Baixe o app para aproveitar ainda mais
Prévia do material em texto
���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 4GXKUCT GPXKQ FQ VGUVG��$8$.×$��1�� 6× ×(567'15 '×5&×2.×0$4(5 :× �������A5(×A2'A����A4A�����A�� &106(�'1 7UW�TKQ /$4×0$ '1�8$. /��2(06($'1 &WTUQ (567'15 '×5&×2.×0$4(5 :× 6GUVG $8$.×$��1�� 6× × ×PKEKCFQ �������� ����� (PXKCFQ �������� ����� 5VCVWU &QORNGVCFC 4GUWNVCFQ FC VGPVCVKXC �� GO��� RQPVQU 6GORQ FGEQTTKFQ � OKPWVQU 4GUWNVCFQU GZKDKFQU 4GURQUVCU GPXKCFCU� 2GTIWPVCU TGURQPFKFCU KPEQTTGVCOGPVG 2GTIWPVC � .GKC�C�EJCTIG�G�Q�VGZVQ�C�UGIWKT�� )QPVG��CEGTXQ�RGUUQCN� 2QT�WOC�QWVTC�INQDCNK\C¤ Q�Ã�/KNVQP�5CPVQU È8KXGOQU�PWO�OWPFQ�EQPHWUQ�G�EQPHWUCOGPVG�RGTEGDKFQ��+CXGTKC�PKUVQ�WO�RCTCFQZQ�RGFKPFQ�WOC�GZRNKEC¤ Q" 'G�WO�NCFQ��¦�CDWUKXCOGPVG�OGPEKQPCFQ�Q�GZVTCQTFKP�TKQ�RTQITGUUQ�FCU�EK§PEKCU�G�FCU�V¦EPKECU��FCU�SWCKU�WO�FQU HTWVQU�U Q�QU�PQXQU�OCVGTKCKU�CTVKÑEKCKU�SWG�CWVQTK\CO�C�RTGEKU Q�G�C�KPVGPEKQPCNKFCFG��'G�QWVTQ�NCFQ��J���VCOD¦O� TGHGT§PEKC�QDTKICV°TKC���CEGNGTC¤ Q�EQPVGORQT�PGC�G�VQFCU�CU�XGTVKIGPU�SWG�ETKC��C�EQOG¤CT�RGNC�RT°RTKC XGNQEKFCFG��6QFQU�GUUGU��RQT¦O��U Q�FCFQU�FG�WO�OWPFQ�HªUKEQ�HCDTKECFQ�RGNQ�JQOGO��EWLC�WVKNK\C¤ Q��CNK�U� RGTOKVG�SWG�Q�OWPFQ�UG�VQTPG�GUUG�OWPFQ�EQPHWUQ�G�EQPHWUCOGPVG�RGTEGDKFQ��(ZRNKEC¤²GU�OGECPKEKUVCU�U Q� VQFCXKC��KPUWÑEKGPVGU����C�OCPGKTC�EQOQ��UQDTG�GUUC�DCUG�OCVGTKCN��UG�RTQFW\�C�JKUV°TKC�JWOCPC�SWG�¦�C�XGTFCFGKTC TGURQPU�XGN�RGNC�ETKC¤ Q�FC�VQTTG�FG�DCDGN�GO�SWG�XKXG�C�PQUUC�GTC�INQDCNK\CFC��3WCPFQ�VWFQ�RGTOKVG�KOCIKPCT SWG�UG�VQTPQW�RQUUªXGN�C�ETKC¤ Q�FG�WO�OWPFQ�XGTC\��Q�SWG�¦�KORQUVQ�CQU�GURªTKVQU�¦�WO�OWPFQ�FG�HCDWNC¤²GU� SWG�UG�CRTQXGKVC�FQ�CNCTICOGPVQ�FG�VQFQU�QU�EQPVGZVQU�=���?�RCTC�EQPUCITCT�WO�FKUEWTUQ�·PKEQ��5GWU�HWPFCOGPVQU U Q�C�KPHQTOC¤ Q�G�Q�UGW�KOR¦TKQ��SWG�GPEQPVTCO�CNKEGTEG�PC�RTQFW¤ Q�FG�KOCIGPU�G�FQ�KOCIKP�TKQ��G�UG�R²GO�CQ UGTXK¤Q�FQ�KOR¦TKQ�FQ�FKPJGKTQ��HWPFCFQ�GUVG�PC�GEQPQOK\C¤ Q�G�PC�OQPGVCTK\C¤ Q�FC�XKFC�UQEKCN�G�FC�XKFC�RGUUQCN� 'G�HCVQ��UG�FGUGLCOQU�GUECRCT���ETGP¤C�FG�SWG�GUUG�OWPFQ�CUUKO�CRTGUGPVCFQ�¦�XGTFCFGKTQ��G�P Q�SWGTGOQU CFOKVKT�C�RGTOCP§PEKC�FG�UWC�RGTEGR¤ Q�GPICPQUC��FGXGOQU�EQPUKFGTCT�C�GZKUV§PEKC�FG�RGNQ�OGPQU�VT§U�OWPFQU PWO�U°��1�RTKOGKTQ�UGTKC�Q�OWPFQ�VCN�EQOQ�PQU�HC\GO�X§�NQ��C�INQDCNK\C¤ Q�EQOQ�H�DWNC��Q�UGIWPFQ�UGTKC�Q�OWPFQ VCN�EQOQ�GNG�¦��C�INQDCNK\C¤ Q�EQOQ�RGTXGTUKFCFG��G�Q�VGTEGKTQ�UGTKC�Q�OWPFQ�EQOQ�GNG�RQFG�UGT��WOC�QWVTC INQDCNK\C¤ Q�É� )QPVG��5$0615��/��2QT�WOC�QWVTC�INQDCNK\C¤ Q��FQ�RGPUCOGPVQ�·PKEQ���EQPUEK§PEKC�WPKXGTUCN��4KQ�FG�,CPGKTQ�5 Q 2CWNQ��4GEQTF�������� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�� ×��$�EJCTIG�G�Q�VGZVQ�KPFKECO�C�KORQUUKDKNKFCFG�FG�WO�OWPFQ�HQTC�FQ�CNECPEG�FQ�ECRKVCN�KPVGTPCEKQPCN��L��SWG�C�DCUG OCVGTKCN�RQT�OGKQ�FC�SWCN�UG�RTQFW\�C�JKUV°TKC�JWOCPC�KORGFG�ETªVKECU�CQ�FKUEWTUQ�JGIGO±PKEQ�FC�INQDCNK\C¤ Q�� ××��$�EJCTIG�TGXGNC�C�INQDCNK\C¤ Q�EQOQ�H�DWNC��WOC�XG\�SWG�Q�ÒWZQ�FG�OGTECFQTKCU�G�FG�ECRKVCN�P Q�CNVGTC�C�XKFC FCU�EQOWPKFCFGU�TWTCKU�G�C�TGCNKFCFG�¦�KIPQTCFC�RGNQU�UGWU�JCDKVCPVGU�� 70×2 ($' %×%.×16(&$5 /74$. '1 $.701 67614×$×5 .$%14$6�4×15&106(�'15 $&$'�/×&15 � GO�� RQPVQU /$4×0$�2(06($'1 � ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 4GURQUVC 5GNGEKQPCFC� G� ×××��$�EJCTIG�GPCNVGEG�Q�RTQITGUUQ�SWG�C�INQDCNK\C¤ Q�RTQOQXG��Q�SWG�FGUECTCEVGTK\C�UGW�ECT�VGT�RGTXGTUQ��FGUETKVQ PQ�VGZVQ�FG�/KNVQP�5CPVQU�� ×8��1�HQEQ�FQ�VGZVQ�¦�CRTGIQCT�QU�DGPGHªEKQU�FC�INQDCNK\C¤ Q��SWG�RGTOKVG�RTQFW¤ Q�GO�CNVC�XGNQEKFCFG�G�EKTEWNC¤ Q EQPVªPWC�FCU�KPHQTOC¤²GU��EQO�GZVTCQTFKP�TKQ�RTQITGUUQ�FCU�EK§PEKCU�G�FCU�V¦EPKECU�� &QO�DCUG�PC�NGKVWTC��CUUKPCNG�C�CNVGTPCVKXC�EGTVC� 0GPJWOC�CÑTOCVKXC�GUV��EQTTGVC� 2GTIWPVC � 4GURQUVC 5GNGEKQPCFC� E� .GKC�Q�VGZVQ�C�UGIWKT� 8KV°TKC�UQDTG�KPHGE¤²GU È1�OWPFQ�GUV���U�X¦URGTCU�FG�WOC�EQPSWKUVC�KP¦FKVC��(O�DTGXG��CU�FQGP¤CU�KPHGEEKQUCU��SWG�X§O�J��OKN§PKQU FK\KOCPFQ�DGD§U�G�ETKCP¤CU��RQFGO�FGKZCT�FG�UGT�C�RTKPEKRCN�ECWUC�FG�OQTVCNKFCFG�KPHCPVKN�� 7O�GUVWFQ�TGEGPVG�SWG�OQFGNQW�FCFQU�FG�����RCªUGU�OQUVTC�SWG��FQU�����OKNJ²GU�FG�ETKCP¤CU�EQO�CV¦�EKPEQ�CPQU FG�KFCFG�SWG�OQTTGTCO�GO�����������HCNGEGTCO�FGXKFQ�C�OQN¦UVKCU�KPHGEEKQUCU��6T§U�CPQU�CPVGU��GTCO������$ XKTCFC�GUV��RT°ZKOC��UG�¦�SWG�L��P Q�QEQTTGW�� ×UQNCFCOGPVG��C�RTKPEKRCN�ECWUC�FG�°DKVQ�¦�C�RTGOCVWTKFCFG����������UGIWKFC�FG�RGTVQ�RGNC�RPGWOQPKC��������� *TCPFGU�XKN²GU�FQ�RCUUCFQ��PQVCFCOGPVG�CU�FKCTTGKCU��OCU�VCOD¦O�UCTCORQ�G�V¦VCPQ��L��P Q�QEWRCO�CU�RTKOGKTCU RQUK¤²GU�� 5GIWPFQ�QU�CWVQTGU�FC�RGUSWKUC��RWDNKECFC�PQ�RGTK°FKEQ�O¦FKEQ�DTKV�PKEQ��6JG�.CPEGV���C�FKOKPWK¤ Q�FCU�OQTVGU GO������GO�TGNC¤ Q�C������RQFG�UGT�CVTKDWªFC�C�ICPJQU�PQ�EQPVTQNG�FC�RPGWOQPKC��FKCTTGKC�G�UCTCORQ��5 Q CXCP¤QU�HQTOKF�XGKU�FC�JWOCPKFCFG�� $�RCTVKT�FGUUG�RQPVQ��EQPVWFQ��OGNJQTKCU�VGPFGO�C�ÑECT�OCKU�FKHªEGKU��$QU�RQWEQU��QU�RCªUGU�GUIQVCO�Q�CTUGPCN�FG C¤²GU�H�EGKU��ECRC\GU�FG�CVKPIKT�ITCPFGU�HCVKCU�FC�RQRWNC¤ Q���QHGTGEGT��IWC�VTCVCFC�G�GUIQVQ��HC\GT�ECORCPJCU�FG XCEKPC¤ Q�G�RGNQ�CNGKVCOGPVQ�OCVGTPQ�� ��OGFKFC�SWG�UG�TGIKUVTCO�TGFW¤²GU�PCU�OQTVGU�RQT�KPHGE¤²GU��QU�°DKVQU�PGQPCVCKU��CV¦�Q���{�FKC�FG�XKFC��VGPFGO�C ICPJCT�RTGRQPFGT�PEKC���G�CU�KPKEKCVKXCU�RCTC�GPHTGPV��NQU�UG�VQTPCO�ECFC�XG\�OCKU�KPFKXKFWCNK\CFCU�G�ECTCU�� 5G�Q�SWCFTQ�INQDCN��FG�VQFQ�OQFQ��¦�DCUVCPVG�RQUKVKXQ��J��WOC�PQVC�PGICVKXC�RCTC�C�SWCN�¦�RTGEKUQ�EJCOCT�C CVGP¤ Q��RGTOCPGEGO�CDKUUCKU�CU�FKHGTGP¤CU�GPVTG�CU�FKXGTUCU�TGIK²GU�FQ�RNCPGVC�� (PSWCPVQ�(UVCFQU�FGUGPXQNXKFQU�L��DCKZCTCO�J��X�TKQU�CPQU�C�OQTVCNKFCFG�KPHCPVKN�RCTC�HCKZCU�KPHGTKQTGU�C����°DKVQU RQT�OKN�PCUEKOGPVQU�EQO�XKFC�G�PC¤²GU�GOGTIGPVGU�GUV Q�EJGICPFQ�N���RCªUGU�FC��HTKEC�UWDUCCTKCPC�EQPVKPWCO OCN�� 4GURQPFGPFQ�RQT�����FQU�PCUEKOGPVQU�PQ�OWPFQ�G�SWCUG�����FQU�°DKVQU�FG�ETKCP¤CU�CV¦�EKPEQ�CPQU��GUUG�ITWRQ GNGXC�C�VCZC�O¦FKC�FQ�RNCPGVC�RCTC����°DKVQU�RQT�OKN�PCUEKOGPVQU�EQO�XKFC�� 7O�ªPFKEG�DGO�OGNJQT�SWG�QU�����RQT�OKN�GUVKOCFQU�RCTC�C�×FCFG�/¦FKC��OCU�OWKVQ�RKQT�FQ�SWG�CSWGNG�SWG�UGTKC RQUUªXGN�CVKPIKT�EQO�Q�PªXGN�FG�EQPJGEKOGPVQ�O¦FKEQ�G�CXCP¤Q�VGEPQN°IKEQ�FQ�OWPFQ�É� )QPVG��JVVR���YYY��HQNJC�WQN�EQO�DT�QRKPKCQ�����������������GFKVQTKCN�XKVQTKC�UQDTG�KPHGEEQGU�UJVON��$EGUUQ�GO ���OCT�������� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�G�CUUKPCNG�C�CNVGTPCVKXC�EQTTGVC�� ×��(O�������C�RPGWOQPKC�HQK�C�RTKPEKRCN�ECWUC�FG�OQTVG�FG�ETKCP¤CU�FG�CV¦�EKPEQ�CPQU��UWRGTCPFQ��RGNC�RTKOGKTC�XG\� Q�P·OGTQ�FG�°DKVQU�RQT�FQGP¤CU�KPHGEEKQUCU�� ××��$�RTQOQ¤ Q�FG��IWC�VTCVCFC�G�GUIQVQ��CU�ECORCPJCU�FG�XCEKPC¤ Q�G�Q�GUVªOWNQ�CQ�CNGKVCOGPVQ�OCVGTPQ�U Q OGFKFCU�UWÑEKGPVGU�RCTC�GTTCFKECT�C�OQTVCNKFCFG�KPHCPVKN�� ×××��1U�FCFQU�OQUVTCO�SWG�Q�ªPFKEG�FG�OQTVCNKFCFG�FG�ETKCP¤CU�CV¦�EKPEQ�CPQU�PC��HTKEC�UWDUCCTKCPC�¦�EGTEC�FG SWCVTQ�XG\GU�OGPQT�FQ�SWG�Q�GUVKOCFQ�RCTC�C�×FCFG�/¦FKC�G�OCKU�FG�SWCVTQ�XG\GU�OCKQT�FQ�SWG�Q�QDUGTXCFQ�GO (UVCFQU�FGUGPXQNXKFQU�� ×8��$�SWGFC�PC�VCZC�FG�OQTVCNKFCFG�FG�ETKCP¤CU�FG�CV¦�EKPEQ�CPQU�RTQXQECFC�RQT�FQGP¤CU�KPHGEEKQUCU�P Q�¦ JQOQI§PGC�PQ�RNCPGVC��UGPFQ�OGPQT�PCU�TGIK²GU�OGPQU�FGUGPXQNXKFCU� $RGPCU�C�CÑTOCVKXC�×8�GUV��EQTTGVC� 2GTIWPVC � � GO�� RQPVQU � GO�� RQPVQU ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 4GURQUVC 5GNGEKQPCFC� F� .GKC�QU�SWCFTKPJQU�G�Q�VGZVQ�C�UGIWKT�� )QPVG��CEGTXQ�RGUUQCN� 1�/KVQ�FC�&CXGTPC��QW�$NGIQTKC�FC�&CXGTPC��HQK�GUETKVQ�RGNQ�ÑN°UQHQ�2NCV Q�G�GUV��EQPVKFQ�GO�È$�4GR·DNKECÉ��PQ�NKXTQ 8××��0C�CNGIQTKC��PCTTC�UG�Q�FK�NQIQ�FG�5°ETCVGU�EQO�*NCWEQ�G�$FKOCVQ����WO�FQU�VGZVQU�OCKU�NKFQU�PQ�OWPFQ ÑNQU°ÑEQ�� $�JKUV°TKC�PCTTC�C�XKFC�FG�CNIWPU�JQOGPU�SWG�PCUEGTCO�G�ETGUEGTCO�FGPVTQ�FG�WOC�ECXGTPC�G�ÑECXCO�XQNVCFQU RCTC�Q�HWPFQ�FGNC��$NK�EQPVGORNCXCO�WOC�T¦UVKC�FG�NW\�SWG�TGÒGVKC�UQODTCU�PQ�HWPFQ�FC�RCTGFG��(UUG�GTC�Q�UGW OWPFQ��>VQ�FKC��WO�FQU�JCDKVCPVGU�TGUQNXGW�XQNVCT�UG�RCTC�Q�NCFQ�FG�HQTC�FC�ECXGTPC�G�NQIQ�ÑEQW�EGIQ�FGXKFQ��ENCTKFCFG�FC�NW\��(��CQU�RQWEQU��XKUNWODTQW�QWVTQ�OWPFQ�EQO�PCVWTG\C��EQTGU��ÈKOCIGPUÉ�FKHGTGPVGU�FQ�SWG�GUVCXC CEQUVWOCFQ�C�ÈXGTÉ��8QNVQW�RCTC�C�ECXGTPC�RCTC�PCTTCT�Q�HCVQ�CQU�UGWU�COKIQU��OCU�GNGU�P Q�CETGFKVCTCO�PGNG�G TGXQNVCFQU�EQO�C�ÈOGPVKTCÉ�Q�OCVCTCO�� &QO�GUUC�CNGIQTKC��2NCV Q�FKXKFG�Q�OWPFQ�GO�FWCU�TGCNKFCFGU��C�UGPUªXGN��SWG�UG�RGTEGDG�RGNQU�UGPVKFQU��G�C KPVGNKIªXGN��Q�OWPFQ�FCU�KFGKCU���1�RTKOGKTQ�¦�Q�OWPFQ�FC�KORGTHGK¤ Q�G�Q�UGIWPFQ�GPEQPVTCTKC�VQFC�C�XGTFCFG RQUUªXGN�RCTC�Q�JQOGO��$UUKO��Q�UGT�JWOCPQ�FGXGTKC�RTQEWTCT�Q�OWPFQ�FC�XGTFCFG�RCTC�SWG�EQPUKIC�CVKPIKT�Q DGO�OCKQT�RCTC�UWC�XKFC��(O�PQUUQU�FKCU��OWKVCU�U Q�CU�ECXGTPCU�GO�SWG�PQU�GPXQNXGOQU�G�RGPUCOQU�UGT�C TGCNKFCFG�CDUQNWVC�� )QPVG��JVVR���ÑNQUQÑC�WQN�EQO�DT��$EGUUQ�GO����PQX��������EQO�CFCRVC¤²GU��� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�� ×��1�RGTUQPCIGO�FC�EJCTIG�CÑTOC�SWG�XKXGOQU�PC�ECXGTPC�FG�2NCV Q�RQTSWG�GNG�P Q�VGO�CEGUUQ��U�OQFGTPCU VGEPQNQIKCU�� ××��$�TGHGT§PEKC�CQ�OKVQ�FC�ECXGTPC�FG�2NCV Q�CNWFG�CQ�HCVQ�FG�SWG�C�XKFC�XKTVWCN��RQT�OGKQ�FQU�OQFGTPQU�CRCTGNJQU� ¦�KPVGPUC�JQLG�� ×××��1U�SWCFTKPJQU�GPCNVGEGO�QU�OQFGTPQU�CRCTGNJQU�EQOQ�HQTOC�FG�VGT�CEGUUQ�C�KPHQTOC¤²GU��WOC�XG\�SWG�Q RGTUQPCIGO�R±FG�CRTGPFGT�ÑNQUQÑC�RQT�OGKQ�FC�KPVGTPGV�� ×8��$�GZRTGUU Q�ÈECXGTPC�FG�2NCV QÉ�PC�VKTKPJC�VGO�UGPVKFQ�RQUKVKXQ�G�GPCNVGEG�C�UQEKGFCFG�VGEPQN°IKEC EQPVGORQT�PGC�� ��EQTTGVQ�Q�SWG�UG�CÑTOC�UQOGPVG�GO� ××� 2GTIWPVC � .GKC�C�EJCTIG�C�UGIWKT�� � GO�� RQPVQU ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 4GURQUVC 5GNGEKQPCFC� C� )QPVG��CEGTXQ�RGUUQCN� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�� ×��$�EJCTIG�KNWUVTC�C�GXQNW¤ Q�JKUV°TKEC�FC�EKXKNK\C¤ Q�G�UWIGTG�SWG�C�JWOCPKFCFG�ECOKPJC�GO�FKTG¤ Q�CQ�RTQITGUUQ�� ××��$�EJCTIG�TGNCEKQPC�RQUKVKXCOGPVG�Q�FGUGPXQNXKOGPVQ�VGEPQN°IKEQ�G�Q�DGO�GUVCT�FQU�EKFCF QU�� ×××��$�EJCTIG�KPFKEC�SWG�Q�ECOKPJQ�RCTC�Q�RTQITGUUQ�GZKIG�RGTUGXGTCP¤C�G�U°�¦�RQUUªXGN�PQ�CODKGPVG�WTDCPQ�� $UUKPCNG�C�CNVGTPCVKXC�EGTVC� 0GPJWOC�CÑTOCVKXC�GUV��EQTTGVC� 2GTIWPVC � 4GURQUVC 5GNGEKQPCFC� D� �(PCFG������Ã�EQO�CFCRVC¤²GU��.GKC�Q�VGZVQ�C�UGIWKT�� ×ORQTVCPVG�YGDUKVG�FG�TGNCEKQPCOGPVQ�ECOKPJC�RCTC�����OKNJ²GU�FG�WUW�TKQU��1WVTQ�EQPJGEKFQ�UGTXKFQT�FG OKETQDNQIIKPI�CEWOWNC�����OKNJ²GU�FG�OGPUCIGPU�CQ�FKC����EQOQ�UG�����FC�RQRWNC¤ Q�DTCUKNGKTC�RQUVCUUGO�WO EQOGPV�TKQ�C�ECFC����JQTCU��&QO�CU�TGFGU�UQEKCKU�ECFC�XG\�OCKU�RTGUGPVGU�PQ�FKC�C�FKC�FCU�RGUUQCU��¦�KPGXKV�XGN SWG�OWKVC�IGPVG�GPEQPVTG�PGNCU�WOC�OCPGKTC�H�EKN��T�RKFC�G�CDTCPIGPVG�FG�UG�OCPKHGUVCT��7OC�TGFG�UQEKCN�FG TGETWVCOGPVQ�TGXGNQW�SWG�����FCU�GORTGUCU�COGTKECPCU�L��WUCTCO�QW�RNCPGLCO�WUCT�CU�TGFGU�UQEKCKU�PQ�RTQEGUUQ FG�EQPVTCVC¤ Q��'GUUCU������CUUWOGO�SWG�DKUDKNJQVCO�C�XKFC�FQU�ECPFKFCVQU�GO�YGDUKVGU�FG�TGFG�UQEKCN� 4GCNK\CFC�RQT�WOC�CI§PEKC�FG�TGETWVCOGPVQ��WOC�RGUSWKUC�EQO������GZGEWVKXQU�DTCUKNGKTQU�OQUVTQW�SWG���� FGUENCUUKÑECTKCO��PQ�RTQEGUUQ�FG�UGNG¤ Q��WO�ECPFKFCVQ�RQT�UGW�EQORQTVCOGPVQ�GO�WOC�TGFG�UQEKCN��/WKVCU RGUUQCU�L��GPHTGPVCTCO�RTQDNGOCU�RQT�ECWUC�FG�KPHQTOC¤²GU�QPNKPG��VCPVQ�PQ�ECORQ�RGUUQCN�SWCPVQ�PQ RTQÑUUKQPCN��$NIWOCU�GORTGUCU�G�KPUVKVWK¤²GU��KPENWUKXG��L��CFQVCTCO�ECTVKNJCU�FG�EQPFWVC�GO�TGFGU�UQEKCKU�� )QPVG��21.10×��*��1�NCFQ�RGTKIQUQ�FCU�TGFGU�UQEKCKU��4GXKUVC�×0)1��R���������LWNJQ�������EQO�CFCRVC¤²GU��� 'G�CEQTFQ�EQO�Q�VGZVQ� (ORTGUCU�G�KPUVKVWK¤²GU�GUV Q�CVGPVCU�CQ�EQORQTVCOGPVQ�FG�UGWU�HWPEKQP�TKQU�GO�YGDUKVGU�FG TGFGU�UQEKCKU� 2GTIWPVC � �(PCFG������Ã�EQO�CFCRVC¤²GU��.GKC�Q�VGZVQ�C�UGIWKT�� 1�VTGEJQ�FC�O·UKEC�È0QU�%CKNGU�FC�8KFCÉ��FG�/KNVQP�0CUEKOGPVQ��ÈVQFQ�CTVKUVC�VGO�FG�KT�CQPFG�Q�RQXQ�GUV�É��¦�CPVKIQ� G�C�O·UKEC��FG�V Q�VQECFC��CECDQW�RQT�UG�VQTPCT�WO�GUVGTG°VKRQ�FG�VQECFQTGU�FG�XKQN²GU�G�FG�TQFCU�FG�COKIQU�GO � GO�� RQPVQU � GO�� RQPVQU ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 4GURQUVC 5GNGEKQPCFC� C� 8KUEQPFG�FG�/CW���PQU�CPQU������� (O�VGORQU�FKIKVCKU��RQT¦O��GNC�ÑEQW�OCKU�CVWCN�FQ�SWG�PWPEC����H�EKN�GPVGPFGT�Q�RQTSW§��CPVKICOGPVG��SWCPFQ�C KPHQTOC¤ Q�UG�EQPEGPVTCXC�GO�EGPVTQU�FG�GZRQUK¤ Q��XGªEWNQU�FG�EQOWPKEC¤ Q��GFKVQTCU��OWUGWU�G�ITCXCFQTCU��GTC RTGEKUQ�RCUUCT�RQT�WOC�U¦TKG�FG�EWTCFQTGU��RCTC�ICTCPVKT�C�RWDNKEC¤ Q�FG�WO�CTVKIQ�QW�NKXTQ��C�ITCXC¤ Q�FG�WO FKUEQ�QW�C�RTQFW¤ Q�FG�WOC�GZRQUK¤ Q�� 1�OGUOQ�HWPKN��SWG�RQFGTKC�UGT�KPLWUVQ�G�FGKZCT�ITCPFGU�VCNGPVQU�FG�HQTC��UKORNGUOGPVG�RQTSWG�P Q� VKPJCO�CEGUUQ��U�HGTTCOGPVCU���U�RGUUQCU�QW��U�HQPVGU�FG�KPHQTOC¤ Q��VCOD¦O�UGTXKC�EQOQ�ÑNVTQ�FG�SWCNKFCFG�� 6QECT�XKQN Q�QW�GPEGPCT�WOC�RG¤C�FG�VGCVTQ�GO�WO�ITCPFG�CWFKV°TKQ�EQUVWOCXC�VGT�WO�RGUQ�OWKVQ�OCKQT�SWG HC\§�NQ�GO�WO�DCT��WO�EGPVTQ�EWNVWTCN�QW�WOC�ECN¤CFC��0CU�TCTCU�QECUK²GU�GO�SWG�GUUG�XCNQT�UG�KPXGTVKC��GTC LWUVCOGPVG�RQTSWG��RCTC�WUQ�FQ�GURC¤Q�ÈCNVGTPCVKXQÉ��JCXKC�OGECPKUOQU�FG�UGNG¤ Q�V Q�QW�OCKU�TªIKFQU�SWG�QU�FQ GURC¤Q�QÑEKCN�� 4$')$+4(4��.��6QFQ�CTVKUVC�VGO�FG�KT�CQPFG�Q�RQXQ�GUV���'KURQPªXGN�GO��JVVR���PQXQ�KVCWEWNVWTC�QTI�DT��$EGUUQ�GO���� LWN��������EQO�CFCRVC¤²GU��� $�RCTVKT�FQ�VGZVQ��CXCNKG�CU�CUUGT¤²GU�C�UGIWKT�G�C�TGNC¤ Q�RTQRQUVC�GPVTG�GNCU�� ×��1�RTQEGUUQ�FG�GXQNW¤ Q�VGEPQN°IKEC�FC�CVWCNKFCFG�FGOQETCVK\C�C�RTQFW¤ Q�G�C�FKXWNIC¤ Q�FG�QDTCU�CTVªUVKECU� TGFW\KPFQ�C�KORQTV�PEKC�SWG�QU�EGPVTQU�FG�GZRQUK¤ Q�VKPJCO�PQU�CPQU������� 21437(� ××��$U�PQXCU�VGEPQNQIKCU�RQFGO�HC\GT�EQO�SWG�CTVKUVCU�UGLCO�KPFGRGPFGPVGU��OQPVGO�UGWU�RT°RTKQU�CODKGPVGU�FG RTQFW¤ Q�G�FKURQPKDKNK\GO�UGWU�VTCDCNJQU�RCTC�ITCPFG�P·OGTQ�FG�RGUUQCU�� $�TGURGKVQ�FGUUCU�CUUGT¤²GU��CUUKPCNG�C�QR¤ Q�EQTTGVC� $U�CUUGT¤²GU�×�G�××�U Q�RTQRQUK¤²GU�XGTFCFGKTCU�G�C�××�¦�WOC�LWUVKÑECVKXC�EQTTGVC�FC�×� 2GTIWPVC � 4GURQUVC 5GNGEKQPCFC� D� .GKC�Q�VGZVQ�FG�$PVQPKQ�&CPFKFQ�G�CPCNKUG�CU�CÑTOCVKXCU�C�UGIWKT� È(O�EQORCTC¤ Q�C�GTCU�RCUUCFCU��EJGICOQU�C�WO�O�ZKOQ�FG�TCEKQPCNKFCFG�V¦EPKEC�G�FG�FQOªPKQ�UQDTG�C�PCVWTG\C� ×UUQ�RGTOKVG�KOCIKPCT�C�RQUUKDKNKFCFG�FG�TGUQNXGT�ITCPFG�P·OGTQ�FG�RTQDNGOCU�OCVGTKCKU�FQ�JQOGO��SWGO�UCDG KPENWUKXG�Q�FC�CNKOGPVC¤ Q��0Q�GPVCPVQ��C�KTTCEKQPCNKFCFG�FQ�EQORQTVCOGPVQ�¦�VCOD¦O�O�ZKOC��UGTXKFC HTGSWGPVGOGPVG�RGNQU�OGUOQU�OGKQU�SWG�FGXGTKCO�TGCNK\CT�QU�FGUªIPKQU�FC�TCEKQPCNKFCFG��$UUKO��EQO�C�GPGTIKC CV±OKEC�RQFGOQU�CQ�OGUOQ�VGORQ�IGTCT�HQT¤C�ETKCFQTC�G�FGUVTWKT�C�XKFC�RGNC�IWGTTC��EQO�Q�KPETªXGN�RTQITGUUQ KPFWUVTKCN�CWOGPVCOQU�Q�EQPHQTVQ�CV¦�CNECP¤CT�PªXGKU�PWPEC�UQPJCFQU��OCU�GZENWªOQU�FGNG�CU�ITCPFGU�OCUUCU�SWG EQPFGPCOQU���OKU¦TKC�É� )QPVG��&$0'×'1��$PVQPKQ��'KTGKVQ���.KVGTCVWTC�KP��8�TKQU�(UETKVQU�� ×��1�CWVQT�EQPUKFGTC�KTTCEKQPCKU�CU�VGEPQNQIKCU�OQFGTPCU�� ××��1�CWVQT�FGUVCEC�CU�EQPVTCFK¤²GU�OCVGTKCKU�FQ�PQUUQ�VGORQ��CÑTOCPFQ�SWG�C�TCEKQPCNKFCFG�V¦EPKEC�P Q�KORNKEC�Q ÑO�FCU�FGUKIWCNFCFGU�UQEKCKU�� ×××��1�CWVQT�CÑTOC�SWG�C�TCEKQPCNKFCFG�V¦EPKEC��EQO�Q�FQOªPKQ�UQDTG�C�PCVWTG\C��¦�UWÑEKGPVG�RCTC�TGUQNXGT�QU RTQDNGOCU�FC�JWOCPKFCFG�� ×8��1�CWVQT�GPCNVGEG�C�GXQNW¤ Q�VGEPQN°IKEC��WOC�XG\�SWG�GNC�OGNJQTC�CU�EQPFK¤²GU�FG�XKFC�FC�RQRWNC¤ Q� RQUUKDKNKVCPFQ�EQPHQTVQU�PWPEC�CPVGU�KOCIKPCFQU�� ��EQTTGVQ�Q�SWG�UG�CÑTOC�UQOGPVG�GO� ××� 2GTIWPVC � .GKC�Q�VGZVQ�C�UGIWKT�� (FWEC¤ Q������GPUKPQ�RGTUQPCNK\CFQ�RCTC�ECFC�CNWPQ�Ã�/CTEGNQ�%TCPF Q 1�GPUKPQ�EQOQ�HQTOC�WPKÑECFC�FG�VTCPUOKUU Q�FG�EQPJGEKOGPVQ��KPFGRGPFGPVGOGPVG�FCU�ECTCEVGTªUVKECU�FG�ECFC CNWPQ��RCTGEG�GUVCT�EQO�QU�FKCU�EQPVCVQU��0CFC�OCKU�FG�GPUKPCT�FG�WO�·PKEQ�LGKVQ�RCTC�CNWPQU�FKUVKPVQU�� $�RTQRQUVC�¦�KORNGOGPVCT�WO�ÈCRTGPFK\CFQ�CFCRVCVKXQÉ�RQT�OGKQ�FG�VQFC�C�VGEPQNQIKC�QPNKPG�FKURQPªXGN�RCTC KPFKXKFWCNK\CT�Q�GPUKPQ�C�ECFC�GUVWFCPVG��7OC�RTQRQUVC�CODKEKQUC��SWG�RTGVGPFG�CDCTECT�VQFC�(URCPJC�G�$O¦TKEC .CVKPC�CV¦�Q�ÑPCN�FG�������2CTC�CNECP¤CT�GUUG�QDLGVKXQ��Q�RTQLGVQ�WVKNK\CT��VQFQ�Q�RQVGPEKCN�FC�×PVGTPGV�G�FQ�%KI�'CVC � GO�� RQPVQU � GO�� RQPVQU ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B�UHWXUQ« ��� 4GURQUVC 5GNGEKQPCFC� G� ��SWG�CEWOWNCT��VQFQ�Q�JKUV°TKEQ�FQ�CNWPQ�RGTOKVKPFQ�EQPJGEGT�UGWU�VCNGPVQU�G�UWCU�HTCSWG\CU�G�FGÑPKT�WO�RNCPQ FG�GPUKPQ�SWG�OGNJQT�UG�CFCRVG�C�GNG��(�EQO�Q�CWZªNKQ�FG�HGTTCOGPVCU�FG�CP�NKUGU�GO�TGFG��RTQRQTEKQPCT��WO EQPJGEKOGPVQ�RCTC�Q�OGNJQT�ECOKPJQ�RTQÑUUKQPCN�G�GFWECVKXQ�FGUUG�CNWPQ��1W�UGLC��C�RGTUQPCNK\C¤ Q�RCUUC�UGT�C EJCXG�FG�VQFQ�Q�RTQLGVQ�GFWECEKQPCN�� 0Q�GPVCPVQ��GUUG�OQFGNQ�UGIWG�VGPFQ�EQOQ�RKNCT�RTKPEKRCN�Q�RTQHGUUQT��È2QT�GZGORNQ��Q�RTQITCOC�FKT��C�GNG�SWG� PGUUC�UGOCPC�HQTCO�GZRNKECFQU����EQPEGKVQU��1�CNWPQ�CUUKOKNQW�����(UUGU�U Q�QU�EKPEQ�SWG�OGTGEGO�TGHQT¤Q��1W� GUUG�CNWPQ�¦�OWKVQ�GURGTVQ�G�GUV��CRTGPFGPFQ�UGO�RTQDNGOCU��RQT¦O�GUV��UG�GUHQT¤CPFQ�CQ�NKOKVGÉ��GZRNKEC /CPWGNC�&NCTC��UQDTG�Q�SW Q�CEGUUªXGN�G�Q�SW Q�FKF�VKEC�¦�C�HGTTCOGPVC�RCTC�QU�RTQHGUUQTGU�� $�PQXC�RTQRQUVC�FG�GPUKPQ�L��EQOG¤C�C�CRTGUGPVCT�DQC�CEGKVC¤ Q�GPVTG�QU�FQEGPVGU��5GIWPFQ�WOC�RGUSWKUC TGCNK\CFC�RGNC�5CPVKNNCPC�GPVTG�RTQHGUUQTGU�SWG�Ñ\GTCO�CNIWPU�VGUVGU�EQO�C�RNCVCHQTOC������FQU�EQPUWNVCFQU CETGFKVCO�SWG�C�RQTEGPVCIGO�FG�CNWPQU�CRTQXCFQU�PC�OCV¦TKC�CWOGPVCTKC�GO������ $�VGEPQNQIKC�EQOQ�HGTTCOGPVC�GFWECVKXC�L��P Q�¦�OCKU�SWGUVKQP�XGN��8KFGQLQIQU�G�QWVTQU�RCUUCVGORQU�V§O CWZKNKCFQ��J��WO�DQO�VGORQ��Q�FGUGPXQNXKOGPVQ�FG�PQUUCU�JCDKNKFCFGU�G�UGFW\KFQ�PQUUC�HQOG�RQT�EQPJGEKOGPVQ� $�PQXKFCFG�CSWK��PQ�GPVCPVQ��CDTG�GURC¤Q�RCTC�WO�CXCP¤Q�G�WOC�FKUEWUU Q�OCKU�CORNC�GPXQNXGPFQ�RGTEGR¤ Q�G�C CP�NKUG�RUªSWKEC�FG�ECFC�KPFKXªFWQ�=���?�� )QPVG��JVVR���EQPUWOKFQTOQFGTPQ�WQN�EQO�DT�KPFGZ�RJR�KPQXCECQ�PQXCU�VGEPQNQIKCU��$EGUUQ�GO����PQX������ �EQO�CFCRVC¤²GU��� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�� ×��$�RTQRQUVC�CRTGUGPVCFC�PQ�VGZVQ�UG�TGHGTG�CQ�GPUKPQ�RGTUQPCNK\CFQ�C�ECFC�GUVWFCPVG��FG�CEQTFQ�EQO�UWCU HCEKNKFCFGU�G�FKÑEWNFCFGU�FG�CRTGPFK\CIGO��RQT�OGKQ�FC�VGEPQNQIKC�QPNKPG FKURQPªXGN�� ××��(UUC�RTQRQUVC�FG�GPUKPQ�OKPKOK\C�Q�RCRGN�FQ�RTQHGUUQT�PC�GFWEC¤ Q��EQPHGTKPFQ���VGEPQNQIKC�C�ECRCEKFCFG�FG GPUKPCT�� ×××��'G�CEQTFQ�EQO�Q�VGZVQ��C�RNCVCHQTOC�L��¦�CEGKVC�G�WVKNK\CFC�RQT�����FQU�RTQHGUUQTGU�� (UV��EQTTGVQ�Q�SWG�UG�CÑTOC�GO� ×��CRGPCU� 2GTIWPVC � $PCNKUG�C�EJCTIG�G�VGZVQ�C�UGIWKT�� %TCUKN�¦�Q�RKQT�GO�TGVQTPQ�FG�KORQUVQU���C¤ Q��CRQPVC�GUVWFQ� È2GNC�SWKPVC�XG\�EQPUGEWVKXC��Q�%TCUKN�¦�Q�RCªU�SWG�RTQRQTEKQPC�Q�RKQT�TGVQTPQ�FG�XCNQTGU�CTTGECFCFQU�EQO�VTKDWVQU GO�SWCNKFCFG�FG�XKFC�RCTC�C�UWC�RQRWNC¤ Q��$�EQPENWU Q�EQPUVC�FG�GUVWFQ�FQ�×%26��×PUVKVWVQ�%TCUKNGKTQ�FG 2NCPGLCOGPVQ�G�6TKDWVC¤ Q��SWG�EQORCTC����RCªUGU�EQO�OCKQT�ECTIC�VTKDWV�TKC�GO�TGNC¤ Q�CQ�2×%��2TQFWVQ�×PVGTPQ %TWVQ��G�XGTKÑEC�UG�Q�SWG�¦�CTTGECFCFQ�RQT�GUUCU�PC¤²GU�XQNVC�CQU�EQPVTKDWKPVGU�GO�UGTXK¤QU�FG�SWCNKFCFG�� (UVCFQU�7PKFQU��$WUVT�NKC�G�&QTGKC�FQ�5WN�QEWRCO�TGURGEVKXCOGPVG�CU�RTKOGKTCU�RQUK¤²GU�FQ�TCPMKPI��1�%TCUKN�GUV� GO���{�NWICT��CVT�U�FC�$TIGPVKPC����{��G�FQ�7TWIWCK����{��É� )QPVG��JVVR���YYY��HQNJC�WQN�EQO�DT�OGTECFQ�����������������DTCUKN�G�Q�RKQT�GO�TGVQTPQ�FG�KORQUVQ�C�RQRWNCEC Q�CRQPVC�GUVWFQ�UJVON��$EGUUQ�GO����FG\�������� &QO�DCUG�PC�NGKVWTC�G�PQU�UGWU�EQPJGEKOGPVQU��CPCNKUG�CU�CÑTOCVKXCU�� ×��$�ETªVKEC�VCPVQ�FC�EJCTIG�SWCPVQ�FQ�VGZVQ�¦�FKTGEKQPCFC�CQ�HCVQ�FG�SWG�QU�ECTIQU�R·DNKEQU�G�QU�RTKXKN¦IKQU�PQ�%TCUKN � GO�� RQPVQU ���������� 5HYLVDU�HQYLR�GR�WHVWH��$9$/,$d2���7,�,�±��������B��� KWWSV���DYD�HDG�XQLS�EU�ZHEDSSV�DVVHVVPHQW�UHYLHZ�UHYLHZ�MVS"DWWHPSWBLG B��������B� FRXUVHBLG B�����B� FRQWHQWBLG B�������B� UHWXUQ« ��� 5GZVC�HGKTC� �� FG /CT¤Q FG ���� ��J��OKP��U */6������ 4GURQUVC 5GNGEKQPCFC� F� CKPFC�U Q�JGTGFKV�TKQU��TGUSWªEKQ�FG�PQUUQ�RCUUCFQ�EQNQPKCN�� ××�a�$�EJCTIG�G�Q�VGZVQ�GPVTCO�GO�EQPVTCFK¤ Q��WOC�XG\�SWG�C�EJCTIG�OQUVTC�WO�EGP�TKQ�QVKOKUVC�FG�EQPVKPWKFCFG�G C�PQVªEKC�ETKVKEC�Q�UKUVGOC�VTKDWV�TKQ�DTCUKNGKTQ�� ×××��'G�CEQTFQ�EQO�QU�FCFQU�FC�PQVªEKC��PQ�7TWIWCK��Q�XQNWOG�FG�KORQUVQ�CTTGECFCFQ�¦�OCKQT�FQ�SWG�PQ�%TCUKN�� $UUKPCNG�C�CNVGTPCVKXC�EQTTGVC� 0GPJWOC�CÑTOCVKXC�GUV��EQTTGVC� 2GTIWPVC �� 4GURQUVC 5GNGEKQPCFC� G� .GKC�Q�VGZVQ�C�UGIWKT�� $WVQTTGVTCVQ�ÈO�IKEQÉ�FG�'C�8KPEK�HQK�GUEQPFKFQ�FG�+KVNGT È7O�FQU�CWVQTTGVTCVQU�OCKU�HCOQUQU�FQ�OWPFQ�GUV��GO�6WTKO��PC�×V�NKC��G�TCTCOGPVG�¦�GZKDKFQ�CQ�R·DNKEQ����Q CWVQTTGVTCVQ�FG�.GQPCTFQ�FC�8KPEK��HGKVQ�J������CPQU��5WC�HCOC�XGO�P Q�CRGPCU�FQ�HCVQ�FG�VGT�UKFQ�RTQFW\KFQ�RQT 'C�8KPEK��OCU�VCOD¦O�RQT�UGWU�UWRQUVQU�RQFGTGU�O�IKEQU��5GIWPFQ�C�NGPFC��Q�QNJCT�FG�'C�8KPEK�GO�UGW CWVQTTGVTCVQ�¦�V Q�KPVGPUQ�SWG�CSWGNG�SWG�Q�QDUGTXC�TGEGDG�WOC�HQT¤C�GZVTCQTFKP�TKC��'K\�UG��KPENWUKXG��SWG�HQK FGXKFQ�C�GUUG�RQFGT�OªUVKEQ��G�P Q�CQ�XCNQT�EWNVWTCN�QW�OQPGV�TKQ�FQ�FGUGPJQ��SWG�GNG�HQK�NGXCFQ�FG�6WTKO�RCTC 4QOC�FWTCPVG�C�5GIWPFC�*WGTTC�/WPFKCN��×UUQ�RQTSWG�PKPIW¦O�SWGTKC�SWG�Q�SWCFTQ�ECªUUG�PCU�O QU�FG�$FQNRJ +KVNGT��0KPIW¦O�SWGTKC�EQTTGT�Q�TKUEQ�FG�FCT�C�+KVNGT�CKPFC�OCKU�RQFGTGU��(UUC�HQK��PC�¦RQEC��C�·PKEC�QDTC�TGVKTCFC FG�VQFC�C�XCUVC�EQNG¤ Q�FG�FGUGPJQU�G�OCPWUETKVQU�FC�%KDNKQVGEC�4GCN�FG�6WTKO�� 1�CVWCN�FKTGVQT�FC�DKDNKQVGEC��*KQXCPPK�5CEECPK��FKUUG�SWG�PKPIW¦O�UCDG�CQ�EGTVQ�QPFG�Q�SWCFTQ�GUVCXC�GUEQPFKFQ� Å2CTC�GXKVCT�SWG�QU�PC\KUVCU�Q�NGXCUUGO��EQNQEQW�UG�GO�RT�VKEC�WOC�ITCPFG�QRGTC¤ Q�RCTC�VTCPURQTV��NQ�GO�VQVCN UKIKNQ�RCTC�4QOC�Æ� $RGUCT�FC�KORQTV�PEKC�FC�QDTC��P Q�J��WO�EQPUGPUQ�GPVTG�GURGEKCNKUVCU�UG�GNC�¦�OGUOQ�WO�CWVQTTGVTCVQ�FG�'C 8KPEK��Å(NG�P Q�GTC�H �FC�KFGKC�FG�CWVQTTGVTCVQU���CÑTOC�,COGU�+CNN��CWVQT�FQ�NKXTQ��1�CWVQTTGVTCVQ��WOC�JKUV°TKC EWNVWTCNÆ��SWG�FWXKFC�SWG�Q�TGVTCVQ�VGPJC�UKFQ�HGKVQ�RQT�'C�8KPEK��,��5CEECPK��FKTGVQT�FC�%KDNKQVGEC�4GCN��P Q�VGO F·XKFCU��Å1�RQFGT�GZRTGUUKXQ�FG�UGW�TQUVQ�GUV��CDUQNWVCOGPVG�CNKCFQ�C�WOC�GOQ¤ Q�G�WOC�JCDKNKFCFG�SWG�CRGPCU .GQPCTFQ�RQFKC�VGT�Æ� $VWCNOGPVG��Q�CWVQTTGVTCVQ�¦�EQPUKFGTCFQ�V Q�XCNKQUQ�SWG�J��WO�FGETGVQ�FK\GPFQ�SWG�U°�UG�RQFG�OWF��NQ�FG�NWICT EQO�WOC�RGTOKUU Q�OKPKUVGTKCN��0Q�GPVCPVQ��PCU�RT°ZKOCU�UGOCPCU�����RGUUQCU�RQT�JQTC�VGT Q�RGTOKUU Q�RCTC XKUKVCT�Q�NQECN��$RGUCT�FG�JCXGT�OCKU�FG����KORQTVCPVGU�QDTCU�FQ�RQTVG�FG�4GODTCPFV�G�8CP�'[EM��C�OCKQTKC�FQU XKUKVCPVGU�GUVCT��N��RCTC�XGT�Q�HCOQUQ�CWVQTTGVTCVQ�ÅO�IKEQÆ�FG�'C�8KPEK��(�OWKVCU�FGNCU�EGTVCOGPVG�VGT Q�GO�OGPVG QWVTC�NGPFC�UQDTG�Q�SWCFTQ��FK\�UG�SWG�CPVGU�FG�HC\GT�WOC�RTQXC��OWKVQU�GUVWFCPVGU�TGXKUCO�C�OCV¦TKC�GO�WO NWICT�PC�DKDNKQVGEC�SWG�ÑEC�FKTGVCOGPVG�GO�EKOC�FQ�ÅRQT QÆ�QPFG�GUV��Q�CWVQTTGVTCVQ��5GIWPFQ�GUUC�ETGP¤C RQRWNCT��SWGO�GUVWFC�RGTVQ�FC�IGPKCNKFCFG�FG�.GQPCTFQ�FC�8KPEK�¦�EQPVCIKCFQ�RQT�GNC�É� )QPVG��JVVR���GPVTGVGPKOGPVQ�PG���WQN�EQO�DT�CTVGU�XKUWCKU�PQVKEKC������������CWVQTTGVTCVQ�OCIKEQ�FG�FC�XKPEK�HQK� GUEQPFKFQ�FG�JKVNGT��������RJR��$EGUUQ�GO����PQX��������EQO�CFCRVC¤²GU��� &QO�DCUG�PC�NGKVWTC��CPCNKUG�CU�CÑTOCVKXCU�G�CUUKPCNG�C�CNVGTPCVKXC�EQTTGVC�� ×��'G�CEQTFQ�EQO�Q�VGZVQ��Q�SWCFTQ�HQK�NGXCFQ�FG�6WTKO�RCTC�4QOC�RQTSWG�UGW�CNVQ�XCNQT�KPVGTGUUCXC�CQU�PC\KUVCU�� ××��&QPUKFGTCPFQ�C�ETGP¤C�RQRWNCT��SWGO�GUVWFC�QNJCPFQ�RCTC�CU�QDTCU�FG�.GQPCTFQ�FC�8KPEK�¦�EQPVCIKCFQ�RQT�UWC UCDGFQTKC�� ×××��$�EQORTQXC¤ Q�FQ�RQFGT�OªUVKEQ�FQ�CWVQTTGVTCVQ�FG�'C�8KPEK�GUV��PQ�HCVQ�FG�QU�CNWPQU�SWG�GUVWFCO�RGTVQ�FC QDTC�VGTGO�DQPU�TGUWNVCFQU�PCU�RTQXCU� 0GPJWOC�CÑTOCVKXC�GUV��EQTTGVC� ĸ 1- � GO�� RQPVQU
Compartilhar