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1DãD VRJRYRUQLFD MH ]DGRYROMQD V VRGHORYDQMHP PHG ORNDOQLPL SRQXGQLNL HQDNLK LQ SD VRURGQLK VWRULWHY 3ROHJ WHJD ]HOR GREUR VRGHOXMH V NUDMHYQLPL VNXSQRVWPL WHU GUXãWYL 6 NRQNXUHQFRQHWHNPXMHMRWHPYHþPHGVHERM]HORGREURVRGHOXMHMRLQYSULPHUX]DVHGHQRVWL JRVWDQDSRWLMRNVRVHGQMLPWXULVWLþQLPNPHWLMDPVDMVDPDSUDYLGDGUXJLUDYQDMRHQDNR
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(PSLULþQLGHOQDORJHWHPHOMLQDNYDOLWDWLYQLUD]LVNDYL3UHGPHWUD]LVNDYHMHGHORYDQMHL]EUDQH WXULVWLþQH NPHWLMH 3RGDWNH ]D UD]LVNDYR VPR SULGRELOL V SRPRþMR SROVWUXNWXULUDQHJD LQWHUYMXMD NL VPR JD RSUDYLOL ] JRVSR 6HOPR /XNDþ KþHUNR ODVWQLND NPHWLMH WHU QRVLOFD GRSROQLOQHGHMDYQRVWL
9SUDãDOQLN MH ]DMHPDO YSUDãDQMD R ]DþHWNLK VDPH NPHWLMH WHU LGHML R XVWDQRYLWYL WXULVWLþQH NPHWLMHWHURGHMDYQRVWLKNLMLKQMLKRYDWXULVWLþQDNPHWLMDSRQXMD9YSUDãDQMDVPRYNOMXþLOL WXGLSUHGQRVWLLQVODERVWLSRVORYDQMDWXULVWLþQHNPHWLMHWHUSRGMHWQLãWYDQDSRGHåHOMXQDVSORK
=DQLPDOR QDV MH WXGL NDNR RFHQMXMH VRGHORYDQMH PHG ORNDOQLPL SULGHORYDOFL WHU ORNDOQLPL SRQXGQLNL SRGREQLK DOL HQDNLK VWRULWHY 1D NRQFX VPR VRJRYRUQLFR YSUDãDOL WXGL R QMLKRYLK FLOMLK JOHGH SULKRGQMHJD GHORYDQMD WHU NDNR MLK QDPHUDYDMR GRVHþL ,QWHUYMX VPR RSUDYLOL QD VDPL WXULVWLþQL NPHWLML /XNDþ NMHU VPR VL RJOHGDOL WXGL VDPR WXULVWLþQR NPHWLMR ,QWHUYMX MH WUDMDO HQR XUR SR NRQþDQHP LQWHUYMXMX VPR RSUDYLOL WUDQVNULSFLMR NL MH VOXåLOD ]D QDGDOMQMR DQDOL]RLQLQWHUSUHWDFLMRRGJRYRURY
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ELURNUDFLMRDVRELOH]DQHPDUOMLYHVDMYLQWHUYMXMXSRYHWDNR ª1HNDMPDQMãLKWHåDYSDVPR
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2EVHåQHMãH WUHWMH YSUDãDQMH MH ELOR RVUHGRWRþHQR SUHGYVHP QD GHORYDQMH WXULVWLþQH NPHWLMH WRUHM QD SRQXGER JRVWH R]LURPD RELVNRYDOFH WHU QD QMLKRYR ]DGRYROMVWYR ,] SRJRYRUD VPR L]YHGHOL GD L]EUDQD WXULVWLþQD NPHWLMD ]DGQMD OHWD GHOXMH L]NOMXþQR SR GRJRYRUX R]LURPD SR SUHGKRGQL QDMDYL =D WDN QDþLQ GHORYDQMD VR VH RGORþLOL SUHGYVHP ]DUDGL WHJD NHU VR Y YVHK OHWLK GHORYDQMD XJRWRYLOL GD MH WDN QDþLQ GHORYDQMD QDMEROM RSWLPDOHQ 3ROHJ WHJD V WHP WXGL ]DJRWDYOMDMR ]DGRVWQH NROLþLQH KUDQH LQ SLMDþH WHU RELVNRYDOFX SRQXGLMR YVH VYHåH 2ELVNRYDOFHP WXULVWLþQH NPHWLMH SRQXMDMR WXGL GHJXVWDFLMR OLNHUMHY WHU ROMD LQ YLQ Y YLQVNL NOHWL 9 ]DGQMHP þDVX RUJDQL]LUDMR WXGL URMVWQRGQHYQH ]DEDYH ]D PODMãH Y VNORSX NDWHULK VL RJOHGDMR LQ VSR]QDMR YDV WHU GRPDþH åLYDOL QD NPHWLML 5HVGD NPHWLMD GHOXMH L]NOMXþQR SR SUHGKRGQHPGRJRYRUX YHQGDUVRQDUD]SRODJR YVHGQLYOHWX0HGGRPDþLPL JRVWLRSDåDMR QDMYHþâWDMHUFHYPHGWXMFLSDQDMYHþ,WDOLMDQRY0HGQMLPLMHYHOLNRVWDOQLKJRVWRY
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2VRGHORYDQMHPHGORNDOQLPLSULGHORYDOFLLQSRQXGQLNLHQDNLKDOLVRURGQLKVWRULWHYYVNORSX þHWUWHJD YSUDãDQMD MH JRVSD 6HOPD /XNDþ SRYHGDOD QDVOHGQMH ª6RGHORYDQMH PHG ORNDOQL SULGHORYDOFL LQ SRQXGQLNL HQDNLK DOL SRGREQLK VWRULWHY RFHQMXMHP NRW ]HOR GREUR 3UDY WDNR XVSHãQRVRGHOXMHPWXGLVNUDMHYQLPLVNXSQRVWPLGUXãWYLLQSRGREQR©9QDGDOMHYDQMXQDNDåH QD WR GD PHG SRQXGQLNL SRGREQLK DOL HQDNLK VWRULWHY QD WHP REPRþMX QL NRQNXUHQFH NYHþMHPXMHGREURVRGHORYDQMHLQPHGVHERMQDSRPRþ
9 LQWHUYMXMX MH VRJRYRUQLFD L]SRVWDYLOD RGVRWQRVW SRGSRUQHJD RNROMD QD WHP REPRþMX SUHGYVHP SRPDQMNDQMH VWURNRYQHJD SRGSRUQHJD RNROMD 1HNDM ]DPHWNRY SRGSRUQHJD RNROMD MH Y SURVWRUX YHQGDU SRJUHãD VWURNRYQR SRGSRUR Y REOLNL VHPLQDUMHY LQ QHNDNãQR REOLNR VYHWRYDOQLFHNDPRUELVHODKNRREUQLO]DþHWQLNNPHWLMVWYDR]LURPDGRSROQLOQHGHMDYQRVWLNRW WXGL åH L]NXãHQ NPHW =DYHGDWL VH MH SRWUHEQR GD VH MH QDþLQ NPHWLMVNLK GHMDYQRVWL LQ SRVOHGLþQR WXGL GRSROQLOQLK GHMDYQRVWL QD NPHWLML SUHFHM VSUHPHQLO 9HGHWL MH WUHED GD VH ]DNRQRGDMDQHSUHVWDQRVSUHPLQMD]DSRVOHQLQDNPHWLMLSDQLPDMRGRYROMþDVDWHUYþDVLKWXGL QLVRGRYROMSRGXþHQLGDELYVHVNXSDMVSUHPOMDOLWHUVHSULODJDMDOL]DNRQRGDML0HQLGDELELOR SRWUHEQR VH EROM SRVYHWLWL WXGL SURPRFLML UD]QLK REOLN SRPRþL WHU VDPL VWURNRYQL SRPRþL SUL XVWDQRYLWYLSRGMHWMDQDSRGHåHOMX ,GHMMHVLFHUYHOLNR]DQMLKRYRUHDOL]DFLMRSDVWDSRWUHEQD SRPRþLQVSRGEXGDRNROMD9]DGQMHPþDVXVHPODGLYUDþDMRQDSRGHåHOMHYHQGDUYHþLQDMLK
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9 RNYLUX YSUDãDQMD JOHGH SUHGQRVWL LQ VODERVWL SRGMHWQLãWYD QD SRGHåHOMX LQ NRQNUHWQR WXULVWLþQLK NPHWLM MH JRVSD /XNDþ L]SRVWDYLOD GD YVH NDU VH GHOD QD WXULVWLþQLK NPHWLMDK VH GHOD V VUFHP WHU ]DYHGDQMHP GD GHODã VWYDUL NL VR WL YãHþ ,]SRVWDYLOD MH WXGL QDVOHGQMH ª3R]LWLYQRMHWRGDGHMDQVNRWRNDUSRQXGLãQDSRGHåHOMXWLMHåHGDQRWRSRWHPYVHVNXSDMOH ãHL]WUåLã3ROHJWHJDSDGHODãVVYRMRGUXåLQRYGRPDþHPRNROMX©'HORYGRPDþHPRNROMX SROHJ WHJD GD GHODã ] GUXåLQR SULQDãD WXGL ãWHYLOQH SUHGQRVWL VDM QL GRGDWQLK VWURãNRY QDMHPQLQSURVWRURYSRWQLKVWURãNRYLQPDOLFHWHUGUXJLKVWURãNRY
6 SRGMHWQLãWYRP QD SRGHåHOMX RKUDQMDPR NXOWXUQR LQ QDUDYQR GHGLãþLQR NUDMD NDWHUR ODKNR WXGLWUåLPR2ELVNRYDOFHPSRGHåHOMDSULEOLåDPR]JRGRYLQRNUDMDREXMDPRNXOWXURWHUKNUDWLV WHPYUDþDPRNUDMXSRPHQLQåLYOMHQMH,GHMD]D]DþHWHNSRGMHWQLãNHSRWLQDSRGHåHOMXMHODKNR YWUDGLFLMLR]LURPDREXGLWYLWUDGLFLRQDOQLKL]GHONRYNUDMDDOLRSUDYLONLVRVHL]YDMDODYþDVLK WHU SR NDWHULK MH NUDM YþDVLK VORYHO +NUDWL SD ODKNR XVSHãQD SRGMHWQLãND ]DPLVHO Y]EXGL SR]RUQRVW SUL VRURGQLNLK LQ ]QDQFLK NL ODKNR Y VYRMHP NUDMX REXGLMR SUDY WDNR SR]DEOMHQD RSUDYLOD LQ L]GHONH WHU ]DþQHMR V VYRMR SRGMHWQLãNR SRWMR (QD YHOLNLK SUHGQRVWL NL MLK SRGMHWQLãWYRQDSRGHåHOMXSULQDãDNUDMXMH]DJRWRYRY]SRVWDYOMDQMHVWLND]PHVWQLPLVUHGLãþL NDU ]D NUDM SRPHQL L]EROMãDQMH LQIUDVWUXNWXUH Y]SRVWDYOMDQMH EROMãLK SRYH]DY ] MDYQLPL SUHYR]LLQãLULWHYNUDMD
*OHGH VODERVWL WXULVWLþQLK NPHWLM MH L]SRVWDYLOD SUREOHP GD MH FHORWQR GHORYDQMH WXULVWLþQH NPHWLMH RGYLVQR RG NPHWLMVNHJD SULGHOND WHU OHWLQH 3ROHJ WHJD ]DVOXåHN QL VWDOHQ LQ JRWRY 7HåDYH VR WXGL Y RGGDOMHQRVWL PHVWQLK VUHGLãþ R]LURPD XSUDYQLK HQRW NMHU VH SRGMHWQLãWYR ODKNRVSORK]DþQH.OMXEWHPXGDMHSURPRFLMDNUDMDWXGLHQDL]PHGSUHGQRVWLSRGMHWQLãWYDQD SRGHåHOMX ODKNR OHWD NUDMX WXGL ãNRGL 6 SRYHþDQMHP RELVNRYDOFHY VH SRYHþXMH NULPLQDO RQHVQDåHYDQMHLQXQLþHYDQMHNXOWXUQHLQQDUDYQHGHGLãþLQHNUDMDR]LURPDSRGHåHOMD3UHGYVHP MH VODERVW WD GD SULPDQMNXMH VWURNRYQH SRPRþL SUL XVWDQRYLWYL LQ GHORYDQMX GHMDYQRVWL QD
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VDPHP SRGHåHOMX NMHU VR OMXGMH PDQM R]DYHãþHQL R QRYRVWLK LQ GHMDYQRVWLK NL MLK ODKNR L]YDMDMR
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3RY]HWHNXJRWRYLWHYLQSULSRURþLOD]DSULKRGQMHGHORYDQMHWXULVWLþQHNPHWLMH
6 SRPRþMR LQWHUYMXMD ] JRVSR /XNDþ VPR XJRWRYLOL GD MH ELOD XVWDQRYLWHY L]EUDQH WXULVWLþQH NPHWLMHUD]PHURPDHQRVWDYQDVDMVHMHGUXåLQDVNPHWLMVWYRPåHXNYDUMDODWHULPHODYVYRML ODVWL YLQRJUDGH ROMþQLNH LQ QMLYH 3ROHJ WHJD MH VRJRYRUQLFD LPHOD SULORåQRVW RELVNDWL YHOLNR ãWHYLORWXULVWLþQLKNPHWLMNMHUMHVSR]QDODOMXGLNDWHULVRMLVVYRMLPLL]NXãQMDPLLQ]QDQMHPQD WHP SRGURþMX SRPDJDOL LQ VYHWRYDOL SUL XVWDQRYLWYL WXULVWLþQH NPHWLMH ,PHOL VR OH PDQMãH DGPLQLVWUDWLYQH LQ ILQDQþQH WHåDYH VDM VR YVH ILQDQFLUDOL ] ODVWQLPL YLUL8JRWDYOMDPR GD VR ODVWQLNL L]EUDQH WXULVWLþQH NPHWLMH þH] OHWD SRVORYDQMD SULãOD GR VSR]QDQMD GD MH EROMãH þH REUDWXMHMR OH SR SUHGKRGQHP QDURþLOX LQ WDNR ]DJRWDYOMDMR SRYVHP VYHåR SRVWUHåHQR KUDQR 3UDY WDNR VH ODKNR SRKYDOLMR ] YHOLNLP GHOHåHP VWDOQLK JRVWRY PHG NDWHULPL MH QDMYHþ âWDMHUFHY PHG WXMLPL JRVWL SD SUHYODGXMHMR ,WDOLMDQL *RVSD /XNDþ MH ]HOR ]DGRYROMQD ] RELVNRPVWDOQLKJRVWRYVDMVROHWL]DQHVOMLYYLURJODãHYDQMDQMLKRYHWXULVWLþQHNPHWLMHVDMVH GUXJLKYLURYRJODãHYDQMDQHSRVOXåXMHMR.OMXEWHPXPHQLPRGDELELORWUHEDYSULKRGQMHYHþ SR]RUQRVWL QDPHQLWL RJODãHYDQMX LQ VLFHU SUHGODJDPR YHþMR YNOMXþHYDQMH LQ SURPRYLUDQMH WXULVWLþQH NPHWLMH QD UD]QLK SULUHGLWYDK LQ GRJRGNLK NRW VR SUD]QLNL NUDMHYQLK VNXSQRVWL NPHWLMVNLVHMPLLQSRGREQR
6RGHORYDQMH L]EUDQH WXULVWLþQH NPHWLMH ] ORNDOQLPL SULGHORYDOFL LQ SRQXGQLNL HQDNLK DOL SRGREQLK VWRULWHY MH ]HOR GREUR LQ ]JOHGQR 8JRWRYLOL VPR GD MH SULVRWQD WXGL PHGVHERMQD SRPRþWHUVRGHORYDQMHPHGQMLPL
*ODYQH SUHGQRVWL L]EUDQH WXULVWLþQH NPHWLMH LQ WXULVWLþQLK NPHWLM QDVSORK VR GHORYDQMH Y ORNDOQHP RNROMX V VYRMRGUXåLQR NDU SRPHQL GD VYRM SURVWL þDV QDPHQMDMR GUXåLQL LQ KNUDWL SRVOX WHU VL REVHJ LQ YVHELQR GHOD UD]SRUHMDMR LQ SULODJDMDMR JOHGH QD RVWDOH REYH]QRVWL
ϯϬ
3RVOHGLþQRVWHPVHRKUDQMDMRGREUHGUXåLQVNHYH]LSRVHOVHSUHQDãDQDPODMãRJHQHUDFLMRNL V VYRMLPL LGHMDPL SULSRPRUH N EROMãHPX LQ LQRYDWLYQHMãHPX SRVORYDQMX LQ QDVWRSX QD WUJ 6 WHPSDPODMãDJHQHUDFLMDRVWDMDQDSRGHåHOMXLQSULSRPRUHNRKUDQMDQMXWUDGLFLMHRELþDMHYLQ QDUHþMD 7UåHQMH åH REVWRMHþLK YLURY R]LURPD ]QDPHQLWRVWL QH SUHGVWDYOMD GRGDWQLK VWURãNRY 3ROHJ WHJD ] Y]SRVWDYLWYLMR GREULK RGQRVRY ] JRVWL ODKNR EROMH SUHSR]QDMR SRWUHEH LQ åHOMH 'RGDWQD SUHGQRVW MH NUDMãD SRWURãQD YHULJD VXURYLQ LQ V WHP VH ODåMH ]DJRWDYOMD VYHåLQR WHU SULVWQRVWMHGLLQVWHPGRPDþQRVWMHGLNDWHUDMH]DOMXGLYHGQREROMSRPHPEQD=YVHPWHPSD VH YUDþD åLYOMHQMH QD SRGHåHOMH LQ V WHP VH SULSRPRUH N RKUDQMDQMX WUDGLFLMH RELþDMHY LQ QDUHþLM
.RW WHPHOMQR VODERVW R]LURPD WHåDYR WXULVWLþQLK NPHWLM SD L]SRVWDYOMDPR WR GD VWD FHORWQD SRQXGED WXULVWLþQH NPHWLMH LQ QMHQ ]DVOXåHN RGYLVQD SUHGYVHP RG NPHWLMVNLK SULGHONRY LQ OHWLQH 3UL GRSROQLOQL GHMDYQRVWL WXUL]PD QD NPHWLML MH YHGQR SULVRWQR YHOLNR WYHJDQMH VDM MH VDPD GHMDYQRVW ]DVQRYDQD WDNR GD MH RGYLVQD RG QDUDYH LQ SULGHOND RVQRYQH NPHWLMVNH GHMDYQRVWL1DWUJXVHSRMDYOMDWXGLNRQNXUHQFDNLRJODãXMHGRPDþRLQWUDGLFLRQDOQRKUDQRNL SDQLSULVWQDLQWUDGLFLRQDOQRSULSUDYOMHQDNDNRUQDRPHQMHQLWXULVWLþQLNPHWLML
1D SRGODJL RGJRYRURY ODVWQLFH WXULVWLþQH NPHWLMH VPR XJRWRYLOL GD VL åHOLMR RVWDWL WDNãQL NDNUãQL VR VDM VR VH RG OHWD UD]PHURPD GREUR UD]YLOL LQ L]EUDOL QDMEROM RSWLPDOQR SRW GHORYDQMDWXULVWLþQHNPHWLMH
7UHQXWQRRãLULWYLNPHWLMHQHUD]PLãOMDMRVDMVLQHåHOLMR]DGROåHYDQMDSULEDQNDK'UXåLQDMH QDPUHþYVHGRVHGDQMHSRVOHSRYH]DQH]UD]YRMHPNPHWLMHILQDQFLUDODVVYRMLPLVUHGVWYL 1DSRGODJLDQDOL]HGRVHGDQMHJDGHORYDQMDWXULVWLþQHNPHWLMHSULSRURþDPRUD]ãLULWHYSRQXGEH QDWXULVWLþQRNPHWLMR]RGGDMDQMHPVREVNDWHULPLELJRVWHQDNPHWLML]DGUåDOLGOMHþDVDWHUEL MLPODKNRSRQXGLOLGRGDWQRWXULVWLþQRSRQXGERNLELYNOMXþHYDODDNWLYQHSRþLWQLFHSUHGYVHP ]YLGLNDSRPRþLSULNPHþNLKRSUDYLOLKSRELUDQMHNURPSLUMDWUJDWHYNRãQMDWUDYHLSG6WHP ELRELVNRYDOFLRVWDOLGOMHþDVDQDSRGHåHOMXLQVWHPSR]LWLYQRSULVSHYDOLNUD]YRMXSRGHåHOMD VORYHQVNH ,VWUH .HU EL UD]ãLULWHY QD RGGDMDQMH VRE ]DKWHYDOR YHþMR ILQDQþQR QDORåER NDU ]DHQNUDW QL Y LQWHUHVX GUXåLQH /XNDþ SUHGODJDPR GD VH GUXåLQD SRYHåH ] ORNDOQLP SRQXGQLNRPVREDOLDSDUWPDMHYWHUVH]QMLPGRJRYRULRVNXSQHPREOLNRYDQMXSDNHWDDNWLYQLK SRþLWQLFRGNDWHUHJDELRERMLLPHOL]DVOXåHN
*OHGHQDWUHQXWQRILQDQþQRVLWXDFLMRWXULVWLþQHNPHWLMHSUHGODJDPRRVUHGRWRþHQRVWQDYRGHQH RJOHGHLQL]OHWHGRVRVHGQMLKYDVL]ERJDWRNXOWXUQRLQQDUDYQRGHGLãþLQRNRWQSU0DUH]LJH 9DQJDQHO 7UXãNH *OHP %RUãW 3RPMDQ LQ äXSDQþLþL WHU EROM RGGDOMHQLK NRW .XEHG +UDVWRYOMH LQ 6PRNYLFD 3UHGODJDPR WXGL SRQXGER NROHVDUVNLK L]OHWRY VDM MH YDVLFD OHSR XPHãþHQD QD SRGHåHOMX VORYHQVNH ,VWUH LQ QXGL GREUR L]KRGLãþH ]D L]OHWH V NROHVRP Y GUXJH YDVLNRWVR0DUH]LJH9DQJDQHO3RWRN/RSDU=DWLVWHYEROMãLSULSUDYOMHQRVWLELODKNRSUHNR
ϯϭ
3RWRND QDGDOMHYDOL SRW GR .XEHGD WHU *UDþLãþD WHU VH YUQLOL þH] /RSDU LQ 0DUH]LJH QD]DM 3UHGODJDPR WXGL RUJDQL]LUDQMH UD]QLK WHPDWVNLK YHþHURY DOL GHODYQLF NRW QSU SULSUDYD ]QDþLOQLK LVWUVNLK MHGL SULSUDYD LQ L]YHGED WUJDWYH WHU RELUDQMD ROMN HNRORãNR NPHWLMVWYR LQ SRGREQRLQSRYH]DYR]PHVWQRNQMLåQLFRNLELODKNRRUJDQL]LUDODEUDOQHYHþHUHQDWHPR,VWUH LQQMHQHJDOMXGVNHJDL]URþLOD
9 SULKRGQMH EL VH WXULVWLþQD NPHWLMD ODKNR SRYH]DOD WXGL V NDNãQR RVQRYQR DOL VUHGQMR ãROR NMHU EL RWURFL Y VNORSX QDUDYRVORYQLK GQL DOL HNVNXU]LM RELVNDOL WXULVWLþQR NPHWLMR LQ VH VH]QDQLOL ] åLYOMHQMHP QD SRGHåHOMX R]LURPD NPHWLML 3ROHJ WHJD EL VSR]QDOL GRPDþH åLYDOL SRQXGLOL EL MLP GRPDþR PDOLFR WHU MLK SUHGVWDYLOL UD]OLþQH YLGLNH NPHWLMH RGYLVQR RG XþQLK YVHELQLQVWDURVWLRWURN
2VUHGRWRþLWLVHMHWUHEDWXGLQDVWDUHMãRSRSXODFLMRNLVLåHOLPLUQHJDLQSULVWQHJDGRPDþHJD RNROMD]DWRELODKNRJRVWRPSRQXGLOLWXGLGRPDþD]HOLãþDWHUL]GHONHQDUDYQHNR]PHWLNH 9SULKRGQMHELODKNRXUHGLOLWXGLPDQMãLPX]HMNMHUELELOLQDRJOHGVWDULNPHþNLVWURMLRURGMD WHU ]ELUND VOLN NPHþNLK RSUDYLO QHNRþ LQ GDQHV LQ QDQL]DOL NDNR VR VH RSUDYLOD VSUHPLQMDOD VNR]LþDV
9 ]DGQMHP þDVX MH YHGQR YHþ SRYSUDãHYDQMD SR GUXJDþH RUJDQL]LUDQLK SRURNDK ]DWR EL ELOD L]EUDQDWXULVWLþQDNPHWLMDLGHDOQDORNDFLMD]DSRURNRQDSRGHåHOMXVDMMHXPHãþHQDYLGLOLþQR RNROMHVORYHQVNH,VWUH=DUDGLSRPDQMNDQMDSURVWRUD]DSRJRVWLWHYYVHKVYDWRYLQVODYMDELVH ODKNR RVUHGRWRþLOL OH QD RUJDQL]DFLMR FLYLOQLK REUHGRY WHU PDQMãLK GRPDþLK SULJUL]NRY ]D SURVWRU LQ SRJRVWLWHY SD EL VH SRYH]DOL ] EOLåQMR GRPDþR JRVWLOQR R]LURPD UHVWDYUDFLMR =D PODGRSRURþHQFHNLVLåHOLMRSRSROQRPDGUXJDþQRSRURNRELODKNRRUJDQL]LUDOLWUDGLFLRQDOQR SRURNRNRWVHMHRGYLMDODQHNRþ
