• Nenhum resultado encontrado

Acusticologia: pensamentos filosóficos - Analíticos sobre som e música

N/A
N/A
Protected

Academic year: 2021

Share "Acusticologia: pensamentos filosóficos - Analíticos sobre som e música"

Copied!
130
0
0

Texto

(1)

!

!"#"$%&'()*++(

!

(

,-.."&#/01'(2"(3".#&/2'("$(4-567-/.(38.-7/-.9(!'7-':';-/(2/(3<.-7/(

! ='#/ >("#$%&'&!()#$*+!,-,."#+!&)#/ (( 0!* )1 &' *2 )& 34 #! ,5 2$ 61 &! 0!

(

!"#$%&"'(')&*+(

,-.$*/-.%'$+0&('$12&"'3!.*(4%&"'$+$'56-+7'/+-+89$&"*+

+

?@#'&(3/68":(A"&&"-&/(B8/(

!

(2)
(3)

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

(4)

i ! ! ! ! ! ! ! !"#$%&'"()*'+$,-*')"("'' .'+$,-*'%&+/*,-"$0*'12#*'3"0"(*'#"'4*()0&' ! ! ! ! ! ! ! ! ! ! ! ! !

(5)

!"#!$%&'(%)*+,

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

"#! G4),<*$<#! 3&! "$$*$! B49$! 3&! U0*6&*4)! 1#4! %&! 5&4! 3)3#! )! <#,-&<&4! #! M#>! &! 3&$$)! .#4%)! 5&4! <-&>)3#! )#! <#,-&<*%&,5#! 3&! #L4)$! %'$*<)*$! <#,$5*5'/3)$! 3&! $*0=,<*#! ),5&<&$$#4)$!3)!#L4)!3#!<#%1#$*5#4!@#-,!;)>&!89::97! K!)#$!%&'$!>)5#$!Q&6*4&<#J!V$)3#4)J!M)5*,-#!&!M)5*,-)J!2'&!5),5#!5&%1#!1)$$)4)%! )#!%&'!<#0#!54),2'*0*W),3#X%&!&,2'),5#!&$<4&6*)!&$5)!%*,-)!3*$$&45)?Y#7! ! ! ! ! ! ! ! !

(6)

iii !"#$%&"'(')&!.-/%),!(%)*+,-0'1+,20'&+3!)!14*'&+,-,+5#%-,+(-%-(6,'&!

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

(7)

! ! !

4)$'&%--! V,54#3'?Y# 777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!_! ;)1/5'0#!V^!?%=()$%&2&@$*A''%)!,#6)!6*$Y#!3#!$#%77777777777777777777777777777777777777777777777777777777!`! V7!_7!!!!!!H#%!#4>),*W)3#!&!,Y#X#4>),*W)3#!77777777777777777777777777777777777777777777777777777777777!_a! V7!b7!!!!!!H#%!5C,*<#!&!,Y#X5C,*<#!777777777777777777777777777777777777777777777777777777777777777777777777777!!bb! V7!c7!!!!!!H*0=,<*#!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!bd! V7!c7!V7!!!H*0=,<*#!#4>),*W)3#!&!,Y#!#4>),*W)3#!7777777777777777777777777777777777777777777777777777777!ef! V7!e7!!!!!!!F'/3#7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!ea! V7!e7!V7!!!!F'/3#!#4>),*W)3#!&!,Y#X#4>),*W)3# 777777777777777777777777777777777777777777777777777777777dc!! V7!e7!VV7!!!F'/3#!5C,*<#!&!,Y#X5C,*<#7777777777777777777777777777777777777777777777777777777777777777777777777de! V7!f7!!!!!!!!V,.4)!&!'054)X$#,$!77777777777777777777777777777777777777777777777777777777777777777777777777777777777777dd! V7!f7!V7!!!!!V,.4)!&!'054)X$#,$!#4>),*W)3#$!&!,Y#X#4>),*W)3#$!7777777777777777777777777777777777da! V7!f7!VV7!!!!V,.4)!&!'054)X$#,$!5g,*<#$!&!,Y#X5C,*<#$!77777777777777777777777777777777777777777777777777d`! V7!d7!!!!!!!!H#%!&0P<54*<#! 7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777hi! V7!d7!!!!!!!!H#%!&0P<54*<#!#4>),*W)3#!&!,Y#X#4>),*W)3#!7777777777777777777777777777777777777777777h_! V7!d7!!!!!!!!H#%!&0P<54*<#!D#,*<#!&!,Y#X5C,*<#!7777777777777777777777777777777777777777777777777777777777hc! V7!h7!!!!!!!!H#%!&0&<54C,*<#!777777777777777777777777777777777777777777777777777777777777777777777777777777777777777hf! V7!h7!V7!!!!!H#%!&0&<54C,*<#!#4>),*W)3#!&!,Y#X#4>),*W)3# 777777777777777777777777777777777777777hh! V7!h7!!VV7!!!H#%!&0&<54C,*<#!DC,*<#!&!,Y#X5C,*<#! 77777777777777777777777777777777777777777777777777777ha' ;)1/5'0#!VV^!(&4$1&<5*6)!,)!%Z$*<)7777777777777777777777777777777777777777777777777777777777777777777777777777777!ai! VV7!_7!!!!Q*$5j,<*)!$#<*)07777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!ab! VV7!b7!!!!B*%7@0&=,#C'+$##2"@0&=,#C'D&0"@0&=,#7777777777777777777777777777777777777777777777777777!ae! VV7!c7!!!!E&%*2$F*GH&'#&'(&+ 777777777777777777777777777777777777777777777777777777777777777777777777777777777777!ad!

(8)

v ;)1/5'0#!VVV^!8Z$*<)^!'%)!3&.*,*?Y#!',*6&4$)07777777777777777777777777777777777777777777777777777777777777!`f! ;#,<0'$Y# 777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!__c!!! B*L0*#>4).*)77777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!__h!!!! k,3*<&!U,#%9$5*<#!7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777777!_bi!!! ! !

(9)

!"#!$%&'()*+'# # # # ,-./$0-'"#1'-#233-4#5)6#%)('#0'46*')7#5)6&-2#&62.-82&#)42#-$963%-:2*+'#3';&6#'# 3-./$0-'"# <0&6(-%292# 5)6# 36# (292# (6423-2(2# -4='&%>$0-2# 2'# 3'4# 6# =')02# 2'# 3-./$0-'"# <.:)4#%64='#(6='-3#('#-$?0-'#('#46)#63%)('@#%'&$')A36#-$69-%B96.#2;'&(2&#'#&)?('"#C&2# 0'4'#5)6&6&4'3#D2.2&#('#=&6%'#364#&6D6&-&#'#;&2$0'"#<.-B3@#63%2#2$2.':-2#0'4#2#0'&#D28# %'('# '# 36$%-('7# 36# $'4624'3# (6# E&)?('# ;&2$0'F# )4# 3'4# 5)6# 0'$%G4# %'(23# 23#

D&65)/$0-23# ('# 3'4@# ='&5)6# $+'# 0H2424'3# E&)?('# =&6%'F# 2# )4# 3-./$0-'# 2)(?96.I# 0)J23#

D&65)/$0-23#$'3#3)&:64#0'4'#3);.-4-$2-3#')#-$6K-3%6$%63LM##

N64# 364=&6# '# 3-./$0-'# G# '# '='3%'# (6# &)?('"# O6.'# 0'$%&B&-'@# 64# (6%6&4-$2(23# 0-&0)$3%>$0-23# P=6&3=60%-92@# ')# 2%&29G3# (6# 2&%-D?0-'3# 6.60%&Q$-0'3R@# 3+'# 2%G# ;23%2$%6# 3-4-.2&63# 6# (-D?06-3# (6# (63%&-$*2&"# S23# $+'# ='(64'3# D2.2&# (6# 3-./$0-'# 6# (6# &)?('# 364# 69'02&4'3#2#5)63%+'#(2#=6&3=60%-92"#O'&#96863#0H242&4'3#2#)42#=2-32:64#3'$'&2#(6#

3-.6$0-'32#')#(6#&)-('32@#(6=6$(6#)$-0246$%6#(2#=6&3=60%-92T"#

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`=6&3=60%-92a#$63%6#6$32-'"# ]#b6D-&'A46#2#)42#46%2D?3-02#6#)42#'$%'.':-2#('#3'4#;2362(23#$)42#$'92#%6'&-2#('#3'4"#O'&#)4#.2('# )42#46%2D?3-02#5)6#63%)(6#)4#0'$J)$%'#(6#=&';.6423#206&02#(2#&62.-(2(6#('#3'4@#6#)42#'$%'.':-2#5)6#

(10)

V2# 46342# D'&42# 5)6# 36# 630&69-24@# 2%G# HB# &6.2%-9246$%6# =')0'# %64='@# .-9&'3# 0'4# $'463# 0'4'# `Z-3%Q&-2# ('# Z'464a@# 6# 2:'&2# 3+'# 3);3%-%)?('3# ='&# `Z-3%Q&-2# (2# Z)42$-(2(6a# ')# `Z-3%Q&-2# ('# ,6&# Z)42$'a@# %24;G4# (6964'3# D286&@# 364=&6# 5)6# ='33?96.@#'#4634'#64#&6.2*+'#2'#5)6#20H24'3#63%2&#46$'3#6K20%'#P$63%6#023'#&6.2%-9'# 2'#3'4R@#-$(6=6$(6$%646$%6#(6#06&%'3#D20%'3#36&64#0'$3-(6&2('3#0'4'#`9B.-('3a#='&# )42# :&2$(6# 42-'&-2# (6# 4)3-0Q.':'3@# D?3-0'3# P20W3%-02R@# 4W3-0'3# ')# D-.Q3'D'3"# Z'J6# 0H2424'3# `=-2$'a# 2# )4# -$3%&)46$%'# 5)6# G# %)('# 46$'3# `=-2$'a# P64# ='&%):)/3@# '#

%6&4'# -%2.-2$'# `=-2$'a# 3-:$-D-02# `;2-K'caR@# ='-3# '# 20%)2.# -$3%&)46$%'# 2# 5)6# (24'3#

6&&2(246$%6#'#$'46#(6#`=-2$'a#D'-#=6$32('#=2&2#=&'()8-&#3'$3#`D'&%6a#P64#='&%):)/3# 3-:$-D-02#'#4634'#`D'&%6aR"#<.-B3@#G#=&60-3246$%6#5)2$('#'#-$3%&)46$%'#3'D&6#2.%6&2*\63# $'#36$%-('#(6#)42#42-'&#=&'J60*+'#3'$'&2@#G#=&60-3246$%6#2?@#5)6#'#-$3%&)46$%'#5)6# 2%G#6332#2.%)&2#36#0H24292##!"#$%&%'()@#(6-K2#(6#'#36&@#6#=2332#2#0H242&A36#)$-0246$%6# =-2$'"#d&2@#6K-3%6#2#'&:2$'.':-2@#5)6#G#2#0-/$0-2#5)6#63%)(2#'3#-$3%&)46$%'3#4)3-02-3"# ['4'# 0-/$0-2# 5)6# G@# =&6%6$(6A36# 5)6# 36J2# '# 42-3# 6K20%2# ='33?96."# e)64# 63%)(2# '&:2$'.':-2# G# 0'$D&'$%2('# 0'4# )42# 5)2$%-(2(6# 6KQ%-02# (6# $'463# (6# -$3%&)46$%'3# 4)3-02-3# (6# %'('# '# 4)$('# 6# (6# G='023# (-D6&6$%63U# 0'4# 2# 3)2# 4'&D'.':-2U# 63%&)%)&2U# D'&42U#4602$-34'U#(2%23@#=2?363@#$'463#(6#0'$3%&)%'&63@#0'$36&92('&63#')#D2;&-02$%63# (630&692# )4# 0'$J)$%'# (6# =&';.6423# 206&02# ('# %-='# (6# 6$%-(2(63# 5)6# '3# 3'$3# =2&%-0).2&63# 3+'7# 3+'# -$(-9?()'3@# 3+'# =&'=&-6(2(63@# 3+'# 0'$0&6%'3@# 3+'# 2;3%&20%'3@# 3+'# 696$%'3M# N63%2# $'92# f6'&-2# ('3# ,'$3# 36&+'#.692$%2(23#5)63%\63#5)6#$+'#36#='(64#&63'.96&#(6#)42#D'&42#64=?&-02@#6#5)6#3+'@#2$%63@#5)63%\63# 0'$06=%)2-3"#"#<.:)423#(63%23#3+'#5)63%\63#46%2D?3-023#42-3#:6&2-3@##0'4'7#g'#5)6#G#)42#=&'=&-6(2(6Mg@# g5)2$%'3# %-='3# (6# 6$%-(2(63# 6K-3%64Mg@# g0'4'# G# 5)6# 2# 46342# 0'-32# =6&3-3%6# 2'# .'$:'# ('# %64='@# 364# 4)(2&# 2# 3)2# -(6$%-(2(6Mg@# g64# 5)6# 0'$3-3%6# )42# 2D-&42*+'# 36&# 96&(2(6-&2Mg@# g'# 5)6# G# )4# 0'$06-%'M# d)%&23#(-864#&63=6-%'#2#)4#('4?$-'#42-3#63%&6-%'@#h5)-.'#2#5)6#='(64'3#0H242&##)42#'$%'.':-2#('#3'4# 6# '# 5)6# 36# =&6%6$(6# G# 32;6&# 2# 5)6# 02%6:'&-2# '$%'.Q:-02# '3# 3'$3# =6&%6$0647# 3+'# -$(-9?()'3M# ,+'# =&'=&-6(2(63M# ,+'# 0'$0&6%'3M# ,+'# 2;3%&20%'3M# ,+'# 696$%'3M#i42# '$%'.':-2# ('# 3'4# &63).%2# @# ='&%2$%'@# $)42# %2K'$'4-2# (23# 0'-323# 3'$'&23# 5)6# 6K-3%64"# `<# %H6'&j# 'D# 3')$(3# 3H').(# -(6$%-Dj# %H6# '$%'.':-02.# Y-$(3#%'#kH-0H#3')$(3#;6.'$:@#2$(#-%#3H').(#32j#kH2%#3'&%3#'D#=&'=6&%-63#3')$(3#='33633"#V6;2%63#2;')%# %H6#$2%)&6#'D#3')$(3#H296#D'0)36(#)='$#3)0H#5)63%-'$3#23#kH6%H6&#3')$(3#2&6#4-$(A(6=6$(6$%#'&#4-$(A (6=6$(6$%@# kH6%H6&# %H6j# 2&6# -$(-9-()2.3# '&# =&'=6&%-63@# 2$(# kH6%H6&# %H6j# 2&6# ';J60%A.-Y6# '&# 696$%A.-Y6"# <.3'@#%H6&6#H23#;66$#0'$3-(6&2;.6#(6;2%6#2;')%#J)3%#kH6&6#3')$(3#2&6#.'02%6(a#PN)((3#l#dm[2..2:H2$@# Lnno7]R"#i42#46%2D?3-02#6#'$%'.':-2#('#3'4@#.692$%2&B#233-4@#5)63%\63#0'4'7#`XH2%#Y-$(#'D#%H-$:3#2&6# 3')$(3@# 2$(# kH2%# =&'=6&%-63# ('# 3')$(3# H296M# 1'&# -$3%2$06@# 2&6# 3')$(3# 360'$(2&j# 5)2.-%-63@# =Hj3-02.# =&'=6&%-63@#k2963@#'&#3'46#%j=6#'D#696$%Ma#PN)((3#l#dm[2..2:H2$@#Lnno7]R"#p#(63%2#D'&42#5)6#6$%6$('#2# =6&%-$/$0-2#(63%6#%-='#(6#2;'&(2:64@#46%2D?3-0'#6#'$%'.Q:-0'@##$)42#$'92#f6'&-2#('#,'4"#

^#_6&@#2(-2$%6@#%6'&-2#('#2)%'&#3';&6#2#$60633-(2(6#(6#)42#$'92#%6'&-2#('#3'4#-$%-%).2(2#(6#20)3%-0'.':-2@#

5)6#2$2.-32336#'#3'4#(6#)42#D'&42#46%2D?3-02#6#'$%'.Q:-02#6#$+'#)$-0246$%6#D?3-02"#

(11)

(6# -$3%&)46$%'3# 4)3-02-3"# C# G# 63%2# 0-/$0-2# 5)6# (6-K2# q# 2-$(2# 5)6# 64# $'46# (6# )42# `%&2(-*+'a#q#=6&=6%)2&#)4#6&&'#%6&4-$'.Q:-0'#&6.2%-9'#2#)4#-$3%&)46$%'#4)3-02."# !3%'#%)('#=2&2#4'3%&2&#5)6#$64#364=&6#'#5)6#%'(2#2#:6$%6#=6$32@#')#(-8@#63%B# 0'&&60%'"# C)#=6$3'#5)6#2#$60633-(2(6#(6#)4#=6$3246$%'#D-.'3QD-0'A2$2.?%-0'#3';&6#'#3'4@# ')# )4# 63%)('# 46%2D?3-0'# 6# '$%'.Q:-0'# ('# 3'4@# $'3# ='(64# %&286&# $'9'3# (2('3@# $'923# -(6-23@#$'9'3#0'$06-%'3@#5)6#$'3#='(64#&696.2&#)4#$'9'#6#&69'.)0-'$B&-'#0'$06-%'#(6# `3'4a"# <# <0)3%-0'.':-2# 36&-2# ;2362(2# $2# (630&-*+'# (23# 02&20%6&?3%-023# 3Q$-023# (23# 0).%)&23#4)3-02-3#(6#%'('#'#=.2$6%2"### !&6-#%6$%2&#(64'$3%&2&#5)6#(-86&#`SW3-02#G#3'4#6#3-./$0-'a#G#'#4634'#5)6#(-86&# 5)6#`O-$%)&2#G#0'&#6#=&6%'a@#')#36J2@#32;64'3#5)6#'#=&6%'#G#)42#0'&#6#='&%2$%'#36&B# 3)D-0-6$%6@#6#42-3#=&60-3'@#2D-&42&#5)6#`4W3-02#G#3'4a"#d#%6&4'#`3-./$0-'a#%'&$2A36#$)4# =.6'$234'"# <#<0)3%-0'.':-2#%6$%2&B#4'3%&2&#5)6#'#&)?('#6#'#3-./$0-'#63%+'#=2&2#'#3'4#0'4'# )4# &)''#'"# 6# )4# *%+,-*#.)$# 63%+'# =2&2# '# 2)%'4Q96.7# 32;64'3# 5)6# 24;'3# 3+'# 2)%'4Q96-3@#(2#46342#D'&42#5)6#32;64'3#5)6#%2$%'#'#&)?('#0'4'#'#3-./$0-'#3+'#%-='3# (-D6&6$%63#(6#3'$3"#

p# $'# .-9&'# `<0W3%-02a# (6# r)?3# Z6$&-5)6@# 5)6# 3)&:6# 2# D&236s(6D-$-*+'# `SW3-02# G# 3'4# 6# 3-./$0-'a# PZ6$&-5)6@# LnnL7^R"# p# 4)-%'# 0'4)4# 96&64A36# %6K%'3# 2# '='&# 3'4# 2# 3-./$0-'"#C4;'&2#$63%6#023'#JB#$'3#=2&6*2#42-3#&28'B96.#2#`-$0'&&60*+'a#P$2#46(-(2#64# 5)6#=6.'#46$'3#'#3-./$0-'#2;3'.)%'#q#2-$(2#5)6#$+'#6K=6&-6$0-2('#=6.'#36&#H)42$'#q#G# 2)3/$0-2#(6#3'4R@#0'$%-$)2#$'#6$%2$%'#2#%&2%2&A36#(6#)4#65)?9'0'"#_-4'3#5)6#'#3-./$0-'# G#q#%2.#0'4'#'#&)?('#q#)4#%-='#(6#3'47#)4#3-./$0-'#2)(?96.U#)4#63%2('#3'$'&'"#r':'@#2# $+'# 36&# 5)6# $'3# &6='&%64'3# 2'# 3-./$0-'# 2;3'.)%'# q# 6336# 3-4@# $+'# G# )4# 3'4# q# 63%2&B# -$0'&&60%'#'='&A36#3'4#2'#3-./$0-'@#(2#46342#D'&42#5)6#36&-2#-$0'&&60%'#'='&A36#0'&#2'# =&6%'"#d&2@#2#20W3%-02#0'4'#)4#&24'#(2#4)3-0'.':-2#6#(2#D?3-02@#GA$'3#4)-%'#W%-.#P2#$Q3# 4W3-0'3R# ('# ='$%'# (6# 9-3%2# `D?3-0'a@# 423# 4)-%'# =')0'# 3-:$-D-02%-92# =2&2# 2# $'332# 20%-9-(2(6# 4)3-02."# O2&606A46# 69-(6$%6# q# 6# 0'4'# 0'$365)/$0-2# (2# 4).%-=.-0-(2(6# (6# 63%-.'3#5)6#646&:-&24#$'#3G0).'#tt#q#2#-4='&%>$0-2#('#3)&:-&#(6#)42#$'92#%6'&-2#('#

(12)

3'4# q# 2# 20)3%-0'.':-2# q# 5)6# 2;'&(6# '# 3'4# 3';# 2# D'&42# (6# =6$3246$%'3# D-.'3QD-0'A 2$2.?%-0'3@#6#46$'3#('#='$%'#(6#9-3%2#D?3-0'#('#3'4U#42-3#(-&-:-(2#2'3#4W3-0'3#6#h#3)2# 20%-9-(2(6# 6# 2# )42# $'92# 4)3-0'.':-2# 2# 5)6# (6-# '# $'46# (6# /')-(%# PN6%%.# (-8# 5)6# 2# 6%$'4)3-0'.':-2# G# )4# .+0(1%U# 6)# (-:'# 5)6# 2# 3'0-'.':-2# (2# 4W3-02# G# '# /')-(%"# ['4'# 32;64@# '3# .+0(2)-# 3+'# )$3# 36&63# -42:-$2('3# 5)6# .-4=24# 2# &')=2"# S23# '# $'46# ('# =&'()%'#:6&2.#'$(6#6.63#H2;-%24@#0H242A36#/')-(%"#d)#36J27#2#3'0-'.':-2#G#q#5)2$%'#2# 4-4#A#2-$(2#42-3#:.)%'$2#('#5)6#2#6%$'4)3-0'.':-2R"#O2&2#)4#4W3-0'@#='(6#36&#4)-%'# -$%6&6332$%6#32;6&#5)6#)4#3'4#G#)42#`9-;&2*+'a#$)4#`46-'#6.B3%-0'a"#S23#0&6-'#36&A .H6#42-3#W%-.#q#=2&2#2#3)2#2&%6#q#32;6&#5)2-3#23#(-D6&6$%63#42%G&-23#5)6#0'$3%-%)64#'# 3'4U# '# 6$)$0-2&# 6K64=.'3# 3'$'&'3# =2&2# '3# (-96&3'3# %-='3# (6# 3'4U# 2# 3)2# J)3%2# 02%6:'&-82*+'# 6# 0.233-D-02*+'U# )4# 0'&&60%'# )3'# %6&4-$'.Q:-0'# =2&2# '# )3'# 6# =&B%-023# 4)3-02-3"#

,6#2#20W3%-02#.-(2#0'4#'#23=60%'#D?3-0'#('#3'4@#2#20)3%-0'.':-2#2;'&(2&-2#'#3'4# (6#)42#D'&42#46%2D?3-027#)42#46%2D?3-02#('#3'4"#<#=6&%-$/$0-2#(63%2#$'92#%6'&-2#('# 3'4#G#2#(6#%&286&#)42#$'92#9-3+'#3';&6#'#3'4#6#23#3)23#0'4='$6$%63#6#2#3)2#42%G&-2A =&-42"#O'&#6K64=.'7#36#'#&)?('#G#)4#%-='#(6#3'4@#5)6#36$%-('#D28#2#20W3%-02#0'$%-$)2&#2# D286&# 2# (-3%-$*+'# q# 0'4'# 36# (6# '='3%'3# 36# %&2%23364# q# 6$%&6# 3'4# 6# &)?('M# N+'# G# 2# 46342# 20W3%-02# 5)6# $'3# (-8# 5)6# &)?('# G# )4# `3'4a# =&'9'02('# ='&# )42# 9-;&2*+'# 5)6# =&'()8# )42# D'&42# (6# '$(2# -&&6:).2&M# S23# 5)6# 0'$D)3+'# G# 63%2M# p# 0.2&'# 5)6# =6&06;64'3#5)6@#2'#6D60%)2&#63%2#(-3%-$*+'@#2#20W3%-02#63%B#2#&6D6&-&A36#2'#3'4#%Q$-0'@# 6336#3-4#)4#3'4@#0)J2#9-;&2*+'#=&'9'02#)42#D'&42#(6#'$(2#&6:).2&"#uB#2#)%-.-82*+'#('# %6&4'#&)?('#$+'#$60633-%2@#$63%6#023'@#(6#3'D&6&#2.%6&2*+'#2.:)42@#='-3#5)2.5)6&#&)?('#G# 364=&6#02&20%6&-82('#='&#)42#9-;&2*+'#0)J2#D'&42#(6#'$(2#G#-&&6:).2&"#<33-4@#D286&A36# )42#(-3%-$*+'#6$%&6#3'4#6#&)?('#G#'#4634'#5)6#(-3%-$:)-&4'3#6$%&6#0'&#6#96&46.H'"# N+'#D28#5)2.5)6&#36$%-('"#,6J2#64#4W3-02@#D-.'3'D-2@#20W3%-02@#')#4634'#$2#9-(2"# i4#023'#3646.H2$%6#36#=2332#$2#%6'&-2#(2#0'&"#<?@#$'#4'(6.'#2(-%-9'@#'#;&2$0'#G# 0'$3-(6&2('#0'4'#2#J)$*+'#(6#%'(23#23#0'&63#6#'#=&6%'#2#2)3/$0-2#(6#0'&"#N'#=&-46-&'# 023'@#'#D20%'#(6#'#;&2$0'#36&#2#3'42%Q&-2@#$+'#D28#0'4#5)6#(6-K6#(6#36&#)42#0'&"#p#)42# 3)=&2A0'&"#b6W$6#%'(23#23#0'&63#P2.:'#0'4=2&B96.#2'#&)?('#;&2$0'#5)6#G#)4#3'4#5)6#

(13)

0'$%G4# %'(23# 23# D&65)/$0-23R"# V2# 46342# D'&42@# 0&6-'# 36&# -$0'&&60%'# '# =&6%'# 36&# 0'$3-(6&2('#`2)3/$0-2#(6#0'&a#P2#2)3/$0-2#(6#0'&#(696&-2#36&#5)2$%'#4)-%'#)4#63%2('# %&2$3=2&6$%6R@# ='-3# )42# 968# 5)6# '# =&6%'@# G# 2.:'# 5)6# G# 6K=6&-6$0-2('# ='&# $Q3#

9-3)2.46$%6# P%2.# 0'4'# '# 3-./$0-'# G# 2)(?96.R@# (696&B# 36&# 0'$3-(6&2('# )4# %-='# (6# 0'&v"#

i42# 0'&# 4)-%'# 3);.-4-$2.U# )42# 0'&# '$(6# 5)236# $+'# 6K-3%24# D&65)/$0-23# (6# .)8@# )4# =')0'#h#3646.H2$*2#('#3-./$0-'#2)(?96.@#5)6#G#2#5)236#2)3/$0-2#(6#D&65)/$0-23#(6#3'4"#

<#(6D-$-*+'#(6#(6D-$-*+'#%2.#0'4'#$'3#3)&:6#$'#V-0-'$B&-'#(2#r?$:)2#O'&%):)632# ['$%64='&>$62# PLnnL7Inw]R# G# 2# (6# 20*+'# (6# 6$)$0-2&@# (6# 02&20%6&-82&# '3# 2%&-;)%'3# 6336$0-2-3#(6#)4#36&#')#0'-32"#d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

f6$%2&6-# 2'# .'$:'# (63%2# (-336&%2*+'# 2$2.-32&# 23# 9B&-23# $'*\63# (6# 3-./$0-'# 6# (6# &)?('#6#23#3)23#-4=.-02*\63#$'#4)$('#64#5)6#9-964'3"#12.2&6-#.':-0246$%6#(6#3'4#6#(2# 3)2#&6.2*+'#0'4#'#3-./$0-'#6#'#&)?('"#C#%6&6-#2-$(2#5)6#.-(2&#0'4#(-96&323#(6D-$-*\63#(6# 3'4#6#4W3-02"#d#5)6#G#2#SW3-02M#d#5)6#G#'#,'4M#d#5)6#G#'#b)?('M#d#5)6#G#'#,-./$0-'M#C# '# 5)6# G# 5)6# 63%63# %6&4'3# 3-:$-D-024# =2&2# $Q3@# $23# $'3323# 9-(23# 6# =2&2# 2# SW3-02# 64# =2&%-0).2&"#O&'0)&2&6-#2'#.'$:'#(63%6#63%)('#96&#2#-4='&%>$0-2#('#3'4#$2#4W3-02U#5)2-3# 23# (-D6&6$%63# $'*\63# (6# 3'4U# '3# 92&-6:2('3# 36$%-('3# (6# &)?('U# 2$2.-32&# 23# (-96&323# D'&423# (6# 3-./$0-'# 6K-3%6$%63# 6# 2# 3)2# &6.2*+'# 6# -$%6:&2*+'# $2# 4W3-02"# !&6-# ='-3@# %6$%2&#

(14)

0'4=&66$(6&#46.H'&#63%6#)$-96&3'#(6#3'4#0'$3%-%)?('#(6#&)?('3#6#3-./$0-'3@#(6#-$D&2#6# ).%&2A3'$3@#(6#3'$3#6.G0%&-0'3#6#6.60%&Q$-0'3#6#(2#3)2#0'$-9/$0-2#0'4#2#4W3-02"##

S23#5)6#3'4#36&96#h#4W3-02@#6#'#5)6#G#2D-$2.#2#4W3-02M#!&6-#%6$%2&#(64'$3%&2&#

2'#.'$:'#(2#4-$H2#-$963%-:2*+'#5)6#4W3-02#G#3'4w"#[.2&'#5)6#63%2#G#2#96&3+'#&6()8-(2#

(2# (6D-$-*+'"# d# 3'4# G# 2# &6)$-+'# (6# 9B&-'3# 0'$J)$%'3U# 36$('# 5)6# 02(2# 0'$J)$%'# &6=&636$%2# )4# (-D6&6$%6# %-='# (6# 3'4"# <# 3'42# (63363# 0'$J)$%'3# D'&42# )4# 0'$J)$%'# 42-'&@#5)6#G#'#('#3'4"#d)#36J27#$'#3'4#6K-3%64#92&-6:2('3#%-='3#(6#3'$3"#i4#`0'$J)$%'#

(6#%'('3#'3#0'$J)$%'3ao@#36$('#5)6@#='&#`%'('3#'3#0'$J)$%'3a@#6$%6$(64'3#`%'('3#'3#

(-D6&6$%63#%-='3#(6#3'4#0'$H60-('3#=6.'#36&#H)42$'a"##

w#SB&-'#_-6-&2#(6#[2&92.H'#$'#36)# 3456474869:;9:<=3659>:?7?<?@A43:/9B9:C<9:B?AB43/?5A6D9:?: /9B9: C<9: ;?E6@6FG4: ;93: 3C93: A9B?E93: 95AC963@# /)$H+%!)@# c# PIooIR7# IIAIoU# B)I"-(#: /%'(0.0)-#: J): <0-"K%+%."#@#!#PIooIR7#TvA]]@#&6D6&6#5)6#C()2&(#Z2$3.-0Y#PIwL^AIon]R@#PxR#2'#2;'&(2&#2#4W3-02#q#2.-B3#2# A%$,0$-(# P`2&%6# ('3# 3'$3aR# q# ('# ='$%'# (6# 9-3%2# 63%G%-0'@# 0'.'0292A36@# ='&# 3)2# 968@# $)42# ='3-*+'#

6)&'06$%&-3%2#6#0'$D6&-2#)42#$'92#(-46$3+'#2'#=2&2(-:42#(2#`4W3-02#2;3'.)%2a#646&:6$%6#$2#0).%)&2# 6)&'=6-2#(63(6#06&02#(6#Iwnn7#`0'$%6W('#(2#4W3-02a#6&24@#=2&2#6.6@#`%'$6$(#;6k6:%6#1'&46$a#P`D'&423# 3'$'&23#64#4'9-46$%'aR#PZ2$3.-0Y#Iw^]U#IowL7v]R@#2#';&2#4)3-02.#3Q#6&2#=233?96.#(6#2$B.-36#-42$6$%6@#2# 633/$0-2#('#4)3-02.#.-4-%292A36#2'#=.2$'#D'&42.A3-$%B0%-0'#P0D"#S2j6&#IowL7ITLR"#P[2&92.H'@# C$%6$('#5)6#2'#(-86&A36#`2&%6a#('3#3'$3#=&633)='4'3#)4#=6$3246$%'#3';&6#6332#0'-32#q#$63%6#023'#'# `3'4a"#N+'#96J'#`6)&'06$%&-34'a"#O6.'#0'$%&2&-'#96J'#)42#2;6&%)&2#=.2$6%B&-2#$63%2#(6D-$-*+'7#'$(6#5)6&# 5)6#H2J2#4W3-02#H296&B#3'$3#6#)42#2&%6#='&#%&B3#(63%63"# f24;G4#(-86&#5)6#'#`0'$%6W('#(2#4W3-02a#6&24#`D'&423#3'$'&23#64#4'9-46$%'a@#=602#5)2$%'#4)-%'@# =6.2# 2)3/$0-2# (2# &6D6&/$0-2# h# 0).%)&2s3'0-6(2(6# '$(6# 63%2# D'-# 0&-2(2@# ='&5)6# $2# &62.-(2(6# '# 5)6# G# 2# 4W3-02#36$+'#3'$3#$'#%64='M#

uB#2#D&236#(6#[H2&.63#!963#2#5)6#SB&-'#_-6-&2#(6#[2&92.H'#0'$3-(6&2#`3'2&#2#=&'9'02('&2a#64#5)6#63%6#(-87# `d# 5)6# 2# 4W3-02# %64# 2# 96&# 0'4# '# 3'4Ma# P0-%"# ='&# r23Y6# Iovv7^U# y2(6$# Iow]7TIR@# 6# 5)6# [2&92.H'# 2# 9/# =&QK-42#('#=6$3246$%'#(6#6%$'4)3-0Q.':'3#0'4'#S6&&-24#')#z.20Y-$:7#S6&&-24#PIoc]7LvR7#`SW3-02#G# 0'4='&%246$%'#&6:).2('@#$+'#G#3'4"#N2#4W3-02#'#3'4#G#2%G#360)$(B&-'aU#z.20Y-$:#PIowI7LvR7#`<#4W3-02#G# )4#D20%'#3'0-2."#<#2&%6#$+'#6K-3%6#64#=&'()%'3@#423#3-4#64#=&'0633'3#2%&29G3#('3#5)2-3#23#=633'23#(+'# 36$%-('#2#06&%23#92&-6(2(63#(6#20%-9-(2(6#6#6K=6&-/$0-2a"## d#5)6#46#2=&28#(-86&#G#5)6#63%2#D&236#('#!963#G#5)6#46#=2&606#6)&'0/$%&-02@#4634'#5)6#=2&6*2#2='$%2&# =2&2#'#5)6#9-6&24#42-3#%2&(6#2#(-86&#06&%'3#6%$'4)3-0Q.':'3#')#2%G#2$%63#3'0-Q.':'3#(2#4W3-02"#C#GA'# =2&2#4-4@#='&5)6#46#=2&606#&6D6&-&#h#4W3-02#630&-%2#'0-(6$%2."#ZB#4W3-02#5)6#`36#')96#-$%6&-'&46$%6a"#<# 4W3-02# 5)6# 36# `63%)(2a# 6# `2$2.-32a# $)42# D'.H2# (6# =2&%-%)&2"# S23# ='33'# 63%2&# 6$:2$2('"# N+'# 36-# ('# 0'$%6K%'#64#5)6#63%2#D&236#D'-#(-%2"# e)2$%'#h#D&236#(6#S6&&-24#2='$%'#2=6$23#'#D20%'#(6#6.6#(-86&#-$-0-2.46$%6#5)6#4W3-02#`$+'#G#3'4a@#6# 42-3#%2&(6#$2#D&236#36:)-$%6#(-86&#@#:LM-"K#:%:-%L:H:#(H:-)K0$JN'"%"#C$%+'#$+'#6K-3%6#3'4@#423#2D-$2.# 6K-3%6#423#G#360)$(B&-'M# uB#2#D&236#('#z.20Y-$:#6$%6$(6A36#46.H'&"#C.6#=&6%6$(6#0H242&#2#2%6$*+'#(6#5)6#4W3-02#$+'#3+'#3Q#'3# `3'$3a#5)6#')9-4'3@#423#'#0'$%6K%'#3'0-2.s='.-%-0's0).%)&2.#64#5)6#3+'#&62.-82('3#6#')#0'$3)4-('3"#S23# 0'$%-$)2#2#36&#`3'4a#`25)-.'a#5)6#63%B#(6$%&'#(6336#0'$%6K%'#3'0-2.s='.-%-0's0).%)&2."# V6#5)2.5)6&#D'&42#(-86&A36#5)6#2#4W3-02#$2(2#%64#2#96&#0'4#'#3'4@#G#0'4'#(-86&A36#5)6#2#=-$%)&2#$2(2# %64#2#96&#0'4#2#0'&"# # o#_6&#%6'&-2#(6#[2$%'&"#

(15)

f6$('# )42# (6D-$-*+'# (6# 3'4@# 6# 0'$3-(6&2$('# 6)@# 5)6# 4W3-02# G# -:)2.# 2# 3'4@# 63%2&64'3# 4)-%'# =&QK-4'3# (2# (6D-$-*+'# (6# 4W3-02"# i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`(63%&)-&a#'#96.H'"# V63(6#364=&6#'3#0'4='3-%'&63#36#-4='&%2&24#0'4#'#3-./$0-'#$2#4W3-02"#z20H# 0&-292#928-'3#$23#3)23#(-D6&6$%63#9'863#(2#46342#D'&42#5)6#z').68#$2#3)2#';&2#BH!%$-# )3')# )4# 3-3%642# 0'4='3-0-'$2.# '$(6# 2;&-2# `;)&20'3a# 3);3%-%)-$('# $'%23# ='&# =2)323U# S'&%'$#16.(42$#D'-#42-3#.'$:6@#&6%-&2$('#4634'#$2#3)2#%'%2.-(2(6#23#$'%23#6#D-02$('# 3Q#0'4#'3#3-$2-3#(6#=2)323#$2.:)423#(23#3)23#';&23#=2&2#=-2$'#3'.'"#b6=2&64'3#5)6@# 5)2$('#D2.24'3#(63%63#928-'3#')#;)&20'3@#G#(-D6&6$%6#(6#63%2&4'3#2#D2.2&#(6#$2(2"#C3%63# 0'4='3-%'&63#=&'06(64#233-4#0'4#)4#=&'=Q3-%'#4)3-02."#

V63(6#'3#D)%)&-3%23#$'#-$?0-'#('#3G0).'#tt@#5)6#'#&)?('#0'46*')#02(2#968#42-3#2# -$%6&6332&# '3# 0'4='3-%'&63# 6# '3# 4W3-0'3"# !$-0-2.46$%6# $2# 4W3-02# 6&)(-%2# 6# ='3%6&-'&46$%6# $'# O#PP# P&')): O#PPR@# $23# 4W3-023# -4=&'9-32(2# 6# 6K=6&-46$%2.# 6# $'# '%K,# P$%"-): L0-"KR"# V2# 46342# D'&42@# '# 3-./$0-'@# 5)6# 2%G# u'H$# [2:6# 6&2# 2=6$23# 42-3# )42#

D6&&246$%2# 0'4='3-0-'$2.@# =2332# 2# 36&# =6*2# D)$(246$%2.# 6# ='&# 96863# W$-02@#(6# )42#

$'92#42$6-&2#(6#0'4='&#6#(6#%'02&#4W3-02"# f6$%2&#6$0'$%&2&#)42#&28+'#')#)4#3-:$-D-02('#=2&2#5)6#06&%'3#0'4='3-%'&63#36# (6(-5)64#')#2'#3-./$0-'#')#2'#&)?('@#D28A$'3#&60'&(2&#)42#0-%2*+'#('#0'4='3-%'&#u'H$# [2:6# 0'4# 5)6# %6&4-$24'3# 63%2# $'332# -$%&'()*+'7# `C# 6)# $+'# 3')# %+'# %'.'# %24;G4{# Z')96# )4# D-.Q3'D'# 2.64+'# 4)-%'# 0'$H60-('@# 0H242('# C442$)6.# y2$%"# C.6# (-336# 5)6# 6K-3%64#()23#0'-323#5)6#$+'#=&60-324#(6#3-:$-D-02&#$2(27#)42#G#2#4W3-02@#6#2#')%&2#G#'#

(16)

&-3'{#C3323#()23#0'-323#$+'#(6964#3-:$-D-02&#$2(2@#$'#36$%-('#(6#5)6#$'3#(+'#)4#=&286&# 4)-%'#=&'D)$('aIn"# # # # # # # # # # # # # # # # # # # # # # # # # # # In#|H%%=7sskkk"j')%);6"0'4sk2%0HM9}L2~fIOk=TnS•@#206(-('#64#Ln"nw"LnII"#

(17)

[2=?%).'#!7#<0)3%-0'.':-27#)42#$'92#9-3+'#('#3'4# # # `<#4W3-02#G@#')#&63-(6#64@#3'4"## S23#$+'#2J)(2#(-8/A.'@## 36#$+'#3');6&4'3#'#5)6#G#'#3'4"a# P,0&)%'$@#Lnnv7IvIR# # #

_-964'3# $)42# G='02# 64# 5)6# =2&2# 2# 42-'&-2# (23# 0).%)&23# 2# &6=&636$%2*+'# (2#

&62.-(2(6#5)6#('4-$2#G#9-3)2."#,+'#&2&23#23#0).%)&23#2)&2-3#6#=2&2#%'(23#6.23#3'4#G#3-$2.#

(6# 6K-3%/$0-2II"# O2&2# 2# 42-'&-2# (6# $Q3# '# 4)$('# G# )42# &62.-(2(6# 9-3)2.# 5)6# $Q3#

0'$3).%24'3# 6# (6# 5)6# $'3# (24'3# 0'$%2@# '.H2$('# 6# .6$('# ';J60%'3# 0'4'# D'$%63# (6# -$D'&42*+'"#,6#5)6&64'3#32;6&#2#5)6#96.'0-(2(6#$'3#(63.'024'3#$)4#02&&'@#'.H24'3# =2&2# '# 96.'0?46%&'# 6# $+'# 3Q# $+'# =6&(64'3# %64='# 2# ')9-&# '# 3'4# ('# 4'%'&# ('# 02&&'# 0'4'# 6332# 3-4=.63# -(6-2# $'3# =2&606# (6# -46(-2%'# =6&96&32"# N'# 6$%2$%'@# 2.:)G4# 0'4#

')9-('# 2;3'.)%'IL# ='(6# (6%60%2&# 2# 5)6# 96.'0-(2(6# 36# (63.'02# =6.'# 3'4# P(6%6&4-$2(2#

$'%2R#=&'()8-('#=6.'#&)?('IT#('#4'%'&#('#36)#02&&'7#'#3'4#(6#)42#$'%2#1B#2;2-K'#('#VQ#

06$%&2.#('#=-2$'#='(6#3-:$-D-02&#2#96.'0-(2(6#(6#ILn#5)-.Q46%&'3#='&#H'&2"#i42#=633'2#

0'4# 6332# H2;-.-(2(6# ='(6# (6%60%2&# 6&&'3# $)4# 96.'0?46%&'# 292&-2('I]"# i4# 3'4# 5)6#

0'&&-:6#)42#-42:64"#d#92.'&#(6#%2.#0'$H60-46$%'#q#2=&6$(6&#2#')9-&#q#G#'#(6#5)6#%'&$2# %&2$3=2&6$%63# 23=60%'3# ('# 4)$('# 9-3)2.# 5)6# $'3# 3+'# '=20'3# $'&42.46$%6"# C# 63%6# 0'$H60-46$%'#G#)4#0'$H60-46$%'#4)3-02."# S23# 2D-$2.# '# 5)6# (63-:$24'3# ='&# ,'4M# <# =2.29&2# 3'4# G# )%-.-82(2# (63-:$2$('# 3-4).%2$6246$%6#)42#36$32*+'#6#2#02)32#D?3-02#5)6#(B#'&-:64#2#6332#36$32*+'"#d#3'4# II#d#=&-46-&'#('#36$%-('3#2#36&#20%-92('#$'#36&#H)42$'#G#'#36$%-('#(2#2)(-*+'"# IL#i42#=633'2#0'4#')9-('#2;3'.)%'#G#02=28#(6#&60'$H606&#D&65)/$0-23#64#3'$3#(2#9-(2#&62.7#G#)4#('4# 4)3-02."# IT#i4#&)?('#%Q$-0'#P3'4'3#02=2863#(6#6$%'2&#)4#%'4#(6#2.%)&2#42-3#')#46$'3#(6D-$-(2R"# I]_6&#.-9&'#AQ):3K")$K):%&:<0-"K#Pb';-$#S20'$-6@#Ioov7ITR"

(18)

$+'#=2332#(6#)42#36$32*+'#6#G@#(6332#D'&42@#)4#D6$Q46$'#3);J60%-9'I^"#S23#2#02)32#

(63%2# 36$32*+'# G# 364=&6# )42# 9-;&2*+'# 5)6# 36# =&'=2:2# $)4# 46-'# 6.B3%-0'@# 6# 5)6# G# 2;3'&9-(2#=6.'#$'33'#3-3%642#2)(-%-9'@#$63%6#023'#=2&%-0).2&@#'#%?4=2$'"#<33-4@#36:)$('# r)?3# Z6$&-5)6# P<0W3%-02@# LnnL7cR# `<# =2.29&2# 3'4# %64# ('-3# 3-:$-D-02('3# 0'$3'2$%6# 36# 0'$3-(6&2# 0'4'# D6$Q46$'# D?3-0'# ')# 0'4'# D6$Q46$'# =3-0'D?3-0'a"# <5)-# ='(6&?24'3# 0'$3-(6&2&#0'4'#D6$Q46$'#D?3-0'#'#3'4#q#='&#6K64=.'#q#(2#5)6(2#(6#)42#B&9'&6@#6# 0'4'##D6$Q46$'#=3-0'D?3-0'#'#')9-&#'#3'4#(2#5)6(2#(6#)42#B&9'&6"#S23#0'$%-$)2$('#2# (6D-$-*+'#(6#3'4#(-8A$'3#r)?3#Z6$&-5)6#5)6#`O2&2#H296&#3'4#%64#(6#6K-3%-&#)42#D'$%6# 3'$'&2"#d#3-:$-D-02('#D?3-0'#(-8#&63=6-%'#h#D'$%6#3'$'&2#6#h#=&'=2:2*+'#('#3'4#2%&29G3# ('# 46-'"# d# 3-:$-D-02('# =3-0'D?3-0'# &6D6&6A36# h# 2)(-*+'# (6336# D6$Q46$'@# ')# 36J2@# h# 36$32*+'#5)6#=&'9'02#64#$Q3a"#C#25)-#6$%&24'3#$)4#024='#42-3#3);J60%-9'@#5)6&#$'# 5)6# (-8# &63=6-%'# 2'# %6&4'# `36$32*+'a# 5)6&# $2# 92&-6(2(6# (6# `$Q3a# 6K-3%6$%6"# S23# (-8# 2-$(2#5)6#`0'$3-(6&2&#'#3'4#0'4'#D6$Q46$'#D?3-0'#')#0'4'#)42#36$32*+'@#(6=6$(6# ('#%-='#(6#2;'&(2:64"#,6#63%)(2&4'3#2#=&'()*+'#('#3'4#$)4#9-'.-$'@#='&#6K64=.'@# =6$324'3# $'# 3'4# 0'4'# D6$Q46$'# D?3-0'a# P'# 3'4# (2# 5)6(2# (6# )42# B&9'&6R@# `36# 63%)(2&4'3# 2# =6&06=*+'# 2)(-%-92# ('# 3'4# ('# 9-'.-$'@# =6$324'3# $'# D6$Q46$'# =3-0'D?3-0'a#P2#2)(-*+'#(2#5)6(2#(2#B&9'&6R"# <#(6D-$-*+'#(2#20W3%-02#(-8A$'3#5)6#3'4#G#)42#92&-2*+'#&B=-(2#()42#'$(2#(6# =&633+'# $)4# 46-'"# S23# (-8# %24;G4# 5)6# 2# 4W3-02# G# 0'$3%-%)?(2# ='&# ()23# 42%G&-23A =&-4237#`3'4#6#3-./$0-'a#PZ6$&-5)6@#LnnL7^R"#d&2#$+'#G#'#3-./$0-'#)4#%-='#(6#3'4M#d#36&# H)42$'# $)$02# 6K=6&-6$0-2# # '# 3-./$0-'# 2;3'.)%'"# S23# 3-4# )4# 3-./$0-'# 2)(?96."# C# $2# 4W3-02@#%2.#0'4'#$2#9-(2@#$+'#6K-3%6#3-./$0-'#2;3'.)%'"#r':'#2#42%G&-2A=&-42#(2#4W3-02#G# '#3'4"#d#3-./$0-'#G#)4#('3#4)-%'3#%-='3#(6#3'$3#0'4#5)6#2#4W3-02#.-(2"#C3=60-2.46$%6# $'3#$'33'3#(-23"##

d# 4634'# %6&4'# A# `3'4a# A# 3)&:6A$'3# $'# ;"K"%$N'"%: J#: 7R$.0#: /%'(0.0)-#:

5%$()L!%'S$)#:0'4'#36$('#)42#`9-;&2*+'a#5)6#2:6#`0'4'#)42#4)(2$*2#(6#=&633+'a#

6# `)4# (63.'0246$%'# (6# 42%G&-2# ')# 63D'&*'# 460>$-0'@# 5)6# 36# =&'=2:2# $)4# 46-'# 6.B3%-0'# 6# 5)6# -4=&633-'$2# '# ')9-('a# PLnnI7T]^nR"# d# 5)6# 20H24'3# =6&%-$6$%6# $63%2#

(19)

(6D-$-*+'# 0'4# 2# 5)2.# 63%24'3# 64# %'%2.# 20'&('@# G# 2# (6# 5)6# $)$02# $'# 6$)$0-2('# G# &6D6&-('#5)6#'#`(63.'0246$%'#(6#42%G&-2#')#63D'&*'#460>$-0'@#5)6#36#=&'=2:2#$'#46-'# 6.B3%-0'a# 36J2# &6D6&-(2# 0'4'# `'$(2# 3'$'&2a@# ='-3# 5)2$%'# 2# $Q3# A# 6# 63%6# (-0-'$B&-'# %24;G4#233-4#(-8#A#'#5)6#%64'3#G#)42#`9-;&2*+'a"#

<%G# 2:'&2# 06$%&24'A$'3# 64# $'*\63# 0-6$%?D-023# (6# '$(2@# D&65)/$0-2@# 42%G&-2"# f2.968#36J2#2#2.%)&2#(6#%6$%2&4'3#%6&#)4#')%&'#='$%'#(6#9-3%2#q#'#('#0&-2('&#q#3';&6#2# $'*+'#(6#3'4"#C#=2&2#-33'#96J24'3#'#5)6#=6$32#3';&6#'#3'4#)4#0'4='3-%'&#0'4'#u'H$# [2:67#`e)2$('#6)#D2.'#3';&6#4W3-02@#D-$2.46$%6#D-02#0.2&'#=2&2#2.:)423#=633'23#5)6#6)# 63%')#D2.2$('#3';&6#3'4@#5)6#$+'#3-:$-D-02#$2(2"#N+'#HB#-$%6&-'&@#G#3Q#6K%6&-'&"#C#63323# =633'23@#5)6#D-$2.46$%6#6$%6$(64#-33'@#(-8647#a_'0/#5)6&#(-86&#5)6#3+'#2=6$23#3'$3Ma@# =6$32$('#5)6#'#D20%'#(6#2.:'#36&#3Q#3'4#3-:$-D-02#5)6#36J2#2.:'#-$W%-.Ica"# O'(64'3#96&#$63%2#2336&*+'#(6#[2:6#'#92.'&#4)3-02.#-$%&?$360'#$'#%6&4'#3'4@#JB# 5)6@#=2&2#6.6@#3'4#6#4W3-02#3+'#3-$Q$-4'3"#C#92-#42-3#.'$:6#2'#32.-6$%2&#2#-4='&%>$0-2# ('# 3'4# =6.'# 3'4@# (-8# 6.67# `C)# 24'# '3# 3'$3# ('# J6-%'# 5)6# 6.63# 3+'{# C# 6)# $+'# %6$H'# $6$H)42#$60633-(2(6#(6#5)6#6.63#36J24#5)2.5)6&#0'-32#2.G4#('#5)6#6.63#3+'"#C)#$+'# 5)6&'#5)6#6.63#36J24#=3-0'.Q:-0'3@#6)#$+'#=&60-3'#5)6#'#3'4#D-$J2#36&#)4#;2.(6@#')#5)6# 36J2# =&63-(6$%6@# ')# 5)6# 63%6J2# 2=2-K'$2('# ='&# ')%&'# 3'4"""# C)# 3Q# 5)6&'# 5)6# 36J2# )4# 3'4Iva"#

<5)-#='(64'3#';36&92&#'#&63=6-%'#(6#[2:6#=6.'#3'4#!)':-)@#364@#0'4'#6.6#(-8@# 5)6#63%6#36#%'&$6#$')%&2#0'-327#)4#(69-&A')%&'A3'4U#')#5)6#(6%6&4-$2('#3'4#%6$H2#(6#

3-:$-D-02&# 2.:'# =2&2# 36# 6$02-K2&#$'# 36)# 4)$('# 0'4='3-0-'$2.U# ')# ='(64'3# 96&# 2-$(2#

2.:)42# -&'$-2# 64# &6.2*+'# 2'3# 0'4='3-%'&63# (6# 4W3-02# 0'$0&6%2# 6# 6.60%&Q$-02@# 0)J2#

D)$*+'# =&-4'&(-2.# 6&2@# 6# G@# 2# 2.%6&2*+'# ('3# 3'$3@# 5)6&# ='&# 9-2# (6# %G0$-023# )32(23# $'3#

:&292('&63#(6#D-%23#P206.6&2*+'@#&6%2&(246$%'@#(-3%'&*+'@#&696&;6&2*+'@#60'R@#5)6&#='&# =&'0633'3#6.60%&Q$-0'3#P'30-.2('&63@#3-$%6%-82('&63@#-#L!+)'-R"#p#)42#-:$'&>$0-2#=6$32&# 5)6#'#'='3%'#(6#3'4#36J2#'#3-./$0-'@#)42#968#5)6#2#()&2*+'#G#2#W$-02#02&20%6&?3%-02#('# 3'4# 5)6# G# 46$3)&B96.# 64# %6&4'3# (6# 3-./$0-'# 6# 233-4# 5)2.5)6&# 63%&)%)&2# 9B.-(2#

Ic#|H%%=7sskkk"j')%);6"0'4sk2%0HM9}L2~fIOk=TnS•@#206(-('#64#Ln"nw"LnII"# Iv#|H%%=7sskkk"j')%);6"0'4sk2%0HM9}L2~fIOk=TnS•@#206(-('#64#Ln"nw"LnII"

(20)

6$9'.96$('#3'$3#6#3-./$0-'3#(696#36&#;2362(2@#$+'#$'#36$%-('#'0-(6$%2.#%&2(-0-'$2.@#$2# D&65)/$0-2@#423#=&60-3246$%6#$2#()&2*+'"#

C3%6#-$%6&6336#=6.'#3'4#G#=2&%-.H2('#='&#')%&'3#0'4='3-%'&63#('#=&636$%6#6#('# =2332('"#CK-3%6#)42#%G0$-02#0'4='3-0-'$2.#0H242(2#(6#='$%-.H-3%-02@#=&60-3246$%6#='&# (2&# 2# 46342# -4='&%>$0-2# 2# 02(2# 3'4# P$'%2@# 3-./$0-'# ')# &)?('R"# X6;6&$# P(-30?=).'# (6# ,0H'6$;6&:R#G#)4#;'4#6K64=.'#(63%6#4G%'('#(6#0'4='&"#g,'4g#A#(-8A$'3#f-.;)&j#A#gG# %)('#'#5)6#='(6#%6'&-0246$%6#36&#')9-('"#d3#0+63#0'$36:)64#')9-&#3'$3#P).%&2A3'$3R# 5)6#23#=633'23#$+'#='(64Iwg"#uB#=2&2#,0H-2DD-$-#`,'4a#G#`'#B%'4'#(2#4W3-02Ioa@#')#36J2@# 2#D'$%6#=&-4'&(-2.#(2#4)3-02.-(2(6#6#2#D6&&246$%2#('#4W3-0'"#C((-6#O&69Q3%#(-8A$'3#5)6# `,')$(#-3#%H6#2)(-;.6#69-(6$06#D'&#3'46#Y-$(#'D#=Hj3-02.#4'9646$%"#S2j;6#€$'-36€#2$(# €3')$(€#2&6#36=2&2%6(#'$.j#;j#2#3642$%-0#(-DD6&6$06"#Z'k696&@#k6#('#%6$(#%'#%H-$Y#'D# €$'-36€# -$# 2# =6J'&2%-96# 36$36"# <.%H'):H# =)$Y3# .-Y6# $'-36# 2$(# =&';2;.j# (63=-36# 3')$(3{#

,642$%-03# 42Y6# 0).%)&6Lna"# SB&-'# _-6-&2# (6# [2&92.H'@# &6.2%2A$'3# )42# 0'$96&32# 6$%&6#

S233-4'#[200-2&-#6#r)-:-#N'$'#3';&6#3'4@#6#64#5)6#[200-2&-@#36:)$('#[2&92.H'#`=2&%6# ('#0'$06-%'#(6#4Q$2(2#=2&2#0H6:2&#2#)42#(6D-$-*+'#(6#3'4@#(6#02(2#3'4@#36:)$('#'# 5)2.#6.6#G@#••$'#D)$('@#96&(2(6-&246$%6#'#(2#4Q$2(2#5)6#36#&6D.60%6#2#3-#=&Q=&-'@#5)6# 36#&60'$H606#2#3-#=&Q=&-2‚‚"#O'&#')%&'#.2('#N'$'#D2.2#$2#46342#'023-+'#('#3'4#0'4'# .6%%)&2# (6..'# 3=28-'# P••.6-%)&2# ('# 63=2*'‚‚R# 6# (23# 3)23# =635)-323# $2# -:&6J2# (6# ,+'# r')&6$*'#P'$(6#O&'46%6'#D'-#63%&62('R#0'4'#)42#%6$%2%-92#(6#••20H2&#'3#3'$3‚‚#5)6# =)(63364#••.6&‚‚#6#••(630';&-&‚‚#25)6.6#63=2*'#6#'#36)#••3-./$0-'‚‚#P[2&92.H'@#Lnnv7ILTR"#

u62$# u205)63# N2%%-68# -$%-%).2# )4# 36)# 0'$H60-('# 6$32-'# (6# `,dSsbiƒVda# PN2%%-68@#Iow]7LI]R"#<$2.-364'3#'#$'46#(63%6#6$32-'#(6#N2%%-68"#<#=&-46-&2#0'-32#5)6# 46# '0'&&6@# G@# &60'&&6$('# 2# )42# 2$2.':-2# =-0%Q&-02@# -42:-$2&# )4# 6$32-'# 3';&6# =-$%)&2# 5)6# 36# -$%-%).23367# `['&s_6&46.H'a"# N+'# 6K-3%6# $6$H)4# 42."# C4# ='63-2# 36&-2# )4# 6K64=.'# D&20'# P%2.968R"# S23# $)4# 0'$%6K%'# (6# =-$%)&2@# 6)# -$%6&=&6%2&-2# (2# 36:)-$%6# D'&42#63%6#%?%).'7#'#2)%'&#92-#D2.2&#('#`96&46.H'a@#6#='&#3)2#968@#202;2&#='&#-$0.)-&#63%6# $2#`0'&a"#!&B#233-4#D2.2&#(6#)42#0'&#P96&46.H'R@#6#(2#0'&#P4).%-=.-0-(2(6#(6#0'&63R"#,6&-2# Iw#C4#6$%&69-3%2#6D60%)2(2#='&#6A42-.#64#LnIn"# Io#C4#6$%&69-3%2#6D60%)2(2#='&#6A42-.#64#LnIn"# Ln#C4#6$%&69-3%2#6D60%)2(2#='&#6A42-.#64#LnIn"

(21)

42-3# ')# 46$'3# 63%2# 2# 4-$H2# 2$B.-36# 2# )4# %?%).'# (63%63# 3';&6# =-$%)&2"# S23# $)$02# -$%6&=&6%2&-2# (6# )42# D'&42# ('# %-='7# `96&46.H'# '='3%'# (6# 0'&a@# ')# `0'&# '='3%'# (6# 96&46.H'a"#S23#G#63%6#'#36$%-('#(2('#='&#N2%%-68#2'#36)#6$32-'7#'#(6#(2&#(63%25)6#2'3# '='3%'37#`,'4#I)'-0-:&)?('a"#d&2#'#&)?('#G#)4#%-='#(6#3'4U#G#q#$2#<0W3%-02#A#)4#3'4# 0'4#D'&423#(6#'$(2#-&&6:).2&#P0'4=.6K23R"#,6#'#&)?('#G#)4#`3'4a@#'#5)6#N2%%-68#63%2&-2# 2# (-86&# 36&-27# `9')# D2.2&# (6# 3'4# 6# (6# )4# %-='# (6# 3'4a"# S23# $+'# G# -33'# 5)6# N2%%-68# =&6%6$(6"#C.6#=&6%6$(6#'='&#`3'4a#2#`&)?('a"#d)#46.H'&7#'#5)6#6.6#&62.46$%6#=&6%6$(6#

q# 6# 36# 46# G# =6&4-%-('# 0'&&-:-A.'# q# G# '='&# `3'4# %Q$-0'LIa# 2# `&)?('# $+'A%Q$-0'a"# V63%6#

4'('@#63%6#36)#6$32-'@#2;'&(2&-2#('-3#%-='3#(6#3'$37#'#3'4#%Q$-0'#6#'#&)?('#$+'A%Q$-0'"# V-:24'3# 5)6# 6.6# 63%B# 0'$30-6$%6# (-33'# 6# 2=6$23# 2;&69-')# ='&# &28\63# 63%G%-023"# e)6# =6$32&-2# 6)# (-33'M# V)23# 0'-3237# 2# =&-46-&2# G# 2# (6# 5)6# 6.6# $+'# 63%B# 0'$30-6$%6# (-33'# P-&64'3# ='(6&# ';36&92&# -33'# $2# .6-%)&2# ('# 36)# %6K%'R@# 6# 36# D'336# )42# 2;&69-2*+'# P(6# `3'4#%Q$-0's&)?('#$+'A%Q$-0'a@#=2&2#`3'4s&)?('aR#36&-2#)4#6&&'#%+'#:&296@#0'4'#'#%6&A 36#2.%6&2('#P6#0'$%-$)2&4'3#%'('3#2#2J)(2&#2#=6&=6%)2&#)4#6&&'#64#$'46#(2#%&2(-*+'R#'# $'46#('#-$3%&)46$%'#')%&'&2#0'$H60-('#='&#!"#$%&%'()@#='&#=-2$'#0'4'#G#0'$H60-('# $'3#$'33'3#(-23"#C)#6K=.-0'7#'#-$3%&)46$%'#5)6#20%)2.46$%6#-$%-%).24'3#(6#=-2$'@#G#%)('# 46$'3#=-2$'"#i42#(23#3)23#=2&%-0).2&-(2(63#P6#4)-%'#3-:$-D-02%-92#$2#G='02R#6&2#'#(6# 63%6# -$3%&)46$%'# ='(6&# (2&# 3'$3# !"#$%# P(6# D&202# -$%6$3-(2(6R# 6# 3'$3# &%'()# P(6# D'&%6# -$%6$3-(2(6R"# N63%2# G='02# q# IvLn# q# A# 63%63# -$3%&)46$%'3# $+'# ='33)?24# 2# 46342# -$%6$3-(2(6# 3'$'&2# ('3# -$3%&)46$%'3# (6# H'J6"# <# (-D6&6$*2# G# 2;-342."# C# =&60-3246$%6# $)42#2.%)&2@#64#5)6#'#-$3%&)46$%'#3'D&6#63%2#2.%6&2*+'#&2(-02.#A#2#(6#='(6&#64-%-&#3'$3# (6#D'&%6#-$%6$3-(2(6#P9'.)46R#A#G#5)6#36#&63'.96#`2;&69-2&a#'#$'46#('#-$3%&)46$%'#P2%G# 6332#G='02#$'462('#(6#!"#$%&%'()R#=2&2#`=-2$'a#P5)6#3-:$-D-02#64#.-$:)2:64#4)3-02.# '0-(6$%2.7#`9'.)46#(6#D&202#-$%6$3-(2(6aR"## # _6J24'3#'#5)6#$'3#(-8#S)&&2j#,0H2D6&@#3';&6#63%6#233)$%'7# # LI#!&6-#)32&#'#%6&4'#3'4#$+'A%Q$-0'#$63%2#4-$H2#-$963%-:2*+'@#64#968#(6#3'4#0'4=.6K'@#='&#20H2&#5)6#'#

'='3%'# (6# %Q$-0'@# G# $+'A%Q$-0'# 6# $+'# 0'4=.6K'"# VB# 2# -(6-2# 5)6# '3# 3'$3# $+'A%Q$-0'3# P)42# %2&'.2@# )4# ;'4;'#')#023%2$H'.23R@#$+'#='33)64#3'$3#0'4=.6K'3"##

(22)

`i42#(23#0'3-23#42-3#-$%6&6332$%63#5)6#=6&06;64'3#2%&29G3#(2#H-3%Q&-2#G#5)6#2#4W3-02# 92-# 2)46$%2$('# 64# 9'.)46"# f'('3# '3# D24'3'3# 9-'.-$'3# 2$%-:'3# (6# ,%&2(-92&-)3# 6# (6# ')%&'3# 2&%63+'3# D'&24# &6D'&*2('3# ()&2$%6# '# 3G0).'# t!t# =2&2# ='(6&64# =&'()8-&# 3'$3# 42-3# D'&%63"# d# =-2$'#3);3%-%)-)#'#0&29'#6#'#0.29-0Q&(-'@#='&5)6#=&'()8-2#3'$3#42-3#D'&%63"a#P,0H2D6&@#IooL7]oR"# # V2#46342#D'&42@#'='&#`3'4a#P5)6#G#)4#0'$J)$%'#5)6#6$:.';2#9B&-'3#%-='3#(6# 3'$3R@#2#`&)?('a#P5)6#G#)4#%-='#(6#3'4R@#G#)4#6&&'#6#02)32#0'$D)3+'"#<'#0'$%&B&-'#(6# N2%%-68@#5)6#'=\6#3'4#2'#3-./$0-'@#X-3$-Y#$+'#'=\6#3'4#2'#&)?('@#(-8#5)6#2#D&'$%6-&2# 6$%&6#24;'3#(6=6$(6#(23#(-D6&6$%63#0).%)&237# #

`,'4# 6# &)?('# $+'# 36# '=\64# 2;3'.)%246$%6# $2# $2%)&6827# %&2%2A36# (6# )4# 0'$%-$))4@# )42# =2332:64# :&2(2%-92# 5)6# 23# 0).%)&23# -&+'# 2(4-$-3%&2&@# (6D-$-$('# $'# -$%6&-'&# (6# 02(2# )42# 5)2.#2#42&:64#(6#36=2&2*+'#6$%&6#23#()23#02%6:'&-23#PxRaPX-3$-Y@#Iooo7TnR"#

#

,6# '# &)?('# G# )4# %-='# (6# 3'4@# 2D-&42&# 5)6@# `3-./$0-'# 6# &)?('# $+'# 36# '=\64# 2;3'.)%246$%6# $2# N2%)&682a@# =2&606A46# =6&%-$6$%6@# 64;'&2# 25)-# X-3$-Y# 36# &6D-&2# 2'# 3'4#%Q$-0'#6#$+'#2'#3'4#0'4'#)4#%'('@#6#5)2$('#&6D6&6#&)?('#5)6&A36#&6D6&-&#2'#&)?('# $+'A%Q$-0'"#

<'# ='$%'# =&-46-&'# ('# 36)# 6$32-'# `,dSs,!r„N[!da@# N2%%-68# (B# '# $'46# (67# `I"# SW3-02@# 3-./$0-'# 6# 3'4a# PN2%%-68@# Iow]7LI]R"# 12*24'3# (6# $'9'# )42# 2$2.':-2# 0'4# 2# =-$%)&2@# 6# %6$%64'3# -42:-$2&# )4# $'46# 0'&&63='$(6$%6"# V2&-2# 2.:'# 0'4'7# `O-$%)&2@# =&6%'#6#0'&a"#S2-3#)42#968#0'$0.)?4'3#5)6#$+'#36&-2#-3%'#5)6#'#N2%%-68#$'3#5)6&#(-86&@# 423#3-4#2.:'#0'4'7#`O-$%)&2@#=&6%'#6#;&2$0'a"#S23#=2&2#='(6&#(-86&#-33'@#%6&?24'3#(6# 233)4-&#5)6#3'4#6#3-./$0-'#36&-24#'='3%'3#0'4'#'#;&2$0'#'#G#2'#=&6%'"#d#5)6#$+'#G#'# 023'"#d#3-./$0-'#q#%2.#0'4'#'#&)?('#q#G#)4#%-='#(6#3'4"#d#3-./$0-'#G#)4#`63%2('#2)(?96.a# P[H-'$@#Lnn]R@#.':'#)4#3'4"#d&2#36#G#)4#3'4@#6$%+'@#3-./$0-'#$+'#G#'='3%'#(6#`3'4a@# 423# 3-4# q# 0'4'# JB# 9-4'3# q# )4# :G$6&'# (6# 3'4"# V63%2# D'&42@# 6# 36# 46# =6&4-%64@# 6)# 0'&&-:-&2#63%2#D&236#('#N2%%-68#(6#)42#(23#()23#36:)-$%63#D'&4237#')#`I"#SW3-02@#3-./$0-'# 6# &)?('a@# ')# `SW3-02# 6# 3'4a"# N2# =&-46-&2# 2.%6&$2%-92@# D'02&A36A-2# '# 3-./$0-'# 6# '# &)?('# P('-3#%-='3#(6#3'4R#$2#4W3-02"#N2#36:)$(2@#2;'&(2&A36A-2#2#&6.2*+'#6$%&6#4W3-02#6#3'4"#

(23)

N63%2#D&2367#`O&'='4'A$'3#6K24-$2&#64#=2&%-0).2&#2#5)63%+'#(2#D&'$%6-&2#6$%&6# 3'4#6#&)?('#64#&6.2*+'#h#(6D-$-*+'#(6#4W3-02a#PN2%%-68@#Iow]7LI]R@#0'$D-&424'3#25)-.'# 5)6#JB#(-3364'3#&6.2%-9246$%6#2'#%?%).'#6#3);A%?%).'#('#6$32-'#(6#N2%%-68@#2#32;6&@#5)6# 6.6# '=\6# `3'4a# 2# `&)?('a@# 5)2$('@# $2# &62.-(2(6@# 5)6&# '='&# q# 0'4'# JB# 9-4'3# q# # `3'4# %Q$-0'a# 2'# `&)?('# $+'A%Q$-0'a"# S23# '# 5)6# G# )4# 3'4# `%Q$-0'aM# ,+'# 3'$3# ('3# 5)2-3# ='(64'3#(6%6&4-$2&#)4#%'4#0'4#2.%)&2#(6D-$-(2@#')@#0'4'#G#&6D6&-('#64#20W3%-02@#)4# 3'4#0'4#D'&423#(6#'$(2#&6:).2&63"#CK64=.'3#(6#3'$3#%Q$-0'3#3+'#'#rB#06$%&2.#('#=-2$'# ')#'#0H-.&62&#('#&')K-$'."#d#'='3%'#(63%63#3'$3#3+'#'3#3'$3#$+'A%Q$-0'3@#5)6#3+'#3'$3# 64# &6.2*+'# 2'3# 5)2-3# # $+'# 0'$36:)-4'3# (6%6&4-$2&# )4# %'4# 0'4# 2.%)&2# (6D-$-(2# P')# )42#9-;&2*+'#0'4#)42#D'&42#(6#'$(2#-&&6:).2&R"#d#5)6#D28#6$%+'#)4#3'4#$+'A%Q$-0'# 36&# (-D6&6$%6# (6# )4# &)?('# P')@# 0'4'# -&64'3# 96&# (6# 36:)-(2@# )4# &)?('# $+'A%Q$-0'RM# p# 5)6@# =2&2# 4-4@# $'# 0'$J)$%'# ('3# 3'$3# $+'A%Q$-0'3@# ='(64# -$0.)-&A36# %'('3# '3# ')%&'3# %-='3#(6#3'$3#$+'A%Q$-0'3@#6$%&6#6.63#'#&)?('#$+'A%Q$-0'"#S23#%24;G4#'#3-./$0-'#$+'A %Q$-0'@#'3#-$D&2#6#).%&2#3'$3#$+'A%Q$-0'3#6#'3#3'$3#6.G0%&-0'3#6#6.60%&Q$-0'3#$+'A%Q$-0'3"# d)#36J2@#'#&)?('#$+'A%Q$-0'#G#2=6$23#)42#63=G0-6#6$%&6#')%&23#(6#3'4#$+'A%Q$-0'"#

C#'#5)6#G#6$%+'#&)?('#$+'A%Q$-0'M#C#6K-3%6#&)?('#%Q$-0'M#d#=&-46-&'#G#'#%2.#&)?('# (6# )4# &24'# 2# 5)6;&2&@# ')# 36J2@# )42# 9-;&2*+'# (6# D'&42# (6# '$(2# -&&6:).2&@# 364# %'4# (6D-$-('U#'#36:)$('#G@#='&#6K64=.'@#'#&)?('#(6#)4#3-$'#(6#)42#-:&6J2"#<4;'3#3+'#&)?('3# PD'&423# (6# '$(2# -&&6:).2&63RU# 423# )$3# 3+'# %Q$-0'3@# $'# 36$%-('# 64# 5)6# 0'$36:)-4'3# (6D-$-&# )4# %'4# P)4# 3-$'# (6# )42# -:&6J2R@# 6$5)2$%'# '3# ')%&'3# 3+'# 2;3'.)%246$%6# (63=&'9-('3# (6# 5)2.5)6&# %'4# (6# 2.%)&2# (6D-$?96.# P'# 3'4# ('# &24'# (6# )42# B&9'&6# 2# 5)6;&2&R"##

#

`p# ='33?96.# (-3%-$:)-&# 3'4# 6# &)?('# 64# %6&4'3# 20W3%-0'3@# 36$('# '# 3'4# '# &63).%2('# (6# 9-;&2*\63#=6&-Q(-023#6#&6:).2&63#6#'#&)?('@#'#&63).%2('#(6#9-;&2*\63#2=6&-Q(-023"a#PN2%%-68@#Iow]7# LI^R"#

#

N63%2# D&236# 3Q# 20&6306$%2&-2# 2# =2.29&2# `%Q$-0'a# 2# 36:)-&# 2# `3'4a@# ='-3# 6K-3%64# 9B&-'3#%-='3#(6#3'4#q#P6K-3%64#'3#-$D&2#6#).%&2A3'$3U#'#3-./$0-'U#'#&)?('U#'3#3'$3#6.G0%&-0'# 6# 6.60%&Q$-0'U# 3'$3# %Q$-0'3# 6# $+'A%Q$-0'3U# 3'$3# '&:2$-82('3# 6# $+'A'&:2$-82('3R# q# 6# '#

(24)

%-='# (6# 3'4# 2# 5)6# 36# 5)6&# &6D6&-&# N2%%-68# G# '# 3'4# %Q$-0'# P&63).%2('# (6# 9-;&2*\63# &6:).2&63R"#V-8A$'3#b':6&#,0&)%'$#3';&6#'#3'4#5)6#

#

`p# %6$%2('&# (-9-(-&# '# 4)$('# 64# 0'-323# P46323@# 02(6-&23@# 2$-42-3@# =633'23R# 6# $23# 3)23# =&'=&-6(2(63"#S23#'#3'4#$+'#02;6#64#$6$H)42#02%6:'&-2"#d3#3'$3#$+'#3+'#=&'=&-6(2(63#('3# ';J60%'3#5)6#'3#64-%647#$+'#3+'#-$6&6$%63#2'3#';J60%'3@#0'4'#'#3+'#23#0'&63@#23#D'&423#6#'3# %242$H'3"#S23#%24;G4#$+'#3+'#0'-323"#<'#0'$%&B&-'#(23#0'-323@#'3#3'$3#'0'&&64U#$+'#'0)=24# 63=2*'#D?3-0'#(2#42$6-&2#5)6#23#0'-323#'0)=24@#$64#%/4#D&'$%6-&23"#i4#3'4#'0'&&6#5)2$('@#(6# 2.:)42#D'&42@#G#=&'()8-('@#6#06332#5)2$('#'#4'('#(6#=&'()*+'#06332"#C4#=')023#=2.29&23@#'3# 3'$3# $+'# 3+'# 0'-323# $64# =&'=&-6(2(63@# 423# 20'$%60-46$%'3@# 5)6# 36# 0'.'024# 64# &6.2*\63# (6# 02)32# 6# 6D6-%'# 0'4# ')%&'3# 20'$%60-46$%'3"# ,+'@# $'# 6$%2$%'@# 20'$%60-46$%'3# (6# )42# 63=G0-6# =2&%-0).2&"# N2# 42-'&-2# ('3# ')%&'3# 023'3# -(6$%-D-024'3# '3# 20'$%60-46$%'3# ';36&92$('# 23# 4)(2$*23# (23# 0'-323"# i4# 20-(6$%6# (6# 2)%'4Q96.# G# )4# 20'$%60-46$%'# 64# 5)6# '# 2)%'4Q96.# 4)(2# &6.2%-9246$%6# h3# 3)23# =&'=&-6(2(63# 6# ='3-*+'"# ['4=&66$(64'3# '# 20'$%60-46$%'# 2'# 0'4=&66$(6&#2#4)(2$*2"#N'#023'#('#3'4@#$'#6$%2$%'@#$2(2#4)(2"#p#2)%'A3)D-0-6$%6#6#='(64'3# ')9-A.'#$+'#%6$('#0'$H60-46$%'#(23#3)23#02)323"#p@#='&#233-4#(-86&@#)4#20'$%60-46$%'#64#5)6# $6$H)42#0'-32#=2&%-0-=2#A#)4#…20'$%60-46$%'#=)&'†"a#P,0&)%'$@#Lnnv7IvIR"# # d#3'4#G#)4#20'$%60-46$%'#5)6#36#(636$&'.2#$'#%64='"#N+'#6K-3%6#`=&':&633+'a# ')#`4'9-46$%'a#64#4W3-02"#<#W$-02#0'-32#5)6#36#(63.'02#96&(2(6-&246$%6#3+'#23#'$(23# 9-;&2%Q&-23"# i42# D'&42# (6# (6D-$-&4'3# '# 3'4# G# )32$('# )42# 63=G0-6# (6# (6D-$-*+'# 2K-'4B%-02# 64# 5)6@# 2'# (6D-$-&4'3# 46%2D-3-0246$%6# 23# (-D6&6$%63# 42%G&-23A=&-423# ('# 3'4@#';%64'3##2#(6D-$-*+'#('#36)#%'('"#V-8A$'3#u'3G#S-:)6.#X-3$-Y7#

#

`S23# 36# 2# 4W3-02# G# )4# 4'(6.'# 3';&6# '# 5)2.# 36# 0'$3%-%)64# 46%2D?3-023# PxRa# PX-3$-Y@# Iooo7LoR"#

#

,6&-2# 3';&6# )42# ;236# (6# =6$3246$%'3# 46%2D?3-0'3# 206&02# ('# # 3'4# 5)6# 36# 0'$3%&)-&-2#)42#20)3%-0'.':-2#('#3'4"#C#$6332#20)3%-0'.':-2#('#3'4@#'#0'$J)$%'#`3'4a# 36&-2#(6D-$-('@#0'4'#0'$3%-%)?('@#='&#)4#3);A0'$J)$%'7#'#('3#3'$3#'&:2$-82('3#6#$+'A '&:2$-82('3U#(6$%&'#(6336#3);A0'$J)$%'@#6K-3%-&-2#')%&'#3);A0'$J)$%'@#64#5)6#63%2&-24#

(25)

'3#3'$3#%Q$-0'3##6#$+'A%Q$-0'3#P5)6#='(64#36&#'&:2$-82('3#6#$+'A'&:2$-82('3RU#(6$%&'# (6336@#H296&-2#')%&'3#0-$0'#3);A0'$J)$%'37#'3#('#&)?('@#3-./$0-'@#-$D&2#6#).%&2A3'$3#6#3'4# 6.G0%&-0'#6#6.60%&Q$-0'#P5)6#='(64#36&#'&:2$-82('3#6#$+'A'&:2$-82('3@#6#%Q$-0'3#6#$+'A %Q$-0'3R"# # # # ###################################################################,'4# ###### ###################,'4#'&:2$-82('##‡#,'4#$+'A'&:2$-82('# ##########,'4#%Q$-0'#s#,'4#$+'A%Q$-0'##‡#,'4#%Q$-0'#s#,'4#$+'A%Q$-0'# ###########,-./$0-'#%Q$-0'#s#,-./$0-'#$+'A%Q$-0'##‡#,-./$0-'#%Q$-0'#s#,-./$0-'#$+'A%Q$-0'# ##############b)?('#%Q$-0'#s#b)?('#$+'A%Q$-0'##‡#b)?('#%Q$-0'#s#b)?('#$+'A%Q$-0'#######,'4##################### ,'4#6.G0%&-0'#%Q$-0'#6#$+'A%Q$-0'##‡#,'4#6.G0%&-0'#%Q$-0'#6#$+'A%Q$-0'# ,'4#6.60%&Q$-0'#%Q$-0'#6#$+'A%Q$-0'#‡#,'4#6.60%&Q$-0'#%Q$-0'#6#$+'A%Q$-0'#!$D&2#6#).%&2A 3'$3#%Q$-0'3#6#$+'A%Q$-0'3##‡#!$D&2#6#).%&2A3'$3#%Q$-0'3#6#$+'A%Q$-0'3# # # # # # # # # # # # # # #

(26)

!"#L"#,'4#'&:2$-82('#6#$+'A'&:2$-82('# # # <'#96&4'3#'#3'4#0'4'#)4#0'$J)$%'#(6$%&'#('#5)2.##6K-3%64#')%&'3#0'$J)$%'3# (6#%-='3#(-D6&6$%63#(6#3'$3@#)42#D'&42#(6#(-9-(-&4'3#2#46-'#6336#4634'#0'$J)$%'#G# (-9-(-$('A'##64#('-3#:&)='37#3'$3#'&:2$-82('3#6#3'$3#$+'A'&:2$-82('3"# # ,'4# ######,'4#'&:2$-82('#‡#,'4#$+'A'&:2$-82('# #

d# 5)6# G# )4# 3'4# '&:2$-82('M# [H242A36# # 3'4# '&:2$-82('# 2# %'('# '# 3'4# -$%6$0-'$2."#uB#6K-3%-24#3'$3#'&:2$-82('3#2$%63#('#3)&:-46$%'#('#36&#H)42$'"#[6&%'3# 2$-42-3# $+'AH)42$'3# 0'4)$-024# 6$%&6# 3-# ='&# 3'$3@# .':'# 63363# 3'$3# 3+'# '&:2$-82('3"# V6$%&'#('3#3'$3#'&:2$-82('3#6#$+'A'&:2$-82('3#02;64#%'('#'#%-='#(6#3'$37#3'$3#%Q$-0'3# 6#$+'A%Q$-0'3@#3-./$0-'3@#&)?('3@#3'$3#6.G0%&-0'3#6#6.60%&Q$-0'3@#-$D&2#6#).%&2A3'$3"#f'(2#2# 4W3-02#G#3'4#'&:2$-82('@#64;'&2#63%2#='332#0'$%6&#3'$3#$+'A'&:2$-82('3"#V63%6#4'('@# (6D-$-&A36# 4W3-02# 0'4'# 36$('# `3'$3# '&:2$-82('3a# G# )42# (6D-$-*+'# -$0'&&60%2# ')# =6.'# 46$'3# -$0'4=.6%2@# ='-3# 2# 4W3-02# ='(6# 0'$%6&# 3'$3# $+'A'&:2$-82('3"# i42# 0'$96&32# 6$%&6# ()23# =633'23# G# 3'4# '&:2$-82('@# 4634'# 5)6# )42# D2.6# 64# 0H-$/3# 6# ')%&2# 64# ='&%):)/3#6#5)6#$+'#36#6$%6$(24@#423#$25)6.6#-$3%2$%6@#6332#0'$96&32#$+'#G#4W3-02"# N'#6$%2$%'@#3+'#3'$3#'&:2$-82('3"#N+'#G#$60633B&-'#H296&#0'4)$-02*+'#=2&2#)4#3'4# 36&# '&:2$-82('"# i42# 4W3-02# ='(6# $+'# 5)6&6&# 0'4)$-02&# $2(2@# 6# 36&# $2# 46342# 3'4# '&:2$-82('"#,+'#3'$3#'&:2$-82('3"#<.:)G4#5)6#2%-&2#)4#=&2%'#=2&2#'#0H+'#=2&2#')9-&#'# 3'4#(6.6#2#5)6;&2&@#=&'()8#3'4#'&:2$-82('U#423#36#6332#=633'2#(6-K2&#02-&#'#=&2%'#$'# 0H+'#364#5)6&6&@#6336#3'4#G#$+'A'&:2$-82('"#d3#3'$3#(2#N2%)&682#P6K06=%'#q#0'4'#JB# 9-4'3# 2$%6&-'&46$%6# A# '# 3'4# 5)6# 2.:)$3# 2$-42-3# =&'()864# 6# 5)6# 3+'# 3'$3A '&:2$-82('3R@#3+'#364=&6#3'$3#$+'A'&:2$-82('37#2#0H)92@#'#42&@#'#3'4#(23#D'.H23#(23# B&9'&63#3';#20*+'#('#96$%'@#)4#%&64'&A(6A%6&&2@#'#3'4#(6#)4#&-20H'@#(6#)42#02302%2"# SB&-'# _-6-&2# (6# [2&92.H'# &60'&(2A$'3# 5)6# `f'4236..'# (-8# 5)6# 4634'# $'3# :&2$(63#

(27)

3?4-'3#'#:63%'#G#-$%6$0-'$2.#6#'#3'4#$+'a"""#`N'3#3?4-'3@#'#:63%'#G#'$%':6$G%-0'@#-3%'#G@# 2=&6$(-('#0).%)&2.46$%6@#6#;236#(6#)4#4'(6.'#0''=6&2%-9'#(6#0'4)$-02*+'@#2'#=233'# 5)6# 23# 9'02.-82*\63# 3+'# D-.':6$G%-023@# 36# 42$%/4# =&2%-0246$%6# -$2.%6&2(23@# $+'# =6&4-%64# )42# (-D6&6$0-2*+'# -$%6$0-'$2.# $2# 0'4)$-02*+'# 0'4'# 25)6.2# 5)6# G# =&'='&0-'$2(2#2%&29G3#('#`:63%'#(6#2='$%2&a"#d#4'(6.'#0''=6&2%-9'#(6#0'4)$-02*+'# 42$-D63%2A36#$'3#:&2$(63#3?4-'3#2%&29G3#('#:63%'#(6#2='$%2&@#6#$+'#(23#9'02.-82*\63#q#G# 6332#2#%636#(6D6$(-(2#='&#f'4236..'@#$2#;236#(2#3)2#.'$:2#6#0'$%-$)2(2#-$963%-:2*+'# 64=?&-02a"LL"#d3#-$D&2A3'$3#5)6#'3#6.6D2$%63#)324#=2&2#0'4)$-02&64#6$%&6#6.63#G#3'4#

'&:2$-82('"# d# 3'4# ('3# 46)3# (6('3# 2# 02&&6:2&64# $23# %60.23# ('# 46)# 0'4=)%2('&# 2'# 630&696&#63%6#%6K%'#G#3'4#'&:2$-82('#$2#46(-(2#64#5)6#63363#3'$3#6$D'&424#'#46)# &20-'0?$-'# (6# =6$3246$%'# 6# '# %&2()864# 64# 630&-%2# A# $63%6# 023'@# 2# 630&-%2# (6# )42# (-336&%2*+'@#423#='(6&-2#36&#(6#)4#='642#0'$0&6%'@#(6#)42#0&?%-02#:23%&'$Q4-02@#')# ('# =&66$0H-46$%'# (6# )4# D'&4).B&-'# ('# !"b",""# e)2$('# 2.:)G4# :&292# '# 3'4# (6# )4# ;2.'-*'#(6#46%2.#5)6#63%B#2#36&#64=)&&2('#='&#2.:)G4@#:&292#)4##3'4#'&:2$-82('U#423# 36#2.:)G4#:&292&#'#3'4#(6336#4634'#;2.'-*'##2#'30-.2&#=6.2#20*+'#('#96$%'@#6336#3'4# 5)6#63%B#2#36&#:&292('@#G#)4#3'4#$+'A'&:2$-82('"#NQ3#3'4'3#02=2863#(6#206.6&2&#')# (-4-$)-&# '# $'33'# ;2%-46$%'# 02&(?20'7# 36# D-86&4'3# :&2$(6# 63D'&*'# D?3-0'@# 206.6&24'3# '# ;2%-46$%'@# 6# 36# &6.2K2&4'3# '# 0'&='# 6# 2# 46$%6@# ;2-K24'3# 6336# ;2%-46$%'"# d)# 36J27# ='(64'3# 0'$%&'.2&# '# $'33'# &-%4'# 02&(?20'"# O'(64'3# %6&# 2# -$%6$*+'# (6# ')9-&4'3# '# 206.6&2&#6#&6%2&(2&#('#$'33'#;2%-46$%'#02&(?20'"#r':'@#'#;2%6&#('#0'&2*+'@#='&#96863@# ='(6#36&#)4#3'4#'&:2$-82('"#<#0H296#(2#0'4=&66$3+'#('#5)6#G#)4#3'4#'&:2$-82('# &63-(6#$2#-$%6$0-'$2.-(2(6"#S23#[2:6@#$2#3)2#6K=6&-/$0-2#$2#0>42&2#2$60Q-02@#$+'#%-$H2# -$%6$*+'#(6#')9-&#2.:)4#3'4@#6#202;')#='&#')9-&#('-3#3'$37#'#('#36)#3-3%642#$6&9'3'#6# 2#=&633+'#32$:)?$62"#d3#3'$3#5)6#6.6#')9-)@#6&24#3'$3#$+'A'&:2$-82('3"#,6#2.:)G4#(6&# )4# :&-%'# $)4# 63%W(-'@# =2&2# -$0.)3+'# $)42# 0'4='3-*+'@# 6336# :&-%'# G# 3'4# '&:2$-82('U# 423#36#2.:)G4#:&292&#='&#2023'@#'#:&-%'#(6#2.:)G4#2#5)64#(6#&6=6$%6#.H6#02-#'#0-$86-&'# (6#46%2.#$'#=G@#6336#3'4#G#$+'A'&:2$-82('"#C332#=633'2#$+'#D28-2#-$%6$*+'#(6#:&-%2&"#,6# 6)#=&'()8-&#3'4@#2&&23%2$('#)4#3'DB@#3Q#=2&2#2#2D23%2&#(6#)42#-$)$(2*+'#(6#B:)2#(2#

(28)

4-$H2#;2$H6-&2@#64;'&2#%6$H2#2#-$%6$*+'#(6#32.92&#'#3'DB#(6#D-02&#-$)$(2('@#6)#$+'#%-96# -$%6$*+'#(6#=&'()8-&#25)6.6#3'4#('#2&&23%2&#('#3'DB"#<5)6.6#3'4#q#'#('#2&&23%2&#('#3'DB# q#G#233-4@#)4#3'4#$+'A'&:2$-82('"#S23#36#6)#(63.'02&#'#3'DB@#=2&2#%&B3#6#=2&2#2#D&6$%6@# 64#0?&0).'3@#3Q#=6.'#(6.6-%6#(6#')9-&#'#3'4#=&'()8-('@#G#3'4#'&:2$-82('"#O'&#-33'#36#(-8@# =6.'#46$'3#(63(6#'#-$?0-'#('#3G0).'#tt@#5)6#2#4W3-02#0'$3-3%6#64#`3'$3#'&:2$-82('3a"# <-$(2# 5)6# $2# ';&2# ]mTTmm# (6# u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q# 364# 5)6# 6)# 32-;2# q# 2# 4-4# 2# .292&# 2# .'-*2@#6336#3'4#G#$+'A'&:2$-82('"#S23#36#6)#-$3%2.2&#)4#:&292('&#6#)4#4-0&'D'$6#$2# 0'8-$H2@# =2&2# :&292&# '# 3'4# 5)6# =&'()8'# 2# .292&# 2# .'-*2@# 6336# 3'4# G# '&:2$-82('"# i42# =2&%-%)&2#(6#4W3-02#$+'#G#)4#';J60%'#0'4#3'$3#'&:2$-82('3"#i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uB#9-4'3# 5)6#'#D20%'#(6#)4#3'4#36&#'&:2$-82('#$+'#D28#0'4#5)6#6336#3'4#36J2#4W3-02"#C$%+'#'#

(29)

5)6#D28#)4#3'4#%'&$2&A36#64#4W3-02M#C::6;&60H%#0H24')#(6#L#(Q)-"-#2#6336#-$3%2$%67# '#4'46$%'#64#5)6#)4#3'4#(6-K2#(6#36&#3'46$%6#)4#3'4#=2&2#=2332&#2#36&#)4#3'4# 4)3-02.7#

#

`[H246-#42%H63-3#h#-$3%>$0-2#5)6#0&-2#63%2#0'$30-/$0-2#6#-$3%-%)-#'#3'4#0'4'#…4)3-02.†U# ='(6# (6D-$-&A36# (6# ')%&'# 4'('@# ='&# 6K"# .':'3# ')# &2%-'# ')# %6'&-2@# ')# 2-$(2# 2# -$%6.-:/$0-2# 5)6# 3-3%642%-82@#'#=6$3246$%'#0-6$%?D-0'"a#PC::6;&60H%@#Lnno7I]]R"#

#

i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q#2#4W3-02#q#G#2.62%Q&-2@#423#$+'# 3-:$-D-02#5)6#$+'#36J2#'&:2$-82(2"#O'(64'3#0'$0.)-&#233-4@#5)6#%'('#'#3'4#-$%6$0-'$2.#G# '&:2$-82('#6#5)6#%'('#'#3'4#$+'#-$%6$0-'$2.#G#$+'A'&:2$-82('"## # # # # # # # # # # #

(30)

!"#T"#,'4#%Q$-0'#6#$+'A%Q$-0'# # # ['$%-$)2$('#2#96&#'#3'4#0'4'#)4#0'$J)$%'#(6$%&'#('#5)2.##6K-3%64#')%&'3#3);A 0'$J)$%'3#(6#92&-6:2('3#3'$3@#6#$2#0'$%-$)2*+'#('#5)6#JB#D-864'3#2$%6&-'&46$%6#0'4# '3#3'$3#'&:2$-82('3#6#$+'A'&:2$-82('3@#924'3#2:'&2#6D60%)2&#)42#(-3%-$*+'#6$%&6#('-3# ')%&'3#:&)='3#(6#3'$37#3'$3#%Q$-0'3#6#3'$3#$+'A%Q$-0'3"# # ,'4# ,'4#'&:2$-82('##‡#,'4#$+'A'&:2$-82('# ,'4#%Q$-0'#‡#,'4#$+'A%Q$-0'# # <#5)6#0H2424'3#$Q3#3'4#%Q$-0'M#N2#96&(2(6@#6K-3%6#)4#%6&4'#64#='&%):)/3# =2&2#(630&696&#6336#3'4@#6#5)6#G#%'4"#`f'4a#64#4W3-02#G#)4#3'4#0'4#2.%)&2#(6D-$-(2"# N+'#)324'3#'#%6&4'#$'%2#4)3-02.@#='&5)6#6K-3%64#06&%23#$'%23#4)3-02-3#5)6#$+'#3+'# %'$3@#0'4'#-&64'3#96&#(6#36:)-(2"#O'&5)6#)324'3#6$%+'#'#%6&4'#%Q$-0'#64#968#(6#%'4M# O'&5)6@# 20-42# (6# %)('@# )4# %'4# G# )4# 3'4"# d# 3'4# G# '# 0'$J)$%'# '$(6# 63%+'# 0'$%-('3# %'('3#'3#')%&'3#%-='3#(6#3'$3"#C#%24;G4#='&5)6#'#%6&4'#%'4#G#)32('#4)-%23#96863#364# 36&#=2&2#)3'3#4)3-02-3"#<33-4@#G#(6#;'4A%'4#(2#4-$H2#=2&%6#$+'#)32&#'#%6&4'#`%'4a#6# 3-4# 3'4# %Q$-0'@# 5)2$('# 2=.-02('# h# 4W3-02"# f2.# 0'4'# $'# 023'# ('3# 3'$3# '&:2$-82('3# 6# $+'A'&:2$-82('3@# %24;G4# $63%6# :&)='# (6# 3'$3# %Q$-0'3# 6# $+'A%Q$-0'3# 02;64# %'('3# '3# %-='3#(6#3'$3@#')#36J2@#6K-3%64#&)?('3@#3-./$0-'3@#3'$3#6.G0%&-0'3#6#6.60%&Q$-0'3#6#-$D&2#6# ).%&2A3'$3"# f'('3# 63%63# 3'$3# 36# ='(64# 0.233-D-02&# 0'4'# %Q$-0'3# ')# $+'A%Q$-0'3"# i4#

T%+,-*#.)$#q#='&#6K64=.'#q#64#96.'0-(2(6#(6#0&)86-&'@#=&'()8#)4#%'4#(6#1B#ˆ"#<33-4@#

'#&)?('#('#4'%'&#(63%6#2)%'4Q96.#G#)4#3'4#%Q$-0'"#N)4#024='#(6#:-&233Q-3#h#$'-%6@#'3# &)?('3# 5)6# $'3# 0H6:24# 2'# .'$:6# (23# 0-:2&&23# 3+'# 3-./$0-'# $+'A%Q$-0'"# uB# $'# 023'# ('3# -$D&2# 6# ).%&2A3'$3@# ='(6&-2# 36&# 42-3# (-D?0-.# 2D-&42&4'3# 2# 3)2# %'$-0-(2(6# ')# $+'# %'$-0-(2(6"#C4#=&-$0?=-'@#='(6&-2#=6$32&A36#5)6#%6&-24#(6#36&#364=&6#$+'A%Q$-0'3@#='-3# 4634'# $)4# =-2$'@# 2# $'%2# 42-3# :&296# 6# 2# $'%2# 42-3# 2:)(2# P0'&&63='$(6$%63# h# %60.2#

(31)

42-3# h# 635)6&(2# 6# h# 42-3# h# (-&6-%2# ('# %60.2('R# 3+'# JB# 0'$3-(6&2(23# 3'$3# 364# 2.%)&2# (6D-$-(2@# .':'@# 0'$3-(6&2('3# ('# ='$%'# (6# 9-3%2# =3-0'A20W3%-0'# 0'4'# &)?('3"# S23# ('# ='$%'#(6#9-3%2#(2#20W3%-02#3+'#3'$3#(6#2.%)&2#(6D-$-(2#6#='&%2$%'#3'$3#%Q$-0'3"#S23#(6# &63%'@# $'3# ')%&'3# %-='3# (6# 3'$3@# =2&606# $+'# H296&# 4)-%23# (W9-(23# ('# 5)6# G# )4# 3'4# %Q$-0'# 6# )4# 3'4# $+'A%Q$-0'"# i4# &24'# (6# B&9'&6# 5)6# 5)6;&2# =&'()8# )4# 3'4# $+'A %Q$-0'U#423#)4#3'4#(6#)42#:'%2#(6#B:)2#5)6#02-#$)4#0'='#(6#0&-3%2.#=&'()8-$('#)4# %'4@#G#)4#3'4#%Q$-0'"#<'#0'$%&B&-'#('#5)6#4)-%23#96863#36#9/#630&-%'@#$64#%'('3#'3# -$3%&)46$%'3#4)3-02-3#=&'()864#3'$3#%Q$-0'3"#O'&#-33'#4634'@#5)2$('#36#D2.2#('#`3'4# 4)3-02.a@# 0'4'# &6D6&-$('A36# 2'# 3'4# %Q$-0'@# (6-K24A36# (6# D'&2# %'(2# )42# 3G&-6# (6# -$3%&)46$%'3# 4)3-02-3# P(6# =6&0)33+'@# ='&# 6K64=.'R"# d)# 36J2@# %64'3# )42# 63=G0-6# (6# =2&2('K'# 25)-7# 06&%'3# -$3%&)46$%'3# 4)3-02-3@# =6.'3# 9-3%'3@# $+'# =&'()864# `3'$3# 4)3-02-3a"#!3%'@#(69-('#h#0'$D)3+'#(6#06&%'3#2)%'&63@#5)6#)324#'#%6&4'#`3'4#4)3-02.a# 64#968#(6#`%'4#4)3-02.a#')#`3'4#%Q$-0'a"#i4#3'4#(6#)423#023%2$H'.23#')#(6#)4#=2&# (6#0.2963#3+'#3'$3#$+'A%Q$-0'3"#S23#3+'#)32('3#$2#&62.-82*+'#(6#4W3-02"#uB#'#3'4#(6#)4# 3-$'# G# )4# 3'4# %Q$-0'@# 423# 0'$3-(6&2('# =6.2# 20W3%-02# 0'4'# )4# &)?('# P)4# 3'4# 0'4# D'&42#(6#'$(2#2=6&-Q(-02R"#d)#36J2@#$63%6#023'@#'#%6&4'#`3'4#4)3-02.a#G#&6.20-'$2('#2# )4#&)?('"#b)?('#6336@#='&#4-4#0'$3-(6&2('#q#('#='$%'#(6#9-3%2#(2#4-$H2#20)3%-0'.':-2#q# (6# &)?('# %Q$-0'"# uB# '# 3'4# ('# 42&# G# )4# &)?('# ;&2$0'# P&6W$6# %'(23# 23# D&65)/$0-23# ('# 3'4R@#6#='&#-33'#4634'@#$+'A%Q$-0'"#f2.#0'4'#'#96$%'@#2#0H)92@#'#3'4#(6#)42#02302%2# ')#(6#)4#&-20H'"##

uB#)42#4B5)-$2#(6#;2&;62&#='(6#64-%-&#)4#3'4#%Q$-0'"#<#4-$H2#4B5)-$2#(6# ;2&;62&@# 5)2$('# .-:2(2# 2# )4# 2D-$2('&# 6.60%&Q$-0'@# =&'()8# )4# %'4# 0'4# )42# 2.%)&2# (6D-$-(27#,-#;64'."#C#0'$D'&46#9')#D286$('#2#;2&;2#6336#3'4#92-#3'D&6$('#2.%6&2*\63#(6#

.+"--#$J%-# =2&2# $'%23# 42-3# 2:)(23# ')# 42-3# :&2963@# 0'$3'2$%6# 23# 8'$23# ('# &'3%'# 6# 2#

5)2$%-(2(6#(6#=6.'3#5)6#92-#%6$('#(6#2=2&2&"#[H242&4'3#`&)?('a#2'#3'4#(63%2#4-$H2# 4B5)-$2#(6#;2&;62&#G@#6$%+'@#)4#6&&'#('#='$%'#(6#9-3%2#(2#20W3%-02@#='-3#36:)$('#63%2# '# &)?('# %64# )42# D'&42# (6# '$(2# 2=6&-Q(-02# 6@# $'# 023'# (63%2# 4B5)-$2@# '# 36)# 4'%'&# 64-%6#$+'#3Q#)42#$'%2#(6#2.%)&2#(6D-$-(2@#0'4'#'#36)#4'%'&#G#2;3'.)%246$%6#=6&-Q(-0'# P6K06=%'#5)2$('#0'46*2#2#=6&(6&#2#02&:2#6.G0%&-02#6#%6$H'#(6#9'.%2&#2#02&&6:BA.2#R"#

(32)

[6&%23#.?$:)23#(6#06&%'3#=2?363#3+'#0'$3-(6&2(23#0'4'#%Q$-023"#d#-%2.-2$'#G#)42# (6.237# ;23%2# 63%2&4'3# )$3# 4-$)%'3# $)4# 02DG# 2$-42('# (6# _6$682# =2&2# =2&606&# 5)6# 63%24'3# 2# 233-3%-&# 2# )42# Q=6&2# (6# )4# 0'4='3-%'&# 5)2.5)6&@# %2.# G# 2# 4)3-02.-(2(6# (2# .?$:)2# (6.63"# V-8A36# %24;G4# 5)6# '# ='&%):)/3# ('# z&23-.# %64# 42-3# 4)3-02.-(2(6# 5)6# '# ='&%):)/3#(6#O'&%):2."#C#='&#4)3-02.-(2(6#25)-#6$%6$(64'3#%'$-0-(2(6"#<#D'&42#0'4'# 2#9'8#G#6$%'2(2#64#06&%23#.?$:)23#D28#0'4#5)6#63%23#=2&6*24#42-3#')#46$'3#4)3-02-3"# S2-3#')#46$'3#%Q$-023"#<3#9':2-3#3+'#0'$3-(6&2(23#0'4'#36$('#3'$3#%Q$-0'3@#6$5)2$%'# 23#0'$3'2$%63#3+'#9-3%23#0'4'#&)?('#P6)#=&6D-&'#'#%6&4'#`$+'A%Q$-023aR"#V-8A$'3#N2%%-687##

#

`,%'0YH2)36$# %&2;2.H2# 0'4# 23# 0'$3'2$%63@# %&2%2(23# 0'4'# &)?('3@# 6# 0'4# 23# 9':2-3@# %&2%2(23#0'4'#3'$3"a#PN2%%-68@#Iow]7LLcR"##

#

N2# 4-$H2# 20)3%-0'.':-2# 63%2# D&236# D-02&-2# 233-47# `,%'0YH2)36$# %&2;2.H2# 0'4# 23# 0'$3'2$%63# %&2%2(23# 0'4'# 3'$3# $+'A%Q$-0'3@# 6# 0'4# 23# 9':2-3@# %&2%2(23# 0'4'# 3'$3# %Q$-0'3a"#

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u'3G# S-:)6.#X-3$-Y@#

#

`N'# $?96.# &?%4-0'@# 2# ;2%-(2# ('# 0'&2*+'# %6$(6# h# 0'$3%>$0-2# =6&-Q(-02@# h# 0'$%-$)-(2(6#('#=).3'U#)4#63=-&&'#')#)4#%&'9+'@#h#(630'$%-$)-(2(6#&)-('32"a#PX-3$-Y@# Iooo7LvR"#

#

C3%2# D&236# (6# X-3$-Y# (630&696@# $2# &62.-(2(6@# 23# (-D6&6$*23# 6$%&6# .-$62&-(2(6# 6# $+'A.-$62&-(2(6"#V6#5)2.5)6&#D'&42#G#6&&2('#=6$32&A36#233-4@#='-3#6K-3%64#&)?('3#$+'A

(33)

%Q$-0'3# 0'$%?$)'3@# 0'4'# '# 3'4# ('# 42&# ')# (2# B:)2# (6# )42# 02302%2"# C# 3'$3# %Q$-0'3# 0)&%'3@#0'4'#)42#$'%2#(6#42&-4;2"#V6='-3#(-87#

#

`<# $2%)&682# 'D6&606# ('-3# :&2$(63# 4'('3# (6# 6K=6&-/$0-2# (2# '$(2# 0'4=.6K2# 5)6# D28# '# 3'47#D&65)/$0-23#&6:).2&63@#0'$3%2$%63@#63%B96-3@#0'4'#25)6.23#5)6#=&'()864#'#3'4#2D-$2('@# 0'4# 2.%)&2# (6D-$-(2@# 6# D&65)/$0-23# -&&6:).2&63@# -$0'$3%2$%63@# -$3%B96-3@# 0'4'# 25)6.23# 5)6# =&'()864#;2&).H'3@#42$0H23@#&2;-30'3#3'$'&'3@#&)?('3"a#PX-3$-Y@#Iooo7LcR"# # d#5)6#3+'#`&2;-30'3#3'$'&'3aM#C#`42$0H23aM#[&6-'#5)6#;23%2&-2#2#X-3$-Y#&6D6&-&# 5)6#'3#3'$3#(6#D&65)/$0-2#&6:).2&#3+'#3'$3#%Q$-0'3@#6$5)2$%'#'3#(6#D&65)/$0-2#-&&6:).2&# 3+'#3'$3#$+'A%Q$-0'3"#C3%2#(-3%-$*+'#69-%2#'#6&&'#(6#36#=6$32&#q#='&#6K64=.'#q#5)6#$+'# 6K-3%64#&)?('3#%Q$-0'3#P)4#3-$'#(6#)42#-:&6J2R@#')#'#(6#'4-%-&#2#6K-3%/$0-2#(6#%'(2#)42# ')%&2#4-&?2(6#(6#3'$3@#2.G4#(63%23#()23#02%6:'&-23#46$0-'$2(23#='&#6.6"## # # # # # # # # # # # # # # # # #

Referências

Documentos relacionados

O quadro deve apresentar apenas o efeito esperado decorrente da implantação do projeto na arrecadação, desconsiderando os efeitos da inflação e do crescimento da economia.. Impacto

Neste estudo trouxemos, como suporte ao longo da relação tratada entre autores com diferentes linhas de gerenciamento, uma revisão de conceitos baseado no anel tetralógico de

CÂMARA ESPECIALIZADA DE ENGENHARIA MECÂNICA E METALÚRGICA REUNIÃO N.º 494 ORDINÁRIA DE 20/12/2011 Julgamento de Processos JACAREI Processo / Interessado Nº de Ordem

VII. entregar à Seguradora, com a devida diligência, todos os documentos por ela solicitados. 11.2 - A Seguradora se reserva o direito de inspecionar o local

Bem, agora você certamente já identificou muitas de suas crenças sobre o dinheiro e como você lida com essa energia.. E em termos de energia quero te dizer que existe uma

A amostra foi constituída de 102 alunos: 33 portugueses de escola pública e 69 brasileiros de escolas públicas (15 da escola municipal e 19 da escola estadual) e privada (35

ICO: imagens das páginas 17 (corrigir conforme alterado) e 22.. ano – #etapa2 Atividade 10. Uma pessoa está observando um avião com um ângulo de 30° com o solo. Se o avião está

i) o candidato que concluiu o Ensino Médio, mediante Curso Supletivo, na forma da lei, deverá apresentar certificado definitivo de conclusão de curso, não sendo