*9001279301* Ö × Ø Ù Ú Û Ý Þ â é ê ë ì î ó ô 0RQWiçQt QiYRG 0RQWHULQJVYHMOHGQLQJ 0RQWDJHDQOHLWXQJ ̲͉͇͓͆́ͅ ͇͕͔͕͔͉͓͌̓̾̓ͅ ,QVWDOODWLRQ LQVWUXFWLRQV ,QVWUXFFLRQHV GH PRQWDMH $VHQQXVRKMH 1RWLFH GH PRQWDJH ,VWUX]LRQL SHU LO PRQWDJJLR ,QVWDOODWLHYRRUVFKULIW 0RQWHULQJVYHLOHGQLQJ ,QVWUXNFMD PRQWDŰX ,QVWUXo}HV GH PRQWDJHP Ημπροςιυηώ ξν λνμρίες 0RQWHULQJVDQYLVQLQJ 0RQWDM N×ODYX]X
PLQ PLQ PD[ PLQ PD[ PLQ PLQ PLQ
cs da Ö 0RQWiçQt QiYRG × 0RQWHULQJVYHMOHGQLQJ -H QXWQp GRGUçHW W\WR SRN\Q\ )¡OJHQGH DQYLVQLQJHU VNDO RYHUKROGHV ■ ■ ■ ■ ■ ■ ■ ■ ■ -HQ RGERUQi YHVWDYED SRGOH WRKRWR PRQWiçQtKR QiYRGX ]DUXĀt EH]SHĀQp SRXçtYiQt =D åNRG\ ]SŤVREHQp FK\EQRX YHVWDYERX RGSRYtGi PRQWiçQt ILUPD 3R Y\EDOHQt VSRWŒHELĀ ]NRQWUROXMWH 9 SŒtSDGě SRåNR]HQt EěKHP SŒHSUDY\ VSRWŒHELĀ QH]DSRMXMWH őLďWH VH PRQWiçQtPL SRN\Q\ SUR ]DEXGRYiQt SŒtVOXåHQVWYt 3ŒHG XYHGHQtP GR SURYR]X RGVWUDŃWH ] SHĀLFtKR SURVWRUX D GYtŒHN REDORYì PDWHULiO
de ,QGE\JQLQJVVNDEH 'HWWH DSSDUDW HU NXQ EHUHJQHW WLO LQGE\JQLQJ $SSDUDWHW HU LNNH EHUHJQHW WLO RSVWLOOLQJ Sn HW ERUG HOOHU EUXJ LQGH L HW VNDE ,QGE\JQLQJVVNDEHW Pn LNNH KDYH QRJHQ EDJY J EDJ DSSDUDWHW 0HOOHP Y J RJ VNDEVEXQG HOOHU EDJY JJHQ L VNDEHW RYHQRYHU VNDO GHU Y UH HQ DIVWDQG Sn PLQGVW PP 3n LQGE\JQLQJVVNDEHWV IRUVLGH VNDO GHU Y UH HQ YHQWLODWLRQVnEQLQJ Sn FP +HUWLO VNDO GHU VN UHV QRJHW DI VRNNHOSDQHOHW HOOHU GHU VNDO SODFHUHV HW YHQWLODWLRQVJLWWHU 9HQWLODWLRQVnEQLQJHU RJ OXIWLQGWDJ
el en Ù ̯̓͆͂̾̈́͐ ͉̻̈́͂̀͒͑͒̀͑͆͐ Ú ,QVWDOODWLRQ LQVWUXFWLRQV ̥͖͕͝ ͇͒̿͋ ͏̓ ͔͇͕͇͒͑̿͐ 7KH IROORZLQJ PXVW EH QRWHG ■ ■ ■ ■ ■ ■ ■ ■ ■ ̬͚͎͌ ͆ ͑͗͑͒̽ ͉̻̈́͂̀͒͑͒̀͑͆ ͔͑͛͋͗͌̀ ͋· ͓̼̀͒͐ ͈͒͐ ͎̓͆͂̾̈́͐ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͓̻͈̈́͂͂͒̀ ͒͆͌ ͔̀͑̀͊̽ ͈͎͓͊̈́͒͏͂̾̀ ̲̈́ ̈́͏̾͒͗͑͆ ͎͓ ͈͎͓̓͆͋͏͇͎͂͆͛͌ ͈̼͆͋͐ͅ ͚̀ ̻͇͎͊͐ ͉̻̈́͂̀͒͑͒̀͑͆ ͒͆͌ ͓͇̈́͛͌͆ ͔̼͏͈̈́ ͎ ͉̻̈́͂̀͒̀͑͒͒͆͐ ̬̻̈́͒ ͒͆͌ ͔̀̀̾͏̈́͑͆ ͚̀ ͒͆ ͓͉͓͑͑̈́̀͑̾̀ ̼͍̈́͊͂͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ̲̈́ ̈́͏̾͒͗͑͆ ͈̻͆͋͐ͅ ͉̻̀͒ ͒͆ ͔͎͋̈́͒̀͏̻ ͋͆͌ ͒͆͌ ͓̼͑͌̓͑̈́͒̈́ ̰͏͎̼͍͑͒̈́ ͒̀ ͔͛͊͊̀ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͈͂̀ ͒͆͌ ͉̻̈́͂̀͒͑͒̀͑͆ ͒͗͌ ͍̈́̀͏
es fi Û ,QVWUXFFLRQHV GH PRQWDMH Ý $VHQQXVRKMH 6H GHEH WHQHU HQ FXHQWD 2WD VHXUDDYDW VHLNDW KXRPLRRQ ■ ■ ■ ■ ■ ■ ■ ■ ■ 6ROR XQ PRQWDMH SURIHVLRQDO VHJ~Q HVWDV LQVWUXFFLRQHV GH PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ PRQWDMH HUUyQHR OD UHVSRQVDELOLGDG VHUi GHO LQVWDODGRU &RPSUREDU HO DSDUDWR WUDV VDFDUOR GHO HPEDODMH (O HOHFWURGRPpVWLFR QR GHEH FRQHFWDUVH HQ FDVR GH KDEHU VXIULGR GDxRV GXUDQWH HO WUDQVSRUWH 7HQHU HQ FXHQWD ODV KRMDV GH LQVWUXFFLRQHV SDUD OD LQVWDODFLyQ
fr it Þ 1RWLFH GH PRQWDJH â ,VWUX]LRQL SHU LO PRQWDJJLR &RQVLJQHV j UHVSHFWHU 3URFHGHUH QHO PRGR VHJXHQWH ■ ■ ■ ■ ■ ■ ■ ■ ■ 6HXOH XQH LQVWDOODWLRQ HIIHFWXpH VHORQ FHWWH QRWLFH GH PRQWDJH JDUDQWLW XQH XWLOLVDWLRQ HQ WRXWH VpFXULWp (Q FDV GH GRPPDJHV UpVXOWDQW G XQH LQVWDOODWLRQ LQFRUUHFWH O LQVWDOODWHXU HVW UHVSRQVDEOH &RQWU{OH] O pWDW GH O DSSDUHLO DSUqV O DYRLU GpEDOOp 1H OH UDFFRUGH] SDV V LO SUpVHQWH GHV DYDULHV GH WUDQVSRUW 5HVSHFWH] OH QRWLFH GH PRQWDJH SRXU O LQVWDOODWLRQ GHV DFFHVVRLUH
nl no é ,QVWDOODWLHYRRUVFKULIW ê 0RQWHULQJVYHLOHGQLQJ +LHURS GLHQW X WH OHWWHQ 'HWWH Pn GX Y UH RSSPHUNVRP Sn ■ ■ ■ ■ ■ ■ ■ ■ ■ 9HLOLJ JHEUXLN LV DOOHHQ JHJDUDQGHHUG ELM HHQ GHVNXQGLJH LQERXZ YROJHQV GH]H PRQWDJHKDQGOHLGLQJ 'H PRQWHXU LV DDQVSUDNHOLMN YRRU VFKDGH DOV JHYROJ YDQ HHQ YHUNHHUGH LQERXZ &RQWUROHHU KHW DSSDUDDW QD KHW XLWSDNNHQ 1LHW DDQVOXLWHQ LQ JHYDO YDQ WUDQVSRUWVFKDGH %LM GH LQERXZ YDQ DFFHVVRLUHV GLHQW X ]LFK WH KRXGHQ DDQ GH EHVFKULMYLQJ LQ GH PRQWDJHEODGHQ 9RRU KHW HHUVWH J
pl pt ë ,QVWUXNFMD PRQWDŰX ì ,QVWUXo}HV GH PRQWDJHP 7R QDOHŰ\ XZ]JOęGQLþ ,QGLFDo}HV D UHVSHLWDU ■ ■ ■ ■ ■ ■ ■ ■ ■ 7\ONR PRQWDŰ Z\NRQDQ\ ]JRGQLH ] QLQLHMV]ĉ LQVWUXNFMĉ PRQWDŰX JZDUDQWXMH EH]SLHF]Qĉ HNVSORDWDFMę XU]ĉG]HQLD =D V]NRG\ SRZVWDãH Z Z\QLNX QLHZãDŔFLZHJR PRQWDŰX RGSRZLDGD PRQWHU 3R UR]SDNRZDQLX QDOHŰ\ VSUDZG]Lþ VWDQ XU]ĉG]HQLD 1LH SRGãĉF]Dþ MHŔOL XU]ĉG]HQLH ]RVWDãR XV]NRG]RQH SRGF]DV WUDQVSRUWX 3U]HVWU]HJDþ ZVND]yZHN SRGDQ\FK QD NDUWDFK GRW\F]ĉF\FK PRQWDŰX HOHPHQWyZ Z\SRVDŰHQLD 3U]H
ru sv î Ημπροςιυηώ ξν λνμρίες ó 0RQWHULQJVDQYLVQLQJ Μί φρν πκδγςδρ νΰοίρηρϋ αμηλίμηδ 9LNWLJW ■ ■ ■ ■ ■ ■ ■ ■ ■ ίαθιΪληθλμφ χδλιενΪμΪπββ έΪκΪημβκνίμλω μθεφδθ ικβ δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ ζθημΪΰν ΑΪ ιθάκίΰήίηβω βα αΪ ηίικΪάβεφηθγ νλμΪηθάδβ θμάίμλμάίηηθλμφ ηίλϋμ λΫθκσβδ ΚΪλιΪδνγμί β θλζθμκβμί ικβΫθκ Ηί ιθήδεψρΪγμί ικβΫθκ ίλεβ θη Ϋυε ιθάκίΰήϋη άθ άκίζω μκΪηλιθκμβκθάδβ ΘΫκΪμβμί άηβζΪηβί ηΪ ζθημΪΰηυί ιεΪλμβηυ ήεω νλμΪηθάδβ ικβηΪήείΰηθλμίγ Ιίκίή ηΪρΪεθζ χδλιενΪμ
tr ô 0RQWDM N×ODYX]X 'LNNDW HGLOHFHN KXVXVODU ■ ■ ■ ■ ■ ■ ■ ■ ■ &LKD]×Q PRQWDM× DQFDN EX PRQWDM WDOLPDW×QGD WDULI HGLOHQ üHNLOGH XVXOQH X\JXQ RODUDN \DS×OP×üVD FLKD]×Q JYHQOL NXOODQ×P× V|] NRQXVX RODELOLU