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'DWX DQDOƯ]H XQ VDOƯG]LQƗMXPV VWDUS VRFLƗOL GHPRJUƗ¿VNƗP JUXSƗP OLHFLQD ND L]YƝUWƝMRW LHVSƝMDV VDƼHPW SDOƯG]ƯEX SHUVRQLVNX MDXWƗMXPX ULVLQƗãDQƗ YLVOLHOƗNƗV SUREOƝPDV YDUƝWX EnjW WR SDãX VRFLƗOR JUXSX SƗUVWƗYMLHP NXUL LHVNDLWƗPL DXJVWD L]ROƝWƯEDV ULVND JUXSƗ $QDOL]ƝMRW LHJnjWRV UH]XOWƗWXV DWELOGH ÄQDY WƗGX FLOYƝNX´ WLND DSYLHQRWD DU DWELOGL ÄJUnjWL SDWHLNW´ SLHƺDXMRW ND SƝGƝMƗV DWELOGHV VQLHG]ƝML QDY ƯVWL SƗUOLHFLQƗWL YDL YLƼLHP QHSLHFLHãDPƯEDV JDGƯMXPƗ EnjWX NƗGV FLOYƝNV SLH NƗ JULH]WLHV 9ƝUWƝMXPX DWãƷLUƯEX VWDWLVWLVNƗ EnjWLVNXPD QRWHLNãDQDL L]PDQWRWV +Ư NYDGUƗWD WHVWV /ƯG]ƯJL NƗ VRFLƗOR NRQWDNWX VDOƯG]LQƗMXPƗ EnjWLVNDV DWãƷLUƯEDV SDOƯG]ƯEDV SLHHMDPƯEDV YƝUWƝMXPƗ SDVWƗY VWDUS GDåƗGƗP YHFXPD JUXSƗP 3DU WR ND EnjWX FLOYƝNV SLH NƗ JULH]WLHV ODL QHSLHFLHãDPƯEDV JDGƯMXPƗ UDVWX SDOƯG]ƯEX SHUVRQLVNX SUREOƝPX ULVLQƗãDQƗ LU SƗUOLHFLQƗWL MDXQLHãX YHFXPƗ QR OƯG] JDGLHP 3LHDXJRW DSWDXMƗWR YHFXPDP VDPD]LQƗV SƗUOLHFƯED SDU ãƗGDV SDOƯG]ƯEDV VDƼHPãDQDV LHVSƝMDPƯEX 9HFXPD JUXSƗ QR OƯG] JDGLHP SDU WR SƗUOLHFLQƗWL YDLUV WLNDL DSWDXMƗWR $UƯ SƗUƝMLH UHVSRQGHQWL NXUX YƝUWƝMXPL EnjWLVNL DWãƷLUDV QR YLGƝMLHP UƗGƯWƗMLHP SƗUVWƗY MDX LHSULHNã DSOnjNRWƗV ± SDDXJVWLQƗWDL VRFLƗODL L]ROƝWƯEDL SDNƺDXWƗV JUXSDV 9LVPD]ƗN SƗUOLHFLQƗWL SDU WR ND EnjV NƗGV FLOYƝNV SLH NƗ JULH]WLHV SHUVRQLVNX SUREOƝPX JDGƯMXPƗ LU FLHWXPVRGX L]FLHWXãLH SHUVRQDV QR ƧLPHQƝP NDV G]ƯYR ]HP QDEDG]ƯEDV ULVND VOLHNãƼD WR PƗMVDLPQLHFƯEX SƗUVWƗYML NXUX JDOYHQLH LHQƗNXPX DYRWL LU SDEDOVWL FLOYƝNL DU LQYDOLGLWƗWL ± %njWLVNL QR SƗUƝMLHP ãDMƗ MDXWƗMXPƗ DWãƷLUDV DUƯ YLHQWXƺR YHFƗNX HWQLVNR PLQRULWƗãX SƗUVWƗYMX XQ GDUED PHNOƝWƗMX DWELOGHV 5XQƗMRW SDU SDOƯG]ƯEDV VDƼHPãDQX ¿QDQVLƗOX JUnjWƯEX JDGƯMXPƗ YƝUWƝMXPV YLVƗV JUXSƗV LU GDXG] SLHVDUG]ƯJƗNV /ƯG]ƯJL NƗ LHSULHNã EnjWLVNDV DWãƷLUƯEDV YƝURMDPDV DWNDUƯEƗ QR YHFXPD ± JDGX YHFX MDXQLHãX JUXSƗ SDU WR ND DWUDVWRV FLOYƝNV NDV YDUƝWX L]SDOƯG]ƝW QDY SƗUOLHFLQƗWL WLNDL DSWDXMƗWR EHW YHFXPD JUXSƗ QR OƯG] JDGLHP ãƯ UHVSRQGHQWX GDƺD VDVQLHG] MDX 6RFLƗOLH NRQWDNWL JDOYHQRNƗUW WLHN X]WXUƝWL DU VWDWXVƗ OƯG]ƯJƗP SHUVRQƗP 3DU WR OLHFLQD DUƯ SƝWƯMXPD UH]XOWƗWL ± WLHãL WUnjFƯJƗV SHUVRQDV YLVOLHOƗNDMƗ PƝUƗ ãDXEƗV SDU WR YDL EnjWX NƗGV FLOYƝNV SLH NƗ YƝUVWLHV ¿QDQVLƗOX SUREOƝPX JDGƯMXPƗ $WUDVW NƗGX NDV ¿QDQVLƗOL SDOƯG] EnjWX JUnjWL ± UHVSRQGHQWX QR ƧLPHQƝP NDV G]ƯYR ]HP QDEDG]ƯEDV ULVND VOLHNãƼD XQ SƗUVWƗY ƧLPHQHV DU ]HPƗNDMLHP LHQƗNXPLHP 1R SƗUƝMLHP UHVSRQGHQWLHP DWNDO EnjWLVNL DWãƷLUDV ELMXãR LHVORG]ƯWR QDY SƗUOLHFLQƗWL ND QHSLHFLHãDPƯEDV JDGƯMXPƗ YDUƝWX VDƼHPW ¿QDQVLƗOX SDOƯG]ƯEX NƗ DUƯ LQYDOƯGX GDUED PHNOƝWƗMX LOJVWRãR EH]GDUEQLHNX XQ YLHQWXƺR YHFƗNX DWELOGHV 1ƗNDPƗV UHIHUHQFHV NDWHJRULMDV SƝF NXUƗP YƝUWƝWV VRFLƗOR NRQWDNWX ORNV ELMD ãƗGDV SLH NƗ PHNOƝWX SDOƯG]ƯEX VOLPƯEDV JDGƯMXPƗ MD EnjWX QHSLHFLHãDPV DL]ƼHPWLHV OLHOX QDXGDV VXPPX XQ MD EnjWX YƝOƝãDQƗV DU NƗGX SDUXQƗW VNXPMX YDL QRPƗNWƯEDV JDGƯMXPƗ -ƗDW]ƯPƝ ND DWãƷLUƯJƗV VLWXƗFLMƗV UHVSRQGHQWL YƝUVWRV SLH GDåƗGLHP FLOYƝNLHP 6OLPƯEDV JDGƯMXPƗ NDG QHSLHFLHãDPD SDOƯG]ƯED PƗMDV GDUERV YDL LHSLUNXPX YHLNãDQƗ SƗUOLHFLQRãV YDLUƗNXPV UHVSRQGHQWX JULH]WRV SLH NƗGD QR ƧLPHQHV ORFHNƺLHP *DGƯMXPRV NDG QHSLHFLHãDPD OLHOƗND QDXGDV VXPPD YDL URGDV YDMDG]ƯED DU NƗGX SDUXQƗWLHV ODL DUƯ SLUPDMƗ YLHWƗ SDOLHN ƧLPHQHV ORFHNƺL GDXG] ELHåƗN WLHN PLQƝWDV DUƯ FLWDV SHUVRQX JUXSDV /DL DL]ƼHPWRV OLHOƗNX QDXGDV VXPPX JDGƯMXPX DSWDXMƗWLH JULH]WRV SLH FLWLHP UDGLQLHNLHP EHW VLUVQƯJDL VDUXQDL JDGƯMXPX L]YƝOƝWRV GUDXJXV &LWX VRFLƗOX JUXSX SƗUVWƗYML WLHN PLQƝWL LHYƝURMDPL UHWƗN $WELOGHV X] ãR MDXWƗMXPX ]LQƗPƗ PƝUƗ VQLHG] VRFLƗOR NRQWDNWX NYDOLWDWƯYR UDNVWXURMXPX NƗ DUƯ SUHFL]Ɲ WR SHUVRQX ORNX NDV YHLGR VRFLƗOƗ DWEDOVWD WƯNOX GDåƗGƗP LHG]ƯYRWƗMX JUXSƗP 'DWL OLHFLQD ND DWEDOVWV WLHN PHNOƝWV WDMƗV JUXSƗV DU NXUƗP QRWHLNWƗ DWWLHFƯEX OƯPHQƯ LU FLHãƗNL VRFLƗOLH NRQWDNWL %njWLVNDV DWãƷLUƯEDV YƝURMDPDV VWDUS GDåƗGD YHFXPD UHVSRQGHQWLHP -DXQLHãL VOLPƯEDV JDGƯMXPƗ YDLUƗN SDƺDXMDV


X] ƧLPHQHV ORFHNƺLHP EHW YHFƗND JDGDJƗMXPD UHVSRQGHQWL QR OƯG] JDGLHP GDXG] OLHOƗNƗ PƝUƗ SDƺDXMDV X] FLWX DWWƗOƗNX UDGLQLHNX SDOƯG]ƯEX DWELOVWRãL SUHW XQ SUHW 6DYXNƗUW ]HP QDEDG]ƯEDV ULVND VOLHNãƼD G]ƯYRMRãLH UHVSRQGHQWL JDGƯMXPX OLHOƗNƗ PƝUƗ QHNƗ FLWX JUXSX SƗUVWƗYML SDƺDXMDV X] GUDXJX SDOƯG]ƯEX 9LVYDLUƗN X] GUDXJX SDOƯG]ƯEX VOLPƯEDV JDGƯMXPƗ FHU YLHQWXƺLH YHFƗNL YLHQWXƺL G]ƯYRMRãƗV SHUVRQDV XQ ELMXãLH LHVORG]ƯWLH SLH GUDXJLHP SDOƯG]ƯEX PHNOƝWX YLGƝML DSWDXMƗWR NDPƝU X] GUDXJX SDOƯG]ƯEX SDƺDXMDV ELMXãR LHVORG]ƯWR XQ YLHQWXƺR YHFƗNX NDV LU LHYƝURMDPL DXJVWƗNL UƗGƯWƗML QHNƗ YLGƝML DSWDXMƗWR NRSXPƗ 6DOƯG]LQƗMXPƗ DU FLWƗP JUXSƗP X] NDLPLƼX SDOƯG]ƯEX VOLPƯEDV JDGƯMXPƗ YDLUƗN SDƺDXMDV YHFƗND JDGDJƗMXPD FLOYƝNL EH]GDUEQLHNL WUnjFƯJLH XQ ELMXãLH LHVORG]ƯWLH WDEXOD 3LH NƗ PHNOƝWX SDOƯG]ƯEX GDåƗGƗV G]ƯYHV VLWXƗFLMƗV

6OLPƯEDV JDGƯMXPƗ

/DL DL]ƼHPWRV OLHOX QDXGDV VXPPX

/DL SDUXQƗWRV VNXPMX XQ QRPƗNWƯEDV JDGƯMXPƗ

.ƗGV ƧLPHQHV ORFHNOLV

&LWV UDGLQLHNV

7XYV GUDXJV GUDXG]HQH

.ƗGV NDLPLƼã

.ƗGV GDUEDELHGUV .ƗGV QR VRFLƗOƗV SDOƯG]ƯEDV GLHQHVWD .ƗGV NXUDP PDNVƗ SDU SDOƯG]ƯEX

9ƝO NƗGV FLWV

1HYLHQV %Ɨ]H YLVL Q

$WNDUƯEƗ QR SLHGHUƯEDV YLHQDL YDL RWUDL VRFLƗOL HNRQRPLVNDMDL JUXSDL QR]ƯPƯJL DWãƷLUDV QRVDXNWƗV SHUVRQDV SLH NXUƗP YƝUVWRV ODL DL]ƼHPWRV OLHOƗNX QDXGDV VXPPX %njWLVNDV DWãƷLUƯEDV LU VDOƯG]LQRW DSWDXMƗWR NRSXPX SƝF YHFXPD SD]ƯPHV MDXQLHãX YHFXPƗ QR OƯG] JDGLHP YƝUVWRV SLH VDYLHP ƧLPHQHV ORFHNƺLHP NDPƝU QR YHFƗNR UHVSRQGHQWX YLGXV WR GDUƯWX WLNDL âƯV JUXSDV SƗUVWƗYML ELHåƗN JULH]WRV SLH UDGLQLHNLHP EHW MDXQLHãL VDYXNƗUW ± SLH GUDXJLHP DSWDXMƗWR YHFXPƗ QR OƯG] JDGLHP OLHOƗNX QDXGDV VXPPX QHSUDVƯWX QHYLHQDP 3LH GUDXJLHP ODL DL]ƼHPWRV OLHOƗNX QDXGDV VXPPX QHSLHFLHãDPƯEDV JDGƯMXPƗ YLVELHåƗN YƝUVWRV YLHQWXƺL YHFƗNL ELMXãLH LHVORG]ƯWLH NƗ DUƯ EH]GDUEQLHNL XQ WUnjFƯJLH LHG]ƯYRWƗML 0LQƝWR JUXSX SƗUVWƗYML YLVPD]ƗN YDU UƝƷLQƗWLHV DU VDYX ƧLPHQHV ORFHNƺX PDWHULƗOR SDOƯG]ƯEX /DXNX UDMRQX XQ SDJDVWX LHG]ƯYRWƗML LHYƝURMDPL ELHåƗN QHNƗ SLOVƝWQLHNL SDƺDXMDV X] NDLPLƼX SDOƯG]ƯEX 8] NDLPLƼLHP VDOƯG]LQRãL YDLUƗN FHU DUƯ LOJVWRãLH EH]GDUEQLHNL WUnjFƯJR ƧLPHƼX SƗUVWƗYML XQ ELMXãLH LHVORG]ƯWLH 8Q YLVEHLG]RW ± SHUVRQDV DU NXUƗP SDUXQƗWLHV VNXPMX XQ QRPƗNWƯEDV EUƯåRV 3ƝF YHFXPD YƝURMDPDV SUHWƝMDV ± QR]ƯPƯJL DWãƷLUƯJDV WHQGHQFHV DWELOåX VDGDOƯMXPƗ MDXQL FLOYƝNL EH] ƧLPHQHV ORFHNƺLHP SULHNãURNX GRG GUDXJLHP JDGƯMXPX MDXQLHãX JUXSƗ YHFƗNDMƗ UHVSRQGHQWX JUXSƗ VDYXNƗUW YHFƗND JDGDJƗMXPD FLOYƝNL VDOƯG]LQRãL ELHåƗN QHNƗ FLWL QRVDXNXãL UDGLQLHNXV XQ DUƯ NDLPLƼXV .RSXPƗ GUDXJXV NƗ SLUPRV FLOYƝNXV SLH NƗ JULH]WLHV VNXPMX XQ QRPƗNWƯEDV EUƯåRV YLVELHåƗN PLQƝMXãL ELMXãLH LHVORG]ƯWLH WUnjFƯJLH LHG]ƯYRWƗML 3LUPVSHQVLMDV XQ SHQVLMDV YHFXPD FLOYƝNL LOJVWRãLH EH]GDUEQLHNL ELMXãLH LHVORG]ƯWLH VDOƯG]LQRãL ELHåƗN QHNƗ FLWX JUXSX SƗUVWƗYML VDYDV SUREOƝPDV X]WLFƝWX NDLPLƼLHP


6RFLƗOR NRQWDNWX ORPD SDG]LƺLQƗWL DQDOL]ƝWD QƗNDPDMƗ VDGDƺƗ WRPƝU UH]XOWƗWX VDOƯG]LQƗMXPV SƝF GDåƗGLHP NULWƝULMLHP GH¿QƝWDMƗV PƝUƷD JUXSƗV ƺDXM VHFLQƗW ND VRFLƗOLH NRQWDNWL YHLGR LQGLYƯGD XQ GDåƗGX JUXSX VRFLƗOƗ NDSLWƗOD QR]ƯPƯJX UHVXUVX XQ LU SDPDWRWV LQGLNDWRUV DWVWXPWƯEDV VRFLƗOƗV GLPHQVLMDV UDNVWXURMXPDP XQ DWVWXPWƯEDV ULVND QRWHLNãDQDL


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