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LRKRPHFRQWUROȝȚĮȢıȣȞİȡȖȐIJȚįĮȢȝȐȡțĮȢȒİȞȩȢ ĮȝijȓįȡȠȝȠȣ ȤİȚȡȚıIJȘȡȓȠȣ LR 6RPI\ ĮȞĮIJȡȑȟIJİ ıIJȠȞĮȞIJȓıIJȠȚȤȠȠįȘȖȩ ,QVWDODFLyQ 5HFRPHQGDFLRQHV ()LJXUD+ (OLMD XQ HPSOD]DPLHQWR GRQGH OD GHWHFFLyQ GHO YLHQWR VHD Pi[LPD \ QR VH YHD LQWHUIHULGD SRU QLQJ~QREVWiFXOR (O VHQVRU GHEH HVWDU LQVWDODGR VLHPSUH HQ SRVLFLyQ KRUL]RQWDO \ ODV FRSHODV KDFLD DEDMR )LMDFLyQ GHO VRSRUWH PXUDO GHO (ROLV :LUH)UHHLR ()LJXUD, 6XHOWH ORV FOLSV GHO HOHPHQWR GHFRUDWLYR GHO VRSRUWHPXUDO 5HDOLFHGRVRUL¿FLRVFRQXQGLiPHWURGHPP XQRGHEDMRGHRWUR\FRQXQDVHSDUDFLyQHQWUH HOORVGHDOUHGHGRUGHPP )LMH HO VRSRUWH PXUDO FRQ ORV WRUQLOORV VXPLQLVWUDGRV FRORFDQGR HO RUL¿FLR DODUJDGR KRUL]RQWDOPHQWHKDFLDODSDUWHLQIHULRU 6XVWLWX\DHOHOHPHQWRGHFRUDWLYRHQHOVRSRUWH PXUDOFRQHOORJR6RPI\OHJLEOHDEDMR\SXOVHHO HOHPHQWR GHFRUDWLYR KDVWD HVFXFKDU HO ©FODFª TXHVHxDODTXHVHKD¿MDGRFRUUHFWDPHQWH 0RQWDMH\¿MDFLyQGHOVHQVRU ()LJXUD- 0RQWHODFDMDGHOVHQVRU ,QWURGX]FD ODV SDWLOODV GH ¿MDFLyQ HQ ODV PXHVFDV FRUUHVSRQGLHQWHV GHO ODGR PiV HVWUHFKR $FHUTXH ODV GRVSDUWHV GHO VHQVRU ODGR RSXHVWR DMXVWDQGR KDVWD HVFXFKDU HO ©FODFª TXH LQGLFD TXH VH KD PRQWDGR FRUUHFWDPHQWH 6XMHWHFRQFOLSVODKRUTXLOODGHOVHQVRUDODEDUUD GHOVRSRUWHPXUDOFRQODVFRSHODVKDFLDODSDUWH LQIHULRUHLQWURG~]FDODKDVWDHVFXFKDUHO©FODFª 3LYRWHHOVHQVRUVREUHVXVRSRUWHSDUDTXHTXHGH HQSRVLFLyQKRUL]RQWDO 9XHOYDDDSUHWDUHOWRUQLOORVLWXDGRHQODEDUUDGHO VRSRUWH PXUDO SDUD EORTXHDU OD LQFOLQDFLyQ GHO VHQVRU ǹȣIJȩ İʌȚIJȡȑʌİȚ ȞĮ İȜȑȖȟȠȣȝİ İȐȞ Ș İȞIJȠȜȒ ĮȞȑȝȠȣȑȤİȚʌȡȐȖȝĮIJȚıIJĮȜİȓıIJȠȒıIJĮȝȠIJȑȡ ȒțĮȚıIJȠȞȒıIJȠȣȢįȑțIJİȢ ǼȖțĮIJȐıIJĮıȘ ȈȣıIJȐıİȚȢ (ǼȚțȩȞĮ+ ǼʌȚȜȑȟIJİ ȝȚĮ șȑıȘ ȩʌȠȣ Ș ĮȞȓȤȞİȣıȘ IJȠȣ ĮȞȑȝȠȣ İȓȞĮȚȘȝȑȖȚıIJȘįȣȞĮIJȒțĮȚʌȠȣįİȞʌĮȡİȝʌȠįȓȗİIJĮȚ ĮʌȩİȝʌȩįȚĮ ȅĮȚıșȘIJȒȡĮȢʌȡȑʌİȚȞĮİȖțĮșȓıIJĮIJĮȚʌȐȞIJȠIJİ ıİȠȡȚȗȩȞIJȚĮșȑıȘȝİIJȠȞȑȜȚțĮʌȡȠȢIJĮțȐIJȦ ȈIJİȡȑȦıȘIJȠȣİʌȚIJȠȓȤȚȠȣıIJȘȡȓȖȝĮIJȠȢ ȇȪșȝȚıȘIJȠȣȠȡȓȠȣİȣĮȚıșȘıȓĮȢıIJȠȞ IJȠȣ(ROLV:LUH)UHHLR (ǼȚțȩȞĮ, ȐȞİȝȠıIJȠ(ROLV:LUH)UHHLR (ǼȚțȩȞĮ) ǹȞȠȓȟIJİIJȠȞ(ROLV:LUH)UHHLRțĮȚʌĮIJȒıIJİȑȞĮ ĮʌȩIJĮʌȜȒțIJȡĮȡȪșȝȚıȘȢȠȡȓȠȣȒ ȅ(ROLV:LUH)UHHLRĮȞĮȜȣIJȚțȐ ŹȉȠ ʌȡȠȡȣșȝȚıȝȑȞȠ ȩȡȚȠ 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XQ DMXVWH GH OtPLWHV SRU WLSR GH DSOLFDFLRQHV D SDUWLU GH XQ (DV\ 6XQ LR R GH XQ SXQWR GH PDQGR ELGLUHFFLRQDO LR 6RPI\ HVSHFt¿FR 3DUD UHLQLFLDOL]DU HVWRV OtPLWHV \ YROYHU D SRQHU XQ OtPLWH ~QLFRSXOVDUGXUDQWHVHJXQGRVXQDGHODVWHFODVGHDMXVWH R Ź/D SDQWDOOD PXHVWUD HO OtPLWH SRU GHIHFWR (VWH OtPLWH VHDSOLFDDWRGRVORVPRWRUHVRUHFHSWRUHVHPSDUHMDGRV FRQHVWHVHQVRU ǹȞIJȚțĮIJȐıIJĮıȘIJȦȞȝʌĮIJĮȡȚȫȞ ǼȡȦIJȒıİȚȢıȤİIJȚțȐȝİIJȠȞ(ROLV:LUH)UHHLR ǻȚĮʌȚıIJȫıİȚȢ ()LJXUD1 1RXWLOLFHHQQLQJ~QFDVRSLODVUHFDUJDEOHV (ǼȚțȩȞĮ1 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓIJİʌȠIJȑİʌĮȞĮijȠȡIJȚȗȩȝİȞİȢȝʌĮIJĮȡȓİȢ ǹʌȠıȣȞĮȡȝȠȜȠȖȒıIJİ IJȠȞ ĮȚıșȘIJȒȡĮ ȕȜ ʌĮȡĮʌȐȞȦ ǺȖȐȜIJİIJȚȢĮʌȠijȠȡIJȚıȝȑȞİȢȝʌĮIJĮȡȓİȢ ȉȠʌȠșİIJȒıIJİ țĮȚȞȠȪȡȖȚİȢ ĮȜțĮȜȚțȑȢ ȝʌĮIJĮȡȓİȢ IJȪʌȠȣ $$ /59IJȘȡȫȞIJĮȢIJȘȞʌȠȜȚțȩIJȘIJĮ ŹȉȠİȞįİȚțIJȚțȩIJȠȣĮȚıșȘIJȒȡĮĮȞȐȕİȚȝİʌȡȐıȚȞȠȤȡȫȝĮ İȐȞȘijȩȡIJȚıȘIJȦȞȝʌĮIJĮȡȚȫȞİȓȞĮȚİʌĮȡțȒȢ ŹȉȠ İȞįİȚțIJȚțȩ IJȠȣ ĮȚıșȘIJȒȡĮ ĮȞĮȕȠıȕȒȞİȚ ȝİ ʌȠȡIJȠțĮȜȓ ȤȡȫȝĮİȐȞȘijȩȡIJȚıȘIJȦȞȝʌĮIJĮȡȚȫȞİȓȞĮȚĮȞİʌĮȡțȒȢ ǼʌĮȞĮIJȠʌȠșİIJȒıIJİ IJȠȞ (ROLV :LUH)UHH LR ȕȜ țİijȐȜĮȚȠ ©ȉȠʌȠșȑIJȘıȘțĮȚıIJİȡȑȦıȘIJȠȣĮȚıșȘIJȒȡĮª Ȉİ ʌİȡȓʌIJȦıȘ ĮȜȜĮȖȒȢ IJȦȞ ȝʌĮIJĮȡȚȫȞ ȩȜİȢ ȠȚ ʌȡȠȖȡĮȝȝĮIJȚıȝȑȞİȢ ʌĮȡȐȝİIJȡȠȚ ʌĮȡĮȝȑȞȠȣȞ ĮʌȠȝȞȘȝȠȞİȣȝȑȞİȢĮʌİȡȚȩȡȚıIJĮ IJȘȞ ʌİȡȓʌIJȦıȘ ĮȣIJȩ İijĮȡȝȩȗİIJĮȚ ȖȚĮ ȩȜĮ IJĮ ȝȠIJȑȡ țĮȚ ȩȜȠȣȢ IJȠȣȢ įȑțIJİȢ ʌȠȣ ıȣȖȤȡȠȞȓȗȠȞIJĮȚ ȝİ ĮȣIJȩȞ IJȠȞ ĮȚıșȘIJȒȡĮ ǼʌĮȞĮijȠȡȐ ĮȡȤȚțȫȞ ȡȣșȝȓıİȦȞ IJȠȣ (ROLV :LUH)UHHLR (ǼȚțȩȞĮ4 ȆĮIJȒıIJİ IJȠ ʌȜȒțIJȡȠ ʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ ©352*ª IJȠȣ (ROLV :LUH)UHHLRȖȚĮįİȣIJİȡȩȜİʌIJĮ ȉȠ İȞįİȚțIJȚțȩ ĮȞȐȕİȚ ȝİ ʌȡȐıȚȞȠ ȤȡȫȝĮ ȝİIJȐ Įʌȩ įİȣIJİȡȩȜİʌIJĮțĮȚıȕȒȞİȚȝİIJȐĮʌȩįİȣIJİȡȩȜİʌIJĮ Źȅ(ROLV:LUH)UHHLRİʌĮȞȑȡȤİIJĮȚıIJȚȢĮȡȤȚțȑȢȡȣșȝȓıİȚȢ IJȠȣIJĮĮȝijȓįȡȠȝĮȤİȚȡȚıIJȒȡȚĮLRįȚĮȖȡȐijȠȞIJĮȚȝĮȗȓȝİ IJȘȡȪșȝȚıȘIJȠȣȠȡȓȠȣțĮȚIJȠțȜİȚįȓıȣıIJȒȝĮIJȠȢLR īȚĮ ȞĮ ȤȡȘıȚȝȠʌȠȚȒıİIJİ ȟĮȞȐ IJȠȞ (ROLV :LUH)UHH LR İʌĮȞĮȜȐȕİIJİȠȜȩțȜȘȡȠIJȠȞȑȜİȖȤȠȜİȚIJȠȣȡȖȓĮȢ ȉİȤȞȚțȐȤĮȡĮțIJȘȡȚıIJȚțȐ ȇĮįȚȠıȣȤȞȩIJȘIJĮ0K],RKRPHFRQWUROĮȝijȓįȡȠȝȘȢ ǹȞIJȚțĮIJȐıIJĮıȘ İȞȩȢ (ROLV :LUH)UHHLR ʌȠȣ ȜİȚIJȠȣȡȖȓĮȢWULEDQG ǻİȓțIJȘȢʌȡȠıIJĮıȓĮȢ,3 ȑȤİȚıʌȐıİȚȒʌȠȣʌĮȡȠȣıȚȐȗİȚȕȜȐȕȘ (ǼȚțȩȞĮ2 ȂİIJȐ IJȘȞ IJȠʌȠșȑIJȘıȘ IJȦȞ ȝʌĮIJĮȡȚȫȞ ıIJȠ ȞȑȠ (ROLV :LUH)UHHLRʌĮIJȒıIJİIJȠțȠȣȝʌȓ352*ıIJȠIJȠʌȚțȩıȘȝİȓȠ İȜȑȖȤȠȣ LR6RPI\ȑȦȢȩIJȠȣȘİijĮȡȝȠȖȒțȚȞȘșİȓʌȡȠȢIJĮ ʌȐȞȦțĮȚʌȡȠȢIJĮțȐIJȦ§įİȣIJİȡȩȜİʌIJĮ ȆĮIJȒıIJİ IJȠ țȠȣȝʌȓ 352* O IJȠȣ țĮȚȞȠȪȡȖȚȠȣ (ROLV :LUH)UHHLRȖȚĮįİȣIJİȡȩȜİʌIJĮ ȉȠ İȞįİȚțIJȚțȩ IJȠȣ țĮȚȞȠȪȡȖȚȠȣ (ROLV :LUH)UHHLR O ĮȞȐȕİȚ ȝİ ʌȡȐıȚȞȠ ȤȡȫȝĮ ȝİIJȐ Įʌȩ įİȣIJİȡȩȜİʌIJĮ țĮȚ ʌĮȡĮȝȑȞİȚĮȞĮȝȝȑȞȠȖȚĮįİȣIJİȡȩȜİʌIJĮ ŹǵȜȠȚȠȚĮȚıșȘIJȒȡİȢʌȠȣȑȤȠȣȞıʌȐıİȚȒʌȠȣʌĮȡȠȣıȚȐȗȠȣȞ ȕȜȐȕȘPįȚĮȖȡȐijȠȞIJĮȚĮʌȩIJȘȝȞȒȝȘIJȠȣIJȦȞȝȠIJȑȡȒ IJȠȣIJȦȞįȑțIJȘįİțIJȫȞ ȈȣȖȤȡȠȞȓıIJİ IJȠ țĮȚȞȠȪȡȖȚȠ (ROLV :LUH)UHH LR O ȝİ IJȠIJĮ ȝȠIJȑȡȒIJȠȞIJȠȣȢįȑțIJȘİȢĮțȠȜȠȣșȫȞIJĮȢIJȘȞȓįȚĮįȚĮįȚțĮıȓĮ ĮʌȩIJȠțİijȐȜĮȚȠ©ȈȣȖȤȡȠȞȚıȝȩȢIJȠȣ(ROLV:LUH)UHHLRȝİ ȑȞĮȝȠIJȑȡȒȑȞĮȞįȑțIJȘLRª ĬİȡȝȠțȡĮıȓĮȤȡȒıȘȢ&ȑȦȢ& ǻȚĮıIJȐıİȚȢıİPPȪȥȠȢ[ʌȜȐIJȠȢ[ʌȐȤȠȢ[[ ȉȡȠijȠįȠıȓĮȝʌĮIJĮȡȓİȢIJȪʌȠȣ$$/59 ȂȑȖȚıIJȠȢĮȡȚșȝȩȢıȣȞįİįİȝȑȞȦȞĮȝijȓįȡȠȝȦȞȤİȚȡȚıIJȘȡȓȦȞLR 6RPI\ ȂȑȖȚıIJȠȢĮȡȚșȝȩȢıȣȞįİįİȝȑȞȦȞȝȠIJȑȡĮʌİȡȚȩȡȚıIJȠȢ ǻȚĮȤȦȡȓıIJİ IJĮ ıIJȠȚȤİȓĮ IJȠȣ ıȣııȦȡİȣIJȒ ĮʌȠșȒțİȣıȘȢ țĮȚ IJȚȢ ȝʌĮIJĮȡȓİȢ Įʌȩ IJȠȣȢ ȐȜȜȠȣȢ IJȪʌȠȣȢ ĮʌȠȡȡȚȝȝȐIJȦȞ țĮȚ ĮȞĮțȣțȜȫıIJİ IJĮ ȝȑıȦ IJȘȢ IJȠʌȚțȒȢ ȣʌȘȡİıȓĮȢ ıȣȜȜȠȖȒȢ ĮʌȠȡȡȚȝȝȐIJȦȞ ǼʌĮȞĮʌȡȠıįȚȠȡȚıȝȩȢIJȦȞȠȡȓȦȞİȣĮȚıșȘıȓĮȢ ıIJȠȞȐȞİȝȠIJȠȣ(ROLV:LUH)UHHLR (ǼȚțȩȞĮ3 ȀĮIJȐIJȘȡȪșȝȚıȘIJȠȣȠȡȓȠȣİȣĮȚıșȘıȓĮȢıIJȠȞȐȞİȝȠıIJȠȞ(ROLV :LUH)UHH LR İȐȞ Ș ȠșȩȞȘ İȝijĮȞȓıİȚ IJȘȞ ȑȞįİȚȟȘ ©ª ȝȚĮ (ǼȚțȩȞĮ0 ȄİıijȓȟIJİ IJȘ ȕȓįĮ ʌȠȣ ȕȡȓıțİIJĮȚ ıIJȠ İʌȚIJȠȓȤȚȠ ıIJȒȡȚȖȝĮ ȡȪșȝȚıȘ ȠȡȓȦȞ ĮȞȐ IJȪʌȠ İijĮȡȝȠȖȫȞ ȑȤİȚ ʌȡĮȖȝĮIJȠʌȠȚȘșİȓ Įʌȩ ȑȞĮ (DV\ 6XQ LR Ȓ Įʌȩ ȑȞĮ ıȣȖțİțȡȚȝȑȞȠ ĮȝijȓįȡȠȝȠ ʌȜȒȡİȚȢʌİȡȚıIJȡȠijȑȢIJȘȢȕȓįĮȢ ȤİȚȡȚıIJȒȡȚȠLR6RPI\ ȉȡĮȕȒȟIJİIJȠȞĮȚıșȘIJȒȡĮȫıIJİȞĮIJȠȞİȜİȣșİȡȫıİIJİĮʌȩIJȘ īȚĮȞĮİʌĮȞĮʌȡȠıįȚȠȡȓıİIJİĮȣIJȐIJĮȩȡȚĮțĮȚȞĮİʌĮȞĮijȑȡİIJİ ȡȐȕįȠIJȠȣİʌȚIJȠȓȤȚȠȣıIJȘȡȓȖȝĮIJȠȢ ȑȞĮȝȠȞĮįȚțȩȩȡȚȠʌĮIJȒıIJİȖȚĮįİȣIJİȡȩȜİʌIJĮȑȞĮĮʌȩIJĮ ǹȞȠȓȟIJİIJȠȞ(ROLV:LUH)UHHLRĮȞĮıȘțȫȞȠȞIJĮȢIJȠțȐȜȣȝȝĮ ʌȜȒțIJȡĮȡȪșȝȚıȘȢȒ ıIJȠȪȥȠȢIJȠȣȕȑȜȠȣȢ ŹǾȠșȩȞȘİȝijĮȞȓȗİȚIJȠȩȡȚȠĮʌȩʌȡȠİʌȚȜȠȖȒȈİĮȣIJȒȞ ǹijĮȓȡİıȘIJȠȣ(ROLV:LUH)UHHLR
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