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16
  3DWHQWHVSLSHOLQH
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17
  $omRMXGLFLDOGHQXOLGDGH
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18
  6XEVFULomRHLQWHJUDOL]DomRGDVTXRWDV
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19
  5HVSRQVDELOLGDGHOLPLWDGDGRVDFLRQLVWDV
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20
 2SHUDo}HVVRFLHWiULDV
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21
 DRDUWFDSXWGR&'&
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22
  4XDQWRjVKLSyWHVHVGHHPLVVmR
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23
  3URWHVWR
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24
  3ULQFtSLRGRFRQVHQVXDOLVPR
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25
  $UUHQGDPHQWRPHUFDQWLOOHDVLQJ
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26
  2VXMHLWRDWLYRGRSHGLGRGHIDOrQFLD
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27
  2VSHGLGRVGHUHVWLWXLomR
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332
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VHQWLGR FRQILUDVH R (QXQFLDGR  GD -RUQDGD GH 'LUHLWR &LYLO GR &-) ³1D VRFLHGDGH VLPSOHV
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VRFLHGDGH VLPSOHV SXUD p XPD VRFLHGDGH GH SHVVRDV RX VHMD H[LVWH XPD IRUWH DIIHFWLR VRFLHWDWLV
HQWUH RV VyFLRV H R YtQFXOR FRQWUDWXDO IRUPDGR HQWUH HOHV p LQWXLWX SHUVRQDH UD]mR SHOD TXDO D
HQWUDGDGHHVWUDQKRVQRTXDGURVRFLHWiULRGHSHQGHUiVHPSUHGDDQXrQFLDGRVGHPDLV1HVVHVHQWLGR
RDUWGR&yGLJR&LYLOGHWHUPLQDTXH³RVyFLRQmRSRGHVHUVXEVWLWXtGRQRH[HUFtFLRGDVVXDV
IXQo}HVVHPRFRQVHQWLPHQWRGRVGHPDLVVyFLRVH[SUHVVRHPPRGLILFDomRGRFRQWUDWRVRFLDO´1D
PHVPD OLQKD R DUW  GR &yGLJR SUHYr TXH ³D FHVVmR WRWDO RX SDUFLDO GH TXRWD VHP D
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HILFiFLDTXDQWRDHVWHVHjVRFLHGDGH´
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D DQXrQFLD GRV GHPDLV FRQIRUPH GHVWDFDGR QR SDUiJUDIR DQWHULRU QmR ILFD DXWRPDWLFDPHQWH
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PRGLILFDomRGRFRQWUDWRUHVSRQGHRFHGHQWHVROLGDULDPHQWHFRPRFHVVLRQiULRSHUDQWHDVRFLHGDGH
HWHUFHLURVSHODVREULJDo}HVTXHWLQKDFRPRVyFLR´1RPHVPRVHQWLGRpDUHJUDGRDUWGR
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VRFLHGDGHFRQIRUPHRVHXREMHWRVRFLDO1RHQWDQWRHPDVVXQWRVQHJRFLDLVPDLVUHOHYDQWHVFRPR
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VRFLHGDGH DUW  GR &yGLJR &LYLO (P DPERV RV FDVRV DV GHOLEHUDo}HV VHUmR WRPDGDV SRU
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GRFDSLWDO´(HVVDPDLRULDDEVROXWDQmRVHUHIHUHDRQ~PHURGHVyFLRVYRWDQWHVPDVWmRVRPHQWHDR
YDORUGHVXDVTXRWDV3RUWDQWRSRGHVHUTXHQXPDGHWHUPLQDGDVRFLHGDGHFRPFLQFRVyFLRVRVYRWRV
IDYRUiYHLVGHDSHQDVGRLVVHMDPVXILFLHQWHVSDUDDSURYDomRGDGHOLEHUDomR%DVWDQHVVHFDVRTXHR
YDORUGHVXDVTXRWDVVRPDGDVVHMDVXSHULRUjPHWDGHGRFDSLWDOVRFLDO
$DIHULomRGRQ~PHURGHVyFLRVYRWDQWHVVHUiLPSRUWDQWHHQWUHWDQWRTXDQGRSHORYDORUGDVTXRWDV
KRXYHUHPSDWHQDYRWDomR1HVVHFDVRSUHYDOHFHUiDGHFLVmRTXHWHYHRDSRLRGDPDLRUTXDQWLGDGH
GH VyFLRV &DVR KDMD HPSDWH WDPEpP QR Q~PHUR GH VyFLRV D PDWpULD GHYHUi VHU OHYDGD DR 3RGHU
-XGLFLiULR H D GHFLVmR FDEHUi DR MXL] e R TXH GHWHUPLQD R † ž GR PHVPR DUW  GR &yGLJR
³SUHYDOHFHDGHFLVmRVXIUDJDGDSRUPDLRUQ~PHURGHVyFLRVQRFDVRGHHPSDWHHVHHVWHSHUVLVWLU
GHFLGLUiRMXL]´([HPSOLILFDQGRQXPDVRFLHGDGHFRPFLQFRVyFLRVVHGRLVGHOHVSRVVXHPGR
FDSLWDOVRFLDOFDGDPHVPRTXHDPERVYRWHPFRQWUDXPDGHWHUPLQDGDPHGLGDDSRLDGDSHORVGHPDLV
HOD VHUi DSURYDGD SRUTXH KDYHUi HPSDWH TXDQWR DR YDORU GDV TXRWDV  FRQWUD  PDV R
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VRFLHGDGHSDUWLFLSDUGDGHOLEHUDomRTXHDDSURYHJUDoDVDVHXYRWR´

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QR%UDVLO$JUDQGHSUHVHQoDGHVRFLHGDGHVOLPLWDGDVQRPHLRHPSUHVDULDOVHGHYHEDVLFDPHQWHDR
IDWRGHHODRVWHQWDUGXDVFDUDFWHUtVWLFDVHVSHFtILFDVTXHDWRUQDPXPWLSRVRFLHWiULREDVWDQWHDWUDWLYR
SDUDRVSHTXHQRVHPpGLRVHPSUHHQGLPHQWRVDFRQWUDWXDOLGDGHHDOLPLWDomRGHUHVSRQVDELOLGDGH
GRVVyFLRV

336
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UHODo}HVHQWUHVyFLRVGHSHQGHPGRTXHGLVSXVHURFRQWUDWRVRFLDO(QILPpDYRQWDGHVRFLHWiULDTXH
GHFLGHDPDLRULDGDVTXHVW}HVTXHLQWHUHVVDPDRVVyFLRVDRFRQWUiULRGRTXHRFRUUHQDVRFLHGDGH
DQ{QLPDTXHSRVVXLXPUHJLPHOHJDOTXHSUHYLDPHQWHHVWDEHOHFHDGLVFLSOLQDGDVUHODo}HVVRFLDLV
VHP GDU PDUJHP GH OLEHUGDGH DRV DFLRQLVWDV SDUD WDQWR 9HUHPRV WRGDYLD TXH HVVD ³OLEHUGDGH
FRQWUDWXDO´ QD VRFLHGDGH OLPLWDGD Mi IRL PDLRU WHQGR VLGR UHGX]LGD FRP D HQWUDGD HP YLJRU GR
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GRVDQVHLRVGRVSHTXHQRVHPpGLRVHPSUHHQGHGRUHVRVTXDLVUHFODPDYDPDH[LVWrQFLDGHXPWLSR
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358
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359
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360
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489
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494
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505
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506
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918
TXHHPTXDOTXHUOXJDUGRPXQGRVHSUHVVXS}HVHMDFXPSULGDQRUPDOPHQWHLQIRUPDUFRUUHWDPHQWH
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919
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921
 HPSUHViULRV LQGLYLGXDLV H VRFLHGDGHV HPSUHViULDV SDUiJUDIR ~QLFR GR DUWLJR  ±
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922
H[FHWXDGRV RV FDVRV GH DXWRUL]DomR SUpYLD TXDLVTXHU GRFXPHQWRV DGLFLRQDLV DRV UHTXHULGRV SHORV
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OHJLVODGRUGD/HL*HUDO1HVVHVHQWLGRSRUH[HPSORVmRRVVHXVDUWVH
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HPSUHHQGHGRUHVGHPLFURHPSUHVDHHPSUHVDGHSHTXHQRSRUWHEHPFRPRVXDVHPSUHVDV´$UHJUD

928
HP TXHVWmR WRGDYLD Vy VH DSOLFD VH RV UHFXUVRV GLVSRQLELOL]DGRV VH GHVWLQDUHP DSHQDV D 0(V H
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929
VHMDP VXDV VyFLDV E RSHUDo}HV GH YHQGD GH EHQV DGTXLULGRV GDV PLFURHPSUHVDV H HPSUHVDV GH
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HPSUHVDV GH SHTXHQR SRUWH TXH GHOD IDoDP SDUWH 9,, ± VHUi FRQVWLWXtGD FRPR VRFLHGDGH OLPLWDGD
9,,,±GHYHUiQDVUHYHQGDVjVPLFURHPSUHVDVRXHPSUHVDVGHSHTXHQRSRUWHTXHVHMDPVXDVVyFLDV
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930
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SURFHGLPHQWRGHWDOKDGRQRDUWGR&yGLJR&LYLO

931
 2QRPHHPSUHVDULDOGDV0(VH(33V
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R TXDO ³DV PLFURHPSUHVDV H DV HPSUHVDV GH SHTXHQR SRUWH QRV WHUPRV GD OHJLVODomR FLYLO
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3RUWH¶ RX VXDV UHVSHFWLYDV DEUHYLDo}HV µ0(¶ RX µ(33¶ FRQIRUPH R FDVR VHQGR IDFXOWDWLYD D
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