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SUHWSRVWDYLR GD VH EORNLUDQL SR]LYL RGPDK SUHNLGDMX WH GD VH QH SRQDYOMDMX ,]UD] NRML MH UD]YLR (UODQJ WHPHOMHP SUHWKRGQLK SUHWSRVWDYNL (UODQJ % MRã MH XYLMHN X SULPMHQL X SURMHNWLUDQMXWHOHIRQVNLKVXVWDYD
6OLND
,OXVWUDFLMDSURPHWDX(UODQ]LPD
8 þDVW $ . (UODQJD WHPHOMQD MHGLQLFD WHOHIRQVNRJ
SURPHWD QD]YDQD MH (UO (UODQJ 3URPHW PMHUHQ
(UODQ]LPDMHEURMSURPHWQLKVDWLWLMHNRPMHGQRJVDWD -HGDQ WHOHIRQVNLNUXJSRWSXQR]DX]HWWLMHNRPMHGQRJ
VDWD GDMHSURPHWRG(UOWLMHNRPWRJVDWD$NRMHWDM LVWL NUXJSUHQRVLRMHGDQPLQXWQLUD]JRYRUWLMHNRP WRJ VDWDWDGDMHRVWYDUHQSURPHWRG(UO
3URPHW VH PMHUL ]D VNXSLQX VSRMQLK OLQLMD NRMH SRYH]XMXNRPXWDFLMVNDVUHGLãWDFHQWUDOH LOLRGUH HQL
EURM SUHWSODWQLþNLK OLQLMD NRML RSVOXåXMH WD FHQWUDOD 3URPHW X (UODQ]LPD MHVW SURVMHþQL EURM LVWRYUHPHQLK SR]LYD SRVOXåHQLK NRPXWDFLMVNLP VUHGLãWHP WLMHNRP MHGQRJ VDWD2GDEUDQLVDWRELþQRMHQDMSURPHWQLMLVDW X GDQXJODYQLSURPHWQLVDW*36
8 SURMHNWLUDQMXWHOHIRQVNRJVXVWDYDFLOMMHRGUHGLWLEURMVNORSRYDLOLEURMXOD]DLL]OD]D
NRPXWDFLMVNRJ VXVWDYD W]Y SRUWRYL QHRSKRGQLK ]D RSVOXåLYDQMH SR]QDWH NROLþLQH SURPHWD
X] RGUåDYDQMHåHOMHQHYMHURMDWQRVWLEORNLUDQMD9MHURMDWQRVWQLPRGHONRMHJDVXUD]YLOL0ROLQDL (UODQJ GDMH UMHãHQMH SRG RGUH HQLP SUHWSRVWDYNDPD 7DM PRGHO RELþQR SUHGYL D SRGUåDQL SURPHW X (UODQ]LPD ]D UD]OLþLWH YMHURMDWQRVWL EORNLUDQMD L UD]OLþLWH EURMHYH VSRMQLK OLQLMD LOL SRUWRYDXJUXSDPDSULNOMXþDND
8VSRUHGLPR OL GYLMH NRPXWDFLMVNH PUHåH 6OLND PRåHPR YLGMHWL NDNR
GMHORWYRUQR SURMHNWLUDQMH PRåH XPDQMLWL WURãNRYH 1DMMHGQRVWDYQLMD NRPXWDFLMVND PUHåD
6OLNDD SRYH]XMH1GROD]QLKL1RGOD]QLKOLQLMDSRVUHGVWYRP1[1PDWULFHXNRMRMVH VYDND RG XOD]QD OLQLMD VMHþH VD VYDNRP L]OD]QRP D VNORSNH VX VPMHãWHQH X WRþNDPD
VMHFLãWLPD %URM VORSNL X WDNYRM PUHåL MH 1ð DNR MH 1 VNORSNL üH ELWL 1ð .RPXWDFLMVNDPUHåDVYLãHVWXSQMHYDWUDåLPDQMLEURMVNORSNL1D6OLNDESULND]DQDMH
PUHåDVMHGQDNRPEURMHPXOD]DLL]OD]DDOLVWULVWXSQMDLVDVDPRVNORSNL3UYLVWXSDQM SRYH]XMHXOD]QLKOLQLMDVDPDWULFD[6YDNDRGWLKPDWULFDLPDXOD]DLL]OD]D6OLþQD MH LQDL]OD]XJGMHMHPDWULFD[NRMHVXVSRMHQHQDL]OD]DNRPXWDFLMVNHPUHåH'UXJL
VWXSDQMWYRUHPDWULFH[%URMVNORSNLSRVWXSQMHYLPD[[ [[ [[ XNXSQR ãWRMH]QDWQRPDQMHRGX[PDWULFL
6OLND
.RPXWDFLMVNHPUHåHEH]EORNLUDQMDD VMHGQLPVWXSQMHPLE VWULVWXSQMD
0RJXüHMHNRQVWUXLUDWLLGUXJDþLMXWURVWXSDQMVNXPUHåXþDNLVPDQMHVNORSNL1SUWUL
PDWULFHWLSD[XSUYRPVWXSQMXMHGQH[PDWULFHXGUXJRPVWXSQMXWHVDWUL[PDWULFHX WUHüHPVWXSQMXXNXSQRVNORSNL
6YHRSLVDQHPUHåHSRYH]XMXGROD]QLKVDRGOD]QLKOLQLMD3UYDMHGQRVWXSDQMVND
PUHåD MH QHEORNLUDMXüD MHU PRåH SRYH]DWL ELOR NRML XOD] V ELOR NRMLP VORERGQLP L]OD]RP
QHRYLVQR R XQXWDUQMHP VWDQMX PUHåH 3UYD WURVWXSDQMVND PUHåD WDNR HU MH QHEORNLUDMXüD DOL
VWD]H SRYH]LYDQMD RGUH HQRJ XOD]D L L]OD]D UD]OLþLWH VX L RYLVH R SUHWKRGQR XVSRVWDYOMHQLP YH]DPD 'UXJD PUHåD V WUL VWXSQMD MH EORNLUDMXüD $NR QSU SR WUL XOD]D SUYH [ PDWULFH
GROD]H]DKWMHYL]DXVSRVWDYXYH]HVDPRüHSUYDGYDELWLRSVOXåHQDMHUPDWULFDLPDVDPRGYD L]OD]D 2GUH HQLSRVWRWDNEORNLUDQMDSULKYDWOMLYMHXVLWXDFLMDPDNDGDVHQHPRUDVYHSR]LYH
LVWRYUHPHQR ]DGRYROMLWL WH VX SUDNWLþQD UMHãHQMD NRPSURPLV YMHURMDWQRVWL EORNLUDQMD L EURMD NRPXWDFLMVNLKVNORSNL
$XWRPDWVNDNRPXWDFLMD
0DQXDOQDNRPXWDFLMDELODMHVSRUDL]DKWLMHYDODMHYHOLNLEURMSRVOXåLWHOMD6XYUHPHQL
NRPXWDFLMVNL VXVWDYL VX DXWRPDWVNL DOL VX WHPHOMQH LGHMH L QHNL RG SUREOHPD RVWDOL LVWL .RPXWDFLMVNL VXVWDY L GDOMH REDYOMD GYLMH VNXSLQH IXQNFLMD 8SUDYOMDþNL GLR 6OLND ]DPMHQMXMH SRVOXåLWHOMD D NRPXWDFLMVND PUHåD REDYOMD IXQNFLMX XVSRVWDYH IL]LþNRJ
NRPXQLNDFLMVNRJ VWUXMQRJ NUXJD NRMX VX X PDQXDOQLP VXVWDYLPD LPDOL XWLNDþL NDEHOL L XWLþQLFH NRPXWDFLMVNRJ SROMD 6NRUR VYH NRPXWDFLMVNH PUHåH VX YLãHVWXSDQMVNH SDåOMLYR SURMHNWLUDQH NDNR EL SULPMHQRP ãWR PDQMHJ EURMD NRPXWDFLMVNLK SUHNORSNL GDOH SULKYDWOMLYX UD]LQXEORNLUDQMD
6OLND
%ORNVKHPDDXWRPDWVNRJNRPXWDFLMVNRJVXVWDYD
6OLND
6WURZJHURY NRUDþQLELUDþ
6XYUHPHQL DXWRPDWVNL NRPXWDFLMVNL VXVWDYL LPDMX YLVRNL VWXSDQM IOHNVLELOQRVWL L
SUHJOHGQRVWL RUJDQL]DFLMH NRML VX ELOL VYRMVWYHQL PDQXDOQLP VXVWDYLPD VD þHSRYLPD L þHSLãWLPD 'DQDãQML VX VXVWDYL PH XWLP UH]XOWDW GXJRWUDMQRJ UD]YRMD WH VX X RGQRVX QD
SUYRWQHL]YHGERPYHRPDUD]OLþLWL2VWDODVXGYDELWQDGLMHOD8SUDYOMDþNDIXQNFLMDSRYH]DQD PDWULFDPDVNORSNLNRMHSRYH]XMXJRYRUQHNDQDOH
1LWNR QLMH RþHNLYDR GD üH DXWRPDWVND NRPXWDFLMD ULMHãLWL VYH SUREOHPH 1D SRþHWNX
UD]YRMD FLOM MH ELR SURQDüL ]DGRYROMDYDMXüD VUHGVWYD ]D XEU]DQMH NRPXWDFLMVNLK SURFHVD X]
VPDQMHQMHWURãNRYD]DUDGQXVQDJX*RGLQH$OPRQ%6WURZJHUSRGX]HWQLNL].DQVDV &LW\D 0LVVRXUL SDWHQWLUDR MH DXWRPDWVNL NRPXWDFLMVNL VXVWDY NRML MH ]DLVWD L L]UD HQ JRGLQH WH IXQNFLRQLUDR VOLMHGHüH þHWLUL JRGLQH 3UYD SUDNWLþQD WHOHIRQVND FHQWUDOD QD]YDQD ³NRUDN SR NRUDN´ LOL NUDüH ³NRUDþQD´ QDVWDOD MH QD 6WUDZJHURYLP LGHMDPD *RGLQH
VXUDGQLFL 6WUDZJHUD L]XPLOL VX VOLþDQ URWLUDMXüL ELUDþ NRML MH RPRJXüDYDR SR]LYDWHOMX GD L]UDYQR NRPXWDFLMVNRPVXVWDYXGDMHXSXWHEH]SRVUHGRYDQMDOMXGVNRJSRVOXåLWHOMD
6OLND
.RPXWDFLMVNRSROMHNRUDþQRJELUDþD
.RUDþQL ELUDþ 6OLND L 6OLND LPDRMHSRNUHWQLSDUPHWDOQLKNRQWDNDWD W]Y
³UXND´ SULþYUãüHQ ]D YHUWLNDOQX SROXJX L SROXNUXåQLK ³NDWRYD´ QHSRPLþQLK PHWDOQLK NRQWDNDWD VD SR SDUL NRQWDNDWD QD VYDNRP NDWX XNXSQR SDUL NRQWDNDWD QD MHGQRP ELUDþX %LUDþNLPLPSXOVLPDRGUH XMHVHSRPLFDQMHELUDþD6OLMHGRGGRELUDþNLKLPSXOVD
SRPLþHSROXJXGRåHOMHQRJNDWDDGUXJLVOLMHGRGGRLPSXOVD]DNUHüHSROXJXWDNRGDVH SRPLþQLNRQWDNWLUXNHVSRMHVDåHOMHQLPSDURPQHSRPLþQLKNRQWDNDWD7DNRQDNRQQHNROLNR
NRUDND SRGL]DQMD L ]DNUHWDQMD UXþLFH ELUDþD PRJXüH MH VSRMLWL VH QD ELOR NRML RG SDUL QHSRPLþQLK NRQWDNDWD 8 FHQWUDOL VD SUHWSODWQLND EURMHYD NRUDþQL ELUDþ SULGMHOMHQ
VYDNRP SUHWSODWQLNXLXSUDYOMDQVGYDVOLMHGDHOHNWULþQLKLPSXOVDPRåHSRYH]DWLSUHWSODWQLND VD ELOR NRMRP RG L]OD]QLK OLQLMD ELUDþD 1H]JRGD MH ãWR NRUDþQL ELUDþ GMHOXMH V SXQR
PHKDQLþNRJ JLEDQMD D NOL]DQMH SRPLþQLK NRQWDNDWD SUHNR QHSRPLþQLK L]D]LYD QMLKRYR WURãHQMH LJHQHULUDLPSXOVQHVPHWQMH
8 FHQWUDODPD YHüHJ NDSDFLWHWD SUYL NRUDþQL ELUDþ SRYH]XMH SUHWSODWQLND V GUXJLP
ELUDþHP LWDNRGDOMHGRNSUHWSODWQLNNRQDþQRQHGRVHJQHåHOMHQXL]OD]QXOLQLMX.DRSULPMHU
6OLND ]DSRYH]LYDQMHSUHWSODWQLNDVMHGQLPRGRVWDOLKSUHWSODWQLNDQXPHULUDQLK VD GR SRVUHGVWYRP NRPXWDFLMVNRJ VXVWDYD NRUDNSRNRUDN SRWUHEQR MH ELUDQMH VD
þHWLUL]QDPHQNHNRMHXSUDYOMDMXSRPLFDQMHþHWLULMXVWXSQMHYDNRUDþQLKELUDþD.DGDSR]LYDWHOM GLJQH07.VYRMHJWHOHIRQVNRJDSDUDWDFHQWUDOD³RVMHüD´]DWYDUDQMHVWUXMQRJNUXJDUHDJLUDQD
SURWMHFDQMH VWUXMH WDNR ãWR VH SRNUHüH W]Y ³WUDJDþ´ 7R MH WDNR HU NRUDþQL ELUDþ NRML X GYD
VOLMHGD NRUDND YHUWLNDOQR SD ]DWLP KRUL]RQWDOQR SURQD H OLQLMX V NRMH GROD]L ]DKWMHY ]D XVSRVWDYRPYH]H1DNRQãWRMHXVWDQRYOMHQRWNRMHSR]LYDWHOMWRPVHOLQLMRPXSXüXMH³]QDN VORERGQRJ ELUDQMD´ HQJ GLDO WRQH 7UDJDþ MH SRYH]DQ V SUYLP ELUDþHP 3UHWSODWQLN ± SR]LYDWHOMELUDSUYX]QDPHQNXWUDåHQRJEURMDEURMþDQLNQMHJRYRJWHOHIRQVNRJDSDUDWDRGDãLOMH
WROLNRLPSXOVDWHVH]DLVWLEURMYHUWLNDOQLKNRUDNDSRPLþHSUYLELUDþDQDNRQWRJDVDPRVWDOQR
VH SRPLþH X KRUL]RQWDOQRP VPMHUX GRN QH SURQD H VYRM SUYL VORERGQL L]OD] GR GUXJRJ ELUDþNRJVWXSQMD'UXJDRGDEUDQD]QDPHQNDQDVOLþDQQDþLQSRPLþHGUXJLELUDþNLVWXSDQMD WHN WUHüL VWXSDQM NRQDþQR GROD]L GR WUDåHQRJ EURMD SRPLFDQMHP YHUWLNDOQR L KRUL]RQWDOQR
XSUDYOMDQ ELUDþNLP LPSXOVLPD SUHG]DGQMH L ]DGQMH ]QDPHQNH EURMD SR]LYDQRJ SUHWSODWQLND $NR MH OLQLMD WUDåHQRJ SUHWSODWQLND ]DX]HWD SR]LYDWHOMX VH XSXüXMH VLJQDO ]DX]HüD D DNR MH VORERGQD SR]YDQRPVHXSXüXMHVLJQDO]D]YRQR
%ORN SUHWSODW QLND
7UDJDþ 8SUDYOMDQMH WUDJDþHP
6OLND
ELUDþ
ELUDþ
.UDMQML ELUDþ
8SUDYOMDQMH ELUDþHP
8SUDYOMDQMH ELUDþHP
8SUDYOMDQMH ELUDþHP
8VSRVWDYDYH]HXNRUDþQRPVXVWDYXVSUHWSODWQLND
.RUDþQLELUDþLXSUDYOMDQLVXUHOHLPDNRMLVXVDVWDYQLGLRELUDþD8SUDYOMDQMHMHVDPRX
FLOMX XVSRVWDYH WUDåHQH YH]H L QH PRåH ELWL LVNRULãWHQR ]D ELOR NRML GUXJL SR]LY .RUDþQL
NRPXWDFLMVNLVXVWDYLQLVXRVRELWRGMHORWYRUQLMHUVXVMHGLQMHQHXSUDYOMDþNDIXQNFLMDNRMRPVH XVSRVWDYOMDYH]D LNRPXWDFLMVNDPUHåDNRMDXVSRVWDYLVSRMGYDMXSUHWSODWQLND =DMHGQLþNRXSUDYOMDQMH
.RUDþQD NRPXWDFLMD SRWYUGLOD MH VYRMX QLVNX FLMHQX L SRX]GDQRVW DOL MH LPDOD L
VNULYHQLK LQKHUHQWQLK RJUDQLþHQMD -HGQD MH SRWHãNRüD GROD]LOD L] PH XVREQR L]PLMHãDQLK ³PLãLüD´ NRPXWDFLMVNRJ SROMD L ³PR]JD´ XSUDYOMDQMD 8 PDQXDOQLP NRPXWDFLMVNLP
VXVWDYLPD ELOD MH MDVQD SRGMHOD IXQNFLMH XSUDYOMDQMD NRMX MH REDYOMDR SRVOXåLWHOM WLMHNRP XVSRVWDYH YH]H L NRPXWDFLMVNH PUHåH X REOLNX SROMD XWLNDþD L XWLþQLFD þHSRYD L þHSLãWD
NRMLPDVHRGUåDYDRVSRMGRNJDSRVOXåLWHOMQLMHUDVNLQXR8NRUDþQLPVXVWDYLPDXSUDYOMDQMHL
NRPXWDFLMVND PUHåD LVSUHSOHWHQL VX X VORåHQLP NRUDþQLP ELUDþLPD L UHOHMLPD NRML QMLPD XSUDYOMDMX6NXSLXSUDYOMDþNLVNORSRYLNRMLVOXåHWLMHNRPXVSRVWDYHYH]H]DX]HWLVXLNDVQLMH WLMHNRPUD]JRYRUDNDGDVXSUDNWLþQRQHLVNRULãWHQLLVWRMHXPLUX9LãHGHVHWOMHüDNRUDþQDMH
NRPXWDFLMD ELR QDMMHIWLQLML UDVSRORåLYL VXVWDY 5HODWLYQR QHGDYQR NRUDþQL VX VXVWDYL
]DPLMHQMHQL NRPXWDFLMVNLP VXVWDYLPD VD ]DMHGQLþNLP XSUDYOMDQMHP þLP VX WL UD]YRMHP WHKQRORJLMHSRVWDOLHNRQRPLþQLML'DQDVMHVNRURQHPRJXüHSURQDüLDNWLYQHNRUDþQHVXVWDYH
6OLND
%ORNVKHPDVXVWDYDVD]DMHGQLþNLPXSUDYOMDQMHP
8 VXVWDYLPD VD ]DMHGQLþNLP XSUDYOMDQMHP SRQRYR LPDPR MDVQR RGYRMHQH IXQNFLMH
XSUDYOMDQMD NRPXWDFLMRP L VDPR NRPXWDFLMVNR SROMH 6ORåHQL XSUDYOMDþNL VNORSRYL NRML
]DPMHQMXMXSRVOXåLWHOMDXPDQXDOQLPVXVWDYLPDNRULVWHVHVDPRXID]LXVSRVWDYHLUDVNLGDQMD YH]H D SUHRVWDOR YULMHPH QD UDVSRODJDQMX VX RVWDOLP SUHWSODWQLFLPD %XGXüL VH XSUDYOMDþNL VNORSRYLNRULVWHNUDWNRWUDMQRXRGQRVXQDWUDMDQMHMHGQDYH]HPRåHLKELWLUHODWLYQRPDOLEURM X MHGQRPNRPXWDFLMVNRPVXVWDYXWHPRJXELWLVORåHQLMHJUD H LIOHNVLELOQLMHIXQNFLRQDOQRVWL
3UYL VX VXVWDYL ]DMHGQLþNRJ XSUDYOMDQMD ELOL HOHNWURPHKDQLþNL VDVWDYOMHQL RG UHOHD L
GUXJLK SUHNLGDþDSRJRQMHQLKHOHNWURPDJQHWLPDLHOHNWURPRWRULPD2SüLSULQFLSL]DMHGQLþNRJ
XSUDYOMDQMD SUHåLYMHOL VX L X HOHNWURQLþNLP NRPXWDFLMVNLP VXVWDYLPD 6OLND .DGD SUHWSODWQLNSRGLJQH07.RII KRRN SUHWSODWQLþNDOLQLMDSRYH]XMHVHQDSROD]QLUHJLVWDU NRML ³VOXãD´ L³SDPWL´ELUDQLEURMSRKUDQMLYDQMHPVYLK]QDPHQDNDELUDQRJEURMD=DSRYH]LYDQMHV åHOMHQLPEURMHPPRUDVH]DWYRULWLRGUH HQDVNXSLQDVNORSNL8UH DMQD]YDQPDUNHURGUH XMH
NRMH VXWRVNORSNHNRMHWUHED]DWYRULWL1DNRQSURYMHUH]DX]HWRVWLSRKUDQMHQRJEURMDPDUNHU
SURQDOD]L VORERGQX VWD]X NUR] NRPXWDFLMVNX PUHåX RG SR]LYDWHOMD ND SR]YDQRP WH QDNRQ WRJD JHQHULUDVLJQDOHNRML]DWYDUDMXRGJRYDUDMXüHVNORSNH$NRPDUNHUXVWDQRYLGDMHELUDQL
EURM L]YDQ WH FHQWUDOH ]DSRVMHGD VH VORERGQL L]OD]QL NDQDO WH XUH DM QD]YDQ SULMHQRVQLN RGDãLOMHELUDQLEURMSUHNRWRJNDQDOD
6OLND
.URVVEDU VNORSND
8PMHVWRNRUDþQLKELUDþDVXVWDYLVD]DMHGQLþNLPXSUDYOMDQMHPNRULVWHPH XVREQR
SRYH]DQH SUHNLGDþNH PDWULFH 0DWULþQL SUHNLGDþ VDVWDYOMHQ MH RG NULåLãWD HQJ FURVVSRLQWV
XOD]QLK L L]OD]QLK OLQLMD -HGQRVWDYQL NRQWDNWL QD NULåLãWLPD WYRUH VSRMHYH ,VWRP PDWULFRP PRJXüHMHLVWRYUHPHQRRVWYDULWLYLãHVWD]D
(OHNWURPHKDQLþNLVXVWDYLRELþQRNRULVWHNURVVEDUSUHNLGDþHVDSRXOD]DLL]OD]D
3UYL NURVVEDU VXVWDY %HOO 1 SURUDGLR MH JRGLQH 6OLþQLVXVXVWDYLGDOMHUD]YLMDQL WH
LPDPR$7 7NURVVEDUVXVWDY1QDPLMHQMHQUXUDOQLPSRGUXþMLPD7LKJRGLQDVDPR VX WUHüLQX OLQLMD %HOORYRJ VXVWDYD RSVOXåLYDOL NRUDþQL VXVWDYL 2VWDWDN VX SRNULYDOL NURVEDU VXVWDYLLQRYLHOHNWURQLþNLNRPXWDFLMVNLVXVWDYL
6OLND
.RPXWDFLMVNLVXVWDY1
8 FLOMX NRULãWHQMD IOHNVLELOQRVWL
DXWRPDWVNLK NRPXWDFLMVNLK VXVWDYD VD ]DMHGQLþNLPXSUDYOMDQMHPSURYHGHQDVX WHPHOMLWH
PDWHPDWLþNH
VWXGLMH
YLãHVWXSDQMVNLKNRPXWDFLMVNLKPUHåD8 WLP
VX
UD]OLþLWL
LVWUDåLYDQMLPD
NRPXWDFLMVNL
SRYH]LYDQL
VWXSQMHYL
V
NRQDþQLP EURMHP SULMHQRVQLK OLQLMD 8 NRPSOLFLUDQLMLP
MH
DUKLWHNWXUDPD
SUREOHPEORNLUDQMD]QDWQRVORåHQLMLRGRQLKQDNRMHVHSULPMHQMXMH(UODQJRYD%IRUPXOD 3UHYR HQMH
0RJXüQRVWSRKUDQMLYDQMDFLMHORJELUDQRJEURMDXVXVWDYLPDVD]DMHGQLþNLPELUDQMHP
QHND YUVW SUHYR HQMD PRåH ELWL RG YHOLNH SUDNWLþQH NRULVWL NDNR NRULVQLFLPD VXVWDYD WDNR L
WHOHIRQVNLP NRPSDQLMDPD 3UHWSODWQLFLPD MH PRJXüH SULGLMHOLWL EURMHYH QHRYLVQR R IL]LþNRM ORNDFLMLSRVOMHGQMHJNRPXWDFLMVNRJVWXSQMDQDNRMHJDVXSRYH]DQL'LRNRPXWDFLMVNRJVXVWDYD ]DGXåHQ MH ]D SUHYR HQMH ELUDQRJ EURMD L] WHOHIRQVNRJ LPHQLND X EURM SUHPD NRMHPX VH
SURQDOD]LVWD]DGRåHOMHQRJSUHWSODWQLND7DNRMHPRJXüHGDVHSUHWSODWQLNSUHVHOLDGD]DGUåL VWDULSR]LYQLEURM
7DNDY MH VXVWDY SRYROMQLML L ]D WHOHIRQVNH NRPSDQLMH MHU RPRJXüDYD PLMHãDQMH
SUHWSODWQLND V YHOLNLP SURPHWQLP ]DKWMHYLPD SRGX]HüD L VOLþQR L SUHWSODWQLND V PDOLP SURPHWRPSULYDWQHRVREH 8WRPVOXþDMXEORNLUDQMHMHPDQMHYMHURMDWQR
(OHNWURQLþNRXSUDYOMDQMHXNRPXWDFLMVNLPVXVWDYLPD
8 SUYLP NRPXWDFLMVNLP VXVWDYLPD VD ]DMHGQLþNLP XSUDYOMDQMHP VXYUHPHQLP
UMHþQLNRP XSUDYOMDþNL SRGVXVWDY PRJOL EL QD]YDWL RåLþHQR KDUGZLUHG YLãHSURFHVRUVNR PXOWLSURFHVVRU QDPMHQVNR VSHFLDOSXUSRVH UHOHMVNR UDþXQDOR 2åLþHQR R]QDþDYD GD MH
UDþXQDOR ³SURJUDPLUDQR´ ORWDQLP YRGLþLPD NRML VX SRYH]LYDOL RGJRYDUDMXüH SULNOMXþNH UD]OLþLWLKVNORSRYD(OHNWURPHKDQLþNLSURFHVRUQLMHPRJDRUDGLWLGRYROMQREU]RGDELPRJDR
RSVOXåLWL VYH ]DKWMHYH ]D XVSRVWDYRP YH]H ]D REDYOMDQH LVWH IXQNFLMH X VXVWDYX MH ELOR
QHNROLNR SURFHVRUD WH RWXGD L QD]LY PXOWLSURFHVRUVNL 8UH DML VX WUDJDþL OLQLMD NRML WUDåH SUHWSODWQLNDNRMLMH]DKWLMHYDXVOXJXFHQWUDOHUHJLVWULNRMLSULKYDüDMX]QDPHQNHELUDQRJEURMDL
SURVOMH XMX JD PDUNHUX X L]UDYQRP REOLNX LOL SUHYHGHQRJ L] SUHWSODWQLþNRJ X NRPXWDFLMVNL
EURM PDUNHUD NRML SULPDMX WDNDY EURM RGDELUX VORERGQX VWD]X NUR] NRPXWDFLMVNR SROMH L
GRVWDYOMDMXSRYUDWQXLQIRUPDFLMXRXVSRVWDYOMHQRMVWD]L5DþXQDORMHQD]YDQRQDPMHQVNRMHU
MH SURMHNWLUDQR]D]DWYDUDQMHRGJRYDUDMXüLKVNORSNLDQH]D]EUDMDQMHPQRåHQMHSUHWUDåLYDQMH
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