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  • 14. ± EUDN R]QDF]HQLD PLHMVF XVWXRZDQLD WPF]DVRZFK XV]WZQLH RUD] ]DPRFRZDQLD OLQ PRQWD RZFK %UDN UVXQNyZ URERF]FK á F]RQFK HOHPHQWyZ F] VWR MHVW SU]F]Q SRZVWDZDQLD ZV]HONLFK QLHGRNáDGQR FL SRGF]DV VNáDGDQLD L PRQWD X ZL ]DUyZ FR Z NRQVHNZHQFML PR H GRSURZDG]Lü GR QLHSUDZLGáRZHJR SU]HQRV]HQLD REFL H SU]H] SRV]F]HJyOQH HOHPHQW ZL ]DUD 'R Eá GyZ SRSHáQLDQFK SRGF]DV ZNRQZDQLD UREyW QDOH ± QLHZáD FLZH VNáDGRZDQLH GUHZQD QD EXGRZLH GRSURZDG]HQLH GR MHJR ]DZLOJRFHQLD JQLFLD L VND HQLD ± VWRVRZDQLH GUHZQD QLHRGSRZLHGQLHM MDNR FL L ZLOJRWQR FL ± VWRVRZDQLH ZLOJRWQFK PDWHULDáyZ RFLHSODM FFK ± VWRVRZDQLH QLHRGSRZLHGQLHJR VSU] WX SRGF]DV SUDF PRQWD RZFK EUDN ZPDJDQHJR VWRSQLD GRNáDGQR FL SRá F]H
  • 15. ± ]DVWRVRZDQLH QLHZáD FLZFK á F]QLNyZ OXE QLHZáD FLZHM LOR FL á F]QLNyZ JZR G]L UXE ZNU WyZ VZRU]QL
  • 16. ± VWRVRZDQLH GUHZQD QLHLPSUHJQRZDQHJR QLH]DEH]SLHF]RQHJR URGNDPL JU]EREyMF]PL L RJQLRFKURQQPL
  • 17. 3RGF]DV PRQWD X ZL ]DUyZ G ZLJDUyZ F] EHOHN EDUG]R F] VWR VSRWNDQH MHVW ± QLHZáD FLZH ]DPRFRZDQLH OLQ PRQWD RZFK FR PR H VSRZRGRZDü ZERF]HQLH ZLRWNLFK HOHPHQWyZ NRQVWUXNFML ± EUDN OXE ZDGOLZH ZNRQDQLH WPF]DVRZFK SRGSyU PRQWD RZFK FR PR H GRSURZDG]Lü GR XWUDW VWDWHF]QR FL XVWURMX L ]DZDOHQLD VL Z]QRV]RQHM NRQVWUXNFML ± QLHX]DVDGQLRQH RGZOHNDQLH Z F]DVLH ZNRQDQLD SRNUFLD ZL ]DUyZ PR H VSRZRGRZDü LFK ]DZLOJRFHQLH OXE QDZHW JQLFLH 'R Eá GyZ SRSHáQLDQFK Z F]DVLH HNVSORDWDFML RELHNWX PDM FFK ZSáZ QD WUZDáR ü L VWDWHF]QR ü FDáHJR XVWURMX ]DOLF]D VL ± QLHXVXZDQLH ]DOHJDM FHJR QD SRáDFLDFK GDFKX QLHJX FR GRSURZDG]D GR ]QDF]QHJR SU]HNURF]HQLD SU]HZLGZDQHJR REFL HQLD L ZVW SLHQLD QDGPLHUQFK XJL ü HOHPHQWyZ NRQVWUXNFML ± SRGZLHV]DQLH GR NRQVWUXNFML VWURSX OXE G ZLJDUD QLHSU]HZLG]LDQFK Z SURMHNFLH HOHPHQWyZ VXILWyZ SRGZLHV]DQFK XU] G]H RUD] SU]HZRGyZ ZHQWODFMQFK L LQVWDODFMQFK ]DUyZQR Z WUDNFLH PRQWD X MDN L Z F]DVLH HNVSORDWDFML RELHNWX ± QLHGRNU FDQLH UXE Z SRá F]HQLDFK ± SU]HPDU]DQLH FLDQ ]HZQ WU]QFK ± EUDN ZHQWODFML SU]HVWU]HQL SRGSRGáRJRZHM OXE ]áH MHM IXQNFMRQRZDQLH ± EUDN L]RODFML SU]HFLZZLOJRFLRZHM IXQGDPHQWyZ L GUHZQD VWNDM FHJR VL ] PXUHP ± QLHZáD FLZD ZHQWODFMD SRPLHV]F]H V]F]HJyOQLH Z NXFKQLDFK áD]LHQNDFK SUDOQLDFK SLZQLFDFK VWUFKDFK ± EUDN RGSRZLHGQLHM L]RODFML SU]HZRGyZ LQVWDODFML ZRGQHM L NDQDOL]DFMQHM ]DSRELHJDM FHM NRQGHQVDFML SDU ZRGQHM ± QDNáDGDQLH QD SRGáRJL GUHZQLDQH ZNáDG]LQ XWUXGQLDM FFK ZVFKDQLH GUHZQD ± QLHZáD FLZD NRQVHUZDFMD GDFKX L QLHV]F]HOQR ü SRNUFLD V]F]HJyOQLH SU] UQQDFK UXUDFK VSXVWRZFK ZZLHWU]QLNDFK GDFKRZFK RNQDFK SRáDFLRZFK RUD] GPQLNDFK GRSURZDG]D GR ]DJU]ELHQLD L UR]NáDGX ELRORJLF]QHJR GUHZQD ± XU] G]DQLH NZLHWQLNyZ VDG]HQLH NU]HZyZ GU]HZ L ZLQRUR OL EH]SR UHGQLR SU] FLDQLH EXGQNX =QLV]F]HQLH VWUXNWXU GUHZQD VSRZRGRZDQH MHVW QDMF] FLHM ZVW SRZDQLHP ]DJU]ELHQLD HOHPHQWyZ EXGQNX *U]E NWyUH UR]ZLMDM VL QD PDUWZFK RUJDQL]PDFK ]DOLF]DQH V GR UR]WRF] D WH NWyUH ZVW SXM Z EXGQNDFK GR JU]EyZ GRPRZFK 3RZRGXM RQH FKHPLF]Q
  • 18. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ UR]NáDG JáyZQFK VNáDGQLNyZ GUHZQD ± FHOXOR] L OLJQLQ :L NV]R ü JU]EyZ GRPRZFK SRZRGXMH H GUHZQR ]PLHQLD VZRM EDUZ QD EUXQDWQ S ND Z SRSU]HN L Z]GáX ZáyNLHQ D Z NR FRZHM ID]LH ]QLV]F]HQLD UR]SDGD VL QD SURV]HN ZWHG WDNL SU]HELHJ ]QLV]F]HQLD R]QDF]D ]JQLOL]Q GHVWUXNFMQ QD]ZDQ EUXQDWQ
  • 19. -H OL GUHZQR SU]ELHUD MD QLHMV] EDUZ RG GUHZQD ]GURZHJR ZVW SXM ELDáH SODPNL L QLHUHJXODUQH RWZRU WR PDP GR F]QLHQLD ] ELDá ]JQLOL]Q F]OL NRUR]MQP UR]NáDGHP GUHZQD =DUyZQR GHVWUXNFMQ MDN L NRUR]MQ UR]NáDG GUHZQD ZSáZD QD REQL HQLH MHJR FHFK IL]F]QFK L PHFKDQLF]QFK 'RGDWNRZR JU]E ]H Z]JO GX QD ]DNZDV]HQLH URGRZLVND SRZRGXM WDN H NRUR]M PXUyZ FHJá ]DSUDZ EHWRQX NOHMyZ RUD] PDV V]SDFKORZFK SU]JRWRZZDQFK QD ED]LH ZLF VQWHWF]QFK L ND]HLQ 6SU]MDM FPL ZDUXQNDPL GOD UR]ZRMX JU]ED GRPRZHJR MHVW ± ZLOJRWQR ü PDWHULDáyZ Z JUDQLFDFK · ± RSWPDOQD ZLOJRWQR ü Z]JO GQD SRZLHWU]D Z JUDQLFDFK · ± RSWPDOQD WHPSHUDWXUD RWRF]HQLD · ƒ ± EUDN ZHQWODFML SRPLHV]F]H L SU]HZLHZX GOD ZEXGRZDQHJR GUHZQD ± RJUDQLF]HQLH GRVW SX ZLDWáD 7DNLH ZDUXQNL F] VWR ZVW SXM SRG SRGáRJ SRPLHV]F]H SU]]LHPLD Z EXGQNDFK QLHSRGSLZQLF]RQFK RUD] Z VWURSDFK GUHZQLDQFK QDG SLZQLF EH] ZHQWODFML SU]HVWU]HQL SRGSRGáRJRZHM 'R XV]NRG]H NRQVWUXNFML RUD] GR NDWDVWURI EXGRZODQFK E G FFK ZQLNLHP WFK XV]NRG]H GRFKRG]L ]D]ZF]DM ZWHG JG NLOND OXE ZV]VWNLH VNáDGQLNL ZVW SL MHGQRF]H QLH 3WDQLD VSUDZG]DM FH 2GSRZLDGDM F QD SWDQLD VSUDZG]LV] F] MHVWH SU]JRWRZDQ GR ZNRQDQLD üZLF]H -DNLH F]QQLNL ZSáZDM QD SURFHV ]X FLD RELHNWX EXGRZODQHJR -DNLH ]QDV] SU]F]Q ]PQLHMV]HQLD WUZDáR FL NRQVWUXNFML GUHZQLDQFK -DNLH VNXWNL ZZRáXM Eá G SRSHáQLRQH QD HWDSLH SURMHNWRZDQLD RELHNWX EXGRZODQHJR -DNLH Eá G REOLF]HQLRZH L UVXQNRZH V QDMF] FLHM SRSHáQLDQH SRGF]DV ZNRQZDQLD SUDF SURMHNWRZFK -DNLH VNXWNL ZZRáXM Eá G SRSHáQLRQH Z F]DVLH ZNRQZDQLD UREyW EXGRZODQFK -DNLH Eá G ZSáZDM FH QD WUZDáR ü RELHNWX EXGRZODQHJR V SRSHáQLDQH Z F]DVLH MHJR X WNRZDQLD ± HNVSORDWDFML -DNLH F]QQLNL GRSURZDG]DM GR UR]NáDGX GUHZQD : MDNLFK ZDUXQNDFK GRFKRG]L GR UR]ZRMX JU]ED GRPRZHJR ûZLF]HQLD ûZLF]HQLH 2NUH O SU]F]Q SRZVWDQLD XV]NRG]HQLD L SU]HGVWDZ WHFKQRORJL ZNRQDQLD ZPLDQ ]QLV]F]RQHJR IUDJPHQWX SRGVXILWNL ] GHVHN QD ZSXVW GOD ]DSUH]HQWRZDQHJR QD ILOPLH VWURSX ]H OHSP SXáDSHP 8ZDJD ûZLF]HQLH PR QD SU]HSURZDG]Lü SRGF]DV OHNFML SOHQHURZHM SURZDG]RQHM QD EXGRZLH Z F]DVLH ZNRQZDQLD UREyW UHPRQWRZFK L ZNRQDü ]GM FLD ILOPRZH UHMHVWUXM FH ZVW SXM FH XV]NRG]HQLH VWURSX 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 20. UR]SR]QDü QD ILOPLH SU]F]Q SRZVWDZDQLD XV]NRG]HQLD HOHPHQWyZ SRGVXILWNL
  • 21. ]DSR]QDü VL ] ]DVDGDPL OLNZLGDFML SU]F]Q SRZVWDZDQLD XV]NRG]H HOHPHQWyZ VWURSX
  • 22. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´
  • 23. ]DSR]QDü VL ] ]DVDGDPL ZNRQZDQLD SRGVXILWNL Z VWURSDFK GUHZQLDQFK
  • 24. RNUH OLü PDWHULDá SRWU]HEQH GR ZNRQDQLD SUDF QDSUDZF]FK
  • 25. RNUH OLü QDU] G]LD L VSU] W SRWU]HEQ GR ZNRQDQLD SUDF QDSUDZF]FK
  • 26. ]DSLVDü QD NDUWFH SRWU]HEQH GR ZNRQDQLD UREyW PDWHULDá QDU] G]LD L VSU] W
  • 27. RNUH OLü WHFKQRORJL ZNRQZDQLD ZPLDQ IUDJPHQWX SRGVXILWNL
  • 28. ]DSLVDü QD NDUWFH WHFKQRORJL ZNRQZDQLD ZPLDQ IUDJPHQWX SRGVXILWNL
  • 29. ]DSUH]HQWRZDü HIHNW VZRMHM SUDF :SRVD HQLH VWDQRZLVND SUDF ± ILOP SU]HGVWDZLDM F VWDQ WHFKQLF]Q VWURSX GUHZQLDQHJR RGWZDU]DF] '9' 9+6 ± NDUWNL SDSLHUX ± SU]ERU GR SLVDQLD ± OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH 2NUH O SU]F]Q XV]NRG]HQLD L ZPLH RSDUW QD PXU]H GUHZQLDQ EHON VWURSX QDJLHJR 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 30. ]RUJDQL]RZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EH]SLHF]H VWZD L KLJLHQ SUDF
  • 31. ]DSODQRZDü SU]HELHJ ZNRQDQLD üZLF]HQLD SODQ ]DSLVDü Z ]HV]FLH
  • 32. GREUDü QDU] G]LD L VSU] W GR ZNRQDQLD üZLF]HQLD
  • 33. GRNRQDü ZPLDQ GUHZQLDQHM EHONL VWURSRZHM
  • 36. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF PDWHULDá EHOND SDSD VPRáD VSU] W PLDUND VNáDGDQD OXE VWDORZD PLDUND ]ZLMDQD RáyZHN FLHVLHOVNL QDU] G]LD DEND PáRWHN SLODUND WDUF]RZD V]F]RWND GR VPRá ZLDGHUNR Qy GR SDS ]HV]W SU]ERU GR SLVDQLD OLWHUDWXUD ] UR]G]LDáX 6SUDZG]LDQ SRVW SyZ ] SRWUDILV] 7DN 1LH
  • 37. RNUH OLü F]QQLNL ZSáZDM FH QD SURFHV ]X FLD RELHNWX EXGRZODQHJR … …
  • 38. RNUH OLü SU]F]Q SRZRGXM FH ]PQLHMV]HQLH WUZDáR FL NRQVWUXNFML GUHZQLDQFK … …
  • 39. RNUH OLü VNXWNL Eá GyZ SRSHáQLRQFK QD HWDSLH SURMHNWRZDQLD RELHNWX EXGRZODQHJR … …
  • 40. VNODVILNRZDü QDMF] FLHM SRSHáQLDQH Eá G REOLF]HQLRZH … …
  • 41. SU]HZLG]LHü VNXWNL SRSHáQLRQFK Eá GyZ SRGF]DV ZNRQZDQLD UREyW EXGRZODQFK … …
  • 42. VFKDUDNWHU]RZDü Eá G SRSHáQLRQH Z F]DVLH X WNRZDQLD RELHNWX PDM FH ZSáZ QD MHJR WUZDáR ü … …
  • 43. ]GHILQLRZDü F]QQLNL GRSURZDG]DM FH GR UR]NáDGX GUHZQD … …
  • 44. RNUH OLü ZDUXQNL VSU]MDM FH UR]ZRMRZL JU]ED GRPRZHJR … …
  • 45. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 5R]SR]QDZDQLH XV]NRG]H 0DWHULDá QDXF]DQLD 3U]HG SU]VW SLHQLHP GR Z]PDFQLDQLD RUD] ZPLDQ XV]NRG]RQFK OXE ]QLV]F]RQFK F] FL HOHPHQWyZ NRQVWUXNFML XVWURMX GUHZQLDQHJR QDOH SU]HGH ZV]VWNLP XVXQ ü SU]F]Q QLV]F]HQLD GUHZQD : WP FHOX QDOH SU]HSURZDG]Lü RJO G]LQ HOHPHQWyZ ZL ]DUyZ L G ZLJDUyZ GDFKRZFK FLDQ EHOHN VWURSRZFK RUD] NRQVWUXNFML SRGáyJ = PLHMVF Z NWyUFK ]DREVHUZRZDQR ]PLDQ Z VWUXNWXU]H PDWHULDáX QDOH SREUDü MHJR SUyENL DE Z ODERUDWRULXP SR SU]HSURZDG]HQLX NRQLHF]QFK EDGD XVWDOLü VWRSLH L FKDUDNWHU LFK GHJUDGDFML ]DVL J RUD] Já ERNR ü ]PLDQ ]DFKRG] FFK Z EXGRZLH PDWHULDáX ] NWyUHJR ]RVWDá ZNRQDQ GDQ HOHPHQW 2 REHFQR FL ]DJU]ELHQLD ZLDGF] QDVW SXM FH REMDZ ± ]DSDFK VW FKOL]Q L ]ZL NV]RQD ZLOJRWQR ü Z SRPLHV]F]HQLX ± ZVW SRZDQLH ZNZLWyZ SODP ]DZLOJRFHQLH SRZLHU]FKQL RGVWDZDQLH RGSDU]HQLH L RGSDGDQLH WQNX ± SDF]HQLH VL HOHPHQWyZ ] GUHZQD OLWHJR SRGáyJ XJL FLD VWURSyZ GUHZQLDQFK L HOHPHQWyZ ZL E GDFKRZHM ]PLDQD ZJO GX GUHZQD EUDN RSRUX SU] QDNáXZDQLX GUHZQD ± ]EUXQDWQLHQLH GUHZQD ZVW SRZDQLH SU]PDWF]QFK VS ND REHFQR ü JU]EQL V]QXUyZ L RZRFQLNyZ JU]ED GRPRZHJR *U]E SOH QLH ZZRáXM V]DU ]JQLOL]Q GUHZQD Z PLHMVFDFK VLOQLH ]DZLOJRFRQFK QDMF] FLHM SRG ]OHZDPL SU] VWNX GUHZQD ] PXUHP OXE ]LHPL 6ND RQH GUHZQR SU]ELHUD V]DUH OXE V]DUREUXQDWQH ]DEDUZLHQLH VWDMH VL PL NNLH L J EF]DVWH =DJU]ELHQLH PR H SRZVWDZDü ] SU]F]Q WHFKQLF]QFK OXE ELRORJLF]QFK 3U]F]Q WHFKQLF]QH GRWF] ZV]HONLFK ]DZLOJRFH EXGQNX NWyUH ZVW SXM ] SRZRGX ZDGOLZHJR ]DSURMHNWRZDQLD HOHPHQWyZ EXGRZOL ZNRQZDQLD UREyW EXGRZODQFK RUD] QLHZáD FLZHM HNVSORDWDFML L NRQVHUZDFML RELHNWX 1DWRPLDVW SU]F]Q ELRORJLF]QH GRWF] QDMF] FLHM ZSURZDG]HQLD L ZEXGRZDQLD GUHZQD ]DJU]ELRQHJR RUD] FHJá SRFKRG] FHM ] UR]ELyUNL =DJU]ELHQLH SRZVWDMH WDN H Z ZQLNX UR]VLHZDQLD ]DURGQLNyZ JU]ED 3RZD QH ]DJUR HQLH GOD GUHZQD VWDQRZL RZDG HUXM FH Z GUHZQLH EXGRZODQP 'R QDMF] FLHM VSRWNDQFK RZDGyZ QDOH VSXV]F]HO UVD
  • 46. PLD]JRZLHF UWHO SRVSROLW NRáDWHN L GUZDOQLN 2ZDG WH SU]HFKRG] Z GUHZQLH SU]HREUD HQLH ]XSHáQH MDMR ± ODUZD ± SRF]ZDUND ± GRURVá RZDG
  • 47. -HVW WR QLHEH]SLHF]QH GOD VDPHM NRQVWUXNFML /DUZD ERZLHP GU ZHZQ WU] GUHZQD FKRGQLNL UV E
  • 48. =QLV]F]HQLX OXE RVáDELHQLX XOHJD ZHZQ WU]QD VWUXNWXUD PDWHULDáX 2EQL D VL MHJR ZWU]PDáR ü RUD] SR]RVWDáH FHFK WHFKQLF]QH :VW SXM QDGPLHUQH XJL FLD HOHPHQWyZ EXGQNX WDNLFK MDN EHONL VWURSRZH ZL ]DU L G ZLJDU GDFKRZH RUD] OHJDU SRGáRJRZH 1DMZL FHM V]NyG ZU] G]DM VSXV]F]HOH L NRáDWNL GRPRZH D
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  • 123. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 1DSUDZLDQLH HOHPHQWyZ FLDQ GUHZQLDQFK 0DWHULDá QDXF]DQLD 3U]HG SU]VW SLHQLHP GR SUDF UHPRQWRZFK QDOH RNUH OLü GRNáDGQLH LFK ]DNUHV Z RSDUFLX R GRNRQDQLH RJO G]LQ VWDQX WHFKQLF]QHJR HOHPHQWyZ EXGQNX 1DSUDZLDQLH ]QLV]F]RQFK HOHPHQWyZ Z RELHNFLH EXGRZODQP QDOH ]DF] ü RG XVWDOHQLD L XVXQL FLD SU]F]Q SRZVWDZDQLD GDQHJR XV]NRG]HQLD (ZHQWXDOQD ZPLDQD SRUD RQFK HOHPHQWyZ NRQVWUXNFMQFK XVWURMX EXGRZODQHJR ND GRUD]RZR ZPDJD LQGZLGXDOQHM GRNáDGQLH RSUDFRZDQHM WHFKQRORJLL ZNRQDQLD UREyW QDSUDZF]FK L ]DEH]SLHF]HQLD LVWQLHM FHM NRQVWUXNFML SU]HG XWUDW VWDWHF]QR FL Z WUDNFLH SURZDG]RQFK SUDF 1DSUDZD XV]NRG]RQHM GUHZQLDQHM NRQVWUXNFML FLDQ PR H ZPDJDü ZPLDQ FDáHJR HOHPHQWX MHJR IUDJPHQWX OXE WONR ZNRQDQLD IOHNRZDQLD )OHNRZDQLH MHVW WR X]XSHáQLDQLH HOHPHQWyZ F] FLRZR ]QLV]F]RQFK SROHJDM FH QD RF]V]F]HQLX GDQHJR HOHPHQWX ] SUyFKQD L X]XSHáQLHQLX XEWNyZ GR RGSRZLHGQLHM JUXER FL RUD] GáXJR FL QRZP GUHZQHP GRNOHMDQP L Z]PDFQLDQP NRáNDPL )OHNRZDQLH ZNRQZDQH MHVW SU] QDSUDZLH GUHZQLDQFK FLDQ PDVZQFK ± ZLH FRZFK FLDQ GUHZQLDQH QDMF] FLHM XOHJDM ]QLV]F]HQLX Z ZQLNX LFK ]DZLOJRFHQLD SU]HPDU]DQLD RUD] NRUR]ML ELRORJLF]QHM 1D VNXWNL G]LDáDQLD WFK F]QQLNyZ V]F]HJyOQLH QDUD RQH MHVW GHVNRZDQLH ]HZQ WU]QH FLDQ L SRGZDOLQ VWNDM FH VL EH]SR UHGQLR ] PXUHP IXQGDPHQWRZP (OHPHQW GHVNRZDQLD V WDN H QDMF] FLHM ZPLHQLDQPL HOHPHQWDPL FLDQ %RZLHP ]DGDQLHP GHVNRZDQLD MHVW ± RFKURQD SU]HG ]DZLOJRFHQLHP ± ]DEH]SLHF]HQLH NRQVWUXNFML FLDQ RG SU]HZLHZDQLD ± ZVSyáXG]LDá ] SR]RVWDáPL ZDUVWZDPL L]RODFMQPL Z RFKURQLH FLHSOQHM FDáHM SU]HJURG RG ZSáZX QLVNLFK L ZVRNLFK WHPSHUDWXU RUD] ZDKD WHPSHUDWXU $E WH ]DGDQLD ]RVWDá VSHáQLRQH QDSUDZD GHVNRZDQLD SRZLQQD Eü ZNRQZDQD ] GUHZQD SU]HVXV]RQHJR 'HVNRZDQLH SRZLQQR Eü ZVWDUF]DM FR V]F]HOQH RUD] ZNRQZDQH ] GHVHN ]DPRFRZDQFK SR]LRPR SRá F]RQFK QD SU]OJ UV D
  • 126. SLRQRZR ] SU]NUFLHP VSRLQ OLVWHZNDPL UV D · F
  • 128. 3UDZLGáRZ VSRVyE PRFRZDQLD GHVHN VWURQ GRUG]HQLRZ QD ]HZQ WU]
  • 129. ]DSHZQL XQLNQL FLH SRQRZQHJR SRV]HU]HQLD VSRLQ PL G] GHVNDPL Z ZQLNX NXUF]HQLD VL GUHZQD ] SRZRGX MHJR ZVFKDQLD 0RFRZDQLH GHVHN UXEDPL Z WDNL VSRVyE DE UXED SU]HFKRG]LáD WONR SU]H] MHGQ GHVN UV D L E UV D UVD
  • 130. ]DSHZQL VZRERGQ SUDF SRá F]HQLD EH] QDGPLHUQFK RGNV]WDáFH UV E L F UV E L F
  • 131. 'HVNL SRZLQQ Eü PRFRZDQH GR UJOL SRGZDOLQ L RF]HSyZ 3R]D WP UXE Z SU]HFLZLH VWZLH GR JZR G]L QLH SRGGDM VL ZFL JDQLX Z ZQLNX SDF]HQLD VL GHVHN L V áDWZLHMV]H GR GHPRQWD X Z SU]SDGNX ZPLDQ XV]NRG]RQFK HOHPHQWyZ 5V 'HVNRZDQLH SR]LRPH D
  • 132. SRá F]HQLH QD SU]OJ E
  • 133. SRá F]HQLH QD ZSXVW V @
  • 134. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 5V 'HVNRZDQLH SR]LRPH Z QDNáDGN D
  • 136. ZNRQDQLH QLHSUDZLGáRZH ± ZLGRN SR SU]ELFLX F
  • 137. ZNRQDQLH QLHSUDZLGáRZH ZLGRN SR XSáZLH URNX V @ 5V 'HVNRZDQLH SLRQRZH ] SU]NUFLHP VSRLQ OLVWHZNDPL D
  • 140. ZNRQDQLH QLHSUDZLGáRZH ± ZLGRN SR XSáZLH URNX V @ 5V 3UDZLGáRZ VSRVyE ZNRQDQLD GHVNRZDQLD SLRQRZHJR V @ 'HVNRZDQLH SLRQRZH PR QD ]DVWRVRZDü SU] ZVRNLFK FRNRáDFK PXURZDQFK NWyUH ]DEH]SLHF] RGHVNRZDQ SRZLHU]FKQL FLDQ SU]HG ]DZLOJRFHQLHP ZRG ] UR]SUVNLZDQHJR GHV]F]X F] ]DOHJDM FHJR QLHJX -H OL GHVNL XOHJQ JQLFLX QD VNXWHN ]DZLOJRFHQLD NRQLHF]QD MHVW ZPLDQD QDMF] FLHM FDáHJR HOHPHQWX %DUG]LHM NRU]VWQH ZDUXQNL SRGF]DV HNVSORDWDFML EXGQNX VWZDU]D ZNRQDQLH RGHVNRZDQLD ] HOHPHQWyZ SR]LRPFK SRQLHZD SRGF]DV NRQLHF]QR FL QDSUDZ ZVWDUF]D ]DPLDQD NLONX GROQFK GHVHN 1DOH WDN GRSDVRZDü GáXJR ü GHVHN DE
  • 141. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ RJUDQLF]ü LOR ü LFK VWNyZ 6WNL GHVHN XáR RQFK GR F]RáD SRZLQQ Eü ZNRQZDQH Z OLQLL SLRQRZHM : PLHMVFX VWNX QDOH XáR ü SRGNáDGNL ] SDS OXE IROLL R V]HURNR FL RNRáR FP SRG ND GPL GZLHPD VWNDM FPL VL GHVNDPL 6WN RG VWURQ ]HZQ WU]QHM SRZLQLHQ Eü RVáRQL W SLRQRZ GHVN PRFRZDQ GR V]NLHOHWX ]D SRPRF UXE ZNU FRQHM Z V]F]HOLQ VWNX :PLDQD HOHPHQWyZ NRQVWUXNFMQFK FLDQ GUHZQLDQFK ]DOH QLH RG LFK URG]DMX ZPDJD GHPRQWD X HOHPHQWyZ ZNR F]HQLD LFK SRZLHU]FKQL L]RODFML SU]HFLZZLDWURZHM L SDURL]RODFML L]RODFML FLHSOQHM D WDN H IUDJPHQWX VWURSX L SRGáRJL ]DVDPL NRQLHF]QH VWDMH VL SRGQLHVLHQLH ]U EX EXGQNX Z FHOX ZNRQDQLD ZPLDQ SRGZDOLQ OXE ZNRQDQLD L]RODFML F] QRZFK PXUyZ IXQGDPHQWRZFK 3R ZPLDQLH XV]NRG]RQHJR HOHPHQWX NRQVWUXNFMQHJR ± VáXSND EHONL ]DVWU]DáX UJOD L OLNZLGDFML SU]F]Q XV]NRG]HQLD ]DUyZQR L]RODFMH MDN L VWURS RUD] SRGáRJD SRQRZQLH V PRQWRZDQH 6WDUH ]GHPRQWRZDQH HOHPHQW PRJ SRVáX ü MDNR Z]RUQLNL GR ZNRQDQLD QRZFK HOHPHQWyZ 1DOH WDN H ]DSHZQLü ZáD FLZ ZHQWODFM SU]HVWU]HQL SRGSRGáRJRZHM DE XQLNQ ü ]DZLOJRFHQLD QDMQL HM SRáR RQFK HOHPHQWyZ EXGQNX : FLDQDFK ZLH FRZFK R Z VNLFK SáDV]F]]QDFK ]HWNQL FLD EDOL RUD] Z FLDQDFK ] QLH]EW JUXEFK EDOL QDOH ]DVWRVRZDü QD GáX V]FK FLDQDFK Z SRáRZLH LFK GáXJR FL SLRQRZH NOHV]F]H QD]ZDQH OLVLFDPL NWyUH XV]WZQL FLDQ Z SáDV]F] QLH SLRQRZHM UV
  • 142. 1DWRPLDVW NOHV]F]H SRZLQQ Eü FL JQL WH WU]HPD UXEDPL XPLHV]F]DQPL Z SRGáX QFK RWZRUDFK NWyUH ]DSHZQL VZRERGQ SU]HVXZ UXE Z RVLDGDM FFK FLDQDFK 5V 8V]WZQLHQLH FLDQ ZLH FRZHM NOHV]F]DPL V @ : F]DVLH SUDF PRGHUQL]DFMQFK PR H ZVW SLü NRQLHF]QR ü ZNRQDQLD RWZRUX RNLHQQHJR OXE GU]ZL Z LVWQLHM FFK MX FLDQDFK :WHG SR Z]QDF]HQLX PLHMVFD SRáR HQLD L ZLHONR FL RWZRUX Z FLDQDFK ZLH FRZFK ZFLQD VL JR D QDVW SQLH Z RGSRZLHGQLR UR]PLHV]F]RQFK JQLD]GDFK QD SRGZDOLQDFK QDOH XVWDZLü VáXSNL R FLH QLF GU]ZLRZFK OXE RNLHQQFK 1DWRPLDVW Z SU]SDGNX OLNZLGDFML LVWQLHM FHJR RWZRUX Z FLDQLH ]DFKRG]L NRQLHF]QR ü ZSHáQLHQLD SR QLP ZROQHJR PLHMVFD 0LHMVFH WR PR QD ZSHáQLü XNáDGDM F EDOH Z SR]LRPDFK ND GHJR ZLH FD L á F] F MH ] EDODPL LVWQLHM FHM FLDQ QD ZSXVW ] NRáNRZDQLHP : FLDQDFK R NRQVWUXNFML VXPLNRZR ± á WNRZHM X]XSHáQLHQLH FLDQ SR OLNZLGDFML RWZRUX PR QD ZNRQDü ] EDOL ZVXZDQFK Z EUX]G XWZRU]RQH SU]H] SU]ELFLH OLVWHZ GR VáXSNyZ :V]VWNLH HOHPHQW SRZLQQ Eü ]DEH]SLHF]RQH SU]HG V]NRGQLNDPL QLV]F] FPL GUHZQR L ZSáZHP F]QQLNyZ DWPRVIHUF]QFK
  • 143. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 3WDQLD VSUDZG]DM FH 2GSRZLDGDM F QD SWDQLD VSUDZG]LV] F] MHVWH SU]JRWRZDQ GR ZNRQDQLD üZLF]H -DNLH F]QQR FL SRZLQQ SRSU]HG]Lü QDSUDZ XV]NRG]RQFK HOHPHQWyZ FLDQ EXGQNX -DNL ]DNUHV UREyW REHMPXM SUDFH QDSUDZF]H -DNLH ]MDZLVND SRZRGXM XV]NRG]HQLH HOHPHQWyZ FLDQ : MDNLP FHOX ZNRQZDQH MHVW GHVNRZDQLH 1D F]P SROHJD IOHNRZDQLH HOHPHQWyZ GUHZQLDQFK : MDNL VSRVyE QDOH SUDZLGáRZR ZNRQDü GHVNRZDQLH FLDQ ûZLF]HQLD ûZLF]HQLH 2PyZ VSRVyE ZPLDQ XV]NRG]RQHM SRGZDOLQ QD ]DGDQHM GáXJR FL SRVáXJXM F VL PRGHOHP FLDQ ZLH FRZHM 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 144. ]RUJDQL]RZDü VWDQRZLVNR GR ZNRQDQLD üZLF]HQLD
  • 145. ]DSODQRZDü SU]HELHJ ZNRQDQLD üZLF]HQLD ± SODQ ]DSLVDü Z ]HV]FLH
  • 146. SU]JRWRZDü PRGHO FLDQ GR SUH]HQWDFML
  • 147. RSLVDü WHFKQRORJL ZNRQDQLD ZPLDQ SRGZDOLQ Z ]HV]FLH
  • 149. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF ± PRGHO FLDQ ZLH FRZHM ± ]HV]W ± SU]ERU GR SLVDQLD ± OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH 'RNRQDM ZPLDQ ZLH FD SR]LRPHJR ] RNU JODNyZ QD GáXJR FL FLDQ 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 150. ]RUJDQL]RZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EH]SLHF]H VWZD L KLJLHQ SUDF
  • 151. ]DSODQRZDü SU]HELHJ ZNRQDQLD üZLF]HQLD ± SODQ ]DSLVDü Z ]HV]FLH
  • 152. GREUDü QDU] G]LD L VSU] W GR ZNRQDQLD üZLF]HQLD
  • 156. ZNRQDü SRá F]HQLH EDOD ] LVWQLHM FPL HOHPHQWDPL FLDQ
  • 158. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´
  • 160. GRNRQDü VDPRRFHQ ZNRQDQHJR üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF ± IUDJPHQW FLDQ ZLH FRZHM ± PDWHULDá EDOH NRáNL ± VSU] W PLDUND VNáDGDQD OXE VWDORZD PLDUND ]ZLMDQD RáyZHN FLHVLHOVNL ± QDU] G]LD SLODUND WDUF]RZD SLáD SRSU]HF]QD SLáD SáDWQLFD ZLGHU PáRWHN GáXWR ± ]HV]W ± SU]ERU GR SLVDQLD ± OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH :NRQDM IUDJPHQW FLDQ GUHZQLDQHM ] EDOL á F]RQFK QD NRáNL Z RWZRU]H SRZVWDáP SR ]OLNZLGRZDQLX RNQD 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 161. ]RUJDQL]RZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EH]SLHF]H VWZD L KLJLHQ SUDF
  • 162. ]DSODQRZDü SU]HELHJ ZNRQDQLD üZLF]HQLD ± SODQ ]DSLVDü Z ]HV]FLH
  • 164. GREUDü QDU] G]LD L VSU] W
  • 165. ZNRQDü IUDJPHQW FLDQ GUHZQLDQHM ] EDOL Z RWZRU]H SR ]OLNZLGRZDQP RNQLH
  • 166. XSU] WQ ü VWDQRZLVNR SUDF
  • 168. GRNRQDü VDPRRFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF ± PDWHULDá EDOH NRáNL ± VSU] W PLDUND VNáDGDQD OXE VWDORZD PLDUND ]ZLMDQD RáyZHN FLHVLHOVNL ± QDU] G]LD SLODUND WDUF]RZD SLáD SRSU]HF]QD SLáD SáDWQLFD ZLGHU PáRWHN GáXWR ± ]HV]W SU]ERU GR SLVDQLD ± OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH 3U]HGVWDZ QD SRGVWDZLH SUH]HQWRZDQHJR ILOPX VSRVyE ZNRQDQLD RWZRUX GU]ZLRZHJR Z FLDQLH GUHZQLDQHM ] EDOL SU] SRPRF SLODUNL áD FXFKRZHM 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 169. ]DSR]QDü VL ] ZLDGRPR FLDPL GRWF] FPL ZNRQZDQLD FLDQ ] EDOL
  • 171. ZMD QLü VSRVyE ZNRQZDQLD RWZRUX Z FLDQLH ] EDOL
  • 172. RSLVDü Z ]HV]FLH WHFKQRORJL ZNRQDQLD RWZRUX Z FLDQLH
  • 173. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´
  • 175. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF ILOP LQVWUXNWD RZ RGWZDU]DF] '9' 9+6 ]HV]W SU]ERU GR SLVDQLD OLWHUDWXUD ] UR]G]LDáX 6SUDZG]LDQ SRVW SyZ ] SRWUDILV] 7DN 1LH
  • 176. RNUH OLü MDNLH F]QQR FL SRZLQQ SRSU]HG]Dü QDSUDZ XV]NRG]RQFK HOHPHQWyZ FLDQ … …
  • 177. RNUH OLü ]DNUHV UREyW QDSUDZF]FK NRQVWUXNFML FLDQ … …
  • 178. ZPLHQLü ZLHQLHF SR]LRP ] RNU JODNyZ QD GáXJR FL FLDQ … …
  • 179. ]LGHQWILNRZDü ]MDZLVND SRZRGXM FH XV]NRG]HQLH HOHPHQWyZ FLDQ … …
  • 180. RNUH OLü FHO L VSRVyE ZNRQZDQLD V]DORZDQLD FLDQ … …
  • 181. ZMD QLü QD F]P SROHJD IOHNRZDQLH … …
  • 182. ZNRQDü X]XSHáQLHQLH FLDQ SR OLNZLGDFML Z QLHM RWZRUX … …
  • 183. ZNRQDü RWZyU GU]ZLRZ Z LVWQLHM FHM FLDQLH ] EDOL SU] SRPRF SLODUNL áD FXFKRZHM … …
  • 184. ZNRU]VWDü ]GREWH ZLDGRPR FL Z ZNRQZDQLX ]DGD SUDNWF]QFK … …
  • 185. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 1DSUDZLDQLH SRGáyJ 0DWHULDá QDXF]DQLD 3RGáRJL R NRQVWUXNFML GUHZQLDQHM XOHJDM ]QLV]F]HQLX Z ZQLNX LFK QDWXUDOQHJR ]X FLD RUD] SRSU]H] QLV]F] FH G]LDáDQLH RZDGyZ JU]ED GRPRZHJR L JQLFLH 5R]ZyM JU]ED GRPRZHJR MHVW VSRZRGRZDQ ]EW GX P ]DZLOJRFHQLHP PDWHULDáX NRQVWUXNFML SRGáRJL GR NWyUHJR GRFKRG]L PL G] LQQPL SRGF]DV ]PZDQLD SRVDG]HN ] GHVHN ZRG OXE Z SU]SDGNX DZDULL LQVWDODFML ZRGQHM :WHG V]F]HJyOQLH Z SRPLHV]F]HQLDFK RJU]HZDQFK ZVW SXM EDUG]R NRU]VWQH ZDUXQNL ZLOJRWQR FLRZH L RGSRZLHGQLD WHPSHUDWXUD RWRF]HQLD 'R ]DZLOJRFHQLD PDWHULDáX NRQVWUXNFML SRGáRJL GRFKRG]L SU]HGH ZV]VWNLP Z ZQLNX MHM ZDGOLZHJR ZNRQDQLD EUDNX OXE QLHZáD FLZLH ZNRQDQHM L]RODFML SU]HFLZZLOJRFLRZHM EUDNX L]RODFML SDURV]F]HOQHM V]F]HJyOQLH QD VWURSDFK QDG SRPLHV]F]HQLDPL R SRGZ V]RQHM ZLOJRWQR FL SRZLHWU]D WDNLPL MDN SUDOQLH VXV]DUQLH NXFKQLH EUDNX ZHQWODFML SU]HVWU]HQL SRGSRGáRJRZFK NLHG OHJDU OH EH]SR UHGQLR QD VWURSLH EUDNX ZHQWODFML VWURSX GUHZQLDQHJR Z EXGQNDFK QLHSRGSLZQLF]RQFK : SU]SDGNX VWZLHUG]HQLD REHFQR FL JU]ED GRPRZHJR Z SRVWDFL V]DUDZFK QDORWyZ QLWHN SOH QL R]QDN PXUV]HQLD QDOH QDWFKPLDVW SU]VW SLü GR OLNZLGDFML XV]NRG]HQLD : WP FHOX NRQLHF]QH MHVW XVWDOHQLH SU]F]Q SRZVWDQLD XV]NRG]HQLD RUD] MHM XVXQL FLH QS UyGáD ]DZLOJRFHQLD
  • 186. =DSHZQLü QDOH SUDZLGáRZ ZHQWODFM SU]HVWU]HQL SRGSRGáRJRZHM RUD] ]DGEDü R ZVXV]HQLH SRGáRJL /LNZLGDFMD ]DJU]ELHQLD ZPDJD RGVáRQL FLD NRQVWUXNFML SRGáRJL XVXQL FLD HOHPHQWyZ SRUD RQFK JU]EHP L ZPLDQ XV]NRG]RQFK HOHPHQWyZ :V]VWNLH HOHPHQW WDN H L WH ]GURZH SRFKRG] FH ] UR]ELyUNL SRZLQQ Eü ]DEH]SLHF]RQH SU]HG VNXWNDPL ]DJU]ELHQLD SRSU]H] ]DVWRVRZDQLH URGNyZ GR LPSUHJQDFML GUHZQD .RQLHF]QLH QDOH SRGGDü LPSUHJQDFML VSRGQLH SáDV]F]]Q QDVW SXM FFK HOHPHQWyZ NRQVWUXNFML SRGáyJ ] GUHZQD OHJDUyZ GHVHN SáW OXE NRVWNL GUHZQLDQHM : F]DVLH SU]HSURZDG]DQLD UHPRQWX SRGáyJ ] GUHZQD QDOH FDáNRZLFLH ]GHPRQWRZDü LVWQLHM F QDZLHU]FKQL L SR ZNRQDQLX SUDF QDSUDZF]FK XáR ü M RG QRZD =QLV]F]RQD SRGáRJD GUHZQLDQD PR H WDN H ]RVWDü SRGGDQD SU]HEXGRZLH : WDNLP SU]SDGNX VWDU PDWHULDá SRVDG]NL ]RVWDQLH ZNRU]VWDQ MDNR SRGNáDG SRG QRZ QDZLHU]FKQL 2F]ZL FLH SRGNáDG SRZLQLHQ Eü UyZQ PRFQ L QLH ZND]ZDü R]QDN NODZLV]RZDQLD 'UHZQR SRZLQQR Eü ]GURZH 'HVNL XV]NRG]RQH L VSUyFKQLDáH QDOH XVXQ ü ]OLNZLGRZDü V]F]HOLQ SRPL G] GHVNDPL SU]H] LFK GRFL JQL FLH L ZSHáQLHQLH ZL NV]FK V]F]HOLQ OLVWZDPL 3RZLHU]FKQL VWDUFK SRVDG]HN GUHZQLDQFK QDOH ZUyZQDü 3RVDG]N ] GHVHN PR QD ]HVWUXJDü ,QQP UR]ZL ]DQLHP MHVW QDáR HQLH PDV ZUyZQDZF]HM QD WNDQLQ ] ZáyNQD V]NODQHJR VWDQRZL F ]EURMHQLH ZDUVWZ
  • 187. OXE ZDUVWZ VSHFMDOQHM V]SDFKOyZNL HPXOVMQHM QD ZF]H QLHM ]DJUXQWRZDQ NOHMHP GVSHUVMQP SRZLHU]FKQL VWDUHM SRVDG]NL UV
  • 188. $E RWU]PDü UyZQ L PRFQ SRGNáDG QD VWDUHM SRVDG]FH ] GHVHN PR QD XáR ü QRZ SRGNáDG ZNRQDQ ] SáW ZLyURZFK R JUXER FL · PP PRFRZDQFK ]D SRPRF ZNU WyZ GR GHVHN VWDUHM SRVDG]NL UV
  • 189. 0R QD WH SáW ZLyURZH á F]RQH ]H VRE QD SLyUR L ZSXVW XáR ü OX QR QD ZDUVWZLH L]RODFML DNXVWF]QHM ZNRQDQHM ]H VSLHQLRQHJR SROLXUHWDQX PDW NRUNRZHM F] ILOFX PLQHUDOQHJR $E ]DSHZQLü UyZQ SáDV]F]]Q SRGNáDGX SáW SRZLQQ Eü SRá F]RQH PL G] VRE NOHMHP ZSURZDG]DQP ZH ZSXVW
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