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GHYLGDpDFRQH[mRGH'HXVFRQRVFRRUDUpQRVVDFRQH[mRFRPHOH

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$V GXDV SULPHLUDV SHVVRDV GHVLVWLUDP GD FRPSDQKLD GLYLQD (ODV RXYLUDP RV SDVVRV
GHOH D SURFXUiODV 0DV DPEDV KDYLDP SHFDGR H D FXOSD DV RSULPLX 3HUGHUDP R
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FRQKHFLPHQWRGDGHVREHGLrQFLDPDQWHYHVHXFRPSURPLVVR
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FULWLFiORV OHPEUHPRV FRP TXH IUHTXrQFLD UHSHWLPRV R PHVPR HUUR 3DVVDPRV
PRPHQWRVFRP'HXVTXHJRVWDUtDPRVGHJXDUGDUQRHQWDQWRKRUDVPDLVWDUGHOKH
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2 SRGHU QD YLGD GH RUDomR IOXL GD SUHVHQoD GH 'HXV HP QyV (VVH SRGHU QmR p
QRVVR PDVGHOH 1mR R H[SHULPHQWDUHPRV VH LQVLVWLUPRV HP QRVVRV SURJUDPDV
7HPRVGHSODQHMDUFRPVHULHGDGHRPRPHQWRHPTXHQRVHQFRQWUDPRVFRP'HXV6H
QmR FRQVWUXLUPRV D YLGD HP WRUQR GHVVHV SDVVHLRV QR MDUGLP FRP R 6HQKRU EHP
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'NESIS

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VXSRUWDGR1RHQWDQWRQmRDEDQGRQRXDWDUHID+HEUHXVPHQFLRQD1RpHQWUHRV
KHUyLVGDIp$IUDVHDQGDYDFRP'HXVUHYHODDOJXpPTXHGHSHQGHXGDILGHOLGDGHGH
'HXVSRUGpFDGDVVXSHUDQGRDFRUUXSomRTXHRFHUFDYD
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FXOWXUD6pFXORVGHSRLV-HVXVGHVFUHYHXRSRYRGDpSRFD3RLVQRVGLDVDQWHULRUHVDR
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GLDHPTXH1RpHQWURXQDDUFDHHOHVQDGDSHUFHEHUDPDWpTXHYHLRR'LO~YLRHRV
OHYRX D WRGRV 0W   &RPR QRV GLDV GH 1Rp R UXtGR GRV DID]HUHV SRGH
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HGHSRLVFRUUHPRVSDUDDSUy[LPDWDUHID&RPRVHULDVHUHVHUYiVVHPRVWHPSRQmRVy
SDUD IDODU FRP 'HXV PDV WDPEpP SDUD RXYLOR" ( VH GHFLGtVVHPRV REHGHFHU VHP
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'NESIS

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OXPLQRVLGDGHDIDVWDDVQXYHQVFLQ]HQWDV
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MDPDLVYROWDULDDGHVWUXLUDWHUUDSRUHVVHPHLR0XLWRVHVWXGLRVRVFUHHPTXHQRVGLDV
GH1RpRSRYRQXQFDKDYLDYLVWRFKXYD2GLO~YLRRFRUUHXTXDQGRWRGDVDVIRQWHVGDV
JUDQGHVSURIXQGH]DVMRUUDUDPHDVFRPSRUWDVGRFpXVHDEULUDP *Q $FKXYD
GHVFHXGRVFpXVHFRQWLQXDULDDFDLUSHORUHVWDQWHGDVHUDV1RpHQWUHWDQWRQmR
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SURFODPD D YHUGDGH GDV SURPHVVDV GH 'HXV VREUH DV TXDLV RXYLPRV RX OHPRV QD
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VXDVSURPHVVDV

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GHODVTXHDVJXDUGHQRFRUDomRHTXHIDOHGHODVHPYR]DOWDVHPSUHTXHSUHFLVDU
OLYUDUPHGHG~YLGDV)D]TXHHXOHPEUHTXH-HVXVpDSURYDGHUUDGHLUDGHTXHVHPSUH
FXPSUHVWXDVSURPHVVDV
GHMDQHLUR
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'NESIS 

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LPDJLQDUTXHHVVDFRQYHUVDHQWUH'HXVH$EUmRRFRUUHXQDSULPHLUDGpFDGDGHSRLVGD
SURPHVVD
3RU TXDQWR WHPSR YRFr HVSHUD SHODV UHVSRVWDV D VXDV RUDo}HV" 8PD VHPDQD p
GHPDLV"(XPPrV"(VSHUDUGXUDQWHXPDQRSDUHFHHVWDUDOpPGHQRVVDFDSDFLGDGH
9HU TXH $EUmR HVSHURX SRU XP TXDUWR GH VpFXOR GHYHULD QRV GDU HVSHUDQoD SDUD
DJXDUGDUDVUHVSRVWDVDQRVVDVRUDo}HV
$EUmR SRGHULD WHU GHVLVWLGR $R WHQWDU FXPSULU SRU VL D SURPHVVD GH 'HXV WHQGR
XPILOKRFRP$JDUHOHSURYRFRXXPDFRQIXVmR 1HVVDDOWXUDGDKLVWyULDSRUpPHOH
GHFLGLXFUHU
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GHXPIDPLOLDU"$UHVWDXUDomRGHVHXFDVDPHQWR"8PHPSUHJR"8PDFXUD"4XDOTXHU
TXHVHMDRPRWLYRFRQWLQXHDRUDUHDHVSHUDU(QWUHJXHRSHGLGRD'HXVHGHL[HR
RSHUDUHPVHXWHPSR$UHVSRVWDYDOHUiDHVSHUD

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GHMDQHLUR
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TXHPYRFrDPDHYiSDUDDUHJLmRGH0RULi6DFULILTXHRDOLFRPRKRORFDXVWRQXP
GRVPRQWHVTXHOKHLQGLFDUHL1DPDQKmVHJXLQWH$EUDmROHYDQWRXVHHSUHSDURXR
VHXMXPHQWR
'NESIS 

'HXV jV YH]HV SHGH FRLVDV HVWUDQKDV 1DGD SRUpP VH LJXDOD j WDUHID FRQILDGD D
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WDPEpPRVRQKR2XQmR"
3DUHFHTXH$EUDmRQmRILFRXVHSUHRFXSDQGRFRPRSUREOHPD1DPDQKmVHJXLQWH
SDUWLXSDUDDYLDJHP,PDJLQRTXH$EUDmRWHQKDIDODGRPXLWRFRP'HXV(OHVDELDTXH
REHGHFHUD'HXVRIHULULDPDVIRLHPIUHQWH4XDQGRFKHJRXDROXJDUFRQVWUXLXXP
DOWDUDPDUURXRILOKRFRORFRXRVREUHRDOWDUHOHYDQWRXDIDFD
$OJXPGHQyVFRQVHJXLULDFRQILDUWDQWRHP'HXV"
7UHPHPRV DR SHQVDU QR VDFULItFLR GH XP VHU KXPDQR 0DV DVVLP FRPR ,VDTXH
FDUUHJRXDOHQKDSDUDDRIHUWD-HVXVOHYRXDSUySULDFUX]DWpR*yOJRWD&RPR$EUDmR
FRORFRX,VDTXHVREUHRDOWDU'HXVS{VVHX)LOKRQDFUX]&RPR$EUDmROHYDQWRXDIDFD
SDUD PDWDU R ILOKR 'HXV SHUPLWLX TXH -HVXV IRVVH PRUWR SDUD TXH R SHFDGR IRVVH
FDVWLJDGR H R SHUGmR RIHUHFLGR $EUDmR VDELD TXH 'HXV SURYHULD R FRUGHLUR SDUD D
RIHUWD *Q   6pFXORV GHSRLV HOH R IH] -RmR %DWLVWD VDOLHQWRX 9HMDP e R
&RUGHLURGH'HXVTXHWLUDRSHFDGRGRPXQGR -R 
$WpTXHSRQWRYRFrFRQILDHP'HXVUHDOPHQWH"2VXILFLHQWHSDUDPRUUHUSRUHOH"2
VXILFLHQWHSDUDSHUPLWLUTXHXPVRQKRPRUUD"2VXILFLHQWHSDUDYLYHUSDUDHOH"

6HQKRUHQWUHJRWRGRVRVVRQKRVGRPHXFRUDomRDWL
1mRTXHURPHDSHJDUDDOJRTXHWXQmRDEHQoRDUiVQHPGHVLVWLUGHDOJRTXHVHMDD
WXDYRQWDGH
GHMDQHLUR
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(QWmRRURX3ENHOR'HXVGRPHXVHQKRU$EUDmRGiPHQHVWHGLDERPr[LWRHVHMD
ERQGRVRFRPRPHXVHQKRU$EUDmR
'NESIS

4XDQGR YRFr WHP XP WUDEDOKR RX XPD UHVSRQVDELOLGDGH LPSRUWDQWH TXHU VHU EHP
VXFHGLGD$PHOKRUPDQHLUDGHREWHUVXFHVVRpLUD'HXVHSHGLUOKHRULHQWDomR
$EUDmRSHGLUDDRVHUYRTXHHQFRQWUDVVHDQRLYDFHUWDSDUD,VDTXH(VVHVHUYRHUD
SURYDYHOPHQWH (OLp]HU XP DQWLJR H OHDO HPSUHJDGR (OLp]HU VHQWLX R SHVR GD
UHVSRQVDELOLGDGHHOHYRXRDVVXQWRD'HXVHPYH]GHGHSHQGHUGHVXDVDEHGRULDRX
VRUWH(OHSHGLXXPVLQDOHDQWHVTXHWLYHVVHDFDEDGRGHRUDU5HEHFDFKHJRXHOKH
RIHUHFHXiJXD4XHH[WUDRUGLQiULDUHVSRVWDjRUDomR
0DVTXHPHUD(OLp]HU"6HYROWDUPRVD*rQHVLVGHVFREULUHPRVTXHHOHHUD
QmRVyRVHUYRILHOGH$EUDmRFRPRWDPEpPHVWDYDDSRQWRGHKHUGDUWRGDDULTXH]D
GHVHXVHQKRU$VVLP(OLp]HUQmRVySHUGHXVXDSRVLomRFRPRQDVFLPHQWRGH,VDTXH
FRPRWHYHGHSURFXUDUOKHXPDQRLYD8PKRPHPPHGtRFUHSRGHULDILFDUDPDUJXUDGR
SRUFDXVDGRTXHSHUGHUDSRGHULDWHUGHILQLGRVXFHVVRFRPRID]HUWXGRSDUDYROWDU
DR OXJDU GH KRQUD D ILP GH REWHU D KHUDQoD 8P KRPHP PHGtRFUH WDOYH] QmR VH
LPSRUWDVVH FRP R WLSR GH QRLYD TXH OHYDULD D ,VDTXH 0DV QmR (OLp]HU (OH HVWDYD
GHFLGLGRDUHDOL]DUEHPVHXWUDEDOKRHSRULVVRRURXSDUDFXPSULUDWDUHID
'HXVVHLPSRUWDFRPVXDVUHVSRQVDELOLGDGHV(OHGHVHMDTXHYRFrREWHQKDVXFHVVR
1mR WHPD SHGLUOKH LVVR 7HQKD HP PHQWH SRUpP TXH HOH SRGH GHILQLU VXFHVVR GH
PRGREHPGLIHUHQWHGRVHX

3DLFHOHVWLDOSHoRVXFHVVRHPWXGRTXHHXIL]HU&DSDFLWDPHDHQWHQGHUDWXDPHGLGD
GHVXFHVVRHDQmRLPSRUPLQKDVSUySULDVLGHLDV0HXREMHWLYRpWHVHUYLUVDEHQGR
TXHRVXFHVVRVHUiDOFDQoDGRDSHQDVTXDQGRHXFDPLQKDUGHDFRUGRFRPWXDYRQWDGH
GHMDQHLUR
/HLD*rQHVLVHUHIOLWD

$GOHJN>HGHF>=H.>GAHK
,VDTXHFRQVWUXLXQHVVHOXJDUXPDOWDUHLQYRFRXRQRPHGR3ENHOR$OLDUPRX
DFDPSDPHQWRHRVVHXVVHUYRVFDYDUDPRXWURSRoR
'NESIS

,VDTXH HQIUHQWDYD GLILFXOGDGHV $ELPHOHTXH R SHUVHJXLX SRU PHQWLU RV ILOLVWHXV


WDSDUDP VHXV SRoRV D ILP GH IRUoiOR D PXGDUVH H PHVPR GHSRLV TXH VH PXGRX H
FDYRXXPQRYRSRoRDOJXpPGLVFXWLXFRPHOHSRUFDXVDGLVVR
$FDGDVLWXDomRSRUpPHOHHYLWDYDRFRQIOLWRHWUDEDOKDYDSHODSD]4XDQGRWXGR
SDUHFLDHVWDUHPRUGHPR6HQKRUDSDUHFHX1mRWHPDSRUTXHHVWRXFRPYRFrHXR
DEHQoRDUHLHPXOWLSOLFDUHLRVVHXVGHVFHQGHQWHVSRUDPRUDRPHXVHUYR$EUDmR *Q
 
,VVRGHYHWHUIHLWR,VDTXHOHPEUDUVHGDVYH]HVHPTXHVHXSDLOKHIDODUDVREUHR
6HQKRU2TXH$EUDmROKHHQVLQDUD"2TXH,VDTXHVHQWLDVREUHHVVH'HXVTXHGHWLYHUD
D IDFD GH VHX SDL H HQYLDUD XP FDUQHLUR SDUD R VDFULItFLR" /HPEUDYDVH GH WHU VLGR
GHVDPDUUDGR H OHYDGR GH YROWD SDUD FDVD" (VVH 'HXV GHXOKH XPD PDUDYLOKRVD
SURPHVVDGHErQomRIXWXUD,VDTXHUHFRQKHFHXHVVDSURPHVVDHLQYRFRXRQRPHGR
6HQKRU
2TXHVLJQLILFDLVVR"6LJQLILFDUHFRQKHFHUTXHPHOHpHVHXSRGHUSDUDID]HUPDLVGR
TXHSRGHPRVSHGLURXSHQVDU$RLQYRFDURQRPHGR6HQKRUYRFrOKHUHQGHRORXYRU
TXHHOHPHUHFHUHFRQKHFHQGRRHPWRGDVXDVDQWLGDGHDXWRULGDGHHJOyULD$RDJLU
DVVLPYRFrVHDEUHSDUDRSRGHUHDErQomRTXHHOHTXHULQWURGX]LUHPVXDYLGD
/RXYH D 'HXV WRGRV RV GLDV SHORV GLIHUHQWHV PHLRV FRP TXH SURYr VXDV
QHFHVVLGDGHVHFRPR,VDTXHGHFODUHOKHILGHOLGDGHLQYRFDQGRVHXQRPH

6HQKRUWXpVR'HXVGRXQLYHUVRHR6HQKRUGDPLQKDYLGD7XpVVDQWRHPDUDYLOKRVR
HWHDJUDGHoRSRUWXGRRTXHIL]HVWHSRUPLP
7XpVFDSD]GHID]HUPXLWRPDLVGRTXHSRVVRSHGLURXSHQVDUHHXFODPRDWLSDUD
TXHVDWLVIDoDVPLQKDVQHFHVVLGDGHVGHXPPRGRTXHHXQmRSRVVDVHTXHULPDJLQDU
GHMDQHLUR
/HLD*rQHVLVHUHIOLWD

'NM:G=H>FHK:H
(-DFyILFRXVR]LQKR(QWmRYHLRXPKRPHPTXHVHS{VDOXWDUFRPHOHDWpR
DPDQKHFHU4XDQGRRKRPHPYLXTXHQmRSRGHULDGRPLQiORWRFRXQDDUWLFXODomRGD
FR[DGH-DFyGHIRUPDTXHOKHGHVORFRXDFR[DHQTXDQWROXWDYDP(QWmRRKRPHP
GLVVH'HL[HPHLUSRLVRGLDMiGHVSRQWD0DV-DFyOKHUHVSRQGHX1mRWHGHL[DUHL
LUDQmRVHUTXHPHDEHQoRHV
'NESIS 

0XLWDVYH]HVQRVVRVSHUtRGRVGHRUDomRPDLVVHSDUHFHPFRPOXWDVTXHFRPGLiORJRV
1RHQWDQWRSRGHPVXUJLUWUDQVIRUPDo}HVVXUSUHHQGHQWHVGRVFRQIOLWRVHPRUDomR
$WpHVVHHQFRQWURFRP'HXVDYLGDGH-DFyVHFDUDFWHUL]DUDSRUVXDVPDQLSXODo}HV
SDUDTXHVXDYLGDIXQFLRQDVVHGHDFRUGRFRPVHXVGHVHMRV
4XDQGRRHVWUDQKRDSDUHFHXHOXWRXFRP-DFyHVWHYLYLDXPPRPHQWRGHVROLGmRH
WHPRU (P EUHYH UHHQFRQWUDULD R LUPmR (VD~ TXH WLQKD R GLUHLWR GH RGLiOR -DFy
GHVFRQKHFLDRVSODQRVGRLUPmR'XUDQWHDOXWD FRPRSUySULR'HXV*Q -DFy
GLVVH VHX QRPH  R HTXLYDOHQWH D XPD FRQILVVmR SRUTXH VHX QRPH VLJQLILFDYD
XVXUSDGRU $ FRQILVVmR OHYRX j WUDQVIRUPDomR -DFy UHFHEHX D ErQomR XP QRYR
QRPH H XP QRYR IXWXUR (OH WDPEpP UHFHEHX XP IHULPHQWR  XPD OHPEUDQoD
SHUPDQHQWHGRTXHDFRQWHFHUD
6H TXLVHU H[SHULPHQWDU D RUDomR WUDQVIRUPDGRUD VHMD VLQFHUD FRP 'HXV 'LJD
6HQKRU WHQKR VLGR PHGURVD ( HQWmR DFUHVFHQWH $MXGDPH D LU DOpP GR TXH VRX
SDUDWRUQDUPHTXHPWXPHFKDPDVWHDVHU
$SHVDU GR SDVVDGR GH -DFy RV SODQRV GH 'HXV SUHYDOHFHUDP 1mR WHPD OXWDU HP
RUDomRSRLV'HXVXVDUiDVPHGLGDVQHFHVViULDVSDUDH[HFXWDURVSODQRVGHOH&RPR
-DFyILTXHILUPHHQmRGHVLVWDGDErQomRTXHDWUDQVIRUPDUiSDUDVHPSUH

6HQKRUGHVHMRWHFRQKHFHUPHOKRUGHPRGRTXHSRVVDH[SHULPHQWDUWRGDVDVWXDV
ErQomRV1mRRURWDQWRTXDQWRJRVWDULDHSDVVRSRUPRPHQWRVGHG~YLGDPDVGHGLFR
HVWHGLDDFRQILDUPDLVHPWLSRUTXHVHLTXHHQFRQWUDUHLWUDQVIRUPDomRQDWXD
SUHVHQoD
GHMDQHLUR
/HLD*rQHVLVHUHIOLWD

*IH=>K=HEHNOHK
9HQKDP9DPRVVXELUD%HWHORQGHIDUHLXPDOWDUDR'HXVTXHPHRXYLXQRGLDGD
PLQKDDQJ~VWLDHTXHWHPHVWDGRFRPLJRSRURQGHWHQKRDQGDGR
'NESIS

&RP TXH IUHTXrQFLD YRFr UHVHUYD WHPSR SDUD UHOHPEUDU R TXH 'HXV IH] H SDUD
DJUDGHFHUOKH SRU LVVR" (VWDPRV VHPSUH WmR RFXSDGDV TXH DFHLWDPRV DV ErQomRV GH
'HXVHQTXDQWRDWUDYHVVDPRVFRUUHQGRQRVVRVGLDVDJLWDGRVVHPDRPHQRVQRVGHWHU
SDUD QRWiODV 3UD]RV HQFRQWURV H FRPSURPLVVRV IDPLOLDUHV SUHHQFKHP R WHPSR TXH
WHPRV SDUD ORXYDU D 'HXV (P JHUDO Vy SDUDPRV SDUD IDODU FRP HOH TXDQGR
SUHFLVDPRV GH DOJR RX TXDQGR DV FLUFXQVWkQFLDV QRV ID]HP SHUFHEHU QRVVD
LQVXILFLrQFLD
1HVVD SDVVDJHP SRUpP -DFy UHVHUYRX WHPSR SDUD GHWHUVH H FRQVWUXLU XP DOWDU
SDUDR6HQKRUQmRSDUDSHGLUDOJRPDVSDUDOHPEUDURTXH'HXVIL]HUD(VVHWLSR
GH ORXYRU WHP SRGHU 4XDQGR ORXYDPRV D 'HXV HOH QRV UHQRYD DV IRUoDV H QRV
UHOHPEUDTXHPHOHpHRTXHGHVHMDTXHIDoDPRV4XDQGROHPEUDPRVFRPR'HXVVH
PRVWURXILHOQRSDVVDGRVHQWLPRQRVFRQILDQWHVSDUDHQWUHJDUOKHQRVVRIXWXUR2OKDU
SDUDWUiVHYHUDPmRGR6HQKRUFRQGX]LUVXDYLGDFRQFHGHOKHIpSDUDDFUHGLWDUTXH
PHVPRGLDQWHGRIXWXURLQFHUWRYRFrSRGHWHUFHUWH]DGHTXHHOHQmRYDLDEDQGRQiOD
ePXLWRLPSRUWDQWHUHVHUYDUWHPSRSDUDUHIOHWLUVREUHRTXH'HXVWHPIHLWRHFRPR
WHPVLGRILHO&RPLVVRYRFrQmRWHPHUiRIXWXURPDVHVSHUDUiSRUHOHVDEHQGRTXH
'HXVHVWDUiFRPYRFrDRQGHTXHUTXHYi

'HXVWRGRSRGHURVRHXWHDGRURSRUTXHPWXpV$JUDGHoRSRUWXGRRTXHWHQVIHLWR
SRUPLP'HVWHPHIRUoDSRGHUSURYLVmRHSURSyVLWR
6HLTXHQmRSUHFLVRWHPHURIXWXURSRUTXHYHMRFRPRPHDEHQoRDVWHHPHSURWHJHVWH
QRSDVVDGR2URSDUDTXHHVWHMDVVHPSUHFRPLJRHPHJXLHVSHORFDPLQKRQRTXDO
GHYRDQGDU
GHMDQHLUR
/HLD*rQHVLVHUHIOLWD

*K:G=HIHKL>NL?BEAHL
(DEHQoRRXD-RVpGL]HQGR4XHR'HXVDTXHPVHUYLUDPPHXVSDLV$EUDmRH
,VDTXHR'HXVTXHWHPVLGRRPHXSDVWRUHPWRGDDPLQKDYLGDDWpRGLDGHKRMHR
$QMRTXHPHUHGLPLXGHWRGRRPDODEHQoRHHVWHVPHQLQRV6HMDPHOHVFKDPDGRV
SHORPHXQRPHHSHORVQRPHVGHPHXVSDLV$EUDmRH,VDTXHHFUHVoDPPXLWRQD
WHUUD
'NESIS 

6HYRFrpPmH RXDYy 'HXVOKHGHXDXWRULGDGHSDUDRUDUSRUVHXVILOKRV9RFrRV


FRQKHFHPHOKRUTXHTXDOTXHURXWUDSHVVRD&RQKHFHVXDVHVSHUDQoDVVHXVWHPRUHV
VXDVSUHRFXSDo}HVVXDVLQVHJXUDQoDVVHXVVRQKRVVHXVWDOHQWRVHVXDVKDELOLGDGHV
'HXVOKHFRQILRXQmRVyRFXLGDGRGDVQHFHVVLGDGHVGHVHXVILOKRVFRPRWDPEpP
OKH GHX XP PHLR GH DEHQoRiORV D RUDomR $ FRLVD PDLV LPSRUWDQWH TXH YRFr SRGH
ID]HUFRPRPmHpRUDUGLDULDPHQWHSDUDTXHDSURWHomRDRULHQWDomRDVDEHGRULDHR
DPRU GLYLQR VHMDP LQIXQGLGRV QD YLGD GHOHV (PERUD YRFr QmR SRVVD HVWDU D FDGD
PRPHQWRFRPHOHV'HXVSRGH
$R LQWHUFHGHU SRU VHXV ILOKRV SHoD TXH 'HXV OKHV Gr GLVFHUQLPHQWR QDV HVFROKDV
TXHWLYHUHPGHID]HU2UHSDUDTXHR6HQKRURVSURWHMDGDVDUPDGLOKDVGRLQLPLJRH
TXH UHMHLWHP R PDO 2UH SDUD TXH JRVWHP GH DSUHQGHU H GHVFXEUDP RV GRQV H DV
KDELOLGDGHVTXH'HXVOKHVFRQFHGHX2UHSDUDTXHDYLGDGHOHVWUDJDJOyULDD'HXVH
HVSHUDQoDHFXUDSDUDRVTXHRVFHUFDP
$RUDomRpRPHOKRUSUHVHQWHTXHYRFrSRGHGDUDVHXVILOKRV(OHVSURVSHUDUmRVRE
RVFXLGDGRVHRSRGHUGHXPDPmHTXHRUD

3DLHQVLQDPHDRUDUSRUPHXVILOKRVHQHWRV
$EHQoRDRVFRPRFRQKHFLPHQWRGHTXHPWXpVHDMXGDRVDYLYHUGHDFRUGRFRPWHXV
SUHFHLWRV&DSDFLWDWRGRVHOHVDUHFRQKHFHURVGRQVHRVWDOHQWRVTXHOKHVGHVWHHD
VHJXLUDWXDRULHQWDomRjPHGLGDTXHRVGHVHQYROYHPHRVXVDPSDUDWXDJOyULD
GHMDQHLUR
/HLD[RGRHUHIOLWD

E:F:G=H:>NL
0XLWRWHPSRGHSRLVPRUUHXRUHLGR(JLWR2VLVUDHOLWDVJHPLDPHFODPDYDPGHEDL[R
GDHVFUDYLGmRHRVHXFODPRUVXELXDWp'HXV
XODO

$OJXPDYH]YRFrVHVHQWLXFRPRRVLVUDHOLWDVQHVVDSDVVDJHP"eSRVVtYHOTXHWHQKD
VXSRUWDGRXPORQJRSHUtRGRGHFODPRUHVSRUOLYUDPHQWR3RGHHVWDUDJRUDPHVPRHP
XPD VLWXDomR GLItFLO VHP PHLRV DSDUHQWHV GH VDtGD 4XHP VDEH YRFr RX DOJXpP D
TXHP DPD HVWHMD VRIUHQGR R TXH D OHYD D VH SHUJXQWDU VH 'HXV SRGH RXYLU VHXV
SHGLGRVGHDMXGD
4XDQGR RV LVUDHOLWDV FODPDUDP 'HXV QmR Vy RV RXYLX FRPR IH] PXLWR DOpP GH
DSHQDVDOLYLiORV(OHRVOLYURXFRPSOHWDPHQWH0DVDVFRLVDVDFRQWHFHUDPjPDQHLUD
GH 'HXV $ SULPHLUD WHQWDWLYD GH OLYUDU R SRYR SDUHFHX IDOKDU SRUTXH RV HJtSFLRV
DFDEDUDP GDQGR D ,VUDHO PDLV WUDEDOKR 0HVPR TXDQGR 0RLVpV H $UmR UHDOL]DUDP
PLODJUHV R IDUDy HQGXUHFHX R FRUDomR $V FLUFXQVWkQFLDV SDUHFLDP PDLV
GHVHVSHUDGRUDV TXH QXQFD (QWUHWDQWR p HP PHLR D VLWXDo}HV VRPEULDV TXH 'HXV
UHDOL]D VXD PDLRU REUD (PERUD RV ILOKRV GH ,VUDHO SHUPDQHFHVVHP HVFUDYRV TXDVH
TXDWURFHQWRVDQRV'HXVRVRXYLXHROKRXSDUDHOHV
(OH IDUi R PHVPR SRU YRFr $R FODPDU D 'HXV VXDV RUDo}HV FKHJDP DR FRUDomR
GHOH/HPEUHVHDSHQDVGHTXHVHUOLEHUWDSRGHVHUXPSURFHVVRUiSLGRRXJUDGDWLYR
GHSHQGHQGRGRTXH'HXVTXHLUDHQVLQDU
6HMDSDFLHQWHHFRQWLQXHDRUDU1XQFDGHL[HGHFUHUTXHR6HQKRUpXP'HXVGH
PLODJUHV

6HQKRUFODPRDWLSHGLQGROLEHUWDomRGHWXGRTXHPHLPSHoDGHVHUDTXLORTXH
GHVHMDV/LEHUWDPHGRTXHPHVHSDUDGHWL
6HLTXHPHVPRHPPHLRDXPDVLWXDomRTXHSDUHFHGHVHVSHUDGRUDWXSRGHVUHDOL]DU
DREUDPDLVPDUDYLOKRVD2EULJDGDSRUTXHWXpVXP'HXVGHPLODJUHV
GHMDQHLUR
/HLD[RGRHUHIOLWD

*K:G=H>F?:OHK=>HNMKHL
2IDUDyPDQGRXFKDPDU0RLVpVH$UmRLPHGLDWDPHQWHHGLVVHOKHV3HTXHLFRQWUDR
3ENHORRVHX'HXVHFRQWUDYRFrV$JRUDSHUGRHPDLQGDHVWDYH]RPHXSHFDGRH
RUHPDR3ENHORRVHX'HXVSDUDTXHOHYHHVWDSUDJDPRUWDOSDUDORQJHGHPLP
XODO 

9RFrMiWHQWRXFRPSDUWLOKDUVXDIpFRPXPDPLJRLQFUpGXORVySDUDYHUHVVDSHVVRD
PRVWUDUGHVLQWHUHVVHRXIUDQFDKRVWLOLGDGH"$VSHVVRDVTXHDURGHLDPSRGHPUHMHLWDU
VXD SUHRFXSDomR FRP HODV H LJQRUDU D SUySULD QHFHVVLGDGH GH XP 6DOYDGRU 1R
HQWDQWRHPPRPHQWRVGHFULVHOKHSHUPLWLUmRRUDUSRUHODV7DOYH]DWpDSURFXUHP
SDUDSHGLURUDomRVDEHQGRTXHYRFrWHPXPDOLQKDGLUHWDFRPRFpX
2UDUWRUQDVHDOJRGLItFLOTXDQGRVHWUDWDGDTXHOHVTXHQRVSUHMXGLFDUDP1RVHUPmR
GR PRQWH -HVXV LQVWUXLX VHXV VHJXLGRUHV D GHVFRQVLGHUDU D VDEHGRULD GD pSRFD FRP
UHODomRDRVLQLPLJRVHDSUDWLFDUHPYH]GLVVRRDPRUPHGLDQWHDLQWHUFHVVmR9RFrV
RXYLUDPRTXHIRLGLWR$PHRVHXSUy[LPRHRGHLHRVHXLQLPLJR0DVHXOKHVGLJR
$PHPRVVHXVLQLPLJRVHRUHPSRUDTXHOHVTXHRVSHUVHJXHP 0W 
2 IDUDy FRORFRX WRGD VXD Ip QD KDELOLGDGH GRV ViELRV IHLWLFHLURV H PiJLFRV GH
XVDUHPDVDUWHVVHFUHWDVSDUDUHDOL]DUPLODJUHV0DVTXDQGRDVSUDJDVSURYDUDPVHU
R GHGR GH 'HXV R IDUDy SHGLX DMXGD D 0RLVpV R ~QLFR KRPHP TXH HOH VDELD VHU
UHDOPHQWHFDSD]GHLQWHUFHGHU
3HOD REVHUYDomR GH VXD YLGD RV LQFUpGXORV GHYHULDP SRGHU GL]HU TXH YRFr p XPD
SHVVRDHPTXHPHOHVSRGHPGHSHQGHUTXDQGRQHFHVVLWDUHPGHRUDomRMXQWRjTXHOH
TXHSRGHGHIDWRID]HUGLIHUHQoD

'HXVDMXGDPHDDSUHQGHUDRUDUFRPSRGHU$XPHQWDPLQKDIpSDUDFUHUQDV
UHVSRVWDVjVPLQKDVRUDo}HV2URSDUDTXHWRGRVDRPHXUHGRUVHMDPFDSD]HVGH
UHFRQKHFHUSRUPLQKDYLGDTXHVRXXPDSHVVRDGHJUDQGHIpHSRGHUHPRUDomRH
TXHHODVSRVVDPFRQILDUQR'HXVDTXHPRUR
GHMDQHLUR
/HLD[RGRHUHIOLWD

+:K>=>HK:K>LB@::O:GM>
'LVVHHQWmRR3ENHORD0RLVpV3RUTXHYRFrHVWiFODPDQGRDPLP"'LJDDRV
LVUDHOLWDVTXHVLJDPDYDQWH
XODO

9iULDV SDVVDJHQV GDV (VFULWXUDV PHQFLRQDP D LPSRUWkQFLD GH FODPDU DR 6HQKRU QD
DQJ~VWLD (P /DPHQWDo}HV  OHPRV /HYDQWHVH JULWH QR PHLR GD QRLWH >@
GHUUDPHRVHXFRUDomRFRPRiJXDQDSUHVHQoDGR6HQKRU&KHJDXPPRPHQWRQR
HQWDQWRTXDQGRILQGDRWHPSRGHFODPDUHDLQVWUXomRpDJLU
)RLRTXH'HXVGLVVHD0RLVpV2VLVUDHOLWDVQmRSUHFLVDYDPVHSUHRFXSDUFRPRV
GHWDOKHV (OH DMXGDULD VHX SRYR REVWUXLQGR D YLVmR GRV HJtSFLRV ,OXPLQDULD RV
LVUDHOLWDV )DULD R YHQWR H[SRU R IXQGR GR PDU 2 SRYR Mi QmR SUHFLVDYD RUDU
SUHFLVDYDVHJXLUDYDQWH
7DOYH] RV LVUDHOLWDV SHQVDVVHP 1mR SRGH VHU e SHULJRVR GHPDLV &RPR WHU
FHUWH]DGHTXHFRQVHJXLUHPRV"9DPRVFRQWLQXDURUDQGR
$RUDomRjVYH]HVpGHVFXOSDSDUDDLQpUFLD$PLVVLRQiULD$P\&DUPLFKDHOHVFUHYHX
DOJXQV YHUVRV SDUD LOXVWUDU D LPSRUWkQFLD GH DJLU GHSRLV GH WHUPRV RUDGR VREUH XP
DVVXQWR

8PDFHQWRSHLDVHQWLDVHIHOL]DWpTXH]
&HUWRGLDXPVDSRSRUEULQFDGHLUD
3HUJXQWRXOKH'LJDPHTXHSHUQDYDLGHSRLVGHTXDO"
,VWRHVWUHVVRXOKHGHWDOIRUPDDPHQWH
4XHGLVWUDtGDFDLXHPXPIRVVR
3HUJXQWDQGRVHFRPRFRUUHU

4XDQGRRXYLU'HXVGL]HUTXHVHPRYDHPFHUWDGLUHomRIDoDR6HGHPRUDUSRGH
DFDEDU GLVWUDtGD HP XP IRVVR SHUJXQWDQGRVH FRPR FRUUHU 4XDQGR R FDPLQKR IRU
FODUROHPEUHVHGDLQVWUXomRGR6HQKRUSDUDRVLVUDHOLWDV6LJDPDYDQWH

3DLDMXGDPHDHQWHQGHUTXDQGRpRPRPHQWRGHDJLU
$MXGDPHDUHFRQKHFHUDVUHVSRVWDVjVPLQKDVRUDo}HV'iPHRFRQKHFLPHQWRGDWXD
YRQWDGHTXHPHID]VDEHUTXDQGRpKRUDGHGDUXPSDVVRGHIp
GHMDQHLUR
/HLD[RGRHUHIOLWD

>NLM>LM:GHLL:H;>=BG<B:
&RPLVVRRVSRUHLjSURYDSDUDYHUVHVHJXHPRXQmRDVPLQKDVLQVWUXo}HV
XODO

0HXV ILOKRV VHPSUH GHWHUPLQDUDP D TXDQWLGDGH GH UHJDOLDV TXH GHVIUXWDYDP GH


DFRUGR FRP D REHGLrQFLD jV UHJUDV GD FDVD 6H QmR REHGHFLDP jV UHJUDV QmR
FRQFHGtDPRV DV UHFRPSHQVDV FRUUHVSRQGHQWHV (YLGHQWHPHQWH D DOLPHQWDomR DV
URXSDVDHGXFDomRRDEULJRHRDPRUHUDPQRVVDREULJDomRLQGHSHQGHQWHPHQWHGH
FRPRVHFRPSRUWDYDP1RHQWDQWRDVErQomRVH[WUDVTXHHOHVH[SHULPHQWDYDPDOpP
HDFLPDGDVQHFHVVLGDGHVEiVLFDVGHSHQGLDPGDREHGLrQFLD
$FUHGLWRTXH'HXVQRVYrGHVVDPHVPDIRUPD(OHQRVGiRUGHQVHVSHFtILFDVHQRV
WHVWDSDUDYHUVHFXPSULUHPRV6HQmRFXPSULPRVHOHQmRQRVSULYDGRVHXDPRUGD
VXD SURYLVmR H SURWHomR 1R HQWDQWR GHVHMD QRV DEHQoRDU GH PXLWDV RXWUDV IRUPDV
PDVQmRRID]DWpTXHQRVVXEPHWDPRVWRWDOPHQWHjVXDVREHUDQDYRQWDGH
0RLVpVGLVVHDRVLVUDHOLWDV'HXVYHLRSURYiORVSDUDTXHRWHPRUGH'HXVHVWHMD
HPYRFrVHRVOLYUHGHSHFDU [ 2DSyVWROR3DXORGLVVH2WUDEDOKRGHFDGD
XP VHUi SDVVDGR DWUDYpV GR IRJR SDUD TXH WRGRV SRVVDP YHU VH HOH FRQVHUYD VHX
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TXDOTXHULPSHGLPHQWRjVPLQKDVRUDo}HVHQmRTXHURFRORFDUHPSHFLOKRVDQDGDGR
TXHWXTXHLUDVID]HUHPPLQKDYLGD
GHIHYHUHLUR
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HGLNEM>H.>GAHK
2VLVUDHOLWDVH[DPLQDUDPDVSURYLV}HVGRVKHYHXVPDVQmRFRQVXOWDUDPR3ENHOR
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(VWDVHQWHQoDpWmRFXUWDTXHSRGHVHUIDFLOPHQWHLJQRUDGDQRHQWDQWRpDFKDYHGH
WRGDDKLVWyULDRVLVUDHOLWDVQmRFRQVXOWDUDPR6HQKRU
-RVXpQmRGHYHULDWHUVLGRWmRLQJrQXRHOHVHVWDYDPHPJXHUUDHSUHFLVDYDPGD
RULHQWDomRGH'HXVDFDGDSDVVR0DVGHVVDYH]RVYLDMDQWHVRVKHYHXVWLQKDPYLQGR
GH ORQJH 6HXV DOLPHQWRV HVWDYDP PRIDGRV VHXV RGUHV GH YLQKR HVWDYDP YHOKRV H
UDFKDGRV H VXDV URXSDV H VDQGiOLDV JDVWDV 1mR RFRUUHX DRV OtGHUHV GH ,VUDHO TXH
HVWLYHVVHP VHQGR HQJDQDGRV 2V LVUDHOLWDV IRUDP LOXGLGRV SRUTXH QmR SHGLUDP D
RULHQWDomRGH'HXVSDUDDWRPDGDGHGHFLVmR
9RFrMiVHYLXHPDSXURVSRUQmRWHUSHGLGRD'HXVVDEHGRULDHGLUHomR"9RFrWHULD
WRPDGRXPDGHFLVmRPHOKRUVHWLYHVVHFRQVXOWDGRR6HQKRUQRHVFULWyULRQDVDODGH
DXODRXQRQDPRUR"$SDVVDJHPGHL[DLPSOtFLWRTXHVHRVLVUDHOLWDVWLYHVVHPSHGLGR
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SDUDOHYDUD'HXV(OHSRGHYHURTXDGURFRPSOHWRHYRFrQmR(OHYrRIXWXURHYRFr
QmR Yr (OH p VHX 3DL FHOHVWLDO H TXHU HVWDU HQYROYLGR HP FDGD DVSHFWR GH VXD YLGD
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3DLDMXGDPHDWHFRQVXOWDUVREUHWRGDVDVFRLVDVHPYH]GHPHSUHFLSLWDUHSURFXUDU
UHVROYHUWXGRVR]LQKDPHVPRQDVSHTXHQDVFRLVDVDSDUHQWHPHQWHIiFHLVGHOLGDU
$MXGDPHDQmRFDLUQHVVDDUPDGLOKDGRLQLPLJR
GHIHYHUHLUR
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0DVJXDUGHPILHOPHQWHRPDQGDPHQWRHDOHLTXH0RLVpVVHUYRGR3ENHOROKHVGHX
TXHDPHPR3ENHORRVHX'HXVDQGHPHPWRGRVRVVHXVFDPLQKRVREHGHoDPDRV
VHXVPDQGDPHQWRVDSHJXHPVHDHOHHRVLUYDPGHWRGRRFRUDomRHGHWRGDDDOPD
*OSU

2V SDLV JRVWDP GH GDU FRLVDV ERDV DRV ILOKRV DPRU XP OXJDU VHJXUR H FRQIRUWiYHO
SDUDPRUDUHXPDYLGDERDQDPHGLGDGRSRVVtYHO1yVRVSURWHJHPRVRVHGXFDPRV
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SRUTXHRVDPDPRV
(QWUHWDQWRQmRTXHUHPRVTXHQRVVRVILOKRVGHL[HPGHGDUYDORUjVFRLVDVERDVTXH
OKHV GDPRV 4XHUHPRV TXH VHMDP JUDWRV H DSUHFLDWLYRV 1mR TXHUHPRV TXH HOHV
VLPSOHVPHQWHVHDSUR[LPHPGHQyVSRUTXHTXHUHPGLQKHLURRXFRLVDV4XHUHPRVTXH
HOHVTXHLUDPHVWDUFRQRVFRSRUTXHQRVDPDP
'HXVTXHUTXHRYDORUL]HPRVPDLVGRTXHTXDOTXHUFRLVDTXHHOHSRVVDQRVGDU(OH
WHP SUD]HU HP GDUQRV FRLVDV e GH VXD QDWXUH]D ,VVR OKH Gi SUD]HU 0DV HOH VH
QHJDUi D ID]rOR TXDQGR IRU QHFHVViULR TXDQGR SDUHFHU TXH GHVHMDPRV PDLV DV
GiGLYDV GR TXH R 'RDGRU (OH TXHU TXH R DPHPRV R VXILFLHQWH SDUD HVWDUPRV
VLPSOHVPHQWHFRPHOHSDUDREXVFDUPRVFRPRQRVVRPDLRUSUHVHQWH
4XDQGR QRV FRORFDPRV HP VXD SUHVHQoD HP DGRUDomR SRU QHQKXPD RXWUD UD]mR
VHQmR SRUTXH R YDORUL]DPRV DFLPD GH WRGDV DV FRLVDV HOH QRV UHFRPSHQVD FRQVLJR
PHVPR
'HXV HVWi HVSHUDQGR TXH EXVTXHPRV VXD SUHVHQoD 6O   (OH TXHU TXH R
DPHPRVHRDSUHFLHPRVVLPSOHVPHQWHSHORTXHHOHp4XDQGRYRFrVLPSOHVPHQWHR
DGRUDUSRUTXHPHOHpHOHRHOHYDUiDWpVXDSHUVSHFWLYDHOKHGDUiVXDDOHJULDHVHX
GHVFDQVR

6HQKRUGHVHMRFRQKHFHUWHGHXPPRGRPDLVSURIXQGR0LQKDDOPDDQVHLDHVWDUSHUWR
GHWLSDUDVHQWLUDEDWLGDGRWHXFRUDomRHSHUFHEHURIOXLUGRWHXDPRUSDUDPHXVHU
(QFKHPHXFRUDomRFRPXPFRQKHFLPHQWRWmRJUDQGHGHWLDSRQWRGHRIDWRGH
ORXYDUWHSDVVDUDVHUFRPRRDUTXHUHVSLUR7XpVVDQWRHMXVWRHQmRWHQKRDOHJULD
PDLRUQDYLGDGRTXHWHH[DOWDU
GHIHYHUHLUR
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3RULVVRDLUDGR3ENHORDFHQGHXVHFRQWUD,VUDHOHHOHGLVVH&RPRHVWHSRYRYLRORX
DDOLDQoDTXHIL]FRPRVVHXVDQWHSDVVDGRVHQmRWHPRXYLGRDPLQKDYR]QmR
H[SXOVDUHLGHGLDQWHGHOHQHQKXPDGDVQDo}HVTXH-RVXpGHL[RXTXDQGRPRUUHX
*UZES 

'HSRLVGHDQRVGHOXWDVSDUDFKHJDUjWHUUDSURPHWLGDDQDomRGH,VUDHODIDVWRXVH
GR6HQKRUTXHRVJXLDUDDWpDOL3RUTXr"3RUQmRWHUHPPDQWLGRXPDFRQH[mRSHVVRDO
FRPHOH&RQWDUFRPDIpGRVDQWHSDVVDGRVQmRIRLVXILFLHQWHSDUDVXVWHQWiORVHHOHV
VHYROWDUDPSDUDRXWURVGHXVHV
(VVH PHVPR SULQFtSLR VH DSOLFD D QyV 3DUD VXVWHQWDU QRVVR UHODFLRQDPHQWR DWXDO
FRP 'HXV QmR SRGHPRV FRQILDU QD Ip GH RXWUDV SHVVRDV RX PHVPR HP QRVVDV
H[SHULrQFLDVFRPHOHQRSDVVDGR'HYHPRVPDQWHUXPUHODFLRQDPHQWRYLYRGLQkPLFR
DWLYRFRPR6HQKRUPHGLDQWHXPDYLGDGHRUDomRHGHOHLWXUDEtEOLFDDILPGHFRQKHFr
ORLQWLPDPHQWH
2UDomR p PXLWR PDLV TXH DSHQDV SHGLU RX UHFHEHU FRQVHOKRV e VXD YLD SDUD
FRQKHFHUR'HXVGRXQLYHUVRHVHUFRQKHFLGDVSRUHOH(PERUDR6HQKRUMiDFRQKHoD
FRPSOHWDPHQWH QmR Ki PHLRV GH H[SHULPHQWDU HVVD UHDOLGDGH VHQmR SHOD
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WHQWDo}HVHSHULJRVFRPRDFRQWHFHXFRPRVLVUDHOLWDV1mRGHL[HGHPDQWHUXPDYLGD
GHRUDomRSHUPDQHQWHHWRPHFXLGDGRSDUDQmRVHDSRLDUHPH[SHULrQFLDVSDVVDGDV
FRPHOH,VVRSRGHOHYiODDXPWHUULWyULRSHULJRVR

'HXV3DLQmRGHVHMRMDPDLVPHDIDVWDUGHWLSRUPHLRGHPLQKDQHJOLJrQFLDHPSDVVDU
WHPSRQDWXD3DODYUDHHPRUDomR4XHURHVWDUVHPSUHQXPDFDPLQKDGDFDGDYH]
PDLVSUy[LPDGHWL$MXGDPHDFRQKHFHUWHPHOKRUHVHUFDGDYH]PDLVVHPHOKDQWHD
WL1mRTXHURFDLUHPWHQWDomRSHFDGRRXRFLRVLGDGH(PYH]GLVVRTXHURWHUXPD
QRYDHPDLVSURIXQGDH[SHULrQFLDFRQWLJRDFDGDGLD
GHIHYHUHLUR
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0DVTXHQGRFODPDUDPDR3ENHORHOHOKHVOHYDQWRXXPOLEHUWDGRU2WRQLHOILOKRGH
4XHQD]RLUPmRPDLVQRYRGH&DOHEHTXHRVOLEHUWRX>@1RYDPHQWHRVLVUDHOLWDV
FODPDUDPDR3ENHORTXHOKHVGHXXPOLEHUWDGRUFKDPDGR(~GHKRPHPFDQKRWRILOKR
GREHQMDPLWD*HUD2VLVUDHOLWDVRHQYLDUDPFRPRSDJDPHQWRGHWULEXWRVD(JORPUHL
GH0RDEH
*UZES 

2FRPSRUWDPHQWRSHFDPLQRVRGRVLVUDHOLWDVRVOHYRXDVHWRUQDUHPVHUYRVGHQDo}HV
H GHXVHV HVWUDQJHLURV (QWUHWDQWR VHPSUH TXH FODPDYDP DR 6HQKRU HOH HUD ILHO HP
UHVJDWiORV
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IRUWDOH]DV GR PDO HP QRVVD YLGD -HVXV QRV HQVLQRX D RUDU /LYUDQRV GR PDO 0W
 (OHQmRQRVLQVWUXLULDGHVVHPRGRVHQmRSUHFLViVVHPRVVHUOLEHUWDGDV$SHVDU
GLVVR QmR RUDPRV VHPSUH GHVVD PDQHLUD 'HXV TXHU QRV OLYUDU GH WXGR R TXH QRV
SUHQGHHTXHUFRQWLQXDUQRVOLEHUWDQGRDFDGDGLD
9RFr VH VHQWH HVFUDYL]DGD SRU ILQDQoDV GRHQoD YtFLRV UHODFLRQDPHQWRV SRXFR
VDGLRVLPRUDOLGDGHRXUHVVHQWLPHQWRV"'HXVTXHUTXHYRFrVHOHPEUHGHTXHHOHpR
/LEHUWDGRU/HPRVHP6DOPRV&ODPHDPLPQRGLDGDDQJ~VWLDHXROLYUDUHLHYRFr
PHKRQUDUi  
9RFr HQFRQWUD OLEHUWDomR DR RUDU 6O   DR SHGLU D RXWUR FULVWmR TXH RUH 6O
 DROHUD3DODYUDGH'HXVFRPHQWHQGLPHQWRHFODUH]D -R HDRSDVVDU
WHPSRQDSUHVHQoDGR6HQKRUHPORXYRUHDGRUDomR7RGDYH]TXHDGRUDUD'HXVR
SRGHUGRPDOVHUiLQWHUURPSLGRSRLVR6HQKRUKDELWDHPVHXVORXYRUHV
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ERDREUDHPYRFrVYDLFRPSOHWiODDWpRGLDGH&ULVWR-HVXV )S 

6HQKRURURSDUDTXHPHOLYUHVGHTXDOTXHUIRUWDOH]DTXHRLQLPLJRWHQKDOHYDQWDGR
SDUDPLQKDGHVWUXLomR2EULJDGDSRUTXHFRQWLQXDVDPHOLEHUWDUDFDGDGLD(XWH
ORXYRFRPRPHX6DOYDGRUH/LEHUWDGRU
GHIHYHUHLUR
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HG?BLLH>:KK>I>G=BF>GMH
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PHOKRUPDVWHURJDPRVOLYUDQRVDJRUD(QWmRHOHVVHGHVIL]HUDPGRVGHXVHV
HVWUDQJHLURVTXHKDYLDHQWUHHOHVHSUHVWDUDPFXOWRDR3ENHOR(HOHQmRS{GHPDLV
VXSRUWDURVRIULPHQWRGH,VUDHO
*UZES 

2SHFDGRQRVVHSDUDGH'HXV(VVDpDSXUDYHUGDGH(VVHWH[WRPRVWUDFRPRURPSHU
HVVDEDUUHLUDHUHLQLFLDUXPUHODFLRQDPHQWRUHWRFRPHOH$SULPHLUDSDUWHGRSURFHVVR
LQFOXLFRQILVVmRFRQWDUD'HXVRTXHYRFrIH]GHHUUDGR$VHJXQGDDUUHSHQGLPHQWR
 DIDVWDUVH GRV HUURV 2V LVUDHOLWDV FRQIHVVDUDP TXH KDYLDP DGRUDGR GHXVHV
HVWUDQKRV/LYUDUDPVHHQWmRGRVtGRORVHVHUYLUDPDR6HQKRU
$ QmR FRQILVVmR GRV SHFDGRV UHVXOWD QD WHQWDWLYD GH HVFRQGHUQRV GH 'HXV $
H[HPSOR GH $GmR H (YD QR MDUGLP DFKDPRQRV LQFDSD]HV GH HQFDUDU D 'HXV $
TXHVWmR SRUpP UHVLGH QR IDWR GH TXH p LPSRVVtYHO HVFRQGHUQRV GH 'HXV $ %tEOLD
DILUPDTXHWXGRVHUiFRQKHFLGRPHVPRRTXHSHQVDPRVHGL]HPRVVHFUHWDPHQWH
1DGDpPDLVSHVDGRHGHVWUXWLYRTXHRSHFDGR1mRFRPSUHHQGHPRVTXmRSHVDGR
p DWp VHQWLUPRV VHX SHVR HVPDJDGRU HP QRVVRV UHODFLRQDPHQWRV QmR SHUFHEHPRV
FRPRpGHVWUXWLYRDWpGHSDUDUPRVFRPRPXURHGLILFDGRHQWUH'HXVHQyV&RPRRV
LVUDHOLWDV YLYHQFLDUDP QDGD p PDLV OLEHUWDGRU H PDUDYLOKRVR TXH D FRPSDL[mR H D
JUDoDGH'HXV$RFRQIHVVDURSHFDGRYRFrQmRHVWiGL]HQGRQDGDD'HXVTXHHOHMi
QmRVDLED(OHTXHUTXHYRFrVHFLHQWLILTXHGHVHXSHFDGRHHVWHMDSURQWRDDIDVWDUVH
GHOH

4XHULGR'HXVQmRTXHURTXHQDGDPHVHSDUHGHWL1mRKiQDGDTXHFRPSHQVHHVVD
VHSDUDomR4XHURFRQIHVVDUWHTXDOTXHUFRLVDTXHHXWHQKDIHLWRGHHUUDGR3HoRWH
TXHPHUHYHOHVRQGHDGRUHLRXWURVGHXVHVRXDEULJXHLDTXLORTXHFRQVLGHUDULDVXP
tGRORQDPLQKDYLGDHHQWmRFRQIHVVDUHLLVVRPHDUUHSHQGHUHLHPHOLYUDUHLGHWDO
FRLVD
4XHURVHUYLUVRPHQWHDWL
GHIHYHUHLUR
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2MRYHPOKHVFRQWRXRTXH0LFDIL]HUDSRUHOHHGLVVH(OHPHFRQWUDWRXHHXVRXVHX
VDFHUGRWH(QWmRHOHVOKHSHGLUDP3HUJXQWHD'HXVVHDQRVVDYLDJHPVHUiEHP
VXFHGLGD2VDFHUGRWHOKHVUHVSRQGHX9mRHPSD]6XDYLDJHPWHPDDSURYDomRGR
3ENHOR
*UZES 

3URFXUDU DOJXpP SDUD DFRQVHOKDUVH SRGH VHU PXLWR ViELR  LVWR p TXDQGR
SURFXUDPRV VDEHGRULD QDV IRQWHV FHUWDV 1HVVH FDVR SRUpP RV FLQFR JXHUUHLURV GD
WULER GH 'm SURFXUDUDP XP VDFHUGRWH TXH ID]LD SHUJXQWDV D GHXV XVDQGR tGRORV H
LPDJHQV HP YH] GH DR 'HXV YHUGDGHLUR GH ,VUDHO 0DLV WDUGH QD KLVWyULD HVVH
VDFHUGRWH SURYRX VHU LQFRQVWDQWH H GHVOHDO DR DEDQGRQDU VHX DQWLJR VHQKRU HP XP
SHUtRGR GH FULVH SDUD DFHLWDU RIHUWD PHOKRU 1mR VH UHYHORX SRUWDQWR XPD IRQWH GH
LQIRUPDomRILGHGLJQD
1DEXVFDSRURULHQWDomRGH'HXVYRFrWDOYH]TXHLUDFRQKHFHUDRSLQLmRGDTXHOHVD
TXHPFRQKHFHSHQVDQGRTXHTXDQWRPDLVFRQVHOKHLURVWLYHUPHOKRU0DVHPYH]
GHDSUHVVDUVHHPFRQVHJXLUXPSDUHFHUUiSLGRSDUHHRUH3HoDD'HXVTXHOKHGr
YHUGDGHLUR GLVFHUQLPHQWR 7HVWH D IRQWH DQWHV GH VHJXLU TXDOTXHU UHFRPHQGDomR
3HUJXQWHDSHQDVjTXHOHVTXHSRGHPRIHUHFHUYHUGDGHLUDVDEHGRULDGR6HQKRU
2V KRPHQV GH 'm WLYHUDP D LGHLD FHUWD LQGDJDUDP VREUH D YRQWDGH GH 'HXV
3DUDUDP SRUpP GH LQTXLULU DR RXYLU D SDODYUD GR VDFHUGRWH $YDOLH R TXH RXYLU H
FHUWLILTXHVH GH TXH HVWi GH DFRUGR FRP D 3DODYUD GH 'HXV 1mR Ki IRQWH PDLV
ILGHGLJQDHYRFrSRGHFRQWDUVHPSUHFRPHOD

6HQKRUYROWRPHDWLHPEXVFDGHVDEHGRULDGLUHomRHRULHQWDomR4XDQGRHXSUHFLVDU
EXVFDURFRQVHOKRGHRXWUDSHVVRDDMXGDPHDVDEHUTXDQGRHVVDSHVVRDHVWLYHU
IDODQGRFRPFRQKHFLPHQWRHVSLULWXDOHTXDQGRQmRIRURFDVR$MXGDPHDVHPSUH
DYDOLDURVFRPHQWiULRVGHRXWURVGHDFRUGRFRPDWXD3DODYUD4XHURTXHVHMDVD
PLQKDGHUUDGHLUDIRQWHGHFRQKHFLPHQWR
GHIHYHUHLUR
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NB=:=H<HFL>NLI>=B=HL
3RULVVRWRGDVDVDXWRULGDGHVGH,VUDHOUHXQLUDPVHHIRUDPIDODUFRP6DPXHOHP
5DPi(GLVVHUDPOKH7XMiHVWiVLGRVRHWHXVILOKRVQmRDQGDPHPWHXVFDPLQKRV
HVFROKHDJRUDXPUHLSDUDTXHQRVOLGHUHjVHPHOKDQoDGDVRXWUDVQDo}HV
3AMUEL 

9RFr WDOYH] FRQVLJD OHPEUDU PRPHQWRV HP VXD YLGD TXDQGR RURX SRU DOJR TXH HP
UHWURVSHFWRSRGHULDWHUOHYDGRDRGHVDVWUH(PERUDSHQVHPRVVDEHURTXHpPHOKRU
SDUDQRVVDYLGDHQRVVRIXWXURPXLWDVYH]HVRUDPRVH[DWDPHQWHSHORTXHQRVOHYDULD
jGHVWUXLomR'HXVVDEHGLVVR(OHYrRTXDGURLQWHLURHGHVHMDTXHQRVVDVRUDo}HVVH
KDUPRQL]HP FRP D YRQWDGH GHOH 1R FDVR GRV LVUDHOLWDV FRQVHOKR DOJXP  QHP
PHVPR DV LQVWUXo}HV GR SUySULR 6HQKRU DWUDYpV GH 6DPXHO  S{GH FRQYHQFrORV GH
TXH RUDYDP HUURQHDPHQWH 2 6HQKRU GHXOKHV DILQDO R UHL TXH SHGLDP HPERUD
VRXEHVVHTXHHOHVHWRUQDULDQDYHUGDGHXPIDUGRSDUDRSRYR
+RMHYRFrWHPR(VStULWR6DQWRSDUDJXLiODDWpPHVPRQDVRUDo}HV3HoDHQWmRDR
6HQKRU TXH VHPSUH D DMXGH D RUDU VHJXQGR D YRQWDGH GHOH SDUD VXD YLGD %XVTXH
VDEHGRULD QD %tEOLD 2UH FRPR IH] -HVXV QR MDUGLP GH *HWVrPDQL QmR VHMD IHLWD D
PLQKD YRQWDGH PDV D WXD /F   'HXV HQWmR WUDEDOKDUi HP VHX FRUDomR SDUD
TXH YRFr SRVVD DFHLWDU D YRQWDGH GHOH PHVPR TXH QmR VHMD R TXH YRFr MXOJDYD
GHVHMDU

$MXGDPH(VStULWR6DQWRGH'HXVDRUDUGHDFRUGRFRPDWXDYRQWDGH)DODDRPHX
FRUDomRHQTXDQWROHLRDWXD3DODYUDGHPRGRTXHHXFUHVoDHPFRQKHFLPHQWR
&DSDFLWDPHDRUDUHPSRGHUHGHDFRUGRFRPDTXLORTXHWHDJUDGD2EULJDGDSHORV
PRPHQWRVHPTXHRUHLSHGLQGRDOJRHWXQmRPHGHVWHSRUTXHQmRHUDERP3RVVR
HQWHQGHULVVRDJRUDHVRXJUDWD
GHIHYHUHLUR
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HG<>=> F>H=HF=:HK:H
(ORQJHGHPLPHVWHMDSHFDUFRQWUDR3ENHORGHL[DQGRGHRUDUSRUYRFrV7DPEpP
OKHVHQVLQDUHLRFDPLQKRTXHpERPHGLUHLWR
3AMUEL

9RFrWDOYH]SHQVHTXHGHL[DUGHRUDUSRURXWURVQmRFRQVWLWXLSHFDGRFRQWUD'HXVPDV
6DPXHO FRQVLGHURX FODUDPHQWH R FRQWUiULR 'HXV QRV FKDPD SDUD DSRLDU XQV DRV
RXWURVDPDUXQVDRVRXWURVHRUDUXQVSHORVRXWURV4XDQGRQmRDJLPRVGHVVHPRGR
GHL[DPRV GH YLYHU QD XQLGDGH H FRPXQKmR TXH HOH GHVHMD TXH WHQKDPRV H QmR
SRGHUHPRVH[SHULPHQWDUWRGDVDVErQomRVTXHHOHTXHUQRVGDU6DPXHOVDELDGLVVRH
DQXQFLRXTXHVHULDILHOQDRUDomRSHORVLVUDHOLWDVDSHVDUGHWRGRRPDOTXHIL]HUDP
DRVROKRVGH'HXV
$RUDomRpRPDLRUSUHVHQWHTXHSRGHPRVGDUDXPDSHVVRDeFODURTXHVHHOD
SUHFLVDGHDOLPHQWRURXSDVHXPOXJDUSDUDYLYHUWDLVQHFHVVLGDGHVWDPEpPGHYHP
VHU VDWLVIHLWDV ,VVR SRUpP QmR p PRWLYR SDUD QHJOLJHQFLDU QRVVR GHYHU GH RUDU SRU
HOD$VFRLVDVPDWHULDLVVmRWHPSRUiULDVPDVDVRUDo}HVSRGHPLQIOXrQFLiODGXUDQWH
DYLGDLQWHLUD
1mRSRGHPRVUHFHEHUWXGRRTXH'HXVWHPSDUDQyVDWpTXHSUDWLTXHPRVDRUDomR
LQWHUFHVVyULD ,VVR ID] SDUWH GR FKDPDGR GH WRGR FULVWmR SRUTXH VRPRVWRGRV
FKDPDGRVSDUDLQWHUFHGHUSRURXWURV'HXVTXHUTXHDPHPRVDVSHVVRDVRVXILFLHQWH
SDUDVDFULILFDUQRVVDYLGDSRUHODVHPRUDomR

6HQKRURURSRUFDGDPHPEURGDPLQKDIDPtOLDHSRUWRGRVRVPHXVDPLJRVH
FRQKHFLGRVSHGLQGRTXHVHMDPDEHQoRDGRVFRPSD]ERDVD~GHSURYLVmRHPDLRU
FRQKHFLPHQWRGHWLHGDWXD3DODYUD$MXGDPHDQmRVHUHJRtVWDRXSUHJXLoRVDQD
PLQKDURWLQDGHRUDomR0RVWUDPHSRUTXHPPDLVGHYRRUDU4XHHXQXQFDSHTXH
FRQWUDWLGHL[DQGRGHRUDUSRURXWUDVSHVVRDVGHDFRUGRFRPDWXDYRQWDGH
GHIHYHUHLUR
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(QWmR6DXOHGLILFRXXPDOWDUSDUDR3ENHORIRLDSULPHLUDYH]TXHIH]LVVR
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#RNICAS

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DJUDGRGR3DLGDUOKHVR5HLQR /F 
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GHPDUoR
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#RNICAS 

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1mRTXHURSHQVDUTXHWHQKRWRGDVDVUHVSRVWDVTXDQGRVyWXSRGHVUHVSRQGHUDWRGDV
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GHPDUoR
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SDUDTXHDDOHJULDGHYRFrVVHMDFRPSOHWD2VVHXVPRPHQWRVGHRUDomRHGHEXVFD
SRUXPFRQWDWRPDLVHVWUHLWRFRP'HXVYmROHYiODDWUDQVFHQGHUDVFLUFXQVWkQFLDVHD
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PHXVSHQVDPHQWRVHPLQKDVVLQFHUDVRUDo}HV
GHPDUoR
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FRQILUPHSDUDTXHRWHXQRPHVHMDHQJUDQGHFLGRSDUDVHPSUHHRVKRPHQVGLJDP2
3ENHORGRV([pUFLWRVR'HXVGH,VUDHOp'HXVSDUD,VUDHO(DGHVFHQGrQFLDGHWHX
VHUYR'DYLVHPDQWHUiILUPHGLDQWHGHWL
#RNICAS 

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GH 'HXV H QmR FRP TXDOTXHU PpULWR GR SUySULR 'DYL &U   (OH ORXYRX D
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6HPSUH TXH VHQWLU TXH 'HXV HVWi GL]HQGR QmR j VXD RUDomR QmR VH IL[H HP VHX
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VHPSUHPHOKRUTXHTXDOTXHUFRLVDTXHYRFrSRVVDLPDJLQDU

6HQKRUFRQIHVVRTXDOTXHUGHVDSRQWDPHQWRTXHWLYHTXDQGRPLQKDVRUDo}HVQmR
IRUDPUHVSRQGLGDVFRPRHXTXHULD6HLTXHDTXLORTXHWHQVSDUDPLPpPDLRUGRTXH
SRVVRLPDJLQDU3HUGRDPHSRUTXDOTXHURFDVLmRHPTXHQmRFRQILHLQHVVDYHUGDGH
GHPDUoR
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#RNICAS

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VXDHVFROKDSRUpPDQLTXLODUDP'DYL6HWHQWDPLOKRPHQVPRUUHUDPFRPXPDSUDJD
2UHLREWHYHXPDSHUVSHFWLYDPDLVSURIXQGDGDJUDYLGDGHGRSHFDGRHGDVDQWLGDGH
GH'HXV(OHVXSOLFRXDR6HQKRUTXHRFDVWLJDVVHHSRXSDVVHRUHVWRGRSRYR'HXV
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VXUJLU

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HPPLQKDYLGDQHPYHUPLQKDIDPtOLDVRIUHUSRUFDXVDGRPHXSHFDGR$MXGDPHD
VHPSUHWHUXPFRUDomRKXPLOGH
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

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$ULTXH]DHDKRQUDYrPGHWLWXGRPLQDVVREUHWRGDVDVFRLVDV1DVWXDVPmRVHVWmR
DIRUoDHRSRGHUSDUDH[DOWDUHGDUIRUoDDWRGRV$JRUDQRVVR'HXVGDPRVWH
JUDoDVHORXYDPRVRWHXJORULRVRQRPH
#RNICAS 

'DYLTXHULDSUHSDUDURFDPLQKRSDUDRUHLQDGRGRILOKRHSDUDDFRQVWUXomRGRWHPSOR
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2 SRYR ILFRX VXUSUHVR FRP D SUySULD JHQHURVLGDGH 'DYL VHQWLXVH WRFDGR FRP DV
GRDo}HV H IH] XPD GDV PDLV JUDQGLRVDV RUDo}HV GH ORXYRU QD %tEOLD 1mR IRL XPD
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PDQHLUD PDLV DSURSULDGD GH UHFRQKHFHU 'HXV FRPR GRQR GH WXGR GR TXH FRQWULEXLU
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HIHLWR TXH DV RIHUWDV GR SRYR SURGX]LUDP QHOH H RURX SDUD TXH HVVH HVStULWR GH
JHQHURVLGDGH H FRQILDQoD VH FRQVWLWXtVVH VHPSUH QD PDUFD UHJLVWUDGD GR SRYR GH
'HXV 'DYL FRQFOXLX LQVLVWLQGR FRP R SRYR /RXYHP R 6HQKRU R VHX 'HXV  &U
 
$ RUDomR IHUYRURVD HQYROYH ORXYRU D 'HXV H RIHUWD GH KRQUD H JUDWLGmR $JLU GH
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3DLHXWHDJUDGHoRSRUWXGRRTXHWHQVPHGDGR$MXGDPHDGHYROYHUDWLFRPR
PHVPRFRUDomRGHORXYRUTXHWHQKRTXDQGRUHFHERGHWL$MXGDPHDQXQFDYDORUL]DU
PLQKDVSRVVHVPDLVGRTXHDWLHDWXDOHL
GHPDUoR
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6HLyPHX'HXVTXHVRQGDVRFRUDomRHTXHWHDJUDGDVFRPDLQWHJULGDGH
#RNICAS

$IDPRVDTXHGDSUHFHGLGDSHORRUJXOKRpSHUPLWLGDSRU'HXVDILPGHQRVSXULILFDUGD
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WHQWDQGR DWUDLU PLQKD DWHQomR SRU DOJXP WHPSR SDUD ID]HU DOJXPDV DOWHUDo}HV
LPSRUWDQWHVHPPLQKDYLGDHQWUHWDQWRHXQmRPHGLVSXVHUDDRXYLORDWpTXHILTXHL
GHLWDGDHPPLQKDFDPDVRIUHQGRIRUWHVGRUHV
)RLQHVVHFRQWH[WRTXH'HXVPHPRVWURXFODUDPHQWHTXHGHYtDPRVQRVPXGDUGH
/RV $QJHOHV SDUD R 7HQQHVVHH 0HX FRUDomR WLQKD GH VHU SURYDGR SHOR IRJR H HUD
GRORURVR(XIDULDDYRQWDGHGH'HXVRXRTXHHXTXHULD"1RILQDORSURSyVLWRGH'HXV
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'HXVTXHULGRVRQGDRPHXFRUDomRPHGLDQWHRPRYHUGRWHX(VStULWR6DQWR9rVH
KiHPPLPXPFRUDomRDUURJDQWHHLQGLVFLSOLQDGR6HPHDFKDUHVIDOWRVDWRPDR
FRQWUROHGHPLQKDYLGDHGLULJHPHSDUDXPDYLGDVHJXQGRRWHXTXHUHU7HVWDRPHX
FRUDomR5HILQDR)D]TXHHOHVHMDPROGDGRGHDFRUGRFRPWXDVDQWDYRQWDGH4XHHX
OHYHXPDYLGDGHLQWHJULGDGHGLDQWHGDWXDSUHVHQoDHPQRPHGH-HVXV$PpP
GHPDUoR
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RUDo}HVIHLWDVQHVWHOXJDU$JRUDOHYDQWDWHy3ENHORy'HXVHYHPSDUDRWHXOXJDU
GHGHVFDQVRWXHDDUFDGRWHXSRGHU(VWHMDPRVWHXVVDFHUGRWHVYHVWLGRVGH
VDOYDomRy3ENHORy'HXVTXHRVWHXVVDQWRVVHUHJR]LMHPHPWXDERQGDGH
#RNICAS 

2V WUDEDOKDGRUHV KDYLDP FRPSOHWDGR D FRQVWUXomR GR WHPSOR 'DYL SURYLGHQFLDUD R


PDWHULDO PDV 6DORPmR HUD UHVSRQViYHO SRU FRPSOHWDU D HVWUXWXUD HP VL 1HVVH
SURFHVVR IRL GDGD WDO DWHQomR DRV GHWDOKHV TXH IRUDP QHFHVViULRV VHWH DQRV SDUD
FRPSOHWDU R PDMHVWRVR WHPSOR $V SDUHGHV H JXDUQLo}HV HUDP UHYHVWLGDV GH RXUR 2
SUySULRUHLGH7LURHPEDUFRXGR/tEDQRDPDGHLUD
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SLHGRVD GH 6DORPmR PDV D SUHVHQoD JORULRVD GH 'HXV TXH HQFKLD R WHPSOR +DYLD
ILQDOPHQWHXPOXJDUSDUDTXH'HXVKDELWDVVHFRPPDLRUFRQVWkQFLDHQWUHVHXSRYR-i
TXHWRGDDLGHQWLGDGHGDQDomREDVHDYDVHHPVHXUHODFLRQDPHQWRFRP'HXVHVXD
ErQomRDTXHOHHUDXPPRPHQWRPXLWRVLJQLILFDWLYR
(PYLVWDGLVVRpUHDOPHQWHLQWHUHVVDQWHRXYLUDRUDomRGH6DORPmR(POXJDUGH
XPDRUDomRIRUPDOHQWUHPHDGDGHIUDVHVHUXGLWDVHVDQWDVWUDWDVHGHXPDRUDomR
VLPSOHVFRQWHQGRDHVVrQFLDGDYLGD
'HSRLV GH GHVFUHYHU DV WUDJpGLDV TXH HYHQWXDOPHQWH RFRUUHULDP D RUDomR GH
6DORPmR SRGHULD UHVXPLUVH D )LFD FRQRVFR 1mR LPSRUWDYD TXDQWR R SRYR VH
GHVYLDVVHHOHTXHULDTXH'HXVRXYLVVHDVRUDo}HVGHDUUHSHQGLPHQWRHSHUGRDVVH(OH
DQVLDYDSHODSUHVHQoDGH'HXV
'HYHPRVRUDUDVVLPVROLFLWDQGRDSUHVHQoDGH'HXVHPQyVHRSHUGmRVHPSUH
TXHQRVGHVYLDUPRVGHVHXVFDPLQKRV

3DL6DQWRQmRKiQDGDPDLVLPSRUWDQWHGRTXHDWXDSUHVHQoD
QDPLQKDYLGD$MXGDPHDVHUXPOXJDUVDQWRQRTXDORWHX(VStULWRSRVVDKDELWDU
3HUGRDPHSRUWRGRPHXSHFDGRHOLPSDPHXFRUDomRGHWRGDLQMXVWLoD
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

+HKJN>=>O>FHLHK:KI>EHI:L
6HRPHXSRYRTXHVHFKDPDSHORPHXQRPHVHKXPLOKDUHRUDUEXVFDUDPLQKD
IDFHHVHDIDVWDUGRVVHXVPDXVFDPLQKRVGRVFpXVRRXYLUHLSHUGRDUHLRVHXSHFDGR
HFXUDUHLDVXDWHUUD
#RNICAS

6DORPmRGHGLFRXRWHPSORRQGHYLXDSUHVHQoDDGPLUiYHOGH'HXV2SRYRIHVWHMRX
GLDVDILR2UHLIH]XPDRUDomRTXHSDUHFLDDEUDQJHUWRGDVDVFRQWLQJrQFLDVSRVVtYHLV
SHGLQGRD'HXVRULHQWDomROLYUDPHQWRHSHUGmR8PDYH]WHUPLQDGDVDVIHVWDV'HXV
UHVSRQGHX9LQGRD6DORPmRjQRLWHHOHH[SOLFRXFODUDPHQWH6HRSRYRVHJXLVVHRV
VHXVFDPLQKRVHQWmRHOHRXYLULDVXDVRUDo}HVHVDUDULDDWHUUD
1DKLVWyULDGH,VUDHOWRGDYH]TXHRSRYRQmRVHJXLXRSODQRGH'HXVQmRUHFHEHX
R TXH HOH SODQHMDUD SDUD D QDomR 4XDQGR DGRUDUDP RXWURV GHXVHV H VHJXLUDP VXDV
LQFOLQDo}HVTXDQGRVHFDVDUDPFRPPHPEURVGHRXWUDVWULERVHIL]HUDPDFRUGRVFRP
QDo}HVSHUYHUVDVSHUGHUDPDIRUoDHIRUDPGHUURWDGRVHOHYDGRVSDUDRH[tOLR
'HXVQmRSRGHULDWHUVLGRPDLVFODURHPVXDVLQVWUXo}HV1RHQWDQWRpFRPXPQmR
RXYLUPRV R 6HQKRU 'HXV FRQWLQXD GL]HQGR TXH VH VHJXLUPRV VHXV FDPLQKRV QRVVD
YLGDVHUiPHOKRU0XLWDVYH]HVSRUpPQmRRVVHJXLPRVHGHSRLVLPDJLQDPRVSRUTXH
DVFRLVDVDFRQWHFHPFRPRDFRQWHFHP
'HXVFRQWLQXDGL]HQGR2UHSHORVHXSDtV4XHUJRVWHPRVGHQRVVRVOtGHUHVTXHU
GLVFRUGHPRV GHOHV 'HXV QRV FKDPD SDUD RUDUPRV HP IDYRU GHVVDV SHVVRDV 1RVVD
WHUUD SUHFLVD VHU FXUDGD $ SURPHVVD GLYLQD p TXH VH QRV DIDVWDUPRV GH QRVVRV
FDPLQKRVSHUYHUVRVHOHSHUGRDUiHWUDUiFXUD,VVRQmRYDLDFRQWHFHUVHPRUDomR

6HQKRU'HXVYHQKRKXPLOGHPHQWHFRQIHVVDURVSHFDGRVGDPLQKDQDomR2URSDUD
TXHFRPRSRYRQyVQRVDIDVWHPRVGHQRVVRVFDPLQKRVtPSLRVHEXVTXHPRVWXDIDFH
SDUDTXHRXoDVQRVVDVRUDo}HVSHUGRHVQRVVRVSHFDGRVHFXUHVQRVVDWHUUD'HUUDPD
WHX(VStULWRVREUHQyVHRSHUDWXDMXVWLoDQRFRUDomRGRSRYR
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

*K:G=HGHL;HGLFHF>GMHL
(PERUDRVDOWDUHVLGyODWUDVQmRWLYHVVHPVLGRHOLPLQDGRVGH,VUDHORFRUDomRGH$VD
IRLWRWDOPHQWHGHGLFDGRDR3ENHORGXUDQWHWRGDDVXDYLGD
#RNICAS

4XDQGRQRVVDYLGDpGHORXYRUHDGRUDomRPDQWHPRVRFRUDomRSXURHDEHUWRSDUDD
REUD GR (VStULWR 6DQWR 3DVVDU WHPSR RUDQGR PDQWpP HP QyV D DWLWXGH FHUWD SDUD
RXYLU D YR] GH 'HXV ,VVR R FRORFD FRPR D SULQFLSDO SULRULGDGH HP QRVVD YLGD H QRV
DMXGDDSHUPDQHFHUGHSHQGHQWHVGHOHTXHUDVFRLVDVHPQRVVDYLGDVHMDPERDVTXHU
QmR
4XDQGRR(VStULWRGH'HXVGHVFHXVREUHRSURIHWD$]DULDVHOHGLVVHDRUHL$VD2
3ENHORHVWiFRPYRFrVTXDQGRYRFrVHVWmRFRPHOH6HREXVFDUHPHOHGHL[DUiTXHR
HQFRQWUHP PDV VH R DEDQGRQDUHP HOH RV DEDQGRQDUi &U   1DGD SRGH VHU
PDLVFODUR'HXVILFDFRQRVFRHQTXDQWRHVWDPRVFRPHOH
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GHVHVSHUDGDV HP EXVFD GH DMXGD ( TXDQGR DV FRLVDV YmR EHP" 2 PHOKRU FRQVHOKR
TXDQGR YRFr HVWi QXP SHUtRGR GH SD] H GHVFDQVR p HGLILFDUVH H IRUWDOHFHUVH QR
6HQKRU(VWXGHD3DODYUD2UH3DVVHWHPSRHPVXDSUHVHQoDHPDGRUDomRHORXYRU
8VHHVVHWHPSRSDUDUHQRYDUVHXDPRUSRU-HVXV
2 UHL $VD QHP VHPSUH IH] WXGR FHUWR PDV QR ILQDO IRL GHVFULWR FRPR XP UHL FXMR
FRUDomR HUD GHGLFDGR DR 6HQKRU 0HVPR TXDQGR YRFr QmR DJH GH PRGR LPSHFiYHO
SRGHPRVWUDUD'HXVTXHVHXFRUDomRHVWiHQWUHJXHDHOHSHORORXYRUTXHOKHRIHUHFH
WRGRVRVGLDV

'HXV3DLHXWHDGRURHWHDJUDGHoRSRUTXHpVXP'HXVGHDPRU2WHXDPRUPH
VDOYRXHHVWiPHWUDQVIRUPDQGRGHDFRUGRFRPWHXPDLVHOHYDGRSURSyVLWR$MXGDPH
DOHPEUDUPHGHRUDUWmRIHUYRURVDPHQWHQRVERQVPRPHQWRVFRPRIDoRQDVKRUDV
GLItFHLV
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

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4XDQGRRVFKHIHVGRVFDUURVYLUDP-RVDIiSHQVDUDPeRUHLGH,VUDHOHRFHUFDUDP
SDUDDWDFiORPDV-RVDIiFODPRXHR3ENHORRDMXGRX'HXVRVDIDVWRXGHOH
#RNICAS

2 UHLQR GH ,VUDHO VH GLYLGLUD HP GRLV ,VUDHO H -XGi (PERUD HVVHV UHLV HVWLYHVVHP
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FRQKHFLGRFRPRUHLMXVWRHVVHSRUpPQmRHUDXPWUDoRTXHGHVFUHYLDRUHLSHUYHUVR
GH ,VUDHO $FDEH (PERUD R SURIHWD 0LTXHLDV WLYHVVH SUHYLVWR D PRUWH GH $FDEH DV
GXDVQDo}HVWLQKDPXPLQLPLJRFRPXPSRUWDQWRSDUHFHXOKHVERPSHOHMDUHPMXQWRV
&RPR SUHFDXomR FRQWUD D SURIHFLD $FDEH VXJHULX GLVIDUoDUVH FRPR VROGDGR
HQTXDQWR-RVDIiHQWUDULDQDEDWDOKDFRPDVYHVWHVUHDLV0HVPRTXHPQXQFDHQWURX
QXP FDPSR GH EDWDOKD VDEHULD TXH R H[pUFLWR LQLPLJR WHULD FRPR REMHWLYR PDWDU R
OtGHU-RVDIiSRUpPFRQFRUGRX4XDQGRRLQLPLJRDWDFRXGLULJLXVHDR~QLFRUHLTXH
YLUDP-RVDIiQRHQWDQWRRURXH'HXVRSURWHJHX&RQIRUPHDSURIHFLDXPDIOHFKD
GHVYLDGD SHQHWURX QRV HQFDL[HV GD DUPDGXUD GH $FDEH PHVPR GLVIDUoDGR FRPR
VLPSOHVVROGDGR
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'HXV PDV QmR OKH GHX DWHQomR 8PD GDV HVFROKDV GH -RVDIi PRVWURXVH SRUpP
LPSHFiYHO0HVPRQRFDORUGDEDWDOKDHOHFODPRXD'HXV
$ RUDomR QmR DFRQWHFH DSHQDV QD TXLHWXGH GH XP PRPHQWR )DODU FRP 'HXV
GHYHULDID]HUSDUWHWDQWRGRVSHUtRGRVGHOXWDFRPRGRVGHSD]&ODPHVHPSUHD'HXV
QRV PRPHQWRV GH GHVHVSHUR OHPEUDQGR TXH R OLYUDPHQWR QRUPDOPHQWH HVWi D XP
SDVVRGDRUDomR

6HQKRUIRUWDOHFHPLQKDIpGHPRGRTXHHXQmRGHVLVWDGHRUDUQRFDORUGDRSRVLomR
OHYDQWDGDSHORLQLPLJR6HLTXHDSUy[LPDRUDomRTXHHXIL]HUSRGHVHUDTXHODTXHYDL
WUD]HUWRWDOOLEHUWDomRGDVIRUWDOH]DVTXHRLQLPLJRHVWiWHQWDQGROHYDQWDUHPPLQKD
YLGD
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

(>LFHJN:G=HGH?:S>FHLMN=H<>KMH
(PERUDPXLWRVGRVTXHYLHUDPGH(IUDLPGH0DQDVVpVGH,VVDFDUHGH=HEXORPQmR
VHWLYHVVHPSXULILFDGRDVVLPPHVPRFRPHUDPD3iVFRDFRQWUDULDQGRRTXHHVWDYD
HVFULWR0DV(]HTXLDVRURXSRUHOHVGL]HQGR4XHLUDR3ENHORTXHpERQGRVR
SHUGRDUWRGRDTXHOHTXHLQFOLQDRVHXFRUDomRSDUDEXVFDUD'HXVR3ENHORR'HXV
GRVVHXVDQWHSDVVDGRVPHVPRTXHQmRHVWHMDSXURGHDFRUGRFRPDVUHJUDVGR
VDQWXiULR(R3ENHORRXYLXDRUDomRGH(]HTXLDVHQmRFDVWLJRXRSRYR
#RNICAS 

(]HTXLDVWLQKDXPFRUDomRFRPRRGH-HVXV-HVXVTXHEURXDVUHJUDVUHOLJLRVDVGHVXD
pSRFD (OH FRPSUHHQGLD TXH R FRUDomR GH 'HXV p PDLRU TXH TXDOTXHU FRQMXQWR GH
UHJUDV$RUDomRGH(]HTXLDVUHYHORXHVVDPHVPDDWLWXGH
2 SRYR YLHUD GH ORQJH SDUD IHVWHMDU H DGRUDU $OJXQV HQWUHWDQWR QmR HVWDYDP
SUHSDUDGRV(QFRQWUDYDPVHFHULPRQLDOPHQWHLPSXURV(]HTXLDVSRUpPFRPSUHHQGHX
TXH DTXHOH DFRQWHFLPHQWR  D UHLQVWLWXLomR GD 3iVFRD R ULWXDO QDFLRQDO H HVSLULWXDO
PDLV LPSRUWDQWH  HUD PXLWR VXSHULRU D TXDOTXHU UHJUD 6H (]HTXLDV QmR WLYHVVH
FRPSUHHQGLGRLVVRDIHVWDWHULDFDXVDGRGLYLVmRHPOXJDUGHXQLGDGH$REUDGH'HXV
WHULD UHWURFHGLGR 7RGR R REMHWLYR GD IHVWD VH WHULD SHUGLGR  R SRQWR p TXH 'HXV
VDOYDVHXSRYRFRPEDVHHPVXDPLVHULFyUGLDVHXDPRUHQRVDQJXHGHXPFRUGHLUR
$ RUDomR GH (]HTXLDV PRVWURX TXDQWR HOH DFUHGLWDYD TXH 'HXV VHULD JUDFLRVR H
PLVHULFRUGLRVR SDUD HVTXHFHU D LPSHUIHLomR H DMXGDU VHXV ILOKRV D DGRUiOR (OH RV
FXURXHPERUDQmRWLYHVVHPIHLWRWXGRFHUWR
1mR KHVLWH HP LU D 'HXV 1mR WHPD SHGLUOKH TXH D DMXGH D KRQUiOR H DGRUiOR
PHVPRTXDQGRYRFrQmRID]WXGRFHUWR

'HXVVRXJUDWDSRUTXHQmRROKDVSDUDPLQKDVLPSHUIHLo}HVHYrVDSHQDVDVSHUIHLWDV
TXDOLGDGHVGHWHX)LOKR-HVXVHVWDPSDGDVQRPHXFRUDomR$MXGDPHDYLYHUFRPR
TXHUHVGHPRGRTXHPHXVFDPLQKRVVHMDPDJUDGiYHLVDRVWHXVROKRV
GHPDUoR
/HLD&U{QLFDVHUHIOLWD

>NL>LM=HL>NE:=H
6HMDPIRUWHVHFRUDMRVRV1mRWHQKDPPHGRQHPGHVDQLPHPSRUFDXVDGRUHLGD
$VVtULDHGRVHXHQRUPHH[pUFLWRSRLVFRQRVFRHVWiXPSRGHUPDLRUGRTXHRTXHHVWi
FRPHOH&RPHOHHVWiVRPHQWHRSRGHUKXPDQRPDVFRQRVFRHVWiR3ENHORRQRVVR
'HXVSDUDQRVDMXGDUHSDUDWUDYDUDVQRVVDVEDWDOKDV(RSRYRJDQKRXFRQILDQoD
FRPRTXHGLVVH(]HTXLDVUHLGH-XGi
#RNICAS 

2UHL(]HTXLDVWLQKDFHUWH]DGHTXHRUHLGD$VVtULDDWDFDULD-HUXVDOpP(OHUHXQLXVHXV
FRQVHOKHLURVHHVIRUoRXVHSDUDOHYDQWDUDVGHIHVDVHSUHSDUDUDFLGDGH(QWmRUHXQLX
R SRYR H OHPEURXR GH TXH LQGHSHQGHQWHPHQWH GR WDPDQKR GR H[pUFLWR DGYHUViULR
'HXVHUDPDLRU(RSRYRJDQKRXFRQILDQoD
1mRpHUUDGRWHPHURTXHYHPRVTXHSRGHDFRQWHFHUeUHDOLVPR2HUUDGRpQmR
EXVFDU R DX[tOLR GH 'HXV H QmR KXPLOKDUVH HP DGRUDomR D HOH (QWUH RXWUDV FRLVDV
QRVVR ORXYRU OHPEUD R LQLPLJR GH TXHP 'HXV p H TXmR EHP R FRQKHFHPRV 6HPSUH
WHQKDHPPHQWHTXHRLQLPLJRQmRTXHUTXHYRFrDGRUHD'HXV3RUWDQWRWRGDYH]
TXHWHQWDUFRQVWUXLUXPDOWDUD'HXVHPVXDYLGDRLQLPLJRSURFXUDUiGHWrOD
9RFrWHPHQIUHQWDGRDOJXPDRSRVLomR"7HPVHQWLGRRLQLPLJRSUHSDUDQGROKHXP
JUDQGH DWDTXH" )LFD FRQIXVD DR YHU FRPR p SHTXHQD VXD IRUoD H VHX SRGHU" 1mR VH
SUHRFXSHRUHHOHPEUH3RUTXHDTXHOHTXHHVWiHPYRFrVpPDLRUGRTXHDTXHOHTXH
HVWiQRPXQGR -R 
4XDQGRRUHL(]HTXLDVHQIUHQWRXXPLQLPLJRSRGHURVRFRQWRXDYHUGDGHDRSRYR
'HXV p PDLRU 7HQKD HP PHQWH TXH DR UHFRQKHFHU H ORXYDU D 'HXV HP PHLR j
RSRVLomRGRLQLPLJRKDYHUiPXLWRPDLVSRGHUHPYRFrTXHQHOH

2EULJDGD6HQKRUSRUHVWDUHVFRPLJRHPWXGRRTXHHQIUHQWR3RUPDLRUTXHVHMD
DTXLORTXHYHPFRQWUDPLPWXpVPDLVSRGHURVRHPDLVIRUWH3HoRTXHHVWHMDV
FRPLJRQDVFRLVDVTXHHQIUHQWRKRMH
GHPDUoR
/HLD(VGUDVHUHIOLWD

GM=HMH<HGMK:HF>=H
&RPORXYRUHDo}HVGHJUDoDVFDQWDUDPUHVSRQVLYDPHQWHDR3ENHOR(OHpERPVHX
DPRUD,VUDHOGXUDSDUDVHPSUH(WRGRRSRYRORXYRXR3ENHORHPDOWDYR]SRLV
KDYLDPVLGRODQoDGRVRVDOLFHUFHVGRWHPSORGR3ENHOR
%SDRAS

2SRYRGH-XGiIRUDH[LODGR-HUXVDOpPHRWHPSORHVWDYDPHPUXtQDV(VWUDQJHLURV
KDYLDP RFXSDGR D WHUUD  XP SRYR TXH QmR FRPSUHHQGLD QHP UHYHUHQFLDYD RV
FRVWXPHVGDQDomRMXGDLFD4XDQGRRVSULPHLURVMXGHXVYROWDUDPGRH[tOLRVHQWLUDP
VHWHPHURVRVHLQWLPLGDGRV6DELDPSRUpPTXHGHYLDPUHFRQVWUXLURWHPSORGH'HXV
HHQWmRFRPHoDUDP2SURFHVVRIRLOHQWRHiUGXRDWpTXHILQDOPHQWHRVDOLFHUFHVGR
WHPSORIRUDPODQoDGRV
'HSRLV GLVVR R SRYR SDVVRX D ORXYDU D 'HXV FDQWDQGR FODPDQGR H WRFDQGR
WURPEHWDVHFtPEDORV2UXtGRHUDWmRDOWRTXHWRGRVRVYL]LQKRVHVWUDQJHLURVSRGLDP
RXYLOR
4XDQGR HVWLYHU OXWDQGR GXYLGDQGR RX FRP PHGR RX DLQGD VHQWLQGR TXH VHXV
IXQGDPHQWRVGHVPRURQDUDPMDPDLVVXEHVWLPHRSRGHUGRORXYRU1HPPHVPRSHQVH
QLVVR /RXYH 'HL[H GH ODGR WRGD KHVLWDomR )DoD GR ORXYRU VXDSULPHLUD UHVSRVWD D
VLWXDo}HVTXHDDWHPRUL]HP'HXVTXHUTXHRORXYHPRVVHPSUHPDVHVSHFLDOPHQWH
TXDQGR QRV VHQWLPRV WHPHURVDV RX GHVDQLPDGDV 4XDQGR ORXYDPRV HOH QmR Vy
HOLPLQDQRVVRPHGRFRPRQRVFRQFHGHDOHJULD 6O 
2 PHGR WUDQVPLWHOKH LQYHUGDGHV D UHVSHLWR GH 'HXV 1mR UHFRQKHFH TXH D
SUHVHQoD GH 'HXV p SRGHURVD H SOHQDPHQWH DWLYD 6XSULPH WRGD HVSHUDQoD H Ip QR
GHVHMRGH'HXVWUDEDOKDUHPVHXIDYRU$YHUGDGHQRHQWDQWRpTXHDIpDRUDomRR
ORXYRUHD3DODYUDYHQFHUmRWRGRWHPRUHPYRFr

6HQKRUORXYRRWHXQRPH7XpVSRGHURVRHHVWiVPXLWRDFLPDGHWRGDVDVFRLVDV7XD
SUHVHQoDHPPLQKDYLGDpPDLRUGRTXHTXDOTXHURXWUDFRLVDTXHHXWHPD&RPDWXD
DMXGDQmRPHFRQFHQWUDUHLQRVSUREOHPDVPDVHPYH]GLVVRORXYDUHLDWLHDRWHX
QRPHFRQWLQXDPHQWH
GHPDUoR
/HLD(VGUDVHUHIOLWD

*IH=>K=HC>CNF>=:HK:H
3RULVVRMHMXDPRVHVXSOLFDPRVHVVDErQomRDRQRVVR'HXVHHOHQRVDWHQGHX
%SDRAS

2 VDFHUGRWH (VGUDV H RV TXH YLDMDYDP FRP HOH SUHFLVDYDP GH SURWHomR SDUD R TXH
VHULD XPD MRUQDGD ORQJD H GLItFLO (VGUDV KDYLD FRQWDGR DR UHL FRPR VHX 'HXV HUD
SRGHURVR(OHFHUWDPHQWHSRGHULDSURWHJrORVQRFDPLQKR
(QWmRMHMXDUDPHRUDUDP
2UDomRHMHMXPVmRVHPSUHDUPDVIRUWHVSDUDPDQWHUDIDVWDGRRLQLPLJRHGHUUXEDU
IRUWDOH]DV 4XDQGR R 6HQKRU S}H HP VHX FRUDomR TXH FHUWR SHGLGR TXH SUHFLVD VHU
DFRPSDQKDGR GH MHMXP p LPSRUWDQWH TXH HVFXWH -HMXP H RUDomR HQIUDTXHFHP R
SRGHUGDVIRUoDVHVSLULWXDLVGRPDOLQLELQGRDLQWHUIHUrQFLDGHODVHPVXDYLGD
2 MHMXP FRPXQLFD 6RX XP VHU HVSLULWXDO DQWHV GH XP HQWH ItVLFR (PERUD VHMD
WDPEpP XP VHU ItVLFR H SUHFLVH GH DOLPHQWR FRQILUPR DVVLP D VXSUHPDFLD GH PLQKD
OHDOGDGHHVSLULWXDODOpPHDFLPDGDOHDOGDGHDRFRUSRHDVHXGHVHMRGHDOLPHQWR
6HPSUHTXHWLYHUGHHQIUHQWDUXPDFLUFXQVWkQFLDGLItFLOSRGHILFDUFHUWDGHTXHDR
MHMXDUHRUDUPXLWRHVWDUiVHQGRUHDOL]DGRQRUHLQRHVSLULWXDO
2WLSRGHMHMXPTXH'HXVGHVHMDpRGHXPFRUDomRGLVSRVWRDGL]HU6LP'HXV
ILFRVHPFRPHUGXUDQWHDOJXPWHPSRVHLVVRVLJQLILFDUTXHXPDFULDQoDVHUiFXUDGD
DOJXpPTXHVHHQFRQWUDQDVWUHYDVVHUiPRYLGRSDUDDOX]RXTXHHXSRVVDYLYHUFRP
PDLVVDEHGRULDSD]HSRGHU8PMHMXPpXPSUHoRSHTXHQRDSDJDUSRUWXGRLVVR
)LTXH DEHUWD SDUD RXYLU R TXH R 6HQKRU WHP D GL]HUOKH VREUH R MHMXP 6H YRFr
SXGHUMHMXDUIDoDRSRUFRQILDUQHOHDPiORHUHFRQKHFHUOKHRSRGHU

6HQKRUDMXGDPHDMHMXDUHRUDUFRPUHJXODULGDGH0RVWUDPHFRPTXHIUHTXrQFLDH
SRUTXDQWRWHPSRHGiPHDIRUoDSDUDSDVVDUEHPSRUFDGDSHUtRGRGHMHMXP4XHUR
QHJDUPLQKDFDUQHGHPRGRTXHSRVVDWHH[DOWDU
GHPDUoR
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;K::G=H:<HG?BLLH
$JRUDFRQIHVVHPVHXSHFDGRDR3ENHORR'HXVGRVVHXVDQWHSDVVDGRVHIDoDPD
YRQWDGHGHOH6HSDUHPVHGRVSRYRVYL]LQKRVHGDVVXDVPXOKHUHVHVWUDQJHLUDV
%SDRAS

eGLItFLOHYLWDURSHFDGRRWHPSRWRGR3RULVVRDFRQILVVmRpIXQGDPHQWDO4XDQGRQmR
FRQIHVVDPRV SHFDGRV IDOKDV RX HUURV HOHV QRV VHSDUDP GH 'HXV H QRVVDV RUDo}HV
QmRVmRUHVSRQGLGDV0DVDVVXDVPDOGDGHVVHSDUDUDPYRFrVGRVHX'HXVRVVHXV
SHFDGRVHVFRQGHUDPGHYRFrVRURVWRGHOHHSRULVVRHOHQmRRVRXYLUi ,V 
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*

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3ALMOS

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DGTXLULURKiELWRVDXGiYHOGHORXYDUR6HQKRUHPWRGRRWHPSRLQGHSHQGHQWHPHQWH
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3ALMOS 

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3ALMOS

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FRPLJR
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SRUGHXVHVIDOVRV
3ALMOS 

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RUGHPGLDQWHGHOH3RULVVRRDWRGHRUDUSHORPDULGRGHYHVHUSUHFHGLGRSHORDWRGH
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DFRQWHFHULDPGHQHQKXPDRXWUDPDQHLUD
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FDVDPHQWR3HoDSHUGmRFDVRWHQKDVLGRQHJOLJHQWHQHVVDiUHD
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PRGR TXH YRFr QmR RFXSH VHX WHPSR FRP FRLVDV TXH D FRQVRPHP RX QmR WrP
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HPPHXFRUDomR
GHDEULO
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QDMXVWLoDHOKHVHQVLQDRVHXFDPLQKR
3ALMOS 

4XDQGR FDPLQKDPRV FRP DOJXpP D TXHP DPDPRV JRVWDPRV GH ID]rOR GH PmRV
GDGDV2PHVPRRFRUUHFRP'HXV(OHQRVDPDWDQWRTXHGHVHMDTXHDQGHPRVFRP
HOHVHJXURVHPVXDPmR$GLIHUHQoDpTXHHOHQmRTXHUTXHDVROWHPRVQXQFD'H
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HVFDOHPRVDOWXUDVTXHQHPLPDJLQDPRVPDVSDUDLVVRWHPRVGHDWUDYHVVDURVYDOHV
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2 IDWR p TXH QmR H[LVWH XP PHLR GH VHJXLUPRV HP VHJXUDQoD VR]LQKRV -DPDLV
FRQKHFHUHPRV D DOHJULD GD YHUGDGHLUD OLEHUGDGH DWp TXH HQWHQGDPRV TXH QmR
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DSUHQGHUHPRV D FDPLQKDU FRP 'HXV VH QmR GHUPRV R SULPHLUR SDVVR 1mR SRGHPRV
QRV GHL[DU SDUDOLVDU SHOR PHGR 'HXV Vy DEULX DV iJXDV GR -RUGmR SDUD RV LVUDHOLWDV
GHSRLV TXH HOHV FRORFDUDP RV SpV QD iJXD -V   (OH VHPSUH H[LJH TXH R
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UHYHODomRHDPRU

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SRURQGHGHVHMDVTXHHXYi5HFRQKHoRTXHDRWHQWDUDQGDUVR]LQKDGHVYLRPHGHOH
0HVPRTXDQGRHXQmRSXGHUYHUH[DWDPHQWHSDUDRQGHYRXGiPHFRQILDQoDGHTXH
SRGHVHPHFDSDFLWDUiVDFKHJDUDRPHXGHVWLQR$MXGDPHDGHSHQGHUWRWDOPHQWHGH
WLSRLVVHLTXHHVVDpPLQKDPDLRUErQomR
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3ALMOS

(VWDPRV VXMHLWDV D H[SHULPHQWDU VLWXDo}HV TXH QHP GH ORQJH DPHDoDP QRVVD YLGD
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FRPR IDODU HP S~EOLFR OLGDU FRP DOJXpP FRPSOLFDGR ILOKR F{QMXJH FROHJD HWF 
DVVXPLUFHUWDVUHVSRQVDELOLGDGHVHQFDUDURGHVDILRGLiULRGHXPDGHVRUGHPDOLPHQWDU
RX XP YtFLR VHP FRQWDU HVWUHVVH QR DPELHQWH GH WUDEDOKR SUHVV}HV QD HVFROD
VLWXDo}HVVRFLDLVGHVFRQIRUWiYHLVRXTXDOTXHURXWUDFRLVDTXHQRVFDXVHDQVLHGDGH
1mR LPSRUWD TXDO VHMD D FDXVD D FKDYH SDUD D YLWyULD p FDPLQKDU FRP 'HXV
4XDQGRODQoDPRVQRVVDkQFRUDQR6HQKRUQmRVRPRVDUUDVWDGRVSHODVWHPSHVWDGHV
TXHDPHDoDPQRVID]HUQDXIUDJDU
6HQWLU PHGR QmR VLJQLILFD TXH 'HXV QmR HVWi FRP YRFr TXH YRFr HVWi IRUD GD
YRQWDGH GLYLQD RX TXH HVWi VH HQIUDTXHFHQGR HVSLULWXDOPHQWH3RGH VHU XP VLQDO GH
TXHYRFrHVWiQROXJDUHUUDGRID]HQGRDFRLVDHUUDGDRXTXHDOJRHVWiIRUDGHRUGHP
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DGYHUWrQFLDGHDOJXPDDPHDoDjVXDVHJXUDQoD6HRPHGRVREUHYpPVHPQHQKXPD
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XPVLQDOGR6HQKRUSDUDTXHYRFrRUH4XDOTXHUVLQDOGHPHGRGHYHVHUXPFKDPDGR
jRUDomR1RPRPHQWRHPTXHYRFrRVHQWLUDSUR[LPHVHLPHGLDWDPHQWHGH'HXV

6HQKRUHPERUDPXLWDVFRLVDVDVVXVWDGRUDVRXHVPDJDGRUDVSRVVDPDFRQWHFHUDPLP
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PDLVSDUDWL$SUHVHQWRDWLDVFRLVDVTXHPDLVPHDVVXVWDPHSHoRTXHSURWHMDVD
PLPHjVSHVVRDVTXHDPR'iPHVDEHGRULDIRUoDVHFODUH]DGHPHQWHSDUDRXYLUR
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YLGDVHMDXPWHVWHPXQKRGRSRGHUGHWXDJOyULDPDQLIHVWDGDTXDQGRDQGRQDOX]TXH
PHGHVWH
GHDEULO
/HLD6DOPRVHUHIOLWD

.>N+:B<>E>LMB:E>LI>K:HNOB E:
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3ALMOS

4XDQGR RV GLVFtSXORV SHGLUDP TXH OKHV HQVLQDVVH D RUDU -HVXV FRQFHGHXOKHV XP
PRGHORTXHVHLQLFLDFRPDVSDODYUDV3DLQRVVR FI0W $OJXPDVGHQyVQmR
WrPQHQKXPSUREOHPDHPSHQVDUHP'HXVFRPR3DL
3DUDRXWUDVSRUpPSHQVDUDVVLPFDXVDLQF{PRGRHDWpGRU9RFrWDOYH]VHLQVLUD
QHVVD FDWHJRULD 6HX SDL WHUUHQR SRGH WrOD DEDQGRQDGR QHJOLJHQFLDGR RX DWp
PDOWUDWDGR &RPR SHQVDU QXP 3DL FHOHVWLDO TXDQGR VH PDQWrP VHQWLPHQWRV
FRQIOLWXRVRVVREUHRSDLWHUUHQRTXHIDOKRXQHVVHVDVSHFWRV"
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YRFrpQHFHVViULRKRQUDUSDLHPmH [ eXPDRUGHP9RFrSRGHWHUWLGRSDLV
SUHVHQWHVPDVWDOYH]HOHVQXQFDWHQKDPLQYHVWLGRQDGDGHVLPHVPRVHPVXDYLGD
7DOYH]YRFrQXQFDWHQKDFRQWDGRFRPRDSRLRRHQFRUDMDPHQWRRXRHQVLQRGHVHX
SDL H VXD PmH 0HVPR DVVLP GHYH KRQUiORV PHVPR TXH QmR VHMD SRU RXWUD UD]mR
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1R HQWDQWR YRFr QmR VHUi FDSD] GH KRQUDU VHX SDL H VXD PmH VH QmR RV WLYHU
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4XHULGR3DLVRXJUDWDSRUWHXDPRUWXDRULHQWDomRHWHXFRQIRUWR0RVWUDPHVHQmR
SHUGRHLPHXVSDLVSRUWHUHPPHDEDQGRQDGRGHDOJXPDPDQHLUD4XHURKRQUDUWHSRU
PHLRGDKRQUDTXHGRXDHOHVDWUDYpVGRSHUGmRFRPSOHWR
GHDEULO
/HLD6DOPRVHUHIOLWD

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0XGDVWHRPHXSUDQWRHPGDQoDDPLQKDYHVWHGHODPHQWRHPYHVWHGHDOHJULD
3ALMOS 

(XQXQFDUHDOL]HLXPHVWXGRFLHQWtILFRVREUHRDVVXQWRPDVSHORTXHMiYLFUHLRTXH
KiPDLVSHVVRDVQRPXQGRTXHQmRVHVHQWHPDPDGDVGRTXHDVTXHVHVHQWHP,VVR
pWUiJLFRHH[SOLFDSRUTXHKiWDQWDVSHVVRDVGRPLQDGDVSRUHPRo}HVHSHQVDPHQWRV
QHJDWLYRV
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3ALMOS

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3ALMOS 

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SULPHLUDVSDODYUDV
1mRGHVLVWDGHRUDUSRLVYRFrSRGHHVWDUSUHVWHVDUHFHEHUDVUHVSRVWDV/HPEUHVH
GHTXHVXDYLDJHPQmRpXPFUX]HLURUiSLGRSUy[LPRDRSRUWRPDVXPORQJRSHUFXUVR
TXHVHHVWHQGHSRUWRGDDYLGDHPGLUHomRDRVHXGHVWLQR'HVLVWLUQmRpXPDRSomR
4XDQWRPDLVYRFrFDPLQKDFRPR6HQKRUDEULQGRDHOHRVHXFRUDomRHFROKHQGR
DVPXLWDVYLWyULDVTXHHOHOKHGiPDLVSHUVHYHUDQWHYRFrVHWRUQD3HoDD'HXVTXH
WUDQVIRUPHDVXDYLGDHPWHVWHPXQKRGRSRGHUGDJOyULDGLYLQDHTXHGHVVDPDQHLUD
PXLWDVRXWUDVSHVVRDVDSUHQGDPDGHSRVLWDUQHOHWRGDFRQILDQoD
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PLVHULFyUGLDVGR6HQKRUVHUHQRYDPDFDGDPDQKmHTXDQGRYRFrPHQRVHVSHUDUHOH
LQWHUYLUiHPVXDYLGDFRPVHXDPRUOHDO

6HQKRUDSUHVHQWRDWLDVFRLVDVTXHPDLVPHDVVXVWDPHSHoRWXDSURWHomRSDUDPLP
HSDUDPHXVHQWHVTXHULGRV'iPHVDEHGRULDIRUoDHGLVFHUQLPHQWRSDUDRXYLUWXD
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GHMXQKR
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23ENHORHVWiSHUWRGHWRGRVRVTXHRLQYRFDPGHWRGRVRVTXHRLQYRFDPFRP
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3ALMOS

9RFrYLYHPRPHQWRVHPTXH'HXVSDUHFHPXLWRGLVWDQWH"$PDLRULDGHQyVVHQWHLVVR
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RUDo}HVQmRHUDPUHVSRQGLGDV$JRUDVHLTXHDG~YLGDpFRQWUiULDjWXD3DODYUD
GHMXQKR
/HLD6DOPRVHUHIOLWD

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&DQWHPDR3ENHORXPDQRYDFDQomRORXYHPQRQDDVVHPEOHLDGRVILpLV
3ALMOS

/RXYDU H DGRUDU D 'HXV FRP RXWURV FULVWmRV p XPD GDV FRLVDV PDLV SRGHURVDV H
LPSRUWDQWHVTXHSRGHPRVID]HU2FXOWRFRQMXQWRTXHEUDFDGHLDVHDEUHFDPLQKRSDUD
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VLQJXODURFRUUHQRkPELWRHVSLULWXDOTXDQGRDGRUDPRVD'HXVMXQWRV
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GHOH LQGHSHQGHQWHPHQWH GD GHQRPLQDomR RX WUDGLomR GH VXD LJUHMD 'HGLTXHVH D
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TXH SURYr TXH UHGLPH H TXH FRQVROD $GRUHP DR 6HQKRU SRUTXH HOH VH UHYHOD SRU
PHLRGHVXD3DODYUDGHVHX)LOKR-HVXVHGHVXDVJUDQGHVREUDVQDWHUUDHQDYLGD
GHYRFrV
6yRQRVVR'HXVpGLJQRGHWRGRORXYRUHDGRUDomR

6HQKRUREULJDGDSRUTXHUHVWDXUDVPLQKDYLGDFRQWLQXDPHQWHDILPGHWRUQiODFDGD
YH]PDLVSOHQD2EULJDGDSHODVSHVVRDVTXHFRORFDVWHHPPHXFDPLQKRSDUDTXH
MXQWRVWHDGRUHPRVVHPFHVVDU
GHMXQKR
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UHFRQKHoDR3ENHORHPWRGRVRVVHXVFDPLQKRVHHOHHQGLUHLWDUiDVVXDVYHUHGDV
0ROVRBIOS 

7HPRV GH FUHU TXH RV FDPLQKRV GH 'HXV VmR VHPSUH FHUWRV VHP WHQWDU GHVFREULU
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iUHDGHQRVVDYLGD
eSUHFLVRUHFRQKHFrORHPSULPHLUROXJDUFRPR-HVXVQRVVR6DOYDGRUFRPRQRVVR
3DLFHOHVWLDOHFRPRR(VStULWR6DQWRQRVVR&RQVRODGRU(QWmRGHYHPRVUHFRQKHFrOR
FRPRDTXHOHTXHQRVVDWLVID]DVQHFHVVLGDGHVHp6HQKRUGHFDGDiUHDGDQRVVDYLGD
6LJQLILFD TXH R UHFRQKHFHPRV FRPR 6HQKRU GRV UHODFLRQDPHQWRV GR WUDEDOKR GDV
DWLYLGDGHVGDVILQDQoDVGRODUGRFRUSRHGRFDVDPHQWR
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GH'HXV"6HKiGLJD6HQKRUFRQYLGRRDFXLGDUGHVVDiUHDGHPLQKDYLGD6HQmR
WLYHUFHUWH]DSHoDD'HXVTXHOKHPRVWUH(OHRIDUi4XDQGRSHUFHEHUDOJXPDiUHD
QDTXDOQmRRWHQKDUHFRQKHFLGRSOHQDPHQWHFRPR6HQKRURUH6HQKRUUHFRQKHoRD
WL QHVWD iUHD GH PLQKD YLGD H SHoR TXH UHLQHV QHOD 4XHUR UHFRQKHFHUWH HP WXGR R
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HQGLUHLWDUPHRVFDPLQKRV

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GHSHQGHUGDPLQKDSUySULDFRPSUHHQVmROLPLWDGDGDVFRLVDV$MXGDPHDUHFRQKHFHU
WHHPWRGDVDViUHDVGDPLQKDYLGD6HWHH[SXOVHLGHTXDOTXHUSDUWHGDPLQKDYLGD
SHoRTXHPHUHYHOHVLVVRGHPRGRTXHSRVVDFRQYLGDUWHDUHLQDUDOLRXWUDYH]
2EULJDGDSRUHQGLUHLWDUHVDVPLQKDVYHUHGDV
GHMXQKR
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&RPRpIHOL]RKRPHPTXHPHRXYHYLJLDQGRGLDULDPHQWHjPLQKDSRUWDHVSHUDQGR
MXQWRjVSRUWDVGDPLQKDFDVD
0ROVRBIOS

6HYRFrIRUFRPRDPDLRULDGDVSHVVRDVSURYDYHOPHQWHRGHLDHVSHUDU6RPRVSHVVRDV
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4XDQGR'HXVSHUPLWHTXHFLUFXQVWkQFLDVQRVLPSHoDPGHFKHJDUDRDOYRSRGHPRV
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HVSHUDPRVHDSURYDGDVFRLVDVTXHQmRYHPRV +E 
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DJXDUGDPRVTXHRFDUiWHUGH&ULVWRVHIRUPHHPQyV(WRGRVQyVTXHFRPDIDFH
GHVFREHUWDFRQWHPSODPRVDJOyULDGR6HQKRUVHJXQGRDVXDLPDJHPHVWDPRVVHQGR
WUDQVIRUPDGRV FRP JOyULD FDGD YH] PDLRU D TXDO YHP GR 6HQKRU TXH p R (VStULWR
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SUy[LPDYH]HPTXHYRFrVHVHQWLUWHQWDGDDLQTXLHWDUVHXVHRWHPSRGHHVSHUDSDUD
ORXYDUDR6HQKRUSHODVErQomRVTXHHOHWHPSDUDYRFr

6HQKRUIDODDRPHXFRUDomRDVFRLVDVTXHSUHFLVRRXYLU1RVPRPHQWRVGHHVSHUDHP
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GHMXQKR
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2VDOiULRGRMXVWROKHWUD]YLGDPDVDUHQGDGRtPSLROKHWUD]FDVWLJR
0ROVRBIOS

7RGDV QyV QRV RFXSDPRV GH YiULDV WDUHIDV H REULJDo}HV GXUDQWH R GLD VHMD IRUD GH
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PXQGRLQWHLURRXVHDSHQDV'HXVRYr1mRLPSRUWDVHYRFrJDQKDPXLWRGLQKHLURFRP
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VHMDDEHQoRDGRSRU'HXV3RULVVRpERPRUDUSRUHVVHDVVXQWRFRPIUHTXrQFLD
$ RUDomR QRV DMXGD D HQFRQWUDU R HTXLOtEULR HQWUH GRLV H[WUHPRV D JDQkQFLD TXH
GHVWUyL FI3Y HDSUHJXLoDTXHHPSREUHFH FI3Y $RUDomRQRVDMXGDD
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VHU GHGLFDGDV HP QRVVR WUDEDOKR TXH HP ~OWLPD DQiOLVH SRGH WUD]HU UHFRPSHQVDV
ILQDQFHLUDVFRPRDILUPDPDV(VFULWXUDV$VPmRVSUHJXLoRVDVHPSREUHFHPRKRPHP
SRUpP DV PmRV GLOLJHQWHV OKH WUD]HP ULTXH]D 3Y   $SUHVHQWDU D 'HXV QRVVR
WUDEDOKRHPRUDomRQRVDMXGDSRUWDQWRDHQFRQWUDURHTXLOtEULRHQWUHDLQGROrQFLDHD
REVHVVmR FI0W 
3HoDDR6HQKRUTXHRVSDVVRVTXHYRFrGiHPGLUHomRDRIXWXURVHMDPJXLDGRVSRU
HOH'HXVTXHUTXHYRFrHQFRQWUHJUDQGHUHDOL]DomRHVDWLVIDomRHPWRGRVRVDVSHFWRV
GRWUDEDOKRTXHHOHGHVWLQRXSDUDTXHYRFrH[HFXWH

6HQKRU'HXVDRROKDUSDUDRIXWXURPLQKDH[SHFWDWLYDpVHUYLUDWLHDRVRXWURVFRPR
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6HLTXHQmRSRVVRVHUXPDOX]SDUDRXWURVHQTXDQWRHVWLYHUDQGDQGRQDVWUHYDVGR
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QRPHWXHVWDULDVQRPHLRGHODVHTXHTXDQGRGRLVGHQyVFRQFRUGiVVHPRVHPRUDomR
UHVSRQGHULDV2URSDUDTXHWXPHDMXGHVDHQFRQWUDUDOJXpPFRPTXHPHXFRQFRUGH
3HoRTXHHQYLHVHVSHFLILFDPHQWHXPDRXPDLVSHVVRDVSDUDRUDUHPFRPLJR
UHJXODUPHQWH4XHHODVVHMDPSHVVRDVGHFRQILDQoDHPDGXUDVHPVHXFDPLQKDU
FRQWLJRHTXHWHQKDPIpSDUDFUHUQDVUHVSRVWDVjVRUDo}HV$MXGDPHDVHUVHQVtYHOH
SHUFHEHUTXHPVmRHODV
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6HDOJXpPVHUHFXVDDRXYLUDOHLDWpVXDVRUDo}HVVHUmRGHWHVWiYHLV
0ROVRBIOS

$V(VFULWXUDVQRVGL]HPTXHXPGRVUHVXOWDGRVGDGHVREHGLrQFLDpTXHQRVVDVRUDo}HV
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DYHUVmR1LQJXpPGHVHMDTXH'HXVYHMDVXDVRUDo}HVGHVVDIRUPD
eLPSRUWDQWHSHGLUVHPSUHD'HXVTXHHOHQRVPRVWUHRTXHGHVHMDTXHIDoDPRV
0HVPR TXDQGR SHQVDPRV TXH HVWDPRV ID]HQGR WXGR FHUWR p VHPSUH ERP RUDU
6HQKRUPRVWUDPHTXDOTXHUSRQWRHPTXHHXQmRHVWHMDREHGHFHQGR4XHURYLYHUGH
DFRUGRFRPWXDVUHJUDV
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(OH VDELD TXH QDGD FRQIHUH PDLV SD] H FRQILDQoD jV SHVVRDV TXH VDEHU TXH HVWmR
DJLQGR VHJXQGR R GHVHMR GH 'HXV $ %tEOLD DILUPD TXH QD REHGLrQFLD HQFRQWUDUHPRV
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LQFDSDFLGDGHGHUHFHEHURTXH'HXVWHPSDUDQyV &R 
$QGDUHPREHGLrQFLDGL]UHVSHLWRWDPEpPDDWHQGHUjVLQVWUXo}HVHVSHFtILFDVGHOH
6H'HXVDLQVWUXLXDGHVFDQVDUHYRFrQmRRID]LVVRpGHVREHGLrQFLD6HHOHPDQGRX
TXHGHL[DVVHGHID]HUFHUWRWLSRGHWUDEDOKRHYRFrQmRDWHQGHLVVRpGHVREHGLrQFLD
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DWLYLGDGHRXPXGHVXDURWLQDHPUHODomRDDOJR1mRLPSRUWDRTXHOKHSHoDOHPEUH
VHGHTXHHOHRID]SDUDVHXEHP
2VFDPLQKRVGH'HXVVmRVHPSUHPHOKRUHVTXHRVQRVVRVHDREHGLrQFLDj3DODYUD
DEUHRFDPLQKRSDUDTXHQRVVDVRUDo}HVVHMDPRXYLGDV

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TXHHOHVVHWRUQHPSDUWHGHPLP0DQWpPPHQRFDPLQKRUHWRSDUDTXHPLQKDV
RUDo}HVQXQFDVHMDPGHWHVWiYHLVDWL
GHMXQKR
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4XHPHVFRQGHRVVHXVSHFDGRVQmRSURVSHUDPDVTXHPRVFRQIHVVDHRVDEDQGRQD
HQFRQWUDPLVHULFyUGLD
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$VVLP TXH QRV GDPRV FRQWD GR SHFDGR D PHOKRU FRLVD D ID]HU p FRQIHVViOR EXVFDU
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FRQILVVmR WUD] R SHFDGR j WRQD H R FRORFD GLDQWH GR 3DL 4XDQGR YRFr FRQIHVVD VHX
SHFDGRQmRLQIRUPDD'HXVDOJRTXHHOHQmRVDELD(OHFRQKHFHWRGDVDVFRLVDVPDV
GHVHMDTXHYRFrVHFRQVFLHQWL]HGHTXHHUURXRDOYR
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FRQKHFHPRVSHVVRDVTXHVmRHVSHFLDOLVWDVHPVHGHVFXOSDUSRLVWrPEDVWDQWHSUiWLFD
QLVVR 1D YHUGDGH HODV QD PDLRULD GDV YH]HV GL]HP GHVFXOSHPH VHP DGPLWLU TXH
HUUDUDP$YHUGDGHLUDFRQILVVmRSRUpPLPSOLFDUHFRQKHFHURHUURGHPRGRGHWDOKDGR
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6DQWRHSHUPLWLPRVTXHUDQFRUHVHGRUHVQRVFRQWUROHP
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GH SHUGRDGDV H MXVWLILFDGDV HP &ULVWR DOFDQoDUHPRV D SOHQD OLEHUGDGH TXH 'HXV
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FDSD]GHUHVLVWLUFRPPLQKDVIRUoDVDFHUWDVWHQWDo}HVPDVVHLTXHSRGHVPHOLEHUWDU
7UDQVIRUPDPHHPWHVWHPXQKRGHWHXSRGHUGHFXUDHOLEHUWDomR
GHMXQKR
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4XHPFRQILDHPVLPHVPRpLQVHQVDWRPDVTXHPDQGDVHJXQGRDVDEHGRULDQmR
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9DPRV GHL[DU DOJR EHP FODUR YRFr H HX QmR VRPRV SHUIHLWDV 1LQJXpP p SHUIHLWR
1LQJXpPpLQFDSD]GHSHFDU1LQJXpPWHPXPDYLGDVHPSUREOHPDV1LQJXpPDQGRX
FRP R 6HQKRU WHPSR VXILFLHQWH SDUD VDEHU WXGR H QmR SUHFLVDU DSUHQGHU PDLV QDGD
1LQJXpPpWmRFRPSOHWRDSRQWRGHQmRSUHFLVDUGH'HXV1LQJXpPVDEHRWHPSRWRGR
RTXHID]HUHPFDGDVLWXDomRGDYLGD
(VVD p D YHUGDGH D UHVSHLWR GD UDoD KXPDQD H SRQWR ILQDO 4XDQGR D DFHLWDPRV
SRGHPRV VHU FRPSOHWDPHQWH KRQHVWDV D QRVVR UHVSHLWR ( PDLV WDPEpP SRGHPRV
DSURSULDUQRV GD OLEHUGDGH GH VHUPRV GHSHQGHQWHV GH 'HXV OLYUHV GH TXDOTXHU
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DPDGRTXHURPDQWHUXPSpQDHWHUQLGDGHHQTXDQWRVHJXURWXDPmR4XHURDFXPXODU
WHVRXURVQRFpXSDUDPHVHQWLUHPFDVDDRFKHJDUOi(TXDQGRGHURSDVVRILQDOHP
GLUHomRDPHXIXWXURFRQWLJRVHLTXHHVWDUiVDPHXODGRDOLWDPEpP
1RVVRIXWXURFRP&ULVWRHVWiJDUDQWLGRGHPRGRTXHSRGHPRVWULOKDURVFDPLQKRV
WUDoDGRVSRU'HXVSDUDQyVDTXLQDWHUUDFRPWRGDDFRQILDQoDQHOH6DEHPRVTXHVH
GHSHQGHVVHGHQyVPHVPDVHGHQRVVDVDWLWXGHVHVWDUtDPRVFRQGHQDGDVHPQRVVRV
SHFDGRV PDV SRUTXH HOH QRV DPRX SRGHPRV WHU HVSHUDQoD H GHSHQGHU GH VXD
PLVHULFyUGLDHERQGDGHHPWXGR

6HQKRUDMXGDPHDQmRILFDUDQVLRVDFRPUHODomRDPHXIXWXURPDVDGHVFDQVDUQD
FHUWH]DGHTXHHOHHVWiVHJXURHPWXDVPmRV$MXGDPHDGHSHQGHUGHWLWRGRVRV
GLDVGHPLQKDYLGD2EULJDGDSRUTXHVHPSUHPHRXYHVHVHPSUHHVWiVDRPHXODGR
GHMXQKR
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LI>K:G:>F?BKF>L:EB<>K<>L
2QGHQmRKiUHYHODomRGLYLQDRSRYRVHGHVYLDPDVFRPRpIHOL]TXHPREHGHFHjOHL
0ROVRBIOS

4XDQGRGDPRVHVSDoRSDUD'HXVUHDOL]DUHPQRVVDYLGDDVPXGDQoDVTXHHOHGHVHMD
R 6HQKRU FRPHoD D UHPRYHU WXGR R TXH p GHVQHFHVViULR 1HVVH SURFHVVR HOH QRV
GHVSRMD GR TXH SRGHULD LPSHGLU QRVVR FUHVFLPHQWR SUHSDUDQGRQRV DVVLP SDUD
SURGX]LU ERQV IUXWRV 1HVVH SHUtRGR p SRVVtYHO H[SHULPHQWDUPRV XPD VHQVDomR GH
YD]LRHQRVVDYLGDSRGHSDUHFHUHVWpULOPDVQDYHUGDGH'HXVQRVHVWiOLEHUWDQGRGR
TXHQmRSURGX]YLGD
1mR TXHUHPRV ILFDU DSHQDV QDV LGHDOL]Do}HV YLYHQGR QR PXQGR GRV VRQKRV VHP
YHUDPDWHULDOL]DomRGHDOJRVLJQLILFDWLYRHPQRVVDYLGDDRQRVVRUHGRU'HVHMDPRV
YLYHUQDFHUWH]DGHTXHDVHVSHUDQoDVRVVRQKRVHDVH[SHFWDWLYDVTXHQXWULPRVVH
EDVHLDPHPFRQYLFo}HVGDGDVSRU'HXV4XHUHPRVXPDHVSHUDQoDILUPDGDQRDOLFHUFH
GHVXDVSURPHVVDVSDUDQyVHHPVHXVSURSyVLWRVUHYHODGRVHPQyV
1RVVR 3DL p ERQGRVR R VXILFLHQWH SDUD RXYLU H UHVSRQGHU jV QRVVDV RUDo}HV
HVSHFLDOPHQWHTXDQGRHODVSDUWHPGHXPFRUDomRVLQFHURHVHGHQWRGH'HXV6HYRFr
HVWiSDVVDQGRSRUXPDVLWXDomRHPTXHDVHQVDomRGHYD]LRSDUHFHTXHUHUGRPLQiOD
SHoD DR 6HQKRU TXH OKH Gr XPD YLVmR SDUD R IXWXUR H VHPHLH HVSHUDQoD HP VHX
FRUDomR )DOH GH VHX DQVHLR HP DQGDU FRP HOH H HP YHU DV PDUDYLOKDV TXH HOH OKH
UHYHORX

6HQKRUTXHPHXVGHVHMRVHVWHMDPDOLQKDGRVDWHXVGHVHMRV3RUPDLVGLItFLOTXHVHMD
DEULUPmRGDVHVSHUDQoDVHGRVVRQKRVHQWUHJRRVDWHXVSpV$FHLWRWXDGHFLVmRH
VXMHLWRPHLQWHLUDPHQWHDHOD&RQGX]PHSRUWHXFDPLQKR0HVPRTXDQGRHQIUHQWR
WULEXODo}HVVHLTXHPHDPDVHPHSURWHJHV
GHMXQKR
/HLD(FOHVLDVWHVHUHIOLWD

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(OHIH]WXGRDSURSULDGRDRVHXWHPSR7DPEpPS{VQRFRUDomRGRKRPHPRDQVHLR
SHODHWHUQLGDGHPHVPRDVVLPHOHQmRFRQVHJXHFRPSUHHQGHULQWHLUDPHQWHRTXH
'HXVIH]
%CLESIASTES

4XDQGRVHWUDWDGHRUDomRSHQVDPRVVREUHRWHPSRGHUHVSRVWDGH'HXV4XDQGRD
UHVSRVWDQmRpLPHGLDWDLPDJLQDPRVDQVLRVDVDUD]mR(FOHVLDVWHVSRUpPQRVGL]
3DUDWXGRKiXPDRFDVLmRFHUWDKiXPWHPSRFHUWRSDUDFDGDSURSyVLWRGHEDL[RGR
FpX   2 WHPSR GH 'HXV GLIHUH GR QRVVR 6HXV FDPLQKRV QmR VmR RV QRVVRV
9LYHPRV VHJXQGR R WHPSR WHUUHQR 'HXV Yr VRE D SHUVSHFWLYD HWHUQD 9LYHU QXP
PXQGRFXMRWHPSRpFURQRPHWUDGRHHVSHUDUSHORWHPSRGH'HXVpGLItFLO
$LQGD TXH RUHPRV H WHQKDPRV Ip WHPRV GH OHPEUDU TXH R UHVXOWDGR H R WHPSR
HVWmRQDVPmRVGH'HXV(OHGL]TXHKiWHPSRGHFXUDU (F 3RUWDQWRVHYRFr
RURXSRUFXUDHQmRDREWHYHQmRVHFXOSHQHPWHQKDUDLYDGH'HXV(OHjVYH]HVXVD
RVPDOHVItVLFRVSDUDREWHUQRVVDDWHQomRDILPGHSRGHUFRQYHUVDUFRQRVFR(QWmR
FRQWLQXHDRUDUHQmRSHUFDDHVSHUDQoD
2 PHVPR VH DSOLFD TXDQGR RUDPRV D 'HXV SDUD TXH VDOYH D YLGD GH DOJXpP $
%tEOLDGL]TXHKiWHPSRGHPRUUHU (F $GHFLVmRSRUpPFDEHD'HXVHQmRD
QyV ( GHYHPRV DFHLWiOD 3RGHPRV RUDU PDV HOH GHWHUPLQD R UHVXOWDGR 3UHFLVDPRV
DFHLWDURTXH'HXVID]VHPUHVVHQWLPHQWRVFRQWUDHOH
2 WHPSR GR 6HQKRU p SHUIHLWR 4XDQGR QRV UHQGHPRV QRV VHQWLPRV OLYUHV $LQGD
TXHYRFrSRVVDQmRHQWHQGHUH[DWDPHQWHRTXH'HXVHVWiID]HQGRSRGHFRQILDUHOH
HVWiDJLQGR

6HQKRUTXHURWRGDVDVUHVSRVWDVjVPLQKDVRUDo}HVQHVWHH[DWRPRPHQWRPDVWX
TXHUHVTXHHXVHMDSDFLHQWHHTXHHVSHUHHPWL(QWUHJRDWLDVPLQKDVSUHRFXSDo}HV
HGHL[RRUHVXOWDGRQDVWXDVPmRV$MXGDPHDGHVFDQVDUFLHQWHGHTXHRWHXWHPSRp
SHUIHLWRHMXVWR
GHMXQKR
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6HLTXHWXGRRTXH'HXVID]SHUPDQHFHUiSDUDVHPSUHDLVVRQDGDVHSRGH
DFUHVFHQWDUHGLVVRQDGDVHSRGHWLUDU
%CLESIASTES

2FDVDPHQWRpyWLPRTXDQGRRVF{QMXJHVDVVXPHPRFRPSURPLVVRP~WXRGHPDQWHU
XP UHODFLRQDPHQWR VyOLGR QmR REVWDQWH DV FLUFXQVWkQFLDV 0XLWDV YH]HV SRUpP XP
GRVF{QMXJHVWHPFHUWDVH[SHFWDWLYDVDUHVSHLWRGRRXWURHGHFRPRDYLGDGHFDVDGRV
GHYHVHUHDFDEDGHFHSFLRQDGRFRPDUHDOLGDGH1HVVDVKRUDVSRGHVXUJLUGLYLVmRe
LPSRUWDQWHRUDUFRQWLQXDPHQWHSDUDTXHDVH[SHFWDWLYDVLUUHDLVYHQKDPjWRQDHSDUD
TXHWRGDVDVLQFRPSDWLELOLGDGHVVHMDPGLVVLSDGDVGHPRGRTXHYRFrVSRVVDPFUHVFHU
MXQWRVHPHVStULWRGHXQLmRFRPSURPLVVRHLQWLPLGDGH
/HPEUHVH VHPSUH GH DSUHVHQWDU VHX FDVDPHQWR D 'HXV HP RUDomR SHGLQGR TXH
HOH HOLPLQH WRGD D LPDWXULGDGH SRVVtYHLV KRVWLOLGDGHV RX TXDLTXHU VHQWLPHQWRV GH
LQDGHTXDomR TXH SRVVD KDYHU QD YLGD GH YRFrV HQTXDQWR FDVDO 2 GHVHMR GH 'HXV p
TXH VXD XQLmR FRP VHX HVSRVR QmR DSHQDV GXUH SDUD VHPSUH PDV TXH VHMD XP
UHODFLRQDPHQWRSOHQRHVDWLVIDWyULRSDUDDPERV
&HUWLILTXHVHGHTXHYRFrHVHXHVSRVRVHPSUHWHQKDPWHPSRUHVHUYDGRXPSDUDR
RXWURGHPRGRTXHSRVVDPFXOWLYDUHUHQRYDURVODoRVPDWULPRQLDLV3URFXUHPWUD]HU
VHPSUHjOHPEUDQoDWXGRDTXLORTXHRVOHYRXDTXHUHUSDVVDURUHVWRGDYLGDMXQWRV
$SUHVHQWHVHXPDULGRD'HXVDFDGDGLDSHGLQGRTXHR6HQKRURSURWHMDHROLYUH
GDV PXLWDV DUPDGLOKDV H WHQWDo}HV TXH HOH WHP GH HQIUHQWDU 2UH SDUD TXH KDMD
KDUPRQLD HP VHX FDVDPHQWR H SDUD TXH 'HXV VHMD R FHQWUR GH VHX UHODFLRQDPHQWR
FRQMXJDO

6HQKRUDEHQoRDPHXFDVDPHQWRFRPODoRVGHXQLmRDPL]DGHFRPSURPLVVR
JHQHURVLGDGHHHQWHQGLPHQWR3HoRTXHRFRPSURPLVVRGHPHXPDULGRFRQWLJRVHMD
ILUPHGHPRGRTXHPHVPRQDVWHPSHVWDGHVHOHWDPEpPQmRYDFLOHHPVHX
FRPSURPLVVRFRPLJR3HoRTXHQRVVRDPRUP~WXRFUHVoDDFDGDGLD
GHMXQKR
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0GB=:L>F?:OHK=H<:L:F>GMH
ePHOKRUWHUFRPSDQKLDGRTXHHVWDUVR]LQKRSRUTXHPDLRUpDUHFRPSHQVDGR
WUDEDOKRGHGXDVSHVVRDV6HXPFDLURDPLJRSRGHDMXGiORDOHYDQWDUVH0DVSREUH
GRKRPHPTXHFDLHQmRWHPTXHPRDMXGHDOHYDQWDUVH
%CLESIASTES 

eFRPPXLWDWULVWH]DTXHREVHUYDPRVKRMHHPGLDDIUDJLOLGDGHGRVUHODFLRQDPHQWRV
FRQMXJDLV 2 GLYyUFLR H D LQILGHOLGDGH LQIHOL]PHQWH SDVVDUDP D ID]HU SDUWH GD
UHDOLGDGHGHPXLWRVPDULGRVHHVSRVDVTXHXPGLDDVVXPLUDPRFRPSURPLVVRP~WXR
GHDPRUHUHVSHLWRSRUWRGDDYLGD$RUDomRpDDUPDPDLVHILFD]SDUDSURWHJHUVHX
FDVDPHQWRGHTXDOTXHUWLSRGHFRUURVmR
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VDXGiYHOpPHUHXQLUVHPDQDOPHQWHFRPRXWUDVPXOKHUHVSDUDRUDUPRVMXQWDV(VVD
SUiWLFD WHP VLGR WmR EHPVXFHGLGD TXH QmR KHVLWR HP VXJHULOD D WRGDV DV PXOKHUHV
FRPTXHPWHQKRFRQWDWR6HSRVVtYHOHQFRQWUHGXDVRXPDLVPXOKHUHVGHIpHPTXHP
YRFrWHQKDWRWDOFRQILDQoDHFRPTXHPSRVVDFRPSDUWLOKDURVDQVHLRVGHVHXFRUDomR
HUHVHUYHXPWHPSRSDUDRUDUFRPHODVDFDGDVHPDQD(VVDH[SHULrQFLDWUDQVIRUPDUi
VXDYLGD
2REMHWLYRGDRUDomRQHVVHVHQFRQWURVpHQWUHJDUWRGRVRVVHXVIDUGRVDR6HQKRU
SHGLU SDUD 'HXV FRORFDU VHX FRUDomR HP RUGHP H PRVWUDUOKH FRPR VHU XPD ERD
HVSRVD 7DPEpP p XPD RFDVLmR SDUD LQWHUFHGHU SRU VHX PDULGR /HPEUHVH GH
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LPSHGLUTXHKDMDHVSDoRSDUDRFL~PHRXSDUDDEDL[DDXWRHVWLPDTXHRSUHFHGH2UH
SHGLQGRTXHQDGDLQIOXHQFLHDVDWLWXGHVHRVKiELWRVGHYRFrVDSRQWRGHSUHMXGLFDU
VHXUHODFLRQDPHQWRFRQMXJDO

6HQKRUSHoRTXHSURWHMDVPHXFDVDPHQWRGHWXGRTXHSRVVDSUHMXGLFiORRXGHVWUXt
OR*XDUGDRGHQRVVRHJRtVPRHQHJOLJrQFLDHGHVLWXDo}HVQRFLYDVRXSHULJRVDV
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P~WXRVGHFRPXQKmRHIRUWDOHFLPHQWR
GHMXQKR
/HLD&kQWLFRGRV&kQWLFRVHUHIOLWD

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9RFrpXPDIRQWHGHMDUGLPXPSRoRGHiJXDVYLYDVTXHGHVFHPGR/tEDQR
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1mR VHULD PDUDYLOKRVR VHU FRQVLGHUDGD IRQWH GH iJXD YLYD IOXLQGR FRPR FRUUHQWH
UHIUHVFDQWH"(PHVSHFLDOSHODVSHVVRDVTXHQRVURGHLDPHSHODVPDLVFKHJDGDV"1mR
VHULDPDUDYLOKRVRVHUDPDGDTXHULGDHDSUHFLDGDGDPDQHLUDGHVFULWDQRFDStWXOR"e
LVVRTXH'HXVSHQVDVREUHVHXSRYR(OHQRVDPDFRPDPRUJUDFLRVRHILHO
7RGDVGHVHMDPRVWHUXPUHODFLRQDPHQWRFRPSURPHWLGRSURIXQGRSXURVDFULILFLDOH
TXHXQHFRUDo}HVFRPDOJXpPTXHQmRQRVGHL[DUiQHPDEDQGRQDUiSRURXWUDSHVVRD
PHOKRU 7RGDV TXHUHPRV VHU FRQVLGHUDGDV LPSHFiYHLV SHUIHLWDV (VSHUDPRV VHU
OHPEUDGDVFRPRSHVVRDVDJUDGiYHLVHEHODV(VVDQDYHUGDGHMipDRSLQLmRGH'HXV
VREUHQyV(OHQRVYrDWUDYpVGHVHX)LOKR-HVXVTXHpWXGRLVVR3RUWHUPRVUHFHELGR
-HVXVHPQRVVDYLGD'HXVYrHPQyVDEHOH]DDSXUH]DHDSHUIHLomRGHVHX)LOKR
4XDQWR PDLV WHPSR SDVVDPRV FRP R 6HQKRU H PDLV FRPSOHWDPHQWH VXEPHWHPRV
QRVVDYLGDDVXDYRQWDGHPDLVDVSHVVRDVRYHUmRHPQyV
2IOXLUGR(VStULWR6DQWRQRVFDSDFLWDDVHUXPULRUHIUHVFDQWHSDUDRXWURV7XGRR
TXHWHPRVGHID]HUpSHUPLWLORHPQRVVDYLGDFRQYLGDQGRR(VStULWRHVWDUSUHVHQWHH
DHQFKHUQRVGHQRYRDFDGDGLD(QWmRHOHGHUUDPDVREUHQyVVHXULRGHiJXDYLYDH
RIOXLUHWHUQRGHDPRU,VVRpPDLVTXHVXILFLHQWHSDUDDWUDLURXWURVjFRUUHQWHTXHOKHV
ODYDUiDDOPD

6HQKRUHQFKHPHKRMHQRYDPHQWHGRWHX(VStULWRHID]WUDQVERUGDUHPPLPRWHXULR
GHFXUDGHPRGRTXHTXDQGRHXHVWLYHUQDSUHVHQoDGHRXWUDVSHVVRDVHODVVLQWDPD
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FULDGDV
2OMANOS

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VREUHHOHTXHGHRXWUDIRUPDQmRSRGHUtDPRVHQWHQGHU0DVWDPEpPSRGHPRVYrOR
HPVXDFULDomR(OHTXHUVHUFRQKHFLGRHHOHVHGiDFRQKHFHU3RULVVRTXDQWRPDLV
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DGRUiOR
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RXWUDFRLVDRXSHVVRDURXEHDSRVLomRGH'HXV4XDQWRPDLVQyVRFRQKHFHUPRVPDLV
IiFLOVHUiDPiORVHUYLORHUHQGHUOKHJUDWLGmRHORXYRU

6HQKRUREULJDGDSRUTXHWHUHYHODVWHDPLPSRUPHLRGDWXDFULDomRTXHPRVWUDR
WHXSRGHUHDWXDJUDQGH]D6LQWRPHFRPSHOLGDDDGRUDUWHDUHQGHUWHJOyULDH
ORXYRUQmRDSHQDVSHORWHXSRGHUPDVSHORWHXDPRUHSRUWXDLPHQVDJUDoD
UHYHODGDHPWRGDDFULDomRHVREUHWXGRHPPLQKDYLGD(XWHDJUDGHoRSRUTXHPH
SHUPLWHWHFRQKHFHUPHOKRUDFDGDGLD4XHHVWHVHMDRPHXDQHORGLDULDPHQWH
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GHIUXVWUDomRHSHUSOH[LGDGH
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YRQWDGHGHOH

6HQKRUHQWUHJRDWLKRMHWRGDVDVPLQKDVHVSHUDQoDVHWRGRVRVPHXVVRQKRV6HKi
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TXHRTXHGHYHHVWDUQDPLQKDYLGDVHMDOLEHUDGR6HLTXHpSHULJRVRWUDQVIRUPDU
PHXVVRQKRVHPtGRORV6XEPHWRDWLWXGRRTXHGHVHMRHGHFODURKRMHTXHGHVHMR
PDLVDWL4XHURTXHRVGHVHMRVGRPHXFRUDomRHVWHMDPDOLQKDGRVFRPRVGHVHMRVGR
WHXFRUDomR(PERUDVHMDGLItFLODEULUPmRGRVDQVHLRVHVRQKRVTXHWHQKRSDUDPLQKD
YLGDFRORFRWXGRDRVWHXVSpVHPQRPHGH-HVXV$PpP
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VRQGDRVFRUDo}HVFRQKHFHDLQWHQomRGR(VStULWRSRUTXHR(VStULWRLQWHUFHGHSHORV
VDQWRVGHDFRUGRFRPDYRQWDGHGH'HXV
2OMANOS 

4XDQGR RUDPRV IDODPRV FRP 'HXV VHMD HP YR] DOWD VHMD HP VXVVXUURV VHMD
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VHPSUHSRUpPHODVQRVYrP1mRUDURRVRIULPHQWRpSURIXQGRGHPDLVDVSHUJXQWDV
GLItFHLV GHPDLV D VLWXDomR FRQIXVD RX FRPSOH[D GHPDLV R PHGR PXLWR LQWHQVR
4XHUHPRV IDODU FRP 'HXV PDV QmR VDEHPRV H[SULPLU R TXH VHQWLPRV 4XH ID]HU
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GRUSDUDFRPXQLFDUQRVFRPTXHPTXHUTXHVHMDR(VStULWR6DQWRQRVDMXGDDRUDU
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(PPRPHQWRVGHPHGRTXDQGRQHPVHTXHUVDEHPRVSDUDRQGHQRVYROWDURXHP
TXHPFRQILDUR(VStULWR6DQWRQRVDMXGDDRUDU
4XDQGR QRV VHQWLPRV VXEMXJDGDV H R SHVR QRV RPEURV QRV ID] FDLU GH MRHOKRV R
(VStULWR6DQWRQRVDMXGDDRUDU
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6DQWR TXH D FDSDFLWH D FRPXQLFDU D 'HXV RV SHQVDPHQWRV VHQWLPHQWRV WHPRUHV H
G~YLGDVPDLVSURIXQGRV(OHYDLDMXGDUYRFrDRUDU

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PLP7XVDEHVDYRQWDGHGR3DLHSHORTXHRUDU*XLDPHHHQVLQDPHHVSHFLDOPHQWH
TXDQGRILFRVHPSDODYUDV
GHRXWXEUR
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PHGLDQWHDSDODYUDGH&ULVWR
2OMANOS

4XDQGRFRPSOHWHLDQRVIXLSUHVHQWHDGDFRPXPSLQJHQWHHXPDGHOLFDGDFRUUHQWH
GH RXUR 7UDWDYDVH GH XPD SHTXHQD HVIHUD GH YLGUR HP FXMR LQWHULRU KDYLD XP
PLQ~VFXORJUmRGHPRVWDUGD1DpSRFDSHQVHL3RUTXHDOJXpPVHGDULDRWUDEDOKRGH
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HQVLQDPHQWRVGH'HXV
7RGRVRVGLDVSHoDDR6HQKRUTXHDHQVLQHDYLYHUSHODIpHQmRSHORTXHYRFrYr
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VXDVILOKDVFRPRFRUDomRVLQFHURHVHGHQWRGDSUHVHQoDGHOH

6HQKRUDMXGDPHDFUHVFHUQDIpFDGDYH]TXHHXOHURXRXYLUWXD3DODYUD$MXGDPHD
FUHUTXHWXDVSURPHVVDVVHFXPSULUmRHPPLP4XHDDXWHQWLFLGDGHGDPLQKDIpSRVVD
JORULILFDUWHHPWRGDVDVFLUFXQVWkQFLDVGDPLQKDYLGD
GHRXWXEUR
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HF:F>GM>=>KBLMH
1mRVHDPROGHPDRSDGUmRGHVWHPXQGRPDVWUDQVIRUPHPVHSHODUHQRYDomRGDVXD
PHQWHSDUDTXHVHMDPFDSD]HVGHH[SHULPHQWDUHFRPSURYDUDERDDJUDGiYHOH
SHUIHLWDYRQWDGHGH'HXV
2OMANOS

9RFr SRGH HVFROKHU R TXH WHUi DFHVVR j PHQWH 3RGH HVFROKHU OHYDU FDWLYR WRGR
SHQVDPHQWRDRVHQKRULRGH-HVXVHVHJXLUDLQVWUXomREtEOLFD6HMDDDWLWXGHGHYRFrV
DPHVPDGH&ULVWR-HVXV )S 
9RFrQmRSUHFLVDYLYHUHPFRQIXVmRRXRSUHVVmRPHQWDO1mRSUHFLVDVHUFRPRRV
JHQWLRV TXH YLYHP QD LQXWLOLGDGH GRV VHXV SHQVDPHQWRV (OHV HVWmR REVFXUHFLGRV QR
HQWHQGLPHQWR H VHSDUDGRV GD YLGD GH 'HXV SRU FDXVD GD LJQRUkQFLD HP TXH HVWmR
GHYLGRDRHQGXUHFLPHQWRGRVHXFRUDomR (I $QWHVSRGHWHUDFODUH]DHR
FRQKHFLPHQWRTXHYrPGR6HQKRU3DUDLVVRpSUHFLVRTXHYRFrFUHLDQDYHUGDGHGH
TXHpSRVVXLGRUDGDPHQWHGH&ULVWR &R HFRQYLGHR6HQKRUSDUDID]HUFRP
TXHRVSHQVDPHQWRVGHOHVHMDPRVVHXVSHQVDPHQWRV
0XLWDVYH]HVQmRQRVGDPRVFRQWDGHTXHDEULPRVQRVVDPHQWHSDUDSHQVDPHQWRV
SDODYUDVP~VLFDVHLPDJHQVTXHQmRJORULILFDPD'HXVRXSLRUTXHVmRFRQWUiULRV
DRV HQVLQDPHQWRV GHOH 2 UHVXOWDGR p TXH PXLWDV YH]HV ILFDPRV FRQIXVDV
GHVDQLPDGDVDEDWLGDVHSURSHQVDVjGHSUHVVmRHQmRVDEHPRVGLUHLWRSRUTXr
'LDULDPHQWHVRPRVERPEDUGHDGDVSRUWRGRWLSRGHPHQVDJHQVYLQGDVGHWRGRVRV
ODGRVGHGLYHUVDVPDQHLUDV$SHQDVR(VStULWR6DQWRQRVFDSDFLWDDWHURHTXLOtEULRGH
TXHSUHFLVDPRVSDUDOLGDUFRPHODV4XHDQRVVDSRVWXUDVHMDVHPSUHDGHDJUDGDUD
'HXVHGHQmRQRVDPROGDUQRVDRVSDGU}HVGHVWHPXQGR

3DLTXHULGRPRVWUDPHDViUHDVHPTXHGHL[HLSHQHWUDUQDPHQWHFRLVDVTXHWH
GHVDJUDGDP$MXGDPHWDPEpPDSHQVDUHPWXGRRTXHpYHUGDGHLURQREUHFRUUHWR
SXURDPiYHOGHERDIDPDH[FHOHQWH
HGLJQRGHORXYRU
GHRXWXEUR
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2OMANOS

8PDYLGDFRQVLVWHQWHGHRUDomRH[LJHSHUVHYHUDQoD7HPRVGHDUUDQMDUWHPSRPDQWHU
RIRFRHFRPSURPHWHUQRVDQmRSHUPLWLUXPLQWHUYDORPXLWRJUDQGHHQWUHXPDRUDomR
HRXWUD1mRGHYHPRVGHVDQLPDUTXDQGRDVRUDo}HVSDUHFHPQmRVHUUHVSRQGLGDV
$V SDODYUDV GH 3DXOR DRV URPDQRV RIHUHFHP DOJXP GLVFHUQLPHQWR TXDQWR jV
H[SHFWDWLYDV TXH 'HXV WHP HP UHODomR D QRVVD YLGD GH RUDomR (OH QmR UHTXHU
HORTXrQFLDSUROL[LGDGHQHPTXDQWLGDGHGLiULD'HXVSHGHSHUVHYHUHPQDRUDomR
2 TXH VLJQLILFD HQWmR SHUVHYHUDU QD RUDomR" 6LJQLILFD WRUQiOD FRQVWDQWH H
FRQVLVWHQWH QD YLGD e VHU GLOLJHQWH HP VHSDUDU WHPSR SDUD RUDU e GHVHQYROYHU XP
VHQWLGR GH UHYHUrQFLD H TXLHWXGH GLDQWH GH 'HXV e RUDU SRU DOJXpP TXDQGR
SURPHWHPRVeUHVHUYDUWHPSRSDUDHVWDUQDSUHVHQoDGH'HXVHSHGLUOKHGLUHomRHP
YH]GHGHFLGLUDSUHVVDGDPHQWHVHPSHQVDUeEXVFDURSURSyVLWRGH'HXVSDUDQRVVD
YLGDHPYH]GHDSHQDVUHDJLUjVFLUFXQVWkQFLDVeSHUVLVWLUDLQGDTXHDVUHVSRVWDVQmR
YHQKDP4XDQGRVRPRVILpLVQDRUDomRHVWDEHOHFHPRVLQWLPLGDGHFRPHOH6yLVVRMi
pUD]mRVXILFLHQWHSDUDVHUPRVSHUVHYHUDQWHVQDRUDomR

6HQKRUID]GHPLPXPDSHVVRDSRGHURVDHPRUDomR(QVLQDPHFRPRVHUXPD
JXHUUHLUDGHRUDomRTXHpVHPSUHILHOHPRUDU1mRTXHURVHUDOJXpPTXHRUHDSHQDV
HVSRUDGLFDPHQWHPDVSHORFRQWUiULRDOJXpPWmRFKHLDGHHVSHUDQoDHDOHJULDD
SRQWRGHHVSHUDUJUDQGHVFRLVDVFRPRUHVXOWDGRGHFDGDRUDomR$MXGDPHDWHUHVVD
IpWmRJUDQGHSDUDTXHFRQWLQXHDRUDUHQXQFDGHVLVWD
GHRXWXEUR
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6HYLYHPRVYLYHPRVSDUDR6HQKRUHVHPRUUHPRVPRUUHPRVSDUDR6HQKRU$VVLP
TXHUYLYDPRVTXHUPRUUDPRVSHUWHQFHPRVDR6HQKRU
2OMANOS

$ SDUWLU GR PRPHQWR HP TXH SDVVHL D FRQKHFHU 'HXV FRPR 6HQKRU GHVFREUL TXH
SUHFLVDYD SHUPLWLU TXH HOH LQIOXHQFLDVVH PXLWDV iUHDV GH PLQKD YLGD ,VVR IRL GLItFLO
SRLV H[LJLD XPD FRQILDQoD PDLRU $Wp HQWmR HX KDYLD WLGR SRXFDV H[SHULrQFLDV
SRVLWLYDVDRSHUPLWLUTXHRXWUDSHVVRDDOpPGHPLPWLYHVVHRFRQWUROHGHPLQKDYLGD
$SULQFtSLRTXDQGRDFHLWHL-HVXVHXRFRQYLGHLDHQWUDUHPPLQKDVDODGHYLVLWDV2
SUREOHPD p TXH HOH QmR VH FRQWHQWRX HP ILFDU DOL (OH ILFDYD EDWHQGR GH SRUWD HP
SRUWD DWp TXH HX DEULVVH D SRUWD GH DOJXQV TXDUWRV TXH HX QHP VDELD TXH H[LVWLDP
&RPVXDOX]UHVWDXUDGRUDHOHH[S{VWRGRVRVFDQWRVREVFXURVGHFDGDTXDUWR(XORJR
GHVFREULTXHHOHTXHULDTXHHXRUHFRQKHFHVVHFRPR6HQKRUVREUHWRGDVDViUHDVGH
PLQKDYLGDILQDQoDVFDVDPHQWRDWLWXGHVDSDUrQFLDDPL]DGHVGHVHMRVHWF
4XDQGRYRFrFRQYLGD-HVXVSDUDKDELWDUHPVHXVHU QDVFHUGHQRYR YRFrSUHFLVD
WDPEpP GHL[iOR GLWDU DV UHJUDV FRORFiOR FRPR 6HQKRU GH VXD YLGD  (QWUHWDQWR
PXLWRVGHQyVGHPRUDPRVDID]HULVVR1mRKHVLWHHPDSOLFDUHVWHWH[WRHPVXDYLGD
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UHFRQKHoDR3ENHORHPWRGRVRVVHXVFDPLQKRVHHOHHQGLUHLWDUiDVVXDVYHUHGDV 3Y
  1RWH R WHUPRWRGR 6H TXLVHUPRV TXH DV FRLVDV IXQFLRQHP EHP WHPRV GH
UHFRQKHFrORFRPR6HQKRUVREUHWRGDVDViUHDVGHQRVVDYLGD
1mR VH VLQWD DPHGURQWDGD RX DSUHHQVLYD GH DEULU DV SRUWDV GD VXD YLGD SDUD R
6HQKRU (OH GHYH UHLQDU VREUH WRGDV DV iUHDV GH VXD YLGD ,VVR OKH WUDUi UHGHQomR
VHJXUDQoDHDOtYLR

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FDPLQKDUHPWXDSHUIHLWDYRQWDGHHPWXGRRTXHHXIL]HUHHPWXGRRTXHHXGLVVHU
GHRXWXEUR
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GMK>@:MHM:E:KBLMH
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2OMANOS

&RQKHoR XP UDSD] TXH DPD R 6HQKRU H WHP R PDUDYLOKRVR GRP GH GLULJLU R FXOWR H
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VH IUXVWUDQGR TXDQGR HODV QmR GmR FHUWR 6H DR PHQRV HOH GLVVHVVH 2 TXH WX
TXLVHUHV6HQKRUHXIDUHLHYLYHVVHGHDFRUGRFRPHVVDGHFODUDomRFHUWDPHQWH'HXV
RXVDULDGHIRUPDSRGHURVDHWRGDVDViUHDVGHVXDYLGDVHULDPDEHQoRDGDV
3RU TXH DOJXPDV SHVVRDV SDUHFHP QmR FUHVFHU QR 6HQKRU" 3RU TXH QmR
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7HPRV HP -HVXV R PHOKRU H[HPSOR GH HQWUHJD Mi TXH HOH HPERUD VHQGR 'HXV
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VH D VL PHVPR >@ ( IRL REHGLHQWH DWp D PRUWH H PRUWH GH FUX] 3RU LVVR 'HXV R
H[DOWRXjPDLVDOWDSRVLomRHOKHGHXRQRPHTXHHVWiDFLPDGHWRGRQRPH )S

4XH EXVTXHPRV GH WRGR FRUDomR VHU FRPR R QRVVR 6DOYDGRU D ILP GH
H[SHULPHQWDUPRVRTXHGHPHOKRU'HXVQRVSUHSDURX

6HQKRUFXUYRPHGLDQWHGHWLQHVWHGLDHGHFODURTXHpV6HQKRUVREUHWRGDVDViUHDV
GHPLQKDYLGDKRMHHVHPSUH&RQWURODFDGDSDUWHGHPLQKDPHQWHDOPDFRUSRH
HVStULWR(XWHDPRGHWRGRFRUDomRGHWRGDDOPDHGHWRGRHQWHQGLPHQWR
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PHLRGDSHUVHYHUDQoDHGRERPkQLPRSURFHGHQWHVGDV(VFULWXUDVPDQWHQKDPRVD
QRVVDHVSHUDQoD
2OMANOS

4XDQWDV YH]HV DR ORQJR GD YLGD YRFr QmR WHYH GH HVSHUDU SRU DOJR" 0XGDQoD GDV
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4XDQGR VRPRV SURYDGDV QR GHVHUWR H SUHFLVDPRV DEULU PmR GH QRVVRV VRQKRV RX
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FRQILDQoDVHMDPHPSHFLOKRVSDUDDTXLORTXHGHVHMDVID]HUHPPLP$MXGDPHDVHU
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GDVPXOKHUHVDOLVWDGHH[SHFWDWLYDVpDVVXVWDGRUD$ERDQRWtFLDSRUpPpTXHYRFr
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3DVVDPRV SRU PXLWDV FRLVDV QD MRUQDGD TXH 'HXV WHP SDUD QyV 3DUWH GHOD p
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2VLQDOGHDXWRULGDGHDTXH3DXORVHUHIHUHHVWiUHODFLRQDGRFRPRSRGHUHVSLULWXDO
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6HQKRUDMXGDPHDWHUXPUHODFLRQDPHQWRFRUUHWRFRPDVSHVVRDVGHDXWRULGDGHQD
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2VDFULItFLRGH-HVXVQDFUX]GHYHHVWDUVHPSUHSUHVHQWHHPQRVVDPHQWHHVHUREMHWR
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FRPIUHTXrQFLDGHVVHJUDQGLRVRDFRQWHFLPHQWRTXHQRVRXWRUJRXVDOYDomROLEHUWDomR
GRSRGHUGRSHFDGRHYLGDHWHUQD

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3RULVVRQmRGHVDQLPDPRV(PERUDH[WHULRUPHQWHHVWHMDPRVDGHVJDVWDUQRV
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7RGDVQyVTXHUHPRVWHUXPDYLGDSURGXWLYD'HVHMDPRVVHULQDEDOiYHLVQDYHUGDGHGH
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6HYRFrILFDUDQVLRVDDUHVSHLWRGRIXWXURRXSUHFLVDUGHLQFHQWLYRSDUDHQFDUiORRXoD
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HVWDUFHUWDGHTXH'HXVVDEHGHWXGR(OHDJXLDUiHPVHJXUDQoDDWpVHXGHVWLQR1D
YHUGDGHD~QLFDPDQHLUDGHDOFDQoDURIXWXURTXH'HXVOKHSUHSDURXpDQGDUFRPHOH
KRMH
7HQKDVHPSUHHPPHQWHDVSDODYUDVGRQRVVRERQGRVR6HQKRU3RUTXHVRXHXTXH
FRQKHoRRVSODQRVTXHWHQKRSDUDYRFrVGL]R3ENHORSODQRVGHID]rORVSURVSHUDUH
QmRGHOKHVFDXVDUGDQRSODQRVGHGDUOKHVHVSHUDQoDHXPIXWXUR -U 
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6HQKRUDMXGDPHDDJLUGHPRGRTXHWXGRWHUPLQHEHPHHXUHFHEDRSUrPLRILQDO
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YLGDFKHJDUi2EULJDGDSHORVPDUDYLOKRVRVSODQRVTXHWHQVSDUDPLP
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(VVHYHUVtFXORQRVOHPEUDGHRUDUHOHYDURVSHGLGRVD'HXVDILPGHTXHSRVVDPRV
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3HQVDPHQWRVQHJDWLYRVYrPOKHFRPIUHTXrQFLDjPHQWH"9ROWDHPHLDYRFrVHSHJD
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6HQKRURURSHODVSHVVRDVTXHFRORFDVWHHPPLQKDYLGDHHPPHXFRUDomR(QFKHDV
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6DQWLGDGHQmRpVLQ{QLPRGHSHUIHLomR6HUVDQWDVLJQLILFDWHUGHQWURGHVLDSUHVHQoD
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IRUoDVPDVSRGHPRVID]HUHVFROKDVTXHSHUPLWDPDPDQLIHVWDomRGDVDQWLGDGHHGD
SXUH]DHPQRVVDYLGD3RGHPRVVHSDUDUQRVGHWXGRRTXHGLOXLDVDQWLGDGHGH'HXV
HP QyV 7HPRV D FDSDFLGDGH GH ID]HU LVVR SRUTXH RV TXH SHUWHQFHP D &ULVWR -HVXV
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(PFHUWRVPRPHQWRVGDYLGDILFDPRVDQVLRVDVHTXHUHPRVWHUFHUWH]DGHTXH'HXV
HVWiSHUWRTXHRXYHQRVVDVRUDo}HVHDVDWHQGH1HVVDVKRUDVQmRWHPRVWHPSRGH
FRORFDUDYLGDHPRUGHPFRP'HXVPDVSHOD3DODYUDVDEHPRVTXHSUHFLVDPRVHVWDU
FRP D QRVVD YLGD HP RUGHP GLDQWH GHOH 6H GHVHMDPRV TXH QRVVDV RUDo}HV VHMDP
UHVSRQGLGDVQRIXWXURWHPRVGHFRPHoDUDYLYHUGHPRGRUHWRSXURHVDQWRKRMH
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VDQWLGDGH (I 3HoDDHOHTXHFRQWLQXHDSXULILFiODSHORSRGHUGH(VStULWR6DQWR
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2 TXH YRFr ID] TXDQGR RUD UHSHWLGDPHQWH SRU DOJR H 'HXV SDUHFH QmR UHVSRQGHU"
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LQGHSHQGHQWHPHQWHGRVDFRQWHFLPHQWRV
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SRUWXGRRTXHHOHIH]eGL]HUREULJDGDD'HXVQRVPRPHQWRHPTXHQmRSRGHPRV
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LUURPSDHPVHXFRUDomR

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WHGrJUDoDVHPWRGDVDVFLUFXQVWkQFLDV$MXGDPHDID]HUDWXDYRQWDGHPHVPR
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HFRPSRGHUFXPSUDWRGRERPSURSyVLWRHWRGDREUDTXHSURFHGHGDIp
4ESSALONICENSES

1LQJXpPDFRUGDGHPDQKmQmRTXHUHQGRWHUYDORUQDTXHOHGLD1LQJXpPJRVWDGHVH
VHQWLU FRPR VH QmR WLYHVVH SURSyVLWR QD YLGD FRPR VH R TXH IL]HVVH QmR WLYHVVH
LPSRUWkQFLD7RGRVSUHFLVDPGHXPVHQVRGHSURSyVLWRHGHXPDYLVmRSDUDRIXWXUR
1mR SUHFLVDPRV VDEHU RV GHWDOKHV H[DWRV GR IXWXUR Vy SUHFLVDPRV VDEHU TXH WHPRV
XPIXWXURHTXHHOHpERP
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WRUQDPXLWRPDLVIiFLOHVLPSOHVSRUFDXVDGDSUHVHQoDGR6HQKRU(VWDpDUD]mRSRU
TXH LQGHSHQGHQWHPHQWH GR TXH YRFr HVWHMD SDVVDQGR YRFr QmR SUHFLVD SDVVDU SRU
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H ERP SRUTXH HOH UHYHOD HVWDV FRLVDV SDUD YRFr 6XD YLGD WHP SURSyVLWR H YDORU
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'HXVVHPSUHVHFRPXQLFDFRQRVFRGHPRGRSHVVRDOHFULDWLYR&DGDXPDGHQyVWHP
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PHLR GH XP VHUPmR GD SDODYUD GH XP DPLJR GH DOJXpP TXH QRV SUHVHQWHRX FRP
XPD%tEOLDRXXPOLYURFULVWmRRXGDRUDomRGHXPDSHVVRD1HVVDSDVVDJHP3DXOR
SHGLX DRV FRPSDQKHLURV FULVWmRV TXH RUDVVHP SRU DTXHOHV TXH GLYXOJDYDP D
PHQVDJHPGR6HQKRUSDUDTXHHODFKHJDVVHDOXJDUHVGLVWDQWHVHIRVVHHILFD]FRPR
DFRQWHFHXHQWUHYRFrV7UDWDVHGHXPILUPHOHPEUHWHGHFRPR-HVXVQRVVDOYRXHGR
TXHHOHIH]SRUQyVSDUDGHVHMDUPRVTXHRXWURVWDPEpPH[SHULPHQWHPVHXDPRU
2UDUpRPDLVLPSRUWDQWHTXHYRFrSRGHID]HUTXDQGRWHQWDDOFDQoDUSHVVRDVSDUD
R 6HQKRU 6XDV RUDo}HV SDYLPHQWDUmR R FDPLQKR SDUD RV FRUDo}HV VH DEULUHP H
UHFHEHUHPRTXH'HXVGHVHMDIDODUOKHV(VWHMDQDOLQKDGHIUHQWHGRHYDQJHOLVPRRX
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VXD KLVWyULD VREUH FRPR FRQKHFHX -HVXV &RQWHD PXLWDV YH]HV 3HUPLWD TXH HOD D
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6HTXDQGRRUDPRVSRUVDEHGRULD'HXVDFRQFHGHJHQHURVDPHQWHGHYHUtDPRVRUDUSRU
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VH GHVFREULUi WRPDQGR XPD GHFLVmR WmR FHUWD TXH VH HVSDQWDUi 7HUiLQVLJKWV VHP
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VXDVLQVWUXo}HV5HFHEHPRVGHOHWXGRRTXHSHGLPRVSRUTXHREHGHFHPRVDRVVHXV
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4IAGO

9RFrMiSHQVRXDOJXPDYH]0LQKDVRUDo}HVVmRSRGHURVDVHHILFD]HV"6HQmRIRUHP
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6RPRV MXVWDV DRV ROKRV GH 'HXV SRUTXH HOH Yr D MXVWLoD GH -HVXV HP QyV
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SRGHURVDVHHILFD]HV
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TXHDIpTXHYRFrVWrPPXLWRPDLVYDOLRVDGRTXHRRXURTXHSHUHFHPHVPRTXH
UHILQDGRSHORIRJRpJHQXtQDHUHVXOWDUiHPORXYRUJOyULDHKRQUDTXDQGR-HVXV
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0EDRO 

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YLGDVmRWUDQVIRUPDGDV
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6HQKRUWUDQVIRUPDPHSHORSRGHUGHWHX(VStULWR'iPHIpSDUDTXHHXSRVVDRUDU
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SDUDRUDUHFUHUDSRQWRGHPXGDUDVLWXDomRRXYHUPXGDQoDVHPPLPPHVPD1DV
iUHDVHPTXHVRXUHVLVWHQWHDPXGDQoDVDMXGDPHDFRQILDUHPWXDREUDHPPLQKD
YLGD
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PDUDYLOKRVDOX]
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YLGDHQDPLQKD-iYLPXLWDVSHVVRDVTXHHVWmRRFXSDGDVGHPDLVGURJDGDVGHPDLV
FDQVDGDVGHPDLVSUHRFXSDGDVGHPDLVHHQYROYLGDVGHPDLVQDEXVFDGHULTXH]DHGH
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TXH'HXVDVGHVWLQRXSDUDDOJRJUDQGH3RULVVRTXDQGRUHFHEHPRFKDPDGRSHQVDP
TXHpSDUDRXWUHPHQmRUHVSRQGHP
(XMDPDLVLPDJLQHLTXHWLQKDXPFKDPDGRHPPLQKDYLGDDWpTXHHVWDYDFRP
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ORQJH GHOH GHVHVSHUHLPH GLDQWH GR TXH LPDJLQDYD VHU XPD SHUGD LUUHPHGLiYHO
6RPHQWH TXDQGR GHVFREUL TXH 'HXV p XP 5HGHQWRU TXH UHGLPH WRGDV DV FRLVDV
PHVPRQRVVRSDVVDGRFRPHFHLDWHUHVSHUDQoD
2 FKDPDGR p WRWDOPHQWH SHVVRDO H SULYDWLYR 'HXV IDOD GLUHWDPHQWH FRP YRFr
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FKDPDGR6HPLQKDVH[SHFWDWLYDVHSODQRVQmRHVWmRDOLQKDGRVFRPRVWHXV
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MDPDLVWHURXYLGRFODUDPHQWHWHXFKDPDGR&RPSURPHWRPHDDQGDUFRQWLJRQHVWH
FDPLQKRSDUDTXHVHMDWXGRDTXLORSDUDRTXDOWXPHFULDVWH
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3RUTXHRVROKRVGR6HQKRUHVWmRVREUHRVMXVWRVHRVVHXVRXYLGRVHVWmRDWHQWRVjVXD
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0EDRO

4XDQGR3HGURHVFUHYHXVREUHRVRXYLGRVDWHQWRVGR6HQKRUFLWDYDRVDOPRHVFULWR
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XPD WHUUD HVWUDQJHLUD PDV DR FKHJDU Oi FRPSUHHQGHX TXH HUD FRQKHFLGR FRPR
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ILQJLXHVWDUORXFRDWpTXHRUHLRH[SXOVRXOLWHUDOPHQWHGDFLGDGH 6P 
'HSRLVGLVVRHOHHVFUHYHXRVDOPRFLWDGRSRU3HGURFHOHEUDQGRRIDWRGHTXH'HXV
RXYLUDVHXVFODPRUHV%XVTXHLR3ENHORHHOHPHUHVSRQGHXOLYURXPHGHWRGRVRV
PHXV WHPRUHV >@ (VWH SREUH KRPHP FODPRX H R3ENHOR R RXYLX H R OLEHUWRX GH
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H RV OLYUD GH WRGDV DV VXDV WULEXODo}HV 23ENHOR HVWi SHUWR GRV TXH WrP R FRUDomR
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FRUDomR(OHQmRVyRXYHRTXHGHVHMDPRVFRPRWDPEpPVDEHGRTXHSUHFLVDPRV

4XHULGR'HXVHXWHDJUDGHoRSRUTXHWXYrVPHXFRUDomRHRXYHVPLQKDVRUDo}HV
2EULJDGDSRUTXHWXQmRDSHQDVHVFXWDVPLQKDVRUDo}HVPDVSRUTXHYrVPLQKD
QHFHVVLGDGHUHVSRQGHUiVDRVFODPRUHVGRPHXFRUDomR
GHGH]HPEUR
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+:E:OK:L=>>LI>K:G:>?
7RGDYLDPHVPRTXHYHQKDPDVRIUHUSRUTXHSUDWLFDPDMXVWLoDYRFrVVHUmRIHOL]HV
1mRWHPDPDTXLORTXHHOHVWHPHPQmRILTXHPDPHGURQWDGRV$QWHVVDQWLILTXHP
&ULVWRFRPR6HQKRUHPVHXFRUDomR(VWHMDPVHPSUHSUHSDUDGRVSDUDUHVSRQGHUD
TXDOTXHUSHVVRDTXHOKHVSHGLUDUD]mRGDHVSHUDQoDTXHKiHPYRFrV
0EDRO 

$VSDODYUDVPDLVLPSRUWDQWHVTXHSRGHPRVSURIHULUVmRDTXHODVTXHH[SOLFDPQRVVDIp
DTXHPQRVSURFXUDRXHVWiGLVSRVWRDRXYLUQRV3UHFLVDPRVVHUFDSD]HVGHMXVWLILFDU
D HVSHUDQoD TXH Ki HP QyV 'HYHPRV RUDU SDUD TXH 'HXV QRV FRQFHGD RXVDGLD
VXILFLHQWHSDUDH[SUHVVDUQRVVDIpFRPFODUH]D3UHFLVDPRVSHGLUTXHHOHQRVDMXGHD
WRUQDU FODUR DRV RXWURV SRU TXH FKDPDPRV -HVXV GH QRVVR 0HVVLDV SRU TXH QmR
SRGHPRVYLYHUVHPR(VStULWRHSRUTXHHVFROKHPRVVHJXLURFDPLQKRGH'HXV
6HRDPRUGH'HXVHRWHVWHPXQKRGHVXDERQGDGHHHVSHUDQoDQmRHVWLYHUHPHP
QRVVR FRUDomR QmR VDLUmR GH QRVVD ERFD &RPR FRQVHTXrQFLD SHUGHUHPRV D
RSRUWXQLGDGHGHFRPSDUWLOKDUDPDLRUGDVGiGLYDV
6XDVSDODYUDVWrPDFDSDFLGDGHGHOHYDUYLGDHHVSHUDQoDjVSHVVRDVDVHXUHGRU
HP WRGDV DV VLWXDo}HV 3HoD DR 6HQKRU TXH DMXGH D IDODU GH PRGR HGLILFDQWH H QmR
GHVWUXWLYR4XHHOHUHQRYDHPYRFrDFDGDGLDDSOHQLWXGHGR(VStULWR6DQWRSDUDTXH
R DPRU H D ERQGDGH GR 3DL FHOHVWLDO WUDQVERUGHP GH VHX FRUDomR UHYHODQGRVH QDV
SDODYUDVTXHYRFrSURQXQFLD

6HQKRU'HXVGiPHSDODYUDVSDUDH[SUHVVDUDHVSHUDQoDTXHKiGHQWURGHPLPDILP
GHTXHHXSRVVDH[SRUPLQKDIpGHPRGRDWUDWLYR4XHPLQKDVSDODYUDVOHYHP
HVSHUDQoDHFRQGX]DPRXWURVDXPFRQKHFLPHQWRPDLVSOHQRGHWL
GHGH]HPEUR
/HLD3HGURHUHIOLWD

>L?KNM>=HIK:S>K=>HK:K<HFHNMKHL<KBLMHL
'HGLTXHPVHjRUDomR>@&DGDXPH[HUoDRGRPTXHUHFHEHXSDUDVHUYLURVRXWURV
DGPLQLVWUDQGRDJUDoDGH'HXVHPVXDVP~OWLSODVIRUPDV
0EDRO 

1RLQtFLRGDFDPLQKDGDFULVWmHXPRUULDGHPHGRGHRUDUFRPRXWURVFULVWmRV0DVQmR
OHYHL PXLWR WHPSR SDUD QRWDU FRPR PH VHQWLD EHP TXDQGR DOJXpP RUDYD SRU PLP
$VVLP RUDU HP JUXSR VH WRUQRX DOJR YLWDO 0DV QmR VH WUDWDYD DSHQDV GH RUDU
PHGLGDTXHPHUHXQLDFRPRXWURVLUPmRVQDIpHXYLDXPYtQFXORVHIRUPDQGRHQWUH
DVSHVVRDVHXPHOHPEUDYDGHVHXVQRPHVHGHTXDLVHUDPVXDVQHFHVVLGDGHVHHODV
GDV PLQKDV 2UDU HP FRQMXQWR WDPEpP VHUYH SDUD QRV PRVWUDU TXH -HVXV GHVHMD
PLQLVWUDUDWUDYpV GH QyV 4XDQGR FULVWmRV RUDP MXQWRV XQV SHORV RXWURV VXUJHP
LQFRQWiYHLVKLVWyULDVHWHVWHPXQKRVVREUHDLQIOXrQFLDGHPXGDQoDGHYLGD
8PD GDV FRLVDV TXH DFRQWHFH TXDQGR VRPRV FKHLRV GR (VStULWR 6DQWR H RUDPRV
SHORVRXWURVpTXHR(VStULWR6DQWRHPQyVVHPRYHSRUPHLRGHQyVHWRFDDVSHVVRDV
SRUTXHPRUDPRV(OHpFKDPDGRGH&RQVRODGRUSRUTXHFKHJDMXQWRjVSHVVRDVSDUD
WUD]HUFRQVRORHFRQIRUWR4XDQGRVRPRVFKHLRVGHOHWDPEpPWHPRVDKDELOLGDGHGH
FKHJDUMXQWRjVSHVVRDVSDUDFRQIRUWiODVHUHDQLPiODV
eLPSRUWDQWHFRPRQRVUHODFLRQDPRVFRPTXHPHVWiDRQRVVRUHGRU$H[SUHVVmR
XQVDRVRXWURVpPHQFLRQDGDYiULDVYH]HVQD%tEOLDHWRGDYH]TXHDSDUHFHWRUQD
VHPDLVFODURTXHGHYHPRVWUDWDURVRXWURVFRPRSHVVRDVLPSRUWDQWHVHYDOLRVDV FI
5P&R*O7V+E 1yVDJUDGDPRVDR6HQKRU
TXDQGRGHVIUXWDPRVGDFRPSDQKLDXQVGRVRXWURVHPRUDomR

6HQKRUHQVLQDPHDVHUXPIRUWHVXSRUWHGHRUDomRSDUDRXWURV
)D]GHPLPXPDSRGHURVDJXHUUHLUDGHRUDomR2SHUDPLODJUHVSRUPHLRGHPLP
TXDQGRHVWLYHURUDQGR$MXGDPHDUHFRQKHFHUDVRSRUWXQLGDGHVGHRUDUFRPRXWURV
TXHQmRHQ[HUJXHLHDFRQIRUWDURXWURVGRPHVPRPRGRTXHWXVHPSUHID]HVFRPLJR
GHGH]HPEUR
/HLD3HGURHUHIOLWD

0FK>E:<BHG:F>GMHJN>:;>GH:HIKQBFH
3RUWDQWRKXPLOKHPVHGHEDL[RGDSRGHURVDPmRGH'HXVSDUDTXHHOHRVH[DOWHQR
WHPSRGHYLGR/DQFHPVREUHHOHWRGDDVXDDQVLHGDGHSRUTXHHOHWHPFXLGDGRGH
YRFrV
0EDRO 

$ ~QLFD IRUPD GH QRV DSUR[LPDUPRV GH 'HXV FRQKHFrOR PHOKRU H GHVHQYROYHU R
UHODFLRQDPHQWR tQWLPR TXH HOH GHVHMD WHU FRQRVFR p SDVVDU WHPSR FRP HOH 1RV
PRPHQWRV D VyV FRP R 6HQKRU HOH QRV UHDQLPD QRV IRUWDOHFH H QRV UHYLWDOL]D
(Q[HUJDPRV QRVVD YLGD GR SRQWR GH YLVWD GH 'HXV H GHVFREULPRV R TXH LPSRUWD
YHUGDGHLUDPHQWH SDUD QyV FRPR PXOKHUHV GH 'HXV (QWHQGHPRV HQWmR D TXHP
SHUWHQFHPRVHHPTXHPFUHPRV
7RGDVQyVGHYHPRVEXVFDUFRPDILQFRHPRUDomRXPUHODFLRQDPHQWRPHOKRUHPDLV
SURIXQGRFRPQRVVR3DLFHOHVWLDO
1D PHGLGD HP TXH HVVH UHODFLRQDPHQWR VH DSURIXQGD GXDV FRLVDV DFRQWHFHP D
SULPHLUDpTXHDDQVLHGDGHWHQGHDGHVDSDUHFHUSRUTXHYRFrSDVVDDYLYHUQDFHUWH]D
GHTXHXP3DLERPHDPRURVRFXLGDGHWXGRTXHVHUHODFLRQDDVXDYLGD$VHJXQGD
FRLVD p TXH YRFr SDVVD D UHIOHWLU D OX] GH -HVXV DIHWDQGR WRGRV D VXD YROWD 6XD
VHPHOKDQoDFDGDYH]PDLRUFRP&ULVWRGHVSHUWDUiQDVSHVVRDVRGHVHMRGHFRQKHFrOR
PHOKRU
4XDQGRYRFrVHSHJDURUDQGRDR6HQKRUYiULDVYH]HVSRUGLDSHORVLPSOHVIDWRGH
WHUSUD]HUHPSHUPDQHFHUHPVXDSUHVHQoDVDEHUiTXHRUHODFLRQDPHQWRHQWUHYRFrV
HVWiVHDSURIXQGDQGR

6HQKRUTXHWHXDPRUPDQLIHVWRHPPLPVHMDWHVWHPXQKRGDWXDJUDQGH]D(QVLQDPH
DDPDURVRXWURVFRPRWXRVDPDV
/LEHUWDPHGHWRGDDDQVLHGDGHHDMXGDPHDVHUILHOJHQHURVDHREHGLHQWHFRPR
-HVXVIRL
GHGH]HPEUR
/HLD3HGURHUHIOLWD

HGLHEH>FM>FIHL=B?<>BL
2'HXVGHWRGDDJUDoDTXHRVFKDPRXSDUDDVXDJOyULDHWHUQDHP&ULVWR-HVXV
GHSRLVGHWHUHPVRIULGRGXUDQWHXPSRXFRGHWHPSRRVUHVWDXUDUiRVFRQILUPDUi
OKHVGDUiIRUoDVHRVSRUiVREUHILUPHVDOLFHUFHV
0EDRO

7RGDYH]TXHGHFRORHPXPDYLmRQXPGLDFLQ]HQWRVRPEULRHFKXYRVRVHPSUHPH
DGPLUDFRPRFRQVHJXLPRVYRDUSHODVQXYHQVHVFXUDVHFKHLDVGHFKXYDWmRHVSHVVDV
TXH QmR SRGHPRV YHU QDGD SHOD MDQHOD HQWmR GH UHSHQWH QRV HOHYDPRV DFLPD GH
WXGR H VRPRV FDSD]HV GH HQ[HUJDU TXLO{PHWURV DR UHGRU /i HP FLPD R FpX HVWi
HQVRODUDGROtPSLGRHD]XO9LYRPHHVTXHFHQGRGHTXHQmRLPSRUWDTXDQWRRWHPSR
HVWHMD UXLP p SRVVtYHO HOHYDUVH DFLPD GD WHPSHVWDGH DWp XP OXJDU RQGH WXGR HVWi
EHP
1RVVD YLGD HVSLULWXDO H HPRFLRQDO p PXLWR SDUHFLGD FRP LVVR 4XDQGR DV QXYHQV
HVFXUDV GDV WULEXODo}HV OXWDV WULVWH]DV H VRIULPHQWRV DSUR[LPDPVH H HQWmR
FRORFDPVHVREUHQyVWmRHVSHVVDVTXHPDOSRGHPRVYHURTXHHVWijIUHQWHpIiFLO
HVTXHFHUTXHKiXPOXJDUGHFDOPDOX]FODUH]DHSD]SDUDRQGHSRGHPRVQRVHOHYDU
6H VHJXUDUPRV D PmR GH 'HXV GXUDQWH HVVHV WHPSRV GLItFHLV HOH QRV HOHYDUi DFLPD
GDVFRQGLo}HVHPTXHHVWDPRVDWpROXJDUGHFRQVRORFDORUHVHJXUDQoDTXHWHPSDUD
QyV
0DLVFHGRRXPDLVWDUGHWRGRVSDVVDPSRUWHPSRVGLItFHLV0DVWRGDYH]TXHYRFr
VH HOHYDU DFLPD GD GRU HP VXD YLGD H HQFRQWUDU D ERQGDGH FODUH]D SD] H OX] GR
6HQKRU VXD Ip DXPHQWDUi 'HXV HVWDUi FRP YRFr HP PHLR j GRU QmR DSHQDV SDUD
DSHUIHLoRiOD PDV WDPEpP SDUD WRUQDU PDLRU VXD FRPSDL[mR SHOR VRIULPHQWR GH
RXWURV

6HQKRUDMXGDPHDOHPEUDUTXHQmRLPSRUWDTXmRHVFXUDVHVWHMDPDVQXYHQVVREUH
PLQKDYLGDWXPHHOHYDUiVDFLPDGDWHPSHVWDGHDWpRFRQVRORGHWXDSUHVHQoD
4XHURWRUQDUPHPDLVIRUWHQHVVHVWHPSRVHFUHVFHUQDIp4XHURWHUHVSHUDQoDQR
PHLRGHWXGRHQmRPHHQWUHJDUDRGHVHVSHUR2EULJDGDSRUTXHWXHQYLDVWHR(VStULWR
6DQWRSDUDVHUPHX&RQVRODGRUH$X[LOLDGRU)D]PHOHPEUDUGLVVRHPPHLRDRV
WHPSRVGLItFHLV
GHGH]HPEUR
/HLD3HGURHUHIOLWD

"K:G=>L<HBL:L>LMHIHKOBK
(PSHQKHPVHDLQGDPDLVSDUDFRQVROLGDURFKDPDGRHDHOHLomRGHYRFrVSRLVVH
DJLUHPGHVVDIRUPDMDPDLVWURSHoDUmR
0EDRO

7RGDVQyVSUHFLVDPRVWHUFRQVFLrQFLDGRPRWLYRGHQRVVDH[LVWrQFLD3UHFLVDPRVVDEHU
TXHIRPRVFULDGDVFRPXPSURSyVLWR6yHQFRQWUDUHPRVVDWLVIDomRHIHOLFLGDGHTXDQGR
IL]HUPRVDTXLORSDUDRTXHIRPRVFULDGDV'HXVQmRQRVFRQGX]LUiSRUpPjVJUDQGHV
FRLVDV TXH QRV FKDPRX D UHDOL]DU HQTXDQWR QmR QRV PRVWUDUPRV ILpLV QDV SHTXHQDV
FRLVDV 6H YRFr HVWi ID]HQGR DOJR TXH FRQVLGHUD SHTXHQR UHJR]LMHVH 'HXV D HVWi
SUHSDUDQGRSDUDDVJUDQGHVFRLVDVSRUYLU
1XQFD VH HVTXHoD GH TXH 'HXV WHP XP SURSyVLWR LPSRUWDQWH SDUD VXD YLGD H GH
TXH RV SODQRV GHOH SDUD YRFr VmR H[FHOHQWHV 1mR VH GHL[H DEDWHU SHOR DSDUHQWH
VLOrQFLRGH'HXVRXSHORWHPSRGHHVSHUDTXHSDUDYRFrSRGHSDUHFHUORQJRGHPDLV
'HVFDQVHQDFHUWH]DGHTXHRWHPSRGR6HQKRUpSHUIHLWR
7RGRVRVGLDVTXDQGRYRFrVHUHFROKHUSDUDRUDUHQWUHJXHDR3DLVXDLGHQWLGDGHH
VHXGHVWLQR'HL[HTXHHOHYHMDHPVHXFRUDomRRGHVHMRGHTXHDREUDGHOHHPVXD
YLGDVHMDHWHUQD3HoDOKHTXHFRQILUPHRXQmRVHYRFrHVWiVHJXLQGRRVSODQRVTXH
HOHWUDoRXSUHYLDPHQWH
$VSHVVRDVFRPTXHPYRFrFRQYLYHKRMHQHFHVVLWDPVHUWRFDGDVSHOR(VStULWR6DQWR
GH'HXV9RFrMiSDURXSDUDSHQVDUTXHJUDQGHREUDR6HQKRUSRGHUHDOL]DUQDYLGD
GHODVFRPHoDQGRSHORVHXWHVWHPXQKRGHIp"

6HQKRUDMXGDPHDHQWHQGHUWHXFKDPDGRSDUDPLQKDYLGD
5HPRYHWRGRGHVkQLPRGHPHXFRUDomRHVXEVWLWXLRSHODDOHJUHH[SHFWDWLYDGDTXLOR
TXHUHDOL]DUiVSRUPHXLQWHUPpGLR8VDPHFRPRWHXLQVWUXPHQWRSDUDID]HUGLIHUHQoD
QDYLGDGDVSHVVRDVTXHSXVHUHVHPPHXFDPLQKR
GHGH]HPEUR
/HLD-RmRHUHIOLWD

+>K=H:=:LIHKF>BH=:<HG?BLLH
6HFRQIHVVDUPRVRVQRVVRVSHFDGRVHOHpILHOHMXVWRSDUDSHUGRDURVQRVVRVSHFDGRV
HQRVSXULILFDUGHWRGDLQMXVWLoD
*OO

'HXVQRVRIHUHFHWUrVSDVVRVSDUDPXGDURFRPSRUWDPHQWR2SULPHLURpDFRQILVVmR
'HXVGL]TXHGHYHPRVFRQIHVVDURVSHFDGRVHFRQIHVVDUVLJQLILFDDGPLWLUDYHUGDGH
SULPHLUR SDUD QyV GHSRLV SDUD 'HXV H ILQDOPHQWH VH IRU R FDVR SDUD D SHVVRD
DIHWDGD $OJXPDV YH]HV SUHFLVDPRV FRQIHVVDU D 'HXV GLDQWH GH RXWUD SHVVRD TXH
SRVVD RUDU HP QRVVR IDYRU &RQILVVmR QmR p Vy DGPLWLU QRVVRV DWRV PDV DVVXPLU D
UHVSRQVDELOLGDGH SRU HOHV $FHLWDU TXH DJLPRV PDO SRGH SDUHFHU XPD WDUHID
JLJDQWHVFDPDVYDOHDSHQDRHVIRUoR&RQIHVVDUpRPHOKRUTXHYRFrSRGHID]HUSDUD
VL PHVPD SRLV OLPSD R FRUDomR DR DIDVWDU R IDUGR GD FXOSD H DEUH FDPLQKR SDUD R
SHUGmRWRWDOGH'HXV
2 VHJXQGR SDVVR p RDUUHSHQGLPHQWR TXH VLJQLILFDHQWULVWHFHUVH SRU VHX DWR H
HPSHQKDUVHHPQmRUHSHWLOR1mRFRQIHVVDPRVRSHFDGRFRPDLQWHQomRGHSDVVDU
XPD HVSRQMD QR SDVVDGR H SURVVHJXLU PDQWHQGR R PHVPR FRPSRUWDPHQWR
SHFDPLQRVR DSHQDV SRU VDEHU TXH EDVWD FRQIHVVDU QRYDPHQWH 2 YHUGDGHLUR
DUUHSHQGLPHQWR VLJQLILFD VHQWLU WDQWD WULVWH]D GLDQWH GH 'HXV TXH QHP VHTXHU
FRJLWDPRVGHVDSRQWiORUHLQFLGLQGRQRHUUR
2 WHUFHLUR SDVVR pSHGLU SHUGmR D ILP GH VHUPRVSXULILFDGDV HOLEHUWDGDV GDV
FRQVHTXrQFLDVGHQRVVDVDo}HV-RmRQmRGLVVH6HSHGLUPRVHVXSOLFDUPRVGHWRGR
FRUDomR'HXVQRVSHUGRDUi'HXVHVWiVHPSUHSURQWRDSHUGRDU(OHQmRSUHFLVDVHU
FRDJLGR RX SHUVXDGLGR 4XHU TXH YLYDPRV OLYUHV GH FXOSD H GH YHUJRQKD 4XHU TXH
YLYDPRVHPFRPSOHWRSHUGmRSRUTXHVyDVVLPQRVVDYLGDVHUiWRWDOPHQWHUHVWDXUDGD

6HQKRUFRQIHVVRPHXVSHFDGRVGLDQWHGHWL2EULJDGDSRUVHUHVILHOHPSHUGRiORVH
PHOLPSDUHVGHWRGRVRVHIHLWRVTXHHOHVJHUDP4XHURYLYHUQDSOHQLWXGHGRSHUGmR
FRPSOHWR
GHGH]HPEUR
/HLD-RmRHUHIOLWD

K>L<>G=HIHKF>BH=>K>E:<BHG:F>GMHL
4XHPDILUPDHVWDUQDOX]PDVRGHLDVHXLUPmRFRQWLQXDQDVWUHYDV
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2V UHODFLRQDPHQWRV SRGHP DWUDYHVVDU IDVHV GLItFHLV SRU FDXVD GH XPD LPSRUWDQWH
YDULiYHODRXWUDSHVVRD
4XDOTXHUWLSRGHUHODFLRQDPHQWRSRGHFDXVDUGRU$SHVDUGLVVRUHFRQKHoDPRVRX
QmRRVUHODFLRQDPHQWRVVmRLPSRUWDQWHV1mRSRGHPRVYLYHUVHPHOHV'HXVMDPDLV
SODQHMRX TXH YLYrVVHPRV LQWHLUDPHQWH VHSDUDGDV GDV RXWUDV SHVVRDV $R FRQWUiULR
PXLWR GR TXH 'HXV GHVHMD RSHUDU HP QyV RFRUUH TXDQGR FUHVFHPRV HP QRVVRV
UHODFLRQDPHQWRVFRPDVSHVVRDVTXH'HXVFRORFRXHPQRVVDYLGD
2LQLPLJRGDQRVVDDOPDQmRGHVHMDTXHQRVVRVUHODFLRQDPHQWRVVHMDPERQV(OH
VDEHTXHTXDQGRHOHVVmRGHVWUXtGRVQRVVDIRUoDHSURGXWLYLGDGHWDPEpPVmR$ILQDO
FRPR SRGHPRV VHU HILFLHQWHV VH QRVVR FDVDPHQWR WHUPLQRX VRPRV HVWUDQKRV SDUD
QRVVRVILOKRVEULJDPRVFRPQRVVRVLUPmRVQmRQRVGDPRVEHPFRPQRVVRVFROHJDV
GH WUDEDOKR RX QmR WHPRV DPL]DGHV IRUWHV" 6H QRV FRQYHQFHPRV GH TXH HVVHV
UHODFLRQDPHQWRV QmR VmR GLJQRV GR HVIRUoR QHFHVViULR SDUD OXWDU SRU HOHV HQWmR R
LQLPLJR QRV OHYD SDUD DV WUHYDV ([DWDPHQWH RQGH GHVHMD TXH HVWHMDPRV 4XDQGR
FDPLQKDPRV SDVVR D SDVVR FRP 'HXV DWUDYpV GHVVDV FULVHV YHPRV VXD REUD
PLUDFXORVDGHWUDQVIRUPDomRUHVWDXUDomRHFXUD

6HQKRUVXEPHWRRVPHXVUHODFLRQDPHQWRVDWL4XHRWHX(VStULWRGHXQLGDGHUHLQH
HPFDGDXP6HDOJXPGHOHVQmRpDSURYDGRSRUWLWLUDRGHPLQKDYLGD)D]EULOKDUD
WXDOX]GHUHYHODomRQRVPHXVUHODFLRQDPHQWRVHPRVWUDPHDWXDYHUGDGH,OXPLQD
TXDOTXHUVRPEUDGHIDOWDGHSHUGmRHPPLPHHXDFRQIHVVDUHLDWLFRPRSHFDGR7UD]
UHFRQFLOLDomRHFODUH]DRQGHKiGHVHQWHQGLPHQWR2QGHSUHFLVRPHKXPLOKDUDMXGD
PHDID]HURVDFULItFLRQHFHVViULRHQmRDWHQGHUjVGHPDQGDVGDPLQKDFDUQH$MXGD
PHDGHUUDPDUPLQKDYLGDHPRUDomRSRUPLQKDIDPtOLDDPLJRVHRXWUDVSHVVRDVTXH
WXFRORFDVWHHPPLQKDYLGD(QVLQDPHDDPDUGDPDQHLUDTXHWXDPDV
GHGH]HPEUR
/HLD-RmRHUHIOLWD

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$PDGRVDJRUDVRPRVILOKRVGH'HXVHDLQGDQmRVHPDQLIHVWRXRTXHKDYHPRVGH
VHUPDVVDEHPRVTXHTXDQGRHOHVHPDQLIHVWDUVHUHPRVVHPHOKDQWHVDHOHSRLVR
YHUHPRVFRPRHOHp
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'HXVTXHUTXHVRQKHPRVHSRULVVRFRORFDVRQKRVHPQRVVRFRUDomR(OHQmRGHVHMD
FRQWXGRTXHRGHL[HPRVGHIRUD6HJXQGRD3DODYUDGH'HXVTXDQGRQmRUHFHEHPRV
UHYHODomR SHUHFHPRV 0DV D UHYHODomR SUHFLVD YLU GR 6HQKRU GR FRQWUiULR
DOLPHQWDUHPRVVRQKRVTXHMDPDLVVHUHDOL]DUmR
'HXVSHGHTXHHQWUHJXHPRVWXGRRTXHVRQKDPRVDHOHSRLVHQTXDQWRHVWLYHUPRV
SUHRFXSDGDV HP UHDOL]DU HVVHV VRQKRV HOH QmR SRGHUi JXLDUQRV 6y TXDQGR
GHSRVLWDUPRV FDGD XP GHOHV D VHXV SpV R 6HQKRU SRGHUi GL]HUQRV TXDLV HVWmR GH
DFRUGR FRP VXD VREHUDQD YRQWDGH 6H FRUUHUPRV DWUiV DSHQDV GH YLV}HV H VRQKRV
QRVVRVHPYH]GHEXVFDUPRVDVUHYHODo}HVGH'HXVSDVVDUHPRVDYLGDLQVDWLVIHLWDV
WHQWDQGR UHDOL]Do}HV LPSRVVtYHLV 4XDQGR R VRQKR YHP GH 'HXV VRPRV LQVSLUDGDV D
EXVFiORFRPRHOHGHVHMD
+iJUDQGHSHULJRHPWUDQVIRUPDUVRQKRVHPtGRORVHIRUoDUVXDYLGDDVHFRQIRUPDU
DVXDVLGHDOL]Do}HV6HKiDOJXPDQVHLRLQGHYLGRJXDUGDGRHPVHXFRUDomRSHoDDR
6HQKRUTXHRUHPRYDGHPRGRTXHSRVVDHQWmRUHFHEHURTXHHOHWHPSDUDYRFr
$JXDUGH FRP JUDQGH H[SHFWDWLYD RV VRQKRV TXH HOH WHP SDUD YRFr VDEHQGR TXH
HOHV VH UHDOL]DUmR j PHGLGD TXH YRFr DQGDU QRV FDPLQKRV GHOH H UHFHEHU D GLYLQD
LQVSLUDomR

6HQKRUHQWUHJRDWLPLQKDVHVSHUDQoDVHPHXVVRQKRV
(QWUHJRWHPHXVGHVHMRVHGHFODURTXHDQVHLRDFLPDGHWXGRYHUWXDYRQWDGHVH
FXPSULUHPPLP7LUDGRPHXFRUDomRHGDPLQKDPHQWHWXGRRTXHQmRSURYpPGHWL
GHGH]HPEUR
/HLD-RmRHUHIOLWD

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$PDGRVVHRQRVVRFRUDomRQmRQRVFRQGHQDUWHPRVFRQILDQoDGLDQWHGH'HXVH
UHFHEHPRVGHOHWXGRRTXHSHGLPRVSRUTXHREHGHFHPRVDRVVHXVPDQGDPHQWRVH
ID]HPRVRTXHOKHDJUDGD
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0XOKHUHVGHWRGRRPXQGRFXMRFRUDomRHQFRQWUDVHYROWDGRSDUD'HXVTXHUHPWHU
XPDYLGDSURGXWLYD(ODVGHVHMDPSHUPDQHFHUQDJUDoDGH'HXVHREHGHFHUjVVXDV
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