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FRQVLGHUDU H[LVWHQWH QR KRPHP TXH RV SRVVXL D SUHVHQoD GHVVHV PHVPRV DWULEXWRV 'Dt
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FDXVD PRWLYDGRUD GH VHX HQFDUFHUDPHQWR ,JXDOPHQWH VH QD VRFLHGDGH HP VHX DIm GH
SURJUHVVRLGHQWLILFDPRVDOJXQVHOHPHQWRVSDVVtYHLVGHSURPRYHUHPXPDFHQWXDGRSURFHVVR
GH GHVXPDQL]DomR QRV KRPHQV WDOYH] SRVVDPRV WDPEpP LGHQWLILFDU DOJR QHVVD FROHomR GH
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TXHVHULD"0XLWR~WLOVHUiSDUDFKHJDUPRVDXPDUHVSRVWDYiOLGDSDUDHVVDSHUJXQWDOHYDQWDU
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XPPRGRGHVHUHODFLRQDUHFRPSUHHQGHURVREMHWRVEDVWDQWHGLYHUVRGRGDVGHPDLVSHVVRDV
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DVVLP TXH GLILFLOPHQWH XP ILOKR VHQWLUi PDLV D SUHVHQoD GR SDL IDOHFLGR GR TXH GLDQWH GRV
REMHWRV TXH GXUDQWH JUDQGH SDUWH GD YLGD HOH FROHFLRQRX  3DUWH GD YLGD GR VHX SDL VH
PLVWXURXjTXHOHVREMHWRVFRPRSDUWHVGHOHVWDPEpPVHPLVWXUDUDPjYLGDGRVHXSDL&ROHomR
H FROHFLRQDGRU VmR YRFiEXORV GLVWLQWRV SDUD ILQV GH RUJDQL]DomR OLQJXtVWLFD (P HVVrQFLD R
FROHFLRQDGRU H D VXD FROHomR VmR XPD FRLVD Vy 7RGR FROHFLRQDGRU SRGHULD UHVSRQGHU j
SHUJXQWD VREUH R TXH HOH FROHFLRQD FRP XPD PHVPD UHVSRVWD HX FROHFLRQR D PLP PHVPR
&RPR HP XP TXHEUDFDEHoD VmR RV SHGDoRV GH VXD SUySULD KXPDQLGDGH TXH HOH WHQWD
UHFRQVWUXLU HP FDGD QRYR REMHWR DGTXLULGR 'Dt $JDPEHQ GL]HU TXH ³R TXH R FROHFLRQDGRU
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1mRSRGHULDVHUGLIHUHQWHpDVLPHVPRRTXHRFROHFLRQDGRUSURFXUDHPFDGDXPGRVREMHWRV
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HVYDLQGR$VVLPDTXLORTXHSDUDDOJXpPQmRHUDPHQVXUiYHOTXDOTXHUSUHoRDFDEDVHQGRGHVIHLWRQDPHOKRUGDV
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FRQMXQWR YLYR TXH UHSUHVHQWD D FROHomR HP SRVVH GR FROHFLRQDGRU TXH D LQWHJUD H QHOD
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SUHWHQGHPID]HUGHVXDVFRLVDVpXPH[HPSORGLVVR$SULQFtSLRDSHQDVSDUHFHPVHUGHVFULWRV
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HQWDQWRSHUPLWHSHUFHEHUDH[LVWrQFLDDOpPGHVVDGHXPDGLYLVmRTXHDVREUHSXMDDGLYLVmR
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SRHPDIHLWDDOJXPDVSiJLQDVDFLPDKiPDLVXPDOLVWDGHREMHWRVDVVLPGHWHUPLQDGD

HPDLVRVVHJXLQWHVSHUWHQFHVGHXVRSHVVRDO
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RUHOyJLRGHSXOVR
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RJDUIRDFRUGDGHHQIRUFDU
ROLYURPDOGLWRDPiTXLQD
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RVDEXJRRERWmR
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GLJUHVVmR %HQMDPLP TXH SDUHFH WHU VH GHGLFDGR FRP DILQFR DR HVWXGR VREUH RV
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HPRXWURWUHFKRGDPHVPDREUDRFROHFLRQDGRUpYLVWRFRPRDTXHOHTXH³UHDOL]DDOLEHUWDomR
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ϱϯ




1mR PH UHILUR QHVWH PRPHQWR D XPD FROHomR GR WLSR TXH p IHLWD SHODV SHUVRQDJHQV GH
0DQRHO GH %DUURV H VLP D XPD FROHomR GR WLSR WUDGLFLRQDO 1HVVD GLILFLOPHQWH VH SRGHULD
GL]HU TXH RV REMHWRV TXH D LQWHJUDP VmR GHVOLJDGRV GDV VXDV IXQo}HV SULPLWLYDV 7RGR
FROHFLRQDGRUDXWrQWLFRWHPFRPSOHWDFLrQFLDTXHDIXQFLRQDOLGDGHRULJLQDOGRVREMHWRVGHVXD
FROHomR pXPIDWRUGHWHUPLQDQWHQDGHFLVmRTXH FRQIHUHGLUHLWRRXQmR jTXHOHREMHWRGHVHU
SRUHOHSHUWHQFLGR(PXPPRPHQWRGHWURFDHPTXHHVWiHPMRJRDDTXLVLomRRXYHQGDGH
XP REMHWR FROHFLRQiYHO DV LQIRUPDo}HV D UHVSHLWR GH VXD DGHTXDGD IXQFLRQDOLGDGH VmR
HQFDUDGDVSRU DPEDV DV SDUWHV FRPRPi[LPRGHVHULHGDGHGHWDOIRUPDTXHXPSURGXWRp
FRPXPHQWHGHVFDUWDGRTXDQGRMiQmRSRVVXLPDLVDVXDDQWLJDIXQFLRQDOLGDGH6HTXHUUHILUR
PH DTXL DRV FROHFLRQDGRUHV GH OLYURV FXMD IXQFLRQDOLGDGH GRV REMHWRV GH FROHomR p
LQTXHVWLRQiYHO PDV SRU H[HPSOR HQWUH RV FROHFLRQDGRUHV GH DUPDV DOpP GH LQIRUPDo}HV
VREUHDpSRFDDTXHHODVSHUWHQFHPDVG~YLGDVGDTXHOHVTXHDVFROHFLRQDPJLUDPHPWRUQRGR
FRQKHFLPHQWR GD SRVVLELOLGDGH RX QmR GH DLQGD VH DWLUDU FRP HODV 2 TXH QmR VLJQLILFD
FRQWXGRTXHWDOFRPRRFRUUHHPUHODomRDXPDPHUFDGRULDFRPXPRYDORUGHXVRFRQIRUPH
SHQVD0DU[GHWHUPLQHGLUHWDPHQWHRYDORUGHWURFD2YDORUGHXPREMHWRGHFROHomRQmRHVWi
HPVHXYDORUGHXVR2IDWRGHHOHDLQGDHVWDUDSWRSDUDRXVRHPXPDHYHQWXDOQHJRFLDomR
FRPR HX DILUPHL DFLPD SRGH VLP DXPHQWDU R VHX YDORU GH WURFD PDV LVVR QmR SHUPLWH
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GHWHUPLQD R VHX YDORU DOpP GRV UHVTXtFLRV GR VHX YDORU GH XVR p SULQFLSDOPHQWH D VXD
KLVWyULD D KLVWyULD GH VXD SURGXomR H FRQVXPR D KLVWyULD GH VHXV SURSULHWiULRV H GH VHX
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KXPDQLGDGHHpLVVRRTXHQHOHDMXGDDFRQIHULURVHXUHDOYDORU2TXHYROWRDGL]HUQmR
JDUDQWHSRUVLVyRVHXYDORUGHWURFD6HDTXHOHREMHWRWDPEpPQmRSRVVXLUYDORUGHXVRHVVH
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1RTXHVHUHIHUHjVSHUVRQDJHQVGH0DQRHOGH%DUURVRTXHGLVWLQJXHDVVXDVFROHo}HVGRV
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ϱϰ




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QRREMHWR8PYDORUSHUFHSWtYHOXQLFDPHQWHDRSUySULRFROHFLRQDGRUGHWUDSRV QDGDDOLHVWi
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UHSUHVHQWDomRPDVHPVXDSOHQDHVVrQFLDDPDLVDXWrQWLFDUHFRQVWUXomRGHVLPHVPR(VWDp
D UD]mR GDV SHUVRQDJHQV EDUULDQDV Vy VH SUHRFXSDUHP FRP DV FRLVDV GHVWLWXtGDV GH
IXQFLRQDOLGDGH(PUHODomRDHVVHDVSHFWRKiXPDSDVVDJHPLQWHUHVVDQWHGH%HQMDPLQHP
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SDUD HOH QmR Vy OLYURV PDV WDPEpP VHXV H[HPSODUHV WrP VHX GHVWLQR ( QHVWH
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FROHFLRQDGRUFRPVXDSUySULDFROHomR(QmRHVWRXH[DJHUDQGRSDUDRFROHFLRQDGRU
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