$7 &2'8/ 3(1$/ $/ 5(38%/,&,, $8675,$ 7XGRUHO 72$'(5 &RGXO SHQDO DO 5HSXEOLFLL $XVWULD D IRVW DGRSWDW SULQ /HJHD IHGHUDOĈ GLQ LDQXDULH FXSULQGH GH DUWLFROH GLQWUH FDUH DUWLFROH vQ 3DUWHD JHQHUDOĈ ûL GH DUWLFROH vQ 3DUWHD VSHFLDOĈ 3DUWHD JHQHUDOĈ D &RGXOXL SHQDO DUW HVWH VWUXFWXUDWĈ SH XQ QXPĈU GH 9,,, WLWOXUL 3ULQFLSLLOH JHQHUDOH DX FDUDFWHULVWLFL PXOW DVHPĈQĈWRDUH FHORU GLQ SDUWHD JHQHUDOĈ D &RGXOXL SHQDO URPkQ 'XSĈ SDUWLFXODUL]DUHD SULQFLSLLORU JHQHUDOH SRWULYLW FĈURUD QXOOD SRHQD VLQH OHJH UHVSHFWLY QXOOD SRHQD VLQH FXOSD VH SUHYHGH IDSWXO FĈ UĈVSXQGHUHD SHQDOĈ HVWH DQWUHQDWĈ ûL IDŗĈ GH SHUVRDQD FDUH RPLWH VĈ vPSLHGLFH SURGXFHUHD XQXL UH]XOWDW GHûL H[LVWĈ R REOLJDŗLH OHJDOĈ GH D DFŗLRQD ûL RPLVLXQHD vPSLHGLFĈULL UH]XOWDWXOXL HVWH DVLPLODWĈ vQGHSOLQLULL FRQŗLQXWXOXL DFŗLXQLL UHVSHFWLYH 2 SDUWLFXODULWDWH HVWH GDWĈ GH FDUDFWHULVWLFLOH ûL FLUFXPVWDQŗHOH IĈSWXLWRUXOXL $VWIHO GDFĈ OHJLXLWRUXO FRQGLŗLRQHD]Ĉ UĈVSXQGHUHD SHQDOĈ VDX FXDQWXPXO SHGHSVHL GH DQXPLWH FDUDFWHULVWLFL VDX FLUFXPVWDQŗH SHUVRQDOH DOH IĈSWXLWRUXOXL FDUH DX OHJĈWXUĈ FX FDUDFWHUXO SHQDO DO IDSWHL OHJHD YD À DSOLFDELOĈ WXWXURU SDUWLFLSDQŗLORU GDFĈ DFHVWH FDUDFWHULVWLFL ûL FLUFXPVWDQŗH VH UHJĈVHVF ÀH ûL GRDU OD XQXO GLQWUH DFHûWLD )DSWHOH SHQDOH VXQW vPSĈUŗLWH vQ GRXĈ FDWHJRULL ² LQIUDFŗLXQL ûL GHOLFWH &RQVWLWXLH LQIUDFŗLXQH IDSWD SUHYĈ]XWĈ GH OHJHD SHQDOĈ ûL SHGHSVLWĈ FX GHWHQ ŗLXQHD SH YLDŗĈ VDX FX PDL PXOW GH DQL vQFKLVRDUH vQ WLPS FH WRDWH FHOHODOWH IDSWH SHQDOH VXQW GHOLFWH 3HGHDSVD FX vQFKLVRDUHD SRDWH À SH YLDŗĈ VDX SH R GXUDWĈ GHWHUPLQDWĈ FXSULQVĈ vQWUH R ]L ûL PD[LPXP GH DQL $PHQGD VH VWDELOHûWH SULQ VLVWHPXO ]LOHORUDPHQGĈ FX R GXUDWĈ PLQLPĈ GH GRXĈ ]LOHDPHQGĈ 6XPD FRUHVSXQ]ĈWRDUH XQHL ]LOHDPHQGĈ HVWH FXSULQVĈ vQWUH PLQLPXP HXUR ûL PD[LPXP HXUR LDU FXDQWXPXO DFHVWHLD VH VWDELOHûWH ŗLQkQG VHDPD GH VLWXDŗLD PDWHULDOĈ D FRQGDPQDWXOXL OD PRPHQWXO SURQXQŗĈULL VHQWLQŗHL vQ SULPD LQVWDQŗĈ (VWH GH REVHUYDW VIHUD GH FXSULQGHUH D FRQÀVFĈULL H[WLQVH 9RU IDFH RELHFWXO FRQÀVFĈULL H[WLQVH EXQXULOH FDUH VH DÁĈ vQ VWĈSkQLUHD XQXL JUXS LQIUDFŗLRQDO RUJDQL]DW VDX D XQHL RUJDQL]DŗLL WHURULVWH VDX FDUH DX IRVW IRORVLWH VDX FROHFWDWH vQ VFRSXO ÀQDQŗĈULL DFWHORU GH WHURULVP 3XEOLFDW vQ %XQGHVJHVHW]EODWW 0RQLWRUXO 2ÀFLDO QU QU *3 ;,,, 59 ûL $% ûL SDJ ûL %5 SDJ