=kWJYd_YW :a]dgb^\cXZajaVgNIDC<!bViZg^VaYZXdchigjXX^c ( ßdZ_Y[ ?djheZkYY_d $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ -$ 9WhWYj[hij_YWijhc_YWi$ $ $ $ $ $ $ $ $ $ $ $ $ $ f$+ '$ :Wjei][d[hWb[i $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$, &#&#=^hidg^V# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # &#'#8dbedh^X^cYZabViZg^Va# # # # # # # # # # # # # # # # # # # # &#(#;VWg^XVX^c # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # &#)#9dXjbZcidhYZgZ[ZgZcX^VeVgVXdchjaiVg # # # # # # e#+ e#, e#e#. f$'& '#&#:higjXijgVYZa]dgb^\cXZajaVgNIDC<# # # # # # # e#&% '#'#9Zch^YVYngZh^hiZcX^VVaVXdbegZh^c# # # # # # # e#&& '#(#Egde^ZYVYZh[h^XVh # # # # # # # # # # # # # # # # # # # # # # # # e#&' )$ 9edjhebZ[bYed\ehjjhc_Ye $ $ $ $ $ $ $ $ $ $ $ (#&#6XjbjaVX^cYZXVadgnZc[g^Vb^Zcid# # # # # # # # # (#'#8dZ[^X^ZciZYZeZcZigVX^cYZXVadg/ XdcYjXi^k^YVYigb^XV# # # # # # # # # # # # # # # # # # # # # # (#(#8dbedgiVb^ZcidYZZc[g^Vb^Zcid# # # # # # # # # # # # (#)#6^haVb^Zcidigb^XdZckZgVcd # # # # # # # # # # # # # # *$ C[Z_eWcX_[dj[oieij[d_X_b_ZWZ $ $ $ $ $ $ )#&#6c{a^h^hYZaX^XadYZk^YV68K # # # # # # # # # # # # # # )#'#:a]dgb^\cXZajaVgNIDC<nZaZc[dfjZ=F: # # )#(#>cY^XVYdgZh # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # )#)#8dbZciVg^dhhdWgZadheg^cX^eVaZh^cY^XVYdgZh # )#*#=^\^ZcZnhVajY # # # # # # # # # # # # # # # # # # # # # # # # # # # f$', e#&+ e#&+ e#&, e#&, f$'. e#&e#&e#'& e#'' e#'( +$ ;ijhkYjkhWi Z[^ehc_]dY[bkbWhOJED=$$$$$$$$$$$ f$(* *#&#>cigdYjXX^c # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # *#'#AdhZaZbZcidhXdchigjXi^kdheVgVaVh XVg\VhkZgi^XVaZh/bjgdhYZXVg\V # # # # # # # # # # # *#(#AdhZaZbZcidhXdchigjXi^kdheVgVaVh XVg\Vh]dg^odciVaZh/bjgdhYZXdgiVciZdYZ Vgg^dhig^Vb^Zcid# # # # # # # # # # # # # # # # # # # # # # # # # # # *#)#9^ciZaZh # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # *#*#:higjXijgVhNIDC<ZcodcVhYZg^Zh\d hhb^Xd # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # *#+#AVheaVXVhVgbVYVhYZ]dgb^\cXZajaVgNIDC<# ,$ Ckheide[ijhkYjkhWb[iOJED= $ $ $ $ $ $ $ +#&#ÛbW^idYZZbeaZdYZbjgdhcdZhigjXijgVaZh# # +#'#BZidYdad\VYZY^bZch^dcVb^Zcid YZbjgdhcdZhigjXijgVaZh# # # # # # # # # # # # # # # # # # +#(#:_ZbeadYZX{aXjad # # # # # # # # # # # # # # # # # # # # # # # # +#)#IVWaVhYZXdchjaiV # # # # # # # # # # # # # # # # # # # # # # # # +#*#GZ[jZgodYZbjgdh# # # # # # # # # # # # # # # # # # # # # # # # +#+#;^_VX^dcZh # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # +#,#GZYjXX^cYZejZciZhigb^Xdh# # # # # # # # # # # # # # ,#&#AVa^b^iVX^cYZaVYZbVcYVZcZg\i^XV naVhcjZkVhgZ\aVbZciVX^dcZh# # # # # # # # # # # # # # ,#'#:aV^haVb^Zcidigb^Xd# # # # # # # # # # # # # # # # # # # # # ,#(#EjZciZhigb^Xdh # # # # # # # # # # # # # # # # # # # # # # # # # ,#)#8dbedgiVb^Zcidigb^XdZcXdcY^X^dcZh gZVaZh/aV^cZgX^Vigb^XV # # # # # # # # # # # # # # # # # # # ,#*#EgdiZXX^c[gZciZVaV]jbZYVY # # # # # # # # # # # # # f$*) e#)( e#)) e#)e#*% e#*) .$ 9WhWYj[hij_YWiWYij_YWi $ $ $ $ $ $ $ $ $ $ $ $ $ $ ($ 9WhWYj[hij_YWi\i_YWi oc[Y|d_YWi $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ e#') e#') e#'e#'. e#(% e#(& f$)/ e#(. e#(. e#)% e#)& e#)& e#)' e#)' f$+-#&#>cigdYjXX^c # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # e#*, -#'#Eg^cX^e^dh\ZcZgVaZh # # # # # # # # # # # # # # # # # # # # # # # e#*, -#(#9Z[^c^X^dcZh/V^haVb^ZcidVgj^YdVgZd nV^haVb^ZcidVgj^YdYZ^beVXidh # # # # # # # # # # # # e#*-#)#:m^\ZcX^VhYZaVcdgbVi^kV# # # # # # # # # # # # # # # # # # e#+& -#*#HdajX^dcZhYZah^hiZbV YZXdchigjXX^cNIDC< # # # # # # # # # # # # # # # # # # # # e#+' -#+#6WhdgX^cVXhi^XV # # # # # # # # # # # # # # # # # # # # # # # # e#+) -#,#GZhjbZcYZcY^XZhYZV^haVb^ZcidVXhi^Xd YZZaZbZcidhY^k^hdg^dhYZ]dgb^\c XZajaVgNIDC<############################ e#+* /$ H[i_ij[dY_WWb\k[]e $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$,. .#&#9Z[^c^X^dcZhngZfjZg^b^ZcidhYZaVcdgbVi^kV # e#+- .#'#AVhXVgVXiZghi^XVhYZa]dgb^\cXZajaVgNIDC< # e#+. '&$I_ij[cWZ[YedijhkYY_dOJED= $ $ $ $ $ &%#&#:aZbZcidheVgVbjgdhedgiVciZh # # # # # # # # # # # &%#'#EaVXVhYZ[dg_VYdnXjW^ZgiVh # # # # # # # # # # # # # # &%#(#:aZbZcidhcdedgiVciZh# # # # # # # # # # # # # # # # # # # &%#)#:abdgiZgd"XdaVEG:D8DA# # # # # # # # # # # # # # # # # f$-( e#,' e#,* e#,, e#,- ''$:[jWbb[ijYd_Yei $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$-/ '($7YWXWZei$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$'& &'#&#6XVWVYdhZmiZg^dgZh # # # # # # # # # # # # # # # # # # # # # &'#'#6XVWVYdh^ciZg^dgZh# # # # # # # # # # # # # # # # # # # # # &'#(#GdoVh # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # &'#)#;^_VX^dcZh# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # e#&%, e#&%. e#&%. e#&&% ')$E\_Y_dWjYd_YWOJED= o\ehcWY_ed[i $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$'') '*$DejWi$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ f$''* ) * ;b^ehc_]dY[bkbWhOJED=" cWj[h_WbZ[YedijhkYY_d :a]dgb^\cXZajaVg[VWg^XVYdedg MZaaVZhjcbViZg^VaYZXdchigjXX^c YZZaZkVYV[aZm^W^a^YVYYZjhdn ZmXZaZciZhXjVa^YVYZh[h^XVh! eZgb^i^ZcYdVadhegd[Zh^dcVaZh gZhedcYZgXdc\gVcZ[^XVX^VVaVh cZXZh^YVYZhYZabZgXVYd# :a]dgb^\cXZajaVgNIDC<XdbW^cV gZh^hiZcX^VnV^haVb^ZcidZcjchdad bViZg^Va!h^ZcYdedh^WaZVjbZciVg Xdch^YZgVWaZbZciZaVkZadX^YVYYZ Z_ZXjX^cYZaVdWgV\gjZhVn V\gZ\VcYdjckVadgVVY^YdVaV dWgV# :hiV\jV]Vh^YdYZhVggdaaVYVXdcZa [^cYZYVgVedndVadhegZhXg^eidgZh! hVXVgZabVndgegdkZX]dndWiZcZg ZabZ_dggZcY^b^Zcidji^a^oVcYdZa ]dgb^\cXZajaVgNIDC<Zchjh egdnZXidhYZdWgVcjZkVnYZ gZ]VW^a^iVX^dcZh!iVcidVc^kZa gZh^YZcX^VaXdbdVc^kZaYZdWgV ^cYjhig^Va# AV\jV]VXZZheZX^Vac[Vh^hZc Za8Y^\dIXc^XdYZaV:Y^[^XVX^c 8I:!aVVea^XVX^cYZadh YdXjbZcidhW{h^XdhfjZV[ZXiVc Vah^hiZbVXdchigjXi^kd!nZaZbeaZd daVXdbW^cVX^cYZaVhhdajX^dcZh NIDC<eVgVYVgXjbea^b^ZcidVadh b^hbdh#6eVgiZhZ^cXajnZjcVbea^d XVeijadXdcadhYZiVaaZhiXc^Xdh b{h]VW^ijVaZh# + '$:Wjei][d[hWb[i &#&#=^hidg^V :a]dgb^\cXZajaVgNIDC<fjZ XdcdXZbdhVXijVabZciZhjg\^YZ aVXdbW^cVX^cYZYdh^ckZcX^dcZh VciZg^dgZh/ZaigViVb^ZcidZc VjidXaVkZYZaVbZoXaVYZVgZcV!XVa nV\jVnaVVea^XVX^cYZjcV\ZciZ YZZmeVch^chdWgZjcVbZoXaVYZ VgZcV!XZbZcid!XVanV\jV# AVeg^bZgV^ckZcX^cYViVYZa&--%# HZaZVig^WjnZVL#B^X]VZa^h!fjZ ZmejhdjcVbZoXaVYZXVa!VgZcV nV\jVVakVedgYZV\jVhVijgVYd! WV_dVaiVegZh^c#6h!ad\gXgZVg h^a^XVidhYZXVaX^d]^YgViVYdh gZh^hiZciZhVaV\jV# AVhZ\jcYV^ckZcX^cZhi{gZ[Zg^YV VaVZmeVch^cYZbdgiZgdh# , :Wjei][d[hWb[i :c&--.hZaZVY_jY^XZhiV ^ckZcX^cV:#=d[[bVcc# :c&.')!ZaVgfj^iZXidhjZXd ?#6:g^`hhdcXdbZcoVegdYjX^gn VXdbZgX^Va^oVgZa]dgb^\cXZajaVg NIDC<!XdbejZhidYZjcVbZoXaV YZVgZcV[^cV!XVanV\jV!XdcjcV eZfjZVXVci^YVYYZedakdbZi{a^Xd# IgZhVdhb{hiVgYZ!XdbW^cZhiZ egdXZY^b^ZcidXdcZaXjgVYdZc VjidXaVkZ!iVaXdbdhZYZhXg^WZZc aVeViZciZYZB^X]VZa^h# :aVXijVa]dgb^\cXZajaVgNIDC< hZdWijkdigVhjcViZgXZgVZiVeV/ aV[VWg^XVX^cZchZg^ZYZZaZbZcidh YZeZfjZdn\gVc[dgbVid!nYZ ZaZbZcidhgZ[dgoVYdh!fjZhZ dWi^ZcZcXdadXVcYdZcZabdaYZ! VciZhYZaVXdaVYV!VgbVYjgVh bZi{a^XVhVci^Xdggdh^kVh# EVgVaaZ\VgVZhiZ[^c!VbZY^VYdhYZ adhVdh)%hZYZhVggdaajcbidYd YZegdYjXX^cfjZXdch^hiZZcXdgiVg adhegdYjXidhhZ\caVhY^bZch^dcZh YZhZVYVhbZY^VciZVaVbWgZhYZ VXZgd[^cdh!bjniZchdh!adfjZ eZgb^iZdWiZcZgjcegdYjXid[^cVa YZ\gVcegZX^h^c# &#'#8dbedh^X^c YZabViZg^Va EVgV[VWg^XVgZa]dgb^\cXZajaVg NIDC<hZji^a^oVcaVhh^\j^ZciZh bViZg^Vheg^bVh/ °6gZcVWaVcXVbjnejgV .*YZha^XZ °8Va °8ZbZcid °6\jV °6\ZciZYZZmeVch^c IdYVhZhiVhbViZg^Vheg^bVhhZ ZcXjZcigVcZcaVcVijgVaZoVZc \gVcXVci^YVY#AVXVa!ZcegZhZcX^V YZaV\jV!gZVXX^dcVXdcaVha^XZ YZaVVgZcV![dgbVcYdh^a^XVidh X{aX^Xdh]^YgViVYdh!didWZgbdg^iV# AVXVanZaXZbZcidVXiVcXdbd V\adbZgVciZh#:aV\ZciZYZ ZmeVch^c!egZhZciZZc[dgbVYZ edakdbjn[^cd*%©bVegdm#!Zc jcVc[^bVXVci^YVY¥%!%*! h^gkZeVgVfjZaVeVhiVZmeVcYVn hZXgZZcXajaVhdVakZdadh!fjZhZ aaZcVcYZV^gZg{e^YVbZciZ# :_ZbeadYZVc{a^h^h :cjcbZY^dVaXVa^cd!aVgZVXX^c fjb^XVfjZdg^\^cVaVZmeVch^c YZa]dgb^\cXZajaVgNIDC<Zh/ YZjcVbjZhigVYZ]dgb^\cXZajaVg H^D'Y^m^YdYZh^a^X^d!XdbdXjVgod & '6a (8VD=' +='D3(8VD6a'D(+='D (=' :aVajb^c^d[^_VYdhZigVch[dgbVZc Vab^cVncdgZegZhZciVc^c\c eZa^\gd!nVfjZadhm^YdhYZ Vajb^c^dhdcZhiVWaZhnXdchi^ijnZc Za,YZaVXdgiZoViZggZhigZ# :cegdbZY^d!aVegdedgX^cYZ bViZg^Vheg^bVhji^a^oVYVhYjgVciZ aV[VWg^XVX^cZhaVh^\j^ZciZ/ +%!*' 6a'D(ig^m^YdYZVajb^c^d!XdbdVab^cV '!'. ;Z'D(ig^m^YdYZ]^Zggd!Xdbd]ZggjbWgZ %!,, BcDm^YdYZbVc\VcZhd B\Dm^YdYZbV\cZh^d %!%' %!'( 8VDm^YdYZXVaX^d!XdbdXVak^kV '*!+& CV'Dm^YdYZhdY^d %!%* @'Dm^YdYZediVh^d %!,- HD(ig^m^YdYZVoj[gZ &!(( EgY^YVZcaVXdbWjhi^c -!)( VgZcVYZha^XZ,,%! XZbZcid,&+!XVa,&)! V\ZciZYZZmeVch^c,%!%*!V\jV HZ\caVYZch^YVYYZhZVYV!aV egdedgX^cYZadhbViZg^VaZhkVgV aZkZbZciZ# :Wjei][d[hWb[i ' ' *W * *X *Y *[ *Z ( ) , + '' . '* / '& ') '( &#(#;VWg^XVX^c :a]dgb^\cXZajaVgNIDC<hZ [VWg^XVZcjc^YVYZhYZegdYjXX^c YZai^bV\ZcZgVX^c#EVgV [VWg^XVgadcdhZcZXZh^iVbjX]V ZcZg\V/aVegdYjXX^cYZ&b(YZ ]dgb^\cXZajaVgNIDC<igViVYdZc VjidXaVkZ!XdchjbZhad'*%@l$]! adfjZgZegZhZciVjcVX^[gVbjn ^c[Zg^dgVaVYZadhaVYg^aadh XZg{b^XdhbVX^odh#9ZZhiZbdYd aVegdYjXX^cgZheZiVZabZY^d VbW^ZciZ#6YZb{h!aV[VWg^XVX^c cdegdYjXZc^c\c\Vhim^Xd! c^c\cgZh^Yjdha^Ydncd XdciVb^cVZaV\jV# AVheg^cX^eVaZh[VhZhYZaV [VWg^XVX^chdc/ °EgZeVgVX^c!Ydh^[^XVX^cn bZoXaVYdYZaVhbViZg^Vheg^bVh °H^hZegdYjXZcZaZbZcidh VgbVYdh![VWg^XVX^cn igViVb^ZcidVci^Xdggdh^kdYZaVh VgbVYjgVh °EgZeVgVX^cYZadhbdaYZh °8daVYV!ZmeVch^cn ZcYjgZX^b^ZcidYZaVeVhiV °8dgiZneZg[^aVYdYZadhegdYjXidh °8jgVYdZcVjidXaVkZ °EVaZi^oVX^cnZbWVaV_Zea{hi^Xd# . :Wjei][d[hWb[i Eg^bZgdhZk^ZgiZZcadhbdaYZh jcVbZoXaV]dbd\cZVYZaVh bViZg^Vheg^bVh#HZYZ_VgZedhVg Va\jcVh]dgVh]VhiVfjZaVbViZg^V hZZcYjgZoXVadhj[^X^ZciZeVgVhZg YZhZcXd[gVYV#:cZhiZZhiVYdZa WadfjZZhZfj^eVgVWaZVjcVidgiV nhZgZVa^oVcadhXdgiZhXdc VaVbWgZhYZVXZgd!nVhZVVad aVg\d!ZcZaXVhdYZZaZbZcidh gZ[dgoVYdh!dadc\^ijY^cVad igVchkZghVabZciZ!ZcZaXVhdYZ WadfjZhdbdYjaWadfjZh# AdhegdYjXidhdWiZc^YdhhZ hdbZiZcYjgVciZ&%V&']dgVhVjc igViVb^Zcidigb^XdZcVjidXaVkZ! WV_djcVegZh^cYZ&%WVgZhnV jcViZbeZgVijgVYZ&-%8 Vegdm^bVYVbZciZ# '$I_beZ[WbcWY[dWc_[dje ($7]kW )$C[pYbWZehW *$Fh[fWhWY_dZ[WhcWZkhWi0 *W#:[i[dhebbWZe *X#;ij_hWc_[dje"iebZWZe *Y#CedjW`[ *Z#?dc[hi_dWdj_Yehhei_d *[#I[YWZe +$Fh[fWhWY_dZ[cebZ[i ,$9ebWZW -$;nfWdi_d"[dZkh[Y_c_[dje .$8WiYkbWc_[dje /$JhWdiXehZe '&$Bd[WZ[Yehj[Yed0 H[Yj_\_YWY_d 9ehj[^eh_pedjWb 9ehj[l[hj_YWb J[hc_dWY_d ''$9khWZe[dWkjeYbWl[ '($9bWi_\_YWY_d"[cXWbW`[oYedjhebZ[YWb_ZWZ ')$7bcWY[dWc_[dje '*$9Wh]W :cZhiVhXdcY^X^dcZhhZegdYjXZjcV gZVXX^c]^\gdigb^XV!YjgVciZaVXjVa hZjcZcaVVgZcVnaVXVa![dgbVcYd Xg^hiVaZhYZ[dgbVnXdbedh^X^c bjneVgi^XjaVgZhidWZgbdg^iV# :hiZigViVb^Zcidigb^XdZc VjidXaVkZZhZafjZaZXdc[^ZgZVa ]dgb^\cXZajaVgNIDC<hjh egde^ZYVYZhbZX{c^XVhYZ[^c^i^kVh# AV\VbVYZYZch^YVYZhhZdWi^ZcZ VYVeiVcYdXdcegZX^h^cng^\dgaV Ydh^[^XVX^cYZaVhbViZg^Vheg^bVh# 8VYV[VhZYZaegdXZhdYZegdYjXX^c hZXdcigdaVZcZaaVWdgVidg^dYZaV [{Wg^XV# :hidhXdcigdaZhXdb^ZcoVcVaaaZ\Vg aVhbViZg^Vheg^bVhn[^cVa^oVc XdcadhegdYjXidhiZgb^cVYdh! gZVa^o{cYdhZiVbW^cXdcigdaZh YZXVa^YVYZcidYVhaVhZiVeVh ^ciZgbZY^Vh#:c;gVcX^V!aVh[{Wg^XVh YZaVZbegZhVZhi{cXZgi^[^XVYVh XdcaVhcdgbVh>HD.%%&/'%%% Z>HD&)%%&# I S O 9 O O1 VERSION 2000 I S O 14 O O1 &#)#9dXjbZcidh YZgZ[ZgZcX^VeVgV XdchjaiVg °96J%($&' °8Y^\dIXc^XdYZaV:Y^[^XVX^c "97H:";HZ\jg^YVY:higjXijgVa ;{Wg^XV "97H:"6:6XX^dcZhZcaV :Y^[^XVX^c "97H>HZ\jg^YVYZcXVhdYZ >cXZcY^d "97=HHVajWg^YVY "97=:6]dggdYZ:cZg\V "97=GEgdiZXX^c[gZciZVa Gj^Yd °JC:":C,,&")/7adfjZhYZ ]dgb^\cXZajaVgXjgVYdZc VjidXaVkZ °C8H:%'/CdgbVYZXdchigjXX^c h^hbdggZh^hiZciZ °:jgdXY^\d-/9^hedh^X^dcZheVgV ZaegdnZXidYZZhigjXijgVh h^hbdggZh^hiZciZh °:jgdXY^\d+/EgdnZXidh YZZhigjXijgVhYZ[{Wg^XV °9^gZXi^kV'%%'$.&$8:gZaVi^kV VaVZ[^X^ZcX^VZcZg\i^XV YZadhZY^[^X^dh :Wjei][d[hWb[i / ($9WhWYj[hij_YWi\i_YWioc[Y|d_YWi n(& n+&&& Hormigon celular YTONG Materias primas 9^hig^WjX^cYZaVhXajaVhZc[jcX^cYZhjY^{bZigd KdajbZcVXjbjaVYd YZXajaVh &%% -% +% )% '% % bVhVha^YV 9^{bZigdYZaVhXajaVhbb# &bb b^Xgd"XajaVh '#&#:higjXijgVYZa ]dgb^\cXZajaVgNIDC< :a[VXidgYZiZgb^cVciZZcaV ZhigjXijgVYZa]dgb^\cXZajaVg NIDC<ZhaVegZhZcX^VYZ cjbZgdhVhXajaVhdVakZdadh eZfjZdh#HZ[VWg^XVXdcY^[ZgZciZh YZch^YVYZh!fjZejZYZckVg^Vg ZcigZ(*%n-%%`\$b(]dgb^\c Xdbc2')%%`\$b(#AVhXajaVh dXjeVcjc-%YZakdajbZcidiVa# HZY^hi^c\jZcYdhi^edhYZXajaVh/ aVhbVXgd"XajaVh%!*"'bb#n aVhb^Xgd"XajaVh![dgbVYVh YjgVciZaVZmeVch^cYZaV^gZ gZeVgi^YdZcaVZhigjXijgV# '& 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi 'bb bVXgd"XajaVh EVgVZa]dgb^\cXZajaVgNIDC< YZ*%%`\$b(YZYZch^YVY!aV Y^hig^WjX^cZckdajbZcYZaVh XajaVhZhaVh^\j^ZciZ/ °BVXgd"XajaVh/*% °B^Xgd"XajaVhXVe^aVgZhgZeVgi^YVh ZcaVbVhVha^YV/(%# AVheVgiZhbVX^oVhgZegZhZciVc jc'%YZakdajbZc#6h!&b(YZ bViZg^Vheg^bVheZgb^iZegdYjX^g *b(YZ]dgb^\cXZajaVgNIDC<# :hiZV]dggdYZbViZg^Vheg^bVh Xdchi^ijnZjcVYZaVhegde^ZYVYZh ZXda\^XVhYZa]dgb^\cXZajaVg NIDC<# x5 '#'#9Zch^YVYngZh^hiZcX^V VaVXdbegZh^c AVcdgbVZjgdeZVVgbdc^oVYV eVgVWadfjZhYZ]dgb^\cXZajaVg ZcVjidXaVkZJC:":C,,&")!VaV fjZ]VXZgZ[ZgZcX^VZa8I:ZcZa 97H:";!Zm^\ZjcVgZh^hiZcX^VV XdbegZh^cYZXaVgVYVbc^bVYZ &!*BeV# :a]dgb^\cXZajaVghZXVgVXiZg^oV edgjcVgZh^hiZcX^VVaVXdbegZh^c bjnZaZkVYV#AVgZh^hiZcX^VV XdbegZh^cYZa]dgb^\cXZajaVg kVgVZc[jcX^cYZaVYZch^YVYYZa bViZg^Va!h^ZcYdbVndgXdcjcV YZch^YVYZaZkVYV# AVgZh^hiZcX^VYZadhbjgdhYZa h^hiZbVYZXdchigjXX^cNIDC< eZgb^iZgZVa^oVgk^k^ZcYVhXdaZXi^kVh YZkVg^dhc^kZaZh# 9Zch^YVYngZh^hiZcX^V VaVXdbegZh^c 9Zch^YVY GZh^hiZcX^VVaV BKc XdbegZh^cGXc `\$b( `\$Xb' BEV )%% (% (!% )*% (* (!* *%% )% )!% **% )* )!* +%% *% *!% 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi '' EgdedgX^cYZ]jbZYVYYZZfj^a^Wg^d ZckdajbZcZc[jcX^cYZaVbVhV kdajbig^XV =jbZYVYYZZfj^a^Wg^dkdajbZc &% + ) Jk ' % (%% )%% *%% +%% ,%% -%% BVhVkdajbig^XV`\$b( .%% 8jgkVYZhZXVYdYZadhWadfjZhYZ]dgb^\cXZajaVgNIDC< YZ'%XbYZZheZhdgZciZbeZgVijgVVbW^ZciZ^ciZg^dg GZigVXX^cYZW^YVVahZXVYdYZa]dgb^\cXZajaVgNIDC< =jbZYVYZckdajbZc '- EgdedgX^cYZ]jbZYVYZcbVhV ;b '+ '' &&) ,% +* +% *% &% + ) )% ' (% * &% '% (% HZbVcVh )% *% '% &% + ( % %!& % %!' %!( A8H!gZ[# AH A8H KVg^VX^cY^bZch^dcVaZcbb$bnA 8H!gZ[#B%!'bb$b GZigV^iYVchaZiZbeh GZigVXX^cZcbb$b %!)% %!(* =dgb^\c %!(% %!'* '#(#Egde^ZYVYZh[h^XVh =dgb^\c XZajaVgNIDC< %!'% %!&* ($)$'$I[YWZeolWh_WY_ed[i Z[Z_c[di_ed[i[d\kdY_d Z[bW^_]hec[jhW 6ahVa^gYZaVjidXaVkZ!ZaXdciZc^Yd YZ]jbZYVYYZa]dgb^\cXZajaVg NIDC<gZegZhZciVVegdm^bVYVbZciZ jc'*YZakdajbZc#IgZhbZhZh YZhejh!XdbdejZYZkZghZZcZa h^\j^ZciZ\g{[^Xd!aVbVndgeVgiZ YZaV]jbZYVYYZhVeVgZXZ! b^ZcigVhfjZaVXdchigjXX^cVc hZZcXjZcigVZcaVZiVeVYZdWgV \gjZhV#6a^\jVafjZbjX]dh bViZg^VaZhYZXdchigjXX^c!Za ]dgb^\cXZajaVgNIDC<egZhZciV jcVgZigVXX^cdg^\^cVYVedgZa hZXVYd#:chjXVhd!cdhjeZgVadh %!'bb$b# '( 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi ($)$($LWh_WY_ed[iZ[Z_c[di_ed[i eh_]_dWZWifeh[b\hW]kWZe :a]dgb^\cXZajaVgNIDC<[gV\jV ZcaVVjidXaVkZ!XjVcYdhZ[dgbVc Xg^hiVaZhYZh^a^XVidYZXVaX^d ]^YgViVYdhidWZgbdg^iV!fjZaZ didg\VchjgZh^hiZcX^VXVgVXiZghi^XV# AVhkVg^VX^dcZhYZY^bZch^dcZh gZ\^higVYVhYjgVciZZaX^XadZc VjidXaVkZhdcYZhegZX^VWaZhÐ&©$b# ($)$)$LWh_WY_ed[iZ[Z_c[di_ed[i [d\kdY_dZ[bWj[cf[hWjkhW :aXdZ[^X^ZciZYZY^aViVX^ca^cZVa YZjcbViZg^VaZhaVkVg^VX^cYZ adc\^ijYYZjcZaZbZcidYZ&b XdcjcVkVg^VX^cYZiZbeZgVijgV YZ&@#EVgVZa]dgb^\cXZajaVg NIDC<!ZhiZXdZ[^X^ZciZYZ Y^aViVX^cZhYZ-#&%"+b@"&# %!&% %!%* % &% &%% &%%% &%%%% YVh KVadgZh^cY^XVi^kdhYZY^[ZgZciZh XdZ[^X^ZciZhYZY^aViVX^ca^cZVaZcb@"& =dgb^\c &%#&%"+ AVYg^aad .$'&#, *#&%"+ <gVc^id *#&%"+ =dgb^\cXZajaVg :mi# >ci# ;VXidgYZgZh^hiZcX^VVaVY^[jh^c 6WhdgX^cYZV\jVYZY^[ZgZciZhbViZg^VaZh YZakVedgYZV\jV© BViZg^Va =dgb^\cXZajaVg 6WhdgX^cYZV\jV`\$b' '* hZXd ]bZYd '& + ' AVYg^aad &+ &% '% BVYZgVcdgZh^cdhV '%% *% &* =dgb^\cVgbVYd &(% -% &% =dgb^\cZcbVhV &*% &'% Eda^Zhi^gZcdZmeVcY^Yd +% * +% 6h[Vaid *%%%% *%%%% EK8 *%%%% *%%%% K^Yg^d ¤ ¤ 8jW^ZgiVhbZi{a^XVh ¤ ¤ ( ) % % ' ) + I^Zbed]dgVh &% ' NZhd&(.%`\$b( ( AVYg^aadbVX^od&,(%`\$b( ) =dgb^\cXZajaVg+%%`\$b( KVadgZhiVWjaVYdhhZ\c:C&,)* ($)$*$:_\ki_dZ[blWfeh h[]kbWY_d^_]hecjh_YW AVY^[jh^cYZakVedgYZV\jVV igVkhYZjcVeVgZYi^ZcZhj dg^\ZcZcaVY^[ZgZcX^VYZegZh^c YZakVedgfjZZm^hiZZcigZaVhYdh XVgVhYZZhiVeVgZY#IdYdbViZg^Va YZXdchigjXX^cdedcZX^ZgiV gZh^hiZcX^VVZhiVY^[jh^cnhZ ZmegZhVbZY^VciZZakVadg©! YZcdb^cVYdÆXdZ[^X^ZciZYZ gZh^hiZcX^VVaVY^[jh^cYZkVedgÇ# :akVadg©eVgVZaV^gZZh&#:hiZ kVadg^cY^XVZcXj{cidZhhjeZg^dg aVgZh^hiZcX^VYZjcbViZg^VaVaV Y^[jh^cYZakVedgXdcgZheZXidV aVYZjcVXVeVYZV^gZYZab^hbd ZheZhdg#EVgVZa]dgb^\cXZajaVg NIDC<!ZakVadgkVgVZcigZ*n&%! YZeZcY^ZcYdYZhjbVhVkdajbig^XV# EVgVjcbViZg^Va^beZgbZVWaZ!ZhiZ kVadgZh^c[^c^id¤#8jVcidb{h WV_dhZVZakVadg©!bVndghZg{aV Y^[jh^cVakVedg!fjZZc XdchZXjZcX^VhZZkVXjVb{h g{e^YVbZciZ#8dbdZakVadgeVgV Za]dgb^\cXZajaVgNIDC<Zhbjn WV_d!hZY^XZfjZZhjcbViZg^VafjZ ÆgZhe^gVÇ#8dchi^ijnZjckZgYVYZgd gZ\jaVYdgYZ]jbZYVY!nVhZV hjVk^oVcYdZaV^gZhZXd!bZY^VciZaV Y^[jh^cYZkVedg!dVWhdgW^ZcYdZa ZmXZhdYZ]jbZYVY#9ZZhiZbdYd Xdcig^WjnZVXgZVgjcVbW^ZciZ hVcdnV\gVYVWaZZcidYVaVXVhV# ($)$+$H[i_ij[dY_WWbeiW][dj[i gkc_Yei AVgZh^hiZcX^VYZa]dgb^\cXZajaVg NIDC<VadhV\ZciZhfjb^XdhZh h^b^aVgVaVYZidYdhadhegdYjXidh YZ]dgb^\c# ($)$,$7XiehY_dZ[W]kW AdhbViZg^VaZh!VaZhiVgZcXdciVXid Y^gZXidXdcZaV\jV^cXajnZcYdaV aajk^V!VWhdgWZcedgXVe^aVg^YVY! hZ\caVh^\j^ZciZ[gbjaV/ Bi 26·iL Bi 2V\jVVWhdgW^YVedgjc^YVY YZhjeZg[^X^Z`\$b'YjgVciZ jceZgdYdi 6 2XdZ[^X^ZciZYZVWhdgX^cYZ V\jV`\$b'#h%!* iL 2i^ZbedYZXdciVXidXdcZa V\jVhZ\jcYdh :akVadg6YZa]dgb^\cXZajaVg NIDC<kVgVZcigZ,%#&%"(n &(%#&%"(`\$b'#h%!*#:hbjn^c[Zg^dg VaYZaVXZg{b^XVdVaYZanZhd# :a]dgb^\cXZajaVgNIDC<!Va Y^hedcZgYZjcVZhigjXijgVYZ edgdhXZggVYdh!hadVWhdgWZV\jV VigVkhYZaVbViZg^Vha^YV!fjZ gZegZhZciVjc'%YZakdajbZc# :hid]VXZfjZZaegdXZhdYZ VWhdgX^chZVbjnaZcid#EdXd i^ZbedYZhejhYZ]VWZgdXjeVYd ZaZY^[^X^d!aViVhVYZ]jbZYVYZc kdajbZc!hZZhiVW^a^oVZcjc'# H^adhbjgdhZmiZg^dgZhYZ]dgb^\c XZajaVgNIDC<cdZhi{cegdiZ\^Ydh digViVYdh!ZhiViVhVejZYZaaZ\VgV jc*# 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi ') 8dZ[^X^ZciZYZVWhdgX^cYZV\jVYZY^[ZgZciZhbViZg^VaZh 6`\$b'#]%!* )% (* (% )+ '* (+ '% (( &* &% *%. * =dgb^\cXZajaVgR2*%%V+%%`\$b( AVYg^aadbVX^odR2&,(%`\$b( AVYg^aad]jZXdR2&%,%`\$b( NZhdR2&(.%`\$b( =dgb^\cVa^\ZgVYdR2--%`\$b( ("+ % KVadgYZLi^aXZgi^[^XVYd BKc`\$b( ($)$.$H[i_ij[dY_WWb\k[]e :a]dgb^\cXZajaVgNIDC< ZhjcbViZg^Vab^cZgVa^\c[j\d! XjndejcidYZ[jh^chZZcXjZcigV Zcadh&'%%8!Vegdm^bVYVbZciZ# 8aVh^[^XVX^cVa[jZ\d6& VciZg^dgbZciZB%# '* 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi BeilWbeh[iZ[YedZ_Y_ed[ijhc_YWi %!&&% Y[hj_\_YWZWifeh[b9;H?8o[b9IJ8ied )*% %!&'% Z[j[hc_dWZeifWhWkd[ijWZeZ[[gk_b_Xh_e *%% %!&+* **% %!&-% +%% %!&.* )%% ($)$-$H[i_ij[dY_WWbWYed][bWY_d oWbWZ[iYed][bWY_d Edgad\ZcZgVa!adhX^XadhYZ Xdc\ZaVX^cnYZhXdc\ZaVX^c cdXVjhVcYVdhZcZa]dgb^\c XZajaVgNIDC<!\gVX^VhVhj ZhigjXijgVXZajaVgnVaVZhXVhV XVe^aVg^YVYfjZhiV^bea^XV# AVbWYV/L ($)$/$9edZkYj_l_ZWZjhc_YW :aXdZ[^X^ZciZYZXdcYjXi^k^YVY igb^XVLZmegZhVaVXVci^YVYYZ XVadgfjZhZigVchb^iZVigVkhYZ jcbViZg^VaYZ&b'YZhjeZg[^X^Zn YZ&bYZZheZhdg!XjVcYdaV Y^[ZgZcX^VYZiZbeZgVijgVZcigZ aVhYdhXVgVhZhYZ&\gVYd@Zak^c hbWdad@# :akVadgLYZeZcYZYZai^edYZ bViZg^VanYZaVXVci^YVYYZ ]jbZYVYXdciZc^YV#8jVcidbZcdg ZhZakVadgLYZjcbViZg^Va!bVndg ZhhjXVeVX^YVYYZV^haVb^Zcid igb^Xd# Z[*Z[^kc[ZWZ[dcWiWe([dlebkc[d$ 9;H?839[djheZ[;ijkZ_ei[?dl[ij_]WY_d Z[bW?dZkijh_WZ[b>ehc_]d"9IJ839[djhe 9_[dj\_YeoJYd_YeZ[bW;Z_\_YWY_d ($)$'&$?d[hY_Wjhc_YW 6YZb{hYZaV^haVb^Zcidigb^XdYZ jcZY^[^X^d!Zm^hiZcdigdheVg{bZigdh fjZ^c[ajnZchdWgZZaXdc[dgiigb^Xd \ZcZgVa/Zai^ZbedYZZc[g^Vb^Zcid! aViZbeZgVijgVhjeZg[^X^Va!aV ViZcjVX^cigb^XVnZaYZh[VhZ# :aXdc_jcidYZZhidheVg{bZigdh hZYZcdb^cVÆ^cZgX^Vigb^XVÇnhZ YZhVggdaaVZcZaXVeijadYZY^XVYdV aVhXVgVXiZghi^XVhigb^XVh 8Veijad,# BYjadYZNdjc\YZ EVgVYZch^YVYZh kVg^dhbViZg^VaZhXdgg^ZciZh bVhXdgg^ZciZh BViZg^VaZh BYjadBEV BKc$GX :WZcC$bb' 6XZgdYZXdchigjXX^c '&%%%% )%%$(!% &'%% =dgb^\c ',%%% *%%$)!% &,%% AVYg^aad &)%%% GdWaZ &'%%% @ZkaVg ()*%% ($)$'($CZkbeZ[Oekd] ($)$''$9edZ[diWY_ed[i YdcYZ/ :cXdcY^X^dcZhYZji^a^oVX^c :m^hiZcY^kZghVh[gbjaVhfjZ :d 2bYjadYZZaVhi^X^YVYiVc\ZciZ cdgbVaZhYZa]dgb^\cXZajaVg egdedgX^dcVcZabYjadYZ ZcBEV NIDC<!cdhZdWhZgkVcegdWaZbVh ZaVhi^X^YVY:YZa]dgb^\cXZajaVg RhZXd2YZch^YVYVeVgZciZZchZXd! YZXdcYZchVX^cZcadhbjgdh NIDC<!Zc[jcX^cYZhjYZch^YVY `\$b( ZmiZg^dgZh# nYZhjgZh^hiZcX^VVaVXdbegZh^c# SÉ 2gZh^hiZcX^VVaVXdbegZh^c :akVadg:Zhi{^c[ajZcX^VYdedgZa ZcBEV edgXZciV_ZYZ]jbZYVYfjZ ` 2&!*V' Xdci^ZcZZabViZg^Va#:hiZ edgXZciV_ZiVbW^c^c[ajnZhdWgZ :abYjadYZYZ[dgbVX^c aVgZh^hiZcX^VVaVXdbegZh^c# ^chiVci{cZVYZa]dgb^\cXZajaVg AVh^\j^ZciZ[gbjaVYVjckVadg NIDC<!ZchZXd:W!Zhi{ WVhiVciZVegdm^bVYdYZabYjad YZiZgb^cVYdedgaVgZaVX^c/ ;X3'"+ª¸a$\Y YZZaVhi^X^YVYYZa]dgb^\cXZajaVg NIDC<XjVcYdhjYZch^YVYZhYZ )%%",%%`\$b(!XdcjcViVhVYZ YdcYZ/ ]jbZYVYfjZgZegZhZciVZa(Va :Wn[XhZZmegZhVcZcBEV &%YZakdajbZc/ © 2YZch^YVYZchZXdZc`\$b( `#[X2gZh^hiZcX^VVaVXdbegZh^c ;e3aRi[Ye¸SÊ egdbZY^dYZa]dgb^\c XZajaVgNIDC<ZchZXd ` 2&!&- 9Vidh[h^Xdh :heZhdgXb * , &% &* '% '* (% (+!* BKc`\$b( **% **% **% *%% *%% )%% )%% )%% EZgbZVW^a^YVY© ( ( ( ( 9^aViVX^cigb^XVba$ba@ ) ) ) ( -m&% " + :BeV '(%% '(%% '(%% &,*% &,*% &)%% &)%% &)%% ÍL$b@ %!&+ %!&+ %!&+ %!&)* %!&)* %!&& %!&& %!&& JL$b'@& " " " " %!+* %!)) %!(, %!(& )(!)( ))' )+' )-' " (* (- )&' GZh^hiZcX^VXVgVXiZghi^XV VaVXdbegZh^cBeV )!* )!* )!* ) ) ( ( ( GZh^hiZcX^VXVgVXiZghi^XV VaV[aZmdigVXX^cBeV %!++ %!++ %!++ %!,* %!,* %!* %!* %!* GZh^hiZcX^VVYb^h^WaZ XZcigVYVidcZaVYVh$ba) " " " " &,!& &+!, '% ')!) GZh^hiZcX^VVYb^h^WaZ YZXZcigVYVidcZaVYVh$ba) " " " " &&!) &&!& &(!) &+!( 8dgiV"[jZ\d " &!*] (] +] +] +] +] +] 6^haVb^ZcidVXhi^XdGVY76 &IgVchb^iVcX^Vigb^XVYZaWadfjZh^ciZcZgZcXjZciVadhgZkZhi^b^Zcidh"'KVadgZhXVaXjaVYdhiZc^ZcYdZcXjZciVjcgZkZhi^b^ZcidZcVbWVhXVgVh"(HZ\cZchVndhgZVa^oVYdh ZcadhaVWdgVidg^dhA67:>C#AdhgZhjaiVYdheVgVadhWadfjZhi^ZcZcZcXjZciVjcZcajX^YdYZnZhdYZ&%bbedgVbWVhXVgVh#")EVgV[VXidgZhYZgZYjXX^cΦYZ%!,*XVg\V XZcigVYVn%!*%XVg\VYZhXZcigVYV 9WhWYj[hij_YWi\i_YWioc[Y|d_YWi '+ )$9edjhebZ[bYed\ehjjhc_Ye 8jgkVYZiZbeZgVijgVZchjeZg[^X^ZYZY^[ZgZciZh bViZg^VaZhZc[jcX^cYZaVYjgVX^cYZaXVaZciVb^Zcid (#&#6XjbjaVX^cYZXVadg nZc[g^Vb^Zcid :cadhbViZg^VaZhYZXdchigjXX^c! Zm^hiZcdigdh[VXidgZh!VYZb{hYZa V^haVb^Zcidigb^Xd!fjZ^c[ajnZc ZcZaVbW^ZciZ^ciZg^dg/aV XVeVX^YVYYZVXjbjaVX^cYZ XVadgnZaXdbedgiVb^Zcid[gZciZ VaZc[g^Vb^Zcid#AVh^\j^ZciZ XdbeVgVX^c^ajhigVaVXdggZaVX^c Zm^hiZciZZcigZZaV^haVb^Zcid igb^Xd!aVVXjbjaVX^cYZXVadg nZaZc[g^Vb^Zcid# (#'#8dZ[^X^ZciZYZ eZcZigVX^cYZXVadg/ XdcYjXi^k^YVYigb^XV IZbeZgVijgVYZhjeZg[^X^ZZc8 &* ' JcgZX^cidhZXVaZciVg{b{h g{e^YVbZciZ!XjVcidb{heZfjZd hZVZaXdZ[^X^ZciZYZeZcZigVX^c igb^XVWYZhjhhjeZg[^X^Zh bjgVaZh!eVgi^XjaVgbZciZZaYZadh bjgdhZmiZg^dgZh#:aXdZ[^X^ZciZYZ eZcZigVX^cigb^XVWhZYZ[^cZ YZaVh^\j^ZciZbVcZgV/ W2·X#L#RZc`?$]%!*#b'@ X2XVadgZheZX[^XdYZabViZg^Va eVgVidYdhadhb^cZgVaZh&%%%?$`\@ L2kVadgYZX{aXjadYZaV XdcYjXi^k^YVYigb^XVL$b@ R2YZch^YVYVeVgZciZ`\$b( 8VadgZheZX[^Xd BVig^Vj :heZhdg YXb L =dgb^\cXZajaVg '* %!&& (% =dgb^\c (% EH: (% R 8Vadg 8Vci^YVY I^ZbedYZ ZheZX[^XdX YZXVadg Zc[g^Vb^Zcid )%% &!%% &%* *,!,-] %!&& )%% &!%% &'+ -(!()] '!%( ')%% &!%% ,'% (%!%%] %!%) '% &!*% . &-!,*] :heZhdgZcb!LZcL$b`!8VadgZheZX[^XdZc`?$`\@!8Vci^YVYYZXVadgZc?$b'@ 8Vci^YVYYZXVadgVabVXZcVYd2Fh2X#R#Y?$b'@ I^ZbedYZZc[g^Vb^Zcid2i62Fh#Y$L] ', 9edjhebZ[bYed\ehjjhc_Ye ( &% ) * % % & ' ( 9jgVX^cYZXVaZciVb^ZcidZc] ' =dgb^\cXZajaVg ( AVYg^aad ) =dgb^\c ) * :aXdbedgiVb^ZcidYZZc[g^Vb^Zcid YZeZcYZYZaVY^[jh^k^YVYigb^XV YZabViZg^Va#8jVcidbZcdghZV ZhiZkVadg!b{hg{e^YVbZciZhZ Zc[g^Vg{aVhjeZg[^X^ZYZXdciVXid YZabViZg^VaXdcZaZmiZg^dgkZg iVWaV#9ZZhiZbdYd!ZabViZg^Va a^WZgVbZcdhZcZg\V/aVXdchZgkV b{hi^Zbed!eVgVjcVhjeZg[^X^ZYZ XdciVXid^\jVa# :ckZgVcd!adhZaZbZcidh ZhigjXijgVaZhZhi{chdbZi^YdhV [ajXijVX^dcZhYZiZbeZgVijgVbjn ^bedgiVciZh0hiVejZYZaaZ\Vg!Zc XVhdhZmigZbdh!V,%8hdWgZaV [VX]VYV#EVgVbVciZcZgjcVbW^ZciZ ^ciZg^dg[gZhXdnV\gVYVWaZ!hZ YZWZcgZYjX^gnZfj^a^WgVgZhiVh [ajXijVX^dcZhYZcigdYZaZY^[^X^d# <gVX^VhVaVXdc_jcX^c[VkdgVWaZ YZaV^haVb^Zcidigb^Xd!aV XVeVX^YVYYZVXjbjaVX^cYZ XVadgnaVbVhVYZabViZg^VaYZ XdchigjXX^c!adhbjgdhYZaH^hiZbV YZXdchigjXX^cNIDC<ejZYZc b^c^b^oVgZhiVh[ajXijVX^dcZhYZ iZbeZgVijgV#8dbdXdchZXjZcX^V! ZckZgVcd\VgVci^oVcjcVbW^ZciZ V\gVYVWaZn[gZhXd!XdciZbeZgVijgVh ZcZfj^a^Wg^dXVh^XdchiVciZ# :_\ki_l_ZWZjhc_YW[dc(%i[Y$ 6ajb^c^d BVYZgV =dgb^\cXZajaVg -+%!%%&%", )!*%&%", '!,(&%", iZ,%8 iZ&-8 BjgZcI]Zgbde^ZggZ =dgb^\cXZajaVgNIDC< (#)#6^haVb^Zcidigb^Xd ZckZgVcd =dgb^\cXZajaVgNIDC< (#(#8dbedgiVb^Zcid YZZc[g^Vb^Zcid i^ &.8 i^ '&8 9edjhebZ[bYed\ehjjhc_Ye '- *$C[Z_eWcX_[dj[oieij[d_X_b_ZWZ :Xd"XdchigjXX^c GZaVX^cVgbdc^dhV YZadhZY^[^X^dhXdcZabZY^d VbW^ZciZ^cbZY^Vid :aZXX^c^ciZ\gVaYZ egdXZhdhnegdYjXidh :caVVXijVa^YVY!aVXVa^YVYVbW^ZciVa YZjcbViZg^VaYZXdchigjXX^c [dgbVeVgiZYZadhXg^iZg^dhYZ XVa^YVYiXc^XV!Va^\jVafjZaVh egZhiVX^dcZhnaVYjgVW^a^YVY# :abZgXVYdYZaVXdchigjXX^chZ dg^ZciVXVYVkZob{h]VX^V hdajX^dcZh^ccdkVYdgVhfjZ eZgb^iVcgZYjX^gZa^beVXidhdWgZ ZabZY^dVbW^ZciZnh^\VcaVh Y^gZXig^XZhYZgZYjXX^cYZ Zb^h^dcZhYZ8D'^bejahVYVh edgaV8dbjc^YVY:jgdeZV# 6eZi^X^cYZMZaaV!Za8HI7' gZVa^ojcVc{a^h^hYZaX^XadYZk^YV YZa]dgb^\cXZajaVgNIDC<# AVhXdcXajh^dcZhYZZhiZZhijY^d Xdc[^gbVcd[^X^VabZciZZaXVg{XiZg cVijgVaYZa]dgb^\cXZajaVgNIDC<! VhXdbdiVbW^cZagZheZidYZ Xg^iZg^dhZcZg\i^XdhnZXdcb^Xdh YjgVciZhjegdYjXX^cnji^a^oVX^c# ;^cVabZciZ!ZaZhijY^dXdcXajnZ fjZZhiZbViZg^VahZ^ciZ\gV VYZXjVYVbZciZYZcigdYZjcV eZgheZXi^kVYZYZhVggdaad hdhiZc^WaZ# '. C[Z_eWcX_[dj[oieij[d_X_b_ZWZ 8dc[dgi HVajY <Zhi^cYZ 8dc[dgi 8dcY^X^dcZh aVZcZg\V ]^\gdigb^Xd hVc^iVg^Vh <Zhi^cYZaV\jV 8dc[dgiVXhi^Xd 8Va^YVYYZaV^gZ YZXdchigjXX^c DWgVhedXd <Zhi^cYZ 8dc[dgi 8Va^YVY XdciVb^cVciZh adhgZh^Yjdh k^hjVa YZaV\jV )#&#6c{a^h^hYZaX^Xad YZk^YV68K :Xd"\Zhi^c <Zhi^cYZa Xj^YVYdn YZabVciZc^b^Zcid 8dc[dgida[Vi^kd AVji^a^oVX^cYZa]dgb^\cXZajaVgNIDC<ZcaVXdchigjXX^ceZgb^iZVedgiVgWZcZ[^X^dheVgVaV egdiZXX^cbZY^dVbW^ZciVaZcY^[ZgZciZh{bW^idhbVgXVYdhZcVbVg^aadZcaViVWaV# )#'#:a]dgb^\cXZajaVg NIDC<nZaZc[dfjZ=F:& AV6aiV8Va^YVY6bW^ZciVaZhjc hZaadkdajciVg^dYZhi^cVYdV XdcigdaVgadh^beVXidhYZjc ZY^[^X^dhdWgZZabZY^dVbW^ZciZ! \VgVci^oVcYdVab^hbdi^ZbedV hjhdXjeVciZhXdcY^X^dcZhYZk^YV hVcVhnXdc[dgiVWaZh!YjgVciZidYd ZaX^XadYZk^YVYZaVXdchigjXX^c# AVcoVYdZc;gVcX^V]VXZVa\jcdh Vdh!edgZaEaVcjgWVc^hbd XdchigjXX^cnVgfj^iZXijgVEjXV nZa8HI7'!ZaZc[dfjZYZ6aiV 8Va^YVY6bW^ZciVai^ZcYZVXdcX^a^Vg aVegdiZXX^cYZabZY^dVbW^ZciZ XdcaVXVa^YVYYZaVXdchigjXX^cn aVbZ_dgVYZaVXVa^YVYYZjhd# :hiZZc[dfjZ]Vh^Yd[dgbVa^oVYd edgaVVhdX^VX^c[gVcXZhV=F:!Zc idgcdVXVidgXZbZiVhfjZeZgb^iZc ad\gVgYdh\gVcYZhdW_Zi^kdh/ °8dcigdaVgadh^beVXidhhdWgZZa bZY^dVbW^ZciZZmiZg^dg/bZiVh ZXd"XdchigjXX^cnZXd"\Zhi^c °8gZVgjcVbW^ZciZ^ciZg^dghVcdn Xdc[dgiVWaZ/bZiVhYZXdc[dginYZ hVajY# &=F:=VjiZFjVa^i :ck^gdccZbZciVaZeVgV6aiV8Va^YVY 6bW^ZciVa '8Zcigd8^Zci[^XdnIXc^XdYZaV :Y^[^XVX^c;gVcX^V *$($'$C[jW0[b[YY_d_dj[]hWbZ[ fheZkYjei"i_ij[cWiofheY[ieiZ[ YedijhkYY_d AVcdgbVZjgdeZVfjZ]VhZgk^Yd YZgZ[ZgZciZeVgVZa68KYZa]dgb^\c XZajaVgNIDC<VejciVV[VkdgZXZg ZhiVZaZXX^c#Adh^cY^XVYdgZh fjZeZgb^iZcZkVajVgZa^beVXid VbW^ZciVaYZaVjc^YVY[jcX^dcVa J;]dgb^\cXZajaVgNIDC<hZ YZiVaaVcnZmea^XVcZcZaejcid)#(# *$($($C[jW0eXhWifeYe YedjWc_dWdj[i AViXc^XVYZ^beaZbZciVX^cYZa ]dgb^\cXZajaVgNIDC<gZfj^ZgZ jcZfj^edYZ]ZggVb^ZciVha^k^Vcdn bZY^dhYZbZoXaVYdigVchedgiVWaZh bVcjVabZciZ!adfjZeZgb^iZa^b^iVg aVhXdciVb^cVX^dcZhhdcdgVh# AVXdadXVX^cYZadhWadfjZhXdc _jciV[^cVgZYjXZaVXVci^YVYYZ V\jVcZXZhVg^VeVgVZaegZeVgVYd YZaVXdaVnb^c^b^oVZa^beVXid egdYjX^YdedgaVa^be^ZoVYZaVh ]ZggVb^ZciVhVa[^cVaYZaYV# <gVX^VhVaV[VX^a^YVYYZgZXdgiZedg jcaVYd!nVaVedh^W^a^YVYYZji^a^oVg adhgZXdgiZhYjgVciZaVXdadXVX^c YZaV[{Wg^XV!Za]dgb^\cXZajaVg NIDC<eZgb^iZgZYjX^gXdch^YZgV" WaZbZciZaVXVci^YVYYZgZh^Yjdh egdYjX^YdhZcdWgV#8dbdZa ]dgb^\cXZajaVgNIDC<Zhjc egdYjXidcZjigd!adhgZhidhejZYZc ji^a^oVghZYZgZaaZcdZcdWgV!h^c c^c\cg^Zh\deVgVZahjZad# :a]dgb^\cXZajaVgNIDC<Zh VXZeiVYdZcadhkZgiZYZgdh Vjidg^oVYdhYZgZh^Yjdh^cZgiZh# :aVhZggVYdZchZXdYZa]dgb^\c XZajaVgNIDC<Xdch^ZggVYZX^ciVd h^ZggVigb^XV\ZcZgVjcVeZfjZV XVci^YVYYZedakdn\gVcjaVYdh! XjndiVbVdnXdbedh^X^ccd gZegZhZciVcg^Zh\dheVgVadh deZgVg^dh# 9jgVciZaVZ_ZXjX^chZejZYZ gZXjeZgVgZhiZedakdnbZoXaVgad XdcXdaVZceVgiZh^\jVaZh!eVgV [VWg^XVgjcbdgiZgdhZXdXdcZa fjZhZejZYZcgZaaZcVgaVhgdoVh [{X^abZciZ#AdhVc{a^h^hgZVa^oVYdh hdWgZZaedakdYZa]dgb^\cXZajaVg NIDC<bjZhigVcfjZcdgZegZhZciV c^c\ceZa^\gdeVgVZa]dbWgZ# *$($)$C[jW0][ij_dZ[bW[d[h]W AVgZeZgXjh^cYZaVdWgV\gjZhV hdWgZaVhegY^YVhZcZg\i^XVhYZ jcZY^[^X^dZhYZjc&*#Jc ZY^[^X^dW^ZcV^haVYdegZhZciV \gVcYZhkZciV_Vh!nVfjZeZgb^iZ gZYjX^gaVhcZXZh^YVYZhZcZg\i^XVh YZadhZfj^edhYZXa^bVi^oVX^c#AV eVgZYYZ]dgb^\cXZajaVgNIDC< gZhedcYZVZhiVZm^\ZcX^V!Vab^hbd i^ZbedfjZXjbeaZaV[jcX^cYZ bjgdYZXVg\V#:cigZdigVhXdhVh eZgb^iZgZYjX^gh^\c^[^XVi^kVbZciZ adhejZciZhigb^XdhZcaVhjc^dcZh [dg_VYd$bjgdZmiZg^dg!XjW^ZgiV$ bjgdZmiZg^dg![dg_VYd$iVW^fjZn iVW^fjZ$bjgdZmiZg^dgkZgXVeijad,# *$($*$C[jW0Yed\ehj^_]hejhc_Ye AVhkZciV_VhYZa]dgb^\cXZajaVg NIDC<ZcZhiZXVbedhdc^ccZ\VWaZh# HdcZagZhjaiVYdYZjcei^bd Zfj^a^Wg^dZcigZhjgZcY^b^ZcidZc bViZg^VYZV^haVb^Zcidnhj^cZgX^V igb^XV#:hidhVheZXidh[jcYVbZciVaZh gZaVX^dcVYdhXdcZaXdc[dgi!iVcid ZckZgVcdXdbdZc^ck^Zgcd!hZ YZhVggdaaVcZcZaXVeijad,# *$($+$C[jW0Yed\ehjWYij_Ye :abjgdYZ]dgb^\cXZajaVgNIDC< gZhedcYZVaVhZm^\ZcX^VhVXhi^XVh YZ[^c^YVhZcaVhgZ\aVbZciVX^dcZh VXijVaZh!iVcideVgVk^k^ZcYVh jc^[Vb^a^VgZhXdbdeVgVk^k^ZcYVh XdaZXi^kVheZfjZVh#HZ\cadh h^hiZbVhji^a^oVYdh!adhc^kZaZhYZ ViZcjVX^cYZgj^YdhYZaVheVgZYZh ejZYZckVg^VgZcigZ(-Y7n+,Y7# C[Z_eWcX_[dj[oieij[d_X_b_ZWZ '/ 6c{a^h^hZcZheZXigdbZigV×\VbbVÆYZ aVhbjZhigVhha^YVhYZ]dgb^\cXZajaVg *$($,$C[jW0Yed\ehjeb\Wj_le <gVX^VhVaV^haVb^Zcidigb^Xd gZeVgi^YdZcaVbVhVnVadh igViVb^ZcidhYZadhejZciZh igb^XdhZcaVhjc^dcZh!Zabjgd YZ]dgb^\cXZajaVgNIDC<Zk^iV XjVafj^Zg[ZcbZcdYZ XdcYZchVX^cfjZejZYV \ZcZgVgbd]dnbVadhdadgZh# *$($-$C[jW0YedZ_Y_ed[iZ[iWbkZ Z[bei[ifWY_ei Adhad\gdhYZabViZg^VaZcZhiZ XVbedhZigVYjXZcZc/ °6jhZcX^VYZXdbejZhidh dg\{c^Xdhkda{i^aZh8DK °C^kZaZhYZgVY^dVXi^k^YVYbjn ^c[Zg^dgZhVadhkVadgZhZjgdeZdh VYb^h^WaZh# (& C[Z_eWcX_[dj[oieij[d_X_b_ZWZ GVYcngVY^dVXi^k^YVY\VbbV HZgZVa^oVgdcbZY^X^dcZhhdWgZYdh bjZhigVhYZWadfjZhYZ]dgb^\c XZajaVgNIDC<!egdYjX^YdhZch^i^dh Y^[ZgZciZh#:caViVWaVYZaVYZgZX]V ejZYZckZghZadhkVadgZhegdbZY^d YZVXi^k^YVYZheZX[^XV#6iijad ^cY^XVi^kd!hZ\cZaJCH8:6G!aVh XdcXZcigVX^dcZhegdbZY^dYZ)%@! ''+GVn'('I]YZaVXdgiZoV iZggZhigZhdc)%%7f$`\#!)%7f$`\# n)%7f$`\#!gZheZXi^kVbZciZ# Jc^iZYCVi^dchHX^Zci^[^X8dbb^iiZZ dci]Z:[[ZXihd[6idb^XGVY^Vi^dc BjZhigVh )%@ 7adfjZ& 7adfjZ' ((¥* ''+GV '('I] '(-J '(*J '&-¥&+ .!)¥& &'!*¥& ,!*¥%!+ &(!,¥%!+ -!.¥%!- &&!-¥%!. %!)&¥%!%* %!*)¥%!%* >cY^XZ> %!%- %!&- BZY^YVhZ[ZXijVYVhZcZa>HCYZ<gZcdWaZ# 7f$`\ :b^h^dcZhgVY^dVXi^kVhbZY^VcVhe8^$\ YZY^[ZgZciZhbViZg^VaZhYZXdchigjXX^c ''+GV '('I] AVYg^aad '!* '!( =dgb^\c %!- & NZhd &. %!, =dgb^\cXZajaVg %!( %!( BZY^YVhZ[ZXijVYVhZcZaaVWdgVidg^dYZX^ZcX^Vh cVijgVaZhYZaVJc^kZgh^YVYYZ<VcY 8^2(!,#&%&%7f# GZhjbZcYZaVhXVgVXiZghi^XVhhVc^iVg^VhnYZgZheZidYZabZY^dVbW^ZciZYZadhWadfjZhZc]dgb^\cXZajaVgYZ'*Xbn(%Xb#YZZhe# Jc^YVY[jcX^dcVaJ;2&b'YZbjgdYZXVg\VnV^haVciZYZ]dgb^\cXZajaVgNIDC<!dhZV!&%%`\#YZWadfjZhYZ'*Xb#YZZheZhdgd&'%`\#YZWadfjZhYZ(%Xb#YZ ZheZhdg!Z_ZXjiVYdhXdcbdgiZgd"XdaV!fjZ\VgVci^oVYjgVciZ&%%VdhYjgVX^cYZk^YVcdgbVaaVhXVgVXiZghi^XVhiXc^XVh[jcYVbZciVaZhbZcX^dcVYVhZcZhiViVWaV# >beVXidVbW^ZciVa Jc^YVY 7adfjZZheZhdg'*Xb# 7adfjZZheZhdg(%Xb# B?$J; )!+ *!+ 8dchjbdYZgZXjghdhZcZg\i^Xdh :cZg\Veg^bVg^VidiVa :cZg\VgZcdkVWaZ B?$J; %!& %!& :cZg\VcdgZcdkVWaZ B?$J; )!* *!* 8dchjbdYZgZXjghdhcdZcZg\i^Xdh `\$J; &!) &!, a$J; &!- '!' %!. &!% 8dchjbdYZV\jV GZh^Yjdhha^Ydh GZh^YjdhkVadg^oVYdhidiVa `\$J; GZh^YjdheZa^\gdhdhZa^b^cVYdh `\$J; % % GZh^YjdhcdeZa^\gdhdhZa^b^cVYdh `\$J; %!' %!( GZh^Yjdh^cZgiZhZa^b^cVYdh `\$J; %!' %!( GZh^YjdhgVY^dVXi^kdhZa^b^cVYdh `\$J; % % 8VbW^dXa^b{i^Xd \Zf#8D'$J; )(+ *'(!% 6X^Y^[^XVX^cYZaV^gZ \Zf#8D'$J; %!*+- %!+,% EdajX^cYZaV^gZ b'$J; . &% EdajX^cYZaV\jV b'$J; , . EdajX^cYZahjZad b'$J; % % \Zf#8;8G&&$J; cdeZgi^cZciZ cdeZgi^cZciZ \Zf#Zi^aZcd$J; %!%,( %!%.( 9ZhigjXX^cYZadodcdZhigVidh[g^Xd ;dgbVX^cYZdodcd[didfjb^Xd BdY^[^XVX^cYZaVW^dY^kZgh^YVY AdhkVadgZhYZcY^XZYZVXi^k^YVY >26@$(%%% 6GV$(%% 6I]$'%% XdcaVhigZhVXi^k^YVYZhZmegZhVYVh Zc7f$`\YZadhWadfjZhYZ ]dgb^\cXZajaVgNIDC<hdcbjn ^c[Zg^dgZhVakVadgab^iZZjgdeZd YZ%!*XdggZhedcY^ZciZVjcVYdh^h \VbbVgZX^W^YV^c[Zg^dgV %!(bHk$Vd# HZ\cZhidnaVgZXdbZcYVX^c YZa^c[dgbZ&&'YZaV8db^h^c :jgdeZV!adhWadfjZhejZYZc XaVh^[^XVghZXdbdegdYjXidhZmZcidh YZidYVgZhig^XX^cYZji^a^oVX^c fjZejY^ZgVgZhjaiVgYZjcV ZkZcijVagVY^dVXi^k^YVY# :b^h^dcZhYZXdbejZhidh dg\{c^Xdhkda{i^aZh8DK nVaYZ]Ydh :hiZZchVnd[jZgZVa^oVYdedgZa 8HI7hZ\cZaegdidXdadZjgdeZd :86$>6F!ji^a^oVcYdjcbjgd bdYZad#9ZbjZhigVfjZZa ]dgb^\cXZajaVgNIDC<cd Xdci^ZcZXdbejZhidhdg\{c^Xdh kda{i^aZh# XjVa^iVi^kdZmigVXX^cYZXVciZgVhZc Xdc[dgb^YVYXdcaVhgZ\aVbZciVX^dcZh>8E: :aWadfjZYZ]dgb^\cXZajaVg NIDC<ZhidiVabZciZcZjigdncd Xdcig^WjnZYZc^c\cbdYdVaV XdciVb^cVX^cYZaV^gZYZadh ZY^[^X^dhbZY^VciZ8DKhnVaYZ]Ydh# B^Xgddg\Vc^hbdh :a]dgb^\cXZajaVgNIDC<Zk^iV aVVeVg^X^cYZbd]d\gVX^VhVYdh gVodcZh/edghjdg^\Zcb^cZgVan edgfjZcdZhi{ZcXdciVXidY^gZXid XdcZaV^gZZcZa^ciZg^dgYZadh ZY^[^X^dh# ;^WgVhneVgiXjaVh 6acdiZcZg[^WgVhZchjXdbedh^X^c! adhWadfjZhYZ]dgb^\cXZajaVg NIDC<cddg^\^cVcZb^h^dcZhYZ [^WgVhdYZeVgiXjaVhfjZejZYVc XdciVb^cVgZaV^gZZcZa^ciZg^dgYZ adhZY^[^X^dh# )#(#>cY^XVYdgZh Adh^cY^XVYdgZhYZeZcYZc Y^gZXiVbZciZYZXg^iZg^dh VbW^ZciVaZhdYZXViZ\dgVh VbW^ZciVaZhZaZ\^YVh#:cZabVgXd YZZhiZZhijY^d!]ZbdhgZiZc^Yd adhdX]dXg^iZg^dhdWa^\Vidg^dheVgV idYdhadhegdYjXidhYZXdchigjXX^c YZaVcdgbV[gVcXZhV/ °8dchjbdYZgZXjghdhZcZg\i^Xdh °8dchjbdYZgZXjghdhcd ZcZg\i^Xdh °8dchjbdYZV\jV °GZh^Yjdhha^Ydh °8VbW^dhXa^b{i^Xdh °6X^Y^[^XVX^cYZaV^gZ °EdajX^cYZaV\jV °EdajX^cYZaV^gZ# =ZbdhV\gZ\VYdaVhh^\j^ZciZh XViZ\dgVhYZ^beVXid!nVfjZcdh eVgZXVcdedgijcVh/ °EdajX^c[didfjb^XV °EdajX^cYZahjZad# C[Z_eWcX_[dj[oieij[d_X_b_ZWZ (' )#)#8dbZciVg^dhhdWgZadh eg^cX^eVaZh^cY^XVYdgZh EVgVh^bea^[^XVg!adhh^\j^ZciZh XdbZciVg^dhhZgZ[^ZgZcVabjgdYZ ]dgb^\cXZajaVgNIDC<YZ'*Xb# YZZheZhdg!fjZgZegZhZciVcjZhigd bjgdYZgZ[ZgZcX^V# *$*$'$9edikceZ[h[Ykhiei [d[h]j_Yei 9jgVciZhjX^XadYZk^YV!ZaWadfjZ Zc]dgb^\cXZajaVgNIDC< XdchjbZgZXjghdhZcZg\i^Xdh/ cdgZcdkVWaZh.%ngZcdkVWaZh &%#9jgVciZZhiZeZgdYd!fjZ YjgV&%%Vdh!jcVjc^YVY[jcX^dcVa J;YZWadfjZZc]dgb^\cXZajaVg NIDC<!dhZV&b'YZbjgd!gZfj^ZgZ )!*,bZ\V_djaZh#:hiZkVadgZhWV_d! nZhdhZYZWZVfjZedgjcaVYd YjgVciZidYdZaegdXZhdYZ[VWg^XVX^c hZgZX^XaVZcZg\V!nedgdigdVfjZ hZejZYZcigVchedgiVg\gVcYZh kdabZcZhYZegdYjXidYZW^YdVhj a^\ZgZoV# EVgVZa]dgb^\cXZajaVgNIDC<adh ^cY^XVYdgZhVbW^ZciVaZhhZejZYZc ji^a^oVgY^gZXiVbZciZ!b^ZcigVh fjZZcaVhhdajX^dcZhigVY^X^dcVaZh bjai^XVeV]VnfjZXdch^YZgVgadh ^cY^XVYdgZheVgVaV[{Wg^XVnadhYZa V^haVb^ZcidedghZeVgVYd# *$*$($9edikceZ[h[Ykhiei de[d[h]j_Yei :a]dgb^\cXZajaVgNIDC<hZ [VWg^XVVeVgi^gYZVgZcV!XVan XZbZcid!fjZXdchi^ijnZcaV ZhigjXijgVg\^YVYZaegdYjXid# <gVX^VhVaVbjai^ijYYZWjgWj_Vh YZV^gZVigVeVYVhZchjZhigjXijgV! ZaegdYjXidcdhadZhV^haVciZ!h^cd iVbW^cbjna^\Zgd&%%`\$b'YZ bjgd#IZc^ZcYdZcXjZciVZhidh ZaZbZcidh!aVXVci^YVYYZgZXjghdh cdZcZg\i^XdhXdchjb^YdhZhbjn eZfjZV!YZadgYZcYZ&!)'`\$J;# :aWadfjZYZ]dgb^\cXZajaVg NIDC<ji^a^oVgZXjghdhcVijgVaZh Y^hedc^WaZhZc\gVcYZhXVci^YVYZh/ ZhXdbeaZiVbZciZgZX^XaVWaZ# (( C[Z_eWcX_[dj[oieij[d_X_b_ZWZ *$*$)$9edikceZ[W]kW :aXdchjbdYZV\jVcZXZhVg^deVgV aV[VWg^XVX^cYZjcVJ;ZhYZ&!-(a# :a..YZZhiVV\jVhZXdchjbZ YjgVciZaV[VhZYZegdYjXX^c!ZcaV ZaVWdgVX^cYZaVbZoXaVnYjgVciZ ZaigViVb^ZcidZcVjidXaVkZ#:hiZ kVadghZbZ_dgVXdchiVciZbZciZ! \gVX^VhVadhZh[jZgodhfjZ gZVa^oVccjZhigdhZfj^edh!iVcid eVgVgZX^XaVgidiVabZciZaVbViZg^V! aVZcZg\VnZaV\jVYjgVciZZaX^Xad YZ[VWg^XVX^c!XdbdeVgVgZYjX^g adhXdchjbdhYZV\jVnYZZcZg\V YjgVciZaVdWgV#AVXdadXVX^cXdc _jciV[^cVs'"(bb#eZgb^iZ gZYjX^gh^\c^[^XVi^kVbZciZaV XVci^YVYYZV\jVXdchjb^YV# *$*$*$H[i_Zkeiib_Zei AVbVhVYZgZh^YjdhegdYjX^YVedg J;YZ]dgb^\cXZajaVgNIDC< ZhYZ%!)+`\edgVcjVa^YVY#:hidh gZh^Yjdhhdc^cZgiZhncdejZYZc XdciVb^cVgZaV\jVdZahjZad#Adh gZh^YjdhegdkZc^ZciZhYZaV[VhZYZ egdYjXX^chdckVadg^oVYdhZcjc .%# 9jgVciZaV^beaZbZciVX^c!\gVc eVgiZYZadhgZXdgiZhejZYZckdakZg Vji^a^oVghZY^gZXiVbZciZZcaV XdchigjXX^c#:cXjVcidVa[^cYZa X^XadYZk^YV!ZhY^[X^aegZkZgfj iXc^XVhYZgZX^XaV_ZhZji^a^oVg{c YZcigdYZX^ZcVdh#9ZidYVh [dgbVhYZhejhYZaVhZeVgVX^c YZadhgZh^Yjdh!Za]dgb^\cXZajaVg NIDC<hZejZYZgZX^XaVg XdbeaZiVbZciZ!ji^a^o{cYdadXdbd iZggVeacYZXVciZgV!gZaaZcdYZ XVggZiZgVh!ZiX# *$*$+$9WcX_eYb_c|j_Ye Hjeg^cX^eVaXVjhVhZZcXjZcigVZc aV^ciZch^[^XVX^cYZjc[ZcbZcd cVijgVa!YZcdb^cVYdZ[ZXid ^ckZgcVYZgd!dg^\^cVYdedgaV VXi^k^YVY]jbVcVeg^cX^eVabZciZ# :a^beVXid\ZcZgVYdedgaV [VWg^XVX^cYZjcVJ;ZhYZ%!)(+`\ YZ8D'Zfj^kVaZciZ# AVeg^cX^eVa[jZciZYZZcZg\V ji^a^oVYVYjgVciZaVegdYjXX^cZhZa \VhcVijgVa#AVegdYjXX^cYZ8D' ZheZfjZVZcXdbeVgVX^cXdcaVh Zb^h^dcZhegdkZc^ZciZhYZaV VXi^k^YVYXdi^Y^VcV#:cZ[ZXid!Za \VhXdcZ[ZXid^ckZgcVYZgdZb^i^Yd YjgVciZZaX^XadYZk^YVYZjcVXVhV Zc]dgb^\cXZajaVgNIDC<bjgdh ^ciZg^dgZhnZmiZg^dgZhZfj^kVaZV aVhZb^h^dcZhegdYjX^YVhedgjcV [Vb^a^VYZXjVigdeZghdcVh!YjgVciZ jcbZhVegdm^bVYVbZciZ XVaZ[VXX^c!ZaZXig^X^YVYnji^a^oVX^c YZaVjidbk^a# *$*$,$7Y_Z_\_YWY_dZ[bWWjci\[hW :hiZ^cY^XVYdgeZgb^iZZkVajVgaV Xdcig^WjX^cYZaegdYjXidVaV VX^Y^[^XVX^cYZaV^gZn!Zc XdchZXjZcX^V!VaV\ZcZgVX^c YZaajk^Vh{X^YVh#:cZaXVhdYZa ]dgb^\cXZajaVgNIDC<!ZhiZkVadg ZhbjneZfjZd# *$*$-$FebkY_dZ[bW_h[ :akdajbZcYZV^gZXdciVb^cVYd YjgVciZZaX^XadYZk^YVYZjcVJ; ZhYZ.b(#:hiZ^beVXid!eVgVjcV XVhVYZ]dgb^\cXZajaVgNIDC< eVgVXjVigdeZghdcVh!YjgVciZidYV aVYjgVX^cYZk^YV!Zfj^kVaZVaYZjc gZXdgg^YdYZ&%%`b#ZcVjidbk^a# *$*$.$FebkY_dZ[bW]kW :aeg^cX^e^dXdch^hiZZcXVaXjaVgZa kdajbZc]^edii^XdYZV\jVfjZhZ cZXZh^iVgVZcb(eVgVY^aj^gadh gZh^Yjdhafj^YdheVgVVYZXjVgadh VakVadgZhi^ejaVYdZcadhYZXgZidh# HZigViVYZjckVadgVWhdajid!fjZ Xdck^ZcZXdiZ_VgXdcadhYZdigdh egdYjXidhfjZXjbeaVcjcV[jcX^c Zfj^kVaZciZ# *$*$/$FebkY_dZ[bik[be :hiZXg^iZg^dcdhZXdch^YZgV eZgi^cZciZeVgVadhegdYjXidhYZ XdchigjXX^c#H^cZbWVg\d!aV ^cigdYjXX^cYZYVidhhdWgZZa hjb^c^higdYZZcZg\VaaZkV Xdch^YZgVgiVbW^cZhiZ^beVXid# :aeg^cX^e^dXdch^hiZZcXVaXjaVgZa kdajbZc]^edii^XdYZV\jVfjZhZ cZXZh^iVgV!Zcb(eVgVY^aj^gadh gZh^Yjdhafj^YdheVgVVYZXjVgadh VakVadgZhi^ejaVYdZcadhYZXgZidh najZ\dhjbVgadhkdabZcZh ]^edii^XdhVhdWiZc^Ydh#:hiV hjbVgZegZhZciVZa^cY^XVYdgYZ edajX^cYZahjZad#HZZmegZhVZc b(YZV\jV# *$*$'&$<ehcWY_dZ[epede \ejegkc_Ye :hiVXViZ\dgVYZ^beVXidcdhZ Xdch^YZgVeZgi^cZciZeVgVadh egdYjXidhYZXdchigjXX^c#H^c ZbWVg\d!ZaigVchedgiZYZhidh i^ZcZhjdg^\ZcZcX^ZgidhegdYjXidh XdciVb^cVciZh!Xdbdadh]^YgdXVg" Wjgdh!fjZgZVXX^dcVcXdcadh [didcZhhdaVgZheVgV[dgbVgdodcd ZcaVigdedh[ZgV# )#*#=^\^ZcZnhVajY *$+$'$J[hc_jWi AVhiZgb^iVhfjZhZZcXjZcigVc ZcaVhXdchigjXX^dcZhhdciZgb^iVh hjWiZgg{cZVhfjZhZVa^bZciVc YZbVYZgV!eVeZa!XVgic!iZaVh! ZcadhfjZZcXjZcigVcaVXZajadhV cZXZhVg^VeVgVhjbZiVWda^hbd#:a ]dgb^\cXZajaVgNIDC<!h^ZcYdjc bViZg^Vab^cZgVa!cdedhZZXZajadhV ZchjXdbedh^X^c#:hiVVjhZcX^V YZXZajadhV]VXZfjZaVhXVhVh Xdchigj^YVhXdc]dgb^\cXZajaVg NIDC<ZhicegdiZ\^YVhXdcigVaVh ^ckVh^dcZhYZiZgb^iVh# *$+$($7c_Wdje :aVb^VcidcdhZZcXjZcigV!c^ h^fj^ZgVZc[dgbVYZigVoV!ZcaV Xdbedh^X^cfjb^XVYZa]dgb^\c XZajaVgNIDC</8V*H^+D!D=&- *='D *$+$)$9Wcfei[b[YjhecW]dj_Yei AVhXdchigjXX^dcZhZc]dgb^\c XZajaVgNIDC<Xdchi^ijnZc kZgYVYZgVhegdiZXX^dcZh[gZciZ VadhZ[ZXidhYZadhXVbedh ZaZXigdbV\ci^Xdh#;gZciZV XVbedhZaZXigdbV\ci^XdhYZ *%=o!i^ZcZcjccY^XZYZ egdiZXX^chjeZg^dgVa..# AdhX]VaZih!aVhk^k^ZcYVhXdaZXi^kVh nadhZY^[^X^dh^cYjhig^VaZhfjZhZ ZcXjZcigVcXZgXVYZacZVh ZaXig^XVhdYZigVch[dgbVYdgZh YZVaiViZch^cZhi{chdbZi^YdhV Zb^h^dcZhZaZXigdbV\ci^XVh Vgi^[^X^VaZhYZ*%=o#HZ]Vc VcVa^oVYddigdhbViZg^VaZhYZ XdchigjXX^cnaVhiVhVhbZY^Vh YZViZcjVX^cgZ\^higVYVh[jZgdc bjX]dbZcdgZh!YZjcdgYZcYZa -%Va.%!YZeZcY^ZcYdYZhj Xdbedh^X^cnYZaVZmedh^X^c# C[Z_eWcX_[dj[oieij[d_X_b_ZWZ () +$;ijhkYjkhWi Z[^ehc_]dY[bkbWhOJED= *#&#>cigdYjXX^c :ah^hiZbVYZXdchigjXX^cNIDC< Y^hedcZYZidYdhadhZaZbZcidh cZXZhVg^dheVgVgZVa^oVgZY^[^X^dh ^ciZ\gVaZhXdcjcVZhigjXijgVYZ ]dgb^\cXZajaVg/ °WadfjZheVgVgZVa^oVgbjgdhYZ XVg\VYZY^[ZgZciZhZheZhdgZhn YZch^YVYZh °Y^ciZaZhegZ[VWg^XVYdhedgiVciZh YZ]VhiV(bYZadc\^ijY °e^ZoVhZheZX^VaZheVgVgZVa^oVg ojcX]dhnY^ciZaZhYZbVndg adc\^ijYWadfjZhJnXVcVaZhZcJ YZ]VhiV+bYZadc\^ijY °e^ZoVhZheZX^VaZheVgVgZVa^oVg ojcX]dhkZgi^XVaZhWadfjZhD! ZheZX^VabZciZ^cY^XVYdheVgV dWgVhZcodcVhYZg^Zh\dhhb^Xd bdYZgVYd °eaVXVhVgbVYVhnV^haVciZheVgV [dg_VYdhYZY^[ZgZciZhZheZhdgZh ]VhiV+!,*bYZadc\^ijY °eaVXVhVgbVYVhnV^haVciZheVgV XjW^ZgiVhYZY^[ZgZciZhZheZhdgZh ]VhiV+!,*bYZadc\^ijY 6Xdci^cjVX^chZYZhXg^WZZa [jcX^dcVb^ZcidnZaXdbedgiVb^Zcid YZaVhZhigjXijgVhgZVa^oVYVhZc ]dgb^\cXZajaVgNIDC<# :h^bedgiVciZhZVaVgfjZadh eg^cX^e^dhhdcZhZcX^VabZciZadh XdggZhedcY^ZciZhVZY^[^X^dhYZ ZaZbZcidhYZ[{Wg^XVnfjZeVgVadh bjgdhYZXVg\VVea^XVZa97H:"; YZa8I:!iZc^ZcYdZcXjZciVfjZ VY^X^dcVabZciZ!aVbdYjaVX^c WjhXVg{Za^b^cVgVab{m^bd adhbViZg^VaZhnZaZbZcidh igVY^X^dcVaZhiVaZhXdbde^aVgZh! k^\Vh!_{XZcVhYZ]dgb^\cVgbVYd deZg[^aZgVbZi{a^XV# (* ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= AdhWadfjZhYZ]dgb^\cXZajaVg NIDC<hdce^ZoVhfjZXjbeaZc XdcaVcdgbVi^kVJC::C,,&" )/'%%%:heZX^[^XVX^dcZhYZe^ZoVh eVgV[{Wg^XVYZVaWV^aZgVEVgiZ)/ 7adfjZhYZ]dgb^\cXZajaVg! cdgbVi^kVgZ[ZgZcX^VYVZcZa8I:! h^ZcYdhjXjbea^b^ZcidgZfj^h^id eVgVdWiZcZgadhXZgi^[^XVYdh8:# *#'#AdhZaZbZcidh XdchigjXi^kdheVgVaVh XVg\VhkZgi^XVaZh/ bjgdhYZXVg\V +$($'$;bYedY[fjeZ[beickhei Z[YWh]W AdhbjgdhYZXVg\Vhdcadh eg^cX^eVaZhigVchb^hdgZhYZaVh XVg\VhkZgi^XVaZh#:cjcZY^[^X^dYZ kVg^dhc^kZaZh!aVigVchb^h^cYZ XVg\VhZhkZgi^XVa!YZhXZcYZciZ! adfjZh^\c^[^XVfjZadhZh[jZgodh Y^hb^cjnZcXdc[dgbZVjbZciVaV VaijgV# =VnfjZ^cY^XVgfjZadhZh[jZgodh kZgi^XVaZhZcadhbjgdhgZhjaiVc eg^cX^eVabZciZYZaVVXX^cYZaVh XVg\VhkZgi^XVaZh#H^cZbWVg\d!WV_d X^ZgiVhXdcY^X^dcZh!aVhVXX^dcZh ]dg^odciVaZhXdbdZak^Zcid!d ZkZcijVabZciZaVVXX^cYZh^hbd! edYg{cgZegZhZciVgjcVeVgiZYZa Zh[jZgodkZgi^XVaZcadhbjgdh YZW^YdVabdbZcidYZkjZaXdfjZ ^cYjXZcZcaVZhigjXijgV# AdhbjgdhYZXVg\VhZYZWZg{c gZVa^oVgXdcWadfjZhYZjcZheZhdg bc^bdYZ'%Xb!h^ZcYd]VW^ijVaZa jhdYZWadfjZhYZ'*XbYZZheZhdg n)%%`\$b(YZYZch^YVYeVgVadh bjgdhYZXVg\VZmiZg^dgZhWjZcV XdbW^cVX^cYZV^haVb^Zcidigb^Xd ngZh^hiZcX^VbZX{c^XVnYZWadfjZh YZ'%XbYZZheZhdgn*%%`\$b( YZYZch^YVYeVgVbjgdh^ciZg^dgZh YZXVg\VWjZcVXdbW^cVX^cYZ V^haVb^ZcidVXhi^XdngZh^hiZcX^V bZX{c^XV# EVgVadhbjgdhZcigZk^k^ZcYVhnZc XVhdYZgZVa^oVghZZabjgdYZjcV hdaV]d_V!ZhcZXZhVg^dZaZbeaZd YZWadfjZhYZbVndgZheZhdgn YZch^YVYeVgVVjbZciVgZa gZcY^b^ZcidVXhi^Xd# +$($(9ecfheXWY_dZ[beickhei Z[YWh]Wl[hj_YWb 8Vg\Vhb{m^bVhVYb^h^WaZh :aX{aXjadYZaVgZh^hiZcX^VV XdbegZh^cYZadhbjgdhYZ ]dgb^\cXZajaVgNIDC<hZgZVa^oV h^\j^ZcYdZaegdXZY^b^Zcid ^cY^XVYdZcZa9dXjbZcid7{h^Xd H:";;{Wg^XVYZa8Y^\dIXc^Xd YZaV:Y^[^XVX^c# :akVadgGXXdggZhedcY^ZciZVa[gVXi^a %!%*ZhaVgZh^hiZcX^VVXdbegZh^c bc^bVfjZiZcYg{cadhWadfjZhZc Za.*YZadhXVhdh#6eVgiZ!c^c\c WadfjZiZcYg{jcVgZh^hiZcX^V ^c[Zg^dgVa-%YZakVadgGX# 6Xdci^cjVX^chZYZhXg^WZYZ [dgbVgZhjb^YVZabidYdYZ X{aXjadeVgVaVXdbegdWVX^c YZaVgZh^hiZcX^VVXdbegZh^c# EVgVeVhVgYZaVgZh^hiZcX^VV XdbegZh^cYZXaVgVYVVaV gZh^hiZcX^VVXdbegZh^c cdgbVa^oVYV!ZhcZXZhVg^dgZVa^oVg Zah^\j^ZciZX{aXjadYZXdckZgh^c/ [W2GXÃÅÙ GX 2(!%7adfjZhYZYZch^YVY)%%`\$b( GX 2)!%7adfjZhYZYZch^YVY*%%`\$b( GZh^hiZcX^VVXdbegZh^c cdgbVa^oVYVYZadhWadfjZh YZ]dgb^\cXZajaVg EVgVZaX{aXjadYZaVgZh^hiZcX^VV XdbegZh^ccdgbVa^oVYVhZidbV XdbdWVhZaVgZh^hiZcX^VVXdbegZh^c YZXaVgVYVGX!fjZXdggZhedcYZVa [gVXi^a%!%*ZcaVXjgkVYZY^hig^WjX^c YZadhZchVndh# à 2&!';VXidgZhiVYhi^XdeVgV eVhVgYZakVadgYZXaVgVYdGX XdggZhedcY^ZciZVa[gVXi^a%!%*! VakVadgbZY^d Å 2&!%;VXidgYZ[dgbVhZ\c JC::C",,'"& Ù 2%!-;VXidgYZXdckZgh^cedg XdcY^X^dcZhYZZchVndhZ\c JC::C",,'"& E * %#-GX GX 8jgkVYZ Y^hig^WjX^c GZh^hiZcX^VV XdbegZh^c HZigViVYZ[VXidgZhYZXdggZXX^c eVgVXVaXjaVgaVgZh^hiZcX^V cdgbVa^oVYVVeVgi^gYZadh gZhjaiVYdhYZZchVnddWiZc^YdhWV_d jcVhXdcY^X^dcZhYZiZgb^cVYVh# 6ea^XVcYdZhidh[VXidgZhhZdWi^ZcZc aVhh^\j^ZciZhgZh^hiZcX^Vh cdgbVa^oVYVh[WPC$bb'R/ [W2'!.7adfjZhYZYZch^YVY)%%`\$b( [W2(!-)7adfjZhYZYZch^YVY*%%`\$b( GZh^hiZcX^VVaVXdbegZh^cYZ adhbjgdhYZ[{Wg^XVYZ]dgb^\c XZajaVg EVgVXVaXjaVgaVgZh^hiZcX^VYZ aV[{Wg^XV]VnfjZgZVa^oVgadh h^\j^ZciZhX{aXjadhhZ\cZa6cZ_d 86eVgiVYd'YZa97H:";YZa8I:# :cjceg^bZgeVhdhZXVaXjaVaV gZh^hiZcX^VXVgVXiZghi^XVV XdbegZh^cYZaV[{Wg^XV/ [`2@#[W%!-* 8dc@2%!-%eVgVe^ZoVhYZ ]dgb^\cXZajaVghZ\c:C,,&")/ '%%%n[W2gZh^hiZcX^VcdgbVa^oVYV VXdbegZh^cYZadhWadfjZh# 6ea^XVcYdZhidh[VXidgZhhZ dWi^ZcZcaVhh^\j^ZciZhgZh^hiZcX^Vh XVgVXiZghi^XVhVXdbegZh^cPC$bb'R/ [`2'!%7adfjZhYZYZch^YVY)%%`\$b( [`2'!*7adfjZhYZYZch^YVY*%%`\$b( ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= (+ =VnfjZYZhiVXVgfjZZakVadg XVgVXiZghi^XdVXdbegZh^cYZaV [{Wg^XVYZ_jciV[^cVNIDC<Zhi{ egm^bdVakVadgXVgVXiZghi^XdV XdbegZh^cYZadhWadfjZh# :hiZXdbedgiVb^ZcidY^[^ZgZ cdiVWaZbZciZZhiV[{Wg^XVgZheZXid VaVh[{Wg^XVhYZdigdhbViZg^VaZh! XjnVhgZh^hiZcX^VhYZ[{Wg^XV hjZaZchZgcZiVbZciZ^c[Zg^dgZhV hjhXdggZhedcY^ZciZhgZh^hiZcX^Vh YZWadfjZ#:hidhZZmea^XVedgfjZ Za]dgb^\cXZajaVgNIDC<Zhjc bViZg^VabVX^odnYZYZch^YVY ]dbd\cZVnedgfjZaVh_jciVhYZ aV[{Wg^XVhdc[^cVh!Z_ZXjiVYVh XdcjcbdgiZgdVYVeiVYdVaVh XVgVXiZghi^XVhYZaWadfjZ!adXjVa Xdc[^ZgZjcVZaZkVYV]dbd\ZcZ^YVY Z^hdigdeVVah^hiZbV#AdhZchVndh gZVa^oVYdhbjZhigVckVadgZhYZ gZh^hiZcX^VVXdbegZh^cfjZhdc hjeZg^dgZhVadhegZk^hidhedgZa bidYdYZX{aXjadYZa6cZmd8YZa 97H:";# EVgVeVhVgYZakVadgXVgVXiZghi^Xd VakVadgYZY^hZd[Y!]VnfjZ Vea^XVgZaXdZ[^X^ZciZYZhZ\jg^YVY ÈB!fjZYZeZcYZYZaVXViZ\dgV YZaXdcigdaYZaVZ_ZXjX^cnaV XViZ\dgVYZaXdcigdaYZaV[VWg^XVX^c# [ [Y2È@ B AdhWadfjZhYZ]dgb^\cXZajaVg NIDC<eZgiZcZXZcVaVXViZ\dgV YZXdcigdaYZ[VWg^XVX^c>!nVfjZaV egdWVW^a^YVYYZfjZaVgZh^hiZcX^V VaVXdbegZh^chZVbZcdgfjZaV YZXaVgVYVZh^c[Zg^dgV*naVhegd" WZiVhnadhZchVndhhZ]VcgZVa^oVYd hZ\caVhcdgbVi^kVh:C",,&n:C ,,'"&/'%%'# (, ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= 8dZ[^X^ZciZeVgX^VaYZhZ\jg^YVYÈB 8dcigdaYZZ_ZXjX^c 8dcigdaYZ[VWg^XVX^c8ViZ\dgV> 6 7 8 &!, '!' '!, AVh^\j^ZciZiVWaVbjZhigVaVh gZh^hiZcX^VhYZY^hZdZc[jcX^c YZaVYZch^YVYnZaXdcigdaYZaV Z_ZXjX^c/ GZh^hiZcX^VVXdbegZh^cYZY^hZdYZ[{Wg^XV[YPC$bb'R 8dcigdaYZZ_ZXjX^c 6 7 8 9Zch^YVY)%%`\$b( &!' %!. %!,) 9Zch^YVY*%%`\$b( &!* &!&) %!.( 8VeVX^YVYYZXVg\Vn XdbegdWVX^cYZaVgZh^hiZcX^V AVXdbegdWVX^cYZaVXVeVX^YVY YZXVg\VVVXX^ckZgi^XVahZgZVa^oV XdbeVgVcYdaVXVg\Vb{m^bV VYb^h^WaZXdcaVXVg\VYZY^hZd# ChYCGY ChY28dbegZh^ckZgi^XVaYZ X{aXjad CGY 28VeVX^YVYgZh^hiZciZ VXdbegZh^ckZgi^XVa YZX{aXjad AVXVeVX^YVYgZh^hiZciZhZXVaXjaV YZaVh^\j^ZciZ[dgbV/ CGY2 t [Y t [Y 2;VXidgYZgZYjXX^cYZa\gjZhd YZabjgdedgZhWZaiZon$dYZaV ZmXZcig^X^YVYYZaVXVg\V 2:heZhdgYZabjgd 2GZh^hiZcX^VYZX{aXjad VXdbegZh^c AVhXdbegdWVX^dcZhhZi^ZcZc fjZgZVa^oVgZcXVWZoVne^ZYZ bjgdedgjcaVYd!nVb^iVYYZ bjgdedgdigd#EVgVVbWdhXVhdh ZhcZXZhVg^dXVaXjaVgZa[VXidgYZ gZYjXX^c#:a[VXidgYZgZYjXX^c YZWZg{hZgXVaXjaVYdeVgVXVYV XVhdni^ZcZZcXjZciVaVigVchb^h^c YZbdbZcidh[aZXidgZhYZhYZZa [dg_VYdVabjgd!aVZmXZcig^X^YVY edgZ_ZXjX^c!aVZmXZcig^X^YVYedg eVcYZdnZagZigVcfjZdYZa[dg_VYd YZaV[VX]VYV# I_ij[cWOJED= YedW_ibWc_[djeh[fWhj_Ze AdhWadfjZhYZ]dgb^\cXZajaVgNIDC<! XdbW^cVcjcV^haVb^ZcidgZeVgi^Yd XdcjcVgZh^hiZcX^VZmXZeX^dcVa# GZkZhi^b^Zcid AVh^\j^ZciZiVWaVbjZhigVaV XVeVX^YVYgZh^hiZciZZci$baYZ bjgdhNIDC<eVgVbjgdh^ciZ" g^dgZhnbjgdhZmiZg^dgZhXdc [VXidgZhYZgZYjXX^cZ_ZbeaVgZh Za[VXidgYZgZYjXX^cYZWZg{hZg XVaXjaVYdZheZX[^XVbZciZeVgV XVYVXVhdhZ\cZaVeVgiVYd*#'#) 97H:";YZa8I:/ 8VgV ^ciZg^dg 7adfjZNIDC< we#'*Xb )%%`\$b( ',"-j%cb ''"'j%cb 8VeVX^YVYgZh^hiZciZZci$baeVgVbjgdh^ciZg^dgZhXdc2%!,* :heZhdg '%Xb '*Xb (%Xb (+!*Xb 9Zch^YVY)%%`\$b( &(!) &+!, '%!% ')!) 9Zch^YVY*%%`\$b( &,!& '&!) '*!, (&!' 8VeVX^YVYgZh^hiZciZZci$baeVgVbjgdh^ciZg^dgZhXdc2%!*% :heZhdg '%Xb '*Xb (%Xb (+!*Xb 9Zch^YVY)%%`\$b( -!. &&!& &(!) &+!( 9Zch^YVY*%%`\$b( &&!) &)!( &,!& '%!- ;VXidgZhYZgZYjXX^cYZZ_ZbeadeVgVbjgdh^ciZg^dgZhnbjgdhZmiZg^dgZh#:a[VXidgYZgZYjXX^c YZWZg{hZgkZg^[^XVYdZcXVYVXVhd# 8Vg\VhXdcXZcigVYVh :cadhbjgdhhdbZi^YdhVXVg\Vh XdcXZcigVYVhVedndYZY^ciZaZh! k^\Vh!ZiX#!aViZch^cYZX{aXjad VaXVcoVYVhdWgZaVhjeZg[^X^ZYZ Vea^XVX^ccdedYg{hjeZgVgaV gZh^hiZcX^VYZX{aXjadVXdbegZh^c YZaV[{Wg^XVYZNIDC<# EVgVbjgdhgZVa^oVYdhXdcWadfjZh bVX^odh!XdbdZhZaXVhdZcadh bjgdhYZ[{Wg^XVXdcWadfjZh NIDC<!aVgZh^hiZcX^VYZX{aXjad edYg{hZg^cXgZbZciVYVedgjc [VXidgËhZ\caVhZXjVX^dcZh YVYVhedgaVcdgbVi^kV# AVgZeVgi^X^cYZaVXVg\VhZhjedcZ Xdcjc{c\jadYZ+%°nYZWZg{c hjbVghZaVhXVg\VhXdcXZcigVYVh YdcYZhZhdaVeZcaVh{gZVhYZ gZeVgi^X^ceVgVaVXdbegdWVX^c# :cZaVeVgiVYd*#'#-Za97H:";hZ YZiVaaVZaegdXZY^b^ZcideVgVaVh XdbegdWVX^dcZhVgZVa^oVghZ# 8Vg\V 8Vg\V V& +% +% V& i$)bVm^bd +% +% ]$' ] 6aoVYdh i HZXX^c 6W{gZVXVg\VYV i EaVciV ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= (- *#(#AdhZaZbZcidh XdchigjXi^kdheVgVaVh XVg\Vh]dg^odciVaZh/ bjgdhYZXdgiVciZdYZ Vgg^dhig^Vb^Zcid AVhXVg\Vh]dg^odciVaZhhdc VfjZaaVhfjZgZhjaiVcYZaVVXX^c YZak^ZcidhdWgZaVZhigjXijgV! dZkZcijVabZciZYZaVVXX^c hhb^XV#6Y^X^dcVabZciZ!ZaZbej_Z YZi^ZggVhhdWgZadhbjgdhYZ hiVcdiVbW^cgZegZhZciVjcV XVg\V]dg^odciVa# AV^bedgiVcX^VYZZhiVhVXX^dcZh ZcaVZhigjXijgVYZeZcYZg{YZaV ^ciZch^YVYYZaVVXX^cnaV \ZdbZigVYZaVZhigjXijgV# :cjcZY^[^X^dVaid!ZhiVhVXX^dcZh ejZYZchZgYZiZgb^cVciZheVgVaV ZhigjXijgVYZaZY^[^X^d!edgZ_Zbead ZcjcZY^[^X^dXdcjcV\gVc hjeZg[^X^ZZmejZhiVVak^Zcid# :hedgZhidfjZjcZY^[^X^dYZWZ ^beZgVi^kVbZciZedhZZgjc h^hiZbVgZh^hiZciZeVgVXVg\Vh ]dg^odciVaZh!^cYZeZcY^ZciZbZciZ YZhjiVbVd#:caVhZhigjXijgVh YZ[{Wg^XVZah^hiZbVgZh^hiZciZ eVgVaVhVXX^dcZh]dg^odciVaZhZhi{ [dgbVYdedgbjgdhY^hejZhidhZc aVhYdhY^gZXX^dcZheg^cX^eVaZh# :cbjX]VhdXVh^dcZhhZ]VXZ gZ[ZgZcX^VVZhidhbjgdh aaVb{cYdaZhbjgdhYZXdgiVciZ# =VnfjZYZhiVXVgfjZadhbjgdh YZXVg\VVhjbZciVbW^cZa eVeZaYZbjgdYZXdgiVciZ!edg adfjZYZWZg{cVWhdgWZgiVcidZa Zh[jZgodkZgi^XVaXdbdZaZh[jZgod XdgiVciZ# :abjgdYZXdgiVciZgZh^hiZVaV VXX^c]dg^odciVabZY^VciZ YZ[dgbVX^dcZhnZh[jZgodhZc hjeaVcd#AVVedgiVX^cYZ ZhiVW^a^YVYYZadhbjgdh[gZciZ VaVVXX^ceZgeZcY^XjaVgfjZ gZX^WZchZXdch^YZgVcjaV!nYZV] gZhjaiVaVcZXZh^YVYYZY^hedcZg bjgdhYZXdgiVciZdg^ZciVYdh eVgVaZaVbZciZVaVh'Y^gZXX^dcZh eg^cX^eVaZhYZaZY^[^X^d# :caVbVndgVYZadhXVhdh!aV g^\^YZongZh^hiZcX^VfjZegdedg" X^dcVcadhbjgdhYZXdgiVciZV aVZhigjXijgVZhhj[^X^ZciZeVgV hdedgiVgaVhVXX^dcZh]dg^odciVaZh# EVgVZY^[^X^dhVaidh!deVgVadhfjZ Zhi{cZcodcVhYZg^Zh\dhhb^Xd! hZhcZXZhVg^dZ[ZXijVgjcV gZk^h^cZheZX^VaYZaVgZh^hiZcX^V VaVhVXX^dcZh]dg^odciVaZhn gZXjgg^g!h^gZhjaiVgVcZXZhVg^d! VXdbW^cVgadhbjgdhXdcdigd h^hiZbVgZh^hiZciZZcaV[dgbVYZ bVgXdhg\^Ydh# EVgVZhiVW^a^oVgjcVZhigjXijgV [gZciZVaVhXVg\Vh]dg^odciVaZh \ZcZgVYVhedgZak^Zcid!Zh cZXZhVg^VaVigVchb^h^cYZaV [jZgoVfjZejZYZVXijVgZc XjVafj^ZgY^gZXX^c]VhiVaV X^bZciVX^c# (. ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= :cjceg^bZgeVhd!aVXVg\VYZa k^ZcidZhVWhdgW^YVedgadheVdh YZ[VX]VYV!fjZVhjkZoigVchb^iZc ZhiVXVg\VVadhZaZbZcidhg\^Ydh h^ijVYdhZchjhWdgYZhbjgdh eZgeZcY^XjaVgZhn[dg_VYdh#Adh eVdhYZ[VX]VYVZhi{chdbZi^Ydh V[aZm^cW^Y^gZXX^dcVah^\j^ZcYd ZaXdbedgiVb^ZcidYZjcVeaVXV hjhiZciVYVZchjhWdgYZh#9ZV] adhZh[jZgodhhZigVchb^iZcVadh bjgdhYZXdgiVciZ!edgjcaVYdedg kVY^gZXiVVigVkhYZadhZcXjZcigdh kZgi^XVaZhYZadhbjgdh!edgdigd aVYdVigVkhYZadh[dg_VYdh!Zc XVhdYZfjZhidh[jcX^dcZcXdbd jcY^V[gV\bVg\^Yd# =VnfjZgZXVaXVgfjZadhbjgdhYZ XdgiVciZVedgiVc\gVcZhiVW^a^YVYV aVZhigjXijgV!nVfjZadhbjgdhYZ XdgiVciZ[jcX^dcVcXdbdjcVbchjaV ^YZVa^oVYVh^cdh^bV\^cVbdhZa ZY^[^X^dkdaXVYd.%°!XdggZhedcY^ZcYd aVadc\^ijYYZadhbjgdhVaXVcidYZ aVe^ZoVV[aZm^c# :cZah^hiZbVXdchigjXi^kdNIDC< aVheaVXVhVgbVYVheVgV[dg_VYd nXjW^ZgiVYZ]dgb^\cXZajaVg eZgb^iZc\VgVci^oVgaVVXX^cYZ Y^V[gV\bVg\^Ydh^ccZXZh^YVYYZ gZVa^oVgjcV_jhi^[^XVX^cYZX{aXjad! h^ZbegZnXjVcYdhZgZheZiZcjcdh ab^iZh\Zdbig^XdhnhZXjbeaVc jcVhZg^ZYZgZfj^h^idhXdchigjXi^kdh fjZhZYZiVaaVcb{hVYZaVciZ VeVgiVYd*#*#:cXVhdYZcd Xjbea^ghZZhidhXg^iZg^dh!Za Y^V[gV\bVYZWZg{hZg_jhi^[^XVYd bZY^VciZX{aXjad# *#)#9^ciZaZh :_dj[b[ifh[\WXh_YWZei AdhY^ciZaZhegZ[VWg^XVYdhYZ NIDC<hdcZaZbZcidhVgbVYdh YZ]dgb^\cXZajaVgYZ]VhiV (bYZadc\^ijY!YZjcVYZch^YVY YZ**%`\$b(![VWg^X{cYdhZZc adhb^hbdhZheZhdgZhfjZadh WadfjZh#=VnfjZiZcZgZcXjZciV fjZadhY^ciZaZhcjcXVhZYZWZg{c XdgiVgZcdWgV!edgadXjVaZh cZXZhVg^dhjb^c^higVgadhZcaVh adc\^ijYZhXdggZXiVh#AdhVedndh bc^bdhYZadhY^ciZaZhhdcYZ '%XbeVgVY^ciZaZhYZ]VhiV &!,*bYZadc\^ijYnYZ'*XbeVgV adc\^ijYZhbVndgZh# HdWgZZaY^ciZanYZ[dgbVk^h^WaZ [^\jgVh^ZbegZZahZci^YdYZ XdadXVX^cZcdWgVYZab^hbd# AVbVgXVÆdWZcÇh^\c^[^XVVgg^WV! XdcadXjVaadhWadfjZhhZXdadXVc XdcaVh[aZX]Vh]VX^VVgg^WV#6hj kZoZcadhbjgdhYZ[VX]VYVhZ YZWZcXdadXVgYZ[dgbVfjZaV bVgXVhZVk^h^WaZYZhYZZaZmiZg^dg# AVh^\j^ZciZiVWaVbjZhigVaVh XVg\VhVYb^h^WaZhYZadhY^ciZaZh# ;b[c[djeiZ[[dYe\hWZefWhW pkdY^eioZ_dj[b[i :cZaXVhdYZfjZaVhVeZgijgVh hZVcbVndgZhYZ'!*%bdaVh hdWgZXVg\Vh]V\VccZXZhVg^djcV hdajX^cb{hgZh^hiZciZfjZaV YZadhY^ciZaZhegZ[VWg^XVYdh!hZ edYg{cZbeaZVgadhWadfjZhZc ÆJÇdadhY^ciZaZhZcÆJÇYZ]VhiV +bYZadc\^ijYXdbdZcXd[gVYd eZgY^Yd#:hidhai^bdhY^hedcZc YZjcVVgbVYjgVeVgVhdedgiVg adhZh[jZgodhYZigVchedgiZn bVc^ejaVX^c!fjZh^cZbWVg\d cdedYg{hZgiZc^YVZcXjZciVZc X{aXjadYZaojcX]d# 8Vg\VhVYb^h^WaZhYZadhY^ciZaZh :heZhdgXb Adc\^ijYYZa Ajob{m^bV 8Vg\VVYb^h^WaZ BVhV Y^ciZaAXb Xb YVC$b `\ &(% .% &-%% ** &*% &&% &-%% +- &,* &(* &(%% ,) '% '%% &*% &)%% -) ''* &,* &'%% .* '+% '%% &&%% &%* (%% '*% .%% &'+ &%% +% (%%% *( &(% .% &-%% +. &*% &&% &-%% ,. &,* &(* &)%% .' '* '%% &*% &*%% &%* ''* &,* &(%% &&. '+% '%% &&%% &(' (%% '*% .%% &*- &%% +% (%%% +( &(% .% &-%% -' &*% &&% &-%% .* (% &,* &(* &-%% &&% '%% &*% &+%% &'+ '+% '%% &'%% &*- (%% '*% .%% &.% &(% .% &-%% &%% &*% &&% &-%% &&* (+!* &,* &(* &-%% &(* '%% &*% &+%% &*) ''* &,* &*%% &,( &YVC2&`\ ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= (/ BVeVh^hb^XdYZaVcdgbVh^hbdggZh^hiZciZ HVciVcYZg AV8dgjcV Aj\d K^idg^V AZdc EdciZkZYgV HHZWVhi^Vc Dk^ZYd 7jg\dh DgZchZ EVaZcX^V OVbdgV 7^aWVd EVbeadcV Ad\gdcd =jZhXV OVgV\doV KVaaVYda^Y <ZgdcV AZg^YV Hdg^V HVaVbVcXV 7VgXZadcZ IVggV\dcV HZ\dk^V <jVYVaV_VgV 6k^aV IZgjZa BVYg^Y 8VXZgZh 7VYV_do 8VhiZaadc IdaZYd 8^jYVYGZVa 8dgYdWV =jZkV 8jZcXV HZk^aaV 6aWVXZiZ BjgX^V EVabV KVaZcX^V 6a^XVciZ ?VZc <gVcVYV BVaV\V VW*%!&+\ %#&'\EVWB%!&+\ %#%-\EVWB%!&'\ %#%)\EVWB%!%-\ VWB%!%)\ 6abZg^V 8VY^o 8ZjiV AVhEVabVh BZa^aaV *#*#:higjXijgVhNIDC< ZcodcVhYZg^Zh\d hhb^Xd :ag^Zh\dhhb^XdYZaVeZcchjaV ^Wg^XVhZXdch^YZgVbZY^d"WV_d! XdcXZcig{cYdhZaVhodcVhYZ bVndgeZa^\gdZcZahjg"hjgZhiZ! ZaaZkVciZnadhe^g^cZdhkZgbVeV hhb^Xd#6cVh!adhiZggZbdidh ejZYZcedcZgZceZa^\gdaVXVeVX^YVY ZhigjXijgVaYZadhZY^[^X^dhnaV hZ\jg^YVYYZhjhjhjVg^dhnedg ZhVgVocZm^hiZjcVcdgbVi^kV cVX^dcVafjZgZ\jaVaVXdcXZeX^c nZaX{aXjadYZaVhZhigjXijgVhfjZ hZegdnZXiZcZcZhVhodcVh# :aXdbedgiVb^ZcidYZbjgdh YZ[{Wg^XVYZNIDC<[gZciZV hda^X^iVX^dcZhhhb^XVhZhi{ gZaVX^dcVYdXdcaVhegde^ZYVYZh egde^VhYZabViZg^VanYZah^hiZbV YZXdchigjXX^c/ °:aZkVYVa^\ZgZoVYZadhWadfjZh AdhZh[jZgodhaViZgVaZhVadhfjZ hZkZchdbZi^YdhadhZY^[^X^dhZc XVhdYZVXi^k^YVYhhb^XVhdc egdedgX^dcVaZhVaeZhdYZaV XdchigjXX^c#:hdfj^ZgZYZX^g fjZXjVcidbZcdghZVZaeZhdYZ aVZhigjXijgV!bZcdghZg{Za Zh[jZgod]dg^odciVafjZgZX^W^g{! edgadfjZaVhZhigjXijgVhYZ NIDC<eZgb^iZcb^c^b^oVgaVh XVg\Vhhhb^XVh# )& ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= HVciV8gjo °=dbd\ZcZ^YVYYZabViZg^Va 6Y^[ZgZcX^VfjZZcadhbjgdhYZ [{Wg^XVigVY^X^dcVaZh!aV ]dbd\ZcZ^YVYYZadhWadfjZh YZ]dgb^\cXZajaVgNIDC<naV XdchigjXX^cZc_jciV[^cVaZ Xdc[^ZgZcVadhbjgdhYZZhiZ bViZg^VajcVgZh^hiZcX^Vbjn XZgXVcVVaVYZadhWadfjZh# :a]dgb^\cXZajaVgZhjc bViZg^Va^higdednedgadiVcid Y^hedcZYZaVb^hbVXVeVX^YVY bZX{c^XVZcaVhigZhY^bZch^dcZh# °9jXi^a^YVYYZaV[{Wg^XV JcVZhigjXijgVYXi^aZhXVeVoYZ Vbdgi^\jVg]VhiVX^Zgidab^iZaV ZcZg\Vhhb^XVVigVkhYZ YZ[dgbVX^dcZhZaVhidea{hi^XVh h^cfjZZhidegdkdfjZgdijgVh# 6hjcVZhigjXijgVbZi{a^XV! YZW^YdVhjXVeVX^YVYYZ YZ[dgbVX^cZa{hi^XV!ZhXVeVo YZgZYjX^gXdch^YZgVWaZbZciZaVh XVg\VhY^c{b^XVhdXVh^dcVYVh edgjch^hbd#AVhZhigjXijgVhYZ [{Wg^XVXdcbViZg^VaZh igVY^X^dcVaZhhdcb{hg\^YVhn edgadiVcidcdi^ZcZcZhV XVeVX^YVYYZVbdgi^\jVb^Zcid# :chVndhhhb^XdhgZVa^oVYdh hdWgZbjgdhNIDC<h^cZbWVg\d ]VcYZbdhigVYdjc XdbedgiVb^ZcidYZbZY^VcV YjXi^a^YVY!b{hWZckdadfjZZa XdbedgiVb^ZcidYZZhigjXijgVh YZ[{Wg^XVigVY^X^dcVa# °E^ZoVhZheZX^VaZhNIDC< :cXVhdYZcZXZh^YVYn ZheZX^VabZciZeVgVaVhodcVhYZ bVndgg^Zh\dhhb^XdVeVgi^gYZ jcVVXZaZgVX^cW{h^XVYZ%!&'\! Zah^hiZbVYZXdchigjXX^c Y^hedcZYZe^ZoVhZheZX^VaZheVgV edYZggZ[dgoVgadhbjgdhWadfjZh ÆJÇ!ÆJÇiXc^XVhYZ]VhiV+bYZ adc\^ijY!WadfjZhÆDÇ!WadfjZh a^hdheVgVZcXdaVgaV_jciV kZgi^XVa# GZ[jZgodYZ]jZXdh :hidhZaZbZcidhhZZbeaZVceVgV aVXgZVX^cYZbVgXdhVgbVYdh VagZYZYdgYZaVhkZciVcVhVeVgi^g YZjcVVcX]jgVYZ%!+%b!bZY^VciZ jcVgg^dhig^Vb^ZcidkZgi^XVaZcXVYV _VbWVWadfjZhÆDÇVgbVYdhn ]dgb^\dcVYdh!njcVgg^dhig^Vb^Zcid ]dg^odciVaZcZaY^ciZanZcZa VciZeZX]dWadfjZhÆJÇVgbVYdh n]dgb^\dcVYdh!ZcaVoVcYdaVh VgbVYjgVhZcaVhZhfj^cVh#:cZa XVhdYZaVhVeZgijgVheVgVejZgiVh! adhVgg^dhig^Vb^ZcidhkZgi^XVaZhhZ egdadc\Vc]VhiVZaojcX]deZg^bZigVa VaVVaijgVYZa[dg_VYdhjeZg^dg# GZ[jZgodYZbjgdh HZ\ccdgbVi^kVC8H:"%'!VeVgi^g YZ%!&'\adhbjgdhgZfjZg^g{cjc gZ[jZgodVY^hiVcX^VhbZcdgZhYZ *b]dg^odciVaZhnkZgi^XVaZh!fjZ ZcZaXVhdYZNIDC<hZg{cgZhjZa" idhbZY^VciZadhZaZbZcidhZcÆDÇ nZcÆJÇ!YZW^YVbZciZVgbVYdh# I[YY_dZ[kdWfbWYWOJED=oZ[jWbb[Z[bh[bb[deZ[`kdjWi GZaaZcdYZ_jciVXdcBdgiZgd GZaaZcdYZ_jciVXdcBdgiZgd &/(ajoAdhV &%% *% &3- &3-YZadc\^ijY&$(ajoYZeaVXV m N gh O = I K 6GB69JG6 9:BDCI6?:3+bb W 6GB69JG6 >C;:G>DG 6GB69JG6 HJE:G>DG g^ 72+%% *% &%% *% *% *% *% &%% *% *% % *% 72,*% *% &%% *% *% *% &%% *% *% *% &%% *% :h^bedgiVciZhZVaVgfjZadh Xg^iZg^dh\ZcZgVaZhZcZaY^hZdYZ adhZY^[^X^dhh^bZigV!bjgdhYZ XdgiVciZZcVbWVhY^gZXX^dcZh! Xdci^cj^YVYYZZaZbZcidhedgiVciZh ZchZci^YdkZgi^XVaYZaVZhigjXijgV! a^b^iVX^cYZ]jZXdhnY^hig^WjX^c h^big^XVYZadhb^hbdh!ZiX#hdc YZZcdgbZ^bedgiVcX^VnejZYZc hZgYZiZgb^cVciZhVaV]dgVYZ XdbegdWVgaVgZh^hiZcX^VYZaV ZhigjXijgV[gZciZVVXX^dcZh hhb^XVh!ZheZX^VabZciZh^hZ fj^ZgZcZk^iVgZaZbZcidhYZ gZ[jZgodVjm^a^VgZhe^aVgZhdk^\Vh YZ]dgb^\cVgbVYddbZi{a^XVh ZcZhigjXijgVhYZbjgdhYZXVg\V# AVheVjiVh\ZcZgVaZhViZcZg ZcXjZciVZcZaY^hZdZhi{c YZhXg^iVhZcaVcdgbVi^kVC8H:"%' nhdck{a^YVheVgVidYVi^edad\VYZ ZhigjXijgVh# *#+#AVheaVXVhVgbVYVh YZ]dgb^\cXZajaVgNIDC< +$,$'$?djheZkYY_d AVheaVXVhVgbVYVhYZNIDC<hdc ZaZbZcidhedgiVciZhnV^haVciZh eVgVgZVa^oVg[dg_VYdhhVc^iVg^dh! [dg_VYdhZcigZeaVciVhnXjW^ZgiVh# :hiVheaVXVhcdgZfj^ZgZcjcV XVeVYZXdbegZh^cnVfjZhdc VjidedgiVciZhnY^gZXiVbZciZ igVch^iVWaZhjcVkZoXdadXVYVhn hdaVbZciZgZfj^ZgZcZahZaaVYdYZ aVh_jciVhadc\^ijY^cVaZh# 8dcZhidhZZk^iVaVcZXZh^YVYYZ VejciVaVgnZcXd[gVg!VjbZciVcYd Xdch^YZgVWaZbZciZZag^ibdYZ XdadXVX^c[gZciZVjcVhdajX^c igVY^X^dcVa# EVgVVjbZciVgaVgZh^hiZcX^VVa [jZ\dZhcZXZhVg^d^cXgZbZciVgZa gZXjWg^b^Zcid]VhiVjcb{m^bdYZ *'bbgZh^hiZcX^V&-%b^cjidh# AVhWVggVhhdca^hVhnZhi{c VcXaVYVhVa]dgb^\cVigVkhYZ aVhWVggVhigVchkZghVaZhhdaYVYVh VaVhWVggVhadc\^ijY^cVaZhZcaVh odcVhYZadhVedndh#:h^bedgiVciZ hVWZgZhideVgVZciZcYZgfjZcd ZheZgb^h^WaZXdgiVgjcVeaVXVZc dWgVh^cfjZZhid]VnVh^YdiZc^Yd ZcXjZciVZcaV[VWg^XVX^c!nV fjZaVhWVggVhadc\^ijY^cVaZh YZha^oVgVcZcZa^ciZg^dgYZaV eaVXVZcZaXVhdYZfjZhZ]VnV Za^b^cVYdaVeVgiZYZeaVXVYdcYZ Zhi{cjW^XVYVhaVhWVggVh igVchkZghVaZh# AVheaVXVhkVcVgbVYVhXdcbVaaVh YZWVggVhYZVXZgdhdaYVYVhYZaV XViZ\dgV7*%%HfjZ]Vch^Yd hdbZi^YdhVjcigViVb^Zcid Vci^Xdggdh^kd#:agZXjWg^b^Zcid bc^bdYZaVhVgbVYjgVhZhYZ&% bbeVgVjcVgZh^hiZcX^VVa[jZ\d YZ(%b^cjidh# ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= )' A^b^iVX^dcZhYZjhd °AVheaVXVhYZ[dg_VYdhdadedYg{c hZgZbeaZVYVhXdchdWgZXVg\Vh egZYdb^cVciZbZciZZhi{i^XVh! XdcadXjVahZZmXajnZhjZbeaZd WV_dodcVhYZeVg`^c\ °AVheaVXVhYZXjW^ZgiVYZaV XaVhZ<7($*%%hdaVbZciZedYg{c hZgZbeaZVYVheVgVhdWgZXVg\Vh YZjhdYZ]VhiV&@C$b'e#Z# bVciZc^b^ZcidYZXjW^ZgiVhn cdYZWZcgZX^W^gXVg\VhYZ iVW^fjZgV °AVheaVXVhYZ[dg_VYdedYg{c hdedgiVghdWgZXVg\VhYZjhd YZ(!*@C$b'^cXa#hdWgZXVg\VYZ iVW^fjZgV#HZ\cZa97H:"6: aVhdWgZXVg\VeVgVXViZ\dgVYZ jhd6odcVhgZh^YZcX^VaZhZhYZ '@C$b'eVgVk^k^ZcYVhnodcVh YZ]VW^iVX^dcZhZc]dhe^iVaZhn ]diZaZh# °:cXVhdYZY^hedh^X^cYZjcV XVeVYZXdbegZh^cYZ]dgb^\c VgbVYdYZ)%bbYZZheZhdghZ edYg{cji^a^oVgaVheaVXVhXdc jcVhdWgZXVg\Vb{m^bVYZ *!%@C$b'# )( ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= <VbVYZeaVXVhY^hedc^WaZnaVhXVgVXiZghi^XVhiXc^XVhXdggZhedcY^ZciZh EaVXVhYZ[dg_VYd 9Zch^YVY GZh^hiZcX^VVXdbegZh^c I^ed<7)$+%% P`\$b(R +%% PBeVR * PL$b@R %!&+ P`\$b(R ,'% :heZhdgZh PXbR '%"')"(% 6cX]jgVbc^bV PXbR (% 6cX]jgVb{m^bV PXbR ,* Adc\^ijYb{m^bV PXbR +,* &$*%% 8dcYjXi^k^YVYigb^XV EZhdegde^dYZX{aXjad^cXa# VgbVYjgVngZaaZcdYZ_jciVh ;aZX]V EaVXVhYZXjW^ZgiV I^ed<7($*%% P`\$b(R *%% PBeVR * PL$b@R %!&( P`\$b(R +'% 6cX]jgVbc^bV PXbR (% 6cX]jgVb{m^bV PXbR ,* :heZhdgZh PXbR &%"&'!*"&*"&,!*"'%"')"(% Adc\^ijYb{m^bV PXbR +,* &$)%% 9Zch^YVY GZh^hiZcX^VVXdbegZh^c 8dcYjXi^k^YVYigb^XV EZhdegde^dYZX{aXjad^cXa# VgbVYjgVngZaaZcdYZ_jciVh ;aZX]V +$,$($9h_j[h_ei[ijhkYjkhWb[i0 fbWYWiZ[\eh`WZe AVk^k^ZcYV^ciZ\gVaYZNIDC< Xdch^hiZZcaVXdbW^cVX^cYZ bjgdhYZXVg\VYZWadfjZhYZ ]dgb^\cXZajaVgXdceaVXVhYZ [dg_VYdnXjW^ZgiVYZab^hbd bViZg^Va!XgZVcYdjcVZhigjXijgV a^\ZgVnjcVZckdakZciZigb^XV ]dbd\cZVYZjcbViZg^Va gZh^hiZciZnV^haVciZVaVkZo# EdgjcaVYdZh^bedgiVciZa^b^iVg aVhajXZhZcigZadhbjgdhYZXVg\V! Zc[jcX^cYZaVhdWgZXVg\VnZa ZheZhdgYZeaVXVhYZhZVYd#Adh h^\j^ZciZh{WVXdhh^gkZcYZVnjYV eVgVgZVa^oVgZhiZY^bZch^dcVb^Zcid egZk^d# EVgVjcY^hZdei^bdYZaV ZhigjXijgVZcXjVcidVh^bea^X^YVY! a^b^iVX^cYZXdhiZhngVe^YZoYZ Z_ZXjX^c!Zh^bedgiVciZiZcZg ZcXjZciVjcVhXjVciVhgZ\aVh \ZcZgVaZhfjZeZgb^i^g{cZk^iVgZa ZbeaZdYZZaZbZcidhZhigjXijgVaZh Vjm^a^VgZhYZdigdhbViZg^VaZh e^aVgZhdk^\VhbZi{a^XVh! ZaZbZcidhYZ]dgb^\cVgbVYd! ZiX## Luces máximas en mm (usar ábacos sin mayorar las cargas por los coeficientes de seguridad) 110 kg/m2 Esp. (cm) 30 6600* 24 6600* 20 6110* 17,5 5510 15 4870 12,5 4150 10 3340 0 Esp. (cm) 6230* 24 5380 20 4680 6600* 24 6600* 20 5820 17,5 5230 15 4600 12,5 3910 10 3120 1000 2000 3000 4000 5000 6000 7000 8000 350 kg/m2 1000 2000 3000 4000 5000 6000 7000 8000 30 0 30 0 150 kg/m2 300 kg/m2 30 6060* 24 5230 20 4510 0 1000 2000 3000 4000 5000 6000 7000 8000 400 kg/m2 30 5920* 24 5090 20 4380 1000 2000 3000 4000 5000 6000 7000 8000 200 kg/m 2 30 6600* 24 6370* 20 5530 17,5 4950 15 4340 12,5 3660 10 2920 0 0 450 kg/m2 1000 2000 3000 4000 5000 6000 7000 8000 30 5790 24 4970 20 4250 250 kg/m2 30 6600* 24 6110* 20 5280 17,5 4890 15 4120 12,5 3470 10 2760 0 1000 2000 3000 4000 5000 6000 1000 2000 3000 4000 5000 6000 7000 8000 0 1000 2000 3000 4000 5000 6000 500 kg/m2 30 5670 24 4850 20 4130 0 1000 2000 3000 4000 5000 6000 Cálculo de placas según Avis Technique 3/05 - 451 * Cálculo de placas según Zulassung Z 2.1 - 4.1 ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= )) Fhe\kdZ_ZWZ[iZ[WfeoeZ[bWifbWYWiZ[YkX_[hjWo\eh`WZeOJED= V V V V W V V V V V W W W W :higjXijgV YZ]dgb^\c VgbVYd :higjXijgV YZVXZgd CkheOJED= ;{Wg^XV YZaVYg^aad 8dchigjXX^c YZbVYZgV aVb^cVYV V>+%bb V>+%bb V>,%bb V>+%bb V>+%bb AVegd[jcY^YVYYZVedndYZaVh eaVXVhYZeZcYZYZabViZg^VahdWgZ ZafjZVednVncdejZYZhZg ^c[Zg^dgVadhkVadgZhfjZVeVgZXZc ZcZa\gV[^XdVciZg^dg# H^hZigViVYZjcZY^[^X^dYZkVg^Vh eaVciVh!ZhXdckZc^ZciZ]VXZg Xd^cX^Y^gadhZ_ZhYZadhbjgdhYZ XVg\VYZaVhY^hi^ciVheaVciVh!YZ [dgbVfjZaVXVg\VkZgi^XVahZV igVchb^i^YVYZbjgdVbjgd Y^gZXiVbZciZ#CdZheZgb^h^WaZ ZaVedndYZjcbjgdYZXVg\Vd jcbjgdYZXZggVb^ZcideZhVYd hdWgZjcVeaVXVYZ[dg_VYd#:c digVheVaVWgVhcdZhedh^WaZfjZ aVeaVXVVWhdgWVaVXVg\VkZgi^XVa a^cZVaZchjkVcdnaVigVchb^iVV hjhgZheZXi^kdhVedndh#:cXVhdYZ fjZZhidcdhZejZYVZk^iVgYZW^Yd VaVY^hig^WjX^cYZaVk^k^ZcYV! hZg{cZXZhVg^VaVXdadXVX^cYZ jcVk^\VbZi{a^XVeVgVZaVedndYZa bjgd#AVheaVXVhedYg{cZcXV_VghZ YZcigdYZaeZg[^ahZ\chZbjZhigV ZcadhYZiVaaZhYZaXVeijad&&# )* V ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= LebWZ_peifeh[`[cfbe[dpedWi Z[XWbYed[i AVadc\^ijYb{m^bVYZadhkdaVY^odh edYg{hZgYZ&!*%bYZhYZZaXVcid YZaVednd#IVbW^cZh[VXi^WaZ gZVa^oVgjckdaVY^odZcVbWdh aVYdhkdaVY^odÄVedndÄkVcd ÄVedndÄkdaVY^od#=VnfjZiZcZg ZcXjZciVadhh^\j^ZciZhZheZhdgZh bc^bdhZc[jcX^cYZaVadc\^ijY YZakdaVY^odnaVhdWgZXVg\VYZjhd/ HdWgZXVg\V :heZhdgYZeaVXVhbc^bd :heZhdgYZeaVXVhbc^bd ZckdaVY^od%!*%b ZckdaVY^od%!*%b (!* &*%bb '%%bb (!* '%%bb '%%bb YZjhdP@C$b'R GZVa^oVgadhWVaXdcZhXdceaVXVh NIDC<ZckdaVY^odi^ZcZaV\gVc kZciV_VYZZa^b^cVgZaejZciZ igb^XdZm^hiZciZXjVcYdadh [dg_VYdhhZgZVa^oVcYZ]dgb^\c VgbVYdXdckZcX^dcVa# CdZhedh^WaZZaVedndYZbjgdh eZhVYdhdbjgdhYZXVg\VZcaV odcVYZakdaVY^od# CeZkbWY_dZ[bWifbWYWi 9ZW^YdVaV[VWg^XVX^cYZaVheaVXVh VbZY^YV!cd]VnfjZgZheZiVg c^c\jcVbdYjaVX^cZcaV[VhZYZ egdnZXid#Edgad\ZcZgVahZZbeaZVc eaVXVhYZY^bZch^dcZhZhi{cYVgYZ +%Xbd,*XbYZVcX]jgVfjZhZ XdbeaZbZciVcXdceaVXVhYZ ZcXV_Z![VWg^XVYVhZcaVVcX]jgV cZXZhVg^VeVgVXjWg^gaVhhjeZg[^X^Zh aVVcX]jgVbc^bVYZaVheaVXVhZh YZ(%Xb# <eh`WZeOJED= 8Vg\V ]dg^odciVa OjcX]d eZg^bZigVa OjcX]d eZg^bZigVa <kdY_dZ[\eh`WZeeYkX_[hjW YeceZ_W\hW]cW :hedh^WaZZ_ZXjiVgjc[dg_VYdd jcVXjW^ZgiVYZeaVXVhNIDC<YZ [dgbVfjZVXiZXdbdY^V[gV\bV eVgVaVigVchb^h^cYZaVhXVg\Vh ]dg^odciVaZh!^cXajhdh^caVZ_ZXjX^c YZjcVXVeVYZXdbegZh^c# :cZaXVhdYZgZVa^oVgZa[dg_VYdh^c XVeVYZXdbegZh^chdajX^cb{h ]VW^ijVa!aV[jcX^cYZY^V[gV\bV hZedYg{XdchZ\j^gh^ciZcZgfjZ gZVa^oVgjcX{aXjad_jhi^[^XVi^kd!h^ hZi^ZcZcZcXjZciVjcVhZg^ZYZ Xg^iZg^dh/ GZfjZg^b^ZcidheVgVaVXgZVX^c YZjcY^V[gV\bVeVgV[dg_VYdhh^c XVeVYZXdbegZh^c/ 9^bZch^dcZhYZaY^V[gV\bV V# :chZci^YdeVgVaZadVaV Y^gZXX^cYZaVheaVXVh/=+b W# :chZci^YdeZgeZcY^XjaVgVaV Y^gZXX^cYZaVheaVXVh/A-b X# GVi^dYZY^bZch^dcZhA$='!% 8Vg\V ]dg^odciVa Y# Hda^X^iVX^cZchZci^YdeVgVaZad VaVY^gZXX^cYZaVheaVXVhY^Wj_d& 8dgiVciZb{m^bdZcaV_jciV adc\^ijY^cVa/ F(Õ=eVgVA+b F'Õ=eVgV+bA-b 8dc FZcP@CR =26aijgVYZY^V[gV\bVZcPbR A2Adc\^ijYYZY^V[gV\bVZcPbR Z# Hda^X^iVX^cZchZci^YdeZgeZc" Y^XjaVgVaVheaVXVhY^Wj_d'/ AVXVg\Va^cZVaZcZaeaVcdYZa Y^V[gV\bVcdYZWZhZgbVndgfjZ (@C$b# [# 9ZiVaaZhXdchigjXi^kdhYZaY^V" [gV\bV °:heZhdgbc^bdYZeaVXVh2'%%bb °OjcX]deZg^bZigVaYZ=6&*! VgbVYjgVbc^bV''&%7*%%H °6gbVYjgVZc_jciVadc\^ijY^cVa ZcigZeaVXVh!YZojcX]dVojcX]d nVcXaVYdVadhojcX]dhbZY^VciZ YdWaVYdYZaVhkVg^aaVh!&'- 7*%%H :cXVhdYZcdXjbea^ghZZhidh Xg^iZg^dh!Zhedh^WaZ_jhi^[^XVgZa Y^V[gV\bVbZY^VciZX{aXjad# EdgdigdaVYdZhedh^WaZaVZ_ZXjX^c YZjcVXVeVYZXdbegZh^ceVgV fjZadh[dg_VYdhejZYVcigVchb^i^g aVhXVg\Vh]dg^odciVaZh#AVXVeVYZ XdbegZh^cYZWZg{hZgY^bZch^dcVYV YZ[dgbVfjZejZYVVWhdgWZg ciZ\gVbZciZadhZh[jZgodhYZa Y^V[gV\bVZcXdc_jcX^cXdcadh ojcX]dheZg^bZigVaZhnejZYV igVchb^i^gaVhXVg\VhVadhVedndh YZaY^V[gV\bV#:h^bedgiVciZfjZ aVXVeVYZXdbegZh^chZ]dgb^\dcZ ZhiVcYdVjc[gZhXdZa]dgb^\cYZa gZaaZcdYZaVh_jciVhZcigZeaVXVh# 6YZb{hneVgV\VgVci^oVgjcV jc^cZcigZXVeVYZXdbegZh^cn eaVXVh!ZhcZXZhVg^VaVY^hedh^X^c YZWVggVhYZVXZgdXdggj\VYd Zc[dgbVYZXZgXdhZcaVh_jciVh adc\^ijY^cVaZh# ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= )+ 9kX_[hjWi_dYb_dWZWiYedfbWYWi WhcWZWiOJED= :caVhXjW^ZgiVh^cXa^cVYVhNIDC<! aVheaVXVhVednVcZcadhbjgdh ]Vhi^VaZhde^dcZhYZaV[VX]VYV YZaZY^[^X^dnadhbjgdh^ciZg^dgZh eVgVaZadhVZaadh#AVY^gZXX^cYZ aVheaVXVhZhejZheVgVaZaVVadh VaZgdhnVaVXjbWgZgV# :c[jcX^cYZaV^cXa^cVX^cYZaV XjW^ZgiV]VnfjZegZkZg[^_VX^dcZh egdk^h^dcVaZheVgVZk^iVgjcedh^WaZ YZha^oVb^ZcidYZaVheaVXVh]VhiV fjZadhojcX]dheZg^bZigVaZhZcigZc Zc[jcX^c!hdWgZidYdZcXVhdYZ fjZadhVedndhZhicbd_VYdh# 6aXdcigVg^dYZadfjZdXjggZZc jcVXjW^ZgiVigVY^X^dcVa!YdcYZ aVhXVg\VhYZYZha^oVb^ZcidYZaV XjW^ZgiVhZigVchb^iZVadhbjgdh YZVednd!jcVXjW^ZgiVh^big^XV YZNIDC<hdaVbZciZigVchb^i^g{ XVg\VhkZgi^XVaZh!nVfjZaVh [jZgoVhYZYZha^oVb^ZcidXdcjc XdbedcZciZ]dg^odciVahZVcjaVc! VaZhiVgVcXaVYVhaVheaVXVhVa ojcX]dZcaVXjbWgZgVVigVkh YZadhojcX]dheZg^bZigVaZhkZg Xgdfj^h# Edgad\ZcZgVahZhjZaZcY^hedcZg jcdhVedndhaViZgVaZheVgVaVh( eg^bZgVheaVXVhaVXdadXVX^chZ Xdb^ZcoVYZhYZaVeVgiZ^c[Zg^dg! [^_VcYd&dYdhWVggVhYZ'&'Zc XVYVbjgdYZVednd#:cXVhdYZ fjZZhidcdhZVhj[^X^ZciZ ^cXa^cVX^c\gVcYZYZaVXjW^ZgiV! hZYZWZg{cXgZVgZhidhVedndhZc XVYVeaVXV#IVbW^cZhedh^WaZaV Z_ZXjX^cegZk^VYZaojcX]d ]dg^odciVaZcadhVaZgdheVgVXgZVg jcVednda^cZVa# :a]ZX]dYZfjZaVheaVXVh hdaVbZciZigVchb^iVcaVhXVg\VhV adhbjgdh]Vhi^VaZhnVadhbjgdh ^ciZg^dgZheVgVaZadhVZhidh!b^ZcigVh fjZadhbjgdhZcadhVaZgdhcd gZX^WZceg{Xi^XVbZciZXVg\Vh! ]VXZedh^WaZaVgZVa^oVX^cYZeaVciVh WV_dXjW^ZgiVXdcjcVVaijgVYZ eaVciVXdbeaZiV!h^caVcZXZh^YVY YZjc[dg_VYdWV_dXjW^ZgiV# EVgVaVheaVXVhYZXjW^ZgiVVea^XVc adhb^hbdh{WVXdhYZajXZhnaVh b^hbVhgZ\aVhYZVedndfjZeVgV aVheaVXVhYZ[dg_VYd# ), ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= EVgVXjW^ZgiVhYZWV_V^cXa^cVX^c &*°iVbW^cZhedh^WaZaV XdadXVX^cYZaVheaVXVhZchZci^Yd YZaVeZcY^ZciZ!VjcfjZ]VnfjZ iZcZgZcXjZciVaVigVchb^h^cYZ aVhXVg\VhYZYZha^oVb^ZcidVadh bjgdhZcadhVaZgdh# PkdY^eif[h_c[jhWb[i Edgad\ZcZgVaadhojcX]dh eZg^bZigVaZhhZgZVa^oVcVaVVaijgV YZaVheaVXVhYZ[dg_VYddXjW^ZgiV! ZbeaZVcYdaVheaVfjZiVhYZ ]dgb^\cXZajaVgNIDC<YZ*d,Xb YZZheZhdgYZ'%XbYZVaijgV!d ZaZbZcidhYZiVW^fjZgVNIDC<YZa b^hbdZheZhdgeZgdgZXdgiVYdhVaV VaijgVcZXZhVg^V#:a]dgb^\dcVYdYZa ojcX]dhZgZVa^oVXdcigVZaXVcidYZ aVheaVXVhnaVe^ZoVZmiZg^dg# :cZaXVhdYZfjZaVheaVXVhiZc\Vc kdaVY^odWVaXdcZhZc[dg_VYdh dVaZgdh]Vhi^VaZhZcXjW^ZgiV ZaojcX]deZg^bZigVahZYZWZg{ Z_ZXjiVgYZWV_dYZac^kZaYZeaVXVh! ZbeaZVcYdWadfjZhÆJÇdY^ciZaZh ZcÆJÇ#AVheaVXVhhZ[^_Vg{cVa ojcX]deZg^bZigVabZY^VciZWVggVh YZVXZgdXdggj\VYdXdc[dgbVYZ A!ZcXV_VcYdaVeVgiZ]dg^odciVaYZ aVWVggVZcaV_jciVadc\^ijY^cVaYZ aVheaVXVh!aVeVgiZkZgi^XVaZhiVg{ VcXaVYVVaojcX]deZg^bZigVa#:hiVh WVggVhedYg{cYZ_VghZXdbdZheZgVh VagZVa^oVgZaojcX]ddedYg{chZg XdadXVYVhedhiZg^dgbZciZjcVkZo ejZhiVhaVheaVXVh!iZc^ZcYdfjZ iVaVYgVgn[^_VgaVhWVggVhbZY^VciZ gZh^cVYZZedm^#DigVdeX^cZh YZ_VgZheZgVhZc[dgbVYZ\gVeV! edgaVhfjZhZeVhVg{aVVgbVYjgV adc\^ijY^cVaYZaVh_jciVhZcigZaVh eaVXVh#HZiZcYg{cfjZgZe^XVg a^\ZgVbZciZaVheaVXVhZcaVodcV YZVcXaV_ZeVgVeZgb^i^geVhVgaV WVggVnedYZggZ_jciVgaVheaVXVhV iZhiV# 6gbVYjgVVcXaVYVV ojcX]deZg^bZigVa EaVXV]dgb^\cXZajaVgNIDC< ZckdaVY^od OjcX]deZg^bZigVa WadfjZh]dgb^\cXZajaVg Detalle voladizo en alero Placas de cubierta YTONG con armadura en juntas Perfil metálico en apoyos de placa para evitar el desplazamiento, fijado a zuncho perimetral Zuncho perimetral Muro de bloques YTONG Previsíon de hueco Hueco ficticio tenido en cuenta en la fabricación para conseguir armadura simétrica y hacer indiferente el sentido de colocación :cZaXVhdYZadhVaZgdhYZXjW^ZgiV hZg{cZXZhVg^dXgZVgadhVedndh eVgVaVheaVXVhfjZhdWgZhVa\Vc YZabjgdYZ[VX]VYV#:hidhhZ gZVa^oVg{cbZY^VciZVc\jaVgZh bZi{a^XdhVcXaVYdhVaojcX]d eZg^bZigVabZY^VciZeZgcdh# Fh[l_i_dZ[^k[YeioYehj[i [deXhW 8dbdnVhZ^cY^XVciZg^dgbZciZ! cdZheZgb^h^WaZVXdgiVgaVheaVXVh ZcdWgV!VcdhZgfjZhZXdbegjZWZ fjZaVe^ZoVgZhiVciZiZc\V XVeVX^YVYgZh^hiZciZhj[^X^ZciZ# EdgZhdZh^bedgiVciZYZiZgb^cVg ZcaV[VhZYZegdnZXidaVjW^XVX^c nY^bZch^cYZidYdhadh]jZXdh fjZhZiZc\VcfjZegZkZgedgeVhd YZ^chiVaVX^dcZh!WV_VciZh! ZhXVaZgVh!ZiX#!eVgVfjZejZYVc hZgiZc^YdhZcXjZciVZcZa YZhe^ZXZYZeaVXVhnZcZaedhiZg^dg X{aXjadnZcaVY^hig^WjX^cYZaV VgbVYjgVYZaVhb^hbVh#7V_d ZhiVegZb^hVZm^hiZaVedh^W^a^YVY YZhjb^c^higVgaVheaVXVhXdc adhXdgiZhnVgZVa^oVYdh!dh^cd gZVa^oVgadhZcaVegde^VdWgVXdc jcVgVY^Va# EVgV^beZY^gjcV^cXdggZXiV XdadXVX^cZcXjVcidVahZci^YdYZ aVheaVXVh!adh]jZXdhhZegZkcYZ [dgbVfjZcd^bedgiZaVY^gZXX^c YZXdadXVX^cYZaVheaVXVh!Xdbd hZbjZhigVYZ[dgbVZ_ZbeaVgZc ZaY^Wj_dh^\j^ZciZ# ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= )- 8heY^WbfWhW[b^k[YeZ[(fbWYWiYehjWZWi AVY^bZch^cb{m^bVYZgZXdgiZZc jcVeaVXVZhYZ&$(YZhjVcX]jgV! h^ZcYd^cY^[ZgZciZaVadc\^ijYYZa b^hbd#:cXVhdYZfjZZa]jZXd hZVYZY^bZch^dcZhbVndgZh! 8heY^Wbc[j|b_YefWhWkd^k[Ye Z[WdY^khWcWoeh ad]VW^ijVaZh]VXZgXd^cX^Y^gZa XZcigdYZa]jZXdXdcaV_jciV :cidYdXVhd!aVZhXVaZgVVednVg{ BVgXdYZeZg[^aVgV adc\^ijY^cVaYZYdheaVXVhnVh hdWgZZaeZg[^abZi{a^XdncdhdWgZ bZi{a^XVVYZiZgb^cVg jYd_YeZ[OJED= edYZggZeVgi^gaVVcX]jgVYZgZXdgiZ! Za[dg_VYdYZeaVXVhNIDC<# JcVkZohZY^hedcZYZaV\ZdbZigV YZ[^c^i^kVYZaVk^k^ZcYV!ZaYZeVgiV" ejY^ZcYdaaZ\VgVjcVVcX]jgV idiVaYZ'$(YZaVVcX]jgVYZjcV EVgVadh]jZXdhYZeZfjZdY^{" bZcidiXc^XdYZNIDC<gZVa^oVg{ eaVXVZcZaXVhdYZfjZVbWVh bZigdijWZgVh!XdcYjXidh!ZiX#Zh ZaYZhe^ZXZ\Zdbig^XdnaZhZg{c eaVXVhiZc\VcaVb^hbVVcX]jgV# edh^WaZXgZVgadhjcVkZoXdadXVYVh igVchb^i^YdhVaXa^ZciZadheaVcdh aVheaVXVhn]VXZgadhXd^cX^Y^g Zc6jidXVYXdggZhedcY^ZciZheVgV 8jVcYdaVVcX]jgVYZa]jZXdhZV XdcaVh_jciVhadc\^ijY^cVaZh#9Z hjk^hidWjZcd#JcVkZokVa^YVYdh bVndgXdbdb{m#VcX]jgVYZ ZhiV[dgbVna^b^iVcYdaVVcX]jgV adheaVcdh!ZaYZeVgiVbZcidiXc^Xd ]jZXd2VcX]jgVYZjcVeaVXVhZ YZagZXdgiZV*%",%bbedgeaVXV YZNIDC<gZVa^oVg{ZaX{aXjadYZaV XdadXVg{jcWgdX]VabZi{a^XdfjZ Xdch^\j^ZcYdjc]jZXdYZ VgbVYjgVnigVb^iVg{aV[VWg^XVX^c hZgk^g{YZVedndeVgVjcVeaVXV &%%Ä&)%bbYZY^{bZigd!cdhZ YZaVheaVXVh# b{hXdgiV#:hiZWgdX]VagZeVgi^g{ V[ZXiVVaVVgbVYjgV\gVX^VhVa aVXVg\VVaVhYdheaVXVhXdci^\jVh! gZXjWg^b^ZcidYZ]dgb^\cnedg fjZYZWZg{chZgY^bZch^dcVYVh adiVcidhZedYg{gZVa^oVgh^ciZcZg XdcaVhdWgZXVg\VVY^X^dcVa# fjZXdchjaiVgegZk^VbZciZXdcZa [hjkh[ikhkd[ZWbb[Z[fbWdY^[h YZeVgiVbZcidiXc^XdYZMZaaV# ;`[cfbeZ[if_[Y[Z[fbWYWi 8heY^Wbc[j|b_YefWhWkd^k[Ye Z[WdY^khWZ[fbWYW :cZaXVhdYZgZfjZg^gjcVVcX]jgV YZ]jZXdidYVkVbVndgedg Z_ZbeadeVgVZa]jZXdYZZhXVaZgVh! ]VWg{fjZgZVa^oVgjcWgdX]Va XdbejZhidYZk^\VhbZi{a^XVhfjZ VednZchdWgZadhbjgdhYZXVg\V b{hXZgXVcdh# ). 7feoefehfWhj[Z[bZ[fWhjWc[dje ;ijhkYjkhWiZ[^ehc_]dY[bkbWhOJED= ,$Ckheide[ijhkYjkhWb[iOJED= FbWdeZ[hejkhWfWhWb[be Wbeij[dZ[b[iÔ[n_dl[hj_YWb FbWdeZ[hejkhWf[hf[dZ_YkbWh Wbeij[dZ[b[iÔ[n_d^eh_pedjWb ,$'$ÜcX_jeZ[[cfb[eZ[ ckheide[ijhkYjkhWb[i :m^hiZci^edad\VhYZXdchigjXX^dcZh fjZcdeZgb^iZcZaZbeaZdYZ bjgdhYZ[{Wg^XVXdbdZaZbZcid ZhigjXijgVa!hZVedgY^bZch^dcZh VaijgVYZaVXdchigjXX^c!ZheVX^dh Y^{[VcdhYZ\gVcZckZg\VYjgV!ZiX# dedghdWgZXVg\VhedgZ_Zbead odcVYZVaidg^Zh\dhhb^Xd#:caV eg{Xi^XVZhidhjZaZchZgZY^[^X^dhZc VaijgV!cVkZh^cYjhig^VaZh!XZcigdh aY^XdhX^cZh!XZcigdhXdbZgX^VaZh! ZiX#dcVkZhV\gXdaVhd\VcVYZgVh# AVa^\ZgZoVYZadhWadfjZh!aV gVe^YZoYZXdadXVX^cnZaZmXZaZciZ V^haVb^Zcidigb^XdYZa]dgb^\c XZajaVgNIDC<]VXZcfjZZhiZ bViZg^VahZVZheZX^VabZciZ ^ciZgZhVciZeVgVZhiVhdWgVhZc XdbW^cVX^cXdcjcVZhigjXijgV bZi{a^XVdYZ]dgb^\cVgbVYd# AVVaiVgZh^hiZcX^VVa[jZ\dYZa ]dgb^\cXZajaVgNIDC<]VXZYZa NIDC<jcbViZg^Va^YcZdeVgV gZVa^oVgbjgdhXdgiV[jZ\dh#EVgV \VgVci^oVgaVZhiVcfjZ^YVYYZadh bjgdhXdgiV[jZ\dh[gZciZV\VhZh n]jbdh!ZhdWa^\Vidg^dZaZbeaZd YZWadfjZha^hdhngZVa^oVgaV_jciV kZgi^XVaZcXdaVYV# :cZaXVhdYZigViVghZYZbjgdhYZ \gVcYZhY^bZch^dcZh!ejZYZhZg ^ciZgZhVciZZaZbeaZdYZadhBdYja" WadfjZhNIDC<!h^ZcYdWadfjZhYZ YdWaZVaijgV*%XbfjZhZXdadXVc YZYdhZcYdhbZY^VciZjcVe^coV njcVb^c^\gV!VjbZci{cYdhZYZ ZhiV[dgbVZag^ibdYZXdadXVX^cYZ [dgbVXdch^YZgVWaZ# ,$($C[jeZebe]WZ[ Z_c[di_edWc_[djeZ[ ckheide[ijhkYjkhWb[i AdhbjgdhcdZhigjXijgVaZhcdZh" i{chdbZi^Ydhc^VXVg\VhkZgi^XVaZh c^VZh[jZgodXdgiVciZ!eZgdhhjZ" aZcZhiVghdbZi^YdhVXVg\VhaViZgV" aZh!h^ZcYdaVXVg\Vb{h^bedgiVciZ aVYZak^Zcid#6eVgiZnYZeZcY^ZcYd YZaXVhdiVbW^cejZYZc^c[aj^gXVg" \Vh]dg^odciVaZhhhb^XVh!XVg\Vh VXX^YZciVaZhX]dfjZYZbVfj^cV" g^VdbdbZcidh[aZXidgZh^cYjX^Ydh edgZaZbZcidhXda\VYdhbchjaVh# AVZhiVW^a^YVYngZh^hiZcX^VYZadh bjgdhYZWZchZgXdbegdWVYVheVgV XVYVXVhd# XVg\VhaViZgVaZhfjZVXiVchdWgZ hjhjeZg[^X^ZVaVZhigjXijgVYZaZY^" [^X^d#AVhXVg\VhYZWZg{cXVaXjaVghZ hZ\cadhXg^iZg^dhfjZbVgXVZa 97H:"6:YZa8I:6XX^dcZhZcaV ZY^[^XVX^c# 6Xdci^cjVX^cVcVa^oVgZbdhaV bZidYdad\VYZX{aXjadeVgVbjgdh hdbZi^YdhVXVg\VhYZk^ZcidXVg\V jc^[dgbZbZciZgZeVgi^YVZcaV hjeZg[^X^ZYZabjgd#=VnfjZiZcZg ZcXjZciVfjZadhbjgdh^ciZg^d" gZhYZcVkZh^cYjhig^VaZhiVbW^c ejZYZcZhiVghdbZi^YdhVXVg\VhYZ k^Zcid!nVfjZaVhVeZgijgVh]VX^VZa ZmiZg^dgejZYZc\ZcZgVgXVg\VhYZ egZh^cdhjXX^cVhidh# :abjgdfjZgZX^WZaVXVg\VaViZgVa YZk^ZcidZhi{hdbZi^YdV[aZm^cW^" Y^gZXX^dcVa!Xdbedgi{cYdhZZaeVd XdbdjcVeaVXVhjhiZciVYVedghjh WdgYZh#EdgadiVcid!ZaY^bZch^d" cVYdYZadhbjgdhYZXZggVb^Zcid hZYZWZg{gZVa^oVgXdbegdWVcYdaV gZh^hiZcX^VV[aZm^cYZab^hbdZc VbWdhhZci^Ydh# AdhbjgdhcdZhigjXijgVaZhYZWZc \VgVci^oVgaVigVchb^h^cYZaVh Ckheide[ijhkYjkhWb[iOJED= )/ AdhbjgdhY^hedcZcYZjcV gZh^hiZcX^VV[aZm^ceVgVXVYV Y^gZXX^c/ [m`&2EaVcdYZgdijgVeVgVaZadVadh iZcYZaZh [m`'2EaVcdYZgdijgVeZgeZcY^XjaVg VadhiZcYZaZh EVgVadhbjgdhYZ[{Wg^XVYZ ]dgb^\cXZajaVgNIDC<hZejZYZc ZbeaZVgadhkVadgZh[m`&n[m`' iVWjaVYdhZcZa:8+/ [m`&2%!&*C$bb' [m`'2%!(%C$bb' :aegdXZY^b^ZcidYZX{aXjadeVgVaV XdbegdWVX^cfjZegdedcZZa8I: Zfj^kVaZVaYZa:jgdXY^\d+nZhZa h^\j^ZciZ/ °EaVcdYZgdijgVeZgeZcY^XjaVgV adhiZcYZaZh[aZm^c]dg^odciVa/ BY!'2α #L`#γF#A'≤BGY!'2[m`'#O$γB °EaVcdYZgdijgVeVgVaZadVadh iZcYZaZh[aZm^ckZgi^XVa/ BY!&2©#α #L`#γF#A'≤BGY!&2[m`&#O$γB YdcYZ/ α ZhZaXdZ[^X^ZciZYZ[aZm^c IVWaVh<&Ä<*YZa6cZ_d<! 97H:";!8I: γF ZhZaXdZ[^X^ZciZeVgX^VaYZ hZ\jg^YVYYZVXX^dcZh © 2[m`&$[m`'ZhZagViZddgid\dcVa YZgZh^hiZcX^VhV[aZm^c A ZhaVadc\^ijYYZabjgdZcigZ Vedndh L`ZhaVVXX^cXVgVXiZghi^XVYZ k^Zcidedgjc^YVYYZhjeZg[^X^Z O 2i'$+ZhZabYjadgZh^hiZciZYZ aVhZXX^cYZbjgd! Xdci2ZheZhdgYZbjgd γB ZhZaXdZ[^X^ZciZeVgX^VaYZ hZ\jg^YVYYZabViZg^Va# :aZbedigVb^ZcidYZadhbjgdhZc adhWdgYZhhZejZYZXdchZ\j^gbZ" Y^VciZaV[^_VX^cVaVZhigjXijgVXdc [aZ_Zh!edgigVWVYZaVhe^ZoVhZc ZaXVhdYZZcXjZcigdXdcjcbjgd igVchkZghVadedgideZXdcigVZa [dg_VYdXjVcYdZabjgdZheVhVciZ hdWgZhiZ#:cZaXVhdYZfjZZc Va\cWdgYZcdhZejZYV\VgVci^oVg ZaVednd!edgZ_ZbeadWdgYZhhjeZ" g^dgZhcdgZiVXVYdhVadh[dg_VYdhn ZcVjhZcX^VYZdigdhZaZbZcidhfjZ ejZYVc\VgVci^oVgZhiZVednd!ZhZ WdgYZcdedYg{Xdch^YZgVhZXdbd hjhiZciVX^cYZaVeaVXV# ,$)$;`[cfbeZ[Y|bYkbe °BjgdYZXZggVb^ZcidYZ)bYZ VaijgVn-!%%bYZadc\^ijY Y^bZch^dcZhZcigZe^aVgZhn [dg_VYdhZcZY^[^X^dZcodcV jgWVcVnVaijgVb{m^bVYZ -eaVciVh# °7adfjZYZ'*XbYZZheZhdg# °7dgYZ^c[Zg^dgnWdgYZhaViZgVaZh ZbedigVYdh!WdgYZhjeZg^dg VednVYdXVhd<'# W9|bYkbeZ[bWYWh]WZ[l_[dje i[]d:8I;#7;7YY_ed[i[dbW [Z_\_YWY_d9J; fZ2fW#XZ#XeEgZh^cZhi{i^XV fW 2egZh^cY^c{b^XVYZak^Zcid 2%!*@C$b' XZ 2XdZ[^X^ZciZYZZmedh^X^c2'!% Xe 2XdZ[^X^ZciZZa^XdYZegZh^c 2%!3 fW2%!*Õ'!%Õ%!-2%!-@C$b' X9|bYkbeZ[bWh[i_ij[dY_W Z[bW\|Xh_YW 3 [m`& 2%!&*C$bb'n [m`' 2%!(%C$bb' O2%!'*'$+Õ&%%%'2&%)&,bb' 8dZ[^X^ZciZYZhZ\jg^YVYγB2'!' XdcigdaYZZ_ZXjX^c7 HZXVaXjaVcadhbdbZcidh gZh^hiZciZh BgY&2%!&*Õ&%)&,Õ&%%%"&$'!' 2%!,&@Cb$b BgY'2%!(%Õ&%)&,Õ&%%%"&$'!' 2&!)'@Cb$b Y9|bYkbeZ[beicec[djei c|n_ceiZ[Z_i[e ©2%!*% L`2fZ2%!-@C$b' γF2&!*%XdZ[^X^ZciZYZhZ\jg^YVY eVgVVXX^dcZhkVg^VWaZh =2)bnA2-b3]$A2%!* α^ciZgedaVX^cYZkVadgZh iVWjaVYdhZcaViVWaV<'Xdc©2%!*% 2%!%&, BY!&2©#α #L`#γF#A'2 %!*Õ%!%&,Õ%!-Õ&!*Õ-'2%!+*@Cb$b BY!'2α #L`#γF#A'2 %!%&,Õ%!-Õ&!*Õ-'2&!(&@Cb$b Z9ecfheXWY_dZ[h[i_ij[dY_W W\b[n_dZ[bckhe BY!&2%!+*@Cb$bBgY&2%!,&@Cb$b BY!'2&!(&@Cb$bBgY'2&!)'@Cb$b 8jbeaZ# AVhiVWaVheVgVdWiZcZgadh XdZ[^X^ZciZhYZ[aZm^ci^ZcZcZc XjZciVY^[ZgZciZhXVhdhYZVednd YZadhWdgYZhYZabjgdWdgYZa^WgZ! VednVYd!dZbedigVYd# *& Ckheide[ijhkYjkhWb[iOJED= Condiciones de apoyo de muros sometidos a acciones laterales L borde libre h borde apoyado borde empotrado Condiciones de apoyo de muros sometidos a acciones laterales L ,$*$JWXbWiZ[YedikbjW h AVhh^\j^ZciZhiVWaVhbjZhigVcaV Y^bZch^cb{m^bVYZeVdheVgV Y^[ZgZciZhZheZhdgZhnY^[ZgZciZh XdcY^X^dcZhYZVednd!eVgi^ZcYd YZjcVhdWgZXVg\VYZk^Zcid XdggZhedcY^ZciZVjcZY^[^X^dZc odcVjgWVcVnVaijgVb{m^bVYZ -eaVciVhfZ2%!-@C$b'# EVgVdigdhXVhdhfjZhjedc\Vc jc^cXgZbZciddYZXgZbZcid YZaVhXVg\VhYZk^ZcidjdigVh XdcY^X^dcZhYZVedndZcadhWdgYZh! aVhY^bZch^dcZhb{m^bVhejZYZc kVg^VghZch^WaZbZciZ!edgadXjVa ]VWg{fjZgZVa^oVgjcZhijY^deVgV XVYVXVhdZcXdcXgZid# ,$+$H[\k[hpeZ[ckhei :cXVhdYZhjeZgVgadhZh[jZgodhaV gZh^hiZcX^VYZX{aXjadYZadhbjgdh YZW^YdVhdWgZXVg\VhdY^bZch^d" cZhZaZkVYVh!Zhedh^WaZgZ[dgoVg adheVdhYZbjgdV[ZXiVYdh bZY^VciZe^aVgZhn$dk^\VhYZ]dg" b^\cVgbVYd#EVgVZaadZhedh^WaZ ji^a^oVgadhZaZbZcidhYZZcXd[gVYd eZgY^YdYZ]dgb^\cXZajaVgNIDC<! ZbeaZVcYdadhWadfjZhÆDÇeVgV gZVa^oVgojcX]dhkZgi^XVaZhdadh WadfjZhÆJÇeVgVgZVa^oVgojcX]dh ]dg^odciVaZh#EVgVXgZVgjcgZ[jZgod fjZ\VgVci^XZaVigVchb^h^cYZaVh XVg\VhVaVZhigjXijgVedgiVciZ!aVh VgbVYjgVhYZWZg{cZbedigVghZV adhZaZbZcidhZhigjXijgVaZh# Bed]_jkZc|n_cWZ[fWei[dc[jhei borde libre borde apoyado ( 9Wh]WZ[l_[djeYWhWYj[hij_YW&".AD%c borde empotrado =ZcbZigdh :heZhdg ( ) * + , '% )!* ) ) (!* (!* '* +!* *!* * * * (% . ,!* +!* + + '% , * * ) ) '* &% - +!* *!* * (% &% &% .!* - , '% &% +!* )!* )!* ) '* &% &% - +!* + (% &% &% &% .!* - '% ( '* ) (!* (!* ( ( (% * )!* ) ) ) '% - )!* (!* ( ( '* &% - *!* )!* ) (% &% &% -!* +!* *!* Ckheide[ijhkYjkhWb[iOJED= *' <_`WY_dZ[ckheW\eh`WZeikf[# h_ehc[Z_Wdj[Ô[`[[b|ij_Ye Espuma de poliuretano Porexpan Espuma de poliuretano Encuentro muro de cerramiento YTONG con pilar de hormigón armado Fleje elástico de acero galvanizado o inoxidable Aislamiento con espuma de poliuretano u otro material compresible Forjado superior Bloque YTONG Muro YTONG Fleje elástico Sellado de junta en exterior Forrado de pilar con tabique YTONG de 5 ó 7 cm Revestimientos Pilar de hormigón armado Encuentro muro de cerramiento YTONG con pilar de hormigón armado 30 cm 30 cm Bloque YTONG Pilar de hormigón armado 5 cm 6 cm 25 cm ,$,$<_`WY_ed[i AVZhiVW^a^YVYYZadhbjgdhhdbZ" i^YdhVXVg\VhaViZgVaZhk^ZcZYVYV edghjjc^cVaVZhigjXijgVegde^V# AVh[^_VX^dcZhYZWZcigVchb^i^gaVh XVg\VhYZk^ZcidVaVZhigjXijgVn VaVkZoeZgb^i^gYZ[dgbVX^dcZh Y^[ZgZcX^VaZhZcigZaVZhigjXijgVnZa bjgdeVgVZk^iVgfjZZabjgdfjZYZ hdbZi^YdVXVg\Vh^cZheZgVYVh# EdgZhiZbdi^kdZhcZXZhVg^dYZ_Vg jcdhXZcibZigdhYZZheVX^dZcigZ adhWdgYZhYZabjgdnaVZhigjXijgV! Zc[jcX^cYZaVhYZ[dgbVX^dcZh ZheZgVYVh# :aZcXjZcigd]dg^odciVaXdcZa [dg_VYdhjeZg^dgeVgVY^bZch^dcZh YZeVdgZYjX^YdhhZgZVa^oV h^beaZbZciZgZaaZcVcYdZaZheVX^d XdcZhejbVYZeda^jgZiVcd#:a ZheVX^dfjZhZYZ_VYZeZcYZYZaV [aZX]VZheZgVYVYZa[dg_VYdnYZWZ Y^bZch^dcVghZYZ[dgbVfjZcdhZ egdYjoXVjcVigVchb^h^cYZXVg\Vh kZgi^XVaZhVabjgd#:hiZWdgYZYZ bjgdYZWZXdch^YZgVghZa^WgZ#:cZa XVhdYZgZfjZg^gjcWdgYZVednVYd d^cXajhdZbedigVYd!ZhcZXZhVg^V jcV[^_VX^cbZX{c^XVVa[dg_VYd *( Ckheide[ijhkYjkhWb[iOJED= hjeZg^dg#:hidhZejZYZgZVa^oVg [^_VcYdjceZg[^abZi{a^XdZc[dgbV YZJ^ckZgi^YVVa[dg_VYdYZ[dgbV fjZYZhdedgiZVaWadfjZhYZaV ai^bV]^aVYVdZbeaZVcYd[aZ_Zh fjZVhZ\jgZcaVigVchb^h^cYZaVh XVg\VhYZk^ZcideZgdfjZVYb^iVc YZ[dgbVX^dcZhkZgi^XVaZh[aZ_Zh Za{hi^Xdh[^_VYdhVadhWadfjZhZcaV _jciVkZgi^XVa# :aZcXjZcigdkZgi^XVaZcigZadh bjgdhYZXZggVb^Zcidnadhe^aVgZh hZYZWZgZVa^oVgYZ_VcYdjcZheVX^d ZcigZadhYdhbViZg^VaZhnjc^ZcYd ZabjgdVae^aVgbZY^VciZ[aZ_Zh Za{hi^Xdh#Edgad\ZcZgVaZhidh[aZ_Zh hZXdadXVcXVYV']^aVYVhYZWadfjZ Zc[jcX^cYZaVXVg\VfjZiZc\Vc fjZigVchb^i^g!XdadXVcYdZaaVYd ]dg^odciVaYZa[aZ_ZZcZaiZcYZa YZ[dgbVfjZfjZYZZbWZW^YdZc ZabdgiZgdXdaV!n[^_VcYdZaaVYd kZgi^XVaVae^aVgbZY^VciZiVXdh#:a ZheVX^dhZgZaaZcVXdcZhejbVYZ eda^jgZiVcdjdigdbViZg^Va[aZm^WaZn hZhZaaVaV_jciVZchjaVYdZmiZg^dg eVgVaV^beZgbZVW^a^oVX^c# ,$-$H[ZkYY_d Z[fk[dj[ijhc_Yei AdhZaZbZcidhZhigjXijgVaZhhjZaZc hZgYZbViZg^VaZhXdcVaidh XdZ[^X^ZciZhYZXdcYjXi^k^YVY igb^XVnhdcedgadiVcidegdeZchdh YZ\ZcZgVgejZciZhigb^XdhZcZa ZY^[^X^d#AVkZghVi^a^YVYYZa]dgb^\c XZajaVgNIDC<nhj[VX^a^YVYYZ XdgiZeZgb^iZcd[gZXZghdajX^dcZh hZcX^aaVheVgVZa[dggVYdZmiZg^dg YZZhidhZaZbZcidh!XgZVcYdjcV hjeZg[^X^ZZmiZg^dg]dbd\cZVn gZYjX^ZcYdXdch^YZgVWaZbZciZadh ejZciZhigb^Xdh#AdhbjgdhYZ XZggVb^ZcidZck^k^ZcYV!hZhjZaZc XdadXVgXdcjckdaVY^odYZjcdh+Xb gZheZXidVaXVcidYZa[dg_VYd!adfjZ eZgb^iZ[dggVgadhXVcidhYZ[dg_VYd nadhe^aVgZhedgZaZmiZg^dgbZY^VciZ ZaZbZcidhYZiVW^fjZgVYZNIDC< YZ*XbdgZXdgiVcYdadhWadfjZhZc [dgbVYZe^hidaVZcadhZcXjZcigdh Xdcadhe^aVgZh# -$9WhWYj[hij_YWijhc_YWi Zonas climáticas de España PedWiYb_c|j_YWiZ[;ifWW Zona Valor Limite W/m2°K A 0,94 B 0,82 C 0,73 D 0,66 E 0,57 -$'$BWb_c_jWY_dZ[bW Z[cWdZW[d[h]j_YWobWi dk[lWih[]bWc[djWY_ed[i :aXgZX^ZciZXdchjbdYZZcZg\VZh jcdYZadhbVndgZhegdWaZbVh VbW^ZciVaZhfjZhZeaVciZVZcaVh hdX^ZYVYZhdXX^YZciVaZh!iZc^ZcYd jcVgZeZgXjh^cVc^kZabjcY^Va# :aXdchjbdZmV\ZgVYdYZZcZg\Vh cdgZcdkVWaZhXdcaaZkVVjcVjbZcid Xdch^YZgVWaZYZaVhZb^h^dcZhYZ 8D'VaVVibh[ZgV!naVgZYjXX^c YZZhidhc^kZaZhVjcc^kZaÆgVodcVWaZÇ ZhjcdYZadhbVndgZhgZidheVgV aV]jbVc^YVYVYVYZ]dn#:h ^ciZgZhVciZgZhVaiVgfjZadhZY^[^X^dh hdcgZhedchVWaZhYZjcViZgXZgV eVgiZYZaXdchjbdidiVaYZZcZg\V! n:heVV!Vc^kZaZjgdeZd!ZhZaeVh XdcbVndgZhZb^h^dcZhYZ8D'eZg X{e^iVXdcZhiZdg^\Zc# 8dcZa[^cYZXjbea^gadZhiVWaZX^Yd edgaV9^gZXi^kV:jgdeZV'%%'$.&$8:! fjZdWa^\VVadh:hiVYdhb^ZbWgdh V[^_VgjcdhgZfj^h^idhbc^bdhYZ Z[^X^ZcX^VZcZg\i^XVeVgVadhZY^[^" X^dhcjZkdhneVgV\gVcYZhZY^[^X^dh Zm^hiZciZhfjZhZgZ[dgbZc!Vc^kZa cVX^dcVahZZaVWdgZa8Y^\d IXc^XdYZaV:Y^[^XVX^c!ZcigVcYd Zck^\dgZcZa'%%+# :chjVeVgiVYdYZÆA^b^iVX^c YZaVYZbVcYVZcZg\i^XVÇhZ ZhiVWaZXZcadhkVadgZhab^iZfjZhZ YZWZcXjbea^geVgVVaXVcoVgZhiZ dW_Zi^kd!ZheZg{cYdhZjcV]dggd bZY^dZcidgcdVjc'*# AV9^gZXi^kV:jgdeZV'%%'$.&$8: VYZb{hZhiVWaZXZaVdWa^\VX^c YZedcZgVY^hedh^X^cYZadh XdbegVYdgZhdjhjVg^dhYZadh ZY^[^X^dhjcXZgi^[^XVYdYZZ[^X^ZcX^V ZcZg\i^XV# :hiZXZgi^[^XVYd!dWa^\Vidg^dZc :heVVYZhYZdXijWgZ'%%,!YZWZg{ ^cXaj^g^c[dgbVX^cdW_Zi^kVhdWgZ aVhXVgVXiZghi^XVhZcZg\i^XVhYZ adhZY^[^X^dhYZ[dgbVfjZhZejZYV kVadgVgnXdbeVgVghjZ[^X^ZcX^V ZcZg\i^XV!XdcZa[^cYZ[VkdgZXZg aVegdbdX^cYZZY^[^X^dhYZVaiV Z[^X^ZcX^VZcZg\i^XVnaVh^ckZgh^dcZh ZcV]dggdYZZcZg\V# AVhZm^\ZcX^VhW{h^XVhYZaV a^b^iVX^cYZaVYZbVcYVYZZcZg\V ZhiVWaZX^YVhZcZa8I:hdcaVh h^\j^ZciZh/ °\VgVci^oVgfjZhZejZYVVaXVcoVg jcW^ZcZhiVgigb^XdZcadhZY^[^X^dh a^b^iVcYdaVYZbVcYVZcZg\i^XV!Zc [jcX^cYZaXa^bVYZaVadXVa^YVY!Za jhdYZaZY^[^X^dnYZag\^bZcYZ kZgVcdZ^ck^Zgcd! °gZYjX^gZag^Zh\dYZXdcYZchVX^dcZh hjeZg[^X^VaZhZ^ciZghi^X^VaZhfjZ ejZYVceZg_jY^XVgZaV^haVb^Zcid! °igViVb^ZcidVYZXjVYdYZadh ejZciZhigb^Xdh!a^b^iVcYdVa b{m^bdaVheZgY^YVhYZXVadg nZk^iVcYdegdWaZbVh]^\gdigb^Xdh Zcadhb^hbdh# 9WhWYj[hij_YWijhc_YWi *) -$($;bW_ibWc_[djejhc_Ye <gVX^VhVhjhXVgVXiZghi^XVh[h^XVh! Za]dgb^\cXZajaVgNIDC<gZhedcYZ eaZcVbZciZVXVYVjcVYZZhiVh Zm^\ZcX^Vh/ °aVZaZkVYVa^\ZgZoVYZa]dgb^\c XZajaVg!YZW^YVVadhb^aadcZhYZ b^XgdedgdhYZV^gZfjZXdci^ZcZ!aZ Xdc[^ZgZcjcVVaiVgZh^hiZcX^V igb^XV!adXjVaeZgb^iZXdchigj^g bjgdhYZjcVhdaVXVeVh^c cZXZh^YVYYZjcV^haVb^Zcid VY^X^dcVa! °aV^cZgX^Vigb^XVYZa]dgb^\c XZajaVgZhgZhedchVWaZYZaXdc[dgi Xa^b{i^XdZcZa^ciZg^dgYZaV k^k^ZcYV!Va\VgVci^oVgjcV iZbeZgVijgV^ciZg^dgZhiVWaZn V\gVYVWaZ!iVcidZckZgVcdXdbd Zc^ck^Zgcd °ZaV^haVb^ZcidgZeVgi^Yd! aV]dbd\ZcZ^YVYYZabViZg^VanaVh hdajX^dcZhXdchigjXi^kVhYZa h^hiZbVeZgb^iZcgZYjX^gdZk^iVg adhejZciZhigb^Xdh °Za]ZX]dYZcdcZXZh^iVgjc V^haVb^ZcidVY^X^dcVaeZgb^iZ gZVa^oVgbjgdhYZjchdadbViZg^Va njcVhdaV]d_V#:hidnZaWV_d XdZ[^X^ZciZYZY^[jh^W^a^YVYVa kVedgYZV\jVYZa]dgb^\c XZajaVgZa^b^cVcZag^Zh\dYZfjZ VeVgZoXVcegdWaZbVh]^\gdigb^Xdh XdbdaVhXdcYZchVX^dcZh ^ciZghi^X^VaZh# ** 9WhWYj[hij_YWijhc_YWi EVgVaVkZg^[^XVX^cYZaVa^b^iVX^c YZaVYZbVcYVZcZg\i^XV!Za8I: eaVciZVYdhegdXZY^b^Zcidh VaiZgcVi^kdh/ °deX^ch^bea^[^XVYV!ZcaVfjZhZ XdcigdaVYZ[dgbV^cY^gZXiVaV YZbVcYVZcZg\i^XVYZaZY^[^X^d! a^b^iVcYdaVigVchb^iVcX^Vigb^XV YZadhXZggVb^ZcidhneVgi^X^dcZh ^ciZg^dgZhfjZXdbedcZchj ZckdakZciZigb^XV#:hiVdeX^cZh Vea^XVWaZZcaVbVndgVYZadh XVhdhnXdch^hiZZcXdbeVgVgadh kVadgZhdWiZc^YdhZcZaX{aXjadXdc adhkVadgZhab^iZheZgb^i^Ydh! °deX^c\ZcZgVa!ZcaVfjZhZ XdbeVgVaVYZbVcYVZcZg\i^XV YZaZY^[^X^dXdcaVYZjcZY^[^X^dYZ gZ[ZgZcX^VfjZYZ[^cZaVegde^V deX^c#EVgVZhiVdeX^cZm^hiZjc egd\gVbV^c[dgb{i^Xdd[^X^VaYZ gZ[ZgZcX^VA>9:G# 8dcXZeidhnbZidYdad\VYZX{aXjad YZaVigVchb^iVcX^Vigb^XVhZ\cZa 6ecY^XZ:YZa97=:&YZa8I:/ BWYedZkYj_l_ZWZjhc_YW AVXdcYjXi^k^YVYigb^XVÍL$b@ ZhjcVXVgVXiZghi^XVZheZX[^XVYZ adhbViZg^VaZh#:akVadgYZaV XdcYjXi^k^YVYigb^XV^cY^XVaV XVci^YVYYZXVadgZckVi^dhLfjZ [ajnZVigVkhYZ&b'YZjcbViZg^Va YZ&bYZZheZhdg!h^aVY^[ZgZcX^V YZiZbeZgVijgVhZcigZadhVbW^ZciZh VXVYVaVYdYZabViZg^VaZh&@ @Zak^cd&\gVYd8Zah^jh#Edgad XjVa!XjVcidbZcdghZVZakVadgYZaV XdcYjXi^k^YVYigb^XV!bZ_dghZg{Za V^haVb^Zcidigb^Xd# AVXdcYjXi^k^YVYigb^XVÍYZadh bViZg^VaZhYZXdchigjXX^cYZeZcYZ eg^bVg^VbZciZYZaVYZch^YVYYZa bViZg^Va#8jVcYd]VWaVbdhYZ bjgdhYZ[{Wg^XV!cd]VnfjZ YZhegZX^VgaV^c[ajZcX^VYZabdgiZgd! fjZedgad\ZcZgVai^ZcZjckVadg bVndgYZXdcYjXi^k^YVYigb^XVfjZ ZabViZg^VaYZabjgdnedgadiVcid gZYjXZZaV^haVb^Zcid\adWVaYZa XZggVb^Zcid# 8dcYjXi^k^YVYigb^XVYZadhegdYjXidhNIDC< EgdYjXid 8dZ[^X^ZciZYZXdcYjXi^k^YVY igb^XVÍji^aL$b@ 7adfjZhNIDC<YZch^YVY)%%`\$b( %!&& 7adfjZhNIDC<YZch^YVY*%%`\$b( %!&)* EaVXVXjW^ZgiVNIDC<YZch^YVY*%%`\$b( %!&( EaVXVXjW^ZgiVNIDC<YZch^YVY+%%`\$b( %!&+ AdhbjgdhYZ]dgb^\cXZajaVg NIDC<hZgZVa^oVcXdc_jciVYZa\VYV 'bbYZ_jciVXdbdb{m^bd! edgadXjVacdZm^hiZcadhÆb^Xgd ejZciZhigb^XdhÇ^cZk^iVWaZhZc aVh_jciVhYZadhbjgdhYZ[{Wg^XV XdckZcX^dcVaZh_jciVYZ&%bb# BWh[i_ij[dY_Wjhc_YW AVgZh^hiZcX^Vigb^XVGb'@$L ZhZacY^XZYZaV^haVb^ZcidYZ jcZaZbZcidXdchigjXi^kd!h^ZcYd ZaXdX^ZciZZcigZZaZheZhdgnaV XdcYjXi^k^YVYigb^XV# Y G2 Í h^ZcYd Y2:heZhdgYZaVXVeVZcb Í28dZ[^X^ZciZYZXdcYjXi^k^YVY igb^XVZcL$b@ AVhgZh^hiZcX^Vhigb^XVh hjeZg[^X^VaZhGh^nGhZ XdggZhedcY^ZciZhVaV^gZ^ciZg^dgn ZmiZg^dgYZeZcYZcYZaVedh^X^cYZa XZggVb^ZcidnYZahZci^YdYZa[aj_d YZXVadg# AVigVchb^iVcX^Vigb^XVZfj^kVaZ VakVadggZXegdXdYZaVgZh^hiZcX^V igb^XV/ & J2 L$b'@ G idi EVgVXVaXjaVgaVgZh^hiZcX^Vigb^XV idiVaYZjcZaZbZcid!hZXgZVg{aV hjbVYZaVhgZh^hiZcX^VhYZXVYV XVeVnYZaVhgZh^hiZcX^Vh hjeZg[^X^VaZh/ Y&Y'Yc Gidi2Gh^ ½ GhZb'@$L Í&Í'Íc BeijhWdic_jWdY_Wjhc_YWZ[bei [b[c[djeiZ[^ehc_]dY[bkbWh OJED= :cZhiZVeVgiVYdhZYZiVaaVcaVh igVchb^iVcX^Vhigb^XVhfjZhZ dWi^ZcZcbZY^VciZZaZbeaZdYZ adhZaZbZcidhYZ]dgb^\cXZajaVg NIDC<eVgVadhY^[ZgZciZhZaZbZc" idhYZaVZckdakZciZigb^XV#:hidh kVadgZhhZXdcigVhiVcXdcadh kVadgZhab^iZZhiVWaZX^YdhZcZa 8I:ZcaVkZgh^ch^bea^[^XVYVYZaV XdbegdWVX^cYZaVa^b^iVX^cYZaV YZbVcYVZcZg\i^XV# BWjhWdic_jWdY_Wjhc_YW AVigVchb^iVcX^Vigb^XVdkVadgJ VciZhYZcdb^cVYdkVadg`!eZgb^iZ ZkVajVgaVeZgY^YVYZXVadgVigVkh YZjcZaZbZcidXdchigjXi^kd! ^cY^XVcYdaVXVci^YVYYZXVadgZc kVi^dhLÕh2?djaZfjZ[ajnZV igVkhYZaedgb'nedghZ\jcYd! h^aVY^[ZgZcX^VYZiZbeZgVijgVh ZcigZZaZmiZg^dgnZa^ciZg^dgZhYZ &@# 9WhWYj[hij_YWijhc_YWi *+ Transmitancia térmica Limites por zona climática 1.00 Zona climática A 0.90 Zona climática B 0.80 Zona climática C Transmitancia térmica (W/m2K) 0.70 0.50 Zona climática D 0.65 0.60 0.54 0.53 0.44 0.40 Zona climática E 0.45 0.37 0.30 0.20 0.10 0.00 Espesor Espesor Espesor 20 25 30 Espesor Espesor Espesor 20 25 30 Densidad 400 kg/m3 Densidad 500 kg/m3 Muros cerramiento YTONG 8begk[i 8dbdbdYdZ_ZbeaVg!ZaX{aXjad YZaVigVchb^iVcX^Vigb^XVYZjc XZggVb^ZcidXdcWadfjZhNIDC<YZ YZch^YVY)%%n'*XbYZZheZhdg! ZhZah^\j^ZciZh^c^cXaj^gadh VXVWVYdh!XdcjcVedgiZYZhegZX^VWaZ YZV^haVb^Zcidigb^Xd/ GZh^hiZcX^Vigb^XVYZaWadfjZ Y%!'*bb'@ G2 22'!% Í%!&'L$b@L GZh^hiZcX^VhhjeZg[^X^VaZhhZ\c iVWaV:#&97=:&8I: Yb'@ GhZ2 2%!%) ÍL Yb'@ Gh^2 2%!&( ÍL b'@ Gidi2'!%- %!%) %!&(2'!'* L &LL J22%!)) ' ' '!'*b @b @ :cZa\g{[^XdhjeZg^dghZbjZhigVc adhkVadgZhYZigVchb^iVcX^VfjZhZ dWi^ZcZceVgVadhY^[ZgZciZh ZheZhdgZhnYZch^YVYZhYZWadfjZh YZ]dgb^\cXZajaVgNIDC<! bVgXVcYdadhab^iZheVgVXVYV *, 9WhWYj[hij_YWijhc_YWi odcVXa^b{i^XVfjZZhiVWaZXZaV cdgbVi^kVnfjZcdYZWZhZg hjeZgVYV# HZejZYZVegZX^VgaV]da\jgVfjZ Zm^hiZZcigZaVhZm^\ZcX^VhYZaV cdgbVi^kVnaVhegZhiVX^dcZhYZ adhXZggVb^ZcidhgZVa^oVYdhXdc NIDC<!adXjVaVnjYVVgZYjX^g aVYZbVcYVZcZg\i^XVedgYZWV_d YZadZm^\^YdnedgadiVcidZh jch^\c^[^XVciZVedgiZeVgVaV dWiZcX^cYZjcVZmXZaZciZ XaVh^[^XVX^cZcZg\i^XV# 9kX_[hjWi AVheaVXVhVgbVYVhYZ]dgb^\c XZajaVgNIDC<hZejZYZcZbeaZVg ZcXjW^ZgiVh^cXa^cVYVh!XdadX{cYdaVh hdWgZadhbjgdh]Vhi^VaZh[dgbVcYd aVheZcY^ZciZh#IVbW^cZhedh^WaZ hjji^a^oVX^cZcXjW^ZgiVheaVcVhd eVgVgZVa^oVgZa[dg_VYdeaVcdWV_d jcVXjW^ZgiVigVY^X^dcVa!gZVa^oVcYd aVheZcY^ZciZhXdciVW^fj^aadh eVadbZgdh# 9ZW^YdVaVXdbW^cVX^cYZ V^haVb^Zcidigb^XdngZh^hiZcX^V bZX{c^XV!aVheaVXVhNIDC<hdc VYZb{hZheZX^VabZciZVYZXjVYVh eVgVgZVa^oVg[dg_VYdhhVc^iVg^dh# EVgVXVYVXVhd!ZabidYdYZ X{aXjadYZaVigVchb^iVcX^Vigb^XV ZhY^[ZgZciZnk^ZcZYZiVaaVYdZcZa 8I:# 6Xdci^cjVX^chZbjZhigVcaVh igVchb^iVcX^VhfjZhZdWi^ZcZc bZY^VciZaVheaVXVhNIDC<nZc XVhdYZcZXZh^YVYZaV^haVb^Zcid VY^X^dcVaeVgVXjbea^gXdcadh gZfjZg^b^ZcidhbVgXVYdhedgaV cdgbVi^kV# 8jW^ZgiVeaVcVdZceZcY^ZciZhdWgZZheVX^d]VW^iVWaZYZch^YVYYZeaVXV*%%`\$b( :heZhdgeaVXV Xb IgVchb^iVcX^Vigb^XVJYZaVeaVXV :heZhdgYZV^haVb^ZcidVY^X^dcVaZcbbeda^Zhi^gZcdZmigj^Yd L$b'@ XdcÍ2%!%(*eVgVXjbea^gZa8I: 6 7 OdcVXa^b{i^XV 8 9 : &% &!&% )% +% +% +% -% &'!* %!.& )% )% +% +% -% &* %!,, )% )% )% +% +% &,!* %!+, '% )% )% )% +% '% %!+% '% '% )% )% )% ') %!*% " '% '% )% )% (% %!)& " " " '% '% ;dg_VYdYZeaVXVhNIDC<WV_dXjW^ZgiVigVY^X^dcVa^cXa^cVYVa^\ZgVbZciZkZci^aVYVYZch^YVYYZeaVXV*%%`\$b( :heZhdgeaVXV Xb IgVchb^iVcX^Vigb^XVJYZaVeaVXV :heZhdgYZV^haVb^ZcidVY^X^dcVaZcbbeda^Zhi^gZcdZmigj^Yd L$b'@ XdcÍ2%!%(*eVgVXjbea^gZa8I: OdcVXa^b{i^XV 6 7 8 9 : '% %!*) '% '% '% )% )% ') %!)+ " '% '% '% '% (% %!(, " " " " '% ;dg_VYdhVc^iVg^dYZeaVXVhNIDC<YZch^YVYYZeaVXV+%%`\$b( :heZhdgeaVXV Xb IgVchb^iVcX^Vigb^XVJYZaVeaVXV :heZhdgYZV^haVb^ZcidVY^X^dcVaZcbbeda^Zhi^gZcdZmigj^Yd L$b'@ XdcÍ2%!%(*eVgVXjbea^gZa8I: OdcVXa^b{i^XV 6 7 8 9 : '% %!*) '% '% '% '% '% ') %!), " " " " " (% %!)% " " " " " EVgVX{bVgVhYZV^gZYZbVm#&bYZVaijgVnegd[jcY^YVYgZheZXidVaiZggZcdbVm#%!*b# neVgVW2&%adc\^ijYXVgVXiZghi^XVYZahjZadZcXdciVXidXdcZaiZggZcd# 9WhWYj[hij_YWijhc_YWi *- -$)$Fk[dj[ijhc_Yei :aV^haVb^Zcidigb^XdYZjcV k^k^ZcYVcdhdaVbZciZYZeZcYZYZ adhbViZg^VaZhYZadhXZggVb^Zcidh! h^cdiVbW^cYZadhZcXjZcigdh ZcigZZaZbZcidhnZcaVhodcVhXdc XVbW^dhYZbViZg^Va# :hVhodcVhhdchjhXZei^WaZhV \ZcZgVgegY^YVhYZXVadga^cZVaZh aaVbVYdhejZciZhigb^XdhnhZ XjVci^[^XVcbZY^VciZZa[VXidgYZ XdcYjXiVcX^Va^cZVaψL$b@hZ\c aVcdgbVi^kVJC:":C>HD&%'&&# EjZciZhigb^XdhXdbjcZhhdcedg Z_ZbeadZaZcXjZcigdYZaXZggVb^Zcid XdcaVhdaZgV!adh[dg_VYdhZcigZ eaVciVh!aVXjW^ZgiV!aVhXV_VhYZ eZgh^VcV!adhe^aVgZhYZ]dgb^\c! adhY^ciZaZh!ZiX# 8dcaVZcigVYVZck^\dgYZa8I:n ZaZhiVWaZX^b^ZcidYZaVZm^\ZcX^V W{h^XVYZa^b^iVX^cYZaVYZbVcYV ZcZg\i^XVYZadhZY^[^X^dh!Zac^kZa YZV^haVb^Zcidigb^XdYZadhZY^[^X^dh Zm^\^Yd]Vh^Yd^cXgZbZciVYdYZ [dgbV^bedgiVciZ#=VnfjZgZhVaiVg fjZaVegY^YVYZXVadgVigVkhYZ adhejZciZhigb^Xdhi^ZcZbVndg gZeZgXjh^cZcaVhk^k^ZcYVhbZ_dg V^haVYVh!YdcYZejZYZchjedcZgjc '*"(%YZaidiVaYZaVheZgY^YVh# *. :cZaXbejididiVaYZaVhegY^YVh YZXVadgYZjcVk^k^ZcYVbVaV^haVYV! aVhegY^YVha^cZVaZhedgejZciZh igb^Xdhi^ZcZcbZcdgeZhdVc^kZa edgXZcijVaYZaidiVa# 6eVgiZYZaVheZXidZcZg\i^Xd!adh ejZciZhigb^XdhiVbW^cejZYZc eZg_jY^XVgaVhVajYZ]^\^ZcZZcZa ^ciZg^dgYZaVhk^k^ZcYVh# :caVhodcVhYZadhejZciZhigb^Xdh! aViZbeZgVijgV^ciZg^dghjeZg[^X^Va ejZYZhZg^c[Zg^dgVagZhidYZaV hjeZg[^X^ZYZaZaZbZcidXdchigjXi^kd# 8dcZaadXgZXZZag^Zh\dYZ XdcYZchVX^dcZhhjeZg[^X^VaZh! fjZdXjgg^g{cZcXVhdYZfjZaV iZbeZgVijgVWV_Z]VhiVVaXVcoVghZ Zac^kZaYZhVijgVX^cYZkVedgYZ V\jV# :cZaVc{a^h^hYZadhejZciZh igb^XdhcdhdaVbZciZhZi^ZcZcZc XjZciVaVheZgY^YVhiZg^XVhVigVkh YZjcZaZbZcidXdchigjXi^kd!h^cdaV idiVa^YVYYZ[aj_dhYZXVadgZcidYVh aVhY^gZXX^dcZh#EdgZhiZbdi^kdZh ^bedgiVciZjcVWjZcVZaZXX^cYZ adhZaZbZcidhXdchigjXi^kdhiZc^ZcYd ZcXjZciVZaXg^iZg^dYZb^c^b^oVg adhejZciZhigb^Xdh# <gVX^VhVhZgjcbViZg^VabVX^od Z^higded!Za]dgb^\cXZajaVg NIDC<eZgb^iZb^c^b^oVgadh ejZciZhigb^XdhZcadhY^[ZgZciZh ZcXjZcigdhfjZ\ZcZgVabZciZhdc hjhXZei^WaZhVZhiZ[ZcbZcd# IVcidZcaVdeX^ch^bea^[^XVYV XdbdZcaVdeX^c\ZcZgVaYZaV XdbegdWVX^cYZaVa^b^iVX^cYZaV YZbVcYVZcZg\i^XVhZ\cZa8I:! ]VnfjZiZcZgZcXjZciVaVh egY^YVhYZXVadga^cZVaZcadh ejZciZhigb^Xdh# 9edZkYj_l_ZWZjhc_YWWd_iejhf_YW 9edZkYj_l_ZWZjhc_YW_iejhf_YW Z[kdXbegk[f[h\ehWZe Z[b^ehc_]dY[bkbWhOJED= 9WhWYj[hij_YWijhc_YWi LWh_Wdj[bWZh_bbef[h\ehWZe LWh_Wdj[ckheOJED= Q(W/m2) LWh_Wdj[bWZh_bbef[h\ehWZe LWh_Wdj[^ehc_]dY[bkbWh 30 Q(W/m 28,5 2) 27 30 25,5 28,5 24 27 22,5 25,5 21 24 19,5 22,5 18 21 16,5 19,5 15 18 13,5 16,5 12 15 10,5 13,5 9 12 7,5 10,5 6 9 4,5 7,5 3 6 1,5 4,5 0 3 1,5 0 6eVgiZYZZhid!aVXdbW^cVX^c YZZaZbZcidhYZ]dgb^\cXZajaVg NIDC<eZgb^iZigViVgYZ[dgbVbjn Z[^XVoZaegdWaZbVYZadhejZciZh igb^Xdh# 6jcZcXjZcigdYZjcbjgdYZ XZggVb^ZcidYZNIDC<YZ(%XbYZ ZheZhdgnjc[dg_VYdYZ]dgb^\c XdckZcX^dcVaZcigZeaVciVhaZ XdggZhedcYZjc[VXidgYZ XdcYjXiVcX^Va^cZVaDYZ%!'%# H^Za[dg_VYdh^cZbWVg\dhZgZVa^oV XdceaVXVhVgbVYVhYZ]dgb^\c XZajaVgNIDC<!ZhiZ[VXidghZ gZYjXZV%!&'!adfjZhjedcZjcV gZYjXX^cYZjc)%# IVbW^cZhcdiVWaZaVZa^b^cVX^c YZaejZciZigb^XdZcadhWVaXdcZh gZVa^oVYdhXdceaVXVhVgbVYVhYZ ]dgb^\cXZajaVgNIDC<XdadXVYVh ZckdaVY^od# 9WhWYj[hij_YWijhc_YWi */ IebkY_dckbj_YWfWjhWZ_Y_edWbK3&"**M%c(A 2.50 m Muro YTONG U = 0,44 W/m2K = 0,75 W/mK = 0,12 W/mK :ah^\j^ZciZX{aXjadXdbeVgVaV ediZcX^VYZa[aj_dYZXVadgZcigZjcV hdajX^c^ciZ\gVaYZNIDC<njcV hdajX^cigVY^X^dcVaYZ^\jVa igVchb^iVcX^Vigb^XV!Xdc Y^[ZgZcX^VZcZa[VXidgYZegY^YVa^cZVa ejZciZigb^Xd# 2.50 m -$*$9ecfehjWc_[dje jhc_Ye[dYedZ_Y_ed[i h[Wb[i0bW_d[hY_Wjhc_YW >_fj[i_iZ[YedZ_Y_ed[iYb_c|j_YWi >ck^Zgcd IZbeZgVijgVZcZa^ciZg^dg/'%° IZbeZgVijgVZcZaZmiZg^dg/*° ºI2&*° KZgVcd IZbeZgVijgVZcZa^ciZg^dg/'%° IZbeZgVijgVZcZaZmiZg^dg/(*° ºI2&*° ;aj_dYZXVadgedgbZigda^cZVaYZ [VX]VYVnedg\gVYdYZY^[ZgZcX^V YZiZbeZgVijgVZcigZZaZmiZg^dg nZa^ciZg^dg/ JXZgg#'#'!*%b D HdajX^c^ciZ\gVaNIDC<eVgVjcV [VX]VYVYZ+%b/ L L %!))#'#'!*%b %!&'#+%b#&*@2'%--L ' b#@ b @ HdajX^cigVY^X^dcVa/ L L %!))#'#'!*%b %!,*#&b#+%b#&*@2'+**L ' # b @b @ 8dbdhZdWhZgkV!aVegY^YVYZ XVadgZhjc',b{hZaZkVYVZcaV kVg^VciZh^cigViVb^ZcidVYZXjVYd YZaejZciZigb^XdfjZZcaV hdajX^cYZNIDC<# +& 9WhWYj[hij_YWijhc_YWi =[d[hWb_ZWZ[i EdgYZ[^c^X^caVigVchb^iVcX^V igb^XVZhaVXVci^YVYYZXVadgZc kVi^dhLfjZVigVk^ZhVjcZaZbZcid XdchigjXi^kdYZ&b'YZhjeZg[^X^Zn jcYZiZgb^cVYdZheZhdg!h^Zm^hiZ jcVY^[ZgZcX^VYZiZbeZgVijgVYZ &@ZcigZadhVbW^ZciZhVXVYVaVYd YZaZaZbZcid#AVigVchb^iVcX^V igb^XVZhejZhjccY^XZfjZcdh VedgiV^c[dgbVX^chdWgZaVh eZgY^YVhZcZg\i^XVhVigVkh YZjcZaZbZcidXdchigjXi^kdZc XdcY^X^dcZhZhi{i^XVh# 8dbdZhhVW^Yd!aVhXdcY^X^dcZh gZVaZhcdhdcVh!VaZhiVgadh ZaZbZcidhXdchigjXi^kdhhdbZi^Ydh VdcYVhigb^XVheZg^Y^XVh!Xdc adXjVacdZhhj[^X^ZciZaVkVadgVX^c YZjcVhdajX^cXdchigjXi^kV hdaVbZciZVigVkhYZhj igVchb^iVcX^VdgZh^hiZcX^V igb^XV# :aXdbedgiVb^Zcidigb^XdZc XdcY^X^dcZhkVg^VWaZhi^ZcZ gZeZgXjh^cY^gZXiVZcZaXdc[dgi Xa^b{i^XdZcZa^ciZg^dgYZjcV k^k^ZcYV!nYZeZcYZYZaVXVeVX^YVY YZadhbViZg^VaZheVgVVabVXZcVg ZcZg\V2XVadgnYZaV^cZgX^V eVgVXVeiVgaVdYZkdakZgaVYZ [dgbVViZcjVYV2YZh[VhZiZbedgVa nVbdgi^\jVb^Zcid#:aXdc_jcidYZ ZhiVhXVgVXiZghi^XVhhZYZcdb^cV XdbcbZciZXdbdaVÆ^cZgX^V igb^XVÇYZjcbViZg^Va# AVXVeVX^YVYYZVabVXZcVgXVadg YZeZcYZYZaXVadgZheZX[^Xd!YZa ZheZhdgnYZaVYZch^YVYYZa egdYjXid#IdYdhadhbViZg^VaZh b^cZgVaZh^cXajnZcYdZa]dgb^\c XZajaVgY^hedcZcYZab^hbdXVadg ZheZX[^XdVegdm#&`?$`\@!edgad fjZaVXVeVX^YVYigb^XVYZeZcYZ c^XVbZciZYZaVbVhVYZch^YVYm ZheZhdgeVgVZhiZi^edYZ bViZg^VaZh# EdgcdgbV\ZcZgVaadhbViZg^VaZh a^\ZgdhY^hedcZcYZjcVVaiV gZh^hiZcX^Vigb^XV!eZgdYZjcV WV_V^cZgX^Vigb^XV!edgadfjZ VhaVcbjnW^Zc!eZgdcdi^ZcZc XVeVX^YVYeVgVVabVXZcVgZcZg\V nYZkdakZgaVaZciVbZciZ#Edc\Vbdh XdbdZ_ZbeadjcVXVhVYZbVYZgV W^ZcV^haVYVXdcbViZg^VaZha^\Zgdh# 9ZW^YdVaV[VaiVYZ^cZgX^Vigb^XV! aViZbeZgVijgVVbW^ZciVa^ciZg^dg kVg^Vg{XdcgVe^YZoh^hZbdY^[^XVc aVhXdcY^X^dcZhVbW^ZciVaZh!edg Z_ZbeadXjVcYdhZjhVjcV XVaZ[VXX^c^ciZgb^iZciZ XVaZciVb^Zcidg{e^YdVaedcZgZc bVgX]VaVXVaZ[VXX^cnZc[g^Vb^Zcid g{e^YdVaVeV\VgaV# 9ecfehjWc_[djejhc_YeZ[kd[ifWY_ei_d_d[hY_Wjhc_YW 9ecfehjWc_[djejhc_YeZ[kd[ifWY_eYed_d[hY_Wjhc_YW Temperatura interior Temperatura interior Temperatura interior Temperatura interior Temperatura exterior Temperatura Temperatura exterior exterior Temperatura exterior EXCESO DE CALOR TEMPERATURA ESTABLE EXCESO DE CALOR TEMPERATURA ESTABLE EXCESO DE FRIO TEMPERATURA ESTABLE EXCESO DE FRIO TEMPERATURA ESTABLE AdhbViZg^VaZheZhVYdhedgZa XdcigVg^d!Y^hedcZcYZjcVVaiV ^cZgX^Vigb^XV#JcZ_Zbeadhdc aVhXVhVhVci^\jVhdaVh^\aZh^Vh XdcbjgdhYZe^ZYgVYZ\gVc ZheZhdg!fjZgZi^ZcZcZa[gdnZa XVadgYZW^YdVZhiVXVgVXiZghi^XV ncdYZW^YdVjcWjZcV^haVb^Zcid igb^Xd#:aXa^bVZcZa^ciZg^dgZh Xdc[dgiVWaZZckZgVcd!nVfjZadh bjgdhYZe^ZYgVi^ZcZcjcV ZaZkVYVXVeVX^YVYeVgVVabVXZcVg ZaXVadg!fjZYZZhiV[dgbVcd eZcZigVVa^ciZg^dg!h^cdfjZZh YZkjZaidVaZmiZg^dgjcVkZoWV_V aViZbeZgVijgVedgaVcdX]Z# :c^ck^Zgcdh^cZbWVg\d!n ZheZX^VabZciZZcjcXa^bV[gd! ZhVXVeVX^YVYejZYZaaZ\VgVhZg XdcigVegdYjXZciZ#8dbdZ_Zbead ejZYZchZgk^gaVhhZ\jcYVh gZh^YZcX^VhYZjhddXVh^dcVa[^cZh YZhZbVcV# 9ZW^YdVfjZ^c^X^VabZciZ\gVc eVgiZYZaXVadgZb^i^YdedgaV XVaZ[VXX^cZhVWhdgW^Ydedgadh bjgdh!Zm^hiZjcVYZbdgV ^bedgiVciZ]VhiVVaXVcoVghZjc c^kZaYZXdc[dgiVXZeiVWaZ# <gVceVgiZYZZhiVZcZg\VcdhZ aaZ\VVVegdkZX]Vg!YZW^YdVfjZ ZhYZkjZaiVVaVbW^ZciZjcVkZo YZhdXjeVYVdigVkZoaVXVhV# 8dbdhZejZYZkZg!cdZhWjZcd c^c\jcdYZadhYdhZmigZbdh!eZgd VYZb{hZh^bedgiVciZYZhiVXVg fjZcdZm^hiZjcVXdbW^cVX^c ^YcZV\adWVaYZV^haVb^Zcid$ ^cZgX^V!h^cdfjZhiVYZeZcYZg{ YZajhdYZadhZheVX^dheZgbVcZciZ$ dXVh^dcVa!\gVYdYZdXjeVX^c Vaid$WV_d!h^hiZbVhYZXa^bVi^oVX^c! odcVXa^b{i^XV!Zmedh^X^chdaVg! ZiX#IdYdhZhidh[VXidgZhYZWZg{c ZcigVgZcZaVc{a^h^heVgVWjhXVgaV bZ_dghdajX^c^ciZ\gVa!eZgdXdbd cdgbV\ZcZgVahZWjhXVg{jc Zfj^a^Wg^dZcigZZaV^haVb^ZcidnaV ^cZgX^V!YZ[dgbVfjZhZXdch^\VZa bVndgXdc[dgiigb^XdnZabZcdg XdchjbdZcZg\i^Xd# 9ecfehjWc_[djejhc_Ye[d _dl_[hde :c^ck^ZgcdaVh^ijVX^c]VW^ijVaZh fjZ]VnVjc\gVY^ZciZigb^XdYZa ^ciZg^dgVaZmiZg^dg!edgadXjVaZh cZXZhVg^dZaZbeaZdYZjch^hiZbV YZXVaZ[VXX^ceVgVbVciZcZgaV iZbeZgVijgV^ciZg^dgVjcc^kZa Xdc[dgiVWaZ# AV^cZgX^Vigb^XVYZadh XZggVb^ZcidhZcZhiVhXdcY^X^dcZh i^ZcZedXV^bedgiVcX^V!nVfjZaV ZhXVhVZcZg\VfjZejZYVcXVg\Vg ZcaVh]dgVhXZcigVaZhYZjcYV hdaZVYdVeZcVhaaZ\Vg{Va^ciZg^dg! h^cdfjZhZg{YZkjZaiVVaZmiZg^dg VaWV_VgaViZbeZgVijgVZmiZg^dg edgaViVgYZ# 9WhWYj[hij_YWijhc_YWi +' +24o +18,7o +20oC +18,7o 30 100 Calor incómodo 28 26 80 24 70 22 60 20 50 18 16 14 12 Frio incómodo 10 12 14 16 18 20 22 24 26 28 Temperatura ambiante > C° H^cZbWVg\dejZYZhZgWZcZ[^X^dhV aV^cZgX^Vigb^XVZcadhbViZg^VaZh YZadheVgVbZcidh^ciZg^dgZh!Va XVeiVgaVZcZg\VZb^i^YVedgaV XVaZ[VXX^cdaVgZX^W^YVedg gVY^VX^chdaVgnYZkdakZgaVYZ [dgbVYZh[VhVYV# :hd]VXZ[VXi^WaZZajhd^ciZgb^iZciZ YZaVXVaZ[VXX^c!bVciZc^ZcYd jcViZbeZgVijgVZhiVWaZVadaVg\d YZaX^XadY^Vg^d#6eVgiZYZZhd ejZYZhZgkZciV_dhVaVji^a^oVX^c YZZaZbZcidhXdcZaZkVYV^cZgX^V igb^XVZcZheVX^dhbjnZmejZhidh VaVgVY^VX^chdaVg!fjZ^cXajhd Zc^ck^ZgcdejZYZcdXVh^dcVgjc hdWgZXVaZciVb^Zcid^cYZhZVWaZ# :cYZ[^c^i^kVhZejZYZXdcXaj^gfjZ aV^cZgX^Vigb^XV[jcX^dcVXdbd jcgZ\jaVYdgYZiZbeZgVijgVfjZ Xdcig^WjnZVaXdc[dgiXa^b{i^Xd# AVkZciV_VYZa]dgb^\cXZajaVg NIDC<[gZciZVaVhhdajX^dcZh igVY^X^dcVaZhZhfjZeZgb^iZ gZVa^oVgbjgdhbVX^odhn ]dbd\cZdhYZjcVhdaV]d_Vnh^c cZXZh^YVYYZc^c\cdigdbViZg^Va V^haVciZ!XdcaVhXVgVXiZghi^XVh YZV^haVb^ZcidZ^cZgX^Vigb^XV gZeVgi^YV]dbd\cZVbZciZZc idYdZaZheZhdgYZabjgd# +( 9WhWYj[hij_YWijhc_YWi Humedad incómoda 90 Humedad relativa > C° 9ed\ehjjhc_Ye[d[b _dj[h_ehZ[kdWl_l_[dZW Yedijhk_ZW[d^ehc_]d Y[bkbWh Temperatura de la superficie de la envolvente > C° +17o 40 30 20 10 Sequedad incómoda 0 12 14 16 18 20 22 24 26 28 Temperatura ambiante > C° :hideZgb^iZVegdkZX]VgaV^cZgX^V igb^XVYZaV[dgbVYZhXg^iVZcZa VeVgiVYdVciZg^dg# AdhWadfjZhNIDC<Zhi{cZc XdciVXidY^gZXidXdcZa^ciZg^dg!n Va[jc\^gXdbdgVY^VYdgZheVh^kdh ]VXZcfjZaVheVgZYZhhZVc ÆXVa^ZciZhÇ!adXjVaZhZhZcX^Va eVgVZaXdc[dgiigb^Xd#:cZa \g{[^Xd'Zhi{gZegZhZciVYdZa Xdc[dgiigb^XdWV_dY^[ZgZciZh XdbW^cVX^dcZhYZiZbeZgVijgV VbW^ZciZ!iZbeZgVijgVhjeZg[^X^Va YZadheVgVbZcidhn]jbZYVY gZaVi^kV#KZbdhfjZaViZbeZgVijgV YZadheVgVbZcidhYZWZhZgh^b^aVg VaVYZaVbW^ZciZeVgVfjZaVh XdcY^X^dcZhhZVcXdc[dgiVWaZh igVbVdhXjgV# AVhXdcY^X^dcZhXa^b{i^XVhfjZ hZZhiVWaZXZcZcjcVk^k^ZcYV Xdchigj^YVXdcZah^hiZbVNIDC< Zhi{cYZcigdYZa{gZVei^bVYZ Xdc[dgiXa^b{i^Xd# :cXdbeVgVX^c!aVhdajX^c igVY^X^dcVaji^a^oVbViZg^VaZh ZheZX[^XVbZciZV^haVciZhZcadh XZggVb^Zcidh!XdadX{cYdadhXZgXV YZaVbW^ZciZ^ciZg^dg!b^ZcigVh fjZaVeVgiZeZhVYVhZjW^XVZcaV XVgVZmiZg^dg# :hiVY^hedh^X^cYZadhZaZbZcidh ^be^YZeg{Xi^XVbZciZaVVedgiVX^c XdbdVXjbjaVYdgYZXVadgYZaV a{b^cVeZhVYV!b^ZcigVhfjZZa igVhYdhVYd^ciZg^dgcdY^hedcZ eg{Xi^XVbZciZYZ^cZgX^Vigb^XV! adfjZhZigVYjXZZceVgZYZh ^ciZg^dgZhÆ[gVhÇnjcXdc[dgi Xa^b{i^Xd^c[Zg^dg# 9ecfehjWc_[djejhc_Ye[dl[hWde :ckZgVcdhZ^ck^ZgiZaVh^ijVX^c YZa^ck^Zgcd!iZc^ZcYdjc\gVY^ZciZ igb^XdYZaZmiZg^dgVa^ciZg^dg YjgVciZZaYV#9jgVciZaVcdX]Z YZeZcY^ZcYdYZaVodcVXa^b{i^XV! ZhiVh^ijVX^cedgcdgbV\ZcZgVa hZaaZ\VV^ckZgi^giZbeZgVijgVZc Za^ciZg^dgYZjcVk^k^ZcYVb{hVaiV fjZaViZbeZgVijgVZmiZg^dg# EVgVZhiVhXdcY^X^dcZhhZXdch^YZgV ei^bdjcXZggVb^ZcidXdcjcV ^cZgX^Vigb^XVfjZegdedgX^dcZjc YZh[VhZYZ&']dgVhZcigZZaX^Xad igb^XdZmiZg^dgnZaX^Xadigb^Xd ^ciZg^dg# :aX^Xadigb^XdcVijgVaZhYZ')] 2&X^XadY^Vg^dnjcYZh[VhZYZ &']h^\c^[^XVfjZaVhXjgkVhYZ iZbeZgVijgVZcZaZmiZg^dgnZa ^ciZg^dghZ^ck^ZgiZc# :[i\Wi[oWcehj_]kWc_[djejhc_YeZ[kdY[hhWc_[djeOJED= Transmitancia térmica (W/m2K) 2.5 1,85 2 1,4 1.5 0.5 Ladrillo hueco doble + aislante + tabique (25 cm) Ladrillo hueco doble + cámara aire + tabique (25 cm) Ladrillo mazico cara vista (26 cm) Desfase de onda térmica (h) 12 11,40 11,12 8,70 8 8,06 6 7,03 7,76 4 2 Ladrillo hueco doble + cámara aire + tabique (25 cm) Ladrillo hueco doble + aislante + tabique (25 cm) 84 87 Ladrillo hueco doble + cámara aire + tabique (25 cm) Ladrillo hueco doble + aislante + tabique (25 cm) Ladrillo mazico cara vista (26 cm) 88 Ladrillo mazico cara vista (26 cm) Bloque hormigón 24 cm + revest. (tot + 26 cm) Bloque cerámico arcilla aligerada 24 cm + revest. (tot + 28 cm) Bloque YTONG 25 cm (400 kg/m3), sin revestir 0 Amortiguación de onda térmica (%) 89 94 90 Bloque hormigón 24 cm + revest. (tot + 26 cm) 100 90 80 70 60 50 40 30 20 10 0 Bloque cerámico arcilla aligerada 24 cm + revest. (tot + 28 cm) 8dbdhZbjZhigVZcadh\g{[^Xdh XdbeVgVi^kdh!adhWadfjZhNIDC< XdbW^cVcjcV^cbZ_dgVWaZ gZh^hiZcX^Vigb^XVgZegZhZciVYV edgjcVWV_VigVchb^iVcX^VXdc aVhXjVa^YVYZhYZ^cZgX^Vigb^XV egde^VhYZZaZbZcidhYZZaZkVYVbVhV# Bloque hormigón 24 cm + revest. (tot + 26 cm) Bloque cerámico arcilla aligerada 24 cm + revest. (tot + 28 cm) 0 Bloque YTONG 25 cm (400 kg/m3), sin revestir 6eVgiZYZaYZh[VhZ!ZhYZ\gVc ^bedgiVcX^VZaVbdgi^\jVb^Zcid igb^Xd!ZhYZX^g!aVViZcjVX^c YZaVdcYVigb^XV#:cZaXVhdYZa bjgdNIDC<!ZaVbdgi^\jVb^Zcid Zhi{ZcidgcdVjc-.!adXjVa h^\c^[^XVfjZaV[ajXijVX^cYZ iZbeZgVijgVZmiZgcVYZ "'%°Zcjc X^XadY^Vg^dhZigVYjXZZcjcV[ajX" ijVX^c^ciZgcVYZhdaVbZciZ'!'°# 0,7 0,44 10 :hiZXdbedgiVb^ZcidhZXdch^\jZ XdcadhXZggVb^ZcidhYZ]dgb^\c XZajaVgNIDC<!ZchVndgZVa^oVYd hdWgZjcbjgdYZZheZhdg'*Xbn YZch^YVY)%%`\$b(# 1,29 0,87 1 Bloque YTONG 25 cm (400 kg/m3), sin revestir :hidh^\c^[^XVfjZZae^XdYZXVadg ZcZaZmiZg^dgVabZY^dYVaaZ\VYZ [dgbVXdch^YZgVWaZbZciZViZcjVYV Va^ciZg^dgYZaVk^k^ZcYVXdcjc gZigVhdYZ&']dgVh!XjVcYdZcZa ZmiZg^dgaViZbeZgVijgV]VVaXVcoVYd hjejcidb{hWV_dYZaX^Xad#AV WV_VYVYZiZbeZgVijgVYZadh bjgdhVbZY^YVfjZkVnVc YZkdak^ZcYdaVZcZg\VVXjbjaVYV YjgVdigVh&']dgVh!aaZ\VcYdVa ejcidb{hWV_dXjVcYdZcZa ZmiZg^dgaVhiZbeZgVijgVh]Vc kjZaidVVaXVcoVgaVb{m^bV! XZgg{cYdhZYZZhiV[dgbVZaX^Xad# 9WhWYj[hij_YWijhc_YWi +) <gVYdYZ^beZgbZVW^a^YVYZm^\^Yd HdajX^dcZhbc^bVhVeiVhYZNIDC< G& G( G& G( G& G( G( G( & ' ( ) * WadfjZhYZ'*XbYZZheZhdg WadfjZhYZ'%XbYZZheZhdg WadfjZhYZ'*XbYZZheZhdg WadfjZhYZ'%XbYZZheZhdg WadfjZhYZ'*XbYZZheZhdg WadfjZhYZ'%XbYZZheZhdg WadfjZhYZ'%XbYZZheZhdg WadfjZhYZ'%XbYZZheZhdg G&2GZkZhi^b^ZcidXdcgZh^hiZcX^VbZY^VVaV[^aigVX^cVaV\jV G'2GZkZhi^b^ZcidXdcgZh^hiZcX^VVaiVVaV[^aigVX^cVaV\jV G(2GZkZhi^b^ZcidXdcgZh^hiZcX^VbjnVaiVVaV[^aigVX^cVaV\jV -$+$Fhej[YY_d\h[dj[ WbW^kc[ZWZ AdhZaZbZcidhXdchigjXi^kdhYZ jcVk^k^ZcYVVXjbjaVc]jbZYVY YjgVciZZaegdXZhdYZ[VWg^XVX^c nYjgVciZhjjhd#:hV]jbZYVYhZ YZWZhdWgZidYdVaV]jbZYVYYZa bdgiZgdji^a^oVYdZcaVh_jciVhYZ adhbjgdh!eZgdiVbW^cVaV ]jbZYVY\ZcZgVYVZcZaegdXZhd YZ[VWg^XVX^cYZadhegde^dh ZaZbZcidhfjZXdbedcZcadh XZggVb^Zcidh# >kc[ZWZ_d_Y_Wb 8jVcYdadhWadfjZhYZ]dgb^\c XZajaVgNIDC<hVaZcYZadhicZaZh YZVjidXaVkZn]VcdWiZc^Ydhj gZh^hiZcX^V!idYVkVi^ZcZcjc XdciZc^YdZaZkVYdYZ]jbZYVY '(#H^cZbWVg\d!Zcadheg^bZgdh &*YVhYZk^YVYZaegdYjXid!Zcadh fjZeZgbVcZXZg{VabVXZcVYdZcZa eVi^dYZaV[{Wg^XV!ZaXdciZc^Yd YZ]jbZYVYWV_VYZa'(Va&) Vegdm^bVYVbZciZ!egdYjX^cYdhZ aVb^iVYYZaVgZigVXX^cYZhZXVYd ediZcX^VaYZabViZg^Va%!&%bb$b YZ%!'bb$bYZgZigVXX^cidiVa# AV]jbZYVYYZZfj^a^Wg^dYZa ]dgb^\cXZajaVgZhi{ZcidgcdV jc)!VaXVco{cYdhZedgcdgbV \ZcZgVaVaXVWdYZ'"(Vdh# +* 9WhWYj[hij_YWijhc_YWi :caVhdWgVhXdcbjgdhigVY^X^dcVaZh YZaVYg^aad!aVh_jciVhYZbdgiZgd VedgiVcjcV]jbZYVY^bedgiVciZ VadhXZggVb^ZcidhnhZcZXZh^iVc kVg^dhVdhYZk^YV]VhiVfjZZhidh ]VnVcVaXVcoVYdaV]jbZYVYYZ Zfj^a^Wg^d# :a8I:Zchj97"=HHVajWg^YVY YZ[^cZhdajX^dcZhYZ[VX]VYVk{a^YVh Zc[jcX^cYZa\gVYdYZ^beZgbZV" W^a^YVYbc^bdZm^\^Yd#whiZVhjkZo YZeZcYZYZaVjW^XVX^c\Zd\g{[^XV YZaVk^k^ZcYVnYZa\gVYdYZ Zmedh^X^cVak^Zcid# AdhbjgdhYZ]dgb^\cXZajaVg NIDC<eZgb^iZcgZYjX^gZhiV ]jbZYVY!VagZVa^oVghZXdc_jciV [^cVYZhdad'bbYZZheZhdgZc adhiZcYZaZhn\ZcZgVabZciZXdcaVh _jciVhkZgi^XVaZhhZXVhh^hiZbVYZ bVX]^]ZbWgVYd#6Y^X^dcVabZciZ aVZaZkVYVeaVcZ^YVYYZadhbjgdh eZgb^iZgZYjX^gadhZheZhdgZhYZ adhgZkZhi^b^Zcidh!fjZejZYZc a^b^iVghZV*bb# EVgV[VX]VYVhYZjcVhdaV]d_V! hZejZYZcZbeaZVgaVhXdbW^cVX^dcZh gZ[aZ_VYVhZcZaXjVYgdhjeZg^dg!fjZ hZV_jhiVVaViVWaV'#,YZa8I:# >kc[ZWZZkhWdj[[bY_Ybe Z[l_ZWZ[bWl_l_[dZW AVhXVgVhZmiZg^dgZhYZadh XZggVb^ZcidhZhi{cZmejZhiVhV aV^ciZbeZg^ZnedgadiVcidVaVh egZX^e^iVX^dcZh# AVVWhdgX^cYZ]jbZYVYYZadh ZaZbZcidhXdchigjXi^kdhcdhdad egdkdXVgVjcVY^hb^cjX^cXdch^YZ" gVWaZYZaVgZh^hiZcX^Vigb^XV!h^cd fjZVYZb{hedYgV\ZcZgVghZkZgVh eVidad\VhYZdWgV#EdgZhiZbdi^kd ZhcZXZhVg^degdiZ\ZgVadhbjgdh YZ[{Wg^XVYZjcVegdiZXX^c VYZXjVYV# AVhXdcY^X^dcZhZm^\^YVhVadh gZkZhi^b^ZcidhG&VG(hdcaVh h^\j^ZciZheVgV^c[dgbVX^c YZiVaaVYVXdchjaiVgVeVgiVYd '#(#'97"=HYZa8I:/ G&/GZkZhi^b^ZcidZmiZg^dgXdc gZh^hiZcX^VbZY^VVaV[^aigVX^c ejZYZchZggZkZhi^b^Zcidh Xdci^cjdhdY^hXdci^cjdh G'/GZkZhi^b^ZcidZmiZg^dgXdc gZh^hiZcX^VVaiVVaV[^aigVX^c gZkZhi^b^ZcidhY^hXdci^cjdh G(/GZkZhi^b^ZcidZmiZg^dgXdc gZh^hiZcX^VbjnVaiVVaV[^aigVX^c ejZYZchZggZkZhi^b^Zcidh Xdci^cjdhdY^hXdci^cjdh Adh[VWg^XVciZhYZadhbViZg^VaZh YZgZkZhi^b^ZcidXaVh^[^XVchjh egdYjXidhhZ\cZhiVhXViZ\dgVhn Zm^hiZcjcV\gVckVg^ZYVYYZ egdYjXidhXdbeVi^WaZhXdcZa ]dgb^\cXZajaVgZcidYVhZaaVh# JcVeVgiZ^bedgiVciZYZaVh ]jbZYVYZhhZ\ZcZgVedgZaegde^d jhdYZaVk^k^ZcYV#AV]jbZYVYhZ ejZYZVXjbjaVghdWgZidYdZcadh XZggVb^ZcidhZmiZg^dgZh!h^cdhZ \VgVci^oVjcVXa^bVi^oVX^cn kZci^aVX^cXdggZXiVnadhXZggV" b^ZcidhcdeZgb^iVcY^[jcY^g hj[^X^ZciZbZciZaVh]jbZYVYZh# AVh]jbZYVYZhZcaVk^k^ZcYVhZ \ZcZgVchdWgZidYdZcaVXdX^cV nZcadhWVdh!eZgdiVbW^chZ \ZcZgVedgaVheZghdcVh!eaVciVh Z^cXajhdadhVXjVg^dh# :m^hiZcYdh[dgbVhYZigVchedgiZYZ ]jbZYVYVigVkhYZjcbViZg^VaYZ XdchigjXX^c!YZeZcY^ZcYdYZaVh XVgVXiZghi^XVhXVe^aVgZhnaV Y^[jh^W^a^YVYVakVedgYZV\jVYZa b^hbdnYZa\gVY^ZciZYZaVegZh^c YZakVedgYZV\jV#AVY^[jh^W^a^YVY VakVedgYZV\jVYZjcbViZg^VaaV YZiZgb^cVZakVadg©!h^ZcYdhiZ ZaXdX^ZciZZcigZaVgZh^hi^k^YVY VakVedgYZV\jVYZabViZg^VanaV gZh^hi^k^YVYVakVedgYZV\jVYZa V^gZZcgZedhd# :a]dgb^\cXZajaVgi^ZcZZabZcdg XdZ[^X^ZciZYZY^[jh^W^a^YVYVakVedg YZV\jV©YZadhZaZbZcidh ZhigjXijgVaZhb^cZgVaZh# :cZaXVhdYZa]dgb^\cXZajaVg! Za[VXidg©ZhYZ*ZcZhiVYd ]bZYdn&%ZcZhiVYdhZXdYZa bViZg^Va# 6Z[ZXidhYZX{aXjad]VWg{fjZ ji^a^oVgZa[VXidgb{hYZh[VkdgVWaZ hZ\cZaXVhd# EdgcdgbV\ZcZgVa]VnfjZeZgb^i^g fjZjcZaZbZcidXdchigjXi^kd NIDC<ejZYVhZXVghZedgadbZcdh edgjcaVYd!eVgVfjZaVh]jbZYVYZh VXjbjaVYVhejZYVchZgYZkjZaiVh VaVbW^ZciZ#:aegdXZhdYZhZXVYd XdbeVgVi^kdYZY^[ZgZciZhZaZbZcidh YZNIDC<fjZXdbedcZcaV ZckdakZciZigb^XVZhi{gZ[aZ_VYd ZcZa\g{[^XdYZaVe{\^cVh^\j^ZciZ# ÞcY^XZhYZY^[jh^W^a^YVYYZkVedgYZV\jV© :caVbVndgVYZadhXVhdhh^c ZbWVg\dcdZhcZXZhVg^VaV XdbegdWVX^cYZaVhXdcYZchV" X^dcZhhjeZg[^X^VaZh!h^ZbegZn XjVcYdhZXjbeaVcaVhZm^\ZcX^Vh YZV^haVb^Zcidigb^Xd#:cZaXVhd YZa]dgb^\cXZajaVgZaV^haVb^Zcid igb^XdgZeVgi^Yd!aV^cZgX^Vigb^XV naVgZYjXX^cYZadhejZciZh igb^Xdh\VgVci^oVceVgZYZh ÆXVa^ZciZhÇXdciZbeZgVijgVh hjeZg[^X^VaZhh^b^aVgZhVaVhYZ VbW^ZciZ!adXjVaeZgb^iZ^beZY^g ZhiZi^edYZXdcYZchVX^dcZh# =dgb^\cXZajaVgNIDC< *$&% GZkdXdZmiZg^dg * :cajX^Yd &% GZkZhi^b^ZcidVWVhZYZh^a^XVidh &% AVcVb^cZgVa & AVYg^aadh]jZXdh *$&% 8ZbZcid!bdgiZgdh!gZkdXdh &%$(* BVYZgV =dgb^\c )% ,%$&*% A{b^cVVh[{ai^XV &%#%%%$-%#%%% A{b^cVYZbViZg^Vaea{hi^Xd &%#%%%$-%#%%% 9WhWYj[hij_YWijhc_YWi ++ 73Ckhe[nj[h_ehYedh[l[ij_c_[djef[hc[WXb[WblWfehZ[W]kW[dbWiZei Humedad (%) YWhWi"\WY^WZW[ij["_dY_Z[dY_WZ[bbkl_WXW`W 20 15 83Ckhe[nj[h_eh"h[l[ij_c_[dje[nj[h_eh_cf[hc[WXb[WblWfehZ[W]kW B bW^kc[ZWZiebefk[Z[[lWfehWhi[^WY_W[b_dj[h_eh"\WY^WZWdehj[ 10 C 5 0 0 939kX_[hjWfbWdWdel[dj_bWZW"iebWc[dj[f[hc[WXb[WblWfehZ[W]kW A verano ^WY_W[b_dj[h_eh$ invierno 1 verano invierno verano 2 año 3 9ecX_dWY_dZ[jhWdic_i_dZ[^kc[ZWZfehYWf_bWh_ZWZofehZ_\ki_d 1 2 3 '$:_\ki_d[djhWdj[0 ($;bW]kWYedZ[diWZW" )$:_\ki_diWb_[dj[0 9^[jh^cYZkVedgYZ VXjbjaVYVWV_daV :aV\jVXdcYZchVYV V\jV]VX^VaVXVeV XVeV^beZgbZVWaZ!hZ fjZVaXVcoVodcVhXdc ^beZgbZVWaZYZW^YdVa gZeVgiZVXVeVhb{h jcVegZh^cYZhVij" \gVY^ZciZYZaVegZh^c hZXVhnb{hegd[jcYVh gVX^cYZkVedgYZ YZakVedgYZV\jV# bZY^VciZigVchedgiZ V\jVhjeZg^dgVaVYZa 6jbZcidYZaV]jbZ" XVe^aVgnaaZ\VVodcVh VbW^ZciZ!ejZYZkdakZg YVYZcaVeVgiZZmiZg^dg b{hX{a^YVhXdcbVndg VY^[jcY^ghZ]VX^VZa YZaZaZbZcid# egZh^cYZhVijgVX^c ^ciZg^dg YZkVedgYZV\jV :aegdXZhdYZhZXVYdYZabjgd gZkZhi^YdXdcbViZg^VaZhXdcjc kVadgWV_dYZY^[jh^W^a^YVYVakVedg YZV\jV6ZhXdci^cjd!XdcjcV kZadX^YVY^c^X^VaZaZkVYVfjZkV Y^hb^cjnZcYdVadaVg\dYZai^Zbed ]VhiVVaXVcoVgaV]jbZYVYYZ Zfj^a^Wg^dZcidgcdVa(# +, 9WhWYj[hij_YWijhc_YWi :abjgdfjZY^hedcZYZjcVWVggZgV YZkVedgZcZaZmiZg^dgnaVXjW^ZgiV cdkZci^aVYVhZXVcb{hg{e^YdZc kZgVcdnb{hYZheVX^dZc^ck^Zgcd# :a]ZX]dYZfjZZhidhZaZbZcidh iVbW^chZfjZcZc^ck^Zgcd!h^ZcYd cZXZhVg^djc[aj_dYZkVedgZc XdcigVYZaV\gVY^ZciZYZegZh^c VahZXVghZ]VX^VZa^ciZg^dg!hZYZWZ VabZXVc^hbdXdbW^cVYdYZa igVchedgiZYZ]jbZYVYedg XVe^aVg^YVYnY^[jh^cYZakVedgYZ V\jV!XdbdbjZhigVcadhY^Wj_dh h^\j^ZciZh# ;^cVabZciZedYZbdhgZhjb^gfjZaV XdchigjXX^cbdcdai^XVXdcWadfjZh NIDC<cdgZfj^ZgZXVeVhVY^X^d" cVaZhYZV^haVb^Zcidc^WVggZgVhYZ kVedg!XdcadXjVahZZk^iVcXVbW^dh YZbViZg^VanXVbW^dhWgjhXdhYZ egde^ZYVYZh[h^XVhfjZejZYZc \ZcZgVgegdWaZbVhneVidad\Vh XdbdVXjbjaVX^cYZ]jbZYVY! XdcYZchVX^dcZh^ciZghi^X^VaZh!bd]d! ZiX# .$9WhWYj[hij_YWiWYij_YWi .$'$?djheZkYY_d :agj^YdZheVgiZYZaVXdciVb^cVX^c YZadhi^ZbedhbdYZgcdhnjcd YZadheg^cX^eVaZhdWhi{XjadheVgV edYZgY^h[gjiVgYZjcVk^k^ZcYV Y^\cVnVYZXjVYV#EVgV]VXZg [gZciZVZhiVegdWaZb{i^XVn bZ_dgVgaVXVa^YVYVXhi^XVYZaVh k^k^ZcYVh!ZaB^c^hiZg^dVegdWZa 9dXjbZcid7{h^XdÆEgdiZXX^c [gZciZVaGj^YdÇYZa8Y^\dIXc^Xd YZaV:Y^[^XVX^c!hjhi^ijnZcYdVaV C7:86"--Æ8dcY^X^dcZhVXhi^XVh ZcadhZY^[^X^dhÇnWVh{cYdhZZcaV cdgbVi^kVZjgdeZVJC:":C&'(*) EVgiZh&"(# AdhXVbW^dhcdgbVi^kdhhdc hjhiVcX^VaZh/cdhdaVbZciZ VjbZciVaVZm^\ZcX^VYZ V^haVb^ZcidYZadhY^[ZgZciZh ZaZbZcidhYZhZeVgVX^c!h^cdfjZ iVbW^cXVbW^VZaXdcXZeid!Va Vea^XVghZaVhZm^\ZcX^VhZcaV bVndgVYZadhXVhdhVadh ZaZbZcidhXdchigjXi^kdhidiVabZciZ VXVWVYdh#:hidfj^ZgZYZX^gfjZ hZYZWZciZcZgZcXjZciVaVh igVchb^h^dcZhYZgj^YdaViZgVaZhV igVkhYZadhZaZbZcidha^bigd[Zh! aVh^chiVaVX^dcZhdXjVafj^ZgdigV VXijVX^cZcadhZaZbZcidhfjZ ejZYVcVaiZgVghjXVeVX^YVYYZ V^haVb^Zcid#:hiZXg^iZg^dZh ZhZcX^VaeVgV\VgVci^oVgjcV XVa^YVYbc^bVYZegdiZXX^c [gZciZVagj^YdYZaVhk^k^ZcYVh! eZgdYZeZcYZg{cdhdadYZadh bViZg^VaZhZaZ\^Ydh!h^cdiVbW^c YZdigdheVg{bZigdhXdbdZai^ed YZadhZcXjZcigdhZcigZZaZbZcidh hZeVgVYdh!aVXVa^YVYYZZ_ZXjX^c! ZiX# .$($Fh_dY_f_ei][d[hWb[i :caVVXhi^XV!hZY^hi^c\jZc Y^[ZgZciZhi^edhYZgj^Ydh/ :hidhejZciZhVXhi^XdhgZegZhZciVc ejcidhh^c\jaVgZh!iVaXdbd/ &ÄAdhgj^YdhVgZdhZmiZg^dgZh VaZY^[^X^d 'ÄAdhgj^YdhVgZdh^ciZg^dgZh egdk^c^ZcYdYZaVk^YVnVXi^k^YVY YZadhY^hi^cidhZheVX^dhYZa ZY^[^X^d (ÄAdhgj^YdhYZZfj^eVb^Zcidh \ZcZgVYdhedgaVh^chiVaVX^dcZh nadhVeVgVidhegde^dhVaZY^[^X^d )ÄAdhgj^YdhYZ^beVXid!YZ X]dfjZ!YZXVYVdYZ YZheaVoVb^ZcidYZaVh eZghdcVhZcZaZY^[^X^d *ÄAVgZkZgWZgVX^c °]jZXdhYZkZci^aVX^c °ijWZgVh °ZggdgZhYZXdcXZeX^cXdbd kZciVcVhYZbVh^VYdXZgXVcVh °ZggdgZhYZZ_ZXjX^c!XdbdaVh gdoVhbVaiVeVYVh °aVhXV_VhZaXig^XVhjcV[gZciZV digVZcadhiVW^fjZhY^k^hdg^dh °adheVhdhYZXVWaZh °adhZcXjZcigdhbVaZ_ZXjiVYdh ZcigZZaZbZcidhYZdWgV\gjZhV# Adhgj^YdhejZYZcidbVg Y^[ZgZciZhXVb^cdhYZegdeV\VX^c/ VgZd!ha^YddhZVedgaV ZhigjXijgVYZaZY^[^X^d/adhbjgdh! adh[dg_VYdh!aVXjW^ZgiV!adh iZX]dh½nadhgj^YdheVg{h^idh aaVbVYdhÆejZciZhVXhi^XdhÇ# HZYZWZciZcZgZcXjZciVidYdh ZhidhZaZbZcidheVgVZaZ\^gn edcZgZcdWgVXdggZXiVbZciZadh bViZg^VaZhnadhVXVWVYdh!XdcZa [^cYZVhZ\jgVgeVgVXVYVegdnZXid jcVhdajX^cVXhi^XVdei^bV# 9WhWYj[hij_YWiWYij_YWi +- BWh[l[hX[hWY_d [ibWfhefW]WY_d Z[beihk_Zei [d[b_dj[h_eh Z[kdc_icebeYWb ;bW_ibWc_[djeWYij_Ye Wj[dWbWfhefW]WY_d Z[beihk_Zei Z[kdbeYWbWbejhe :hXVaVYZgj^Ydh jc^YVYZcY7 &-% &)% JbWgVaYZYdadg^cidaZgVWaZ 6k^cZcZaYZheZ\jZ &'% 6k^cÄBVgi^aadcZjb{i^Xd Gj^YdheZa^\gdhdh &%* 8dcX^ZgidgdX`Ä9^hXdiZXV &%% H^ZggVbZX{c^XV .* JbWgVaYZeZa^\gd .% JbWgVaYZg^Zh\d -* AVYg^YdÄ8dbZYdg^c[Vci^a 8dgiVXheZYÄLVa`bVc >ciZg^dgYZabZigd Gj^YdhbdaZhidh -% IgV[^XdXVaaZÄ>ciZg^dgigZc ,% >ciZg^dgXdX]ZÄIZa[dcd 6he^gVYdgÄIZaZk^h^c Gj^YdhbZY^dh 8dckZghVX^ck^kV +% Gj^Ydha^\Zgdh )% 8jVgidYZZhiVgÄ=VW^iVX^c (% K^Zcida^\Zgd '% :hijY^dYZ\gVWVX^c JbWgVaYZVjY^W^a^YVY % Gdcfj^Ydh .$)$:[\_d_Y_ed[i0 W_ibWc_[djeWhk_ZeWh[e oW_ibWc_[djeWhk_ZeZ[ _cfWYjei ßdZ_Y[Z[h[ZkYY_dWYij_YW Gl808ig EZgb^iZXVgVXiZg^oVgZcjchdadkVadg aVXVeVX^YVYYZjcZaZbZcidY^k^hdg^d VgZYjX^gZagj^YdVgZd#whiZcY^XZhZ dWi^ZcZ\ZcZgVabZciZedgZchVndZc aVWdgVidg^dhZ\cJC:":C>HD &)%"(!h^ZcYdjcVXVgVXiZghi^XV ^cigchZXVYZaZaZbZcid!cd YZeZcY^ZcYdYZ[VXidgZhVbW^ZciVaZh# HVaVYZXaVhZÄAVkVkV_^aaVh 8dckZghVX^ccdgbVa AVWdgVidg^dYZ6Xhi^XV 8n8ighdcigb^cdhYZVYVeiVX^c ZheZXigVa!fjZhZVVYZcVakVadgGl eVgViZcZgZcXjZciVaVhXVgVXiZghi^XVh YZjcZheZXigdYZgj^YdeVgi^XjaVg#:a kVadgYZ8hZji^a^oVeVgVdWiZcZgZa kVadgG6ÞcY^XZ\adWVaYZgZYjXX^c VXhi^XVedcYZgVYd6eVgVgj^YdgdhV! b^ZcigVhfjZZakVadgYZ8ighZji^a^oV eVgVgj^YdYZVjidbk^aZhdVZgdcVkZh# 9ZagZhjaiVYdYZjcZchVndYZaVWdgV" idg^dhZ\caVcdgbVi^kV>HD,&,"&YZ Gl8!8ig/)+"&0")Y7edgZ_Zbead hZdWi^ZcZcadhh^\j^ZciZhcY^XZhYZ gZYjXX^cVXhi^XVedcYZgVYV/ G62)+"&2)*Y76 G6!Ig2)+")2)'Y76 +. 9WhWYj[hij_YWiWYij_YWi B[oZ[cWiWi >cY^XZ\adWVaV^haVb^ZcidVXhi^XdYZjcZaZbZcid!edcYZgVid6GV 60,00 CTE NBE-CA88 YTONG - Ensayos UNE ISO 140-3 55,00 50,00 45,00 :chVndhA67:>CJC:">HD&)%"( I^edWadfjZ BVhV 40,00 35,00 GV ;gbjaV8I: 9^[ZgZcX^V `\$b' Y76 Y76 Y76 '%$)%% &(( )&!- (.!%' '!,- 30,00 '%$*%% &*. )(!) )&!-* &!** 25,00 '*$*%% &.' )+!+ ))!-) &!,+ 8dcgZkZhi^b^ZcidYZnZhdZcVbWVhXVgVhYZ&%bb 20,00 45 95 145 195 kg/m 245 295 345 2 :acY^XZYZgZYjXX^cVXhi^XVG6YZ ZaZbZcidhXdchigjXi^kdh]dbd\cZdh ejZYZcXVaXjaVghZV[VaiVYZZchVndh YZaVWdgVidg^dhZ\caVaZnYZbVhV fjZYZ[^cZZa8I:ZcZa6cZ_d6YZa 97"=G/ 7_ibWc_[djeWYij_YeWhk_ZeWh[e 9cI!6 :aV^haVb^ZcidVXhi^Xd9cI!6eZgb^iZ XVgVXiZg^oVgZcjchdadkVadgZa V^haVb^ZcidVgj^YdVgZdZm^hiZciZ ZcigZYdhgZX^cidh# b&*%`\$b' # G62&+!+ &\b *PY76R b&*%`\$b' G62(+!*#&\b"(-!*PY76R EVgVXVaXjaVgZakVadgYZV^haVb^Zcid ZcigZYdhadXVaZh]VXZ[VaiViZcZgZc XjZciVaVhigVchb^h^dcZhedgadh aViZgVaZh#:cidiVaZm^hiZc)m(2&' kVhYZigVchb^h^caViZgVaZhYZ eg^bZgdgYZcb{haVigVchb^h^c Y^gZXiVfjZ]VnfjZiZcZgZcXjZciV# :a\g{[^XdbjZhigVaVXjgkV XdggZhedcY^ZciZVaVaZnYZbVhVh YZ[^c^YVZcZa8I:naVXdcigVedcZV aVaZnYZbVhVhYZaVC7:86"--nV adhgZhjaiVYdhdWiZc^YdhZcZchVndh YZaVWdgVidg^deVgVY^[ZgZciZh hdajX^dcZhXdcbjgdhYZNIDC<# Hk_ZeZ[_cfWYjei :ac^kZaYZgj^YdYZ^beVXidZhZa c^kZahdcdgdZb^i^YdedgjcVb{fj^cV fjZegdYjXZ^beVXidhcdgbVa^oVYdh ZcZaZheVX^dZb^hdg#:ac^kZahdcdgd hZb^YZZcZaZheVX^dgZXZeidgn Zfj^kVaZVAcILZcaVWdgVidg^dnV AcIL^ch^ij# :acY^XZYZgZYjXX^cºAleZgb^iZ ZkVajVgaVXVeVX^YVYYZV^haVb^ZcidV gj^YdYZ^beVXidhYZjcVXVWVYdYZ hjZaddjchjZad[adiVciZ# (***)Ff 8dbdhZejZYZVegZX^Vg!ZaX{aXjad YZaVcjZkVaZnYZbVhVhfjZ egdedcZZa97"=GVjbZciVZc(Y76 ZacY^XZGVgZheZXidVadhX{aXjadhYZ aVC7:86"--# EdgdigdaVYd!adhgZhjaiVYdhYZ ZchVndYZaVhhdajX^dcZhNIDC<kZg iVWaVh^\j^ZciZZhi{cedgZcX^bVYZa gZhjaiVYdfjZhZdWiZcYgVVaVea^XVg aVaZnYZbVhVhYZa8I:ZcidgcdV adh'Y7YZY^[ZgZcX^V# IG6CHB>H>DC:H9>G:8I6H IG6CHB>H>DC:HA6I:G6A:H IG6CHB>H>DC:HE6G6H>I6H 9WhWYj[hij_YWiWYij_YWi +/ KVadgZhYZV^haVb^Zcid Vgj^YdVgZdZm^\^Yd eVgVgZX^cidegdiZ\^Yd (%Y76 ÞcY^XZ\adWVaYZgZYjXX^c VXhi^XVXdcjcVXdchigjXX^c ZcNIDC< ))Y76 eVgVkVadgZhYZcY^XZYZgj^YdYV!Zc{gZVhVXhi^XVhYZjhdgZh^YZcX^Va AVcdgbVi^kVZjgdeZVJC:":C &'(*)"'egdedcZjcbidYd h^bea^[^XVYdeVgV[dg_VYdhW{h^Xdh ]dbd\cZdh!bjnhZcX^aadeVgV XVaXjaVgZac^kZahdcdgdAcI!L# 6bdYdZ_ZbeaVggZVa^oVbdhaV XdbegdWVX^cYZaV^haVb^Zcid VXhi^XdVgj^YdYZ^beVXidheVgVYdh ]VW^iVX^dcZhYZY^[ZgZciZhjc^YVYZh YZjhd!h^ijVYVhjcVZcX^bVYZaV digV!hZeVgVYVhedgjc[dg_VYdYZ eaVXVhNIDC<b{hjchjZad[adiVciZ# AdhkdabZcZhYZaVh]VW^iVX^dcZh hdcYZ(%b(# ;b[c[djei[fWhWZeh ;dg_VYd EaVXVhNIDC<YZ')XbYZZheZhdgn YZ+%%`\$b(YZYZch^YVY b2%!')bm+%%`\$b(2&))`\$b' HjZad[adiVciZ/)%bbYZbdgiZgd hdWgZ'%bbYZaVcVb^cZgVaXdc hÉ2-BCb"( :aZbZcidhYZadh[aVcXdh "BjgdhZmiZg^dgZhYZNIDC<!'*Xb YZZheZhdgnYZch^YVY)%%`\$b(! jc^cg\^YVZcI bÉ2%!'*m)%%2&%%`\$b' "IVW^fjZh^ciZg^dgZhYZNIDC<!&% XbYZZheZhdgnYZch^YVY**%`\$b(! jc^cg\^YVZcXgjo bÉ2%!&%m**%2**`\$b' ,& 9WhWYj[hij_YWiWYij_YWi C^kZaYZegZh^cVXhi^XVedcYZgVYd YZ^beVXidhcdgbVa^oVYd Ac!l2Ac!l!Zf"ºAl @PY7R Xdc Ac!l!Zf2&+)"(*#a\b2--!*PY7R C^kZaYZegZh^cVXhi^XVedcYZgVYV YZ^beVXidhcdgbVa^oVYVZfj^kVaZciZ YZa[dg_VYd ºAl2ÞcY^XZYZbZ_dgVVXhi^XV edcYZgVYdYZ^beVXidh\adWVaYZa hjZad[adiVciZ :akVadgºAlhZdWi^ZcZYZaV[^\jgV 8&YZa6cZmd8YZaVcdgbVi^kV :C&'(*)"'Zc[jcX^cYZaVYZch^YVY hjeZg[^X^VaYZahjZad[adiVciZVfj %!%)bm'%%%`\$b(2-%`\$b'naV g^\^YZoY^c{b^XVedgjc^YVYYZ{gZVhÉ YZaVXVeVZa{hi^XVVfj-BCb"(# ºAl2((Y7 28dggZXX^ceVgVaVigVchb^h^c VXhi^XVYZ^beVXidhhdWgZ XdchigjXX^dcZhYZ[aVcXdh ]dbd\cZdhZcY7! :akVadg@hZdWi^ZcZYZaViVWaV&YZaV cdgbVi^kV!Zc[jcX^cYZaVYZch^YVY hjeZg[^X^VaYZaZaZbZcidhZeVgVYdgn aVYZch^YVYhjeZg[^X^VabZY^VYZadh ZaZbZcidhYZ[aVcXdh#:cZaZ_Zbead YZX{aXjadaVYZch^YVYhjeZg[^X^Va bZY^VZhi{ZcidgcdVadh&%%`\$b'! edgadfjZZakVadg@ZhYZ'Y7# Ac!l2Ac!l!Zf"ºAl @2--!*"(( ' 2*,!*PY7R AcI!l2Ac!l"&%#a\K$(%XdcK2 (%b( AcI!l2*,!*Y7<+*Y72AcI!l bVm# 8jbeaZ# 8dbdhZejZYZkZg!Zac^kZaYZ gZYjXX^cYZgj^YdV^beVXidh YZeZcYZhdWgZidYdYZahjZad[adiVciZ fjZhZZ_ZXjiVhdWgZZaZaZbZcid ZhigjXijgVa# 6^haVb^ZcidYZadhgj^YdhZmiZgcdh 6^haVb^ZcidYZadhgj^YdhVgZdh^ciZgcdh C^kZaYZgj^YdYZ^beVXidhb{m^bd .$*$;n_][dY_Wi Z[bWdehcWj_lW 65 AVhZm^\ZcX^VhYZV^haVb^Zcid VXhi^XdYZeZcYZcYZai^edYZ gZX^cidgZXZeidgnYZai^edYZ gZX^cidZb^hdgYZgj^Yd# Beih[Y_djeifhej[]_Zeiied0 °:Y^[^X^dhgZh^YZcX^VaZh/ ]VW^iVX^dcZhnZhiVcX^Vh Ydgb^idg^dh!XdbZYdgZh! W^Wa^diZXVh!hVadcZh!ZiX# °:Y^[^X^dhjhdYdXZciZ/VjaVh! W^Wa^diZXVh!YZheVX]dh °:Y^[^X^dhjhdhVc^iVg^d/fj^g[Vcdh! ]VW^iVX^dcZh!hVaVhYZZheZgV °:Y^[^X^dhjhdVYb^c^higVi^kd/ d[^X^cVhYZheVX]dh!hVaVhYZ gZjc^c Beih[Y_djei^WX_jWXb[iied0 °8dX^cVh!WVdh!VhZdh!eVh^aadh! Y^hig^Wj^YdgZh!odcVhXdbjcZhYZ X^gXjaVX^cZc^ciZg^dg!h^b^aVgZh 30-47 50 55 50 50 6530-47 30-47 33 65 50 50 33 33 ;Z_\_Y_eZ[ l_l_[dZWi 30-47 30-47 50 L_l_[dZWkd_\Wc_b_Wh W_ibWZW 33 30-47 50 50 65 L_l_[dZWkd_\Wc_b_Wh WZeiWZW :caVh^\j^ZciZiVWaVhZbjZhigVc adhkVadgZhYZegdiZXX^c[gZciZVa gj^YdfjZbVgXVZa8I:Zc XdbeVgVX^caVVci^\jVC7:"86--/ :cXVhdYZcdY^hedcZgYZYVidh d[^X^VaZh!Za8I:eZgb^iZji^a^oVg jcdhkVadgZhiVWjaVYdhZc[jcX^c YZai^edYZ{gZVVXhi^XV!fjZ YZeZcYZYZajhdegZYdb^cVciZYZa hjZad# AdhkVadgZhYZV^haVb^ZcidVXhi^Xd Vgj^YdVgZdZcigZjcgZX^cid egdiZ\^YdnZaZmiZg^dgYZeZcYZc YZajhdYZaZY^[^X^dnYZacY^XZYZ gj^YdYVAY# whiZai^bdkVadgejZYZdWiZcZghZ ZcaVhVYb^c^higVX^dcZhXdbeZiZciZh dbZY^VciZXdchjaiVYZadhbVeVh ZhigVi\^XdhYZgj^Yd# EVgVjcVodcVYZjhdgZh^YZcX^Va edgZ_Zbead!ZacY^XZYZgj^YdYV AYZh+%Y76nZaV^haVb^Zcid VXhi^XdgZfjZg^YdZhYZ('Y7eVgV adhYdgb^idg^dhn(%Y7eVgVdigVh ZhiVcX^Vh# KVadgab^iZ I^edgZX^cid EgdiZXX^cVagj^Yd\ZcZgVYdZc½ 8dbZciVg^dh GY76 EgdiZ\^Yd b^hbVjc^YVYYZjhdiVW^fjZgV (%d(* CdgbVa b^hbVjc^YVYYZjhdiVW^fjZgV (%d(* (( EgdiZ\^Yd digVhjc^YVYZhYZjhdXda^cYVciZk$] )* *% ^ch^ij CdgbVa digVhjc^YVYZhYZjhdXda^cYVciZk$] )* )* ^ch^ij EgdiZ\^Yd odcVhXdbjcZhXda^cYVciZk$] cdXdbeVgiZcejZgiVh$kZciVcVh )* *% ^ch^ij ^ch^ij C7:"86"--8I: Y76 8dbZciVg^d Gj^YdV^beVXidh Gj^YdVgZd gZXZeidg (( CdgbVa odcVhXdbjcZhXda^cYVciZk$] cdXdbeVgiZcejZgiVh$kZciVcVh )* )* EgdiZ\^Yd odcVhXdbjcZhXda^cYVciZk$] hXdbeVgiZcejZgiVh$kZciVcVh )* *% CdgbVa odcVhXdbjcZhXda^cYVciZk$] hXdbeVgiZcejZgiVh$kZciVcVh )* *% EgdiZ\^Yd odcVYZ^chi#ngZX^cidhVXi^k^YVYk$] )* ** CdgbVa odcVYZ^chi#ngZX^cidhVXi^k^YVYk$] EgdiZ\^Yd ZmiZg^dg IdYdi^ed bjgdhbZY^VcZgV YZjcVbZY^VcZgVZcigZ'ZY^[# ^ch^ij )* )* ^ch^ij Zc[jcX#YZajhdnc^kZahdcdgd (% (%"), ^ch^ij "XVYVjcdYZadhXZggVb^Zcidh )% ^ch^ij "Xdc_jcidYZ'XZggVb^Zcidh )* *% ^ch^ij EgdiZ\^Yd digVhjc^YVYZhYZjhdXda^cYVciZk$] -% +* ^ch^ij EgdiZ\^Yd odcVhXdbjcZhXda^cYVciZk$] -% +* ^ch^ij EgdiZ\^Yd odcVYZ^chi#ngZX^cidhVXi^k^YVYk$] -% +% ^ch^ij EgdiZ\^Yd XjW^ZgiVigVch^iVWaZ -% +* ^ch^ij 9WhWYj[hij_YWiWYij_YWi ,' .$+$IebkY_ed[i Z[bi_ij[cWZ[ YedijhkYY_dOJED= .$+$'$Ckhei[nj[h_eh[i AdhbjgdhZmiZg^dgZhXdcWadfjZh YZ]dgb^\cXZajaVgNIDC<hZ gZVa^oVcZcZheZhdgZhVeVgi^gYZ '%Xb!VaXVco{cYdhZadhh^\j^ZciZh kVadgZhYZgZYjXX^cVXhi^XVGV/ 8WdZWi[b|ij_YWiZ[feh[nfWd[iYWbedWZWi IebkY_d :[di_ZWZ HWZ87 9ec[djWh_e 7adfjZNIDC<'%Xb )%%`\$b( )&!- &]d_V 7adfjZNIDC<'%Xb *%%`\$b( )(!) &]d_V 7adfjZNIDC<'*Xb )%%`\$b( ))!% &]d_V 7adfjZNIDC<'*Xb *%%`\$b( )+!+ &]d_V 7adfjZgZkZhi^YdXdc&%bbYZnZhdZcVbWVhXVgVh 7adfjZgZkZhi^YdXdc&%bbYZnZhdZcjcVXVgVn&%bbYZZc[dhXVYdZcaVdigV AdhcY^XZhGVZhi{cbjnedg ZcX^bVYZadhkVadgZhYZV^haVb^Zcid fjZZm^\ZZa8I:eVgVadhi^edhYZ {gZVhVXhi^XVhb{h]VW^ijVaZh# =VnfjZiZcZgZcXjZciVfjZaVh kZciVcVh[dgbVceVgiZYZaV[VX]VYV nedgadiVcidXdcig^WjnZcVa V^haVb^ZcidVXhi^XdZ[ZXi^kdYZ ZaaV# .$+$($:_l_i_ed[i[dbWc_icW kd_ZWZZ[kie IVW^fjZgV IebkY_d IVW^fjZNIDC<,Xb :[di_ZWZ **%`\$b( IVW^fjZNIDC<&%Xb **%`\$b( (-!% &]d_V IVW^fjZNIDC<&*Xb **%`\$b( )&!% &]d_V AdhcY^XZhGVhdchjeZg^dgZhVa ab^iZfjZbVgXVZa8I:((Y76# EVgVgZYjX^gaVigVchb^h^cYZ gj^Ydhedg[aVcXdhZhedh^WaZZa ZbeaZdYZWVcYVhZa{hi^XVhYZ edgZmeVcZhXVadcVYVh# :hidhhZZbeaZVciVcideVgVZa VedndYZaViVW^fjZgVXdbdeVgV adhZcXjZcigdhkZgi^XVaZhXdcadh bjgdh#:aeZg[^aZhXVadcVYd[VX^a^iV aVVea^XVX^cYZadhVXVWVYdhh^cZa eZa^\gdYZaVXgZVX^cYZejZciZh VXhi^Xdh# ,( 9WhWYj[hij_YWiWYij_YWi HWZ87 9ec[djWh_e (*!% &]d_V .$+$)$:_l_i_ed[iYed h[gk[h_c_[dje[b[lWZe Z[W_ibWc_[djeWYij_Ye AVhbVndgZhZm^\ZcX^VhYZ V^haVb^ZcidVXhi^XdaVhiZcZbdh ZcigZY^[ZgZciZhjc^YVYZhYZjhd bjgdZcigZk^k^ZcYVh!ZcigZodcVh ]VW^iVWaZhnodcVhXdbjcZhodcV YZZhXVaZgVh!eVh^aadhnZcigZodcVh ]VW^iVWaZhnZheVX^dhYZ^chiVaV" X^dcZh#:cidYdhZhidhXVhdhaV hdajX^cXdchigj^YV^ch^ijYZWZ Xjbea^gXdcadhab^iZhfjZbVgXV aVcdgbVi^kV# 6aXdbegdWVghZZaV^haVb^Zcid VXhi^XdYZaVdWgViZgb^cVYV! hiZcdYZeZcYZg{c^XVbZciZYZa bViZg^VadadhbViZg^VaZhZaZ\^Ydh fjZXdbedcZcaVhZXX^cYZa ZaZbZcidY^k^hdg^d!h^cdfjZ]Vn bai^eaZheVg{bZigdhb{hfjZ ^c[ajnZcZcZagZhjaiVYdYZa V^haVb^ZcidZ[ZXi^kd#:hidhhdcedg jcaVYdeVg{bZigdhYZegdnZXid! XdbdZakdajbZcYZaVh]VW^iVX^dcZh! ZabViZg^VafjZXdbedcZadh [aVcXdhbjgdhaViZgVaZhn[dg_VYd hjeZg^dgZ^c[Zg^dg!edh^WaZh igVhYdhVYdhkZgi^XVaZhj]dg^odciVaZh hjZad[adiVciZd[VahdiZX]dn Zai^edYZZcXjZcigdZcigZadh ZaZbZcidhjc^dcZhg\^YVhd jc^dcZhYZhk^cXjaVYVh# 9ZWZbdhY^[ZgZcX^VgZcigZY^k^h^d" cZhXdc[jcX^dcZhZhigjXijgVaZh bjgdhYZXVg\VnY^k^h^dcZhh^c ZhiV[jcX^c# BjgdhYZXVg\V EVgVVaXVcoVgZaV^haVb^Zcid VXhi^XdgZfjZg^YdZm^hiZckVg^Vh VaiZgcVi^kVh/ HdajX^cYZ&]d_V BjgdYZWadfjZhYZ]dgb^\c XZajaVgNIDC<YZ(%d('!*XbYZ ZheZhdgn+*%`\$b(YZYZch^YVY# 8{aXjadhgZVa^oVYdhhZ\ccdgbVi^kV :C"&'(*)"&/'%%%eVgVWadfjZhYZ ]dgb^\cXZajaVgNIDC<YZ('!*Xb YZZheZhdgn+*%`\$b(YZYZch^YVY! gZkZhi^YdhXdcnZhdZcVbWVh XVgVh!]VcYVYdgZhjaiVYdhYZ ZcigZ*%n*&Y79cI!leVgVYdh Ydgb^idg^dhXdci^\jdh!iZc^ZcYdZc XjZciVaVigVchb^h^cedg[aVcXdh nedgadiVcidh^bjaVcYdaVdWgV iZgb^cVYV#:akVadgGlXVaXjaVYd eVgVZhiZi^edYZWadfjZ^cXa# gZkZhi^b^ZcidhYZnZhdZcVbWdh aVYdhYZ&%bbZhYZ*'!,Y7!edg adfjZZakVadgGVZhiVZcidgcdV adh*'Y7# HdajX^cYZ&]d_VedgiVciZb{h igVhYdhVYd BjgdYZXVg\VYZWadfjZhYZ ]dgb^\cXZajaVgNIDC<YZ '%Xb YZZheZhdg bViZg^VagZhdgiZ hZ\jcYV]d_V# AVY^k^h^cYZjcVeVgZYZcYdh ]d_Vh!hZeVg{cYdaVhVjcVX^ZgiV Y^hiVcX^V!naV^cigdYjXX^cYZjc bViZg^Va[aZm^WaZZcigZZaaVh egdedgX^dcVcgZhjaiVYdhYZ V^haVb^ZcidVXhi^XdbjnZaZkVYdh#:a bViZg^Va[aZm^WaZ[jcX^dcVXdbdjc bjZaaZfjZhZdedcZVabdk^b^Zcid ZcigZadheVgVbZcidh!VWhdgW^ZcYd eVgiZYZaVZcZg\VngZYjX^ZcYdaV [gZXjZcX^VYZgZhdcVcX^VYZaVhYdh ]d_Vh#BViZg^VaZhei^bdhXdbdaV aVcVYZgdXVdaV[^WgVYZk^Yg^dhdc ZheZX^VabZciZVYZXjVYdh!nVfjZ VeVgiZYZZaVhi^X^YVYVedgiVcaVh XjVa^YVYZhYZVWhdgX^cfjZ Za^b^cVcZaZ[ZXid\j^iVggV# :hedh^WaZXdbW^cVgYdhWadfjZh YZNIDC<YZY^[ZgZciZZheZhdg! gZaaZcVcYdZa]jZXdXdcaVcVYZ gdXV#6jcfjZaVhYdh]d_VhhZVcYZa b^hbdbViZg^Va!aVXdbW^cVX^cYZ Y^[ZgZciZhZheZhdgZh]VXZfjZhZ Zk^iZZaZ[ZXidYZVXdeaVb^ZcidZc jcVb^hbV[gZXjZcX^VYZgZhdcVcX^V VaVfjZhdcZb^hdgZh#:a]ZX]dYZ fjZaVhYdh]d_VhhZVcVjidedgiVciZh ZhWZcZ[^X^dhdVacdZhiVgjc^Ydh ZcigZh!edgadfjZcdZm^hiZcejZciZh VXhi^XdhY^gZXidh# AVXdbW^cVX^cYZWadfjZhYZ ]dgb^\cXZajaVgNIDC<XdceaVXVh YZXVgicnZhdi^ZcZaVkZciV_VYZ fjZhZXdbW^cVc]d_VhYZY^[ZgZciZh bViZg^VaZh!jcdYZZaadhWaVcYdVaV [aZm^ceaVXVhYZXVgicnZhdndigd g\^YdWadfjZhYZ]dgb^\cXZajaVg NIDC<#EdgZhiZbdi^kdaVh]d_Vh i^ZcZc[gZXjZcX^VhXgi^XVhnYZ gZhdcVcX^VY^[ZgZciZh!adXjVa WZcZ[^X^VXdch^YZgVWaZbZciZVa V^haVb^Zcid#EVgVXdchZ\j^g gZVabZciZc^kZaZhYZV^haVb^Zcid VXhi^XdZaZkVYd!ZhXdckZc^ZciZ ]VXZgaVh]d_VhidiVabZciZ ^cYZeZcY^ZciZhZcigZh!ZbeaZVcYd jcVeZg[^aZgV^cYZeZcY^ZciZeVgVZa igVhYdhVYd# HdajX^cYZ']d_VhedgiVciZh 9dh]d_VhYZWadfjZhYZ]dgb^\c XZajaVgNIDC<YZ'%XbYZZheZhdg n*%%`\$b(YZYZch^YVY!'*bbYZ aVcVYZgdXV^ciZgXVaVYV#KVadgGV XVaXjaVYdYZ*-Y76# :aZbZcidY^k^hdg^dh^c[jcX^c ZhigjXijgVa HdajX^cYZ']d_VhYZiVW^fjZgV bViZg^VaYZgZhdgiZ^ciZgejZhid HZigViVYZgZVa^oVgYdh]d_Vh ^cYZeZcY^ZciZhnVjidedgiVciZhYZ WadfjZhYZ]dgb^\cXZajaVg NIDC<YZgZYjX^YdZheZhdg! YZ_VcYdjcZheVX^dYZiZgb^cVYd ZcigZVbWdhngZaaZc{cYdadXdcjc bViZg^VagZhdgiZVYZXjVYdaVcVYZ gdXV# 9WhWYj[hij_YWiWYij_YWi ,) E6G:9 Hdc^Yd^cX^YZciZE6G:9 Hdc^Yd^cX^YZciZ Hdc^YdHdc^Yd VWhdgW^Yd VWhdgW^Yd Hdc^YdgZ[aZ_VYd Hdc^YdgZ[aZ_VYd .$,$7XiehY_dWYij_YW AVhdcYVhhdcdgVhfjZX]dXVcXdc aVheVgZYZhYZjcV]VW^iVX^chdc gZ[aZ_VYVhZceVgiZ]VX^VZaadXVa YZdg^\Zc!b^ZcigVhfjZdigVeVgiZ ZhVWhdgW^YVedgaVegde^VeVgZY# :aXdZ[^X^ZciZYZVWhdgX^cαYZ jcVeVgZYXVgVXiZg^oVhjedYZg eVgVVWhdgWZgaVZcZg\VVXhi^XV ^cX^YZciZ# :hedh^WaZgZYjX^gZac^kZaVXhi^XdZc jcV]VW^iVX^cXdadXVcYdbViZg^VaZh ZheZX^VabZciZVWhdgWZciZhZcaVh eVgZYZh#6bZcjYd!hZXdc[jcYZ V^haVb^ZcidVXhi^XdnVWhdgX^c hdcdgV# :aXdZ[^X^ZciZYZVWhdgX^cαYZ jcVeVgZYXdggZhedcYZVagVi^d ZcigZaVZcZg\VVWhdgW^YVnaV ZcZg\V^cX^YZciZ#6h!hZh^iV iZg^XVbZciZZcigZ%n&# α2%h^\c^[^XVfjZidYdhadhgj^Ydh hZgZ[aZ_VcZcZhiZXVhd!adh ZaZbZcidhYZXdchigjXX^ci^ZcZc jcVhjeZg[^X^ZeaVcV!a^hV!cdhdc edgdhdhnhdcg\^Ydh α2&h^\c^[^XVfjZidYdhadhgj^Ydh hdcVWhdgW^YdhdigVchb^i^Ydh bViZg^VaZhedgdhdhXdcedgdh VW^Zgidh½ AVXVeVX^YVYYZVWhdgX^cVXhi^XV YZa]dgb^\cXZajaVgNIDC<Zh*V &%kZXZhhjeZg^dgVaVYZbViZg^VaZh a^hdh#Hjji^a^oVX^cejZYZhZg ^ciZgZhVciZZcadXVaZhiXc^Xdh YdcYZZabViZg^Vah^cgZkZhi^b^Zcid eZgb^iZVWhdgWZgjcVeVgiZYZaV ZcZg\V^cX^YZciZ#AViVWaVh^\j^ZciZ YVZaXdZ[^X^ZciZYZVWhdgX^cYZa ]dgb^\cXZajaVgNIDC<Zc[jcX^c YZaV[gZXjZcX^VbZY^VcV[# <h[Yk[dY_W &'* 9e[\_Y_[dj[Z[WXiehY_d %!%% °adhbViZg^VaZhVWhdgWZciZhh^gkZc eVgVa^b^iVgZaZ[ZXidYZgZhdcVcX^V YZagj^Yd °ZaV^haVb^ZcidVXhi^XdXVgVXiZg^oV aVigVchb^h^cYZagj^YdYZjc ZheVX^dVdigd# ,* 9WhWYj[hij_YWiWYij_YWi '*% *%% &%%% '%%% )%%% %!&* %!'* %!'% %!'% %!'% .$-$H[ikc[dZ[dZ_Y[iZ[W_ibWc_[djeWYij_YeZ[[b[c[djeiZ_l_ieh_eiZ[^ehc_]dY[bkbWhOJED= HdajX^dcZhYZjcV]d_V :heZhdg 9Zch^YVY Gl GV& bb `\$b( Y7 Y76 IVW^fjZYZ,Xb ,% **% (+ (* IVW^fjZYZ&%Xb &%% **% (. (- IVW^fjZYZ&*Xb &*% **% )' )& 7adfjZhYZ'%Xb^cXa#gZkZhi '%% )%% )'' )&!-' 7adfjZhYZ'%Xb^cXa#gZkZhi '%% *%% ))' )(!)' 7adfjZhYZ'*Xb^cXa#gZkZhi '*% )%% )+ )) )+!+' ), 7adfjZhYZ'*Xb^cXa#gZkZhi '*% *%% ),' 7adfjZhYZ(%Xb^cXa#gZkZhi (%% )%% ). 7adfjZhYZ(%Xb^cXa#gZkZhi (%% +*% *' *& 7adfjZhYZ('!*Xb^cXa#gZkZhi ('* +*% *'!, *' )'* *%% *. *- HdajX^dcZhXdbejZhiVh"HdajX^dcZhYZYdh]d_Vh 7adfjZ'%Xb aVcVYZgdXV'*bb WadfjZ'%Xb IVW^fjZYZ,Xb aVcVYZgdXV'*bb iVW^fjZYZ,Xb &+* **% *, ** IVW^fjZYZ&%Xb aVcVYZgdXV)%bb iVW^fjZYZ&%Xb ')% **% *. *- ('% **% *. *- &-+ **% **!* *(!* '(+ *%% *,!* **!* ',( *%% *)!- *'!- '-+ *%% *-!- *+!- ',( *%% *+!- *)!- '-+ *%% *.!- *,!- (&% *%% +' +% ((% *%% +( +& HdajX^dcZhXdbejZhiVh"IgVhYdhVYdh 7adfjZYZ'%Xb *%bbaVcVYZgdXV iVW^fjZYZ,XbNIDC< 7adfjZYZ&%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVWadfjZh 7adfjZYZ&*Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdh^beaZ&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdh^beaZ&(bb^cYZeZcY^ZciZnVjidedgiVciZ 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb^cYZeZcY^ZciZnVjidedgiVciZ 7adfjZYZ'*Xb eVcZaV^haVciZg\^YdXdbejZhidYZaVcV YZk^Yg^dYZVaiVYZch^YVY*%bbneaVXVYZnZhd 7adfjZYZ'*Xb eVcZaV^haVciZg\^YdXdbejZhidYZaVcV YZk^Yg^dYZVaiVYZch^YVY,%bbneaVXVYZnZhd EaVXVhYZ[dg_VYddXjW^ZgiV :heZhdg 9Zch^YVY Gl bb `\$b( Y7 EaVXVYZ'%XbYZZheZhdgXjW^ZgiV '%% *%% )'!+ )&!+ EaVXVYZ')XbYZZheZhdgXjW^ZgiV ')% *%% ))!, )(!, GV& Gj^YdV Y76 ^beVXidh& EaVXVYZ(%XbYZZheZhdgXjW^ZgiV (%% *%% ),!' )+!' EaVXVYZ'%XbYZZheZhdg[dg_VYd '%% +%% )* )) .&!' EaVXVYZ')XbYZZheZhdg[dg_VYd ')% +%% ), )* --!* EaVXVYZ(%XbYZZheZhdg[dg_VYd (%% +%% ). ), -* EaVXVYZ'%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb '-% +%% *, *+ +%!' EaVXVYZ'%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ+%bb (%% +%% *+ *' *-!' EaVXVYZ')Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb ('% +%% *. *, *,!* EaVXVYZ')Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ+%bb ()% +%% *. *- **!* EaVXVYZ(%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb (-% +%% *- *( *) &KVadgZhXVaXjaVYdh"'KVadgZhYZZchVnd"(:aV^haVb^ZcidZ[ZXi^kd9cI!6YZeZcYZYZGV!YZaVhkVg^VWaZhYZaegdnZXidnYZaVZ_ZXjX^c 9WhWYj[hij_YWiWYij_YWi ,+ HdajX^dcZhYZjcV]d_V"ÛbW^idYZVea^XVX^cYZaVhhdajX^dcZhhZ\cab^iZbVgXVYdhedgZa8I:( B^hbVjc^YVYYZjhd BjgdhZmiZg^dgZh Gj^YdVgZd Gj^YdVgZd GV((Y76 (%GV),Y76 IVW^fjZYZ,Xb M IVW^fjZYZ&%Xb M IVW^fjZYZ&*Xb M 7adfjZhYZ'%Xb^cXa#gZkZhi M 7adfjZhYZ'%Xb^cXa#gZkZhi M 7adfjZhYZ'*Xb^cXa#gZkZhi M 7adfjZhYZ'*Xb^cXa#gZkZhi M 7adfjZhYZ(%Xb^cXa#gZkZhi M 7adfjZhYZ(%Xb^cXa#gZkZhi M 7adfjZhYZ('!*Xb^cXa#gZkZhi M HdajX^dcZhXdbejZhiVh"HdajX^dcZhYZYdh]d_Vh 7adfjZ'%Xb aVcVYZgdXV'*bb WadfjZ'%Xb IVW^fjZYZ,Xb aVcVYZgdXV'*bb iVW^fjZYZ,Xb IVW^fjZYZ&%Xb aVcVYZgdXV)%bb iVW^fjZYZ&%Xb HdajX^dcZhXdbejZhiVh"IgVhYdhVYdh 7adfjZYZ'%Xb *%bbaVcVYZgdXV iVW^fjZYZ,XbNIDC< 7adfjZYZ&%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVWadfjZh 7adfjZYZ&*Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdh^beaZ&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb[^_VYVVbjgd 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdh^beaZ&(bb^cYZeZcY^ZciZnVjidedgiVciZ 7adfjZYZ'%Xb &%bbV^gZ )%bbaVcVb^cZgVa eaVXVYZnZhdYdWaZ'm&(bb^cYZeZcY^ZciZnVjidedgiVciZ 7adfjZYZ'*Xb eVcZaV^haVciZg\^YdXdbejZhidYZaVcV YZk^Yg^dYZVaiVYZch^YVY*%bbneaVXVYZnZhd 7adfjZYZ'*Xb eVcZaV^haVciZg\^YdXdbejZhidYZaVcV YZk^Yg^dYZVaiVYZch^YVY,%bbneaVXVYZnZhd EaVXVhYZ[dg_VYddXjW^ZgiV"6ei^ijYYZaVhhdajX^dcZheVgVXjbea^gXdcadhkVadgZhab^iZbVgXVYdhedgZa8I:( ,, B^hbVjc^YVYYZjhd EaVXVYZ'%XbYZZheZhdgXjW^ZgiV EaVXVYZ')XbYZZheZhdgXjW^ZgiV EaVXVYZ(%XbYZZheZhdgXjW^ZgiV EaVXVYZ'%XbYZZheZhdg[dg_VYd M EaVXVYZ')XbYZZheZhdg[dg_VYd M EaVXVYZ(%XbYZZheZhdg[dg_VYd M EaVXVYZ'%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb M EaVXVYZ'%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ+%bb M EaVXVYZ')Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb M EaVXVYZ')Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ+%bb M EaVXVYZ(%Xb )%bbYZaVcVb^cZgVa XVeVYZbdgiZgdYZ)%bb M &KVadgZhXVaXjaVYdh"'KVadgZhYZZchVnd"(:aV^haVb^ZcidZ[ZXi^kd9cI!6YZeZcYZYZGV!YZaVhkVg^VWaZhYZaegdnZXidnYZaVZ_ZXjX^c 9WhWYj[hij_YWiWYij_YWi 9^[ZgZciZhjY#YZjhd OdcVhXdbjcZh OdcVhXdbjcZh ZcigZk^k^ZcYVh h^cejZgiV$kZciVcV XdcejZgiV$kZciVcV >chiVaVX^dcZh BZY^VcZgVh Gj^YdVgZd Gj^YdVgZd Gj^YdVgZd Gj^YdVgZd Gj^YdVgZd9ci!6*%Y7 9ci!6*%Y7 9ci!6*%Y7 GV*%Y76 9ci!6**Y7 idiVad)%Y7XVYV]d_V M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M 8jW^ZgiVh 9^[ZgZciZhjY#YZjhdZcigZk^k^ZcYVh OdcVhXdbjcZh >chiVaVX^dcZh Gj^YdVgZd Gj^YdVgZd9ci!6*%Y7 Gj^YdVgZd9ci!6*%Y7 Gj^YdVgZd9ci!6**Y7 (%GV),Y76 Gj^Yd^beVXidhAcI!l<+*Y7 Gj^Yd^beVXidhAcI!l<+*Y7 Gj^Yd^beVXidhAcI!l<+%Y7 M M M M M M M M M M M M M M M M M M M 9WhWYj[hij_YWiWYij_YWi ,- /$H[i_ij[dY_WWb\k[]e /$'$:[\_d_Y_ed[i oh[gk[h_c_[djei Z[bWdehcWj_lW /$'$'$H[WYY_dWb\k[]e AVXaVh^[^XVX^cYZaVgZVXX^cVa [jZ\dYZjcbViZg^VaeZgb^iZ ZkVajVgaVeVgi^X^eVX^cYZjc bViZg^VaVaYZhVggdaadnVaV egdeV\VX^cYZa[jZ\dnZhi{ gZ\jaVYVedgaVcdgbVi^kV cVX^dcVaJC:":C&(*%&"&/'%%' eVgVadhegdYjXidhYZXdchigjXX^c nZaZbZcidheVgVaVZY^[^XVX^c# /$'$($BWh[i_ij[dY_WWb\k[]e AVgZh^hiZcX^VVa[jZ\dZhaV XVeVX^YVYYZjcZaZbZcid XdchigjXi^kdeVgVbVciZcZgYjgVciZ jceZg^dYdYZi^ZbedYZiZgb^cVYd aV[jcX^cedgiVciZfjZaZhZV Zm^\^WaZ!VhXdbdaV^ciZ\g^YVYn$d ZaV^haVb^Zcidigb^XdYZadh igb^cdhZheZX^[^XVYdhZcZaZchVnd cdgbVa^oVYdXdggZhedcY^ZciZ# =VhiVaVZcigVYVZck^\dgYZa8I:! aVhXaVhZhYZgZVXX^cVa[jZ\dhZ YZcdb^cVWVcB%!B&!B'!B(nB) hZ\caVC7:"8E>.+#:acbZgdYZ XVYVXaVhZ^cY^XVWVaVbV\c^ijY gZaVi^kVXdcaVfjZadhbViZg^VaZh XdggZhedcY^ZciZhejZYZc[VkdgZXZg ZaYZhVggdaadYZjc^cXZcY^d# AVcjZkVcdgbVi^kVYZ[^cZaVh h^\j^ZciZhZjgdXaVhZhYZgZVXX^c Va[jZ\d/6&!6'!7!8!9!:n;#6&n 6'XdggZhedcYZcVegdm^bVYVbZciZ VaVVci^\jVXaVhZB%bViZg^Va ^cXdbWjhi^WaZ# :cXjVcidVaVhXVgVXiZghi^XVhYZ XdbedgiVb^ZcidYZgZh^hiZcX^VVa [jZ\dYZjcZaZbZcidXdchigjXi^kd ]VnfjZY^[ZgZcX^VgZcigZaVXVeVX^YVY edgiVciZG!aV^ciZ\g^YVY:nZa V^haVb^Zcid># HjXaVh^[^XVX^cZhi{gZ\^YVedgaV cdgbVi^kVJC:":C&(*%&"'/'%%) nk^ZcZYVYVedgaVaZigVG!:d> djcVXdbW^cVX^cYZZaaVhb{h jccbZgdii!YdcYZiiZhZaeZgdYd YZXaVh^[^XVX^cYjgVciZZaXjVahZ XjbeaZcidYdhadhXg^iZg^dhYZa XdbedgiVb^ZcidZheZX[^Xd# 8VeVX^YVYedgiVciZG AVXVeVX^YVYedgiVciZGYZjc ZaZbZcidXdchigjXi^kdYZhdedgiVg! YjgVciZjceZg^dYdYZi^Zbednh^c eZgY^YVYZZhiVW^a^YVYZhigjXijgVa! aVZmedh^X^cVa[jZ\dZcjcVdb{h XVgVh!WV_dVXX^dcZhbZX{c^XVh YZ[^c^YVh# >ciZ\g^YVY: AV^ciZ\g^YVY:ZhaVXVeVX^YVYfjZ i^ZcZjcZaZbZcidXdchigjXi^kdXdc [jcX^chZeVgVYdgVYZhdedgiVgaV Zmedh^X^chdaVbZciZZcjcVXVgV! h^cfjZZm^hiVigVchb^h^cYZa[jZ\d VaVXVgVcdZmejZhiVYZW^YdVaeVhd YZaaVbVhd\VhZhXVa^ZciZh!fjZ ejZYVcegdYjX^gaV^\c^X^cYZaV hjeZg[^X^ZcdZmejZhiVdYZ XjVafj^ZgbViZg^VaVYnVXZciZVZhV hjeZg[^X^Z# 6^haVb^Zcid> :aV^haVb^Zcid>ZhaVXVeVX^YVY YZjcZaZbZcidXdchigjXi^kdYZ hdedgiVgaVZmedh^X^cVa[jZ\dZc jchdadaVYd!h^cfjZhZegdYjoXV aVigVchb^h^cYZa^cXZcY^dYZW^Yd VjcVigVch[ZgZcX^VYZXVadg h^\c^[^XVi^kVYZhYZZaaVYdZmejZhid VaaVYdcdZmejZhidVjbZcidbZY^d b{m^bdYZ&)%°n&-%°YZVjbZcid b{m^bdejcijVaZcaVXVgVcd ZmejZhiV# 6jcZaZbZcidhZaZejZYZZm^\^g ZaXjbea^b^ZcidYZjcVdkVg^Vh XVgVXiZghi^XVhYZXdbedgiVb^Zcid# JcZaZbZcidXdcaVXaVh^[^XVX^c G:>.%edgZ_Zbead!\VgVci^oVZa Xjbea^b^ZcidYZadhXg^iZg^dhYZ XVeVX^YVYedgiVciZ!^ciZ\g^YVYn V^haVb^ZcidYjgVciZ.%b^cjidh# AVhZm^\ZcX^VhYZgZh^hiZcX^VYZjc ZaZbZcideZgb^iZcXaVh^[^XVgadYZaV h^\j^ZciZbVcZgV/ :m^\ZcX^V 8VeVX^YVYedgiVciZG 8VeVX^YVYedgiVciZG">ciZ\g^YVY: 8VeVX^YVYedgiVciZG">ciZ\g^YVY: 6^haVb^Zcid> ,. H[i_ij[dY_WWb\k[]e 8ViZ\dgV :hiVW^a^YVYVa[jZ\d EVgVaaVbVh 8dgiV[jZ\dh ;n_][dY_WiZ[h[i_ij[dY_WWb\k[]ei[]kd[b9eZ_]eJYd_YeZ[bW;Z_\_YWY_d ;b[c[djeiZ[YecfWhj_c[djWY_d I^edYZjhd 6aijgVYZZkVXjVX^cYZaZY^[^X^dZcb <&*b <'-b >'-b :>+% :>.% :>&'% :>.% :>&'% :>&-% GZh^YZcX^VaK^k^ZcYV! GZh^YZcX^VaEWa^Xd! 9dXZciZ!6Yb^c^higVi^kd 8dbZgX^Va! EWa^XVXdcXjggZcX^V! =dhe^iVa^iVg^d ;b[c[djei[ijhkYjkhWb[i I^edYZjhd 6aijgVYZZkVXjVX^cYZaZY^[^X^dZcb <&*b <'-b >'-b G(% " " G+% G.% G&'% G.% G&'% G&-% K^k^ZcYVjc^[Vb^a^Vg GZh^YZcX^VaK^k^ZcYV! GZh^YZcX^VaEWa^Xd! 9dXZciZ!6Yb^c^higVi^kd 8dbZgX^Va! EWa^XVXdcXjggZcX^V! =dhe^iVa^iVg^d >beZgbZVWaZVa \Vhnadh]jbdh /$'$)$BWi[n_][dY_WiX|i_YWi Z[i[]kh_ZWZ[dYWieZ[_dY[dZ_ei :cZaYdXjbZcidW{h^Xd97"H> hZZheZX^[^XVcaVhZm^\ZcX^Vh W{h^XVhYZhZ\jg^YVYZcXVhdYZ ^cXZcY^dh# AVhh^\j^ZciZhZm^\ZcX^VhV[ZXiVc VadhZaZbZcidhXdchigjXi^kdhYZ NIDC</ A^b^iVX^cYZaVegdeV\VX^c ^ciZg^dgYZa^cXZcY^dedgZa^ciZg^dg YZjcZY^[^X^d EVgVXdcigdaVgaVegdeV\VX^c ^ciZg^dgYZa[jZ\dZcXVhdYZ ^cXZcY^d!Za8I:ZheZX^[^XVaV gZh^hiZcX^VVa[jZ\dfjZYZWZc iZcZgaVheVgZYZhndigdhZaZbZcidh YZXdbeVgi^bZciVX^cfjZYZa^b^iVc hZXidgZhYZ^cXZcY^d!hZ\cZai^ed YZZY^[^X^dnaVVaijgVYZZkVXjVX^c# AdhZaZbZcidhYZXdbeVgi^bZciV" X^chZXdch^YZgVccdZhigjXijgVaZh nedgZhdhdaVbZciZhZZm^\ZjcV XaVh^[^XVX^c:>eVgVhidh# GZh^hiZcX^VVa[jZ\d YZaVZhigjXijgV :a8I:ZheZX^[^XVaVgZh^hiZcX^VVa [jZ\dhj[^X^ZciZYZadhZaZbZcidh ZhigjXijgVaZheVgVY^[ZgZciZhi^edh YZjhdnZc[jcX^cYZaVVaijgVYZ ZkVXjVX^c# ' &%%%8 B -%8 BjgdXdc WadfjZh NIDC<YZ &*XbZhe# /$($BWiYWhWYj[hij_YWi Z[b^ehc_]dY[bkbWh /$($'$?dYecXkij_X_b_ZWZ :a]dgb^\cXZajaVgNIDC<Zhjc bViZg^Vab^cZgVa^cXdbWjhi^WaZ! XdcjcViZbeZgVijgVYZ[jh^c VagZYZYdgYZadh&'%%°8# 9ZVXjZgYdVaVcdgbVi^kVcVX^dcVa JC:":C,,&")Æ:heZX^[^XVX^dcZh eVgVe^ZoVhYZ[{Wg^XVYZVaWV^aZgV! EVgiZ)/7adfjZhYZ]dgb^\c XZajaVgXjgVYdZcVjidXaVkZÇ!eVgV adhWadfjZhYZ]dgb^\cXZajaVg XdcjcXdciZc^YdYZbViZg^V dg\{c^XVbZcdgYZjc&!aV YZXaVgVX^cYZgZVXX^cVa[jZ\d ejZYZhZgYZ6&h^ccZXZh^YVYYZ ZchVnd#AdhWadfjZhYZ]dgb^\c XZajaVgNIDC<XjbeaZcZhiZ gZfj^h^idnedgadiVcidhdcYZXaVhZ 6&#9ZW^YdVhjcVijgVaZoVb^cZgVa nhj[jZgiZgZh^hiZcX^Vigb^XV!Za ]dgb^\cXZajaVgNIDC<hZVYVeiV eVgi^XjaVgbZciZW^ZcVidYVhaVh Vea^XVX^dcZhXdgiV[jZ\dh# H[i_ij[dY_WWb\k[]e ,/ 8aVh^[^XVX^cYZaVgZh^hiZcX^VVa[jZ\dYZZaZbZcidhYZ]dgb^\cXZajaVgNIDC< :aZbZcid :heZhdg 8aVh^[^XVX^c IVW^fjZ ,Xb :.%!:>.% IVW^fjZ &%Xb :&'%!:>&-% IVW^fjZ &*Xb :&'%!:>')% 7adfjZ &,!*Xb G:>&'% 8aVh^[^XVX^dcZhb{m^bVhhZ\cJC:":C&(*%&"'/'%%) :heZhdgZhbc^bdhYZegdYjXidhNIDC<eVgVY^[ZgZciZhZaZbZcidhXdchigjXi^kdh eVgVXjbea^gXdcaVhZm^\ZcX^VhYZhZ\jg^YVYZcXVhdYZ^cXZcY^d :aZbZcidXdchigjXi^kd I^edYZjhdYZZY^[^X^d 6aijgVYZZkVXjVX^cYZZY^[^X^d IVW^fjZ GZh^YZcX^VaK^k^ZcYV!GZh^YZcX^VaeWa^Xd! 9dXZciZ!6Yb^c^higVi^kd IVW^fjZ 8dbZgX^Va!EWa^XVXdcXjggZcX^V!=dhe^iVa^iVg^d BjgdYZXVg\V K^k^ZcYVjc^[Vb^a^Vg EaVXVhE GZh^YZcX^Vak^k^ZcYV!GZh^YZcX^VaeWa^Xd! 9dXZciZ!6Yb^c^higVi^kd 8dbZgX^Va!EWa^XVXdcXjggZcX^V! =dhe^iVa^iVg^d <&*b <'-b >'-b ,Xb ,Xb &%Xb ,Xb &%Xb &%Xb '%Xb " " &%"&,!*XbE " " '%Xb '%Xb " &%"'%XbE '%Xb &*"'%XbE &,!*"'%XbE '%Xb &*"'%XbE &,!*"'%XbE " " :aZheZhdgbc^bdeVgVbjgdhYZXVg\VZhYZ'%Xb#AdhgZfjZg^b^ZcidhYZegdiZXX^cXdcigVZa[jZ\dhZXjbea^gVc XdcZheZhdgZh^c[Zg^dgZh#AVVaijgVYZaVhZhigjXijgVhXdcbjgdhYZXVg\VYZNIDC<hZg{cYZVaijgVh^c[Zg^dgZhV'-b# /$($($9ecfehjWc_[djeWb\k[]e jWX_gk[i"Xbegk[iofbWYWi :aXdbedgiVb^ZcidVa[jZ\dYZa ]dgb^\cXZajaVgNIDC<Zh ZmXZaZciZ!XdbdadYZbjZhigVc adhZchVndhYZgZh^hiZcX^VVa[jZ\d gZVa^oVYdhedgZa8HI7#<gVX^Vh VhjWV_dXdZ[^X^ZciZYZXdcYjX" i^k^YVYigb^XV!Za[aj_dYZXVadgV igVkhYZa]dgb^\cXZajaVgZhbjn WV_d#AViZbeZgVijgVZcZaaVYdcd ZmejZhidhZbVci^ZcZedgiVcidZc jcc^kZagZYjX^Yd# -& H[i_ij[dY_WWb\k[]e 9jgVciZadhZchVndhgZVa^oVYdh XdcWadfjZhYZ&*XbYZZheZhdg! aViZbeZgVijgVZcidYdhadhejcidh YZaaVYdcdZmejZhid!^cXaj^YVhaVh _jciVh!hZbVci^ZcZedgYZWV_dYZ adh-%8]VhiV+]dgVhYZhejh YZ]VWZgXdbZcoVYdZaZchVnd! XdcjcViZbeZgVijgVZcZaaVYd ZmejZhidhjeZg^dgVadh&%%%8# /$($)$H[i_ij[dY_WWb\k[]e 8dcjcVgZh^hiZcX^VVa[jZ\d ZmXZeX^dcVa!Zah^hiZbVYZ XdchigjXX^cNIDC<d[gZXZaV hdajX^c^YZVaeVgVidYVhaVh XdchigjXX^dcZhYZZY^[^X^dh XdaZXi^kdh!VYb^c^higVi^kdh! ^cYjhig^VaZhdV\gXdaVh# CkheZ_l_ieh_eYehjW\k[]ei Ckhef[h_\h_YeYehjW#\k[]e CkheZ_l_ieh_eYehjW\k[]ei 9kX_[hjWYehjW\k[]ei :caVhdWgVhZcZcidgcdjgWVcd fjZcZXZh^iZchZgegdiZ\^YVh YZjc^cXZcY^dZceaVciVhhjeZg^dgZh YZjcZY^[^X^dXdci^\jddfjZcZXZh^iZc egdiZ\ZgYZjc^cXZcY^dZcZaZY^[^X^d egde^dVadhZY^[^X^dhXdci^\jdh <eh`WZeYehjW\k[]ei :cidYVhaVhdWgVh YdcYZhZYZWVZk^iVg aVegdeV\VX^cYZa [jZ\dVaVheaVciVh hjeZg^dgZhd^c[Zg^dgZh /$($*$I[]kh_ZWZ[dYWie Z[_dY[dZ_efWhWbei[gk_fei Z[[c[h][dY_W :a]dgb^\cXZajaVgNIDC<ZhedXd hZch^WaZVadhX]dfjZhigb^Xdh# :cXVhdYZ^cXZcY^dcdhZ[^hjgV! cdZhiVaaVncd\ZcZgVc^c\jcV ZbVcVX^c\VhZdhV#6hadh hZgk^X^dhYZZbZg\ZcX^VejZYZc VXijVgh^cg^Zh\dVVY^Yd# /$($+$;ijWX_b_ZWZZ[beickhei Z[]hWdZ[iZ_c[di_ed[i AdhWadfjZhYZ]dgb^\cXZajaVg NIDC<hZejZYZcYZhi^cVgiVcid VbjgdhedgiVciZhXdbdVbjgdh cdedgiVciZhXdcaV[jcX^cYZ XdgiV[jZ\dh#AdhZaZbZcidhYZ ojcX]dkZgi^XVan]dg^odciVa VjbZciVcaVZhiVW^a^YVYYZadh bjgdhneZgb^iZcaVgZVa^oVX^c YZbjgdhXdgiV[jZ\dhYZ\gVcYZh Y^bZch^dcZh# H[i_ij[dY_WWb\k[]e -' '&$I_ij[cWZ[YedijhkYY_dOJED= '&$'$;b[c[djeifWhWckheifehjWdj[i '*Xb +'!*Xb ')%V (%%Xb '*Xb &%%V(%%Xb '*Xb +'!*Xb &'*V'%%Xb 8begk[i '*Xb CeZkbXbegk[i *%Xb *%Xb +'!*Xb b '*%V+%%Xb '*Xb +'!*Xb +'!*Xb +%Xb &'*V'%%Xb *%Xb '*Xb &%%V(%%Xb +'!*Xb b %Xb b '*Xb $b#@ +'!*Xb +'!*Xb L3&"'' L 7H >E *%Xb '*Xb D ?=ã 9;B &'*V'%%Xb C KB H '*Xb +'!*Xb BeiXbegk[i '*Xb AdhWadfjZhNIDC<hZV_jhiVcV :hi{cYZhi^cVYdhVaVdWgVYZ '*Xb aVhZheZX^[^XVX^dcZhYZ[^c^YVhZc *%Xb bjgdhedgiVciZhZmiZg^dgZhZ *%Xb +'!*Xb +'!*Xb aVcdgbVJC:":C,,&")cdgbV ^ciZg^dgZh!eVgVk^k^ZcYVh &%%V(%%Xb Vgbdc^oVYVZjgdeZVeVgVWadfjZh jc^[Vb^a^VgZh!VYdhVYVhd '*%V+%%Xb YZ]dgb^\cXZajaVgXjgVYdZc ZY^[^X^dhXdaZXi^kdh#IVbW^chZ +'!*Xb +'!*Xb VjidXaVkZnXjbeaZXdcidYdhadh ji^a^oVceVgVgZVa^oVgbjgdhYZ *%Xb +'!*Xb YdXjbZcidhW{h^XdhYZa8Y^\d XZggVb^ZcidZcZhigjXijgVh IXc^XdYZaV:Y^[^XVX^c# igVY^X^dcVaZhYZ]dgb^\cVgbVYd '*Xb AVhZheZX^[^XVX^dcZhiXc^XVh!adh *%Xb deVgVbjgdhXdgiV[jZ\dhZccVkZh Xg^iZg^dhYZegdnZXidnaVejZhiV &%%Xb ^cYjhig^VaZh#:m^hiZcWadfjZha^hdh! +'!*Xb ZcdWgVZhi{cgZ\^YVhedgZa96J WadfjZhXdcVhVhnWadfjZh '*%V+%%Xb %(#&'# bVX]^]ZbWgVYdhXdcVhVh# +'!*Xb '*Xb +'!*Xb *%Xb *%Xb +'!*Xb '*Xb 96J29dXjbZcidYZ6YZXjVX^cVaJhd! Zb^i^YdedgZa>I:8nfjZXjZciVXdcZagZXd" cdX^b^ZcidYZaVVYb^c^higVX^c +'!*Xb +'!*Xb +'!*Xb *%Xb *%Xb '*Xb I_ij[cWZ[YedijhkYY_d -( '*Xb *%Xb BeiXbegk[iZ[]hWdjWcWe0 CeZkbXbegk[i :hi{cYZhi^cVYdhVaVdWgVYZ bjgdhedgiVciZhZmiZg^dgZhZ ^ciZg^dgZh!eVgVXVhVh^cY^k^YjVaZh! VYdhVYVhdZY^[^X^dhXdaZXi^kdhYZ kVg^VheaVciVh#AdhBdYjaWadfjZh hdcb{h\gVcYZhfjZadhWadfjZh Zhi{cYVg#HjXdadXVX^chZZ[ZXiV bZY^VciZjcVb^c^\gV# AVji^a^oVX^cYZaVb^c^\gV eZgb^iZXdadXVgadhWadfjZhYZYdh ZcYdh# '*Xb +'!*Xb *%Xb '*Xb *%Xb +'!*Xb '*%V+%%Xb +'!*Xb &'*V'%%Xb *%Xb '*%V+%%Xb +%Xb b &%%Xb *%Xb +'!*Xb +'!*Xb '*Xb +%Xb ')%V (%%Xb '*Xb ')%V (%%Xb '%Xb +'!*Xb '*Xb +'!*Xb '*Xb *%Xb '%Xb +'!*Xb +'!*Xb '*Xb *%Xb&%%V(%%Xb +'!*Xb *%Xb +'!*Xb +'!*Xb +'!*Xb +'!*Xb 8begk[i[dK '*Xb *%Xb *%Xb '*Xb +'!*Xb *%Xb *%Xb PkdY^eil[hj_YWb[i '*%V+%%Xb &%%Xb&%%Xb +'!*Xb &%%Xb +%Xb +%Xb :_dj[b[i[dÇKÈ '*Xb *%Xb &'!*Xb *%Xb '%"'*"(+!*Xb '%Xb +'!*Xb '*Xb +'!*Xb +'!*Xb '*Xb +'!*Xb '*Xb *%Xb *%Xb +'!*Xb *%Xb '*Xb PkdY^eil[hj_YWb[i +'!*Xb &%%Xb *%Xb &%%Xb +'!*Xb &'!*Xb &'!*Xb &%%Xb '%"'*"(+!*Xb '*Xb '%"'*"(+!*Xb *%Xb '*Xb PkdY^el[hj_YWb[b[c[djeZ[ Whh_eijhWc_[djel[hj_YWb :hidhWadfjZhYZ{c\jadegZhZciVc jc]jZXdX^acYg^XdXdcjc Y^{bZigdfjZYZeZcYZYZaZheZhdg YZaWadfjZ#AdhojcX]dhkZgi^XVaZh hZji^a^oVcbVndg^iVg^VbZciZeVgV ZaVgg^dhigVb^ZcidYZaVZhigjXijgV ZcodcVhYZVaidg^Zh\dhhb^Xd! deVgVZagZ[jZgodZhigjXijgVa ejcijVa# HjXdadXVX^cbZY^VciZbdgiZgd XdaV!^Yci^XVVaVYZadhdigdh WadfjZhNIDC<!hjeg^bZidYd ZcXd[gVYdni^ZbedYZXjgVYd# 6hZ\jgVcaV]dbd\ZcZ^YVY igb^XVYZaVXdchigjXX^c# Bei[b[c[djeiZ[WhcWZe ^eh_pedjWb 7adfjZhZcJ 9^ciZaZhZcJ HZYZhi^cVcVaVgZVa^oVX^cYZ adhojcX]dheZg^bZigVaZh!h^ZcYd ji^a^oVYdhXdbdZcXd[gVYd eZgY^Yd#IVbW^chZZbeaZVceVgV aVgZVa^oVX^cYZY^ciZaZhYZajXZh bVndgZhV'!*%bdXjVcYdedg hdWgZXVg\VhZaZkVYVhnVcdhZ ejZYVcZbeaZVgadhY^ciZaZh egZ[VWg^XVYdhYZNIDC<# 8dcig^WjnZcVaV^haVb^Zcid igb^XdYZaVk^k^ZcYVngZYjXZc adhejZciZhigb^Xdh# +'!*Xb FbWgk[jWiZ[[dYe\hWZe +'!*Xb +'!*Xb H^gkZcYZZcXd[gVYdeZgY^YdeVgV aVXgZVX^cYZadhojcX]dh eZg^bZigVaZh!ZcZaXVhdYZfjZ '*Xb hidhhZZ_ZXjiZcVab^hbdc^kZa fjZZa[dg_VYd#6hZ\jgVcjc +'!*Xb bViZg^VaYZhdedgiZ]dbd\cZd eVgVZagZkZhi^b^ZcidZmiZg^dg YZaV[VX]VYVnXdcig^WjnZcVa V^haVb^Zcidigb^XdYZaVk^k^ZcYV! &'!*Xb VagZYjX^gadhejZciZhigb^Xdh# *%Xb & '%"'*"(+!*Xb '*Xb +'!* I_ij[cWZ[YedijhkYY_d -) '*Xb +'!*Xb '*Xb &'*V'%%Xb *%Xb :_dj[b[i +'!*Xb '*Xb ')%V (%%Xb &%%V(%%Xb '*Xb *%Xb '*%V+%%Xb +'!*Xb +'!*Xb +%Xb :_c[di_ed[i &%%"'*"'% &%%"'*"'* '%Xb &%%"'*"(% +'!*Xb '*Xb &'*"'*"&* +'!*Xb '*Xb .AD%cb '.AD%cb M M M M M M M M M &(%"'*"'* M M &(%"'*"(% M M &(%"'*"(+!* M M &,*"'*"'% M &(%"'*"'% *%Xb &,*"'*"'* &%%Xb M M M M &,*"'*"(+!* M M '%%"'*"&* M &,*"'*"(% '%%"'*"'% '%%"'*"'* M M '%%"'*"(% M M M M ''*"'*"'% M ''*"'*"'* M ''*"'*"(% ''*"'*"(+!* (%%"'*"'% *%Xb M *%Xb '%%"'*"(+!* +'!*Xb +'!*Xb '*Xb +'!*Xb *%Xb M M M M M (%%"'*"'* M (%%"'*"(% M &%%Xb 8ViZ\dg^oVX^cVegdm^bVYV!XdchjaiVgXVg\Vhb{m^bVhZmVXiVhZcaViVWaVYZaVe{\^cV'.# &'!*Xb -* I_ij[cWZ[YedijhkYY_d '%"'*"(+!*Xb BeiZ_dj[b[ifehjWdj[i HdcZaZbZcidhVgbVYdh egZ[VWg^XVYdhYZY^bZch^dcZh Zhi{cYVg#AdhY^ciZaZhedgiVciZh Zhi{cY^hedc^WaZhZcidYdhadh ZheZhdgZhYZcjZhigV\VbVYZ +'!*Xb WadfjZh&*!'%!'*!(%n(+!*# 8dbeaZiVcnbZ_dgVcaVhXjVa^YVYZh igb^XVhYZah^hiZbVYZ XdchigjXX^cNIDC<!gZYjX^ZcYd adhejZciZhigb^Xdh#Hjji^a^oVX^c \VgVci^oVjcVhZ\jg^YVYidiVaYZ aVgZh^hiZcX^VVaVXdbegZh^c#Hj XdadXVX^chZZ[ZXiVXdcbdgiZgd XdaV!h^cejciVaZhc^ZcXd[gVYdh! nh^c^ciZggjeX^dcZhZcaVdWgV# AVhegd[jcY^YVYZhYZVedndYZadh Y^ciZaZhedgiVciZhhdc/ " adhY^ciZaZhXdcadc\^ijY&,* Xb2'%Xb " adhY^ciZaZhXdcadc\^ijY>&,*Xb 2'*Xb '&$($FbWYWiZ[\eh`WZeoYkX_[hjWi +'!*Xb BWifbWYWiZ[\eh`WZe BWifbWYWiZ[\eh`WZe AVheaVXVhYZ[dg_VYdhdc ZaZbZcidhVgbVYdhedgiVciZh kZgiVWaVYZajXZhnhdWgZXVg\Vh ZcaVe{\^cV((![VWg^XVYdh WV_deZY^Yd!hZ\cZaeaVcdYZ YZhe^ZXZgZVa^oVYdedgcjZhigd YZeVgiVbZcidiXc^Xd#:hi{c YZhi^cVYVhVaVXdchigjXX^cYZ [dg_VYdheVgVXVhVhjc^[Vb^a^VgZh! k^k^ZcYVhXdaZXi^kVh!]diZaZhd Zfj^eVb^Zcidh#HZ[VWg^XVcZc ZheZhdgZhYZ]VhiV(%XbnjcV adc\^ijYb{m^bVYZ+!,*b! XVeVXZhYZhdedgiVghdWgZXVg\VhYZ ]VhiV*%%`\$b#EVgVYZiZgb^cVg aVhdWgZXVg\VeVgVZaX{aXjadYZaVh eaVXVh!hZcZXZh^iVXdcdXZgZai^ed YZhdaVYdgZVa^oVYdeVgVaVeaVciV# Hjji^a^oVX^c^bea^XVcjbZgdhVhn VegZX^VWaZhkZciV_Vh/ °XdadXVX^cY^gZXiVZchZXd °egVXi^XVWaZ^cbZY^ViVbZciZ °h^ccZXZh^YVYYZZcXd[gVYd!c^ i^ZbedYZXjgVYd °h^ccZXZh^YVYZhigjXijgVaYZjcV XVeVYZXdbegZh^c °VaidgZcY^b^ZcidYZXdadXVX^c/ &%%bZc*]dgVh °ZmXZaZciZV^haVb^Zcidigb^Xd °h^hiZbVYZ[dg_VYdZXdcb^Xd °hdajX^c^YZVaeVgVhjZadgVY^VciZ °hdajX^c^YZVaeVgV[dg_VYd hVc^iVg^d °edh^W^a^YVYYZXgZVgkdaVY^odh YZ]VhiV&!*b °Za^b^cVX^cYZadhejZciZh igb^XdhZcadhWVaXdcZh! XdadXVcYdaVheaVXVhZckdaVY^od I_ij[cWZ[YedijhkYY_d -+ FbWYWiZ[YkX_[hjWi FbWYWiZ[YkX_[hjWi HZigViVYZZaZbZcidhVgbVYdh edgiVciZh[VWg^XVYdhWV_deZY^Yd! hZ\cZaeaVcdYZYZhe^ZXZ gZVa^oVYdedgcjZhigdYZeVgiVbZcid iXc^Xd#AVheaVXVhYZXjW^ZgiV Zhi{cYZhi^cVYVhVaVZ_ZXjX^c YZXjW^ZgiVhV^haVciZh!bVX^oVhn edgiVciZh#6aZbeaZVgaVheaVXVhYZ XjW^ZgiV!Zhi{Z_ZXjiVcYdaVfj^ciV [VX]VYVYZaVk^k^ZcYVXdc]dgb^\c XZajaVg!VegdkZX]VcYdhjh XVgVXiZghi^XVhZcidYVaV ZckdakZciZigb^XV!\VcVcYdZc Xdc[dginV]dggVcYdZcZg\V# -, I_ij[cWZ[YedijhkYY_d '*Xb *%Xb +'!*Xb +'!*Xb +'!*Xb '*Xb +'!*Xb '&$)$;b[c[djei defehjWdj[i &'*V'%%Xb *%Xb *%Xb *%Xb ')%V *%Xb (%%Xb *%Xb +'!*Xb +'!*Xb +'!*Xb +'!*Xb +'!*Xb '*Xb '*Xb *%Xb '*Xb ')%V (%%Xb &%%V(%%Xb +'!*Xb +'!*Xb '*Xb *%Xb '*Xb +'!*Xb +'!*Xb +'!*Xb '*%V+%%Xb +'!*Xb *%Xb *%Xb 8begk[Z[jWX_gk[ +%Xb *%Xb +'!*Xb +'!*Xb '*Xb +%Xb +'!*Xb +'!*Xb '*Xb JWX_gk[iZ[ik[beWj[Y^e +'!*Xb '*Xb +'!*Xb +'!*Xb '%Xb '*Xb '*Xb &'*V'%%Xb +'!*Xb +'!*Xb *%Xb *%Xb +'!*Xb +'!*Xb :_dj[bdefehjWdj[ *%Xb ')%V *%Xb (%%Xb +'!*Xb +'!*Xb +'!*Xb '*Xb *%Xb ')%V (%%Xb &%%V(%%Xb &%%Xb +'!*Xb *%Xb *%Xb;bXbegk[Z[jWX_gk[ BeijWX_gk[iZ[ik[beWj[Y^e BeiZ_dj[b[idefehjWdj[i '*Xb *%Xb AdhY^ciZaZhcdedgiVciZhhdc Z[bi_ij[cWOJED= AdhZaZbZcidhYZhjZadViZX]d ZaZbZcidhegZ[VWg^XVYdhYZ NIDC<hdceaVXVhcdedgiVciZh! Y^bZch^dcZhZhi{cYVg# egZ[VWg^XVYVhZc[dgbVid\gVcYZ 8dbeaZiVcnbZ_dgVcaVh +'!*Xb '*%V+%%Xb nXdcaVVaijgVZhi{cYVgYZjcV XjVa^YVYZhigb^XVhYZa *%Xb eaVciV#:hi{cYZhi^cVYVheVgV h^hiZbVYZXdchigjXX^cNIDC< gZVa^oVgiVW^fjZgV^ciZg^dgVjc +%Xb '*Xb neVgi^X^eVcZcaV^cZgX^Vigb^XV ZaZkVYdg^ibdYZXdadXVX^c#HZ \gVX^VhVaV]dbd\ZcZ^YVYYZ ji^a^oVceVgVdWgVhXdc\gVcYZh aVXdchigjXX^c#HjXdadXVX^c +'!*Xb hjeZg[^X^Zhn\ZdbZigVgZeZi^i^kV hZgZVa^oVbZY^VciZjch^beaZ XdbdXVhVhVYdhVYVh!k^k^ZcYVh eZ\VYd!h^ccZXZh^YVYYZejciVaZh '%Xb XdaZXi^kVh!ZY^[^X^dhYZYZheVX]dhn'*Xbc^ZcXd[gVYd!edgadfjZhZZk^iVc adXVaZhVYb^c^higVi^kdh# ^ciZggjeX^dcZhZcaVdWgV#;VX^a^iVc HjejZhiVZcdWgVZhi{ &%%Xb ZheZX^[^XVYVZccjZhigV\jVYZ XdadXVX^c#:hi{cYZhi^cVYdhVaV &%%Xb iVW^fjZgV^ciZg^dgXdbdZaZbZcidh bVX^odhY^k^hdg^dhZcXjVafj^Zg i^edYZXdchigjXX^c#IVbW^chZ ji^a^oVceVgV[dggVgZaZbZcidh +%Xb ZhigjXijgVaZhYZdigdhbViZg^VaZh! *%Xb ZheZX^VabZciZh^ZhidhZhi{cZc '*Xb XdciVXidXdcZaZmiZg^dgeVgV *%Xb gZYjX^gadhejZciZhigb^Xdh# '*Xb +'!*Xb &%%Xb +'!*Xb &%%Xb +'!*Xb &'!*Xb ZcdgbZbZciZaVXdadXVX^cYZ +'!*Xb aVhejZgiVhZcadh]jZXdhYZadh iVW^fjZh#AVegd[jcY^YVYYZVednd '%"'*"(+!*Xb ZcXVYVZmigZbdZhYZ&'!*Xb# '*Xb *%Xb +'!*Xb '*Xb &%%Xb +'!*Xb *%Xb +'!*Xb *%Xb '*Xb +'!*Xb I_ij[cWZ[YedijhkYY_d -- '&$*$;bcehj[he#YebW FH;E9EB! :abdgiZgd"XdaVEG:D8DA Zhi{ YZhi^cVYdVaVVea^XVX^cZc_jciV [^cVYZ&!*V'bb!^cXdgedgV gZiZcZYdgZhYZV\jVnZhi{ Y^hZVYdeVgVhZgjhVYdXdcadh WadfjZhdiVW^fjZhNIDC<!YZ VXjZgYdVa96J%($&'#:hi{ VbVhVYdXdcjc(%YZV\jV Vegdm^bVYVbZciZ!bZY^VciZjc WVi^YdgYZkZadX^YVYbZY^V# HZVea^XVbZY^VciZjcVaaVcV YZciVYVNIDC<YZVcX]jgV VYVeiVYVVadhWadfjZh# -. I_ij[cWZ[YedijhkYY_d ''$:[jWbb[ijYd_Yei 7hhWdgk[Z[bckheieXh[ieb[hWZ[^ehc_]d 7adfjZhNIDC< 6ggVcfjZYZbdgiZgd ]^Ygd[j\VYdV^haVciZ 6^haVciZigb^Xd g\^Yd AdhVYZ]dgb^\c VbVYd 6^haVciZigb^Xd >beZgbZV" W^a^oVX^c AVb^cV ea{hi^XV B^c# &*Xb 9gZcV_Z eZg^bZigVa IZggZcd cVijgVa 8^b^Zcid 8VeV\gVkVhXdbeVXiVh 7hhWdgk[Z[bckheieXh[\eh`WZeiWd_jWh_e 7adfjZhNIDC< 6ggVcfjZYZbdgiZgd ]^Ygd[j\VYd V^haVciZ 6gbVYjgV eZg^bZigVa &* Xb 6ggVcfjZ YZbdgiZgd ]^Ygd[j\VYd Ydh^[^XVYdV ( +%%`\$b EaVXVhYZ [dg_VYd ]dgb^\c XZajaVgYZ NIDC< IZggZcd cVijgVa EVgZYYZhiVcd :[jWbb[ijYd_Yei -/ ;cfejhWc_[djeZ[bWYWhf_dj[hW 8aVkdYZ ZbedigVb^Zcid HZaaVYdYZ_jciV XdcbVh^aaV 7adfjZh NIDC< GZkZhi^b^Zcid ZmiZg^dg :bedigVb^Zcid YZXdaVYZb^aVcd XdcnZhd[jZgiZ ?jciV 7adfjZhNIDC< gZXdgiVYdhZcdWgV 6a[Z^oVgYZ ]dgb^\cVgbVYd 6gbVYjgV YZgZ[jZgodZcVciZeZX]d 8Vge^ciZgVXdadXVYV EaVfjZiVNIDC< <_`WY_dfWhWl[djWdWiWXWj_Xb[i Egd[jcY^YVY/&*Xb# EZg[dgVX^cgZVa^oVYV XdcjcVWgdXVZheZX^Va 8_iW]hW ;cfejhWc_[dje0 igVY^X^dcVaXdc *eVgiZhYZXdaVNIDC<! &eVgiZYZXZbZcidn) eVgiZhYZVgZcV BZX{c^Xd Fjb^Xd 7^XdbedcZciZ K^ZgiZV\jVhegZ[VWg^XVYd .& :[jWbb[ijYd_Yei 7adfjZh NIDC< ZheZhdg (%Xb )* :cXV_Z Z[ZXijVYdZc dWgV <_`WY_dfWhWcdikbWZ[cWZ[hW BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC< Zhe#*'%Xb OjcX]deZg^bZigVa BdgiZgdXdaV EaVXVYZ[dg_VYd VjidedgiVciZ nV^haVciZ 6^haVciZigb^Xd eZg^bZigVa BchjaVYZbVYZgV 6gbVYjgVYZVXZgd &³-bb nbdgiZgd BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC< Zhe#*'%Xb :cajX^Yd^ciZg^dg EZgcd EaZi^cV GdhXV 7feoeZ[Y[beiWZ[cWZ[hW 8ZadhVYZbVYZgV 6gbVYjgVhZ\cX{aXjad :cXd[gVYdXdcWadfjZhÆJÇ YZNIDC<de^ZoVhZcXVcVa ZcÆJÇeVgVojcX]deZg^bZigVa nY^ciZa 9^ciZaYZNIDC< :cajX^YdZmiZg^dg 6^haVciZigb^Xd BjgdZmiZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC< Zhe#*'%Xb :cajX^Yd^ciZg^dg :[jWbb[ijYd_Yei .' <eh`WZeZ[l_]WiZ[cWZ[hW 8jVYZbVYZgV 7adfjZNIDC< XdgiVYdnV_jhiVYdZcdWgV ?jciVYZZhejbVYZ eda^jgZiVcd BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC< Zhe#*'%Xb 6edndYZha^oVciZ K^\VYZbVYZgV 6^haVciZigb^XdZc XVcidYZk^\V ?jciVYZZhejbV YZeda^jgZiVcd EaVfjZiVNIDC< 6^haVciZigb^Xd eZg^bZigVa 6gbVYjgVojcX]d eZg^bZigVa :cXd[gVYdXdcWadfjZhÆJÇ YZNIDC<de^ZoVhZcXVcVaZcJ 6edndYZha^oVciZWV_dk^\V .( :[jWbb[ijYd_Yei H[\k[hpeZ[Wdj[f[Y^e 7VggVYZVXZgd ³-bbXdadXVYV Zc]jZXdgZXdgiVYd *m*XbngZaaZcd YZbdgiZgd <%!+%b <%!+%b Adc\^ijYÆAÇ 7dj[f[Y^e NIDC< 6_jhiZYZWadfjZNIDC< ZcdWgVeVgVgZheZiVgaV VaijgVYZaVciZeZX]d > Ik[be :[jWbb[ijYd_Yei .) CWY^dfehjWdj[ 9^ciZaedgiVciZ NIDC< NIDC< BVX]cedgiVciZ Abc#2)*Xb+%XbZcodcVhhhb^XVh CWY^ddefehjWdj[ 9^ciZaedgiVciZ NIDC< BVX]ccdedgiVciZ Abc#2(%Xb .* :[jWbb[ijYd_Yei :_dj[bh[Wb_pWZe_di_jkXW`efbWYWiZ[\eh`WZe 6gbVYjgVojcX]deZg^bZigVa EaVXVhYZ[dg_VYd VjidedgiVciZhnV^haVciZh EaVfjZiVNIDC<YZZheZhdg*,Xb 6^haVb^Zcidigb^XdeZg^bZigVa 6gbVYjgVZc_jciVh ZcigZeaVXVh EaVfjZiVhNIDC< 9^ciZagZVa^oVYdXdc WadfjZhÆJÇde^ZoVh ZcXVcVaXVcVaZcÆJÇ BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC<! Zhe#*'%Xb :_dj[bh[Wb_pWZe[dXbegk[iKef_[pWi[dYWdWb[dÇKÈ OjcX]deZg^bZigVa XdceaVfjZiVh dWadfjZhZcJYZNIDC< XdcVgbVYjgVn]dgb^\c EaVfjZiVhYZV_jhiZ Zcadc\^ijYYZY^ciZa 9^ciZaZcÆJÇYZNIDC< de^ZoVhZcXVcVaZcÆJÇ XdcVgbVYjgV n]dgb^\c BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC<! Zhe#*'%Xb :[jWbb[ijYd_Yei .+ :_dj[bfh[\WXh_YWZeXW`epkdY^ef[h_c[jhWbYedXbegk[iÇKÈe[dYWdWbÇKÈ#7 OjcX]deZg^bZigVa XdcWadfjZhÆJÇ dXVcVaÆJÇ BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZh NIDC<!Zhe#*'%Xb 9^ciZaVgbVYd egZ[VWg^XVYdNIDC< 7adfjZNIDC< XdgiVYdZcdWgV NIDC < :_dj[bfh[\WXh_YWZeXW`epkdY^ef[h_c[jhWbYedXbegk[iÇKÈe[dYWdWbÇKÈ#8 OjcX]deZg^bZigVa XdcWadfjZhÆJÇ dXVcVaÆJÇ 7adfjZNIDC< XdgiVYdZcdWgV BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZh NIDC<!Zhe#*'%Xb ., :[jWbb[ijYd_Yei 9^ciZaVgbVYd egZ[VWg^XVYdNIDC< NIDC < Dintel prefabricado bajo zuncho perimetral con bloques “U” o canal “U” - C Plaquetas de ajuste en longitud de dintel Zuncho perimetral con plaquetas o bloques en "U" de YTONG con armadura y hormigón Dintel en “U” de YTONG o piezas en canal en “U” con armadura y hormigón Y Muro exterior portante y aislante de bloques YTONG, esp. 20 cm X ;dYk[djhe[djh[ckhe[nj[h_ehockhe_dj[h_ehZ[Whh_eijhWc_[dje ;dYk[djhefehjhWXWZ[ckheiZ[YWh]WOJED= ;dYk[djhe[djh[ckhe[nj[h_ehZ[YWh]W ockhe_dj[h_ehZ[Whh_eijhWc_[dje BjgdZmiZg^dgYZ XVg\VnV^haVb^Zcid YZWadfjZhNIDC<! ZheZhdgYZ'*Xb BjgdYZ Vgg^dhigVb^Zcid YZWadfjZhNIDC<! Zhe#*&*Xb EZcZigVX^c *Xb BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC<! Zhe#*'%Xb Bjgd^ciZg^dgedgiVciZ nV^haVciZYZWadfjZh NIDC<!Zhe#*'%Xb :[jWbb[ijYd_Yei .- ;dYk[djhe[djh[ckhe[nj[h_eh[if$)&ockhe[nj[h_eh[if$(& 6gbVYjgVeVgV ojcX]dkZgi^XVa :he#(%Xb BjgdZmiZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#(%Xb :he#(%Xb 7adfjZYZojcX]d kZgi^XVaNIDC<YZ Zhe#(%Xb gZXdgiVYdV'%Xb ZcdWgV :he#'%Xb BjgdZmiZg^dgNIDC<! Zhe#'%Xb ;dYk[djhe[djh[ckhe[nj[h_ehockhe_dj[h_ehZ[Whh_eijhWc_[dje 6gbVYjgVeVgV ojcX]dkZgi^XVa BjgdZmiZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#(%Xb :he#'%Xb Bjgd^ciZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#'%Xb .. :[jWbb[ijYd_Yei :he#(%Xb <eh`WZejhWZ_Y_edWbl_]k[jWoXel[Z_bbWieXh[ckheZ[YWh]WOJED= 6ggVcfjZYZbdgiZgd V^haVciZ BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb EaVXVYZ]dgb^\c XdcbVaaVod XVeVYZXdbegZh^c 6gbVYjgVeZg^bZigVa EaVfjZiVhNIDC< 'Xb 6^haVciZigb^Xd eZg^bZigVa 7dkZY^aaV BjgdZmiZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb K^\jZiVYZ]dgb^\c <eh`WZeZ[fbWYWiWkjefehjWdj[ioW_ibWdj[iockhe[nj[h_ehZ[Xbegk[i BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb BdgiZgdXdaV EaVfjZiVNIDC< 6^haVb^ZcideZg^bZigVa OjcX]deZg^bZigVa 6gbVYjgVYZVXZgd &³-nbdgiZgd BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb EaVXVhYZ[dg_VYd VjidedgiVciZhnV^haVciZh :cajX^Yd^ciZg^dg :[jWbb[ijYd_Yei ./ LebWZ_peZ[fbWYWifWhWXWbYd EaVXVhYZ[dg_VYd V^haVciZnVjidedgiVciZ BjgdZmiZg^dgedgiVciZ nV^haVciZYZWadfjZhNIDC< Zhe#*'%Xb 6XVWVYdYZ ]dgb^\c >beZgbZVW^a^oVX^c OjcX]deZg^bZigVa XdcVgbVYjgV Adc\^ijYbVm# XdchjaiVgMZaaV 6^haVciZigb^XdeZg^bZigVa 7dYbW`[Z[\eh`WZeZ[fbWYWiOJED=WpkdY^ef[h_c[jhWb EaVXVhYZ[dg_VYd V^haVciZnVjidedgiVciZ 7VggVhYZVXZgdZc&$( YZadc\^ijYYZeaVXV! VcXaVYVhVojcX]d eZg^bZigVaZcodcVhhb^XV neVgVaVXgZVX^cYZjc Y^V[gV\bVaVhVgbVYjgVh ^g{cZcidYVaVadc\^ijYYZ aVeaVXV BjgdZmiZg^dg edgiVciZnV^haVciZ YZWadfjZhNIDC< Zhe#*'%Xb /& :[jWbb[ijYd_Yei EaVfjZiVV^haVciZ NIDC< 7dYbW`[Z[\eh`WZeZ[fbWYWiOJED=WpkdY^ef[h_c[jhWb EaVXVhYZ[dg_VYd VjidedgiVciZhn V^haVciZhNIDC< EaVXV V^haVciZNIDC< BjgdZmiZg^dg!edgiVciZ nV^haVciZYZ WadfjZhNIDC<! Zhe#*'%Xb HdaVeZYZVgbVYjgV Zc{c\jadgZXidXdc WVggVhYdWaVYVhnjc hdaVeZ]VhiVZa iZgXZgZhig^Wd OjcX]dkZgi^XVa VgbVYd PedWiic_YW 7dYbW`[Z[fbWYWiieXh[l_]WZ[^ehc_]d EaVXVhYZ[dg_VYdV^haVciZhnVjidedgiVciZh :hig^WdbZi{a^Xd[^_VYd Vk^\VYZ]dgb^\c OjcX]dYZ]dgb^\c Egd[jcY^YVYYZVedndYZeaVXVh hdWgZk^\VYZ]dgb^\cVgbVYd! +Xbbc^bd 7VggVYZVXZgdhdWgZ&$(YZaVadc\^ijY YZaVeaVXVZcVbWdhaVYdh!³-bbbc^bd :[jWbb[ijYd_Yei /' 8heY^WbfWhW[b^k[YeZ[(fbWYWiYehjWZWi £-bbeVgVXaVkd&*%bb EaVXVYZ[dg_VYd V^haVciZnVjidedgiVciZ BVgXdYZeZg[^aVgV bZi{a^XVVYZiZgb^cVg BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb 8heY^WbfWhW[b^k[YeZ[kdWfbWYWYehjWZW EaVXVhYZ[dg_VYd VjidedgiVciZhn V^haVciZh BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb /( :[jWbb[ijYd_Yei EaVfjZiV NIDC< Anclaje de placas de forjado sobre viga metálica Placa de forjado YTONG Mortero de relleno Perfil metálico según cálculo estructural Gancho de anclaje Armadura en junta longitudinal Anclaje de placas de forjado sobre viga metálica Pavimento Armadura en junta longitudinal Perfil metálico según cálculo estructural Placa de forjado Apoyo mínimo sobre perfil metálico = 5 cm :[jWbb[ijYd_Yei /) Anclaje de placas de forjado sobre viga metálica (a mismo nivel) Placa de forjado Armadura en junta longitudinal Perfil metálico según cálculo estructural Anclaje de placas de forjado sobre viga metálica (a mismo nivel) Aislamiento acústico a ruido de impactos Suelo flotante Acabado Armadura en junta longitudinal Perfil metálico según cálculo estructural /* :[jWbb[ijYd_Yei Placa de forjado Apoyo mínimo sobre perfil metálico = 5 cm Anclaje de placas de forjado sobre viga metálica (a mismo nivel) Aislamiento acústico a ruido de impactos Suelo flotante Acabado Armadura en junta longitudinal Perfil metálico según cálculo estructural Placa de forjado Apoyo mínimo sobre perfil metálico = 5 cm :[jWbb[Z[YebeYWY_dZ[fbWYWiZ[YkX_[hjWieXh[fbWdjWXW`eYkX_[hjW EaVXVhYZ[dg_VYdV^haVciZh nVjidedgiVciZhNIDC< 6^haVb^Zcid VY^X^dcVa K^\VYZbVYZgV =:7:A OjcX]deZg^bZigVa EaVXVhYZ[dg_VYdV^haVciZh nVjidedgiVciZhNIDC< BjgdZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb EaVfjZiVNIDC<YZ*,Xb OjcX]deZg^bZigVa :[jWbb[ijYd_Yei /+ :[jWbb[Z[YkcXh[hWÅfbWYWiYkX_[hjW OjcX]dYZ]dgb^\c VgbVYdZcXjbWgZgV 6^haVb^Zcid ZcigZk^\Vh K^\V EaVXVhYZ[dg_VYd V^haVciZhn VjidedgiVciZh NIDC< 6gbVYjgVZcidYV aVadc\^ijYYZaVh eaVXVhYZXjW^ZgiV 7VggZgVYZkVedg 7dYbW`[Z[fbWYWiZ[YkX_[hjW[d[bWfeoe[njh[ce OjcX]deZg^bZigVaYZ]dgb^\cVgbVYd 6^haVciZigb^Xd EaVXVhYZ XjW^ZgidNIDC< EaVfjZiVNIDC< YZ*,Xb Bjgd]Vhi^VaZmiZg^dg! edgiVciZnV^haVciZ YZWadfjZhNIDC<! Zhe#*'%Xb /, :[jWbb[ijYd_Yei 7dYbW`[Z[fbWYWiZ[YkX_[hjW[dbeiWfeoei_dj[hc[Z_ei EaVXVhYZ[dg_VYd NIDC<V^haVciZh nedgiVciZh 6cXaV_ZVaojcX]d hdWgZVednd OjcX]d ZcigZeaVXVh Bjgd^ciZg^dg YZWadfjZhNIDC<! Zhe#*'%Xb Voladizos de cubierta Detalle 1: detalle voladizo en alero Detalle 2: detalle voladizo lateral :[jWbb[ijYd_Yei /- Detalle voladizo lateral Junta armada y rellena de mortero Taco de hormigón Placas de cubierta YTONG Muro de bloques YTONG Zuncho perimetral Bloques «U» Detalle voladizo en alero Placas de cubierta YTONG Zuncho Doble angular anclado al zuncho de la pared medianera Muro de fabrica de bloque YTONG /. :[jWbb[ijYd_Yei Relleno de mortero de cemento Acero 8 mm Detalle voladizo en alero Placas de cubierta YTONG con armadura en juntas Perfil metálico en apoyos de placa para evitar el desplazamiento, fijado a zuncho perimetral Zuncho perimetral Muro de bloques YTONG Encuentro muro de cerramiento YTONG con pilar de hormigón armado Fleje elástico de acero galvanizado o inoxidable Aislamiento con espuma de poliuretano u otro material compresible Bloque YTONG Sellado de junta en exterior Forrado de pilar con tabique YTONG de 5 ó 7 cm Pilar de hormigón armado :[jWbb[ijYd_Yei // Encuentro muro de cerramiento YTONG con pilar de acero Pilar de acero Angular Relleno material compresible Bloques YTONG Sellado de junta Encuentro muro de cerramiento YTONG con forjado de hormigón Muro de cerramiento YTONG Forrado de canto de forjado con plaqueta YTONG Junta de revestimiento para prevenir la fisuración Forjado de hormigón Espuma de poliuretano porexpan Muro de cerramiento YTONG '&& :[jWbb[ijYd_Yei Encuentro muro YTONG y elementos estructurales Forjado o viga de hormigón armado Espuma de poliuretano porexpan Bloques YTONG Mortero Unión mediante flejes elásticos Material compresible H Unión mediante flejes en función de dimensión de paño y carga de viento L Unión mediante flejes elásticos :[jWbb[ijYd_Yei '&' Apoyo viga metalica sobre muro carga YTONG Encaje con bloques YTONG Bloques “U“, hormigonados y armados para repartir carga puntual en caso de carga pesada Viga metálica Muro de bloques YTONG Espuma de poliuretano Fk[hjWiic_YWWY&"'(] 7adfjZhÆJÇ 9^ciZabZY^VciZ WadfjZhÆJÇ Y 7adfjZhÆDÇ ojcX]dkZgi^XVa 7adfjZhNIDC< 9Z_VgZheZgVh ZchdaZgV '&( :[jWbb[ijYd_Yei IebkY_diic_YWfWhWl[djWdWi[dpedWiYedWY&"'(] ;if[Y_\_YWY_ed[i dehcW BeicWj[h_Wb[iOJED= Ykcfb[dbWdehcW 9^ciZaZcÇJÇ 7adfjZYZojcX]d ]dg^odciVa 7adfjZIEXdc_jciVh kZgi^XVaZheZ\VYVh 7adfjZYZojcX]d {c\jadkZgi^XVa JWX_gk[ieXh[ieb[hWZ[^ehc_]d JWX_gk[ieXh[ieb[hWZ[^ehc_]db_ie JWX_gk[ieXh[ieb[hWZ[^ehc_]d_hh[]kbWh JWX_gk[ieXh[ieb[hWZ[^ehc_]d [if[Y_WbfWhWf_[pWi^c[ZWi [if[Y_WbfWhWf_[pWi^c[ZWi JWX_gk[ie IVW^fjZNIDC< YZZheZhdg,Xb 8VeVYZVXVWVYd HdaZgVYZ ]dgb^\c^ggZ\jaVg 8VeVYZVXVWVYd 8VeVYZVXVWVYd HdaZgVYZ ]dgb^\c^gg HdaZgVYZ ]dgb^\ca^hd 'Xb bVh^aaV BdgiZgdXdaV BdgiZgdXdaV 8VcVaÆJÇYZea{hi^Xd 'Xb bVh^aaV OXVadYZ BdgiZgdXdaV ]dgb^\c BdgiZgdXdaV 8VcVaÆJÇYZea{hi^Xd dbdgiZgd OXVadYZ ]dgb^\c dbdgiZgd :[jWbb[ijYd_Yei '&) JWX_gk[ieXh[ieb[hWZ[^eh eb[hWZ[^ehc_]db_ie JWX_gk[ieXh[ieb[hWZ[^ehc_]d JWX_gk[ieXh[ieb[hWZ[^ehc_]d_hh[]kbWh db_ie JWX_gk[ieXh[ieb[hWZ[^ehc_]d [if[Y_WbfWhWf_[pWi^c[ZWi [if[Y_WbfWhWf_[pWi^c[ZWi 8VeVYZVXVWVYd 'Xb bVh^aaV bVh^aaV BdgiZgdXdaV BdgiZgdXdaV 8VcVaÆJÇYZea{hi^Xd 8VcVaÆJÇYZea{hi^Xd HdaZgVYZ 8VeVYZVXVWVYd ]dgb^\c^ggZ\jaVg OXVadYZ ]dgb^\c dbdgiZgd OXVadYZ ]dgb^\c BdgiZgdXdaV dbdgiZgd IVW^fjZNIDC<YZZhe#,Xbbc# GdYVe^Z OXVad BdgiZgdXdaV '&* :[jWbb[ijYd_Yei 8VeVYZVXVW 'Xb JWX_gk[ieXh[ieb[hWZ[cWZ[hW HdaZgVYZbVYZgV HdaZgVYZ ]dgb^\c^ggZ\jaVg BdgiZgdXdaV @kdjWieXh[bWYehedWY_dZ[beijWX_gk[i :hejbVYZeda^jgZiVcd ;dg_VYd IVW^fjZNIDC< YZZheZhdg bc^bd,Xb :[jWbb[ijYd_Yei '&+ JhWiZeiWZe IVW^fjZNIDC< YZZheZhdg bc^bd,Xb ;aZ_ZYZ[^_VX^c XVYVbZigda^cZVa ZcadhYdhhZci^Ydh Bjgd ZmiZg^dg 8{bVgVYZV^gZ eVgVkZci^aVX^c HdaZgV BdgiZgdXdaV '&, :[jWbb[ijYd_Yei '($7YWXWZei A^hiVcdZm]Vjhi^kVYZ[VWg^XVciZhnegdYjXidheVgVgZkZhi^b^ZcidhbdcdXVeV Z^beg^bVX^dcZheVgVhjVea^XVX^chdWgZ]dgb^\cXZajaVg ;VWg^XVciZ LZWZg EgdYjXid I^ed 6eideVgV\gVYd YZ^beZgbZVW^a^YVY BdcdXVeV G( LZWZg#EgVa# 8a^bV LZWZgEgVa#IZggV >WZghZXEgdnZX8dadg BdcdXVeV G( BVm^i 8ZbZm DcZa^iZG$DcZa^iZBF BdcdXVeV G( IZmhV 8diZ\gVcGEB 8diZ\gVcB6M BdcdXVeV G( 8diZ\gVcC< BdcdXVeV G( <gjedEjbV BdgXZbYjg <gjedEjbV BdgXZbXg^a GZkZhi^b^Zcid G( h^cii^Xdb^cZgVa IZmhV 8diZ\gVc>beg^bVX^c >beg^bVX^c 6gYZm E*& >beg^bVX^c 76H; E8>EZg^eg^b >beg^bVX^c '($'$7YWXWZei[nj[h_eh[i '($'$'$H[l[ij_c_[djeiYedj_dkei Z[cehj[he AdhgZkZhi^b^ZcidhZmiZg^dgZhi^ZcZc hdWgZidYdaV[jcX^cYZegdiZ\Zg VaZY^[^X^dYZaV^ciZbeZg^Z#AV egdiZXX^c[gZciZV]jbZYVYZhn egZX^e^iVX^dcZhXdb^ZcoVZcaV[VhZ YZegdnZXidYZjcZY^[^X^dnVeVgiZ YZaVZaZXX^cYZadhbViZg^VaZh YZWZcgZheZiVghZadhYZiVaaZh iXc^XdhkdaVY^odYZXjW^ZgiVheVgV egdiZ\Zg[VX]VYVh!kdaVY^odYZadh Va[Z^oVgZh!\diZgdcZh!ZiX## AdhbdgiZgdhfjZhZjhVceVgVadh gZkZhi^b^ZcidhZmiZg^dgZhhdWgZ [VX]VYVhYZ]dgb^\cXZajaVghdc bdgiZgdhb^cZgVaZha^\ZgdhfjZhZ VYVeiVcVaVhegde^ZYVYZh[h^XVh YZahdedgiZnhZVea^XVcZcjcV dYdhXVeVhZcZheZhdgZhYZ&% V&*bb# =dnZcYV!aVhXVgVXiZghi^XVh YZadhbdgiZgdheZgb^iZcjcV Vea^XVX^cZcjcVhdaVXVeV bdgiZgdhbdcdXVeV!gZYjX^ZcYd ZaXdhiZYZdWgVnVjbZciVcYdaV gVe^YZoYZZ_ZXjX^c# BdgiZgdhbdcdXVeV AdhbdgiZgdhYZWZg{chZg ^beZgbZVWaZhVaV\jVnVhjkZo eZgbZVWaZhVakVedgYZV\jVeVgV cdXgZVgjcVWVggZgVfjZejZYV egde^X^VgaVVXjbjaVX^cYZ ]jbZYVYZh# :hiVXjVa^YVYZhiVg{\VgVci^oVYVh^ ZabdcdXVeVXjbeaZadhh^\j^ZciZh Xg^iZg^dh/ °8dZ[^X^ZciZYZVWhdgX^cVaV\jV edgXVe^aVg^YVY `\ l ≤%!' b'#b^c%!* °8dZ[^X^ZciZYZY^[jh^W^a^YVYVa kVedgYZV\jV©^c[Zg^dgd^\jVaV (*# :hiVXdcY^X^ca^b^iVedgjcaVYd aVVWhdgX^cXVe^aVgYZV\jVYZa gZkZhi^b^Zcidnedgdigd\VgVci^oV fjZZhiV]jbZYVY!_jcidVaV ]jbZYVYgZbVcZciZYZaV Z_ZXjX^c!ejZYVY^[jcY^g]VX^V ZaZmiZg^dg]VhiVVaXVcoVghZaV ]jbZYVYYZZfj^a^Wg^d# 6eVgiZYZZhid!adhbdcdXVeVh YZWZg{chZga^\ZgdhYZch^YVYYZa bdgiZgdZcYjgZX^YdZcigZ&%%% Ä&+%%`\$b(nYZWV_Vg^\^YZo bYjadYZNdjc\^c[Zg^dgV ,%%%BeV# EVgVZk^iVghjYZh]^YgViVX^cg{e^YV fjZedYgV\ZcZgVg[^hjgVh!adh bdcdXVeVhYZWZg{ciZcZgjccY^XZ ZaZkVYdYZgZiZcX^cYZV\jV hjeZg^dgVa.&#:cXVhdXdcigVg^d edYg{hZgcZXZhVg^VaVVea^XVX^c egZk^VYZjcV^beg^bVX^c XdchjaiVgXdc[VWg^XVciZYZa bdcdXVeV# 7YWXWZei '&- 10 30 30 50 50 10 10 20 50 Pilar de hormigón Malla de fibra de vidrio (embebido en mortero) :cadheVgVbZcidhb{hZmejZhidh VaVgVY^VX^chdaVgVhXdbdaVh odcVhhdbZi^YVhVigVXX^dcZh ]^aVYVhXdci^\jVhVaZcXjZcigd YZbjgd"[dg_VYd!bjgdXjW^ZgiV! ZcXjZcigdh_VbWV"VciZeZX]d! ZcXjZcigdYZZaZbZcidhYZ Y^[ZgZciZhbViZg^VaZh!ZiX#hZ YZWZg{gZ[dgoVgZagZkZhi^b^Zcid XdcbVaaVYZ[^WgVYZk^Yg^d gZh^hiZciZVaVVXX^cVaXVa^cVn XdcjcVgZh^hiZcX^VVaVigVXX^c bc^bVYZ(*`\$Xb#:hiVhbVaaVh hZh^ijVg{cZcaVb^iVYYZaZheZhdg YZaVXVeVYZabdcdXVeV# :cZabZgXVYdZm^hiZjcVVbea^V kVg^ZYVYYZegdYjXidhfjZ YZbjZhigVchjVYZXjVX^cVa hdedgiZYZ]dgb^\cXZajaVgedg bZY^dYZjcYdXjbZcidYZ ^YdcZ^YVYdYZjcV\VgVciV eVgi^XjaVgVedgiVYVedgZa[VWg^XVciZ YZabdgiZgdbdcdXVeV# '&. 7YWXWZei '($'$($H[l[ij_c_[djei Z_iYedj_dkei 6eVgiZYZiZcZgfjZgZhedcYZgVadh gZfjZg^b^ZcidhYZegdiZXX^cZ ^beZgbZVW^a^oVX^c!adhgZkZhi^b^Zc" idhZmiZg^dgZhiVbW^cYZWZc gZhedcYZgVaVhZm^\ZcX^VhZhii^XVh YZaegdnZXid# AV\gVckVg^ZYVYYZbViZg^VaZhn hdajX^dcZhgZVa^oVWaZhejZYZc]VXZg ^ciZgZhVciZZaZbeaZdYZZaZbZcidh Y^hXdci^cjdh#6hjkZoZhiZi^edYZ XZggVb^ZcideZgb^iZaVXgZVX^cYZ [VX]VYVhkZci^aVYVh!fjZVedgiVc Xdc[dgiXa^b{i^Xd!V]dggdYZZcZg\Vn bZ_dgVhYZV^haVb^ZcidVXhi^Xd# :m^hiZjcVVbea^VkVg^ZYVYYZ bViZg^VaZhnegdYjXidhfjZejZYZc ZbeaZVghZeVgVXgZVggZkZhi^b^Zcidh Y^hXdci^cjdhg\^Ydh/ °EaVXVhbZi{a^XVhYZVXZgd!XdWgZ! Vajb^c^d!o^cX °GVhigZaZhYZbVYZgV °6eaVXVYdYZe^ZYgVVgi^[^X^Va de^ZYgVcVijgVa °8g^hiVadeda^XVgWdcVidbjgdh IgdbWZ AdhXg^iZg^dhfjZYZWZchVi^h[VXZg ZhidhgZkZhi^b^ZcidheVgVedYZghZg XaVh^[^XVYdhYZbZY^V!VaiVdbjn VaiVgZh^hiZcX^VVaV[^aigVX^cG&!G' dG(!Zhi{cYZiVaaVYdhZcZa97"=H YZa8I:# AV[^_VX^cYZadhZaZbZcidh Y^hXdci^cjdhVaV[VX]VYV \ZcZgVabZciZhZgZVa^oVVigVkh YZjch^hiZbVYZgVhigZaZh!Y^bZc" h^dcVYVZc[jcX^cYZaVXVeVX^YVY edgiVciZYZadhZaZbZcidh#AVjc^c YZhidhVadhgVhigZaZhhZg{[^_VZc Va\jcdhejcidhnYZha^oVciZZcdigdh! eVgVeZgb^i^gY^aViVX^dcZh# AdhgVhigZaZhVhjkZohZ[^_Vg{cVadh WadfjZhYZ]dgb^\cXZajaVgNIDC< YZ[dgbVbZX{c^XV!ZbeaZVcYdadh iVXdhVYZXjVYdhZc[jcX^cYZaV XVg\VejcijVakZgVeVgiVYdYZ [^_VX^dcZhbZX{c^XVh# '($($7YWXWZei_dj[h_eh[i °IgVY^X^dcVaYZnZhd$ZhXVndaV AVXdadXVX^cYZanZhdejZYZhZg Vb{fj^cVdbVcjVa!Xdc[dgbZV aVhgZ\aVhYZad[^X^d#:cZa bZgXVYdZm^hiZcbViZg^VaZheVgV ZaZcajX^Yd^ciZg^dgVYVeiVYdhVa ]dgb^\cXZajaVgNIDC<fjZhZ ejZYZcVea^XVgZcXVeV[^cVYZ(V *bb# °BVh^aaVhZheZX^VaZhYZ gZ\jaVg^oVX^cZcXVeV[^cVn \gjZhV °BdgiZgdhYZXdgVi^kdhZheZX^VaZh °GZkZhi^b^ZcidhhZXdh °EaVXVhYZnZhdeZ\VYVh AVheaVXVhYZnZhdhZejZYZc XdadXVgY^gZXiVbZciZVabjgdYZ ]dgb^\cXZajaVg#HZYZWZji^a^oVg jcbdgiZgd"XdaVXdbeVi^WaZXdc Za]dgb^\cXZajaVg#IVbW^c Zm^hiZaVedh^W^a^YVYYZVidgc^aaVg aVheaVXVhY^gZXiVbZciZVa ]dgb^\cXZajaVgdVigVkhYZ gVhigZaZhdeZg[^aZgV!bZY^VciZ XaVkdhZheZX^VaZhdiVXdh# °GZkZhi^b^ZcidhYZbVYZgV °6a^XViVYdY^gZXidhdWgZZa ]dgb^\cXZajaVgbZY^VciZ XZbZcidXdaV °E^cijgVY^gZXiV_jciVhk^h^WaZh bZY^VciZe^cijgVb^cZgVaVWVhZ YZh^a^XVidh '($)$HepWi EVgVaV^chiVaVX^cYZadhXVWaZh ZaXig^Xdh!aVgZVa^oVX^cYZgdoVh hZaaZkVVXVWdXdcjcVh^beaZ gdoVYdgVbVcjVaeVgVeZfjZdh igVbdh!dXdcjcVgdoVYdgV ZaXig^XV#EVgVeZfjZVh eZg[dgVX^dcZhcdhVnjYVgZbdh YZjciVaVYgdXdcaVhWgdXVh VYZXjVYVh#GZVa^oVgedgiVcid XVk^YVYZheVgV^chiVaVgZcX]j[Zh ZaXig^Xdh!hZg{jcViVgZV[{X^an g{e^YV# =VWg{fjZiZcZgZcXjZciVaVh a^b^iVX^dcZhfjZbVgXVZa8I: Zchj97H:";ZcgZaVX^cVaVh Y^bZch^dcZh!Y^hig^WjX^cn jW^XVX^cYZaVhgdoVhZcadh bjgdhYZXVg\Vnh^[jZgVZaXVhd! gZYjX^gZaZheZhdgYZX{aXjadYZ adhb^hbdh# 7YWXWZei '&/ JWYei IVXdh;"H IVXdh;^hX]ZgeVgVbVgXdhYZ kZciVcV# '($*$<_`WY_ed[i H^ZbegZhZYZWZcji^a^oVgXaVkdh XdbeVi^WaZhXdcZa]dgb^\cXZajaVg! YZVXZgd^cdm^YVWaZd\VakVc^oVYdh# EVgVaVh[^_VX^dcZhXaVkVYVh!hZ ji^a^oVg{cXaVkdh\VakVc^oVYdhdYZ Vajb^c^digdcXd"e^gVb^YVaZh#:m^hiZ jcVVbea^V\VbVYZiVXdhnXaVkdh ZheZX[^XdheVgVZa]dgb^\cXZajaVg! YZbVgXVhXdcdX^YVh;^hX]Zg!=^ai^! Lgi]!7I>!ZiX#nVbea^VY^hedc^W^a^" YVYZcZabZgXVYdZheVda#:aeZhd b{m^bdedg[^_VX^cYZeZcYZg{Zc eg^bZgaj\VgYZaiVXdfjZhZjhZ! ejY^ZcYdhZgYZ'%`\eVgVjciVXd Xdgg^ZciZnbVndgV&%%`\eVgVjc iVXdfjb^XdZheZX^Va# 9bWleiojWYei 8aVkdh EVgVXVg\VhYW^aZhhZejZYZcji^" a^oVgXaVkdh!eZgdYZWZchZgXaVkdh ZheZX[^XdheVgVZa]dgb^\cXZajaVg# HdcXaVkdhXdcejciVhXjVYgVYVhYZ [dgbVXc^XV!\VakVc^oVYdhdYZVaj" b^c^d#8dcZaadhhZejZYZcXdadXVgadh gVhigZaZheVgVadhgZkZhi^b^ZcidhYZ bVYZgV!ZaZbZcidha^\Zgdh!ZiX# ''& 7YWXWZei 8aVkdhZheZX^VaZhYZVajb^c^d Adc\^ijYidiVaYZ&%%bbeVgV gZeVgVX^cYZYZhXdcX]VYdh# 8aVkdhZheZX^VaZhYZVXZgd \VakVc^oVYd Adc\^ijYZhidiVaZh*%!&%%!&*%! &-%bb 8aVkdhYZ[dgbVWaZh Adc\^ijYZhidiVaZhYZ*% V&(*bb# IVXd<7 IVXdhYZ;^hX]ZgYZeda^Vb^YVYZ b{m^bVgZh^hiZcX^VZc]dgb^\c XZajaVg# Hj^cigdYjXX^c[dgoVYVV\daeZh YZbVodZcjciVaVYgdYZY^{bZigd bZcdgfjZZaegde^diVXdXdbeVXiV ZabViZg^VaX^gXjcYVciZnaZXdc[^ZgZ VhjcVbVndgXdch^hiZcX^VeVgVfjZ aVegZh^cYZZmeVch^cegdYjoXVjcV bVndgXdbegZh^cnVhjcbZ_dg V\VggZ# °AVha{b^cVh]Za^Xd^YVaZhhZXaVkVc ZcZabViZg^VanegdYjXZcjcVjc^c VY^X^dcVa °CdcZXZh^iV]ZggVb^ZciVh ZheZX^VaZh I^edYZiVXd 9^{bZigd :heZhdgbc^bd IgVXX^c YZiVaVYgd YZhdedgiZbb VYb^h^WaZ@\ <7- -BB ,* '% <7&% &%BB -% (% <7&) &)BB &%% *% :heZhdgbc^bd IgVXX^c YZhdedgiZbb VYb^h^WaZ@\ GBI68DFJÞB>8D I^edYZiVXd IVXdhH IVXdh;^hX]ZgHYZeda^Vb^YVeVgV idYVhaVh[^_VX^dcZha^\ZgVh# &*% &%% IVXdjc^kZghVa;J IVXdjc^kZghVa;^hX]ZgYZeda^Vb^YV fjZ[jcX^dcVedgZmeVch^cYjgVciZ ZaegdXZhdYZVidgc^aaVYdYZW^YdVaV XdbegZh^cYZaiVXd# AVZmeVch^cYZaiVXdVhZ\jgVZa VcXaV_ZcZXZhVg^deVgVidYVhaVh [^_VX^dcZhXdgg^ZciZh# 6cXaV_Zfjb^Xd;^hX]Zg;:7"G 6bedaaVhYZgZh^cV;^hX]ZgYZhi^cVYdh VgZX^W^gaVhkVg^aaVhgdhXVYVhG<B! VgVcYZaVnXVWZoV]ZmV\dcVa#EZgb^iZ [^_VX^dcZhYZb{m^bVgZh^hiZcX^V gVY^VYdgZh!Zfj^edhhVc^iVg^dh!ZiX## 7YWXWZei ''' ;^_VX^c :heZhdgbc^bd YZhdedgiZbb VYb^h^WaZ@\ 6IG6KwH &%% *% E:GCD &'* ,% 9:-BB ≥ &*% .% IVXdaVg\dH"="G IVXd;^hX]ZgYZeda^Vb^YVaVg\dYZ bdciV_ZVigVkheVgVbViZg^VaZh ]jZXdhn]dgb^\cXZajaVg# HdajX^cZXdcb^XVeVgV[^_VX^dcZhYZ XVg\Vha^\ZgVhnbZY^VhZcbViZg^Va ]jZXdn]dgb^\cXZajaVg# HdajX^cZXdcb^XVYZb{m^bV hZ\jg^YVYZc[VX]VYVhkZgh^cXdc idgc^aadYZVXZgd^cdm^YVWaZ6>H>(%) H"GI6'# ;^_VX^cYZXVg\Vha^\ZgVhZc ]dgb^\cXZajaVg]VhiV+%`\Zc bdciV_ZVigVkh# GZ]VW^a^iVX^cZXdcb^XVYZ[VX]VYVh YZe^ZYgVXjVcYdZaXZggVb^ZcidZhYZ bViZg^VaYZ]dgb^\cXZajaVg!\gVX^Vh VaVkZgh^cZcVXZgd^cdm^YVWaZ# ''( 7YWXWZei 8Vg\V ;^_VX^dcZheZhVYVh EVgVXVg\VheZhVYVh!aV[^_VX^chZ ejZYZgZVa^oVgVigVkhYZabjgd bZY^VciZeZgcdhXdcgdhXV!ijZgXVn VgVcYZaVh# :_ZbeadhYZVea^XVX^c/aVkVWdh! W^Yh!gVY^VYdgZh!ZiX# ')$E\_Y_dWjYd_YWOJED= o\ehcWY_ed[i E\_Y_dWjYd_YWOJED= CjZhigdYZeVgiVbZcidiXc^Xd aZVednVg{iVcidZcaV[VhZYZ egdnZXidXdbdZcaVYZZ_ZXjX^c# GZVa^oVbdhaVbZY^X^cYZadhZaZ" bZcidhNIDC<eVgVhjegdnZXid naZVhZhdgVbdhZcaVhedh^WaZh cZXZh^YVYZhYZVYVeiVX^cVa h^hiZbV#IVbW^ccdhdXjeVbdh YZgZVa^oVgZaYZhe^ZXZnX{aXjad YZaVheaVXVhYZ[dg_VYdnXjW^ZgiV XdciVaYZ\VgVci^oVgjcVXdggZXiV Z_ZXjX^cnaVZhiVW^a^YVY ZhigjXijgVa# 8Wi[Z[ZWjeijYd_YWOJED=0 ZccjZhigVeV\^cVLZW mmm$n[bbW$[i!ZhiVY^hedc^WaZ YdXjbZciVX^ciXc^XV!YZiVaaZh ZcVjidXVY!XZgi^[^XVYdh!ZiX# 7feoejYd_YeWf_[Z[eXhW CjZhigdeZghdcVaZheZX^Va^oVYd ZhiVg{egZhZciZZcZaVggVcfjZ YZdWgV!XdciVaYZ\VgVci^oVgjcV Vea^XVX^cXdggZXiVYZah^hiZbV n[dgbVgVaeZghdcVaYZdWgV#HZ gZVa^oVg{jchZ\j^b^ZcidYZdWgVn jcVk^h^iV[^cVaeVgVXdbegdWVgaV XdggZXiVZ_ZXjX^c# <ehcWY_ed[ioYWhd[j Z[cedjWZehe\_Y_WbOJED= GZVa^oVbdh[dgbVX^dcZhiVcid ZcaVegde^VdWgV!XdbdZcaVh ^chiVaVX^dcZhYZcjZhigdh Y^hig^Wj^YdgZh!VaVhfjZedYg{c Vh^hi^gidYdhadhegd[Zh^dcVaZh YZaVXdchigjXX^cfjZYZhZZc Vbea^VghjhXdcdX^b^Zcidhn XdcdXZgZah^hiZbVNIDC<# CjZhigddW_Zi^kdZhZchZVgaV iXc^XVYZXdadXVX^cXdc_jciV [^cVnYVgVXdcdXZgadhegdYjXidh NIDC<VigVkhYZcjZhigdh Y^hig^Wj^YdgZh# JcVkZogZVa^oVYVaV[dgbVX^cYZ XdadXVX^c!adhVh^hiZciZhgZX^W^g{c ZaXZgi^[^XVYdYZ[dgbVX^cNIDC<# :hiZYdXjbZcidZh^begZhX^cY^WaZ eVgVaVedhiZg^dgdWiZcX^cYZa XVgcZiYZbdciVYdgd[^X^VaNIDC<! didg\VYdZcXdchZci^b^ZcidXdcaV D8IjcVkZo[^cVa^oVYVaVeg^bZgV dWgVXdcNIDC<YZ[dgbV hVi^h[VXidg^V# EÓY_dWjYd_YWOJED=o\ehcWY_ed[i '') '*$DejWi ''* DejWi ''+ IZa ().%'--)'%& ;Vm ().(),.''(- mmm$n[bbW$[i ;did\gV[VhZ^ajhigVX^dcZhcdXdcigVXijVaZh#AVXdbeVVMZaaVhZgZhZgkVZaYZgZX]dYZbdY^[^XVgZcXjVafj^ZgbdbZcidhjhegdYjXidhh^cegZk^dVk^hd!YZcigdYZaab^iZYZaVhY^hedh^X^dcZh XdchigjXi^kVhYZaVcdgbV[gVcXZhV9IJ'%#&:aXdcigVidhadi^ZcZZm^hiZcX^VaZ\VaedgaVVXZeiVX^cYZMZaaVYZakVaZYZeZY^YdfjZ^cXajnZaVhZheZX^[^XVX^dcZhegZX^hVhYZadhbViZg^VaZh Zm^hiZciZhZcZabdbZcidYZaeZY^Yd#AVh[did\gV[Vh!^ajhigVX^dcZh!ZhfjZbVhniZmidhYZZhiZYdXjbZcidhdcYZegde^ZYVYYZaVXdbeVVMZaaVncdejZYZchZggZegdYjX^Ydhh^chj Vjidg^oVX^cZhXg^iV#<I%+%-$&%%%:# MZaaV:heVV=dgb^\c8ZajaVg!H#6# MZaaV:heVV=dgb^\c8ZajaVgH#6# EVgfjZYZCZ\dX^dhBVh7aVj! X$Hdahdch'!ZhXVaZgV7!eaVciV'¯7( %--'%:aEgViYZAadWgZ\Vi7VgXZadcV