• Non ci sono risultati.

Mixis e poikilia nei protagonisti della satira: studi sugli archetipo comico e platonico nei dialoghi di Luciano di Samosata

N/A
N/A
Protected

Academic year: 2021

Condividi "Mixis e poikilia nei protagonisti della satira: studi sugli archetipo comico e platonico nei dialoghi di Luciano di Samosata"

Copied!
236
0
0

Testo completo

(1)
(2)

! !

Labirinti 169

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(3)

COMITATO SCIENTIFICO

Pietro Taravacci (coordinatore) Università degli Studi di Trento Simone Albonico

Università degli Studi di Losanna Andrea Comboni

Università degli Studi di Trento Paolo Tamassia

Università degli Studi di Trento

Il presente volume è stato sottoposto a procedimento di peer review.

! !

Collana Labirinti n. 169 Direttore: Pietro Taravacci Segreteria di redazione: Lia Coen

© 2017 Università degli Studi di Trento - Dipartimento di Lettere e Filosofia Via Tommaso Gar 14 - 38122 TRENTO

Tel. 0461-281722 - Fax 0461 281751

http://www.unitn.it/lettere/14963/collana-labirinti e-mail: editoria@lett.unitn.it

ISBN 978-88-8443-757-0

(4)

!"#$%&'($#)*'

'

!

!"#"$'$'%&"'"(")''

%$)'+#",&-"%).,)'/$00&'.&,)#&'

' "#$%&!'$()&!*+,-.#&/&!,01&,0!.!/)*#02&,0!2.&!%&*)0(-&!! %&!3$,&*20!%&!"*10'*#* 1%)2$#.),3'/$-0)'4,*/)'/)'5#$%,"' ()+&#,)6$%,"'/)'7$,,$#$'$'8)0"."9)&'

(5)
(6)

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

(7)

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

(8)

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

(9)

! FA<4:?;UU='4;5=<=>='5P@Q@9P@' CTH' ' ' @(,%.73&,-",<"$3),$31)7")73*:,.7,*1&*,-)((=)%%)1*7>),K7&7, $&(&L,4"7"4), CBQ'' @(,%.73&,-",<"$3),$31)7")73*:,$&("3.-"7*,*,"$&()2*73&, CBJ' 67)3&2"),-*((="2%1*$),*,-*((),-*7.74"),$)3"1"4), CBI' 5*1$&7)//",$)3"1"4",+")L)0"), CBB' ' ' X=X7=:U<;8=;' JQM'

(10)

! ! ! ! ! ! "#$%&'()!"&!*&+%,&!-!%!*#(%!.(/-""%! ! ! $01! 234! 5678! 798! :4;!%%! <876;6! 4==>54! 763! ;4! ?6=@4! :>! 79>! <>! <74A;>4!763B=6!;0>C67=><>4!:>!23!D63:6!>3!7=><>E!&CC4=B>838!4!23! >3B8=C=8B8! 23>76! 8! 6=>A>34;8! :8;! C436=4D4! 72;B2=4;8! :8;;F8C674! 8:!1!4;;6!<B8<<6!B8DC6!>3<8=>B4!38;;4!C=6:2@>638!>DC8=>4;8)!234! ;8BB8=4B2=4!4!B4;!C23B6!:8G>B=>78!:8;;4!B=4:>@>638!7;4<<>74!:4!C6H B8=38!8<<8=8!;8BB4!76D8!234!58=4!8!C=6C=>4!=8<B42=4@>638EI!J28H <B6!D63:6!K798!:><B4!:4A;>!26D>3>!:>!%%!<87E!G83!<8>!<876;>L!1!B=4H <?6=D4B6!>3!236!<B=2D83B6!C8=!=>?;8BB8=8!8!78=74=8!:>!76DC=83H :8=8!234!72;B2=4!C=86772C4B4!:4;;4!76<B>B2@>638!8!B=4<D><<>638! :8;! <4C8=8)! >3B8=8<<4B4! 4;;4! :8?>3>@>638! :8;! =26;6! :8;;0>3B8;;8BH B24;8!8!:8;;4!<24!74C47>BM!:>!76D23>74=8!8:!8<8=7>B4=8!234!?23H @>638!38;;4!<67>8BMEN! /4!O28<B6!D63:6!4==>54)!4CC23B6)!;4!5678!:>!"27>436!:>!*4H D6<4B4)! <4B>=8AA>4B6=8! 8! !"!#$%"&'"()*! 798! 5>4AA>4! :4! 23! 74C6! 4;;04;B=6!:8;;0>DC8=6!:43:6!;8BB2=8!C2GG;>798!:8;;8!C=6C=>8!6C8H =8E!"4!<24!<4B>=4!76;C><78!>3:>5>:2>!P7637=8B>0!8!4;;6!<B8<<6!B8DC6! 76<B=2>B>!<2!234!<8=>8!:>!+)!)$!=4:>74B>!38;;4!72;B2=4!:>!Q!8!%Q!<87E! 4E$E!/>!O28<B4!B=4:>@>638!"27>436!8=8:>B4!A;>!4<C8BB>!4!<26!C4=8H =8! :8A3>! :>! 8<<8=8! =>5><<2B>)! C8=! 79>4=>=8! 4! 798! C23B6! <>! B=65>! >;! D63:6!72;B2=4;8!72>!8A;>!<B8<<6!4CC4=B>838E!R>3><78!76<S!C8=!>3H 74=34=8!234!32654!?>A2=4!:0>3B8;;8BB24;8)!798!363!=>3237>4!4;;4! B=4:>@>638)!D4!798!363!38!1!B=456;B6E!"4!=>5>58!43@>!>3!D43>8=4! 6=>A>34;8!8!<8!38!<8=58!C8=!=>?;8BB8=8!<2;!C=6C=>6!B8DC6ET!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I!"4!76<>::8BB4!*8763:4!*6?><B>74!K7?=E!U9>;6<B=E!,-!VWIL!<>!74=4BB8=>@@4!C8=!>;! =>76=<6! 4;;4! C=6<4! 76D8! 58>76;6! :>! 8<C=8<<>638! 8<7;2<>56! 8! 4;;4! =8B6=>74! 76D8! 8;8D83B6! 798! 38! >DC=8A34! B2BB8! ;8! D43>?8<B4@>63>E! "4! ;>3A24! 1! ;63B434! :4;;4!

.)$(/!8!5>7>34!4;;04BB>76!8!A;>!4=A6D83B>!7;4<<>7>!K.8<B=8!NXXX)!YIHYN)!7?=E!Z8GG! NXXY)!N[\!]B98!794=47B8=><B>7!47B>5>B^!6?!B98<8!<8763:!<6C9><B<!><!:87;4D4B>63\!B98! C8=?6=D4378! 6?! ?>7B>634;! <C88798<! D6<B! 6?B83! <8B! >3! 7;4<<>74;! C8=>6:! >3! _9>79! B98!<C84`8=!B66`!63!B98!C8=<634!6?!4!9><B6=>74;!?>A2=8aLE!U8=!236!<A24=:6!A;6G4H ;8!<2;;4!*8763:4!*6?><B>74)!Z9>BD4=<9!NXXbE! N!.8<B=8!Icc[)!N[)!7?=E!&3:8=<63!IccX)!IXbHIXYd!&3:8=<63!IccVE! T!.8<B=8!NXXX)![b)!7?=E!.8<B=8!Icc[)!NcHTXE!

(11)

"27>436)!;4!<4B>=4!8!>!<26>!D6:8;;>! IX! U8=!76DC=83:8=;6!1!<2??>7>83B8!;8AA8=8!>;!e!TT!:8;!0$*1233&*#4 +&*)! :658! *>=6! K236! :8>! C=6B4A63><B>! :>8B=6! 72>! <8DG=4! 78;4=<>)! 763!;8!:652B8!742B8;8)!;042B6=8LV!1!4772<4B6!:4!/>4;6A6!>3!C8=<6H 34! :>! 458=! =658<7>4B6! >! 74=4BB8=>! :8;! :>4;6A6! ?>;6<6?>76! =8;4B>54H D83B8!4!B8D>)!<B=2BB2=4!<B>;><B>74!8!4=A6D83B4B>54)!?4783:6A;>!4<H <2D8=8!=26;>!3265>!8!D2B43:638!;0>:83B>BMEb!%;!A838=8!1!<B4B6!>3H ?4BB>!6=>A>34;D83B8!763B4D>34B6!763!]>;!.6BB8AA>6)!>;!f>4DG6)!>;! $>3><D6)!-2C6;>!8!&=><B6?438a)!72>!<>!23><78!]23!78=B6!.83>CC6! ghi! 23! 7438! 58=4D83B8! B8D>G>;8! :4;! D6=<6! ?2=B>56)! >3! O243B6! D6=:854!=>:83:6a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j!>3!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

V!%;! C=6B4A63><B4! :8;! 0$*1 233&*#+&*)! C=8<83B4B6! 76D8! ;06=4B6=8! <>=6! KIV! kl!

mnkopq! kl! rsptL)! =8<B4! B4;8! C8=! ;0>3B8=6! :>4;6A6E! J28<B4! >:83B>BM! P6<<>D6=>740! K234!56;B4!:>5832B6!6=4B6=8!8!>DD8<<6!38;;4!!#$%"$#1A=874)!*>=6!C8=:8!>!B=4BB>!:8;! G4=G4=6! <83@4! =>338A4=8! ;8! C=6C=>8! 6=>A>3>L! 8<C=>D8! G838! ;0>DC6=B43@4! 798! ;04CC4=B8383@4! 4;! D63:6! A=876! 45854! 4! ;>58;;6! 72;B2=4;8! C8=! "27>436)! 798! ;4! C=6>8BB4!<2>!<26>!C=6B4A63><B>!K,6798BB8!NXIXLE!"04DD><<>638!:>!*>=6!4;;4!!#$%"$#! 1!>DD><<>638!38;;4!<67>8BM!A=874)!7637=8B>@@4B4!:4;;0><7=>@>638!38;;4!<B8<<4!B=>Gj! :>! ,8B6=>74! K7?=E! N[! uvwvoxyw! wzk{|! }~! koÄ! ÅÇÉÑkw! koÄ! ÖÜoÄ! áwp}|ÑH vpwàw!âwä!uyk{|!uáÑÅã|w)!TX!}~!koÄ!åÉÉã|w!Ö|Ñvpwà}|LE!/2G8;!KIccV)! NIHNNL!38!>3B8=C=8B4!;06=>A>38!4;;4!;278!:8;;4!B=4<?6=D4@>638!:8;!A838=8!:>4;6A>H 76!:>!72>!*>=6!1!4772<4B6\!]83!B43B!O28!<^=>83)!;8!C8=<6334A8!4!83!76DD23!4587! 78!3625842!:>4;6A28!:0çB=8!23!éÑ|o!ghi!4>3<>)!4<<67>è8!M!;4!3625842Bè)!;4!O24H ;>Bè!:8!G4=G4=8!:2!C8=<6334A8!:85>83B!238!O24;>Bè!7=è4B=>78)!<>A38!:8!;04CB>B2:8! :8!;0è7=>54>3!42!=836258;;8D83Ba)!7?=E!$4D8=6BB6!NXIN)!NNIHNNVE! b!]%!B6=B>!8!;8!6??8<8!798!96!<2G>B6!:4!76<B2>!g*3$6E!;06=4B6=8!<>=6i!763<><B636!>3! O28<B6)!798)!D83B=8!C=>D4!8=6!234!C8=<634!=><C8BB4G>;8!8!<B2:>456!A;>!:8>!8!;4! 34B2=4)!8!>!7>7;>!C8=>6:>7>!:8;;023>58=<6!74DD>343:6!<2!>3!4=>4!4;!:>!<6C=4!:8;;8! 32G>)!:658!êë82<)!A=43:8!38;!7>8;6)!76==8!A2>:43:6!>;!<26!74==6!4;4B6í)!76<B2>!:>! <24!D436)!O243:6!A>M!56;456!<2;;4!72C6;4!78;8<B8!8!<4;>56!6;B=8!ê>;!:6=<6!:8;! 7>8;6í)!D>!?=43B2Dì!;8!4;>!8!8A24A;>ì!>;!D>6!A838=8!:>!5>B4!4!O28;;6!:8;!56;A6d!D>! B6;<8!;4!D4<798=4!B=4A>74!:8;;4!D>4!<4AA8@@4!8!D8!38!D><8!2304;B=4)!76D>74!8! <4B>=>74)!O24<>!=>:>76;4E!U6>!4AA=2CCì!8!=4779>2<8!763!D8!>;!.6BB8AA>6)!>;!f>4DH G6)! >;! $>3><D6)! -2C6;>! 8! &=><B6?438)! 42B6=>! G=45><<>D>! 38;;6! <798=3>=8! ;8! 76<8! <47=8!8!38;!743@634=8!;8!76<8!=8BB8d!8!>3?>38)!:><<8C6;B6!23!78=B6!.83>CC6)!236! :8>! 743>! 43B>79>)! D6;B6! =>3A9>6<6)! <8DG=4)! 8! D6=:478)! 43798! O28<B6! D>! A8BBì! 4::6<<6)! 23! 7438! 58=4D83B8! B8D>G>;8! :4;! D6=<6! ?2=B>56)! >3! O243B6! D6=:854! =>:83:6a!K"27E!0$*12337!TTLE!"8!B=4:2@>63>)!;4::658!363!>3:>74B6!:>58=<4D83B8)! <636! :>! QE! "63A6)! 8$#6)59$1 %$1 :&3$#())! +6=>36)! 56;E!%!Ic[Y)!56;E! %%!IcWY)!56;E! %%%!

(12)

"27>436)!;4!<4B>=4!8!>!<26>!D6:8;;>! II! A=4:6! :>! B=4<D8BB8=8! <4C8=8)! >37>B4=8! 4;;4! =>?;8<<>638! 8:! 8<<8=8! 234! G2634! 76DC4A34! >3B8;;8BB24;8E! î! :>5832B4! 526B4)! <2C8=?>H 7>4;8!8!>374C478!:>!<C8<<6=8!K7?=E!0$*12337!TXHTILE!*>=6)!C8=ì)!363! ;4! 4GG43:634! :8;! B2BB6! 8! 76D8! B=4<?6=D4! />4;6A6)! 763! <26! A=43:8!:><A2<B6)!>3!234!?6=D4!:>!76D23>74@>638!32654!8!2B>;8)! 76<S!:>!,8B6=>74)!4G:>74B6!4;;4!56;A4=>BM)!763<8=54!;04=B8!:8;;4!C4H =6;4E! "27>436!>3583B4!O2>3:>!23!A838=8!;8BB8=4=>6!32656)!>3!72>!>;! :>4;6A6)!?2<6!763!;4!76DD8:>4)!;4!B=4:>@>638!7>3>74!8!;4!?>A2=4!:>! .83>CC6)!1!B=4<C6=B4B6!:4;!C>436!:8;;4!=>78=74!?>;6<6?>74!4:!4=H A6D83B>!:>!74=4BB8=8!C>j!O26B>:>436)!76D8!G43798BB>)!:><C2B8!8! :><72<<>63>!B=4!?>;6<6?>EY! %;! B2BB6! 4774:8! <6BB6! >;! <8A36! :8;;4! '$;$*! 798)! <B=456;A83:6! 5>6;83B8D83B8! ;04<<8BB6! B=4:>@>634;8! :8>! A838=>)! <>! 76336B4! K76DF1!36B6L!76D8!23!58=6!8!C=6C=>6!4BB6!:>!9<=>$*!K7?=E!0$*12337! IV)!NW)!TT)!TV)!?>)'E@*!bL)!798!54!4!>3?>7>4=8!43798!>!=4CC6=B>!763! >;! C2GG;>76)! 4DC;>4B6! :4;! 74DG>4D83B6! :8>! 74DC>! :0>3:4A>38)! 363!C>j!8;>B4=>!76D8!38;!:>4;6A6!?>;6<6?>76!D4!4??8=83B>!4;;4!763H 7=8B8@@4!:8;;4!5>B4)!>3!=4CC6=B6!763!>;!C2GG;>76!:8;;4!76DD8:>4E[! J28<B4!'$;$*)!C=8<83B4B4!:4!"27>436!76D8!B=4BB6!O24;>?>743B8! 8! 76<B>B2B>56! C8=! ;4! 34<7>B4! :8;! :>4;6A6! <4B>=>76)! 1! 8;8D83B6! :>! 6=>A>34;>BM)!:>!72>!;6!<B8<<6!42B6=8!<>!D6<B=4!4!C>j!=>C=8<8!6=A6H A;>6<6! >3! 0$*1 233&*#+&*)! ?>)'"+9"&*1 "*1 $(1 A">=$*! 8! B"&;$*EW!%! <26>!

8;8D83B>!K76DD8:>4)!:>4;6A6!?>;6<6?>76)!D6B>5>!D83>CC8>)!7>3>7>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Y!"0>358BB>54! 8! ;0>DC2:83@4! :>! 7>3>7>! 8! 363! <6;6! =><263454! 4A;>! 43A6;>! :>! C>4@@8!8!<B=4:8!K7?=E!/E$9=E!TNEc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

[!$4D8=6BB6! IccW)! N[bHN[[d! $4D8=6BB6! NXXc4)! YH[)! 7?=E! 2(#39E! NN)! ?$*3E! Nb)!

?>)'7@*1N)!YE!%3!?$*3E!Y!Kuáw|ïqyñÜ}|o!Öáqó}òâ|ÇÜwq!koô!u|ïpöáoqd!oõ!óú! Öáwq|oxyq!âwä!v|ùpòûoÇyq|!üâwyko|!k{!†|ïoL)!"27>436!<>!4<C8BB4!798!>;!C2GH G;>76!=>7636<74!;8!C=6C=>8!?63B>!K?=4!72>!>!?>;6<6?>!:8;!C4<<4B6L!B=483:638!C>478=8! K$4D8=6BB6!IccW)!TXXHTXNLE!.8<B=8!KNXINL!>DD4A>34!>;!C2GG;>76!:8;;8!:87;4D4H @>63>!<6?><B>798!>3B83B6!4!76A;>8=8!:4;;8!C=>D8!G4BB2B8!;04=A6D83B6!:8;;4!!">D)>4 '#(3")!4;;4!=>78=74!:>!O24;76<4!:>!P326560!8!C=63B6)!>3!74<6!763B=4=>6)!4!=84@>63>!

<C>8B4B8! 76D8! O28;;4! B8<B>D63>4B4! 38;! ?*"&%)6)5$*+#E! U8=! >;! 74=4BB8=8! 76;B6! :8;! C2GG;>76!K<6?><B>!798!A>2:>7436!23!<6?><B4L)!Z8GG!NXXY)!Tcd!C8=!234!;8BB2=4!C=6H G;8D4B>74!:8;!=4CC6=B6!:8;!C2GG;>76!;27>4386!763!;02>39#$#)!,6<83!NXIYE!

(13)

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c!4! D8BM! <B=4:4! B=4! ?>A2=8! ;8BB8=4=>8! 8! #6+">1 "5)! 42B6=>4;>)! <636!<B4B>!6AA8BB6!:8>!D>8>!<B2:>!:>!:6BB6=4B6!C=8<<6!;0#3>58=<>BM! :8A;>!*B2:>!:>!+=83B6!>3!=8A>D8!:>!76HB2B8;4!763!;F#3>58=<>B4B!:8! ¢4=78;634!8!<6BB6!;4!C=8@>6<4!<2C8=5><>638!:8;;4!U=6?E<<4!R=4378H <74! .8<B=8! 8! :8;! U=6?E! +=><B436! f4=A>2;6E! %! =><2;B4B>! :>! O28<B>! <B2:>! 763?;2><7636! >3! O28<B4! C2GG;>74@>638)! >3783B=4B4! >3! D4<H <>D4! C4=B8! <2>! 76<>::8BB>! :>4;6A9>! <4B>=>7>! ;27>438>! >3! O243B6! D43>?8<B4@>638!7637=8B4!:>!'$;$*)!798!=>7858!>3!8=8:>BM!C=8=6A4H B>58! 8! 4BB8AA>4D83B>! 76D>7>)! <67=4B>7>! 8! 7>3>7>! >3! 23! D63:6! £! O28;;6!:8;;4!<4B>=4!£!C676!>37;>38!4!C6<>@>63>!:6AD4B>798!8)!C8=! 7>ì!<B8<<6)!?4BB6!:>!P8778@>63>0!798!4;;6!<B8<<6!B8DC6!<D83B><7636! 8!763?8=D436!;4!=8A6;4E!! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

c!%;!36D8!§oÇâqw|•!76DC4=8!38;;4!B>B6;4B2=4!:8;;4!;8BB8=4!:8:>74B6=>4!:8;! E$5>$(&*!8!:8;!!#'!96"+18"1C)>+"1?">"5>$($)!38;;026";#(%">!8!38;;8!,">#"1F$*+)>$#")! :23O28!£!76D8!<6BB6;>384B6!:4!#=8¶4!KIccb)!I[WL!£!>3!6C8=8!34==4B>58!K26";7!bb)! ,F!NENWL!8!38>!<4;2B>!:>!4C8=B2=4!:>!4;7238!;8BB8=8!KE$5>7!I)!?">"5>E!IL)!D4!D4>!

4;;0>3B8=36! :8>! :>4;6A9>! K$4D8=6BB6! NXIV)! NN<<ELE! "4! C=8<83@4! :8;! 36D8! 363! 1! 76D23O28!2343>D8D83B8!=>B832B4!234!<C>4!:8;;04??477>4=<>!:8;;042B6=8!38;!B8H <B6!Kf6;:9>;;!NXXN)!YTd!f4<<>36!NXIX)!cX!=8;4B>54D83B8!4!,F!NENWL!8)!76D8!A>M!>3! #=8¶4)!43798!O2>!363!<>!B>838!763B6!:8;;8!6776==83@8!:>!§oÇâqw|•!38;;8!:>:4H <74;>8! :>! G#66&*! 8! ?*"&%)6)5$*+#H! 363! 4BB=>G2>G>;>! 4;;042B6=8! K7?=E! &3:=>82! IcbV)! NcXHNcI!8!TXWHTINd!Z>;<63!Ic[X)!TXbd!f6;:9>;;!NXXN)!YTHYVLE!

(14)

! ! ! ! ! ! "#!#$%&'()#*+!#!,-.%#*(! ! ! -/!01234/56674!35872794!734:584!3;::5!391/5!<7!;/5!<1/;/975! 9=1!=5!/1::5!2791295!<1::5!>1278?!7:!0;/84!<7!05281/@5A!/4/!9BC!34D 385/@75:E1/81!358725!:;975/15!9=1!/4/!37!3>7:;007!5::B7/812/4!<7! F;1381!9442<7/581!1G!8;885>75G!46/;/5!C!;6;5:1!5!31!381335HI!.43J! 225! :1! >497! 07K! 131E0:7L79587>1! 9=1! 3525//4! 4661884! <7! 5/5:737G! 012!M1/7004!37!825885!<1::B7/34<<73L5@74/1!<127>5/81!<5::1!94/D 825<<7@74/7! <1:! E4/<4! 1! <1::1! 814271! <17! L7:434L7! N9L2H! !"#$H! ODPG! %&"H!OQR!012!.524/81!<1::5!9;274378?!<7!94/439121!:5!25674/1!012! 9;7! 8;887! 075/64/4! ;/5! >4:85! 67;/87! /1::B#<1! N9L2H! '()*H! IQR! 012! ,797/4! <7E4382521G! 5<! 131E074G! :B7E04337S7:78?! <7! 021L12721! ;/5! 39;4:5!L7:434L795!N9L2H!+&$,H!T33HQR!012!'79=75<1!94E021/<121!94D 35!3;39787!7/!E4:87!:5!3E5/75!012!:4!-.&/0(.!N9L2H!1234(-.H!IQH!!

$794/4397;85!:5!<4E5/<5!7/7@75:1G!7:!01234/56674!35872794!7/D 825021/<1!;/5!01234/5:1!2791295!<1::5!>1278?G!9=1G!500;/84!012D 9=U! 01234/5:1G! 533;E1! L42E1! <7>1231H! V12! ,797/4! /1::B+&$,(5

*3,/.! 37! 825885! <17! E4<7! <1::B&4&)"2(.! N58825>1234! 9;7! 67;/6121! 05334!012!05334!5::5!34:;@74/1!<1::5!F;13874/1!7/7@75:1QG!012!'7D 9=75<1!<7!;/!019;:7521!81/8587>4!<7!94/L;8521!7!34381/78427!<1::4! -.&/0(.G!012!M1/7004!1!.524/81!N5/9=1!31!94/!:1!<4>;81!019;D :75278?Q! <7! ;/! >756674! >1234! ;/5! E185! <5! 9;7! 3525//4! 04337S7:7! :B43312>5@74/1!35872795!1!:5!34:;@74/1!<1::B504275!94/439787>5H!! .=7!9129=12?G!F;7/<7G!<7!500:79521!5::5!:188125!:1!381331!958164D 271!5!8;881!:1!7E02131!1!7!04285>491!<1::5!358725!5/<2?!7/94/824!5! /4/!049=1!<7LL794:8?H!"5!;/!:584G!3B7ES58812?!7/!L76;21!94E1!M1D /7004G! V5221375<1G! '7E4/1G! .524/81G! W12E13G! 0248564/7387! 425! <7!>127!1!024027!*(4,&,#*#G!425!4661884!<1::1!721!<17!/1E797!4G!5/D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I!X&4:4!:4!3825/7124G!5:!F;5:1!04334/4!5334975237!5/9=1!5:827!825887!<7!E5267D /5:78?!YZ[!35!>1<121!94/!4S71887>78?G!31/@5!:53975237!7/65//521!<5::1!94/>1/71/D @1!4!<5::B5S78;<7/1G!=5!:1!2734231!7/81::188;5:7!1!94/439787>1!9=1!012E1884/4!;/! 67;<7@74!94221884G!1!=5!7/4:821!:5!:7S128?!1!7:!94256674!7/<7301/35S7:7!012!<721!7:! >124\G!.5E124884!]^IOG!IO_G!9L2H!,5/@5!IPPT!3;::B5:81278?!<1::5!>491!<1::5!9278795! 5!0528721!<5!&492581R!`25/<a4!]^^IG!]^bD]IOR!.5E124884!]^^P5G!]O33HR!.5E124884! ]^^P9G!IOR!.5E124884!]^I]H!

(15)

"5!#27384L5/1!5!,;975/4! IO! 9425G!561/87!<7!;/5!>74:1/@5!35872795!9=1!<5::1!0524:1!<161/125!57! L5887H! "5::B5:824G! 7/94/8212?! L76;21! 94E1! ,797/4G! *7627/4! 1! '7D 9=75<1G!:5!9;7!358725!37!3>7:;005!58825>1234!;/!94/L24/84!07K!05D 9584! 1<! C! 027>5! <7! F;17! 84/7! >74:1/87! 9=1! 0;c! 25667;/6121! /1::B5:824!62;004H!! M5!9=1!9435!37!/5394/<1!<71824!5!F;1387!825887d!-/4!36;52<4! 25674/584! 56:7! 529=18707! /1! 3>1:5! 7:! 0134! 3;::5! <1L7/7@74/1! <17! E1995/73E7A!<5!;/!:584!:5!94EE1<75!94/!*(4,&,#*#!1!>74:1/@5G! <5::B5:824!7:!<75:464!L7:434L794!94/!:B&4&)"2(.!1!84/7!NF;537!31E021Q! 07K!94E04387H!+00;2!31/@5!/16521!:5!,363.H! ! ! !"#$%&'()#*&#+),,-(.&#(./-'0&#(.&*)1)#2&0.3.+)# ! &;::B5884!943878;87>4!<1:!<75:464!:;975/14!1!:5!94/85E7/5@74/1! <7!E48816674G!675ES4G!.7/73E4G!<75:464!L7:434L794!1!94EE1<75! N9L2H!73.89"":!bbQ!E4:84!37!C!3927884G!E5!:539752!052:521!:B5;8421!1!:1! 3;1!40121!94/87/;5!5!133121!7:!E76:742!E4<4!012!94E021/<12:1H! V12!946:7121!:5!8253L42E5@74/1!9;7!7:!<75:464!L7:434L794!>5!7/94/D 824!50024<5/<4G!58825>1234!:5!94/85E7/5@74/1!94/!:5!94EE1<75G! 5:! e<75:464! <25EE58794! 35872794BG! 352?! F;7/<7! ;87:1! 5LL7<5237! 5! 40121!0528794:52E1/81!376/7L79587>1!7/!85:!31/34A!<5!;/!:584!13."#5 *($!1!;3,()G!<;1!<75:46=7!<5::5!382;88;25!94E795!528794:587!7/!e58D 87B!N>12374/1!35872795!<17!821!1:1E1/87!382;88;25:7!<7!;/5!94EE1D <75! <1::B9$"2#3#QG! <5::B5:824! !"#$(,&)3--/.8 1! %&"<(,#)*3#G! :1! 9;7! >791/<1!34/4!>127!1!024027!*(4,&,#*#!<5!599438521!5!F;1::7!<16:7! 1247!527384L5/17!N9L2H!#273840=H!=""4H!I^f!1!]ggG!><.:8]gOG!1#6!PbD POG!14H!OIPD]IQH]! 8 8 8

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]!.5E124884!]^^gG!]g^D]gbH!%:!"($-/.!:;975/14!C!94381::584!<5!391/1!<7!07K!4! E1/4!1>7<1/81!730725@74/1!94E795!1!:4!381334!02491334!<1:! 73.89""/.#*/.!0521! ;/!27L597E1/84!<1::5!1<*3)&!<7!.2587/4!N&8421h!]^I_G!IT^DIT]QH!&7!01/37!7/4:821!5:! ?&#$/,8!/03"3/,!9=1!04285!7/!391/5!:B5/8795!94/8135!825!:1!<11!012!:5!S1::1@@5!1! 04821SS1!27942<521!;/5!391/5!<1:!?3()<.#4&6#)0$(.!<7!.2587/4!4G!5/9425G!5:!>&635 -2#)&.!1!56:7!1LL1887!<1::B1E18794!34EE7/7382584!<5!&404:7G!9=1!04821SS124!5::;D <121!5:!.:14/1!<16:7!9"#$)&.3!N9L2H!>>H!_DgQG!9=1!>4E785>5!97/F;1!85:1/87H!,4!3813D 34!8784:4!@&/.8&4&)"2(,&)(.!31ES25!1>49521!:4!@&/.8A#A(/,&)(.!<7!V:584/1!94E7D 94!N&7<i1::!]^I^G!Ibg!1!I_IDI_]R!&8421h!]^I_QH!

(16)

"5!#27384L5/1!5!,;975/4! I_! V73958428&8'7E4/B80/&803#4(C2380$#,,#*3"38 ! '25!:1!40121!:;975/11G!7:!13."#*($!1!7:!;3,()8E43825/4!9=1!9435! 3;991<5! <5! ;/! 0;/84! <7! >7385! 382;88;25:1! F;5/<4! 7:! <75:464! <7! E582791!0:584/795!2731/81!<7!7/L:;1/@1!94E79=1H!`53812?G!7/L5887G! 5/9=1!34:4!:166121!/4/!824004!34EE5275E1/81!:1!<;1!40121!012! 21/<1237!94/84!9=1!37!528794:5/4!7/!821!e5887B!9=1!94227304/<4/4!57! 821!1:1E1/87!382;88;25:7!<1::B9$"2#3#A!0524<4G!564/1!1<!107:464Hb! .43J!:5!391/5!7/7@75:1!<1:!13."#*($!N94/!7:!e9424B!<17!L7:434L7!9=1! 37!021970785!1!37!3956:75!94/!25SS75!3;::B1241G!9L2H!IDOQ!27021/<1!:1! E4>1/@1! <7! ;/5! 0524<4! 527384L5/15! 1! :4! 394/824! >12S5:1! 825! :B104/7E4!0248564/7385!1!V:;84!/1:!;3,()!N9L2H!bgDOOQ!L5!27>7>121! 7:!870794!564/1!94E794!N2702404384!/1:!13."#*($834884!:1!>1387!<1:! <7S588784!67;<7@75274!825!V5221375<1!1!"7461/1G!9L2H!]bDbTQG!E1/D 821!5/9=1!:5!L7/5:1!814275!<7!7E0438427G!58825887!<5::5!024301887>5! <7!2791>121!97S4!1!424!N1!7/>191!E5:E1/587!<5:!01234/56674!3587D 2794QG! =5! 825887! 94E797G! L4/<587! 3;! ;/! 0219734! E4>7E1/84! 391/7D 94HO! %:!273;:8584!34/4!<;1!<75:46=7!:5!9;7!382;88;25!N94E795Q!C!52D 2799=785!1!5E0:7L79585!<5!81E7!1!378;5@74/7!/4/!31E021!2794/<;D 97S7:7! 5! ;/5! L4/81! 0528794:521G! ;/5! 31271! <7! E487>7! 5::1642797! 1! 564/738797!94E;/7!5!E4:85!94EE1<75!5/8795!1G!012!97c!381334G!<5! 58827S;721!94/!13821E5!95;81:5!5!;/!94/81384!30197L794H_!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

b!M59,14<!IPPIR!j529k5!IPPTG!]^ID]^]H!%:!0525::1:4!C!25LL42@584!<5:!L5884!9=1! 7:! 14/*(! 527384L5/14! 0521! 02404221! ;/B5/5:465! 3;<<7>7374/1! 7/! 5887A! >>H! ID b]Ilb]]Df]flf]TDg^Ilg^]DI^PflI^PTDI]^P! N&4EE123817/! IPgOQH! #/5:46=1! 382;8D 8;21!8270528781!94E0527>5/4!7/4:821!/17!<75:46=7!0:584/797G!012!9;7!37!>1<5!5!00H! TP33H! O!M59,14<!IPPIG!]_PR!-21m5!IPP_G!ggDPIR!'4E5337!]^IIG!_^TH!! _!&8421h!]^I_G!7/!052879H!ITgA!X,;975/!<413!/48!F;481!42!0524<h!=73!34;2913G! S;8! 5<5083! 8=1E! 4L81/! 376/7L795/8:h! 84! 921581! =73! 35872795:! L79874/3\! N9L2H! `4E05721!]^^gG!II^DIIIR!$431/!]^IfG!IOTDI_bQH!%:!027E4!1!L25!7!07K!>133587!E4D <1::7!2794/4397;87!5:!;3,()!C!7:!012<;84!;3,()&!5/87L5/14G!;/B40125!<1::5!D&.&!<7! 9;7!04331<75E4!94/!91281@@5!34:4!7:!L2H!]^O!nD#!o!#8=H!b^P<H!#/9=1!012!F;1384! /4/!C!04337S7:1!5LL12E521!/;::5!<7!0219734G!E5!94/37<12584!9=1!#/87L5/1!31ES25! 7/91/825331! 301334! :1! 94EE1<71! 3;::5! <13927@74/1! <7! ;/! 952588121! N9L2H! pqrst! uvwxQG!<7!;/!E1387121!N9L2H!yzrv{|QG!<7!01234/5667!952588127@@587!012!024>1/71/D @5!614625L795!N9L2H!}sv~xÄz!1!ÅzÇÉÑÖQ!1!3;::5!25002131/85@74/1!<17!:165E7! L5E7:7527!N9L2H!ÜáàÇâzÄ!1!äÄáãås~QG!C!04337S7:1!9=1!5/9=1!7:!;3,()&!3>7:;005331! :5!952588127@@5@74/1!<7!;/!8704!;E5/4G!5/879705/<4!5:9;/7!825887!<1:!./1E4/1! <1:! ?<.A(4(.G! 02131/81! 5! ,;975/4! 1! 5:! 3;4! '7E4/1! NW5/<:1h! IPf_G! ]IOQH! V12! F;5/84G!<;/F;1G!5::4!38584!588;5:1!#/87L5/1!31ES27!133121!7:!34:4!5<!5>12!3927884! ;/! ;3,()&G! 273;:8121SS1! 52S7825274! 2794/43912>7! :B529=18704! :;975/14H! *;::5! <7D E43825!9=1!,;975/4!:B5>1331!:1884!1!31!/1!L4331!312>784G!1!7:!L5884!9=1!/4/!375/4! /487!5:827!<25EE7!94/!:4!381334!8784:4!/4/!7E0:795!9=1!/4/!/1!375/4!13738787G!/U! 9=1!/4/!L433124!/487!5!,;975/4!N'4E5337!]^IIG!fTQH!*1::5!3813;25!<1:!;3,()!7:!

(17)

"5!#27384L5/1!5!,;975/4! If! 1#$(0(8 ! %:!13."#*($!C!94382;784!3;!;/!81E5!1E7/1/81E1/81!94E794!F;5D :1!:5!213;221@74/1!<17!625/<7!L7:434L7!<1:!0533584Hf!ç;1387G!2735:787! <5::B#<1G!<7>1/64/4!0248564/7387!<7!;/!81/8587>4!<7!:7/9756674!57! <5//7!<1:!01234/56674!35872794!N9L2H!IDPQG!9=1!5<!50128;25!<7!<75D :464!<7>1/85!4661884!<7!;/!L7884!:5/974!<7!071821!94E1!67?!"7914D 04:7!/1::5!0524<4!<16:7!9"#$)&.3!N9L2H!>>H!]bf!1!]gI33HQHT!*4/!5!95D 34!7!<;1!81387!34/4!:16587!<5!0219731!94227304/<1/@1G!943J!9=1!:1! 0524:1! <7! &492581! 5::5! 81385! <1:! e9424B! <17! L7:434L7! N9L2H! 13."H! I! éÉÇÇà! éÉÇÇà! YHHH[! uèÄézÇÇà! YHHH[! èvsêàèÄézÇÇà! YHHH[! Ñzë! êí! éÉÇÇàQ!L5//4!194!5:!9427L14!<16:7!9"#$)&.3!N9L2H!>>H!]gIDgb!éÉÇÇà! éÉÇÇà!éÉÇÇà!éÉÇÇà!l!YHHH[!sq!ézÇàì|R!sq!ézÇàì|R!9L2H!=EH!]OTQHg!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

&5E43581/31!<4>1881!7/4:821!81/121!02131/81!7:!14/*(!527384L5/14G!E5!E4:87!05D 25::1:7!34/4!943J!61/125:7!<5!21/<121!<7LL797:1!2794/439121!;/B7/L:;1/@5!139:;37>5! NW1:E!IP^fG!IggDIgPR!'4E5337!]^IIG!fPH!V12!;/5!:188;25!<1::1!<;1!40121!7/!38218D 84! 0525::1:4G! j529k5! IPPTQH! ,1625/<! NIP^TQ! 27/8259975>5! 7/>191! <71824! 5:! ;3,()! ;/5!94EE1<75!0219735!N3927885!0494!<404!7:!Ob^QG!:5!381335!9=1!38521SS1!<71824!5:! 14/*(! 1! 5::B42767/1! <17! 0;/87! <7! 94/85884! 825! 7! <;1H! V12! :1! 07K! 5/879=1! 81387E4D /75/@1! <1::5! L76;25! <7! '7E4/1! /1::B9$"2#3#G! #273840=H! 9FH! I_OPG! ><.:! g^_R! V=2h/H.4EH!L2H!IP!nD#R!V:H.4EH!L2H!]bT!nD#H!

f!%! ?&,(3! <7! +;04:7! N9L2H! V:;H! 1&$H! bHO! 1! ]OHIfQ! 04285>5/4! 7/! 391/5! &4:4/1G!

M7:@75<1G!#27387<1!1!V1279:1!<7!27842/4!<5::B(:82184ES5!N9L2H!."2:8#08#27387<H!bHbf_! îïèsÇ~|! uès~ñêàx! óxzêrÉxrz! ròx! Å~Çr~ÉáÖx! Ñzë! Üv~êràÄáÖx! Ñzë! ô{Çöxz! Ñzë!õàv~ÑÇúzQ!5!316;784!<7!5:9;/7!2787!/1624E5/8797!4!<7!;/5!9585S537G!012!052D 81970521! 5! ;/! <7S588784! 3;::B400428;/78?! <7! 5S246521! 5:9;/1! :1667! N9L2H! n43812!

1$(4&C(,&)#8%%HgDI]QH! %:! 0525::1:4! E12785! <7! /4/! 133121! 34884>5:;8584G! 67599=U! 7:!

;3,()! C! e34>2500404:584B! <5! A(4#A&.! 3;! 9;7! +;04:7! 5>1>5! 94382;784! ;/B7/8125! 94EE1<75!N&9=i528@!IPf_G!I^ODI^_Q!1!7:!94EE1<74625L4!C!978584!/1:!024625ED E58794!05334!<1:!73.89""/.#*/.!1<!C!<721885E1/81!5<588584!7/!13."H!IO!zqrù!áû! rù! ÑàâÉÇz~É! åsã! rwx! åzÖåÉröxG! 9L2H! L2H! II_! nD#H! &1! 047! 37! 5667;/61! ;/5! 81387E4/75/@5!<7!V:584/74!N9L2H!n43812!1$(4&C(,&)#8%%H!II!xsåsàrwx!èv{êöèzQG! 5/9=1!:B7/<795@74/1!<17!L7:434L7!94E1!xsåsúrz|!N13."H!b^Q!04821SS1!271>49521!7! 21<7>7>7!<17!?&,(3!N&9=i528@!IPf_G!I^_R!M59,14<!IPPIG!]_P!1!]fIR!&7<i1::!]^^PG! II]QH!+;04:7!C!02131/81!5!,;975/4!5/9=1!7/!?&,()H!I^!No!L2H!PO!nD#QG!!)0H!]T!No!L2H! TT!nD#QG!D&$"H!'()0H!Ib!No!L2H!bTP!nD#QG!%3C$H!TG!1$(,H=.!]!No!L2H!O_f!nD#QG!1.&/5 0(4H!b]!No!L2H!b^P!nD#QG!G<,-H!Of!No!L2H!bfI!nD#QH!W4;31=4:<12!NIPOIQ!2794/4391! 5::;374/7!5:!94EE1<74625L4!5/9=1!/1::5!1$(8>#-./H!! T!%:!E487>4!<7!85/85!25SS75!C!/16:7!7/3;:87!3;S787!<57!L7:434L7!/1::ü5385!9;7!:1!:4D 24!>781!34/4!38581!3488404381!/1::5!H3*#$/,89/"*3(G!<7!9;7!7:!13."#*($!N9L2H!IQ!250D 02131/85!7:!316;784H!! g!&492581!7/>785!7!L7:434L7!5<!5>5/@521!94E05887!X0129=U!S7359975!S7359975!34D 381/65!1!S5384/1!S5384/1\G!†|!èñvÖ!èñv°â~x!óvñ¢°G!éÉÑrvz!á£!éÉÑrvs~|!NIQG! ;/5! 0524<75! <7! !4H! %%! bf]Dfb! Ñvìx§! •xávz|! Ñzrù! âtÇz! Ñzrù! âvñrvz|! Ü¢ÉåàåxsxG! l! †|! âvñrvÖ! âvñrvÖâ~x! óvñ¢°G! âtÇz! á£! â¶Çs~|H! ,;975/4! =5! 343878;784!èñvÖ!5!âvñrvÖ!1!éÉÑrvz!5!âtÇzG!825<7@74/5:7!58827S;87!<17!L7:434L7H! W5!7/4:821!E5/81/;84!:4!74/794!èñvÖ!N9L2H!13."H!O]!èñvzQG!7:!34385/87>4!éÉÑrvsx! N9L2H!I!߶Çs~|!YZ[!߶Ǯ!1!O]!ézÑrÖvÄzQG!7:!<587>4!7/!©â~x!1!7:!>12S4!óvñ¢öG!2524! 7/!02435H!&492581!134285!7/4:821!7!21<7>7>7!5!133121!;4E7/7!1!5!27942<5237!<1::B725!

(18)

"5!#27384L5/1!5!,;975/4! IT! %/4:821G! 94E1! "791404:7! 91295>5! 34994234! 7/! +;2707<1! <7! L24/81! 5::B1991334! <7! >74:1/@5! N9L2H! >H! bPO! ÑzÄ! ås~! ézá~êrú! uêrëx! †|! îqv~èÄáÖxQG! 943J! V5221375<1! N9L2H! b! uèë! ròx! îqv~èÄáÖx! áñ! ås~! ÑzrzâàãÑrúsxQ!/1!9785!0524<795E1/81!7!L22H!PbT!Nåû!Ñràìxà™!ròx! ´ÑúrÖx! ¢ùv! sq! úå~|! ÑrzxàìxG! 9L2H! bQ! 1! Pbg! nH! Nxtx! s¨x! ≠Ñzr~! ÆÖåÉröx! Ñràxàìr£! åàR! 9L2H! bQG! 7:! >H! OIb! <1::BI$&.*&! Nsq! áà~xù! èÉêØà~x! áà~xù! rsí|! à∞v¢zêåúxsã|R! 9L2H! bQ!1! 7! >>H! bgTDgP! <1::1! 7#""#)*3!NóØzÇÄxöx!êrsåÉröx!óx{åsã!r§!óâvsê¶xz|!rò!rúÇs|! áãêrãØÄzG! 9L2H! bQH! %/! 1/825ES7! 7! 9537! 7/L7/1G! 6:7! 4004378427! N7/7D @75:E1/81! 4LL137! <5::5! 94/<4885! <1::B1241Q! 34/4! 94/F;738587! 5::5! 95;35!1!:5!81/374/1!37!2734:>1!7/!;/!9504>4:67E1/84!<1::5!378;5D @74/1G!5!8;884!>5/856674!<7!V5221375<1!N9L2H!gQ!1!<1::B1241!94E794! N9L2H!9"2H!b]_33HQHP! %:! :;/64! E4/4:464! 7/7@75:1! <1:! ;3,()! N;/4! -.(C(.! 94/824! ±1;3G!:1!921<1/@1!94E;/7!7/842/4!56:7!<17!1!:1!L42E1!07K!<7LL;31! <7!0216=7125G!9L2H!IDfQ!0;c!7/4:821!133121!E1334!7/!21:5@74/1!94/! 024:46=7!94E797!<1:!8704!<16:7!9"#$)&.3G!<1::1!%/F(4&!1!<1::5!>3.35 .*$#*#G! 9=1! 7/824<;91>5/4! 7:! 0;SS:794! 5::B5264E1/84! <1::5! -3J"&H! ,B1342<74!7012S4:794!N9L2H!I!≤!≥àt!âÄÇ~à!Ñzë!ßúx~à!Ñzë!¥rz~vàìà! Ñzë!uâúêr~à!Ñzë!óêràvsèÖrù!Ñzë!µvÑ~à!Ñzë!xàâàÇÖ¢àvúrz!Ñzë! uvÄ¢ásãèàQ! 27942<5! 7/L5887! 6:7! 1991337! <16:7! 1247! 527384L5/17! 1! :B599;E;:5@74/1! <1L42E587>5! <7! 1079:137! <7>7/1! N9L2H! I! ≤|! ≥àt! âÄÇ~à!Ñzë!ßúx~à!Ñzë!¥rz~vàìà!Ñzë!uâúêr~à!Ñzë!óêràvsèÖrù!Ñzë! µvÑ~à!Ñzë!xàâàÇÖ¢àvúrz!Ñzë!uvÄ¢ásãèàQ!=5!;/!0525::1:4!130:7D 9784!N9L2H!I!à∂!rÄ!êà!•ÇÇs!s´!uåév{xrÖrs~!ès~Örzë!ÑzÇstê~Q!/1::5! 94EE1<75! N9L2H! #273840=H! =EH! __IDfOG! %/KH! _fbDTOG! ;2&.,H! ]PfD b^^QHI^! ∑! 012c! F;5/84E1/4! 024S:1E58794! 2794/439121! ;/! 529=18704! 0219734A!:5!94E0:13378?!<1:!S25/4!/1!/165!7/L5887!:5!<701/<1/@5! <5!;/!5;8421!30197L794!1!97c!/4/4385/81G!012!>75!<1::1!21927E7/5D @74/7!<1:!E735/82404!/17!94/L24/87!<7!±1;3!N9L2H!IDfQG!C!05234!5<! 5:9;/7!;/B194!<1::B5043824L1!<7!'27614!5!±1;3!57!>>H!_f33H!<1::5! 1#"&HII!-/!0525::1:4!0521!7/4:821!04337S7:1!94/!7:!024:464!<1:!14/5

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

>74:1/85!N9L2H!I!óxúvà|!∏êràG!êsâsÄG!åxñêzêà!á£!s¶v~ás|!πv¢∫|QG!0524<75/D <4!5/9425!:B!43#0&8Nª%!II]G!ª%%%!ITOG!º%!]gTG!ºª!OgT!óxúvà|!∏êrà!âÄÇs~G!åxñêzêà! á£!s¶v~ás|!óÇÑ∫|QG!343878;1/<4!óÇÑ∫|!94/!πv¢∫|!1!âÄÇs~!94/!êsâsÄ!1!5<58D 85/<4! /;4>5E1/81! :5! 9785@74/1! 5:! 94/81384! N`4;F;75;ΩD&7E4/! IPfgG! PIDP]! 1! bOgQH! P!";S1:!IPPOG!]ID]]H! I^!'4E5337!]^IIG!IP_DIPfH!V12!`4E05721!NIP_gG!b]_Q!:B1342<74!<1:!;3,()!C!;/! X=423D<Bæ;>21!0;21E1/8!<75827S7F;1G!3;781!<1!9:79=U3!5/8721:7671;Ω!5>19!5043D 8240=13!18!7/8122465874/3!425847213\H! II!,;975/4!27024<;91!:5!L25314:4675!1!:5!37/85337!<7!#273840=H!1#6!__ID_]!YHHH[!

(19)

"5!#27384L5/1!5!,;975/4! Ig! *(A!:5!3;00:795!<7!.5274/1!5:!376/421!4:7E074!1!5<!#04::4!1!7:!<75D :464!94/!.21E7:4!37!5>>797/5/4!7/L5887!5::B1342<74!<1:!;3,()G!012! :5!02131/85@74/1!<1:!0248564/7385!1!012!7:!81E5!<1::B7/67;385!27D 05287@74/1!<1::1!2799=1@@1G!L4/81!<7!394/81/84!61/125:1HI]! %!81E07!<1::5!/5225@74/1!1!7!2507<7337E7!95ES7!<7!391/5G!9=1! 952588127@@5/4!7:!;3,()!37/!<5!F;1385!31@74/1G!219;0125/4!7/4:D 821! 02491<7E1/87! 94E797! 67?! 024027! <1::B&-(.! 1! >12437E7:E1/81! 2702137G! 7/! E73;25! E7/421G! <5:! 61/121! E1/70014HIb!#:! 812E7/1!

<1::4!-.(C(.G!7/L5887G!:5!391/5!37!304385!<5::5!81225!5:!971:4!625@71!5! ;/5! <4E5/<5! <1:! 376/421! 4:7E074! N9L2H! T! rÄ|! sørs|! uêr~xG! ≤! ¿vå∫G!¡!ÑàÑvz¢¬|!uÑ!r∫|!Ürr~Ñ∫|!èzvù!ròx!√ƒåÖrr{xQGIO!012! 047! 842/521! 5:821885/84! 2507<5E1/81! 3;::5! 81225! 58825>1234! :B7E012587>4! 94/! 9;7! W12E13! 7/>785! V:;84! 5! 316;72:4! N9L2H! ]^! èvs≈öåàxG!≤!õÇstràQ!1!5!304385237G!7/L7/1G!5:!95E04!<7!'7E4/1! N9L2H!b^!sqÑstx!uè~ézÄxöåàx!∆áÖ!r∫|!Ürr~Ñ∫|QHI_!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

rsí|!¢àöv¢sí|!óè~úxz~!l!rù!¢àöv¢~Ñù!êÑà¶Ö!Çzé{xrz|!à∞|!ó¢vòx!7/!13."H!O^! rsí|! â~Çsê{âsã|! «Ñà~x! à∞|! óÑv{èsÇ~x! óèsÇs¢Öêsåúxsã|! uèë! r∫|! Üvàr∫|! Ñzë!»~ÇsêsâÄz|!Ñzë!äÄÑÖ|!NM59,14<!IPPIG!]f]Q!1!5::;<1!5!F;1385!94EE1<75!7/! 13."H! IO! à…rz!  ¢zxzÑrñêzrà! Çs~ásvÖêzåúxsã! r~x{|G! Ñzë! rztrz! à∞á{rà|! uåúG! sÀz! èvò|! r∫|! }öå®áÄz|! óÑs¶sãêz! ux! ä~sxãêÄs~|! 1! ]_! èÉÇz~! ∏Øz~vsx! Üv~êrsâÉxà~!Ñzë!îqè{Ç~á~!ôöÑvÉrÖ!rsãrsxë!uèë!ØÇàãzêÄÃ!èzvÉ¢sãê~x!uèë! rûx! êÑÖxûx! Ñzë! Ñöå®ástê~x! óÇÇsÑ{rsã|! r~xù|! èàvë! zqrst! Ñöå®áÄz|! N`4E05721!]^^gG!I__!/H!_bQH!! I]!j529k5!IPPTG!IPgH! Ib!'4E5337!]^IIG!II_H!! IO!.L2H!!4H!%%%!IfT33H!,5!/4385:675!<7!±1;3!012!7!>199=7!35927L797!<7!'7E4/1!N9L2H!P!

uèàë! YZ[! uè~ÇàÇÖêåúxs~! óxávò|! rsêztrz! åÖvÄz! rz¶vöx! rà! Ñzë! z∞¢wx! è~{rzrz!Ñz¶êzxrs|!Õåìx!uèë!rwx!éöåwxŒ!∏r~!¢stx!ux!rzì|!Æ~êë!rûx!Ñxìêzx! zqrwx! ∏ØöQ! 0524<75! !4H!%! O^DOI! Nœ! à∞! áñ! èsrú! rs~! Ñzrù! èÄsxz! åÖvħ! ∏ÑÖz! l! rz¶vöx! á§!z∞¢wxG!rò!áú!ås~!ÑvñÖxsx!uúÇáövQ!5667;/61/<4!7:!<7E4382587>4! rsêztrz!5!åÖvÄzG!343878;1/<4!27301887>5E1/81!rà!ÑzÄ!1!è~{rzrz!5!∆áÖ!1!èÄsxz! 1!2794221/<4!5:!812E7/1!10794!ÑxÄêÖ!N!4H!%!ffG!bITG!74/H!ÑxìêzQ!94/!:4!39404!<7! 34884:7/1521!7:!94/825384!825!7!35927L797!0533587!<1:!E735/82404!1!7:!94E794!1/8;D 3753E4!<7!±1;3H!∑!2702404384!943JG!94/!84/7!0524<797G!7:!81E5!<1::B&)0&3#!<7>7/5! N9L2H!73.89"":!]G!?&($H'()"H!PG!IbDIOG!IPG!L"()MH!_33HG!LN$H!IgG!!"#$H!b]G!1$(,H=.!IIDITG! G#"$H!IQ!1!7:!E4/<4!<7>7/4!C!825304384!5!:7>1::4!;E5/4!N5:!–!P!±1;3!:5E1/85!825! :B5:824!:5!0240275!#."2(43#!94E1!;/!E4285:1QH!%:!E487>4G!02131/81!7/!(E124!N9L2H! !4H!º!OPPD_^IG!I0H!ª!I^^DI^]QG!C!0528794:52E1/81!625<784!57!94E797!N9L2H!#273840=H!

9FH! IgTDPbG! I]f]DfPG! I_I_D]OG! =""4H! TTPDgbG! 14:! IbbDO]Q! 1! 352?! 3>7:;00584! 5/9=1!

<5::5!E1/70015!N9L2H!ª5224!L2H!_g]5!O(,#)38.*3438?3(C&)&.8H#$$(8*$&"&)*(.8!(F&B8.&/8 !/--3*&$(.803"&)0/,8&.*B8.3)&8"#-3*3K/.83)0/"3*G!L2H!II_!)()8F30&.83-.(.80&(.B8.38E/#)0(8 F(4/)*8C/.*#$&8F3)/,B80&$&-&$&8#082(,3)/,8M#)#B8&*8*&,&*/,83-.3834438>3K&$(8.3,-/3(8 ,3)3.*$#$3PQH!%/!18?!7E01275:1!C!94/8138584G!4:821!9=1!<5!,;975/4!N9L2H!L"()MH!IIDI_G! LN$H!I_G!!"#$H!]TG!G#"$H!IG!]!1!PQG!<5!M5337E4!<7!'724!N_H]DbQH!'4E5337!]^IIG!]OID]Ob! 1!]_PD]f^G!9L2H!.5E124884!IPPgG!P]!/H!fPH! I_!#:!9:7E5!<5!94EE1<75!94/827S;7394/4!052564/7!94E1!F;1::4!825!:5!0524:5! 0418795!1!:5!>;485!X975/975\G!Ç∫vs|!NI!1!PQG!4!7:!XL;E4\G!Ñzèx{|!N9L2H!IQG!37ES4:4! <7!8;884!97c!9=1!C!7E05:05S7:1!N9L2H!1234(-.H!b]G!H+!IHbQH!&7!01/37!5::5!L;E4378?!

(20)

"5!#27384L5/1!5!,;975/4! IP! 9C()&8

!

*1:! 13."#*($G! :B5/8794! 564/1! <1::B9$"2#3#! 37! 02131/85! 34884! :1! 3046:71!<1:!<7S588784!67;<7@75274!825!V5221375<1!1!"7461/1!1!/1:! ;3,()!94E1!394/824!>12S5:1!825!:B104/7E4!0248564/7385!1!V:;84H!! *1:! 027E4G! 7:! <7S588784! N021052584! <5::B5::1387E1/84! <1:! 024D 91334G!9L2H!PD]OG!<5!94/L24/85237!94/!:5!0210525@74/1!<1:!827S;/5D :1! <7! )7:49:14/1! 7/! #273840=H! H&H! TPPDgP^Q! C! 301@@188584! 7/! 821! 81E07G! 5! 0240275! >4:85! 31052587! <5! 821! 7/812:;<7G! 1! 37! 94/L76;25! 94E1! ;/5! 313374/1! <7! 39;4:5! 5001/5! <7337E;:585G! ;/! 131E074! 0525<76E58794!<7!94E1!7:!E4<1::4!94E794!375!27>733;84!5::5!:;91! <1::B1301271/@5!21842795HIf!,5!21F;73784275!<1:!L7:434L4!N9L2H!]_D]TQ! =5!7/L5887!;/5!382;88;25!>7642435G!7/!9;7!5::5!-$(A#*#.A&/Q!N9=1!91D :1S25!7!E12787!<1::5!958164275G!9L2H!]_Q!316;1!:5!/5225@74/1!N>125!1! 0240275! 5264E1/85@74/1! 9=1! 27:1>5! :1! 56625>5/87! <1:! 9534G! 9L2H! ]_D]fQ!1!7/L7/1!:5!A#*#.A&/Q!N9L2H!]TQH!%/!27304385!:5!<7L135!<7!V5221D 375<1G! 7/3121/<437! /1:! F;5<24! <1::5! .*#.3.8 .*("2#.*3AQG! /165! :B599;35! <7! 95:;//75! N9L2H! b^! 1! bTQ! 304385/<4:5! >1234! 7! L7:434L7! 94/81E0425/17HIT!,5!21F;73784275!=5!F;7/<7!7!84/7!<1:!-#,-24&*!1! /5225@74/1!N9L2H!bIDb]Q!1!<7E43825@74/1!N9L2H!bbDbfQ!34/4!94381::5D 81! <5! 052564/7! 024>12S75:7! N9L2H! bO! πv¢~Ç—ràvs~! å£x! rwx! Ñãx~áÄöx!“xrà|G!áà~Ç{ràvs~!á£!rwx!Çz¢öwxG!ÑsÇzÑ~Ñ—ràvs~!á£! rwx!è~ñÑöxG!óêàÇ¢úêràvs~!á£!rwx!“xöxG!”vèzÑr~Ñ—ràvs~!á£! rwx! ¢zÇwxG! â~Çsxà~Ñ{ràvs~! á£! rwx! óÇàÑrvã{xöxQG! 384271::1! 395/<5:431!1!"43"2Q.!<7!>5274!61/121!N9L2H!bfQG!8;887!5005281/1/87! 5::5!825<7@74/1!21842795HIg! ç;1387!01@@7!<7!S25>;25!5>21SS124G!7/L5887G!<7LL797:E1/81!824D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

<1::1!/;>4:1!527384L5/11G!7EE567/1!<1::B7/5LL1225S7:78?!<17!34L73E7!349258797G!4!5:! 34025//4E1! Ñzèx{|! 5LL7SS7584! 5! F;5/87! 37! <5//4! 5271! 1! 024E1884/4! 07K! <7! F;1::4!9=1!04334/4!NV:;85294G!9L2H!?&8C&):!_g^5G!27L127391!57!&4L7387!:B130213374/1! Ñzèxòx!â~ÇsêsâÄz|QH!&7!825885!<7!;/!052564/1!024>12S75:1!9=1!/1:!ª!319H!5>1>5! <584!42767/1!5::5!91:1S21!3/)"*/$#!Ñzèxst!êÑ~É!N#139=H!L2H!bPPH]!$5<8R!+;0H!L2H! _P!nD#R!&40=H!9)*H!IIT^G!1234H!POfQ!1G!/4/!5!9534G!/1:!;3,()!7:!2794234!57!024>12S7! C! E53379974! N'4E5337! ]^IIG! I]_DI]TG! ]^^D]^IG! 9L2H! '57::52<58! IPf]G! ]PP! 1! –! _IPR! `185!]^^OG!IT]DITO!94/!S7S:74625L75QH!! If!#/<1234/!IPTf5G!IO]G!9L2H!`4E05721!IP_gG!]_b!/H!bR!`25/=5E!IPgPG!bbH!! IT!,1!599;31!<7!V5221375<1!56:7!031;<4DL7:434L7!94227304/<4/4!5!F;1::1!<7!5:D 827!<75:46=7!:;975/17!1!37!L4/<5/4!3;::5!E125!500521/@5!<1::5!<1<7@74/1!5::5!L7D :434L75H!#/9=1!7!L7:434L7!<1:!13."#*($!/4/!34/4!76/425/87A!94/4394/4!5::5!012L1D @74/1!N9L2H!bO!óÑv~éstê~xQ!7!02191887!<1::1!39;4:1G!:7!7/316/5/4G!E5!/4/!:7!500:7D 95/4!/1::5!215:8?!NM52F;73!]^^TG!TODT_QH! Ig!,1!7EE567/7!34/4!027>581!<1::5!L;/@74/1!:46795!1!<7<588795!9=1!5>1>5/4! /1::5! L7:434L75! 0:584/795G! 1<! 13027E4/4! 7:! 0481/@75:1! 0788421394! 94E1! F;5:78?! 027/9705:1!N`4E05721!IP_gG!]_^!1!O]TQH!

(21)

"5!#27384L5/1!5!,;975/4! ]^! >584! 04384! /1::5! 94EE1<75! 5/8795G! 012! F;5/84! :B#C()! 94E794G! L4/<5/<437! 53357! 07K! L21F;1/81E1/81! 3;! S588;81! A#*#8 .*3"2()! 1! 27304381!<7!5:9;/7!>1237G!0481331!85:>4:85!7/9:;<121!$2&.&3.!07K!52D 8794:581G!94E1!F;1::5!<17!<;1!"7394237!/1::1!%/F(4&!N9L2H!>>H!PfID I^g]Q!1!<7!)7:49:14/1!1!`<1:79:14/1!/1::1!H&.-&!N9L2H!>>H!_OgDT]OQ! 4G! 5/9425G! 7:! 9534! 1991@74/5:1! <16:7! 9"#$)&.3! N9L2H! >>H! OPTD__fQG! 94EE1<75!94/!9;7G!94E1!37!C!>7384G!7:!13."#*($!C!376/7L79587>5E1/D 81!e7E0521/8584BG!1!<4>1!"791404:7!C!5<<72788;25!027>4!<7!;/!40D 04378421H!ç;1381!e872581B!125/4!94E;/F;1!7/81224881!<5::1!43312D >5@74/7!<1::B52S7824!4!<1::B5>>1235274G!E1/821!/1::B#C()!<1:!13."#5 *($8C!2730188585!:5!94/87/;78?!<1::B4258421!7/!:7/15!94/!:5!024<;D @74/1!21842795HIP! %:!02491334!27942<5!7/L7/1G!012!91287!>1237G!F;1::4!<1::1!=/,&5 )303!1!012!5:9;/7!8499=7!271>495!F;1::4!5!&492581!/1::B9-(4(C3#G!;/! >124! 1! 0240274! 7S27<4! 94/! e0525L2537B! :7S125G! 94/<784! <5::B1301D 271/@5!42584275!1!21842795!94/81E0425/15H]^! *1:!;3,()!:4!394/824!>12S5:1!L25!'7E4/1G!25002131/85/81!<7! V1/75G!1!7:!<74!<1::5!2799=1@@5!N9L2H!bgDOOQ!02131/85!25004287!<7D 21887!94/!:B564/1!<25EE58794H!%:!05334!2719=16675!7/L5887!F;1::4! <1:!14/*(G!9=1!>1<1>5!4004387!.21E7:4G!/1::5!>1381!<7!25002131/D 85/81!<1::ü104/7E5!<7>7/78?G!1!V1/75H!%/!#27384L5/1!012cG!7:!<7S58D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

IP!`4E05721! IP_gG! ]_bH! &;::B#C()! 94E794G! j1:@12! IPf^R! $19‘L42<! IPgTG! ]bPD

]_^G!OgbDOPIH! ]^!V5221375<1!5::;<1!7/!027E5!01234/5!5::B5/8191<1/81!8256794G!7/>785/<4!)7D :434L75!5!>48521!5!3;4!L5>421!7/!9534!<7!05278?!N9L2H!]IG!#139=H!=/,H!TO^33HQR!)7:4D 34L75!=5!7/L5887!02134!7:!04384!<7!#81/5!1!V5221375<1!F;1::4!<7!(21381G!5/9=1!31! 219785! <5! 34:4! :5! <7L135! 1<! C! 0243974:84! 5::B;/5/7E78?H! )7:434L75! 5::;<1! 7/4:821! 5::B#2140564! N9L2H! I_! óèÄöåàx! à∞|! ’và~sx! èÉ¢sxQ! 94E1! 04337S7:1! :;464! <7! 3>4:67E1/84!<1:!02491334G!7/!:7/15!94/!:1!=/,&)303!N9L2H!>>H!fgI33HQG!E5!C!391:85! :B#92404:7G!04384!07K!1:1>584!<5!9;7!>1<121!8;884G!7/!59942<4!94/!:5!358725G!9L2H! '()*H!_G!!"#$H!IIG!%3C$H!IgG!13."H!OTD_IG!;3,H!O_!N#/<1234/!IPTf5G!I^fR!-21m5!IPP_G! ]gR!.5E124884!]^^PG!bfQH!%:!01234/56674!35872794!5LL12E5!7/4:821G!94E1!67?!&4925D 81G!<7!133121!7:!07K!625/<1!S1/1L588421!<17!3;47!599;358427!N9L2H!_G!V:584!9-H!bfSD <QG!27:;885/87!5!042852:4!5!02491334!012!05;25!<1::B1301271/@5!/1::1!5287!2184279=1! N9L2H!PQH!j7?!7:!L7:434L4!:7!253379;25>5!<1:!L5884!9=1!5>21SS1!<1884!:5!>1278?!N9L2H!9-H! IT5DIg5Q!1!V5221375<1!/1!C!5994E056/584!1!:1!37!279=75E5!N9L2H!bgQR!94&*2&3#!:4! <485!943J!<7!;/5!34285!<7!7/>13878;25!<7>7/5G!9=1!27942<5!F;1::5!<7!&492581!/17! 94/L24/87!<7!&4&)"2(.!N9L2H!9-H!]^1D]b9QH!%/L7/1G!:B50024>5@74/1!<7!V:584/1G!<7391D 04:4!<7!&492581G!<?!:;3824!5::B504:4675!<7!V5221375<1G!9=1!2794221!5!130213374/7! 34925879=1A! œx! uå£! óèsÑràÄxÖrà! N_Q! 0524<75! 9-H! b^1G! :5! L42E;:5! s´! á£! èsÇí! å÷ÇÇsx!uåst!ó¢xsstxrà|!NIIQ!9-H!]I9!18!33H!1!:B5::;374/1!5:!974884:4!S75/94!N9L2H! ]I! èÇàÄsã|! ≤ê~x! z´! åúÇz~xz~G! êí! èvsêàìêz! rûx! êàzãr∫|! êw◊ú! åàQ!9-H! I_H! V7K!5>5/87!:5!02404385!<7!94&*2&3#!<7!59946:7121!/1:!V2785/14!7!L7:434L797!5;81/8797! N9L2H!OfQ!279=75E5!F;1::5!<7!&492581!7/!9-H!bf<!N7/!1$(,H8=.!]^G!:B104/7E4!01234D /56674!7/7@75!:5!0240275!<7L135!27>1/<795/<4!94E1!&492581!<7!133121!021E7584! /1:!V2785/14!7/!F;5:78?!<7!S1/1L588421QH!M59,14<!IPPIG!]_PD]fbR!j5267;:4!IPPbG! IPPD]^IR!W4::5/<!]^^OG!]_gD_]PR!`4E05721!]^^gG!I_^!/H!Of!1!ITP!/H!P]H!

(22)

"5!#27384L5/1!5!,;975/4! ]I! 8784! 125! 7/<;SS75E1/81! 07K! E4>7E1/8584! 1! L25EE1/8584G! 34D 02588;884!>1234!7:!L7/5:1A!5::B504:4675!<7!V:;84!012!S4995!<7!.21D E7:4! N9L2H! >>H! OgPD_^fQ! 316;7>5! :B5885994! <5! 05281! <7! V1/75! N9L2H! >>H! _^TDbIQG! 5! 0240275! >4:85! 599;3585! <5! .21E7:4! N9L2H! >>H! _^bD _^OG!_b_DOTQH!%/L7/1G!:B504:4675!<1::5!V4>128?!N9L2H!>>H!_b]DbOG!_OgD POQ!5027>5!:5!3825<5!5::5!37/92537!L7/5:1!N9L2H!>>H!_PO33HQH!! %/!,;975/4!7/>191G!:5!94E0437@74/1!C!<7!5:824!61/121A!:5!027D E5!21F;73784275!N9L2H!bgQ!C!;/5!34285!<7!37/92537!9=1!L4/<1!7/371D E1!/5225@74/1!1!012425@74/1G!1!:5!3194/<5!N9L2H!OIDOOQ!94E021/D <1! ;/! 1342<74G! ;/5! 21L;85@74/1! óè§! óvØ∫|! •Øv~! rúÇsã|! 1! ;/5! 012425@74/1G! /1:! 071/4! 27301884! <1::5! 94/>1/@74/1! 67;<7@75275H! ,B;:87E5!0524:5!301885!943J!5!'7E4/1G!94:;7!9=1!=5!:5!E16:74G!7/! :7/15!94/!F;5/84!5995<1>5!3194:7!027E5!/16:7!564/7!94E797H]I! %:!;3,()!2719=16675!<;/F;1G!<5!;/!:584G!:B564/1!<1:!14/*(!1G! <5::B5:824G!316;1!:1!E4>1/@1!87079=1!<1:!<7S588784!67;<7@75274!<7! 9;7!27301885G!94E1!7:!13."#*($G!:1!94/>1/@74/7!L42E5:7H]]! ! =-34(C(8 ! #/9=1!:1!S588;81!L7/5:7!<7!13."#*($!1!;3,()!4LL24/4!;/!94/81D 384!5LL7/1!5::1!391/1!9=1!/1::5!94EE1<75!5/8795G!3;991337>5E1/81! 5::5!0525S537G!>1<1>5/4!0248564/7387!#4#R()&.!<7!>5274!61/121H]b! *17! <;1! <75:46=7! 34/4! 7/L5887! 94ES7/587! <;1! E487>7! 9527! 5! ,;D 975/4A!:5!<1/;/975!<16:7!7E0438427!1!:5!94/316;1/81!E1335!5::5!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]I!.43J!67?!,1625/<!IP^TG!IO]H! ]]!`4E05721!IP_gG!]_OD]__!N9=1!5994385!5::B564/1!<25EE58794!5/9=1!:4!394/D 824!825!'7E49:1!1!"5E7<1!7/!LN$HQR!'4E5337!]^IIG!bP]DbP_H!W1:E!NIP^fG!IggDIP^Q! 27871/1!7E024S5S7:1!:5!<127>5@74/1!<1:!94/L24/84!<1:!;3,()!<5:!14/*(!1!01/35!5! <;1!L25EE1/87!<7!42767/1!7/91285!<7!#/87L5/1!N9L2H!L2H!]_g!nD#!ÑzÇw|!èúxàêz~! å÷ÇÇsx!œ!èÇsãràìx!ÑzÑw|™!l!rò!å£x!¢ùv!∏ÇàsxG!rò!á§!uè~rÄåÖê~x!âúvà~!1!]_P! nD#! ¡! á£! èÇstrs|! Õå÷|G! ÑzÉèàv! ∞zrvò|! ÑzÑò|G! l! rãâÇsí|! éÇúèsxrz|! èzvzÇzé¬x!èÉxrz|!èsàìQG!5!3;4!<721!;/!1:1E1/84!<B564/1!4!;/B504:4675!<7! V1/75!1!;/!5884!<7!599;35!94/824!V:;84!N+<E4/<3!53316/5!5:!;3,()&!5/9=1!7!L22H! ]^OD]^f!nD#QH!ª5!012c!<1884!9=1!7:!E487>4!<16:7!;4E7/7!2137!E425:E1/81!919=7! <5::1!2799=1@@1!C!<7LL;34!/1::5!:1881258;25!62195!N9L2H!V7/<H!%&,H!THbODb_R!&40=H! I;!bTI!1!bgPQ!1!5!1334!37!5667;/61G!3402588;884!/17!94E797G!:B1F;70525@74/1!94/! :B4L85:E75! <7! V:;84! N9L2H! M1/H! L2H! TO! nD#! rãâÇòx! ¡! èÇstrs|G! Ñzë! rãâÇsí|! l! ÿrsí|Ÿ! uåéÇúèsxrz|! à∞|! ¥zãròx! áà~Ñx¶à~QH! &7! 825885! 7/4:821! <7! ;/! *(-(.! <1::5! L7:434L75!E425:1!N9L2H!.79H!>#&4H!I_G!_OQG!825!:B5:824!0528794:52E1/81!5E584!<5!,;D 975/4!N9L2H!%3C$H!OG!H3*H9/"*H!IgQH!'4E5337!]^IIG!b]G!9L2H!j5337/4!]^^]5G!IfTDITTH! ]b!%/!1/825ES7!7!<75:46=7G!5::1!391/1!L7/5:7!L5!<5!0215ES4:4!7:!27/625@75E1/84! <5!05281!<7!V5221375<1!1!'7E4/1!5!*7‘1!N9L2H!13."H!bPQ!1!V5/!N9L2H!;3,H!O]Q!012!:5! >7884275!/1::B564/1G!;/5!0249:5E5@74/1!7/94E021/37S7:1!57!02131/87!N9L2H!13."H!O^! 1!;3,H!O]DObQ!1!;/!95ES75E1/84!<7!075/7!<5!05281!<17!0248564/7387!N9L2H!13."H!OI!1! ;3,H!O_QG!7!F;5:7!94:07394/4!1!3959975/4!E5:5E1/81!L7:434L7!1!A(4#A&.!N9L2H!13."H!O]D _I!1!;3,H!O_D_TQ!012!047!024316;721!/1::B7E02135!N9L2H!13."H!_]!1!;3,H!_gQH!

(23)

"5!#27384L5/1!5!,;975/4! ]]! S12:7/5G!94/!V5221375<1!1!'7E4/1!9=1!0;/7394/4!31<791/87!L7:434D L7! 1! 5<;:58427! 94/! 84/7! 0528794:52E1/81! >74:1/87G! 9588;25/<4:7! 5::ü5E4!1!61885/<4:7!<5::B#92404:7!N9L2H!13."H!OTD_IQG!E529=75/<4D :7!5!L;494!3;::5!L24/81!N9L2H!13."H!OfQ!4G!5/9425G!94:01/<4:7!E5:5D E1/81!N9L2H!;3,H!OfG!_]D_bG!OgG!_TQH]O! -/5!37E7:1!94ES7/5@74/1!<7!E487>7!5LL4/<5!7/4:821!:1!25<797! /1::5!94EE1<75G!31/@5!012c!133121!2794/<;97S7:1!5!;/!94/81384! 0219734H!&91/1!<7!>74:1/@5!27842/5/4!7/L5887!7/!07K!:;46=7G!<56:7! 9"#$)&.3!N9L2H!>>H!]bf33HG!gIgDb_G!PI^D_IG!P_PDT^Q!5::1!%/F(4&!N9L2H! >>H!I]IODIb^]G!,;9H!;3,H!OfG!OgG!_]D_bG!_TQG!57!'#F#43&$38N9L2H!>H!]OTQ! 1!7:!E487>4!<1:!eE5335924B!C!94ES7/584!94/!;/!0QM34Q!<B7E0438427A! /1:!E129584!<16:7!9"#$)&.3!7:!E1652131G!7:!81S5/4!1!<7>1237!3794D L5/87! N9L2H! >>H! T]P33HQG! /16:7! S""&443! N9L2H! >>H! P^_33HQ! 7:! 04185G! :B7/<4>7/4G!:B730188421G!7:!>1/<78421!<7!<192187!1!943J!>75H]_!V12!7:! ;3,()!1!7:!3;4!5LL4::584!942816674!<7!5<;:58427!N9L2H!O_D_gQ!37!04D 825//4!7/4:821!>12437E7:E1/81!978521!7!}{ÇzÑà|!<7!+;04:7G!E1/D 821! 6:7! 5<;:58427! 58872587! <5::5! 2759F;73785! 2799=1@@5! <7! '7E4/1! N9L2H! 13."H! O]! 94/! :B5227>4! <17! L7:434L7Q! 31ES25/4! 271>49521! 7! >>H! If_33H!<1:!?<.A(4(.H]f! %!L7/5:7!<7!13."#*($!1!;3,()!27>1:5/4!7/4:821!:5!E1<137E5!382;8D 8;25G!943878;785!<5!821!E4E1/87!L4/<5E1/85:7A!7/7@75:E1/81!7!eL7D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]O!`4E05721!IP_gG!b]]Db]bR!#/<1234/!IPTf5G!IO]H!.=75E5/<4!7!31<791/87!L7D :434L7! 5::B#92404:7! N9L2H! OI! Ñàìrz~! á§ux! åúêês~ê~! á¶s! Øvãêsìs! rÉÇzxrzG! ⁄! r€! á{åàxG!µ|!åàrù!è÷ê~x!uv~◊úåàx!∏ßsØs|!à‹ÖQG!,;975/4!2794221!5::5!0524<75!4E1D 2795! 27E5/16675/<4! !4H!ºª%%%! _^TDg! NÑàìrs! á§! •v§! ux! åúêês~ê~! á¶ö! Øvãêsìs! rÉÇzxrzG! l! r€! á{åàx! ›|! åàrù! rsìê~! áÄÑÖx! ∞¶xrzrz! à‹ès~QH! &43878;1/<4! uv~◊úåàx!N!4H!ºº%%%!O^O!1!I0H!ª%%%!]]bQ!1<!∏ßsØs|!N!4H!ª%!IPOG!º%ª!IIgG!ºº!IgOQG!X5!1;!

;/! U>7<1/8! 34;97! <1! fiL5721! 5;8=1/87F;1flH! M573! 91! 34;97! 3B522‡81! :?G! 952! 4/! /1! 824;>1! ·5E573! 9=1@! W4EC21! ∏ßsØs|! 94/382;78! 5>19! :B7/L7/787L\G! `4;F;75;ΩD &7E4/!IPfgG!ITPH!!

]_!,5!>125!/58;25!<17!A(4#A&.!C!E1335!7/!1>7<1/@5!<5!5661887>7!<1:!:7/6;56674!

S;2:1394! 1! <1/762584274G! 5E0:7L79587! 5:! 3;012:587>4! N9L2H! Of! ésv—rzrà! Ñzë! YHHH[! uè~rv~èr{rzràG! OT! éáàÇãv—rzrs|QG! 3194/<4! ;/! 02491<7E1/84! 9524! 5::5! 94ED E1<75!N9L2H!#273840=H!9"2H!]ggDgPG!=EH!IbOG!IPb!1!b^bQH!∑!7/4:821!2794/4397S7:1!;/! 91284!352953E4!/1::1!130213374/7!≤!¢àxxÉáz!N]^Q!1!≤!àwx!¢àxxz~{rzrà!NOG!]]G! OTQG!7E0716581!94/!L7/5:78?!94E79=1!3194/<4!:B;34!05258256794!<1::5!94EE1<75! N9L2H!#273840=H!9"2:!I]b^G!=EH!]O^G!1#6!TTbDTOG!O#:!PPTQH!! ]f!&9=i528@!IPf_G!I^]DI^TR!-21m5!IPP_G!ggDPIR!'4E5337!]^IIG!_^TH!j:7!5<;:5D 8427!34/4!052564/587!5!ÇÉvs~!N;3,H!I]QG!;991::7!7/35@75S7:7!N94/!8;885!024S5S7:78?! 65SS75/7Q!9;7!7!94E797!5994385>5/4!7:!8704!<1:!<1E56464!5>7<4G!9752:7124!1!7/>5D <1/81G!9L2H!#273840=H!9FH!_fTG!=EH!P_fG!%/KH!_PIDP]!N'4E5337!]^IIG!]ggG!9L2H!'57:D :52<58!IPf]G!OIfDOIg!1!––!TI]DTI_QH!%/L7/1G!7/!<;1!4995374/7G!7!Ñ{ÇzÑà|!34/4!5>D >797/587! 94/! ;/! 67494! <7! 0524:1! 57! 942>7G! Ñ{vzÑà|! N;3,H! gG! OgQH! V12! F;5/84! :5! 94E0525@74/1!375!3F;73785E1/81!97/795!N'4E5337!]^IIG!]_bD]_O!1!OfTQG!/4/!0;c! 133121!82539;2584!7:!02191<1/81!<7!#273840=H!H&H!O_!¡Ç‚|R!„úöÇs|!rûx!ÑàâzÇûx! Ñ{ÇzÑs|!∏Øà~G!<4>1!7:!E1<137E4!67494!125!533497584!5<!#:97S75<1H!

(24)

"5!#27384L5/1!5!,;975/4! ]b! :434L7B! <7! V5221375<1! 1! 6:7! 5>7<7! >797/7! <7! '7E4/1! 34/4! 58825887! <5::B4<421!<1::B424!N9L2H!13."H!OI33HG!;3,H!O_!πêâvz~x{åàxs~!rst! ØvãêÄsãQG]T!047! 91295/4! <7! 7E05<24/7231/1! N9L2H! 13."H! ObG! ;3,H! Of33HQ! 1! 7/L7/1! 34/4! 0;/787! <5:! 01234/56674! 35872794! N6188587! <5::B#92404:7!7/!13."H!OTD_I!1!E5:5E1/81!S588;87!7/!;3,H!O_QH]g! %/!1/825ES7!7!9537G!7/4:821G!7:!E487>4!<1:!813424!C!L4/<5E1/85D :1! 012! <521! 5>>74! 5::5! <1/;/975! 7/! F;5/84! 722137387S7:1! L4/81! <7! L5397/4! 3;::5! 814275! <7! L7:434L7! 1! A(4#A&.G! E1/821! C! 3>7:;00584! 7:! E487>4!94E794!<1::4!e3975E1!<7!01234/1BG!9=1!/1:!;3,()!0521!5:D :;<121!07K!<721885E1/81!5::5!024913374/1!<16:7!5>7<7!400428;/7D 387G!9=1!3L7:5>5!57!>>H!P^_DI^__!<16:7!S""&443H]P!#::4!381334!81E04G! 012cG!:5!<13927@74/1!<7!"1E15!N9L2H!;3,H!OPD_bQ!0521!7E024/8585! 3;:!3794L5/81!<7!#273840=H!14:!g_^DP_^!1!;/!0525::1:4!C!04337S7:1! 5/9=1! 94/! 7:! *795294! <16:7! 9"#$)&.38 N9L2H! >>H! PI^D_gQHb^!)76;21!

94E1! F;1::1! <1:! L;2S4! <1E56464! 4! <1:! 3794L5/81! 7ES246:74/1! 125/4!8;885>75!85:E1/81!;3;5:7!7/!94EE1<75!9=1!9129521!<7!2794D /439121!0525::1:7!30197L797!04821SS1!273;:8521!5:1584274HbI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]T!#/<1234/! IPTf5G! I^TDI^gH! %:! 2794234! 5! πêâvzÄxàêz~! N;3,H! O_Q! 04821SS1!

5::;<121! 5! 05337! 94E1! #273840=H! 9"2:8 ITP! s´! á§! ‰êâvsxrsG! <4>1! 7:! 9424! C! 27D 9=75E584! <5:! 024L;E4! <1::5! 0591! N,1<12612S12! IP^_G! b^QH! %:! E487>4G! 6749584! 3;::B;34!E185L42794!<1:!>12S4!N9L2H!#273840=H!><.:!fIP!Ñzë!åÉÇ~êr§!πêâvzÄxsåz~! r∫|! ÂèèÄsã! rãvzxxÄás|QG! C! 840794! 7/! 94EE1<75! 1! 37! 021385! 5! 271:5S425@74/7! /;4>1! N9L2H! 13."H! Og! <4>1! ;/! L7:434L4! XL7;85! :B424\G! ‰êâvzrz~! rst! ØvãêÄsãQH! '4E5337!]^IIG!O_bH!!

]g!'4E5337! ]^IIG! OOTDOOPH! *1:! ;3,()846/7! 391/5! C! ;:812742E1/81! 8270528785A!

7/7@75:E1/81!7:!E735/82404!7/>495!:B7/621334!<1::B5<;:58421!<7!8;2/4G!952588127@D @5/<4:4!1!02404/1/<4/1!;/!27942<4!<1::B7/625878;<7/1!N9L2H!O_G!OTG!OP!1!_OD__Q! 027E5!9=1!37!02131/87!5:!3;4!94301884!N3194/<4!;/!02491<7E1/84!>12437E7:E1/D 81!E;8;584!<5:!815824QH!&16;1!F;7/<7!N825//1!9=1!012!'25379:1G!9L2H!_^D_IQ!7:!35:;D 84!<1::B5<;:58421G!9=1!04285!;/!<4/4!4!67;25!9=1!5>21SS1!>4:;84!042852:4!N9L2H! OfG!OgQH!%/L7/1!7:!319958421!<7!8;2/4G!94:0784!E5:5E1/81G!L;661!:5/975/<4!E7/59D 91!N9L2H!OfG!_]D_bQ!4!9=71<1/<4!57;84!N9L2H!OgG!_TQH8 ]P!j7?!W1:E!NIP^fG!IgPQ!/485>5!:5!3821885!>797/5/@5H! b^!"1E15! 37! 5>>797/5! X7E0;6/5/<4! ;/! <192184! /1::5! <13825\G! Êñâ~êåz! ∏Øöx!ux!rÁ!áàß~‚!NOPQG!;/5!391/5!<B730725@74/1!94E795!<5!94/L24/8521!94/!#27D 3840=H! 9FH! I^b_D_TG! <4>1! 94E0521! :B4E4/7E4! ÊÖâ~êåzrsè—ÇÖ|! N'4E5337! ]^IIG!OT^QH!! bI!,4!394/824!825!7:!218421!1!'7E4/1!27942<5!5:9;/7!91:1S27!<;1887!527384L5/17! 825!"791404:7!1!,5E594G!"74/734!1!º5/875G!"791404:7!1<!+;2707<1G!&8210375<1!1! &492581G! 7:! V521/81! 1<! +;2707<1G! V7318124! 1<! +;1:07<1H! ,1! 599;31! <1:! 218421! 5! '7E4/1G!<7!5>12!S2;97584!:B#92404:7!N9L2H!_]Q!1!3599=1667584!7:!35/8;5274!<7!#81D /5!N9L2H!_bQG!34/4!87079=1!<1::5!94EE1<75!1!/4/!13825/11!5::5!21842795H!∑!7/4:821! 04337S7:1! 9=1! :5! 31@74/1! 375! 7/! 91285! E73;25! <1S782791! <17! G344(3! <7! '7E4/1! <7! ):7;/81G! 9=1! 5>1>5! 25002131/8584! .2737004! 7/81/84! 5! 0139521! L7:434L7! NW1:E! IP^fG! b^bDb^_R! M59,14<! IPPIG! ]_PD]f^R! `4E05721! ]^^gG! II_! /H! ]]QH! %:! 218421! C! 7/4:821!5043824L584!å~zv{|!N9L2H!_b!≤!å~zvúG!bO!1!OgQG!;/4!L25!7!07K!870797!7/3;:87! 94E797!N9L2H!#273840=H!1#6!Ig]DgPG!O#:!Of_DffQ!1!3;!F;1385!:7/15!5661887>7!94E1! ó¢z{|!N9L2H!]_G!bTG!_fG!_T!≤¢zúQG!•v~êrs|!N9L2H!IIG!]T!≤!•v~êràQ!1!âÄÇrzrs|!

(25)

"5!#27384L5/1!5!,;975/4! ]O! >#8.*$/**/$#8*$3-#$*3*#8038V73958428&8'7E4/T8/)8*&)*#*3F(80U3)*&$5 -$&*#R3()&8#44#84/"&80&C438#$"2&*3-38 ! *1:!13."#*($!1!/1:!;3,()!:B58E43L125!<1::B9$"2#3#!L5!<5!3L4/<4! 5::1!27301887>1!7E02131!3587279=1R!1/825ES7!34/4!7/L5887!3;<<7>7D 37S7:7! /17! 821! E4E1/87! 943878;87>7! <7! ;/5! 94EE1<75! 5/8795G! 1/D 825ES7!/1!3>7:;005/4!;/5!31271!<7!E487>7!5::1642797!1!564/738797! 1<! 1/825ES7! /1! 94/<7>7<4/4! :B5>5/@5E1/84! 2507<4! :;/64! ;/5! 31271!<7!382;88;21!0524<79=1!94/825385/87Hb]! ,1!<;1!40121!02131/85/4!7/4:821!;/5!382;88;25!5<!5/1::4G!943J! 9=1!/1:!13."#*($!5::B5/5S537!1!5::5!:507<5@74/1!7/7@75:7!94227304/D <4/4!:5!e01395B!1!:5!:507<5@74/1!L7/5:7G!1!5::5!>74:1/@5! 57!<5//7! <1::5!>491!35872795!L5!<5!-&)0#)*!F;1::5!94/9:;37>5G!0120182585!<5! V5221375<1!7/!01234/5!N;/!;:8127421!*$#3*80U/)3()!94/!6:7!9"#$)&.3G! <4>1!"791404:7G!<5!0481/@75:1!>7887E5!<1::5!>74:1/@5G!<7>1/85>5! e952/1L791B!<17!>527!#4#R()&.!9=1!>4:1>5/4!50024L788521!<1::5!821D 6;5QH!#:!91/824!95E016675!047!:B1:1E1/84!.-(/0#3()!25002131/D 8584! <5:! 02491334G! 5! 0240275! >4:85! 943878;784! <57! 821! <7S588787G! 1! <5::B5334:;@74/1!<1:!01234/56674!35872794!N9L2H!ODbPQHbb! ,4!381334!39=1E5!94E0521!7/4:821!/1:!;3,()G!31/@5!0125:824! 133121!7E0;85S7:1!5<!5:9;/5!>797/5/@5!81E58795HbO!#/9=1!F;7!5::5! 942/791!7/7@75:1!N9L2H!IDIIQG!94/!7:!E4/4:464!<1:!E735/82404!1!:5! 279=71385! <7! 307165@74/7! 5! ±1;3G! 316;4/4! 7:! E4E1/84!.-(/0#3()!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

N9L2H!OI!≤!âÄÇrzràG!5043824L1!94E;/7337E5!7/!82561<75!1!94EE1<75G!1!O]Q!043D 34/4! 13027E121G! 4:821! 5! ;/! 61/;7/4! 50021@@5E1/84G! ;/! >5:421! <7302167587>4G! /1:!34:94!<1::5!05258256795!94EE1<75!527384L5/15G!9L2H!=EH!O_T!≤!¢àxx~Ñ—rzrsx! Ñvúz|! ÊãØñx! r§! •v~êrà! èÉxröx! N'4E5337! ]^IIG! OT^! /H! _bOG! 9L2H! $4E56/4:7! IP^_G!IbIDIbTQH!%/!E5/7125!5/5:465G!/1:!%#F3C3/,!7!84/7!0;/61/87!34/4!34884:7D /1587! <56:7! 724/797! >49587>7! 94/! 9;7! ,797/4! 5043824L5! #<7E5/84! N9L2H! IO! ≤! ¢àxxzìàG! IO! ≤! xzãÑÇñvöx! •v~êràG! IO! ≤! éúÇr~êràQ! 1! &5E7004! N9L2H! bP! ≤! zãåzê~—rzrà!ézê~ÇúöxQH! b]!#:!276;52<4!0;c!133121!978585!5/9=1!:5!391/1885!7/!9;7!'7E4/1!3959975!V:;D 84! 94/! :B5;37:74! <7! ;/! L4294/1! N9L2H! I]! åsxsxsãØë! á~ÑvÉxs~|! ußà—à~! åà! r∫|! s∞ÑÄz|QG!<5!5:9;/7!2794::16585!5<!#273840=H!1#6!fbT!rñxáà!å£x!á~Ñvsì|!u—sãx! rûx!àòx!ÑàÑvÉ¢åzê~xH!,B7EE567/1!125!024>12S75:1!57!81E07!<7!,;975/4!N9L2H! .58;::H!I^_H]!D/.#&8M/$"3443.8-$#&"3-3*&,8&3"3/)*R!.79H!9**H!IfH]HO!M/$"344#8&6*$/03,/$R! W42H!=-3.*H!IHI^H]O!&6-&44&.8M/$"#Q!X012!9;7!C!>12437E7:1!YHHH[!9=1!YHHH[!04335!1331237! 73072584!YHHH[!5::5!391/5!<1:!14/*(!<7!#27384L5/1!7/!9;7!V:;84!C!27825884!94E1!;/4! 39=75>4!130;:34!5!3;4/!<7!94:07!<5::1!9531!<17!2799=7!301/<59974/7!N#2H!14/:!]OO! ¢ãåxò|!¶vz◊§!ußúèàêsx!ux!óÑzvàì!Øv{xsãQ!1!5SS75!047!533497584!F;1385!7ED E567/1! 5! ;/B5:825! 825<7@74/5:1G! L4231! <127>585! <5! #2H! 1#6! fbT! 4! L4231! <5! ;/5! 25994:85!<7!024>12S7!4!<7!E5337E1\G!'4E5337!]^IIG!]g_G!9L2H!`4E05721!IP_gG!OIfH! bb!#/<1234/!IPTf5G!IOIDIO]H! bO!%:!E487>4!<1::5!2799=1@@5!1!<17!024S:1E7!5!1335!94//1337!/4/!C!91/825:1!5:! 13."#*($G!012!F;5/84!375!825!7!L5>42787!N027E5!5/9425!9=1!<5!,;975/4Q!<57!94E797G! 9=1!27312>5>5/4!0528794:521!5881/@74/1!57!<5//437!1LL1887!<1::5!-234#$C2<$3#H!

(26)

"5!#27384L5/1!5!,;975/4! ]_! N94/!:5!358725!<7!F;5/87!5S;35/4!<1::5!2799=1@@5G!9L2H!IIDO^G!397335! 5/9=B1335!7/!821!E4E1/87Q!1!:5!942/791!L7/5:1!N9L2H!O]D_gQH! -/!37E7:1!5/<5E1/84!/4/!C!<1:!21384!734:584A!382;88;25!827052D 8785!=5//4!5/9=1!'#*#-4/.G!=/)/"2/.G!V#44/.G!>&63-2#)&.!1!1#$#.35 */.H!ç;7G!5::5!391/5!7/7@75:1!1!L7/5:1!N9L2H!1#$H!IDO!1!_gDfIQ!37!56D 67;/64/4!7!821!E4E1/87!<1::5!31@74/1!91/825:1G!528794:587!3194/D <4! 7:! E4<1::4! <1:! V($C3#! 0:584/794! N9L2H! OOP9DOfISlOfISD OgISlOg]9D_]T1Q! 94/! :;/6=1@@5! 024621337>5! N9L2H! 1#$H! ODI]lIbD ]_l]_D_TQHb_!*1:!L7/5:1!<1:!>&63-2#)&.G!7/>191G!,797/4!05<24/16675! 8485:E1/81! :5! 391/5! N9L2H! ]]D]_QG! 7/! 37EE18275! 94/! :B7/812:;<74! 7/7@75:1!1!:5!:188;25!<1::B5/87D37E04374!N9L2H!IDI_QG!9;7!316;7>5!/1:D :5!31@74/1!91/825:1!;/!>7>591!395ES74!<7!S588;81!N9L2H!IfD]IQH!%/! E5/7125!5/5:465G!/1::B=/)/"2/.!5::5!942/791!N9L2H!IDbQ!316;4/4!7:! <7S588784! N9L2H! ODI^Q! 1! :B7/530188585! <1/;/975! <1::B7EE425:78?! <7! `5645!N9L2H!I^DIbQG!E1/821!/1:!'#*#-4/.8:5!942/791!7/7@75:1G!499;D 0585!<5:!<75:464!825!.524/81!1!.:484!1!<5::B7/621334!7/!391/5!<17! 01234/5667! N9L2H! IDTQG! C! 316;785! <5::5! :;/65! 31@74/1! 91/825:1G! 5! 0240275!>4:85!943878;785!<5!821!10734<7!N9L2H!gDIb!<75:464!825!M1D 6501/81!1!.:484G!IODIP!02131/85@74/1!<7!M797::4!1!5001::7!5!.:4D 84G!IPD]b!825>123585!<1::B#9=124/81QG!1!<5::5!<1/;/975G!5/9=B1335! L4/<585!3;!821!E4E1/87!N9L2H!]b!02491334!5!.7/7394G!]O!5!M797::4G! ]_D]P!5!M16501/81QH!%/L7/1!/1:!V#44/.G!5::B10734<74!7/824<;887>4G! 94/! M797::4! 9=1! 7/>7<75! :ü567581@@5! <7! j/7L4/1G! 94227304/<1! :5! 391/5!L7/5:1G!94/!:5!<1/;/975!<1::5!E1<137E5!2799=1@@5Hbf! ª7385! :5! L21F;1/@5! 94/! 9;7! 94E0521G! C! 01285/84! >12437E7:1! 9=1!F;1384!5/<5E1/84!382;88;25:1!L4331!5>>128784!94E1!9525881D 2738794! <5! ,;975/4! 5LL4/<5/<4! 7/! 05281! :1! 25<797! /1::B9$"2#3#G! <4>1!5:E1/4!<;1!94EE1<71!N1!825!:1!07K!L21F;1/8581!<5:!&5E4D 3581/31QbT!02131/85/4! ;/4! 39=1E5! F;5/84! E1/4! 13821E5E1/81!

5LL7/1!1!<5!94/37<12521!5995/84!5::ü;3;5:1!82705287@74/1!382;88;25D :1!7/!0524<4G!564/1!1<!107:464H!,1!%/F(4&!37!528794:5/4!7/L5887!7/! 821! E4E1/87! N9L2H! >>H! ID]f]! L531! 7/824<;884275G! >>H! bIODIO_I! <7D S588784!1!>>H!IO_]DI_II!<1/;/975Q!1!:5!31@74/1!91/825:1!C!5!024D

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

b_!&;7!25004287!825!1#$#.3*/.!1!V($C3#G!00H!I^]33H! bf!&7!0482?!7/4:821!94/L24/8521!:B!"#$(,&)3--/.!94/!<;1!05//1::7!7/824<;887>7! N9L2H!IDb!7/824<;@74/1!<17!01234/5667!1!ODP!94/<5//5!<1::1!3019;:5@74/7!<17!L7D :434L7QG!821!10734<7!L4/<5E1/85:7!N9L2H!I^DIb!>4:4G!I_DIP!43312>5@74/1!<1:!61/121! ;E5/4G! 1! ]]D]P! 94::4F;74! 94/! ±1;3QG! 1! <;1! 7/812:;<7! N9L2H! Ib33H! 7/94/824! 94/! +E01<49:1!1!]^33H!94::4F;74!94/!:5!,;/5QH!.=7;<1!8;884!:B;3;5:1!0249:5E5@74/1! N<7!±1;3!94/824!7!L7:434L7Q!1!:5!94/<5//5!N3;991337>5!5::B59942<4!825!6:7!<17QH!#/D <1234/!IPTf5G!IOPH! bT!.L2H!W4;31=4:<12!IPOIG!OH!

Riferimenti

Documenti correlati

Ha un ruolo fondamentale nella pianificazione delle indagini, nel riconoscimento dei materiali e nella definizione della geometria del sottosuolo.. Il

Essendo N = N (ε, x), non possiamo asserire che vi sia convergenza uniforme in tutto R (andrebbe verificato attraverso la definizione di convergenza uniforme); tuttavia, non essendo

Il concetto che finalmente riuscirà a generalizzare quello di derivata nel caso N -dimensionale e che quindi ci assicura la continuità in un punto P ∈ A, con A aperto di R N , è

CORSO DI ANALISI MATEMATICA II DIPARTIMENTO DI FISICA ANNO ACCADEMICO 2017/2018..

Università degli Studi di Trento Corso di laurea in

(iv) Si determini il numero di punti affini della curva C che hanno tangente oriz- zontale. Soluzione

Il/la sottoscritto/a, consapevole delle responsabilità e delle sanzioni penali stabilite dalla legge per false attestazioni e mendaci dichiarazioni (art. 445 e s.m.i.), e della

Danni verificatisi in relazione a fatti, atti od omissioni derivanti da dolo di Amministratori e Dipendenti, accertato con provvedimento definitivo dell’Autorità competente –