Derivada y Diferencial

7(0$
'HULYDGD\'LIHUHQFLDO

&RQWHQLGRV

,QWURGXFFLyQ
&RQFHSWRGHGHULYDGD
2WUDLQWHUSUHWDFLyQGHOFRQFHSWRGHGHULYDGD
5HODFLyQHQWUHGHULYDELOLGDG\FRQWLQXLGDG
)XQFLyQGHULYDGD
5HJODVGHGHULYDFLyQ
7HRUHPDVGH5ROOH\GHOYDORUPHGLR
'LIHUHQFLDOGHXQDIXQFLyQHQXQSXQWR

(MHUFLFLRVUHVXHOWRV

(MHUFLFLRVSURSXHVWRV

1. ,QWURGXFFLyQ

.CRGPFKGPVGFGWPCTGEVCXKGPGFCFCRQT
[ [
O VID =?
Z Z
1 6 1 6
FQPFG Z [ Z [ UQPFQURWPVQUEWCNGUSWKGTCFGNCTGEVC[DGUGN¶PIWNQSWGHQTOCGN
GLG1:EQPFKEJCTGEVC
GPGNUGPVKFQEQPVTCTKQCNCUCIWLCUFGNTGNQL
.CRGPFKGPVGFGWPCTGEVCGUEQPUVCPVGUWXCNQTOPQFGRGPFGFGNQURWPVQU Z [ 1 6
1 Z [ 6 GNGIKFQU 'UVQ KPHQTOCNOGPVG JCDNCPFQ KPFKEC SWG NC KPENKPCEKÎP FG NC TGEVC GU NC

OKUOCGPVQFQRWPVQ
\

D
[

(MHPSOR 6HD OD IXQFLyQ OLQHDO I [ [ FX\D JUiILFD HVWi GDGD SRU HO FRQMXQWR
=1[ \ 6 [ \ I [ [ B HVGHFLUHVODUHFWDGHHFXDFLyQ \

1 6
[ 'DGRVORVSXQWRV
\ 1 6 TXHSHUWHQHFHQDODUHFWDVHWLHQH

P

1 6 1 6
$VLPLVPRSDUDORVSXQWRV \ VHWHQGUi

P \ D DUFWJ D

1 6 1 6
(QJHQHUDOSDUDFXDOTXLHUSDUGHSXQWRV [ \ [ \ GHODUHFWDHVGHFLU
\ I [ [ H \ I 1[ 6 [
VHWHQGUiTXH
P
1 6 1 6
I [ I [ [ [ [ [

[ [ [ [ [ [

5KNCHWPEKÎPHPQGUNKPGCNGPVQPEGUCNPQUGTUWIT¶HKECWPCNÈPGCTGEVCPQVGPFT¶
RQTSWÃXGTKHKECTUGSWGNCQKPENKPCEKÎPRUGOCPVGPICEQPUVCPVGGPVQFQUNQURWPVQU

\
[

'UVQ SWG GUVCOQU NNCOCPFQ GP VÃTOKPQU KPVWKVKXQU NC KPENKPCEKÎP FG NC EWTXC GP WP
RWPVQGUNQSWGHQTOCNOGPVGUGFGPQOKPCRGPFKGPVGFGNCEWTXCGPWPRWPVQ
0ÎVGUG SWG GP GN ECUQ FG HWPEKQPGU PQ NKPGCNGU CN JCDNCT FG RGPFKGPVG GU RTGEKUQ
GURGEKHKECTGPSWÃRWPVQUGECNEWNCRWGUEQOQCECDCOQUFGXGTUWXCNQTGUFKHGTGPVGUGIÕPGN
RWPVQEQPUKFGTCFQ.CRGPFKGPVGFGWPCEWTXCGPWPRWPVQGUV¶FGVGTOKPCFCRQTNCFGNCTGEVC
VCPIGPVGCNCEWTXCGPFKEJQRWPVQ.CRTGIWPVCSWGUWTIGFGOCPGTCPCVWTCNGU%W¶NGUNC
RGPFKGPVGFGNCTGEVCVCPIGPVGCWPCEWTXCGPWPRWPVQ!
.CHQTOCO¶UFKTGEVCFGQDVGPGTNCRGPFKGPVGUGTÈCFKDWLCTNCEWTXC[NCTGEVCVCPIGPVG
[ HKPCNOGPVG FG CEWGTFQ EQP =? ECNEWNCT NC VCPIGPVG FGN ¶PIWNQ D 'UVG OÃVQFQ UKP
GODCTIQ RWGFG EQPFWEKTPQU C WP TGUWNVCFQ GTTÎPGQ FGDKFQ C RGSWGÌCU FGUXKCEKQPGU GP GN
VTC\CFQFGNFKDWLQ2CTCQDVGPGTNCRGPFKGPVGFGNCTGEVCVCPIGPVGFGWPCOCPGTCO¶URTGEKUC
DCUVC QDUGTXCT SWG FKEJC TGEVC QEWRC NC RQUKEKÎP NÈOKVG FG WPC UGTKG FG TGEVCU UGECPVGU C NC
EWTXCGPGNRWPVQFGVCPIGPEKC2[GPQVTQRWPVQSWGXCCRTQZKO¶PFQUGC2
'PGHGEVQUGCWPCHWPEKÎPHEW[CIT¶HKECGUV¶FGVGTOKPCFCRQTNCGEWCEKÎP [ H
Z
[ UGC 2
Z H
Z .C RGPFKGPVG FG NC TGEVC VCPIGPVG UGT¶ GN NÈOKVG UK GZKUVG FG NCU
1 6 1 6
RGPFKGPVGUFGNCUTGEVCUUGECPVGUCNCEWTXCGP 2 3 2 3 WEWCPFQ 3K GUV¶ECFCXG\
O¶URTÎZKOQC2
Z
3|
GY|
3l
GYl
GYe
2
GY 3e
Y Ye Yl Y| Y

2QT VCPVQ FCFQU 2
Z H
Z [ 3
Z c H
Z c EQP Z c z Z NC RGPFKGPVG FG NC
TGEVCVCPIGPVGCNCEWTXC [ H
Z GPGNRWPVQ2XKGPGFCFCRQT
O H
2 NKO
0 5
H Z c H
Z

3o 2 Z c Z
UK FKEJQ NÈOKVG GZKUVG 'UVG PÕOGTQ O H

2 GP ECUQ FG GZKUVKT FGHKPKT¶ FG OCPGTC GZCEVC [
RTGEKUCNCQKPENKPCEKÎPRFGNCEWTXC [ H
Z GP 2
Z H
Z UKGPFQGPVQPEGUNCGEWCEKÎP
FGNCTGEVCVCPIGPVGCNCEWTXCGP2
[ H
Z 1
O H
2 Z Z 6

(MHPSOR +DOODUODSHQGLHQWHGHODUHFWDWDQJHQWHDODJUiILFDGH I [ [ HQHOSXQWR 3
Z
3|
&DOFXOHPRV HQ SULPHU OXJDU OD SHQGLHQWH GH OD
UHFWD VHFDQWH D OD FXUYD HQ ORV SXQWRV 3 \
4 I

2

P

(OYDORUHVXQDHVWLPDFLyQGHODSHQGLHQWH
Y

3DUDPHMRUDUODHVWLPDFLyQUHSHWLPRVHOSURFHVRFRQODUHFWDVHFDQWHHQ 3\XQSXQWR 4 PiV

SUy[LPRD3TXH 4
P
1 6

7HQLHQGR HQ FXHQWD HO UD]RQDPLHQWR SUHFHGHQWH DO HMHPSOR OD SHQGLHQWH P 3 GH OD UHFWD WDQJHQWH D OD
JUiILFD GH I [ [ HQ 3 VHUi HO OtPLWH GH ODV SHQGLHQWHV GH ODV UHFWDV VHFDQWHV HQ 3 \

4 [ I [ [ [ FXDQGR4WLHQGHKDFLD3SDUDORFXDOEDVWDTXH [ o \DTXHSRUVHU I [ [ XQD
IXQFLyQFRQWLQXD I [ o FXDQGR [ o
3RUWDQWR
I [ I [
P I 3 OLP OLP >@
[ o [ [ o [
\RSHUDQGRUHVXOWD

P I 3 OLP
1[ 61[ 6 1 6
OLP [
[ o [ [ o

2. &RQFHSWRGHGHULYDGD

'NNÈOKVG=?ECNEWNCFQCPVGTKQTOGPVGSWGPQUFGVGTOKPCGNXCNQTFGNCRGPFKGPVGFGNC
TGEVCVCPIGPVGCNCIT¶HKECFG H
Z Z GP 2

GUFGJGEJQNCFGTKXCFCFGNCHWPEKÎP
H
Z Z GP Z 'PIGPGTCNNCFGHKPKEKÎPFGNEQPEGRVQFGFGTKXCFCFGWPCHWPEKÎPGPWP
RWPVQGUNCUKIWKGPVG

&GHKPKEKÎP 5GC H + o + KPVGTXCNQ CDKGTVQ FG .C FGTKXCFC FG H GP Z +
GUV¶FGHKPKFCRQT
H
Z H
Z
NKO =?
Z Z
Z o Z
UKGUVGNÈOKVGGZKUVG%WCPFQGUVQUWEGFGUGFKEGSWGHGUFGTKXCDNGGP Z Z

'NNÈOKVG=?UGFGPQVCJCDKVWCNOGPVGRQT
H c
Z
1 6 Î&H 1 Z 6
FH Z

FZ
.CGZRTGUKÎP=?VCODKÃPRWGFGGUETKDKTUGFGHQTOCCNVGTPCVKXCEQOQ
1 6
H c Z NKO
1 6 1 6
H Z 'Z H Z
NKO
1 6
'H Z
=O?
'Z o 'Z 'Z o 'Z
%& 'Z Z Z
''H 1 Z 6 H 1 Z 'Z6 H 1 Z 6
FQPFGCRCTVKTFG=?

6CN EQOQ UG CECDC FG UGÌCNCT NC FGTKXCFC FG WPC HWPEKÎP [ 05
H Z GP WP RWPVQ Z
XKGPGFGHKPKFCRQTGNNÈOKVGSWGUGKPFKECGP=?EWCPFQÃUVGGZKUVGRCTCNQEWCNGUPGEGUCTKQ[
UWHKEKGPVGSWG
H
Z H
Z
x 'ZKUVCGNNÈOKVGRQTNCFGTGEJC NKO =?
Z o Z Z Z
Z ! Z
H
Z H
Z
x 'ZKUVCGNNÈOKVGRQTNCK\SWKGTFC NKO =?
Z o Z Z Z
Z Z
[CODQUNÈOKVGUEQKPEKFCP

.CU GZRTGUKQPGU =? [ =? FGHKPGP TGURGEVKXCOGPVG NQ SWG UG FGPQOKPC FGTKXCFC RQT NC
FGTGEJC[FGTKXCFCRQTNCK\SWKGTFCFGHGP Z Z
FGTKXCFCUNCVGTCNGU'UVQUFQUEQPEGRVQU
GZVKGPFGP NC FGHKPKEKÎP FG FGTKXCFC FG WPC HWPEKÎP GP Z Z EWCPFQ FKEJC HWPEKÎP GUV¶
6 1
ÕPKECOGPVGFGHKPKFCGP Z D Î D Z TGURGEVKXCOGPVG

6GPKGPFQGPEWGPVCGNUKIPKHKECFQIGQOÃVTKEQFGNCFGTKXCFCEQOQRGPFKGPVGFGWPCEWTXC
GPWPRWPVQNCUGZRTGUKQPGU=?[=?EQTTGURQPFGPCNCUUKIWKGPVGUUKVWCEKQPGU

Z ZGY Z ZGY
3|
3l
2 2
3{| 3{l
Y Y Y Y
FRUUHVSRQGHDODH[SUHVLyQ>@ FRUUHVSRQGHDODH[SUHVLyQ>@

.C FGTKXCFC RQT NC FGTGEJC FG H GP Z Z FGHKPKFC RQT NC GZRTGUKÎP =? EWCPFQ
GZKUVG UG FGPQVC RQT Hc

Z FGN OKUOQ OQFQ NC FGTKXCFC RQT NC K\SWKGTFC UG FGUKIPC
RQT Hc
Z #UÈUKHGUFGTKXCDNGGP Z Z GPVQPEGUGZKUVG=?[UGVKGPGSWG
H c
Z 1 6
Hc Z 1 6
Hc Z

%&[[ FDOFXODU I c16
' [[ 1
(MHPSOR 'DGDODIXQFLyQ I [
/DJUiILFDGHIHV
Z

2
Y

/DGHULYDGDGHIHQ [ HVODSHQGLHQWHGHODUHFWDWDQJHQWHDHVWDJUiILFDHQHOSXQWR 3$KRUDELHQVLVH
2 1 67 2 1 67
GLEXMDGLFKDWDQJHQWHFRPRHOOtPLWHGHVHFDQWHVHQ I \ [ I [ FRQ [ ! \WDPELpQFRQ [
VHREWLHQH
Z /DVUHFWDVU\U·VRQ´WDQJHQWHVµDODJUiILFDGHIHQ
S S{ 3 +D\ SRU OR WDQWR GRV ´SHQGLHQWHVµ /DV
´SHQGLHQWHVµGHHVWDVUHFWDVVRQORVYDORUHVGHODV

2
SZY
GHULYDGDVODWHUDOHVGHIHQ [ \GDGRTXHU\U·

S{ZY
VRQGLVWLQWDVWDPELpQORVHUiQODVGHULYDGDVSRUOD
GHUHFKD \ SRU OD L]TXLHUGD HQ [ 3RU WRGR
HOORGHGXFLPRVTXHIQRHVGHULYDEOHHQ [
Y

$QDOtWLFDPHQWHVLFDOFXODPRVODVGHULYDGDVODWHUDOHVREWHQHPRVTXH
I c 16OLP
[ 1 OLP
6[
I c OLP
[
OLP
[
16

1 6
[ o [ [ o [ [ o [ [ o [
(OYDORU²HVSUHFLVDPHQWHODSHQGLHQWHGHODUHFWD U\HOYDORUHVODSHQGLHQWHGHODUHFWD U·
$VtSXHVH[LVWHQODVGHULYDGDVODWHUDOHVSHURQRFRLQFLGHQSRUORTXH IQRHVGHULYDEOHHQ [

(MHPSOR 16
'DGDODIXQFLyQ I [ [ [ FDOFXODU I c
'HDFXHUGRFRQODGHILQLFLyQ
16
I c OLP
1 6 16
I [ I
OLP
[ [ 1 61
OLP
[ [ 6 1 6
OLP [
[ o [ [ o [ [ o [ [ o
16 16 16
3RUWDQWR I c \DVLPLVPRH[LVWHQ I c \ I c VLHQGRHOYDORUGHDPEDVWDPELpQLJXDOD

3. 2WUDLQWHUSUHWDFLyQGHOFRQFHSWRGHGHULYDGD

#FGO¶UFGNUKIPKHKECFQIGQOÃVTKEQFGNCFGTKXCFCEQOQRGPFKGPVGFGNCTGEVCVCPIGPVG
C NC IT¶HKEC FG WPC HWPEKÎP GP WP RWPVQ VCODKÃP GU RQUKDNG KPVGTRTGVCT NC FGTKXCFC EQOQ NC
TC\ÎP FG ECODKQ FG WPC HWPEKÎP TGURGEVQ FG WPC CNVGTCEKÎP GP GN XCNQT FG NC XCTKCDNG
KPFGRGPFKGPVG#UÈFCFCNCHWPEKÎP [ 05
H Z GNEQEKGPVG
NKO
'[
NKO
1 6 1 6
H Z 'Z H Z
'Z o 'Z 'Z o 'Z
TGRTGUGPVC NC QTC\ÎP OGFKC FG ECODKQR FG NC XCTKCDNG [
Q FG NC HWPEKÎP H GP GN KPVGTXCNQ
Z Z 'Z FG XCTKCEKÎP FG NC XCTKCDNG KPFGRGPFKGPVG Z 'P QVTCU RCNCDTCU '[ 'Z GU NC
TGURWGUVCGP[EQTTGURQPFKGPVGCWPECODKQWPKVCTKQGPZ#UÈRQTGLGORNQUK ' V TGRTGUGPVC 05

GNGURCEKQTGEQTTKFQGPHWPEKÎPFGNVKGORQVGPWPFGVGTOKPCFQOQXKOKGPVQGPVQPEGU '' 'V
GU NC XGNQEKFCF OGFKC GP GN TGEQTTKFQ '' SWG JC UKFQ TGCNK\CFQ FWTCPVG 'V WPKFCFGU FG
VKGORQ5KECNEWNCOQU
NKO
'[
NKO
1 6 1 6
H Z 'Z H Z
'Z o 'Z 'Z o 'Z
1 6
GU FGEKT NC FGTKXCFC H c Z QDVGPGOQU NC QTC\ÎP FG ECODKQ KPUVCPV¶PGCR Q UKORNGOGPVG
QTC\ÎPFGECODKQRFG[TGURGEVQFGZEWCPFQ Z Z
'UVGNÈOKVGTGHNGLCNCQVGPFGPEKCRGPGNXCNQT
KPUVCPVGUKNCXCTKCDNGKPFGRGPFKGPVGGUV
EQPETGVQ Z Z FGNCTGURWGUVCFG [ 05
H Z CWPECODKQWPKVCTKQFGNCXCTKCDNGZ'NXCNQT
FGN NÈOKVG RTQRQTEKQPC KPHQTOCEKÎP VCPVQ FG NC OCIPKVWF EQOQ FG NC QFKTGEEKÎPRFGNECODKQ
05
SWGGZRGTKOGPVC H Z EQOQTGUWNVCFQFGWPCCNVGTCEKÎPGPZEWCPFQ Z Z

(MHPSOR 6HD H W W HO HVSDFLR UHFRUULGR SRU XQ PyYLO HQ W VHJXQGRV 'XUDQWH HO LQWHUYDOR GH
16 16 16
WLHPSR W FRQ W ! HO PyYLO VH GHVSOD]D H W H W PHWURV VLHQGR OD YHORFLGDG PHGLD
UD]yQGHFDPELRPHGLRHQHVHSHUtRGR
16 16 3
H W H W 8 1 6
W PHWURVVHJXQGR
W W
+DFLHQGRWHQGHU WKDFLDVHREWLHQHODYHORFLGDGGHOPyYLOHVGHFLUHOLQFUHPHQWRH QODIXQFLyQ H W SRU
XQLGDGGHFDPELRHQVXYDULDEOHLQGHSHQGLHQWH WHQHOLQVWDQWH W UD]yQLQVWDQWiQHDGHFDPELR
OLP
16 16
H W H
1 6
OLP W P VJ
W o W W o
(VWH OtPLWH HQ UHDOLGDG HV XQ OtPLWH SRU OD GHUHFKD W o SHUR HO UD]RQDPLHQWR SXHGH UHSHWLUVH SDUD
LQWHUYDORVGHODIRUPD W FRQ W REWHQLpQGRVHHOPLVPRUHVXOWDGRSDUDHOOtPLWHSRUODL]TXLHUGD$Vt
OLP
16 16
H W H
P VJ
W
W o
16
(OKHFKRGHVHU H c VLJQLILFDTXHHQ W HOHVSDFLRUHFRUULGRFUHFHDXQDWDVDGHXQLGDGHVSRU
FDGDXQLGDGTXHVHLQFUHPHQWDW

5HODFLyQHQWUHGHULYDELOLGDG\FRQWLQXLGDG

1DUÃTXGUGSWGNCFGHKPKEKÎPFGFGTKXCFCFGWPCHWPEKÎPHGPWPRWPVQ Z PQFCRQT
UWRWGUVQ SWG ÃUVC UKGORTG GZKUVC PKECOGPVG RWGFG JCDNCTUG FG FGTKXCFC EWCPFQ GN NÈOKVG
KPFKECFQGP=?GUV¶FGHKPKFQNQEWCNRWGFGPQUWEGFGTRQTWPQFGNQUUKIWKGPVGUOQVKXQU

C 0QGZKUVGCNIWPCFGNCUFGTKXCFCUNCVGTCNGUFGHGP Z
1 6 1 6

D 'ZKUVGP Hc Z [ Hc Z RGTQPQEQKPEKFGP
'UVCUUKVWCEKQPGUUGKNWUVTCPGPNQUGLGORNQUSWGUGKPFKECPCEQPVKPWCEKÎP
1 6 %&
[[
FDOFXODU I c16
' [ 1
(MHPSOR 'DGDODIXQFLyQ I [
Z
2

3RUGHILQLFLyQGHGHULYDGDVHWLHQHTXH

16
I c OLP
1 6 16
I [ I

[ o [
Y

&DOFXODPRVODVGHULYDGDVODWHUDOHV
1 6 1 6 OLP OLP o f
16
I c OLP
I [ I
[ [ o [ [ [ o [ o
I 1 [ 6 I 1 6 1 [ 6
I c 1 6
[
OLP OLP OLP
[ [ o [ [ [ o [ o
([LVWHODGHULYDGDSRUODL]TXLHUGD I c 16 SHURQRSRUODGHUHFKDSXHV f QRHVXQQ~PHURUHDO3RU

WDQWR IQRWLHQHGHULYDGDHQ [ 6LWHQHPRVHQFXHQWDHOVLJQLILFDGRJHRPpWULFRGHODGHULYDGDHQHVWH

FDVRVHWLHQH
Z 6L VH FRQVWUX\H OD UHFWD WDQJHQWH D OD J UiILFD GH I
2 1 67
Y
HQ I FRPR OtPLWH GH UHFWDV VHFDQWHV HQ

2 I 167 \ 2[ I 1[ 67 FRQ [ ! VH REWLHQH
2

FRPRUHVXOWDGRODUHFWD [ TXHHIHFWLYDPHQWH
WLHQHSHQGLHQWH f
Y

(MHPSOR 'DGDODIXQFLyQ I [ [ FDOFXODU I c 16
6LIHVGHULYDEOHHQ [ HQWRQFHVVHYHULILFDUiTXH
I c OLP
I [ I
16 I c
1 6 16 16 16
I c
[ o [
&DOFXOHPRVODVGHULYDGDVODWHUDOHV
16 [
[
I c OLP OLPOLP f
[ o [ [ o [ [ o [
I c 16

[ [
OLP OLP OLP f
[ o [ [ o [ [ o [
/DVGHULYDGDVODWHUDOHVHQHVWHFDVRWLHQHQHOPLVPR´YDORUµSHURQRH[LVWHQ\DTXH f QRHVXQQ~PHUR
UHDOSRUWDQWRIQRWLHQHGHULYDGDHQ [ $GLIHUHQFLDGHOHMHPSORDQWHULRUHQHVWHFDVRODJUiILFDGH IWLHQH
XQD~QLFDWDQJHQWHHQ [ SHURGLFKDUHFWDWDQJHQWHHVYHUWLFDOWLHQHSHQGLHQWHLQILQLWD

Z
GY
.BUBOHFOUFFO
FTMBSFDUBY

Y

.QU GLGORNQU [ KNWUVTCP NC ECWUC FG PQ GZKUVGPEKC FG FGTKXCFC KPFKECFC
CPVGTKQTOGPVGGP
C7PCOWGUVTCFGNUGIWPFQOQVKXQFGPQFGTKXCDKNKFCFUGÌCNCFQGP
DNQ
DTKPFCGNGLGORNQGPGNEWCNUGEQORTQDÎSWGNCHWPEKÎP
%& ZZ
' ZZ 0
H
Z
EW[CIT¶HKECGU
Z

Y

PQGTCFGTKXCDNGGP Z 05
[CSWG Hc z 05
Hc
# RCTVKT FG GUVQU GLGORNQU RQFGOQU QDUGTXCT GP NCU IT¶HKECU CNIWPCU ECWUCU SWG
FGUVTW[GPNCFGTKXCDKNKFCFEQOQUQP

K &KUEQPVKPWKFCF
XGTGLGORNQ

KK 2WPVQUQCPIWNQUQURGPNCIT¶HKECFGNCHWPEKÎP
XGTGLGORNQ

KKK 6CPIGPVGUXGTVKECNGU
XGTGLGORNQ
.CKPGZKUVGPEKCFGNCFGTKXCFCGPGUVQUECUQUGUV¶OQVKXCFCTGURGEVKXCOGPVGRQT

K 0QGZKUVGGNOGPQUWPCFGNCUFGTKXCFCUNCVGTCNGU

KK 2WGFGSWGGZKUVCPNCUFQUFGTKXCFCUNCVGTCNGURGTQUKGUVQUWEGFGUWUXCNQTGUPQ
EQKPEKFGP

KKK #ODCUFGTKXCFCUNCVGTCNGUPQGZKUVGP
1DUÃTXGUG SWG EQP TGURGEVQ C NC EQPVKPWKFCF GN GLGORNQU RQPG FG OCPKHKGUVQ SWG NC PQ
EQPVKPWKFCFFGWPCHWPEKÎPGPWPRWPVQ Z Z EQPNNGXCNCPQFGTKXCDKNKFCFFGNCHWPEKÎPGP
Z UKP GODCTIQ NC EQPVKPWKFCF GP Z PQ KORNKEC PGEGUCTKCOGPVG NC FGTKXCDKNKFCF FG NC

HWPEKÎPGPFKEJQRWPVQEQOQRWGFGQDUGTXCTUGGPNQUGLGORNQU['PTGNCEKÎPCGUVQUG
VKGPGGNUKIWKGPVGTGUWNVCFQ

2TQRQUKEKÎP5GC H WPC HWPEKÎP FGHKPKFC GP C D [ UGC E C D 5K H GU FGTKXCDNG GP
Z E GPVQPEGUHGUEQPVKPWCGP Z E

2QTQVTCRCTVGNQURWPVQUGPSWGGZKUVGPRGTQPQEQKPEKFGPNCUFGTKXCFCUNCVGTCNGU[
GPNQUEWCNGUNCHWPEKÎPGUEQPVKPWCUGFGPQOKPCPRWPVQUCPIWNQUQU'PEQPETGVQUGFKEGSWG
NCIT¶HKECFGWPCHWPEKÎPHVKGPGWPRWPVQCPIWNQUQGP Z Z UKHGUEQPVKPWCGP Z GZKUVGP
1 6 1 6 1 6 1 6
Hc Z Hc Z [ Hc Z z Hc Z
GY
Y
Y

'P NC FGHKPKEKÎP FG FGTKXCFC FG WPC HWPEKÎP GP WP RWPVQ UG EQPUKFGTC SWG GP GN
NÈOKVG
NKO
05 1 6
H Z H Z
.
Z o Z Z Z
. GU WP PÕOGTQ TGCN 2QFTÈC QEWTTKT UKP GODCTIQ SWG . f NQ SWG EQTTGURQPFGTÈC C WP
RWPVQGPNCIT¶HKECFG HEQPVCPIGPVGXGTVKECN
XGTGLGORNQ6CODKÃPRQFTÈCUWEGFGTSWG
. f 'PEWCNSWKGTCFGGUVQUECUQUUGFKEGSWGNCEWTXCVKGPGGP2RGPFKGPVGKPHKPKVC

Z
Z
2 2
.A .A
Y Y

&GPVTQ FG NQU RWPVQU CPIWNQUQU [ GP TGNCEKÎP EQP GUVQ ECDG FGUVCECT NQU RWPVQU
EWURKFCNGUEQOQCSWGNNQURWPVQUGPNQUSWGNCHWPEKÎPGUEQPVKPWCPQEQKPEKFGPNCUFGTKXCFCU
NCVGTCNGU[GNXCNQTFGNCUOKUOCUPQGUWPPÕOGTQTGCN)T¶HKECOGPVGÃUVQURWPVQUUQPFGNC
HQTOC
Z

1 6
Hc Z f
H c1 Z 6
2
f
Y
Y
Z

2
1 6
Hc Z f
H c1 Z 6
f

Y Y

(MHPSOR 6HDIXQDIXQFLyQGHILQLGDHQ FX\DJUiILFDHV
Z
Y
,QGLFDU
D ¢(QTXHSXQWRVQRHVFRQWLQXDI"
E ¢(QTXHSXQWRVQRHVGHULYDEOHISHURVtHVFRQWLQXD"
F ,QGLFDUDOJ~QSXQWRHQTXH
/DGHULYDGDGHIVHDSRVLWLYD
/DGHULYDGDGHIVHDQHJDWLYD
I c VHDLQILQLWD
I c VHDGLVWLQWDGH I c
6ROXFLyQ
D /DIXQFLyQIQRHVFRQWLQXDHQ [
E /D IXQFLyQ I HV FRQWLQXD HQ [ [ \ [ SHUR QR HV GHULYDEOH HQ GLFKRV SXQWRV (Q
FRQFUHWR [ \ [ VRQSXQWRVDQJXORVRV\ [ HVXQSXQWRFXVSLGDO
F 3RUHMHPSOR
/DGHULYDGDGHIHVSRVLWLYDHQ [ 2 1 67
\DTXHODUHFWDWDQJHQWHDODJUiILFDGH IHQHOSXQWR I
WLHQHSHQGLHQWHSRVLWLYD
/DGHULYDGDGHIHVQHJDWLYDHQ [ 2 1 67
SXHVODUHFWDWDQJHQWHDODJUiILFDGH IHQHOSXQWR I
WLHQHSHQGLHQWHQHJDWLYD

/DGHULYDGDSRUODGHUHFKDGHIHVLQILQLWDHQ [
(Q [ 1 6 1 6 1 6
I c z I c SXHV I c 1 6
\ I c

'P QECUKQPGU NC PQ FGTKXCDKNKFCF FG WPC HWPEKÎP H GP WP RWPVQ Z PQ UG FGVGEVC C
RCTVKTFGUWIT¶HKEC2QTGLGORNQNCHWPEKÎP
%KZ UGP Z z
&K
H
Z Z
' Z
H c05 RGTQGUVQPQGUQDUGTXCDNGGP

PQGUFGTKXCDNGGP Z RWGUPQGZKUVG NKO UGP
'Z o 'Z
UWIT¶HKECFCFCRQT

5. )XQFLyQGHULYDGD

5KHGUWPCHWPEKÎPFGHKPKFCGPWPKPVGTXCNQCDKGTVQ+VCNSWGGZKUVG H c Z RCTCVQFQ 05
Z + UGFKEGSWGHGUFGTKXCDNGGP+[GPGUVGECUQGURQUKDNGFGHKPKTNCHWPEKÎPFGTKXCFCFGH
GP+RQT
H c + o
Z o H c Z 05 NKO
0
H Z 'Z H Z 5 05
'Z o 'Z
5K + GU WP KPVGTXCNQ PQ CDKGTVQ RCTC IGPGTCNK\CT NC FGHKPKEKÎP FG HWPEKÎP FGTKXCFC
DCUVC EQPUKFGTCT GP NQU RWPVQU GZVTGOQU FG + NC GZKUVGPEKC FG NCU FGTKXCFCU NCVGTCNGU
EQTTGURQPFKGPVGU

05
7PC XG\ FGHKPKFC H c Z RCTC VQFQ Z + GU RQUKDNG RNCPVGCTUG UK GUVC HWPEKÎP VKGPG
0 50 5
VCODKÃP HWPEKÎP FGTKXCFC GU FGEKT UK GZKUVG H c c Z %CUQ FG GZKUVKT GUVC HWPEKÎP UG
F H
FGPQOKPCHWPEKÎPFGTKXCFCUGIWPFCFGH[UGFGPQVCRQT H cc Q
FZ
4GKVGTCPFQ GUVG CTIWOGPVQ RWGFGP FGHKPKTUG NCU FGTKXCFCU UWEGUKXCU FG H VGTEGTC
EWCTVCSWKPVCWEW[CPQVCEKÎPGU
0 5 FHFZ0 Z5
Hc Z {
F H 0Z5
H cc0 Z 5 {

FZ
F H 0Z5
H ccc0 Z 5 {

FZ
#
F H 0Z5
H 0Z5 {
P
P
FZ P

(MHPSOR 'DGD I [ [ [ FDOFXODUODVIXQFLRQHV I c \ I cc
'HDFXHUGRFRQODGHILQLFLyQ\ODH[SUHVLyQ>·@SDUDWRGR [
16
Ic[ OLP
1 6
I [ '[ I [
OLP
1 [ '[ 6
[ '[ [ [3 8 OLP
1 '[ 6
['[ '[
'[ '[ '[
1 6
'[ o '[ o '[ o
OLP '[ [ [
'[ o
16
HVGHFLU I c [ [ 3RURWUDSDUWH
1 6 OLP I c1[ ''[[6 I c1[ 6

I cc [
'[ o
OLP
'[ o
1 6
[ '[ [
'[
1 6 OLP
'[ o
'[
'[

\SRUORWDQWR I cc1 [ 6

6. 5HJODVGHGHULYDFLyQ

.C QDVGPEKÎP FG NC FGTKXCFC FG WPC HWPEKÎP [ 05
H Z GP WP RWPVQ EWCNSWKGTC Z
EQOQUGJCXKUVQGPGNGLGORNQRTGEGFGPVGEQPUVCFGEWCVTQGVCRCUQRCUQU
1
*CNNCT H Z 'Z 6
1 6 H 1 Z 'Z 6 H 1 Z 6
%CNEWNCTGNKPETGOGPVQFGNXCNQTFGNCHWPEKÎP 'H Z
H 1 Z 'Z 6 H 1 Z 6
'UVCDNGEGTNCTC\ÎPFGECODKQQEQEKGPVGKPETGOGPVCN
'Z
(KPCNOGPVGJCNNCTGNNÈOKVG
UKGZKUVG H cc Z 1 6 NKO
1
H Z 'Z H Z 6 1 6
'Z o 'Z
(MHPSOR 'DGD I [ 16[ Q Q FDOFXODUODGHULYDGDGHIHQ [ D

$SOLFDQGRHOSURFHGLPLHQWRDQWHVLQGLFDGRVHREWLHQH
1 6 1 Q
6 ¦
Q

Q L Q L
I D '[ D '[

L L
D '[ 3RUHOELQRPLRGH1HZWRQ
Q
'I 1D 6 I 1D '[ 6 I 1D 6 ¦ D '[ D
Q
¦
Q D '[ Q
L L
L Q L Q L Q L
L L
Q
&RFLHQWHLQFUHPHQWDO ¦ D '[
Q
L
L Q

L
% Q Q
I c1D 6 OLP & D '[ D'[ !
Q D () Q D
' Q * Q
Q Q Q Q
Q D Q
'[ o
3XHVWRTXHDUHSUHVHQWDFXDOTXLHUYDORUGH[SRGHPRVHVFULELU I c1 [ 6 Q [ Q

5GT¶ EKGTVC NC GZRTGUKÎP QDVGPKFC GP GN GLGORNQ CPVGTKQT EWCPFQ P O EQP
O
O OGUFGEKTUK H
Z Z !.CTGURWGUVCGUCHKTOCVKXCGPGHGEVQRQTNCFGHKPKEKÎPFG
FGTKXCFC
05
Hc C NKO
05 05
H Z H C
NKO
O
Z OC

ZoC ZC ZoC ZC
1DUÃTXGUGSWG
C D 0C D50
C D5
UWOCPFQU
C D 0C D52C
CD D 7

UWOCPFQU
C D 0C D52C
C D CD D 7

UWOCPFQU
[GPIGPGTCNFCFQ P
CP DP 0C D52C
C D C D ! CD D 7
P

P P P P
PUWOCPFQU

%QOQ Z C 2 Z 7 2C 7 CRNKECPFQNCGZRTGUKÎPCPVGTKQTUGVKGPG
O O O O
Z C 2Z C 7 2Z 7
O O
2 Z 7 2 C 7!2 Z 72 C 7
O O O O O
2C 7 O O O O

[UWUVKVW[GPFQGPGNNÈOKVGSWGFGHKPG H c0 C5 TGUWNVC
H c0 C5 NKO

2 Z 7 2 Z 7 2C 7!2 Z 72C 7 2C 7
ZoC O O O O O O O O

O O
O
O O O O O C
O
C O C O O C O O ! C O OC O
#UÈRWGUEQOQCTGRTGUGPVCEWCNSWKGTXCNQTFGZRWGFGGUETKDKTUGSWG
05

O
Hc Z Z
O
'PIGPGTCNFCFC H Z 05 Z C C UGXGTKHKECSWGGPCSWGNNQURWPVQUZGPNQUSWGH
05
GUFGTKXCDNG H c Z CZ C

1DUÃTXGUGSWGGUVGRTQEGFKOKGPVQRCTCECNEWNCTNCFGTKXCFCFGWPCHWPEKÎPPQGUOW[
QRGTCVKXQ[RWGFGEQORNKECTUGFGRGPFKGPFQFGNCPCVWTCNG\CFGNCHWPEKÎPCPCNK\CFC2QTGUVC
TC\ÎP UWRQPKGPFQ SWG UG EQPQEG NC GZKUVGPEKC FG NC HWPEKÎP FGTKXCFC KPFKECTGOQU CNIWPCU
TGINCUFGFGTKXCEKÎP
QDVGPKFCUCRCTVKTFGNOÃVQFQFGNQUQEWCVTQRCUQURSWGPQURGTOKVKT¶P
ECNEWNCTNCUFGTKXCFCUFKTGEVCOGPVG

H
Z E o 0 5
Hc Z
05H 0 Z5 Z C C o H c0 Z 5 CZ C
05H 0 Z5 GZ o H c0 Z 5 G Z
05H 0 Z5 CZ o H c0 Z 5 C NP C
Z
05H 0 Z5 NP Z o H c0 Z 5 Z
05H 0 Z5 NQI C Z o H c0 Z 5 0 Z 5 NQI C G
05H 0 Z5 UGPZ o H c0 Z 5 EQUZ
05H 0 Z5 EQUZ o H c0 Z 5 UGPZ
6CDNC#

&CFQSWGOWEJCUHWPEKQPGUUQPTGUWNVCFQFGQRGTCEKQPGUGNGOGPVCNGUFGNCUHWPEKQPGU
CPVGTKQTGUEQPXKGPGEQPQEGTEWCNGUNCFGTKXCFCFGNCUWOCFGFQUHWPEKQPGUUWRTQFWEVQ[
EQEKGPVG'PTGNCEKÎPCGUVQUGVKGPG

05

&CFC J Z 05 05
H Z I Z o 05
Jc C 05 05
H c C Ic C

&CFC J0 Z 5 H 0 Z 5 I0 Z 5 o J c0 C 5 H c0 C5 I0 C5 H 0 C5 I c0 C5
H 0Z5 H c0 C5 I0 C5 H 0 C5 I c0 C5

&CFC J0 Z 5 EQPI0 C5 z J c0 C 5
I0 Z 5
o
I0 C5

6CDNC$

(MHPSOR &DOFXODUODGHULYDGDGH K [ 1 6 [ [[ HQ [

I 1[ 6
/D IXQFLyQ K1 [ 6 YLHQH GDGD SRU K1 [ 6 GRQGH I 1 [ 6 [ \ J 1 [ 6 [ [ $SOLFDQGR ODV
J 1[ 6

UHJODVDQWHULRUHV
I c16 J 16 I 16 J c16 I 16 I c16 16

K c1 [ 6
J 16

VLHQGR
J 16

\
J c16 16 16

3RUWDQWR
Kc 16

.CUTGINCUFGFGTKXCEKÎPKPFKECFCUGPNCUVCDNCU#[$PQRGTOKVGPQDVGPGTNCFGTKXCFC
FGHWPEKQPGUFGNVKRQ
05
H Z 2
NP Z 7
H 0Z5
UGPZ

G Z
[CSWG H [ H PQUQPGNTGUWNVCFQFGQRGTCEKQPGUGNGOGPVCNGUGPVTGHWPEKQPGUUGOGLCPVGUC
NCU KPFKECFCU GP NC VCDNC # UKPQ EQORQUKEKÎP FG NCU OKUOCU 2QT GNNQ PQU KPVGTGUC EQPQEGT
EWCNGUNCFGTKXCFCFGWPCHWPEKÎPEQORWGUVC

2TQRQUKEKÎP
4GINCFGNCECFGPC
5GCHWPCHWPEKÎPVCNSWG H I D J UKGPFQJ[IHWPEKQPGUFGTKXCDNGUGP Z [ J Z 1 6
TGURGEVKXCOGPVG'PVQPEGUUGXGTKHKECSWGHGUFGTKXCDNGGP Z [
1 6 Ic2J1 Z 67 Jc1 Z 6
H c Z
16
VHQ[
(MHPSOR /DIXQFLyQ I [ H[ HVFRPSRVLFLyQGH

VHQ[
[
\ J W H W
K [ 16
VLHQGR K \ J IXQFLRQHV GHULYDEOHV HQ WRGR SXQWR $Vt SXHV DSOLFDQGR OD SURSRVLFLyQ GHGXFLPRV TXH
16
I [ HVGHULYDEOHHQ \FRPR
16
Kc [
3 8
FRV[ [ VHQ [ [ 16 3 8
[ FRV[ [VHQ[
3[ 8

3[ 8

J c1 W 6 W
H

VHWLHQHTXH
16
I [ 16
H 1 6 Kc [
K [
VHQ[
H[

3 8
[ FRV[ [VHQ[

3[ 8

.CTGINCFGNCECFGPCPQURGTOKVGFGVGTOKPCTEW¶NGUNCFGTKXCFCFGNCHWPEKÎPKPXGTUC
FGWPCHWPEKÎP4GEQTFGOQUSWGEWCPFQWPCHWPEKÎP [ H
Z GUKP[GEVKXCGZKUVGNCHWPEKÎP
H KPXGTUCFGH
XGTVGOCFGVCNHQTOCSWGRCTCVQFQZRGTVGPGEKGPVGCNFQOKPKQFGH[
H UGXGTKHKECSWG
2 H H 70 Z5 2 H

70 5
DH Z Z
'UVC TGNCEKÎP GPVTG H [ UW HWPEKÎP KPXGTUC PQU NNGXC C RTGIWPVCTPQU UQDTG NC GZKUVGPEKC [ GN
XCNQTFGNCFGTKXCFCFG H [VCODKÃPUQDTGNCRQUKDNGTGNCEKÎPFGGUVCFGTKXCFCEQPNCFGNC
HWPEKÎPHUWRWGUVQSWGGZKUVGPCODCUFGTKXCFCU
'P EQPETGVQ UG VKGPG SWG UK [ H
Z GU WPC HWPEKÎP KP[GEVKXC FGTKXCDNG GP Z C
GPVQPEGUNCHWPEKÎPKPXGTUCGUFGTKXCDNGGP D 05
H
C UK H c C z [GNXCNQTFGGUVCFGTKXCFC
GUKIWCNC

FZ
D05
=?
F[ F[
FZ
C 05
QEQPNCPQVCEKÎPJCDKVWCN
2 H 70D5

Hc C05
=O?
.C QDVGPEKÎP FG GUVC GZRTGUKÎP GU KPOGFKCVC C RCTVKT FG NC TGINC FG NC ECFGPC
&GHKPKOQU J
Z 0I D H 50 Z5 GPVQPEGUUKHGUFGTKXCDNGGP Z C [IGUFGTKXCDNGGP H 0C5 UG
VKGPG SWG J c0 C5 I c1 H 0 C56 H c0 C5 #JQTC DKGP UK I GU NC KPXGTUC FG H GPVQPEGU J0 Z 5 Z [
RQTVCPVQ J c0 C5 #UÈRWGU
I c1 H 0 C56 H c0 C5 I c1 H 0 C56

H c0 C 5

[EQOQ H 0 C5 D UGVKGPG
I c0 D 5 2 H 7 c 0 D 5

H c0 C 5

UKGORTGSWG H c0 C5 z

G[
(MHPSOR +DOODUODGHULYDGD HQ \ FXDQGR \ [
G\
/DIXQFLyQ \ I [ 16 [ HVHVWULFWDPHQWHFUHFLHQWHSRUWDQWRHVLQ\HFWLYD\H[LVWH I
$VtSXHVDSOLFDQGR
ODH[SUHVLyQ>@

G[

G\
G[
3 1 68
G\
I
\FRPR
\ [ [ \SRUWDQWR I
16
1 6 16
Ic

HQWRQFHV
G[

G\
(VWHUHVXOWDGRSXHGHFDOFXODUVHWDPELpQGHULYDQGRGLUHFWDPHQWHVREUHODIXQFLyQLQYHUVD$Vt
\ I [ [ [ I \ \ \ 16
3 8c 1 \ 6
\SRUODIyUPXODGHODWDEOD$ I

\ VLHQGRHQ \ I
16
c

7. 7HRUHPDVGH5ROOH\GHOYDORUPHGLR

7PQFGNQUQDLGVKXQUFGNE¶NEWNQKPHKPKVGUKOCNGUGNGUVWFKQFGNCUECTCEVGTÈUVKECUFGWPC
HWPEKÎP FCFC FGHKPKFC GP WP KPVGTXCNQ +PVGTGUC GUVWFKCT EW¶PFQ WPC HWPEKÎP GU ETGEKGPVG Q
FGETGEKGPVG EW¶PFQ VKGPG WP O¶ZKOQ Q WP OÈPKOQ EÎOQ UG NQECNK\CP GUVQU 'ZKUVGP
FKXGTUQU TGUWNVCFQU FKTKIKFQU C GUG QDLGVKXQ EW[C FGOQUVTCEKÎP FGRGPFG FG FQU TGUWNVCFQU
HWPFCOGPVCNGUGN6GQTGOCFG4QNNG[GN6GQTGOCFGNXCNQTOGFKQ

6GQTGOC
6GQTGOCFG4QNNG
0 5
5GC WPC HWPEKÎP EQPVKPWC GP C D FGTKXCDNG GP C D [ VCN SWG H
C H
D
0 5
'PVQPEGUGZKUVGCNOGPQUWPRWPVQ E C D VCNSWG H c E 05

'N UKIPKHKECFQ IGQOÃVTKEQ FGN 6GQTGOC FG 4QNNG GU GN UKIWKGPVG UK NC IT¶HKEC FG WPC
HWPEKÎPFGTKXCDNGVKGPGWPCEWGTFCRCTCNGNCCNGLGZGPVQPEGUVGPFT¶CNOGPQUWPCVCPIGPVG
JQTK\QPVCN
Z
FXHUGDKRUL]RQWDO
GB GC
B C Y

0 5
.C JKRÎVGUKU FG SWG H UGC FGTKXCDNG GP C D GU GUGPEKCN 5K PQ UG EWORNG PQ VKGPG
RQTSWÃXGTKHKECTUGNCEQPENWUKÎPFGN6GQTGOCFG4QNNGEQOQUGKNWUVTCGPGNUKIWKGPVGIT¶HKEQ
Z
G{D QRHVWiGHILQLGD
GB GC
B C Y

.C JKRÎVGUKU FG EQPVKPWKFCF FG H GP C D VCODKÃP GU ENCXG VCN EQOQ OWGUVTC NC
UKIWKGPVGHKIWTC
Z Z
GB GC
GB GC
B C Y B C Y
0PFYJTUFDUBMRVFG{D

[ [
(MHPSOR 'DGD I [ HVWXGLDUSDUDTXpSXQWRVGHOLQWHUYDOR ODGHULYDGDGHIHV
[
FHUR
'DGRTXH
[ [ o[
r r %&
'
HQWRQFHV I I
3RURWUDSDUWHFRPR
Ic[16 1 61
[
6 3
[ [ [ [
1 6

8
[ [ [ [ [
[

1

6
VHWLHQHTXH
Ic[ 16 1
[ [
[

[ [
6
(VWDHFXDFLyQHQYLUWXGGHO7HRUHPDGH5ROOHKDGHWHQHUVROXFLyQHQ (QHIHFWRVXVUDtFHVVRQ
r r
[

YHULILFiQGRVHTXH [ \ I c 4 9

'N6GQTGOCFGNXCNQTOGFKQIGPGTCNK\CGNFG4QNNGGPGNUGPVKFQFGSWGRCTCEWCNSWKGT
EWGTFC FG NC IT¶HKEC FG WPC HWPEKÎP FGTKXCDNG GZKUVG WP RWPVQ FG FKEJC IT¶HKEC GPGNSWGNC
VCPIGPVGGURCTCNGNCCNCEWGTFC
Z
CGC
BGB
Y
B D C

6GQTGOC
6GQTGOCFGNXCNQTOGFKQ
5GCHWPCHWPEKÎPEQPVKPWCGP C D [FGTKXCDNGGP C D 'PVQPEGUGZKUVGCNOGPQU0 5
0 5
WPRWPVQ E C D VCNSWG
05 05
H D H C 0 50
Hc E DC 5
QNQSWGGUKIWCN
05 05
H D H C
05
Hc E
DC
FQPFG
05 05
H D H C
GUNCRGPFKGPVGFGNCEWGTFCGPVTGNQURWPVQU C H C [ D H D [ H c E 1 0 56 1 0 56 05
DC
GUNCRGPFKGPVGFGNCTGEVCVCPIGPVGCNCIT¶HKECGP E H E 1 0 56

(MHPSOR &RPSUREDUVLVHYHULILFDHO7HRUHPDGHOYDORUPHGLRSDUDODIXQFLyQ I [ [ HQHO
LQWHUYDOR
(VIiFLOFRPSUREDUTXHVHYHULILFDQODVKLSyWHVLVGHOWHRUHPDSXHV IHVFRQWLQXDHQ \GHULYDEOHHQ 1 6
'HGXFLPRVSRUHOORTXHGHEHH[LVWLUDOJ~Q F WDOTXH 1 6
I 16 I 16

16
IcF
&RPR I c [16

[
HQWRQFHV

16
[ [
Ic[
3RUWDQWRHO7HRUHPDGHOYDORUPHGLRVHFXPSOHSDUD [ 1 6

7PCKORQTVCPVGEQPUGEWGPEKCFGN6GQTGOCFGNXCNQTOGFKQGUNCTGINCFG.y*ÏRKVCN
SWG RGTOKVG TGUQNXGT EKGTVCU KPFGVGTOKPCEKQPGU GP GN E¶NEWNQ FG NÈOKVGU WVKNK\CPFQ GN E¶NEWNQ
FKHGTGPEKCN

6GQTGOC
4GINCFG.O*ÏRKVCN
5GCP H [ I HWPEKQPGU EQPVKPWCU [ FGTKXCDNGU GP WP KPVGTXCNQ CDKGTVQ + VCNGU SWG
1 6 I1 Z 6
H Z 05
EQP Z + [ I c Z z RCTCVQFQ Z + Z ; @
05
Hc Z H Z 05
H Z 05 05
Hc Z
5KGZKUVG NKO
Z o Z 05
Ic Z
GPVQPEGUVCODKÃPGZKUVG NKO
Z o Z I Z
[ NKO
05
Z o Z I Z 05 NKO
Z o Z 05
Ic Z

.CFGOQUVTCEKÎPUGFGFWEGFGOCPGTCFKTGEVCCRCTVKTFGNVGQTGOCRWGURCTCVQFQ
Z + UGVKGPGSWG
0 5 H 0 Z5 H 1 Z 6 H c1E 61 Z Z 6EQPE GPVTGZ[Z
H Z Z Z
I0 Z 5 I0 Z 5 I1 Z 6 I c1 F 61 Z Z 6EQPF GPVTGZ[Z
Z Z

1DUGTXCEKQPGU
.C TGINC FG .O*ÏRKVCN VCODKÃP GU X¶NKFC UK NCU HWPEKQPGU H [ I PQ GUV¶P FGHKPKFCU GP GN
RWPVQ Z [ NKO H Z
Z o Z
05 NKO I
Z
Z o Z

'NGPWPEKCFQFGNVGQTGOCUKIWGUKGPFQX¶NKFQEWCPFQ NKO H

Z rf [ NKO I
Z rf
Z o Z Z o Z
6CODKÃPRWGFGCRNKECTUGUK Z VKGPFGC f Î f

05
Hc Z f
5KGPNCGZRTGUKÎP NKO
Z o Z 05
Ic Z
UGXWGNXGCRTGUGPVCTWPCKPFGVGTOKPCEKÎPFGNVKRQ Î
f
UGRWGFGXQNXGTCCRNKECTNC4GINCFG.O*ÏRKVCN
.C KIWCNFCF GPVTG GN NÈOKVG FG WP EQEKGPVG FG HWPEKQPGU [ GN NÈOKVG FGN EQEKGPVG FG UWU
FGTKXCFCU UÎNQ UG EWORNG EWCPFQ UG RTGUGPVC WPC FG GUCU KPFGVGTOKPCEKQPGU 'P ECUQ
EQPVTCTKQ FKEJC KIWCNFCF PQ GU EKGTVC EQOQ UG RWGFG CRTGEKCT UK EQPUKFGTCOQU NCU
HWPEKQPGU H
Z Z [ I
Z Z RCTCNCUSWG
05
H Z Z Hc Z05

NKO
Z o 05
I Z
NKO
Z o Z
z NKO
Z o Ic Z05 NKO
Zo

(MHPSOR 8WLOL]DQGROD5HJODGH/·+{SLWDOSRGHPRVFDOFXODUORVVLJXLHQWHVOtPLWHV
VHQ[ FRV[
D OLP OLP
[ o [ /
+{SLWDO [ o
[
E OLP OLP OLP [
[ o OQ [ /
+{SuWDO [ o [ [ o
[ [
F OLP OLP OLP
[ o FRV[ 1 /
+{SLWDO 6 [ o VHQ[ /
+{SLWDO [ o FRV[
[
G OLP [ H [ OLP [ OLP 2EVpUYHVH TXH HO OtPLWH OLP [ H [ SUHVHQWDED XQD
[ of [ of H /
+{SLWDO [ of H [ [ of
LQGHWHUPLQDFLyQGHOWLSR f TXHVHKDWUDQVIRUPDGRHQXQDGHOWLSR f f

'LIHUHQFLDOGHXQDIXQFLyQHQXQSXQWR

&CFC WPC HWPEKÎP FGTKXCDNG GP Z 1 6
Z CUQEKCFC CN PÕOGTQ H c Z RWGFG FGHKPKTUG
WPCPWGXCHWPEKÎPVCNEQOQUGKPFKECGPNCUKIWKGPVGFGHKPKEKÎP

&GHKPKEKÎP 5GCHFGHKPKFCGPWPKPVGTXCNQCDKGTVQ+[FGTKXCDNGGP Z Z + 5GFGHKPGNC
HWPEKÎPFKHGTGPEKCNFGHGP Z EQOQNCHWPEKÎPNKPGCN
05
FH Z Z 1 61
H c Z Z Z 6
QVCODKÃPFGOCPGTCGSWKXCNGPVGVQOCPFQ 'Z Z Z
0 5
FH Z 'Z 1 6
H c Z 'Z

.CFKHGTGPEKCN FH Z CRTQZKOCNCXCTKCEKÎP 'H Z 1 6 H 0 Z5 H 1 Z 6 FGNCHWPEKÎPHUKZPQ

GUV¶FGOCUKCFQCNGLCFQFG Z

2 1 67
'P QVTCU RCNCDTCU NC VCPIGPVG GP Z H Z C NC IT¶HKEC FG H CRTQZKOC C NC EWTXC GP NCU
EGTECPÈCUFG Z EQPNCXGPVCLCSWGUWRQPGGPNQUE¶NEWNQUGNOCPGLCTWPCTGEVC
RQNKPQOKQFG
RTKOGTITCFQGPNWICTFGWPCEWTXCCECUQO¶UEQORNKECFC&GWPCOCPGTCRTGEKUCUGVKGPG
1 6
'H Z
1 6
FH 0 'Z 5
NKO UWRWGUVQSWG H c Z z
'Z o
Z
[CSWG
1 6 1 6
1 6 1 6
'H Z 'H Z
H c1 Z 6'Z 1 6
NKO NKO H c Z
'Z o
H c Z 'Z o 'Z H c Z

(MHPSOR 'DGDODIXQFLyQ I [ 16 [ VHWLHQHTXHVXIXQFLyQGLIHUHQFLDOHQ [ HV

16
GI [ 1 61
I c [ 6

1 6
[
SRUVHU
1 6 [ \ I c16
Ic[
&RQ D\XGD GH OD IXQFLyQ GLIHUHQFLDO GI 1 '[ 6 1'[ 6 SRGHPRV FDOFXODU HO YDORU DSUR[LPDGR GH

SDUDHOOREDVWDWRPDU '[ REWHQLpQGRVH
1 6 1 6
I | I GI 1 6 I 16 I c16

\DTXH 'I 1 6 I 16 I 1 6 | GI 16

(MHUFLFLRVUHVXHOWRV

5GC H Z05 Z Z *CNNCT
C 'NEQEKGPVGKPETGOGPVCN
O
0 5 05
H Z 'Z H Z

'Z
FG NC HWPEKÎP H FGN RWPVQ 2 1 Z H 0 Z56 CN 3 1 Z 'Z H 0 Z 'Z 56 3WÃ TGRTGUGPVC
IGQOÃVTKECOGPVGGNXCNQTO!
D 5K 2 05 JCNNCTORCTCNQUUKIWKGPVGUXCNQTGUFG 'Z 'Z 'Z 'Z
'Z 'Z 'Z 'Z 'Z
E %CNEWNCT NC FGTKXCFC FG H GP Z %W¶N GU GN UKIPKHKECFQ IGQOÃVTKEQ FG FKEJC
FGTKXCFC!

5QNWEKÎP
C &CFQSWG H Z 05 Z Z UGVKGPG
0
H Z 'Z 5 0

Z 'Z Z 'Z 5 0 'Z 5
Z'Z Z Z 'Z
#UÈRWGU
O
0'Z5
Z'Z 'Z
'Z Z
'Z
'N XCNQT FG O TGRTGUGPVC NC RGPFKGPVG FG NC TGEVC SWG RCUC NQU RWPVQU 2 1 Z H 0 Z56 [
3 1 Z 'Z H 0 Z 'Z 56
D $CUVCEQPUWUVKVWKTGPO Z G 'Z RQTECFCWPQFGNQUXCNQTGUSWGUGKPFKECPGPGN

GPWPEKCFQQDVGPKÃPFQUGSWG
UK 'Z O
UK 'Z O
UK 'Z O
UK 'Z O
UK 'Z O
UK 'Z O
UK 'Z O
UK 'Z O

E &GCEWGTFQEQPNCFGHKPKEKÎP
0 5 NKO H 0 ''ZZ5 H 05 NKO 0'Z 5

H c
'Z o 'Z o
FQPFG GN XCNQT H c0 5 TGRTGUGPVC NC RGPFKGPVG FG NC TGEVC VCPIGPVG C NC IT¶HKEC FG
H 0 Z 5 Z Z GPGNRWPVQ Z

1DUÃTXGUGSWGNQUXCNQTGUFGOO¶URTÎZKOQUC H c05 EQTTGURQPFGPCNCUECPVKFCFGU 'Z O¶U
RGSWGÌCUGPXCNQTCDUQNWVQ

'DGDODIXQFLyQ 05
H Z Z Z GLEXMDUODUHFWDWDQJHQWHDODJUiILFDGHI
HQHOSXQWR 0 5 $GHPiV

D'LEXMDUODUHFWDTXHSDVDSRU 0 5 \ 2 Z Z Z 7 FRQ Z !
D *CNNCTNCRGPFKGPVGFGFKEJCTGEVC
E *CEKGPFQ SWG Z VKGPFC C L JCNNCT NC RGPFKGPVGFGNCTGEVCVCPIGPVGCNCIT¶HKECFG HGP

05

5QNWEKÎP
C &KDWLGOQUGPRTKOGTNWICTNCIT¶HKECFG H[UQDTGGNNCNCTGEVCSWGRCUCRQTNQURWPVQU
05 [ 2 Z Z
7
Z EQP Z !
S
Y"Y

Y

0 5 2 7
D .CRGPFKGPVGFGNCTGEVCTSWGRCUCRQTNQURWPVQU [ Z Z Z XKGPGFCFCRQT
0 5
Z Z Z Z
O
0 5
Z Z

E %CNEWNCOQUGNNÈOKVGFGNCGZRTGUKÎPSWGFGHKPGOEWCPFQZVKGPFGJCEKC
NKO
Z Z
NKO
0 Z 50 Z 5 0
NKO Z 5
Z o Z Z o Z Z o
2QTVCPVQNCRGPFKGPVGFGNCTGEVCVCPIGPVGCNCIT¶HKECFG H
Z 0 5
Z Z GPGNRWPVQ
VKGPGEQOQXCNQT

.QU KPITGUQU FG WPC GORTGUC RQT NC XGPVC FG Z WPKFCFGU FG FGVGTOKPCFQ RTQFWEVQ
XKGPGPFCFQURQTNCHWPEKÎP
+
Z
0 Z 5

.QU ICUVQU SWG QECUKQPC C NC GORTGUC RQPGT C NC XGPVC Z WPKFCFGU FGN RTQFWEVQ GUV¶P
FGVGTOKPCFQURQT
Z
)
Z

5GRKFG
C %CNEWNCTNCTC\ÎPFGECODKQKPUVCPV¶PGQFGNPKXGNFGKPITGUQUEWCPFQ Z
D +FGORCTCGNPKXGNFGICUVQU
E%W¶NGUGNTKVOQFGXCTKCEKÎPFGNQUDGPGHKEKQUEWCPFQ Z !

5QNWEKÎP
C .CTC\ÎPFGECODKQKPUVCPV¶PGQFGNPKXGNFGKPITGUQUXKGPGFCFCRQTNCFGTKXCFCFG +
Z
GP Z CUÈRWGUECNEWNCOQU
0 Z 5
05 05 05
+ Z +

Z 0 5
+c NKO
Zo Z
NKO
Z o Z
NKO
Z o Z 0 5

Z Z Z Z0 50
Z 5 0 5
NKO
0
Zo Z 5 NKO
Zo Z
NKO
Z o 0

5
D'PGNECUQFGNCHWPEKÎPFGICUVQUUGVKGPG
05 05 05
) Z ) Z 0 5 Z
)c NKO
Z o Z
NKO
Zo Z
NKO
0
Z o Z 5

E'NTKVOQFGXCTKCEKÎPFGNQUDGPGHKEKQUEWCPFQ Z 05
XKGPGFCFQRQT $c #JQTCDKGP
0 5 +0 Z5 )0 Z5 RCTCVQFQ Z GPVQPEGU $c0 Z5 + c0 Z5 )c0 Z5 FGFQPFG

EQOQ $ Z
$ c0 5 + c0 5 ) c 0 5 0 5

5GCPH[IFQUHWPEKQPGUEW[CUIT¶HKECUUQP
Z
GY

Y

HY

Y

C'PSWÃRWPVQUPQUQPEQPVKPWCUNCUHWPEKQPGUH[I!
D'PSWÃRWPVQUPQUQPFGTKXCDNGUH[IRGTQUÈUQPEQPVKPWCU!
E+PFKECTNQURWPVQUGPNQUSWG
'ZKUVGP Hc [ Hc RGTQPQEQKPEKFGP
0QGZKUVG Ic Q Ic
0QGZKUVG Hc PK Hc
H c GURQUKVKXC

5QNWEKÎP
C.CHWPEKÎPHPQGUEQPVKPWCGPNQURWPVQU Z Z [ Z [CSWG

'P Z 05
GZKUVG NKO H Z RGTQGUFKUVKPVQFG H
Z o
0 5
'P Z PQGZKUVG NKO H 0 Z 5 RWGU NKO H 0 Z 5 f
Z o Z o
'P Z PQGZKUVG NKO H 0 Z 5 RWGU NKO H 0 Z 5 z NKO H 0 Z 5

Z o Z o Zo
.CHWPEKÎPIPQGUEQPVKPWCGP Z [ Z RWGU

'P Z 05 05 05
PQGZKUVG NKO I Z [CSWG NKO I Z z NKO I Z
Z o Z o Z o
'P Z PQGZKUVG NKO I0 Z 5 RWGU NKO I0 Z 5 f [ NKO I0 Z 5 f

Z o Z o Z o

D .C HWPEKÎP H PQ GU FGTKXCDNG C RGUCT FG UGT EQPVKPWC GP NQU RWPVQU Z Z [
Z [CSWG
'P Z [ Z GP GZKUVGP NCU FGTKXCFCU NCVGTCNGU RGTQ PQ EQKPEKFGP GU FGEKT
UQPRWPVQUCPIWNQUQU
'P Z NCUFGTKXCFCUNCVGTCNGUUQPf
'P GN ECUQ FG NC HWPEKÎP I NC FGTKXCFC PQ GZKUVG GP GN RWPVQ FG EQPVKPWKFCF Z RQT PQ
0 5
EQKPEKFKTNCUFGTKXCFCUNCVGTCNGU Ic [ Ic 0 5
E 05
.QURWPVQUGPSWG Hc Z z Hc Z UQP Z 05 [ Z
05
0Q GZKUVG Ic 'P Z EQOQ SWG I PQ GUV¶ FGHKPKFC PQ GU RQUKDNG ECNEWNCT
PKPIWPCFGTKXCFCNCVGTCN
'P Z 0 5
PQGZKUVGPPK Hc PK Hc 'P Z0 5 05
PQGZKUVGPPK Hc PK Hc 05
RWGUUWQXCNQTRGUKPHKPKVQ
.C FGTKXCFC FG H GU RQUKVKXC GP CSWGNNQU RWPVQU FG UW IT¶HKEC GP NQU SWG NC TGEVC
VCPIGPVG C NC OKUOC VKGPG RGPFKGPVG RQUKVKXC RQT NQ VCPVQ GUVQ UWEGFG GP
05 05 05 05

+PFKECTRCTCNCUUKIWKGPVGUHWPEKQPGUEW[CUIT¶HKECUUGUGÌCNCPCEQPVKPWCEKÎP
Z Z

GY Y
GY ]Y]

Y Y
Z Y Z
GY Y Y
Y GY Y

Y Y

C#NCXKUVCFGNCUIT¶HKECUGPSWÃRWPVQUPQUQPFGTKXCDNGU!
D2QTSWÃPQGZKUVGNCFGTKXCFCGPNQURWPVQUEKVCFQUGP
C!
E%QORTWGDGCPCNÈVKECOGPVGNCUCHKTOCEKQPGUGHGEVWCFCUGP
D

5QNWEKÎP
C 0QGUFGTKXCDNGGP Z
0QGUFGTKXCDNGGP Z
0QGUFGTKXCDNGGP Z [ Z
0QGUFGTKXCDNGGP Z
D .CUFGTKXCFCUNCVGTCNGUPQEQKPEKFGPRQTUGT Z WPRWPVQCPIWNQUQ
05
0QGZKUVG H [RQTVCPVQVCORQEQ H c 05
'P Z RQTUGTWPRWPVQCPIWNQUQ[GP Z RQTUGTHFKUEQPVKPWC
2QTUGT Z WPRWPVQEWURKFCN[CSWG Hc 05 05
f [ Hc f
E
05
Hc NKO
Z
Z o Z
NKO
Z o Z
Z

H c0 5
Z Z
NKO NKO
Zo Z Zo Z
0QGZKUVGGNXCNQTFG H Z 05
Z
GP Z RWGUGNFGPQOKPCFQTUGJCEGEGTQ

Z
05
Hc NKO
Z o
NKO Z
Z Z o Z

05
Hc NKO
Z o Z
05 05

NKO H Z
Z o
NKO Z
Z o
z NKO H Z
Z o
NKO
Z o

05
Hc NKO
Zo
Z
Z
NKO
Zo

Z
f

H c0 5
Z
NKO NKO f
Z o Z Zo Z

'UDQ\CTNCIT¶HKECFGWPCHWPEKÎPHSWGXGTKHKSWGNCUEQPFKEKQPGUUKIWKGPVGU

K6QOCXCNQTGURQUKVKXQUGP

KK%QPVKPWC[ETGEKGPVGGP

KKK6KGPGFGTKXCFCPWNCGP Z 0 5
[ H

KX'PVQFQ Z 05 UGVKGPGSWG H c1 Z 6

X H c 05 z H c05 EQP H c05 H c05

5QNWEKÎP

7PCRQUKDNGIT¶HKECFGWPCHWPEKÎPEQPGUVCUECTCEVGTÈUVKECUGU
Z
Y

05
%CNEWNCT H c Z UKGPFQ H Z 05 Z

5QNWEKÎP
Z

ZGY

Y

0 5 %&Z ZUK

UKZ t
&CFQSWG H Z QNQSWGGUKIWCN
'
Z
%Z UKZ 0f f5

H 0Z5 &

' Z UKZ 05

GPVQPEGU

0 5 %&'Z
Hc Z
Z ! ÎZ
ZZ 0 5

0QGZKUVGFGTKXCFCGP Z [GP Z 'PGHGEVQRCTC Z UGVKGPG
05
Hc NKO
0
H 'Z H 5 05 NKO
0 'Z 5

NKO
'Z 'Z

'Z o 'Z 'Z o 'Z 'Z o 'Z
05
Hc NKO
0 5 05
H 'Z H
NKO
0
'Z 5

NKO
'Z 'Z

'Z o 'Z 'Z o 'Z 'Z o 'Z
05 05
[ EQOQ Hc z Hc GPVQPEGU PQ GZKUVG H c #P¶NQICOGPVG UG EQORTWGDC SWG05
H c0 5 z H c0 5

*CNNCTNCHWPEKÎPFGTKXCFCFG
0 5

C H Z

D H 0 Z 5 Z

E H 0 Z 5 Z
%Z Z

F H 0 Z 5 &

' ZZ t

5QNWEKÎP
05
C H c Z NKO
0
H Z 'Z H Z5 05 NKO

'Z o 'Z 'Z o 'Z
#UÈRWGUNCHWPEKÎPFGTKXCFCFGHGUNCHWPEKÎPPWNC H c Z 05
05
D H c Z NKO
0
H Z 'Z H Z5 05 NKO
Z 'Z Z

'Z o 'Z 'Z o 'Z
2QTVCPVQGPGUVGECUQNCHWPEKÎPFGTKXCFCGU H c Z 05
05
E H c Z NKO
0
H Z 'Z H Z 5 05 NKO
0
Z 'Z 5
Z 2 7
'Z o 'Z 'Z o 'Z
NKO
Z 'Z 0 5
Z'Z Z
0
NKO 'Z Z 5 Z
'Z o 'Z 'Z o
F#NCRNKECTNCUTGINCUFGFGTKXCEKÎPGPGUVGECUQUGQDVKGPGSWG

0 5 05
5K Z f H Z 0 5 Z Z
Z RQTNQSWG H c Z
5K Z 0 f5 H c0 Z 5

Z RQTNQSWG H c0 Z 5
6GPGOQU NC HWPEKÎP FGTKXCFC FGHKPKFC GP :? CPCNKEGOQU RQT VCPVQ SWG UWEGFG GP
Z 2CTCGNNQECNEWNCOQUNCUFGTKXCFCUNCVGTCNGU
05
Hc NKO
05 05
H Z H
NKO
Z
NKO
Zo Z Zo Z Z o
Z ! Z ! Z !

05
Hc NKO
Zo
Z
Z
NKO Z
Z o

Z ! Z !
05 05
%QOQ Hc z Hc NCHWPEKÎPPQGUFGTKXCDNGGP Z RQTVCPVQNCHWPEKÎPFGTKXCFCFGH
:?
ÕPKECOGPVGGUV¶FGHKPKFCGP [XKGPGFCFCRQT
0 5 %&ZZZ !

Hc Z
'
)T¶HKECOGPVG
Z Z E
D GY
GY

Y Y Y
Z Z
G{Y
G{Y
Y Y Y

%CUQ
C 'P VQFQ RWPVQ Z NC VCPIGPVG C NC IT¶HKEC FG H GU JQTK\QPVCN RQT VCPVQ VKGPG
RGPFKGPVGEGTQ.CHWPEKÎPFGTKXCFCGURWGUKFÃPVKECOGPVGKIWCNCEGTQ
%CUQ
D'PVQFQRWPVQ Z NCVCPIGPVGCNCIT¶HKECFGHEQKPEKFGEQPNCRTQRKCIT¶HKEC
SWGGUWPCTGEVCRQTVCPVQNCRGPFKGPVGFGNCTGEVCVCPIGPVGGUNCFGNCTGEVC [ Z GPVQFQ
RWPVQSWGTGUWNVCUGT.CHWPEKÎPFGTKXCFCGURWGUEQPUVCPVG

F G
Z Z
GY GY
Y Y| Y Y Y|
Y
Z Z
G{Y
G{Y
Y Y| Y Y Y| Y

%CUQ
E2CTC Z ! NCRGPFKGPVGFGNCUTGEVCUVCPIGPVGUCNCIT¶HKECFGHGPFKEJQURWPVQUGU
RQUKVKXC[NCHWPEKÎPFGTKXCFCRQTVCPVQVCODKÃPNQGU5KPGODCTIQGPNQURWPVQU Z NC
HWPEKÎP FGTKXCFC VQOC XCNQTGU PGICVKXQU 'P Z NC VCPIGPVG GU JQTK\QPVCN GU FGEKT EQP
RGPFKGPVGPWNCRQTGNNQ H c 05
%CUQ
F2CTC Z ! NCIT¶HKECFGNCHWPEKÎPGUWPCTGEVCRQTNQSWGTC\QPCPFQEQOQGP
D
NC HWPEKÎP FGTKXCFC JC FG VQOCT WP XCNQT EQPUVCPVG 'P RWPVQU Z NC RGPFKGPVG FG NC
VCPIGPVGGUPGICVKXCRGTQUWXCNQTVKGPFGCEGTQ
CWOGPVCCOGFKFCSWGZUGCRTQZKOCJCEKC
EGTQFGCJÈSWGNCHWPEKÎPFGTKXCFCUGCPGICVKXC[ETGEKGPVGCEGTE¶PFQUGUWXCNQTCEGTQGP
RWPVQU Z 'P Z NC HWPEKÎP H PQ GU FGTKXCDNG [C SWG GU RQUKDNG VTC\CT FQU QTGEVCU
0 5
VCPIGPVGURFKUVKPVCUCNCIT¶HKECFGHGP EW[CURGPFKGPVGUUQPRTGEKUCOGPVGNQUXCNQTGU
05 05
Hc [ Hc

05
*CNNCT H c Z UKGPFQ
05 %K& 0 Z 50 Z 50 Z 50 Z 5 (K)

'K *K
H Z NP

Z

5QNWEKÎP

05
1DUÃTXGUGSWG H Z PQGUV¶FGHKPKFCGP Z PKGPNQUKPVGTXCNQU [ 'PUW
FQOKPKQFGFGHKPKEKÎPUGVKGPGFGCEWGTFQEQPNCURTQRKGFCFGUFGNQUNQICTKVOQUSWG
0 5 ;NP Z NP Z NP Z NP Z NP Z @
H Z
'PVQPEGUCRNKECPFQNCUTGINCUFGFGTKXCEKÎPUGQDVKGPGNCHWPEKÎPFGTKXCFC
Hc Z0 5 Z Z Z Z Z
FGHKPKFCGPGNOKUOQFQOKPKQSWGH

*CNNCTNCFGTKXCFCFG H Z 0 5 4 2 Z 7 9 GP Z

5QNWEKÎP

.CHWPEKÎPHRWGFGGZRTGUCTUGEQOQNCEQORQUKEKÎP H Z 0 5 1I D I 60 Z5 FQPFG
I 0W5 W I 0 Z 5 2 Z 7

#RNKECPFQNCTGINCFGNCECFGPCUGVKGPGSWG H c05 I c 1 I 056 I c 05 EQP
I 05
I c 1 I 056 1 I 056

I c 05 PQRQFGOQUECNEWNCTNQFKTGEVCOGPVGCRCTVKTFGNCUHÎTOWNCUFGNCUVCDNCU#[$

#JQTCDKGP I 0 Z 5 1 I D I 60 Z 5 I 1 I 0 Z 56 FQPFG I 0X 5 X I 0 Z 5 Z 7VKNK\CPFQ

FGPWGXQNCTGINCFGNCECFGPC I c 05 I c 1 I 056 I c 05 EQP

I 05
I c 05

I c 1 I 056 I c 0 5

#UÈRWGU I c 05 2QTÕNVKOQUGVKGPG H c05 I c 05 2 7 05 05

1DUÃTXGUGSWGGPGUVGGLGORNQVTCUGNFGUCTTQNNQGHGEVWCFQUGJCQDVGPKFQ
0 5 Ic1I 056 Ic 05 Ic21I D I 6057 Ic 1I 056 Ic 05

Hc
UKGPFQ H 05 1 I D I D I 605 'U FGEKT NC TGINC FG FGTKXCEKÎP FG WPC HWPEKÎP EQORWGUVC

TGINCFGNCECFGPCGUCRNKECDNGVCODKÃPCRCTVKTFGWPCIGPGTCNK\CEKÎPKPOGFKCVCCNECUQFG
EQORQUKEKÎPFGO¶UFGFQUHWPEKQPGU

*CNNCTNCFGTKXCFCFGNCUUKIWKGPVGUHWPEKQPGU
0 5 2Z 7

C H Z
0 5 0 ZZ5

D H Z 05

E H V V V
Z 0 Z 5

F H 0 Z 5 NP
Z

G H 0 Z 5 VI 2G 7
Z
05

H H Z
Z
GZ

I H Z0 5 EQUUGPZ
Z

05

J H Z 0
UGP CTEQUZ 5 05

K H Z G Z NP Z

L H 0 Z 5 NP0 VIZ 5

5QNWEKÎP

%CNEWNCOQUNCUFKHGTGPVGUFGTKXCFCUCRNKECPFQNCUHÎTOWNCUTGEQIKFCUGPNCUVCDNCU#[$FGN
CRCTVCFQ[JCEKGPFQWUQFGNCTGINCFGNCECFGPC
C H c Z 0 5 2Z 7 2 F Z
FZ
7 2Z 7 0 Z5

2
Z Z 7
6CPVQNCHWPEKÎPHEQOQ H c GUV¶PFGHKPKFCUGP
D
0 50
F Z
5 0 Z5 F0 ZFZ 5

0 5 Z 0 Z 5 0 5

Z
05

FZ Z Z Z Z
Hc Z
0 Z 5
0 Z 5
0 5
Z

0 Z

5
'NFQOKPKQFGNCUHWPEKQPGUH[ H c GU :?
E&CFQSWG H V 0 5 0V 5 0V 5 0V 5

UGVKGPGGPXKTVWFFGNCTGINCFGNCECFGPC[
FGNCUHÎTOWNCU#
[$

0 5 0V 5 FVF 0V 5 0V 5
Hc V

V

'NFQOKPKQFGHGU f5 [GNFG H c GUGNKPVGTXCNQ 0 f5
F
0
F Z Z 5 0 Z 50 Z 5 2 Z
Z 7
05 0
FZ Z 5 0 Z 5
0 Z 50 Z 5 2 Z Z7 Z Z

Hc Z
0
Z Z 5 Z 0 Z 5 Z 0 Z 50 Z 5 Z 0 Z 50 Z 5
0
Z 5 0 Z 5

.C HWPEKÎP H GUV¶ FGHKPKFC UK
0 5
Z Z
0 5 0 5
! GU FGEKT GP f 'N FQOKPKQ FG H c
Z
EQKPEKFGEQPGNFGNCHWPEKÎPH
05 2 7 2 7 2 7 FZF ! UGPG " Z

F
#

G H c Z VI G Z VI G Z VI G Z
FZ EQUG $ Z
F
2 7
UGPG Z EQUG Z UGPG 2EQUG 7
F Z Z
2 7
VI G Z FZ
EQUG Z

FZ
VI
G Z
G Z EQUG Z EQUG Z G Z UGPG Z UGPG Z 2 7
2EQUG 7 Z
G Z VIG Z
EQU G Z UGP G Z 2 7
G Z VI G Z
EQU G Z EQU 2G 7 Z
S S S S
.CUHWPEKQPGUH[ H c PQGUV¶PFGHKPKFCUGPNQURWPVQU Z VCNGUSWG G Z !

05
H H c Z
ZG Z Z G Z Z Z

2G 7
Z GZ
'PGUVGECUQ GUGNFQOKPKQFGH[ H c
2 7 0 5 FZF 2 EQU Z7
EQUZ EQU Z UGPZ
I H c0 Z 5
2 EQU Z7
EQUZ EQU Z 0 UGPZ 51 EQUZ 0 UGPZ 56

2 EQU Z7
EQUZ EQU Z UGP Z UGP ZEQUZ

2 EQU Z7

.CUHWPEKQPGUH[ H c GUV¶PFGHKPKFCUGP MSM ' ; : ?@

J #PVGU FG ECNEWNCT NC FGTKXCFC FG H FGVGTOKPCTGOQU

EQP C[WFC FG NC GZRTGUKÎP FG NC
FGTKXCFCFGNCHWPEKÎPKPXGTUCNCFGTKXCFCFG J [ 05 05
CTEQU [ .CHWPEKÎP Z 05
J [ CTEQU[
GUNCKPXGTUCFG [ J Z 05 EQUZ RQTNQSWG

FZ

F[ F[ UGPZ
FZ
#JQTCDKGP Z CTEQU[ [ UGPZ EQU Z CUÈRWGUUWUVKVW[GPFQ

FZ

F[ EQU Z 2
EQU CT EQU [ 0 57 [
05
2QTNQVCPVQ J c [

[

.CFGTKXCFCFGHTGUWNVCUGTGPVQPEGU
Hc Z05 0
5 FZF 0CTEQUZ5
EQU CTEQUZ Z

Z

[GNFG H c GNKPVGTXCNQ 0

'NFQOKPKQFGHGU 5
05 2 7
F Z F
0 5 NP Z
K H c Z
FZ
G NP Z G Z
FZ
NP Z G Z NP Z G Z
Z
G Z
Z
.CUHWPEKQPGUH[ H c GUV¶PCODCUFGHKPKFCUGP
f

F UGPZ 0
EQU Z EQU Z UGPZ UGPZ 5
05
L H c Z

FZ EQU Z EQU Z

UGPZ UGPZ UGPZ EQU Z
EQU Z EQU Z
'NFQOKPKQFGH[ H c GUGNEQPLWPVQ
S S S
S S

! S

S

S

S !

&CFC [ H Z 05 Z Z FGHKPKFC GP ECNEWNCT NC FGTKXCFC FG NC HWPEKÎP
KPXGTUCFGHGP [

5QNWEKÎP

.CHWPEKÎPHGUGUVTKEVCOGPVGETGEKGPVGGP [CSWGFCFQU Z Z Z ! Z GPVQPEGU
Z ! Z 2QTVCPVQ H Z 1 6 Z Z ! H Z 1 6 Z Z
#UÈRWGUHGUKP[GEVKXCGP [VKGPGHWPEKÎPKPXGTUC I H FGHKPKFCGPGUGKPVGTXCNQ
&GCEWGTFQEQP=?

05
Ic

1 0 56
Hc I

5K [ Z Z Z Z 4GUQNXKGPFQGPZ
Z
r r %&
'
RQTEQPUKIWKGPVG I 05
2QTQVTCRCTVG H c0 Z 5 05
Z NWGIQ H c 05
RQTNQSWG I c

2TQDCT SWG GPVTG FQU TCÈEGU FG WP RQNKPQOKQ JC[ CN OGPQU WPC TCÈ\ FG UW HWPEKÎP
FGTKXCFC 'P DCUG C GUVC CHKTOCEKÎP FGOQUVTCT SWG NC GEWCEKÎP Z Z Z VKGPG
WPCÕPKECTCÈ\RQUKVKXC[SWGFKEJCTCÈ\GUV¶EQPVGPKFCGPGNKPVGTXCNQ 0 5

5QNWEKÎP

05
C 2QTGN6GQTGOCFG4QNNGUK 2 Z GUWPRQNKPQOKQ[ 2 C 0 5 20D5 05

2 c Z SWGVCODKÃP
GUWPRQNKPQOKQJCFGCPWNCTUGGPCNIÕPRWPVQ E 0 C D5
D &CFC H Z 05 Z Z Z SWG GU WP RQNKPQOKQ

RQT VCPVQ EQPVKPWQ GP UGVKGPG
SWG H 05 05
[ H 0 5
2QTGN6GQTGOCFG$QN\CPQGZKUVG C VCNSWG H C 05 GU
FGEKTCGUWPCTCÈ\FGNRQNKPQOKQ0QGZKUVGPKPIÕPQVTQ D ! RCTCGNSWG H D 05 RWGUUK
CUÈHWGUGNCFGTKXCFCFGHVGPFTÈCSWGCPWNCTUGRQTNCRCTVG
CGPWPRWPVQGPVTGC[D2GTQ
05
Hc Z Z Z GUUKGORTGRQUKVKXCRCTC Z !

&GOQUVTCTSWG Z d G Z RCTCVQFQZ WVKNK\CPFQGN6GQTGOCFGNXCNQTOGFKQ

5QNWEKÎP

&CFC H Z 05 G Z CRNKECOQUGN6GQTGOCFGNXCNQTOGFKQGPGNKPVGTXCNQ Z EQP Z ! 5G
VKGPGGPVQPEGUSWGGZKUVG Z Z
05 05
H Z H G Z G 1 60
H c Z Z 5 G Z Z
FGFQPFG

GZ G Z Z t Z
[CSWG G Z ! [ Z
4GRKVKGPFQGNTC\QPCOKGPVQGP Z EQP Z UGQDVKGPGSWGGZKUVG Z Z VCNSWG
G G Z 0 5
G Z Z G Z G Z Z
FGFQPFG
GZ G Z Z t Z
RQTUGT G Z
#UÈRWGURCTCVQFQ Z UGXGTKHKECSWG Z d G Z

'NTCFKQFGWPCGUHGTCGUFGEOEQPWPRQUKDNGGTTQTFGOGFKEKÎPFG r EO5K
UGECNEWNCGNXQNWOGPFGNCGUHGTCWUCPFQNQUEOEQOQOGFKFCFGNTCFKQEW¶NGUGNGTTQT
SWGUGQDVGPFT¶CNJCEGTNQ!

5QNWEKÎP

5KTGUGNTCFKQFGNCGUHGTCGNXQNWOGPXKGPGFCFQRQTNCGZRTGUKÎP
05
8 T

ST
#UÈRWGUUKGUVKOCOQUSWGGNTCFKQFGNCGUHGTCGU T EOUWXQNWOGPGU
8 05

S S
#JQTCDKGPRQFTÈCUWEGFGTSWGGNTCFKQUGC r 'PGUGECUQNCXCTKCEKÎPCRTQZKOCFC

SWGGZRGTKOGPVCGNXQNWOGPFGNCGUHGTCRWGFGUGTECNEWNCFCEQPC[WFCFGNCFKHGTGPEKCN5G
VKGPGGPVQPEGU
0 5
'8 | F8 'T 05
8 c 'T ST
T
'T S'T
FGOCPGTCSWGUK 'T NCXCTKCEKÎPFGNXQNWOGPGUCRTQZKOCFCOGPVG

0
'8 | S 5 S | EO
2QTNQVCPVQGNXCNQTTGCNFGNXQNWOGPFGNCGUHGTCGUVCT¶EQORTGPFKFQGPVTG
S EO [ S EO

(MHUFLFLRVSURSXHVWRV

%CNEWNCTJCEKGPFQWUQFGNCFGHKPKEKÎPNCFGTKXCFCFGNCUUKIWKGPVGUHWPEKQPGUGPNQU
RWPVQUSWGUGKPFKECP

K 0 5 %&'Z
H Z
Z
Z t
Z
H 0Z5
Z

KK Z
Z

KKK H
Z Z Z

&CFCUNCUIT¶HKECU
Z L LL
Z
Y Y

+PFKECT
C'PSWÃRWPVQUCGZKUVG NKO H Z RGTQHPQGUEQPVKPWCGPC!
ZoC
05

D'PSWÃRWPVQUCNCHWPEKÎPHGUEQPVKPWCRGTQPQFGTKXCDNG!

*CNNCTC[DRCTCSWGNCHWPEKÎP
0 5 %&CZZ

Z d
H Z
' DZ !

UGCFGTKXCDNGGPVQFQ

%CNEWNCTNCUFGTKXCFCUFGNCUUKIWKGPVGUHWPEKQPGU
05

C H Z
Z

D H Z 05 Z
Z

Z2 Z 7

F H 0 Z 5 NP
05 Z
NP Z

E H Z Z !
Z

G H 0 Z 5
0 Z 5 2 Z 7

H H 0 Z 5 Z Z

Z

*CNNCTNCFGTKXCFCUGIWPFCFGNCUUKIWKGPVGUHWPEKQPGU
0 5 2 Z 7 0 5 Z Z

C H Z
D H Z

E H 0 Z 5 Z G
Z

F H 0 Z 5 0UGPZ EQU Z 5 G Z

*CNNCTNCGEWCEKÎPFGNCTGEVCVCPIGPVGCNCEWTXC [ Z SWGGURCTCNGNCCNCTGEVC
Z [

F[
&CFC [ W W [ W Z JCNNCT
Z FZ

C7UCPFQNCTGINCFGNCECFGPC

D%CNEWNCPFQNCHWPEKÎPEQORWGUVC[FGTKXCPFQ

&GOQUVTCTSWG R
Z Z P CZ D PQRWGFGVGPGTFQUTCÈEGUTGCNGUUKGPFQ C ! [
P
#RNKECTGN6GQTGOCFGNXCNQTOGFKQCNCHWPEKÎP H Z 0 5 Z2 Z
7
Z GPGNKPVGTXCNQ

#RTQZKOCTRQTOGFKQFGNCFKHGTGPEKCNNQUXCNQTGU

C
D
E VI

Derivada y Diferencial

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Derivada y Diferencial

Cargado por

Copyright:

Formatos disponibles

UK FKEJQ NÈOKVG GZKUVG 'UVG PÕOGTQ O H

GZKUVG UG FGPQVC RQT Hc

TGURWGUVCGP[EQTTGURQPFKGPVGCWPECODKQWPKVCTKQGPZ#UÈRQTGLGORNQUK ' V TGRTGUGPVC 05

([LVWHODGHULYDGDSRUODL]TXLHUGD I c 16  SHURQRSRUODGHUHFKDSXHV f QRHVXQQ~PHURUHDO3RU

WDQWR IQRWLHQHGHULYDGDHQ [  6LWHQHPRVHQFXHQWDHOVLJQLILFDGRJHRPpWULFRGHODGHULYDGDHQHVWH

1 6 OLP I c1[  ''[[6  I c1[ 6

(MHPSOR 'DGD I [ 16[ Q  Q   FDOFXODUODGHULYDGDGHIHQ [ D 

05H 0 Z5 NQI C Z o H c0 Z 5 0 Z 5 NQI C G

05H 0 Z5 UGPZ o H c0 Z 5 EQUZ

05H 0 Z5 EQUZ o H c0 Z 5 UGPZ

(MHPSOR &DOFXODUODGHULYDGDGH K [ 1 6 [ [[  HQ [  

[CSWG H [ H PQUQPGNTGUWNVCFQFGQRGTCEKQPGUGNGOGPVCNGUGPVTGHWPEKQPGUUGOGLCPVGUC

 'NGPWPEKCFQFGNVGQTGOCUKIWGUKGPFQX¶NKFQEWCPFQ NKO H

 6CODKÃPRWGFGCRNKECTUGUK Z VKGPFGC f Î f 

\DTXH 'I 1 6 I 16  I 1 6 | GI 16 

D 5K 2 05 JCNNCTORCTCNQUUKIWKGPVGUXCNQTGUFG 'Z  'Z   'Z   'Z  

'Z   'Z   'Z   'Z   'Z  

D $CUVCEQPUWUVKVWKTGPO Z  G 'Z RQTECFCWPQFGNQUXCNQTGUSWGUGKPFKECPGPGN

0 5 NKO H 0  ''ZZ5  H 05 NKO 0'Z  5 

1DUÃTXGUGSWGNQUXCNQTGUFGOO¶URTÎZKOQUC H c05 EQTTGURQPFGPCNCUECPVKFCFGU 'Z O¶U

HQHOSXQWR 0 5 $GHPiV

E *CEKGPFQ SWG Z VKGPFC C L JCNNCT NC RGPFKGPVGFGNCTGEVCVCPIGPVGCNCIT¶HKECFG HGP

D .CRGPFKGPVGFGNCTGEVCTSWGRCUCRQTNQURWPVQU  [ Z Z    Z XKGPGFCFCRQT

0 5 +0 Z5  )0 Z5 RCTCVQFQ Z   GPVQPEGU $c0 Z5 + c0 Z5  )c0 Z5 FGFQPFG

0QGZKUVG Ic Q Ic

0QGZKUVG Hc PK Hc

C .CHWPEKÎPHPQGUEQPVKPWCGPNQURWPVQU Z   Z  [ Z  [CSWG

'P Z  PQGZKUVG NKO H 0 Z 5 RWGU NKO H 0 Z 5 z NKO H 0 Z 5

.CHWPEKÎPIPQGUEQPVKPWCGP Z  [ Z  RWGU

'P Z  PQGZKUVG NKO I0 Z 5 RWGU NKO I0 Z 5 f [ NKO I0 Z 5 f

%Z  UKZ  0f  f5

'   Z UKZ  05

0QGZKUVGFGTKXCFCGP Z  [GP Z  'PGHGEVQRCTC Z  UGVKGPG

5K Z  0 f5 H c0 Z 5

05 %K& 0 Z  50 Z  50 Z  50 Z  5 (K) 

#RNKECPFQNCTGINCFGNCECFGPCUGVKGPGSWG H c05 I c 1 I 056  I c 05 EQP   

#JQTCDKGP I 0 Z 5 1 I D I 60 Z 5 I 1 I 0 Z 56 FQPFG I 0X 5 X  I 0 Z 5   Z 7VKNK\CPFQ

FGPWGXQNCTGINCFGNCECFGPC I c 05 I c 1 I 056  I c 05 EQP

0 5 Ic1I 056  Ic 05 Ic21I D I 6057  Ic 1I 056  Ic 05

'NFQOKPKQFGHGU  f5 [GNFG H c GUGNKPVGTXCNQ 0  f5 

05 2 7 2 7 2 7 FZF ! UGPG " Z

EQUZ  EQU Z  0  UGPZ 51 EQUZ 0 UGPZ 56

EQUZ  EQU  Z  UGP  Z  UGP  ZEQUZ

.CUHWPEKQPGUH[ H c GUV¶PFGHKPKFCUGP   MSM  '   ; : ?@ 

J #PVGU FG ECNEWNCT NC FGTKXCFC FG H FGVGTOKPCTGOQU

GUNCKPXGTUCFG [ J  Z 05 EQUZ RQTNQSWG

#JQTCDKGP Z CTEQU[ [ UGPZ   EQU  Z CUÈRWGUUWUVKVW[GPFQ

 [GNFG H c GNKPVGTXCNQ 0 

 Z !  Z   2QTVCPVQ H Z 1 6  Z  Z   ! H Z 1 6  Z    Z    

#UÈRWGUHGUKP[GEVKXCGP  [VKGPGHWPEKÎPKPXGTUC I H  FGHKPKFCGPGUGKPVGTXCNQ

C 2QTGN6GQTGOCFG4QNNGUK 2 Z GUWPRQNKPQOKQ[ 2 C 0 5 20D5 05

D &CFC H Z 05 Z    Z   Z   SWG GU WP RQNKPQOKQ

FGEKTCGUWPCTCÈ\FGNRQNKPQOKQ0QGZKUVGPKPIÕPQVTQ D !  RCTCGNSWG H D 05  RWGUUK

#JQTCDKGPRQFTÈCUWEGFGTSWGGNTCFKQUGC  r  'PGUGECUQNCXCTKCEKÎPCRTQZKOCFC

FGOCPGTCSWGUK 'T  NCXCTKCEKÎPFGNXQNWOGPGUCRTQZKOCFCOGPVG

También podría gustarte

UK FKEJQ NÈOKVG GZKUVG 'UVG PÕOGTQ O H

GZKUVG UG FGPQVC RQT Hc

TGURWGUVCGP[EQTTGURQPFKGPVGCWPECODKQWPKVCTKQGPZ#UÈRQTGLGORNQUK ' V TGRTGUGPVC 05

([LVWHODGHULYDGDSRUODL]TXLHUGD I c 16 SHURQRSRUODGHUHFKDSXHV f QRHVXQQ~PHURUHDO3RU

WDQWR IQRWLHQHGHULYDGDHQ [ 6LWHQHPRVHQFXHQWDHOVLJQLILFDGRJHRPpWULFRGHODGHULYDGDHQHVWH

1 6 OLP I c1[ ''[[6 I c1[ 6

(MHPSOR 'DGD I [ 16[ Q Q FDOFXODUODGHULYDGDGHIHQ [ D

05H 0 Z5 NQI C Z o H c0 Z 5 0 Z 5 NQI C G

05H 0 Z5 UGPZ o H c0 Z 5 EQUZ

05H 0 Z5 EQUZ o H c0 Z 5 UGPZ

(MHPSOR &DOFXODUODGHULYDGDGH K [ 1 6 [ [[ HQ [

[CSWG H [ H PQUQPGNTGUWNVCFQFGQRGTCEKQPGUGNGOGPVCNGUGPVTGHWPEKQPGUUGOGLCPVGUC

'NGPWPEKCFQFGNVGQTGOCUKIWGUKGPFQX¶NKFQEWCPFQ NKO H

6CODKÃPRWGFGCRNKECTUGUK Z VKGPFGC f Î f

\DTXH 'I 1 6 I 16 I 1 6 | GI 16

D 5K 2 05 JCNNCTORCTCNQUUKIWKGPVGUXCNQTGUFG 'Z 'Z 'Z 'Z

'Z 'Z 'Z 'Z 'Z

D $CUVCEQPUWUVKVWKTGPO Z G 'Z RQTECFCWPQFGNQUXCNQTGUSWGUGKPFKECPGPGN

0 5 NKO H 0 ''ZZ5 H 05 NKO 0'Z 5

1DUÃTXGUGSWGNQUXCNQTGUFGOO¶URTÎZKOQUC H c05 EQTTGURQPFGPCNCUECPVKFCFGU 'Z O¶U

HQHOSXQWR 0 5 $GHPiV

E *CEKGPFQ SWG Z VKGPFC C L JCNNCT NC RGPFKGPVGFGNCTGEVCVCPIGPVGCNCIT¶HKECFG HGP

D .CRGPFKGPVGFGNCTGEVCTSWGRCUCRQTNQURWPVQU [ Z Z Z XKGPGFCFCRQT

0 5 +0 Z5 )0 Z5 RCTCVQFQ Z GPVQPEGU $c0 Z5 + c0 Z5 )c0 Z5 FGFQPFG

0QGZKUVG Ic Q Ic

0QGZKUVG Hc PK Hc

C.CHWPEKÎPHPQGUEQPVKPWCGPNQURWPVQU Z Z [ Z [CSWG

'P Z PQGZKUVG NKO H 0 Z 5 RWGU NKO H 0 Z 5 z NKO H 0 Z 5

.CHWPEKÎPIPQGUEQPVKPWCGP Z [ Z RWGU

'P Z PQGZKUVG NKO I0 Z 5 RWGU NKO I0 Z 5 f [ NKO I0 Z 5 f

%Z UKZ 0f f5

' Z UKZ 05

0QGZKUVGFGTKXCFCGP Z [GP Z 'PGHGEVQRCTC Z UGVKGPG

5K Z 0 f5 H c0 Z 5

05 %K& 0 Z 50 Z 50 Z 50 Z 5 (K)

#RNKECPFQNCTGINCFGNCECFGPCUGVKGPGSWG H c05 I c 1 I 056 I c 05 EQP

#JQTCDKGP I 0 Z 5 1 I D I 60 Z 5 I 1 I 0 Z 56 FQPFG I 0X 5 X I 0 Z 5 Z 7VKNK\CPFQ

FGPWGXQNCTGINCFGNCECFGPC I c 05 I c 1 I 056 I c 05 EQP

0 5 Ic1I 056 Ic 05 Ic21I D I 6057 Ic 1I 056 Ic 05

'NFQOKPKQFGHGU f5 [GNFG H c GUGNKPVGTXCNQ 0 f5

05 2 7 2 7 2 7 FZF ! UGPG " Z

EQUZ EQU Z 0 UGPZ 51 EQUZ 0 UGPZ 56

EQUZ EQU Z UGP Z UGP ZEQUZ

.CUHWPEKQPGUH[ H c GUV¶PFGHKPKFCUGP MSM ' ; : ?@

J #PVGU FG ECNEWNCT NC FGTKXCFC FG H FGVGTOKPCTGOQU

GUNCKPXGTUCFG [ J Z 05 EQUZ RQTNQSWG

#JQTCDKGP Z CTEQU[ [ UGPZ EQU Z CUÈRWGUUWUVKVW[GPFQ

[GNFG H c GNKPVGTXCNQ 0

Z ! Z 2QTVCPVQ H Z 1 6 Z Z ! H Z 1 6 Z Z

#UÈRWGUHGUKP[GEVKXCGP [VKGPGHWPEKÎPKPXGTUC I H FGHKPKFCGPGUGKPVGTXCNQ

C 2QTGN6GQTGOCFG4QNNGUK 2 Z GUWPRQNKPQOKQ[ 2 C 0 5 20D5 05

D &CFC H Z 05 Z Z Z SWG GU WP RQNKPQOKQ

FGEKTCGUWPCTCÈ\FGNRQNKPQOKQ0QGZKUVGPKPIÕPQVTQ D ! RCTCGNSWG H D 05 RWGUUK

#JQTCDKGPRQFTÈCUWEGFGTSWGGNTCFKQUGC r 'PGUGECUQNCXCTKCEKÎPCRTQZKOCFC

FGOCPGTCSWGUK 'T NCXCTKCEKÎPFGNXQNWOGPGUCRTQZKOCFCOGPVG