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TXHULD OHPEUDU H FRQVHJXLXR 'HSRLV QXP  SHUtRGR  GH YLQWH  DQRV  HQFRQWUiPRQRV  GXUDQWHDV
QRVVDV YLDJHQV WHFHPRV DV PDOKDV GD UHGH H HODERUiPRV XP SODQR $ QRomR PDLV LPSRUWDQWH TXH
PHWHPRVQDFDEHoDpTXHVRPRVSHUVRQDJHQVVHPLPSRUWkQFLDDSHQDVFDSDVSRHLUHQWDVGHOLYURVVHP
QHQKXPD RXWUD VLJQLILFDomR $OJXQV GH QyV YLYHP HP SHTXHQDV FLGDGHV 2 FDStWXOR , GR :DOGHQ GH
7KRUHDXHP*UHHQ5LYHURFDStWXOR,,HP:LOORZ)DUPQR0DLQH(H[LVWHXPDYLOyULDHP0DU\ODQG
XPD YLOyULD GH YLQWH H VHWH KDELWDQWHV TXH QHQKXPD ERPED DWLQJLUi RQGH HVWmR UHXQLGRV RV HQVDLRV
FRPSOHWRV GH XP WDO %HUWUDQG 5XVVHOO 4XDVH TXH VH SRGH YLUDU DV SiJLQDV GHVVD YLOD KDELWDQWH SRU
KDELWDQWH(TXDQGRDJXHUUDDFDEDUXPGLDYLUiSUy[LPRRXGLVWDQWHHPTXHRVOLYURVSRGHUmRVHU
HVFULWRV GH QRYR HP TXH QyV VHUHPRV FRQYRFDGRV XP SRU XP SDUD UHFLWDU R TXH VDEHPRV H
LPSULPLUHPRVHVVHVOLYURVDWpjSUy[LPD(UD6RPEULDHPTXHWXGRWHUiGHUHFRPHoDUGHQRYReLVWRR
TXHR+RPHPWHPGHPDUDYLOKRVR(OHQXQFDSHUGHDFRUDJHPQXQFDVHGHVLOXGHDRSRQWRGHWXGR
DEDQGRQDUSRLVFRQKHFHPXLWREHPDLPSRUWkQFLDHDJUDQGH]DGDVXDWDUHID
³4XHID]HPRVHVWDQRLWH"³SHUJXQWRX0RQWDJ
³(VSHUDPRV³GLVVH*UDQJHU³HYDPRVGHVFHUXPSRXFRPDLVDRORQJRGRULRSDUDPDLRU
VHJXUDQoD
&RPHoRXDGHLWDUWHUUDVREUHRIRJR
2VRXWURVLPLWDUDPQRH0RQWDJVHJXLXOKHVRH[HPSOR(DOLQDSODQtFLHQRFWXUQDWRGRVRV
KRPHQVVHXQLUDPSDUDDSDJDURIRJRFRPDVSUySULDVPmRV
(QFRQWUDYDPVHQDPDUJHPGRULRVREDOX]GDVHVWUHODV
0RQWDJROKRXRPRVWUDGRUOXPLQRVRGRVHXUHOyJLR&LQFRKRUDV&LQFRKRUDVGDPDQKm8P
DQRLQWHLURWLQKDVLGRWULWXUDGRHPXPDKRUDHDPDGUXJDGDHVSHUDYDQDRXWUDPDUJHPGLVWDQWHGRULR
$IDVWDUDPVHDRORQJRGRULRSDUDRVXO0RQWDJWHQWDYDGLVWLQJXLURVURVWRVGRVKRPHQVHVVHV
URVWRV HQYHOKHFLGRV TXH WLQKD FRQWHPSODGR j OX] GR IRJR FDQVDGRV FKHLRV GH UXJDV 3URFXUDYD
GHVFREULU XPD H[SUHVVmR GH VHJXUDQoD GH GHVDILR GH WULXQIR VREUH R IXWXUR TXH SDUHFLD DXVHQWH
7DOYH]HVSHUDVVHYHUDVVXDVIHLo}HVLOXPLQDUHPVHSHORFRQKHFLPHQWRGRTXH OHYDYDPHP VL EULOKDU
FRPREULOKDPDVODQWHUQDVLOXPLQDGDVSRUGHQWUR0DVWRGDDOX]TXHWLQKDGLVWLQJXLGRYLQKDGRIRJR
GD OHQKD H DTXHOHV KRPHQV HUDP LJXDLV D TXDLVTXHU RXWURV IDWLJDGRV GH PXLWR FRUUHUHP GH PXLWR
SURFXUDUHP GH PXLWR WHUHP YLVWR GHVWUXLU DTXLOR TXH DPDYDP H TXH DJRUD PXLWR WDUGH VH WLQKDP
UHXQLGRSDUDHVSHUDUHPRILPGDIHVWDHDH[WLQomRGDVOkPSDGDV1mRHVWDYDPGHWRGRFHUWRVTXHDVXD
VDEHGRULDLOXPLQDVVHFDGDXPDGDVPDGUXJDGDVGRIXWXURFRPXPEULOKRSXURQmRHVWDYDPFHUWRVGH
QDGDDQmRVHUGRIDFWRTXHRVVHXVOLYURVUHSRXVDYDPFODVVLILFDGRVQDVVXDVFDEHoDVTXHRVVHXVOLYURV
HVSHUDYDPFRPDVSiJLQDVSRUDEULURVFRPSUDGRUHVTXHSRGHULDPDSDUHFHUDQRVPDLVWDUGHXQVFRP
DVPmRVOLPSDVRXWURVFRPHODVVXMDV(QTXDQWRFDPLQKDYDP0RQWDJROKDYDFDGDXPSRUVXDYH]
³1mRMXOJXHXPOLYURSHODFDSD³GLVVHXPGHOHV
(FRPHoDUDPWRGRVDULUWUDQTXLODPHQWHHQTXDQWRVHJXLDPDPDUJHPGRULR
8PXLYRDJXGRHOHYRXVH2VDYL}HVGHMDFWRGDFLGDGH8QKDPMi GHVDSDUHFLGR DQWHV TXH RV
KRPHQVWLYHVVHPWLGRWHPSRGHHUJXHUDFDEHoD0RQWDJROKRXSDUDWUiVSDUDDJUDQGHFLGDGHPXLWR
GLVWDQWHDRORQJRGRULRDSHQDVXPYDJRKDOROXPLQRVRUHYHODYDDJRUDDVXDSUHVHQoD
³$PLQKDPXOKHUHVWiOi³GLVVH
³7HQKRSHQD³GLVVH*UDQJHU³$VFLGDGHVYmRSDVVDUXPPDXERFDGRQRVSUy[LPRVGLDV
³e FXULRVR (OD QmR PH ID] IDOWD 1mR PH VLQWR QDGD LQFRPRGDGR ³ DILUPRX 0RQWDJ ³
0HVPRTXHPRUUDFUHLRTXHQmRVHQWLUHLDPtQLPDWULVWH]DeLQMXVWR'HYHKDYHUHPPLPTXDOTXHU
FRLVDTXHQmRHVWiFHUWD
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DWUDYHVVDYDP QR FDPLQKR ³ 2 PHX DY{ PRUUHX TXDQGR HX HUD SHTXHQR (UD HVFXOWRU (UD XP
KRPHPERPFKHLRGHWHUQXUDSHORPXQGRLQWHLUR)H]PXLWRSDUDDFDEDUFRPRVEDLUURVPLVHUiYHLVGD
QRVVDFLGDGH(IDEULFDYDQRVEULQTXHGRV'XUDQWHWRGDDVXDYLGDIH]PLOK}HVGHFRLVDV$VVXDVPmRV
HVWDYDPVHPSUHRFXSDGDV(TXDQGRPRUUHXQRWHLVXELWDPHQWHTXHQmRFKRUDYDSRUFDXVDGHOHPDV
SRU FDXVD GH WXGR R TXH HOH ID]LD &KRUHL SRUTXH HOH QXQFD PDLV DV WRUQDULD D ID]HU QXQFD PDLV
HVFXOSLULD XP SHGDoR GH PDGHLUD QXQFD PDLV QRV HQVLQDULD D FULDU SRPERV QR MDUGLP RX WRFDULD
YLROLQRRXQRVFRQWDULDKLVWyULDV)D]LDSDUWHGHQyVHTXDQGRPRUUHXWRGDVHVVDVFRLVDV PRUUHUDP
FRPHOHHQmRKDYLDQLQJXpPSDUDRVXEVWLWXLU(UDXPDSHVVRDQRWiYHOXPKRPHPGHYDORU1XQFD
SXGH HVTXHFHU D VXD PRUWH )UHTXHQWHPHQWH SHQVR HP WRGDV DVPDUDYLOKRVDV HVFXOWXUDV TXH QmR
FKHJDUDPDH[LVWLUSRUTXHHOHWDPEpPMiQmRH[LVWLD4XDQWDVEHODVSDODYUDVQmRIRUDPGLWDVTXDQWRV
SRPERV DV VXDV PmRV QmR WRFDUDP" (OH PRGHODYD R PXQGR (OH PXGDYD R PXQGR 2 GLD HP TXH
PRUUHXIRLRILPGHPLOKDUHVGHDFo}HVJHQHURVDV0RQWDJFDPLQKDYDHPVLOrQFLR
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PHGHQDGD3HQVRQDVVXDVPmRVPDVQmRSRVVRYrODVDID]HUIRVVHRTXHIRVVH(ODVSHQGHPOKHDRV
ODGRVLQHUWHVRXHVWmRFUX]DGDVQRVMRHOKRVRXVHJXUDPXPFLJDUUReWXGR
0RQWDJYLURXVHHROKRXSDUDWUiV
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´&LQ]DV
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´&RLVDQHQKXPDµ*UDQJHUWLQKDSDUDGRMXQWRGH0RQWDJ
³ 7RGRV GHYHPRV GHL[DU TXDOTXHU FRLVD DWUiV GH QyV DR PRUUHUPRV GL]LD R PHX DY{ 8P
ILOKRXPOLYURXPTXDGURXUQDFDVDXPDSDUHGHRXXPSDUGHVDSDWRV2XDLQGDXPMDUGLPSODQWDGR
GHIORUHV4XDOTXHUFRLVDTXHDPmRWRFRXHSDUDRQGHLUiDDOPDQRLQVWDQWHGDPRUWH(TXDQGRDV
SHVVRDV ROKDUHP HVVD iUYRUH RX HVVD IORU TXH SODQWiPRV QyV HVWDPRV Oi VRE RV VHXV ROKRV 3RXFR
LPSRUWDRTXHVHIDoDGL]LDHOHGHVGHTXHDRWRFDUHVVDFRLVDHODVHWUDQVIRUPHGRTXHHUDjQRVVD
VHPHOKDQoD$GLIHUHQoDHQWUHRKRPHPTXHDSDUDDUHOYDHRYHUGDGHLURMDUGLQHLURUHVLGHQDPDQHLUD
GHWRFDUQDVFRLVDVGL]LDHOH2KRPHPTXHFRUWDDUHOYDGHVDSDUHFHRMDUGLQHLURILFDUiSUHVHQWHWRGDD
VXDYLGD&RPSUHHQGH"³*UDQJHUYROWRXVHSDUD0RQWDJ³2PHXDY{PRUUHXKiMiPXLWRWHPSR
PDV VH HUJXHU D PLQKD FDORWH FUDQLDQD YHUi D PDUFD SURIXQGD GRV VHXV SROHJDUHV 7RFRXPH SDUD
VHPSUH&RPROKHGLVVHHOHHUDHVFXOWRU´2GHLRRVWDWXTXRURPDQRµGL]LDPH´&RQVHUYDVHPSUHR
HVSDQWR QRV ROKRV 9LYH FRPR VH IRVVHV PRUUHU GHQWUR GH GH] VHJXQGRV 2OKD R PXQGR (OH p PLO
YH]HV PDLV H[WUDRUGLQiULR TXH WRGRV RV VRQKRV TXH VH SRGHP IDEULFDU HP VpULH QDV IiEULFDV 1HP
SURSDJDQGD QHP JDUDQWLDV QHP VHJXUDQoD QXQFD XP DQLPDO FRP HVVH QRPH H[LVWLX ( VH WLYHVVH
H[LVWLGR VHULD SDUHQWH GHVVH SUHJXLoRVR TXH ILFD SHQGXUDGR GH XP UDPR WRGR R GLD GH FDEHoD SDUD
EDL[R H FRQVDJUD WRGD D VXD YLGD D GRUPLU $R GLDER VDFRGHPH HVVD iUYRUH H ID] FRP TXH HVVH
SUHJXLoRVREDWDFRPRUDERQRFKmRµ³2OKHP³JULWRX0RQWDJ
(DJXHUUDFRPHoRXHDFDERXQRPHVPRLQVWDQWH0DLVWDUGHRVKRPHQVUHXQLGRVHPYROWDGH
0RQWDJ IRUDP LQFDSD]HV GH GL]HU VH WLQKDP GH IDFWR YLVWR DOJXPD FRLVD 7DOYH] XP UDVWR OXPLQRVR
DSHQDVSHUFHSWtYHOQRFpX7DOYH]DVERPEDVHVWLYHVVHPOiHPFLPDHRVDYL}HVGHMDFWRDYLQWHPLO
GH]PLOGRLVPLOPHWURVGXUDQWHXPVHJXQGRFRPRXPSXQKDGRGHJUmRVODQoDGRVGRFpXSRUPmR
LQYLVtYHOHDVERPEDVSLFDQGRQDPDGUXJDGDFRPXPDYHORFLGDGHDWHUUDGRUDHDRPHVPRWHPSRXPD
OHQWLGmRV~ELWDVREUHDFLGDGHTXHWLQKDPGHL[DGRDWUiVGHOHV
2ERPEDUGHDPHQWRHVWDYDGH IDFWR WHUPLQDGR XPD YH]RREMHFWLYR DWLQJLGR SHORV UHDFWRUHV
YRDQGRDVHWHPLOTXLOyPHWURVSRUKRUDWmRUDSLGDPHQWHFRPRRVLOYRGDIRLFHDJXHUUDWLQKDDFDEDGR
8PD YH] D ERPED ODUJDGD WXGR WLQKD WHUPLQDGR $JRUD QRV WUrV VHJXQGRV HP TXH D KLVWyULD VH LD
LQVFUHYHU DQWHV TXH DV ERPEDV WLYHVVHP DWLQJLGR R DOYR RV DSDUHOKRV LQLPLJRV WLQKDP GHVDSDUHFLGR
SDUDDOpPGRKRUL]RQWHFRPRHVVDVEDODVHPTXHXPSULPLWLYRQmRDFUHGLWDSRUTXHVmRLQYLVtYHLVH
QRHQWDQWRRFRUDomRH[SORGHRFRUSRWRPEDHRVDQJXHHVSDQWDVHGHFRUUHUDRDUOLYUHRFpUHEUR
VHQWHSHUGHUHPVHDVUDUDVUHFRUGDo}HVSUHFLRVDVJXDUGDGDVSHODPHPyULDHVHPFRPSUHHQGHUPRUUH
(UD LPSRVVtYHO GH DFUHGLWDU 8P VLPSOHV JHVWR 1DGD PDLV 0RQWDJ WLQKD YLVWR DEDWHUVH XP
JLJDQWHVFRSXQKRGHPHWDOVREUHDFLGDGHGLVWDQWHVDELDTXHRXLYRGRVUHDFWRUHVXPLQVWDQWHGHSRLV
FXPSULGD D VXD WDUHID GL]LD³             ´'HVLQWHJUDLYRV 4XH QmR ILTXH SHGUD VREUH SHGUD
3HUHFHLµ3HORHVSDoRGHXPLQVWDQWH0RQWDJUHWHYHDVERPEDVQRFpXRHVStULWRDVPmRVLQXWLOPHQWH
HVWHQGLGDVSDUDjVGHWHU
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0DV&ODULVVHOHPEURXVHHVWDYDPRUWD()DEHUWLQKDSDUWLGRHPTXDOTXHUVtWLRDRORQJRGH
XPYDOHSURIXQGRRDXWRFDUURGDVFLQFRKRUDVGDPDQKmFRUULDGHXPOXJDUGHVRODGRSDUDRXWUR
1RHQWDQWRDUXtQDQmRHVWDYDDLQGDFRQVXPDGDSODQDYDDLQGDQRDUIDWDO
$QWHVTXHRDXWRFDUURWLYHVVHWUDQVSRVWRPDLVFLQTXHQWDPHWURVGHDXWRHVWUDGDRVHXGHVWLQR
GHL[DULDGHWHUVHQWLGRHRVHXSRQWRGHSDUWLGDGHXPDPHWUySROHWUDQVIRUPDUVHLDQXPYD]DGRXUR
S~EOLFR
(0LOGUHG"
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9LDDQXPTXDUWRGHTXDOTXHUKRWHOFRPDIUDFomRGHVHJXQGRTXHOKHUHVWDYDHDVERPEDVD
XP PHWUR FLQTXHQWD FHQWtPHWURV FLQFR FHQWtPHWURV GR HGLItFLR 9LDD LQFOLQDQGRVH SDUD DV JUDQGHV
SDUHGHVDQLPDGDVFLQWLODQWHVGHFRUHVRQGHD´IDPtOLDµIDODYDIDODYDVHGLULJLDDHODRQGHD´IDPtOLDµ
SDLUDYDWDJDUHODYDSURQXQFLDQGRRVHXQRPHVRUULQGROKHQmRGL]HQGRXPDSDODYUDGDERPEDTXHVH
HQFRQWUDYDDWUrVFHQWtPHWURVPHLRFHQWtPHWURGRWHOKDGRGRKRWHO0LOGUHGLQFOLQDGDSDUDDSDUHGH
FRPRVHDVXDIRPHGHYRUDGRUDGHLPDJHQVOKHSHUPLWLVVHGHVFREULURVHJUHGRGDVXDLQVyQLDHGRVHX
PDOHVWDU0LOGUHGFXUYDGDSDUDDIUHQWHDQVLRVDQHUYRVDSUHVWHVDPHUJXOKDUDODQoDUVHQHVVDYDJD
LPHQVDGHFRUHVSDUDVHDIRJDUQRPHLRGDVVXDVGHOtFLDVFDQWDQWHV
$SULPHLUDERPEDH[SORGLX
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0RQWDJDWLUDQGRVHDRFKmRYLXRXVHQWLXRXLPDJLQRXTXHYLDRXVHQWLDDVSDUHGHVDSDJDUHP
VHHPIUHQWHGH0LOOLHRXYLXDJULWDUSRUTXHQRPLOLRQpVLPRGHVHJXQGRTXHOKHUHVWDYDHODWLQKDYLVWR
RUHIOH[RGRURVWRQXPHVSHOKRHQmRQXPpFUDQGHFULVWDOHHVVHURVWRHUDWmRDWUR]PHQWHYD]LRWmR
VROLWiULR QmR H[SULPLQGR QDGD PRUUHQGR GH IRPH H GHYRUDQGRVH D VL PHVPR TXH HQILP HODR
UHFRQKHFHXFRPRVHXHHUJXHXRVROKRVSDUDRWHFWRQRLQVWDQWHHPTXHFRPWRGDDPDVVDGRKRWHO
HOHVHDEDWHXVREUHHODHQJROLQGRDVREPLOKDUHVGHWRQHODGDVGHWLMRORVGHPHWDOGHJHVVRGHPDGHLUD
OHYDQGRD FRP WRGRV RV RXWURV RFXSDQWHV GDV FpOXODV GD HQRUPH FROPHLD DWp DRV DOLFHUFHV RQGH D
H[SORVmRRVSXOYHUL]DULDWRGRVQDVXDWHPSHVWDGHGHORXFXUD
´/HPEURPH DJRUDµ 0RQWDJ DIHUUDYDVH DR FKmR ´/HPEURPH DJRUD &KLFDJR &KLFDJR Ki
PXLWR WHPSR 0LOOLH H HX )RL Oi TXH QRV HQFRQWUiPRV 6LP OHPEURPH DJRUD &KLFDJR +i WDQWR
WHPSRµ$H[SORVmRIH]WUHPHURDUDRORQJRGRULRDWLURXRVKRPHQVDRFKmRFRPRGRPLQyVHQFKHX
DVXSHUItFLHGDiJXDFRPUHPRLQKRVHVSXPDQWHVHUJXHXXPDLPHQVDQXYHPGHSRHLUDHIH]HVWDODUSRU
FLPDGDViUYRUHVGREUDGDVSHORWUiJLFRVRSURXPDYLROHQWDERUUDVFDTXHVHDIDVWRXSDUDRVXO
( HP SOHQR FpX QR OXJDU GDV ERPEDV QXPD SHUPXWD HIpPHUD 0RQWDJ GLVWLQJXLX WRGD D
FLGDGH'XUDQWHXPLQVWDQWHIDEXORVRDFLGDGHILFRXVXVSHQVDPDLRUGRTXHQXQFDHVSHUDUDVHUPDLRU
GRTXHWLQKDVLGRFRQFHELGDSHODPmRGRVKRPHQVHGLItFLRIHLWRGHIUDJPHQWRVGHFLPHQWRSHGDoRVGH
PHWDOIOXWXDQGRFRPRXPDDYDODQFKDLQYHUWLGDXPPLOKmRGHFRUHVXPPLOKmRGHIRUPDVLQHVSHUDGDV
DVSRUWDVWUDQVIRUPDGDVHPMDQHODVRVWHOKDGRVHPDOLFHUFHVDVSDUHGHVHPWHUUDoRVGHSRLVDFLGDGH
YDFLORXHDEDWHXVHIXOPLQDGD
6yHQWmROKHVFKHJRXRVRPGDVXDDJRQLD
0RQWDJ HVWHQGLGR RV ROKRV FREHUWRV GH SRHLUD XP VDERU GH FLPHQWR K~PLGR QD ERFD
VXIRFDGRHFKRUDQGRUHFRPHoRXDSHQVDU´/HPEURPHOHPEURPHOHPEURPHGHRXWUDFRLVD0DV
GHTXr"6LPVLPpLVVRXPDSDUWHGR(FOHVLDVWHV 8PDSDUWHGR(FOHVLDVWHV HGR$SRFDOLSVH 8PDSDUWH
GHVVH OLYUR DOJXQV SHGDoRV GHSUHVVD DJRUD GHSUHVVD DQWHV TXH WXGR PH HVFDSH TXH R FKRTXH RV
GLVSHUVH DQWHV TXH R IXUDFmR DPDLQH 2 OLYUR GR (FOHVLDVWHV 6LPµ 5HFLWRX DV SDODYUDV HP VLOrQFLR
GHLWDGR FRQWUD D WHUUD WUHPHQWH UHSHWLXDV YiULDV YH]HV (ODV VXUJLDP VHP HVIRUoR QD VXD PHPyULD H
QHQKXP 'HQWtIULFR 'HQKDP VH YLQKD LQWHUFDODU HUD R SUySULR SURIHWD TXH IDODYD SUHVHQWH QR VHX
HVStULWRRVROKRVIL[RVQHOH
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2VKRPHQVMD]LDPQRFKmRGHERFDDEHUWDFRPRSHL[HVWLUDGRVGDiJXD(VWDYDPDJDUUDGRVDR
VRORFRPRFULDQoDVjVFRLVDVIDPLOLDUHVDVVXDVXQKDVHVWDYDPHQWHUUDGDVQDWHUUDHWRGRVJULWDYDPSDUD
LPSHGLUTXHRVWtPSDQRVUHEHQWDVVHPTXHDUD]mRH[SORGLVVHH0RQWDJGHERFDDEHUWDJULWDYDFRP
HOHVOXWDQGRFRQWUDRYHQWRTXHOKHVIXVWLJDYDRURVWROKHVUDVJDYDRVOiELRVOKHVID]LDFRUUHURVDQJXH
GDVQDULQDV
0RQWDJROKRXDLPHQVDQXYHPGHSRHLUDTXHWRPEDYDHRVLOrQFLRHWHUQRHVWHQGHUVHGHQRYR
VREUH R VHX XQLYHUVR
‡( ROKRX R ULR ´6XELUHPRV R ULRµ 2OKRX D YHOKD YLD IpUUHD ´2X VHJXLUHPRV RV FDUULV RX DV DXWR
HVWUDGDVDJRUDHWHUHPRVWRGRRWHPSRSDUDDFXPXODUFRQKHFLPHQWRV(XPGLDTXDQGRHOHVHVWLYHUHP
GHFDQWDGRVHPQyVH[SULPLUVHmRSHODVQRVVDVPmRVHSHODVQRVVDVERFDV(XPERPQ~PHURGHOHV
VHUmRIDOVRVPDVDOJXQVRXWURVVHUmRMXVWRV9DPRVFRPHoDUDDQGDUKRMHPHVPRYHUHPRVRPXQGR
FRPRHOHpHFRPRHOHIDODHFRPTXHVHSDUHFHHOHYHUGDGHLUDPHQWH$SDUWLUGHKRMHTXHURYHUWXGR
e QHFHVViULR TXH REVHUYH R TXH PH URGHLD TXH FRQVHUYH FRQVWDQWHPHQWH RV ROKRV EHP DEHUWRV DR
PXQGRDYHUGDGHLUDPDQHLUDGHRWRFDUDXWHQWLFDPHQWHpLQWHJUiORHPPLPPHVPRQRPHXVDQJXH
QDVPLQKDVYHLDVTXHRDJLWDUmRPLOGH]PLOYH]HVSRUGLD'HSRLVJXDUGiORHLHPPLPSDUDVHPSUH
$JDUUDUHL R PXQGR SDUD QXQFD PDLV R ODUJDU ( Mi R WRTXHL FRP XP GHGR SDUD FRPHoDUµ2 YHQWR
DPDLQRX
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0DV QmR IH] QHQKXP PRYLPHQWR SDUD VH DIDVWDU 2V RXWURV LPLWDUDPQR 2 6RO LOXPLQDYD R
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(P VLOrQFLR *UDQJHU HUJXHXVH DSDOSRX RV EUDoRV H DV SHUQDV SUDJXHMDQGR HP YR] EDL[D
SUDJXHMDQGRIXULRVDPHQWH'HVFHXSHVDGDPHQWHDWpjPDUJHPHROKRXSDUDPRQWDQWHGRULR
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UHVWDQDGD³(DSyVXPRXWURVLOrQFLRSURORQJDGR³3HUJXQWRDPLPPHVPRTXDQWRVGHHQWUHHOHV
HVSHUDYDPLVWR"(TXDQWRVIRUDPDSDQKDGRVGHVXUSUHVD"
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SDtV TXDQWDV" &HP" 0LO"µ8P GHOHV DFHQGHX XP SHTXHQR IRJR TXH IRL DXPHQWDQGR OHQWDPHQWH QD
PDGUXJDGD R 6RO HUJXHXVH H RV KRPHQV FHVVDUDP GH ROKDU R KRUL]RQWH H DSUR[LPDUDPVH GR IRJR
SRXFRjYRQWDGHVHPVDEHURTXHGL]HUHQTXDQWRRVROGRXUDYDDVVXDVQXFDVLQFOLQDGDVSDUDRIRJR
*UDQJHUGHVHQURORXXPVDFRGHORQDTXHFRQWLQKDSUHVXQWR
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XPPRPHQWRRSUHVXQWRFRPHoRXDIULJLUHDRQGXODUQDIULJLGHLUDHRVHXSHUIXPHHVSDOKRXVHQRDU
PDWLQDO2VKRPHQVREVHUYDYDPHPVLOrQFLRRGHVHQURODUGHVVHULWR
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