( PDF ) Estudo biomecânico do comportamento de diferentes espessuras de capa de cimento ósseo em novo modelo de prótese modular diafisária femoral em cão submetidas a ensaio de torção.

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HQVDLRSLORWR

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*UiILFR  ± *UiILFR GH WRUTXH 1P SRU GHIRUPDomR DQJXODU JUDX REWLGR

GXUDQWHHQVDLRGHWRUomRGDSRUomRGLVWDOGDSUyWHVHQRHQVDLR

SLORWR

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*UiILFR  ± *UiILFR GH WRUTXH 1P SRU GHIRUPDomR DQJXODU JUDX REWLGR

GXUDQWH HQVDLR GH WRUomR GR IrPXU FRQWUDODWHUDO tQWHJUR QR

HQVDLRSLORWR

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*UiILFR±*UiILFRGHQRUPDOLGDGHDSUHVHQWDQGRRKLVWRJUDPDGHIUHTrQFLDH

KLVWRJUDPD GRV UHVXOWDGRV GD ULJLGH] j WRUomR HQFRQWUDGRV QR

MRHOKR tQWHJUR 2 HL[R [ GR JUiILFR UHSUHVHQWD RV YDORUHV GD

ULJLGH] R HL[R \ D HVTXHUGD LQGLFD R Q~PHUR DEVROXWR XWLOL]DGR

SDUD D FXUYD GH *DXVV H \ D GLUHLWD R Q~PHUR GH XQLGDGHV

H[SHULPHQWDLV

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*UiILFR±*UiILFRGHQRUPDOLGDGHDSUHVHQWDQGRRKLVWRJUDPDGHIUHTrQFLDH

KLVWRJUDPD GRV UHVXOWDGRV GR WRUTXH HQFRQWUDGRV QR MRHOKR

tQWHJUR2HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGRWRUTXHRHL[R

\DHVTXHUGDLQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYDGH

*DXVVH\DGLUHLWDRQ~PHURGHXQLGDGHVH[SHULPHQWDLV

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*UiILFR±*UiILFRGHQRUPDOLGDGHDSUHVHQWDQGRRKLVWRJUDPDGHIUHTrQFLDH

KLVWRJUDPD GRV UHVXOWDGRV GD ULJLGH] j WRUomR HQFRQWUDGD QRV

MRHOKRVFRPSUyWHVH2HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGD

ULJLGH] R HL[R \ D HVTXHUGD LQGLFD R Q~PHUR DEVROXWR XWLOL]DGR

SDUD D FXUYD GH *DXVV H \ D GLUHLWD R Q~PHUR GH XQLGDGHV

H[SHULPHQWDLV

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*UiILFR±*UiILFRGHQRUPDOLGDGHDSUHVHQWDQGRRKLVWRJUDPDGHIUHTrQFLDH

KLVWRJUDPDGRVUHVXOWDGRVGRWRUTXHHQFRQWUDGRQRVMRHOKRVFRP

SUyWHVH 2 HL[R [ GR JUiILFR UHSUHVHQWD RV YDORUHV GR WRUTXH R

HL[R\DHVTXHUGDLQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYD

GH*DXVVH\DGLUHLWDRQ~PHURGHXQLGDGHVH[SHULPHQWDLV

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7DEHOD  ± 9DORUHV REWLGRV D SDUWLU GD DQiOLVH UDGLRJUiILFD GRV IrPXUHV

FROHWDGRV

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7DEHOD±(VTXHPDGHDQiOLVHGHYDULkQFLDSDUDGHOLQHDPHQWRLQWHLUDPHQWH

FDVXDOL]DGR5LJLGH]

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7DEHOD±(VTXHPDGHDQiOLVHGHYDULkQFLDSDUDGHOLQHDPHQWRLQWHLUDPHQWH

FDVXDOL]DGR7RUTXH

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7DEHOD±(VTXHPDGHDQiOLVHGHYDULkQFLDSDUDGHOLQHDPHQWRLQWHLUDPHQWH

FDVXDOL]DGR5LJLGH]HWRUTXH

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7DEHOD   9DORUHV DIHULGRV FRP SDTXtPHWUR GLJLWDO QR IrPXU VXEPHWLGR DR

HQVDLRSLORWR

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7DEHOD9DORUHVHQFRQWUDGRVQRVHQVDLRVGRVIrPXUHVGRJUXSRFRQWUROH

FRP VHXV UHVSHFWLYRV Q~PHURV H FRP LGHQWLILFDomR GH PHPEUR

GLUHLWRRXHVTXHUGRFRPVXDVUHVSHFWLYDVVLJODV

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7DEHOD'HVFULomRGDVFDUDFWHUtVWLFDVGRWLSRUHJLmRGHLQLFLRHORFDOL]DomR

GDIUDWXUDQRIrPXUHQVDLDGRGRJUXSRFRQWUROH



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7DEHOD'HVFULomRGRVUHVXOWDGRVVHPGLYLVmRHPJUXSRVREWLGRVQRHQVDLR

GH WRUomR GRV IrPXUHV FRP SUyWHVHV LQGLFDQGR VXD QXPHUDomR

FRP VLJOD GH TXDO PHPEUR VH UHIHUH QXPHUDomR GD SUyWHVH

GLkPHWUR GD KDVWH LQWUDPHGXODU FRUUHVSRQGHQWH H YDORUHV

HQFRQWUDGRV

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

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7DEHOD'HVFULomRGRVUHVXOWDGRVGRJUXSR,FRPFDSDGHFLPHQWRGHPP

DPPREWLGRVQRHQVDLRGHWRUomRGRVIrPXUHVFRPSUyWHVHV

LQGLFDQGR VXD QXPHUDomR FRP VLJOD GH TXDO PHPEUR VH UHIHUH

QXPHUDomR GD SUyWHVH GLkPHWUR GD KDVWH LQWUDPHGXODU

FRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV



7DEHOD  'HVFULomRGRV UHVXOWDGRV GRJUXSR ,, FRPFDSD GH FLPHQWRGH 

PP D  PP REWLGRV QR HQVDLR GH WRUomR GRV IrPXUHV FRP

SUyWHVHVLQGLFDQGRVXDQXPHUDomRFRP VLJODGHTXDOPHPEURVH

UHIHUH QXPHUDomR GD SUyWHVH GLkPHWUR GD KDVWH LQWUDPHGXODU

FRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV

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7DEHOD'HVFULomRGRVUHVXOWDGRVGRJUXSR,,,FRPFDSDGHFLPHQWRGH

PP D  PP REWLGRV QR HQVDLR GH WRUomR GRV IrPXUHV FRP

SUyWHVHVLQGLFDQGRVXDQXPHUDomRFRP VLJODGHTXDOPHPEURVH

UHIHUH QXPHUDomR GD SUyWHVH GLkPHWUR GD KDVWH LQWUDPHGXODU

FRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV

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GHVYLRSDGUmR'3 FRHILFLHQWHGHYDULDomR&9H SUREDELOLGDGHV

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UHVSHFWLYRV MRHOKRV tQWHJURV FRQWUDODWHUDLV FRP PpGLD JHUDO

GHVYLRSDGUmR'3 FRHILFLHQWHGHYDULDomR&9H SUREDELOLGDGHV

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WDPEpP SRGH LQIOXHQFLDU QD YLDELOLGDGH GR WHFLGR SDUD HQVDLRV ELRPHFkQLFRV

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HVWDWLVWLFDPHQWH VLJQLILFDQWHV HP UHODomR D GHIRUPDomR DQJXODU H UHVLVWrQFLD D

WRUomRDSHQDVQRJUXSRGH±&

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WDPEpPpXPIDWRULPSRUWDQWHSDUDSUHVHUYDUDVFDUDFWHUtVWLFDVGDSHoDDQDW{PLFD

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FRQJHODPHQWRGRWHFLGRyVVHRHPDVVRFLDomRFRPVROXomRVDOLQDHQYROWRHPJD]HV

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SUyWHVHVDUWLFXODUHVIRLHPVHJXLGDDSOLFDGRHPSURFHGLPHQWRVGHHVWDELOL]DomRGH

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DV iUHDV GH EROKDV HQWUH D LQWHUIDFH FLPHQWR SUyWHVH HUD GLPLQXtGD FDXVDQGR

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GHFLPHQWDomR

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D PHOKRU TXDOLGDGH UHVLVWrQFLD H ELRFRPSDWLELOGDGH GRV PDWHULDLV FRP TXH VmR

FRQIHFFLRQDGRV RV LPSODQWHV TXH SDVVDUDP GH DoR LQR[LGiYHO SDUD OLJDV PDLV

UHVLVWHQWHV H ELRFRPSDWtYHLV FRPR R WLWkQLR H RV UHFREULPHQWRV FRP KLGUR[LDSDWLWD

3(5(,5$HWDO',$6HWDO

*DUFLD )LOKR HW DO  UHDOL]DUDP WUDEDOKR DFRPSDQKDQGR TXLQ]H SDFLHQWHV

SRUWDGRUHV GH WXPRUHV yVVHRV VXEPHWLGRV D SURFHGLPHQWRV GH LPSODQWDomR GH

SUyWHVHVQmRFRQYHQFLRQDLVHQmRFLPHQWDGDVSRUXPWHPSRPpGLRGHPHVHV

H DYDOLDUDP TXH WDLV LPSODQWHV VmR LPSRUWDQWHV DOWHUQDWLYDV GH WUDWDPHQWR GH

WXPRUHVTXHDFRPHWHPSULPDULDPHQWHRWHFLGRyVVHR

,O\DV HW DO  WUDEDOKDQGR FRP WXPRUHV QD UHJLmR SUR[LPDO H WtELD HP 

SDFLHQWHV UHODWDUDP TXH DSHVDU GRV DYDQoRV QR FDPSR GH SUyWHVHV DV

FRPSOLFDo}HV SyV FLU~UJLFDV QHVWH WLSR GH SURFHGLPHQWR VmR DLQGD EDVWDQWH

HOHYDGDV

(PFRQWUDSDUWLGD'RQDWLHWDOUHODWDUDPERQVUHVXOWDGRVQDVXEVWLWXLomRGD

DUWLFXODomRFR[RIHPRUDOHPHWDGHGDGLiILVHGRIrPXUFRPSUyWHVHVPRGXODUHVQmR

FLPHQWDGDV(PVHXWUDEDOKRIRUDPDFRPSDQKDGRV SDFLHQWHVGXUDQWHDQRV

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VHQGR TXH DSHQDV  GHVWHV QHFHVVLWDUDP UHYLVmR GDV SUyWHVHV LQVWDODGDV 2V

DXWRUHV UHSRUWDUDP DLQGD IXQFLRQDOLGDGH VDWLVIDWyULD GRV PHPEURV HP  GDV

SHVVRDV

5HVXOWDGRV VHPHOKDQWHV IRUDP REWLGRV SRU &DPQDVLR H 5DYDVL  HP 

SDFLHQWHVFRPPRGHORGHSUyWHVHVHPHOKDQWHDRVGH'RQDWLHWDOPDVFRP

DXWLOL]DomRGHFLPHQWRGHPHWLOPHWDFULODWRSDUDIL[DomRGRVDSDUDWRV

(P  RV SHVTXLVDGRUHV EUDVLOHLURV &DPDUJR HW DO  DSUHVHQWDUDP QRYR

VLVWHPD GH SUyWHVHV WXEXODUHV SDUD D VXEVWLWXLomR GH GLiILVHV GH IrPXU WtELD H

~PHUR(VWHQRYRPRGHORDSUHVHQWDYDGXDVSDUWHVTXHHUDPIL[DGDVDRVVHJPHQWRV

SUR[LPDLV H GLVWDLV GD UHVVHFomR H SRVWHULRUPHQWH XQLGDV HQWUH VL (P VHWH

SDFLHQWHVDFRPSDQKDGRVSRUPDLVGHXPDQRIRUDPREWLGRVERQVUHVXOWDGRV

6HJXLXVH QD OLWHUDWXUD RXWURV WUDEDOKRV XWLOL]DQGR VLVWHPDV VHPHOKDQWHV DR GH

&DPDUJR HW DO UHSRUWDQGR ERQV UHVXOWDGRV H WDPEpP UHVVDOWDQGR D

SRVVLELOLGDGH GH XWLOL]DomR GHVWHWLSRGH SUyWHVH QmR VRPHQWH SDUDWUDWDPHQWRGH

WXPRUHV FRPR WDPEpP VHQGR SURSRVLomR YLiYHO SDUD R WUDWDPHQWR GH IUDWXUDV

FRPSOH[DVRXOHV}HVFRPJUDQGHVSHUGDVyVVHDV02(&.(/HWDO6,0HW

DO  H SDUD QmR XQLmR RX PHVPR HP FDVRV HP TXH DV RXWUDV IRUPDV GH

HVWDELOL]DomRGHIUDWXUDVQmRIRUDPEHPVXFHGLGDV6,0HWDO

+HQU\ HW DO FRPSDUDUDP HP ~PHURV SUHVHUYDGRV SRU  FRQJHODPHQWR GH

KXPDQRV DV SURSULHGDGHV ELRPHFkQLFDV HQWUH ³LQWHUORFNLQJ QDLO´ H SUyWHVHV

PRGXODUHVFLPHQWDGDVHUHSRUWDUDPTXHHPGHIHLWRVDFLPDGHFLQFRFHQWtPHWURVDV

SUyWHVHVFRQIHULDPPDLRUHVWDELOL]DomR

$WXDOPHQWH DV HQGRSUyWHVHV H[LVWHQWHV SDUD D VXEVWLWXLomR VHJPHQWDU GH RVVRV

ORQJRVVmRFODVVLILFDGDVHPSUpPROGDGDVRQGHDVSUyWHVHVVmRPDQXIDWXUDGDVVRE

PHGLGDSDUDRSDFLHQWHHDVPRGXODUHVTXHSRGHPVHUDMXVWDGDVQRDWRFLU~UJLFR

SRVVLELOLWDQGR HPSUHJR LPHGLDWR GD HQGRSUyWHVH GLVSHQVDQGR HYHQWXDLV HUURV GH

GLPHQVLRQDPHQWRHSHUGDGHWHPSRSDUDVXDPDQXIDWXUD3(5(,5$HWDO

0DODZHU H &KRX  FRQFOXtUDP TXH R PDLRU SUREOHPD H GHVYDQWDJHP GDV

SUyWHVHV PRGXODUHV HUD D SHUGD GH HVWDELOL]DomR HQWUH R LPSODQWH H R RVVR ,VWR

SRGH VHU H[SOLFDGR SHOD SRXFD RVWHRLQWHJUDomR GD KLGUR[LDSDWLWD 0$/$:(5

&+289,52/$,1(1HWDO&+8HWDOHSHODVIRUoDVD[LDLVTXH

FDXVDPHVWUHVVHQDLQWHUIDFHLPSODQWHPHWiOLFRHRVVR&+8HWDO

$H[LVWrQFLD GH XP DF~PXORGHHVWUHVVH GHIRUoDVQDUHJLmR GH LQWHUDomR HQWUH R

RVVRHLPSODQWHHVXEVHTHQWHUHGXomRGHHVWUHVVHHPiUHDVGLVWDQWHVDRLPSODQWH

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WDPEpPVmRUHODWDGDVFRPRFDXVDVGHUHPRGHODomRHUHGXomRGHPDVVDyVVHDHP

iUHDVGLVWDQWHVDLPSODQWDomRGHSUyWHVHVVHQGRDUHDEVRUomRyVVHDSHULSURWpWLFD

XPD GDV FRPSOLFDo}HV UHFRUUHQWHV HP SUyWHVHV GH FR[DO KXPDQDV -26+, HW DO

 (VWH IDWR p MXVWLILFDGR SHOD GLIHUHQoD GH ULJLGH] H GXUH]D GR PDWHULDO GD

SUyWHVHHRRVVRTXHQRUPDOPHQWHpGDRUGHPGHRXPDLRU6+$+$5HWDO



6HJXQGR6NXUODHWDODSHVDUGHWRGDVDVHYROXo}HVWpFQLFDVHGHGHVLJQGDV

SUyWHVHVDWD[DGHIDOKDVGRVLPSODQWHVDLQGDVHPDQWrPDOWDVQDIDL[DGHD

QRV~OWLPRVTXLQ]HDQRV$H[SHULPHQWDomRGHQRYDVWpFQLFDVHPPRGHORVDQLPDLV

SULQFLSDOPHQWHRFmRpGHJUDQGHLPSRUWkQFLDSDUDRGHVHQYROYLPHQWRGDiUHD(P

VHX WUDEDOKR RV DXWRUHV GHVWDFDP R IDWR GH QRUPDOPHQWH DV DYDOLDo}HV GRV

SDFLHQWHVFDQLQRVVHUHPUHDOL]DGDVSRUXPSHUtRGRGHWHPSRPXLWRPHQRUTXHHP

SDFLHQWHV KXPDQRV H GLVFXWHP D ILGHGLJQLGDGH GHVWHV GDGRV VH FRPSDUDGRV DRV

HVWXGRV GH ORQJD GXUDomR HP KXPDQRV 2 HVWXGR FROHWRX WULQWD H WUrV LPSODQWHV

SRVWPRUWHPDSyVXPLQWHUYDORGHDDQRVGHSURFHGLPHQWRHFKHJDUDP

DDOJXPDVFRQFOXV}HVGHTXHVHPHOKDQWHPHQWHDRVKXPDQRVRVLPSODQWHVFDQLQRV

WrPD WHQGrQFLDGHIDOKDU QDLQWHUIDFH FLPHQWR SUyWHVH DQWHV GD LQWHUIDFHFLPHQWR

RVVRDLQFLGrQFLDGHVROWXUDGHLPSODQWHVHQFRQWUDGDGHIRLPXLWRPDLRUGR

TXHRVHQFRQWUDGRVHPKXPDQRVTXHHVWmRQDIDL[DGHSURYDYHOPHQWHGHYLGR

DR IDWR GRV FmHV UHWRUQDUHP DR DSRLR VHP UHVWULomR GH IRUPD PDLV UiSLGD H RV

UHVXOWDGRV HP SHUtRGRVDWp WUrV DQRV IRUDPVHPHOKDQWHV DRV HQFRQWUDGRV SRU XP

SHUtRGR PDLRU WRUQDQGR DV DYDOLDo}HV GH FXUWR SUD]R UHDOL]DGDV HP H[SHULPHQWRV

FRPHVWHPRGHORDQLPDOFRQILiYHLV

9LURODLHQHWDOHPVHXWUDEDOKRSLRQHLURPDVSXUDPHQWHH[SHULPHQWDOFRP

D XWLOL]DomR GH SUyWHVHV PRGXODUHV FLPHQWDGDV HP GLiILVHV GH IrPXU HP FmHV

GHPRVWUDUDPDYLDELOLGDGHGDXWLOL]DomRGHVWHVLPSODQWHVHPDQLPDLV

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&RP REMHWLYRV IXQGDPHQWDOPHQWH H[SHULPHQWDLV PDV H[WUDSROiYHLV jV FRQGLo}HV

WHUDSrXWLFDVLQYHVWLJDUVHiRFRPSRUWDPHQWRGHSUyWHVHVGLDILViULDVIL[DGDVFRP

GLIHUHQWHVTXDQWLGDGHVGHFLPHQWRyVVHRTXDQGRVXEPHWLGDVDIRUoDVGHWRUomRTXH

pXPDGDVIRUoDVPDLVFRPSURPHWHGRUDVHUHVSRQViYHOSRUJUDQGHSDUWHGDVIDOKDV

GHLPSODQWHVHPSHTXHQRVDQLPDLVHLQYHVWLJDUVHiRFRPSRUWDPHQWRELRPHFkQLFR

GDSUyWHVHGLDILViULDPRGXODUDILPGHDYDOLDUVHXFRPSRUWDPHQWRTXDQGRVXEPHWLGR

DVIRUoDVGHWRUomR

&RPRSDUkPHWURVVHUmRDYDOLDGDVDVHVSHVVXUDVGDVFDPDGDV GHFLPHQWRyVVHR

XWLOL]DGDVSDUDDHVWDELOL]DomRGDSUyWHVHHRVYDORUHVGHULJLGH]jWRUomRHWRUTXH

Pi[LPR QHFHVViULR SDUD SURYRFDU IDOrQFLD GD PHVPD H RV YDORUHV GH ULJLGH] j

WRUomRHWRUTXHPi[LPRQHFHVViULRSDUDSURYRFDUDGHVHVWUXWXUDomRyVVHDQRRVVR

tQWHJUR 3DUD DYDOLDU D SUyWHVH R FRPSRUWDPHQWR GRV PyGXORV VHUmR DYDOLDGRV

GXUDQWHRHQVDLRGHWRUomR

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+LSyWHVH

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4XDQWR PDLRU D HVSHVVXUD GD FDSD GH FLPHQWR yVVHR PDLRU D ULJLGH] j WRUomR H

WRUTXHPi[LPR

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/LPLWDo}HV

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1~PHURSHTXHQRGHIrPXUHVHQVDLDGRVSRUJUXSRH[SHULPHQWDO

'HYLGR j QHFHVVLGDGH GH LVRODUDV IRUoDVGHURWDomR R HQVDLR QmRPLPHWL]D XPD

VLWXDomRELRPHFkQLFDLQYLYR

1mRIRLSRVVtYHODSHUIHLWDSDGURQL]DomRGHGLkPHWURyVVHRHHVSHVVXUDGHFRUWLFDO

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/ 8P SDU GH IrPXUHV IRL FROHWDGR H IRL UHDOL]DGR XPD RVWHFWRPLD GH 

FHQWtPHWURV HP UHJLmR GH WHUoR PpGLR GR IrPXU HVTXHUGR 2 FDQDO PHGXODU IRL

IUHVDGR H OLPSR UHWLUDQGR R Pi[LPR GH FRQWH~GR LQWUDPHGXODU (P VHJXLGD R

FLPHQWR yVVHR IRL SUHSDUDGR SDUD HP VHJXLGD VHU LQVHULGR QR FDQDO PHGXODU SDUD

FRDSWDomRGDSUyWHVHPRGXODU

&RP D SUyWHVH LQVWDODGD D H[WUHPLGDGH GLVWDO IRL SUHVD DR GLVSRVLWLYR PHFkQLFR

DFRSODGR j EDVH GD PiTXLQD GH HQVDLRV H VXD H[WUHPLGDGH SUR[LPDO IRL SUHVD j

SDUWH PyYHO GR GLVSRVLWLYR FRPSRVWD SRU XPD JDUUD FLOtQGULFD XPD SROLD SUHVD j

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JDUUDFRPGLkPHWURGHPPHXPDFRUUHLDGHDoRFRQHFWDGRDFpOXODGHFDUJDH

WUDYHVVmRPyYHOGDPiTXLQD

'HYLGR j LPSRVVLELOLGDGH GH VH DYDOLDU D SHoD GHYLGR j URWDomR GRV PyGXORV GD

SUyWHVH GHFLGLXVH VHSDUDU RV PyGXORV H DYDOLDU LVRODGDPHQWH FDGD VHJPHQWR $

SDUWH yVVHD GH FDGD VHJPHQWR IRL SUHVD D SDUWH PyYHO GR GLVSRVLWLYR HQTXDQWR D

KHPLSUyWHVH IRL DFRSODGD D EDVH GD PiTXLQD 5HDOL]RXVH R HQVDLR GR VHJPHQWR

GLVWDOHGRVHJPHQWRSUR[LPDOXWLOL]DQGRVHRPHVPRSURWRFRORGRVHJPHQWRGLVWDO

8PHQVDLRIRLUHDOL]DGRFRPRIrPXUFRQWUDODWHUDOtQWHJURDH[WUHPLGDGHGLVWDOIRL

SUHVD DR GLVSRVLWLYR PHFkQLFR DFRSODGR j EDVH GD PiTXLQD GH HQVDLRV H VXD

H[WUHPLGDGHSUR[LPDOIRLSUHVDjSDUWHPyYHOGRGLVSRVLWLYRFRPSRVWDSRUXPDJDUUD

FLOtQGULFDXPDSROLDSUHVDjJDUUDFRPGLkPHWURGHPPHXPDFRUUHLDGHDoR

FRQHFWDGRDFpOXODGHFDUJDHWUDYHVVmRPyYHOGDPiTXLQD

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FRQWUROH D SDUWLU GD UHJLmR GD IRVVD LQWHUWURFDQWpULFD HP VHJXLGD IRUDP

RVWHFWRPL]DGRVQDSRUomRGLVWDODXPDGLVWkQFLDGHFHQWtPHWURVGRSRQWRLQLFLDO

&RPRIrPXURVWHFWRPL]DGRUHDOL]DPRVDORFDOL]DomRGRSRQWRPpGLRGDGLVWkQFLD

WRWDO H D SDUWLU GHVWH SRQWR PHGLPRV XP QRYR SRQWR HP GLUHomR SUR[LPDO H RXWUR

GLVWDODXPDGLVWkQFLDGH FHQWtPHWURVGRSRQWRPpGLR(VWDVPDUFDo}HVIRUDP

UHDOL]DGDVQRWHFLGRyVVHRFRPFDQHWDGHPDUFDomRSHUPDQHQWHHIRUDPXWLOL]DGDV

FRPR UHIHUrQFLDV SDUD D PRQWDJHP GDV SHoDV QR VLVWHPD GH FLPHQWDomR )LJXUD

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2VRVVRVFRPVXDVUHVSHFWLYDVPDUFDo}HVIRUDPHQWmRSRVLFLRQDGRVQRVLVWHPDGH

FLPHQWDomR FRPSRVWR SRU GRLV FRSRV GH 39& GH  FHQWtPHWURV GH DOWXUD SRU 

PLOtPHWURV GH GLkPHWUR FRP EDVH GH SROLXUHWDQR H XPD FDOKD GH 39& SDUD

DFRSODPHQWRHUHWLILFDomRGRVFRSRVGH39&)LJXUD

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PDUFDo}HVSDUDDUHDOL]DomRGDVRVWHRWRPLDVQHFHVViULDVSDUDDPRQWDJHP

QRVLVWHPDGHFLPHQWDomR

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GH  FHQWtPHWURV GH DOWXUD SRU  PLOtPHWURV GH GLkPHWUR FRP EDVH GH

SROLXUHWDQRHWUrVSDUDIXVRVLQVHULGRVHPFDGDFRSRHXPDFDOKDGH39&SDUD

DFRSODPHQWRHUHWLILFDomRGRVFRSRVGH39&

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1DSDUHGHLQWHUQDGRVFRSRVGH39&IRLDSOLFDGDXPDFDPDGDGHDSUR[LPDGDPHQWH

XPPLOtPHWURGHVHODQWHGHVLOLFRQHGHFXUDDFpWLFDTXHYXOFDQL]DHPFRQWDWRFRPD

XPLGDGHGRDUIRUPDQGRXPHODVW{PHURIOH[tYHOHTXLPLFDPHQWHLQHUWHFXMDIXQomR

IRLHYLWDUDIXVmRGDUHVLQDGHSROLPHWLOPHWDFULODWRFRPDSDUHGHGRFRSRGH39&H

SHUPLWLU R GHVDFRSODPHQWR GR VLVWHPD VHP SUHMXGLFDU D HVWDELOL]DomR GD LQWHUIDFH

RVVR UHVLQD HP VHJXLGD RV RVVRV IRUDP SRVLFLRQDGRV GHQWUR GR VLVWHPD GH

FLPHQWDomRSDUDHPVHJXLGDVHUHPHVWDELOL]DGRVSRUWUrVSDUDIXVRVLQFRUSRUDGRVDR

FRSRGH39&FRPGLVWDQFLDPHQWRGHJUDXVHQWUHHOHVRVSDUDIXVRVSHUPLWLDP

DOpPGDIL[DomRGDSHoDDRFRSRGH39&DSRVVLELOLGDGHGHUHDOL]DUXPDMXVWHILQR

QD DQJXODomR GR HL[R IHPRUDO SRVVLELOLWDQGR XPD PHOKRU UHWLILFDomR GD SRUomR

yVVHD HQWUH DV EDVHV GH UHVLQD $SyV FHQWUDOL]DomR GR HL[R yVVHR QR VLVWHPD GH

FLPHQWDomR IRL SUHSDUDGD D UHVLQD GH SROLPHWLOPHWDFULODWR QD SURSRUomR GH GXDV

PHGLGDV GH Sy SDUD XPD GHOtTXLGR SDUD HP VHJXLGD SUHHQFKHU R FRSR GH39&

XWLOL]DQGRDUHVLQDDLQGDQDIDVHOtTXLGDWHQGRRFXLGDGRGHQmRLQFRUSRUDUEROKDV

GH DU DR VLVWHPD 2FRUUHQGR D FRPSOHWD SROLPHUL]DomR GD UHVLQD RV RVVRV IRUDP

UHWLUDGRVGRVLVWHPDGHFLPHQWDomRHFRORFDGRVQRVLVWHPDGHHQVDLRGHWRUomR

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2FRUSRGHSURYDIRLFRPSRVWRSRUXPIrPXUFDQLQRRVWHRWRPL]DGRQDUHJLmRFHQWUDO

GHVXDGLiILVHHSRUXPDSUyWHVHyVVHDPDQWHQGRXPDIDVWDPHQWRGHPPHQWUH

RVIUDJPHQWRVyVVHRV

)RUDPPHGLGRVRVFRPSULPHQWRVGRVIrPXUHVFDQLQRVLQFRUSRUDGRVDRJUXSR,

,, H ,,, D SDUWLU GD UHJLmR GD IRVVD LQWHUWURFDQWpULFD HP VHJXLGD IRUDP

RVWHFWRPL]DGRVQDSRUomRGLVWDODXPDGLVWkQFLDGHFHQWtPHWURVGRSRQWRLQLFLDO

&RPRIrPXURVWHFWRPL]DGRUHDOL]DPRVDORFDOL]DomRGRSRQWRPpGLRGDGLVWkQFLD

WRWDO H D SDUWLU GHVWH SRQWR PHGLPRV XP QRYR SRQWR HP GLUHomR SUR[LPDO H RXWUR

GLVWDODXPDGLVWkQFLDGH FHQWtPHWURVGRSRQWRPpGLR(VWDVPDUFDo}HVIRUDP

UHDOL]DGDVQRWHFLGRyVVHRFRPFDQHWDGHPDUFDomRSHUPDQHQWHHIRUDPXWLOL]DGDV

FRPR UHIHUrQFLDV SDUD D PRQWDJHP GDV SHoDV QR VLVWHPD GH FLPHQWDomR (P

VHJXLGDIRLUHDOL]DGDDRVWHRWRPLDQRSRQWRPpGLRGRIrPXUXWLOL]DQGRVHXPDVHUUD

yVVHDRVGRLVVHJPHQWRVIRUDPHQWmRDIHULGRVHPUHODomRDHVSHVVXUDGHFRUWLFDLV

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HGLkPHWURLQWHUQRHH[WHUQRSDUDHPVHJXLGDRFRUUHUDIUHVDJHPGRFDQDOPHGXODU

YLVDQGRUHWLUDURPi[LPR SRVVtYHO GHWHFLGRV PROHVSDUDXPDPHOKRULQWHUDomR GR

FLPHQWR yVVHR FRP D FRUWLFDO IHPRUDO $SyV D HVWDELOL]DomR GD SUyWHVH QR RVVR

DWUDYpVGDXWLOL]DomRGHFLPHQWRyVVHRRVRVVRVFRPVXDVUHVSHFWLYDVPDUFDo}HV

IRUDPHQWmRSRVLFLRQDGRVQRVLVWHPDGHFLPHQWDomR)LJXUDFRPSRVWRSRUGRLV

FRSRV GH 39& GH FLQFR FHQWtPHWURV GH DOWXUD SRU  PLOtPHWURV GH GLkPHWUR FRP

EDVHGHSROLXUHWDQRHXPDFDOKDGH39&SDUDDFRSODPHQWRHUHWLILFDomRGRVFRSRV

GH 39& (P VHJXLGD RV RVVRV IRUDP DORFDGRV GHQWUR GR VLVWHPD GH FLPHQWDomR

SDUD HP VHJXLGD VHUHP HVWDELOL]DGRV SRU WUrV SDUDIXVRV LQFRUSRUDGRV DR FRSR GH

39&FRPGLVWDQFLDPHQWRGHJUDXVHQWUHHOHV$SyVFHQWUDOL]DomRGRHL[RyVVHR

QR VLVWHPD GH FLPHQWDomR IRL SUHSDUDGD D UHVLQD GH SROLPHWLOPHWDFULODWR QD

SURSRUomRGHGXDVPHGLGDVGHSySDUDXPDGHOtTXLGRSDUDHPVHJXLGDSUHHQFKHU

RFRSR GH39& XWLOL]DQGR D UHVLQDDLQGD QD IDVHOtTXLGD WHQGR R FXLGDGRGHQmR

LQFRUSRUDUEROKDVGHDUDRVLVWHPD2FRUUHQGRDFRPSOHWDSROLPHUL]DomRGDUHVLQD

RV RVVRV IRUDP UHWLUDGRV GR VLVWHPD GH FLPHQWDomR H FRORFDGRV QR VLVWHPD GH

HQVDLRGHWRUomR)LJXUD

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)LJXUD±,PDJHPIRWRJUiILFDGRIrPXUDSyVLPSODQWDomRGDSUyWHVHGLDILViULDLQVHULGRQR

VLVWHPDGHFLPHQWDomRDSyVUHWLILFDomRGRVLVWHPD

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(PWRGRVRVHQVDLRVRVGHVORFDPHQWRVOLQHDUHVHDQJXODUHVUHODWLYRVGRVHJPHQWR

GLVWDO HP UHODomR DR VHJPHQWR SUR[LPDO IRUDP PHGLGRV DWUDYpV GD WpFQLFD GH

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JRQLRYLGHRJUDPHWULD3DUDLVVRIRLQHFHVViULDDXWLOL]DomRGHXPDPiTXLQDILOPDGRUD

GLJLWDO PDUFDGRUHV HVIpULFRV FRP GLkPHWUR GH FLQFR PLOtPHWURV XP IL[DGR QR

VHJPHQWRSUR[LPDOMXQWRDRµJDS¶GHPLOtPHWURVXPPDUFDGRUSUHVRDRVHJPHQWR

GLVWDOSUy[LPRDRµJDS¶HXPIL[DGRHPFDGDPyGXORGDSUyWHVHHXPSURJUDPDGH

FRPSXWDGRU TXH SHUPLWLX PHGLU DWUDYpV GDV LPDJHQV GLJLWDLV DV FRRUGHQDGDV

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)'       

)'       

)(       

)'       

)(       

)(       





7DEHOD  'HVFULomR GRV UHVXOWDGRVVHP GLYLVmRHP JUXSRV REWLGRVQR HQVDLRGH

WRUomRGRVIrPXUHVFRPSUyWHVHVLQGLFDQGRVXDQXPHUDomRFRPVLJODGH

TXDO PHPEUR VH UHIHUH QXPHUDomR GD SUyWHVH GLkPHWUR GD KDVWH

LQWUDPHGXODUFRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV



&RQFOXVmR

)rPXU



3UyWHVH 'LkPHWUR

GHKDVWH

PP

5LJLGH]

WRUomR

>1PJUDX@

5 7RUTXH

SLFR

>1P@

ÆQJXOR

SLFR

>JUDX@

7HPSR

3LFR>V@

)(       

)'       

)(       

)'       

)(       

)'       



7DEHOD'HVFULomRGRVUHVXOWDGRVGRJUXSR,FRPFDSDGHFLPHQWRGHPPD

PPREWLGRVQRHQVDLRGHWRUomRGRVIrPXUHVFRPSUyWHVHVLQGLFDQGRVXD

QXPHUDomR FRP VLJODGHTXDO PHPEUR VH UHIHUH QXPHUDomR GD SUyWHVH

GLkPHWURGDKDVWHLQWUDPHGXODUFRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV





)rPXU



3UyWHVH



'LkPHWURGD

KDVWH>PP@



5LJLGH]

WRUomR

>1PJUDX@



5



7RUTXH

SLFR>1P@



ÆQJXOR

SLFR>JUDX@



7HPSR

SLFR>V@





)'       

)(       

)(       

)(       

)(       

)(       

)'       

)(       







7DEHOD'HVFULomRGRVUHVXOWDGRVGRJUXSR,,FRPFDSDGHFLPHQWRGHPPD

PPREWLGRVQRHQVDLRGHWRUomRGRVIrPXUHVFRPSUyWHVHVLQGLFDQGRVXD

QXPHUDomR FRP VLJOD GH TXDO PHPEUR VH UHIHUH QXPHUDomR GD SUyWHVH

GLkPHWURGDKDVWHLQWUDPHGXODUFRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV



)rPXU



3UyWHVH



'LkPHWUR

GDKDVWH

PP



5LJLGH]

WRUomR

>1PJUDX@



5



7RUTXH

SLFR

>1P@



ÆQJXOR

SLFR

>JUDX@



7HPSR

SLFR>V@



)(       

)'       

)(       

)'       

)(       

)(       

)'       

)'       



7DEHOD'HVFULomRGRVUHVXOWDGRVGRJUXSR,,,FRPFDSDGHFLPHQWRGHPPD

PPREWLGRVQRHQVDLRGHWRUomRGRVIrPXUHVFRPSUyWHVHVLQGLFDQGRVXD

QXPHUDomR FRP VLJODGHTXDO PHPEUR VH UHIHUH QXPHUDomR GD SUyWHVH

GLkPHWURGDKDVWHLQWUDPHGXODUFRUUHVSRQGHQWHHYDORUHVHQFRQWUDGRV





)rPXU



3UyWHVH



'LkPHWURGD

KDVWH>PP@



5LJLGH]

WRUomR

>1PJUDX@



5



7RUTXH

SLFR>1P@

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



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)'       

)'       

)(       

)'       

)(       

)(       

)'       







7DEHOD  ± 9DORUHV PpGLRV GDV GLIHUHQoDV GH ULJLGH] j WRUomR 1PJUDX H SLFR GR

WRUTXH1PGRMRHOKRVXEPHWLGRjVSUyWHVHVHPUHODomRDRVUHVSHFWLYRV

MRHOKRV tQWHJURV FRQWUDODWHUDLV FRP PpGLD JHUDO GHVYLRSDGUmR '3

FRHILFLHQWH GH YDULDomR &9 H SUREDELOLGDGHV GRV FRQWUDVWHV QmR

RUWRJRQDLV[[

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

7UDWDPHQWRV    &RQWUDVWHV

3UyWHVH



3UyWHVH



3UyWHVH



0pGLD '3

&9



[ [

5LJLGH]        

7RUTXH

       



7DEHOD ± 9DORUHVPpGLRV GDV GLIHUHQoDV GHULJLGH]j WRUomR 1PJUDXHSLFR GR

WRUTXH1PGRMRHOKRVXEPHWLGRjVSUyWHVHVHPUHODomRDRVUHVSHFWLYRV

MRHOKRV tQWHJURV FRQWUDODWHUDLV FRP PpGLD JHUDO GHVYLRSDGUmR '3

FRHILFLHQWH GH YDULDomR &9 H SUREDELOLGDGHV GRV FRQWUDVWHV QmR

RUWRJRQDLV[[

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 7UDWDPHQWRV    &RQWUDVWHV



3UyWHVH



3UyWHVH



3UyWHVH



0pGLD '3

&9



[ [

5LJLGH]

       

7RUTXH        



7DEHOD±9DORUHVPpGLRVGDULJLGH]jWRUomR1PJUDXHSLFRGRWRUTXH1PGRV

MRHOKRV VXEPHWLGRV jV SUyWHVHV FRP HVSHVVXUD GH  PP FRP

UHVSHFWLYDVPpGLDVGHVYLRSDGUmR'3 FRHILFLHQWHGHYDULDomR &9 H

SUREDELOLGDGHVGRWHVWHW





7UDWDPHQWRV    



3UyWHVH 3UyWHVH 0pGLD '3 &9 3UREDELOLGDGH

5LJLGH]

     

7RUTXH

     

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7DEHOD±5HVXOWDGRGHDQiOLVHGH FRUUHODomROLQHDUGH3HDUVRQTXHTXDQWLILFDD

IRUoD GH DVVRFLDomR OLQHDU HQWUH GXDV YDULiYHLV PRVWUDQGR D HYLGrQFLD

HVWDWLVWLFDPHQWHVLJQLILFDWLYDDRQtYHOGHGHXPDDVVRFLDomRSRVLWLYD

HQWUHULJRUHWRUTXHGRMRHOKRFRPSUyWHVHHtQWHJUR

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&RUUHODomR/LQHDUGH

3HDUVRQ

U3

5LJRU±WRUTXHSUyWHVH  

5LJRU±WRUTXHtQWHJURV  

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

*UiILFR  ± *UiILFR GH QRUPDOLGDGH DSUHVHQWDQGR R KLVWRJUDPD GH IUHTrQFLD H

KLVWRJUDPD GRV UHVXOWDGRV GD ULJLGH] j WRUomR HQFRQWUDGRV QR MRHOKR

tQWHJUR2HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGDULJLGH]RHL[R\D

HVTXHUGDLQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYDGH*DXVVH\

DGLUHLWDRQ~PHURGHXQLGDGHVH[SHULPHQWDLV



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

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*UiILFR  ± *UiILFR GH QRUPDOLGDGH DSUHVHQWDQGR R KLVWRJUDPD GH IUHTrQFLD H

KLVWRJUDPDGRVUHVXOWDGRVGRWRUTXHHQFRQWUDGRVQRMRHOKRtQWHJUR2

HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGRWRUTXHRHL[R\DHVTXHUGD

LQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYDGH*DXVVH\DGLUHLWDR

Q~PHURGHXQLGDGHVH[SHULPHQWDLV



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*UiILFR  ± *UiILFR GH QRUPDOLGDGH DSUHVHQWDQGR R KLVWRJUDPD GH IUHTrQFLD H

KLVWRJUDPD GRV UHVXOWDGRV GD ULJLGH] j WRUomR HQFRQWUDGDQRV MRHOKRV

FRPSUyWHVH2HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGDULJLGH]RHL[R

\DHVTXHUGDLQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYDGH*DXVV

H\DGLUHLWDRQ~PHURGHXQLGDGHVH[SHULPHQWDLV



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*UiILFR  ± *UiILFR GH QRUPDOLGDGH DSUHVHQWDQGR R KLVWRJUDPD GH IUHTrQFLD H

KLVWRJUDPD GRV UHVXOWDGRV GR WRUTXH HQFRQWUDGR QRV MRHOKRV FRP

SUyWHVH2HL[R[GRJUiILFRUHSUHVHQWDRVYDORUHVGRWRUTXHRHL[R\D

HVTXHUGDLQGLFDRQ~PHURDEVROXWRXWLOL]DGRSDUDDFXUYDGH*DXVVH\

DGLUHLWDRQ~PHURGHXQLGDGHVH[SHULPHQWDLV



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

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',6&8662

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$ iUHD GH PHGLFLQDYHWHULQiULD YHP VH GHVHQYROYHQGR UDSLGDPHQWH SRVVLELOLWDQGR

DRV SDFLHQWHV XPD PHOKRU TXDOLGDGH GH WUDWDPHQWR H D SRVVLELOLGDGH GR PpGLFR

YHWHULQiULR XWLOL]DU HP VXD URWLQD XPD TXDQWLGDGH FDGD YH] PDLRU GH UHFXUVRV

WHUDSrXWLFRVYLVDQGRRVXFHVVRGRWUDWDPHQWR

2GHVHQYROYLPHQWRGHQRYDVWpFQLFDVHWHFQRORJLDVGHSHQGHGDFROHWDGHGDGRVGH

EDVHSDUDSRVVLELOLWDUXPHVWXGRWpFQLFRHHPEDVDPHQWRFLHQWLILFRFRUURERUDQGRRV

UHVXOWDGRV FOtQLFRFLU~UJLFRV FRQFRUGDPRV FRP 'X\FN HW DO  TXH FLWDP TXH

DSHVDUGHGLYHUVRVHVWXGRVFRQWULEXtUHPSDUDRHQWHQGLPHQWRGRSDSHOGRDPELHQWH

GHHVWUHVVHHWHQVmRyVVHRDFRQILDELOLGDGHGHWDLVHVWXGRVILFDPFRPSURPHWLGDV

GHYLGRDRIDWRGRVHVWtPXORVPHFkQLFRVXWLOL]DGRVQmRFRQVHJXLUHPLVRODUWRGDVDV

IRUoDVDWXDQWHV

2 PHPEUR SpOYLFR FDQLQR WHP VLGR WHPD GH GLYHUVRV HVWXGRV FOtQLFRFLU~UJLFRV

GHYLGRjDOWDLQFLGrQFLDGHPROpVWLDVTXHDFRPHWHPHVWDUHJLmRDQDW{PLFDHVXDV

FRQVHTrQFLDVSDUDDTXDOLGDGHGHYLGDGRVSDFLHQWHVHGHVHXVSURSULHWiULRV(P

GHWHUPLQDGDVUDoDVDOJXPDVGRHQoDVVmRPDLVSUHGLVSRVWDVDRFRUUHUHPGHDFRUGR

FRPVXDKHUDQoDJHQpWLFD3RUpPDJUDQGHPDLRULDGDVGRHQoDVTXHDFRPHWHPR

PHPEURSpOYLFRQmRHVWiGLUHWDPHQWHUHODFLRQDGDDXPDUDoDHVSHFLILFDHPXLWDV

YH]HV HVWmR PDLV OLJDGDV DR PRGR GH YLGD GR SDFLHQWH $OJXQV H[HPSORV VmR D

RFRUUrQFLDVGHIUDWXUDVGHDOWDFRPLQXomRGHFRUUHQWHVGHWUDXPDVGHDOWDHQHUJLDH

QHRSODVLDVyVVHDVFDGDYH]PDLVIUHTHQWHVGHYLGRDRIDWRGDPHOKRUTXDOLGDGHGH

YLGD OHYDU R QRVVR SDFLHQWH D XPD PDLRU ORQJHYLGDGH JHUDQGR GRHQoDV PXLWR

OLJDGDVDRSURFHVVRGHHQYHOKHFLPHQWRGRLQGLYLGXR

2 IrPXU FDQLQR SRVVXL DOJXPDV FDUDFWHUtVWLFDV DQDW{PLFDV TXH R WRUQDP XP GRV

RVVRVPDLVGHVDILDGRUHVGHVHSHVTXLVDUHPHVSHFLDOHPHQVDLRVELRPHFkQLFRVGH

WRUomR GHYLGR j GLILFXOGDGH GH SDGURQL]DomR GRV HQVDLRV H FRPSOH[LGDGH HP

GHWHUPLQDUVHXHL[RFHQWUDO

2 RVVR FRUWLFDO GLDILViULR p XP PDWHULDO FRPSyVLWR FRQVWLWXtGR EDVLFDPHQWH SRU

KLGUR[LDSDWLWD TXH OKH FRQIHUH ULJLGH] H XPD PDWUL] GH FROiJHQR XPD SURWHtQD

UHVSRQViYHO SRU VXDV SURSULHGDGHV HOiVWLFDV H SOiVWLFDV (VWDV FDUDFWHUtVWLFDV

SRVVLELOLWDP DR RVVR DSUHVHQWDU XPD UHVLVWrQFLD DGDSWDGD jV WHQV}HV SRQWXDLV

YDULiYHLVDRORQJRGRWHPSRSRVLomRHDVVROLFLWDo}HVH[WHUQDV&$0$5*2HWDO



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 2V FmHV GLIHUHQWHPHQWH GRV KXPDQRV VRIUHP PHQRV FRQVHTrQFLDV GD

LGDGH QD FDSDFLGDGH GH UHWHQomR GH FiOFLR QRV WHFLGRV yVVHRV SRUpP VHX

PHWDEROLVPR p DIHWDGR H D FDSDFLGDGH GH FRQVROLGDomR yVVHD GHYH VHPSUH VHU

OHYDGDHPFRQWDQRV DQLPDLVLGRVRV 1RVDQLPDLVXWLOL]DGRVQRHVWXGRQmRIRUDP

LQFOXtGRV DQLPDLVGHQWUR GD IDL[D FRQVLGHUDGDLGRVD TXH SDUD RV LQGLYtGXRV GHVWH

HVWXGRVHULDFRQVLGHUDGDDQRV*2/'6721

7UDEDOKRVPRVWUDPTXHRPRPHQWRGHUXSWXUDyVVHDDQLPDOGXUDQWHRPRYLPHQWR

WRUFLRQDO QmR p LQIOXHQFLDGR SHOD GLUHomR GR PRYLPHQWR <$0$'$  VHQGR

SRUWDQWR LQGLIHUHQWH D URWDomR LQWHUQD RX H[WHUQD GR PHPEUR GXUDQWH R HQVDLR GH

WRUomR )RL HVWDEHOHFLGR UHDOL]DU RV HQVDLRV XWLOL]DQGR XP SURWRFROR GH URWDomR

H[WHUQD FRP D ILQDOLGDGH GH SDGURQL]DomR H DVVXPLQGR XPD VLWXDomR RQGH R FmR

HVWLYHVVH UHDOL]DQGR XP PRYLPHQWR GH FDGHLD IHFKDGD GXUDQWH XP PRYLPHQWR

FXUYLOtQHR XQLIRUPH WHQWDQGR DVVLP PLPHWL]DU DR Pi[LPR XPD VLWXDomR RQGH DV

IRUoDVGHURWDomRHVWDULDPDJLQGRGHIRUPDVLJQLILFDWLYDQRIrPXU

e GHVFULWR TXH QR FDVR GH IrPXUHV R FHQWUR GD IUDWXUD RFRUUH QR PHLR GR RVVR

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VLVWHPD 2 VLVWHPD GH FLPHQWDomR VH PRVWURX H[WUHPDPHQWH HILFLHQWH HP VXD

IXQomRGHDX[LOLDUQDUHWLILFDomRGRFRUSRGHSURYD

8PDFRUUHWDFHQWUDOL]DomRGRIrPXUpSRQWRIXQGDPHQWDOSDUDXPDFRUUHWDDYDOLDomR

H SDGURQL]DomR GH XP HQVDLR GH WRUomR VHMD HOH GHVWUXWLYR RX QmR $ DQDWRPLD

QRUPDOGRIrPXUFDQLQRGLILFXOWDRHVWDEHOHFLPHQWRGHSURWRFRORVHFRQWUROHGHWRGDV

DVYDULiYHLVTXHSRVVDPLQIOXHQFLDUQRUHVXOWDGRHGDGRVGRHQVDLR&RQFRUGDPRV

TXH D DQiOLVH ELRPHFkQLFD p GH JUDQGH LPSRUWkQFLD QD REWHQomR GH GDGRV

QHFHVViULRV SDUD FRPSUHHQGHU PHOKRU FRPR DV IRUoDV DWXDP HP GHWHUPLQDGDV

HVWUXWXUDVRXLPSODQWHVFRPRFLWDGRSRU%HUQDGpHWDO

$ RVWHFWRPLD LQLFLDO YLVRX SDGURQL]DU R WDPDQKR GRV IrPXUHV H WHQWDU UHWLUDU GR

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SUREOHPiWLFD HP UHODomR j FHQWUDOL]DomR QR HQVDLR GH WRUomR $V PDUFDo}HV

UHDOL]DGDVQRVRVVRVSHUPLWLUDPSDGURQL]DUDTXDQWLGDGHGHRVVRTXHILFRXGHQWUR

GRV FRSRV GH 39& H D GLVWkQFLD HQWUH DV SRUo}HV SUR[LPDLV H GLVWDLV TXH IRUDP

VXEVHTHQWHPHQWH HVWDELOL]DGRV FRP D UHVLQD DFUtOLFD &RP HVWHV FXLGDGRV IRL

SRVVtYHO SDGURQL]DULQGHSHQGHQWHGRWDPDQKR LQLFLDO GRIrPXU tQWHJURRWDPDQKR

GRFRUSRGHSURYDGXUDQWHRHQVDLR

&RPDSDGURQL]DomRGRWDPDQKRGRFRUSRGHSURYDIRLSRVVtYHOHOLPLQDUXPDGDV

YDULiYHLVGRHQVDLRTXHHUDDGLVWkQFLDGREUDoRGHIRUoDTXHLULDWUDQVPLWLUDVIRUoDV

GDSRUomRSUR[LPDOSDUDDSRUomRGLVWDOGRIrPXU

2 GHVHQYROYLPHQWR GR VLVWHPD GH FLPHQWDomR WDPEpP IRL LPSUHVFLQGtYHO SDUD R

FRUUHWR SRVLFLRQDPHQWR GR IrPXU GXUDQWH R HQVDLR DSHVDU GH WRGRV RV FXLGDGRV

UHDOL]DGRV D ILP GH UHWLILFDU RV IrPXUHV DLQGD H[LVWLDP DOJXPDV SHoDV TXH

PDQWLQKDP XP GHVYLR FDXGDO GR HL[R yVVHR QHVWHV FDVRV D FDOKD GH 39&

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SDUDIXVRV QRV UHVSHFWLYRV FRSRV SHUPLWLX XP DMXVWH ILQR GD DQJXODomR GR IrPXU

DQWHVGRSURFHVVRGHSROLPHUL]DomRGDEDVHGHUHVLQDDFUtOLFD

&RQFRUGDPRVTXHRSURFHGLPHQWRGHFLPHQWDomRGDSUyWHVHVHPRVWURXXPSRQWR

IXQGDPHQWDOQRVXFHVVRGDHVWDELOL]DomRSURWpWLFDFRPRUHODWDGRSRU+RHIOH

1XQDPDNHU  H 2OPVWHDG  R WHPSR GH SROLPHUL]DomR GHYH VHU

UHVSHLWDGRXWLOL]DQGRVHFRPRUHIHUrQFLDR tQLFLRGDIDVHERUUDFKRLGHHYLGHQFLDGD

SHOR PRPHQWR RQGH R FLPHQWR QmR DGHUH PDLV QD OXYD FLU~UJLFD FRPR FLWDGR SRU

0HVVLFN HW DO  VHQGR IDFLOPHQWH PDQLSXODGR 2 WHPSR GH SROLPHUL]DomR

SHUPLWLXIDFLOPHQWHDFLPHQWDomRGRVGRLVPyGXORVGDSUyWHVHVHQGRQHFHVViULRXP

HVSHFLDOFXLGDGRQRTXHWDQJHDFHQWUDOL]DomRGDKDVWHQRFDQDOPHGXODU(GZDUGV

HWDOHPVHXWUDEDOKRUHODWDUDPXPDFRUUHODomRHQWUHFRQWDWRGDSUyWHVHFRP

R HQGyVWHR FRP XPD PDLRU SUREDELOLGDGH GH IDOKD GR LPSODQWH SRUpP H[LVWHP

DXWRUHVTXHGLYHUJHPGHVWDRSLQLmRQmRHQFRQWUDQGRFRUUHODomRVLJQLILFDWLYDQHVWD

VLWXDomR)5$1.(/HWDO(PQRVVRHVWXGRQmRIRUDPHQFRQWUDGRVGHVYLRV

GH HL[R GH FLPHQWDomR TXH HYLGHQFLDVVH FRQWDWR GD KDVWH GR LPSODQWH FRP R

HQGyVWHR LPSRVVLELOLWDQGR XPD FRPSDUDomR HQWUH RV GDGRV GRV WUDEDOKRV FLWDGRV

QD OLWHUDWXUD PDV SRGHPRV LQIHULU TXH XP GHVYLR PDLV VLJQLILFDWLYR GD SUyWHVH QR

HL[RGRFDQDOPHGXODULUiSURYRFDUXPDIUDJLOLGDGHGDHVWDELOL]DomRGHYLGRDRIDWR

GHRFRUUHUXPPHQRUUHFREULPHQWRGHFLPHQWRHPFHUWDVUHJL}HVGRLPSODQWHFRPR

FLWDGRSRU)UDQNHO HW DO HXPD VREUHFDUJDGRV SRQWRV GH FRQWDWR LPSODQWH

HQGyVWHR IDWR WDPEpP FLWDGR SRU (GZDUGV HW DO  SULQFLSDOPHQWH TXDQGR

VXEPHWLGRDIRUoDVGHURWDomRGHYLGRDSRVVLELOLGDGHGHPRYLPHQWRVGHDODYDQFDQD

FRUWLFDOyVVHDSRGHQGRHPFDVRVH[WUHPRVFDXVDUXPDIUDWXUDLDWURJrQLFD

&RQFRUGDPRVFRP0DMNRZVNL HW DO H,VKLKDUD HW DO TXH GHVFUHYHP

HP VHX WUDEDOKR D LPSRUWkQFLD GD OLPSH]D GR FDQDO PHGXODU SDUD XPD FRUUHWD

SHQHWUDomRQD LQWHUIDFHFLPHQWR RVVR HPQRVVRHVWXGRDSDUWLUGDSUHSDUDomRGD

SHoDSDUDDLPSODQWDomRGDSUyWHVHIRLQtWLGDDQHFHVVLGDGHGHXPDERDIUHVDJHP

GRFDQDOPHGXODUHVHFDJHPGDiUHDDQWHVGRSURFHGLPHQWRGHFLPHQWDomR&RP

FHUWH]D HP DPELHQWH FLU~UJLFR LQYLYR HVWH WLSR GH SURFHGLPHQWR p GLILFXOWDGR SHOD

SUHVHQoDGHKHPRUUDJLDHFDPSRFLU~UJLFRPDLVOLPLWDGRSRUpPRFLUXUJLmRGHYHWHU

HPPHQWHTXHVXDSUHSDUDomRSUpFLPHQWDomRpGLUHWDPHQWHUHODFLRQDGDDFKDQFH

GHVXFHVVRQDHVWDELOL]DomR(PWRGRVRVHQVDLRVELRPHFkQLFRVFRPDVSUyWHVHV

RFRUUHXVROWXUDGDLQWHUIDFHFLPHQWRSUyWHVHVHQGRTXHDLQWHUIDFHFLPHQWRRVVRVH

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PDQWHYH HVWiYHO HP WRGRV RV FRUSRV GH SURYD (VWH UHVXOWDGR FRUURERUD RV

UHVXOWDGRV HQFRQWUDGRV QR WUDEDOKR GH 6NXUOD HW DO  TXH GXUDQWH D VXD

DYDOLDomRSRVWPRUWHPGHLPSODQWHVGHSUyWHVHVGHTXDGULOFDQLQRVREVHUYRXTXH

GDVLQVWDELOLGDGHVHVWDYDPUHODFLRQDGDVDLQWHUIDFHLPSODQWHFLPHQWR

(P QRVVD RSLQLmR LVWR VH GHYH SULQFLSDOPHQWH DRIDWR GHXPD ERD SUHSDUDomR GD

iUHD GH LPSODQWDomR H GD JHRPHWULD LQHUHQWH DR FDQDO PHGXODU SURYRFDU XPD

UHVLVWrQFLDQDWXUDODRPRYLPHQWRGHURWDomRLQWHUQD

'HYHPRV OHPEUDU TXH QRVVD DYDOLDomR IRL UHDOL]DGD LPHGLDWDPHQWH DSyV R

SURFHGLPHQWRGHFLPHQWDomRGDSUyWHVHQmRSHUPLWLQGRTXHRXWURVIDWRUHVFRPRD

SUHVHQoD GH IOXLGRV UHJLRQDLV TXH VHJXQGR ,HVDND HW DO  SRGHP PRGLILFDU

GUDVWLFDPHQWHDHVWDELOLGDGHGDSUyWHVHHPDSHQDVGXDVVHPDQDVSXGHVVHPDIHWDU

RVUHVXOWDGRV,VWRVHGHYHDRIDWRGRHVFRSRGHQRVVRWUDEDOKRQmRYLVDUGHWHUPLQDU

HVWHVWLSRVGHIDWRUHVH[WHUQRVLQWHUIHULQGRQDHVWDELOLGDGHSURWpWLFD

1RVHQVDLRV

$ VXEVWLWXLomR RX UHSDUR yVVHR XWLOL]DQGRVH LPSODQWHV H SUyWHVHV SRVVLELOLWD DR

PpGLFRYHWHULQiULRGLPLQXLUDGRUHPHOKRUDUDTXDOLGDGHGHDPEXODWyULDHGHYLGDGH

VHX SDFLHQWH VHQGR TXH HVWHV PDWHULDLV GHYHP FXPSULU DOJXQV UHTXLVLWRV EiVLFRV

SDUDVHUHPXWLOL]DGRVTXHVmRSRVVLELOLGDGHGHXWLOL]DomRHPDQLPDLVGHWDPDQKRV

YDULDGRV PDQXWHQomR GH HVWDELOLGDGH TXDQGR VXEPHWLGRV D FDUJD FtFOLFD

SRVVLELOLWDU XPD DPSOLWXGH GH PRYLPHQWR IXQFLRQDO H SURYLU XPD ERD HVWDELOLGDGH

FLQHPiWLFD

(P 0HGLFLQD 9HWHULQiULD D PDLRULD GDV SUyWHVHV p XWLOL]DGD SDUD VXEVWLWXLU

SDUFLDOPHQWH DV DUWLFXODo}HV IHPRUDLV VHQGR HVWDV SRXFR H[SORUDGDV HP RXWUDV

UHJL}HVDQDW{PLFDV

1D OLWHUDWXUD H[LVWH GHVFULomR GH GLYHUVRV WUDEDOKRV XWLOL]DQGR FRPR PRGHOR

H[SHULPHQWDO D SUyWHVH GH TXDGULO WDQWR QD iUHD KXPDQD -26+, HW DO 

+$1'(/6 HW DO  :$,'( HW DO  FRPR QD iUHD PpGLFDYHWHULQiULD

+817(5HWDO0$621HWDO6+$+$5HWDO)5$1.(/HWDO

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GH HP DPEDV DV iUHDV D JUDQGH LQFLGrQFLD GH PROpVWLDV QHVWD UHJLmR DQDW{PLFD

GHPDQGDURGHVHQYROYLPHQWRGHSUyWHVHVTXHSXGHVVHPDX[LOLDURVSDFLHQWHVHP

VXD UHFXSHUDomR 2 JUDQGH GHVHQYROYLPHQWR H SHVTXLVD GHVWH WLSR GH SUyWHVH

SRVVLELOLWDUDPDRVSURILVVLRQDLVDXWLOL]DomRGHPRGHORVGHSUyWHVHVFLPHQWDGDVRX

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WpFQLFDGHHVWDELOL]DomRHPSUHJDGD

(P SDFLHQWHV KXPDQRV VHJXQGR UHODWDGR SRU 'RQDWL HW DO  TXH

DFRPSDQKDUDPDHYROXomR GHSDFLHQWHVWUDWDGRV FRPSUyWHVHV PRGXODUHV QmR

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GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&('G

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

6(*0(172

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SUR[LPDO  

GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&((H

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  

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FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  

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FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

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GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  

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FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(-M

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7DEHOD9DORUHVDIHULGRVFRPSDTXtPHWURGLJLWDOQRIrPXUGHQ~PHUR

FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

6(*0(172

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0(','$PP

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SUR[LPDO  

GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(.N

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7DEHOD9DORUHVDIHULGRVFRPSDTXtPHWURGLJLWDOQRIrPXUGHQ~PHUR

FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

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SUR[LPDO  

GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(/O

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(0P

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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

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$3Ç1',&(3S

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7DEHOD9DORUHVDIHULGRVFRPSDTXtPHWURGLJLWDOQRIrPXUGHQ~PHUR

FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

6(*0(172

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SUR[LPDO  

GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(4T

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

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SUR[LPDO  

GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(5U

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(6V

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  

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FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(7W

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRGLVWDOODWHURODWHUDO  

GLkPHWURLQWHUQRGLVWDOPDLRU  

GLkPHWURLQWHUQRGLVWDOPHQRU  



FRUWLFDOSUR[LPDOFUDQLDO  

FRUWLFDOSUR[LPDOFDXGDO  

FRUWLFDOSUR[LPDOODWHUDO  

FRUWLFDOSUR[LPDOPHGLDO  

GLkPHWURLQWHUQRSUR[LPDOFUkQLRFDXGDO  

GLkPHWURLQWHUQRSUR[LPDOODWHURODWHUDO  

GLkPHWURLQWHUQRSUR[LPDOPDLRU  

GLkPHWURLQWHUQRSUR[LPDOPHQRU  

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$3Ç1',&(8X

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FRPSUyWHVHVXEPHWLGRDHQVDLRGHWRUomR

3UyWHVH 

6(*0(172

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GLVWDO  

GLkPHWURSUR[LPDOODWHURODWHUDO  

GLkPHWURSUR[LPDOFUkQLRFDXGDO  

GLkPHWURGLVWDOODWHURODWHUDO  

GLkPHWURGLVWDOFUkQLRFDXGDO  



FRUWLFDOGLVWDOFUDQLDO  

FRUWLFDOGLVWDOFDXGDO  

FRUWLFDOGLVWDOODWHUDO  

FRUWLFDOGLVWDOPHGLDO  

GLkPHWURLQWHUQRGLVWDOFUkQLRFDXGDO  

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