Professional Documents
Culture Documents
!
Este curso é protegido por direitos autorais (copyright),
nos termos da Lei 9.610/98, que altera, atualiza e consolida a
legislação sobre direitos autorais e dá outras providências.
Grupos de rateio e pirataria são clandestinos, violam
a lei e prejudicam os professores que elaboram os
cursos.
Valorize o trabalho de nossa equipe adquirindo os cursos
honestamente através do site Estratégia Concursos ;-)
! !
04748848308
Olá pessoal!
∃%&∋()∗!
%&∋()∗∋+,−.−/+/&01−2−.0/)03∋4+/)!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!,!
32).567)!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−!
)..#/012/34565∀3∀#!∀1!7/83∀1!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−!
9#1.53!∀3!.#/012/34565∀3∀#!:1;!:<603!:1;<;!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−!
9#1.53!∀3!:<603!3∀;525/8.385=3!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!>!
9#1.53!∀1!.5/:1!3∀;525/8.385=1!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!?!
9#1.53!∀1!.5/:1!528#≅.36!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Α!
%&∋()∗∋+,−.−/+/&0),8&4−2+90+:4;0<=>0?≅Α0/+0ΒΧ!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Β,!
(#/012/34565∀3∀#!:5=56!∀3/!#;0.#/3/!#/83835/!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Χ∆!
(#/012/34565∀3∀#!:5=56!∀3/!0.#/83∀1.3/!∀#!/#.=5Ε1/!0Φ465:1/!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Χ∆!
%&∋()∗∋+,−.−/+/&01−2−.0():0)∆−∋∋7)0/+0Ε/∆−∗−∋4:+67)!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Χ,!
3Φ1.5/&∗4&∋0/&0:&∋()∗∋+,−.−/+/&!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Χ?!
Ε67)0/&0:&(+:+67)0/)0/+∗)90(+:4−15.+:0Φ0Ε/∆−∗−∋4:+67)!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!,,!
Ε67)0:&Γ:&∋∋−2+90Ε/∆−∗−∋4:+67)0Φ0+Γ&∗4&0(Η,.−1)!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!,?!
Γ#2<2:53ΕΗ1!Ι!65∀#!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑΧ!
%&∋()∗∋+,−.−/+/&0():0+4)∋0.&Γ−∋.+4−2)∋0&085/−1−+−∋!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑϑ!
Κ81/!6#≅5/6385=1/!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑ−!
04748848308
Κ81/!Λ<∀5:535/!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑ?!
Β+∋)∋0&∋(&1−+−∋!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑΑ!
(#/012/34565∀3∀#!01.!∀321/!∀#!14.3/!0Φ465:3/!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ϑΑ!
(#/012/34565∀3∀#!:5=56!∀1/!218Μ.51/!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−Β!
(#/012/34565∀3∀#!01.!38#283∀1/!8#..1.5/83/!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−,!
Ι+−∋0ϑ5&∋4Κ&∋0/&0(:)2+!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!−ϑ!
Λ5:−∋(:5/Μ∗1−+!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!?Χ!
%3ΝΟΙΠΘ0ΡΕ0ΕΟΣΕ!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!?Α!
Τ5&∋4Κ&∋01)∆&∗4+/+∋0∗+0+5.+!++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!ΝΒ!
Υ+,+:−4)!+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!Α∆!
0
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Β !ΟΗ1!
:12Π<2∀3! :1;! 3! .#/012/34565∀3∀#! ∀1/! +Γ&∗4&∋0 (Η,.−1)∋! Θ0#//13/! ΠΡ/5:3/ΣΤ! Υ<#! 01∀#! /#.!
!∀#∃%∃&∋(!∋∃)!Τ!∗+%!,!#!−∃)∃,Τ!:1;1!=5;1/!23!3<63!/14.#!1!.#≅5;#!Λ<.Ρ∀5:1!∀1/!/#.=5∀1.#/!0Φ465:1/+!
/!∃#0%1#!+∗6∗7!# ∃8&∋(+,−&∋(&.(7
∀#∃%&∋∃()∗+∗,(,#!,&!
2)1∗3(45&!,#!1#%(1(1!9(−,% 6(7∃(,&∃!(!&∃∋+∃∗∋,%
−∃.(,&
∀#∃7+.(!,#!6&0%&1.(0#∋.&∃!+,/∗%%∗6,% &7!
,/∗%%∗6,%8!7:+∗&,% &7!∗7:+∗&,%9
)((7∃ς∗Ο∃ΚΩ)Ξ)ΓΚΓ7!Γ∗!7∃9ΚΓ∗!
97∗()Κ!ΓΚ!(7∃ς∗Ο∃ΚΩ)Ξ)ΓΚΓ7!Ψ∗&!Ψ%ΞςΚ!Ψ∗&%&!
97∗()Κ!ΓΚ!Ψ%ΞςΚ!ΚΓ&)Ο)∃9(Κ9)ΖΚ!
97∗()Κ!Γ∗!()∃Ψ∗!ΚΓ&)Ο)∃9(Κ9)Ζ∗!
ϑ∋.#1#∃∃(∋.#!∋&.(1!Λ7#!(!Μ.#&1∗(!,&!1∗∃6&!(,0∗∋∗∃.1(.∗<&Ν!
04748848308
)(∃#∗(Β∃#!∋&!∋∗%+,!Λ7#!(!:,0∗∋∗∃.1(45&!ΟΠ)+∗6(!(∃∃70#!(&!
(.7(1! #0! ∋&0#! ,(! 6&+#.∗<∗,(,#8! 1∗∃6&! #∃∃#!
6&∋∃7)∃.(∋6∗(,&!∋(!%&∃∃∗)∗+∗,(,#!,#!∃#7∃!(.&∃!(6(11#.(1#0!,(∋&∃!(!6#1.&∃!0#0)1&∃!
,(! 6&07∋∗,(,#8! ∗0%&∋,&Β+Θ#∃! 70! Ρ∋7∃! /4)∋ 567)∃∗%#)∋ 7∀&)5∋ #∀−%,59! Ο(1(!
6&0%#∋∃(1! #∃∃(! 9∃%∗).(79(9∃! ∗−9∗6∗9.(78! &1∗7∋,(! ,(∃! (.∗<∗,(,#∃! ,(! %1=%1∗(!
:,0∗∋∗∃.1(45&8!.&,&∃!&∃!&7.1&∃!∗∋.#31(∋.#∃!,(!6&+#.∗<∗,(,#!,#<#0!6&∋6&11#1!%(1(!(!
1#%(1(45&!,&!,(∋&8!(.1(<Χ∃!,(∃!∗∋,#∋∗Α(4Σ#∃!%(3(∃!%#+&!#1Τ1∗&9!Υ&0!(!1#%(1.∗45&!,&!
Ρ∋7∃!≅∗∋(∋6#∗1&!,(!∗∋,#∋∗Α(45&8!#<∗.(Β∃#!Λ7#!∃&0#∋.#!(+37∋∃!∃7%&1.#0!&∃!%1#ς7;Α&∃!
6(7∃(,&∃! %&1! 70(! (.∗<∗,(,#! ,#∃#0%#∋Θ(,(! %#+&! −∃.(,&! ∋&! ∗∋.#1#∃∃#! ,#! .&,&∃9!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Χ!Ψ3.=36[1!∴56[1!∀#21;523!∀#!_+4)0+/∆−∗−∋4:+4−2)Τ!3//5;!:12/5∀#.3∀1!:1;1!Υ<36Υ<#.!Π1.;3!∀#!:12∀<83Τ!
:1;5//5=3!1<!1;5//5=3Τ!6#≅Ρ85;3!1<!56#≅Ρ85;3Τ!/52≅<63.!1<!:16#85=3Τ!38.54<Ρ∀3!31!ς1∀#.!ςΦ465:1+!
Ο&1.(∋.&8!&!∋∗%+,!#!(!%,7∗9(∋∗∃9(9∃!%,+∗(7!∃5&!&∃!∃7%&1.#∃!,#∃∃(!,&7.1∗∋(Ω9!
:! .#&1∗(! ,&! 1∗∃6&! (,0∗∋∗∃.1(.∗<&! .(0)Χ0! 1#6&∋Θ#6#! (! 9∃%∗).(79(9∃! ;.∋:9∗+(!
#∋.1#!&!−∃.(,&!#!&∃!(,0∗∋∗∃.1(,&∃8!,#6&11#∋.#!,(!∃7%1#0(6∗(!#∃.(.(+9!Ο(1(!(!.#&1∗(8!
∃#1∗(!∗∋ς7∃.&!Λ7#!(Λ7#+#∃!Λ7#!∃&≅1#∃∃#0!,(∋&∃!%(.1∗0&∋∗(∗∃!&7!0&1(∗∃!,#6&11#∋.#∃!
,(! (.∗<∗,(,#! ,&! −∃.(,&! %1#6∗∃(∃∃#0! 6&0%1&<(1! (! #?∗∃.Ξ∋6∗(! ,#! 67+%(! ,(!
:,0∗∋∗∃.1(45&!&7!,#!∃#7∃!(3#∋.#∃!%(1(!Λ7#!.∗<#∃∃#0!,∗1#∗.&!Ψ!1#%(1(45&9!!!
−?(.(0#∋.#! %&1! 9∗%<∃−%(∋! (! (<∋∃+∗(=>,! 9∃! ∃7∃/∃−&,%! %.0;∃&∗6,%! ∆,&+&! &7!
67+%(Ι8! (! .#&1∗(! ,&! 1∗∃6&! (,0∗∋∗∃.1(.∗<&! ∃#1<#! ,#! ≅7∋,(0#∋.&! %(1(! (! 6Θ(0(,(!
∋∃%<,−%(0∗7∗9(9∃!,0;∃&∗6(!9,!?%&(9,8!Λ7#!.#0!0#1#6∗,&!&!(6&+Θ∗0#∋.&!,&∃!−∃.(,&∃!
0&,#1∋&∃8!∗∋6+7∃∗<#!,&!Ζ1(∃∗+8!,#∃,#!(!Υ&∋∃.∗.7∗45&!,#!ΕΦΓΗ9!
97∗()Κ!Γ∗!()∃Ψ∗!)Ο97_(ΚΞ!
art.21, XXIII, “d” 4 ), uma vez que, nessa hipótese, ficaria afastada
qualquer possibilidade de alegações de excludentes pelo Estado5.
Outra hipótese de aplicação da teoria do risco integral aceita pela
doutrina e pela jurisprudência é a responsabilidade por
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ϑ!!∀#∃%&∋∃%()∗+,#,%−%./01)2%
3∃∃∃4%
55666%7%,8+9)∀:∀%);%;,∀<0=);%,%0/;#:9:=>,;%/?≅9,:∀,;%Α,%Β?:9Β?,∀%/:#?∀,Χ:%,%,8,∀≅,∀%∗)/)+∆90)%,;#:#:9%;)Ε∀,%:%
+,;Β?0;:Φ%:%9:<∀:Φ%)%,/∀0Β?,≅0∗,/#)%,%∀,+∀)≅,;;:∗,/#)Φ%:%0/Α?;#∀0:90Χ:=1)%,%)%≅)∗Γ∀≅0)%Α,%∗0/Γ∀0);%/?≅9,:∀,;%
,%;,?;%Α,∀0<:Α);Φ%:#,/Α0Α);%);%;,Η?0/#,;%+∀0/≅Ι+0);%,%≅)/Α0=>,;2%
3∃∃∃4%
%Α4%:%(+&∗.%&!/∃,∃∀!∀+0−∃)∃,0∗.(0∀!%.&0%1−,+!(+&0∃%∀+∗+%∀+0∀!0+2∃&∋3%−∃!0∀+0−1,∗!ϑ!
− !∗! 8#;3Τ! 01.;Τ! 2Η1! ! 03:ΡΠ5:1+! 7α5/8#;! 3<81.#/! Υ<#! 0#2/3;! 2Η1! #α5/85.! ∀5/852ΕΗ1! #28.#! 3!
.#/012/34565∀3∀#! 01.! ∀321! 2<:6#3.! #! 3/! ∀#;35/! [50β8#/#/! ∀#! .#/012/34565∀3∀#! :5=56! ∀1! 7/83∀1Τ! 1<! /#Λ3Τ!1!
∀321!2<:6#3.!83;4;!#2/#Λ3.53!3!.#/012/34565∀3∀#!:5=56!14Λ#85=3!23!;1∀365∀3∀#!.5/:1!3∀;525/8.385=1+!
04748848308
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
> !(7/0!Β+,ϑ>+ϑ,∆χς(Τ! (#6+! &52+! Ξ<5/! ∴#650#! ∃361;Η1Τ! Λ<6≅3∀1! #;! ΒΝδΒ∆δΧ∆ΒΧ+! Θ)2Π1.;385=1! ∀#!
ε<.5/0.<∀φ2:53!2γ!−∆?Σ+!
∆∃%<,−%(0∗7∗9(9∃!
+,/!+.7<(!Ε+∗6∗7∗%&(Φ χ=!#?∗∃.#!Λ7(∋,&!&!()∃−&∃!<Γ07∗+,!(.7(!
Β 1#∃%&∋∃()∗+∗,(,#! 6&0!+.7<( #!%1(.∗6(!(&,%!9∃!)∃%&>,
∃7)ς#.∗<(
Β∃,∋∗(%!9(! Η.7<(!
∋∃%<,−%(0∗7∗9(9∃! (9/∗−∗%&∋(&∗6( Ζ(∃.(!6&0%1&<(1!(!≅(+.(!&7!0Τ!Λ7(+∗,(,#!,&!
9,!?%&(9, Β 1#∃%&∋∃()∗+∗,(,#! ∃#1<∗4&!∆+.7<( ,&!?%&(9, #!∋5&!,&!(3#∋.#Ι
∃7)ς#.∗<(
∆∗%+,!
Ζ(∃.(!&!−∃8,!9∃!+(.%(7∗9(9∃!#∋.1#!(!(45&!
(9/∗−∗%&∋(&∗6,
#∃.(.(+!#!&!,(∋&9!:!:,0∗∋∗∃.1(45&!/&)∃
Β 1#∃%&∋∃()∗+∗,(,#!
(+#3(1!#?6+7,#∋.#∃!,#!1#∃%&∋∃()∗+∗,(,#
&)ς#.∗<(
∆∗%+,!∗−&∃)∋(7 Ζ(∃.(!&!−∃8,!9∃!+(.%(7∗9(9∃!#∋.1#!(!(45&!
Β 1#∃%&∋∃()∗+∗,(,#! #∃.(.(+!#!&!,(∋&9!:!:,0∗∋∗∃.1(45&!+Φ& %&,#!
&)ς#.∗<( (+#3(1!#?6+7,#∋.#∃!,#!1#∃%&∋∃()∗+∗,(,#
!
!∀# ∃%&∋(&#)#∗+∗!,#−,!./#∀#∃%!&#∋()%!∗%!!∀#∃%&∋#&(%)∗+,%+!∋,!∗%!−,∃.%!∗∋!/#(0)1∋+!
#0#2&,%∃! 3%∃4%! 5! )6.,&%∗%! .#//∋%∃6#2&#! %∋! 3,2−)∋27()∋! −,∃.%∗∋+! )/#2&%2∗∋! %!
%∗6)2)/&(%18∋!∗%!(#/.∋2/%9)∃)∗%∗#!.#∃∋!∗%2∋!−%,/%∗∋:!
! %01&2345607#%01#0#89:&230#98#3&0568#98#!∀#∃%&∋#&(%)∗+,%;#0<#98#=<>(8#90#
∋&5:6?0;# 0<# 86298;# 98# =<>(8# 891626∋35836:8;# ≅<∋=0<Α∋&# 9&∋:62=<>85# 8#
04748848308
5&∋(02∋8≅6>6989&# 90# Β∋3890# 98# 69&68# 9&# =<>(8# 90# 8Χ&23&# &∋3838>∀# ∆∋∋61;#
&:&23<8>#Ε8>Φ8#20#∋&5:6?0#(Γ≅>6=0#Η#61(<3898#Ι#(5ϑ(568#∆91626∋358?Κ0;#Κ0#80#
Ε<2=6024560# =<>(890∀# Λ0# 20∋∋0# 059&281&230# Μ<5Ν96=0;# &∋∋8# 3&0568# ∋&5:&# 9&#
≅8∋&# (858# 8# 5&∋(02∋8≅6>6Ο8?Κ0# ∋<≅Μ&36:8# 90# Β∋3890# &1# =8∋0# 9&# 016∋∋Κ0# 28#
(5&∋38?Κ0# 9&# 9&3&5162890# ∋&5:6?0# (Γ≅>6=0# ∃Η# 2&=&∋∋4560# 9&102∋3585# 90>0# 0<#
=<>(8#28#Ε8>Φ8#90#∋&5:6?0;#18∋#2Κ0#Η#(5&=6∋0#6296:69<8>6Ο8Α>8;#8(0238290#Π<&1#
Ε06#0#8Χ&23&#=8<∋8905;#9890#Π<#Ε8>Φ8#Η#8356≅<Ν98#80#(5ϑ(560#Θ09&5#ΘΓ≅>6=0/∀#
∆(50Ε<2985&10∋#&∋∋∋∋<230#20#9&=055&5#98#8<>8∀#
## Ρ8≅856307#Β55890#
#
#
.∀# ∃%&∋(&# )# Ω8=&2# −,!./# Β#! %−∋(∗∋! −∋6! %! &#∋()%! ∗%! −,∃.%! %∗6)2)/&(%&)0%+!
#?)/&)2∗∋!∋!3%&∋!∗∋!/#(0)1∋!#!∋!2#?∋!∗#!−%,/%∃)∗%∗#!#2&(#!#//#!3%&∋!#!∋!∗%2∋!/∋3()∗∋!
.#∃∋!%∗6)2)/&(%∗∋+!.(#/,6#Χ/#!%!−,∃.%!∗%!%∗6)2)/&(%18∋:!
! %01&2345607#Ξ=0590#=01#8#3&0568#0≅Μ&36:8#∃56∋=0#891626∋35836:0#8∋=0#
623&Χ58>;#Κ0#98#=<>(8#891626∋35836:8/;#&Υ6∋36290#0#Ε830#90#∋&5:6?0#�#2&Υ0#9&#
=8<∋8>6989&#&235&#&∋∋&#Ε830#�#9820#∋0Ε5690#(&>0#891626∋35890;#(5&∋<1&Α∋#
=<>(8#98#∆91626∋358?Κ0;#8Ε628>;#8#(&∋∋08#Π<&#∋0Ε5&<#0#9820#2Κ0#(5&=6∋8#(50:8Α
>8# ∃8# 5&∋(02∋8≅6>6989&# Η# 0≅Μ&36:8/∀# Λ8# 3&0568# 98# =<>(8# 891626∋35836:8;# 80#
=02354560;# 8# =<>(8# 98# ∆91626∋358?Κ0# 2Κ0# Η# (5&∋<1698;# &# ∋61# (5&=6∋8# ∋&5#
9&102∋35898#(&>8#(853&#>&∋898#∃Η#0#Π<�=055∋#=8∋0∋#9∋∋Κ0#90#Θ09&5#
ΘΓ≅>6=0/∀# 04748848308
# Ρ8≅856307#Β55890#
04748848308
!
Ψ∀# ∃%&∋(&# )# ΞΘΖΞ[# −,!./# ∆#>,2∗∋! ∋! ∋(∗#2%6#2&∋! Ε,(Φ∗)−∋! 9(%/)∃#)(∋+! &∋∗%/! %/!
.#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .Γ9∃)−∋! #! %/! ∗#! ∗)(#)&∋! .()0%∗∋! <,#! )2&#>(#6! %!
%∗6)2)/&(%18∋! .Γ9∃)−%! (#/.∋2∗#(8∋! ∋9Ε#&)0%6#2&#! .#∃∋/! ∗%2∋/! <,#! /#,/! %>#2&#/+!
2#//%!<,%∃)∗%∗#+!−%,/%(#6!%!&#(−#)(∋/:!
! %01&2345607# ∆# 5&∋(02∋8≅6>6989&# =6:6># 0≅Μ&36:8# 8≅582Χ&# ∃6/# 3098∋# 8∋#
(&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630# (Γ≅>6=0# &# ∃66/# 8∋# (&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630#
(56:890# −)%(∃∀∋.)∀(& ∋%& (%)∗+/.& −012+,.;# 18∋# 2Κ0# 8∋# (&∋∋08∋# Μ<5Ν96=8∋# 9&#
965&630# (56:890# &Υ(>0589058∋# 9&# 836:6989&# &=02∴16=8∀# Θ0538230;# 8# (8>8:58#
]3098∋⊥#18=<>8#0#Π<&∋630∀#
# Ρ8≅856307#Β55890#
83∃∗9∋ :;9∋ 35∋ 7∀55)%5∋ <6∃=#,1%5∋ #∀∋ )∀#∃∀%&∋ /ΓΗ:∀;&∋ ∀+%∃#+&∋ 54)∋ 1,>,&−∀/∗∀! ∃∀57)/5?>∀,5∋
7)∃∋%∗)5∋#)5∋5∀65∋%2∀/∗∀5∋≅6∀∋/∀55%∋≅6%&,#%#∀∋1%65∀−∋#%/)5∋%∋∗∀∃1∀,∃)5Α∋∃∀55%&>%#)∋#,∃∀,∗)∋
∃∀2∃∀55,>)∋1)/∗∃%∋)5∋1%65%#)∃∀5∋#)∋#%/)Α∋5∀∋Β)6>∀∃Α∋7)∃∋7%∃∗∀∋#∀5∗∀5Α∋16&7%∋)6∋#)&)Χ9!
Ο#16#)(! Λ7#! &! Υ=,∗3&! Υ∗<∗+8! #0)&1(! .#∋Θ(! ∗∋6&1%&1(,&! (! .#&1∗(! ,&! 1∗∃6&!
(,0∗∋∗∃.1(.∗<&8!+Φ&!Ι∃ϑ!/∃−=>,!Ψ∃!%#∃∃&(∃!ς71;,∗6(∃!,#!9∗∋∃∗&,!<∋∗6(9,!%1#∃.(,&1(∃!
,#! ∃#1<∗4&∃! %Π)+∗6&∃9! :! &0∗∃∃5&! ,&! Υ=,∗3&! Υ∗<∗+8! 6&∋.7,&8! ∋5&! (≅(∃.(! (!
1#∃%&∋∃()∗+∗,(,#!,#∃∃(∃!#∋.∗,(,#∃8!Λ7#!,#6&11#!,(!%1=%1∗(!Υ&∋∃.∗.7∗45&9!
!
_∀# ∃[Ρ# )# α∆Ω# −,!!/# Η6! .∋∃)−)%∃! 6)∃)&%(+! ∗#! 2∋6#! Ι∋(9#(&∋+! 2∋! ∗)%! ∗#! 3∋∃>%+!
<,%2∗∋! #/&%0%! 2%! 3(#2&#! ∗%! /,%! −%/%+! ∗#! 9#(6,∗%! #! /#6! −%6)/%+! ∗)/−,&#! −∋6! ,6!
&(%2/#,2&#!#!%−%9%!∗#/3#()2∗∋!&)(∋/!∗#!,6%!%(6%!%2&)>%+!<,#!/#,!%0ϑ!∃4#!∗#(%:!
Κ∋6!9%/#!2∋!(#∃%&%∗∋!%−)6%+!5!−∋((#&∋!%3)(6%(!<,#!∋!=/&%∗∋!
Λ;Μ! /#(7! (#/.∋2/%9)∃)Α%∗∋+! .∋)/! Ι∋(9#(&∋! 5! %>#2&#! .Γ9∃)−∋! .#(−#2&#! %! /#,/!
<,%∗(∋/:!
ΛΝΜ!/#(7!(#/.∋2/%9)∃)Α%∗∋+!−∋6!9%/#!2%!&#∋()%!∗∋!()/−∋!)2&#>(%∃:!
ΛΚΜ!/∋6#2&#!/#(7!(#/.∋2/%9)∃)Α%∗∋!∗#!3∋(6%!/,9/)∗)7()%+!∋,!/#Ε%+!−%/∋!Ι∋(9#(&∋!28∋!
%!−∋2∗)1Ο#/!3)2%2−#)(%/:!
ΛΒΜ! 28∋! /#(7! (#/.∋2/%9)∃)Α%∗∋+! .∋)/! Ι∋(9#(&∋+! %.#/%(! ∗#! /#(! %>#2&#! .Γ9∃)−∋+! 28∋!
%&,∋,!2#//%!<,%∃)∗%∗#Π!/,%!−∋2∗,&%!28∋!.∋∗#+!.∋)/+!/#(!)6.,&%∗%!%∋!=2&#!∀Γ9∃)−∋:!
# %01&234560∋7#34.#Φ8:&54#5&∋(02∋8≅6>6989Z#Β∋3890#20∋#=8∋0∋#&1#Π<&#
0#8Χ&23&#=8<∋8905#90#9820#∋&Μ8#5&8>1&23&#<1#8Χ&23&#(Γ≅>6=0;#18∋#2Κ0#&∋3&Μ8#
83<8290#28#∋<8#=0296?Κ0#9Χ&23&#(Γ≅>6=0#∃2&1#(85&=&290#&∋385/∀#
04748848308
∆∋∋61;# 28# ∋63<8?Κ0# 2855898# 20# =018290# 98# Π<&∋3Κ0;# 0# Β∋3890# 54.# ∋&54#
5&∋(02∋8≅6>6Ο890;# (06∋# 0# (0>6=68>;# 8(&∋85# 9&# ∋&5# 8Χ&23&# (Γ≅>6=0;# 54.# 83<0<#
2&∋∋8# Π<8>6989&β# ∋&<# =01(05381&230# 9&56:0<# 9&# 623&5&∋∋&# (56:890;# 1036:890#
(05# ∋&2361&230# (&∋∋08>∀# Ξ&∋∋8# Ε0518;# ∋<8# =029<38# 2Κ0# (09&54# ∋&5# 61(<3898#
80#Β∋3890;#98Ν#0#Χ8≅85630#∃8>3&52836:8#]9⊥/∀#
χ0≅5&# &∋∋&# 8∋∋<230;# =8≅&# 5&∋∋8>385# Π<&# &Υ6∋3&# <18# (0>ς16=8# 28#
Μ<56∋(5<9ς2=68∀#%8∋0;#28#1&∋18#∋63<8?Κ0;#0#96∋(850#36:&∋∋&#∋690#&Ε&3<890#=01#
<18# ∀)6∀& ∋∀& ,.)−.)∀/4.;# 2Κ0# Φ4# =02∋&2∋0# ∋0≅5&# ∋&# Φ8:&568# 0<# 2Κ0#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?!Ψ12Π1.;#! #2/523! ]#6⊥! Ξ10#/! .#66#/Τ! 3! 38<3ΕΗ1! −.α1−4+! ∀1! /#.=5∀1.! %4.! #α:6<5! 3! .#/012/34565∀3∀#!
14Λ#85=3!∀3!Κ∀;525/8.3ΕΗ1+!Κ28#/Τ!3!3≅.3=3Τ!01.Υ<#!836!38<3ΕΗ1!8.3η!5;06Ρ:583!3!0.#/<2ΕΗ1!∀#!;Μ!#/:16[3!∀1!
3≅#28#!0Φ465:1!03.3!3!;5//Η1!Υ<#!6[#!Π1.3!38.54<Ρ∀3+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ν!∃9∴!ι!(7!ΧΑΒ+∆,−δ∃ς!
Α!∃9∴!ι!(7!,>,+ϑΧ,+!
Β∆!∃9∴!ι!Κ)!ϑ?,+,ΝΒδΚς!
04748848308
ε&,(+∗,(,#!∋∗%+,!(9/∗−∗%&∋(&∗6,δ!
∗∋,#%#∋,#!,(!%1&<(!,#!67+%(
φ#!9∗∋∃∗&,!<Γ07∗+,
()#%5δ!(,0∗∋∗∃.1(45&!!,∗1#.(8!
(7.(1Λ7∗(∃!#!≅7∋,(4Σ#∃
:+6(∋4(!<∃%%,(%!
;.∋:9∗+(%! φ#!9∗∋∃∗&,!<∋∗6(9,!<∋∃%&(9,∋(%!
9∃!%∃∋6∗=,!<Γ07∗+,
∀#∃%&∋∃()∗+∗,(,#!+∗6∗7
,0;∃&∗6( ,&!−∃.(,& −Ο8!χ−ε8!≅7∋,(4Σ#∃!#!
,#+#3(.Τ1∗(∃!,#!∃#1<∗4&!%Π)+∗6&
∆Υβ8!(1.9!ΩΚ8![Η∴Ι
:3#∋.#∃!,#<#0!(.7(1!∋(!+,−9∗=>,!9∃!()∃−&∃%!<Γ07∗+,%
:!:,0∗∋∗∃.1(45&!%&,#!#∋.1(1!6&0!(=>,!∋∃)∋∃%%∗6(!6&∋.1(!&!
(3#∋.#8!∋&∃!6(∃&∃!,#!9,7, &7!+.7<( ∆1#∃%&∋∃()∗+∗,(,#!∃7)ς#.∗<(Ι
Μ∃8,!+(.%(7!#∋.1#!&!,(∋&!#!(!(.7(45&!,&!(3#∋.#!
!
γ∀# ∃%&∋(&#)#%ΛΤ#−,!./#Ι∋!∋(∗#2%6#2&∋!Ε,(Φ∗)−∋!9(%/)∃#)(∋+!%!(#/.∋2/%9)∃)∗%∗#!∗∋!
.∋∗#(! .Γ9∃)−∋! 5! ∋9Ε#&)0%+! %∗∋&%2∗∋Χ/#! %! &#∋()%! ∗∋! ()/−∋! %∗6)2)/&(%&)0∋+! 3,2∗%∗%! 2%!
)∗#)%!∗#!/∋∃)∗%()#∗%∗#!/∋−)%∃+!2%!Ε,/&%!(#.%(&)18∋!∗∋/!ϑ2,/!∗#−∋((#2&#/!∗%!.(#/&%18∋!
∗∋/! /#(0)1∋/! .Γ9∃)−∋/+! #?)>)2∗∋Χ/#! %! .(#/#21%! ∗∋/! /#>,)2&#/! (#<,)/)&∋/Θ! ∗%2∋+!
04748848308
−∋2∗,&%!%∗6)2)/&(%&)0%!#!2#?∋!−%,/%∃:!;∗6)&#Χ/#!%9(%2∗%6#2&∋!∋,!6#/6∋!#?−∃,/8∋!
∗%! (#/.∋2/%9)∃)∗%∗#! ∋9Ε#&)0%+! /#! −∋#?)/&)(#6! %,%2&#/! ∋,! #?−∃,∗#2&#/! <,#! %&,#6!
/∋9(#!∋!2#?∋!∗#!−%,/%∃)∗%∗#:!
! %01&2345607# ∆# Π<&∋3Κ0# 8(5&∋&238# <18# (&5Ε&638# ∋Ν23&∋&# 8=&5=8# 98#
5&∋(02∋8≅6>6989&#=6:6>#0≅Μ&36:8#90#Β∋3890;#28#1098>69898∋=0#891626∋35836:0∀#
## Ρ8≅856307#%&530#
η∀# ∃%&∋(&#)#Θ%Ζ%Β#−,!−/#;!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋!#?)>#!&(≅/!(#<,)/)&∋/!
.%(%!%!/,%!−∋23)>,(%18∋Θ!%18∋!%&()9,Φ0#∃!%∋!=/&%∗∋+!∗%2∋!−%,/%∗∋!%!&#(−#)(∋/!#!2#?∋!
∗#!−%,/%∃)∗%∗#:!
%01&2345607# ∆# 5&∋(02∋8≅6>6989&# =6:6># 98∋# (&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630#
Φ6(ϑ3&∋&;#1&∋10#Π<�#Ε830#9	&6Υ85#8#381(8#90#≅<&650#8≅&538#2Κ0#=858=3&56Ο&#
<1#830#6>Ν=630#90#8Χ&23&#(Γ≅>6=0;#86298#8∋∋61#8#∆91626∋358?Κ0#9&:&54#629&26Ο85#
0#(8536=<>85∀#
# Ρ8≅856307#%&530#
#
Como visto, segundo o art. 37, §6º da CF, além das pessoas jurídicas
de direito público (administração direta, autarquias e fundações
públicas), as empresas públicas e as sociedades de economia mista
prestadoras de serviço público (ex: Correios e Infraero), entidades de
direito privado, também se submetem à responsabilidade de natureza
objetiva, na modalidade risco administrativo.
Ressalte-se que não estão abrangidas pelo art. 37, §6º da CF as
empresas públicas e as sociedades de economia mista exploradoras de
atividade econômica (ex: Banco do Brasil e Petrobras). Estas
respondem pelos danos que seus agentes causarem a terceiros da mesma
forma que qualquer empresa privada, nos termos do direito civil e
comercial; ou seja, a responsabilidade das empresas estatais exploradoras
de atividade econômica é de natureza subjetiva (teoria civilista ou culpa
comum – depende da demonstração de culpa do agente).
∀#∃%&∋∃()∗+∗,(,#!
φ∗1#∗.&!ΟΠ)+∗6&
,0;∃&∗6(
?−&∗9(9∃%! Ν∋∃%&(9,∋(%!9∃!
(9/∗−∗%&∋(&∗6(% %∃∋6∗=,%!<Γ07∗+,% ∀#∃%&∋∃()∗+∗,(,#!
,0;∃&∗6(
−?δ!ϑ∋≅1(#1&8!−Υγ
φ∗1#∗.&!Ο1∗<(,&
?8<7,∋(9,∋(%!9∃!
(&∗6∗9(9∃%!∃+,−Ο/∗+( ∀#∃%&∋∃()∗+∗,(,#!
%.0;∃&∗6(
−?δ!ΖΖ8!Ο#.1&)1(∃
04748848308
(7∃ς∗Ο∃ΚΩ)Ξ)ΓΚΓ7!Ψ)Ζ)Ξ!ΓΚ∃!ς(7∃9ΚΓ∗(Κ∃!Γ7!∃7(Ζ)ϕ∗∃!ςκΩΞ)Ψ∗∃!
φ(∋&∃!6(7∃(,&∃!%&1!
Υ&∋6#∃∃∗&∋Τ1∗(∃8!
∃#7∃!(3#∋.#∃!(!.%.Κ∋∗,% ∀#∃%&∋∃()∗+∗,(,#!
%#10∗∃∃∗&∋Τ1∗(∃!#!
#!−>,Π.%.Κ∋∗,% ,&! 6∗<∗+!,0;∃&∗6(
(7.&1∗Α(,(∃
∃#1<∗4&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ΒΒ!λ!1!Υ<#!∀5/0µ#!1!3.8+!Χ−!∀3!Ξ#5!Ν+ΑΝ?δΒΑΑ−ν!0/≅?∗Ε,%−%−.%−+&&∃.%5(∃!%:%,8,≅?=1)%Α)%;,∀<0=)%≅)/≅,Α0Α)Φ%
≅:Ε,/Α)79Κ,%(+&∗.%∀+(0∗.(0∋.∀.&0.&0∗(+6178.&0−!1&!∀.&%:)%+)Α,∀%≅)/≅,Α,/#,Φ%:);%?;?Λ∀0);%)?%:%#,∀≅,0∀);Φ%
;,∗%Β?,%:%Μ0;≅:90Χ:=1)%,8,∀≅0Α:%+,9)%∆∀Η1)%≅)∗+,#,/#,%,8≅9?:%)?%:#,/?,%,;;:%∀,;+)/;:Ε090Α:Α,∃!
ΒΧ!(7!−ΑΒ+Ν?ϑδ&∃!
!
φ∀# ∃%&∋(&#)#%∆ΞΒ#−,!Ψ/#Ι∋!∗)(#)&∋!.7&()∋+!%/!#6.(#/%/!.()0%∗%/!∗#∃#>%&7()%/!∗#!
/#(0)1∋! .Γ9∃)−∋! 28∋! /#! /,96#! Ρ! (#>(%! ∗%! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%! ∗∋!
=/&%∗∋:!
! %01&2345607# %02Ε051&# &Υ(5&∋∋81&23&# (5&:6∋30# 20# 853∀# .η;# ιγϕ# 98# %[;# 8∋#
(&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630# (56:890# (5&∋389058∋# 9&# ∋&5:6?0# (Γ≅>6=0;# &235&# 8∋#
Π<86∋# ∋&# 62=><&1# 8∋# &1(5&∋8∋# (56:898∋# 9&>&Χ834568∋# 9&# ∋&5:6?0# (Γ≅>6=0;# ∋&#
∋<≅1&3&1#(+6#Ι#5&Χ58#98#5&∋(02∋8≅6>6989&#=6:6>#0≅Μ&36:8#90#Β∋3890∀#
# Ρ8≅856307#Β55890#
!,∀# ∃%&∋(&# )# ∗%ΒΖΒχ# −,!−/# Β#! %−∋(∗∋! −∋6! ∋! #2∗)6#2&∋! ∗∋! ∆ΣΤ+! #6.(#/%!
−∋2−#//)∋27()%!∗#!/#(0)1∋!.Γ9∃)−∋!∗#!&(%2/.∋(&#!(#/.∋2∗#!∋9Ε#&)0%6#2&#!.#∃∋/!∗%2∋/!
−%,/%∗∋/!%∋/!,/,7()∋/!∗#!&(%2/.∋(&#!−∋∃#&)0∋:!
! %01&2345607#Λ8#:&5989&;#9=0590#=01#0#&23&2961&230#90#χ∗[;#&1(5&∋8#
=02=&∋∋6024568#9&#∋&5:6?0#(Γ≅>6=0#9෾∋(053&∋(029�≅Μ&36:81&23&#(&>0∋#
9820∋#=8<∋890∋#80∋##(#7)+.(#P∋#54.8#(#7)+.(#9෾∋(053&#=0>&36:0∀#ΛΚ0#
0≅∋3823&;#&1≅058#62=01(>&30;#0#Π<&∋630#(09&#∋&5#=02∋69&5890#=055&30∀#
# Ρ8≅856307#%&530#
!!∀# ∃%&∋(&#)#Θ%ΖΩ∆#−,!./#Υ!−∋(&#!∗#!#2#(>)%!#∃5&()−%!.∋(!.%(&#!∗%!−∋2−#//)∋27()%!
∗#! /#(0)1∋! .Γ9∃)−∋! .(#/,6#! %! #?)/&≅2−)%! ∗#! ∗%2∋! 6∋(%∃+! /#2∗∋! ∗#/2#−#//7()%! %!
−∋6.(∋0%18∋!∗∋/!.(#Ε,ΦΑ∋/!/∋3()∗∋/!Ρ!4∋2(%!∋9Ε#&)0%!∗#!#6.(#/%!∋,!,/,7()∋!%3#&%∗∋!
.#∃%!)2&#((,.18∋!∗∋!/#(0)1∋:!
! %01&2345607# Θ858# 5&∋385# =02Ε6Χ<5898# 8# 5&∋(02∋8≅6>6989&# =6:6># 0≅Μ&36:8# 98#
=02=&∋∋6024568#9&#∋&5:6?0#(Γ≅>6=0;#Η#2&=&∋∋4560#Π<&#∋	&102∋35#&Υ6∋3ς2=68#
90# 9820;# 90# 830# 98# &1(5&∋8# &# 90# 2&Υ0# =8<∋8># &235&# <1# &# 0<350∀# Θ0538230;# 80#
04748848308
=02354560#90#Π<Ε6518#0#Π<&∋630;#Η#2&=&∋∋4568#8#=01(50:8?Κ0#90∋#(5&Μ<ΝΟ0∋#
∋0Ε5690∋∀#
# Ρ8≅856307#Β55890#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Β,!ΟΗ1! 14/8328#Τ! 3! ∀#8#:ΕΗ1! ∀1! 3≅#28#! :3</3∀1.! ∀3! 1;5//Η1! ! 5;01.8328#! 03.3! 1! 3∋4+/)Τ! 03.3! Υ<#! 01//3!
30<.3.!3/!∀#=5∀3/!.#/012/34565∀3∀#/Τ!#Τ!3//5;Τ!3:5123.!1!3≅#28#!0Φ465:1!#;!/#∀#!∀#!3ΕΗ1!.#≅.#//5=3Τ!;3/!
#//3!!1<8.3![5/8β.53Τ!Υ<#!=#.#;1/!∀3Υ<5!3!01<:1+!
Βϑ!∃9∴!ι!(7!>Α−+ΝΝ?δςΩο!∃9ε!ι!(7!>∆Χ+Β∆Χ!
Β−!(7!>,,+Β,ΝδΓ∴!
9#0:1!,:1+(0−!&.0∀+)+0
;!)+(0%+2.0−!1&!,0+%∋(+0
!0.#∃&&4.0+0.0∀!%.0
Θ.0;∃&∗6(
∀#31(!3#1(+
∆67+%(!(,0∗∋∗∃.1(.∗<(Ι
∀#∃%&∋∃()∗+∗,(,#!6∗<∗+!
%&1!,/∗%%>,
Ο#∃∃&(∃!∃&)!(!37(1,(!,&!−∃.(,&
Ρ0;∃&∗6(
∆(+7∋&∃8!%1#∃∗,∗Τ1∗&∃8!
∆1∗∃6&!(,0∗∋∗∃.1(.∗<&Ι
Θ&∃%∗.(+∗Α(,&∃Ι
!
!−∀# ∃%&∋(&# )# ∗%Ξ[# −,!−/# ;!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!.∋(!∗%2∋/!−%,/%∗∋/!.∋(!
3#2ϑ6#2∋/!∗%!2%&,(#Α%!5!∗∋!&).∋!/,9Ε#&)0%:!
! %01&2345607# Λ0∋# 9820∋# 9&=055&23&∋# 9&# =8∋0# Ε053<630# 0<# Ε05?8# 18605# )#
=010# ∋&# (09&# =>8∋∋6Ε6=85# 0∋# Ε&2∴1&20∋# 98# 283<5&Ο8# )# ∋&1# Π<&# Φ8Μ8# =029<38#
=016∋∋6:8#98#∆91626∋358?Κ0#ΘΓ≅>6=8;#&∋38#∋01&23&#∋&54#5&∋(02∋8≅6>6Ο898#=8∋0#
∋&# =01(50:&# Π<&# 8# 89&Π<898# (5&∋38?Κ0# 90# ∋&5:6?0# &∋3838># 0≅56Χ83ϑ560# 3&568#
&:63890#0<#5&9<Ο690#0#5&∋<>3890#9820∋0∀#Λ&∋∋&∋#=8∋0∋;#8#5&∋(02∋8≅6>6989Z#
Β∋3890;#∋&#Φ0<:&5;#Η#∋<≅Μ&36:8;#≅8∋&898#28#3&0568#98#=<>(8#891626∋35836:8∀#
# Ρ8≅856307#%&530#
!.∀# ∃%&∋(&# )# %κ1858# 90∋# Ξ&(<3890∋# −,!−/# Υ! 3%&∋! ∗#! ,6! ∗#&∋! 6∋((#(! #6!
#/&%9#∃#−)6#2&∋!.()/)∋2%∃!∗#0)∗∋!%!2#>∃)>≅2−)%!∗#!%>#2&#/!.#2)−)7()∋/!−∋23)>,(%(7!
4).ς&#/#!∗#!(#/.∋2/%9)∃)Α%18∋!∋9Ε#&)0%!∗∋!=/&%∗∋:!
# %01&2345607!Λ8#Φ6(ϑ3&∋	♜∋#∋0Ε5690∋#(05#(&∋∋08∋#∋<Μ&638∋#Ι#Χ<8598#
04748848308
∀&0%#0!&!∋#?&!,#!6(7∃(+∗,(,#! Υ7+%(!#?6+7∃∗<(!&7!6&∋6&11#∋.#!,(!
#∋.1#!(!(.7(45&!#∃.(.(+!#!&!,(∋& <;.∗0(!
?8+7.9∃−&∃%!9∃!∋∃%<,−%(0∗7∗9(9∃ 04748848308
Υ(∃&!≅&1.7∗.&!#!≅&14(!0(∗&1
β(.&!#?6+7∃∗<&!,#!.#16#∗1&∃
ε(1∗(!χι+<∗(!φ∗!Ο∗#.1&!#!Υ#+∃&!:∋.Ρ∋∗&!Ζ(∋,#∗1(!,#!ε#+&!
,#≅∗∋#0! Ι,∋=(! /(∗,∋! 6&0&! 70! #<#∋.&! ∃8&∃∋−,! Ψ!
:,0∗∋∗∃.1(45&8! ,#! ∋(.71#Α(! ∗0%1#<∗∃;<#+! #! ∗11#∃∗∃.;<#+! &7!
∗∋#<∗.Τ<#+9! χ#37∋,&! #∃∃(! ,#≅∗∋∗45&8! ∃#1∗(0! #?#0%+&∃! ,#!
≅&14(! 0(∗&1! 70! ≅71(65&8! 70! .#11#0&.&! ∆#<#∋.&∃! ,(! ∋(.71#Α(Ι8! 6&0&! .(0)Χ0! 70(!
37#11(!&7!70(!1#<&+.(!%&%7+(1!∗∋6&∋.1&+Τ<#+!∆#<#∋.&∃!Θ70(∋&∃Ι9!
φ∗<#1∃(0#∋.#8!+(%,!Ι,∋&.∗&,!∃#1∗(!∃#0%1#!70!#<#∋.&!∗−&∃∋−,8!&7!∃#ς(8!,#6&11#∋.#!
,#! 70(! (.7(45&! ,(! :,0∗∋∗∃.1(45&8! 0(∃! 6&0! 1#∃7+.(,&∃! (∋Ρ0(+&∃8! .#6∋∗6(0#∋.#!
∗∋#?%+∗6Τ<#∗∃! #! ∗0%1#<∗∃;<#∗∃9! Υ&0&! #?#0%+&8! %&,#Β∃#! 6∗.(1! &! 1&0%∗0#∋.&! ,#! 70(!
04748848308
(,7.&1(!,71(∋.#!(!0(∋7.#∋45&!&7!(!≅(+Θ(!,#!70(!%#4(!0#6ϕ∋∗6(!∋70!<#;67+&!&≅∗6∗(+!
#0!.1ϕ∋∃∗.&9!
Ο(1(!&∃!(7.&1#∃8!∃&0#∋.#!(∃!∃∗.7(4Σ#∃!,#!Ι,∋=(!/(∗,∋!#?∗0#0!(!1#∃%&∋∃()∗+∗,(,#!
&)ς#.∗<(! 6∗<∗+! ,(! :,0∗∋∗∃.1(45&! ΟΠ)+∗6(8! 0(∃! /4)! &∃! #<#∋.&∃! ∗∋.#1∋&∃! #∋Λ7(,1(,&∃!
6&0&!+(%,!Ι,∋&.∗&,9!
ϑ∃∃&! %&1Λ7#8! ∋(∃! ∃∗.7(4Σ#∃! ,#! Ι,∋=(! /(∗,∋8! &! ,(∋&! /4)! ,#6&11#! ,#! (.7(45&! ,&!
−∃.(,&8!0(∃!,&!%1=%1∗&!#<#∋.&!#?.#1∋&8!,#!0&,&!Λ7#!∋5&!ΘΤ!70!∋#?&!6(7∃(+!#∋.1#!
(+370(!(.∗<∗,(,#!#∃.(.(+!#!&!,(∋&!∃&≅1∗,&!%#+&!%(1.∗67+(1!∆(!0#∋&∃!Λ7#!Θ(ς(!(+370(!
&0∗∃∃5&!67+%&∃(!,(!:,0∗∋∗∃.1(45&8!Χ!6+(1&Ι9!
:&! 6&∋.1Τ1∗&8! ∋(∃! ∃∗.7(4Σ#∃! ,#! +(%,! Ι,∋&.∗&,8! 6&∋∃∗,#1(∋,&! (! ,#≅∗∋∗45&! ,&∃!
(7.&1#∃8! &! ,(∋&! ,#6&11#! 9∗∋∃&(/∃−&∃! ,#! 70(! (&.(=>,! ,(! :,0∗∋∗∃.1(45&8! 07∗.&!
#0)&1(!#+(!∋5&!.#∋Θ(!Λ7(+Λ7#1!67+%(!#0!1#+(45&!(&∃!#≅#∗.&∃!,(!∃7(!(.7(45&!∆(≅∗∋(+8!
&∃!1#∃7+.(,&∃!∃5&!(∋Ρ0(+&∃!#!∗∋#<∗.Τ<#∗∃Ι9!Ο&1.(∋.&8!6&0&!#?∗∃.#!&!∋#?&!6(7∃(+!#∋.1#!
&! ,(∋&! #! (! (.7(45&! #∃.(.(+8! ∋5&! Θ(<#1∗(! 6&0&! 6&∋∃∗,#1(1! &! 6(∃&! ≅&1.7∗.&! 6&0&! 70!
#?6+7,#∋.#!,#!1#∃%&∋∃()∗+∗,(,#9!!
η5&!&)∃.(∋.#!(!%&∃∗45&!,&∃!∗+7∃.1#∃!(7.&1#∃8!1#3∗∃.1#Β∃#!Λ7#!(!0(∗&1∗(!,(!,&7.1∗∋(!
#!,(!ς71∗∃%17,Ξ∋6∗(!/4)!≅(Α!#∃∃(!,∗≅#1#∋6∗(45&!#∋.1#!Μ≅&14(!0(∗&1Ν!#!Μ6(∃&!≅&1.7∗.&Ν9!
:0)&∃! ∃5&! 6&∋∃∗,#1(,&∃! #<#∋.&∃! ∃8&∃∋−,%! Ψ! :,0∗∋∗∃.1(45&8! ∗/<∋∃6∗%:6∃∗%! #!
∗−+,−&∋,7Κ6∃∗%8!6(%(Α#∃!,#!∋,/<∃∋!(!∋#6#∃∃Τ1∗(!6(7∃(+∗,(,#!#∋.1#!(!(45&!,&!−∃.(,&!#!
&! ,(∋&! 6(7∃(,&9! −0! &7.1(∃! %(+(<1(∃8! %(1(! (! 0(∗&1! %(1.#! ,(! ,&7.1∗∋(! #! ,(!
ς71∗∃%17,Ξ∋6∗(8!Μ≅&14(!0(∗&1Ν!#!Μ6(∃&!≅&1.7∗.&Ν!∃5&!(!0#∃0(!6&∗∃(!#8!%&1!∗∃∃&8!(0)&∃!
%&,#0! ∃#1! .&0(,&∃! 6&0&! #?6+7,#∋.#∃! ,(! 1#∃%&∋∃()∗+∗,(,#! 6∗<∗+! ,(! :,0∗∋∗∃.1(45&9!
/!#∃∃(!%&∃∗45&!Λ7#!,#<#0&∃!+#<(1!%(1(!(!%1&<(!6&0&!1#31(!3#1(+9!
!
!Ψ∀# ∃%&∋(&# )# ∗ΤΞ[∗# −,!./# ∆#!,6!.%(&)−,∃%(!/∋3(#(!∗%2∋!<,%2∗∋!∗%!.(#/&%18∋!∗#!
/#(0)1∋! .Γ9∃)−∋+! #! (#/&%(! ∗#6∋2/&(%∗%! %! −,∃.%! #?−∃,/)0%! ∗#//#! .%(&)−,∃%(+! 3)−%(7!
%3%/&%∗%! %! (#/.∋2/%9)∃)∗%∗#! ∗%! %∗6)2)/&(%18∋:! Ι#//#! &).∋! ∗#! /)&,%18∋+! ∋! ϑ2,/! ∗%!
.(∋0%+!−∋2&,∗∋+!−%9#(7!Ρ!%∗6)2)/&(%18∋:!
! %01&2345607# ∆# 5&∋(02∋8≅6>6989&# =6:6># 0≅Μ&36:8# 28# 1098>6989&# 56∋=0#
891626∋35836:0#89163&#&Υ=><9&23	&∋(02∋8≅6>6989&#(858#8Ε8∋385#0#9&:&5#9&#
629&26Ο85# 90# Β∋3890∀# Β235&# 0∋# &Υ=><9&23&∋# 9&# 5&∋(02∋8≅6>6989&;# &∋34# 8# =<>(8#
&Υ=><∋6:8# 98# :Ν3618;# 0# =8∋0# Ε053<630# &# 8# Ε05?8# 18605∀# Ξ&38>Φ&# Η# Π<&# 0# ∴2<∋# 98#
(50:8# &1# 5&>8?Κ0# Ι# (5&∋&2?8# 90# &Υ=><9&23&# 9&# 5&∋(02∋8≅6>6989&# Η# 98# (5ϑ(568#
∆91626∋358?Κ0#∃8Ε628>;#&>8#Η#Π<&#∋&54#≅&2&Ε6=6898#=01#8#&Υ=><∋Κ0/∀#
## Ρ8≅856307#%&530#
!_∀# ∃%&∋(&#)#ΣλΛ#−,!./#Κ∋2/)∗#(#!<,#!,6!.%(&)−,∃%(+!%∋!%0%21%(!∋!/)2%∃!0#(6#∃4∋!
∗∋! /#673∋(∋+! %! −∋∃)∗)∗∋! /#,! 0#Φ−,∃∋! −∋2&(%! 0#Φ−,∃∋! ∋3)−)%∃! .#(−#2&#! %! ,6%!
%,&%(<,)%! <,#! &(%3#>%0%! 2%! −∋2&(%68∋:! Ι#//%! /)&,%18∋+! ∋! =/&%∗∋! ∗#0#(7! /#(!
)2&#>(%∃6#2&#! (#/.∋2/%9)∃)Α%∗∋! .#∃∋! ∗%2∋! −%,/%∗∋! %∋! .%(&)−,∃%(+! ∗%∗∋! <,#+! 2∋!
Ν(%/)∃+!/#!%∗∋&%!%!&#∋()%!∗%!(#/.∋2/%9)∃)∗%∗#!∋9Ε#&)0%!#+!∗#!%−∋(∗∋!−∋6!#∃%+!%!−,∃.%!
−∋2−∋((#2&#!28∋!#∃)∗#!2#6!%,%!%!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!∗#!)2∗#2)Α%(:!
! %01&2345607# Ξ&# 8=0590# =01# 8# 3&0568# 98# 5&∋(02∋8≅6>6989&# 0≅Μ&36:8;# 28#
Φ6(ϑ3&∋&# 9&# =<>(8# =02=055&23&;# 8# 5&∋(02∋8≅6>6989&# 90# Β∋3890# ∋&54# 83&2<898;#
0<# ∋&Μ8;# 0# :8>05# 98# 629&26Ο8?Κ0# Π<&# 3&54# 9&# (8Χ85# ∋&54# 5&9<Ο690#
(50(05=6028>1&23&;# 28# 1&9698# 9&# ∋<8# =<>(8∀# %010# 0# (8536=<>85# 381≅Η1# 3&:&#
=<>(8;#(853Z#(5&Μ<ΝΟ0#∋&54#∋<(053890#(05#&>&∀#
# Ρ8≅856307#Β55890#
!γ∀# ∃%&∋(&# <& ΞΘΖ∆%& −,!−/! Η6! .%−)#2&#! )2&#(2%∗∋! #6! 4∋/.)&%∃! .Γ9∃)−∋! ∗#!
04748848308
∗#&#(6)2%∗∋! #/&%∗∋! ∗%! Τ#∗#(%18∋! −∋6#&#,! /,)−Φ∗)∋+! %&)(%2∗∋Χ/#! ∗#! ,6%! Ε%2#∃%!
.(ς?)6%! %! /#,! ∃#)&∋+! ∃∋−%∃)Α%∗∋! 2∋! <,)2&∋! %2∗%(! ∗∋! 4∋/.)&%∃:! Κ∋6! 9%/#! 2#//%!
/)&,%18∋!4).∋&5&)−%+!3)−%!#?−∃,Φ∗%!%!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋+!.∋(!&#(!/)∗∋!%!−,∃.%!
#?−∃,/)0%!∗%!0Φ&)6%+!/#6!.∋//)9)∃)∗%∗#!∗#!)2&#(3#(≅2−)%!∗∋!(#3#()∗∋!#2&#!.Γ9∃)−∋:!
! %01&2345607# α# &23&2961&230# 8=&5=8# 98# 5&∋(02∋8≅6>6989&# =6:6># (&>0#
∋<6=Ν960#9&#(&∋∋08∋#∋0≅#8#Χ<8598#90#Β∋3890#2Κ0#Η#<26Ε051#Μ<56∋(5<9ς2=68∀#
∆∋#9&=6∋δ&∋#:85681#8#9&(&29&5#90#=8∋0#=02=5&30∀#=!+5∀2>&.&(#+,?∋+.&≅&.#&54.&≅&
#6&,∀(.&∋%&,#2−∀&%Α,2#(+∗∀&∋∀&∗?∃+6∀ΒΒ#
# Λ0#=8∋0#9&#∋<6=Ν960#&2:0>:&290#(8=6&23ɯ&52890#&1#Φ0∋(638>#(Γ≅>6=0;#0#
χ∗[# Μ4# ∋&# 1826Ε&∋30<# Π<&# 8# 5&∋(02∋8≅6>6989&# &Υ358=023583<8># 90# Β∋3890# Ε6=8#
&Υ=><Ν98# (&>8# =<>(8# &Υ=><∋6:8# 98# :Ν3618∀# &Μ8;# (05# &Υ&1(>0;# 8# 9&=6∋Κ0# 90#
Ξ8Ν;#(0538230;#0#Χ8≅85630#98#Π<&∋3Κ0∀#Ξ6:&5∋8;#8#1&<#:&5;#∋&568#8#∋63<8?Κ0#
&1# Π<&# 8# 3&29ς2=68# ∋<6=698# 90# (8=6&23&# (<9&∋∋&# ∋&5# 968Χ20∋36=898# ∀& −)+.)+;#
=8∋0# &1# Π<&# =8≅&568# 80# Β∋3890# ∋&# 8=8<3&>85# 98∋# (50:69ς2=68∋# 2&=&∋∋4568∋;#
(858#61(&965#Π<�#623&52890#>0Χ58∋∋軩#8#(5ϑ(568#:698∀#Σ8∋#&∋∋Κ0#Ε06#0#
=8∋0∀#
µ<8230# 80# ∋<6=Ν960# 9&# 9&3&230# &1# &∋38≅&>&=61&230# (56∋6028>;# 0# χ∗[#
(0∋∋<6# 0<358# (0∋6?Κ0;# 5&=02Φ&=&290# 8# 5&∋(02∋8≅6>6989&# =6:6># 0≅Μ&36:8# 90#
Β∋3890∀#[06#8#9&=6∋Κ0#8903898;#(05#&Υ&1(>0;#20#∆+Β#η,,∀φ−ηΖΡα7#
7Θ)∀∗Γ& )%Θ+Ρ%Κ∃∀Η& ΚΓ& )%,#)(Γ& %Μ∃)∀Γ)∋+ΚΣ)+Γ& ,ΓΡ& ∀Θ)∀∗Γ;& Π;& −+)%+∃Γ& 7∋Ρ+Κ+(∃)∀∃+∗Γ;& Τ;&
∆%(−.5(∀1+2+∋∀∋%&,+∗+2&∋.&Ε(∃∀∋.;&Φ5∋%5+Γ∀/4.&−.)&∋∀5.(&6.)∀+(;&Η.)∃%&∋%&−)%(.&
%6&%(∃∀1%2%,+6%5∃.&−)+(+.5∀2;&Ι#+,?∋+.;&Υ;&7,ς)∋ΦΓ&)%,Γ))+∋Γ&%Ρ&,ΓΚ(ΓΚΩΚ,+∀&,ΓΡ&∀&
Ξ#)+(ϑ)#∋ΨΚ,+∀& ∋%(∃∀& 3Γ)∃%;& .Κ,+∋ΨΚ,+∀& ∋∀& 5ΖΡ#Η∀& Π[∴;& <)%,%∋%Κ∃%(;& ];& 7#(ΨΚ,+∀& ∋%&
∀)Θ#Ρ%Κ∃Γ(& ,∀ϑ∀⊥%(& ∋%& +Κ!+)Ρ∀)& ∀& ∋%,+(ΦΓ& ∀Θ)∀∗∀∋∀;& _;& 7Θ)∀∗Γ& )%Θ+Ρ%Κ∃∀Η& ∀& #%& (%&
Κ%Θ∀&ϑ)Γ∗+Ρ%Κ∃Γ;&
Β1# Χ&58>;# Π<8290# ∋&# 35838# 90# ∋<6=Ν960# 9&# 9&3&230∋;# 8# Μ<56∋(5<9ς2=68# 3&1#
5&=02Φ&=690#8#5&∋(02∋8≅6>6989�≅Μ&36:8#90#Β∋3890;#2Κ0#891636290#8#&Υ=><∋Κ0#
98#5&∋(02∋8≅6>6989&#(05#=<>(8#&Υ=><∋6:8#98#:Ν3618∀#
Β2Ε61;# (&5=&≅&Α∋&# Π<&# &Υ6∋3&1# 28# Μ<56∋(5<9ς2=68# (0∋6?δ&∋# 96:&5∋8∋# &#
&Υ8381&23�(0∋38∋#&1#5&>8?Κ0#Ι#5&∋(02∋8≅6>6989&#=6:6>#90#Β∋3890#28#Φ6(ϑ3&∋&#
9&# ∋<6=Ν960# 9&# (&∋∋08∋# ∋<Μ&638∋# Ι# ∋<8# Χ<8598∀# Θ05# 6∋∋0;# =02∋69&50# Π<&# Η#
04748848308
(0∋∋Ν:&># 8Ε65185# Π<&# 0# ∋<6=Ν960;# (05# ∋6# ∋ϑ;# 2Κ0# =858=3&56Ο8# =<>(8# &Υ=><∋6:8# 98#
:Ν3618β# 9&:&Α∋&# 828>6∋85# 8∋# 9&186∋# =65=<2∋3κ2=68∋# Π<&# &2:0>:&1# 0# =8∋0;#
&∋(&=68>1&23#(5&:6∋6≅6>6989b#=029<38#90#∋<6=698;#(858#=02=><65#∋&#Φ4#0<#
2Κ0# 5&∋(02∋8≅6>6989&# 90# Β∋3890∀# ∆# 2Κ0# ∋&5# 20# =8∋0# 90∋# 9&3&230∋;# &1# Π<&# 8#
056&238?Κ0# Μ<56∋(5<9&2=68># 3&29&# 8# ∋&5# (&>8# 5&∋(02∋8≅6>6989&# 0≅Μ&36:8# 90#
Β∋3890;#2Κ0#&Υ6∋3&#<18#5&Χ58#Γ26=8#8#∋&5#∋&Χ<698#28#(50:8∀#%8≅P#=82969830#
828>6∋85# 3098∋# 8∋# 62Ε0518?δ&∋# (5&∋&23&∋# 28# Π<&∋3Κ0# )# &∋(&=68>1&23&# 0∋#
&>&1&230∋# ∋<≅Μ8=&23&∋;# &# 2Κ0# 8(&28∋# 0# ∋<6=Ν960# &1# ∋6# )# (858# 9&=6965# Π<8># 8#
1&>Φ05#5&∋(0∋38∀#
## Ρ8≅856307#%&530#
*****
Em frente!
Ε⊥ΠΘ0Ρ30%3ςΕ%Ε⊥ΠΘ0ΡΘ0ΡΕΩΘ90ςΕ%[ΨΒΟΣΕ%0β0ΕΡΙΨΩΨΝ[%Ε⊥ΠΘ0
−0! Λ7#! %#∃#! (! %&∃∗45&! ,&! χγβ8! ΘΤ! ∋(! ,&7.1∗∋(! Λ7#0!
,#≅#∋,(! (! %&∃∃∗)∗+∗,(,#! ,#! ∃#! 0&<#1! (45&! ,#! 1#%(1(45&!
9∗∋∃&(/∃−&∃!6&∋.1(!&!()∃−&∃!<Γ07∗+,9!γ(+!Χ!(!%&∃∗45&8!%&1!
#?#0%+&8! ,#! Υ(1<(+Θ&! β∗+Θ&8! %(1(! Λ7#0! 8)∋ ∆%∗)∋ #∀∋ 5∀∃∋
%∗∃,Ε6=#%∋ ∃∀57)/5%Ε,&,#%#∀∋ )Ε<∀∗,>%∋ Φ∋ 7∀55)%∋ <6∃=#,1%∋ /4)∋ 5,2/,∆,1%∋ %∋ ∀Γ1&654)∋ #)∋
#,∃∀,∗)∋#∀∋%2,∃∋#,∃∀∗%−∀/∗∀∋1)/∗∃%∋%≅6∀&∀∋≅6∀∋1%65)6∋)∋#%/)Χ9!
κΤ!&!(7.&1!Υ#+∃&!:∋.Ρ∋∗&!Ζ(∋,#∗1(!,#!ε#++&!1#3∗∃.1(!Λ7#!(!<;.∗0(!%&,#!%1&%&1!
(45&! ,#! ∗∋,#∋∗Α(45&! 6&∋.1(! &! (3#∋.#8! 6&∋.1(! &! −∃.(,&! &7! 6&∋.1(! (0)&∃8! 6&0&!
1#∃%&∋∃Τ<#∗∃!∃&+∗,Τ1∗&∃8!∋&!6(∃&!,#!,&+&!&7!67+%(9!
04748848308
η(!%1&<(8!%&1.(∋.&8!∋5&!∃#!,#<#!,#∃6(1.(1!+&3&!,#!6(1(!(+370(!(+.#1∋(.∗<(!Λ7#!
(≅∗10#!∃#1!%&∃∃;<#+!(6∗&∋(1!,∗1#.(0#∋.#!&!(3#∋.#!%Π)+∗6&λ!&!0#+Θ&1!Χ!<#1∗≅∗6(1!∃#!&!
#∋7∋6∗(,&! ≅(Α! 1#≅#1Ξ∋6∗(! Ψ! 9,.&∋∗−(8! %&∗∃8! ∃#! ≅∗Α#18! &! ∗.#0! %&,#1Τ! ∃#1! 6&∋∃∗,#1(,&!
6&11#.&9!
η5&!&)∃.(∋.#8!,#<#Β∃#!.&0(1!6&0&!∆?Σ∆1!Σ?∆13!∆6(∃&!&!#∋7∋6∗(,&!∋5&!6∗.#!(!
,&7.1∗∋(!&7!(%#∋(∃!%#4(!&!%&∃∗6∗&∋(0#∋.&!,&!χγβΙ!Λ7#!(!(45&!,#!1#%(1(45&!,#<#1Τ!
∃#1! ∗∋.#∋.(,(! 6&∋.1(! (! <∃%%,(! ;.∋:9∗+(! 6(7∃(,&1(! ,&! ,(∋&8! #! ∋5&! 6&∋.1(! &! (3#∋.#8!
∋5&! ∃#! (,0∗.∗∋,&! ∃#Λ7#1! &! +∗.∗∃6&∋∃=16∗&! %(∃∃∗<&! ∆#∋.1#! (! %#∃∃&(! ς71;,∗6(! #! &!
∃#1<∗,&1Ι!#0!.(+!∃∗.7(45&9!
!
!
04748848308
Τ## µΤ!%1#6#,#∋.#∃!,&!χγκ!#!,&!χγβ!Λ7#!1#6&∋Θ#6#0!(!∗/<∋∃%+∋∗&∗0∗7∗9(9∃!,(∃!(4Σ#∃!
∗∋,#∋∗Α(.=1∗(∃! %&1! ,(∋&∃! 0&1(∗∃! &7! 0(.#1∗(∗∃! ,#6&11#∋.#∃! ,#! (.&∃! ,#!
<∃∋%∃).∗=>,8! &,∋&.∋(! #! <∋∗%>,8! %&1! 0&.∗<&∃! %&+;.∗6&∃8! %1(.∗6(,&∃! ,71(∋.#! &!
∋∃)∗/∃!/∗7∗&(∋ΤΥ9!ϑ∃∃&8!%&1Λ7#!(∃!1#≅#1∗,(∃!(4Σ#∃!1#≅#1#0Β∃#!(!%#1;&,&!#0!Λ7#!(!
&1,#0! ς71;,∗6(! ≅&∗! ,#∃6&∋∃∗,#1(,(8! 6&0! +#3∗∃+(45&! ,#! #?6#45&8! Θ(<#∋,&8! ∃#0!
,Π<∗,(8!∗∋6&∋.Τ<#∗∃!()7∃&∃!#!<∗&+(4Σ#∃!,&∃!,∗1#∗.&∃!≅7∋,(0#∋.(∗∃8!0&10#∋.#!,&!
,∗1#∗.&!Ψ!,∗3∋∗,(,#!,(!%#∃∃&(!Θ70(∋(9!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Β>!Κ.8+!Β1χΨ+!!ς.#/:.#=#.Μ!#;!1−∗1)0+∗)∋!1!∀5.#581!∀#!148#.!52∀#25η3ΕΗ1!∀1/!∀321/!:3</3∀1/!01.!3≅#28#/!∀#!
0#//13/! Λ<.Ρ∀5:3/! ∀#! ∀5.#581! 0Φ465:1! #! ∀#! 0#//13/! Λ<.Ρ∀5:3/! ∀#! ∀5.#581! 0.5=3∀1! 0.#/83∀1.3/! ∀#! /#.=5Ε1/!
0Φ465:1/+!
Β?!∃9ε!ι!(#/0!ΝΒ>+Χ∆Α!
ς## Ο(1(! &! χγκ8! .1(.(∋,&Β∃#! ,#! Ι(&,! 9(−,%,! +(∋(+&∃∋∗ϑ(9,! +,/,! +∋∗/∃8! &! .#10&! ,#!
∗∋;6∗&!,(!%1#∃61∗45&!Λ7∗∋Λ7#∋(+!%(1(!(!%1&%&∃∗.71(!,(!(45&!,#!∗∋,#∋∗Α(45&!6&∋.1(!
&! Ο&,#1! ΟΠ)+∗6&! Χ! (! 9(&(! 9,! &∋Ω−%∗&,! ∃/! ;.7)(9,! 9(! %∃−&∃−=(! +∋∗/∗−(7!
+,−9∃−(&Ξ∋∗(ΤΨ9!!!
!
!ε∀# ∃%&∋(&# )# ΘΡΒΖΩ∆# −,!Ψ/# ∆,.∋24%! <,#! 0)%&,(%! ∗%! .∋∃Φ−)%! −)0)∃! −∋∃)∗%! −∋6!
0#Φ−,∃∋! .%(&)−,∃%(! <,#! %! ,∃&(%.%//%∗∋! −(,Α%6#2&∋! 2∋! /)2%∃! 0#(6#∃4∋! #! ∋! 3%&∋!
∋−%/)∋2#!/5()∋/!∗%2∋/!Ρ!/%Γ∗#!∗∋!−∋2∗,&∋(!∗∋!0#Φ−,∃∋!.%(&)−,∃%(:!Κ∋2/)∗#(%2∗∋!#//%!
/)&,%18∋!4).∋&5&)−%!#!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗%!%∗6)2)/&(%18∋!.Γ9∃)−%+!Ε,∃>,#!∋!)!
/,9/#<,#2&#:!
Ι∋!−%/∋+!%!%18∋!∗#!)2∗#2)Α%18∋!.∋(!∗%2∋/!6%&#()%)/!−∋2&(%!∋!=/&%∗∋!.(#/−(#0#(7!#6!
0)2&#!%2∋/:!
! %01&2345607# ∆# 8?Κ0# 9&# 629&26Ο8?Κ0# =02358# 0# Β∋3890# (5&∋=5&:&54# &1#
=62=0#820∋;#Κ0#&1#:623&∀#
# Ρ8≅856307#Β55890#
!φ∀# ∃%&∋(&# )# ∗+∗!,# −,!./# Σ∋∗∋/! ∋/! %2∋/+! 2%! #/&%18∋! −4,0∋/%+! %! (#>)8∋!
6#&(∋.∋∃)&%2%! ∗#! ∗#&#(6)2%∗∋! 6,2)−Φ.)∋! 5! %−∋6#&)∗%! .∋(! )2,2∗%1Ο#/+! ∋! <,#! −%,/%!
>(%0#/!.(#Ε,ΦΑ∋/!%!/#,/!6∋(%∗∋(#/:!=/&,∗∋/!2∋!∃∋−%∃!∗#6∋2/&(%(%6!<,#!∋/!3%&∋(#/!
.(#.∋2∗#(%2&#/!−%,/%∗∋(#/!∗%/!#2−4#2&#/!/8∋!∋!/)/%!∗#3)−)#2&#!∗#!−%.&%18∋!∗#!
7>,%/!.∃,0)%)/!#!∋!%−Γ6,∃∋!∗#!∃)?∋!2%/!0)%/!.Γ9∃)−%/:!
Κ∋2/)∗#(%2∗∋!#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋!)!/,9/#<,#2&#:!
Κ%/∋! %∃>,6! −)∗%∗8∋! .(#∗%! /#(! (#//%(−)∗∋! ∗#! .(#Ε,ΦΑ∋/! /∋3()∗∋/+! .∋∗#(7! .(∋.∋(!
%18∋! −∋2&(%! ∋! =/&%∗∋! ∋,+! /#! .(#3#()(+! ∗)(#&%6#2&#! −∋2&(%! ∋! %>#2&#! .Γ9∃)−∋!
04748848308
(#/.∋2/70#∃+! 0)/&∋! <,#! %! (#/.∋2/%9)∃)∗%∗#! −)0)∃! 2%! /)&,%18∋! 4).∋&5&)−%! #6! %.(#1∋! 5!
/∋∃)∗7()%:!
! %01&2345607# %01# ≅8∋&# 28# Μ<56∋(5<9ς2=68# 90# χ∗[;# 8# 8?Κ0# 9&# 629&26Ο8?Κ0#
9&:&54# ∋&5# (50(0∋38# =02358# 0# Β∋3890;# &# 2Κ0# 965&381&23&# =02358# 0# 8Χ&23&#
(Γ≅>6=0;# 98Ν# 0# &550∀# ∆# 5&∋(02∋8≅6>6989&# 90# Β∋3890;# 20# =8∋0;# Η# ∋<≅Μ&36:8;# 28#
1098>6989&# =<>(8# 891626∋35836:8;# 9&# 1090# Π<&# 0# =6989Κ0# ∋ϑ# 3&54# 965&630# 8#
629&26Ο8?Κ0# ∋&# 5&∋385# =01(50:890# )# &# 0# ∴2<∋# 98# (50:8# Η# 90# =6989Κ0# )# Π<&#
9&3&5162898#016∋∋Κ0#=<>(0∋8#98#∆91626∋358?Κ0#=02=055&<#(858#0#∋<5Χ61&230#
90#5&∋<>3890#9820∋0∀###
Ρ8≅856307#Β55890#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ΒΝ!∃9ε!ι!(#/0!ϑ,−+Χ>>δ∃ς!
#≅#.∗<&! ,#∃#0)&+∃&! ,(! ∗∋,#∋∗Α(45&9! χ#37∋,&! #∃∃(! 6&11#∋.#! ,#! #∋.#∋,∗0#∋.&8! ∋5&!
)(∃.(! &! .1ϕ∋∃∗.&! #0! ς7+3(,&! ,(! ∃#∋.#∋4(! Λ7#! 6&∋,#∋(! &! −∃.(,&! ∋(! (45&!
∗∋,#∋∗Α(.=1∗(8!%&∗∃!&!∗∋.#1#∃∃#!ς71;,∗6&!∋(!%1&%&∃∗.71(!,(!(45&!1#31#∃∃∗<(!,#%#∋,#!,&!
#≅#.∗<&! ,#∃≅(+Λ7#! ∋&∃! 6&≅1#∃! %Π)+∗6&∃9! :! %1&%&∃∗.71(! ,(! (45&! 1#31#∃∃∗<(! (∋.#∃! ,&!
%(3(0#∋.&!%&,#1∗(!#∋∃#ς(1!#∋1∗Λ7#6∗0#∋.&!∃#0!6(7∃(!,&!−∃.(,&9!
Vale anotar que, mesmo que não se consiga provar a culpa ou dolo
do agente público, a obrigação da Administração perante o particular não
muda, vale dizer, o insucesso da ação de regresso não tem impacto algum
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ΒΑ!∗!/).)!1:1..#!Υ<32∀1!1!3≅#28#!#,∗%:%0/#,/=1)!∀#!0.1=1:3.!1!∀321Τ!#2Υ<3281!3!15.(+!1:1..#!Υ<32∀1!1!
3≅#28#Τ!#;41.3!2Η1!8#2[3!3!528#2ΕΗ1!∀1!∀321Τ!2Η1!81;3!1/!:<5∀3∀1/!2#:#//Μ.51/Τ!1<!Π3η!36≅1!03.3!1!Υ<36!
2Η1!#/8Μ!3081Τ!#2≅61432∀1!3!∗&Γ.−ΓΜ∗1−+Τ!3!−∆(&:α1−+!#!3!−∆(:5/Μ∗1−++!
∆∃Ζ.∗%∗&,%!<(∋(!(!(=>,!
9∃!∋∃)∋∃%%,
Ρ+∗)!
:3#∋.#!ΟΠ)+∗6& Ο(1.∗67+(1
Ε67)0/&0:&Γ:&∋∋)0 Ε67)0/&0:&(+:+67)0
7;!:3/1!∀#!∀161!1<!:<603! (#/012/34565∀3∀#!),8&4−2+!
(#/012/34565∀3∀#!∋5,8&4−2+! ς:&∋1:&2&!#;!]0+∗)∋!
Ψ∆(:&∋1:−4α2&.!
04748848308
−∃.(,&
! !
!
!
∀#6#∋.#0#∋.#8! #0! Ι∃6∃∋∃∗∋,! 9∃! ς4Τ[8! ∃&)! (! ∃∗∃.#0Τ.∗6(! ,#! ∋∃<∃∋+.%%>,! )∃∋(7!
∆∀−!ΗΗΦ9πΗΦΙ8!&!χγβ!≅∗?&7!(!.#∃#!,#!Λ7#!ϑ∋ /#∃,;#∀%>.∃:!(! (=>,! 9∃! ∋∃<(∋(=>,! 9∃! 9(−,%! ∴!
](ϑ∃−9(!ΝΓ07∗+(!9∃+,∋∋∃−&∃!9∃!∗7:+∗&,!+∗6∗7#!
η&!6(∃&8!(!>∋∗5&!%1#.#∋,∗(!&).#1!&!1#∃∃(16∗0#∋.&!,#!70!,(∋&!(&!#1Τ1∗&!6(7∃(,&!%&1!
<(∋&∗+.7(∋8! 67+%(,&! ∋70! (6∗,#∋.#! ,#! .1ϕ∋∃∗.&! Λ7#! ,(∋∗≅∗6&7! <#;67+&! &≅∗6∗(+9! 2! χ7%1#0&!
#∋.#∋,#7!Λ7#!(!%1#.#∋∃5&!1#∃∃(16∗.=1∗(!,(!>∋∗5&!∃#!∃7ς#∗.(<(!(&!<∋(ϑ,!<∋∃%+∋∗+∗,−(7!9∃!
⊥!(−,%8!+Φ&!∃#!(%+∗6(∋,&8!%&1.(∋.&8!(!∗0%1#∃61∗.∗)∗+∗,(,#!%1#<∗∃.(!∋&!(1.9!ΩΚ8![α∴!,(!Υβ9!
η(!,#6∗∃5&8!&!∀#+(.&1!∃(+∗#∋.&7!Λ7#!(!1#∃∃(+<(!6&∋.∗,(!∋(!%(1.#!≅∗∋(+!,&![α∴!,&!(1.9!ΩΚ!
,(! Υβ8! Λ7#! 1#0#.#!Ψ! +#∗! (! ≅∗?(45&! ,#! %1(Α&∃! ,#! %1#∃61∗45&! %(1(! ∗+;6∗.&∃! %1(.∗6(,&∃! %&1!
Λ7(+Λ7#1! (3#∋.#! Λ7#! 6(7∃#0! %1#ς7;Α&∃! (&! #1Τ1∗&8! 0(∃! #?6#.7(! 1#∃%#6.∗<(∃! (4Σ#∃! ,#!
1#∃∃(16∗0#∋.&8! ,#<#! ∃#1! #∋.#∋,∗,(! ,#! ≅&10(! ∃%&∋∗&(8! &7! ∃#ς(8! #+(! +Φ&!
.&1∋(1∗(!∗0%1#∃61∗.;<#+!&,9(!#!Ζ.(7Ζ.∃∋!(45&!,#!1#∃∃(16∗0#∋.&!0&<∗,(!%#+&!#1Τ1∗&9!
Κ∋7∆∀)−)&≅∋(∋%∃,∃∋−;∀∗−∋?∀=−)−∋+Φ&∋.−:∃∋/−#−∋∀∗/#&Η∀)−)∃∋−)∗∀+∀,%#−%∀.−Λ!
:!6&∋6+7∃5&!,&!χ7%1#0&!∋&!∀−!ΗΗΦ9πΗΦ!+Φ&!<(+#!%(1(!1#∃∃(16∗0#∋.&∃!,#6&11#∋.#∃!,#!
∀∗/#&Η∀)−)∃∋ −)∗∀+∀,%#−%∀.−9! :.Χ! Λ7#! &! χγβ! ∃#! 0(∋∗≅#∃.#! #∃%#6∗≅∗6(0#∋.#! ∃&)1#! (!
0(.Χ1∗(8!(∃!(=_∃%!9∃!∋∃%%(∋+∗/∃−&,!9∃+,∋∋∃−&∃%!9∃!(&,!9∃!∗/<∋,0∗9(9∃!(9/∗−∗%&∋(&∗6(!
/∃#∗−+∃;∃∗∋∀∗/#∃,;#∀%>.∃∀,!%&1!≅&14(!,&!(1.9!ΩΚ8![α∴!!,(!Υβ9!
Κ∋Α∋Μ∆−+%&∋Ν,∋−ΟΠ∃,∋)∃∋#∃8#∃,,&∋/#&∗&.∀)−,∋/∃:&∋Α,%−)&,∋;&+%#−∋,∃∆,∋−8∃+%∃,Θ∋
:! .#∃#! ≅∗?(,(! ∋&! ∀−! ΗΗΦ9πΗΦ! ≅&∗! )(∃#(,(! #0! 70! 6(∃&! ,#! ,(∋&! (&! #1Τ1∗&! %1&<&6(,&!
%&1!<(∋&∗+.7(∋8!#!∋5&!%&1!(3#∋.#!%Π)+∗6&9!:∃∃∗08!∃(+<&!0#+Θ&1!ς7;Α&8!&!#∋.#∋,∗0#∋.&!,&!
χγβ!+Φ&!∃#!(%+∗6(!Ψ∃!(4Σ#∃!,#!1#31#∃∃&8!Ψ∃!Λ7(∗∃!%#10(∋#6#0!∗/<∋∃%+∋∗&:6∃∗%9!η&.#!Λ7#!
04748848308
&!(1.9!ΩΚ8![α∴!,(!Υβ!∃#!1#≅#1#!#?%1#∃∃(0#∋.#!(!8,&=1,∗)5∋7∃%∗,1%#)5∋7)∃∋Μ∆−:Μ∆∃#∋−8∃+%∃Α∋
,∃#.∀)&#∋&∆∋+Φ&Α∋≅6∀∋1%65∀−∋7∃∀<6=Η)5∋%)∋∀∃?∃,)Χ9!!
γ(∋.&!Χ!<#1,(,#!Λ7#!(!>∋∗5&8!∋(!(45&!&)ς#.&!,&!∀−!ΗΗΦ9πΗΦ8!∃7∃.#∋.(<(!∃#1!(%+∗6Τ<#+!
(! ∗0%1#∃61∗.∗)∗+∗,(,#! %1#<∗∃.(! ∋&! (1.9! ΩΚ8! [α∴! ,(! Υβ! Ψ∃! +#∃Σ#∃! (&! %(.1∗0Ρ∋∗&! %Π)+∗6&!
6&0#.∗,(∃! %&1! %(1.∗67+(1#∃8! 85)Ε∋ 7∀/%∋ #∀∋ ∗)∃/?ϑ&)5∋ ,−6/∀5∋ Φ∋ ∃∀57)/5%Ε,&,Η%Ι4)∋ 7∀&)5∋
,&=1,∗)5∋ 7∃%∗,1%#)5∋ ∀−∋ #∀∗∃,−∀/∗)∋ #)∋ Κ5∗%#)Α∋ #,∆∀∃∀/∗∀−∀/∗∀∋ #)5∋ %2∀/∗∀5∋ 7ΛΕ&,1)5Α∋ ≅6∀∋
5∀−7∃∀∋5∀∃,%−∋∃∀57)/5%Ε,&,Η%#)5Α∋∀−∋%∆∃)/∗%∋%)∋7∃,/1=7,)∋ #%∋,5)/)−,%Χ9!Υ&0&!<∗∃.&8!(!
.#∃#!,(!>∋∗5&!∋5&!%1&∃%#1&79!
∀#∃∃(+.#Β∃#8! 6&∋.7,&8! Λ7#! ∃#! .1(.(! ,#! 70(! ,#6∗∃5&! 1#6#∋.#8! #! Λ7#! ∋5&! ()&1,&7! ,#!
≅&10(!#?%1#∃∃(!(!Λ7#∃.5&!,(∃!(4Σ#∃!,#!1#31#∃∃&9!:∃∃∗08!Λ7(∋.&!Ψ∃! (=_∃%! 9∃! ∋∃)∋∃%%,Α!
(∗−9(!−>,!≅!<,%%:6∃7!(−&∃6∃∋!,!∃−&∃−9∗/∃−&,!(!%∃∋!(9,&(9,!<∃7(%!0(−+(%!−(%!<∋,6(%#!!
!
−,∀# ∃%&∋(&# )# ΡΞ[# −,!./# ;.∃)−%Χ/#! %! .(#/−()18∋! <,)2<,#2%∃! 2∋! −%/∋! ∗#! %18∋!
(#>(#//)0%! %Ε,)Α%∗%! .∋(! %,&%(<,)%! #/&%∗,%∃! −∋2&(%! /#(0)∗∋(! .Γ9∃)−∋! −,Ε%! −∋2∗,&%!
−∋6)//)0%! %! (#/,∃&%∗∋! 2∋! ∗#0#(! ∗∋! =/&%∗∋! ∗#! )2∗#2)Α%(! %/! .#(∗%/! #! ∗%2∋/!
6%&#()%)/!#!6∋(%)/!/∋3()∗∋/!.∋(!&#(−#)(∋:!
! %01&2345607# ∆∋# 8?δ&∋# 9&# 5&∋∋85=61&230# 80# &54560;# =010# Η# 0# =8∋0# 98∋#
8?δ&∋# 5&Χ5&∋∋6:8∋;# ∋Κ0# 61(5&∋=563Ν:&6∋∀# χ0≅5&# 0# 3&18;# 0# 90<35628905# %85:8>Φ0#
[6>Φ0#&2∋628#Π<#61(5&∋=5636≅6>6989>=82?8#8(&28∋#8∋#(&∋∋08∋#Μ<5Ν96=8∋#9&#
965&630# (Γ≅>6=0;# 0<# ∋&Μ8;# 8∋# (&∋∋08∋# Ε&9&5836:8∋;# 8∋# 8<385Π<68∋# &# Ε<298?δ&∋#
8<345Π<6=8∋;# 2Κ0# 8362Χ6290# 8∋# &1(5&∋8∋# &∋38386∋;# (&∋∋08∋# 9&# 965&630# (56:890∀#
∗81≅Η1# 2Κ0# 8362Χ&# 8∋# 9&>&Χ834568∋# 9&# ∋&5:6?0# (Γ≅>6=0;# (06∋# 0# 96∋(0∋636:0#
=02∋363<=6028># 35838# 98∋# 8?δ&∋# 9&# 5&∋∋85=61&230# 80# &54560∀# Θ858# &∋∋8∋#
&236989&∋;#8(>6=8Α∋�#(58Ο0#(5&∋=56=6028>#9#ς∋#820∋#90#%ϑ96Χ0#%6:6>∀#
# Ρ8≅856307#Β55890#
−!∀# ∃%&∋(&# )# ΣΞλ%# −,!Ψ/# Κ∋2/)∗#(#! <,#! ∋! 6∋&∋()/&%! ∗#! ,6! 0#Φ−,∃∋! ∋3)−)%∃! ∗#!
∗#&#(6)2%∗∋! 6)2)/&5()∋+! %∋! &(%3#>%(! #6! 0#∃∋−)∗%∗#! %−)6%! ∗∋! ∃)6)&#! ∃#>%∃+! %!
−∋∃)∗)∗∋!−∋2&(%!,6!0#Φ−,∃∋!∗#!.%(&)−,∃%(!<,#!#/&%0%!∗#0)∗%6#2&#!#/&%−)∋2%∗∋:!Ι#//%!
/)&,%18∋+! #69∋(%! ∋! =/&%∗∋! /#Ε%! ∋9()>%∗∋! %! )2∗#2)Α%(! ∋! ∗%2∋+! /∋6#2&#! 4%0#(7! ∋!
∗)(#)&∋! ∗#! (#>(#//∋! ∗∋! =/&%∗∋! −%/∋! /#! −∋6.(∋0#! ∋! ∗∋∃∋! #/.#−Φ3)−∋! 2%! −∋2∗,&%! ∗∋!
/#(0)∗∋(:!
! %01&2345607# Λ0∋# 3&510∋# 90# 853∀# .η;# ιγϕ# 98# %[;# 965&630# 9&# 5&Χ5&∋∋0# 90#
Β∋3890#&Υ6∋3&#&1#=8∋0#9Z>0#0<#=<>(8#∃Κ0#8(&28∋#&1#=8∋0#9Z>0/∀##
# Ρ8≅856307#Β55890#
−−∀# ∃%&∋(&# )# ∗%Ξ[# −,!Ψ/# Β#! %−∋(∗∋! −∋6! ∋! /)/%! ∗%! (#/.∋2/%9)∃)∗%∗#! −)0)∃!
∋9Ε#&)0%!%∗∋&%∗∋!2∋!Ν(%/)∃+!%!%∗6)2)/&(%18∋!.Γ9∃)−%!.∋∗#+!%!/#,!Ε,ΦΑ∋!∗)/−()−)∋27()∋+!
04748848308
∗#−)∗)(!/#!)2&%!∋,!28∋!%18∋!(#>(#//)0%!−∋2&(%!∋!%>#2&#!−%,/%∗∋(!∗∋!∗%2∋+!%)2∗%!
<,#!#/&#!%!%>)∗∋!−∋6!−,∃.%!∋,!∗∋∃∋:!
! %01&2345607#∆#90<35628#18Μ05634568#Η#20#∋&23690#9&#Π<#8?Κ0#5&Χ5&∋∋6:8#
Η# 0≅56Χ83ϑ568∀# ∆Ε628>;# Η# 8# 623&Χ56989&# 90# &54560# Π<&# &∋34# Μ0Χ0;# 2Κ0# (09&290# 0#
8Χ&23&# (Γ≅>6=0# 8≅565# 1Κ0;# 8# ∋&<# =563Η560;# 9&# <1# (83561∴260# Π<&# Η# 9&# 3090∋∀#
∗8230# Η# 8∋∋61# Π<&# 8# ν&6# Ψ∀γ!φΖ!φγ_# &∋36(<>8# 0# (58Ο0# 9&# γ,# 968∋# (858#
8Μ<6Ο81&230#98#8?Κ0#5&Χ5&∋∋6:8;#8#=02385#98#9838#&1#Π<෾∋6385#&1#Μ<>Χ890#8#
=029&28?Κ0# 61(0∋38# 80# Β∋3890∀# α# 2Κ0# =<1(561&230# 9&∋∋&# (58Ο0# (&>0∋#
(50=<58905&∋#5&∋(02∋4:&6∋#(05#61(&3585#8#8?Κ0#=02∋363<6#Ε8>38#20#&Υ&5=Ν=60#90#
9&:&5∀#ν&1≅58290#Π<#8?Κ0#9&Χ5&∋∋0#Η#61(5&∋=563Ν:&>∀##
# Ρ8≅856307#Β55890#
Γ7Ο%ΟΨ)Κϕπ∗!θ!Ξ)Γ7!
Υ&0&!∃&)1#,∗.&8!(!∗∋(%+∗6()∗+∗,(,#!,(!,#∋7∋6∗(45&!Ψ!+∗,#!
Χ!(!<,%∗=>,!/(;,∋∗&Κ∋∗(8!(,&.(,(8!∗∋6+7∃∗<#8!%#+&!χγβ!#8!∋(!
#∃≅#1(!≅#,#1(+8!#?%1#∃∃(0#∋.#!%1#<∗∃.(!∋(!]#∗!⊥9ΕΕ_ΕΦΦπ9!
−∃∃(!Χ!(!∆?Σ∆1!Σ?∆13!Λ7#!,#<#!∃#1!+#<(,(!%(1(!(!%1&<(9!
Ο&1Χ08! <(+#! ∃()#1! Λ7#! #?∗∃.#0! ς7+3(,&∃! ,&! χγκ! #! %&∃∗4Σ#∃! ,&7.1∗∋Τ1∗(∃! Λ7#!
(,0∗.#0! (! ,#∋7∋6∗(45&! Ψ! +∗,#! Λ7(∋,&! &! %1=%1∗&! ,#∋7∋6∗(∋.#! 6Θ(0(1! &! (3#∋.#!
%Π)+∗6&! (&! %1&6#∃∃&8! &7! ∃#ς(8! &! %(1.∗67+(1! +#∃(,&8! (&! #∋.1(1! 6&0! (! (45&! ,#!
∗∋,#∋∗Α(45&8!%&,#1∗(!(137∗1!(!67+%(!,&!(3#∋.#!%Π)+∗6&9!
Υ&0!#≅#∗.&8!%(1(!&!χγκπ8!∋(∃!(4Σ#∃!,#!∗∋,#∋∗Α(45&!≅7∋,(,(∃!∋(!1#∃%&∋∃()∗+∗,(,#!
6∗<∗+!&)ς#.∗<(!,&!−∃.(,&8!(!,#∋7∋6∗(45&!Ψ!+∗,#!/4)∋Μ∋)Ε∃,2%∗Ν∃,%8!∃#!∗∋∃#1∗∋,&!∋(!∃#(1(!
,(!9∗%+∋∗+∗,−(∋∗∃9(9∃!9,!9∃−.−+∗(−&∃9!
χ&)1#!&!.#0(8!(!(7.&1(!ε(1∗(!χι+<∗(!θ(∋#++(!φ∗!Ο∗#.1&!,#≅#∋,#!(!∗/<,%%∗0∗7∗9(9∃!
9(!9∃−.−+∗(=>,!9(!7∗9∃8!∃#!&!(7.&1!,(!(45&!6&∋.1(!&!−∃.(,&!(!%1&%Σ#!6&0!)(∃#!∋(!
16&7%∋ %/Ο/,−%∋ #)∋ 5∀∃>,Ι)! &7! (%#∋(∃! ∋(! ∃∀57)/5%Ε,&,#%#∀∋ )Ε<∀∗,>%∋ #∀1)∃∃∀/∗∀∋ #)∋
∃,51)9! :3&1(8! ∃#! (! (45&! Χ! ≅7∋,(,(! ∋(! 1#∃%&∋∃()∗+∗,(,#! &)ς#.∗<(! ,&! −∃.(,&8! 6&0!
(∋).∗=>,!9∃!+.7<(!9,!()∃−&∃!<Γ07∗+,8!(!9∃−.−+∗(=>,!9(!7∗9∃!≅!+(0:6∃7!6&0&!.(0)Χ0!
Χ!%&∃∃;<#+!&!7∗&∗%+,−%Ξ∋+∗,!Ι(+.7&(&∗6,!&7!(!<∋,<,%∗&.∋(!9∗∋∃&(/∃−&∃!+,−&∋(!,!()∃−&∃!
<Γ07∗+,9!27!∃#ς(8!%(1(!(!(7.&1(8!6()#!Ψ!<;.∗0(!,#6∗,∗1!6&∋.1(!Λ7#0!∗1Τ!%1&%&1!(!(45&!
,#!∗∋,#∋∗Α(45&9!
%3ΝςΘΩΝΕΞΨΣΨΡΕΡ30ςΘ%0Ε[ΘΝ0Σ3ΥΨΝΣΕ[ΨΖΘΝ030ΛΟΡΨΒΨΕΨΝ0
ρ ∆?Σ∆1δ!∗11#∃%&∋∃()∗+∗,(,#!,&!−∃.(,&9
ρ ?Η?αβ?Θδ
∀#∃%&∋∃()∗+∗,(,#!6∗<∗+!%&1! ρ :.&∃ +#3∗∃+(.∗<&∃δ +#∗∃ ,# #≅#∗.&∃ 6&∋61#.&∃ #
(.&∃!+#3∗∃+(.∗<&∃!#!ς7,∗6∗(∗∃ +#∗∃ ∗∋6&∋∃.∗.76∗&∋(∗∃9
ρ :.&∃ ς7,∗6∗(∗∃δ #11& ς7,∗6∗Τ1∗& ∋( #∃≅#1(
%#∋(+λ 6&∋,7.( ,&+&∃( 6&0 ∗∋.7∗.& ,#
6(7∃(1 %1#ς7;Α& Ψ %(1.# &7 ( .#16#∗1&9
Κ9∗∃!Ξ7_)∃ΞΚ9)Ζ∗∃!
!
−Ψ∀# ∃%&∋(&# )# ΣΘ∗%Ξ[# −,!./# Υ!=/&%∗∋!/ς!(#/.∋2∗#(7!.#∃%!)2∗#2)Α%18∋!%∋!)2∗)0Φ∗,∋!
.(#Ε,∗)−%∗∋!.∋(!%&∋!∃#>)/∃%&)0∋!<,%2∗∋!#/&#!3∋(!∗#−∃%(%∗∋!)2−∋2/&)&,−)∋2%∃!.#∃∋!∆ΣΤ:!
! %01&2345607#α#Β∋3890#5&∋(029&54#(&>8#629&26Ο8?Κ0#80#6296:Ν9<0#(5&Μ<96=890#
(05#830#>&Χ6∋>836:0#Π<8290#&∋3&#Ε05#9&=>85890#62=02∋363<=6028>#(&>0#χ∗[#Ž≅Η1#
Π<8290# &∋3&# Ε05# <1# 830# >&Χ6∋>836:0# 9&# &Ε&630∋# =02=5&30∋∀# Θ0538230;# 8# (8>8:58# ]∋ϑ⊥#
5&∋3562Χ&# 629&:6981&23&# 0# 63&1∀# χ0≅5&# 0# 3&18;# 5&∋∋8>3&Α∋&# Π<&# 8>Χ<2∋# 8<305&∋#
381≅Η1#8(02381#Π<#016∋∋Κ0#>&Χ6∋>836:8#(09&#Χ&585#8#5&∋(02∋8≅6>6989&#=6:6>#90#
Β∋3890;# &∋(&=68>1&23&# Π<8290# 8# 1058# 90# >&Χ6∋>8905# Η# 5&=02Φ&=698# (05# 1&60# 9&#
9&=6∋Κ0#Μ<96=68>#∃&Υ7#1829890#9>Μ<2?Κ0/∀#
# Ρ8≅856307#Β55890#
9∃%9∃!Ζ.∃!(9∃Ζ.(9(/∃−&∃!Ι.−9(/∃−&(9,8!/4)!∃#!6&∋≅7∋,#!6&0!&!#11&!ς7,∗6∗Τ1∗&9!
ϑ∋.#1%1#.(45&!,∗<#1∃(8!,#!(6&1,&!6&0!&!χγβ8!∗0%+∗6(1∗(!.&.(+!Λ7#)1(!,&!%1∗∋6;%∗&!,&!
+∗<1#! 6&∋<#∋6∗0#∋.&! ,&! ς7∗Α8! (≅#.(∋,&! ,#! 0&,&! ∗11#0#,∗Τ<#+! ∃7(! ∃#371(∋4(! %(1(!
(%1#6∗(1!#!<(+&1(1!%1&<(∃9!
∀#∃∃(+.#Β∃#8! 6&∋.7,&8! Λ7#! &! χγβ! ςΤ! (,0∗.∗7! (! %&∃∃∗)∗+∗,(,#! ,#! 1#∃%&∋∃()∗+∗Α(45&!
6∗<∗+! &)ς#.∗<(! ,&! −∃.(,&! %&1! 6&∋.(! ,(! ,#61#.(45&! ,#! %1∗∃5&! %1#<#∋.∗<(! #0! Λ7#! +Φ&!
&∃−Λ(/!%∗9,!,0%∃∋6(9,%!,%!<∋∃%%.<,%&,%!7∃)(∗%!<(∋(!(!(9,=>,!9(!/∃9∗9(Α!3#1(∋,&!
70!31(∋,#!%1#ς7;Α&!(&!%(1.∗67+(1!%1#ς7,∗6(,&!∆∋&!6(∃&8!#+#!%#1,#7!&!#0%1#3&Ι!ςς9!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ΧΒ!(7!ϑΧΑ+−ΒΝδ∃Ψ!
ΧΧ!(7!,Ν−+Αϑ,!
!
−_∀# ∃%&∋(&# <& ΞΘΖΞ[# −,!./# Κ∋2/)∗#(#! <,#! ∋! ∀∋∗#(! Ω,∗)−)7()∋! %! ∗#&#(6)2%∗∋!
.()/8∋! −%,&#∃%(! 2∋! −,(/∋! ∗#! (#>,∃%(! .(∋−#//∋! −()6)2%∃! #! <,#+! .∋/&#()∋(6#2&#+! ∋!
−)∗%∗8∋! %.()/)∋2%∗∋! %! /)∗∋! %9/∋∃0)∗∋! .#∃∋! ΕΓ()! .∋.,∃%(:! Ι#//%! /)&,%18∋!
4).∋&5&)−%+!/#>,2∗∋!#2∗)6#2&∋!∗∋!∆ΣΤ+!28∋!/#!.∋∗#!%∃#>%(!(#/.∋2/%9)∃)∗%∗#!−)0)∃!
∗∋! =/&%∗∋+! −∋6! (#∃%18∋! %∋! %.()/)∋2%∗∋+! %.#2%/! .#∃∋! 3%&∋! ∗#! &#(! ∋−∋(()∗∋! .()/8∋!
−%,&#∃%(+!0)/&∋!<,#!%!.∋/&#()∋(!%9/∋∃0)18∋!∗∋!(5,!.#∃∋!ΕΓ()!.∋.,∃%(!28∋!−%(%−&#()Α%+!.∋(!
/)!/ς+!#((∋!Ε,∗)−)7()∋:!
! %01&2345607# ∆# Π<&∋3Κ0# 8(5&∋&238# =055&381&23&# 0# &23&2961&230# 90# χ∗[#
8=&5=8# 90# 8∋∋<230;# 20# ∋&23690# 9&# Π<&# 8# (56∋Κ0# (5&:&236:8;# (05# ∋6# ∋ϑ;# 2Κ0# Η#
∋<Ε6=6&23&#(858#835865#8#5&∋(02∋8≅6>6989&#=6:6>#0≅Μ&36:8#90#Β∋3890#20∋#=8∋0∋#&1#
Π<�#5Η<;#80#Ε628>#98#8?Κ0#(&28>;#:&2Φ8#8#∋&5#8≅∋0>:690#0<#3&2Φ8#∋<8#∋&23&2?8#
=029&283ϑ568#5&Ε051898#28#62∋3κ2=68#∋<(&5605∀#
# Ρ8≅856307#%&530#
−γ∀# ∃%&∋(&# )# ∗%Ξ[# −,!Ψ/# Ξ2−)∗)(7! %! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%! ∗∋! =/&%∗∋!
04748848308
ΒΕΝΘΝ03Νς3ΒΨΕΨΝ0
(7∃ς∗Ο∃ΚΩ)Ξ)ΓΚΓ7!ς∗(!ΓΚΟ∗∃!Γ7!∗Ω(Κ∃!ςκΩΞ)ΨΚ∃!
palavras, pelo só fato da obra, sem que tenha havido culpa de alguém, a
responsabilidade da Administração é do tipo objetiva, na modalidade
risco administrativo.
Nesta situação, o dano resulta da obra em si mesma, por sua
localização, extensão ou duração prejudicial ao particular, sem relação
direta com alguma falha na execução propriamente dita.
A ideia subjacente é que, como o resultado da obra pública, em tese,
irá beneficiar a todos, é justo que os danos decorrentes da própria
natureza da obra também sejam repartidos, através da indenização
arcada pelo erário.
∀#∃%&∋∃()∗+∗,(,#!
η5&!∗0%&1.(!&!
ΘΞ!Ι(&,!9(!,0∋( 6∗<∗+!,0;∃&∗6( ,&!
#?#67.&1
?%&(9,
φ(∋&∃!,#6&11#∋.#∃!
∀#∃%&∋∃()∗+∗,(,#!
,#!&)1(∃!%Π)+∗6(∃ −?#6745&!(!6(13&!,(!
6∗<∗+!,0;∃&∗6( ,&!
<∋Ξ<∋∗(!19/∗−∗%&∋(=>,
?%&(9,
χΚ!∃8∃+.=>,!
9(!,0∋(
∀#∃%&∋∃()∗+∗,(,#!
−?#6745&!(!6(13&!,#!
6∗<∗+!%.0;∃&∗6( ,&!
<(∋&∗+.7(∋!+,−&∋(&(9,
+,−&∋(&(9,
(7∃ς∗Ο∃ΚΩ)Ξ)ΓΚΓ7!Ψ)Ζ)Ξ!Γ∗∃!Ο∗9∋()∗∃!
>?/,∃−.∃%%%
Θ%∋Ρ%7%Σ,0%∀,Η?9:∀Λ%:;%:#0<0Α:Α,;Φ%Α0;≅0+90/:∀Λ%:%∀,;+)/;:Ε090Α:Α,%≅0<09%,%≅∀0∗0/:9%Α);%/)#Λ∀0);Φ%Α);%)Μ0≅0:0;%Α,%
∀,Η0;#∀)%,%Α,%;,?;%+∀,+);#);Φ%,%Α,Μ0/0∀Λ%:%Μ0;≅:90Χ:=1)%Α,%;,?;%:#);%+,9)%Τ)Α,∀%Υ?Α0≅0Λ∀0)∃%
Θ%&Ρ%7%Σ,0%Μ,Α,∀:9%,;#:Ε,9,≅,∀Λ%/)∀∗:;%Η,∀:0;%+:∀:%Μ08:=1)%Α,%,∗)9?∗,/#);%∀,9:#0<);%:);%:#);%+∀:#0≅:Α);%+,9);%
;,∀<0=);%/)#:∀0:0;%,%Α,%∀,Η0;#∀)∃%
Θ%ΝΡ%7%Π%0/Η∀,;;)%/:%:#0<0Α:Α,%/)#:∀0:9%,%Α,%∀,Η0;#∀)%Α,+,/Α,%Α,%−.%−1(&.0∗?/,∃−.0∀+0∗(.)!&0+0∋7∋1,.&Φ%/1)%;,%
+,∀∗0#0/Α)%Β?,%Β?:9Β?,∀%;,∀<,/#0:%Μ0Β?,%<:Η:Φ%;,∗%:Ε,∀#?∀:%Α,%≅)/≅?∀;)%Α,%+∀)<0∗,/#)%)?%Α,%∀,∗)=1)Φ%+)∀%
∗:0;%Α,%;,0;%∗,;,;∃!
!
−ε∀# ∃Βχ∆[# )# ΘΡ[Λ# −,,η/# Κ%9#(7! %∋! Ψ)2)/&(∋! ∗#! =/&%∗∋! ∗%! Τ%Α#2∗%! ∗#3)2)(! %/!
2∋(6%/! .%(%! %! ∋.#(%−)∋2%∃)Α%18∋! ∗%! %//,218∋+! .#∃%! Η2)8∋+! ∗#! (#/.∋2/%9)∃)∗%∗#/!
−)0)/! .#(%2&#! &#(−#)(∋/! 2∋! −%/∋! ∗#! %&%∗∋/! &#((∋()/&%/+! %&∋/! ∗#! >,#((%! ∋,! #0#2&∋/!
−∋((#∃%&∋/:!
%01&2345607# α# Π<&∋630# &∋34# =055&30;# 9&# 8=0590# =01# 0# 853∀# −ϕ# 98#
ν&6#!,∀ηΨΨΖ−,,.7#
7)∃;& ΠΓ& & 3∀Λ%)Σ& ∀Γ& Η+5+(∃).& ∋%& Ε(∃∀∋.& ∋∀& Ο∀Γ%5∋∀& ∋%!+Κ+)& ∀(& ΚΓ)Ρ∀(& ϑ∀)∀& ∀&
Γϑ%)∀,+ΓΚ∀Η+⊥∀αΦΓ& ∋∀& ∀((#ΚαΦΓ& ∋%& #%& ∃)∀∃∀& %(∃∀& 8%+Ν& (%Θ#Κ∋Γ& ∋+(ϑΓ(+αβ%(& ∀& (%)%Ρ&
%(∃∀Λ%Η%,+∋∀(&ϑ%ΗΓ&<Γ∋%)&0Μ%,#∃+∗Γ;&
Ρ8≅856307#%&530#
04748848308
****
É isso pessoal. Terminamos aqui a parte teórica. Como já é de praxe,
vamos resolver mais algumas questões de prova ☺
0 0
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Χ−!∗/! #=#281/! :1..#6381/! 52:6<#;! ≅.#=#/Τ! 8<;<681/Τ! :1;1Εµ#/! :5=5/Τ! ∀5/8Φ.451/! 8.3436[5/83/Τ! 381! ;365:51/1Τ!
381! ∀#! /34183≅#;Τ! :12Π5/:1Τ! 23:512365η3ΕΗ1Τ! 30.##2/Η1Τ! /<Λ#5ΕΗ1Τ! ∀#8#2ΕΗ1Τ! 30.10.53ΕΗ1Τ! /#Υρ#/8.1! 1<!
Υ<36Υ<#.! 30.##2/Η1! 56#≅36! 1<! #α#.:Ρ:51! 52∀#=5∀1! ∀#! :128.16#! ∀3! 3#.123=#! 1<! ∀3! 8.50<63ΕΗ1! #;! =σ1! 01.!
03.8#!∀#!Υ<36Υ<#.!0#//13!1<!0#//13/!3!41.∀1!∀3!3#.123=#!/#;!:12/#285;#281!∀1!#α061.3∀1.+!
%010#∋߶#0#965&630#9&Χ5&∋∋0#90#Β∋3890#∋ϑ#(09&54#∋&5#8∋∋&Χ<5890#
Π<8290#∋&<∋#8Χ&23&∋#36:&5&1#=8<∋890#9820∋#8#3&5=&650∋#(05#90>0#0<#=<>(8∀#Β1#
0<358∋#(8>8:58∋;#∋Κ0#Φ0<:&5#90>0#0<#=<>(8#90#8Χ&23&;#2Κ0#∋&54#8∋∋&Χ<5890#
04748848308
0#965&630#9&Χ5&∋∋0;#0#Π<着#8#Π<&∋3Κ0#62=055&38∀#
Ρ8≅856307#Β55890#
.!∀# ∃%&∋(&#)#%ΡΒΖΘλ#−,!_/#Β#!%−∋(∗∋!−∋6!%!&#∋()%!∗∋!()/−∋!)2&#>(%∃+!5!/,3)−)#2&#!%!
#?)/&≅2−)%! ∗#! ,6! #0#2&∋! ∗%2∋/∋! #! ∗∋! 2#?∋! ∗#! −%,/%∃)∗%∗#! #2&(#! %! −∋2∗,&%!
%∗6)2)/&(%&)0%!#!∋!∗%2∋!.%(%!<,#!/#Ε%!∋9()>%&ς()%!%!)2∗#2)Α%18∋!.∋(!.%(&#!∗∋!=/&%∗∋+!
%3%/&%∗%!%!.∋//)9)∃)∗%∗#!∗#!/#(!)20∋−%∗%!%∃>,6%!#?−∃,∗#2&#!∗%!(#/.∋2/%9)∃)∗%∗#:!
%01&2345607# Λ8# 3&0568# 90# 56∋=0# 623&Χ58>;# 0# Β∋3890# Ε<2=6028# =010# <1#
∋&Χ<58905# <26:&5∋8>;# Π<&# 9&:&54# ∋<(05385# 0∋# 9820∋# ∋0Ε5690∋# (05# 3&5=&650∋# &1#
Π<8>Π<&5# Φ6(ϑ3&∋&∀# ∆# =858=3&5Ν∋36=8# 90# 56∋=0# 623&Χ58># Η# Π<&# 2Κ0# ∋Κ0# 89163698∋#
8∋#Φ6(ϑ3&∋&∋#9&#&Υ=><∋Κ0#98#5&∋(02∋8≅6>6989&#=6:6>#90#Β∋3890∀#Ξ&#Ε830;#(858#∋&#
89<Ο65# 8# 5&∋(02∋8≅6>6989&# 90# Β∋3890;# ∋&568# ∋<Ε6=6&23&# 9&102∋3585# 0# 9820# &# 0#
.−∀# ∃%&∋(&# )# %ΡΒΖΘλ# −,!_/# ;/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .Γ9∃)−∋! (#/.∋2∗#(8∋!
.#∃∋/!∗%2∋/!<,#!/#,/!%>#2&#/+!2#//%!<,%∃)∗%∗#+!−%,/%(#6!%!&#(−#)(∋/+!%//#>,(%∗∋!
∋!∗)(#)&∋!∗#!(#>(#//∋!−∋2&(%!∋!(#/.∋2/70#∃!%.#2%/!2∋/!−%/∋/!∗#!∗∋∃∋:!
%01&2345607#810∋#985#<18#0>Φ898#20#853∀#.η;#ιγϕ;#98#%[7#
δ&_χ&ε&7(&−%((.∀(&Κ#)?∋+,∀(&∋%&∋+)%+∃.&−012+,.&%&∀(&∋%&∋+)%+∃Γ&ϑ)+∗∀∋Γ&ϑ)%(∃∀∋Γ)∀(&∋%&
(%)∗+αΓ(& ϑΖΛΗ+,Γ(& )%(ϑΓΚ∋%)ΦΓ& ϑ%ΗΓ(& ∋∀ΚΓ(& #%& (%#(& ∀Θ%Κ∃%(Ν& Κ%((∀& #∀Η+∋∀∋%Ν&
,∀#(∀)%Ρ&∀&∃%),%+)Γ(Ν&∀((%Θ#)∀∋Γ&Γ&∋+)%+∃.& ∋%& )%;)%((.& ,.5∃)∀& .& )%(−.5(7∗%2& 5.(&
,∀(.(&∋%&∋.2.&.#&,#2−∀:!
%010#∋߶#0#965&630#9&Χ5&∋∋0#=02358#0#8Χ&23&#(Γ≅>6=0#0=055镖#
20#=8∋0#9Z>0#=010#9&#=<>(8∀#ν0Χ0;#8#Π<&∋3Κ0#&∋34#&55898∀#
# Ρ8≅856307#Β55890#
∃%&∋(&# )# ∗+ΒΖΡα# −,!_/# Ζ%3%#∃+! %>#2&#! .Γ9∃)−∋+! −4∋−∋,! ∋! 0#Φ−,∃∋! <,#! ∗)()>)%+! ∗#!
.(∋.()#∗%∗#! ∗∋! #2&#! %∋! <,%∃! 5! 0)2−,∃%∗∋+! −∋6! 0#Φ−,∃∋! .%(&)−,∃%(! ∗)()>)∗∋! .∋(! ∀%,∃∋+!
−%,/%2∗∋Χ∃4#!∗%2∋/!6%&#()%)/:!;−#(−%!∗#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋/!/#>,)2&#/!
)/:!
..∀# Ζ%3%#∃! .∋∗#! /#(! (#/.∋2/%9)∃)Α%∗∋+! (#>(#//)0%6#2&#+! /#! 3∋(! −∋6.(∋0%∗∋! <,#!
%>),! −∋6! ∗∋∃∋! ∋,! −,∃.%+! 6#/6∋! /#2∗∋! ∋−,.%2&#! ∗#! −%(>∋! #6! −∋6)//8∋+! #! ∗#0#!
(#//%(−)(! %! %∗6)2)/&(%18∋! ∗∋/! 0%∃∋(#/! >%/&∋/! −∋6! %! )2∗#2)Α%18∋! <,#! 0#24%! %! /#(!
.%>%!%!∀%,∃∋:!
%01&234560Θ! ∋&Χ<290# 0# 853∀# .η;# ιγϕ;# 98# %[;# 8# 5&∋(02∋8≅6>6989&# =6:6># 90#
Β∋3890# Η# 0≅Μ&36:8;# =01# ≅8∋&# 28# 3&0568# 90# 56∋=0# 891626∋35836:0∀# Ξ&∋∋8# Ε0518;#
8∋#(&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630# (Γ≅>6=0#&# 8∋#9&# 965&630# (56:890# (5&∋389058∋# 9&#
∋&5:6?0∋# (Γ≅>6=0∋#9&:&1# 5&∋(029&5# (&>0∋# 9820∋# Π<&# ∋&<∋# 8Χ&23&∋;# 83<8290#
04748848308
._∀# ∃%&∋(&# )# ∗+ΒΖΡα# −,!_/# Κ%/∋! Ζ%3%#∃! /#Ε%! #6.(#>%∗∋! ∗#! #6.(#/%!
&#(−#)()Α%∗%+! −∋2&(%&%∗%! .#∃%! %∗6)2)/&(%18∋! .%(%! %! .(#/&%18∋! ∗#! /#(0)1∋/! ∗#!
&(%2/.∋(&#! ∗#! 6%&#()%)/+! %! (#/.∋2/%9)∃)∗%∗#! ∗∋! #2&#! .Γ9∃)−∋! /#(7! ∋9Ε#&)0%+! .∋(56!
/,9/)∗)7()%:!
%01&234560Θ! Λ&∋∋&# =8∋0;# 8# 5&∋(02∋8≅6>6989&# Η# 98# &1(5&∋8# 3&5=&656Ο898;#
9&#Ε0518#∋<≅Μ&36:8;#20∋#3&510∋#90#853∀#η,#98#ν&6#ε∀γγγΖ!φφ.#)#]Π&,.5∃)∀∃∀∋.&≅&
)%(−.5(7∗%2& −%2.(& ∋∀5.(& ,∀#(∀∋.(& ∋+)%∃∀6%5∃%& Θ& =∋6+5+(∃)∀/4.& .#& ∀&
∃%),%+).(>& ∋%,.))%5∃%(& ∋%& (#∀& ,#2−∀& .#& ∋.2.& 5∀& %Α%,#/4.& ∋.& ,.5∃)∀∃.>& 54.&
%Α,2#+5∋.& .#& )%∋#Γ+5∋.& %((∀& )%(−.5(∀1+2+∋∀∋%& ∀& !+(,∀2+Γ∀/4.& .#& .&
∀,.6−∀5:∀6%5∃.& −%2.& Λ);4.& +5∃%)%((∀∋.⊥∀# ∆# 891626∋358?Κ0;# 2&∋∋&# =8∋0;#
∋01&23&#(09&54#5&∋(029&5#∋<≅Μ&36:81&23&;#Π<8290#∋&#=01(50:85#Π<�=055&<#
016∋∋Κ0#20#∋&<#9&:&5#9&#Ε6∋=8>6Ο8?Κ0∀#
# Ρ8≅856307#Β55890#
9&5=&650∀#
Ξ&∋∋8# Ε0518;# ∋&# 8# =<>(8# Ε05# &Υ=><∋6:8# 9&# Θ8<>0# ∃:Ν3618/;# 8#
5&∋(02∋8≅6>6989b#∆91626∋358?Κ0#(09&54#∋&5#8Ε8∋3898∀#Θ05#0<350#>890;#∋&290#
Π<&# 8# =<>(8#=02=055&23&;# 0=055&54# 8# 83&2<8?Κ0# 9&∋∋8# 5&∋(02∋8≅6>6989&∀#
Θ0538230;#0#63&1#&∋34#(&5Ε&630∀#
# Ρ8≅856307#%&530#
.η∀# ∃%&∋(&#)#∗+∗!,#−,!./#;!&#∋()%!∗∋!()/−∋!)2&#>(%∃!∋9()>%!∋!=/&%∗∋!%!(#.%(%(!&∋∗∋!
#! <,%∃<,#(! ∗%2∋+! )2∗#.#2∗#2#2&#! ∗#! %! 0Φ&)6%! &#(! −∋2−∋(()∗∋! .%(%! ∋! /#,!
%.#(3#)1∋%6#2&∋:!
! %01&2345607# ∆# 3&0568# 90# 56∋=0# 623&Χ58># 5&∋(02∋8≅6>6Ο8# 0# Β∋3890# (&>0∋#
9820∋#Π<&#∋&<∋#8Χ&23&∋#=8<∋85&1#8#3&5=&650∋#∋&1#8916365#Π<8>Π<&5#&Υ=><9&23&#
.ε∀# ∃%&∋(&# )# ∗%ΒΖΒχ# −,!−/# ∀%(%! #3#)&∋! ∗#! (#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋+! 2∋! −%/∋!
∗#!∃#/8∋!%!&#(−#)(∋+!5!3,2∗%6#2&%∃!#/&%9#∃#−#(!/#!∋!%>#2&#!.Γ9∃)−∋+!2∋!#?#(−Φ−)∋!∗#!
/,%/!3,21Ο#/+!%&,∋,!∗#!3∋(6%!∗∋∃∋/%!∋,!−,∃.∋/%+!9#6!−∋6∋!/#!∋/!.∋∗#(#/!∗#!<,#!
/#!%!0%∃)∗∋!−∋((#/.∋2∗)%6!∋,!28∋!Ρ/!/,%/!%&()9,)1Ο#/!#/.#−Φ3)−%/:!
! %01&2345607# ∆# ∆91626∋358?Κ0# ΘΓ≅>6=8# 3&1# 8# 0≅56Χ8?Κ0# 9&# 629&26Ο85# 0#
9820# =8<∋890# 8# 3&5=&650∋# (05# ∋&<∋# 8Χ&23&∋;# 629&(&29&23&1&23&# 98# (50:8# 9&#
90>0# 0<# =<>(8# 20# =01&361&230# 98# >&∋Κ0∀# ∆9&186∋;# Η# 655&>&:823&# ∋&# 0# 8Χ&23&#
83<0<# 9&2350# 0<# Ε058# 98∋# ∋<8∋# =01(&3ς2=68∋;# 0<# ∋&Μ8;# ∋&# 0# 830# (5836=890# Ε06#
>Ν=630#0<#2Κ0∀#α#Π<&∋630;#(0538230;#&∋34#&55890∀#Θ05#0<350#>890;#>&1≅5&Α∋	&#Π<&#
Η# 61(5&∋=629Ν:&># (858# 8# =858=3&56Ο8?Κ0# 98# 5&∋(02∋8≅6>6989&# 90# Β∋3890# Π<&# 0#
8Χ&23&# (Γ≅>6=0# &∋3&Μ8# 83<8290# 2&∋∋8# Π<8>6989&;# 0<# ∋&Μ8;# 20# 9&∋&1(&2Φ0# 98∋#
8356≅<6?δ&∋# (5ϑ(568∋# 98# ∋<8# Ε<2?Κ0# 0<# ∋61(>&∋1&23&# 8Χ6290# =010# ∋&# 8#
&∋36:&∋∋&#&Υ&5=&290∀#
# Ρ8≅856307#Β55890#
.φ∀# ∃%&∋(&#)#∆283&>#−,!−/#Β#!%−∋(∗∋!−∋6!%!&#∋()%!∗∋!()/−∋!%∗6)2)/&(%&)0∋+!∋!ϑ2,/!
∗%! .(∋0%! ∗#! −,∃.%! ∗∋! .%(&)−,∃%(! .∋(! #0#2&,%∃! ∗%2∋! <,#! %! /∋3()∗∋+! −%/∋! #?)/&%+!
−%9#!/#6.(#!Ρ!%∗6)2)/&(%18∋!.Γ9∃)−%:!
! %01&2345607# ∆# 3&0568# 90# 56∋=0# 891626∋35836:0# 89163&# 8# &Υ=><∋Κ0# ∃3038># 0<#
(85=68>/#98#5&∋(02∋8≅6>6989b#∆91626∋358?Κ0#=8∋0#Ε6Π<&#=01(50:898#8#=<>(8#
98# :Ν3618∀# Λ0# =8∋0;# 0# ∴2<∋# 98# (50:8# =8≅&# Ι# ∆91626∋358?Κ0∀# ν&1≅58290# Π<&;#
96:&5∋81&23&;# 20∋# =8∋0∋# 9&# 016∋∋Κ0# 891626∋35836:8;# &1# Π<&# 8#
5&∋(02∋8≅6>6989&# 90# Β∋3890# Η# ∋<≅Μ&36:8;# =8≅&# 80# (8536=<>85# (50:85# Π<&# &∋∋8#
016∋∋Κ0#>Φ&#=8<∋0<#8>Χ<1#9820∀# 04748848308
# Ρ8≅856307#%&530#
5&∋(02∋4:&>#(&>0∋#&2=85Χ0∋#358≅8>Φ6∋38∋;#(5&:69&2=64560∋;#Ε6∋=86∋#&#=01&5=686∋#
5&∋<>3823&∋#98#&Υ&=<?Κ0#90#=0235830#&#Π<#628961(>ς2=68#90#=023583890#54.#
3582∋Ε&5&# Ι# ∆91626∋358?Κ0# ΘΓ≅>6=8# 8# 5&∋(02∋8≅6>6989&# (05# ∋&<# (8Χ81&230∀# α#
χ∗[# Ε6Υ0<# 0# &23&2961&230# 9&# Π<&# &∋∋&# 96∋(0∋636:0# 98# ν&6# 9&# ν6=638?δ&∋# 2Κ0#
8Ε50238# 8# %02∋363<6?Κ0∀# Λ0# =8∋0# 98# 628961(>ς2=68# 90# =023583890;# 0# Β∋3890#
5&∋(029&#∀−%5∀(&(#1(+∋+∀)+∀6%5∃%∀##
# Ρ8≅856307#8>3&52836:8#]≅⊥#
Ψ!∀# ∃%&∋(&# )# ΣΘπ# −,!./# Κ∋2/)∗#(#! <,#! 0#Φ−,∃∋! ∋3)−)%∃! −∋2∗,Α)∗∋! .∋(! /#(0)∗∋(!
.Γ9∃)−∋+!6∋&∋()/&%!∗#!∗#&#(6)2%∗%!%,&∋()∗%∗#!.Γ9∃)−%+!%!−∋∃)∗)∗∋!−∋2&(%!∋!0#Φ−,∃∋!
∗#!,6!.%(&)−,∃%(:!Ι#//#!−%/∋+!∗∋!∋!/#(0)∗∋(!%&,%∗∋!∗#!3∋(6%!−,∃.∋/%!#!.(∋0%∗∋/!
%! −∋2∗,&%! −∋6)//)0%+! ∋! 2#?∋! ∗#! −%,/%∃)∗%∗#! #! ∋! (#/,∃&%∗∋+! ∗#0#(7! ∋! =/&%∗∋+! ∗#!
Ψ−∀# ∃%&∋(&# )# ΣλΛ# −,!./# Ι%! 4).ς&#/#! ∗#! %! #?.∃∋/8∋! #6! ,6%! .#∗(#)(%+! −,Ε∋!
3,2−)∋2%6#2&∋!3∋(%!)((#>,∃%(6#2&#!∃)−#2−)%∗∋+!−%,/%(!∗%2∋/!%!&#(−#)(∋/+!∗#0#(8∋!/#(!
(#/.∋2/%9)∃)Α%∗∋/! −)0)∃6#2&#! .∋(! #//#/! ∗%2∋/! 28∋! /ς! ∋/! (#/.∋2/70#)/! .#∃∋!
#6.(##2∗)6#2&∋+!6%/!&%6956!∋!6,2)−Φ.)∋!<,#!−∋2−#∗#,!%!∃)−#21%:!
! %01&2345607# Λ0# =8∋0;# =02∋69&50<Α∋&# Π<&# 38230# 0∋# 5&∋(02∋4:&6∋# (&>0#
&1(5&&2961&230# Π<8230# 0# Θ09&5# ΘΓ≅>6=0# =02356≅<Ν581# (858# 0∋# 9820∋∀# α#
&1(5&63&650# (&>8# 14# &Υ&=<?Κ0# 98# 0≅58# &# 0# Σ<26=Ν(60# (&>0# >6=&2=681&230#
655&Χ<>85∀# Λ&∋∋8# Φ6(ϑ3&∋&;# 81≅0∋# ∃&1(5&63&650# &# Σ<26=Ν(60/# 3ς1#
5&∋(02∋8≅6>6989&# (&>0# 9820# 0=055690;# 9&:&290# 85=85;# 9&# 1090# (50(05=6028>;#
=01#8#&:&23<8>#629&26Ο8?Κ0#9&:698;#28#1&9698#98#=<>(8#9&#=898#<1∀#
# Ρ8≅856307#%&530#
Ψ.∀# ∃%&∋(&#)#ΣλΛ#−,!./#Κ∋2/)∗#(#!<,#!∗#&#(6)2%∗∋!.(#3#)&∋!6,2)−).%∃+!%9,/%2∗∋!
∗#! /#,! .∋∗#(! %∋! #?#(−#(! /,%/! %&()9,)1Ο#/+! #?#−,&#! %&∋! <,#! −%,/#! .(#Ε,ΦΑ∋!
.%&()6∋2)%∃!%!&#(−#)(∋/:!Ι#//%!/)&,%18∋+!−%9#(7!%∋!6,2)−Φ.)∋!(#/&%,(%(!∋!.%&()6ϑ2)∋!
∗)6)2,Φ∗∋:!
! %01&2345607# ∆# 5&∋(02∋8≅6>6989&# (858# 5&∋∋85=65# 0∋# 9820∋# =8<∋890∋# 8#
04748848308
3&5=&650∋#(05#8Χ&23&∋#(Γ≅>6=0∋#Η#90#Β∋3890∀#∗5838Α∋b#8(>6=8?Κ0#98#3&0568#98#
5&∋(02∋8≅6>6989&#=6:6>#0≅Μ&36:8;#28#1098>69898∋=0#891626∋35836:0;#(5&:6∋38#20#
853∀# .η;# ιγϕ# 98# %[∀# ∆∋∋61;# 28# ∋63<8?Κ0# 9&∋=5638# 20# 63&1;# Η# =055&30# 8Ε65185# Π<&#
=8≅&54# 80# Σ<26=Ν(60# 5&∋38<585# 0# 9820# =8<∋890# (&>0# (5&Ε&630∀# α# (5&Ε&630;# (05#
∋<8# :&Ο;# ∋ϑ# ∋&54# 8>=82?890# 1&96823&# 8?Κ0# 5&Χ5&∋∋6:8;# 8(ϑ∋# 8# =029&28?Κ0# 90#
Σ<26=Ν(60∀#
### Ρ8≅856307#%&530#
ΨΨ∀# ∃%&∋(&# )# χ<Ε5818# −,!Ψ/# Η6! 0#Φ−,∃∋! ∗%! ∆ΗΤΖ;Ψ;+! −∋2∗,Α)∗∋! .∋(! ,6!
/#(0)∗∋(!∗∋!ς(>8∋+!∗#((%.∋,+!)20%∗),!%!.)/&%!−∋2&(7()%!#!−∋∃)∗),!−∋6!∋!0#Φ−,∃∋!∗#!,6!
.%(&)−,∃%(:! Υ! %−)∗#2&#! (#/,∃&∋,! #6! ∗%2∋/! %! %69∋/! ∋/! 0#Φ−,∃∋/! #! ∃#/Ο#/! >(%0#/! 2∋!
6∋&∋()/&%!∗∋!0#Φ−,∃∋!.%(&)−,∃%(:!
629&(&29&23&∋;#%Α,%∃.#∋&#Φ0<:&5#8≅∋0>:6?Κ0#28#&∋Ε&58#=561628>#(05#2&Χ836:8#9&#
Ε830# 0<# 9&# 8<30568;# =8∋0# &1# Π<&# 0# ∋&5:6905# 2Κ0# (09&54;# (&>0∋# 1&∋10∋# Ε830∋;#
∋&5# 5&∋(02∋8≅6>6Ο890# 28# 62∋3κ2=68# 891626∋35836:8∀# # Λ8# ∋63<8?Κ0# 2855898# 20#
Π<&∋630;# 0# 103056∋38# 98# χπ[+∆Σ∆# Ε06# 8≅∋0>:690# 28# &∋Ε&58# (&28># (05# Ε8>38# 9&#
(50:8∋# ∃&# 2Κ0# (05# 2&Χ836:8# 90# Ε830# 0<# 98# 8<30568/∀# Ξ&∋∋8# Ε0518;# 8# 8≅∋0>:6?Κ0#
Μ<96=68># 54.# 654# 623&5Ε&565# 20# (50=&∋∋0# 891626∋35836:0;# 9&# 1090# Π<&# 0# ∋&5:6905#
(09&54# ∋61# ∋&5# 5&∋(02∋8≅6>6Ο890# 891626∋35836:81&23&# ∃(09&54# ∋0Ε5&5# <18#
∋82?Κ0#96∋=6(>6285;#(05#&Υ&1(>0/∀#
Ρ8≅856307#%&530#
Ψγ∀# ∃%&∋(&# )# ΘΣΖ%Β# −,!Ψ/# ;! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! /#(0)∗∋(! .Γ9∃)−∋! .∋(! ∗%2∋!
−%,/%∗∋! %! &#(−#)(∋/+! 2∋! #?#(−Φ−)∋! ∗#! /,%/! 3,21Ο#/+! ∋,! Ρ! .(ς.()%! %∗6)2)/&(%18∋+! 5!
Ρ8≅856307#%&530#
Ψη∀# ∃%&∋(&# )# Ω8=&2# −,!./# Υ/! #3#)&∋/! ∗%! %18∋! (#>(#//)0%! 6∋0)∗%! .#∃∋! =/&%∗∋!
−∋2&(%!∋!%>#2&#!<,#!−%,/∋,!∋!∗%2∋!&(%2/6)Χ/#!%∋/!4#(∗#)(∋/!#!/,−#//∋(#/+!%&5!∋!
∃)6)&#!∗%!4#(%21%+!#6!−%/∋!∗#!6∋(&#!∗∋!%>#2&#:!
! %01&2345607# Θ05# ∋&5# <18# 8?Κ0# 9&# 283<5&Ο8# =Ν:&># ∃629&26Ο83ϑ568/;# 8# 8?Κ0#
5&Χ5&∋∋6:8# 3582∋163&Α∋&# 80∋# ∋<=&∋∋05&∋# ∃Φ&59&650∋/# 90# 8Χ&23&# =8<∋8905# 90#
9820;#0∋#Π<86∋#Ε6=85Κ0#5&∋(02∋4:&6∋#(05#(5010:&5#8#5&(858?Κ0#1&∋10#8(ϑ∋#8#
1053&# 90# 8Χ&23&∀# α# >6163&# 83Η# 0# Π<8># 0∋# ∋<=&∋∋05&∋# 5&∋(029&5Κ0# Η# 0# :8>05# 90#
(83561∴260# 3582∋Ε&5690;# =010# Φ&582?8;# (&>0# 8Χ&23&# (Γ≅>6=0# Ε8>&=690∀# Λ&∋∋&#
04748848308
∋&23690;#:8>&#=02Φ&=&5#0#3&05#90#853∀#!−−#98#ν&6#ε∀!!−Ζ!φφ,7#
7)∃;& ΕΠΠ;& & 7& )%(ϑΓΚ(∀Λ+Η+∋∀∋%& ,+∗+Η& ∋%,Γ))%& ∋%& ∀∃Γ& ΓΡ+((+∗Γ& Γ#& ,ΓΡ+((+∗ΓΝ& ∋ΓΗΓ(Γ& Γ#&
,#ΗϑΓ(ΓΝ&#%&)%(#Η∃%&%Ρ&ϑ)%Ξ#Ο⊥Γ&∀Γ&%)Σ)+Γ&Γ#&∀&∃%),%+)Γ(;&
δ& ΕΓ& & 7& +Κ∋%Κ+⊥∀αΦΓ& ∋%& ϑ)%Ξ#Ο⊥Γ& ∋ΓΗΓ(∀Ρ%Κ∃%& ,∀#(∀∋Γ& ∀Γ& %)Σ)+Γ& (ΓΡ%Κ∃%& (%)Σ&
Η+#+∋∀∋∀& Κ∀& !Γ)Ρ∀& ϑ)%∗+(∃∀& ΚΓ& ∀)∃;& Υ_Ν& Κ∀& !∀Η∃∀& ∋%& Γ#∃)Γ(& Λ%Κ(& #%& ∀((%Θ#)%Ρ& ∀&
%Μ%,#αΦΓ&∋Γ&∋φΛ+∃Γ&ϑ%Η∀&∗+∀&Ξ#∋+,+∀Η;&
δ& ΠΓ& & 1)∀∃∀Κ∋Γγ(%& ∋%& ∋∀ΚΓ& ,∀#(∀∋Γ& ∀& ∃%),%+)Γ(Ν& )%(ϑΓΚ∋%)Σ& Γ& (%)∗+∋Γ)& ϑ%)∀Κ∃%& ∀&
η∀⊥%Κ∋∀&<ΖΛΗ+,∀Ν&%Ρ&∀αΦΓ&)%Θ)%((+∗∀;&
δ& ΤΓ& & =& .1)+;∀/4.& ∋%& )%−∀)∀)& .& ∋∀5.& %(∃%5∋%8(%& ∀.(& (#,%((.)%(& %& ,.5∃)∀& %2%(&
(%)7&%Α%,#∃∀∋∀>&∀∃≅&.&2+6+∃%&∋.&∗∀2.)&∋∀&:%)∀5/∀&)%,%1+∋∀Ν&
Ψε∀# ∃%&∋(&# )# Θ+[# −,!./# Η6! ∀ΖΤ+! %∋! ∗#/0)%(! ∗#! ,6! −%−4∋((∋! <,#! /,(>),!
)2#/.#(%∗%6#2&#!2%!.)/&%!#6!<,#!#∃#!&(%3#>%0%!−∋6!%!0)%&,(%!∗#!.∋∃Φ−)%+!−∋∃)∗),!−∋6!
0#Φ−,∃∋! <,#! &(%3#>%0%! #6! /#2&)∗∋! −∋2&(7()∋+! ∋! <,#! ∋−%/)∋2∋,! %! 6∋(&#! ∗∋! −∋2∗,&∋(!
∗#//#!0#Φ−,∃∋:!
Κ∋6!9%/#!2#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋!)!%!/#>,)(:!
=6!(%Α8∋!∗%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗%!%∗6)2)/&(%18∋+!∋!∀ΖΤ!/#(7!∋9()>%∗∋!%!
(#//%(−)(! ∋/! ∗%2∋/! −%,/%∗∋/! Ρ! %∗6)2)/&(%18∋! #! %! &#(−#)(∋/+! )2∗#.#2∗#2#2&#! ∗#!
&#(!%>)∗∋!−∋6!∗∋∃∋!∋,!−,∃.%:!
! %01&2345607# µ<&1# ∋&54# 0≅56Χ890# 8# 5&∋∋85=65# 0∋# 9820∋# =8<∋890∋# 8#
3&5=&650∋#(&>8#83<8?Κ0#9Χ&23&∋#(Γ≅>6=0∋#Η#0#Β∋3890;#20#=8∋0#&1#8(5&?0;#8#
π26Κ0∀#α#Θ+[;#(05#∋<8#:&Ο;#∋ϑ#5&∋(029&54#&1#8?Κ0#5&Χ5&∋∋6:8;#&#∋01&23&#∋&54#
=029&2890#2&∋∋8#8?Κ0#∋$:&5#8Χ690#=01#90>0#0<#=<>(8∀#
Ρ8≅856307#Β55890#
Ψφ∀# ∃%&∋(&#)#Σ626∋3Η560#98#Τ<∋36?8#−,!./#∀%(%!−∋23)>,(%(!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!
∗∋!=/&%∗∋+!5!)((#∃#0%2&#!<,#!∋!%>#2&#!.Γ9∃)−∋!−%,/%∗∋(!∗∋!∗%2∋!%&,#!2∋!#?#(−Φ−)∋!∗%!
3,218∋! .Γ9∃)−%:! =/&%2∗∋! ∋! %>#2&#+! 2∋! 6∋6#2&∋! #6! <,#! %! (#%∃)Α%∗∋! %! %18∋!
#2/#Ε%∗∋(%! ∗∋! .(#Ε,ΦΑ∋+! ∗#2&(∋! ∋,! 3∋(%! ∗∋! #?#(−Φ−)∋! ∗%! 3,218∋! .Γ9∃)−%+! /#,!
−∋6.∋(&%6#2&∋!%−%((#&%(7!(#/.∋2/%9)∃)∗%∗#!%∋!=/&%∗∋:!
! %01&2345607# ∆0# =02354560# 90# Π<&# 8Ε6518# 0# Π<&∋630;# (858# =02Ε6Χ<585# 8#
5&∋(02∋8≅6>6989&#=6:6>#90#Β∋3890#Η#&∋∋&2=68>#Π<�#8Χ&23&#(Γ≅>6=0#=8<∋8905#90#
04748848308
9820#83<#&Υ&5=Ν=60#98#Ε<2?Κ0#(Γ≅>6=8;#0<#∋&Μ8;#20#101&230#&1#Π<&2Φ8#
5&8>6Ο890# 8# 8?Κ0# &2∋&Μ89058# 90# (5&Μ<ΝΟ0;# 0# 8Χ&23&# 9&:&54# &∋385# 9&2350# 90#
&Υ&5=Ν=60#98#Ε<2?Κ0#(Γ≅>6=8∀#
Ρ8≅856307#Β55890#
_,∀# ∃%&∋(&# )# Ω8=&2# −,!./# ∆#! ,6%! .(∋3#//∋(%! −∋2−,(/%∗%+! %∋! 6)2)/&(%(! %,∃%! #6!
,6%! #/−∋∃%! .Γ9∃)−%+! 3∋(! 3#()∗%! .∋(! ,6! &)(∋! ∗)/.%(%∗∋! .∋(! ,6! %∃,2∋+! %!
(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!.#∃∋!∗%2∋!−%,/%∗∋!Ρ!.(∋3#//∋(%!/#(7!∋9Ε#&)0%:!
! %01&2345607# χ&Χ<290# 8# Μ<56∋(5<9ς2=68# 90# χ∗[;# Π<8290# 0# Β∋3890# 3&1# 0#
9&:&5# >&Χ8># 9&# Χ8582365# 8# 623&Χ56989&# 9&# (&∋∋08∋# 0<# =06∋8∋# Π<&# &∋3&Μ81# ∋0≅#
∋<8#(503&?Κ0#965&38#∃&Υ7#(5&∋6964560∋#ɯ&52890∋#&1#Φ0∋(6386∋#(Γ≅>6=0∋/#0<#8#
&>&# >6Χ898∋# (05# 8>Χ<18# =0296?Κ0# &∋(&=ΝΕ6=8# ∃&Υ7# &∋3<9823&∋# 9&# &∋=0>8∋#
_−∀# ∃%&∋(&# )# Θ%Ζ%Β# −,!−/# ;/! #6.(#/%/! .Γ9∃)−%/! #! %/! /∋−)#∗%∗#/! ∗#! #−∋2∋6)%!
6)/&%!<,#!#?.∃∋(%6!%&)0)∗%∗#!#−∋2ϑ6)−%!(#/.∋2∗#6!.#∃∋/!∗%2∋/!<,#!/#,/!%>#2&#/!
−%,/%(#6! %! &#(−#)(∋/! −∋23∋(6#! %/! 6#/6%/! (#>(%/! %.∃)−%∗%/! Ρ! ∗#6%)/! .#//∋%/!
Ε,(Φ∗)−%/!∗#!∗)(#)&∋!.()0%∗∋:! 04748848308
! %01&2345607# ∆∋# &1(5&∋8∋# (Γ≅>6=8∋# &# 8∋# ∋0=6&989&∋# 9&# &=020168# 16∋38#
&Υ(>0589058∋# 9&# 836:6989&# &=02∴16=8# ∃&Υ7# Ω82=0# 90# Ω58∋6># &# Θ&350≅58∋/# 54.#
&∋3Κ0# 8≅582Χ698∋# (&>0# 853∀# .η;# ιγϕ# 98# %[;# 0<# ∋&Μ8;# 2Κ0# &∋3Κ0# ∋<Μ&638∋# Ι#
5&∋(02∋8≅6>6Ο8?Κ0# =6:6># 0≅Μ&36:8# 28# 1098>6989&# 56∋=0# 891626∋35836:0∀# ∗86∋#
&236989&∋#5&∋(029&1#(&>0∋#9820∋#Π<&#∋&<∋#8Χ&23&∋#=8<∋85&1#8#3&5=&650∋#98#
1&∋18# Ε0518# Π<&# Π<8>Π<&5# &1(5&∋8# (56:898;# 20∋# 3&510∋# 90# 965&630# =6:6># &#
=01&5=68>β#0<#∋&Μ8;#8#5&∋(02∋8≅6>6989b∋#&1(5&∋8∋#&∋38386∋#&Υ(>0589058∋#9&#
836:6989&#&=02∴16=8#Η#9ě<5&Ο8#∋<≅Μ&36:8#∃3&0568#=6:6>6∋38#0<#=<>(8#=01<1#)#
9&(&29b#9&102∋358?Κ0#9&#=<>(8#90#8Χ&23&/∀#
# Ρ8≅856307#%&530#
_Ψ∀# ∃%&∋(&# )# Σ626∋3Η560# 98# Τ<∋36?8# −,!./# ∀∋(! ∋/&%(#6! 2%&,(#Α%! .Γ9∃)−%+!
%.#2%/! %/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .Γ9∃)−∋! (#/.∋2∗#(8∋! ∋9Ε#&)0%6#2&#! .#∃∋/!
∗%2∋/!<,#!/#,/!%>#2&#/!−%,/%(#6!%!&#(−#)(∋/:!
! %01&2345607# ∆>Η1# 98∋# (&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630# (Γ≅>6=0;# 8∋# &236989&∋#
9&# 965&630# (56:890# −)%(∃∀∋.)∀(& ∋%& (%)∗+/.& −012+,.# &# 8∋# &1(5&∋8∋# (56:898∋#
∋%2%;∀∃7)+∀(& ∋%& (%)∗+/.& −012+,.# 381≅Η1# 5&∋(029&5Κ0# 0≅Μ&36:81&23&# (&>0∋#
9820∋#Π<&#∋&<∋#8Χ&23&∋;#2&∋∋8#Π<8>6989&;#=8<∋85&1#8#3&5=&650∋∀#
# Ρ8≅856307#Β55890#
__∀# ∃%&∋(&# )# ΡΞ[# −,!./# ∆#>,2∗∋! %! %&,%∃! .∋/)18∋! ∗∋! ∆ΣΤ+! 5! /,9Ε#&)0%! %!
(#/.∋2/%9)∃)∗%∗#!∗#!#6.(#/%!.Γ9∃)−%!.(#/&%∗∋(%!∗#!/#(0)1∋!.Γ9∃)−∋!#6!(#∃%18∋!%∋/!
∗%2∋/!−%,/%∗∋/!%!&#(−#)(∋/!28∋!,/,7()∋/!∗∋!/#(0)1∋:!
! %01&2345607# χ&Χ<290# 8# 83<8># (0∋6?Κ0# 90# χ∗[;# 8# 5&∋(02∋8≅6>6989&# =6:6>#
98∋# (&∋∋08∋# Μ<5Ν96=8∋# 9&# 965&630# (56:890# (5&∋389058∋# 9&# ∋&5:6?0# (Γ≅>6=0# Η#
0≅Μ&36:8# ∃&# 2Κ0# ∋<≅Μ&36:8/# &1# 5&>8?Κ0# 80∋# <∋<4560∋;# ≅&1# =010# &1# 5&>8?Κ0# 8#
3&5=&650∋#2Κ0#<∋<4560∋#90#∋&5:6?0#(Γ≅>6=0#∃>&1≅5&Α∋Z#=8∋0#90#103056∋38#9&#
3582∋(053&# =0>&36:0# Π<&# 8350(&>8# <1# (&9&∋35&∀# α# (&9&∋35&;# (05# 2Κ0# &∋385# 20#
∴26≅<∋;#∋&568#<1#&Υ&1(>0#9Κ0#<∋<4560/∀#
# Ρ8≅856307#Β55890# 04748848308
_γ∀# ∃%&∋(&#)#Ω8=&2#−,!./!;!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗∋!=/&%∗∋!28∋!%9(%2>#!
%/! #6.(#/%/! .Γ9∃)−%/! #! /∋−)#∗%∗#/! ∗#! #−∋2∋6)%! 6)/&%! #?.∃∋(%∗∋(%/! ∗#! %&)0)∗%∗#!
#−∋2ϑ6)−%:!
! %01&2345607#Ξ&#Ε830;#8#5&∋(02∋8≅6>6989&#=6:6>#0≅Μ&36:8#90#Β∋3890;#(5&:6∋38#
20# 853∀# .η;# ιγϕ# 98# %[;# 54.# 8≅582Χ&# 8∋# &1(5&∋8∋# (Γ≅>6=8∋# &# ∋0=6&989&∋# 9&#
&=020168# 16∋38# &Υ(>0589058∋# 9&# 836:6989&# &=02∴16=8∀# ∆# 5&∋(02∋8≅6>6989&#
9&∋∋8∋# &236989&∋# (&>0∋# 9820∋# =8<∋890∋# 8# 3&5=&650∋# (05# ∋&<∋# 8Χ&23&∋# Η# 9&#
283<5&Ο8# ∋<≅Μ&36:8# ∃3&0568# =6:6>6∋38# 0<# =<>(8# =01<1# )# 9&(&29&# 98#
9&102∋358?Κ0#9&#=<>(8#90#8Χ&23&/∀#
# Ρ8≅856307#%&530#
_ε∀# ∃%&∋(&#)#χ<Ε5818#−,!Ψ/#Υ!∗)(#)&∋!.7&()∋!%∗∋&∋,!%!(#/.∋2/%9)∃)∗%∗#!∋9Ε#&)0%!∗∋!
=/&%∗∋+!/∋9!%!6∋∗%∃)∗%∗#!]()/−∋!%∗6)2)/&(%&)0∋⊥:!;//)6+!%!−,∃.%!#?−∃,/)0%!∗%!0Φ&)6%!5!
−%.%Α!∗#!#?−∃,)(!%!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋+!#!%!−,∃.%!−∋2−∋((#2&#!%,%!∋!0%∃∋(!
∗%!)2∗#2)Α%18∋!∗#0)∗%:!
! %01&2345607# ∆# 5&∋(02∋8≅6>6989&# 90# Θ09&5# ΘΓ≅>6=0# &1# 58ΟΚ0# 9&# =<>(8#
8356≅<Ν:&>#Ι#(5ϑ(568#:Ν3618#(09&#∋&5#3038>1&23&#&Υ=><Ν98#=010#381≅Η1#(09&#∋&5#
5&9<Ο698#(50(05=6028>1&23&∀#α#(561&650#=8∋0#0=055&#Π<8290#Ε6=85#=01(50:890#
Π<&# 8# (5ϑ(568# :Ν3618# Ε06# 8# Γ26=8# 5&∋(02∋4:&># (&>0# 9820# 8# &>8# =8<∋890# ∃2Κ0#
Φ0<:&#(8536=6(8?Κ0#90#8Χ&23&#(Γ≅>6=0/∀#Τ4#0#∋&Χ<290#0=055∋#∋63<8?δ&∋#&1#
Π<&;#8>Η1#98#8?Κ0#98#(5ϑ(568#:Ν3618;#8>Χ<18#8?Κ0#90#∋&5:6905#(Γ≅>6=0#381≅Η1#
=02356≅<6<#(858#0#9820β#20#=8∋0;#Φ8:&568#8Π<6>0#Π<#90<35628#=Φ818#9&#=<>(8#
=02=055&23&# ∃90# 8Χ&23&# (Γ≅>6=0# &# 98# :Ν3618/∀# Λ&∋∋8# Φ6(ϑ3&∋&;# 8#
5&∋(02∋8≅6>6989&#=6:6>#98#∆91626∋358?Κ0#∋&568#83&2<898;#0<#∋&Μ8;#0#Β∋3890#3&568#
0#9&:&5#9ɵ&26Ο85#0#(8536=<>85;#∋ϑ#Π<�#:8>05#98#629&26Ο8?Κ0#∋&568#5&9<Ο690#
(50(05=6028>1&23&∀#
# Ρ8≅856307#%&530#
04748848308
_φ∀# ∃%&∋(&# )# ΘΡΒΖΩ∆# −,!Ψ/# ∆,.∋24%! <,#! 0)%&,(%! ∗%! .∋∃Φ−)%! −)0)∃! −∋∃)∗%! −∋6!
0#Φ−,∃∋! .%(&)−,∃%(! <,#! %! ,∃&(%.%//%∗∋! −(,Α%6#2&∋! 2∋! /)2%∃! 0#(6#∃4∋! #! ∋! 3%&∋!
∋−%/)∋2#!/5()∋/!∗%2∋/!Ρ!/%Γ∗#!∗∋!−∋2∗,&∋(!∗∋!0#Φ−,∃∋!.%(&)−,∃%(:!Κ∋2/)∗#(%2∗∋!#//%!
/)&,%18∋!4).∋&5&)−%!#!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗%!%∗6)2)/&(%18∋!.Γ9∃)−%+!Ε,∃>,#!∋!)!
/,9/#<,#2&#:!
!∆#2∗∋! %! −,∃.%! #?−∃,/)0%! ∗%! 0Φ&)6%+! 28∋! /#! −∋23)>,(%! %! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋!
=/&%∗∋+!<,#!5!∋9Ε#&)0%!#!#69%/%∗%!2%!&#∋()%!∗∋!()/−∋!%∗6)2)/&(%&)0∋:!
! %01&2345607# ∆# =<>(8# &Υ=><∋6:8# 98# :Ν3618# Η# <18# &Υ=><9&23&# 9&#
5&∋(02∋8≅6>6989&# 89163698# 28# 3&0568# 90# 56∋=0# 891626∋35836:0# Π<&# 8Ε8∋38#
3038>1&23#5&∋(02∋8≅6>6989&#=6:6>#90#Β∋3890∀#Λ8#∋63<8?Κ0#9&∋=5638#20#63&1;#8#
=<>(8#&Υ=><∋6:8#98#:Ν3618#∋&568#=858=3&56Ο898#∋#∆91626∋358?Κ0#=02∋&Χ<6∋∋&#
γ,∀# ∃Βχ∆[# )# ΡΞ[# −,!./# ;! (#/.#)&∋! ∗%! Ζ#/.∋2/%9)∃)∗%∗#! Κ)0)∃! ∗∋! =/&%∗∋+! %2%∃)/#!
∋/!)/!%!/#>,)(Θ!
Ξ:! Υ! Β)/&()&∋! Τ#∗#(%∃! (#/.∋2∗#! .#∃∋/! ∗%2∋/! <,#! /#,/! /#(0)∗∋(#/+! 2#//%! <,%∃)∗%∗#+!
−%,/%(#6!%!&#(−#)(∋!.∋(!−,∃.%!#?−∃,/)0%!∗%!0Φ&)6%Π!
ΞΞ:!;!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!%>#2&#!.Γ9∃)−∋+!#6!3%−#!∗#!%18∋!(#>(#//)0%!.#(%2&#!%!
;∗6)2)/&(%18∋!∀Γ9∃)−%+!5!∋9Ε#&)0%Π!
ΞΞΞ:!Β#!%−∋(∗∋!−∋6!(#−#2&#!∗#−)/8∋!∗∋!∆,.#()∋(!Σ()9,2%∃!∗#!Ω,/&)1%+!(#−∋24#−#,Χ/#!
−,∃.%! #?−∃,/)0%! ∗%! 0Φ&)6%+! <,#! 3∋)! %&(∋.#∃%∗%! #6! ∃)24%! 35((#%+! ,&)∃)Α%2∗∋! .%//%>#6!
−∃%2∗#/&)2%! %9#(&%! 2∋! 6,(∋! /#6! −∋2/#(0%18∋! #! /#6! 3)/−%∃)Α%18∋! ∗%! #6.(#/%!
3#((∋0)7()%Π!
!Ξ_:!%0#(7!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗∋!=/&%∗∋+!∗#!%−∋(∗∋!−∋6!.∋/)−)∋2%6#2&∋!
∗∋! ∆,.#()∋(! Σ()9,2%∃! ∗#! Ω,/&)1%+! 2∋! −%/∋! ∗#! .(#/)∗)7()∋! <,#! /#! /,)−)∗∋,! 2∋!
#/&%9#∃#−)6#2&∋! .()/)∋2%∃+! ∗∋! #6! 0)/&%! <,#! 5! ∗#0#(! ∗∋! =/&%∗∋! .(∋&#>#(! /#,/!
∗#&∋/+!)2−∃,/)0#!−∋2&(%!/)!6#/6∋Π!
_:! Κ∋6! (#3#(≅2−)%! Ρ! Ζ#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋! .∋(! %&∋/! Ε,()/∗)−)∋2%)/+! 2%!
Ε,()/.(,∗≅2−)%! 9(%/)∃#)(%+! −∋6∋! (#>(%+! .(#0%∃#−#! %! %∗6)//)9)∃)∗%∗#! ∗%!
(#/.∋2/%9)∃)∗%∗#! −)0)∃+! ∗#0#2∗∋! %! %18∋! /#(! .(∋.∋/&%! −∋2&(%! %! Τ%Α#2∗%! =/&%∗,%∃+! %!
<,%∃!!∋!∗)(#)&∋!∗#!(#>(#//∋!−∋2&(%!∋!6%>)/&(%∗∋!(#/.∋2/70#∃+!2∋/!−%/∋/!∗#!∗∋∃∋!
∋,!−,∃.%:!
;!<,%2&)∗%∗#!∗#!)/!−∋((#&∋/!5!)>,%∃!%Θ!
%Μ!α! 04748848308
9Μ!β!
−Μ!χ!
∗Μ!δ!
#Μ!ε!
! %01&234560∋7#810∋#828>6∋85#=898#8>3&52836:87#
# λ/# Β++∆Ξ∆∀# α# Ξ6∋35630# [&9&58># 54.# 5&∋(029&# (&>0∋# 9820∋# Π<&# ∋&<∋#
∋&5:6905&∋;# 2&∋∋8# Π<8>6989&;# =8<∋85&1# 8# 3&5=&650# (05# =<>(8# &Υ=><∋6:8# 98#
:Ν3618∀#∆#=<>(8#&Υ=><∋6:8#98#:Ν3618#Η#<1#&Υ=><9&23	&∋(02∋8≅6>6989&∀##
# λ/# %α++Β∗∆∀# Β1# ∋&# 35838290# 9&# ∋<6=Ν960# 9&# 9&3&230∋;# 8# Μ<56∋(5<9ς2=68#
&23&29&# Π<&# 62=69&# 8# 5&∋(02∋8≅6>6989&# =6:6># 0≅Μ&36:8# 90# Β∋3890;# 2Κ0#
=858=3&56Ο8290# &Υ=><9&23&# 9&# 5&∋(02∋8≅6>6989&# (05# =<>(8# &Υ=><∋6:8# 98# :Ν3618∀#
Λ0# χ∗Τ;# (09&Α∋&# 30185# =010# (5&=&9&23&# 8# =02Ε65185# &∋∋8# 3&∋&# 0# +&∋(#
εΨη∀γεηΖΡα7#
</23055678& 3.:.8& 0& 7−9.4.51/71.:2;& /036/52& 05<03.78;&
/05<2457=.8.−7−0& 3.:.8& −2& 0517−2;& −010412& 92/12& 7<ϕ5& 50/&
/0328≅.−2& 72& 0517=0803.90412& </.5.2478;& /05<2457=.8.−7−0&
2=κ01.:7&−2&0517−2;&52=/0:.−7&</2:λ:08&µ_]&7425ν;&</030−04105;&
µ;;;ν& Π;& 3.& 9#%& (%& )%!%)%& Θ& 6.)∃%& ∋%& −)%(.& (.1& ,#(∃Λ∋+∀& ∋.& Ε(∃∀∋.>& ∀&
Κ#)+(−)#∋Χ5,+∀& ∋.& Ι#−%)+.)& Σ)+1#5∀2& ∋%& Τ#(∃+/∀& ≅& 5.& (%5∃+∋.& ∋%& 9#%& ∀&
04748848308
)%(−.5(∀1+2+∋∀∋%&,+∗+2&∋.&%5∃%&−012+,.&≅&.1Κ%∃+∗∀;&
Τ;& 7& Γ)+%Κ∃∀αΦΓ& ∋%(∃∀& 3Γ)∃%& !+Μ∀& %Ρ& (%((%Κ∃∀& %& ,+Κ,Γ& ∀ΚΓ(& Γ& Η+Ρ+∃%& ∃%ΡϑΓ)∀Η& ϑ∀)∀&
ϑ∀Θ∀Ρ%Κ∃Γ&∋∀&ϑ%Κ(ΦΓ&Ρ%Κ(∀Η&%(∃∀Λ%Η%,+∋∀;&
Υ;& <)%,%∋%Κ∃%(& Ξ#)+(ϑ)#∋%Κ,+∀+(& ∋Γ& 51ηΝ& ∋Γ& 51κ& %& ∋%& 1)+Λ#Κ∀+(& 0(∃∀∋#∀+(&
ϑ)%(∃+Θ+∀Κ∋Γ&∀&!+Μ∀αΦΓ&∋∀&)%(ϑΓΚ(∀Λ+Η+∋∀∋%&,+∗+Η&#∀Κ∋Γ&ϑ)%(%Κ∃%&Γ&ϑ∀ΚΓ)∀Ρ∀&!Σ∃+,Γ&%&
Ξ#)Ο∋+,Γ&∀,+Ρ∀&∋%(,)+∃Γ;&
];&−Γ#∃)+Κ∀&∋%&/#+&5∃Γ,ΓΝ&ο#((%!&3∀ι∀Η+Ν&3)%∃%Η∀&κΖΚ+Γ)&%&3%Η(Γ&7Κ∃πΚ+Γ&=∀Κ∋%+)∀&∋%&
9%ΗΓ&ΚΓ&Ρ%(ΡΓ&(%Κ∃+∋Γ&∋Γ&∀,+Ρ∀&%ΜϑΓ(∃Γ&µ∗%)&θ1)∀∃∀∋Γ&∋%&/%(ϑΓΚ(∀Λ+Η+∋∀∋%&3+∗+ΗθΝ&
∋%&/#+&5∃Γ,ΓΝ&_ρ&0∋;&/1Ν&ΠσσΥΝ&ϑϑ;&Ε;ΕΠΥτΕ;ΕΠ]ν&
_;& /%,#)(Γ& %(ϑ%,+∀Η& ϑ∀),+∀ΗΡ%Κ∃%& ,ΓΚι%,+∋Γ& %Ν& Κ%((∀& ϑ∀)∃%Ν& ϑ)Γ∗+∋ΓΝ& ϑ∀)∀& !+Μ∀)& %Ρ&
(%((%Κ∃∀& %& ,+Κ,Γ& ∀ΚΓ(& Γ& Η+Ρ+∃%& ∃%ΡϑΓ)∀Η& ϑ∀)∀& ϑ∀Θ∀Ρ%Κ∃Γ& ∋∀& ϑ%Κ(ΦΓ& Ρ%Κ(∀Η&
%(∃∀Λ%Η%,+∋∀;&
γ!∀# ∃%&∋(&#)#ΣΘ∗%ΒΖΘΩ#−,!Ψ/#;!(#/.#)&∋!∗%!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!.∋(!%&∋/!
∗%!%∗6)2)/&(%18∋!.Γ9∃)−%+!%//)2%∃#!%!∋.18∋!−∋((#&%:!
%Μ! ;/! &#∋()%/! /,9Ε#&)0%/! #! ∋9Ε#&)0%/! ∗%! (#/.∋2/%9)∃)∗%∗#! .%&()6∋2)%∃! ∗∋! =/&%∗∋!
/#6.(#! −%6)24%(%6! .%(%∃#∃%6#2&#! #+! 2∋! Ν(%/)∃+! %! .%(&)(! ∗%! Κ∋2/&)&,)18∋! ∗#! δφχγ+!
.(#0%∃#−#6!%/!&#∋()%/!∋9Ε#&)0%/:!
9Μ! ;! Κ∋2/&)&,)18∋! Ξ6.#()%∃! ∗∋! Ν(%/)∃! ∗#! δηβα! &(∋,?#! #?.(#//%6#2&#! 4).ς&#/#/! ∗#!
(#/.∋2/%9)∃)∗%∗#! ∗%! %∗6)2)/&(%18∋! .Γ9∃)−%! .∋(! %&∋/! .(%&)−%∗∋/! 2%! #/3#(%! ∗∋! ∀∋∗#(!
Ψ∋∗#(%∗∋(:!
−Μ!;!ΚΤ!(∋6.#,!−∋6.∃#&%6#2&#!−∋6!%!Κ∋2/&)&,)18∋!%2&#()∋(!<,%2&∋!Ρ!3∋(6%!∗#!&(%&%(!
%! (#/.∋2/%9)∃)∗%∗#! .%&()6∋2)%∃! ∗∋! =/&%∗∋! .∋(! %&∋/! ∗%! %∗6)2)/&(%18∋! .Γ9∃)−%! 2∋!
∗)(#)&∋!9(%/)∃#)(∋:!
∗Μ!;!ΚΤ!)2∋0∋,!#6!(#∃%18∋!Ρ/!−∋2/&)&,)1Ο#/!%2&#()∋(#/!%∋!.(#0#(!%!.∋//)9)∃)∗%∗#!∗#!
(#/.∋2/%9)∃)Α%18∋! ∗#! 3∋(6%! ∋9Ε#&)0%! ∗%/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .()0%∗∋! <,#!
.(#/!/#(0)1∋!.Γ9∃)−∋:!
04748848308
#Μ! ;/! &#∋()%/! %−#(−%! ∗%! (#/.∋2/%9)∃)∗%∗#! .%&()6∋2)%∃! ∗∋! =/&%∗∋! /#6.(#! #/&)0#(%6!
.%,&%∗%/! 2%! 2#−#//)∗%∗#! ∗#! %! %∗6)2)/&(%18∋! .Γ9∃)−%! (#0#(! /#,/! %&∋/! #! /#!
(#/.∋2/%9)∃)Α%(!.∋(!#∃#/:!
! %01&234560∋7#
# 8/# Β++∆Ξ∆∀# [06# 8# %02∋363<6?Κ0# [&9&58># 9&# !φΨγ# Π<&# 628<Χ<50<# 8#
5&∋(02∋8≅6>6989&# 0≅Μ&36:8# 90# Β∋3890# ≅58∋6>&650;# 28# 1098>6989&# 56∋=0#
891626∋35836:0∀# ∆23&∋# 96∋∋0;# :6Χ058:8# 20# Ω58∋6># 8# 3&0568# =6:6>6∋38;# &1# Π<&# 0#
Β∋3890#∋ϑ#5&∋(029&568#9&#Φ0<:&∋∋#=01(50:8?Κ0#9&#=<>(8#90#Ε<2=6024560∀#
# ≅/# Β++∆Ξ∆∀# Λ8# %02∋363<6?Κ0# 9&# !ε−Ψ;# 86298# 28# Η(0=8# 90# λ1(Η560;# Μ4#
:6Χ058:8#8#3&0568#=6:6>6∋38∀#Θ0538230;#8#5&∋(02∋8≅6>6989&;#Ι#Η(0=8;#&58#∋<≅Μ&36:8;#
&# 5&=8Ν8# ∋0≅5&# 0∋# 830∋# 9&# Χ&∋3Κ0;# (5836=890∋# (&>0∋# Ε<2=6024560∋∀# α# Θ09&5#
γ−∀# ∃%&∋(&# )# ∗+ΒΖΣχ# −,!./# Β#&#(6)2%∗%! .(∋3#//∋(%! ∗%! (#∗#! .Γ9∃)−%! ∗#! #2/)2∋!
(#−#9#,!%6#%1%/!∗#!%>(#//8∋!.∋(!.%(&#!∗#!,6!%∃,2∋!#+!6%)/!∗#!,6%!0#Α+!%∃#(&∋,!Ρ!
∗)(#18∋! ∗%! #/−∋∃%+! <,#! /#! 6%2�#! ∋6)//%:! Ι#//%! /)&,%18∋! 4).∋&5&)−%+! −%/∋! /#!
−∋2/,6#6!%/!%>(#//Ο#/+!%!)2∗#2)Α%18∋!/#(7!∗#0)∗%!
%Μ!.#∃∋!=/&%∗∋+!∋9Ε#&)0%6#2&#:!
9Μ!.#∃∋/!.%)/!∗∋!%∃,2∋!#!.#∃∋!=/&%∗∋!#6!∗#−∋((≅2−)%!∗∋!/)/%!∗#!−∋6.#2/%18∋!∗#!
04748848308
−,∃.%/:!
−Μ!.#∃∋!=/&%∗∋+!∗#/∗#!<,#!.(#/#2&#/!∋/!#∃#6#2&∋/!<,#!−%(%−&#()Α#6!%!−,∃.%:!
∗Μ!.#∃∋/!.%)/!∗∋!%∃,2∋!#+!/,9/)∗)%()%6#2&#+!.#∃∋!=/&%∗∋:!
#Μ!.#∃∋/!.%)/!∗∋!%∃,2∋+!#6!0)(&,∗#!∗∋!.∋∗#(!3%6)∃)%(:!
%01&2345607# χ&Χ<290# 8# Μ<56∋(5<9ς2=68# 90# χ∗[# &# 381≅Η1# 90# χ∗Τ;# 8#
5&∋(02∋8≅6>6989&# =6:6># 90# Β∋3890# (&>0# 9820# 9&=055&23&# 9&# ∋<8# 016∋∋Κ0# &1#
5&>8?Κ0#8#(&∋∋08∋#0<#=06∋8∋#∋0≅#∋<8#=<∋3ϑ968#Η#0≅Μ&36:8∀#Θ0538230;#0#Χ8≅85630#
98#Π<&∋3Κ0#3&568#Π<&#∋&5#8#8>3&52836:8#]8⊥∀#
α# (50≅>&18# Η# Π<&# &∋∋&# 35&=Φ0# ∃Π<&# (85&=&# 3&5# 62∋(65890# 8# ≅82=8/# Η# 90#
8=ϑ59Κ0# 90# ∗56≅<28># 056Χ624560# Π<&# &∋38:8# ∋&290# 8Χ58:890# 28# 8?Κ0# 20#
χ<(5&10∀# Β∋∋&# 35&=Φ0# Ε06# 3582∋=5630# 28# &1&238# 98# 9&=6∋Κ0# 90# χ∗[;# 18∋# ∋ϑ# 8#
3Ν3<>0# 9&# 5&Ε&5ς2=68∀# Λ0# Ε628>;# 0# χ<(5&10# 2Κ0# 5836Ε6=0<# 0# &23&2961&230# 90#
∗56≅<28># τ8# Π<0τ# ∃056Χ628>/# &# 9&=696<# Π<&# 8# 5&∋(02∋8≅6>6989&# 90# Β∋3890#
Η#0≅Μ&36:8#20#=8∋0∀#Λ8#(5ϑ(568#&1&238#90#Μ<>Χ890#Φ4#0#∋&Χ<623&7#
θµ;;;ν& 7Θ)%((ΦΓ& ∀& ϑ)Γ!%((Γ)%(& %Ρ& (∀Η∀& ∋%& ∀#Η∀& φ& ,∀(Γ& ∋%& ϑΓΗΟ,+∀Ν& %& ΚΦΓ& ∋%& ∋+)%∃Γ)& ∋%&
%(∃∀Λ%Η%,+Ρ%Κ∃Γ& %& (%#& ∀((+(∃%Κ∃%;& 7& )%(−.5(∀1+2+∋∀∋%& ≅&.1Κ%∃+∗∀&∋.& Υ+(∃)+∃.&
Ο%∋%)∀2Ν& ∀& #%Ρ& +Κ,#ΡΛ%& Θ∀)∀Κ∃+)& ∀& (%Θ#)∀Κα∀& ∋∀& ∋+)%αΦΓ& %& ∋Γ& ,Γ)ϑΓ& ∋Γ,%Κ∃%Ν& ϑΓ)&
+Κ∃%+)ΓΝ&∋%&#∀Η#%)&%(∃∀Λ%Η%,+Ρ%Κ∃Γ&µ;;;νθ&
γ.∀# ∃%&∋(&# )# ΞΘΖ∆%# −,!−/# =6! ,6%! #/−∋∃%! .Γ9∃)−%! ∃∋−%∃)Α%∗%! 2∋! )2&#()∋(! ∗#!
∗#&#(6)2%∗∋! #/&%∗∋! ∗%! Τ#∗#(%18∋+! ,6! %∃,2∋! #3#&,∋,! ∗)/.%(∋! ∗#! %(6%! ∗#! 3∋>∋+!
∗#2&(∋!∗%!/%∃%!∗#!%,∃%+!−∋2&(%!%!.(∋3#//∋(%+!3#()2∗∋Χ%!#6!,6!∗∋/!∋69(∋/:!
;! .%(&)(! ∗#//%! /)&,%18∋! 4).∋&5&)−%+! %//)2%∃#! %! ∋.18∋! −∋((#&%! 2∋! <,#! /#! (#3#(#! %∋/!
04748848308
∗%2∋/!−%,/%∗∋/!Ρ!.(∋3#//∋(%:!
%Μ! Ι8∋! 47! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! =/&%∗∋+! .∋(! &#(#6! /)∗∋! ∋/! (#3#()∗∋/! ∗%2∋/!
−%,/%∗∋/!.∋(!&#(−#)(∋:!
9Μ!Ι8∋!47!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋+!∗%∗%!%!28∋!−∋23)>,(%18∋!∗#!∗%2∋!∗)(#&∋:!
−Μ!7!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗∋!=/&%∗∋:!
∗Μ!7!(#/.∋2/%9)∃)∗%∗#!−)0)∃!/,9Ε#&)0%!∗∋!=/&%∗∋:!
#Μ!7!(#/.∋2/%9)∃)∗%∗#!−)0)∃!)2∗)(#&%!∗∋!=/&%∗∋:!
! %01&2345607#Λ8#Φ6(ϑ3&∋	♜∋#∋0Ε5690∋#(05#(&∋∋08∋#∋<Μ&638∋#Ι#Χ<8598#
90# Β∋3890;# =010# 0∋# 8><20∋# 9&# &∋=0>8# (Γ≅>6=8;# 0∋# 9&3&230∋# &# 0∋# (8=6&23&∋# 9&#
Φ0∋(638>#(Γ≅>6=0;#8#Μ<56∋(5<9ς2=68#5&=02Φ&=&#Π<#5&∋(02∋8≅6>6989Z#Β∋3890#
γΨ∀# ∃%&∋(&# )# Ω8=&2# −,!./# ∀%(%! <,#! /#! −∋23)>,(#! %! (#/.∋2/%9)∃)∗%∗#! ∋9Ε#&)0%! ∗∋!
=/&%∗∋+!5!2#−#//7()∋!<,#!∋!%&∋!.(%&)−%∗∋!/#Ε%!)∃Φ−)&∋:!
! %01&2345607#Θ858#Π<&#∋&#=02Ε6Χ<5#5&∋(02∋8≅6>6989�≅Μ&36:8#90#Β∋3890;#
2Κ0#61(0538#∋�#830#(5836=890#(&>0#8Χ&23&#(Γ≅>6=0#∋&Μ8#6>Ν=630#0<#6>Ν=630β#0#Π<&#
623&5&∋∋8# Η# &Υ=><∋6:81&23&# &>&# 8Χ65# 28# Π<8>6989&# 9&# 8Χ&23&# (Γ≅>6=0;# &# 2Κ0#
=010#(&∋∋08#=01<1∀#
### Ρ8≅856307#Β55890#
υυυυυ#
#
# #
04748848308
Responsabilidade civil objetiva do Estado (CF, art. 37, § 6º). Policial militar,
que, em seu período de folga e em trajes civis, efetua disparo com arma
de fogo pertencente à sua corporação, causando a morte de pessoa
inocente. Reconhecimento, na espécie, de que o uso e o porte de arma de fogo
pertencente à Polícia Militar eram vedados aos seus integrantes nos períodos de
folga. Configuração, mesmo assim, da responsabilidade civil objetiva do
Poder Público. Precedente (RTJ 170/631). Pretensão do Estado de que se acha
ausente, na espécie, o nexo de causalidade material, não obstante reconhecido
pelo Tribunal "a quo", com apoio na apreciação soberana do conjunto probatório.
Inadmissibilidade de reexame de provas e fatos em sede recursal extraordinária.
Precedentes específicos em tema de responsabilidade civil objetiva do Estado.
Acórdão recorrido que se ajusta à jurisprudência do supremo tribunal federal. RE
conhecido e improvido.
04748848308
nega provimento.
4. Tanto por se tratar de serviço delegado, como pela norma legal em comento,
não há como imputar eventual responsabilidade pelos serviços notariais
e registrais diretamente ao Estado. Ainda que objetiva a responsabilidade da
*****
Bons estudos!
04748848308
∆?ΘΝΡΜΘ1δΧ3Χε1ε?!ΗΧφΧ3!Ρδγ?ΒΧφ1!εΡ!?ΘΒ1εΡη!1∆Β#!ιΥΑ!ϕ[κ!ε1!Η]!
#! Υ&∋∃∗∃.#!∋(!&)1∗3(45&!,#!&!−∃.(,&!∋∃<(∋(∋!9(−,%!∆0&1(∗∃!#!0(.#1∗(∗∃Ι!6(7∃(,&∃!(!.#16#∗1&∃9!
#! /!∃#0%1#!,#!∋(.71#Α(!+∗6∗7!#!∃8&∋(+,−&∋(&.(79!
#! ∀#∃7+.(!,#!6&∋,7.(∃!,&∃!(3#∋.#∃!%Π)+∗6&∃!+,/∗%%∗6(%!&7!,/∗%%∗6(%8!7:+∗&(%!&7!∗7:+∗&(%9!
#! :3#∋.#∃!,#<#0!(.7(1!−(!+,−9∗=>,!9∃!(3#∋.#∃!%Π)+∗6&∃9!
!! 1! ∋∃%<,−%(0∗7∗9(9∃! 9,! ?%&(9,! ≅! ,0;∃&∗6(δ! &! −∃.(,&! 1#∃%&∋,#! %#+&∃! ,(∋&∃! 6(7∃(,&∃! %&1! ∃#7∃! (3#∋.#∃!
∗∋,#%#∋,#∋.#0#∋.#!,#!67+%(9!
!! 1!∋∃%<,−%(0∗7∗9(9∃!9,!()∃−&∃!≅!%.0;∃&∗6(δ!(3#∋.#!1#∃%&∋,#!(&!−∃.(,&8!#0!(45&!1#31#∃∃∗<(8!∃=!∃#!(3∗1!6&0!
,&+&!&7!67+%(9!
!
#!!1&,!7∃%∗6,!6(7∃(,&!%#+&!()∃−&∃!<Γ07∗+,8!∋#∃∃(!Λ7(+∗,(,#λ!
−+#0#∋.&∃!,(!
1#∃%&∋∃()∗+∗,(,#! #!26&11Ξ∋6∗(!,#!70!9(−,!%(.1∗0&∋∗(+!&7!0&1(+λ!
&)ς#.∗<(! #!Μ∃8,!9∃!+(.%(7∗9(9∃!#∋.1#!&!,(∋&!#!(!(.7(45&!,&!(3#∋.#9!
!
#!!ε∃!9∗∋∃∗&,!<Γ07∗+,η!.&,(∃!∆(,09!,∗1#.(8!(7.(1Λ7∗(∃!#!≅7∋,(4Σ#∃Ι!
:+6(∋4(!(∃!
#!ε∃!9∗∋∃∗&,!<∋∗6(9,!/#∃,%−)&#−,∋)∃∋,∃#.∀Ο&∋/ΓΗ:∀;&η!−Ο8!χ−ε8!≅7∋,(4Σ#∃!#!,#+#3(.Τ1∗(∃9!
04748848308
%#∃∃&(∃!ς71;,∗6(∃!
$! Α,%−%−∀,∋∃=/:&#−)&#−,∋)∃∋−%∀.∀)−)∃∋∃;&+Ρ∗∀;−∋+Φ&Λ∋
∆∃%<,−%(0∗7∗9(9∃!+∗6∗7!9,!?%&(9,!<,∋!(=>,!,.!,/∗%%>,!
!! 1=>,!Βσ!1#∃%&∋∃()∗+∗,(,#!,0;∃&∗6(!Βσ!.#&1∗(!,&!∋∗%+,!(9/∗−∗%&∋(&∗6,!
!! Ρ/∗%%>,!Βσ!1#∃%&∋∃()∗+∗,(,#!%.0;∃&∗6(!Βσ!.#&1∗(!,(!+.7<(!(9/∗−∗%&∋(&∗6(!
!
#!1=>,!9∃!∗−9∃−∗ϑ(=>,η!⊥!(−,%!
Ο1#∃61∗45&!
#!1=>,!∋∃)∋∃%%∗6(η!∗/<∋∃%+∋∗&:6∃7!
!! :!(=>,!∋∃)∋∃%%∗6(!,#%#∋,#!,(!+,−9∃−(=>,!,(!%#∃∃&(!ς71;,∗6(!(!∗∋,#∋∗Α(1!(!<;.∗0(!∆&∋Ω−%∗&,!∃/!;.7)(9,Ιλ!
!! :!(=>,!∋∃)∋∃%%∗6(!.1(∋∃0∗.#Β∃#!(&∃!%.+∃%%,∋∃%8!%∗Μ∋)∋&,−,∗∀∋#%∋Β∀∃%/Ι%9!
!
1ΒΡΘ!3?ΣΧΘ31ΒΧφΡΘ!?!γ2εΧΗΧ1ΧΘ!
!! ∀#∃%&∋∃()∗+∗,(,#!,&!−∃.(,&!%&1!(&,%!7∃)∗%7(&∗6,%!&:<∗+,%!
$! ∆∃)∋(δ!ητ2!µυ!
$! ?8+∃=>,δ!%&,#!Θ(<#1!#0!6(∃&!,#δ!
#! ]#∗∃!6&0!#≅#∗.&∃!6&∋61#.&∃λ!
#! ]#∗∃!,#6+(1(,(∃!∗∋6&∋∃.∗.76∗&∋(∗∃!%#+&!χγβ9!
!! ∀#∃%&∋∃()∗+∗,(,#!,&!−∃.(,&!%&1!(&,%!;.∋∗%9∗+∗,−(∗%!&:<∗+,%!
$! ∆∃)∋(δ!ητ2!µυ!
$! ?8+∃=>,δ! %&,#! Θ(<#1! #0! 6(∃&! ,#! #11&! ς7,∗6∗Τ1∗&8! 7∋∗6(0#∋.#! ∋(! ∃%Ι∃∋(! <∃−(7λ! 6&∋,7.(! ,&+&∃(! &7!
≅1(7,7+#∋.(!6&0!∗∋.7∗.&!,#+∗)#1(,&!,#!6(7∃(1!%1#ς7;Α&!Ψ∃!%(1.#∃!&7!(!.#16#∗1&∃9!
∆?ΘΝΡΜΘ1δΧ3Χε1ε?!ΝΡ∆!ε1ΜΡΘ!ε?!Ρδ∆1Θ!Νλδ3ΧΗ1Θ!
!! χ=!≅(.&!,(!&)1(!Βσ!∋5&!∗0%&1.(!&!#?#67.&1!Βσ!∋∃%<,−%(0∗7∗9(9∃!+∗6∗7!,0;∃&∗6(!9,!?%&(9,!
!! εΤ!#?#6745&!,(!&)1(!
$! −?#6745&!(!6(13&!,(!<∋Ξ<∋∗(!19/∗−∗%&∋(=>,!Βσ!∋∃%<,−%(0∗7∗9(9∃!+∗6∗7!,0;∃&∗6(!9,!?%&(9,!
$! −?#6745&!(!6(13&!,#!<(∋&∗+.7(∋!+,−&∋(&(9,!Βσ!∋∃%<,−%(0∗7∗9(9∃!+∗6∗7!%.0;∃&∗6(!9,!+,−&∋(&(9,!
ΝΡΘΧΗΧΡΜ1χ?ΜΒΡΘ!ΧχΝΡ∆Β1ΜΒ?Θ!ε1!εΡ2Β∆ΧΜ1!?!ε1!γ2∆ΧΘΝ∆2εµΜΗΧ1!
%!:∃!6&∋6#∃∃∗&∋Τ1∗(∃!,#!∃#1<∗4&!%Π)+∗6&!1#∃%&∋,#0!&)ς#.∗<(0#∋.#!%#+&∃!,(∋&∃!6(7∃(,&∃!%&1!∃#7∃!(3#∋.#∃!(!
.#16#∗1&∃8!∃#ς(0!.%.Κ∋∗,%!&7!−>,Π.%.Κ∋∗,%!,&!∃#1<∗4&!%1#∃.(,&9!
%!η&∃!,(∋&∃!6(7∃(,&∃!(!<∃%%,(%! %,0! (! ).(∋9(! 9,! ?%&(9,!∆(+7∋&∃!,#!#∃6&+(∃!%Π)+∗6(∃8!,#.#∋.&∃!#!%(6∗#∋.#∃!
∗∋.#1∋(,&∃Ι8!(!1#∃%&∋∃()∗+∗,(,#!6∗<∗+!,&!−∃.(,&!Χ!,0;∃&∗6(8!∋(!0&,(+∗,(,#!∋∗%+,!(9/∗−∗%&∋(&∗6,8!−∀5−)∋≅6∀∋
)5∋#%/)5∋/4)∋∗∀/Β%−∋5,#)∋#,∃∀∗%−∀/∗∀∋1%65%#)5∋7)∃∋%∗6%Ι4)∋#∀∋5∀65∋%2∀/∗∀59!
%!Θ.∗+:9∗,! ,#! 9∃&∃−&,! (6(11#.(! (! 1#∃%&∋∃()∗+∗,(,#! ,0;∃&∗6(! ,&! −∃.(,&8! /4)! ∃#∋,&! (,0∗.∗,(! #?6+7∃5&! ,(!
1#∃%&∋∃()∗+∗,(,#!%&1!67+%(!#?6+7∃∗<(!,(!<;.∗0(9!
%!1)∃−&∃!<Γ07∗+,!+,/,!<(∋&∃!−,!<,7,!<(%%∗6,!9(!(=>,!9∃!∗−9∃−∗ϑ(=>,η!
04748848308
#! ΘΒ]δ!&∃!(3#∋.#∃!/4)!%&,#0!1#∃%&∋,#1!,∗1#.(0#∋.#!%#1(∋.#!&!+#∃(,&8!∋#0!0#∃0&!#0!+∗.∗∃6&∋∃=16∗&8!∃=!
%&,#∋,&!<∗1!(!1#∃%&∋,#1!#0!(45&!1#31#∃∃∗<(8!%#1(∋.#!&!−∃.(,&9!
#! ε,.&∋∗−(δ!&!(3#∋.#!%&,#!1#∃%&∋,#1!,∗1#.(0#∋.#8!∗∋6+7∃∗<#!#0!+∗.∗∃6&∋∃=16∗&!%(∃∃∗<&9!
%!ΤΦ&!≅!+(0:6∃7!(!9∃−.−+∗(=>,!∴!7∗9∃!,&!(3#∋.#!%Π)+∗6&!∆%&∃∗45&!0(ς&1∗.Τ1∗(Ι9!
%!−0! 1#31(8! /4)! ΘΤ! 1#∃%&∋∃()∗+∗,(,#! 6∗<∗+! ,&! −∃.(,&! 7∋∗6(0#∋.#! %#+(! <∋∗%>,! <∋∃6∃−&∗6(! ,#! (67∃(,&! Λ7#8!
,#%&∗∃8!<#∋Θ(!(!∃#1!()∃&+<∗,&!∋(!∃#∋.#∋4(!≅∗∋(+!∆(!0#∋&∃!Λ7#!Θ(ς(!(+370(!∗+#3(+∗,(,#!∋(!%1∗∃5&Ι9!
%!∆∃%<,−%(0∗7∗9(9∃!+∗6∗7!9,%!−,&Κ∋∗,%!Ε&(0∃7∗>∃%Φη!
#! Θ.0;∃&∗6(8!&7!∃#ς(8!&∃!∋&.Τ1∗&∃!∃=!1#∃%&∋,#0!#0!6(∃&!,#!9,7,!&7!+.7<(9!
#! :45&!,#!1#%(1(45&!%1#∃61#<#!#0!&∋ν%!(−,%9!
!
!
!∀# ∃%&∋(&# )# ∗+∗!,# −,!./# ∀#∃%! &#∋()%! ∗%! !∀#∃%& ∋#& (%)∗+,%+! ∋,! ∗%! −,∃.%! ∗∋! /#(0)1∋+!
#0#2&,%∃!3%∃4%!5!)6.,&%∗%!.#//∋%∃6#2&#!%∋!3,2−)∋27()∋!−,∃.%∗∋+!)/#2&%2∗∋!%!%∗6)2)/&(%18∋!
∗%!(#/.∋2/%9)∃)∗%∗#!.#∃∋!∗%2∋!−%,/%∗∋:!
−∀# ∃%&∋(&# )# Σ626∋3Η560# 98# Τ<∋36?8# −,!./# ;! &#∋()%! <,#! )6.#(%! %&,%∃6#2&#! 2∋! ∗)(#)&∋!
%∗6)2)/&(%&)0∋!.%(%!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋!5!%!∗∋!()/−∋!)2&#>(%∃+!/#>,2∗∋!%!<,%∃!%!
−∋6.(∋0%18∋!∗∋!%&∋+!∗∋!∗%2∋!#!∗∋!2#?∋!−%,/%∃!5!/,3)−)#2&#!.%(%!∗#&#(6)2%(!%!−∋2∗#2%18∋!
∗∋! =/&%∗∋:! =2&(#&%2&∋+! &%∃! &#∋()%! (#−∋24#−#! %! #?)/&≅2−)%! ∗#! #?−∃,∗#2&#/! %∋! ∗#0#(! ∗#!
)2∗#2)Α%(:!
.∀# ∃%&∋(&# )# Ω8=&2# −,!./# Β#! %−∋(∗∋! −∋6! %! &#∋()%! ∗%! −,∃.%! %∗6)2)/&(%&)0%+! #?)/&)2∗∋! ∋!
3%&∋!∗∋!/#(0)1∋!#!∋!2#?∋!∗#!−%,/%∃)∗%∗#!#2&(#!#//#!3%&∋!#!∋!∗%2∋!/∋3()∗∋!.#∃∋!%∗6)2)/&(%∗∋+!
.(#/,6#Χ/#!%!−,∃.%!∗%!%∗6)2)/&(%18∋:!
_∀# ∃[Ρ# )# α∆Ω# −,!!/# Η6! .∋∃)−)%∃! 6)∃)&%(+! ∗#! 2∋6#! Ι∋(9#(&∋+! 2∋! ∗)%! ∗#! 3∋∃>%+! <,%2∗∋!
#/&%0%! 2%! 3(#2&#! ∗%! /,%! −%/%+! ∗#! 9#(6,∗%! #! /#6! −%6)/%+! ∗)/−,&#! −∋6! ,6! &(%2/#,2&#! #!
%−%9%!∗#/3#()2∗∋!&)(∋/!∗#!,6%!%(6%!%2&)>%+!<,#!/#,!%0ϑ!∃4#!∗#(%:!
Κ∋6!9%/#!2∋!(#∃%&%∗∋!%−)6%+!5!−∋((#&∋!%3)(6%(!<,#!∋!=/&%∗∋!
Λ;Μ!/#(7!(#/.∋2/%9)∃)Α%∗∋+!.∋)/!Ι∋(9#(&∋!5!%>#2&#!.Γ9∃)−∋!.#(−#2&#!%!/#,/!<,%∗(∋/:!
ΛΝΜ!/#(7!(#/.∋2/%9)∃)Α%∗∋+!−∋6!9%/#!2%!&#∋()%!∗∋!()/−∋!)2&#>(%∃:!
ΛΚΜ!/∋6#2&#!/#(7!(#/.∋2/%9)∃)Α%∗∋!∗#!3∋(6%!/,9/)∗)7()%+!∋,!/#Ε%+!−%/∋!Ι∋(9#(&∋!28∋!%!
−∋2∗)1Ο#/!3)2%2−#)(%/:!
ΛΒΜ! 28∋! /#(7! (#/.∋2/%9)∃)Α%∗∋+! .∋)/! Ι∋(9#(&∋+! %.#/%(! ∗#! /#(! %>#2&#! .Γ9∃)−∋+! 28∋! %&,∋,!
2#//%!<,%∃)∗%∗#Π!/,%!−∋2∗,&%!28∋!.∋∗#+!.∋)/+!/#(!)6.,&%∗%!%∋!=2&#!∀Γ9∃)−∋:!
04748848308
γ∀# ∃%&∋(&#)#%ΛΤ#−,!./#Ι∋!∋(∗#2%6#2&∋!Ε,(Φ∗)−∋!9(%/)∃#)(∋+!%!(#/.∋2/%9)∃)∗%∗#!∗∋!.∋∗#(!
.Γ9∃)−∋! 5! ∋9Ε#&)0%+! %∗∋&%2∗∋Χ/#! %! &#∋()%! ∗∋! ()/−∋! %∗6)2)/&(%&)0∋+! 3,2∗%∗%! 2%! )∗#)%! ∗#!
/∋∃)∗%()#∗%∗#! /∋−)%∃+! 2%! Ε,/&%! (#.%(&)18∋! ∗∋/! ϑ2,/! ∗#−∋((#2&#/! ∗%! .(#/&%18∋! ∗∋/! /#(0)1∋/!
.Γ9∃)−∋/+! #?)>)2∗∋Χ/#! %! .(#/#21%! ∗∋/! /#>,)2&#/! (#<,)/)&∋/Θ! ∗%2∋+! −∋2∗,&%! %∗6)2)/&(%&)0%! #!
2#?∋!−%,/%∃:!;∗6)&#Χ/#!%9(%2∗%6#2&∋!∋,!6#/6∋!#?−∃,/8∋!∗%!(#/.∋2/%9)∃)∗%∗#!∋9Ε#&)0%+!/#!
−∋#?)/&)(#6!%,%2&#/!∋,!#?−∃,∗#2&#/!<,#!%&,#6!/∋9(#!∋!2#?∋!∗#!−%,/%∃)∗%∗#:!
η∀# ∃%&∋(&#)#Θ%Ζ%Β#−,!−/#;!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋!#?)>#!&(≅/!(#<,)/)&∋/!.%(%!%!
/,%! −∋23)>,(%18∋Θ! %18∋! %&()9,Φ0#∃! %∋! =/&%∗∋+! ∗%2∋! −%,/%∗∋! %! &#(−#)(∋/! #! 2#?∋! ∗#!
−%,/%∃)∗%∗#:!
φ∀# ∃%&∋(&#)#%∆ΞΒ#−,!Ψ/#Ι∋!∗)(#)&∋!.7&()∋+!%/!#6.(#/%/!.()0%∗%/!∗#∃#>%&7()%/!∗#!/#(0)1∋!
.Γ9∃)−∋!28∋!/#!/,96#!Ρ!(#>(%!∗%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗∋!=/&%∗∋:!
!,∀# ∃%&∋(&# )# ∗%ΒΖΒχ# −,!−/# Β#! %−∋(∗∋! −∋6! ∋! #2∗)6#2&∋! ∗∋! ∆ΣΤ+! #6.(#/%!
−∋2−#//)∋27()%! ∗#! /#(0)1∋! .Γ9∃)−∋! ∗#! &(%2/.∋(&#! (#/.∋2∗#! ∋9Ε#&)0%6#2&#! .#∃∋/! ∗%2∋/!
−%,/%∗∋/!%∋/!,/,7()∋/!∗#!&(%2/.∋(&#!−∋∃#&)0∋:!
!!∀# ∃%&∋(&# )# Θ%ΖΩ∆# −,!./# Υ! −∋(&#! ∗#! #2#(>)%! #∃5&()−%! .∋(! .%(&#! ∗%! −∋2−#//)∋27()%! ∗#!
/#(0)1∋! .Γ9∃)−∋! .(#/,6#! %! #?)/&≅2−)%! ∗#! ∗%2∋! 6∋(%∃+! /#2∗∋! ∗#/2#−#//7()%! %! −∋6.(∋0%18∋!
∗∋/!.(#Ε,ΦΑ∋/!/∋3()∗∋/!Ρ!4∋2(%!∋9Ε#&)0%!∗#!#6.(#/%!∋,!,/,7()∋!%3#&%∗∋!.#∃%!)2&#((,.18∋!∗∋!
/#(0)1∋:!
!−∀# ∃%&∋(&# )# ∗%Ξ[# −,!−/# ;! (#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋! .∋(! ∗%2∋/! −%,/%∗∋/! .∋(!
3#2ϑ6#2∋/!∗%!2%&,(#Α%!5!∗∋!&).∋!/,9Ε#&)0%:!
!.∀# ∃%&∋(&# )# %κ1858# 90∋# Ξ&(<3890∋# −,!−/# Υ! 3%&∋! ∗#! ,6! ∗#&∋! 6∋((#(! #6!
#/&%9#∃#−)6#2&∋! .()/)∋2%∃! ∗#0)∗∋! %! 2#>∃)>≅2−)%! ∗#! %>#2&#/! .#2)−)7()∋/! −∋23)>,(%(7!
4).ς&#/#!∗#!(#/.∋2/%9)∃)Α%18∋!∋9Ε#&)0%!∗∋!=/&%∗∋:!
!_∀# ∃%&∋(&# )# ΣλΛ# −,!./# Κ∋2/)∗#(#! <,#! ,6! .%(&)−,∃%(+! %∋! %0%21%(! ∋! /)2%∃! 0#(6#∃4∋! ∗∋!
/#673∋(∋+!%!−∋∃)∗)∗∋!/#,!0#Φ−,∃∋!−∋2&(%!0#Φ−,∃∋!∋3)−)%∃!.#(−#2&#!%!,6%!%,&%(<,)%!<,#!
&(%3#>%0%! 2%! −∋2&(%68∋:! Ι#//%! /)&,%18∋+! ∋! =/&%∗∋! ∗#0#(7! /#(! )2&#>(%∃6#2&#!
(#/.∋2/%9)∃)Α%∗∋!.#∃∋!∗%2∋!−%,/%∗∋!%∋!.%(&)−,∃%(+!∗%∗∋!<,#+!2∋!Ν(%/)∃+!/#!%∗∋&%!%!&#∋()%!∗%!
(#/.∋2/%9)∃)∗%∗#!∋9Ε#&)0%!#+!∗#!%−∋(∗∋!−∋6!#∃%+!%!−,∃.%!−∋2−∋((#2&#!28∋!#∃)∗#!2#6!%,%!%!
(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!∗#!)2∗#2)Α%(:! 04748848308
!γ∀# ∃%&∋(&# <& ΞΘΖ∆%& −,!−/! Η6! .%−)#2&#! )2&#(2%∗∋! #6! 4∋/.)&%∃! .Γ9∃)−∋! ∗#! ∗#&#(6)2%∗∋!
#/&%∗∋! ∗%! Τ#∗#(%18∋! −∋6#&#,! /,)−Φ∗)∋+! %&)(%2∗∋Χ/#! ∗#! ,6%! Ε%2#∃%! .(ς?)6%! %! /#,! ∃#)&∋+!
∃∋−%∃)Α%∗∋!2∋!<,)2&∋!%2∗%(!∗∋!4∋/.)&%∃:!Κ∋6!9%/#!2#//%!/)&,%18∋!4).∋&5&)−%+!3)−%!#?−∃,Φ∗%!%!
(#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋+! .∋(! &#(! /)∗∋! %! −,∃.%! #?−∃,/)0%! ∗%! 0Φ&)6%+! /#6! .∋//)9)∃)∗%∗#! ∗#!
)2&#(3#(≅2−)%!∗∋!(#3#()∗∋!#2&#!.Γ9∃)−∋:!
!η∀# ∃%&∋(&#)#Σ626∋3Η560#98#Τ<∋36?8#−,!./#Κ%/∋!∋−∋((%!∋!/,)−Φ∗)∋!∗#!,6!∗#&∋!∗#2&(∋!∗#!
#/&%9#∃#−)6#2&∋! .()/)∋2%∃! 6%2&)∗∋! .#∃∋! =/&%∗∋+! %! %∗6)2)/&(%18∋! .Γ9∃)−%+! /#>,2∗∋!
#2∗)6#2&∋!(#−#2&#!∗∋!∆ΣΩ+!#/&%(7+!#6!(#>(%+!∋9()>%∗%!%∋!.%>%6#2&∋!∗#!)2∗#2)Α%18∋!.∋(!
∗%2∋/!6∋(%)/:!
!ε∀# ∃%&∋(&# )# ΘΡΒΖΩ∆# −,!Ψ/# ∆,.∋24%! <,#! 0)%&,(%! ∗%! .∋∃Φ−)%! −)0)∃! −∋∃)∗%! −∋6! 0#Φ−,∃∋!
.%(&)−,∃%(! <,#! %! ,∃&(%.%//%∗∋! −(,Α%6#2&∋! 2∋! /)2%∃! 0#(6#∃4∋! #! ∋! 3%&∋! ∋−%/)∋2#! /5()∋/!
!φ∀# ∃%&∋(&#)#∗+∗!,#−,!./#Σ∋∗∋/!∋/!%2∋/+!2%!#/&%18∋!−4,0∋/%+!%!(#>)8∋!6#&(∋.∋∃)&%2%!∗#!
∗#&#(6)2%∗∋! 6,2)−Φ.)∋! 5! %−∋6#&)∗%! .∋(! )2,2∗%1Ο#/+! ∋! <,#! −%,/%! >(%0#/! .(#Ε,ΦΑ∋/! %! /#,/!
6∋(%∗∋(#/:!=/&,∗∋/!2∋!∃∋−%∃!∗#6∋2/&(%(%6!<,#!∋/!3%&∋(#/!.(#.∋2∗#(%2&#/!−%,/%∗∋(#/!∗%/!
#2−4#2&#/!/8∋!∋!/)/%!∗#3)−)#2&#!∗#!−%.&%18∋!∗#!7>,%/!.∃,0)%)/!#!∋!%−Γ6,∃∋!∗#!∃)?∋!2%/!
0)%/!.Γ9∃)−%/:!
Κ∋2/)∗#(%2∗∋!#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋!)!/,9/#<,#2&#:!
Κ%/∋! %∃>,6! −)∗%∗8∋! .(#∗%! /#(! (#//%(−)∗∋! ∗#! .(#Ε,ΦΑ∋/! /∋3()∗∋/+! .∋∗#(7! .(∋.∋(! %18∋!
−∋2&(%!∋!=/&%∗∋!∋,+!/#!.(#3#()(+!∗)(#&%6#2&#!−∋2&(%!∋!%>#2&#!.Γ9∃)−∋!(#/.∋2/70#∃+!0)/&∋!<,#!%!
(#/.∋2/%9)∃)∗%∗#!−)0)∃!2%!/)&,%18∋!4).∋&5&)−%!#6!%.(#1∋!5!/∋∃)∗7()%:!
−,∀# ∃%&∋(&# )# ΡΞ[# −,!./# ;.∃)−%Χ/#! %! .(#/−()18∋! <,)2<,#2%∃! 2∋! −%/∋! ∗#! %18∋! (#>(#//)0%!
%Ε,)Α%∗%! .∋(! %,&%(<,)%! #/&%∗,%∃! −∋2&(%! /#(0)∗∋(! .Γ9∃)−∋! −,Ε%! −∋2∗,&%! −∋6)//)0%! %!
(#/,∃&%∗∋! 2∋! ∗#0#(! ∗∋! =/&%∗∋! ∗#! )2∗#2)Α%(! %/! .#(∗%/! #! ∗%2∋/! 6%&#()%)/! #! 6∋(%)/! /∋3()∗∋/!
.∋(!&#(−#)(∋:!
−!∀# ∃%&∋(&#)#ΣΞλ%#−,!Ψ/#Κ∋2/)∗#(#!<,#!∋!6∋&∋()/&%!∗#!,6!0#Φ−,∃∋!∋3)−)%∃!∗#!∗#&#(6)2%∗∋!
6)2)/&5()∋+!%∋!&(%3#>%(!#6!0#∃∋−)∗%∗#!%−)6%!∗∋!∃)6)&#!∃#>%∃+!%!−∋∃)∗)∗∋!−∋2&(%!,6!0#Φ−,∃∋!
∗#! .%(&)−,∃%(! <,#! #/&%0%! ∗#0)∗%6#2&#! #/&%−)∋2%∗∋:! Ι#//%! /)&,%18∋+! #69∋(%! ∋! =/&%∗∋! /#Ε%!
∋9()>%∗∋! %! )2∗#2)Α%(! ∋! ∗%2∋+! /∋6#2&#! 4%0#(7! ∋! ∗)(#)&∋! ∗#! (#>(#//∋! ∗∋! =/&%∗∋! −%/∋! /#!
−∋6.(∋0#!∋!∗∋∃∋!#/.#−Φ3)−∋!2%!−∋2∗,&%!∗∋!/#(0)∗∋(:!
−−∀# ∃%&∋(&# )# ∗%Ξ[# −,!Ψ/# Β#! %−∋(∗∋! −∋6! ∋! /)/%! ∗%! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%!
%∗∋&%∗∋!2∋!Ν(%/)∃+!%!%∗6)2)/&(%18∋!.Γ9∃)−%!.∋∗#+!%!/#,!Ε,ΦΑ∋!∗)/−()−)∋27()∋+!∗#−)∗)(!/#!)2&%!
∋,!28∋!%18∋!(#>(#//)0%!−∋2&(%!∋!%>#2&#!−%,/%∗∋(!∗∋!∗%2∋+!%)2∗%!<,#!#/&#!%!%>)∗∋!−∋6!
−,∃.%!∋,!∗∋∃∋:!
−.∀# ∃%&∋(&#)#Σ∗Β#−,!Ψ/#Υ!/#(0)∗∋(!<,#+!.∋(!∗#/−,6.()6#2&∋!∗#!/#,/!∗#0#(#/!3,2−)∋2%)/+!
04748848308
−%,/%(!∗%2∋!%∋!#(7()∋+!3)−%(7!∋9()>%∗∋!%∋!(#//%(−)6#2&∋+!#6!%18∋!(#>(#//)0%:!
−Ψ∀# ∃%&∋(&# )# ΣΘ∗%Ξ[# −,!./# Υ! =/&%∗∋! /ς! (#/.∋2∗#(7! .#∃%! )2∗#2)Α%18∋! %∋! )2∗)0Φ∗,∋!
.(#Ε,∗)−%∗∋!.∋(!%&∋!∃#>)/∃%&)0∋!<,%2∗∋!#/&#!3∋(!∗#−∃%(%∗∋!)2−∋2/&)&,−)∋2%∃!.#∃∋!∆ΣΤ:!
−_∀# ∃%&∋(&# <& ΞΘΖΞ[# −,!./# Κ∋2/)∗#(#! <,#! ∋! ∀∋∗#(! Ω,∗)−)7()∋! %! ∗#&#(6)2%∗∋! .()/8∋!
−%,&#∃%(!2∋!−,(/∋!∗#!(#>,∃%(!.(∋−#//∋!−()6)2%∃!#!<,#+!.∋/&#()∋(6#2&#+!∋!−)∗%∗8∋!%.()/)∋2%∗∋!
%!/)∗∋!%9/∋∃0)∗∋!.#∃∋!ΕΓ()!.∋.,∃%(:!Ι#//%!/)&,%18∋!4).∋&5&)−%+!/#>,2∗∋!#2∗)6#2&∋!∗∋!
∆ΣΤ+! 28∋! /#! .∋∗#! %∃#>%(! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! =/&%∗∋+! −∋6! (#∃%18∋! %∋! %.()/)∋2%∗∋+!
%.#2%/!.#∃∋!3%&∋!∗#!&#(!∋−∋(()∗∋!.()/8∋!−%,&#∃%(+!0)/&∋!<,#!%!.∋/&#()∋(!%9/∋∃0)18∋!∗∋!(5,!.#∃∋!
ΕΓ()!.∋.,∃%(!28∋!−%(%−&#()Α%+!.∋(!/)!/ς+!#((∋!Ε,∗)−)7()∋:!
−γ∀# ∃%&∋(&#)#∗%Ξ[#−,!Ψ/#Ξ2−)∗)(7!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∋9Ε#&)0%!∗∋!=/&%∗∋!<,%2∗∋+!#6!
.(∋−#//∋!Ε,∗)−)%∃+!∋!Ε,)Α+!∗∋∃∋/%6#2&#+!(#&%(∗%(!.(∋0)∗≅2−)%!(#<,#()∗%!.#∃%!.%(&#:!
−ε∀# ∃Βχ∆[# )# ΘΡ[Λ# −,,η/# Κ%9#(7! %∋! Ψ)2)/&(∋! ∗#! =/&%∗∋! ∗%! Τ%Α#2∗%! ∗#3)2)(! %/! 2∋(6%/!
.%(%! %! ∋.#(%−)∋2%∃)Α%18∋! ∗%! %//,218∋+! .#∃%! Η2)8∋+! ∗#! (#/.∋2/%9)∃)∗%∗#/! −)0)/! .#(%2&#!
&#(−#)(∋/!2∋!−%/∋!∗#!%&%∗∋/!&#((∋()/&%/+!%&∋/!∗#!>,#((%!∋,!#0#2&∋/!−∋((#∃%&∋/:!
−φ∀# ∃%&∋(&# )# ΞΘπ# −,!_/# ;! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! /#(0)∗∋(! .Γ9∃)−∋! .#∃%! .(7&)−%+! 2∋!
#?#(−Φ−)∋! ∗#! /,%/! 3,21Ο#/+! ∗#! %&∋! <,#! %−%((#&#! .(#Ε,ΦΑ∋! %∋! #(7()∋! ∋,! %! &#(−#)(∋/! .∋∗#!
∗#−∋((#(!&%2&∋!∗#!%&∋!∋6)//)0∋!<,%2&∋!∗#!%&∋!−∋6)//)0∋+!∗∋∃∋/∋!∋,!−,∃.∋/∋:!
.,∀# ∃%&∋(&# )# ΞΘπ# −,!γ/# ∆)&,%18∋! 4).∋&5&)−%Θ! Κ∋2/)∗#(#! <,#! ,6%! .#//∋%! Ε,(Φ∗)−%! ∗#!
∗)(#)&∋!.Γ9∃)−∋!%!/)∗∋!(#/.∋2/%9)∃)Α%∗%!.#∃∋!∗%2∋!−%,/%∗∋!%!&#(−#)(∋/!.∋(!,6!∗∋/!/#,/!
/#(0)∗∋(#/:!;//#(&)0%Θ!2#//%!/)&,%18∋+!∋!∗)(#)&∋!∗#!(#>(#//∋!.∋∗#(7!/#(!#?#(−)∗∋!−∋2&(%!#//#!
/#(0)∗∋(!%)2∗%!<,#!28∋!/#Ε%!−∋6.(∋0%∗%!%!∋−∋((≅2−)%!∗#!∗∋∃∋!∋,!−,∃.%:!
.!∀# ∃%&∋(&# )# %ΡΒΖΘλ# −,!_/# Β#! %−∋(∗∋! −∋6! %! &#∋()%! ∗∋! ()/−∋! )2&#>(%∃+! 5! /,3)−)#2&#! %!
#?)/&≅2−)%!∗#!,6!#0#2&∋!∗%2∋/∋!#!∗∋!2#?∋!∗#!−%,/%∃)∗%∗#!#2&(#!%!−∋2∗,&%!%∗6)2)/&(%&)0%!#!
∋!∗%2∋!.%(%!<,#!/#Ε%!∋9()>%&ς()%!%!)2∗#2)Α%18∋!.∋(!.%(&#!∗∋!=/&%∗∋+!%3%/&%∗%!%!.∋//)9)∃)∗%∗#!
∗#!/#(!)20∋−%∗%!%∃>,6%!#?−∃,∗#2&#!∗%!(#/.∋2/%9)∃)∗%∗#:!
.−∀# ∃%&∋(&# )# %ΡΒΖΘλ# −,!_/# ;/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .Γ9∃)−∋! (#/.∋2∗#(8∋! .#∃∋/!
∗%2∋/! <,#! /#,/! %>#2&#/+! 2#//%! <,%∃)∗%∗#+! −%,/%(#6! %! &#(−#)(∋/+! %//#>,(%∗∋! ∋! ∗)(#)&∋! ∗#!
(#>(#//∋!−∋2&(%!∋!(#/.∋2/70#∃!%.#2%/!2∋/!−%/∋/!∗#!∗∋∃∋:!
∃%&∋(&# )# ∗+ΒΖΡα# −,!_/# Ζ%3%#∃+! %>#2&#! .Γ9∃)−∋+! −4∋−∋,! ∋! 0#Φ−,∃∋! <,#! ∗)()>)%+! ∗#!
.(∋.()#∗%∗#! ∗∋! #2&#! %∋! <,%∃! 5! 0)2−,∃%∗∋+! −∋6! 0#Φ−,∃∋! .%(&)−,∃%(! ∗)()>)∗∋! .∋(! ∀%,∃∋+!
−%,/%2∗∋Χ∃4#!∗%2∋/!6%&#()%)/:!;−#(−%!∗#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋/!/#>,)2&#/!)/:!
..∀# Ζ%3%#∃!.∋∗#!/#(!(#/.∋2/%9)∃)Α%∗∋+!(#>(#//)0%6#2&#+!/#!3∋(!−∋6.(∋0%∗∋!<,#!%>),!−∋6!
∗∋∃∋! ∋,! −,∃.%+! 6#/6∋! /#2∗∋! ∋−,.%2&#! ∗#! −%(>∋! #6! −∋6)//8∋+! #! ∗#0#! (#//%(−)(! %!
04748848308
%∗6)2)/&(%18∋!∗∋/!0%∃∋(#/!>%/&∋/!−∋6!%!)2∗#2)Α%18∋!<,#!0#24%!%!/#(!.%>%!%!∀%,∃∋:!
.Ψ∀# ∃%&∋(&#)#∗+ΒΖΡα#−,!_/#;!(#/.∋2/%9)∃)∗%∗#!∗%!%∗6)2)/&(%18∋!.#∃∋/!∗%2∋/!−%,/%∗∋/!
%!&#(−#)(∋!5!∋9Ε#&)0%+!∋,!/#Ε%+!)2∗#.#2∗#!∗%!−∋6.(∋0%18∋!∗∋!∗∋∃∋!∋,!−,∃.%!∗#!Ζ%3%#∃:!
._∀# ∃%&∋(&# )# ∗+ΒΖΡα# −,!_/# Κ%/∋! Ζ%3%#∃! /#Ε%! #6.(#>%∗∋! ∗#! #6.(#/%! &#(−#)()Α%∗%+!
−∋2&(%&%∗%! .#∃%! %∗6)2)/&(%18∋! .%(%! %! .(#/&%18∋! ∗#! /#(0)1∋/! ∗#! &(%2/.∋(&#! ∗#! 6%&#()%)/+! %!
(#/.∋2/%9)∃)∗%∗#!∗∋!#2&#!.Γ9∃)−∋!/#(7!∋9Ε#&)0%+!.∋(56!/,9/)∗)7()%:!
.γ∀# ∃%&∋(&#)#∗+ΒΖΡα#−,!_/#;!(#/.∋2/%9)∃)∗%∗#!∗%!%∗6)2)/&(%18∋!.∋∗#!/#(!%3%/&%∗%!−%/∋!
3)<,#! −∋6.(∋0%∗%! %! −,∃.%! #?−∃,/)0%! ∗#! ∀%,∃∋! #! .∋∗#! /#(! %,%∗%! #6! −%/∋! ∗#! −,∃.%!
−∋2−∋((#2&#:!
.ε∀# ∃%&∋(&#)#∗%ΒΖΒχ#−,!−/#∀%(%!#3#)&∋!∗#!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋+!2∋!−%/∋!∗#!∃#/8∋!
%! &#(−#)(∋+! 5! 3,2∗%6#2&%∃! #/&%9#∃#−#(! /#! ∋! %>#2&#! .Γ9∃)−∋+! 2∋! #?#(−Φ−)∋! ∗#! /,%/! 3,21Ο#/+!
%&,∋,! ∗#! 3∋(6%! ∗∋∃∋/%! ∋,! −,∃.∋/%+! 9#6! −∋6∋! /#! ∋/! .∋∗#(#/! ∗#! <,#! /#! %! 0%∃)∗∋!
−∋((#/.∋2∗)%6!∋,!28∋!Ρ/!/,%/!%&()9,)1Ο#/!#/.#−Φ3)−%/:!
.φ∀# ∃%&∋(&# )# ∆283&># −,!−/# Β#! %−∋(∗∋! −∋6! %! &#∋()%! ∗∋! ()/−∋! %∗6)2)/&(%&)0∋+! ∋! ϑ2,/! ∗%!
.(∋0%!∗#!−,∃.%!∗∋!.%(&)−,∃%(!.∋(!#0#2&,%∃!∗%2∋!<,#!%!/∋3()∗∋+!−%/∋!#?)/&%+!−%9#!/#6.(#!
Ρ!%∗6)2)/&(%18∋!.Γ9∃)−%:!
Ψ,∀# ∃%&∋(&#)#∗+ΒΖΣχ#−,!./#;−#(−%!∗%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋+!%//)2%∃#!%!∋.18∋!
−∋((#&%:!
%Μ! ∀%(%! −∋23)>,(%(! %! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! =/&%∗∋+! ∋! %>#2&#! .Γ9∃)−∋! −%,/%∗∋(! ∗∋! ∗%2∋!
∗#0#!/#(!/#(0)∗∋(!.Γ9∃)−∋!#/&%&,&7()∋!#!.∋//,)(!0Φ2−,∃∋!∗)(#&∋!−∋6!%!%∗6)2)/&(%18∋:!
9Μ!∀%(%!−∋23)>,(%(!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋+!∋!%>#2&#!.Γ9∃)−∋!−%,/%∗∋(!∗∋!.(#Ε,ΦΑ∋!
%! &#(−#)(∋/! ∗#0#! &#(! %>)∗∋! 2%! <,%∃)∗%∗#! ∗#! %>#2&#! .Γ9∃)−∋+! /#2∗∋! )((#∃#0%2&#! ∋! 3%&∋! ∗#! #∃#!
%&,%(!∗#2&(∋+!3∋(%!∋,!%∃56!∗#!/,%!−∋6.#&≅2−)%!∃#>%∃:!
−Μ!Κ∋2/)∗#(%2∗∋!<,#!∋/!%&∋/!Ε,∗)−)%)/!/8∋!)20)∋∃70#)/+!28∋!/#!%∗6)&#!%!(#/.∋2/%9)∃)Α%18∋!%∋!
=/&%∗∋!.#∃∋/!∗%2∋/!<,#!∗#∃#/!#6#(>)(#6:!
∗Μ! ;! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! =/&%∗∋! 5! ∋9Ε#&)0%+! /#2∗∋! ∋9()>%&ς()%! −∋23)>,(%18∋! ∗%! −,∃.%!
.%(%!%!#−∃∋/8∋!∗∋!#0#2&∋!∗%2∋/∋:!
#Μ! [! )2−∋2/&)&,−)∋2%∃! ∋! ∗)/.∋/)&)0∋! ∗%! ∴#)! ∗#! ∴)−)&%1Ο#/! #! Κ∋2&(%&∋/! <,#! .(#0≅! <,#! %!
%∗6)2)/&(%18∋! .Γ9∃)−%! 28∋! /#! (#/.∋2/%9)∃)Α%(7! .#∃∋! .%>%6#2&∋! ∗∋/! #2−%(>∋/! &(%9%∃4)/&%/!
)2%∗)6.∃)∗∋/!∗∋/!#6.(#>%∗∋/!∗#!#6.(#/%!&#(−#)()Α%∗%!−∋2&(%&%∗%:!
Ψ!∀# ∃%&∋(&# )# ΣΘπ# −,!./# Κ∋2/)∗#(#! <,#! 0#Φ−,∃∋! ∋3)−)%∃! −∋2∗,Α)∗∋! .∋(! /#(0)∗∋(! .Γ9∃)−∋+!
6∋&∋()/&%! ∗#! ∗#&#(6)2%∗%! %,&∋()∗%∗#! .Γ9∃)−%+! %! −∋∃)∗)∗∋! −∋2&(%! ∋! 0#Φ−,∃∋! ∗#! ,6!
.%(&)−,∃%(:! Ι#//#! −%/∋+! ∗∋! ∋! /#(0)∗∋(! %&,%∗∋! ∗#! 3∋(6%! −,∃.∋/%! #! .(∋0%∗∋/! %! −∋2∗,&%!
−∋6)//)0%+!∋!2#?∋!∗#!−%,/%∃)∗%∗#!#!∋!(#/,∃&%∗∋+!∗#0#(7!∋!=/&%∗∋+!∗#!%−∋(∗∋!−∋6!%!&#∋()%!∗∋!
04748848308
()/−∋!%∗6)2)/&(%&)0∋+!(#/.∋2∗#(!−)0)∃!#!∋9Ε#&)0%6#2&#!.#∃∋!∗%2∋!−%,/%∗∋!%∋!.%(&)−,∃%(:!
Ψ−∀# ∃%&∋(&#)#ΣλΛ#−,!./#Ι%!4).ς&#/#!∗#!%!#?.∃∋/8∋!#6!,6%!.#∗(#)(%+!−,Ε∋!3,2−)∋2%6#2&∋!
3∋(%! )((#>,∃%(6#2&#! ∃)−#2−)%∗∋+! −%,/%(! ∗%2∋/! %! &#(−#)(∋/+! ∗#0#(8∋! /#(! (#/.∋2/%9)∃)Α%∗∋/!
−)0)∃6#2&#! .∋(! #//#/! ∗%2∋/! 28∋! /ς! ∋/! (#/.∋2/70#)/! .#∃∋! #6.(##2∗)6#2&∋+! 6%/! &%6956! ∋!
6,2)−Φ.)∋!<,#!−∋2−#∗#,!%!∃)−#21%:!
Ψ.∀# ∃%&∋(&#)#ΣλΛ#−,!./#Κ∋2/)∗#(#!<,#!∗#&#(6)2%∗∋!.(#3#)&∋!6,2)−).%∃+!%9,/%2∗∋!∗#!/#,!
.∋∗#(! %∋! #?#(−#(! /,%/! %&()9,)1Ο#/+! #?#−,&#! %&∋! <,#! −%,/#! .(#Ε,ΦΑ∋! .%&()6∋2)%∃! %! &#(−#)(∋/:!
Ι#//%!/)&,%18∋+!−%9#(7!%∋!6,2)−Φ.)∋!(#/&%,(%(!∋!.%&()6ϑ2)∋!∗)6)2,Φ∗∋:!
ΨΨ∀# ∃%&∋(&# )# χ<Ε5818# −,!Ψ/# Η6! 0#Φ−,∃∋! ∗%! ∆ΗΤΖ;Ψ;+! −∋2∗,Α)∗∋! .∋(! ,6! /#(0)∗∋(! ∗∋!
ς(>8∋+! ∗#((%.∋,+! )20%∗),! %! .)/&%! −∋2&(7()%! #! −∋∃)∗),! −∋6! ∋! 0#Φ−,∃∋! ∗#! ,6! .%(&)−,∃%(:! Υ!
Ψγ∀# ∃%&∋(&#)#ΘΣΖ%Β#−,!Ψ/#;!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!/#(0)∗∋(!.Γ9∃)−∋!.∋(!∗%2∋!−%,/%∗∋!
%!&#(−#)(∋/+!2∋!#?#(−Φ−)∋!∗#!/,%/!3,21Ο#/+!∋,!Ρ!.(ς.()%!%∗6)2)/&(%18∋+!5!/,9Ε#&)0%+!(%Α8∋!.#∃%!
<,%∃! /#! 3%Α! 2#−#//7()∋+! #6! %69∋/! ∋/! −%/∋/+! −∋6.(∋0%(! <,#! #∃#! %>),! ∗#! 3∋(6%! ∗∋∃∋/%! ∋,!
−,∃.∋/%!.%(%!<,#!/#Ε%!∗)(#&%6#2&#!(#/.∋2/%9)∃)Α%∗∋:!
Ψη∀# ∃%&∋(&# )# Ω8=&2# −,!./# Υ/! #3#)&∋/! ∗%! %18∋! (#>(#//)0%! 6∋0)∗%! .#∃∋! =/&%∗∋! −∋2&(%! ∋!
%>#2&#! <,#! −%,/∋,! ∋! ∗%2∋! &(%2/6)Χ/#! %∋/! 4#(∗#)(∋/! #! /,−#//∋(#/+! %&5! ∋! ∃)6)&#! ∗%!
4#(%21%+!#6!−%/∋!∗#!6∋(&#!∗∋!%>#2&#:!
Ψε∀# ∃%&∋(&# )# Θ+[# −,!./# Η6! ∀ΖΤ+! %∋! ∗#/0)%(! ∗#! ,6! −%−4∋((∋! <,#! /,(>),!
)2#/.#(%∗%6#2&#!2%!.)/&%!#6!<,#!#∃#!&(%3#>%0%!−∋6!%!0)%&,(%!∗#!.∋∃Φ−)%+!−∋∃)∗),!−∋6!0#Φ−,∃∋!
<,#!&(%3#>%0%!#6!/#2&)∗∋!−∋2&(7()∋+!∋!<,#!∋−%/)∋2∋,!%!6∋(&#!∗∋!−∋2∗,&∋(!∗#//#!0#Φ−,∃∋:!
Κ∋6!9%/#!2#//%!/)&,%18∋!4).∋&5&)−%+!Ε,∃>,#!∋!)!%!/#>,)(:!
=6! (%Α8∋! ∗%! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%! ∗%! %∗6)2)/&(%18∋+! ∋! ∀ΖΤ! /#(7! ∋9()>%∗∋! %!
(#//%(−)(!∋/!∗%2∋/!−%,/%∗∋/!Ρ!%∗6)2)/&(%18∋!#!%!&#(−#)(∋/+!)2∗#.#2∗#2#2&#!∗#!&#(!%>)∗∋!
−∋6!∗∋∃∋!∋,!−,∃.%:!
Ψφ∀# ∃%&∋(&# )# Σ626∋3Η560# 98# Τ<∋36?8# −,!./# ∀%(%! −∋23)>,(%(! %! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋!
=/&%∗∋+! 5! )((#∃#0%2&#! <,#! ∋! %>#2&#! .Γ9∃)−∋! −%,/%∗∋(! ∗∋! ∗%2∋! %&,#! 2∋! #?#(−Φ−)∋! ∗%! 3,218∋!
.Γ9∃)−%:! =/&%2∗∋! ∋! %>#2&#+! 2∋! 6∋6#2&∋! #6! <,#! %! (#%∃)Α%∗∋! %! %18∋! #2/#Ε%∗∋(%! ∗∋!
.(#Ε,ΦΑ∋+! ∗#2&(∋! ∋,! 3∋(%! ∗∋! #?#(−Φ−)∋! ∗%! 3,218∋! .Γ9∃)−%+! /#,! −∋6.∋(&%6#2&∋! %−%((#&%(7!
(#/.∋2/%9)∃)∗%∗#!%∋!=/&%∗∋:! 04748848308
_,∀# ∃%&∋(&# )# Ω8=&2# −,!./# ∆#! ,6%! .(∋3#//∋(%! −∋2−,(/%∗%+! %∋! 6)2)/&(%(! %,∃%! #6! ,6%!
#/−∋∃%!.Γ9∃)−%+!3∋(!3#()∗%!.∋(!,6!&)(∋!∗)/.%(%∗∋!.∋(!,6!%∃,2∋+!%!(#/.∋2/%9)∃)∗%∗#!∗∋!=/&%∗∋!
.#∃∋!∗%2∋!−%,/%∗∋!Ρ!.(∋3#//∋(%!/#(7!∋9Ε#&)0%:!
_!∀# ∃%&∋(&#)#∗%ΒΖ+α#−,!./#[!∋9Ε#&)0%!%!(#/.∋2/%9)∃)∗%∗#!∗%!%∗6)2)/&(%18∋!.Γ9∃)−%!.#∃∋/!
∗%2∋/!−%,/%∗∋/!.∋(!3#2ϑ6#2∋/!∗%!2%&,(#Α%:!
_−∀# ∃%&∋(&#)#Θ%Ζ%Β#−,!−/#;/!#6.(#/%/!.Γ9∃)−%/!#!%/!/∋−)#∗%∗#/!∗#!#−∋2∋6)%!6)/&%!<,#!
#?.∃∋(%6! %&)0)∗%∗#! #−∋2ϑ6)−%! (#/.∋2∗#6! .#∃∋/! ∗%2∋/! <,#! /#,/! %>#2&#/! −%,/%(#6! %!
&#(−#)(∋/! −∋23∋(6#! %/! 6#/6%/! (#>(%/! %.∃)−%∗%/! Ρ! ∗#6%)/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋!
.()0%∗∋:!
_Ψ∀# ∃%&∋(&# )# Σ626∋3Η560# 98# Τ<∋36?8# −,!./# ∀∋(! ∋/&%(#6! 2%&,(#Α%! .Γ9∃)−%+! %.#2%/! %/!
.#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .Γ9∃)−∋! (#/.∋2∗#(8∋! ∋9Ε#&)0%6#2&#! .#∃∋/! ∗%2∋/! <,#! /#,/!
%>#2&#/!−%,/%(#6!%!&#(−#)(∋/:!
__∀# ∃%&∋(&#)#ΡΞ[#−,!./#∆#>,2∗∋!%!%&,%∃!.∋/)18∋!∗∋!∆ΣΤ+!5!/,9Ε#&)0%!%!(#/.∋2/%9)∃)∗%∗#!
∗#! #6.(#/%! .Γ9∃)−%! .(#/&%∗∋(%! ∗#! /#(0)1∋! .Γ9∃)−∋! #6! (#∃%18∋! %∋/! ∗%2∋/! −%,/%∗∋/! %!
&#(−#)(∋/!28∋!,/,7()∋/!∗∋!/#(0)1∋:!
_γ∀# ∃%&∋(&# )# Ω8=&2# −,!./! ;! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%! ∗∋! =/&%∗∋! 28∋! %9(%2>#! %/!
#6.(#/%/!.Γ9∃)−%/!#!/∋−)#∗%∗#/!∗#!#−∋2∋6)%!6)/&%!#?.∃∋(%∗∋(%/!∗#!%&)0)∗%∗#!#−∋2ϑ6)−%:!
_η∀# ∃%&∋(&#)#Σ626∋3Η560#98#Τ<∋36?8#−,!./#Υ!−%/∋!3∋(&,)&∋!#!%!3∋(1%!6%)∋(!28∋!.∋//)9)∃)&%6!
%! #?−∃,/8∋! ∗%! (#/.∋2/%9)∃)∗%∗#! ∗∋! .∋∗#(! .Γ9∃)−∋+! 0)/&∋! /#(! ∋9Ε#&)0%! %! (#/.∋2/%9)∃)∗%∗#! ∗∋!
=/&%∗∋:!
_ε∀# ∃%&∋(&# )# χ<Ε5818# −,!Ψ/# Υ! ∗)(#)&∋! .7&()∋! %∗∋&∋,! %! (#/.∋2/%9)∃)∗%∗#! ∋9Ε#&)0%! ∗∋!
=/&%∗∋+!/∋9!%!6∋∗%∃)∗%∗#!]()/−∋!%∗6)2)/&(%&)0∋⊥:!;//)6+!%!−,∃.%!#?−∃,/)0%!∗%!0Φ&)6%!5!−%.%Α!
∗#! #?−∃,)(! %! (#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋+! #! %! −,∃.%! −∋2−∋((#2&#! %,%! ∋! 0%∃∋(! ∗%!
)2∗#2)Α%18∋!∗#0)∗%:!
_φ∀# ∃%&∋(&# )# ΘΡΒΖΩ∆# −,!Ψ/# ∆,.∋24%! <,#! 0)%&,(%! ∗%! .∋∃Φ−)%! −)0)∃! −∋∃)∗%! −∋6! 0#Φ−,∃∋!
.%(&)−,∃%(! <,#! %! ,∃&(%.%//%∗∋! −(,Α%6#2&∋! 2∋! /)2%∃! 0#(6#∃4∋! #! ∋! 3%&∋! ∋−%/)∋2#! /5()∋/!
∗%2∋/!Ρ!/%Γ∗#!∗∋!−∋2∗,&∋(!∗∋!0#Φ−,∃∋!.%(&)−,∃%(:!Κ∋2/)∗#(%2∗∋!#//%!/)&,%18∋!4).∋&5&)−%!#!%!
(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗%!%∗6)2)/&(%18∋!.Γ9∃)−%+!Ε,∃>,#!∋!)!/,9/#<,#2&#:!
!∆#2∗∋!%!−,∃.%!#?−∃,/)0%!∗%!0Φ&)6%+!28∋!/#!−∋23)>,(%!%!(#/.∋2/%9)∃)∗%∗#!−)0)∃!∗∋!=/&%∗∋+!<,#!
5!∋9Ε#&)0%!#!#69%/%∗%!2%!&#∋()%!∗∋!()/−∋!%∗6)2)/&(%&)0∋:!
γ,∀# ∃Βχ∆[#)#ΡΞ[#−,!./#;!(#/.#)&∋!∗%!Ζ#/.∋2/%9)∃)∗%∗#!Κ)0)∃!∗∋!=/&%∗∋+!%2%∃)/#!∋/!)/!
%!/#>,)(Θ! 04748848308
Ξ:!Υ!Β)/&()&∋!Τ#∗#(%∃!(#/.∋2∗#!.#∃∋/!∗%2∋/!<,#!/#,/!/#(0)∗∋(#/+!2#//%!<,%∃)∗%∗#+!−%,/%(#6!
%!&#(−#)(∋!.∋(!−,∃.%!#?−∃,/)0%!∗%!0Φ&)6%Π!
ΞΞ:! ;! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∗∋! %>#2&#! .Γ9∃)−∋+! #6! 3%−#! ∗#! %18∋! (#>(#//)0%! .#(%2&#! %!
;∗6)2)/&(%18∋!∀Γ9∃)−%+!5!∋9Ε#&)0%Π!
ΞΞΞ:! Β#! %−∋(∗∋! −∋6! (#−#2&#! ∗#−)/8∋! ∗∋! ∆,.#()∋(! Σ()9,2%∃! ∗#! Ω,/&)1%+! (#−∋24#−#,Χ/#! −,∃.%!
#?−∃,/)0%! ∗%! 0Φ&)6%+! <,#! 3∋)! %&(∋.#∃%∗%! #6! ∃)24%! 35((#%+! ,&)∃)Α%2∗∋! .%//%>#6! −∃%2∗#/&)2%!
%9#(&%!2∋!6,(∋!/#6!−∋2/#(0%18∋!#!/#6!3)/−%∃)Α%18∋!∗%!#6.(#/%!3#((∋0)7()%Π!
!Ξ_:! %0#(7! (#/.∋2/%9)∃)∗%∗#! −)0)∃! ∋9Ε#&)0%! ∗∋! =/&%∗∋+! ∗#! %−∋(∗∋! −∋6! .∋/)−)∋2%6#2&∋! ∗∋!
∆,.#()∋(! Σ()9,2%∃! ∗#! Ω,/&)1%+! 2∋! −%/∋! ∗#! .(#/)∗)7()∋! <,#! /#! /,)−)∗∋,! 2∋! #/&%9#∃#−)6#2&∋!
.()/)∋2%∃+!∗∋!#6!0)/&%!<,#!5!∗#0#(!∗∋!=/&%∗∋!.(∋&#>#(!/#,/!∗#&∋/+!)2−∃,/)0#!−∋2&(%!/)!
6#/6∋Π!
γ!∀# ∃%&∋(&# )# ΣΘ∗%ΒΖΘΩ# −,!Ψ/# ;! (#/.#)&∋! ∗%! (#/.∋2/%9)∃)∗%∗#! ∗∋! =/&%∗∋! .∋(! %&∋/! ∗%!
%∗6)2)/&(%18∋!.Γ9∃)−%+!%//)2%∃#!%!∋.18∋!−∋((#&%:!
%Μ! ;/! &#∋()%/! /,9Ε#&)0%/! #! ∋9Ε#&)0%/! ∗%! (#/.∋2/%9)∃)∗%∗#! .%&()6∋2)%∃! ∗∋! =/&%∗∋! /#6.(#!
−%6)24%(%6! .%(%∃#∃%6#2&#! #+! 2∋! Ν(%/)∃+! %! .%(&)(! ∗%! Κ∋2/&)&,)18∋! ∗#! δφχγ+! .(#0%∃#−#6! %/!
&#∋()%/!∋9Ε#&)0%/:!
9Μ! ;! Κ∋2/&)&,)18∋! Ξ6.#()%∃! ∗∋! Ν(%/)∃! ∗#! δηβα! &(∋,?#! #?.(#//%6#2&#! 4).ς&#/#/! ∗#!
(#/.∋2/%9)∃)∗%∗#! ∗%! %∗6)2)/&(%18∋! .Γ9∃)−%! .∋(! %&∋/! .(%&)−%∗∋/! 2%! #/3#(%! ∗∋! ∀∋∗#(!
Ψ∋∗#(%∗∋(:!
−Μ! ;! ΚΤ! (∋6.#,! −∋6.∃#&%6#2&#! −∋6! %! Κ∋2/&)&,)18∋! %2&#()∋(! <,%2&∋! Ρ! 3∋(6%! ∗#! &(%&%(! %!
(#/.∋2/%9)∃)∗%∗#! .%&()6∋2)%∃! ∗∋! =/&%∗∋! .∋(! %&∋/! ∗%! %∗6)2)/&(%18∋! .Γ9∃)−%! 2∋! ∗)(#)&∋!
9(%/)∃#)(∋:!
∗Μ! ;! ΚΤ! )2∋0∋,! #6! (#∃%18∋! Ρ/! −∋2/&)&,)1Ο#/! %2&#()∋(#/! %∋! .(#0#(! %! .∋//)9)∃)∗%∗#! ∗#!
(#/.∋2/%9)∃)Α%18∋! ∗#! 3∋(6%! ∋9Ε#&)0%! ∗%/! .#//∋%/! Ε,(Φ∗)−%/! ∗#! ∗)(#)&∋! .()0%∗∋! <,#! .(#/!
/#(0)1∋!.Γ9∃)−∋:!
#Μ!;/!&#∋()%/!%−#(−%!∗%!(#/.∋2/%9)∃)∗%∗#!.%&()6∋2)%∃!∗∋!=/&%∗∋!/#6.(#!#/&)0#(%6!.%,&%∗%/!
2%!2#−#//)∗%∗#!∗#!%!%∗6)2)/&(%18∋!.Γ9∃)−%!(#0#(!/#,/!%&∋/!#!/#!(#/.∋2/%9)∃)Α%(!.∋(!#∃#/:!
04748848308
γΨ∀# ∃%&∋(&#)#Ω8=&2#−,!./#∀%(%!<,#!/#!−∋23)>,(#!%!(#/.∋2/%9)∃)∗%∗#!∋9Ε#&)0%!∗∋!=/&%∗∋+!5!
2#−#//7()∋!<,#!∋!%&∋!.(%&)−%∗∋!/#Ε%!)∃Φ−)&∋:!
ιιιιι!
! !
04748848308
0
%&_&:Μ∗1−+∋90
Κ6#α32∀.521Τ! &+! ς3<61Τ! Ζ+! Ρ−:&−4)0 Ε/∆−∗−∋4:+4−2)0 Ρ&∋1)∆(.−1+/)+! ΧΧτ! #∀+! ∃Η1! ς3<61ν!
&81∀1Τ!Χ∆Βϑ+!
Ω32∀#5.3!∀#!ʕΤ!Ψ+!Κ+!Β5:∋)0/&0Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)+!,Χτ!#∀+!∃Η1!ς3<61ν!&36[#5.1/Τ!
Χ∆Β−+!
Ω1.≅#/Τ!Ψ+ο!∃ΜΤ!Κ+!Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)0Χ+1−.−4+/)+!∃Η1!ς3<61ν!&81∀1Τ!Χ∆Β−+!
04748848308
Ψ3.=36[1!∴56[1Τ!ε+!∃+!Ι+∗5+.0/&0Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)+!Χ?τ!#∀+!∃Η1!ς3<61ν!Κ863/Τ!Χ∆Βϑ+!
Γ5!ς5#8.1Τ!&+!∃+!υ+!Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)+!ΧΝτ!#∀+!∃Η1!ς3<61ν!7∀581.3!Κ863/Τ!Χ∆Βϑ+!
∴<.83∀1Τ!Ξ+!(+!Β5:∋)0/&0Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)+!ϑτ!#∀+!Ω#61!]1.5η128#ν!∴β.<;Τ!Χ∆Β,+!
ϖ21061:ωΤ! _+! &+! Ι+∗5+.0 /&0 Ρ−:&−4)0 Ε/∆−∗−∋4:+4−2)90 4&):−+0 &0 ϑ5&∋4Κ&∋+! ?τ! #∀+! (51! ∀#!
ε32#5.1ν!76/#=5#.Τ!Χ∆Β,+!
ε</8#2! ∴56[1Τ! &3.Ε36+! Β5:∋)0 /&0 /−:&−4)0 +/∆−∗−∋4:+4−2)+! Β∆τ! #∀+! ∃Η1! ς3<61ν! (#=5/83! ∀1/!
9.54<235/Τ!Χ∆Βϑ+!
.#66#/Τ!]+!Ξ+!Ρ−:&−4)0+/∆−∗−∋4:+4−2)0,:+∋−.&−:);!ϑΒτ!#∀+!∃Η1!ς3<61ν!&36[#5.1/Τ!Χ∆Β−+!
∃:3816521Τ!_+!9.52∀3∀#Τ!ε+!Ι+∗5+.0/&0Ρ−:&−4)0Ε/∆−∗−∋4:+4−2)+!Χτ!#∀+!ε</ς∗Γ)Ζ&Τ!Χ∆Βϑ+!
!