• Nenhum resultado encontrado

Orçamento, programação e análise de viabilidade econômico-financeira de uma edificação multifamiliar

N/A
N/A
Protected

Academic year: 2021

Share "Orçamento, programação e análise de viabilidade econômico-financeira de uma edificação multifamiliar"

Copied!
155
0
0

Texto

(1)

! ! ! "#$%&'($)*)&!+&)&'*,!)&!(*#-*!.*-*'$#*! .&#-'/!-&.#/,01$./! )&2*'-*3&#-/!)&!&#1&#4*'$*!.$%$,! ."'(/!)&!1'*)"*56/!&3!&#1&#4*'$*!.$%$,! ! ! ! ! ! ! 2&)'/!)&!.*'%*,4/!3&#&1"&,,$! ! ! ! ! ! ! ! ! /'5*3&#-/7!2'/1'*3*56/!&!*#8,$(&!)&!%$*9$,$)*)&!&./#:3$./; +$#*#.&$'*!)&!"3*!&)$+$.*56/!3",-$+*3$,$*'! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! +,/'$*#02/,$(! <=>?

(2)

! ! "#$%&!$#!'(%)(*+&!,#-#./#**0! ! ! ! ! ! ! ! ! ! ! ! ! ! /'5*3&#-/7!2'/1'*3*56/!&!*#8,$(&!)&!%$*9$,$)*)&!&./#:3$./; +$#*#.&$'*!)&!"3*!&)$+$.*56/!3",-$+*3$,$*'! ! ! ! ! ! ! ! ! ! 12343567!89! '7:;5<=>7! 89! '<2=7! =<4?9@A87! B! /:AC92=A8389! D989235! 89! E3:@3! '3@32A:3! ;7?7! 29F<A=A@7! G32;A35! 9HAIA87! G957! ;<2=7! 89! .238<3J>7!9?!#:I9:632A3!'ACA5K! ! ! ! ! ! ! !!!! ! !&2A9:@3872L!"27MK!-72492@7!+7;669A?! ! ! ! ! ! ! ! ! ! ! ! D*&%0(-N"&*0E! OPQR

(3)

               

(4)
(5)

! ! *1'*)&.$3&#-/(! ! ! ! ! ! ! ! (I2389J7!G2A:;AG35?9:@9!B!?A:63!F<92A83!?>9S!,32A3!89!DT@A?3!89!'32C3567S! G72! @783! 98<;3J>7S! 898A;3J>7! 9! 3?72! 9@92:7K! (I2389J7! @3?4U?! 37=! 3?AI7=! 9! M3?A5A329=!F<9!@72:323?!9==3!;3?A:6383!G7==VC95K! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

(6)

! !

'&("3/! !

#=@9!@2343567!89!;7:;5<=>7!89!;<2=7!@9?!G72!74W9@AC7!3!9534723J>7!89!<?!72J3?9:@7! 9! G53:9W3?9:@7! 89! <?! 9?G299:8A?9:@7S! 3:35A=3:87! 9! G27G7:87! 35@92:3@AC3=! G323! ?95672! I9=@>7! 87=! ;<=@7=! F<9! =92>7! A:;722A87=S! 49?! ;7?7! 3! 9534723J>7! 89! <?3! 3:T5A=9! 89! CA34A5A8389! 9;7:X?A;7YMA:3:;9A23! 87! 9?G299:8A?9:@7! 3@23CU=! 87! 9=@<87! 89! =9<! M5<H7! 89! ;3AH3S! ;7?G323:87! 89=9?475=7=! G53:9W387=! ;7?! 7=! 89=9?475=7=! 293A=S! 9! 3:35A=3:87! =<3=! 8AC92IZ:;A3=S! 35U?! 89! 3G5A;32! 3! <@A5A[3J>7! 89! A:8A;38729=! MA:3:;9A27=!G323!3:T5A=9!89!CA34A5A8389!87!G27W9@7K!&!?U@787!89!G9=F<A=3!387@387!M7A! 7! 89! 9=@<87! 89! ;3=7S! 2935A[387! 9?! <?3! 9?G29=3! 89! ?U8A7! G72@9S! 9?! <?! 9?G299:8A?9:@7!89!\K]\^S]Q!?9@27=!F<382387=!89!T293!;7:=@2<V83S!;7?G7=@7!89!OP! G3CA?9:@7=S! 57;35A[387! 9?! 0@3G9?3! Y! E'S! 7:89! M7A! 89=9:C75CA87! 7! 72J3?9:@7S! G53:9W3?9:@7S! ;27:7I23?3! MV=A;7YMA:3:;9A27! 9! 3:T5A=9! 9;7:X?A;7YMA:3:;9A23K! '7?! 3! 2935A[3J>7! 87! @2343567S! G92;949Y=9! 3=! C3:@3I9:=! :3! 9534723J>7! 9! 3:T5A=9! 89! <?! 72J3?9:@7! 9! 87! G53:9W3?9:@7S! 7:89! 3! A:@9I23J>7! 87=! 87A=! G7==A4A5A@3! 3! CA=>7! 675V=@A;3! 87! G27W9@7S! 35U?! 89! I323:@A2! 37! 9?G299:89872! <?3! G29CA=>7! 87=! ;<=@7=! I5743A=S! 89=9?475=7=! ?9:=3A=! 9! I32I357=! :3! G278<J>7K! '7?7! 29=<5@387=! G323! 3! !"#$!%&'( )*$&"( +!$&,*%( *( *$-&"!./*( /*/&0( ,&( *1$&'( 23$4&( 56789( ,!( :.%3"*%( !( ,!( =92CAJ7=S! ;27:7I23?3! MV=A;7! MA:3:;9A27! 9! 3! ;<2C3! EK! (! G32@A2! 89=@3=! M9223?9:@3=S! A:A;A7<Y=9! <?3! G9=F<A=3S! ;7?! 7! 74W9@AC7! 89! ;759@32! A:M72?3J_9=! =7429! 7=! A?`C9A=! C9:8A87=!3G`=!7!53:J3?9:@7!87!9?G299:8A?9:@7K!'7?!3=!A:M72?3J_9=!59C3:@383=S! 9534727<Y=9! 7! M5<H7! 89! ;3AH3! 87! 9?G299:8A?9:@7S! ;2A3:87! ;9:T2A7=! 89! G29J7=! 9! ;<=@7=S!;7?!7!74W9@AC7!89!3:35A=32!3!CA34A5A8389!87!9?G299:8A?9:@7K!&=!29=<5@387=! 74@A87=S! G92?A@9?! <?3! ?95672A3! :3! 3:T5A=9! I57435! 9! 3;7?G3:63?9:@7! 87! G27W9@7S! C92AMA;3:87! =9! 7=! G23[7=! 9! 7=! ;<=@7=! 9=@>7! ;7:M72?9! 7! G53:9W387K! &! 29=<5@387! 35;3:J387! G92?A@9! 37! 9?G299:89872! 3:35A=32! 7=! 89=9?475=7=! ?9:=3A=! G27I23?387=S! 7=! 89=9?475=7=! ?9:=3A=! 293A=! 9! ;7?G32TY57=! 8<23:@9! 7! 3C3:J7! 87! G27W9@7K! a! G7==VC95! @3?4U?! A89:@AMA;32! G7:@7=! ;2V@A;7=S! I32I357=! 89! G278<J>7! 9S! 3@23CU=! 83! 3:T5A=9! 87! M5<H7! 89! ;3AH3S! C92AMA;32! 3! CA34A5A8389! 87! 9?G299:8A?9:@7! 43=9387!:7=!V:8A;9=!MA:3:;9A27=!74@A87=!9!9=@A?32!7!29@72:7!=7429!7!A:C9=@A?9:@7K! !

2@A@BC@D;EF@BGH! &2J3?9:@7K! "53:9W3?9:@7K! '27:7I23?3YMV=A;7! MA:3:;9A27K!

)A34A5A8389!9;7:X?A;7YMA:3:;9A23K! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

(7)

! ! ("38'$/! !

!

!

! !!

!

>!$#-'/)"56/!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>J! QKQ! '&-1#b1/(*0c(de&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Q]! >I>I>!/KLGMNBOD!1GC@ND!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>J! >I>I<!/KLGMNBOD!&DPGEQRNEOD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>J! QKO!$#*0,01(df#E!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qg! QK]!*0,01(df#E!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qg! QKg!#E1%/1/%(!$&!1%(h(*+&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qg! <!'&%$(6/!9$9,$/1'8+$.*!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>S! OKQ!&%d(,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qi! <I>I>!)GRNTNUVGD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>S! <I>I<!/CU@WGTMO!PCOXYMO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>Z! <I>IJ!)OEYWGTMOD!@Y[NAN@CGD!P@C@!@!GA@KOC@U\O!XO!OCU@WGTMO!IIIIIIIIIIIIIIIIIII!>Z! <I>I]!-NPOD!XG!OCU@WGTMO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!>^! OKQKgKQ!&2J3?9:@7!"323?U@2A;7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qj! OKQKgKQKQ!'/h!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Qj! OKQKgKO!&2J3?9:@7!G323!29IA=@27!83!A:;72G723J>7!9?!;7:87?V:A7!KKKKKKKKKKKKKKKKK!OP! OKQKgK]!&2J3?9:@7!89@356387!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!OQ! <I>I?!&M@P@D!X@!OCU@WGTM@U\O!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!<<! OKQKRKQ!#=@<87!83=!;7:8A;A7:3:@9=!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!OO! OKQKRKO!'7?G7=AJ>7!89!;<=@7=!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!OO! OKQKRK]!D9;63?9:@7!87!72J3?9:@7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Oi! <I>IS!.YCB@!*9.!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!<^! OKO!"*(-#k(,#-1&!#!'&-1%&*#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]P! <I<I>!'OMGNCO!XO!2A@TGL@WGTMO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J>! <I<I<!$XGTMNRNE@U\O!X@D!@MNBNX@XGD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J>! OKOKOKQ!#=;7G7!87!"27W9@7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]Q! OKOKOKO!#=@2<@<23!(:35V@A;3!89!"27W9@7!;!#("!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]O! <I<IJ!)GRNTNU\O!X@D!XYC@UVGD!X@D!@MNBNX@XGD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J<! <I<I]!)GRNTNU\O!X@!PCGEGX_TEN@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!JJ!

(8)

! ! <I<I?!.COTO`C@W@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J]! OKOKRKQ!$A3I23?3!89!2989S!A89:@AMA;3J>7!87!;3?A:67!;2V@A;7!9!M75I3=!KKKKKKKKKKKKKK!]g! OKOKRKO!.2TMA;7!89!.3:@@!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]i! <I<IS!.COTO`C@W@!RQDNEO;RNT@TEGNCO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!JZ! <I<IZ!.YCB@!(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J^! <I<I^!3aMOXOD!XG!@TbANDG!XG!NTBGDMNWGTMOD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]=! OKOK\KQ!(:T5A=9!87!M5<H7!89!;3AH3!72J387!!"#$%$!M5<H7!89!;3AH3!2935!KKKKKKKKKKKKKKK!gQ! <I<Ic!*TbANDG!XO!%2,!d%@AOC!2CGDGTMG!,QeYNXOf!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]<! <I<I>=!*TbANDG!X@!-$'!d-@[@!$TMGCT@!XG!'GMOCTOf!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]<! <I<I>>!gTXNEG!9GTGRQENOh.YDMO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]J! J!3i-/)/!)&!2&(j"$(*!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]]! ]KQ!'(%('1#%0c(de&!$(!#,"%#E(!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gg! ]KO!'(%('1#%0c(de&!$&!#,"%##-$0,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gg! ]K]!*#)(-1(,#-1&!$#!$($&E!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gi! ]Kg!D#%%(,#-1(E!'&,"/1('0&-(0E!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!g^! ]KR!#*(h&%(de&!$&!&%d(,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!g\! JI?I>!&DMCYMYC@U\O!XO!OCU@WGTMO!!!&*2!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]^! JI?I<!$XGTMNRNE@U\O!XOD!DGCBNUOD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!]c! JI?IJ!,GB@TM@WGTMO!XOD!eY@TMNM@MNBOD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?<! JI?I]!.OWPODNUVGD!YTNMbCN@D!XG!EYDMO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?<! JI?I?!)GRNTNU\O!XO!QTXNEG!XG!GTE@C`OD!DOEN@ND!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?J! JI?IS!,GB@TM@WGTMO!XG!PCGUOD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?J! JI?IZ!.@X@DMCO!T@!PA@TNAF@!OCU@WGTMbCN@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?J! JI?I^!.YCB@!*9.!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?]! ]Ki!"*(-#k(,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Rg! JISI>!$XGTMNRNE@U\O!X@D!@MNBNX@XGD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?]! JISI<!)GRNTNUVGD!X@D!XYC@UVGD!X@D!@MNBNX@XGD!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!??! JISIJ!)GRNTNU\O!X@!PCGEGX_TEN@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?S! JISI]!.COTO`C@W@!XG!1@TMM!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?Z! JISI?!.YCB@!(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?^! ]K^!(-l*0E#!#'&-m,0'&YD0-(-'#0%(!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!R\! JIZI>!.OWP@C@MNBO!GTMCG!XGDGWKOADOD!PA@TGL@XOD!G!CG@ND!IIIIIIIIIIIIIIIIIIIIIIIIIII!?c! JIZI<!2A@TO!XG!BGTX@D!G!@TbANDG!XO!RAY[O!XG!E@N[@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!?c!

(9)

! ! ]!*#8,$(&!)/(!)*)/(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!S=! gKQ!&%d(,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iP! ]I>I>!/CU@WGTMO!CGDYWNXO!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!S=! ]I>I<!.OWP@C@MNBO!EOW!O!."9!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!S<! ]I>IJ!.YCB@!*9.!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!S]! gKO!"*(-#k(,#-1&!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!ij! ]I<I>!.COTO`C@W@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!Sc! ]I<I<!.YCB@!(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!Z>! gK]!(-l*0E#!D0-(-'#0%(!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^g! ]IJI>!2A@TO!XG!BGTX@D!G!RAY[O!XG!E@N[@!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!ZS! gK]KQKQ!(:T5A=9!9;7:X?A;3!87!9?G299:8A?9:@7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^^! ?!./#($)&'*5k&(!+$#*$(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!Zc! '&+&'l#.$*(!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^>! *2l#)$.&!$!;!)$3&#($/#*3&#-/!)*!2'/)"56/!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^]! *2l#)$.&!$$!;!)&2&#)l#.$*(!)&!2'/m&-/!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^?! *2l#)$.&!$$$!;!.'/#/1'*3*!+g($./;+$#*#.&$'/IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^S! *2l#)$.&!$%!;!/'5*3&#-/!*#*,g-$./!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^Z! *2l#)$.&!%!;!)$*1'*3*!)&!1*#--!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^^! *2l#)$.&!%$!;!+,"n/!)&!.*$n*!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!^c! *#&n/!$!;!2,*#$,4*!)&!.8,.",/!;!&#1I!'*24*&,!3*-("3/-/!IIIIIIIIIIIIIII!c=! *#&n/!$$!;!2,*#-*!9*$n/!;!2*%$3&#-/!-$2/!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!c>! ! ! ! ! ! ! ! !

(10)

! ! g#)$.&!)&!-*9&,*(! ! 134953!Q!Y!'<=@7!/:A@T2A7!hT=A;7!+34A@3;A7:35!83!'7:=@2<J>7!'ACA5nE'!Y!,3A7!OPQRK!OP! 134953!O!Y!#=@2<@<23!(:35V@A;3!89!"27W9@7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gj! 134953!]!Y!#("!89!G53:9W3?9:@7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!RR! 134953!g!Y!&2J3?9:@7!29=<?A87K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iP! 134953!R!Y!'<=@7!/:A@T2A7!hT=A;7!89!98AMA;3J_9=!29=A89:;A3A=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iO! 134953!i!Y!'7?G323@AC7!;7?!7!'/h!;!G382>7!35@7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!ig! 134953!^!Y!0:=<?7=!;53==9!(!83!;<2C3!(h'!89!A:=<?7=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iR! 134953!\!Y!'53==9!(!83!;<2C3!(h'!89!=92CAJ7=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!i^! 134953!j!Y!$9=9?475=7=!293A=!9!G53:9W387=KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^g! 134953!QP!Y!D5<H7!89!;3AH3!?9:=35!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^^! 134953!QQ!Y!o:8A;9=!89!CA34A5A8389!9;7:X?A;7YMA:3:;9A23!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^\! 134953!QO!Y!(:T5A=9!89!=9:=A4A5A8389!83!1,(!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^\! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

(11)

! ! g#)$.&!)&!+$1"'*(! ! DAI<23!Q!Y!&2J3?9:@7!(:35V@A;7!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!OQ! DAI<23!O!Y!#:;32I7=!E7;A3A=!=7429!?>7!89!7423K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Oi! DAI<23!]!Y!h$0!Y!1'/!;7:;7229:@9K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!O\! DAI<23!g!Y!'<2C3!(h'!I9:U2A;3K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!Oj! DAI<23!R!Y!$A3I23?3!89!D59;63=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]R! DAI<23!i!Y!$A3I23?3!89!457;7=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]R! DAI<23!^!Y!'27:7I23?3!89!.3:@@K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]^! DAI<23!\!Y!'<2C3!89!.3<==!I9:U2A;3K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!]j! DAI<23!j!Y!*A?A@9=!89!<@A5A[3J>7!87=!;79MA;A9:@9=!0!9!=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gP! DAI<23!QP!Y!D3;6383!87!9?G299:8A?9:@7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gR! DAI<23!QQ!Y!"53:@3!43AH3!T293!89!53[92!pgq!G3CA?9:@7rK!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gR! DAI<23!QO!Y!"53:@3!43AH3!G3CA?9:@7!@AG7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!gi! DAI<23!Q]!Y!.2TMA;7!89!.3:@@!pE9?3:3=!MA:3A=!83!7423rK!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!R^! DAI<23!Qg!Y!'79MA;A9:@9=!89!67?7I9:9A[3J>7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!i]! ! ! ! ! ! ! ! ! ! ! ! ! ! !

(12)

! ! g#)$.&!)&!1'8+$./(! ! ! .2TMA;7!Q!Y!$9@3569!E<G239=@2<@<23K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iQ! .2TMA;7!O!Y!'<2C3!(h'!89!A:=<?7=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!iR! .2TMA;7!]!Y!'<2C3!(h'!89!E92CAJ7=K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!i^! .2TMA;7!g!Y!"92;9:@<35!MV=A;7!MA:3:;9A27!G53:9W387K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^Q! .2TMA;7!R!Y!'<2C3!E!87!G53:9W3?9:@7K!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^]! .2TMA;7!i!Y!$9=9?475=7=!G53:9W387=S!89=9?475=7=!293A=!9!3;<?<5387=!p)35729=!9?! '/hrK!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!^R!

(13)

Q]! !

>!$#-'/)"56/!

QKQ! '&-1#b1/(*0c(de&! !

&! =9@72! 83! ;7:=@2<J>7! ;ACA5! ;7:@2A4<A! 8A29@3?9:@9! G323! 3! 9;7:7?A3S! =9:87! 29=G7:=TC95! G72! 3G27HA?383?9:@9! ^s! 87! G278<@7! A:@92:7! 42<@7! :3;A7:35S! G72U?! 3A:83! 3G29=9:@3! 8AC92=3=! 89MA;AZ:;A3=! 9?! =9<=! G27;9==7=! 89! I9=@>7! 9S! G72@3:@7S! :9;9==A@3! ;383! C9[! ?3A=! 89! M9223?9:@3=! F<9! 3<HA5A9?! 9?! =9<! 89=9:C75CA?9:@7S! 9! 3<?9:@9?!3!=<3!9MA;AZ:;A3K!&!=<;9==7!83!9H9;<J>7!89!G27W9@7=!G29==<G_9!F<9!959=! =9W3?! ;7:;5<V87=! :7! G23[7! 89@92?A:387! 9! 89:@27! 87=! ;<=@7=! G29CA=@7=K! (! G297;<G3J>7!;7?!;<=@7=!;7?9J3!3:@9=!87!A:V;A7!83!7423S!:3!M3=9!89!72J3?9:@3J>7S! 7:89!G27;<23Y=9!89MA:A2!7=!;<=@7=!87!G27W9@7!3!=92!9H9;<@387!p,(11&ES!OPQPrK!#?! =9I<A83S! 7! 3<@72! 29==35@3! F<9! G53:9W32! U! A?G29=;A:8VC95! G323! F<9! G27W9@7=! =9W3?! I929:;A387=! 9! ;7:@275387=S! 9! F<9! 3! 89MA;AZ:;A3! :7! I929:;A3?9:@7! G789! I9232! ;7:=9F<Z:;A3=!89=3=@27=3=!G323!3!9?G29=3!F<9!9H9;<@3!7!G27W9@7S! 7:89!G9F<9:7=! 89=;<A87=! G789?! I9232! 3@23=7=! 9! I3=@7=! F<9! 298<[9?! 7! =<;9==7! 87! 9?G299:8A?9:@7K!!

#?! <?3! 9;7:7?A3! I57435A[383S! 7:89! 3=! ?32I9:=! 8A?A:<9?! 9?! 2953J>7! A:C92=3?9:@9! G27G72;A7:35! B! ;7?G9@A@ACA8389! 9?G29=32A35S! 9! 9?! <?! ?92;387! ?3A=! 9HAI9:@9S! 7:89! 7! ;5A9:@9! G27;<23! F<35A8389! 9! ?9:72! ;<=@7S! 7=! G27MA==A7:3A=! 9:I9:69A27=! G53:9W38729=! ;7:@2A4<9?! G323! F<9! 74W9@AC7=! 9! ?9@3=! @23J387=! 3:@92A72?9:@9! 37! 89=9:C75CA?9:@7! 89! <?! G27W9@7S! =9W3?! 3@A:IA87=! p.&*$,(-S! Qjj^rK!!

!

>I>I>!/KLGMNBOD!1GC@ND! !

&! 74W9@AC7! G2A:;AG35! 87! @2343567! U! 3! 9534723J>7! 89! <?! 72J3?9:@7! 9! G53:9W3?9:@7! 89! <?! 9?G299:8A?9:@7S! 35U?! 83! 3:T5A=9! 87! M5<H7! 89! ;3AH3! 87! 9?G299:8A?9:@7S! ;7?! 7! 74W9@AC7! 89! C92AMA;32! 3! CA34A5A8389! 9;7:X?A;7YMA:3:;9A23! 87! G27W9@7K!

!

>I>I<!/KLGMNBOD!&DPGEQRNEOD! !

(14)

Qg! ! QK! #5347232!7!72J3?9:@7!89@356387!87!9?G299:8A?9:@7t! OK! (:35A=32!3!A:M5<Z:;A3!87!;<=@7!89!?>7!89!7423!9?!2953J>7!37!;<=@7!@7@35t! ]K! '7?G3232!7!;<=@7!<:A@T2A7!83!7423!;7?!7!'<=@7!/:A@T2A7!hT=A;7!p'/hrt! gK! #5347232!3!;<2C3!(h't! RK! $9MA:A2!3!#=@2<@<23!(:35V@A;3!89!"27W9@7!p#("rt! iK! #5347232!9!3:35A=32!7!G53:9W3?9:@7!87!9?G299:8A?9:@7S!3@23CU=!89! ;27:7I23?3!A:@9I2387!89!.3:@@!;!"#%1n'",t! ^K! %935A[32!;27:7I23?3!MV=A;7!MA:3:;9A27t! \K! #5347232!9!3:35A=32!3!;<2C3!Et! jK! (:35A=32!;<=@7=!72J387=!9!;<=@7=!293A=t! QPK!!#5347232!3:T5A=9!9;7:X?A;7YMA:3:;9A23K!! ! QKO!$#*0,01(df#E! ! #=@9! @2343567! 3423:I9! 3=! M9223?9:@3=! 89! 72J3?9:@7! 9! G53:9W3?9:@7! 3@23CU=! 89! <?! 9=@<87! 89! ;3=7S! @23@3:87! 83! 2935A8389! 89! <?3! 9?G29=3! 9! 89! =9<! 9?G299:8A?9:@7K! ! QK]!*0,01(df#E! ! D723?! M72:9;A87=! G953! ;7:=@2<@723! 7=! G27W9@7=! 32F<A@9@X:A;7! 9! 9=@2<@<235! 87! 9?G299:8A?9:@7S! F<9! =92CA23?! 89! 43=9! G323! 7! 59C3:@3?9:@7! 89! F<3:@A@3@AC7=! 89! ?3@92A3A=! 9! =92CAJ7=K! (==A?! G323! A@9:=! 89! A:=@353J_9=! G298A3A=S! ;7?7! :>7! 63CA3?! G27W9@7=S!5A?A@7<Y=9!3!<@A5A[32!@3H3=!G72!?9@27!F<382387S!74@A83=!3@23CU=!89!6A=@`2A;7=! 89! 7423=! =9?9563:@9=! 89=9:C75CA83=! G953! 9?G29=3! /"! "53:9W32K! 13?4U?! M9[Y=9! <=7! 89! V:8A;9=! G27C9:A9:@9=! 83! 1'"&! G323! 9=@A?32! 7=! F<3:@A@3@AC7=! 29M929:@9=! B=! A:=@353J_9=!95U@2A;3=!9!6A827==3:A@T2A3=K!

!

QKg!#E1%/1/%(!$&!1%(h(*+&! !

#=@9!@2343567!3G29=9:@3Y=9!8ACA8A87!;7:M72?9!=9I<9L!

&! ;3GV@<57! Q! ;7:=A=@9! :3! A:@278<J>7S! :7! F<35! =>7! 3G29=9:@387=! 3! ;7:@9H@<35A[3J>7!87!@2343567S!74W9@AC7=S!5A?A@3J_9=!9!895A?A@3J_9=!87!@2343567K!

(15)

QR! !

-7!;3GV@<57!OS!U!3G29=9:@383!3!29CA=>7!4A45A7I2TMA;3!29M929:@9!37!G27;9==7!89! 72J3?9:@7! 9! G53:9W3?9:@7! 9! ;7:@2759! 83! G278<J>7S! 29==35@3:87! =9<=! ;7:;9A@7=! 9! G2A:;VGA7=K!

&! ;3GV@<57! ]! U! 898A;387! B! 89=;2AJ>7! 89@356383! 87! ?U@787! 89! G9=F<A=3! <@A5A[387!:7!@2343567K!

&! ;3GV@<57! g! 3G29=9:@3! 3! 89=;2AJ>7! 9! 7=! 29=<5@387=! 87! 9=@<87! 89! ;3=7! 2935A[387S! W<:@3?9:@9! 83=! 3:T5A=9=! 9! 8A29@2A[9=! F<9! 59C323?! B! 74@9:J>7! 87=! ?9=?7=K!D723?!3A:83!3G29=9:@383=!9!3:35A=383=!M9223?9:@3=!89!3<HV5A7!:3!I9=@>7! 89!;<=@7=K!

(16)

Qi! ! <!'&%$(6/!9$9,$/1'8+$.*! ! OKQ!&%d(,#-1&! ! (7!A:A;A32Y=9!<?!G27W9@7!89!F<35F<92!9?G299:8A?9:@7S!U!89!=<?3!A?G72@u:;A3! 3!2935A[3J>7!89!<?3!3C35A3J>7!83!CA34A5A8389!9;7:X?A;3!9!MA:3:;9A23!3:@9=!87!A:V;A7! 87!G27W9@7K! /?! 87=!M3@729=! G2A?728A3A=!G323!7! =<;9==7!89!<?! 9?G299:8A?9:@7!U!3! 2935A[3J>7!89!<?!72J3?9:@7!9MA;A9:@9!F<9!=9W3!7!?3A=!G2`HA?7!83!2935A8389!G7==VC95S! ;7:@2A4<A:87! G323! 7! 35;3:;9! 87=! 29=<5@387=! @23J387=! G953! 9?G29=3! p10#D#-E##S! OPQOrK! (!72J3?9:@3J>7!@72:3Y=9!<?3!83=!G2A:;AG3A=!T293=!:7!:9I`;A7!83!;7:=@2<J>7S! G72! =92! 43=9! 83! MAH3J>7! 87! G29J7! 87! G278<@7K! /?! 87=! 29F<A=A@7=! 4T=A;7=! G323! <?! 47?! 72J3?9:@7! U! <?! :VC95! 959C387! 89! ;7:69;A?9:@7! G72! G32@9! 87! G27MA==A7:35! 9:;3229I387! 89! =<3! 2935A[3J>7K! (==A?! F<3:@7! ?3A729=! 7=! :VC9A=! 89! 89@3563?9:@7! 87=!=92CAJ7=!3!=929?!2935A[387=S!?3A=!G29;A=7!7!72J3?9:@7!=92TK!(!A:@92G29@3J>7!87=! G27W9@7=S! G53:7=! 9! 9=G9;AMA;3J_9=! 83! 7423! G92?A@9?! 7! G53:9W3?9:@7! 89! ?956729=! 35@92:3@AC3=! G323! 9H9;<J>7! 83! 7423S! A89:@AMA;3:87! M<@<23=! 8AMA;<58389=! 9! ;7:=9F<9:@9?9:@9!=9<=!;<=@7=!89!9H9;<J>7!p,(11&ES!OPPirK!

!

<I>I>!)GRNTNUVGD! !

E9I<:87! lCA53! "&' ()*! pOPP]rS! 72J32! U! F<3:@AMA;32! A:=<?7=S! ?>7! 89! 7423S! 7<! 9F<AG3?9:@7=! :9;9==T2A7=! B! 2935A[3J>7! 89! <?3! 7423! 7<! =92CAJ7S! 49?! ;7?7! 7=! 29=G9;@AC7=! ;<=@7=! 9! 7! @9?G7! 89! 8<23J>7! 87=! ?9=?7=K! &! 3<@72! 3A:83! =9G323! 7! 72J3?9:@7! 9?! 8<3=! `@A;3=L! ;7?7! G27;9==7! 9! ;7?7! G278<@7S! 7:89! 7! G2A?9A27! @9?! ;7?7! 74W9@AC7! @23J32! ?9@3=! 9?G29=32A3A=! 9?! @92?7=! MA:3:;9A27=! W<:@7! 3! @787! ;72G7! I929:;A35!83!9?G29=3K!kT!;7?7!G278<@7S!7!72J3?9:@7!CA=3!89MA:A2!G29J7!89!G278<@7=! 3@23CU=!89!<?!59C3:@3?9:@7!89!;<=@7=K!

#=@9!@2343567!@92T!9:M7F<9!:7!72J3?9:@7!;7?7!G278<@7S!G7A=!9=@3!M9223?9:@3! 3<HA5A3! 7=! G27MA==A7:3A=! 83! T293! 89! ;7:=@2<J>7! ;ACA5! :7! G27;9==7! 89! @7?383! 89! 89;A=>7S! M3;A5A@3:87! 7! G53:9W3?9:@7! ?3A=! G29;A=7! 9! ?3A72! ;7:@2759! 87=! =92CAJ7=! 9! G278<@7=!9:@29I<9=!37!;5A9:@9K!

(17)

Q^! !

<I>I<!/CU@WGTMO!PCOXYMO! !

lCA53! "&' ()K! pOPP]r! ;A@3! 87A=! G27;98A?9:@7=! 4T=A;7=! :3! 2935A[3J>7! 87! 72J3?9:@7!G278<@7L!G72!3C35A3J>7!9!9=@A?3@AC3S!9!G72!;7?G7=AJ_9=!<:A@T2A3=K!&!F<9! 8AM929:;A3!7=!87A=!G27;98A?9:@7=!U!7!=9<!:VC95!89!G29;A=>7K!#:F<3:@7!3=!3C35A3J_9=! 9!9=@A?3@AC3=!89!;<=@7!=>7!M9A@3=!;7?!43=9!9?!;<=@7=!6A=@`2A;7=!9!;7?G323J>7!;7?! G27W9@7=! =A?A5329=S! 7! 72J3?9:@7! G72! ;7?G7=AJ_9=! 89! ;<=@7=! <:A@T2A7=! <@A5A[3Y=9! 89! 8387=! 89! G278<@ACA8389! 9! 89! C35729=! ?7:9@T2A7=! ;7229:@9=! 87=! G53:7=! 953472387=! G323!7!G92V787K!!

!

<I>IJ!)OEYWGTMOD!@Y[NAN@CGD!P@C@!@!GA@KOC@U\O!XO!OCU@WGTMO! !

(! =9I<A2! =>7! 3G29=9:@387=! 959?9:@7=! 89! A?G72@3:@9! ;7:=A8923J>7! 9! F<9! 3<HA5A3?!3!9534723J>7!89!72J3?9:@7=K!

!

AK!"53:7!89!'7:@3=!

E9I<:87! .758?3:! pQjj^rS! 7! G2A?9A27! G3==7! G323! <?! 47?! G53:9W3?9:@7! 9! ;7:@2759! 89! 7423=! U! 3! 72I3:A[3J>7K! (==A?S! =<I929! 3! 9534723J>7! 89! <?! G53:7! 89! ;7:@3=! F<9! 72I3:A[9! 3=! CT2A3=! M3=9=! 89! 9H9;<J>7! 9! F<9! 9:I5749! @787=! 7=! M3@729=! F<9!3M9@9?!8A29@3?9:@9!3!;7:=@2<J>7K!"323!959S!;383!7423!89C9!@92!=9<!:v?927!89! A89:@AMA;3J>7!3==A?!;7?7!;383!=92CAJ7!9!=9<=!A@9:=K!'7?!A==7S!;383!I3=@7!G789!=92! 3G27G2A387!9?!=9<!29=G9;@AC7!=92CAJ7!G7==A4A5A@3:87!7!;7:@2759!=7429!;383!<?!8959=K!! lCA53! "&' ()*! pOPP]r! 89MA:9?! F<9! 7! G53:7! 89! ;7:@3=! @9?! ;7?7! 74W9@AC7! =A=@9?3@A[32!7=!C32A387=!=92CAJ7=!F<9!=>7!;7:=A892387=!8<23:@9!7!89=9:C75CA?9:@7! 87! 72J3?9:@7S! 9CA@3:87! F<9! =9! 7?A@3! F<35F<92! =92CAJ7! :9;9==T2A7! G323! 7! 89=9:C75CA?9:@7! 83! 7423K! a! A?G72@3:@9! 29==35@32! F<9! ;383! G27W9@7! U! =A:I<532S! 9! 7! G53:7! 89! ;7:@3=! 89C9! =92! ?7895387! 89! 3;7287! ;7?! 3=! ;323;@92V=@A;3=! 9! 9=G9;AMA;A8389=! 87! 9?G299:8A?9:@7! 89! ;383! 9?G29=3S! 389F<3:87Y=9! =9?G29! B=! =<3=!:9;9==A8389=!9!M72?3=!89!@2343567K!

(=! ;7:@3=! 89C9?! =92! 3I2<G383=! ;7:M72?9! =9<=! 3@2A4<@7=! =9W3?! =A?A5329=S! M72?3:87Y=9! 9:@>7! I2<G7=S! 9! 7! G53:7! 89C9! =92! 49?! 89MA:A87! 9! ;7?G3@VC95! ;7?! 3=! A:M72?3J_9=!87!G27W9@7K!(==A?!G7==A4A5A@3Y=9!<?3!A:@9I23J>7!87=!=9@729=!9:C75CA87=! :7! G27W9@7S! ;7?7! 9:I9:632A3S! ;7:@23@7=S! =<G2A?9:@7=S! ;7:@34A5A8389! 89! ;<=@7=! 9! G53:9W3?9:@7!89!;<=@7=!p'&-D&%1&!9!E"%(-.#%S!OPPOrK!

(18)

Q\! !

#:@29! 7=! @AG7=! ?3A=! ;7:69;A87=! 89! G53:7! 89! ;7:@3=! 8A=G7:VC9A=! G789?! =92! ;A@383=! 3! 83! :72?3! -h%! QO^OQnOPPi! p(h-1S! OPPirS! 9! 3! ;53==AMA;3J>7! 83! "A:A! EA=@9?3=S! 89:7?A:383! 89! 134953=! 89! '7?G7=AJ_9=! 89! "29J7=! G323! &2J3?9:@7=! p"0-0S!OPQgr!G<45A;383=!9!3@<35A[383=!G92A78A;3?9:@9K!

!

AAK!,9?72A35!$9=;2A@AC7!9!#=G9;AMA;3J_9=!1U;:A;3=!

E9I<:87! lCA53! "&' ()*! pOPP]rS! 7! ?9?72A35! 89=;2A@AC7! <:AMA;3! 3! 2953J>7! 87=! ?3@92A3A=S! A:=<?7=! 9! 9F<AG3?9:@7=! F<9! A2>7! ;7:=@A@<A2! ;383! G32@9! 83! 7423S! 89@3563:87! @<87! F<9! =9! ;7:=A89232! :9;9==T2A7! G323! <?3! I9=@>7! 9MA;A9:@9! 87! 9?G299:8A?9:@7K! (=! A:M72?3J_9=! ;7:@A83=! :7! ?9?72A35! @Z?! I23:89! G9=7! G323! 9534723J>7! 87! 72J3?9:@7S! G7A=! 89@92?A:3?S! G2A:;AG35?9:@9S! 7! ?3@92A35S! G382>7! 9! 9F<AG3?9:@7=!3!=929?!<@A5A[387=K!!

&!3<@72!29;7?9:83!3A:83!F<9!=9W3!953472387!<?!2953@`2A7!89!9=G9;AMA;3J_9=! @U;:A;3=S! 7:89! =>7! 89MA:A87=! 7=! ?U@787=! 9! @U;:A;3=! ;7:=@2<@AC3=! F<9! =92>7! 2935A[387=!:7!9?G299:8A?9:@7K!E<3!8A=G7:A4A5A8389!;7:@2A4<A!G323!7!47?!3:83?9:@7! 83! 7423S! 9CA@3:87! G7==VC9A=! G3235A=3J_9=! G72! M35@3! 89! 89MA:AJ>7! 89! ?3@92A3A=! 7<! 9F<AG3?9:@7=K!

(! M35@3! 89=@9=! G789! 3;3229@32! 9?! ;7:=A8923J_9=! 9F<AC7;383=! 8<23:@9! 3! 9534723J>7! 87! 72J3?9:@7S! 35U?! 89! I92329?! 29=<5@387=! F<9! =9! 8A=@3:;A9?! 83! 2935A8389K!

!

AAAK!'3892:7!89!#:;32I7=!

#=@9! 87;<?9:@7! ;7:=75A83! 3=! #=G9;AMA;3J_9=! 1U;:A;3=S! ,9?72A35! $9=;2A@AC7S! 3==A?! ;7?7! 35I<:=! 89@3563?9:@7=! 87! ;7:@23@7K! .9235?9:@9S! 7! 87;<?9:@7! U! M72:9;A87!G957!;7:@23@3:@9!9!89MA:9!;7?7!=9!G27;9892T!7=!?U@787=!89!9H9;<J>7!:3! ;7:=@2<J>7!87!9?G299:8A?9:@7!pl)0*(!"&'()KS!OPP]rK! ! <I>I]!-NPOD!XG!OCU@WGTMO! ! #HA=@9?!8AC92=7=!@AG7=!89!72J3?9:@7S!=<3!9=;7563!89G9:89!89!=<3!MA:35A8389! 9! 8A=G7:A4A5A8389! 89! 8387=K! &=! @AG7=! ?3A=! ;7?<:=S! =9I<:87! .7:[T59=! pOPP\rS! =>7! 3G29=9:@387=!343AH7K!

(19)

Qj! !

OKQKgKQ!&2J3?9:@7!"323?U@2A;7! !

"323!=9!74@92!<?3!A89A3!83!7289?!89!I23:89[3!87!;<=@7!87!9?G299:8A?9:@7S! 89! ?3:9A23! 2TGA83! 9!4323@3S! 7!@AG7!?3A=! A:8A;387! U!7! G323?U@2A;7K! ! $9! 3;7287! ;7?! lCA53! 9! k<:I59=! pOPPirS! U! <?! 72J3?9:@7! 3G27HA?387S! 2935A[387! 3! G32@A2! 89! A:8A;38729=! I9:U2A;7=! ;7?7S! G72! 9H9?G57S! 7! '<=@7! /:A@T2A7! hT=A;7! p'/hrS! 7! ?3A=! <@A5A[387S!7<!43=9387!9?!C35729=!74@A87=!9?!9HG92AZ:;A3=!3:@92A729=!83!;7:=@2<@723K! E9<=! 29=<5@387=! G789?! M72:9;92! 8387=! A?G72@3:@9=S! G92?A@A:87! <?3! 3C35A3J>7! G2A?T2A3!F<3:@7!B!CA34A5A8389!9!5<;23@ACA8389!87!9?G299:8A?9:@7K!

"789! =92! 2953@AC3?9:@9! G29;A=7! 89G9:89:87! 87! @AG7! 89! 7423! 3! =92! M9A@3K! w<3:87! =9! @23@32! 89! <?3! 7423! ;7:C9:;A7:35S! 7:89! 7=! =92CAJ7=! WT! =>7! 49?! ;7:69;A87=! G953! ;7:=@2<@723S! 9! WT! 67<C92! 35I<?! @AG7! 89! 29IA=@27! 89! ;<=@7=S! =9<! 29=<5@387!G789!=9!3G27HA?32!43=@3:@9!83!2935A8389!p,(11&ES!OPPirK!! ! OKQKgKQKQ!'/h! ! &!'<=@7!/:A@T2A7!hT=A;7!U!3!G32@9!87!;<=@7!G72!?9@27!F<382387!83!;7:=@2<J>7! 87!G27W9@7!;7:=A892387S!;35;<5387!89!3;7287!;7?!3!-h%!QOK^OQ!p(h-1S!OPPirS!G957! EA:8A;3@7!#=@38<35!83!'7:=@2<J>7!'ACA5K!-9=@9!;T5;<57!:>7!=>7!;7:=A892387=!;<=@7=! ;7?! M<:83J_9=! 9=G9;A3A=S! 959C38729=S! A:=@353J_9=! 9! 9F<AG3?9:@7=! 8AC92=7=S! 7423=! ;7?G59?9:@329=S! A?G7=@7=! 9! @3H3=S! 9:@29! 7<@27=K! "323! =<3! 74@9:J>7! 7=! ;<=@7=! ;7:=A892387=!9?!=9<!;T5;<57!=>7!43=9387=!9?!G27W9@7=!G382>7K!!(@23CU=!87!G278<@7! 83! T293! 89! ;7:=@2<J>7! 9F<AC359:@9! G957! '/hS! 89! G382>7! F<9! ?3A=! =9! 3==9?9569! ;7?! 3! 98AMA;3J>7! 9?! F<9=@>7S! 74@U?Y=9! <?! C3572! 9=@A?387! 87! ;<=@7! I57435! 83! ;7:=@2<J>7S!=9?!3=!G32;953=!38A;A7:3A=!2953@AC3=!37=!A@9:=!:>7!;7:=A892387=!9?!=9<! ;T5;<57!;A@387=!3:@92A72?9:@9K!p.&*$,(-S!Qjj^rK!

&!'/h!U!<?!A:8A;3872!?7:9@T2A7!F<9!29M59@9!3!C32A3J>7!?9:=35!87=!;<=@7=!89! ?3@92A3A=! 9! ?>7! 89! 7423! :3! ;7:=@2<J>7! ;ACA5K! E9<! 74W9@AC7! 4T=A;7! U! 8A=;AG5A:32! 7! ?92;387!89!A:;72G723J>7!A?74A5AT2A3S!9!=92C9!;7?7!G32u?9@27!:3!89@92?A:3J>7!87=! ;<=@7=!87!=9@72!p(h-1S!OPPirK!!

#HA=@9?!QO!@AG7=!89!'/h!29=A89:;A3A=S!89MA:A87=!;7?!43=9!9?!G27W9@7=YG382>7! F<9!;7:=A8923?!7!:v?927!89!G3CA?9:@7=!9!7!G382>7!89!3;343?9:@7K!"72!9H9?G57S! G323! 7! ?Z=! 89! ?3A7! 89! OPQgS! 7! EA:8<=;7:YE'! ;35;<57<! 7=! C35729=! G323! 7! '/h! 3G29=9:@387=!:3!@34953!QK!!

(20)

OP! ! ! ! -@KGA@!>!;!.YDMO!"TNMbCNO!9bDNEO!4@KNM@ENOT@A!X@!.OTDMCYU\O!.NBNAh(.!;!3@NO! <=>?I! 2'/m&-/(! "382>7!89! 3;343?9:@7! '`8AI7! '<=@7! %xn?y! '&($)&#.$*$(! %!Y!Q!p%9=A8Z:;A3!/:AM3?A5A32r!

h3AH7! %!QYh! QKOOQSO^!

-72?35! %!QY-! QKg]\Sg\!

(5@7! %!QY(! QK^igSj^!

""!p"2U8A7!"7G<532r! h3AH7! ""!gYh! QKQg^SRg! -72?35! ""!gY-! QK]iQSOi!

%!Y!\!p%9=A8Z:;A3!,<5@AM3?A5A32r!

h3AH7! %!\Yh! QKPjRSPQ!

-72?35! %!\!Y-! QKOPgSgQ!

(5@7! %!\Y(! QKg]PS\j!

%!Y!Qi!p%9=A8Z:;A3!,<5@AM3?A5A32r! -72?35! %!QiY-! QKQigSR]!

(5@7! %!QiY(! QKRO^SOQ! !!!!!!!D7:@9L!E0-$/E'&-!pOPQRrK! ! OKQKgKO!&2J3?9:@7!G323!29IA=@27!83!A:;72G723J>7!9?!;7:87?V:A7!! ! E9I<:87!.7:[T59=!pOPP\rS!3!A:;72G723J>7!A?74A5AT2A3!U!<?!87=!:9I`;A7=!?3A=! 2935A[387=! :7! =9@72! 83! ;7:=@2<J>7! ;ACA5K! "323! 3=! A:;72G723J_9=! 9?! ;7:87?V:A7S! U! 9HAIA87! G72! 59A! <?! 29IA=@27! 89! A:M72?3J_9=! 9?! ;32@`2A7S! 3! G32@A2! 87! G27;98A?9:@7! A:8A;387! G953! :72?3!-h%! QO^OQ! p(h-1S! OPPirK! &! 3<@72!3MA2?3! 3A:83! F<9! 3! :72?3! 9?G29I3!7!'/h!G323!89@92?A:32!7!;<=@7!83!7423S!=9I<:87!G7:8923J_9=!2953@AC3=!B=! ;323;@92V=@A;3=! 87!G2U8A7K! &!?U@787! @9?! ;7?7!MA:35A8389!7! 89@3563?9:@7! 87!G2U8A7! G323!29IA=@27!9?!;32@`2A7S!9!M3;A5A@3:87!9C9:@<3A=!8A=;<==_9=!F<3:@7!3!35@923J_9=!83! 7423K!!

(! 3C35A3J>7! 87! G29J7! 83! ;7:=@2<J>7! 3;7:@9;9! 9?! 87A=! ?7?9:@7=L! 3:@9=! 9! 89G7A=! 83! A:;72G723J>7K! (! G32@A2! 87=! G27W9@7=! 9HA=@9:@9=! A:A;A35?9:@9S! =9?! ?<A@7=! 89@3563?9:@7=S! 3G5A;3Y=9! <?3! M72?3! 3G27HA?383! 89! 72J3?9:@7S! A:8A;383! :3! -h%! QO^OQS!3==A?!;7?7!G323!89G7A=!83!A:;72G723J>7S!3@23CU=! 89!@34953=!89@356383=!:3! :72?3!p(h-1S!OPPirK!

! !

(21)

OQ! !

OKQKgK]!&2J3?9:@7!89@356387! !

E9I<:87! E3?G3A7! pQjj\rS! 7! 72J3?9:@7! 89@356387! 7<! 3:35V@A;7! U! 3! 3C35A3J>7! 89!;<=@7!74@A83!3@23CU=!89!59C3:@3?9:@7!89! F<3:@A@3@AC7=!89!?3@92A3A=!9!=92CAJ7=S!3! G32@A2!87! G27W9@7S!9! 83=! ;7?G7=AJ_9=!89!G29J7=! <:A@T2A7=K! ,3@@7=! pOPPir!3MA2?3! F<9! 9=@3! U! 3! ?3:9A23! ?3A=! 89@356383! 9! G29;A=3! :3! G29CA=>7! 89! ;<=@7=! 89! <?3! 7423S! G27;<23:87! 3G27HA?32Y=9! 7! ?THA?7! G7==VC95! 83! 2935A8389K! *9C3! 9?! ;7:=A8923J>7! F<3:@A8389!@7@35!89!?>7!89!7423!9!?3@92A35!:9;9==T2A7S!35U?!89!@787!;<=@7!A:8A29@7! 89! 38?A:A=@23J>7! 9! =<G72@9! 83! 7423S! I923:87! <?! C3572! 72J387! 29G29=9:@3@AC7K! (! MAI<23!Q!A5<=@23!7=!959?9:@7=!F<9!;7?G_9?!<?!72J3?9:@7!3:35V@A;7!3==A?!;7?7!=9<! M72?3@7!=A?G5AMA;387K! ! +N`YC@!>!;!/CU@WGTMO!*T@AQMNEO! ! !!!!!!!!!!!!!!!!!!!!!!!!!D7:@9L!lCA53!"&'()K!pOPP]rK! !

(22)

OO! !

#=@9! ?U@787! =92T! 7! 387@387! :9=@9! @2343567! G72! @238<[A2! 89! <?3! M72?3! ?3A=! 2935!7=!@2343567=!3!=929?!2935A[387=!G953!9?G29=3K!E<3=!9@3G3=!=92>7!89=;2A@3=!:7=! G2`HA?7=!@`GA;7=K!! ! <I>I?!&M@P@D!X@!OCU@WGTM@U\O! ! -7=!A@9:=!OKQKRKQ!3!OKQKRK]!=92>7!89=;2A@7=!7=!G27;98A?9:@7=!:9;9==T2A7=!G323! 3!9534723J>7!89!<?!72J3?9:@7!89!7423S!=9I<:87!,3@@7=!pOPPirK! ! OKQKRKQ!#=@<87!83=!;7:8A;A7:3:@9=!! ! #=@3!M3=9!@9?!;7?7!MA:35A8389!29<:A2!A:M72?3J_9=!F<9!G92?A@9?!;7:69;92!3=! ;7:8AJ_9=! 89! ;7:@72:7! 83! 7423S! 3@23CU=! 83! CA=<35A[3J>7! 9! 3:T5A=9! 87! 57;35! 9! 87;<?9:@3J>7!8A=G7:VC95K!&!9=@<87!9:I5743!7=!=9I<A:@9=!G3==7=L!!

!

AK!*9A@<23!9!A:@92G29@3J>7!87!G27W9@7!9!9=G9;AMA;3J_9=!@U;:A;3=!

(! G32@A2! 87=! G27W9@7=! 9HA=@9:@9=! G323! 3! 9H9;<J>7! 83! 7423S! ;7?7! G27W9@7! 32F<A@9@X:A;7S!9=@2<@<235S!89!A:=@353J_9=S!9:@29!7<@27=S!9!83=!9=G9;AMA;3J_9=!@U;:A;3=! G92?A@9Y=9! A89:@AMA;32! 7=! =92CAJ7=! F<9! =92>7! 2935A[387=! :3! 7423S! 49?! ;7?7! =<3=! F<3:@A8389=!9!I23<=!89!8AMA;<58389K!

!

AAK!)A=A@3!1U;:A;3!

&! 3<@72! 29;7?9:83! F<9! =9W3! M9A@3! <?3! CA=A@3! @U;:A;3! 37! 57;35! 83! 7423K! a! A?G72@3:@9!F<9!:9=@3!M3=9!=9W3?!=3:383=!8vCA83=!F<3:@7!37!3;9==7!37!;3:@9A27!89! 7423=S! 8A=G7:A4A5A8389! 89! ?>7! 89! 7423S! 9F<AG3?9:@7=! 9! ?3@92A3A=! :3! 29IA>7S! 3<HA5A3:87!:7!59C3:@3?9:@7!89!8387=!G323!7!72J3?9:@7K!

!

OKQKRKO!'7?G7=AJ>7!89!;<=@7=! !

&!;<=@7!@7@35!89!<?3!7423!U!G27C9:A9:@9!89!8AC92=3=!M7:@9=!89!I3=@7=!89!<?3! 7423K! a! 3! G32@A2! 8959=! F<9! =9! =7?3:87! 3=! 89=G9=3=! 9! 3G5A;3:87Y=9! 7=! A?G7=@7=! 9! ?32I9?! 89! 5<;23@ACA8389S! 74@U?Y=9! 7! G29J7! 89! C9:83! 83! 7423K! (! ;7?G7=AJ>7! 87=! ;<=@7=!87!9?G299:8A?9:@7!;7?G299:89!7=!A@9:=!=<4=9F<9:@9=K!

(23)

O]! ! AK!089:@AMA;3J>7!87=!=92CAJ7=! #=@3!M3=9!9:I5743!3!89;7?G7=AJ>7!89!;383!9@3G3!:7=!8AC92=7=!=92CAJ7=!F<9!3! ;7?G_9?K!(F<A!7!G53:7!89!;7:@3=!G789!=92CA2!;7?7!M9223?9:@3!89!3<HV5A7S!9CA@3:87! 3!7?A==>7!89!F<35F<92!=92CAJ7!:7!G27;9==7K!! ! AAK!*9C3:@3?9:@7!89!F<3:@A@3@AC7=!

"323! lCA53! 9@! @35K! pOPP]rS! 9=@3! 9@3G3! U! 89! I23:89! 2959Cu:;A3! WT! F<9! 3F<A! =>7! 89MA:A83=! 3=! 3F<A=AJ_9=! F<9! =92>7! 2935A[383=! G323! 7! 9?G299:8A?9:@7K! E9I<:87! ,3@@7=! pOPPirS! 7! F<3:@A@3@AC7! 89! ?3@92A3A=! 89C9! =92! M9A@7! ;7?! 43=9! :7=! G27W9@7=S! ;7:=A8923:87Y=9! 3=! 8A?9:=_9=! 9=G9;AMA;383=! 9! =<3=! ;323;@92V=@A;3=! @U;:A;3=K! (! A:M72?3J>7!I92383!;7?!43=9!:3!59A@<23!89!G27W9@7=!89@356387=!@9:89!3!=92!43=@3:@9! =3@A=M3@`2A3K!"72U?S!9?!;3=7!89!3:@9G27W9@7=!7=!29=<5@387=!?<A@3=!C9[9=! :>7!=92>7! ?<A@7!G2`HA?7=!83!2935A8389S!3W<=@9=!=92>7!:9;9==T2A7=!8<23:@9!3!7423K!

D3A553;9! pQj\\S! (+%,! 10#D#-E##S! OPQOr! A:8A;3! F<9! ;383! 9?G29=3! 89MA:3! =<3=!29I23=!G323!3!?98AJ>7!87=!=92CAJ7=S!9CA@3:87!3!89=72I3:A[3J>7!89!=9<!=A=@9?3! 89! 72J3?9:@7K! 0=@7! G789! I9232! M35@3! 89! ;298A4A5A8389! 87=! 8387=! F<9! ;7?G_9?! 7=! G29J7=K! ,3@@7=! pOPPir! 89=@3;3! F<9! 7! 59C3:@3?9:@7! 89! F<3:@A8389=! 89C9! =92! <?! G27;9==7! 89! MT;A5! ;7?G299:=>7S! ;7?! 89@3563?9:@7=! 89! ?9?`2A3! 89! ;T5;<57! 7<! M72?<5T2A7=! G3827:A[387=S! 3! MA?! 89! :<?3! 9C9:@<35! ?<83:J3! 89! ;323;@92V=@A;3=! 7<! 8A?9:=_9=!87!G27W9@7!:>7!3;3229@9!9?!29@2343567K!

(! ;7:=A8923J>7! 83=! G9283=! 89! ?3@92A3A=! @3?4U?! U! M3@72! F<9! 89C9! =92! ;7:=A892387! 8<23:@9! 3! 72J3?9:@3J>7K! #==3=! G9283=! =>7! ;7:=A892383=! :72?3A=! 87! G27;9==7! ;7:=@2<@AC7S! G72! ?3A=! F<9! 9==9=! V:8A;9=! G7==3?! =92! 298<[A87=K! "72! 9H9?G57S! F<3:87! 7! ?3@92A35! U! ?389A23! 8AMA;A5?9:@9! :>7! 63C92T! =7423=! :7! G27;9==7! 89!;72@9!9!?7:@3I9?!89!MX2?3=!p,(11&ES!OPPirK!

(5U?!8A==7S!7!293G27C9A@3?9:@7!U!A?G72@3:@9!:3!;7:=@2<J>7!;ACA5K!&=!A:=<?7=! F<9!:>7!=>7!A:;72G72387=!37!G278<@7!MA:35S!G789?!=92!<@A5A[387=!CT2A3=!C9[9=S!;7?7! U! 7! ;3=7! 83=! ;63G3=! 89! ?389A23K! &! 293G27C9A@3?9:@7! 89=@3=! ;63G3=! 89G9:892T! 9==9:;A35?9:@9! 89! =<3! F<35A8389S! F<35A8389! 83! ?>7! 89! 7423S! ;<A8387=! 9?! =9<! ?3:<=9A7! 9! 3! G3827:A[3J>7! 87=! G27W9@7=S! F<9! U! 9==9:;A35! G323! 7! ?3A72! 293G27C9A@3?9:@7!p10#DD#-E#S!OPQOrK!

135!3<@72!3A:83!3MA2?3!F<9!7!59C3:@3?9:@7!89!F<3:@A@3@AC7=!89!9F<AG3?9:@7=! 9! ?>7! 89! 7423! U! ?3A=! ;7?G59H7S! G7A=! 89G9:89?! 87! G27;9==7! 9H9;<@AC7! 387@387! G953!9?G29=3S!35U?!89!M3@729=!89!8AMV;A5!G29CA=>7S!;7?7!M3@729=!;5A?T@A;7=S!C32A3J>7!

(24)

Og! !

89! G278<@ACA8389S! 3=G9;@7=! ;<5@<23A=S! M<:;A7:3?9:@7! 389F<387! 87=! 9F<AG3?9:@7=S! 9:@29! 7<@27=K! "323! 3<HA5A32! :7! ?95672! 59C3:@3?9:@7! 89! F<3:@A8389=S! U! A?G72@3:@9! 7! ;7:69;A?9:@7!89!7<@27=!;7:;9A@7=!F<9!=92>7!3G29=9:@387=!:3!=9F<Z:;A3K!!

!

AAAK!$A=;2A?A:3J>7!87=!;<=@7=!8A29@7=!

E9I<:87! ,32@A:=! pOPPirS! ;<=@7=! 8A29@7=! =>7! 3F<959=! F<9! G789?! =92! 8A29@3?9:@9! 3G27G2A387=! 37=! G278<@7=S! 43=@3:87! 63C92! <?3! ?98A83! 89! ;7:=<?7S! G72!9H9?G57S!6723=!89!?>7!89!7423S!F<A57I23?3=!89!?3@92A3A=!;7:=<?A87=K!0:@9I23?! 7=!;<=@7=!8A29@7=L!3!?>7!89!7423!8A29@3?9:@9!CA:;<5383!B!7423!7<!=92CAJ7S!?3@92A3A=! 7<!A:=<?7=!9!9F<AG3?9:@7=!8A29@3?9:@9!357;387=!37=!=92CAJ7=K!

(! <:A8389! 4T=A;3! U! 3! ;7?G7=AJ>7! 89! ;<=@7=S! F<9! G789! =92! <:A@T2A3S! F<3:87! <?! =92CAJ7! G789! =92! ?9:=<2387! 9?! <?3! <:A8389! MV=A;3! p9HL! zI! 89! 32?38<23rS! 7<! ;7?7! C9243S! F<3:87! :>7! G789! =92! MA=A;3?9:@9! ?9:=<2TC95! p9HL! G3A=3IA=?7r! p,(11&ES!OPPirK!

!

'383! ;7?G7=AJ>7! 89! ;<=@7=! <:A@T2A7=! ;7:@U?! 7=! A:=<?7=! 87! =92CAJ7! ;7?! =9<=! 29=G9;@AC7=! V:8A;9=! pF<3:@A8389! 89! ;383! A:=<?7! 29F<92A83! G323! 3! 2935A[3J>7!89!<?3!<:A8389!87!=92CAJ7r!9!C3572!pG27C9:A9:@9=!83!;7@3J>7!89! G29J7=! 9! 83! 3G5A;3J>7! 87=! 9:;32I7=! =7429! 3! 6723Y43=9! 87! @2343563872r! p,(11&ES!OPPiS!GIK!O\rK!

'

(=! ;7?G7=AJ_9=! 89! ;<=@7=! <:A@T2A7=! G789?! =92! 74@A83=! 89! 8AC92=3=! M7:@9=! 8A=G7:VC9A=S!89G9:89:87!83!72I3:A[3J>7!9!I23<!89!29IA=@27!87=!;<=@7=!83!9?G29=3! 9! 87! 3;9==7! B=! 5A@923@<23=! 9=G9;A35A[383=K! /?3! M7:@9! ?<A@7! 29;7?9:8383! U! 3! G<45A;3J>7!83=!134953=!89!'7?G7=AJ_9=!89!"29J7=!G323!&2J3?9:@7=!;!1'"&!p"0-0S! OPQRrS! 29CA=383! G92A78A;3?9:@9K! (5U?! 89=@3S! G789?! =92CA2! ;7?7! 29M92Z:;A3! 3=! ;7?G7=AJ_9=!=<I92A83=!G957=!M342A;3:@9=S!29CA=@3=!@U;:A;3=!9!5AC27=!9=G9;A35A[387=K!(! 9534723J>7! 89! ;7?G7=AJ_9=! 89! G29J7=! U! @3?4U?! 8A=G7:A4A5A[383! :7! ?92;387! 423=A59A27!3@23CU=!89!$-.&/(#"$!;7?7!7!)75329!p"A:ArS!7!&2;3G5<=S!%,Y&2;3S!7!&%E#S! 8A=G7:A4A5A[387! G957! .7C92:7! 87! #=@387! 89! E92IAG9S! 9:@29! 7<@27=! p10-&'&S! OPP\rK! (5U?!89=@9=!6T!3A:83!7!=7M@{329!"597!pD23:32A:rS!EA9:I9!pE7M@G53:rS!9:@29!7<@27=K!

!

ACK!$A=;2A?A:3J>7!87=!;<=@7=!A:8A29@7=!

'<=@7=! A:8A29@7=! =>7! 3F<959=! 9?! F<9! =9! M3[! :9;9==T2A7! <?! M3@72! 89! 23@9A7! G323! 3! 3G27G2A3J>7S! 3G29=9:@3?! 8AMA;<58389! G323! =929?! 3@2A4<V87=! 8A29@3?9:@9! 37=! G278<@7=!7<!B=!3@ACA8389=!G278<@AC3=K!&!<=7!89!9=@A?3@AC3=!;323;@92A[3!7!;<=@7!;7?7!

(25)

OR! !

=9:87!89!:3@<29[3!A:8A29@3!p,(%10-ES!OPPirK!lCA53!"&'(5K!pOPP]r!3MA2?3?!F<9!G789?! @92! 8<3=! 72AI9:=L! ;<=@7=! CA:;<5387=! B! 38?A:A=@23J>7! 87! ;3:@9A27! 89! 7423=t! 9! 89=G9=3=!89;7229:@9=!83!38?A:A=@23J>7!83!9?G29=3K!

-9=@9! A@9?! =92>7! 8A?9:=A7:383=! 3=! 9F<AG9=! @U;:A;3=! 9! 89! =<G72@9S! A89:@AMA;383=! 3=! 89=G9=3=! I923A=! A:;722A83=! :3! 7423S! ?74A5A[3J>7! 9! 89=?74A5A[3J>7! 87!;3:@9A27S!89=G9=3=!89!38?A:A=@23J>7!83!9?G29=3S!9:@29!7<@23=!89=G9=3=K! ! CK!'7@3J>7!87=!G29J7=! ,3@@7=!pOPPir!3MA2?3!F<9!3!G29;AMA;3J>7!87=!A:=<?7=S!9F<AG3?9:@7=!9!?>7!89! 7423!;7:=A=@9!:3!;759@3!87=!G29J7=!G23@A;387=!:7!?92;387!M72:9;9872K!a!<?3!@329M3! F<9!29F<92!;<A8387!G72!G32@9!87!72J3?9:@A=@3S!G7A=!=9!89C9?!59C32!9?!;7:=A8923J>7! 8AC92=3=!G9;<5A32A8389=S!;7?7!G72!9H9?G57S!7!F<9!9=@T!A:;5<=7!:7!G29J7!pG29J7!'0D! ;! F<9! A:;5<A! 3! ?92;3872A3S! ;<=@7=! 89! =9I<27! 9! M29@9rS! 35U?! 83! C92AMA;3J>7! 83! ;7?G3@A4A5A8389!89!<:A8389=!87!;<=@7!<:A@T2A7!9!G29J7K!

&! 3<@72! @3?4U?! 3592@3! F<9! G323! 9CA@32! 8A=;29Gu:;A3=! 89! C35729=! 87! G29J7! M72:9;A87S! 89C9?! =92! 38A;A7:387=! 7=! ;<=@7=! 89! M29@9S! A?G7=@7=! 89! C9:83S! @32AM3! 89! A?G72@3J>7!7<!F<35F<92!7<@23!@3H3!F<9!C9:63!3!A:;A8A2!=7429!7!A:=<?7K!

(5U?!83!;7:=<5@3!37!M72:9;9872!G323!;759@3!89!G29J7=S!7!EA=@9?3!-3;A7:35!89! "9=F<A=3! 89! '<=@7=! 9! o:8A;9=! 83! '7:=@2<J>7! 'ACA5! pE0-("0r! 8AC<5I3! ?9:=35?9:@9! ;<=@7=! 9! V:8A;9=! 83! ;7:=@2<J>7! ;ACA5K! (=! A:M72?3J_9=! 87! E0-("0! =>7! Gv45A;3=! 9! G789?!=92!3;9==383=!3@23CU=!87!=A@9!83!'3AH3!#;7:X?A;3!D989235!pE0-("0S!OPQ]rK! ! CAAK!$9MA:AJ>7!89!9:;32I7=!=7;A3A=!9!@234356A=@3=! lCA53!"&'()K!pOPP]r!89MA:9?!9:;32I7=!=7;A3A=!;7?7!C35729=!89!A?G7=@7=!9!@3H3=! 29;756A83=!37=!;7M29=!Gv45A;7=!9!;35;<5387=!=7429!3!?>7!89!7423!;7:@23@383K!#=@9=! A:;5<9?!@3?4U?!7=!49:9MV;A7=!3!F<9!@Z?!8A29A@7!7=!@23435638729=!9!F<9!=>7!G3I7=! G957!9?G29I3872K!E9<=!C35729=!G789?!=7M292!C32A3J_9=!:7!@9?G7!9!9:@29!29IA_9=K! $9!3;7287!;7?!,3@@7=!pOPPirS!7=!9:;32I7=!4T=A;7=!;7?G299:89?L!

!! #:;32I7=! =7;A3A=! 4T=A;7=L! 0-EES! D.1ES! =35T2A7Y98<;3J>7S! E#E0S! E#-(0S! E#h%(#S!0-'%(S!E9I<27!;7:@23!(;A89:@9=!89!12343567S!E#'&-'0t!

!! #:;32I7=! @234356A=@3=! A:;A89:@9=! 9! 29A:;A89:@9=L! MU2A3=S! 29G7<=7! =9?3:35! 29?<:92387S! M92A387=S! 3<HV5A7Y9:M92?A8389S! 3;A89:@9! 89! @2343567S! 5A;9:J3! G3@92:A8389S!M35@3=!W<=@AMA;383=S!Q]|!=35T2A7t!

(26)

Oi! !

!! #:;32I7=! A:89:A[3@`2A7=L! 3CA=7! G2UCA7S! ?<5@3! G72! 29=;A=>7! 87! ;7:@23@7! 89! @2343567S! A:89:A[3J>7! 38A;A7:35! ;! 9?! ;3=7=! 89! 89?A==>7! G72! W<=@3! ;3<=3! :7! G92V787!89!]P!8A3=!3:@9=!87!8A==V8A7K!

/?3! 83=! M7:@9=! G323! 74@9:J>7! 87! C3572! 87=! 9:;32I7=! =7;A3A=! G323! 29IA?9! 672A=@3!U!7!E0-("0!E3:@3!'3@32A:3S!9!U!89@356387!:3!DAI<23!OK! ! +N`YC@!<!;!&TE@C`OD!(OEN@ND!DOKCG!W\O!XG!OKC@I! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D7:@9L!'(0b(!#'&-m,0'(!D#$#%(*S!OPQ]! ! OKQKRK]!D9;63?9:@7!87!72J3?9:@7! !

"323! MA:35A[32! 3! M72?3J>7! 87! G29J7! 87! 9?G299:8A?9:@7S! 38A;A7:3?Y=9! 3A:83! 7=! 49:9MV;A7=! 9! 89=G9=3=! A:8A29@3=! 9! 3! ?32I9?! 89! 5<;27! 89=9W383! G953! 9?G29=3K! #==9=!A@9:=!=>7!89=;2A@7=!3!=9I<A2K!!

(27)

O^! !

!

AK!$9MA:AJ>7!83!5<;23@ACA8389!

*<;23@ACA8389! U! 89MA:A83! G72! ,3@@7=! pOPPir! ;7?7! 3! 2953J>7! 9:@29! 7! 5<;27! 9! 3! 29;9A@3S! 9HG29==387! G72! <?! F<7;A9:@9! 9?! G92;9:@<35S! F<9! 29G29=9:@3! F<3:@7! 87! ;7:@23@7!=9!@23:=M72?3!9?!I3:67=!G323!3!9?G29=3K!

1783! 9?G29=3! 89C9! I9232! 5<;27K! 1787! 9?G299:89872! @9?! 9HG9;@3@AC3! 89! I9232! 29@72:7! MA:3:;9A27! 9?! =9<=! A:C9=@A?9:@7=S! I323:@A:87! =<3! =7429CACZ:;A3K! (==A?S! G323! ;383! 9?G299:8A?9:@7S! 89C9Y=9! 9=@32! 3@9:@7!3! =9<! V:8A;9! 89! 5<;23@ACA8389!2935!9!G27;<232!9:;7:@232!=75<J_9=!G323!95A?A:32!7<!?A:A?A[32!7=!9M9A@7=! 89!G27459?3=!:7!89=9?G9:67!83!=<3!9?G29=3K!,3@@7=!pOPPir!;A@3!3!A?G72@u:;A3!89! =9! ;7:=A89232! 8AC92=3=! C32ATC9A=! :3! 89MA:AJ>7! 87! V:8A;9! 89! 5<;23@ACA8389S! ;7?7! ;7:;722Z:;A3S! 2A=;7! 87! 9?G299:8A?9:@7S! :9;9==A8389! 89! ;7:F<A=@32! 3F<953! 7423S! 9:@29!7<@27=K!

!

AAK!'T5;<57!87!h$0!

E9I<:87!,3@@7=!pOPPirS!7!h$0!Y!@3H3!89!49:9MV;A7=!9!89=G9=3=!A:8A29@3=!Y!U!7! G92;9:@<35!F<9!89C9!=92!3G5A;387!=7429!7!;<=@7!8A29@7!87=!A@9:=!83!G53:A563!83!7423! G323! =9! ;69I32! 37! G29J7! 89! C9:83K! EA5C3! pOPPir! 9HG_9! F<9! 3! @3H3! 89! h$0! U! 3! 8AM929:J3! 9:@29! G29J7! 9! ;<=@7! 2953;A7:383! 37! ;<=@7S! 9HG29==3! 9?! G72;9:@3I9?S! I9:92A;3?9:@9!;7?7!3!9F<3J>7!343AH7K!

!

 ሺΨሻ ൌ ୮୰ୣ­୭ିୡ୳ୱ୲୭ୡ୳ୱ୲୭ šͳͲͲ!!!!!!!!!!!!!!!!!!!!pQr! !

&! h$0! A:;5<A! 89=G9=3=! A:8A29@3=! 89! M<:;A7:3?9:@7! 83! 7423S! ;<=@7=! 83! 38?A:A=@23J>7! ;9:@235S! ;<=@7=! MA:3:;9A27=S! M3@729=! A?G29CA=@7=S! A?G7=@7=! 9! 5<;27K! (==A?!7!G29J7!89!C9:83!p")r!G789!=92!;35;<5387!3@23CU=!83!=9I<A:@9!9F<3J>7L! !

 ൌ —•–‘•‹”‡–‘•ሺሻ ൈ ሺͳ ൅  Ψሻ!!!!!!!!!pOr! !

w<3:87! =>7! 59C3:@383=! 3=! 89=G9=3=! A:8A29@3=! 9! A:;5<V87=! 7=! 49:9MV;A7=! F<9! 2935?9:@9!A:;7229?S!3!@3H3!89!h$0!<@A5A[383!G789!=92! <@A5A[383!;7229:@9?9:@9!;7?7! A:8A;3872!83!F<35A8389!87!72J3?9:@7!89!7423!pE0*)(S!OPPirK!

-7! 3;728>7! OgPj! 89! OPQQS! 87! 12A4<:35! 89! '7:@3=! 83! /:A>7! p1'/rS! M7A! 3G29=9:@383! 3! @34953! 343AH7! 89! h$0! G323! 7423=! 89! 98AMA;3J_9=S! F<9! =>7! 3G5A;387=!

(28)

O\! !

9?! 5A;A@3J_9=! p1'/S! OPQQrK! "72U?S! 3;298A@3Y=9! F<9! 9=@9=! V:8A;9=! @3?4U?! G7==3?! =92! <@A5A[387=! 9?! 72J3?9:@7=! :>7! <@A5A[387=! G323! G27;9==7=! 5A;A@3@`2A7=S! F<3:87! 3! 9?G29=3!:>7!@9?!7<@27=!V:8A;9=!G323!=9!43=932K!!!! ! !!!! +N`YC@!J!;!9)$!;!-."!EOTEOCCGTMGI! ! !D7:@9L!1'/!pOPQQrK! ! <I>IS!.YCB@!*9.! ! "323! 3! I9=@>7! 83! 7423S! 3! ;<2C3! (h'! @9?! G3G95! A?G72@3:@9! :3! @7?383! 89! 8AC92=3=! 89;A=_9=S! G7A=! G7==A4A5A@3! 7! ;7:69;A?9:@7! 89! F<3A=! =>7! 7=! G2A:;AG3A=! A:=<?7=S!7!@7@35!89!;383!A:=<?7!:3!7423!9!F<35!3!=<3!29G29=9:@3@ACA8389!:7!@7@35!87=! I3=@7=! A:;722A87=K! (! ;53==AMA;3J>7! U! <?3! 2953J>7! 89! A:=<?7=! 9n7<! =92CAJ7=S! 9?! 7289?! 89;29=;9:@9! 89! ;<=@7=! @7@3A=S! 7<! =9W3S! B! ?98A83! F<9! =9! 89=;9! 3! ;<2C3! 9:;7:@23?Y=9! 7=! C35729=! ?9:7=! =AI:AMA;3@AC7=! 83! 7423K! &! I2TMA;7! F<9! G789! =92! @23J387! ?7=@23:87! 7! G92;9:@<35! 3;<?<5387! 89! ;383! A:=<?7! :7! C3572! 3;<?<5387! @7@35! 83! 7423! U! 29G29=9:@387! G953! ;<2C3S! ?3=! G789! =92! @3?4U?! A5<=@2383! G72! <?3! @34953!p,(11&ES!OPPir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` H$& -+I$%& !"#$$ !34,(5,6782888988 "A,(5,6782888986,B34,(5,627882888988 "A,(5,627882888986,B34,(5,<728882888988 "A,(5,<728882888986,B34,(5,67828882888988 !DEFB,GA,(5,67828882888988 +QOa,b`c,,,;,GA,$&&,DNPOEGAMBPGN,,C;9,>97;,A,,7;,ONQMA,78;,GN,HMATN,GA,dAPGB,0,+QOAMWBM,B,SAKEOSBTZN,GN,#LPED[REN2 6@9>8; C79>8; C8978; 6=9@8; C<9@8; CC9=8; 6<9:8; C@978; C69@8; C89=8; >8988; C7968; 6?9<8; C=9=8; C>9?8; >988; >988; >988; 6988; B34,C978; 69<7; 89@7; 89@7; 89@7; 89>7; 89<=; 89@8; :9@7; @967; 79:8; 89C7; 897<; 89:>; 89C?; 89@7; 8978; 8988; 89:C; 89C6; 89C7; C986; 698<; 8988; 89=6; 89>@; 8978; 6978; 6988; !"#$%&'&$(!'&)$$"*$*"#+#,&-.*)$/$,(0)1'2-3( "*),'#-3( 450#4( 467#4( 48"#&

(29)

Oj! !

(! DAI<23! g! A5<=@23! <?3! ;<2C3! (h'! I9:U2A;3S! 7:89! 3! M3AH3! (! :72?35?9:@9! ;7?G299:89!3!OPs!87=!A:=<?7=S!F<9!29G29=9:@3?!89!RPs!3!^Ps!87!;<=@7!I57435K!! (! ;53==9! h! ;7229=G7:89! I9235?9:@9! 3! ]Ps! 87=! A:=<?7=S! 9! 3! M3AH3! '! I9235?9:@9! 29G29=9:@3! RPs! 87=! A:=<?7=S! 9?4723! 29G29=9:@9! 3G9:3=! OPs! 87! ;<=@7! I57435! 83! 7423K! "72@3:@7S! 87! G7:@7! 89! CA=@3! 9;7:X?A;7! U! ?<A@7! ?3A=! A:@929==3:@9! G2A72A[32! 3! :9I7;A3J>7! 87=! A:=<?7=! 7<! ;7:@2759! 87=! =92CAJ7=! F<9! ;7:=@3?! :3! M3AH3! (S! G7A=! 29G29=9:@3?!7=!A:=<?7=!89!?3A72!;<=@7!83!7423!p,&-1#0%&S!OPQQrK! ! +N`YC@!]!;!.YCB@!*9.!`GTaCNE@I! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!D7:@9L!,&-1#0%&S!OPQQK! !

(@23CU=! 89=@3! ;<2C3S! @72:3Y=9! G7==VC95! 3! 3C35A3J>7! 87! A?G3;@7! F<9! <?! 3<?9:@7!7<!298<J>7!87!G29J7!89!<?!A:=<?7!@92T!:7!29=<5@387!83!7423K!-3!3C35A3J>7! 87=! 29=<5@387=! 83! ;<2C3S! G92;949Y=9! 7! IA27! 87=! A@9:=! :7! 9=@7F<9S! =9<! :VC95! 89! 5<;23@ACA8389! 9! I23<! 89! 29G29=9:@3J>7! :7! M3@<23?9:@7! 83! 72I3:A[3J>7S! G92?A@A:87! <?3! 3:T5A=9! ?3A=! ;5323! 9! ;7229@3! 87=! 29;<2=7=! MA:3:;9A27=! A:C9=@A87=! p,&-1#0%&S! OPQQrK! &! ?9=?7! ?U@787! G789! =92! <@A5A[387! G323! ?7:@3I9?! 83! ;<2C3! (h'! 89! =92CAJ7=! 87! 9?G299:8A?9:@7S! M3;A5A@3:87! <?3! 3:T5A=9! I57435! 83! ?>7! 89! 7423! 9?G29I383!:7!9?G299:8A?9:@7K!!

(30)

]P! !

!

OKO!"*(-#k(,#-1&!#!'&-1%&*#! !

E9I<:87! 17??959A:! 9! h355328! pQjj^S! (+%,! (zz32AS! OPP]rS! 7! G53:9W3?9:@7! ;7:=A=@9! :3! A89:@AMA;3J>7! 89! 3@ACA8389=! =9I<A83! 83! =959J>7! 9! 7289:3?9:@7! 83=! ?9=?3=! G323! F<9! =9W3?! 9H9;<@383=! 89! ?3:9A23! ?3A=! 9MA;A9:@9K! a! <?3! @329M3! 35@3?9:@9! ;7?G59H3! F<9! 9:C75C9! 8AC92=3=! C32ATC9A=! F<9! 89G9:89?! 87! @3?3:67! 87! 9?G299:8A?9:@7S!:v?927!89!3@ACA8389=!3!=92!89=9:C75CA83=S!35@7!I23<!89!A:;92@9[3S! 9! F<9! 9=@>7! M29F<9:@9?9:@9! =<4?9@A87=! 3! 29=@2AJ_9=! ;7:M5A@3:@9=S! ;7?7! @9?G7S! 9=G3J7S!;<=@7!9!8A=G7:A4A5A8389!89!29;<2=7=K!!!

&! G53:9W3?9:@7! 89! <?3! 7423! U! <?3! A?G72@3:@9! M9223?9:@3! 89! I9=@>7S! F<9! G2A72A[3! 3=! 3J_9=! 87! 9?G299:8A?9:@7S! 3;7?G3:63! 7! 3:83?9:@7! 87=! =92CAJ7=S! G7==A4A5A@3! 3! ;7?G323J>7! 87! 9=@TIA7! 83! 7423! ;7?! 7! G53:9W387S! 9! CA34A5A[3! 3! 2TGA83! 293J>7! F<3:87! 89@9;@387=! F<3A=F<92! @AG7=! 89! G27459?3=K! -3! ;7:=@2<J>7! ;ACA5S! U! 9==9:;A35! <?! =A=@9?3! F<9! ;7:8<[3! 3=! A:M72?3J_9=! 9! ;7:69;A?9:@7! 89! 8AC92=3=! T293=S! 8A29;A7:3:87Y3=! 89! M72?3! 3! =929?! ?956729=! 3G27C9A@383=! G953! 9?G29=3! p,(11&ES!OPQPrK!

(!I9=@>7!9MA;A9:@9!89!G27W9@7=!@9?!=A87!M3@72!89@92?A:3:@9!G323!F<9!9?G29=3=! 74@9:63?! C3:@3I9?! ;7?G9@A@AC3S! 89C9:87! 9=@3=! 9=@32! G29G32383=! 9! ;3G3;A@383=! G323!;7:=9I<A2!F<35A8389!89!29=<5@387=!9!;<?G2A?9:@7!89!?9@3=!@3:@7!MV=A;3=!;7?7! MA:3:;9A23=! p,#-#c#ES! OPP\rK! &! G53:9W3?9:@7! 9! ;7:@2759! 89! 7423=! U! <?3! M9223?9:@3! F<9S! =9I<:87! ,3@@7=! pOPQPrS! 3<HA5A3! :<?! ?3A72! ;7:69;A?9:@7! 83! 7423S! 89@9;J>7! 89! =A@<3J_9=! 89=M3C72TC9A=S! 3IA5A[3! 3! @7?383! 89! 89;A=>7S! 7@A?A[3! 3! 357;3J>7! 89! 29;<2=7=S! G3827:A[3! 7! 9:@9:8A?9:@7! I57435! 87! G27W9@7S! 9:@29! 7<@27=! 49:9MV;A7=K! #:@29@3:@7S! @35! 3<@72! 38C92@9! F<9! 3! 89MA;AZ:;A3! :7! G53:9W3?9:@7! G789! 3;3229@32! 9?! 3@23=7=! 9! 9=;35383! 89! ;<=@7=S! 89! @35! ?787! 3! ;757;32! 9?! 2A=;7! 7! =<;9==7! 87! 9?G299:8A?9:@7K! "72@3:@7! 7! G53:9W3?9:@7! G3==3! 3! @92! <?! G3G95! M<:83?9:@35! G323! I323:@A2S! 89! ;92@3! M72?3S! 3! G92G9@<A8389! 83! 9?G29=3S! 3@23CU=! 83! ;7?G9@Z:;A3! F<9! 3! I92Z:;A3! I3:63! 89! M72:9;92! 29=G7=@3=! 2TGA83=! 3! F<3A=F<92! 9C9:@<35A8389=K!

! ! !

(31)

]Q! !

<I<I>!'OMGNCO!XO!2A@TGL@WGTMO! !

&!G53:9W3?9:@7!=9I<9!<?!G3==7!3!G3==7!F<9!3!;383!9@3G3!3I29I3Y=9!35I7!37! 3:@92A72K! &! 27@9A27! G323! 9534723J>7! 89! <?! G53:9W3?9:@7! 89! 7423! U! 3G29=9:@387! 343AH7S!;7:M72?9!?9@78757IA3!89=;2A@3!G72!,3@@7=!pOPQPrK!! !! 089:@AMA;3J>7!83=!3@ACA8389=t! !! $9MA:AJ>7!83=!8<23J_9=t! !! $9MA:AJ>7!83!G29;98Z:;A3t! !! ,7:@3I9?!87!8A3I23?3!89!2989t! !! 089:@AMA;3J>7!87!;3?A:67!;2V@A;7t! !! .923J>7!87!;27:7I23?3K! #==3=!9@3G3=!=92>7!89@356383=!:7=!A@9:=!3!=9I<A2K! ! <I<I<!$XGTMNRNE@U\O!X@D!@MNBNX@XGD! !

'7:=A=@9! :3! A89:@AMA;3J>7! 83=! 3@ACA8389=! F<9! ;7?G72>7! 7! ;27:7I23?3! 83! 7423K!#=@3!9@3G3!89C9!=92!2935A[383!;7?!3@9:J>7S!CA=@7!F<9!=9!35I<?!=92CAJ7!:>7!M72! A89:@AMA;387S! 7! ;27:7I23?3! :>7! MA;32T! ;7:8A[9:@9! ;7?! 3! 2935A8389S! G789:87! M<@<23?9:@9!;7?G27?9@92!3!8<23J>7!83!7423!p,(11&ES!OPQPrK! ! OKOKOKQ!#=;7G7!87!"27W9@7! ! ,3@@7=! pOPQPr! 89MA:9! 9=;7G7! ;7?7! 7! 35;3:;9! 87! G27W9@7! ;7?7! <?! @787S! 895A?A@3:87Y=9!7!74W9@7!;7:=A892387!:7!G53:9W3?9:@7K!E9:87!3==A?!3!G32@9!F<9!:>7! M72! 3423:IA83! G957! 9=;7G7! :>7! =92T! G27I23?383! :9?! ;7?<:A;383! B=! 9F<AG9=S! 9! 9=@32T!M723!87!;27:7I23?3!2935A[387K!&!3<@72!3A:83!29==35@3!3!A?G72@u:;A3!89!F<9!7! 9=;7G7! ;7:=A892387! =9W3! 3;9A@7! 9! 3G27C387! G72! @787=! 9:C75CA87=! :7! G27W9@7S! 9CA@3:87!89=;<A87=!7<!7?A==_9=!9?!=<3!3423:IZ:;A3K!

EA5C3! k<:A72! 9! h72I9=! k<:A72! pOPQPS' (+%,' )(%.(ES! OPPjr! 89=@3;3?! F<9! 3! 9534723J>7! 89! <?! 9=;7G7! 89@356387S! ;5327! 9! ;7:;A=7! U! A?G72@3:@9! G323! I323:@A2! =3@A=M3J>7!37!;5A9:@9!9!3!9MA;T;A3!87!@2343567!2935A[387S!9!<?!9=;7G7!49?!89MA:A87!9! 49?!;7:@275387!3<?9:@3!=AI:AMA;3@AC3?9:@9!3=!;63:;9=!89!=<;9==7!:7=!G27W9@7=K! !

(32)

]O! !

OKOKOKO!#=@2<@<23!(:35V@A;3!89!"27W9@7!;!#("! !

(! ?3:9A23! ?3A=! G2T@A;3! G323! 3! A89:@AMA;3J>7! 83=! 3@ACA8389=! U! 3@23CU=! 83! 9534723J>7! 83! #("S! F<9! ;7:M72?9! lCA53! 9! k<:I59=! pOPQPrS! ;7229=G7:89! 37! =9F<9:;A3?9:@7!5`IA;7!83=!3@ACA8389=!3! =929?!9H9;<@383=S!A:8A;3:87!=<3!8<23J>7S! 7=!29=G9;@AC7=!29=G7:=TC9A=!9!7=!89=9?475=7=!:9;9==T2A7=!G323!=<3!2935A[3J>7K!kT! E7@A559' <=>>?@( ,!):.!( &( A6B( 2*"*( 3"&( 5,!2*"#*%:-C*( D:!$E$F3:2&( *$:!./&,&( G%( 9:@29I3=! 29F<A=A@383=S! =9:87! F<9! ;383! :VC95! 89=;9:89:@9! 83! #("! 29G29=9:@3! <?3! ,!):.:-C*(+$&,3&0"!./!("&:%(,!/&0D&,&(,&(,!):.:-C*(,*(/$&1&0D*(,*(#$*H!/*9I(A./C*S! ,3@@7=! pOPQPr! 89=@3;3! F<9! 3! #("! U! 3! 89;7?G7=AJ>7! 83=! 9@3G3=! 83! 7423! 9?! <:A8389=! ?9:729=! 9! ?3A=! =A?G59=! 89! ?3:9W32S! G323! F<9! =9W3?! 49?! 89MA:A87=S! @72:3:87Y=9!?3A=!MT;A5!3!3@2A4<AJ>7!89!8<23J_9=!9!;7:@2759!89!=9<!3C3:J7!9?!;3?G7K! &! A?G72@3:@9! U! F<9! 3! #("! 29G29=9:@9! 3! @7@35A8389! 87! 9=;7G7K! &! :VC95! 89! 89;7?G7=AJ>7!83=!3@ACA8389=S!;7:M72?9!lCA53!9!k<:I59=!pOPQPrS!U!M<:J>7!87!I23<!89! ;7:@2759!F<9!=9!89=9W3!:7!G53:9W3?9:@7K!"72U?!:>7!U!29;7?9:8387!7!@2343567!;7?! 3@ACA8389=! ?<A@7! I9:U2A;3=S! G7<;7! 89@3569! G789! I9232! <?! G53:9W3?9:@7! G7<;7! G27M<:87!9!G7<;7!G2T@A;7!89!3;7?G3:632K! a!A:@929==3:@9S!87!G7:@7!89!CA=@3!89!A:@9I23J>7!87!72J3?9:@7!9!G53:9W3?9:@7S! F<9! 3! 9=@2<@<23! <@A5A[383! :3! 9534723J>7! 87! 72J3?9:@7! =9W3! 3! ?9=?3! 83! #("! 87! G27W9@7S!M3;A5A@3:87Y=9!3==A?!3!9H9;<J>7!87!G53:9W3?9:@7K! ! <I<IJ!)GRNTNU\O!X@D!XYC@UVGD!X@D!@MNBNX@XGD! !

"323! lCA53! 9! k<:I59=! pOPQPrS! 3! 8<23J>7! 29G29=9:@3! 7! @9?G7! 9HAIA87! ;7:@23@<35?9:@9! 7<! G2UY9=@34959;A87! G957! G53:9W3?9:@7! 89! <?3! 3@ACA8389K! ,3@@7=! pOPQPr! 89MA:9! ;7?7! 53! F<3:@A8389! 89! G92V787=! 89! @2343567! :9;9==T2A7=! G323! 7! 89=9?G9:67!A:@9+$&0(,&(&/:4:,&,!9I("323!.9643<92!pOPPOr!3!8<23J>7!83=!3@ACA8389=! 89G9:89! 87! V:8A;9! 89! G278<@ACA8389S! F<3:@A8389! 89! ?>7! 89! 7423S! F<3:@A@3@AC7! 89! =92CAJ7! 9! @9?G7! 89! @2343567! G72! 8A3K! /=<35?9:@9! =>7! 29M929:;A383=! 9?! 8A3=! 7<! =9?3:3=!v@9A=S!7<!=9W3S!F<9!9M9@AC3?9:@9!=9!@2343563K!!

"323!9=@A?32Y=9!3!8<23J>7!83=!3@ACA8389=S!3=!G2A:;AG3A=!M7:@9=S!89!3;7287!;7?! k<:I59=!pOPQ]rS!=>7L!

!! &GA:A>7! 9=G9;A35A[383! 89! G9==73=! F<9! @AC923?! 9HG92AZ:;A3! ;7?! G27W9@7=! =9?9563:@9=t!

(33)

]]! !

!! 0:M72?3J_9=! 6A=@`2A;3=! 89! G27W9@7=! =A?A5329=! WT! 89=9:C75CA87=! p9=@A?3@AC3! 3:T57I3rt!

!! "382_9=!9!V:8A;9=!89!G278<@ACA8389!89MA:A87=!43=9387=!9?!9=@<87=!89!?3==3! G278<@7! p9=@A?3@AC3! G323?U@2A;3rS! =9:87! 3! 1'"&! <?3! 473! 29M92Z:;A3! G323! ;759@3!89!8387=K!!

!! ,98AJ_9=!9?!7423!83!G2`G2A3!9?G29=3K!

(!89MA:AJ>7!83!8<23J>7!89!<?3!@329M3!@9?!I23:89!A?G72@u:;A3S!G7A=!;7:=@A@<A2T! 7!@9?G7!9?!M<:J>7!87!F<35!7!;27:7I23?3!=92T!I92387S!74@9:87Y=9!9:@>7!7!G23[7!83! 7423K!"72@3:87!8<23J_9=!?35!3@2A4<V83=!G789?!I9232!<?!G53:9W3?9:@7!8A=@72;A87!7<! 3@U! A22935A[TC95! 9! =9?! <@A5A8389! G323! F<9?! I929:;A3! 3! 7423K! a! A?G72@3:@9! 89=@3;32! F<9! G72! ?3A=! ;2A@92A7=3! F<9! =9W3! 3! 3:T5A=9! 83=! 8<23J_9=S! 9=@3! U! =9?G29! <?3! 9=@A?3@AC3S! 9S! G72@3:@7! =<W9A@3! 3! C32A3J_9=K! (==A?! M3[Y=9! :9;9==A8389! 89! :>7! =7?9:@9! G53:9W32S! ?3=! @3?4U?! ;7:@27532! 7! G27;9==7S! A89:@AMA;3:87! 8A=;29Gu:;A3=! 9! 3W<=@3:87!7!;27:7I23?3!87!G27W9@7!29I<532?9:@9!p,(11&ES!OPQPrK!

!

<I<I]!)GRNTNU\O!X@!PCGEGX_TEN@! !

(! G32@A2! 83! A89:@AMA;3J>7! 83=! 3@ACA8389=! 9! 29=G9;@AC3=! 8<23J_9=S! 89C9! =92! 9=@34959;A83! 3! 5`IA;3! F<9! ;77289:3! 9==3=! 3@ACA8389=K! "323! lCA53! 9! k<:I59=! pOPQPrS! <?3!3@ACA8389!U!89G9:89:@9!89!7<@23!3@ACA8389!F<3:87!=7?9:@9!M72!G7==VC95!A:A;A32!3! 3@ACA8389! 89G9:89:@9S! 3G`=! 3! 3@ACA8389! G29;989:@9! 9=@32! ;7:;5<V83K! .9643<92! pOPPOr! 29==35@3! F<9! 3! 2989! 89! G29;98Z:;A3=! 89C9! =9! 43=932! :7=! =92CAJ7=! 5A=@387=! G323!F<9!7!G27W9@7!=9W3!9H9;<@387K!$9!3;7287!;7?!,3@@7=!pOPQPrS!3!=9F<Z:;A3!5`IA;3! 83=!3@ACA8389=!F<9!;7?G_9!7!G27W9@7!29;949!7!:7?9!89!G29;98Z:;A3K!a!A?G72@3:@9! A89:@AMA;32!49?!3=!G2989;9==723=!89!;383!3@ACA8389S!F<9!=>7!3F<953=!;<W7!@U2?A:7!U! 742AI3@`2A7! G323! F<9! 3! 3@ACA8389! 9?! F<9=@>7! G7==3! ;7?9J32K! kT! 3=! 3@ACA8389=! =<;9==723=! 3! 7<@23=! A:8A;3?! F<9! 3! 3@ACA8389! G789! =92! A:A;A383! A?98A3@3?9:@9! B! ;7:;5<=>7!89=@3K!E9I<:87!7!3<@72!3!89G9:8Z:;A3!9:@29!8<3=!3@ACA8389=!G789!=9!832! 83=!=9I<A:@9=!M72?3=L!

!! 1U2?A:7Y0:V;A7!p10r!

#==9! @AG7! 89! 5AI3J>7! A?G_9! F<9! G323! <?3! 3@ACA8389! ;7?9J32S! =<3! G2989;9==723! 89C92T! 9=@32! ;7?G59@3?9:@9! ;7:;5<V83K! #:@29@3:@7! 9==3! 2953J>7! :9?! =9?G29!29M59@9!3!5`IA;3!F<9!=9!89=9W3!G278<[A2!:3!2989K!/?3!G7==VC95!=75<J>7!=92A3!

(34)

]g! ! 3!;2A3J>7!89!<?3!89M3=3I9?!9:@29!3=!3@ACA8389=S!7<!=9W3S!<?!@9?G7!89!9=G923!9:@29! 3=!8<3=!3@ACA8389=!p29G29=9:@383S!G72!9H9?G57S!;7?7!10!}!R!8A3=rK!! !! 0:V;A7Y0:V;A7!p00r! w<3:87! 3! 3@ACA8389! :>7! :9;9==A@3! F<9! =<3! G2989;9==723! 9=@9W3! ;7?G59@3?9:@9!MA:35A[383S!3==A?!;3<=3:87!<?3!=7429G7=AJ>7!83=!3@ACA8389=K!'7?7! 9H9?G57! 7! 3<@72! ;A@3! 3! A:=@353J>7! 6A82T<5A;3! 9! 95U@2A;3S! F<9! G789?! =92! A:A;A383=! W<:@3=K!

!! 1U2?A:7Y1U2?A:7!p11r!

a! 7! ;3=7! F<3:87! 7! @U2?A:7! 89! <?3! 3@ACA8389! 9=@T! CA:;<5387! ;7?! 7! 89! =<3! G2989;9==723K!/?!9H9?G57!=92A3!3!?7:@3I9?!89!=<49=@3J>7!9!35<I<95!89! I923872S! 7:89!7!@U2?A:7!83!?7:@3I9?!29=<5@3!:3!8A=G9:=3!87!<=7!87!I923872K!!

!! 0:V;A7Y1U2?A:7!p01r!

w<3:87!<?3!3@ACA8389!=`!G789!@92?A:32!F<3:87!3!7<@23!@9C9!A:V;A7K!$9!3;7287! ;7?!7!3<@72S!9==9!CV:;<57!U!?<A@7!G7<;7!<@A5A[387K!

a! A?G72@3:@9! 89=@3;32! F<9! 3! =9F<Z:;A3! 89MA:A83! :9=@3! 9@3G3! 3M9@3! 7! ;27:7I23?3! ;7?! 3=! 83@3=! G29CA=@3=! G323! ;383! 3@ACA8389K! (==A?S! <?3! =9F<Z:;A3! A:;7229@3!G789!I9232!<?!G278<@7!=9?!F<35F<92!<@A5A8389!G2T@A;3!p,(11&ES!OPQPrK! !

<I<I?!.COTO`C@W@! !

&! ;27:7I23?3! I92387! 59C3! 9?! ;7:@3! 3=! 8A29@2A[9=! 387@383=S! 9! ?3@92A35A[3! I23MA;3?9:@9! 7! 29=<5@387! 87=! ;T5;<57=! 9M9@<387=! =9I<:87! 3! 2989! "#%1n'",! p,(11&ESOPQPrK!

!

OKOKRKQ!$A3I23?3!89!2989S!A89:@AMA;3J>7!87!;3?A:67!;2V@A;7!9!M75I3=! !

B&$&( J&//*%( <=>K>@'( 5*( ,:&+$&"&( ,!( $!,!( L( &( $!#$!%!./&-C*( +$E):2&( ,&%( 3@ACA8389=S! 59C3:87! 9?! ;7:@3! 3=! 89G9:8Z:;A3=! 9:@29! !0&%9I! -9=@3! 9@3G3! 7=! 8387=! ;759@387=!9!89MA:A87=!=>7!@23:=M72?387=!9?!<?!8A3I23?3!89!M59;63=!7<!457;7=K! -7! ?U@787! 83=! M59;63=S! A5<=@2387! :3! DAI<23! RS! 3=! 3@ACA8389=! =>7! 29G29=9:@383=! G953=! M59;63=! F<9! G32@9?! 89! <?! 9C9:@7! 9! @92?A:3! 9?! 7<@27S! ;7:9;@3:87! 9C9:@7=! 87! G27W9@7K!

(35)

]R! ! +N`YC@!?!;!)N@`C@W@!XG!+AGEF@DI! ! !!!!!!!!!!!!!!!!!!!D7:@9L!k<:I59=!pOPQ]rK! ! !kT!:7!?U@787!87=!457;7=S!;7:M72?9!A5<=@2387!:3!DAI<23!i!3=!3@ACA8389=! =>7! 29G29=9:@383=! G72! 457;7=! 9! 3=! M59;63=! 29G29=9:@3?! 3! 5AI3J>7! 9:@29! 3=! 3@ACA8389=K!! ! +N`YC@!S!;!)N@`C@W@!XG!KAOEODI! ! !!!!!!!!!!!!!!!!!!!D7:@9L!k<:I59=!pOPQ]rK! !

.7:[T59[! pOPP\r! ;A@3! F<9! 7! ?U@787! "#%1n'",! U! ?3A=! 3G27G2A387! G323! 7=! ;3=7=! 9?! F<9! 7=! @9?G7=! 89! 9H9;<J>7! 83=! 3@ACA8389=! =>7! G7<;7! ;7:69;A87=S! 9:C75C9:87!G27434A5A8389=!89!9H9;<J>7K!!

(36)

]i! !

&=! 8A3I23?3=! "#%1n'",! A:8A;3?! 7! A:@92Y2953;A7:3?9:@7! 83=! 3@ACA8389=S! 35U?! 89! G92?A@A2! 3! A89:@AMA;3J>7! 87! ;3?A:67! ;2V@A;7! 87! G27W9@7S! A=@7! US! 3=! 3@ACA8389=! F<9! ;3=7! =7M2929?! 35I<?! @AG7! 89! 3@23=7! @23:=?A@9?Y:7! 37! @U2?A:7! 87! G27W9@7K! E7?9:@9!298<J_9=!:3=!8<23J_9=!89=@3=!3@ACA8389=!;2V@A;3=!A?G5A;3?!9?!298<J>7!:7! G23[7! @7@35! 87! G27W9@7K! (=! 3@ACA8389=! :>7! ;2V@A;3=! G7==<9?! 35I<?3! ?32I9?! 89! @9?G7S!;63?383=!M75I3=S!9S!G72@3:@7S!G789?!=92!3@23=383=!3@U!7!@9?G7!?3A=!@3289! 83F<959! 9C9:@7! =9?! F<9! 3;3229@9! :<?! 3@23=7! 87! G27W9@7S! @72:3:87Y=9! 9:@>7! =<3=! 83@3=! M59HVC9A=! ;7:M72?9! G29M92Z:;A3! 87! I9=@72K! (! G2A?9A23! 83@3! 9?! F<9! <?3! 3@ACA8389! G789! =92! 9H9;<@383! U! ;63?383! 89! 19?G7! ,3A=! '987! 87! #C9:@7! 7<! =A?G59=?9:@9!'987K!$3!?9=?3!M72?3S!3!v5@A?3!83@3!89!9H9;<J>7!89!<?3!3@ACA8389! U! ;63?383! 89! 19?G7! ,3A=! 13289! 87! #C9:@7! 7<! 13289K! #:MA?! 3! M75I3! G789! =92! 89MA:A83!;7?7!3!8AM929:J3!9:@29!'987!9!13289!p,(11&ES!OPQPrK!

"323! 63C92! F<35F<92! 35@923J>7! :7! G23[7! MA:35! 83! 7423S! 89C9Y=9! 8A?A:<A2! 3! 8<23J>7! 89! 3@ACA8389=! F<9! M3[9?! G32@9! 87! ;3?A:67! ;2V@A;7! p3@ACA8389=! ;7?! M75I3! [927rS!G72U?!9==3!3;95923J>7!89!3@ACA8389=!G789!3;3229@32!9?!<?!3<?9:@7!:7!;<=@7! MA:35! 87! G27W9@7K! (==A?S! ;349! 37! G53:9W3872! 3:35A=32! =9! <?3! 8A?A:<AJ>7! 87=! ;<=@7=! A:8A29@7=!83!7423S!;3<=387=!G953!298<J>7!87!G23[7S!;7?G9:=3!7!3<?9:@7!87=!;<=@7=! 8A29@7=!plCA53!9!k<:I59=S!OPQPrK!!

!

OKOKRKO!.2TMA;7!89!.3:@@! !

$9! 3;7287! ;7?! lCA53! 9! k<:I59=! pOPQPrS! 7! I2TMA;7! 89! .3:@@! U! <?! A:=@2<?9:@7! 89!6A9232F<A[32!9!CA=<35A[32!I23MA;3?9:@9!3!8<23J>7!83=!3@ACA8389=!F<9!;7?G_9?!7! 9?G299:8A?9:@7K! (@23CU=! 83! 89MA:AJ>7! 87! ;7:W<:@7! 89! @329M3=! 3! =929?! 2935A[383=! 2935A[3Y=9! 7! I2TMA;7! 9?! 43223=! ;7?! 3=! 8<23J_9=! 9! =9F<9:;A3?9:@7! 83=! ?9=?3=K! E9I<:87! ,3@@7=! pOPQPrS! 7! I2TMA;7! A5<=@23! B! 9=F<9283! 3=! 3@ACA8389=! 9! B! 8A29A@3! =<3=! 29=G9;@AC3=!43223=!89=9:6383=!9?!<?3!9=;353!89!@9?G7K!&!;7?G2A?9:@7!83!43223! 29G29=9:@3! 3! 8<23J>7! 83! 3@ACA8389S! 9! 3=! 83@3=! 89! A:V;A7! 9! @U2?A:7! G789?! =92! CA=<35A[383=!:3=!=<48ACA=_9=!83!9=;353!89!@9?G7S!;7:M72?9!A5<=@2387!:3!DAI<23!^K!!

&! ?U@787! 89! 43223=! U! =A?G59=! 9! 89! MT;A5! 9:@9:8A?9:@7S! 3<HA5A3:87! 7! 3;7?G3:63?9:@7! 83! 7423S! G72U?! =<3! ?7:@3I9?! :>7! U! @>7! =A?G59=! 3==A?S! 29F<92! <?!;7:69;A?9:@7!3423:I9:@9!9!89@356387!83!7423!p.&-cl*#cS!OPP\rK!

(37)

]^! ! +N`YC@!Z!;!.COTO`C@W@!XG!1@TMMI! ! !!!!!!!!!!!!!!!!!!!D7:@9L!lCA53!9!k<:I59=!pOPQPrK! ! #:@29@3:@7S!.9643<92!pOPPOr!3592@3!F<9!7=!;27:7I23?3=!89!43223=!G<27=!:>7! 7M929;9?! :9:6<?3! A:M72?3J>7! =7429! 7! 3C3:J7! 89! <?3! 3@ACA8389! 89:@27! 89! <?! G27;9==7S! 35U?! 89! :>7! A:M72?329?! ;5323?9:@9! 3! 5AI3J>7! 5`IA;3! 89MA:A83! :3! G29;98Z:;A3!83=!3@ACA8389=K!(@<35?9:@9!7=!$-.&/(#"$'89!I929:;A3?9:@7!89!G27W9@7=S! @35! ;7?7! 7! 01' 2#-3"4&5' A:M72?3?! @3?4U?! 3=! A:M72?3J_9=! 83=! G29;98Z:;A3=! 83=! 3@ACA8389=S!?956723:87!3!CA=<35A[3J>7!I57435!87!;27:7I23?3K!

!

<I<IS!.COTO`C@W@!RQDNEO;RNT@TEGNCO! !

&! ;27:7I23?3! MV=A;7YMA:3:;9A27! @9?! ;7?7! 74W9@AC7! 3G29=9:@32! 3! G29CA=>7! 83! F<3:@A8389! 89! G278<J>7! 9! 87=! 89=9?475=7=! F<9! 7;72292>7! 9?! ;383! G92V787! 83! 9H9;<J>7! 89! <?! G27W9@7K! -959! ;7:=@3?! 7! @9?G7! 89! 8<23J>7! 89! ;383! 3@ACA8389S! 3! F<3:@A8389!MV=A;3!83!3@ACA8389!3!=92!;<?G2A83S!9!7=!29;<2=7=!MA:3:;9A27=!29F<92A87=! G72! ;383! 3@ACA8389! 9?! ;383! G92V787! F<9! U! 2935A[383K! (7! MA:35S! =9! =7?383=! 3=! F<3:@A3=!89!;383!G92V787S!U!G7==VC95!74@92Y=9!7!M5<H7!89!;3AH3!87!9?G299:8A?9:@7! pl)0*(!9!k/-.*#ES!OPQPrK!

.758?3:! pQjj^r! 89=@3;3! F<9! U! :9;9==T2A7! 59C32Y=9! 9?! ;7:=A8923J>7! ;323;@92V=@A;3=! @U;:A;3=! 89! 9H9;<J>7S! 3==A?! ;7?7! 3! G75V@A;3! 83! 9?G29=3! F<3:@7! B!

(38)

]\! ! ;7?G23!89!?3@92A3A=S!M9;63?9:@7!89!I23:89=!;7:@23@7=S!;7:8AJ_9=!89!G3I3?9:@7!9! 293W<=@3?9:@7=S!G323!9H9;<@32!<?!;27:7I23?3!;7?!473!?32I9?!89!G29;A=>7K!,<A@3=! C9[9=S!G72!F<9=@_9=!MA:3:;9A23=S!3!7423!G7892T!@92!=9<!2A@?7!298<[A87!7<!3@U!?9=?7! 3<?9:@387S!;3=7!=9W3!A:@929==3:@9!87!G7:@7!89!CA=@3!87!9?G299:89872K! ! <I<IZ!.YCB@!(! !

lCA53! 9! M3.+0!%( <=>K>@( ,!):.!"( 83$4&( 5N9( 2*"*( 3"&( 23$4&( ,!( &23"<53J>7S! 89=@A:383! 37! 3;7?G3:63?9:@7! G92A`8A;7! 83! 9C75<J>7! 89! 89@92?A:387! M3@72! 89! G278<J>7! 37! 57:I7! 87! @9?G7S! ;7?7! M3@<23?9:@7S! ;<=@7=S! F<3:@A8389! 89! G278<J>7S! ?>7! 89! 7423S! 9@;K! &=! 3<@729=! 29==35@3?! 3A:83! F<9! 3! ;<2C3! G92?A@9! 3! ;7?G323J>7! 3;<?<5383!87=!89=9?475=7=!2935A[387=!;7?!7=!72J387=S!89MA:A2!7=!5A?A@9=!?THA?7=! 9!?V:A?7=!87=!29;<2=7=!MA:3:;9A27=!3!=929?!A:C9=@A87=!9!:9;9==T2A7=!G323!3@9:892! G23[7=!;7:@23@<3A=S!C92AMA;32!=9!7!72J3?9:@7!3@9:89!37!F<9!M7A!G27I23?387!9!?7=@232! 3!:9;9==A8389!87!29G53:9W3?9:@7!:7!;3=7!89!<5@23G3==3I9?!89!29;<2=7=!7<!G23[7=K! ! (@23CU=!89==3!;<2C3S!7!G27I29==7!87!9?G299:8A?9:@7!G789!=92!?7:A@72387! 3@23CU=! 87! ;<=@7! @7@35! 87! 9?G299:8A?9:@7! 7<! 89! 3@ACA8389=! ;63C9=S! G92?A@A:87!CA=<35A[32!3!G27W9J>7!89!;<=@7=!9!83!29;9A@3!87!9?G299:8A?9:@7! A:@9I23:87! A:M72?3J_9=! 8A=G7:VC9A=! G957=! 8AM929:@9=! =9@729=L! 72J3?9:@7S! ;7:@23@7=S!M72?3=!89!G3I3?9:@7S!G53:9W3?9:@7!83!G278<J>7!9! G27W9J>7! 89! $!2!:/&9I(O!$.(!(P*$"*%*'!OPPO!p3G<8!-9359!9!-9359!SQj\jS!GIKOr!!

'

E9I<:87! ,3@@7=! pOPQPrS! 9==3! ;<2C3! 29M59@9!7! G27I29==7! 59:@7Y2TGA87Y59:@7! 87! G27W9@7S!38F<A2A:87!=9<!3=G9;@7!=A:<7=7K!&!3<@72!74=92C3!F<9! 7!:VC95!89!3@ACA8389=! 9H9;<@383=!9?!<?!G27W9@7!3==9?9563Y=9!3!<?3!;<2C3!89!.3<==S!;7:M72?9!3!DAI<23! \S!7:89!I9235?9:@9!7!@2343567!;7?9J3!9?!2A@?7!59:@7S!G3==3:87!G27I29==AC3?9:@9!3! <?! 2A@?7! ?3A=! A:@9:=7S! 9! 37! MA?! 87! G27W9@7! 3! F<3:@A8389! 89! @2343567! ;7?9J3! 3! 89;29=;92K!!!!!! ! ! ! ! !

Referências

Documentos relacionados

A constituição do grupo e as atividades realizadas no percurso de um ano entre 2013 e 2014 estão aqui relatadas, tais como: as reuniões na Universidade e na escola, os

Para alguns autores que trabalham com os aspectos da segregação socioespacial como Jean Lojkine (1981), o processo de produção capitalista gera contradições na política

[r]

Como o próprio nome do documento informa, é um contrato firmado entre o apelante e os apelados, não gozando da autonomia e da cartularidade típica dos títulos de crédito, ou

h) petição inicial do processo de execução instruída com memória discriminada de cálculos; i) conta da liquidação correspondente ao valor requisitado; e.. j) decisão que tiver

Na capital dos Estados, no Distrito Federal e em outras cidades onde for necessário, neste último caso, por decisão do Tribunal Regional Federal, serão instalados Juizados

comunicação, publicidade ou marketing, para compor a subcomissão técnica para o julgamento das propostas técnicas apresentadas em licitação na modalidade Concorrência p/

Vamos à pergunta a ser debatida nesta mesa: “por quê e para que fazer estudos das ideias e do pensamento latino-americano?” No meu caso, sempre implicaria em estudar as