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,QWHULRUPHQWH VR ORERV GHYRUDGRURV
m $ & $ 8 7 ( / $ ,9 2 6  GRVID OV R V  SURIHWD V} 3 DUD H Y LWD U H Q WUD U SHOD S R UWD 
OD U J D  T X H  F R U UH V S R Q G H   U H OLJ L R  H U U D G D  R  K R P H P  GH YH H V F R OK H U
G H WH UP LQ D G R WLS R  G F Y LG D  F D UD FWH UL]D G R  SH OD I F WDP EP  GHYH H Y LWD U
H Q WUD UQ R mFDP LQKRHVSDRVR} TXH R FXUVRGHY LG D TXH LQ F OX L RVDQHORV GD
H[LVWQFLD WHUUHQ D 3UHFLVDP RV WR P D U FX LG D G R  FRP  DTXHOHV TXH DGYRJDP  D
Y LG D H U U D G D  H Q V LQ D Q G R G R X WU LQ D V  S H U Y H U WLG D V  RV T X D LV  H Q F R UD MD P  RV
KRPHQV D H Q WUD U SHOD S R UWD  OD UJ D  S R GHQG R DVVLP  F D P LQ K D U SH OR FD P LQ K R 
H VS D R VR  $ V  LQ WH US UH WD H V F P  WR U Q R G R V  m ID OVR V S UR IH WD V }  V R   $ V
DX WRULGD GHVUHOLJLRVDVGRVMX G H X V  FRP RRVIDULVHXV  2V LP SRVWRUHV FRP R
-XGDVGD* D OLOF LD  Y H U$ WR V   -RVHIRGH % H OO-XG     2V SURIHWDV
IDOVRV GD SRFD F ULV W  0 D W    YHU WDP EP  RV YVV  GHVWH
F D S WX OR     2  H Q V LQ R  G F ' H X V   J H U D O F S R U  LV V R  LQ F O X L  WR G D V  HVVDV
LGLDV T X D OT X H U LQ G LY G X R  TXH P R VWUH F HQVLQH FRLVDV TXH IDDP  RX WURV
H Q WUD UH P QRFD P LQ K R HVSDRVR 3 URYDYHOP HQWHHVVDD LGLD GH-HVXV QHVWH
FDVR 9 H U WDP EP  $ WR V   H , ,  3HG 
y' LVID UD G R VHPRYHOKDV} 9 HVWLGRVFRP RRYHOKDV $ T X L K DOXVRYHVWH
GRVSURIHWDV GHVFULWD FP  H WD P E P F P  + HE  7 R G D Y LD  -HVXV QR
IDOD OLWH UD OP H Q WH  GH URXSDV PDV XVD HVVD H[SUHVVR D ILP  GH LQ G LF D U D
QDWXUH]D GD RYHOKD LVWR TXHHODJ H Q WLO H PDQVD $ SUHVHQWDQGRVHFRP R
RYHOKD R OR E R  FRQVHJXH LQ WUR P H WH UV F HQWUH HODV 0 DV FRP H D FDUQH GDV

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RYHOKDV 2  S UR IH WD ID OV R  SRGH DW Y LY H U OLWH UD OP H Q WH  GDV RYHOKDV G LQ K H LUR 

FRP HQGRDVVLP DVXDFDUQHF YHVWLQGRVHFRP  DVXD O 2  y' LG D F K H y HQVLQR
GRV DSVWRORV UHIHUHVH D FHUWDV SHVVRDV LQ WLWX OD Q G R D V  FRP HUFLDQWHV GH
& U LV WR  S R LV G D  U H OLJ L R GH& U LV W R ID ] H P  X P  P H LR G F Y LG D  X P  P H LR  GH
J D Q K D U G LQ K H LUR  FRP R VH IR UD  T X D OT X H U R X WUR  QHJFLR ' R X WUD  IHLWD 
6 HQKRU-HVXV ID OR X  GHVVH WLS R GFH VS HUWD OK R y7 R G R V  TX DQWR V YLHUD P  DQWHV
GH P LP  VR ODGUHV H VDOWHDGRUHV  -RR  (  P DLV D G LD Q WH  QR PHVPR
F D S WX OR  ID OD  DFHUFD GR mP HUFHQULR  TXH QR  S D V WR U YH UGDGH LUR H SRU
LVVR PHVPR QR F X LG D  GDV RYHOKDV
m/ R E R V UR X E D G R UH V }  ,Q G LY G X R V  T X H  Q R  F X LG D P  G D V R Y H OK D V  S H OR 
F R Q WU ULR  GHVWURHP QDVF QRDV VDOYDP  3 DUD FRQ VHJXLURV VHXV REMHWLYRV
Y LQFXOD GRV DRG LQ K H LUR RX DRVH Q WLP H Q WR GHJUDQGH]D H WF  HVWR SURQWR V D
V D F ULILF D U DV RYHOKDV 9 H U , ,  & R U    RQ GH 3 D X OR  ID OD  GH WDLV
SHVVRDV

0.1 ORERV VR P DLV SHULJRVRV G R TXH RVFHV F RV SRUFRV VHOYDJHQVYV  
2V FHV H RV SRUFRV VF DSUHVHQWDP  FRP R LQ LP LJ R V  KRVWLV DRV GLVFSXORV GR
UH LQ R 2V ORERV VHQGR D Q LP D LV  VHOYDJHQV P D LV SHULJRVRV EUDYRV H IRUWHV
DSDUHFHP FRP R SURIHWD VHVH DSUHVHQWDP  QR P H LR GDVRYHOKDV 1D KLVWULD
GD  LJUH MD OHP RVTXH DSDUHFHUDP  Q R  WHP SRR S R UWX Q R  FRP RMX G D L] D Q WH V YHU
, ,  & RU  H F P  YULRVOXJDUHV DS DUHFLD P  Q R  P X Q G R  GRV JHQWLRV RQGH
IR UD HVWDEHOHFLGDD OJX P DLJ UH MD F ULV W  QDIR UP D GFJQVWLFRVYH U , -RR
, ,  7 LP     7 D LV  ORERV VHP SUH H Q F R Q WUD P  DV VXDV YWLP D V

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    3HORV VHXV IUX WR V  RV FRQKHFHURV &ROKHP VH S R UY H Q WX UD  XYDV GRV
HVSLQKHLURV RX ILJRV GRV DEUROKRV"
3HORV VHXVIUX WR V }  -HVXV IRUQHFH XP D LOX V WUD R  VREUH D Q D WX UH ] D  GRV
PHVPRV $  YHUGDGH LUDQD WXUH ]DGHT X D OT X H UFRLVD VHMDX P D UYRUH VHMD X P 
KRP HP  ILQ D OP H Q WH  ILF D  SDWHQWH
m)5 8 72 6 } 7 H P  UH FHELGR WUV LQWH USUHWDHV S ULQ F LS D LV  D VDEHU 2V
HQVLQRVGRVSURIHWD VIDOVRV DVREUDV GRVSURIHWD VIDOVRV H DFRP ELQD R GRV
HQVLQRV F REUDV GRV SURIHWD V IDOVRV 0 DV R X WUR V  LQ W US UH WH V  R S LQ D P  TXH
& ULV WR  FODVVLILFRX DV LQVWLWX L HV GRV SURIHWD V IDOVRV FRP R VXDV HVFRODV H
LJUHMDV (VVDVLQVWLWX L HV VHJXQGRHVVDR S LQ L R  P R V WUD ULD P  ILQ D OP H Q WH  R
FD U WH UHVVHQFLDO GRV LQ G LYG X R VTXH DVHVWDEHOHFHUDP  3 RUP  QR  P X LWR 
SURYYHO TXH-HVXV WHQKD D OX G LG R  D LVVR QHVWD SDVVDJHP D LQ G D  TXH VHP
G YLG D F R Q F R UG D ULD HPTXH WDLV FRLVDV ID]HP  SD UWH GRV mIUXWRV} S UR G X ] LG R V

S R U WDLV LQ G LY G X R V  OH P R V FRP R H [H P S OR GLVVR RV HE LR QLWDV HP VHX

IDQ D WLVP R H DVFHWLVP R H WDP EP  RVJQVWLFRV HP VHX D Q WLQ R P LD Q LVP R  2V
IDULVHXV IR UD P  H[HP SORV YLYRV QRV GLDV GF -HVXV
m( V S LQ K H LUR V } 2  WH UP R  JUHJR LQ G LF D  R  QRP H J H UD O GH GLYHUVRV WLSR V GH
S OD Q WD V  TXH S UR G X ] LD P  HVSLQKRV $ E UR OK R V  V LJ Q LILF D  XVXDOP HQWH XP  WLS R 
GH HUYD G D Q LQ K D  TXH S UR G X ] LD  D E UROKR V (VVH WLS R  GH S OD Q WD  DSUHVHQWD
JUDQGHYDULH GDG HGFIRUP DV SR LVDOJX P DVYDULHGDGHVGRIORUHVTXHQRVR
P X LWR GLIH UHQWHVGDVIORUHVGD ILJ X H LUD  $  GHVSHLWR GD VHP HOKDQD GDV IORUHV
GF DP EDV DV S ODQ WDV RV KRP HQV QR S UR F X UD P  ILJRV QDV S ODQ WDV EDL[DV
D UE X V WR V  F  QR UYRUHV H TXH S UR G X ] H P  DE UROKR V 7 D LV  S ODQ WDV HUDP
QXP HURVDV QD 3 DOHVWLQD 7 D OY H ]  -HVXV TXLVHVVH LQ G LF D U FRP  DV SDODYUDV
mHVSLQKHLURV} H DEUROKRV} R  F D U WH U GHVDJUDGYHO GRV IDOVRV SURIHWDV 
DOHP  G R  ID WR  GH TXH RV IUX WR V  S UR G X ] LG R V  S R UHOHV QR WP  X WLOLG D G H 

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 $VVLP WRGDUYRUH ERD SURGX]ERQV IUXWRV SRUPDUYRUH P SURGX] IUXWRV
m%2$} V LJ Q LILF D  UYRUH VDX GYHO H EHP  WUD WD G D  HP FRQ WUDVWH FRP  DV
UYRUHV P D OWUD WD G D V EUDYDV VHP F X OWX UD  D OJX P D
y U Y R U H  P  $  S D OD Y U D  yP }  WU D G X ]  X P  Y R F E X OR  J UH J R  T X H  S R G H

V LJ Q LI LF D U  yS R G U H }  m S X WUH ID F WR }  yH V WUD J D G R }  H D V V LP   LQ G LF D G R  S R U
DOJX P DV LQWH USUH WDH V FRP R VH -HVXV KRXYHVVH ID OD G R  G F UYRUHV FP
SVVLPDVFRQGLHV LQFDSD]HVG F S U R G X ] LUIU X WR ERP  0 DVR WH UP R  WDP EP
SRGHV LJ Q LILF D UVLP SOHVP HQWH P RX mL Q W LO!F IR LD S OLF D G R DSHL[HV LQWHLV
YH U 0 D W  VHPT X D OT X H UUH IHU QFLD  SX WUHID R $ S D OD YUD  WDP EP