working papers
ESTE É UM ARTIGO EM ELABORAÇÃO. PROIBIDO CITAR SEM AUTORIZAÇÃO DO AUTOR / WORKING PAPER. PLEASE DO NOT QUOTE
REGULAÇÃO CAMBIAL ENTRE A ILEGALIDADE
E A ARBITRARIEDADE: O CASO DA COMPENSAÇÃO
PRIVADA DE CRÉDITOS INTERNACIONAIS
working papers
ESTE É UM ARTIGO EM ELABORAÇÃO. PROIBIDO CITAR SEM AUTORIZAÇÃO DO AUTOR / WORKING PAPER. PLEASE DO NOT QUOTE
REGULAÇÃO CAMBIAL ENTRE A ILEGALIDADE
E A ARBITRARIEDADE: O CASO DA COMPENSAÇÃO
PRIVADA DE CRÉDITOS INTERNACIONAIS
$% & ' " ( ) * +
! "# $
% & ! ' "( ! ! '! )
* + , )
% - ! .
$ / ' ! "# ! 0.1 2
1 * 3 "# 3 "# ! ! 024 4
) / ! 5 ! !
. )
6 - ! ' 7
6' + 8! 7
9 8 : 0
$ ; &
; # $
$% & ' " ( ) * 2
)# ( - 3 4 &5
& # ( 6% - ) ) & 7) ( & ( 7 # ( 8 9) & * ) 8
" 6% & #4 " 4 ( " 1 ( ) (& " ) # # ) & ) )
# +:;; ) (0 ) # # & -< ) +:=>1 (( (
) ( ( - ( & ?# # ) 6% - * & # - ) " @ 6% )
“ 6A ( B & (C * % ( # " ( 4 & ( 4 " ) ( #
&D#4 ” “& # ( 6% - ) ) & 7) ( B & (C”1 ( 4 "
E # & # ( 6% - ) ) & 7) (0 ) # # & E ( / & 1 *
( (( & "# ) ( # (1 # # " 0 ) ( 6
8 9) & * & & ) 6% ) ( ) & # ( 6% - ) ) & 7) (
& ( % 7 # ( " ) 1 & 5 0 " @ ) # & E # (
# " ) ) & @ ( 4 ( ) 48 - ) " 6% & #4 " 4 ( "
) # # ) "1 # ( ) " 0 & # ( 6% - ) ) & 7) ( (
?( ( ) ) ( ( & & ( 7 (( " ) ) 1 )
- ( ) 7& & 8 9) & 0 - ? & " " ) ) & ( & " ) ( (% 4 (
* ( 5- (1 ) - ( "9 & 0 6% ) ( # - ( * ) (& " #
& # ( 6% - ) ) & 7) ( - & # ( & & ( D & ( ( / & (0 (
) " ( ) # (0 ( & ( ( "9 & ( ) & ( % 1 F "# 0 5 ) #
& ) ) # (% ( & " ) " 6% & #4 "0 * ( " & ) #
& # ) - ( ( ( & ( ) # " 6% E & 6% ) "9 & & G# & ) - 1
# ) ( # & 8 0 (( ( ( & ( ) # ( # ( ) ) & @ 8 9) &
4 ) ) 4 & 5 & * # # " 6% & #4 " 4 ( " 0 # "
( ) ) # & 5 & ) ) 1
$% & ' " ( ) * ;
& # ( 6% - ) ) & 7) ( & ( 7 # ( 8 9) & * ) 8
" 6% & #4 " 4 ( " 1 ( ) (& " ) # # ) & ) )
# +:;; ) (0 ) # # & -< ) +:=>1 (( (
) ( ( - ( & ?# # ) 6% - * & # - ) " @ 6% )
“ 6A ( B & (C * % ( # " ( 4 & ( 4 " ) ( #
&D#4 ” “& # ( 6% - ) ) & 7) ( B & (C”1 )7& ) (0
. ( " 5 $ & " . $ ) & . " ) ( " . $ ) #
" 6% ) ( & # ( 6A ( - ) ( & ( & # ( ) ) #
(* # # ( # " ) ) ( ) # ) & " * - ( - - * (
( & " - (0 & " ( "9 & ( ) ( 4( 6% ) # 6A (0 & ) - ( (1
( & # 0 & # # ) 6 ) # ) " & G# & 4 ( " 0 (( - (%
" # # ) ) 0 ( & (( ) # ) 6 ) ( 5 # & ( 1
# # H # ) 6 ) # ) " & G# & ) ( " ( I" # ( ) ( )7& ) (02
- ) 6% H & # ( 6% - ) ) & 7) ( & ( (( @ ) #
4" # # ( # " J 4 E * " ) ) 8 9) & ) " 6% & #4 " 4 ( " 0 & 8
6 # ( # & 7 ( 6 8 9) & 1 ,# &9 " # ) ( ) )
7 ) * # & " " ) - ( - ) ( 6A ( ) ( (
I4" & ( * ) ( ( - ) (1 ( ) ) & (% 0 " @ 6% ) " " ) )
# " ( & ( ( # * ( & ( # & " " # ( ( & &" ( (
( I4" & (1 ( ( & & # 0 5 # # ( 6 ) & @ ( 4 *
) ( 50 * % ( 50 # ) " # & " " & #4 "1
( 4 " E # & # ( 6% - ) ) & 7) (0 ) # #
& E ( / & 1 * ( (( & "# ) ( # (1 # # " 0
) ( 6 8 9) & * & & ) 6% ) ( ) & # ( 6%
- ) ) & 7) ( & ( % 7 # ( " ) 1 " @ ) # & E
# ( # " ) ) & @ ( 4 ( ) 48 - ) " 6% & #4 "
4 ( " ) # # ) "1 ( * ) ) & @ # 9@ ( ( / & ( ) (0
* # # # 6 “- ( ” ) ( ) # 8 9) &
4 ( " 1 (( * ) @ 0 ) # (0 * * ) " / ) ) & @
H " 6% ) ( & # ( 6A ( - ) ( & ( 7 # " E ) )
( " 7-) # & 5 & 1 (( ( 6% +1
# ( ) " 0 & # ( 6% - ) ) & 7) ( ( ?( ( )
) ( ( & & ( 7 (( " ) ) 1 ) - ( )
7& & 8 9) & 0 - ? & " " ) ) & ( & " ) ( (% 4 (
* ( 5- (1 ) - ( "9 & 0 6% ) ( # - ( * ) (& " #
& # ( 6% - ) ) & 7) ( - & # ( & & ( D & ( ( / & (0 (
) " ( ) # (0 ( & ( ( "9 & ( ) & ( % 1 F "# 0 5 ) #
& ) ) # (% ( & " ) " 6% & #4 "0 * ( " & ) #
2! < 0 1
". # ( $ # ( # ) ( " . $ . $K ,# ( ( )
$% & ' " ( ) * =
& # ) - ( ( ( & ( ) # " 6% E & 6% ) "9 & & G# & ) - 1
# ) ( # & 8 0 (( ( ?( * ( A ( ( @ # & # " E ) ) * & & )
# ) & # ( 6% - ) ) & 7) ( & (1 (( ( 6% 21 ( 6%
$% & ' " ( ) *
! " #
$ ) # 8 9) & 4 ( " 0 # - ( & ) ) " # 6% # @ )
) 6A ( & ( ( ( & ) ( & - - # " ) " ) & # " ( * ) ( * 85
) # ( @% ) E ( 1 ( " ) 7 & # ) & -7 ( ( 4 @ (
) (& " ) ( ) ( ) 5 & ) " 6% 4 &5 1 " ( 0 ) -( & (
( " 6% ) . $ L ;1;+2' 0 * ) (& " 6A ( ) ) - - ( & (0
& # < =1+M20 # # - ) +:2 & 8 * - ) “8 ( 4 &D#4 ”1
! # ( ) - - ( ( 4 - 6% ) # ) # ( ) “8 ( 4 &D#4 ”K
" 6% & #4 " 4 ( " ( 5 # ) * ( A ( & # ( (1 9 ) @ -( *
" 6% & #4 " 4 ( " ( 5 - " # ) 0 - 0 ( 6 8 9) & 1
* # * ) ) ( - "- 7 ) * ( 6 8 9) & )
# & " / & #4 " 4 ( " # # & ) 6% ) # "1
" 4 " @ 6% & #4 "; ( # 5 & ) ( ) ( ( +:M ( # )
# ) -7( ) # - ( -" (0 ( & "# ( " 6A ( ) . $
. & " ( ) . $1 . ) 0 (( " # 6% " 4 " @ &
-) # 4 ( " & # ( # - ( 4" & ) ( 9& ) ( ( +:; 0
) (0 0 ) 0 & # ( # - ( 4" & ) ( " ) #
# " * # 4 # ) ) 6 # ( ) ) ) (& " ( 4 " & )
(1
“& ) 6% ” ) * 0 0 # & 5 ( / & ( )5 ) (
( ) # ( * 0 ( ) "# # - 0 ) (& " # ( # (# ( 6A (
& #4 ( # ( ) ( # ( (1 # 7 & # ( # (
) 9 ) ( ) 9 ) # " ) & # - " 6% ) 6 1 (
6 # & 7 7 ( 6% ( " E ( & #4 ( & (1 ( 70 -( )
“& " (” & #4 (0 # ) (1 ( ) & # - 7 & # (
# 8 # # - ( ) ) ( ) ( ) ( ( +:M 1 ( 6
# & 7 " 4 " @ 6% & #4 "1 " ) @ 0 ( ( ) " 4 " 7 ) ) # 6% )
( 6A ( 4 & 5 & ( ) - ) 6A ( & - (% ) # ) & " # # )
( 0 - & -- ( 1 9 * ( ) @ * ( ( ) & #
-# ) “& - ( 4 " ) ) ”) # ) 4 ( " 1
(( ( ) ( & 8 ( # - ( # # & * - )% & ( ( 6
8 9) & - # (7 ) (1 # # " 0 ( # - )
; " ( # & # " 4 " @ 6% & #4 " )
“& - ( 4 " ) ) ” “ 4 ” ) & ) & ( )
4 " 6 ) # (0 ) & * # ) & " 7 # ( " - # & - (9- " # # ) ) ( 9( (1 7 8 ( # ) # * & ( ( (( # ( - ) ( & 4 ) ( ) E & # # (
( 6A (1 9 )7 ) “" 4 " @ 6% ”1 ) E # " 7 ( ) 0 ( & ( & & G# & ( )
. - ( 4 " ) ) J ,# (& ((% ) . ( ( " 0 E ) ( # 5 “ # ) & ) )
$% & ' " ( ) * >
" 6% & #4 " ( # 5 & ( ( +:; % ) ( ) ) (& " (
# & ) ( ( ( & ) ( & " @ ) ( ) 8 1 0 "7# ) (( 0 ( 6% ) ( "
(( ( # & ) ( 7 " - # & 0 ) ) ) )7& ) ) +:: 1 # ( )
" 0 ( # - ( ) ( 4 # ) ( 6 ) (& & ) ) )
I4" & 1 (( #0 " # # ( 9 "9 & ) "/ & * # ( #
& #4 & # ) D# & )# ( - ) # & 5 & 1 F "# 0 # & " 0
6% ( # - ( - ( ( - " ( ( & # " E * " ) )
45( & ) " # 6% ) & ) - ( (1 . ) 0 I" # )7& )
# 0 (& (( @ ) ) - ( ( - " # ( ( # ) # 4 )D & 0 & #
* /( ) & # - " # # ) ) 1 # ( # 0
6% ) " ( (0 " # ( ) ( ( +:; 0 & # " # ( # ) ( )5
( 8 4" # ( 9- " ) 7& & 8 9) & 0 ) - ) ) ( & " ) " # ) )
"9 & ) # & " " * 6A ( ) &D#4 1 9 ( 6 8 9) & 1
$ % &
) & " ( & " ) ) % 9 ) ( H . ( ) +:2:0=
) ( & ( ( & ( ( ) 4 " 6 ) # ( ( "0 0 ) 0 #
# "( ) " ) " ( ( ) (0 9& ) ( ( +:; 4 (& -(
" & ) #9 ) ( ) ( 4 # ) 1 (( #0 ( ( # & 4 ( "
( ) & # 4 ( # ?( " (1 # 0 # ) & " ) - & (
6 ) 1 & ( 6 ) 7 # 4 ) # ) & " * @ ) " # #
& (5- " ) # 1 5-( H # ) & " ) " 4 / ) ) (
( ) 9(0 ) * ( # ) ( 8 ) ( - ) ) " ( # 5" &
1
# ( ) " 0 ( 4 & ( I4" & ( ( # 6 & " ) ( ( # )
& 7) & "1 ((% & & ( 4( & ) " # 6% ) 8 ( # +2O
1 1 & ( ) < ) ,( 0 ) +:;;0 & # ( - - ) # & ) )
& 7) ) 9( & ) ( "1> & ) ( " E & 0 ) 0 (& " @ 6%
= ) %
- # & # # (( (( # ) ) - ( ( 9( ( ) E ( 6 ( ) # ) " & " & # 4 ( #
# ) # ) * ) ) ) 1 $ (( ( ( # 0 * ) ) ) ( - ( ) ) & ) 9( ( ) # -( # 5 ( 70 * ) ) ) ) 9 " ( I4" & ( # & & " 6% 1 ,# 9( ( - 5 ( 4 " 6 ) # ( ) - # ) ( 9( ( ) & 5 (0 - & -- ( 1 # ) ( # ) ( ) (
9( ( ) ( - "- ) (0 ) % - & # 6 (7& " P P ) # ( ) ( (( (1 " 4 )
) % - # +:;+ ( , # +:;; ( 4 # * # - (% # ( # ) ) ) ) % ( - # - 7
+:Q+ 1 $ ( "0 & ) 0 & # " & 5 ) - ( # # # ( ) * E& 6% 1 9( (/ ) ) % - # & 9(( # - " # +MMM-M:0 ) +: >-+:+= ) +:2>-; 1
& L 2;1 +';;J“ 1 +L R " * "* ( " 6% ) # # 0 # ) # ) ( 7& )
# ) 0 * "* # ) & ( ( 0 ( ( ( (0 & ( 6 ) ) # " 7 ( "1 1 2L ) 4" & 6% )?( ) & 0 7 - ) ) 0 ( 4 ) " ) ) 0 ( & ( E * - ( ( "0
( " 6% ) # # # ) * % ( 8 & 0 " ( - " " "1” L ;:0 L ;0 )
. ( 6% ) +:;= ( “ "-# ) ) & ( 6 ) ”0 E ((% #47# " @ ) . ( 6% )
+:=>1
> & ) ( " & ( " )
-( 0 ) () )7& ) ) +:2 0 & # ( 6% ) ( #I" " (1 )
$% & ' " ( ) * Q
( - (% ) # & ) 4 &5 & "0 # # " 6% & ( ( # *
& " " ) & " " ) # (( & "# # (# ) ) 1Q
. # (( 0 #47# % - # ( ( # ( & " ) ( & ( ( *
# ) (( * ( ) " @ (( & # " & 5 ) ) ( ( I4" & 1
( "0 ( )7 & ( & " E " & # 4 ( " ( 9- ( ) " 6% ( "
* ) # 7 ( ( ) (7& " PP1
& " ( " ) ( ( # & 4 ( " ( 4 " & ) ( (
+:; & 6% ) ( & # ) ( “& " ( & #4 (”1 ( & " ( & #4 ( ( - #
G # 5 & # "9 & ( " - ) ) # 6% ) * ( 6A ( ) &D#4
) #0 * ( % ) # ( & ) @ ) (3 ) 0 ( - # ) # ( & ) 6A (
) @ 0 ( # ( ) ( 6A ( ) &D#4 # ) (3 0 "# 0
( 4 " & ( ( ( " & 6 ( * ( ( # @ 6A (0
( # " (# # 5-" (1
,# ) ( &9 ( ) ( ) ( & " ( & #4 ( ( 4 " & ) ( )7& ) )
+:; ) - ) 6% H & # ) & # ( 6% - ) ) & 7) ( & (1
(( #0 ( # E ) ) & 7 - (( & 7) ( ) E 6% & 4 0 )9- ) ( )
# # 6% ) #5* ( 0 ( & ((5 " @ ( ) # ) (
6A ( ) &D#4 ) ) (J # ) ) ) - ( (0
( 9) 1 " ) @ J & # ( 6% ( - 4 ) 1 . # (( 0 ( # & )
( " & ) # ) ( * ) & ((5 0 0 ) 0 ( &
-# & (# ( - * 4 ( " ( # - (( # # ) E
( & " & # ) 4 ( " 1
( ( #5 & ) - ) 6% H & # ( 6% - ) - ) (& " ) -7( )
& 2;12 M';;0 * - ) - " @ 6% ) “ 6A ( * % ( # " (
4 & ( 4 " ) ( # &D#4 ”1 " & ) # - 0 0 * )
4 6% 4 ( " ( ( ( ) - ( & ( ) -7( ) # &
# " ) &D#4 & # # ) 6% ) # 4 & 1 " ( # - ( # ) ( (
)7& ) ( ( ( & ( " @ # ( ( ( #5 & ) - ) 6% ) & # ( 6% - ) 1
& " ) " ( & -< :1 2 '=>0 8 ( # * " * - ) “& # ( 6%
- ) ) & 7) (”1 & 2;12 M';;0 * & -< :1 2 '=>0 )
( % # - 1
. # & ( " 6A (0 7 ( " ( 4 " & ) 9& ) ( ( +:;
) 7 - " 6% ) 6 ) +:>=1 $ # # (# & 6% ) ! )? &
) ) . 7) !, . 0 # +:= 0 & ( # ) 6 ( ( ( ( & - (1M
Q ( " # ) ( I" # ( 9( ( ) # ) & # & . " (( (/ & # +:>=0 # (# (( # ) # " # ) 1 * ) # - - (% ) ) (& " (& " & # - ) 1“ - 4 # 7 - * @ 4 ”1
" 6% 0 * ) 7 # # ( ) ( 6 ) & # & ( *S? & ( ) ( 4 - ( ( (0 & & #4 ( 9- " & ) ( - "- # & G# & " ) ) " ( ) 1 ) ( - F & 0 ) &"9 ) " & (# ( "0 # ) & # 0 ,.- 0 E (& ((% 1 =MQ 2 = 1
M 4
-( & 6% ) !, . H 4 6% ) & # & . " (& ) ) )( +:== 0
& ) " ( "0 "- @ "- & ) ) # & & ( " 9 ) # ) # ( /(
-1 & < Q12:;'= * & !, . 85 & " @ - . ( " ) !, . & # ? &
$% & ' " ( ) * M
!, . # (( # ) 5 ) ( ) & 6% ) # 4 & & "0
* (/ & # +:> 3 # (# (( #0 & # ( - 5 ) 0 . $ (/ G) (
) ) # 5 ) - ) ) # ( ) )7& ) ) +:M 1 0 9 )
+:= +:>=0 !, . ) ( # # " " # ) & ) 6% ) "9 &
# 5 : (& " @ 6% 4 &5 0+ # ( - # " ) ( & ) # " 6% )
"9 & & #4 " ) & #7 & E 1++ ) (( #0 ( 45( & ( 4 " & )
( ( +:; ( # - & # " ) 1
' ( ) *+,
# " * ( ( " ) # # 6 ) +:>= ) @
) # @ ( ( # & & "1 . # ) ) & ") ) 0 & ( -(
-) ( " @ ( -) ) +:>= E # # ;+ ) ) @ #4 < =1 : '>=0 *
( 4 " & ( 4 ( ( " ( ) ! ( # F & $ & " 7 8 1+2 ( (
# ( ( ( # 5 & # +:>= (% 4 # # ( ) & ( ) * & # # (
# 1 . # 6 ) " # " ) ) ) ( T ( 4 0 & (
6 ) T 7 5& " * " # ) 1 - " # -( ) 0 " ( (
) (0 # - # - & 8 ) 6% # ( &" # ( ) ) H & (& 0
#4 ) * 0 ( 6% ) ( " ( " E ( & ( ) & #7 &
- ( # 1+; #47# & ) ( 7 & & 6% # 5 0 *
( " - # & " 4 & @ ) ) " 6% 4 ( " ) & 4 6 ) “# ( ”
: "9 & # 5 # 48 - & " E (% ) # ) ) & 7) E & & " ( 4 E ) 8 (1 !, . % ) ( ) ) ( ( # ( & ((5 ( # " # # "9 & # 5 1 # ) 8 # ) ( - ( - ) # 9 " ( I4" & ( % E ( 7 & 3 ) (& 0 * 7 #
# 7( # ) ) " * ) @ ( 4 & ( # ) & ") ) (0 % ( - ( 4 & " ) !, .3 ( & " # ( & # "(/ (0 * (% ) /( ( # ) ( 4 & ( & # & ( # 4 & I4" & 0 - # # ( & ( (
& ) ( "0 * & 4 - ) E ( ( * & ) ( " ( - ( & ( ( & # ) - ( # 7( # (1
+ E # " 0 4 ( * & # 4 ( # # & ) ( . ( " U 9) & 0 !, . % (& " @ & ) ( " 7 # ) ( ) )7& ) ) +: 1 "7# ) (( 0 5 & 0 & ) ( "0 # 4 & ) 9(0 ) 8 # ( )# ( (& " @ ) " !, .1
++ E # " 0 !, . ( 4 " & & ) ( ( +: # ( ( # ) E ( ) &D#4 #I" " ( " "A ( & #4 ( & # & ( ) & & ) ( 6% Q ) !, . 0 ) ( # ) ) (1
+2 ! F & & I# ( - @ ( * < &5 ) +:>= & 4 ) " . ( 6% F ) " & # ( ( ) " & # " # 1
+; &
-< M Q'>Q - & -< 2;1 +';; ) ( G( & # ( J“ +L !% " ( ) " ) (
& (0 9 " ( * (* ) & # (0 4 # & # ( 4 6A ( * E *S9- ( ( "0 ( " # # # 0 # # ) ( 0 0 " # # 0 ( 8 # & ( #0 ( ( ( (0 & ( " " ) & @ 1 2L $% ( " & # ( ) ( ( 6A ( ) J - ( & ( 9 " ( ( # 6%
E 6% ) # & ) (3 - ( & ( ) & # ) ( 6% ) ( " - ( H( 6A ( )
E 6% ) 4 ( ) ) 6% & "0 - ) ) ( & 7) E 3 - ( & ( ) & # - ) )
&D#4 # "3 - ( # 7( # ( * (* ( 4 6A ( & 8 & ) ) - ) ( 8 (( ( )
) # & " ) E 0 E& ) ( ( & ( ) " & 6% ) #/- ( ( ) ( / & "3 - (
$% & ' " ( ) * :
" & 5 1+= & 6% # 5 ) & # ( ( - & ( 6 ) 0 (
& " 4 & @ ) ) " 6% % & (( & ( - ( & # )/"
& # # - " ) ( ( ( & # # (( (1
( ) " ( " ) ) ) (0 ( 4 0 & " ) ) & 7)
I4" & 0 "# # ) " # # " 1 R 4 # - ) ) * < &5 )
+:>= G( # 5 & ) - ( ( - 6 ( " (& # ) - ) ) 4 &5
- ) 0 ) # # ((% ) * 4 & ( ) (( # & 4 8 (
( ( H* " ( ( 4 " & ) ( " < ) ,( 1+ #47# & ) . $0 # (
( &5& # " 6% ) "9 & # 5 ( - ) ( 4 ) ) (
(( ( ) & ) ( "0 & ( ) # ( " # & (# & 54 " & # ) )
“& ) # - # ”1
# & (# ) & ) # - # " ( 4 # ( 9 ) " (" 6%
# "9 & ) 7 & 1 < &5 ) +:>= # "# ( ) &
) ( " % & ) . $ 6% ) & " ) 4 ( # 5 * 7
4 ( & # * ) ) ) # ) & & " ) ) & # 0 & 8 E (% ( 5
# # " & ) & # ( & (( ( " & 5 ( 1 & ) # - #
# & -& # ) " . $ & ) ( "1 ! & 6% #
# ) ) # & " ) ) # +:> * # . $ # & #
) ) @ ) # ) 0 # ( ( # * (( & ((5 ) ( ) #
( " 6% & # & ) ( "1 (( & "# 0 # & (# ) & -# - #
# & ) ( " # ( & ( ( ( # & ) /( (0 (
) 4 ) & # - # ) . $1
. $ ( - 0 % 0 ( 6% ) * # )
# 7( # ) & ) ( "1 ( # - 0 E (% ) 4 ( # 5 %
( - ( 4 & " ) . $0 # ( ( # ) & ) ( "0 * ) ) ( )
) ( # ( * * ( (( 1 (( ( # 0 #47#0 *
)9- ) I4" & (( E ) ) ( # * "* @ 6% " (" - 1 & ( " @ 6%
) "9 & ) 4 & # @ ) ) ( 6 ( I4" & (1+> ) )
& 7) ( "9 & ( ) ( 4(9) ( ) ) #0 ) 0 ) - ) ) ( ) F @ )
+= E ((%
“& 6% # 5 ” # ) " # - @ & # " 6% ( 9 " ( ) )9- ) I4" & (
" @ ) ( # ) ( ) ( 6A ( ( ) # 5 0 # ) . ( & " L + '>= " . ( 6% F ) " ) +:=>1 ( # 0 E ((% & ) 5 # ) + Q ) . ( 6% F ) " ) +:>Q +>+ ) # ) L +'>:0 ( # # # ) # 5 1 ) < 5& U ( 0 F & < " ) 0 ) U J - 0 +::+0 1 +:Q-+:M1
+ ( 4 ( ) # * & ( P ) =L ) < &5 - & "# - ) " ) ( * & - ( # 7( # ( ( ( 6A ( & (1
+>$ )7& ) ) +:Q 0 & ) ( " & ( ML # 4 & ) # ) # - " # ) & 7) & & ) ) 0 * ( ( # # ) ( & 6% ) ) /( (1 ( "* # ( ) @ 0 " ) 0 # " 6% 1 ( & & ( D & #47# ( 8 ) " < . # " # L +20 * @ - . $ @ E (% ) )9- ) I4" & 1 ) 90 . $ G) @ & ) ( " E ) ( ( # 7( # ( * ( ) #
$% & ' " ( ) * +
( & - #47# ( )? & ) . $ 1 R (( * ( & # 5
V * ! # ( " # $ # & # ) ( ( - @ ( ) “( -# ( (”1+Q
$ ( ( & 0 0 & 6% ) . $ # ) # # ( ? & )
* 5 & ) & # ) ! ( # F & $ & "1+M # ( ( #
( 4 " & ) ( ) # &" ( & # ? & ( " / ( ) (& " @ 6% )
. $0 ( 4 # * - # & # # # “& (#7 & ” ) - (% )
& # ? & ( & # % & ) . $1 "0 . $ & - "# & #
-# -#4 (0 ( ( ) ( * ( # # ) ( " ( ) ) I4" & 0 ) -"
(/" ) # 1 9 ) # " & # ( 6% ) . $ " ) * ( #
) @ ) - @ (0+:& # * . $ (( ( ) #47# ( (
) ) ) ( " ) (0 ( & # ( ( ) ( 4 & ( ) ( )
F $12
F "# 0 ( # ( ) - " ) # ) ( ) ( ( +:> 0 &
" ) ) ) ( "# # ) 1 ( & " ( ) &D#4 0 " 5(0
# # " ) ( " < =1+;+'>20 * ) (& " ( & ( ( ( (( ) (
( " " & 6% # ) # ) ( - ) ) (12+ # ( /( < &5 (
& # ? & ( ) . $ ( - # 4 # ) ) (0 & " ) # & # # )
" 0 ) * & # ) & ") ) ( 5 & ( 8 9) & ( ) ( # ( - ) (1
, ! - - ) *./
) ( 6% - & - " ) & ) 0 " ) (0 ) ! 0 ( ?(
" ( ) ( # ( ) & ( # - ( ) ( " E 4 " @ ) (1 #
# " 0 & ( 6 ) ) # ) & "0 * & # " - 0 "
-( ) # 1 < ) " " ( " @ 6% ) & 6% # 5 0
* & # ) & 4 & # & # “ & "” ) " 6% 1 #
( ) " 0 ( 4 & ( I4" & ( # " # ) ) ( ( 6% )
( ( ) D# & ) ) & 7) & # 1 $ ( & " 0
-# (7 ) # ) 6 (1 < # +:M> & -# - # E . $ G) (
& ( " ) & # ) ) # 5 & "3 ) 0 ( # - @
( / ) ( " * - # ( # 4 & & " ) - ) ) 1 "7# ) (( 0 " )
+Q " ) 0 ) +:M;0 - ) ( ( ) ( & # 6 # @ ( * ( ) (& 4 ( & ( # ) ( " ( 4 & ( ( ) ( & ) ( "1 F 5 & ) ) (& " ) ( 6 ( I4" & (0 * )
% # 7 # (# ) "6 ) ) * "* ( -# ( 1 $ - ) ) 0 H* " & ( % - F ) " %
& " - # ( ( ( (0 # ( ( & (1 ! & ) & F ) "0 E # " 0 & ) - ( O ) ( & ( ) - 3 ( ) @ ( ) ( 6A ( ) (1
+M 9"( ) $/4 0 F . 0 ) J " 4 +W ) 6% 0 2 0 1 2:+ 4( - ) * & # ( # ) 6 ( ( & ( @ ) ( " # ) +:>=“ ( ( & " - ( ) # ( - ) # " ) ”1
+:V ") " ( 1 6 ( 0 & ( . ( . # ) J ! ( # F & $ & " & . " ) ( "0 ) J " ( 2 0 1 +;Q-+;: ) * “) 9 ) # " . $ & ( 4
& " 4( " ) - 0 (( ) ( ) F @ ) 0 ) ( ) / " @ 6% ) ( & # ) ( A ( " G & (0 & # # ) ) ) & (A ( D#4 ( ) ( # #4 ( - # (0 ) ) # ) ( ) # (0 * ( # ( & ) ( # * "* & ) ) ”1
2 F $J F ) 6% ( " ) & (1
$% & ' " ( ) * ++
)7& ) ) +:: 0 # ) ( 4 & ( ( ( ( ) - @ ) 0 ( -(
. ( 6% F ) " ) +:MM # 8 " # ) & 6% ) & "
( ! ( # F & $ & "122 (# (( #0 * ) ( " # * )
) & 6% ) ( I4" & )I( & 7 4 # " #4 * 4 & (
I4" & ( ) ?# # " 4 ( ) ( & ) ( "12;
. ( 6% F ) " ) +:MM E #47# - 6 ( ( & ( # (1
E # " 0 ( ) . $ . (( $ & " ) ) @
E (% ) )9- ) I4" & 02= 85 * < . # " # L +2'Q+0 #
# . $ @ E (% ) )9- ) I4" & ) ) # )
@ 6% " (" - 1 . ( 6% F ) " ) +:MM 4 0 ) 0 . $ )
& ( $ & "2 ( 4 " & - 6% " ! ) F ) " ) (
# ( ) & ) ( " ( ) ) I4" & ( )? & ) )
. $12> # " " 0 & 6% ) ( 4 & ( I4" & (0 & 6% )
) /( ( * ) & 7) 0 (( & 0 & ) - @ ) # # ( & ) 1
) # (0 & # ( # ) 6 ( # - ) ( " < ) " "0 ( ) ) (
" ) ( ) E # ) & . $ ( I# ) # #4 ( ) @ )
?(12Q # ( # 0 . ( 6% F ) " ) +:MM & ( 4 ( ( * # # *
( " - (( / % ( # & ) 6A ( ) @ "9 & # 5 1 (( 0 ) ( )
& I# ( -9(( # ( * 9- & (0 & # " # 6% ) 8 ( ( # +2O 1 10
* " - + ( ( " # ) 12M ( 4 " & -( 0 " # (0 # 8
22 ) ( ( ( 6A ( . ( & ( ( / (1
“ 1 2 7 * ( 8 # E ) ( ( & ) 6A ( ) 1 +:20 (%
- ) ) (J - ( " 6% 0 9(0 ) - ( ? & ( ) ( 6A ( & ( ) # & " ) ( E 3 - #
) & " ) & 6% 0 & " ) ( 6A ( & ( & # ( ) 9(0 ) (( ( 9( & ( 8 9) & ( ( ) ( ) # & " ) ( E 1 5 I & 1 - ) 6% * ( ( % ( " & H(
@ 6A ( ( " ( ) & ) ( & (0 ) & & ) ) 0 ) (( ) - 4 ( " 1”
2;. # ) (& ) # # ( !& 0 ( ) " 6% ( ) 0 ) ) ( - "- # J ( " # ( ) ) # " < X #4 & - "? & ) $ ! # 4 ( " 1
0 ;=1
2= ) ( & "# ( ( 2=0 =M0 +> +>Q ) . ( 6% F ) "1 2 . ( 6% F ) "0 1 +>=J
“ & # ? & ) , % # # ) ( 5 E & ) E&" ( - # " 4 &
& "1 Y +L-R - ) ) 4 & & " & & ) 0 ) ) # 0 # 7( # ( ( $ & "
* "* / % ) ) * % ( 8 ( 6% & 1 Y 2L- 4 & & " ) 5 & # - ) 9 " (
) # ((% ) ( $ & "0 & # 48 - ) " ) # ) E ) 8 (1 2>
“. ( 6% F ) "0 1 21“. # - - # ! ) F ) "J B111C - - - # 0
-( & 0 /( S 6% I4" & 0 (& " ) J B111C ) ( ) ) ( ) 4 & & "1”
2Q < L :1 >:': & - (% # " ) ) ) - (/ L +1 2Q': - & 4 "5 & " ( 4 " ) ) “< ) " "”1 ( " ) @ # - " & G# & ) @ " 6% 1 ) (
" 0 ) @ # (7 ) # ) 6 ( ( & (1 ! 1 ML # ( ) 6% J“ . ( " 5
$ & "0 & ) " < L =1 : 0 ) ;+ ) ) @ #4 ) +:>=0 (( ( ) " ( ( ( # #4 (J
-( ) ( ) ) F @ ) 0 * " ) ) ) ( ) 3 - ( ) ( ) ) " 8 # 0 6 #
( % 3 - ( ) ) & . " ) ( "1”
2M ) 6% ) " ) +:20 Y ;L ) . ( 6% ) +:MM ( J
“ 1+:21 ( ( # &
& "0 ( ) ) # # - ) ( - "- # * " 4 ) ) 9( ( - ( (( ( ) & " - ) ) 0 ( 5 " ) # " & # " # * ) ( 50 &" ( - 0 ( 4 J B 111C ;L1 ( E ( ) 8 ( (0 " (
$% & ' " ( ) * +2
) # & 5 & # # # ( 5- " * ) - ) ( ( 4 " ) ) ( . ((
E & - 0 ( 4 ( - (% ) # ) U ) & 5 " - # 1
& " ( " ) ( ( # & 0 ( & " ( & #4 (0 #47#
( " 6A ( 9 ) /(- " "1 ( " 6A ( (( & " 0 * 7
# * # ( ( (( ( 4 " 0 % # ) & (0 # ( ( # & # (1
( ) ( " ( " &5- ( H( 6A ( ) &D#4 ( # & ( " 6A (1 <
&5 ) +:>= & # - & # & ( # ) 6 (1 "7# ) (( 0 /
& 2;12 M';; # (# * 0 & # # & ) & # 0 - ) " @ 6% )
“ 6A ( * % ( # " ( 4 & ( 4 " ) ( # &D#4 ” &
"# # - 1 0 # ) & (% & 0 ! 4 " ) U ( 6
) * ( # - & & ) " - ) # & ( & " & #
( ( ) " ) " ) 5 0 * E ) ) & # # &1 +:1;:M'; 0 *
4 9 - - (/ ) ( E &9& & # " - ) ( 6A (
4 6A ( ) ( ) ( E & - < (" - 12:
0 ( 1 )
) ( ( +:: 0 & (& ( 6% ) ( " ( " E ( & G# & (
& ( # G( # # ) 6 ) D# & ) & # ) ( & " (
& #4 (1 # # " 0 # # ( 6A ( (( -( ) # ( ( #
@ - # ( ( # ) &" / 1 (( 7 " ( ) 0 E # " 0 & # & ( ) (
# 7( # ( # ) ( # ( ( 4 ( " ( ) ( ( (1 -7( ) (
& ((5 # @ 6% ( &9 & ) . $0 # ( 4 ( " G) ((
& (( ( # 7( # ( 4 ( ) ( 5-" ( " ( ( # ) & # #
" G & ) . $0 85 # & ) ! ! . $1; # 0 ( 4 # ) &" /
( ) ) ( “& " (” & #4 ( (( ( # # ( ) ) & #
) ( ) ( & ( (0 ) * ) # ( ( 6A (1 " ) 0
E ( ? & ) “&/) (” #7 & ( ) ( 9- ( ) - ( ( 6A ( & 0
5 & 0 - ) " @ 6% ) ) - ( ( 6A ( & #4 (1
# ( ) " 0 # (7 ) 6A ( ) &D#4 # 4 ) (
(( # ( # "# @ ) (1 * # ) E # " ( 7 - ( J - )
" @ 6% ) & % ) & 7) 4 ( " ( & # ( ) ( E 0 *
( - - ) ) 7 9& ) ( ( +:: 0 7 (( 4 " ) ) ) # (( ( " (
4 ( " ( ( # ( - ) ( (0 ) ( ( ) # " ( " @ ) & ( (
- ( 5 ( E H * ( 6% ) - ( & ( ( ( & # 6A (
( 9 " (1
# & " 0 # E (( # @ ) ( # & (# ( " - (
# (( ) & ( ( ) E 1 (( & "# 0 * ( 4 (&
2: ) ( M2M1;>2
- !0 1 < @ F E0 8 " ) # +=1+ 12 M1
; ) - ( # - 0 ( # ) 6 ( # 5 & & # ) 6% ) ( " 6% ) . ( " 5 $ & " L 2QQ ' 0 * - & # ) “F . + ”0 # . # & ) E ) ) # ( #4 ) +:>: "
$% & ' " ( ) * +;
# " E 4 " @ 6% " - " # 1;+ ( # ) 6 ( # # * ((
) # ) ( 8 ) " ) E & - ( # & (( ) ) ) " 6% "
. (( ) ( " ( 45( & ( ( 4 & ( ( (0 & " # < =1+;+'>21
! 4 -( * # ) & " ( ( " 7 # # & )
( (& 4 " ) ) ( "9 & (3 ) 9 * ( & 4 # " E 4 " ) ) ( # *
(( & ((5 # - # . (( $ & "1 $ # # # # 0
( " ) & 6% ) # & (# ( & ) # "# & # " & ) ( & # 4 (
" " # " # # ) ) * ( 5- "1 # " E # " & # +::20 * )
. $ # " " @ 6% ) ( & ( ) % ( ) ( ( "0;2 ( 4 " & ) (
4 ( ( ( & # ) ( “ ( ? & ( & ( ) (”0 * # #
# & (# * " @ - & ( ) 4 & ( ( ( # 4 & ( 4 ( " (
# # (( ( ) ( # ( - ) ( @ (1;;
) - ( 8 9) & 0 ) ) ( # ( " " E 4 " @ 6% "
-" # ( - " & ) H " 6% ) “-9& ) #”1 " ) -( )
--" "0 ) E & - ) (- ) ( ) ) # ) # " " )
. (( 0 & " # * & ( ) ) < =1+;+'>21 ( 70 ( )
. (( ( 4 0 4 & & ) . $ ) . $ ) " "#
# ) ( 9 ) " (" 6% 1;= . # 4 ( (( " ) # 6% #
8 @ ) ( 7 # (# 6A ( & # ( & ) ( ) I4" & & ) (
( ) ( ) . $1 & " & - # H ( ) ( -9& ( ) # T
-( ) - (% * - " & T ) * " (" 6% ) # . (( )
4 (( 4 " ) ) ) * ) E & - # " # (( ( # ) 6 ( * @1
) ) ) ) # ) 6A ( # ) ( " E " "0 4 & & %
- " ) ( # ) # ( ) " (" ) 1; * ( % 7 - ) ) ( #
) ( ) - ( ( & ) ( 8 9) & ( * & & # # ) ( & " ( & #4 (1
& # # & ?( # ( -7( ) ( * ( - # # ) 6 ) D# &
) & # ) ( & " ( & #4 ( ) () ( ) )7& ) ) +:M 1 V50 ) 0 #
* # " * " ( # ) 6 ( ( #1 -( ) " 6% ) ( ) )
# - ( ( ) % # ( ) * # ) 6 ( ) 6% ) # &
" "1 ( # - # ) # ) 6 - 0 # " ( & ( (0 ) ) & (A (
) . ( " ) & ( ( ) ! ( # F & $ & " . !F$ 1;> . !F$ 7 / %
;+ ) ( - V1 1 F & # ( ( 1 $ 0 ) ( " # 6% ) & ) & (J " # 6A ( # & & G# & ( " / (0 # ) & # 0 ,.- 0 E (& ((% 1 =Q: 2 = 1
;2. # ) ( ( ( " 6% . $ L +:=>':21 ;; ( & ( ) %
- ( ) ( # & ) ( " . -. & " ) . $ L '>:1 ( # - ( 4 " & “ # ( " &5- ( H( & ( ) ) /( # & @ (0 9(0 ) (( ( 9( & ( 8 9) & ( ( ) (0
) # & " ) ( & # ( ) E 0 # ) ( E&" ( - # # 4 & ( @ ) ( # &D#4 1” #
+::>0 . & " L 21>QQ':> - . -. & " L '>: (( ) (& " “ 4 0 # - # 6%
& ) ( # ! ! . $ ) & ( # # ) & " " ) ( (( ( 9( & ( 8 9) & ( ) # & " ) ( & # ( ) E ”0 (( # & # (“ ( ? & ( & ( # ( ”1
;= " % 7 ( % # " ) " " ) ) )# ( - & # - & " 6% ( - H " 1 * - (% 7 ) ( 4( 6% ) )# ( - H - ) # ( ) " ) < (" - 1
; * ( ( 5 ) ) ( ) 4 " ) ) ) #7 )# ( - 1 ;> . !F$ & ) " & L :+1+ 2'M 1
-( "# " ( ) ( ( 6A ( ) & +1:; 0 ) 2 )
$% & ' " ( ) * +=
( (5- " 8 " # ( ) I" # ( D & )# ( - ( & ( (
( ( ) ( ) & (A ( " - ( H( " ) ) ( )# ( - ( " & ) ( " . $0
" . # ((% ) " ( 4 " 5 ( " ! & ) . #7 & E 1 ,# 4 #
E # " ( & 6% ) ) & # " . !F$ H( ) ( ( 6A ( )
< =1+M20 ) +:2 1 L ) ( # - 0 * ) ) 9 ) # ) #
( H # ) "0 - ) ( 6A ( ) “8 ( 4 &D#4 ”0
) ) 0 ) ( & ( (0 & # “ ( " * ) 6A ( ) 6 ) ( 6A ( ( 4
" ( ) & #4 # ) # "" & ” -( ) ) ) % 4 ( 1;Q
(& ) ( # - # ) & (% & 0 . !F$ ) * “ & # ) 8
( 4 &D#4 % & & 6% ) * ) ”0 ) - ) ( ( ) 1;M
# ( & ( (0 # ) 6 ) 6% ) # - ( ( )
/ . $1 "- @ E # " # ( &" ) * ( & - & & # )
“ - " 6% - ” ( ) # & " ) ) " . $ # +::;1 ! # (
# # - # "0 ( ) & # ( ( - ( ( )
# & ) * ( ( ) (& " @ 6% ) . $1 ( (0 & "
* “ % 5 ) ) ) # & ) )% & # #0 & 4 # )
& # ) ) ( ( ) - (0 ) ( ) ( ( 6 ( & # 4 # * ( 0 9
& # ) ) 0 &" ( - 0 # (( ( E 1 - ) ) 4" # % 7
& #4 "0 # ( (& "”1;:
# ) 6 ( 4( - ) " 6% " - # # - # ( )
4 ( *S 1 $ * & # ) & # ( 6% - ) ) & 7) 0 # ) 6
- 7 4 # E # " & ) " 6% ) (& " @ 6% ) . $ (
) ( 6A ( ) & # ) ( ) 4" & (X 1 (( & "# 0 -( ) & #
- ) ) - ( ( 4 ( " (0 & # # I" # ) #
) ( 4 " @ 6% ) " * ) @ # # ) ( E # 4 ( " 1 $
( # 6% 45( & 0 # # ( 4 ( " ) ( 8 ) & ( ) ( 4 " ) ) ( #
;Q< =1+M20 ) +:2 1
“ 1 L - ( 5 (& " @ 6% ) ( 4 & ( & ( ( 4 & (0 # )
-& 4 8 ( 4 & #4 0 (( ) ( ( 6A ( " # (0 4( - ) ( J +L0 & & ) & # - ) ) ( & #4 ( ) - % ( # & ) &" ) ( ( # ( ) & # ) ) - ) ) 3 2L0 (%
4 ) ( ( " * ) 6A ( ) 6 ) ( 6A ( ( 4 " ( ) & #4 # ) # "" & 3 ;L0 ( 4 & ( ( 6A ( * # & # & #4 ) - % " @ 0 ( $ & "0 # ) ( * ( 5 E ) "
- 0 ) # - ( # & ) ( 6A (1 Y +L ) 5 ( ) F @ ) 0 * ) & - & ) & J E ( - ( ) * ( 6A ( ) & # - ) ) & #4 ( (% ( " # (0 4 ) - (
# & ( & J 4 # G # " ( & ( ) (0 # E # 0 ) 4 ) ( &6% 0 # # 0 ) J Z0 5( (( ( 5( ( 6A ( * # ( & ( ) ( ( ( &6A ( ) ( ) F @ ) 0
) ( 5 4 E & 6% ) ( " 3 & ( & & ((A ( && # ) - ( 4 & ( & ( ( 4 & (0 4 # & # ( - 6A ( ) & & ((A (0 85 E ( (0 ) ) % ) 4 6% ) & 4 & # # * ) (& " @ 6% ( E ) " - 3 ) ( 4 " & ( & ) 6A ( & " ( * # & (( (
" @ ( 6A ( & #4 (3 E # * ) (& " @ 6% 4 & 0 ) & 8 # ) ) % && # ) - ( 4 & ( & ( ( 4 & ( - 6% ) & & ((A ( 85 E ( (1 Y 2L F & @ )
@ ( ( - 6 ( & ) . # ! ) & " ) . ( / # # " (( & & ) * ) ( A ( 1 Y ;L F & - @ ) E ) ( " # ( & (( ( E & 6% ) (
0 4 ) ( & (( ( & ) (0 4 # (( # & ( " ) 0 # @ ) - ( * (( - "0 ( ) ( ( 6A (
- ( ( 4 ( & ) ) ( # ( 4 & (1”
;M ) 2==W ! ((% 0 & ( =2:M0 & (( . + 2=2>M0 ) +=1+212 =1 ;:
$% & ' " ( ) * +
)/" E & ( " & # ) # - & ( (
& # ) ( 4" & ( ( ) E 0 " ( - ) 1 & " ) )
) (( 6% 7 ) * 9( ) ) & ( 7 ) ( ) 9( ) # 1
. # (( ( # 0 5 & 0 ( ? & ) & ( ( ( # & # ) #
& ) &D#4 1=
#4 8 4 ( # ( 8 9) & ( ) )?-" (0 ( 6A ( ) 4"
& (X ( # # & ) ( & # ) (& 6 " ( ) ) ( 4 ( " (1
. ) 0 ((% ( 6A ( # # ) ) ( 4 ) ( - (1 ) )
) ( 6A ( "9 & ( ) # # 0 " -( ( 94 -( ( 6A (0 7#
) ( 4 7 ) ) # (#9(( # # & " / 1 7 (( #0 * I" #
)7& ) # " @ ) ( ) - ( ( 6A ( ) 4" & (X & # "
& & # ) . $1 ( & 5 & # ) 0 &" ( - 0 6A ( ) 4" &
(X " @ ) ( " / & ) ( "1 * % 7 ) (& ( 6A (
) 4" & (X 0 # ( ( (( " * 0 ) # ) "0 - # # ) 6 )
6% ) " # 6% * (( ) - " 6% - ” # ) (
* # ( -7( ) ( * ( ( & " ( & #4 ( 4 ( " ( # " #
( ) ) ) ( - & E & G# & & " & "1 0 # (
( & & # 0 " 6% ) ( 6A ( ) 4" & (X ) ) # )
) ( - - -- ( "9 & ( ) ) ( 4 ( " (0 ) ) # )
) 6% - 6% ) # - (1
+
( " ( ( ( ) ( ( # & ( 4 " & ) ( ( ( +:; ) ( % 0
# 4 0 # - 1 & ( 6 ) ) ( 5 # - 0 * & # " 6% 4 E
% 7 # "?# & # 4" #5 & 1 ( 4 & ( I4" & ( ) # (
" & " ) & 7) 0 # ( (/ 7 # & 0 85 * ) - ( ( 4 & (
I4" & (0 $ ! # & " 0 ) ?# # " & " # 4 " @ 6% )
6 ( "1 "7# ) (( 0 9 ) /(-+:: - ) ( - 6 (
( & (0 & " # & H @ 6% ) & # ? & ( & 6% )
( ( # ( ) ( & ( ( ) ) 4 & & ( "1=+ # & " 0
. $0 ( $ & " . $ (( # 8 0 ) ) ) 0 (
= V50 "# 0 # ( 4 # # ( & # " E ( ( ( & ) ( " @ 6% ) 4" & (X (1 ( 6A ( & ( # # - "- # & 6% ) ( 6A ( & (0 & 5 ) & # - ) ( " @ )
( # ( ( & # ) (& 1 ,# & # # " @ ) (( ) ) ( ) (& ) ( # 1 ( 4( ) 5 - - * ) # 4 & 4 ( " & # 0 ) # (0 ( ) 4 5( & # # 4 "( ) $
-* 1 # (# # 0 # @ 4 ( " ) 4 & - ) 6A ( ) 4 5( ( " & # # & ) - ( 1 “ ” ( ) /& 7 ( # ( H“ ”4 ( " 1 ( ( 6A ( ) (
" ) - ( & & " # -( # ) ( 8 ) ) & ( ) ( 4 " ) ) ( # # ) ( E 1
. # ) (& # ( - V1 1 F & 0 . " " X( @ "0 +::2-:MJ ) & ( & "( )
( & ( & ## ( 1 . - " N 1 & “ & - & "( & " " X( ) ( ( & )
& " # (J @ " (”1
=+,# 4 ) (& ((% ) (( ) ( & ) # U " .1 ) & 0 . & ) ) $ # - ) . 8 & G# & J 7 & # & 5 & ) " 6% F & 1 ( ) ) # 1 !%
$% & ' " ( ) * +>
& # ? & ( 45( & ( ) ) ) ( # 5 ( # ) (0 # ) " 6% ) (
4 9) # ( - 6 ( & "1
( & " ( ) &D#4 0 " ) 0 (% # 6 ) ( * 0
#4 ( - @ ) 0 ) ( 5 # ( 1 " 4 " @ 6% ) (( ( & " (
& #4 ( # ( ) ) 0 ( ) ( I" # ( )7& ) (0 ) ) - ( ( # (J -7( )
# 6% ) # ( ( # @ - # ( ( # ) &" / 3 ) - 6% "
. $ " . $ ) " # 6A ( (3 ) @ 6% ) - ( # & (# (
) # (( ) & ( (3 0 "# 0 # 4 0 -7( ) # ) 6 )
& ( ( ( - (1 - " 6% " - - 70 & ) 0 4 (
&5 1 ) (? & ) # # & " " &" * " ( # ) 6 ( )
- ) ) ) ( ( I4" & (0 % 7 ) ( ( ) * ) ( 6
8 9) & ( 4 ) (& " " " ) ( 6A ( ) ) - ( ( 6A (1 ( 70 # (9 ( 0
& " 4" # * - "- # ) & # ( 6% - ) ) & 7) (
$% & ' " ( ) * +Q
$ 2 % )
$ 2 " 3
. ( ( & & ( * - "- # & # ( 6% - ) ) & 7) ( & (
( # ?( ) ( ( (( " ) ) 1 # ) ( ( )5
D#4 ) 7& & 8 9) & 1 & L 2;12 M';;0 & # # & ) & # 0
( 4 " & # - ) 6% “ 6A ( * % ( # " ( 4 & ( 4 " ) (
# &D#4 ”1 0 & ) 0 )I- ) ( 4 ( " # - ) ( 5 # - 1 R
* # 2 1=1+::+0 & L 2;12 M';; E (( # - ) # &
( ) & " ( # I# 1 ! 4 -( 0 & # ( < ) ) 6% ./) . - "0 *
) # 4 ( " % " ( 6% " "1=2 " ) @ J & # (
- 6% 0 # &9 " # (0 & # 4 " ) & L 2;12 M';;1
. ) 0 # +=1 1+::M0 ) & ( ) & " ) 2 1=1+::+ - )
& ( ) & " ( # I# 1 - - & L 2;12 M';;0
( ( # ( # 7& & 8 9) & 0 ( - & ( ) & " ( # I#
) ( G( ) ( # J “ & & -( " ) ) ) =L ) & !'$ )
2 ' =':+0 * - & L 2;12 M';;”1 F 7 * # ) & (% &
! U & & - " ) ) - ) & L 2;12 M';;0 # ( @ & # 4 ( #
# ( E # # * ( 5- (1=;
-7( ) -( - - & L 2;12 M';;0 # " ( ) 0
4- # 0 ) - ) & & # ) ( ( 6A ( &" ( ( 4 * ( 5 * %
( 5 # ) 0 # * & ) 6A (1 ! 4 -( * ( % * H 7 & %
- & ) 6A ( "9 & (0 # " ) 6 "9 & 0 & @ ) # 4 " @ & ( ( #
) # ) ) 6% ( 4 # 1 ( 7J % 5 8 0 # - (0 & ) 6A (
"9 & ( ( ) (& " ) # # 8 ) & # # ( 7& & 0 -7( ) #
- # - 0 * ( % ) & # ( 6% - ) ) & 7) 1 ( # ( ) 0 ( "0
# 6 & # # ) " 6% 4 &5 4 ( " 1 7 (( #0 * ( (( )
9 ) ( H ) 6% ) . ( 6% F ) " ) +:MM " ) -( ) & 6% ) #
=2 &
-< L =1> Q'=2J“ 1 2L1 $% ( ) ( ) H - ? & # 5 0 " 5 - 7 * # ) *
- 1 B[C Y ;L ! "- ) ( ( 6% # & 5 0 " - ) % ( ( " - ) ) ) - ? & 1”
=;“ -( ) 6% ) 5 & # ) ) ) & 6% ) " 8 @ ) ( & ) ) # ( " E ) & & 0 & # 48 - ) " & (( )# ( - ( & - # " ) & ( ) ( ( (
6A ( " ( - ( # & ) ) &D#4 ( 6% ) ) - ( ( & 4 & #4 " 0 4 # & # E&" (% ) ( ( # ( ) . ) 0 # ) * &1 1 2;12 M'+:;;0 * #4 ( ) & (% )# ( - 0 (
- ) ( % " & ) 2 '='+::+0 H - 6% ) < 1 =1+M2'+:2 0 H * " - ( ) E & - ) ) * " ) ) ) ) & " # ) 1 E " & 1 " * &1 1 2;12 M'+:;; * ( # "
6A ( " ( ) &D#4 & & ) " ) # 8 9) & ( & #( ( ) " ) "0 * E ) ) & # # &1 1 +:1;:M'+:; 0 * " 4 - - (/ ) 7 & E &9& & # " - ) ( 6A ( 4 6A ( ) ( ) ( E & - < (" - 1 (( #0 & ) 2 '='+::+ % )
- &1 1 2;12 M'+:;;0 # 4 ) ? & &9 ) * ) ( " (1 < 0 - &1 1 2;12 M'+:;;0 ( -( " ) ) ) & (( )# ( - 1 ) # (0 ( # 0 - & ) +=' '+::M *
& & E (( # " ) ) ) 1 =L ) & ) 2 '='+::+ * - - &1 1 2;12 M'+:;;1 . # (( ) # 0 # - & ( ) & 1 & ) & ) J ( +1 :1: >- !0 U ='>'2 M1
$% & ' " ( ) * +M
" & # " # * " (( ! ( # F & $ & "0 ( # * 8 # ( (
& ( (( ) 1 $ ) ( " ) & ( ( "9 & * H " 6%
& % 7 ) ( ) " ) & ( ( # ( 5 (0 # 4 5
"- @ ( 8 E # " # ( &" ) ) (1
(# (( #0 H( - @ ( #-( # ((% ) * ) 6% & ( ) &
L 2;12 M';; & #4 # " & # "9 & " / & #4 " 4 ( " ) * #
“4 ”" * (( # ( 7& & 1 " ) 4 &5 4 ( " & @ 0 # 4
# ) ) 0 " ) (& & ) ) & # ) & @ 1 R &" * & ) ( )
) (& & ) ) ) ) I4" & 70 # # ( & ( (0 4 7 & 1 E # " 0
" ) 4 &5 & ( " E 4 " ) ) & ) (& & ) ) ) & (
& & ( D & ( * 8 ( & # - 6% " * ) 6% E -8 ) & " ) # 4 &
- ) # (0 # (# ) # 6% ) E ) 8 ( ( 9 " ( )
)9- ) I4" & 1 ( ( & " ( ) &D#4 (% # & # ) ) & ) ) (
( " ) ( & 8 ) ( ( # ( 6% ) ( ) ( ( 6A (0 ((
& ( # ( &" (1 ." # 0 ) (& & ) ) ) )# ( ) ) & )
& ( ( & # ( 4 ( & & ( D & ( # * & # ( 6% - ) ) & 7) (
( 5 # ) @ # ( # " ) * 4 #1
- ) ) ) I4" & ( 5 " # ) " # & " " # - 1 & 6% ) (
& " ( & #4 ( # 4 ( ( " ( & # " # 4 ( 4 0 & # ( ) & #
& 2;12 M';; & # & -< :1 2 '=>0 " # ) )
) (& & 5 ( / % ( ) 4 & & ( " # # ( ( - (
# (( - ( 6A ( ) &D#4 ) & ) & # ( & & ( D & ( ) # # 1
(# (( #0 ( ) ) # " # (1
$ # ( ) ) ) # & 5 & 0 - ) ) ) I4" & ( 5 )
" &9 ) " " ) ) 1 ( * # ( ) & 5 "0 # # # &" (0
I4" & (0 # # # ( 5- (0 * ) (& " # - ( (1 $ # ( & # (( (
& & 9( & ( # ( & ) )% ( ) 4 ) ) ( ) ) I4" &
# * & ( ( ( # " ( & 4 # # (# # 1 (( & "# 0
. ( 6% F ) " ( - ( 4 " & ( ) 6A ( 8 9) & - "9 & ( *
# 4( -D & ) (( ( &9 (1
V50 % 0 # * " # ( 6 ) 6% ) ( / % ( ) )
E & - 0 &" ( - ) )# ( 6% ) 0 ( ( ( - ( ) )
& # # (1 (( ( 5 ( &9 ( # ( & ( & ( *
( ) # ) - ) & (( " " " " ) ) 1 * # " - # ( & (
) ) )# ( - & # # @ ) " ( ) * " 6% # - )
)# ( 6% % ) & ) @ ( " ( ( - ) " ( ) * " &
) 6% # - & 4 E&" ( - # " (" ) 1
) )# ( - ( 5 ( 8 &9 ) " " ) ) 0 * ( 50 ( "0
) " # " ) (( . ( 6% & ) 1 ;Q 1 1L0 0 ) .F'+:MM 1
# 7& & ) # / % ) )# ( 6% I4" & 0 # * ( 8 0 % )
$% & ' " ( ) * +:
& 5 0 4 -( (( 4 " ) ) ) * 4 ) ( ) ( " ) ( ) ) 1
) (& " # ) )# ( - ) ) ) & ( & " * - " H
* 4 ) &9 ) ( 4# ((% ) - H " 1
$ $ 3 4
( ) ) ( 6% ) # & " " 4 ( " ( ) (
- ) 6A ( H & # ( 6% - ) ) & 7) ( ) @ ( H & # (% ) "9 &
" / * 6% ) " (" 6% & #4 "1 "9 & " /
& #4 " " ( 48 - (0 ) " 0 ( # ) ) ( & & ( ) & ) & # )
- ) ) & G# & 0 - ( # % ) # # - 1 ( 70 "9 & " /
& #4 " 7 # & 8 # " ) 6A ( - " ( * )% # ( ) ) & ) 6%
( & " ( ) &D#4 1
* ( ) ) (& 4 " " - % " " # +:;;0 # ( " "
8 - ) & L 2;12 M';; ) & -< :1 2 '=>1 ! 7 - ) ) 0 & #
# & ) & # 0 * ( ) ) ( # 5 ( 4 ( " ( @ #
) (& & ) ) 0 % 7 E (% 0 & G# & - )
#47# ( -? # ( 6% ) # * ) " # # & 6%
) ( ) ) (1 0 @-( & ((5 0 - ) 0 & # ) & E
# " ) 6% ) "9 & " / & #4 " 4 ( " 1
"9 & " / & #4 " ( )5 ( " # ( ( 4 " & ) ( " # & " "
E ( 1 E # " J . $ (/ ) ) & ) # # " ( # # ( & (
6% # * ( % & ( E (( # ) # & " " & # # 6% 9- "1 "
) @ 0 # & " " & # & ) & ) ( "9 & ( " / ( # - 1
) (& & ) ) ) I4" & ( 5 & ) H( ) ( ( 6A ( " ( " &5- (1 0
" # (0 (( # ) - ( ( ) ) 1
"9 & " / & #4 " #47# ( " & # # & # "9 &
& G# & & #4 "1 # " # 6% ) "9 & & G# & & #4 " & # 6 & # #
) & (% ) - ) ( ) ( * " # & #4 "1 E # " 0 (
) ) ( # 5 ( ) # # ( &D#4 ( 5 E " - 0 ( ( 5
# " # ) * "* - 6% ) ) (( ( # ) " ( 45( & (1 #4 ( ) & (%
# * 9& ) "9 & & G# & & #4 "0 ( & # ) ) ) #
(7 ) ( - ) ) ( ) "9 & " / 1
" 6% "9 & " / & #4 " "9 & & #4 " ) ( " ( )
& # ) (& ((% ( 4 &9 ) “& 4 & #4 "” ) E 6A ( 4 ( " (1
# ) (7& " PP0 ( " ) # # ) &D#4 E 1
& # ) (( # ( # ) ) 0 " # ( # 0 ) & & ) ) )
- @ - " & # ) &9 ) “& 4 & #4 "”1 ( &9
& ( ( 4 6% ) E ) ) & - # ) # # # ) & "
$% & ' " ( ) * 2
& #4 " - - ( ;L ) & 2;12 M';; # (# * )
& # ( 6% - ) ) & 7) ( ) () ( 1== "/ & ) ( #
-) - * E ) 4 ( " # - (( & ( ( E ( & "
& # ) & "0 0 ) 0 ) ( ) ( ( - ( ) - # # )
1
$ - ) ) (7& " PP "0 & # ) ( # ) 6 ( ) & (1 # 0
) +:::0 - 4 ( " 4 ) # ) &D#4 E 1 ! ) 0 & #
# ) ( E 6A ( & ) ) # ( - ( # ( E (0 ( "
" # ( ) & ) "9* ) & "= # ) 4 ( " (
& ) 1 # ( ( - * ) 0 "9 & & G# & & #4 " # ) 0
- (( ( ) ) - & 9 & 6% ) "1 U5 ) )
# # ) &D#4 " E9- "0 - 4 ( " 4 " ) (& # 0 )
" # # 0 ( ) ) # - # ( 6 ( ) # & ) * - (( #
) (- " @ 6% ) # ) & "1
. # (( 0 "9 & " / & #4 " " -( #47#1 # # " 0
- 4 ( " - * " # & " "1 . # ) 6% ) ) ) - (/
;+ ' >0 * ( & 5 &9 ) & 4 & #4 " ) E 6A (
4 ) ) 1 # ( ) " 0 # ) 6 ) "9 & & G# & & #4 " "
#47# ( ) ) "9 & " / & #4 "1 V ( & # 0 ( & " ( )
&D#4 ) & ( ( ( ( " ( & ( 9 # # ) )7 ) * (
4 & ( @ ) ( # &D#4 ( " ) - # ( ( - ) ) ( "
“ ) ( ( ) ( ( - ( & #4 (” 4 ( " (1=> F 7 * * )
- (( ( ) ) ) (- " @ 6% ) # ) & #4 "0 ( ) )
E ((A ( & ) ( # ) ) # - ( - - ) ) 0 / ( ) )
6% ) ( ( I4" & ( - # ) #47#1 ) # ) 0 ( 4( D & - - -- #
) ( "9 & ( & G# & ( ) - 0 * 0 & # 1 ) * # & 7
( # ( * "9 & & G# & & #4 " & ( ) H "9 & " /
& #4 "1=Q
== E " ) & 2;12 M';;J
“ 1 ;L - !% (( - ( ) " ) ) ( ( ( 6A ( ) & 4 ( (
- " ( ) E 6% 0 4 # & # # ) 6 ) # & ) ( # ) (0 4 6% ) & 4 ( ) - ) (1”
= (( & "# 0 ( * ) @ * - " ) ( - ( & ( ( - " ) (( )9- ) E 1
=> E # " 0 ( " 6% ) . $ L+>2 'M: ) ( ) ( # J “ - @ 6% 4 ) " ( ( 6A ( & ( # &D#4 # " & ) ( ( ) ( ( - ( & #4 ( ) 9(0 ( 8 * H " @ 6% # ( - ) ( & ( - ( ) E 6% ( ) (0 ( 8 * H " & ) )
E * 4 " ) ) ) ( 6A ( ) ( * ( ) & # (( # ) & # ( E 1 (( 0 7 ) -) (( ( ( 6A ( - ( ( ( 6A ( ) ( & ((5 ( & " (0 4 # & # # ?-" (
( 4 # & # # 0 ) # (( ( " " * ) 6% 1
=Q "- @ 8 0 ) 0 # & # -7( ) * " "9 & & G# & & #4 " ( " & & # "9 & " / & #4 "1 ) " & ) # # ( 50 ) 0 #4 & ) & # ) " & ) 1 ( ) & (A ( ) "9 & & G# & & #4 "0 #4 ( ( # “7& & (”0 & ?#0 # " # # ) ) 0 # - (% ) "/ &
) * " ) - ( ) 6% ) ) ( - "- # ) & # & "1 (( ) " 7 0 ) - ) ) 0 ) # & E # # ( # " # * ( 6 ( "9 & ( ) ( & ) ) ( & " # # - #5* I4" & ((
$% & ' " ( ) * 2+
(( # 7 * 0 # ( - @ (0 - ) ) ) ( )- ) ( ( & " @ ) ( #
( ( &" ( ( 4 & # - -7( ) ( & " ( ) &D#4 4 ( " ( & ( (
- ) # ) “ # ” ) ( ( I4" & ( E & ) ( 6A (
" / (1 $% 7 & ( ( # - " * ( E &9&
& "# ) - / 7 4 ( ) 9& "1 ( ) ) ( # 5 ( 4 ( " ( (& " #
# ) (& ( # & ) # " 4 " @ # & ) # - & ( 1
$% 0 (( ( ) - (A ( " # ) - ? & ( ) ( ) ( ( (& "A ( )
& ) ( ) ) ( # 5 (0 % ) ( ( ) - (A ( & ( )
/ . $ ( " ) ( " ( " 1 V5 #47# ) * # ) 6 ( )
"9 & " / & ( # & (( ) ) ) 8 ( ) ) ) ) 4 & & 0
* ( (/ & # ( - @ ( & # # 4( 5& " # 1 (( ( * ( A (0
* ) ( # ) ( H " ) &" @ * ( 5- " 7& & 8 9) & ) # & " "
" &5- "0 4(& & # ) & 6% ) ( ( * # - ( 0 ) 6% )
( 6% 1
$ ' 5
& ) ( 6% ) - ) 6% H & # ( 6% - ) ) & 7) (
) @ ( H ) # (% "9 & - )# ( - ) "9 & " / & #4 "1
9& ) & - ( 0 " # 6% ) ( & " ( & #4 ( 7 8 & # ? &
& "# ) . $1 ( 0 ( - @0 7 ) " ( ( ( ) F @ ) 0 )
" 8 # 0 " ( ) ) . $1 * & " 6% ) . $ - 0
4 " 0 ) ( ( ) - 7 ) # ) 4 ( " @ ) "9 &
# 5 0 ( ( ( ) F @ ) ) " 8 # ?# & 6A ( # ( # " (
* -% ) & #4 ) ( # H )# ( 6% ) 6 # 1 (( #0 5
& 6A ( ) @ 4 5 * ( % 0 ) " # # 0 #4 ) ( ( )
) ( & " ( & #4 (1 (( G# 70 ) 0 "6 ) " ) * ( "
. $ E & ( 6A ( ) ) % ) # ) * ) ( - ( ) ( ( #
& # " ( 9( (0 & # " 0 (( ( 6A ( (% ( ) ( 1
& * ) 6% ( 4 * ) * % ) ( ( & #4 "
# & ) # ( (( 4 " ) ) ( ) & 4 6 ) # ( (0 ) * 7 E # "
F-&D#4 1 ( &6% "9 & ( & #4 ( (& ( 5" ( ) ( & " (
& #4 ( # ( & # " & ) 1 "0 * ( - # ( & " ( & #4 (K
8 ( & - ( "0 ( " * E 0 7 ) * ( - # - (
4 ( ) & (1 ( & " ( ) &D#4 & #0 0 & # " #
( 4 " @ 6% ) ) ) & # ) # ) # 1
! 0 & ) 0 * ( " @ # 6% ) 4" & (X & # # )
- # ) F-&D#4 1 ! 5 * ( 0 ( (/0 & & @ # )
& #4 "K * ( % 7 ( ( 1 ! 7 "9& & 4 " @ # # 6%
8 9) & # ( ( ) () * % 8 ( # " 6% 0 % 6% & " )
7 ) 0 " # # 0 ( ) * 4" & (X ( 5 # ) (( (
& ( (1 " ) 0 (4 -( @ ) " < . # " # + =' +0
$% & ' " ( ) * 22
* & & ) #1 ) # ) 0 #4 ( ( (( * ( % 4 5 % ( 8
48 & " ) ( # ( ) ( 4 " 0 (( & -7 ( 6 #
) * 4 " ) ) ) ( & " ( ) &D#4 7 # ( & ) ) * # # )
$% & ' " ( ) * 2;
5
6% ) # & " " H( & # ( 6% - ) ) & 7) ( 7
& # " E 1 ( & # " E ) ) # 9@ ( ( / ) # 6% ( " ) ( ( #
& 0 ( ( +:; 1 "# 0 (( " ) ) ) -( & #
( & ) 6% 1 # " ) 0 - 4 ( " 4 ) # ) &D#4
E 0 % # ( ) ( 8 & " # # ) ( ( 6A ( & #4 ( & # @
(( ) 1 " ) 0 # ( ) ( # - ( * ) )7& ) ( ( - # )
( ( 5& " & " ) ( " E ( & #4 ( ) ( % # - 1 & #4 6%
) (( ( ) ( ( 6A ( " - # & ) / ( ( ) -7( ) # ) 6 (
"9 & " / 1 " # ( - @ (0 (( ( # ) 6 ( # E (( ( # # - (3
(0 - # ( # " (# -7( ) # ) 6 ( ) ( & # ) )# ( ) 1
(( # ) 0 -( & # # E ( ? & ) ( 6A ( # * ( # (# ( # - (
)% # " " 6A ( ( ( " 4 & & )# ( - ) . $1
9 ? ( ) ( 6 8 9) & * & & ) # ) & # ( 6% - ) )
& 7) (1
! 4 -( * & 2;12 M';; - ) “ 6A ( * % ( # " ( 4 & (
4 " ) ( # &D#4 ”1 . 4 % ) 0 # & ) & ( & & 0 ( 5
% 4 ) ) ) D ( ) 6% - 4 & 1 $ 5 & 0 - ) ) 7 *
( ( - # & ) # # ( / & 1 7 ( ) )7& ) ) +:M 0 ( (
# ) ( * ( A ( ( ( ) ) 4 ) ) ) " @ 6% ) 6% )
&D#4 1 V 8 0 # ( - @ ( ( ( 7 ( 1 ) ) # ) ( #7 (
& G# & ( ) ( "9 & ( ) & " ) &D#4 0 * * % (% " ( ) (0 7 *
( ( ) ) & @ 8 9) & 4 ) ) 4 & 5 & % & #4 # & #
( ) ) # & 5 & ) ) 1 \ # ) ) # "# ( 5 (