Exposicao A Caixa

+LZHÄVZ (Y[xZ[PJVZ LT ÔIPKVZ ( *HP_H 6IPKVZ (Y[ *OHSSLUNL ;OL )V_

*\YHKVYPH KL .LUV]L]H 6SP]LPYH 2

+LZHÄVZ (Y[xZ[PJVZ LT ÔIPKVZ ( *HP_H

( L_WVZPsqV X\L HNVYH ZL PUH\N\YH [LT JVTV TV[L H VIYH A Caixa KL -PSPWL *\YHKV ZLSLsqV KH J\YHKVYH .LUV]L]H 6SP]LPYH ( WHY[PY KLZ[H VIYH KL HY[L H TVZ[YH WYVW L ZL YLÅL[PY ZVIYL \T JVUQ\U[V KL X\LZ[ LZ X\L ZL JY\aHT L X\L UH Z\H PU[LYZLsqV JVU[YPI\LT WHYH \TH SLP[\YH JYP[PJH ZVIYL V ZLY O\THUV X\L HNL L ZL JVUZ[Y}P JVTV H[VY ZVJPHS (IVYKHUKV KL MVYTH PUJPZP]H H PKLU[PKHKL KV /VTLT L V ZLU[PKV KL WLY [LUsH H \TH JVT\UPKHKL 7LSH T\S[PWSPJPKHKL KL L_WYLZZ LZ HY[xZ[PJHZ JVUJYL[PaH UHYYH[P]HZ X\L WLY JLJPVUHT HUHSPZHT L YLPU[LYWYL[HT HZ X\LZ[ LZ KV NtULYV KH ]PVSvUJPH WZPJVS}NPJH L MxZPJH U\T LZWHsV NSVIHS X\L YLTL[L KL UV]V WHYH H PKLU [PKHKL 6 YLZ\S[HKV t H JVUZ[Y\sqV KL \TH UHYYH[P]H LU[YL JVUJLP[V JVY MVYTHZ L [tJUPJHZ H[YH]tZ KL MVYTHZ KL L_WYLZZqV HIZVS\[HTLU[L KPML YLUJPHKHZ X\L WYVWVYJPVUHT HV ]PZP[HU[L V\[YHZ UHYYH[P]HZ 6 WYVJLZZV KL [YHIHSOV KH J\YHKVYH MVP T\P[V YLSL]HU[L LT [VKV V WLYJ\Y ZV KLSPULHKV WVPZ JVU[YPI\P\ WHYH KLZLU]VS]LY \T 7YVNYHTH KL 9LZPKvU JPH *YPH[P]HFLT *\YHKVYPH X\L ZL WYVSVUNV\ LU[YL V KPH L KL THYsV KL " V [YHIHSOV KLJVYYL\ KL \TH TL[VKVSVNPH WYt LZ[HILSLJPKH WLSH J\YHKVYH X\L ZLSLJPVUV\ HZ VIYHZ H L_WVY L H WHY[PY KHx KLÄUP\ \T WSHUV LZWLJxÄJV WHYH H YLZPKvUJPH KL *\YHKVYLZ WYPTLPYH VYNHUPaHKH LT ÔIPKVZ" WHYH HStT KV WSHUV [L}YPJV L KL HX\PZPsqV KL JVUOLJPTLU[V VZ MVYTHUKVZ MVYHT PU[LNYHKVZ UH TVU[HNLT L WYVK\sqV KH L_WVZPsqV X\L HNVYH WVKL ZLY ]PZ[H UH NHSLYPH UV]H6NP]H 0TWVY[H WLUZHY X\L LZ[H [PWVSVNPH KL [YHIHSOV ZL PU[LNYH UH LZ[YH[tNPH KL KLZLU]VS]PTLU[V KL ÔIPKVZ JVU[YPI\PUKV WHYH V KLZLU]VS]PTLU[V KL WYVJLZZVZ PKLPHZ L WLZZVHZ UH WYVK\sqV KV [YHIHSOV JYPH[P]V L KL WYVNYH THZ L H[P]PKHKLZ U\TH LZ[YLP[H SPNHsqV JVT V [LYYP[}YPV

(UH *HSsHKHF 9LKL KL 4\ZL\Z L .HSLYPHZ KL ÔIPKVZ 3

ÔIPKVZ (Y[ *OHSSLUNL ;OL )V_

;OL L_OPIP[PVU ^OPJO PZ UV^ PUH\N\YH[LK OHZ HZ TV[[V ;OL )V_ -PSPWL *\YHKV»Z HY[^VYR ZLSLJ[LK I` J\YH[VY .LUV]L]H 6SP]LPYH -YVT [OPZ WPLJL VM HY[ [OL L_OPIP[PVU PU]P[LZ VUL [V YLÅLJ[ VU H U\TILY VM PZZ\LZ [OH[ PU[LYZLJ[ HUK [OH[ JVU[YPI\[L [V H JYP[PJHS YLHKPUN VU [OL O\THU ILPUN ^OV HJ[Z HUK I\PSKZ OPTZLSM HZ H ZVJPHS HJ[VY ;OLYL PZ H JSLHY HWWYV HJO [V THU»Z PKLU[P[` HUK [OL ZLUZL VM ILSVUNPUN [V H JVTT\UP[` )` [OL T\S[PWSPJP[` VM HY[PZ[PJ L_WYLZZPVUZ P[ WYVWVZLZ UHYYH[P]LZ [OH[ WLY JLP]L HUHS`aL HUK YLPU[LYWYL[ NLUKLY WZ`JOVSVNPJHS HUK WO`ZPJHS ]PVSLUJL PZZ\LZ PU H NSVIHS ZWHJL [OH[ YLMLYZ [V PKLU[P[` ;OL YLZ\S[ PZ [OL JVUZ[Y\J[PVU VM H UHYYH[P]L KLHSPUN ^P[O JVUJLW[Z Z\JO HZ JVSVY ZOHWLZ HUK [LJOUPX\LZ [OYV\NO ^H`Z VM L_WYLZZPVU JVTWSL[LS` KPMMLYLU[ HUK [OH[ WYV]PKL V[OLY UHYYH[P]LZ [V [OL ]PZP[VY ;OL J\YH[VY»Z ^VYR TL[OVK ^HZ X\P[L YLSL]HU[ PU [OL WYVJLZZ HZ P[ JVU[YP I\[LK [V^HYKZ [OL KL]LSVWTLU[ VM H *YLH[P]L 9LZPKLUJL [OH[ [VVR WSHJL MYVT THYJO ;OL WYVNYHT ^HZ [OL YLZ\S[ VM H WYL LZ[HISPZOLK TL[OVKVSVN` ;OL J\YH[VY ZLSLJ[LK [OL ^VYRZ [V IL L_OPIP[LK HUK MYVT [OH[ WYLTPZL KLÄULK H Z[YH[LNPJ WSHU MVY HU HY[PZ[PJ YLZPKLUJL [OL ÄYZ[ [V IL VYNHUPaLK PU ÔIPKVZ (ZPKL MYVT [OL [OLVYL[PJHS HZWLJ[Z VM [OL WYV NYHT HUK HJX\PZP[PVU VM RUV^SLKNL Z[\KLU[Z ^LYL HU PTWVY[HU[ WHY[ PU [OL WYVK\J[PVU HUK ZL[ \W WYVJLZZ VM [OL L_OPIP[ [OH[ PZ UV^ VWLU H[ [OL 5V]H6NP]H .HSSLY` ;OPZ [`WL VM WYVQLJ[ NVLZ OHUK PU OHUK ^P[O ÔIPKVZ» KL]LSVWTLU[ Z[YH[LN` JVU[YPI\[PUN [V^HYKZ [OL KL]LSVWTLU[ VM WYVJLZZLZ PKLHZ HUK WLVWSL PU [OL WYVK\J[PVU VM JYLH[P]L ^VYR VM WYVNYHTZ HUK HJ[P]P[PLZ HS^H`Z MVZ[L YPUN H ^P[O JSVZL YLSH[PVUZOPW ^P[O P[Z [LYYP[VY`

(UH *HSsHKHF 5L[^VYR VM 4\ZL\TZ HUK .HSSLYPLZ 6IPKVZ 5

+LZHร VZ HY[xZ[PJVZ LT ร IPKVZ ( *HP_H ;OL )V_ ( *HP_H HIYL HZ WVZZPIPSPKHKLZ KL \T WYV JLZZV LT JVUZ[Y\sqV X\L LU]VS]L UHYYH[P]HZ KL KP]LYZVZ HY[PZ[HZ \[PSPaHUKV WVt[PJHZ KPZ[PU[HZ L WYV JLZZVZ KL WYVK\sqV JVTV H LZJ\S[\YH WPU[\YH PUZ [HSHsqV ]xKLV _PSVNYHร H MV[VNYHร H L H [HWLsHYPH 6Z HY[PZ[HZ T\SOLYLZ L OVTLUZ JVU]PKHKVZ KPHSVNHT KL KP]LYZHZ MVYTHZ ZVIYL H ]PZqV OVSxZ[PJH KH HY[L YLร LJ[LT ZVIYL V ZLY O\THUV LUX\HU[V \T ZLY ]P]V WSLUV JVT \TH PKLU[PKHKL 0UZLYPKH UV WYVQLJ[V KL PU]LZ[PNHsqV ยธ5V :PSLUJLยน ;OL )V_ t H ZLN\UKH KL \T JVUQ\U[V KL L_WVZPsย LZ JVT HY[PZ[HZ WVY[\N\L ZLZ L LZ[YHUNLPYVZ X\L LZ[m H ZLY KLZLU]VS]PKV LT 7VY[\NHS 6SP]LPYH 6 X\L t ZLY WVY[\N\vZ& i LZ[L KLZLQV KL WLY[LUsH H \TH JVT\UPKHKL \TH JVUZ[Y\sqV ZVJPHS J\S[\YHS L OPZ[}YPJH X\L ZL TH[LYPHSPaH H[YH]tZ KH SxUN\H WVY [\N\LZH KVZ ZHIVYLZ KVZ HYVTHZ KHZ OPZ[}YPHZ KL MHTxSPHZ HV SVUNV KVZ ZtJ\SVZ KL SmNYPTHZ L NHYNH SOHKHZ KL OVTLUZ L T\SOLYLZ KL ZVYYPZVZ L TLPV ZVYYPZVZ V\ HPUKH \TH V\[YH OPZ[}YPH X\L ZL JVUZ[Y}P ULZZH SVUNH JVZ[H ([SoU[PJH \T PTLUZV L HUJLZ[YHS WH[YPT}UPV JVUZ[Y\xKV L UH[\YHS :LY JPKHKqV t JVUZ[Y\PY ZL L HZZ\TPY ZL JVTV WLZ ZVH YLWSL[H KL WVZZPIPSPKHKLZ 4HZ H ZVJPLKHKL JVU[LTWVYoULH L_PNL UVZ UV]VZ KPZJ\YZVZ UV]VZ VSOHYLZ /m \TH YLKLร UPsqV ZPTI}SPJH KL ZHILYLZ KPZZLTPUHKVZ UV X\V[PKPHUV Om \TH UV]H KPUoTPJH KL JVTWYLLUZqV LZWHsV [LTWVYHS KV T\UKV JVU [LTWVYoULV /m \TH JYLZJLU[L PUZ[HIPSPKHKL KHZ Z\IQL[P]PKHKLZ L KHZ PKLU[PKHKLZ TVKLYUHZ ILT JVTV JYLZJL \T KLZLQV KL LTLYNvUJPH KL JVU[H[VZ PU[LYJ\S[\YHPZ ]VS\U[mYPVZ V\ UqV (Z WYLVJ\WHsย LZ ZLU[PKHZ L VZ WYVISLTHZ YLSL]HU[LZ KH ZVJPLKHKL

H[\HS JVTV HZ X\LZ[ย LZ KL NtULYV H ]PVSvUJPH WZP JVS}NPJH L MxZPJH KL \T T\UKV NSVIHS LTLYNLT L TH[LYPHSPaHT ZL UHZ VIYHZ KVZ HY[PZ[HZ KL KPZ[PU[HZ MVYTHZ SL]HUKV VZ Wย ISPJVZ THPZ KV X\L VSOHY H ]LY L H YLร L[PY ([\HSTLU[L VZ LZ[\KVZ J\S[\YHPZ WYVZZLN\LT UH Hร Y THsqV KV T\S[PJ\S[\YHSPZTV VJ\WHUKV ZL KV LZ[\KV KVZ KPMLYLU[LZ HZWL[VZ KH J\S[\YH L LZ[HILSLJLUKV V KPmSVNV JVT V\[YHZ KPZJPWSPUHZ JVTV H HU[YVWVSVNPH H ZVJPVSVNPH H ร SVZVร H H OPZ[}YPH KL HY[L H L[UVNYH ร H ,Z[H UV]H MVYTH KL WLUZHY YLร L[L H T\KHUsH ZVJPHS L LJVU}TPJH \TH UV]H VYKLT UV 6JPKLU[L LUJVYHQHKH JVT V KLZLU]VS]PTLU[V KH JVT\UPJH sqV NSVIHSPaHsqV KH LJVUVTPH HTLYPJHUPaHsqV KHZ J\S[\YHZ L H [LJUVSVNPH PUMVYTm[PJH 5L]LZ (WLZHY KL [\KV PZZV KLZZH HWHYLU[L OVTVNLULPaH sqV HZ WLZZVHZ YLJSHTHT WLSH Z\H PUKP]PK\HSPKHKL L[UPJPKHKL L SLNHKVZ J\S[\YHPZ ,Z[L t V YLJVUOLJP TLU[V KV WS\YHSPZTV J\S[\YHS 6Z UV]VZ JVUJLP[VZ MVJHKVZ UH KPMLYLUsH LUX\HU[V JVUJLP[V NLYHS L UH KPMLYLUsH YHJPHS SL]HT H X\L V HY[PZ[H WHZZL H ZLY \T H[VY L \T VIZLY]HKVY \T SLP[VY KH WYVK\sqV HY[xZ[PJH 5qV Om \T ย UPJV ZPNUPร JHKV THZ ]mYPVZ ZLUKV [VKVZ LSLZ ]mSPKVZ )OHIOH ( VIYH KL LZJ\S[\YH KL -PSPWL *\YHKV ยธ( *HP_Hยน _ _ JT TmYTVYL UH LU[YHKH KH .HSLYPH UV]H 6NP]H ZLY]L KL TV[L WHYH V KPmSVNV JVT HZ V\[YHZ VIYHZ KH L_WVZPsqV ( JHP_H LU[YLHILY[H KL *\YH KV TVKLSHKH LT TmYTVYL YL]LSH WVY \T SHKV H VYPNPUHSPKHKL UV [YH[HTLU[V KV TH[LYPHS THZ [HT ItT UVZ PUZWPYH OPZ[}YPHZ JVT ZLNYLKVZ L Tย S[PWSHZ UHYYH[P]HZ L_WLYPvUJPHZ X\L JHKH HY[PZ[H ]P]LUJPV\ L X\L KL \TH MVYTH WLJ\SPHY L Z\IQLJ[P]H ZqV HX\P 7

[YHUZTP[PKHZ H[YH]tZ KV ZL\ VSOHY KH HUmSPZL KH J\YH KVYH L KV Wย ISPJV X\L VSOH VIZLY]H L ]v L WVY Z\H ]La JVUZ[Y}P HZ Z\HZ WY}WYPHZ OPZ[}YPHZ *\YHKV HWYLZLU[H V\[YHZ VIYHZ ULZ[H L_WVZPsqV X\L UVZ Z\ZJP[HT KPMLYLU[LZ KPmSVNVZ 6 ยธ5\ยน _ _ JT TmYTVYL YL]LSH UVZ H WLYMLPsqV L H PT WLYMLPsqV KL \T JVYWV MLTPUPUV L VZ KPMLYLU[LZ ZPN UPร JHKVZ KV JVYWV LUX\HU[V PTHNLT ZPTI}SPJH KL \TH OPZ[}YPH WVY[\N\LZH L NSVIHS YLWSL[H KL J}KPNVZ ZVJPHPZ L J\S[\YHPZ 4HZ t H[YH]tZ KH VIYH ยธ6]LSOH 5LNYHยน _ _ JT TmYTVYL X\L *\YHKV UVZ YLWVY[H WHYH H PUKP]PK\HSPKHKL L H PKLU[PKHKL KV ZLY O\THUV X\L UqV ZL HWYLZLU[H JVTV KPMLYLU[L THZ JVTV \T ZLY ย UPJV ,Z[H WLsH KPHSVNH JVT H VIYH KL 5LSZVU *YLZWV ยธ7HZZHWVY[L WVY[\N\vZยน ?PSV NYH]\YH :LYPNYHร H L }SLV Z WHWLS _ JT X\L UHZ WHSH]YHZ KV HY[PZ[H V MHJ[V KL [LY H\TLU[HKV V WHZZHWVY[L WHYH \TH LZJHSH KL \T WVZ[LY )PSSIVHYK [YHK\a \TH ]VU[HKL KL HTWSPHY H PKLPH KL PKLU[PKHKL UHJPVUHS 5LSZVU ]P]L LT 3VUKYLZ L LZZH ]P]vUJPH MVYH KL 7VY[\NHS PUร \P\ H WYVJ\YH KH [LTm[PJH WHYH LZ[L [YHIHSOV KL [YvZ HUVZ! ยธ(Z YLMLYvUJPHZ X\L ZL [vT X\HUKV ZL ]P]L SVUNL KV WHxZ KL VYPNLT ZqV KPZ[VYJPKHZ L YVTHU[PaHKHZ 7VY V\[YV SHKV WVKLT [HTItT JVU[LY ZLU[PTLU[VZ KL ULNHsqV V\ KL L_x SPVยน ( KH[H ]PZx]LS KV JHYPTIV KL HNVZ[V KL KV WVZ[V MYVU[LPYPsV KL =PSHY -VYTVZV YLSLTIYH UVZ WVY \T SHKV \T WLYxVKV KL ]LYqV L KL \T LUVYTL Hร \_V KL LTPNYHU[LZ HV WHxZ WVY V\[YV V HUV HU [LZ KH LU[YHKH KL 7VY[\NHS UH *,, KL 1HULPYV KL L JVT LSH V HJLZZV n SP]YL JPYJ\SHsqV ,Z[H PUKP]PK\HSPKHKL KL *YLZWV LZ[m PN\HSTLU[L WYLZLU[L UH VIYH KL 7H\SV *HUPSOHZ ยธ:05;6 4, 8

JVUM\ZV WYLZV KPNP[HS TLJoUPJV LT T\KHUsHยน _ JT *VTWVZPsqV MV[VNYmร JH 0TWYLZZqV KP NP[HS JVU[YH JVSHKV LT 7=* VUKL UVZ JVU[H \TH OPZ[}YPH KH Z\H ]PKH WLZZVHS L UVZ VIYPNH H U}Z LZ WL[HKVYLZ n UVZZH SP]YL PU[LYWYL[HsqV *VTV J\YH KVYH YL]LQV TL ULZ[H OPZ[}YPH ยธPU]PZx]LSยน KL *HUPSOHZ VUKL LUJVU[YV H YLWYLZLU[HsqV KL \TH PKLU[PKHKL PUKP]PK\HS THZ [YHUZUHJPVUHS U\T WLYxVKV JVU[\Y IHKV JVTV V H[\HS LT X\L VZ KPHZ ZL WYLLUJOLT KL PU[LYYVNHsย LZ L H PUJLY[LaH UVY[LPH VZ JHTPUOVZ LZ JVSOPKVZ 7H\SV UqV JVUZPKLYH LZ[H VIYH [LYTPUHKH JVTV UqV t ULUO\TH OPZ[}YPH KV ZLY O\THUV 5HZ PUZ[HSHsย LZ KL *HUPSOHZ ยธ6YNHUPJยน V HY[PZ[H THPZ \TH ]La L_WSVYH HZ X\LZ[ย LZ KH PUKP]PK\HSPKHKL UV T\UKV HJ[\HS 0UZWPYH ZL U\T \UP]LYZV TLJHUPaHKV PUK\Z[YPHS \YIHUV WVS\xKV X\L KLZKL V ZtJ\SV ?=000 HUPX\PSH L HIHMH V PUKP]xK\V /H]LYm LZWHsV WHYH \T KPH H TH[tYPH VYNoUPJH YLJVUX\PZ[HY V ZL\ LZWHsV& ,Z[H t H X\LZ[qV X\L 7H\SV UVZ WH[LU[LPH YLMLYPUKV! ยธ69.(50* ZqV H TPUOH ]PZ\HSPaHsqV KLZZL [LTWV LT X\L H TH[tYPH VYNoUPJH ZHIL ZL Sm LT X\L MVYTH LTLYNL WVY IHP_V KV MYPV L [\T\SHY TL[HS L [LU[HYm NHUOHY KL UV]V V ZL\ S\NHY UV UVZZV T\UKVยน +PHSVNHUKV JVT LZ[HZ VIYHZ VIZLY]HTVZ V ]xKLV ยธ0U[LYZLJsย LZ UV LZWLSOVยน VUKL 0ZHILS 3PTH YL [YH[H H PKLU[PKHKL UHJPVUHS LZWLJPร JHUKV V L_LT WSV MLTPUPUV 7HY[L KL LSLTLU[VZ PKLU[P[mYPVZ KH T\SOLY KV UVY[L KL 7VY[\NHS L UHZ Z\HZ WHSH]YHZ! ยธL_WSVYV HTIPLU[LZ KLUZVZ L ร \xKVZ QVNHUKV JVT \TH PJVUVNYHร H HZZVJPHKH n PKLU[PKHKL KH T\SOLY KV UVY[LยถSPUOV ]t\Z IVYKHKVZ Q}PHZ X\L ZL JY\ aHT JVT HTIPLU[LZ L[tYLVZ L KLUZVZ KYHTm[PJVZ X\L WVY ]LaLZ ZL M\UKLT JVT H T\SOLY TLUPUH IV ULJH X\L TLYN\SOH UV WoU[HUV ZVTIYPV L ]PVSLU[V

KH ร VYLZ[H KH Z\H L_PZ[vUJPH VUKL JVHIP[HT KLZL QVZ ZVUOVZ L TLKVZยน )LSTPYH :LJV TH[LYPHSPaH H[YH]tZ KL ยธ( JVU[L_[\HSP aHsqV KH T\SOLY H[YH]tZ KVZ TP[VZยน HWSPJHsqV LT [LJPKV Z\WVY[L SPUOV UH[\YHS L [LJPKVZ KL ]mYPHZ JV YLZ ? JT \TH TLT}YPH KH PKLU[PKHKL WVY[\ N\LZH H UVZZH OLYHUsH HMYPJHUH WYLZLU[L UH UVZZH J\S[\YH (UNVSHUH THZ JVT \TH SHYNH ]P]vUJPH LT 7VY[\NHS )LSTPYH MHSH UVZ KH MVYsH PTLUZH KH TqL [LYYH H TP[VSVNPH X\L LU]VS]L V PTIVUKLPYV JVU ZPKLYHKH \TH mY]VYL ZHNYHKH X\L PUZWPYH WVLZPHZ YP[VZ L SLUKHZ 6SP]LPYH 3HKV H SHKV -PSPWL *\YHKV JVT HZ VIYHZ :VSP[mYPH 0 L 00 L 3PUOH KV /VYP aVU[L YLMVYsH LZZH MVYsH KH ;LYYH TqL \TH TL[mMVYH KH MVYsH MLTPUPUH WYPUJxWPV PUZWPYHKVY ( PUZ[HSHsqV ยธ7} KL HYYVaยน KL 0ZHILS 3PTH ;LJPKVZ HYHTL [PU[H HJYxSPJH LZ[LH[P[L L HYVTHZ ? ?

JT PUX\PL[H UVZ WYVM\UKHTLU[L <TH UVP]H ZLT YVZ[V LU]VS[H LT HYHTL MHYWHKV L THU[VZ ]LYTLSOVZ YLTL[L UVZ WHYH H ]PVSvUJPH MxZPJH L WZPJVS}NPJH KHZ YLSHsย LZ O\THUHZ L KL [HU[VZ YVZ[VZ HU}UPTVZ VUKL V Z\QLP[V LUX\HU[V ZLY PUKP]PK\HS UqV [LT KPYLP[V HV YLZWLP[V ULT n ]PZPIPSPKHKL 6SP]LPYH 7HYHSLSHTLU[L H LZ[HZ VIYHZ HZ MV[VNYHร HZ KL *HYSH *Y\a KH WLYMVYTHUJL ยธ4HPU[LUHUJL (Y[! /VTHNL [V 4PLYSL 3HKLYTHU <RLSLZยน L H ZLYPNYHร H ยธ*VUQ\NHY UV 7S\YHSยน PU[LUZPร JHT \TH ]La THPZ V WVZPJPVUHTLU[V MLTPUPUV 5H WYPTLPYH VIYH *Y\a LT OVTLUHNLT n VIYH KH HY[PZ[H UVY[L HTLYPJHUH <RLSLZ X\L [YV\_L V KVTtZ[PJV WHYH V LZWHsV Wย ISPJV SPTWHUKV V T\ZL\ Km ]PZPIPSPKHKL n LX\PWH KL SPTWLaH ( WLYMVYTHUJL MVP YLHSPaHKH LT .\PTHYqLZ UV LZWHsV NLYPKV WVY

HY[PZ[HZ V 3HIVYH[}YPV KHZ (Y[LZ 6 LZWHsV PH MLJOHY WLUZH]H ZL LU[qV X\L PH TLZTV ZLY KLTVSPKV ( L_WVZPsqV WHYH H X\HS H WLYMVYTHUJL MVP JVUJLIPKH ยธ HY[PZ[HZ \TH JHZH WHYH KLTVSPYยน Z\ISPUOH LZZH ZP[\HsqV *Y\a YLMLYL! ยธ8\PZ MHaLY \TH WLYMVYTHUJL X\L MVZZL \T [HU[V HIZ\YKH SPTWHY \T LZWHsV X\L PH KLZHWHYLJLY (V MHav SV HSNV HJVU[LJL\ V LZWHsV X\L SPTWLP LT JVU[YHZ[L JVT V YLZ[V KV ZVHSOV [VY UV\ ZL U\TH LZWtJPL KL JLU[YV ZVI \T MVJV JVTV ZL UqV [P]LZZL ZPKV SPTWV THZ PS\TPUHKVยน ( VIYH ยธ*VUQ\NHY UV 7S\YHSยน KL *HYSH *Y\a \TH JV SHIVYHsqV JVT H 6ร JPUH (YHYH JVT +H`HUH 3\JHZ UV KLZLUOV L PTWYLZZqV KV JHY[Ha YLZ\S[V\ KL \T JVU]P[L T\P[V LZWLJxร JV KHZ J\YHKVYHZ KH L_WVZPsqV ยธ7HYH (StT KHZ 7HSH]YHZยน ,ZWHsV *HTWHUOH X\L LYH [YHIHSOHY H WHY[PY KV SP]YV ยธ5V]HZ *HY[HZ 7VY [\N\LZHZยน KL WVY 4HYPH 0ZHILS )HYYLUV 4HYPH ;LYLZH /VY[H L 4HYPH =LSOV KH *VZ[H 4HZ LZ[L [YHIH SOV t [HTItT \T [YPI\[V H [VKHZ HZ HY[PZ[HZ X\L WHY [PJPWHYHT UV WYVQLJ[V ยธ(SS 4` 0UKLWLUKLU[ >VTLUยน KLZLU]VS]PKV KLZKL ( MHJL[H WVSPJYVTm[PJH KL ;LYLZH 4LUKVUsH LT ยธ,UJVU[YVZ 6JHZPVUHPZยน ;tJUPJH TPZ[H ZVIYL [LSH ? JT L ยธ/PZ[}YPHZ KL V\[YHZ KPTLUZย LZ 000ยน ;tJUPJH TPZ[H ZVIYL [LSH ? JT YL]LSH H Z\H PUKP]PK\HSPKHKL JVTV T\SOLY L JVTV HY[PZ[H KLYP ]HUKV KL ZPZ[LTHZ KL HWYLUKPaHNLT THZ [HTItT KH MVYTH JVTV ZLU[L H WPU[\YH JVT PU[PTPKHKL KV LZWHsV JVY S\a OH]LUKV \TH JVUZ[HU[L WYLVJ\WH sqV LT YLWLUZHY H HY[L L V YLMHaLY HY[xZ[PJV ;LYLZH Hร YTH! ยธ( TPUOH SPUN\HNLT WSmZ[PJH t THYJHKH WLSH VYPNPUHSPKHKL H[YH]tZ KL \T QVNV KL HS\Zย LZ VJ\S[H sย LZ L HZZVJPHsย LZ HWHYLU[LTLU[L ZLT UL_V X\L 9

HWLSH n L_WLYPvUJPH L_PZ[LUJPHS KV VIZLY]HKVY HYYHZ [HUKV V WHYH KLZHร VZ X\L KLZLQV LUMYLU[HY JVTV ZL ร aLZZL WHY[L KLZZL T\UKV HSP WYVWVZ[Vยน ,Z[H L_WVZPsqV PUZLYP\ ZL [HTItT UV ร IPKVZ (Y[ *OHSSLUNL +LZHร VZ (Y[xZ[PJVZ KL ร IPKVZ X\L LU[YL L KL THYsV KLZLU]VS]L\ \TH YLZPKvUJPH KL J\YH KVYLZ VUKL WHY[PJPWHYHT *HYVSPUH 8\PU[LSH *YPZ[PUH *HYKVZV L 3LVUHYKV 8\PU[LSH -VYHT [HTItT JVU ]PKHKVZ VZ HY[PZ[HZ WSmZ[PJVZ -PSPWL *\YHKV L ;OVTHZ :JOP[[LR H WHY[PJPWHY UVZ KLIH[LZ 6 NY\WV KL WHY[P JPWHU[LZ [L]L H WVZZPIPSPKHKL KL HWYLUKLY L KPZJ\[PY VZ KLZHร VZ KH J\YHKVYPH KLZKL V TVTLU[V KH PKLPH PUPJPHS H[t n Z\H L_LJ\sqV 6 JVU[H[V JVT VZ HY[PZ[HZ L JVT VZ YLZWVUZm]LPZ WLSHZ NHSLYPHZ L T\ZL\Z KL ร IPKVZ H ]PZP[H H KL[LYTPUHKVZ SVJHPZ KH =PSH WLY TP[P\ PUZLYPYLT ZL UH JVT\UPKHKL VUKL H L_WVZPsqV [L]L S\NHY L [LT WLYJLsqV ZVIYL VZ Wย ISPJVZ SVJHPZ 7HY[PJPWHYHT H[P]HTLU[L UHZ KPZJ\ZZย LZ HJVTWH UOHUKV HZ ]mYPHZ L[HWHZ KV WYVJLZZV ILT JVTV HWVPHYHT H TVU[HNLT KH L_WVZPsqV 9LMLYvUJPHZ )PISPVNYmร JHZ c )PISPVNYHWOPJHS 9LMLYLUJLZ )OHIOH /VTP 9V\[SLKNL

;OL 3VJH[PVU VM *\S[\YL 3VUKVU 5L^ @VYR

*VTL[H 4PJOLSL +PaPVUHYPV KLNSP Z[\KP J\S[\YHSP 9VTH 4LS [LTP 3`V[HYK 1LHU -YHUsVPZ ;OL 7VZ[TVKLYU *VUKP[PVU 4HU JOLZ[LY <UP]LYZP[` 7YLZZ 5L]LZ 9P[H *PV[[H 6Z ,Z[\KVZ 7}Z *VSVUPHPZ! \T 7HYHKPN TH KL .SVIHSPaHsqV PU )HIPS}UPH U )YHZPS 7VSSVJR .YPZLSKH +LZKL SHZ PU[LY]LUJPVULZ MLTPUPZ[HZ OHZ[H SVZ LMLJ[VZ MLTPUPZ[HZ LU SHZ OPZ[VYPHZ KLS HY[L (UHSPZLZ KL SH ]PY[\ HSPKHKL MLTPUPZ[H ` SHZ [YHUZMVYTHJPVULZ LZ[t[PJHZ KLS [YH\TH 7YV K\JJPVU HY[xZ[PJH ` [LVYPH MLTPUPZ[H KLS HY[L! U\L]VZ KLIH[LZ 0 *LU[YV *\S[\YHS 4VU[LOLYTVZV 2\S[\Y\ULH 6SP]LPYH .LUV]L]H :L]LU X\LZ[PVUPUN [OL PKLU[P[` (J[HZ KV ยข ,UJVU[YV 0U[LYUHJPVUHS KHZ (Y[LZ 07=* =PHUH KV *HZ[LSV

10

6IPKVZ (Y[ *OHSSLUNL ;OL )V_ ;OL )V_ VWLUZ [OL WVZZPIPSP[PLZ MVY H WYVJLZZ PU JVUZ[Y\J[PVU ^OPJO PU]VS]LZ UHYYH[P]LZ VM ZL]LYHS HY [PZ[Z \ZPUN KPMMLYLU[ WVL[PJZ HUK WYVK\J[PVU WYVJLZ ZLZ Z\JO HZ :J\SW[\YL 7HPU[PUN 0UZ[HSSH[PVU =PKLV >VVKJ\[ 7OV[VNYHWO` HUK ;HWLZ[Y` ;OL HY[PZ[Z TLU HUK ^VTLU PU]P[LK [V KPHSVN\L PU KPMMLYLU[ ^H`Z HIV\[ [OL OVSPZ[PJ ]PZPVU VM HY[ HUK [V YLÃ&#x2026;LJ[ VU [OL O\THU ILPUN HZ H ^OVSL ILPUN ^P[O HU PKLU[P[` 0U JS\KLK PU [OL YLZLHYJO WYVQLJ[ ¸5V :PSLUJL¹ ;OL )V_ PZ [OL ZLJVUK VM H U\TILY VM L_OPIP[PVUZ ^P[O 7VY[\ N\LZL HUK MVYLPNU HY[PZ[Z ^OPJO PZ ILPUN KL]LSVWLK PU 7VY[\NHS 6SP]LPYH >OH[ PZ P[ [V IL 7VY[\N\LZL& 0[ PZ [OPZ KLZPYL VM ILSVU NPUN [V H JVTT\UP[` H ZVJPHS J\S[\YHS HUK OPZ[VYPJ JVUZ[Y\J[PVU ^OPJO TH[LYPHSPaLZ [OYV\NO [OL 7VY[\ N\LZL SHUN\HNL [OL Ã&#x2026;H]VYZ [OL HYVTHZ [OL MHTPS` Z[VYPLZ [OYV\NOV\[ [OL JLU[\YPLZ VM [LHYZ HUK SH\ NO[LYZ VM TLU HUK ^VTLU VM ZTPSLZ HUK OHSM ZTPSLZ VY Z[PSS VUL V[OLY Z[VY` [OH[ VUL I\PSKZ VU [OH[ SVUN ([SHU[PJ JVHZ[ HU PTTLUZL HUK HUJLZ[YHS I\PS[ HUK UH[\YHS OLYP[HNL ;V IL H JP[PaLU PZ [V KL]LSVW HUK HZZ\TL VULZLSM HZ H WLYZVU VM M\SS WVZZPIPSP[PLZ )\[ [OL JVU[LTWVYHY` ZV JPL[` JSHPTZ MVY UL^ ZWLLJOLZ UL^ ]PZPVUZ ;OLYL PZ H Z`TIVSPJ YLKLÃ&#x201E;UP[PVU VM RUV^SLKNL KPZZLTPUH[LK PU L]LY`KH` SPML" [OLYL PZ H UL^ K`UHTPJ VM ZWHJL [PTL JVTWYLOLUZPVU VM [OL JVU[LTWVYHY` ^VYSK ;OLYL PZ H NYV^PUN PUZ[HIPSP[` VM [OL Z\IQLJ[P]P[PLZ HUK VM [OL TVKLYU PKLU[P[PLZ HSVUN ^P[O H NYLH[LY LTLYNLUJ` KLZPYL MVY ]VS\U[LLY PU[LYJ\S[\YHS JVU[HJ[Z VY UV[ ;OL YLHS JVUJLYUZ HUK [OL YLSL]HU[ WYVISLTZ VM [VKH`»Z ZVJPL[` Z\JO HZ [OL NLUKLY PZZ\LZ [OL WZ`JOVSVNPJHS HUK WO`ZPJHS ]PVSLUJL VM H NSVIHS ^VYSK LTLYNL HUK

TH[LYPHSPaL PU [OL HY[PZ[Z» ^VYRZ PU KPZ[PUJ[P]L ^H`Z SLHKPUN W\ISPJZ [V TVYL [OHU SVVR [V VIZLY]L HUK [V YLÃ&#x2026;LJ[ ;VKH` [OL J\S[\YHS Z[\KPLZ JVU[PU\L ^P[O [OL HMÃ&#x201E;YTH [PVU VM T\S[PJ\S[\YHSPZT MVJ\ZPUN VU [OL Z[\K` VM [OL KPMMLYLU[ J\S[\YHS HZWLJ[Z HUK LZ[HISPZOPUN [OL KPHSV N\L ^P[O V[OLY KPZJPWSPULZ Z\JO HZ (U[OYVWVSVN` :VJPVSVN` 7OPSVZVWO` /PZ[VY` VM (Y[ HUK ,[OUVNYH WO` ;OPZ UL^ ^H` VM [OPURPUN YLÃ&#x2026;LJ[Z [OL ZVJPHS HUK LJVUVTPJ JOHUNL H UL^ VYKLY PU [OL >LZ[ LUJV\YH NLK ^P[O [OL JVTT\UPJH[PVU KL]LSVWTLU[ LJVUVT` NSVIHSPaH[PVU (TLYPJHUPaH[PVU VM [OL J\S[\YLZ HUK JVTW\[LY [LJOUVSVN` 5L]LZ +LZWP[L HSS [OH[ [OH[ HWWHYLU[ OVTVNLULP[` WLVWSL JSHPT MVY [OLPY PUKP]PK\HSP[` L[OUPJP[` HUK J\S[\YHS SLNHJPLZ ;OPZ PZ [OL HJRUV^SLKNTLU[ VM J\S[\YHS WS\YHSPZT ;OL UL^ JVUJLW[Z MVJ\ZLK VU [OL KPMMLYLUJL ^OPSL NLULYHS JVUJLW[ HUK VU [OL YHJPHS KPMMLYLUJL SLHK [OL HY[PZ[ [V ILJVTL HU HJ[VY HUK HU VIZLY]LY H YLHKLY VM [OL HY[PZ[PJ WYVK\J[PVU ;OLYL PZU»[ VUL VUS` TLHUPUN I\[ ZL]LYHS ILPUN HSS ]HSPK )OHIOH ;OL ZJ\SW[VY ^VYR VM -PSPWL *\YHKV ¸;OL )V_¹ _ _ JT THYISL H[ [OL LU[YHUJL VM UV]H6NP]H .HS SLY` ZLY]LZ HZ TV[[V MVY [OL KPHSVN\L IL[^LLU [OL V[OLY L_OPIP[PVU ^VYRZ *\YHKV»Z OHSM VWLULK IV_ TVKLSLK PU THYISL YL]LHSZ VU [OL VUL OHUK [OL VYP NPUHSP[` VU [OL TH[LYPHS [YLH[TLU[ I\[ P[ HSZV PUZWPYLZ Z[VYPLZ ^P[O ZLJYL[Z HUK T\S[PWS` UHYYH[P]LZ L_WL YPLUJLZ [OH[ LHJO HY[PZ[ OHZ NVUL [OYV\NO HUK [OH[ PU H WLJ\SPHY HUK Z\IQLJ[P]L ^H` HYL OLYL [YHUZTP[[LK [OYV\NO [OLPY L`LZ [OYV\NO [OL HUHS`ZPZ VM [OL J\YH [VY HUK [OYV\NO [OL W\ISPJ ^OV SVVRZ VIZLY]LZ HUK ZLLZ HUK PU [OLPY [\YU I\PSK [OLPY V^U Z[VYPLZ *\YHKV WYLZLU[Z V[OLY ^VYRZ PU [OPZ L_OPIP[PVU ^OPJO 11

YHPZLZ KPMMLYLU[ KPHSVN\LZ ;OL ยธ5\ยน 5\KL _ _ JT THYISLD YL]LHSZ [OL WLYMLJ[PVU HUK PTWLYMLJ [PVU VM H MLTPUPUL IVK` HUK [OL KPMMLYLU[ TLHUPUNZ VM [OL IVK` ^OPSL Z`TIVSPJ PTHNL VM H 7VY[\N\LZL HUK NSVIHS Z[VY` M\SS VM ZVJPHS HUK J\S[\YHS JVKLZ )\[ P[ PZ [OYV\NO [OL ^VYR ยธ6]LSOH 5LNYHยน )SHJR :OLLW B _ _ JT THYISLD [OH[ *\YHKV YLWVY[Z [OL PUKP]PK\HSP[` HUK [OL PKLU[P[` VM [OL O\THU ILPUN ^OPJO KVLZ UV[ WYLZLU[ P[ZLSM HZ KPMMLYLU[ I\[ HZ H \UPX\L ILPUN ;OPZ WPLJL KPHSVN\LZ ^P[O [OL ^VYR VM 5LSZVU *YLZWV ยธ7HZZHWVY[L 7VY[\N\vZยน 7VY[\N\LZL 7HZZWVY[ >VVKJ\[ :LYPNYHWO HUK VPS VU WHWLY _ JT ^OPJO PU [OL ^VYKZ VM [OL HY[PZ[ I` [OL MHJ[ [OH[ [OL WHZZWVY[ OHZ ILLU LUSHYNLK [V WVZ[LY )PSSIVHYK ZJHSL [YHUZSH[LZ [OL ^PZO [V PUJYLHZL [OL PKLH VM UH[PVUHS PKLU[P[` 5LSZVU SP]LZ PU 3VUKVU HUK [OPZ L_WLYPLUJL V\[ VM 7VY[\NHS PUร \LUJLK [OL ZLHYJO MVY [OL [OLTL MVY [OPZ [OYLL `LHY WYVQLJ[! ยธ;OL YLML YLUJLZ ^OPJO VUL OHZ ^OLU SP]PUN MHY MYVT [OL OVTL JV\U[Y` HYL KPZ[VY[LK HUK YVTHU[PJPaLK 6U [OL V[OLY OHUK [OL` TH` HSZV JVU[HPU MLLSPUNZ VM KLUPHS VY VM L_PSL ยน ;OL ]PZPISL KH[L VU [OL Z[HTW (\N\Z[ VM =PSHY -VYTVZVยปZ IVYKLY WVZ[ YLTPUKZ \Z VU [OL VUL OHUK VM H Z\TTLY WLYPVK HUK VM H O\NL PU ร \_ VM LTPNYHU[Z VU [OL V[OLY OHUK [OL `LHY ILMVYL 7VY[\NHSยปZ LU[Y` [V [OL ,< 1HU\HY` HUK ^P[O P[ [OL HJJLZZ [V MYLL TV]LTLU[ ;OPZ PUKP]PK\HSP[` VM *YLZWV PZ LX\HSS` WYLZLU[ PU [OL ^VYR VM 7H\SV *HUPSOHZ ยธ:05;6 4, JVUM\ZV WYLZV KPNP[HS TLJoUPJV LT T\KHUsHยน 0 -,,3ยฏJVUM\ZLK [YHWWLK KPNP[HS TLJOHUPJ 0ยปT JOHUNPUNยน _ JT 7OV[VNYHWOPJ JVTWVZP[PVU ยถ +PNP[HS WYPU[PUN NS\LK VU 7=* PU ^OPJO OL [LSSZ H Z[VY` VM OPZ WLYZVUHS SPML HUK ^OPJO PTWLSZ \Z ZWLJ[H[VYZ [V V\Y MYLL PU[LYWYL[H 12

[PVU (Z H J\YH[VY 0 ZLL T`ZLSM PU [OPZ ยธPU]PZPISLยน Z[VY` VM *HUPSOHZ ^OLYL 0 ร UK [OL YLWYLZLU[H[PVU VM HU PUKP ]PK\HS PKLU[P[` I\[ [YHUZUH[PVUHS PU H [YV\ISLK WLYPVK HZ [VKH` PU ^OPJO [OL KH`Z HYL ร SSLK ^P[O PU[LYYVNH [PVUZ HUK [OL \UJLY[HPU[` N\PKLZ [OL JOVZLU WH[OZ 7H\SV KVLZ UV[ JVUZPKLY [OPZ ^VYR ร UPZOLK Q\Z[ HZ UV Z[VY` VM H O\THU ILPUN PZ 0U *HUPSOHZยป PUZ[HSSH[PVUZ ยธ6YNHUPJยน [OL HY[PZ[ VUJL HNHPU L_WSVYLZ [OL PZZ\LZ VM PUKP]PK\HSP[` PU [VKH`ยปZ ^VYSK /L PUZWPYLZ OPTZLSM PU H TLJOHUPaLK PUK\Z[YPHS \YIHU HUK WVSS\[LK \UP]LY ZL [OH[ KLZ[YV`Z HUK Z\MMVJH[LZ [OL PUKP]PK\HS ZPUJL [OL [O JLU[\Y` 6UL KH` ^PSS [OLYL IL YVVT MVY [OL VYNHUPJ TH[[LY [V YLNHPU P[Z ZWHJL& ;OPZ PZ [OL PZZ\L [OH[ 7H\SV L]PKLUJLZ I` YLMLYYPUN! ยธ69.(50* HYL T` ]PL^ VM [OH[ [PTL PU ^OPJO [OL VYNHUPJ TH[[LY ^OV RUV^Z PU ^OPJO ^H` LTLYNLZ \UKLY [OL JVSK HUK [\ T\SHY TL[HS HUK ^PSS [Y` HNHPU [V ^PU P[Z WSHJL PU [OL ^VYSKยน (Z KPHSVN\PUN ^P[O [OLZL ^VYRZ ^L VIZLY]L [OL ]P KLV ยธ0U[LYZLJsย LZ UV LZWLSOVยน 0U[LYZLJ[PVUZ PU [OL TPYYVY ^OLYL 0ZHILS 3PTH WVY[YH`Z [OL UH[PVUHS PKLU [P[` ZWLJPM`PUN [OL MLTPUPUL L_HTWSL :OL \ZLZ PKLU [P[` LSLTLU[Z VM [OL ^VTLU VM [OL UVY[O VM 7VY[\NHS HUK PU OLY ^VYKZ! ยธ0 L_WSVYL KLUZL HUK ร \PK HTIPHU JLZ WSH`PUN ^P[O HU PJVUVNYHWO` HZZVJPH[LK [V [OL PKLU[P[` VM [OL ^VTLU VM [OL UVY[O SPULU OLHKZJHY ]LZ LTIYVPKLYPLZ QL^LSY` [OH[ PU[LYZLJ[ ^P[O L[OL YLHS KLUZL HUK KYHTH[PJ HTIPHUJLZ [OH[ H[ [PTLZ ISLUK PU[V ^VTHU NPYS KVSS ^OV WS\UNL PU [OL KHYR HUK ]PVSLU[ Z^HTW VM [OL MVYLZ[ VM [OLPY L_PZ[LUJL ^OLYL KLZPYLZ KYLHTZ HUK MLHYZ JVL_PZ[ยน )LSTPYH :LJV TH[LYPHSPaLZ [OYV\NO ยธ( JVU[L_[\HSP aHsqV KH T\SOLY H[YH]tZ KVZ TP[VZยน ;OL JVU[L_[\

HSPaH[PVU VM ^VTLU [OYV\NO [OL T`[OZ HWWSPJH[PVU VU MHIYPJ UH[\YHS SPULU Z\WWVY[ HUK ZL]LYHS JVSVYLK MHIYPJZ ? T H TLTVY` VM [OL 7VY[\N\LZL PKLU[P[` V\Y (MYPJHU SLNHJ` WYLZLU[ PU V\Y J\S[\YL (UNVSHU I\[ ^P[O ^PKL L_WLYPLUJL PU 7VY[\NHS )LS TPYH YL]LHSZ [OL LUVYTV\Z WV^LY VM 4V[OLY ,HY[O [OL T`[OVSVN` ^OPJO PU]VS]LZ [OL IHVIHI [YLL JVU ZPKLYLK [V IL H ZHJYLK [YLL [OH[ PUZWPYLZ WVL[YPLZ YP [LZ HUK SLNLUKZ 6SP]LPYH :PKL I` ZPKL -PSPWL *\YHKV ^P[O [OL ^VYRZ :VSP[mYPH 0 L 00 HUK 3PUOH KV /VYPaVU[L :VSP[HY` 0 HUK 00 HUK :R`SPUL YLPUMVYJLZ [OH[ WV^LY VM 4V[OLY ,HY[O H TL[HWOVY VM [OL MLTP UPUL WV^LY JLU[YHS JVUJLYU

MVY ^OPJO [OL WLYMVYTHUJL ยธ HY[PZ[HZ \TH JHZH WHYH KLTVSPYยน HY[PZ[Z H OV\ZL [V KLTVSPZO ^HZ JVUJLP]LK LTWOHZPaLZ [OPZ ZP[\H[PVU *Y\a YLMLYZ ยธ0 ^HU[LK [V THRL H WLYMVYTHUJL [OH[ ^V\SK IL YH [OLY HIZ\YK JSLHU H ZWHJL [OH[ ^V\SK KPZHWWLHY )` KVPUN P[ ZVTL[OPUN OHWWLULK [OL ZWHJL [OH[ 0 JSLHULK PU JVU[YHZ[ ^P[O [OL YLZ[ VM [OL ร VVY ILJHTL H RPUK VM JLU[YL \UKLY H ZWV[ HZ PM P[ OHK UV[ ILLU JSLHULK I\[ SP[ ยน

;OL PUZ[HSSH[PVU ยธ7} KL HYYVaยน 9PJL 7V^KLY VM 0ZHILS 3PTH BMHIYPJZ ^PYL HJY`SPJ WHPU[ Z[LH[P[L HUK HYV THZ ? ? JTD KPZ[\YIZ \Z KLLWS` ( IYPKL ^P[O UV MHJL ^YHWWLK PU IHYILK ^PYL HUK PU YLK THU [SLZ YLMLYZ [V [OL WO`ZPJHS HUK WZ`JOVSVNPJHS ]PVSLUJL VM O\THU YLSH[PVUZ HUK VM ZV THU` HUVU`TV\Z MHJLZ ^OLYL [OL PUKP]PK\HS HZ PUKP]PK\HS OHZ UV YPNO[ MVY YLZ WLJ[ UVY MVY ]PZPIPSP[` 6SP]LPYH

*HYSH *Y\aยปZ ^VYR ยธ*VUQ\NHY UV 7S\YHSยน *VUQ\NH[L PU 7S\YHS H JVSSHIVYH[PVU ^P[O 6ร JPUH (YHYH OH]PUN +H`HUH 3\JHZ MVY [OL KLZPNU HUK WYPU[PUN VM [OL WVZ[LY YLZ\S[LK MYVT H ]LY` ZWLJPร J PU]P[H[PVU VM [OL L_OPIP[PVUยปZ ยธ7HYH (StT KHZ 7HSH]YHZยน )L`VUK >VYKZ J\YH[VYZ *HTWHPNU :WHJL ^OPJO ^HZ [V ^VYR V\[ MYVT [OL IVVR ยธ5V]HZ *HY[HZ 7VY[\N\L ZHZยน 5L^ 7VY[\N\LZL 3L[[LYZ VM I` 4HYPH 0ZH ILS )HYYLUV 4HYPH ;LYLZH /VY[H HUK 4HYPH =LSOV KH *VZ[H )\[ [OPZ ^VYR PZ HSZV H [YPI\[L [V HSS HY[PZ[Z ^OV WHY[PJPWH[LK PU ยธ(SS 4` 0UKLWLUKLU[ >VTLUยน WYVQLJ[ KL]LSVWLK ZPUJL

0U WHYHSSLS ^P[O [OLZL ^VYRZ [OL WOV[VNYHWOZ VM *HYSH *Y\aยปZ ยธ4HPU[LUHUJL (Y[! /VTHNL [V 4PLYSL 3HKLYTHU <RLSLZยน WLYMVYTHUJL HUK [OL ZLYPNYHWO` ยธ*VUQ\NHY UV 7S\YHSยน *VUQ\NH[L PU 7S\YHS PU[LUZPM` VUJL TVYL [OL MLTPUPUL WVZP[PVU 0U [OL ร YZ[ ^VYR *Y\a PU [YPI\[L [V <RLSLZ [OL UVY[O (TLYPJHU HY[PZ[ ^OV IYV\NO[ KVTLZ[PJ [V W\ISPJ ZWHJL I` JSLHUPUN [OL T\ZL\T NP]LZ ]PZPIPSP[` [V [OL JSLHUPUN [LHT ;OL WLYMVYTHUJL ^HZ OLSK PU .\PTHYqLZ PU [OL ZWHJL THUHNLK I` HY[PZ[Z [OL 3HIVYH[VY` VM (Y[Z ;OL ZWHJL ^HZ NVPUN [V JSVZL P[ ^HZ [OV\NO[ [OLU [OH[ P[ ^HZ NVPUN [V IL KLTVSPZOLK ;OL L_OPIP[PVU

;OL WVS`JOYVTH[PJ MHJL[ VM ;LYLZH 4LUKVUsH PU ยธ,UJVU[YVZ 6JHZPVUHPZยน ;tJUPJH TPZ[H ZVIYL [LSH ? JT 6JJHZPVUHS ,UJV\U[LYZ TP_LK [LJOUP X\L VU JHU]HZ ? JT HUK ยธ/PZ[}YPHZ KL V\[YHZ KPTLUZย LZ 000ยน ;tJUPJH TPZ[H ZVIYL [LSH ? JT :[VYPLZ VM V[OLY KPTLUZPVUZ 000 TP_LK [LJOUPX\L VU JHU]HZ ? JT YL]LHSZ OLY PUKP]PK\HSP[` HZ H ^V THU HUK HZ HU HY[PZ[ HJOPL]LK MYVT SLHYUPUN Z`Z [LTZ I\[ HSZV MYVT [OL ^H` ZOL MLLSZ WHPU[PUN ^P[O ZWHJL JVSVY HUK SPNO[ PU[PTHJ` L_PZ[PUN H JVUZ[HU[ JVUJLYU PU YL[OPURPUN [OL HY[ HUK [OL HY[PZ[PJ YLTHRL ;LYLZH Z[H[LZ! ยธ4` WSHZ[PJ SHUN\HNL PZ THYRLK I` VYP 13

NPUHSP[` [OYV\NO H NHTL VM HSS\ZPVUZ VJJ\S[H[PVUZ HUK HZZVJPH[PVUZ HWWHYLU[S` ^P[O UV SPUR [OH[ JHSSZ MVY [OL L_PZ[LU[PHS L_WLYPLUJL VM [OL VIZLY]LY KYHNNPUN OPT [V JOHSSLUNLZ [OH[ 0 KLZPYL [V MHJL HZ PM OL ^HZ WHY[ VM [OL ^VYSK [OLYL WYVWVZLK ¹ ;OPZ L_OPIP[PVU ^HZ HSZV PUJS\KLK PU ÔIPKVZ (Y[ *OHS SLUNL +LZHÄVZ (Y[xZ[PJVZ VM ÔIPKVZ [OH[ K\YPUN 4HYJO KL]LSVWLK H J\YH[VYZ» YLZPKLUJL ^OLYL *HYV SPUH 8\PU[LSH *YPZ[PUH *HYKVZV HUK 3LVUHYKV 8\PU [LSH WHY[PJPWH[LK -PSPWL *\YHKV HUK ;OVTHZ :JOP[[LR ^LYL HSZV [OL WSHZ[PJ HY[PZ[Z PU]P[LK [V WHY[PJPWH[L PU [OL KLIH[LZ

14

OS THEARTISTAS ARTISTS

BELMIRA SECO A contextualização da mulher através dos mitos

airam belmira seco

17

5H[\YHS KL 3\HUKH (UNVSH HY[PZ[H WSmZ[PJH KLZLU ]VS]L H Z\H WYm[PJH HY[xZ[PJH UH WYVK\sqV KL [HWL sHYPH HY[xZ[PJH L [LT KLZLU]VS]PKV WLZX\PZHZ ZVIYL [LJUVSVNPHZ KV [LHY KLZKL 3PJLUJPHKH LT ,Z [\KVZ *\S[\YHPZ L H[\HSTLU[L TLZ[YHUKH LT ,Z[\KVZ (U[YVWVS}NPJVZ WLSH <UP]LYZPKHKL -LYUHUKV 7LZZVH 7VY[V ;LT WHY[PJPWHKV KLZKL LT L_WVZPs LZ JVSL[P ]HZ LT ÍMYPJH (UNVSH L ,NP[V L UH ,\YVWH 7VY[\ NHS ,ZWHUOH L 9LPUV <UPKV

)VYU PU 3\HUKH (UNVSH WYHJ[PJLZ HY[PZ[PJ [HWLZ[Y` HUK OHZ ILLU YLZLHYJOPUN VU [OL SVVT [LJOUVSVNPLZ ZPUJL /HZ H )( PU *\S[\YHS :[\KPLZ HUK PZ J\Y YLU[S` \UKLYNVPUN H 4HZ[LY»Z +LNYLL PU (U[OYVWV SVNPJHS :[\KPLZ H[ [OL <UP]LYZP[` -LYUHUKV 7LZZVH 7VY[V :OL OHZ WHY[PJPWH[LK PU NYV\W L_OPIP[PVUZ ZPUJL H[ JV\U[YPLZ Z\JO HZ (UNVSH HUK ,N`W[ 7VY[\ NHS :WHPU HUK [OL <2

19

CARLA CRUZ Maintenance Art: Homenagem a Mierle

carla cruz O[[W! HSST`PUKLWLUKLU[^VTLU ISVNZWV[ W[ 21

=PSH 9LHS +V\[VYHUKH LT HY[LZ UV .VSKZTP[OZ <UP]LYZP[` VM 3VUKVU 9LPUV <UPKV JVT WYVQL[V KL [LZL º+LTV JYHJPH H PU[LY]LUsqV UqV HY[xZ[PJH» 4LTIYV KL ]m YPVZ JVSLJ[P]VZ HY[xZ[PJVZ UHJPVUHPZ L PU[LYUHJPVUHPZ [HPZ JVTV A6P5( *HSKLPYH ([LSPLYZ 4LU[VS (* L[J +PUHTPaH V ISVN L WYVQL[V L_WVZP[P]V (SS 4` 0UKL WLUKLU[ >VTLU LT [VYUV KHZ X\LZ[ LZ KL NtULYV KLZKL

*VTWSL[PUN H 7O+ PU HY[ WYHJ[PJL H[ .VSKZTP[OZ <UP ]LYZP[` VM 3VUKVU ^P[O [OL WYVQLJ[ º+LTVJYHJ` [OL UVU HY[PZ[PJ PU[LY]LU[PVU» 4LTILY VZ ZL]LYHS HY[PZ[PJ JVSSLJ[P]LZ Z\JO HZ A6P5( *HSKLPYH ([LSPLYZ 4LU[VS (* L[J 6YNHUPZLZ [OL L_OPIP[PVU WYVQLJ[ HUK ISVN VU NLUKLY HUK HY[ (SS 4` 0UKLWLUKLU[ >VTLU ZPUJL 23

ÄSPWL curado

FILIPE CURADO A caixa/The Box

Linha do horizonte

Nu

A ovelha negra

Solitรกria I

FILIPE CURADO 3LPYPH ,ZJ\S[VY H\[VKPKH[H PUPJPV\ V ZL\ WLY J\YZV LT +LZKL LU[qV [LT ]PUKV H JVSHIVYHY JVT ]mYPHZ NHSL YPHZ KL HY[L L_WVUKV JVT MYLX\vUJPH \T WV\JV WVY [VKV V WHxZ L [HTItT UV LZ[YHUNLPYV ,Z[m YLWYLZLU[HKV LT ]HYPHZ JVSLs LZ PUZ[P[\JPVUHPZ WHY[PJ\SHYLZ L JVU[H [HTItT JVT HSN\THZ VIYHZ W ISPJHZ

Solitária II

)VYU PU PU 3LPYPH :LSM [H\NO[ ZJ\SW[VY OL IL NHU OPZ ^VYR PU :PUJL [OLU OL OHZ JVSSHIVYH [LK ^P[O ZL]LYHS HY[ NHSSLYPLZ L_OPIP[PUN MYLX\LU[S` HSS V]LY 7VY[\NHS HUK HSZV HIYVHK /L PZ YLWYLZLU[LK PU ]HYPV\Z PUZ[P[\[PVUHS HUK WYP]H[L JVSSLJ[PVUZ HZ ^LSS HZ PU W\ISPJ ^VYRZ 31

Pó de Arroz - Instalação ISABEL LIMA

32

7VY[V 3PJLUJPHKH LT 7PU[\YH WLSH ,ZJVSH :\WLYPVY KL )L SHZ (Y[LZ KV 7VY[V LT MVP IVSZLPYH KH -\UKH sqV *HSV\Z[L .\SILURPHU KL H 4HPZ [HYKL VI[L]L V 4LZ[YHKV LT ;LJUVSVNPH ,K\JH [P]H UH <UP]LYZPKHKL KV 4PUOV 7HY[PJPWV\ LT KP]LY ZHZ L_WVZPs LZ JVSLJ[P]HZ L LZ[m YLWYLZLU[HKH LT ]mYPHZ JVSLJs LZ WYP]HKHZ

0ZHILS 3PTH ^HZ IVYU PU 7VY[V 7VY[\NHS PU :OL NYHK\H[LK PU 7HPU[PUN MYVT [OL -HJ\S[` VM -PUL (Y[Z VM <UP]LYZP[` VM 7VY[V PU (Z H Z[\KLU[ ZOL ^HZ H NYHU[LL VM [OL *HSV\Z[L .\SILURPHU -V\UKH[PVU MYVT

3H[LY ZOL VI[HPULK H 4HZ[LY»Z KLNYLL PU ,K\JH[PVU ;LJOUVSVN` H[ 4PUOV <UP]LYZP[` :OL WHY[PJPWH[LK PU ZL]LYHS JVSSLJ[P]L L_OPIP[PVUZ HUK PZ YLWYLZLU[LK PU ]HYPV\Z WYP]H[L JVSSLJ[PVUZ

isabel lima 33

34

35

5LSZVU *YLZWV c Passaporte portuguĂŞs

ULSZVU JYLZWV

37

O[[W! ULSZVUJYLZWV ISVNZWV[ W[

5LSZVU *YLZWV ]P]L L [YHIHSOH LT 3VUKYLZ 4LZ[YHKV LT (Y[LZ 7SmZ[PJHZ WLSH *HTILY^LSS *VS SLNL VM (Y[ 3VUKYLZ L 3PJLUJPHKV LT (Y[LZ 7SmZ[PJHZ WLSH ,:(+ *HSKHZ KH 9HPUOH (J[P]PKHKLZ YLJLU[LZ PUJS\LT H L_WVZPsqV PUKP]PK\HS ¸,KLU¹ UH /V\ZL VM ( :H\]HNL 3VUKYLZ LT L ¸9LZ[SLZZ UV[OPUN Z[H`Z [OL ZHTL¹ UV 2\UZ[]L YLPU (OSLU 4\UZ[LY (SLTHUOH LT ,_WVZPsVLZ JVSLJ[P]HZ PUJS\LT ¸)YPKNLZ¹ UH -VSK .HSSLY` 3VU KYLZ LT ,T MVP JYPHKVY LT 9LZPKvUJPH UV ;VR`V >VUKLYZP[L ;VR`V 5LSZVU *YLZWV SP]LZ HUK ^VYRPUN PU 3VUKVU /L OVSKZ H 4HZ[LY PU -PUL (Y[ MYVT *HTILY^LSS *VS SLNL VM (Y[ 3VUKVU HUK H )( -PUL MYVT ,:(+ *HS KHZ KH 9HPUOH 9LJLU[ HJ[P]P[PLZ PUJS\KL [OL ZVSV ZOV^ ¸,KLU¹ H[ /V\ZL VM ( :H\]HNL 3VUKVU PU HUK ¸9LZ [SLZZ UV[OPUN Z[H`Z [OL ZHTL¹ H[ 2\UZ[]LYLPU (OSLU 4\UZ[LY .LYTHU` PU .YV\W L_OPIP[PVUZ PUJS\ KL )YPKNLZH[ -VSK .HSSLY` 3VUKVU <2 PU 0U OL ^HZ *YLH[VY PU 9LZPKLUJL H[ ;VR`V >VUKLY ZP[L ;VR`V O[[W! ULSZVUJYLZWV ISVNZWV[ W[ 39

WH\SV JHUPSOHZ

http://www.paulocanilhas.org/ 41

PAULO CANILHAS Organic_B_#1

Organic_A_#10

PAULO CANILHAS SINTO-ME... confuso / digital / em mudança / mecânico / preso

6 ZL\ [YHIHSOV U\TH ÄUH SPUOH LU[YL H WPU[\YH L H LZJ\S[\YH JYLZJL H WHY[PY KH JVU[PUNvUJPH K\TH L_PZ[vUJPH JVU[LTWVYoULH YLWSL[H KL LTVs LZ WHYH ZP PUZWPYHKVYHZ +LZLU]VS]L H H[P]PKHKL HY[xZ[PJH ZLTWYL UV ZLU[PKV KL LUJVU[YHY H Z\H WY}WYPH JVYYLU[L L H Z\H WY}WYPH PTHNLT [LUKV WVY UVYTH L WYPUJPWHS VIQL[P]V JVT\ UPJHY JVT X\LT ]v HZ Z\HZ WLsHZ (Y[PZ[H T\S[PKPZJPWSPUHY VZ ZL\Z JHTWVZ KL L_WYLZ ZqV KLZLU]VS]LT ZL UHZ mYLHZ KH WPU[\YH KLZLUOV PUZ[HSHsqV L KPNP[HS

/PZ ^VYR H [OPU SPUL IL[^LLU WHPU[PUN HUK ZJ\SW[\YL NYV^Z MYVT [OL JVU[PUNLUJ` VM H JVU[LTWVYHY` L_PZ [LUJL M\SS VM PUZWPYPUN LTV[PVUZ +L]LSVWZ HY[PZ[PJ HJ[P]P[` HS^H`Z SVVRPUN [V ÄUK P[Z V^U WH[O HUK P[Z V^U PTHNL ^P[O [OL THPU VIQLJ[P]L [V JVTT\UPJH[L ^P[O [OVZL ^OV ZLL [OLPY WPLJLZ 4\S[PKPZJPWSPUHY` HY[PZ[ WHPU[PUN KYH^PUN PUZ[HSSH[PVU HUK KPNP[HS ^VYR HYL [OLPY ÄLSK VM L_WYLZZPVU

^^^ WH\SVJHUPSOHZ VYN 45

TERESA MENDONÇA Histórias De Outras Dimensões

airam teresa ed ortsac VOU

III

http://teresapintura.blogspot.pt/

TVYVZ mendonรงa

TERESA MENDO

Encontros Ocasio

7VU[H +LSNHKH (sVYLZ *VT MVYTHsqV LT HY[LZ ]PZ\HPZ YLJLIL\ SPs LZ KL WPU[\YH KV TLZ[YL +VTPUNVZ 9LILSV ,U]LYLKV\ WLSH WPU[\YH YLMLYLUJPHUKV ZL UH VIYH KV TLZ[YL /PSmYPV ;LP_LPYH 3VWLZ 9LWYLZLU[HKH LT KP]LYZHZ JVSLs LZ WHY[PJ\SHYLZ UH JPVUHPZ L LZ[YHUNLPYHZ ]P\ \TH ]La THPZ V ZL\ TtYP [V YLJVUOLJPKV [LUKV ZPKV HNYHJPHKH JVT V WYtTPV 4(* WPU[\YH 4LUZqV /VUYVZH 4(* LT L LT V 7YtTPV /PSmYPV ;LP_LPYH 3VWLZ >HZ IVYU PU 7VU[H +LSNHKH (aVYLZ >P[O H [YHPUPUN PU ]PZ\HS HY[Z ZOL OHK WHPU[PUN SLZZVUZ MYVT THZ[LY +VTPUNVZ 9LILSV 0UZWPYLK I` [OL ^VYR VM THZ[LY /PSmYPV 3VWLZ ;LP_LPYH ZOL LUNHNLK PU [OL HY[ VM WHPU[PUN 9LWYLZLU[LK PU ZL]LYHS WYP]H[L JVSSLJ[PVUZ PU 7VY[\ NHS HUK HIYVHK ZOL OHZ ZLLU OLY TLYP[Z YLJVNUPaLK [OYV\NO [OL 4(* WHPU[PUN WYPaL H^HYK [OL 4(* /VUVYHISL 4LU[PVU H^HYK HUK ÄUHSS` [OL 7YPaL /PSmYPV ;LP_LPYH 3VWLZ PU HUK

ONÇA

onais 49

-0*/( ;i*50*( c ;,*/50*(3 -03,

,?76:0h²6 *\YHKVYH .LUV]L]H 6SP]LPYH *VVYKLUHsqV KH ,_WVZPsqV c ,_OPIP[PVU *VVYKPUH[PVU (UH *HSsHKH L .LUV]L]H 6SP]LPYH

*VVYKLUHsqV KH 9LZPKvUJPH KL *\YHKVYLZ *VVYKPUH[PVU VM *\YH[VY»Z 9LZPKLUJL .LUV]L]H 6SP]LPYH

+LZPNU NYmÄJV c .YHWOPJ +LZPNU 1VqV )LYUHYKLZ

;YHK\sqV c ;YHUZSH[PVU 7H\SH 9PILPYV

*YtKP[VZ -V[VNYmÄJVZ c 7OV[VNYHWOPJ *YLKP[Z ,KNHY 3PI}YPV

,X\PWH KL 4VU[HNLT c 0UZ[HSSH[PVU ;LHT *HYVSPUH 8\PU[LSH *YPZ[PUH *HYKVZV *H[HYPUH 4HJOHKV 3LVUHYKV 8\PU[LSH L +HUPLS 4H[L\Z

0S\TPUHsqV c 3PNO[PUN 1VqV 7H\SV -LYYLPYH 5LSZVU KL :V\ZH 6YSHUKV 7PU[V (NYHKLJPTLU[VZ c (JRUV^SLKNTLU[Z HVZ HY[PZ[HZ X\L JLKLYHT HZ Z\HZ VIYHZ L H [VKVZ VZ JVSHIVYHKVYLZ KH 6* L KH *46 X\L KPYL[H L PUKPYL[HTLU[L JVSHIVYHYHT ULZ[H L_WVZPsqV 6YNHUPaHsqV c 6YNHUPaH[PVU 9LKL KL 4\ZL\Z L .HSLYPHZ 6* *46

50

*(;Í36.6 c *(;(36.<, *VUJLWsqV c *VUJLW[PVU 1VqV )LYUHYKLZ WHY[PUKV KV WYPUJxWPV KVZ HU[LYPVYLZ JH[mSVNVZ +LZPNU NYmÄJV c .YHWOPJ +LZPNU 1VqV )LYUHYKLZ *VVYKLUHsqV c *VVYKPUH[PVU (UH *HSsHKH ;L_[VZ c ;L_[Z (UH *HSsHKH .LUV]L]H 6SP]LPYH ;YHK\sqV c ;YHUZSH[PVU 7H\SH 9PILPYV

*YtKP[VZ -V[VNYmÄJVZ c 7OV[VNYHWOPJ *YLKP[Z ,KNHY 3PI}YPV

6YNHUPaHsqV c 6YNHUPaH[PVU 9LKL KL 4\ZL\Z L .HSLYPHZ 6* *46

51