working papers
ESTE É UM ARTIGO EM ELABORAÇÃO. PROIBIDO CITAR SEM AUTORIZAÇÃO DO AUTOR / WORKING PAPER. PLEASE DO NOT QUOTE
COMO INTERPRETAR AS NORMAS EMITIDAS
PELO BACEN E CMN? UMA RESPOSTA A PARTIR
DA EVOLUÇÃO DO MODELO DE ESTADO BRASILEIRO
working papers
ESTE É UM ARTIGO EM ELABORAÇÃO. PROIBIDO CITAR SEM AUTORIZAÇÃO DO AUTOR / WORKING PAPER. PLEASE DO NOT QUOTE
COMO INTERPRETAR AS NORMAS EMITIDAS
PELO BACEN E CMN? UMA RESPOSTA A PARTIR
DA EVOLUÇÃO DO MODELO DE ESTADO BRASILEIRO
$% & ' " ( ) * +
! "# $
! ! ! ! ! %
& ' ' ! ! ' "# ! ! ! %
& ! ! ! (
$ & ! ! ! ' "# )
* ' ! ' * +, $
! ! - ! "# $
. "# / %
$ + ' 0' 1
# 2
$% & ' " ( ) *
)# ( - 3 4 &5 1
( ( ) & & ( & ( 6% ) # &
" / ) ( 4 &5 4 ( " 1 7 ) ( 6% ) # ) " )
( ) 4 ( " ( 8" # ( ) ( )9& ) ( ) ( ( ( " 7 ( ( 4 )
)# ( - 4 &5 1 # ( ) 9 ) * 9 ) # &
" / 4 &5 ) - -( ) # ( & - * ) & #
" "/ & ( " : ) 0 9# " # ) " ( # ( &; ( & ( & (
* ( ) # ( " 4 ) ) ( ) - ) ( ) ( ( - ) ( 4; )
( ) 1
- " 6% 3 . ( " 5 $ & " . $ 3 & . " )
( " & 3 6% 3 # (3 )# ( - ( 3 " " ( " : ) 1
( (( ) ( " & ( " " )#
: " 4 ( & 1 7 ( ( # ( : " (
# ) " " ( ) & ) 0 & " " ( " # < )# (
-4 " <1 & &" ( ( 4 "
" )# # ( 4 ) 4 ( & - ) ) ( " " & " ) ( " 0
- " (( " # ) 4 & ( " " ( ) & " (0 < & )
) - ) " ) #( - ( # ! ) (& 1
" 3 $ " . & " . $ 3 : " . "
$% & ' " ( ) * =
$ ( ( >?0 # )
" 6%
) (& ( @ ;) & 4 ( " # (## # * & # ) ( & (( ( ( / & (A ) : ) ( & " ( 4
# ) # & 5 & # ) ( ) 1 # & ) (( ( & (( ( ( / & (
( 4 ( ) ) ) )# ( - # 0 9# ) ( "1 $ ( ( (
& B# & ( # * ( * 4 - # # /" ( & # - : 6C ( D
" & # & 6C ( 7 # " D # " " & #-( ( 4 " ( & )E# & ( )
) )# ( - 3 # ( # ( ( ( ) & # & @ ( @ ;) &
( # ) 6 ( # ( ( # & # ( 4 : ) (1
& ) (( 0 # 5 @ ;) & & " - 0 & & ) " 6% ((
( (( & ) & "# F # : 6% ) ( ( ( # * & #
* 4 ( ) # /" (1 # # ) "0 (( ( ( ( ) #5 & ) )
)# ( - - " B) # 4 # ( & ( / & ( ) # )
" 6% # # F ) # & : 6% F # ) 6 ) # ) " ) ( ) 1 ( (
) # ( ( ( D 4 & ( 7 # " D0 ) #5 & ) ) )# ( - (
# - # # ( ) )
(
" -
1=( ( & # * ) (( ) " & 1 * )
) & & ( & ( 6% ) # & " / )
( 4 &5 4 ( " 1 # ) 9 / & 0 # ( 4@ - 9 # #
5 & A * 4 (& 9 7 " (( " ) * ( ) & #
# ) ) ( # - ( # ) ( " . ( " 5 $ & " . $
" & . " ) ( " & 1 # & " 0 (( #-# ( # - (
# ) ( " . $ " & * ) (& " # & ) ) ( - ) ( )
# & ) 1
"9# ) ( ) 6% 0 ) - ) ( 7 # E( ( 6C ( ) & (1 $ # +0
7 # ( 6% ) # ) " ) ( ) 4 ( " 0 & " # (
" 6 # & # ) )# ( - 4 &5 1 & & # # ) (& ((% )
) #5 & @ ;) & " & ) F 6% ) ) 84" & 3 ( (( "
# ) 6 ( # ) " ) ( ) 4 ( " & ) ( ) () & # 6 ) )9& ) )
>?3 "# 7 " ( # - ( * " - # ( )# ( - ( ( 4 ( " ( (
) ( (( # " " 6% 4 &5 1
$ # 0 ( # & (# ( & ( ) 6% ) ( # (
# ) ( " & . $0 * (% ( ) ( & ( / % ( " ) ( )
( ( # 4 &5 1 7 # ( ) # ( # " ) ) 9& & ) " 6%
4 &5 3 & 6% ) ( 4( ( # ( @ ;) & ( & ( *G ( " : 6%
" / 3 & " & ( & " * ( # C & # " # 4;
) )# ( ) 1
) 6 . " ( ! ) ")0 2 4 & . ) # ) "# ) 0 H ! )) 0 (( ( & ) ) & # 5 ( ( ( C (1 ) 6 #49# & ) ! 0 H " "# 0 " I : - "" ) " ( & # 5 ( ( ) ( ( ) (* ( ) 0 " : )
# ? 1?J1 ??>1
$% & ' " ( ) * K
$ # =0 & &" # ) * 9 ) # & " /
4 &5 ) - -( ) # ( & - " "/ & ( " : ) 0 9#
" # ) " ( # ( &; ( & ( & ( * ( ) # ( " 4 ) ) (
) - ) ( ) ( ( - ) ( 4; ) ( ) 1
$ # & ( ) 0 ( * * % 9 ( % # & " 6%
# ) ) # - " ) L# & # & & ) ) ( )# ( - ( (A (%
"/ & )
) )
"/ & ) " 4 ) )
1K ( 9 ) *" "
( " : )
(( ) & ) "/ & ) ) ) 0 * *" # 6% " - & ( & " (( ) & ) "/ & ) " 4 ) ) 1 ( # (
) ) ) (
# "( ( &
) / (
* - - # # & ( - 5- " (%# #
@
)
(# (
1M )9 ( ( 9 ) ) " # ( ) 4 () ( * ( (( 4 " ) ) ( 7 (( ) )# ( - 4 &5 1
K $ $ H$0 ( - 1 & ( & " : 6% ) ) )# ( - ( "A # - 5 ) - 6 ( & (( (1 - ( ( " ) 84" & 0 1 +K0 " N : A 2/ #0 @ "1-( 1 ??M ??M0 1 1
0 " 1 )# ( - D " / 1 . #4 A . #4 )10 ??+0 1 >1
$% & ' " ( ) *
* )5 ( ) ) )# ( - 9 # " 6% ) # # ) " "; & )
( ) 1 (( % * ) : * - ) ) - ) ) 7&" ( - # )
# ) " ) ( ) 0 # & * ) ) # * ( % ) ) )# (
-( @ & ((5 ( ) ( / & ( & # ) 6% 4 4" 5 & 1
& 5 0 9 ) 7 " " * ( 7 # ) # 45( & ) 6% )
)# ( ) 84" & 0 9 ) ) 6% @ ;) & ) 5 & ( )# (
-* ( 4 9# & ( ( E & - ( 4 " ) ) ( " & 6% 1
* ( % 9 * 0 % 0 7 " " 4 # # # ( ) #
6% : 5- "1 ) (( ( & ( (0 (( " ) &" ( - @ : 0
#49# )# ( ) & ) " 0 ( -E # ) ) & (( ) ) )
" : # # (& " 1
( (& " % 9 # # ) - ) 1 # # ( ) ) 0 )
( 5 ) % ( " " 0Q# ( #49# " ) #5 & @ ;) & 1
) #5 & @ ;) & & # ) # & @ ) & &; ( * 4 (& # ( ( # :
( " ( ( & ) ( -9( ) & & (0 ( (0 &; ( @ ;) & (0
& ( ( & (0 ( " & & ( ( & & ( # )
(# ( & # & # E & @ () & "1J
N5 # ) 6 # 0 & ) 0 ) #5 & @ ;) & ) )
84" & ) ) - ) 1 $ ) 84" & 0 ) #5 & ( & ( /
& "# ) # ) " ( ( ) ( ) 3 @5 ) - ) 0
) #5 & ( & ( / & "# ) ) (& ((% & & " ( / & )
( ( @ ;) & ( ( &; & (1
R &" * ( ) ( 6% 9 4 ( ( " : ) 1 # 0 * /
) ( 6% ) 84" & - ) 9 # 5- " " ) 0> - ) 9 # (#
( * @ # & # " 1+? ! ) 0 * 5( ) * "* #
6% 5 " # & & 6% " ) # ) # & " @ ;) & *
) # ( & # ( ) 84" & * ) - ) 1 (
) * & # : & " ( # * ( C ( ) )
84" & 0 ) ) )# ( - # ( & "0 & (( # & ) :
(( " ) ) ( ( & ) & & 6C ( ( 4 ) ( 4 6% ) )
"; & ( & ) ) 1 # (# % & 0 & ) 0 # * ( C ( ) ) - ) 1
$ ( ( 8" # (0 (( " ) ) ) " # # -( ( 6C (
* (( " # ( ( - " ( ( 4@ & ( & ) 6% # ( & ) ) 1
# # ( & ( ) # @ : & - " * 0 ) ) # * ( % ; & ) )
- ) 0 9 ( ) 7 # ( ( ) & (( F " : ) ) #5 & @ ;) & 1 #
Q ; ) (& ((% ( 4 ( ( ) - & " 6% ) )# ( ) F " 1
J , S0 H (9 ) 1 #5 & @ ;) & - 4 1 & 5 ) ) ) ( - "- # " 1
> ,O !0 # 1 " ) ) 6% ( ) ) ) 1 1 )1 !% " A )1 0 ??Q0 1 =?Q1
+?.
$% & ' " ( ) * M
* ( C ( ) ) - ) 0 & " "# ( 5 ) # 6% )
& & ) # ( @ ;) & A “( 5 * (( ( ( ( & 7 # # "
& & ) & ) ) 6% T”3 “ ( # 9 & ) # " # "T”3
&1++ . # ( -E0 # ( * ( C ( ) ) - ) (% ( # " ( ( A
#
@
) 7 ) : ( # ) #
) 9 # @
) 7 ) :
T $ (( ( & ( (0 & ( 6%) #5 & ( )50 # 4 # ) ) 0 # E & F / ( / @ ;) & )
( 1+ $% 9 & ( * ( ) ( ) ) - ) & # 6 #0 "# 0
& # 7 # ) ) # 1
H5 ) 84" & 0 ( * ( C ( ) ) ( & -9 ( ( "# #
# ) # ) ( ) 1 0 & ( 4 ( " ) @ 0 # ) #
) ( ) 4" & ) # & 5 & 0 # * * ) 45( & ) ) ( 4 6%
) ) ( 9 ) 6% (
)
(
O (" - 0 7 & - H ) & 5 1+=7 # " A “ ( ) ( ( - ) " &; ) - T”3 “ -( )
& # E & ) ( ) * " / % 84" & T”3 &1 . # ( -E0 & 5 ) (
* ( C ( ) ) - ) 0 ( * ( C ( # # 9 ) ) )# ( - #
* ( * - - "# ( " # ( ) ( & # E & ( ( ( 4 " ) ) ( )
84" & 1 5( ) (( ( * ( C (0 # # (C ( ) #
-) )# ( ) 0 &; ) # & 5 & ) " # 6% " - 0 6%
L & ) ) ( & # E & ( ( ( ( (1
) # ( % - # 5 ) @ ) 7 ) : & # " : ) 0
& &" * # ; & ) ) 84" & ( ( # " A
( 5 * 0 ) ) ( (
( ) @
0
) # -
-( )
"#
T # (# # 0 )- " " & # ) - ) 0 ) -( ) : * % 9 & ( * (
) ( ) ) 84" &
%
& ( # # & # 6 & # 7 # ) ) # 1- " 6% & ( 0 &" # 6% ) 84" & 0 ) 6% ) . ( 6% - ( 0
( 6% ) ) # & & # +>JJ D ) ( (( ( ( (% 4 # # ( " - (
) * : 6% ) ( ) # # 0 9& 5" ) (& #
& # & "1
# (; ( 0 ) * ) (( 9 * ) ( ( # ) # ) ( (
(( & (1 # # " 0 ) ) ) " # ( - (0 )# ( )
(( " ) ) ( -E # ) ) & (( ) ) ) (& " # ) - ( (
( " 6C ( - ( : 5- (3 0 & # & # F ) #5 &
@ ;) & 1 # ( ) " 0 ( * ( C ( ) ) ) #5 & ) ) - )
) : # ( & "# & & ( @ ;) & (0 * * ) #5 & )
) 84" & ) : # ( & "# # # ) " ) ( ) 1
() & # 6 ) )9& ) ) >?0 # ) " ) ( ) 4 ( " ((
# ) 6 ( ) # (1 " (0 ) ( # & # ) ( * A ) # & : 6%
++ OO !0 H 1 & ( )# ( - O <A H ) & "0 . & "0 ) 2 & "1
, - ( O < H "0 - "1 +0 +>= 0 1 M>-Q?0 1 =1
+ R 4 # - ) ) * ( - 6% ) 6% ( & " ) & ) ) ) & # # ( * ) ( " : ) 1 (# (( #0 & # 4( - 6% "0 & -# * & - ) ) 1
$% & ' " ( ) * Q
# " : ) . ( 6% ) +>JJ0 # " 6% ) # # ) " & B# & #
* ( ) ) : ( " # ) ) " @ ) 0 ( 4( ) - # 4
# ) ) # " # ( ) : ) ) ( - ) ) ( & B# & (
) ( - "- ) ( ( - ) (1
) # & : 6% & (( # " 6% ) " ) ( 4 & "1 $
( ) ) "0 ( 4 9 ; & 3 ( ) ) # & 5 & 0 9 - 1
. ( 6% ) # & 5 & ) +>JJ0 ) (( # ) 0 7 # # & ) # "
) )# ( - 1 2 "# ( ) * 9 ) ) )# (
-& #
(
)
) 1
+K # ( " 0 & ( " )-( - (% ) )
)# ( - & #
(
) & ) )
0 ) )# ( 6% 84" & & #& @ ) ( 6C ( ( # ( * - ( # ) & ( ) # & 5 &
) 1+
. # ( ( 4 0 "9# ) ( ( " -5- ( &; ( 9 & (0 . ( 6%
) (& " #49# # ( ) & 5 ( ( - # & ( & "1 " # 6%
) ( “@ ( (” # + U 0 "# - ( 1 +> 0 V =1W0 )
.2'+>JJ0+M "- : ( ) 7 # " # ( - ) 0 #4 & # %
8 & 1 0 . ( 6% 7 #49# # ( ) ) ( & (0 ( & #
) & 6% ) * “ . "9 ) 0 " & " : ) & ) ) ) ) H 0 ( 5
# ) / 4 ) "1”+Q # ( & ( & ( ( ( #0 "# 0 F
& ( # ) 6 1 !/ * ( "0 & ) # ) (( ( # ) 6 ( & 4 (
) # # ) & ( & "A # J # ) ( # 7 # ) # #
)9& ) # 1
4" # 9 * 5 # 6 ( " & ( ;(# & ( & "1 (
# ) ( & ( & ( # % & # & # # # " # ) ) "; &
) - ) # & ( & " ) # & 5 & 1 I ) - ( ( ) (( ( # (
& ( & ( # ( ) # # (& );- (0 # ) " (
* ) 1 () ;& & &" * - ) ) ) ( - "- ) " " (" )
& ( % ( # " (# ) # - * " * ( # ( #L & (
- # & # # ( 6% ) 9 & # “- ) X ”1+J
# " " F ) # & : 6% 0 - # ( ) # ) 6 ) # "
( "; & 4 ( " A # ) 6 ) # ) " & B# & 1+> ) +>>?0
" /( ) 6% ) - . ( 6% 0 ( ) 4 ( " ) : ( "
" @ ) # ) ) - ) ) & B# & 1 # (# # 0 "6 (
+K $ $ H$0 ( - 1 $ ) " : ) 1 A 2 ,$ !0 1 ! 4 1 & " ) ( ( )# ( - ( "
) H ) & 5 1 ) H A 2 ( 0 ?? 0 1 7 1
+ $ OO 0 . "( B 1. ( ) ) )# ( - 1 !% " A " (0 ??J1 +M 1 +> 0 V =1W0 ) .2'+>JJ0 ) 6% "A
“ ( 7 ( ) @ ( (0 " ( &" ;) ( & # ((C ( * (*
( # 6C ( ) ) # ) ( F & & ((% ) & 9) 0 % ) % ( ( ( ) : & 3 & 4 6 & # ) ( " # ( 5 & ( ) ) & # & # ) ( 0 ) 0 # ) ( ( ( ( # ) " ) ) (0 ( # ( * " ) # ”1 - ) " . K?' ??=1
+Q 1 K 0 V 1W0 ) .2'+>JJ1
+J !0 & ) O 4 1 . ) ) # " ) # ( " ) ( ) (1 A YYYYYY "1 ) ( ) (
) # (1 ) H A - 0 +>>>0 1 KJ- K>1
$% & ' " ( ) * J
" " ) ) ) 0 ) * " ) ) - ( ( " # 6C ( "; & (
6 # 5 ( (( # " # # ) " )
( ) ( & "
1?( 6 ( # ( ( ) ( # ) 6 # ( - : 6C ( ( * 4 (
) # /" ( ( ( # ) - ( ( ( ( ) & # 1 $ (( ( ( (0 - #
( 6% ) " ) ) - ) ) & B# & 1 R *
# 0 # ( & # # ) (& " ( - ) ) ( & B# & ( ) ) )
/ # ( ( " # " ( 1 + ( ) ) & (( ) ) ) ( 6% (
# & ) ( " 4 (0 (( ( 1 ) ( - # ) " & B# & 0
# " # -( ( " * & # ) )
# )
( )
1 " ) ##
& # ) 6%
) . ( " ) # ) ( ) 0 @ ) # )( ) - 4@ - “( 4( ( (# " # ) ( )
" ) 1”
(( #0 "9# ) ( - : 6C ( * 4 ( ) # /" (0 )
( ) 4 ( " - "- & 6% ) ) - ( ( E & ( " ) ( =
) ( ) ( : 6C ( ( ( # ( (1K #4 ( ( " ) (
( ) # ) ( ) # - - "# ( ) # ( # ) ( ( ) * (
#4 & ( ( 4@ - ( "# 6 ) (0 9 * 0 & 4 ) & (( 0
- ) ) & B# & ( ) (& " : 0 " 6% #49#1 " ) ( & (0
* ";4 ( ) ( ( " 0 * & & ) ) ) # : & ) (
& ) - : # ( ) (" & ) ) O (" - 7 & - 1
" ) 0 / . ( 6% ) +>JJ ( 4 " & ( 4 ( (
& 6% ) # # " ( ( # ( " ) 4 #- ( ( & " * D " # ( )
) - ( ) (& ( - D ( - " ) # F &" (% ( & "1 0 % 9
((;- " -( # ( ) " ) ) & #4E & ( & # 4 ( " ( #
& ) & # " ( & ( 4 (0 " (" ) (0 )# ( ) (A 9 & ( #
( ) ) 1 I & 4 5 & # 6% ) # ) #
# ( ) ?U ) () ) # & : 6% % 90 & # 0 # & & )E & 1
# ) " ; ) ) 6% ) ) (
"
(* (( C #- * & - - 1 (( ) & 0 ( ) ) 0 ) # :%
5 & A
4 & 6% ) ( "( &
M " ) O (" - - "- # ( (3
?$% & ) ( ) ( & "& # ( ) ( & " ( 1 . # $ !0 " 1. ( ) ) & ( & "1 + )1 !% " A " (0 ??+0 1 +J=-+JK1
+ I, ! $ 0 2" ) : - ) 1 " 6 ( & - ( ) ( E & ( " ) ( ( "1 - (
" B & ( 4 # ) ( ) 0 1 +0 ! "- ) A ( ) 84" & ) 0 # 1 ?? 0 1 1
& # ) 6% ) =+1? 1+>>M ) . ( " ) # ) ( ) 0 & ) " &1 +1Q=J'+>> & # / %
- & " ) % ( 9 ) )# ( 6% # ) ( ) 1 ) !0 " 1 O1 - ( )
" ) ( "A & E & " # ) ) 1 !% " A ! " 0 ??M0 1 +K?1 ) #49# " )
# ) " ) ( ) 0 ) - #4 ) +>> 1
= ( & # "0 "0 & 0 &0 *0 $ 0 $ 0 - ( 0 $! $ 1 K ( & # . ) 1
, 0 ) 1 ) )# ( - # - " 6% 1 1 )1 !% " A )1 0 ??=0 1 +KM1 .Z $ Z 0
) ) 3 2 $[$ S0 #5(- #/ 1. ( ) ) & )# ( - 1 +?1 )1 ) )A . - (0 ??K0 1 0 1 +>K1
M
“ ( " ( (% & # ( ( "( & (0 9 # " % - & # " ( (% (”1 2 ( 4 ;) (# & 0
$% & ' " ( ) * >
(( 0 9 " % )5 & ) # ( 7& (( - # 9& & (1Q ,# ) ( ) 7 (
) ( ( # ( - 9 ) * 0 * # # ( ( - )
O (" - 0 # ( 5 ( & & ) ) ) ( 5 ) 9& & 1 # (#
# 0 * # ) H ) & 5 0 # ( & & ) ) ) #
& ( ( E & & E & ) ( ( ) & (C (1 J$ - ) ) 0 (# 9 #
-"/ & )
( ) ( & "
3 ) (& " : 6% )# ( - 9 ( # - 5 & 3" - ( 6 @ ;) & 9 - - "# # & ( *GE & * ( *
- 5- "1
() )9& ) ) >?0 )# ( - ( ( -E# ( ) 4 6 ) ( 4 ( " 7 ( )
- # ) " ) ( ) 0 ( - " 6% & # . ( 6% * (
( ( # " & 6C ( ( 4 ) - ( ( ( ( " ) (1 (( 5" ( ( "0 & ) 0
4 ( ) ( "A ( 5 ( # * - * 4 ) # /" ( "0 & #
" & # & 6C (0 /" 0 # " " & #-( ( 4 " ( )
)# ( - ( (1 ( # ( 5 ( & # ( 4 &5 ( 4 " (
) 5 ( ) )# ( - ( ( # #1 " 6% 4 &5 0 (( #0 # -
-( 0 ) # # ) "0 F # # ) ) 4 ( 4 ( # & ( ) - # ) " )
( ) 1
N5 E( # - ( * 7 " & # ) " 6% 4 &5 & ) F
# # ) ) 4 @ ;) & ( )# ( - ( (1 # ) " ( 9 ) *
# ( - : 6C ( ) 4 & ( 84" & (0 # " : 6% ) 0 > & ( #
# ) 6 ( ) & ( ( : & " ) ( " ) ( - (%
4 &5 1 H5 ) () # )
# 9
- ) ) 4 &5 ) 7 ) ( # /"( "0 # ) # ) ( ) ( ( >? @5 - / % ) ( - (%
4 &5 ) " - 1=? . # " # ( 7& 6C ( D & ( ) 0
7 # " D=+ (( ( / % ( & ( - # # ) ( ( ( & # E & (
6C (1
# 4 ) ( ( ( # * ( * 4 - # /" ) ( ) #
& ) (
E & (
" )
(
1 & # ) - ( ( “ & " ”) ))# ( - # # (9 4 ( ) ) ( ) ( * ( ) ) & #
) ( & ( @ ;) & ( ) ( & # 0 * ) (& (
Q ) # # ( 9& & 0 ( & ( ( ) ( 6% ) 6% " (" - (% # " - ) ( * ) 5
# ( & (1 ) . 0 4 1 ! & . ( 1 $ < H ( A & , - ( ((0
???1
J !$ 0 & ) 1 ! # ( # )# ( - O <A ( ) 2 "" )# ( - O <1 . & -X
O < - <0 - "1 Q 0 +>>Q0 1 > =1
> D # ) ( ;# " F ( 6% ! ( # 2 & $ & "1
-( ) # (9 )
# ) ) ( ) ) ( " ( ) ) ( # 5 ( 4 ( " ( # # ) ( ) )9& ) ) +>>? ) ( ) ( ( ( ( # & & "1
=? R 4 # - ) ) * O ) " " O >1?M>'+>> : ( & # E & ( ) & # ) & # ( 6% ) . $0 # ( (( ( # ) 6 ( % # ) & (A ) ) - ( ) ( ( 45( & 0
: 6% ) ) ( " 6% ) ( ( # & # ) & 1 =+ . +='+>>M " # ) 7 & ( & " 7 ((%
“/ % & " (( ) ”1 &1 1K ='+>>Q
&" ( ) (( ( ) ( " D # $ & " ) ( ( : 6% $ 1 )
$% & ' " ( ) * +?
" # ( ) ( " " ) ) 1 & 0 & ) 0 ) ( -( ) ( - (
E & (
" )
(
% ( " ( ) ) 0 # ( #49# " ( (5 * & 1 * ( - ( E & ( " / ( ( & & : # "
) )E & )# ( - 0 (E & ) ( 4 ) 6% 5 * & 0 # ) 7 )
( ( ) ( # & 0 & # & ) # (
5 * & ) # ) " ) & "1
R & ( * )8( 4 &5 & 7 # "
) #5 & ) ) ) )# ( - ) ) D * * ( "
& ( # # ( & # )
E &
1 -( ) & . " ) " # 0 & @( : & " ( - 0 &" ( - 0 & # # ) " & . "
& ) # ( & # 1 ( & ( 4 ( " 9 4 ( ) ( 1
& 5 ) ( ) ( ) (
E & (
0 ( ) ( ) & % E# # ) 7 1=. $0 ( - :0 9 ) % ( " ( ) ) & 0 # (
#49# " ( ) 2 : ) " ( ) " @ # 1 (( D
# (# * @ ( " # ) )E & ) & # " 6% ) "; &
# 5 D ( # " ( ) & ( 4 ) -( & # . $ @5 9
( & ) # " ( ) ( ) E & F ( )E & ) 84" & ( 4
( - ) ) ( ) & 1 I ( )E & "# 7 & ( E & & #
# ) 6% 9 # * ( % ) & @ "; & 3 % 9 # * ( % @ ;) & 1
( ) # - * 7 " & " - # " ) ) ) " 6% 4 &5
) 4 ) )# ( - ( ( ) : ( F # -9( ) * " ( 4( L & ) (
# ( 4 &5 ( " -( ) )9& ) ) >?1 ( # 0 # "
# ) ) 0 - " "1
# ) ( # ) 6 ( - ) ) # ) & ( D - # ( ) " ( D
& ) ( )8( 4 &5 ) () ) # & : 6% ) (& " ) -9( )
( " 6C ( ) . $ ) & & " ( & (-& & " ( # ) ( " & 1 (( #0
# B) ( ) & # # * ( % # # 9& & % "; & 1 N
-# 4 9& & ) " 6% 4 &5 D "# ( " ) ( & # ) 6C (
) . # E ) ( "9 D * ) ( # " # ) " )# ( 6% 84" &
-9( ) ( 4 & & 0 ( # * ( " - (( # # ( * ( C ( "
"; & 1==
) ) ( & ) " - " 6% ) " 6% " - " " (
-" & ) F " 6% ) “-;& ) #”1 # -( * ) 7 &
-" : ) - " " ) (- ( ) ) ( # ) # ( " (
"# ( 4 " & ) ( " . (( $ & "1 ( 90 ( ) . ((
( 4 0 4 & & ) & ) . $ ) " "# # )
( ; ) " (" 6% 1 " % 9 ( % # " ) " " ) ) )# ( - & #
= R 4 # - ) ) * O ) " " 1 J1W0 V 1W0 O >1?M>'+>> ( # & #
“( &
-7 & - ” ) . $1 ( ( # & # # ) 6 ) & "0 @5 * ( & # E & ( - ( ( O
K1 > '+>MK O ) ! ( # 2 & $ & " & # ) #1 ==!
O 0 1 ) - # (T - 6% ( ( " / )8( 4 &5 9-& ( 1
$% & ' " ( ) * ++
- & " 6%
( -
F " 1=K * - (% 9 ) ( 4( 6% ) )# ( - F- ) # ( ) " ) O (" - 1=
& " & - # D -( ) # 4 # & - # D F (
) (
-;& ( )
#
0 "# 0 ) * " (" 6% ) # . (() 4 (( 4 " ) ) ) * ) 7 & - # " # (( ( # ) 6 (
* :1 * ( ( 5 ) ) ( ) 4 " ) ) ) #9 )# ( - 1=M
) ) ) ) # ) 6C ( # ) ( " 7 " "0 4 & & %
- " ) ( # ) # ( ) " (" ) 1
* ( % 90 - ) ) 0 ( # ( # ) # ( 6% ) & # )
( ) # 6% ) ) )# ( - 0 * @5 ) (&
& # 1=Q ( 0 ) # (0 * # ( ) ( # ) 6 ( " / ( D -( 0
# ( ) " ( ) ( D ) #-( ( " - - 1 # " ( & ( (0
# ) 6 - ) ) & (C ( ) . ( " ) & ( ( ) ! ( #
2 & $ & " . !2$ 1 # ) - ( ( ( & ( (0 & ) 0 # ) 6 )
6% ) # - ( ( ) / & 1
R 4 # - ) ) * ( )E & ) 84" & #49# ) ( # # "
# & (( ) - " 6% ) # & " " " &5- " F - ) ) 4 &5 )
# # ) "1 ( ( ( 6C ( ( ) # * ( ( # -9( ) # ) ) (
- (/ (0 * (% " & # # ( & (1 (( 0 # ( # & #
B # * ( % & 5 #49# "; & % ( 9& & ) " 6%
4 &5 1 6% ) ( )E & 0 ) (( # ) 0 # & & 4 *
# ) " 6% 4 &5 ) (( " - ) (& ((% @ ;) & 1
& :% 7 " & " - ) ( (( ) ( )# ( - ( (
4 ( " ( " # ) " 6% 4 &5 # & 8) ( / & 1 ( 4 ( (
@ ;) & ( " 6% 4 &5 # ) ) ( " O K1 > '+>MK1 (( "
& ( )# ( - ( ( ) # ( ( ) ( ) & ( # )
( 4
( )
1 #5 & ) ) )# ( - ) 9 & - # )& # ) # ( ( ( (0 & ) # ( ) & & ( " & 6%
)# ( 6% 84" & 0 & ( )# ( - (0 (( # ) 1 (
)# ( - ( ( ) 9 & 0 # ) ( 4 ( ( 6C ( & (0 # (# *
) ) / % ( ) )# ( 6% 84" & 0 % " ( & (( ( 1 * )
(/ # ) )9& ) ) >?0 * ) ( )# ( - ( ( ) # & ) *
) )# ( - 4 #49# ) ) : ) / % ( )
)# ( 6% * " # ) - ( ( ( ( ( ) & # 1
,# 7 &;& & & " " ( 4 # # ) 6 ) - 9( ) ( )# ( - ( (
) ) - # ) " ) ( ) ( ) ( ( >?1 ( ) # & # )
# - ) ( * ( ( & ( % & ) (0 ( ) " * (
=K OO !0 N " O (1 )# ( - 4 ( " 1 ?1 )1 !% " A " (0 +>> 0 1 J
-J=1
= . # 4 ( (( " ) # 6% 0 ( "0 # @ : ) ( 9 # (# 6C ( & # ( & ) ( ) 84" & & 7-) ( 7- ( ) ( ) & 1
=M 0 ! "- S "" 1 (& & ) ) )# ( - & ( 6% ) +>JJ1 !% " A " (0 ??+1
=Q 7 # " & 6% ) ( * ( % F ( ) " 6% & #4 " # 7 1 . # ! O 0 1 O # 6C ( ( & ( & # ) ( & " ( ) &L#4 ( "A & ( ) ( 4" &
$% & ' " ( ) * +
)# ( - ( ( ( - " (( # ( * ( # ( ( * @5 (( ; #
7 & # 6C ( # - ( 5 # ( )9& ) (1 7 # " 0 ( ) # & #
( ) ( # - ( ( - ) ( F " ( 4 O " ) " & # & 6C (0=J
( 5- " ( * ( )# ( - ( ( ( - " (( # & " : (( # " #
( 6 ) & # 6% 1 * % : #T "- : * " 7 &;& )
& # 6% - " ( ) / : 6% 4 ( " ( 4 " " ) )
)# ( - 0 * - * ( ) ) E( )9& ) ( & # E &
# - ) ) ) ( & # & 1
# (; ( 0 ( & ((C ( ) # ) 6 # ) " ) ( ) 4 ( " ( 4
" 6% 4 &5 # & # ( ) # # & ) " )
)# ( - ( 1 $ ( 8" # ( ) ( )9& ) (0 ) (& " @ ;) & 4 &5 - " #
) # ) ) ) ( " 6C ( ) . $ ) ) 6% ) & & " ( (
5 & ( ) & 4 & 5 & ) & 1 & (C ( ) . !2$ 6C ( ) ( )E &
) 84" & #49# & 4 ; # (( & (( 0 #4 # # 1
$ ) ) (( ) ( ) (( ) )# ( - ( 0 ( & "#
* # * " & ) & # (( & "# 9& & 0 0 0 (
F 9& & 4 &5 0 % F 9& & @ ;) & 1
$% & ' " ( ) * +=
! ! "#
$% 90 - ) # 0 4@ - ) ( 4 " & ) : # 5" ( 4 ) (
- ) ( # " & 6C ( )
-
# ) " ) ( ) 4 ( " " 6% 4 &5& # # ) 1 ( ( ( (0 4 ( * ( # ) " & 9# E(
( & ( # ( 4 ( & & ( * ) # ) - # ( - )
(( ( ( 6% ) # & " " )# ( - (
4 &5 1
# 9 ) * ) () )9& ) ) >? # " & ) E (
( # " ) ) 9& & ) " 6% 4 &5 1 ( ) 9 ) * & #4 6%
) E ( 9& & ) (& " : 6% " / & 4 & # &
" - # ( " ) ) " 6% @ ;) & 0 & # # "/ & ) & #
& "# B # 1 & ( & ) : ( F " -L & ) # &
& ( & " & # ( L & ) ( ) ) " 4 ) ) ( ) - ) (0 ) * (
( - ) ( ) # ( ( - ( ( 4; ) ) 84" & 1 (( (
E( ( (% 4 - # & " ) ( 4 7 1
$
9 ( ( >?0 % ( " - ( " #
" 6% 4 &5
0 # ( ( # #" #
6% 4 &5
1=> #4 ( @ ) ;& " & ( ) 6 9& &(( ( # (0 # ) 6 ) ) (& ( # & #49# # ) 6 ) # ) " )
( ) ( "1
$ # ) " )
( ) )
(
0 ( ) 7 & (( & "# ) ( 6C (( (A " @ # - 6% ) - ) ) & B# & ) # " ) 0
(& " : 6% ) ( & " ( ) 1K? " @ # - 6% ( ) - #
& "# -9( ) # " ( 6% " ( ) ) ( - 6 ( 84" & ( )
- 6% & # - ) ) ( & B# & ( ) - (1 (& " : 6% ( )
-& "# -9( ) 7 &;& ) ) ) ";& 0 ( 90 ) - 6C ( )
& 5 " ) ( ) ( # " # ( F 6% - ) # '
-) (1 & ) ) 6% ) ( ) ( ) # ) ) & # 0 (
# ) " & "# 4 ) ) ) ( ( >?1
H5 # ) " )
( )
" )
0K+ 6% ) ( ) 9 ( ) & # )# : ) ) # & # ( ( # ( " 6C ( ( & ( & B# & (
( & ) ) 1 (( / & 0 # 7 &;& ) ) ) ";& ( 4 ( # & ) ( 9
) ) & # ( ) ) # ( ) & ) 1 * ( ( ) ( ) 9 #
- ) ) ) 6% ) ( ( ( & B# & ( D (; ( ) " 6% 1
# " ) 0 ( ) ( #4 ( "0 % & # " # )
) ( # ) - ) ) & B# & ) - 0 # " ( & ( ( ) ) :
=> ) \ S X0 - 1 " 6% ) # & ) ) & (1 1 # 1 ) H A "( - 0 ??Q0 1 +QJ
-+J?1
K? ) ! O P 2ON 0 . " 7 1 " 6% ) - ) ) & B# & A &; ( ) # ( @ ;) & (1 !% " A " # (0 ??+0 1 +K1
$% & ' " ( ) * +K
L#4 ) ( ( 6 ( 6% ) & ( ( - 6 ( 84" & (1 # & # ( 6% 0
( -( # ( ) ( ) ) * # 6% # # - ) 6%
& ( "1 * -( ) ( ) % (
6%
0 # ( #49# ) 6% 1) " & ( ( 0 (( #0 # 7 &;& ) - ) 6% # - 1
) ( 6% # ) " ) ( )
)
(
# ) " ) ( )" )
) # * " * ( ( ) ( / % ( ( (5- ( " ( - (% 4 &5 1
$ # ) " ) ( ) ) ( 0 - ) ) ) ( / % ( ) )# ( 6%
(( & "# ) & ( " & ( ) 7 ) ( " ) O (" - "
. ) 7 & - 0 ) # B # 5 & " @ # ( "1 H5 # ) "
) ( ) " ) 0 - ) ) ) ( / % ( ) )# ( 6% 9 ) ) 0 *
: # -9( ) ( # ( ) ) ) 1K
- ) ) ) . $ ) & - 0 0 # "9# ) #
& # ) " & (1 (( 0 ) ) - ( @ ;) & 0 * ( 4( - 9 )
# " # ) ) " 6% " (" - )# ( ) 0 & @ ( & # E & (
# - ( D & " # * & F( ( ( & & ) ) ( # - ( )
& @ K= D (% 0 4 " 0 "# " ) (1 ) - ( & B# & 0
( -( ) ( / % ( ) )# ( 6% 84" & * ( & # E & # - ( @
7 & ) ) # ) : & # * )8( " ) (( ) ( # (
6% & B# & 1 2 "# 0 ) ) - ( "; & 0 " @ #
# " 6% ) "; & 84" & #-( # ( ) ( (0 ( " ) -( ) - ( (
/ % ( ) ) 7 & - 1
# - ( ) (( 0 ( ) " ) 9 & & 4 ) ( 4 ( 6% ) E(
& & (-& - A ) ) - ( @ ;) & 0 # 6% ) “ (( 84" & ”3KK )
) - ( & B# & 0 & 6% ) “ " ( ) # & ) ”3K ) ) - (
"; & 0 “) (& " : 6% ) ) # - ” ) ) ) 7 & - 0 & @ (
/ % ( (( # # # ( ( # ) ) 0 # ) & # # 6%
# ) " ) ) ) # ) " # (* 1KM
( - ) ) ( ) . $ ) & @ # ) ( & 7 # ( (* # )
" 6% 1 - # ( & # ) ) ( & # - " ) ( F # 6% ) ((
84" & 0 * ( )5 (( & "# -9( ) ( - ( ) & 6% ) " ( )
# & ) 1 " ) : A (( 84" & * D ( -( D ( @ & ) ( 6C (
) . $ ) & % ( 5 9& & # ) # 0 # ( ( " )
K !,$ 2 O 0 . " ( 1 ! - 6 ( 84" & ( " 6% ( "1 A YYYYYY 1 1 )# ( - & B# & 1 !% " A " (0 ???0 1 =1
K= .N 0 H " .1 ) 1 & & ) ) # - ) & @ ) & B# & A )9 & ) # & 5 &
) " 6% & 1 ( ) ) ) 0 !% " 0 ,! 0 ??K1
KK
I, !$ 0 2" ) : - ) 1 " 6% ( " (( ( 84" & (1 !% " A " (0 ?? 1 $ * # ) " "; & 9-) # & 5 & 0 " 6% - ( & # # ) )8( ) & & E &
7& (( - 1
K !0 " 1 O1 1 & 1
KM 2 0 H (9 ) ) 1 ) & # " 4 " : ) 1 !% " A " (0 +>>>0 1 + Q
-+ J ) *
“]111^ ( ) " / - & ( (( ) 0 ) # % ( & : ) # # ( "/ &
# (0 # ( # (0 ( & (( - ( # ( ) & # # 0 # ( ) : 6% # (
#5 & (1 ( && ) -( & # 0 (( ( # ( & & 4 ) ( ) 4@ - ( ( &; & (0
$% & ' " ( ) * +
) ) # 1KQ (( * ) - " ( & ( # " ) " 6% 4 &5 0
( ) & - E & ) " : 6% ) 6%
" "/ &
7 # ) (# - ( & ( # # * ( % 1KJ
% &
# ( * 6% ) ( # ( ) & ) . $ ) - ( - " F
& & : 6% ) ( 4@ - ( 6 ) ( ( " ) (1 * ( % (( ( 0
% 0 & # 7 ( 4@ - (1 # * 9 ) * % 5
# ) :E-" 0 ( % ) (& ) F "/ & ( 4( ( E# & ) " 6% 4 &5
& 1 # (A ( 9 # # - ) ( ( # ) # & 5 & 1 I # %
) "/ & ( 4( ( E# & ) ( & ) ) (& #4 "#
* " * @5 & # ) )
)
)# (
- )
(
5& "
1K>0 ) (& " : 6% " / ( # 5 & ( " ( 8" # (
) ( )9& ) ( & 4 & - ) ) ( “" (” " / (1 # " "
) # ) ) )# ( - 0 ( # & @ ( # - (
& (& # ) ) ( ) " - ) )E & # 1 7 # " ( &" #
“) ) ( " & # & 6C (”0 “) ) - 6% & - "”0 “) ( 5 ”0
“) ) ”0 (( # ) 1
" 6% 4 &5 0 ) # (# # ) 0 ( " : -( #49#1 R 4 # - ) )
* ) 4 &5 7 ( 5 # # & # # & " - # ( " 1
( ) () ( ( >? ( ( & 8) ( ( # : #0 #-( # (
9& & ( D # ( & # " & ) ( #49# D ( ( E & ( ) 5" ( 0 " ) 0
( & " : #1 & (& ( & " : 6% ) ( * ( C ( @ ;) & (
( F " 6% 4 &5 0 & ( *G ) ) ( 6 ) )- )
" ( #0 ( "0 ( #5 & (1
(( ( - ) ) (
)
#
( @ ;) & ( (
(
? ) # & ) - : # (( " & @ ) & # & # ( ( #/" ( ( ( & # ( (
L# ( " / ( & (1 (( ( )5 #49# * /
)8( & 4 ) & # 7 ) ) ( " ) ( " - # ) ) & #
& ) 6% ) ( 4 " ) ) 1 (( 9 & " # - ) ) ( )8( ( *
& # & & ) ( " 4 "# 0 & # " & # & 6C (0 - 6% 4 & (0
( & " # (1
KQ
, 0 !9 1 (& & ) ) " 7 - ) ) A ,# - ( 4 ( (& " ( )# ( - (1 "
N : A 2/ #0 ??J0 1 +?Q1
KJ * ) # ( /7 # ( ) " ) &; ) & E & ) ) " 7 ) ! ( ) % 1 ) P 0 " 7 ) ! ( ) 1 &; ) & E & 1 - ( " B & ) )# ( - & B# & 0 1 K0 ! "- ) A ( ( " ) 84" & 0 -1-) :1 ?? '@ 1 ??M0 1 “,# 6% ) " * %
( @ ( ) & : ) & & # "# ( ( ( 4@ - (0 % ) ( & ( ) ) & # 6% # ( & ”1
K>H,! $2ON 0 6 "1 ) )# ( - ) ( 5& " 1 A P 0 " 7 ) ! ( ) % 3 I, ! $ 0 2" ) : - ) & )(1 1 )# ( - ( ( - ( ) # (1 " N : A 2/ #0 ??J0
1 M 1
? P 0 " 7 ) ! ( ) 1 ( E & ( " ) ( ) ) ( ( 6% ) ) (A #
$% & ' " ( ) * +M
B# ) & " : 6% ) & ( " / ( ( " : ) ( 9 4 #
" ( ) " " 7 & ) " . # E ) ( "9 0 & @ ( & # ) 6C ( -E# (
) * ((E & ) * " * ( (( & # )
( " <
1 + #4. # E ) ( "9 7 ( ) () ( ( Q?0 ( ( & # ) 6C ( (/ (( # (
( ) ( ) " ( " ( ( >?1 () % 0 " E & & (&
) (( ( & # ) 6C ( ( ) & ) : # ( ) & (
# " 6% ) - ( ( # - ( ( 4 &5 0 * 6%
" 4 & & )# ( - ) ( ( # - ( @5 7 ( (1
2 B# ( & #
( " <
( #0 ) # (0 & # ) 6% )" ) & "1 ( 5 " # (A ( & ( @ ;) & ( * # # ) (( & ((
) ( " : 6% " / ( % 0 "# 0 & ) ( " . ( 6% 2 ) "
" ( &; ( ( ) ) 1 " & #-( " (0 ) 0 ( # ( ) )
& (( "0 ) "0 ) & - "0 &10 # (# * ( 4( ) # 1 ( @ A
( " : 6% 90 & # 0 ( & "1
!/ * ( # ( &; ( ( ) ) )# ( - 0 #4 ( )
" &5- ( ( # ) (
&
(
# - ( ( " ) (
0 @5 % )% # ( & # )) (& " 5-" (0 # # ( ) # 9 1 ,# ) ( # - ( 9 ) * (
# ( *G # ( # ) )# ( - 0 " * " # #5 & 0
& # # ( ( # ) & & ( # (1 ( ( % 9 & " 4" # 1
"0 # (/ ) # ( - - ) )# ( - 0 0 "9# ) (( 0 (
)# ( - ( ( ( % & ( # ) " ) # ( 4 ) 6% ) ( (
& & (1 ) # (0 ) (( ( & ) ( - : # # - 6C (
& & (0 ( & #
" 6%
& ((
)# (
-
1 ))# ( - 0 F ( #4 ) ( # ) " ( ) ( ) 0 ( 5 # & ( # 6% 1
$ - ) ) 0 & " # - " - " # 6% ) ( # ( &; (
( ) ) )# ( - ( 5 ) # " & ) & 5 9& & )
" 6% 1 I # ( 9& & " 6% 0 # ( & ( (( 84" & 1
# & ) ( " ) 5 &; ( ( &; & ( & ) ( ) & (/ ( * 0
# ) ( # & @ 0 )% ( ) ( 6 @ ;) & " ) " ) 1
"/ & ( 4( ( E# & ( - - # ) ( ) ( ) & ") ) ( ) )
)# ( - 0 * 9 ) ( ) (& " ) " ) ) 4 " ( & # ) (
( ( 6C ( % ( ) (1
. # ( -E0 5( ) & 6% ) (( ( & ( # - ( " - #
( " : ) ( ( - @ ( # 4 (& ) # " 6% # ( 9& & * ) ((
) & ) ( & # " 7 ) ) ( ) & ) )8( " ) 1 ( ) " / 0
) ) ) & # # (0 ( 5 & ( # # 4 (& ) # " 9& & )
) 6% ( & & B# & 1 (( 9 " ) " (( # D # (
/ & D ) )# ( ) *
" #
)# ( ) *"
17 " (% ) * ) ) ) " # ( ) # ) ) ( 9 ( #5 & ) ((
+ . # E ) ( "9 9 # & " * & ( ( ) ) - ( ( 4 & ( & (0 * # - & ) 6% ) " 6% & & "1 ! 4 # 0 ! O 0 1 ) - # (T - 6% 111 & 1
$% & ' " ( ) * +Q
& (( 1 # (# # 0 9 #49# # 6 ) F( " 4 ) ) ( ) - ) ( )
/ ( ) ) 1
" '
& ( (( " ) 9 ) * ( - 0 ) ) 9& &
* ( ( )
" )
4 &5) -
(
" # ) " ( ( @ ;) & ( *# & ) )% ( ) # ( ( & B# & ( & 4; 4 ( )
) " ( ) 1
$% 9 ( ) * 0 ) () )9& ) ) >?0 ) - ( ( 5 ( 9 % &
" ) ( (( # # ;(( # & (( ) @ ) & 6% 1 $% (
( ) " 6% 4 &5 0 # ( # ) - ( ( ( & # ( ) " 6% 0
-# - " & ) ( # - ( - ) 6C ( - ) ( & ) ( ) (
& # ) ( @5- (1 ! 4 9 ) ) # . ( 6% 2 ) " * ) - # " (
) ( ) - (% ) H ) & 5 0 (( * ) B( ( ) 4 ( ) )
)# ( - 1
( ( 6C ( )# ( - ( % & ) ( # #49# 6 ) ( "
( 4 " & # ) - ( ( (0 & # & # " : 6% ) " - # )
) = ) ( ) - ) ) # 6% - " ) & # )
( )
)
1K/ " )
& # ( ) & "
4
&
0 O Q1K> '+>JM0 ) ) @5 & ( )# # " 0 " ) ) & # ) ( 6% ( ) ) # & 5 &
" / 1 ,# & ) 9 ) * (( ( ( (
6 )
(
) (- ) 6C ( )# ( - ( " # & (( ) ) ) & 6% ) - 6%
" & # ( - - (1 (( 0 & # 6% # " ( )5 & (& #
( 4 (
& )
(
D % ( 4 (( " ) (
0 & # ) & "# &) "1
#4 (( ) % ( ) "# 4( - ) "
@ ( )E & 0 (( ( - ( ( ( # # & & : 6% ) & # )
* % - ) # " (% # (# # & & 1 (& ) -( )
( " ) * & # ( @ & ( ) ) & ( # ) 1 N50 0 & ) - : # (
& 6C ( ) # & ) 1 -( ) - ) )
)# (
- : 6% ) )
"1
M
=O >1M+='+>>J1
K &" ;) O M1=J '+>QM " O +?1=?=0 ) =+1+?1 ??+1
,# 7 # " (( & ) & ) 6% ) # & ) ( )# ( -
& ) 6% " . ) ) " 4 / ( # &E & ( - ) # 6% ) & "1 M
.N 0 ) : ) (( (1 #5 & " (& A # ( ( 4 ( # 6C ( # (( ( ) " & # L " 0 1 ++ ) * “ # ) 6 ( ) # 6% % # " & 0
# ( 0 7 (% ) ) "0 & 5 ) * # ( - : ( ( 1 ( 6 * ) "
-& ( " 6% ) ( 4" # ( ( & ) ) ) ( 5 # ) ( 0 (( ) ( ( 5 ) 6% ) & 8) ) ( ) - ( * ( ) # ( & ) )% ( ( 4 # 6 ) ( 6% "1 " # ) ) " A ( &
% ( 5 # ( ) 6% ) & 5" ) 4 ( * ) " ) % 1 $% ( # ( )
) 4 ( 4 " # ) ) % # :% ) & 8) ) & ) 4 # * ( ) & % F " ( ) (
# & ) ( ) 6% "”1 ) #49# S,_ Z , S0 O 1 @ ( - ( ) & (
"; & & # " ( " ( " (" & ( " (1 A ` S O 0 & ) 3 ! $S ,O !0 $ - (1
$% & ' " ( ) * +J
2 9 * - ) ) " ) ) ( ) ( 5 & ) " ( # (
&; ( & ( & ( * # & " # 7 &;& ) ) "
( ) 0 # ( " 4 ) ) ( ) - ) (1 & ( " ) 6% ) ( ) " /
0 " # ( ) - ( 0 # - ) #% ) " 1 # " ) 0 ) 7 &
-& 4 ) ( ) ) 6% 0 " - " # * " - ) (
# ) ) ( - (/ (1 !/ * ) (( ) # # & ) 0 * 9
@ ( # & (( ) ) ) ( & (( ( )# ( - (1
N5 % # * " # ( 6 ) 6% ) ( / % ( ) )
7 & - 0 &" ( - ) )# ( 6% ) 0 ( ( ( - ( ) )
& # # (1 (( ( 5 ( &; ( # ( & ( & ( *
( ) # ) - ) & (( " " " " ) ) 1 * # " - # (
& ( ) ) )# ( - & #
# : ) "
( ) * " 6%# - ) )# ( 6% % ) & ) : ( " (
( - ) "
( )* " & ) 6% # - & 4 7&" ( - # " (" ) 1 $ ( ) 6%
# ) 0 - ) ) 0 (( ( # ( % " # ( % # # ) 6 ) * )
) )# ( - A ) " -
)# (
-
3 " -& ((
)# (
-
1 Q#-( % ( A ) # @ ;) & )5 ( & # E & (
# - ( / % " ) 3 6% ) ( ) " ) D - 0 9& &
) ) D 6 ( & # E & (3 "/ & ( 4( ( E# & )5 ( ) F( # (
& # ( ) & ( " ) " 6% 4 &5 1 ) (( * ) 6
) ( # " ) ( ) ) ) ) -;) 1 ( # (# # 0 # (#
) # @ ;) & * " ( ) " # C " # (1 ( "0 :
( & "# " - & ( & "1
; * ( # & ) " " ( " : ) ) # % 4 (
( & # ) )# ( - 4 &5 1 ( )
4; ) ( ) - ) ( - " ) ) (0 ( ( E# * ( " - ) (
# & ( ) 6% & (( - 1 # ( * ( ) " /
4 & & ( " # ) D ( * 0 & # ) (( # (0 9 % - # ) "1
(( # 6% 0 & ) 0 % ( & (( ) ) ) 6% & ( & " )
" 6% 1 " & 5 0 6 0 ( & "# ( ) ) &
. ( 6% " # ) 6% ) (& & 5 ) 84" & 1 )# ( ) ( 5
( # 0 # " # 0 - & " ) F @ ) & ) ) 1 J
& # ) ( ) “) (" " : 6% ”0 * & ( ) ) ) " # (
E & (0 % ) ( 3 # ( 4 &5 0 # ) " 1 > )
)# ( - ( 5 ( @ &; ) " " ) ) 0 * ( 50 ( "0 ) " #
" ) (( . ( 6%
&
) 1 =Q 1 1W0 0 ) .2'+>JJ 1# 9& & ) # / % ) )# ( 6% 84" & 0 # * ( @ 0 %
) & ) ( 4- * ) " # F " 1 I ) (
Q , 0 ) 1 & (( " ) ) ) )# ( - 1 1 )1 !% " A )1 0 ??J3 $ 0
) 2 ) 1 6C ( ) ) )# ( - 1 ) H A - 0 ???0 1 +>> ((1
J $ $ H$0 ( - 1 & ( & " : 6% ) ) )# ( - 111 & 10 1 +M
-+J1
>
$ $ H$0 ( - 1 E & ( " ) ( ) ) ( ) # & & ( "1 - ( " B & )
$% & ' " ( ) * +>
)# & 5 0 4 -( (( 4 " ) ) ) * 4 ) ( ) ( " ) ( ) )
1 ) (& " # ) )# ( - ) ) ) & ( & "
* - " F * 4 ) &; ) ( 4# ((% ) - F " 1
( 90 ( "0 # # ) ) # ( * ( " : 6% )
" 6% 4 &5 9 ( & "1 7 # " A ( ) ( ( 6C ( & ) ( ; "
) " ) $ # ( ( 6C ( ) & 0 * # ) 6% (& " : )
) * " * 0 % ( C # # # # - : @ ;) & 0 # # # - :
( & "1 & 5 0 ( # # ( &; ( & ( & ( ((
) #-( F " " ) ) 1
(( # ) 0 % ( ( # ( &; ( & ( & (0 # ( #49#
( # ( &; ( ) ) " ) ) )# ( - 0 E# " & 6% F
& ) ) & ) . $1 (# * (( " & 6% ( )E - : ( # & 5
# # ( 4( ) 5 0 # " 6% ) " 6% 0 * ( " & 6% 0
& ( 5 " # ) " ( &; ( ) ) * # "# 6%
( & ) )# ( - ) # # ) "1
N5 % # ( ) 8" # 7 &;& * * & ) : ) (( "
(( # ) ( ) ) ( 9-) # & 5 & ( ) " /
) # & 5 & 1 ( % ( 5 " 7 4 " : 6% ) &; ) " " ) ) 0 # ( ( #
" - ( ) ) # 6% ) ) * & ) ( (A ) #
" ) 0 # 6% " "/ & ( " : ) 3 ) 0 " # 6% ( " (
# ( &; ( & ( & ( * # & ) )% 1 " " ( "
( - (( 4 " ) ) ) 6% ( # " ) 4 & & 3 . ( 6% )5
" # 1 " " ( " )5 ( ) (( 4 " ) ) & & ) ) 3
. ( 6% # ) * ( ) " / ) (& #4 ) ( (#
$% & ' " ( ) * ?
# ) )# ( - 0 ( * ( C ( # ( & # " 7 ( "E# & ( "#
) ) # ) 6% * ( )5 # ) " ) ( ) 1 (( 9 - ) ) 0 ) *
*G # (( 6% ) # ) " ) ( ) ( @ ( # " (#
# ";& ( ( ) ( (( ( ) / - " 6% ) & "
@ ;) & 1
& ( 4 ( " & ) ( # ) 6 ( # ) " ) ( ) A
) # & : 6% (( # ) ( ) ) ( ( ) " ) 1 $ ((
- & 7 0 # " - ( # " ) ) ) " 6% 0 "
-( " : 6% ) ( “& (” " / (0 0 ) 0 " # 6% ) ) ) ;&
" / " ( & ( & ( & ( * ( ) # ( " 4 ) ) ( ) - ) (1
) (( 0 & -# * 6% ) # & " / 4 &5 )
--( & "# ) & @ 6% ) ( E( ( ( ( & - (1
# # # & & 6% )
( ) ) # & 5 &
" )
1& " " 7 ) (( & & 6% ) ( ) " ) & # ) " 6%
4 &5 ( 5 "& )
6%
" "/ &
) ( # ( * ) (& " #- ) ) 4 &5 1 ! # " " 0 ( ) # #
(
#
"
)" 6% ( ) 1 ( % 9 # 4" # ) "/ & # "0 # ( ( # ) #
& - E & A " 6% 4 &5 - "- # " 6% ) "; & 84" & 0
" ) ) " : ( & # ( ( # (1
( ) ( & - ) : ( F " - ) )E & ( 4( ( E# & )
" 6% 4 &5 1 " 6% 4 &5 9 & "# B # 0 #
& " ) ) ( * " (% 8 & (1 # & " 0 ( " 6%
4 &5 % 4 ( ( ( # " ) ) ) " 6% F " : ) ( &; (
& ( & (A 9 & ( & & /& 4 &5 0 5 & 4 &5 5 &
) " 6% 4 &5 1
2 "# 0 & ( & - # ( ) & ( & " (
& " 1 -( ) (( " &; ) " " ) ) & # # & (# )
) ( ) - ) & ( & ( 4 ( ( ) ( ) *
" : ) ) # ( # "1 ( ) ) ) : & # # (