• Non ci sono risultati.

Uşaklı/Kuşaklı Höyük - I materiali della ricognizione.

N/A
N/A
Protected

Academic year: 2021

Condividi "Uşaklı/Kuşaklı Höyük - I materiali della ricognizione."

Copied!
35
0
0

Testo completo

(1)

RI C E R C H E I T A L I A N E IN A N A T O L I A

RISULTATI DELLE ATTIVITÀ SUL CAMPO PER LE ETÀ

DEL BRONZO E DEL FERRO

a cura di

S

TEFANIA

MAZZONI,

F

RANCA

PECCHIOLI

DADDI,

G

IULIA

TORRI

E

A

NACLETO

'¶$*267,12

HERDER

Roma 2011

(2)

Serie diretta da

Alfonso Archi - Onofrio Carruba

Franca Pecchioli Daddi

Volume stampato con il contributo

GHO'LSDUWLPHQWRGL6WXGLVWRULFLHJHRJUDILFLGHOO¶8QLYHUVLWjGL)LUHQ]H

In copertina: )RWRJUDILDGDOO¶DUFKLYLRGHOODPLVVLRQHDUFKHRORJLFDLWDOLDQDD8úDNOÕ

Höyük (Yozgat, Turchia).

(3)

!

"#$%&'!

! ! !"#$%&'()#͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈!""#!"""$ ! ! %&'($)'*&'$+&$,-./*'$! *+%,-(./0$"%-#.-"%.111.#.1.2',,#))'(.%3435.6'6-#2'.7+')6#7'%2#)-(.#.8(8(,%2#)-(.7#,. -#""'-("'(͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈0. $ 1/2/*&.-$)'(3/44&$ *#.#-9.7#,.:"()&(.;%"7(.#.7#,.<#""(.%7.="6,%)-#8#3.. >)%.8%)("%2'?%.60,,%.6#@0#)&%.?#"%2'?%.%--"%A#"6(.,#.8'B."#?#)-'.%--'A'-9.7'. "'?#"?%.60,.6'-(͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈05$ . 6(7-(&-$8-(-9-$ *%.?#"%2'?%.7#,.:"()&(.C#7'(.11.%.;',2#).DEFGH͈͈͈͈͈͈͈͈͈͈͈͈͈͈.:0$ $ ,&.-4'$;'(/*&$ D'UEHPHUGRQ7HSHXQFHQWURFHULPRQLDOHQHOO̿DOWDYDOOHGHO7LJUL͈͈͈͈͈͈͈<=$ $ >7/?'(-$2/$)'*7&(-@$1*/2/*&A$)'*&-$1'4/B@$>&9-(/77'$C-(.D&'$ 5LFRJQL]LRQHDUFKHRORJLFDD<DVVñK¼\¼NIJKKLMJKKN͈͈͈͈͈͈͈͈͈͈͈͈͈5E$ $ F4&B'$G-(&-4-$ O%66'PGFGH.IO(&Q%-R5.7%-'.7'.60"A#F.60,,%.?#"%2'?%.7'8')-%.7'.#-9.7#,.<#""(͈͈͈$H:$ $ /RUHQ]R'Έ$OIRQVR&OHOLD0RUD%LDQFD7RPDVVLQL3LHUL$ ,OSDVVDJJLRGDOO̿HW GHO7DUGR%URQ]RDOO̿HW GHO)HUURLQ&DSSDGRFLD 2#"'7'()%,#͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈HE$ ! >7/?'(&'$)'II-(&@$1*'(.'$C/..D&-4&$+'22&$$ *%.VXUYH\QHOWHUULWRULRGL8ğDNOñDEFGH͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈0J5$ $ $QDFOHWR'Έ$JRVWLQR9DOHQWLQD2UVL$ 8ğDNOñ+¶\¼NLPDWHULDOLGHOODULFRJQL]LRQH͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈0KE. . . ;%A(,#͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈͈05=$ $

(4)

! !

,PDWHULDOLGHOODULFRJQL]LRQHDUFKHRORJLFDQHOO̿DUHD

GL8ğDNOñ+¶\¼N!

!

!"!#$%&'('Έ$)'*&+"',(-!$%"&+"!('.*+/( !"#$%&'#()*+#*,#&%"-%* ( ( "#$%&'(%! ! 7KHVXUYH\RI8ğDNOñ+¶\¼NDQGLWVDGMDFHQWDUHDJLYHVSDUVHHYLGHQFHRIRFFXSDWLRQRI 012(3456(789:(012($402(#143;93<0<;=%483>(?895@2(!A2(09(012(:26<2B43(C28<96D(EF8<5A(012(G56( 456(/H0(PLOOHQQLXP%&WKHDUHDDURXQG8ğDNOñZDVDSSDUHQWO\OLWWOHVHWWOHGZKHUHDVDPDMRU 9;;FC40<95( 14H( I225( 69;F:25026( 798( 012( $402( .9:45=?>@450<52( C28<96D( !5( <5025H<B2( H4:C3<5A( H08402A\ FHQWHUHG RQ WKH VXUIDFH RI 8ğDNOñ +¶\¼N SURYLGHG XV LQIRUPDWLRQ WR HF::48<3>(82;95H08F;0(012(62B239C:250(97(012(H20032:250(<5(012(:4<5(H<02(97(012(HF8B2>26( 4824D( &84;2H( 97(012(2483<28(H20032:250( 40( 012(H<02(482( ;95H0<0F026( I>( 4(72J( 1456K:462( 456( ·&DSSDGRFLDQΈSDLQWHGVKHUGV6KHUGVGDWLQJWRWKH56(:<33255<F:(?#(482(4IF56450(456( ;95;25084026(:9H03>(95(012(39J(H39C2H(97(012(02884;2D('5(6<7728250(C9<50H(97(1<A1(:9F56( 456(95(09C(97(012(02884;2,(C4<5026(H1286H(J<01(I34;L(;9398(640<5A(09(M18>A<45(C28<96(456( HPDOODPRXQWVRI·ODWHUΈPDWHULDOVKDYHEHHQIRXQG7KHVXUIDFHFROOHFWLQJDOORZHGXVWR HFAA2H0(012(./0&1#((C14H2(97(012(H<02(J4H(824;126(9B28(012(250<82(G56(:<33255<F:(?#D(&12( 74;0(0140(:9H0( 97(012( G56((:<33255<F:( ?#( 456( 2B25(2483<28(:4028<43H,( HF;1(4H(826( H3<CC26( H1286H(640<5A(09(012(!HH>8<45(#9395<2H(C28<96,(J282(79F56(95(012(H39C2H(456(9F0HL<80H(97( 012(02884;2(;45(HFIH0450<402(012(1>C9012H<H(97(4(348A2(H20032:250(;95H<H0<5A(97(4(39J28(09J5( 456(45(4;89C93<H(438246>(6F8<5A(01<H(93628(C14H2D(( ( )*!+,%&-./01-,2! !

1HO FRUVR GHL WUH DQQL GL ULFRJQL]LRQHDUFKHRORJLFD QHOOΈDUHD GL 8ğDNOñ +¶\¼N ¨ VWDWR 82;FC28409( F5( ( ;9HC<;F9( 39009( 6<( :4028<43<,( C8<5;<C43:2502( ;284:<;<,( ;12( ;<( C28:2002( 6<( GHOLQHDUH D JUDQGL WUDWWL OD VWRULD GHOOΈLQVHGLDPHQWR GHOOD YDOOH 6HEEHQH OD GDWD@<952( 62<( UHSHUWL GL VXSHUILFLH ULVXOWL LQ JHQHUDOH GLIILFROWRVD VSHFLH SHU XQΈDUHD TXDOH OΈDOWLSLDQR ;25089KDQDWROLFRGRYHVLODPHQWDDQFRUDOΈDVVHQ]DGLVHTXHQ]HDUFKHRORJLFKHFRPSDUDWHHG 2H<H02(F54(:48;404(9:9A252<0N(623(82C28098<9(;284:<;9(C28(3F5A1<(C28<96<(O*;199C(GPPQ,(

#+2*GPPRS,(32(6<B28H2(;402A98<2(6<(:4028<43<(69;F:250402(;<(;95H250959(6<(7482(3F;2(43:259(

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

/(/ΈLQWURGX]LRQHODFRQFOXVLRQHHODVH]LRQHVRQRDFXUDGHLGXHDXWRULOHVH]LRQLH

H959( 9C284( GL $ 'Έ$JRVWLQR  GL 9 2UVL 'DWL HG LQIRUPD]LRQL FRQWHQXWL QHOOΈDUWLFROR VRQR LO 8<HF30409( 623( 34B989( 6<( 0F00<( <( :2:I8<( 62334( HTF4684( 6<( 8<;9A5<@<952( 48;12939A<;4U( F5( C480<;93482( 8<5A84@<4:2509(B4(4A3<(H0F6250<(;12(H<(H959(HF;;26F0<(523(;98H9(62332(082(;4:C4A52,(C28(<3(;9508<IF09( H9H045@<432(;12(14559(6409(52334(84;;9304(HF3(H<09,(523(34B4AA<9,(52334(H<A340F84,(2(52334(C2H40F84(62<( :4028<43<D(

(5)

!

!

"#$!

HF332(C8<5;<C43<(74H<(6<(9;;FC4@<952(2(6<(0250482(F54(8<;9H08F@<952(623(:962339(<5H26<40<B9(2( 62334(HF4(2B93F@<952(523(;98H9(623(02:C9D(

$4( 8<;RJQL]LRQH DUFKHRORJLFD KD ULJXDUGDWR SULQFLSDOPHQWH LO VLWR GL 8ğDNOñ LO SL¹ JUDQGH SHU HVWHQVLRQH VXO FRUVR VXSHULRUH GHOOΈ(ßUL –] 6X D QRUG GHO .HUNHQHV 'Dß ,Q H2AF<09(46(F54(C8<:4(C89HC2@<952,(H<(V(62;<H9(6<(;95;2508482(34(84;;9304(HF(43;F5<(H20098<( GHOOD WHUUD]]D DSSDUVL VXELWR SURPHWWHQWL VLD SHU OΈDOWD FRQFHQWUD]LRQH GL PDWHULDOL LQ HFC287<;<2( H<4( C28( <( 8<HF3040<( 62332( C89HC2@<95<( A29:4A520<;12( ;12( 523( ;98H9( 62332( 082( ;4:C4A52(14559(<6250<7<;409(;95H<H0250<(H08F00F82(48;1<020095<;12,(:F84(2(A8456<(26<7<;<D((

.<;28;12( <5025H<B2( ;9569002( 084( <( ;4:C<( ;930<B40<,( <( C4H;93<,( 32( 430F82( 2( 3F5A9( <( C<;;93<( FRUVL GL DFTXD DWWRUQR DG 8ğDNOñ SHU XQ UDJJLR GL FLUFD  NP KDQQR IRUQLWR SRFKH LQIRUPD]LRQL VXOOΈHVLVWHQ]D GL LQVHGLDPHQWL VDWHOOLWL SHU TXDQWR ULJXDUGD LO SHULRG9( FRPSUHVRWUDODILQHGHO,,,HOΈLQL]LRGHO,PLOOHQQLRD&( ( 8ğDNOñ! ! $4( 84;;9304( H<H02:40<;4( 62<( :4028<43<( <5( 8234@<952( 4332( C8<5;<C43<( F5<0N( 09C9A847<;12( 14( C28:2HH9(6<(4;TF<H<82(C<4502(6<(6<H08<IF@<952(62332(6<7728250<(;402A98<2(6<(82C280<D("2<(;4H<( <5( ;F<( H<( V( A<F50<( 46( F54( ;1<484( 62028:<54@<952( 0<C939A<;4( 623( :45F74009( HF334( I4H2( 6<( ;9578950<(;95(;9502H0<(H0840<7<;40<(2HC9H0<(<5(4308<(H<0<(V(H0409(C9HH<I<32(466F882(<5798:4@<95<( C<W( C82;<H2( 6<( ;48400282( ;895939A<;9,( 7F5@<95432( 9( 82340<B2( 4<( C89;2HH<( 6<( 4;;F:F39D( +5( C480<;93482,( A3<( H;12:<( 6<( 6<H08<IF@<952( 62332( ;34HH<( 2( 62<( 0<C<( ;284:<;<,( :4( 45;12( 6<( 4308<( 82C280<,(46(2H2:C<9(32(02A932,(H959(8<HF3040<(F0<3<(C28(39;43<@@482(<5(B<4(C823<:<5482(32(4822(6<( :4AA<982( ;95;25084@<952( 6<( 232:250<( 6404I<3<( A89HH9( :969( 4339( H02HH9( C28<969,( 2( 6<( FRQVHJXHQ]DORVYLOXSSRHODFRQVLVWHQ]DGHOOHGLYHUVHIDVLGLRFFXSD]LRQHDOOΈLQWHUQRGHO H<09D("23(;4H9(6<(H;98<2(2(82H0<(;9:IFH0<,(:4(45;12(6<(02A932(2(6<(;284:<;4(64(H09;;4AA<9( O4#(50#S,(32(:4CC2(6<(6<H08<IF@<952(H959(H28B<02(C28(;<8;9H;8<B282(32(4822(<5(;F<(H<(8<H;95084( 34( 8<;98825@4( 6<( F5( H<:<32( ;402A98<4( 6<( 82C280<( 74B982569( F54( C8<:4( <5028C8204@<952( IXQ]LRQDOHRGHOOΈHYHQWRFKHSX²DYHUHSURGRWWRTXHOODGDWDFRQFHQWUD]LRQH$OFXQLIDWWRUL HF;;2HH<B<( 4334( ;9:C9H<@<RQH GHO GHSRVLWR DUFKHRORJLFR TXDOL OΈLQWHQVD DWWLYLW  DJULFROD OΈHURVLRQH OH UDFFROWH QRQ VLVWHPDWLFKH DYYHQXWH QHJOL DQQL SDVVDWL GD SDUWH GL FROOHJKL 48;12939A<,(C9HH959(4B28(43028409(34(C9H<@<952(98<A<548<4(62<(:4028<43<,(34(;95H<H025@4(2(34( ;9:C9H<@<952( 623( 62C9H<09( 2( TF<56<( 84CC82H250482( F5( 3<:<02( 4334( ;9882004( ;9:C825H<952( 62334(39;43<@@4@<952(62<(:45F7400<(<5(C89HH<:<0N(62334(3989(A<4;<0F84(98<A<548<4D(+5(A2528432( B4( C28X( 9HH28B409( ;12( 523( ;4H9( 6<( F5( H<09( :F30<KC28<969,( 289H<952( 26( 400<B<0N( 45089C<;12( ;9:C89:200959( <3( 62C9H<09( 48;12939A<;9( :4( 4339( H02HH9( 02:C9,( 40084B28H9( 34( 8<:9@<952( 62334( B2A204@<952( 2( <3( 6<H0F8I9( 62A3<( H0840<( H2C930<,( 2HC95A959( <( 3<B233<( 450<;1<,( C9804569( C28<96<;4:2502(<5(HFC287<;<2(5F9B<(82C280<D( +5(H2AF<09(46(F5(C8<:9(H9C8433F9A9(H<(V(62;<H9(6<(;95;2508482(<5<@<43:2502(34(84;;9304( H<H02:40<;4( 62<( :4028<43<( <5( TF2332( C98@<95<( 623( H<09( <5( ;F<( H2:I84B4( :4AA<982( 34( 3989( 625H<0N( 2( 52<( H20098<( <5( ;F<( 34( C89HC2@<952( A29K232008<;4( 4B2B4( <56<B<6F409( 459:43<2( ;95H<H0250<(<5(4HH9;<4@<952(4(H08F00F82(48;1<020095<;12(<::26<404:2502(H9009(34(HFC287<;<2,( B432(4(6<82(52334(C98@<952(H2002508<95432(62334(02884@@4(2(HF334(HF4(I4HH4(C256<;2(98<250432(2(

(6)

*

!

"#"!

HF6K98<250432(;12(6<H;2562(A846F43:2502(43(3<B2339(62334(B4332(;<8;9H04502D(*F;;2HH<B4:2502( H<( ¨ ULYROWD OΈDWWHQ]LRQH DOOH SHQGLFL GHO PRQWLFROR H DOOD SRU]LRQH RFFLGHQWDOH GHOOD 02884@@4,( <5( ;F<( 34( :<5982( ;95H<H025@4( TF450<040<B4( 62<( :4028<43<,( 590404( 6F84502( <( C8<:<( H9C8433F9A1<,(14(089B409(;95728:4(<5(H2AF<09(4334(84;;9304(<5025H<B4D(*939(C9;1<(784::250<( ;284:<;<(C89B25A959(64(43082(4822(623(H<09D( $4(84;;9304(<5025H<B4(14(8<AF486409(YR(TF46840<(6<(GPZGP(:(6<HC9H0<(HF334(H9::<0N(62334( 02884@@4( 2( [R( F5<0N( 6<( 84;;9304( 6<( 798:4( 025625@<43:2502( 084C2@9<6432( 2( 6<( 6<:25H<95<( B48<4I<3<(HF332(;1<52(62334(02884@@4(2(623(:950<;939(O8<HC200<B4:2502(G\(2(YG(F5<0NS,(;12(H<( 46400459( 4334( :987939A<4( 623( 0288259( 2( 4<( 3<:<0<( 62<( ;4:C<( ;930<B40<G $OOΈLQWHUQR GHOOH

H<5A932(F5<0N(6<(84;;9304(0F00<(<(:45F7400<(6<(HFC287<;<2(O784::250<(;284:<;<,(3<0<;4,(02A932,( :40095<( ;900<,( 82H0<( ;9:C3204:2502( ;9:IFH0<,( TF4H<( 7FH<S( H959( H040<( 84;;930<( 2( ;9339;40<( <5( C<4504D(( +5798:4@<95<( 82340<B2( 4<( :4028<43<( 6<( HFC287<;<2( 2( F54( C8<:4( C48@<432( CFII3<;4@<952( 6<( C897<3<(;284:<;<(H959(H0402(7985<02(<5(F5(84CC9809(C823<:<5482(623(024:(62334(6%&7%"%'*89ß :1&$%;(626<;409(46(43;F5<(4HC200<(62334(8<;9A5<@<952(82A<95432](<5(H2AF<09(46(F5(H9C8433F9A9( HF3(H<09(V(H0409(9HH28B409(;12(F54(;95H<6282B932(TF450<0N(6<(;284:<;4(C82H2502(<5(HFC287<;<2( 4CC482(2HH282(595(C<W(04864(623(++(:<33255<9(4D#DY(O*F::28H,(*F::28H,(!1:20(/RR[,([QS( PHQWUHVXOODEDVHGHLPDWHULDOLGLVXSHUILFLHODSL¹DQWLFDRFFXSD]LRQHULVDOHQRQROWUHOΈ(W  623(?895@9(!50<;9D(+593082,(64<(784::250<(84;;930<(<5(HFC287<;<2(<5(02:C<(6<B28H<(64(C4802(6<( ^D( ?43345;2( 2( .D$D( )985>,( 8<HF304( F54( 8<69004( 9;;FC4@<952( 6<( 2C9;4( 04864( HF( A845( C4802( GHOOΈLQVHGLDPHQWR HFFHWWR FKH VXO PRQWLFROR GRYH VL GLFH HVVHUH GRFXPHQWDWH OΈHW  GHO _2889(2(<3(C28<969(4;12:25<62(O*F::28H,(*F::28H,(!1:20(/RR[,([RSD((

`F2H02(C8<:2(9HH28B4@<95<(HF334(782TF2504@<952(623(H<09(14559(089B409(;95728:4(2(H959( H0402(<502A8402(64<(640<(62334(8<;9A5<@<952(62334(:<HH<952(<043<454D($4(8<;9A5<@<952(;9569004( WUDLOHLOHODUDFFROWDLQWHQVLYDGHOPDWHULDOHKDQQRFRQIHUPDWROΈHVLVWHQ]DGL 74H<( ;F30F843<( 62334( 7<52( 623( +++( :<33255<9( 4D#D( 2( 623( ++( :<33255<9( 4D#D( <5( :<HF84( :9309( DEERQGDQWH ROWUH DG XQD TXDQWLW  PHQR FRQVLVWHQWH GL PDQXIDWWL GHOOΈHW  GHO )HUUR H GHL C28<96<(0486<D(

(

3*)*!4'!52&'61('!2!1!6'%2&1'71!.277'!&1(-8,101-,2!

(

$4( 8<;9A5<@<952( <5025H<B4( ;9569004( HF3( H<09( 6<( ağDNOñ KD SUHYLVWR OD UDFFROWD H OD ;40439A4@<952( 6<( 0F002( 32( 6<7728250<( ;402A98<2( 6<( 82C280<( B<H<I<3<( <5( HFC287<;<2( <5( ;988<HC95625@4( 62<( H20098<(C82H<( <5( 2H4:2D( $4( :4AA<98( C4802( 623( :4028<432( C89B<252( 64334( 02884@@4( 2( 64332( HF2( C256<;<,( <564A402( 084( <3( GPPb( 2( <3( GPPR,( :25082( H939( F54( :<5<:<4( C28;250F432( V( H0404( 8<5B25F04( HF332( C256<;<( HF6K98<25043<( 623( :950<;939,( 9AA2009( 62334(

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

G(6XOPHWRGRGLUDFFROWDGHLPDWHULDOLVLULPDQGDD0D]]RQL'Έ$JRVWLQR2UVLEK/GGD( Y(!5;12(F54(C<;;934(08<5;24(4C2804(64(F5(;95046<59(623(3F9A9(3F5A9(<3(C28<:2089(62334(02884@@4,(595( ORQWDQRGDLEORFFKLGLSLHWUDDSSDUWHQHQWLDOOΈLSRWHWLFD·SRUWDΈFRQOΈLQWHQWRGLSLDQWDUHXQDILODGL 43I28<,( 14( 82H0<0F<09( F5( 39009( 6<( 784::250<( ;284:<;<( 6404I<3<( 43( C28<969( 04869( <00<04( O*F::28H,( *F::28H,(!1:20(/RR[,(7<AD(b,(RSU(0432(2B<625@4(74(C25H482(;12(43:259(<5(TF2H04(C4802(623(H<09(32(74H<( 6<(9;;FC4@<95<(C<W(82;250<(595(H<459(4002H0402D(

(7)

!

!

"#%!

;4:C4A54(6<(8<;9A5<@<952(623(GP/Pc/DUHODWLYDSRYHUW GHLULWURYDPHQWLLQTXHVWΈXOWLPD

@954(0F004B<4(V(C28(;2804(C4802(H<;F84:2502(64(<:CF0482(4334(79802(C25625@4(623(0288259,(;12( 52(14(74B98<09(39(H;<B934:2509,(2(4334(B2A204@<952(I4HH4(4II9564502,(;12(14(5902B93:2502( 8<69009( <3( 3<B2339( 62334( B<H<I<3<0ND( +3( <0&41'* O04I2334( /S,( ;12( 4::9504( ;9:C32HH<B4:2502( 4( ;<8;4(bQ\(dA,(V(;9:C9H09(<5(:4HH<:4(C4802(64(784::250<(;284:<;<(O/RGcQ(784::250<(C28( F5( C2H9( 090432( 6<( ;<8;4( QG\( dAS,( :4( H959( H0402( 84;;9302( 45;12( F54( 5902B932( TF450<0N( 6<( 02A932( OGP/( dA( ;<8;4S( 26( F54( H28<2( 6<( H;98<2( 9( H;480<( ;9:IFH0<( OYR( dA( ;<8;4SD( !( ;<X( H<( 4AA<F5A959(43;F5<(HC9846<;<(784::250<(6<(H08F:250<(3<0<;<(<5(H23;2(26(9HH<6<454D(

$4( 625H<0N( 62332( 02A932,( C8<5;<C43:2502( ;95;2508402( HF334( 02884@@4,( <56<;4( ;1<484:2502( F54( TF43;12(798:4( 6<( 9;;FC4@<952( 04864( 623( H<09,( C82HF:<I<3:2502( <5(;988<HC95625@4( 623( C28<969( 04869K89:459=I<@450<59( O&4BD( e+-,( 9=* >?* &4BD( e-++,( 9@>S[D( &84( <( 784::250<,( 6<(

6<:25H<952( B48<4I<32,( H<( 4559B28459( H<4( 232:250<( ;F8B<( 9( ;9CC<( O#A>&#<%'S,( H<4( 232:250<( C<400<( O(%B1/9%S,( C89BB<H0<( 6<( 432002( 6<( 6<B28H9( HC2HH982( 4( C897<39( HTF468409( 9( 48890956409D( +:C89502(6<(6<04,(3<522(B48<4:2502(<5;<H2(9(H;454340F82(H959(HC2HH9(B<H<I<3<(HF334(HFC287<;<2( HFC28<982,( 4( :48A<52( 62332( 432002,( :25082( 34( HFC287<;<2( <5728<982( 82;4( H9B2502( <:C89502( 6<( C4A3<4(9(6<(;455<;;<,(HF<(TF43<(C89I4I<3:2502(<(34028<@<(B25<B459(7400<(2HH<;;482D( $2(02A932( H959(6<H08<IF<02(3F5A9(0F00<(<(H20098<(98<25043<,(H2002508<9543<(2(9;;<625043<(62334(02884@@4,(:4( H2:I8459( C480<;9348:2502( ;95;2508402( <5( F54( H28<2( 6<( TF46840<( 52334( @954( 5986K5986K2H0,( C2839C<W(<5(;988<HC95625@4(623(:48A<52(62334(H02HH4QD(a54(;95;25084@<952(627<5<0<B4:2502( HFC28<982( 4334( :26<4( H<( 82A<H084( 523( TF468409( _/YD( *F332( C256<;<( 62334( 02884@@4( H959( 9:9A2524:2502( 6<H08<IF<02( 3F5A9( 0F00<( <( 3900<( HF6K98<25043<( 643( 5F:289( /( 43( 5F:289( c,( :25082(8<HF30459(HC9846<;12(<5(;988<HC95625@4(62<(3900<(:28<6<9543<(K/(2(KG,(2(HF332(C256<;<( HF6K98<25043<( 623( :950<;939,( <5( ;988<HC95625@4( 62<( 3900<( [KbD( !5;12( H2( 34( C82H25@4( 6<( H08F00F82( 6<( 2C9;4( 04869( 89:454( 9( I<@450<54( 595( CFX( 2HH282( 2H;3FH4,( 34( 6<HC28H<952( 62332( 02A932( <5( ;988<HC95625@4( 62332( C256<;<( :28<6<9543<( 2( HF6K98<25043<( 62334( ;<00N( I4HH4( H2:I8282II2( C<F009H09( F54( ;95H2AF25@4( 62332( 400<B<0N( 6<( 4840F84,( :25082( 09:I2( 4334( ;4CCF;;<54(9(43082(;9H08F@<95<(C9082II289(2HH282(H0402(39;43<@@402(HF334(02884@@4D(( +3( ;4:C<9548<9( 62332( H;98<2( <5;3F62( 6<7728250<( B48<450<( 6<( 82H<6F<( 7FH<( 9( B208<7<;40<D( $4( 540F84(62<(:45F7400<(6<(98<A<52(595(V(H2:C82(;1<484:2502(8<;959H;<I<32,(:4(52334(:4AA<98( C4802(62<(;4H<(H2:I8282II2(0840048H<(6<(:4028<43<(48A<339H<(O&4BD(e+-,(>U(&4BD(e-++,(<@+*SD(+5( ;988<HC95625@4(62<(H20098<(HF6K98<25043<(62334(02884@@4(2(62334(HF4(C256<;2(:28<6<95432(H959( H040<(8<5B25F0<(82H0<(6<(:40095<(;9:IFH0<(2(6<(232:250<(:F848<(;95(<:C89502(6<(;455<;;<(;12,( <5H<2:2( 43( 0288259( ;<5289H9( C980409( <5( HFC287<;<2( 64339( H;4HH9( 62332( 0452( 45<:43<( ;12( H<( 089B459( <5( TF2H04( @954,( C9082II289( 2HH282( 2B<625@4( 6<( F5( <5;256<9( 6<77FH9D( !3;F5<(

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

c( E4332( C256<;<( 623( :950<;939( C89B<252( <3( [f( ;<8;4( OcG( dAS( 623( :4028<432( ;9:C32HH<B4:2502(

UDFFROWR'DWLSUHOLPLQDULGHOODULFRJQL]LRQHVRQRLQ0D]]RQL'Έ$JRVWLQR2UVLDEF(

[($2(;4802(<5(&4BD(e+-(2(e-(H959(H0402(234I98402(64(-D('8H<(HF(I4H2(6<()D(#48C250<289(O8<;9A5<@<952(

A29:4A520<;4( 2( A29232008<;4SD( $2( ;4802( 6<( 6<H08<IF@<952( 627<5<0<B2( H959( 400F43:2502( <5( ;98H9( 6<( 234I984@<952,(2(B2884559(CFII3<;402(523(B93F:2(7<5432(HF<(34B98<(62334(:<HH<952(6<(8<;9A5<@<952D(

Q(_4004(2;;2@<952(C28(F54(C<;;934(H28<2(6<(TF46840<,(;9:2(g/\(2($//,(32(02A932(H959(6<H39;402(<5(F54(

C28;250F432( :26<9KI4HH4( HF( 0F00<( <( H20098<( 8<;9A5<0<( 62334( 02884@@4D( *<( 82A<H084( 0F004B<4( F54( ;95;25084@<952( HFC28<982( 4334( :26<4( <5( C89HH<:<0N( 623( 3<:<02( 5986K2H0( 62334( 02884@@4,( 52<( TF46840<( )/R,(g/R(2(g/b,(26(<5(C89HH<:<0N(623(3<:<02(5986,(52<(TF46840<(_/YK/c(2(_/QK/\D(

(8)

*

!

"##! 784::250<( 6<( C<2084( 7FH4( ;12( C89B25A959( 64334( H02HH4( 4824( H2:I8282II289( ;95728:482( 34( :262H<:4( <C902H<D( a3028<98<( 784::250<( 6<( :40095<( ;9:IFH0<( H959( H040<( 8<5B25F0<( HF332( C256<;<( HF6K98<25043<( 623( :950<;939,( 52<( C82HH<( 6<( 43082( 0452( 45<:43<\D( ^25082( <5( ;988<HC95625@4( 62334(:4AA<98( C4802( 62<( H20098<( 62334( 02884@@4( 34(6<H08<IF@<952( 62332( H;98<2( 8<HF304(025625@<43:2502(6<HC28H4,(F54(;95;25084@<952(;95H<6282B932(6<(82H<6F<(7FH<(6<(B48<4( 540F84,(084(;F<(43;F5<(H;480<(C<W(;1<484:2502(;284:<;<,(H<(8<H;95084(52<(TF46840<(d/R,(h/R(2( +/R,(<5(C89HH<:<0N(62332(C256<;<(5986K98<25043<(623(:950<;939,(2(C9082II2(2HH282(;9552HH4,( ROWUH FKH D IHQRPHQL GL LQFHQGLR DQFKH DOOΈDWWLYLW  GL IRUQDFLb /ΈLQVLVWHQ@4( 52334( H02HH4(

@954( H<4( 62332( H;98<2,( H<4( 6<( 459:43<2( A29:4A520<;12( ;9HC<;F2,( C9082II2( 8<73200282( F5( ;9332A4:2509( 084( <( 6F2( 7259:25<( 4<( TF43<( 32( 6F2( 2B<625@2( H9C84( ;<0402( H959( ;9332A402D( 5LVSHWWRDOOHWHJROHOHVFRULHVRQRGLIIXVHLQXQΈDUHDOHJJHUPHQWHC<W(8<H082004D("959H04502( 32( 400<B<0N( 4A8<;932( ;9882502:2502( ;9569002( HF334( 02884@@4( 2( HF332( HF2( C256<;<( H<459( 64( 8<025282(C28(;2804(C4802(82HC95H4I<3<(62334(6<H08<IF@<952(62<(82C280<(<5(HFC287<;<2,(V(0F004B<4( C82HF:<I<32(;12(;95;25084@<95<(HFC28<98<(4334(:26<4(8<73200459(;9502H0<(62028:<540<D(M9<;1i(<( H20098<( 6<( :4AA<982( ;95;25084@<952( 6<( 02A932( 2( 6<( H;98<2( H9H045@<43:2502( 6<B28A959,( V( <C90<@@4I<32(;12(<(7259:25<(4<(TF43<(<(6F2(6<7728250<(986<5<(6<(2B<625@2(H959(;9552HH<(H<459( <5(82430N(<56<C256250<,(9(;9332A40<(4(74H<(6<(9;;FC4@<952(623(H<09(;895939A<;4:2502(6<H0<502RD(

M28( TF4509( ;95;2852( <3( 82C28098<9( ;284:<;9,( H959( H040<( 84;;930<( F5( 090432( 6<( /RGcQ( 784::250<D( &84( TF2H0<,( TF233<( ;12( C902B459( 8<B2348H<( :4AA<98:2502( H<A5<7<;40<B<( 4<( 7<5<( ;895939A<;<( 9(;F30F843<,( 9BB289(;9:C825H<B<(6<(9839,(I4H2,(62;984@<95<( 9( 232:250<( C34H0<;<( 4CC3<;40<,( H959( H040<( 4H;8<00<( 4334( ;402A98<4( 62<( 6<4A59H0<;<( OY[cP( 784::250<SU( <3( 82H09( 62<( C2@@<,( C8<5;<C43:2502( ;988<HC956250<( 4( C4820<( 6<( ;95025<098<( 6<( B48<9( 0<C9,( H959( H040<( ;40439A40<( ;9:2( A2528<;<( O/[\PQS/P , FDPSLRQL FHUDPLFL VRQR GLVORFDWL VX WXWWD OΈDUHD

H9009C9H04(4(8<;9A5<@<952,(:4(34(3989(6<H08<IF@<952(C82H2504(43;F5<(232:250<(6<(6<H;950<5F<0N( O&4BD( e+-,( >SD( M28( TF4509( 8<AF4864( 34( 02884@@4( 2( 32( C256<;<( 62334( 02884@@4,( 52334( :4AA<98( C4802(62<(;4H<(OG\(F5<0N(6<(84;;9304(HF(QQS,(34(TF450<0N(6<(;284:<;4(82;FC28404(C28(F5<0N(6<(

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

\()3<(H;4HH<(6<(43;F52(0452(45<:43<(6<(B48<4(6<:25H<952(<5(;988<HC95625@4(62332(C256<;<(HF6K98<25043<( 623(:950<;939(14559(C980409(4334(3F;2(F54(;9HC<;F4(TF450<0N(6<(:40095<(;9:IFH0<(2(0288259(48A<339H9( ;95( ;9009,( 084;;2( 2B<6250<( 6<( H08F00F82( ;12( C9082II289( 089B48H<( <::26<404:2502( H9009( 34( HFC287<;<2D( &84004569H<(623(:4028<432(6<(8<C9809(628<B4502(64A3<(H;4HH<,(26(4B2569(HFI<09,(3F5A9(32(8<C<62(C256<;<( 623(:950<;939,(F59(H;<B934:2509(2B<62502(;12(3<(14(C98040<(3950459(64334(39;43<@@4@<952(98<A<548<4,(<( PDWWRQLFRPEXVWLSURYHQLHQWLGDTXHVWΈDUHDVRQRVWDWLHVFOXVLGDLFRQWHJJLGLGLVWULEX]LRQHSHUXQLW  6<(84;;9304,(;9:2(8<C98040<(52334(04I2334(/D(( b(&84(A3<(4308<(TF46840<(;95(;95;25084@<952(6<(H;98<2(H<(4559B28459(g/R(2()/R,(<5(;988<HC95625@4(623( :48A<52(5986K98<250432(62334(02884@@4,(26(%/Q,(HF3(:48A<52(H2002508<95432D( R(a54(;2804(;95;25084@<952(H<4(6<(02A932(;12(6<(H;98<2(H<(8<H;95084(0F004B<4(52<(TF46840<(g/R(2()/RD(+( 6F2(232:250<(H<(6<H08<IF<H;959(<5B2;2(H2;9569(:96233<(;9:C3204:2502(6<7728250<( <5(;988<HC95625@4( 62332( C256<;<( :28<6<9543<( 2( HF6K98<25043<( 62334( 02884@@4]( 32( 02A932( <57400<( H959( 9:9A2524:2502( 6<H39;402( HF<( 3900<( HF6K98<25043<( :25082( H959( C82HH9;1i( 4HH250<( <5( TF233<( :28<6<9543<U( 32( H;98<2,( 43( ;950848<9,( H959( 9:9A2524:2502( 6<H39;402( HF<( 3900<( :28<6<9543<( :25082( H959( C82HH9;1i( 4HH250<( <5( TF233<(HF6K98<25043<D(( /P(&F00<(<(784::250<(H959(H040<(;95040<(2(C2H40<D(+(C2@@<(A2528<;<,(C2839C<W(;988<HC956250<(4<(784::250<( 6<(C48202,(H959(H040<(;34HH<7<;40<(H2;9569(;4840028<H0<;12(02;5939A<;12(A2528<;12D(+(C2@@<(6<4A59H0<;<,( GRSRDYHUULFHYXWRXQQXPHURGΈLQYHQWDULRVRQRVWDWLGHVFULWWLVHFRQGRXQFRGLFHDOIDQXPHULFRH ;34HH<7<;40<(H2;9569(32(3989(;4840028<H0<;12(02;5939A<;12(2(:987939A<;12(HC2;<7<;12D(

(9)

!

!

"#&! 8<;9A5<@<952(V(;9:C82H4(084([(2(/P(dAU(32(F5<0N(6<(84;;9304(;12(14559(82H0<0F<09(TF450<0N(6<( ;284:<;4(:4AA<98<,(;9:C82H2(084(/P(2(/[(dA,(H959(<5(5F:289(<5728<982(O/R(F5<0N(HF(QQS,(26( 45;984( F5( C9;9( C<W( 2H<AF9( V( <3( 5F:289( 62332( F5<0N( ;12( 14559( 82H0<0F<09( TF450<0N( :<598<,( <5728<98<(4<([(dA(O/c(F5<0N(HF(QQSD(*9304509(<5(C9;12(4822(34(TF450<0N(62<(784::250<(;284:<;<( HFC284(<(/[(dA(OQ(F5<0N(HF(QQSD(a54(C480<;93482(;95;25084@<952(H<(82A<H084(52<(TF46840<(4334( I4H2(623(:950<;939(Og/[S,(HF332(4302(C256<;<(HF6KHF6K2H0(62334(02884@@4(O74H;<4(Y(62<(3900<(G(2( YS( 2( HF332( C256<;<( 5986K98<25043<( 62334( 02884@@4( O_GPS( 69B2,( HF334( I4H2( 62<( 8<HF3040<( 62334( 8<;9A5<@<952( A29:4A520<;4,( 69B82II289( 2HH282( ;9339;40<( 82H0<( 48;1<020095<;<( ;9HC<;F<D( a5( 6<H;98H9(4(C4802(:28<0459(<5B2;2(32(C256<;<(HF6K98<25043<(623(:950<;939(OC28(;F<(H<(B264(34( 04I2334( /,( 3900<( [KbS]( TF<( 32( C28;250F43<( 6<( ;284:<;4( 84;;9304( H959( :<5<:2,( :25082( 34( C25625@4(623(0288259(26(<3(;95H2AF2502(H;<B934:2509(8256959(H<;F84:2502(C9;9(477<64I<3<(<( 640<(82340<B<(4332(6<H08<IF@<95<D($4(:4AA<98(C4802(623(:4028<432(C89B<252(64332(74H;2(<5728<98<( OHC2;D( 74H;2( Q( 2( \S,( 52<( C82HH<(62334( I4H2( 623(:950<;939,( :25082( TF450<040<B<( :9309(8<6900<( H959( H040<( 84;;930<( 52332( 74H;2( HFC28<98<( OHC2;D( G( 2( /S,( A252843:2502( ;4840028<@@402( 64( F54( C25625@4(:9309(4;;250F404D( $4(;284:<;4(V(H0404(<5<@<43:2502(;34HH<7<;404(H2;9569(F54(H28<2(6<(C484:208<(46(4:C<9( HC20089,( TF43<( 34( 0<C939A<4( A2528432( GHOOΈLPSDVWR H OR VSHVVRUH GHOOH SDUHWL DO ILQH GL 6<H0<5AF282,( C28( TF4509( C9HH<I<32,( F54( H28<2( 6<( :4;89K;402A98<2( 7F5@<9543<]( ;284:<;4( ;9:F52,(64(;F;<54(2(64(;95H28B4@<952=H09;;4AA<9D(a54(6<HC48<0N(52334(6<H08<IF@<952(62332( B48<2( ;402A98<2( C9082II2( <57400<( 8<73200282( C9025@<43<( :4;89H;9C<;12( 6<772825@2( 52334( 62H0<54@<952( 62332( 6<B28H2( @952( 623( H<09( <5( 62028:<5402( 74H<( ;895939A<;12D( $4( ;34HH2( FHUDPLFDPDJJLRUPHQWHGLIIXVD¨TXHOODFRPXQHGLFXLVRQRVWDWLUDFFROWLDOOΈLQFLUFD dAD($4(;284:<;4(64(;95H28B4@<952(V(H0404(82;FC28404(<5(TF450<0N(:9309(C<W(H;48H4(O/GQ(dA( <92S,(:25082(34(;284:<;4(64(;F;<54(8<HF304(C82HH9;1i(HC9846<;4(O\(dAD(<9DS//D( $4(6<H08<IF@<952(62334(;284:<;4(;9:F52,(;12(;9H0<0F<H;2(6F5TF2(34(;34HH2(:4AA<98:2502( 84CC82H250404(623(82C28098<9,(;988<HC9562(4II4H045@4(72623:2502(4(TF2334(;9:C32HH<B4(62<( 784::250<( ;284:<;<,( 2( 02H0<:95<4( 6<( F54( ;2804( 6<772825@<4@<952( 62332( 4822( 8<;9A5<02( O&4BD( e+-,( <SD( .<HC2009( 4332( C98@<95<( 98<25043<( 2( H2002508<9543<( 62334( 02884@@4,( 34( ;95;25084@<952( 52334( C98@<952( 9;;<6250432( H2:I84( 2HH282( 627<5<0<B4:2502( <5728<982( OC28( ;F<( H<( B26459( <( TF46840<( $[( 2( $QS,( :25082( :4AA<98<( TF450<0N( H<( 82A<H08459( <5( C89HH<:<0N( 62334( I4H2( 623( :950<;939(OTF46840<(g/YKg/[S(2(HF332(C256<;<(HFC28<98<(62334(02884@@4(O74H;2(G(2(Y(62<(3900<( G,(Y(2(cU(TF468409(_GPS,(798H2(<5(;9552HH<952(4(7259:25<(6<(289H<952(2(6<(H;<B934:2509/GD(

$4(;95;25084@<952(52<(82H0450<(3900<(/,(K/(2(KG(<5B2;2(V(<5728<982D(

$4( 6<H08<IF@<952( 62334( ;284:<;4( 64( ;95H28B4@<952( O&4BD( e+-,( <S( 2B<625@<4( F54( ;2804( B48<4@<952](<5(F54(H28<2(6<(;4H<,(F54(:4AA<982(;95;25084@<952(6<(;284:<;4(64(;95H28B4@<952( ;988<HC9562(46(4822(6<(:4AA<982(;95;25084@<952(;284:<;4(OC28(;F<(H<(B26459(46(2H2:C<9(34(

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

//(j(64(025282(<5(;9509(0F004B<4(;12(4(;4FH4(62334(C89HH<:<0N,(43:259(4(3<B2339(:4;89H;9C<;9,(084(32( 02:C282(62<(C2@@<(64(;F;<54(2(TF2332(6<(;2802(0<C939A<2(6<(;284:<;4(;9:F52,(34(6<H0<5@<952(084(32(6F2( ;34HH<(8<HF304(043B9304(6<77<;9309H4,(HC2;<2(52<(784::250<(H;48H4:2502(;95H28B40<D(( /G( 1HOOΈDUHD VHWW2508<95432( 62334( 02884@@4,( F54( ;95;25084@<952( ;9HC<;F4( V( 39;43<@@404( <5( C89HH<:<0N( 62334( C256<;2( 623( :950<;939( OTF46840<( $RK//( 2( ^//S,( :25082( <( :4028<43<( 0256959( 4( 6<:<5F<82( C89;262569(B28H9(2H0(OTF46840<($[(2($QSD(

(10)

*

!

"#'! 74H;<4( Y( 623( 39009( G,( 9( <3( TF468409( _GPS,( :4( <5( 4308<(;4H<(34( ;95;25084@<952( H2:I84( 2HH282( <56<C2562502:2502(4304(΃(;9:2(52334(C8<:4(74H;<4(623(39009(G(2(52334(028@4(74H;<4(623(39009(c,( HF334(C256<;2(:28<6<95432(62334(02884@@4,(2(523(TF468409(_/\,(52334(@954(H2002508<95432(62334( 02884@@4(΃(9(C480<;9348:2502(I4HH4(΃(;9:2(52<(TF46840<()/\K/R,(g/c,(g/QK/b(2(ERD(

$4( 6<H08<IF@<952( 62334( ;284:<;4( 64( ;F;<54( O&4BD( e+-,( <U( 04I2334( /S,( C28( TF4509( 595( SDUWLFRODUPHQWH VLJQLILFDWLYD YLVWD OΈHVLJXLW  GHO FDPSLRQH DSSDUH WHQGHQ]LDOPHQWH <56<C2562502( 8<HC2009( 4332( 4822( 6<( :4AA<982( 6<77FH<952( 62334( ;284:<;4/Y]( F54( ;2804( ;95;25084@<952(H2:I84(<57400<(39;43<@@404(<5(;988<HC95625@4(62<(3900<(:28<6<9543<(K/(2(KGD( M28(TF4509(8<AF4864(34(02;5<;4(6<(C896F@<952,(34(:4AA<98(C4802(62<(784::250<(;284:<;<(V( 74004( 43( 0985<9,( :25082( H939( F54( :<5<:4( C28;250F432( 8<HF304( 74004( 4( :459D( !6( F54( ;34HH<7<;4@<952( C823<:<5482( 28459( H0402( <H93402( F54( H28<2( 6<( ;34HH<( ;284:<;12( 6<H0<502( H2;9569(32(02;5<;12(6<(34B984@<952(2(6<(7<5<0F84(HFC287<;<432](;284:<;4(;9:F52(9('(9"+9&+/c( OC/9#"*D9&%SU(;284:<;4(6<C<504U(;284:<;4(A8<A<4U(;284:<;4(:488952U(;284:<;4(46(<5A9II<9( 89HH9U( ;284:<;4(46( <5A9II<9( 4845;<952U( ;284:<;4( 7<52( 6<( ;93982( ;4:9H;<9,( 2( ;284:<;4(46( <5A9II<9(;1<489,(I<45;9KJLDOODVWUR 0D]]RQL'Έ$JRVWLQR2UVLD 8OWHULRULUHYLVLRQL 14559(;95H250<09(6<(CF50F43<@@482(43;F5<(4HC200<(2(6<(;<8;9H;8<B282(A8FCC<(C<W(9:9A252<D(

$4( ;284:<;4( '(9"+9&+( 84CC82H2504( 34( ;9:C952502( :4AA<98:2502( 84CC82H250404( DOOΈLQWHUQR GHO <0&41'( ;284:<;9( 6<( ağDNOñ )LJ         ,O WUDWWDPHQWR HFC287<;<432(;95H<H02(<5(A25282(<5(F54(H2:C3<;2(3<H;<40F84,(:4(H959(:9309(782TF250<(45;12(<( C2@@<( ;12( C82H250459( F54( H9804( 6<( 4F09K<5A9II<40F84( O'%/.* '/#4S,( C2839C<W( 8<HF304502( 64334( 62C9H<@<952( 6<( F5( H900<32( H08409( 6<( 48A<334( 7<52,( C<W( 9( :259( <5B9395048<9,( 6F84502( 32( 9C284@<95<(6<(0985<0F84(2(3<H;<40F84(62<(C2@@<D(+3(;93982(62<(784::250<(B48<4(<5(A25282(084(32( VIXPDWXUH GHO PDUURQH H GHOOΈDUDQFLRQH LO PDUURQH H LO PDUURQH URVVDVWUR VRQR L FRORUL :4AA<98:2502( 6<77FH<,( :4( H959( 4002H0402( 45;12( 6<B28H2( 09543<0N( 6<( ;4:9H;<9D( &84( 34( ;284:<;4('(9"+9&+(H<(6<H0<5AF959(34(;284:<;4(64(;F;<54,(34(;284:<;4(+&9>(26(F5(A8FCC9(6<( ;284:<;12( 46( <:C4H09( 89HH9( A845F39H9,( C89I4I<3:2502( 04862D( !334( ;284:<;4( 64( ;F;<54( H<( 4008<IF<H;959(F54(H28<2(6<(C2@@<(;12(C28(<:C4H09,(084004:2509(HFC287<;<432(2=9(C28(34(798:4,( SRVVDQR DWWULEXLUVL DOOΈLPSLHJR VXO IXRFR )LJ  K/GU( _<AD( Y]( /bU( &4BD( e-+,( %S/[D( $2(

02:C282( H959( 4CC482502:2502( :9309( B<;<52( 4( TF2332( 62332( 43082( ;284:<;12( '(9"+9&+,( ;95( HA84HH450<(6<(98<A<52(:<528432(<5(TF450<0N(:26<4(9(:26<4:2502(4II9564502,(A252843:2502( 6<( 6<:25H<952( C<F009H09( 8<69004D( +3( 084004:2509( HFC287<;<432( V( ;98H<B9,( 595( H2:I8459(

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

/Y( *<( B26459( C28( 2H2:C<9( <( TF46840<( g/[,( _GP,( 9( 34( 74H;<4( Y( 62<( 3900<( G( 2( Y,( ;4840028<@@40<( 64( 4304( ;95;25084@<952( 6<( ;284:<;4( <5( A2528432( 2( 64( H;48H4( ;95;25084@<952( 62334( B48<4502( 64( ;F;<54( O&4BD( e+-,(<SD(E<B28H4:2502,(F54(;2804(;95;25084@<952(6<(;284:<;4(64(;F;<54(H<(82A<H084(52<(TF46840<(_/Y,( E/c(2(_/c,($R,(2(52334(74H;<4(c(623(39009(KG(O04I2334(/SD( /c(!3(7<52(6<(6<H0<5AF282(084(32(6<7728250<(;402A98<2(6<(;34HH<7<;4@<952,(<5(TF2H09(;9502H09(H<(C82728<H;2( 627<5<82(34(;284:<;4(6<(<:C4H09(;9:F52(;9:2(<%&9A#<9*'(9"+9&+(OC/9#"*D9&%S,(64(595(;95795628H<( ;95(34(<%&9A#<9*<0A1"%(;F<(B<252(74009(8<728<:2509(523(;4H9(62334(;34HH<7<;4@<952(HF(I4H2(7F5@<95432( OC28(;F<(H<(B264(H9C84SD(+5(TF2H09(H25H9(H<(6<H0<5AF2(6F5TF2(F54(;284:<;4(6<(FH9(;9:F52(8<HC2009(4332( ;284:<;12( 64( ;F;<54( 2( 64( ;95H28B4@<952,( 2( F54( ;284:<;4( '(9"+9&+( 8<HC2009( 4332( ;284:<;12( 46( <5A9II<9(89HH9,(6<C<502(2;;D( /[( #9:2( 8<728<:2509(H<(8<:4564(4<( C2@@<( 6<(<5B25048<9(ad5(PbKP\Q/U(PbKP/cbU(PbKP[Q[U(PbKPY\bU( PbKPQb[U(PRKPRcYU(PbKPPccD(

(11)

!

!

"#(!

<:C<2A40<( <5A9II<( 2( H939( <5( ;280<( ;4H<( H2:I84( C82H2502( F54( H9804( 6<( 4F09K<5A9II<9D( $4( ;284:<;4( +&9>( H<( ;4840028<@@4( C28( 34( HFC287<;<2( ;98H<B4,( HF334( TF432( H959( I25( B<H<I<3<( <:C2872@<95<(6<(B48<4(540F84(69BF02(4334(34B984@<952(O_<AD(G](/,(Y,([,(\U(&4BD(e-+,(.S/QD(&84(

TF2H02( H<( 8<;959H;959( 32( 084;;2( 62334( 3<H;<40F84( 4CC89HH<:40<B4,( 6<( ;F<( 82H0459( 7<002( 3<522( SDUDOOHOH DO SLDQR GL URWD]LRQH GHOOD FLRWROD OH WUDFFH GHOOD UDVFKLDWXUD GHOOΈDUJLOOD LQ 2;;2HH9(HF;;2HH<B4(4334(0985<0F84U(A8F:<U(<:C89502(6<A<043<(26(4308<(H2A5<(<5;<H<D($4(02:C284( 14(I4H2(:<528432(;95(<5;3FH<(6<(B&#('(528<(6<(C<;;932(6<:25H<95<,(C82H250<(<5(TF450<0N(:26<2( 2( 4II956450<,( 2( 6<( B&#('( I<45;1<( 6<( C<;;934( 6<:25H<952( C82H250<,( 52334( :4AA<98( C4802( 62<( FDVL LQ TXDQWLW  VFDUVD /D ULFRUUHQ]D GL IRFDWXUH LQ VXSHUILFLH OΈDVSHWWR VDQGZLFK GHOOD 78400F84( 2(34(H9598<0N(H9864( HFAA28<H;959( F54( ;900F84(B239;2( 2( C9;9( 4;;F8404D( )3<( <:C4H0<( H959(6<(;93982(:48895;<59,(:488952(I8F;<409(9(89HH4H089(26(45;12(34(HFC287<;<2(8<HF304(6<( ;93982( :488952( OE1"'%//* :0#/* F0/01&* F59&('* GHHH* [k.,( /#B5(* &%++#'5* >&0I"=* &%++#'5*

>&0I"U( \D[k.U( >&0I"SD( $4( ;284:<;4( 46( <:C4H09( 89HH9( A845F39H9( V( ;4840028<@@404( 64(

HFC287<;<2(26(<:C4H09(6<(;93982(89HH4H089(OHC2;D( E1"'%//*:0#/*F0/01&*F59&('*GHHH* \D[k.( \=QS,( 02:C284( 4( I4H2( :<528432( ;95( 4II95645@4( 6<( B&#('( I<45;1<( HC<A939H<( 6<( 6<:25H<952( :26<4( 2( C<;;934( 2( 6<( B&#('( 528<( 6<( C<;;934( 6<:25H<952,( A8454( 82340<B4:2502( ;9:C4004( 2( HFC287<;<2(8FB<64(43(04009,(595(3<H;<404(26(4CC482502:2502(595(<5A9II<404,(9(43(3<:<02(4F09K <5A9II<404(O_<AD(Y](G/KGQU(&4BD(e-+,*JS/\D(

a54( ;9:C952502( H<A5<7<;40<B4( 623( 82C28098<9( 6<( ağDNOñ ¨ SRL FRVWLWXLWD GD GLIIHUHQWL B48<450<( 6<( ;284:<;12( <5A9II<402( 2( I8F5<02D( `F2334( :4AA<98:2502( ;9HC<;F4,( I25;1i( C9;9( 9:9A2524,( V( 84CC82H250404( 64332( ;284:<;12( 46( <5A9II<9( 89HH9D( ( `F2H02( B48<459( ;95H<6282B93:2502(C28(02;5<;4(6<(C896F@<952,(C28(<3(084004:2509(HFC287<;<432(2(C28(<3(;93982,( LQGLFDQGRODSUHVHQ]DGLGLIIHUHQWLWUDGL]LRQL/ΈLQJREELR¨JHQHUDOPHQWHOLPLWDWRDOODSDUWH 2H02854( 623( B4H9( 9( 4334( C4802( 2H02854( HFC28<982,( 488<B4569( 782TF2502:2502( 4( ;9C8<82( F54( EUHYHSRU]LRQHGHOOΈRUORLQWHUQRHG(4CC482(H<4(H900<32(26(<882A9348:2502(4CC3<;409,(798H2(C28( H782A4:2509( 6<( F5( C4559( 9( 6<( 43089( H08F:2509( HF334( HFC287<;<2( 623( B4H9,( H<4( HC2HH9( 26( 9:9A2524:2502(4CC3<;409,(<5(43;F5<(;4H<(90025F09(798H2(084:<02(<::28H<952D($4(HFC287<;<2( CFX(2HH282(H<4(3F;<64(;12(9C4;4,(:25082(<3(;93982(B48<4(084(<3(89HH9(;1<489(2(<3(89HH9(89H409,( OΈDUDQFLRQH URVVDVWUR LO URVVR SXUSXUHR LO PDUURQH URVVDVWUR R LO YLROD URVVDVWUR #9:C32HH<B4:2502(084(34(;284:<;4(46(<5A9II<9(89HH9(H959(H040<(<H9340<(082(A8FCC<(C8<5;<C43<,( 4008<IF<0<(8<HC200<B4:2502(4334(7<52(623(+++(:<33255<9(4D#D,(43(++K+(:<33255<9(4D#D(26(4<(C28<96<( 0486<D( +3( C8<:9( A8FCC9( 6<( ;284:<;4( 46( <5A9II<9( 89HH9( ( H<( 6<H0<5AF2( C28( 34( 34B984@<952( 4( :459(O&4BD(e-+,(+SD(+(C2@@<(C9HH959(4B282(<:C4H09(H<4(4(I4H2(:<528432/b,(;12(B2A20432/R,( :25082( 34( HFC287<;<2,( HC2HH9( H02;;404( <5( :969( 595( :9309( 9:9A2529,( HC4@@93404,( 4CC482502:2502( <5A9II<404( 9( 4F09K<5A9II<404,( 2( 34( :408<;2( H959( HC2HH9( 6<( ;93982( 89HH9( ;1<489(OE1"'%//*:0#/*F0/01&*F59&('*GHHH*GD[k.=*/#B5(*&%+SD(+3(H2;9569(A8FCC9(6<(;284:<;4(

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

/Q(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PbK/P/R(O_<AD(G](/SU(PbKPc/[(O_<AD(G](YSD( /\(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PRKP/QY(O_<AD(Y](GGSU(PRKPGYP(O_<AD(Y]( GcSU(PRKPY/[U(PRK//\GU(PRKP/R[U(PRKPG/YU(PRKG//bU(PRKPYbRU(PRKPRc[U(PRKPGbRD( /b(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PbKbb[U(PbKGP[U(PbK/[/RU(PbK/RY/D( /R( #9:2( 8<728<:2509(H<(8<:4564(4<( C2@@<( 6<(<5B25048<9(ad5(PbK/Q\PU(PbK/bbQU(PbK//PbU(PRKP\RPU( PbK/PQRU(PbK/\RQU(PRK/GPbU(PRK//QRU(PRKPGc\U(PRKPQRPU(PbK/GY\U(PRKPbRGU(PbK/\ccU(PbKP[YcD(

(12)

*

!

"#)! 46( <5A9II<9( 89HH9( H<( ;4840028<@@4( C28( 34( 34B984@<952( 43( 0985<9,( 26( 14( <:C4H09( 4( I4H2( :<528432,(A252843:2502(;95(<5;3FH<(B<H<I<3<(6<(B&#('(I<45;1<(2(528<(6<(B48<4(6<:25H<952(O_<AD( /](bK/c,(/\KGQU(_<AD(Y](/KGD(M28(F54(H232@<952(H<(B264(&4BD(e-+,(9@+SGPD(+3(A8FCC9(V(C<F009H09( B48<2A409](34(HFC287<;<2,(3<H;<404(9(I8F5<04,(V(<5(A25282(6<(;93982(89HH9(OE1"'%//*:0#/*F0/01&*

F59&('* GHHH( 5  PHQWUH LO FRORUH GHOOΈLPSDVWR ¨ JHQHUDOPHQWHEUXQDVWUR E1"'%//* :0#/* F0/01&*F59&('*GHHH*[k.=*;%//0I#'5*&%+SD(+3(028@9(A8FCC9(6<(;284:<;12(46(<5A9II<9(89HH9,(

;988<HC9562502( C2839C<W( 4( ;<90932( I4HH2( 2( 4( C<400<,( H<( 6<H0<5AF2( C28( 34( 02:C284( 4( I4H2( H4II<9H4,( 7<52( 2( ;9:C4004,( 025625@<43:2502( 62CF8404( O&4BD( e-+,( 7SG/D( $4( HFC287<;<2( V(

3<H;<404(26(<5A9II<404(<5(:969(C2839C<W(9:9A2529,(9;;4H<9543:2502(I8<334502(2,(5959H04502( H<459( 4002H040<( C2@@<( :9309( H;F8<,( V( <5( A25282( 6<( ;93982( 89HH9( ;1<489( OHC2;D( E1"'%//* :0#/*

F0/01&*F59&('*GHHH*GD[k.Q=bSD(

$4(;284:<;4(46(<5A9II<9(4845;<952(2(34(;284:<;4(:488952,(<5(I4H2(4334(:987939A<4(62<( C2@@<(HDOOHWHPSHUHULVXOWDQRLQVHULUVLSHUFHUWDSDUWHFRPHYDULDQWLDOOΈLQWHUQRGHOJUXSSR 62332( ;284:<;12( 46( <5A9II<9( 89HH9,(:25082( 32( ;284:<;12( 46(<5A9II<9( I<45;9KA<4334H089( <5( 43;F5<( ;4H<( H959( 64( 4H;8<B282( 4334( H02HH4( ;402A98<4( 62332( ;284:<;12( 6<C<502( ;95( 45439A9( <5A9II<9,(084004569H<(6<(C98@<95<(595(6<C<502(6<(;95025<0982(;12(CF82(4CC48025A959(4(TF2<( :262H<:<(98<@@950<(;284:<;<D((

&84(34(;284:<;4(6<C<504(H<(6<H0<5AF2(F54(C896F@<952(43(0985<9(26(F54(C896F@<952(4(:459D( &84(34(C896F@<952(43(0985<9(H<(4559B28459(;284:<;12(;9:F5<(;95(H2:C3<;<(084;;2(6<(C<00F84( 89HH4U( ;284:<;4( I<;89:4( 6<C<504( <5( 89HH9( 2( 5289U( ;284:<;4( 6<C<504( ;95( :90<B<( <5( 5289=:488952(2(;284:<;4(6<C<504(<5(89HH9(2(5289(HF(79569(I<45;9(O_<AD(Y](cK/GU(&4BD(e-+,(

B=* 5=* #  /ΈLPSDVWR KD EDVH PLQHUDOHD( *C9846<;4:2502( H959( C82H250<( 62<( B&#('( 89HH<,( ;12(

C9HH959( 84AA<F5A282( 6<:25H<95<( 45;12( :26<4:2502( A8456<D( $4( HFC287<;<2( 6<C<504( CFX( 2HH282( H2:C3<;2:2502( H02;;404( 9( <5A9II<404,( :25082( A3<( <5A9II<( H959( 6<( ;93982( ;1<489,( 0256250<( 43( I<45;9( 9( 43( A<4339( OE1"'%//* :0#/* F0/01&* F59&('* GHHH* \D[k.,( &%++#'5* ;%//0IU( /Pk.,($%&;*49/%*>&0I"U(/Pk.($%&;*49/%*>&0I"S,(9(89HH<D(

a54(;402A98<4(4(C4802,(6<(;F<(H959(H0402(8<5B25F02(C8<5;<C43:2502(C4820<,(V(84CC82H250404( 64334(;284:<;4(6<C<504(74004(4(:459,(;95(HFC287<;<2(I8F5<04,(;12(C89C952(H;12:<(62;9840<B<( 0<C<;<( 62334( #284:<;4( 6<( #4CC469;<4( O_<AD( /]( /KQU( &4BD( e-,( <SD( )3<( <:C4H0<( 14559( I4H2( :<528432,( ;95( <5;3FH<( 6<( B&#('( I<45;1<,( HC9846<;<( B&#('( 528<,( HC9846<;<( B&#('( 89HH<( 2( 084;;2( B2A2043<(B48<4I<3<D(*<(6<H0<5AF959(F54(B48<4502(4(02:C284(C<W(7<52(2(;9:C4004GG(26(F54(;95(

02HH<0F84( C<W( A89HH93454( 2( ;98H<B4,( ;95( 4II956450<( HA84HH450<( 6<( C4A3<4( I25( B<H<I<3<( H<4( <5( 78400F84( ;12( <5( HFC287<;<2GYD( +( ;9398<( HFC287<;<43<( 2( 62332( :408<;<( B48<459( 084( <3( :48895;<59(

OE1"'%//* :0#/* F0/01&* F59&('* GHHH* [k.,( &%++#'5* >&0I"S( 26( <3( 89HH4H089( OE1"'%//* :0#/*

F0/01&* F59&('* GHHH* GD[k.,( &%+SD( $2( 62;984@<95<( 6<C<502,( C2839C<W( <5( 798:4( 6<( 3<522( 6<(

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

GP(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PRK/G\\(l_<AD(/](/RmU(PRKPPP/U(/PKPPQYD( G/( #9:2( 8<728<:2509(H<(8<:4564(4<( C2@@<( 6<(<5B25048<9(ad5(PRKPRccU(PRKPRPPU(PRKPcb\U(PRKPR\/U( PbKPGb\U(PRKPY\PU(PRKPR\/D( GG(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PbKGGPYU(PbKGGPY(O_<AD(/](YSU(PbK/QR[( O_<AD(/](/SD( GY(#9:2(8<728<:2509(H<(8<:4564(4<(C2@@<(6<(<5B25048<9(ad5(PRKPP[[U(PRK/G/G(O_<AD(/](GSU(PRKPbP/( O_<AD(/](QSD(

(13)

!

!

"#*! HC2HH982(H900<32,(B48<4:2502(98A45<@@402(H2AF2569(H;12:<(A29:208<;<,(H959(:488952(H;F89( 9( 5284H089( TF4569( 34( 3<524( V( C<W( ;9:C4004,( :25082( 4CC4<959( TF4H<( A8<A<4H082( TF4569( <3( ;93982(V(C<W(6<3F<09D( &84( 32( ;34HH<( ;284:<;12( HC9846<;12( H<( 4559B28459( C9<( F5( 784::2509( <5( ;284:<;4( 7<52( ;9:C4004(;95(F5(<5A9II<9(:<;4;29(I8<334502(6<(;93982(698409,(;12(69B82II2(;988<HC956282( 4334(K0/+*D9'5*D9&%GL(2(6F2(784::250<(6<(;284:<;4(<5B208<404G[U(F54(C98@<952(6<(I4H2(;95( HFC287<;<2( <502854( 8<;9C2804( 64( F54( <5B208<40F84( 6<( ;93982( B2862( 2( F54( I4H2( 46( 452339( 784::25048<4(<5(;284:<;4(<5B208<404(;95(:90<B<(7398243<(<5(I3F(HF(H79569(I<45;9D( ( 3*)*)*!4'!.'%'01-,2!9&27161,'&2!.277'!(2&'61('! ( /ΈLQGDJLQHVLVWHPDWLFDFRQGRWWDVXOODVXSHUILFLHGL8ğDNOñKDUHVWLWXLWRXQUHSHUWRULRGL ;284:<;12( ;12( 8<HF304( F0<32( 4<( 7<5<( 6<( F54( 6404@<952( C823<:<5482,( C28( A8456<( C28<96<( ;895939A<;<,( 62332( 6<B28H2( 74H<( 6<( 9;;FC4@<952( 623( H<09D( $4( 6404@<952( 62334( ;284:<;4( 6<( HFC287<;<2( V( A252843:2502( F5( ;9:C<09( 6<77<;<32( 2( 39( V( <5( C480<;93482( 52332( 4822( 69B2( 595( VRQRGLVSRQLELOLVHTXHQ]HDUFKHRORJLFKHVWUDWLILFDWHRFRPHQHOFDVRGHOOΈDOWLSLDQRFHQWURK DQDWROLFR QRQ VL FRQRVFH D VXIILFLHQ]D OΈDUWLFROD]LRQH GHL GLIIHUHQWL UHSHUWRUL 6FKRRS GPPR,(/cQS(4(;4FH4(45;12(62334(:48;404(9:9A252<0N(;12(;4840028<@@4(34(:4AA<98(C4802(62334( C896F@<952(;284:<;4(C28(3F5A1<(C28<96<(6<(02:C9D("2334(:4AA<98(C4802(62<(;4H<(34(;950<5F<0N( WLSRORJLFD H LO OHQWR PXWDPHQWR GHL WLSL GDOOΈHW  GHO %URQ]R 0HGLR LQ DYDQWL OLPLWD 79802:2502(34(59H084(;4C4;<0N(6<(640482(<(:4028<43<(6<(HFC287<;<2(2H;3FH<B4:2502(HF334(I4H2( 62334( :987939A<4( 62<( 784::250<U( ;9Hn( CF82( <:C4H0<( 2( 084004:250<( 6<( HFC287<;<2( 8484:2502( C9HH959( 2HH282( ;95H<62840<( 2H;3FH<B<( 6<( F5( H939( 3<:<0409( C28<969,( 74004( 2;;2@<952( C28( F5( 5F:289(8<H082009(6<(;4H<D(( #<X(62009,(<3(;95789509(084(<3(82C28098<9(6<(8ğDNOñHTXHOOLSURYHQLHQWLGDFRQWHVWLVFDYDWL <5( 4308<( H<0<( ;12( :9H08459( H<:<3<( ;4840028<H0<;12( C28( 798:4( 2( :45<7400F84( 14( ;9H0<0F<09( <3( :20969( 6<( I4H2( FH409( C28( 640482( ;34HH<( 2( 0<C<( 6<( :4028<43<( 84;;930<D( +3( 3<:<02( :4AA<982( 6<( TF2H09( C89;26<:2509( 8<AF4864( <3( 74009( ;12( F54( ;95H<6282B932( C89C98@<952( 6<( 784::250<( ;284:<;<( CFX( 2HH282( 4HH2A5404( 4( 74H<( ;895939A<;12( :9309( 4:C<2( 9( CFX( 2HH282( 640404( ;95( C9;4(C82;<H<952,(H9B84CC952569H<(46(F59(9(C<W(C28<96<D(( $4(C<W(450<;4(74H2(6<(782TF2504@<952(V(69;F:250404(64334(C82H25@4(6<(C9;1<(784::250<( ;284:<;<(7400<(4(:459,(043B9304(;9C280<(64(F5(<5A9II<9(89HH9(9(;95(62;984@<95<(A29:208<;12( GLSLQWH GDWDELOL DOOD IDVH GL WUDQVL]LRQH WUD OΈHW  GHO %URQ]R $QWLFR H LO SHULRGR GHOOH ;9395<2( 4HH<82( 6<( #4CC469;<4,( <3( ^26<9( ?895@9( GHOOΈ$QDWROLD FHQWUDOHGQ( O_<A( /]( /KQU( &4BD(

e-,(<=*+SD((

^9309( C<W( ;95H<H02502( V( 34( 8<;98825@4( 62<( 784::250<(6<( ;284:<;4( 0985<04( ;95( <5A9II<9( 89HH9G\( 34( ;F<( 6<H08<IF@<952( 8<HF304( C<F009H09( 9:9A2524( 2( 8<AF4864( 4:C<( H20098<( 62334(

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

Gc(ad5(PbK/PbQD( G[(ad5(PbKPP\QD( GQ(M28(32(;4840028<H0<;12(6<(TF2H09(A8FCC9(6<(784::250<(H<(8<:4564(43(C484A8479(GD/](A8FCC9(/(62334( ;284:<;4(46(<5A9II<9(89HH9U(A8FCC9(6<(;284:<;4(6<C<504(74004(4(:459D( G\(M484A8479(GD/](A8FCC9(G(62334(;284:<;4(46(<5A9II<9(89HH9D(

(14)

*

!

"#+!

02884@@4D(+5(:930<(;4H<(<3(C897<39(623(784::2509(2(34(:45<7400F84(;<(C28:200959(6<(H04I<3<82( ;9578950<(;95(0<C<(6404I<3<(4(C28<96<(C<W(;<8;9H;8<00<GbD($2(;<90932(;4825402(2(HC2HH9(:F5<02(6<(

F54( 45H4( B280<;432( 4( 798:4( 6<( -( O_<AD( /]( \K//U( &4BD( e-+,( 9S( H959( ;95H<628402( <5( A25282( IF95<(<56<;4098<(623(C28<969(62332(;9395<2(4HH<82(O*;199C(GPPR,(/[/U(*;1<8:28(/RQR,(C3D(GcK G[S( 9( 623( C28<969( 450<;9(<00<04( O^<23L2( GPPQ,( /cR,( /GY:U(;9Hn( ;9:2(39( V(<3(0<C9(6<( ;<90934( ;4825404(;95(I9869(;9809,(9(C<W(3F5A9(2(<5089732HH9(O_<AD(/](/GK/cS,(;95(9(H25@4(45H2,(;12( CFX(2HH282(;9:C3204:2502(8<B2H0<04(64(F5(<5A9II<9(89HH9(9(H939(<5(C4802,(HF334(C4802(4304(623( I9869( 2H02859( O;9578950<( H<( 089B459( <5( dFğDNOñ +¶\¼N:9&#''9( l^<23L2( GPPQ,( C3D( [\Dcc,( [bD/,([QD[m(2(d<520(go>pL(l)402H(GPPQ,(YP[KYPQm,(H939(C28(;<04852(43;F5<SD(!308<(784::250<( 8<;956F;<I<3<(4(798:2(;1<FH2(H959(6<(C<W(6<77<;<32(6404@<952((O_<AD(/](/\,(/bS(;95H<6284569( ;12(H959(69;F:25040<(52<(3<BHOOLGHO%URQ]R0HGLR7DUGRHGHOOΈHW GHO)HUUR(

-28H409<( O_<AD( /]( /RKGYU( &4BD( e-+,( +S( 26( 43;F52( 0<C939A<2( 6<( 45H2( O_<AD( /]( GcKGQS( 4CC48025A959(4(I89;;12(9(;95025<098<((6<(79AA<4(C480<;93482(64(640482(4339(H02HH9(C28<969( O^<23L2(GPPQ,*/c\,(4IID(/cGS,(H2II252(43;F5<(2H2:C<(C9HH459(2HH282(45;12(C<W(450<;1<(9( YLFHYHUVDSL¹UHFHQWL,QJHQHUDOHLYDVLFRQYHUVDWRLRPXQLWRDOOΈHVWUHPLW GLXQΈDSSHQGLFH ;12( ;F8B4( <5( I4HH9,( H<:<32( 46( F54( H9804( 6<( I2;;9,( 8<;988959( C8<5;<C43:2502( 6F84502( <3( C28<969( 62332( ;9395<2( 4HH<82( 2( <3( C28<969( 450<;9( <00<04( O*;199C( GP//,( G[/SU( A3<( 2H2:C<( UDFFROWL VXOOD WHUUD]]D GL 8ğDNOñ SUHVHQWDQR XQD VXSHUILFLH GL FRORUH URVVR EULOODQWH EHQ C93<04D( !5;12(<(784::250<(6<(C48202,(<5(43;F5<(;4H<(;95(084;;2(6<(<5A9II<9(89HH9,(4CC48025250<(4( ;95025<098<( ;1<FH<( ;12( C82H250459( F54( 62;984@<952( H04:C<A3<404( O<:C82HH<95<( 6<( ;28;1<( ;95;2508<;<(9(7<AF8402S(O&4BD(e-+,(<S,(;<5TF2(62<(TF43<(089B40<(HF334(C256<;2(98<250432(62334( 02884@@4,(C9HH959(2HH282(64040<(084(<3(C28<969(62332(;9395<2(4HH<82(6<(#4CC469;<4(2(<3(C28<969( <00<04(O*2<63(/R\G,(![PK[GU(!YY,(YQ(2((!GQU(?921:28(K()p028I9;L(/Rb\,(C3D(e$++,(YGbSD(( +( 784::250<( 6<( ;284:<;4( ;9:F52( 8<;956F;<I<3<( 4( ;<90932( 643( C897<39( ;F8B9( 2( 4( ;<90932( EDVVHFRQOΈRUORLVSHVVLWRHERUGRVXSHULRUHLQWURIOHVVRFRVWLWXLVF959(4308<(0<C<(8<;988250<(<5( 348A1<(H20098<(62334(02884@@4D(+5(A25282(;956<B<6959(F5(H<:<32(<:C4H09(6<(;93982(;4:9H;<9(9( :488952( 2( F5( 084004:2509( 6<( HFC287<;<2( ;98H<B9,( ;12( 82;4( I25( B<H<I<3<( <( H2A5<( 2( 32( <:C2872@<95<( 62334( 34B984@<952( 2( H959( C4802( 6<( F54( ;34HH2,( TF2334( 62334( ;284:<;4* +&9>,( C8269:<54502(52<(82C28098<(64040<(43(C28<969(<00<04(O*;199C(GP//,(GcGSGRD(#<90932(H2:C3<;<(6<( C<;;932( 2( :26<2( 6<:25H<95<,( ;95( 9839( H2:C3<;2( 9( 4CCF50<09,( ;<90932( ;95( 9839( <HC2HH<09,( ;<90932(6<(C<W(A8456<(6<:25H<95<(C<4002(;95(9839(<HC2HH<09(2(A8456<(C<400<(O_<AD(G](/KbU(&4BD( e-+,(. VRQRDOWULWLSLGRFXPHQWDWLLQGLVFUHWRQXPHURULFRQGXFLELOLDOOΈRUL]]RQWHFHQWURK 454093<;9( 623( &4869( ?895@9,( <5( C480<;93482( 64( 640482( 43( 82C28098<9( 623( C28<969( <00<04( HF334( I4H2(62334(H2TF25@4(:2HH4(<5(3F;2(4(?¶ßD]N¶\ 3DU]LQJHUK(*45@(/RRG,(C3D(GQD/RKG\,(YbD/K QU(*;199C(GPPY,(/\YU(GPPQ,(G/[K HQHOOΈHGLILFLR&GL.XğDNOñ+¶\¼N:9&#''9(O^<23L2(

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

Gb( "23( ;4H9( 6<( 784::250<( 595( 6<4A59H0<;<,( TF<56<( 8<;956F;<I<3<( 43( ;98C9( 623( B4H9( C8<B9( 6<( 62;984@<952,( 6<( F54( C98@<952( 6<( 45H4( 9( 6<( I4H2( V( ;9:C3<;409( 0250482( F54( 6404@<952( HF334( I4H2( GHOOΈLPSDVWR R GHO WUDWWDPHQWR GHOOD VXSHUILFLH FRQVLGHUDQGR FKH QHOOD PDJJLRU SDUWH GHL FDVL VL :45025A959(<::F040<(523(;98H9(623(02:C9D(

GR( *F334( C82H25@4( 6<( TF2H09( 0<C9( 6<( ;<90932( 5HJOL VWUDWL GDWDWL DOOD WDUGD (W  GHO )HUUR GL .XğDNOñ

(15)

!

!

"&$!

GPPQ,(/GbK/YcU(C3D([\,([[SD(+(A8456<(C<400<(64(;F;<54(8<;988959(084(<3(C28<969(:26<9(<00<04(2(34( C8<:4(C4802(623(C28<9GRLPSHULDOHOΈLPSUHVVLRQHGLFRUGDDWWRUQRDOOΈRUOR )LJK//U( &4BD( e-+,( %  YLVLELOH LQ GLYHUVL IUDPPHQWL WURYDWL DG 8ğDNOñ ¨ XQ HOHPHQWR OD FXL GLIIXVLRQHLQ%¶ßD]N¶\UDJJLXQJHLOSLFFRDWWRUQRDOODPHW GHO;9VHFRORD& 6FKRRS GPPY,(GY/KGYYSD( $2( ;<90932( ;4825402( 6<( :26<9KA8456<( 6<:25H<95<( ;95( C48202( 4304( ;95B2HH4( <5( ;284:<;4( ;9:F52(O_<AD(G](/Y,(/cS,(6<(;93982(:488952(2(;95(F5(084004:2509(62334(HFC287<;<2(;98H<B9,( 595( 14559( ;9578950<(C82;<H<( 52<(H<0<( 62334( 82A<952,(:4( 34( 3989( C480<;93482( 8<;98825@4( 52A3<( H02HH<( H20098<( <5( ;F<( H<( 089B459( <( 0<C<;<( 784::250<( 6<( ;<90932( ;F8B2( 623( 82C28098<9( +&9>,( SRWUHEEHIRUQLUHVSXQWLXWLOLSHUXQDORURGDWD]LRQHIHUPRUHVWDQGRFKHOΈDVVRFLD]LRQHWUD TF2H09(0<C9(6<(;<90932(;4825402(2(32(43082(;<90932(+&9>,(084004569H<(6<(:4028<43<(6<(HFC287<;<2,( CFX(2HH282(9BB<4:2502(623(0F009(7980F<09D(+(3<B233<(6<(d2:45Kd4321o>pL(;12(640459(4334(7<52( 623( C28<969( <00<04( O^40HF:F84( GPP[,( C3D( \]d$RcK^\GS( ;9Hn( ;9:2( <3( 3<B2339( -( 6<( M98HFL(( 640409( 43( &4869( ?895@9( OEFC8i( /RbY,( C3D( /R,( 7<AHD( //YK//QS( 9778959( 43;F5<( C9HH<I<3<( ;9578950<(C28(TF2H09(0<C9D(

!5;12(<(784::250<(6<(C250932(64(;F;<54,(C28(39(C<W(8<;956F;<I<3<(46(9332(H25@4(;9339(;95( ;98C9( A39IF3482( 2( 9839( <HC2HH<09( 2H02854:2502( O_<AD( G]( /GS,( 8<;1<4:459( 4334( :2502( F54( 0<C939A<4(6<(;95025<0982(I25(69;F:250409(52<(;9502H0<(82A<9543<(623(C28<969(<00<04D(

E<(6<77<;<32(6404@<952(8<HF30459(C9<(F54(H28<2(6<(784::250<(6<(9332(46(4309(;9339(9(;84028<( <5( ;284:<;4( ;9:F52( 9( <5A9II<404( 6<( 89HH9( O_<AD( Y]( /KYS,( TF4H<( H2:C82( ;95( 983<( <HC2HH<0<( 2H0285DPHQWH H SLDWWL VXSHULRUPHQWH R UDUDPHQWH VFDQDODWL VXOOΈLQWHUQR GDWR FKH SRVVRQR HVVHUHULFRQGRWWLVLDDWLSLGDWDELOLDO%URQ]R7DUGRFKHDOOΈHW GHO)HUUR(

+(784::250<(6<(A<482(9(A8456<(;95025<098<(64(H09;;4AA<9,(H<4(<5(;284:<;4('(9"+9&+(;12(<5( ;284:<;4( <5A9II<404( 89HH4,( 595( C9HH959( 2HH282( 64040<( ;95( ;2802@@4( 2H;3FH<B4:2502( HF334( I4H2( 62334( 3989( :987939A<4D( +5( 43;F5<( ;4H<,( <3( C480<;93482( F0<3<@@9( 6<( 25084:I<( <( 0<C<( 6<( LQJREELRTXHOORURVVRFKHYDDFRSULUHODSDUWHDOWDHLQWHUQDGHOOΈRUORHODVSDOOD(2(TF2339( ELDQFRFDPRVFLR LPPHGLDWDPHQWH VRWWR OΈRUOR 7DY e-+,( >S,( 089B4( ;95789509( ;95( 2H2:C348<(69;F:25040<(4(dFğDNOñ+¶\¼NĠDULġġDH%¶ßD]N¶\ 0LHONH0¼OOHUK d48C2(/Rbb,(/cQ,(C3D(cbSU(<5(4308<(;4H<(595(V(64(2H;3F6282(F54(6404@<952(:9309(C<W(04864D(

,IUDPPHQWLGDWDELOLDOOΈHW GHO)HUURULVXOWDQRGLVWULEXLWLVXJUDQSDUWHGHOVLWRVHQ]D ;12(H2(52(8<2H;4(4(6<H0<5AF282(43;F54(C480<;93482(;95;25084@<952D(*<(084004(C8<5;<C43:2502(6<( 784::250<( 6<( ;<90932,( A<482( ;95( ;9339( 4( 348A4( <:I9;;40F84,( ;84028<( 2( 45H2,( 4CC48025250<( 43( A8FCC9(62334(;284:<;4(6<C<504(O_<AD(Y](cK/GU(&4BD(e-+,(B@#S,(F54(C4802(;95(:90<B<(6<(;93982( 5289=:488952(H;F89(52A3<(H0<3<(6200<(6<(!3<ğDU,9(2(-,(<5(:930<(;4H<(;9C280<(64(F5(<5A9II<9( ;1<489,( 4308<( <5(89HH9( 2( 5289=:488952( H;F89( HF( H79569( 89HH9(:400952,( ;12( 8<;988959( <5( F5( DPSLR YHQWDJOLR GL GLPHQVLRQL H VRQR WLSLFL GHL OLYHOOL GHOOΈHW  GHO )HUUR GDOOΈDQWLFR DO 04869(C28<969(78<A<9,(089B4QGRFRQIURQWLFRQLUHSHUWRULGL%¶ßD]N¶\ %RVVHUW $OLğDU go>pL(OB95(628('H025(/RY\,(Y[PKcPRS(2()986<95(O*4:H(/RRcSD(

!<( C28<96<( 0486<( 62B959( C89I4I<3:2502( 2HH282( 4008<IF<0<( <( A8FCC<( 6<( 784::250<( ;12( C82H250459(TF2334(8<;98825@4(6<(;4840028<H0<;12(:987939A<;12(2(02;5939A<;12(;12(:45;4(6<( FRQIURQWL R ¨ UDUDPHQWH GRFXPHQWDWD QHL UHSHUWRUL GL DOWUL VLWL GHOOΈDOWRSLDQR FHQWUDOH 6404I<3<(43(++(:<33255<9(4D#D(9(4334(C8<:4(:20N(;<8;4(623(+(:<33255<9D(*<(084004(;9:F5TF2(6<(

(16)

*

!

"&"!

F54( B43F04@<952( 6<( ;48400282( C823<:<5482,( <5( 4002H4( ;12( F59( H;4B9( H0840<A847<;9( 623( H<09( ;95728:<( 9( H:250<H;4( 34( 6404@<952( 6<( TF2H0<( 82C28098<( 2( 7985<H;4( C<W( ;95H<H0250<( LQIRUPD]LRQL DO ULJXDUGR 3ULQFLSDOPHQWH LQ EDVH DOOΈDVSHWWR GHOOD VXSHUILFLH DOOD FRPSRVL]LRQHGHOOΈLPSDVWRHDOODIRUPD,(6<7728250<(64(TF2332(;4840028<H0<;12(62<(0<C<(6404I<3<( DOOΈHW GHO%URQ]RRDOODSULPDSDUWHGHOOΈHW GHO)HUURVLSX²SHQVDUHFKHDGHVHPSLRL 784::250<(6<(;284:<;12(7<5<(;95(<5A9II<9(89HH9K4845;<952(C9HH959(2HH282(;95H<628402(F54( H9804(6<(<:<04@<952(62334(04864(&%+@'/#44%+(98<250432YP(O&4BD(e-+,(7SU(32(;<90932(<5(.#"%*I9&%( C9082II289(C28X(2HH282(640402(4334(04864(20N(623(_2889(9(43(C28<969(23325<H0<;9Y/(O_<AD(Y](/YK /[SU(:25082(32(;<90932(<5(;284:<;4('(9"+9&+(FRQFRVWRODWXUDDSSOLFDWDVRWWROΈRUOR )LJ(Y]( /QS,(089B4569(;9578950<(523(3<B2339(+++(6<(M98HFL(OEFC8i(/RbY,(7<AD(\Q,(/PbK/PRS(69B82II289( GDWDUVLDQFKΈHVVHDOODPHGLRK04864(20N(623(_2889,(45;12(H2(595(H<(CFX(2H;3F6282(;12(H<459( C<W(82;250<D(+5(82430N,(4(C480<82(64334(04864(20N(623(_2889(7<59(43(C28<969(89:459,(<3(TF4689( 48;12939A<;9(H<(74(52IF39H9(2(32(59H082(;959H;25@2(H959(:9309(3<:<0402,(HC2;<2(C28(TF23(;12( ULJXDUGD OΈ$QDWROLD FHQWUDOH SHU PDQFDQ]D GL VFDYL LQ FXL VLDQR VWDWH HVSRVWH FKLDUH HG 480<;93402(H2TF25@2(48;12939A<;12](<3(;4H9(6<(!3<ğDU+¶\¼NSRLGRYHSXUH¨VWDWRPHVVRLQ 3F;2(F5(3<B2339(04869,(595(V(6<(A84562(4<F09(643(:9:2509(;12(39(H08409(-+(;9C82(F5(4:C<9( SHULRGRGLWHPSRDEEUDFFLDQGRWXWWROΈDUFRFURQRORJLFRFRPSUHVRWUDLOSHULRGRHOOHQLVWLFR 2(<3(C28<969(I<@450<59(O*;1:<60(/RY/,(/c/K/c\SD(

a5(A8FCC9(6<(784::250<(<5(;284:<;4('(9"+9&+(;9H0<0F<09(64(C<;;932(A<482(;95(;9339(64332( C4820<( H900<3<( O_<AD( Y]( /bKGPS,( ;<90932( ;95( 9839( <HC2HH<09( 2( H;4543409( O_<AD( Y]( /\S( 2( 45H2( 6<( 457982(9(A<482(6<(:26<2(6<:25H<95<(O_<AD(Y](G/KGQU(&4BD(e-+,(JS(C82H250459(H<:<3<(<:C4H0<( ·JUDQXORVLΈ ULFFKL GL LQFOXVL OLWLFL FRORUH PDUURQHURVVLFFLR  H VXSHUILFLH QRQ WUDWWDWD R 3<H;<404( 4CC89HH<:40<B4:2502]( 643( :9:2509( ;12( ;956<B<6959( H<:<3<( ;4840028<H0<;12( 52334( 3989(:45<7400F84,(:25082(H<(6<H;9H0459(C28(798PDHDVSHWWRGDOOΈRUL]]RQWHFHUDPLFRGDWDWR C823<:<548:2502( 43( ++( 2( +( :<33255<9( 4D#D,( H959( H040<( 8<;956900<( 46( F54( 74H2( C<W( 82;2502( 6<( 9;;FC4@<952,( C89I4I<3:2502( 43( C28<969( 04869( 89:459=I<@450<59D( !3082( 084;;2( 6<( F54( 74H2( WDUGDGLIUHTXHQWD]LRQHGL8ğDNOñH959(<(784::250<(6<(02A932(O&4BD(e-++,(9S(2(;9CC<(H<:<3<( 4A3<( 2H2:C348<( 089B40<( 46( 2H2:C<9( 46( !:98<F:,( 52334( 82A<952( 6<( !7>95( Oq<002K'88( GPP\,( GR[KYPbS(2(6404I<3<(43(C28<969(I<@450<59,(084(-(2(-+++(H2;939(6D#D(

E2<( 6F2( 784::250<( 8<5B25F0<( 6<( ;284:<;4( <5B208<404,( TF2339( 46( <5B208<40F84( B2862( C9082II2( 2HH282( 6404I<32( 43( C28<969( I<@450<59,( :25082( TF2339( ;95( :90<B<( 7398243<( I3F,( 6404I<32( 43( C28<969( H23A<F;1<62=9009:459,( ;9H0<0F<H;2( <3( :45F74009( C<W( 82;2502( 089B409( 46( ağDNOñ( ( 3*3*!;1$%&1#/01-,1! ! $4( 6<H08<IF@<952( 6<( 0<C<( 6<4A59H0<;<( ;95H2502( 6<( 25F;32482( H20098<( 623( H<09( <5( ;F<( V( 2B<62502(F54(;95H<H02502(9;;FC4@<952(<5(62028:<540<(C28<96<(2(4308<,(;988<HC956250<(4(A845(

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

YP(M484A8479(GD/](A8FCC9(Y(62334(;284:<;4(46(<5A9II<9(89HH9D(

Y/( 6HFRQGR L 6XPPHUV 6XPPHUV 6XPPHUV $KPHW    GD 8ğDNOñ SURYHUUHEEH LQROWUH XQ

02H982009(6<(Gb(:95202(23325<H0<;12(089B402(<5(F5(B4H9(2(2889524:2502(CFII3<;409(523(/RYP(64(%D(&D( "2J233(;9:2(C89B25<250<(64(dprpL(do152,(:950<;939(6<(C<W(C<;;932(6<:25H<95<(B28H9(*98AF5D(

(17)

!

!

"&%! C4802(62334(02884@@4(2(62332(C256<;<(623(:950<;939,(<5(;F<(232:250<(6<(B48<(C28<96<(;92H<H0959( <5(C28;250F432(B48<4I<32,(595(2B<625@<4569(C480<;93482(;95;25084@<952(6<(43;F5(:45F74009( 6<4A59H0<;9D(( .<HF304(HC2HH9(6<77<;<32(7482(F54(6<H0<5@<952(084(32(6<7728250<(74H<(623(++(2(+(:<33255<9(4D#D]( 595( V( H2:C82( ;1<489( 46( 2H2:C<9( H2( 34( :4AA<98( C4802( 62<( 784::250<( ;95( <5A9II<9( 89HH9,( HC2;<2( 523( ;4H9( 6<( 784::250<( 6<( C48202,( H<459( 64( 8<;956F882( 4( ;9:C32HH<( 6<( ?895@9( ^26<9=&4869( 9( 6<( 20N( 623( _2889D( !3( :9:2509( H<( CFX( 47728:482( ;12( 34( :4AA<98( C4802( 62<( C2@@<(6<4A59H0<;<(089B4(;95789509(;95(0<C<(6404I<3<(43(++(:<33255<9(4D#D,(H25@4(;12(;95(;<X(H<( SRVVDSHQVDUHFKHOΈLQVLHPHGHLIUDPPHQWLFRQLQJREELRURVVRVLDGDDVVHJQDUHLQEORFFRDO ++(:<33255<9(4D#D(( +5(I4H2(4334(6<H08<IF@<952(62334(;284:<;4(6<4A59H0<;4,(<3(++(:<33255<9(4D#D(H2:I84(2HH282( <3(C28<969(C<W(4002H0409(HF332(C256<;<(62334(02884@@4D(E43(:9:2509(;12(;950<5F459(46(2HH282( C896900<(<5(798:2(C<W(9(:259(H<:<3<(C28(F5(3F5A9(C28<969(6<(02:C9,(:930<(0<C<(595(C9HH959( 2HH282(;95H<62840<(<56<;4098<(H<;F8<(6<(F5(F5<;9(H2;939D(`F2H09(V(C480<;9348:2502(2B<62502( 523(;4H9(62334(;284:<;4(46(<5A9II<9(89HH9(2(6<(43;F5<(0<C<(6<(;95025<0982,(;9:2(32(;<90932(<5( ;284:<;4('(9"+9&+,(;12(;950<5F459(46(2HH282(<5(FH9(523(;98H9(623(++(:<33255<9(4D#D(7<59(43( ?895@9(&4869D(

+( 784::250<( 6<( ;284PLFD DG LQJREELR URVVR VRQR GLVWULEXLWL VXOOΈLQWHUR VLWR PD KDQQR F54( :4AA<982( 625H<0N( HF334( C256<;2( HF6K98<250432( 62334( 02884@@4,( 69B2( H<( ;95;25084( 45;12( 6<H;8209(5F:289(6<(784::250<(6<4A59H0<;<,(;9:2(46(2H2:C<9(32(;<90932(;95(45H2(4(-(O&4BD( e-,(>S(2(<(784::250<(62;9840<(4(H04:C9,(64(640482(C89I4I<3:2502(43(C28<969(62332(;9395<2( DVVLUHGL&DSSDGRFLDHDOOΈDQWLFRSHULRGRLWWLWD( $4( 8<;98825@4( 62<( 784::250<( 6<( ++( :<33255<9( 4D#D( 52332( 4822( <5( ;F<( H08F00F82( :F848<2( H2C9302(H959(H0402(8<5084;;<402(64332(C89HC2@<95<(A29:4A520<;12(595(CFX(2HH282(;95H<628404( FDVXDOH,QSDUWLFRODUHOΈDOWDGHQVLW GLFHUDPLFDFRUVLYDODFHUDPLFD +&9>(HF(F5(3<:<0409( H200982( 62334( C256<;2( H2002508<95432( 2( 98<250432( 62334( 02884@@4( O&4BD( e-,( 9S( CFX( 7482( LSRWL]]DUH FKH OΈXOWLPR XWLOL]]9( 62<( 82H0<( 48;1<020095<;<( ;12( ;9:C4<959( H9009( 34( HFC287<;<2( C9HH4( 2HH282( 4HH2A5409( ;95( IF954( C89I4I<3<0N( 43( ?895@9( &4869D( +( 784::250<( 62<( A8456<( SLDWWLLQDOFXQLFDVLFRQOΈLPSUHVVLRQHGLFRUGDVXOODWRHVWHUQRGHOOΈRUORVRQRVWDWLWURYDWL <5(C480<;93482(4334(I4H2(623(:950<;939,(HF3(3409(H2002508<95432D( $4( ;284:<;4( 74004( 4( :459( 64( 640482( 43( C28<969( 6<( C4HH4AA<9( 084( <3( ?895@9( !50<;9( 2( ^26<9,(V(H0404(82;FC28404(3F5A9(34(I4H2(623(:950<;939(2(HF334(C256<;2(H2002508<95432(62334( 02884@@4(O&4BD(e-,(>SD(E<B28H4:2502,(C28(<(784::250<(;12(69;F:250459(F54(04864(74H2(6<( 9;;FC4@<952,( 084( 34( 04864( 20N( 623( _2889( 7<59( 43( C28<969( 04869( 89:459=I<@450<59,(089B40<( <5( TF450<0N(:259(;95H<H02502(8<HC2009(4( TF233<( 6<( 2C9;12( C<W(450<;12,( 595( H<( V( 9HH28B404( F54( C480<;93482( ;95;25084@<952,( :4( 8<HF30459( 6<H08<IF<0<( 9:9A2524:2502( HF( 0F009( <3( H<09( 2( H2:I8459(<5H<H0282(:4AA<98:2502(52334(C98@<952(9;;<6250432(62334(02884@@4U(F5(TF450<040<B9( 8<69009(V(H0409(82;FC28409(45;12(523(H200982(H2002508<95432D( +( 640<( 84;;930<( 523( ;98H9( 62334( 8<;9A5<@<952( <5025H<B4( 14559( C28:2HH9( 6<( 234I98482( 32( SULPH LQIRUPD]LRQL VLVWHPDWLFKH VXOOD VWRULD GHOOΈLQVHGLDPHQWR 6WDQGR DL GDWL UDFFROWL LQ VXSHUILFLH8ğDNOñ+¶\¼N¨VWDWRRFFXSDWRDOPHQRDSDUWLUHGDOODILQHGHO%URQ]R$QWLFR 7<59(43(C28<969(:26<2B432,(;95(F54(782TF2504@<952(C8<5;<C432(64(640482(43(++(:<33255<9(4D#D(

(18)

*

!

"&#! ;12( 14( <50282HH409( 0F009( <3( H<09D( !( TF2H09( C28<969( B4( 4HH2A5404( 34( :4AA<98( C4802( 62334( ;284:<;4( 84;;9304D( a5( 5F:289( 6<H;8209( 6<( 784::250<( 6404( 4<( C28<96<( 0486<( O:26<4( 20N( 623( _2889=C28<969(04869(89:459KI<@450<59S(:25082(C9;12(62;<52(6<(784::250<(69;F:250459(34( C<W(450<;4(74H2(6<(9;;FC4@<952(623(H<09D(( ( /ΈDUHDDWWRUQR8ğDNOñ! !

$OOΈLQWHUQR GHO WHUULWRULR RJJHWWR GHOOD ULFRJQL]LRQHVRQR SRFKH OH ORFDOLW  FKH KDQQR 82H0<0F<09( <5798:4@<95<( 6<( <50282HH2( 48;12939A<;9D( !( C4802( F5( C4<9( 6<( ;4H<,( 595( V( H0404( 69;F:250404(34(C82H25@4(6<(:950<;93<(:4(H939(F54(6<HC28H<952(6<(:4028<43<(HF3(0288259,(<5( A25282( F54( TF450<0N( 8<69004( 6<( 784::250<( 6<( ;284:<;4( 2( C9;9( 43089D( +5( A2528432( <( 82C280<( UDFFROWL DWWRUQR DG 8ğDNOñ FL GLFRQR FKH LO SHULRGR PHJOLR GRFXPHQWDWR ¨ LO WDUGR 89:459=I<@450<59D( a54( ;95;25084@<952( 6<( 02A932( O*<09( GS( V( H0404( <56<B<6F404( 523( ;4:C9( H<0F409(46(9B2H0(2(HF6KRYHVWGHOODWHUUD]]DGL8ğDNOñYHUVRODVWUDGDSHU7DğOñN.¶\IRUVH TF4509(82H04(6<(F54(C<;;934(740098<4(6<(;F<(595(H<(;95H28B4(<5(HFC287<;<2(43084(084;;<4(H2(595( TF43;12(H4HH9D(E<HC28H<952(6<(784::250<(6404I<3<(4<(C28<96<(0486<(O798:2,(;9398<(2(<:C4H0<(H<( 6<772825@<459( 64( TF233<( 64040<( 43( ++( :<33255<9( 4D#D( 2( HC2HH9( 595( 14559( 8<B2H0<:250<( 9( C480<;9348<(084004:250<(6<(HFC287<;<2S(V(69;F:250404(45;12(52<(C82HH<(623(H<09(c,(C82HH9(F54( H98A2502(4(9B2VWGHOYLOODJJLRGL%DEDOñHVXXQDFROOLQDSRFRSL¹DVXG VLWR HDVXGGHO B<334AA<9,( 52334( B4332( ;12( 69B2B4( C89I4I<3:2502( 84CC82H250482( <3( C8<5;<C432( C28;98H9( 6<( FROOHJDPHQWR WUD 8ğDNOñ H LO PRQWH .HUNHQHV GRYH DOFXQL IUDPPHQWL VRQR HPHUVL LQ 9;;4H<952(6<(34B98<(;9552HH<(;95(34(;9H08F@<952(6<(F5(4;TF269009((2(6<(F54(H08464(6<(H28B<@<9( VLWLH 3RFKHGHFLQHGLPHWULROWUHLOOLPLWHGHOODWHUUD]]DGL8ğDNOñLQGLUH]LRQHQRUGK RYHVWHROWUHODVWUDGDFKHFROOHJDLOYLOODJJLRGL7DğOñNFRQODVWDWDO2(k9@A40K*98AF5,(H959( H040<( 089B40<( 4( 3<B2339( 6<( ;4:C4A54( 43;F5<( 784::250<( 6<( ;284:<;4,( 084( <( TF43<( F59( ;95( <5A9II<9(89HH9(2(F59(;9C2809(64(<5A9II<9(I<45;9(O798H2(F5(C<262sS,(;12(69;F:250282II289( OΈHVLVWHQ]DGLIUHTXHQWD]LRQHGL,,R,PLOOHQQLRD&ROWUH(<3(3<:<02(62334(02884@@4,(4(:259(6<( SHQVDUH FKH VLDQR VWDWL WUDVSRUWDWL LQ TXHOOD ]RQD SURSULR GD 8ğDNOñ FRPH FRQVHJXHQ]D 62332(400<B<0N(4A8<;932(9(<5(H2AF<09(4339(HC9H04:2509(6<(0288259(;9552HH9(;95(34(;9H08F@<952( 62334(H08464D(

!<(7<5<(62334(8<;9H08F@<9QHGHOODVWRULDGHOOΈLQVHGLDPHQWRQHOODYDOOHGXHVLWLLOVLWRHLO H<09( R,( F5( C4<9( 6<( L:( 8<HC200<B4:2502( 4( HF6K9B2H0( 2( 4( 5986KRYHVW GL 8ğDNOñ ULVXOWDQR GL 5902B932(<50282HH2( 2(8<32B45@4( 595( H939( C28(34( ;95H<H025@4( 623( 62C9H<09(48;12939A<;9(2( 34( 6<HC28H<952(6<(;284:<;12(<5(HFC287<;<2,(:4(45;12(C28;1i(69;F:250459(74H<(6<(9;;FC4@<952( DVVHQWLRSRFRGRFXPHQWDWHGDOODUDFFROWDGLPDWHULDOLDG8ğDNOñ( +3(H<09(Y,(;12(V(F5(:950<;939(6<(8<69002(6<:25H<95<(<:C9H0409(HF(F54(;933<54(540F8432(;12( 69:<54(34(H082004(JRODLQFXLVLWURYDLOYLOODJJLRGL7DğOñNSDU]LDOPHQWH·WDJOLDWRΈLQVHJXLWR 4<(34B98<(C28(34(;9H08F@<952(6<(F54(H08464(4H7430404,(14(82H0<0F<09(2B<625@2(HF334(C<W(450<;4( IDVH GL RFFXSD]LRQH GHOOΈDUHD QRQ GRFXPHQWDWD ILQRUD GDL ULWURYDPHQWL GL VXSHUILF<2( 6<(

Riferimenti

Documenti correlati

a Spiega in quale senso Antares, come tutte le altre stelle, può essere consi- derata un corpo nero. b Il massimo dell’energia irradiata da Antares corrisponde alla lunghezza

w  Elettroni meno penetranti delle particelle cariche pesanti perché perdono energia in un minor numero di urti. w  Traiettorie molto perturbate solo

Se una lacuna libera od una lacuna di un eccitone incontra uno di questi centri attivatori, può ionizzare uno di questi atomi di impurità. Se ora arriva un altro elettrone, questo

È comunque importante sottolineare come protone e neutrone abbiamo all’incirca la stessa massa mentre l’elettrone ha una massa circa 1836 volte inferiore; questo comporta che la

Computato in: spazio emitter, o spazio mondo Particelle possono interagire con (oppure no!). altre particelle

Ogni sistema, ogni game engine, ogni software di modellazione. ha il suo sistema, il suo formato di

=&gt; conoscenza, ad ogni istante di interesse, del campo di turbolenza (soprattutto delle deviazioni standard delle tre componenti del vento).... Per quanto riguarda le sorgenti

A titolo di confronto viene infine sviluppata un’applicazione di alcune di tali relazioni al Calcare di Bari, sulla base dei risultati ottenuti attraverso l’uso dei risultati dei