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156. HVHo}HVGRWLSR8HTXDQGRVXEPHWLGDVj FRPSUHVVmRXQLIRUPH6mRWDPEpPDSUHVHQWD GDVDVIRUPXODo}HVSDUDDVVHo}HVGRWLSR8HH GRWLSR=HVXEPHWLGDVjIOH[mRHPUHODomRDR HL[RSHUSHQGLFXODUjDOPDHVHo}HVGRWLSRFDU WRODH8HTXDQGRVXEPHWLGDVjIOH[mRHPUHOD omR DR HL[R SDUDOHOR j DOPD HVWDQGR RV HQULMHFHGRUHVGHERUGDFRPSULPLGRV RP R REMHWLYR GH VLPSOLILFDU R GLPHQVLRQDPHQWRD$%171%5FRQ WpPDLQGDDOJXPDVLQIRUPDo}HV~WHLVSDUDTXH VHMDP GLVSHQVDGDV DV YHULILFDo}HV GD IODPEDJHPSRUGLVWRUomR RPSRUWDPHQWRSyVFUtWLFRGHHOH PHQWRVHVEHOWRV±0pWRGRGDODUJXUDHIHWLYD $ DQiOLVH GR FRPSRUWDPHQWR SyVFUtWLFR FRQGX]LGD DWUDYpV GDV HTXDo}HV GLIHUHQFLDLV QmROLQHDUHVGHHTXLOtEULRpFRPSOH[DGHYHQGR VH UHFRUUHU D PpWRGRV QXPpULFRV H FRPSXWDFLRQDLV 3DUDVLPSOLILFDomRGRWUDWDPHQWRGDVFKD SDVHVEHOWDVHPUHJLPHSyVFUtWLFRYRQ.DUPDQ SURS{VRPpWRGRGDODUJXUDHIHWLYDTXHFRQVL GHUDDUHGXomRGDULJLGH]GDFKDSDGHODUJXUD LQLFLDOEDWUDYpVGHXPDFKDSDVXEVWLWXWDGHODU JXUDHIHWLYDEHVHQGR EH E (VWHFRQFHLWR p HVTXHPDWLFDPHQWHDSUHVHQWDGRQDILJXUD )LJXUD 'LVWULEXLomR QmROLQHDU GDV WHQV}HV H ODUJXUDV HIHWLYDV GH XPD FKDSD VLPSOHVPHQWH DSRLDGD 3DUDDFKDSDDSUHVHQWDGDQDILJXUD DQWHVGHVHUDWLQJLGDDVXDFDUJDFUtWLFDDGLVWUL EXLomRGDVWHQV}HVORQJLWXGLQDLVLQWHUQDVDRORQ JRGDODUJXUDGHVWDFKDSDWHQVmR σ QDGLUHomR [

157. VHID]GHIRUPDXQLIRUPH$SDUWLUGRLQVWDQWH HPTXHDFDUJDFUtWLFDpDWLQJLGDHVWDQGRDLQGD HPHVWDGRGHVHUYLoRRFRUUHXPDUHGLVWULEXLomR QmROLQHDU

158. GDVWHQV}HVORQJLWXGLQDLVLQWHUQDVH RDSDUHFLPHQWRVLPXOWkQHRGHGHVORFDPHQWRV SHUSHQGLFXODUHVDRSODQRGDFKDSD3DUDYRQ .DUPDQDWHQVmRFUtWLFDGDFKDSDIODPEDGDGH ODUJXUDEH pLJXDOD σ HTXHpRYDORUGDWHQVmR Pi[LPD σ PD[DWXDQGRDRORQJRGDVDUHVWDVSD UDOHODVD[ $SDUWLUGHVWDFRQFHLWXDomRSRGHVHLQWUR GX]LURFRQFHLWRGHHVEHOWH]UHODWLYDGDGRSHOD HTXDomR

159. VHQGR λSG DHVEHOWH]UHODWLYDGDFKDSDSHUIHLWD HPHVWDGRGHVHUYLoRHRFiOFXORGDODUJXUD HIHWLYDGHVWDFKDSDHIHWXDGRSHODHTXDomR

161. )XQGDPHQWRVGRVSHUILVIRUPDGRVDIULR 6HJXQGRRFULWpULRGHYRQ.DUPDQUHIHUHQ WHDRHVWXGRGDVFKDSDVHVEHOWDVQRHVWDGROLPL WH~OWLPRSRGHVHDGPLWLUTXHRFRODSVRGDFKD SDpDOFDQoDGRTXDQGRDWHQVmRPi[LPD σ HDWLQ JHRYDORUGDUHVLVWrQFLDDRHVFRDPHQWRGRPD WHULDOI $SDUWLUGHVWDDSUR[LPDomRDLJXDOGDGH WRPDDIRUPD

162. 1HVWHFDVRRVHJXQGRPHPEURGDHTXDomR HVWiDVVRFLDGRjHVEHOWH]UHODWLYDGDVHomR QRHVWDGROLPLWH~OWLPR λ S RXVHMD

163. 'HVWDIRUPDQRLQVWDQWHGRFRODSVRGDFKDSD WHPVHTXH

164. $IRUPXODomRGHYRQ.DUPDQpDSOLFiYHOjV FKDSDVLGHDLVSHUIHLWDVHTXDo}HVH

165. RPUHODomRjVFKDSDVUHDLVGHYHVHFRQVLGH UDUTXHHODVVmRSRUWDGRUDVGHGLYHUVDVLPSHU IHLo}HVRULXQGDVJHUDOPHQWHGRVSURFHVVRVGH IDEULFDomRDWpVHFKHJDUDRV3))1HVWHFDVR KiVHPSUHXPDGLPLQXLomRGDFDUJD~OWLPDGD FKDSDHDPDJQLWXGHGHVWDPLQRUDomRHVWiDV VRFLDGDDRVQtYHLVGDVLPSHUIHLo}HVLQLFLDLV$ SDUWLUGHVWDVYHULILFDo}HVGLYHUVRVDXWRUHVSUR SXVHUDPRXWUDVIyUPXODVSDUDRFiOFXORGDFDUJD ~OWLPDGHFKDSDVHVEHOWDVLPSHUIHLWDV $IRUPXODomRPDLVGLIXQGLGDLQWHUQDFLRQDO PHQWHHDGRWDGDHPGLYHUVDVQRUPDVWpFQLFDVp DGH:LQWHUTXHIRLSURSRVWDSDUDRHVWDGROLPLWH ~OWLPRGHHVFRDPHQWRSRUFRPSUHVVmRGDFKD SDFRQIRUPHHTXDomR

166. 1RHVWDGROLPLWH~OWLPRDIyUPXODGH:LQWHU DSUHVHQWDH[FHOHQWHVUHVXOWDGRV1RHQWDQWRHVWD IRUPXODomRQmRDSUHVHQWDUHVXOWDGRVVDWLVIDWyULRV SDUDRFRPSRUWDPHQWRSyVFUtWLFRDQWHVGRFR ODSVR0HVPRDVVLPSDUDRFiOFXORGRVGHVOR FDPHQWRVWDOFRPRHVSHFLILFDPGLYHUVDVQRUPDV WpFQLFDVSRGHVHXWLOL]DUDIyUPXODGH:LQWHUDSH QDVWURFDQGRQDIyUPXOD λS SRU λSGFRQIRUPH DSUHVHQWDDHTXDomRREWHQGRVHXPFRP SRUWDPHQWRPXLWRIOH[tYHOGDFKDSDFRPSUHYLV}HV WHyULFDVGHPDVLDGDPHQWHFRQVHUYDGRUDV

167. 1ROLPLDUGDIODPEDJHPORFDOSDUDRTXDO EH E= GHWHUPLQDVHSDUD S λ RYDORU LJXDOD VHQGRHQWmRHVWDHVEHOWH]UHODWLYDGHVLJ QDGDGH λ 2$PHULFDQ,URQDQG6WHHO,QVWLWXWH$,6,

168. H R(8522'(DGRWDPDOpPGDH[SUHVVmRGH :LQWHUIyUPXODVPDLVSUHFLVDVSDUDRFiOFXORGRV GHVORFDPHQWRVHDVVLPUHSUHVHQWDURFRPSRUWD PHQWRHPVHUYLoRGHFKDSDVHVEHOWDVFRPDV GXDVERUGDVYLQFXODGDVDRXWURVHOHPHQWRVQD GLUHomRORQJLWXGLQDOGRSHUILO $ ILJXUD DSUHVHQWD DV IRUPXODo}HV DGRWDGDV SHOR$,6, $,6,

169. H SHOR (8522'((6

170. FRQVWDQGRDLQGDD VROXomRGH:LQWHUDGDSWDGDSDUDDSUHYLVmRGR FRPSRUWDPHQWRGDFKDSDHPUHJLPHSyVFUtWLFR )LJXUD RPSDUDomR HQWUH DOJXPDV IRUPXODo}HV SDUD R FiOFXOR GD ODUJXUD HIHWLYD

171. 1RWHVHQDILJXUDTXHDVIRUPXODo}HV GR$,6,HGR(8522'(TXDQGRFRPSDUDGDV FRPDGH:LQWHUDGDSWDGDDSUHVHQWDPPDLRUHV UHVLVWrQFLDVHPUHJLPHSyVFUtWLFROHYDQGRSRU WDQWRDRSURMHWRGHHVWUXWXUDVDLQGDPDLVOHYHV

172. DStWXOR 3UHVFULo}HVGD$%17 1%5

173. 3UHVFULo}HVGD$%171%5 2WH[WRGD$%171%5IXQGD PHQWDGRQRPpWRGRGRVHVWDGRVOLPLWHVIRLHOD ERUDGRFRPEDVHQDVSUHVFULo}HVGR$,6, $,6,

174. LQFOXLQGRDOJXPDVUHFRPHQGDo}HVH SURFHGLPHQWRVGR(XURFRGH(6

175. HGD QRUPDDXVWUDOLDQD$61=6

176. SURFX UDQGRVHPSUHHVWDEHOHFHUFRPSDWLELOLGDGHFRP RXWUDVQRUPDVEUDVLOHLUDVUHODFLRQDGDVDRWHPD 2PpWRGRGRVHVWDGRVOLPLWHVEDVHLDVHQD DSOLFDomRGHFRHILFLHQWHVGHVHJXUDQoDWDQWRjV Do}HVQRPLQDLVTXDQWRjVUHVLVWrQFLDVQRPLQDLV $SDUWLUGHFRPELQDo}HVGDVDo}HVGHFiOFXOR GHWHUPLQDPVHRVHIHLWRVGHFiOFXORGDVDo}HV TXHVmRFRPSDUDGRVFRPDVUHVLVWrQFLDVGHFiO FXOR(VWHPpWRGRXWLOL]DXPSURFHVVRGHYHULIL FDomRQRTXDODHVWUXWXUDpDQDOLVDGDHPYiULDV VLWXDo}HVH[WUHPDVVXEGLYLGLGDVQRVHVWDGRVOL PLWHV~OWLPRVHHVWDGRVOLPLWHVGHXWLOL]DomR 1RSUHVHQWHFDStWXORVmRDSUHVHQWDGDVH FRPHQWDGDVDOJXPDVGDVSUHVFULo}HVGD$%17 1%5UHODFLRQDGDVFRPRVPRGRVGH IODPEDJHPORFDO±LQFOXLQGRRPRGRGLVWRUFLRQDO GRVHOHPHQWRVGDVHomRWUDQVYHUVDOGRSHUILO FRQVLGHUDGDVSHORDXWRUFRPRDVPDLVVLJQLILFD WLYDV SDUD R FRQKHFLPHQWR GR IHQ{PHQR GD IODPEDJHPORFDOHGHVXDLQWHUDomRFRPRVPR GRVGHIODPEDJHPJOREDOGRV3))(VVDVSUHV FULo}HVIRUDPXWLOL]DGDVQDVROXomRSDUFLDOGRV H[HPSORVGHFiOFXORDSUHVHQWDGRVQRFDStWXOR RTXHQmRGLVSHQVDDUHDOL]DomRGHRXWUDVYHULIL FDo}HVFDEtYHLVHPFDGDFDVRWDLVFRPRHIHLWR VKHDUODJ EDUUDVVXMHLWDVDIRUoDVFRQFHQWUDGDV VHP HQULMHFHGRUHV WUDQVYHUVDLV HIHLWR ZHE FULSSOLQJ

177. HGHVORFDPHQWRVOLPLWHVHQWUHRXWURV 6mRWDPEpPDSUHVHQWDGRVDSHQDVRVFUL WpULRVSDUDRGLPHQVLRQDPHQWRGDVOLJDo}HVSD UDIXVDGDVSUySULDVHPDLVXWLOL]DGDVSDUDRVLV WHPD/6) 9DORUHV Pi[LPRV UHFRPHQGDGRV SDUDDUHODomRODUJXUDHVSHVVXUD $UHODomRODUJXUDHVSHVVXUDGRVHOHPHQWRV EW

178. TXHUHSUHVHQWDVHXtQGLFHGHHVEHOWH]JHR PpWULFDGHYHUHVSHLWDUOLPLWHVPi[LPRVDILPGH QmR VH REWHUHP HOHPHQWRV H[FHVVLYDPHQWH GHIRUPiYHLV(VWHVYDORUHVOLPLWHVGHEWVHUYHP SDUDVHSUHYHQLUGHIRUPDo}HVH[FHVVLYDVGHYL GDVjIODPEDJHPORFDOSURYRFDQGRRQGXODo}HV YLVtYHLVHQmRGHVHMiYHLVQRVHOHPHQWRVGRVSHU ILVPHVPRSDUDFDUJDVGHVHUYLoR $WDEHODDSUHVHQWDRVYDORUHVPi[LPRV UHFRPHQGDGRVSDUDDUHODomRODUJXUDHVSHVVX UD GH XP HOHPHQWR GHVFRQVLGHUDQGR HQULMHFHGRUHVLQWHUPHGLiULRVVHQGRWDHVSHV VXUDGDFKDSDGHDoRTXHFRQVWLWXLRSHUILOVHP RUHYHVWLPHQWRPHWiOLFR $VGHILQLo}HVGRVHOHPHQWRVWLSRV$$H$/ VmRDSUHVHQWDGDVQRLWHP 0RGRGHIODPEDJHPORFDOGHFKDSD $VROXomRGRSUREOHPDGRFRPSRUWDPHQWR SyVFUtWLFRGHFKDSDVIRLSURSRVWDSRUYRQ.DUPDQ HpUHSUHVHQWDGDSRUXPVLVWHPDGHHTXDo}HV GLIHUHQFLDLVGHHTXLOtEULR9iULRVPpWRGRVSRGHP VHUXWLOL]DGRVDILPGHVHREWHUVROXo}HVDSUR[L PDGDVSDUDHVWHSUREOHPDFRPRRPpWRGRGDV SHUWXUEDo}HVRPpWRGRGDVGLIHUHQoDVILQLWDVRX DLQGDXPPpWRGRVHPLYDULDFLRQDO $ FRPSOH[LGDGH GDV VROXo}HV EDVHDGDV QRVPpWRGRVFLWDGRVDQWHULRUPHQWHFRQGX]LXDR GHVHQYROYLPHQWRGHPpWRGRVVLPSOLILFDGRVSDUD R WUDWDPHQWR GDV FKDSDV HVEHOWDV HP UHJLPH SyVFUtWLFR'HQWUHHVWHVRGHJUDQGHDFHLWDomR HDPSODPHQWHDGRWDGRSRUWRGDVDVQRUPDVWpF QLFDVQDFLRQDOHLQWHUQDFLRQDLVpRPpWRGRGD ODUJXUDHIHWLYDFRQIRUPHDSUHVHQWDGRHP

179. DVRDVHUDQDOLVDGR ≤ 6HJXLQGRHVWDILORVRILDGHFiOFXORD$%17 1%5HVWDEHOHFHTXHQRFiOFXORGD UHVLVWrQFLDHGRVGHVORFDPHQWRVGHSHUILVIRU PDGRVSRUHOHPHQWRVHVEHOWRVDIODPEDJHPOR FDOGHHOHPHQWRVWRWDOPHQWHRXSDUFLDOPHQWHFRP SULPLGRVGHYHVHUFRQVLGHUDGDSRUPHLRGHODU JXUDVHIHWLYDV (OHPHQWRVWLSR$$HWLSR$/ 1RFiOFXORGDUHVLVWrQFLDGDVEDUUDVGHYH VHUFRQVLGHUDGDDUHGXomRGHVXDUHVLVWrQFLD GHYLGDjIODPEDJHPORFDOGHVHXVHOHPHQWRV GHWHUPLQDQGRVHDVODUJXUDVHIHWLYDVEHIGRVHOH PHQWRVGDVHomRWUDQVYHUVDOTXHVHHQFRQWUHP WRWDORXSDUFLDOPHQWHVXEPHWLGRVDWHQV}HVQRU PDLVGHFRPSUHVVmRFRQIRUPHVHJXH ÂWRGRVRVHOHPHQWRVWLSR$$LQGLFDGRVQD WDEHODHRVHOHPHQWRVWLSR$/LQGLFD GRVQDWDEHODVHPLQYHUVmRQRVLQDOGD WHQVmRψ ≥

180. E Eλ

181. λ ≤ E

182. HI SS Â HOHPHQWRV$/LQGLFDGRVQDWDEHODFRP LQYHUVmRQRVLQDOGDWHQVmRψ

183. E Eλ

184. λ ≤ E

185. HI FSS F 6HQGREDODUJXUDGRHOHPHQWREDODUJXUD FGDUHJLmR FRPSULPLGDGR HOHPHQWRFDOFXODGD FRPEDVHQDVHomRHIHWLYDH λ S RtQGLFHGHHV EHOWH]UHGX]LGRGRHOHPHQWRGHILQLGRFRPR EHI EF SDUD λ S ≤

186. 2QGHWpDHVSHVVXUDGRHOHPHQWRNpR FRHILFLHQWHGHIODPEDJHPORFDODVHUFDOFXODGR GHDFRUGRFRPDWDEHODSDUDHOHPHQWRV$$ RXGHDFRUGRFRPDWDEHODSDUDHOHPHQWRV $/ σ pDWHQVmRQRUPDOGHFRPSUHVVmRDVHU GHWHUPLQDGDVHJXQGRRVVHJXLQWHVSURFHGLPHQ WRV D

187. (VWDGROLPLWH~OWLPRGHHVFRDPHQWRGDVHomR 3DUDFDGDHOHPHQWRWRWDOPHQWHRXSDUFLDO PHQWHFRPSULPLGR σpDPi[LPDWHQVmRGHFRP SUHVVmRFDOFXODGDSDUDDVHomRHIHWLYDTXHRFRU UHTXDQGRDVHomRDWLQJHRHVFRDPHQWR 4XDQGRDPi[LPDWHQVmRpGHWUDomR σ SRGHVHUFDOFXODGDDGPLWLQGRVHGLVWULEXLomROL QHDUGHWHQV}HV1HVWHFDVRDVHomRHIHWLYD GHYHVHUGHWHUPLQDGDSRUDSUR[LPDo}HVVXFHV VLYDV 7DEHOD 9DORUHV Pi[LPRV UHFRPHQGDGRV SDUDDUHODomRODUJXUDHVSHVVXUD

188. ≥ 9DORUPi[LPRGD UHODomRODUJXUD HVSHVVXUDEW

189. P D[ (OHPHQWRFRPSULPLGR$$WHQGRXPD ERUGDYLQFXODGDDDOPDRXPHVDHD RXWUDDHQULMHFHGRUGHERUGDVLPSOHV 3DUDHYLWDUGHIRUPDo}HVH[FHVVLYDVGR HOHPHQWRUHFRPHQGDVHEW

190. PD[ (OHPHQWRFRPSULPLGR$$WHQGRXPD ERUGDYLQFXODGDDDOPDHDRXWUDD PHVDRXRXWURWLSRGHHQULMHFHGRUGH ERUGDFRP,V,DH'EFRQIRUPH $OPDGHSHUILV8QmRHQULMHFLGRVVXMHLWD jFRPSUHVVmRXQLIRUPH (OHPHQWRFRPSULPLGRFRPDPEDVDV ERUGDVYLQFXODGDVDHOHPHQWRV$$3DUD HYLWDUGHIRUPDo}HVH[FHVVLYDVGR HOHPHQWRUHFRPHQGDVHEW

191. PD[ (OHPHQWRFRPSULPLGR$/RX$$FRP HQULMHFHGRUGHERUGDWHQGR,V,DH 'EFRQIRUPH3DUDHYLWDU GHIRUPDo}HVH[FHVVLYDVGRHOHPHQWR UHFRPHQGDVHEW

192. PD[ $OPDGHYLJDVVHPHQULMHFHGRUHV WUDQVYHUVDLV $OPDGHYLJDVFRPHQULMHFHGRUHV WUDQVYHUVDLVDSHQDVQRVDSRLRVH VDWLVID]HQGRDVH[LJrQFLDVGHGD $%171%5 $OPDGHYLJDVFRPHQULMHFHGRUHV WUDQVYHUVDLVQRVDSRLRVH LQWHUPHGLiULRVVDWLVID]HQGRDV H[LJrQFLDVGHGD$%171%5 'E ≤ FRQIRUPH 3DUD HYLWDU

193. 3UHVFULo}HVGD$%171%5 $ILJXUDDSUHVHQWDDOJXPDVFRQILJXUDo}HVGHJUDGLHQWHGHWHQVmRSDUDXPHOHPHQWRGRWLSR $$ )LJXUD ± ([HPSOR GH HOHPHQWRV VROLFLWDGRV SRU JUDGLHQWH GH WHQVmR D

194. (VWDGROLPLWH~OWLPRGHIODPEDJHPGDEDUUD 4XDQGRDEDUUDpVXEPHWLGDjFRPSUHVVmRFRQVLGHUDVH σ ρIVHQGR ρ RIDWRUGHUHGXomR DVVRFLDGRjIODPEDJHPFRQIRUPH 4XDQGRDEDUUDpVXEPHWLGDjIOH[mRFRQVLGHUDVH σ ρ )/7IVHQGR ρ )/7 RIDWRUGHUHGXomR DVVRFLDGRjIODPEDJHPODWHUDOFRPWRUomRFRQIRUPH $$%171%5DSUHVHQWDDLQGDDVSUHVFULo}HVSDUDRFiOFXORGHGHVORFDPHQWRVHP EDUUDVFRPVHo}HVWUDQVYHUVDLVFRQVWLWXtGDVSRUHOHPHQWRVHVEHOWRVTXHGHYHVHUIHLWRSRUDSUR[LPD o}HVVXFHVVLYDVFRQVLGHUDQGRDUHGXomRGHVXDULJLGH]SURYRFDGDSHODIODPEDJHPORFDO

195. 7DEHOD±/DUJXUDHIHWLYDHFRHILFLHQWHVGHIODPEDJHPORFDOSDUDHOHPHQWRV$$

196. 3UHVFULo}HVGD$%171%5 7DEHOD±/DUJXUDHIHWLYDHFRHILFLHQWHVGHIODPEDJHPORFDOSDUDHOHPHQWRV$/

197. /DUJXUDHIHWLYDGHHOHPHQWRVXQL IRUPHPHQWHFRPSULPLGRVFRPHQULMHFHGRUGH ERUGD $$%17 1%5 DSUHVHQWD DV HVSHFLILFDo}HVSDUDRFiOFXORGDODUJXUDHIHWLYD GHHOHPHQWRVXQLIRUPHPHQWHFRPSULPLGRVFRP HQULMHFHGRULQWHUPHGLiULRRXFRPHQULMHFHGRUGH ERUGD1RHQWDQWRYLVDQGRRVH[HPSORVGHDSOL FDomRGRFDStWXORQRSUHVHQWHPDQXDOVHUmR DSUHVHQWDGDVDSHQDVDVSUHVFULo}HVUHODWLYDV DRVHOHPHQWRVXQLIRUPHPHQWHFRPSULPLGRVFRP HQULMHFHGRUGHERUGD 3DUDHVVHVHOHPHQWRVRFiOFXORGDODUJXUD HIHWLYDGHYHVHUUHDOL]DGRFRQVLGHUDQGRVHRYD ORUGHUHIHUrQFLDGRtQGLFHGHHVEHOWH]UHGX]LGR GRHOHPHQWRGDGRSRU

198. 2QGH σ p D WHQVmR QRUPDO GHILQLGD HP NpRFRHILFLHQWHGHIODPEDJHPORFDO'E GVmRDVGLPHQV}HVLQGLFDGDVQDILJXUDGHI pDODUJXUDHIHWLYDGRHQULMHFHGRUFDOFXODGDFRQ IRUPHGV pDODUJXUDHIHWLYDUHGX]LGDGR HQULMHFHGRUHDGRWDGDQRFiOFXORGDVSURSULHGD GHVGDVHomRHIHWLYDGRSHUILO $V pDiUHDUHGX]LGDGRHQULMHFHGRUFDOFX ODGDFRQIRUPHLQGLFDGRQHVWDVHomRHDGRWDGD QRFiOFXORGDVSURSULHGDGHVGDVHomRHIHWLYDGR SHUILO ,DpRPRPHQWRGHLQpUFLDGHUHIHUrQFLDGR HQULMHFHGRULQWHUPHGLiULRRXGHERUGD $HIH,VVmRUHVSHFWLYDPHQWHDiUHDHIHWLYD GRHQULMHFHGRUHRPRPHQWRGHLQpUFLDGDVHomR EUXWDGRHQULMHFHGRUHPUHODomRDRVHXHL[RSULQ FLSDOSDUDOHORDRHOHPHQWRDVHUHQULMHFLGR 2FHQWUyLGHHRVPRPHQWRVGHLQpUFLDGR HQULMHFHGRUGHYHPVHUDVVXPLGRVHPUHODomRj VXDVHomREUXWD $UHJLmRGDVGREUDVHQWUHRHQULMHFHGRUHR HOHPHQWRDVHUHQULMHFLGRQmRGHYHVHUFRQVLGH UDGD FRPR SDUWHLQWHJUDQWH GR HQULMHFHGRU GH ERUGD 3DUDRHQULMHFHGRUUHSUHVHQWDGRQDILJXUD ,V GWVHQ θ

199. $HI GHIW

200. 3DUDRFiOFXORGDUHVLVWrQFLDGHSHUILVIRU PDGRVSRUHOHPHQWRVFRPHQULMHFHGRUGHERUGD GHYHVHUFRQVLGHUDGDDUHGXomRGHVXDUHVLVWrQ FLDSURYRFDGDSHODIODPEDJHPORFDOGHWHUPLQDQ GRVH DV ODUJXUDV HIHWLYDV GR HOHPHQWR H GR HQULMHFHGRUGHDFRUGRFRPRVHJXLQWHSURFHGL PHQWR DVR, λ S ≤ HQULMHFHGRUGHERUGDQmRpQHFHVViULR EHI E GV GHI SDUDHQULMHFHGRUGHERUGDVLPSOHV

201. $V $HI SDUDRXWURVWLSRVGHHQULMHFHGRU

202. DVR,, λ S ,D Wλ S@

203. EHI ,V,D

204. EHI

205. ≤ EHI

206. EHI EHI ±EHI

207. EHIGHYHVHUFDOFXODGDFRQIRUPHRQGH N ,V,D

208. ND

209. ≤ ND

210. ND 'E

211. ≤ SDUDHQULMHFHGRUGH ERUGDVLPSOHVFRPƒ ≤ θ ≤ ƒH'E ≤ RQGH θ pLQGLFDGRQDILJXUD GV ,V,D

212. GHI ≤ GHI

214. 3UHVFULo}HVGD$%171%5 ND SDUDRXWURVWLSRVGHHQULMHFHGRU $V ,V,D

215. $HI ≤ $HI

216. DVR,,, λ S ≥ ,D λ S@W

217. N ,V,D

218. ND

219. ≤ ND

220. EHIEHIEHIGVNDH$V GHYHPVHUFDOFXOD GRVFRQIRUPHDVR,, )LJXUD ± (OHPHQWR XQLIRUPHPHQWH FRPSULPLGR FRP HQULMHFHGRU GH ERUGD 3DUDRFiOFXORGHGHVORFDPHQWRVGHYHVHU DGRWDGR R PHVPR SURFHGLPHQWR HVWDEHOHFLGR QHVWHLWHPVXEVWLWXLQGRVH σ SRU σ QTXHpDWHQ VmRFDOFXODGDFRQVLGHUDQGRDVFRPELQDo}HVGH Do}HVSDUDRVHVWDGRVOLPLWHVGHXWLOL]DomRFRQ IRUPHVHomRGD$%171%5 0RGRGHIODPEDJHPSRUGLVWRUomR GDVHomRWUDQVYHUVDO $OpPGDIODPEDJHPORFDOGHFKDSDGRVHOH PHQWRVGHEDUUDFXUWDGHYHVHDLQGDFRQVLGHUDU DSRVVLELOLGDGHGHRFRUUrQFLDGHLQVWDELOLGDGH SRUGLVWRUomRGDVHomRWUDQVYHUVDOWDPEpPXP IHQ{PHQRORFDOTXHSRGHRFRUUHUSDUDQtYHLVGH FDUJDPHQRUHVTXHDTXHOHVFRUUHVSRQGHQWHVj IODPEDJHPORFDOGHFKDSD3DUDEDUUDVHVEHOWDV RXPHGLDQDPHQWHHVEHOWDVRPRGRSRUGLVWRUomR SRGHVHDQWHFLSDUjIODPEDJHPORFDOHDRVPR GRVGHIODPEDJHPSRUIOH[mRRXIOH[RWRUomR$V VLPRPRGRGHIODPEDJHPSRUGLVWRUomRSRGH FRUUHVSRQGHUDRPRGRFUtWLFRGDEDUUDGHSHQ GHQGRGDIRUPDGDVHomRHGDVGLPHQV}HVGRV HOHPHQWRV 1DILJXUDVmRLOXVWUDGDVDVSRVVtYHLV FRQILJXUDo}HV GR PRGR GH IODPEDJHP SRU GLVWRUomRTXHSRGHRFRUUHUFRPDVVHo}HVWUDQV YHUVDLV GH EDUUDV VXEPHWLGDV j FRPSUHVVmR FHQWUDGDRXjIOH[mRSULQFLSDOPHQWHDVFRQVWLWXt GDVSRUHOHPHQWRVFRPHQULMHFHGRUHVGHERUGD 4XDQGRRPRGRGLVWRUFLRQDOpFUtWLFRHOH GHYHVHUFRQVLGHUDGRQRGLPHQVLRQDPHQWRFRQ IRUPHLWHPSDUDEDUUDVVXEPHWLGDVjFRP SUHVVmRFHQWUDGDRXLWHPSDUDEDUUDVVXE PHWLGDVjIOH[mR 2FiOFXORGRYDORUGDWHQVmRFRQYHQFLRQDO GHIODPEDJHPHOiVWLFDSRUGLVWRUomR σ GLVWSRGH VHUIHLWRFRPEDVHQDWHRULDGDHVWDELOLGDGHHOiV WLFDRXFRQIRUPHRSURFHGLPHQWRDSUHVHQWDGRQR DQH[R'GD$%171%5SDUDEDUUDV LVRODGDVILJXUDVDDG

221. 3DUDRVSHUILV8VLPSOHVVHPHQULMHFHGRUHV GHERUGD

222. VXEPHWLGRVjFRPSUHVVmRFHQWUDGDRX jIOH[mRDYHULILFDomRGDIODPEDJHPSRUGLVWRUomR SRGHVHUGLVSHQVDGDH[FHWRQRFDVRGHSHUILV VXEPHWLGRV j IOH[mR FRP SDLQHO FRQHFWDGR j PHVDWUDFLRQDGDHDPHVDFRPSULPLGDOLYUH1HV WHFDVRDIODPEDJHPSRUGLVWRUomRGRFRQMXQWR DOPDPHVD FRPSULPLGD SRGH FRUUHVSRQGHU DR PRGRFUtWLFRGHYHQGRVHFRQVXOWDUELEOLRJUDILD HVSHFLDOL]DGDSDUDDVROXomRGRSUREOHPD

223. )LJXUD ± RQILJXUDo}HV GR PRGR GH IODPEDJHP SRU GLVWRUomR GD VHomR WUDQVYHUVDO %DUUDV VXEPHWLGDV j FRPSUHVVmR FHQWUDGD *HQHUDOLGDGHV 1RGLPHQVLRQDPHQWRGHEDUUDVFRQVWLWXtGDV SRUSHUILVGHDoRXWLOL]DVHFRUUHQWHPHQWHRFRQ FHLWR GH FXUYDV GH IODPEDJHP RX GH GLPHQVLRQDPHQWR

224. SDUDDGHILQLomRGDUHVLVWrQ FLDGHSURMHWR$VFXUYDVGHIODPEDJHPDGRWDGDV SDUDRV3))SRUWDQWRFRPHOHPHQWRVHVEHOWRV HVXMHLWRVjIODPEDJHPORFDOVmRHPJHUDOGHIL QLGDVDSDUWLUGDVFXUYDVUHODWLYDVDRVSHUILVVRO GDGRVRXODPLQDGRV(VWHSURFHGLPHQWRpMXVWLIL FDGRSHODQHFHVVLGDGHGHVHJDUDQWLUXPDFRQWL QXLGDGHGRPpWRGRGHGLPHQVLRQDPHQWRSRVVL ELOLWDQGRRWUDWDPHQWRWDQWRGHSHUILVVXMHLWRVDR HIHLWRGHIODPEDJHPORFDOTXDQWRDRVSHUILVLVHQ WRVGHVWHPRGRGHLQVWDELOLGDGH3RULVWRDVFXU YDVGHIODPEDJHPGD$%171%5 IRUDP DGDSWDGDV GDV FXUYDV GH IODPEDJHP DGRWDGDV SHOD QRUPD EUDVLOHLUD $%17 1%5 TXHSRUVXDYH]VHEDVHLDPQDV FXUYDVHXURSpLDVGHIODPEDJHP 1RSURMHWRGHEDUUDVVXEPHWLGDVjFRP SUHVVmR FHQWUDGD GHSHQGHQGR HQWUH RXWURV SDUkPHWURVGDIRUPDGHVXDVHomRWUDQVYHUVDO GDHVSHVVXUDGDFKDSDHGRFRPSULPHQWRGR SHUILOGHYHVHFRQVLGHUDURVVHJXLQWHVPRGRVGH FRODSVR Â (VFRDPHQWRGRPDWHULDO Â )ODPEDJHPHOiVWLFDGDEDUUDSRUIOH[mR WRUomRRXSRUIOH[RWRUomR Â )ODPEDJHPORFDOGRVHOHPHQWRVGDVHomR Â'LVWRUomRGDVHomRH Â ,QWHUDomRHQWUHDOJXQVGHVWHVPRGRVGH IODPEDJHP $VSUHVFULo}HVDSUHVHQWDGDVDVHJXLUVmR DSOLFiYHLVjVEDUUDVFRPSULPLGDVFXMDUHVXOWDQWH GHWRGDVDVFDUJDVDWXDQWHVSDVVDPSHORFHQWUR GHJUDYLGDGHGDVHomRHIHWLYDFDOFXODGDSDUD XPDWHQVmR σ $IRUoDQRUPDOGHFRPSUHVVmRUHVLVWHQWHGH FiOFXOR1F5GGHYHVHUWRPDGDFRPRRPHQRU GRVYDORUHVFDOFXODGRVQRVLWHQVH

225. 3UHVFULo}HVGD$%171%5 )ODPEDJHPGDEDUUDSRUIOH[mRSRU WRUomRRXSRUIOH[RWRUomR 2YDORUGDIRUoDQRUPDOGHFRPSUHVVmRUH VLVWHQWHGHFiOFXOR1F5GGHYHVHUFDOFXODGRSHOD VHJXLQWHH[SUHVVmR 1F5G ρ $HI I γ γ

226. 2QGH ρ pRIDWRUGHUHGXomRDVVRFLDGRj IODPEDJHPJOREDOGDEDUUDSRGHQGRVHUGHWHU PLQDGR SRU PHLR GD WDEHOD GD $%17 1%5RXFDOFXODGRSHODVHTXDo}HV

227. β α λ

228. λ @

229. 6HQGR α RIDWRUGHLPSHUIHLomRLQLFLDO 1RVFDVRVGHIODPEDJHPSRUIOH[mRRVYD ORUHVGH D YDULDPGHDFRUGRFRPRWLSRGHVHomR HHL[RGHIODPEDJHPFRQIRUPHWDEHODWHQGR YDORU GLIHUHQWH SDUD FDGD XPD GDV FXUYDV GH IODPEDJHPFRQIRUPHVHVHJXH FXUYDD α FXUYDE α FXUYDF α 'HYHVHFRQVLGHUDUDFXUYDEHPWRGRVRV FDVRVGHIODPEDJHPSRUWRUomRRXSRUIOH[RWRU omR 2tQGLFHGHHVEHOWH]UHGX]LGRSDUDEDUUDV FRPSULPLGDV λ GHYHVHUFDOFXODGRSRU

230. 1RWHVHQDHTXDomRTXHRHIHLWRGD IODPEDJHPORFDOpOHYDGRHPFRQWDQDGHILQLomR GDiUHDHIHWLYDGDVHomRWUDQVYHUVDOGDEDUUD$HI TXHSRUVXDYH]pFDOFXODGDFRPEDVHQDVODU JXUDVHIHWLYDVGRVHOHPHQWRVDSDUWLUGDVIyUPX ODVDSUHVHQWDGDVQRLWHPSDUDXPQtYHOGH WHQVmR σ ρI 1RFiOFXORGH σSRGHVHGHWHUPLQDURYD ORUGH ρ GHIRUPDDSUR[LPDGDWRPDQGRVHGLUH WDPHQWH$HI $SDUDRFiOFXORGH λ GLVSHQVDQ GRSURFHVVRLWHUDWLYR $IRUoDQRUPDOGHIODPEDJHPHOiVWLFDGD EDUUD1HFRUUHVSRQGHDRSULPHLURPRGRGHLQV WDELOLGDGHGDEDUUDLJXDOSRUWDQWRDRPHQRUGRV YDORUHVGHFDUJDFUtWLFDGHIODPEDJHPSRUIOH[mR RXSRUIOH[RWRUomRGHYHQGRVHUGHWHUPLQDGDD SDUWLUGRVLWHQVRX 1DWDEHODTXHDSUHVHQWDDFODVVLILFD omRGDVVHo}HVHUHVSHFWLYDVFXUYDVGHUHVLV WrQFLDjFRPSUHVVmRDVVRFLDGDVjIODPEDJHP SRUIOH[mRGDVEDUUDVDVGXDVREVHUYDo}HVFLWD GDVHVWmRUHODFLRQDGDVFRPDUHVLVWrQFLDDRHV FRDPHQWRHDXPHQWRGDUHVLVWrQFLDDRHVFRD PHQWRGHYLGRDRHIHLWRGRWUDEDOKRDIULR 6HJXQGRD$%171%5DUH VLVWrQFLDDRHVFRDPHQWRXWLOL]DGDQRSURMHWRGHYH VHUDGRWDGDFRPRXPGRVYDORUHVHVWDEHOHFLGRV DVHJXLU Â2EVHUYDomRDUHVLVWrQFLDDRHVFRD PHQWRGRDoRYLUJHPDQWHVGDVRSHUDo}HV GHIRUPDomRDIULR

231. I DSOLFiYHODTXDOTXHU FDVRRX Â2EVHUYDomRDUHVLVWrQFLDDRHVFRD PHQWRGRDoRPRGLILFDGD IDOHYDQGRVH HPFRQVLGHUDomRRHIHLWRGRWUDEDOKRDIULR FRQIRUPH DQH[R % GD $%17 1%5 DSOLFiYHOVRPHQWHDRVFDVRV GHVHo}HVRQGHWRGRVRVVHXVHOHPHQWRV DSUHVHQWDP λ S ≤ FDOFXODGRGHDFRU GRFRPRLWHPHFRQVLGHUDQGRVH σ I

232. 7DEHODODVVLILFDomRGHVHo}HVHUHVSHFWLYDVFXUYDVGHUHVLVWrQFLD jFRPSUHVVmRDVVRFLDGDVj IODPEDJHPSRUIOH[mR

233. 3UHVFULo}HVGD$%171%5 3HUILVFRPVHo}HVGXSODPHQWH VLPpWULFDV RX VLPpWULFDV HP UHODomR D XP SRQWR 3DUDDIRUoDQRUPDOGHIODPEDJHPHOiVWLFD 1HGHYHVHUFRQVLGHUDGRRPHQRUYDORUGHQWUHRV GHWHUPLQDGRVSHODVHTXDo}HVD Â IODPEDJHPHOiVWLFDSRUIOH[mRHPUHODomR DRHL[RSULQFLSDO[ 1 (, H[ . /

234. [ [ [ π =

235. Â IODPEDJHPHOiVWLFDSRUIOH[mRHPUHODomR DRHL[RSULQFLSDO (, H . /

236. 1 π =

237. Â IODPEDJHPHOiVWLFDSRUWRUomR ⎤ 1

238. ⎥ ⎦ ⎡ ( HW *, ⎢ ⎣ + π = W W W Z ./

239. U 2QGHZpDFRQVWDQWHGHHPSHQDPHQWRGD VHomR ( p R PyGXOR GH HODVWLFLGDGH * p R PyGXORGHHODVWLFLGDGHWUDQVYHUVDO,WpRPRPHQ WRGHLQpUFLDjWRUomRXQLIRUPH.[/[pRFRPSUL PHQWRHIHWLYRGHIODPEDJHPSRUIOH[mRHPUHOD omRDRHL[R[./ pRFRPSULPHQWRHIHWLYRGH IODPEDJHPSRUIOH[mRHPUHODomRDRHL[RH.W/W pRFRPSULPHQWRHIHWLYRGHIODPEDJHPSRUWRU omR4XDQGRQmRKRXYHUJDUDQWLDGHLPSHGLPHQ WRDRHPSHQDPHQWRGHYHVHWRPDU.W LJXDOD 2UDLRGHJLUDomRSRODUGDVHomREUXWDHP UHODomRDRFHQWURGHWRUomRUpGDGRSRU U UU[[ @

240. 6HQGRU[HURVUDLRVGHJLUDomRGDVHomR EUXWDHPUHODomRDRVHL[RVSULQFLSDLVGHLQpUFLD [ H UHVSHFWLYDPHQWH[ H DVFRRUGHQDGDV GR FHQWUR GH WRUomR QD GLUHomR GRV HL[RV SULQFLSDLV[ H UHVSHFWLYDPHQWHHPUHODomRDR FHQWUyLGHGDVHomR 3HUILV FRP VHomR PRQRVVLPp WULFD 3DUDXPSHUILOFRPVHomRPRQRVVLPpWULFD FXMRHL[R [ pRHL[RGHVLPHWULDRYDORUGH1HpR PHQRUGHQWUHRVGHWHUPLQDGRVSHODVHTXDo}HV H ÂIRUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU IOH[mRHPUHODomRDRHL[R (, H . /

241. 1 π =

242. ÂIRUoDQRUPDOGHIODPEDJHPHOiVWLFDSRU IOH[RWRUomR ⎤ ⎥ ⎦ ⎥ ⎡ ⎢ ⎣ 1 1 1 H[W 1 1

243. ⎢ − + − − H[ HW − + = H[ HW H[ HW 1 1 [ U

244. @ [ U

245. @

246. 2QGH1H[ H1HW VmRDVIRUoDVQRUPDLVGH IODPEDJHPHOiVWLFDFDOFXODGDVSHODVHTXDo}HV HUHVSHFWLYDPHQWHUH[ VmRGHILQL GRVQRLWHP DVRRHL[R VHMDRHL[RGHVLPHWULDEDV WDVXEVWLWXLU SRU[ QDHTXDomR [ SRU H [ SRU QDHTXDomR 3HUILVFRPVHo}HVDVVLPpWULFDV 3DUDXP SHUILOFRPVHomR DVVLPpWULFDR YDORUGH1HpGDGRSHODPHQRUGDVUDt]HVGDVH JXLQWHHTXDomRF~ELFD

247. U 1H1H[

248. 1H1H

249. 1H1HW

250. 1H 1H1H

251. [ 1H 1H1H[

252. 6HQGR1H[1H1HW[HU GHILQLGRVHP 0RGRGHIODPEDJHPSRUGLVWRUomR GDVHomRWUDQVYHUVDO 2YDORUGDIRUoDQRUPDOGHFRPSUHVVmRUH VLVWHQWHGHFiOFXOR1SDUDDVEDUUDVFRPVH F5GomR WUDQVYHUVDO DEHUWD VXMHLWDV DR PRGR GH IODPEDJHPSRUGLVWRUomRGHYHVHUFDOFXODGRSH ODVVHJXLQWHVH[SUHVV}HV 3DUD λ GLVW 1 $I±λ

253. γ

254. F5G GLVW 3DUD ≤ λ GLVW ≤ 1F5G $Iλ GLVW±

255. @ γ

256. 6HQGR$DiUHDEUXWDGDVHomRWUDQVYHUVDO GDEDUUDH γ RYDORUGRFRHILFLHQWHGHSRQ GHUDomRGDUHVLVWrQFLD 2tQGLFHGHHVEHOWH]UHGX]LGRUHIHUHQWHj IODPEDJHPSRUGLVWRUomR λ GLVWpGHWHUPLQDGRSRU λ GLVW Iσ GLVW

257. 2 FiOFXOR GD D WHQVmR FRQYHQFLRQDO GH IODPEDJHPHOiVWLFDSRUGLVWRUomR λ GLVWSRGHVHU HIHWXDGRSHODWHRULDGDHVWDELOLGDGHHOiVWLFDRX FRQIRUPHDQH[R'GD$%171%5 1RDQH[R'GD$%171%5VmR DSUHVHQWDGDVDVIyUPXODVSDUDRFiOFXORGDWHQ VmRFRQYHQFLRQDOGHIODPEDJHPSRUGLVWRUomRHP SHUILVGH VHo}HVWUDQVYHUVDLV GRWLSR 8HFRP HQULMHFHGRUHVGHERUGDDGLFLRQDLVVHo}HVGRWLSR UDFNSRUH[HPSOR

258. HVHo}HVGRWLSR8HTXDQGR VXEPHWLGDVjFRPSUHVVmRXQLIRUPH 3URFXUDQGRVLPSOLILFDURGLPHQVLRQDPHQWR GRV3))D$%171%5DSUHVHQWD DLQGDDOJXPDVLQIRUPDo}HV~WHLVSDUDTXHVHMDP GLVSHQVDGDVDVYHULILFDo}HVGDIODPEDJHPSRU HOiVWLFDGLVWRUomR1DWDEHOD'GDQRUPDVmR DSUHVHQWDGRVRVYDORUHVPtQLPRVGDUHODomR' EZGHVHo}HVGRWLSR8HVXEPHWLGDVjFRPSUHV VmRFHQWUDGDSDUDGLVSHQVDUWDLVYHULILFDo}HV /LPLWDomRGHHVEHOWH] 'HDFRUGRFRPD$%171%5 RtQGLFHGHHVEHOWH]./U GDVEDUUDVFRPSULPL GDVQmRGHYHH[FHGHU %DUUDVVXEPHWLGDVjIOH[mRVLPSOHV 0RPHQWRIOHWRU $ FDSDFLGDGH GH UHVLVWrQFLD D PRPHQWR IOHWRUGHYHVHUOLPLWDGDSHODIODPEDJHPODWHUDO FRPWRUomRLVWRSRUTXHHPJHUDORVSHUILVIRU PDGRVDIULRWHQGRVHo}HVWUDQVYHUVDLVDEHUWDV FRPHOHPHQWRVGHOJDGRVWrPSHTXHQDULJLGH]j WRUomR$VVLPRVHOHPHQWRVIOHWLGRVSRGHPQH FHVVLWDUGHWUDYDPHQWRVFRQYHQLHQWHPHQWHGLV SRVWRVGHYHQGRVHUFRQVLGHUDGRVGRLVFDVRV YLJDVFRQWLGDVODWHUDOPHQWHHYLJDVVHPFRQWHQ omRODWHUDO$VYLJDVHVWmRVXMHLWDVjLQVWDELOLGD GHODWHUDOTXHSRGHRFRUUHUSDUDRFDVRGHYLJDV FRPFRQWHQomRODWHUDOH[FHVVLYDPHQWHHVSDoD GD 2WUDYDPHQWRODWHUDOSRGHVHUIHLWRSRUPHLR GHHVFRUDVKRUL]RQWDLVTXHSRGHPVHUFRQVWLWXt GDVGHSHUILVGHDoRLQFOXVLYHDTXHODVXWLOL]DGDV SDUDRXWURVILQVFRPRYLJDVGHSLVRHWHVRXUDV GHFREHUWXUDRXSHODVODMHVDGHTXDGDPHQWHOL JDGDVDRVPRQWDQWHVHDRUHVWDQWHGDHVWUXWXUD GHDoR 1RGLPHQVLRQDPHQWRGDVHomRWUDQVYHUVDO GHYHVHOHYDUHPFRQWDDIODPEDJHPORFDOGRV IODQJHV PHVDV

259. FRPSULPLGRV H GD DOPD VRE DomRGHWHQV}HVQRUPDLVGHIOH[mRDVVLPFRPR DIODPEDJHPGDDOPDSRUHIHLWRGRFLVDOKDPHQWR FRPELQDGRRXQmRFRPDIOH[mR'HYHVHDLQGD HYLWDUDIODPEDJHPORFDOGRVIODQJHVFRPSULPL

260. 3UHVFULo}HVGD$%171%5 GRVFRPXPDERUGDOLYUHHOHPHQWRVWLSR$/

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