0!!!""2!"""1 - Carta de Conjuntura FEE

Transcrição

0!!!""2!"""1 - Carta de Conjuntura FEE
( r7r$+87$+(r$
!$rb$D
c
- AAAAAAAAAA
##AA "
##"##AA "
*"
##"#" <;AAAA -= ### AA AAA AAA
'01 $
.'0+-21
0"&
#&&%
!5##
,16+201
*1
+34'*1
*1
2-1
,2'0*+
*1
35/
<FDOFQCOICEN 9KCMFJCLFMQN
F EC +ELIMIPQOC]\N
G>6.+-+.
,>****>B
f ]]Ii9
./ /-.6>63+
/ /<=+=^<=3-+
<IFHGOIFE /LCMRFKB[ki[ h
####### ########## ########## ##### ##### -.--- <; ### ########
88888888888888 i$*<j=[eTiFEABiLNZ]EK
i`YZ)+eZBV5n. i
9a`Z`
.0!!!""2!"""1
fei_j _lWn ek dYkkj _ldi Ze fheZkje W]hef[Yk|h_e * ZWZWiWi lWh_W•…[i
j[dZ[c
WZ_ii[c_dWh [b[_jei Yehh[bWjei [ h[bWj_lWc[dj[
i_]d_\bYWj_lbbi dW [Yedec_W ]W†Y^W+?iiWi eXi[hlW•…[i i~e fWhj_YkbWh*
c[dj[
dYYYnn|h_ki We i[ jhWjWhZe Z[i[cf[d^e
[Yed„c_Ye Ze ?ijWZe [c
.44/+ ; ikf[h_eh_ZWZ[ Z[ii[ Z[i[cf[d^e
[c YecfWhW•~e WeYh[iY_c[dje
ZW[Yedec_W XhWi_b[_hW
\kdZWc[djW*i[( [c bWh]W
c[Z_ZW( dWYnfhYii_l_ZWZ[
ZW†bj_cW iWjhd+JWhWe Wkc[dje Z[ 3$,( Ze JC< ]beXWb(e i[jeh W]hef[Yk|h_e
Yedjh_Xk_k( Z_h[jWc[dj[( Yec 1(0 fedjei f[hY[djkW_i+ ;b€c Z_iie( e Yh[iY_*
c[dje ZWfheZk•~e [ ZWh[dZW W]h‚YebWide ?ijWZe ][hek [b[_jei fei_j_lei
CcfIC.rO.j[i ie^h[ Y[hjWiWj_l_ZWZ[iZei i[hl_•ei [ ZW_dZ†ijh_W+
Yb_c+k_Y77u*
N./</69/728
/6
>=)g/)_4).440
/*/-./2,/
?djh[]k[
Wei =ehh[_ei
de c•i Z[ \[l[h[_he
1+[-2+
2
8888885[Ai665i!iUi$;
i559 8*
(;8<;>@:97
;RceR UV ;`_[f_efcR
B
.+ /-87863+
&(('
; @kdZW•~e Z[ ?Yedec_W [ ?ijWj‚ij_YW M_Y]\h_YZ?cWdk[b B[kiYh
%@??&Z_lkb]ek( h[Y[dj[c[dj[(
ikWi [ij_cWj_lWi fh[b_c_dWh[i Ze Yh[iY_c[d*
je [Yed„c_Ye Ze L_e AhWdZ[ Ze Mkbde Wde Z[ .66/+ Ii Y|bYkbei ZW@??
Z_p[c h[if[_je jWdje WeYh[iY_c[dje Ze JheZkje Cdj[hde <hkje %JC<&]beXWb
Yece i[jeh_WbZW[Yedec_W ]W†Y^W(Wb€c Z[ fheZkp _hekjhWi [ij_cWj_lWi [c
l|h_ei d‚l[_i Z[ Z[iW]h[]W•~e+ ; eXi[hlW•~e Z[ii[i ZWZei [ WYecfWhd•{e
Zei c[icei
Yec ei ZWh[Wb_ZWZ[
dWY_edWb
b[lWc( _c[Z_WjWc[dj[( Wf[hY[X[h
e Z[i[cf[d^e
ikf[h_eh ZW[Yedec_W [ijWZkWb+
=ed\ehc[
Wi_d\ehcW•…[i YedijWdj[i dWNWb*[bW
C(€ [if[hWZe e Yh[iY_*
c[dje
Z[ 3(-$bh Ze JheZkje Cdj[hde <hkje [ijWZkWb([dgkWdje e fheZkje
dWY_edWb
Z[l[h| YW_h
.(2 $,(+?iiW ikf[h_eh_ZWZ[ Z[l[*i[ r^& c[b^eh Z[i[cf[*
d^e Z[ jeZei ei i[jeh[i ZW [Yedec_W ]W†Y^W(_dZ†ijh_W(W]hef[Yk|h_W [
i[hl_•ei+ ?ijW [Z_•~e ZW=7.C.W [nWc_dW rFM YWkiWiZ[ii[i \Wjei+ ;ii_c(
€
d[Y[ii|h_e Yec[•Wh feh kcW h[\[h•dY_W r Z_d}c_YWZ[ Yh[iY_c[dje gk[
Z[j[hc_dW W[nfWdi~e ZWiWj_l_ZWZ[i[Yed„c_YWi _cfbWdjWZWide ?ijWZe+
NDOFPDILFMQN
PFQNOICK
JWhWWi Wj_l_ZWZ[i ][hW_i ZW _dZ†ijh_W de ?ijWZe( Wi fhe`[•…[i ZW
@?? ‚WpYc [if[hWh kcW h[jhW•~e Z[ -)037) [dgkWdje( Wd‚l[b dWY_edWb(e
CJ?; [ij_cW kcW jWnWZ[ *2(.$,(+ He YWie Ze L_e AhWdZ[ Ze Mkb(e WRc`
h[ikbjW Ze Yh[iY_c[dje
Z[ -"0!$"#ZW_dZ†ijh_W Z[ jhWdi\ehcW•~e * h[i*
fedi|lYb
feh ,+ (/ Ze fheZkje _dZkijh_Wb jejWb * [ Ze Z[i[cf[d^e
\ehj[c[dj[
_TXcf _le !$((#' (/" ZWYedijhk•~e Y_l_b+
;e _d_Y_Wh
rCeXi[hlW•~e Zei \Whei h[\[h[dj[i
_dZ†ijh_WZ[ jhWdi\eh*
cWY{e( Yedl[c
Z[ijWYWhY[hjWYdhWYjYh_ij_YW
_djh‚di[YW [ i[cfh[
fh[i[d*
j[ dWi \Wi[i CYYYii_lWi+ ; YWhdYj[h‚ij_YW[ii[dY_Wb Z[iiWi \Wi[i € kcW
h[Zk•~e Ze cedjWdj[
Zei _dl[ij_c[djei
ek( YWie i[ gk[_hW( ZW jWnW
W]h[]WZWZ[ _dl[ij_c[dje+
?ii[ j_fe Z[ !Yehj[ Z[ ]Wijei! € e \Wje cW_i
_c[Z_Wje gk[ Z[i[dYWZ[_W [\[_jei ckbj_fb_YWZei ZYhYZk•~e ZWfheZk•~e
[ Ze [cfh[]e+
;ii_c(
ei hWcei gk[ cW_i h[jhW[c i[ki d‚l[_i Z[
+k_l_ZWZYM__bb(
Yn+k+kdYdjY( ei Z[ X[di Z[ YWf_jWb+
;b€c Z_iie( j[c i_Ze
eXiYhlkZe gk[ di ^[di Z[ =U&CbMOcb&
Zkh|l[_i * h[\h_][hWZeh[i( WfWh[*
CCB.M
Z[ iec( Wkjecƒl[_i
* U.=kfWc e i[]kdZe
bk]Wh dW ehZ[c
Z[
]hWdZ[D7r.Yec gk[ WYh_i[ Wj_d][ WfheZk•~e+ @WpfWhj[ ZWhWY_edWb_ZWZ[
ZrCMCdc_b_Wi* \WY[ gk[ZW Z[ ikWi h[dZWi * WZ_Wh
WYecfhW Z[ii[ j_fe
Z[ fheZkjei
fWh[_fh[i[hlWh %&
Yedikce
Zei X[di cW_i \kdZWc[djW_i {
ik^i_ij€dY_W+
; NWX[bW/ b_ibrbrFM jWnWiZ[ Yh[iY_c[dje Zei ]•d[hei
ZW_dZ†ijh_W
][b†Y^W[ ^hWi_b[_hW
[c gk[ € fh[fedZ[hWdj[ W\WXh_YW•~e
Z[ ^[di Z[ YWf_jWb
Y,ek Z[ ^[di Z[ =IdMOcb&Zkh|l[_i( lWb[ Z_p[h( [nWjWc[dj[ Wgk[b[i j_fei Z[
c[hYWZeh_WiYk_WiZ[cWdZWi j[dZ[c WZ[Yh[iY[h Yec cW_eh _dj[di_ZWZ[ dW
hYYYni{e+;i jWrrFiZei Z_\[h[dj[i hWcei Yed\_hcWc [iiW j[dZ•dY_W( [nY[•~e
Cr_jr(qCcYY|k_YW ]WFbZm[ We ]•d[he dWY_edWb
Z[ cWj[h_WbZ[ jhWdifehj[+ I
Z[i[cf[d^e
Z[ij[ q]eZ^` i[ l_dYkbWWe Yh[iY_c[dje ZWi [nfehjW•…[i+ HW
c[Y}d_YW [ijWZkWb(€ [nfh[ii_lW WfheZk•~e Z[ c|gk_dWi Y _cfb[c[djei
W]h_YebWi+
M[k Z[i[cf[d^e
fei_j_le [c .66/ l_dYkbW*i[( [c ]hWdZ[ fWhj[(
WeYh[iY_c[dje ZWh[dZW W]h‚YebW
[ {i YecfhWi Z[ii[ i[jeh+
{
NWX[bWC
NWnWiZ[ Yh[iY_c[dje ]be^W_i [ i[jeh_W‚i Ze JC<
Ze L_e AhWdZ[ Ze Mkb[ Ze <hWi_b* .66/
%#&
M?NIL?M
LM
%.&
<L;MCF
CdZ†ijh_W][hWb
+
*$D(0
;]hef[Yk|h_W
+
02(6
.8(/
*2(.
NejWbZei i[hl_•ei
+
/(6
*-(1
NejWb][hWb
+
3(-
*.(2
@IHN?7 @??,H†Yb[e
%/&
Z[ =edjWi L[]_edW_i+
bJ?;+
%.& ?ij_cWj_lWi
fh[b_c_dWh[i+
%/& Jhe`[•…[i
Ze CJF;+
{
NWX[bW/
I Yh[iY_c[dje Ze fheZkje ikb*h_e*]hWdZ[di[ h[\b[j[( Yec ]hWdZ[ h[]k*
bWh_ZWZ[(
Wi \Wi[i Z[ [nfWdi~e [ h[Y[ii~e ZW[Yedec_W dWY_edWb+
?iiW € kcW
!h[]hW! l|b_ZW( [c fh_dY_f_e( fWhWjeZWi Wi kd_ZWZ[i ZW@YZ[hWY~e+
;ii_c
i[ [l_Z[dY_W gk[ WZ_d}c_YWZ[ Yh[iY_c[dje Zec_dWdj[ j[c YWh|j[hdWY_ed+hb+
?iiW Y_hYkdij}dY_W€ [nfb_YWZWf[be .rbje Z[ gk[ Wi Wj_l_ZWZ[i fheZkj_lWi
h[]_edW_i i_be W[nfh[ii~e
beYWb_pWZW
Zei hWcei [ Z[fWhjWc[djei ZWYYede*
c_W dWY_edWb+
;Zc_j_dZe*i[
Y[hjWi_cfb_\_YW•~e( CkkZWcYdjWbcYdjY€ Z_iie
gk[ i[ jhWjW+
>[iiW \ehcW( YedYbk_*i[ gk[ e Yh[iY_c[dje ZW[Yedec_W f+W†Y^rb
d~e feZ[( feh f[h‚eZei cW_i Wcfbei( Z_\[h[dY_Wh*i[ i8 (d_b_YWj_lrdd[dj[ Ze
eYehh_Ze dW [Yedec_W XhWi_b[_hW+
H[ii[
i[dj_Ze( € _bkijhWj_le gk[ e L_e
AhWdZ[ Ze Mkb[ A <hWi_bWfh[i[dj[c
Wc[icW jWnWc€Z_W Z[ Yh[iY_c[dje
Z[ .(1# de f[h‚eZe .65-*6.+ =WX[ Yn+kd_ddh jWcXYc Yece Wi enY_^+8_U[i
Ze fheZkje W]h‚YebW_djYhjYhYc dW][hW•~e Ze fheZkje [ijWZkWb+
; W]hef[Yk+d_W j[c _cfehjWdj[ fdd_Y_fYY{e de cedjWdj[ Ze fhe*
Zkje ]beXWb]W†Y^e+ J[be =[die
?Yed„c_Ye
Z[ .652( [iiW fWhj_Y_fW•{e
€ ZWehZ[c Z[ 3(-$,( de ?ijWZe [ Z[ ..(5$,( dk <hWi_b+;b€c
Z_iie( rC
W]hef[Yk|h _Wikb*h_e*]hWdZ[di[ cWdj€c jeZW kcW ]WcW ZYhYbWYƒYiYec
i[]c[djei
beYW_i fheZkjeh[i
Z[ X[di [ i[hl_•ei+
=ehde _dikcei(
e
fbWdj_e h[gk[h WZkXei( Yehh[j_lei( c|gk_dWi [ [gk_fWc[djei+
;i iW\hWi
ZWbWlekhW[ ZWf[Yk|h_W _dj[di_ C_Y+kde kie Z[ h[Ykhiei Z[ jhWdifehj[(
X[d[\_Y_Wc[dje( _dZkik_db_lWY~e [ WddWpYdW]Yc+ ;i _†hj[i eiY_^((8U*&[i
NWnWiZ[ Yh[iY_c[dje Zei ]•d[hei Z[ _dZ†ijh_W[c gk[ fh[fedZ[hW
WfheZk•~e Z[ X[di Z[ YWf_jWb
ek Z[ X[di Z[ Yedikce
Zkh|l[_i de <hWi_b[ de LM * .66/
" #
A\HC7LIM
G[Y}d_YW
+
LM
<L;MCF
/(6
*.-(6
GWj[h_Wb[b€jh_Ye
*.2(-
*//(/
GWj[h_WbZ[ jhWdifehj[
*/1(1
-(4
$$$IHN?7 @??,H†Yb[e Z[ =edjWi L[]_edW_i(
C<A?,>[fWhjWc[dje
Z[ CdZ†ijh_W+
HIN;7
NWnWWYkckbWZWZ[ lWh_W•}eZWfheZk•~e
\‚i_YWWj€ i[j[cXhe+
%Yedj_dkW
.$+3&
/
<3789</
3705+WV8)
.8
>6
6)Q)<
9;8,5/KB3+
./
08;W+
985X=3-+"%"
?c .66/( W_d\bW•~ede JW‚i\e_ Z[ gkWjheZ‚]_jei %NWX[bW
M&(
d†c[he
gk[ dei ]WhWdj[Z[ bed][ e fh_c[_he bk]WhdW ;c€h_YW FWj_dW+
;
;h][dj_dW( e J[hk [ WH_YWh|]kW(
gk[ Z_ifkjWlWc YedeiYe [iiW _dY„ce*
ZWb_Z[hWd•W(
`| [dYedjhWhWc([c Y[hjWc[Z_ZW(e YWc_d^e ZWh[Zk•~e
ZWjWnW
Z[ _d\bW•~e+
; gk[ij~e gk[ i[ YebeYW
€ feh gk[ e YecXWj[ _d\bW•~ede <hWi_b
d~e Wfh[i[djWh[ikbjWZei fei_j_lei+ OcW feii‚l[b h[ifeijW [ij| [c gk[(
Wf[iWhZ[ WcW_ehfWhY[bW
ZWfefkbW•~e f[hZ[h Yec Wi[b[lWZWijWnWiZ[
_d\bW•~e(Wb]kdi i[jeh[i( Yece e i_ij[cW \_dWdY[_he%8ei Yh[Zeh[i Ze
?ijWZe( feiik[c
WYWfWY_ZWZ[
Z[ eXj[h ]Wd^ei WZl_dZei ZW[b[lWZW
_dijWX_b_ZWZ[
Ze lWbehZWce[ZW de JW‚i+?iiW €( Y[hjWc[dj[( kcW ZWi
hWp…[iZWZ_\_YkbZWZ[
Z[ iebk•~e fWhW€b _d\bW•~e(dWc[Z_ZW [c gk[
_cfb_YWf[hZWi h[W_ifWhW[ii[i i[jeh[i( ei gkW_iZ[j€c [dehc[ \eh•W
feb‚j_YW[ [Yed„c_YW+
{
./</69;/18
-+3 78
037+5
.8
9K,P </=8;3+3<)
.+<
/6
&(('
+78
;fƒi eiY_bWh
[djh[ .1(-49 [ .1(2 # ZkhWdj[e i[]kdZe i[c[ijh[ Z[
.66/( WjWnWZ[ Z[i[cfh[]e
jejWbdWL[]_~e G[jhefeb_jWdWZ[ Jehje
;b[]h[ %LGJ;& Wfh[i[djek [nfh[ii_le Z[Yb‚d_ede c•i Z[ Z[p[cXhe(
fWiiWdZe fWhW.0(/# ZWJefkbW•~e ?Yedec_YWc[dj[ ;j_lW %J?;&(
Yed\ehc[ WJ[igk_iW Z[ ?cfh[]e
[ >[i[cfh[]e+
?ii[ h[ikbjWZeZ[l[k*
i[ \kdZWc[djWbc[dj[ { h[Zk•~e dWjWnW
Z[ Z[i[cfh[]e
WX[hje+I d‚l[b
Z[ eYkfW•~e( feh ikW l[p( [b[lek*i[ Yec W][hW•~e Z[ .6 c_b delei
feijei Z[ jhWXWb^e+
=ec _iie( e d†c[he Z[ eYkfWZei WbYWd•ek
.+/21 c_b
_dZ_l‚Zkei( Wj_d]_dZee d‚l[b cW_i [b[lWZe Ze f[h‚eZe `Obb+*Z[p+,6/+
;f[iWh Z[ii[i h[ikbjWZei fei_j_lei fWhWZ[p[c^he( eXi[hlWhWc*
i[( de Z[Yehh[h Ze i[]kdZe i[c[ijh[
Ze Wde( gk[ZW dW jWnWZ[
fWhj_Y_fW•~eZWJ?; dWJefkbW•~e [c CZWZ[;j_lW %JC;&(Z_c_dk_•~e
ZWJ?;
[ Wkc[dje i_ij[c|j_Ye
ZWfefkbW•~e _dWj_lW%NWX[bW
3&(
_dZ_YWdZegk[( Wj€e cec[dje(
d~e ^ekl[ h[Wj_lW•~eYedi_ij[dj[ de
c[hYWZe Z[ jhWXWb^e
h[]_edWb gk[ f[hc_jW kcW h[l[hi~e ikij[djWZW
ZWYh_i[+
.#+*)+'
-%.&,./(#+$%
; [ij_cWj_lWfh[b_c_dWhfWhW
e Z[i[cf[d^e
ZW[Yedec_W ]W†Y^W
[c
.66/ WfedjWkc Yh[iY_c[dje Z[ 3(-#+ =ec [ii[ h[ikbjWZe(h[Ykf[hW*i[e
fWjWcWh
`| WbYWd•WZe
[c .656+ =edjkZe( eXi[hlWdZe*i[ e Z[i[cf[d^e
Z[
Wb]kdi ikXiYjeh[i ZW[Yedec_W( YedijWjW*i[(d[ii[ f[h‚eZe Z[ fhe\kdZW
h[Y[ii~e( kc h_jce Z[ Yh[iY_c[dje X[c WY_cW
ZWc€Z_WZW[Yedec_W+?ii[
€ e YWieZei ikXi[jeh[i i[hl_•ei _dZkijh_W_i
Z[ kj_b_ZWZ[
f†Xb_YW
%MCOJ&(
gk[
_dYbk[c WfheZk•~e Z[ [d[h]_W [b€jh_YW(
|]kW [ [i]eje8 Yeckd_YW•…[i(
j[b[\ed_W[ Yehh[_ei8]el[hde8 [ Wbk]k€_i+?ii[i ikXi[jeh[i( de f[h‚eZe
.656*6/( j_l[hWc jWnWic€Z_Wi WdkW_i
Z[ Yh[iY_c[dje Z[ 2(. U.(8..(1#8
/(4#8 [ /+6$8.h[if[Yj_lWc[dj[ %NWX[bW
5&([dgkWdje W[Yedec_W Yece kc
jeZe d~e Wfh[i[djek Yh[iY_c[dje+PWb[Z[ijWYWh
gk[ei MCOJ(Yeckd_YW•…[i
[ ]el[hde( gk[ [c Yed`kdje fWhj_Y_fWcYec ..(5 # Ze jejWbZe JC<(
h[fh[i[djWc W][h€b•€_eZ[ X[di [ i[hl_•ei ZW[i\[hW]el[hdWc[djWb+;ii_c(
[iiW F=G>EGC:D;= Wj[dkek ei [\[_jei deY_lei ZWh[jhW•~eZWWj_l_ZWZ[
[Yed„c_YWjWdjede ?ijWZe gkWdjede JW‚i+
;3:>/A+
4>;8< 53./;+6
037+7-/3;+<
,8+
+953-+WZ/<
>[iZ[ e _d‚Y_eZe Ael[hde =ebbeh( W[b[lWZWjWnW
Z[ `khei j[c i_Ze
e fh_dY_fWb
_dijhkc[dje Z[ feb‚j_YWced[j|h_W kj_b_pWZe
fWhW
YedjhebWhW
_d\bW•~ede JW‚i+?iiW i_jkW•~e(Webed]e Ze j[cfe( fhecel[k
ei Wj_lei
\_dWdY[_heifeh [bWh[ckd[hWZei We fh_c[_he Ck]+k de G:DA@D?ZWi
Wfb_YW•…[i
cW_i h[dj|l[_i+
Ii =[hj_\_YWZeiZ[ >[fƒi_jei
<WdY|h_ei %=><i&( i[ Yedi_Z[hWh*
cei e f[h‚eZe Z[ .0+-0+6- W0-+..+6/ * [hW 2EBBEG[ _d‚Y_eZe
Ael[hde CjWcWh*( WYkckbWhWce cW_eh ]Wd^e h[WbZ[djh[ jeZWi Wi
Wfb_YW•…[i(
44 (// #+
?c .66/( ei =><i( e <A6>;978@%fkhWfYiieW `kh ‚Z_Ye*C_dkdY[_*
hW&
[ WfekfWd•W \ehWc( Yed\ehc[ i[ eXi[hlW dWNWX[bW
4( ei Wj_lei
\_dWdY[_hei gk[ j_l[hWc ei cW_eh[i h[dZ_c[djei
WYkckbWZei de
Wde+
; b_Z[hWd•WZei j‚jkbei XWdY†h_eid~e € iƒ gkWdje { jWnWZ[
`khei( cWi jWcX€c [c h[bW•~e WikW fWhj_Y_fW•~edei c[_ei Z[
fW]Wc[dje+ ?dgkWdje( de Ael[hde MWhd[o(d~e Y^[]WlWc W./(2 U.(
ZWfekfWd•W \_dWdY[_hW
jejWb( ^e`[ Yehh[ifedZ[c
W(Wfhen_cWZW*
c[dj[+ 0-#+
;/5+=3?+
.8
;38 1;+7./
.8
<>5
?cXehW W_dZW
Z_ijWdj[ZWb_d^W
gk[ Z_l_Z[ei fW‚i[i Z[ h[dZW[b[lWZW
Zei Z[cW_i %OMM
3+--- fWhWe <WdYeGkdZ_Wb&(
e L_e AhWdZ[Ze Mkb
Wfh[i[djWkcW h[dZWF=G 43=993XWijWdj[ikf[h_eh { c€Z_WXhWi_b[_hW+
M[ e
<hWi_b€( Wfƒi e Ohk]kW_(e fW‚i h[bWj_lWc[dj[ cW_i h_YeZe ;7 +d[ Mkb(
Yed\ehc[ ceijhW WNWX[bW
6( e ?ijWZe ]W†Y^eZ_ijWdY_W*i[
bWh]Wc[dj[Z[
jeZe e ]hkfe ikb_de+MkWh[dZWfeh ^WX_jWdj[
YebeYW*e
[djh[ Ze_i fW‚i[i Z[
h[dZWc€Z_WZW?khefW( Jehjk]Wb[ W[n*NY^[Ye*?ibel|gk_W+HWYbWii_\_YW*
•~e ][c_ eh]Wd_pWZW
f[be <WdYeGkdZ_Wb([ii[i Ze_i fW‚i[i i~e( h[if[Yj_*
lWc[dj[( e 0.- [ e 0/- YebeYWZei
[c j[hcei Z[ JH< F=G43=9@3#
?c Yecf[diW•~e( WZ_ijh_Xk_•~eZ[iiW h[dZW[dYedjhWi[_$ fedje
c|n_ce
Z[ YedY[djhW•~e de <hWi_b(Yec ei .-# cW_i h_Yei +‚Yj[dZe
16(449 ZWh[dZW+H[ii[ fedje( e L_e AhWdZ[ Ze Mkbd~e Wfh[i[djW
f[Ykb_Wh_ZWZ[+
; YedY[djhW•~edWL[]_~e Mkb€ gkWi[ Wc[icW %14(.# b(
ck_je Z_ijWdj[ ZWZei fW‚i[i Z[i[dlebl_Zei( [c gk[ [iiW fWhj_Y_fW•~e
Zei .-U.( cW_i h_YeieiY_bW[djh[ /- [ /2 #+
+ />;89+
>7303-+.+*
?c C7%6 .+60( [djhek [c l_]eh Wkd_\_YW•~ee\_Y_WbZW=eh++kd_*
ZWZ[ ?Yed„c_YW ?khef€_W %=??&( f[bW gkWb[iiW h[]_~e( W fWhj_h
Z[iiW ZWjW(fWiiWh_W
Wh[fh[i[djWh kc †d_Ye c[hYWZe( Yec kc JC<
ikf[h_eh WO MM2 jh_b^…[i%NWX[bW
.-&+ M[( j[eh_YWc[dj[( WWX[hjkhW
ZWi \hedj[_hWi h[fh[i[djW Wb_lh[ Y_hYkbW•~e
Z[ c[hYWZeh_Wi(YWf_jW_i
[ c~e*Z[*eXhW( ^[c Yehde WYecfWj_X_b_pW•~eZ[ _cfeijei
[ jWnWi
dei ./ fW‚i[i gk[ Yecf…[c W=??( dWfh|j_YW[iiW ^Whced_pW•~e
W_dZW
[ij| fWhWi[h _dj[_hWc[dj[ YedYh[j_pWZW+
Ciie eYehh[( feh [n[c*
fbe( de YWieZei _cfeijei8 c[ice
Yec W\_nW•~e Ze Ccfeije ieXh[
PWbeh;Z_Y_edWZe %P;N& dkc c‚d_ce Z[ .2#( Wb]kdi fW‚i[i Yedj_*
dkWc YeXhWdZeWb‚gkejWiikf[h_eh[i W[ii[ c‚d_ce( e gk[ feZ[h|
]Yhdh Z_ijeh•…[i Z[ fh[•$ei [djh[ ei fW_i[i*c[cXhei
ZW=eckd_ZWZ[(
`| gk[ W \_nk•{e Ze P;N [ijWX[b[Y[k Wf[dWi WWb‚gkejWc‚d_cW+
?cXehW j[d^Wc i_Ze [nj_djei ei Yedjheb[i Wb\WdZ[]|h_ei [ Z[ _cfei*
jei [djh[ ei ./ fW‚i[i( Wi h[ijh_•…[i { b_lh[ cel_c[djW•~e
Z[ c~e*
*Z[*eXhWf[hcWd[Y[c( Yec ei Yedjheb[i Z[ fWiiWfehj[i Z[l[dZe i[
cWdj[h feh Wb]kdi c[i[i ek Wdei [c Wb]kdi fW‚i[i( e gk[ feZ[ i[h
[nfb_YWZe( [c fWhj[( f[be Z[i[cfh[]e
gk[ l[c i[dZe h[]_ijhWZe
d[iiW h[]_~e( ][hWdZe fh[ii…[i dWY_edWb_ijWi+
ˆ
A
I3
3G
$.$%I%%
i$&59L85 P%8+
3"I%000000000000$
***j <6++bI A/-+
888888888888888888888888888888888888A8i5ce555555^5$*_5jj
!!!!!!!!!.-0*-)'*12+3
rbj(+$7+_`bbzr r
9a`Z`
bW^[bW2
NWnW(Z[ _djbWY}ede <hWs
.66r
bWn c€Z
]Z]5 Y*Y_cYdje WdkWbZe .$. <
[ Z[
*V]TTZ`dWZe ( Ze L_e AhWdZ[ Ze Mkb b$Ze <hWl_bV+.656*6r
W*
%#&
_W*(
Yh
]beXe
C
ikX
iYje
hY
%#&
>CM=LCGCH;wvI
C;R;
C=J*>C
;HO;F
.$..0 AFI<;F
C MFDC0MCNILCM
CqM
<Cq
-(/(3
*2(/
2(.
B@1
/(4
/(6
*.(3
.(4
*2(2
0(2
..(2
.+6
. .24(62
CHJ=+
A.16(-3
>CCCMC7
. ./4(20
..JF
+
@IHN?7
.$..0 ]beXWb+ +
+
;]hef[Yk|h_W
+
CdZ †ijh_W Z[ jhWdi\ehcW•~e
MCOJ+
=eckd_YW•…[i +
A./6(22
@AP+
b<AF+
@.Jb+
>.??MF+
Ael[hde
;bk]k€_i
+
+
rIHNC
7..0%8.(, >[fWhjWc[dje
Z[ =edjWi HWY_edW_i+
CtXD,H†YbYe Z[ =edjWi L[]_edW_i+
HIN ;7 Che _cWj ZgR*)fh[b_c_dWh[i+
NWX€bW
6
L[dZW !f[h
CWXY W
3
b*lh_cWj_lW ZW JefkbW•~e
FYe dec_YWcYdj
[ <EH _dWj_lei cW_ehY ( Zr$ Cd
Y ;j_lW
.7.7U7.]beXWb Z[ fWhj_Y_fWY}e [ jWnWZ[ Z[i[cfh[]e
GFGLC9l$kF
A +P.D < P<A 9
]be^Wb dW LGJ;
AOM" Z[ .656 &
8...-$+
.66/
AM)P .. &
J;%98FM C FMN;>I
CdWj_le(
GW_ehY*(Z[
.- ;de*(
A1+$_R
JWcY_*
fWY}e
&"& ;,J +_U
CZl$b$cfh%$]WZe(,C$C;&
A /1/
/.3
A1#
A/12
/..
CIb.
26+/
26+-
[ ++
.)2
$U e+
Mb$j+
A11).
A /1.
/-/
A-/@
#!9/+
.1)-
A1/6
A//2
/-1
A-1@
23)3
.1(0
Ff
<6
A++
A--1
A /Dd
/%&4
24(6
.12
A112
A/02
/.-
AIMb
2+4+%&
>[p+
A112
A/21
.4.
AIMM
24+.U
.1+2
.+!.+/
A$FEKA 5GC<*IP]A$9
PAAblj_cWh_lWl
=edl•d_e
Yc A(IOI
.j.j.
.)%6A9J+]JA5**Z.
*Ae$$]+
J]9<A
JWhW]kW_(
=^_b[+
+
+
;h][dj_dW+
C0hW(_b+
+
Ohk]kW_+
NY^[ Ye*Fibel|g LA7A
IZ` AhWdZ[ U` Mkb %C&+
Jehjk]Wb+
+
.1&$8
E`g+
A-14
JH< !J?L
=;JCN;!
>[*[cfh[]e
hebWb
Bf]
DOCb+
YWf_jW!Ze L_e AhWdZ[ Ze Mkb(Ze <hWi_b
€ Z[ ekjhei
fW‚i[i * .656
*J]$]$ L@$A$JA
+
. -0-(-. 44-(-/ .3-(-/ 21-(-/ 3/-(-012-(-0503(-1 /2-(--
+
f[!eW(+
CIHNC7
L?F;NILCI
MI<L? I >?MFHPIFPCG?HNI
%.66.& IZ` Z[ DWd[_he(@AP+
<WdYe GkdZ_Wb+
GCH>C;F
LM * C$??,H qT]T` Z[ =edjWi L[]_edW_i+
%C&
I ZWZe fWhWI L_e AhWd][ Ze Mkbh[\[h[*i[
We .$..0+
NWX[bW.NWX[bW
4
Jb 0 ZW=eckd_ZWZ[
?Yed„c_YW ?khef€_W * .66.
COMM Xd^„Yi+&
L[dZ_c[djei
h[W_iWYkckbWZei Zei Wj_lei
\_dWdY[_hei de <hWi_b* .66/
%#&
;NCPIM
C$CH;H=?CLIM
<ebiW Z[ PWbeh[i Z[ M~e JWkbe+
<ebiW Z[ PWbeh[i Ze L_e Z[ DWd[_he +++
=><i %fh€*\_nWZe( [c 0- U_Wi&
JekfWd•W +
!FgTc_ZXYe! +
Ikhe \b$i_Ye
Ikhe !ifej ! +
>ƒbWhYec[hY_Wb+
>ƒ bW
h fWhW
b[be
CIHN?7
<IP?MJ;
<PLD
<;=?H+
L?H>CG?HNIM
;=OGOF;>IM
*6(-2
*./(0
0/(/2
5(41
01+/4
*0(/5
*0(/5
*1(22
1(1.
L?;CM
HI ;HI
J;CMFM
;b[cWd^W+
<€b]_YW
@hWdYW
++
BebWdZW+++
Cj|b_W+
Fkn[cXkh]e+
. d]bWj[hhW
ChbWdZW
(
>_dWcWhYW
Ah€Y_W++
?ifWd^W
Jehjk]Wb +++
NIN;F
P;FIL
A
10/(0
+
.3/(.---(/04(1
54.+6
)+
+
61(4
20(3
025+0
11(-
++
@IHNF7 bkdZe
501(.
/3(4
2 ./1(1
Ub‡dYj|h_e Cdj[hdWY_edWb+
37.3-+.8;/<
NWX[bW
CC
AL;@b=-/
NejWbZWi[nfehjW•…[i [ [nfehjW•…[i Z[ ]Wbei [ ]Wb_d^Wi_dj[_hei [ [c Yehj[i(
Yed][bWZei( de L_e AhWdZ[ Ze Mkb* `Wd+*ekj+,6. Y`Wd+*ekF,6/
D;HtION,6/
%OMM
. --- @I<&
>CM=LCGCH;wvI
y7U>.=?M >I >CJLO8I
C$>bMNLFU.++ JIL
?UCJL?M;M( $I LM*.66/
P;LC;wvI
.66/,6.
D;HtION,6.
%OMM
. --- @I<&
J[ZW•ei Z[ ]Wbei -P. ]Wb_d^WiYed][bWZei
%H<G -/+ -4+1.+ -.+ --&
1-/15
0.620
AWbeiY]Wb_d^Wid~e YehjWZei[c f[ZW•ei(
Yed][bWZei %H<G ')% -4+/.+--+--&
/46/6
/1135
.1(.1
35 .44
77831/.
/-(51
.(/1
NejWb+
NejWbZWi[nfehjW•…[i Ze ?ijWZe+
0-15
652
>;M
#
Ai!c*************************++)
..5$Z(*** s++sss+ss
" !$t *$trt+ˆ+ˆ* +ˆ+ˆ+
"8Q*****************Q]
]Z
i j**7
ˆ++*55++++*********+0A
+ss++s+s
*c*+*+*+*+**P*A)*)L*6)*
/2(63
0-..411
JILN?
+
"A"""""
A
'******************77++++7*
++
+++5+5+5+55+5+5555++*******.
]_2
]_%&e********************i+55+5j5+5j5+5j5++j8*jQj*j++5j5++++j*j*j
@IHN?7 <WdYeZe <hWi_b+>?=FR`GC=N+
62'****************************
4%5'!*********************+++)
i5$Z*
sss
*
+sssss+ssss
Q
ss
V7:rVr+r
P]Z%!W%PC$aC$b]]C$ei
iP(*iQ55QiQii*Q ]Aii 5855555sss
555558i66))65+]
r7787*r Vr*r+
32)(*******************++55++8*))j**Vh8:*
VV
bC77r***C*!++7%W7+7C**Vb
* AA AA
sss
NWX[bW
./
%[c7. iC$5**
JWhj_Y_fW•~e [ lWh_W•~eZWi [nfehjW•…[i Z[ fheZkjei
W]h‚YebWi[ W]he_dZkijh_W_i
Ze LM * `Wd+*ekj+,6. [ `Wd*ekj+h•~
**
*+
4$rrrrrr
UC
415$698&-(
ssssssss *
P
2.
(U
%&!
C&
D;H*>ON`6/
=JG=T_$A;9okF
PWbeh
%L2" . --- >F:&
Ze Yecfb[ne
ie`W
?nfehjW•…[i Ze Yecfb[ne
MkXjejWb +++
?nfehjW•…[i
\kce
1//26.
+++
?nfehjW•…[i Zei Z[cW_i fheZkjei
ZW
W]hef[Yk|h_W ++
NejWb ZWi [nfehjW•…[i W]he_dZkijh_W_i
>[cW_i fheZkjei
[nfehjWZei ++
NIN;F
++
@IHN?7
JWhj_Y_fW•~e
%#&
2/2//6145..
03+-4
11(50
0.(14
//05.5
A.4. 3/6
A51-..2
.6(.05(63.(DI
0 -..411
.--(--
%!$
PWbeh
%L2" . --- >F:&
JWhj_Y_fW•~e
1313.1
101114
06(23
04(-/6(16
6(61
*.4(/5
/0(11
//(65
-(/0
566-3.
/42/3A.410/.
A5413/1
0 -15612
%#&
05(2/
3.(15
@IHN? @C?L%_MCb>?L%_M,b%$B
HIN;7 <WM€
\_nW7
Z€b`]]: C``+
*2(.1
.--(--
.(55
AL;@b=-0
.(/1
<WdYWZe <hWi_b+>?=?R`GC=N+
HIN;7
;i fWhj_Y_fW•…[iZWie`W( Ze \kce [ Zei DYcW_i fheZkjei
Wih[ijWdj[i( ieXh[ e jejWb ZWi [nfehjW•…[i ]W†Y^Wi+
hc
\ehWc YWbYkbWZWi
ieXh[ Wi [nfehjW•…[i
>;
;ALC=FFNbL+U
W]he_dZkijh_W_i([
? PT$>;M ^5 UFUKFC$+UM;ALy=IF;M
$PZF
LM* .66-,6/
.$55]FF$+C*(****
AL;@C=I
‚r>C=T
C
UC\7>CI ;rb;F
>; JLI>b•+UI
>? NL;rM@ILUC;w;e
>I
%8-
@‚MC=; >; C$>=MNLFU
LM* .6b$b.*6/
./$Z*c************55*************+++++)
b7&j&I
.44.
./-(************[)++*+****+5i*Q(******6
@IHN?7 @??,%$=MPH=L+
MCG?LM+
HIN;7 C+%&iZWZei j[c Yece
..$Z(*********W********P******A
/+ Ii
^!M€ C$&]$&:
bIj&+
ZWZe7+*
9+.**$
.-9&/ W^hWdr9+++$ce fYh‚d9+ d `Wd+ldel
..F(*********555]i5+++++*********P*******Z
W
WXYbW
.0
$***************r**VVb
.-$Z(***A*i
s+++s
A[hW•~e Z[ h[ i_Z ke i iƒb_Zei Z[ dWjkh[pW Zec€ij
_R LGJ;
V _` LM r .66.
.--.(*1*********************+++)
>CM=LCGCH;wvI
JI\jI
@IHN?7 c%_?+
@??+
H%&N;7 .+ Ii
‚dZ_YYi +cdk Z*) T%&ccP+$ia%P]]U7+++$A]]5.+
]]]i$UZ5] CA)&5$)
p]]UZ]+++$6)+$5**
]\
S5A5**A++$
c[ kiW_i+ Yk `8b ^rX9+++$
r( 7Ucr$Z_W Zd r...%& ra Cgr .
_k+b_YY ]A**$C$5)]A&5
YdhhU+$rfb&bb‚+a(
7.U+$7**j_c7bj_U8U
fh[b_c_k+k$ Zrb @?@
\_U+9b
/+ I
_Ua€CN+
JIJOF;wvI
OLC0;H;
C .14
_YW
L?M\>OIM
%b,Wde&
!-
NejWbZWLGJ;
/6.01.1
3/6
/12
NejWbZe LM
3661.01
/22
.25
CIHB+7
*B;G+
A:%6A
2
9a`Z`
i+YZ++]eBeKQ*
6<i
/@98;=+WZ/<
37=/;78
./
-+;Q!K/<
<3789</
./
+?/<
/ -87<>68
?djh[ ei fheZkjei [nfehjWZei f[be L_e AhWdZ[Ze Mkbde f[h‚eZe
`Wd+*ekj+,6/(Wi YWhd[i Z[ Wl[i( [c \ehcW Z[ f[ZW•ei Z[ 73:<? ek
]Wb_d^Wi(Yed][bWZei( [ ]Wbei [ ]Wb_d^Wid~e YehjWZei[c f[ZW•ei(
Yed][bWZei( eYkfWc( h[if[Yj_lWc[dj[( e .1- [ e .5- bk]Wh[i+
?dgkWdje( de f[h‚eZe c[dY_edWZe [c h[bW•~e{ _]kWbf[h‚eZe Ze
WdeWdj[h_eh(Wi[nfehjW•…[i Ze LMeXj_l[hWc kc Yh[iY_c[dje Z[ .(/149 (
Wi[nfehjW•…[i Z[ ]Wbei [ ]Wb_d^Wi[c Yehj[i [ _dj[_hei Yh[iY[hWc [c
Yed`kdje /-(51# %NWX[bW
..& [ j_l[hWc WikWfWhj_Y_fW•~e
Wcfb_WZW
Z[
.(54# fWhW
/(/1$49( de jejWbZWfWkjW+
?ii[ h[ikbjWZe€ eXj_Ze ]hW•Wi{
eh]Wd_pW•~e(YWfWY_jW•~e
j[Ydebƒ]_YW[ [ijhWj€]_WZ[ Yec[hY_Wb_pW•~e
Zei fheZkjeh[i dWY_edW_i
[ ]W†Y^ei+
mZ[ i[ h[iiWbjWh
gk[ WWcfb_W•~eZWi[nfehjW•…[i j[c i[ l[h_\_YWZe
YedYec_jWdj[c[dj[ We_dYh[c[dje Zei d‚l[_i Z[ Yedikce Zec€ij_Ye+
?ij[( W d‚l[b dWY_edWb(Z[l[ i_jkWh*i[ [c( Wfhen_cWZWc[dj[(
bMa],^WX,Wde[c .66/( ek i[`W(Zkfb_YWdZee d‚l[b WbYWd•WZe
[c .652(
gk[ [hWZ[ 5(6a],^WX,Wde+
+ 3698;=U7-3+
/@98;=+WZ/<
.+
+1;837.[<=;3+
Ii fheZkjei W]h‚YebWi[ W]he_dZkijh_W_i* Wj€e fh_c[_he fhe*
Y[iiWc[dje * h[fh[i[djWhWc dei Ze_i †bj_cei Wdei( Y[hYWZ[ 0649
Ze Yec€hY_e [nj[hde Ze ?ijWZe( =WX[ iWb_[djWhWfWhj_Y_fW•~eZe
Yecfb[ne ie`W [ Ze \kce( gk[ `kdjei i~e h[ifedi|l[_i
feh cW_i Z[
42# ZWi[nfehjW•…[i W]he_dZkijh_W_i+
?c .66/( [cXehW Wie`W [ ei
Z[cW_i fheZkjei ZWW]hef[Yk|h_W j[d^Wc Wfh[i[djWZe kc Z[i[cf[*
d^e fei_j_le( Z[ 6(6# [ /0(-49 h[if[Yj_lWc[dj[(
[ij[ \e_ Wf[dWi
ik\_Y_[dj[ fWhWYecf[diWh Wgk[ZW %.4(049&Ze \kce %NWX[bW
./&(
h[ikbjWdZe [c kc Yh[iY_c[dje Z[ Wf[dWi -(/49 dWi [nfehjW•…[i
W]he_dZkijh_W_i+
;i f[hif[Yj_lWi Ze i[jeh W]he[nfehjWZeh ]W†Y^e fWhW. ).' i~e
Wd_cWZehWi([cXehW e h[ikbjWZe \_dWbl| Z[f[dZ[h ZWfeb‚j_YWYWc*
X_Wb
[ ZWiebk•~e Wb`k[ Y^[]Wh[c [khef[ki [ dehj[*Wc[h_YWdei We
d‚l[b Ze A;NN+
37.[<=;3+
.3<9/7<+6
6+3<
/6
&(('
I Wde Z[ .66/ b[lek Yedi_]e 4(5# Zei feijei Z[ jhWXWb^e
ZW
_dZ†ijh_W]W†Y^W+; fWhj_hZ[ \[l[h[_he( e d‚l[b Z[ [cfh[]e
Ze
Yed`kdje Ze M[jeh M[YkdZ|h_e Wfh[i[djek kcW jhW`[jƒh_W
Z[ ZYiY[die
f[hcWd[dj[ * iWble kcW gkWi[ Z[ifh[p‚l[b h[Ykf[hW•~e de c•i Z[
del[cXhe+
I Ah|\_Ye / [l_Z[dY_Wgk[( dkcW Yb_lW]Ycfeh fehj[ ZWi[cfh[iWi
_dZkijh_W_i(e YecfehjWc[dje Ze [cfh[]e
i[ Z_\[h[dY_ek XWijWdj[+;i
c_Yhe [ f[gk[dWi [cfh[iWi %Yec Wj€66 [cfh[]WZei& \[Y^WhWce Wde
Yec kc h[Yke Z[ .(4.49+ de d†c[he Z[ feijei Z[ jhW^Wb^e(
e gk[( j[dZe
[c l_ijWe gkWZhe][hWb(feZ[ i[h Yedi_Z[hWZefei_j_le+ ;i ]hWdZ[i %Yec
cW_i Z[ 2-- [cfh[]WZei& \ehWc Wi gk[ cW_i Z_if[diWhWc f[iieWb
%5(2.49de Wde&8egk[ h[\eh•WWi[l_Z•dY_WiZ[gk[Wi _dZ†ijh_WiZ[ cW_eh
fehj[ [cfh[[dZ[hWc(
[c .66/( jhWdi\ehcW•…[i h[b[lWdj[i [c ikWi
[ijhkjkhWi eh]Wd_pWY_edW_i+
I [cfh[]e dWic€Z_Wi[cfh[iWi [ijh[_jek*i[
[c 3(3149( cWi lWb[h[iiWbjWh
gk[( WeYedjh|h_e Ze gk[ eYehh[k dei ekjhei
[ijhWjei( [b[ eiY_beki[cfh[ WY_cW
Ze i[k fWjWcWh
Z[ Z[p[cXhe Z[ .655(
XWi[ Ze ‚dZ_Y[ =ed`kdjkhWb Z[ ?cfh[]e
CdZkijh_Wb(c[Z_Ze f[bW
@C?LAM,b>?LAM+
-;/<-/6
.+
6+38;/<
73)Q)<
7+<
;i [nfehjW•…[i ]beXW_iZe L_e AhWdZ[Ze MkbWbYWd•WhWc
OM" '"%
X_b^…[ide f[h‚eZe `Wd+*ekj+,6/(lWbehikf[h_eh [c Wf[dWi .(/ # WeZe
c[ice
f[h‚eZe Ze (ObI Wdj[h_eh+
8 ./</69/728
37.[<=;3+<
.8
1+[-2+
/6
&(('
; h[Y[dj[ Z_lkb]W•~eZWifhe`[•…[i ZWijWnWi
Z[ Yh[iY_c[dje Zei JC<i
_dZkijh_W_i
Z[ .66/ Ze ?ijWZe [ Ze <hWi_bceijhek kcW i_jkW•~edkc[h_YW*
c[dj[ \Wleh|l[b WeL_e AhWdZ[Ze Mkb+
=ec [\[_je( WjWnW
Z[ Yh[iY_c[dje
ZW_dZ†ijh_W
Z[ jhWdi\ehcW•~e]W†Y^W
€ Z[ -(2# [ WZW_dZ†ijh_W
dWY_edWb
€
Z[ *3(/ #+ <eWfWhj[Z[ii[ Z_\[h[dY_Wb
Z[ jWnWi
€ [nfb_YWZe
f[bW_cfehj}dY_W
ZWW]he_dZ†ijh_W
de ?ijWZe( gk[ Wfh[i[djek kc Yh[iY_c[dje Z[ cW_i Z[
..(-#( Z[l_Ze { h[f[hYkii~e \Wleh|l[b ZW[nY[b[dj[ iW\hW
Y]h‚YebW
M[ei d†c[hei Z[ .66/ fWh[Y[c hWpe|l[_i fWhW
kcW €feYWZ[ Yh_i[(
^| gk[ i[ Yedi_Z[hWh(
feh€c( gk[( dkcWe^i[hlW•{e Z[ cW_i bed]e fhWpe(
[iiW YedYbki~ed~e i[ ikij[djW+ ?nWc_dWdZe*i[ e Ah|\_Ye .( l[h_\_YW*i[
gk[ WfheZk•~e WXiebkjW
de Wde€ i[c[b^Wdj[ { Z[ .650+ Ik i[`W(kcW
Z€YWZW
Z[fe_i( c[ice
fWiiWdZe feh kc fWjWcWhZ[ fheZk•~e cW_i
[b[lWZe de c[_e Zei Wdei 5-( lebjWcei Wd‚l[_i i[c[b^Wdj[i Wei ZW
h[Y[ii~e Z[ .65.*50+
?/7.+<
./
6T:>37+<
+1;X-85+<
;i l[dZWi jejW_iZWi_dZ†ijh_WiZ[ c|gk_dWi W]h‚YebWi
de ?ijWZe Ze
L_e AhWdZ[Ze MkbWfh[i[djWhWckc Yh[iY_c[dje [nfh[ii_le Z[ 00(4#
de WYkckbWZeWj€del[cXhe Z[ .66/ [ Z[ 04(049 dei †bj_cei ./ c[i[i(
\h[dj[ Wei c[icei
f[h‚eZei Z[ .66.+ ?ii[ h[ikbjWZe Z[l[*i[ We[nY[*
b[dj[ Z[i[cf[d^e
Zei i[]c[djei
Z[ i_bei [ WhcWp€di%2.(3#&( jhWjeh[i
YYeb^[_jWZ[_hWi
%1/(149&[ _cfb[c[djeiW]h‚YebWi %.4(/ #& dei fh_c[_hei
.. c[i[i Ze Wde+
I Wgk[Y_c[dje [bWe[cWdZW d[ii[ i[]c[dje
€ h[\b[ne Z_h[je ZW
[nfh[ii_lWf[hqehcWdY[ Ze 93, ZWW]h_YkbjkhW
de ?ijWZe( gk[ Wfh[i[d*
jek e i[k c[b^eh Z[i[cf[d^e
Zei †bj_cei jh•i Wdei %Ah|\_Ye0&([
jWcX€c ZWi[nfehjW•…[i Z[ jhWjeh[iW]h‚YebWi(
gk[ Yh[iY[hWc02( C# Wj€
ekjk^he Z[ .66/( Z[l_Ze T. feb‚j_YWYWcX_Wb
h[Wb_ijW
[( fh_dY_fWbc[dj[( {
Wcfb_W•~eZ[ c[hYWZei dW; c€h_YWFWj_dW+
;/<X.>8<
./
98;=8
<Y53.8<
+5/1;/
7+ ;/13V8
#;69+$
6/=;89853=+7+
>[djh[ ei gkWjhe_j[di gk[ Yecf…[c e YedY[_je Wcfbe Z[ iWd[W*
c[dje X|i_Ye( ek i[`W(WXWij[Y_c[djeZ[ |]kW( [i]eje( Zh[dW][c [ b_ne(
[ij[ †bj_ce j[c i_Ze h[b[]WZe Wkc fbWde i[YkdZ|h_e dWi feb‚j_YWi
f†Xb_YWikhXWdWi+
>_W]dƒij_Yei h[Y[dj[i [bWXehWZeif[bW @?J;G
[ f[bW G?*
NLIJF;H(
Yece ik^i‚Z_ei We Jhe]hWcW Jhƒ*AkW‚XW( ZYceijhWhd
gk[ WWbjW
Z[di_ZWZ[ fefkbWY_edWbdWLGJ;
!((* ZWfefkbW•~e Ze
LM [c Wf[dWi &"(&!1 Ze i[k j[hh_jƒh_e&WYWhh[jW
kcW ]hWdZ[ Yed*
Y[djhW•~e Z[ b_ne Zec€ij_Ye+ HWNWX[bW.0( eXi[hlW*i[ gk[ e Yed*
`kdje Zei ckd_Y‚f_ei ZW LGJ;
fheZkp cW_i Z[ 2-# Ze b_ne
Zec_Y_b_WhZ[ jeZe e ?ijWZe( Yk`WZ_ifei_•~e _dWZ[gkWZW
][hW fhe
Xb[cWi Z[ ehZ[c iWd_j|h_W[ WcX_[djWb(fh_dY_fWbc[dj[ febk_•~e
^‚Zh_YW+
>ei // ckd_Y‚f_ei ZWL[]_~e( Wf[dWi Hele BWcXkh]e( Jehje
;b[]h[( ?ij•cY_WP[b^W( HelW BWhjp[ M~eF[efebZe j•c( Wj€e cec[d*
je( fhe`[jei _cfbWdjWZeifWhW
iebkY_edWhYedl[d_[dj[c[dj[
e fheXb[cW
Z[ Z[ij_dW•~e \_dWbZe b_ne+
3
>[djh[ ei ]•d[hei b_ijWZei dWNWX[bW
0( ei jh•i fh_c[_hei i~e
\WXh_YWdj[iZ[ X[di [ii[dY_W_i { ikXi_ij•dY_W+ NeZei [b[i * Yec
[nY[•~e ZWf[h\kcWh_W ikb*h_e*]hWdZ[di[( gk[ Yh[iY[k ceZ[ijWc[d*
j[ * Wfh[i[djWc jWnWiZ[ Yh[iY_c[dje d[]Wj_lWi+ I \Wje h[\b[j[ W
h[Zk•~e ZWi h[dZWi \Wc_b_Wh[iYece Yedi[g‡•dY_W Ze Wkc[dje Ze
Z[i[cfh[]e
[ Z~$gk[ZWZe d‚l[b Zei iWb|h_ei h[W_i+W
l[hZWZ[ gk[ Wi
f[igk_iWi j•c Z[j[YjWZe Y[hjWh[Yecfei_•~e Zei iWb|h_ei Z[iZ[ cW_e
Z[ .66/+ Ciie( [djh[jWdje( d~e \e_ ik\_Y_[dj[ fWhWh[Ykf[hWh cW_i
fb[dWc[dj[ e Y^WcWZeYedikce ZWi\Wc‚b_Wi[ feii_X_b_jWhe Yh[iY_*
c[dje ZWfheZk•~e Z[ X[di d~e Zkh|l[_i+ ; [nfh[ii_lW h[Zk•~e ZW
fheZk•~e Z[ X[X_ZWih[\b[j[ e Yehj[ i[b[j_le Ze Yedikce Z[ X[di
c[dei
d[Y[ii|h_ei { ikXi_ij•dY_W+@_dWbc[dj[( c[h[Y[ Z[ijWgk[ W
jWnWZ[ Yh[iY_c[dje Ze ]•d[he \kcW][_he( 01(2w8( ZWZW
WikW cW]*
d_jkZ[+ I Wkc[dje Z[ 2.(4# ZW fheZk•~e
W]h‚YebWZe \kce [ W
l_dYkbW•~eZe c[ice
Wec[hYWZe [nj[hde [nfb_YWe Z[i[cf[d^e
Ze
]•d[he _dZkijh_Wb[c .66/+
NWX[bW
0
NWnWi
Z[ Yh[iY_c[dje Zei ]•d[hei _dZkijh_W_i
fheZkjeh[i Z[ X[di
Z[ Yedikce d~e Zkh|l[_i de <hWi_b
[ de LM * .66/
%#&
AxH?LIM
LM
J[h\kcWh_W
P[ijk|h_e [ YWb•WZei
JheZ kjei Wb_c[djWh[i
<[X_ZWi
@kce
7 7
+
+
+
+
+
.(6
*/(0
*0(1
*/-(.
01(2
<L;MCF
*1(1
*.4(2
*0(*.6(.
3(.
@IHN?7 @??,H†Yb[e Z[ =edjWi L[]_edW_i+
C<A?,>[fWhjWc[dje Z[ CdZ†ijh_W+
HIN;7 NWnW
WYkckbWZW
Z[ lWh_W•~e
ZWfheZk•~e \‚i_YWWj€i[j[cXhe+
; fheZk•~e _dZkijh_WbZ[ fheZkjei _dj[hc[Z_|h_ei( Z[l_Ze {
Z[ij_dW•~e Z[ij[i( h[\.[j[ e d‚l[b ][hWb Z[ fheZk•~e ZW[Yedec_W+
Ciie [nfb_YW(Z[ Y[hjW\ehcW( e \hWYeZ[i[cf[d^e
Zei ]•d[hei Z[ ^[di
_dj[hc[Z_|h_ei( YWhWYj[h_pWZe
f[bW fh[fedZ[h}dY_W Z[ jWnWid[]Wj_*
lWi Z[ Yh[iY_c[dje( de <hWi_b[ de ?ijWZe+ He YWie]W†Y^e( [djh[*
jWdje( € d[Y[ii|h_e
ZWh Z[ijWgk[ q gk‚c_YW [ Wei c_d[hW_i
d~e*c[j|b_Yei( gk[ Wfh[i[djWhWc jWnWiZ[ Yh[iY_c[dje Z[ .b(4w8 [
0(0# h[if[Yj_lWc[dj[+ ?ii[i Z[i[cf[d^ei
i~e Wjh_Xk‚Zeifh_dY_fWb*
c[dj[ {i l_dYkbW•…[igk[( [c WcXei ei YWiei( i[ [ijWX[b[Y[c Yec
WiWj_l_ZWZ[iW]h‚YebWi+
; gk‚c_YW( feh [n[cfbe( _dYbk_WfheZk•~e
Z[ WZkXei [ \[hj_b_pWdj[i+
JWhWYedYbk_hWieXi[hlW•…[i ZW_dZ†ijh_WZ[ jhddi\eddW•~e [ijW*
ZkWb(YWX[Z_p[h gk[( YecfWhWdZe*i[ WijWnWiZ[ Yh[iY_c[dje Z[ YWZW
kc Zei .0 ]•d[hei gk[ W_dj[]hWc Yec ei Yed]•d[h[i ZW_dZ†ijh_W
dWY_edWb(
i[ YedijWjWgk[( [c i[j[ YWiei(e Z[i[cf[d^e
de L_e AhWdZ[
Ze Mkb\e_ ikf[h_eh8 [c jh•i( i[c[b^Wdj[8 [( [c ekjhei jh•i( _d\[h_eh+HW
_dZ†ijh_WdWY_edWb+gkWjhe
]•d[hei Yh[iY[hWc[( dW]W†Y^W(
Y_dYe+
>[djh[
[ij[i †bj_cei [ij~e Wc[Y}d_YW(Wgk‚c_YW(e X[d[\_Y_Wc[dje [ _dZkijh_W*
b_pW•~eZe \kce [ ei c_d[hW_i d~e*c[j|dYei(
jeZei f[hj[dY[dj[i ek
b_]WZei([c Wb]kcW c[Z_ZW( We Y^WcWZeYecfb[ne W]he_dZkijh_Wb+
H[iiW Y_hYkdij}dY_Wi[ _Z[dj_\_YW
WhWp~ecW_i [l_Z[dj[ fWhW
e \WjeZ[
gk[ W h[Y[ii~e j[d^W i[ cWd_\[ijWZe Z[ \ehcW c[dei _dj[diW dWi
Wj_l_ZWZ[i
[ijWZkW_iZ[ jhWdi\ehcW•~e+;_dZWZ[djhe Ze i[jeh _dZkijh_Wb(
YWX[h[iiWbjWhjWcX€c e Z[i[cf[d^e
fei_j_le Ze i[]c[dje
i[hl_•ei
_dZkijh_W_iZ[ kj_b_ZWZ[f†Xb_YW%MCOJ&(
gk[ Yed]h[]W Wj_l_ZWZ[iZ[
[cfh[iWi [ ƒh]~ei f†Xb_Yei dWfheZk•~e Z[ [d[h]_W [b€jh_YW(
|]kW [
[i]eje+ ?ii[ Yed`kdje _dZkijh_Wb
Wfh[i[djek WjWnW
WdkWb
Z[ Yh[iY_c[dje
Z[ 1(1#+
JWiiWdZe*i[ WeXi[hlWh WW]hef[Yk|h_W ikb*h_e*]hWdZ[di[( Yedi*
jWjW*i[gk[ WjWnWZ[ Yh[iY_c[dje i[jeh_WbZ[ 02(6# h[ikbjW _dj[_hW*
c[dj[
Ze Wkc[dje Z[ 22(/ # Ze fheZkje ZW bWlekhW(j[dZe*i[
h[Zkp_Ze WfheZk•~e Wd_cWb[c .(5#+ =edi_Z[hWdZe*i[ gk[ WiW\hW
Z[ .66. !gk[Xhek!( € fekYe [bkY_ZWj_lejec|*bW Yece †d_YWXWi[
fWhWWWlWb_W•~e
ZWW]h_YkbjkhW
[c .66/+ HWl[hZWZ[( d[ij[ †bj_ce
Wde(l[h_\_Yek*i[ kc dele f_Ye ^_ijƒh_Ye fWhWWfheZk•~e ]beXWbZei
Y_dYefh_dY_fW_i]h~ei( h[ifedi|l[_i
f[bW gkWi[*jejWb_ZWZ[Ze lebk*
c[ Yeb^_Ze+ ; jed[bW][c fheZkp_ZW feh [iiWi YkbjkhWi* ie`W(
c_b^e( Whhep(jh_]e [ \[_`~e * \e_ 5(/ # ikf[h_eh Weh[YehZ[ l[h_\_YWZe
[c .656+ ?iiW jed[bW][c h[fh[i[djek /2 # ZWfheZk•~e dWY_edWb
Zei
Y_dYefh_dY_fW_i]h~ei+
m _dj[h[iiWdj[ b[cXhWhgk[ WbWlekhWikb*h_e*]hWdZ[di[ l[c fWi*
iWdZe feh kcW hYZY\_d_Y~e
Z[ ikWi YkbjkhWicW_i Z_d}c_YWi+Jeh hWp…[i
Yed^[Y_ZWi[ [c ]hWdZ[fWhj[h[\[h[dj[i Weifh[•ei Ze c[hYWZeckdZ_Wb(
Wie`W f[hZ[k e [b[lWZe h_jce Z[ [nfWdi~e Ze fWiiWZe+?c Yecf[diW*
•~e( j[c WlWd•WZeWfheZk•~e Z[ Whhep(c_b^e [ \[_`~e+?c h[bW•~eWei
i[ki f_Yei ^_ijƒh_Yei Z[ fheZk•~e( [iiWi YkbjkhWiWfh[i[djWhWcjWnWiZ[
Yh[iY_c[dje [c .66/ Z[( h[if[Yj_lWc[dj[(
.2(. M_( 1-(/# [ 0/(5#+
H[ii[ i[dj_Ze( € [iYbWh[Y[ZehdejWhgk[( Wb€c Ze Whhep[ Ze c_b^e(
jWcX€c Wie`Wj[c [l_Z[dY_WZeYbWhW
j[dZ•dY_WZ[ Wkc[dje Z[ fheZkj_*
l_ZWZ[dei †bj_cei Wdei+?ii[ \Wjeh[\b[j[ kc fheY[iie Z[ c[b^eh_WZWi
j€Yd_YWiZ[ fb+_c _e( [c gk[ i[ _dYbk_W_djheZk•~e Z[ delWi lWh_[ZWZ[i
Z[ i[c[dj[i+
?c .66/( %LKFO) c_b^e [ ie`W Wj_d]_hWcdelei f_Yei
^_ijƒh_Yei Z[ fheZkj_l_ZWZ[+
=WX[ Z_p[h W_dZW
gk[ jeZWi Wi .1 YkbjkhWih[b[lWdj[i de ?ijWZe
Wfh[i[djWhWcjWnWifei_j_lWi Z[ Yh[iY_c[dje [c .66/+ Jeh ekjhe bWZe(
dWf[Yk|h_W(YW_k
WfheZk•~e Z[ Xel_dei( ik‚dei [ el_dei+ ; Wl_YkbjkhW
Yh[iY[k .0(0w8( [ WfheZk•~e Z[ b[_j[( .4(6#+$
@_dWbc[dj[( de i[jeh Z[ i[hl_•ei Ze ?ijWZe( € [if[hWZW kcW
jWnWZ[ Yh[iY_c[dje Z[ /(6#( [dgkWdje fWhWe JW‚i W[ij_cWj_lW
€ Z[ *-(1#+ ; d‚l[b [ijWZkWb(Wi jWnWiZ[ Yh[iY_c[dje Zei ikX i[*
jeh[i Yec€hY_e [ jhWdifehj[i i~e Z[( h[if[Yj_lWc[dj[(
-(5# [
.-(0 w8+He YWieZe Xec Z[i[cf[d^e
Z[ jhWdifehj[i( i~e [l_Z[dj[i
Wi h[bW•…[i Yec e [iYeWc[dje ZWiW\hWh[YehZ[ Z[ .67/+ ;b€c
Z[ii[i(YWX[ Z[ijWYWhei ikb*i[jeh[i b_]WZei Wei i[hl_•ei f†Xb_Yei
h[Wb_pWZeide ?ijWZe( W iWX[h( ]el[hde
[ Yeckd_YW•_Yi( gk[
Wfh[i[djWhWc( [c .66/( jWnWifei_j_lWi Z[ /( A
# [ .0(0# h[if[Y*
j_lWc[dj[+ ;gk_( Yedl€c h[b[cXhWh eXi[hlW•~e Wdj[h_eh( de i[d*
j_Ze Z[ gk[ jWcX€c ei i[hl_•ei _dZkijh_W_i Z[ kj_b_ZWZ[f†Xb_YW
j_l[hWc Yh[iY_c[dje fei_j_le [c .66/+ HWl[hZWZ[( YedijWjW*i[
gk[ [ii[i
i[hl_•ei
[( W_dZW(ei Z[ Yeckd_YW•…[i [ ]U&l[hde(
|dj[h_ehc[dj[
Y_jWZei(Wfh[i[djWhWc( de f[h‚eZe .656*6/( jWnWi
c€Z_Wi WdkW_ifei_j_lWi Z[( h[if[Yj_lWc[dj[(
2(.#( ] C(1rr [ /(4#
%NWX[bW
5&+?iiWi jWnWi i~e ikf[h_eh[i
{i l[h_\_YWZWi W d‚l[b
dWY_edWb>[iiW cWd[_hW([l_Z[dY_W*i[ gk[( We bed]e Ze f[h‚eZe
h[Y[ii_le [c gk[ fh[Zec_dek
e Z_iYkhie d[eb_X[hWb( ei ]Wijei
f†Xb_Yei d[iiWi |h[Wi Yedjh_Xk‚hWc fWhW([c Wb]kcW c[Z_ZW(
Wj[dkWhei [\[_jei cW_i _dj[diei ZWYh_i[+
=;LN; >? =IHDOHNOL; @?? %[bWXehWZW
Yec _d\ehcW•…[i Z_ifed‚l[_i Wj€e Z‚W/3+-.+60&+
N_hW][c7/+--- [n[cfbWh[i
; =WhjW
Z[ =ed`kdjkhW @?? € kcW fkXb_YW•~e
c[diWb Z[ h[ifediWX_b_ZWZ[
Zei [Z_jeh[i Yec WYebWXehW•~e
Zei d†Yb[ei Z[ f[igk_iW ZW>_h[•~e N€Yd_YW+
;i ef_d_…[id~e [nfh‚c[c kc fei_Y_edWc[dje e\_Y‚Wb
ZW@?? ek ZWM[Yh[jWh_W
Ze JbWd[`Wc[dje [ ZW;Zc_d_ijhW•~e+
?Z_jeh7LeX[hje GWhYWdjed_e
@kdZW•~eZ[ ?Yedec_W [ ?ijWj‚ij_YW
?Z_jeh[i ;Z`kdjei7 ;ZWbc_hGWhgk[jj_
Ael[hdWZeh Ze ?ijWZe Ze L_e AhWdZ[Ze Mkb
M_[]\h_[Z?cWdk[b B[ki[h
(
$!
=Wb_(de
JWY^[Ye@_b^e
;F=?O =IFF;L?M
LkW>kgk[ Z[ =Wn‚Wi(.36.
vrrUrr[rrr rrCrrrhrrrr8rrrbrjW
M[Yh[j|h_eZe JbWd[`Wc[dje [ ZW;Zc_d_ijhW•~e
Jehje ;b[]h[( LM * =?J 6-+-.-*/50
;ZWbhd_hGWhgkYjj_
Q;FN?L HCKO?
;dZh€ G_d[bbW
@kdZW•~eZ[ ?Yedec_W [ ?ijWj‚ij_YW
;djed_e =WhbeiU+@hWgkZb_
'?>;>
=Wb_deJWY^[Ye@_b^e
M_[]\h_[Z?cWdk[b B[ki[h
>_bcWPWdWLekii[\\
Jh[i_Z[djW7>CFG; P;H; LIOMM?@@
Fk_p;kpkije ?ijh[bbW@Wh_W
>_h[jeh N€Yd_Ye7
I=N;PCI
;OAOMNI =+ =IH=?_wvI
IYjWl_e;k]kije
=+=edY[_•~e
>_h[jehW;Zc_d_ijhWj_lW7GI?G;
EL; S
LeXYb.- GWhYWdjed_e
LkX[di MeWh[i
Z[ F_cW
GFIK=
18S/;"
G9?F
<I,IJ
GIK ,IJ
&iii%i+i
+
>I
?MN;C
9 >FIl9
HL=
M=D
<F
=

Documentos relacionados

8+,583 - Carta de Conjuntura FEE

8+,583 - Carta de Conjuntura FEE kcW [b[lW•~e WY[djkWZWEekl[ Yh[iY_c[dje Z[ 1*6# [c YecfWhW•~e Yec F]kWbf[h‚eZe Z[ 0883- > fhefƒi_je* Yedl€c h[iiWbjWhgk[* fWhW jeZe e WdeZ[ 0884* W[ij_cWj_lW€ Z[ kc Yh[iY_c[dje h[WbZ[ 00# Yec ]Wije...

Leia mais

eH@???HXe??e_V,?????X??XXYe

eH@???HXe??e_V,?????X??XXYe eh_[djWhe Y•bYkbeZWYehh[‚•e Ze lWbehZ[ ck_jei YedjhWjei+@c j[hY[_he Ji h[ikbjWZei _d_Y_W_i feZ[c i[h Yedi_Z[hWZei iWj_i\Wj†h_ei+< bk]Wh(YebeYW*i[(WcW_i bed]e fhWoe(W]WhWdj_W Z[ WjkWb_oW‚•e Z[ Y[hje...

Leia mais

o contexto politico

o contexto politico 7]ehW"gk[fWiiWhWcjh…iWdeiieXh[WikWYh_W‚€e"`|Yec[‚WcWi[hl_i‡l[_iei h[ikbjWZeiZWikWWY‚€e"Wf[iWhZWYediY_…dY_Wgk[j[ceiZ[gk[[ijWceiWf[dWiW ZWheifh_c[_heifWiiei$ >ekl[gk...

Leia mais

PDF - Cristalino Lodge

PDF - Cristalino Lodge 8_hZmWjY^[hi ZeckdZe_dj[_hefWiiWceiZ_Wi[cjh_b^WidW cWjW[dW]hWdZ[jehh[Z[eXi[hlW‚€eZe^ej[bYec+&c[# jheiZ[WbjkhW"]k_WZeifehcWj[_heifheÓii_edW_ijh[_dWZei$ >e`[i€ecW_iZ...

Leia mais