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  27. 27. 3UHWSRVWDYNDRXVNODÿHQRVWL =D SURL]YRGH NRML VX X VNODGX VD QDFLRQDOQLP VWDQGDUGLPD ãWR VX SUHX]HWL NDR KDUPRQL]LUDQL VWDQGDUGLþLMLVXUHIHUHQWQLEURMHYLREMDYOMHQLX6OXåEHQRPOLVWX(YURSVNH=DMHGQLFHSUHWSRVWDYOMD VHGDVXXVNODGXVDRGJRYDUDMXüLPHVHQFLMDOQLP]DKWMHYLPD7DPRJGMHSURL]YRÿDþQLMHSULPLMHQLR LOLMHVDPRGMHOLPLþQRSULPMHQLRWDNDYVWDQGDUGRQPRUDGRNXPHQWRYDWLSUHGX]HWHPMHUHLQMLKRYX SULNODGQRVWUDGLXVNODÿLYDQMDVDHVHQFLMDOQLP]DKWMHYLPD ; 3RYLQRYDQMHGLUHNWLYDPDSRJODYOMH =DãWLWQDNODX]XOD 'UåDYHþODQLFHVXREDYH]QHGDSUHGX]PXVYHRGJRYDUDMXüHPMHUHGD]DEUDQHLOLRJUDQLþHSODVLUDQMH QDWUåLãWHSURL]YRGDNRMLQRVH(R]QDNXLOLGDLKSRYXNXVDWUåLãWD DNR EL RYL SURL]YRGLPRJOL XJUR]LWLVLJXUQRVWL]GUDYOMHSRMHGLQDFDLOL GUXJL MDYQL LQWHUHV SRNULYHQ SULPMHQMLYLP GLUHNWLYDPD NDGDVHSURL]YRGLNRULVWH]DQMLKRYXQDPLMHQMHQXVYUKX1DGDOMH'UåDYDþODQLFDPRUDLQIRUPLUDWL .RPLVLMXRRYDNYRMPMHUL7DPRJGMH.RPLVLMDVPDWUDQDFLRQDOQXPMHUXRSUDYGDQRPLQIRUPLUDVYH 'UåDYHþODQLFHNRMHPRUDMXSUHGX]HWLRGJRYDUDMXüXDNFLMX ; 1DG]RUQDGWUåLãWHPSRJODYOMH ; =DãWLWQDNODX]XODSRJODYOMH 2FMHQMLYDQMHXVNODÿHQRVWL 3ULMHSODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFHSURL]YRÿDþPRUDSRGYUJQXWLVYRMSURL]YRGSURFHGXUL RFMHQMLYDQMD XVNODÿHQRVWL REH]EMHÿHQRM X WX VYUKX X SULPMHQMLYRM GLUHNWLYL VD RVYUWRP QD SRVWDYOMDQMH(R]QDNH ; 2GJRYRUQRVWLSRJODYOMH ; 3URFHGXUDRFMHQMLYDQMDXVNODÿHQRVWLSRJODYOMH 3ULMDYOMHQDWLMHOD 2FMHQMLYDQMHXVNODÿHQRVWLWUHüHVWUDQHSURYRGHSULMDYOMHQDWLMHODNRMDXVSRVWDYOMDMX'UåDYHþODQLFH L]ERURP L]PHÿX WLMHOD NRMD LVSXQMDYDMX ]DKWMHYH XVSRVWDYOMHQH X GLUHNWLYL L NRMD VX RVQRYDQD QD QMLKRYRMWHULWRULML ; 3ULMDYOMHQDWLMHODSRJODYOMH (R]QDþDYDQMH 3URL]YRGL XVNODÿHQL VD VYLP RGUHGEDPD SULPMHQMLYLKGLUHNWLYD REH]EMHÿHQLK ]D ( R]QDþDYDQMH PRUDMXQRVLWLRYXR]QDNX3UHPDWRPH(R]QDNDXND]XMHSRVHEQRGDVXSURL]YRGLXVNODGXVD VYLPHVHQFLMDOQLP]DKWMHYLPDVYLK
  28. 28. SULPMHQMLYLKGLUHNWLYDLGDVXSURL]YRGLSUHGPHWSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLREH]EMHÿHQHX GLUHNWLYL 1DGDOMH 'UåDYHþODQLFH VX REDYH]QH GD SUHGX]PX RGJRYDUDMXüH PMHUH GD ]DãWLWH ( R]QDþDYDQMH ; (R]QDþDYDQMHSRJODYOMH ; =DãWLWD(R]QDþDYDQMDSRJODYOMH .RRUGLQLUDQMHLPSOHPHQWDFLMH 7DPR JGMH 'UåDYD þODQLFD LOL .RPLVLMD VPDWUD GD KDUPRQL]LUDQL VWDQGDUG QH LVSXQMDYD SRWSXQR HVHQFLMDOQH]DKWMHYHGLUHNWLYHWDMVOXþDMüHELWLSDåOMLYRLVSLWDQRGVWUDQHNRPLWHWDXVSRVWDYOMHQRJSR GLUHNWLYL ( WM NRPLWHW ]D WHKQLþNH VWDQGDUGH L SURSLVH
  29. 29. .RPLVLMD üH X]LPDMXüL X RE]LU PLãOMHQMH NRPLWHWD REDYLMHVWLWL 'UåDYH þODQLFH GD OL EL VWDQGDUG WUHEDR ELWL SRYXþHQ LOL QH VD REMDYOMHQHOLVWHX6OXåEHQRPOLVWX(YURSVNH]DMHGQLFH 0QRJH GLUHNWLYH 1RYRJ SULVWXSD SUHGYLÿDMX IRUPLUDQMH 6WDOQRJ NRPLWHWD NRML PRåH SRPRüL .RPLVLML L]QRãHQMHP VYRJD PLãOMHQMD X YH]L VD QDFUWRP PMHUD SUHGORåHQLK ]D LPSOHPHQWDFLMX RGUHGELUHOHYDQWQHGLUHNWLYHLLVSLWDWLELORNRMHSLWDQMHSRYH]DQRVDLPSOHPHQDFLMRPLSUDNWLþQRP SULPMHQRPGLUHNWLYH1DGDOMH UHGRYQL VDVWDQFL ]D GLVNXVLMX R LPSOHPHQWDFLML RNR VSRUQLK SLWDQMD RGYLMDMX VH NUR] UDGQH JUXSH NRMH VX VDVWDYOMHQHRG SUHGVWDYQLND LPHQRYDQLK RG VWUDQH 'UåDYD þODQLFDL]DLQWHUHVRYDQLKJUXSDQSUSULMDYOMHQLKWLMHODRUJDQL]DFLMD]DVWDQGDUGL]DFLMXSURL]YRÿDþD GLVWULEXWHUDLWUJRYDþNLKXQLMD
  30. 30. DYRÿHQLVXRGVWUDQH.RPLVLMH ; 3RYODþHQMHSUHWSRVWDYNHXVNODÿHQRVWLSRJODYOMH ; $GPLQLVWUDWLYQDVDUDGQMDSRJODYOMH 3UHX]LPDQMHLSUHOD]QHRGUHGEH 2G 'UåDYD þODQLFD VH ]DKWLMHYD GD REH]ELMHGH SUHX]LPDQMH RGUHGEL GLUHNWLYD X VYRMH QDFLRQDOQH ]DNRQVNHDNWH2QHWDNRÿHUPRUDMXLQIRUPLUDWL.RPLVLMXRSUHGX]HWLPPMHUDPD 'UåDYH þODQLFH PRUDMX GR]YROLWL SODVLUDQMH SURL]YRGDQD WUåLãWH X VNODGX VD SURSLVLPD NRML VX QD VQD]LQDQMLKRYRMWHULWRULMLQDGDQSULPMHQHSUHGPHWQHGLUHNWLYHGRGDWXPDRGUHÿHQRJXGLUHNWLYL8 VNODGX VD RGUHÿHQLP RJUDQLþHQMLPD WDNYLP SURL]YRGLPD PRUD ELWL WDNRÿHU GR]YROMHQR GD EXGX VWDYOMHQLXXSRWUHEXSRVOLMHWRJGDWXPD ; 3UHX]LPDQMHGLUHNWLYDSRJODYOMH ; 3UHOD]QLSHULRGSRJODYOMH 6DUDGQMD VH ]DVQLYD QDRGOXFL9LMHüD R UD]YRMX DGPLQLVWUDWLYQH VDUDGQMH X LPSOHPHQWDFLML L SURYRÿHQMX ]DNRQVNLKDNDWD=DMHGQLFHQDXQXWUDãQMHPWUåLãWX2-
  31. 31. 869$-$1-(',5(.7,9$1292*35,6783$ 8 VNODGX VD þODQRP E 6SRUD]XPD .RPLVLMD LQLFLUD XVYDMDQMH GLUHNWLYD 1RYRJ SULVWXSD LOL QMLKRYXPRGLILNDFLMXSXWHPIRUPLUDQMDSULMHGORJDNRMLVHXSXüXMH9LMHüXL(YURSVNRPSDUODPHQWX 7DNYLSULMHGOR]L.RPLVLMHNRMLVHRGQRVHQD]GUDYOMHVLJXUQRVW]DãWLWXRNROLQHL]DãWLWXSRWURãDþD PRUDMXVDJODVQRVDþODQRPDX]HWLNDRRVQRYXYLVRNQLYR]DãWLWH 1DNRQ SULMHPD SULMHGORJD .RPLVLMH 9LMHüH SUYR ]DKWLMHYD PLãOMHQMH 3DUODPHQWD L (NRQRPVNRJ L 6RFLMDOQRJ NRPLWHWD SULMH QHJR ãWR IRUPLUD ]DMHGQLþNL VWDY R SULMHGORJX .DGD MH VWDY MHGQRP IRUPLUDQSURVOLMHÿXMHVH3DUODPHQWXNRMLJDPRUDSULKYDWLWLRGELWLLOLSUHGORåLWLDPDQGPDQHXWRNX GUXJH UDVSUDYH R SRPHQXWRP VWDYX .RPLVLMD SUHLVSLWXMH VYRM SULMHGORJ X VYMHWOX DPDQGPDQD GRQHVHQLKQD3DUODPHQWXLYUDüDSULMHGORJ9LMHüXNRMHPRUDGRQLMHWLNRQDþQXRGOXNXXURNXRGWUL PMHVHFD $NR MH QHRSKRGQR SUREOHPL VH UMHãDYDMX X NRPLWHWX ]D XVNODÿLYDQMH L]PHÿX 9LMHüD L 3DUODPHQWDXNRPH.RPLVLMDXþHVWYXMHNDRSRVUHGQLN'LMDJUDPWRNDSULND]XMHSURFHGXUXXVYDMDQMD VDJODVQRþODQXE6SRUD]XPDLDOWHUQDWLYHXUD]OLþLWLPID]DPD x 'LUHNWLYH 1RYRJ SULVWXSD VH XVYDMDMX X VNODGX VD SURFHGXURP VDRGOXþLYDQMD NRMD MH REH]ELMHÿHQDXþODQXE6SRUD]XPD x 8VYRMHQH GLUHNWLYH 1RYRJ SULVWXSD VH REMDYOMXMX X / VHULML 6OXåEHQRJ OLVWD (YURSVNH ]DMHGQLFH3ULMHGOR]LGLUHNWLYD1RYRJSULVWXSDRGVWUDQH.RPLVLMHVHREMDYOMXMXXVHULML 6OXåEHQRJOLVWD
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  33. 33. 2GREUDYDLOLQH GRQRVLRGOXNX 3UHGODåHDPDQGPDQH 2GELMD $NWMHXVYRMHQ RGVWUDQH9LMHüD 9LMHüHPRåH VD]YDWLVDVWDQDN NRPLWHWD]D XVNODÿLYDQMHGD REMDVQLVYRMVWDY 9LMHüHVD]LYD VDVWDQDN NRPLWHWD]D XVNODÿLYDQMH 9LMHüHXVYDMD VYHDPDQGPDQH LDNW (YURSVNLSDUODPHQW SRWYUÿXMHRGELMDQMH ]DMHGQLþNRJVWDYD DSVROXWQRPYHüLQRP .RPLWHW]DXVNODÿLYDQMH QHRGREUDYD]DMHGQLþNL WHNVW .RPLWHW]DXVNODÿLYDQMH RGREUDYD]DMHGQLþNLWHNVW $NWQLMHXVYRMHQ $NWQLMHXVYRMHQ $NRMH]DMHGQLþNLWHNVW XVYRMLR(YURSVNLSDUODPHQW L9LMHüH 9LMHüHPRåHSRWYUGLWL]DMHGQLþNLVWDY DSVROXWQRPYHüLQRPLXWRPVOXþDMXDNWMH XVYRMHQRVLPDNRXSRVOMHGQMHPSUHWUHVX (YURSVNLSDUODPHQWQHRGEDFL]DMHGQLþNLVWDY DSVROXWQRPYHüLQRP $NWMHXVYRMHQ 7DEHOD8VYDMDQMHGLUHNWLYDVDJODVQRþODQXE6SRUD]XPD
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  109. 109. 3RVOMHGLFDWRJDMHGD'UåDYHþODQLFHEH]SURSLVDXXåHPVPLVOXPRUDMXRGUåDYDWLSRVWRMHüLVLVWHPL ]ERJWRJDX]GUåDWLVHRGGRQRãHQMD]DNRQVNLKDNDWD1DGDOMHQDFLRQDOQHRUJDQL]DFLMH]DVWDQGDUGH VX REDYH]QH GD VWDYH QD UDVSRODJDQMH X WRNX SUHOD]QRJ SHULRGD NRSLMH QDFLRQDOQLK VWDQGDUGD SULPLMHQMHQLKXVNODGXVDSRVWRMHüLPQDFLRQDOQLPVLVWHPRP 6YDNDGLUHNWLYDXSUHOD]QRPSHULRGXXVSRVWDYOMDGDWXP]DPU]DYDQMDQDFLRQDOQRJVLVWHPDNRMLMHQD VQD]L 8RSãWHQR RYR MH GDWXP NDGD GLUHNWLYD VWXSDQD VQDJX DOL SRQHNDG MH WR L GDWXP NDGD MH GLUHNWLYDXVYRMHQD 8WRNXSUHOD]QRJSHULRGD'UåDYHþODQLFHQHPRUDMXGDSUDYHL]PMHQHSUHGPHWQRJVLVWHPDNRMLEL PRJDR PRGLILNRYDWL ]DKWMHYH ]D SURL]YRGRP LOL SURFHGXUX RFMHQMLYDQMD XVNODÿHQRVWL LOL NRML EL PRJDR QD GUXJL QDþLQ XWLFDWL QD VWHþHQD SUDYD 0HÿXWLP 'UåDYDPD þODQLFDPD VH GR]YROMDYDGD L]YUãHL]PMHQHXVOXþDMHYLPDYLãHVLOH1DSULPMHUWHKQLþNLSURJUHVLOLQHSUHGYLÿHQHRNROQRVWLPRJX RWNULWL GD VLVWHP NRML MH QD VQD]L QH PRåH GD ]DGRYROML ]DNRQVNL ]DKWMHY L GD RYD QHSRWSXQRVW SURL]YRGLUL]LNHNRMH'UåDYDþODQLFDQLMHELODXPRJXüQRVWLGDVSULMHþLXRGJRYDUDMXüHPYUHPHQX GRSXQMDYDQMHPSUDYLODNRMDVXQDVQD]L2RYDNYLPDPDQGPDQLPDVHPRUDGDWLREDYLMHVWNDGDVX RQLQDQLYRXQDFUWDNDRãWRMH]DKWLMHYDQRSRGLUHNWLYL(WDNRGDQMLKRYDRSUDYGDQRVWPRåH ELWLYHULILFLUDQD 1DNUDMXSUHOD]QRJSHULRGD'UåDYHþODQLFHVXREDYH]QHGD]DXVWDYHQDFLRQDOQHVLVWHPHNRMLVXELOL QD VQD]L GR WDGD QSU RSR]LYDQMH UHOHYDQWQLK SURSLVD .DR UH]XOWDW WRJD QDFLRQDOQH PMHUH LPSOHPHQWLUDMXüLQRYXGLUHNWLYXüHELWLMHGLQDREDYH]QDSUDYLODQDVQD]L]DSURL]YRGHLUL]LNHQD NRMHVHRGQRVHXVYDNRM'UåDYLþODQLFL3RVOMHGLFDWRJDMHGDVHSURL]YRGLQHPRJXGDOMHSURL]YRGLWL XVNODGXVDRGREUHQMLPDWLSDLOLGUXJLPFHUWLILNDWLPDL]GDWLPSRVLVWHPXNRMLWUHEDELWLSRYXþHQ 1DNRQ SUHOD]QRJ SHULRGD SURL]YRGL SURL]YHGHQL SULMH LOL ]D YULMHPH RYRJ SHULRGD X VNODGX VD VLVWHPRPNRMLELWUHEDRELWL SRYXþHQ QH PRJX VH YLãH SODVLUDWL QD WUåLãWH =DMHGQLFH 8 VNODGXVD VLJXUQRVWL LOL GUXJLP FLOMHYLPD QRYH GLUHNWLYH SURL]YRGX NRML VH SODVLUD QD WUåLãWH SULMH NUDMD SUHOD]QRJSHULRGD
  110. 110. ELWUHEDORELWLGR]YROMHQRGDEXGHVWDYOMHQXXSRWUHEXQDNRQWRJGDWXPDDNRMH SURL]YRGELRVSUHPDQ]DXSRWUHEXNDGDMHELRSODVLUDQQDWUåLãWH1DGUXJLQDþLQSURL]YRGELPRJDR ELWL VWDYOMHQ X XSRWUHEX QDNRQ WRJ GDWXPD VDPR DNR MH RQ SRWSXQR X VNODGX VD RGUHGEDPD GLUHNWLYH 8VNODGXVDRSãWLPSUDYLORP(R]QDþDYDQMHXND]XMHGDVH]DSURL]YRGHNRMLVXSUHGPHWQHNROLNR GLUHNWLYDREH]ELMHÿHQLK]DQMHJRYRSRVWDYOMDQMHSUHGSRVWDYOMDGD 3RãWR GLUHNWLYH NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND QLVNRQDSRQVNX RSUHPX JUDÿHYLQVNH SURL]YRGH HNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRNULYDMXVDPRSODVLUDQMHQDWUåLãWHWDNYLSURL]YRGLPRJX ELWLVWDYOMHQLXXSRWUHEXXELORNRMHYULMHPHDGDQHEXGXSUHGPHWXVNODÿLYDQMDSUHPDQDUHGQLPXVORYLPD XVSRVWDYOMHQLPXVNODGXVDRYLPGLUHNWLYDPD,VWRVHRGQRVLLQDSURL]YRGHSRNULYHQHGLUHNWLYDPDNRMHVH RGQRVH QD DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD PHGLFLQVND VUHGVWYD L PHGLFLQVND VUHGVWYD ]D ³LQ YLWUR´GLMDJQRVWLFLUDQMHSRãWRMHVWDYOMDQMHX XSRWUHEXGHILQLVDQRNDRVWDYOMDQMHSURL]YRGDQDUDVSRODJDQMH PHGLFLQVNRMVWUXFL]DLPSODQWDFLMXLOLRGQRVQRNDRQLYRQDNRPHMHXUHÿDMVSUHPDQ]DXSRWUHEXQDWUåLãWX =DMHGQLFHSRSUYLSXW]DQMHPXQDPLMHQMHQXVYUKX8YH]L VDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMDXXSRWUHEX YLGLSRJODYOMH
  111. 111. VHSRQDãDMXXVNODGXVDRGUHGEDPDVYLKRYLKGLUHNWLYD0HÿXWLPWDPRJGMHMHGQDLOLYLãHRGRYLK GLUHNWLYD GR]YROMDYD SURL]YRÿDþX ]D YULMHPH SUHOD]QRJ SHULRGD GD L]DEHUH NRMH VSRUD]XPH üH SULPLMHQLWL(R]QDþDYDQMHR]QDþDYDXVNODÿHQRVWVDPRSUHPDGLUHNWLYDPDSULPLMHQMHQLPRGVWUDQH SURL]YRÿDþD 3RVOMHGLFD WRJD MH GD ]D YULMHPH SUHOD]QRJ SHULRGD ( R]QDþDYDQMH QH R]QDþDYD REDYH]QR GD VH SURL]YRG SRQDãD X VNODGX VD VYLP SULPMHQMLYLP GLUHNWLYDPD REH]ELMHÿHQLP ]D QMHJRYRSRVWDYOMDQMH=ERJWRJDGRNXPHQWLREDYMHãWHQMDLOLXSXWVWYD]DKWMHYDQDRGVWUDQHGLUHNWLYD L NRMD SUHGVWDYOMDMX SUDWHüX GRNXPHQWDFLMX SURL]YRGX PRUDMX MDVQR VLJQDOL]LUDWL GLUHNWLYH NRMH MH SURL]YRÿDþSULPLMHQLRJGMHQDMPDQMHMHGQDRGSULPMHQMLYLKGLUHNWLYDVDGUåLSUHOD]QLSHULRGXNRPH MH SURL]YRG SURL]YHGHQ 7DPR JGMH GLUHNWLYD QH ]DKWLMHYD GRNXPHQWH REDYMHãWHQMDLOL XSXWVWYD LQIRUPDFLMHPRUDMXELWLGDWHQDSDNRYDQMXSURL]YRGD,QIRUPDFLMHNRMHVHRGQRVHQDSULPLMHQMHQH GLUHNWLYHPRUDMXELWLGDWHX(GHNODUDFLMLRXVNODÿHQRVWL 8YH]LVD(GHNODUDFLMRPRXVNODÿHQRVWLYLGLSRJODYOMH8YH]LVD(R]QDþDYDQMHPYLGLSRJODYOMH
  112. 112. 2'*29251267, 352,=92$ý 'LUHNWLYH1RYRJSULVWXSD 3URL]YRÿDþ MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH MH RGJRYRUQR ]D GL]DMQLUDQMH L SURL]YRGQMX SURL]YRGD LPDMXüL X YLGX QMHJRYR SODVLUDQMH QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP 2GJRYRUQRVWL SURL]YRÿDþD VH RGQRVH WDNRÿHU QD ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH VDVWDYOMD SDNXMHSUHUDÿXMHLLOLHWLNHWLUDJRWRYHWYRUQLþNHSURL]YRGHVDFLOMHPQMLKRYRJSODVLUDQMDQDWUåLãWH =DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP1DGDOMHRGJRYRUQRVWSURL]YRÿDþDVHSUHQRVLQDELORNRMX RVREX NRMD PLMHQMD QDPMHQX SURL]YRGD QD WDNDY QDþLQ GD SRVWDMH SULPMHQMLY GUXJL HVHQFLMDOQL ]DKWMHY LOL ELWQR PLMHQMD LOL REQDYOMD SURL]YRG SUHPD WRPH NUHLUD QRYL SURL]YRG VD FLOMHP SODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFH 3URL]YRÿDþ PRåH GL]DMQLUDWL L SURL]YHVWL SURL]YRG OLþQR .DR DOWHUQDWLYD RVRED PRåH GRELWL SURL]YRGGL]DMQLUDQSURL]YHGHQVDVWDYOMHQ]DSDNRYDQSUHUDÿHQLLOLHWLNHWLUDQVFLOMHPQMHJRYRJ SODVLUDQMD QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP L SUHPD WRPH SUHGVWDYLWL VHEH NDR SURL]YRÿDþD7DPRJGMHVHGLRSRVORYDSRGXJRYDUDSURL]YRÿDþPRUD]DGUåDWLFMHORNXSQXNRQWUROX QDG SURL]YRGRP L RVLJXUDWL GD SULPD VYH LQIRUPDFLMH NRMH VX QHRSKRGQH GD LVSXQL VYRMH RGJRYRUQRVWLXVNODGXVDGLUHNWLYDPD1RYRJSULVWXSD 3URL]YRÿDþ QLMH GHILQLVDQ X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYD NRMH VH RGQRVH QD PHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH 8YH]LVDSURL]YRGLPDSRWþLQMHQLPGLUHNWLYDPDYLGLSRJODYOMH x 3URL]YRÿDþX]QDþHQMX1RYRJSULVWXSDMHRVREDNRMDMHRGJRYRUQD]DGL]DMQLUDQMHL SURL]YRGQMXSURL]YRGDVDFLOMHPQMHJRYRJSODVLUDQMDQDWUåLãWH=DMHGQLFHXVYRMHLPH x 3URL]YRÿDþ LPD REDYH]X GD RVLJXUD GD MH SURL]YRG NRML MH QDPLMHQMHQ GD EXGH SODVLUDQ QD WUåLãWH =DMHGQLFH GL]DMQLUDQ L SURL]YHGHQ L GD MH L]YUãHQD RFMHQD XVNODÿHQRVWL SUHPD HVHQFLMDOQLP ]DKWMHYLPD X VNODGX VD RGUHGEDPD SULPMHQMLYHLK GLUHNWLYHD1RYRJSULVWXSD x 3URL]YRÿDþPRåHNRULVWLWLJRWRYHSURL]YRGHJRWRYHGLMHORYHLOLNRPSRQHQWHLOLPRåH SRYMHULWLSRGXJRYDUDþXVYRMH]DGDWNH0HÿXWLPRQPRUDXYLMHN]DGUåDWLFMHORNXSQX NRQWUROXLLPDWLQHRSKRGQXQDGOHåQRVWGDSUHX]PHRGJRYRUQRVW]DSURL]YRG
  113. 113. 3URL]YRÿDþ NRML GDMH QHNH LOL VYH VYRMH DNWLYQRVWL SRGXJRYDUDþLPD QH EL PRJDR QL X NRMLP RNROQRVWLPD UD]YODVWLWL VHEH RG VYRMLK RGJRYRUQRVWL QSU GD LK SUHX]PH RYODãWHQL SUHGVWDYQLN GLVWULEXWHUWUJRYDFQDPDORWUJRYDFQDYHOLNRNRULVQLNLOLSRGXJRYDUDþ 3URL]YRÿDþLPDLVNOMXþLYXLNUDMQMXRGJRYRUQRVW]DXVNODÿHQRVWVYRJDSURL]YRGDVDSULPMHQMLYLP GLUHNWLYDPD2QMHRGJRYRUDQ x ]D GL]DMQLUDQMH L SURL]YRGQMX SURL]YRGD X VNODGX VD HVHQFLMDOQLP ]DKWMHYLPD XVSRVWDYOMHQLP SXWHPGLUHNWLYHDL x ]DSURYRÿHQMHRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDSURFHGXURPDPDXVSRVWDYOMHQRMLP SXWHP GLUHNWLYHD 3URL]YRÿDþ MH REDYH]DQ GD UD]XPLMH RERMH L GL]DMQ L L]UDGX SURL]YRGD GD EL PRJDR SUHX]HWL RGJRYRUQRVW]DSURL]YRGWMGDSURL]YRGEXGHXVNODGXVDVYLPRGUHGEDPDUHOHYDQWQHLKGLUHNWLYHD 1RYRJ SULVWXSD 8 RGQRVX QD RFMHQMLYDQMH XVNODÿHQRVWL RGJRYRUQRVW SURL]YRÿDþD RYLVL R SULPLMHQMHQRM SURFHGXUL .DR RSãWH SUDYLOR SURL]YRÿDþ PRUD SUHGX]HWLVYH QHRSKRGQH PMHUH GD RVLJXUD GD SURFHV SURL]YRGQMH RVLJXUDYD XVNODÿHQRVW SURL]YRGD QSU GD XSUDYOMD VLVWHPRP NYDOLWHWD
  114. 114. GDSRVWDYL(R]QDNXQDSURL]YRGGDIRUPLUDWHKQLþNXGRNXPHQWDFLMXLGDGRQHVH( GHNODUDFLMXRXVNODÿHQRVWL2YLVQRRGLUHNWLYLRGSURL]YRÿDþDVHPRåH]DKWLMHYDWLGDSRGQHVHVYRM SURL]YRGWUHüRMVWUDQLRELþQRSULMDYOMHQRPWLMHOX
  115. 115. ]DLVSLWLYDQMHSURL]YRGDLFHUWLILFLUDQMHLOLGDLPD FHUWLILFLUDQ YODVWLWL VLVWHP NYDOLWHWD RG VWUDQH SULMDYOMHQRJ WLMHOD 'RGDWQR QHNROLNR GLUHNWLYD XVSRVWDYOMDGRGDWQHREDYH]HQSU]DKWMHYGDVHX]SURL]YRGSULGUXåHRGUHÿHQHLQIRUPDFLMH
  116. 116. 'LUHNWLYHRELþQR]DKWLMHYDMXGDVHSURL]YRÿDþPRåHLQGHQWLILFLUDWLQDSURL]YRGX 0HÿXWLPSRQHNDG QLMHPRJXüHLQGHQWLILFLUDWLRVREXNRMDMH]DLVWDELODRGJRYRUQD]DGL]DMQLSURL]YRGQMXSURL]YRGD8 RGUHÿHQLPVHNWRULPDRYRQHVPDQMXMHRGJRYRUQRVWLRVREHNRMDSODVLUDSURL]YRGQDWUåLãWH=DMHGQLFH QSU ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH XYR]L SURL]YRG L] WUHüH ]HPOMH VD FLOMHP QMHJRYRJ SODVLUDQMD QD WUåLãWH =DMHGQLFH
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  119. 119. GLUHNWLYHRPDãLQDPDLþODQRP
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  122. 122. 29/$â7(1,35('67$91,. 3URL]YRÿDþPRåHELWLORFLUDQX=DMHGQLFLLOLQHJGMHGUXJGMH8VYDNRPVOXþDMXSURL]YRÿDþPRåH SRVWDYLWL RYODãWHQRJ SUHGVWDYQLND GD UDGL X QMHJRYX NRULVW X SURYRÿHQMX RGUHÿHQLK ]DGDWDND ]DKWMHYDQLK X SULPMHQMLYLP GLUHNWLYDPD 0HÿXWLP SURL]YRÿDþ VD VMHGLãWHP YDQ =DMHGQLFH QLMH REDYH]DQ GD LPD RYODãWHQRJ SUHGVWDYQLND X =DMHGQLFL PDGD WR PRåH SUHGVWDYOMDWL RGUHÿHQH SUHGQRVWL 8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD WM GD EL VH PRJOR UDGLWL X NRULVW SURL]YRÿDþD RYODãWHQL SUHGVWDYQLN PRUD LPDW VMHGLãWH X =DMHGQLFL 7UJRYDþNL SUHGVWDYQLFL SURL]YRÿDþD ELOR GD LPDMX VMHGLãWH X =DMHGQLFL LOL YDQ QMH QH EL VH WUHEDOL PLMHãDWL VD RYODãWHQLP SUHGVWDYQLNRP VDJODVQR GLUHNWLYDPD1RYRJSULVWXSD =DGDFL NRMH ãDOMH SURL]YRÿDþ RYODãWHQRP SUHGVWDYQLNX PRUDMX ELWL WDþQR GHILQLVDQL L X SLVDQRM IRUPL SRVHEQR GD GHILQLãX VDGUåDMH ]DGDWDND L JUDQLFH PRüL SUHGVWDYQLND 2YLVQR R SURFHGXUL RFMHQMLYDQMD XVNODÿHQRVWL L SUHGPHWQRM GLUHNWLYL RYODãWHQL SUHGVWDYQLN PRåH QD SULPMHU ELWL SRVWDYOMHQ GD RVLJXUD L REMDYL GD MH SURL]YRG X VNODGX VD ]DKWMHYLPD SRVWDYL ( R]QDNX L EURM SULMDYOMHQRJ WLMHOD QD SURL]YRG QDSUDYLWL L SRWSLVDWL ( GHNODUDFLMX R XVNODÿHQRVWL LOL GUåDWL GHNODUDFLMXLWHKQLþNXGRNXPHQWDFLMXQDUDVSRODJDQMXQDFLRQDOQLPQDGOHåQLPWLMHOLPD]DQDG]RU 2YODãWHQL SUHGVWDYQLN VH RELþQR QH GHILQLãH X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYH R PHGLFLQVNLPVUHGVWYLPD]D³LQYLWUR´GLMDJQRVWLFLUDQMH .DR L]X]HWDN VDJODVQR GLUHNWLYDPD R PHGLFLQVNLP VUHGVWYLPD L PHGLFLQVNLP VUHGVWYLPD ]D ³LQ YLWUR´ GLMDJQRVWLFLUDQMHSURL]YRÿDþPRUDLPHQRYDWLRVREXNRMDVHXVSRVWDYOMDX=DMHGQLFLGDEXGHRGJRYRUQD ]D PDUNHWLQJ PHGLFLQVNLK VUHGVWDYD DNR RQ QHPD SULMDYOMHQ SRVORYQL SURVWRU X 'UåDYL þODQLFL L RQ SODVLUD XUHÿDMHQDWUåLãWH=DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP 8YH]LVDGHWDOMQRPOLVWRPRGJRYRUQRVWLNRMDELPRJODELWLGHOHJLUDQDRYODãWHQRPSUHGVWDYQLNXXVNODGXVD VYDNLPPRGXORPYLGLWDEHOXXSRJODYOMX x 3URL]YRÿDþ PRåH SRVWDYLWL ELOR NRMH IL]LþNR LOL SUDYQR OLFH GD JD ]DVWXSD X VYRMVWYX RYODãWHQRJSUHGVWDYQLND x 8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD RYODãWHQL SUHGVWDYQLN PRUD LPDWL VMHGLãWH XQXWDU =DMHGQLFH x 2YODãWHQLSUHGVWDYQLNVHLVNOMXþLYRLPHQXMHRGVWUDQHSURL]YRÿDþDLRQVHPRåHVPDWUDWL RGJRYRUQLPRGVWUDQHQDGOHåQLKWLMHOD'UåDYDþODQLFDXPMHVWRSURL]YRÿDþDXSRJOHGX NDVQLMLKREDYH]DXWYUÿHQLKSRSUHGPHWQRMGLUHNWLYL1RYRJSULVWXSD x 3URL]YRÿDþ RVWDMH XRSüH RGJRYRUDQ ]D DNFLMH SURYHGHQH RG VWUDQH RYODãWHQRJ SUHGVWDYQLNDXQMHJRYXNRULVW
  123. 123. =DGDFLGHOHJLUDQLRYODãWHQRPSUHGVWDYQLNXVXDGPLQLVWUDWLYQHSULURGH3UHPDWRPHSURL]YRÿDþQH ELPRJDRQLWLGHOHJLUDWLQHRSKRGQHPMHUHGDREH]ELMHGLGDSURL]YRGQLSURFHVRVLJXUDYDXVNODÿHQRVW SURL]YRGDQLIRUPLUDWLWHKQLþNXGRNXPHQWDFLMX1DGDOMHRYODãWHQLSUHGVWDYQLNQHPRåHPRGLILFLUDWL SURL]YRGVDPRYROMQRXQDPMHULGDJDXVNODGLVDSULPMHQMLYLPGLUHNWLYDPD 2YODãWHQL SUHGVWDYQLN PRåH LVWRYUHPHQR LPDWL IXQNFLMX SRGXJRYDUDþD 6DJODVQR WRPH NDR SRGXJRYDUDþ RQ EL PRJDR XþHVWYRYDWL X GL]DMQX L SURL]YRGQML SURL]YRGD SRG XVORYRP GD SURL]YRÿDþ ]DGUåDYD FMHORNXSQX NRQWUROX QDG SURL]YRGRP GR LVSXQMDYDQMD QMHJRYHRGJRYRUQRVWL NRMDVHRGQRVLQDXVNODÿHQRVWSURL]YRGDVDRGUHGEDPDSULPMHQMLYLKGLUHNWLYD 892=1,.262%$2'*29251$=$3/$6,5$1-(1$75ä,â7( 8YR]QLN VD VMHGLãWHP X =DMHGQLFL NRML SODVLUD SURL]YRG L] WUHüH ]HPOMH QD WUåLãWH =DMHGQLFH LPD RJUDQLþHQXDOLGHILQLVDQXRGJRYRUQRVWSRGLUHNWLYDPD1RYRJ3ULVWXSD8QHNLPGLUHNWLYDPDQD XYR]QLNDVHXSXüXMHNDRQDRVREXRGJRYRUQX]DSODVLUDQMHQDWUåLãWH 8VNODGXVDGLUHNWLYDPD1RYRJSULVWXSDXYR]QLNRVREDRGJRYRUQD]DSODVLUDQMHQDWUåLãWH
  124. 124. PRUD ELWLXPRJXüQRVWLGDREH]ELMHGLQDGOHåQRPWLMHOX]DQDG]RUNRSLMX(GHNODUDFLMHRXVNODÿHQRVWLL VWDYL PX WHKQLþNX GRNXPHQWDFLMX QD UDVSRODJDQMH 2YD RGJRYRUQRVW MH SUHEDþHQD QD XYR]QLND RVREHRGJRYRUQH]DSODVLUDQMHQDWUåLãWH
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  126. 126. EL PRJDR SUHX]HWL EULJX R RYRM REDYH]L SXWHP ]DKWLMHYDQMD ]YDQLþQH JDUDQFLMH X SLVDQRM IRUPLRG x 8YR]QLN RVRED RGJRYRUQD ]D SODVLUDQMH QD WUåLãWH
  127. 127. X ]QDþHQMX GLUHNWLYD 1RYRJ SULVWXSD MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH VD VMHGLãWHP X =DMHGQLFL NRMH SODVLUD SURL]YRGL]WUHüH]HPOMHQDWUåLãWH=DMHGQLFH x 8YR]QLNPRUDRVLJXUDWLGDMHXVWDQMXGDREH]ELMHGLQHRSKRGQHLQIRUPDFLMHQDGOHåQRP WLMHOX]DQDG]RUQDGWUåLãWHPNRMHVHRGQRVHQDSURL]YRGWDPRJGMHSURL]YRÿDþQHPD VMHGLãWHX=DMHGQLFLLQHPDRYODãWHQRJSUHGVWDYQLNDX=DMHGQLFL x )L]LþNRLOLSUDYQROLFHNRMHXYR]LSURL]YRGX=DMHGQLFXVHPRåHXQHNLPVLWXDFLMDPD VPDWUDWL NDR RVRED NRMD PRUD SUHX]HWL RGJRYRUQRVWL SURL]YRÿDþD X VNODGX VD SULPMHQMLYLPGLUHNWLYDPD1RYRJSULVWXSD
  128. 128. SURL]YRÿDþDGDüHGRNXPHQWLELWLVWDYOMHQLQDUDVSRODJDQMHNDGDWREXGH]DKWLMHYDORQDGOHåQRWLMHOR ]DQDG]RU 8YR]QLNQHWUHEDPDQGDWRGSURL]YRÿDþDQLWLSRYODãWHQRGQRVVDSURL]YRÿDþHPNDRãWRWR WUHED RYODãWHQLSUHGVWDYQLN0HÿXWLPXYR]QLNPRUDRVLJXUDWLXQDPMHULGDLVSXQLVYRMHRGJRYRUQRVWLGD VHPRåHXVSRVWDYLWLYH]DVDSURL]YRÿDþHP 8YR]QLNELPRJDRåHOMHWLGDXUDGLDGPLQLVWUDWLYQH]DGDWNHXLPHSURL]YRÿDþD8WDNYRPVOXþDMXRQ PRUDELWLHNVSOLFLWQRLPHQRYDQRGVWUDQHSURL]YRÿDþDXQDPMHULGDSRVWDQHRYODãWHQLSUHGVWDYQLN DNRüHVHXVSRVWDYLWLX=DMHGQLFL 8QHNLPVLWXDFLMDPDRVREDQDNRMXVHXSXüXMHNDRXYR]QLNDPRUDVHVPDWUDWL±X]QDþHQMXGLUHNWLYD 1RYRJ SULVWXSD ± SURL]YRÿDþHP6DJODVQR WRPH RQ PRUD ELWL X VWDQMX GD SUHX]PH RGJRYRUQRVWL SURL]YRÿDþDWMGDRVLJXUDGDMHSURL]YRGXVNODGXVDHVHQFLMDOQLP]DKWMHYLPDLGDMHSULPLMHQMHQD RGJRYDUDMXüDSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWL ',675,%87(5 7UJRYFLQDPDORWUJRYFLQDYHOLNRLRVWDOLGLVWULEXWHULXODQFXVQDGELMHYDQMDQHPRUDMXGDLPDMX SRYODãWHQ RGQRV VD SURL]YRÿDþHP NDR ãWR WR LPD RYODãWHQL SUHGVWDYQLN 2QL PRJX REDYOMDWL WUJRYDþNH DNFLMH X LPH SURL]YRÿDþDLOL X QMLKRYR YODVWLWR LPH QDNRQ ãWR MH SURL]YRG VWDYOMHQ QD UDVSRODJDQMHQDWUåLãWX=DMHGQLFH 2G GLVWULEXWHUD EL VH WUHEDOR ]DKWLMHYDWL GD VH SRQDãD VREDYH]RP RGJRYDUDMXüH EULJH L GD LPD RVQRYQR]QDQMHRSULPMHQMLYLP]DNRQVNLP]DKWMHYLPD2QELWUHEDR]QDWLQDSULPMHU 2GJRYRUQRVWLXYR]QLNDRVREHRGJRYRUQH]DSODVLUDQMHQDWUåLãWH
  129. 129. VXSURãLUHQHSUHPDGLUHNWLYDPDNRMHVH RGQRVHQDPDãLQHLOLIWRYHXVNODGXVNRMLPREDYH]HNRMHVHRGQRVHQDSURFHGXUXRFMHQMLYDQMDXVNODÿHQRVWL SDGDMX QD RVREX NRMD SODVLUD SURL]YRG QD WUåLãWH X =DMHGQLFL JGMH QLWL SURL]YRÿDþ QL QMHJRY RYODãWHQL SUHGVWDYQLNQHPDMXVMHGLãWHX=DMHGQLFLLOLPRQWDåHUOLIWDLVSXQMDYDRYHREDYH]H 8YH]LVDRSLVRPSURL]YRÿDþDLQMHJRYLKRGJRYRUQRVWLYLGLSRJODYOMH x 2GUHGEHNRMHVHRGQRVHQDGLVWULEXFLMXRELþQRQLVXXNOMXþHQHXGLUHNWLYH1RYRJSULVWXSD x 'LVWULEXWHURPVHVPDWUDELORNRMHIL]LþNRLOLSUDYQROLFHXODQFXVQDGELMHYDQMDNRMHL]YRGL WUJRYDþNHDNFLMHNRMHVOLMHGHQDNRQãWRMHSURL]YRGSODVLUDQQDWUåLãWH=DMHGQLFH x 'LVWULEXWHU VH PRUD SRQDãDWL VD REDYH]RP RGJRYDUDMXüH EULJH X QDPMHUL GD QH SODVLUD RþLJOHGQRQHXVNODÿHQHSURL]YRGHQDWUåLãWH=DMHGQLFH2QWDNRÿHUPRUDELWLXVWDQMXGDRYR GHPRQVWULUDQDFLRQDOQRPQDGOHåQRPWLMHOX]DQDG]RU
  130. 130. NRML SURL]YRGL PRUDMX QRVLWL ( R]QDNX NRMH LQIRUPDFLMH QSU GHNODUDFLMD R XVNODÿHQRVWL
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