modelo para estructurar portafolios de inversiones en acciones

!" #! "
+
! $%
# &'"( )
*&
,
#
"
".
*&
/////////////////////////
/////////////////////////
/////////////////////////
/////////////////////////
/////////////////////////
/////////////////////////
////////////////////////////////////
!0
" .!"( "& " " %! #
////////////////////////////////////
!0
" %! #
///////////////////////////////////
!0
" %! #
"!" ! 1
#'"0$!"
"
-
TABLA DE CONTENIDO
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 2
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 3
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
4
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 5
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 6
6+6
6+6+6
6+ +
6+-+
6+2+
6+8+
6+9+
6+9+6 :
&
6+9+ + :
.!"
6+9+-+ :
!" "( &"
6+9+2+ :
. ! "
-+6+
-+ +
7777777777777777777+6
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++7+6+++++++++++++++++++++++++++++++++++++++++++++++++ 62
++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 68
+++++++++++++++++++++++++++++++++++ 68
++++++++++++++++++++++++++++++++++++++++++++ 68
+++++++++++++++++ 69
; "$" ("! " 0<# # . ! "( #)"!
(
#&"(
(
#&=
#!0 ! " .#! =
# # "
#&"( >++++++++++++++++++++++ 69
*0# %( !
#&=
#!0 *& " .#! =
# #
! '<( "
*& " .!" #( > ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 69
; "( " 0# " # " .#! =
# # "
#&"( $ ( # "&
!#& "(> ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 69
? < #.# #)@ " !" "( &" !#& "( "$"!@ .
!("
(# " .#! =
# # "
#&"( " 0"!
# # #0$ &#> ++ 69
,
,
2+6+
2+6+6
2+6+ A
2+6+2+6+-+6
2+6+-+
2+6+-+-
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 6
++++++++++++++++++++++++++++++++++++++++++++++++++++ 6
,
B
++++++++++++++++++++++++++++++++++++++++++++++++++++ 65
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 65
+++++++++++++++++++++++++ +++ 6
?
7777777+
,
77777777777777+777+ C 7777777777777777777++7 2
77777777777777777777+ 2
2
2+6+-+2
C
777777777777777++ 8
2+6+-+8
4
777777777777777777777777777777777777+ 8
2+ +
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 9
2+ +6 ( "0 ( !
#& "(7777777777777777777777 3
2+ +
#0# 0# " # &# &" 7777777777777777777
2+ +- # " #( . ! 0<! #( D&# . ! 0<! #(7777777777++ 5
2+ +2 # " #(
#!!")!"( '#( &# &" "(77777777777777 5
2+ +8 # " #( " .!#0" # 0*' 77777777777777777772+ +9
)&( .
#&"( " !" "( &" !#& "(
( ("! "( "
"0.#777777777777777777777777777777777777777-2+-+
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ -8
2+2+
77777777777777777777777777-
8+6+
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 28
8+ +
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 28
3+6+
3+ +
3+ +6
3+ + +
3+-+
3+-+6+
3+-+ +
3+2+
3+2+6+
3+8+
3+8+6+
3+8+ +
3+9+
,
+++++++++++++++++++++++++++++++++++++++ 23
C
++++++++++++++++++++++++++++++++ 25
+++++++++++++++++++++++++++++++++++++++++++++ +25
++++++++++++++++++++++++++++++++++++++++++++++ 8
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 86
E F
+++++++++++++++++++++++++++++++++++++++++++++ 8
,
82
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 83
+++++++++++++++++++++++++++++++++++++++ 83
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 9
+++++++++++++++++++ 9
C
++++++++++++++++++++++++++++++++++++++++++++++++ 9++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 36
1
1
++ 3
8
4
4
4
+
+
+
!
+++++++++++++++++++++++++++++++++++++++++ 35
++++++++++++++++++++++++++++++++++++++++++++
+++++++++++++++++++++++++++++++++++++++++++++++++++
9
LISTA DE TABLAS
$
$
$
$
$
$
$
$
$
$
6+ (." #( !" "( &" !#& "(77777777777777777+772
+
#&"( .#! $ !(
777777777777777777+778
-+ ! "! #( &
"( ' !B #' !777777777777777++777+82+
! G " #' ! &G 77777777777777777777++77+88+ #& "! *& "
&'"!( *&77777777777777777++788
9+ H
& "( " .#! =
# #77777777777777777777+77+88
3+ #&%&# "= "&"77777777777777777777777+7+88
+ " ( " .#! =
# #7+77777777777777777777++++78
5+ !#0" # .#& "! # !" 777777777777777777+7++36
6 +
!
#&"(
#&"( !" 77777777777777777+7+++36
+
3
LISTA DE GRAFICOS
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
!;= #
6+
#( " 0"!
#77777777777777+77777+777+23
+
%
#)! 0 !" "(++777777777777777777777+7++23
-+
)& ( ."!=& & "! 777++777777777777777+7++25
2+ !" #( I( #! #(777++777777777777777777+7++8
8+ A( #!
#&"(777++777777777777777777+7++86
9+ !#0" # ' !
#&"(++777777777777777+777+7++8
3+
G *&(# '"!777++777777777777777+777+7++82
+ # '"! #&%& # "= "& "77777777777777+777+7++89
5+ #&%&# "= "&"1 "()# ( "& $
77777+777+83
6 + # '"! "& #( $" (7++++777777777777777+777+78
66+ &'"! !)#(7777777777777777777777777+7++85
6 +
& # #0$ 777777777777777777777++777+++85
6-+ ! .# ' 7777777777777777777777777++7+9
62
& # " #)# ; 777777777777777++77777++7+9
68+ ( 77777777777777777++7777777777777+++96
69+
!
#&"( . ! !" "(++777777777777777+7+7+++92
63+ " " *&"&!
( D(
(7777777777777+7+7++98
6 + #! "& %
"( " (" " *&7777777777777+777+7++99
65+
#( " .!#
*&7++77777777777777+777+7++99
+ !J "
!
"
!" 777777777777777+777+7++93
6+ &!"& 0 "&# "
!" 777777777777777777+79
+ #&!# " "&!"& 0 "&#77777777777777777+795
-+
# "( 777777777777777+++++77777777+77+795
2+ !#
*&77777777777777777777777777+73
8+ !#D" *&!" 77777777777+++++77777777+77+795
9+ #0. ! '# &'"! !)#(777++77777777777777++++3
3+ #0. ! '#
& # #0$ 77777777777+777777++3+ #0. ! '# )! .# ' 77777777777777777+7++32
5+ #0. ! '# #)# ;77777777777777777777++++32
- + #0. ! '# ( 777777777777777+7777777++++38
4
4
4
777777777777777777+7+35
777777777+7777777777+7+
777777777777777777777+777+
+
5
0 D#!@ " #( #."! #!"( "& #( 0"!
#( $ !(; "( $ ( &
! '<( "
"0.# "& #&! ! )K& ( ( "0 # ! "! # J " "( ."!0
.!" " !
"'#
*& = !
" (
#&"(1 #( $#&#(1 #( #&! #( "
= !#( D ( #. #&"(+
) &# " #( &"!'&"&"( "& " 0"!
#
. " "
'& ! #& "! "G 1 D & "( " & "1
# G *& "
(
#&"( #
0 ! I " #( @
& "( $ !(; "(1 .# !; #$ "&"! )! & "(
$"&"= #(1 .#! # !#
#1 (" #&# " "& "( " .# " 0"!
#( J "
0 D#! . ! " "
&=
#!0 *& !" "' & " "( ; (.#&$" . ! # #( #(
J " "& < . ! . &1 &# ."!0 !@ "(
(
*& #$"&"! $"&"= #(
( ."! #!"(
#( "(."! #( "& ("&
" "( &=
#!0 *&1 .#! # J "
J "! I"!! 0 "& .!"
' !"(
!@ &K + #( & ( ( $ !(; "(
(.#&"& I $
0"&" "
( & ( '"! "&"( " I"!! 0 "& ( . !
!
! " #$("!' !
"'#
*& "
$# ( D.# "! .!" " ! " = !# "
( # G #&"(+ #! &
# "L( " " &; ( ( =& 0"& $ ( # "&
!"
*& "&!" " ' #! "*! # " (
#&"( D ( .!" #+ " #& &K
#& "
&; ( ( (" #! 1 . !
#&# "! #(
#( " '
" (" #!1
"( !
! ( "
#=
"!
D "L.#( *&
#0." "&
"L! &%
"! 1
("&( $
"'#
*& "
" #&#0@1 "L.#( *& #(
#&"( "
.!" #( D "& "& (
#! # D0"
&# . G#1 )! # " . ! . *& "
"0.!"( "&" (" #!+
) &#( " #( 0<# #( " ' #! *& " (
#&"(1 "( " "( " . &#
" '(
=& 0"&
#0 & "& "&
( ) & & ( .#!
*&1
!"
*&.!" #B) & & ( "
"0.!"( 1 .!" #B' #! $!#( "
*&1
#"= "&" .!" #M (IB=#N1 !"& $
"( .#!
' "& #(1 D # !#(
0# " #( 0;( (#=(
#( 0;( !" "&"0"&" (" I & )!") # ) &#(
& "'#( &( ! 0"&#( . ! .!" " ! " #0.#! 0 "&# " 0"!
#
"#!@ "
! "!
. &
#0 ! " ( #&"( " #0.#( *& " #(
.#! =
# #(
"
#(
&'"!(#!"(1 . ! "& #
"
&
&; ( (
"
#0.#! 0 "&# . ( # " ( # G #&"(1 . ! .!" " ! " = !# D
" ")! J " #( ' #!"( J " ."!0 & & 0"%
#!
'"!( =
*& "
! "()#1
#! "
!"& 0 "& # J " (" J "!" #$"&"!+
)&( " (
"!& ' ( 0;( #0K&0"&" (")
( (#& "
! "! # " 0" B
' ! &G "
!O#N G1 " ! "! # " 0" B("0 ' ! &G "
!O#N G1
"
$ ( # "& !"
*&"&!" " #"= "&" $"
" (
#&"( D
" @
& " " !"=
"!"& 1 "& #( K 0#( P#( (" I )!") # & & "'
("! " " I"!! 0 "& ( " .#
&
'#1 J " !"
#& & '"!( (
' ! $"( #0#
# G *&1 (
( ( " &"!<(1 ' ! $"( #& $"(
.!#. ( "
"0.!"( 1 J " & ( "& & &; ( ( " !")!"( *& ."!0 "&
#&=
#!0 ! & "' ( 0" # # #)@(1 #0# # "( 0<# # " !$ ! %
" ! &)
6
I"#!D+ "!#1 %( 0"&" "$ #
J " " 0"!
# &# (" #0.#!
"
& 0 &"!
&" 1 ( &# J " "L( "&" "0"&#( J " ! "& & #&'"&"&"(
0#0"&# " #0 ! " ( #&"(1 (" I & !"=& # #( 0<# #( D I &
. !" # & "' (
"!& ' ( "&!# "
(
"( (" "& "&! &
J " ( $(
( "&
"#!@ "
#(1 #( 0# " #( =
!
"(1 #(
)#! 0#( )"&< #( D ( !" "( &" !#& "(+
"(
# " # ( "( (
"!& ' ( "( .
& .# #
.!"("&"
! $%
#1
&J " &#( " "& !"0#( "& "
(# . !
! "
.
*&
" ) &#( &
#!"( " &; ( ( < & #1 0"%
#!
( #&
.
*&
" ( !" "( &" !#& "(
0"!
# $ !(;
" # #0$ 1 . ! " # ("
I ! $ % # #& #( .!#)! 0 ( 0 D
G #( .#! #( #."! #!"( "
0"!
#1
( $"! "
(D
( "
"0.!"( &" ! &" N#!O D &
(#=N !" " &; ( ( < & # $ ( # "& !" "( &" !#& "( . ! .# "!
"=
"
! #( "( (1 J " "( "
" !# #
#&( " " !#
0"& #&( & +
( " K 0# .!#)! 0 "( & & "'# &( ! 0"& # . ! "(
!P!
"'#
*& " ( # G #&"( D !
! " .!" " ! (
#0.#! 0 "&# "&
" = !# !" & # & 0# " # #0. ! '# " #( 0<# #( " &; ( (
!
#& "(
1
!O#N GD =& 0"&" !" "( &" !#& "( 0" & "
I#
(#=N !"+
66
0# " #
.!"("& ! =
#!0
!" *& " .#! =
# # " &'"!( #&"(
0;(
"
#1
0"%
#! "( #)"&
" "0.!"( ( J " #&=
#!0 & "
.#! =
# #1
0 L0 G *& "
!"& $
" .#! =
# # 0" &" #(
0<# #( " !" "( &" !#& "(1 "( ( K 0 ( !
& " !"(# '"! " =
#!0
"= "&" .!#$"0 ( J " . " "& "&
! !(" "&!# " !"( 0. #(
)! .#( #. 0 G *&1 !" #&# 0 "&# D )"&"! G *&+ ( #( !"( .#(
"&)#$ & & " "' # &K0"!# " (
#&"(1 # J " I " J " "
0.#
" .
*& " ( !" "( &" !#& "( "& )"( *&"0.!"( !
(" 0 D
0. #+
(
" "( " !#& "(1 (@ #0# ( # ! ( < & ( D 0<# #(1 J " (#&
G #( . !
#0.!"& "!
&;0
" #( 0"!
#( (#&0 I# 0;(
!" "&"( J "
( < & ( ;( (1 #0# "
&; ( (
& 0"&
D
.#( "! #!0"&" " &; ( ( < & #1 D ="!#& "( !!#
#( . ! ! "
. ! *& )"&"! G
" #0.
#! ( #& )! & .# "! " ; #+ #(
I G)#( "& "( " .# " < & ( D 0<# #(1 J " & D"
)#! 0#
"&< #1 "#!@ "
#(1 *)
=( 1 "& !" # !#( (#& & "'#( D
(#=(
#( "&=
#J "(
"(
# " .!#$"0
" .!"
*& $ !(; + &
"0$ !)#1 . !" " ("! (# # " & # " & $K(J "
=
!"&<
J "
&"!!"
#&
( & ( D '"!( ( "& ( #& " .!#.*( # =!0" "
#)! ! Q
)&!"
0"!
#R
1 ."!# ( &
J " " =& 0"&# " "( (
< & (1 J " "( ; !
# "& " I" I# " J " ( "& (
1
I "& ."&( ! J " "( 0#( =
!"&"
)# J " "0."G 0#(
#0.!"& "!
D"L. #! !+
0"&" &# "L( " &&)K& 0"!
# $!" " 0;( =
;
"(# J " "
0"!
# $ !(; 1 "
")
(
#&( "! !(" & 0"!
# ."!=
" #
"$ #
&"L( "&
" $ !!"! ( " "&!
I S$"!
TD" )! &
0#& &" " #&*0 # J " 0 "'" " &")# # I =
#0"& # " "(
# "
#0.#! 0 "&# " 0"!
# $ !(; #( .! 0"!#( "(
#( !" G #(
(#$!" " #0.#! 0 "&# " .!" # " #( ( &#( @
& "( $ !(; "( ("
"& 0 & !#&
"( $" "! 0# " #(
" #0.#! 0 "& #
&"
"
0"!
# $ !(; + A#D "& @ D )!
(
)! & "'#
*&
6
#0.
#& J " (" I "( !!#
#1
I ( ( & #&"( " &"
I &( #
0$
( .#! ( " &# &"
+ #( !"(
#( #$"& #(
I & !" #&# #
( 0
#&"( "
( < & ( &" "( !
#& "(1
");& #("
#$"&"! 0 D
( !"& $
"( D 0;( !") !0"&"+
I# <L # (" "$" J " " 0"!
# $ !(; (" #0.#!
" =
#!0 &#
&" + &# " #( 0<# #( &# &" "( 0;( "L"& #(
# !)# "
# (
( .
#&"( "(
& " )"&
! = +
"& "( " (" #!1
#& !" 0"&" $ %
#
0 &# " ( !" "( &" !#& "( ! = "(1 )#G "
& )! & <L # D J " "( &# " #( 0;( "( !!#
#(+ # &"! #!
. &"
( ) "& " (
*& ( = $" . ! "
#&(
"&"!
&=
#!0 *& #.#! & D #&= $" . !
"( !
! !
& .#! =
# #
#& ! # !"& $
!
' D0"&#! ! "()#>
!
=& & "!
# #0$ & I "& #
#0# ="&"( " =& & 0 "&# !
#& # " . ! 0#&# =0 ! # "
( ( "0 $ & ! #+ ( #1 . ! " " #& "&! !
.!#. "
"
(
"0.!"( (1 I ."!0
#
#( &'" "( " "& "
0 "&# J " )"&"! &
( '"G
#& "&! *& #
" ! "()# " (" #! .!#
'# "& #(
$ & "(
" ( ( "0 =& & "!#+
;(
&1 "( # &= D" (#$!"
(
#.#! &
"( " &'"!( *& . !
#( I#!! #!"( J " &# "& "&! &
"!& ' " &'"!( *& ( &
#( @ #( #
"& ( " I#!!# "
0 (0# ( ( "0 =& & "!#+
( .#! " #1 J " "
#&)!"(#
#&
" "!
# "
.
"(1 &
" ( #& ( #&"( =& 0"& "( J " (" #$ '# . !
! (#
*& #(
.!#$"0 ( . &" #(1 ="
&" "(
" 0. ( ! .#! . ! " " (" #!
.K$ # D .! ' # " "( !!# # " 0"!
# "
#&"( D " #( "0;(
'#( =& & "!#(+
0"&" "& ( !"( .! & . "( $# ( ( " . @
( U #)# ;1
"&" D
" " @
&V
1 (" #=
!" "& ! &(
#&"( (#$!" #( ( ) "&"( .!#
#(
#&"(1
1
".
#&"(1
#&#(1
1
! G *&1 #& #(1
." "( #0"!
"(1 D "
( .! & . 0"&"+ &"0$ !)#1 ."( ! "
0.
)0
" #. #&"( J " #=
!" " " 0"!
# . !
&'"!( *&1
$! 0 "&# " ! "()# D =& & 0 "& #W )# "( ; ( " "& # "& "
0"!
#1 J " &# I ."!0
# "&"! "& & "( !# . @
( & !" 0 "&#
#& & # D.!#.#! #& " (" #! $ !(; "&(
#&%& #+
0"!
# $ !(;
# #0$ &#1 ("
"=&" #0# "
#&%& #
"
#."! #&"( !" G ( .#! &'"!( #&( ( #& " =& " &")# ! @ #(
' #!"( ."!0 "& #1 "&!" # ! ( #( (1
& G ! "= "&"0"&" "
I#!!# " .K$ #
(" #! .!#
'#+
! "&"! & 0 D#!
!
1 #( )"&"( J " #&=
#!0 & " 0"!
#
$ !(; # #0$ &# (#& #( ( ) "& "(:
6-
Cuadro 1. Estructura
"
"!
# "
.
"( "
# #0$
( = ! " 0"!
# $ !(;
#& $ (" "& " .# " !"& 0 "&#1
. ! . *& "
!"& ' ! $" U #&"(V "( "
& (# # "
12X
=
!"&"
'# 0"& )!") # " #( &( ! 0"&#( " !"& =%W #
#&=!0
& '"G0;( " !" ! (# " 0"!
#
#& ! # "&& "( !# . @
(+
(@0 (0#1
. ! . *& " #( @ #( "
"(#!"!@ (" "' &0;( "
0
" '# 0"& ! &( #1
"%& #
. ! . *& " #(
&( ! 0"& #( .! ' #(
( !$
.! & . 0"&" "&
Y(1
#&#(
! ' #( D
#&"(+
!
!
"!@
(
0.#! & " "&" J " '"! #& " I" I# " J " (
! &(
#&"( (" !" G & "& & 5 15X " #& #+ #
&# "(
.!#. 0"&" & &
#! " "L "(# " J
"G "
" #&#0@1 ( &# &
&
#! "
=
" #&= &G " #( &'"!( #&( ( "& " ( ( "0
$ !(; 1 J "&"( .!"="!"& !" G ! #."! #&"( " #! # . G#1 . ! "
"
I#!!# "& #( #( =& & "!#( J " <(
0"
0.
+
0 D#!
. ! . *& " (" #! .K$ # "&!# " 0"!
# $ !(; 1 (" "$"
0.
# J " "&"& #( @ #( " "
" )#$"!&#
"&!# " #(
&( ! 0"& #( " !"& =%+ #
&# (# 0"&" "( " !"="%
# " &
"(
# #& )! & "( &" "(
"( ." & ! (1 ( &# " & (" #! .! ' #
#&.# #( & "& '#( . ! & "!
! "&"( " 0"!
#+
"( "& ! # " "(
# "( " 0"!
( (
#&"( #! & ! ( # G #&"(
62
# $ !(;
! ("@
&
# #0$ &# "
"( " $ !(
!
"
+
"
& "!
0$!" )"&"!
I#!
" &'"! ! "& & .#! =
# # "& &
0"!
#
& '# ; D =
!;) #0# "( "
" # #0$
"&" 0 I#(
= #!"( J " # =
"
&1 "& !# " #(
"( "( ; " ! "()# "
I#
.#! =
# #
'#
" (
#&"( D (
0$# "& !"& $
1
"
(# " #( 0" #( " " !*& #( I $! & # & 0 D#! "(
# "
I#( #0.#! 0 "&#( "& (
#!
.!;
1
G *& " #(
0"%
#!"( (#=N !" . ! .!#&*( # I ( # & 0 D $ "& I"!! 0 "&
. ! $! & ! "
#&( 0 D#! #&= $
D #&= &G
I#!
"
&'"! ! #
#&(
D" & )! & &"!!#) &"
#! J < "( .!#'" I !
( & "' ( I"!! 0 "& ( #0.
#& "( J " $#! & < & ( 0;(
!#$ ( ( . ! !"(# '"! " .!#$"0
" "( !
! *& " &.#! =
# # "
&'"!( *&"&
#&"(>
#&= &G J " "$" "&"! "
#&(
"& " 0"!
# "
.
"(
# #0$ &# "."& "
!"
0"&" " J "
& !"& $" D J "
&#
! "()# (" #!!" . !
.#! =
# #1
G *& " & 0# " # J "
)"&"!" #&= &G "& " &'"!( #&(
"( " '
0.#! &
. !
0"& ! ( . ! . *&"&"( " .# " 0"!
#(+
"( #& 0 "&# " #(
#&( ( "& # #0$ "( #0# #&=
#!0 ! "
0"%
#! .#! =
# # " &'"!( #&"( "
"! #
#( . !;0" !#( "
0"!
# "& &0#0"&# "(." @
= #+
& "( " #! "& " " ( " 0# " #
"( !!# ! $! & !;
#&( "&
)"&"!
! '<( " I"!! 0 "& ( #0.
#& "( $ ( #( "& !" "(
&" !#& "( #&=
#!0 !
I# .#! =
# # #)! & # 0 &0 G ! " ! "()# #&
&; ( ( "(
@
( #( D 0 L0 G & #
!"& $
" 0 (0#
"0."G & # .#!
0"%
#! "( #)"&
" (
#&"( J " #&=
#!0 ! &
I# .#! =
# #1
&"! #! .!#. "( . & " " ( ) "& " &"!!#) &"
( = $" . ! "
#&(
"&"!
&=
#!0 *& #.#! & D #&= $"
! '<( " ( !" "( &" !#& "( . ! "( !
! ! & .#! =
# #
#& ! #
!"& $
!
' D0"&#! ! "()#>+
68
"
;
6+9+6 :
&
*0#
6+9+ +:
.!"
"$" ("! " 0<# # . !
"( #)"!
(
(
#&=
#!0 ! " .#! =
# # "
#&"(>
%( !
#&=
#!0
*& " .!" #(>
; "( " 0# " #
!" "( &" !#& "(>
6+9+-+:
*& " .#!
" .#!
=
# #
6+9+2+: ? < #.# #)@ " !" "( &" !#& "(
(# " .#!
=
# # "
"
=
# #
! '<(
#&"( $ (
#&"(
"
# "&
"$"!@ .
!(" . ! "
#&"( " 0"!
# # #0$ &#>
69
0# " # J " (" .!"("& . ! " &; ( ( " .#! =
# #( " &'"!( *&"&
# #0$ .!" "& "
!"
#&(
& I"!! 0 "& #. 0 0"
&"
( !" "( &" !#& "(
G& #
0"%
#! " &# #)@ .
0 &0 G & #
( ! "()# D0 L0 G & #
!"& $
"
"! #
#( "( "& ! #( J "
(" " J "! & !
.#! =
# #
!" *& " 0# " # . ! " &; ( (
" .#! =
# # " $! & I"!! 0 "& ( .!;
(
#&(
I#!
"
#0 ! & " ( *& ( #& #&"( "
.#! =
# # ' !@& "
"! #
0 I#( = #!"( "( # I " =
@
#0
" " ( #&"( ( &# (" "&"
#&= $
"& & 0<# # .
#+
=& " "(
&'"( ) *& "(
$! & ! #&= $
D 0 &"%
# " ! "()#(
I#!
" &'"! !
! '<(
" &0# " # $ ( # "&!" "( &" !#& "(+
63
#&( ! !
& 0# " # . !
#&"( & G;& # # 0"
"( !
! ! .#! =
# #(
"
&'"!( #&"( "&
&" !" "( &" !#& "(
G ! & 0" # # #)@ J " ."!0
.!"(" " #& ! (
#&"( J "
#&=
#!0 ! & " .#! =
# #+
%( !
#&=
#!0 *& " .#! =
# #
! '<( "
.!"
*& "
.!" #( " (
#&"( .!"(" " #& (
#&=
#!0 ! & 0# " # " .#! =
# # "
#&"( $ ( # "& !" "(
&" !#& "(
( $" "!
#.# #)@ " !" "( &" !#& "( J " "$"!@ .
!(" . !
"
(# " .#! =
# # "
#&"( " 0"!
# # #0$ &#+
=& ! " 0# " #
" !" "( &" !#& "( . !
#&=
#!0 *& "
.#! =
# #( #& &0@
&0# ! "()#
=& ! " 0# " #
" !" "( &" !#& "( . !
#&=
#!0 *& "
.#! =
# #( #& & !"& $
0;L0
6
+
I#0$!" (" I
!
"! G # ( "0.!" .#! (
$K(J "
#&( & " " & "' ( '@( . ! 0"%
#! ! ( ( #& #&"( "
' + ( #( "(="!G#( " I & ("!' # . ! !"
! " ! $%
# "& J " (
#."! #&"( "& ( J "
="!G %")
& . ." .! 0#!
+ #(
.!#)!"(#( #$"& #( I & ."!0
#
! )! "( #( "(="!G#(
# !#(
0.#(1 #0# .#! "%
"0. #1
#&( !
*& " 0;J & (
#! (
J " D "& !"(# '"! " =
#!0
#0;
D !;.
" "!0 & ( #."! #&"( J " !"(
& " #( (
& # (" !" G & 0 &#+
&# " #( .! 0"!#( "& #0" "! "(
"0.!"( =" I ! "(
$$ )"1
J "& ! * &=
!
#( 0"&" " #&( ! !
& 0;J &
. G "
!"(# '"! .!#$"0 ( 0 "0; #(+ #( "! #!0"&" # !#( & #( &"& !#&
#&( ! ! 0;J & ( ( 0 !"(1 ."!# &# =" I (
") &
"!!
& 1
& # D (" (.#&@ " &( ! 0"&#( " " !*& #(1 J " ("
0."G !#&
!" #)"! #( .! 0"!#( =
! #(+ & 6529 (" #&( ! D*
.! 0"!
#0.
#!
" " !*& 1
+
"( " "&#& "(
#(
"( !!# #( "&"( " 0.# I & "& # & )" "(."
!+
( ( 0;J & ( ."!0 "& 0. "0"& ! =
; 0"& "
)#! 0#( . !
!"(# '"! 0
" .!#$"0 ( J " &"( !"(
$ & "&)#!!#(#( "
!"(# '"!+
& "0$ !)#1 (" #$("!'
&
0
*& 0.#! &" :J <
# !!"
& # " .!#$"0 J " (" J "!" !"(# '"! &#
0 " &
!
0 "& # )#!@0 #1 #0# "( "
(#1 .#! "%
"0. #1 "
(=
*&
" #$%
" #( .#! ! ()#( #0 &"(> ( " "%
"0. # "0 "( ! J "
#&( !
*& " & "' ( 0;J & ( 0;( '"!(; "( !"J "!" & "&=
#J "
" .!#$"0
"( " # !# . &# " '( + #( "( !!# #(
"( " #(
"&@
= #( (" ! )"& "(
# " (
.
"( I 0 & ( #0# &
="&" " & "' ( " ( . ! "
("P# " ( & "' ( 0;J & (+ (@
1
&" )"&
! =
"( & & "&# .#! "( $! ! D "( ! $! (." #( "
& " )"&
I 0 & J " . " "& ("! ( 0
#( 0"
& " 0;J & (+
(
( . & (" I
"( !!#
# ="! "0"&" "& #( K 0#( P#(
"&"& #
.
*& "&
) &#(
0.#(
#0# '( *& ! = 1
"0#( ! *& " "#!"0 (1 .!# "( 0 "&# " &=
#!0 *& "L.!"(
0" &" "&) %
"( I 0 &#(+++ " +
65
( !" "( &" !#& "( (#& 0;( J " # ! =
#!0
" "0 !
"! (
!
"!@
(
( .!#. ( " #( I 0 &#(1 #0#
.
" 0"0#! G !
D " (# ! I" I#(+
(" "L 0 & & #& "& *& J " #( .!#$"0 (
J " &# . " "& "L.!"( !("
! '<( " & )#! 0#1 (" #$("!' !; J "
# #( " #( "&"& &
!
"!@
(
"& #0K&
"L."! "& +
I#0$!" "(
. G " !"(# '"! "( ( (
#&"(
"& #
"L."! "&
0
+ (@
1 . !" "
!# J " & =
#!0
" .!#L0 !("
.!#$"0
#&( (
"&
#&( !
*& " ( ( "0 ( J " (" & . "(
" !".!#
! "(
!
"!@
(
I 0 & + & "=& ' 1
( !" "(
&" !#& "( &# (#& 0;( J " & 0# " # ! =
D ( 0. = # "
"!"$!# I 0 &#1 J " "( " "%
"0. # 0;( ."!=
" # " J " (.#&"0#(
. !
& ( ( "0 J " "(
. G "
J ! ! #&# 0 "&#
! '<( "
"L."! "& + & !" &" !#& "( Q & & "'# ( ( "0 . ! " !
0 "&#
"
&=
#!0 *&1
D &
$;(
" .!# "( 0 "&# "( ; &(. !
"&
<
=& 0"&
" ( ( "0 &"!'#(# I 0 &#
R
+
# #( #( .!# "(#( "
"!.# I 0 &# (" !"
#& & "& ) &
#!
=
#!0
#&
U&V '
" "( ( &" !#& (+
( 0 (0 ( (#& &
#0.#&"&" !"
' 0"&" ( 0. " " ("! I 0 &#1 ."!#
& # 0 !"(
" " ( (" #&"
&"&=
#!0 #&%& (" I "&0 D.# "!#( (+
# J " $;( 0"&" # !!" "& & &" !#& $# *) "( # ( ) "&"
&" !#& "( "( 0
# "L
! '<( " ( (
U&. (VD
& # ("
&G & "! # 0$! 1
&" !#& (" (. ! #
'1
. ( & # & ("P I
"
+ #( "! #!"( &'"( ) #&"( #& %
"!#&
"( $! 0 "&# " J " "( #( .!# "(#( (#& " !"(
# " "'"&#(
" " !#J @
0 #(+
#0# D (" ( $"1 " ."&( 0 "&# "&" ) ! "& " "!"$!#1 J " #&(
" $ #&"(
" &" !#& ( &"! #&"
(+
(@
1 " (" !" #
"
Q&" )"& R B( & 0.#! ! #0# (" "=& B (" ( K "&!# " "( (
&" !#& ( &"! #&"
( D " ( &"!
*&+
0$<&1 "( $"& #&# # J " #( I 0 &#( (#& . "( " .!"& "!+
.!"& G %
" ( )&=
J "
J " #( .!#$"0 ( J " &
0"& " &#
. " "& !"(# '"!("1 . " "& ("! !"( " #( "(. <( " #$"&"! 0;(
&=
#!0 *& "!
" .!#$"0 + #! # &#1 ( " "( " !#& "(
•
#&( ( "& " &
"( " .!# "( 0 "&# J " &"! 0$ &
#( #
&=
#!0 *&+
•
"
G& . !
!" #&# "! . !#&"(1 & D"& # 0;)"&"(1
0 & ( ! #( D " "& (
"
"0.# U
.#! "%
"0. #
"& "& (
=& & "! (V
+
•
"&"& .
" .!"& "! D0"%
#! ! ( =& #& 0 "& #+
& .! 0"!
"& "& #
(=
( (0
*& " #( 0# " #( " !" "( &" !#& "( .# !@ ("!1
#& !"
$# *)
0# " # " .# $# *) #+ ( " #0.!"& " ( !" "( J " !
& "
(0
! #( ( ( "0 ( &" !#& "( $# *) #(1 (@ #0#
( =& #&"(
' ( # ) & ( =& #&"( $;( ( "
'( *&+
0# " #
0
)
!) #
.
*&+ ( " 0# " # &#
"&" .#! J <) !
#& #( ( ( "0 ( $# *) #(+
!J "
( &" "(
"( " ( .
#&"( . !
!
! "( ; ="! "0"&"
J " "( ("P 6
#
65-9 B
& ! &)+
" " .! 0"!# "& "(
! " "!"$!# #0# & =
#!0
" '"! " 0 & #
"
#0.
*&+ & "0$ !)#1 #( .! 0"!#( "*! #( J " #& $"!#&
#( =& 0"&#( "
#0.
*& &" !#& ="!#& F !!"&
# I1
&&" !#=( *#)#1
D F "!
(1 & 0 "0; #1 J "&"(1 "& 652-1 &G !#& & "#!@
"!
"
=
#!0
" ! $ %! " ( &" !#& ( U & ; # *) # "
&0 &"& "
"
"
'
"!'#( B
#" @
& "
"0;
#=
@
(
8 668B6--V
+
#( 0# " !#& & !"
&" !#& ( 0. "
0" &" !
#( " < ! #(+
6525 B
#&
A"$$+
" " .! 0"!# "& "L.
! #( .!# "(#( "
.!"& G %
"U
J " "( " " "0"&# $;( # "
& " )"& I 0 & V "( "
& . &# " '(
.( # *) #1 "( !!# & # & !")
" #0# "
.!"& G %
" # !!@+
& I#D1 "( " "( " =& 0"&# "
0 D#!@ "
( =& #&"( " .!"& G %
" J " . " "& I !(" "& & !" &" !#& +
" =" J " " .!"& G %
" # !!@
& # "! #(
0$#( "& &
&" !#& "! &
' #(+
0$<& &"& *"& #&! ! ("0"%&G ( "&!" "
.!"& G %
" D
'
&"!'#( + #( ! $ %
#( " A"$$ =
#!0 !#& (
$ ("( "
"#!@ " ( " "(
" !#& "(+
658 B E !
(I"D+ & ( ( ("! "( " "&( D#(1 "& #&!* J "
&=
#!0 *&&# "!
0 "&
"&=
#!0
"&! G
"&" "!"$!# ( &#
J " "!
( !$
"& 0
" <+
6589 B #&)!"(# "
! 0# I+ ( " #&)!"(# =
!" "&"0"&" ("
0"& #& . ! &
! " & 0 "&# "
& " )"&
! = +
6583 B ! &O #("&$ + #0"&G* " "( !!# # " "! ". !#&+ ( "(
!" &" !#& 0;( & ) W
G;& #(" I#D "& @ . !
.
*&
#0# "& = #! " . !#&"(+ ( " 0# " # "!
. G " )"&"! G !1
1
http://www.electronica.com.mx/neural/informacion/introduccion.html
6
"( " !1 "(. <( " I $"! .!"& # & ("! " " . !#&"( .# @
!" #&# "! # !#( ( 0 !"(1
&J " &# (" " I $"("& .!"("& # "& "
"&!"& 0 "&#+
& "0$ !)#1 "&@ & ("! " " 0
#&"(1 .#!
"%
"0. #1 ( & .
. ! !"(# '"! " .!#$"0
"
=& *&
B
"L ( ' D1 "& )"&"! 1 "! & . G "
(= !
("( &# (". ! $"(
&" 0"&"+
6585 B ! &O #("&$
! & . #( " " !# &;0 + & "( " $!#
#&=!0* J "1 $ %
# "! ( #& #&"(1 " .!"& G %
" " "! ". !#&
#&'"!)@ I
& "(
# =& # U "#!"0
"
#&'"!)"&
"
"! ". !#&V
+
659 B "!& ! F !#=
=
M ! & A#=
=
+ "( !!# !#& " 0# " #
&"
U
.
'"
" ! "0"&(V
+ ( ="
.! 0"! !" &" !#& .
& .!#$"0 !" U
= !#(
.
'#( . ! " 0 & ! " #( "& ( @
&" (
" "=
*& (VJ " (" I
G # #0"!
0"&"
! &" ' ! ( <
(+
6596 B E !
" &$" O
" "!&0 ! L+ " &" !#& . ! ( 0. "(
!" G #&"( < & ( U
0"0#!
(#
'V
+
6595 B
!'& &(ODM "D0# !
."! + & "( " P#
( (" .!# %
#
Q
0 "! " $! . R "
( " "( " !#& "(W D J "
&(OD D ."!
.!#$ !#& U
0 "0; 0"& "V J " "
"! ". !#&( &# "!
. G "
!"(# '"! .!#$"0 ( !"
' 0"&" =
; "(1
"( #0# " .!"& G %
" "
& =& *& &#B &" + ( # "0#( !* J " " "! ". !#& "! 0 D <$ 1
# J "
( =& #&"( &#B &" "( (#& "L"&( 0"&" "0. "
( "&
#0.
*&D"& #( .!#$"0 ( " 0 & # !" +
6532 B
F"!$#(+
"( !!# *
" $;(
"
)#! 0#
"
.!"& G %
"
"
U
$ O.!#. ) #&V
W
D#
( )&= # J " * "=& ' 0"& "
! # "&65 8+
6533 B
".I"& !#(($"!) "#!@ " "(#& &
.
U V
+
"#!@ " "(#& &
.
"( &
!J "
!
" !" J " ("
=
"!"&
" # ( ( "0;( .!"' 0"&" &'"&
(+
0 (0 ( 0
# ! ( I$
"( " "!"$!# 0"0#!
!)# D #! # . G#+
65 8 B ,
#I& A#.=" + !#'# * " !"& 0 "& # " ( !" "( &" !#& "(
#& (
$!# Q #0.
*& &" !#&
" " ( #&"( "& .!#$"0 ( "
#. 0 G *&+R
65 9 B
'
0" I ! M + A & #&+ " "( $! "!#& "
)#! 0# "
.!"& G %
" " .!#. ) *& I
!;( U
$ O.!#. ) #&V
+
. ! ! "
65 91 " . &#! 0 =" "& #! #& !"(." #
( &'"( ) #&"( D"
"( !!# # " ( !" "( &" !#& "(+ &
1 (#& & 0"!#(#( #(
! $%
#( J " (" !" G & D . $ &
P#1 ( .
#&"( & "' (
J " ( !)"&U
(#$!" # # "&" ;!"
" #&!# VD ( "0.!"( ( J " &G &
0"!
# .!#
#( & "'#(1
&# I ! N !" #0# (#=N !" U
(#$!"
# # . ! (0
*&V
+
$
"$ # (
#&(
*& D
( ( =& 0"&#(1
( !" "( &" !#& "( ! = "(
.!"("& & & )! & &K0"!# "
!
"!@
(
( ("0"%& "(
( "
"!"$!#+ #! "%
"0. #1 (#& . "( " .!"& "! "
"L."! "& 1 "
)"&"! G !
"
(#(
&"! #!"(
& "'#(
(#(1
"
$( ! "!
!
"!@
(
( "("& "(
. ! !
" "&!
( J " !".!"("& &
&=
#!0 *& !!" "' &"1 " + ( # I " J " #=
!"G && 0"!#( ( '"& %(
DJ " "( " .# " " &# #)@ (" "( < .
& # "&0K . "( ;!" (+ &!"
( '"& %( (" & D"&
.!"& G %
"
.
'#+
.
"
.!"& "!
!" G !
!" (
$(
( "& &"&!"& 0 "&# # "& & "L."! "&
&
+
#B#!) &G *&+ & !" &" !#& . " " !" ! ( .!#. #!) &G *&
# !".!"("& *& "
&=
#!0 *& J " !" $" 0" &" & " .
"
.!"& G %
"+
# "! &
= #(+
"( !
*& . !
" & !"
#& "
&
")!
*& " ( "( !
! W( & "0$ !)#1 ) & (
.
"( "
!" (" . " "&!" "&"!1 & (# ( =
! "& # &)! & P#+
."! *& "& "0.# !" + #( *0. #( &" !#& "( . " "& ("!
!" G #( "& . ! " #W. ! "( # (" ("P & D =$! & 0;J & ( #&
I ! N !" "(."
. ! #$"&"! "(
.
+
;
&("! *& "& !# "
" &# #)@ "L( "&"+ " . " "& #$"&"!
I.( "(."
G #( . ! !" "( &" !#& "( J " 0"%
#! & (
.
"& "! ( !" (+
# =
!;
&")! *& 0#
! "& #( ( ( "0 (
"L( "&"(+
"
.
"
.!"& G %
"
.
'# "( & " (
!
"!@
(
(
0;( !
' ( " !" "( &" !#& "(+ ( # "(1 .!"& "&
"' !
$#
"! ( !" ( 0"
&" &"&!"& 0 "&# #&"%
"0. #(
( ! '#(+
#0#
( !" "( &" !#& "( . " "& .!"& "!
=
"!"& ! . !#&"(
0" &" "%
"0. #( D"&!"& 0 "&#(1 &# "( &" "( ! # " $#! ! 0# " #(
.! #! & &" "(
" "(." = ! =& #&"(
"
( ! $ *& "
.!#$ $
+
( !" "( &" !#& "( (#& ( ( "0 (
&;0 #(
#
.
'#(+ #&
. $"( "$ #
.
"
# %( " " #( " "0"&#(
.!# "( "( U
&" !#& (VJ " #0.#&"& " ( ( "0 + #& &;0 #(1 . "(
(#& . "( " "( ! #&( &"0"&"
0$ & # . !
. !("
(
& "' ( #& #&"(+
&" .!# "(# " .!"& G %
"1 #( "& "( .#& "! #( " ( &" !#& ( ("
%( & " 0 &"! J " (" #$"&) & "! #( !"(
#( "(." @
= #(+ &
!" &" !#& &# &" "(
& )#! 0# . ! !"(# '"! & .!#$"0 1 D
-
J " "
. " " )"&"! ! ( .!#.
( ! $ *& " ."(#( "& #( "& "(
0" &" "
.!"& G %
"+
0$<& "L( "& !" "( J "
#& &K &
.!"& "& #
# !)# " ( ' 1 "(. <( " #0. "
# ( ."!@
# # "
"&!"& 0 "&#+
=& *& "
("P #! "( K& 0"& "
#$"& *& "
!J "
!
.!#.
+ # "( .!#$"0
"
("P #! " *0#
!"
.!"& "!;
( ! 0 & !+
& "0$ !)#1 (@ "( &" "( ! # J " "( !!# " & $ "&
)#! 0# " .!"& G %
" J " " .!#.#! #&"
!"
.
"
( ! 0 & !1 0" & " &"&!"& 0 "& # #&. !#&"(+
%
"
&
( !" "( &" !#& "( "0. " & (
.
" .!"& G %
"
.
'#
. !
# #!) &G !
&=
#!0 *& J " !" $"& ! &" " .!"& G %
"
DM
#
#."! *&+
"&! ( J " "
.!"& G %
" "(
0# =
*& "
" "0"&#
.!# "( 1
# #!) &G *& #&( ( " "&
0# =
*& "
!"
&" !#& #0. " . ! "' !
$# &#$%
" '# "(." @
= #+
& # ( !" "( &" !#& "( (" ( & . ! !" #&# "! "! (
("( "
. !#&"(1 " (
# #!) &G &
&=
#!0 *& (
+ #! "%
"0. #1
!"
0
$ O.!#. ) #&1 !" !;( .!#. !".!"("& *& !
"!@
(
1
0" &"
. " " !" #&# "! "! #( . !#&"(+
(
# #!) &G *& .!#'#
)"&"! G *& =
" ( !" "(
&" !#& "( " !"(.#& "! .!#.
0"&"
& # (" "( .!"("& &
#(
#(
#&"(
( J " &# I $@ ( # "L. "(
& "! #!0"&"+
( ( "0
. " " )"&"! G !
"&!
. !
#$"&"!
& !"(. "( +
(
!
"!@
(
"( 0 D 0.#! & "
& # ("
"&" J " (#
#& !
.!#$"0 ( "& #(
"(
&=
#!0 *& " "&!
&# "( 0 D
! W
"0;( ."!0 " J " " ( ( "0
< & (#
*&1 & (#
&#
&=
#!0 *& " "&!
"( ;"(." =
"=
#!0 & #0. " +
( !" "( &" !#& "( ="!#& #( .! 0"!#( 0<# #( #0.
#& "(
.
&I"!"&" " # "! &
= #(+ #0. ! #( #&
( ( "0 (
#0.
#& "(
!
#& "(1
#(
"( . "! "&
=& #&
&# ( =
!"& &."J "P# "!!#! " 0"0#! 1 "& ( !"
&" !#& "(1 ( (" .!#
" & = # "& & &K0"!# &# 0 D )! & "
&" !#& ( D &J " " #0.#! 0 "&# " ( ( "0 (" '" &= "&
&# ( =
!" &
@ !"."& & +
A D #( (." #( ( & #( !"(." #
# "! &
= #(
2
#&
#(
(
"(
"
#1
V
( !" "( . " "& .!"& "!
!" #&# "! . !#&"( #& !
#1
( #!( #& #( # & #0. " #(+ ( "( & # "! &
= #( !"(." #
#(
#(+
$V
( !" "( . " "& (") ! !" G & # (
=& *& U#& "!
")!
*&V &J " (" "( ! D . ! " "
!" +
! G*& .#!
J " ( !" "( &" !#& "( (#& # "! &"(
#( = #( "(
J " "&"& ( &=
#!0 *& ( ! $
"& ( #&"L#&"( "&!" &" !#& (1
"L( "& # "! # )! # " !" & & "&"( " .# " 0 "& 0 "&#+
0 D#!@ " #( #! "& #!"( )#!@0 #( D ( ( "0 ( " !" ."! *&
"
#( 0 "& &
. "G " &=
#!0 *& "& & "(. # K& #1
#
G # D !" #& $"+ & 0$#1 ( !" "( &" !#& "( 0 "& &
&=
#!0 *& &#
#
G +
#!
#
&#1
0 D#!@
"
(
&"! #&"L#&"( "& !" #( &# #( "
!" "& !;&( ( ' #!"( "&=& *&
" #( "( @
0 #( !" $ #(1 D (" )"&"! !; & . !*& " (
J "
!".!"("&"
&=
#!0 *& 0 "& +
&
& " ( 0 D#!"( .! #!
"(1
( "&
#
" ( ;!" ( "
.
*&1 "(
&" "(
" !" G ! .!# "(#( #&
#( " =
#!0 0 D
!;. +
( !" "( &" !#& "( ("
. & $"&
"( # "$ #
(
0. "0"& *& . ! " +
! J "
0 D#!@ "
( !" "( . " &
#."! ! "& & "&#!&# " "0.# !" 1
&" "(
"
0$# "& #(
."(#( " ( #&"L#&"( # "&!"& 0 "&# "( 0@
&0#+
'
&
(
& !" & '
. " " ("! "&!"&
. !
"( !!# ! & K&
D
$"& "=&
!" U !" ( #0. "%(1 J " I ) & 0K . "( (" " #&"(
" . !#&"(1 !"J "! !;& ( ( "0 ( " !" "( &"! #&"
(V
+ #& (
I"!! 0 "& ( #0.
#& "( "L( "& "( U
&# "
.#
V
1 & !"
. " " ("! !;. 0"&" "&!"& 1 #0.!#$ 1 '"! =
D ! (
& 0. "0"& *& I ! N !" " $ %
# #( "+ #! #
&#1 &# ("
.!"("& & =
"( . !
&("! *& " !" "( &" !#& "( "&
.
#&"( "(." @
= (1 .#! "%
"0. # " #&!# 1 "& !# " #( ( ( "0 (
"L( "&"(+ " "( 0 &"! 1 ( !" "( &" !#& "( (" . " "&
G! . !
0"%
#! ! ( ( "0 ( "&=
#!0 & !"0"& D
. (# . " " ("! "'
#
&"( " #0" "! & "( !!# # 0;( 0. #+
8
( .
#&"( " (
"& #( &")# #( (" ' "&"& #( .! & . "(
")#!@(
(=
*& D 0# " # U "" 1
+V
+
(=
*& ("
!"="!"
=
#!0
" ( ! 0 & ! "& !" #$("!' #&"( #& !
"!@
(
(
#0 &"( "& =
"!"&"( )! .#(1
+ .!"
*& " = ( #!.#! ' (1
( )& *& " !< #( D
(=
*& " $#&#(+ #! # ! . ! "1 "
0# " # #&( ( " "& ( 0 ! " #0.#! 0 "&# # ( !"
#&"( "
& "&
# ' ! $"
#
& "( @
0 # "L"!&#1 $ ( # "&
#$("!' #&"( . (
(+
1 .!" " ! #( 0#'0 "&#( " #( .!" #( "
(
#&"( # =
#&"( "& "
.# "
0$#+
.! 0"! ! @ #
(#$!" !" "( &" !#& "( J " 0 &"%& &=
#!0 *& =& & "!
="
!" G # .#! FI " U
+V
1 J "& "(
* .!"
*& " #( .!" #(
"
(
#&"( #& & 0# " # " !" &" !#& + #( "! #!0"&"
.!"
*& "
# G *& " (
#&"(1 " .# " 0$# D " # ! (
' ! $"( " #&*0 ( I ( # &# " #( "0 ( 0;( !
'#( . ! #(
&'"( ) #!"( D & ( ( =& & "!#(+ ) &#( " #( .! & . "(
#!"(
J " I & & !( #& # "&
.
*& " ( !" "( &" !#& "( ! = "(
"& ( =& &G ( (#&
D I"OI ! U
V
1 #( !)" U
65 5V
1 ! ..
U
655 V
1 A N"D1
+ U
655 V
1
I"&$"!)"!1 & ! D (I U
V
1
0 DE &)U
V
1
0 &1
! # D !" # U
VD ! & (O D
($ !&U
655-V
+ A ( " 0#0"&# (" I &.!"("& & # 0 I ( '"& %(
" ( !" "( &" !#& "( #&!"(." # # ! ( < & (1 ."!# "&!"
*&
# J " (" #&# " "
.
*& " ( !" "( &" !#& "( "&"
0.# "
.!"
*& $ !(; 1 "( & "!"( &" ("P ! J " ( ="!
&
I"!! 0 "& &= $" & " # . $ !@ ( &# 0;( $"& # ) ! !@ . !
(@D !
!@ " (
! " 0 D#! .!#'" I# .#( $"+ # &"! #! "( =
@
# '@ " =!0 !1 ."!# "& " ;0$ #
<0 # (" "&"
!""&
"
J " "( (*# & 0# " # 0;( J " !" G ( =& *& " .!"
*& D
#. 0 G *&D1 J " !" G (
!"
" & 0 &"! 0;( "= "&" . "( #
J " #&( "!
&=
#!0 *& " & 0 &"! 0"%
#! #!) &G +
!
'
*& " $#&#(1 ( < & ( .#! !" "( &" !#& "( ! = "( D I &
!"$ ( #
#( 0<# #( " !")!"( *& U
1
V
+
.
*& "
( !" "( &" !#& "(
#0.#! 0 "&#
#& ! #1 ( & "0$ !)#1 (*#
I $@ 0#( ! # & <L # 0# "! # =& "( " 655 U
A N"D1
V
+
&
"!
! "L( "& ' ! #( 0# " #( " !" "( &" !#& "( =
"!"&"(
.
(
.!# "( 0 "&# " ("! "( " "0.# "
"! #
.# "
0" &(0#
!
! #&
&=
#!0 *& "0.#! + #0#
0 D#!@ "
( !" "( &" !#& "( I & ( # .!"' 0"&"
"=& ( . !
!" #&# 0 "&#
" . !#&"( #& . !#&"( "( ; #(1
0"&( *&
"0.#!
"&" J " ("! ( 0 &( !
" & =
#!0
.!#.
+
$! I
9
U
6559V ( &) " #( ( ) "&"( 0" &(0#( " 0 &"%
# " ("! "(
"0.# .#! 0" # " !" "( &" !#& "(
B
.
" !" ! (# ( &!" 0"& *&U
# '"& & ( " "0.#V
B
.
" !" ! (# #&!"
B
&
" !" ! (# ( &!"
B
&
" !" ! (# #&!"
0"&
"
*&
0"&
*&
0"&
*&U
$
"(
# !"
!!"&"(V
(# " ( !" "( &" !#& "( "& "( "
0.# (" . " " '"! "& "
#&"L# "
.!#L0 *& " =& #&"( D ( =
*&1 .#! # J " #(
.! & . "( .#( " !" "( &" !#& "( (" '"!;& "( " & =
#!0 0;(
!
#& " .!# "( 0 "&# " (" "& (+
)
*+
,-.*+
/.0)
1)
23.4
,*
=
#!0
!
#&
" 0# " ! #(
#( #&( ( " "& "
&; ( ( "
("! "( " "0.#+
" "& #&( ( ! D ("
" ' #!"( #& & #( #
( !" #(+ A D #(
.#( " 0# " #(
(.#&$"( . ! 0# " ! "
#0.#! 0 "&# " ( ("! "( " "0.# #( &" "( D #( &# &" "(+
V ( "0 ( &" "(+ #( 0<# #( &" "(
;( #( "( ;& $ ( #(
)"&"! 0"&" "& !" G ! !")!"( #&"( &" "( " ( ("! "( " "0.#
(#$!" & =& *& &" J " .#( "! #!0"&" ("
G . ! .!#&#(
!
' #!"( = !#(+
"' "&
!" "&" 0 "( ! J " #( 0"!
#(
=& & "!#( (#& &# &" "( U # "!( "'1 655 V
1 ( & "0$ !)#1 "( #(
0<# #( &" "( .!#.#! #& & & $ "& .!#L0 *&. !
"( ! $! "
#0.#! 0 "&# " #( ( ( "0 ( &# &" "( .!"("&" "& ( ("! "( "
"0.# " #( 0"!
#( =& & "!#(+
L( "& "0;(1 # !#( #( 0<# #( . ! 0# " ! ("! "( " "0.# "
&; ( ( "(." !
" 0;L0 "&!#.@ D
! &(=
#!0
!;.
"
# ! "!+
& "0$ !)#1 . ! .# "! #(
G ! "( &" "( ! # J " "L(
"!
D.# "!
"& = !+
V # " #( &# &" "(+ ( ( < & ( &"& & !" #&( ! ! ( ("! "( "
"0.# #& $ (" "& & 0 "( !"# "
#( . ! .!#&#(
! #( ' #!"(
= !#(+
&J " "( ( < & ( (#& "(
@
(
0"&" .# "&"(1 &# I &
"& # 0 I# <L # "& (
.
*& "&
.!"
*& " #( 0"!
#(
=& & "!#(+ & " 0 & # !" 1 #( .!" #( " 0"!
# (" )"&"! & .#!
= #!"( J " & D"& ( !""& (1
( !"
#&"(
@
. ( "&!" #(
. ! . & "(1 #$"! ! (1 !$ ! %
"(1 " + # &"! #! !"
& 0$"&"
3
J " #& "&" !
#"(
@
( #1 "& #& " .
! ( < & ( &# &" "(
(" ' " '" #0.
# D #& " "(
@
(
0"& " (" ' " '" & "(" $"+
L( "& & 0"!#(#( "(
#( J " #0. ! & #( ( ( "0 ( !
#& "(
#& ( !" "( &" !#& "( ! = "( "&
&#
J < 0# " # "( ! $"
0"%
#! "
#0.#! 0 "&#
" #( 0"!
#( =& & "!#( D (" I
"& #&! # J " (
.!#.#! #& & & 0"%
#! "( 0 #+ " 1 $ ! D
"! I# U
655 V #0. ! !#&
!")!"( *& #& ( !" "( &" !#& "(
! = "( . ! .!" " ! = ( "& #( $ & #( D #$("!' !#& J " (
.!#.#! #& & 0"%
#!"( "( 0 #&"(1 . !
!0"& " "& " Q
;!" )! (R
#& " #( $ & #( . !" "& "&"! 0"&#( =
"( =& & "! (+ A &)1
#!("D D ##(" U
6552V #0. ! &
(
#& "
&; ( (
"
( ! 0 & & "( D "& "&! & J "
(
.!#.#! #& & 0"%
#!"(
"( 0 #&"( . ! .!" " !
&(# '"&
" ( (") ! #! ( " ' +
" I & ( # 0$<& &# " &; ( ( " ( ! 0 & &"( 0K . "( #0#
(
. ! .!" " !
=
"( =& & "! (+
!"(
# "
(
.! "$ ( 0 "( !
J " " 0<# # .#!
"( 0;( "= "&" "&
!" #&# 0 "&#
" . !#&"( D "&
& . *& " .!#$"0 (
=& & "!#(+
& "(
#( !" "& "(1 (" #0. ! &
(
#& # !#( 0# " #( "
.!"
*& !
#& "( D #& D"&J " ( "( 0 #&"( " (
(#&
( ."! #!"(
& # ( "&!
( "( ;&
0"&" #!!"
#& (1
&#
= &
#( #
& # #( ( ( "0 ( (#& &# &" "(+
0$<& ("
#0. ! &
(
#&
!")!"( *& #)@
(
D " ( 'G 0 "& #
"L.#&"&
.!" " ! " '# 0"& " . ( %
"!#( .#! "!# @
&" D #0#
!"(
# (
.!#.#! #& & &0"%
#! "( 0 #+
12-2 -20,4
2 32 4
)
3,.4
&
(& . ( #
( "( ( 0 !
& 0# " # &" )"&"! G #+
"&! ( J "
(
#&
0"& *& I
" &" (#& &
( $ #&%&# " &
(" 0;( )! & " " 0# " #( " !")!"( *& D
( ! 0 & *& &# &" "(+ "&"! 0"&" (" "( #)" & 0# " # &# &"
(#$!" &# &"
& # (" ( $"
J " ( !"
#&"( "&!" (
' ! $"( (#&&# &" "( # "( #&#
(+
#( 0# " #( " #&*0 #( &" "( &# (#& . "( "
. ! ! . !#&"(
&# &" "( D "& "& ( "& ( !"
#&"( "
0 D#!@ " ( ' ! $"(
" .!"
*& " #&#0<! ( (
( "& #& $
D =& &G (+ #!
"%
"0. #1
& ("! "
"
"0.# . " " ("!
'
"&
!#
#0.#&"&"(1 "& "& ("
!1 ' !
*& @ 1 =
*& "(
#&
D=
*& !!") !+
=
*& !!") ! . " "
( '"G ("!
'
"& #0.#! 0 "&# * # " "!0 &( D!
# "( # ;( #+
(
< & ( &" "( #&'"& #& "( &# . " "& ( &) ! "& !" "( #( #(
( $ #0.#&"&"(
6556V
+
" !
#
" #! # D !"
#&"( &#
&" "( U
F#&)1
&#
(
(" .
&
!" ( "
(=
*&1 0 "( ! &
I$
" &
! )#! 0#( . ! " !" #&# 0 "&# " . !#&"(+ (@
1
$ (" " #&# 0 "&# "( &=
"! # " "&!"& 0 "&# J " (" <
!" +
"('"& %1 ( & "0$ !)#1 "( J " "( ( !" "( &# "&"&
=
" "L.
! *0# (" ")
" "!0 &
#& ( *&+ &
)"&"! 1 &
&# "$" ("! (
. ! 0# " ! !"
#&"( &" "(
&I"!"&"(+
(
"$"&("! .
(
& # "L(
) & "' "&
" &# &"
"& ( !"
#&"( "&!" ( ' ! $"( "."& "&"( D
"L.
' (+
20,4
2*5./.-6+
/)
12*732 5./.-6+
/)
12*
#( 0# " #( . ! 0<! #( D "& . !
! #( 0# " #( " !")!"( *& I &
") #
$ ( ! " #( 0<# #( "(
@
( #(+
( .! "$ ( (" !" G & "
0 &"! ! & ! D(" I "& &=
"!"& ( ( &'"! = !
&#!0
" #(
"!!#!"(1 & "."& "&
" #( "!!#!"( D #&( &
"&
' ! &G "
"!!#! U !J "(1 6556V
+
(
. " "& ("! (
( #0# 0# " #( . ! 0<! #(1 (@J " (#&
&" "( ! ( ( 0 (0 ( #&( "! #&"( " ( ! $ *& . ! #( <!0 &#(
" "!!#! J " . !
#( 0# " #( "(
@
( #(+
& "0$ !)#1
(
.
( #0# 0# " #( &# . ! 0<! #( . " "& & #!.#! ! =
; 0"&"
0K . "( ="&"( ( & ( 0. = ! #&( "! #&"( !"
'(
=
#!0
=& #&
"
!"
*&"&!" ( ' ! $"( " (
D ( .!"
' (+ "
#&( "!
(
#0# 0<# #( "(
@
( #( &# &" "( J " #=
!" "&
"! ( '"& %( (#$!" ( ( #&! . ! "( . ! 0<! (+ " "( =
#!0 1
.! 0"!
" ( *& =& 0"& J " (" "$" #0 ! "(1 ( "( .!#. #
( ! &
. ! !"(# '"! .!#$"0 ( " #& $
D =& & "!#( #
0# " #( "(
@
( #( . ! 0<! #( !
#& "(+
20,4
2*.8+
2//,9/,*)
:2*32 4
)
3,.4
,*
&!" ( !" "( &" !#& "( 0;( 0. 0"&"
G ( "& ( =
*&D
.!#L0 *& " =& #&"( (#& ( !" "( #& 0"& *&I
" &"1
#0# #( ."! ". !#&"( 0
.
U
2W &
"( #
(
#&
=& #&"( " ! &(=
"!"& ( )0#
"( U 0" I ! 1
+V
VD ( !" "(
#& =& *& " $ (" !
U
8W &
"( #
( ( & # & !")
" .!#. ) *& " ( & D & =& *& " ! &(=
"!"& ) (( &
# ! U !##0I"
D #N"1 65 V
V
+ 0$#( .#( " !" "( I & ( #
.!#$ ( . ! ("! .!#L0 #!"( &'"!( "( U D$"&O#1
D
5
A#!&O1 65 5V . ! "
DU
E !O#' 1 655 D !#( 1 655 V . !
1 "( " !1 .!#L0 !
J "! =& *& ! G#& $" .#! 0" # " (
!" "( &" !#& "( !"(." ' (+
.!#L0 *& "
&# &"
(" !" G .#! 0" # " "0. "# "
=& *& " ! &(=
"!"& &# &" 1 D (" ( )0# " # ) (( & + #&
& &K0"!# =%
# " &" !#& ( #
( U#0# "& "
(# "
0 D#!@ "
(
.
#&"(V "
0<# # .# !@ ("!
0 #
.!#L0 *&
("0 . ! 0<!
" =& #&"(+
# I " #&( "! #&"( "(." @
= (
"!
"
=
#!0
"
=& *&U#0# # I !@ &0<# # . ! 0<! #V
1
."!# &# . " " .!#L0 !
J "! =& *& #0. "% !$ ! ! 0"& "
U#0# # .# !@ I "! & < & &# . ! 0<! VU #!=
=
&"!1
+V
+
" "( =
#!0 1 #(
D
#=
!" "& & "L"&( *&
=
#!0
;(
" 0# " ! ("! "( " "0.# #( 0# " #(
#!!")!"( '#( &" "(+
0# " #
#!!")!"( '# &"
" ("! "( " "0.# U #L D ,
"&O&(1
V #&( "!
=& *& #$%
" '# #0# & #0$& *& &"
" &
&K0"!# =%
# " ' #!"( .!"'#( "
("! "1 & D"& # & <!0 &# "
"!!#! Z
(" #0 & #(
' #!"( .!"'#( "
("
0# " #
UV "
("! " " "0.# U
0# " #(
U #!=
=
&"!1
+V
+ & #& ! ! & 0# " #
"( #)"! &
.!#. # D "( 0 ! #( #"=
"& 1 (" I $
" &
#!!")!"( '# " #! "& V
U V .!#. # ( )&=
"&"( [+ (
<& 1
&J " .# "& "1 "( 0
1 .#!J " ( 0" & !"
*& &" "&!"
(" "&
" #( " "0"&#(+ ;( K&1 ( 0" "(
#& ! "
"
("! "
" "0.#1 "( " !1 J " #( .! & . "( 0#0"&#( U
0"
D "(' *&
"( ;& !V&# 0$ &"&" "0.#+
(
!# J "
&
& =& *&&# &"
*
!$ ! !
. " " !""0. G !
U #!=
=
&"!1
-
=& *& &"
+V
.#!
( =& *& &# &" (" . " " "( 0 ! #& $ (" "& ( 0 "( ! ( "
("! "1 ( & # & " ( < & ( " .!"& G %
"
#. 0 G *& " (
!" "( &" !#& "(+
"."& "&" " #(
' #!"( .!"'#( "( )
#0 !
A "& #
"&!
(
D "& "( #0# (" 0 "( ! "& =) ! -+6+ ( "&!
"(
#&#
)"&"! 0"&" #0# '"& & " "0.#1 .#!J " .!#.#! #&
& '(
0
"
("! "+ " . " " '"!
0$<& #0# & =
#!0
( 0. " " ! &(=
#!0 !
0"&( *& "0.#! "& &
0"&( *& "(.
U #!=
=
&"!1
+V
+
#( 0# " #(
#!!")!"( '#( &# &" "( (#& .# "& 0"&" 0;(
.# "!#(#( J " #( &" "( "$ # J "
B ( .#( $" 0# " ! !
"!@
(
( 0;( #0. "%( " ( ("! "(+
B "*!
0"&" &#
"&"&J " ( 0 ! "(
#& ! "
+
&"0$ !)#1
) J " "&" !" #&# 0 "&# " . !#&"( "( ; #(1 ("
!"J "!" 0 I# 0;(
# D .!"
*& J " #( 0<# #( &" "(
.#!J "
B "J "!"& & )! & &K0"!# "
#( " 0 "( ! 1 "$ #
(
)! &&K0"!# " )! #( " $"!
+
B
" "& "! "& & )! & &K0"!# " .!#$"0 (1 #0# (#$!"
%( "1 #$"& *& " 0@
&0#( ( $*. 0#( #0# !"(
# "
"( 0 *&U .!"& G %
"V" +1 J " (#&0 I# 0;( ("'"!#( J " "&
"
(# &" +
B
# &
D"&&" "( ! 0"&" "
-6
(# &"
" & =
#!0
!' +
(."
0"&" " .! 0"! . &# "( 0.#! &" "&0
0 & # !"
#& " #(
#( (#& 0
#(+
I( .
#&"( "
20,4
2*0,5/2-,0)
2 -;:)
4
& =
#!0
("! " #0#
+V
"!& ' " 0# " !
& #0$& *& &"
& ("! " " "0.# "( #&( "! !
"
("P "( " !
# U #!=
=
&"!1
1 #0# D (" '# "( & .!#0" # 0*' " #! "& J *
+ "
)
0 &"!
#0$& *& " #0.#&"&"(
D
)"&"! & &
0# " #
U
V
1 #(
"( (#& 0
#( "$ #
(
&"
1 D
0$<& ( &" "(
" "(
#& ! "
+ (@
1 & "L"&( *& "
(#
&# &" 0" & " " (# " !" "( &" !#& "( . !" " & .!#. "(
"
+
("! & 0# " # &# &" 1
!" "( .# "& 0"& " 0;( .# "!#( J "
#( !
#& "( 0# " #(
+
& "0$ !)#1 #0# (" 0"& #&*
&"! #!0"&"1 (" "$" "&"! 0;(
# "$ #
)! & &K0"!# "
)! #( " $"!
D ( .# "& "( 0
#&"( " #( )#! 0#( "
.!"& G %
"+
!"
"
=) ! -+ (" . " " #&( "! ! #0# & (#
"(."
"
.# " !" !" !!"&" )"&"! 0"&"
0
!" ,
#! &
U
,
#! &1 65 9V
+ ( !"
#&( ( " " &
#& &
. #
D &
$ " " !" 0"& *& "
.
" (
&
.
" "&!
#& # " #&"L#+
"
*& J " "( ! $" "( " 0# " # (" . " "
"( ! $! "
( ) "&" 0 &"!
-
4
983.* .54
)
1.1)
23,* 0, /,0,* 3,8/23.4
,* . 4
.* *,/)
,* 0,
+
)
,-52
A 1 T#&&#! D "0 ( U
6559V
1 !" G & & "(
# "& #& " #0. ! &
" "("0."P# " ( .!"
#&"( " ("! "( " "0.# $ (
( "& !" "(
&" !#& "(
#& 0<# #( "(
@
( #( !
#& "( U& D"& # "
( 'G 0 "& # "L.#&"&
D #LB,
"&O&(V
+ & #& ! !#& J " " 0# " #
$ ( # "& !" "( &" !#& "( !" G* ( .!"
#&"( ( )&= ' 0"&"
0"%
#! J " #( "(
@
( #( !
#& "(
& # (" "0. " !#&
#(
! 0"( ! "( D 0"&(
"(1
&J " ( & "0$ !)#1 #&
#( & "(1
0$#( 0# " #( ="!#& #0. ! $"(+
"(
# (" "'*
$# #0# (
="! . ! " "
#&#
#0." *& "
O! O( U O!
O(1
65 V
+
I &)BF U
6555V"0. " !" "( &" !#& "( . ! !" G ! .!#&*( #( D
!$ ! %
" (#$!" " = !# " @
& " "
#& ! # "
OO" 1 "& #& " "
"! # #& #( !"(
#( "0.@
! #(1 ( !" "( &" !#& "( ( ."! !#&
0# " #
"& ( .!"
#&"(1 (@ #0#
0$<& ="
. G "
.!#.#! #& !
#."! #! 0 D#!"( ) & & ( .#! !$ ! %
" J " .#! #(
0# " #( !
#& "( K&
& # (" #$("!' & 0"&#! &"!' # "
"0.# !"
$"+
&) D "! ! U 6V
1
G !" "( &" !#& "( D("! "( " "0.# . !
.!" " ! "
.#
"
0$# "&!"
$!
$! ;&
D "
* !
"(
# & "&("1 "(." @
= 0"& "
G & &0<# # " . ! #& 0 "&#
( ( "0; # . !
#&( ! ! #&%& #( " !" "( &" !#& "(+ & "& ! &
J "
.!#L0 *& $;(
#&%&
!"
#& !J "
! ( " !"
"&!"& ( #& =
"!"&"( ."(#( &
"( " #! #( &# "( "=
" ' . !
0"%
#! !
.!" ( *& "
.!"
*&1 0 "&! ( J " #( 0# " #( "&
#&%&#
"
=
"!"&"( "( !
! ( &" !#& "( . " "& 0"%
#! ! "
0 &"!
#&( ( "&" ( .!"
#&"( " & K&
!" +
( !"(
#(
0$<& 0 "( ! & J "
( !" "( #&%& ( $ (
( "& =
"!"&"(
. ! #&"( "
#( (#& 0;( "= "& "( J " J " ( "( !!#
( #&
" #&%&# "
#( " "&!"& 0 "& # #0. " # "& .!"
*& ="!
" 0 "( ! +
" " !#(1 " ) D " !" ! U 6V
1 .!"("& & D #0. ! & =
"!"&"(
"!& ' ( . ! 0# " ! D.!" " ! ("! "( " "0.# " .# " 0$#
0"&(
+ #( 0# " #( J " .!#.#&"& (#&
#!!")!"( '#( " ! &( *&
( '" " &" !#B #"= "&"(1 &" "(
#!!")!"( '#( D "
0&
" #! + & "&! & J "
&# &"
(*# "( !" "' &" "& ) &#(
."! # #( "
("! "1 "(."
0"& "
& # D =&
"
0 "( ! 1 J "
#( 0# " #( &# &" "( (" "("0."P & 0"%
#! (# # "& #(
(#( "&
--
#& "
&"
"(
&=
#!0"0"&" ( ! $
+
0$<&J " &# I D
=
"!"& ( ( )&= ' ( #&!"(." #
&0# " # &"
+
# &"( U 6V!" G & "(
# . !
#0. ! ! ( 0" # # #)@( #L
D,
"&O&(1
D =& *& " ! &(=
"!"&
"& #( .
#&"(1
.! 0"! 1 (#$!"
("! " " "0.# " &K0"!# " & 0 "& #( 0"&(
"(
# !! #( "& (. P " "&"!# 659
"0$!" " 6555 D1
(") &
(#$!" #( ("! "( " "0.#1 " ) ( # " . $
0"&(
D" &K0"!#
" '"& ( 0"&(
"(1 "& #& " (" ")*
#& ( *& " J "
0" # # #)@
(" . " "
G!
#0# I"!! 0 "&
"
.!".!# "( 0 "&#
"
#(1
#&( "! & #
#0# "&!
(
#(
!" ! (#( &'# ! #( "& " 0# " # .!#.#! #& # .#! "( 0" # # #)@1
"0;( " J " #( !"(
#( "
.!"
*& &# "&!# #0# ="!
" 0 "( ! .#! . ! " "
!" &" !#& .!#. "( !"( *("! ( ."! #!
( # ! ( 0" # # #)@(+
A "=
O" D A" 0"&( " & U
V.!"("& & & "( ! ")
" &")# # J "
"L. #
=
"!"&
"& &=
#!0 *& J " 0.
& #( .! & . #( "
#&( !
*& " @
& "( " 0"!
# " =
"!"&"(
#&"(+ ( # . !
) & ! '"& % #0." ' (#$!" # !#( . ! . & "(
" 0"!
#1
"0. " & # !" "( &" !#& "( . ! .!"
#&"( " & @ D )"&"! !
("P "( " #0.! D '"&
"
"! #
!")
" &")#
*&+
!
( ! ! #0# ! $ % " ( ( "0 1 (" .
@
& " " #0"! #
( ! # U 4V
+
( !"(
#( 0 "( ! &J " ( !" "( (" " #& ( ("
"("0."P & $"& #& !"(." #
1
D
+ & "&! & &
!"
*& .#( ' D ( )&= '
#& #(
#( "& !# " 0 "( ! 1
0 "&! ( J " "& ) &#(
(#( ( #!!"
#&"( ="!
" 0 "( ! (#&
D (" &( )&= ' ( # "&"&" ( )&# & #!!" #+
! @ U -V ("P &0# " # &# &" . ! " &; ( ( D.!"
*& "
("! " " "0.# " .!" # "L"!&# "
=
< # #0$ &#
G& #
!" "( &" !#& "( ! = "( "& #& " # #0. !
#& &0# " # ;( #
" .!"
*& &"
+
!"
G
G &
. #
1
"0. " "
)#! 0# " !" !#.!#. ) *& D & =& *& ( )0# "
#0#
=& *& "
' *& "
!" + #( !"(
#( #$"& #( &
&J "
' ! &G " "!!#! " 0# " #
"( 0"&#! J " " " 0# " #
.!#L0
0"& " "& & X1 .#! # J " " 0# " # " !" "( &" !#& "(
(" #&( "! 0"%
#!+
-2
#( .! & . "( #$%
" '#( =& & "!#( "& ( "0.!"( ( "(
0 L0 G *&
" ' #! " ( &'"!( #&"(+ & "0$ !)#1 &# ( "0.!" "( =
;
"
! "&
J < &'"! !1 D J " &"!'"&"& 0 I#( = #!"(
"( #0# =
"!"&"(
&'" "( " !"& 0 "&# D " ! "()#1 (.#&$
" &=
#!0 *&1
#& #&"( "
" #&#0@ " & (#
"
."!(#& J "
#0 !;
" ( *&+
" #( = #!"( 0"& #& #(1 J G;" J " 0;( (" #0 "& "& "( "
! "()#1 J " "(
.!#$ $
" J " " !"& 0 "&# "
&'"!( *& ("
( &#
"(."! # U
# & (# &") '#V# J " ( ( ' !
#&"( (" &0 D
'# ; "(+
&( ! 0"& # U#0#
"!& ' " &'"!( *&V .!"("&
=
"!"&"(
&'" "(
" ! "()#1
&'"! !1 (" $ (
J " #( !" !(#( "( <&
'"!( = #(
! '<( "
!" *& " & .#! =
# # J " & D D
( ! $ D "& =
"!"&"( .!#.#! #&"( " 0#&# )#$ "
&'"!( *&+
"0;( " ! "()# &!@
&(" # "
&'"!( *&1 "( ; " ! "()# "
0"!
# "&(
#&%&#1 " I@J " #$!" . !
! 0.#! & "'
!
#&! $ *& ! "()# " #( &( ! 0"&#( " &'"!( *& "& " #&"L#
"&J " (" "( !!# &+
(" #&( "! J "
#&! $ *&
! "()# "
&# " #(
&( ! 0"& #(
" &'"!( *& J " (" " )"& (" . " " 0" ! .#!
("&( $
( '!
#&"( " 0"!
#1 (" .# !@ #0 ! "( 0"
#0# & = #! 0.#! &" "&
#0
" " ( #&"( "&
&#
#0.#( *& " .#! =
# #+
"(J "0
" '"!( =
*& " &'"!( *& . ! 0 &0 G *& " ! "()#
&# "( &
& "'#1 =" !
# "& 0K . "( # ( #&"( D (" "&
<!0 &#(
"
! "()#
#0# #& ". #
" '!
#&"( "& .!" #1
"&63- "& & ! @ #
U
! #% " + " "!($ !)V
1 "!&# 1 !" #0"& * ' ! #( $"&"(
J " "&"& ) & "L.#( *& ! "()# "& ."J "P ( .#! #&"( . ! &#
!! "() ! # #+ #( "! #!0"&"1 " $!# "
! "G "
.
D"
&)!"(# " F
0( U
65- V &(. !* A !!D !O#N G"&658
"( ! $!
(#$!" #( #& ". #( $;( #( "
"#!@ " .#! =
# #(+
U
A !!D
!O#N G!" $*" !"0 # #$" "
#&#0@ "&655 .#! ( ( ! $ %
#(
. #&"!#( . ! "( $" "!
"#!@ "
" #&#0@ =& & "! V
+
-8
" $;(
"! J " " ! "()# " & &'"!( *&(" . " " !"
! "& &
.#! =
# #
'"!( = # ."!# 0 &"&"& # " !"& 0 "& # "(."! #+
!O#N G D # !#(
"
!#& "(="!G#( . !
"& #&! ! 0# " #(
0 "0; #( J " ( !'"! & " .#D#
#( &'"!( #&( ( "& (" " *&
" &'"!( #&"(+
&
"
( "! ' #&"( =" " 0<# #
U .
(("
! &)
# " V "( !!#
# .#! I !." "& 659-B921 J " =" $ (" . !
'
*& "
'#(1 & "! "& 6598 D #(( & "& 6599 ! $ %!#& "&
#. 0 G ! ( .!#.#! #&"( " &'"!( *& .#D # #& #(
#( !"
'#(
! "()#+ U
F
0 + I !."
0$<& #0. ! * " !"0 # #$" #&
!O#N GV
& =
#!0
" "'
! " ! "()# " & .#! =
# # "( .
! "
G& # "
&; ( ( "
( '!
#&"( "& .!" # #& !"(." # "
0"!
# D #0. "0"& & # #& =
! ( I( *! ( " #0.#! 0 "&#1
G& # "
+
0<# # " '
*& "
'#(
I ( # #$%
" # " )! &
#&!#'"!( D "$ #
"( # I & ( !) # # !#( 0<# #( #0# "
U !$ ! )" ! &) I"#!DV
1 J " =" ("P # .#! #(( "& 6539+
&"
(" #&( "! J " " !"& 0 "&# " #(
'#( .!#'"&" " ' ! #(
= #!"( " ! "()#1 &# (# # "
!"
*& J " I D #& " &
#! "
.!" #( " 0"!
#+
#((1
#
D I"& "& 65 9 ! $ %!#& "& !"
#& ! ' ! $"(
0 !#" #&*0 ( . !
"& = ! J " ( J " #0.#&"&
! "()#
( ( "0; #+
& G !#&
.!#
*& & ( ! 1
&= *& &#
"(."!
1 " .!"0 # .#! ! "()#1
(
" &"!<(1 " @
& " " 0"!
#
" ' #!"(1 " #&( 0# D #( .!" #( " ." !*"#
U
.#! !"=
"!"&
" *."G +
V
+
. ! ! " "( #( "(
#(1 "&6553
!0" ( "!1 # D #(( #&( "! !#&J " #( = #!"( J " "L.
&"
!"& 0 "&# "(."! # " #(
'#( U
"& " 0"!
# 0"! &#V(#&
#&= &G " &'"!( #&( 1 ( ( ( " &"!<(1
&= *&1
'
& ( !
D" @
& " " 0"!
#
0$<& "& 6553 !#"&"N# D ! ("! .!#$ !#& " 0# " # " !$ ! )"
! &) I"#!DU V"&" 0"!
# "
(!
D " "!0 & !#& @
& "
" &= *& #0# " = #! 0;( #&( ( "&" " &= "& "& " .!" # "
#(
'#(1 0$<&"& #&! !#&J " I D# !#( = #!"( J " =
"
&"&
=& *& " ."!@
# # J " (" & "+ #( = #!"( J " "& #& ! !#& (#&
-9
(
" &"!<( " #! # . G#1
&= *& D
(
" !" 0 "&# "
!
& "+
& "0$ !)#1
0"
*& " ! "()# J " .!"("& & #( &( ! 0"&#( .#!
(@ (#
&# "( ( = "&" . !
#0 !
" ( #&"( "&
&#
. ! . *&J " (" "& !; "
.#! =
# #1 ("
!"J "!"
"
&
.!# "(#
"
#. 0 G *& .!"=
"!"&"0"&" ("
%( "
(
!
"!@
(
( . !
!"( "
#0 #! " " ( #&"(+
( # "(
#&( "! ! ( )! # " '"!( *& ! "()#+
& ( )"!"&
'"& !
. !
"0#( ! !
"=
" '
" "( "
0# " # U
.#D # #& #. 0 G *& 0 "0;
=
"!"&"( &'" "(
" '"!( *&
! "()#V("!@ .
! & "(J "0
" (0
*& " &
&'"!( *& I.# <
#(
#( #&# #( " .!" #( D ' ! $"(
" #&*0 ( "(
@
(
0"& " !" "' &"(1
#& # J " (" "& !@&
" "0"&#( . ! #0. ! ! !"& 0 "& #( "(."! #(
" .#! =
# #
" ") #+
( "0 (#! ( J " (" & D & "& " .#! =
# # .# !@& ("! (" " #& (
#&( "! & # ' ! & "( "& $ !(
1
&J " &# &" "( ! 0"&"
(" & ( 0"%
#!"( ."!# ( #& "&"& !
"!@
(
( !
'( . ! "
&'"!( #&( 1 #0#
0 "( ! "( .# # I#0#)<&" ."!0 !@ .!#$ ! "
0# " # #& &.#! =
# # '"!( = #+
!" # I#! "( "( $" "! &$ & " "&!"
'
*& " #(
'#( D
" )! # "
#. *&
! "()# " &'"!( #&(
"
=
#!0 J "
#0.#( *& " .#! =
# # (" %( " ( ."!=+
"( J "
&'"!( #&(
!"
#& " 0 &"!
=
"!"&" !"(." #
; # #& !" # DM
# ."! ".
J " I ) " &'" " ! "()#
&'"! !+
&J " "L(
& "& "&
&#!0
"' ! " ( #&"( J " "&) &
.#( $
" ("! &") ' (1
0$<& I D #&( "&
" J " &# "(
.#( $" #)! ! ' & "( ( (# # ("
#. & " ( #&"( #&! "()# "!#+
!+
( " (" !"="!"
" # #0# #&(" "&
"
=& *& "
Q *. 0# ( !)"1 "&#& "(1
"
#&= "&
"
(
.!"=
"!"& ( ( $%
" ' ( (#$!" ! "()# D !"& 0 "&# D ( #.#! &
"(
" .#! =
# #( " &'"!( #&"( J " " 0"!
# .#( $ +R
A D & !"
*& !"
"&!" " ! "()# " & &'"!( *& D #(
!"& 0 "&#( (" .!#
"&1 "& <!0 &#( )"&"! "( (" . " " " ! J "
"&!" 0 D#!"( (" & #( $"&"= #( "(."! #( 0;( ! "()# 0.
&'"!( *&+ A D # ! ' ! $" J " &# I D J " # ' ! D "( " ."!@
# # "
"0.# " "L.#( *& ! "()# J " (" "(" 0 &"&"! "& &'"!( *&+
-3
# (" !
" 0 &0 G ! #( ! "()#( # " &# #0 ! " ( #&"( "&
0$"&"( " & "!
0$!"1 (" !
"=
#0"& !
#0
" " ( #&"(
*. 0 ( "
"! # . !;0" !#( ."!(#& G #( " ! "()#+
#$%
" '# =& " "(
" "( )"&"! ! & @
! # '! #(# "&J " "
&'"!( #&(
"&)
"(#
"( U
# .<!
(V ! #& "( "&
=& *& " ( )! # " '"!( *&
! "()# D
#0.#( *& "
.#! =
# # " ") #+
&
0"
"& J " " ( #&"( " &'"!( *& (" "'"&
$# #&
0 D#!"( " "0"&#( " &=
#!0 *& D J " #&( "!"& #( ."!="( " #(
&'"!( #&( ( (" #&! $ !; 0"%
#! 0 "&# " #& #&"( "& & "( !#
. @
(
=
#0"& ! "
!" 0 "&# " #&*0 # D J "
! '<( "
&'"!( *&"& '"!(#( (" #!"( .!#
'#(1 (" . " "&#$"&"! $"&"= #(
. !
#(
#&( ( "
"0.!"( "& J " (" &'"! "1 . ! ( (
"0. " #(1 #&(
D"
"0;( " & 0# #! . !
)"&"! *& "
="&"( " ! $ %
#1
0.
*& "
$ (" ! $ !
\!
#
$"&"( ! (#
B D(" 0# ' & "'#( &'"!( #&( ( DJ " #&0 D#!"(
!" !(#( =
#0"&"&" & !"0"&# " ' #! "&"( " @
! #
#& " .!#.*( # " &= ! ( )&= #( " ) &#( <!0 &#(
G #(
"& " .!"("&" "(
# " &'"( ) *&1
#& &
*& (" .!"("&
"=& *& #!!"
" <( #( <!0 &#(
*& @ # " .!#. "
" !; "! &")#
. !" @ #
" . ! 0#&# " & (# "
!"(
"!" I#( J " . " "& ("! "%
"!
6
& '
0"& " +
$" !".!"("& '# " &
# "0.!"( +
#!)
( (
#(
# " ' 0"&" DM
#
*& ! & !
*& J " "&"
!
"!@
(
! "! #( "!" I#( " . ! . *& "& (# "
"( "( ;" " ."! $! ' "& #(1 D" '# # "&
" #& " "!
(
"0 (#! "&!" #(
( 0$" +
*& & ' (#& (
#&"( J " &# I &!")( ! # # G #&"( J "
0 !J "& .!" # "&
#(
"
#!"( " # #0$ "& #( K 0#( @(+
-
*& .!"=
"!"&
(#&
#&"( J " "&"& .! #!
' "& #( # "& " !""0$# (# "
.
"& (#
0$# " " #1 &# .#(""&'# # "& ( ( 0$" ( "
"& " . )# "
" J
*&+
#&( (+
*& .! ' ")
"&" & $"&"= # " #&*0 #
#& .#!
."! # # " "!0 & # J " (" 0 "! G "&" . )# " ' "& #(+
#&"( "& !
*& &K0"!# "
#&"( "0
( .#! & (# "
J " . " "&("! $!"0"&" ! &(
( "&" 0"!
#+
&
&; ( (
& 0"&
"( " "(
# " #
&=
#!0 *& (.#&$" "&
" 0"!
# (#$!" " "0 (#! " &( ! 0"&# =& & "!# D ( "&#!&#
"0.!"( ! 1 =& & "!# D " #&*0 # #&
=&
" #$"&"! (
'"!
"!# ' #! D (@=
#!0 ! & !" #0"&
*& " &'"!( *&+ ( "
0<# # !" #.
D & G
&=
#!0 *&I( *!
.!" "& "& # & . !
" #0.#! 0 "&# = !# " & @ # J " (" # G D&")#
"&$# ( +
&; ( ( < & # " &; ( ( < & # "
#&"( .!" "& " .!#&#(
! (
'!
#&"(
= ! (
"
&
&( ! 0"&#
$ !(;
$ (;& #("
"L ( ' 0"&" "&
"'#
*& "
( # G #&"(
#
!)# " &
."! # # " "0.#+ ( " "(
# (" !" G 0" &" " 0 &"%
# "
&
#!"( D)!;= #( J " !"="%&" .!" # " &
*& D( '# 0"&
! '<( " "0.#1 #& " =& " " "!0 & ! ( "& "& ( = ! ( "
#( .!" #( 0"
& " " &; ( ( " = #!"(
'"( " .!" #1 " "0.# D
" '# 0"& "
#&"( &")#
(+
. ! ! "
&=
#!0 *& I( *!
"
( ' ! $"( .!" #1 '# 0"& "
#&"( ! &(
( (" . " "&
.
!
=
"!"&"( < & ( 0 "0; ( D I" !@
(
( . ! (0 ! "
#0.#! 0 "&# = !# " #( @ #( "& " 0"!
# D #0. "0"& ! "
&; ( ( =& 0"& D < & # $;( #+
#(
=
0"!
"
#!"( "( $" 0 "&# .K$ # # .! ' #1 #& " ."!(#& (
( !" G &#."! #&"( " #0.! '"&
" @ #( ' #!"(+ ( &
# "&! G # D!")
#+
!(
@
& " "
#&"( " "!0 & # (")K&
=
!" "&
"
! &(
*& D " '# 0"& .!#0" # " ! &(
#&"( !" G ( "& "
0"!
# "
#&"(+
(" @
& " "(
# 0"&(
0"&" .#!
."! &"& "&
"
#!"(+
K(J "
(."!(
( & .!# " 0 "&# 0"
I" !@
( # $ ( # "&
=
#!0
#&"( D "( ! ") (1 #."! (#$!" & #&%&# " (#
#&"(1
0 # #&%&# " !"=
"!"& . ! !"(# '"! .!#$"0 ( " #. 0 G *&+
1
Sitio web Superintendencia de Valores; “Cartilla los Comisionistas”, 2004 En:
http://www.supervalores.gov.co/comival.htm
-5
.
" ! $%
#
&#!0 0"&"+
&
(.#&$
&"
0 "&# 0 "
.!#.#! *& "
#( !"" #!"( "
"0.!"( +-
" !"
'#( #
!(#( . !
"( =& &
#."! !
#( .#!
" H
& " "&"!
"
#(
"
#!"( " # #0$ 1 0 " "
0 &"!
)!")
'!
*& " #( .!" #( "
(
#&"( 0;(
!".!"("& ' ( " 0"!
#+
#$%
" '# .! & .
"( !".!"("& !
(
'!
#&"( " #&%&# "
#&"( 0;( ! &(
( " & 0 &"! =" 1
"
=
#!0 J "
0. " !"J ( # " !".
$
1 "( " ! J "
. ! ! " 0 (0# (" . "
#&=
#!0 ! & .#! =
# # #& (
#&"( "
@
& "1 $ (" =& 0"& . !
#&( !
*& " .!#
#( "! ' #(+
& " "
(
#& !
(=
&
*& #0# "
1
0" 1 $ % # 0@
&0 $ !(
+
"
#0"! $
# J
"G "
&
*& " "!0 &
.#!
=
!" "& 1 " &K0"!# " #."! #&"( D
'# 0"&&")#
# 0"&(
0"& " "&" 0"!
# (" & ! #+
J
"G
D#! # 0"&#! =
#& J " (" !" 0"1 &")#
# ("
#&'"! " "& "=
" '# &
# ' #! "&
J "! 0#0"&# "
"! #
#&" '# 0"&D=
!" "&
#&J " (" ! &(" "&$# ( +
J
"G$ !(;
<!0 &# J " I " !"=
"!"&
0"!
# "& )"&"! #
)&
*& "(." @
= +
& # (" !
" "( " K 0#
(#1 &
=
J " "& & 0#0"&#
# (" "& !; . !
#0.! ! # '"& "!
" "!0 &
*&+
# " & "0.!"( J " 0 &"&) & #
'# 0"& " &")#
*&
#& !@ .#! %
#!& 1 "& !"
*& #& (
&K0"!# #
"
#&"( "& !; &
J
"G+
J
"G .! 0 !
#( $
" !" 0 !
&"
"&
"0 (#!
" 0 (0#+
J
"G(" & !
"& " 0"!
# ("
&'"!( #&( +
#( $
& !# "
&'"!( *& "& &
# ' #!
" ! &( ! # '"& "!
&'"!( *&#
#
$# (
#& " ("
J "!" .#! & & "'#
!)"& " # 0 " " .#! "& %
" "
."(# " '"& ( J " J "
"(. <( " J " (" I & "
# # #( #( #( #( D ) ( #(1 & D"& #
&"!"("(1 0. "( #(1 D ' "& #( "
#&"( .!"=
"!"&"(
2
GUITM AN, Lawrence J. Principios de Administración Financiera. novena edición. México
Pearson Educación.- 2003.. p. 54.
2
!)"& ."! #&
0 " " .#! "& %
" "
."(# " '"& ( J "
J "
"(. <( " "
! # #( #( #( #( D ) ( #( J " &# (#&
&"!"("(1 0. "( #( D ' "& #( "&
#&"( .!"=
"!"&"(+
"!
# " !"& ' ! $" " 0"!
# " !"& ' ! $" "( J " "&
#& "
!"& $
"
&'"!( *&1 "(
)
(
"(
#$"& ( .#!
"0.!"( "&
(" &'! * D .#! ( ) & & ( "
.
#$"& ( .#!
=
"!"&
"& !" " .!" # " #0.! D '"& +
( " 0"!
# "(
#0. "( # .#!
#&"(1 $#&#( #&'"! $"( "&
#&"(B # (1 "!" I#( " ( ( ! . *& D @ #( .!#'"&"&"( "
.!# "(#( "
! G *& #& "
!"& $
&# "(
(#
&
(
" &"!<( "(." @
= +
=
"!
#=
!" 0 "& # " '"& DM
# #0.!
" & " "!0 & # ' #! #
'# &")# $" J "
#& "&"
&=
#!0 *& &" "( !
. !
"& = ! #1 ' ) ! # D' #! G ! #+
#=
"!
K$
"
J ( *& "
#&"( &( ! ( "& " ")( !#
#&
"
#!"( " &"!0" ! #(1 !" G
! '<( "
#(
"
#!"( " # #0$
+ + "& & ("( *& " &")#
*& .#! ="!
"
0"!
# &#!0
"
#&"(+
( ("( #&"( " &")#
*& (#& ''
'#G+
"
"! # #& # "( $" # .#!
&#!0 '
" 0"!
#
. $ # " ' #!"(1 #
."!(#& # )! .# " ."!(#& ( J " #&=
#!0"& &
0 (0# $"&"= ! # !" 1 !"
0"&" # .#! &"!. "(
."!(#& 1 (# #
.# !; #&'"! !(" "& $"&"= ! # !"
" 0 ( " 6 X " (
#&"(
#! & ! ( "& !
*& " & (# "
1
D(
#&"( (" "& "&!"&
&( ! ( "& & $# (
" ' #!"(1
J ! "& #
(
#&"( #& (
"( (" ( ."!"
I# .#! "& %
"
! '<( " &
!)
# #(
#(
!"( "
"(
#&"(+ " )
=
#!0 1 #
."!(#& # )! .# "
."!(#& ( J " (" $"&"= ! # !"
" 0 ( " 6 X "
(
#&"(
#! & ! ( "& !
*& (# # .# !; & !"0"& !1
!"
0"&" # .#!
&"!. "(
."!(#& 1 ( . ! . *& "& & .#! "& %
" ( ."! #!
8X
" (
#&"( #! & ! ( "& !
*&
! '<( " &
!)
# #( #(
!"( "
I(
#&"(+
"! # # L ' "& #
.(# "&!" " .! 0"! @ I;$
" . )# "
' "& #(
"
#&"( D #(
"G U
6 V @( I;$ "( $ !(; "(
&0"
0"&" & "! #!"(
=
" I + L ". #& 0"&" " ."!@
# # "LB
' "& # ("!; 0"&#!
& # "&!"
=
" I "& J " (" " !" & D ("
I "&"L)$"( #( ' "& #( I $"!" 0"&#( " #& " U
66V @( I;$ "(+
&"( " "'"&#1 " ."! # # "LB ' "& # ("!;
# "& !" " @ I;$
( ) "&"
=
" I "&J " ="!#& " !"
#( #( ' "& #( D" .! 0"!
@ I;$ " . )# " #( 0 (0#(+
( ! &(
#&"( J " (" !"
"&
26
"&!# " ."! # # "LB ' "& # &# ! &(="!"& "
' "& #( ."& "& "(+
"!" I#
."! $! #(
#! =
# # " &'"!( *& "( &
#0$& *& "
'#( =& & "!#(
.#("@#( .#! & 0 (0 ."!(#& 1 & ! # %!@ + & .#! =
# # "
&'"!( *& "( '"!( = #
& # "& " #&%&# "
'#( (" #0$& &
"(." "(
#& !"& $
"(1 "0 (#!"(1 0#
"(
" . )#
"
&"!"("( D! ")#( =
"!"&"(+
!#0# #! " J
"G (# "
#0 ( #&( #$ )
& "!'"&! "& "
0"!
# "
#&"(1 (#$!" & "(." "
" "!0 &
#& " =& "
.!#'""! " J
"G+ #& # "
"( #0 ( #&( ( " # ( J " (" I &
#0.!#0" # U
.#! 0" # " & #& ! #V #& & "0 (#! "
#&"(
! J
"G
#( @ #( " 0 &"!
J " J "& "( < &"!"( # "&
! &( ! #(1 "& "& !" ( "0.!" & . &
#&! !
.!" # " 0"!
#+
( " !1 " #( "$"& (") ! !
#& &
"
( #."! #&"(1
#&( "! & #
( #& #&"( " 0"!
# #& " =& " .!"("!' !
"= "&" =
#!0 *& " .!" #(+
G*& #!! "&" 0 "
"
(
#! # . G#+
.
"
"0.!"(
. !
0. ! #& ( (
"
*& !" #
&&
&
#! J " !"(
" ' ! " .!" # "
0"!
# " &
*& "&!"
.#!
*& !".#!
.#! "
"0 (#!+ ".!"("& " &K0"!# " ."!@
# #( J " (" !"J "!"&1 "( " &'"
"
"(1 . ! !" ."! ! # &'"! #+
"()# "( " )! # " ' ! $
# #& &)"&
" !" #!&# " &
&'"!( *&+ & <!0 &#( )"&"! "( (" . " " "(."! ! J "1 0 D#! ! "()#1
0 D#! !"& $
"
&'"!( *&+ L( "& ' ! (
("( " ! "()#(
"
0"!
#1 (# '"& 1 %!@ #1 " J
"(1 " (
"
0$#1 ! "()# "
(
" &"!<(+
"& $
D"
.
"(
&'"!
"& $
"
&'"!( *&1 0 "
"
"(+2
!"
*& "&!"
# "&(
J (
.!#.#! #&
.#!
& @ #
*&+
'#
0$<& #&#
"=
" '
#
"
4
# #0# !"& 0 "&# (#$!"
0 &( ! *&"& )"&"! *&
GUITM AN, Lawrence J. Principios de Ad RODRIGUEZ, Mariano. ABC de acciones y bonos
con excel, primera edición, 190 páginas, grupo Omicron System, 2002
administración Financiera, novena edición, 676 páginas, México: Pearson Educación
2
(!
! ! #! "& ! ( =
"!"&"( . ! "(
#!) &G *& ! G
&"! #!0"&"
#
"&( $
)! # " !"
*& #
!! #( (#$!" " 0 "!
" "(
#(
"!
"
! $%
#
*&
"
"! #
=
"!"&"(
&
0$#(
&; ( ( " ("&( $
0
#&"( " "( "& ! #( 0" &" #(
"(
(" $ (
#$("!' ! #(
0$#( "& #( !"(
#( " 0# " #1 #$"& #(
#&$ (" "&' !
#&"( " ( ( .! & . "( ' ! $"(.
&" )"&
! =
#.# #)@ ! 0
"
( 0 "0; ( J " !
"(."
0"&" "
#& &
D " # !#( #& ". #( 0;( )"&"! "( #! )& #( " "
(@
"(
( .!#. "
"( " ( =) ! ( & "."& "&"( " (
0 P# D
=
#!0
# "! &
0;L0
=
"!"& J " ("
' #! !" # "=
" '# "& ( !
"!@
(
0 " "& !" " ' #! &#0 & D"
( " 0 "!
" "(
#
(
#& ! "
.!#. "
"&
"&0 !
#( $ %
# &0 (0# ! &)#
#(
#(
("
"& "&! &
U .
(("
! &)
# "V
# "#
" "( 0 *& "
!"& 0 "&# " #( @ #( "
.
" & "0.!"( + ")K& "( "
0# " #1 " !"& 0 "&# " & @ # "
.
"( )
&
(
$!"
" ! "()# 0;( " .!"0 # .#! ! "()# J " #& "'
&'"!( *&.
'"!( *&
! "()#
<!0 &# !"=
"! #
(
*& "&
&'"!( #&( 1 "L. "( #
"!& ' ( #& =
"!"&"( &'" "(
.!"=
"! !; J "
#&" &'" " ! "()# 0;( $ %
#
J " &
" ! "()#1
"
&
#! "
'#
" & &'"!( *& "&
#&"(+ &
<!0 &#( )"&"! "( (" 0 " #0#
#' ! &G " .!" # " &
*&
#&!"(." #
#
" 0"!
#
#& ! #+ &&'" " $" $ %
#
&
&&'" " ! "()# $ %
# D' "'"!( +
"
" 0"!
# (" "=&"
#0# 6+
#"= "&" " #!!"
0;( ' ! $"(
*&
"
"
2-
!"
*& "(
@
(
"&!"
#( #
&" )"&
! =
"(
( . & J " (" "& !)
" #&( ! !
.!# "(#( J "
("! "%
"
#( (#$!" & !J "
! =
@
(
.!#
"&
#&"( # !"(
#( J " 0 L0 G & & 0"
" !"& 0 "&#
" "!0 & 1 $ (;& #(" "& (" "&
" "&!
( ."! $ ( D "& "
#&# 0 "&# 0 "& # "&
!J "
! +
" "( &" !#& "( ! = "( U &;#)#
" &0 "( DI 0 &#(V
+
22
=& #0 "&# =
@
( #
"
"!"$!#
!
!" *& " 0# " # . ! " &; ( ( " .#! =
# # "
#&"( "&
$# (
" ' #!"( " # #0$ (" #0 ! " I( *! # )"&"! # . !
(
=
"!"&"( "0.!"( ( "&
$# (
" ' #!"( (" )"&"! " 0<# # "
(" " *& " "0.!"( ( .#( "! #!0"&"
.
*& " ( ( "0
"
0 L0 G *& "
!"& $
D (" .!"("& " 0# " # =& . ! "
&; ( ( " .#! =
# #
"
"
& G&
(
#&"(
#&
$ !(
#& !
. !
.!"(" " #& ! (
! '<( " &; ( ( =& 0"& +
&'"( ) !
"(
#.# #)@ "
!" &" !#& ."! &"& "
.!#$"0
" .!" #( " (
#&"(+
( $" "! #( = #!"( !" "' &"( . ! .!" " "!0 & ! #( .!" #( " (
#&"( .!"(" " #& (
! '<( " ( !" "( &" !#& "(
%( !
#&=
#!0 *& " .#! =
# #
! '<(
"
&; ( (
"
("&( $
"
!" &" !#& #&=
#!0
+
& G!
("&( $
" .#! =
# #
! '<( " 0# =
#&"( "&
!" &" !#& #&=
#!0
& G ! #( !"(
#( #$"& #(
#& ( #&"( D!" #0"&
#&"( " "(
#
!"("& ! " &=
#!0" =&
28
"
& G&
#& ! . !
=& 0"& +
&'"( ) !
."! &"&"
(
#&"(
#&
$ !(
.!"(" " #& ! (
! '<( " &; ( (
"(
.!#$"0
#.# #)@ "
" .!" #( " (
!"
&" !#&
#&"(+
( $" "! #( = #!"( !" "' &"( . ! .!" " "!0 & !
#( .!" #( " (
#&"( .!"(" " #& (
! '<(
" ( !" "( &" !#& "(
%( !
#&=
#!0
&; ( ( " ("&( $
&
0#
&
0#
" .#! =
# #
!" &" !#&
G!
("&( $
" .#!
=
#&"( "& !" &" !#&
G!
("&( $
" .#!
=
#&"( "& !" &" !#&
& G ! #( !"(
#&
*&
"
! '<(
#&=
#!0
"
+
! '<(
"
! '<(
"
=
# #
#&=
#!0
=
# #
#&=
#!0
#( #$"& #(
( #&"( D!" #0"&
#&"( " "(
!"("& ! " &=
#!0" =&
29
#
0# " # .!"("& # . ! " " #(
#( )"&"! #( "& " 0"!
#
&=
#!0 *& J " (" "& "&!
0 &#1 "(
@
(
( D
#( "
#."! #&"( "&" 0"!
# .#( "! #! " & "'
*& . ! "( #)"! #(
#( "'
! J " (" .!"("& !
#& &
*&"& )! = 6
!;= # 6+
#( " 0"!
#
#( "! #! ( ) " " 0 &"%
#
( !" "( &" !#& "(
!;= # +
"
#( !"
%
#)! 0 !" "(
23
G # 0"
&"0" # #
L( "&
#0. !
.<4
.
!"(
(." #( .! & . "( . !
"&"! "&
*& #&!" " &" !#& "( J " "( "L. "( # "&
"&
$ 6
"&
*5,1+
2*/
,0,*3,8/
23.4
,*
&#& "( "
"( !!# # " 0# " # #0 "&G #&
(" "
#&"( "
$# (
" ' #!"( " # #0$ . ! "0."G !
0"%
#! .#! =
# # D.# "! !" G ! " #0. ! '#+
2
*& "
(
!0 ! "
&
!
(" " *& "
#&"( (" "$" "&"! "& "&
&=
#!0 *&
)"&"!
"& . )& "
( ."!=& & "!
" # #0$ "&" ( ) "& "
"& " I . M
M
NNN+( ."!=& & "! +)#'+ #M "&
. ! " &=
"! #! "
. )& (" "& "& !
& &O " 0"!
#
#& ! # "& "
("
"& "&! & #(
#( I( *! #( )"&"! #( "& ( =
"!"&"(
#&"( "
@
& " " "'#
*& " #( .!" #( .!#0" #(
! #( " # G *& ("
"& "&!
( )"&"!
" # ( ( "0.!"( ( J " # G & "& $# (
" ' #!"( " # #0$ (" ("P & (
#&"( J " "&) & " 0 D#!
@
& " " $ !(
#&"( J " (#& #0
( . ! " "(
#
!;= # -+ ;)& ( ."!=& & "!
25
" #0 & (
$ !(
)"&"!
( "
$ !(
.<4
.
#&"( . ! " "(
#
# .#!
( ."! & "& "&
0#( ! # "&
$
"
"! #
@
& "
"
=& & "!
(" " #& & #
11)
23,*52/<8/
*.+
)
4
)
0.0
BOGOTA
IBA - ALTA BURSATILIDAD
6,2280
ETB
IBA - ALTA BURSATILIDAD
7,7200
BCOLOMBIA
IBA - ALTA BURSATILIDAD
7,6340
INVERARGOS
IBA - ALTA BURSATILIDAD
7,4900
TABLEMAC
IBA - ALTA BURSATILIDAD
7,3430
ISA
IBA - ALTA BURSATILIDAD
7,7080
COLTEJER
IBA - ALTA BURSATILIDAD
6,7360
ÉXITO
IBA - ALTA BURSATILIDAD
7,1790
GRUPO AVAL
IBA - ALTA BURSATILIDAD
7,3930
ECOPETROL
IBA - ALTA BURSATILIDAD
10,000
"& "
."! & "& "&
& & "!
"
# #0$ 1
#(
-6M M
" #0 & ( ' !
#&"( " #( .!" #(
#( "&
.;)&
"
( ."!=& &"! "! )! = # 2 #& " 0 "( ! " I( *! # " #( .!" #( "
(
#&"( "
"0.!"( "&#& "( #0 & # ( ( .!#0" #( ("
#$ "&"
!"& $
"
"0.!"(
" "( ( 0 "( ! ( 1
( "
!"& $
.#( ' (#&. ! " "(
# D #&=
#!0 *& " .#! =
# #
!;= # 2+ !" #( I( *! #(
8
" " #& & # " &O #& " (" .!"("& &=
#!0 *&
. !" " "( #. *&)! = # 8 "&
(" . " " (" "
"
"0.!"( . !
P#( &"! #!"( # . ! " P#
(" " #& 0#( " P#
D #( 0"(" " % # D )#(
#0# !"(
# " # & "! #! (" )"&"!
.! 0"!
#& " (" )! . & ( 6
#&"( (" " #& ( "&
=
" I D .!" # " # G *&
I &=
#!0 *& (" .
" .3,=2
!;= # 8+I( #!
"
"0.!"(
#& ! " I( #!
"&"( "
(#
# . ! " "(
#
$
" "(
#
$ 6+ &
&#
" " #$("!' ! "&
#&"(
& '"G(" "&" "
!# " .!" # " (
#&"( (" .!# " " (
!
" .!#0" # " ( ' !
#&"( " .!" # . !
@ D. !
*& "( " ! #0 0#( "
# " .!" # " @ 6 U 6VD # !"( 0#(
" .!" # .!"("& #
@ ( ) "&" U V. ! I
'!
*& "&
.!#0" # (" ' " (#$!" "
# " @ U V#$"&"& #
'!
*&
"& .#! "& %
" & "( ! =
*!0
.
"& L "
! = #9 .!#0" #
'!
#&"( J "
"
( ) "& " 0 &"!
!
*& ] U 6B V
"(
=
*!0
.
0#( "&
$
"
'!
#&"( "&"
. !
*&
86
!;= # 9+ !#0" # ' !
#&"(
> ?
"
0."G & #
!0 ! "
!# " ! "! #( . ! (" " *& $
"& #&! 0#( J " #0 & # "&
$
" '!
#&"(
4
D
(" " #& & #
# 0& =
#!0
& # " .!#0" # "& #&! 0#(
!"& $
. !
*& "
"! #
0<# #
E F
1
"&#& "( . !
#&=
#!0 !
$ !"& $
(" I
0" &" "
.!#0" # " ( ' !
#&"( "
*& 1 ")# "&"0#(
' ! &G
J " "
0 (0 0 &"! (" #0 " ! &)# "
#( " ( ' !
#&"(
"&
$
" '!
#&"( . !
*& D (" I
' ! &G
0" &"
=
#!0
*& " L "
1 " ! "()# "& "( "
(# "(
! @
G
!
"
' ! &G ( "& # #(
#( !"
#& #( #& 0"
"
.!#0" #( " ( ' !
#&"( ")# (" &#!0 G "( "
# D#$"&"0#(
" @
& " G J " "(
&#!0 G *& " " ! "()# . ! "& #&! !
.#( $
" ."!
#$"&"0#(
( ! $ *& &#!0
" & "( !#
@
& " GD & '"G(" "&" "
# "
.#( $
" ."!
# "&
.#! "& %
" (" # !"( 0#(
6 X D#$"&"0#( " !"( & " J " ("!@
.#( $
" )&&
8
.<4
.
%
"&" .!#.
& # (" "&"
*& $
. ! ("! ( J "
(
#&"(
"
!# D #&=
#!0 # (" #0
!"& $
"
2 D(" (" " #& & (
#&"( #& 0"%
#! !"& $
#&=
#!0 &" .#! =
# # "&" .!"("&"
(# (" #0 !#&
1
1
J "
"
(
#&"( (" " #& ( "! &
( J "
.!"("& $ &0"%
#! !"& $
+
0 ! G " #' ! &G "&
$ 2 "(
!"
*& J " (" I " " (
#&"( " .#! =
# # "&!" (@. ! ( $"!
; "(
0;( !"& $"
#0. !
#& ( "0;( )"&"! & # " @
& " " #!!"
*&
.<4
.
.+
/
)
@0, 2:./)
.3@.
"&" .!#.
&"
!# &"! #! (
#!!"
*& "( $ % 0;( (" . " " '"!( = !
" .#! =
# # .#!J " I D0"&#( "."& "&
"&!" (
#&"(+
8-
"&"! !0 # " .#! =
# # (" #$ "&"
!"& $
D " ! "()# . !
#
(" I " &" "( ! #
.#& "! *& "&
& " (
#&"(1
0" &" " (# '"! I"!! 0 "&
" L " #0#
!"& $
D
0 L0 G# D0 &0 G# )"&"! & # &#( ! "! #( #0#
( 0 #!
"
!"& $
" .#! =
# # J " (" 0 D#! # )
6 "( #
&
'!
*& " !"& $
. ! " .#! =
# # "&#& "( . !
& "
"( ( !"& $
"( I # " ! "()# D =& 0"&"
.#& "! *& . !
&'"!( *& " .#! =
# # "
( ) "&" 0 &"! "&
$ 2 ("
"& "&!
.#& "! *& "
&'"!( *& "( " ! "&"0#(
"0.!"( (
#& & .#! "& %
" " &'"!( *& !"& $
J " "(
#$"&
"&
$
(@0 (0#
' ! &G " ! "()# D " .#! "& %
" " &'"!( *&
.#( "! #!
"( # (" I "
$
" .#! =
# # #0. " # "( " !
!"& $
' ! &G D ! "()# " .#! =
# # "& )"&"!
$ 8 J @"&
"( " . &# &" "( 0#( #$"&"! D !0 ! & "( !# #&%&# "= "&" J @
"( J "
G 0#( (# '"! )! = # 3 #& " #0# (" #$("!' "& =) !
& "( !
"
#$%
" '# "( . ! "( "
(# " ! "()# $ ( 0#( 0 &0 G ! #
D # # 0#( & ( !"( !
#&"( . ! 0 &"&"! & "( !#( . !;0" !#( "
&'"!( # ( ."! #!"(
"!# J "
( 0 #!
" #( .#! "& %
"( &# ( ."!"
6 X D(" "& G #&"
!# " #&%&# "= "&"+
!;= # 3+
G *&(# '"!
82
.<4
.
"&"
230,/
.1)
;3 0,4
.)
3:,/
*)
23
!#.
.#& "! *& "
&'"!( *& $ 8 "&#& "( ' !@ "
"! #
#(
#( ( 0 &( ! #( 0" & " (# '"! (@"( J " #& "(
I"!! 0 "&
. !
&# " #(
(#( #$"&)# .#! "& %
"( =& "( "& 0 .#! =
# #
#$' 0"&" .! 0"!# ! # " #$"&"! 0 L0 G !
!"& $
D
.#( "! #! 0 &0 G# " ! "()#
.<4
.
(30)
1,*0,452/+
.A
24
)
2
#( @
& "( " .#! =
# # $ 9 0 "( ! & "&#& "( & "( !# .#! =
# #
"& #&%&# D (" #&'"! " "& ( " ( #$%
" '# " (# '"! . ! .# "!
#$"&"! #( =
"!"&"( .#! "& %
"( . !
&'"!( *& #0# (" #$("!' "&
$ 3
.<4
.
123B
83+
2,A
)
1)
,3+
,
88
! #$"&"!
&# " #(
#( "
#&%&# "= "&" .! 0"!#
0 L0 G#
!"& $
" .#! =
# # D (@#$"&)# " ! "()# "(. <(
0 &0 G# " ! "()# D (@ #$"&)#
!"& $
. ! "(" ! "()#
)"&"! & # #(
#( J " 0" &
&
'!
*& "
!"& $
"(
" ! #0# "( #( #(
#( #( !"( # "&!" ( D #( ' *"&
&
"
#( J " "&)# "(# 0"
&@
& " " '!
*&
G # . ! "
#&%&# "= "&"
#$"&"! "(
'!
*& D #$"&"!
!"& $
0" &" (# '"! ( # &#
&# #(
#(
0$ & # #$' 0"&" 0 (
#( "&
"
#$%
" '# #0# (" #$("!' "& )! =
!;= # +
# '"! #&%& # "= "& "
89
& 0"&" #$"&"0#(
)! =
" #&%&# "= "&" )! = 5 #& "
)! = 0#(
!"& $
#& " ! "()# D '"0#( #0# "(
(
# "
.#! =
# # "&)"&"! " . &# 0;L0# " !"& $
D.#& "! *& "
! "()# "&"( " . & #+
!;= # 5+
#&% # = "&"1
"()#
(
"& $
!
#( &'"!( #&( ( "( 0.#! & " ( $"!
!"& $
" ( (
#&"( D (@0 (0# I "! & #0. ! *& #& ( !"& ( =%( " $ %
#
! "()#1
#0
" " ( #&"( . ! " "
&# ! "()# "( ; (. "( # "
&'"!( #&(
#0 ! "& "(
&'"( ) *& #0 0#( " 0<# #
. !
#0. ! *& #& !"& ( =%( D #$"& *& " #( $" (
#0. ! & # " ! "()# #$"& # " 0"!
# #&
"
*&"& &
.#! =
# # '"!( = # (" #0 &
& " (
#&"( "( " ! "&
"( "
(# #0 0# " @
& " )"&"!
"
$# (
" # #0$ . ! #0 !
" ! "()# " 0"!
# D # #0. ! 0#( #& (
#&"(+
" #0. ! & ( !"& $
"( "
&
I( *! # "
$# ( # " 0"!
# #& " (" I
*& #& (# '"! )! = #
(" #0 & #(
"
#$%
" '# D(" 0 &0 G
0$ & #
"
83
"
(
#&"( #& "
" @
& " " "!!#! . !
@
& "( " "!!#! #0#
" #( $" ( D(" #!!"
" "(
0 &"! (" #$ "&"& #(
#( . !
#( "&!"
*& #&" ! "()# " 0"!
#
!;= # 6 +
)! = !
&#
" #(
# '"! "& #( $" (
$"&"& # " "(
0 &"!
#( $" (
$
"
&
"
(
#&"( "(
!"
*& " ! "()# " 0"!
# #&" ! "()# "
*&D
( !"& $
"(."!
(" #0 & "&
)! =
( " ( #& "
&#0$!"
"
*& '"! &"L#
#& " . !" "
*& D (
#0. ! *& #&" 0"!
#
.<4
.
,+
.*0,452/
+
.A
24
)
2
#0 & #
"& "&
"
& " (
#&"( (" . " " #0 ! &
" ( *& .#! . ! " " &'"!( #&(
& " ( ( ) "&" )! = (
0 "( ! "
#0.#! 0 "&# I( *! # "
(
#&"( D
@
&"
"& "&
. ! ( .!#&#( #
8
&#& "( (" &
#& . ! " )! = . !
& " (
#&"(
)! = 5 "& #&! 0#(
)! =
" &'"! !)#( "&
#0 0#( #(
#( " !"
*& " ' !
*& "
*& #&
'!
*& " @
& "
)"&"!
"
$# ( (" )! = & #(
#( 0" &" L " D (" # #
"&
)! = 66 #0# (" . " " #$("!' !
"
*& .# &#0
"
)! =
&
&# (
^. !
#0 ! # #0# !"=
"!"&
"&!" 0 ( ("
"!J " " !
6 "( 0"%
#! @
& " . !
*& "0#( ! & # 0"&#(
(."!( *& " ( (
#(
"& "&
! = # 66+
!
$ & # #0$ #$"&"0#(
)! = # 6
0#( ! & #
(."!( #& #0# (" 0"& #&# " " . ! )! =
# &"! !#
=
#!0
D] B6 B 8L _ 1
^] 1 -
D#$("!' 0#( "
LB 1
# "
9
(."!( #&$ %
#
6 +
85
& )! &
"(
)! = # 6- 0 "( !
"& "&
" #(
#( " )! .# ' #& &
)! & (."!( *& D & !
! # 0"&#! "$ #
( (
#(
&J " ("
. " " #$("!' ! J " "&" &#(
#( 0 DI#0#)<&"#(
6-+
9
=
"!"&
" ( )! = ( &"! #!"( "&
)! = 62 " $ & # "
#)# ; 0 "( !
&!
! # 0;(
# D (" '" !"="% # "& #(
#(
0;( "P #(
"& "&
.# &#0
J "
!"="%
"
*& "&
. ! " ( ."! #! "!" I
62+
!
)! = 68
" ( "&"0#( " 0;(
# " #( !
! #( D #(
#( 0;( I#0#)<&"#( " # ( ( )! = "( " ! J " ) !
0 I
!"
*& #& #( @
& "( " 0"!
# D (" 0 &"% & "& "&
G
#&
#( &# & (."!(#(
68+
96
E F
"&"0#(
( $ ("( " 0# " # "& (
&; ( ( =& 0"&
D
"(
@
( # ("
#0 !#& #(
#( ( 0 &( ! #( .#!
( ."! &"& "& .#( "! #!
#$"& *& " "( #(
#( (" I " "
&; ( ( #0 & # ( ' !
#&"( " #( .!" #(
@ D. ( & #
"( #(
#(
& '!
*& .#! "&
'!
*& J " =" (#0"
' ! #( "(
#( "(
@
( #(
( I"!! 0 "& (
G ( I(
J @="!#& L " D( ( =
"!"&"( #0. "0"&#( "(
@
( #( #0#
(# '"! " )! & D
I#!
" 0 L0 G ! # 0 &0 G ! &
=& *& I#! (" #0 & #( 0 (0#(
#( " ( 0 &( !# " #(
I( *! #( "
$# ( D (" & G & 0"
&" & (#=N !" J " ("
$ ( "&!" "( &" !#& "(
+
#& #(
#( #$"& #( "& "(
.! 0"!
. !"
D
"$"& ("! "&"&
( #0# 0# " #( " .!"
*& J " "( "
(# "
"( " ! $ %
#1 J "
)
J " #( &
#!"( D #(
#!"( < & #(1
G&
#( " & . ( # 0;( # 0"&#( !" "&"1 ."!# #& '"& %
" ."!0 ! & #!.#! !
&=
#!0 *& " 0K . "( &
#!"( %&# #&
&=
#!0 *& =& 0"& 1 "L. # & #
'"& % " ("! & 0# " # "
.# &# . ! 0<! # ( "& #
#.# #)@ "
!" J " (" '
G !+
( !" "( &" !#& "( ! = "( .!"("& & !
"!@
(
( ("0"%&"(
=
#!0
" ."&( ! "
"!"$!#
&
"
( 0;(
!
' ( "( (
.
" .!"& G %
"
.
'#1
# #!) &G &
&=
#!0 *& J "
!" $"& ! &" " .!"& G %
" DM
#
#."! *&+ "&"& '"& % J "
& !" . " " ("! !;. 0"&" "&!"& 1 #0.!#$ 1 '"! =
D
! (
& 0. "0"& *& .!;
( !" "( &" !#& "( (#&
K "(
& # (" !
" .!#$"0 ( #0. "%
#( " =
@ ; # ."!# J "
&# !"J "!"& !"(. "( ( ."!=
"
(1 ( &# (*# !"(. "( ( !;. ( D
$ "& (1 #0# # !!" "&
$# (
"
# #0$ J " "$ #
(
"."& "&
" 0K . "( ' ! $"( (" ' " '" 0 D '# ; 1 #& " ("
&" "(
( $"! (#&! . "G( #&'"&" #0.! !1 '"& "! # 0 &"&"!+
2524
29C
.0,4
./,0 1.*2 124
2-<)
.32
9
=
#!0
" "( " ! $ %
# #& ( !" "( &" !#& "( ! = "( "."& "!;
"
.
*& #& !" 1 "&"& # .!"("&" J " "L( " & ("! " "
. (#( 0.#! &"( . ! #$"&"! & $ "& " ( *& =& 1 J " (#&
#$"& *&1
(" " *&D.!".!# "(# " #(
#( U
( "& # <(
& " (
=("(
'"( "& .!"
*&V
1 ")# "( ;& (" " *& D"&!"& 0 "&#
.!#. # "
!" D=& 0"&"
"'
*& " #( !"(
#(+
! "
(# #& !" # "
.!"
*& " .!" #( "
$# ( "& (
#&"( # #0$ & ( "( 0.!"( & $" #& ! #& #(
#( " "&!
!" 1 $ ( & # J " <( #( (" & = $"( D ( & "!!#!"( U (#( J " ("
.!"("& & "& 0 I ( ("! "( "
#( "( J " (" !". "& ( # G #&"(
" "!!" " @ &"! #! #0# # G *& " ."! !
" @ D &# ("
##
.! 0"! # G *& " @ #0#
V
1 .#! #
0 I ( '" "(
"( &" "( ! # ". ! !
( ("! "(+ #! # ! . ! " (" "$"& # "%! #(
#( "
( & ( ="&"(1 "& "( "
(# (" #0#
&=
#!0 *&
( 0 &( !
.#!
( ."!=& & "! "&
(" !" #. & #(
#(
!" "(+
(
&=
#!0 *& &
. " " & !
0$<& # !# .# " &=
#!0 *&
!" "' &" J " . " " ( !)! "
( 0 (0 ( ("! "( & "! #!"(1 ."!#
" $#!
#0# (#& #( &
#!"( < & #( D# !#(
#( J " (" !" &
#&'"&"&"(+
'"& % "( J " ( !" "( &" !#& "( ! = "( . " "&
! $ %! #& ( & #( .#( " =& #&"( 0 "0; (1
"( #0#
#) ! 0#( & ! "(1 ! @"(1 .# "& (1 " + . ! 0"%
#! ! #(
#(+
#! # ! . ! " "( &" "( ! # " 0 & ! J "
&=
#!0 *& J " ("
"
#0# ' ! $"1 ."!# J " &# .#! &
(#
*&+
) & ( " ( < & ( " .!".!# "(# "
&=
#!0 *& 0 DK "( (#&
( 0" ( 0*' "( U
(" & .#& "!
( # "L.#&"& "(V
1 ( =
"!"& (
"&!"
#( "
("! " # $"&!"
#&"( =& #& "( "&!" #(
#(+ #!
( . "( # J " 0"
J " (" & #!.#!"& 0;( ' ! $"(1 0 D#! ("!;"
"0.#
" .!# "(#
"
&=
#!0 *& D "( .#! " # J " . " "
"L."! 0"& !(" #&" )!") # " &
#!"( . ! '"! ( 0"%
#! (
.
.!"
' # &# " 0 &"%
# " #(
#( " 0# " # " "( "
! $%
# (" !" G #& ( # G #&"(
! (
( "& % # D )#( # "
#0. ! # #&" @
& " )"&"!
"
$# (
" .
" "&!"& 0 "&# (" !" G #& #( 0 (0#(
#( J " (" "( ;
! $ %& #1 ."!# "& &."!@
# # ( &# " &
1 D J " ( . ! 0#( "
9
" #$("!' #&"(1 & ( -9 ("
G & "&
" .
" .!".!# "(#1
& ( 5 "&
" "&!"& 0 "&# D=& 0"&" ( !"( &"( "&
" "( "#
"
&=
#!0 *&1 " . "( K 0 "& J " (" 0 " " "!!#! " "(
"&
=(" " "&!"& 0 "&# "
!"
#& " #$%
" # " J " <(
&#
"0. " " ."! "! (
.
" )"&"! G *&+
9-
&; ( ( " #0.#! 0 "&# " (
#&"(
! '<( " ( !" "(
&" !#& "( ."!0 " =
!
#0
" " ( #&"( "( ! <) ( "&
"( "& ! #( =& & "!#( "& )! & 0"
0.!" " $"(+ (@I & . !" #
'"!(#( .!#)! 0 ( " !" "( &" !#& "( J " ."!0 "& #& ( & (
' ! &"( (
.
*& 0"!
# $ !(; 1
"( #0# " !# #
#&(1
! &) #
#&(1
(D&&1
" !# I"
! "!1
# #0.
!#=1
"0; 1 " !
# O1 " + ( #( .!#)! 0 ( " ( 0
*& "
&" )"&
! =
("P #(
. ! ! " #( #& ". #( $;( #( "
0" ;& D "
"(
@
(
D !"(
& " & )! & &"!<( "& "
0.#
"
.!"
*& "
#&" 0 "& #( . !
" 0# " # ("
G
" !# #
#&( D (D&& &J " "( " K 0# .!"("&# !"( !
#&"(
I#!
" ( .!"
#&"( "$ # J " &# .!"("&
!J "
!
"
!" D (" I "
=
@ ( $"! J < .# " 0<# # ("
G# . !
#(
!"(
#( D(" ' " '"& " #! #(
'"GJ " (" #!!"
.!"
*&+
54
)
1.1)
;3 0,4
./,0
!
.# "! !" G !
( #."! #&"( "( &" "( ! # &(
!
(
I"!! 0 "& ( D
' ! #( #0. "0"&#( "& " "J .# " #0. #
#& " (" I ) " "(
# )&( " ( .
#&"( ! "& (#=N !"
#0. "0"&#( " L " #0# "( "
(# " &" !#(#
#( J " I "
0 I# 0;( =
; " 0 &"%
# "
&=
#!0 *& . ! ( !"(." '# &; ( (
#(
#( J " #0 0#( . ! "
&; ( ( (#& ( ' !
#&"( " #(
.!" #(
#( J " (" I $@& #$"& # &"! #! 0"&" "& "
&; ( (
=& 0"& )! = # 2 "&#& "( (" #0 & "(#(
#( "& & . )& "&
& $!# " L " (". ! # . !
&; ( ( )! = 69 #& " (" #0 !#& #(
#( "& & $!# & "'# (" . " " .!" ! "&
I#% " L "
.
*& &(
" #( #0. "0"& #( #& " . !" " &" !#(#
#(
"( " @(" !" G ! & ( =
"!"&"( =& #&"(
69+
92
& '"G(" " #& #( #(
#(
#(
"( (" " ' I "! " & ( J "
"& "( "
(# (#& ( ' !
*& " #( .!" #( " (
#&"( " ! $ %
#
(" I "
"( #)"&
" #(
#( " "&!
D "(
. ! " ! $%
#
(" #0 & #(
#( " "&!
( # 0& ( "
*& . ! #(
0"("( " % # D )#( # #0# . !" " "& " )! = # 63 (" (" " #&
# 0&
63+
C
98
#0# (" . " " '"! "& )! = 63 )
"(
( )& *& "
# 0& "
#( . !
!" "& "( "
(# (#& #(
#( " "&!
'!
*& " #( .!" #( " # G *& " (
*& "& . ! " $ %
# (
# 0& ( "
#( " (
. ! " 0# " # (" '
G!
' ! $" "
#0. ! *& " @
& " "
$# (
" ' #!"( " # #0$
'!
*&
!
. !
0 (0 =
" I D (" (" " #&
"
0 (0 0 &"!
(" " #& #
# 0& D(" &)!"( .#! "( " 0"&K " &" !#(#
#(
. !
!"
( )& *&+
& '"G (" "&"& #(
#( " "& !
U ( '!
#&"(
#&"(V #(
#( " (
U ( '!
#&"( " @
& " "
$# ( V (" .!# " "
#! "& !
!" (" &" "( & #(
#( . ! " "&!"& 0 "&# J " "(
& # #0 #(
#( D #( &#!0 G . ! '"! ( "& "& '
*&
" .!#)! 0 '
#(
#( D #( !")
#0# "&!"& 0 "&# "
!"
D =& 0"&" I " & .!#. # "(
" #( ' #!"( " !"(
# (#$!"
0 (0
&=
#!0 *& "( " ! "
' " # # #(
#( "& =
"!"&"(
.#! "& %
"( D #0
&.#! "& %
" . ! !" G ! & .!"
*&'
"("
.!#&*( # D!" G & #0. ! *& #& #(
#( =& "( "
$ (" "
#( . ! '"!
0 (0 "= "&
"
!" . ! "(
.
*& "& "
0"&K "& . ! " " !#N $D ."! "& )"( )! = # 6 "
( )& *&
" .#! "& %
"( "
0 "( ! D #( 0$ " # #! . !
"& = ! #(+
6 +
,
C
99
& '"G(" "&"
(" ( )& & (
.! & . (" (" "
.!#D" *&"& #(
#(
#( " .#! "& %
" . ! "&!"& 0 "&# "
!"
( ( . ! .!#
*& # .!#&#( # "( " " 0"&K
*&!#N ).!#
*&D(" &#0$! & #(
#( . !
8 @( ( ) "&"( #0# # 0 "( !
)! = 65
65+
& '"G (" "&"& ( !"(." ' ( ( )& #&"( " #( &#0$!"( " (
# 0& ( D #( .#! "& %
"( . ! " "&!"& 0 "&# "
!" (" .!# " "
J " " .!#)! 0 )"&"!"
!J "
!
"
!" . ! ( "&!"& 0 "&#
D "( "# )! =
J @ " (#=N !" "
"! #
&=
#!0 *&
( 0 &( !
)"&"! " 0"%
#! 0# " # . ! "( !
! !
!" D )"&"! !
.!#&*( #( ( !" "( &" !#& "( (#& 0
( Q %( &")! (R "$ #
J " &# (" ( $" #& "L
"( =& #&"( # I"!! 0 "& (
0 "0; (
G & " .!#)! 0
"&"
& ("! "
" 0# " #(
0 "0; ( .!" ("P #( =& #&"( 0 "0; ( "& ( $ (" "
#(
& # (" ")
"( !
! *& " 0# " #
G
I"!! 0 "& J "
0;( ("
#0# " "
"! #
#(
#( ( 0 &( ! #( .#!
! G*& "(
"'
0.#! & J " #(
#( " "(
(" &$"&"( #) #(
+
?
93
& '"G)"&"!
!J "
!
"
!" (" .!# " "
"&!"& 0 "&#
D "(
"
!" . ! J " &#( )"&"!" " .!#&*( # . !
"=
" # ("
(" " *& "& " 0"&K
. !"
" ! & #& " " .!#)! 0
#0; 0"&" )"&"!
&
&
" ". (# #( . !
"
"&!"& 0 "&#
( !" "( &" !#& "(
0$<& . " "& ") !
("!
0.!" ( ( "& 0"
J " (" < & (#$!"&!"& 0 "&# .#!
! G*&
" (#=N !" )"&"!
&
" ". (# #( . !
"&!"& 0 "&#
&" "( ! #(
J " "( #. *& 0$<& ( . " " "' ! 0 &
. ! #(
(#( J " ( # 0"! "& . ! " ! $ %
# (" #0 !#&
&
"
". (# #( !" #0"& #( .#! " .!#)! 0 )! = # 6
6+
9
& # (" &
" "&!"& 0 "&# " .!#)! 0 0 "( ! " ' & " "
I# "& !"& 0 "& # D "'"&
0"&" (" . " " . ! ! "& " ". (# #
"(" #
"&!"& 0 "&# J "
)! $ # "&" .!#)! 0 D(" . " "
I "! !"=
"!"&
" "&
J "! 0#0"&# 0 "( !
" #! 0"&"
&#(
#( " .!#D" *& J " . " "& ("! 0"
#( #0# #0. ! *&
. ! " !"(
# =& )! =
+
!
(" "
#!!#$#! ! #(
#(
#& #( " "( D(
" "(
!" ("
# "' K
( ( 0;!)"&"( " "!!#! )! =
-+
95
#& #(
-
#(
& 0"&" #&
!" "&!"&
!J "
!
#0. "
D " "(
#0. " # (" .!# " " )"&"! ! #(
#( .#! " .!#)! 0 "&" 0"&K "
(#=N !" (" "& "&!
!" *& " #(
#( " .!#
*& )! =
2
"( & .!#D" *& )"&"!
"
("0 & ( ) "&" "
# !!"&
"
#(
#( (" .# !; " ! J " "( " .!#
# "!0 & # " ( !" "(
&" !#& "(
.!#D" *& J " "
"! #
0# " # ("
G! . !
#0. ! '# #& #(
#( " 0<# # ;( # D #(
#( !" "(
2+
!#
*&
3
#& &
*& (" 0 "( !
.!#D" *&
.#! " .!#)! 0 )! = #
8 . !
("0 & ( ) "&"
#(
#( " "(
#
I )"&"! *& "
#( "
"! #
0# " # (" #0. !
#& " &; ( ( !
#&
.!#D" *& !" . ! #$("!' ! " )! # "
"! 0 "&#
!"
"
0<# #
8+
!#D"
*&!" "(
"! 0 "& #
# J " #
&'"( ) *&(" #0 !#& #(
. ! !" G ! " #0. ! '#
0<# #( (@ "&
$ 5
( ."!=& & "! . !
("0 &
.<4
.
!
!
!
!
!
!
!!" "( " <L # " .#! =
# # . !
#( " # !!"&
"
("0 & ( ) "&"
"
"! #
# )"&"! # .#! #( #(
(" "& "&! & #(
#(
# .#!
" (". "0$!"
/
2-,0)
2 5230,/.02 )
312 5/
)
-,/2*0C
.*-,*0, ,5+
)
,-</
,D!
"
!
!
!
!
!
"& "
$#!
(@0 (0#
!"( & # "
$ 6
.<4
. !
*&.!#.
"
"! #
@ 6 #& "
0<# # !
#& (" #0 & ( ' !
#&"(
@ D ' "& # .#! " @
#0# # 0 "( !
./)
.1)
23,* 11)
23,*
36
! "
! !
! !
! !
! !
! !
"& "
$#!
*&.!#.
E
E
"&"! #(
#( #0. " #( D . ! .# "! ") !
( #& ( #&"(
=& "( (" I " &" "( ! # !" G !
#0. ! *& )! =
" #( 0<# #(
G #( "& " 0# " # . ! .# "! #$("!' !
"=
"
&#
J " .#! "& %
" " "!!#! "&"& ( .!#D" #&"( . !
( ) "&" " .
("!;& #0
(
)! =
" ( '!
#&"( .#! "&
"( " (
#&"(
D "& 0 (0 )! = ("
!; .!#D" *& !" 1
.!#D" *& .#! "
0<# #
D .!#D" *&
.#! ( !" "( &" !#& "( 0" & " "
(#=N !" .
# "&#& "(
&'"! !)#(
"& "&
$ % (" '" !"="%
"& )! =
9 !"
.!#D" *&0;( "! & "(
.#! " 0<# # " !" "( &" !#& "(
"& "& .#! " 0<# #
0 "( !
&
=
"!"& ( )&= ' D"&
("& # #&! ! #
# # !! # !" 0"&" 0 "&! ( " 0<# # .#! "
( ( "0
" !" "( &" !#& "( "&" & (" "&
"
#(
0;(
"
# !"
!;= # 9+
#0. !
'# &'"! !)#(
3
& # #0$
"& )! =
3 .!"("&
& "& "& !"
$%
.!#D" *&
.#! " 0<# #
0 &"% &
"& "&
"&
0"&# 0 "&! (
# " "&!"& 0 "&# "
!" (" . " " '"!
!"." *& "
#(
#( "& " I( #!
"
*&
!"
!
"
#. ! "( " 0 (0#
#0.#! 0 "&#
"! & # 0 I# 0"%
#! ( (
!"(
#(
`
3+
3-
! .# '
)! =
" #0. ! '# " )! .# ' 0 "( !
#0#
" 0<# # " "&!"& 0 "&# "
!" .!#
" 0"%
#!"( !"(
#(
(
( "& "& ( & "! #!"( " 0<# # !
#&
="!" "& ( .!#D" *&
"$ #
(
#0.#! 0 "&# &" 0 "&! ( "
"
# (# " ( (
I"!! 0 "& ( I " " 0<# # .#! !" "( &" !#& "( 0 I# 0;( "L #
!;= #
+
#0. !
'#
! .#
'
32
&#
( !"
.!#D"
' #!"(
" #)# ; "& )! =
5 " $ & # " #)# ;("
"(
"( ! & J " #(
#( ="!
" . !;0"
*&
"& "&
.!#D"
"(
@
(
0"&"
)"&"! & & =
"!"& 0 !
"& ( #( .!#D"
!;= # 5+
#0. !
'#
&# "
.!"
#0#
!#( . ! (
D #( 0 (0#
#&"(
#)# ;
" )! = # &K0"!# - "&
(" .!"("&
0 "( !
& .!#D" *& 0;( !!") ! J " (
38
#( #0. ! '#( " (
"0;(
&J " " )
0 &"!
"& "& J " )"&"!
0;(
# J " (" # "&!"
!;= # - +
#0. !
( !" "( &" !#& "( ("
"!
0
I#
'#
"
"! #
# '( # &"! #!0"&" "&
& " ( )! = ( "
#0. ! *& (" &#
=
"!"&
"
"& "&
"
(
#(
.!#D" #&"( "&
&# ( !" "( &" !#& "( "&" & 0 !)"& 0 I#
0 D#! "
"! 0 "&# J " " 0<# # !
#& ( $"& ( !" "(
&" !#& "( . " "& ("! 0 I# 0;( "=
" ' ( # # "( # "."& " "
". ! *& J " (" !"
" " #(
#(
&J " &# &" "( ! 0"&" #(
#( . " "& ("! I#0#)<&"#( "$"&) ! ! "! !"
*& $# (
"
' #!"( " # #0$ "( & 0"!
# 0 D '# ; J " "( ("&( $"
#(
=
"!"&" = #!"( "L"!&#( "
" #&#0@ &"!& #& D J " =
"
!"
0"&" #( 0#'0 "&#( $ !(; "( " . @
( (" '" !"="% # "& #(
#( " "( " "(
# "&
&#
(."!( *& " #(
#( "(
&#
$"
J "
& $ "& .!#D" *& "."& " 0 I#
"
(
I"!! 0 "& ( #&J " ("
"&" . ! I "! " "(
#
"
*& "
0# " # (" . " " #0# ! 0 I ( .
#&"( " .!#D" *&+
39
. ! ! " "( !!# # " 0$#( 0# " #(1 " #( !"(
#( #$"& #( D
" ( .! "$ ( " I.*"( ( "( .#( $" #& ! # ( ) "&"
•
( !" "( &" !#& "( ! = "( "&"& & .
*& .!;
"&
" 0"!
# $ !(; (#$!" #( 0# " #( " "(
@
( #( ;( #(1 D
J "
&# "."& "! (
.
$
"
0. 0 "&# " #(
( . "( #( "*! #( (#$!" #( J " (" $ ( & ( < & ( "(
@
(
(
U
&#!0
1 I#0#( " (
1 & "."& "& 1 " +V
1 " 0&&
& ("! " " !"( !
#&"( J " ("
&"& #( 0"!
#( $ !(; "(.
•
"0.!" "( $ "&# #& ! #& & 0# " # J " !"
" .!"
#&"(
0;( .!" ( (1 #0# # "( " 0# " # .!#. "( #1 D J " #&# "! "
#0.#! 0 "&# = !#1 #
0"&#( #& ! #& & .!#L0 *&
0;( "! &
!" 1 &#( $! &
.#( $
" #0 ! 0"%
#!"(
" ( #&"( "& & 0$"&" & "! # #0# # "( " =& & "!#+
#( !"(
#( D ( .! "$ ( " I.*"( (1 &# "
$#&
"
•
•
•
•
•
%( " !".!"("&
.#!
1 &
& J " " 0# " # $ ( # "&
"( 0"%
#! J " " 0# " # !
#&
# D "0. " # #0#
!"=
"!"& . !
"& !# " 0 "( ! +
0# " # .!#. "( # . " " ("! "0. " # #0# & I"!! 0 "&
#&
( D (.#&$"(
& )"&"! 1 " .!# "(# " "& #&! ! & 0# " # $ ( # "& !" "(
&" !#& "( "( 0;( #0. "%
# D "
# J " " "( !!# # " &
0# " # !
#& D J " 0.
"( 0 *& " 0 I#( 0;(
. !;0" !#( D J "
"( $ G *& "
!" !"J "!" " 0 D#!"(
!" !(#( " *0. # D "0.#1 . "(
=
#!0
" "( 0 *& "
( ( . !;0" !#( "( &I"!"&"0"&" .! "$ D"!!#!+
0# " # .!#. "( # "( 0.#! &" .#!J " (" . " "
G!
0$<& #0# . ! " &")!
"
#."! *& =& & "!
"
(
"0.!"( (1 D J " ( (
.
#&"( (#& 0. (1
"( "
. &" *& D 0 &( ! *& "
"(#!"!@1 #( .!#&*( #( "
'"& ( I (
"& =
*& " .!#$"0 ( =& & "!#(1 D .#!
( . "( #1
'
*& " &( ! 0"&#( "! ' #( "&
#$"! !
" ! "()#(+
#0# ! $ %
# = !# (" . " " !" #0"& ! " "0. "# " &
0# " # " !" "( &" !#& "( " 0 &"! J " . "
. ! "
0"%
#! 0 &"!
'#
"L( "& " "& ( ("! "( =& & "! (1 D
&J " " 0# " # .!#. "( # 0$<& "(
. G " ("! #0. ! #
" "( =
#!0 1 &# (" "=
"
!@ $ %
# ( 0 (0 ( #&( "! #&"(+
33
# F"$ "
( ."! &"& "&
# F"$ "
( ."! &"& "&
A
1
.4
+
23,3E
!#." &
&
"
I . M
M
( ."!$ & ! +)#'+ #
#!"( I . M
M
( ."!' #!"(+)#'+ #
'#(I U 2V
+ #! =
# #
. 0 G #& N I #. 0
" !
7 F*+
,/-./GE
U
655-V
! "#
$
$
#%
&' (
)
1 69 I #&)!"(( #= I"
# & &) ((#
#&1 $! 655-1
!O 1 & & +
4
+
-.3E
H ./
12E
)
*# %
+ "
,
6 1 . )8 8B8 5+
.1GE
(
((#
& !
7
./,+
+
2E
U
6552V #
)
%
( '
,
# !& #= &O&) &
)
& & "1 '#
7 ,/,E > U
655-V
+ "
(
1 69 I &&
#&)!"(( #= I"
!#." &
# & &)
#&1 $! 655-1
!O 1 & & +
# & &)
"" "
"(1 ,
# !& #=
# & &) "(" ! I+
>.-)
B
2E > 7 .3)
9.I.E
U
655 V . "
!
*(
!
+ " (
1
!# "" &)( #= I"
&"!& #& ,
# & #&=
"!"& " #& " !
" N#!O(1 . ) 68B
6 D
. $
# "& " !
" N#!O( & & & " & &'"( &)+
! .. D
!$ &+ !#$ (
$ (I&) #0. &D1 655 1 I )#+
>)
-2+
2E
H *.G.I.E > H 20.E
7 .G,2G.E
U
655 V . "
"
.' % +
+ " 1 !# "" &)(
#= I"
&"!& #& ,
# & #&=
"!"& " #& " !
" N#!O(1 . ) 6B
9 D. $
# "& " !
" N#!O( & & & " & &'"( &)+
! .. D
!$ &+ !#$ (
$ (I&) #0. &D1 655 1 I )#+
>28+
*289,/.*E
(
-6B-9+
7
/(
.5.1J/)
*+
28E
U
65 V
)
1
1 A 9-91 ". "0$"! 65 1 . )
.8023E >
7 .8023E
D( "0(
#&"0.#! !D "!(."
U
65
'"+
3
V
0
& )"0"& &=
#!0 #&
& $ (I&) #0. &D+
,,E
7 #*)
,JE
U
65 8V #
$,
#%
( '
$(
0'
"(" ! I1
0&65 81 . )29 B2 8+
)
.39E
%
'(
1 ,
# !& #=
*
# & &)
H#.3E
7 2.3E
U
655 V ( -%
,
-$
$
#
$
(
' $
& ,)1
+ " 1 #&"0.#! !D
# & &) "(" ! I1
'# 51 = 655 1 . )- 9B- +
./2*,E
L."! 1
")#1
! .. D
K,./7E
H J.304
,/E
$ % )
U
655 V (
2
+ "(
1
+ +
D. $
# "& " !
" N#!O( & & & " & &'"( &)+
!$ &+ !#$ (
$ (I&) #0. &D1 655 1 I )#+
U
65 3V
/-,/20E
7 ? .4
G,/E
U
655 V
3
.+ 4
1 " !
" N#!O( =
#!
$ &1
"0$!" 655 +
35
+ "
(
a
#&#0
'
1
"#$%&
'(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)*
+
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)*
#$% &
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
6
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
+
'()*+,-.-/,
0
0 1 2 3 45
-
1060
"&"
!#. +
2
'())-//7'7
0
0 1 2 3 45
1060
8
"&"
!#. +
'(,)))77*
0
0 1 2 3 45
1060
9
3
'( *-,7/ ,
0
0 1 2 3 45
1060
"&"
!#. +
'(.7,+//77
0
0 1 2 3 45
1060
5
"&"
!#. +
5