La fabrique du Slow dans le magazine <i>Flow</i> : ou l’accélération vers un bonheur tranquille

(1)

HAL Id: dumas-02945759

https://dumas.ccsd.cnrs.fr/dumas-02945759

Submitted on 22 Sep 2020

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Copyright

La fabrique du Slow dans le magazine Flow : ou

l’accélération vers un bonheur tranquille

Judith Gasnault

To cite this version:

Judith Gasnault. La fabrique du Slow dans le magazine Flow : ou l’accélération vers un bonheur tranquille. Sciences de l’information et de la communication. 2018. �dumas-02945759�

(2)

École des hautes études en sciences de l'information et de la communication – Sorbonne Université

77, rue de Villiers 92200 Neuilly-sur-Seine I tél. : +33 (0)1 46 43 76 10 I fax : +33 (0)1 47 45 66 04 I celsa.fr

Master professionnel

Mention : Information et communication Spécialité : Communication Marque

Option : Marque et branding

La fabrique du Slow dans le magazine Flow

Ou l’accélération vers un bonheur tranquille

Responsable de la mention information et communication Professeure Karine Berthelot-Guiet

Tuteur universitaire : Julien Féré

Nom, prénom : GASNAULT Judith Promotion : 2015-2018

Soutenu le : 05/09/2018

(3)

N"

"

A4%204"<2"040*,('"

:'"040*,('"%a'%&"<a$9*(<"$&&$1C4"b"4&2<,'(".a*))*%,&,*-"+*-<$0'-&$.'"'&")*2(&$-&")$($<*_$.'" '-&('".$"@,&'%%'"'&".$".'-&'2(R":*-&('".aCX)'(D0*<'(-,&47".'"0*2@'0'-&"3.*`"%a'%&".'@4"'&"$" 1*-=2,%"<'"-*09('2%'%"0$(=2'%R"M$"@,'"%.*`7"-*-")$%".'-&'7"(4)*-<"b"<'2_".*6,=2'%7"2-'" %&($&46,'")'(%*--'..'7",-<,@,<2$.,%&'"'&"2-'"$2&('"1*..'1&,@'R"M$")('0,c('"@,%'"2-'" *)&,0,%$&,*-7"2-"04-$6'0'-&"<'"%'%")(*)('%"1$)$1,&4%R"M$"<'2_,c0'"(4)*-<"b"<'%"'-d'2_" %*1,4&$2_").2%")(*+*-<%7").2%",-=2,4&$-&%7"'&"%2(&*2&").2%",<4*.*6,=2'%R"M'%"<'2_")$(&'-&"<2" 1*-%&$&"<'".$"@,&'%%'7"<'".a$114.4($&,*-"<2"0*-<'"'&")(*)*%'"2-'"@,%,*-"<2"0*-<'7"2-'" ,<4*.*6,'"<2"9*-C'2("&($-=2,..'R"8*2("0,'2_"1*0)('-<('".'%"+*(1'%"b".ae2@('"'&".$"<,@'(%,&4" <'%"'_)('%%,*-%"<,%12(%,@'%"'&"0$&4(,'..'%7"-*2%"$@*-%"('%%'((4"-*&('"%2d'&"$2&*2("<2" 0$6$f,-'"4$,57"<*-&".$".,6-'"4<,&*(,$.'"'%&"2-'"@4(,&$9.'"(412)4($&,*-"'&"$))(*)(,$&,*-"<'".$" )C,.*%*)C,'"<2"3.*`R"H.*`"%a$&&c.'"$,-%,"b"<,++2%'("2-'",<4*.*6,'"<2"9*-C'2("&($-=2,..'7"<2" 9,'-Dg&('"'&"<'".$").',-'"1*-%1,'-1'7"'09($%%$-&"&*&$.'0'-&".$".*6,=2'")'(%*--'..'"<2" %.*`.,+'R":a'%&")*2("0,'2_"%a$%%*1,'("$2_"$--*-1'2(%7")(4)$('(".'%"1*-<,&,*-%"<a2-'" 1*-%*00$&,*-"h"%.*`"iR"M'"0$6$f,-'"0'&"'-").$1'"2-"<,%)*%,&,+"0$&4(,'."'&"<,%12(%,+")*2(" +$,('")$%%'("2-'"@,%,*-"<2"0*-<'7"'-"%'")*%,&,*--$-&")$($<*_$.'0'-&"1*00'"2-" $114.4($&'2("<'".$".'-&'2("C'2('2%'R"8*2("+$9(,=2'("%$")(*)('"@,%,*-"<2"3.*`7"H.*`"%a,-%),('" <'"02.&,).'%")C,.*%*)C,'%"'&"%$6'%%'%"$-1,'--'%7"<'".a'_*&,%0'"<a2-"$,..'2(%"'&"<'"('1'&&'%" &*2&'%"+$,&'%")*2("g&('"C'2('2_R"M'"%.*`"<'"H.*`"'%&"2-"1*-1')&"1,(12.$-&7"0*<'.4"'&"1,9.4" )*2("2-'"1'(&$,-'"1$&46*(,'"%*1,$.'7"=2,")'2&"d2%&'0'-&"d*2,("<'"%*-"&'0)%R":'"040*,('" -*2%"$")'(0,%"<'"=2'%&,*--'(".'%"'-d'2_",<4*.*6,=2'%"<'".$"1,(12.$&,*-"<'%",<4'%"<$-%".$" %)Cc('"%*1,$.'7"<'"1*0)('-<('".'2("$%)'1&"@,@$-&"=2,"%'"+$,&"'&"%'"<4+$,&"$2"1*-&$1&"<a$2&('%" ,<4'%7"'-"$X$-&"&*2d*2(%"9'%*,-"<'"1*-%&(2,('"2-'",<'-&,&4"+*(&'7"1a'%&DbD<,('"1*-&('7")*2(" '_,%&'(R"" " 5.61#7-81#9"F'-<$-1'R"3.*`R"jX)'(0*<'(-,&4R"H.*`R"8(,%0$"#'<,$R"A$.'-&,%%'0'-&R" ?<4*.*6,'R">,'-Dg&('R"#'<,$R">($-<,-6R""

"

(4)

Z"

"

A'0'(1,'0'-&%"

" " G'"@*2<($,%"('0'(1,'("&*2&")$(&,12.,c('0'-&"0*-"&2&'2("2-,@'(%,&$,('"G2.,'-"H4(4")*2(" %*-" $11*0)$6-'0'-&" 1*-&,-27" %'%" '-1*2($6'0'-&%" )'(0$-'-&%" '&" %'%" 1*-%',.%" )(41,%" =2," 0a*-&" 9'$21*2)" $,<4'" <$-%" 0'%" ('1C'(1C'%R" Ga$,0'($,%" $2%%," ('0'(1,'(" K2<'" M'6(4" =2," $" %2"*(,'-&'("0$"(4+.'_,*-"%2(".'%"=2'%&,*-%")(*+'%%,*--'..'%"<'"0*-"040*,('R""

#'(1,"b"L6*"#*('&7"=2,"+$,&"%$"&Cc%'"%2(".'"3.*`"#'<,$"'&"0a$,62,..4"%2(".$"<4+,-,&,*-"<'"0*-" %2d'&" '&" <'" %'%" '-d'2_R" G'" &,'-%" 46$.'0'-&" b" ('0'(1,'(" :$(*.,-'" #$(&,7" <,('1&(,1'" <2" 0$%&'(" #$(=2'7" <*-&" .'%" 1*-%',.%" )(41,%" 0a*-&" )'(0,%" <a'-(,1C,(" 0'%" (4+4('-1'%" '&" 0$" (4+.'_,*-R" #'(1,"b"K-&*,-'">*-,-*")*2("%'%"1*-%',.%"=2$-&"b".$"04&C*<*.*6,'"<'".$"('1C'(1C'R""

#'(1," b" K2<('X" k'.*9'." )*2(" %*-" $,<'" <$-%" .$" 1**(<,-$&,*-" '&" .a*(6$-,%$&,*-7" <'" .a$--4'" %1*.$,('"$2"040*,('R""

#'(1," '-+,-" b" 0'%" $0,%" '&" 0$" +$0,..'" )*2(" 0a$@*,(" %*2&'-2'" '&" ('.2'" &*2&" $2" .*-6" <'" 0'%" ('1C'(1C'%R"

(5)

]"

**,.22"'&*#**

!"#$%"&'$&%"%()*+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-! !+%+*.)+%+/0#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&1! 234!56784253&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9! "#$%&'()*+,-.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!00! 1'*2$3$&$4+.!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!05! 2,! 6":)/)*&;+&<;(=&'>/#&!"#$&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?9! @,&A+&')#B(#)0):&')#.$*#):&'$&<;(=&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?C! D,&A+&')#B(#)0):&%>0"*)+;&'$&<;(=&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&-C! 8,&E(#)0)(//+*&F;(=&G&.(/0*+H.($*>/0&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&1I! 6/0!78!()4)9+8.!8$:*)&4+,-.!.*!()8+;.:*.!/////////////////////////////////////////////////////////////////////////////////////////////////!5<! 6/=!>!?$8*#.@?$-#)8*!3.!&)!:$?+'*'!3.!?$8:$(()*+$8!A!/////////////////////////////////////////////////////////////////////////!5B! 22,&!"#$&"0>J;)0&$/&*>BB(*0&.$;0$*+;K&%>0"*)+;&+0&%>*.L>/'&+/0*+&;+&J)+/HM0*+K& ;N"B>/($)##+%+/0&B+*#(//+;&+0&;+&<;(=&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&O1! @,&A+&*>BB(*0&>$&0+%B#&P&.(/#0*$)*+&$/&B*"#+/0&#+*+)/&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&O1! D,&A+&J)+/HM0*+&P&$/&J)+/&.(/#(%%>J;+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&OC! C0/!D.!%+.8@E*#.!)-!8)*-#.&!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!FB! C/=!D.:!G!".*+*:!"&)+:+#:!H!I!&.!:2$JJ+84!J$-#!:.!;)+#.!3-!%+.8!/////////////////////////////////////////////////////////////!<F! 8,&!MQ+*&'N$/&>);;+$*#&.(%%+&Q+.0+$*&'+&J)+/HM0*+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&I9! 6/0!K.!&LM#+.8*)&+:(./!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!<N! 6/=!K.!&L+3')&!(+8+()&+:*.O!)-P!+8*.#J#'*)*+$8:!4'$4#)J2+,-.:!3+;;'#.8*.:!/////////////////////////////////!NQ! 222,&F;(=&$0);)#+&;+&<;(=&B($*&:>)*+&B>##+*&$/+&Q)#)(/&'$&%(/'+,&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9I! @,&A>&'";"R>0)(/&'$&')#.($*#&B($*&.*"+*&$/+&*+;>0)(/&'+&.(/:)>/.+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&9I! >/!0/!D)!;+4-#.!3.!&L.PJ.#*!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!NN! >/=/!D)!4'8'#$:+*'!3.!&L'3+*.-#!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!NB! D,&7/+&)'"(;(R)+&B+*:(*%>0)Q+&S&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&C9! C0/!R&$SO!-8!)??'&'#)*.-#!3.!&)!&.8*.-#!2.-#.-:.!////////////////////////////////////////////////////////////////////////////////////!TT! C=/!D.!U&$S!?$((.!&)!($#)&.!VVWX(._{!:+X?&.!////////////////////////////////////////////////////////////////////////////////////////////////!TY!} 8,&7/+&Q)#)(/&'$&%(/'+&.)J;"+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&T1! 6/0!D.!8$-Z.&!'J+?-#+:(.!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!BF! 6=/!D.!()8+;.:*.!3.!&)!&.8*.-#!J$-#!&)!J#.::.!'?#+*.!///////////////////////////////////////////////////////////////////////////////!BN! 6/5!78!()4)9+8.!J$-#!&.:!G!6#.)*+Z.!?&)::.:!H!//////////////////////////////////////////////////////////////////////////////////////////!BY! 8(/.;$#)(/&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&UO! D)J;)(R*>BL)+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&UU! 5$Q*>R+#&0L"(*)V$+#&+0&$/)Q+*#)0>)*+#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&UU! @$0*+#&($Q*>R+#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?WW! @*0).;+#&+/&;)R/+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?W?! [$8!-8+Z.#:+*)+#.:!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0Q=!

(6)

P" @//+X+#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?W1! @//+X+&?&P&A+#&.($Q+*0$*+#&'+&F;(=&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?WO! @//+X+&-&P&A+#&#(%%>)*+#&+0&;+$*&>/>;Y#+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?WT! \)%&.)-!3])8)&^:.!J)#!*2'()*+,-.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////!00=! @//+X+&1&P&A+#&B>R+#&'N"')0(&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&??O! @//+X+&O&P&A+#&Q)'+#&+0&;+#&B;+)/#&P&;+#&)/0+*.>;>)*+#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&??T! @//+X+&I&P&A+#&B$J;).)0"#&<;(=&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?-?! )/! D)!%.)-*'!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0=0! %/! D)!($3.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!05Q! ?/! D.!Z$^)4.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!05<! 3/! D.!%+$!.*!&)!8$-##+*-#.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!05T! ./! DL)%$88.(.8*!_!R&$SO!&L.P.(J&.!3-!8-('#$!<!////////////////////////////////////////////////////////////////////////////!05Y! @//+X+&9&P&A+#&>*0).;+#&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?OW! )/! `.!8.!:-+:!J):!&_!.8!?.!($(.8*O!8-('#$!00!///////////////////////////////////////////////////////////////////////////////////!0FQ! %/! ")::'O!"#':.8*O!R-*-#O!&L)?*-!3.!a.#+!U(+*2O!8-('#$!<!///////////////////////////////////////////////////////////////!0F0! ?/! \#$-Z.#!3-!*.(J:!J$-#!:$+O!8-('#$!<!/////////////////////////////////////////////////////////////////////////////////////////////!0F5! 3/! =0Q!,-.:*+$8:!_!:.!J$:.#O!8-('#$!00!///////////////////////////////////////////////////////////////////////////////////////////////!0FF! @//+X+&C&P&Z.L>/0);;(/&'$&R([0&B($*&;N+#0L"0)V$+&Q)/0>R+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?OI! @//+X+&T&P&A+&\>J)H<>J)&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?O9! @//+X+&U&P&A+&R([0&'+&;>&*":"*+/.+&#>Q>/0+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?OC! @//+X+&?W&P&A+#&.>'+>$X&'+&;>&%>*V$+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?OU! @//+X+&??&P&8>**"&#"%)(0)V$+&+0&B;>0+:(*%+&'+&%>*V$+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?I?! @//+X+&?-&P&3(0*+&B>##)(/&'$&.L)::*+&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&?IO! " " "

"

(7)

^"

?JFA;kL:F?;J"

"

4/0*+-&#6/-*/#

M'")(*@'(9'".$&,-"@,'-&"<a2-'"<'@,%'"$&&(,924'"b".a'0)'('2("(*0$,-"K262%&'"[?'("%,c1.'"$@$-&" GR:R\" =2," %,6-,+,'" ljm&'D&*," .'-&'0'-&nR" Ma*_X0*('" <'" .$" <'@,%'" 1$)&2('" 9,'-" .'" 0g0'" )$($<*_'",-C4('-&"$2"1*-1')&"<2"3.*`R":a'%&"<a$,..'2(%".'"&,&('"<'".$"1*-+4('-1'"FIk_"8$(,%" =2,"%a'%&"&'-2'"'-"-*@'09('"NO!V"/"l3.*`"/"%'"Cm&'(".'-&'0'-&nR""

"

3'.*-" 2-'" 4&2<'" (4$.,%4'" )$(" .a;9%'(@$&*,('" 3*1,4&4" '&" :*-%*00$&,*-" [.a;9%1*\" '-" NO!^" <$-%" %,_" )$X%" [H($-1'7" I%)$6-'7" K..'0$6-'7" T&$&%DL-,%7" F2(=2,'7" G$)*-\7" VQo" <'%" )'(%*--'%" =2," @,@'-&" %'.*-" 2-" 0*<'" <'" @,'" l*11,<'-&$.n!" %*2C$,&'-&" ($.'-&,(" .'2(" (X&C0'" <'" @,'7" <*-&" QNo" '-" H($-1'R" :a'%&" 2-'" (4)*-%'" b" 2-'" ,0)('%%,*-" <'" 0$-=2'(" <'" &'0)%" )*2(" +$,('"1'"=2'".a*-"@*2<($,&"+$,('"[^Oo"<'%"+($-p$,%\R""

k$-%" 6/# '"$*/# 7/# $%")8/-'/9# J,1*.'" K29'(&N" <41(,&" 2-'" $.,4-$&,*-" b" .a2(6'-1'" <'" +$,('7" 2-'" 2(6'-1'" =2," )(*@*=2'" 2-'" 1*-+2%,*-" <$-%" %*-" ($))*(&" $2" &'0)%R" M'%" ,--*@$&,*-%" &'1C-*.*6,=2'%")(*0'&&$,'-&"<'"+$,('"6$6-'("<2"&'0)%7"'&"<'"-*2%"<*--'(").2%"<'"&'0)%R";(" .$"(4$1&,*-"=2'".a$2&'2('"<41(,&"'%&"1'..'"<a2-'"@*.*-&4"<'"<*0,-'(".'"&'0)%"'-".'"('0).,%%$-&" <a$1&,@,&4%R"8'2("<2"@,<'"'&"%'-&,0'-&"<a$114.4($&,*-"%'"(4%2.&'-&")$("<'%"l92(-"*2&nR";-"2%'" <'"04&$)C*('%"<'".aC*00'D0$1C,-'")*2(")$(.'("<'"%*-"4)2,%'0'-&")CX%,=2'"'&"-'(@'2_R"" ;-" )(q-'" $.*(%" .'" ($.'-&,%%'0'-&R" :*00'-&" r" I-" <4@'.*))$-&" <'%" &'1C-,=2'%7" <'%" %&($&46,'%",-<,@,<2'..'%")*2("($.'-&,(7"'&"%2(&*2&7"'-"1('2_7")*2("*)&,0,%'("%'%"1$)$1,&4%"b"$..'(" ).2%".*,-R":'&&'",<4'"'%&".a2-'"<'%".'1&2('%")*%%,9.'%"<2")(*@'(9'"4/0*+-&#6/-*/7"(')(,%'"<$-%" .$"+$9.'"<'".$"H*-&$,-'7"6/#$+:.)/#/*#$&#*,)*"/;#?."%a$6,&"<'"04-$6'("%'%"'++*(&%7")*2("0,'2_".'%" 2&,.,%'(7"<$-%".'"92&"<a$..'(").2%".*,-7"'&"<'"&'-,(").2%".*-6&'0)%R":a'%&"2-'"*)&,0,%$&,*-R"K,-%,7" .'" ($.'-&,%%'0'-&" )'(%*--'." -a'%&" )$%" 2-" ($.'-&,%%'0'-&" </)# 0/9# *2" ,<4*.*6,=2'9# 0$,%" 2-'" %&($&46,'")'(%*--'..'"=2,"%'"<,(,6'"<$-%".$"0g0'"<,('1&,*-"=2'".a$114.4($&,*-"<2"0*-<'RZ" "

J*2%" -*2%" %*00'%" 9'$21*2)" ,-&4('%%4'" b" $2" =$,5# 1*00'" &'-<$-1'" =2," %'" <41.,-'" <$-%" &*2&'%" .'%" %)Cc('%" <'" .$" %*1,4&4R" ;-" ('&(*2@'" $,-%," 2-'" *<'" b" .$" .'-&'2(" )*%,&,@'" <$-%" .'%" 0*<'%"<'"@,'"[=$,5#$+>/9#=$,5#>,,79#=$,5#',0?/*+'0\7"<$-%".'%"0$-,c('%"<'"@*X$6'(7"<'"%'" <4).$1'(" [=$,5# *)&./$\7" 0$,%" $2%%," $2" &($@$,." [=$,5# ?&-&8/?/-*\R" J*2%" @*2.,*-%" 4&2<,'(" """""""""""""""""""""""""""""""""""""""" """""""" ! "346*.c-'">KA>T7"lI.*6'"<'".$".'-&'2(7".$,%%'f"<2"&'0)%"$2"&'0)%n7"!@=A!9#<,%)*-,9.'"b".a$<('%%'" /""C&&)/ss```R.*9%*1*R1*0s'.*6'D<'D.$D.'-&'2(D.$,%%'fD<2D&'0)%D$2D&'0)%s"t1*-%2.&4".'"NZRO!R!Qu" N "J,1*.'"KL>IAF7"lMa2(6'-1'7"%X0)&q0'"<'".aCX)'(0*<'(-,&4"/"<'".$"=2g&'"<'"%'-%"b".$"('1C'(1C'"<'" %'-%$&,*-%n7"A,??"-+'&*+,-#B#!)8&-+0&*+,-7"<,%)*-,9.'"b".a$<('%%'"/" C&&)/ssd*2(-$.%R*)'-'<,&,*-R*(6s1*002-,1$&,*-*(6$-,%$&,*-sZZ^P"" Z "j$(&02&"A;3K7"C''($()&*+,-7"NO!Z7"'<R"M$"k41*2@'(&'"

(8)

V" 1'&&'" &'-<$-1'" <*-&" *-" )$(.$,&" 9'$21*2)" '&" <*-&" 9'$21*2)" <'" 0$(=2'%" %'" %'(@'-&" )*2(" $))$($v&('"<$-%".a$,("<2"&'0)%R""

:'"=2,"-*2%",-&4('%%$,&7"1a4&$,&".'"+*-1&,*--'0'-&"0g0'"<'".$"&'-<$-1'"=2,"$))$($v&"&*2d*2(%" '-"(4)*-%'7"'-"*))*%,&,*-"b"2-"$2&('"0*2@'0'-&"<'"+*-<R"M'"=$,5")('-<"<'".a$0).'2("<$-%" 2-" '-@,(*--'0'-&" *w" .a*-" )$(.'" 9'$21*2)" <'" @,&'%%'7" <a$114.4($&,*-R" :a'%&" <$-%" .'" ($))*(&" $2" &'0)%7" .$" )'(1')&,*-" <a2-'" <,6,&$.,%$&,*-" <2" 0*-<'" =2'" (4)*-<" 2-" ($.'-&,%%'0'-&" 41*-*0,=2'" '&" ,<4*.*6,=2'R" J*2%" @*2.,*-%" 4&2<,'(" 1'%" ($))*(&%" <'" +*(1'" @,%DbD@,%" <'" .$" )'(1')&,*-"<2"&'0)%"'&"<'".$"1*-%*00$&,*-R"""

"

?." '%&" <a$9*(<" ,-&4('%%$-&" <'" -*&'(" =2'" .a*-" -'" )$(.'" )$%" <2" 6/-*" 0$,%" <2" =$,5R" M'" &'(0'" l3.*`n"@,'-&"<'".a$-6.$,%"=2,"%,6-,+,'"l.'-&n7"l.'-&'2(n"%'.*-"%a,."'%&"'0).*X4"1*00'"$<d'1&,+"*2" %29%&$-&,+R" M'" <,1&,*--$,('" <'" .$" .$-62'" +($-p$,%'" <4+,-,&" .$" l.'-&'2(n" 1*00'" .'" l0$-=2'" <'" ($),<,&4n" <a2-'" )'(%*--'7" <a2-" $-,0$.7" <a2-'" $1&,*-7" *2" <a2-" )C4-*0c-'" .'-&" b" %'" 0$-,+'%&'(R"

K,-%," .'" &'(0'" +($-p$,%" '%&" '0)(',-&" <a2-" 0$-=2'" ,-&(,-%c=2'7" <a2-'" $9%'-1'" -46$&,@'R" M$" -*&,*-" <a$9%'-1'" '%&" 9'$21*2)" 0*,-%" )(4%'-&'" <$-%" .$" <4+,-,&,*-" $-6.$,%'R" M'" &'(0'" <'" l3.*`n",-%,%&'"%2(".$"1*-&,-2,&4"<2"0*2@'0'-&7"<'".$")(*6('%%,*-7"b"2-"(X&C0'"0*,-%"($),<'R" Ma$<d'1&,+"$-6.$,%",-1.2&"$2%%,"2-'"-*&,*-"<'")(*6('%%,*-"6($<2'..'R"k'"0$-,c('"64-4($.'7".'" &'(0'" l3.*`n" '%&" $.*(%" 9'$21*2)" 0*,-%" )4d*($&,+" =2a,." -'" .a'%&" '-" +($-p$,%R" I&" 1a'%&" 1'" =2," '_).,=2'" =2'" .a*-" -a$,&" )$%" *2" )'2" &($<2,&" .'" &'(0'" l3.*`n" '-" +($-p$,%7" )*2(" )$(.'(" <2" 0*2@'0'-&"3.*`7"*2"<2"0*<'"<'"@,'"3.*`R""

"

M'"=$,5"'%&"2-"0*2@'0'-&"-4"<$-%".'%"$--4'%"!SQO7"'-"(4$1&,*-"b".a$))$(,&,*-"<2")('0,'(" H$%&" H**<" '-" ?&$.,'R" k'" .b" '%&" -4" =$,5# 4,,77" 2-" 0*2@'0'-&" =2," $" 6($-<," $2D<'.b" <'" %'%" +(*-&,c('%"64*6($)C,=2'%"'&"&C40$&,=2'%R"M'"3.*`"&*21C'"$2d*2(<aC2,"-*&('"0*<'"<'"@,'7"<'" 1*-%*00'(7"<'"%'"%*,6-'(7"<'"&($@$,..'("'&"'-+,-"<'"@*X$6'(R""

kc%"%*-"$))$(,&,*-"'-"?&$.,'7".'"3.*`"'%&"2-"0*2@'0'-&"=2,"40'(6'"l1*-&('n7"'-")(*&'%&$&,*-" b".a,0)*%,&,*-"<a2-"0*<c.'"4&($-6'(7"'-"1C'(1C$-&"b"$))*(&'(".2,D0g0'"2-"1'(&$,-"0*<'"<'" @,'" '&" <'" 1*-%*00$&,*-R" #$,%" 1a'%&" )(41,%40'-&" 6(m1'" b" .a$((,@4'" <'" 1'&" ,<<,0&-*9# 1'&&'"

?/-&'/#=2'".'"3.*`"$"40'(64"'-"2-"0*2@'0'-&"+41*-<R"J*2%")*2@*-%"1*0)('-<('"1'&&'"

(4$1&,*-" +41*-<'" 1*00'" 2-" '++'&" <'" <,@'(6'-1'" 1(4$&,@'" &'..'" =2'" #,1C'." kI" :IAFIKL" .a'-&'-<]R" M'" 3.*`" '%&" 1*..'1&,+7" 0,.,&$-&7" 0$,%" $2%%," )'(%*--'.7" ,-<,@,<2'.R" ?." -*2%" +$2<($" 1'(&$,-'0'-&",-&'((*6'(".'%"<,++4('-1'%"'-&('".'%"<'2_"$))(*1C'%7".'%"%&($&46,'%"b".ae2@('"$2" +2("'&"b"0'%2('"<'"-*&('"('1C'(1C'7"$2_")(,%'%"<a2-"1*()2%"%,-62.,'(R""" " """""""""""""""""""""""""""""""""""""""" """""""" ] "#,1C'."kI":IAFIKL7"6%(')+*")/#7/#$%D+0*,+)/9#'<R"E$.,0$(<7"1*..'1&,*-"H*.,*"I%%$,%7"!SVP"

(9)

Q"

M'"=$,5" (4)*-<" b" .a,<4'" %'.*-" .$=2'..'" .'" 0*-<'" @$" &(c%" @,&'7" '&" <'" ).2%" '-" ).2%" @,&'R" :'" %'-&,0'-&" <a2(6'-1'" '%&" 2-" <,%1*2(%" =2," 1,(12.'" <$-%" .$" %*1,4&47" '%&" $))(*)(,4" '&" <'-%,+,4R" M'%"@*,_"=2,")(q-'-&".'")(*6(c%")$(".a$114.4($&,*-"'&"1'..'%"=2,")(*1.$0'-&".$"-41'%%,&4"<'".$" <414.4($&,*-7" %a$++(*-&'-&" <$-%" .a'%)$1'" )29.,1R" :a'%&" 1'" )C4-*0c-'" =2," -*2%" $" )*2%%4'" b" ('6$(<'(" <2" 1q&4" <'" .$" 1,(12.$&,*-" <'%" ,<4'%7" &($,&4" )$(" x@'%" GIKJJIAIFR" J*2%" -*2%" %*00'%" $,-%," 9'$21*2)" $))2X4'" %2(" .'" 1*-1')&" <'" 6&':'"-'68" [<2" .$&,-" &(,@,207" 1$(('+*2(7" 41C$-6'\"+$,%$-&"(4+4('-1'"$2")C4-*0c-'"<'"1,(12.$&,*-"[<,&'"1(4$&,@'\"<'%",<4'%"<$-%".$"@,'" %*1,$.'R" :a'%&" )$(1'" =2'" .'%" *9d'&%" 1,(12.'-&" =2a,.%" <'@,'--'-&" 12.&2('.%7" '-" 4&$-&" (4$))(*)(,4%7" '-" )(*<2,%$-&" <'%" *9d'&%" CX9(,<'%" '&" -*2@'$2_R" J*2%" @*2.*-%" $,-%," 4&2<,'(" 1'&&'"$))(*)(,$&,*-"<2"3.*`")$("1'(&$,-%"$1&'2(%7"'&"4&2<,'(".a4-*-1,$&,*-7".'"(41,&"=2a,."+*-&"<'" .$"&'-<$-1'7"'&".'%"<,++4('-&'%"'_)('%%,*-%"<'".'2(%"1(*X$-1'%".,4'%"$2"3.*`R"

"

#$,%" ('@'-*-%" %2(" .'" &'(0'" <'" &'-<$-1'" =2'" -*2%" $@*-%" d2%=2a,1," )(,%" 1*00'" <*--4R" M$" -*&,*-" <'" &'-<$-1'" +$,&" '..'D0g0'" .a*9d'&" <a2-'" <'-%,+,1$&,*-" <'%" <,%1*2(%R" G2.,'-" HIAI" $" <41(,&" .'" <,%)*%,&,+" <'%" &'-<$-1'%P" 1*00'" 4&$-&" 2-" <,%1*2(%" 1,(12.$-&" $11')&4" )$(" &*2%" '&" -a'%&" d$0$,%" ('0,%" '-" 1$2%'R" :a'%&" 2-" <,%1*2(%" <*--$-&" .a,..2%,*-" <a2-" ('-*2@'..'0'-&" )'(0$-'-&" <'%" ,<4'%" '&" <'%" 6*y&%R" M'" <,%1*2(%" %2(" .'%" &'-<$-1'%" )(*<2,&" 2-" ,0$6,-$,('" 1*002-" '&" <*--'-&" <2" )*2@*,(" b" 1'2_" =2," )(*<2,%'-&" 1'" <,%1*2(%" $.*(%" =2'" 1'.2,D1," %'" )(4%'-&'" 1*00'" 2-'" )C*&*6($)C,'" <2" (4'." b" 2-" ,-%&$-&" FR" 8(*<2,('" 2-" <,%1*2(%" %2(" .'%" &'-<$-1'%"1*-%&(2,($,&"2-'".'1&2('"'&"2-"%$@*,("%2(".'"0*-<'R";-"('&(*2@'"$.*(%",1,".'"1*-1')&" <a,<4*.*6,'7"1'.2,"<a2-'"1(*X$-1'"=2,"-a'%&"d$0$,%"('0,%'"'-"1$2%'R""

K,-%,7".$"@,'"3.*`#-*2%"'%&"<*--4'")$("%'%"<4+'-%'2(%"1*00'"4@,<'-&'7",-1*-&*2(-$9.'"/"z.'" 0*-<'"@$"&(*)"@,&'7",."+$2&"($.'-&,(zR"k'"+$,&7",."%a$6,&"<a2-'",<4*.*6,'R"?."X"$"2-'"&(,).'"<,0'-%,*-" <$-%".a,<4*.*6,'"/"2.&"-*"[d26'0'-&7"@$.'2(%"/"1a'%&"9,'-7"1a'%&"0$.RRR\7"7.30'6':*"[1a'%&"$,-%,7" 1(*X$-1'%7" <*60'\" '&" 0.&2"6':*" [-*(0'%" /" ,." +$2&7" *-" <*,&\R" K)).,=24" $2" =$,57" *-" )'2&" +*(02.'("2-'")('0,c('"'_)('%%,*-"<'"%*-",<4*.*6,'"$,-%,"/#6/#?,-7/#.&#*),<#.+*/"[1(*X$-1'\7" +$#>&"*#)&$/-*+)"[-*(0$&,+\"7/#?&-+:)/#+-7+.+7"/$$/#/*#',$$/'*+.'"[<a*w".$"<41(*,%%$-1'\R"C+-0+9#+$# /0*#1,-#7/#<)/-7)/#7"#*/?<0#<,")#0,+9#7"#*/?<0#<,")#<)/-7)/#',-0'+/-'/#7"#?,-7/#/*#7/# '/#3"+#-,"0#/-*,")/"[0*($.'\R"?."%a$6,&"$.*(%"<a2-"'-d'2"<'"@4(,&47"<'")*%%4<'(".'"<,%1*2(%"@($," %2(" .'" 9*-C'2(7" *2" .$" 9*--'" @,'R" :a'%&" )*2(=2*," ,." -*2%" $" %'09.4" ,-<,%)'-%$9.'" <'" -*2%" (4+4('(" $2_" &($@$2_" <'" #,1C'." H;L:KLMFR" 3'%" ('1C'(1C'%" %2(" .'%" '-d'2_" <'" )*2@*,(" '&" %$@*,(" <$-%" .'" <,%1*2(%" )'(0'&&'-&" <a'-@,%$6'(" .'" =$,5" 1*00'" 2-'" ,<4*.*6,'7" 2-" <,%)*%,&,+" @,%$-&"b",)8&-+0/)"2-'"@,'"l0',..'2('nR" " """""""""""""""""""""""""""""""""""""""" """""""" P "G2.,'-"HIAI7"6/0#*/-7&-'/0#E#',-0*)"'*+,-#7%"-#,1F/*#7/#)/'2/)'2/#/*#(*"7/#7%"-#7+0<,0+*+># 7%+-*/)<)(*&*+,-9#7/#?+0/#/-#)/$&*+,-#7/#$&#)(&$+*(#?&*()+/$$/#/*#+?&8+-&+)/#/*#7/#',??"-+'&*+,-7"NO!Z"

(10)

S" K" 1'" %&$<'" <'" .$" (4+.'_,*-" ,." -*2%" %'09.'" ,0)*(&$-&" <'" 1*00'-1'(" b" $-1('(" .a$-$.X%'" <2" =$,5"<$-%"2-'"%,&2$&,*-").2%"1*-1(c&'7"'&"%2(&*2&"$2")(,%0'"<'%"0$(=2'%R""

M'" 3.*`" '%&" 2-" *9d'&" %$,%," )$(" .'%" 0$(=2'%" 1*00'" 2-'" *))*(&2-,&47" 1*00'" 2-" )*%,&,*--'0'-&"<$-%".ac('"<2"&'0)%"['_"/"<,6,&$."<'&*_\R";-#1<"3'&"#+.07#+<86)+'*&#7.22*06# -*1# :"-*)&1# +)# %"#$# =*):*06>?6&*# &87)=8&8*1# ="&# )0*# 2"&()*# =.)&# *0# $"'&*# )0# .%@*6# 2"&7A"0+B#+"01#-<C&*#+)#6*2=1D#

8.2%" .a*9d'&" =$,5" 1,(12.'" <$-%" .a'%)$1'" )29.,17" ).2%" ,." <'@,'-&" 2-" g&('" 12.&2('." 1C$(64" <'" @$.'2(%"=2'".'%"0$(=2'%"'&".'%")29.,1%"%a$))(*)(,'-&"'&"('<4+,-,%%'-&"'-")'(0$-'-1'R""

J*2%" .a$@*-%" @27" .U$-6.,1,%0'" 4&$,&" <4db" .b" <c%" .U*(,6,-'7" '&" '%&" $))$(2" <$-%" 2-" )$X%" *w" .$" .$-62'"'-"'%&"9*2((4'7"+$2&'"<'"&($<21&,*-%R":')'-<$-&7".U$-6.,1,%0'"$"2-"'++'&"<'".'"('-<('" ).2%" )*%,&,+7" ).2%" &'-<$-1'" =2'" .U,<4'" <'" .'-&'2(R" 3$" &($<21&,*-" '-" z.'-&z" '%&" 1*--*&4'" &(c%" -46$&,@'0'-&R" I&('" .'-&" 1U'%&" g&('" C*(%" <'" %*-" &'0)%7" 1U'%&" $..'(" 1*-&('" .'" )(*6(c%7" *2" 2-'" ,<4'"<2")(*6(c%R""

:'&&'" ,<4'" <2" )(*6(c%" '&" <U'09($%%'0'-&" <2" +2&2(" -a'%&" )$%" %$-%" ($))'.'(" .'%" '++'&%" <'%" (4@*.2&,*-%" ,-<2%&(,'..'%" =2," *-&" *2@'(&" <'" -*2@'$2_" 0$(1C4%" %2(" .'%=2'.%" .'%" 0$(=2'%" %'" %*-&"(24'%")*2(")('-<('"2-'")$(&"<2"6m&'$2R":U'%&"$2d*2(<UC2,".'"0,.,'2"<'".$"&'1C-*.*6,'"'&" <'".$"%1,'-1'"=2,"<*,@'-&"$..'("@,&'7")*2("+$,('"+$1'"b".$"1*-12(('-1'"'&"$11'%%*,('0'-&"+$,('" $@$-1'(" .UC20$-,&4R" k*-1" &# ',-*)&)+,7" .'%" $1&'2(%" <2" <,%1*2(%" %2(" .'" =$,5# %*-&" 1'2_" =2," (4$6,%%'-&" 1*-&('7" '&" (').$1'-&" .UC20$,-" $2" 1'-&('R" ?." %U$6,&" <'" 0$(=2'%" =2," <41,<'-&" <'" )(*<2,('" $2&('0'-&7" @$.*(,%'(" .'%" &($<,&,*-%7" .$" =2$.,&4" [0$,%" +$,('" $2%%," <2" )(*+,&" +-# >+-/7" '&" $..'(" @'(%" 2-" )(*6(c%" ).2%" =2$.,&$&,+\R" :'" %*-&" $2%%," <'%" $1&'2(%" )*.,&,=2'%7" $%%*1,$&,+%" =2," 2&,.,%'-&".'%"@$.'2(%"<2"=$,5")*2(".'")(*0*2@*,(R""

M'%" '-d'2_" %X09*.,=2'%" '&" 0$&4(,'.%" %*-&" <*-1" 02.&,).'%R" M'" ($),<'" '&" .'" .'-&" *-&" &*2%" .'%" <'2_")*2("*9d'1&,+"2-")(*6(c%7".'")('0,'("'%&").2%"41*-*0,=2'"'&"=2$-&,&$&,+7".'"<'2_,c0'"'%&" ).2%"=2$.,&$&,+7"C20$,-R"?."X"$"2-"'-d'2"<'"<4&'-&,*-"<U2-"<,%1*2(%"@($,"%2(".$"@,'7".$"0$-,c('" <'"+$,('7"<'"<,(,6'("2-'"'-&(')(,%'"*2"2-")$X%R"MU'-d'2"<'"@4(,&4"'%&"%$"@$.'2("1'-&($.'"'&"%*-" 0*&'2(",<4*.*6,=2'R"3,".a*-"%'").$1'"0$,-&'-$-&"<a2-")*,-&"<'"@2'"0$&4(,'.7".a'-d'2"'%&"1'.2," <'%" 1C*,_" <'" 1*-%*00$&,*-" <'%" ,-<,@,<2%7" <a2-'" $11202.$&,*-" <'" 9,'-%" '&" <'" 1$),&$2_7" '&" <*-1" <a2-" )*2@*,(" 41*-*0,=2'R" M'" (46,0'" <'" 1*-%*00$&,*-" <'%" ,-<,@,<2%7" .,4" b" .'2(" )C,.*%*)C,'"<'"@,'7"<4&'(0,-'".'2("1*-%*00$&,*-"<'"&'.%"9,'-%"'&"<'"&'.%"%'(@,1'7"1'"=2,"$"2-" ,0)$1&" -41'%%$,('" %2(" .$" @,'" <'%" 0$(=2'%R" W$D&D*-" 1*-%*00'(" 9,*7" ($,%*--47" <'" =2$.,&4" %2)4(,'2('" r" ;2" 9*-" 0$(1C47" d'&$9.'7" '&" <'" 0$-,c('" ,-<,@,<2'..'" r" W$D&D*-" %'" &*2(-'(" @'(%" <'%" @$.'2(%" 0,-,0$.,%&'%" *2" 9*2<<C,%&'%" <$-%" .$" 0$-,c('" <'" 0'29.'(" %$" 0$,%*-7" '&1R" {2'" @$D&D*-" +$,('" <'" -*&('" &'0)%" r" W$D&D*-" *2" -*-" 02.&,).,'(" .'%" $1&,@,&4%" '&" .'%" 1C$-6'0'-&%" )'(0$-'-&%" r" M'" 1C*,_" <U2-" 0*<c.'" *2" <U2-" $2&('" @$" $2%%," d*2'(" %2(" .'%" ,-&'($1&,*-%" '-&('" .'%"6'-%7".'%"0$-,c('%"<'"('6$(<'(".'%"$2&('%7"%$@*,("%,"*-"$%%20'"2-"0*<c.'").2&q&"=2a2-"

(11)

!O" $2&('R"J*2%"$,0'(,*-%"$,-%,"4&2<,'("1'"=2'"%,6-,+,'"<'"1*-%*00'("=$,57")$(1'"=2a,."%a$6,&".b" <a2-"'-d'2")*2(".'%"<4&'-&'2(%"<2"<,%1*2(%"%2(".'"=$,5;# ?."+$2&"$2%%,"1C'(1C'("b"1*0)('-<('"1'"=2,"+$,&"%'-%"<$-%".'"=$,5")*2("1'2_"=2,"X"$<Cc('-&R" 8'2&Dg&('"=2'".'"=$,5"%a$<('%%'"<a$9*(<"b"1'2_"=2,"d*2,%%'-&"<a2-'"0$v&(,%'"<'".'2("&'0)%7" '&"<'"+$,&"b"2-'")*)2.$&,*-"$,%4'R" ""

J*2%" -*2%" %*00'%" &*2(-4'" b" -*2@'$2" @'(%" .ae2@('" C''($()&*+,-" <'" j$(&02&" A;3KR" K2" 1C$),&('" Z7" ,." <,%1'(-'" <'2_" .*6,=2'%" <$-%" .'" ($.'-&,%%'0'-&R" ?." X" $" <a2-'" )$(&" 2-'" .*6,=2'" ,<4*.*6,=2'7" 1(*X$-&" b" 2-'" <414.4($&,*-" <2" 0*-<'" '&" <'" .$" )(*<21&,*-R" ka$2&('" )$(&" 2-'" .*6,=2'" <'" ($.'-&,%%'0'-&" ,-<,@,<2'.7" )'(0'&&$-&" <a41*-*0,%'(" %'%" )(*)('%" ('%%*2(1'%" )CX%,=2'%7" 0'-&$.'%" )*2(" %a,-%1(,('" <'" 0$-,c('" ).2%" '++,1,'-&'" <$-%" .$" <X-$0,=2'" <a$114.4($&,*-" 64-4($.'R" :'&&'" <,%&,-1&,*-" -*2%" )'(0'&" <a'-&('@*,(" <4db" ).2%,'2(%" &X)'%" <'" =$,57" ).2%,'2(%" %&($&46,'%R" ?." %'($" $.*(%" ,-&4('%%$-&" <'" <('%%'(" <'%" 1(,&c('%" <'" ('1*--$,%%$-1'" <2" 3.*`7" <'" 1$($1&4(,%'(" .'" <,%)*%,&,+" )(*&4,+*(0'7" $+,-" <'" 0,'2_" .a*9%'(@'(" '-"%,&2$&,*-")(41,%'R""

"

K)(c%" $@*,(" '-@,%$64" ).2%,'2(%" &X)'%" <'" 1*()2%" )*%%,9.'%7" ,." -*2%" '%&" $))$(2" =2a2-" 0$6$f,-'"'-")$(&,12.,'("%'09.$,&",-1$(-'(")$(+$,&'0'-&"'&",-&2,&,@'0'-&".a,<4'"<2"=$,57"$2&$-&" )$("%*-"1*-&'-2"=2'")$("%$"+*(0'R"?."%U$6,&"<2"0$6$f,-'"4$,57")(*<2,&")$("8(,%0$"#'<,$"'-" H($-1'R" :U'%&" 2-" 0$6$f,-'" =2," @,'-&" <'%" 8$X%D>$%" '&" <*-&" .'" 0$-&($" '%&" <'" z%$@*2('(" .$" <*21'2(" <'" @,@('" '&" .'" 9*-C'2(" <'%" 1C*%'%" ,0)$(+$,&'%zR" :U'%&" 2-" 0$6$f,-'" &(c%" =2$.,&$&,+7" 4<,&4" )*2(" l.'%" $0*2('2_" <2" )$),'(n" ['&" .'%" -*%&$.6,=2'%\R" ?." X" $" $,-%," ).2%,'2(%" &X)'%" <'" )$),'(%"'&"&'_&2('%7"'&"%'2.'0'-&"!O")$6'%"<'")29.,1,&4%"[$@'1"<'%"$--*-1'2(%".,+'%&X.'7"<2" &X)'" @+,7/)?&9# C),?&# G,-/9# +--,'/-*9# 4,00+$\^R" ?." '%&" @'-<2" b" V7PO|7" <'%&,-4" $2_" :38Y" +40,-,-'%R"?."X"$"Q"-204(*%")$("$-R" M'"0$6$f,-'"'%&"%&(21&2(4"'-"=2$&('"(29(,=2'%"/"" D"h">'..'%"('-1*-&('%"/"%U*2@(,("$2"0*-<'"'&"$2_"$2&('%"i" D"h"I%)(,&".,9('"/"@,@('",1,"'&"0$,-&'-$-&"i" D"h"8'&,&%").$,%,(%"/")('-<('".'"&'0)%"<'"%'"6m&'("i" D"h"k*21'2("<'"@,@('"/")$%"<'"1*0).,1$&,*-%",-2&,.'%"i" ""

M'%" )$6'%" %*-&" (4$.,%4'%" )$(" <'%" $(&,%&'%" '&" .'" -*09('" <U'%)$1'%" @,<'%s" 9.$-1%" '%&" &(c%" ,0)*(&$-&7")(*)*%$-&"<'%"%*(&'%"<'"('%),($&,*-%"'-&('".'%"%'1&,*-%7"'-&('".'%"$(&,1.'%"('0).,%" <'" &'_&'%R" M'" 0$6$f,-'" %'09.'" $,-%," g&('" 2-'" 0$&4(,$.,%$&,*-" <2" =$,5" <$-%" 2-" 4.40'-&"

"""""""""""""""""""""""""""""""""""""""" """"""""

^

(12)

!!" &$-6,9.'7" 1*-@*=2$-&" 9'$21*2)" <U$%)'1&%" <2" 3.*`" [=$,5# $+>/9# =$,5# 5,)H9# =$,5# >,,79# =$,5# *)&./$RRR\R"

M'%" $(&,1.'%" +*-&" $))'." b" 9'$21*2)" <'" +,62('%" <U'_)'(&%" '-" )%X1C*.*6,'" )*2(" =2," <4+'-<'-&" 2-'" 1'(&$,-'" 2-'" @,%,*-" <2" 0*-<'7" 2-" 0*<'" <'" @,'" ).2%" %$,-7" 2-" 0',..'2(" ($))*(&" <'" %*," b" %*,R" ;-" X" ('-1*-&('" $2%%," <'%" $(&,%&'%" *2" ,-,&,$&,@'%" 1(4$&,@'%" $..$-&" <$-%" 1'" %'-%R" M'" 0$6$f,-'" %'09.'" @4C,12.'(" .'%" &Cc%'%" <2" 3.*`" <$-%" %*-" 1*-&'-27" $2_=2'..'%" .'%" $--*-1'2(%" $<Cc('-&R" I-" '++'&7" %2(" .U2-" <'%" -204(*%" <'" NO!^7" .$" ]c0'" <'" 1*2@'(&2('" '%&" 1'..'" <U2-'" )29.,1,&4" )*2(" 2-" %*,-" W,1CX" z=$,5# C8/zR" M'" &,&('" '%&" zA$.'-&,%%'f7" 1C$-6'f" .U$@'-,(" <'" @*&('" )'$2zR" M$" )C*&*" '%&" 1'..'" <U2-'" +'00'" $%%,%'" '-" )$),..*-7" '..'" +'(0'" .'%" X'2_7"'..'"04<,&'R":'.$"-*2%")*(&'"b"1(*,('"=2a,."X"$"2-"@4(,&$9.'"41C$-6'"'-&('".U*9d'&"4$,5" =2," $112',..'" <'%" $--*-1'2(%" %2(+$-&" %2(" .$" &'-<$-1'" <2" =$,57" $@'1" 2-" $11'-&" <*--4" %2(" =$,5" ',0?/*+'" -*&$00'-&R" J*2%" @*2<(,*-%" *9%'(@'(" 1'%" 41C$-6'%" '&" .'%" ,0)$1&%" -41'%%$,('%"%2(".'"<,%1*2(%"0g0'"<'".$"0$(=2'"4$,5R"

"

4$,5" %'" )*%,&,*--'" %2(" .'" 9,'-Dg&('" '&" 1C'(1C'" b" ,-1$(-'(" $2" 0$_,020" .$" )C,.*%*)C,'" <2" =$,5R"G2%=2a*w".$"0$(=2'")*2%%'D&D'..'".$"1*C4('-1'".*(%=2a,."%a$6,&"<'"0$&4(,$.,%'("1'&"*9d'&" )*2(".'"@'-<('"r""

k$-%"4$,57".'"=$,5"'%&")(4%'-&4"1*00'"2-'"-41'%%,&4"%2,&'"b".$"<40*-%&($&,*-"<a2-"0*-<'" =2," @$" &(*)" @,&'7" $))'.$-&" <'%" 92..'%" <'" (412)4($&,*-%7" )*2(" %U$11*00*<'(" <'" .$" >&0*# $+>/9" )*2("$..'(").2%".*,-"$2".*-6"&'(0'7"-'")$%"%a4)2,%'(R":'"=$,5"%'($,&"$,-%,"0*,-%"2-'"('0,%'" '-"1$2%'"<'".a*(<('"0*-<'7"=2a2-"1*0)(*0,%"$@'1".$"(4$.,&4"<'"%*-"1*2(%R"

"

8(*9.40$&,=2'"

K2%%,"9,'-"<$-%".'%"&Cc%'%"=2'"4$,5"$@$-1'"'&"<$-%".'"1C*,_"<'%"$--*-1'2(%7",."X"$"2-"'-d'2" <'" <4+,-,&,*-" <2" ($))*(&" $2" =$,57" <2" 1*-1')&" .2,D0g0'" $,-%," =2U2-'" .46,&,0$&,*-" <'" .$" 1*-%*00$&,*-" $2&*2(" <2" 9,'-Dg&('7" +$,%$-&" <'" 1'" 1*-1')&" 2-" '-%'09.'" <'" %'(@,1'%" '&" <'" 9,'-%"0$(1C$-<%R"M'"0$6$f,-'"1*-&(,92'"$,-%,"b".$"1,(12.$&,*-"<2"1*-1')&7"'&"%'".a$))(*)(,'" )*2("0,'2_"%'(@,("%'%",-&4(g&%R""

J*2%" -*2%" <'0$-<'(*-%" <*-1" +"01# ()*--*# 2*1)&*# -*# 2"3"4'0*# !"#$# $"'6>'-# 7'&7)-*&# -*# 7.07*=6# +)# %"#$&' *0' 1<"==&.=&'"06# -*1# :"-*)&1# +)# 2.):*2*06' *6' *0# 2"68&'"-'1"06# -*# 7.07*=6B#=.)&#2'*)E#*0#$"'&*#)0#.%@*6#2"&7A"0+D#

(13)

!N" J*2%" $@*-%" +*(02.4" ).2%,'2(%" CX)*&Cc%'%" )*2(" *(,'-&'(" -*&('" (4+.'_,*-" <$-%" .$" (4)*-%'" b" -*&('")(*9.40$&,=2'R"

""

FD#G-./#2*6#*0#=-"7*#)0#7*&6"'0#+'1=.1'6'$#+)#%"#$#()'#7'&7)-*#+"01#-*#2"3"4'0*D# "

H.*`" 0*9,.,%'" 2-" .$-6$6'" %,-62.,'(" )*2(" +$,('" (4+4('-1'" $2" =$,5R" I-&('" .'" =$,5" '&" .'" 4&0*7" %a*))*%'-&" $2%%," .'" @,<'" '&" .'" ).',-7" &*2%" .'%" <'2_" b" .$" 1*-=2g&'" <2" %'-%R" M'%" <'2_" %a*))*%'-&"'&"%'"1*0).c&'-&"b".$"+*,%R"J*2%"=2'%&,*--'(*-%".a,0)*(&$-1'"<2"@,<'"'&"<2").',-" <$-%".'"0$6$f,-'7"$2%%,"9,'-"%2(".'").$-"@,%2'."=2'"&'_&2'.R"J*2%"4&2<,'(*-%".'%"$(&,1.'%"0$,%" $2%%,".$"%&(21&2('"<2"0$6$f,-'7".'%"&X)'%"<'")$),'(%7".'%"&'_&2('%7".$"9(,..$-1'"'&"'&1R"J*&('" ,-&2,&,*-"'%&"=2'".$"%&(21&2('"64-4($.'"<2"0$6$f,-'"'%&"2-'"0,%'"'-"%1c-'"<2"=$,59#@'-$-&" $))2X'(" .'" <,%1*2(%R" :'" <,%)*%,&,+" ('-@*,'" $2%%," b" <'%" 41C$-6'%" =2," %'" +*-&" '-&('" .'%" )29.,1,&4%"'&".'"0$6$f,-'R"?."-*2%"+$2<($"1*0)('-<('".'"1C*,_"<'".a4<,&'2("<'"-'"@'-<('"=2'" <,_")$6'%")29.,1,&$,('%R"

J*2%" -*2%" )*%'(*-%" <'%" =2'%&,*-%" 1*00'" 1'..'" <a,-&'()(4&'(" .$" %4.'1&,*-" =2," '%&" +$,&'" <'%" $--*-1'2(%R"32("=2'.%"<*0$,-'%"r"K@'1"=2'..'"(412(('-1'"r"

"" "

HD# G-./# 86"%-'6# )0# &"==.&6# 7)-6)&*-B# 2"68&'*-# *6# 2"&7A"0+# *06&*# -*# %'*0>?6&*B# -<8="0.)'11*2*06#=*&1.00*-#*6#-*#%"#$D#

""

4$,5#<*--'"<'".$").$1'"b"<'%"<,%1*2(%",-1,&$-&"b"($.'-&,(7"b"%'"('1'-&('("%2("%*,R":'%"&Cc%'%" 4-*-1'-&" .'2(" 92&" /" .$" ('1C'(1C'" <2" 9,'-Dg&('7" )$%%$-&" )$(" .a41*2&'" <'" %*,7" .a,-&(*%)'1&,*-R" I..'%"%a,..2%&('-&"-*&$00'-&")$(".$"1*-%&$-&'",-@*1$&,*-"<2"&'0)%"+$,%$-&".'".,'-"'-&('")$%%47" )(4%'-&7" +2&2(" @,%$-&" b" +$,('" .$" )$,_" $@'1" %*,D0g0'" '&" $&&',-<('" .$" l).',-'" 1*-%1,'-1'nR" M'" ($))*(&"$2"&'0)%"'%&"1*0).4&4")$("2-"($))*(&"b".a'%)$1'7"'&"$2"(g@'"<a2-"$,..'2(%"'-1C$-&47" )*(&'2("<'")$,_"'&"<'"9,'-Dg&('",-&4(,'2(R"

k'" ).2%7" .'" 9,'-Dg&('" '%&" )(4%'-&4" <'" 0$-,c('" $11'%%,9.'" '&" 0$&4(,'..'" $2" &($@'(%" <'%" )29.,1,&4%" <'%" )(*<2,&%" <'" 1*%04&,=2'%" )$(" '_'0).'R" :'%" 9'$2_" )(*<2,&%" )*2(" %'" +$,('" <2" 9,'-7")*2(")('-<('".'"&'0)%"<'"%'"+$,('"<2"9,'-"%'($,'-&"2-'"0$-,c('"<'"($.'-&,("&*2&"1*2(&R" :'"%'($,&"$2%%,"2-'"0$-,c('")*2("4$,5#<'"(4D4&$9.,("2-".,'-"'-&('"1*-%*00$&,*-"'&".'-&'2(7" $@'1" .$" .46,&,0$&,*-" )$(" .'" 1C*,_" <'" 1*-%*00'(" =$,59" <*-&" .$" %2(@,'" 41*-*0,=2'" <2" 0$6$f,-'" <4)'-<R" 8$(" %'%" <,%1*2(%7" 4$,5" 1*-%&(2,($,&" '&" )(4)$('($,&" <'%" <*0$,-'%" <'" )(4<,.'1&,*-" )*2(" =2'" .'%" 0$(=2'%" )2,%%'-&" %a'_)(,0'(" ['&" <*-1" +,-$-1'(" .$" )(*<21&,*-" <2" 0$6$f,-'\R""

:a'%&"$2%%,"2-"0*X'-")*2("H.*`"<'".46,&,0'(".$"1(4$&,*-"<a2-"0$6$f,-'")$),'("$2d*2(<aC2,7"'&" <'".46,&,0'(".$"%2(@,@$-1'"<'".$")('%%'R"I-"1(4$-&"2-"0$6$f,-'D0$-,+'%&'"<'".$".'-&'2(7"4$,5"

(14)

!Z" 0$-,+'%&'" )*2(" %*-" '_,%&'-1'7" <$-%" 2-" 0*-<'" *w" .$" )('%%'" 1(,'" %$" <,%)$(,&,*-" +$1'" b" .a$@c-'0'-&"-204(,=2'R"

" ""

ID#!"#$#)6'-'1*#-*#,-./#=.)&#$"'&*#="11*&#)0*#:'1'.0#+)#2.0+*D# ""

M'%" =2'%&,*-%" =2," <41*2.'-&" <'" 1'&&'" CX)*&Cc%'" %*-&" -*09('2%'%7" b" 1*00'-1'(" )$(" .'%" %2,@$-&'%R" 32(" =2'..'%" (4+4('-1'%" )C,.*%*)C,=2'%7" 12.&2('..'%7" %),(,&2'..'%" .'" 0$6$f,-'" %a$))2,'D&D,."r"

M$"0$(=2'#4$,5"<4.c62'"%*-"<,%1*2(%"b"<'%"'_)'(&%"'&".$,%%'".,9('".$"@,%,*-"<2"9*-C'2(")*2(" -'" )$%" +$,('" )('2@'" <a$2&*(,&47" '&" <a,<4*.*6,'R" 8*2(&$-&" .$" .'1&2('" <2" 0$6$f,-'" +$,&" .a'++'&" <a2-'"<a,-d*-1&,*-"b"@,@('"%$"@,'"<a2-'"1'(&$,-'"0$-,c('7"'-"$++,(0$-&"=2'"%'"&,'-&".b".$"@4(,&47" .$"%'2.'"+$p*-"<ag&('"C'2('2_R"#$,%"1'"<,%1*2(%"-a'%&")$%"$%%204")$(".$"0$(=2'7"1'..'D1,"%'" +$,&" <,%1(c&'" <'((,c('" 2-" l+$,&'%D@*2%" @*&('" )(*)('" ,<4'" <2" 9*-C'2(nR" ?." -aX" $" )$%" 2-" 4-*-1,$&'2(" $%%204" 0$,%" 9,'-" 2-" 1*..'1&,+" <a4-*-1,$&'2(%" b" =2," .$" )$(*.'" '%&" <4.4624'R" :'" %*-&"'2_"=2,"$++,(0'-&".'%"&Cc%'%"<a2-'"@,'"9*--'R""

K".$"<4.46$&,*-"<'".$")$(*.'"%a$d*2&'"2-'"(C4&*(,=2'"<2".,'-"<'"1*-+,$-1'R"M'%"-*&,*-%"<'"<*-7" <'"64-4(*%,&4"[-*&$00'-&"$@'1"&*2%".'%"1$<'$2_"$2".'1&'2("*2".$"0,%'"'-"%1c-'"<2"9'$2\" )'(0'&&'-&"$2"0$6$f,-'"<'"%'")*%,&,*--'(7"<'"%'"($1*-&'("1*00'"4&$-&"<,6-'"<'"1*-+,$-1'R" ka$2&('")$(&7",."+$2<($"-*2%"<'0$-<'("b"=2,"%a$<('%%'"1'&&'"@,%,*-"<2"0*-<'"r"

4$,5# +$,&" 1*-%&$00'-&" (4+4('-1'" b" 2-'" 12.&2('" %$@$-&'7" '-" )$%%$-&" )$(" <'%" $(&,%&'%7" <'%" )C,.*%*)C'%" *2" %1,'-&,+,=2'%R" 8*2(" ($.'-&,(" ,." +$2&" g&('" 0$v&('" <'" %*-" &'0)%7" g&('" 12.&,@4" '&" <*-1")('-<('".'"&'0)%"<'"%'"12.&,@'(7"$@*,(".'%"0*X'-%"<'")('-<('"1'"&'0)%R"

"I-+,-"1'&&'"CX)*&Cc%'"-*2%",-@,&'"b"1$($1&4(,%'(".$"@,%,*-"<2"0*-<'"'&"<2"=$,5#'-"=2'%&,*-R" {2'..'" @,%,*-" <2" =$,5" -*2%" '%&D'..'" )(*)*%4'" r" 8'2&Dg&('" 1'..'" <a2-'" %&($&46,'" )'(%*--'..'" 04.$-64'" b" 2-'" ,<4'" <a2-" 0*-<'" ).2%" .'-&7" ).2%" ('%)'1&2'2_" <'" .$" ).$-c&'R" #$,%" ,." %'09.'($,&" =2'" .a*-" %*,&" %2(&*2&" <$-%" 2-" ($))*(&" )'(%*--'." b" .$" @,'" '&" b" .$" 1*-%*00$&,*-R" 4$,5" %'" )(*)*%'($,&" <ag&('" 2-'" %'.+D&C4($),'" <2" 9*-C'2(7" $2_" ,-+.2'-1'%" J'`" K6'7" b" V|PO" )$("-204(*R""

"

#4&C<.*6,'"

8$(1'" =2'" -*2%" $..*-%" 4&2<,'(" .$" 1,(12.$&,*-" <a2-'" ,<4'" .a'%)$1'" )29.,1" [jK>IA#K3\7" *w" 1,(12.'-&" .'%" <,%1*2(%7" ,." -*2%" %'09.'" ,-<,%)'-%$9.'" <'" +*-<'(" -*&('" 04&C*<*.*6,'" %2(" <'%" $-$.X%'%"%40,*&,=2'%R"M$"%40,*&,=2'"'%&").2%"=2a2-"*2&,."<'"<41(X)&$6'"<'%"%,6-'%7"1*<'%7"

(15)

!]" ,0$6'%" '&" 1*--*&$&,*-%RV" ?." %a$6,&" <a4&2<,'(" .'%" ('.$&,*-%" '-&('" .'%" %,6-'%" $2&*2(" <a2-" *9d'&" <*--4R"M'%"%,6-'%"-a*-&"<'"%'-%"=2'")$("($))*(&"b"<a$2&('%"%,6-'%7"'&")$(1'"=2a,.%"%*-&")(,%" <$-%"2-"1*-&'_&'7"2-'"@,%,*-"<2"0*-<'R"

J*2%"-*2%"$))2,'(*-%"$,-%,"%2("<'%"4&2<'%"%40,*&,=2'%"<2"0$6$f,-'"4$,57")*2(7"%'.*-".'%" 04&C*<'%" <'" G'$-D#$(,'" HM;:j7" l$..,'(" 2-'" .'1&2('" %'-%,9.'" <2" 0*-<'" b" .a'_,6'-1'" 04&C*<*.*6,=2'"=2'"('=2,'(&".a$))(*1C'"%&(21&2($.'nQR"

"

ka$2&('" )$(&7" )2,%=2'" -*2%" $..*-%" 4&2<,'(" .$" %&(21&2('" 4<,&*(,$.'" <2" 0$6$f,-'7" -*2%" -*2%" ($))*(&'(*-%" $2_" $-$.X%'%" <aI00$-2'." 3;L:j?IA7" =2," )('-<" '-" 1*0)&'" .'%" 1$<('%" ,-%&,&2$-&%"1*00'")$(&,1,)$-&"b".$"1(4$&,*-"<2"%'-%R":a'%&DbD<,('"=2'".$"+*(0'"('.c@'"<'"1C*,_" 4<,&*(,$2_"%,6-,+,$-&%R"8*2("IR"3;L:j?IA7".$"%40,*.*6,'")$%%'"$,-%,")$("2-'"('D=2$.,+,1$&,*-" <'%"*9d'&%7"'&"1a'%&"1'"=2'"-*2%"@*2.*-%"+$,('"$2"%2d'&"<2"=$,5R""

J*2%" -*2%" ,-%),('(*-%" 9,'-" %y(" <'" .a$))(*1C'" <'" A*.$-<" >KAFjI3" )*2(" =2," &*2&" *9d'&" '%&" 2-'" 1*-%&(21&,*-" %*1,$.'7" 9*2((4'" <'" )(4d264%R" >KAFjI3" $" 1C'(1C4" b" ('0'&&('" <2" %'-%" 1(,&,=2'" <$-%" .'%" *9d'&%" <2" =2*&,<,'-7" )'(0'&&$-&" <'" 0'&&('" '-" .20,c('" .a,<4*.*6,'" )(4%'-&'" <$-%"-*%"2%$6'%"'&"-*%",-1*-%1,'-&%R"" " " J*&('"&Cc%'"%'($"<'"0*-&('("1*00'-&".'"1*-1')&"<2"=$,57"<'".$".'-&'2(7"'%&"(412)4(4")*2(" 1(4'("<'".$"@$.'2(R"8$(&,"<a2-'"(4$1&,*-"',-*)/"2-"%'-&,0'-&"<'")'(&'"<'"1*-&(q.'7"<a,-@$%,*-" <'".$"&'1C-*.*6,'"'&"<2"1$),&$.,%0'7".'"=$,5"<'@,'-&"$2d*2(<aC2,"2-'"&'-<$-1'"=2,"+$,&"@'-<('7" $)&'"b"1(4'("<'".$"@$.'2("'-"%a,-%1(,@$-&"<$-%"2-'"<X-$0,=2'"41*-*0,=2'"<'"0$(1C4R":a'%&" -*&$00'-&"$2&*2("<'".a'_)4(,'-&,'."'&"<'%"0*X'-%"<a$&&',-<('"l.$").',-'"1*-%1,'-1'n"=2'"%'" 1*-%&(2,&".'"=$,5R""

k$-%" 2-" )('0,'(" &'0)%" -*2%" 4&2<,'(*-%" .'" <,%)*%,&,+" <2" =$,5# <$-%" .'" 0$6$f,-'" 4$,5R" I-" '++'&")*2("<4+,-,(".'"=$,59#.'"0$6$f,-'"0'&"'-").$1'"2-"<,%)*%,&,+"b".$"+*,%"<,%12(%,+"'&"0$&4(,'." $2&*2("<'".a,<4'"<'".'-&'2(R":'"<,%)*%,&,+"%a$))2,'"%2("<'%"d'2_"'-&('".'%"@,<'%"'&".'%").',-%7" %2("<'%"+,62('%"(412(('-&'%",-%&$..$-&".a,<4'"<a2-"&'0)%").2%"1X1.,=2'7"<*-&".$"@,&'%%'",0)*(&'" 0*,-%R" :a'%&" )*2(" 0,'2_" )*%,&,*--'(" .'" 0$6$f,-'" b" 1*-&('D1*2($-&7" <$-%" 2-'" @,%,*-" -*%&$.6,=2'"<a2-"0*-<'",<4$.7"1*-&('"2-'"1'(&$,-'",<4'"<'"%*1,4&4"<'"1*-%*00$&,*-R""

:'.$" -*2%" )*(&'($" b" =2'%&,*--'(" <$-%" 2-" <'2_,c0'" &'0)%" .'" ($))*(&" $2" &'0)%" '&" $2" 9,'-D g&('"=2a'-&('&,'--'-&".'%"<,%1*2(%"<'"4$,5;#:'"($))*(&"$2"&'0)%"'%&".,%%4"'&"+.2,<,+,4")$(".'%" $..'(%D('&*2(%"'-&('".'")$%%47".'")(4%'-&"'&".'"+2&2("'&")$(&,1,)'"b".$"('<4+,-,&,*-"<2"($))*(&"$2" """""""""""""""""""""""""""""""""""""""" """"""""

V

"G'$-DG$1=2'%">;LFKLk7"I"#0/-09#7/0#0/-0;#=(?+,*+3"/9#?&)H/*+-8#/*#',??"-+'&*+,-#/-#*/))&+-# 0/-0+1$/9#<,%)*-,9.'"b".a$<('%%'#"C&&)/ssd*2(-$.%R*)'-'<,&,*-R*(6s%'0'-sPO!!"t1*-%2.&4".'"!QRONRNO!Qu" Q

">R"jI?M>ALJJ"'&"8R"jIF}IM7"h"M$")'-%4'"9(,1*.'2%'"*2".'"9*-C'2("<'%"%,6-'%"/"1'"=2'".'" 0$(5'&,-6"<*,&"b"G'$-D#$(,'"H.*1C"i7"I('+0+,-0#?&)H/*+-8"-~NS7"d$-@,'(D0$(%"NOOZ""

(16)

!P" 9,'-Dg&('"'&"$2"9*-C'2(R":'.$")'(0'&"<'"1(4'(".'%"1*-<,&,*-%"-41'%%$,('%")*2("1(4'("2-".,'-" *(6$-,=2'" '-&('" .'" 3.*`" '&" .'" 9,'-Dg&('7" '-" .'" 0$&4(,$.,%$-&" '&" .'" ('-<$-&" 1*-%*00$9.'R" M'" 0$6$f,-'"1(4'"$2%%,"2-"($))*(&"12.&2('."'&"0$(1C$-<"$2"3.*`7"'-"<('%%$-&".'")$X%$6'"<a2-" $,..'2(%" ,<4$.7" *w" .'" &'0)%" ).2%" .'-&" )'(0'&" <'" 0,'2_" @,@('7" 2-" $,..'2(%" $11'%%,9.'7" @*,('" (')(*<2,%,9.'"1C'f"%*,R""

I-+,-" -*2%" 4&2<,'(*-%" .a$%)'1&" ,<4*.*6,=2'" =2'" 4$,5# <4).*,'" $2&*2(" <2" =$,5;# M'%" <,%1*2(%" <2"0$6$f,-'"(412)c('-&".'%"@$.'2(%"$%%*1,4'%"$2"=$,5#)*2(")',-<('".'2("@,%,*-"<2"0*-<'7" 2-'"@,%,*-"<2"0*-<'"$11'%%,9.'"b"2-"+$,9.'")*2(1'-&$6'"<'".$")*)2.$&,*-R"I-"<4.462$-&"%*-" <,%1*2(%7" .'" 1$<('" 4<,&*(,$." )'(0'&" <'" .46,&,0'(" %'%" &Cc%'%" %2(" 2-'" @,'" ).2%" @($,'7" '-" %a$<('%%$-&"b"2-'"1.$%%'"%*1,$.'"<*-&"'..'"1C'(1C'"b",-+.2'(".'"1*2(%R""

"

(17)

!^"

?R" k4+,-,(".'"3.`"<$-%"4$,5"*

J*2%" @*2<(,*-%" 1*00'-1'(" )$(" =2'%&,*--'(" .'" 6'%&'" 0g0'" <'" 1(4'(" 2-" 0$6$f,-'" )$),'(" $2d*2(<aC2,7"b".aC'2('"<2"<,6,&$."'&"<2"-204(,=2'R"Ja'%&D1'")$%"%'").$1'("<'"+$,&"<$-%".'")$%%4" r"k$-%".$".*6,=2'"<2"($.'-&,%%'0'-&"r"M$")('%%'")$),'("@$"0$.7"'&"'-"(4)*-%'"8(,%0$"#'<,$" -'"1(4'")$%"%,0).'0'-&"2-"-*2@'$2"0$6$f,-'")$),'(7"0$,%"2-"0$6$f,-'"<'"9'$2_")$),'(%7" )*2(".'%"l$0*2('2_"<2")$),'(nR"H.*`")(*)*%'"$,-%,"<'"('@'-,("b"<'%"$0*2(%").2%"%,0).'%"'&" $-1,'-%7" .'" )$),'(7" .$" -$&2('7" '&" .'" +$,&" <'" +$,('" <'%" 1C*%'%" $@'1" %'%" 0$,-%R" M$" 1(4$&,*-" <2" 0$6$f,-'"'%&"b"1*-&('D1*2($-&"<2"1*2(%"<'".aC,%&*,('"<'".$")('%%'"=2,"4@*.2'"@'(%"<'").2%"'-" ).2%"<'"<,6,&$.7"1a'%&"$2%%,"2-"0$-,+'%&'")*2("($.'-&,(7"%'"+$,('"<2"9,'-"<$-%"2-"0*-<'"=2,"@$" )'2&Dg&('"&(*)"@,&'R"{2a'%&D1'"=2,"1$($1&4(,%'".$"@,&'%%'"*2".a$114.4($&,*-"<'"-*%"@,'%"r""

"

j$(&02&"A;3K"<41(,&"$,-%,"&(*,%"&X)'%"<a$114.4($&,*-%"=2'"-*2%"@,@*-%"$2"=2*&,<,'-RS""

?." X" $" <a$9*(<" .a$114.4($&,*-" &'1C-,=2'" =2," &($<2,&" .'%" )(*6(c%" <$-%" .$" &($-%0,%%,*-" <a,-+*(0$&,*-R"k')2,%".ac('",-<2%&(,'..'"d2%=2ab".ac('"<2"-204(,=2'7".$"@,&'%%'"<'"<4).$1'0'-&" $" 4&4" 02.&,).,4'" )$(" !ONR" 3'.*-" BR" E',%%.'(7" .$" @,&'%%'" <'" 1*002-,1$&,*-" <'" .a,-+*(0$&,*-" $" 4&4" 02.&,).,4'" )$(" !OV"$2" ••c" %,c1.'7" -*&$00'-&" $@'1" .a,<4'" =2'" .$" 1*002-,1$&,*-" )'2&" %'" +$,('"b"-a,0)*(&'"=2'."0*0'-&"<'".$"d*2(-4'7"<$-%".'"0*-<'"'-&,'("'&"<'"0$-,c('"$%X-1C(*-'" [%*,&" )$(" (4)*-<'2(%" ,-&'()*%4%7" '0$,.%RRR\" *2" %X-1C(*-'7" =2'..'" =2'" %*,&" .$" <,%&$-1'" 64*6($)C,=2'R"I-"d'27",."X"$"<a$9*(<".$"<,6,&$.,%$&,*-"<2"0*-<'7"0$,%"$2%%,".$"@,(&2$.,%$&,*-"<'" )(*1'%%2%R" 3," .$" &($-%0,%%,*-" <'%" ,-+*(0$&,*-%" %a'%&" $114.4(4'7" .$" )(*<21&,*-" <'" 1'&&'" ,-+*(0$&,*-"*2"<'"1'")(*<2,&s%'(@,1'"'..'7"-'")'2&")$%"$&&',-<('".$"0g0'"@,&'%%'"<'"1(*,%,c('R" :'"<41$.$6'"*)c('"2-'")('%%,*-"%2(".a'-%'09.'"<'".$"1C$v-'"<'")(*<21&,*-"0$&4(,'..'"-*2%" <,&"jR"A;3KR""

"

I-" <'2_,c0'" .,'27" *-" *9%'(@'" 2-'" $114.4($&,*-" <2" 1C$-6'0'-&" %*1,$.R" ?." %a$6,&" <'" .a$114.4($&,*-" <2" (X&C0'" $2=2'." %'" &($-%+*(0'-&" .'%" +*(0'%" <2" .,'-" %*1,$.7" <'" 0*<c.'%" <'" ('.$&,*-%7"<a*(6$-,%$&,*-"<2"&($@$,.7"<'%")(*6($00'%"<'%")$(&,%")*.,&,=2'%"'&"<'".'2("<2(4'"<'" @,'"('%)'1&,@'R";-"$%%,%&'"$,-%,"b"2-'"1*0)('%%,*-"<2")(4%'-&7"<'%"'_)4(,'-1'%"@412'%R"jR" A;3K" -*&'" =2'" 0g0'" .'%" )(*1'%%2%" <a$))('-&,%%$6'" @*,'-&" .'2(" (X&C0'" %a$114.4('(7" $2" %'-%" *w" .'2(" *9%*.'%1'-1'" $((,@'" ).2%" @,&'R" h"!-# </"*# 7,-'# 7(>+-+)# $%&''($()&*+,-# 7"# '2&-8/?/-*#0,'+&$#',??/#"-/#&"8?/-*&*+,-#7"#)J*2?/#7%,10,$/0'/-'/#7/0#/K<()+/-'/0#/*# 7/0# &**/-*/0# ,)+/-*&-*# $%&'*+,-# /*# "-# )&'',")'+00/?/-*# 7/0# <()+,7/0# 0"0'/<*+1$/0# 7%L*)/#

"""""""""""""""""""""""""""""""""""""""" """""""" S