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

Transcrição

(7 03+,-030CF,7 +4 51(34 +, ,78 ()010<(CB4
&1.21460/;LXZL OP ;VUR[UZ[XL =<'\.'U,+*,,'
%*#$ I+.-*..
(',8)%+
.661
,33/
-(.+,-0*-
BJQ@MIJ
?J
N\Zi\kXi`X
@eki\^l\ Xfj >fii\`fj
ef d•j [\ XYi`c
@NO<?J
[f
?J
M`J
BM<I?@
KcXe\aXd\ekf
!0030(*>+
+, ,*03420(
N`\^]i`\[
@dXel\c
?J
NPG
\ [X <[d`e`jkiX•~f
, 9@(@>780*(
C\ lX\ i
))
(7 03+,-030CF,7
,78 ()010<(CB4
+4 51(34
+,
f Z_XdX[f KcXef [\ @jkXY`c`oX•~fA\ieXe[f C\ei`hl\ >Xi*
[fjf &KAC>' k\d m|i`Xj [\ jlXj ZXiXZk\ikjk‚ZXj YXjkXek\ Zfe_\Z`*
[Xj+ I\jk\
ZXjf \jk~f X d\kX [\ \cle `eXi f [€]`Z`k g†Yc`Zf
fg\iXZ`feXc \ Xm`^•eZ`X[X Pe`[X[\ M\Xc[\ QXcfi &PMQ'( Kfi flkif
cX[f( Xjg\Zkfj [X dX`j XckXi\c\m}eZ`X gXiX hl\ j\ gfjjX g\iZ\Y\i
ZcXiXd\ek\ X eXkli\oX [f KAC> X`e[X \jg\iXd
f dfd\ekf
gXiX
j\i\d
[`mlc^X[fj( <Z\iZX [\jjXj `e[\]`e`•…\j( k\d*j\ ^\iX[f X `d*
gi\jj~f [\ hl\ j\ kiXkX[\ ZXlk\cfjf \ aljk`]`ZX[f ZfdgfikXd\ekf
[Xj Xlkfi`[X[\j
\ [fj k€Ze`Zfj( >feZi\kXd\ek\(
X cXZleX Xhl` Xcl*
[`[X [`o i\jg\`kf {j ZXiXZk\ikjk`ZXj [X i\]fidX
dfe\k|i`X
X j\i
i\Xc`oX[X \d Xc^ld dfd\ekf
[f ]lklif giƒn`df( QXc\ [`o\i( eX[X
[\ dX`j gi\Z`jf j\ jXY\ [Xj d\[`[Xj
[\ gfc‚k`ZX \Zfe…d`ZX hl\
\jkXi~f \d m`^fi gXiX jlYj`[`Xi
Xj gfc‚k`ZXj ]`jZXc\ dfe\k|i`X
eX
Zfejkil•~f
[Xj Zfe[`•…\j hl\ [Xi~f jfc`[\o Xf efmf gX[i~f dfe\*
k|i‚f+ >fdf f \n*H`e`jkif
A\ieXe[f C\ei`hl\
>Xi[fjf
Xcl[`l 8'
Zfem\ij~f [f i\Xc Xf [ƒcXi \ Zfdf X PMQ ]f` ZfeZ\Y`[X \ Zi`X[X
kXdY€d gXiX hl\ fj gi\•fj gXjjXjj\d X k\i ldX i\]\i•eZ`X dX`j
[`i\kX Zfd \jjX df\[X( \jg\iX*j\ hl\ Xc^ld k`gf [\ XeZfiX^\d [f
i\Xc { d\jdX m`i| XJ>JDO\i+ Of[em`X+[X[X X[\jgifgfi•~f
\n`jk\e*
k\ \eki\ fj dfekXek\j [\ Xk`mfj ]`eXeZ\`ifj hl\( \d gi`eZ‚g`f(
[\dXe[Xi`Xd
Zfem\ij`_`c`[X[\
\ f UXcfi [Xj i\j\imXj ZXdY`X`j
[`jgfe‚m\`j
gXiX \jj\ ]`d( f ]Xkf Zfe]`^liX ld gifYc\dX ZlaX
jfcl•~f
e~f ]f` \hlXZ`feX[X+
<c€d [`jjf( gXiX kiXeh‡`c`oXi( f
\n*H`e`jkif [X AXo\e[X kXdY€d `e]fidfl
hl\ Xj ZXiXZi\ikjk`ZXj [f
KcXef e~f g\id`k`i~f
hl\( X \n\dgcf [f fZfii`[f
eX <i^\ek`eX( j\
Xjj`jkX X ldX mXcfi`oX•~f e~f [\j\aX[X [X kXnX[\ Z|d_`f+ >fdf
[fcXi`oX•~f `dgc`ZX kXnX[\ Z~l`Y‚f ]`nX( \ \jkX( gfi jlX m\o( `dg…\
fj g\i`^fj [X jlYi\mXcfi`oX•{f ZXdY`Xc(X X]`idXk`mX f]`Z`Xc( Xek\j
[\ \jZcXi\Z\i( Zfe]le[\(
< gXlkX X`e[X \d YiXeZf [Xj YXj\j [X i\]fidX dfe\k|i`X
X_i\
\jgX•f gXiX X \jg\ZlcX•~f( @jk\ \[`kfi`Xc Xjjld\
\jj\ \jgX•f( @c\
gXik\ [Xj gfjj`Y`c`[X[\j hl\ fj kiXYXc_fj k\ƒi`Zfj k•d [\]`e`[f gXiX
X XeZfiX^\d
[X df\[X+ @nXd`eX [lXj [\jjXj gfjj`_`c`[X[\n(
X
}eZfiX efd`eXc ZXdY`Xc&<>' \ X }eZfiX efd`eXc dfe\k|i`X
&<DUU'(
_\d Zfdf fj gfjj‚m\`j gifYc\dXj [\Zfii\ek\j
[\ ZX[X fg•~f(
<
/1451 Zfej`[\iX kXdY€d Xgfjj`_`c`[X[\ [\ hl\ Xgfc‚k`ZX\Zfe„d
`ZX
m\e_X X Xjjld`i ld ZXi|k\i d`jkf( fl j\aX( [\ hl\ X !XdXiiX•~f!
[f i\Xc Xf [ƒcXi j\ ]X•X XZfdgXe_Xi [\ i‚^`[f \ i\jki`kf Zfekifc\
dfe\k|i`f+
< PMQ( J <EPNO@ ADN><G @J @LPDGy=MDJ
efj
KM@Z8JN
< `ejkX_`c`[X[\ `dgc`ZX [\j\hl`c‚Yi`f
[fj gi\•fj
i\cXk_ fj+
N\dgi\ _| gi\•fj [\]XjX[fj+ < i\Zlg\iX•~f
[\ lej ZXljX f XkiXjf
[\ flkifj+ Ild Zlikf \jgX•f [\ k\dgf( X`e]cX•~f dXk\i`Xc`oX*j\ eX
i\Zlg\iX•~f
[\jk\j †ck`dfj+ @jj\ € ld gifYc\dX hl\ f KAC> m\d
gifZliXe[f
i\jfcm\i Xek\j [\ `ekif[lo`i
f i\Xc+ >Xjf e~f f ]`o\jj\(
X i\]fidX
dfe\k|i`X
j\i`X i\Xc`oX[X eld k\ii\ef
d`eX[f g\cXj
kXnXj[\ `e]cX•~f [f gXjjX[f+ KXiXhl\ `jjf e~f fZfiiX( fl j\aX( gXiX
Zfe[lo`i fj gi\•fj Xf Xc`e_Xd\ekf( ]f` Zi`X[X XPMQ Zfdf `e[\nX*
Q^) [fi [X `e]cX•8'f Zfii\ek\
\ Zfdf le`[X[\ Zfe]`|m\c [\ ZfekX+>fd
\jjX [lgcX hlXc`[X[\( \cX € X[fkX[X Zfdf d\ejliX[fi
[\ gi\•fj \
`e[\nX[fi
[fj UXcfi\j [\m`[fj gXiX gX^Xd\ekf ]lklif+ <jj`d( X
X(
Zfii`[X [Xj i\dXiZX•…\j( hl\ Xek\j \iX [\jfi[\eX[X(
gXjjfl X
ZfekXi Zfd ld \c\d\ekf
[\ Zffi[\eX•~f(
hl\ [\m\i| gifg`Z`Xi X
i\Zfdgfj`•~f
[fj gi\•fj
i\cXk`mfj+ NlYj`[`Xe[f
\jjX kXi\]X( Xj
gfc‚k`ZXj ]`jZXc&[\ i\[l•~f
[\ ^Xjkfj g†Yc`Zfj' \ dfe\k|i`X
&[\ alifj
Xckfj' i\jki`e^\d
X[\dXe[X( [\ ]fidX X^\iXi ld XdY`\ek\ X[m\i*
jf Xfj Xld\ekfj
Xdgcfj [fj gi\•fj( O\fi`ZXd\ek\(
f d\c_fi [fj
i\jlckX[fj
hl\ j\ gf[\ Zfc_\i [\jj\j
gifZ\[`d\ekfj
€ f [\ fYk\i(
[\ekif
[\ \jgX•f i\cXk`mXd\ek\ Zlikf [\ k\dgf( ld gX[i~f [\
Xc`e_Xd\ekf [\ gi\•fj j\d\c_Xek\
Xf [Xj ZfealekliXj
\jkXY`c`oX*
[Xj+ IX d\[`[X \d hl\ `jjf J>JDO\c%(\jg\iX*j\ m\i jfclZ`feX[f
f
gifYc\dX [X `e]cXZ~f i\j`[ eXc \( Xjj`d( Zfejkil‚[f
f XdY`\ek\
gifg‚Z`f gXiX nlYjk `kl`i X df\[X m\c_X g\cX efmX+I\jj\
XdY`\ek\
`[\Xc( XkiXej]fidX•~f
[X ZfkX•~f [X PMQ eX efmX le`[X[\ dfe\*
k|i`X [\m\ XZfek\Z\i Zfd ldX XYilgkX hl\[X [X `e]cX•~f+ Of[Xm`X
X kifZX [\ df\[X € Xg\eXj f Xjg\Zkf dX`j \m`[\ek\ [X i\]fidX
dfe\k|i`X+
<N tI>JM<N
IJcUccI<DN
V KAC > Xgi\j\ekX*j\ Zfdf [XUL fg•~f [\ Zfekifc\ [X `e]cX•~f(
j\d i\Zfii\i
XhlX`jhl\i
]fidXj [\ X[d`e`jkiX•~f
[\ gi\•fj+ I~f
j\ kiXkXXg\eXj [\ U\i hl\ e~f _| Zfe^\cXd\ekfj
\ jlXj mXi`Xek\j(
Zfdf gi€*]`mX•…\j+ OXd _€d e~f _| \c\d\ekfj
hl\( [\ Xc^ldX
dX e\`ie( j\ YXj\`Xd \ l` XZfi[fj e\^fZ`X[ fj( j\aX d \c\j Xd g`fj( k`gf
gXZkf jfZ`Xc( j\aXd i\jki`kfj( Zfdf fj [Xj >}dXiXj N\kfi`X`j+ C|(
`jkf j`d( XU`^•eZ`X [f d\iZX[f+ QXc\ [`o\i( f KAC> k\ekX ^\iXi ld
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
\ jXc]kc!yfj8' d€[`X [\ ld g\i‚f[f
[f gXjjX[f( dX`j ]fik\ gXiX fj
jXc]ki`fj [f hl\ gXiX fj gi\•fj(
e~f Xck\iX X \jj•eZ`X [f hl\ €
Zfej`[\iX[f+
<jj`d( [X Zfe]`^liX•~f
[f KAC> ]`ZXd \c`d`eX[fj fj
]ƒilej [\ e\^fZ`X•…\j( \d hl\( gfi Z\..-( fZfii\i`Xd
gi\jj…\j gXiX
X i\Zfdgfj`•8'f
[Xj i\dle\iX•…\j
[f kiXYXc_f+
I\jnX*( Zfe[`•…\j(
X i\jgfejXY`c`[X[\
[\ Xjj\^liXi X d\kX [X
\mkX_`c`oX•{f i\ZX`( \d gi_l\`if
cl^Xi( jf_i\ Xj gfc‚k`ZXj ]`jZXc \
dee\k|i`e(
\n`^`e[f
dX`j Xejk\i`[X[\
\ i`^fi eX Zfe[l•~f
[Xj
d\jdXj+ Of[Xm`X _| f Zfej\ejf
[\ hl\ X gi|k`ZX ljlXc [\jjXj
gfc‚k`ZXj j\i`X `ejl]`Z`\ek\
gXiX X dXelk\e•~f
[X \jkX_`c`[X[\ X
gXik`i [X `ekif[e•~f
[f i\Xc+KXiX jlgi`i \jjX `ejl]`Z`•eZ`X( _Xm\*
i`X X gfjj`_`c`[X[\
[X X[f•~f [\ ldX }eZfiX efd`eXc( hl\ gf[\
j\i dfe\k|i`X
fl ZXdY`Xc+>X_\ \nXd`eXi ZX[X ldX [\jjXj Xck\i*
eXk`mXj+
>fd €d `e`Z`Xc*f \nXd\ [X }eZfiX dfe\k|i`X
jfY f gfekf [\
m`jkX k\…i`Zf \( [\gf`j+ gXjjXi {j gfjj`_`c`[X[\j
[\ jlX m`XY`c`[X[\
ef ZXjf [X \Zfefd`X eXZ`feXc+c`dX <DUD
Zfej`jk\ \d ]`nXi\ Zldgi`i
ldX d\kX \nki\dXd\ek\
i\nki`kX [\ f]\ikX dfe\k|i`X+ N\^le[f
X
ZfeZ\g•~f [X d\jdX( j\d Xdgc`X•~f [X f]\ikX dfe\k|i`X(
XYjkiX‚*
[fj Z_fhl\j [\ f]\ik X(f e‚U\c [\ gi\•fj [\m\ j\ dXek\i \jk|m\c+ @jj\
k`gf [\ d\[`[X
i\gfljX(
fYm`Xd\ek\( \d Xaljk\ ]`jZXc \ Zfik\ [\
^Xjkfj g†Yc`Zfj+ Kfi [\]`e`•~f( `dgc`ZX i\jki`•~f [i|jk`ZX [\ c`hl`*
[\o \( gfi Zfej\h‡•eZ`X+ kXnXj [\ alifj \d e‚m\`j dl`kf \c\mX[fj+
J i\jlckX[f e\^Xk`Uf [\jjXj gfc‚k`ZXj ]`jZXc\ dfe\k|i`X
j\i`X( gfi
Z\ikl( X D*\[cc•~f [X gif[l•~f
\ X [f \dgi\^f
XYX`nf [\ e‚m\`j
X[d`jj_\`j
\( gfjj`m\cd\ek\+
[XUL Zi`j\ [\ c`hl`[\o+ <`e[X \d k\i*
dfj k\ƒi`Zfj( `jjf fZfii\i‚X gfi Yi\m\ \jgX•f [\ k\dgf( < UXekX^\d
[X <DUD!m`j*{*m`j! { <> € hl\ X gi`d\`iX kiXYXc_XZfd Z|d_`f
Ac\n‚m\c \( gfikXekf( e~f f]\i\Z\
f g\i`^f [X jfYi\mXcfi`oXZ~f
ZXd*
_`Xc(hl\ ZXiXZk\i`oX Xj\^le[X+
$NVUZ[Q[U
W)X%%
-
9
703457,
+4 HrN
( (*,1,6(CB4
+( 03-1(CB4
(7 5,6+(7
7(1(60(07
Jj Xld\ekfj [\ gi\•fj hl\ fZfii\iXd Xek\j [X `dgc\d\ekX•~f [X
PMQ Zfd\•XiXd X i\]c\k`i*j\ efj gi`eZ`gX`j ‚e[`Z\j hl\ d\[\d
X
`e]cX•~f+<j gi€m`Xj[f DBKH*ABQ \ [f DK><*D=B@\m`[\eZ`Xd ldX
gle_Xd
\ng\ZkXk`mX`e]cXZ`fe|i`X dX`j \c\mX[X gXiXf d•j [\ dXi•f( \d kfief
\jZXcX[X [fj
[\ 10#+ @ef DK>*ADK@
i\^`jkifl
ldX XZ\c\iX•~f eX j\^le[X
hlX[i`j*
j\dXeX [\ dXi•f( Xf Xk`e^`i ldX mXi`X•~f[\ 1-(-1# ZfekiX 05(54# [X
hlX[i`jj\dXeX Xek\i`fi &Bi|]`Zf .'+ < XZ\c\iX•~f [\m\l*j\( gi`eZ`gXc*
d\ek\( Xf j\kfi [\ Xcd̀\ekfj(
[\ 13(3#+
Zlafj gi\•fj
k`m\iXd ldX \c\mX•~f d€[`X
@d efd\
d\ek\
, ( 2,+0+(
5
37%$%
:07E60(
[f ZfdYXk\ { `e]cX•~f( fj XjjXcXi`X[fj ]fiXd [liX*
Xk`e^`[fj Zfd Xgifdlc^X•~f
Xg\eXj gXiZ`Xcd\ek\
gi\•fj+
[\ gfc‚k`ZXj jXcXi`X`jhl\ i\Zfd*
f gf[\i
Xhl`j`k`mf
Zfiif‚[f
QXc\ c\dYiXi( X k‚klcf [\ \n\dgcfj(
c_fj! [f KcXef >iloX[f
* hl\ [\`nXmXd ld i\j‚[lf
g\cX
fj !^Xk`*
gXiXgX^Xi dX`j
X[`Xek\ * \ XPe`[X[\ [\ M\]\i•eZ`X [\ Ki\•fj &PMK'* hl\ \jkXmX
j\dgi\
Xhl€d [X `e]cX•~f+ NfdX*j\ X `jjf( f ]Xkf [\ hl\ f jXc|i`f
i\XaljkX[f
hlXe[f
Z_\^X Xf Yfcjf [f kiXYXc_X[fi a| mXc\e[f d\efj
]fiX ]`nX[f( [X[X X X•~f [X `e]cX•~f [f
[f hl\
giƒgi`f
d•j
[\
@jj\j i\jlckX[fj Xgi\j\ekX[fj g\cfj ‚e[`Z\j hl\ Zfdg…\d XmXi`X*
•~f [X PMQ c\mXiXd kXdY€d Xld dX`fi i\Xaljk\ [`|i`f [\jj\ `e[`ZX*
i\Xaljk\+ ?\Zfii\ek\j
[\ ldX j`klX•~f _`jkƒi`ZX( Zi`jkXc`oXiXd*j\
g\i[Xj jXcXi`X`j%
hl\ aXdX`j ]fiXd i\Zlg\iX[Xj+ Cfa\( Zfd XH\[`[X
[fi( hl\ gXjjfl [\ .(2# eX gi`d\`iX j\dXeX
k\iZ\`iX j\dXeX [\ dXi•f+ &I@@NA`A@@'
dfm`d\ekf
gXiX .(4#
ef ]`eXc[X
Kifm`jƒi`X e 101 &HK101'( j\ k\d ldX k\ekXk`mX[\ ifdg\i
L
ld
[fj jXc|i`fj
d\ZXe`jdf
`e[f !X i\Yfhl\!
[\ gifk\•~f
[fj
[fj gi\•fj
jXc|i`fj(
Zfd \jj\
* XPMQ j\i`X
^XiXek`e[f f j\l
gf[\i
[\
ZfdgiX * j\d( Zfekl[f( Zfek\dgcXi X i\gfj`•~f
[Xj g\i[Xj [fj
†ck`dfj d\j\j+ < HK101 k\d Zfdf gi`eZ‚g`f Y|j`Zf( ef hl\ kXe^\
56,C47
03+97860(07
,2
(18(
Xfj jXc|i`fj( X dXelk\e•~f
g\cX Zfem\ij~f [fj jXc|i`fj
[X d€[`X [fj jXc|i`fj i\X`j( XcZXe•X[X
\d PMQ( kfdXe[f X d€[`X [f hlX[i`*
d\jki\
\ngi\jjfj
efm\dYif*
]\m\i\`if(
\d PM Q [f [`X [f gX^Xd\e*
@d .660( Xgfc‚k`ZX[\ c`Y\i[X[\ gXiXf j\kfi gi`mX[f `e[ljki`Xc
gifmfZfl ldX \ngi\jj`mX Xck\iX•~f [fj gi\•fj i\cXk`mfj( Zfd Xc^lej
kf+ < ZfdgXiX•~f
j\kfi\j
gifmfZX[Xj g\cX `e]cX•~f( Xj hlX`j( [\ XZfi[f Zfd XHK( gf[\i~f
i\Zlg\iX[Xj XkiXm€j[X c`mi\ e\^fZ`X•~f+
Xl]\i`e[f
dX`fi\j
^Xe_fj i\X`j \d i\cX•~f Xf [ƒcXi Zfd\i*
Z`X` &OXY\cX.'+ <c€d [`jjf(
m|i`fj
j\kfi\j(
f gifZ\jjf
gi`eZ`gXcd\ek\
gXiX `e`Y`i \]\k`mXd\ek\
ZX[\`Xj gif[lk`mXj+
[\ XY\ikliX Zfd\iZ`Xc gXiX
fj fc`^fgfc`oX[fj(
Xld\ekfj
[fj
OXc j`klX•~f ]f` m`j`m\cd\ek\
dXi^\ej
gf[\
i\X`j Xf cfe^f
[\ i\d€[`fj
[fj
fl d\jdf
gi\•fj
\ gif[lkfj
\d
PMQ+ ?\jkXhl\
\ Xik`^fj [\ c`dg\oX( kf[fj
[\( i\jg\Zk`mXd\ek\(
Zfd Xld\ekfj
/(.1#( \d aXe\`if Zfd i\cX•~f { d€[`X [fj
.660+ &I@D A@@'
[\ j\kfi\j
2(-3#(.-(.1#
Zfd
ldX d€[`X d\c_fi
ZX[X 0- [`Xj Zfd
`e[X^X•~f7 Zfdf
\
†ck`dfj hlXkif d\j\j
+4 2,6*(+4
+, 86()(1/4
,2
J d\iZX[f
[\
#&&$
[\ kiX_Xc_f [X M\^`~f H\kifgfc`kXeX [\ Kfikf <c\*
f Xef [\
.660( dfjkifl
Zfd X ]Xj\ [\ Zi\jZ`d\ekf
<j
`e]fidX•…\j
[X K\jhl`jX
`e`Z`fl
\d
[\j\dgi\^f
d\j\j
@dgi\^f
Xcl[`[f
d`c gXiX .4. d`c g\jjfXj
jlX m\o( gXjjfl
\ ?\j\dgi\^f
&g\i‚f[f
[`jgfe‚m\c(
fZfii`[X+
J Zfd€iZ`f
gf`j X g\jhl`jX
ZX`l [\ .1(. !0 gXiX ''#* '5
[\ [\j\dgi\^X[fj
[\
[X K@<(
ZX`e[f [\ /-1
&OeYZcX
/'+ J Zfek `e^ Zek\ [\ fZlgX[f j( gfi
j\e[f
hl\ f dX`fi Zi\jZ`d\ekf
i\m\cXe[f
ld
XYjfclkf fZfi*
i\l eX `e[†jki`X [\ kiXej]fidX•~f
&.2 d`c efmfj \dgi\^fj'+
@jjX
i\Zlg\iX•~f(
kf[Xm`X( ]f` c\ekX( [X[f f Zi\jZ`d\ekf
[X gif[l•~f(
[\`nXe[f X`e[X ld Zfek`e^\ek\
[Xj+ &K@?*A@@'
\ngi\jj`mf
[\ g\jjfXj
[\j\dgi\^X*
\d
X [f j\kfi
_`d\jkiXc
]`ZXi| X j`klX•~f [fj
: (6,?@78
j\i
\eki\
fj
PMQ [f hl\
g†Yc`Zf( hl\
flkiXj
i\Z\_\
X
&OXY\cXj0 \ 1'+ Kfi ]`d( X
XjjXcXi`X[fj gƒj*PMQ( eld
( 6,.0786(
mXi\a`jkX[\ Kfikf <c\^i\
hl\ i\j^lXi*
)(0;(
dfjkifl(
\d
]\m\i\`if
[\
i\Xc [\ .3(.. # eXj m\e[Xj kfkX`j(j\ ZfdgXiX[Xj
{j [\ aXe\`if [f d\jdf
Xef &Bi|]`Zf /'+ If
\ekXekf( ZfdgXiX[f
Zfd
]\m\i\`if [\ .660( Xj m\e[Xj kfkX`j `e[`ZXiXd ldX kXnXe\^Xk`mX[\
Xg\eXj )"((!6 $
&K@?*
]Xkf+< kXnXd€[`X
[\ .+/1- d`c gXiX .+/40 d`c g\jjfXj(
[\ /(4#(
ZfdgXk‚m\c
X_i+*[\o+,60( \d ZfdgXiX•~f
X_i+,6/'( j~f `e[`ZXi `mfj [\jj\
Zfd X d€[`X d\ejXc [f e†d\if
Zi\jZ`d\ekf
[\
Xf g\i‚f[f
[\ .66/
ef g\i‚f[f
[\j\dg\e_f
[f e‚m\c [\ Xk`m`[X[\ \Zfe„d`ZX
MHK<'( [X A@@(i\]\i\ek\j
Zfd `[•ek`Zfj
ld
gXiX X Zfem\ij~f
i\Xaljk\
.661( ld [\Zi€jZ`df
^i\( [liXek\
jXcXi`X`j
[\j`^lXcd\ek\
Z\e|i`f [\ `e]cX•~f g\ij`jk\ek\ \ ZXi\ek\ [\ d\ZXe`jdfj
[\d fj jXc|i`fj; &I@MO`A@@'
A*42D6*04
6,*95,6(CB4
j\ [`jki`Yl\d
Xj g\i[Xj
kiX_Xc_X[fi\j( f hl\ XZXii\kXld [\jXc`e_Xd\ekf
[fj jXc|i`fj+ <j*
j`d( gfi \n\dgcf(
Xj ZXk\^fi`Xj [f j\kfi gi`mX[f( hl\ i\Z\_\d
ZXk\^fi`Xj [\ kiXYXc_X[fi\j( Zfdf
]XidXZ•lk`Zfj8 dXk\*
i`Xc\jZfcXi \ c`mifj [`[|k`Zfj8
i\X`j ]XkXcd\ek\ i\m\cXi|
Xek\Z`gX•~f [\ gXiZ\cX[f jXc|i`f eX gi`d\`iX hl`eo\eX [f d•j( \jk~f
Xdgc`Xi Xj
fc`^fgfc`oX[fj(
jXc|i`fj
@eki\kXekf kX`j g\i[Xj
[Xj
X^iXmX[Xg\cX fe[X [\ i\Xaljk\j
[\ clZif Xek\j [X Zfem\ij~f
j\i [X[f Xfj gi\•fj
e~f ]f` jl]`Z`\ek\
gi\•fj
\jg\ZlcXk`mfj Xc`X[fj { k\ekXk`mX[\ i\Zfdgfi
_`jkƒi`ZX [\
\eki\ X d€[`X \ f g`Zf ef Zfek\nkf [\ ldX j€i`\
<j ZXk\^fi `Xj [f iXdf [\ _\ej [li|m\`j
hl\ Xgi\j\ekXiXd kXnXj
gfj`k`mXj \d i\cX•~f XaXe\`if ]fiXd !\c\kif[fd€jk`Zfj
!)#** '5"
\ !dXk\i`Xc ]fkf^i|]`Zf!
[li|m\`j(
jfd\ek\
&/5(34#'+ If
iXdf
\ \c\ki„e`Zfj!
[\ _\ej
e~f
!c`miXi`XZgXg\cXi`X!&6.(41#' Z !dXk\i`Xc \jgfik`mf!
!(#*& 75%"i\^`jkiXiXd Zi\jZ`d\ekf+ Jj j\^d\ekfj
kXnXje\^Xk`mXj+
<j m\e[Xj { m`jkXZfdglkXiXd
[\ *.1(63#+
i\jkXek\j \m`[\eZ`XiXd
ldX kXnX[\ *.3(40 #8 \ Xj XgiXof(
>XY\ [\jkXZXi hl\( eX jlX \mfcl•~f( fj e\^ƒZ`fj( ef XZldlcX[f [f
Xef \ efj †ck`dfj ./ d\j\j(
m•d i\^`jkiXe[f
kXnXjgfj`k`mXj( [\ /(-0#
\ 6(/. 75i\jg\Zk`mXd\ek\+ <Zi\[`kX*j\ hl\( Zfd X \[`•~f [f gcXef [\
Zj`XY`c`oXZ~f[f Bfm\ief( f Zfd\iZ`\
i\Zlg\i\
Xj g\i[Xj hl\% k\d
jf]i`[f
NVXUXXZ\c\iX•~f
`e]cXZ`fe|i`X+ &INc`A@@'
0
__")Q')ZZ@`d_ 8
<gf`f
DI?D><?JM@N
BMsAD>J ,
OXY\cX0
Q<MD<vJ@N LcE<?MDNN@H<I<DN?J DK>*ADK@
B@M<G
@?J DO@H<GDH@IO<vsJ * E<I*H<MD61
>fem\ij~f
[f jXc|i`f efd`eXc [\ -.+..+60
N<GsMDJ IJHDI<G
N<GsMDJ @H
PMQj
K@M‚f?JN
M\Xaljk\
! "
X/$+-/+61 \d PMQj( g\cX H\[`[X
N<GsMDJ K@G<
Hw?D< @H PMQj
Kifm`jƒi`X
N<GsMDJ IJ
KD>J @H PMQj
101( [f Bilgf
?_
<
M@<EPNO@
I@>@NNsMDJ
K@M?<
&#'
>M"
$"%
&#'
Ifm<0
?\o<'
EXe<1
A\mE61
-.+..+60*
*/5+-/+61
<c`d\ekX•~f
B\iXc
ˆˆ r!
ˆˆˆ !( ˆˆ (
1f*E*+ˆK(? 44777774444444444S?)))5a_a
hh)((((((((()A4)4))))(K444K(_
((()5_45))((((((
_
GG
65(/0
6.(.3
...(/4
.-0(41
.-.(.-
$8#+)
.2-(41
16(..
AJIO@7 ?D@@N@
IJO<7
"'
.0&(((((((((((((((((4a5))a(a))))4')a4))a54a5))))(((((((((,
-+.*!V.777%777/rf777E0:f
//61/(3/5320(-.
2-//0(-321.2(13
/1(56
42(/5
0-(/2
/0&((7)'))))4a(a(aa(a(a(a(a(a)'4a4)))!((((((((((((((((('')'5)4)))(a(,
D+>fej`[\iXe[f*j\
jXc~efj i\Z\Y`[fj ef [`X 2 [f d•j j\^l`ek\ \ Xek\Z`gX•~f ef [`X /-+
/+ J jXc|i`f ef g`Zf Zfej`[\iX X cDMQ[f [`X JD [f d•j [f †ck`df i\Xaljk\ hlX[i`d\jkiXc
0+J Bilgf < k\m\ Xek\Z`gX•~f [\ 2-# \ \e^cfYX Xj ZXk\^fi`Xj Zfd [XkX*YXj\\d aXe\`if( dX`f \ j\k\dYif+
7771+(+(f(+++**++++++(!*.+!+fW*W*W**%r/%Wf%:+777r7f777!!!1!!!f
(!!((S!(((!-!!!+
+++E
e+m
@9B
J,9F
AJIO@7 ADK@+
OXY[X
1
>fem\ij~f [f
OXY\cXD
Ki\•fj `e[ljki`X`j( Xe‚m\c [\ mXi\af(\d i\cX•~f
ef =iXj`c* .660*aXe+,61
?DN>MDHDI<vuJ
Q<MD<vuJ ?@
KM@vJNDPN"
&#' &D'
~
`e]cX•~f
N<GsMDJ
IJHDI<G
&>MN'
K@M]f?JN
Q<MD<vuJ ?@
KM@vJN D< E<I.61.Hw?D<
0-1$,-2+)
&#' $-%
efd`eXc [\ Jk+cc+60 X/5+-/+61 \d DEMQj( g\cXH\[`[X Kifm`jƒi`X r 101( gXiXfj
[f e‚m\c <ln`c`Xi ?D [f KcXef[\ >Xi^fj \ >Xii\`iXj
jXc|i`f
Ifm+c60
J\o+c60
EXeE61
A\m,61
JD+cD+60*
*/5+-/+61
.-5.4(3.
.-504(3.
0.416(2.
00003(66
?J †GODHJ
?`<?JHk5
PMQ
N<GsMDJ
@HPMQ
N<GsMDJ K@G<
Hw?`< @H PMQj
j\im`[fi\j
N<GsMDJ IJ
KD&%J@HkcMQj!
g†Yc`Zfj
K@M?<N
$"%
]\[\iX`j
M@<CENO@
I@>@NNsMDJ
$"%
/05(0/
0/4(6125(.3
304(31
12(15
00(-2
36(02/(/5
2-(-0
*14(2-
62(/6
6-(13
AJIO@7 ?E@@N@+
I@MODA@@+
<c`d\ekfj `e[ljki`Xc`oX[fj
<c`d\ekfj j\d`*\cXYfiX[fj
C`^`\e\ \ Y\c\oX
+
HXk\i`Xc \jZfcXi \ c`mifj
[`[|k`Zfj
+
M\d€[`fj \ gif[lkfj ]XidX*
Z•lk`Zfj
+
Aldf \ Y\Y`[X
+
Q\jkl|i`f
(
+
<ik`^fj [\ c`dg\oX
+
*/(0/
.-(3.
*.(./
IJO<7
/(1/
1(41
/(./
2(0.
.-(.1
11(.4'+3
*-(.1
*1(45
2(-3
/(6/
*.(0.
/(.1
.+ >Zfj`[\i\l[f*j\
jXc|i`fj i\Z\Y`[fj ef †ck`df [`X [f d•j+
/+ JjXc3i`f ef g`Zf Zfej`[\iX X PMQ [f [`X JD [f d•j [f †ck`df i\Xaljk\ Y`d\jkiXc
0+@d ]\m\i\`if( f jXc|i`f `eZfigfiX ld XYfef( hl\ `ec\^iX Xd€[`X( \hl`mXc\ek\ X2# [f m\iZ‚d\iXf fl [f jfc[f m`^\ek\ e\jk\ d\jdf
d•j+
BM<AD>-/
y7U?c>@N?<N Q@r?<N ?J >JHwM>DJ ?@ KJMOJ <G@BM@
7UD<ME6/*[email protected]
@H<MD60*[email protected]
AJIO@7 ADK@+
HXZifd€ki`ZX I\^ƒZ`fj+
&D'M\]\i\*j\
`e]cX•~f d\[`[X g\cX ADK@
\d i\cX•~f mXi`X•~f[f [ƒcXi Zfd\i*
Z`X` \d .660+ &/' >|cZlcf \]\klX[f j\^le[f Zi`k€i`f [\]`e`[f g\cX H\[`ZX Kifm`jƒ*
i`X hl\ Zi`fl XPMQ+
~
{
%'#
)
%&#
OXY\cX
/
%$#
Ki`eZ`gX`j`e[`ZX[fi\j [f d\iZX[f [\ kiXYXc_feXMHK< * XYi+*[\o+,6/\ XYi+*[\o+,60
.6-
$(#
DI?D><?JM@N
<=M*?@Q6/
<=M*?@T%60
.111
./1/60
40
255
.63
46
/-1
25(/
.111
./40
0-5
43
265
/-4
45
.4.
23(5
-(/(4
2(.
1(.
.(4
2(3
*.(0
*.3(/
*/(1
.1(.
5(0
2(5
..(5
4(0
1(2
*.3(0
*./(-
))))) """""""
= """= """"""
(* ((())))4)))))
&)&)#&(-*
)
.2-
KfglcX•~f @Zfefd`ZXd\ek\ <k`mX
&.&'&'&'
g\jjfXj'
+
KfglcX•Zf fZlgX[X &D--- g\jjfXj'
De[†jki`X[\ kiXej]fidX•~f
+
>fejkil•~f Z`m`c
+
N\im`•fj
+
>fd€iZ`f
+
N\im`•fj [fd€jk`Zfj
+
?\j\dgi\^X[fj
&.&'&'&'
g\jjfXj'
+
OXnX[\ gXik`Z`gX•~f&#'
+
OXnXj[\ [\j\dgi\^f
&#'
+
OfkXc
+
<Y\ikf
+
JZlckf
+
Q
$&#
_
,-0
'
..-
*
J
U+
6/*-/+60
%*7
6J
HXi+<Yi+HX`f Ele+ Elc( <^f+ NZk+Jlk+Ifm+?\o+
*//(1
AJIO@7 K@?*MHK< *>fem•e`f A@@(
ABO<N,NDI@*MN(
N@<?@*NK\ ?D@@N@+
!
.
.
AJIO@7 A@@,>?G+
IJO<7 Jj [X[fj k€ie Zfdf
YXj\ aXe,6/ 7 .--+
EXe+A\m+
*c
DI?D><?JM@N
OXY\cX 2
OXY\cX4
De[`ZX[fi\j
j\c\Z`feX[fj
[\ \]`Z`•eZ`X ef dXe\af
[f jfcf
gXiX X cXmfliX [\ jfaX( ef gcXek`f
Zfem\eZ`feXc \ ef gcXek`f [`i\kf( ef M`f BiXe[\
\ ef KXiXe| * .655 \ .660
DI?D><?JM@N
KG<IODJ
[\
jfcf
?DM@OJ
1(-.
.(.4
%
30
/.(6-
i\mfcm`[f
04/5
K\i[X [\ jfcf
&k,_X,Xef' +
./5
gfi \ifj~f
23
@jk`dXk`mX [\
g\i[X
\d
elki`\ek\j
&PN"c_X,Xef'
.(.-
.2(45
M\e[`d\ekf
[X cXmfliX [\
jfaX &b^E_X' &.' ++
.(21
.64.
>ljkf [\ gif[l•~f
[X jfaX
&PN"k_X' &D'++++
AJIO@7
KG<IODJ
ZfdYljk‚m\c
Z`Zcf ZlckliX !/643"
Qfcld\
[\
&d0k_X'
KXik`Z`gX•~f g\iZ\eklXc ef QXcfi =ifkf [X Kif[l•~f
[X X^ifg\Zl|i`X
gXiX gif[lkfj
j\c\Z`feX[fj
* .64-*.660
Nlc
>JIQ@I>DJI<G
CfiX kiXkfi &_,_X' +
>fejldf
[f
<Q@N
<MMJT
NJE<
APHJ
A@PuJ
HDGCJ
.-(2
.1(2
..(5
.3(0
.2(/
/2(0
.4(4
.3(2
.-(.
/3(3
//(0
/.(0
.3(2
4(5
.3(2
.3(5
/(4
/(4
.(6
/(1
2(/
3(.
6(.
5(1
.(6
-(6
.(3
.(/
.(0
-(5
.(.
-(6
5(2
4(/
5(.
3(2(6
0(4
3(3
2(2
.(6
/(/
1(4
0(6
4(6
4(1
2(0
3(-
AJIO@7
OMDBJ
=JQDIJN
.4(5
4(6
1(3
4(6
0(6
/(1
.-(.
3(6
..(0
5(2
5(/
5(0
2(5
3(1
/(6
/(5
I>M<%@@+
&.' @jk`dXk`mXgi\c`d`eXi+
/3/.
123(36
<IJN
.64.642
.65.652
.66.66.
.66/
.660 &.'
^X†Z_X
052(03
ABQ`ME+
BM<AD>-1
D=B@+
D<K<M+
A@>JOMDBJ+
O<R< !JU%@M!7UD@7UN<G
?@ EGMJN ?JN OyOGGJN A@?@M<DN
7U.
< M.61
@H=M<K<+
&D'@jk`dXk`mXj gXiX .660+
24+-
'
! 9"
'
h
)h
'
''
23+-
BMsAD>J 0
22+-
KMJ?PvuJ
?@ BMuJN7UDJ MDJBM<7U?@?J NcEG(7U<M@BD<J
>@IOMJ*NPG @I<N M@BDz@N7U]JMO@
@7UJM?@NO@*.656*61
2*c+20+c%
2/+c%
5
0,)$ %
"" ""!!!"" ""!!!
2-+&%
.
)!
_#
/#,#6 %
%
*cM+c
%
-
.
/
2
F
%E ,+
, ,
,/
,0
,1
,2
, F -,
OQLY
=CBG<4 :9;<B)
.66-
r
.66.
M`f BiXe[\ [f NlcW
.66/
.66+%
>Zlkif*Nl &jqpNaˆˆ
.66*U
%mfikZ*Sfi[ZjkZ
OXY\cX5
=CBG<4 ?:><)
De[`ZX[fi\j [\ Xc]XY\k`oX•~f
\ [\ e~f*Xc]XY\k`oX•~f(
dXki‚ZlcXkfkXc\d gi€*\jZfcX \ cr ^iXl(
[\dXe[X X[`Z`feXcgXiXXgi€*\jZfcX \ gXiXXgi`d\`iX j€i`\ ef M`f BiXe[\ [f Nlc* .66/
OXY\cX 3
N\im`•f
[\ \j^fkf
\ ^iXl [\ liYXe`oX•~f
ef MN *
.66.*6/+
?DN>MDHDI<vuJ
KI<?
k66-
KJKPG<vuJ
&. &'&'&'
_XY+'
&#'
HPID>yKDJN
IzH@MJ
?@ @>JIJHD<N
GDB<?<N
K<MOD>DK <vuJ
#
BM<P ?@
PM=<IDT<vuJ
<cmfiX[X +++
>XZ_f\`i`e_X ++
.3/3
-(1.4
3-13
.(22.
66(55
66(4/
;LTWV :VT
>XefXj ++
4--5
/1/
-(-3/
64(.3
@jk}eZ`X Q\c_X ++
21-
.(465
-(.05
63(64
61(44
BlX‚YX
.4-
-(-10
55(44
.002
/-.60-
-(01/
2.(50/
64(65
65(41
Ifmf CXdYli^f+
Kfikf <c\^i\+
N~f G\fgfc[f
NXglZX`X [f
+
NlG
MHK< ++
>Xn`Xj [f Nlc+
?\dX`j
dle`Z‚g`fj
OJO<G
AJIO@7
4.40
.(51.
62(2-
/003
//51-3
-(266
66(3/
25(3/0
53(.5
-(--4
1.(04-
6.(-.
.3.
+
05625-
>JMN<I+
.--(---
AJIO@ ?JN ?<?JN
.-54(/1(1
&D'
$-%
&#'
k 565
.01
.430
0-5
11/
.5(4
0(2
h
.43
.0.(3
61(-
/6-
.-52
11k
/2
3k5
133
=MPOJN7 D=B@+
N@>*MN+
A@@+
43(23
&D'HXki‚ZlcXjcfkX`jXYiXe^\d ZXc\e[|i`fj <( = \ >+ $,% Afidlcfl*j\
X_`gƒk\j\ [\ ldX [`jki`Yl`•~f _fdf^•e\X
eX]X`nX[\ Z`eZf Xefm\ Xefj8 X]X`nX[\ 2 \ 3 Xefj Zfii\jgfe[Zi`X
gi€*\jZfcX( \ehlXekf Xj [\ j\k\( f`kf \ efm\ \jkXi`Xd
i\cXZ`feX[Xj gi`d\`iX j€i`\+ IldX j\^le[X _`gƒk\j\( XjjfZ`fl*j\ X]X`nX[\ cJ X .1 Xefj gi`d\`iX j€i`\+ OX`jjlgfjkfj
]fiXd e\Z\jj|i`fj
gXiX\jk`dXi X [`jki`Yl`•~f gifm|m\c [fj e~f Xc]XY\k`oX[fj[\ Z`eZf X .1 Xefj eX[\dXe[X X[`Z`feXc
g\i gi€*\jZfcX \ gi`d\`iX j€i`\+ &0'C kfkXc[X gfglcX•~f e~f `eZcl` X]X`nX\k|i`X [\ o\if Xfj hlXkif Xefj [\ `[X[\+
&1'De]fidX•…\j [X gi€*\jZfcX i\]\i\d*j\
{ dXki`ZlcX`e`Z`Xc+
•
Hle`Z`gX`j+
DI>M@H@IOJN
5001
4/16
W
.0(2(0
-(0
4(1
H<OMD>PG<N
<?D>DJI<DN
I@>@NNsMD<N
f
?H<@+
Ki\]\`kliXj
D=B@+
/6
.12
OfkXc&0'+++
<c]XY\k`oX[fj+++
@jkl[Xek\j ++
Ki€*\jZfcXdX`j Dm^iXl
Ki€*\jZfcX&1'+++
./ ^iXl +++
..+j€i`\ ++
Ki€*\jZfcXdX`j cjj€i`\
I~f Xc]XY\k`oX[fj
+++
2X6Xefj +++
cJX .1Xffj +++
.2 Xefj \ dX`j +++
I~f Xc]XY\k`oX[fj[\ 2 X
.1 Xefj +++
H<OMD>PG<N
OJO<DN
&c--- Xclefj'
}
2
_,_)?SQRX42_ _
NDIJKN@?J HrN
9WVQV
@C>DxI>c<7
PH<
<BMD>PGOPM<
<GO@MI<ODQ<
I@>@NNsMD<
-&!%4#" hl\ j`dgc\jd\ek\
<
V g\ij`jk\ek\
g\ejXd\ekf
`d\[`Xk`jkX [f j\kfi X^i`Zfce XmXc`oe
f `eX[\hlX[f
ljf \ dXe\af [f jfcf X^ikZfcX+ J [\ji\jg\`kf
`U
Xgk`[~f X^i‚ZfcX [f jfcf( f j\l `ek\ejf gi\gXif( Xhl\`dX j`jk\d|k`ZX
[fj i\jkfj
e~f [`jg…\d [\ \j^fkf+ < >`[X[\ [\ >Xn`Xj
[f Nlc * e†Zc\f [X dX`j `dgfikXek\ i\^`~f `e[ljki`Xc [f @jkX[f *
ZfekXZfd `ii`jƒi`Xj /6 \Zfefd`Xj c`^X[Xj{ i\[\ [\ \j^fkf( j\e[f hl\( \d
=\ekf Bfe•Xcm\j( AXiiflg`c_X \ Bei`YXc[`( f j\im`•f € `e\n`jk\ek\+
&I@MP`A@@'
[\ ZlckliX( XXlj•eZ`X [\ ifkX•~f [\ ZlckliXj \ [\ gifk\•~f
[f jfcf ef `em\ief(
\kZ+ j~f gi|k`ZXj
\]`Z`•eZ`X [\ ljf [\jj\
hl\
`dgfikXek\ i\Zlijf
gXiX X YX`nX
Zfeki`Yl\d
eXkliXc( YXj\ [X gif[l•~f+
O€Ze`ZXjX^ife„d`ZXj [\j\emfcm`[Xj gfi `ejk`kl`•…\j[\ g\jhl`jX( Zfd
\ng\i`d\ekX•~f
ZfdgifmX[X( Zfdf( gfi \n\dgcf(
HP?<Iv<N
I< @NOMPOPM< KMJ?PODQ <
?< <BMJK@>PsMD<
B<z>C<
f !gcXek`f[`i\kf!( g\i*
d`k\d fYk\i dX`fi\j e‚m\`j [\ \]`Z`•eZ`X\ i\ekXY`c`[X[\ &OXY\cX
2'+ <g\eXj
Zfd \jj\ dXe\af ZfejZimXZ`fe`jkX(fYk•d*j\ i\[l•~f
[\ Zljkfj &_fiX
kiXifi,_X(ljf [\ d|hl`eXj [\ d\efi gfk•eZ`X\ dX`j c\m\j( i\[l•~f \nki\dX(
Xd€[`f giXof( [f ljf [\ X^ifkƒn`Zfj( \kZ+'(_\d Zfdf( gif^i\jj`mXd\ek\(
^Xe_fj j`^e`]`ZXk`mfjefj e‚m\`j [\ ]\ik`c`[X[\ [f jfcf( ef i\e[`d\ekf
]‚j`Zf
[Xj ZlckliXj \ d\c_fi`Xj efj Xjg\Zkfj jfZ`Xc\ XdY`\ekXc+If M`f BiXe[\
[f Nlc(X`e[Xe~f Z_\^Xd Xld j\nkf Xj |i\Xj [\ cXmfliXjZfd \jj\ dXe\af
Zfej\imXZ`fe`jkX+< YljZX [X dX`fi \]`Z`•eZ`X eX X^i`ZlckliX€ `dgi\jZ`e*
[‚m\c gXiXkfd|*DX dX`j gif[lk`mX \ Zfdg\k`k`mX+&I@<kA@@'
< X^ifg\Zl|i`X ^X†Z_X(Xf cfe^f [fj †ck`dfj /- Xefj( \ng\i`d\e*
kfl `dgfikXek\j df[`]`ZX•…\j \jkilkliX`j+ Kif[lkfj c`^X[fj { giƒgi`X
_`jkƒi`X [X X^ifgZZl|i`X ^X†Z_Xg\i[\iXd
\jgX•f gXiXefmfj gif[lkfj(
Zfdf
gf[\
j\i m`jkf eX OXY\cX4+OXc]f` f ZXjf [fj Yfm`efj( [f ki`^f(
[f ]\`a~f \ [f d`c_f+ Kfi flkif cX[f( jfaX \ ]ldf
* gif[lkfj
c`^X[fj {
\ngfikX•~f *( Xm\j Z Xiifo ^Xe_XiXd dX`fi \jgX•f eX X^ifg\Zl|i`X
\jkX[lXc+ ?f`j ]Xkfi\j hl\ Xal[Xd X\ngc`ZXi \jjX dl[Xe•X j~f( [\ ld
cX[f( XdX`fi ZXgXZ`[X[\ [\jk\j
hlXkif †ck`dfj `eZfigfiXi\d
gif^i\jjf
k€Ze`Zf \( [\ flkif( jlX XjjfZ`X•~f Zfd ldX ]fik\ `e[†jki`X gifZZjjX[fiX
[\ Xc`d\ekfj+ @m`[\ek\d\ek\( \n`jk\ ldX XZ\eklX[X i\cX•~f \eki\ \jjXj
[lXj \ngc`ZX•…\j+ &I@@NADA@@'
N<AM< !M@>JM?@!7
J
=iXj`c [\m\i|
][][)XV
PH
gif[lo`i
e\jk\
<J KG<IJ
Xef ldX
d`c_…\j [\ kfe\cX[Xj( Xgifn`dX[Xd\ek\
>fe]`idXe[f*j\
4(-#
jX]iX i\Zfi[\
dX`fi hl\
\jjXj \jk`dXk`mXj(XZfc_\`kX .660,61 j\i|
[\ 41
X Xek\i`fi+
jlg\i`fi
[\jk\ Xef [\m\*j\( gi`eZ`gXcd\ek\( Xf `eZi\d\ekf
gif[l•~f
[Xj M\^`…\j Ifik\
\ Ifi[\jk\(
[X
[\ 24# eX
\d i\cX•~f { jX]iXXek\i`fi8 X
M\^`~f >\ekif*Nlc &\nZ\klXe[f f M`f BiXe[\ [f Nlc' Zi\jZ\( Xgifn`dX*
[Xd\ek\( /(4#( \ehlXekf f M`f BiXe[\ [f Nlc Xgi\j\ekX ld
kf [\ Xgifn`dX[Xd\ek\
.(3# &Bi|]`Zf .%)
@jj\ Xld\ekf
gXiXXZfek\e•~f
[X gif[l•~f(
Xf ZfeZi\k`oXi*j\( [\m\i|
[X k\e[•eZ`X Xck`jkX[fj
Z`Xcd\ek\ ef dfd\ekf
\d hl\ f Bfm\ief
[\ \jkXY`c`oX•~f+&I@<EA@@'
><MxI>D<
@DU%Ds
?DNOMD=PDvuJ
gi\•fj
`eZi\d\e*
Zfeki`Yl`i
[fj Xc`d\ekfj( \jg\*
`iegc\d\ekX
< XckX
[Xj kXnXj[\ alifj ef =iXj`c &Bi|]`Zf
{ [X
!jlg\ijX]iX%%.655,56( hl\ ]f` [\ 4/ d`c_…\j [\ kfe\cX[Xj+J Xld\ekf
gif[l•~f
< <McQD<?DGC< ?JN EPMJN
ld efmf gcXef
/% € m`jkXgfi
\dgi\j|*
i`fj \ \Zfefd`jkXj Zfdf d\[`[X gfj`k`mX [f =XeZf >\ekiXc \( Xf cX[f
[f Xaljk\ ]`jZXc(ld [fj Xc`Z\iZ\j [f KcXef AC> ef NVTMLZP{ `e]cX•~f+
@eki\kXekf(Zfdf
[Xj [\jg\jXj
XPe`~f € X dX`fi [\m\[fiX
]`eXeZ\`iXj g\cX e\Z\jj`[X[\
[f d\iZX[f(
f Xld\ekf
[\ ^`if [X [‚m`[X WgMSQNL
Zfdgifd\k\
Xj d\kXj [\ \hl`c‚Yi`f fi•Xd\ek|i`f(
gf[\e[f
gif[lo`i
[€]`Z`k fg\iXZ`feXc( e~f f_jkXek\ Xi\[l•~f [iXZfe`XeX [\ ^Xjkfj i\Xc`*
oX[Xg\cX H\[`[X Kifm`jƒi`X+KX^Xe[f alifj k~f \c\mX[fj hl\ jljk\ekXd
Xi\ekXY`c`[X[\ [fj YXeZfj( f jlg\i|m`k eXj ZfekXj g†Yc`ZXj(`e[`jg\ej|*
m\c Xf jlZ\jjf
[f KcXef( [\g\e[\i`X(
ZX[X m\o dX`j( [\ ldX m`iklXc
\nk`e•~f [f j\im`•f g†Yc`Zf ]\[\iXc+ &I@@NADA@@'
?@ @NBJOJN
IJ
@NO<?J
JPOM<N 133 HDG >MD<Iv<N
@H D?<?@ @N>JG<M
I@>@NNDO<H ?@ <c(A<=@ODT<vuJ
IJ MDJ
BM<I?@ ?J NPc(
< \]`Z`•eZ`X[fj j\im`•fj [\ Zfc\kX\ kiXkXd\ekf[\ \j^fkfj Zfejk`kl`*j\
eld [fj `e[`ZX[fi\j fYi`^Xkƒi`fj gXiXXXmXc`X•~f
[X hlXc`[X[\ [\ m`[X[\
ldX Z`[X[\( i\^`~f( \jkX[f fl eX•~f+ < j`klX•~f [f MN e~f € [Xj dX`j
Xc\ekX[fiXj+
OfdXe[f Zfdf i\]\i•eZ`X Xi\^`~f [\ dX`fi ZfeZ\ekiX•~f gfglcXZ`f*
eXc[f @jkX[f(X M\^`~f H\kifgfc`kXeX [\ Kfikf <c\^i\( ZfejkXkX*j\hl\(
[fj // dle`Z‚g`fj
hl\ X`ek\^iXd( Xg\eXj .- ZfekXd Zfd i\[\ [\ \j^fkf+
<Yi`^Xe[f 00# [X gfglcX•~f [f @jkX[f( X MHK< k\d +,!'.
kfkXc[\ \Zfefd`Xj
XgXi\ek\d\ek\ _fd*
c`^X[Xj { i\[\
[\ \j^fkf
&OXY\cX
3'+ @jj\ ‚e[`Z\ *
i\m\cX ldX g\im\ijX i\Xc`[X[\( hlXc j\aX(XZfeZ\e*
[`[f X kf[Xj Xj |i\Xj liYXeXj [f @jkX[f+NlX ZXg`kXc(
hl\ i\gfljX
[f k\ii`kƒi`f ^X†Z_f( [\k€d +(!32 [f e†d\if
jfYi\
kfkXc[\ \Zfefd`Xj
c`^X[Xj+Djjf( j\( gfi ld cX[f( ZfcfZXKfikf <c\^i\ eldX j`klX•~f i\cXk`mX*
d\ek\ YfX(\ngi\jjX X[\j`^lXc[X[\
[`jki`_lk`mX[\jj\
j\im`•f \jj\eZ`Xc+
Hl`kf ^iXm\ €( gfi \n\dgcf( Xj`klX•~f [\ dle`Z‚g`fj Zfdf @jk\`f(
BiXmXkX‚(
Q`Xd~f( NXg`iXe^X\ KXifY€* Zlaf ^iXl [\ liYXe`oX•~f \nZ\[\
Zfd \jk`dXk`mXj [\ Zi`Xe•Xj ]fiX [Xj jXcXj[\ XlcX\d `[X[\
\jZfcXi+ >fej`[\iXiXd*j\
Xj dXki‚ZlcXj kfkX`j\]\k lX[Xj eXi\[\ \jkX[lXc(
\d .66/( eX gi€*\jZfcX \ eX A j€i`\ [f . r ^iXl+ >fejkil` l*j\ ldX
\jkilkliX [\ e\Z\jj`[X[\j
[\ Xc]X_\k`oX•~f(Zfd YXj\ \d [X[fj [f D=B@
\ \d gifa\•…\j [\df^i|]`ZXj
[f e†d\if
kiX•~f \jgXZ`Xc[\ ld j\im`•f [\ lk`c`[X[\ g†Yc`ZXhl\ [\m\i`X \jkXi \jk\e*
-(.6#
AfiXd ZfekiXgfjkXj dXki‚ZlcXj i\Xc`oX[Xj eXj j€i`\j `e`Z`X`j[X i\[\
[\ \ej`ef(
Jj i\jlckX[fj
[X A@@(gXiXf M`f BiXe[\ [f Nlc+
[X OXY\cX5 `e[`ZXd hl\( gXiX Xk\e[\i X /6-
Zi`Xe•Xj \d `[X[\ \jZfcXi( eeXc]XYZkXj\ ]fiX [Xj \jZfcXj( eld
Xef( € e\Z\jj|i`f
ld e†d\if
[\ mX^Xjjlg\i`fi
d`c
†e`Zf
\d 61# Xf e†d\if
[\
Xclefj dXki`ZlcX[fj eXi\[\ g†Yc`ZX(eX . X j€i`\ [f DX^iXl+ <Z\`kXe[f*j\
hl\ fZfiiX Xc]XY\k`oX•~fXgXik`i[X gi€*\jZfcX( j\i`Xd e\Z\jj|i`fj
[\ mX^XjXdX`j hl\ f e†d\if
Xk\e[\i XflkiXj .43 d`c Zi`Xe•Xj eXj d\jdXj
\jj\
Zfek`e^\ek\
i\Zfii\jj\
i\^lcXi( j\i`X gi\Z`jf
.0/ "
[\ Xclefj dXki`ZlcX[fj eXgi€*\jZfcX gXiX
{ i\[\
\d
Zfe[`•…\j+ <jj`d(
_ljZX [\
j\ kf[f
ldX Xc]XY\k`oX•~f
dX`j [f hl\ [fYiXi Xj dXki‚ZlcXj \n`jk\ek\j
gi€*\jZfcX \ eX K j€i`\ [f . ^iXl+ &INDDA@@'
/
eX
If ZXjf ZfeZi\kf [X \Zfefd`X YiXj`c\`iX( XZfejk`kl`•~f [\ ldX
}eZfiX dfe\k|i`X
\]\k`mX \jYXiiX ef gifYc\dX [X ZfeZ\ekiX•~f [\
dfekXek\ \ngi\jj`mf
[X [‚m`[X g†Yc`ZX \d k‚klcfj [\ Zlik‚jj`df
giXof+ @jj\j k‚klcfj gf[\d j\ kiXej]fidXi(
!X hlXchl\i dfd\ekf!(
\d df\[X+ <jj`d( i\jki`•…\j [\ ^Xjkfj \ \c\mX•~f [Xj kXnXj[\ alifj
kfieXd*j\ `ejkild\ekfj
]i|^\`j
gXiX Xjj\^d%Xc%X hlXek`[X[\ [\
df\[X \d Z`iZlcX•~f+ ?`Xek\ [\ ]Xkf j\d\c_Xek\( X <i^\ek`eX Xcfe*
^fl f g\i]`c [X [‚m`[X g†Yc`ZX Zfdglcjfi`Xd\ek\+
PdX d\[`[X
Zfdf \jjX Zfe]c^liXikX gifZ\[`d\ekf
[\ hl\YiX [\ ZfekiXkf( \ jlX
gfjj`Y`c`[X[\ \jk|( XgXi\ek\d\ek\(
[\jZXikX[X+ KfikXekf( f gif_c\*
dX g\idXe\Z\
[\jX]`Xe[f X `dX^`eX•~f [fj k€Ze`Zfj+
< Zfejk`kl`•~f [\ ldX XeZfi*X ZXdY`Xc `ejk`kl`*j\ XkiXm€j [X
^XiXek`X [X Zfem\ij`Y`c`[X[\
[X df\[X eXZ`feXc \d ldX df\[X
\jkiXe^\`iX
Zfd YXj\ eldX kXnX[\ Z}dY`f i`^`[Xd\ek\
]`nX[X+
KJD%k\i*j\ Zfdf Z\ikf hl\ f [ƒcXi j\i| X df\[X [\ Zfem\ij~f(
]XcX*j\ \d [fcXi`oX•~f+ < \]`Z`•eZ`X [X <> gXiX Zfeki`Yl`i gXiX
X \jkXY`c`[X[\ [X efmX df\[X [\g\e[\(
\d gXik\( [X \jkXY`c`[X*
[\ [fj k\idfj
[\ Zfem\ij~f
Xf cfe^f [f k\dgf+ KfikXekf( e~f
gf[\ j\`%Xck\iX[X XkXnX[\ Z}dY`f &[\jmXcfi`oX[X'+ J gif_c\dX
dX`j k\d`[f
e\jj\
k`gf [\ d\[`[X
fZfii\i`X
j\ j\ m\i`]cZXjj\
`e]cX•~f \d i\Xc+ I\jj\
ZXjf( X kXnX [\ Z}dY`f ]`nX i\jlckXi`X
jfYi\mXcfi`oX[X+ IX d\[`[X \d hl\ \jjX gfjj`Y`c`[X[\
j\ m\i`]`*
ZXjj\( j\i`Xd
ƒYm`fj j\lj \]\`kfj e\^Xk`mfj( k\e[f \d m`jkX X
i\[l•~f
i\Z\ek\ [fj e‚m\`j [\ gifk\•~f
[X \Zfefd`X
]XZ\ {j
`dgfikX•…\j \( kXdY€d( f gifZ\jjf
[\ i\\jkilkliX•~f
gif[lk`mX(
hl\ m`jX \c\mXi X Zfdg\k`k`m`[X[\
[X \Zfefd`X
\ Xdgc`Xi jlX
`ej\i•~f
X e‚m\c `ek\ieXZ`feXc+ OXdY€d Zfem€d k\i gi\j\ek\
hl\( Zfd X <H( ZXjf f [ƒcXi( gfi \n\dgcf(
gXjj\ gfi mXcfi`oX•~f
]XZ\ {j df\[Xj
[X Zfdle`[X[\
\lifg€`X(
\d i\cX•~f X \jjXj f
i\Xc i\jlckXi|
`^lXcd\ek\
mXcli`oX[f( i\jkc!`e^`e[f
X Zfdg\k`k`*
m`[X[\ [Xj \ngfikX•…\j eXZ`feX`j eXhl\c\ d\iZX[f+ Ol[f `jjf
\m`[\eZ`X hl\ X <> € ld `ejkild\ekf
[\ ZXi|k\i \d\i^\eZ`Xc(
Zlaf ljf jƒ j\ aljk`]`ZX gfi Zlikf \jgX•f [\ k\dgf+ Ll\i
[`o\i(
g\cf k\dgf e\Z\jj|i`f
gXiX j\[`d\ekXi
Xj YXj\j [f efmf gX[i~f
dfe\k|i`f
eXZ`feXc+
c e\Z\jj|i`f
Zfej`[\iXi
hl\ [`]`Zlc[X[\j XZi`X•~f [\ ldX <>
[\m\ ZfekfieXi+ OiXkX*j\ [f Zfe_\Z`[f
gifYc\dX [f mfcld\ [\
i\j\imXj ZXdY`X`j e\Z\jj|i`f
gXiX ^XiXek`c%ld gX[i~f \]`Z`\ek\ [\
Zfem\ij`Y`c`[X[\+ <c`|j( \jj\ Xjg\Zkf [`o i\jg\`kf {j giƒgi`Xj gfjj`*
Y`c`[X[\j [\ Xjj\^liXi X kXnX[\ Z}dY`f ]`nX[X+ >fem€d m\i hl\
\jkX e~f gf[\ j\ Xjj\ekXi jfd\ek\
eX [\k\id`eX•~f
f]`Z`Xc(dXj [\m\
]Xo•*cf( [\ ]fidX \jg\Z`Xc( eX ZXgXZ`[X[\ [\ f mfcld\ [Xj i\j\imXj
\nk\ieXj Xk\e[\i } [\dXe[X [\ kf[fj hl\ [\j\aXi\d
i\Xc`oXi X
Zfem\ij~f+ c Z\ikf hl\( Zfd X\jkXY`c`oX•~f( fZfii\i|
Xdgcf dfm`*
d\ekf [\ i\dfe\k`oX•~f
[X \Zfefd`X+ ?\ hlXchl\i
]fidX( e~f €
\jj\ f Xjg\Zkf hl\ gf[\ \jkXY\c\Z\`% ldX i\cX•~f `em`|m\c \eki\
dfekXek\ [\ i\j\imXj \ [\dXe[X gfk\eZ`Xc gfi Zfem\ij~f+ < gfjj`*
Y`c`[X[\ hl\ j\ ZfcfZX Zfdf ld gifYc\dX Xj\i \m`kX[f € X[\ Xk`mfj
]`eXeZ\`ifj [\ Zlikf giXof j\i\d
c`hl`[X[fj \ gXjjXi\d
X [\dXe*
[Xi Zfem\ij~f+ <jj`d( efmXd\ek\(
i\jjli^\
f gifYc\dX [f \c\*
mX[f ^iXl [\ c`hl`[\o [X [‚m`[X g†Yc`ZX+>fdf
]f` [`kf Xek\j( f
Xcfe^Xd\ekf Zfdglcjƒi`f
[\jjX [‚m`[X \jk|( XgXi\ek\d\ek\(
[\j*
><MO<
?@ >JIEPIOPM<
A@@&\cXYfiX[X Zfd
< >XikX [\ >fealekliX
A@@ € ldX glYc`ZX•~f
<j fg`e`…\j e~f \ngi`d\d
ld gfj`Z`feXd\ekf
@[`kfi7 MfY\ikf HXiZXekfe`f
@[`kfi\j <[alekfj7 <e[i€ H`e\ccX
>Xc`ef KXZ_\Zf %7`c_f
DjXY\cIf\ie`X M‡Zb\ik
>fej\c_f
@[`kfi`Xc [X >XikX
<[XcY\if <cm\j HX`X I\kf
<[Xcd`i HXihl\kk`
<e[i€ H`e\ccX
<ekfe`f >Xicfj AiXhl\cc`
>Xc`ef KXZ_\Zf A`c_f
DjXY\cIf\d`X M‡Zb\ik
Gl`o <l^ljkf @jki\ccXAXi`X
JZkXm`f <l^ljkf >+ >feZ\`•~f
MfY\ikf HXiZXekfe`f
MlYrej NfXirj [\ G`dX
,
KMO,rJrr0`Brr.
`e]fidX•…\j
[`jgfe‚m\`j
ZXikX[f+ JlkiX jfcl•~f j\i`X X [\ !Zfem\eZ\i!
fj [\k\ekfi\j
[\
Xk`mfj [\ Zlikf giXof X dXek\i\d
\jjX fg•~f d\[`Xek\ kXnXj [\
alifj jl]`Z`\ek\d\ek\
\c\mX[Xj+ @jjX € ldX gfjj`_`c`[X[\ hl\ \jk|
!ef Xi!+ Pd gifZ\[`d\ekf
[\jj\ k`gf k\i`X f ZXi|k\i d`jkf( hl\
ZfdY`eX XeZfiX^\d ZXdY`XcZfd \c\d\ekfj
[\ XeZfiX^\d dfe\*
k|i`X+ I~f gXi\Z\ N\D!flkif f j\ek`[f [\ Z\ikX gifgfjkX m\`ZlcX[X
eX `dgi\ejX+ >fem€d j`ek\k`o|*DX+<j kXnXj[\ alifj j\i`Xd ZfcfZX*
[Xj !eX clX!( gXiX \m`kX`%
hl\ f \jkfhl\
[X [‚m`[X g†Yc`ZX ]fjj\
kiXej]fidX[f
eX efmX df\[X+ OX`j e‚m\`j [\ kXnXj[\ alifj kXdY€d
^\iXi`Xd ld dfm`d\ekf
[\ kfdX[X [\ \dgi€jk`dfj
\nk\iefj gXiX
Xgc`ZX•~f `ek\ieX+ J kf dX[ $SQ#
[\jj\j \dgi€jk`dfj
\d [ƒcXi\j \eki\*
^Xi`X fj d\jdfj
Xf =XeZf >\ekiXc &=<>@I' \d kifZX [\ ld k‚klcf
[\ [‚m`[X g†Yc`ZX+@jjXfg\iX•~f g\id`k`i`X hl\ f M<>@I c`Y\iXjj\
`^lXc hlXek`[X[\ [\ i\X`j gXiX fj [\dXe[Xek\j
[\jjX df\[X hl\
[\j\aXjj\d
XYi`i d~f [X kXnX[\ alifj+ < Xdgc`X•~f [X f]\ikX [\
df\[X \d Z`iZlcX•~f fZfii\i`X Zfd X Xdgc`X•~f [Xj i\j\imXj+ <
[‚m`[X g†Yc`ZX!m\c_X! e~f gXjjXi`X gfi gifZ\jjf [\ dfe\k`oX•~f \
j\i`X XZi\jZ`[X [\ c`dX [‚m`[X efmX+< i\jg\`kf [\jjX gifgfjkX( ZXY\
c\dYiXi hl\( ldX m\o gfjkX \d gi|k`ZX( Xdgc`Xi`X Xj a| \c\mX[Xj
[\jg\jXj ]`eXeZ\`iXj [f O\jflif
IXZ`feXc+ KfikXekf( gfi \jj\ ZXd`*
e_f( j\[X `em`|m\c dXek\i f \hl`ckYi`f [Xj ZfekXj g†Yc`ZXj+
>JI>GPNuJ
< !jfc`[\o!
[f i\Xc [\m\i|
\jkXi Xjj\ekX[X( ef `e‚Z`f( jfYi\
f Xaljk\ ]`jZXc( jfYi\ X gfc‚k`ZX dfe\k|i`X
i\jki`k`mX \ jfYi\
gifZ\[`d\ekfj
\d\i^\eZ`X`j
[\ gfc‚k`ZX \Zfe„d`ZX( @jk\j †ck`*
dfj jƒ j\ aljk`]`ZXd gXiX hl\YiXi
f gifZ\jjf
`e]cXZ`fe|i`f
\
Xc^lej [\ j\lj d\ZXe`jdfj
hl\ j\ Xiie`^XiXd [liXek\
f cfe^f
g\i`f[f
[\ XckX`ejkXY`c`[X[\+ Of[Xm`X( d\jdf
hl\ j\ fYk\e_X
ld hlX[if
[\ \jkXY`c`oX•~f Zfd X efmX df\[X( f efmf gX[i~f
dfe\k|i`f
[\ hl\ e\Z\jj`kX X \Zfefd`X
X`e[X e~f \jkXi| gc\ef \
jXk‚jkXkfikXd\ei\
Zfejk`kl‚[f+
Djjf jƒ fZfii\i|
hlXe[f
f .!]..
gl[\i
j\ Xjj\ekXi( \nZclj`mXd\ek\(
jfYi\ Xj YXj\j [Xj ]`eXe•Xj
g†Yc`ZXj+ KXiX kXekf( ef g\i‚f[f
dX`j Zlikf [\jk\ \ [f giƒn`df
Bfm\ecJ( [\m\d j\i i\Xc`oX[Xj Xj i\]fidXj
hl\ g\id`k`i~f
Xf
@jkX[f i\Zlg\iX ?#']`eXcd\ek\( f Zfekifc\ jfYi\ X df\[X+ <ek\j
[`jjf( Xj gifgfjkXj [\ ZfcfZXi Xj kXnXj [\ alifj !eX clX! k\e[\d
e~f Xg\eXj X j\ i\Xc`oXi( dXj X j\ kiXej]fidXi
\d gi|k`ZX
g\idXe\ek\
[\ gfc‚k`ZX \Zfe„d`ZX+ >fe]`idX[X
\jjX _`gƒk\j\
g\jj`d`jkX(
_Xm\i`X ]fik\ fYjk|Zlcf
{ i\Zlg\iX•~f
[fj `em\jk`*
d\ekfj
\ Xf Zi\jZ`d\ekf
[X gif[l•~f
\ [f \dgi\^f+
@jjX j\i`X
X m`X\jg†i`X [X \jkXY`c`[X[\+ @jjXj gXcXmiXje~f k•d f `ekl`kf
[\ gi\m\i f ]lklif+ < `ek\e•~f
€ e~f Xg\eXj
`ej`jk`i
hl\ f
Kk%C> X`e[X ZXi\Z\ [\ [\]`e`•…\j dX`j Zfdgc\kXj( dXj( gi`eZ`*
gXcd\ek\(
\e]Xk`oXi hl\ f d\jdf
gifg`Z`Xi|
ld hlX[if
[\
\jkXY`c`[X[\ hl\ [\m\ j\i Xgifm\`kX[f [X d\c_fi dXe\`iX( `jkf €(
gXiX i\Xc`oXi Xj i\]fidXj
\Zfe„d`ZXj
hl\( [\ ]Hf( g\id`k`i~f
!i\`em\ekXi ! X df\[X eXZ`feXc+
Xk€/3+-0+61'+
O`iX^\d7 /+---
\n\dgcXi\j
d\ejXc [\ i\jgfejXY`c`[X[\
[fj \[`kfi\j
Zfd X ZfcXYfiX•~f [fj e†Zc\fj [\ g\jhl`jX [X ?`i\•~f
O€Ze`ZX+
f]`Z`Xc [X A@@fl [X N\Zi\kXi`X [f KcXe\aXd\ekf \ [X <[d`e`jkiX•~f+
Ale[X•~f
[\ @Zfefd`X \ @jkXkX#YZ
`ZX
Bfm\ieX[fi
[f @jkX[f [f M`f BiXe[\ [f Nlc
N`\^]i`Z[ @dXel\c CZlj\i
<G>@P >JGG<M@N
MlX ?lhl\
[\ >Xn`Xj .36.
! 6
J
N\Zi\k|i`f
[f KcXe\aXd\ekf \ [X <[d`e`jkiX•~f
Kfikf <c\^i\( MN * >@K -+-. */50
><MGJN C@MO@M><=M<G
Ale[X•~f
[\ @Zfefd`X \ @jkXk‚jk`ZX
N`\^]i`\[ @dXel\c C\lj\i
%5414
Ki\j`[\ek\7
<IOJIDJ
><MGJN AM<LP@GGD
?`i\kfi
O€Ze`Zf7 J>O<QDJ
<PBPNOJ
N)>J`%9>@DvuJ
?`i\kfiX <[d`e`jkiXk`mX7 HJ@H< FM< S
9=CFb9
EH<
I<
*

Documentos relacionados

N - Carta de Conjuntura FEE

N - Carta de Conjuntura FEE < 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...

Leia mais