Cinephilia: MA3074 ! "#$%!&'!()'*!*+!,-*+*.!! ! /$+0)0$%*!1234*56!77897:9! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
"
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
!
#
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
!
P
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
!
A
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
!
W
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``VO!:D!AVBD!
!
\
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``VO!:D!AaBD!
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
!
a
'(1!Q)8/,!3:!)'!)!:).1&+38).8*!(44(=&-)1(!+%).)+1(.D!Q%(-!1%(!+)=(.)!4&.'1!&-1.,/3+('!3'! 1,!Q)8/,!%(!&'!'(1!3:!)>)&-'1!1%(!C)+K/.,:!,4!)!=381&13/(!,4!(44(=&-)1(!,.-)=(-1'D!$%(.(! ).(!=)-*!':).K8*!>8)''!,.-)=(-1'!&-!%&'!/&':8)*!+)C&-(1!48,.)8!:)11(.-(/!).=+%)&.'!)-/! (H1.)9)>)-18*!4.)=(/!:)&-1&->'!'(1!)>)&-'1!)11.)+1&9(!/b+,.D!F&.'+%!')*'!,4!Q)8/,O! cU(H3)8!=)'23(.)/(!&'!,=-&:.('(-1D!Q)8/,I!0%,!%)'!=&'1)K(-8*!K&88(/!)!0,=)-!%(!:.('3=(/!1,! C(!Y)3.)I!&'!)!:.(1(-/!%(1(.,'(H3)8!_!1%(!+%).)+1(.7'!>8)''!4&>3.&-('!)-/!%&'!:.&''*!)3.)!'&>-)8!1%(! 1.31%!,4!%&'!:,''&C8(!'(H3)8!]/&44(.(-+(^!&-!)-!(.)!0%(-!1%(!%,=,'(H3)8I!0%,!+,38/!-,1!C(!-)=(/! )'!'3+%I!0)'!&-9).&)C8*!.(:.('(-1(/!)'!(44(=&-)1(!?F&.'+%I!#``aO!:D""`BD!
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d&-+(-1!<.&+(!&'!%)./8*!=,.(!+,-9&-+&->!&-!%(1(.,'(H3)8!>).C!1%)-!e8&41,-!Q(CCD! Y)3.)I!)!'&->8(!+).((.!0,=)-!)-/!1%(!:)0-!&-!)!'(H3)8!+,=:(1&1&,-!C(10((-!10,!]>)*^!=(-I!=)*! 0(88!C(!'3':(+1(/!,4!%).C,3.&->!',=(!'(H3)8!'3.:.&'('!,4!%(.!,0-D!X//&->!1,!1%(!)1=,':%(.(!,4! '(H3)8!.(:.(''&,-!)-/!3-+(.1)&-1*!&'!f3/&1%!X-/(.',-!)'!Y)3.)7'!)3-1I!)-!%)C&13b!,4!1%(!C()3=,-/(! 0%,!C(+,=('!U%(8C*7'!':,-',.!)-/!0,38/TC(!8,9(.D!X-/(.',-I!C('1!K-,0-!)'!1%(!+.*:1,T8('C&)-! %,3'(K((:(.!,C'(''(/!0&1%!1%(!1&18(!+%).)+1(.!&-!,$-$'')I!:.,R(+1'!)!=,.(!)''(.1&9(I!=,.(! ]=)'+38&-(^!:.('(-+(!1%)-!(&1%(.!Q(C!,.!<.&+(!?F&.'+%I!#``aO!:D"""BD!
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
!
V
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``VO!:D!AVBD!
E-!)!0)*!0(!)+13)88*!'((!Y)3.)!:%*'&+)88*!)0)K(-!4.,=!1%&'!]C)/!/.()=^!0%(-!&-I!)8=,'1! )-!)+1!,4!:3-&'%=(-1!L).K!)>>.(''&9(8*!&-1(.9&(0'!%(.!&-!1%(!:,8&+(!'1)1&,-D!Q(!'((! Y)3.)!C(&->!&-1(..,>)1(/!C*!L).K!)'!%(!)C.)'&9(8*!'%&-('!1%(!%).'%!C.&>%1!8&>%1!&-1,! Y)3.)7'!(*('D!Q%)1!4,88,0'!)41(.!1%&'!:3-&'%=(-1!&'!).>3)C8*!)!/&44(.(-1!&=)>(!,4!Y)3.)D! g-8&K(!1%(!)883.&->!:,.1.)&1!1%&'!9&'&,-!,4!Y)3.)!0%(.(!'%(!)::().'!C)1%(/!&-!C.&>%1!8&>%1! =)K('!%(.!)::().!=,.(!&--,+(-1I!-((/*!)-/!+%&8/8&K(D!!Y)3.)!%)'!>,-(!1%.,3>%!)!+%)->(I! '%(!%)'!C((-!+8()-'(/!,4!)-*!0.,->!/,&->!C*!L).K7'!:3-&'%=(-1I!)-/!'%(!&'!-,0!)88,0(/! 1,!(-1(.!C)+K!&-1,!1%&'!0,.8/!)'!)!/&44(.(-1!9(.'&,-!,4!%(.!'(84D!!$%(!:3-&'%=(-1!)-/! '3C'(23(-1!>8)=,.,3'!+8,'(T3:'!'%,0!1%)1!Y)3.)!%)'!>,-(!1%.,3>%!/(=*'1&4&+)1&,-!&-!
!
@
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
!
"`
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``aO! :D!""PBD! !
X1!4&.'1!L).K!)::().'!9(.*!+)8=!)-/!+,88(+1(/I!%(!'((='!1,!C(!1%(!,-8*!:(.',-!0&1%!)-*! ',.1!,4!+,-1.,8!&-!1%(!4&8=D!J31!E!0,38/!)''(.1!1%)1!1%(.(!&'!=,.(!1,!%&'!+%).)+1(.!1%)-! =((1'!1%(!(*(!)-/!1%&'!3-/(.'1)-/&->!+)-!C(!)''3=(/!1%.,3>%!!"#$%$&%#'$&$D!!Z.,=!,3.! 4&.'1!&-1.,/3+1&,-!1,!L).K!0(!C(+,=(!)0).(!,4!%&'!4)+&)8!>('13.('!)-/!'=&.K'D!X1!Q)8/,7'! ):).1=(-1!%(!'((='!3-+,=4,.1)C8(!)=,->'1!1%(!(44(=&-)1(!,CR(+1'!)-/!/b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
!
""
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``VO!:D!W#BD! !
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
"#
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b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
!
"P
J&C8&,>.):%*!! !
X3=,-1I!f)+23('!(1!)8!?"@aaB!5$&=(!;9(.48,0&->O!E-1(.9&(0!0&1%!f)+23('! N&9(11(7!h(H1.)+1i!&-!N,'(-C)3=I!f,-)1%)-!?(/DBI!,".$//$0%1$2/#%)&3% 4&/$+."$5#I!Y,-/,-O!JZEI!::D#\TVD!;.&>&-)88*!:3C8&'%(/!&-!6)7"$+#%3*% 6"&$!)%#`AI!"@\VD! ! J,38/I!L).K!?#``WB!Z&8=!j,&.O!Z.,=!J(.8&-!1,!U&-!e&1*I!Y,-/,-O! Q)8848,0(.!<.(''D! ! Z3R&0).)I!e%.&'!?#``VB!$%(!Q,.8/!X-/!&1'![,3C8(O!$%(!Y&4(!X-/!Q,.K!;Z! ;11,!<.(=&->(.I!j(0!k,.KO!Z)C(.!)-/!Z)C(.D! ! l&CC'I!f,%-!?#``#B!8"#$9$&9#'$&$0%:";!%</=;$%)&3%4&/$+>+$/)/"?&@%Y,-/,-O! Q)8848,0(.!<.(''D! ! F&.'+%I!Z,'1(.!?#``aB!$%(!L)-!Q%,!Q,38/!J(!m&->I!j(0!k,.KO!N)-/,=! F,3'(D!! ! m()1%8*I!e%.&'1&)-!?#``\B!56)7"$+#%3*%6"&$!)!)-/!1%(!Q)*!,4!Y,,K&->7I! 6"&$>7";")%)&3%A"#/?+=@%?+%17$%B"&3%"&%17$%1+$$#I!J8,,=&->1,-O!E-/&)-)! g-&9(.'&1*!<.(''I!::DV#T"""D!! ! Y(>.)-/I!l(.)./!?#```B!5$3.K(*!J.,1%!)-/!g-8)C(8(/!Y,9(!<,1&,-'7!&-! F)==,-/!?(/DB!17$%<7)3?5%)&3%4/#%<7)3?50%<*++$);"#/%B+"/"&C#%?&%/7$% 6"&$!)I!P./!(/&1&,-I!U)-!Z.)-+&'+,O!e&1*!Y&>%1'I!::D!"W#TWaD!! ! L).1&-I!X/.&)-!?#``AB!5<8)+&->!8"#$%$&%<'$&$O!X-!X.>3=(-1!0&1%!f,%-! l&CC7'!8"#$9$&9#'$&$0%:";!%</=;$%)&3%4&/$+>+$/)/"?&D@%:";!9E7";?#?>7=%F0GH! h000D4&8=T:%&8,',:%*D+,=iD! ! <(.K&-'I!dDZ!?"@@"B!Z&8=!)'!Z&8=I!Y,-/,-O!$%(!<(->3&-!l.,3:D!! ! <.(=&->(.I!;11,!?"@aaB!<.(=&->(.I!X-!X31,C&,>.):%*I!j(0!k,.KO! [,3C8(/)*!n!e,=:)-*I!E-+D!!
! N&9(11(I!f)+23('!?"@VWB!5$%(!M''(-1&)87!6)7"$+#%3*%6"&$!)%a\I! Z(C.3).*!"@WaD! !
!
"A
!
!
"W