLy SRUW DFREODW )LJXUD 'HVIDVDPHQW HQWUH HOV SRUWV GLUHFWH L<br />

DFREODW<br />

&RP HUD GHVSHUDU OD UHVSRVWD HQ IUHT qQFLD GHO 'LVVHQ\ VKD YLVW GHVSODoDGD EDL[DGD XQV<br />

0+] GHJXW D OD FRQVLGHUDFLy GHOV HIHFWHV LQWURGXwWV SHOV 07((V 7RW L TXH OHV SURSLHWDWV GH<br />

OKtEULG JDLUHEp QR VKDQ YLVW DIHFWDGHV UHDOLW]DUHP XQ WXQQLQJ GHO FLUFXLW SHU LJXDODU HOV<br />

UHVXOWDWV GH 'LVVHQ\ DOV GHO 'LVVHQ\ (Q 'LVVHQ\ VKD GLVVHQ\DW OKtEULG SHU D WUHEDOODU D<br />

*+] (Q HO 'LVVHQ\ VKDQ DIHJLW XQV FRPSRQHQWV HOV 07(( TXH KDQ IHW DXJPHQWDU OD<br />

ORQJLWXG HOqFWULFD GH OHV OtQLHV SHU OHV TXH HV SURSDJD HO VHQ\DO HQ FRQVHT qQFLD OD UHVSRVWD<br />

GH OKtEULG HV WURED D *+] 3HU D TXH WRUQL D WHQLU OD UHVSRVWD FHQWUDGD D *+] SXMDU OD<br />

UHVSRVWD HQ IUHT qQFLD KDXUHP GH GLVPLQXLU XQD PLFD OD ORQJLWXG GH OHV OtQLHV 5HFRUGHP TXH<br />

ORQJLWXG GRQD λ L OD IUHT qQFLD I VyQ LQYHUVDPHQW SURSRUFLRQDOV UHODFLRQDGHV SHU OD<br />

YHORFLWDW GH SURSDJDFLy YS 7RW L TXH HO GHVSODoDPHQW KD HVWDW PtQLP pV LPSRUWDQW DFRQVHJXLU<br />

OD PLOORU UHVSRVWD SRVVLEOH GH OKtEULG MD TXH O93' QLQWHJUD PpV GXQ L pV LPSRUWDQW WHQLU<br />

DTXHVWV SULPHUV SDVVRV GHO GLVVHQ\ EHQ DILQDWV SHU WDO GH QR DQDU DFXPXODQW HUURUV<br />

$ FRQWLQXDFLy HV SUHVHQWD HO WXQQLQJ GHO FLUFXLW<br />

YS<br />

λ =<br />

I<br />

• /RSFLy WXQQLQJ G$'6 SHUPHW PRGLILFDU XQ R GLYHUVRV SDUjPHWUHV GXQ PDWHL[<br />

HOHPHQW R GH YDULV REVHUYDQW GH IRUPD VLPXOWjQLD TXLQ pV HO VHX HIHFWH HQ HO<br />

FRPSRUWDPHQW GHO FLUFXLW )HP GRQFV XQ WXQQLQJ GH OHV ORQJLWXGV GH OHV OtQLHV GH<br />

WUDQVPLVVLy 3HU SXMDU HOV UHVXOWDWV HQ IUHT qQFLD VKD GH GLVPLQXLU OD ORQJLWXG GH<br />

OHV OtQLHV TXH IRUPHQ OKtEULG OHV YDULDEOHV /7 L /6 (O WXQQLQJ HO IHP VREUH OD<br />

YDULDEOH SHU PRGLILFDU DOKRUD OHV GXHV OtQLHV LJXDOV L PDQWHQLU OD VLPHWULD GHO FLUFXLW<br />

• $TXHVW pV HO WXQQLQJ TXH UHDOLW]DUHP HQ WRWV HOV FLUFXLWV PRGLILFDU OHV ORQJLWXGV GH<br />

OHV OtQLHV SHU FHQWUDU OD UHVSRVWD HQ IUHT qQFLD<br />

8Q FRS IHW HO WXQQLQJ OHV ORQJLWXGV ItVLTXHV DGHTXDGHV GH OHV OtQLHV GH WUDQVPLVVLy TXH IRUPHQ<br />

OKtEULG VyQ /7 FP L /6 FP 3RGHP YHXUH FRP OD UHVSRVWD GH OKtEULG VKD FHQWUDW<br />

D *+] HQ EODX HQ OHV ILJXUHV L L FRLQFLGHL[ DPE OHV UHVSRVWHV GHO<br />

'LVVHQ\ HQ YHUPHOO


G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

£<br />

<br />

<br />

<br />

P<br />

P<br />

IUHT *+]<br />

<br />

££<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

£<br />

£<br />

<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD $GDSWDFLy )LJXUD 7UDQVPLVVLy SRUW GLUHFWH<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

GHVIDVDPHQW<br />

GHVIDVDPHQW<br />

P<br />

IUHT<br />

GHVIDVDPHQW<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

GHVIDVDPHQW<br />

)LJXUD 7UDQVPLVVLy SRUW DFREODW )LJXUD 'HVIDVDPHQW HQWUH HOV SRUWV GLUHFWH L DFREODW<br />

4XHGD GLVVHQ\DW GRQFV OKtEULG %UDQFK /LQH HQ $'6 FHQWUDW D *+] /HV ORQJLWXGV GH OHV<br />

OtQLHV RSWLPLW]DGHV ILJXUD VyQ<br />

+tEULG $'6<br />

/7 FP<br />

/6 FP<br />

)LJXUD 'LPHQVLRQV GH OKtEULG %UDQFK /LQH GLVVHQ\DW HQ $'6<br />

',66(1< '(/ /$


,QGLFDU HO 6XEVWUDW $ OKDYHU JHQHUDW HO OD\RXW D SDUWLU GH OHVTXHPjWLF WHQLP ORSFLy GH<br />

FDUUHJDU OHV GDGHV GHO VXEVWUDW D SDUWLU GDTXHVW 8SGDWH IURP VFKHPDWLF<br />

,QGLFDU HO 0HVK (O PHVK pV HO FRQMXQW GH GLIHUHQWV FHOÂOHV HQ TXH HV GLYLGHL[ HO FLUFXLW SHU D VHU<br />

DQDOLW]DW (GJH PHVK FHOÂOHV DOV OtPLWV GHO FLUFXLW )UHT qQFLD D OD TXH ID HO PHVK LJXDO R<br />

VXSHULRU D OD IUHT qQFLD PpV DOWD GH WUHEDOO GHO FLUFXLW<br />

6LPXODFLy SDUjPHWUHV<br />

7LSXV GHVFRPEUDW<br />

5DQJ GH IUHT qQFLHV<br />

1~PHUR Pj[LP GH SXQWV D VLPXODU<br />

020(1780 R 020(1780 5) YHUVLy VLPSOLILFDGD L PpV UjSLGD<br />

)XQFLRQDPHQW GH OD VLPXODFLy (O TXH ID PRPHQWXP pV VLPXODU HOHFWURPDJQqWLFDPHQW SHO<br />

PqWRGH GHOV 0RPHQWV HQ SXQWV GH IUHT qQFLD HQWUH OD GLQLFL L OD ILQDO /D VLPXODFLy HV EDVD HQ<br />

WUREDU WRWHV OHV LQWHUDFFLRQV HQWUH OHV GLIHUHQWV FHOÂOHV HQ TXH VKD VXEGLYLGLW HO FLUFXLW $FDEDGD<br />

OD VLPXODFLy D XQD IUHT qQFLD UHDOLW]D HO PDWHL[ SURFHGLPHQW SHU DOWUHV IUHT qQFLHV DL[t<br />

VXFFHVVLYDPHQW ILQV TXH Wp VXILFLHQWV GDGHV FRP SHU PRVWUDU HO UHVXOWDW 6L KD VLPXODW HO<br />

Q~PHUR Pj[LP GH SXQWV LQGLFDWV HQ HOV SDUjPHWUHV GH OD VLPXODFLy L QR Wp GDGHV VXILFLHQWV<br />

PRVWUDUj XQ PLVVDWJH GDYtV L VKDXUj GH UHLQLFLDU OD VLPXODFLy DIHJLQW KL PpV SXQWV GH<br />

VLPXODFLy<br />

6,08/$&,Ï '( /+Ë%5,' %5$1&+ /,1( $0% 020(1780<br />

3HU D UHDOLW]DU OD VLPXODFLy 0RPHQWXP GH OKtEULG JHQHUHP HO OD\RXW D SDUWLU GH OKtEULG $'6<br />

'LVVHQ\ RSWLPLW]DW LQFRUSRUDQW XQ WUDP GH OtQLD HQ FDGD SRUW FRP D DFFHVVRV GHO FLUFXLW<br />

'LVVHQ\<br />

(V VLPXOD HO FLUFXLW GXHV YHJDGHV XQD PRGH 020(1780 L ODOWUH 020(1780 5) +R IHP<br />

SHU FRQqL[HU GH TXLQD PDQHUD UHVSRQHQ OHV GXHV VLPXODFLRQV L HVFROOLU PpV HQGDYDQW TXLQ<br />

GHOV PRGHV HQV pV PpV ~WLO SHU D VLPXODU HOV FLUFXLWV<br />

&DGD VLPXODFLy 0RPHQWXP JHQHUD XQ DU[LX 'DWD 6HW RQ HV WUREHQ HOV UHVXOWDWV GH OD<br />

VLPXODFLy (O TXH HV YRO pV FRPSDUDU HOV UHVXOWDWV GH OHV GXHV VLPXODFLRQV PRPHQWXP L HOV GH<br />

OD VLPXODFLy $'6 3HU D IHU KR XWLOLW]HP HOV FRPSRQHQWV 'DWD ,WHP ILJXUD TXH SHUPHWHQ<br />

FDUUHJDU DU[LXV GH GDGHV GH TXDOVHYRO VLPXODFLy D O$'6<br />

'LVVHQ\ +tEULG %UDQFK /LQHBY B2SWLPLW]DWB/D\RXW<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1 KtEULG<br />

07((<br />

0/,1 SRUWV<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

<br />

£ <br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

£ <br />

£


6LPXODFLy<br />

020(1780 5)<br />

5DQJ 0+] ± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy V<br />

6LPXODFLy<br />

020(1780<br />

5DQJ 0+] ± *+]<br />

0HVK *+=<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy PLQ V<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

/D\RXW<br />

<br />

<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

)LJXUD 'DWD ,WHPV<br />

<br />

<br />

<br />

<br />

<br />

<br />

&DUUHJXHP OHV GDGHV GH OHV GXHV VLPXODFLRQV PRPHQWXP D OD SjJLQD $'6 GH OKtEULG<br />

'LVVHQ\ VLPXOHP L FRPSDUHP HQ OHV JUjILTXHV OD UHVSRVWD GH OHV WUHV VLPXODFLRQV $'6<br />

020(1780 5) L 020(1780 ILJXUHV<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD 7UDQVPLVVLy SRUW GLUHFWH )LJXUD 7UDQVPLVVLy SRUW DFREODW


GHVIB020<br />

GHVIB0205)<br />

GHVIB$'6<br />

P<br />

IUHT *+]<br />

GHVIB$'6<br />

P<br />

IUHT *+]<br />

)LJXUD 'HVIDVDPHQW HQWUH VRUWLGHV GLUHFWH L DFREODGD<br />

2EVHUYHP HQ HOV UHVXOWDWV FRP OD VLPXODFLy PRGH 020(1780 L PRGH 020(1780 5)<br />

WHQHQ OD PDWHL[D UHVSRVWD VLPLODU D OD GH OD VLPXODFLy $'6 3HU WDQW GRQHP HQ DTXHVWD ~OWLPD<br />

VLPXODFLy OKtEULG SHU WDQFDW<br />

4XHGD GLVVHQ\DW GRQFV OKtEULG %UDQFK /LQH 0RPHQWXP FHQWUDW D *+] /HV ORQJLWXGV GH OHV<br />

OtQLHV TXH HO IRUPHQ ILJXUD VyQ<br />

+tEULG<br />

0RPHQWXP<br />

/7 FP<br />

/6 FP<br />

)LJXUD 'LPHQVLRQV GH OKtEULG %UDQFK /LQH HQ 0RPHQWXP<br />

',66(1< '( /(6758&785$ '(/ '(6)$6$'25 +Ë%5,' +Ë%5,'<br />

8Q FRS GLVVHQ\DW OKtEULG %UDQFK /LQH UHDOLW]DUHP HO GLVVHQ\ GHO TXH HV SRW DQRPHQDU FRP D<br />

³FRV GHO 93'´ R HVWUXFWXUD EDVH HOV GRV KtEULGV HQ VqULH ILJXUD FRQQHFWDWV PLWMDQoDQW<br />

OtQLHV GH WUDQVPLVVLy $TXHVWD HVWUXFWXUD DQDOLW]DGD HQ HOV DSDUWDWV FRQWp HOV DFFHVVRV<br />

GHO FLUFXLW 93' L pV HQ OD TXH VLQWHJUDUj PpV HQGDYDQW HO GHVIDVDGRU YDULDEOH<br />

'H OHVWXGL UHDOLW]DW HQ ODSDUWDW VH QKDQ H[WUHW HOV GHVIDVDPHQWV GHO VHQ\DO QHFHVVDULV<br />

SHU D FDGD HVWDW GHO 93' ILJXUD<br />

(VWDW (VWDW (VWDW<br />

ž ž ž ž<br />

)LJXUD 'HVIDVDPHQWV QHFHVVDULV SHU D FDGD HVWDW GHO 93'<br />

3HU D GLVVHQ\DU HO FRV GHO 93' UHDOLW]DUHP WUHV GLVVHQ\V 'LVVHQ\ 'LVVHQ\ 'LVVHQ\ XQ<br />

SHU FDGD HVWDW GHO 93' LPSOHPHQWDQW HOV GHVIDVDPHQWV QHFHVVDULV DPE WUDPV GH OtQLD<br />

PLFURVWULS &DOFXOHP OD ORQJLWXG /' GH FDGD OtQLD DPE /LQH&DOF<br />

'HVIDVDPHQW GH ž /' FP<br />

'HVIDVDPHQW GH ž /' FP<br />

'HVIDVDPHQW GH ž /' FP


)LJXUD (VWUXFWXUD EDVH GHO 93'<br />

• 'LVVHQ\ (VWDW GH O93' VRUWLGD GH WRWD OD SRWqQFLD SHU HO SRUW<br />

(O SURFpV VHJXLW HQ HO SUHVHQW GLVVHQ\ DL[t FRP HQ HOV GRV VHJ HQWV pV HO TXH HV GHVFULX D<br />

FRQWLQXDFLy (Q HO GLVVHQ\ XWLOLW]HP GRV KtEULGV $'6 HOV SUHVHQWDWV HQ 'LVVHQ\ (V UHDOLW]D<br />

SULPHU HO GLVVHQ\ HQ $'6 L VRSWLPLW]D DPE WXQQLQJ OD ORQJLWXG GH OD OtQHD TXH LPSOHPHQWD HO<br />

GHVIDVDGRU ILQV DFRQVHJXLU HO UHVXOWDW zSWLP 3RVWHULRUPHQW HV UHDOLW]HQ OHV VLPXODFLRQV HQ<br />

0RPHQWXP 5) L 0RPHQWXP 6L pV QHFHVVDUL HV ID XQD VHJRQD RSWLPLW]DFLy HQ DTXHVWHV<br />

)LQDOPHQW HV FRPSDUHQ HOV UHVXOWDWV XWLOLW]DQW 'DWD ,WHPV 3HO FDV GHO 'LVVHQ\ DTXHVWV<br />

UHVXOWDWV HV PRVWUHQ HQ OHV ILJXUHV L YHUPHOO VLPXODFLy $'6 EODX VLPXODFLy<br />

0RPHQWXP 5) URVD VLPXODFLy 0RPHQWXP (Q HV FRPSDUD OD WUDQVPLVVLy HQWUH HO SRUW<br />

GHQWUDGD L OD VRUWLGD DwOODGD PHQWUH TXH HQ HV PRVWUD OD WUDQVPLVVLy HQWUH HO SRUW<br />

GHQWUDGD L OD VRUWLGD QR DwOODGD 7DO FRP HUD GHVSHUDU WRWD OD SRWqQFLD HV GLULJHL[ FDS DTXHVW<br />

VHJRQ SRUW GH VRUWLGD DPE XQHV SqUGXHV VLPXODGHV GXQV G%<br />

'LVVHQ\ 93'B/7B&DV<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+Ë%5,'6 $'6<br />

0/,1<br />

/7 SRUWV<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

/' FP<br />

6LPXODFLy<br />

020(01780 5)<br />

5DQJ 0+]± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy PLQ V<br />

6LPXODFLy<br />

020(1780<br />

5DQJ 0+]± *+]<br />

0HVK *+=<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy PLQ V<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(VTXHPjWLF<br />

<br />

<br />

<br />

<br />

<br />

<br />

/D\RXW<br />

'LVVHQ\


G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD 7UDQVPLVVLy SRUW GLUHFWH )LJXUD 7UDQVPLVVLy SRUW DFREODW<br />

(Q HO GLVVHQ\ GHOV DOWUHV GRV FDVRV HV PDQWHQHQ OHV GLPHQVLRQV GHOV KtEULGV GHO 'LVVHQ\ L SHU<br />

D LPSOHPHQWDU OD OtQLD /' VXWLOLW]D XQD HVWUXFWXUD ILJXUD HQ OD TXH KL WUREHP XQ QRX<br />

FRPSRQHQW HO FRO]H 062%1' ILJXUD TXH LQWURGXHL[ XQ JLU GH ž D XQD OtQLD GH<br />

WUDQVPLVVLy<br />

<br />

££<br />

<br />

<br />

<br />

)LJXUD (OHPHQW 062%1'<br />

)LJXUD (VWUXFWXUD /'<br />

• 'LVVHQ\ (VWDW GHO 93' GLYLVLy GH SRWqQFLD HQWUH HOV SRUWV GH VRUWLGD<br />

'LVVHQ\ $'6 XWLOLW]DQW KtEULGV DPE OHV PHVXUHV REWLQJXGHV GHO 'LVVHQ\ /6 FP<br />

/7 FP XQD OtQLD L XQD<br />

/D OtQLD LPSOHPHQWDGD FRP OHVWUXFWXUD GH OD ILJXUD L FRPSOLQW OHV HTXDFLRQV L<br />

Â/' Â/' /' FP<br />

Â/' Â: /' FP<br />

(V VLPXOD HO GLVVHQ\ L VKL UHDOLW]D XQ WXQQLQJ HQ OD OtQLD GHVIDVDGRUD SHU DMXVWDU OD GHJXW DOV<br />

HIHFWHV LQGHVLWMDWV GHOV FRO]HV 8Q FRS RSWLPLW]DW HV VLPXOD HQ 020(1780 L 020(1780<br />

5) L XWLOLW]DQW 'DWD ,WHPV ILQDOPHQW FRPSDUHP OHV UHVSRVWHV ILJXUHV L


'LVVHQ\ 93'B/7B&DV<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+Ë%5,'6 $'6<br />

0/,1<br />

/7 SRUWV<br />

062%1'<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

/' FP<br />

6LPXODFLy<br />

020(01780 5)<br />

5DQJ 0+]± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy PLQ V<br />

6LPXODFLy<br />

020(1780<br />

5DQJ 0+]± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy PLQ V<br />

¡ ¡ <br />

<br />

¥ ¥ ¢£<br />

¡ ¡ <br />

¥ ¥ ¢£<br />

¦¦ § ¨<br />

¦¦ § ¨<br />

(VTXHPjWLF<br />

¦¦ § ¨<br />

<br />

<br />

<br />

¦¦ § ¨<br />

<br />

<br />

<br />

<br />

<br />

© <br />

© <br />

© §<br />

¥ <br />

<br />

¤ ¥ <br />

<br />

<br />

¥ ©§<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤ <br />

<br />

<br />

/D\RXW<br />

'LVVHQ\<br />

<br />

<br />

© <br />

©§ <br />

<br />

<br />

<br />

© § <br />

<br />

© <br />

<br />

¦ ¦ § ¨ ¥<br />

<br />

<br />

<br />

¦ ¦ § ¨ <br />

<br />

<br />

¤¥ <br />

¥ ¥<br />

<br />

<br />

¤ <br />

<br />

¤ <br />

¥ ¦ ¦ § ¨ <br />

<br />

¦ ¦ § ¨ <br />

¥<br />

(Q HV FRPSDUD OD WUDQVPLVVLy HQWUH HO SRUW GHQWUDGD L XQD GH OHV VRUWLGHV PHQWUH TXH HQ<br />

HV PRVWUD OD WUDQVPLVVLy HQWUH HO SRUW GHQWUDGD L ODOWUD VRUWLGD 7DO FRP HUD GHVSHUDU OD<br />

SRWqQFLD HV UHSDUWHL[ HQWUH HOV GRV SRUWV DPE XQHV SqUGXHV VLPXODGHV GXQV G% YHUPHOO<br />

VLPXODFLy $'6 EODX VLPXODFLy 0RPHQWXP 5) URVD VLPXODFLy 0RPHQWXP<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

)LJXUD 7UDQVPLVVLy SRUW GLUHFWH )LJXUD 7UDQVPLVVLy SRUW DFREODW<br />

*+]<br />

*+]<br />

¡ ¡ ¢£<br />

¡ ¡ <br />

£ ¢


• 'LVVHQ\ (VWDW GHO 93' VRUWLGD GH WRWD OD SRWqQFLD SHU HO SRUW<br />

'LVVHQ\ $'6 XWLOLW]DQW KtEULGV DPE OHV PHVXUHV REWLQJXGHV GHO 'LVVHQ\ /6 FP<br />

/7 FP XQD OtQLD L XQD<br />

/D OtQLD LPSOHPHQWDGD FRP OHVWUXFWXUD GH OD ILJXUD L FRPSOLQW OHV HTXDFLRQV L<br />

Â/' Â/' /' FP<br />

Â/' Â: /' FP<br />

(V VLPXOD HO GLVVHQ\ L VKL UHDOLW]D XQ WXQQLQJ HQ OD OtQLD GHVIDVDGRUD SHU UHFWLILFDU HOV HIHFWHV<br />

GHOV FRO]HV 8Q FRS RSWLPLW]DW HV VLPXOD HQ 020(1780 L 020(1780 5) L XWLOLW]DQW 'DWD<br />

,WHPV FRPSDUHP OHV UHVSRVWHV ILJXUHV L<br />

'LVVHQ\ 93'B/7B&DV<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+Ë%5,'6 $'6<br />

0/,1<br />

/7 SRUWV<br />

062%1'<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

6LPXODFLy<br />

020(1780 5)<br />

5DQJ 0+=± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy P V<br />

6LPXODFLy<br />

020(1780<br />

5DQJ 0+]± *+]<br />

0HVK *+]<br />

3XQWV XWLOLW]DWV<br />

'XUDFLy P V<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(VTXHPjWLF<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

/D\RXW<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(Q HV FRPSDUD OD WUDQVPLVVLy HQWUH HO SRUW GHQWUDGD L XQD GH OHV VRUWLGHV PHQWUH TXH HQ<br />

HV PRVWUD OD WUDQVPLVVLy HQWUH HO SRUW GHQWUDGD L ODOWUD VRUWLGD 7DO FRP HUD GHVSHUDU OD<br />

SRWqQFLD HV GLULJHL[ WRWD FDS XQ GHOV SRUWV HO SRUW FRQWUDUL TXH HQ HO FDV GHO 'LVVHQ\ DPE<br />

XQHV SqUGXHV VLPXODGHV GXQV G% YHUPHOO VLPXODFLy $'6 EODX VLPXODFLy 0RPHQWXP 5)<br />

URVD VLPXODFLy 0RPHQWXP


G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

*+]<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

*+]<br />

)LJXUD 7UDQVPLVVLy SRUW GLUHFWH )LJXUD 7UDQVPLVVLy SRUW DFREODW<br />

6KD DFRQVHJXLW GLVVHQ\DU XQ EORF EDVH GHO 93' RQ DIHJLQW WUDPV GH OtQHD GH WUDQVPLVVLy DPE<br />

ORQJLWXGV GLIHUHQWV FRP D GHVIDVDGRUV VKDQ VLPXODW HOV WUHV HVWDWV GHO FLUFXLW DPE ERQD<br />

UHVSRVWD 'DTXHVWV GLVVHQ\V GHGXwP FRP DO LQWHJUDU XQ GHVIDVDGRU YDULDEOH TXH SURSRUFLRQL<br />

GHVIDVDPHQWV GH ž ž L ž HQWUH HOV DFFHVVRV GHOV GRV KtEULGV HQ TXH DUD VKDQ<br />

FROÂORFDW OHV WUHV OtQLHV SHU YDOLGDU OHV HVWUXFWXUHV HQ $'6 L 0RPHQWXP REWLQGUHP HOV PDWHL[RV<br />

UHVXOWDWV TXH DUD 3HU WDQW OHVWUXFWXUD ItVLFD GHO 93' TXHGD GHPRVWUDGD<br />

+DYHQW UHDOLW]DW GLYHUVHV VLPXODFLRQV DPE 0RPHQWXP L 0RPHQWXP 5) HV GHFLGHL[ VHJXLU<br />

VLPXODQW HQ PRGH 0RPHQWXP 5) VRODPHQW GHJXW D OD VLPLOLWXG GH UHVXOWDWV HQIURQW D OD YDULDFLy<br />

HQ OD GXUDFLy GDPEGXHV 6KD GHPRVWUDW TXH D OD IUHT qQFLD GH WUHEDOO HOV UHVXOWDWV GH<br />

0RPHQWXP L 0RPHQWXP 5) VyQ LGqQWLFV DPE ODYDQWDWJH TXH HO PRGH 5) FRQVXPHL[ WHPSV GH<br />

VLPXODFLy PHQRUV<br />

5(680 '(/ &$3Ë72/<br />

• (Q DTXHVW FDStWRO VKD UHDOLW]DW HO GLVVHQ\ GH OKtEULG %UDQFK /LQH WDQW HQ $'6<br />

OHVTXHPjWLF FRP HQ 0RPHQWXP HO OD\RXW REWHQLQW SHU WRWV GRV FDVRV ERQV<br />

UHVXOWDWV /HV ORQJLWXGV ILQDOV RSWLPLW]DGHV GH OHV EUDQTXHV GHOV GRV KtEULGV ILJXUD<br />

VyQ<br />

+tEULG $'6<br />

/7 FP<br />

/6 FP<br />

+tEULG<br />

0RPHQWXP<br />

/7 FP<br />

/6 FP<br />

)LJXUD /RQJLWXG EUDQTXHV GH OKtEULG


• $O UHDOLW]DU HOV GLVVHQ\V VKDQ SUHVHQWDW OHV HLQHV /LQH&DOF L HO WXQQLQJ GHOV FLUFXLWV<br />

XWLOLW]DW HQ IXWXUV GLVVHQ\V HQ TXH VRODPHQW VDQRPHQDUj TXH HV UHDOLW]D<br />

• 8WLOLW]DQW HOV KtEULGV VKD GLVVHQ\DW OHVWUXFWXUD EDVH GHO 93' ILJXUD DPE HOOD<br />

VKDQ VLPXODW HOV WUHV HVWDWV GHO FLUFXLW GLYLVRU GH SRWqQFLD YDULDEOH LPSOHPHQWDQW FRP D<br />

GHVIDVDGRU OtQLHV GH WUDQVPLVVLy GH ORQJLWXGV GLIHUHQWV<br />

)LJXUD /D\RXW GH OHVWUXFWXUD 93'<br />

• (OV GLVVHQ\V GHOV OD\RXWV VKDQ VLPXODW DPE 0RPHQWXP L DPE 0RPHQWXP 5) SHU D<br />

FRPSDUDU OHV L GHFLGLU TXLQ PRGH XWLOLW]DUHP HQ OHV VHJ HQWV VLPXODFLRQV (O PRGH<br />

HVFROOLW pV 0RPHQWXP 5)<br />

%,%/,2*5$),$<br />

> @ ' 0 3R]DU ³0LFURZDYH HQJLQHHULQJ´ ,6%1 -RKQ :LOH\ 6RQV<br />

> @ $'6 0RPHQWXP70 $JLOHQW (HVRI KWWS HHVSI WP DJLOHQW FRP


&$3Ë72/ 'Ë2'( 3,1<br />

(O GtRGH 3,1 pV XQD SHoD FODX GHO GHVIDVDGRU YDULDEOH /D QHFHVVLWDW GH FRPPXWDU GXQD IRUPD<br />

UjSLGD L HILFDo HOV WUHV HVWDWV GHO GHVIDVDGRU HQV SRUWD D WUHEDOODU DPE GtRGHV 3,1 XQ GLVSRVLWLX<br />

IRUoD XWLOLW]DW SHU FRPPXWDFLy HQ DSOLFDFLRQV G5) /REMHFWLX GDTXHVW FDStWRO pV LQWURGXLU HO<br />

FRPSRQHQW L FUHDU QH HO FRPSRQHQW $'6 PRGHO (Q HO FDStWRO HV YHX HO IXQFLRQDPHQW GHO<br />

GtRGH 3,1 HO SURFpV VHJXLW SHU D OD FUHDFLy GHO FRPSRQHQW $'6 L DOJXQHV VLPXODFLRQV IHWHV<br />

SHU D SURYDU HO VHX FRUUHFWH IXQFLRQDPHQW<br />

(/ 'Ë2'( 3,1<br />

(O GtRGH 3,1 pV XQ VHPLFRQGXFWRU IRUPDW SHU WUHV UHJLRQV 8QD FDSD GH PDWHULDO LQWUtQVHF DOWD<br />

UHVLVWLYLWDW VLWXDGD HQWUHPLJ GXQD FDSD GH PDWHULDO 1 L XQD GH PDWHULDO 3 DOWDPHQW GRSDGHV<br />

ILJXUD (O GtRGH 3,1 Wp XQD FDUDFWHUtVWLFD FRUUHQW WHQVLy GHO WLSXV PRVWUDW D OD ILJXUD > @<br />

)LJXUD (VTXHPD GtRGH 3,1<br />

)LJXUD &DUDFWHUtVWLFD FRUUHQW WHQVLy GHO GtRGH<br />

3,1<br />

/D SULQFLSDO FDUDFWHUtVWLFD GHO GtRGH 3,1 pV TXH D IUHT qQFLHV GH PLFURRQHV Wp XQ<br />

FRPSRUWDPHQW UHVLVWLX TXH YDULD HQ IXQFLy GH OD SRODULW]DFLy GDTXHVW 6L HVWj SRODULW]DW HQ<br />

GLUHFWD HO GtRGH HV FRPSRUWD FRP XQ FXUWFLUFXLW MD TXH OD ]RQD LQWUtQVHFD SDVVD D VHU XQ PHGL<br />

FRQGXFWRU EDL[D UHVLVWLYLWDW 3HU DOWUH EDQGD VL HVWj LQYHUVDPHQW SRODULW]DW OD ]RQD LQWUtQVHFD<br />

QR FRQGXHL[ L SHU WDQW HO GtRGH 3,1 Wp HO FRPSRUWDPHQW GXQ FLUFXLW REHUW DOWD UHVLVWLYLWDW<br />

&RQWURODW SHU XQ FRUUHQW FRQWLQX SRW VHU XWLOLW]DW FRP D FRPPXWDGRU GH VHQ\DOV 5) > @<br />

(Q OD ILJXUD HV PRVWUD HQ HVFDOD ORJDUtWPLFD FRP ODXJPHQW GHO FRUUHQW FRQWLQX GH<br />

SRODULW]DFLy GHO GtRGH 3,1 FRPSRUWD XQD GLVPLQXFLy HQ OD UHVLVWqQFLD D VHQ\DOV 5) SHU D XQ


GtRGH 3,1 WtSLF 6REVHUYD GRQFV FRP HO GtRGH 3,1 Wp OD FDSDFLWDW GH FRPSRUWDU VH FRP XQ<br />

FXUWFLUFXLW FRP XQ FLUFXLW REHUW R FRP XQ HOHPHQW FDSDo GH GRQDU TXDOVHYRO UHODFLy GH<br />

SRWqQFLHV SHU D VHQ\DOV 5) SRGHQW WUHEDOODU SHU H[HPSOH FRP D DWHQXDGRU<br />

)LJXUD 5HVLVWqQFLD YDULDEOH GHO GtRGH 3,1 HQIURQW HO FRUUHQW '&<br />

(O FDV TXH HQV LQWHUHVVD pV HO GtRGH 3,1 WUHEDOODQW FRP D FRPPXWDGRU GRV HVWDWV FLUFXLW<br />

REHUW L FXUWFLUFXLW SHU D XQ VHQ\DO D *+]<br />

02'(/$7 '(/ 'Ë2'( 3,1<br />

3HU D PRGHODU HO GtRGH 3,1 VKD EXVFDW XQ GtRGH TXH IXQFLRQpV Ep D OD IUHT qQFLD GH WUHEDOO L<br />

GHO TXH WLQJXpVVLP HO Pj[LP GLQIRUPDFLy SRVVLEOH 6KD HVFROOLW HO GtRGH 3,1 %$3 GH<br />

3+,/,36 > @<br />

0RGHODW SHWLW VHQ\DO<br />

(Q OD SULPHUD DSUR[LPDFLy DO GtRGH 3,1 UHDOLW]DUHP HO VHX PRGHO YHXUH ILJXUD DPE XQD<br />

UHVLVWqQFLD YDULDEOH FRPSRUWDPHQW UHVLVWLX GH OD FDSD LQWUtQVHFD HQ SDUDOÂOHO DPE XQ<br />

FRQGHQVDGRU FDSDFLWDW GH OD ]RQD LQWUtQVHFD WRW HQ VqULH DPE XQD SHWLWD UHVLVWqQFLD TXH<br />

VLPXOD OHV SqUGXHV GHOV GLIHUHQWV FRQGXFWRUV GHO [LS GHO GtRGH<br />

/D QR FRQGXFFLy FRUUHVSRQHQW DO FDV HQ TXH QR DUULED FRUUHQW DO GtRGH 3,1 HV PRGHOD DPE XQ<br />

YDORU DOW SHU D OD UHVLVWqQFLD .<br />

/D FRQGXFFLy FRUUHVSRQHQW DO FDV HQ TXH DUULED FRUUHQW '& DO GtRGH 3,1 HV PRGHOD DPE XQ<br />

YDORU EDL[ SHU D OD UHVLVWqQFLD YDULDEOH<br />

)LJXUD 0RGHO VLPSOH GH SULPHUD DSUR[LPDFLy D XQ GtRGH 3,1<br />

0RGHODW DPE OHQFDSVXODW<br />

(Q XQD VHJRQD DSUR[LPDFLy DIHJLP DO PRGHO HOV HIHFWHV SDUjVLWV SURYRFDWV SHU OHQFDSVXODW<br />

5 & / L / GHO GtRGHV 3,1 ILJXUD 4XDQ VDQDOLW]D HO FRPSRUWDPHQW GXQ GtRGH VKD<br />

GH PRGHODU WDQW HO [LS FRP OHQFDSVXODW (Q > @ HV GRQHQ HVTXHPHV FLUFXLWDOV TXH PRGHOHQ<br />

GLIHUHQWV WLSXV GHQFDSVXODW (OV YDORUV GHOV HOHPHQWV GHO PRGHO GHQFDSVXODW 62' GHO GtRGH


3,1 %$3 VKDQ REWLQJXW GH OD QRWD GDSOLFDFLy > @ GH 3KLOLSV L HV PRVWUHQ D OD ILJXUD RQ<br />

VKDQ DIHJLW DOV FRPSRQHQWV SURSRVDWV DO PRGHO VLPSOH GH OD ILJXUD<br />

7HUP<br />

7HUP<br />

1XP<br />

= 2KP<br />

/<br />

/<br />

/ Q+<br />

5<br />

&<br />

&<br />

& I)<br />

5<br />

5<br />

5 2KP<br />

5<br />

5<br />

5 2KP WXQH^ 2KP WR 2KP E\ 2KP `<br />

/<br />

/<br />

/ Q+<br />

&<br />

&<br />

5<br />

& I) WXQH^ I) WR I) E\ I) `<br />

)LJXUD 0RGHODW GH OHQFDSVXODW GXQ GtRGH 3,1<br />

0RGHO SHWLW VHQ\DO G$'6 GHO GtRGH 3,1 %$3<br />

7HUP<br />

7HUP<br />

1XP<br />

= 2KP<br />

'LVSRVHP GHO PRGHO SHWLW VHQ\DO HQ $'6 GHO GtRGH 3,1 %$3 D SDUWLU GH OHV QRWHV L<br />

H[SOLFDFLRQV GH OD QRWD GDSOLFDFLy GH 3KLOLSV > @<br />

(Q HO PRGHO VXWLOLW]HQ HOV FRPSRQHQWV '&BIHHG ILJXUD L '&BEORFN ILJXUD (O '&BIHHG<br />

pV XQD ERELQD LGHDO ; / M / ω = HV FRPSRUWD FRP XQ FXUWFLUFXLW SHU D VHQ\DOV '& L FRP XQ<br />

FLUFXLW REHUW SHU D VHQ\DOV 5) (O FRPSRUWDPHQW GHO '&BEORFN pV HO FRQWUDUL & ;<br />

'&B)HHG<br />

'&B)HHG<br />

'&B%ORFN<br />

'&B%ORFN<br />

)LJXUD (OHPHQW ERELQD LGHDO )LJXUD (OHPHQW FRQGHQVDGRU LGHDO<br />

(O PRGHO G$'6 YHXUH ILJXUD SHO %$3 FRQVLVWHL[ HQ GRV GtRGHV HQ VqULH SHU<br />

DFRQVHJXLU PRGHODU DOKRUD HO FRPSRUWDPHQW '& L 5) (O GtRGH VXWLOLW]D SHU PRGHODU OD<br />

FDUDFWHUtVWLFD WHQVLy FRUUHQW L HO GtRGH pV HO GtRGH 3,1 FRQVWUXwW DPE XQ PRGHO G$'6 TXH<br />

VXEVWLWXHL[ HQ DTXHVW FDV OD UHVLVWqQFLD L HO FRQGHQVDGRU HQ SDUDOÂOHO GHOV PRGHOV VLPSOLILFDWV<br />

DQWHULRUV (O GtRGH VXWLOLW]D SHU PRGHODU OD UHVLVWqQFLD G5) YHUVXV HO FRUUHQW '& $PEGyV<br />

GtRGHV HVWDQ FRQQHFWDWV HQ VqULH SHU DVVHJXUDU TXH HOV WUDYHVVD HO PDWHL[ FRUUHQW 3HO TXH ID D<br />

O5) OD XQLy 31 GHO GtRGH pV FXUWFLUFXLWDGD SHU XQ FRQGHQVDGRU LGHDO '& EORFN PHQWUH TXH<br />

OD UHVLVWqQFLD UHVLGXDO GHOV FRQGXFWRUV HV PRGHOD DPE XQD UHVLVWqQFLD GH Ω. 3HU HYLWDU<br />

TXH DTXHVWD UHVLVWqQFLD TXH QRPpV pV G5) DIHFWL OD SRODULW]DFLy DTXHVWD pV FXUWFLUFXLWDGD<br />

SHU XQ '& IHHG XQ LQGXFWRU LGHDO /HV FDSDFLWDWV L LQGXFWjQFLHV GH OHQFDSVXODW HV PDQWHQHQ<br />

GHO PRGHO DQWHULRU (OV YDORUV GHOV FRPSRQHQWV GDTXHVW PRGHO L HO PRGHO HQ Vt VyQ YjOLGV ILQV D<br />

*+]<br />

(Q OD ILJXUD YHLHP HO PRGHO SHWLW VHQ\DO GHO GtRGH 3,1 %$3 TXH XWLOLW]DUHP HQ OHV<br />

VLPXODFLRQV (O FDQYL GHVWDW HV UHDOLW]DUj PLWMDQoDQW OD YDULDFLy GH 9GF 9<br />

=<br />

Mω&


)LJXUD 0RGHO SHWLW VHQ\DO GHO GtRGH 3,1 %$3 DPE OD [DU[D GH SRODULW]DFLy<br />

6LPXODFLRQV GHOV WUHV GLVVHQ\V GH PRGHO L FRPSDUDFLy GH UHVXOWDWV<br />

$ FRQWLQXDFLy 'LVVHQ\ HV SUHVHQWHQ OHV VLPXODFLRQV GHOV WUHV PRGHOV SUHVHQWDWV ILJXUD<br />

ILJXUD ILJXUD HQ HO FDV GH FXUWFLUFXLW F F L FLUFXLW REHUW F R L HV FRPSDUHQ HOV VHXV<br />

UHVXOWDWV HQ OHV ILJXUHV L<br />

'LVVHQ\ 0RGHOV GtRGH 3,1<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

5V<br />

&V<br />

'&BIHHG<br />

'&BEORFN<br />

'tRGH<br />

3LQ 'tRGH<br />

(VTXHPjWLF<br />

6LPXODFLy FRP D &XUWFLUFXLW GHOV GLVVHQ\V<br />

• 0RGHO 5& )LJXUD 5<br />

• 0RGHO 5& HQFDSVXODW )LJXUD 5<br />

• 0RGHO SHWLW VHQ\DO GtRGH 3,1 )LJXUD 9 Y<br />

6LPXODFLy FRP D FLUFXLW REHUW GHOV GLVVHQ\V<br />

• 0RGHO 5& )LJXUD 5 .<br />

• 0RGHO 5& HQFDSVXODW )LJXUD 5 .<br />

• 0RGHO SHWLW VHQ\DO GtRGH 3,1 ± )LJXUD 9 Y<br />

'LVVHQ\<br />

(Q OHV JUjILTXHV GH OD ILJXUD HV SRW REVHUYDU HO IXQFLRQDPHQW GHOV WUHV PRGHOV FRP D<br />

FXUWFLUFXLW HQ OD WUDQVPLVVLy GHO VHQ\DO HQ HO PRGHO GH OD ILJXUD SHU XQD 5 HQ YHUPHOO<br />

OD WUDQVPLVVLy HQ HO PRGHO GH OD ILJXUD TXH Wp HQ FRPSWH HOV HIHFWHV GH OHQFDSVXODW SHU<br />

5 HQ EODX L OD WUDQVPLVVLy GHO VHQ\DO HQ HO PRGHO GH OD ILJXUD TXH FRUUHVSRQ DO<br />

PRGHO SHWLW VHQ\DO GHO GtRGH 3,1 %$3 DPE HO GtRGH FRQGXLQW SHU 9GF 9 HQ URVD<br />

(Q OHV JUjILTXHV GH OD ILJXUD HV SRW REVHUYDU HO IXQFLRQDPHQW GHOV WUHV PRGHOV FRP D<br />

FLUFXLW REHUW HQ OD UHIOH[Ly WRWDO GHO VHQ\DO HQ OD ILJXUD SHU XQD 5 . HQ YHUPHOO OD<br />

UHIOH[Ly GH OD ILJXUD TXH Wp HQ FRPSWH HOV HIHFWHV GH OHQFDSVXODW SHU 5 . HQ EODX L


OD UHIOH[Ly GHO VHQ\DO GH OD ILJXUD HO PRGHO SHWLW VHQ\DO GHO GtRGH 3,1 %$3 DPE HO<br />

GtRGH QR FRQGXLQW SHU 9GF 9 HQ URVD<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD 7UDQVPLVVLy GHOV WUHV PRGHOV GH 'LVVHQ\<br />

VLPXODWV FRP D FXUWFLUFXLWV<br />

&5($&,Ï '(/ &20321(17<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

)LJXUD 5HIOH[Ly GHOV WUHV PRGHOV GH 'LVVHQ\<br />

VLPXODWV FRP D FLUFXLW REHUW<br />

$ FRQWLQXDFLy FUHDUHP HO FRPSRQHQW G$'6 GHO GtRGH TXH FRQWLQJXL HO PRGHO GH OD ILJXUD<br />

H[FHSWH HOV FRPSRQHQWV GH SRODULW]DFLy GHO GtRGH 3,1 %$3 3HU D IHU KR REULP XQ QRX<br />

GLVVHQ\ DPE DTXHVW QRP FRSLHP HO GLVVHQ\ L KL LQWURGXwP HOV SRUWV ILJXUD /ODYRUV IHP<br />

&UHDWH (GLW 6FKHPDWLF 6\PERO VREUH XQD ILQHVWUD HQ OD TXH HVSHFLILTXHP HO VtPERO TXH OL<br />

YROHP GRQDU ILJXUD L HQV JXDUGD HO QRX FRPSRQHQW D OD OOLEUHULD GH FRPSRQHQWV $'6<br />

4XDQ HO YXOJXHP XWLOLW]DU HQ HOV GLVVHQ\V SRVWHULRUV ODQLUHP D EXVFDU D OD OOLEUHULD (Q TXDOVHYRO<br />

PRPHQW GHV GHO FRPSRQHQW SRGHP EDL[DU GH MHUDUTXLD SHU YHXUH HO GLVVHQ\ GHO GtRGH 3,1<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

)LJXUD 'LVVHQ\ GHO FRPSRQHQW 3,1B%$3<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

3,1B%$3<br />

3,1<br />

)LJXUD 6tPERO FRPSRQHQW<br />

3,1B%$3<br />

$L[t RQ DEDQV WHQtHP HO GLVVHQ\ GH OD ILJXUD DUD WHQLP HO GLVVHQ\ GH OD ILJXUD DPE HO<br />

PDWHL[ FRPSRUWDPHQW<br />

*+]


)LJXUD &RPSRQHQW GtRGH 3,1 L [DU[D GH SRODULW]DFLy IXQFLRQDQW FRP D FRPPXWDGRU FRQWURODW SHU 9GF<br />

6,08/$&,216 $'6 '(/ &20321(17<br />

$UD TXH VKD FUHDW HO FRPSRQHQW $'6 GHO GtRGH 3,1 IDUHP GLYHUVHV VLPXODFLRQV XWLOLW]DQW OR SHU D<br />

YHXUH HO VHX FRUUHFWH IXQFLRQDPHQW<br />

• 3URYHV IXQFLRQDPHQW FRP D & 2<br />

(Q DTXHVW SXQW 'LVVHQ\ FRPSDUHP HO FRHILFLHQW GH UHIOH[Ly GXQ WUDP GH OtQLD λ DFDEDW DPE XQ<br />

FLUFXLW REHUW LGHDO 6 L DFDEDW DPE XQ FLUFXLW REHUW JHQHUDW DPE HO GtRGH %$3 6 (O<br />

UHVXOWDW HV PRVWUD HQ OHV ILJXUHV L SHO PzGXO L OD IDVH<br />

'LVVHQ\ 'tRGH3,1 & 2 9V & 2 LGHDO<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

££<br />

3RUWV 7HUP<br />

7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

3,1<br />

'& EORFNV<br />

'& IHHGV<br />

)RQW 9<br />

G% 6<br />

G% 6<br />

§ ¨§<br />

¨© §<br />

¨©<br />

¨§<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨© ¨§ ¨©¨§¨© ¨§¨©<br />

§ ¨§ ¨§<br />

¨§<br />

§<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD &RPSDUDFLy GHOV PzGXOV GHOV<br />

FRHILFLHQWV GH UHIOH[Ly GHOV FLUFXLWV GHO 'LVVHQ\<br />

<br />

<br />

£ <br />

¦ <br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

SKDVH 6<br />

SKDVH 6<br />

§ §<br />

§ § <br />

§ §<br />

§<br />

¡ <br />

¡ <br />

£ ¤ ¢ ¥ ¢ £ ¢<br />

¡ <br />

¡ <br />

P<br />

P<br />

<br />

<br />

IUHT *+]<br />

<br />

<br />

<br />

<br />

¨© ¨§ ¨©¨§¨© ¨§ ¨©<br />

§ ¨§ ¨§<br />

§ §<br />

§<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD &RPSDUDFLy GH OHV IDVHV GHOV FRHILFLHQWV<br />

GH UHIOH[Ly GHOV FLUFXLWV GHO 'LVVHQ\


• 3URYHV IXQFLRQDPHQW FRP D & &<br />

(Q DTXHVW SXQW 'LVVHQ\ FRPSDUHP HO FRHILFLHQW GH UHIOH[Ly GXQ WUDP GH OtQLD λ DFDEDW DPE XQ<br />

FXUWFLUFXLW LGHDO 6 L DFDEDW DPE XQ FXUWFLUFXLW JHQHUDW DPE HO GtRGH %$3 6 (O<br />

UHVXOWDW HV PRVWUD HQ OHV ILJXUHV L SHO PzGXO L OD IDVH<br />

'LVVHQ\ 'tRGH3,1 & & 9V & & LGHDO<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

3,1<br />

'& EORFNV<br />

'& IHHGV<br />

)RQW 9<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD &RPSDUDFLy GHOV PzGXOV GHOV<br />

FRHILFLHQWV GH UHIOH[Ly GHOV FLUFXLWV GHO 'LVVHQ\<br />

• 3URYHV DPE &V L /V UHDOV<br />

P<br />

P<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

SKDVH 6<br />

SKDVH 6<br />

<br />

<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

<br />

P<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

SKDVH 6<br />

<br />

<br />

*+]<br />

)LJXUD &RPSDUDFLy GH OHV IDVHV GHOV FRHILFLHQWV<br />

GH UHIOH[Ly GHOV FLUFXLWV GHO 'LVVHQ\<br />

$O GLVVHQ\DU XQ FLUFXLW UHDO HOV HOHPHQWV GH SRODULW]DFLy GHO GtRGH VHUDQ FRQGHQVDGRUV L ERELQHV<br />

UHDOV L QR '& IHHGV L '& EORFNV SHU WDQW KHP HVFROOLW HOV VHJ HQWV FRPSRQHQWV GH OHV OOLEUHULHV<br />

G$'6 YHXUH 'LVVHQ\<br />

VFBDY[B$&&8 3B .B)B<br />

&<br />

3$57B180 . )$: S)<br />

)LJXUD &RPSRQHQW FRQGHQVDGRU UHDO S)<br />

VOBFIWB &6B*B<br />

/<br />

3$57B180 &6 ;*%& Q+<br />

)LJXUD &RPSRQHQW ERELQD UHDO Q+


'LVVHQ\ 'tRGH3,1 & L / UHDOV 9V 'tRGH 3,1 & L / LGHDOV<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

3,1<br />

'& EORFNV<br />

'& IHHGV<br />

/<br />

&<br />

)RQW 9<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

$ OHV ILJXUHV L HV PRVWUD HO UHVXOWDW GH OD FRPSDUDFLy HQWUH XWLOLW]DU FRPSRQHQWV LGHDOV<br />

GH SRODULW]DFLy L XWLOLW]DU ERELQHV L FRQGHQVDGRUV UHDOV /D VLPXODFLy HV UHDOLW]D SHU DO FDV GH<br />

FRQGXFFLy GHO GtRGH 3,1 9GF HQ DPEGyV FLUFXLWV 'LVVHQ\ $ HV FRPSDUD OD<br />

WUDQVPLVVLy GHO VHQ\DO SHO FLUFXLW DPE FRPSRQHQWV UHDOV 6 JUjILFD YHUPHOOD L FRPSRQHQWV<br />

LGHDOV 6 JUjILFD EODYD DL[t FRP ODGDSWDFLy GHO SRUW GHQWUDGD 6 JUjILFD URVD L<br />

6 JUjILFD WXUTXHVD $ HV FRPSDUD HO GHVIDVDPHQW LQWURGXwW DO VHQ\DO HQ OD<br />

WUDQVPLVVLy SHU WRWV GRV FDVRV IDVH 6 JUjILFD YHUPHOOD L IDVH 6 JUjILFD EODYD<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

)LJXUD 7UDQVPLVVLy L DGDSWDFLy PzGXO SHU<br />

9GF 9 SHU DOV FLUFXLWV GHO 'LVVHQ\<br />

SKDVH 6<br />

SKDVH 6<br />

<br />

<br />

<br />

<br />

P<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 'HVIDVDPHQW LQWURGXwW HQ OD<br />

WUDQVPLVVLy GHO VHQ\DO SHU DOV FLUFXLWV GHO<br />

'LVVHQ\<br />

• 3URYD GHO %$3 FRP D FRPPXWDGRU DPE /V L &V UHDOV<br />

)LQDOPHQW HV PRVWUD 'LVVHQ\ HO IXQFLRQDPHQW GHO GtRGH %$3 FRP D FRPPXWDGRU<br />

DPE OD [DU[D GH SRODULW]DFLy LPSOHPHQWDGD DPE FRPSRQHQWV UHDOV


'LVVHQ\ 'tRGH IXQFLRQDQW FRP D FRPPXWDGRU<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

3,1<br />

'& EORFNV<br />

'& IHHGV<br />

)RQW 9<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

3HU 9,QW GtRGH HQ SRODULW]DFLy LQYHUVD L SHU WDQW IXQFLRQDQW FRP D FLUFXLW REHUW WDO FRP HUD<br />

GHVSHUDU VREVHUYD HQ OHV ILJXUHV L PzGXO L IDVH ERQD WUDQVPLVVLy HQWUH SRUWV L<br />

DL[t FRP ERQD DGDSWDFLy (V GHGXHL[ XQHV SqUGXHV GLQVHUFLy GXQV G% L DGDSWDFLy GH<br />

G% D *+]<br />

G% 6<br />

G% 6<br />

<br />

P<br />

P<br />

IUHT *+]<br />

¡ ¥¤ ¡£§¦¨¡ §¦©¡£¢¡ ¢¡£<br />

¢¡ ¨¡<br />

¢¡£¥¤<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

)LJXUD 0zGXO GH OD WUDQVPLVVLy L ODGDSWDFLy<br />

GHO 'LVVHQ\<br />

SKDVH 6<br />

SKDVH 6<br />

¦¢ ¢<br />

¢ ¤<br />

¤ ¢ <br />

¢ ¦¢<br />

P<br />

IUHT *+]<br />

¡ ¤ ¡£¦©¡ ¦©¡£¢¡ ©¡£<br />

¢¡ ¨¡<br />

¢¡£¤<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

<br />

<br />

)LJXUD )DVH GH OD WUDQVPLVVLy L ODGDSWDFLy<br />

GHO 'LVVHQ\<br />

3HU 9,QW 9 GtRGH HQ SRODULW]DFLy GLUHFWD L SHU WDQW IXQFLRQDQW FRP D FXUWFLUFXLW WDO FRP HUD<br />

GHVSHUDU VREVHUYD HQ OHV ILJXUHV L PzGXO L IDVH PDOD WUDQVPLVVLy HQWUH SRUWV L<br />

DL[t FRP PDOD DGDSWDFLy (V GHGXHL[ XQ DwOODPHQW GXQV G% D *+]<br />

G% 6<br />

G% 6<br />

<br />

P<br />

P<br />

IUHT *+]<br />

¥ §©©¢¢<br />

¢ ¨<br />

<br />

¢<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

)LJXUD 0zGXO GH OD WUDQVPLVVLy L ODGDSWDFLy GHO<br />

'LVVHQ\<br />

SKDVH 6<br />

SKDVH 6<br />

©<br />

<br />

<br />

<br />

©<br />

P<br />

IUHT *+]<br />

§©©¢¢<br />

¢ ¨<br />

¢<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD )DVH GH OD WUDQVPLVVLy L ODGDSWDFLy<br />

GHOV 'LVVHQ\


5(680 '(/ &$3Ë72/<br />

• (Q DTXHVW FDStWRO VKD LQWURGXwW HO GtRGH 3,1 L FRQHJXW HO VHX IXQFLRQDPHQW FRP D<br />

FRPPXWDGRU SHU D VHQ\DOV 5) VL HVWj SRODULW]DW HQ GLUHFWD DTXHVW HV FRPSRUWD FRP XQ<br />

FXUWFLUFXLW 5) L VL HVWj LQYHUVDPHQW SRODULW]DW FRP D XQ FLUFXLW REHUW 5)<br />

• 6KD GLVVHQ\DW HO PRGHO SHWLW VHQ\DO GHO GtRGH 3,1 %$3 GH 3KLOLSV HQ $'6 L FUHDW<br />

FRP D FRPSRQHQW SHU D VHU XWLOLW]DW HQ HO GLVVHQ\ GHO GHVIDVDGRU YDULDEOH<br />

• 3HU D FRPSURYDU HO VHX FRUUHFWH IXQFLRQDPHQW VKDQ UHDOLW]DW VLPXODFLRQV GH GLIHUHQWV<br />

GLVVHQ\V $'6 TXH OLQWHJUHQ DL[t FRP GH OD [DU[D GH SRODULW]DFLy FRPSURYDQW HOV<br />

HIHFWHV TXH H[HUFHL[HQ VREUH XQ VHQ\DO LQFLGHQW HQ WRWV GRV HVWDWV GH WUHEDOO F F L F R<br />

%,%/,2*5$),$<br />

> @ 6 . .RXO % %KDW ³0LFURZDYH DQG 0LOOLPHWHU :DYH 3KDVH 6KLIWHUV 9ROXPH ,,<br />

VHPLFRQGXFWRU DQG GHOD\ OLQH SKDVH VKLIWHUV´ ,6%1 $UWHFK +RXVH<br />

> @ ³$SSOLFDWLRQV RI 3,1 'LRGHV´ $SSOLFDWLRQ 1RWH 1ž $JLOHQW 7HFKQRORJLHV<br />

> @ ³%$3 *HQHUDO 3XUSRVH 3,1 GLRGH´ 'DWDVKHHW 3KLOLSV 6HPLFRQGXFWRUV<br />

> @ ³/LQHDU 0RGHOV IRU 'LRGH 6XUIDFH 0RXQW 3DFNDJHV´ $SSOLFDWLRQ 1RWH 1ž $JLOHQW<br />

7HFKQRORJLHV<br />

> @ ³ *+] 7 5 5) VZLWFK IRU H J EOXHWRRWK DSSOLFDWLRQ XVLQJ 3,1 GLRGHV´ $SSOLFDWLRQ 1RWH<br />

1ž$1 3KLOLSV 6HPLFRQGXFWRUV


&$3Ë72/ '(6)$6$'25 9$5,$%/(<br />

$QDOLW]DW HO GHVIDVDGRU YDULDEOH SHU UHIOH[Ly GH OtQLD HQ HO FDStWRO YHXUHP HQ DTXHVW FLQTXq<br />

FDStWRO WRW HO UHODWLX DO VHX GLVVHQ\ (Q XQD SULPHUD SDUW VKDQ LPSOHPHQWDQW HOV WUHV HVWDWV GHO<br />

GHVIDVDGRU SHU VHSDUDW XWLOLW]DQW FXUWFLUFXLWV LGHDOV (Q XQD VHJRQD VKD HVWXGLDW OD [DU[D TXH<br />

SHUPHWUj OD LQFRUSRUDFLy GHO GtRGH 3,1 DO FLUFXLW OD [DU[D FRPPXWDGRUD , ILQDOPHQW VKD<br />

UHDOLW]DW HO GLVVHQ\ GHO GHVIDVDGRU YDULDEOH FRPSOHW<br />

$1¬/,6, 7(Ñ5,&<br />

(Q HOV DSDUWDWV VKD UHDOLW]DW OHVWXGL DQDOtWLF GHO GHVIDVDGRU ILJXUD<br />

)LJXUD 'HVIDVDGRU HQ UHIOH[Ly<br />

+DYtHP YLVW FRP SHU XQ VHQ\DO LQFLGHQW HQ HO SRUW DTXHVW HV WUDQVPHW SHU FRPSOHW DO SRUW GH<br />

VRUWLGD DPE XQ GHVIDVDPHQW GHSHQHQW GH OD ORQJLWXG GH OHV OtQLHV GH WUDQVPLVVLy OtQLHV<br />

TXH HPXODYHQ HO GHVIDVDGRU TXH DUD GLVVHQ\DUHP<br />

E = − MD ⋅ H<br />

− Mβ O<br />

(Q ODSDUWDW KDYtHP FDOFXODW HOV GHVIDVDPHQWV QHFHVVDULV SHU DFRQVHJXLU HOV WUHV HVWDWV<br />

GHO 93' WUREDQW SHU TXLQHV ORQJLWXGV GH OtQLHV HOV DFRQVHJXtHP ILJXUD


$PE DTXHVWD LQIRUPDFLy L HO PRGHO GHO GtRGH 3,1 UHDOLW]DW DO FDStWRO SRGHP FRPHQoDU D<br />

GLVVHQ\DU HO GHVIDVDGRU YDULDEOH FDSDo GH GHVIDVDU XQ VHQ\DO GHQWUDGD ž ž R ž (OV<br />

SULPHUV GLVVHQ\V UHDOLW]DWV VyQ HOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW<br />

9 9 'HVIDVDGRU<br />

/RQJLWXG OtQLHV<br />

&jOFXO DQDOtWLF<br />

/RQJLWXG OtQLHV<br />

/LQH&DOF<br />

ž FP FP<br />

ž FP FP<br />

ž FP FP<br />

)LJXUD 'HVIDVDPHQWV L ORQJLWXGV GH OHV OtQLHV QHFHVVDULV SHU DFRQVHJXLU FDGD HVWDW GHO GHVIDVDGRU<br />

',66(1< $'6 $0% &857&,5&8,76 ,'($/6<br />

(O SULPHU GLVVHQ\ pV OKtEULG DPE HOV SRUWV GLUHFWH L DFREODW DFDEDWV DPE FXUWFLUFXLWV LGHDOV (Q<br />

OD VHYD VLPXODFLy YHXUHP OHV SURSLHWDWV TXH RIHUHL[ HO FLUFXLW 6HJXLGDPHQW HV VXEVWLWXHL[HQ HOV<br />

FXUWFLUFXLWV SHU OHV OtQLHV GH WUDQVPLVVLy DFDEDGHV HQ FXUWFLUFXLW SHU D VLPXODU HOV WUHV FDVRV GHO<br />

GHVIDVDGRU<br />

+tEULG DFDEDW HQ FXUWFLUFXLWV LGHDOV<br />

'H OKtEULG $'6 HQ FXUWFLUFXLWHP GRV GHOV VHXV SRUWV L DIHJLP GRV WUDPV GH OtQLD GH PtQLPD<br />

ORQJLWXG DOV DFFHVVRV OOLXUHV VyQ HOV SRUWV GHQWUDGD $TXHVWV SURYRTXHQ XQ GHVIDVDPHQW TXH<br />

VKD GH WHQLU HQ FRPSWH DO GLVVHQ\DU (Q DTXHVW FDV DO VHU GXQD ORQJLWXG GH PP<br />

GHVIDVHQ HO VHQ\DO ž FDGDVFXQ SURYRFDQW XQ GHVIDVDPHQW WRWDO DO VHQ\DO G ž 8Q FRS<br />

GLVVHQ\DW 'LVVHQ\ VLPXOHP HO FLUFXLW<br />

'LVVHQ\ +tEULG %UDQFK /LQH DPE & & LGHDOV<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

¢¢<br />

<br />

<br />

<br />

<br />

<br />

© ©¢¨¨<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

0/,1<br />

07((<br />

0/6&<br />

0/,1 SRUWV<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

<br />

¢ <br />

<br />

¢ <br />

<br />

©<br />

<br />

<br />

<br />

¢ © ©<br />

¨ © <br />

¢ ¢ © ©<br />

<br />

¨<br />

¢ <br />

<br />

¢ <br />

¢<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¢ ¨ ©<br />

<br />

<br />

<br />

<br />

<br />

© ¨<br />

<br />

<br />

¨ ©<br />

<br />

¢<br />

<br />

¢ ¨ ©<br />

<br />

<br />

¢ © © <br />

<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¢ © ©<br />

<br />

<br />

<br />

<br />

<br />

¢ ¨ ©<br />

<br />

<br />

<br />

<br />

<br />

© ¨<br />

<br />

<br />

¨ ©<br />

¢ <br />

<br />

<br />

¢ ¨ ©<br />

<br />

<br />

<br />

<br />

9HLHP HQ HOV UHVXOWDWV GH OD VLPXODFLy ILJXUD FRP HQWUDQW VHQ\DO SHO SRUW DTXHVW HVWj<br />

SHUIHFWDPHQW DGDSWDW 6 L FRP OD WUDQVPLVVLy DO SRUW 6 pV ERQD 3HU FRQWUD HO<br />

GHVIDVDPHQW TXH DQDOtWLFDPHQW KD GH VHU GH ž Wp XQ HUURU GH ž $TXHVW UHVXOWDW GHL[D<br />

YHXUH TXH SHU DFRQVHJXLU HOV S ž GH GHVIDVDPHQW VKDXUj GH SXMDU OD UHVSRVWD HQ IUHT qQFLD<br />

FRP WDPEp HV GHVSUqQ GH ODGDSWDFLy 6 L SHU WDQW VKDXUDQ GH GLVPLQXLU XQD PLFD OHV<br />

GLPHQVLRQV GH OKtEULG WHQLQW FXUD GH PDQWHQLU OHV SURSLHWDWV GDTXHVW


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

)LJXUD 5HVXOWDWV VLPXODFLy 'LVVHQ\<br />

*+]<br />

P<br />

IUHT *+]<br />

+tEULG FDUUHJDW DPE OtQLHV DFDEDGHV HQ FXUWFLUFXLWV LGHDOV<br />

$ FRQWLQXDFLy KL KD HO GLVVHQ\ GHOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW XWLOLW]DQW HQ FDGD FDV<br />

OD ORQJLWXG DGHTXDGD SHU D OHV OtQLHV GH WUDQVPLVVLy DFDEDGHV HQ FXUWFLUFXLW L OzJLFDPHQW<br />

PDQWHQLQW HQ HOV WUHV FDVRV OHV PDWHL[HV GLPHQVLRQV GH OKtEULG<br />

(O SURFpV VHJXLW KD HVWDW<br />

'LVVHQ\ GHO FLUFXLW XWLOLW]DQW OKtEULG $'6 L GRV WUDPV GH OtQLD DFDED HQ FXUWFLUFXLW<br />

6LPXODFLy GHO FLUFXLW SHU D ORQJLWXG GH OD OtQHD /' FP<br />

7XQQLQJ GH /7 /6 SHU DFRQVHJXLU HOV ž GH GHVIDVDPHQW PDQWHQLQW OHV SURSLHWDWV GH<br />

OKtEULG<br />

)LQDOPHQW VLPXODFLy GHOV DOWUHV GRV FDVRV SHU D WUREDU OHV ORQJLWXGV DGHTXDGHV /'<br />

'LVVHQ\ 'HVIDVDGRU<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

¢¢<br />

<br />

<br />

<br />

<br />

<br />

© ©¢¨¨<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+Ë%5,' $'6<br />

0/6&<br />

0/,1 SRUWV<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

/' 9DULDEOH<br />

<br />

¨ ¢ <br />

(VTXHPjWLF<br />

<br />

<br />

¨ <br />

<br />

<br />

<br />

¨ <br />

<br />

¢ <br />

<br />

¢ ©<br />

¢ <br />

<br />

¢ ©<br />

¢<br />

¨ <br />

<br />

¨<br />

¢ © <br />

<br />

<br />

<br />

¢ ¨ <br />

<br />

¢ ©<br />

<br />

¢ © <br />

<br />

<br />

<br />

¢ ©<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

<br />

¨<br />

¢ © <br />

(OV UHVXOWDWV GH OHV VLPXODFLRQV SHU D OHV WUHV ORQJLWXGV /' VyQ<br />

<br />

<br />

<br />

¢ ©<br />

<br />

¨<br />

¢ © <br />

<br />

<br />

<br />

¢<br />

<br />

¢ ©<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¢ ¢ ©<br />

<br />

<br />

¨<br />

¢ ¢ ©


G% 6<br />

G% 6<br />

• 3HU DFRQVHJXLU XQ GHVIDVDPHQW GH ž HV ID QHFHVVjULD XQD /' PP L PRGLILFDU OHV<br />

GLPHQVLRQV GH OKtEULG TXHGDQW DTXHVWHV /7 FP L /6 FP<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD $GDSWDFLy GHO SRUW GHQWUDGD WUDQVPLVVLy L GHVIDVDPHQW LQWURGXwW<br />

• 3HU DFRQVHJXLU HO GHVIDVDPHQW GH ž DPE OHV GLPHQVLRQV GH OKtEULG LPSRVDGHV SHO<br />

FDV DQWHULRU HV ID QHFHVVjULD XQD /' FP<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD $GDSWDFLy GHO SRUW GHQWUDGD WUDQVPLVVLy L GHVIDVDPHQW LQWURGXwW<br />

• 3HU DFRQVHJXLU HO GHVIDVDPHQW GH ž DPE OHV PHVXUHV GH OKtEULG LPSRVDGHV SHO<br />

SULPHU FDV HV ID QHFHVVjULD XQD /' FP<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD $GDSWDFLy GHO SRUW GHQWUDGD WUDQVPLVVLy L GHVIDVDPHQW LQWURGXwW


(O FRPSRUWDPHQW GHO VHQ\DO HQ HOV WUHV FDVRV pV HO FRUUHFWH (Q OD ILJXUD HV FRPSDUHQ OHV<br />

ORQJLWXGV GH OtQLD QHFHVVjULHV SHU D FRPSOLU HOV WUHV GHVIDVDPHQWV H[WUHWHV GDTXHVW GLVVHQ\<br />

DPE OHV FDOFXODGHV DQDOtWLFDPHQW DSDUWDW L XWLOLW]DQW HO /LQHFDOF DSDUWDW 3HU<br />

/' PP WHQLP XQ GHVIDVDPHQW GH ž $TXt KHP RSWDW SHU DTXHVWD VROXFLy GH FRPSURPtV VL<br />

YROHP PDQWHQLU ERQHV DGDSWDFLRQV L EDL[HV SqUGXHV HQ HOV DOWUHV FDVRV (Q HO VHJ HQW SXQW<br />

pV UHDOLW]D HO GLVVHQ\ HQ 0RPHQWXP RQ VLQWHQWDUj PLOORUDU DTXHVW GHVIDVDPHQW<br />

'HVIDVDPHQW<br />

/RQJLWXG OtQLHV<br />

&jOFXO DQDOtWLF<br />

/RQJLWXG OtQLHV<br />

/LQH&DOF<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\<br />

ž FP FP FP<br />

ž FP FP FP<br />

ž FP FP FP<br />

',66(1< 020(1780 $0% &857&,5&8,76 ,'($/6<br />

(Q DTXHVW DSDUWDW JHQHUHP HO OD\RXW SHU FDGDVFXQ GHOV WUHV HVWDWV GHO GHVIDVDGRU 'LVVHQ\<br />

L (Q HOV GLVVHQ\V HV PRVWUHQ OHV GLPHQVLRQV L UHVXOWDWV GHOV FLUFXLWV RSWLPLW]DWV DPE OD<br />

PLOORU UHVSRVWD TXH VKD REWLQJXW HQ OHV VLPXODFLRQV 0RPHQWXP 5) /RSWLPLW]DFLy pV VLPLODU D<br />

OD UHDOLW]DGD HQ GLVVHQ\V DQWHULRUV YDULDU OHV ORQJLWXGV SHU D PRXUH OD UHVSRVWD HQ IUHT qQFLD<br />

7RWHV OHV VLPXODFLRQV UHDOLW]DGHV VyQ PRGH 0RPHQWXP 5)<br />

'LVVHQ\ 93'B/7B ž<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

¢¢<br />

<br />

<br />

<br />

<br />

<br />

© ©¢¨¨<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG $'6<br />

0/,1 SRUWV<br />

0/6&<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

/' PP<br />

6LPXODFLy<br />

020(1780 5)<br />

)LJXUD (YROXFLy GH OHV ORQJLWXGV GH OHV OtQLHV DFDEDGHV HQ FXUWFLUFXLWV GHO GHVIDVDGRU SHU<br />

D FDGD GHVIDVDPHQW<br />

5DQJ 0+] ± *+]<br />

0HVK *+]<br />

<br />

© <br />

© <br />

<br />

<br />

© © <br />

(VTXHPjWLF<br />

©<br />

¢ ¢ <br />

<br />

<br />

© <br />

¢ ¢<br />

<br />

¢ ¢ <br />

<br />

<br />

¢ ¢<br />

<br />

¢<br />

¢ <br />

<br />

<br />

/D\RXW<br />

'LVVHQ\<br />

¢<br />

© <br />

<br />

¢<br />

© <br />

<br />

<br />

<br />

¢ ¢<br />

<br />

<br />

¢<br />

¢ <br />

<br />

<br />

¢ ¢ <br />

<br />

©<br />

¢ ¢ <br />

<br />

©<br />

¢ ¢ <br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD FRP HO VHQ\DO HQWUDQW SHO SRUW HV WUDQVPHW SHU FRPSOHW DO SRUW GHVIDVDW ž<br />

DPE SqUGXHV GLQVHUFLy GXQV G% L DGDSWDFLy PLOORU GH G%


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

P<br />

'LVVHQ\ 93'B/7B ž<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

¢¢<br />

<br />

<br />

<br />

<br />

<br />

© ©¢¨¨<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG ž<br />

0/,1 SRUWV<br />

0/6&<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

/' FP<br />

6LPXODFLy<br />

020(1780 5)<br />

5DQJ 0+] ± *+]<br />

0HVK *+]<br />

IUHT *+]<br />

P<br />

*+] IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

)LJXUD 5HVXOWDWV VLPXODFLy 'LVVHQ\<br />

¤<br />

¤<br />

<br />

¦ <br />

<br />

¥<br />

¤ ¤ <br />

¦ ¥<br />

(VTXHPjWLF<br />

<br />

<br />

¨<br />

<br />

©© ¨ ¢ ¢ <br />

¡ <br />

<br />

<br />

¢ ¢ ¨ <br />

©© ¨<br />

<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

¨¢ ©<br />

<br />

¢ ¨<br />

<br />

¨¢ © <br />

<br />

<br />

<br />

<br />

/D\RXW<br />

'LVVHQ\<br />

*+]<br />

<br />

¡<br />

¨<br />

<br />

©© ©<br />

<br />

<br />

£ ¨<br />

<br />

©© © <br />

<br />

P<br />

IUHT *+]<br />

¢ <br />

£<br />

¢<br />

<br />

¨¢ ©<br />

<br />

<br />

¨<br />

<br />

¨¢ © <br />

<br />

¢ <br />

¢<br />

¢<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¢ ©¢ ©<br />

<br />

<br />

<br />

<br />

¢ ©¢ © <br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD FRP HO VHQ\DO HQWUDQW SHO SRUW HV WUDQVPHW SHU FRPSOHW DO SRUW GHVIDVDW ž<br />

DPE SqUGXHV GLQVHUFLy GH G% L GXQV G%


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

'LVVHQ\ 93'B/7B ž<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

¨ © §<br />

§©<br />

§ <br />

§ <br />

§ <br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG ž<br />

0/,1 SRUWV<br />

0/6&<br />

9DULDEOHV<br />

/6 FP<br />

/7 FP<br />

/' FP<br />

6LPXODFLy<br />

020(1780 5)<br />

5DQJ 0+] ± *+]<br />

0HVK *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

)LJXUD 5HVXOWDWV VLPXODFLy 'LVVHQ\<br />

¤<br />

¤<br />

<br />

¦ <br />

<br />

¥<br />

¤<br />

¤<br />

<br />

¦ <br />

<br />

¥<br />

(VTXHPjWLF<br />

<br />

<br />

¨<br />

<br />

©© ¨ ¢ ¢ <br />

¡ <br />

<br />

<br />

<br />

¢ ¢ ¨ <br />

©© ¨<br />

<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

¨¢ ©<br />

<br />

<br />

¢<br />

¨<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

<br />

/D\RXW<br />

'LVVHQ\<br />

<br />

¡<br />

¨<br />

<br />

©© ©<br />

<br />

<br />

<br />

£<br />

¨<br />

<br />

©© ©<br />

<br />

<br />

*+]<br />

P<br />

IUHT *+]<br />

¢ <br />

£<br />

¢<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¨¢ ©<br />

<br />

<br />

¢ <br />

¢<br />

¢<br />

<br />

¨¢ ©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¢ ©¢ ©<br />

<br />

<br />

<br />

<br />

<br />

<br />

¢ ©¢ ©<br />

<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD FRP HO VHQ\DO HQWUDQW SHO SRUW HV WUDQVPHW SHU FRPSOHW DO SRUW GHVIDVDW ž<br />

DPE SqUGXHV GLQVHUFLy GH G% L DGDSWDFLy PLOORU GH G%


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

)LJXUD 5HVXOWDWV VLPXODFLy 'LVVHQ\<br />

*+]<br />

P<br />

IUHT *+]<br />

8Q FRS UHDOLW]DW HO GLVVHQ\ OD\RXW GHOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW DPE FXUWFLUFXLWV<br />

LGHDOV 'LVVHQ\ L GLVSRVHP GH OD ORQJLWXG zSWLPD GH OHV OtQLHV GH WUDQVPLVVLy SHU<br />

FDGD FDV L GH OHV PHVXUHV GH OKtEULG %UDQFK /LQH /6 FP L /7 FP RQ<br />

VLPSOHPHQWHQ $TXHVWHV PHVXUHV TXH SRGHP FRPSDUDU DPE OHV WUREDGHV DQWHULRUPHQW<br />

'LVVHQ\ HQ OD ILJXUD VHUYLUDQ GH JXLD SHU D GLVVHQ\DU HO GHVIDVDGRU DPE GtRGHV 3,1<br />

'HVIDVDPHQW<br />

/RQJLWXG OtQLHV<br />

/LQH&DOF<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\ $'6<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\ L<br />

020(1780<br />

ž FP FP FP<br />

ž FP FP FP<br />

ž FP FP FP<br />

)LJXUD (YROXFLy GH OHV ORQJLWXGV GH OHV OtQLHV DFDEDGHV HQ FXUWFLUFXLWV GHO<br />

GHVIDVDGRU SHU D FDGD GHVIDVDPHQW<br />

&2 6,08/$&,Ï $'6 020(1780<br />

8QD GH OHV PROWHV RSFLRQV TXH LQFRUSRUD $'6 D OKRUD GH VLPXODU FLUFXLWV GH PLFURRQHV pV OD<br />

FR VLPXODFLy $'6 0RPHQWXP 3HUPHW LQWHJUDU FRPSRQHQWV DFWLXV L SDVVLXV GH OOLEUHULHV G$'6<br />

DPE OD\RXWV L VLPXODU ORV DOKRUD (V UHDOLW]D XQD VLPXODFLy $'6 SHU DOV FRPSRQHQWV FRQFHQWUDWV<br />

L XQD VLPXODFLy 0RPHQWXP SHU DO OD\RXW GHO FLUFXLW )HQW QH XV VDFRQVHJXHL[ XQD PDMRU<br />

SUHFLVLy HQ OD VLPXODFLy DL[t FRP IOH[LELOLWDW L GLQDPLVPH DOKRUD GH IHU GLIHUHQWV VLPXODFLRQV<br />

PRGLILFDQW FRPSRQHQWV $'6 GHO GLVVHQ\<br />

$ FRQWLQXDFLy VH[SOLFD HO IXQFLRQDPHQW GH OD FR VLPXODFLy DPE XQ H[HPSOH GXHV OtQLHV GH<br />

WUDQVPLVVLy DPE XQ FRQGHQVDGRU HQ VqULH HQWUH HOOHV<br />

7HQLP XQ FLUFXLW IRUPDW SHU GXHV OtQLHV GH WUDQVPLVVLy L XQ FRQGHQVDGRU GH OHV OOLEUHULHV ILJXUD<br />

GLVVHQ\DW HQ $'6 )HP XQD VLPXODFLy GH SDUjPHWUHV 6 L REVHUYHP HO FRPSRUWDPHQW GH OD<br />

WUDQVPLVVLy GHO VHQ\DO ILJXUD<br />

7HUP<br />

7HUP<br />

1XP<br />

= 2KP<br />

0/,1<br />

7/<br />

6XEVW 52 &<br />

: PP<br />

/ FP<br />

VFBDWFB B&'5 %*B%B<br />

0/,1<br />

&<br />

7/<br />

3$57B180 $7& $ 5 %&$ S) 6XEVW 52 & 7HUP<br />

: PP<br />

7HUP<br />

/ FP<br />

1XP<br />

= 2KP<br />

)LJXUD (VTXHPjWLF $'6 TXH VHUYHL[ GH[HPSOH SHU LQWURGXLU OD FR VLPXODFLy


G% 6<br />

P<br />

P<br />

IUHT<br />

G% 6<br />

IUHT *+]<br />

*+]<br />

SKDVH 6<br />

P<br />

P<br />

IUHT<br />

SKDVH 6<br />

IUHT *+]<br />

)LJXUD 0zGXO L IDVH GH OD WUDQVPLVVLy 6 GHO FLUFXLW GH OD ILJXUD<br />

3HU D UHDOLW]DU XQD FR VLPXODFLy $'6 0RPHQWXP HO SULPHU D IHU pV JHQHUDU HO OD\RXW GHO<br />

GLVVHQ\ $'6 ILJXUD YHLHP HOV GRV SLQV GHQWUDGD L HO IRRWSULQW GHO FRPSRQHQW<br />

FRQGHQVDGRU HQWUHPLJ GH OHV OtQLHV<br />

)LJXUD /D\RXW GHO FLUFXLW GH OD ILJXUD<br />

/D FR VLPXODFLy FRQVLVWHL[ HQ VLPXODU HOV HOHPHQWV FRQFHQWUDWV HQ DTXHVW FDV HO FRQGHQVDGRU<br />

DPE $'6 L OHV OtQLHV GH WUDQVPLVVLy HQ 0RPHQWXP SHO TXH VXSULPLP HO IRRWSULQW GHO<br />

FRQGHQVDGRU ILJXUD GHL[DQW OOLXUHV HOV SLQV RQ HVWDYD FRQQHFWDW<br />

)LJXUD 6XSUHVVLy GHO IRRWSULQW GHO FRQGHQVDGRU GH OD ILJXUD 3LQV GH FRQQH[Ly<br />

DO GHVFREHUW<br />

$IHJLP HOV SRUWV DO OD\RXW SRUWV TXH VyQ OHV HQWUDGHV L GRV SRUWV RQ DQLUj FRQQHFWDW HO<br />

FRQGHQVDGRU ILJXUD &RP HQ WRWV HOV GLVVHQ\V 0RPHQWXP VKD GHVSHFLILFDU HO VXEVWUDW<br />

GHO GLVVHQ\ L HGLWDU HOV SRUWV (OV SRUWV GHQWUDGD VHUDQ 6LQJOH L HOV SRUWV RQ FRQQHFWDUHP HO<br />

FRQGHQVDGRU ,QWHUQDO 6KDQ VHSDUDW XQD PLFD OHV OtQLHV HQWUH HOOHV SHU WHQLU PpV HVSDL L YHXUH<br />

KR PLOORU<br />

)LJXUD &RQQH[Ly GHOV SRUWV GHQWUDGD DO OD\RXW<br />

eV HO PRPHQW GH FUHDU HO FRPSRQHQW SHU D OD FR VLPXODFLy $QHP DO PHQ~ 0RPHQWXP GH<br />

OHGLWRU GH OD\RXWV L VHOHFFLRQHP FUHDWH XSGDWH FRPSRQHQW VREUH XQD ILQHVWUD DPE RSFLRQV HQ<br />

OD TXH HVSHFLILTXHP HO UDQJ GH IUHT qQFLHV GH VLPXODFLy GHO FLUFXLW HO PHVK L HO WLSXV GH<br />

VLPXODFLy 0RPHQWXP 5) L OL GLHP TXH LQFORJXL XQ SLQ GH UHIHUqQFLD GHO FLUFXLW *HQHUHP DL[t HO<br />

FRPSRQHQW ILJXUD TXH D SDUWLU GDTXHVW PRPHQW SRGHP WUREDU D OD OOLEUHULD $'6 GH<br />

FRPSRQHQWV GHO QRVWUH GLVVHQ\<br />

<br />

<br />

<br />

<br />

)LJXUD &RPSRQHQW GHO FLUFXLW TXH SRGHP WUREDU HQ OD QRVWUD OOLEUHULD G$'6<br />

-D WHQLP HO FRPSRQHQW DPE OtQLHV GH WUDQVPLVVLy FUHDW 2EULP HO FRPSRQHQW HQ XQD QRYD<br />

ILQHVWUD $'6 L VHJXLGDPHQW DIHJLP HO FRQGHQVDGRU L HO FRQQHFWHP DOV SLQV FRUUHVSRQHQWV<br />

DIHJLP WDPEp HOV WHUPLQDOV L FRQQHFWHP D PDVVD HO SLQ GH UHIHUqQFLD ILJXUD /ODYRUV<br />

UHDOLW]HP XQD VLPXODFLy GH SDUjPHWUHV 6<br />

<br />

<br />

*+]


)LJXUD &LUFXLW LJXDO DO GH ILJXUD XWLOLW]DQW HO FRPSRQHQW FUHDW SUHSDUDW SHU D FR VLPXODU<br />

$O VLPXODU VREUH PRPHQWXP L HV UHDOLW]D OD FR VLPXODFLy PRPHQWXP 5) GHO FRPSRQHQW FUHDW<br />

OtQLHV GH WUDQVPLVVLy PHQWUH $'6 VLPXOD HO FRPSRUWDPHQW GHO FRQGHQVDGRU L FRQMXJD OHV GXHV<br />

VLPXODFLRQV SHU D REWHQLU HOV UHVXOWDWV ILJXUD $L[t DFRQVHJXLP XQV UHVXOWDWV PpV DFXUDWV<br />

TXH XWLOLW]DQW TXDOVHYRO DOWUD DOWHUQDWLYD GLVSRQLEOH<br />

G% 6<br />

P<br />

P<br />

IUHT<br />

G% 6<br />

IUHT *+]<br />

*+]<br />

<br />

IUHT *+]<br />

)LJXUD 5HVXOWDWV GH OD FR VLPXODFLy 0zGXO L IDVH GH OD WUDQVPLVVLy 6<br />

SKDVH 6<br />

P<br />

P<br />

IUHT<br />

SKDVH 6<br />

8Q GHOV DYDQWDWJHV GH SURFHGLU GDTXHVWD PDQHUD pV TXH VL YROJXpVVLP IHU DOWUHV VLPXODFLRQV<br />

DIHJLQW TXDOVHYRO DOWUH FRPSRQHQW HQWUHPLJ GH OHV OtQLHV DO VLPXODU QRPpV UHDOLW]DULD OD<br />

VLPXODFLy $'6 MD TXH OD LQIRUPDFLy GH OD VLPXODFLy PRPHQWXP OHPPDJDW]HPD HQ XQ IXOO GH<br />

GDGHV L DO IHU XQD QRYD VLPXODFLy KL DFFHGHL[ HVWDOYLDQW WRUQDU D VLPXODU HO FLUFXLW 3HU XQ FLUFXLW<br />

HQ TXH OD VLPXODFLy PRPHQWXP WULJD KRUHV DTXHVW pV XQ DYHQo LPSRUWDQW (Q HO SUHVHQW<br />

SURMHFWH OD FR VLPXODFLy KD SHUPqV VLPXODU DOKRUD OHV OtQLHV GH WUDQVPLVVLy DPE HO GtRGH 3,1 L<br />

HOV FRPSRQHQWV GH SRODULW]DFLy GDTXHVW<br />

',66(1< '(/ '(6)$6$'25 352*5$0$%/(<br />

'LVVHQ\DWV HOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW DPE FjUUHJXHV UHIOHFWLYHV LGHDOV L<br />

FRQHL[HQW FRP HV UHDOLW]D XQD FR VLPXODFLy G$'6 HQ DTXHVW DSDUWDW GLVVHQ\DUHP HO<br />

GHVIDVDGRU YDULDEOH LQWHJUDQW HO PRGHO GHO GtRGH 3,1 FUHDW HQ HO FDStWRO<br />

(Q OD SULPHUD SDUW HQV FHQWUHP HQ GLVVHQ\DU OD [DU[D TXH KD GH IXQFLRQDU FRP D FRPPXWDGRU<br />

SHU D VHQ\DOV 5) GtRGH 3,1 L [DU[D GH SRODULW]DFLy<br />

(Q HO VHJRQ SXQW LQFRUSRUHP HOV FRPPXWDGRUV DO GHVIDVDGRU SHU GLVVHQ\DU HO GHVIDVDGRU<br />

SURJUDPDEOH ILQDO<br />

'tRGH L [DU[D GH SRODULW]DFLy $'6<br />

3DUWLP GHO 'LVVHQ\ ILJXUD HQ TXH KHP YLVW FRP OD SRODULW]DFLy R QR GHO GtRGH 3,1<br />

FUHDYD XQ FXUWFLUFXLW R XQ FLUFXLW REHUW GDYDQW OD OtQLD GH WUDQVPLVVLy L SHU WDQW IXQFLRQDYD GH<br />

FRPPXWDGRU SHU DO VHQ\DO HQWUDQW GHO SRUW &RPPXWDGRU SURJUDPDEOH D SDUWLU GH OD<br />

SRODULW]DFLy GHO GtRGH 3,1 VL 9 9 HO VHQ\DO HV WUDQVPHW VL 9 9 HO VHQ\DO HV UHIOH[D<br />

<br />

<br />

<br />

<br />

*+]


)LJXUD 'tRGH IXQFLRQDQW FRP D FRPPXWDGRU FRQWURODW SHU 9GF<br />

/D SULPHUD QHFHVVLWDW UDX HQ GLVVHQ\DU OD [DU[D GH SRODULW]DFLy GHO GtRGH TXH SHUPHWL ODUULEDGD<br />

GHO FRUUHQW GH SRODULW]DFLy VHQVH PRGLILFDU HO FRPSRUWDPHQW GHO GtRGH L GH OD UHVWD GHO FLUFXLW RQ<br />

VLQWHJUDUj<br />

(O GLVVHQ\ SURSRVDW pV HO VHJ HQW<br />

8QD OtQLD GH ORQJLWXG GDOWD LPSHGjQFLD VHJXLGD GXQD DOWUD OtQLD WDPEp GH ORQJLWXG GH<br />

EDL[D LPSHGjQFLD L DFDEDGD HQ FLUFXLW REHUW ILJXUD $O VHU OtQLHV GH LQYHUVRUHV<br />

GLPSHGjQFLD HQ HO SXQW RQ HV WUREHQ OHV GXHV OtQLHV KL WUREHP XQ FXUWFLUFXLW YLUWXDO SHU D 5) L<br />

DO SULQFLSL GH OD OtQLD GDOWD LPSHGjQFLD HV WURED XQ FLUFXLW REHUW $L[z SHUPHW<br />

• 2Q HV WURED HO FXUWFLUFXLW SRVDU XQD OtQLD GH WUDQVPLVVLy SHU OD TXH HV IDUj DUULEDU HO<br />

FRUUHQW '& SHU D SRODULW]DU HO GtRGH 3,1 3RGHP FRQQHFWDU HO TXH YXOJXHP HQ DTXHVW<br />

SXQW MD TXH HVWj GHVDFREODW G5)<br />

• *UDFLHV D WHQLU XQ F R DO LQLFL SRGHP FROÂORFDU DTXHVW GLVVHQ\ MXQW D TXDOVHYRO DOWUH<br />

GLVVHQ\ VHQVH TXH PRGLILTXL OHV VHYHV SURSLHWDWV<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

)LJXUD ;DU[D EDVH SHU D OD SRODULW]DFLy GHO GtRGH 3,1<br />

/D VLPXODFLy GHO SDUjPHWUH 6 GH OD ILJXUD PRVWUD FRP D UHVXOWDW HO FLUFXLW REHUW<br />

UHSUHVHQWDW HQ OD &DUWD G6PLWK )LJXUD D OD IUHT qQFLD GH GLVVHQ\ *+]<br />

6<br />

IUHT *+] WR *+]<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH =<br />

(<br />

M<br />

)LJXUD 5HVSRVWD FLUFXLW REHUW GHO FLUFXLW GH OD ILJXUD D *+]<br />

6XSRVHP DUD TXH WHQLP GXHV OtQLHV GH WUDQVPLVVLy TXDOVVHYRO SHU RQ HV WUDQVPHW XQ VHQ\DO 5)<br />

YHXUH ILJXUD D 6L HQWUHPLJ GH OHV GXHV LQFRUSRUHP HO GLVVHQ\ DQWHULRU OD WUDQVPLVVLy GHO<br />

VHQ\DO QR HV YHXUj DIHFWDGD D OD IUHT qQFLD GH GLVVHQ\ (O IHW GLQFRUSRUDU TXDOVHYRO WUDP GH<br />

P


OtQLD R FRPSRQHQW HQ HO SXQW RQ HV WURED HO FXUWFLUFXLW YLUWXDO WDPSRF DIHFWDUj D OD FRUUHFWD<br />

WUDQVPLVVLy GH OD OtQLD $TXHVWD pV OD [DU[D EDVH XWLOLW]DGD SHU D SRODULW]DU HO GtRGH 3,1<br />

3HU D FRPSURYDU OD [DU[D GH SRODULW]DFLy VKDQ UHDOLW]DW GLVVHQ\V ILJXUHV WUDQVPLVVLy GH<br />

VHQ\DO SHU OtQLHV PLFURVWULS D HIHFWHV GLQWHJUDU OD [DU[D GH SRODULW]DFLy HQPLJ GH OHV OtQLHV GH<br />

WUDQVPLVVLy E HIHFWHV GLQWHJUDU DOWUHV FRPSRQHQWV HQPLJ GH OD [DU[D GH SRODULW]DFLy RQ HV<br />

WURED HO FXUWFLUFXLW YLUWXDO F L G (OV UHVXOWDWV GH OD VLPXODFLy GHOV TXDWUH FLUFXLWV ILJXUD<br />

PRVWUHQ XQD FRUUHFWD WUDQVPLVVLy GH VHQ\DO D OD IUHT qQFLD GH WUHEDOO L SHU WDQW OD QR LQIOXqQFLD<br />

GH OD [DU[D LQVHULGD HQ HO FRPSRUWDPHQW GH OHV OtQLHV GH WUDQVPLVVLy SDVVDQWV<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

)LJXUD D /tQLD GH WUDQVPLVVLy )LJXUD E /tQLD GH WUDQVPLVVLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ £ <br />

<br />

¤ <br />

¥ ¦ § ¨ © ¤ ¨<br />

<br />

¢ £ £ <br />

<br />

<br />

<br />

<br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ £ <br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ £ ¤ <br />

<br />

¤ <br />

¥ ¦ § ¨ © ¤ ¨<br />

¤ <br />

¢ ¤ <br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

DPE [DU[D GH SRODULW]DFLy SDUW<br />

<br />

£ <br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ £ <br />

<br />

¤ <br />

¥ ¦ § ¨ © ¤ ¨<br />

<br />

¢ £ £ <br />

<br />

<br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ £ <br />

<br />

¤ <br />

¥ ¦ § ¨ © ¤ ¨<br />

¡ <br />

¢ £ <br />

<br />

<br />

¥ ¦ § ¨ © ¤ ¨<br />

¤ <br />

¢ ¤ <br />

)LJXUD D /tQLD GH WUDQVPLVVLy )LJXUD E /tQLD GH WUDQVPLVVLy<br />

DPE [DU[D GH SRODULW]DFLy SDUW DPE [DU[D GH SRODULW]DFLy SDUW<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

IUHT *+]<br />

)LJXUD 7UDQVPLVVLy GHOV FLUFXLWV GH OHV ILJXUHV D E F L G<br />

<br />

<br />

<br />

<br />

<br />

<br />

¥ ¦ § ¨ © ¤ ¨<br />

8WLOLW]DQW DTXHVWD HVWUXFWXUD SRODULW]DUHP HO GtRGH 3,1 WDO FRP HV PRVWUD HQ HO 'LVVHQ\ HQ OD<br />

]RQD GH FXUWFLUFXLW YLUWXDO D 5) LQVHULUHP OD SRODULW]DFLy<br />

£ <br />

¢


'LVVHQ\ ;DU[DB3,1BY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

'tRGH 3,1<br />

0/,1<br />

0/2&<br />

5 & L 9B'&<br />

9DULDEOHV<br />

9,QW 9<br />

<br />

<br />

<br />

<br />

(VTXHPjWLF<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

$ OD ILJXUD KL KD OD VLPXODFLy SHU 9 9 HQ DTXHVW FDV HO GtRGH HVWj HQ LQYHUVD SHU WDQW QR<br />

FRQGXHL[ L UHSUHVHQWD XQ FLUFXLW REHUW GHVIDVDPHQW GH ž TXH pV HO TXH HV SRW REVHUYDU DO<br />

3RUW 6 $ OD ILJXUD KL KD OD VLPXODFLy SHU 9 9 HQ DTXHVW FDV HO GtRGH HVWj HQ<br />

GLUHFWD SHU WDQW FRQGXHL[ L UHSUHVHQWD XQ FXUWFLUFXLW GHVIDVDPHQW GH ž TXH pV HO TXH HV<br />

SRW REVHUYDU DO 3RUW 6<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

)LJXUD 'tRGH IXQFLRQDQW FRP D FLUFXLW REHUW<br />

P<br />

<br />

<br />

<br />

P<br />

<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

)LJXUD 'tRGH IXQFLRQDQW FRP D FXUWFLUFXLW<br />

6REVHUYD HQ HOV UHVXOWDWV GH OHV ILJXUHV L TXH WHQHQ SqUGXHV L GHVSODoDPHQWV GH<br />

IDVH DTXHVWV ~OWLPV HV FRUUHJLUDQ DO GLVVHQ\DU HO OD\RXW VLPXODFLy GH 0RPHWXP L HQ OD<br />

SRVWHULRU LQWHJUDFLy DPE HO GHVIDVDGRU<br />

&UHDFLy GHO OD\RXW GH OD [DU[D GH SRODULW]DFLy<br />

3HU D JHQHUDU HO OD\RXW GH OD [DU[D SRODULW]DFLy HV SDUWHL[ GH ODQWHULRU GLVVHQ\ $'6 'LVVHQ\<br />

L VKL LQFRUSRUHQ<br />

7UDPV FXUWV GH OtQLD G PP 7/ 7/ L 7/ TXH VXWLOLW]HQ SHU D XQLU HOV FRPSRQHQWV<br />

8Q WUDP GH OtQLD DFDEDW HQ FXUWFLUFXLW 7/ SHU D FRQQHFWDU HO GtRGH 3,1 D PDVVD<br />

8QD OtQLD GDOWD LPSHGjQFLD Ω 7/ L 7/ SHU D IHU DUULEDU HO FRUUHQW GH SRODULW]DFLy<br />

D OD [DU[D GH SRODULW]DFLy<br />

8QLRQV 7 L FRO]HV SHU D FRQQHFWDU OHV OtQLHV


(Q 'LVVHQ\ HV SRW YHXUH HO FLUFXLW UHVXOWDQW<br />

'LVVHQ\ ;DU[DB3,1BY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

'tRGH 3,1<br />

0/,1<br />

0/2&<br />

0/6&<br />

07((<br />

062%1'<br />

5 & L 9B'&<br />

9DULDEOHV<br />

9,QW 9<br />

/3 PP<br />

/=+ PP<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(VTXHPjWLF<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

/D VHYD VLPXODFLy PRVWUD XQV UHVXOWDWV VLPLODUV DO REWLQJXWV HQ HO 'LVVHQ\ DPE SqUGXHV<br />

EDL[HV SHUz DPE HUURUV GH IDVH HQ HO FXUWFLUFXLW L HO FLUFXLW REHUW ILJXUD HQ YHUPHOO<br />

3HU D WHQLU HO FXUWFLUFXLW L HO FLUFXLW REHUW SHUIHFWHV VKD RSWDW SHU DIHJLU XQ WUDP GH OtQLD /3<br />

$PE OD VHYD LQFRUSRUDFLy VLQYHUWHL[ HO IXQFLRQDPHQW GH OD [DU[D MD TXH pV XQ WUDP SURSHU DOV<br />

ž GH ORQJLWXG HOqFWULFD WUDVOODGDQW HO FXUWFLUFXLW DPE HUURUV GH IDVH D XQ FLUFXLW REHUW VHQVH<br />

HUURUV L HO FLUFXLW REHUW DPE HUURUV GH IDVH D XQ FXUWFLUFXLW VHQVH HUURUV )HQW XQ WXQQLQJ GH /3 L<br />

/=+ DOKRUD WUREHP OHV ORQJLWXGV DGHTXDGHV GH OHV OtQLHV SHU OHV TXH HV FRPSOHL[HQ HOV GRV<br />

HVWDWV GHO FRPPXWDGRU SHUIHFWHV WDO FRP HV SRW YHXUH D OD ILJXUD HQ EODX DTXHVWHV VyQ<br />

/3 PP L /=+ PP<br />

&RP D UHVXOWDW GDIHJLU /3 PP L /=+ PP REWHQLP HOV GRV HVWDWV GHO FRPPXWDGRU<br />

LQYHUWLWV JUjILFD EODYD GH OD ILJXUD SHU 9 9 HO FLUFXLW IXQFLRQD FRP D FXUWFLUFXLW L SHU<br />

9 9 FRP D FLUFXLW REHUW<br />

3HU WDQW DUD TXH HO UHVXOWDW HQ $'6 pV HO GHVLWMDW JHQHUHP HO OD\RXW GH 'LVVHQ\ DPE<br />

/3 PP L /=+ PP FUHHP HO FRPSRQHQW HO SRUWHP D OHQWRUQ $'6 KL LQWHJUHP HO<br />

FRPSRQHQW GtRGH 3,1 HO FRQGHQVDGRU OD IRQW GH WHQVLy DFDEHP HO SRUW GHQWUDGD DPE XQ<br />

WHUPLQDO GH Ω L UHDOLW]HP XQD FR VLPXODFLy GHO GLVVHQ\ &RUUHJLP HOV HUURUV UHDOLW]DQW XQ<br />

WXQQLQJ GHO FLUFXLW /3 L /=+ L UHSHWLP HO SURFpV


6<br />

6<br />

P<br />

IUHT *+] WR *+]<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M (<br />

P<br />

6<br />

6<br />

P<br />

IUHT *+] WR *+]<br />

P<br />

IUHT<br />

6<br />

*+]<br />

LPSHGDQFH = M<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

)LJXUD &RPSDUDFLy UHVXOWDWV 'LVVHQ\ HQ YHUPHOO DPE UHVXOWDWV 'LVVHQ\<br />

PRGLILFDQW /3 PP L /=+ PP HQ EODX SHU RSWLPLW]DFLy GHO FXUW L OREHUW<br />

(O GLVVHQ\ ILQDO GH OD [DU[D TXH D SDUWLU GH OD SRODULW]DFLy R QR GHO GtRGH 3,1 IXQFLRQD FRP D<br />

FRPPXWDGRU HV PRVWUD HQ OD ILJXUD /HV ORQJLWXGV GH OHV OtQLHV GHO GLVVHQ\ ILQDO VyQ<br />

/3 PP L /=+ PP (OV UHVXOWDWV GH OD FR VLPXODFLy HV PRVWUHQ HQ OD ILJXUD<br />

<br />

¡¢ <br />

¥ © ¤<br />

¥ ¦ ¤ ¤ ¥ ¦ <br />

¤ ¤ ¥ ¦ <br />

¤<br />

¤ ¥ ¦ <br />

<br />

¡<br />

¡<br />

<br />

§ ¦ ¥ ¤<br />

)LJXUD &RPSRQHQW FRPPXWDGRU [DU[D 3,1 L FLUFXLW GH SRODULW]DFLy $PSOLDW VREVHUYD HO GtRGH 3,1 DPE HO<br />

WHUPLQDO jQRGH FRQQHFWDW DO FRQGHQVDGRU L HO WHUPLQDO FjWRGH FRQQHFWDW D XQ WUDP GH OtQLD DFDEDW HQ FXUWFLUFXLW<br />

YLD KROH HQWUHPLJ XQD OtQLD GDOWD UHVLVWLYLWDW SHU RQ DUULED HO FRUUHQW GH SRODULW]DFLy GHO GtRGH 7DPEp HQ ODOWUH<br />

DPSOLDFLy VREVHUYD OD IRQW GH FRUUHQW '&<br />

(O FRPSRQHQW FRP HV SRW REVHUYDU HQ HOV UHVXOWDWV REWLQJXWV GH OD VLPXODFLy ILJXUD<br />

IXQFLRQD SHUIHFWDPHQW RIHULQW HOV GRV HVWDWV F F L F R DPE SHWLWHV SqUGXHV HQ HOV GRV HVWDWV<br />

/REMHFWLX HUD DFRQVHJXLU XQD [DU[D TXH RIHUtV HOV F F L F R PpV LGHDOV SRVVLEOH L VXEVWLWXLU OD<br />

HQ HOV GLVVHQ\V GH ODSDUWDW SHU HOV F F L F R LGHDOV WDQFDQW DL[t HO GLVVHQ\ GHO GHVIDVDGRU<br />

SURJUDPDEOH /LQFRQYHQLHQW GHO FRPSRQHQW FUHDW ILJXUD pV TXH HQ HO FDV GH FUHDU HO F F<br />

£<br />

¥ ¦ ¨ ¤<br />

<br />

<br />

<br />

<br />

P


HO VHQ\DO 5) FLUFXOD D WUDYpV GH /3 ILQV DUULEDU D PDVVD RQ HV UHIOH[D L WRUQD DTXHVWD DQDGD L<br />

WRUQDGD D WUDYpV GH OD OtQLD DIHJHL[ XQ GHVIDVDPHQW LPSRUWDQW DO VHQ\DO TXH PRGLILFD HO<br />

GHVIDVDPHQW HVSHUDW D OD VRUWLGD GHO GHVIDVDGRU 8WLOLW]DU DTXHVW FRPSRQHQW LPSOLFD<br />

UHGLVVHQ\DU HO FLUFXLW SHU FRPSOHW WHQLQW KR HQ FRPSWH (V SHU DL[z TXH VRSWD SHU D LQFRUSRUDU<br />

HO GLVVHQ\ GHO FRPPXWDGRU DPE OD /3 G PP FRQHL[HQW HOV HUURUV HQ HOV GHVIDVDPHQWV SHU D<br />

VXEVWLWXLU HOV F F L F R LGHDOV GHO GLVVHQ\ GHO GHVIDVDGRU GH ODSDUWDW L SRVWHULRUPHQW IHU XQ<br />

WXQQLQJ GH OHV ORQJLWXGV GH OHV OtQLHV GHO GHVIDVDGRU SHU D FRUUHJLU HOV HUURUV HQ HOV<br />

GHVIDVDPHQWV<br />

6 P<br />

IUHT *+] WR *+]<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

6<br />

IUHT *+] WR *+]<br />

P<br />

IUHT *+]<br />

6<br />

LPSHGDQFH = M<br />

)LJXUD 6 FXUWFLUFXLW SHU 9 Y L 6 FLUFXLW REHUW SHU Y Y<br />

'LVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH DPE GtRGHV LQWHJUDWV HQ $'6<br />

,QLFLDOPHQW SHU DO GLVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH LQWHJUDUHP [DU[HV FRPPXWDGRUHV<br />

'LVVHQ\ HQ VXEVWLWXFLy GHOV FXUWFLUFXLWV LGHDOV GHO GHVIDVDGRU SURSRVDW HQ HO 'LVVHQ\ HQ<br />

HO TXH VKDQ VLPXODW HOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW (O VHX HVTXHPjWLF HO WUREHP HQ<br />

HO 'LVVHQ\ L HOV VHXV SDUjPHWUHV ILQDOV GHVSUpV GH IHU XQ WXQQLQJ GHO FLUFXLW HOV SRGHP<br />

YHXUH HQ OD ILJXUD<br />

/D PRGLILFDFLy HQ OHV ORQJLWXGV GH OHV EUDQTXHV GH OKtEULG pV QHFHVVjULD SHU WHQLU XQD ERQD<br />

UHVSRVWD HQ HO FDV GHVIDVDPHQW ž /D PRGLILFDFLy GH OHV ORQJLWXGV GH OHV OtQLHV FRUUHJHL[<br />

HOV HUURUV GH GHVIDVDPHQW LQWURGXwWV SHU OD [DU[D GHO GtRGH 3,1<br />

'HVIDVDPHQW<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\<br />

ž FP FP<br />

ž FP FP<br />

ž FP PP<br />

/7 FP /7 FP<br />

/6 FP /6 FP<br />

)LJXUD 3DUjPHWUHV GHO GHVIDVDGRU GHO 'LVVHQ\ HQ FRPSDUDFLy DPE HOV GHO 'LVVHQ\<br />

P


'LVVHQ\ 'HVIDVDGRUB$'6BY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

&RPSRQHQWV<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

+tEULG ž<br />

;DU[D 3,1BY<br />

0/,1<br />

0/2&<br />

0/,1 SRUWV<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(VTXHPjWLF<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

/=+ FP<br />

/ PP<br />

/ FP<br />

/ FP<br />

9 9<br />

9 9<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(OV FRUUHQWV D DFWLYDU SHU D FDGD HVWDW GHO GHVIDVDGRU VyQ HOV PRVWUDWV HQ OD ILJXUD<br />

ž<br />

ž<br />

ž<br />

Y Y<br />

)LJXUD 3URJUDPDFLy GHO GHVIDVDGRU<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(O FLUFXLW HV VLPXOD WUHV YHJDGHV XQD SHU FDGD HVWDW GHO GHVIDVDGRU $ FRQWLQXDFLy KL KD HOV<br />

UHVXOWDWV GH OD VHYD VLPXODFLy $'6 RQ VDSUHFLD ODGDSWDFLy GHO SRUW GHQWUDGD GHO GHVIDVDGRU OD<br />

WUDQVPLVVLy GHO VHQ\DO L HOV GHVIDVDPHQWV LQWURGXwWV<br />

• &DV ž Y Y<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

• &DV ž Y Y<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

• &DV ž Y Y<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]


'DTXHVW 'LVVHQ\ QH[WUDLHP XQD FRQFOXVLy HQ HO FDV /' PP VKD GH UHGXLU OD ORQJLWXG<br />

GH OD OtQLD SHU SXMDU OD UHVSRVWD HQ IUHT qQFLD L QR HV SRW /D VROXFLy HV WURED HQ UHGXLU OHV<br />

GLPHQVLRQV GH OKtEULG (O IHW GH UHGXLU OHV SHU DFRQVHJXLU HO FDV GH ž LPSOLFD SqUGXHV HQ HO<br />

FRPSRUWDPHQW GDTXHVW HQ HO FDV $TXHVW IHW SRW SRUWDU PROWV SUREOHPHV DO UHDOLW]DU HO GLVVHQ\<br />

L OD VLPXODFLy PRPHQWXP MD TXH OD [DU[D 3,1 SHU PLFURVWULS Wp PpV SqUGXHV L OD VLPXODFLy pV<br />

PHV ERQD 6KD SURYDW L HO FLUFXLW GHL[D GH WHQLU HO FRPSRUWDPHQW HVSHUDW 6XFFHHL[ HO PDWHL[ DO<br />

XWLOLW]DU HO FRPSRQHQW [DU[D 3,1 DPE /3 GH λ ILJXUD<br />

'DYDQW DTXHVW FRPSURPtV OD VROXFLy DGRSWDGD pV OD VHJ HQW GLVVHQ\DU HO GHVIDVDGRU<br />

SURJUDPDEOH XWLOLW]DQW OD [DU[D SLQ DPE /3 PP 'LVVHQ\ L IHQW / ODQDGD L WRUQDGD GHO<br />

VHQ\DO D WUDYpV GH OD OtQLD SURYRFD XQ GHVIDVDPHQW GH ž $L[z SHUPHW UHGXLU OD ORQJLWXG GH<br />

/ SHU D SXMDU OD UHVSRVWD HQ IUHT qQFLD L DFRQVHJXLU ERQV UHVXOWDWV HQ HO FDV L HOV DOWUHV<br />

VHQVH WUHQFDU OHV SURSLHWDWV GDGDSWDFLy L WUDQVPLVVLy GH OKtEULG (Q HO 'LVVHQ\ WUREHP HO<br />

GLVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH DPE HOV SDUjPHWUHV zSWLPV GHVSUpV GDIHJLU DTXHVWHV<br />

PRGLILFDFLRQV LQVHULU OtQLHV GH WUDQVPLVVLy HQWUH FRPSRQHQWV GH OHV [DU[HV GH SRODULW]DFLy GHOV<br />

FRPPXWDGRUV L GH UHDOLW]DU HO WXQQLQJ (Q OD ILJXUD SRGHP REVHUYDU HOV SDUjPHWUHV zSWLPV<br />

GHO GHVIDVDGRU GDTXHVW 'LVVHQ\ TXH FRPSOHL[ HOV WUHV HVWDWV<br />

'HVIDVDPHQW<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\<br />

/RQJLWXG OtQLHV<br />

'LVVHQ\<br />

ž FP FP<br />

ž FP FP<br />

ž PP FP<br />

/7 FP /7 FP<br />

/6 FP /6 FP<br />

)LJXUD 3DUjPHWUHV GHO GHVIDVDGRU SHU DO 'LVVHQ\ 9V HOV GH 'LVVHQ\<br />

'LVVHQ\ 'HVIDVDGRUB$'6BY<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG ž<br />

;DU[D 3,1BY<br />

0/,1<br />

0/2&<br />

0/,1 SRUWV<br />

(VTXHPjWLF<br />

9DULDEOHV<br />

/7 FP<br />

/6 FP<br />

/ FP<br />

/ FP<br />

/ FP<br />

/3 PP<br />

/=+ PP<br />

9 9<br />

9 9


'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

$ &RQWLQXDFLy HV SUHVHQWHQ HOV UHVXOWDWV GH OHV VLPXODFLRQV SHOV WUHV FDVRV<br />

• &DV ž Y Y<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]


• &DV ž Y Y<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

• &DV ž Y Y<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD D OD IUHT qQFLD GH GLVVHQ\ *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\<br />

P<br />

IUHT *+]<br />

$TXHVW pV HO GLVVHQ\ $'6 GHO GHVIDVDGRU SURJUDPDEOH GH WUHV HVWDWV $UD HO VHX IXQFLRQDPHQW<br />

MD pV HO FRUUHFWH RIHULQW VHJRQV OD SURJUDPDFLy HO GHVIDVDPHQW DGLHQW DPE DGDSWDFLRQV<br />

FRUUHFWHV L SqUGXHV GLQVHUFLy SHU VRWD G%<br />

'LVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH HQ 0RPHQWXP<br />

$ SDUWLU GHO 'LVVHQ\ JHQHUHP HO OD\RXW FUHHP HO FRPSRQHQW UHDOLW]HP XQD FR VLPXODFLy IHP<br />

XQ WXQQLQJ GHOV SDUjPHWUHV GHO FLUFXLW L DUULEHP DO GLVVHQ\ GHO GHVIDVDGRU SURJUDPDEOH ILQDO<br />

PRVWUDW HQ HO 'LVVHQ\ HVTXHPjWLF L OD\RXW (OV SDUjPHWUHV GHO FLUFXLW GHVIDVDGRU ILQDO VyQ<br />

HOV PRVWUDWV HQ OD ILJXUD RQ HV FRPSDUHQ DPE HOV REWLQJXWV HQ OD VLPXODFLy GHO GHVIDVDGRU<br />

$'6 'LVVHQ\


'LVVHQ\ 'HVIDVDGRUB020(1780<br />

(VTXHPjWLF<br />

6XEVWUDW 52 & &RPSRQHQWV 9DULDEOHV<br />

6LPXODFLy<br />

+tEULG ž<br />

;DU[D 3,1BY<br />

0/,1<br />

0/2&<br />

0/,1 SRUWV<br />

/7<br />

/6<br />

/<br />

/<br />

/<br />

/3<br />

FP<br />

FP<br />

FP<br />

FP<br />

FP<br />

PP<br />

3RUWV 7HUP<br />

/=+<br />

9<br />

PP<br />

9<br />

9 9<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\ (VTXHPjWLF<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'HVIDVDPHQW /RQJLWXG OtQLHV 'LVVHQ\ /RQJLWXG OtQLHV 'LVVHQ\<br />

ž FP FP<br />

ž FP FP<br />

ž FP FP<br />

/7 FP /7 FP<br />

/6 FP /6 FP<br />

)LJXUD 3DUjPHWUHV GHO GHVIDVDGRU ILQDO 0RPHQWXP 'LVVHQ\


D\RXW<br />

6LPXODFLy<br />

020(1780 5)<br />

5DQJ 0+] ± *+]<br />

0HVK (GJH PHVK *+]<br />

'LVVHQ\ /D\RXW<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¡¢<br />

£<br />

<br />

<br />

<br />

<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

¨<br />

©<br />

<br />

<br />

¨<br />

©<br />

<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

<br />

<br />

£<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

¤ <br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

¡<br />

<br />

¤ <br />

<br />

¡<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

©<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

¤<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

©<br />

<br />

¤ <br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

<br />

<br />

¡<br />

<br />

<br />

©<br />

<br />

¤<br />

¤<br />

<br />

©<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

©<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¡¢<br />

£<br />

<br />

<br />

<br />

<br />

§<br />

<br />

§<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

<br />

§<br />

£<br />

<br />

<br />

<br />

§<br />

<br />

§<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

<br />

§<br />

£<br />

<br />

<br />

<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¡¢<br />

£<br />

<br />

<br />

<br />

<br />

£<br />

<br />

¤<br />

¥<br />

¦§<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¡¢<br />

£<br />

<br />

<br />

<br />

¢<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

£<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

¢<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

£<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

¢<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

£<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

¢<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¨<br />

£<br />

¤<br />

<br />

¤<br />

<br />

<br />

<br />

<br />

¤<br />

¤<br />

<br />

<br />

<br />

<br />

¤


D UHVSRVWD GHOV WUHV HVWDWV GHO GHVIDVDGRU HV PRVWUD HQ HOV UHVXOWDWV GH OHV VLPXODFLRQV D OHV<br />

ILJXUHV L (OV GHVIDVDPHQWV GH ž ž L ž HOV WUREHP D *+] KDYHQW VH<br />

GHVSODoDW HO GLVVHQ\ OOHXJHUDPHQW DYDOO HQ IUHT qQFLD 6L IRV QHFHVVDUL HV SRGULD UHDMXVWDU HQ<br />

YDULHV LWHUDFLRQV DPE OHV HLQHV GH WXQQLQJ TXH VKDQ PRVWUDW DQWHULRUPHQW 9HXUHP HQ OD<br />

LQWHJUDFLy GHO FLUFXLW D OHVWUXFWXUD GHO 93' &DStWRO OD LQIOXqQFLD GDTXHVW GHVSODoDPHQW HQ OD<br />

UHVSRVWD GHO FLUFXLW<br />

• &DV ž Y Y<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD HO GLVVHQ\ FHQWUDW D *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

P<br />

• &DV ž Y Y<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\ 'HVIDVDGRU ILQDO<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD HO GLVVHQ\ FHQWUDW D *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž<br />

G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

• &DV ž Y Y<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\ 'HVIDVDGRU ILQDO<br />

(OV UHVXOWDWV GH OD VLPXODFLy WUDQVPLVVLy DGDSWDFLy L GHVIDVDPHQW VyQ D OD ILJXUD<br />

6REVHUYD HO GLVVHQ\ FHQWUDW D *+] XQHV SqUGXHV GLQVHUFLy GH G% DGDSWDFLy<br />

VXSHULRU D G% L XQ GHVIDVDPHQW GH ž


G% 6<br />

G% 6<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

SKDVH 6<br />

P<br />

IUHT<br />

SKDVH 6<br />

*+]<br />

P<br />

IUHT *+]<br />

)LJXUD 5HVXOWDWV VLPXODFLy GHO &DV GHO 'LVVHQ\ 'HVIDVDGRU ILQDO<br />

5(680 '(/ &$3Ë72/<br />

• 6KDQ GLVVHQ\DW HOV WUHV HVWDWV GHO GHVIDVDGRU SHU VHSDUDW XWLOLW]DQW FjUUHJXHV UHIOH[LYHV<br />

LGHDOV<br />

• 6KD LQWURGXwW HO IXQFLRQDPHQW GH OD FR VLPXODFLy HQ OHQWRUQ $'6 0RPHQWXP<br />

• 6KD GLVVHQ\DW XQD [DU[D FRPPXWDGRUD GHVWDWV SHU D VHQ\DOV 5) FRQWURODGD SHU FRUUHQW<br />

'& TXH LQWHJUD HO PRGHO GHO GtRGH 3,1 FUHDW HQ HO FDStWRO<br />

• 6KDQ LQFRUSRUDQW TXDWUH FRPPXWDGRUV SHU D GLVVHQ\DU HO GHVIDVDGRU SURJUDPDEOH GH<br />

WUHV HVWDWV EDVDW HQ KtEULGV %UDQFK /LQH WLSXV UHIOH[LX 'LVVHQ\ (O GHVIDVDPHQW<br />

LQWURGXwW HQ FDGD HVWDW pV GH ž ž L ž D OD IUHT qQFLD GH WUHEDOO GH *+]<br />

/HV SqUGXHV GLQVHUFLy QR DUULEHQ HQ FDS FDV D G%<br />

• (Q OD ILJXUD HV UHODFLRQHQ HOV HVWDWV GHO GHVIDVDGRU DPE HOV HVWDWV GH FRQWURO GHOV<br />

GtRGHV L OHV ORQJLWXGV GH OtQLD QHFHVVjULHV HQ FDGD FDV<br />

9 9 'HVIDVDGRU<br />

/RQJLWXG OtQLHV<br />

'HVIDVDGRU ILQDO<br />

ž FP<br />

ž FP<br />

ž FP<br />

)LJXUD 3URJUDPDFLy GHO GHVIDVDGRU L SDUjPHWUHV


&$3Ë72/ ,03/(0(17$&,Ï '(/ 93'<br />

(Q DTXHVW FDStWRO HV UHDOLW]D OD LQWHJUDFLy ILQDO GHOV GRV JUDQV EORFV TXH IRUPHQ HO 93'<br />

OHVWUXFWXUD EDVH KtEULGV HQ VqULH L HO GHVIDVDGRU YDULDEOH 3ULPHU SHU D UHDOLW]DU OD VLPXODFLy HQ<br />

$'6 L GHVSUpV SHU D FUHDU XQ FRPSRQHQW O93' L IHU OD VHYD FR VLPXODFLy $'6 0RPHQWXP<br />

6,08/$&,Ï $'6<br />

$ FRQWLQXDFLy HQ HO 'LVVHQ\ KL KD OHVTXHPjWLF GHO GLVVHQ\ ILQDO HQ $'6 HVWj FRPSRVW SHOV<br />

KtEULGV SURSRVDWV HQ HO 'LVVHQ\ 'LVVHQ\ L 'LVVHQ\ L HO GHVIDVDGRU SURSRVDW HQ HO<br />

'LVVHQ\ (Q DTXHVW DSDUWDW VKDQ FRQQHFWDW OHV GXHV SDUWV VKD VLPXODW HO FLUFXLW UHVXOWDQW<br />

O93' VKD IHW HO WXQQLQJ GDTXHOOV HOHPHQWV TXH KR KDQ UHTXHULW L HV SUHVHQWHQ HOV UHVXOWDWV<br />

ILQDOV GH OD VLPXODFLy $'6


'LVVHQ\ 93'B$'6<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG ž<br />

0/,1<br />

'HVIDVDGRU 'LVVHQ\<br />

0/,1 SRUWV<br />

9DULDEOHV<br />

/7' FP /6' FP / FP / FP<br />

/ FP /3 PP /=+ PP 9 9 9 9<br />

/6 FP /7 FP /' FP<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\


(OV UHVXOWDWV GH OD VLPXODFLy GHO 'LVVHQ\ HV PRVWUHQ D FRQWLQXDFLy SHOV WUHV HVWDWV GHO GLYLVRU<br />

GH SRWqQFLD YDULDEOH<br />

• (VWDW Y L 9<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV WRWDOPHQW GHULYDGD FDS D XQD<br />

GH OHV VRUWLGHV SRUW DPE XQHV SqUGXHV GLQVHUFLy GH G% D OD IUHT qQFLD GH GLVVHQ\<br />

*+] HOV SRUWV DwOODWV SRUW L SUHVHQWHQ XQV DwOODPHQWV GH G% HO SRUW L G% HO SRUW<br />

PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV DGDSWDFLRQV VXSHULRUV D<br />

G%<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

<br />

P<br />

P<br />

P<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

• (VWDW 9 L Y<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

*+]<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

)LJXUD 5HVXOWDWV GH OD VLPXODFLy GH OHVWDW SHO 'LVVHQ\<br />

<br />

<br />

<br />

<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV UHSDUWLGD D SDUWV LJXDOV HQWUH<br />

OHV GXHV VRUWLGHV SRUW L SRUW DPE XQHV SqUGXHV GLQVHUFLy HQ HO SRUW GH G% L GH<br />

G% SHU DO SRUW D OD IUHT qQFLD GH GLVVHQ\ *+] OD SRUWD DwOODGD SRUW SUHVHQWD XQ<br />

DwOODPHQW GH G% PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV<br />

DGDSWDFLRQV VXSHULRUV D G%<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

• (VWDW 9 L 9<br />

P<br />

IUHT<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

*+]<br />

)LJXUD 5HVXOWDWV GH OD VLPXODFLy GH OHVWDW SHO 'LVVHQ\<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

<br />

<br />

<br />

<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV WRWDOPHQW GHULYDGD FDS D XQD<br />

GH OHV VRUWLGHV SRUW DPE XQHV SqUGXHV GLQVHUFLy GH G% D OD IUHT qQFLD GH GLVVHQ\<br />

*+] HOV SRUWV DwOODWV SRUW L SUHVHQWHQ XQV DwOODPHQWV GH G% HO SRUW L GH G% HO<br />

SRUW PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV DGDSWDFLRQV<br />

VXSHULRUV D G%


G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

P<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

*+]<br />

<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

)LJXUD 5HVXOWDWV GH OD VLPXODFLy GH OHVWDW SHO 'LVVHQ\<br />

&2 6,08/$&,Ï $'6 020(1780 '(/ 93'<br />

<br />

<br />

<br />

<br />

3HU D IHU OD FR VLPXODFLy $'6 0RPHQWXP DJDIHP OHV GDGHV GHO GHVIDVDGRU YDULDEOH MD<br />

GLVVHQ\DW HQ 0RPHQWXP 'LVVHQ\ L HOV KtEULGV HQ VqULH 'LVVHQ\ L L FRQQHFWHP HOV GRV<br />

FLUFXLWV XWLOLW]DQW GRV FRO]HV L GRV SHWLWV WUDPV GH OtQLD SHU HYLWDU TXH OHV OtQLHV GHOV GRV FLUFXLWV<br />

HVWLJXLQ PDVVD MXQWHV ILJXUD L WLQJXLQ SRVVLEOHV DFREODPHQWV (O IHW GLQWURGXLU GRV WUDPV GH<br />

OtQLD ID TXH KDJXHP GDOODUJDU OD OtQLD /' OtQLD λ TXH XQHL[ HOV GRV KtEULGV SHU OD EUDQFD GH<br />

EDL[ XQD ORQJLWXG LGqQWLFD D OD VXPD GH OHV ORQJLWXGV GHOV WUDPV DIHJLWV SHU WDO GH FRQWUDUHVWDU<br />

HO GHVIDVDPHQW H[WUD TXH SURYRTXHQ DTXHVWV (OV WUDPV DIHJLWV HV PRVWUHQ HQFHUFODWV HQ OD<br />

ILJXUD OD VHYD ORQJLWXG pV GH PP FDGDVFXQ<br />

)LJXUD (VWUXFWXUD XWLOLW]DGD SHU D FRQQHFWDU HOV GRV GLVVHQ\V HQFHUFODGD GRV<br />

FRO]HV L GRV WUDPV GH OtQLD<br />

$ SDUWLU GDTXt MD HV SRW FUHDU XQ QRX HVTXHPjWLF 'LVVHQ\ TXH SHUPHWUj JHQHUDU HO OD\RXW L<br />

FUHDU HO FRPSRQHQW 93' GDTXHVW HQ IHP XQD FR VLPXODFLy XQ WXQQLQJ L WHQLP HO GLVSRVLWLX<br />

93' ILQDO OD\RXW 'LVVHQ\


'LVVHQ\ 93'B020(1780<br />

(VTXHPjWLF<br />

6XEVWUDW 52 &<br />

6LPXODFLy<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

3RUWV 7HUP<br />

&RPSRQHQWV<br />

+tEULG ž<br />

0/,1<br />

'HVIDVDGRU 'LVVHQ\<br />

0/,1 SRUWV<br />

9DULDEOHV<br />

/7' FP /6' FP / FP / FP<br />

/ FP /3 PP /=+ PP 9 9 9 9<br />

/7 FP /6 FP /' FP<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

'LVVHQ\


¦¢ ¦¢ ¦<br />

<br />

<br />

<br />

<br />

<br />

<br />

£ £ <br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

¡¢££¤¥¦§¨©§§ £ ¢¤§¨©¢¦ ¢¥ ¢¥ ¡¢££¤¥¦§¨©§§ £ ¢¤§¨©¢¦<br />

<br />

<br />

<br />

<br />

¡¢££¤¥¦§¨©§§ ¢¤§¨©¢¦ ¢¥ <br />

¢¥ ¡¢££¤¥¦§¨©§§ £<br />

<br />

¢¤§¨©¢¦ <br />

<br />

£ <br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

<br />

£ £ <br />

£ £ <br />

<br />

'LVVHQ\ /D\RXW &RPSRQHQW 93' ILQDO 3DUjPHWUHV GH VLPXODFLy LJXDOV D /D\RXW<br />

<br />

<br />

£ £


3HU WDQW VKD FUHDW HO FRPSRQHQW 93' GH WUHV HVWDWV FRQWURODW SHU FRUUHQW '& /HV VLPXODFLRQV<br />

ILQDOV GHO 93' GLVVHQ\DW VyQ OHV TXH HV PRVWUHQ D FRQWLQXDFLy SHOV WUHV HVWDWV GHO FLUFXLW<br />

$TXHVWHV VyQ HO UHVXOWDW GH OD FR VLPXODFLy $'6 0RPHQWXP<br />

• (VWDW Y L 9<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV WRWDOPHQW GHULYDGD FDS D XQD<br />

GH OHV VRUWLGHV SRUW DPE XQHV SqUGXHV GLQVHUFLy GH G% D OD IUHT qQFLD GH GLVVHQ\<br />

*+] HO SRUW DwOODW SRUW SUHVHQWD XQ DwOODPHQW GH G% HO SRUW DwOODW SRUW SUHVHQWD XQ<br />

DwOODPHQW GH G% PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV<br />

DGDSWDFLRQV VXSHULRUV D G%<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

P<br />

P<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

• (VWDW 9 L Y<br />

P<br />

IUHT<br />

G% 6 *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6 *+]<br />

<br />

<br />

<br />

<br />

)LJXUD 5HVXOWDWV GH OD FR VLPXODFLy GH OHVWDW GHO 'LVVHQ\<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV UHSDUWLGD D SDUWV LJXDOV HQWUH<br />

OHV GXHV VRUWLGHV SRUW L SRUW DPE XQHV SqUGXHV GLQVHUFLy GH G% HQ HO SRUW L GH<br />

G% SHU DO SRUW D OD IUHT qQFLD GH GLVVHQ\ *+] HO SRUW DwOODW SRUW SUHVHQWD XQ<br />

DwOODPHQW GH G% PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV<br />

DGDSWDFLRQV VXSHULRUV D G%<br />

G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

PP<br />

P<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

• (VWDW 9 L 9<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

*+]<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

<br />

<br />

<br />

<br />

)LJXUD 5HVXOWDWV GH OD FR VLPXODFLy GH OHVWDW GHO 'LVVHQ\<br />

(Q DTXHVW HVWDW HV SRW FRPSURYDU ILJXUD FRP OD SRWqQFLD pV WRWDOPHQW GHULYDGD FDS D XQD<br />

GH OHV VRUWLGHV SRUW DPE XQHV SqUGXHV GLQVHUFLy GH G% D OD IUHT qQFLD GH GLVVHQ\<br />

*+] HO SRUW DwOODW SRUW SUHVHQWD XQ DwOODPHQW GH G% HO SRUW DwOODW SRUW SUHVHQWD<br />

XQ DwOODPHQW GH G% PHQWUH HV SRW REVHUYDU FRP HOV DFFHVVRV DO FLUFXLW SUHVHQWHQ XQHV<br />

DGDSWDFLRQV VXSHULRUV D G%


G% 6<br />

G% 6<br />

G% 6<br />

<br />

<br />

<br />

<br />

P<br />

IUHT<br />

G% 6<br />

P<br />

P<br />

<br />

<br />

<br />

<br />

IUHT *+]<br />

*+]<br />

P<br />

IUHT<br />

G% 6<br />

*+]<br />

P<br />

IUHT<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

G% 6<br />

*+]<br />

<br />

<br />

<br />

<br />

P<br />

IUHT *+]<br />

P<br />

IUHT *+]<br />

G% 6<br />

<br />

<br />

<br />

<br />

)LJXUD 5HVXOWDWV GH OD FR VLPXODFLy GH OHVWDW GHO 'LVVHQ\<br />

(Q UHVXP HO 93' SUHVHQWD XQHV SqUGXHV GLQVHUFLy PHQRUV D G% L XQHV SqUGXHV GH UHWRUQ<br />

VXSHULRUV D G% HQ HOV WUHV HVWDWV /DwOODPHQW GHOV SRUWV pV VXSHULRU D G% SHU WRWV HOV<br />

FDVRV 3RGHP REVHUYDU DTXHVWV SDUjPHWUHV UHVXPLWV SHU D FDGD HVWDW GHO 93' HQ OD ILJXUD<br />

UHODFLRQDWV DPE HO VHQ\DO GH FRQWURO SRODULW]DFLy GHOV GtRGHV HO GHVIDVDPHQW SURSRUFLRQDW<br />

SHU HO GHVIDVDGRU YDULDEOH L OD SRWqQFLD GH VHQ\DO HQ FDGD SRUW DPE HQWUDGD GH VHQ\DO SHO SRUW<br />

PRVWUDQW ODGDSWDFLy GHO SRUW GHQWUDGD ODwOODPHQW GHO SRUW GHVDFREODW L OD WUDQVIHUqQFLD GH<br />

VHQ\DO DOV SRUWV GLUHFWH L DFREODW<br />

(VWDW 9 9 'HVIDVDGRU<br />

3RUW<br />

DGDSWDFLy<br />

3RUW<br />

DwOODPHQW<br />

3RUW<br />

VRUWLGD<br />

3RUW<br />

VRUWLGD<br />

ž G% G% G% G%<br />

ž G% G% G% G%<br />

ž G% G% G% G%<br />

)LJXUD 5HVXP GH OHV FDUDFWHUtVWLTXHV ILQDOV GHO 93' GLVVHQ\DW SHU FDGDVFXQ GHOV HVWDWV HQWUDQW VHQ\DO SHU HO SRUW<br />

5(680 '(/ &$3Ë72/<br />

• (Q DTXHVW ~OWLP FDStWRO VKD UHDOLW]DW HO GLVVHQ\ ILQDO GHO 93' D SDUWLU GH OD LQWHJUDFLy GHO<br />

GHVIDVDGRU YDULDEOH GLVVHQ\DW HQ HO FDStWRO HQ OHVWUXFWXUD EDVH IRUPDGD SHOV GRV<br />

KtEULGV HQ VqULH GLVVHQ\DGD HQ HO FDStWRO<br />

• 6KDQ PRVWUDW OHV VLPXODFLRQV GHO FLUFXLW ILQDO SULPHU HQ $'6 L GHVSUpV HQ 0RPHQWXP<br />

FUHDQW HO FRPSRQHQW 93' ILQDO L UHDOLW]DQW XQD FR VLPXODFLy $'6 0RPHQWXP SHU D<br />

FRQqL[HU OD VHYD UHVSRVWD<br />

• )LQDOPHQW VKDQ PRVWUDW HOV UHVXOWDWV GHILQLWLXV GHO FRPSRUWDPHQW GHO 93' GLVVHQ\DW HQ HO<br />

SURMHFWH


&$3Ë72/ &21&/86,216 , /Ë1,(6 )8785(6<br />

&21&/86,216<br />

(Q HO SUHVHQW SURMHFWH HV SURSRVDYD HO GLVVHQ\ XWLOLW]DQW HO VRIWZDUH $'6 0RPHQWXP GXQ<br />

FLUFXLW GLYLVRU GH SRWqQFLD YDULDEOH EDVDW HQ KtEULGV %UDQFK /LQH GH WUHV HVWDWV HQ WHFQRORJLD<br />

PLFURVWULS TXH WUHEDOOpV D OD IUHT qQFLD GH *+] SHU SRGHU OR LQWHJUDU HQ GLYHUVHV<br />

DSOLFDFLRQV FRP SHU H[HPSOH HQ DQWHQHV UHFRQILJXUDEOHV<br />

)LQV DUULEDU DO VHX GLVVHQ\ ILQDO VKD UHTXHULW OD UHDOLW]DFLy GHO GLVVHQ\ GDOWUHV GLVSRVLWLXV L<br />

VXEFLUFXLWV TXH DTXHVW LQWHJUD TXH VyQ<br />

• /KtEULG %UDQFK /LQH 'LYLVRU GH SRWqQFLD D G% TXH LQWURGXHL[ XQ GHVIDVDPHQW GH ž<br />

HQWUH HOV SRUWV GH VRUWLGD 'LVVHQ\<br />

• (O PRGHO $'6 GH GtRGH 3,1 %$3 'LVVHQ\<br />

• 8QD [DU[D FRPPXWDGRUD SHU D VHQ\DOV 5) 'LVVHQ\<br />

• 8Q GHVIDVDGRU YDULDEOH GH WUHV HVWDWV HQ UHIOH[Ly 'LVVHQ\<br />

$PE OD FRPELQDFLy GDTXHVWV GLVVHQ\V WDO FRP VKD SODQWHMDW L HVWXGLDW DQDOtWLFDPHQW HQ HO<br />

FDStWRO VKD DUULEDW HQ HO FDStWRO DO GLVVHQ\ GHO 93' ILQDO 'LVVHQ\ OD UHVSRVWD GHO TXDO OD<br />

WUREHP OOHXJHUDPHQW GHVSODoDGD HQ IUHT qQFLD D *+] 6L IRV QHFHVVDUL DPE LWHUDFLRQV<br />

GHOV PqWRGHV VLVWHPjWLFV H[SRVDWV GH GLVVHQ\ L RSWLPLW]DFLy HV SRW DUULEDU D FHQWUDU OD UHVSRVWD<br />

GHO 93' D *+] 6KD GHVFDUWDW IHU DTXHVWD VLQWRQLW]DFLy ILQDO MD TXH UHTXHULD GH EDVWDQW<br />

WHPSV L QR DSRUWDYD FDS FRQHL[HPHQW QRX DO EDVDU VH HQ OODUJV SURFHVVRV VLVWHPjWLFV<br />

DEDVWDPHQW XWLOLW]DWV GXUDQW HO SURMHFWH<br />

(O FLUFXLW GLVVHQ\DW 'LYLVRU GH SRWqQFLD SURJUDPDEOH HVWj OOHVW SHU D VHU IDEULFDW WHVWHMDW L<br />

LQFRUSRUDW D TXDOVHYRO GLVSRVLWLX R VLVWHPD TXH UHTXHUHL[L GHO VHX WUDFWDPHQW<br />

/Ë1,(6 )8785(6<br />

• $XJPHQWDU HO QRPEUH GHVWDWV GHO 93' LQFRUSRUDQW [DU[HV FRPPXWDGRUHV 3,1<br />

LGqQWLTXHV D OHV GLVVHQ\DGHV DO GLVVHQ\ GHO GHVIDVDGRU


• $XJPHQWDU HO QRPEUH GH VRUWLGHV GHO 93' DPE OD XQLy HQ VqULH GH GLYHUVRV 93'V<br />

• )HU HO GLVVHQ\ DPE KtEULGV WLSXV /DQJH R DPE KtEULGV %UDQFK /LQH PXOWLVHFFLy SHU<br />

LQWHQWDU PLOORUDU ODPSOH GH EDQGD<br />

• 'LVVHQ\ GXQ 93' DQDOzJLF EDVDW HQ YDUDFWRUV L QR HQ GtRGHV 3,1<br />

• (VWHQGUH HO VHX IXQFLRQDPHQW FRP D FRPELQDGRU


$11(; $ &$5$&7(5Ë67,48(6 '(/ 68%675$7<br />

0LUDU DU[LX DGMXQW<br />

$11(; % '$7$6+((7 '(/ 'Ë2'( 3,1 %$3<br />

0LUDU DU[LX DGMXQW<br />

$11(; & &2',6 '( 0$7/$% '( /(6 6,08/$&,216 5($/,7=$'(6<br />

SKLB SL<br />

SKLB SKLB SL OLQVSDFH SKLB SL OLQVSDFH<br />

IRU V OHQJWK SKLB<br />

SKLB V SKLB V<br />

)yUPXOHV QRVWUHV<br />

D BS VTUW D H[S M SKLB<br />

D BS M VTUW D H[S M SKLB V SKLB<br />

E BS V VTUW M D BS D BS<br />

E BS V VTUW D BS M D BS<br />

HQG<br />

(Q ORJDUtWPLF<br />

ILJXUH<br />

SORW SL SKLB ORJ DEV E BS E SL SKLB ORJ DEV E BS U JULG RQ<br />

[ODEHO 'HVIDVDPHQW GLIHUHQFLDO ž \ODEHO 3RWqQFLD G%P<br />

(Q OLQHDO<br />

ILJXUH<br />

SORW SL SKLB DEV E BS E SL SKLB DEV E BS U JULG RQ<br />

[ODEHO 'HVIDVDPHQW GLIHUHQFLDO ž \ODEHO 3RWqQFLD G%P<br />

HQG


5(680<br />

(Q HOV VLVWHPHV GH FRPXQLFDFLy PRGHUQV HV GHGLFD XQ HVSHFLDO LQWHUqV DO GHVHQYROXSDPHQW GH<br />

FLUFXLWV L GLVSRVLWLXV UHFRQILJXUDEOHV TXH HQIURQW GXQHV HVSHFLILFDFLRQV FUHL[HQWPHQW<br />

UHVWULFWLYHV RIHUHL[LQ DOWHV SUHVWDFLRQV FRP YHORFLWDW GH WUDQVPLVVLy DGDSWDFLy D GLIHUHQWV<br />

HVWjQGDUGV DPSOH GH EDQGD PLQLDWXULW]DFLy TXDOLWDW GH VHUYHL L UHGXFFLy GH FRVW HQWUH GDOWUHV<br />

'LQV DTXHVW PDUF GH UHFRQILJXUDELOLWDW L DGDSWDELOLWDW VHPPDUFD HO GLVVHQ\ SURSRVDW XQ GLYLVRU<br />

GH SRWqQFLD YDULDEOH 93' TXH RIHUHL[ XQD GLVWULEXFLy UHFRQILJXUDEOH GH OD SRWqQFLD GXQ<br />

VHQ\DO GHQWUDGD HQWUH OHV GLIHUHQWV EUDQTXHV GH VRUWLGD<br />

(Q HO SUHVHQW SURMHFWH VKD GLVVHQ\DW XWLOLW]DQW $'6 0RPHQWXP XQ 93' GXQD HQWUDGD L GXHV<br />

VRUWLGHV GH WUHV HVWDWV FHQWUDW D *+] LPSOHPHQWDW HQ WHFQRORJLD PLFURVWULS L EDVDW HQ<br />

KtEULGV %UDQFK /LQH L GtRGHV 3,1 7RWV HOV VXEFLUFXLWV SULQFLSDOV TXH IRUPHQ HO 93' KtEULG<br />

%UDQFK /LQH GHVIDVDGRU L [DU[D FRPPXWDGRUD VyQ HVWXGLDWV DQDOtWLFDPHQW L VLPXODWV FLUFXLWDO L<br />

HOHFWURPDJQqWLFDPHQW (O GLVVHQ\ ILQDO pV OD LQWHJUDFLy L RSWLPLW]DFLy GDTXHVWV VXEFLUFXLWV<br />

UHVXOWDQW HQ XQ 93' GH WUHV HVWDWV FRQWURODWV SHU FRUUHQW '& TXH VyQ GLULJLU WRWD OD SRWqQFLD<br />

GHQWUDGD DO SRUW GH VRUWLGD UHSDUWLU WRWD OD SRWqQFLD GHQWUDGD D SDUWV LJXDOV HQWUH HOV GRV<br />

SRUWV GH VRUWLGD L GLULJLU WRWD OD SRWqQFLD GHQWUDGD DO SRUW GH VRUWLGD<br />

5(680(1<br />

(Q ORV VLVWHPDV GH FRPXQLFDFLyQ PRGHUQRV VH GHGLFD XQ LQWHUpV HVSHFLDO DO GHVDUUROOR GH<br />

FLUFXLWRV \ GLVSRVLWLYRV UHFRQILJXUDEOHV FDSDFHV GH IUHQWH D OD FUHFLHQWH UHVWULFWLYLGDG GH ODV<br />

HVSHFLILFDFLRQHV RIUHFHU DOWDV SUHVWDFLRQHV FRPR YHORFLGDG GH WUDQVPLVLyQ DGDSWDFLyQ D<br />

GLVWLQWRV HVWiQGDUHV DQFKR GH EDQGD PLQLDWXUL]DFLyQ FDOLGDG GH VHUYLFLR \ UHGXFFLyQ GH<br />

FRVWRV HQWUH RWURV 'HQWUR HVWH PDUFR GH UHFRQILJXUDELOLGDG \ DGDSWDELOLGDG VH VLW~D HO GLVHxR<br />

SURSXHVWR XQ GLYLVRU GH SRWHQFLD YDULDEOH 93' FDSD] GH GLVWULEXLU OD SRWHQFLD GH XQ VHxDO GH<br />

HQWUDGD GH IRUPD UHFRQILJXUDEOH HQWUH ORV GLVWLQWRV SXHUWRV GH VDOLGD<br />

(Q HVWH SUR\HFWR VH KD GLVHxDGR FRQ OD XWLOL]DFLyQ GH $'6 0RPHQWXP XQ 93' GH XQD<br />

HQWUDGD \ GRV VDOLGDV GH WUHV HVWDGRV FHQWUDGR D *+] LPSOHPHQWDGR FRQ WHFQRORJtD<br />

PLFURVWULS \ EDVDGR HQ KtEULGRV %UDQFK /LQH \ GLRGRV 3,1 7RGRV ORV VXEFLUFXLWRV SULQFLSDOHV<br />

TXH IRUPDQ HO 93' KtEULGR %UDQFK /LQH GHVIDVDGRU \ UHG FRQPXWDGRUD VRQ HVWXGLDGRV<br />

DQDOtWLFDPHQWH \ VLPXODGRV FLUFXLWDO \ HOHFWURPDJQpWLFDPHQWH (O GLVHxR ILQDO HV OD LQWHJUDFLyQ \<br />

RSWLPL]DFLyQ GH HVWRV VXEFLUFXLWRV UHVXOWDQGR HQ XQ 93' GH WUHV HVWDGRV FRQWURODGRV SRU<br />

FRUULHQWH '& TXH VRQ GLULJLU WRGD OD SRWHQFLD GHO VHxDO GH HQWUDGD KDFLD HO SXHUWR GH VDOLGD<br />

UHSDUWLU OD SRWHQFLD GHO VHxDO GH HQWUDGD D SDUWHV LJXDOHV HQWUH ORV SXHUWRV GH VDOLGD \ \<br />

GLULJLU WRGD OD SRWHQFLD GHO VHxDO GH HQWUDGD KDFLD HO SXHUWR GH VDOLGD<br />

$%675$&7<br />

,Q PRGHUQ FRPPXQLFDWLRQ V\VWHPV VSHFLDO LQWHUHVW LV EHLQJ GHYRWHG WR UHFRQILJXUDEOH DQG<br />

WXQHDEOH FLUFXLWV DQG GHYLFHV WR FRPSO\ WKH JURZLQJ VWULQJHQW VSHFLILFDWLRQV RIIHULQJ KLJK<br />

SHUIRUPDQFH VXFK DV YHORFLW\ RI WUDQVPLVVLRQ DGDSWDELOLW\ WR GLIIHUHQW FRPPXQLFDWLRQ<br />

VWDQGDUGV EDQGZLGWK PLQLDWXUL]DWLRQ TXDOLW\ RI VHUYLFH DQG FRVW UHGXFWLRQ DPRQJ RWKHUV 7KH<br />

GHVLJQ SURSRVHG LQ WKLV ZRUN LV ZLWKLQ WKLV IUDPH RI UHFRQILJXUDELOLW\ DQG DGDSWDELOLW\ D YDULDEOH<br />

SRZHU GLYLGHU 93' ZLWK D UHFRQILJXUDEOH GLVWULEXWLRQ RI SRZHU EHWZHHQ WKH RXWSXW SRUWV<br />

,Q WKLV SURMHFW LW KDV EHHQ GHVLJQHG XVLQJ $'6 0RPHQWXP VRIWZDUH D WKUHH VWDWH 93' DW<br />

*+] ZLWK RQH LQSXW DQG WZR RXWSXWV LPSOHPHQWHG LQ PLFURVWULS WHFKQRORJ\ DQG EDVHG RQ<br />

%UDQFK /LQH K\EULGV DQG 3,1 GLRGHV $OO WKH PDLQ VXEFLUFXLWV WKDW FRQILJXUH WKH 93' %UDQFK<br />

/LQH K\EULG SKDVH VKLIWHU DQG VZLWFKLQJ QHWZRUN DUH DQDO\WLFDOO\ VWXGLHG DQG FLUFXLWDOO\ DQG<br />

HOHFWURPDJQHWLFDOO\ VLPXODWHG 7KH ILQDO GHVLJQ UHVXOWV IURP WKH LQWHJUDWLRQ DQG RSWLPL]DWLRQ RI<br />

WKHVH VXEFLUFXLWV UHVXOWLQJ LQ D WKUHH VWDWH 93' WKH WKUHH VWDWHV ZKLFK DUH FRQWUROOHG E\ DQ<br />

H[WHUQDO '& FXUUHQW DUH LQSXW SRZHU WUDQVPLWWHG RQO\ WR SRUW LQSXW SRZHU GLYLGHG EHWZHHQ<br />

SRUWV DQG DQG LQSXW SRZHU WUDQVPLWWHG RQO\ WR SRUW

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!