N - Carta de Conjuntura FEE

Transcrição

N - Carta de Conjuntura FEE
*
8UNWUZ_QOM
9M]_MPQ 9ZYV`Y_`]M <;&a-&Y*& *22-
7CD - C(*
B7?D *22-
%!&%$%("$
BJQ@MIJ
?J
N\Zi\kXi`X
API?<>yJ
.......................................................
N`\^]i`\[
@eki\^l\ Xfj >fii\`fj
ef d…j [\ ale_f
@NO<?J
[f
?J
MDJ
BM<I?@
KcXe\aXd\ekf
?@ @>JIJHD<
@dXel\c
@@NO<O†NOD><
(W3b&UF(&?WB
Œ++Œ+
++Zf c$JJc+(+9;fJJ
?\gf`j [f KcXef >fccfi Dc(fj Bfm\iefj
>fccfi \ DkXdXi Xihl`*
mXiXd fj Zfe^\cXd\ekfj
[\ gi\ƒfj \ Zfe^…e\i\j \ i\kfdXiXd
fj
\c\q\ekfj
\jj\eZ`X`j [X fikf[fn`X \Zfeˆd`ZX ef ZfdYXk\ *K `e]cXƒ‚f(
<jj`d( i\Zlg\iXiXd
X Zfe]`XeƒX [X Zfdle`[X[\
[fj e\^‡Z`fj eX
Zfe[lƒ‚f
[X gfc`k`ZX\Zfeˆd`ZX \( e`jjf( XZ\ikXiXd(Of[Xm`X( Zfdf
f i\Z\`kl€i`f
fikf[fnf
[\ \hl`ccYi`f [Xj ZfekXj ^fm\ilXd\ekXcj(
ZfdY`eX[f Zfd gfc†k`ZXdfe\k€i`X Xljk\iX( ]f` j\^l`[f(
fj c`d`k\j
[f d\jdf
]i\ek\ Xf gifYc\dX [X `ejkX_`c`[X[\ ]`ZXiXd \m`[\eZ`X*
[fj( ?X[f hl\ f XmXeƒf [f Xaljk\ ]`jZXc i\Xc`oX[f eX [„ZX[X k\d
j`[f Zfdld\ek\
[\jZfej`[\iX[f(
Zfek`elXe[f*j\
X Xki`_l`i \nZcl*
j`mXd\ek\ X ld \nZ\jj`mf ^Xjkf [f Bfm\ief fj dfk`mfj [X `ejkX_`*
c`[X[\( gXiX \m`[\eZ`Xi hl\ kX`j [„]`Z`kj e‚f k…d j`[f X i\^iX( d..N
X \nZ\ƒ‚f( ZXY\ \nXd`eXi\d*j\
..N\jkXk†nk`ZXjhl\ ZfejkXd eX OX*
Y\cX D(
NPG
C\ lj \ i
7[ZUZ
<N >JIO<N K~=GD><N I<
K@MNK@>ODQ
< ?< @NO<=DGD?<?@
YZ
\ [X <[d`e`jkiXƒ‚f
ŒŒ
fƒ ŒŒ+ŒŒŒŒ
IJD
--
Œ+ŒŒŒŒŒŒ
@jkX[f [\ ZfekifcXi X df\[X( d\jdf
Zfd \hl`c†Yi`f ]`jZXc+@jk\
Šck`df gifYc\dX X^lXi[X \hlXZ`feXd\ekf+
< efmX k\ekXk`mX^fm\ieXd\ekXc [\ \jkXY`c`oXƒ‚f(f KcXef M\Xc
%KM&(
k\d Zfdg ldX [\ jlXj ZXiXZk\i†jk`ZXj
XZfek\eƒ‚f [.. [\dXe*
[X X^i\^X[X+ @e\jj\ j\ek`[f hl\ j\ ZfdY`eXd Xj gfc†k`ZXjjXcXi`Xc(
]`jZXc\ dfe\k€i†X+ Nlg‰\*j\ hl\ \jkX Šck`dX Xgi\j\ek\ Zfdf ZXiXZ*
k\i†jk`ZX ]ll[Xd\lkXc
kXnXj[\ alifj i\X`j \c\mX[Xj \ hl\ f Zi„[`kf
j\aX Zflk`[f kXd_„d gfi flkiXj d\[`[Xj(
IX €i\X ]`jZXc(jXY`[X*
d\ek\ X d\kX [f KcXef „ [\ \hl`c`_i`f ef ZfeZ\`kf fg\iXZ`feXc \ [\
jlg\i€m`k ef ZfeZ\`kf gi_e€i`f+ < i\jki`ƒ‚f [X [\dXe[X \ fj \c\mX*
[fj Zljkfj ]`eXeZ\`ifn `eZ`[\ek\j eX dXelk\eƒ‚f
[fj \jkfhl\j
Zfe*
m\i^`i‚f gXiX XZ`iiXi X Zfdg\k`ƒ‚f
[\ gi\ƒfj \ gXiX g\eXc`oXi Xj
+\dgi\jXj
hl\ k\ekXi\d \c\m€*cfj( J jlZ\jjf [f KcXef [\g\e[\i€
[X
jlX Zfe[ lƒ‚f \ [\ ZXiXZk\i†jk`ZXj [\ jlX k\iZ\`iX ]Xj\( X`e[X e‚f
\eleZ`X[X kfkXcd\ek\ g\cf Bfm\ief( ?\ hlXchl\i ]fidX( _€ Z\ikf
Zfej\ejf
XZ\iZX [X e\Z\jj`[X[\
ZilZ`Xc [\ \hl`c`YiXi Xj ZfekXj
gŠ_c`ZXn( <f j\ `e`Z`Xi f d…j [\ ale_f( fj [X[fj i\]\i\ek\j
X\jjXj
ZfekXj $.+7.- X`e[X `ejl]`Z`\ek\j
gXiX hl\ j\ ]XƒX ldX Xe€c`j\ DDD..`j
D!`^fifjX [f hl\ m\d fZfii\e[f
e\jj\ •dY`kf+ I‚f fYjkXek\ \jj\
]Xkf( fj \jZXjjfj [X[fj [`jgfe†m\`j j‚f \nXd`eX[fj
X j\^l`i+ <c„d
[`jjf( \mg\ZlcXk`mXd\ek\( \jk\ \[`kfi`Xc Zfej`[\iX fj ]Xkfi\j hl\(
Zfd X\jkXY`c`[X[\ [X eJQ.. df\[X( gf[\i‚f
]Xmfi\Z\i fl [`]`ZlckXi
f \hlcc‹l`f
]`jZXc\d .661(
OXY\cX .
Nlg\i€m`k \ [„]`Z`k [f j\kfi
gŠYc`Zf \d
i\cXƒ‚f Xf KD= ef =iXj`c*
>JIO<N
KcdP><N
DIAJMDVD<z}@N
.66-*60
?@ .6617 KMDH@DM<N
%#&
?DN>MDHDI<z
yJ
.66-
OfkXc fg\iXZ`feXc
Bfm\ief
A\[\iXc
Bfm\iefj
@dgi\jXj
\ =<>$@I
\jkX[lX`j
\jkXkX`j
OfkXc gi`d€i`f
Bfm\ief
A\[\iXc
Bfm\iefj
@dgi\jXj
OfkXc [fj
Bfm\ief
Bfm\iefj
@dgi\jXj
i\X`j
A\[\iXc
Z dle`Z`gX`j
((((((((((((((((((((((((((((((((
(((((((((((((((((((((((
\ =<>@I
\jkX[lX`j
\jkXkX`j
alifj
++
((((((((((((((((((((((((((((
(((((((((((((((((((((((((((((
.66+$
*/(1
-(2
.(/
.(0
-(0
.(/
*.(-
-(1
*-(3
*-(.
/(3
*-(3
-(-
1(2
-(5
+&*
.(7V
-(5
.(/
-(/
-(.
.(5
-(/
.(1
-(5
.(4
0(0
-(4
-(3
-(3
.(0
1(3
-(2
$&
/(0
-(1
++++++
-(3
-(-
.(/
-(1
(((((((((((((((((((((((((((((((((
/(0
f+j
.(/
-(3
\ =<>@I
\jkX[lX`j
\jkXkX`j
++++++++
.66/
/(/
*-(1
/(3
\ dle`Z`gX`j
.66.
++
\ dle`Z`gX`j
AJIO@7
=<>@I+
IJO<7
D+Jj
eŠd\ifj
.+ Jj
[X[fj
gfj`k`mfj
i\]\i\d*j\
i\]\i\d*j\
Xf ZfeZ\`kf
jlg\i€m`k
_U
\ fj e\^Xk`mfj(
[\ e\Z\jj`[X[\j
X[„]`Z`k (
[\ ]`eXeZ`Xd\ekf
ZXcZlcX[Xj gXiX .66-( X gi\ƒfj Zfii\ek\j \ gXiX .66.
[\ ]clnfj : gi\ƒfj [f Šck`df d…j Zfej`[\iX[f+
.(0
[f j\kfi
gŠYc`Zf(
X .660 [\ XZfi[f Zfd f Zi`k„i`f
>fejkXkX*j\ hl\( [\ .66- X .660( _flm\ jlg\i€m`k ef ZfeZ\`kf
gi`d€i`f(
@jj\ ZfeZ\`kf ZfdgXiX i\Z\`kXj \ [\jg\jXj gŠYc`ZXj j\d
i\^`jkiXi( [\eki\ ..NŠck`dXj( fj [`jg…e[`fj ]`eXeZ\`ifj( E€ f i\jlckX*
[f ef ZfeZ\`kf fg\iXZ`feXc `eZcl` kXdY„d Xj [\jg\jXj
]`eXeZ\`iXj
Zfd f gX^Xd\ekf [\ alifj i\X`j [Xj [†m`[Xj gŠYc`ZXj+I\jk\ Šck`df
ZXjf( m\i`]cZfl*j\ [„]`Z`k \d .66/ \ jlg\i€m`k efj flkifj ki…jXefj(
@d .66/( f i\jlckX[f e\^Xk`mf e‚f fZfii\l
Zfd X]iflnXd\ekf
[X
gfc†k`ZXfikf[fnX( dXj( Xf Zfeki€i`f( ]f` X \c\mXƒ‚f \jiilklj]„i`ZX
[Xj kXnXj [\ alifj \ X Xdgc`Xƒ‚f [Xj [\jg\jXj
]`eXeZ\`iXj hl\
[\k\id`eXiXd
X dX^e`kl[\ [f [„]`Z`k( g `dgfikXek\ \e]Xk`oXi hl\ (
\d (fgfj`z‚J Xf j\ejf Zfdld(
Xg\eXj \d .66/ f Bfm\ief ^c.jkfl
dX`j [f hl\ Xii\ZX[fl+ Of[..Q`.. X `ejkXY`c`[X[\ g\ij`jk`l( Jj dfk`*
mfj [\jjX g\in`jk…eZ`Xa€ ]fiXd XYfi[X[fj g\cX 1:AB: <=1@?>C?BC
A:
,++ \d flkifj \[`kfi`X`j( OiXkX*j\( [\ ld cX[f( [X `e[\nXƒ‚f [X
\Zfefd`X \ [X `e\iZ`XccoXƒ‚f [Xj kXnXj [\ `e]cXƒ‚f( Xjg\Zkfj hl\ X
m`^…eZ`X[X Pe`[X[\ M\Xc[\ QXcfi %PMQ&_PN>.. jfclZ`feXi( \( [\
flkif( [.. XckXc`hl`[\o [X [†m`[X df_`c`7$`i`X ]\[\iXc( hl\ `dg\[\
f
<j `ekfidlƒˆ\j
[`jgfe|V\`j
jfYi\ Xj ZfekXj gŠYc`ZXj [\ .661
i\k\i\ek \*( 7&$.+Z_XdX[Xj e\Z\jj`[X[\j
[\ ]`eXeZ`Xd\ekf [f j\kfi
gŠYc`Zf %IANK&D$\(\cXd f i\jlckX[f qcf_... qfm\ieXd\ekXc gXiX f
gi`d\`if
_ill\mki\
[\ .66+k( OXc i\jlckX[f „ gfj`k`mf \( jfY Z\ikf
Xjg\Zkf( jligi\\e[\ek\+
<jj`d( Zfej`[\iXe[f
XPe`‚f( \jkX[fj( dl*
e`Z†g`fj \ \dgi\jXj
\jkXkX`j( fYj\imXd*j\ ed jlg\i€m`k gi`d€i`f [\
+0" [f KD= \ ld jlg\i€m`k fg\iXZ`feXc [\ / " [f KD=+@jjXj
`e]fidXƒ‰\j ]fiXd [`mlc^X[Xj j\d flkifj [\kXc_\j( kX`j Zfdf i\*
gi\j\ekXk`m`[X[Z [\ ZX[X j\^d\ekf
e\jj\j g\iZ\eklX`j+
J Xjg\Zkf jligi\\e[\ek\
[`o i\jg\`kf Xf i\[lo`[f
dfekXek\
[fj [`jg…e[`fj ]`eXeZ\`ifj( hl\ ]`ZXiXd \d . # [f KDPef gi`d\`if
ki`d\jki\
[\ .66+k( @d `^lXc $K\i†f[f [\ .66/ \ [\ .660( fj g\iZ\e*
klX`j k`iXiXd( i\jg\Zk`mXd\ek\(
\d C(3 " \ 0(C " [f KDM+<c„d
[`jjf( e\jk\ `ekZ`f [\ Xef( flkifj [f`j ]Xkfi\j \jkXi`Xd ZfdY`eX[fj
gXie Xdgc`Xi Xj [\mg\nXj Zfd alifj i\X`j7 [\ ld cX[f( X \c\mXƒ‚f
[X kXnX[\ alifj( gXiX gi\m\e`i X`ejkX_`c`[X[\ g\Zlc`Xi [X j\^le[X
]XjZ [f KcXlf8 [\ flkif( f X]clnf [\ i\Zlijfj
\nk\iefj( hl\ fYi`^fl
f cXeƒXd\ekf [\ k†klcfj ^JV\ecXd\ek..`j(
< j\^l`i( f_j\e Xd*j\ Xjg\Zkfj \jg\Z†]`Zfj [Xj ZfekXj gŠYc`*
ZXj hl\ j\ i\]\i\d(
\jki‹Xd\ek\(
*K @n\Zlƒ‚f
A`eXeZ\`iX [X
Pl`•l+ If gi`d\`if
ki`d\jkiZ [Z .661( ZfejkXkfl*j\ ld [„]`Z`k [\
c7N" /13 d`c_‹\j
%cEN"[\ dXi+.6+k&(< i\Z\`kX ]`jZXc fYk\m\ ld
Zi\jZ`d\ekf
i\Xc [\ 6(04 # \d ZfdgXieĥf
Zfd `^lXc gZi†f[f [\
.660( OXcXZi„jZ`df i\]c\k\( gi`lZ`gXcd\lk\
( Xj Xck\iXƒ‰\j ]`jZX`j
`l`Z`X[Xj X gXik`i [\ aXeZ`if [\ .6617 Xld\ekf
[Z Xc†hlfkXj [f
Ddgfjkf [\ M\c`[X eX ]fek\( i\kfief
[f Ddgfjkf Kif m`jŠiDf jfYi\
cVcf(ll\lk Xĥf A`eXeZ\`iX %DKcVDA&(
m`^…eZ`Xal[`Z`Xcd\ek\
Zfe*
]`idX[X [X >JADIN Z( ]`eXcd\ek\( i\[lƒ‚f
[fj giXofj [\ i\Zf*
c_`d\ekf [X dX`fi`X [fj `dgfjkfj
]\[\iX`j+
<j [\jg\jXj
kXd_„d j\ \c\mXiXd( Xk`e^`e[f 3(10 #( [\m`[f
jf_i\ke[f
Xf Xld\lkf
[fj \eZXi^fj [X [†m`[X dfY`c`€i`X( fj hlX`j
Zi\jZ\il d .-(32 # ( >flj`[\
iXe[f*n\ Xg\eXj Xj [\jg\jXj Zfd \eZXi*
^fj [X [†m`[X dfY`c`€i`X kfiX [f P<>@I( _flm\ ldX QWQaMkjZ [\
.-- # \d k\idfj i\X`j( @jj\ ^Xjkf ]f` ^\iX[f g\cX gfc†k`ZX[\ alifj
\c\m X[fj giXk`ZX[X g\cf =<> @I( @jjX m`klXƒ‚f kZd gifgfiZ`feX[f
ld X]clnf dX`fi [\ i\Zlijfj
\nk\iefj(
J ]Xkf m\d f_i`^Xe[f
f
#OZ`lUY``[(m$
n
/
@7;<=@3 2< HqN
(
@/9Z?7<:^;7:<3<=?<5?/:/233@A/0797E/\2
Z jXc€i`f
d†e`df
%NH&]f` ]`nX[f \d
31(46 PMQj X gXik`i [f
gXkXdXi[f NH( ld kiXYXc_X[fi[X Xk`mXhl\ ^Xe_\ gfi d…j ld
i\Z\Y\i`X Z\iZX [\ PN" 52- Yilkfj Xf Xef( `eZcl`e[f
^iXk`]`ZXƒ‚f [\ ]„i`Xj+ @nXd`eXe[f*j\
cfe^f [f g\i†f[f
X†.0/ jXc€i`f \
g\i†f[f
df[f( efj Šck`dfj .3 d\j\j(
d\ek\( 32 PMQj+
f mXcfid„[`f
[X[fj [X K\jhl`jX [\ @dgi\^f
H\kifgfc`kXeX [\ Kfikf <c\^i\
:/7@
\ ?\j\dgi\^f
A?/$
[X M\^`‚f
%K@?*MHK<&(Xj Zfe[`ƒ‰\j \d hl\ f
kiXYXc_X[figfi ZfekXgi‡gi`X %Xlkˆefdfj \ [fefj [\ e\^‡Z`f ]Xd`c`Xi&
[\j\emfcm\ jlXj Xk`m`[X[\j ef d\iZX[f [\ kiXYXc_fj‚f i\cXk`mXd\ek\
dX`j [liXj ]i\ek\ •hl\cXj m`m`[Xjg\cfj XjjXcXi`X[fj [f j\kfi gi`mX[f [X
\Zfefd`X+ < afieX[X d„[`X [\ kiXYXc_f([\ 12 _fiXj j\dXeX`j( „ dX`j
[\
.661
[f Xef Xek\i`fi ZX`l 1(/ #+ ?\jj\
[f NH ]f` [\( Xgifn`dX[X*
\nk\ejX [f hl\ Xhl\cX m\i`]`ZX[X \eki\ fj XjjXcXi`X[fj %10_fiXj&+<
d\kX[\ [fj kiXYXc_X[fi\j gfi ZfekXgi‡gi`X %16(4#&\jk\e[\
jlX afieX[X
Xc„d [Xj 11 _fiXj( [`Xek\ [fj 0/(- # [\ XjjXcXi`X[fj eXd\jdX
X]`idXi hl\ \n`jk\ \jgXƒf *
i\e[X eXZ`feXc * gXiXf Zi\jZ`d\ekf
d\jdf
ef XklXce†m\c [X
[f NH eX \Zfefd`X
YiXj`c\`iX+
M\Xaljk\j efd`eX`j gXiXf NH hl\ e‚f Zfej`[\i\d
flkifj Zfe[`*
Z`feXek\j dXZif\Zfeˆd`Zfj
gf[\d( kf[Xm`X(`em`XY`c`oXi
f Zi\jZ`d\ekf
i\Xc [f d\jdf+
1<;A/
=?_=?7/.
?3;27:3;A<
hlX[i`d\jki\
Xi\e[X XelXc !g\i ZXg`kX!ef =iXj`c \hl`mXc\ XZ\iZX[\ PN"
/+2--( gf[\*j\
>fe]fid\
=<?
:3@:<
X mXi`Xƒ‚f eXj d„[`Xj
[f NH+ < d„[`X [f gi`d\`if
ZfdgXiXk`mXd\ek\ Xf d\jdf
>fdf
NH
XOXY\cX/( m\i`]`ZX*j\ hl\( Xf
aXe+,60*XYi+,61(]f` g\hl\eX
A?/0/96/2<?
0/96<
=39<
f 2733@3# ef XklXc
Kif^iXdX [\ @jkXY`c`oXƒ‚f[f Bfm\ief+ N\^le[f
hlX[i`d\jkiX`j
d(TU*U@e4S
7[ZUZ
KXiXhl\ _XaXgfjj`Y`c`[X[\
\]\k`mX [\ Xld\ekf
i\Xc [f
If
Zfd„iZ`f(
gfi \n\dgcf(
3.(/#
j`klXƒ‚f+
kiXYXc_XddX`j [\ )) _fiXj( \ X
afieX[X d„[`X Xk`e^\ 2/ _fiXj j\dXeX`j %OXY\cX
2&+<g\jXi [X \nk\ejX
afieX[X [\ kiXYXc_f(f i\e[`d\ekf
d„[`f
i\Xc [fj
ZfekX gi‡gi`X * >M" .03+402(--( Xgi\ƒfj
kiXYXc_X[fi\j gfi
[\ ]\m+,61 * „ j\d\c_Xek\
Xf [fj XjjXcXi`X[fj [f j\kfi gi`mX[f( ZlaXafieX[X d„[`X „ d\efi
.03+044(61&+%A@@*K@?&
%>M"
d†e`df( [\m\ XZfek\Z\i ldX hl\[X [X `e]cXƒ‚f( Y\d Zfdf Zi\jZ`d\ekf
\Zfeˆd`Zf
ZfejlYjkXeZ`X[f \d \c\mXƒ‚f [Xj i\Z\`kXj gŠYc`ZXj+Pd
gif^iXdX [\ d\c_fi`X [f gf[\i
Zfdf
[\ ZfdgiX [f NH [\m\ j\i Zfej`[\iX[f
ld [fj gi`eZ`gX`j `ejkild\ekfj
[\g\e[\d
[`i\kX \ `e[`i\kXd\ek\
%I@MODA@@&
[\ ldX gfc†k`ZXjfZ`Xc( gf`j [\c\
0- d`c_‰\j
[\
/0/@A317:3;A<.
7;1?3:3;A/?
kiXYXc_X[fi\j+
< gifn`d`[X[\
YiXj`c\`iXXgi\j\ekfl(
^Xe_fj [\ gif[lk`m`[X[\(
d\ek\ XkiXm„j[X Z_XdX[X !i\fi^Xe`oXƒ‚f
\jj\
efj Šckd̀fj ki…j
hl\ j\ ]`o\iXd gi`eZ`gXc*
[f Z_‚f [\ ]€Yi`ZX!+@dYfiX
j\aX \jjX XifkX eXkliXc[\ kf[Xj Xj \Zfefd`Xj
[\ i\\jkilkliXƒ‚f(
hl\ Zfd\ƒXd
k`gf [\ ^Xe_f [€ ]ilkfj
ZXd`e_f Xj\^l`i( \ek‚f( „f [fj `em\jk`d\ekfj
Xld\ekf
f gifZ\jjf
gfi gflZf
k\dgf+ J
If
ZXjf \jg\Z†]`Zf
fi[\d
If \ekXekf( j\ ]fi Zfej`[\iX[f
\jk`dX[f \d ..(21#
ƒ‚f [\ ^i‚fj(
gf[\d
[\ 1.(2 )2
[\dXe[X
%OXY\cX
0&\ f Xld\ekf
[X kXnX[\ `em\jk`d\ekf
ef d\jdf
g\i†f[f( gXiX.3(/ #( [\gf`j
.1# \ .2#+ %A@@EI@D&
ki`d\jki\
[X \Zfefd`X
[\
.661
YiXj`c\`iX(
[\ gXjjXi m€i`fj ki`d\jki\j
gfi gif[lkfj
XklX`j\ gifd`jjfi\j
;<
I\jkX jX]iX( X \jk`dXk`mX[\
gfjj`m\cd\ek\
f efmf i\Zfi[\ eXZ`feXceX gif[l*
XZ`dX [X jX]iXXek\i`fi( ldX dX`fi
X^i†ZfcXjgf[\i€
e†m\`j [\ gif[lƒ‚f(
`dgfikX[fj
j\i ]XZ`cd\ek\ XYjfim`[X g\cfj
Xk\elXe[f fj mfcld\j
>fjkldX*j\
1<:]?17<
Zfdf
<mXc`Xe[f*j\ ZfdgXiXk`mXd\ek\ Xj \ngfikXƒ‰\j YiXj`c\`iXj [f Šc*
%`Xe+*dXi
.)'
\d
i\cXƒ‚f X `^lXc g\i†f[f
Xjg\Zkf hl\ dX`j Z_XdX Xk\eƒ‚f „ Xi\Zlg\iXƒ‚f
[\
.660( Z
1/?5/
A?70BAZ?7/
ZXiXZk\i`oXiXj i\e[Xj
ldX !ZXi^X!( XjjfZ`Xe[f*j\
X ld
Xl]\i`[Xj
g\cf j\kfi gŠYc`Zf
jXZi`]†Z`f `dgfjkf
Šck`dfj /- Xefj( X ZXi^Xki`Ylk€i`X mXi`fl [\ /.(5#
%.66-&+
[Xj m\e[Xj [\jk`eX[Xj
Xfj @P<( hl\ k`m\iXd ld j`^e`]`ZXk`mfXZi„jZ`df [\ .0(5-#
ef g\i†f[f
<j gi`d\`iXj
klkf [Z K\jhl`jX
%OXY\cX
1&+>fdY`eXe[f*j\
\jjX XckXZfd X g\i[X [\ gXik`Z`gXƒ‚f [X
Pe`‚f @lifg„`X %P@&
%*.(44#&\ \jg\Z`Xcd\ek\ [X <G<?D %*3(41#&\
[\
[X wj`X %*05(20#&(i\jlckX hl\ f i\Z„d*XgifmX[f
j\aXd
efjjf
I<A] < kfieX*j\ f
gi`eZ`gXc gXiZ\`if Zfd\iZ`Xc( Zfd ldX gXik`Z`gXƒ‚f [\ /3(23#(
jlg\iXe[f
X P@ %/3(16#&( hl\ c`[\iXmX Xk„\ek‚f+ HXek\e[f*j\
k\e[…eZ`X[\ Zi\jZ`d\ekf
Xc\ikXgXiX X i\[lƒ‚f
\jjX
[f gXg\c [fj @P < \ [f I <A] <( [\m\*j\ \jkXi
[f gf[\i
XklXƒ‚f jfY\iXeX [f KX†j\[f
Zfd\iZ`X`j(
ef Zfek\nkf
%I@NADA@@&
[\ YXi^Xe_X\ d\jdf
[X dXi^\d
H@M>JNPG eX[\]\jX [\ j\lj
[X ^cfYXc`oXƒ‚f
\Zfeˆd`ZX
Xj\i\d
%OXY\cX
3&+%A@@EI@<&
[X[\ g\cX ki`YlkXƒ‚f+ <kiXm„j [f Bi€]`Zf ?&
gf[\*j\
k`df ki`d\jki\
[X jX]iX
\eki\
< =3@< 2/
3B/ ?31B=3?/:
6353:<;7/
3DA3?7<?
0?/@7937?<
`dgfikXƒ‰\j
[f Nlc( f i\Zfi[\
[\ 025 d`c kfe\cX[Xj [f gif[lkf+
ef k\dgf(
j\ek`[f+ N‚f \cXj7 f Xld\ekf
[f M`f BiXe[\
[\ gXik\ [X gfglcXƒ‚f
X>JI<=(
hl\YiX [X gif[lƒ‚f
[\ Xiifo [\ 1(05# c\mXi€Z\ikXd\ek\ X ldX efmX
fi[\d [\ `dgfikXƒ‰\j+
\d efmXk\Zefcf^`X+ ?lXj
[Xj `dgfikXƒ‰\j [\ Y\ej [\ ZXg`kXcef gi`d\`if
[X [\dXe[X gfi Xcd̀\ekfj
Xek\i`fi [\ Xiifo `ii`^X[f e‚f ]f` jl]`Z`\ek\ gXiXjljkXi X`dgfikXƒ‚f [X
`e]fidXƒ‰\j i\Z\ek\j( \dYfiX X`e[X ZXi\ƒXd [\ jljk\ekXƒ‚f
\jkXi XgfekXe[f e\jj\
[\ m`^…eZ`X
[f i\Xc m\d ZXljXe[f `ekiXeh‹`c`[X[\
[\ YX`nXi\e[X( f hl\ gf[\ gifmfZXi( j\^le[f
[\ d`c_f \ Xiifo+
2<@ 7;C3@A7:3;A<@
< `e[Šjki`X [\ kiXej]fidXƒ‚f
Xefj( \ngi\jj`mfj
=<23
/5?^1<9/@
hlXekf Xf XYXjk\Zd̀\ekf eX \j ]\iX ^fm\ieXd\ekXc+ @n`jk\ Xgfjj`Y`c`[X*
[\ [\ fZfii\i
@7;/7@ 23 ?3A<:/2/
;<C / :<32/
7:=<?A/\`3@
[\
%.651&X /4(1#
\jk`dXk`mXj [f Xef [\ .660( i\Xc`oX[Xj g\cf Dejk`*
@Zfeˆd`ZX <gc`ZX[X JK@<&( dfjkiXd
.660( X ZXi^X ki`Ylk€i`X
gifmXm\cd\ek\
• Zfc\k`m`*
efkXi hl\( efj
gXjj\ [fj
`eZfigfiX[fj+
ef =iXj`c ]`Zfl \d
(6 #( • d\[`[X
HXj f hl\
hl\
Zfem„d
hl\( ef Xef
[\ /1(2 "
kfief
fj [X[fj
[\]`e`k`mfj
jXc`\ekXi „ hl\
ki`Ylk€i `X Q^_i dXc [`jki`Yl†[X+ @n`jk\ ldX i\^i\jj`m`[X[\
g\im\ijX
ef =iXj`c( \ngi\jjX
gi\]\i…eZ`X [fj
flkifj
efj
ki`Ylkfj i\ZX\d
`dgfjkfj
jfYi\
gX†j\j \n`jk\ ld g\i]`c ki`Ylk€i`f
`ek\i\jj\j
hl\i
dle[`Xc+
YXj\j %[f k`gf i\e[X eZldlcX[X
aljk`ƒX ]`jZXc+%A@@DI@NN&
[`o\i
hl\
X gi\]\i…eZ`X [fj
`e[`i\kfj(
f Zfejldf(
Y\d d\c_fi
\
X ZXi^X
ki`Ylk€i`X
fl
j\aX( X
\ehlXekf
efj
[`jki`Yl†[f+ Djjf
ki`Ylkfj i\ZX` dX`j jfYi\
flkiXj
\ Xl]\i`[X&( f hl\ i\jlckX \d
dX`fi
n
0
DI?D><?JM@N
OXY\cX/
OXY\cX2
†e[`Z\ [f jXc€i`f d†e`df
i\Xc ef =iXj`c *
H\[`X
.660.61
\ g\iZ\eklXc
\ g\cfj
[Xj _fiXj
j\dXeX`j
[f kiXYXc_f gi`eZ`gXc( eX Mc[K< *
<IJN
@H@N@N
†I?D>@ ?J
NH M@<G
H{?D<
XjjXcXi`X[fj[f j\kfi gi`mX[f
f j\kfi [\ Xk`m`[X[\ \Zfeˆd`ZX
kiXYXc_X[Xj g\cfj
gfi ZfekX gi‡gi`X( j\^le[f
kiXYXc_X[fi\j
XYiE67 *dXiE61
LP<?MDH@NOM<G
<NN<G<MD<?JN
?J N@OJMKMDQ
<?J
?DN>MDHDI<zyJ
OM<=<GC<?JM@N KJM
>JIO< KM}KMD<
#*$
.660
EXe+
A\m+
HXi+
<Yi+
01(..
/3(64
/5(53
//(000(/3
/2(3/
/4(32
/1(03
0.(0.
/5(63
/3(1/
HX`f
Ele+
El +
<^f+
N\D+
Jlk+
Ifm+
?\o+
.661
EXe+
A\m+
HXi+
<Yi+
OJO<G
H„[`X #T$
/5(-3
(
K\iZ\eklXc [\ g\jjfXj
XZ`dX [\ 11 _fiXj
10
12
0/(-
16(4
10
10
07 (4
11(1
13
27
15(0
3.+/
1.
11
/5(-
13(1
hl\ kiXYXc_Xd
De[Šjki`X [\ kiXej]fidXƒ‚f
H„[`X #T$
(
K\iZ\eklXc [\ g\jjfXj
XZ`dX [\ 11ckfiXj
>fd„iZ`f
/4(4/
\`Q kiXYXc_Xd
H„[`X #T$(((((((((((n((((((((((((((((((((((((((((
K\iZ\eklXc
[\ g\jjfXj
hlq kiXYXc_Xd
XZ`dX [\ 11 _fiXj+
N\im`ƒfj
/4(30
H„[`X #T$
/0(51
K\iZ\eklXc
[\ g\jjfXj
hl\
kiXYXc_Xd
XZ`dX [\ 11 _fiXj
/6(./
/3(63
/3(/0
/2(.4
>fejkilƒ‚f
Z`m`c
H„[`X #T$
/3(54
K\iZ\eklXc
10
PQg\jjfXj
XZ`dX [\ 11 _fiXj
hl\
kiXYXc_Xd
++++
12(2
AJIO@7 K@?*MHK< * >fem…e`f A@@(ABO<NcNDI@*MN(
N@<?@*NKZ ?D@@N@+
AJIO@ ?JN ?<?JN
=MPOJN7 ?D@@N@+
IJO<7 D+?X[fj \cXYfiX[fj g\cX A@@,I@MO+
/+ Jj [X[fj k…dZfdf YXj\ .61- 5 .--+
0+ D>Q*?D@@N@
eX ]X`nX[\ ld Xki…jNH+
%D&
@e^cfYX Xj ZXk\^fi`Xj [\ kiXYXc_X[fi Xlkˆefdf
^Xe_X \nZclj`mXd\ek\
gfi gif[lƒ‚f+
\ [fef
[\ e\^‡Z`f
]Xd`c`Xi( \dgi\^X[f
hl\
OXY\cX3
Kif[lƒ‚f
OXY\cX0
]†j`ZX[\ Xiifo( [\ d`c_f \ kfkXc[X gif[lƒ‚f
\ [f =iXj`c* .660.61
ef M`f BiXe[\ [f Nlc
%D&
DdgfikXƒ‰\j[\ Y\ej [\ ZXg`kXc
ef =iXj`c* aXe+*dXi860\ aXe+*dXiD61
.660
KMJ?cO]JN
=\ej
E<I(H<M(60
%PN"D%--&
E<I(H<M`61
%PN"DJJJ&
d€hl`eXj(
d\Z•e`Zfj
H€hl`eXj
\ jlXj
-+-
gXik\j +++++++
ŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒ
Xlkfd‡m\`j(
gif[lkfj
505 .2/
.-.024/
=M
MN
#&
#7$
#8$
#9$
$!
>,<
?D=
*1(05
0(/1
*.(14
5(52
./(05
..(22
/-(60
\c„ki`Zfj
166 1//
4.- 165
1/(/3
/6/ 23/
/5650
212412
44353
53(21
.35(-1
kiXkfi\j
jlXj gXik\j \ XZ\jj‡i`fj
?\dX`j
&'
XgXi\c_fj
\ XgXi\c_fj
\ jlXj gXik\j+
Q\†Zlcfj
Q<MD<zyJ
#
KMJ?PzyJ
[\ ZXg`kXc
>X[\`iXj(
.661%.&
+++++++
++++++++
J!
ŒŒŒŒŒŒŒŒ
-+-
OJO<G +++++++++++++++++++++++++++++++++++
_ 326 ..6
/0142-.
1p+16
<iifo
+
H`c_f
+
OfkXcB\iXc
1632/.13-2/35
.26-1123
66-/ 5-/6/-40-35/5.4--
1414316
1421025
.234-361
.-4462-0/5//1-43 .35 DJ9E
AJIO@7 =iXj`c*\JI<=+
M`f BiXe[\ [f Nlc*B>@<DD=B@+
%D&
@jk`dXk`mXj+
AJIO@7 B<T@O< H@M><IODG %.-+2+61&+
N‚f KXlcf( g+0+
OXY\cX1
@ngfikXƒ‰\jYiXj`c\`iXj gXiX fj gi`eZ`gX`j YcfZfj \Zfeˆd`Zfj
*
aXe+*dXi+c60
\ aXe+*dXi+c61
BMwAD>J .
%PN" d`c_‰\j AJ=&
?DN>MDHDI<zyJ
E<I*H<M`61
%<&
K<MOc>D*
K<ƒ<J#
E<I*H<M`60
%=&
K<MOD>c* Q<MD<z<f #
K<ƒ<f #
%<D=&
><MB<
J8
OMD=POwMD< IJ
=M<NDG *.64-*60
#d
?@ +++++++++++++++++++++++++
/02/
<G<?D +++++++++++++++++
/-36
H@M>JNPG ++++++++
./31
<i^\ek`eX
56.
KXiX^lX` ++++++++++++
/.5
Pil^lX` +++++++++++++ .22
OfkXc<G %D&
++++++++++ /.12
I<A]< +++++++++++++++++
/026
@P< ++++++++++++++++++++++
/-.1
wj`X +++++++++++++++++++++++
.131
w]i`ZX++++++++++++++++++++
0..
OJO<G +++++++++++ 5546
/3(16
/0(0.1(/1
.-(-0
/(13
.(42
/1(.3
/3(24
//(35
.3(16
0(2.--(--
/062
//.5
./15-1
/2/
.53
/0.3
/.14
.44.64/14
6/25
/2(54
/0(63
.0(06
5(35
/(4/
/(-.
/2(-/
/0(.6
.6(./
/.(/5
/(34
.--(--
*.(44
*3(41
.(60
.-(56
*.0(35
*.3(42
*-(-4
6(54
.0(5*05(20
/2(4/
*1(-6
AJIO@7 =<G<Iz<
>JH@M>D<G =M<NDG@DM<%.661&+M`f [\ EXe\`if7 5317&621283
DJOD>+dXi+
%.&<G<?D dX`j H\iZX[f
>fdld
>\ekif <d\i+ #BQ97$ dX`j ?\dX`j KX†j\j <G+
J/
J.
J,
JJ
'
?
*******************************************
J0
$/
$QV'()K(
d
$****,
/ $/
/ $ /
7
/.
V
9'!
/ -
Tc
AJIO@7 =XeZf >\ekiXc+
IJO <7 < ZXi^Xki`Ylk€i`X [f Xef [\ .660 „ ldX \jk`dXk`mX [f DK@<+
*************************W+W****************W+W+**+W******
1
7;271/2<?3@
d(>( &WU@(S4hd _f
<gf`f
OXY\cX4
OXY[X 6
<SKTGdfKUJK Zi„[`kf JRU HGQIRUP*'VMSORU
IRPKTIMGMU
KUVGJWGMU
K STMXGJRU
QGIMRQGMU
IŠd\if
GRUUKVRTKU
STMXGJRU
KLRXKTQGPKQVGMU
$ NWQ8,,$JKY8-&
[\ ]Xd†c`Xji\Xjj\lkX[Xj
[\ €i\Xj [\ i`jZf \d .$-..-
<c\^i\
*
.661*62
%#&
=<I>JN HŠGODKGJN
>JH@M>D<DN@NO<?P<DN
=<I>JN HŠGODKGJN
KMDQ<?JN I<>DJI<DN
M@BDyJ
I~H@MJ
?@ A<H†GD<N
?@NODIJ
K@Mcf?JN
@KVRT
=TMXGJR @KVRT
5RXKTQR
@KVRT
=TMXGJR @KVRT
5RXKTQR
;cR 4MQGQIKMTR
;cR 4MQGQIKMTR;cR 4MQGQIKMTR
;cR 4MQGQIKMTR
.6(2.4(6.2(/.1(3/6(-/4(3/-(30
4C?'--
?\o.55
4C?'-.
?\o.56
EleE6?\oE6H„[`X
4-(545(.5-(15-(230(/31(14/(6-
AJIO@7 DK@< %.66/&+ <e€D`j\
60(36.(46/(460(26-(46/(11
\Zffccd`Zf*]`lXeZ\`iX
[fj
BiXe[\ >ilo\`if
Gfk\Xd\ekf
Ifik\
Gfk\Xd\ekf R\eZ\jcXl
AfekfliX
Gfk\Xd\ekf O`dYXŠmX
Q`cX=fd E\jlj
..2
25-4
Gfk\Xd\ekf >XmXc_X[X,H`kiX
fl M\jk`e^X
12.
4.
G\jk\
Ifi[\jk\
/(-2(.0(-(#(&
>\ekif*Nlc
@nki\df*Nlc
Nlc
(#(&
/(6-
=XiiXZ‚f
.0-
YXeZfj \jkX[lX`j+ g+..*./+
KXik\efe
GfdYX [f K`e_\`if
OJO<G
!2RIWPKQVR JK =ROeVMIG#
Q%+"%
Gfk\Xd\ekf
GfdYX [f K`e_\`if
33
.1/-
OXY[X 5
Kif[lƒ‚f
\ m\e[Xj [\ Xlkfd‡m\`j \ Zfd\iZ`X`j c\m\j * aXl*]\m ,60 \ aXe*]\m,61
?DN>MDHDI<zyJ
E<I*A@QD60
%le`[X[\j&
AJIO@7 KHKI?@ c.C<=+
E<I*A@Q,61
%le`[X[\j&
BMwAD>J
Kif[lƒ‚f
Q\e[Xj
H\iZX[f
H\iZX[f
+
03323-
132454
!/*4(-4
/40452
506-6
02226.
.-2311
!/*6(55
0
|I?D>@N
`ek\ief
\nk\ief
+
+
?<N Q@I?<N
?J >JH{M>DJ
H<DJ,6/*<=M,61
?@ KJMOJ
/2(6/1-
AJIO@7 ><MO< ?< <IA<Q@<
7
//-
%.661&+e+63( dX`f+
!
/--
*#%
BMwAD>J
'
'
.3-
/
.1-
KDMxHD?@ @OwMD< ?J
MDJ BM<I?@
?J
NPG @ ?J
<G@BM@
*
9(
.
'
'
9
d(
./-
=M<NDG *.66.
-2<c/*9Ek<c0
K
K
K
q,
.--
A$$/
)
9(
&A$/(((
#(9&!*.797
#%
=2 \
%!('
M`f %8diic\ [f Nlc+
***$::*:777888++++:Z++77+7:*
J
(
*5
HX`f
clc+
')*
Jlk++ Ifm+
?\o+
:
.--+
*(+"
A\m+ HXi+
<Yi+
=J X =k
42 X 4=
4-XP
32 +3=
3-
%,B
AJIO@7 A@@c>?G+
IJO<7 Jj [X[fj k…dZfdf
22 +2=
2- %+B
c+2+k=
YXj\ aXe+,6/
if+s
02 +0=
0-
%)B
/2 +/=
/-+ P
BMwAD>J
.2 +D=
1
*%"(
.
X 8
J
X B!B$$$$
KMJ?PzyJ
=iXj`c
=2 \
4---
Kif[kƒc`f
=J X =k
3--2---
%,B
22 +2=
2- %+B
1---
k2+k=
0---
if+s
02 +0=
0-
%)B
/2 X /=
/- X P
.
n
8
% , B
AJIO@7 D=B@+
IJO<7 ?X[fj gi\c`d`eXi\j+
'
ccDc>`fcc5.
A/
'
/--.---
*('
,
)
)
d
"""""!!
K "%
V
L ((((
(q!7+q
(
(((!! (((((
d
DdgfikX[f
k2 +D=
*%"(
?@ OMDBJ
q&
'!***********!$(***************(
42 +4=
4-+ P
32+3=
3-
A|ND>< @ DHKJMO<zyJ
IJ =M<NDG *.65.*60
J
" " " "#" " " "!" " "#"#"#
AJIO@7 G@Q<IO <H@IOJ
NDNO@HwOD>J ?< KMJ?PzyJ
<BM|*
>JG< %.66/..660&+ M`f [\ EXe\`if7 D=B@cB>@<cMN+
2
@7;<=@3 2< :.V.@
R23@3>B79^0?7<
47;/;137?<
2<@ 0/;1<@
@B0/67A/\b3@
3'F7 Z?3/@
?3/@@3;A/'F73;A<@
3@A/2B/7@
O\e[f
\d m`jkXXhl\[X XZ\eklX[X [X `e]cXƒ•f hl\ [\m\i€ fZfii\i
Zfd e X[fƒ•f [f efmf gX[i‚f dfeZk+l`f * i\Xc* XgXik`i[\ ?![\ alc_f(
fj YXeZfj f]`Z`X`j \jkX[lX`j [\m\i‚f Xgi\j\ekXi [`]`Zlc[X[\j hlXekf Xf
j\l \hl`c†Yi`f ]`eXeZ\`if( gf`j [\`nXi‚f [\ k\i ^Xe_fj `e]cXZ`fe€i`fj( `jkf
„( Xhl\c\j i\jlckXek\j [f !]cf+l! YXeZ€i`f+
<f cfe^f [fj Xefj( f [ZjZhl` c`Yi`f D`e+dZZ`if[fj YXeZfj Zjkl[le`j
[\Zfii\l(
YXj`ZXd\ek\( [f \nZ\jjf
[\ ZflZZlkiXZ•f [\ jlXj Xgc`ZXƒ-\j
23 ?7@1<
3
Pd [Vcjji>cV$>jgifYc\dXj [\Zfii\ek\j
cY \ngXej‚f liYXeX [Zjfi*
[ZeX[l [`c i\jg\`k\& %D̀eZ`[…eZ`X[\ jlYXY`kXƒ‰Zj\d €i\Xj [\ i`jZf(
`dgi‡gi`7v( 7VVc>Pg7cq$UDJ
gfi dfiX[`Xj+ < Zi`j\ \Zfeˆd`ZX( Xc`X[XUU
ZjgZZlclZ•f `dfY`] `€i`X( !\dgliiX!
X gfglcXƒ‚f [\ YX`nXi\e[X gliX
%Di>!DN
Zd d+lZZej [\ Xiif`fj( \eZfjkXj [\ dfiifj
[\ ki%ck$h7e
`ek\ejf( fe[\
fj dfiX[fi\j
\ alekf Xm`XjgŠYc`ZXj
j\ \ng‰\d 7. `ele[Xƒ‰\j( [\jc`*
o+leZe`fj [\ kZeX \ Xkifg\cXd\ekfj+
<c„d [`jjf(
fYj\imX*j\ hl\
\d Zdgi„ji`dfj
alekf Xf j\kfi gŠYc`Zf( eX jlX dX`fi gXik\ alek\&ef
eZlg7Dq!*c\&
`e[`jZi`d`eX[X [\ €iZlj m\i[\j X^i7.Q7D
X[\^iX[$cq$‚f [f d\`f
gi‡gi`f Bfm\ief
[f @jkX[f+OXc]XkfZfeki`Yl`l gXiXXNP7D
[ZkZi`filƒ‚f
XdY`\ek\ [X V$\j`Ucf
Zfdf
]`eXeZ\`iX( UU
d\[`[X hl\ f †e[`Z\ [\ `eX[`dgc…eZ`X[fj [\m\[fi\j
j\kfi gŠYc`Zf „ \c\mX[f+
[f
2/
7;2a@A?7/
2< 7=7
Z XZfi[f
/BA<:<079e@Ae1/
3 /
]`idX[f Zfd X`e[Šjki`X XlkZdfY`_jk`ZX \d
Y\e\]†Z`fj gXiXkf[fj fj `ek\i\jjX[fj+
< i\[lƒ‚f
ef gi\ƒf %// ! ;" \ngXe*
Xi\[lƒ‚f
gif[lƒ‚f
dfjkiXd
hl\
\ Xj m\e[Xj [\ m\†Zlcfj Zi\jZ\iXd
k`mXd\ek\ %OXY\cX
5&(\ehlXekf
aXe\`if \ XYi`c[\
.661 \d
\jk€ fZfii\e[f+
/4(-4#
\ /6(55#
\ngc`ZXƒ‚f gXiX\jjX hl\[X „ f efk€m\c Zi\jZ`d\ekf
[\
e‚f
i\jg\Z*
\jk€ j\e[f
j\^d\ekfj
Zfdg\ejX[X
[f Zfdgc\nf
.660+ PdX
[X gif[lƒ‚f
m\e[Xj [\ m\†Zlcfj gfglcXi\j( ZlaX Xc†hlfkX]f` i\[lo`[X
g\i[X [\ i\Z\`kX hl\
<
X i\Z\`kX [f *+* ZX`l /6(-5Nk \eki\
i\cXƒ‚f X `^lXc g\i†f[f
Xii\ZX[Xƒ‚f [f *+*\d flkifj
%A@@cI@D&
+lZlj [\ i`jZf cfZ+ic̀ol[ej \d [`m\ijXj m`cXj[\ Kfikf <c\^i\ %OXY\cX
6&+
%A@@DI@MP&
1&'F7]?17<
Ifj
3AZ?7/@
35/a16/
eŠd\if
[\ `[fjfj
gif]le[Xj
Xj [lXj g`i•d`[\j(
@d i\cXƒ‚f •j kXnXjXZldlcX[Xj( fj i\jlckX[fj
Šck̀dfj
./ d\j\j+
`e[`ZX hl\( \ehlXekf
e‚f ]fi `dgcXekX[X X efmX df\[X(
mXi\a`jkX[\ Kfikf <c\^i\
:3;<@
\jhl\dXk`ZXd\ek\
A?75<
m`*
XY\ikliX [f d\iZX[f
[\
ĥf [f j\kfi
< gif[lƒ‚f
gif[lƒ‚f
YiXj`c\`if( XjjfZ`X[X Xf gifZ\jjf
\ UU
Xlj…eZ`X [\ d\[`[Xj
[\ l`^v Zfd\ƒfl
Z_XdXXk\eƒ‚f Xd\efi
gifgfiƒ‚f
_flm\
ldX XY\ikliX •j `dgfikXƒ‰\j
ZX`l gXi7. /+0/1
+le[s dX`j %Bi€]`Zf 1&+cjkfgfihl\
hl\ gXjjXiXd XJ>JDO\i\d gXjjX[f i\Z\ek\+
UU
Yilj`cZ`iX(j\e[f
If @jkX[f( XgXik`Z`gXƒ‚f[fj `[fjfj
hl\ \jkX Dl`nX(\d jlX dX`fi`X( „ ZfdgfjkX
* XjfYiZm`[X dX`j Dfe^X[Zjkej „ ld ]\eˆd\ef
< k\e[…eZ`X[\df^i€]`ZX
)((
Zfe[`ƒ‰\j [\ jXŠ[\ D.c$
MN(
dle[`Xc+
]lkliX ef =iXj`c !1GTVGJK1RQNWQVWTG
Xef D(et ./& XgfekXX[`d`el`ƒ‚f
[X gXik`Z`gXƒ‚f [\ afm\ej \ ld
Xld\ekf
eX [\ X[lckfj \ `[fjfj+ @NN7Gq
dl[XeƒXj XZXii\kXd ldX dX`fi
[\dXe[X
gfi efmfj \dgi\^fj
Z eX Ki\m`[…eZ`XNfZ`Xc+%A@@DI
ND&
gi\ i\Zfii\i
`dgfikX[f+
jlYj`[`X[Xj+
d`c_‰\j [\ kfe\cX[Xj \d
k\dgf
\d hl\
< jX]iX [\ ki`^f
.660( gf[\e[f
fj df`e_fj
.654(
[`d`el`i
YiXj`c\`ifj m‚f j\d*
Xf ki`^f dX`j YXiXkf(\( fYm`Xd\ek\( \jk\ k\d j`[f
N\^le[f
fj g\jhl`jX[fi\j(
`dgfikX[f(
gXiX NP7cXhl`j`ƒ‚f
ki`^%&
jlYj`[`X[f(
ZXj [\
Xf d\jdf
Xk`e^`l 3+-02 d`c_‰\j [\ kfe\cX[Xj ef Xef [\
c`[X[\ j`d`cXi Xf gif[lkf
gifYc\dX
[\ gi`mXk`of*
J [\Zc†e`f [X
Zfd X gfc†k`ZXc`YZiec`oXekZ[f Bfm\ief
†e[`Z\j [\ ]\Zle[`[X[\
gfi dlc_\i\j
[\ gifk\ƒ‚f+
>fccfi( hl\ gi`mXk`ofl XZfdgiX [f gif[lkf
Z\ekif&[X ]X`nX\eki\ .2 \ /1 Xefj ef @jkX[f+OXc]XkfZfe]`idX fj YX`nfj
„ jlg\i`fi
f
Zfd XiZkieƒ‚f
ki`k`Zf cXeXZ`feXc \jk€ mXZ`cXek\]i\ek\ • gfc†k`ZX[\
eXZ`feXc( hl\
ef g`Zf [X g`i•d`[\(
Zfek`elXiŠ jf]i\e[f
0?/@7937?<
[\ afm\ej ef MN[f hl\ ef =iXj`c(_\d Zfief f \jki\`kXd\ekf %cXi^liX[f
k\d i\]c\nfj
]fiXd `^lXcd\ek\
eZ^+l `mfj7 .0(63 .2 ef ZfiegXiXk`mf ZfdaXe+ *X_i%'.) \ 6(0- ! ;%\d k\idfj
[X
X[lckX %cXi^liX[f Z\ekif& \ f
@jk\ Šck`df( \d XjjfZ`Xƒ‚f •j d\c_fi\j
kXdY„d Df`
kXnXj[\ *.1(06Nk \ *'+#+-! ; i\jg\Zk`mXd\ek\+
df[`]`ZXƒ‰\j eXj
%g`Zf[X g`i•d`[\&+
>fdgXiXe[f*j\
%.1(/5 .2 \ dXk\i`Xc
[f gŠYc`Zf Zfejld`[Zi+i]*@Y,Iˆc&
jlXc`oXi ki…j]X`nXj[X \jkilkliX \k€i`X [f KX†j\ [f @jkX[f7f eŠd\if
afm\ej %cXi^liX[X YXj\&(X gfglcXƒ‚f
ldX i\kiXƒ‚f [\
LlXekf •j m\e[Xj 7Vm`jkX\ X giXof( f [\j\dg\e_f
e\^Xk`mf( \ngi\jjXe[f
d\iZX[f
2/@ =<=B9/\`3@
3: #$$#
\k€i`Xj %Bi€]`Zf /&( gf[\*j\
\m`[\eZ`fl
ef iXdf dfc\( \d k\Z`[fj( Zfe]\Zƒ‰\j \ XZ\jj‡i`fj
eX
XlkfdfY`c†jk`Zf+
\jkilkliXj \k€i`Xj YiXj`c\`iX \ ^XŠZ_X(`e †clZeZ`X[Xj g\cf [\jZZejf
]\Zle[`[X[\ \ [X dfikXc`[X[\+
IXj g`i•d`[\j
mXi\a`jkX[\ Kfikf <c\^i\
\jgfik`mf %/(2-Nk&+
[fj
Šck`dfj /2 Xefj( fZfii\iXd
0/7D/
Xef %Bi€]`Zf 0 c+
Ol[f
=7?[:723@
0?/@7937?/
3:
<j m\e[Xj d\ejX`j egi ZjZekXiXd kXnXj e\^Xk`mXj \d kf[Xj Xj
ZXk\^fi`Xj+\nZ\kf \d dXk\i`Xc[\ Zfejkilƒ‚f %D
(55 ! ; "#ef iXdf [ld( \(
\ [Xj
gXiX .(2#+ *
g\cf Xld\ekf
1<;A7;B/
J Zfd\iZ`f
[f d\jdf
`jjf e‚f
[\jjXj
'*#-(!'A eXj m\e[Xj [\ XYi`c[\ .661( j\ ZfdgXiX[Xj •j [f d…j [\ dXiƒf
[\ ./ # [Xj Xc†hlfkXj[f *+* \ [f D>kVu.N+
i\Z\ek\j
f !Zfe^\cXd\ekf!
[\ KJKPc[c7$$$\j
[fj cfZX`j [\ i`jZf `d`e\ek\+ KXiXf Y`…e`f .661*62(
gi\m…*j\ Xi\dfƒ‚f
\ f iZXjjZek+leZekf [\ .+1/- ]Xd†c`Xjhl\ m`m\d \d
\ f \dgi\^c&+
\c\mXi`XXXiiZZX[eƒ‚f ki`Ylk€i`X(Zfdg\ejXe[f
De[`ZX[fi\j
[\ <ckf M`jZf gifg‰\( [\eki\ flkiXj d\[`[Xj(
€i\Xj( Zfd icjZ(kc`oX98•f
gXiX\m`kXiefmXj fZlgXƒ‰\j( \ f iZXjjZekXdZekf
.66/ gi\m`X
[`i`X Xj m\e[Xj \( \d Zfej\h‹…eZ`X( Xld\ekXi`X Xgif[lƒ‚f
OXc\ngXej‚f
ld kf[f+
IX >Xg`kXc(c\mXekXd\ekfj [X Ki\]\`kliX \d .06 m`cXj`e[`ZXiXd X
\n`jk…eZ`X [\ 51 gfekfj [\ Xckfi`jZf ^ZfkZZe`Zf+J Kif^iXdX [\ wi\Xj
>fe]fid\
j\ ZfejkXkXeXOXY\cX4( \d d„[`X( 4/(6# [f kfkXc[Xj
fg\iXƒ‰\j [\ Zi„[`kf [fj YXeZfj f]`Z`X`j \jkX[lX`j ]fiXd Xgc`ZX[fj alekf
Xf j\kfi gŠYc`Zfe‚f ]`eXeZ\`if ef g\i†f[fale+,55*[\o+c6-+ %A@@cI@NA&
< /1<?2<
?3137A/
X
Xgf`f hl\
%A@@DI@<&
i\jkX f i\kfief
m`j\d
g\cfj
f ki`^f YiXj`c\`if gfjjl`
e‚f i\j`[`e[f
df`e_fj+
Xf \jk†dlcf
• i\Zlg\iXƒ‚f
f
hlX*
X†(gfikXekf( f
KXiXZfdg\k`i
[X gif[lƒ‚f
Zfd f
m`Xgfc†k`*
[X ki`k`Zlcklil eXZ`feXc+
Œ
3
=<>@I XXdgc`Xi f cXeƒXd\ekf [\ k`klcfj [X [†m`[X gŠYc`ZXgXiX
\m`kXi `dgXZkf dfe\k€i`f
\ngXej`fe`jkX [X YXj\+@jjX [†m`[X i\gi\*
j\ekfl 5(4# \ 6(0 # [f KDDD(
i\jg\Zk`m Xd\ek\( \d dXiƒf \ XYi`c+J
g\iZ\eklXc „ i\cXk`mXd\ek\ g\hl\ef(
j\ ZfdgXiX[f
Zfd flkiXj
\Zfefd`Xj(
dXj X [`m`[X k\d giXofj Zlik†jj`dfj+ < dX`fi gXik\
m\eZ\ XZX[X +1 [`Xj \ gX^Xalifj Xckfj gXiX m`XY`c`oXij\l ^`if+ I‚f
j\ \jg\iX hl\[X [X kXnX[\ alifj( f hl\ [\m\i€ gi\jj`feXi
ZfekiX f
\hl`c`Yi`f [Xj ZfekXj [f O\jflif+
If d…j [\ XYi`c(X @n\Zlƒ‚f A`lXlZ\`iX [X Pe`‚f Xk`e^`l ld
[„]`Z`k j`^e`]`ZXk`mf [\ PN" .+161 d`c_‰\j+ @jj\ dfekXek\ „ \ngc`Z€*
m\c hlXj\ `ek\`iXd\ek\
g\cf gX^Xd\ekf [\ [ lXj ]fc_Xj jXcXi`X`j
jfd\ek\
e\jj\
d…j( [X[X X [\Z`j‚f
[f >fe^i\jjf
IXZ`feXc [\
Xek\Z`gXi [f [`X 2 [f d…j jlYj\h‹\ek\
gXiX f [`X 0- [f d…j [\
Zfdg\k…eZ`X f i\Z\Y`d\ekf
[fj j\im`[fi\j
gŠYc`Zfj+ IX m\i[X[\( X
Xek\Z`gXƒ‚f Xdgc`X Xj [\jg\jXj Zfd g\jjfXc \d .661 \ [\dXe[Xi€
Zfik\j Zfdg\ejXk‡i`fj
[\ flkifj ^Xjkfj+
>fd f i\Xc \ Zfd Xhl\[X [X `e]cXƒ‚f( \jg\iX*j\ XdgcX i\df*
e\k`oXĥf [X \Zfefd`X( @jj\ ]Xkf j`^e`]`ZX hl\ f mfcld\ [Xj Xgc`*
ZXƒ‰\j]`eXeZ\`iXj `i€ ZX`i+Pd Xjg\Zkf [\jjX efmX i\Xc`[X[\ m`i€
eX ]fidX [X [`d`el`ƒ‚f
[X m\cfZ`[X[\ Zfd hl\ gXik\ [X c`hl`[\o
j\ [\jcfZX [fj Xk`mfj ]`eXeZ\cifj gXiX Xj ZfekXj Zfii\ek\j \ [\ mfckX
gXiX Xhl\c\j Xk`mfj+ OX`j Z`iZlejk•eZ`Xj [\m\i‚f
Zfeki`Yl`i [\
]fidX \ngi\jj`mX gX`*Xi\[lo`i
f i\Zfc_`d\ekf
kXekf [f Ddgfjkf
jfYi\ Jg\iXƒ‰\j A`eXeZ\`iXj %DJA&Zfdf [f DKcV]A+
< i\jg\`kf(
mXc\ c\d_iXi hl\ 40 " [f DJA gifm…d [f Ale[f [\ <gc`ZXƒ‚f
A`eXeZ\`iX+
<c„d [`jnf( j‚f \jg\iX[Xj
Xc^ldXj Xck\iXƒ‰\j ef j`jk\dX
ki`_lk €i`f ( gXiX X[Xgk€*cf • ZfealekliX
[\ \jkXY`c`[X[\ hl\
[\m\i€
`eZcl`i f DJA \ f DKHA+ Kfi \n\dgcf(
„ gifm€m\c X
[`d`el`ƒ‚f
[X Xc†hlfkX [\ -(/2#
[f DKcVDA
jfYi\ Xj Xgc`ZXƒ‰\j
[\ gflgXeZX( a€ hl\ \jkXj k…d i\eld\iXƒ‚f
i\Xc [\ -(2 # Xf
d…j( <j \ng\ZkXk`mXj [\jjXj dl[XeƒXj
gf[\d(
fe e‚f( j\ Zfe*
]`idX`$ \d dX`fi fl d\efi
d\[`[X+ De[\g\e[\ek\d\ek\
[\cXj(
fj `dgfjkfj
i\]\i`[fj
[\m\i‚f
[`d`el`i
jlXj Xii\ZX[Xƒ‰\j+ ?`j*
DHK<>OJN ?< @NO<=DGDT<zyJ NJ=M@
jf e‚f j\ gf[\ Zfei cl`i( \eki\kXekf( hl\ _Xm\i€ g\i[X c`hl`[X
<N >JIO <N K~=GD><N
gXiX fj Zf]i\j gŠYc`Zfj( < i\dfl\k`oXƒ‚f
`dgc`ZXi€ i\j^Xk\ [\
' *+W***********
gXik\ [X [†m`[X gŠYc`ZX( f hl\ gf[\i€
i\[lo`i
fj [`jg…e[`fj
< G\` [\ H\`fj(
fl f JiƒXd\ekf
KŠYc`Zf( „ XgifmX[X
]`eXeZ\`ifj
[f Bfm\ief+ < Zfe]`idXƒ‚f(
fl e‚f( [\jjX gfjj`Y`*
\jk`dXe[f
i\Z\`kXj \ ]`nXe[f [\jg\jXj(
\d k\idfj
efd`eX`j(
c`[X[\ j\i€ [\k\id`eX[X
kXdY„d g\cf e†m\c [Xj kXnXj [\ alifj+
Zfd YXj\ \d gifa\ƒ‰\j [X `e]cXƒ‚f+ IX d\[`[X
\d hl\ \jkXj
Ol[f `jjf j`^e`]`ZX hl\ f `dgXZkf c†hl`[f [X i\dfe\k`oXƒ‚f
[X
e‚f j\ Zfe]`id\d(
Zfdf
ljlXcd\ek\
fZfii\(
f JiƒX d\ekf
\Zfefd`X
\jkXi€ eX [\g\e[…eZ`X [\ [\c`Y\iXƒ‰\j [X ^\jk‚f [f
[\`nX [\ j\i ldX X[\hlX[X
i\gi\j\ekXƒ‚f
[X i\Xc`[X[\ \
KcXef M\Xc hl\ X`e[X \jk‚f gfi m`i+
X[hl`i\
Z\ikf ZXi€k\i ]`ZZ`feXD+KJD$`jjf( gXi\Z\ e‚f j\i g\ZX*
M\Z\ek\d\ek\(
f Bfm\ief
XeleZ`fl
X dXelk\eƒf
[X PADM(
[f k‚f ^iXm\ f ]Xkf [\ X G\` [\ H\`fj
[X Pe`‚f
e‚f \jkXi
X[m\ik`e[f( \eki\kXekf( hl\ j\l ljf j\i€ Xck\iX[f \ i\jkike^`[f+
XgifmX[X \d d\X[fj
[f Xef+ <hl` f `dgfikXek\ „ ZfejkXkXi
>X`i€ Zfdf `e[\nX[fi
[\ `dgfjkfj
[\m`[fj+ I‚f gf[\i`X j\i [\
Zfdf X XckX†e]cXƒ‚f Y\e\]`Z`X( \d Z\ikfj Xjg\Zkfj( f \hl`c†Yi`f
flkiX ]fidX( j\( [\ kXkf(j\ \jg\iX X \jkXY`c`oXƒ‚f+ N\e[f dXe*
[Xj ZfekXj gŠYc`ZXj+ Djjf gf[\ fZfii\i
Zfd f X[`Xd\ekf
[\
k`[X gXiX \jjX ]`eXc`[X[\( Zfe]`^liXikX
ldX dXe`]\jkXƒ‚f
[\
[\jg\jXj
fiƒX[Xj \d k\idfj
efd`eX`j+
@jj\ gifZ\[ `d\ekf (
[\jZfe]`XeƒX
[f Bfm\ief
ef j\l gcXef [\ \jkXY`c`oXƒ‚f \ f
fYm`Xd\ek\(
[`d`el`(
[\ ]Xkf( fj [`jg…e[`fj+
Jlkif
gifZ\[`*
gi`d\`if
gXjjf gXiX X i\`e[\nXĥf
[X \Zfefd`X+ < PADM m`^`i€
d\ekf
lk`c`oX[f „ f X[`Xd\ekf
[\ gX^Xd\ekfj
Xfj ]fie\Z\[f*
gXiX Zfii`^`i
X YXj\ [\ Z€cZlcf [f Ddgfjkf [\ M\e[X jfYi\
i„j*Zi\[fi\j
[f j\kfi gŠYc`Zf( j\d
Zfii`^`i
gc\eXd\ek\
fj
jXc€i`fj \ i\e[`d\ekfj
]`eXeZ\`ifj(
Y\d Zfdf gXiX \cXYfiXi f
mXcfi\j ef Xkf [\ jXc[Xi Xj [`m`[Xj+ ?\jjX ]fidX( _€ ldX
YXcXeƒf [Xj \dgi\jXj+
If Šck`df ZXjf( X iXo‚f [\jjX [\c`Y\iX*
g\i[X [fj ]fie\Z\[fi\j
\d Y\e\]`Z`f
[f Bfm\ief+
<jg\Zkf
ƒ‚f( j\^le[f
Xj Xlkfi`[X[\j(
„ \m`kXi dl[XeƒXj
[\ Zi`k„i`fj \
`dgfikXek\
[`o i\jg\`kf
Xf `dgfjkf
`ec.XZ`fe`†i`f
hl\ i\ZX`
gfjj† m\`j [\dXe[Xj
al[ `Z`X`j+
jfYi\ kf[fj fj hl\ i\k…d df\[X Zfej`^f fl \d ZfekX Zfii\ek\+
A`eXcd\ek\( gf[\*j\ Zfej`[\iXi X_`g‡k\j\ [\ j\ ZfejkXkXiZi\j*
@jk\ k\d j`[f ldX ]fek\ `dgfikXek\
[\ ]`eXeZ`Xd\ekf
^fm\i*
Z`d\ekf dX`j Xc\ekX[fi [X \Zfefd`X( f hl\ Xdgc`Xi`X Xj i\Z\`kXj
eXd\ekXc( eX d\[`[X
\d hl\ X [\jmXcfi`oXƒ‚f
[X df\[X!
X_i\
gŠYc`ZXj( Of[Xm`X \jjX \m\eklXc`[X[\ jf]i\ X i\jki`ƒ‚f [f gi‡gi`f
\jgXƒf!
gXiX \d`jj‰\j+ Djjf fZfii\(
\dYfiX j\aX m\i[X[\
hl\
ZXi€k\i [f KcXef M\Xc( hl\ [\m\ j\ Zfe]`idXi
Zfdf i\Z\jj`mf \
gXik\ j`^e`]`ZXk`mX [f `dgfjkf
`e]cXZ`fe€ikf „ Xgifgi`X[X g\cf
c`d`kXi X\ngXej‚f [X [\dXe[X \ [Xj Xk`m`[X[\j \Zfeˆd`ZXj+
j`jk\dX
YXeZ€i`f ( Zfd YXj\ efj [\g‡j`kfj
• m`jkX+ <c^l„d
< dX`fi gXik\ [fj Xjg\Zkfj XZ`dX i\]\i`[fj
\n`^\d
f
gf[\ fYjkXi • X]`idXk`mX( XgfekXe[f
f \]\`kf Jc`m\iX*OXeok(
kiXejZlijf
[f k\dgf
gXiX Xe€c`j\ dX`j i`^fifjX+
<jj`d(
Xj
g\cf hlXc( Zfd `e]cXƒ‚f( X [`jk•eZ`X k\dgfiXc
\eki\ f ]Xkf
fYj\imXƒ‰\j ]\`kXj( [\ ]fidX `e\m`k€m\c( X[hl`i*`iXd
ZXi€k\i
^\iX[fi \ f \]\k`mf i\Zfc_`d\ekf
[f `dgfjkf
[`d`el`
f mXcfi
\jg\Z lcXk `mf+ Of[Xm`X ldX ZfeZclj‚f
ZcXiX gf[\*j\
k`iXi+
i\Xc [\jk\+ < i\[lƒ‚f
[fj giXofj [\ i\Zfc_`d\ekf
[fj _i`_lkfj
>fe]`idX[X
X \jkXY`c`[X[\(
Xj ]fidXj
\jgŠi`Xj
[\ ]`eXeZ`X*
\( [\gf`j
[\ Zlikf g\i`f[f(
X `e[\nXƒ‚f
[fj d\jdfj
g\cX
d\ekf [Xj [\jg\jXj
gŠYc`ZXj( Zfdf f X[`Xd\ekf
[\ gX^Xd\e*
Pe`[X[\
A`jZXc [\ M\]\i…eZ`X %PADM&[`d`el\d
X \]\k`m`[X[\
kfj*\ f `dgfjkf
`e]cXZ`fl€i`f$8 \jkXi‚f \nk`ekXj+
[Xhl\c\
\]\`kf+ Nlgfe[f
hl\ X \jkXY`c`[X[\ j\aX ZXiXZk\i`jk`ZX
g e\jjXj Z`iZlejk•eZ`Xj hl\ X ^\jk‚f [X gfc†k`ZX\Zfeˆd`ZX
[X efmX df\[X(
fj Zf]i\j
gŠYc`Zfj \jk‚f gi\jk\j
X g\i[\i
f
[\m\i€ Zfe]`idXi
Xj d\kXj [\ \hl`c†Yi`f ]`jZXc( Zfdf Zfe[`ƒ‚f
`dgfjkf
`e]cXZ`fe€i`f Zfdf ]fek\ [\ ]`eXeZ`Xd\ekf+
e\Z\jj€i`X gXef Xjj\^liXi f jlZ\jjf [X \jkXY`c`[X[\+
i78Wuu*+$qc$7
++
&
&W!!!!&&&&
kr7!@
>JD`DEJIOccHA@@
Zfd `e ifidXZ‰Zj [`jgfilm\`j H} /3+-2+61&
OìX^\ie ( / +--- \n\dgcXi\j
< >XikX[\ >fealekliX A@@„ ldX glYc`ZXƒ‚f d\ejXc [\ i\jgfejXY`c`[X[\ [fj \[`kfi\j Zfd XZfcXYfiXƒ‚f [fj eŠZc\fj [\ g\jhl`jX [X ?`i\ƒ‚f O„Ze`ZX+
<j fg`e`‰\j e‚f \ngi`d\d
ld gfj`Z`feXd\ekf f]`Z`Xc[X A@@fl [X N\Zi\kXi`X[f KcXe\aXd\ekf \ [X <[d`e`jkiXƒ‚f+
@[`kfi7MfY\ikf HXiZXekfe`f
Ale[Xƒ‚f [\ @Zfefd`X Z @jkXk
`$jk`ZX
@[`kfi\j <[alekfj7 <e[i„ H`e\ccX
Bfm\ieX[fi [f @jkX[f [f M`f BiXe[\ [f Nlc
N`Z^]i`Z[ @dXel\c C\ljZi
>Xc`ef KXZ_\ZfA`c_f
M
DjXY\cIf\d`X M‹Zb\ik
<G>@P >JGG<M@N
lX ?lhl\ [\ >Xn`Xj(.36.
>fej\c_f @[`kfi`Xc[X >XikX
N\Zi\k€i`f [f KcXe\aXd\ekf \ [X <[d`e`jkiXƒ‚f
Kfikf <c\^i\( MN* >@K6-+-.-*/50
<[XcY\if <cm\j HX`XI\kf
><MGJN C@MO@M
><=M<G
<[Xcd`i HXihl\kk`
<e[i„ H`e\ccX
Ale[Xƒ‚f [\ @Zfefd`X \ @jkXk†jk`ZX
<ekfe`f >Xicfj AiXhl\cc`
N`\^]i`\[ @dXel\c C\lj\i
&0/./
>Xc`efKXZ_\ZfA`c_f
DjXY\c
If\d`X M‹Zb\ik
Ki\j`[\ek\7 <IOJIDJ ><MGJN AM<LP@GGc
Gl`o <l^ljkf @jki\ccX
AXi`X
?`i\kfi O„Ze`Zf7 J>O<QcJ <PBPNOJ >+>Jq>@cƒyJ
JZkXm`f<l^ljkf >+>feZ\`ƒ‚f
?`i\kfiX <[d`e`jkiXk`mX7HJ@H< FM< S
MfY\ikfHXiZXekfe`f
MlY\ej NfXi\j [\ G`dX
?
5< 3?;<
.3 ?V&R
+
*
EDFH; E7=D
?
U
:F)FG
U[FH)FG ((*(6dd#d(*
FQAd
(
A
$)0BDD+'D
'-1- , J$ Jq1*
*++
*
W
++8
:D ;GH7:D
IX 1580645 RZ]_Q
RMcZ FUZ=]MYPQ XZPQ]YZ
n

Documentos relacionados

(7 03+,-030CF,7 +4 51(34 +, ,78 ()010<(CB4

(7 03+,-030CF,7 +4 51(34 +, ,78 ()010<(CB4 Xd_`\ek\ dXZif\Zfe„d`Zf \d hl\ fj [\k\ekfi\j [\ [`]\i\ek\j d\i* ZX[fi`Xj( Zfdf Y\ej( j\im`•fj( [`e_\`if fl ]fi•X [\ kiXYXc_f( ![\* m\d XZ\`kXi! fj [ `kXd\j [f d\iZX[f+ J ZfejkiXe^`d\ekf [fj gi\•fj ...

Leia mais