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WRVGHFRPSRQHQWHVFRPFRYHUSODWHVUHODomR JXLQWHVJUDXVGHDoRV
EWGHFKDSDVSULQFLSDLVRXDOPDVGHVHJPHQ
WRVFRPSULPLGRVQmRGHYHUiXOWUDSDVVDURYD 7HQVmRG HHVFRDPHQWR
EW
ORUREWLGRSHODIyUPXOD PtQLPDN1FP
E
=
W ID
PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
1RWD E pDGLVWkQFLDHQWUHSRQWRVGHDSRLRGD
FKDSD H HQWUH UDL] GH PHVDV SDUD DOPDV GH 3DUDFKDSDVSHUIXUDGDVDSRLDGDVQDVGXDV
VHJPHQWRVODPLQDGRV H[WUHPLGDGHVSDUDHOHPHQWRVGHVHomRFDL
[mRIRUPDGRVGHFKDSDVSHUIXUDGDVOLJDQGRHOH
4XDQGRDWHQVmRGHFRPSUHVVmRpLJXDODR PHQWRVSULQFLSDLVRXVHJPHQWRVDUHODomR EW
YDORUOLPLWHGH)\DUHODomREWGRVVHJ GHFKDSDVSHUIXUDGDVTXDQGRFRPSULPLGDVQmR
PHQWRVLQGLFDGRVDFLPDQmRSRGHUiVHUPDLRU GHYHUiXOWUDSDVVDURYDORUREWLGRSHODIyUPXOD
TXHRVYDORUHVPRVWUDGRVDEDL[RSDUDRVVH
E
JXLQWHVJUDXVGHDoRV =
W ID
7HQVmRG HHVFRDPHQWR
EW PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
PtQLPDN1FP
E
=
W ID
PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
1RWD E pDGLVWkQFLDOLYUHHQWUHDSRLRV
RQGH )D WHQVmRD[LDOTXHVHULDSHUPLWLGDVHD
ID WHQVmRGHFRPSUHVVmRFDOFXODGD IRUoDD[LDOH[LVWLVVHVR]LQKD
E ODUJXUDFRPRLQGLFDGDSDUDFDGD
H[SUHVVmR )E[ )E\ WHQVmRGHIOH[mRTXHVHULDSHUPLWLGD
W HVSHVVXUDGDFKDSDRXDOPD VHRPRPHQWRIOHWRUH[LVWLVVHVR]LQKRHPUH
ODomRDRVHL[RV;H<HGHDFRUGRFRPDWDEH
2SRQWRGHDSRLRFRQVLGHUDGRQHVWHVDUWLJRV OD
VHUHIHUHDGLVWkQFLDLQWHUQDGDOLQKDGHSDUDIX
VRVRXUHELWHVRXGRILOHWHGHVROGDTXHOLJD )¶H WHQVmRGHIODPEDJHPGH(XOHUGLYLGD
VHJPHQWRVSULQFLSDLV3DUDFKDSDVVROGDGDV SHORIDWRUGHVHJXUDQoD
SRUSHQHWUDomRWRWDOjVH[WUHPLGDGHVGHPH
VDVGHVHJPHQWRVODPLQDGRVRSRQWRGHDSRLR .E IDWRUGHFRPSULPHQWRHIHWLYRQRSODQR
SRGHUiVHUWRPDGRFRPRDGLVWkQFLDHQWUHRV GHIOH[mR
SRQWRVGHVROGDGHVGHTXHDUHODomRHQWUHD
ODUJXUDGDPHVDHPSURMHomRHDHVSHVVXUDGD /E GLVWkQFLDVHPFRQWHQomRODWHUDOQRSODQR
PHVDEWVHMDLQIHULRUjVHWH2DFDEDPHQWR GHIOH[mR
GDV VROGDV GHSHQHWUDomR GHYHUi VHU HVPH
ULOKDGRFRPDVXSHUItFLHOLVD UE UDLRGHJLUDomRQRSODQRGHIOH[mR
*HQHUDOLGDGHV
$UHODomRHQWUHRPyGXORGHHODVWLFLGDGHGR
ID WHQVmRD[LDOFDOFXODGD DoR(D N1FPHRFRQFUHWRGHSHVR
IE[ RXIE\ WHQVmRGHIOH[mRFDOFXODGDHP QRUPDOGHQVLGDGH NJPGHYiULDVUH
UHODomRDRVHL[RV;H<UHVSHFWLYDPHQWH VLVWrQFLDVGHYHUmRVHUDVVHJXLQWHV
1RUPDVHVWUXWXUDLV
2HIHLWRGDGHIRUPDomROHQWDSDUDFDUJDVGH 2VPHLRVPHFkQLFRVXVDGRVQDMXQomRGDYLJD
ORQJDGXUDomRGHYHVHUFRQVLGHUDGRQRSURMH GH DoR FRP R FRQFUHWR FRP D ILQDOLGDGH GH
WRGDVYLJDVPLVWDVTXHWrPFDUJDVSHUPDQHQ GHVHQYROYHUDUHVLVWrQFLDDRFLVDOKDPHQWRQH
WHVDJLQGRVREUHDVHomRPLVWD1HVWDVHVWUXWX FHVViULDSDUDSURGX]LUDDomRPLVWDGHYHUmR
UDVDVWHQV}HVHRFLVDOKDPHQWRKRUL]RQWDOSUR HVWDUGHDFRUGRFRPDVHVSHFLILFDo}HVGRVUHV
GX]LGR SHODV FDUJDV SHUPDQHQWHV TXH DJHP SHFWLYRVPDWHULDLV
VREUH D VHomR PLVWD GHYHUmR VHU FDOFXODGDV
SDUDRYDORUGH³Q´GDGRSHODWDEHODDFLPDRX 2VFRQHFWRUHVGHFLVDOKDPHQWRGHYHPVHUGH
SHORVHXYDORUPXOWLSOLFDGRSRU RTXHIRUQHFHU WLSRVTXHSHUPLWDPDFRPSOHWDFRPSDFWDomRGR
DVWHQV}HVGHFLVDOKDPHQWRPDLVDOWDV FRQFUHWRGHIRUPDDJDUDQWLUTXHWRGDDVXSHU
ItFLHHVWDUiHPFRQWDWRFRPRFRQFUHWR(OHVGH
6H IRU XVDGR FRQFUHWR FRP FDUDFWHUtVWLFDV YHPVHUFDSD]HVGHUHVLVWLUDDPERVPRYLPHQ
H[SDQVLYDVRSURMHWRGDYLJDPLVWDGHYHVHU WRVHQWUHRFRQFUHWRHRDoRKRUL]RQWDLVHYHU
XVDGRFRPFXLGDGRHGHYHPVHUIHLWDVSUHYL WLFDLV
V}HVQRSURMHWRSDUDDFRPRGDUDH[SDQVmR
$VFDSDFLGDGHVGHUHVLVWrQFLDGRVFRQHFWRUHV
$VVHo}HVPLVWDVGHYLJDVELDSRLDGDVRXHP GHFLVDOKDPHQWRWLSR 6WXG H 9LJD8VmRGDGDV
UHJL}HVGHPRPHQWRSRVLWLYRGHYLJDVFRQWtQX QRLWHP2VFRQHFWRUHVWLSR9LJD8
DVGHYHPVHUGHSUHIHUrQFLDSURSRUFLRQDGDV GHYHPWHUXPILOHWHPtQLPRGH PP DRORQ
GHIRUPDTXHRHL[RQHXWURILTXHDEDL[RGDVX JRGDEDVHGRSHUILO8
SHUItFLHVXSHULRUGRSHUILOGHDoR2FRQFUHWR
QDSDUWHWUDFLRQDGDQmRGHYHVHUFRQVLGHUDGR 2VFRQHFWRUHVGHYHUmRSHQHWUDUQRFRQFUHWR
QDUHVLVWrQFLDDRVPRPHQWRV1DVUHJL}HVGH QRPtQLPR PP DFLPDGDIDFHLQIHULRUGDODMH
PRPHQWRQHJDWLYRGHYLJDVFRQWtQXDVVRPHQWH HGHYHPWHUDFLPDGRVHXWRSRXPFREULPHQWR
DVDUPDGXUDVGDODMHSRGHPVHUFRQVLGHUDGDV GHFRQFUHWRQmRPHQRUGRTXH PP
DJLQGRMXQWRFRPDYLJDGHDoRQDUHVLVWrQFLD
DRVPRPHQWRV $GLVWkQFLDOLYUHHQWUHDH[WUHPLGDGHGDPHVD
GD YLJD H D H[WUHPLGDGH GRV FRQHFWRUHV GH
FLVDOKDPHQWRQmRGHYHVHUPHQRUTXH PP HYLWDUFRORFDUFRQHFWRUHVHPUHJL}HVGDPHVD
$GLVWkQFLDPtQLPDHQWUHFRQHFWRUHVWLSRVWXGV FRPWHQV}HVDOWDVGHWUDomR
DGMDFHQWHVpGHGLkPHWURVGHFHQWURDFHQ
WUR $UHVLVWrQFLDDRFLVDOKDPHQWRKRUL]RQWDOGHYH
VHUIHLWDSRUFRQHFWRUHVGHFLVDOKDPHQWRPH
/DUJXUDHIHWLYDGHFRQFUHWR FkQLFRVFRORFDGRVQDLQWHUIDFHHQWUHRFRQFUH
WR H D YLJD GH DoR 2V FRQHFWRUHV GH
1DFRQVWUXomRGDVYLJDVPLVWDVDODUJXUDHIH FLVDOKDPHQWRGHYHPVHUGLVSRVLWLYRVPHFkQL
WLYDGHFiOFXORGDODMHTXHFRPS}HDPHVDGD FRVFRORFDGRVWUDQVYHUVDOPHQWHjPHVDGDYLJD
YLJD7QmRGHYHUiH[FHGHURVHJXLQWH D LQWHUYDORV UHJXODUHV RX YDULiYHLV 2V
FRQHFWRUHVGHFLVDOKDPHQWRGHYHPVHUFDOFX
GRFRPSULPHQWRGRYmRGDYLJD ODGRVSDUDD IDGLJD HYHULILFDGRVSHOD UHVLVWrQ
$GLVWkQFLDFHQWURDFHQWURGHYLJDV FLD~OWLPD
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3DUDYLJDVTXHWrPPHVDGHODMHGHXPODGR
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UiH[FHGHU GRFRPSULPHQWRGRYmRGDYLJD GHYHVHUFDOFXODGDSHODIyUPXOD
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WkQFLDGHFHQWURDFHQWURSDUDDSUy[LPDYLJD 9U4
6U =
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7HQV}HV
RQGH
$VWHQV}HVPi[LPDVGHFRPSUHVVmRHWUDomR
6U )DL[D GH YDULDomR GR FLVDOKDPHQWR
HPYLJDVQmRHVFRUDGDVGXUDQWHDFRORFDomR
KRUL]RQWDO QD MXQomR GD ODMH FRP D YLJD QR
GDV FDUJDV SHUPDQHQWHV GHYHP VHU D VRPD
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j FDUJD PyYHO PDLV LPSDFWR SDUD TXDOTXHU
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VmRHVFRUDGDVFRPDSRLRVLQWHUPHGLiULRVGX
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SHUPDQHQWHVHjVFDUJDVPyYHLVGHYHUmRVHU
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FDOFXODGDVFRPEDVHQDVSURSULHGDGHVGDVH
GH FRQFUHWR WUDQVIRUPDGD RX GD iUHD GD
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GH PRPHQWR QHJDWLYR HP UHODomR DR HL[R
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LQpUFLDGDYLJDGHDoRLQFOXLQGRRXH[FOXLQGRD
YHUiH[FHGHUDFPH[FHWRVREUHDSRLRVLQ
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WHUPHGLiULRV GH YLJDV FRQWtQXDV RQGH
GHPRPHQWRQHJDWLYR
HVSDoDPHQWRVPDLRUHVGHYHPVHUXVDGRVSDUD
1RUPDVHVWUXWXUDLV
SDUDRVFiOFXORVDFLPDDiUHDGHFRPSUHVVmR 5HVLVWrQFLD~OWLPD
GHFRQFUHWRpWUDQVIRUPDGDHPHTXLYDOHQWHGH
DoRSHODGLYLVmRGDODUJXUDGDPHVDHIHWLYDGH 2Q~PHURGHFRQHFWRUHVFDOFXODGRSDUDDIDGL
FRQFUHWRSHODUHODomRPRGXODU³Q´ JD GHYHUi VHU YHULILFDGR SDUD JDUDQWLU VH RV
FRQHFWRUHVVmRDGHTXDGRVSDUDDUHVLVWrQFLD
$ IDL[D GH YDULDomR DGPLVVtYHO SDUD R ~OWLPD
FLVDOKDPHQWR KRUL]RQWDO =U HP WI SDUD XP
FRQHFWRULQGLYLGXDOpDVHJXLQWH 2Q~PHURGHFRQHFWRUHVGHFLVDOKDPHQWRQH
FHVViULRGHYHUiVHUPDLRURXLJXDODRQ~PHUR
3DUDFRQHFWRUHVGHYLJD8 GDGRSHODIyUPXOD
3
=U EZ 1 =
φ 6X
3DUD6WXGVVROGDGRV SDUD KVGV! RQGH
1 1~PHUR GH FRQHFWRUHV HQWUH SRQWRV GH
=U α GV PRPHQWR SRVLWLYR Pi[LPR H R DSRLR PDLV
SUy[LPR
RQGH
Z FRPSULPHQWR GDYLJD 8 HPFP PHGLGD 6X 5HVLVWrQFLD ÒOWLPD GR FRQHFWRU GH
WUDQVYHUVDOPHQWHDGLUHomRGDPHVDGDYLJD FLVDOKDPHQWRFRPRGDGRDEDL[R
GV GLkPHWURGRVWXGFP
KV DOWXUDGRVWXGFP φ )DWRUGHUHGXomR
α SDUDFLFORV 3 )RUoDQDODMHFRPRGHILQLGDDVHJXLUFRPR
SDUDFLFORV 3RX3
SDUDFLFORV
SDUDPDLVGHFLFORV 1RV SRQWRV GH PRPHQWR SRVLWLYR Pi[LPR D
IRUoDQDODMHVHUiRPHQRUYDORUGDVIyUPXODV
E SDUDFLFORV 3 = $V)\ RX 3 = IFNEFWF
SDUDFLFORV
SDUDFLFORV RQGH
SDUDPDLVGHFLFORV $V ÈUHDWRWDOGDVHomRGHDoRLQFOXLQGR
FKDSDVGHUHIRUoRFRYHUSODWHV
2HVSDoDPHQWRQHFHVViULR HQWUHFRQHFWRUHV
p GHWHUPLQDGR GLYLGLQGRVH D IDL[D GH )\ /LPLWHGHHVFRDPHQWRPtQLPRGRDoR
FLVDOKDPHQWRDGPLVVtYHOSDUDRFLVDOKDPHQWR XVDGR
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WHUPLQDGDVHomRWUDQVYHUVDOn=USHODIDL[D
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GH FLVDOKDPHQWR KRUL]RQWDO 6U 6REUH DSRLRV
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LQWHUQRV GH YLJDV FRQWtQXDV R HVSDoDPHQWR
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FRQHFWRUHVLQDOWHUDGR WF (VSHVVXUDGDODMHGHFRQFUHWR
2Q~PHURGHFRQHFWRUHV1QHFHVViULRHQWUH IFN UHVLVWrQFLDjFRPSUHVVmRGRFRQFUHWRD
RVSRQWRVGHPRPHQWRSRVLWLYRPi[LPRHSRQ GLDVN1FP
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IRUPDo}HVGHYLGDVjFDUJDPyYHOPDLVLPSDF
WRWDPEpPVmRDSOLFiYHLVjVYLJDVPLVWDV
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RDoRGDVDUPDGXUDV
4XDQGRDVYLJDVQmRVmRHVFRUDGDVFRPDSRL
RV LQWHUPHGLiULRV GXUDQWH D FRQFUHWDJHP GD
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ODMH D GHIRUPDomR GHYLGR DR SHVR GD ODMH H
FLVDOKDPHQWRpGDGRSRU
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3DUD9LJDV8 GLDVGHYHVHUFDOFXODGDFRPEDVHQDVH
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6X= ⎜ WIX +
⎟Z IFN(F
⎝ ⎠
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RQGH
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SRGHVHUWRPDGRFRPR
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6X UHVLVWrQFLD~OWLPDGHXPFRQHFWRU
LQGLYLGXDO N1
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WIX HVSHVVXUDPpGLDGDPHVDGDYLJD8FP
WZX HVSHVVXUDGDDOPDGDYLJD8FP
Z FRPSULPHQWRGRFRQHFWRUGHYLJD8HP
FP
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YLDGXWRV
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SRUDGRVQDFDWHJRULDGHFDUJDSHUPDQHQWH
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QXFOHDUHV 9HU 0DQXDO &%&$ ±7UDQVSRUWH H 2VWUHQVWLSRVmRIRUPDGRVGHXPYHtFXORWLSR
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FDUJDVXQLIRUPHPHQWHGLVWULEXtGDVGHLQWHQVL
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FRQIRUPHDWDEHODDEDL[R
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3HVR
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SDVVDUHODV GH SHGHVWUHV$V FDUJDV SDUD DV G D 8Q LIRUPH 8Q LIRUPH omRGDV
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3RQWHV5RGRYLiULDVGHQRPLQDGDV7UHQV7LSR N1
VmRGLYLGLGDVHPWUrVFODVVHVEDVHDGDVQRV SHP
SHVRVHPWRQHODGDVGRVYHtFXORVWLSREDVHGH WRGDD
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VHVGHFDUJDVSDUDRFiOFXORGDVSRQWHVILFDD SHP
WRGDD
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PHVPDV'1,7HWF
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N1WIGHSHVRWRWDOVHQGRN1SRUURGD 7LSR
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PHQWRGHFRQWDFWRGHFP
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N1WIGHSHVRWRWDOVHQGRN1SRUURGD
WHQGRXPDODUJXUDGHURGDGHFPHFRPSUL
PHQWRGHFRQWDFWRGHFP
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N1WIGHSHVRWRWDOVHQGRN1SDUDDV
URGDVGLDQWHLUDVHN1SDUDDVWUDVHLUDVWHQ
GRXPDODUJXUDGHURGDGLDQWHLUDGHFPH
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GDLJXDODRPDLRUDRVVHJXLQWHVYDORUHV
GRSHVRGRFDUUHJDPHQWRGRHVWUDGRFRP
DV FDUJDV PyYHLV GLVWULEXtGDV H[FOXtGRV RV
SDVVHLRVRX
GRSHVRGRYHtFXORWLSR
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1DVSRQWHVURGRYLiULDVDIRUoDFHQWUtIXJDQRU
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GDPXOWLSOLFDomR GDVFDUJDVGD WDEHODDFLPD GDFXUYDHPPHWURV
SHORFRHILFLHQWHGHLPSDFWRGHILQLGRDVHJXLU
$omRGRVYHQWRV
3DUD3RQWHV5RGRYLiULDV
$VFDUJDVGHYLGDVjVDo}HVGRVYHQWRVGHYHP
ϕ = − /
DWHQGHUDRGLVSRVWRQD1%5
VHQGR/RFRPSULPHQWRHPPHWURVGHFDGD $VDo}HVGHYLGDVDRVYHQWRVVmRFDUJDVKRUL
YmRWHyULFRGRHOHPHQWRFDUUHJDGRTXDOTXHU ]RQWDLVHPGLUHomRQRUPDODRHL[RGDSRQWHH
TXHVHMDRVLVWHPDHVWUXWXUDO1RFDVRGHYmRV SRGHPVHUQDIDOWDGHXPDDQiOLVHPDLVGHWD
GHVLJXDLVHPTXHRPHQRUYmRVHMDLJXDORX OKDGDUHSUHVHQWDGDVSRUXPDSUHVVmRPpGLD
VXSHULRUDGRPDLRUSHUPLWHVHFRQVLGH WRPDGDLJXDOD
UDUXPYmRLGHDOHTXLYDOHQWHjPpGLDDULWPpWL
FD GRV YmRV WHyULFRV 1R FDVR GH YLJDV HP 3RQWHGHVFDUUHJDGDN1P
EDODQoR/pWRPDGRLJXDODGXDVYH]HVRVHX 3RQWHFDUUHJDGDN1P
FRPSULPHQWR 3DVVDUHODGH3HGHVWUHN1P
$VVXSHUItFLHVGHLQFLGrQFLDGDSUHVVmRODWHUDO
GRYHQWRSDUDRFDVRGHYLJDVGHDOPDFKHLD DWpP~OWLSODVYLJDVSULQFLSDLV$VYLJDVSULQFL
VmRPRVWUDGDVQDILJXUDDEDL[R SDLV VmR QRUPDOPHQWH FRQVWLWXtGDV GH SHUILV
DEHUWRV SRGHQGR WDPEpP VHU HPSUHJDGRV
VHo}HVIHFKDGDVFDL[mRFRPPDLRUUHVLVWrQ
FLDjWRUomR
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