A aprendizagem da interculturalidade no contexto da disciplina de Português língua não materna

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o596 D9F?M9?= D=9JF=J O@G @9K D=9JFL GFDQ L@= ?J9EE9J 9F< NG;9:MD9JQ G> 9 D9F?M9?= AK L@=J=>GJ= FGLO=DD=IMAHH=<LG;GEEMFA;9L=AFL@9LD9F?M9?=p H KL9EGK;GFLJ9 GM9>9NGJ<==KL99>AJE9XWG-=;GDG;9JEGKME9H=J?MFL9;GEGo)IM=YIM=GK9HJ=F<=FL=K <=D\F?M9K<=N=E9HJ=F<=J9DYE<=?J9ETLA;9=NG;9:MDTJAGp9GKHJG>=KKGJ=K<=D\F?M9K Y HJGNTN=DIM=G:L=F@9EGKJ=KHGKL9K;GEG9K;GEH=L[F;A9K<=J=;=XWG HJG<MXWG=AFL=J9XWG HGJ=P=EHDG GMNAJ >9D9J D=J =K;J=N=J=AFL=J9?AJ (G=FL9FLG K=JTIM=9D?MFKNWGAF;DMAJ9 H9D9NJ9q;MDLMJ9rF9KM9J=KHGKL9=>9;LG F9;AL9XWG9;AE9 &A<<A;G9L=KLT9J=>=JAJ K=U;MDLMJ9 FL=K<=KL9;AL9XWG G9MLGJ9>AJE9IM=o5;6GEEMFA;9LAGFAKFGL @GO=N=J BMKL9IM=KLAGFG> ?J9EE9J 9F< NG;9:MD9JQ AL AK 9DKG 9 IM=KLAGF G> ;MDLMJ= N=JQ E=KK9?= 9 @ME9F :=AF? ;GEEMFA;9L=KL@JGM?@D9F?M9?=AK;GEEMFA;9L=<AF9;MDLMJ9D;GFL=PLp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o9DDD9F?M9?= =<M;9LAGFK@GMD<9DO9QK9DKG:=AFL=J;MDLMJ9D=<M;9LAGFp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•. )IM=YME=FKAFG;GEMFA;9LANGAFL=J;MDLMJ9DFGVE:ALG<=&\F?M9FWG'9L=JF9.

(41) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. •. . +M9D Y 9 ;GEH=L[F;A9 9DNG IM= G =FKAFG ;GEMFA;9LANG AFL=J;MDLMJ9D NAK9 <=K=FNGDN=J . •. ) =FKAFG ;GEMFA;9LANG AFL=J;MDLMJ9D HG<= 9BM<9J GK 9HJ=F<=FL=K <= ;MJKG <= *GJLM?M[K &\F?M9 FWG '9L=JF9 F9 /FAN=JKA<9<= 9L^DA;9 *GJLM?M=K9 n =FLJG ,=?AGF9D<=J9?9n9J=>D=LAJF9<A>=J=FX9=FLJ=9;MDLMJ9HGJLM?M=K9=9KM9;MDLMJ9 <=GJA?=E. *9J9J=KHGF<=J=KL9KH=J?MFL9K GKG:B=LANGKIM=HJGHGEGKH9J9=KL9AFN=KLA?9XWGKWGGK K=?MAFL=K •. ,=>D=LAJKG:J=G;GF;=ALG<=;GEH=L[F;A9;GEMFA;9LAN9AFL=J;MDLMJ9DFGVE:ALG<= =FKAFG<=D\F?M9K . •. =>AFAJG;GF;=ALG<G=FKAFG;GEMFA;9LANGAFL=J;MDLMJ9D<=&\F?M9FWG'9L=JF9=GK K=MKH9JVE=LJGK . •. 9R=J G D=N9FL9E=FLG <9K =KLJ9LY?A9K ;GEMFA;9LAN9K AFL=J;MDLMJ9AK MK9<9K H=DG AFN=KLA?9<GJFG=KLT?AGH=<9?^?A;GFGVE:ALG<==FKAFG<=*GJLM?M[K&\F?M9FWG '9L=JF9 . •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

(42) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . AFN=KLA?9XWG (GK=ML=J;=AJG;9H\LMDG ;GE:9K=<GKHJAE=AJG=K=?MF<G;9H\LMDGK HJ=L=F<= J=D9L9J G HJG;=KKG = G J=KMDL9<G <G =KLT?AG H=<9?^?A;G J=9DAR9<G F9 /FAN=JKA<9<= 9L^DA;9 *GJLM?M=K9 <MJ9FL=G9FGD=LANG

(43) FGVE:ALG<==FKAFG<=*&(' HJ=;AK9E=FL= FG ;GFL=PLG<99HJ=F<AR9?=E<=ME?JMHG<=9DMFGKF9LMJ9AK<9!MAFY AKK9M=<=F?GD9 . .

(44) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . *:./&)(-%())'/(%.%0)!%(.!,/&./,& !:(#/(6).!,( G =K;GD@=J ;GEG HJG:D=ETLA;9 9 AF;DMKWG <= <AE=FKWG ;GEMFA;9LAN9 AFL=J;MDLMJ9D FG IM9<JG<GHJG;=KKG<==FKAFG 9HJ=F<AR9?=E<=<AK;AHDAF9<=*&(' GHJ=K=FL==KLM<GHJGHa=. K= F=KL=;9H\LMDG • 9HJ=K=FL9J<=IM=>GJE99;GEH=L[F;A9;GEMFA;9LAN9L=ENAF<G9K=JLJ9:9D@9<9 =EA<TLA;9<=&\F?M9K9GDGF?G<GL=EHG • 9F9DAK9J <= IM= >GJE9 9K ;GEH=L[F;A9K ;MDLMJ9D = AFL=J;MDLMJ9D KWG LJ9L9<9K FG VE:ALG<9A<TLA;9 • EGKLJ9J NTJAGK EG<=DGK <= ;GEH=L[F;A9 ;GEMFA;9LAN9 AFL=J;MDLMJ9D # = 9:GJ<9?=FK <A<TLA;9K ;MBG G:B=LANG Y 9 ;GEMFA;9XWG AFL=J;MDLMJ9D <=EGKLJ9F<G A?M9DE=FL=<=IM=EG<G=KL9K9:GJ<9?=FK;GE:AF9E9AFL=J;MDLMJ9DA<9<=;GEG =FKAFG<=D\F?M9K )'*!.9(%)'/(%.%0!'% 5.% !&:(#/- FL=K<=<=K=FNGDN=JGL^HA;GJ=KH=AL9FL=9G=FKAFG;GEMFA;9LANGAFL=J;MDLMJ9D=GKK=MK G:B=LANGK J=D9;AGF9<GK ;GE 9 ;GFKLJMXWG <= ME9 ;GEH=L[F;A9 ;GEMFA;9LAN9 AFL=J;MDLMJ9D # YF=;=KKTJAG>9R=JEGKHJAE=AJ9E=FL=ME9J=NAKWG;JGFGD^?A;9<9<=>AFAXWG<GL=JEG q;GEH=L[F;A9r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

(45) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . *=<JG H <ANA<==KK9KE=LG<GDG?A9K=ELJ[K?JMHGK )HJAE=AJG?JMHGAF;DMAG EYLG<GLJ9<A;AGF9D L9E:YE;@9E9<G?J9ETLA;9 LJ9<MXWG MK9<GHJAF;AH9DE=FL=FG=FKAFG<= D\F?M9KEGJL9K NAK9F<GKG:J=LM<G9D=ALMJ9=9;GEHJ==FKWG<=L=PLGKDAL=JTJAGK )K=?MF<G ?JMHG;GEHa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o5L6GML=K<=MP IM=DrGFFr9HH=DD=HDMKEYL@G<GDG?A=K GFLD=EYJAL= <= J=;GFF9]LJ= DrAEHGJL9F;= <= D9 ;GEHYL=F;= DAF?MAKLAIM= LGML=>GAK =DD=K Q 9BGML=FL MF= FGMN=DD=<AE=FKAGFD9<AE=FKAGF;MDLMJ=DD=GMKG;A9D=<=D9D9F?M=p KL9K<M9K9:GJ<9?=FK FWG K^ N9DGJAR9E 9 AEHGJLVF;A9 <= ;GEH=L[F;A9 DAF?M\KLA;9 E9K L9E:YE AF;GJHGJ9E 9 <AE=FKWG;MDLMJ9D=KG;A9D<9KD\F?M9K )G:B=LANG<=KL9K<M9K9:GJ<9?=FKY =>=;LAN9E=FL= 9 ;GEH=L[F;A9<=;GEMFA;9XWGGM9;GEH=L[F;A9<=;GEMFA;9JKG;AGDAF?MAKLA;9E=FL= )E=KEG AFN=KLA?9<GJA:A<=E;GFKA<=J9IM=G=FKAFG<=D\F?M9KK^;GE=XGM9<9JAEHGJLVF;A9U;MDLMJ9 ;GEGKMJ?AE=FLG<99:GJ<9?=E;GEMFA;9LAN9=;GFLAFM99J=ANAF<A;9J=KK9AEHGJLVF;A9;GE 99:GJ<9?=E9;AGF9D (G=FL9FLG *MJ=F ;GFKA<=J9IM= 9GDGF?G<9@AKL^JA9<==FKAFG 9;MDLMJ9>GAK=EHJ=LJ9L9<9<=ME9>GJE9GM<=GMLJ9 =:9L=J=EGKE9AK9HJG>MF<9<9E=FL= =KL=L^HA;GF9K=;XWG .

(46) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . J=NAKWG <9 DAL=J9LMJ9 J=9DAR9<9 KG:J= 9 @AKL^JA9 <G =FKAFG <= D\F?M9K =E L=JEGK <= E=LG<GDG?A9K=;GEH=L[F;A9KNAK9<9KH=JEAL= FGKEGKLJ9JIM=;9<9ME9HJ=L=F<=<=K=FNGDN=J ME9;GEH=L[F;A9<AKLAFL9 (G=FL9FLG GIM=Yq;GEH=L[F;A9r=EA<TLA;9<=&\F?M9K ) L=JEG q;GEH=L[F;A9r L=E KA<G ME <GK E9AK <AK;MLA<GK = HGDAKKYEA;GK FG VE:ALG <9 &AF?M\KLA;9 <9&AF?M\KLA;9HDA;9<9=<9A<TLA;9 HGJIM=9GDGF?G<GL=EHG@TEMALGK9MLGJ=K IM=GMLADAR9E;GEK=FLA<GK<A>=J=FL=K ;9<9ME9<9HL9F<G9FGXWG<=;GEH=L[F;A9UKHGKAXa=K IM=<=>=F<= =>9;LG ;9<99MLGJMK99E=KE9H9D9NJ9H9J9K=J=>=JAJ9;GF;=ALGK<A>=J=FL=K *GJAKKG 9FL=K<=9:GJ<9JGFGKKGL=E9=KH=;\>A;G 9# YF=;=KKTJAG9F9DAK9JG;GF;=ALG9LM9D <=;GEH=L[F;A9==EIM=>GJE9=D==KLT9K=JLJ9:9D@9<GFGVE:ALG<=A<TLA;9 -ADN9 >=RME9H=KIMAK9=P9MKLAN9=EJ=D9XWGU<=>AFAXWG<=;GEH=L[F;A9;GEMFA;9LAN99GDGF?G<G L=EHG <=>AFAXWG;DTKKA;9<=;GEH=L[F;A9<9<9HGJ@GEKCQYL9DN=R9E9AK;GF@=;A<9 *9J9G9MLGJ 9;GEH=L[F;A9YG;GF@=;AE=FLGIM=MEAF<AN\<MGHGKKMAKG:J=9D\F?M9IM=>9D9 AKLG Y G ;GF@=;AE=FLG E=L9DAF?M\KLA;G DYE <= ;GEH=L[F;A9 G 9MLGJ HJGH_K G L=JEG q<=K=EH=F@Gr:/<09<7+8-/H9J9<=K;J=N=JGMKGJ=9D<9D\F?M9FME9KALM9XWG;GF;J=L9 ) <=K=EH=F@G<=ME>9D9FL=K=JTMEJ=>D=PG<AJ=LG<9KM9;GEH=L[F;A9IM9F<GK=LJ9L9<=ME >9D9FL= A<=9D IM= ;GF@=;= H=J>=AL9E=FL= 9 KM9 D\F?M9 FWG Y 9>=L9<G HGJ ;GF<AXa=K ?J9E9LA;9DE=FL= AJJ=D=N9FL=K =KL= EG<G @GEKCQ =KL9:=D=;= ME9 K=H9J9XWG =FLJ= ;GF@=;AE=FLG<=D\F?M9=MKG<=D\F?M9 GIM=D=NGMEMALGK=KLM<AGKGK<9E=KE9TJ=99;JALA;9J 9KM9HGKAXWG "QE=K ;JALA;GM 9 HJGHGKL9 <= ;GEH=L[F;A9 <= @GEKCQ HGJ K=J ME9 <=>AFAXWG AF;GEHD=L9 ;GE=FL9F<GIM=oL@=J=9J=JMD=KG>MK=OAL@GMLO@A;@L@=JMD=KG>?J9EE9JOGMD< :=MK=D=KKpA<=E H =o5L6@AK;GEH=L=F;= EGJ=GN=J AKAFL=?J9DOAL@9LLALM<=K N9DM=K 9F<EGLAN9LAGFK;GF;=JFAF?D9F?M9?= ALK>=9LMJ=K9F<MK=K 9F<AFL=?J9DOAL@;GEH=L=F;=>GJ 9F< 9LLALM<=K LGO9J< L@= AFL=JJ=D9LAGF G> D9F?M9?= OAL@ L@= GL@=J ;G<= G> ;GEEMFA;9LAN= ;GF<M;LpA:A<=E -=?MF<G"QE=K H9J9>9D9J;GJJ=L9E=FL=ME9D\F?M9 FWGK^YF=;=KKTJAG.

(47) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . 9HJ=F<=JDYPA;G=?J9ETLA;9 E9KL9E:YEY=KK=F;A9D9HJ=F<=J=EIM=KALM9Xa=K9KH9D9NJ9KKWG MK9<9K AKLGY ;GEGGK>9D9FL=KF9LANGK 9DYE<=HGKKMAJG;GF@=;AE=FLG<9D\F?M9 L9E:YE HGKKM=E G ;GF@=;AE=FLG <= J=?J9K KG;A9AK K9:=E IM9F<G <=N=E >9D9J = K9:=E =K;GD@=J 9K H9D9NJ9K==FMF;A9<GKE9AK9<=IM9<GK;GF>GJE=9<AN=JKA<9<=<9KKALM9Xa=K )AFN=KLA?9<GJ;GFKA<=J9IM=9;GEH=L[F;A9HJGHGKL9HGJ@GKECQFWGYF9<9<A>=J=FL= <=ME9;GEH=L[F;A9?J9E9LA;9D =>9;LG H9J9 @GEKCQ GL=JEG;GEH=L[F;A9Y =P;DMKANG H9J9 G ;GF@=;AE=FLG <= ?J9ETLA;9 <= ME9 D\F?M9 =FIM9FLG "QE=K ;GFKA<=J9 IM= 9 ;GEH=L[F;A9<=N=K=JE9AK9:J9F?=FL==9;J=K;=FL9GL=JEGq;GEMFA;9LAN9r9q;GEH=L[F;A9r *GJ=KL=VF?MDG 9;GEH=L[F;A9;GEMFA;9LAN9<="QE=KAF;GJHGJ9G;GF@=;AE=FLG<=D\F?M9 ;GEH=L[F;A9=GMKGJ=9D<=D\F?M9=EKALM9Xa=K;GF;J=L9K<=K=EH=F@G<=@GEKCQF9KM9 <=>AFAXWG ;GEH=L[F;A9 ;GEMFA;9LAN9 <= "QE=K Y ;GEHGKL9 HGJ <M9K KM:;GEH=L[F;A9K 9 ;GEH=L[F;A9 DAF?M\KLA;9 = 9 ;GEH=L[F;A9 KG;AGDAF?M\KLA;9 9 HJAE=AJ9 Y G ;GF@=;AE=FLG <9 D\F?M9=9bDLAE9YG;GF@=;AE=FLG<GK=MMKGJ=9D 9F9D==-O9AF H 9>AJE9EIM=9;GEH=L[F;A9;GEMFA;9LAN9YNAKL9HGJ"QE=K ;GEG ME9 AFL=?J9XWG ?J9E9LA;9D HKA;GDAF?M\KLA;9 KG;AG;MDLMJ9D = HJG:9:AD\KLA;9 .9D ;GEG "QE=K 9F9D==-O9AFL9E:YEHJGHMK=J9EMEEG<=DG<=;GEH=L[F;A9;GEMFA;9LAN9o5G6MJ GOF L=FL9LAN= L@=GJQ G> ;GEEMFA;9LAN= ;GEH=L=F;= EAFAE9DDQ AF;DM<=K L@J== E9AF ;GEH=L=F;=K?J9EE9LA;9D;GEH=L=F;= KG;AGDAF?MAKLA;;GEH=L=F;= 9F<KLJ9L=?A;;GEH=L=F;=p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o5H69J9 9F9D= = -O9AF GK 9DMFGK K^ 9<IMAJAJA9E -97:/>L8-3+ -97?83-+>3@+ K= >A;9KK=E =PHGKLGK <=E9F=AJ9MFA>GJE= 9=KK9KIM9LJG>GJE9K<=;GEH=L[F;A9Kp 9;@E9F H9JL= <G EG<=DG <= 9F9D= = -O9AF = HJGHa= GMLJG EG<=DG IM= ;GEHJ==F<=LJ[K;GEHGF=FL=K;GEH=L[F;A9DAF?M\KLA;9 ;GEH=L[F;A9=KLJ9LY?A;9=E=;9FAKEGK HKA;G>AKAGD^?A;GK ) E=KEG AFN=KLA?9<GJ KM:KLALMA G L=JEG ;GEH=L[F;A9 HGJ ;GF@=;AE=FLG HGJIM= 5L6@AK<=K;JAHLAGFG>D9F?M9?=CFGOD=<?=AK=KK=FLA9DDQL@=K9E=9K9;@E9FrK :<AK;MKKAGF G>D9F?M9?=;GEH=L=F;= .@=;@9F?=AFL=JEAFGDG?Q>JGE;GEH=L=F;=LGCFGOD=<?=J=>D=;LKL@= NA=OL@9LL@=>GJE=JL=JEFGO;9JJA=KOAL@AL9?J=9L<=9DG>MFF=;=KK9JQK=E9FLA;:9??9?=L@9L E9C=KALD=KKMK=>MD;GF;=HLM9DDQL@9FALGF;=O9K H . . 9;@E9F=*9DE=J9HJG>MF<9EGEG<=DG<=9;@E9F =HJGHa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o9H=<9?G?A;9D?J9EE9JG> AFL=J9;LAGFL@9LKMEE9JAR=KL@=E9AFJMD=K E9PAEK ;GFN=FLAGFK EA;JGKCADDK KLJ9L=?A=K9F< JGMLAF=KL@9LKH=9C=JKMK=AF;GF<M;LAF?KEGGL@ JMFFAF?=N=JQ<9Q;GEEMFA;9LAGFpA:A<=E HJGHGF<GMEEG<=DG<=;GEH=L[F;A9;GEMFA;9LAN9IM=K=:9K=A9FGEG<=DG<=9F9D==-O9AF =<=9F9D= )EG<=DG<==D=;= 'MJ;A9=L9D YJ=HJ=K=FL9<G;GEGME LJAVF?MDGIM=;GFLYEME;\J;MDGFGE=AG=Y;=J;9<GHGJGMLJG;\J;MDGE9AGJ . A?MJ9 ,=HJ=K=FL9XWGKAKL=ETLA;9<GEG<=DG<=;GEH=L[F;A9;GEMFA;9LAN9<==D=;= 'MJ;A9=L9D GFL==D=;= 'MJ;A9=L9D H . (9>A?MJ9 GKLJ[KNYJLA;=K<GLJAVF?MDGJ=HJ=K=FL9E9;GEH=L[F;A9KG;AGDAF?M\KLA;9 9 ;GEH=L[F;A9DAF?M\KLA;9=9;GEH=L[F;A99;AGF9D );\J;MDG<=FLJG<GLJAVF?MDGY;GEH=L[F;A9 . . (GKK9LJ9<MXWG )L=JEGGJA?AF9DY:6+883819;@E9F*9DE=J H .

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(51) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . .=FL=EGK =P=EHDA>A;9J ;GF;J=L9E=FL= AE9?AF=EGK IM= ME BGN=E =FLJGM FME9 ;9JJM9?=E<=;GE:GAGK=E>=;@9J9HGJL9 )K=F@GJK=FL9<G9GD9<G<=HGJL9H=J?MFL9 D@=oSK <=J9?9p)BGN=EJ=KHGF<=o(WG -GM<=&AK:G9 p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bDLAE9 ;GEGFGEG<=DG<=9F9D==-O9AF K GMLJ9K ;GEH=L[F;A9K <G EG<=DG <= =D=;= 'MJ;A9 =L 9D KWG K=E=D@9FL=K UK <GK EG<=DGKIM=<=K;J=N=EGKFGKH9JT?J9>GK9FL=JAGJ=K (G =FL9FLG Y <= FGL9J IM= 9 J=D=NVF;A9 <9 ;GEH=L[F;A9 9;AGF9D <G EG<=DG <= =D=;=. 'MJ;A9 =L 9D <= 9D?ME EG<G Y J=LGE9<9 H=D9 HJGHGKL9 <G +M9<JG MJGH=M GEME <= ,=>=J[F;A9 H9J9 9K D\F?M9K GFK=D@G <9 MJGH9 ) +,& HJGHa= ME9 9:GJ<9?=E <=FGEAF9<9q*=JKH=LAN9;AGF9Dr -=?MF<G9?FGDA GLLA *J9<=JA=,M=D D9H=JKH=;LAN=9;LAGFF=DD=J=>DZL=D=H9KK9?=<MH9J9<A?E=<=D9;GEEMFA;9LAGF9MH9J9<A?E=<= Dr9;LAGF )FF=;GEEMFAIM=HDMKK=MD=EF=LHGMJH9JD=J9N=;Dr9MLJ=E9AKHGMJ9?AJ9N=;Dr9MLJ= &r9HHJ=F9FL=KL9MKKA9HHJ=F9FL MK9?=J<rMF=D9F?M= IM=D=KL9;@=K;GEEMFA;9LAN=KF=KGFLH9K K=MD=E=FLD9F?9?AZJ=K=LIM=D=K9;L=K<=H9JGD=KGFL9MKKA<=K9;L=KKG;A9MP IM=DrGFH=ML<AJ= IM=LGML9HHJ=F9FL=KLMF9;L=MJKG;A9D H . GEG9?FGDA=L9D J=>=J=E 9*=JKH=LAN9;AGF9DY:9K=9<9FGHJ=KKMHGKLG<=IM=;9<9 9HJ=F<=FL=<=D\F?M9YNAKLG;GEGME9LGJKG;A9DIM=AFL=JNYE=E<A>=J=FL=K;GFL=PLGK J=9DAR9 <=L=JEAF9<9KL9J=>9K;GEMFA;9LAN9K MK9F<G9KM9;GEH=L[F;A9;GEMFA;9LAN9.=AP=AJ9 H )K9LGK<=>9D9KWG9KKAEL9E:YE;GFKA<=J9<GK;GEG9LGKKG;A9AK =D=;= 'MJ;A9=L9D J=;GE=F<9Eo L@9L>MLMJ=&.KQDD9:MK=KK@GMD<L9C=AFLG9;;GMFLL@=O9Q>MF;LAGFK9F<.

(52) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . KH==;@9;LK:J=9C<GOFAFLGKM;@K=LK9F<J=;GEE=F<L@9LKH==;@9;LK:=HJ=K=FL=<9F<L9M?@L 9;;GJ<AF?DQp H E:GJ99*=JKH=LAN9;AGF9D=G=FKAFG;GEMFA;9LANG<=D\F?M9 L=F@9EKM:B9;=FL=KG:B=LANGK<A>=J=FL=K 9K<M9K9:GJ<9?=FKKWG:9K=9<9KFGKHJAF;\HAGK<=IM= 9 ;GEMFA;9XWG Y 9 AFL=J9XWG KG;A9D GK 9HJ=F<=FL=K FWG K^ KWG >9D9FL=K <= ME9 D\F?M9 E9K L9E:YE MLADAR9<GJ=K KG;A9AK <9 D\F?M9 ) EG<=DG <= ;GEH=L[F;A9 ;GEMFA;9LAN9 <= =D=;=. 'MJ;A9=L9D HJ=KKMHa=IM=G=FKAFG<=D\F?M9FWGHJ=;AK99H=F9K<=<9JAEHGJLVF;A9U=KLJMLMJ9 <9D\F?M9 E9KL9E:YE9GK=MMKG;GF;J=LGF9NA<9J=9D ;GEGHGJ=P=EHDG FG=P=EHDG9;AE9 J=>=JA<G GEG HG<=EGK N=JA>A;9J FGK H9JT?J9>GK 9FL=JAGJ=K <MJ9FL= EMALGK 9FGK G ;GF;=ALG <= ;GEH=L[F;A9;GEMFA;9LAN9=GKK=MK;GEHGF=FL=K>GJ9EK=F<GEG<A>A;9<GK=;GF;J=LAR9<GK E 9>AE<=J=KHGF<=J9GG:B=LANG?=J9D<GGFK=D@G<9MJGH9<=>GJF=;=JMEEG<=DG <=9HJ=F<AR9?=E =FKAFG=9N9DA9XWGIM=K=9HDAIM=9LG<9K9D\F?M9K<9MJGH9 GGFK=D@G<9 MJGH9HM:DA;GMME<G;ME=FLG<=FGEAF9<Gq+M9<JGGEMEMJGH=M<=,=>=J[F;A9H9J99K &\F?M9Kr (GKFGKKGK<A9K G+,&Y;GFKA<=J9<G;GEGME?MA9AF<AKH=FKTN=DH9J9G=FKAFG <9K D\F?M9K NAN9K =MJGH=A9K .9D ;GEG GK AFN=KLA?9<GJ=K E=F;AGF9<GK 9;AE9 G +,& L9E:YEHJGHa=LJ[K;GEH=L[F;A9K;GFKA<=J9<9KJ=D=N9FL=KH9J9G=FKAFG<9KD\F?M9KNAN9K9 ;GEH=L[F;A9?=J9D 9;GEH=L[F;A9;GEMFA;9LAN9=9;GEH=L[F;A9HDMJA;MDLMJ9D L=FL=EGKFG EG<=DG<9;GEH=L[F;A9;GEMFA;9LAN9HJGHGKL9H=DG+,& K ;GEH=L[F;A9K ;GEMFA;9LAN9K <G +,& GFK=D@G <9 MJGH9 H ;GEHJ==F<=E LJ[K ;GEHGF=FL=K ;GEH=L[F;A9K DAF?M\KLA;9K ;GEH=L[F;A9 KG;AGDAF?M\KLA;9 = ;GEH=L[F;A9KHJ9?ETLA;9K K ;GEH=L[F;A9K DAF?M\KLA;9K FG EG<=DG <G +,& J=>=J=E K= U ;9H9;A<9<= <= MK9J D\F?M9H9J9>AFK;GEMFA;9LANGK =KH=;A>A;9F<GG<GE\FAG<9K;GEH=L[F;A9KD=PA;9D ?J9E9LA;9D K=EVFLA;9 >GFGD^?A;9 GJLG?JT>A;9=GJLGYHA;9A<=E H ;GEH=L[F;A9KG;AGDAF?M\KLA;9J=>=J= K=9GK;GF@=;AE=FLGK=;9H9;A<9<=K=PA?A<9KH9J9 GMKG9HJGHJA9<G<9D\F?M9=E<A>=J=FL=K;GFL=PLGKKG;AG;MDLMJ9AK GEGG+,&9>AJE9 o .

(53) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . FGIM=<ARJ=KH=ALG9GKG;AG;MDLMJ9D YJ=D=N9FL=H9J99;GEH=L[F;A9KG;AGDAF?M\KLA;9pA<=E H ;GF;J=LAR9F<G=ENTJAGK9KH=LGK;GEGGKE9J;9<GJ=KDAF?M\KLA;GK<=J=D9Xa=KKG;A9AK 9K J=?J9K<=<=DA;9<=R9 9K=PHJ=KKa=K<=K9:=<GJA9HGHMD9J 9K<A>=J=FX9K<=J=?AKLG=GK<A9D=LGK =GKKGL9IM=K K ;GEH=L[F;A9K HJ9?ETLA;9K ;GEHJ==F<=E 9 ;GEH=L[F;A9 <AK;MJKAN9 9 ;GEH=L[F;A9 >MF;AGF9D=9;GEH=L[F;A9<=;GF;=XWG ;GEH=L[F;A9<AK;MJKAN9J=>=J= K=U;9H9;A<9<=<= GJ?9FAR9J >J9K=K H9J9 HJG<MRAJ <AK;MJKGK GM L=PLGK ;G=J=FL=K ;GEH=L[F;A9 >MF;AGF9D o<AR J=KH=ALG9GMKG<=D\F?M9H9J9>AFKAFL=J9LANGK ;GEH=L[F;A9<=;GF;=XWGJ=>=J= K=UK=IM[F;A9 D^?A;9<GK=FMF;A9<GK<=9;GJ<G;GEG=KIM=E9AFL=J9;AGF9D=LJ9FK9;AGF9DpA<=E H (G=FL9FLG GEG<=DG<=;GEH=L[F;A9;GEMFA;9LAN9<G+,& ;GFLAFM99K=J 9>AF9<G KKAE =E GGFK=D@G<9MJGH9HM:DA;GMMENGDME=<=9;GEH9F@9E=FLG;GE FGNGK <=K;JALGJ=K <G +,& =E IM= G>=J=;= ME =KIM=E9 =PHDA;9LANG <G EG<=DG <= ;GEH=L[F;A9 ;GEMFA;9LAN9 >GJF=;=F<G ME9 NAKWG H9FGJVEA;9 <GK K=MK ;GEHGF=FL=K ;GEG HG<=EGKN=JA>A;9JF9>A?MJ9 . A?MJ9 ,=HJ=K=FL9XWGKAKL=ETLA;9<GEG<=DG<=;GEH=L[F;A9;GEMFA;9LAN9<G+,& GFL=GFK=D@G<9MJGH9 H .

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a=K<A<TLA;9K GFL=*MJ=F . . . N=JKWGGJA?AF9D>J9F;=K9>GAHM:DA;9<9=E (GFGKKG=KLM<G MK9EGK9N=JKWG=KH9F@GD9HM:DA;9<9=E .

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oAFL=J;MDLMJ9DALQ AK G>L=F ;GF>MK=< OAL@ -?6>?<+6 ><+8=-?6>?<+6 GJ 7?6>3 -?6>?<+6 9HHJG9;@=K O@A;@ <G FGL L9C= GF L@= K9E= ?G9DKp H .9D ;GEG G L=JEG q;GEH=L[F;A9r @TA?M9DE=FL=EMALGKAFN=KLA?9<GJ=KIM=MK9E=KL=KHJ=>APGK9LJA:MAF<G D@=K K=FLA<GK<A>=J=FL=K EJ=D9XWG9GKL=JEGKEMDLADAF?MAKEG=HDMJADAF?MAKEG G+,&<AK;ML=HJG>MF<9E=FL= 9KM9<A>=J=FX9 (GK bDLAEGK 9FGK G ;GF;=ALG <= HDMJADAF?M\KKAEG ?9F@GM AEHGJLVF;A9 F9 9:GJ<9?=E <9 9HJ=F<AR9?=E<=D\F?M9K>=AL9H=DGGFK=D@G<9MJGH9 KKAE <AKLAF?M= K=qHDMJADAF?M\KEGr<= qEMDLADAF?M\KAEGr IM= Y =FL=F<A<G ;GEG G ;GF@=;AE=FLG <= ME ;=JLG FbE=JG <= D\F?M9K GM 9 ;G=PAKL[F;A9 <= <A>=J=FL=K D\F?M9K FME9 <9<9 KG;A=<9<= 5j6 9:GJ<9?=E HDMJADAF?M\KLA;9 MDLJ9H9KK9=KL9H=JKH=;LAN9=9;=FLM9G>9;LG<=IM= UE=<A<9IM=9=PH=JA[F;A9H=KKG9D<=ME AF<AN\<MGFGK=M;GFL=PLG;MDLMJ9DK==PH9F<= <9D\F?M9>9D9<9=E;9K9H9J99<9KG;A=<9<==E ?=J9D = <=HGAK H9J9 9K D\F?M9K <= GMLJGK HGNGK 9HJ=F<A<9K F9 =K;GD9 F9 MFAN=JKA<9<= GM HGJ =PH=JA[F;A9<AJ=;L9 =KK9KD\F?M9K=;MDLMJ9KFWG>A;9E9JE9R=F9<9K=E;GEH9JLAE=FLGKE=FL9AK JA?GJGK9E=FL=K=H9J9<GKH=DG;GFLJTJAG ;GFKLJÂ K=ME9;GEH=L[F;A9;GEMFA;9LAN9 H9J99IM9D ;GFLJA:M=ELG<GG;GF@=;AE=FLG=LG<99=PH=JA[F;A9<9KD\F?M9K=F9IM9D9KD\F?M9KK=AFL=J. J=D9;AGF9E=AFL=J9?=E H . . .G<GKGKL=JEGKALTDA;GKF9;AL9XWGBTK==F;GFLJ9EALTDA;GKFGL=PLGGJA?AF9D =JNAF H .

(56) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . . LJ9NYK<9;AL9XWG9;AE9 HG<=EGK;GF;DMAJME9<A>=J=FX9=FLJ=EMDLA =HDMJA =EL=JEGK. <=D\F?M9 )HJ=>APGEMDLA EGKLJ9E=J9E=FL=ME9BMKL9HGKAXWG ME9;G=PAKL[F;A9<=D\F?M9K FME=KH9XG?=G?JT>A;G *GJK=MD9<G GHJ=>APGHDMJA J=>=J= K=U;9H9;A<9<=IM=H=JEAL=9ME AF<AN\<MGMK9JE9AK<GIM=ME9D\F?M9 9>AE<=AFL=J9?AJ;GEG)MLJG EJ=D9XWGU;MDLMJ9 K=?MF<G =JFTF<=R H G L=JEG EMDLA;MDLMJ9DAKEG oJ=>=J= K= U ;G=PAKL[F;A9 =FJAIM=;=<GJ9 <= <AN=JKGK HGFLGK <= NAKL9 AFL=JHJ=L9Xa=K NAKa=K 9LALM<=K HJGN=FA=FL=K <= <A>=J=FL=K:9?9?=FK;MDLMJ9AKp ALGHGJGMLJ9KH9D9NJ9K GHJ=>APGEMDLA 9LJA:MAKA?FA>A;9<G<= BMKL9HGKAXWG=;G=PAKL[F;A99ME;GF;=ALG . E J=D9XWG 9G :AFÊ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o9 L=F<[F;A99G>=;@9E=FLGGM:DGIM=AG;MDLMJ9Dp )HGFLG<=NAKL9<= =JFTF<=RYK=E=D@9FL=9G <=:<9DD9@ *J=L;=ADD= H oD=EMDLA;MDLMJ9DAKE= LGML=FJ=;GFF9AKK9FLD=K<A>>YJ=F;=K K9JJ[L==F>9ALUMF=KLJM;LMJ=<=;G@9:AL9LAGF <=;GHJYK=F;= <=K?JGMH=K=L<=KAF<ANA<MKp =.

(57) 9HJ=F<AR9?=E<9AFL=J;MDLMJ9DA<9<=FG;GFL=PLG<9<AK;AHDAF9<=*GJLM?M[K&\F?M9FWG'9L=JF9. . >9;LG ME =KH9XG ;GEG 9 MJGH9 IM= ;GFLYE ME9 <AN=JKA<9<= = HDMJ9DA<9<= <= D\F?M9K = ;MDLMJ9K FWG;GF<MR9IM= F9LMJ9DE=FL= @9B9ME9AFL=J9XWG=FLJ==KK9KD\F?M9K=;MDLMJ9K S HGJAKKG ;GEGG:B=LANG<GGFK=D@G<9MJGH9<=o5;6GFK=?MAJE9AGJMFA<9<=K=FLJ=GKK=MK E=E:JGKpA<=E H IM==E=J?=G+,&;GEGME<G;ME=FLGIM=HJGEGN=9AFL=J9XWG ;MDLMJ9DFG=FKAFG<=D\F?M9K=MJGH=A9K . E J=D9XWG 9G H9J LJ9FK;MDLMJ9D NK AFL=J;MDLMJ9D .=AP=AJ9 9>AJE9 IM= @T EMALGK. AFN=KLA?9<GJ=K IM= GK MK9E ;GEG KAF^FAEGK =F>9LAR9F<G FG =FL9FLG 9 F=;=KKA<9<= <= <AKLAF?MAJGK<GAKL=JEGKHGJIM=K=J=>=J=E9;GF;=ALGK<A>=J=FL=K -=?MF<G99MLGJ9A<=E H G ;GF;=ALG <= AFL=J;MDLMJ9DA<9<= <AR J=KH=ALG oU ;9H9;A<9<= <G AF<AN\<MG =PH=JA=F;A9J 9 9DL=JA<9<= 9<GL9F<GGHGFLG<=NAK9<G)MLJG=EGKLJ9F<G K=<AKHGKLG 9:=JLG AFL=J=KK9<G= ;MJAGKGp 9GH9KKGIM=GLJ9FK;MDLMJ9DK=J=>=J=9oME9;GEH9J9XWG=EL=JEGK;GEHGJL9E=FL9AK =E<M9KGME9AK;MDLMJ9K;GEH9JLAE=FL9<9E=FL=pA<=E H . +M9FLG9;G ;MDLMJ9D =KL=L=JEGYME;GF;=ALGJ=D9LAN9E=FL=J=;=FL=HJGHGKLGHGJ*MJ=F. )AFN=KLA?9<GJH9JL=<G+,& KM?=JAF<GIM=GG:B=LANG;MDLMJ9DIM=9*=JKH=LAN9 ;AGF9DHJ=L=F<=9D;9FX9JYG<=;G ;MDLMJ9D -=?MF<GGE=KEG9MLGJ ;G ;MDLMJ9DY9o;9H9;ALY U 9?AJ =>>A;9;=E=FL <9FK D9 DGF?M= <MJY= 9N=; <=K H=JKGFF=K <= ;MDLMJ=K =FLAZJ=E=FL GM H9JLA=DD=E=FL<A>>YJ=FL=K =LU;=L=>>=L<r9<GHL=J=L

(58) GMK=;JY=JMF=;MDLMJ=<r9;LAGFH9JL9?Y=p H *MJ=F;GFKA<=J9IM= ;GE9=E=J?[F;A9<=*=JKH=LAN9;AGF9D GG:B=LANGIM=K= HJ=L=F<=9D;9FX9JY9LM9J;GEH=KKG9K<=;GFL=PLGK;MDLMJ9DE=FL=<A>=J=FL=K9;9H9;A<9<=;G. ;MDLMJ9DY9;9H9;A<9<=F=;=KKTJA99=KL=9KH=LG;MDLMJ9D . (G=FL9FLG Y<=FGL9JIM=G=KIM=E9IM=*MJ=FHJGHa=+M9<JG=9K<=>AFAXa=K<=. LJ9FK;MDLMJ9D E=L9 ;MDLMJ9D AFL=J;MDLMJ9D HDMJA;MDLMJ9D=;G ;MDLMJ9DH9JL=E<GKHJ=KKMHGKLGK<= IM= =KK9K ;GEH=L[F;A9K KWG E=J9E=FL= ;GEHGF=FL=K <9 ;GEH=L[F;A9 ;MDLMJ9D IMA ?GKL9J\9EGK <= ;GDG;9J ME9 IM=KLWG >AF9D LJ9L9 K= <= ;GEH=L[F;A9 AFL=J;MDLMJ9D GM <= ;GEH=L[F;A9;MDLMJ9D.

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