• Non ci sono risultati.

L'immaginario del femminismo

N/A
N/A
Protected

Academic year: 2021

Condividi "L'immaginario del femminismo"

Copied!
244
0
0

Testo completo

(1)

Corso di Laurea magistrale in

Lavoro, Cittadinanza Sociale, Interculturalità

Tesi di Laurea

L’IMMAGINARIO DEL FEMMINISMO

Relatore

Prof.ssa Ivana M. Padoan

Correlatore

Prof.ssa Lucia Pradella

Laureanda

Arianna de Sangro

Matricola 845190

Anno Accademico

2013 / 2014

!

(2)

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

"#$"%&!

! "#$%&'()*&#+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-! ! ./0"1232!45!!61789:;1"!1:27"."!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<! ! ! +,"!-./0012/314/5!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4=! +,6!-1!758(49:/53'!;'<<1!8(49((941!13;457'3(4/71!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>4! +,=!-1!758(49:/53'!;'<<.54;/3'!8/0>5</75!&1(4/1471<'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>-! +,?!@4;/3'!8/0>5</75!&1(4/1471<'A!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>=! ! ./0"1232!>5!?:99";"692!@"!07"9/!2;@/1/……… 31! ",+!B3!395C5!05;'<<5!;/!857/'(D!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!A>! ","!E1&&4'8'3(1:/53/!;'<<1!;5331!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!A-! ",6!-1!05>/</(1:/53'!;'<<'!;533'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!->! ",=!-'!;533'!;9413('!'!;5&5!/<!753F</((5!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-B! ",?!G<!05;'<<5!'291</(14/5!'!/<!05C/0'3(5!'0137/&1:/53/8(1A!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!CC! ",H!I1<<.92912</13:1!1<<1!;/FF'4'3:1A!G!</0/(/!'!/!&141;588/!;'<<.92912</13:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!C=! ! ! ./0"1232!A5!"3!?:99";"692!@"!6:.2;@/!2;@/1/!D4<CEF4<BEG!,,,,,,,,,,,,,,,,,,,,,,,,,,,,!HE! ! ! 6,+!B3!395C5!05;'<<5!;/!857/'(D!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!HE! 6,"!E1&&4'8'3(1:/53/!;'<<1!;5331!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!HH! 6,6!J53;/:/53'!;'<<'!;533'!3'<!;5&529'441!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!=H! 6,=!E/&4'81!;'<!05;'<<5!'291</(14/5!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!B4! 6,?!-1!05>/</(1:/53'!;'<!KHL!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!BC! 6,H!M'&141(/805!'!19(5350/1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!B=! 6,N!J4/8/!'75350/71!;'2</!133/!8'((13(1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<4! 6,L!-1!753;/:/53'!;'<<'!;533'!3'2</!133/!8'((13(1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<>! 6,O!B31!395C1!7587/'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<-! 6,+P!Q'00/3/805!;'<<1!;/FF'4'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!<<! 6,++!-'!&145<'!7R/1C'!;'<!F'00/3/805!;'<<1!;/FF'4'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4E>! 6,++,+!-.S9(57587/'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!+P"! 6,++,"TU'48531<'!V!&5</(/75W!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!+P?! 6,++,6!M/0>5</805!&5</(/75!'!</329122/5!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!+PH! 6,+"!-'!753X9/8('!;'<<'!;533'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4E=! ! ! ./0"1232!-5!?:99";"69"!@"!1:7I/!2;@/1/!D4<BEFJJ"!6:.232G!,,,,,,,,,,,,,,,,,,,,,,,,,!44B! ! ! =,+!J53('8(5!8(54/75!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!44B!

(3)

! 6! ! #$%&'!(')(*! ! =,"!I1<!8/8('01!/3;98(4/1<'!1!X9'<<5!&58(Y/3;98(4/1<'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4>A! =,6!E1&&4'8'3(1:/53/!;'<<'!;533'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4><! =,=!J53;/:/53/!;'<<'!;533'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4-H! =,?!S!7R'!&93(5!V!/<!F'00/3/805Z!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4C4! =,H![95C'!&458&'((/C'!F/<585F/7R'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4CA! =,N!Q'00/3/805!&58(Y75<53/1<'!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4C=! =,L!@<(4'!<1!;/FF'4'3:1A!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4HE! ! ! .&#KL(M*&#*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4HH! ! ! Q'00/3/805!'0137/&1:/53/8(1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4HB! M'753;5!F<9885A!F'00/3/805!;'<<1!;/FF'4'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4=>! S3;14'!5<(4'!<1!;/FF'4'3:1!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4=B! ! ! 3+!;(&N+!0%&MO+$$*N+!1+&%*KP+!'+L!?+QQ*#*MQ&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4<C! ! ! \9;/(R!]9(<'4!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!4<C! E58/!]41/;5((/!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>E4! U'4!93!710>/10'3(5!F9(945!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>E<! ! ! 7*RL+MM*&#*!R*#SL*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>>A! ! ! 1/T:33:!7"/668;1"U:!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>>=! ! ! T*VL*&W%SR*S!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!>A>! ! ! ! ! ! ! ! ! ! !

(4)

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`! X913;5! 8/! 4/C5<2'C135! 1! 931! &<1('1! 0/8(1! ;9413('! <'! 188'0><''^! ;'7</313;5!523/!&45350'^!122'((/C5!'!&14(/7/&/5!1<!0187R/<'!'!F'00/3/<',!$45C1C5!X9'8(1! &41(/71! /3750&4'38/>/<'! ';! '812'41(1A! 93./39(/<'! &'4;/(1! ;/! ('0&5,! G<! F'00/3/805! 5! <1! <5((1! ;'<<'! ;533'! &'4! 0'! '41! X91<7581! 7R'! 1&&14('3'C1! 1<! &1881(5^! 93! &1881(5! 79/! 2914;1C5!753!100/41:/53'!'!01</3753/1!;'<!353!C/889(5,!a/C'C5!3'<<.50>41!;'<!T(9((5!V! 8(1(5!F1((5^!(9((5!V!8(1(5!;'((5!b!'!85&41((9((5Y!(9((5!V!8(1(5!753X9/8(1(5W!&'4!<'!;533',!G5! 0/! 8'3(/C5! '0137/&1(1! '! </>'41^! /3! X913(5! ;5331^! &'4(13(5! 7/c! 7R'! <'! F'00/3/8('! &4'('3;'C135!0/!8'0>41C1!1317453/8(/75!'!&575!1((91<',!J53!/<!8'335!;/!522/!0/!4'3;5! 753(5!;/!;9'!758'A!<1!&4/01!V!7R'!353!1C'C5!1<7931!/;'1!;/!7581!F588'!8(1(5!/<!F'00/3/805! '!<1!8'753;1!V!7R'!X9'<<1!</>'4(D!7R'!74';'C5!;/!&588';'4'!F588'!93.1&&14'3('!/<<98/53',!! G5!353!81&'C5!3/'3('!;'<!Q'00/3/805^!353!1C'C5!/;'1!;/!7581!F588'!8(1(5!3d!1!</C'<<5!;/! 05C/0'3(5! 3d! ;'<! &'38/'45! ('54/75! 7R'! <5! 1C'C1! 8(/05<1(5,! e/! 4/(543135! 1<<1! 0'3('! /! ;588/'4!1!F/3'!71&/(5<5!;'/!</>4/!;/!8(54/1!1<!</7'5!/3!79/!&57R'!4/2R'!'!X91<7R'!F5(5!1C'C135! <1! &4'893:/53'! ;/! 417753(14'! <'! &4/0'! F540'! ;/! &45('8(1! 1<! ;50/3/5! 0187R/<',! U57R'!

(5)

! ?! ! #$%&'!(')(*! ! &12/3'! 0'88'! (41! 93! 71&/(5<5! '! /<! 8977'88/C5^! 753! 935! 8F53;5! ;/FF'4'3('^! 874/(('! 753! 93! F53(! ;/C'485^! /3;/4'((10'3('! 75093/71C135! 750'! X9'2</! 'C'3(/! F588'45! 0142/31</! 5^! 75093X9'^!353!;'23/!;/!'88'4'!/38'4/(/!3'/!&141241F/!&4/37/&1</,!f775!7R'!8/!(4177/1C1!2/D! 931!</3'1!/3C/8/>/<'!01!1<<5!8('885!('0&5!(132/>/<'!750'!8'!<'!&45('8('!;'<<'!89FF412'(('!b! 1;! '8'0&/5! Y! F588'45! 931! 7581! 1! &14('^! 8(1771(1Y/3;/&'3;'3('Y<53(131! ;1<! F<9885! ;'2</! 'C'3(/! 8(54/7/! 9FF/7/1</^! T93! 1&&45F53;/0'3(5W! 1! ;/874':/53'! ;'<<g! 8(9;'3(g! _5! ;'<<g! ;57'3(g`+,!M5<5!<5!875485!1335!241:/'!1<<.'8&'4/'3:1!1!U14/2/!1<!018('4!;/!8(9;/!;/!2'3'4'! R5!&5(9(5!753587'4'!X91</!F588'45!8(1('!<'!&45(1253/8('!;'<!F'00/3/805!/(1</135!_8/7h`,! G35<(4'!1C'4'!<1!&588/>/</(D!;/!8'29/4'!/<!75485!;/!<194'1!1!JD!Q58714/^!/3;/&'3;'3('0'3('! ;1/! 753('39(/! ;'<<'! <':/53/^! 0/! R1! F1((5! F/31<0'3('! 750&4'3;'4'! /! 05(/C/! &'4! 79/! <'! F'00/3/8('!45013'!F17'C135!758i!1(('3:/53'!1<!</329122/5^!&5/7Rd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j9'8(1!75381&'C5<'::1!0/!R1!F1((5!4/F<'(('4'!89<!F1((5! 7R'!353!85<5^!353!1C'C5!/3('85!F/35!/3!F53;5!7581!F588'!8(1(5!/<!F'00/3/805!01!137R'^! 7R'!1!</C'<<5!79<(941<'!/!710>/10'3(/!353!'4135!8(1(/!4122/93(/,!k914;13;50/!/3(5435!'! &14<13;5!753!<'!&'4853'^!0/!8535!4'81!753(5!7R'!522/!<1!&145<1!TF'00/3/805W!&45C571! 4'1:/53/! 05<(5! 753(418(13(/! 7R'! 8/! 095C535! ;1A! T353! 7.V! &/l! >/85235! ;/! &14<143'W! 5! T5401/! <'! ;533'! 8535! </>'4'^! 13:/! 2</! 950/3/! 8535! /3! 74/8/! &'47Rd! <'! ;533'! 8535! &/l! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!"#$%" &'()$*)" &)++)" )+),)$*%-." &/-%$*)" +0%11),2+)%" &)+" 345!564!7" '-8%$.99%*%" &%++0%11'(.%9.'$)" :('11);<" (=)"1."'((/>%"&.">-'8)**.">)-"+0)&/(%9.'$)"1)$9%"1*)-)'*.>.">-)11'"+%"?%1%"@$*)-$%9.'$%+)"&)++)"&'$$)"%"A',%" 1." +%,)$*%B%" &)+" C%**'" (=)" %" 1(/'+%" +%" >-).1*'-.%" 1.%" %$('-%" >-)1)$*%*%" &%." +.2-." &." *)1*'" (',)" DE%" :*'-.%" &)++0#','FG"

(6)

! H! ! #$%&'!(')(*! ! /3;/&'3;'3(/W!b93!&5.!750'!F17'C5!/5Y!F/35!1<!;/8&4'::5!;/!7R/!&'381!7R'!/<!F'00/3/805!V! <1!71981!;/!(9((/!01</!857/1</!T<1!;'71;'3:1!&5</(/71!V!71981(1!;1<<'!;533'!/3!&14<10'3(5,W! U4/01! ;/! /00'42'40/! 3'<<1! <'((941! ;'/! ('8(/! '! ;'<<1! 8(54/1! ;'<<'! ;533'^! 353! 4/987/C5! 1! 753(45>1(('4'!3'<!05;5!1;'291(5^!137R'!8'!3'<!&45F53;5!8'3(/C5!7R'!7.'41!X91<7581!;/! 8>12</1(5! /3! X9'8('! &4'8'! ;/! &58/:/53'! 753! /<! 4/89<(1(5! b/3'C/(1>/<'Y! ;/! &18814'! &'4! <1! TF'00/3/8(1!/8('4/71W!';!V!F17/<'!4/71;'4'!/3!X9'8(5!8('4'5(/&5!522/2/5435!;5&5(9((5!T<'! ;533'!8535!</>'4'!';!'0137/&1('^!35ZW,!f&&94'!71&/(1!(45&&5!8&'885!7R'!<'!;533'!8/135! '87<98'! ;1<! </329122/5! '! ;1<<'! &41(/7R'! '! ;1<<'! &58/:/53/! ;'7/8/531</A! 7R'! <1! </>'41:/53'! 353! 8/1! 8(1(1! 4122/93(1! ;'<! (9((5Z! j9'8(/! ;9>>/! 0/! R1335! 8&/3(1! 1! F14'! 93.131</8/! 89<<1! 8(54/1! '! 89<! &'38/'45! F'00/3/8(1! &5/7Rd! 1C'C5! 3'7'88/(D! &'48531<'! ;/! 71&/4'! 7R'! 7581! C5<'88'45! <'! ;533'^! ;/! 750&4'3;'4'! /<! &'47Rd! ;'<<1! <545! '87<98/53'! '! /<! &'47Rd! ;'<! 01371(5! 4/753587/0'3(5! 8(54/75! '! F/<585F/75,! U'4(13(5! 0/! 8535! &58(1! 931! 8'4/'! ;/! ;5013;'!/3/:/1</A!758.V!/<!8/8('01!&1(4/1471<'Z!J50'!'!7R/!R1!7537'&/(5!<.54;/3'!8/0>5</75! &1(4/1471<'Z!j91</!8535! 8(1('!<'!&41(/7R'!;/! '87<98/53'!;'<<'!;533'Z!j91</!8535!8(1('!<'! 41&&4'8'3(1:/53/!;'<<'!;533'!3'<!75485!;'<<1!8(54/1Z!J50.V!31(5!/<!05C/0'3(5Z!J50'!8/! 8535!'C5<9('!<'!&41(/7R'!'!<'!('54/'!;'<!05C/0'3(5Z!!

I'((5! 7/c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d!353!75/37/;535!753!/<!&45&4/5!753('8(5,!U'4(13(5^!8/!V!('3(135!;/! 4/013'4'! /<! &/l! &588/>/<'! 3'9(41</! 137R'! 8'! 750'! 1FF'401! ]594;/'9! T/<! 41&&54(5! 753! <.522'((5! 7R'! 8/! ;/7'! 522'((/C5! '! 7R'! /0&</71! ;/8(13:1! '! '8('4/54/(D! '3(41! /3! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(7)

! N! !

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

753(41;;/:/53'6W^! &5/7Rd! <1! 4/7'471(4/7'! V! '881! 8('881! &54(1(4/7'A! ;/! &41(/7R'^! 79<(94'! '! 8(49((94',!I5&5(9((5!750'!1FF'401!137R'!B('!I13/'<=!8/!('3('4D!;/!C1<9(14'!/<!F<9885!;'2</! 'C'3(/! &1881(/! 8'3:1! 9(/</::14'! /<! 0'(45! ;'<<'! 1((91</! 7537':/53/! ;/! </>'4(D! 5! '0137/&1:/53'!;'<<1!;5331!01!;/!41&&54(14<'!1<!753('8(5!8/(91(5!/3!79/!X9'8('!8/!8535! 1((/C1(',! ! j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g!950/3/!'!;533'!&14('7/&135!'! 753(4/>9/87535! 1! 74'14'! X9'8(5! /0012/314/5! &5/7Rd! 753;/C/;'3;5! <5! 8('885! 710&5! ;/87548/C5^! 750'! ;/7'! Q59719<(^! 8/! 9(/</::135! <'! 8('88'! &41(/7R'! ;/87548/C'! ;/! '885,! B3! /0012/314/5!7R'!C/'3'!/3F<9'3:1(5!;1/!0188!0';/1!5!;1/!F1<8/!0/(/!7R'!&'40132535!3'<<1! 857/'(D^! &9c! F14! '0'42'4'! ;'/! &45><'0/! /3! 4'<1:/53'! 1<<1! F5401:/53'! ;'<<1! &45&4/1! /;'3(/(D! 74'13;5! 7538'29'3:'! /3/0012/31>/</! 89<<5! 8(/<'! ;/! C/(1! ;'<<'! ;533'! '! ;'2</! 950/3/! &5/7Rd! <.'<'0'3(5! 7R'! C/'3'! 0'35! V! <1! &45&4/1! </>'4(D,! M/! V! ;'7/85! ;/! &14(/4'! &45&4/5! &14('3;5! ;1! X9'8(1! ('8/! ;/! &14('3:1! 5CC'45! ;1<<.'8/8('3:1! ;/! X9'8(1! 8(49((941! 13;457'3(4/71! 5! F1<<5<5257'3(4/71! 7R'! /3! 05;5! C/5<'3(5! 74'1! ;'<<'! &41(/7R'! ;/87548/C'^! X9/3;/!350/31!7/c!5!7R/!&5881!'8/8('4'!1<!895!/3('435,!G<!<1C545!/3!X9'8(5!8'385!4/89<(1! '88'4'^!758i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

3".2.&),"(.*G">%8G"7LQ7L"

(8)

! L! ! #$%&'!(')(*! ! &1(4/1471<'m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`!'!<'!/8(13:'!&54(1('!1C13(/!;1<!05C/0'3(5,!G3!2'3'41<'!8/!V! ('3(1(5! ;/! 'C/;'3:/14'! <'! ;/FF'4'3:'! (41! <'! &41(/7R'! '! ;/! C1<9(14'! X913(5! 2</! R1>/(98! _]594;/'9`! '! <./0012/314/5! F588'45! 71&17/! ;/! 2'3'414'! &41(/7R'! '87<98/C'! _C/5<'3:1! 8/0>5</71`!'!;/!71&/4'!<'!8(41('2/'!;/'(45!X9'8(',!['<<'!7537<98/53/^!8/!('3('4D!;/!C'4/F/714'! /!8'29'3(/!&93(/A!750'!<1!8(49((941!13;457'3(4/71!R1!5&'41(5!3'<!75485!;'<<1!8(54/1!&'4! 013('3'4'! <5! 8(1(98! X95m! 8'^! 750'! 1FF'401! ]594;/'9^! <1! 8(49((941! 1>>/1! 74'1(5! ;'<<'! C/8/53/!753(41;;/((54/'!'!8'!/!0'7713/80/!;/!'3(41(1!1<!895!/3('435!8/135!8(1(/!5&'41(/!&'4! 013('3'4'! <.54;/3'! ;'<<'! 758'm! /35<(4'! 8/! ('3('4D! ;/! 71&/4'^! 750'! <'! ;533'! 8/! 8/135! 41&&54(1('!1<<1!8(49((941^!9(/</::13;5!<'!8('88'!&41(/7R'!;/87548/C'!74'1('!;1<<1!8(49((941! 8('881!5!0'(('3;5!/3!&41(/71!;'2</!'3937/1(/!1<('431(/C/,!G3F/3'^!&45C13;5!1!2914;14'!1<! F9(945^!8/!&54('4D!93!'8'0&/5!;/!931!&41(/71!&58/(/C1!8C5<(1!;1!93.18857/1:/53'!450131! M7588'! 7R'! ;1<! "P++! &45095C'! &452'((/! &'4! 8'38/>/</::14'! 01'8(4/! '! 01'8(4'! 1/! ('0/! ;'<<1! ;/FF'4'3:1! ;/! 2'3'4'! &'4! &45095C'4'! 931! C/8/53'! ;/! 8795<1! 7R'! 753(418(/! 2</! 8('4'5(/&/!;/!2'3'4'^!&5/7Rd!V!&45&4/5!710>/13;5!<'!0'(5;5<52/'!&';1252/7R'!7R'!8/!&9c! 750&/'4'!93!710>/10'3(5!3'<!<9325!&'4/5;5,! ! ! ! ! !

(9)

! O! ! #$%&'!(')(*! ! ./0"1232!45!!61789:;1"!1:27"."! ! +,+ I'44/;1^!Q59719<(^!]594;/'9!'!S&&1;941/!! ! Q/3!;1<!&4/37/&/5!/<!05C/0'3(5!F'00/3/8(1!/4450&'!89<<1!87'31!8(54/71!753!/<!&45&58/(5!;/! 753(418(14'!X9'<!8/8('01!79<(941<'!>181(5!89<<1!7'3(41</(D!1885<9(1!;'<<.9505!_0187R/5`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n! 'C/;'3('! F/3! ;1<<'! &4/0'! <'((94'! ;'/! ('8(/! 7R'! /! >/8523/! /3! 523/! '&571! ;/FF'4/87535^! 758i! ;/! 7538'29'3:1! 137R'! 2</! 5>/'((/C/! ;'<<5! 05C/0'3(5! 09(135,! [5358(13('! 7/c! 8/! &9c! 4/(45C14'! 931! </3'1! 75093'^! 5CC'45A!4/>'<<148/!1<<.'87<98/53'!Y!2/98(/F/71(1!;1<<1!;/FF'4'3:1!>/5<52/71!Y!;'<<'!;533'!;1<<1! C/(1!&9>></71,!U14<14'!;/!8/8('01!79<(941<'!5!;/!8(49((941!&54(13('!;'<!&'38/'45!8/23/F/71! &14<14'! ;/! X9'<<5! 7R'! I'44/;1! ;'F/3/87'! 750'! Tf;/F/7/5! e'(1F/8/75?W! 7R'! V! 931! 8(49((941! ';/F/71(1!';!';/F/713('^!14>/(414/10'3('!/37<9;'3('!';!'87<9;'3('^!74'1(1!;1!X9'<<5!8('885! /0012/314/5!7R'!1<!0';'8/05!('0&5!V!8/(91(5!1<!895!/3('435,!j9'8(1!M(49((941!5!f;/F/7/5^! T;1!8'0&4'HW^!R1!74'1(5!/3!05;5!14>/(414/5!'!C/5<'3(5!93!8/8('01!;/!5&&58/:/53'!;91<'A! ;'74'(13;5!7581!5!7R/!&5('88'!'88'4'!750&4'85!1<!895!/3('435,!G!05C/0'3(/!/3('43/!1<<1! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 7"S)--.&%"(.*G".$":%-%"Y)$*-'$)<"DZ-%,,%*'+'8.%F<"64!3<"['$*)11'-."E%2<"J=**>\]]^^^G>%)&%8'8.(%G'-8];" _".2.&),"

(10)

! +P! ! #$%&'!(')(*! ! 8(49((941!&9<8135!/3!931!<52/71!5&&58/(/C1^!&'4!<1!X91<'!8/!8&/'21!7/c!7R'!C/!&9c!4/8/';'4'! 1<<./3('435^! &'4! ;'F/3/4'! 7R/! 3'! V! '87<985! '! C/7'C'481,! -1! C/5<'3:1! V! 013/F'8(1! 353! 85<5! &'47Rd!<1!8(49((941!;'7/;'!/<!;/FF'4'3('!;1!8d!Y!X9/3;/!7R/!&9c!8/(9148/!5!0'35!;'3(45!;/! '881!Y01!137R'!'^!85&41((9((5^!8/!'8'47/(1!3'<<.1((5!8('885!;/!1&&45&4/1:/53'!;'<<.1<(45!/3! X913(5A! <./37<98/53'! &4'89&&53'! 931! 7137'<<1:/53'! ;'<<'! ;/FF'4'3:',! j9/3;/^! 8/! &9c! 1FF'4014'!7R'!<./324'885!8/!(41;971!;/!F1((5A!3'<<.505<521:/53'!1!X9'<!8/8('01!;/!&'38/'45,! J50'! 1FF'401! 137R'! ]594;/'9^! /3F1((/A! TJ50&/'4'! /<! &45&4/5! ;5C'4'! ;/! 9505! 8/23/F/71! 753F540148/! 1<<.54;/3'! 857/1<'^! 7/5V! F53;10'3(1<0'3('! 4/8&'((143'! /! 4/(0/^! 8'29/4'! <1! 0/8941^!353!13;14'!/3!753(45('0&5!#,,*!j9'8(/!;/C'48/!05;/!;/!4/1FF'4014'!<1!85</;14/'(D! 4177R/9;535! 931! ;'F/3/:/53'! /0&</7/(1! ;'<<1! C/4(l! F53;10'3(1<'^! /3! 1<(4'! &145<'^! <1! 753F540/(D!/<!79/!753(414/5!V!<1!C5<53(D!;/!;/8(/329'48/N,W!G<!7R'!8/!(41;97'!/3!9<(/01!131</8/! /3A! TJ50&54(10'3(/! 858&'((/W,! J/c! 7R'! 4/013'! F954/! ;1/! 753F/3/^! /3F1((/^! 8535A! /! F5<</! _Q59719<(^!+OH+`^!<'!89>Y79<(94'^!/!&1'8/!75<53/::1(/!'!<'!;533'^!7R'!8535!85((5&58(/Y'!1! ;50/31:/53'! '! 85((50/88/53/,! k</! 8(490'3(/! ;'<<.'87<98/53'! 8535! X9'<</! 753! 79/! <1! 8(49((941!<'2/((/01!<1!891!'8/8('3:1!';!/;'3(/(D^!F17'3;5!&18814'!<.1<(45!750'!75<9/!5!75<'/! 7R'! V! &54(1(54'! ;/! C/5<'3:1^! X913;5! V! X9'8(1! 8('881! /38/(1! 3'<<1! 8(49((941,! j9'8(1! 8(49((941!V!;'350/31(1!;1!!I'44/;1!F1<<5<5257'3(4/71!';!V!/<!&141;/201!89!79/!8/!>181A!<1! 79<(941^! /<! 81&'4'^! <1! 412/53'! '! <1! 874/((941! 577/;'3(1<'^! 7R'! 74'1! X9'8(.54;/3'! /3! 05;5! 14>/(414/5^! 1((41C'485! /<! 895! 8('885! /0012/314/5! 74'13;5! 93! 8/8('01! ;/! C/5<'3:1! 8/0>5</71! 7R'! <187/1! 931! (4177/1^! 7R'! ;/C/'3'! <')! /38/(1! X9/3;/! 750'! ;/4'>>'! ]594;/'9A! R1>/(98L,!!I'((5!X9'8(5^!X9'<<5!7R'!8/!&45&53'!;/!F14'!753!X9'8(1!4/7'471!V!;/!71&/4'!;9'! F1((54/A!/<!&4/05!V!/<!05;5!/3!79/!R1!5&'41(5!/<!<5258!F1<<5<5257'3(4/75!4/8&'((5!1<<'!;533'! 1((41C'485A!<'!89'!41&&4'8'3(1:/53/^!<'!89'!1&'4(94'!'!7R/9894'm!/<!8'753;5!V!71&/4'!/3!7R'! 05;5! /<! 05C/0'3(5! F'00/3/8(1! 8/! &53'! 4/8&'((5! 1! X9'8(1! 8(49((941,! U'4! &'48'29/4'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

X"HG"I'/-&.)/"J6443"K!LX6N;<"DH)-"/$%"*)'-.%"&)++%">-%*.(%F<"A%CC%)++'"?'-*.$%"P&.*'-)<"[.+%$'" M"I'/-&.)/<"J6443"K!LX6N<"6447<"64!R"K!LLMN;""

(11)

! ++! !

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

X9'8(5!5>/'((/C5!8/!4/7R/105!;/FF'4'3(/!19(54/A!Q59719<(^!I'44/;1^!]594;/'9!'!S&&1;941/! ;1!79/!8/!&4'3;'41335!/3!&4'8(/(5!1<793/!7537'((/^!7R'!;/C'3('41335!F53;10'3(1</!1/!F/3/! ;'<<.131</8/,! I'44/;1! V! 8(1(5! F53;10'3(1<'! &'4! <1! ;'F/3/:/53'! 85&41! 4/&54(1(1! ;/! f;/F/7/5! e'(1F/8/75!'!X9/3;/!&'4!931!;'F/3/:/53'!;/!X9'<<.54;/3'!8/0>5</75!F1<<5<5257'3(4/75^!7R'! &5/!<'!F'00/3/8('!('3('41335!;/!;'758(49/4'!3'<!75485!;'<<1!8(54/1m!Q59719<(!/3C'7'!814D! 9(/<'!&'4!<1!891!131</8/!;'<!</329122/5!_<5258`!750'!8(49((941!71&17'!;/!350/314'!X9/3;/! ;/! ;'('40/314'! 7581! &9c! 5! 35! '88'4'm! ]594;/'9! 7/! 814D! 9(/<'! &'4! <'! 89'! ;'F/3/:/53/! ;/! o1>/(98!'!C/5<'3:1!8/0>5</71^!7R'!8535!/3!858(13:1!/!05;/!753!79/!<1!8(49((941!79<(941<'! &'48/8('!3'<!('0&5!1!8'753;1!;'<<'!;/FF'4'3(/!753;/:/53/!'^!/3F/3'^!S&&1;941/!&'4!<1!891! ;'F/3/:/53'!;/!G0012/314/5YG0012/3'!7R'!4/89<(1!'88'3:/1<'!&'4!71&/4'!<'!<52/7R'!753!79/! <1! 8(49((941! F1<<5<5257'3(4/71! V! /8(/(9/(1! '! 5&'41,! n! 8(1(1! &'4(13(5! '8'29/(1! 931! <'((941! ;'<<'! C14/'! '&57R'^! &4'3;'3;5! /3! 7538/;'41:/53'! &'4! 523/! '&571A! <'! 41&&4'8'3(1:/53/! ;'<<'! ;533'm! <1! <545! 753;/:/53'! 857/1<'Y'75350/7R'! '^! /3F/3'^! <'! <545! 4/C'3;/71:/53/,! G3! 858(13:1^!8/!V!('3(1(5!;/!875&4/4'!X91<'!F588'!<1!8(49((941!;/!;50/3/5!7R'!R1!5&'41(5!3'<<'! C14/'!'&57R'!3'/!753F453(/!;'<<'!;533'!'!/<!05;5!/3!79/!'88'!8/!8535!41&&54(1('!1!X9'8(1,! U'4!131</::14'!/<!;50/3/5!;/!931!7<188'!5!;/!93!2'3'4'!5!;/!931!79<(941!89!93p1<(41!8/!V! 4/<'C1(5! /0&54(13('! <5! 8(9;/5! ;'<! </329122/5! '! ;'<<'! /0012/3/,! G<! </329122/5! V! <5! 8(490'3(5!;/!&5('4'!&4/014/5!753!79/!8/!0'((535!/3!&41(/71!05;'<</!/37<98/C/!5!'87<98/C/! ;/! 249&&/! ;/! /3;/C/;9/^! 7R'! &588535! (45C148/! 1;! 177';'4'! 5! 0'35! 1<! 25;/0'3(5! ;/! ;'('40/31(/! ;/4/((/,! -'! /0012/3/! 8('88'! 8535! 93! </329122/5^! 13754! &/l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

(12)

! +"! ! #$%&'!(')(*! ! ;/87548/C'!;/!/37<98/53'!5!'87<98/53',!j9'8(5!&45&4/5!&'47Rd!<1!8(49((941!</329122/5!74'1! 931! 8(49((941! 053;5^! /! 79/! ('40/3/! ;'<<./37<98/53'! C'32535! 14>/(414/10'3('! ;'7/8/^! '87<9;'3;5!(9((5!7/c!7R'!353!8/!<187/1!/3X91;414'!/3!(1<'!</329122/5^!;93X9'!'87<9;'3;5! <.1<(45!;1!8d,!j9'8(1!8(49((941!8/!F53;1!(410/('!931!;'('40/31:/53'!;/!7/c!7R'!&9c!'!;'C'! 8988/8('4'! '^! X9/3;/^! (410/('! 93.'87<98/53'! ;/! (9((5! 7/c! 7R'! 353! 4/'3(41! 3'<<1! 8(49((941! 8('881! X9/3;/! ;'<<.1<(45! &'4! 13(535018/1,! J50.V! 1CC'39(5^! ';! 1CC/'3'^! &'4! <'! ;533'^! /! 75<53/^!/!0/2413(/,!U5/7Rd!8/!C95<'!1<<5!8('885!('0&5!('3'4!753(5!;/!750'!X9'8('!&41(/7R'! 8/! 8/135! 05;/F/71('! 3'<! 75485! ;'<<1! 8(54/1^! 353! &'4! 4/7'4714'! 93.54/2/3'O!8&'7/F/71! '! 93/(14/1! Y! 7R'! 8/! (41;944'>>'! 753! <1! 4/7'471! ;/! 931! 8522'((/C/(D! F53;1(4/7'! X9/3;/! ;/! 93! -5258! 7R'! (4187'3;'! <1! 8(54/1! 013/F'8(1! Y! 01! &'4! F14! '0'42'4'! <1! 4'25<14/(D! ;'2</! '3937/1(/^! 5CC'45! <./38/'0'! ;'<<'! 753;/:/53/! 89<<1! >18'! ;'<<'! X91</! 8/! '8'47/(1! 523/! F93:/53'! '3937/1(/C1,! j9/3;/! 7/c! 7R'! <1! 4/7'471(4/7'! 8/! &45&544D! ;/! 131</::14'! 3'<! 75485! ;'<<.131</8/! 814D! ;/! 750&4'3;'4'! 750'! 01/^! 7'4(/! '3937/1(/! ;/87548/C/! '! 353! 1<(4/^! 8/135! '0'48/! /3! X9'<! (%,>'"&.1('-1.B'! '^! 137541^! X91<'! 8/1! <1! 412/53'! ;'<<1! <545! 750&1481! ';! '8/8('3:1,!j9'8(1!0'(5;5<52/1!;/!4/7'471!V!350/31(1!;1!Q59719<(!750'!S47R'5<52/1!;'<! 81&'4'+P!<1! X91<'! 8/! &45&53'! ;/! 8C'<14'! 7581! 4'25<1! <'! &41(/7R'! ;/87548/C'^! X9/3;/! 8/! &4'8'3(1!750'!93.131</8/!;'<!;/875485!7R'!8/!F571</::1!89<<5!8&'8854'!75374'(5!'!8&'7/F/75! ;/!'885,!Q59719<(!858(/'3'!<.'8/8('3:1!;/!93!8/8('01!;/!'3937/1(/!_S47R/C/5`!7R'!4'25<1!7/c! 7R'!&9c!5!353!&9c!'88'4'!;'((5^!X9/3;/!7/c!7R'!&9c!5!353!&9c!'8/8('4'!';!V!&45&4/5!89! X9'8(5^!7R'!8/!C95<'!F571</::14'!<1!4/7'471!3'<<5!875C14'A!X91</!8/135!/!8/8('0/!;/!4'25<'!7R'! 25C'43135!/!;/87548/!X9/3;/!<'!41&&4'8'3(1:/53/!5!<'!'87<98/53/!;'<<'!;533'^!'!750'^!;1! X9'8(/! 1>>/135! &4'85! F5401! <'! 4/7R/'8('! F'00/3/8(',! S! X9'8(5! &45&58/(5! <5! 8(490'3(5! ;'<<.147R'5<52/1! 4/89<(1! 395C10'3('! 1;'291(5^! &5/7Rd! 353! 8/! C95<'! 4/7'4714'! 85<5! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

L"" P0" $)()11%-.'" ('8+.)-)" ." &.1('-1." $)+" ,',)$*'" &)+" +'-'" %>>%-.-)" D$'$" 2.1'8$%" -.,%$&%-)" .+" &.1('-1'" %++%" +'$*%$%" >-)1)$9%" &)++`'-.8.$)a" 2.1'8$%" %CC-'$*%-+'" $)+" ,)((%$.1,'" &)++%" 1/%" .1*%$9%b" [G" T'/(%/+*<" DE0%-(=)'+'8.%"&)+"1%>)-)F"J!LLR;"(.*G">G"37".$"=**>\]]^^^G.+8.%-&.$'&).>)$1.)-.G)/]1*'-.%C.+]C'/(%/+*!G=*," !4".2.&),"

(13)

! +6! ! #$%&'!(')(*! ! 93.93/(D! (5(1</::13('! ;'/! ;/87548/! 01! 131</::14'! &/9((58(5^! <'! ;/FF'4'3:'! ;'<<'! C14/'! F5401:/53/! ;/87548/C'! /3! 41&&54(5! 1! X9'<<'! 4'25<'! 7R'! </! R1335! 2'3'41(/,! j9'8(5! 8/! (41;97'^! 8/1! 3'<<1! &588/>/</(D! ;/! 100'(('4'! ;'<<'! 753(41;;/:/53/! 8'3:1! <1! &4'('81! ;/! 750&1((14'!<'!;/FF'4'3:'!'0'48'^!01!1<!753(414/5!;/!4/3(4177/14<'^!8C'<13;53'!<'!;/C'48'! F93:/53/!750'!;/7'!<5!8('885!Q59719<(A!qM/!(41((1!/385001!;/!013('3'4'!/<!;/875485!3'<<'! 89'! 05<('&</7/! 18&'4/(Dm! '! 7538'29'3('0'3('! ;/! 85&&4/0'4'! /<! ('01! ;/! 931! 753(41;;/:/53'! 93/F540'0'3('! &'4;9(1! '! 4/(45C1(1^! 4/85<(1! '! 8'0&4'! 4/3187'3('^! 3'<<p'<'0'3(5! /3;/FF'4'3:/1(5! ;'<! -5258++q_Q59719<(^! +OO=`,! G35<(4'! <.S47R'5<52/1! 7/! 7538'3('! ;/! &4'C';'4'! '! 131</::14'! ;'<<'! (418F5401:/53/^! 7R'! 353! 750&54(135! <1! 8750&1481! ;'/! 7537'((/^! ;'2</! 522'((/! '! ;'<<'! '3937/1:/53/! 01! <1! F5401:/53'! ;/! 395C'! &41(/7R'! ;/87548/C'! 7R'! 7141(('4/::135! <'! ;/FF'4'3(/! '&57R',! U94! ;/8(17713;58/! ;1<<1! 7537':/53'! (41;/:/531<'! ;/! M(54/1! 750'! 753(/3990! 31441(/C5Y;5790'3(14/5! <.131</8/! 147R'5<52/71! ;/! Q59719<(^! 353! C95<'! (41;948/! /3! 93! 131</8/! 1Y8(54/71! &5/7Rd! C95<'! 131</::14'!/<!0'7713/805!;'<<'!4'25<'!;/87548/C'^!8'0&4'!/3!4'<1:/53'!1!93!;1(5!&'4/5;5! 5!753('8(5!;/87548/C5!'!8'0&4'!/3!7533'88/53'^!1/!0'7713/80/!7R'!2'3'41!/3!'885!'!F954/! ;/!'885,!j9/3;/^!523/!&'4/5;5!&4'85!/3!7538/;'41:/53'!/3!X9'8(1!4/7'471^!C'44D!131</::1(5! 750'!93!710&5!'3937/1(/C5!8';'!;/A!4'<1:/53/^!4'25<14/(D!'!1CC'3/0'3(/,!S!X9'8(5!&93(5^! 8/!&9c!1FF'4014'!7R'!<1!&58/:/53'!;'<<1!;5331!'!/<!895!495<5!3'<<1!857/'(D!750'!@22'((5!8/! ;'>>1! ;'874/C'4'! '! 752</'4'^! &14('3;5! ;1<<'! &41(/7R'! ;/87548/C'! 7R'! 3'! ;'('40/3135! X9'8(5! 75<<5710'3(5^! 750'! 1FF'401! Q59719<(^! /3F1((/^! <'! &41(/7R'! ;/87548/C'A! q;'('40/3135! /<! F187/5! ;/! 41&&54(/! 7R'! /<! ;/875485! ;'C'! 'FF'((914'! &'4! &5('4! &14<14'! ;/! X9'8(/!'!;/!X9'2</!522'((/^!&'4!&5('4</!(41((14'^!350/314'^!131</::14'^!7<188/F/714'^!8&/'214'^! '77,+"q!_Q59719<(!_+OO=`^!7/(,!&12,!H6`,!U'4!Q59719<(!V!'88'3:/1<'!93.131</8/!;'<!;/875485^! &5/7Rd! ;1! '881! 3'! '0'42'4D^! 353! (13(5! <1! 4'1<(D! ;'2</! 522'((/! 01! /<! <545! 4'2/0'! ;/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!".2.&),"" !6".2.&),"

(14)

! +=! !

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

'8/8('3:1^! /3! X9'8(5! 8'385! &'4! <.19(54'^! /! ;/87548/! 353! 8535! 7538/;'41(/! 750'! 93! 0'45! /38/'0'!;/!8'23/!01!&/9((58(5^!750'!;'<<'!&41(/7R'!7R'!;1335!F5401!12</!522'((/!8('88/!;/! 79/! ;/8X9/8/87535,! U'4! q&41(/71! ;/87548/C1W! Q59719<(! /3('3;'A! q93! /38/'0'! ;/! 4'25<'! 1353/0'^!8(54/7R'^!8'0&4'!;'('40/31('!3'<!('0&5!'!3'<<5!8&1:/5!7R'!R1335!;'F/3/(5!/3! 931! ;1(1! '&571^! '! &'4! 931! ;1(1! 14'1! 857/1<'^! '75350/71^! 2'5241F/71! 5! </329/8(/71^! <'! 753;/:/53/! ;/! '8'47/:/5! ;'<<1! F93:/53'! '3937/1(/C1+6q! _Q59719<(^! +OO=^! 7/(,! &,! +?L`,! Q571</::148/! 892</! '3937/1(/! 'FF'((/C/! C95<! ;/4'! 137R'! ('3'4! 753(5! ;'<! 8522'((5! 7R'! </! &453937/1^!&5/7Rd!1;!'88/!8/!4/753587'4D!5!0'35!93!C1<54'!;/!C'4/(D!5!'4454',!U'4!71&/4'! 750'!01/!X9'8(1!8(49((941!8/1!85&41CC/889(1!F/35!1!522/!V!F53;10'3(1<'!/<!753(4/>9(5!;/! ]594;/'9,!['<!&4'10>5<5!;'<<1!891!5&'41!TG<!;50/35!0187R/<'W!_"P+=!#+OOL*`!8/!7R/';'^! /3F1((/^!750'!01/!<.54;/3'!8(1>/</(5!758i!750.V^!753!(9(('!<'!89'!753(41;;/:/53/!'!C/5<'3:'! 8/! &'4&'(9/! 758i! F17/<0'3('! Y! '87<98'! 414'! '77':/53/! b! 7R'! 137R'! <'! 753;/:/53/! &/l! /3(5<<'41>/</!1&&1/535!750'!177'((1>/</!'!&'48/35!31(941</A!750'^!1;!'8'0&/5^!/<!;50/35! ;'<<.9505! 89<<1! ;5331,! -.93/71! 8&/'21:/53'! V! 7R'! X9'8(/! 41&&54(/! ;/! 5&&4'88/53'! 8/135! &'47'&/(/! '! /3('4/54/::1(/! 750'! 8'! F588'45! 31(941</^! ';! '775! 7R'! /! 7537'((/! ;/! o1>/(98! '! C/5<'3:1! 8/0>5</71! ;/C'3(135! F53;10'3(1</+=,! G3! 523/! 10>/'3('! 8&'7/F/75^! 858(/'3'! ]594;/'9^! 8535! &4'8'3(/! ;'<<'! 8(49((94'! 7R'! &45;97535! ;'<<'! 4'25<14/(D^! 5CC'45! ;'2</! R1>/(98! _<')! /38/(1`A! 931! 8(49((941! 8(49((941(1! '! 8(49((9413('! 7R'! 2'3'41! &41(/7R'! '! 41&&4'8'3(1:/53/^! 4'25<14/! '! 4'25<1('! 8'3:1! '88'4'! &45;5((5! ;'<<.5>>';/'3:1! 1! ;'<<'! 4'25<'^!&'4(13(5^!8535!75<<'((/C10'3('!177'((1('!'!4/'3(4135!3'<<./0012/314/5,!-.o1>/(98! V!931!0'054/1!01('4/1<'!/38/(1!3'<!754&5^!931!(4177/1!7R'!;D!<1!8'381:/53'!1<<./3;/C/;95^! 7R'!<'!&41(/7R'!'!<'!41&&4'8'3(1:/53/!8/135!T31(941</W^!758i!&'4!'8'0&/5^!<1!;/C/8/53'!;'/! 8'88/! 4/'3(41! 3'<<.54;/3'! ;'<<'! 758'+?,! -.R1>/(98! V! /0&54(13('! &5/7Rd! V! <1! 01(4/7'! ;'<<'! &'47':/53/^! ;'<<'! C1<9(1:/53/! '! ;'<<'! 1:/53/! ;'2</! 12'3(/! _/3;/C/;9/`^! 7R'! 4/89<(135! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !3"@2.&)," !R"HG"I'/-&.)/"J6443"K!LX6N;">>"64_Q633a"HG"I'/-&.)/"J6447"K!LM4N;<">>QM3Q!46" !7":."-.,%$&%"%\"HG"I'/-&.)/"J"64!R"K!LLMN;G""

(15)

! +?! ! #$%&'!(')(*! ! 5052'3'/! '! 75<<'((/C10'3('! /3754&541(/! &'4(13(5A! 4'25<14/^! 4'25<1(/! '! 41:/531</+H,! J50'! 1>>/105!177'331(5!85&41^!'885!&'40'(('!;/!750&4'3;'4'!750'!01/!/<!;50/3/5!0187R/<'! 8/!V!&'4&'(91(5!&5/7Rd!2</!/3;/C/;9/!T&54(135!753!8d!/3!523/!('0&5!'!/3!523/!<9525!85((5! F5401! ;'2</! R1>/(98! 7R'! '88/! 8('88/! &54(135! 750'! 1>/(/! '! 7R'^! 750'! 2</! 1>/(/^! F1335! /<! 053175^!7/5V!<1!&'48531!857/1<'!753!(9(('!<'!89'!;/8&58/:/53/!7R'!8535!1<(4'((13(/!8'23/! ;'<<1! &58/:/53'! 857/1<'! X9/3;/! ;'<<1! ;/8(13:1! 857/1<'! (41! <'! &58/:/53/! 522'((/C'! #,,*! 353! '8/8(535! /3('41:/53/! #r*! 7R'! 353! 8/135! ;50/31('! (410/('! <.14053/1! ;'2</! R1>/(98! #,,*+NW! -.R1>/(98! _<1! 8(49((941`! V! /3('4/54/::1(1! 3'<! 754&5! 7/! &'40'(('! ;/! 71&/4'! 750'! F93:/531! <.';/F/7/5!0'(1F/8/75!_I'44/;1`!7R'^!750'!1>>/105!8&/'21(5!1<<./3/:/5^!;'('40/31!7R/!&9c!5! 35^!'88'4'!750&4'85!1<!895!/3('435,!j9/3;/!8&/'21!]594;/'9^!<.505<52/1!7R'!8/!8(1>/</87'! (41! 2</! R1>/(98! ;'/! 0'0>4/! ;/! 935! 8('885! 249&&5! 5! 7<188'^! 8535! /<! &45;5((5! ;'<<./3('4/54/::1:/53'!;'<<'!0';'8/0'!8(49((94'!F53;10'3(1</+L,!f8/8(535!&5/!<'!TC14/13(/! 8(49((941</! ;'<<.R1>/(98W! ;/! 249&&5^! 7R'! 4/8&'77R/135! <'! ;/FF'4'3(/! (41/'((54/'! '! &58/:/53/! 1<<./3('435!;/!X9'<!249&&5!5!7<188',! G<!7537'((5!;/!R1>/(98!&'4(13(5!4/89<(1!'88'3:/1<'!1/! F/3/!;'<<1!4/7'471!&'4!;9'!05(/C/A!/<!&4/05!V!7R'!(9((5!/<!&'4/5;5!7R'!C1!;1<<1!4/C5<9:/53'! F4137'8'!F/35!1!522/^!<1!;50/31:/53'!0187R/<'!89<<'!;533'!8/!V!<'2/((/01(1!&45&4/5!/3(5435! 1!7581!'41!&'47'&/(5!750'!31(941<'!C8!7/c!7R'!/3C'7'!987/C1!F954/!;1<<1!35401m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a"HG"I'/-&.)/"J6447"K!LM4N;G" !X"HGI'/-&.)/"J6443"K!LX6N;<"(.*G">%8G"66RQ667" !M".2.&),">>"63!Q636Q633"

(16)

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d! '885^! 85&41((9((5! 3'<<.'&571! 753('0&5413'1^! 41&&4'8'3(1! /<! F53;10'3(5! ;'<<.12/4'! /3;/C/;91<'! '! 75<<'((/C5! '^! 753('0&5413'10'3('^! ;/C/'3'! 93! 4/<'C1(54'! ;/! 8'385! 4/8&'((5! 1<<'! 1:/53/! ;'/! 8522'((/! 3'<<1! C/(1! X95(/;/131,! E/F<'(('4'! 89<<./0012/314/5! 8/23/F/71! C5<'4! 750&4'3;'4'! <1! 750&<'88/(D! ;'/! 750&54(10'3(/! 857/1</^! <'! 4'<1:/53/! '! /! F'350'3/! 7R'! 7141(('4/::135! 93.'&571,! -./3754&541:/53'! ;'2</! /0012/314/^! /3F1((/^! ;/C/'3'! <1! F5401! ;'<<.W'88'4'Y3'<Y 053;5+OW! '! ;'<<.1:/53'! 75093'^! ;/C'3(13;5! '88'3:/1<'! 3'<<1! 74'1:/53'! ;'<<./;'3(/(DA! /3;/C/;91<'! '! 75<<'((/C1,!M'753;5! <1! ;'F/3/:/53'! ;/! JR14<'8! $1%<54! /3F1((/! <.T/0012/314/5! 857/1<'"PW! 7544/8&53;'A! 1<<1! 013/'41! /3! 79/^! 2</! /3;/C/;9/! 8/! 1;1((135! 2</! 93/! 12</! 1<(4/^! <'2/((/013;5!<'!3540'!7R'!4'25<135!<.1:/53'!857/1<',!G3!X9'8(5!8'385!V!8(1(5!'88'3:/1<'! '8'29/4'! 93.131</8/! ;'2</! /0012/314/! ! 7R'! R1335! 7141(('4/::1(5! <'! &/l! /0&54(13(/! F18/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!L"?+%/&.%" [%**%+/((." J64!6;<" DP*$'8-%C.)" &." 8)$-)G" @,,%8.$%-.<" -)+%9.'$." )" ,/*%,)$*." 1'(.%+.F" E/$8%B.++%" JHY;\"O+*-%B.1*%"@$*-'&/9.'$)">>"XQ6!"<"(.*G">%8G"!X"

(17)

! +N! ! #$%&'!(')(*! ! 8(54/7R'^!1!&14(/4'!;1<<1!E/C5<9:/53'!Q4137'8'!F/35!1<<.'&571!753('0&5413'1^!&5/7Rd!'88/! 74'135!'!8/!8/(9135!3'<<1!M(49((941,! ! +," -./0012/314/5! ! !

G<! &1;4'! ;'<<1! 35:/53'! ;/! /0012/314/5! V! k/</>'4(! I9413;! _+OOH`! 7R'! <5! ;'F/3/87'! 750'! <./3753(45! ;'<<1! 8522'((/C/(D! 753! <.10>/'3('! 522'((/C5! 7/4758(13(',! j9'8(5! 4/(45C5! (41! 8522'((/C/(D! '! 522'((/C/(D! 758(/(9/87'^! X9'<<5! 7R'! I9413;! ;'F/3/87'! 93! T(412/((5! 13(45&5<52/75W^! 7/5V! T<./37'8813('! 8710>/5! 7R'! '8/8('! 1<! </C'<<5! ;'<<./0012/314/5! (41! <'! &9<8/53/!8522'((/C'!'!188/0/<1(4/7/!'!<'!/3(/01:/53/!522'((/C'!7R'!'013135!;1<<.10>/'3('! 7580/75!'!857/1<',"+W!B3!1<(45!19(54'!/0&54(13('!V!e1FF'85</^!/<!&1;4'!;'<<1!TM57/5<52/1!;'<! X95(/;/135,W!['<<1!891!5&'41!TG<!('0&5!;'<<'!(4/>lW!_"PP=`!858(/'3'!7R'^!1<<1!>18'!;'<<1! C/(1!X95(/;/131^!C/!V!93!T053;5!/0012/31<'W!7R'!&'40'(('!;./3('4&4'(14'!2</!522'((/!'!2</! 'C'3(/!3'<<1!<545!75374'('::1!'!;/310/71!&45&4/1A!V!/385001!&/l!T4'1<'W!;'<!4'1<'!8('885,! U'4!<.19(54'^!<./0012/3'!74'1!931!8'38/>/</(D!75<<'((/C1^!X9/3;/!<./0012/314/5!8(1!1<<1!>18'! ;'<<1! 753C/C'3:1! ;'2</! /3;/C/;9/! 7R'! 753;/C/;535! 8'3(/0'3(/! <'21(/! 1<<'! /0012/3/! '! 1/! 8/0>5</! 3'/! X91</! 8/! 4/753587535,! J53! /<! 75385</;148/! ;'<<1! 857/'(D! &58(Y05;'431^! 17750&1231(1!;1<<5!8C/<9&&5!('735<52/75^!8/!188/8('!1!931!&45</F'41:/53'!;/!/0012/3/!7R'! /3C1;'!(9((/!/!710&/A!('<'C/8/C'^!&9>></7/(14/'^!C/4(91</m!/0012/3/!T;/!01471W!/3('<<'((91<'^! 4'</2/581^!&5</(/71^!/3;98(4/1<',!$9((5!7/c!8/!058(41!1/!358(4/!577R/!753!931!7'4(1!/3C1;'3:1^! 85((5! <'! F540'! 41&&4'8'3(1(/C'! ;'<<5! 8&'((175<5"",! U'4! e1FF'85</^! X9'8(1! &45</F'41:/53'! ;'<<'! /0012/3/! 41&&4'8'3(1! <1! 3187/(1! ;/! 93! 05;5! ;/! '88'4'! '! ;/! &'3814'! /3('410'3('! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

6!"ZG" S/-%$&<" DE)" 1*-/**/-)" %$*-'>'+'8.(=)" &)++0.,,%8.$%-.'F<" S)&%+'<" I%-.<" !LL_<" (.*G" >%8G" 3!" .$" Z-%11.<" J644_;<"D@$*-'&/9.'$)"%++%"1'(.'+'8.%"&)++0.,,%8.$%-.'F<"Z/)-.$.<"[.+%$'""

(18)

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c! 7R'!137541!353!8/!C';'!01!8/!&'381!'!8/!8'3('!'05(/C10'3('!'^!(13(5!&4'0'!/3!35/^!;1! C5<'4'!987/4'!;1!8d!'!F148/A!C57'^!F/2941!'!;/875485,!G<!&188122/5!;'<<1!857/'(D!05;'431!1! X9'<<1! ;/! 01881! F/35! 1<<1! 857/'(D! &58(Y05;'431! R1! 750&54(1(5^! &'4! S>49::'8'^! /<! &188122/5!;1A!93!/0012/314/5!/3;/C/;91<'!1!935!75<<'((/C5!F/35!1!931!F4100'3(1:/53'!;/! ;/FF'4'3(/!/0012/314/!753(41&&58(/,!!

[5358(13('!/<!753(4/>9(5!;'2</!19(54/!85&41!7/(1(/^!8/!V!4/('39(5!5&&54(935!9(/</::14'!750'! &93(5! ;/! 4/F'4/0'3(5! &'4! X9'8(1! 4/7'471^! <1! 7537':/53'! ;/! G0012/314/5! ;'</3'1(1! ;1! S&&1;941/!3'!Te5;'43/(D!/3!U5<C'4'W!_#+OOH*!"P+"`!&5/7Rd!'881!V!7537/</1>/<'!753!(9(('! <'! F18/! 8(54/7R'! &4'8'! /3! 7538/;'41:/53',! e'3(4'! 2</! 19(54/! &4'7';'3(/! 7538/;'4135! /<! &188122/5! ;1<<1! 05;'43/(D! 1<<1! &58(Y05;'43/(D^! 8137/(1! ;1/! &457'88/! ;/! 2<5>1</::1:/53'^! 750'! 931! F41((941! ;41001(/71! '! 93/71! (41! &1881(5! '! &4'8'3('^! S&&1;941/! 858(/'3'! 1<! 753(414/5! 7R'! /3! 4'1<(D! T<1! 2<5>1</::1:/53'! 353! V! 39<<1! ;/! 395C5^! >'38i! 93! &457'885! /3! 75485!;1!8'75</^!8'!353!;1!0/<<'33/!#r*,"HW!U'4!S&&1;941/^!/3F1((/^!2</!'<'0'3(/!;/8(/3(/C/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 63".2.&)," 6R":."-.,%$&%"%\"[%(.'*."J6447;<"D@$*-'&/9.'$)"%++%"1'(.'+'8.%F<"U=)"[(8-%^Qe.++"?',>%$.)1<"[.+%$'" 67".2.&)," 6_"OG"O>>%&/-%."J64!6"K!LL_N;<"['&)-$.*d".$">'+B)-)<"A%CC%)++'"?'-*.$%"P&.*'-)<"[.+%$'""(.*G">%8G"M"

(19)

! +O! ! #$%&'!(')(*! ! 4/8&'((5! 1<! &1881(5! 8535! <1! 75093/71:/53'! ;/! 01881! '! /! F<988/! 0/241(54/^! 7R'! R1335! 93! /0&1((5! 4/<'C13('! 89<<./0012/31:/53'! '! 7R'^! ;/! 7538'29'3:1^! R1335! (418F5401(5A! /<! X95(/;/135! '! /! 05;/! ;/! 758(49:/53'! ;'<! 8d,! -1! 395C1! 05;'43/(D! V! /3! U5<C'4'! &'47Rd! /<! T&452'((5! ;'<<p/<<90/3/805^"NW! 7R'! 750&4'3;'C1! 05;'<</! '! &457'88/! 7R'! ;1C135! F54:1^! 8(1>/</(D!'!93/(14/'(D!1<<5!8(1(5!31:/53'^!8/!8(1335!75389013;5,!U'4!S&&1;941/^!241:/'!1/! 0';/1!'<'((453/7/^!<p/0012/31:/53'!V!;/C'3(1(1!&14('!;'<!<1C545!0'3(1<'!X95(/;/135!;'<<1! 2'3('! 75093'! /3! 05<('! 857/'(D,! e5<('! &/l! &'4853'^! /3! &/l! &14(/! ;'<! 053;5^! R1335! <1! &588/>/</(D!;/!7537'&/4'!93!&/l!C18(5!4'&'4(54/5!;/!C/('!&588/>/</,!j9'8(1^!(9((1C/1^!353!V! 931! C/8/53'! 5((/0/8(/71! ;'<! 053;5! &58(Y05;'435^! /3F1((/! 2</! /3;/C/;9/! 7R'! 8/! (45C135! 1! C/C'4'! 3'<<'! 753;/:/53/! &/l! ;/89013'! 353! 177'((135! X9'8(5! 750'! 93! ;1(5! ;/! F1((5! 01! 750'! 93! 750&450'885! (41A! <1! C/(1! /0012/31(1! '! 7/c! 7R'! <1! C/(1! 857/1<'! &'40'(('! <545,! -p/0012/31:/53'!;/C'3(1!93!'<'0'3(5!'88'3:/1<'!;'<<1!C/(1!X95(/;/131!;/F1((/A!V!<1!358(41! 71&17/(D! ;/! /0012/314'! <1! 4'1<(D! 3'<<1! X91<'! 8/105! /00'48/! 7R'! <'(('41<0'3('! 74'1! <1! 4'1<(D,! ! U'4! S&&1;9141/^! <5! 8&1:/5! 353! V! &/l! 8/353/05! ;/! 8(1>/</(D! '! ;/! &45;9:/53'! 79<(941<'! _13(45&5<52/1! 7<188/71`! 01^! 1<! 753(414/5^! 3'<<1! &58(Y05;'43/(D! 7/! 8/! ;5C4'>>'! F571</::14'!89<<1!;'('44/(54/1</::1:/53'!7R'!R1!&54(1(5!1!93!1<<'3(10'3(5!;'/!<'210/!(41!<'! &'4853'! '! X9/3;/! R1! 1<('41(5! <'! >18/! ;'<<1! 4/&45;9:/53'! 79<(941<',! ['<<1! 857/'(D! &58(Y 05;'431!C/!V!93!4/(5435!1<!<571<'^!1<<p/0&54(13:1!;'<!X95(/;/135!_3537Rd!1<<p/0&54(13:1! ;'<<p/0012/3'`,! M'753;5! S&&1;941/^! /3F1((/^! /<! <571<'! 3'<<1! 857/'(D! &58(Y05;'431! 353! V! &/l! X91<7581! F17/<'! ;1! 7537'&/4'^! &45&4/5! &'47RdA! 7/c! 7R'! V! 4'1<'! TX9/W! V! 4'1<'! /3! 05<(/! 05;/! '! /3! 05<(/! <952R/,! j9'8(5! 814D! /<! 395C5! 750&/(5^! 5! &'4! 0'2</5! ;/4'^! <1! 8F/;1! &'4! <p'(35241F/1! 7R'! C544D! 5&'414'! 3'<<1! &58(Y05;'43/(D^! 5CC'45A! 71&/4'! ';! /38'29/4'! /! &'47548/! 7R'! <p/0012/31:/53'! F1! 1((41C'485! 93! T&93(5W,! M5<5! 758i! 814'05! /3! 241;5! ;/! 750&4'3;'4'^!<'!87'<('!'!<'!1:/53/!7R'!<'!&'4853'!F1335!/3!X9'<!&93(5,!I'(('!>4'C'0'3('^! <p'(35241F/1! ;'C'! '88'4'! &453(1! 1! 752</'4'! /! <'210/! (41! /0012/314/5! '! C/(1,! G<! 895! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(20)

! "P! ! #$%&'!(')(*! ! 1&&4577/5! 1<<1! 45((941! ;'<<5! 8(1(5! 31:/53'^! 71981(5! ;1! X9'8('! ;9'! F54:'! 7532/93('! _0/241:/53'!'!75093/71:/53'!;/!01881`!V!(413831:/531<'!_1;;/4/((941!&58(Y31:/531<'`!'! &'4! X9'8(5! 05(/C5! 8/! ;/8758(1! ;1<<'! ('54/'! 7<188/7R'! ;'<<1! 05;'43/::1:/53'^! 7R'! &4'89&&532535!<1!4/<'C13:1!;'<<5!8(1(5!31:/531<',!G<!895!875&5!V!;/!;147/!;'2</!8(490'3(/! &'4! 4/987/4'! 1! <'22'4'! '! 752</'4'! <'! ;/310/7R'! ;'/! F<988/! 79<(941</! 2<5>1</! 7R'! 7141(('4/::135! <1! ;/0'38/53'! ;'<<1! 2<5>1</(D,! S! (1<'! 875&5! /0012/31! ;'/! ;/8&58/(/C/Y &135410/! _'(354101m! ('735410'm! F/313:/54101m! 0';/54101m! /;'54101`! 7R'! R1335! &'40'885!<5!8C'<10'3(5!;'<!2<5>1<'^!8'3:1!/!X91</!353!814'005!/3!241;5!;/!752</'4<1,!G3! &57R'! &145<'^! X9'8(/! ;/8&58/(/C/! 8535! X9'<</! 7R'! 4'22535! <1! 395C1! 05;'43/(D! 7R'! S&&1;941/! ;'F/3/87'! /3! U5<C'4'! '! &45&4/5! X9'8(/! 4'22535! /<! 053;5,! M535! /! 01((53/! ;/! X9'<</!7R'!S&&1;941/!7R/101!T053;/!/0012/31(/W,!G<!7537'((5!;/!T053;/!/0012/31(/W!'!/<! 395C5! 495<5! 7R'! R1! <p/0012/31:/53'! 3'<! 053;5! 753('0&5413'5! 4/89<(135! '88'4'! 2</! 8(490'3(/! 0/2</54/! &'4! 1FF453(14'! X9'8('! ;/310/7R'^! &'47Rd! 8535! 4177R/98/! /3! '885! /! 05<('&</7/! &457'88/! 753! 79/! /! 05;/! ;/! &'3814'! '! ;/! 4'12/4'! 1<<.1<('4/(D! 8/! 8(1>/</::135^! 8/! ;/8(4922535!'!8/!4/74'135^!/3!93!&457'885!7R'!353!V!01/!8(1(/75^!01!8'0&4'!/3!;/C'3/4'!'! 8'0&4'!/3F<9'3:1(5!;1<<'!'8&'4/'3:'!'!;1/!0/(/!X9/3;/!;1<<1!79<(941!;/!931!857/'(D^!5!750'! ;/4'>>'!S&&1;941/!;1<<'!05<('&</7/!;/310/7R'!753!/!79/!/!F<988/!8/!095C535^!8/!/3(4'77/135! '!X9/3;/!8/!/3F<9'3:135!<p93!<p1<(45!'!8/!/3;'33/::135,!S((41C'485!X9'8(/!7537'((/!8/!144/C1! 1!7537'&/4'!7R'!/<!41&&54(5!753!/<!053;5!&1881!1((41C'485!<p/0012/31:/53'!'!7R'!X9'8(1! X9/3;/! R1! 93! /00'385! &5('4'! ';! V! F53;1(4/7'! ;/! 8'385,! J538/;'41(1! <./0&54(13:1! 7R'! 18890'! <.G0012/31:/53'^! <.G0012/3'! '! <.G0012/314/5! <1! ('54/1! ;/! S&&1;941/! 4/89<(1! <1! &/l! 1;'291(1! &'4! X9'8(1! 4/7'471! &'47Rd! /3! 9<(/01! /8(13:1! 7538/;'41! <.5&'41! ;'<<./0012/31:/53'! 3'<! 053;5! 2<5>1</::1(5! T#r*! 3d! 750&<'(10'3('! +.2)-%*'-.! 3d! 750&<'(10'3('!85((5!753(45<<5!#r*"L,W!U'4(13(5!8/!V!;'7/85!;/!9(/</::14'!750'!>18'!X9'8(5! 7537'((5!&'4!1FF453(14'!<'!&41(/7R'!;'<!05C/0'3(5!F'00/3/8(1!&'47Rd!8535!4177R/98/!/3! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(21)

! "+! !

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

'885! /! 05<('&</7/! &457'88/! 753! 79/A! /! 05;/! ;/! &'3814'! '! ;/! 4'12/4'! 1<<s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d! 753(/3914'! 1! &14<14'^! 1! 874/C'4'! '! 4/F<'(('4'! 89! X9'8(/53/! ;/! 8)$)-)Z! -1! ;5013;1! &9c! 8'0>414'! /3F53;1(1! 1<<.1&&14'3:1! (9((1C/1! V! /3;/8&'381>/<',! U45&4/5! &'47Rd! 522/! V! 1<(4'((13(5! C'45! '! 522'((/C5! 7R'! <'! ;533'! 8535! ;/874/0/31('! /3! (9((1! 931! 8'4/'! ;/! 8/(91:/53/,! f! 7/c! V! C1</;5! /3! (9((5! /<! 053;5! 137R'! 3'<! T7/C/<'! 577/;'3('WA! /<! 85<5! F1((5! ;/! '88'4'!31('!/3!93!754&5!8'8891(5!F'00/3/<'!V!931!;/874/0/313('!7R'!&58/:/531!1<<./3('435! ;'<<1!8(49((941!13;457'3(4/71!X9'<!754&5!/3!931!&58/:/53'!89>1<('431!'!/3F'4/54'!4/8&'((5! 1!X9'<<1!;'2</!950/3/,!I5&5(9((5!V!;1<<.54/2/3'!;'<!&'38/'45!F/<585F/75!7R'!<'!;533'!8535! 8(1('!753F/31('!1<<1!8F'41!;50'8(/71!5!&4/C1(1^!<187/13;5!/<!4'8(5!1<<.9505!';!V!&45&4/5!89! X9'8(1! >18'! 7R'! <.B505! 8/! V! 19(5&457<101(5A! :'88)**',! E/&'47544'3;5! <1! 8(54/1! ;'<! &'38/'45! F/<585F/75! <1! ;/FF'4'3:1! 8'8891<'! V! 8(1(1! 981(1! b! ;1! 8'0&4'! Y! &'4! 2/98(/F/714'! 93.'87<98/53'! 8/8('01(/71! _$%*/-%+)`! ;'<<'! ;533'! ;1<<1! 8F'41! &9>></71^! <1! X91<'! 4/89<(1! '88'4'!;/!;50/3/5!'87<98/C10'3('!0187R/<'^!&'4!4'<'214<'!/3!X9'<<1!&4/C1(1!5!;50'8(/71,! S31</::13;5!/<!&'38/'45!;/!X9'8(/!('54/7/!;/!(41;/:/53'!577/;'3(1<'!X918/!3'<<1!(5(1</(D^!753! <'! ;5C9('! ;/FF'4'3:'^! R1335! F1((5! 4/F'4/0'3(5! 1<<1! X9'8(/53'! ;'<<1! ;/FF'4'3:1! 8'8891<',!

(22)

! ""! ! #$%&'!(')(*! ! f88/!353!8535!7141(('4/::1(/!750&<'88/C10'3('!;1!8&/3('!0/852/3'^!X9/3;/!;1!;/8&4'::5! C'485! <'! ;533'^! X913(5! &/9((58(5! ;1! 13;457'3(4/805^! 5CC'45! ;1<! 7538/;'414'! /<! 8'885! 0187R/<'!750'!<1!35401^!<1!0/8941!;/!(9(('!<'!758',!!U'4!<'2/((/014'!X9'8(5!8(1(5!;/!758'!8/! V!4'81!3'7'8814/1!<1!758(49:/53'!;/!93!T5&&58(5W!/3F'4/54'!_T93!1<(45!;1!8dW`!758i!7R'!<1! &'4F':/53'^! <.93/C'481</(D! ;'<! M522'((5! F588'! <'2/((/01(1! '! 2/98(/F/71(1,! T-1! F'00/31! V! F'00/31! /3! C/4(l! ;/! 931! 7'4(1! 188'3:1! ;/! X91</(DW^! &'4(13(5^! T;5>>/105! 7538/;'414'! /<! 7141(('4'!;'<<'!;533'!750'!31(941<0'3('!;/F'((585!'!0137R'C5<'"OW!;/7'C1!S4/8(5('<',!-1! ;5331! V! T93! 9505! 01371(5W^! 93! '88'4'! T57718/531<'6PW! 1&58(45F1C1! M,! $500185,! ['<<1! 8(54/1!;'<<1!2'3'8/^!&53'!<.177'3(5!]5889'(^!fC1!V!4/71C1(1!T;1!93!5885!/3!85&413390'45! ;/!S;1056+W,!M/053/;'!;.S05421!1FF'401A!W-'!;533'!8535!/<!&/l!2413!01<1335!7R'!I/5! 1>>/1!74'1(5A!8'>>'3'!(1<C5<(1!&1/135!9(/</^!&4'8(5!;/C'32535!05(/C5!;/!F18(/;/5!&'4!/!<545! &1;453/6"W,!G&&5741('!858(/'3'!7R'A!WJ/!8535!85<5!;9'!2/543/!3'<<1!C/(1!/3!79/!C58(41!052</'! C/!F1!F'</7'A!/<!2/5435!;'<<'!35::'!'!/<!2/5435!;'/!895/!F93'41</66W,!-'!;533'^!&'4(13(5^!8535! ;'F/3/('A! ;'>5</! '! /3F'4/54/! 3'<! 754&5! '! 3'<<1! 0'3('^! &/l! '05(/C'! '! 0'35! 41:/531</^! &/l! C/7/3'! 1<<1! 31(941! 7R'! 1<<1! 79<(941,! f88'! 8535! 75<<'21('! 1/! 8'38/^! 1<<'! &188/53/^! 0'3(4'! <.9505!1!7/c!7R'!;1!54;/3'^!1<<1!412/53'!'!1<<1!753587'3:1,!!J53!X9'8('!1FF'401:/53/!8/! /3('3;'!&45C14'^!353!85<5!<1!<545!/3F'4/54/(D^!1((41C'485!<.198/</5!;/!1<(4'!87/'3:'!750'!<1! &8/75131</8/! '! <1! >/5<52/1! 01! 2/98(/F/714'! <1! <545! &58/:/53'! '! <1! <545! 85((50/88/53'! 12</! 950/3/,! S<! 753(414/5! ;'2</! 950/3/! 8'8891(/! 8/! &14<1! &575,! -'2/((/01! <1! ;5013;1! 7R'! 8/! &53'! a/42/3/1! t55<F! 3'! TG3! 931! 8(13:1! (9((1! &'4! 8V6=W^! 7R'! 0'3(4'! 8/! (45C1C1! /3! 931! >/></5('71^!8/!4'3;'!753(5!7R'!8535!&/l!2</!950/3/!7R'!R1335!874/((5!89<<'!;533'!7R'!353! C/7'C'481!X9/3;/!8/!7R/';'!750'!01/A!T<'!;533'!#r*^!8535!(13(5!&/l!/3('4'8813(/!&'4!2</! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6L"O-.1*'*)+)"(.*G".$":.,'$)"&)"I)%/B'.-"J64!6;<"D@+":)('$&'"1)11'F<"[.+%$'\"@+":%88.%*'-)<"(.*G">%8G"6!"" 34".2.&)," 3!".2.&)," 36".2.&),"(.*G">%8G"!47" 33".2.&),"(.*G">%8G"!4_" 3R"Y.-.8.$.%"f''+C"J64!3;<"D#$%"1*%$9%"*/**%">)-"1VF<"[.+%$'\"I/-<"

(23)

! "6! ! #$%&'!(')(*! ! 950/3/! ;/! X913(5! 353! <5! 8/135! 2</! 950/3/! &'4! <'! ;533'Z6?W,! ! f88/! 8/! 18890535! 750'! <1! 0/8941!5!<1!35401!;'<<.9013/(D!4/8&'((5!1<<1!X91<'!<'!;533'!8/!;/8(/329535,!G3!858(13:1!<'! ;533'!;/FF'4/87535!;12</!950/3/^!<.9505!V!89&'4/54'!1<<1!;5331!;/!7538'29'3:1!2</!8&'((1! <1! 8F'41! &9>></71! _1254D`! &'47Rd! T&'4! 31(941W! V! 1((5! 1! 75013;14'^! 0'3(4'! <1! ;5331^! 1&&14(/'3'!T&'4!31(941W!1<<.10>/(5!;50'8(/75!'!;/!7941,!-1!;/FF'4'3:1!;'/!8'88/!V!&'381(1! 353!/3!8'385!8/00'(4/75^!01!18/00'(4/75A!935!;'/!8'88/!b!X9'<<5!0187R/<'Y!V!/<!05;'<<5! ;'<<.'88'4'!90135m!<.1<(45!b!X9'<<5!F'00/3/<'!b!V!7/c!7R'!V!;/C'485!5!013713(',!-.'88'4'! 90135!;/!8'885!0187R/<'^!8/!C13(1!';!R1!<1!&4'893:/53'!_'^!8'0&4'!<.R1!1C9(1`!;/!'88'4'! 93/C'481<'^!74';'!_'4453'10'3('`!;/!&588';'4'!<1!C'4/(D^!8(1>/<'3;5!7/c!7R'!T&'4!31(941W! 7141(('4/::1!'3(410>/!/!8'88/,!f775!X9/3;/!7R'!X913;5!/!F/<585F/!9(/</::135!('40/3/!$)/*-.!5! /$.B)-1%+."C52</535!/3('3;'4'^!753!'88/^!<.9013/(D!3'<!895!750&<'885,!!J/c!7R'!V!31(941<'! ;/&'3;'^!5CC/10'3('^!;1!7/c!7R'!4/'3(41!3'<<1!$'-,%";/!931!;'('40/31(1!'&571!'!;/!93! ;'('40/31(5!753('8(5^!;/&'3;'4D!X9/3;/!;1<<'!7<188/!;50/313(/^!;1<<'!'</(d8^!;1<<1!7<188'! &5</(/71^!;1<!&4/05!7<13^!/3!>4'C'^!;1!75<545!7R'!<'!3540'!<'!;'7/;535,!U14('3;5!;1<!;1(5! 4'1<'^!;1<!F1((5!7/5V!7R'!<'!;533'!750/37/135!1!&14('7/&14'!1<<1!1C)-%">/22+.(%^!1!&14(/4'^! ;1<!&4/05!;5&529'441^!'!353!/3!05;5!;/FF985!01!7/475874/((5!1!</0/(1('!14''!2'5241F/7R'^! &588/105^! (413X9/<<10'3('^! 8'3:1! &'7714'! ;/! &4'893:/53'^! 1FF'4014'! 7R'! ;1! 8'75</! 7/c! 7R'! V! T31(941<'W! 5! T35401<'W! V! 8(1(5! 758(49/(5! /3(5435! 1<! U141;/201! 0187R/<',! j9'8(1! 31(941^!X9'8(1!35401!753(/391!1!4'<'214'!1<<1!;5331!931!&58/:/53'!89>1<('431,! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 37".2.&),"(.*G">%8G"MM"

(24)

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d! /<! 8'0'! C/C'3('6HAW^! &'4(13(5^! T85<5! /<! &1;4'! 74'16NW,! J58i^! G&&5741('! Y 753(/391!<1!I'!]'19C5/4Y!&53'!;9'!8&'7/'!;/!8'0/A!935!;'>5<'!5!F'00/3/<'!'!935!F54('!5! 0187R/<'6L,! J58i! <.9505! 4'3;'! /3! C/1! ;'F/3/(/C1! <1! ;5331! 87R/1C1,! -1! ;'! ]'19C5/4! (45C1! <.54/2/3'! ;/! X9'8(5! 41((5! 3'<<1! (412';/1! ;/! f87R/<5^! -'! P/,)$.&.^! 7R'! 8'753;5! <.19(4/7'! T/<<98(41!/<!(4/53F5!;'<!&1(4/1471(5!89<!;/4/((5!01('4356OW,!J53!<.188188/3/5!;/!J</('33'8(41^! @4'8('! 8137/87'! <1! C/((54/1! ;'<<1! F54:1! C/4/<'! 89<! 7158! F'00/3/<',! f! /3! 9<(/01! >1((9(1! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3_":.,'$)"&)"I)%/B'.-"J64!6;<"D@+":)('$&'"1)11'F<"[.+%$'\"@+":%88.%*'-)<"(.*G">%8"3M" 3X"@2.&)," 3M"@2.&),">%8G"3M" 3L".2.&),"(.*G">%8G"L_" DE)8.1+%*'-.<">-)*.<"C.+'1'C.<"1(-.**'-.<"&'**."1." 1'$'"%((%$.*."%"&.,'1*-%-)"(=)"+%"('$&.9.'$)" 1/2'-&.$%*%"&)++%"&'$$%")-%"B'+/*%".$"(.)+'")" /*.+)">)-"+%"*)--%GF" "" :.,'$)"&)"I)%/B'.-<"D@+":)('$&'"1)11'F<"@+" :%88.%*'-)<"[.+%$'<"64!6<"(.*G">%8"6_"

(25)

! "?! ! #$%&'!(')(*! ! <.1885<9:/53'!;'<!(4/>931<'!;'2</!;V/!&457<101!7R'!'2</!b@4'8('Y!V!F/2</5!;/!S210'3353'! &4/01! 7R'! ;/! J</('33'8(41^! ;13;5! /<! 75<&5! ;/! 241:/1! F/31<'^! 7R'! 353! <187/1! 1<<1! ;5331! 3'88931!8&'413:1,!U<1(53'^!1!;/FF'4'3:1!;'2</!1<(4/^!8'0>41!/3!X91<7R'!05;5!4/753587'4'! 931!854(1!;/!92912</13:1!(41!;533'!'!950/3/^!7538/;'413;5!<1!;/FF'4'3:1!8'8891<'!750'! 177/;'3(1<'^! 1;! '8'0&/5^! 3'! T-1! E'&9>></71W! ;/7R/141! 7R'! ;533'! '! 950/3/! ;'>>135! 4/7'C'4'!<1!8('881!';971:/53'!'!177';'4'!12</!8('88/!495</,!I.1<(41!&14('^!3'!T$/0'5W^!758i! 750'!3'!TG<!M/0&58/5W^!1&&14'!'C/;'3('!<.1FF'401:/53'!;/!931!2'4147R/::1:/53'!;'/!8'88/,! ['<!T$/0'5W^!/3F1((/^!;/7R/141!7R'!(9((/!2</!950/3/!7R'!75485!;'<<1!C/(1!8535!8(1(/!&/24/!5! /32/98(/! 4/3187'41335! ;533'! _8/7h`m! 0'3(4'! 3'! TG<! M/0&58/5W^! ;/8X9/8'3;5! ;'<<'! ;/C'48'! F540'!;.1054'^!144/C1!1!7537'&/4'!931!F5401!;/!1054'!&'4!<1!8122'::1^!7R'!&45;97'!/<! &'38/'45^!'!931^!/3C'7'^!71431<'!7R'!&45;97'!<1!&45<',!-1!&4/01!F5401!V!7537'&/(1!750'! 5058'8891<'! _0187R/<'`^! '881! &588/';'! 93! C1<54'! 89&'4/54'! &5/7Rd! &'40'(('! <'! (4180/88/53/!;'<!&'38/'45!'!;'<<'!753587'3:'m!<1!8'753;1^!/3C'7'^!'('458'8891<'^!(41!9505! '!;5331^!&'48'29'!/<!85<5!875&5!;/!&45&1214'!<1!8&'7/'A!<'!;533'^!353!R1335!39<<1!1!7R'! F14'!753!/<!<5258,!G3F/3'^!X913;5!<.9505!4/7'471!<1!4/&45;9:/53'^!<1!(45C'4D!/3!931!;5331^! X913;5! C544D! ;/FF53;'4'! 753587'3:1! '! &'38/'45^! 93! 9505^! &'4! 931! &4574'1:/53'! 8&/4/(91<',!-.5058'8891</(D!F'00/3/<'^!/3!X9'8(1!2'4147R/1^!V!8/(91(1!1<!</C'<<5!&/l!>1885! ;'<<.1054'^!&5/7Rd!/<!81&'4'!8/!&9c!(4180'(('4'!85<5!;1!9505!1!9505^!/3!X913('!<'!;533'! 8535! >'3! <53(13'! ;1<<1! 412/53'=P,! S4/8(5('<'! (41((1! <1! ;/FF'4'3:1! 8'8891<'! /3! 05;5! 8/8('01(/75! '! 1! &/l! </C'<</^! 4/F'4'3;58/! 1! '881! 750'! 1! 93! F1((5! 31(941<',! I1! 93! &93(5! ;/! C/8(1!>/5<52/75^!&'4!S4/8(5('<'!'^!/3!2'3'41<'!&'4!(9((5!/<!&'38/'45!;'<<1!0';/7/31!13(/71!'! 05;'431!F/35!1;!144/C14'!1<<1!875&'4(1!;'<<1!>1(('4/5<52/1!_+LNP`^!/<!71<54'!'41!18857/1(5! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R4"g".$*)-)11%$*)"+0%$%+.1."&)+"D:.,>'1.'F"&)++%"?%B%-)-'".$"DW'$'1*%$*)"H+%*'$)FG"h/)++)"(=)"1'$'"+)">%-'+)"&." S.'*.,%"(=)"i"+0/$.('">)-1'$%88.'"$)+":.,>'1.'"(=)"$'$"i">-)1)$*)<">'.(=V"+)"&'$$)")-%$'")1(+/1)"&%."+/'8=." &)++%"C.+'1'C.%<")"j/.$&.".+"1/'">)$1.)-'"i")1>-)11'"*-%,.*)"+%"B'()"&.":'(-%*)G"E%"?%B%-)-'"C%"$'*%-)"+%"B%+)$9%" 1.,2'+.(%" (=)" H+%*'$)" =%" B'+/*'" &%-)" %+" &.%+'8'" C%()$&'" )1>-.,)-)" %" /$%" &'$$%" .+" &)>'*)$9.%,)$*'" &)+" &)1*.$'",%*)-$'<"(=)"i"('$1)8/)$9%"&."/$%">/$.9.'$)"&.B.$%<"&."k)/1G":."*-%((.%"/$"[%*-.(.&.'":.,2'+.('G"

Riferimenti

Documenti correlati

Il Premio “Scalabrini Ponte di Dialogo” intende unirsi ed accompagnare questo impegno concreto, non solo con un’artistica Targa d’Onore ma anche contribuendo, in questo momento

Si precisa inoltre che sono già attivi in seno al Consiglio Sanitario Regionale dei gruppi di lavoro dedicati alla revisione ed ottimizzazione di una serie di percorsi

Dall’interpretazione della curva si evince che il provino n°1 ha raggiunto una resistenza a compressione pari a. circa

Lo scopo delle prove a compressione uniassiale è di valutare la resistenza a compressione q c dei provini di calcestruzzo. cellulare con polistirolo, in funzione del

2 dicembre 2003 – 11 settembre 2008.. L’attività dei Comitati territoriali ... La Consiliatura della maturità ... Il Governo condiviso... ll nuovo Regolamento di Amministrazione

In quanto “fatto sociale totale” (la migrazione non potrebbe essere considerata diversamente in virtù della complessità di in- trecci economici, sociali, politici, culturali

Infatti, gli squeezed Bell states massimizzano la violazione della diseguaglianza di Bell rispetto a tutti gli altri stati (gaussiani e non-gaussiani) ottenibili dalla stessa

A tal fine il contratto collettivo aziendale potrà prevedere specifiche procedure, anche con squadre comandate, destinate esclusivamente al mantenimento in