• Nenhum resultado encontrado

The contribute of financial institutions to the effectiveness in preventing money laundering and terrorist financing : a comparative perspective of Portuguese and Spanish framework

N/A
N/A
Protected

Academic year: 2021

Share "The contribute of financial institutions to the effectiveness in preventing money laundering and terrorist financing : a comparative perspective of Portuguese and Spanish framework"

Copied!
78
0
0

Texto

(1)

Vânia Filipa Carvalho Moura

Universidade Católica Portuguesa

Católica - Lisbon School of Business & Economics

Dissertation submitted in partial fulfillment of the requirements for the degree of

International MSc in Business Administration at Universidade Católica Portuguesa.

June 2011

Advisor:

Miguel Trindade Rocha

The contribute of financial institutions

to the effectiveness in preventing money

laundering and terrorist financing

(2)

! "!

!"#$%&'$(

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

(

(

(3)

""!

!'7/+829:;9<9/$#(

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

(

(4)

! """!

=&"29(+>(4+/$9/$#(

?0#$(+>(10;)%9#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(05!

?0#$(+>(=&"29#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(05!

?0#$(+>(!""%950&$0+/#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(5!

4*&3$9%(A(B(A/$%+:)'$0+/(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(C!

C@C(D&'7;%+)/:(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(C

!

C@E(F%+"29<(#$&$9<9/$(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(E

!

C@G(!0<#(&/:(H'+39(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(E

!

C@I(J0##9%$&$0+/(K)$20/9(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(G

!

4*&3$9%(AA(B(?0$9%&$)%9(L95098(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(I!

E@C(4+/'93$)&2(D&'7;%+)/:(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(I

!

Z7:7!%[!8.$*9!O%6$2*("$?!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!\

!

Z7:7!-[!C*((.(",0!#"$%$&"$?!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!]

!

Z7:7!&[!8O!%$2!C#!")3%&0,!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!^

!

Z7:7!2[!B0%$2%(2!2*/*'.3*(,!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!<

!

Z7:7!*[!8O!_"(*&0"/*,!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!:]

!

Z7:7!4[!`44.(0,!0.!&.)3'9!1"0+!(*?6'%0".$,!77777777777777777777777777777777777777777777777777777777777777777777777!:^

!

E@E(!6?(&/:(4=1(0/(F+%$);&2(&/:(H3&0/(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(CM

!

Z7Z7!%[!E.(06?%'!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!:<

!

Z7Z7!-[!B3%"$!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!Z=

!

Z7Z7!&[!E.(06?6*,*!%$2!B3%$",+!&.)3'"%$&*!1"0+!#MC#!\=a;!H*&.))*$2%0".$,!7777777777!Z:

!

4*&3$9%(AAA(B(69$*+:+2+;N(&/:(J&$&(4+229'$0+/(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(EI!

G@C(4+/'93$)&2(>%&<98+%7(&/:(%9#9&%'*(O)9#$0+/#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(EI

!

G@E(69$*+:+2+;N(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(EP

!

G@G(A/>+%<&$0+/(#+)%'9#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(EQ

!

b7b7!%[!#"$%$&"%'!"$,0"060".$,!BCH,Y!*44*&0"/*$*,,!777777777777777777777777777777777777777777777777777777777777!Z<

!

b7b7!-[!L.)3'"%$&*!&.,0,!4.(!4"$%$&"%'!"$,0"060".$,!7777777777777777777777777777777777777777777777777777777777!Z;

!

b7b7!&[!L.)3'"%$&*!1"0+!#MC#!\=a;!H*&.))*$2%0".$,!7777777777777777777777777777777777777777777777777!Z;

!

G@I(J&$&('+229'$0+/(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(ER

!

b7\7!%[!#"$%$&"%'!"$,0"060".$,!BCH,Y!*44*&0"/*$*,,!777777777777777777777777777777777777777777777777777777777777!Z;

!

b7\7!-[!L.)3'"%$&*!&.,0,!4.(!4"$%$&"%'!"$,0"060".$,!7777777777777777777777777777777777777777777777777777777777!b=

!

b7\7!&[!L.)3'"%$&*!1"0+!#MC#!\=a;!H*&.))*$2%0".$,!7777777777777777777777777777777777777777777777777!b:

!

4*&3$9%(A-(B(J&$&(&/&2N#0#(&/:(J0#')##0+/(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(GE!

I@C(10/&/'0&2(0/#$0$)$0+/#(H=L#S(9>>9'$059/9##(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(GE

!

I@E(4+<320&/'9('+#$#(>+%(>0/&/'0&2(0/#$0$)$0+/#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(GI

!

I@G(4+<320&/'9(80$*(1!=1(ITUR(L9'+<<9/:&$0+/#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(GP

!

4*&3$9%(-(B(4+/'2)#0+/#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(GM!

4*&3$9%(-A(B(?0<0$&$0+/#(&/:(1)$)%9(L9#9&%'*(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(IT!

!339/:0V(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(IE!

M33*$2"G!:!@!#MC#!\=a;!H*&.))*$2%0".$,!777777777777777777777777777777777777777777777777777777777777777777!\Z

!

M33*$2"G!Z!@!#MC#!8*)-*(,>!M,,.&"%0*!)*)-*(,!%$2!.-,*(/*(,!777777777777777777777777777777777!]c

!

M33*$2"G!b!@!M$$*G!.4!D$0*($%0".$%'!L.$/*$0".$!4.(!0+*!B633(*,,".$!.4!0+*!#"$%$&"$?!.4! C*((.(",)!@!C(*%0"*,!'",0*2!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!];

!

M33*$2"G!\!@!L.)3'"%$&*!'*/*'!"$!E.(06?%'!%$2!B3%"$>!632%0*2!0.!Z=:=!4.''.1F63! (*3.(0,!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!^=

!

M33*$2"G!]!@!D$0*(/"*1!Q6"2*!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!^\

!

M33*$2"G!^!@!D$0*(/"*1,Y!(*,6'0,!777777777777777777777777777777777777777777777777777777777777777777777777777777777777!^]

!

L9>9%9/'9#(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@(WR!

(5)

"/!

!

?0#$(+>(10;)%9#(

#"?6(*!Z7:!F!8O!%$2!C#!3(*/*$0".$!%$2!2*0*&0".$!"$!E.(06?%'!7777777777777777777777777777777777777777777777777!Z=! #"?6(*!b7:!F!L.$&*306%'!#(%)*1.(5!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!Z\! #"?6(*!b7Z!F!BCH,!4(.)!4"$%$&"%'!*$0"0"*,!(*&*"/*2!-9!RD#>!E.(06?%'!77777777777777777777777777777777777777777!Z^! #"?6(*!b7b!F!BCH,!4(.)!4"$%$&"%'!*$0"0"*,!(*&*"/*2!-9!B`EXOML>!B3%"$!7777777777777777777777777777777777777!Z^! #"?6(*!b7\!F!L.)3'"%$&*!'*/*'!1"0+!#MC#!\=a;!H*&.))*$2%0".$,!"$!E.(06?%'!%$2!B3%"$>! 632%0*2!0.!Z=:=!4.''.1F63!(*3.(0,!d%-,.'60*!/%'6*,[!777777777777777777777777777777777777777777777777777777777777!b:! #"?6(*!b7]!F!L.)3'"%$&*!'*/*'!1"0+!#MC#!\=a;!H*&.))*$2%0".$,!"$!E.(06?%'!%$2!B3%"$>! 632%0*2!0.!Z=:=!4.''.1F63!(*3.(0,!d3*(&*$0%?*!/%'6*,[!77777777777777777777777777777777777777777777777777777777!b:!

(

?0#$(+>(=&"29#((

C%-'*!Z7:!@!L.)3'"%$&*!H%0"$?,!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!::! C%-'*!Z7Z!F!C93*,!.4!#DR,!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!:b! C%-'*!Z7b!F!B.)*!%&0"/"0"*,!0+%0!?*$*(%0*!&.,0,!4.(!0+*!&.)3'"%$&*!.44"&*,!7777777777777777777777777777!:c! C%-'*!b7:!F!D$4.()%0".$!,.6(&*,!%$2!9*%(,!.4!,0629!7777777777777777777777777777777777777777777777777777777777777777!Z<! C%-'*!b7Z!F!C(%$,%&0".$,!(*3.(0*2!%$2!"$/*,0"?%0".$,!,0%(0*2!7777777777777777777777777777777777777777777777777!b=! C%-'*!b7b!F!M).6$0,!4(.P*$!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!b=! ! ! ! ! ! ! ! !

(6)

! /!

?0#$(+>(!""%950&$0+/#(

!

!6?

(

M$0"F8.$*9!O%6$2*("$?! D:F

(

X%$5!.4!E.(06?%'!!"#$%&'()'*&+,-.#/0! DAH

(

X%$5!4.(!D$0*($%0".$%'!B*00'*)*$0,!! 41=

(

L.)-%0"$?!0+*!#"$%$&"$?!.4!C*((.(",)! 46-6

(

E.(06?6*,*!B*&6("0"*,!8%(5*0!L.))",,".$!!!1&23445&'(&'6)+%#(&'()'7#/&+)4'6&83/39+3&40! J4A!F

(

L*$0(%'!_*3%(0)*$0!4.(!L(")"$%'!D$/*,0"?%0".$!%$2!E(.,*&60".$!!:);#+,#2)$,&'1)$,+#/'()' <$=)4,3.#>5&')'?%>5&'*)$#/0! 1!=1

(

#"$%$&"%'!M&0".$!C%,5!#.(&*! 1AX

(

#"$%$&"%'!D$0*''"?*$&*!R$"0! 1H!

(

#"$%$&"%'!B*(/"&*,!M60+.("09!! AD!

(

D$0*($%0".$%'!X%(!M,,.&"%0".$! AHF

(

E.(06?6*,*!D$,6(%$&*!D$,0"060*!!<$4,3,-,&'()'@).-+&4'()'*&+,-.#/0! YZ4

(

e$.1!f.6(!L6,0.)*(gL.6$0*(3%(0,! YZF

(

e$.1!f.6(!E(.&*,,*,! YZ=

(

e$.1!f.6(!C(%$,%&0".$,! 6?(

(

8.$*9!O%6$2*("$?! [44=#

(

W.$FL..3*(%0"/*!L.6$0("*,!%$2!C*(("0.("*,!! F\F

(

E.'"0"&%''9!`G3.,*2!E*(,.$! H\FD?!4

(

`G*&60"/*!B*(/"&*!.4!0+*!L.)",,".$!4.(!0+*!E(*/*$0".$!.4!8.$*9!O%6$2*("$?!!@)+=3%3&'AB)%-,3=&'()'/#' 1&2343C$'()'*+)=)$%3C$'()'"#/$D-)&'()'1#;3,#/)4')'<$E+#%%3&$)4'6&$),#+3#40! H=L

(

B6,3"&".6,!C(%$,%&0".$!H*3.(0*2! =1

(

C*((.(",0!#"$%$&"$?! XA1

(

E.(06?6*,*!#DR!!!F$3(#()'()'<$E&+2#>5&'G3$#$%)3+#0! X[

(

R$"0*2!W%0".$,!

(7)

! :!

4*&3$9%(A(B(A/$%+:)'$0+/((

HIJ)'%/#2;(&K$'&$'2&$)L'/#-$()+3$.'#$('%&++-;,3&$'34',J)'%&22&$'+)4;&$4383/3,L'&E'#//',J)' %&-$,+3)4'3$',J)'K&+/(MN' O#$.'PJ#&K)$'!@;&Q)42#$'E&+',J)'"#$Q'&E'1J3$#0'

C@C(D&'7;%+)/:((

8.$*9!'%6$2*("$?!&%$!-*!2*,&("-*2!%,!%$!%&0"/"09!0+%0!.&&6(,!1+*$!%!0(%$,%&0".$!0+%0!0%5*,! 3'%&*! "$/.'/*,! %$9! 093*! .4! 3(.3*(09! .(! -*$*4"0! @! 0%$?"-'*! .(! "$0%$?"-'*! @! 2*("/*2! 4(.)! %! &(")"$%'!%&0"/"09!dh.30.$>!Z==;[7!D0!,0%(0*2!0.!%00(%&0!"$0*(*,0!"$!0+*!:;<=,>!)%"$'9!"$!%!2(6?! 0(%44"&5"$?! &.$0*G0>! 26*! 0.! 0+*! '%(?*! %).6$0! .4! 3(.4"0,! ?*$*(%0*2! 0+*$7! C+",! 4%&0! '*2! ?./*($)*$0,!0.!0+*!&(*%0".$!.4!'%1,!%")"$?!0.!4"?+0!%?%"$,0!2(6?!2*%'*(,>!2*3("/"$?!0+*)!.4! "''"&"0! ?%"$,>! %$2! %',.! 0.! %/."2! 0+*! &.((630".$! .4! ?./*($)*$0%'! ,0(6&06(*,! -9! &(")"$%'! .(?%$"P%0".$,!2*%'"$?!1"0+!0+*,*!",,6*,!dB0**'>!Z==^[7!h.1*/*(>!,"$&*!)6&+!*%('"*(>!3*.3'*! 6,*2!).$*9!'%6$2*("$?!0*&+$"V6*,!$.0!.$'9!0.!0(%$,4*(!).$*9!(*,6'0"$?!4(.)!&(")*!-60!%',.! 0.!)./*!"0!4(.)!0+*!(*%&+!.4!?./*($)*$0,>!*,3*&"%''9!4(.)!.33(*,,"/*!(*?")*,!0+%0!&.6'2!0(9! 0.!).$.3.'"P*!0+*"(!1*%'0+!dC+*!M$0"F8.$*9!O%6$2*("$?!W*01.(5>!Z=::[7!D$!3(%&0"&%'!0*(),>! ).$*9! '%6$2*("$?! &%$! -*! &.$,"2*(*2! %,! 0+*! %&0! .4! 06($"$?! 2"(09! ).$*9! "$0.! &'*%$! ).$*9>! 1+%0*/*(!0+*!"''*?%'!)*0+.2!.4!*%($"$?!"0!%$2!(*%,.$,!-*+"$2!0+",!%&0".$7!! D$!0+*!,%)*!,&.3*!.4!).$*9!'%6$2*("$?>!%$.0+*(!"''*?%'!%&0"/"09!0+%0!+%,!%2/*(,*!")3%&0,!.$! ,.&"*09!",!0*((.(",0!4"$%$&"$?7!h.1*/*(>!0*((.(",0!4"$%$&"$?!2.*,!$.0!$*&*,,%("'9!"$/.'/*!"''*?%'! 46$2,!,"$&*!"$!0+",!3(.&*,,>!'*?%''9!.(!"''*?%''9!.("?"$%0*2!46$2,!%(*!6,*2!0.!,633.(0!0*((.(",0! .(?%$"P%0".$,! %$2! 0+*"(! %&0"/"0"*,7! C+",! ,'"?+0'9! 2"44*(,! 4(.)! ).$*9! '%6$2*("$?! ,"$&*! 0+*! .-J*&0"/*!.4!"$2"/"26%',!"$/.'/*2!"$!0+*!4"$%$&"$?!.4!0*((.(",)!",!(%0+*(!&./*("$?!0+*!46$2"$?! %&0"/"09! 0+%$! 0+*! ,.6(&*,! .4! 0+*! 46$2,! dD8#>! Z=::[7! M'0+.6?+! 0+",! 0.3"&! "$&(*%,*2! "0,! 3.36'%("09! %40*(! 0+*! R$"0*2! B0%0*,Y! %00%&5,! "$! Z==:>! 0+*! &.$&*30! .4! 0*((.(",0! 4"$%$&"$?! +%,! -**$!2*4"$*2!%!4*1!9*%(,!*%('"*(!%$2!,.!+%,!,0%(0*2!0+*!4"?+0!%?%"$,0!0+",!3(.-'*)!dC+*!I.('2! X%$5>!Z==^[7!!

C.!2*%'!1"0+!0+*,*!",,6*,>!%!?(.63!.4!,"G0**$!)*)-*(,!@!4"40**$!&.6$0("*,!%$2!0+*!`6(.3*%$! L.))",,".$!@!4.()*2!0+*!#"$%$&"%'!M&0".$!C%,5!#.(&*>!"$!:;<;7!C+",!?(.63!",!(*,3.$,"-'*!4.(! ,*00"$?! )*0+.2,! .4! &.)-%0"$?! ).$*9! '%6$2*("$?! %$2! 0*((.(",0! 4"$%$&"$?>! 4.(! *G%)"$"$?! 0(*$2,! %$2! 0*&+$"V6*,! %$2! 4.(! (*/"*1"$?! %&0".$,! 3*(4.()*2! -9! &.6$0("*,! 0.! 4"?+0! %?%"$,0! 0+*,*! ",,6*,7! D$! 0+",! ,*$,*>! #.(09! H*&.))*$2%0".$,! %$2! W"$*! B3*&"%'! H*&.))*$2%0".$,!

(8)

Z! 1*(*!36-'",+*2!-9!0+*!#"$%$&"%'!M&0".$!C%,5!#.(&*!"$!Z==b>!1+"&+!,+%''!-*!6,*2!%,!%$!%&0".$! 3'%$!-9!&.6$0("*,!"$!.(2*(!0.!2*/*'.3!%!,.'"2!%$0"F).$*9!'%6$2*("$?!%$2!&.)-%0"$?!4"$%$&"$?! .4!0*((.(",)!4(%)*1.(57!M22"0".$%''9>!.0+*(!*$0"0"*,!,6&+!%,!0+*!R$"0*2!W%0".$,!%$2!0+*!X%,*'! L.))"00**!+%/*!-**$!2*%'"$?!1"0+!0+*,*!)%00*(,!d#MC#>!Z=::[7!!

C@E(F%+"29<(#$&$9<9/$(

M,!)*$0".$*2!-9!I%$?!i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

!

C@G(!0<#(&/:(H'+39(

M40*(! 6$2*(,0%$2"$?! 0+*! %&0"/"0"*,! %$2! ,.)*! .4! 0+*! ).(*! (*'*/%$0! %&0.(,! "$! 0+",! 0.3"&>! 0+*! ,3*&"4"&!?.%'!.4!0+",!2",,*(0%0".$!",!0.!6$2*(,0%$2!,.)*!.4!0+*!/%("%-'*,!0+%0!&%$!"$4'6*$&*!0+*! *44*&0"/*$*,,! .4! %$0"F).$*9! '%6$2*("$?! %$2! &.)-%0"$?! 0+*! 4"$%$&"$?! .4! 0*((.(",)! 4(%)*1.(5,! "$! 01.! $*"?+-.6("$?! &.6$0("*,j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

(9)

! b!

-*!*G3'.(*2>!&.)3%("$?!0+*!&.,0,!-*%(2!-9!E.(06?6*,*!4"$%$&"%'!"$,0"060".$,!0+%0!.3*(%0*!"$! B3%"$!1"0+!B3%$",+!4"$%$&"%'!"$,0"060".$,!0+%0!.3*(%0*!"$!E.(06?%'7!!!

#"$%''9>! #"$%$&"%'! M&0".$! C%,5! #.(&*! 2*/*'.3*2! 8606%'! `/%'6%0".$! H*3.(0,! .4! 0+*,*! 01.! &.6$0("*,!"$!Z==^>!(*/"*1"$?!0+*"(!3*(4.()%$&*!"$!")3'*)*$0"$?!0+*!\=a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

!

C@I(J0##9%$&$0+/(K)$20/9((

C+*!,*&.$2!&+%30*(!.4!0+",!2",,*(0%0".$!3(*,*$0,!0+*!'"0*(%06(*!(*/"*17!C+*$>!"$!L+%30*(!DDD!",! 3(*,*$0*2!0+*!(*,6'0%$0!&.$&*306%'!4(%)*1.(5!%$2!(*,*%(&+!V6*,0".$,!0+%0!&.$26&0*2!0+*! ,0629>!0+*!)*0+.2.'.?9!%2.30*2>!0+*!2%0%!&.''*&0*2!%$2!"0,!,.6(&*,7!C+",!2%0%!1%,!6,*2!0.! 3(.26&*!%$!%$%'9,",!%$2!(*'%0*2!2",&6,,".$>!3(*,*$0*2!"$!L+%30*(!Dk7!#"$%''9>!0+*!&.$&'6,".$! .4! 0+*! ,0629>! '")"0%0".$,! %$2! 4606(*! (*,*%(&+! %(*! +"?+'"?+0*2! "$! L+%30*(,! k! %$2! kD! (*,3*&0"/*'97!! !

(10)

\!

4*&3$9%(AA(B(?0$9%&$)%9(L95098((

E@C(4+/'93$)&2(D&'7;%+)/:((

E@C@(&](6+/9N(?&)/:9%0/;((

6+/9N(2&)/:9%0/;(^6?]!&%$!-*!2*4"$*2>!%&&.(2"$?!0.!0+*!F$3,)('R#,3&$4'1&$=)$,3&$'?.#3$4,'

<//3%3,' I+#EE3%' 3$' R#+%&,3%' :+-.4' #$(' *4L%J&,+&;3%' @-84,#$%)4>! ).,0! 5$.1$! %,! 73)$$#' 1&$=)$,3&$!d:;<<[>!%,j!

• lC+*!&.$/*(,".$!.(!0(%$,4*(!.4!3(.3*(09>!5$.1"$?!0+%0!,6&+!3(.3*(09!",!2*("/*2!4(.)! %$9!.44*$&*!.(!.44*$&*,!.(!4(.)!%$!%&0!.4!3%(0"&"3%0".$!"$!,6&+!.44*$&*!.(!.44*$&*,>! 4.(! 0+*! 36(3.,*! .4! &.$&*%'"$?! .(! 2",?6","$?! 0+*! "''"&"0! .("?"$! .4! 0+*! 3(.3*(09! .(! .4! %,,",0"$?! %$9! 3*(,.$! 1+.! ",! "$/.'/*2! "$! 0+*! &.))",,".$! .4! ,6&+! %$! .44*$&*! .(! .44*$&*,!0.!*/%2*!0+*!'*?%'!&.$,*V6*$&*,!.4!+",!%&0".$,m!dk"*$$%!L.$/*$0".$>!:;<<>! 37!b[n!

• lC+*! &.$&*%')*$0! .(! 2",?6",*! .4! 0+*! 0(6*! $%06(*>! ,.6(&*>! '.&%0".$>! 2",3.,"0".$>! )./*)*$0>! ("?+0,! 1"0+! (*,3*&0! 0.>! .(! .1$*(,+"3! .4! 3(.3*(09>! 5$.1"$?! 0+%0! ,6&+! 3(.3*(09!",!2*("/*2!4(.)!%$!.44*$&*!.(!.44*$&*,!.(!4(.)!%$!%&0!.4!3%(0"&"3%0".$!"$! ,6&+!%$!.44*$&*!.(!.44*$&*,m!dk"*$$%!L.$/*$0".$>!:;<<>!37!b[>!!%$2n!

• lC+*!%&V6","0".$>!3.,,*,,".$!.(!6,*!.4!3(.3*(09>!5$.1"$?!%0!0+*!0")*!.4!(*&*"30!0+%0! ,6&+! 3(.3*(09! 1%,! 2*("/*2! 4(.)! %$! .44*$&*! .(! .44*$&*,! .(! 4(.)! %$! %&0! .4! 3%(0"&"3%0".$!"$!,6&+!.44*$&*!.(!.44*$&*,m!dk"*$$%!L.$/*$0".$>!:;<<>!37!b[7!

C.!0+*!6$2*('9"$?!&(")"$%'!%&0"/"09!0+%0!?*$*(%0*,!0+*!3(.&**2,!0.!-*!'%6$2*(*2>!",!?"/*$!0+*! $%)*!.4!l3%9:0'&$9(+>>9/'9m!dC+*!I.('2!X%$5>!Z==^n!C(6)%$>!Z==c[7!C+*!73)$$#'1&$=)$,3&$>! *G3'%"$*2! '%0*(! .$! 0+",! &+%30*(>! '")"0,! 3(*2"&%0*! .44*$,*,! 0.! 2(6?! 0(%44"&5"$?! .44*$&*,>! *G&'62"$?! &(")*,! '"5*>! 4.(! "$,0%$&*>! 4(%62>! 0+*40! %$2! 5"2$%33"$?! dC+*! I.('2! X%$5>! Z==^[7! h.1*/*(>! 0+*! *#/)+2&' 1&$=)$,3&$>! 1+"&+! 1"''! %',.! -*! )*$0".$*2! -*'.1! .$! 0+",! &+%30*(>! &.$,"2*(,! 3(*2"&%0*! .44*$&*,! %,!l%$9! .44*$&*! %,! %! (*,6'0! .4! 1+"&+! 3(.&**2,! +%/*! -**$! ?*$*(%0*2! 0+%0! )%9! -*&.)*! 0+*! ,6-J*&0! .4! %! S2&$)L' /#-$()+3$.T! .44*$&*m! dE%'*().! L.$/*$0".$>!Z===>!37!^[7!D$!4%&0>!%'0+.6?+!8O!&.$&*($,!,0%(0*2!26*!0.!"0,!&.$$*&0".$!0.!"''*?%'! 2(6?! 0(%44"&5"$?>! 0.2%9! "''*?%''9! ?.00*$! 3(.4"0,! %(*! .-0%"$! 0+(.6?+! %! 1"2*! (%$?*! .4! &(")"$%'! %&0"/"0"*,! ,6&+! %,! "''*?%'! ,%'*,! .4! 1*%3.$,>! 3.'"0"&%'! &.((630".$! %$2! *G3'."0%0".$! .4! +6)%$! -*"$?,!d8.'%$2*(!),'#/M>!:;;<n!C+*!I.('2!X%$5>!Z==^[7!!

I+%0*/*(!0+*!&(")*!-*+"$2!0+*!?*$*(%0".$!.4!3(.&**2,>!0+*!3(.&*,,!.4!8O!%'1%9,!&.)3(",*,! 0+(**!,0%?*,j!32&'9<9/$>!2&N9%0/;!%$2!0/$9;%&$0+/!dB0**'>!Z==^n!C+*!I.('2!X%$5>!Z==^[7!C+*!

(11)

! ]!

4"(,0! ,0%?*! .&&6(,! 1+*$! "''*?%''9! .-0%"$*2! 46$2,! %(*! 3'%&*2! "$0.! 0+*! 4"$%$&"%'! ,9,0*)>! &.)).$'9!0+(.6?+!%!4"$%$&"%'!"$,0"060".$7!C+*(*!",!$.0!%!,"$?'*!)*0+.2!0.!2.!0+",j!0+*!&%,+! &%$!-*!2*3.,"0*2!"$0.!%!-%$5!%&&.6$0!@!.$&*!.(!./*(!0")*>!"$!0+*!,%)*!.(!"$!2"44*(*$0!.44"&*,! %$2!"$!%!,"$?'*!.(!"$!)6'0"3'*!4"$%$&"%'!"$,0"060".$,!@!-60!&%$!%',.!-*!&.$/*(0*2!"$0.!4"$%$&"%'! "$,0(6)*$0,!@!%,!&+*&5,!.(!).$*9!.(2*(,!@>!*G&+%$?*2!-9!%$.0+*(!&6((*$&9!.(!*/*$!)"G*2! 1"0+!'*?%'!46$2,7!D0!",!%',.!3.,,"-'*!0+%0!"''*?%'!46$2,!%(*!6,*2!0.!36(&+%,*!%!,*&6("09!.(!%$! "$,6(%$&*!&.$0(%&0>!%,!%!1%9!0.!3'%&*!0+*)!"$0.!0+*!,9,0*)!%$2!%/."2!,6,3"&".$,!dE*0*(,.$>! Z==<[7! M40*(! 0+*! 46$2,! +%/*! *$0*(*2! 0+*! 4"$%$&"%'! ,9,0*)>! "0! ",! $*&*,,%(9! 0.! .-,&6(*! 0+*"(! .("?"$>!1+%0!",!)%2*!-9!)./"$?!0+*)!0.!.0+*(!"$,0"060".$,7!B*&6("0"*,>!"$,6(%$&*!&.$0(%&0,!.(! "$/*,0)*$0!"$,0(6)*$0,!%(*!0+*$!-.6?+0!%$2!,.'2!0+(.6?+!%!2"44*(*$0!d4(.)!0+*!.$*!1+*(*! 0+*!).$*9!1%,!4"(,0!3'%&*2[!"$,0"060".$7!D$!0+",!,*&.$2!,0%?*>!"$!.(2*(!0.!2",,*)"$%0*!46$2,>! 0+*!'%6$2*(*(!&%$!%',.!2*&'%(*!0+*"(!0(%$,4*(*$&*!%,!%!3%9)*$0!4.(!?..2,!%$2!,*(/"&*,>!.(! */*$!0(%$,4*(!0+*!46$2,!0.!%!,+*''!&.(3.(%0".$d:[!dC+*!I.('2!X%$5>!Z==^n!I.2%>!Z==^[7!#"$%''9>! 0+*!"''*?%''9!?.00*$!46$2,!%(*!"$0*?(%0*2!"$0.!0+*!'*?"0")%0*!*&.$.)9!0+(.6?+!0+*!36(&+%,*! .4!%,,*0,!'"5*!4"$%$&"%'!%,,*0,>!'6G6(9!?..2,!.(!(*%'!*,0%0*!d8%2,*$>!Z==;[7!8.(*./*(>!"0!",!%',.! ")3.(0%$0!0.!)*$0".$!0+%0!0+*!0*&+$"V6*,!@!?*$*(%''9!(*4*((*2!%,!<9$*+:#!.(!$N3+2+;09#(@! 0.!'%6$2*(!).$*9!&%$!-*!2"44*(*$0!-*01**$!&.6$0("*,!-*&%6,*!.4!6$"V6*!&+%(%&0*(",0"&,!.4! *%&+! &.6$0(9! (*?%(2"$?! &.)3'*G"09! .4! 4"$%$&"%'! )%(5*0,>! *&.$.)"&! &.$2"0".$,>! %$0"F).$*9! '%6$2*("$?! dM8O[! (*?")*,>! "$0*($%0".$%'! &..3*(%0".$! %$2! *$4.(&*)*$0! *44.(0,! dC+*! I.('2! X%$5>!Z==^[7!!

!

E@C@("](=9%%+%0#$(10/&/'0/;(

M'0+.6?+!0+*!)*%$"$?!.4!0*((.(",)!",!$.0!6$"/*(,%''9!%&&*30*2!26*!0.!3.'"0"&%'>!$%0".$%'!%$2! (*'"?".6,! ")3'"&%0".$,! 0+%0! %(*! $.0! &.)).$! 4(.)! &.6$0(9! 0.! &.6$0(9>! 0+*! R$"0*2! W%0".$,! dRW[!+%,!)%2*!*44.(0,!0.!4"?+0!"0!%$2!0+*!)*&+%$",),!6,*2!0.!4"$%$&*!"0>!*/*$!-*4.(*!Z==:! B*30*)-*(! ::0+! %00%&5,! (*/*%'*2! 0+*! ")3.(0%$&*! .4! 0+",! ",,6*! dC+*! I.('2! X%$5>! Z==^[7!! <$,)+$#,3&$#/'1&$=)$,3&$'E&+',J)'@-;;+)443&$'&E',J)'G3$#$%3$.'&E'I)++&+342'd:;;;[>!*G3'%"$*2!

'%0*(!.$!0+",!&+%30*(>!3(./"2*,!0+*!4.''.1"$?!2*4"$"0".$,!.4!=9%%+%0#$(10/&/'0/;(^=1]>!%2.30*2! -9!).,0!&.6$0("*,j!

:!M&&.(2"$?! 0.! C+*! M)*("&%$! h*("0%?*! _"&0".$%(9! .4! X6,"$*,,! C*(),! dZ=:=[! %! ,+*''! &.(3.(%0".$! ",! l%! &.(3.(%0".$!0+%0!+%,!$.!%&0"/*!-6,"$*,,!.3*(%0".$,!%$2!4*1!.(!$.!%,,*0,7!B+*''!&.(3.(%0".$,!%(*!.40*$! 4.()*2!0.!%&V6"(*!0+*!%,,*0,!.4!%$!*G",0"$?!&.(3.(%0".$7!C+*9!%(*!,.)*0")*,!4.()*2!0.!%/."2!0%G*,!.(!

(12)

^!

• lM$! %&0! 1+"&+! &.$,0"060*,! %$! .44*$&*! 1"0+"$! 0+*! ,&.3*! .4! %$2! %,! 2*4"$*2! "$! .$*! .4! 0+*!0(*%0"*,!'",0*2!"$!0+*!%$$*GdZ[m!dD$0*($%0".$%'!L.$/*$0".$!4.(!0+*!B633(*,,".$!.4! 0+*!#"$%$&"$?!.4!C*((.(",)>!:;;;>!M(0"&'*!Z[>!%$2n!! • lM$9!.0+*(!%&0!"$0*$2*2!0.!&%6,*!2*%0+!.(!,*(".6,!-.2"'9!"$J6(9!0.!%!&"/"'"%$>!.(!0.!%$9! .0+*(! 3*(,.$! $.0! 0%5"$?! %$! %&0"/*! 3%(0! "$! 0+*! +.,0"'"0"*,! "$! %! ,"06%0".$! .4! %()*2! &.$4'"&0>!1+*$!0+*!36(3.,*!.4!,6&+!%&0>!-9!"0,!$%06(*!.(!&.$0*G0>!",!0.!"$0")"2%0*!%! 3.36'%0".$>!.(!0.!&.)3*'!%!?./*($)*$0!.(!%$!"$0*($%0".$%'!.(?%$"P%0".$!0.!2.!.(!0.! %-,0%"$! 4(.)! 2."$?! %$9! %&0! dD$0*($%0".$%'! L.$/*$0".$! 4.(! 0+*! B633(*,,".$! .4! 0+*! #"$%$&"$?!.4!C*((.(",)>!:;;;>!M(0"&'*!Z[7m! C+*!)%"$!2"44*(*$&*!-*01**$!C#!%$2!8O!",!0+*!4%&0!0+%0!0+*!46$2,!0*((.(",0,!6,*!0.!,633.(0! 0+*"(!%&0"/"0"*,!2.!$.0!$*&*,,%("'9!&.)*!4(.)!%!&(")"$%'!%&0>!%,!0+*9!)%9!-*!.("?"$%0*2!4(.)! '*?%'!,.6(&*,!dX6(*%6!4.(!D$0*($%0".$%'!W%(&.0"&,!%$2!O%1!`$4.(&*)*$0!M44%"(,>!Z==][7!M40*(! .-0%"$"$?!0+*!).$*9>!*"0+*(!'*?%''9!.(!"''*?%''9>!0+*!01.!4"(,0!3(.&*,,*,!.4!C#!%(*!,")"'%(!0.!0+*! .$*,!.4!8Oj!0+*(*!",!0+*!32&'9<9/$!.4!46$2,>!"$!1+"&+!0+*!&%,+!",!2*3.,"0*2!"$0.!%&&.6$0,! 4.''.1*2!-9!0+*!2&N9%0/;>!1+*$!46$2,!%(*!)./*2!0.!.0+*(!"$,0"060".$,!"$!.(2*(!0.!.-,&6(*!"0,! .("?"$,7!h.1*/*(>!0+*!0+"(2!,0%?*!@!0/$9;%&$0+/!@!2"44*(,!4(.)!8O!"$!0+*!,*$,*!0+%0!46$2,!%(*! 2",0("-60*2! 0.! 0*((.(",0,! %$2! 0+*"(! ,633.(0"$?! .(?%$"P%0".$,>! %$2! $.0! "$&.(3.(%0*2! "$0.! 0+*! '*?"0")%0*!*&.$.)9!dX6(*%6!4.(!D$0*($%0".$%'!W%(&.0"&,!%$2!O%1!`$4.(&*)*$0!M44%"(,>!Z==]n! C+*!I.('2!X%$5>!Z==^[7! D$!.(2*(!0.!&.)-%0!0+*!4"$%$&"$?!.4!0*((.(",)!dL#C[>!"0!",!$*&*,,%(9!0+%0!&.6$0("*,!*G3%$2!0+*! ,&.3*! .4! M8O! 4(%)*1.(5,! "$! .(2*(! 0.! "$/.'/*>! 4.(! "$,0%$&*>! $.$F3(.4"0! .(?%$"P%0".$,! %$2! 3%(0"&6'%(! &+%("0"*,>! 3(*/*$0"$?! 0+*"(! 2"(*&0! .(! "$2"(*&0! 6,*! 0.! 4"$%$&*! .(! ,633.(0! 0*((.(",0! %&0"/"0"*,!d#MC#>!Z==;[7!!D0!",!")3.(0%$0!0.!-*%(!"$!)"$2!0+%0>!%,!46$2,!0.!4"$%$&*!0*((.(",)!&%$! &.)*!4(.)!'*?"0")%0*!,.6(&*,!@!%,!&+%("09!2.$%0".$,!.(!&%,+!?"40,!0.!.(?%$"P%0".$,!@!,3*&"%'! %00*$0".$!,+.6'2!-*!?"/*$!0.!0+",!,6-J*&07!D$!0+*!&%,*!0+%0!46$2,!&.)*!4(.)!"''*?%'!%&0"/"0"*,>! 0+*9! )%9! %'(*%29! -*! &./*(*2! -9! 0+*! &.6$0(9Y,! M8O! 4(%)*1.(5! %$2! -*! *%,"'9! 2*0*&0*2! dQ"(%'2.!%$2!C("$56$%,>!Z==cn!C+*!I.('2!X%$5>!Z==^[7!!! !

E@C@('](6?(&/:(=1(0<3&'$#(

8O!%$2!C#!&%$!1*%5*$!4"$%$&"%'!"$,0"060".$,!"$!2"44*(*$0!1%9,7!#"(,0>!0+*(*!",!%$!"$&(*%,*!"$! 0+*! 3(.-%-"'"09! 0+%0( '+%%)3$( 0/:050:)&2#( 80$*0/( $*9( 0/#$0$)$0+/( 8022( :9>%&):( ')#$+<9%#7! M,!

Z!M! '",0! .4! 0+*! 0(*%0"*,! '",0*2! "$! 0+*! %$$*G! .4! <$,)+$#,3&$#/' 1&$=)$,3&$' E&+' ,J)' @-;;+)443&$' &E' ,J)' G3$#$%3$.' &E'

(13)

! c!

0+*! 4"$%$&"%'! %&0"/"09! "$&(*%,*,>! 4"$%$&"%'! &(")*! %$2! 8O! %',.! "$&(*%,*! %$2>! "$! 4%&0>! #MC#! 2*&'%(*2!"$!:;;c!0+%0>!%40*(!2(6?!0(%44"&5"$?>!4"$%$&"%'!&(")*!",!0+*!).,0!4(*V6*$0!3(*2"&%0*! .44*$&*! dX%(0'*00>! Z==Z[7! ! 8.(*./*(>! &(")"$%'! "$0*(*,0,! &%$! */*$06%''9! &.$0(.'! %$! *$0"(*! 4"$%$&"%'! "$,0"060".$>! 1+"&+! '*%2! 0.! %! >0/&/'0&2( >&02)%97! C+",! +%,! +"?+*(! 3(.-%-"'"09! .4! +%33*$"$?!"$!2*/*'.3"$?!&.6$0("*,!26*!0.!0+*!3(*2.)"$%$&*!.4!,)%''*(!"$,0"060".$,!%$2!0.! 0+*!'*,,!("?.(.6,!(*?6'%0".$!%33'"&%-'*!0.!4"$%$&"%'!"$,0"060".$,!dX%(0'*00>!Z==Z[7!D$!%22"0".$>! 0+*!1*%5*$"$?!.4!4"$%$&"%'!"$,0"060".$,!'*%2,!0.!%!%9:)'$0+/(0/(9'+/+<0'(;%+8$*>!,"$&*!0+*(*! ",!%!2"(*&0!'"$5!-*01**$!0+*!01.!dX*&5!),'#/M>!Z==:[7!#(.$0!&.)3%$"*,!6,*2!-9!&(")"$%',!%(*! %-'*!0.!%&&*,,!"''"&"0!46$2,!0.!3(.).0*!%$2!,3.$,.(!"0,!3(.26&0,!%$2!,*(/"&*,>!&.)).$'9!%0!%! 3("&*!-*'.1! 0+*!)%(5*0>! 1+%0! )%5*,! "0! /*(9! 2"44"&6'0! 4.(! '*?"0")%0*! &.)3%$"*,! 0.! &.)3*0*! %$2!&%$!'+<3%+<0#9(9'+/+<N(dC+*!I.('2!X%$5>!Z==^[7!L.$,*V6*$0'9>!0+*(*!",!%$!"$&(*%,*2! 3(.-%-"'"09!0+%0!0+*!&.6$0(9!,644*(,!4(.)!<+/9$&%N(0/#$&"020$N>!26*!0.!%!)",(*3(*,*$0%0".$!.4! %,,*0!%$2!&.)).2"09!3("&*,!d8&_.1*''!%$2!W./",>!Z=::[7!!

C+*(*! %(*! %',.! ,.)*! (",5,! (*'%0*2! 0.! 8O! %$2! C#! %&0"/"0"*,7! C+*! ).,0! ,062"*2! .$*! ",! 0+*! %93)$&$0+/&2(%0#7>!1+"&+!",!0+*!3.0*$0"%'!%2/*(,*!36-'"&"09!(*?%(2"$?!-6,"$*,,!3(%&0"&*,!0+%0!%! 4"$%$&"%'! "$,0"060".$! &.6'2! -*! /"&0")! .4! %$2! 0+%0! &.6'2! &%6,*! %! '.,,! .4! &.$4"2*$&*! 4(.)! 0+*! &6,0.)*(,!d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dX%(0'*00>!Z==Zn!C+*!I.('2!X%$5>!Z==^[7!#"$%$&"%'!"$,0"060".$,!%(*!/*(9!/6'$*(%-'*!0.!0+",!(",5>! ,"$&*!0+*9!&%$!*%,"'9!-*!%!/"&0")!.(!%!/*+"&'*!.4!"''*?%'!%&0"/"0"*,!3*(4.()*2!-9!0+*"(!&6,0.)*(,! dXDB>! Z=::[7! #6(0+*().(*>! 0+*(*! ",! %',.! %! 3%+"29<( +>( 20O)0:0$N! 4.(! 0+*! *$0"09! 0+%0! (*&*"/*,! '%6$2*(*2!46$2,>!,"$&*!0+*9!)"?+0!-*!,6-J*&0!0.!6$%$0"&"3%0*2!1"0+2(%1%',!.4!'%(?*!%).6$0,>! 1+%0!J*.3%(2"P*,!0+*!)%$%?*)*$0!.4!0+*!"$,0"060".$!dC+*!I.('2!X%$5>!Z==^[7!8O!%$2!C#!%',.! &.)3.(0! +39%&$0+/&2( %0#7#>! 1+"&+! %&&.(2"$?! 0.! X%,*'! L.))"00**! .$! X%$5"$?! B63*(/",".$! @! 1+"&+! 1"''! -*! (*4*((*2! '%0*(! .$! 0+",! ,0629! @>! %(*! l0+*! 3.0*$0"%'! 4.(! '.,,! (*,6'0"$?! 4(.)! "$%2*V6%0*!.(!4%"'*2!"$0*($%'!3(.&*,,*,>!3*.3'*!%$2!,9,0*),>!.(!*G0*($%'!*/*$0,m!dXDB>!Z=::[7! D4!&6,0.)*(,!+%/*!0+*!3*(&*30".$!0+%0!%!4"$%$&"%'!"$,0"060".$!&%$$.0!)%$%?*(!"0,!.3*(%0".$%'! (",5!"$!%$!*44*&0"/*!)%$$*(>!0+*!-6,"$*,,!1"''!-*!,*(".6,'9!%44*&0*2!dXDB>!Z==:[7!M,!&6,0.)*(,! )%9!%',.!-*!/"&0"),!.4!4"$%$&"%'!&(")*,>!0+*9!&%$!,6*!4"$%$&"%'!"$,0"060".$,>!)%5"$?!0+*,*!.$*,! -*%(!'%1!,6"0,>!%2/*(,*!J62?)*$0,>!4"$*,!%$2!3*$%'0"*,!0+%0!"$/.'/*!'%(?*!&.,0,!%$2!0+%0!&%$!

(14)

<!

*/*$!'*%2!0.!&'.,6(*!.4!0+*!"$,0"060".$!@!0+",!(*3(*,*$0,!%!29;&2(%0#7!4.(!4"$%$&"%'!*$0"0"*,!dC+*! I.('2! X%$5>! Z==^[7! I+*$! %! 4"$%$&"%'! "$,0"060".$! +%,! "$! 3'%&*! %$! *44*&0"/*! 26*! 2"'"?*$&*! (*?")*>!*G3'%"$*2!'%0*(!"$!0+",!3(.J*&0>!0+*!'+/'9/$%&$0+/(%0#7!",!(*26&*27!C+",!(",5!&%$!.&&6(! 26*!0.!%!3.,,"-'*!'.,,!0+%0!(*,6'0,!4(.)!+%/"$?!%!+"?+!'*/*'!.4!&(*2"0!.(!'.%$!*G3.,6(*!0.!.$*! -.((.1*(! %$2! %! (*26&*2! 5$.1'*2?*! %-.60! 0+%0! &6,0.)*(7! C+",! ",! 3%(0"&6'%('9! ")3.(0%$0! "$! 0+*!&.$0*G0!.4!&.6$0*(3%(0,!%$2!&.$$*&0*2!'*$2"$?!dXDB>!Z==:[7!!! !

E@C@(:](H$&/:&%:(:9592+39%#((

&; <=*

RW! ",! %$! "$0*($%0".$%'! .(?%$"P%0".$! 4.6$2*2! "$! :;\]! 1"0+! 0+*! .-J*&0"/*,! .4! l)%"$0%"$"$?! "$0*($%0".$%'!3*%&*!%$2!,*&6("09>!2*/*'.3"$?!4("*$2'9!(*'%0".$,!%).$?!$%0".$,!%$2!3(.).0"$?! ,.&"%'!3(.?(*,,>!-*00*(!'"/"$?!,0%$2%(2,!%$2!+6)%$!("?+0,m!dRW>!Z=::[7!!W.1%2%9,>!RW!+%,! .$*!+6$2(*2!%$2!$"$*09F01.!)*)-*(!,0%0*,!%$2!"0!",!%&0"/*!"$!0+*!4"?+0!.4!8O!0+(.6?+!"0,!

U/&8#/' *+&.+#22)' ?.#3$4,' 6&$)L' V#-$()+3$.7! C+",! ",! $.0! (*&*$0>! ,"$&*! "0! 1%,! 0+*! 4"(,0!

.(?%$"P%0".$! 0.! (*/*%'! &.$&*($,! (*?%(2"$?! 8O>! %$2! +%2! */*$! %2.30*2! "$! :;<=! 0+*! ?6"2*! l8*%,6(*,!M?%"$,0!0+*!C(%$,4*(!%$2!B%4*5**3"$?!.4!#6$2,!.4!L(")"$%'!A("?"$m!dRW>!Z=::n!C+*! I.('2!X%$5>!Z==^[7!A$*!")3.(0%$0!4%&0!.4!0+",!.(?%$"P%0".$!",!0+%0!"0!+%,!0+*!%-"'"09!0.!%2.30! &.$/*$0".$,!%$2!0(*%0"*,>!1+"&+!+%/*!0+*!*44*&0!.4!'%1!"$!%!&.6$0(9!4(.)!0+*!).)*$0!,6&+! &.6$0(9! ,"?$,>! (%0"4"*,! %$2! ")3'*)*$0,! 0+*)! dRW>! Z=::n! C+*! I.('2! X%$5>! Z==^[7! C+(**! *G%)3'*,!.4!0+*,*!&.$/*$0".$,>!(*'*/%$0!0.!0+",!,0629>!%(*!3(*,*$0*2!-*'.17!! ! • <(&%#4*=2%&/()*>/('#(%&/(*?-2&()%*@11&$&%*A,2""&$*&(*=2,$/%&$*B,3-)*2(4*6)0$8/%,/+&$* 73C)%2($#)*DA8#*E&#((2*>/('#(%&/(F** RW!,0%(0*2!%$!"$0*($%0".$%'!%?(**)*$0!0.!&.)-%0!2(6?!0(%44"&5"$?!%$2!8O!%$2!%2.30*2>!"$! :;<<>!0+*!F$3,)('R#,3&$4'1&$=)$,3&$'?.#3$4,'<//3%3,'I+#EE3%'3$'R#+%&,3%':+-.4'#$('*4L%J&,+&;3%' @-84,#$%)4! @! %',.! 5$.1$! %,! 73)$$#' 1&$=)$,3&$! 26*! 0.! 0+*! &"09! 1+*(*! "0! 1%,! ,"?$*27! C+",! &.$/*$0".$>!,"?$*2!-9!.$*!+6$2(*2!%$2!,"G09F01.!&.6$0("*,>!2*%',!1"0+!(*V6"(*)*$0,!0.!4"?+0! 0+*!"''"&"0!2(6?!0(%2*!%$2!(*'%0*2!'%1!*$4.(&*)*$0!",,6*,!dRW>!:;<<[7!!C+*!"$&(*%,"$?!&.$&*($! %-.60! 2(6?! 0(%44"&5"$?! %$2! 0+*! ).$*9! (*'%0*2! *$0*("$?! "$0.! 0+*! -%$5! ,9,0*)>! )%5*,! 0+*! &.$/*$0".$!2*4"$*!0+*!&.$&*30!.4!l).$*9!'%6$2*("$?m!%$2!%33*%',!0+%0!&.6$0("*,!&(")"$%'"P*! 0+",! %&0"/"097! ! W*/*(0+*'*,,>! %$2! %,! )*$0".$*2! -*4.(*>! k"*$$%! L.$/*$0".$! '")"0,! 3(*2"&%0*!

(15)

! ;!

.44*$&*,! 0.! 2(6?! 0(%44"&5"$?! .44*$&*,! %$2! 2.*,! $.0! %22(*,,! 0+*! 1%9,! 0.! 3(*/*$0! 8O! dC+*! I.('2!X%$5>!Z==^[7!!

!

• <(&%#4* =2%&/()* >/('#(%&/(* ?-2&()%* A,2()(2%&/(21* G,-2(&H#4* >,&.#* DA8#* 621#,./*

>/('#(%&/(F*

E%'*().! L.$/*$0".$>! 1+"&+! $%)*! ",! %',.! (*'%0*2! 0.! 0+*! &"09! 1+*(*! "0! 1%,! ,"?$*2>! 1%,! %2.30*2! "$! Z===>! %")"$?! 0.! "$&(*%,*! 0+*! ,&.3*! .4! 73)$$#' 1&$=)$,3&$! "$! 0+*! 4"?+0! %?%"$,0! "$0*($%0".$%'! .(?%$"P*2! &(")*7! D$! 0+",! ,*$,*>! 0+",! &.$/*$0".$! &.$0%"$,! %! -(.%2! (%$?*! .4! (*V6"(*)*$0,!0.!4"?+0!.(?%$"P*2!&(")*>!%$2!.-'"?*!&.6$0("*,!0+%0!,"?$!"0!0.!")3'*)*$0!0+*,*! (*V6"(*)*$0,!0+(.6?+!3%,,%?*!.4!2.)*,0"&!'%1,!dE%'*().!L.$/*$0".$>!Z===[7!!H*?%(2"$?!8O>! %&&.(2"$?!0.!C+*!I.('2!X%$5!dZ==^>!37!DDDFb[>!0+",!&.$/*$0".$!(*V6"(*,!(%0"49"$?!&.6$0("*,!0.! l&(")"$%'"P*!).$*9!'%6$2*("$?!%$2!"$&'62*!%''!,*(".6,!&(")*,!%,!3(*2"&%0*!.44*$&*,!.4!).$*9! '%6$2*("$?>! 1+*0+*(! &.))"00*2! "$! .(! .60,"2*! .4! 0+*! &.6$0(9>! %$2! 3*()"0! 0+*! (*V6"(*2! &(")"$%'!5$.1'*2?*!.(!"$0*$0!0.!-*!"$4*((*2!4(.)!.-J*&0"/*!4%&0,m7!8.(*./*(>!%(0"&'*!,*/*$!.4! E%'*().!L.$/*$0".$>!,0%0*,!0+%0!*%&+!,0%0*!3%(09!,+%''!"$,0"060*!%!(*?6'%0.(9!%$2!,63*(/",.(9! (*?")*!4.(!-%$5,!%$2!$.$F-%$5!4"$%$&"%'!"$,0"060".$,>!"$!.(2*(!0.!2*0*&0!%''!4.(),!.4!8O>!!%$2! 0.!(*V6"(*!&6,0.)*(!"2*$0"4"&%0".$>!(*&.(2F5**3"$?!%$2!(*3.(0"$?!.4!,6,3"&".6,!0(%$,%&0".$,! dE%'*().! L.$/*$0".$>! Z===[7! D0! %',.! (*4*(,! 0+%0! %2)"$",0(%0"/*>! (*?6'%0.(9! %$2! '%1! *$4.(&*)*$0! %60+.("0"*,! ,+%''! &..3*(%0*! %$2! *G&+%$?*! "$4.()%0".$! %0! $%0".$%'! %$2! "$0*($%0".$%'!'*/*',!%$2!0+%0!%!4"$%$&"%'!"$0*''"?*$&*!6$"0!d#DR[>!*G3'%"$*2!'%0*(!.$!0+",!&+%30*(>! )%9! -*! *,0%-'",+*2! -9! ?./*($)*$0,! 0.! &.''*&0>! %$%'9,*! %$2! 2",,*)"$%0*! "$4.()%0".$! (*?%(2"$?! 3.0*$0"%'! 8O! dE%'*().! L.$/*$0".$>! Z===[7! ! #6(0+*().(*>! 0+",! &.$/*$0".$! %',.! ,0%0*,! 0+%0! (%0"49"$?! ,0%0*,! ,+%''! 3(.).0*! "$0*($%0".$%'! &..3*(%0".$! dE%'*().! L.$/*$0".$>! Z===[7!C+",!&.$/*$0".$!1%,!,"$?*2!-9!.$*!+6$2(*2!%$2!,*/*$09F4.6(!&.6$0("*,>!(%0"4"*2!-9! *"?+09F01.!&.6$0("*,!%$2!"0!1*$0!'"/*!"$!Z==b!dC+*!I.('2!X%$5>!Z==^[7!! ! • @(%#,(2%&/(21*>/('#(%&/(*"/,*%8#*73++,#))&/(*/"*%8#*I&(2($&(-*/"*A#,,/,&).* `/*$!-*4.(*!0+*!R$"0*2!B0%0*,!%00%&5,!"$!Z==:>!0+*!0*((.(",0!4"$%$&"$?!1%,!%$!"$0*($%0".$%'! &.$&*($!26*!0.!0+*!1.('21"2*!?(.10+!.4!%&0,!.4!0*((.(",)!"$!%''!"0,!4.(),!%$2!)%$"4*,0%0".$,! %$2!0+*!")3%&0!0+*9!+%/*!.$!?./*($)*$0,!%$2!,.&"*09!dRW>!:;;;n!C+*!I.('2!X%$5>!Z==^[7!! D$!0+",!,*$,*>!RW!%2.30*2!"$!:;;;!0+*'<$,)+$#,3&$#/'1&$=)$,3&$'E&+',J)'@-;;+)443&$'&E',J)'

(16)

:=! 3(./"2*,!.(!&.''*&0,!46$2,!1"0+!0+*!"$0*$0".$!.(!"$!0+*!5$.1'*2?*!0+%0!0+*9!1"''!-*!6,*2!0.! 360!"$0.!3(%&0"&*!%$!%&0!1+"&+!&.$,0"060*,!%$!.44*$&*!1"0+"$!0+*!,&.3*!.4!%$2!%,!2*4"$*2!"$! .$*!.4!0+*!0(*%0"*,!'",0*2!"$!0+*!%$$*G!.4!0+",!&.$/*$0".$>!(*3'"&%0*2!"$!M33*$2"G!Z!.4!0+",! ,0629>!.(!%$9!.0+*(!%&0!"$0*$2*2!0.!&%6,*!2*%0+!.(!,*(".6,!"$J6(9!0.!%$9!3*(,.$!dRW>!:;;;[7!! ! &&; I?AI*

#"$%$&"%'! M&0".$! C%,5! #.(&*! d#MC#[! 1%,! *,0%-'",+*2! "$! :;<;! "$! E%(",>! -9! 0+*! QFc! B6))"0db[>!

1"0+!,"G0**$!)*)-*(,j!0+*!QFc!)*)-*(!B0%0*,>!0+*!`6(.3*%$!L.))",,".$!%$2!*"?+0!.0+*(! &.6$0("*,7!D0!1%,!?"/*$!0+*!(*,3.$,"-"'"0"*,!.4!*G%)"$"$?!8O!0*&+$"V6*,!%$2!0(*$2,>!(*/"*1"$?! %&0".$,!0%5*$!$%0".$%'!%$2!"$0*($%0".$%''9!%$2!,*00"$?!)*%,6(*,!"$!.(2*(!0.!&.)-%0!8O!d#MC#>! Z=::[7!!! C+*(*4.(*>!#MC#!&%$!-*!&.$,"2*(*2!%!l3.'"&9F)%5"$?m!"$,0"060".$>!1.(5"$?!0.!*$&.6(%?*!0+*! 3.'"0"&%'!1"''!0.!&(*%0*!$%0".$%'!'*?",'%0"/*!%$2!(*?6'%0.(9!M8O!%$2!L#C!(*4.(),!d#MC#>!Z=::[7! D$!:;;=>!#MC#!36-'",+*2!%!(*3.(0!1"0+!I/,%0* J#$/..#(42%&/()>!1+"&+!(*3(*,*$0!%$!%&0".$! 3'%$!(*?%(2"$?!0+*!4"?+0!%?%"$,0!8O!d#MC#>!Z=::[7!C+",!(*3.(0!1%,!(*/",*2!"$!Z==b!0.!(*4'*&0! 632%0*2!&"(&6),0%$&*,!"$!8O!%&0"/"0"*,>!%$2!)%"$'9'&.)3(",*,!%!4(%)*1.(5!4.(!M8O>!,*00"$?! .60!3("$&"3'*,!4.(!%&0".$!-60!3*()"00"$?!4'*G"-"'"09!4.(!&.6$0("*,!"$!")3'*)*$0"$?!0+*)7!C+*,*! (*&.))*$2%0".$,! +%/*! -**$! %33(./*2! -9! 0+*! "$0*($%0".$%'! &.))6$"09! %$2! (*'*/%$0! .(?%$"P%0".$,!%,!-*"$?!0+*!,0%$2%(2!4.(!M8O!%$2!4.(!0+*,*!(*%,.$!&.6$0("*,!+%/*!0.!)**0! 0+*)!"$!.(2*(!0.!-*!&.$,"2*(*2!%!&..3*(%0"/*!&.6$0(9!dC+*!I.('2!X%$5>!Z==^[7!C+*!0*((.(",0! %00%&5,!0.!0+*!R$"0*2!B0%0*,!"$!Z==:>!(*/*%'*2!0+*!")3.(0%$&*!.4!2*0*&0"$?>!3(*/*$0"$?!%$2! ,633(*,,"$?!0+*!4"$%$&"$?!.4!0*((.(",)7!L.$,*V6*$0'9>!#MC#!*G3%$2*2!"0,!)",,".$!0.!2*/*'.3! %',.! 0+*! ,0%$2%(2,! "$! 0+*! 4"?+0! %?%"$,0! C#! %$2! "$! Z==\! %! 2.&6)*$0! 1%,! ",,6*2! -9! 0+",! "$,0"060".$! ,*00"$?! .60! 0+*! 4(%)*1.(5! 1"0+! )%$2%0*,! 4.(! &.6$0("*,! 0.! 2*%'! 1"0+! 0+*,*! 3(.-'*),j!=&(#(7+#$&21*J#$/..#(42%&/()!.$!C#!d#MC#>!Z=::[7!B"$&*!0+*!36-'"&%0".$!.4!0+*,*! ITUR( L9'+<<9/:&$0+/#>! (*3'"&%0*2! "$! M33*$2"G! :! .4! 0+",! ,0629>! #MC#! &.$26&0,! (*?6'%(! */%'6%0".$,!0.!&.6$0("*,>!"$!.(2*(!0.!6$2*(,0%$2!0+*"(!'*/*'!.4!&.)3'"%$&*!1"0+!-.0+!M8O!%$2! L#C!3("$&"3'*,!d#MC#>!Z=::[7!8.(*./*(>!*/*(9!01.!9*%(,!&.6$0("*,!,+%''!&%((9!.60!4.''.1!63! (*3.(0,!0.!#MC#!*/%'6%0".$,>!,0%0"$?!3(.?(*,,*,!0+%0!+%/*!-**$!)%2*!0.!")3(./*!0+*!'*/*'!.4!

b!QFc!",!%!?(.63!.4!4"$%$&*!)"$",0*(,!.4!,*/*$!2*/*'.3*2!%$2!"$26,0("%'"P*2!$%0".$,j!L%$%2%>!#(%$&*>! Q*()%$9>!D0%'9>!T%3%$>!0+*!R$"0*2!e"$?2.)!%$2!0+*!R$"0*2!B0%0*,7!C+",!?(.63!1%,!4.()*2!"$!:;c^>!%$2! "$!:;;<!H6,,"%!4.()%''9!J."$*2!0+*!?(.63>!0+%0!-*&%)*!0+*$!2*$.)"$%0*2!%,!0+*!QF<7!C+*!)*)-*(,! +%/*!%$!%$$6%'!)**0"$?!@!2*$.)"$%0*2!B6))"0!@!"$!1+"&+!0+*!*"?+0!&.6$0("*,>!3'6,!0+*!O*%2*(!.4!0+*! &.6$0(9!+.'2"$?!0+*!E(*,"2*$&9!.4!0+*!`6(.3*%$!R$".$!%$2!0+*!E(*,"2*$0!.4!0+*!`6(.3*%$!L.))",,".$>! )**0!0.!2",&6,,!")3.(0%$0!",,6*,!dB6))"0!Z==b>!Z=::[7!!

(17)

! ::! &.)3'"%$&*!1"0+!(*&.))*$2%0".$,7!!C.!,&.(*!0+",!'*/*'!.4!&.)3'"%$&*>!#MC#!+%,!%!4"/*F'*/*'! (%0"$?!,&%'*!-%,*2!.$!*,,*$0"%'!&("0*("%>!(*3'"&%0*2!-*'.1!"$!C%-'*!Z7:7! ! =&"29(E@C(B(4+<320&/'9(L&$0/;#( K#'#1*/"*$/.+1&2($#* >,&%#,&2*

4+<320&/$( C+*! H*&.))*$2%0".$! ",! 46''9! .-,*(/*2! 1"0+!(*,3*&0!0.!%''!*,,*$0"%'!&("0*("%7( ?&%;92N('+<320&/$( C+*(*!%(*!.$'9!)"$.(!,+.(0&.)"$?,>!1"0+!%!'%(?*!

)%J.("09!.4!0+*!*,,*$0"%'!&("0*("%!-*"$?!46''9!)*07(

F&%$0&22N('+<320&/$( C+*! &.6$0(9! +%,! 0%5*$! ,.)*! ,6-,0%$0"/*! %&0".$!

%$2!&.)3'"*,!1"0+!,.)*!.4!0+*!*,,*$0"%'!&("0*("%7(

[+/_'+<320&/$( C+*(*! %(*! )%J.(! ,+.(0&.)"$?,>! 1"0+! %! '%(?*!)%J.("09!.4!0+*!*,,*$0"%'!&("0*("%!$.0!-*"$?!)*07(

[+$(&3320'&"29( M!(*V6"(*)*$0!.(!3%(0!.4!%!(*V6"(*)*$0!2.*,!$.0! %33'9>!26*!0.!0+*!,0(6&06(%'>!'*?%'!.(!"$,0"060".$%'! 4*%06(*,!.4!%!&.6$0(9!*7?7!%!3%(0"&6'%(!093*!.4! 4"$%$&"%'!"$,0"060".$!2.*,!$.0!*G",0!"$!0+%0! &.6$0(97( '!@&-+%)W''6),J&(&/&.L'E&+'?44)443$.'1&2;/3#$%)'K3,J',J)'G?IG'XY'Z)%&22)$(#,3&$4'#$(',J)'G?IG'['@;)%3#/' Z)%&22)$(#,3&$4\'G?IG']YY[0! '

L6((*$0'9>! %$2! ,"$&*! Z==c>! 0+"(09F4.6(! )*)-*(,! &.)3.,*! 0+*! #MC#>! 1+"&+! +%,! %',.! 0+*! &.''%-.(%0".$!.4!%,,.&"%0*!)*)-*(,!%$2!.-,*(/*(,!0+%0!%(*!3(*,*$0*2!"$!M33*$2"G!Z!d#MC#>! Z=::[7!

!

D0,! 3(")%(9! 46$&0".$,! %(*! $.1! 0.! ).$"0.(! )*)-*(,Y! 3(.?(*,,! "$! ")3'*)*$0"$?! )*%,6(*,!@!-9!%!01.F,0%?*!3(.&*,,!0+%0!"$/.'/*,!,*'4!%,,*,,)*$0,!%$2!)606%'!*/%'6%0".$,!@>! 0.! (*/"*1! %$2! (*3.(0! '%6$2*("$?! 0(*$2,>! 0*&+$"V6*,! %$2! )*0+.2,!@! ",,6"$?! %$$6%'! (*3.(0,! (*4*(("$?! 2*/*'.3)*$0,! "$! 0+*,*! %(*%,! @! %$2! 4"$%''9>! 0.! 3(.).0*! 0+*! %2.30".$! %$2! ")3'*)*$0%0".$!.4!M8O!%$2!L#C!,0%$2%(2,!?'.-%''9!dC+*!I.('2!X%$5>!Z==^[7!C.!%22(*,,!0+",! '%,0!46$&0".$>!0+*!#MC#!%2.30*2!%!3(.&*,,!.4!"2*$0"49"$?!0+*!l/+/_'++39%&$059('+)/$%09#(&/:( $9%%0$+%09#m!d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d#MC#>!Z==;[7!! !

(18)

:Z! &&&; A8#*!-./(%*L,/3+** C+*!`?).$0!Q(.63!",!%!?(.63!.4!#DR,>!4.()*2!"$!:;;]>!1+"&+!)**0!(*?6'%('9!"$!.(2*(!0.!4"$2! 1%9,!0.!&..3*(%0*!"$!%(*%,!.4!"$4.()%0".$!*G&+%$?*>!0(%"$"$?!%$2!0+*!,+%("$?!.4!*G3*(0",*7!! D0,! ?.%'! ",! 0.! ")3(./*! &..3*(%0".$! "$! 0+*! 4"?+0! %?%"$,0! 8O! %$2! C#! %$2! 0.! 3(.).0*! 0+*! ")3'*)*$0%0".$! .4! 2.)*,0"&! 3(.?(%),! "$! 0+*,*! %(*%,! dC+*! `?).$0! Q(.63>! Z==;[7! #6(0+*().(*>!0+*9!3(./"2*!0+*!*G&+%$?*!.4!"$4.()%0".$!-*01**$!4"$%$&"%'!"$,0"060".$,!%$2! '%1! *$4.(&*)*$0! dC+*! I.('2! X%$5>! Z==^[7! C.! *$0*(! "$! 0+",! ?(.63>! %! #DR! )6,0! )**0! 0+*! `?).$0!#DRY,!2*4"$"0".$!%$2!&.))"0!0.!%&0!"$!%&&.(2%$&*!1"0+!0+*!A.2&$,'U+&-;^4'*+3$%3;/)4' E&+'<$E&+2#,3&$'A_%J#$.)'"),K))$'G3$#$%3#/'<$,)//3.)$%)'F$3,4'E&+'6&$)L'V#-$()+3$.'1#4)4! dC+*!`?).$0!Q(.63>!Z==;n!C+*!I.('2!X%$5>!Z==^[>!1+"&+!"$&'62*>!%&&.(2"$?!0.!C+*!`?).$0! Q(.63!dZ==;[>!&.$2"0".$,!4.(!0+*!*G&+%$?*!.4!"$4.()%0".$>!'")"0%0".$!.$!3*()"00*2!6,*,!.4! "$4.()%0".$! %$2! &.$4"2*$0"%'"097! C+",! ?(.63! 2.*,! $.0! +%/*! %! ,*&(*0%("%0! %$2! %! 3*()%$*$0! '.&%0".$>!)**0"$?!"$!3'*$%(9!,*,,".$!.$&*!%!9*%(!%$2!"$!1.(5"$?!?(.63,!0+(**!0")*,!%!9*%(! dC+*!I.('2!X%$5>!Z==^[7!! #.(!0+*!36(3.,*!.4!0+",!,0629>!"0!",!(*'*/%$0!0.!3(*,*$0!).(*!2*0%"',!(*?%(2"$?!0+*!,0(6&06(*!.4! 0+*!)*)-*(,!0+%0!&.)3.,*!0+",!?(.637!M&&.(2"$?!0.!C+*!`?).$0!Q(.63!dZ==;[>!%!#DR!",!l0+*! &*$0(%'! $%0".$%'! %?*$&9! (*,3.$,"-'*! 4.(! (*&*"/"$?! d%$2! %,! 3*()"00*2! (*V6*,0"$?[>! %$%'9P"$?! %$2! 2",,*)"$%0"$?! 0.! 0+*! &.)3*0*$0! %60+.("0"*,>! 2",&'.,6(*,! .4! 4"$%$&"%'! "$4.()%0".$! &.$&*($"$?!,6,3*&0*2!3(.&**2,!.4!&(")*>!.(!(*V6"(*2!-9!$%0".$%'!'*?",'%0".$!.(!(*?6'%0".$!0.! &.)-%0! ).$*9! '%6$2*("$?m7! D$! Z==\>! 0+",! 2*4"$"0".$! 1%,! *G0*$2*2! 0.! "$&'62*! C#7! M&(.,,! &.6$0("*,>! 4.6(! ).2*',! .4! #DR! &%$! -*! "2*$0"4"*2! "$! %&&.(2%$&*! 1"0+! 0+*! "$4'6*$&*,! 0+%0! ).'2*2!0+*"(!&(*%0".$j!0+*!`):0'0&2(6+:92>!*,0%-'",+*2!%$2!(6$!-9!0+*!J62"&"%'!2"/",".$!.4!0+*! ?./*($)*$0n! 0+*! ?&8( \/>+%'9<9/$( 6+:92>! 0+%0! 1.(5"$?! 6$2*(! 0+*! )%$%?*)*$0! .4! %! ,*&6("09! 4.(&*>! ,633.(0,! 0+*! *44.(0,! .4! '%1! *$4.(&*)*$0! .(! J62"&"%'! %60+.("0"*,n! 0+*! !:<0/0#$%&$059( 6+:92>!1+"&+!?%0+*(,!%$2!3(.&*,,*,!"$4.()%0".$!4(.)!4"$%$&"%'!,*&0.(!%$2! 4.(1%(2,! "0! 0.! J62"&"%'! .(! '%1! *$4.(&*)*$0! %60+.("0"*,n! %$2! 4"$%''9>! 0+*! aN"%0:( 6+:92! 0+%0! &.)-"$*,! 01.! .(! ).(*! .4! 0+*! 3(*/".6,! )*$0".$*2! 093*,! dC+*! `?).$0! Q(.63>! Z==;[7! `%&+! ).2*'!.4!#DR!+%,!"0,!3%(0"&6'%(!%2/%$0%?*,!%$2!2",%2/%$0%?*,!0+%0!%(*!"2*$0"4"*2!"$!C%-'*!Z7Z7! M22"0".$%''9>! "$! C%-'*! Z7Z! "0! ",! 3.,,"-'*! 0.! ,**! 1+"&+! ).2*'! .4! #DR! ,.)*! &.6$0("*,! +%/*! %2.30*27!!

(19)

! :b! ( =&"29(E@E(_(=N39#(+>(1AX#( M/4#1*/"*I@<* ?4'2(%2-#)* B&)24'2(%2-#)* >/3(%,&#)*98#,#* %8#*./4#1*92)* 24/+%#4*

`):0'0&2( D$2*3*$2*$&*!4(.)!3.'"0"&%'!3.1*(7!

h"?+!'*/*'!.4!0(6,0!",! $*&*,,%(9!0.!-*!3(*,*$0! -*01**$!.-'"?*2!*$0"0"*,! %$2!%60+.("0"*,7! L93(6,n! O6G*)-6(?7! ?&8(\/>+%'9<9/$( C.0%'!6,*!.4!0+*! "$4.()%0".$!2",&'.,*2n! 4%,0!3.'"&*!(*%&0".$n! *%,"$*,,!.4!%&&*,,!0.! .0+*(!2%0%-%,*,7! E.(06?%'n! Q*()%$9n!#"$'%$2n! Re7!! !:<0/0#$%&$059( X%'%$&*2!(*'%0".$,+"3!.4! "$2*3*$2*$&*!4(.)!0+*! .-'"?*2!*$0"0"*,!%$2!0+*! %60+.("0"*,7!! O.1!'*/*'!.4!%-"'"09!0.! &.''*&0!)%0*("%'7!! X*'?"6)n! W*0+*('%$2,n! B3%"$n!RBM7!! aN"%0:( dM2/%$0%?*,!%$2!2",%2/%$0%?*,!.4!0+*!&.)-"$*2!).2*',!0+%0!4.()!0+*!+9-("2[! _*$)%(5n!W.(1%97!! '' ! &'; A8#*N2)#1*>/..&%%##*/(*N2(:&(-*73+#,'&)&/(* B"$&*!4"$%$&"%'!"$,0"060".$,!%(*!0+*!*$0"0"*,!&.$,"2*(*2!"$!0+*!,&.3*!.4!0+",!,0629>!C+*!X%,*'! L.))"00**! .$! X%$5"$?! B63*(/",".$! ",! %$! ")3.(0%$0! *$0"09! 0.! -*! (*4*((*27! C+",! &.))"00**! )**0,! (*?6'%('9! 4.6(! 0")*,! %! 9*%(>! 1"0+! 0+*! .-J*&0"/*! .4! *$+%$&"$?! 6$2*(,0%$2"$?! .4! 5*9! ,63*(/",.(9!",,6*,!%$2!")3(./*!0+*!V6%'"09!.4!-%$5"$?!,63*(/",".$!1.('21"2*!dXDB>!Z=::[7!D0! 1%,!4.()*2!"$!:;c\!%$2!&6((*$0'9!+%,!)*)-*(,!4(.)!M(?*$0"$%>!M6,0(%'"%>!X*'?"6)>!X(%P"'>! L%$%2%>! L+"$%>! #(%$&*>! Q*()%$9>! h.$?! e.$?! BMH>! D$2"%>! D$2.$*,"%>! D0%'9>! T%3%$>! e.(*%>! O6G*)-.6(?>!8*G"&.>!0+*!W*0+*('%$2,>!H6,,"%>!B%62"!M(%-"%>!B"$?%3.(*>!B.60+!M4("&%>!B3%"$>! B1*2*$>! B1"0P*('%$2>! C6(5*9>! 0+*! R$"0*2! e"$?2.)! %$2! 0+*! R$"0*2! B0%0*,>! (*3(*,*$0*2! -9! 0+*"(!&*$0(%'!-%$5!.(!-9!0+*!%60+.("09!1"0+!(*,3.$,"-"'"09!4.(!-%$5"$?!,63*(/",".$!dXDB>!Z=::n! C+*!I.('2!X%$5>!Z==^[7!! C+",! L.))"00**! 2.*,! $.0! +%/*! ,63*(/",.(9! %60+.("09! .(! 4.(&*! .4! '%17! D$! 0+",! ,*$,*>! "0! 4.()6'%0*,! ,63*(/",.(9! ,0%$2%(2,! %$2! ?6"2*'"$*,>! (*&.))*$2"$?! ,0%0*)*$0,! .4! -*,0! 3(%&0"&*,!.$!%!1"2*!(%$?*!.4!-%$5"$?!",,6*,>!*G3*&0"$?!0+%0!%60+.("0"*,!"$!*%&+!&.6$0(9!0%5*! )*%,6(*,! 0.! ")3'*)*$0! 0+*)7! 8.(*./*(>! "0! %',.! *$&.6(%?*,! &..3*(%0".$! %).$?! "0,! )*)-*(,!%$2!.0+*(!,63*(/",.(9!%60+.("0"*,!dXDB>!Z=::[7!C+(**!.4!0+*!,63*(/",.(9!,0%$2%(2,!

(20)

:\! %$2! ?6"2*'"$*,! &(*%0*2! -9! 0+*! X%,*'! L.))"00**! %(*! (*'%0*2! 0.! 8O! %$2! 1"''! -*! -("*4'9! *G3'%"$*2!-*'.1j! ! • 7%2%#.#(%*/(*6,#'#(%&/(*/"*>,&.&(21*<)#*/"*%8#*N2(:&(-*70)%#.*"/,*%8#*63,+/)#*/"* M/(#0*K23(4#,&(-** C+",!,0%0*)*$0!2*4"$*,!3.'"&"*,!%$2!3(.&*26(*,!0+%0!-%$5,!,+.6'2!+%/*!"$!3'%&*!0.!%,,",0!"$! ,633(*,,"$?! 8O! 0+(.6?+! 0+*! -%$5"$?! ,9,0*)>! -.0+! 2.)*,0"&%''9! %$2! "$0*($%0".$%''9>! ,"$&*! -%$5,!%$2!.0+*(!4"$%$&"%'!"$,0"060".$,!)%9!l6$1"00"$?'9m!dX%,*'!L.))"00**>!:;<<[!-*!6,*2!%,! "$0*()*2"%("*,!4.(!0(%$,4*(!.(!2*3.,"0!).$*9!2*("/*2!4(.)!&(")"$%'!%&0"/"097!C+*!L.))"00**! &.$,"2*(,! 0+%0!

l

0+*! 4"(,0! %$2! ).,0! ")3.(0%$0! ,%4*?6%(2! %?%"$,0! ).$*9! '%6$2*("$?! ",! 0+*! "$0*?("09! .4! -%$5,Y! .1$! )%$%?*)*$0,! %$2! 0+*"(! /"?"'%$0! 2*0*()"$%0".$! 0.! 3(*/*$0! 0+*"(! "$,0"060".$,! -*&.)"$?! %,,.&"%0*2! 1"0+! &(")"$%',! .(! -*"$?! 6,*2! %,! %! &+%$$*'! 4.(! ).$*9! '%6$2*("$?m! dX%,*'! L.))"00**>! :;<<[7! D0! &.$,"2*(,! 0+%0! 4.6(! 3("$&"3'*,! )6,0! -*! 3(*,*$0! 1"0+"$!%''!4"$%$&"%'!"$,0"060".$,j!*44*&0"/*!&6,0.)*(!"2*$0"4"&%0".$>!&.)3'"%$&*!1"0+!'%1,!%$2! *0+"&%'! ,0%$2%(2,>! &..3*(%0".$! 1"0+! '%1! *$4.(&*)*$0! %60+.("0"*,! %$2! %2+*(*$&*! 0.! 0+*! 3("$&"3'*,!3(*,*$0!"$!0+",!,0%0*)*$0!dX%,*'!L.))"00**>!:;<<n!C+*!I.('2!X%$5>!Z==^[7!

!

• >/,#*6,&($&+1#)*"/,*!""#$%&'#*N2(:&(-*73+#,'&)&/(*D>/,#*6,&($&+1#)F**

C+",!'",0!.4!01*$09F4"/*!&.(*!3("$&"3'*,>!",,6*2!"$!:;;c>!3(./"2*,!%$!*44*&0"/*!2*,"?$!4.(!%!-%$5! ,63*(/",.(9!,9,0*)>!&./*("$?!%!1"2*!(%$?*!.4!0.3"&,7!L.(*!E("$&"3'*!:]!",!(*'%0*2!0.!8O!%$2! ,0%0*,! 0+%0! -%$5"$?! ,63*(/",.(,! )6,0! +%/*! ,0("&0! l5$.1! 9.6(! &6,0.)*(m! defL[! (6'*,! 0+%0! 3(.).0*!+"?+!*0+"&%'!%$2!3(.4*,,".$%'!,0%$2%(2,!dX%,*'!L.))"00**>!:;;cn!C+*!I.('2!X%$5>! Z==^[!"$!.(2*(!0.!%/."2!0+*!-%$5!4(.)!-*"$?!6,*2!-9!&(")"$%',7!#6(0+*().(*>!01.!9*%(,!'%0*(>! X%,*'! L.))"00**! &(*%0*2! %! lL.(*! E("$&"3'*,! 8*0+.2.'.?9m>! &.$0%"$"$?! ,3*&"4"&! &("0*("%! 0.! +*'3!"$!0+*!%,,*,,)*$0!.4!0+*!%2*V6%&9!.4!efL!3.'"&"*,!dX%,*'!L.))"00**>!:;;;[! ! • >3)%/.#,*B3#*B&1&-#($#*"/,*C2(:)*D>3)%/.#,*B3#*B&1&-#($#F** C+",!2.&6)*$0!1%,!",,6*2!"$!Z==:!26*!0.!$.0*2!2*4"&"*$&"*,!"$!efL!3(.&*26(*,7!D0!3(./"2*,! ).(*! ,3*&"4"&! "$4.()%0".$! (*?%(2"$?! L.(*! E("$&"3'*! :]>! )*$0".$*2! -*4.(*>! %$2! "0! $.0! .$'9! +*'3,!-%$5,!"$!0+*!4"?+0!%?%"$,0!8O!-60!%',.!3(.0*&0,!0+*"(!,%4*09!%$2!0+*!"$0*?("09!.4!-%$5"$?! ,9,0*),!dC+*!I.('2!X%$5>!Z==^[7!8.(*!,3*&"4"&%''9>!"0!3(./"2*,!?6"2*'"$*,!.$!")3'*)*$0"$?! 0+*! *,,*$0"%'! *'*)*$0,! .4! efL! ,0%$2%(2,! ,6&+! %,! &6,0.)*(! %&&*30%$&*! 3.'"&"*,>! &6,0.)*(!

(21)

! :]!

"2*$0"4"&%0".$!(*V6"(*)*$0,>!).$"0.("$?!.4!%&&.6$0,!%$2!0(%$,%&0".$,!%$2!(",5!)%$%?*)*$07! 8.(*./*(>! "0! ?"/*,! 2"(*&0".$,! (*?%(2"$?! 0+*! (.'*! .4! ,63*(/",.(,! %$2! 0+*! ")3'*)*$0%0".$! .4! efL! ,0%$2%(2,! "$! &(.,,F-.(2*(,! &.$0*G07! h.1*/*(>! 0+*,*! ,0%$2%(2,! )"?+0! $**2! 0.! -*! ,0(*$?0+*$*2! -9! %22"0".$%'! )*%,6(*,! 0+%0! -*,0! 4"0! 0+*! (",5,! .4! 3%(0"&6'%(! "$,0"060".$,! %$2! &.6$0("*,!dXDB>!Z==:[7!!

!

E@C@(9](6?(J0%9'$059#(

C+*! %1%(*$*,,! .4! 0+*! 3.0*$0"%'! %2/*(,*! *44*&0,! .4! 8O! "$! *&.$.)"*,! *$&.6(%?*2! 0+*! `6(.3*%$! R$".$! 0.! *$%&0! 0+*! 10%#$( 6+/9N( ?&)/:9%0/;( J0%9'$059! "$! :;;:! dDXM>! Z=::[7! C+",! _"(*&0"/*>!-%,*2!.$!#MC#!#.(09!H*&.))*$2%0".$,>!%")*2!0.!&.)-%0!0+*!'%6$2*("$?!.4!2(6?! 3(.&**2,!0+(.6?+!0+*!4"$%$&"%'!,*&0.(7!D0!(*V6"(*2!.-'"?%0".$,!.$!4"$%$&"%'!,*&0.(!4"(),>!,6&+! %,! 0+*! *,0%-'",+)*$0! .4! &6,0.)*(,Y! "2*$0"4"&%0".$! ,9,0*),>! 0+*! (*3.(0! .4! ,6,3"&".6,! 0(%$,%&0".$,!dBCH,[>!(*&.(2!5**3"$?!%$2!,0%44!0(%"$"$?!d`6(M&0"/>!Z==]n!#BM>!Z=::[7!! C*$!9*%(,!'%0*(>!%$!%)*$2*2!1%,!)%2*!0.!0+*!#"(,0!_"(*&0"/*!"$!.(2*(!0.!")3(./*!01.!5*9! %(*%,j!0+*!,&.3*!.4!3(*2"&%0*!.44*$&*,>!.4!1+"&+!(*3.(0"$?!1%,!(*V6"(*2>!1%,!*G0*$2*2!4(.)! 2(6?! 0(%44"&5"$?! 0.! .0+*(! .44*$&*,n! 0+*! (%$?*! .4! .-'"?*2! *$0"0"*,! 1%,! 1"2*$*2! 0.! $.$F 4"$%$&"%'F,*&0.(!-6,"$*,,*,>!"$&'62"$?!'%19*(,>!%&&.6$0%$0,>!$.0%("*,>!*,0%0*!%?*$0,>!&%,"$.,>! %(0!2*%'*(,>!%6&0".$**(,!%$2!J*1*''*(,n!%$2!4"$%''9>!"0!%',.!)%$2%0*!0+*!&(*%0".$!.4!#DR,!"$!%''! )*)-*(!,0%0*,>!0.!(*&*"/*!BCH,!4(.)!*$0"0"*,!d`6(M&0"/>!Z==]n!#"$%$&"%'!B*(/"&*,!M60+.("09>! Z=::[7! C+*! &(*%0".$! .4! 0+",! H9'+/:( 6+/9N( ?&)/:9%0/;( J0%9'$059>! 1+"&+! ",! "$! '"$*! 1"0+! &.$&'6,".$,! .4! *#/)+2&' 1&$=)$,3&$>! ?*$*(%0*2! ,0(.$?! .-J*&0".$,! )%"$'9! 4(.)! '*?%'! %$2! %&&.6$0%$&9! 3(.4*,,".$,>! 26*! 0.! "0,! (%2"&%'! %$2! 1"2*! &+%$?*,7! _*,3"0*! 0+*! &.)3'%"$0,>! "$! _*&*)-*(! Z==:! 0+*! B*&.$2! _"(*&0"/*! 1%,! %2.30*2! -9! 0+*! `6(.3*%$! E%('"%)*$0! dh.30.$>! Z==;[7!!

_6*!0.!0+*!/."2!.4!%!3(*&",*!2*4"$"0".$!.4!,*(".6,!&(")*!"$!0+*!3(*/".6,!_"(*&0"/*!%$2!"$!.(2*(! 0.! "$&.(3.(%0*! 0+*! (*/",".$,! .4! #MC#! "$! 0+*! #.(09! H*&.))*$2%0".$,>! %! $*1! _"(*&0"/*! 1%,! "$0(.26&*2! dh.30.$>! Z==;n! #.(1..2>! Z==^[7! C+*! _"(*&0"/*! Z==]g^=g`L! .4! 0+*! `6(.3*%$! E%('"%)*$0! %$2! .4! 0+*! L.6$&"'>! %',.! $%)*2! =*0%:( 6+/9N( ?&):9%0/;( J0%9'$059>! %2.30*2! "$! Z==]>!1+"&+!1%,!"$&.(3.(%0*2!"$0.!0+*!$%0".$%'!'%1,!.4!0+*!8*)-*(!B0%0*,>!&.$0%"$,!).(*! 2*0%"'*2!(*V6"(*)*$0,!4.(!&6,0.)*(!26*!2"'"?*$&*!,6&+!%,!0+*!$**2!0.!%2.30!%!(",5F,*$,"0"/*! %33(.%&+!dh.30.$>!Z==;[>!0.!&+*&5!"2*$0"09!.$!.3*$"$?!%&&.6$0,>!0.!&+*&5!0(%$,%&0".$,!./*(! `RH! :]7===! d`6(M&0"/>! Z==][! %$2! 0.! 5**3! *'*&0(.$"&! (*&.(2,! .4! .$?."$?! 26*! 2"'"?*$&*! %$2! 0(%$,%&0".$%'! 4"'0*("$?! dI.('2FL+*&5>! Z=::[7! #6(0+*().(*>! 0+",! _"(*&0"/*! %',.! 2*4"$*,! 0+*!

Referências

Documentos relacionados

Neste trabalho o objetivo central foi a ampliação e adequação do procedimento e programa computacional baseado no programa comercial MSC.PATRAN, para a geração automática de modelos

These include the particular study of the activity, selectivity and lifetime of different catalysts in the MTO reaction, as well as the effect on structural (i.e. defects and shape) [ 3

In the same decade, the development of Functional Magnetic Resonance Imaging (fMRI) [13, 104], which measures brain activity using Blood-Oxygen-Level-Dependent (BOLD) contrast,

The aim of this work is to study the influence of several parameters, such as molar ratio, temperature, reducing agent concentrations, dissolution method and reducing agents in

De- spite the advantageous properties of Poly(vinylpyrrolidinone) (PVP) , the adherence of the semiconductor layer on PVP was very poor, which results in a non uniform and

The intention is now to transfer graphene by a wet-transfer to a stan- dard target substrate spin-coated with HSQ (Si/SiO 2 /HSQ/graphene/PMMA), cure the sample and at the same

The probability of attending school four our group of interest in this region increased by 6.5 percentage points after the expansion of the Bolsa Família program in 2007 and

Pensamos, contudo, que a resposta a esta questão é mais complexa que uma mera afirmativa (ou negativa). Consideramos que, a priori, a deliberação renovatória deve