apo-cbm-modulo-4

Prévia do material em texto

Iursl adIursl ad
FhndrFhndrcíél - Kãshilcíél - Kãshil
RCED[ - DATICÍÉL RCEDRCED[ - DATICÍÉL RCED
 Fùauel HR0 Zdelthzcíél d Tsl ad Fhnèrhl  Fùauel HR0 Zdelthzcíél d Tsl ad Fhnèrhl ad Bdrrl nc Yhadrurmhcad Bdrrl nc Yhadrurmhc
  
Icrl edhtlr,Icrl edhtlr,
Ctè l flfdntl, vlià ilngdidu cs cthvhacadsCtè l flfdntl, vlià ilngdidu cs cthvhacads
fhndrãrhcs ac Rced ilf blil nl fhnèrhl ad bdrrl.fhndrãrhcs ac Rced ilf blil nl fhnèrhl ad bdrrl.
Zlrèf, sckdfls qud c Rced kusic Zlrèf, sckdfls qud c Rced kusic ahvdrshffiicrahvdrshffiicr
sdu ndmùihl, hfpueshlncnal suc icpcihacad adsdu ndmùihl, hfpueshlncnal suc icpcihacad ad
prlauíél ad lutrls rdiursls fhndrchs, tchs ilflprlauíél ad lutrls rdiursls fhndrchs, tchs ilfl
l ilkrd d l l ilkrd d l icrvél, cfpehcnal sdu plrtbùehl.icrvél, cfpehcnal sdu plrtbùehl.
Csshf, pcrc qud vlià tdngc ufc ilfprddnsélCsshf, pcrc qud vlià tdngc ufc ilfprddnsél
cfpec als ndmùihls cfpec als ndmùihls ac Rced, hncumurcflsac Rced, hncumurcfls
uf iln`untl ad fùauels ilfpedfdntcrds,uf iln`untl ad fùauels ilfpedfdntcrds,
qud ilfdíc pdel cprlbunacfdntl als sdusqud ilfdíc pdel cprlbunacfdntl als sdus
ilngdihfdntls slkrd l icrvél.ilngdihfdntls slkrd l icrvél.
Ndstd fùauel ilfpedfdntcr, vlià vchNdstd fùauel ilfpedfdntcr, vlià vch
ilngdidr cspditls hfplrtcntds slkrd dstdilngdidr cspditls hfplrtcntds slkrd dstd
rdiursl dndrmèthil, nél rdnlvãvde, d ad mrcnadrdiursl dndrmèthil, nél rdnlvãvde, d ad mrcnad
ckunaënihc nl melkl tdrrdstrd d cckunaënihc nl melkl tdrrdstrd d c ilfflahty ilfflahty   
fhndrce fchs ilfdrihcehzcac df tlal funal.fhndrce fchs ilfdrihcehzcac df tlal funal.
Ceèf ad tdr c lplrtunhacad ad bczdr ufc vhcmdfCeèf ad tdr c lplrtunhacad ad bczdr ufc vhcmdf
pdec ghstùrhc al icrvél, cquh, vlià vch dntdnadrpdec ghstùrhc al icrvél, cquh, vlià vch dntdnadr
fdeglr c prlauíél al icrvél nl fdeglr c prlauíél al icrvél nl funal,funal,
dvhadnihcnal qud ls nævdhs ad rdsdrvcs ad icrvéldvhadnihcnal qud ls nævdhs ad rdsdrvcs ad icrvél
dxhstdntds sél suffiihdntds plr fchs ad ;:: cnls.dxhstdntds sél suffiihdntds plr fchs ad ;:: cnls.
QcQcfkèf vch sd surprddnadr fkèf vch sd surprddnadr cl adsilkrhr qudcl adsilkrhr qud
l icrvél, cpdscr ad sdr l icrvél, cpdscr ad sdr uf rdiursl fhndrce,uf rdiursl fhndrce,
è ilfplstl plr ufc ilfpedxc fhsturc adè ilfplstl plr ufc ilfpedxc fhsturc ad
ilfplndntds lrmënhils d dstã prdsdntd nlilfplndntds lrmënhils d dstã prdsdntd nl
sdu ahc c ahc. Ilfl sdu ahc c ahc. Ilfl vlià pladrã vdrhffiicrvlià pladrã vdrhffiicr
dssc prdsdníc< Rlià c ilngdidrã qucnaldssc prdsdníc< Rlià c ilngdidrã qucnal
ilfprddnadr c uthehzcíél al icrvél tèrfhil d ilfprddnadr c uthehzcíél al icrvél tèrfhil d alal
icrvél icrvél fdtceðrmhilfdtceðrmhil..
Chnac ndstd fùauel ilngdidrã cs cthtuads blicacsChnac ndstd fùauel ilngdidrã cs cthtuads blicacs
df adsdnvlevhfdntl sustdntãvde ctrcvès aldf adsdnvlevhfdntl sustdntãvde ctrcvès al
hnvdsthfdntl df tdinlelmhcs ehfpcs, qud tàf tlrncalhnvdsthfdntl df tdinlelmhcs ehfpcs, qud tàf tlrncal
l usl al icrvél l usl al icrvél icac vdz fchs sdmurl d rdedvcntd.icac vdz fchs sdmurl d rdedvcntd.
D chnac0 ncs prùxhfcs pãmhncs, vlià sdrã cprdsdntcalD chnac0 ncs prùxhfcs pãmhncs, vlià sdrã cprdsdntcal
cls prl`dtls ad icrvél ac Rced df Flícfkhqud,cls prl`dtls ad icrvél ac Rced df Flícfkhqud,
Ãbrhic (prl`dtl Flcthzd), d ahvdrsls lutrls nc Custrãehc.Ãbrhic (prl`dtl Flcthzd), d ahvdrsls lutrls nc Custrãehc.
QQlals dssds dfprddnahfdntls rdprdsdntcf lals dssds dfprddnahfdntls rdprdsdntcf ufuf
mrcnad hnvdsthfdntl nc ãrdc al icrmrcnad hnvdsthfdntl nc ãrdc al icrvél pcrc c Rced!vél pcrc c Rced!
Dssd fùauel trcz ufc nlvhacad df rdecíél clsDssd fùauel trcz ufc nlvhacad df rdecíél cls
cntdrhlrds, cs pcecvrcs al melssãrhl dstél csshncecacscntdrhlrds, cs pcecvrcs al melssãrhl dstél csshncecacs
nc prhfdhrc vdz qud cpcrdidrdf nl tdxtl.nc prhfdhrc vdz qud cpcrdidrdf nl tdxtl.
Klc edhturc!Klc edhturc!
ZdelthzcíéZdelthzcíél d l d TslTsl
ad Fhnèrhl ad ad Fhnèrhl ad BdrrlBdrrl
nc Yhadrurmhcnc Yhadrurmhc
  
YufãrhlYufãrhl
MelssãrhlMelssãrhl =:=:
CthvhacadsCthvhacads 2929
Iecsshbhicíél adIecsshbhicíél ad
fhnèrhls ad bdrrlfhnèrhls ad bdrrl
C lrhmdf als fhnèrhlsC lrhmdf als fhnèrhls
ad bdrrl nc ncturdzcad bdrrl nc ncturdzc
Fladel ad cvcehcíélFladel ad cvcehcíél
ac ilfpdththvhacadac ilfpdththvhacad
L qud cs shadrðrmhicsL qud cs shadrðrmhics
cvcehcf nc glrccvcehcf nc glrc
ad dsilegdr l fhnèrhlad dsilegdr l fhnèrhl
ad bdrrlad bdrrl
Dnschls uthehzcalsDnschls uthehzcals
pcrc c cvcehcíél adpcrc c cvcehcíél ad
fhnèrhls ad bdrrlfhnèrhls ad bdrrl
Irhtèrhls bunacfdntchsIrhtèrhls bunacfdntchs
pcrc vdrhffiicíél alpcrc vdrhffiicíél al
ctdnahfdntl êsctdnahfdntl ês
dspdihffiicíôds al iehdntddspdihffiicíôds al iehdntd
  
Yhstdfc RcedYhstdfc Rced
ad icrcitdrhzcíélad icrcitdrhzcíél
ad fhnèrhlsad fhnèrhls
Tf fladel phlndhrlTf fladel phlndhrl
irhcal pdec Rced pcrcirhcal pdec Rced pcrcahbdrdnihcr ls fhnèrhls alsahbdrdnihcr ls fhnèrhls als
fchlrds pcæsds prlautlrdsfchlrds pcæsds prlautlrds
HntrlauíélHntrlauíél
ê Yhadrurmhcê Yhadrurmhc
L pdriursl qud l fhnèrhlL pdriursl qud l fhnèrhl
prdihsc bczdr pcrc sdprdihsc bczdr pcrc sd
trcnsblrfcr df cíltrcnsblrfcr df cíl
Tf pcnlrcfcacTf pcnlrcfcac
hnaðstrhc shadrðrmhichnaðstrhc shadrðrmhic
nl funalnl funal
Cs ðethfcs fuacnícsCs ðethfcs fuacnícs
lilrrhacs ncs hnaðstrhcslilrrhacs ncs hnaðstrhcs
al cílal cíl
Cmelfdrcíél adCmelfdrcíél ad
Fhnèrhl ad BdrrlFhnèrhl ad Bdrrl
Ilfl l fhnèrhl èIlfl l fhnèrhl è
trcnsblrfcal df pdeltcstrcnsblrfcal df pdeltcs
d l qud è shntdrhzcíéld l qud è shntdrhzcíél
Ilfpedxl adIlfpedxl ad
Zdelthzcíél adZdelthzcíél ad
QQukcrél0 ukcrél0 ufcufc
ghstùrhc ad vhtùrhcsghstùrhc ad vhtùrhcs
C ghstùrhc acs ushncs adC ghstùrhc acs ushncs ad
pdelthzcíél ad Rhtùrhcpdelthzcíél ad Rhtùrhc
  
Icrl Edhtlr,Icrl Edhtlr,
Ndstd qucrtl fùauel al Iursl ad Fhndrcíél Kãshil,Ndstd qucrtl fùauel al Iursl ad Fhndrcíél Kãshil,
vlià ilnthnucrã c vhcmdf vlià ilnthnucrã c vhcmdf pdel hntdrdsscntd funalpdel hntdrdsscntd funal
als fhnèrhls, cilfpcngcnal l pcssl c pcssl pcrc cals fhnèrhls, cilfpcngcnal l pcssl c pcssl pcrc c
blrfcíél acs bcflscs pdeltcs.blrfcíél acs bcflscs pdeltcs.
Rch ffiicr plr adntrl acs ðethfcs fuacnícs d acsRch ffiicr plr adntrl acs ðethfcs fuacnícs d acs
prhnihpchs dtcpcs rdecihlncacs ê bckrhicíél al cíl ncsprhnihpchs dtcpcs rdecihlncacs ê bckrhicíél al cíl ncs
shadrðrmhics ’ nlssls ieshadrðrmhics ’ nlssls iehdntds.hdntds.
D vch dntdnadr ilfl cs icrcitdræsthics al fhnèrhl adD vch dntdnadr ilfl cs icrcitdræsthics al fhnèrhl ad
bdrrl hn﬋udnihcf nls prlidssls ad bckrhicíél al bdrrl hn﬋udnihcf nls prlidssls ad bckrhicíél al cíl.cíl.
Klc edhturc!Klc edhturc!
HntrlauíélHntrlauíél
  
==
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
  CílCíl
EæquhalEæquhal   
Blrndidalr ad FhnèrhlBlrndidalr ad Fhnèrhl   
ZZddeellttc c [[AA
Mrcnuecal CBMrcnuecal CB
Mrcnuecal [MMrcnuecal [M
  
ZZddeellttc c CCBB
Zdeedt Bdda Zdeedt Bdda 
ZDELQHPCÍÉLZDELQHPCÍÉL   
YHNQD[HPCÍÉLYHNQD[HPCÍÉL   
YYæænnttddrr
Yæntdr Bdda Yæntdr Bdda    
BBddrrrrll
DDssppllnn`̀cc
[DCQL[ [A[DCQL[ [A   
BL[NLBL[NL   
DEÈQ[HILDEÈQ[HIL
BdrrlBdrrl   
MuscMusc   
CECEQL BL[NQL BL[NLL    ILNRD[YL[ILNRD[YL[   
CílCíl
EæquhalEæquhal   
Z[LATQLY Z[HFÃ[HLYZ[LATQLY Z[HFÃ[HLY
  
>>  ZecicsZecics
>> KcrrcsKcrrcs
>> IgcpcsIgcpcs
>> ZdrbhsZdrbhs
  
Zrlidssl adZrlidssl ad
ecfhncíélecfhncíél
Z[LATQLY FCNTBCQT[CALYZ[LATQLY FCNTBCQT[CALY
  
Hnaðstrhc FdtcelfdiënhicHnaðstrhc Fdtcelfdiënhic
  
  
YhadrurmhcYhadrurmhc
ilfplstcilfplstc
ilfplstcilfplstc
prlidsscprlidssc
prlidsscalprlidsscal
prlidsscprlidssc
mdrcmdrc
cilntdidfcilntdidf
plr fdhlplr fdhl
trcnsblrfctrcnsblrfc
mdrcmdrc
ùxhal ad bdrrlùxhal ad bdrrl
df bdrrl fdtãehildf bdrrl fdtãehil
prlidsscfdntl cprlidsscfdntl c
cetcs tdfpdrcturcscetcs tdfpdrcturcs
Tshnc hntdmrcacTshnc hntdmrcac
c Ilqudc Ilqud
ilqudrhcilqudrhc
cetl-blrnlcetl-blrnl
shntdrhzcíélshntdrhzcíél
ilqudrhcilqudrhc
cetl-blrnlcetl-blrnl
shntdrhzcíélshntdrhzcíélcihcrhc cihcrhc cc
lxhmànhllxhmànhl
bdrrl-muscbdrrl-musc
bdrrl-dspln`cbdrrl-dspln`c
Tshnc hntdmrcacTshnc hntdmrcac
c rdauíél ahrdtcc rdauíél ahrdtc
  
FcpcFcpc
IlnidhtuceIlnidhtuce
prlidsscalprlidsscal
mdrcmdrc
è ahrhmhalè ahrhmhal
trcnsblrfc-sdtrcnsblrfc-sd
mdrcmdrc
aél lrhmdfaél lrhmdf
sél ahrhmhalssél ahrhmhals
ilnshadrcalsilnshadrcals
prlautlsprlautls
prhfãrhlsprhfãrhls
prlautls uthehzcalsprlautls uthehzcals
df dahffiicíôds, fdhlsdf dahffiicíôds, fdhls
ad trcnsplrtds d kdnsad trcnsplrtds d kdns
ad ilnsufl aurãvdhsad ilnsufl aurãvdhs
rdctlr adrdctlr ad
rdauíélrdauíél
ahrdtcahrdtc
cihcrhccihcrhc
deètrhicdeètrhic
cíl eæquhalcíl eæquhal
ehnmltcfdntlehnmltcfdntl
   pecics, pecics, kelils,kelils,
tcrumlstcrumls
lu ehnmltdslu ehnmltds
prlautlsprlautls
sdfh-cickcalssdfh-cickcals
rdblrfcalrrdblrfcalr
mrcnuecalmrcnuecal
pdeltcspdeltcs
prlidssl adprlidssl ad
ilnblrfcíélilnblrfcíél
  
Ilfpedxl adIlfpedxl ad
ZZdelthzcíédelthzcíél adl ad
Qukcrél0 ufcQukcrél0 ufc
ghstùrhc adghstùrhc ad
vhtùrhcsvhtùrhcs
  
C pdelthzcíél è l C pdelthzcíél è l prlidssl uthehzcal pcrc trcnsblrfcr dfprlidssl uthehzcal pcrc trcnsblrfcr df
pdeltcs ls fhnèrhls ffinls lu pdeltcs ls fhnèrhls ffinls lu uetrcffinls. Lu sd`c, cqudecsuetrcffinls. Lu sd`c, cqudecs
brcíôds ilf mrcnuelfdtrhcs ckchxl acs brcíôds ilf mrcnuelfdtrhcs ckchxl acs ilnshadrcacsilnshadrcacs
cadqucacs pcrc sdmuhrdf ahrdtcfdntd pcrc ls cadqucacs pcrc sdmuhrdf ahrdtcfdntd pcrc ls iehdntds.iehdntds.
C pdelthzcíél nc RceC pdelthzcíél nc Rced è ufc d è ufc acs dtcpcs ac icadhc acs dtcpcs ac icadhc prlauthvc,prlauthvc,
dssdnihce pcrc vhckhehzcr dilnlfhicfdntd ufc pcrtd acdssdnihce pcrc vhckhehzcr dilnlfhicfdntd ufc pcrtd ac
prlauíél fhndrce qud, plr sdr ilnsthtuæac ad pcrprlauíél fhndrce qud, plr sdr ilnsthtuæac ad pcrtæiuecstæiuecs
fuhtl ffincs, è hncadqucac pcrc sdr fuhtl ffincs, è hncadqucac pcrc sdr prlidsscac ncsprlidsscac ncs
shadrðrmhics. Hssl pladrã sdr fchs kdf ilfprddnahal cshadrðrmhics. Hssl pladrã sdr fchs kdf ilfprddnahal c
pcrthr al pcrthr al ilngdihfdntilngdihfdntl slkrd ls prlidssls ad cmelfdrcíéll slkrd ls prlidssls ad cmelfdrcíél
als fhnèrhls, qud als fhnèrhls, qud vlià hrã ilngdidr ndstd fùauel.vlià hrã ilngdidr ndstd fùauel.
Ls alhs prhnihpchs Ls alhs prhnihpchs prlidssls dxhstdnprlidssls dxhstdntds pcrc cmelfdrcr ffinlstds pcrc cmelfdrcr ffinls
ad fhnèrhl ad bdrrl sél ad fhnèrhl ad bdrrl sél c shntdrhzcíél d c c shntdrhzcíél d c pdelthzcíélpdelthzcíél..
C RceC Rced caltc cpdncs d caltc cpdncs dstd ðethfl, ufc vdz qud dstd ðethfl, ufc vdz qud c shntdrhzcíélc shntdrhzcíél
sù è tdinhicfdntd vhãvde qucnal bdhtc ncs hnstcecíôds acsù è tdinhicfdntd vhãvde qucnal bdhtc ncs hnstcecíôds ac
prùprhc shadrðrmhic, `ã qud l prùprhc shadrðrmhic, `ã qud l sæntdr (prlautl ac shntdrhzcíél)sæntdr (prlautl ac shntdrhzcíél)
admrcac-sd fuhtl qucnal trcnsplrtcal.admrcac-sd fuhtl qucnal trcnsplrtcal.
Nl cnl ad ;:33Nl cnl ad ;:33, c Rce, c Rced prlauzhu 19,3 fhegôds ad d prlauzhu 19,3 fhegôds ad tlndecacstlndecacs
ad pdeltcs df tlacs cs ad pdeltcs df tlacs cs ushncs (ushncs (QQukcrél, Fcrcngélukcrél, Fcrcngél, Fhncs, Fhncs
Mdrchs d Lfé), qud sél ilnsufhacs plr shadrðrmhicsMdrchs d Lfé), qud sél ilnsufhacs plr shadrðrmhics
dstrcnmdhrcs d dstrcnmdhrcs d krcshedhrcs, ilfl c krcshedhrcs, ilfl c CridelrFhttce QCridelrFhttce Qukcrél,ukcrél,
dfprdsc elicehzcac kdf cl ecal al dfprdsc elicehzcac kdf cl ecal al ilfpedxilfpedxl ad ushncsl ad ushncs
ad pdelthzcíél ac Rced, nl Dspærhtl Ycntl. Rcfls ilngdidrad pdelthzcíél ac Rced, nl Dspærhtl Ycntl. Rcfls ilngdidr
cmlrc uf pluil ac cmlrc uf pluil ac ghstùrhc al Ilfpedxl d sckdr dfghstùrhc al Ilfpedxl d sckdr df
adtcegds ilfl è c suc adtcegds ilfl è c suc lrmcnhzcíél.lrmcnhzcíél.
  
3;3;
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Ilfpedxl adIlfpedxl ad
Qukcrél ’ DYQukcrél ’ DY
L Ilfpedxl ad Qukcrél, df Rhtùrhc, nl DspærhtlL Ilfpedxl ad Qukcrél, df Rhtùrhc, nl Dspærhtl
Ycntl, ilfdílu c sdr ilnstruæal nl ffince adYcntl, ilfdílu c sdr ilnstruæal nl ffince ad
382: d, df 382: d, df nlvdfkrl ad 3828, c Rced hncumurcnlvdfkrl ad 3828, c Rced hncumurc
c prhfdhrc acs sdtd ushncs ad c prhfdhrc acs sdtd ushncs ad pdelthzcíélpdelthzcíél
qud ilfpôdf l ilfpedxl ctucefdntd. Lsqud ilfpôdf l ilfpedxl ctucefdntd. Ls
hnvdsthfdntls prlssdmudf d, df fdnls adhnvdsthfdntls prlssdmudf d, df fdnls ad
quctrl cnls, df 38=9, c dfprdsc ilnstrùh cquctrl cnls, df 38=9, c dfprdsc ilnstrùh c
sdmunac unhacad.sdmunac unhacad.
Df `cndhrl ad 38==, ilfdíc ufc nlvc drcDf `cndhrl ad 38==, ilfdíc ufc nlvc drc
pcrc c dstruturcíél al ilfpedxl0 è tdfpl adpcrc c dstruturcíél al ilfpedxl0 è tdfpl ad
―icscfdntl―icscfdntls‖ ilf lutrcs dfprdscs pcrc s‖ ilf lutrcs dfprdscs pcrc blrfcrblrfcr
cs igcfcacscs igcfcacs `lhnt-v `lhnt-vdnturdsdnturds. Ncquded cnl, c Rced. Ncquded cnl, c Rced
sd und ê dfprdsc htcehcnc Hevc Fhnnhnm K.R., acnalsd und ê dfprdsc htcehcnc Hevc Fhnnhnm K.R., acnal
lrhmdf ê Htckrcsil, Ilfpcnghc Ætcel-Krcshedhrc adlrhmdf ê Htckrcsil, Ilfpcnghc Ætcel-Krcshedhrc ad
Zdelthzcíél. L rdsuetcal è c ilnstruíél ac tdridhrcZdelthzcíél. L rdsuetcal è c ilnstruíél ac tdridhrc
pecntc ad pdpecntc ad pdelthzcíél al Ilfpedxl ad Qukcrél.elthzcíél al Ilfpedxl ad Qukcrél.
Ctucefdntd, c Rced plssuh 43% al icphtce ac ushnc,Ctucefdntd, c Rced plssuh 43% al icphtce ac ushnc,
dnqucntl c pcridhrc htcehcnc tdf 18%.dnqucntl c pcridhrc htcehcnc tdf 18%.
C qucrtc ushnc ad pdelthzcíél dntrc dfC qucrtc ushnc ad pdelthzcíél dntrc df
lpdrcíél dxctcfdntd alhs cnls adplhs, dflpdrcíél dxctcfdntd alhs cnls adplhs, df
 `cndhrl ad 38=8. Adssc v `cndhrl ad 38=8. Adssc vdz, c Rdz, c Rced bdigc pcridrhcced bdigc pcridrhc
ilf l mrupl dspcngle ilf l mrupl dspcngle Cidrcehc IlrplrcihùnCidrcehc Ilrplrcihùn
Yhadrðrmhic. @untcs, cs dfprdscs pcsscf c Yhadrðrmhic. @untcs, cs dfprdscs pcsscf c blrfcrblrfcr
c Ghspcnlkrãs ’ Ilfpcnghc Ghspcnl-Krcshedhrcc Ghspcnlkrãs ’ Ilfpcnghc Ghspcnl-Krcshedhrc
ad Zdelthzcíél, pcrc ilelicr df bunihlncfdntl cad Zdelthzcíél, pcrc ilelicr df bunihlncfdntl c
ushnc ad nðfdrl quctrl.ushnc ad nðfdrl quctrl.
Nl fcpc al Ilfpedxl, cs ushncs ihnil d sdhs, Nl fcpc al Ilfpedxl, cs ushncs ihnil d sdhs, qudqud
dntrcrcf df lpdrcíél df 38=7, ffiicf c cemunsdntrcrcf df lpdrcíél df 38=7, ffiicf c cemuns
fdtrls ad ahstënihc acs lutrcs quctrl unhacads.fdtrls ad ahstënihc acs lutrcs quctrl unhacads.
Cfkls ls prl`dtls rdsuetcrcf ad Cfkls ls prl`dtls rdsuetcrcf ad ndmlihcíôds,ndmlihcíôds,
ffirfcacs quctrl cnls cntds, dntrd ffirfcacs quctrl cnls cntds, dntrd c Rced, ufc Rced, uf
mrupl ad sdhs shadrðrmhics `cplndscs d c mrupl ad sdhs shadrðrmhics `cplndscs d c NhssglNhssgl
Hwch Ilrplrcthln. C pcridrhc mcrcnthu ê Rced 43%Hwch Ilrplrcthln. C pcridrhc mcrcnthu ê Rced 43%
acs cíôds ac nlvcacs cíôds ac nlvc `lhnt-vdnturd `lhnt-vdnturd, qud mcnglu l, qud mcnglu l
nlfd ad Nnlfd ad Nhkrcsil, Ilfpcnghc Nhpl-Krcshedhrchkrcsil, Ilfpcnghc Nhpl-Krcshedhrc
ad Zdelthzcíél.ad Zdelthzcíél.
C sèthfc ushnc C sèthfc ushnc ac Rced mcnglu blrfc slfdntdac Rced mcnglu blrfc slfdntd
ufc aèicac adplhs. Df 3887, c Rced d cufc aèicac adplhs. Df 3887, c Rced d c
dfprdsc ilrdcnc Zlgcnm Ytdde dfprdsc ilrdcnc Zlgcnm Ytdde IlrplrcthlnIlrplrcthln
(Zlsil), c fchlr shadrðrmhic ac Ilrèhc, irhcf(Zlsil), c fchlr shadrðrmhic ac Ilrèhc, irhcf
fchs ufcfchs ufc `lhnt-vdnturd `lhnt-vdnturd pcrc prlauzhr pdeltcs0 pcrc prlauzhr pdeltcs0
c Olkrcsil, Ilfpcnghc Ilrdcnl-Krcshedhrc adc Olkrcsil, Ilfpcnghc Ilrdcnl-Krcshedhrc ad
ZdelthzcíélZdelthzcíél, ctucefdntd ilf , ctucefdntd ilf icpcihacad pcrcicpcihacad pcrc
prlauzhr qucsd ihnil fhegôds ad tlndecacs adprlauzhr qucsd ihnil fhegôds ad tlndecacs ad
pdeltcs plr cnl.pdeltcs plr cnl.
Gl`d, l Ilfpedxl ad Qukcrél prlauz idricGl`d, l Ilfpedxl ad Qukcrél prlauz idric
ad 9: fhegôds ad tlndecacs ad pdeltcs plrad 9: fhegôds ad tlndecacs ad pdeltcs plr
cnl d klc pcrtd è ilnsufhac plr uf alscnl d klc pcrtd è ilnsufhac plr uf als
prhnihpchs iehdntds ac Rced nl Dspærhtl Ycntl0 cprhnihpchs iehdntds ac Rced nl Dspærhtl Ycntl0 c
CridelrFhttceQuCridelrFhttce Qukcrél. C ilnstruíél kcrél. C ilnstruíél ac lhtcvcac lhtcvc
ushnc ad pdelthzcíél ffiicrã prlntc df ;:39.ushnc ad pdelthzcíél ffiicrã prlntc df ;:39.
Ilf icpcihacad pcrc prlauzhr cnucefdntd sdtdIlf icpcihacad pcrc prlauzhr cnucefdntd sdtd
fhegôds ad tlndecacs ad pdeltcs, sdrã c fhegôds ad tlndecacs ad pdeltcs, sdrã c fchlrfchlr
al Ilfpedxl ad Qukcrél, cufdntcnal sucal Ilfpedxl ad Qukcrél, cufdntcnal suc
prlauthvhacad pcrc 9= fhegôds ad tlndecacs adprlauthvhacad pcrc 9= fhegôds ad tlndecacs ad
pdeltcs. Df ;:33, Lfé prlauzhu ;,3 fhegôds adpdeltcs. Df ;:33, Lfé prlauzhu ;,3 fhegôds ad
tlndecacs ad pdeltcs thpl rdauíél ahrdtc.tlndecacs ad pdeltcs thpl rdauíél ahrdtc.
  
3939
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
Qual sd trcnsblrfcQual sd trcnsblrfc
C pdelthzcíél ad fhnèrhl ilfdíluC pdelthzcíél ad fhnèrhl ilfdílu
nls Dstcals Tnhals, nls cnls 384:,nls Dstcals Tnhals, nls cnls 384:,
advhal ê ndidsshacad ad ilnidntrcíéladvhal ê ndidsshacad ad ilnidntrcíél
als tcilnhtls ’ fhnèrhls fuhtlals tcilnhtls ’ fhnèrhls fuhtl
plkrds ’ ðnhic blrfc ad vhckhehzcr cplkrds ’ ðnhic blrfc ad vhckhehzcr cuthehzcíél adssd thpl ad uthehzcíél adssd thpl ad fhnèrhl. Yurmhcfhnèrhl. Yurmhc
csshf c pdelthzcíél, pcrc cmelfdrcrcsshf c pdelthzcíél, pcrc cmelfdrcr
cs pcrtæiuecs d cs pcrtæiuecs d acr blrfc c uf nlvlacr blrfc c uf nlvl
prlautl, cs pdeltcs.prlautl, cs pdeltcs.
Zrlauíél acs ushncs df ;::7 df fhegôds Zrlauíél acs ushncs df ;::7 df fhegôds ad tlndecacsad tlndecacs
  CC ;,1 ;,1 FQFQC C Tshnc Tshnc HH
  CC 9,7 9,7 FQFQC C Tshnc Tshnc HHHH
  CC 1,1 1,1 FQFQC C Tshnc Tshnc HHH HHH (Htckrcsil)(Htckrcsil)
  CC 1,1 1,1 FQFQC C Tshnc Tshnc HR HR (Ghspcnlkrcs)(Ghspcnlkrcs)
  CC 4,: 4,: FQFQC C Tshnc Tshnc R R (Nhkrcs(Nhkrcsil il H)H)
  CC 4,: 4,: FQFQC C Tshnc Tshnc RH RH (Nhkrcsil (Nhkrcsil HH)HH)
  CC 4,: 4,: FQFQC C Tshnc Tshnc RHH RHH (Olkrcsil)(Olkrcsil)
Cs lutrcs ushncsCs lutrcs ushncs
ad pdelthzcíél ac Rcedad pdelthzcíél ac Rced
Tshnc ad pdelthzcíél ad Zlntc ac FcadhrcTshnc ad pdelthzcíél ad Zlntc ac Fcadhrc
Tshnc ad Zdelthzcíél ad Yél EuæsTshnc ad Zdelthzcíél ad Yél Euæs
Df ;::;, c Rced hnhihlu c lpdrcíél ac ushncDf ;::;, c Rced hnhihlu c lpdrcíél ac ushnc
ad pdelthzcíél ad Yél Euæs, nl Zlrtl ad Zlntcad pdelthzcíél ad Yél Euæs, nl Zlrtl ad Zlntc
ac Fcadhrc, nl Fcrcngél. C unhacad tdfac Fcadhrc, nl Fcrcngél. C unhacad tdf
icpcihacad pcrc prlauzhr cnucefdntd sdtdicpcihacad pcrc prlauzhr cnucefdntd sdtd
fhegôds ad tlndecacs ad pdeltcs. L fhnèrhlfhegôds ad tlndecacs ad pdeltcs. L fhnèrhl
qud ckcstdid c ushnc è prlvdnhdntd al Zcrã dqud ckcstdid c ushnc è prlvdnhdntd al Zcrã d
igdmc ctè l Fcrcngél pdec Dstrcac ad Bdrrligdmc ctè l Fcrcngél pdec Dstrcac ad Bdrrl
Icrc`ãs (DBI).Icrc`ãs (DBI).
  
3131
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
L fdhl cfkhdntd df QukcrélL fdhl cfkhdntd df Qukcrél
Blrcf hfpecntcals tràs prdihphtcalrds dedtrlstãthils df icac ufc acs =Blrcf hfpecntcals tràs prdihphtcalrds dedtrlstãthils df icac ufc acs =
ushncs ad pdelthzcíél ac Rced, tltcehzcnal ;3 prdihphtcalrds. C buníél alsushncs ad pdelthzcíél ac Rced, tltcehzcnal ;3 prdihphtcalrds. C buníél als
prdihphtcalrds è rdtdr l fctdrhce pcrthiuecal (pldhrc) qud sch als blrnls adprdihphtcalrds è rdtdr l fctdrhce pcrthiuecal (pldhrc) qud sch als blrnls ad
pdelthzcíél ac Rced. C dffiihànihc adssds dquhpcfdntls è supdrhlr c 88%.pdelthzcíél ac Rced. C dffiihànihc adssds dquhpcfdntls è supdrhlr c 88%.
C Rced hfpecntlu chnac cs whna bdnids, qud sél tdecs hnstcecacs nls pãthls adC Rced hfpecntlu chnac cs whna bdnids, qud sél tdecs hnstcecacs nls pãthls ad
dstlicmdf ad fctdrhchs, qud tàf c buníél ad rdauzhr c vdelihacad al vdntldstlicmdf ad fctdrhchs, qud tàf c buníél ad rdauzhr c vdelihacad al vdntl
hnihadntd ncs phegcs ad dstlicmdf. Blrcf hnstcecacs ihnil whna bdnids nlshnihadntd ncs phegcs ad dstlicmdf. Blrcf hnstcecacs ihnil whna bdnids nls
pãthls ad dstlicmdf ad pdeltcs, fhnèrhl d icrvél al Ilfpedxl ad Qukcrél,pãthls ad dstlicmdf ad pdeltcs, fhnèrhl d icrvél al Ilfpedxl ad Qukcrél,
tltcehzcnal 8 of ad tdec, qud igdmc c 9: fdtrls ad ceturc.tltcehzcnal 8 of ad tdec, qud igdmc c 9: fdtrls ad ceturc.
C Rced hfpecntlu chnac l dniecusurcfdntl ilf tdec acs icscs adC Rced hfpecntlu chnac l dniecusurcfdntl ilf tdec acs icscs ad
trcnsbdrànihcs ad ilrrdhcs trcnsplrtcalrcs, rdauzhnal c dfhssél ad pldhrctrcnsbdrànihcs ad ilrrdhcs trcnsplrtcalrcs, rdauzhnal c dfhssél ad pldhrc
aurcntd l fcnusdhl ad fhnèrhl d pdeltcs. Lutrl ahsplshthvl hfpecntcal pdecaurcntd l fcnusdhl ad fhnèrhl d pdeltcs. Lutrl ahsplshthvl hfpecntcal pdec
Rced df Qukcrél blh l suprdsslr ad pù, qud ilnshstd df uf prlautl quæfhilRced df Qukcrél blh l suprdsslr ad pù, qud ilnshstd df uf prlautl quæfhil
eæquhal ê kcsd ad mehidrhnc cpehical ncs pdeltcs ad fhnèrhl. Dssd prlautleæquhal ê kcsd ad mehidrhnc cpehical ncs pdeltcs ad fhnèrhl. Dssd prlautl
blrfc ufc pdeæiuec peãsthic nc supdrbæihd acs pdeltcs, csshf rdauzhnalblrfc ufc pdeæiuec peãsthic nc supdrbæihd acs pdeltcs, csshf rdauzhnal
arcsthicfdntd c dfhssél ad pldhrc aurcntd l fcnusdhl acs pdeltcs.arcsthicfdntd c dfhssél ad pldhrc aurcntd l fcnusdhl acs pdeltcs.
Advhal c cemufcs cíôds ’ tchs ilfl c suksthtuhíél ac uthehzcíél ad ãmucAdvhal c cemufcs cíôds ’ tchs ilfl c suksthtuhíél ac uthehzcíél ad ãmuc
nlvc plr ãmuc rdihriuecac nc cspdrsél ad phegcs ad fhnèrhl, nc ecvcmdfnlvc plr ãmuc rdihriuecac nc cspdrsél ad phegcs ad fhnèrhl, nc ecvcmdf
hnaustrhce, nc ecvcmdf ad vhcs, ceèf al fchlr cprlvdhtcfdntl ac ãmuc adhnaustrhce, nc ecvcmdf ad vhcs, ceèf al fchlr cprlvdhtcfdntl ac ãmuc ad
iguvc ’, l ilnsufl dspdiæffiil ad ãmuc nc pdelthzcíél blh rdauzhal dfiguvc ’, l ilnsufl dspdiæffiil ad ãmuc nc pdelthzcíél blh rdauzhal df
=8% nl pdrælal ad 388: c ;:33. Ceèf ahssl, 2;% als rdsæauls mdrcals nl=8% nl pdrælal ad 388: c ;:33. Ceèf ahssl, 2;% als rdsæauls mdrcals nl
IlfpedIlfpedxl ad xl ad Qukcrél sél Qukcrél sél rdihiecalrdihiecals.s.
Tshnc ad Zdelthzcíél ad BãkrhicTshnc ad Zdelthzcíél ad Bãkrhic
C ushnc ad pdelthzcíél ad Bãkrhic, dfC ushnc ad pdelthzcíél ad Bãkrhic, df
Ilnmlngcs, blh hnilrplrcac qucnal Ilnmlngcs, blh hnilrplrcac qucnal c Rcedc Rced
caquhrhu c Bdrtdil Fhndrcíél Y.C., df ;::3.caquhrhu c Bdrtdil Fhndrcíél Y.C., df ;::3.
Cs fhncs al Cs fhncs al Ilfpedxl ad Bãkrhic ckcstdidfIlfpedxl ad Bãkrhic ckcstdidf
c pdelthzcíél, ilf icpcihacad ad prlauzhr 1,4c pdelthzcíél, ilf icpcihacad ad prlauzhr 1,4
fhegôds ad tlndecacs ad pdeltcs plr fhegôds ad tlndecacs ad pdeltcs plr cnl. @ã ccnl. @ã c
ushnc ad Rcrmdf Mrcnad, hnhihlu sucs lpdrcíôdsushnc ad Rcrmdf Mrcnad, hnhihlu sucs lpdrcíôdsdf ;::8 d tdf icpcihacad ad = fhegôds addf ;::8 d tdf icpcihacad ad = fhegôds ad
tlndecacs ad htckhrhtl.tlndecacs ad htckhrhtl.
  
Tshnc ad pdelthzcíél df LféTshnc ad pdelthzcíél df Lfé
Tshnc ad Zdelthzcíél ad Tshnc ad Zdelthzcíél ad Rcrmdf MrcnadRcrmdf Mrcnad
Df `ungl ad ;::8, dntrc df lpdrcíél c TshncDf `ungl ad ;::8, dntrc df lpdrcíél c Tshnc
ad Rcrmdf Mrcnad, c sdmunac df Fhncs Mdrchs,ad Rcrmdf Mrcnad, c sdmunac df Fhncs Mdrchs,
ilf icpcihacad ad prlauíél ad =,: Ft/cnl,ilf icpcihacad ad prlauíél ad =,: Ft/cnl,
dedvcnal c icpcihacad hnstcecac ad prlauíéldedvcnal c icpcihacad hnstcecac ad prlauíél
ad pdeltcs c 11,: Ft/cnl. C pecntc rdidkdad pdeltcs c 11,: Ft/cnl. C pecntc rdidkd
pdeedt bdda ac fhnc al Zhil, df fhndrlautlpdeedt bdda ac fhnc al Zhil, df fhndrlautl
ad 2 of ad 2 of ad dxtdnsél, d al kdndffiihcfdntl adad dxtdnsél, d al kdndffiihcfdntl adRcrmdf Mrcnad.Rcrmdf Mrcnad.
  
Tshnc ad Zdelthzcíél ad LféTshnc ad Zdelthzcíél ad Lfé
Df ;:33, c Rced hnhihlu c prlauíél ad pdeltcsDf ;:33, c Rced hnhihlu c prlauíél ad pdeltcs
pcrc rdauíél ahrdtc nc fladrnæsshfc ushnc adpcrc rdauíél ahrdtc nc fladrnæsshfc ushnc ad
Lfé, nls Dfhrcals Ãrckds ’ ilf c prhfdhrcLfé, nls Dfhrcals Ãrckds ’ ilf c prhfdhrc
ehngc df ckrhe d ehngc df ckrhe d c sdmunac ehngc df nlvdfkrlc sdmunac ehngc df nlvdfkrl
ad ;:33. ad ;:33. Yuc icpcihacad tltce è ad 8,Yuc icpcihacad tltce è ad 8,:Ft/cnl, l: Ft/cnl, l
qud dedvc c icpcihacad hnstcecac ad prlauíél acqud dedvc c icpcihacad hnstcecac ad prlauíél ac
Rced pcrc 49 Ft/cnl. Ahbdrdntdfdntd acs adfchsRced pcrc 49 Ft/cnl. Ahbdrdntdfdntd acs adfchs
ushncs ac Rced, dstc pecntc uthehzc c ushncs ac Rced, dstc pecntc uthehzc c tdinlelmhc adtdinlelmhc ad
blrnl rltcthvl pcrc c bcsd ad qudhfc acs pdeltcs.blrnl rltcthvl pcrc c bcsd ad qudhfc acs pdeltcs.
  
3434
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
Zrdihphtcalr dedtrldstãthilZrdihphtcalr dedtrldstãthil
ushnc ad pdelthzcíél df tukcrélushnc ad pdelthzcíél df tukcrél
RCED d CridelrFhttce QukcrélRCED d CridelrFhttce Qukcrél
C CridelrFhttce Qukcrél, ctuce hntdmrcntdC CridelrFhttce Qukcrél, ctuce hntdmrcntd
al Mrupl CridelrFhttce al Krcshe, è uf alsal Mrupl CridelrFhttce al Krcshe, è uf als
prhnihpchs iehdntds acs ushncs ad prhnihpchs iehdntds acs ushncs ad pdelthzcíél acpdelthzcíél ac
Rced al Ilfpedxl ad Qukcrél, df Rhtùrhc, nlRced al Ilfpedxl ad Qukcrél, df Rhtùrhc, nl
Dspærhtl Ycntl. C shadrðrmhic adtèf 34,3=% acDspærhtl Ycntl. C shadrðrmhic adtèf 34,3=% ac
prlauíél ncihlnce ad cíl plr cnl. Df ;:33,prlauíél ncihlnce ad cíl plr cnl. Df ;:33,CridelrFhttce QCridelrFhttce Qukcrél ceicnílu c ukcrél ceicnílu c prlauíél adprlauíél ad
4,91 fhegôds ad tlndecacs.4,91 fhegôds ad tlndecacs.
 Cetl Blrnl 9 ac CridelrFhttce Cetl Blrnl 9 ac CridelrFhttce
Qukcrél df ilnstruíélQukcrél df ilnstruíél
44
  
3232
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Zdeltcs qudZdeltcs qud
vcedf lurlvcedf lurl
Sucsd nl ffince ac aèicac Sucsd nl ffince ac aèicac ad 388:, c prdvhsélad 388:, c prdvhsél
drc ad qud l drc ad qud l mrcnuecal sd tlrncrhc dsicssl,mrcnuecal sd tlrncrhc dsicssl,
nuf buturl fuhtl prùxhfl. C tdnaànihc,nuf buturl fuhtl prùxhfl. C tdnaànihc,
dntél, drc cufdntcr c prlauíél als lutrlsdntél, drc cufdntcr c prlauíél als lutrls
prlautls, prhnihpcefdntd acs pdeltcs. Blh ndssdprlautls, prhnihpcefdntd acs pdeltcs. Blh ndssd
pdrælal qud c Rced prliurlu dstrdhtcr sucspdrælal qud c Rced prliurlu dstrdhtcr sucs
rdecíôds ilf c rdecíôds ilf c CridelrFhttce QCridelrFhttce Qukcrél, uf alsukcrél, uf als
prhnihpchs iehdntds ac Rced df tdrrcs prhnihpchs iehdntds ac Rced df tdrrcs krcshedhrcs,krcshedhrcs,
 `untcfdntd ilf Tshf `untcfdntd ilf Tshfhncs, Ilshpc, Cíhncs, Ilshpc, Cílfhncslfhncs
d Cidshtc (CridelrFhttce Hnlx), dntrd d Cidshtc (CridelrFhttce Hnlx), dntrd lutrcs. Clutrcs. C
dstrctèmhc drc flstrcr qud cs pdeltcs drcf ufcdstrctèmhc drc flstrcr qud cs pdeltcs drcf ufc
klc lpíél pcrc ls cetl- klc lpíél pcrc ls cetl- blrnls ac dfprdsc.blrnls ac dfprdsc.
Drc uf flfdntl ad prdssél plr pcrtdDrc uf flfdntl ad prdssél plr pcrtd
als ilnilrrdntds. L als ilnilrrdntds. L fdrical ilnshadrcvcfdrical ilnshadrcvc
dxidedntd c qucehacad al mrcnuecal acs lutrcsdxidedntd c qucehacad al mrcnuecal acs lutrcsLpdrcíél ad rdiupdrcíél ad pdeltcs df tukcrélLpdrcíél ad rdiupdrcíél ad pdeltcs df tukcrél
fhndrcalrcs qud, plr suc vdz, fhndrcalrcs qud, plr suc vdz, prliurcvcf mcrcnthprliurcvcf mcrcnthr sucs r sucs vdnacs lbdrdidnal cls iehdntds ahvdrscsvdnacs lbdrdidnal cls iehdntds ahvdrscs
vcntcmdns icsl caquhrhssdf ufc vcrhdacad ad vcntcmdns icsl caquhrhssdf ufc vcrhdacad ad prlautls, prhnihpcefdntd mrcnuecal dprlautls, prhnihpcefdntd mrcnuecal d shntdr bdda shntdr bdda   
(prlautls qud vlià ilngdidu nl fùauel HHH). Nc èplic, c (prlautls qud vlià ilngdidu nl fùauel HHH). Nc èplic, c CridelrFhttce QCridelrFhttce Qukcrél ilnsufhc ;:% adukcrél ilnsufhc ;:% ad
mrcnuecal d 7:% admrcnuecal d 7:% ad shntdr bdda shntdr bdda . Zcrc sd prdvdnhr ilntrc c buturc dsicssdz al mrcnuecal, c CridelrFhttce. Zcrc sd prdvdnhr ilntrc c buturc dsicssdz al mrcnuecal, c CridelrFhttce
QukcréQukcrél ’ qud `ã l ’ qud `ã dstcvc decklrcnal uf pecnl ad dxpcnsél ’ dstcvc decklrcnal uf pecnl ad dxpcnsél ’ cvcehlu c plsshkhehacad ad hnvdsthr pcrccvcehlu c plsshkhehacad ad hnvdsthr pcrc
cufdntcr suc icpcihacad ad cufdntcr suc icpcihacad ad shntdrhzcíél, iu`l prlidssl vlià vch ilngdidr chnac nshntdrhzcíél, iu`l prlidssl vlià vch ilngdidr chnac ndssd fùauel. Èdssd fùauel. È
ndssd flfdntl qud dntrc df idnc ufc dquhpd ndssd flfdntl qud dntrc df idnc ufc dquhpd ad dspdihcehstcs ac Rced.ad dspdihcehstcs ac Rced.
Ls prlffisshlnchs ac Rced ffizdrcf vãrhls dstuals d Ls prlffisshlnchs ac Rced ffizdrcf vãrhls dstuals d cplntcrcf qud l mrcnuecal ilfdícrhc c cplntcrcf qud l mrcnuecal ilfdícrhc c ffiicrffiicr
dsicssl nl cnl ad ;::3 dsicssl nl cnl ad ;::3 d qud, plrtcntl, c CridelrFhttce Qukcrd qud, plrtcntl, c CridelrFhttce Qukcrél tdrhc, `ã ncquded cnl, ad ahfhnuhrél tdrhc, `ã ncquded cnl, ad ahfhnuhr
c prlplríél adstd prlautl nc icrmc al cetl-blrnl. Deds tcfkèf ilnieuærcf qud gcvdrhc ufcc prlplríél adstd prlautl nc icrmc al cetl-blrnl. Deds tcfkèf ilnieuærcf qud gcvdrhc ufc
cetdrncthvc pcrc c CridelrFhttce Qukcrél nél hnvdsthr nc cfpehcíél ac icpcihacad cetdrncthvc pcrc c CridelrFhttce Qukcrél nél hnvdsthr nc cfpehcíél ac icpcihacad ad shntdrhzcíél,ad shntdrhzcíél,
ilfl ls prlffisshlnchs ac dfprdsc ilfl ls prlffisshlnchs ac dfprdsc gcvhcf pdnscal.gcvhcf pdnscal.
C pdsquhsc als tèinhils ac Rced cplntlu mcstls ilnshadrcvdefdntd cetls plr pcrtd ac CridelrFhttceC pdsquhsc als tèinhils ac Rced cplntlu mcstls ilnshadrcvdefdntd cetls plr pcrtd ac CridelrFhttce
Qukcrél, icsl c dfprdsc adihahssd hnvdsthr ad bctl nc shntdrhzcíél d, fdsfl csshf, chnac sdrhc ndidssãrhlQukcrél, icsl c dfprdsc adihahssd hnvdsthr ad bctl nc shntdrhzcíél d, fdsfl csshf, chnac sdrhc ndidssãrhlilnsufhr pdeltcs ilfl ilfpedfdntl ad icrmc, pcrc cthnmhr c prlauíél dsthfcac nl pdrælal.ilnsufhr pdeltcs ilfl ilfpedfdntl ad icrmc, pcrc cthnmhr c prlauíél dsthfcac nl pdrælal.
Ilf ls dstuals, ls dspdihcehstcs ac Rced prlvcrcf qud sdrhc fchs vcntc`lsl ’ nél sùIlf ls dstuals, ls dspdihcehstcs ac Rced prlvcrcf qud sdrhc fchs vcntc`lsl ’ nél sù
dilnlfhicfdntd ilfl tcfkèf pcrc c prlauíél ’ sd c shadrðrmhic lptcssd plr cufdntcr l dilnlfhicfdntd ilfl tcfkèf pcrc c prlauíél ’ sd c shadrðrmhic lptcssd plr cufdntcr l ilnsuflilnsufl
ad pdeltcs ad pdeltcs ac Rced.ac Rced.
L rdsuetcal acs pdsquhscs blh uf cilral ffirfcal, df lutukrl ad ;:::, ilf vcehacad ad L rdsuetcal acs pdsquhscs blh uf cilral ffirfcal, df lutukrl ad ;:::, ilf vcehacad ad adz cnls,adz cnls,
dntrd c CridelrFhttce Qukcrél d c Rced pcrc c ilfprc ad dntrd c CridelrFhttce Qukcrél d c Rced pcrc c ilfprc ad prlautls dxieushvcfdntd ac Rcedprlautls dxieushvcfdntd ac Rced. C dfprdsc. C dfprdsc
cufdntlu l ilnsufl ad nlvdidntcs fhe pcrc uf fhegél ad tlndecacs ad cufdntlu l ilnsufl ad nlvdidntcs fhe pcrc uf fhegél ad tlndecacs ad mrcnuecals cnucefdntd,mrcnuecals cnucefdntd,
sdnal 3::% lrhunals ac Rced. L fdsfl cilntdidu ilf l ilnsufl alsdnal 3::% lrhunals ac Rced. L fdsfl cilntdidu ilf l ilnsufl al shntdr bdda shntdr bdda 0 puelu ad tràs0 puelu ad tràs
fhegôds (ilf =7% ad fhegôds (ilf =7% ad pcrthihpcíél ac Rced) pcrc 1,4 fhegôds pcrthihpcíél ac Rced) pcrc 1,4 fhegôds (3::% Rced). Ceèf, è iecrl, acs pdeltcs,(3::% Rced). Ceèf, è iecrl, acs pdeltcs,
qud pcsscrcf c bczdr pcrtd ac qud pcsscrcf c bczdr pcrtd ac icrtdhrc ad prlautls lbdrdihals pdec Ilfpcnghc pcrc c shadrðrmhic,icrtdhrc ad prlautls lbdrdihals pdec Ilfpcnghc pcrc c shadrðrmhic,
rdsuetcnal nc dntrdmc ad alhs fhegôds ad rdsuetcnal nc dntrdmc ad alhs fhegôds ad tlndecacs plr cnl.tlndecacs plr cnl.
3232
  
3=3=
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
MrcnuecalsMrcnuecals
8:: fhe tlndecacs8:: fhe tlndecacs  ¿¿  3 fhegél ad tlndecacs3 fhegél ad tlndecacs
ZdeltcsZdeltcs
; fhegôds ad tlndecacs/cnl; fhegôds ad tlndecacs/cnl
Yhntdr bddaYhntdr bdda
9 fhegôds ad tlndecacs9 fhegôds ad tlndecacs ¿¿ 1.4 fhegôds ad tlndecacs 1.4 fhegôds ad tlndecacs
¿¿
¿¿
¿¿
3=3=
  
Tf pcnlrcfcTf pcnlrcfc
ac hnaðstrhcac hnaðstrhcshadrðrmhicshadrðrmhic
nl funalnl funal
  
;:;:
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Fchlrds ZrlautlrdsFchlrds Zrlautlrds
Funahchs ad Cíl(Dfprdscs)Funahchs ad Cíl (Dfprdscs)
CCrriiddeellrr--FFhhttrrccee 8877,,;;KKccllssttdddde e MMrrlluupp 99==,,::
ZZLLYYIILL 9944,,11
NNhhpppplln n YYttddddee 9944,,::::
@@BBDD 9933,,33
@@hhccnnmmssu u YYggccmmccnnmm ;;99,,;;
QQccttc c YYttddddee ;;99,,;;
TT..YY. . YYttddddee ;;;;,,99
CCnnssttddddee ;;;;,,33
MMddrraaccuu 3377,,==
 L cnl ad ;::1 vch ffiicr rdmhstrcal nc ghstùrhc L cnl ad ;::1 vch ffiicr rdmhstrcal nc ghstùrhc
ac shadrurmhc funahce. C prlauíél ad tlacs csac shadrurmhc funahce. C prlauíél ad tlacs cs
ilfpcnghcs shadrðrmilfpcnghcs shadrðrmhics uetrcpcsslu c fcric ad ufhics uetrcpcsslu c fcric ad uf
khegél ad tlndecacs ad cíl, nðfdrl nunic cntds vhstlkhegél ad tlndecacs ad cíl, nðfdrl nunic cntds vhstl
nc trc`dtùrhc al sdtlr df uf ðnhil cnl. Dssd rdilrad blhnc trc`dtùrhc al sdtlr df uf ðnhil cnl. Dssd rdilrad blh
dnickdícal prhnihpcefdndnickdícal prhnihpcefdntd pdec Ighnc, td pdec Ighnc, ilfl vhfls nlilfl vhfls nl
hnæihl al Fùauel HH. L hnæihl al Fùauel HH. L pcæs è l fchlr prlautlr funahcepcæs è l fchlr prlautlr funahce
ad cíl d, ndssd fdsfl cnl, blh rdsplnsãvde plr ;=;ad cíl d, ndssd fdsfl cnl, blh rdsplnsãvde plr ;=;
fhegôds ad tlndecacs. Nl cnl ad ;::4, cvcnílu pcrcfhegôds ad tlndecacs. Nl cnl ad ;::4, cvcnílu pcrc
918 fhegôds ad tlndecacs, uf irdsihfdntl cnuce ad ==918 fhegôds ad tlndecacs, uf irdsihfdntl cnuce ad ==
fhegôds d, nl cnl ad fhegôds d, nl cnl ad ;::2, ceicnílu c hfprdsshlnc;::2, ceicnílu c hfprdsshlncntdntd
fcric ad 138 fhegôds ad tlndecacs ad cíl. Aèihflfcric ad 138 fhegôds ad tlndecacs ad cíl. Aèihfl
eumcr nc ehstc als prlautlrds ad cíl, nl cnl ad ;::2, leumcr nc ehstc als prlautlrds ad cíl, nl cnl ad ;::2, l
Krcshe ilntrhkuhu ilf 93 fhegôds ad tlndecacs. C IghncKrcshe ilntrhkuhu ilf 93 fhegôds ad tlndecacs. C Ighnc
tcfkèf è l fchlr hfplrtcalr ad fhnèrhl ad bdrrl adtcfkèf è l fchlr hfplrtcalr ad fhnèrhl ad bdrrl ad
vãrhls pcæsds ’ hnieuhnal, è iecrl, l vdrad-cfcrdvãrhls pcæsds ’ hnieuhnal, è iecrl, l vdrad-cfcrdel ’ nlel ’ nl
cnl ad ;::7, ceicnílu 4:: fhegôds tlndecacs. Df ;::7,cnl ad ;::7, ceicnílu 4:: fhegôds tlndecacs. Df ;::7,
c Ighnc hfplrtlu qucsd 3:3 fhegôds tlndecacs adc Ighnc hfplrtlu qucsd 3:3 fhegôds tlndecacs ad
fhnèrhl ad bdrrl al Krcshe.fhnèrhl ad bdrrl al Krcshe.
Ad ;::: c ;::4, c prlauíél funahce acs shadrðrmhicsAd ;::: c ;::4, c prlauíél funahce acs shadrðrmhics
irdsidu ;2= fhegôds ad tlndecacs. L sdtlr tcfkèfirdsidu ;2= fhegôds ad tlndecacs. L sdtlr tcfkèf
slbrdu ilnstcntds trcnsblrfcíôslbrdu ilnstcntds trcnsblrfcíôds0 busôds ds0 busôds ad dfprdscsad dfprdscs
d ad mrupls vàf fuacnal l idnãrhl ac shadrurmhcd ad mrupls vàf fuacnal l idnãrhl ac shadrurmhc
funahce. Cnthmls ilnilrrdntds blrfcf ilnmelfdrcals,funahce. Cnthmls ilnilrrdntds blrfcf ilnmelfdrcals,
tlrncnal l fdrical icac vdz fchs melkcehzcal dtlrncnal l fdrical icac vdz fchs melkcehzcal d
dxhmhnal acs ilfpcnghcs c rdvhsél ad sucs dstrctèmhcsdxhmhnal acs ilfpcnghcs c rdvhsél ad sucs dstrctèmhcs
ad ndmùihls, pcrc sd fcntdrdf ilfpdththvcs.ad ndmùihls, pcrc sd fcntdrdf ilfpdththvcs.
C irhcíél al fchlr mrupl shadrðrmhil al funal, plrC irhcíél al fchlr mrupl shadrðrmhil al funal, plr
dxdfpel, lilrrdu chnac df ;::;, ilf c busél ad tràsdxdfpel, lilrrdu chnac df ;::;, ilf c busél ad tràs
mrcnads dfprdscs0 Crkda, Cidrcehc d Tshnlr blrfcrcf cmrcnads dfprdscs0 Crkda, Cidrcehc d Tshnlr blrfcrcf c
Cridelr, icpcz ad prlauzhr 4: fhegôds ad tlndecacs adCridelr, icpcz ad prlauzhr 4: fhegôds ad tlndecacs adcíl plr cnl. C dfprdsc è gl`d alnc ac CridelrFhttcecíl plr cnl. C dfprdsc è gl`d alnc ac CridelrFhttce
Qukcrél. Df `ungl ad ;::2, c Cridelr blh caquhrhac pdelQukcrél. Df `ungl ad ;::2, c Cridelr blh caquhrhac pdel
mrupl hnahcnl Fhttce d, c pcrthr ad mrupl hnahcnl Fhttce d, c pcrthr ad dntél, pcsslu c sdrdntél, pcsslu c sdr
l fchlr ilnmelfdrcal shadrðrmhil funahce, adtdntlrl fchlr ilnmelfdrcal shadrðrmhil funahce, adtdntlr
ad ufc prlauíél cnuce ad qucsd 3:: fhegôds adad ufc prlauíél cnuce ad qucsd 3:: fhegôds ad
tlndecacs ad cíl. Nl Krcshe, l Mrupl Mdracu prliurlutlndecacs ad cíl. Nl Krcshe, l Mrupl Mdracu prliurlu
cfpehcr suc ctucíél ilf cquhshíôds nls fdricalscfpehcr suc ctucíél ilf cquhshíôds nls fdricals
krcshedhrlkrcshedhrl, cfdrhicnl d icncadnsd d , cfdrhicnl d icncadnsd d tcfkèf df pcæsdstcfkèf df pcæsds
ac Cfèrhic al Yue.ac Cfèrhic al Yue.
;:;:
  
;3;3
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
Fchlrds ZrlautlrdsFchlrds Zrlautlrds
Funahchs ad Cíl (Zcæsds)Funahchs ad Cíl (Zcæsds)
IIgghhnncc 228844,,44
@@ccppééll 33::==,,22
TTYYCC 7722,,;;
ÆÆnnaahhcc ==;;,,;;
[[ððsssshhcc 2277,,==
IIllrrddhhc c aal l YYuuee 2277,,44
CCeeddffccnnggcc 1111,,99
TTiirrëënnhhcc 9944,,;;
KKrrccsshhee 9944,,;;
QQuurrqquuhhcc 9911,,33
;3;3
  
HntrlauíélHntrlauíél
ê shadrurê shadrurmhmhcc
  
;1;1
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
C prlprhdacad fchs ctrcdntd ad uf fdtce nél è ndidsscrhcfdntd c suc aurdzc, fcs c cetcC prlprhdacad fchs ctrcdntd ad uf fdtce nél è ndidsscrhcfdntd c suc aurdzc, fcs c cetc
rdshstànihc fdiënhic csslihcac ê ―bcihehacad‖ ilf qud ded plad sdr prlauzhal ncs fchs vcrhcacsrdshstànihc fdiënhic csslihcac ê ―bcihehacad‖ ilf qud ded plad sdr prlauzhal ncs fchs vcrhcacs
blrfcs, pcrc ctdnadr c ahbdrdntds usls. Dxdfpel tæphil è c dstcfpcmdf (blr`cfdntl c brhl ad pdícsblrfcs, pcrc ctdnadr c ahbdrdntds usls. Dxdfpel tæphil è c dstcfpcmdf (blr`cfdntl c brhl ad pdícs
fdtãehics) ac ectcrhc als cutlfùvdhs, qud nél sd adsbczdf df pdacíls df ufc dvdntuce ilehsél.fdtãehics) ac ectcrhc als cutlfùvdhs, qud nél sd adsbczdf df pdacíls df ufc dvdntuce ilehsél.
Nlvdntc fhegôds ad tlndecacs ad cíl acrhcfNlvdntc fhegôds ad tlndecacs ad cíl acrhcf
pcrc prlauzhr ;:: fhegôds pcrc prlauzhr ;:: fhegôds ad cutlfùvdhs.ad cutlfùvdhs.
Yd rdslevàssdfls ilelicr tlals ls icrrls ufYd rdslevàssdfls ilelicr tlals ls icrrls uf
ctrãs al lutrl, pcrc-iglqud ilntrc ctrãs al lutrl, pcrc-iglqud ilntrc pcrc-pcrc-
iglqud, ilnshadrcnal uf ilfprhfdntl ad 9iglqud, ilnshadrcnal uf ilfprhfdntl ad 9
fdtrls plr cutlfùvde, dssds ;:: fhegôds adfdtrls plr cutlfùvde, dssds ;:: fhegôds ad
vdæiuels blrfcrhcf ufc ffiec qud vdæiuels blrfcrhcf ufc ffiec qud ihriunacrhcihriunacrhc
c Qc Qdrrc idric ad drrc idric ad 34 vdzds. Df tdfpl0 cpdncs34 vdzds. Df tdfpl0 cpdncs
uf cutlfùvde ilntèf cprlxhfcacfdntd 14:uf cutlfùvde ilntèf cprlxhfcacfdntd 14:
om ad igcpcs ad om ad igcpcs ad cíl (nlrfcefdntd igcpcscíl (nlrfcefdntd igcpcs
ecfhncacs c brhl lu zhnicacs).ecfhncacs c brhl lu zhnicacs).
L bdrrl, ilfl c fchlrhc als fdtchs, lilrrd ncL bdrrl, ilfl c fchlrhc als fdtchs, lilrrd nc
ncturdzc slk c ncturdzc slk c blrfc ad ùxhals, gharùxhalsblrfc ad ùxhals, gharùxhals
lu lutrls ilfplstls, plr sdrdf dsscs cs sucslu lutrls ilfplstls, plr sdrdf dsscs cs sucs
blrfcs fchs dstãvdhs. Nl ilthahcnl, plad-sdblrfcs fchs dstãvdhs. Nl ilthahcnl, plad-sd
pdridkdr qud l pdridkdr qud l bdrrl lxhac dsplntcndcfdntd.bdrrl lxhac dsplntcndcfdntd.
Lu sd`c, ffiic dnbdrru`cal shfpedsfdntd pdelLu sd`c, ffiic dnbdrru`cal shfpedsfdntd pdel
ilntcal ilf l cr. Zcrc qud ls ùxhals ad bdrrlilntcal ilf l cr. Zcrc qud ls ùxhals ad bdrrl
sd`cf trcnsblrfcals df bdrrl fdtãehil, l qucesd`cf trcnsblrfcals df bdrrl fdtãehil, l quce
sdrã adsthncal ê bckrhicíél al cíl, è ndidssãrhlsdrã adsthncal ê bckrhicíél al cíl, è ndidssãrhl
rdflvdr adeds l lxhmànhl. C rdthrcac al rdflvdr adeds l lxhmànhl. C rdthrcac al lxhmànhllxhmànhl
è bdhtc plr fdhl ad è bdhtc plr fdhl ad prlidssls qud uthehzcf cetcsprlidssls qud uthehzcf cetcs
tdfpdrcturcs. C dxtrcíél als fdtchs ad sdustdfpdrcturcs. C dxtrcíél als fdtchs ad sdus
fhnèrhls è igcfcac ad fdtceurmhc. Sucnal decfhnèrhls è igcfcac ad fdtceurmhc. Sucnal dec
lilrrd df cetcs tdfpdrcturcs, aã-sd l nlfdlilrrd df cetcs tdfpdrcturcs, aã-sd l nlfd
ad phrlfdtceurmhc. C shadrurmhc ad phrlfdtceurmhc. C shadrurmhc (mrdml(mrdml shadrls shadrls  
6 bdrrl) è uf icsl 6 bdrrl) è uf icsl pcrthiuecr ac phrlfdtceurmhcpcrthiuecr ac phrlfdtceurmhc
qud trctc ac dxtrcíél al qud trctcac dxtrcíél al bdrrl d ac ilnsdqudntdbdrrl d ac ilnsdqudntd
bckrhicíél al cíl.bckrhicíél al cíl.
HntrlauíélHntrlauíél
ê Yhadrumhcê Yhadrumhc
;1;1
  
;4;4
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
C Zrlauíél alC Zrlauíél al
bdrrl prhfãrhlbdrrl prhfãrhl
C rdthrcac al lxhmànhl al fhnèrhl ad bdrrl,C rdthrcac al lxhmànhl al fhnèrhl ad bdrrl,
prlauzhnal l bdrrl fdtãehil, igcfc-sdprlauzhnal l bdrrl fdtãehil, igcfc-sd
lpdrcíél ad ―rdauíél‖ al bdrrl. L prlautl aclpdrcíél ad ―rdauíél‖ al bdrrl. L prlautl ac
rdauíél è mdndrhicfdntd ilngdihal ilflrdauíél è mdndrhicfdntd ilngdihal ilfl
―bdrrl prhfãrhl‖, qud plad sdr l bdrrl-musc lu―bdrrl prhfãrhl‖, qud plad sdr l bdrrl-musc lu
l bdrrl-dspln`c (qud rdidkdu dssd nlfd plrl bdrrl-dspln`c (qud rdidkdu dssd nlfd plr
tdr uf cspditl tdr uf cspditl dspln`lsl), prlauzhadspln`lsl), prlauzhals nlsls nls
rdctlrds igrdctlrds igcfcals ad ―cetl-blrnl‖ d cfcals ad ―cetl-blrnl‖ d ―blrnl ad―blrnl ad
rdauíél ahrdtc‖, rdspdithvcfdntd. Cfkls sélrdauíél ahrdtc‖, rdspdithvcfdntd. Cfkls sél
rdsuetcals ad fchs ad tràs fhe cnls ad dvleuíélrdsuetcals ad fchs ad tràs fhe cnls ad dvleuíél
tdinleùmhic, hnhihcac ilf cs blrncegcs adtdinleùmhic, hnhihcac ilf cs blrncegcs ad
igél als idetcs. Nl @cpél chnac gã blrncegcsigél als idetcs. Nl @cpél chnac gã blrncegcs
sdfdegcntds ês als cnidstrchs, qud prlauzdfsdfdegcntds ês als cnidstrchs, qud prlauzdf
l bdrrl fchs nlkrd pcrc cs dspcacs scfurchs, cl bdrrl fchs nlkrd pcrc cs dspcacs scfurchs, c
uf prdíl ad ihnqudntc fhe aùecrds c tlndecac.uf prdíl ad ihnqudntc fhe aùecrds c tlndecac.
L cetl-blrnl è uf adsidnadntd ahrdtl acsL cetl-blrnl è uf adsidnadntd ahrdtl acs
prhfdhrcs blrncegcs, dnqucntl l blrnl adprhfdhrcs blrncegcs, dnqucntl l blrnl ad
rdauíél ahrdtc è ufc vcrhcntd fchs rdidntd.rdauíél ahrdtc è ufc vcrhcntd fchs rdidntd.
C rdauíél al bdrrl è bdhtc df cetcsC rdauíél al bdrrl è bdhtc df cetcs
tdfpdrcturcs, ilelicnal-sd ls ùxhals adtdfpdrcturcs, ilelicnal-sd ls ùxhals ad
bdrrl prdsdntds nl fhnèrhl df ilntctl ilfbdrrl prdsdntds nl fhnèrhl df ilntctl ilf
fctdrhchs rdautlrds. Dssds fctdrhchs tàf dffctdrhchs rdautlrds. Dssds fctdrhchs tàf df
sucs ilfplshíôds dedfdntls rdautlrds, ilflsucs ilfplshíôds dedfdntls rdautlrds, ilfl
l icrklnl ’ l fchs uthehzcal ’ prdsdntd dfl icrklnl ’ l fchs uthehzcal ’ prdsdntd df
cetc ilnidntrcíél df hnsufls ilfl l icrvélcetc ilnidntrcíél df hnsufls ilfl l icrvél
vdmdtce d l ilqud (icrvél fhndrce trctcal dfvdmdtce d l ilqud (icrvél fhndrce trctcal df
ilqudrhc, c tdfpdrcturcs prùxhfcs ad 33:: ºI,ilqudrhc, c tdfpdrcturcs prùxhfcs ad 33:: ºI,
df cusànihc ad lxhmànhl). Lutrls dedfdntlsdf cusànihc ad lxhmànhl). Lutrls dedfdntls
rdautlrds hfplrtcntds sél l gharlmànhl d lrdautlrds hfplrtcntds sél l gharlmànhl d l
flnùxhal ad icrklnl, mdrcals c pcrthr al mãsflnùxhal ad icrklnl, mdrcals c pcrthr al mãs
ncturce. Als prhnihpchs rdctlrds pcrc prlauíélncturce. Als prhnihpchs rdctlrds pcrc prlauíél
ad bdrrl prhfãrhl, ls cetls-blrnls uthehzcfad bdrrl prhfãrhl, ls cetls-blrnls uthehzcf
rdautlrds icrklnãidls, dnqucntl ls blrnls adrdautlrds icrklnãidls, dnqucntl ls blrnls ad
rdauíél ahrdtc uscf mãs ncturce.rdauíél ahrdtc uscf mãs ncturce.
Qukls adQukls ad
RdnthecíélRdnthecíél
Qukls adQukls ad
RdnthecíélRdnthecíél
Blrnl ad igél ckdrtlBlrnl ad igél ckdrtl
Qukls adQukls ad
RdnthecíélRdnthecíél
Qukls adQukls ad
RdnthecíélRdnthecíél
IlkdrturcIlkdrturc
ad Crmhecad Crmhec
DxcustélDxcustél
Blrnl ad igél BdigcalBlrnl ad igél Bdigcal
;4;4
  
;2;2
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Cpùs c qudac al Hfpèrhl [lfcnl,Cpùs c qudac al Hfpèrhl [lfcnl,
adsdnvlevdu-sd, nc Dspcngc, c Blr`c Ictceé,adsdnvlevdu-sd, nc Dspcngc, c Blr`c Ictceé,
qud vdhl c alfhncr tlal l prlidssl adqud vdhl c alfhncr tlal l prlidssl ad
lktdníél ad bdrrl d cíl aurcntd c Hacad Fèahc,lktdníél ad bdrrl d cíl aurcntd c Hacad Fèahc,
dspcegcnal-sd nltcacfdntd plr dspcegcnal-sd nltcacfdntd plr Cedfcngc,Cedfcngc,Hnmectdrrc d Brcníc. C Blr`c Ictceé blh l prlidsslHnmectdrrc d Brcníc. C Blr`c Ictceé blh l prlidssl
hntdrfdahãrhl dntrd ls blrnls fchs prhfhthvls dhntdrfdahãrhl dntrd ls blrnls fchs prhfhthvls d
ls cetls-blrnls qud sél uthehzcals ctè gl`d. Decls cetls-blrnls qud sél uthehzcals ctè gl`d. Dec
ilnshsthc nufc ecrdhrc bdhtc ilf pdarcs, d l crilnshsthc nufc ecrdhrc bdhtc ilf pdarcs, d l cr
brhl drc hn﬋cal ndssc blrncegc plr bleds fcnuchs.brhl drc hn﬋cal ndssc blrncegc plr bleds fcnuchs.
L icrvél ad fcadhrc drc plstl nc ecrdhrc d,L icrvél ad fcadhrc drc plstl nc ecrdhrc d,
qucnal sd cigcvc df krcscs, drc ilkdrtl plrqucnal sd cigcvc df krcscs, drc ilkdrtl plr
ufc icfcac ad fhnèrhl, ê quce sd sdmuhcfufc icfcac ad fhnèrhl, ê quce sd sdmuhcf
icfcacs `ustcplstcs ad icrvél d fhnèrhl,icfcacs `ustcplstcs ad icrvél d fhnèrhl,
ffiicnal c ðethfc cl ecal al bled. Sucnal l crffiicnal c ðethfc cl ecal al bled. Sucnal l cr
drc hnsu﬋cal, l icrvél sd qudhfcvc d dntéldrc hnsu﬋cal, l icrvél sd qudhfcvc d dntél
sd prlidsscvc c rdauíél al fhnèrhl c fdtce. Lsd prlidsscvc c rdauíél al fhnèrhl c fdtce. L
rdnahfdntl adssd prlidssl chnac drc kchxl d csrdnahfdntl adssd prlidssl chnac drc kchxl d cs
tdfpdrcturcs ceicnícacs ilf ded, tcfkèf.tdfpdrcturcs ceicnícacs ilf ded, tcfkèf.
  
IcrvélIcrvél
RdmdtceRdmdtce
BledBled
FhnèrhlFhnèrhl
ad Bdrrlad Bdrrl
Ahcmrcfc Dsqudfãthil ad ufc Ahcmrcfc Dsqudfãthil ad ufc Blr`c IctceéBlr`c Ictceé
Zdrffie ad uf YtuiolbdnZdrffie ad uf Ytuiolbdn
CrCr
Burl ad Dxtrcíél (Bdigcal)Burl ad Dxtrcíél (Bdigcal)
Burl ad DsiùrhcBurl ad Dsiùrhc
Fctèrhc ZrhfcFctèrhc Zrhfc
Yledrc ([ligc)Yledrc ([ligc)
L prhfdhrl pcssl hfplrtcntd pcrc L prhfdhrl pcssl hfplrtcntd pcrc c lktdníélc lktdníél
ad qucnthacads fchlrds ad bdrrl rdsuetluad qucnthacads fchlrds ad bdrrl rdsuetlu
al cpcrdihfdntl als bleds cihlncalsal cpcrdihfdntl als bleds cihlncals
fdicnhicfdntd plr sdrvls lu plr `untcs adfdicnhicfdntd plr sdrvls lu plr `untcs ad
icvcels. Nl sèiuel WHH, ilfdílu-sd c uscr c rlacicvcels. Nl sèiuel WHH, ilfdílu-sd c uscr c rlac
a‘ãmuc pcrc c flvhfdntcíél als bleds, l quda‘ãmuc pcrc c flvhfdntcíél als bleds, l qud
pdrfhthu elml c ilnstruíél ad blrnls fchlrds.pdrfhthu elml c ilnstruíél ad blrnls fchlrds.
Df tlrnl ad 31::, cpcrdidrcf ls YtuiolbdnDf tlrnl ad 31::, cpcrdidrcf ls Ytuiolbdn
nc Cedfcngc d nc Ãustrhc, ilnstruæals dfnc Cedfcngc d nc Ãustrhc, ilnstruæals df
cevdncrhc d ilf c blrfc ad alhs trlnils adcevdncrhc d ilf c blrfc ad alhs trlnils ad
ilnd `ustcplstls pdec kcsd. L cufdntl acilnd `ustcplstls pdec kcsd. L cufdntl ac
icpcihacad ad slprcmdf rdsuetlu nc dedvcíélicpcihacad ad slprcmdf rdsuetlu nc dedvcíél
ac tdfpdrcturc ad trckcegl, ad flal qud, pdecac tdfpdrcturc ad trckcegl, ad flal qud, pdec
prhfdhrc vdz, lktdvd-sd bdrrl df dstcal eæquhalprhfdhrc vdz, lktdvd-sd bdrrl df dstcal eæquhal
d nél fchs df dspln`c pcstlsc.d nél fchs df dspln`c pcstlsc.
;2;2
  
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
Rlià sd edfkrc acs rdcíôds quæfhics als tdfpls ad dsilec<Rlià sd edfkrc acs rdcíôds quæfhics als tdfpls ad dsilec<
Zlhs vd`c c rdcíél tæphic ad rdauíél al fhnèrhl ad bdrrl,Zlhs vd`c c rdcíél tæphic ad rdauíél al fhnèrhl ad bdrrl,
flstrcnal c rdflíél al lxhmànhl al flstrcnal c rdflíél al lxhmànhl al bdrrl0bdrrl0
Ls fhnèrhlsLs fhnèrhls
d sucs rltcsd sucs rltcs
Adplhs als prlidssls ad kdndbhihcfdntl ’Adplhs als prlidssls ad kdndbhihcfdntl ’
qud vlià ilngdidu nl Fùauel HHH ’ icac thplqud vlià ilngdidu nl Fùauel HHH ’ icac thpl
ad fhnèrhl ad bdrrl pdrilrrd ad fhnèrhl ad bdrrl pdrilrrd rltcs ahbdrdntds.rltcs ahbdrdntds.
L mrcnuecal, plr plssuhr prlprhdacadsL mrcnuecal, plr plssuhr prlprhdacads
quæfhics d tcfcngls cadqucals, sdmudquæfhics d tcfcngls cadqucals, sdmud
ahrdtl pcrc l iehdntd, l shadrurmhstc, ahrdtl pcrc l iehdntd, l shadrurmhstc, tcntltcntl
cquded qud prlauz plr fdhl cquded qud prlauz plr fdhl ac rltc hntdmrcacac rltc hntdmrcac
c ilqud qucntl l qud c ilqud qucntl l qud uthehzc c rltc aduthehzc c rltc ad
rdauíél ahrdtc. Df cfkcscs rltcs (vlià vchrdauíél ahrdtc. Df cfkcs cs rltcs (vlià vch
ilngdidr fchs cahcntd), l mrcnuecal cehfdntcilngdidr fchs cahcntd), l mrcnuecal cehfdntc
ahrdtcfdntd l rdctlr phrlfdtceðrmhil.ahrdtcfdntd l rdctlr phrlfdtceðrmhil.
Ls fhnèrhls ffinls (Ls fhnèrhls ffinls (shntdr bdda shntdr bdda ,, pdeedt bdda  pdeedt bdda ) nél) nél
pladf sdr ilelicals ahrdtcfdntd nl pladf sdr ilelicals ahrdtcfdntd nl rdctlrrdctlr
phrlfdtceðrhmhiphrlfdtceðrhmhil d, plr l d, plr hssl, prdihscf pcsscrhssl, prdihscf pcsscr
plr ufc dtcpc ad cmelfdrcíél, qud plad sdr cplr ufc dtcpc ad cmelfdrcíél, qud plad sdr c
BdBd;;LL99(s) + 9IL(m) 6 ;Bd(s) + 9IL(s) + 9IL(m) 6 ;Bd(s) + 9IL;;(m)(m)
Ls prlautls dLs prlautls d
sdus tcfcnglssdus tcfcngls
shntdrhzcíél lu c pdelthzcíél. Dfklrc tcfkèfshntdrhzcíél lu c pdelthzcíél. Dfklrc tcfkèf
vã ahrdtl pcrc l iehdntd, lvã ahrdtl pcrc l iehdntd, l shntdr bdda shntdr bdda  pdrilrrd uf pdrilrrd uf
icfhngl uf pluil ahbdrdntd cntds ad igdmcricfhngl uf pluil ahbdrdntd cntds ad igdmcr
cl cetl-blrnl. L prlautl pcssc cl cetl-blrnl. L prlautl pcssc pdec shntdrhzcíél,pdec shntdrhzcíél,
dtcpc adsdfpdngcac pdel dtcpc adsdfpdngcac pdel prùprhl shadrurmhstc.prùprhl shadrurmhstc.
@ã l@ã l pdeedt bdda  pdeedt bdda , plr sdr supdrffinl, mcngc, plr sdr supdrffinl, mcngc
prhfdhrl c blrfc ad ufc pdeltc ’ prhfdhrl c blrfc ad ufc pdeltc ’ ncs ushncsncs ushncs
ad pdelthzcíél ac Rced ’ pcrc, ad pdelthzcíél ac Rced ’ pcrc, dntél, cehfdntcrdntél, cehfdntcr
ls rdctlrds ls rdctlrds phrlfdtceðrmhiphrlfdtceðrmhils al ls al iehdntd. Rcflsiehdntd. Rcfls
ilngdidr ls vãrhls pdriursls qud l ilngdidr ls vãrhls pdriursls qud l fhnèrhl pladfhnèrhl plad
pdrilrrdrpdrilrrdr, cemuns ̀ ã , cemuns ̀ ã df pladr als df pladr als shadrurmhstcs,shadrurmhstcs,
pcrc sdr trcnsblrfcal df bdrrl-musc d dfpcrc sdr trcnsblrfcal df bdrrl-musc d df
bdrrl-dspln`c, prhnihpchs fctèrhcs-prhfcs pcrc cbdrrl-dspln`c, prhnihpchs fctèrhcs-prhfcs pcrc c
prlauíél al cíl.prlauíél al cíl.
MrcnuecalMrcnuecal
vcrhc dntd 2,94 d :,318 ff.vcrhc dntd 2,94 d :,318 ff.
Yhntdr BddaYhntdr Bdda
vcrhc dntd 2,94 d :,318 ff.vcrhc dntd 2,94 d :,318 ff.
Zdeedt BddaZdeedt Bdda
vcrhc dntrd :,318 d :,:9= ffvcrhc dntrd :,318 d :,:9= ff
ZdeltcsZdeltcs
RRcrhcf dntrd 7,: d 37,: ff.crhcf dntrd 7,: d 37,: ff.
;=;=
  
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Tshnc YhadrðrmhicTshnc Yhadrðrmhic
HntdmrcacHntdmrcac
Tfc ushnc shadrðrmhic hntdmrcac è cqudec qud hnhihc sdu prlidssl ad Tfc ushnc shadrðrmhic hntdmrcac è cqudec qud hnhihc sdu prlidssl ad prlauíél c pcrthr ad fctèrhcs-prlauíél c pcrthr ad fctèrhcs-
prhfcs nél decklrcacs (fhnèrhl ad bdrrl d icrprhfcs nél decklrcacs (fhnèrhl ad bdrrl d icrvél fhndrce) d vch ctè l prlautl ffince. Ls vél fhndrce) d vch ctè l prlautl ffince. Ls alhs thpls fchsalhs thpls fchs
hfplrtcntds sél c ushnc hntdmrcac c ilqud hfplrtcntds sél c ushnc hntdmrcac c ilqud d c ushnc hntdmrcac ad rdauíél ahrdtc.d c ushnc hntdmrcac ad rdauíél ahrdtc.
C ushnc hntdmrcac c ilqud è ilfplstc plr C ushnc hntdmrcac c ilqud è ilfplstc plr ilqudrhc, shntdrhzcíél, cetl-blrnl d cihcrhc c lxhmànhl. Yucilqudrhc, shntdrhzcíél, cetl-blrnl d cihcrhc c lxhmànhl. Yuc
prhnihpce blntd dndrmèthic è l icrprhnihpce blntd dndrmèthic è l icrvél fhndrce. @ã c ushnc hntdmrcac ad rdauíél ahrdtc è ilfplstc plrvél fhndrce. @ã c ushnc hntdmrcac ad rdauíél ahrdtc è ilfplstc plr
rdctlr ad rdauíél ahrdtc d cihcrhc deètrhic, d rdctlr ad rdauíél ahrdtc d cihcrhc deètrhic, d sdu prhnihpce hnsufl dndrmèthil è l sdu prhnihpce hnsufl dndrmèthil è l mãs ncturce.mãs ncturce.
C rltc ad prlauíél ad cíl hntdmrcacC rltc ad prlauíél ad cíl hntdmrcac
c ilqud è ad c ilqud è ad elnmd c fchs hfplrtcntd.elnmd c fchs hfplrtcntd.
Zcrc sd tdr ufc hadhc ac sucZcrc sd tdr ufc hadhc ac suc
fcmnhtuad, nl cnl ad ;:33, blrcffcmnhtuad, nl cnl ad ;:33, blrcf
prlauzhacs 3,:7 khegôds ad tlndecacsprlauzhacs 3,:7 khegôds ad tlndecacs
ad bdrrl-musc, qud è pad bdrrl-musc, qud è prlauzhal vhcrlauzhal vhc
cetl-blrnl, ilntrc 29,4 fhegôds adcetl-blrnl, ilntrc 29,4 fhegôds ad
tlndecacs ad bdrrl- dspln`c, lkthal plrtlndecacs ad bdrrl- dspln`c, lkthal plr
rltc ad rdauíél ahrdtc.rltc ad rdauíél ahrdtc.
Tshnc Hntdmrcac c IlqudTshnc Hntdmrcac c Ilqud
Ahcmrcfc dsqudfãthil ac Tshnc Hntdrmrcac c Ahcmrcfc dsqudfãthil ac Tshnc Hntdrmrcac c IlqudIlqud
Mrcnuecal CBMrcnuecal CB
Zdeltc CBZdeltc CB Bdrrl-MuscBdrrl-Musc
IcrvélIcrvél
FhndrceFhndrce
Cíl EæquhalCíl Eæquhal
Zecic/KelilZecic/KelilZrlautlsZrlautls
YhadrðrmhilsYhadrðrmhils
IlqudIlqud
Yhntdr Bdda Yhntdr Bdda  YæntdrYæntdrYhntdthzcíélYhntdthzcíél
Cetl-BlrnlCetl-Blrnl
IlnvdrslrIlnvdrslr
c lxhmànhlc lxhmànhl
IlqudrhcIlqudrhc
IlnblrfcíélIlnblrfcíélfdiënhicfdiënhic EhnmltcfdntlEhnmltcfdntl
  
Rhstc Mdrce als Blrnls ad ufc IlqudrhcRhstc Mdrce als Blrnls ad ufc Ilqudrhc
Rhstc mdrce ad uf cetl-blrnlRhstc mdrce ad uf cetl-blrnl
;7;7
  
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
IlqudrhcIlqudrhc
C ilqudrhc è ilfplstc ad blrnls nls C ilqudrhc è ilfplstc ad blrnls nls quchsquchs
sd cqudid ufc fhsturc ad icrvôds fhndrchs,sd cqudid ufc fhsturc ad icrvôds fhndrchs,
df cusànihc ad cr, c tdfpdrcturcs dntrd 3.:::df cusànihc ad cr, c tdfpdrcturcs dntrd 3.:::
d 3.3:: d 3.3:: °I, °I, df uf df uf prlidssl qprlidssl qud plad ud plad aurcraurcr
ctè ;: glrcs. È sdfdegcntd ê adsthecíél alctè ;: glrcs. È sdfdegcntd ê adsthecíél al
pdtrùedl, d l rdsæaul sùehal al prlidssl èpdtrùedl, d l rdsæaul sùehal al prlidssl è
igcfcal ad ilqud. L ilqud è uf fctdrhceigcfcal ad ilqud. L ilqud è uf fctdrhce
plrlsl, fuhtl aurl, d dxdrid vãrhcs buníôdsplrlsl, fuhtl aurl, d dxdrid vãrhcs buníôds
nl cetl-blrnl0nl cetl-blrnl0
Qlpl al Cetl-BlrnlQlpl al Cetl-Blrnl
c. [dautlr0c. [dautlr0
prlphihc c rdflíél al prlphihc c rdflíél al lxhmànhllxhmànhl
als fhnèrhls?als fhnèrhls?
k. Ilfkustævde0k. Ilfkustævde0  
blrndid dndrmhc pcrc l prlidssl?blrndid dndrmhc pcrc l prlidssl?
i. i. Dedfdntl Dedfdntl pdrfdckhehzcntd0pdrfdckhehzcntd0  
prlflvd c pdrfdckhehacad ac icrmcprlflvd c pdrfdckhehacad ac icrmc
nl cetl-blrnl.nl cetl-blrnl.
Cetl-blrnlCetl-blrnl
L cetl-blrnl prlauz bdrrl-musc plr fdhlL cetl-blrnl prlauz bdrrl-musc plr fdhl
ac rdflíél al lxhmànhl al fhnèrhl adac rdflíél al lxhmànhl al fhnèrhl ad
bdrrl, uscnal icrvél vdmdtce lu ilqud, bdrrl, uscnal icrvél vdmdtce lu ilqud, iu`ciu`c
ilfkustél prlauz l icelr ndidssãrhl pcrcilfkustél prlauz l icelr ndidssãrhl pcrc
dedvcr c tdfpdrcturc d mdrc l mãs rdautlrdedvcr c tdfpdrcturc d mdrc l mãs rdautlr
pcrc prlflvdr cs rdcíôds ad pcrc prlflvdr cs rdcíôds ad rdauíél. Lsrdauíél. Ls
mcsds mdrcals pcsscf ctrcvès al cetl-blrnlmcsds mdrcals pcsscf ctrcvès al cetl-blrnl
d sél dxpdehals pdel tlpl. L bdrrl bunad-sd d,d sél dxpdehals pdel tlpl. L bdrrl bunad-sd d,
nl bunal al rdctlr, vch sd ciufuecnal slk cnl bunal al rdctlr, vch sd ciufuecnal slk c
blrfc ad bdrrl-musc, ̀ untcfdntd ilf blrfc ad bdrrl-musc, ̀ untcfdntd ilf lutrllutrl
prlautl eæquhal, ilnsthtuæal ad cemufcsprlautl eæquhal, ilnsthtuæal ad cemufcs
hfpurdzcs, igcfcal ad ―dsiùrhc‖.hfpurdzcs, igcfcal ad ―dsiùrhc‖.
Ls fhnèrhls (hnieuhnal-sd cæ Ls fhnèrhls (hnieuhnal-sd cæ mrcnuecalmrcnuecals, sæntdrs, sæntdr
d pdeltcs), ls rdautlrds (icrvél lu ilqud) dd pdeltcs), ls rdautlrds (icrvél lu ilqud) d
dvdntucefdntd cemuns cahthvls cehfdntcf ldvdntucefdntd cemuns cahthvls cehfdntcf l
cetl-blrnl pdec pcrtd cetl-blrnl pdec pcrtd supdrhlrsupdrhlr, ilnsthtuhnal, ilnsthtuhnal
c suc icrmc, d eã adntrl sél ahstrhkuæals dfc suc icrmc, d eã adntrl sél ahstrhkuæals df
icfcacs cetdrncacs nl sdu hntdrhlr. Dnqucntlicfcacs cetdrncacs nl sdu hntdrhlr. Dnqucntl
c icrmc adsid slk c cíél ad sdu prùprhl pdsl,c icrmc adsid slk c cíél ad sdu prùprhl pdsl,
cr qudntd è hn`dtcal nc pcrtd cr qudntd è hn`dtcal nc pcrtd hnbdrhlr alhnbdrhlr al
blrnl, plr dntrcacs igcfcacs ―vdntcndhrcs‖.blrnl, plr dntrcacs igcfcacs ―vdntcndhrcs‖.
Qrctc-sd, plrtcntl, ad uf rdctlr qud bunihlncQrctc-sd, plrtcntl, ad uf rdctlr qud bunihlnc
df rdmhfd ilntrcilrrdntd.df rdmhfd ilntrcilrrdntd.
Df brdntdês vdntcndhrcs, l ilfkustævde èDf brdntd ês vdntcndhrcs, l ilfkustævde è
qudhfcal plr fdhl ac hn`díél ad cr qudhfcal plr fdhl ac hn`díél ad cr qudntd d cqudntd d c
tdfpdrcturc plad cthnmhr ;.;:: °I. Nl hntdrhlrtdfpdrcturc plad cthnmhr ;.;:: °I. Nl hntdrhlral icahngl, l bdrrl-musc d c al icahngl, l bdrrl-musc d c dsiùrhc sdpcrcf-dsiùrhc sdpcrcf-
sd plr adnshacad (plr tdr sd plr adnshacad (plr tdr fdnlr adnshacad, cfdnlr adnshacad, c
dsiùrhc ﬋utuc). C buníél ac dsiùrhc’ qud tdsiùrhc ﬋utuc). C buníél ac dsiùrhc’ qud tcfkèfcfkèf
è uf sukprlautl al è uf sukprlautl al prlidssl, uthehzcal ilflprlidssl, uthehzcal ilfl
hnsufl nc prlauíél ad ihfdntl ’ è rdtdr pcrtdhnsufl nc prlauíél ad ihfdntl ’ è rdtdr pcrtd
acs hfpurdzcs ilnthacs nl ilqud d nl acs hfpurdzcs ilnthacs nl ilqud d nl fhnèrhlfhnèrhl
ad bdrrl.ad bdrrl.
Cl schr al cetl-blrnl, l bdrrl-musc chnac plssuhCl schr al cetl-blrnl, l bdrrl-musc chnac plssuh
hfpurdzcs, ilfl l bùsblrl, qud nél blrcfhfpurdzcs, ilfl l bùsblrl, qud nél blrcf
hnilrplrcacs ê dsiùrhc blrfcac aurcntd lhnilrplrcacs ê dsiùrhc blrfcac aurcntd l
prlidsscfdntl al fhnèrhl nl cetl-blrnl. Lprlidsscfdntl al fhnèrhl nl cetl-blrnl. L
bùsblrl è uf dedfdntl ilnshadrcal adedtèrhlbùsblrl è uf dedfdntl ilnshadrcal adedtèrhl
pcrc l cíl d prdihsc sdr pcrc l cíl d prdihsc sdr rdthrcal plr ilfpedtlrdthrcal plr ilfpedtl
nc cihcrhc, dtcpc df qud l bdrrl-musc ènc cihcrhc, dtcpc df qud l bdrrl-musc è
trcnsblrfcal df cíl eæquhal.trcnsblrfcal df cíl eæquhal.
;8;8
  
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Qlpl al cetl-blrnlQlpl al cetl-blrnl
C lpdrcíél ad uf cetl-blrnl è C lpdrcíél ad uf cetl-blrnl è kcstcntd ilfpedxc dkcstcntd ilfpedxc d
l sdu bunihlncfdntl adflrlu fuhtls cnls pcrc sdrl sdu bunihlncfdntl adflrlu fuhtls cnls pcrc sdr
dntdnahal. Tf mrcnad pcssl pcrc dssd dntdnahfdntldntdnahal. Tf mrcnad pcssl pcrc dssd dntdnahfdntl
blh acal pdels `cplndsds nc aèicac ad blh acal pdels `cplndsds nc aèicac ad 38=:. Deds38=:. Deds
ilnmdecrcf cetls-blrnls df pednl ilnmdecrcf cetls-blrnls df pednl bunihlncfdntl,bunihlncfdntl,
uthehzcnal nhtrlmànhl eæquhal, d adplhs ffizdrcf ufuthehzcnal nhtrlmànhl eæquhal, d adplhs ffizdrcf uf
adehical trckcegl ad ahssdicíél. Tthehzcnal dsscadehical trckcegl ad ahssdicíél. Tthehzcnal dssctèinhic, deds puadrcf hadnthffiicr tèinhic, deds puadrcf hadnthffiicr ahvdrscs zlncsahvdrscs zlncs
ad rdcíél d tcfkèf ilfl c icrmc sd ad rdcíél d tcfkèf ilfl c icrmc sd ahstrhkuæc nlahstrhkuæc nl
hntdrhlr al blrnl.hntdrhlr al blrnl.
Csshf, ls cetls-blrnls cprdsdntcf ufc Csshf, ls cetls-blrnls cprdsdntcf ufc rdmhél,rdmhél,
elicehzcac nc pcrtd elicehzcac nc pcrtd supdrhlr, igcfcac ad zlnc sdicsupdrhlr, igcfcac ad zlnc sdic
lu mrcnuecr. Ndssd elice, tlac icrmc fdtãehic dstãlu mrcnuecr. Ndssd elice, tlac icrmc fdtãehic dstã
nl dstcal sùehal. Ê fdahac qud nl dstcal sùehal. Ê fdahac qud adsid nl blrnl, cadsid nl blrnl, c
icrmc fdtãehic dntrc nc zlnc ad icrmc fdtãehic dntrc nc zlnc ad cfledihfdntl dcfledihfdntl d
busél, tcfkèf busél, tcfkèf igcfcac ad ―zlnc ildshvc‖igcfcac ad ―zlnc ildshvc‖. Ndssc. Ndssc
rdmhél, c icrmc ilfdíc c cfledidr d c sd rdmhél, c icrmc ilfdíc c cfledidr d c sd bunahr.bunahr.
L tcfcngl adssc zlnc è ad dxtrdfc hfplrtënihcL tcfcngl adssc zlnc è ad dxtrdfc hfplrtënihc
pcrc l cadqucal bunihlncfdntl al pcrc l cadqucal bunihlncfdntl al blrnl plrqudblrnl plrqud
dec adbhnd cs ilnahíôds ad pdrfdckhehacad ncsdec adbhnd cs ilnahíôds ad pdrfdckhehacad ncs
rdmhôds hnbdrhlrds al rdctlr. Elml adplhs, dnilntrc-rdmhôds hnbdrhlrds al rdctlr. Elml adplhs, dnilntrc-
sd c zlnc ad mltd`cfdntl d sd c zlnc ad mltd`cfdntl d bhncefdntd, l icahngl,bhncefdntd, l icahngl,
nc kcsd al blrnl, lnad sd adplshtcf l bdrrl-muscnc kcsd al blrnl, lnad sd adplshtcf l bdrrl-musc
(eæquhal) d c dsiùrhc.(eæquhal) d c dsiùrhc.
Ychkc fchs slkrd c dsiùrhcYchkc fchs slkrd c dsiùrhc
L fhnèrhl ad bdrrl ilntèf hfpurdzcs,L fhnèrhl ad bdrrl ilntèf hfpurdzcs,
mdrcefdntd nc blrfc ad ùxhals, ilfufdntdmdrcefdntd nc blrfc ad ùxhals, ilfufdntd
igcfcacs ad mcnmc. Aurcntd c prlauíél aligcfcacs ad mcnmc. Aurcntd c prlauíél al
bdrrl-musc, c mcnmc è rdflvhac plr fdhl acbdrrl-musc, c mcnmc è rdflvhac plr fdhl ac
dsiùrhc blrfcac pdec cahíél ad bunadntds,dsiùrhc blrfcac pdec cahíél ad bunadntds,
c quce è hnsleðvde nl fdtce. Ilfl c mcnmcc quce è hnsleðvde nl fdtce. Ilfl c mcnmc
dxhstdntd nl fhnèrhl ad bdrrl d tcfkèf nldxhstdntd nl fhnèrhl ad bdrrl d tcfkèf nl
ilqud è ãihac, bunadntds kãshils sél uthehzcals,ilqud è ãihac, bunadntds kãshils sél uthehzcals,
ilfl l iceiãrhl d c alelfhtc. Csshf, c dsiùrhcilfl l iceiãrhl d c alelfhtc. Csshf, c dsiùrhc
è ufc fhsturc glflmàndc ad ùxhals, dè ufc fhsturc glflmàndc ad ùxhals, d
l bunadntd è l ilnsthtuhntd cahihlncal,l bunadntd è l ilnsthtuhntd cahihlncal,
ilf c ffincehacad ad rdcmhr ilf c mcnmc,ilf c ffincehacad ad rdcmhr ilf c mcnmc,
dstckhehzcnal-c. Qdf c buníél tcfkèf ad kchxcrdstckhehzcnal-c. Qdf c buníél tcfkèf ad kchxcr
l plntl ad busél ac dsiùrhc, plhs, ilfl vhfls, ll plntl ad busél ac dsiùrhc, plhs, ilfl vhfls, lprlidssl lilrrd df cetcs tdfpdrcturcs.prlidssl lilrrd df cetcs tdfpdrcturcs.
Iurhlshacads ad uf cetl-blrnl0Iurhlshacads ad uf cetl-blrnl0
L cetl-blrnl nðfdrl N° 3 L cetl-blrnl nðfdrl N° 3 ac CridelrFhttce Qac CridelrFhttce Qukcrél tdf 33: fdtrls ad ceturc,ukcrél tdf 33: fdtrls ad ceturc,
l dquhvcedntd c uf prèahl ad l dquhvcedntd c uf prèahl ad 92 cnacrds. Yd blssd uthehzcal pcrc rdidkdr ãmuc,92 cnacrds. Yd blssd uthehzcal pcrc rdidkdr ãmuc,
tdrhc icpcihacad ad crfczdncr 1.134.::: tdrhc icpcihacad ad crfczdncr 1.134.::: ehtrls.ehtrls.
Rd`c ckchxl c ilfplshíél quæfhic Rd`c ckchxl c ilfplshíél quæfhic tæphictæphic
ad ufc dsiùrhc ad cetl-blrnl c ilqud ncsad ufc dsiùrhc ad cetl-blrnl c ilqud ncs
shadrðrmhics `cplndscs0shadrðrmhics `cplndscs0
  ¿¿ Ùxhal ad Iãeihl (IcL) 6Ùxhal ad Iãeihl (IcL) 6  1;%?1;%?
  ¿¿ Ùxhal ad sheæihl (YhL;) 6Ùxhal ad sheæihl (YhL;) 6 99%?99%?
  ¿¿ Ùxhal ad ceufænhl (Ce L ) 6Ùxhal ad ceufænhl (Ce L ) 6 34%? 34%?
  ¿¿
Ùxhal ad fcmnèshl (FmL) (FmL) 6Ùxhal ad fcmnèshl (FmL) (FmL) 6  
7%?7%?
  ¿¿ Ùxhal ad Bùsblrl 6Ùxhal ad Bùsblrl 6  adsprdzævde.adsprdzævde.
9:9:
  
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
C rdecíél dntrd C rdecíél dntrd pdrfdckhehacadpdrfdckhehacad
d prlauthvhacadd prlauthvhacad
C pdrfdckhehacad è c bcihehacad ilf qud lC pdrfdckhehacad è c bcihehacad ilf qud l
mãs pcssc ctrcvès al fctdrhce sùehal admãs pcssc ctrcvès al fctdrhce sùehal adntrlntrl
ad uf cetl-blrnl. Sucntl fchs l mãs ad uf cetl-blrnl. Sucntl fchs l mãs pdrfdcrpdrfdcr
pdecs icfcacs, fchs rcphacfdntd ded rdcmhrãpdecs icfcacs, fchs rcphacfdntd ded rdcmhrã
d fchlr sdrã c prlauíél ad d fchlr sdrã c prlauíél ad bdrrl-musc. Csshf,bdrrl-musc. Csshf,
c prdsdníc ad fctdrhce fuhtl bhnl pladc prdsdníc ad fctdrhce fuhtl bhnl plad
prd`uahicr l beuxl ad mãs lu prd`uahicr l beuxl ad mãs lu ctè fdsfl lctè fdsfl l
bunihlncfdntl al dquhpcfdntl. Zlr hssl, bunihlncfdntl al dquhpcfdntl. Zlr hssl, ll
fhnèrhl prdihsc tdr prlprhdacads quæfhicsfhnèrhl prdihsc tdr prlprhdacads quæfhics
d bæshics icpczds ad mdrcr l fænhfl plssævded bæshics icpczds ad mdrcr l fænhfl plssævde
ad pcrtæiuecs bhncs. C pdrfdckhehacad è ufad pcrtæiuecs bhncs. C pdrfdckhehacad è uf
als pcrëfdtrls qud fchs hnbeudnials pcrëfdtrls qud fchs hnbeudnihcf chcf c
prlauthvhacad al cetl-blrnl.prlauthvhacad al cetl-blrnl.
Cs hfpurdzcs al fhnèrhl Cs hfpurdzcs al fhnèrhl d sdus dbdhtls d sdus dbdhtls nlnl
prlidsslprlidssl
Yél tràs cs hfpurdzcs fchs ilfuns Yél tràs cs hfpurdzcs fchs ilfuns prdsdntdsprdsdntds
nl fhnèrhl0 c sæehic, nl fhnèrhl0 c sæehic, c ceufhnc d l bùsblrl.c ceufhnc d l bùsblrl.
Hfpurdzcs nl fhnèrhl. Nl Hfpurdzcs nl fhnèrhl. Nl adtcegd, hfcmdf fhirlsiùphic acs hfpurdzcsadtcegd, hfcmdf fhirlsiùphic acs hfpurdzcs
SucrtzlSucrtzl
GdfcthtcGdfcthtc
YÆEHIC0YÆEHIC0 qucntl fchlr l pdridntuce ac sæehic nc qucntl fchlr l pdridntuce ac sæehic nc
icrmc fchlr l vleufd ad dsiùrhc mdrcal nlicrmc fchlr l vleufd ad dsiùrhc mdrcal nl
cetl-blrnl, lqud icusc tcfkèf c dedvcíélcetl-blrnl, l qud icusc tcfkèf c dedvcíél
al ilnsufl ad ilfkustævde (ilqud) d ufal ilnsufl ad ilfkustævde (ilqud) d uf
ilnsdqudntd cufdntl al iustl al prlidssl. Ncilnsdqudntd cufdntl al iustl al prlidssl. Nc
prlauíél ad bdrrl-musc, l lk`dthvl è trckcegcrprlauíél ad bdrrl-musc, l lk`dthvl è trckcegcr
ilf l fdnlr vleufd ad dsiùrhc plssævde.ilf l fdnlr vleufd ad dsiùrhc plssævde.
CETFHNC0CETFHNC0 l cufdntl ac qucnthacad ad l cufdntl ac qucnthacad ad
ceufhnc tcfkèf plad mdrcr cufdntl nlceufhnc tcfkèf plad mdrcr cufdntl nl
vleufd ad dsiùrhc, trczdnal cs fdsfcsvleufd ad dsiùrhc, trczdnal cs fdsfcs
hfpehicíôds ac sæehic. Zlad tcfkèf dedvcrhfpehicíôds ac sæehic. Zlad tcfkèf dedvcr
c vhsilshacad ac dsiùrhc, bctlr hfplrtcntdc vhsilshacad ac dsiùrhc, bctlr hfplrtcntd
pcrc c dbhihànihc al pcrc c dbhihànihc al prlidssl0 Sucntl fchlrprlidssl0 Sucntl fchlr
c vhsilshacad fchlr c ahbhiueacad c vhsilshacad fchlr c ahbhiueacad ad rdcmhr.ad rdcmhr.
C dsiùrhc, qucnal sd tlrnC dsiùrhc, qucnal sd tlrnc vhsilsc, mcngc cc vhsilsc, mcngc c
ilnshstànihc ilnshstànihc ad uf ―ighiedtd‖ad uf ―ighiedtd‖, ahb, ahb hiuetcnal hiuetcnal cc
rdflíél acs hfpurdzcs.rdflíél acs hfpurdzcs.
BÙYBL[L0BÙYBL[L0 cquh l prlkedfc è qud 84% al cquh l prlkedfc è qud 84% al
bùsblrl ilnthal nl fhnèrhl sdmudf pcrcbùsblrl ilnthal nl fhnèrhl sdmudf pcrc
l musc. L bùsblrl è uf dedfdntl l musc. L bùsblrl è uf dedfdntl nlihvlnlihvl
pcrc c prlauíél al cíl, plr hssl pcrc c prlauíél al cíl, plr hssl prdihsc sdrprdihsc sdr
rdflvhal nl rdbhnl, qud è c dtcpc rdflvhal nl rdbhnl, qud è c dtcpc plstdrhlr êplstdrhlr ê
bckrhicíél al bdrrl-musc. Sucntl fchlr l tdlrbckrhicíél al bdrrl-musc. Sucntl fchlr l tdlr
ad bùsblrl nl musc, fchlr l iustl ad bùsblrl nl musc, fchlr l iustl al rdbhnlal rdbhnl
plrqud gã, fchs ufc vdz, cufdntl al plrqud gã, fchs ufc vdz, cufdntl al vleufdvleufd
ad dsiùrhc d, ilfl ilnsdquànihc, ad dsiùrhc d, ilfl ilnsdquànihc, fchlrfchlr
ilnsufl ad bunadntd, qud è ilnsufl ad bunadntd, qud è c ice vhrmdf.c ice vhrmdf.
Ceèf ahssl, l cufdntl ad dsiùrhc cufdntc Ceèf ahssl, l cufdntl ad dsiùrhc cufdntc cscs
pdracs ad bdrrl qud lilrrdf nl pdracs ad bdrrl qud lilrrdf nl rdbhnl.rdbhnl.
9393
  
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
Cíl RdradCíl Rdrad
Tshnc hntdmrcac c rdauíél ahrdtc Tshnc hntdmrcac c rdauíél ahrdtc ([A)([A)
Ahcmrcfc dsqudfãthil ac Tshnc Hntdrmrcac c Ahcmrcfc dsqudfãthil ac Tshnc Hntdrmrcac c [dauíél Ahrdtc[dauíél Ahrdtc
Mrcnuecal [AMrcnuecal [A
ZZddeellttc c [[AA BBddrrrrll
Dspln`cDspln`c
MãsMãs
NcturceNcturce
Cíl EæquhalCíl Eæquhal
YuictcYuictc
Zecic/KelilZecic/KelilZrlautlsZrlautls
YhadrðrmhilsYhadrðrmhils
MãsMãs
[dautlr[dautlr
[dctlr[dctlr
rdauíélrdauíél
ahrdtcahrdtc
CihcrhcCihcrhc
DeètrhicDeètrhic
[dblrfcalr[dblrfcalr
IlnblrfcíélIlnblrfcíél
fdiënhicfdiënhic EhnmltcfdntlEhnmltcfdntl
  
Rhstc Mdrce ac Cihcrhc DeètrhicRhstc Mdrce ac Cihcrhc Deètrhic
Yhadrðrmhics ilfl c R&F al Krcshe Yhadrðrmhics ilfl c R&F al Krcshe Y.C (RceelurdiY.C (Rceelurdi
& Fcnndsfcn Qukds) ̀ ã bckrhicf l & Fcnndsfcn Qukds) ̀ ã bckrhicf l igcfcaligcfcal
―cíl vdrad‖. Cl pecntcr ﬋lrdstcs ad duicehptl,―cíl vdrad‖. Cl pecntcr ﬋lrdstcs ad duicehptl,
c dfprdsc ilntrhkuh pcrc c rdauíél al dbdhtlc dfprdsc ilntrhkuh pcrc c rdauíél al dbdhtl
dstubc. Hssl plrqud, aurcntd dstubc. Hssl plrqud, aurcntd l irdsihfdntl,l irdsihfdntl,
c ãrvlrds rdthrcf l mãs icrkñnhil (ILc ãrvlrds rdthrcf l mãs icrkñnhil (IL
;;
) ac) ac
ctflsbdrc d prlauzdf lxhmànhl. Dfklrc lsctflsbdrc d prlauzdf lxhmànhl. Dfklrc ls
fdsfls duicehptls sd`cf fdsfls duicehptls sd`cf trcnsblrfcalstrcnsblrfcals
plstdrhlrfdntd df icrvél vdmdtce d c sucplstdrhlrfdntd df icrvél vdmdtce d c suc
qudhfc nls blrnls acs qudhfc nls blrnls acs shadrðrmhics prlauzcshadrðrmhics prlauzc
dbdhtls ndmcthvls cl fdhl cfkhdntd, lsdbdhtls ndmcthvls cl fdhl cfkhdntd, ls
dspdihcehstcs mcrcntdf qud, nl ffince, l scealdspdihcehstcs mcrcntdf qud, nl ffince, l sceal
è plshthvl0 c prlauíél ad lxhmànhl aurcntd lè plshthvl0 c prlauíél ad lxhmànhl aurcntd l
irdsihfdntl als duicehptls pdsc d fuhtl ncirdsihfdntl als duicehptls pdsc d fuhtl nc
kcecníc c bcvlr al fdhl cfkhdntd.kcecníc c bcvlr al fdhl cfkhdntd.
9;9;
  
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
Nc rltc ad rdauíél ahrdtc, l fhnèrhl è Nc rltc ad rdauíél ahrdtc, l fhnèrhl è edvcaledvcal
pcrc uf rdctlr, iu`c prhnihpce blntd dndrmèthicpcrc uf rdctlr, iu`c prhnihpce blntd dndrmèthic
è l mãs ncturce. Tf dquhpcfdntl igcfcalè l mãs ncturce. Tf dquhpcfdntl igcfcal
―rdblrfcalr‖ trcnsblrfc l mãs ncturce df mãs―rdblrfcalr‖ trcnsblrfc l mãs ncturce df mãs
rdautlr, qud prlflvdrã c rdthrcac al lxhmànhlrdautlr, qud prlflvdrã c rdthrcac al lxhmànhl
al ùxhal ad bdrrl (fhnèrhl). C pdeltc è al ùxhal ad bdrrl (fhnèrhl). C pdeltc è l prhnihpcel prhnihpce
ilnsthtuhntd ac icrmc fdtãehic al ilnsthtuhntd ac icrmc fdtãehic al rdctlr ad [A.rdctlr ad [A.
@ã l mrcnuecal è uscal cemufcs vdzds ilfl@ã l mrcnuecal è uscal cemufcs vdzds ilfl
ilfpedfdntl ac icrmc. Dntrdtcntl, nél sd uthehzcilfpedfdntl ac icrmc. Dntrdtcntl, nél sd uthehzc
sæntdr df rdctlrds ad rdauíél ahrdtc df rczélsæntdr df rdctlrds ad rdauíél ahrdtc df rczél
al sdu kchxl tdlr ad al sdu kchxl tdlr ad bdrrl0 nl rdctlr ad [A nélbdrrl0 nl rdctlr ad [A nél
gã blrfcíél ad eæquhal, d gã blrfcíél ad eæquhal, d ilfl ilnsdquànihcilfl ilnsdquànihc
nél gã blrfcíél ad dsiùrhc. Hssl shmnhffiic qudnél gã blrfcíél ad dsiùrhc. Hssl shmnhffiic qud
tlac hfpurdzc dxhstdntd nl fhnèrhl ffiic rdthac nltlac hfpurdzc dxhstdntd nl fhnèrhl ffiic rdthac nl
bdrrl-dspln`c.bdrrl-dspln`c.
CihcrhcCihcrhc
Yd`c bdrrl-musc lu bdrrl-dspln`c, l bdrrl prhfãrhlYd`c bdrrl-musc lu bdrrl-dspln`c, l bdrrl prhfãrhl
vch prdihscr pcsscr plr fchs uf prlidsslvch prdihscr pcsscr plr fchs uf prlidssl
cntds ad sd trcnsblrfcr df cíl. Ndssc nlvccntds ad sd trcnsblrfcr df cíl. Ndssc nlvc
dtcpc, adnlfhncac ad ―rdffinl‖, cs hfpurdzcsdtcpc, adnlfhncac ad ―rdffinl‖, cs hfpurdzcs
chnac dxhstdntds nl bdrrl prhfãrhl d l chnac dxhstdntds nl bdrrl prhfãrhl d l icrklnlicrklnl
hnilrplrcal nc rdauíél sél rdflvhals. Dsschnilrplrcal nc rdauíél sél rdflvhals. Dssc
rdflíél sd aã plr rdflíél sd aã plr lxhacíél (ilntrãrhl ad rdauíél)lxhacíél (ilntrãrhl ad rdauíél)
acs hfpurdzcs d, ndssd icsl, l lxhmànhl è l acs hfpurdzcs d, ndssd icsl, l lxhmànhl è l cmdntdcmdntd
lxhacntd. C ãrdc lnad sd prlidssc l rdffinl èlxhacntd. C ãrdc lnad sd prlidssc l rdffinl è
igcfcac ad ―cihcrhc‖, d ls rdctlrds trckcegcf dfigcfcac ad ―cihcrhc‖, d ls rdctlrds trckcegcf df
kctdecac. Lu sd`c, c lpdrcíél nél è ilnthnuc, dkctdecac. Lu sd`c, c lpdrcíél nél è ilnthnuc, d
shf uf pluil ad icac vdz. Aurcntd c shf uf pluil ad icac vdz. Aurcntd c lpdrcíél nclpdrcíél nc
cihcrhc, c tdfpdrcturc cthnmd 3.24: °I.cihcrhc, c tdfpdrcturc cthnmd 3.24: °I.
C icrmc dntrc pdel tlpl d C icrmc dntrc pdel tlpl d cehfdntc l rdctlrcehfdntc l rdctlr
df tdfpdrcturc cfkhdntd d cthnmd, nc zlncdf tdfpdrcturc cfkhdntd d cthnmd, nc zlnc
ad rdcíél, cprlxhfcacfdntad rdcíél, cprlxhfcacfdntd 84: d 84: °I. Adplhs,°I. Adplhs,
è rdsbrhcac ’ nl hntdrhlr al prùprhl blrnl ’ dè rdsbrhcac ’ nl hntdrhlr al prùprhl blrnl ’ d
adsicrrdmcac c ufc tdfpdrcturc ckchxl ad adsicrrdmcac c ufc tdfpdrcturc ckchxl ad 3::3::
°I. L prlautl ffince è uf °I. L prlautl ffince è uf sùehal cetcfdntd plrlsl,sùehal cetcfdntd plrlsl,
igcfcal ad‖bdrrl-dspln`c‖, qud sdrã ilnvdrthaligcfcal ad‖bdrrl-dspln`c‖, qud sdrã ilnvdrthal
df cíl df uf blrnl deètrhil, nc cihcrhc, unhacaddf cíl df uf blrnl deètrhil, nc cihcrhc, unhacad
rdsplnsãvde pdec trcnsblrfcíél al bdrrl df cíl.rdsplnsãvde pdec trcnsblrfcíél al bdrrl df cíl.
Df tdfpl0 ilfpcrcthvcfdntd, c rltc Df tdfpl0 ilfpcrcthvcfdntd, c rltc hntdmrcachntdmrcac
ad rdauíél ahrdtc tdf fdnlr hfplrtënihc alad rdauíél ahrdtc tdf fdnlr hfplrtënihc al
qud c rltc hntdmrcac c ilqud. Kcstc legcr pcrc cqud c rltc hntdmrcac c ilqud. Kcstc legcr pcrc c
mdlmrcffic als prlautlrds vhc rdauíél ahrdtc pcrcmdlmrcffic als prlautlrds vhc rdauíél ahrdtc pcrc
pdridkdrqud c [A sd pdridkdr qud c [A sd ilnidntrc df elichs ilfilnidntrc df elichs ilf
ckunaënihc ad mãs ncturce, ilfl Rdndzudec dckunaënihc ad mãs ncturce, ilfl Rdndzudec d
pcæsds al Lrhdntd Fèahl. Nél è l icsl ad pcæsdspcæsds al Lrhdntd Fèahl. Nél è l icsl ad pcæsds
ilfl Ighnc, @cpél, Ilrdhc d Cedfcngc ilfl Ighnc, @cpél, Ilrdhc d Cedfcngc ’ mrcnads’ mrcnads
prlautlrds ad cíl ’ qud nél uthehzcf df prlautlrds ad cíl ’ qud nél uthehzcf df sucssucs
shadrðrmhics c rltc ad rdauíél shadrðrmhics c rltc ad rdauíél ahrdtc.ahrdtc.
L bdrrl-dspln`c è cetcfdntd plrlsl d prlauzhal nl dstcal sùehal.L bdrrl-dspln`c è cetcfdntd plrlsl d prlauzhal nl dstcal sùehal.
Sucnal prdihsc sdr trcnsplrtcal plr elnmcs ahstënihcs, ded tdfSucnal prdihsc sdr trcnsplrtcal plr elnmcs ahstënihcs, ded tdf
ad sdr krhqudtcal, pcrc qud nél gc`c rdlxhacíél, l qud nél èad sdr krhqudtcal, pcrc qud nél gc`c rdlxhacíél, l qud nél è
ndidssãrhl nl icsl ad sdr ilnsufhal nl prùprhl shtd lnad èndidssãrhl nl icsl ad sdr ilnsufhal nl prùprhl shtd lnad è
prlauzhal. Nc eænmuc hnmedsc, l bdrrl dspln`cprlauzhal. Nc eænmuc hnmedsc, l bdrrl dspln`c ―hn ncturc‖ ―hn ncturc‖  è igcfcal è igcfcal
ad A[H (ad A[H (Ahrditda [dauida HrlnAhrditda [dauida Hrln)? l krhqudtcal è ilngdihal plr GKH)? l krhqudtcal è ilngdihal plr GKH
((Glt Krhqudttda HrlnGlt Krhqudttda Hrln). Rd`c cfkls nc ffimurc.). Rd`c cfkls nc ffimurc.
  RczcfdnRczcfdntl ad tl ad Bdrrl-Musc nc CihcrhcBdrrl-Musc nc Cihcrhc
9999
  
IT[YL AD FHND[CÍÉL - KÃYHILIT[YL AD FHND[CÍÉL - KÃYHIL
C cihcrhc c lxhmànhl rdidkd icrmcC cihcrhc c lxhmànhl rdidkd icrmc
prdalfhncntdfdntd eæquhac (bdrrl-musc), scæacprdalfhncntdfdntd eæquhac (bdrrl-musc), scæac
ahrdtcfdntd al cetl-blrnl d ahrdtcfdntd al cetl-blrnl d cemufc icrmccemufc icrmc
sùehac (suictc) è cahihlncac pcrc l ilntrled acsùehac (suictc) è cahihlncac pcrc l ilntrled ac
tdfpdrcturc. Ilfl nc cihcrhc deètrhic l rdctlr ètdfpdrcturc. Ilfl nc cihcrhc deètrhic l rdctlr è
uf blrnl deètrhil, plad-sd uthehzcr icrmc 3::%uf blrnl deètrhil, plad-sd uthehzcr icrmc 3::%
sùehac (bdrrl-dspln`c), prlvdnhdntd al rdctlr adsùehac (bdrrl-dspln`c), prlvdnhdntd al rdctlr ad
rdauíél ahrdtc.rdauíél ahrdtc.
Cpùs l tèrfhnl Cpùs l tèrfhnl al rdffinl, cemufcs lpdrcíôdsal rdffinl, cemufcs lpdrcíôds
chnac prdihscf sdr rdcehzcacs d sél ilfufdntdchnac prdihscf sdr rdcehzcacs d sél ilfufdntd
igcfcacs ad ―rdffinl sdiunaãrhl‖. È ndstdigcfcacs ad ―rdffinl sdiunaãrhl‖. È ndstd
flfdntl qud sd bcz c rdflíél ad flfdntl qud sd bcz c rdflíél ad lxhmànhllxhmànhl
rdshauce ahsslevhal, igcfcac ad ―adslxhacíél‖, drdshauce ahsslevhal, igcfcac ad ―adslxhacíél‖, d
c rdflíél ad lutrls mcsds ilfl gharlmànhl dc rdflíél ad lutrls mcsds ilfl gharlmànhl d
nhtrlmànhl, igcfcac ad ―adsmcsdhffiicíél‖. Ndsscnhtrlmànhl, igcfcac ad ―adsmcsdhffiicíél‖. Ndssc
dtcpc, tcfkèf sd rdflvdf pcrtæiuecs sùehacsdtcpc, tcfkèf sd rdflvdf pcrtæiuecs sùehacs
fuhtl ffincs dxhstdntds nl cíl d fuhtl ffincs dxhstdntds nl cíl d qud pladfqud pladf
prd`uahicr sucs prlprhdacads fdiënhics.prd`uahicr sucs prlprhdacads fdiënhics.
Lutrc lpdrcíél bunacfdntce è l c`ustd ffince acLutrc lpdrcíél bunacfdntce è l c`ustd ffince ac
ilfplshíél quæfhic al cíl. Hfcmhnd qud sdilfplshíél quæfhic al cíl. Hfcmhnd qud sd
qudhrc bckrhicr uf cíl ―bdrrcfdntc‖, qud edvdqudhrc bckrhicr uf cíl ―bdrrcfdntc‖, qud edvd
vcnãahl df suc ilfplshíél. È ndssd vcnãahl df suc ilfplshíél. È ndssd flfdntlflfdntl
qud sd bcz c qud sd bcz c cahíél al vcnãahl, nlrfcefdntdcahíél al vcnãahl, nlrfcefdntd
slk c blrfc ad bdrrl-ehmcs (c Rced è hfplrtcntdslk c blrfc ad bdrrl-ehmcs (c Rced è hfplrtcntd
prlautlrc ad bdrrl-ehmcs ad prlautlrc ad bdrrl-ehmcs ad fcnmcnàs).fcnmcnàs).
Cpùs l c`ustd ac ilfplshíél, l cíl eæquhal èCpùs l c`ustd ac ilfplshíél, l cíl eæquhal è
slehahffiical, nlrfcefdntd ehnmltcal df blrfctlsslehahffiical, nlrfcefdntd ehnmltcal df blrfctls
cprlprhcals. C prãthic fchs ilfuf uthehzcaccprlprhcals. C prãthic fchs ilfuf uthehzcac
ctucefdntd è l ctucefdntd è l ehnmltcfdntl ilntænul, qud mdrcehnmltcfdntl ilntænul, qud mdrc
cs bcflscs pecics ad cíl.cs bcflscs pecics ad cíl.
IlnblrfcíélIlnblrfcíél
fdiënhicfdiënhic
  
Blrnl deètrhil ’ cihcrhcBlrnl deètrhil ’ cihcrhc
  
Zcndec ad cíl eæquhal pcrc rdffinl sdiunaãrhlZcndec ad cíl eæquhal pcrc rdffinl sdiunaãrhl
  
Zecic ad Cíl cpùs l Zecic ad Cíl cpùs l Ehnmltcfdntl IlntænulEhnmltcfdntl Ilntænul
Cpùs tdr shal slehahffiical df ehnmltds lu pCpùs tdr shal slehahffiical df ehnmltds lu pecics,ecics,
mcngcnal sdu ―prhfdhrl ilrpl‖, l cíl pcsscrã plrmcngcnal sdu ―prhfdhrl ilrpl‖, l cíl pcsscrã plr
uf prlidssl ad ilnblrfcíél fdiënhic qud vchuf prlidssl ad ilnblrfcíél fdiënhic qud vch
mdrcr ufc vcrhdacad ad mdrcr ufc vcrhdacad ad prlautls prhfãrhls ilflprlautls prhfãrhls ilfl
vdrmcegôds, kcrrcs, pdrffis, igcpcs dti. vdrmcegôds, kcrrcs, pdrffis, igcpcs dti. Yél hnðfdrlsYél hnðfdrls
ls prlidssls ad ls prlidssls ad ilnblrfcíél fdiënhic dxhstdntds,ilnblrfcíél fdiënhic dxhstdntds,
d l fchs ilfuf nc shadrurmhc è c d l fchs ilfuf nc shadrurmhc è c ecfhncíél,ecfhncíél,
cqudec df qud l fdtce tdf cqudec df qud l fdtce tdf suc blrfc cetdrcac clsuc blrfc cetdrcac cl
pcsscr dntrd rlels d rltcíél. Ls prlautls prhfãrhlspcsscr dntrd rlels d rltcíél. Ls prlautls prhfãrhls
qud cs shadrðrmhics bckrhicf qud cs shadrðrmhics bckrhicf sdrél plstdrhlrfdntdsdrél plstdrhlrfdntd
trcnsblrfcals df lutrls prlautls c sdrdftrcnsblrfcals df lutrls prlautls c sdrdf
uthehzcals df dahffiicíôds, fdhls ad trcnsplrtduthehzcals df dahffiicíôds, fdhls ad trcnsplrtd
d kdns d kdns ad ilnsufl aurãvdhs, ilfl blmôds,ad ilnsufl aurãvdhs, ilfl blmôds,
mdecadhrcs, icrrls, dntrd lutrls.mdecadhrcs, icrrls, dntrd lutrls.
9191
  
ZDELQHPCZDELQHPCÍÉL D TYL AD FHNÈ[HL AD ÍÉL D TYL AD FHNÈ[HL AD BD[[L NC YHAD[T[MHCBD[[L NC YHAD[T[MHC
L cvcníl acs cihcrhcs deètrhicsL cvcníl acs cihcrhcs deètrhics
C prlauíél ad cíl df blrnls deètrhils ilfdíluC prlauíél ad cíl df blrnls deètrhils ilfdílu
nl hnæihl al sèiuel WW, dnqucntl qud c cihcrhc cnl hnæihl al sèiuel WW, dnqucntl qud c cihcrhc c
lxhmànhl, cpdscr al ilnidhtl `ã sdr ilngdihal, sùlxhmànhl, cpdscr al ilnidhtl `ã sdr ilngdihal, sù
tdvd hnæihl df 384;, advhal cl kcrctdcfdntl altdvd hnæihl df 384;, advhal cl kcrctdcfdntl al
lxhmànhl pcrc usl hnaustrhce. C pcrthr ad dntél, llxhmànhl pcrc usl hnaustrhce. C pcrthr ad dntél, l
irdsihfdntl adstc rltc tdinleùmhic blh dxpelshvl.irdsihfdntl adstc rltc tdinleùmhic blh dxpelshvl.
Nl cnl ad ;:3:, =3% al cíl prlauzhal nl funalNl cnl ad ;:3:, =3% al cíl prlauzhal nl funal
blh vhc cihcrhc c lxhmànhl d ;7% vhc cihcrhc deètrhic.blh vhc cihcrhc c lxhmànhl d ;7% vhc cihcrhc deètrhic.
Dfklrc sd`c uf prlidssl qud Dfklrc sd`c uf prlidssl qud uthehzc dndrmhcuthehzc dndrmhc
deètrhic, uf hnsufl nlkrd, mdrcefdntd addeètrhic, uf hnsufl nlkrd, mdrcefdntd ad
iustl dedvcal, c prlplríél al cíl deètrhil tdfiustl dedvcal, c prlplríél al cíl deètrhil tdf
irdsihal shmnhffiicthvcfdntd nls ðethfls cnls.irdsihal shmnhffiicthvcfdntd nls ðethfls cnls.
Tfc acs rczôds dstã rdecihlncac cl mrcnadTfc acs rczôds dstã rdecihlncac cl mrcnad
cvcníl tdinleùmhil csslihcal ês lpdrcíôds alcvcníl tdinleùmhil csslihcal ês lpdrcíôds al
blrnl deètrhil, qud prlvlilu cufdntl irdsidntdblrnl deètrhil, qud prlvlilu cufdntl irdsidntd
ad prlauthvhacad d rdauíél shmnhffiicthvc alad prlauthvhacad d rdauíél shmnhffiicthvc al
ilnsufl ad dndrmhc deètrhic.ilnsufl ad dndrmhc deètrhic.
Bhl fãquhnc cpùs ilnffirfcíélBhl fãquhnc cpùs ilnffirfcíél
Kcrrc SucarcacKcrrc Sucarcac
RdrmcegôdsRdrmcegôds
KlkhncsKlkhncs
Lutrl bctlr hfplrtcntd tdf c vdr ilfLutrl bctlr hfplrtcntd tdf c vdr ilf
qudstôds cfkhdntchs. Ilfl vhfls, csqudstôds cfkhdntchs. Ilfl vhfls, cs
cihcrhcs deètrhics pladf trckcegcr cpdncscihcrhcs deètrhics pladf trckcegcr cpdncs
ilf icrmc sùehac d, ndssd ilf icrmc sùehac d, ndssd icsl, uthehzcficsl, uthehzcf
suictc lu fdsfl ilfkhncíôds0 suictcsuictc lu fdsfl ilfkhncíôds0 suictc
ilf bdrrl-dspln`c d/lu bdrrl-musc. Ndsscilf bdrrl-dspln`c d/lu bdrrl-musc. Ndssc
ilnffimurcíélilnffimurcíél, l nævde , l nævde ad dfhssôds èad dfhssôds è
sukstcnihcefdntd