Découverte et exploitation d'objets visuels fréquents dans des collections multimédia
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(2) 2013-ENST-0014. EDITE - ED 130. Doctorat ParisTech THÈSE pour obtenir le grade de docteur délivré par. TELECOM ParisTech Spécialité « Signal et Image » présentée et soutenue publiquement par. Pierre LETESSIER le 28 mars 2013. Découverte et exploitation d’objets visuels fréquents dans des collections multimédias Directeur de thèse : Nozha BOUJEMAA Co-encadrement de la thèse : Olivier BUISSON, Alexis JOLY. Jury M. Georges QUÉNOT, Docteur (HDR), groupe MRIM, LIG Président et Rapporteur Rapporteur M. Stéphane MARCHAND-MAILLET, Professeur, Viper group, University of Geneva M. Patrick PÉREZ, Docteur (HDR), Unité de recherche, Technicolor Examinateur Mme Nozha BOUJEMAA, Docteur (HDR), INRIA Saclay Ile de France Examinateur Examinateur M. Olivier BUISSON, Docteur, groupe de recherche audiovisuelle, Ina M. Alexis JOLY, Docteur, équipe ZENITH (LIRMM), INRIA Sophia-Antipolis Examinateur TELECOM ParisTech école de l’Institut Mines-Télécom - membre de ParisTech 46 rue Barrault 75013 Paris - (+33) 1 45 81 77 77 - www.telecom-paristech.fr. .
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(4) dĂďůĞ ĚĞƐ ŵĂƟğƌĞƐ ZĞŵĞƌĐŝĞŵĞŶƚƐ ϭ /ŶƚƌŽĚƵĐƟŽŶ ϭ͘ϭ DŽƟǀĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭ͘Ϯ WƌŽďůĠŵĂƟƋƵĞ ͘ ͘ ͘ ͘ ͘ ϭ͘ϯ ŽŶƚƌŝďƵƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ϭ͘ϰ KƌŐĂŶŝƐĂƟŽŶ ĚĞ ůĂ ƚŚğƐĞ. ϭϯ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. / ƚĂƚ ĚĞ ůΖĂƌƚ. ϭϱ ϭϱ ϭϲ ϭϳ ϭϴ. ϭϵ. Ϯ ƚĂƚ ĚĞ ůΖĂƌƚ ĚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ Ϯ͘ϭ /ŶƚƌŽĚƵĐƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ ĞƐĐƌŝƉƟŽŶ ĚΖŝŵĂŐĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ ĞƐĐƌŝƉƚĞƵƌƐ ďĂƐ ŶŝǀĞĂƵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ͘ϭ ĞƐĐƌŝƉƚĞƵƌƐ ŐůŽďĂƵdž ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ͘Ϯ ĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdž ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ͘Ϯ͘ϭ ĞƐĐƌŝƉƚĞƵƌƐ ďĂƐĠƐ ŚŝƐƚŽŐƌĂŵŵĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ͘Ϯ͘Ϯ ĞƐĐƌŝƉƚĞƵƌƐ ďĂƐĠƐ ƐƵƌ ůĞƐ ĚŝīĠƌĞŶƟĞůůĞƐ Ğƚ ůĞƐ ŵŽŵĞŶƚƐ Ϯ͘Ϯ͘ϭ͘Ϯ͘ϯ ĞƐĐƌŝƉƚĞƵƌƐ ďĂƐĠƐ ƐƵƌ ůĞƐ ĨƌĠƋƵĞŶĐĞƐ ƐƉĂƟĂůĞƐ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘ϭ͘Ϯ͘ϰ ŶĂůLJƐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘Ϯ ZĞƉƌĠƐĞŶƚĂƟŽŶ ĚĞƐ ŝŵĂŐĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘Ϯ͘ϭ ZĞƉƌĠƐĞŶƚĂƟŽŶ ƚŽƚĂůĞ ;ůŽĐĂůĞͿ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘Ϯ͘Ϯ ^ĂĐ ĚĞ ŵŽƚƐ ǀŝƐƵĞůƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘Ϯ͘Ϯ͘ϯ sĞĐƚĞƵƌƐ ĚĞ &ŝƐŚĞƌ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ WĂƌƟƟŽŶŶĞŵĞŶƚ ĚĞ ůΖĞƐƉĂĐĞ ǀŝƐƵĞů ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϭ WĂƌƟƟŽŶŶĞŵĞŶƚ ŝŶĚĠƉĞŶĚĂŶƚ ĚĞ ůĂ ĚŝƐƚƌŝďƵƟŽŶ ĚĞƐ ĚŽŶŶĠĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϭ͘ϭ WĂƌƟƟŽŶŶĞŵĞŶƚ ďĂƐĠ ƐƵƌ ĚĞƐ ƐƚƌƵĐƚƵƌĞƐ ĚĠƚĞƌŵŝŶŝƐƚĞƐ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϭ͘ϭ͘ϭ dƌĞŝůůŝƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϭ͘ϭ͘Ϯ ŽƵƌďĞƐ ƌĞŵƉůŝƐƐĂŶƚ ůΖĞƐƉĂĐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϭ͘Ϯ &ĂŵŝůůĞƐ ĚĞ ŚĂĐŚĂŐĞ ďĂƐĠĞƐ ƐƵƌ ĚĞƐ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ ĂůĠĂƚŽŝƌĞƐ ͘ ͘ Ϯ͘ϯ͘ϭ͘Ϯ͘ϭ >ŽĐĂůŝƚLJ ^ĞŶƐŝƟǀĞ ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ WĂƌƟƟŽŶŶĞŵĞŶƚ ĚĠƉĞŶĚĂŶƚ ĚĞ ůĂ ĚŝƐƚƌŝďƵƟŽŶ ĚĞƐ ĚŽŶŶĠĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘ϭ WĂƌƟƟŽŶŶĞŵĞŶƚ ŚŝĠƌĂƌĐŚŝƋƵĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ &ĂŵŝůůĞƐ ĚĞ ŚĂĐŚĂŐĞ ĚĠƉĞŶĚĂŶƚ ĚĞƐ ĚŽŶŶĠĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ͘ϭ ZĞƐƚƌŝĐƚĞĚ ŽůƚnjŵĂŶŶ DĂĐŚŝŶĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ͘Ϯ ^ƉĞĐƚƌĂů ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ͘ϯ ^ƉŚĞƌŝĐĂů ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ͘ϰ <ĞƌŶĞůŝnjĞĚ >ŽĐĂůŝƚLJ ^ĞŶƐŝƟǀĞ ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘Ϯ͘ϱ WƌŽĚƵĐƚ YƵĂŶƟnjĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϯ. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. Ϯϭ Ϯϭ Ϯϭ Ϯϭ Ϯϯ Ϯϯ Ϯϰ Ϯϱ Ϯϱ Ϯϱ Ϯϲ Ϯϲ Ϯϲ Ϯϳ Ϯϳ Ϯϴ Ϯϴ Ϯϴ Ϯϴ Ϯϵ Ϯϵ ϯϬ ϯϭ ϯϮ ϯϮ ϯϮ ϯϮ ϯϯ ϯϯ.
(5) d> ^ Dd/ Z ^. Ϯ͘ϯ͘Ϯ͘Ϯ͘ϲ ZĂŶĚŽŵ DĂdžŝŵƵŵ DĂƌŐŝŶ ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ WĂƌƟƟŽŶŶĞŵĞŶƚ ďĂƐĠ ƌĞŐƌŽƵƉĞŵĞŶƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘ϯ͘ϭ <ͲDĞĂŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘Ϯ͘ϯ͘Ϯ DĞĂŶͲƐŚŝŌ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϯ͘ϯ >Ğ ƉƌŽďůğŵĞ ĚƵ ƉĂƌƟƟŽŶŶĞŵĞŶƚ ͨ ďƌƵƚĂů ͩ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ^ƚƌƵĐƚƵƌĞƐ ĚΖŝŶĚĞdžĂƟŽŶ Ğƚ ƌĞĐŚĞƌĐŚĞ ƉĂƌ ƐŝŵŝůĂƌŝƚĠ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘ϭ >ĞƐ ƐƚƌƵĐƚƵƌĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘ϭ͘ϭ dĂďůĞƐ ĚĞ ŚĂĐŚĂŐĞ Ğƚ ůŝƐƚĞƐ ŝŶǀĞƌƐĠĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘ϭ͘Ϯ >ĞƐ ƐƚƌƵĐƚƵƌĞƐ ŚŝĠƌĂƌĐŚŝƋƵĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ ZĞĐŚĞƌĐŚĞ ĚĂŶƐ ƵŶĞ ƐƚƌƵĐƚƵƌĞ ĚΖŝŶĚĞdž ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ͘ϭ ZĞĐŚĞƌĐŚĞ ƉĂƌ ĂĐĐğƐ ƐŝŵƉůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ͘Ϯ ZĞĐŚĞƌĐŚĞ ƉĂƌ ĂĐĐğƐ ƐŝŵƉůĞ ĚĂŶƐ ĚĞ ŵƵůƟƉůĞƐ ƐƚƌƵĐƚƵƌĞƐ ͘ Ϯ͘ϰ͘Ϯ͘ϯ >Ğ ƐŽŌͲĂƐƐŝŐŶŵĞŶƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ͘ϰ ZĞĐŚĞƌĐŚĞ ƉĂƌ ĂĐĐğƐ ŵƵůƟƉůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ͘ϱ ZĞĐŚĞƌĐŚĞ ĂǀĞĐ ĐĂůĐƵů ĚĞ ĚŝƐƚĂŶĐĞƐ ĂƐLJŵĠƚƌŝƋƵĞƐ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϰ͘Ϯ͘ϲ ŶĂůLJƐĞ ĚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ sĠƌŝĮĐĂƟŽŶ ĚĞ ůĂ ĐŽŚĠƌĞŶĐĞ ŐĠŽŵĠƚƌŝƋƵĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϱ͘ϭ ŽŶƚƌĂŝŶƚĞƐ ŐĠŽŵĠƚƌŝƋƵĞƐ ĨĂŝďůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϱ͘Ϯ DĠƚŚŽĚĞƐ ďĂƐĠĞƐ ƐƵƌ ůΖĞƐƟŵĂƟŽŶ ĚĞ ůĂ ƚƌĂŶƐĨŽƌŵĂƟŽŶ ŐĠŽŵĠƚƌŝƋƵĞ ͘ Ϯ͘ϱ͘Ϯ͘ϭ ƐƟŵĂƚĞƵƌƐ ƌŽďƵƐƚĞƐ ĚĞƐ ŵŽŝŶĚƌĞƐ ĐĂƌƌĠƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϱ͘Ϯ͘Ϯ dƌĂŶƐĨŽƌŵĠĞ ĚĞ ,ŽƵŐŚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϱ͘Ϯ͘ϯ ZE^ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ Ϯ͘ϱ͘ϯ DĠƚŚŽĚĞƐ ďĂƐĠĞƐ ĐŽƐĞŐŵĞŶƚĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džƚĞŶƐŝŽŶ ĚĞ ƌĞƋƵġƚĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ZĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ă ŐƌĂŶĚĞ ĠĐŚĞůůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϯϯ ϯϰ ϯϰ ϯϱ ϯϱ ϯϲ ϯϲ ϯϲ ϯϲ ϯϲ ϯϲ ϯϳ ϯϴ ϯϴ ϯϵ ϯϵ ϯϵ ϰϬ ϰϬ ϰϬ ϰϭ ϰϭ ϰϮ ϰϮ ϰϯ. ϯ ƚĂƚ ĚĞ ůΖĂƌƚ ĚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ĚĠĐŽƵǀĞƌƚĞ Ğƚ ĨŽƵŝůůĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ϯ͘ϭ DĠƚŚŽĚĞƐ ĚĞ ĨŽƵŝůůĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ƉĂƌ ƌĞŐƌŽƵƉĞŵĞŶƚ ĚĞ ŵŽƟĨƐ ǀŝƐƵĞůƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϯ͘Ϯ DĠƚŚŽĚĞƐ ĚĞ ĐŽŶƐƚƌƵĐƟŽŶ ĚĞ ŐƌĂƉŚĞƐ ĚΖĂƉƉĂƌŝĞŵĞŶƚ ĚΖŝŵĂŐĞƐ ĐŽŶƚĞŶĂŶƚ ĚĞƐ ŽďũĞƚƐ ƐŝŵŝͲ ůĂŝƌĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϯ͘ϯ DĠƚŚŽĚĞƐ ĚĞ ĚĠĐŽƵǀĞƌƚĞ ĚĞ ĐŽŶĐĞƉƚƐ ǀŝƐƵĞůƐ ĨƌĠƋƵĞŶƚƐ ƉĂƌ ĞdžƚƌĂĐƟŽŶ ĚĞ ƐƵũĞƚƐ ůĂƚĞŶƚƐ ͘ ͘ ϯ͘ϰ ƉƉƌŽdžŝŵĂƟŽŶ ĚĞ ŐƌĂƉŚĞƐ ĚΖĂƉƉĂƌŝĞŵĞŶƚ ĚΖŝŶƐƚĂŶĐĞƐ ĚΖŽďũĞƚƐ ƉĂƌ ŚĂĐŚĂŐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϰϳ ϰϴ ϰϵ ϰϵ ϱϬ. // ŽŶƚƌŝďƵƟŽŶƐ. ϱϯ. Ϯ͘ϯ͘Ϯ͘ϯ. Ϯ͘ϰ. Ϯ͘ϱ. Ϯ͘ϲ Ϯ͘ϳ. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϰ &ŽƵŝůůĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĨƌĠƋƵĞŶƚƐ ƉĂƌ ƌĞƋƵġƚĂŐĞ ĂůĠĂƚŽŝƌĞ ϰ͘ϭ ĠĮŶŝƟŽŶ ĨŽƌŵĞůůĞ ĚĞƐ ƉƌŽďůğŵĞƐ ĚĞ ĨŽƵŝůůĞ Ğƚ ĚĞ ĚĠĐŽƵǀĞƌƚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĨƌĠƋƵĞŶƚƐ ϰ͘ϭ͘ϭ EŽƚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϭ͘Ϯ &ŽƌŵĂůŝƐĂƟŽŶ ĚĞƐ ƉƌŽďůğŵĞƐ ĚĞ ĚĠĐŽƵǀĞƌƚĞ Ğƚ ĨŽƵŝůůĞ ĚΖŽďũĞƚƐ ĨƌĠƋƵĞŶƚƐ ͘ ͘ ͘ ͘ ϰ͘Ϯ ZĞĐŚĞƌĐŚĞ ŝƚĠƌĂƟǀĞ ƉĂƌ ĠĐŚĂŶƟůůŽŶŶĂŐĞ ƉŽŶĚĠƌĠ ĂĚĂƉƚĂƟĨ ;ZE^^Ϳ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘Ϯ͘ϭ ĐŚĂŶƟůůŽŶŶĂŐĞ ƉŽŶĚĠƌĠ ĂĚĂƉƚĂƟĨ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘Ϯ͘Ϯ ZĞĐŚĞƌĐŚĞ ƉƌĠĐŝƐĞ ĚΖƵŶĞ ƌĠŐŝŽŶ ůŽĐĂůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘Ϯ͘ϯ ĠĐŝƐŝŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϯ DŽĚğůĞ ĚĞ ĐŽƸƚ ĚĞ ůΖĂůŐŽƌŝƚŚŵĞ ZE^^ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϰ ŽŶǀĞƌƐŝŽŶ ĚĞƐ ƉŽŝĚƐ ĞŶ ĨŽŶĐƟŽŶ ĚĞ ƉƌŽďĂďŝůŝƚĠ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ ŚŽŝdž Ğƚ ŝŵƉůĠŵĞŶƚĂƟŽŶ ĚĞ ůĂ ŵĠƚŚŽĚĞ ĚĞ ƌĞĐŚĞƌĐŚĞ ƉƌĠĐŝƐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ͘ϭ ĞƐĐƌŝƉƟŽŶ ĚĞƐ ŝŵĂŐĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ͘Ϯ WĂƌƟƟŽŶŶĞŵĞŶƚ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ^/&d ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ͘ϯ /ŶĚĞdžĂƟŽŶ Ğƚ ƌĞĐŚĞƌĐŚĞ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ^/&d ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ͘ϰ sĠƌŝĮĐĂƟŽŶ ĚĞ ůĂ ĐŽŚĠƌĞŶĐĞ ŐĠŽŵĠƚƌŝƋƵĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϰ͘ϱ͘ϱ džƚĞŶƐŝŽŶ ĚĞ ƌĞƋƵġƚĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϰ. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϱϱ ϱϱ ϱϱ ϱϲ ϱϳ ϱϴ ϲϬ ϲϭ ϲϮ ϲϰ ϲϱ ϲϱ ϲϱ ϲϲ ϲϳ ϲϵ.
(6) d> ^ Dd/ Z ^. ϱ ĂůĐƵů ĚĞƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ ĚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ůΖĠƚĂƚ ĚĞ ůΖĂƌƚ ϱ͘ϭ ĂůĐƵů ĚĞ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƐƉĠĐŝĮƋƵĞƐ ă ƵŶ ƚLJƉĞ ĚΖŽďũĞƚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϭ͘ϭ ^ĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠƐ ƐƵƌ ůĂ ƉŽƐŝƟŽŶ ĚĂŶƐ ůĞƐ ŝŵĂŐĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϭ͘Ϯ ^ĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠƐ ƐƵƌ ůĂ ĚĠƚĞĐƟŽŶ ĚĞ ǀŝƐĂŐĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘Ϯ ĂůĐƵů ĚĞ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ŐĠŶĠƌĂůŝƐƚĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘Ϯ͘ϭ ĂůĐƵů ĚĞ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ ĚĞƐ ŚĞƵƌŝƐƟƋƵĞƐ ƐŝŵƉůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘Ϯ͘ϭ͘ϭ ^ĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠƐ ƐƵƌ ůĂ ĚĞŶƐŝƚĠ ƐƉĂƟĂůĞ ĚĞƐ ƉŽŝŶƚƐ ĚΖŝŶƚĠƌġƚƐ ϱ͘Ϯ͘ϭ͘Ϯ ^ĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠƐ ƐƵƌ ůĂ ǀĂƌŝĂďŝůŝƚĠ ĚĂŶƐ ůΖĞƐƉĂĐĞ ĚĞƐ ĚĞͲ ƐĐƌŝƉƚĞƵƌƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘Ϯ͘Ϯ ĂůĐƵů ĚƵ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ ĐŽŵƉƚĂŐĞ ĚĞƐ ĂƉƉĂƌŝĞŵĞŶƚƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘Ϯ͘ϯ ĂůĐƵů ĚƵ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ 'ĞŽŵĞƚƌŝĐ ŵŝŶͲ,ĂƐŚŝŶŐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ džƉĠƌŝŵĞŶƚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ͘ϭ WƌŽƚŽĐŽůĞ ĚΖĠǀĂůƵĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ͘Ϯ ǀĂůƵĂƟŽŶ ĚĞ 'ĞŽŵĞƚƌŝĐ ŵŝŶͲ,ĂƐŚŝŶŐ ĐŽŵŵĞ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ͘Ϯ͘ϭ /ŶŇƵĞŶĐĞ ĚƵ ŶŽŵďƌĞ ĚĞ ƐŬĞƚĐŚĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ͘Ϯ͘Ϯ /ŶŇƵĞŶĐĞ ĚĞ ůĂ ƚĂŝůůĞ ĚƵ ǀŽĐĂďƵůĂŝƌĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϱ͘ϯ͘ϯ ŽŵƉĂƌĂŝƐŽŶ ĚĞƐ ƉĞƌĨŽƌŵĂŶĐĞƐ ĚĞƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ŐĠŶĠƌĂůŝƐƚĞƐ ͘ ͘ ͘ ͘ ͘. ϳϭ ϳϭ ϳϭ ϳϮ ϳϰ ϳϰ ϳϰ ϳϱ ϳϱ ϳϲ ϳϳ ϳϳ ϳϴ ϳϴ ϳϴ ϴϬ. ϲ ĂůĐƵů ĚĞƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ ŚĂĐŚĂŐĞ ǀŝƐƵĞů Ğƚ ĂũŽƵƚ ĚĞ ĐŽŶƚƌĂŝŶƚĞƐ ŐĠŽŵĠƚƌŝƋƵĞƐ ĨĂŝďůĞƐ ϴϭ ϲ͘ϭ ,ĂĐŚĂŐĞ ǀŝƐƵĞů Ğƚ ĮůƚƌĂŐĞ ĚĞƐ ĂƉƉĂƌŝĞŵĞŶƚƐ ĐĂŶĚŝĚĂƚƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϮ ϲ͘ϭ͘ϭ ŽŶƐƚƌƵĐƟŽŶ ĚĞ ůΖŝŶĚĞdž ǀŝƐƵĞů ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϮ ϲ͘ϭ͘Ϯ &ŝůƚƌĂŐĞ ǀŝƐƵĞů ĚĞƐ ĂƉƉĂƌŝĞŵĞŶƚƐ ĐĂŶĚŝĚĂƚƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϯ ϲ͘ϭ͘Ϯ͘ϭ &ŝůƚƌĂŐĞ ƐƵƌ ůĂ ĨƌĠƋƵĞŶĐĞ ĚĞ ĐŽůůŝƐŝŽŶ ŝŶƚƌĂͲŝŵĂŐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϯ ϲ͘ϭ͘Ϯ͘Ϯ &ŝůƚƌĂŐĞ ƐƵƌ ůĂ ĨƌĠƋƵĞŶĐĞ ĚĞ ĐŽůůŝƐŝŽŶ ŝŶƚĞƌͲƚĂďůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϯ ϲ͘ϭ͘Ϯ͘ϯ &ŝůƚƌĂŐĞ ƉĂƌ ůĞƐ < ƉůƵƐ ƉƌŽĐŚĞƐ ǀŽŝƐŝŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϰ ϲ͘Ϯ džƚƌĂĐƟŽŶ Ğƚ ŚĂĐŚĂŐĞ ĚΖĂƩƌŝďƵƚƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϰ ϲ͘Ϯ͘ϭ ƌĠĂƟŽŶ ĚĞ ǀĞĐƚĞƵƌƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϱ ϲ͘Ϯ͘Ϯ ,ĂĐŚĂŐĞ ĚĞƐ ĂƩƌŝďƵƚƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϱ ϲ͘ϯ ĂůĐƵů ĚĞƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƉĂƌ ĂĐĐƵŵƵůĂƟŽŶ ĚĞƐ ĐŽůůŝƐŝŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϲ ϲ͘ϯ͘ϭ sŽƚĞ ĚĂŶƐ ůĞƐ ĂĐĐƵŵƵůĂƚĞƵƌƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϲ ϲ͘ϯ͘Ϯ ĂůĐƵů ĚĞƐ ƐĐŽƌĞƐ ŝŶĚŝǀŝĚƵĞůƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϳ ϲ͘ϰ ^ŽůƵƟŽŶ ĂůƚĞƌŶĂƟǀĞ ͗ ĂũŽƵƚ ĚĞ ĐŽŶƚƌĂŝŶƚĞƐ ŐĠŽŵĠƚƌŝƋƵĞŵĞŶƚ ĨĂŝďůĞƐ ă 'ŵ, ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϳ ϲ͘ϱ džƉĠƌŝŵĞŶƚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϳ ϲ͘ϱ͘ϭ ƚƵĚĞ ƉĂƌĂŵĠƚƌŝƋƵĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϴ ϲ͘ϱ͘ϭ͘ϭ WĂƌĂŵĠƚƌĂŐĞ ĚƵ ŚĂĐŚĂŐĞ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ǀŝƐƵĞůƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴϴ ϲ͘ϱ͘ϭ͘Ϯ >ŽŶŐƵĞƵƌ ĚĞƐ ĐůĠƐ ĚĞ ŚĂĐŚĂŐĞ ĚĞƐ ĂƩƌŝďƵƚƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ϴϵ ϲ͘ϱ͘ϭ͘ϯ EŽŵďƌĞ ĚΖĂĐĐƵŵƵůĂƚĞƵƌƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϵϬ ϲ͘ϱ͘Ϯ ƉƉŽƌƚ ĚĞƐ ĂƩƌŝďƵƚƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϵϬ ϲ͘ϱ͘ϯ ŽŵƉĂƌĂŝƐŽŶ ĚĞ ŶŽƚƌĞ ŵĠƚŚŽĚĞ ă 'ŵ, ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϵϮ. /// džƉĠƌŝŵĞŶƚĂƟŽŶƐ Ğƚ ƉƉůŝĐĂƟŽŶƐ. ϵϯ. ϳ ĠĐŽƵǀĞƌƚĞ Ğƚ ĨŽƵŝůůĞ ĚĞ ůŽŐŽƐ ϳ͘ϭ >Ğ ĐŽƌƉƵƐ &ůŝĐŬƌĞůŐĂ>ŽŐŽƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘Ϯ sŝƚĞƐƐĞ ĚĞ ĐŽŶǀĞƌŐĞŶĐĞ ĞŶ ĨŽŶĐƟŽŶ ĚĞƐ ĚŝīĠƌĞŶƚƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ϳ͘Ϯ͘ϭ WƌŽƚŽĐŽůĞ ĚΖĞdžƉĠƌŝŵĞŶƚĂƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘Ϯ͘Ϯ ǀĂůƵĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘ϯ ůĂƐƐŝĮĐĂƟŽŶ ĚĞƐ ŝŶƐƚĂŶĐĞƐ ƉĂƌ ƵŶ ĂůŐŽƌŝƚŚŵĞ ĚĞ ƌĞŐƌŽƵƉĞŵĞŶƚ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘ϯ͘ϭ >ΖĂůŐŽƌŝƚŚŵĞ D> ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘ϯ͘Ϯ WƌŽƚŽĐŽůĞ ĚΖĠǀĂůƵĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϳ͘ϯ͘ϯ ǀĂůƵĂƟŽŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϱ. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϵϱ ϵϱ ϵϴ ϵϴ ϵϵ ϭϬϰ ϭϬϱ ϭϬϳ ϭϬϴ.
(7) d> ^ Dd/ Z ^. ϴ ĠĐŽƵǀĞƌƚĞ ĚΖĠǀĠŶĞŵĞŶƚƐ ƐĂŝůůĂŶƚƐ ĚĂŶƐ ĚĞƐ ŵĠĚŝĂƐ ĚΖĂĐƚƵĂůŝƚĠ ϴ͘ϭ ĠƚĞĐƟŽŶ ĚΖĠǀğŶĞŵĞŶƚƐ ƚĠůĠǀŝƐƵĞůƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϴ͘ϭ͘ϭ ƌĠĂƟŽŶ ĚΖƵŶĞ ŐƌĂŶĚĞ ĐŽůůĞĐƟŽŶ ĚĞ ũŽƵƌŶĂƵdž ƚĠůĠǀŝƐĠƐ ͘ ͘ ͘ ͘ ϴ͘ϭ͘Ϯ ƉƉƌŽĐŚĞ ƚƌĂŶƐŵĠĚŝĂ ƉŽƵƌ ůĂ ĚĠĐŽƵǀĞƌƚĞ ĚΖŽďũĞƚƐ ŝŶĨŽƌŵĂƟĨƐ ϴ͘Ϯ ĠĐŽƵǀĞƌƚĞ ĚΖĠǀğŶĞŵĞŶƚƐ ƚƌĂŶƐŵĠĚŝĂƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ͘ ͘ ͘ ͘. ϭϭϭ ϭϭϭ ϭϭϭ ϭϭϮ ϭϭϯ. ϵ ^ƵŐŐĞƐƟŽŶ ĚĞ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ ϭϭϵ ϵ͘ϭ WƌŝŶĐŝƉĞ ĚĞ ůĂ ƐƵŐŐĞƐƟŽŶ ĚĞ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϬ ϵ͘Ϯ ůŐŽƌŝƚŚŵĞ ĚĞ ĐůƵƐƚĞƌŝŶŐ ĚĞ ŐƌĂƉŚĞ ďŝƉĂƌƟ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϭ ϵ͘ϯ ^ĐĠŶĂƌŝŽƐ ĚĞ ƐƵŐŐĞƐƟŽŶ ĚĞ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϯ ϭϬ ŽŶĐůƵƐŝŽŶ ϭϮϳ ϭϬ͘ϭ ^LJŶƚŚğƐĞ ĚĞƐ ĐŽŶƚƌŝďƵƟŽŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϳ ϭϬ͘Ϯ ŶĂůLJƐĞ Ğƚ ďŝůĂŶ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϴ ϭϬ͘ϯ WĞƌƐƉĞĐƟǀĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϮϵ. ϲ.
(8) dĂďůĞ ĚĞƐ ĮŐƵƌĞƐ ϭ͘ϭ ϭ͘Ϯ. WůƵƐŝĞƵƌƐ ŝŶƐƚĂŶĐĞƐ ĚΖŽďũĞƚƐ ĚĞ ůĂ ĐůĂƐƐĞ ͨ ŵĂŝƐŽŶ ͩ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ WůƵƐŝĞƵƌƐ ŝŶƐƚĂŶĐĞƐ ĚĞ ůΖŽďũĞƚ ͨ ůĂ ŵĂŝƐŽŶ ďůĂŶĐŚĞ ͩ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϭϲ ϭϳ. Ϯ͘ϭ Ϯ͘Ϯ Ϯ͘ϯ. ƌĐŚŝƚĞĐƚƵƌĞ ŐĠŶĠƌĂůĞ ĚΖƵŶ ƐLJƐƚğŵĞ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƉĂƌ ůĞ ĐŽŶƚĞŶƵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚΖƵŶ ƚƌĞŝůůŝƐ ŚĞdžĂŐŽŶĂů ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ >ĞƐ Ɛŝdž ƉƌĞŵŝğƌĞƐ ŝƚĠƌĂƟŽŶƐ ĚΖƵŶĞ ĐŽƵƌďĞ ĚĞ ,ŝůďĞƌƚ ;ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ Ͳ LJͲ^͕ ƌĂŝŶĚƌĂŝŶϬϬϬϬͿ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚĞ ŚĂĐŚĂŐĞ ĞŶ Ϯ ĂǀĞĐ ƉƌŽũĞĐƟŽŶƐ ĂůĠĂƚŽŝƌĞƐ Ğƚ ϰ ďŝƚƐ ;ϰ ŚLJƉĞƌƉůĂŶƐͿ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚĞ ƉĂƌƟƟŽŶŶĞŵĞŶƚ ĂǀĞĐ ƵŶ <ĚͲƚƌĞĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚĞ ŚĂĐŚĂŐĞ ĞŶ Ϯ ĂǀĞĐ ƐƉŚĞƌŝĐĂů ŚĂƐŚŝŶŐ Ğƚ ϰ ďŝƚƐ ;ϰ ŚLJƉĞƌƐƉŚğƌĞƐͿ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚĞ ŚĂĐŚĂŐĞ ĞŶ Ϯ ĂǀĞĐ ZDD, ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ džĞŵƉůĞ ĚĞ ƉĂƌƟƟŽŶŶĞŵĞŶƚ ƉĂƌ <ͲDĞĂŶƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ /ůůƵƐƚƌĂƟŽŶ ĚƵ ƉĂƌƟƟŽŶŶĞŵĞŶƚ ͨ ďƌƵƚĂů ͩ͘ >ĞƐ ƉŽŝŶƚƐ Ğƚ ƐŽŶƚ ƉƌŽĐŚĞƐ ĚĂŶƐ ůΖĞƐƉĂĐĞ ŵĂŝƐ ŶĞ ƐŽŶƚ ƉĂƐ ĚĂŶƐ ůĂ ŵġŵĞ ƉĂƌƟĞ ĚĞ ůΖĞƐƉĂĐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϮϮ Ϯϴ. Ϯ͘ϰ Ϯ͘ϱ Ϯ͘ϲ Ϯ͘ϳ Ϯ͘ϴ Ϯ͘ϵ ϰ͘ϭ ϰ͘Ϯ ϰ͘ϯ ϰ͘ϰ ϰ͘ϱ ϱ͘ϭ ϱ͘Ϯ ϱ͘ϯ ϱ͘ϰ ϱ͘ϱ ϱ͘ϲ ϱ͘ϳ ϱ͘ϴ. ϲ͘ϭ. ^ĐŚĠŵĂ ƌĠĐĂƉŝƚƵůĂƟĨ ĚƵ ĨŽŶĐƟŽŶŶĞŵĞŶƚ ĚĞ ůΖĂůŐŽƌŝƚŚŵĞ ZE^^ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŽŵƉĂƌĂŝƐŽŶ ĚĞ ůĂ ƐƵƌĨĂĐĞ ĐŽƵǀĞƌƚĞ ;ĞŶ ƉŽƵƌĐĞŶƚĂŐĞ ĚƵ ŶŽŵďƌĞ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐͿ ĞŶ ĨŽŶĐͲ ƟŽŶ ĚƵ ŶŽŵďƌĞ ĚΖŝƚĠƌĂƟŽŶƐ T ĚĞ ZE^^͕ Ğƚ ĚƵ ƚLJƉĞ ĚΖĠĐŚĂŶƟůůŽŶŶĂŐĞ ;ƐŝŵƉůĞ ŽƵ ĂĚĂƉƚĂƟĨͿ͘ ŽŵƉĂƌĂŝƐŽŶ ĚĞƐ ƚĂŝůůĞƐ ĚΖŝŶƐƚĂŶĐĞƐ ĚĞƐ ďĂƐĞƐ ĞůŐĂ>ŽŐŽƐ Ğƚ KdžĨŽƌĚ ƵŝůĚŝŶŐƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ,ŝƐƚŽŐƌĂŵŵĞ ĚĞƐ ƉŽŝĚƐ z0 ;ĞŶ ĠĐŚĞůůĞ ůŽŐĂƌŝƚŚŵŝƋƵĞͿ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŽŵƉƌŽŵŝƐ ĞŶƚƌĞ ƋƵĂůŝƚĠ ;ŵĞƐƵƌĠĞ ƉĂƌ ůĂ ŵW ƐƵƌ KdžĨŽƌĚ ƵŝůĚŝŶŐƐͿ Ğƚ ƚĞŵƉƐ ĚĞ ĐĂůĐƵů ͘ ͘ ^ĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠ ƐƵƌ ůĂ ƉŽƐŝƟŽŶ ĐĞŶƚƌĂůĞ ĚĂŶƐ ůĞƐ ŝŵĂŐĞƐ͘ WůƵƐ ůĂ ĐŽƵůĞƵƌ ĞƐƚ ĐŚĂƵĚĞ͕ Ğƚ ƉůƵƐ ŽŶ ĞƐƚ ƉƌŽĐŚĞ ĚƵ ĐĞŶƚƌĞ ĚĞ ůΖŝŵĂŐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ƉƉŽƌƚ ĚƵ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ͨ ƉŽƐŝƟŽŶ ĐĞŶƚƌĂůĞ ͩ ƉĂƌ ƌĂƉƉŽƌƚ ă ůΖƵŶŝĨŽƌŵĞ ͘ ͘ ͘ ͘ ͘ ͘ ^ĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ďĂƐĠ ƐƵƌ ůĂ ĚĠƚĞĐƟŽŶ ĚĞ ǀŝƐĂŐĞƐ͘ WůƵƐ ůĂ ĐŽƵůĞƵƌ ĞƐƚ ĐŚĂƵĚĞ Ğƚ ƉůƵƐ ŽŶ ĞƐƚ ƉƌŽĐŚĞ ĚΖƵŶ ǀŝƐĂŐĞ ĚĠƚĞĐƚĠ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ĞŶƐŝƚĠ ƐƉĂƟĂůĞ ĚĞƐ ƉŽŝŶƚƐ ĚΖŝŶƚĠƌġƚƐ͘ WůƵƐ ůĂ ĐŽƵůĞƵƌ ĞƐƚ ĐŚĂƵĚĞ Ğƚ ƉůƵƐ ůĂ ĚĞŶƐŝƚĠ ĞƐƚ ĨŽƌƚĞ͘ sĂƌŝĂďŝůŝƚĠ ĚĂŶƐ ůΖĞƐƉĂĐĞ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ͘ WůƵƐ ůĂ ĐŽƵůĞƵƌ ĞƐƚ ĐŚĂƵĚĞ Ğƚ ƉůƵƐ ůĂ ǀĂƌŝĂďŝůŝƚĠ ĞƐƚ ŝŵƉŽƌƚĂŶƚĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ /ŶŇƵĞŶĐĞ ĚƵ ŶŽŵďƌĞ ĚĞ ƐŬĞƚĐŚĞƐ k ƐƵƌ ůĂ ƉƌĠĐŝƐŝŽŶ Ğƚ ůĞ ƌĂƉƉĞů͘ hŶ ǀŽĐĂďƵůĂŝƌĞ ĚĞ ϭ ŵŝůůŝŽŶ ĚĞ ŵŽƚƐ Ă ĠƚĠ ƵƟůŝƐĠ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ /ŶŇƵĞŶĐĞ ĚĞ ůĂ ƚĂŝůůĞ ĚƵ ǀŽĐĂďƵůĂŝƌĞ ;sŽĐͿ ƐƵƌ ůĂ ƉƌĠĐŝƐŝŽŶ Ğƚ ůĞ ƌĂƉƉĞů͘ ϭϬϬ ϬϬϬ ƐŬĞƚĐŚĞƐ ŽŶƚ ĠƚĠ ŐĠŶĠƌĠƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŽŵƉĂƌĂŝƐŽŶ ĚĞƐ ƉĞƌĨŽƌŵĂŶĐĞƐ ĚĞƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ŐĠŶĠƌĠƐ ƉĂƌ 'ĞŽŵĞƚƌŝĐ ŵŝŶͲ ,ĂƐŚŝŶŐ͕ ƉĂƌ ĂƉƉĂƌŝĞŵĞŶƚƐ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ;ŵŽƚƐ ǀŝƐƵĞůƐͿ͕ ƉĂƌ ǀĂƌŝĂďŝůŝƚĠ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ͕ ŽƵ ĞŶĐŽƌĞ ƉĂƌ ĚĞŶƐŝƚĠ ƐƉĂƟĂůĞ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ͘ >Ă ĐŽƵƌďĞ 'ŵ, Ă ĠƚĠ ŽďƚĞŶƵĞ ĂǀĞĐ ƵŶ ǀŽĐĂďƵůĂŝƌĞ ĚΖƵŶ ŵŝůůŝŽŶ ĚĞ ŵŽƚƐ ǀŝƐƵĞůƐ Ğƚ ϭϬϬ ϬϬϬ ƐŬĞƚĐŚĞƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ZĠŐůĂŐĞ ĚƵ ŶŽŵďƌĞ ĚĞ ƚĂďůĞƐ ĚĞ ŚĂĐŚĂŐĞ L ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϳ. Ϯϵ ϯϬ ϯϭ ϯϯ ϯϰ ϯϰ ϯϱ ϱϵ ϲϭ ϲϯ ϲϱ ϲϳ ϳϮ ϳϯ ϳϰ ϳϱ ϳϲ ϳϵ ϳϵ. ϴϬ ϴϴ.
(9) d> ^ &/'hZ ^. ϲ͘Ϯ ϲ͘ϯ ϲ͘ϰ ϲ͘ϱ ϳ͘ϭ ϳ͘Ϯ ϳ͘ϯ ϳ͘ϰ ϳ͘ϱ. ϴ͘ϭ ϴ͘Ϯ ϴ͘ϯ ϵ͘ϭ ϵ͘Ϯ ϵ͘ϯ ϵ͘ϰ. īĞƚƐ ĚĞ ůĂ ůŽŶŐƵĞƵƌ ĚĞƐ ĐůĠƐ ĚĞ ŚĂĐŚĂŐĞ ĚĞ ůĂ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ /ŶŇƵĞŶĐĞ ĚƵ ŶŽŵďƌĞ ĚΖĂĐĐƵŵƵůĂƚĞƵƌƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŽŶƚƌŝďƵƟŽŶ ĚĞƐ ĂƩƌŝďƵƚƐ ĚĞ 'ĠŽŵĠƚƌŝĞ &ĂŝďůĞ (θ, σ, χ, ψ) ƐƵƌ ůĂ ƉƌĠĐŝƐŝŽŶ Ğƚ ůĞ ƌĂƉƉĞů͕ ƉŽƵƌ ůĂ ŵĠƚŚŽĚĞ ă ďĂƐĞ ĚĞ ŚĂĐŚĂŐĞ ǀŝƐƵĞů͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ŽŶƚƌŝďƵƟŽŶ ĚĞ ůĂ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ ƐƵƌ ůĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ĐĂůĐƵů ĚĞ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ͘. ϴϵ ϵϬ. hŶ ĠĐŚĂŶƟůůŽŶ ĚĞƐ ϭϬ ϬϬϬ ŝŵĂŐĞƐ ĚĞ ůĂ ďĂƐĞ &ůŝĐŬƌĞůŐĂ>ŽŐŽƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ZĂƉƉĞů Ğƚ ĚĞ ůĂ ƉƌĠĐŝƐŝŽŶ ŝŶƐƚĂŶĐĞ ĞŶ ĨŽŶĐƟŽŶ ĚƵ ŶŽŵďƌĞ ĚΖŝƚĠƌĂƟŽŶƐ ĚĞ ZE^^ ͘ ͘ ͘ ͘ ͘ ZĂƉƉĞů ŽďũĞƚ ĞŶ ĨŽŶĐƟŽŶ ĚƵ ŶŽŵďƌĞ ĚΖŝƚĠƌĂƟŽŶƐ ĚĞ ZE^^ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ >ĞƐ ĚĞƵdž ƉƌĞŵŝğƌĞƐ ƌĞƋƵġƚĞƐ ŝƐƐƵĞƐ ĚĞ ůΖĠĐŚĂŶƟůůŽŶŶĂŐĞ ƉŽŶĚĠƌĠ ƉĂƌ ůĞ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵͲ ďůĂŶĐĞ ,s н '& ;>сϲϰͿ͕ Ğƚ ƋƵĂƚƌĞ ĚĞ ůĞƵƌƐ ƌĠƐƵůƚĂƚƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ WƵƌĞƚĠ ŵŽLJĞŶŶĞ ;ǀŐWƵƌŝƚLJͿ ĞŶ ĨŽŶĐƟŽŶ ĚƵ ŶŽŵďƌĞ ĚĞ ĐůƵƐƚĞƌƐ ŽďƚĞŶƵƐ ĞŶ ĨĂŝƐĂŶƚ ǀĂƌŝĞƌ ůĞ ƉĂƌĂŵğƚƌĞ ĚΖŝŶŇĂƟŽŶ ĚĞ D> ĞŶƚƌĞ ϭ͘Ϭϭ Ğƚ ϲ͕ ƉŽƵƌ ĚŝīĠƌĞŶƚ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ͕ Ğƚ ĚŝīĠƌĞŶƚƐ ŶŽŵďƌĞ ĚΖŝƚĠƌĂƟŽŶƐ ĚĞ ZE^^ ;ϭ<͕ ϭϬ< Ğƚ ϭϬϬ<Ϳ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϵϴ ϭϬϬ ϭϬϭ. ϵϭ ϵϮ. ϭϬϰ ϭϬϵ. ŚĂŠŶĞƐ ĚĞ ƚĠůĠǀŝƐŝŽŶ ŝŶĐůƵĞƐ ĚĂŶƐ ůĂ ĐŽůůĞĐƟŽŶ &ƌĞŶĐŚds&ƌĂŵĞƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϮ hŶ ĐůƵƐƚĞƌ ĮůƚƌĠ ƉĂƌ ůĞ ƚƌŝ ƐƵƌ ůĞ ƐĐŽƌĞ ĚĞ ĚŝǀĞƌƐŝƚĠ ;ĞŶ ŚĂƵƚͿ͕ Ğƚ ůĞƐ ƚƌŽŝƐ ŵĞŝůůĞƵƌƐ ĐůƵƐƚĞƌƐ ;ĠǀğŶĞŵĞŶƚƐ ƚƌĂŶƐŵĠĚŝĂƐͿ ĚĞ ůĂ ƉƌĞŵŝğƌĞ ƐĞŵĂŝŶĞ ĚĞ ƐĞƉƚĞŵďƌĞ ϮϬϭϭ͕ ƌĞƉƌĠƐĞŶƚĂŶƚ ůĞƐ ƉƌŝŵĂŝƌĞƐ ƐŽĐŝĂůŝƐƚĞƐ͕ ůΖh^ KƉĞŶ͕ Ğƚ ůĞ ƐĐĂŶĚĂůĞ ĚƵ DĠĚŝĂƚŽƌ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϲ DĞŝůůĞƵƌƐ ĠǀğŶĞŵĞŶƚƐ ƚƌĂŶƐŵĠĚŝĂƐ ĚĠƚĞĐƚĠƐ ƉŽƵƌ ůĞƐ ƐĞŵĂŝŶĞƐ ĚƵ ϭϮ ƐĞƉƚĞŵďƌĞ͕ ϯ ŽĐƚŽďƌĞ͕ ϭϳ ŽĐƚŽďƌĞ Ğƚ ϭϰ ŶŽǀĞŵďƌĞ ϮϬϭϭ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϳ /ůůƵƐƚƌĂƟŽŶ ĚĞ ůĂ ŵĠƚŚŽĚĞ ƉƌŽƉŽƐĠĞ ƉŽƵƌ ƐƵŐŐĠƌĞƌ ĚĞƐ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ ĚĂŶƐ ůΖŝŵĂŐĞ I4 ͘ >ĞƐ ŐĞƌŵĞƐ S2 ͕ S5 Ğƚ S9 ĂƉƉĂƌƟĞŶŶĞŶƚ ă ƵŶ ƉƌĞŵŝĞƌ ĐůƵƐƚĞƌ ;ĞŶ ďůĞƵͿ͕ ƚĂŶĚŝƐ ƋƵĞ S3 ͕ S6 Ğƚ S8 ĂƉƉĂƌƟĞŶŶĞŶƚ ă ƵŶ ƐĞĐŽŶĚ ;ĞŶ ǀĞƌƚͿ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ 'ĠŶĠƌĂƟŽŶ ĚĞƐ ĨĞŶġƚƌĞƐ ƌĞĐƚĂŶŐƵůĂŝƌĞƐ ƉŽƵƌ ůĂ ƐƵŐŐĞƐƟŽŶ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĂƵ ƐƵƌǀŽů ĚĞ ůĂ ƐŽƵƌŝƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ 'ĠŶĠƌĂƟŽŶ ĚĞƐ ŵŝŶŝĂƚƵƌĞƐ ƉĂƌ ƌĞĐĂĚƌĂŐĞ ƉŽƵƌ ůĂ ƐƵŐŐĞƐƟŽŶ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĞŶ ĐŽŵƉůĠͲ ŵĞŶƚ ĚΖƵŶĞ ƌĞƋƵġƚĞ ƚĞdžƚƵĞůůĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ĂƉƚƵƌĞ ĚΖĠĐƌĂŶ ĚĞ ůΖŝŶƚĞƌĨĂĐĞ ĚĞ ƐƵŐŐĞƐƟŽŶ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĂƵ ƐƵƌǀŽů ĚĞ ůĂ ƐŽƵƌŝƐ ͘ ͘ ͘ ͘ ͘. ϴ. ϭϮϮ ϭϮϰ ϭϮϱ ϭϮϲ.
(10) >ŝƐƚĞ ĚĞƐ ƚĂďůĞĂƵdž Ϯ͘ϭ. ŽŵƉĂƌĂŝƐŽŶ ĚĞƐ ƐLJƐƚğŵĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƉĂƌ ůĞ ĐŽŶƚĞŶƵ ƐƵƌ KdžĨŽƌĚ ƵŝůĚŝŶŐƐ Ğƚ ĞůŐĂ>ŽŐŽƐ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϰϱ. ϰ͘ϭ. ŽŵƉĂƌĂŝƐŽŶ ĚĞƐ ƚĞŵƉƐ ĚĞ ĐĂůĐƵů ;ĞŶ ƐĞĐŽŶĚĞƐͿ ĚĞ <D Ğƚ ZDD,͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϲϲ. ϱ͘ϭ. EŽŵďƌĞ ĚĞ ĚĠƚĞĐƟŽŶƐ ƉĂƌ ĐĂƚĠŐŽƌŝĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘. ϳϯ. ϲ͘ϭ. ZĠŐůĂŐĞ ĚƵ ƉĂƌĂŵğƚƌĞ τˆ ŽƉƟŵƵŵ ƚŚĠŽƌŝƋƵĞ ĞŶ ĨŽŶĐƟŽŶ ĚĞ L͕ Ğƚ τ ƵƟůŝƐĠ ĞŶ ƉƌĂƟƋƵĞ͘ ͘ ͘. ϴϴ. ϳ͘ϭ ϳ͘Ϯ. >ŽŐŽƐ ƉƌĠƐĞŶƚƐ ĚĂŶƐ ůĂ ǀĠƌŝƚĠ ƚĞƌƌĂŝŶ ĚĞ ůĂ ďĂƐĞ ĞůŐĂ>ŽŐŽƐ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϵϲ dĞŵƉƐ Ğƚ ĂĐĐĠůĠƌĂƟŽŶ ;ĞŶ ǀĞƌƚͿ ŽďƚĞŶƵƐ ĂǀĞĐ ĚŝīĠƌĞŶƚƐ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ͘ ͘ ͘ ͘ ͘ ͘ ϭϬϯ. ϴ͘ϭ. DĞŝůůĞƵƌƐ ĠǀğŶĞŵĞŶƚƐ ĚĠĐŽƵǀĞƌƚƐ ;ƉůƵƐ ŐƌŽƐ ƐĐŽƌĞƐ SͿ͕ ƉĂƌ ĐĂƚĠŐŽƌŝĞ ;ƉĞƟƚ͕ ŵŽLJĞŶ͕ ŐƌŽƐͿ͕ ĚĂŶƐ ůĞƐ Ϯ Ϭϱϭ ŚĞƵƌĞƐ ĚĞ ƚĠůĠǀŝƐŝŽŶ &ƌĂŶĕĂŝƐĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ϭϭϰ. ϵ.
(11)
(12) ŚƩƉ ͗ͬͬƚŚĞĐŽƐƚŽŅŶŽǁůĞĚŐĞ͘ĐŽŵ WĂƌ ĐĞƩĞ ŽĐĐĂƐŝŽŶ͕ ũĞ ƐŽƵŚĂŝƚĞ ƚĠŵŽŝŐŶĞƌ ĚĞ ŵŽŶ ƌĞĨƵƐ ĚĞ ƉĂƌƟĐŝƉĞƌ ă ůΖĞŶƌŝĐŚŝƐƐĞŵĞŶƚ ĚĞ ĐĞƌƚĂŝŶƐ ĠĚŝƚĞƵƌƐ ƐĐŝĞŶƟĮƋƵĞƐ ĐŽŵŵĞ ůƐĞǀŝĞƌ͕ ^ƉƌŝŶŐĞƌ sĞƌůĂŐ͕ ƐƐŽĐŝĂƟŽŶ ĨŽƌ ŽŵƉƵƟŶŐ DĂĐŚŝŶĞƌLJ͕ / WƵďůŝĐĂƟŽŶƐ͕ ŽƵ ƚŽƵƚ ĂƵƚƌĞ ĠĚŝƚĞƵƌ ŶĞ ƉƌĂƟƋƵĂŶƚ ƉĂƐ ĚĞƐ ƚĂƌŝĨƐ ă ůĂ ŵĞƐƵƌĞ ĚĞ ƐĞƐ ĨƌĂŝƐ ĚĞ ĨŽŶĐƟŽŶŶĞŵĞŶƚ͘. ϭϭ.
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(14) ZĞŵĞƌĐŝĞŵĞŶƚƐ :Ğ ƟĞŶƐ ƚŽƵƚ ĚΖĂďŽƌĚ ă ƌĞŵĞƌĐŝĞƌ ĐŚĂůĞƵƌĞƵƐĞŵĞŶƚ ůĞdžŝƐ :ŽůLJ Ğƚ KůŝǀŝĞƌ ƵŝƐƐŽŶ͕ ƋƵŝ ŵΖŽŶƚ ĞŶĐĂĚƌĠ ƉĞŶĚĂŶƚ ĐĞƐ ƚƌŽŝƐ ĚĞƌŶŝğƌĞƐ ĂŶŶĠĞƐ͘ :ΖĂŝ ĠŶŽƌŵĠŵĞŶƚ ĂƉƉƌŝƐ ă ůĞƵƌƐ ĐŽƚĠƐ͕ Ğƚ ũĞ ůĞƵƌ ĞŶ ƐƵŝƐ ĞdžƚƌġŵĞŵĞŶƚ ƌĞĐŽŶŶĂŝƐƐĂŶƚ͘ :ΖĂŝŵĞƌĂŝƐ ĠŐĂůĞŵĞŶƚ ƚĠŵŽŝŐŶĞƌ ƚŽƵƚĞ ŵĂ ŐƌĂƟƚƵĚĞ ă EŽnjŚĂ ŽƵũĞŵĂĂ͕ ƋƵŝ Ă ĂĐĐĞƉƚĠ ĚĞ ĚŝƌŝŐĞƌ ŵĂ ƚŚğƐĞ Ğƚ ƋƵŝ ŵΖĂ ĂĐĐƵĞŝůůŝ ĚĂŶƐ ůΖĠƋƵŝƉĞ /D / ĚĞ ůΖ/EZ/ ZŽĐƋƵĞŶĐŽƵƌƚ͘ DĞƌĐŝ ă DĂƌŝĞͲ>ƵĐĞ sŝĂƵĚ͕ ŐŶğƐ ^ĂƵůŶŝĞƌ͕ ĞŶũĂŵŝŶ ZĞŶŽƵƐƚ Ğƚ :ĞĂŶͲ ƟĞŶŶĞ EŽŝƌĠ ƉŽƵƌ ůĞƐ ďŽŶƐ ŵŽŵĞŶƚƐ ƉĂƐƐĠƐ ă ůΖ/ŶĂ͘ ƚ ŵĞƌĐŝ ă ĐĞƵdž ƋƵŝ ŵΖŽŶƚ ĂŝĚĠ Ğƚ ĐŽŶƐĞŝůůĠ ĂƵ ĐŽƵƌƐ ĚĞ ŵĂ ƚŚğƐĞ͕ ũĞ ǀĞƵdž ƉĂƌůĞƌ ĚĞ &ĠůŝĐŝĞŶ sĂůůĞƚ͕ EŝĐŽůĂƐ ,ĞƌǀĠ͕ >ŽƵŝƐ >ĂďŽƌĞůůŝ Ğƚ ďĞĂƵĐŽƵƉ ĚΖĂƵƚƌĞƐ ƋƵŝ ũĞ ůΖĞƐƉğƌĞ ŶĞ ŵΖĞŶ ǀŽƵĚƌŽŶƚ ƉĂƐ͘ DĞƌĐŝ ă ŵĞů ,ĂŵnjĂŽƵŝ Ğƚ :ƵůŝĞŶ ŚĂŵƉ ĂǀĞĐ ƋƵŝ ŝů Ă ĠƚĠ ƵŶ ƌĠĞů ƉůĂŝƐŝƌ ĚĞ ĐŽůůĂďŽƌĞƌ͘ :ΖĂŝŵĞƌĂŝƐ ƌĞŵĞƌĐŝĞƌ 'ŝůďĞƌƚ 'ĂƌŶŝĞƌ͕ /ƐĂďĞůůĞ ůŽĐŚ͕ ^ĠǀĞƌŝŶĞ ƵďƵŝƐƐŽŶ Ğƚ EĂũŝď 'ĂĚŝ͕ ƉŽƵƌ ŵΖĂǀŽŝƌ ĂŝĚĠ Ğƚ ƉŽƵƐƐĠ ă ĂůůĞƌ ƉůƵƐ ůŽŝŶ ƚŽƵƚ ĂƵ ůŽŶŐ ĚĞ ŵĞƐ ƐƚĂŐĞƐ Ğƚ ĠƚƵĚĞƐ͘ ŶĮŶ͕ ũĞ ŶĞ ƉĞƵdž ƉĂƐ ĮŶŝƌ ĐĞƐ ƌĞŵĞƌĐŝĞŵĞŶƚƐ ƐĂŶƐ ƉĞŶƐĞƌ ă ŵĞƐ ƉĂƌĞŶƚƐ Ğƚ ă ŵŽŶ ĨƌğƌĞ͕ ƋƵŝ ŵΖŽŶƚ ƐŽƵƚĞŶƵ ĚĞƉƵŝƐ ůĞ ĚĠďƵƚ͕ Ğƚ ƋƵŝ ŵΖŽŶƚ ĚŽŶŶĠ ůĂ ĐŚĂŶĐĞ ĚĞ ƉŽƵǀŽŝƌ ŵΖĂĐĐŽŵƉůŝƌ͘ DĞƌĐŝ ă ƚŽƵƐ ĐĞƵdž ƋƵŝ ĂƵƌŽŶƚ ůĞ ĐŽƵƌĂŐĞ ĚĞ ůŝƌĞ ĐĞƩĞ ƚŚğƐĞ ĞŶ ĞŶƟĞƌ͕ Ğƚ ĞŶ ƉĂƌƟĐƵůŝĞƌ ŵĞƐ ƌĂƉƉŽƌƚĞƵƌƐ ͊. ϭϯ.
(15)
(16) ŚĂƉŝƚƌĞ ϭ. /ŶƚƌŽĚƵĐƟŽŶ RXR. JQiBp iBQMb. >Ζ/ŶĂ Ϸ ŐğƌĞ ĂĐƚƵĞůůĞŵĞŶƚ ĞŶǀŝƌŽŶ ϱ ŵŝůůŝŽŶƐ ĚΖŚĞƵƌĞƐ ĚĞ ƚĠůĠǀŝƐŝŽŶ Ğƚ ƌĂĚŝŽ͕ Ğƚ ƉůƵƐ ĚΖƵŶ ŵŝůůŝŽŶ ĚĞ ƉŚŽƚŽŐƌĂƉŚŝĞƐ͘ ŚĂƋƵĞ ĂŶŶĠĞ ƐΖLJ ĂũŽƵƚĞŶƚ ϴϬϬ ŵŝůůĞ ŚĞƵƌĞƐ ĚĞ ƉůƵƐ͕ ƐŽŝƚ ƉůƵƐ ĚĞ Ϯ ϬϬϬ ŚĞƵƌĞƐ ƉĂƌ ũŽƵƌ͘ &ůŝĐŬƌ ĚĠƟĞŶƚ ĞŶǀŝƌŽŶ ϱ ŵŝůůŝĂƌĚƐ ĚĞ ƉŚŽƚŽŐƌĂƉŚŝĞƐ͕ &ĂĐĞŬ ƉůƵƐ ĚĞ ϭϬ ŵŝůůŝĂƌĚƐ͕ ĂǀĞĐ ƵŶĞ ĐƌŽŝƐƐĂŶĐĞ ĚĞ ĐĞŶƚ ŵŝůůŝŽŶƐ ĐŚĂƋƵĞ ŵŽŝƐ͘ ŶǀŝƌŽŶ ϯϱ ŚĞƵƌĞƐ ĚĞ ǀŝĚĠŽƐ ƐŽŶƚ ĞŶǀŽLJĠĞƐ ƐƵƌ zŽƵdƵďĞ ĐŚĂƋƵĞ ŵŝŶƵƚĞ͘ >ΖĂĐĐƌŽŝƐƐĞŵĞŶƚ ĚƵ ŶŽŵďƌĞ ĚĞ ĚŽŶŶĠĞƐ ǀŝƐƵĞůůĞƐ ă ĂƌĐŚŝǀĞƌ ŝŵƉŽƐĞ ĚĞƐ ĐŽŶƚƌĂŝŶƚĞƐ ĚĞ ƉƌŽĚƵĐƟǀŝƚĠ ŶŽƵǀĞůůĞƐ ƐƵƌ ůĂ ĚŽĐƵŵĞŶƚĂƟŽŶ͘ /ů ĚĞǀŝĞŶƚ ĂŝŶƐŝ ĚĞ ƉůƵƐ ĞŶ ƉůƵƐ ĚŝĸĐŝůĞ ĚΖĂŶŶŽƚĞƌ ŵĂŶƵĞůůĞŵĞŶƚ ůĞƐ ĚŽĐƵŵĞŶƚƐ ĂƌĐŚŝǀĠƐ͕ ĚĞ ƉĂƌ ůĞ ǀŽůƵŵĞ ĚĞ ĚŽŶŶĠĞƐ͕ ŵĂŝƐ ĠŐĂůĞŵĞŶƚ ƉĂƌ ůΖĠǀŽůƵƟŽŶ ĚĞ ůĂ ĮŶĞƐƐĞ ĚĞ ĚĞƐĐƌŝƉƟŽŶ͘ WůƵƐ ůĂ ŵĂƐƐĞ ĚΖŝŶĨŽƌŵĂƟŽŶƐ ĂƵŐŵĞŶƚĞ͕ Ğƚ ƉůƵƐ ůĞ ŶŽŵďƌĞ ĚΖŽĐĐƵƌƌĞŶĐĞƐ ĚΖƵŶ ŽďũĞƚ ǀŝƐƵĞů ĚŽŶŶĠ ĂƵŐŵĞŶƚĞ ĞŶ ĐŽŶƐĠƋƵĞŶĐĞ͘ hŶ ĠůĠŵĞŶƚ ũƵƐƋƵΖĂůŽƌƐ ŝŶĐŽŶŶƵ͕ ĚĞǀŝĞŶƚ ĂůŽƌƐ ƉŽƚĞŶƟĞůůĞŵĞŶƚ ƌĞŵĂƌƋƵĂďůĞ͕ ă ƉĂƌƟƌ ĚƵ ŵŽŵĞŶƚ Žƶ ĐĞ ŶŽŵďƌĞ ĚΖĂƉƉĂƌŝƟŽŶƐ ĚĠƉĂƐƐĞ ƵŶ ĐĞƌƚĂŝŶ ƐĞƵŝů͘ ůΖ/ŶĂ͕ ƉůƵƐ ĚΖƵŶĞ ĐĞŶƚĂŝŶĞ ĚĞ ĚŽĐƵŵĞŶƚĂůŝƐƚĞƐ ƚƌĂǀĂŝůůĞŶƚ ĐŚĂƋƵĞ ũŽƵƌ ă ůΖĂŶŶŽƚĂƟŽŶ ŵĂŶƵĞůůĞ ĚĞƐ ƉƌŽŐƌĂŵŵĞƐ ă ĂƌĐŚŝǀĞƌ͘ >ΖƵŶĞ ĚĞ ůĞƵƌƐ ĂĐƟǀŝƚĠƐ ĐŽŶƐŝƐƚĞ͕ ƉŽƵƌ ĐŚĂƋƵĞ ƉƌŽŐƌĂŵŵĞ ƚĠůĠǀŝƐĠ͕ ă ĨŽƵƌŶŝƌ ĚĞƐ ŵŽƚƐ ĐůĠƐ ;ƉĞƌƐŽŶŶĂůŝƚĠƐ͕ ůŝĞƵdž͕ ƚŚğŵĞƐͿ ŝƐƐƵƐ ĚΖƵŶ ƚŚĠƐĂƵƌƵƐ͕ ĂŝŶƐŝ ƋƵĞ ĚĞƐ ŝŵĂŐĞƐ ƌĞƉƌĠƐĞŶƚĂƟǀĞƐ ĚƵ ƉƌŽŐƌĂŵŵĞ͘ >ĞƐ ƉůĂƚĞĨŽƌŵĞƐ ĚΖŚĠďĞƌŐĞŵĞŶƚ ĚĞ ǀŝĚĠŽƐ ;ĐŽŵŵĞ zŽƵdƵďĞ͕ ĂŝůLJŵŽƟŽŶ͕ ĞƚĐ͘Ϳ ƵƟůŝƐĞŶƚ ŐĠŶĠƌĂůĞŵĞŶƚ ƵŶ ƐLJƐƚğŵĞ ĚĞ ŵĠƚĂĚŽŶŶĠĞƐ ŐĠŶĠƌĠĞƐ ƉĂƌ ůĞƐ ƵƟůŝƐĂƚĞƵƌƐ ĞƵdžͲŵġŵĞƐ͘ >Ğ ĚĠǀĞůŽƉƉĞŵĞŶƚ ĚΖŽƵƟůƐ ĂƵƚŽŵĂƟƋƵĞƐ Ğƚ ƐĞŵŝͲĂƵƚŽŵĂƟƋƵĞƐ ƉŽƵƌ ĂƐƐŝƐƚĞƌ ĐĞ ƚƌĂǀĂŝů ĚΖĂŶŶŽƚĂƟŽŶ ĞƐƚ ĚĠƐŽƌŵĂŝƐ ŝŶĚŝƐƉĞŶƐĂďůĞ ĂĮŶ ĚΖĞdžƉůŽŝƚĞƌ ĂƵ ŵŝĞƵdž ůĂ ƚƌğƐ ŐƌĂŶĚĞ ƋƵĂŶƟƚĠ ĚΖŝŶĨŽƌŵĂƟŽŶƐ ĚŝƐƉŽŶŝďůĞƐ͘ >ΖƵŶ ĚĞƐ ƐLJƐƚğŵĞƐ ĚĞ ĨŽƵŝůůĞ ĚΖŝŵĂŐĞƐ ĂLJĂŶƚ ĂĐƋƵŝƐ ƵŶĞ ĐĞƌƚĂŝŶĞ ŶŽƚŽƌŝĠƚĠ ĂƵƉƌğƐ ĚƵ ƉƵďůŝĐ ĞƐƚ ůĞ ůŽŐŝĐŝĞů WŝĐĂƐĂ ϸ͕ ƉĞƌŵĞƩĂŶƚ ůĂ ĚĠƚĞĐƟŽŶ Ğƚ ůĂ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞ ǀŝƐĂŐĞƐ͘ ŝĞŶ ƋƵĞ ƌĞŵƉůŝƐƐĂŶƚ ƉĂƌĨĂŝƚĞŵĞŶƚ ƐŽŶ ƌƀůĞ͕ ůΖĂƉƉůŝĐĂƟŽŶ ƌĞƐƚĞ ůŝŵŝƚĠĞ ĂƵdž ǀŝƐĂŐĞƐ͕ Ğƚ ŶĞ ŐğƌĞ ƉĂƐ ůĂ ĚĠĐŽƵǀĞƌƚĞ ĚĞ ůŝĞƵdž ĨƌĠƋƵĞŶƚƐ ;ĨĂĕĂĚĞƐ ĚĞ ďąƟŵĞŶƚƐ͕ ĚĠĐŽƌƐ͕ ƐĐğŶĞƐ͕ ĞƚĐ͘Ϳ ŽƵ ĚΖŽďũĞƚƐ ĚΖŝŶƚĠƌġƚƐ ĚŝǀĞƌƐ͕ ĂƵƚĂŶƚ ĚΖŝŶĨŽƌŵĂƟŽŶƐ ƋƵŝ ƉŽƵƌƌĂŝĞŶƚ ƉĞƌŵĞƩƌĞ ĂƵdž ƵƟůŝƐĂƚĞƵƌƐ ĚĞ ŵŝĞƵdž ŶĂǀŝŐƵĞƌ ĚĂŶƐ ůĞƵƌƐ ŵŝůůŝĞƌƐ ĚĞ ƉŚŽƚŽŐƌĂƉŚŝĞƐ͘ ϭ͘ /ŶƐƟƚƵƚ EĂƟŽŶĂů ĚĞ ůΖƵĚŝŽǀŝƐƵĞů ͗ ŚƩƉ ͗ͬͬǁǁǁ͘ŝŶĂ͘Ĩƌ Ϯ͘ ŚƩƉ ͗ͬͬƉŝĐĂƐĂ͘ŐŽŽŐůĞ͘ĐŽŵͬ. ϭϱ.
(17) ,W/dZ ϭ͘ /EdZKhd/KE. KƵƚƌĞ ůĞƐ ƉŚŽƚŽŐƌĂƉŚĞƐ Ğƚ ůĞƐ ĨŽƵƌŶŝƐƐĞƵƌƐ ĚĞ ĐŽŶƚĞŶƵ ǀŝƐƵĞů͕ ůĂ ĨŽƵŝůůĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ƉĞƵƚ ĠŐĂůĞŵĞŶƚ ŝŶƚĠƌĞƐƐĞƌ ůĞƐ ũŽƵƌŶĂůŝƐƚĞƐ Ğƚ ůĞƐ ƐŽĐŝŽůŽŐƵĞƐ ĚĠƐŝƌĞƵdž ĚΖĂŶĂůLJƐĞƌ ůĞ ĐŽŶƚĞŶƵ ǀŝƐƵĞů ĚĞƐ ŵĠĚŝĂƐ͕ ĂĮŶ ĚĞ ĚĠƚĞĐƚĞƌ ůĞƐ ĠǀĠŶĞŵĞŶƚƐ ŵĠĚŝĂƟƋƵĞƐ͕ ĚĞ ŵĞƐƵƌĞƌ ůĞ ƐƵŝǀŝ ĚĞ ůΖŝŶĨŽƌŵĂƟŽŶ͕ ĞƚĐ͘. RXk. S`Q#HûK iB[m2. ĞƐ ĚĞƌŶŝğƌĞƐ ĂŶŶĠĞƐ͕ ƐŽŶƚ ĂƉƉĂƌƵĞƐ ĚĞƐ ƚĞĐŚŶŝƋƵĞƐ ĚΖĂŶĂůLJƐĞ Ğƚ ĚΖŝŶĚĞdžĂƟŽŶ ĚĞ ĐŽŶƚĞŶƵ ǀŝƐƵĞů ŽƵ ĂƵĚŝŽ͕ ƉĞƌŵĞƩĂŶƚ ĚΖĞīĞĐƚƵĞƌ ĚĞƐ ƌĞĐŚĞƌĐŚĞƐ Ğƚ ĚĞ ůĂ ĨŽƵŝůůĞ ĚĞ ĚŽŶŶĠĞƐ ĚĂŶƐ ĚĞ ŐƌĂŶĚƐ ǀŽůƵŵĞƐ ĚĞ ĐŽŶƚĞŶƵ ǀŝĚĠŽ͘ >ΖŽďũĞĐƟĨ ƉƌŝŶĐŝƉĂů ĚĞ ĐĞƩĞ ƚŚğƐĞ ĞƐƚ ůĂ ĚĠĐŽƵǀĞƌƚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĨƌĠƋƵĞŶƚƐ ĚĂŶƐ ĚĞ ŐƌĂŶĚĞƐ ĐŽůůĞĐƟŽŶƐ ŵƵůƟŵĠĚŝĂƐ ;ŝŵĂŐĞƐ ŽƵ ǀŝĚĠŽƐͿ͘ ŽŵŵĞ ĚĂŶƐ ĚĞ ŶŽŵďƌĞƵdž ĚŽŵĂŝŶĞƐ ;ĮŶĂŶĐĞ͕ ŐĠŶĠƟƋƵĞ͕ ĞƚĐ͘Ϳ͕ ŝů ƐΖĂŐŝƚ ĚΖĞdžƚƌĂŝƌĞ ƵŶĞ ĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞ ŵĂŶŝğƌĞ ĂƵƚŽŵĂƟƋƵĞ ŽƵ ƐĞŵŝͲĂƵƚŽŵĂƟƋƵĞ ĞŶ ƵƟůŝƐĂŶƚ ůĂ ĨƌĠƋƵĞŶĐĞ ĚΖĂƉƉĂƌŝƟŽŶ ĚΖƵŶ ŽďũĞƚ ĂƵ ƐĞŝŶ ĚΖƵŶ ĐŽƌƉƵƐ ĐŽŵŵĞ ĐƌŝƚğƌĞ ĚĞ ƉĞƌƟŶĞŶĐĞ͘ ĂŶƐ ůĞ ĐĂƐ ǀŝƐƵĞů͕ ůĞ ƉƌŽďůğŵĞ ĞƐƚ ĚŝīĠƌĞŶƚ ĚĞ ůĂ ĨŽƵŝůůĞ ĚĞ ĚŽŶŶĠĞƐ ĐůĂƐƐŝƋƵĞ ;E͕ ƚĞdžƚƵĞů͕ ĞƚĐ͘Ϳ ƉƵŝƐƋƵĞ ůĞƐ ŝŶƐƚĂŶĐĞƐ ĚΖĂƉƉĂƌŝƟŽŶ ĚΖƵŶ ŵġŵĞ ŽďũĞƚ ŶĞ ĐŽŶƐƟƚƵĞŶƚ ƉĂƐ ĚĞƐ ĞŶƟƚĠƐ ŝĚĞŶƟƋƵĞƐ ŵĂŝƐ ĚŽŝǀĞŶƚ ġƚƌĞ ĂƉƉĂƌŝĠĞƐ͘ ĞƩĞ ĚŝĸĐƵůƚĠ ĞdžƉůŝƋƵĞ ĠŐĂůĞŵĞŶƚ ƉŽƵƌƋƵŽŝ ŶŽƵƐ ŶŽƵƐ ĨŽĐĂůŝƐŽŶƐ ƐƵƌ ůĂ ĚĠĐŽƵǀĞƌƚĞ ĚĞƐ ŽďũĞƚƐ ƌŝŐŝĚĞƐ ;ůŽŐŽƐ͕ ŽďũĞƚƐ ŵĂŶƵĨĂĐƚƵƌĠƐ͕ ĚĠĐŽƌƐ͕ ďąƟŵĞŶƚƐ͕ ĞƚĐ͘Ϳ͕ Ğƚ ŶŽŶ ĚĞƐ ĐůĂƐƐĞƐ ;ĐĂƚĠŐŽƌŝĞƐͿ ĚΖŽďũĞƚƐ ĚĞ ƉůƵƐ ŚĂƵƚ ŶŝǀĞĂƵ ƐĠŵĂŶƟƋƵĞ ;ŵĂŝƐŽŶ͕ ǀŽŝƚƵƌĞ͕ ĐŚŝĞŶ͕ ĞƚĐ͘Ϳ͘ dŽƵƚ ĐŽŵŵĞ ĞŶ ƉƌŽŐƌĂŵŵĂƟŽŶ ŽƌŝĞŶƚĠĞ ŽďũĞƚ͕ ƵŶĞ ĐůĂƐƐĞ ĞƐƚ ƵŶĞ ĐĂƚĠŐŽƌŝĞ ĚĠĮŶŝƐƐĂŶƚ ƵŶ ĐŽŶĐĞƉƚ ;ƉŽƵǀĂŶƚ ĂƉƉĂƌĂŠƚƌĞ ƐŽƵƐ ĚŝīĠƌĞŶƚĞƐ ĨŽƌŵĞƐͿ͕ ƚĂŶĚŝƐ ƋƵΖƵŶĞ ŝŶƐƚĂŶĐĞ ĚΖŽďũĞƚ ĞƐƚ ƵŶĞ ƌĞƉƌĠƐĞŶƚĂƟŽŶ ĚĞ ĐĞƚ ŽďũĞƚ͘ ŝŶƐŝ͕ ŽŶ ĚŝƐƟŶŐƵĞ ƉĂƌ ĞdžĞŵƉůĞ ůĂ ĐůĂƐƐĞ ͨ ŵĂŝƐŽŶ ͩ ;ǀŽŝƌ ĮŐƵƌĞ ϭ͘ϭͿ͕ ĚĞ ůΖŝŶƐƚĂŶĐĞ ͨ ůĂ ŵĂŝƐŽŶ ďůĂŶĐŚĞ ͩ ;ǀŽŝƌ ĮŐƵƌĞ ϭ͘Ϯ ƉĂŐĞ ƐƵŝǀĂŶƚĞͿ͘. ;ĂͿ ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ ;ďͿ ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ ;ĐͿ ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ ͲzͲ Ϯ͘Ϭ͕ :ĞĂŶͲWŽů 'ZEDKEd ͲzͲ^Ͳϯ͘Ϭ͕ :ŝͲ ůůĞ ^Ͳϯ͘Ϭ͕ ^ƉĞĚŽŶĂ. &®¦çÙ ϭ͘ϭ ʹ WůƵƐŝĞƵƌƐ ŝŶƐƚĂŶĐĞƐ ĚΖŽďũĞƚƐ ĚĞ ůĂ ĐůĂƐƐĞ ͨ ŵĂŝƐŽŶ ͩ ŝĞŶ ƋƵĞ ůĞƐ ƚĞĐŚŶŝƋƵĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ƌŝŐŝĚĞƐ ĂŝĞŶƚ ĂƩĞŝŶƚ ƵŶĞ ĐĞƌƚĂŝŶĞ ŵĂƚƵƌŝƚĠ͕ ůĞ ƉƌŽďůğŵĞ ĚĞ ůĂ ĚĠĐŽƵǀĞƌƚĞ ŶŽŶ ƐƵƉĞƌǀŝƐĠĞ ĚΖŝŶƐƚĂŶĐĞƐ ĚΖŽďũĞƚƐ ĚĂŶƐ ĚĞƐ ŐƌĂŶĚĞƐ ĐŽůůĞĐƟŽŶƐ ĚΖŝŵĂŐĞƐ ĞƐƚ ă ůΖŚĞƵƌĞ ĂĐƚƵĞůůĞ ĞŶĐŽƌĞ ĚŝĸĐŝůĞ͘ ΖƵŶĞ ƉĂƌƚ ƉĂƌĐĞ ƋƵĞ ůĞƐ ŵĠƚŚŽĚĞƐ ĂĐƚƵĞůůĞƐ ŶĞ ƐŽŶƚ ƉĂƐ ĂƐƐĞnj ĞĸĐĂĐĞƐ Ğƚ ƉĂƐƐĞŶƚ ĚŝĸĐŝůĞŵĞŶƚ ă ůΖĠĐŚĞůůĞ͘ ΖĂƵƚƌĞ ƉĂƌƚ ƉĂƌĐĞ ƋƵĞ ůĞ ƌĂƉƉĞů Ğƚ ůĂ ƉƌĠĐŝƐŝŽŶ ƐŽŶƚ ĞŶĐŽƌĞ ŝŶƐƵĸƐĂŶƚƐ ƉŽƵƌ ĚĞ ŶŽŵďƌĞƵdž ŽďũĞƚƐ͘ WĂƌƟĐƵůŝğƌĞŵĞŶƚ ĐĞƵdž ĂLJĂŶƚ ƵŶĞ ƚĂŝůůĞ ƚƌğƐ ƌĞƐƚƌĞŝŶƚĞ ƉĂƌ ƌĂƉƉŽƌƚ ă ůΖŝŶĨŽƌŵĂƟŽŶ ǀŝƐƵĞůůĞ ĐŽŶƚĞdžƚƵĞůůĞ ƋƵŝ ƉĞƵƚ ġƚƌĞ ƚƌğƐ ƌŝĐŚĞ ;ƉĂƌ ĞdžĞŵƉůĞ ůĞ ůŽŐŽ ĚΖƵŶ ƉĂƌƟ ƉŽůŝƟƋƵĞ. ϭϲ.
(18) ,W/dZ ϭ͘ /EdZKhd/KE. ĂƉƉĂƌĂŝƐƐĂŶƚ ƉŽŶĐƚƵĞůůĞŵĞŶƚ ĚĂŶƐ ƵŶ ƐƵũĞƚ ĚĞ ũŽƵƌŶĂů ƚĠůĠǀŝƐĠͿ͘. ;ĂͿ ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ Ͳ ;ďͿ ĐĞƌƚĂŝŶƐ ĚƌŽŝƚƐ ƌĠƐĞƌǀĠƐ͕ ůŝĐĞŶĐĞ ͲzͲ zͲ^Ͳϯ͘Ϭ͕ DĂƩ tĂĚĞ ^Ͳϯ͘Ϭ͕ ĂĐŚ ZƵĚŝƐŝŶ. ;ĐͿ. &®¦çÙ ϭ͘Ϯ ʹ WůƵƐŝĞƵƌƐ ŝŶƐƚĂŶĐĞƐ ĚĞ ůΖŽďũĞƚ ͨ ůĂ ŵĂŝƐŽŶ ďůĂŶĐŚĞ ͩ. RXj. *QMi`B#miBQMb. hŶĞ ƉƌĞŵŝğƌĞ ĐŽŶƚƌŝďƵƟŽŶ ĚĞ ůĂ ƚŚğƐĞ ĞƐƚ ĚĞ ĨŽƵƌŶŝƌ ƵŶ ĨŽƌŵĂůŝƐŵĞ ĂƵdž ƉƌŽďůğŵĞƐ ĚĞ ĚĠĐŽƵǀĞƌƚĞ Ğƚ ĚĞ ĨŽƵŝůůĞ ĚΖŝŶƐƚĂŶĐĞƐ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ĨƌĠƋƵĞŶƚƐ͘ ĞƐ ĚĞƵdž ƉƌŽďůğŵĞƐ ƐŽŶƚ ĞŶ ĞīĞƚ ĚĠĮŶŝƐ ĚĞ ŵĂŶŝğƌĞ ƚƌğƐ ĐŽŶĨƵƐĞ ĚĂŶƐ ůĞƐ ƋƵĞůƋƵĞƐ ƚƌĂǀĂƵdž ƌĠĐĞŶƚƐ ĚĞ ůĂ ůŝƩĠƌĂƚƵƌĞ ůĞƐ ĂďŽƌĚĂŶƚ͘ ĞƩĞ ŵŽĚĠůŝƐĂƟŽŶ ŶŽƵƐ Ă ƉĞƌŵŝƐ ĞŶƚƌĞ ĂƵƚƌĞƐ ĐŚŽƐĞƐ ĚĞ ŵĞƩƌĞ ĞŶ ĠǀŝĚĞŶĐĞ ůĞ ůŝĞŶ ĠƚƌŽŝƚ ƋƵŝ ĞdžŝƐƚĞ ĞŶƚƌĞ ůĂ ƚĂŝůůĞ ĚĞƐ ŽďũĞƚƐ ă ĚĠĐŽƵǀƌŝƌ Ğƚ ůĂ ĐŽŵƉůĞdžŝƚĠ ĚƵ ƉƌŽďůğŵĞ ă ƚƌĂŝƚĞƌ͘ >Ă ĚĞƵdžŝğŵĞ ĐŽŶƚƌŝďƵƟŽŶ ĚĞ ůĂ ƚŚğƐĞ ĞƐƚ ƵŶĞ ŵĠƚŚŽĚĞ ŐĠŶĠƌŝƋƵĞ ĚĞ ƌĠƐŽůƵƟŽŶ ĚĞ ĐĞƐ ĚĞƵdž ƚLJƉĞƐ ĚĞ ƉƌŽďůğŵĞƐ͕ ƌĞƉŽƐĂŶƚ ĚΖƵŶĞ ƉĂƌƚ ƐƵƌ ƵŶ ƉƌŽĐĞƐƐƵƐ ŝƚĠƌĂƟĨ ĚΖĠĐŚĂŶƟůůŽŶŶĂŐĞ ĚΖŽďũĞƚƐ ĐĂŶĚŝĚĂƚƐ͕ Ğƚ ĚΖĂƵƚƌĞ ƉĂƌƚ ƐƵƌ ƵŶĞ ŵĠƚŚŽĚĞ ĞĸĐĂĐĞ ĚΖĂƉƉĂƌŝĞŵĞŶƚ ĚΖŽďũĞƚƐ ƌŝŐŝĚĞƐ ă ůĂƌŐĞ ĠĐŚĞůůĞ͘ >ΖŝĚĠĞ ĞƐƚ ĚĞ ĐŽŶƐŝĚĠƌĞƌ ůΖĠƚĂƉĞ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŶƐƚĂŶĐĞƐ ƉƌŽƉƌĞŵĞŶƚ ĚŝƚĞ ĐŽŵŵĞ ƵŶĞ ƐŝŵƉůĞ ďŽŝƚĞ ŶŽŝƌĞ ă ůĂƋƵĞůůĞ ŝů ƐΖĂŐŝƚ ĚĞ ƐŽƵŵĞƩƌĞ ĚĞƐ ƌĠŐŝŽŶƐ ĚΖŝŵĂŐĞƐ ĂLJĂŶƚ ƵŶĞ ƉƌŽďĂďŝůŝƚĠ ĠůĞǀĠĞ ĚΖĂƉƉĂƌƚĞŶŝƌ ă ƵŶ ŽďũĞƚ ĨƌĠƋƵĞŶƚ ĚĞ ůĂ ďĂƐĞ͘ hŶĞ ƉƌĞŵŝğƌĞ ĂƉƉƌŽĐŚĞ ĠƚƵĚŝĠĞ ĚĂŶƐ ůĂ ƚŚğƐĞ ĐŽŶƐŝƐƚĞ ă ƐŝŵƉůĞŵĞŶƚ ĐŽŶƐŝĚĠƌĞƌ ƋƵĞ ƚŽƵƚĞƐ ůĞƐ ƌĠŐŝŽŶƐ ĚΖŝŵĂŐĞƐ ĚĞ ůĂ ďĂƐĞ ƐŽŶƚ ĠƋƵŝƉƌŽďĂďůĞƐ͕ ĂǀĞĐ ĐŽŵŵĞ ŝĚĠĞ ĐŽŶĚƵĐƚƌŝĐĞ ƋƵĞ ůĞƐ ŽďũĞƚƐ ůĞƐ ƉůƵƐ ŝŶƐƚĂŶĐŝĠƐ ƐŽŶƚ ĐĞƵdž ƋƵŝ ĂƵƌŽŶƚ ůĂ ĐŽƵǀĞƌƚƵƌĞ ƐƉĂƟĂůĞ ůĂ ƉůƵƐ ŐƌĂŶĚĞ Ğƚ ĚŽŶĐ ůĂ ƉƌŽďĂďŝůŝƚĠ ůĂ ƉůƵƐ ĠůĞǀĠĞ ĚΖġƚƌĞ ĠĐŚĂŶƟůůŽŶŶĠƐ͘ Ŷ ŐĠŶĠƌĂůŝƐĂŶƚ ĐĞƩĞ ŶŽƟŽŶ ĚĞ ĐŽƵǀĞƌƚƵƌĞ ă ĐĞůůĞ ƉůƵƐ ŐĠŶĠƌŝƋƵĞ ĚĞ ĐŽƵǀĞƌƚƵƌĞ ƉƌŽďĂďŝůŝƐƚĞ͕ ŝů ĞƐƚ ĂůŽƌƐ ƉŽƐƐŝďůĞ ĚĞ ŵŽĚĠůŝƐĞƌ ůĂ ĐŽŵƉůĞdžŝƚĠ ĚĞ ŶŽƚƌĞ ŵĠƚŚŽĚĞ ƉŽƵƌ ƚŽƵƚ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ĚŽŶŶĠ ĞŶ ĞŶƚƌĠĞ͕ Ğƚ ĚĞ ŵŽŶƚƌĞƌ ĂŝŶƐŝ ůΖŝŵƉŽƌƚĂŶĐĞ ĚĞ ĐĞƩĞ ĠƚĂƉĞ͘ >Ă ƚƌŽŝƐŝğŵĞ ĐŽŶƚƌŝďƵƟŽŶ ĚĞ ůĂ ƚŚğƐĞ ƐΖĂƩĂĐŚĞ ƉƌĠĐŝƐĠŵĞŶƚ ă ĐŽŶƐƚƌƵŝƌĞ ƵŶ ƐĐŽƌĞ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ƐΖĂƉƉƌŽĐŚĂŶƚ ĂƵ ŵŝĞƵdž ĚĞ ůĂ ĚŝƐƚƌŝďƵƟŽŶ ƉĂƌĨĂŝƚĞ͕ ƚŽƵƚ ĞŶ ƌĞƐƚĂŶƚ ƐĐĂůĂďůĞ Ğƚ ĞĸĐĂĐĞ͘ ĞƩĞ ĚĞƌŶŝğƌĞ ƌĞƉŽƐĞ ƐƵƌ ƵŶĞ ĂƉƉƌŽĐŚĞ ŽƌŝŐŝŶĂůĞ ĚĞ ŚĂĐŚĂŐĞ ă ĚĞƵdž ŶŝǀĞĂƵdž͕ ƉĞƌŵĞƩĂŶƚ ĚĞ ŐĠŶĠƌĞƌ ĞĸĐĂĐĞŵĞŶƚ ƵŶ ĞŶƐĞŵďůĞ ĚΖĂƉƉĂƌŝĞŵĞŶƚƐ ǀŝƐƵĞůƐ ĚĂŶƐ ƵŶ ƉƌĞŵŝĞƌ ƚĞŵƉƐ͕ Ğƚ ĚΖĠǀĂůƵĞƌ ĞŶƐƵŝƚĞ ůĞƵƌ ƉĞƌƟŶĞŶĐĞ ĞŶ ĨŽŶĐƟŽŶ ĚĞ ĐŽŶƚƌĂŝŶƚĞƐ ŐĠŽŵĠƚƌŝƋƵĞƐ ĨĂŝďůĞƐ͘ >ĞƐ ĞdžƉĠƌŝŵĞŶƚĂƟŽŶƐ ŵŽŶƚƌĞŶƚ ƋƵĞ ĐŽŶƚƌĂŝƌĞŵĞŶƚ ĂƵdž ŵĠƚŚŽĚĞƐ ĚĞ ůΖĠƚĂƚ ĚĞ ůΖĂƌƚ ŶŽƚƌĞ ĂƉƉƌŽĐŚĞ ƉĞƌŵĞƚ ĚĞ ĚĠĐŽƵǀƌŝƌ ĞĸĐĂĐĞŵĞŶƚ ĚĞƐ ŽďũĞƚƐ ĚĞ ƚƌğƐ ƉĞƟƚĞ ƚĂŝůůĞ ĚĂŶƐ ĚĞƐ. ϭϳ.
(19) ,W/dZ ϭ͘ /EdZKhd/KE. ŵŝůůŝŽŶƐ ĚΖŝŵĂŐĞƐ͘ WŽƵƌ ĮŶŝƌ͕ ƉůƵƐŝĞƵƌƐ ƐĐĠŶĂƌŝŽƐ ĚΖĞdžƉůŽŝƚĂƟŽŶ ĚĞƐ ŐƌĂƉŚĞƐ ĚΖĂƉƉĂƌŝĞŵĞŶƚ ǀŝƐƵĞů ƉƌŽĚƵŝƚƐ ƉĂƌ ŶŽƚƌĞ ŵĠƚŚŽĚĞ ƐŽŶƚ ƉƌŽƉŽƐĠƐ Ğƚ ĞdžƉĠƌŝŵĞŶƚĠƐ͘ ĞĐŝ ŝŶĐůƵƚ ůĂ ĚĠƚĞĐƟŽŶ ĚΖĠǀğŶĞŵĞŶƚƐ ŵĠĚŝĂƟƋƵĞƐ ƚƌĂŶƐŵĠĚŝĂ Ğƚ ůĂ ƐƵŐŐĞƐƟŽŶ ĚĞ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ͘. RX9. P`; MBb iBQM /2 H i?ĕb2. >Ă ƚŚğƐĞ ĞƐƚ ŽƌŐĂŶŝƐĠĞ ĞŶ ƚƌŽŝƐ ƉĂƌƟĞƐ͘ >Ă ƉƌĞŵŝğƌĞ Ă ƉŽƵƌ ŽďũĞĐƟĨ ĚĞ ƉĂƐƐĞƌ ĞŶ ƌĞǀƵĞ ůĞƐ ĚŝīĠƌĞŶƚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ;ĐĨ͘ ĐŚĂƉŝƚƌĞ Ϯ ƉĂŐĞ ϮϭͿ Ğƚ ĚĠĐŽƵǀĞƌƚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ;ĐĨ͘ ĐŚĂƉŝƚƌĞ ϯ ƉĂŐĞ ϰϳͿ ĚĞ ůΖĠƚĂƚ ĚĞ ůΖĂƌƚ͘ KŶ ƐΖĂƩĂĐŚĞƌĂ ĞŶ ƉĂƌƟĐƵůŝĞƌ ĚĂŶƐ ůĞ ĐŚĂƉŝƚƌĞ Ϯ ă ĚĠƚĂŝůůĞƌ ůĞƐ ĚŝīĠƌĞŶƚĞƐ ĠƚĂƉĞƐ ĐŽŵƉŽƐĂŶƚ ůĂ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ͕ ƐŽŝƚ ůĂ ĚĞƐĐƌŝƉƟŽŶ͕ ůĞ ƉĂƌƟƟŽŶŶĞŵĞŶƚ ĚĞƐ ǀĞĐƚĞƵƌƐ͕ ůΖŝŶĚĞdžĂƟŽŶ Ğƚ ůĂ ƌĞĐŚĞƌĐŚĞ͕ ĂŝŶƐŝ ƋƵĞ ůĂ ǀĠƌŝĮĐĂƟŽŶ ĚĞ ůĂ ĐŽŚĠƌĞŶĐĞ ŐĠŽŵĠƚƌŝƋƵĞ Ğƚ ůΖĞdžƚĞŶƐŝŽŶ ĚĞ ƌĞƋƵġƚĞƐ͘ ĂŶƐ ůĂ ĚĞƵdžŝğŵĞ ƉĂƌƟĞ͕ ŽŶ ƉƌĠƐĞŶƚĞƌĂ ůĞƐ ĐŽŶƚƌŝďƵƟŽŶƐ ƉƌŝŶĐŝƉĂůĞƐ ĚĞ ĐĞƩĞ ƚŚğƐĞ͕ ă ƚƌĂǀĞƌƐ ƚƌŽŝƐ ĐŚĂƉŝƚƌĞƐ͘ >Ğ ĐŚĂƉŝƚƌĞ ϰ ƉĂŐĞ ϱϱ ĐŽŵŵĞŶĐĞ ƉĂƌ ĨŽƌŵĂůŝƐĞƌ ůĞƐ ƉƌŽďůğŵĞƐ ĚĞ ĚĠĐŽƵǀĞƌƚĞ Ğƚ ĨŽƵŝůůĞ ĚΖŝŶƐƚĂŶĐĞƐ͕ ƉƵŝƐ ƉƌŽƉŽƐĞ ƵŶĞ ĂƌĐŚŝƚĞĐƚƵƌĞ ŐĠŶĠƌĂůĞ ƉŽƵƌ ƌĠƐŽƵĚƌĞ ĐĞƐ ƉƌŽďůğŵĞƐ͘ >Ğ ĐŚĂƉŝƚƌĞ ϱ ƉĂŐĞ ϳϭ Ă ƉŽƵƌ ŽďũĞĐƟĨ ĚĞ ƉƌŽƉŽƐĞƌ ĚŝīĠƌĞŶƚĞƐ ĂƉƉƌŽĐŚĞƐ ĚĞ ĐĂůĐƵů ĚĞ ƐĐŽƌĞƐ ĚĞ ǀƌĂŝƐĞŵďůĂŶĐĞ ŝƐƐƵĞƐ ĚĞ ŵĠƚŚŽĚĞƐ ĠƚĂƚ ĚĞ ůΖĂƌƚ͕ ĂůŽƌƐ ƋƵĞ ůĞ ĐŚĂƉŝƚƌĞ ϲ ƉĂŐĞ ϴϭ ĞdžƉŽƐĞ ŶŽƚƌĞ ŶŽƵǀĞůůĞ ŵĠƚŚŽĚĞ ĚĞ ĐĂůĐƵů ĚĞ ƐĐŽƌĞƐ ďĂƐĠĞ ƐƵƌ ůĞ ŚĂĐŚĂŐĞ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ǀŝƐƵĞůƐ Ğƚ ĚĞƐ ĂƩƌŝďƵƚƐ ĚĞ ŐĠŽŵĠƚƌŝĞ ĨĂŝďůĞ͘ ĞƐ ĚĞƵdž ĐŚĂƉŝƚƌĞƐ ŽīƌĞŶƚ ƚŽƵƐ ĚĞƵdž ĚĞƐ ĞdžƉĠƌŝŵĞŶƚĂƟŽŶƐ ƋƵĂŶƟƚĂƟǀĞƐ ĂĮŶ ĚĞ ĐŽŵƉĂƌĞƌ ůĞƐ ƉĞƌĨŽƌŵĂŶĐĞƐ ĚĞ ĐŚĂƋƵĞ ŵĠƚŚŽĚĞ͘ ĂŶƐ ůĂ ƚƌŽŝƐŝğŵĞ Ğƚ ĚĞƌŶŝğƌĞ ƉĂƌƟĞ͕ ŶŽƵƐ ƉƌŽƉŽƐŽŶƐ ĚŝīĠƌĞŶƚĞƐ ĞdžƉĠƌŝŵĞŶƚĂƟŽŶƐ Ğƚ ĐŽŶƚĞdžƚĞƐ ĂƉƉůŝĐĂƟĨƐ͘ >Ğ ĐŚĂƉŝƚƌĞ ϳ ƉĂŐĞ ϵϱ ƐΖĂƩĂĐŚĞ ă ůĂ ĚĠĐŽƵǀĞƌƚĞ ĚĞ ůŽŐŽƐ͕ Ğƚ ƉĞƌŵĞƚ ĚΖĠǀĂůƵĞƌ ƋƵĂŶƟƚĂƟǀĞŵĞŶƚ ůΖĞŶƐĞŵďůĞ ĚĞ ŶŽƚƌĞ ƐLJƐƚğŵĞ ĚĞ ĚĠĐŽƵǀĞƌƚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ƐƵƌ ƵŶĞ ĐŽůůĞĐƟŽŶ ĚΖŝŵĂŐĞƐ ĂĚĂƉƚĠĞ ĂƵ ƉƌŽďůğŵĞ͘ >Ğ ĐŚĂƉŝƚƌĞ ϴ ƉĂŐĞ ϭϭϭ ŵŽŶƚƌĞ ůĞƐ ƌĠƐƵůƚĂƚƐ ĚĞ ŶŽƚƌĞ ƐLJƐƚğŵĞ ĚĞ ĚĠĐŽƵǀĞƌƚĞ ĚĂŶƐ ƵŶĞ ĐŽůůĞĐƟŽŶ ĚĞ ƉůƵƐ ĚĞ Ϯ ϬϬϬ ŚĞƵƌĞƐ ĚĞ ũŽƵƌŶĂƵdž ƚĠůĠǀŝƐĠƐ͕ ĂǀĞĐ ƵŶ ĮůƚƌĂŐĞ ƚƌĂŶƐŵĠĚŝĂ ƉĞƌŵĞƩĂŶƚ ĚĞ ĚĠƚĞĐƚĞƌ ůĞƐ ƉƌŝŶĐŝƉĂƵdž ĠǀĠŶĞŵĞŶƚƐ ŵĠĚŝĂƟƋƵĞƐ͘ ŶĮŶ͕ ůĞ ĐŚĂƉŝƚƌĞ ϵ ƉĂŐĞ ϭϭϵ ĚĠĐƌŝƚ ŶŽƚƌĞ ƉƌŽƉŽƐŝƟŽŶ ĚĞ ƐLJƐƚğŵĞ ĚĞ ƐƵŐŐĞƐƟŽŶ ĚĞ ƌĞƋƵġƚĞƐ ǀŝƐƵĞůůĞƐ ă ƉĂƌƟƌ ĚĞƐ ƌĠƐƵůƚĂƚƐ ĚĞ ĨŽƵŝůůĞ ĚΖŽďũĞƚƐ͘. ϭϴ.
(20) WƌĞŵŝğƌĞ ƉĂƌƟĞ. ƚĂƚ ĚĞ ůΖĂƌƚ. ϭϵ.
(21)
(22) ŚĂƉŝƚƌĞ Ϯ. ƚĂƚ ĚĞ ůΖĂƌƚ ĚĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ kXR. AMi`Q/m+iBQM. /ů ĞƐƚ ŝŵƉŽƌƚĂŶƚ ĚĞ ďŝĞŶ ĚŝƐƟŶŐƵĞƌ ůĞƐ ĚŝīĠƌĞŶĐĞƐ ĞŶƚƌĞ ůĞƐ ƐLJƐƚğŵĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ Ğƚ ĚΖĂƵƚƌĞƐ ƐLJƐƚğŵĞƐ ĐŽŵŵĞ ĐĞƵdž ĐŽŶĐĞƌŶĂŶƚ ůĂ ĚĠƚĞĐƟŽŶ ĚĞ ĐŽƉŝĞƐ ϭ͕ ůĂ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƐŝŵŝůĂŝƌĞƐ Ϯ͕ ϯ͕ ϰ͕ ůĂ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞ ĐŽŶĐĞƉƚƐ ƐĠŵĂŶƟƋƵĞƐ ϱ͘ ĂŶƐ ĐĞƚ ĠƚĂƚ ĚĞ ůΖĂƌƚ͕ ŶŽƵƐ ŶŽƵƐ ĨŽĐĂůŝƐĞƌŽŶƐ ƐƵƌ ůĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ͕ ĂƵƚƌĞŵĞŶƚ ŶŽŵŵĠĞƐ ƌĞĐŚĞƌĐŚĞ ĚΖŝŶƐƚĂŶĐĞƐ ;ĂŝŶƐŝ ĚĠĮŶŝ ƉĂƌ ůĂ ĐĂŵƉĂŐŶĞ ĚΖĠǀĂůƵĂƟŽŶ dƌĞĐǀŝĚ ϷͿ͘ >Ă ƉůƵƉĂƌƚ ĚĞƐ ŵĠƚŚŽĚĞƐ ƋƵĞ ŶŽƵƐ ƉƌĠƐĞŶƚĞƌŽŶƐ ƐĞƌŽŶƚ ƉŽƵƌ ĂƵƚĂŶƚ ƚŽƵƚ ă ĨĂŝƚ ĂĚĂƉƚĠĞƐ ă ůĂ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƐŝŵŝůĂŝƌĞƐ͕ ďŝĞŶ ƋƵĞ ƉĂƌĨŽŝƐ ƐƵƌͲĚŝŵĞŶƐŝŽŶŶĠĞƐ ƉĂƌ ƌĂƉƉŽƌƚ ĂƵ ďĞƐŽŝŶ͘ >Ă ĮŐƵƌĞ Ϯ͘ϭ ƉĂŐĞ ƐƵŝǀĂŶƚĞ ƉƌĠƐĞŶƚĞ ůĞ ƐĐŚĠŵĂ ŐĠŶĠƌĂů ĚĞ ůΖĂƌĐŚŝƚĞĐƚƵƌĞ ĚΖƵŶ ƐLJƐƚğŵĞ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƉĂƌ ůĞ ĐŽŶƚĞŶƵ͘ >ĞƐ ŝŵĂŐĞƐ ƐŽŶƚ ƚŽƵƚ ĚΖĂďŽƌĚ ƌĞƉƌĠƐĞŶƚĠĞƐ ƉĂƌ ƵŶ ĞŶƐĞŵďůĞ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ;ĐĨ͘ ƐĞĐƟŽŶ Ϯ͘ϮͿ͘ ĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ƐŽŶƚ ĞŶƐƵŝƚĞ ƉĂƌƟƟŽŶŶĠƐ ;ĐĨ͘ ƐĞĐƟŽŶ Ϯ͘ϯ ƉĂŐĞ ϮϳͿ͕ ƉƵŝƐ ŝŶĚĞdžĠƐ ƉŽƵƌ ġƚƌĞ ĞĸĐĂĐĞŵĞŶƚ ƌĞƚƌŽƵǀĠƐ ůŽƌƐ ĚĞ ůĂ ƌĞĐŚĞƌĐŚĞ ;ĐĨ͘ ƐĞĐƟŽŶ Ϯ͘ϰ ƉĂŐĞ ϯϲͿ͘ >Ă ƌĞĐŚĞƌĐŚĞ ĚΖƵŶĞ ŝŵĂŐĞ ;ŽƵ njŽŶĞ ĚΖŝŵĂŐĞͿ ƉƌŽĚƵŝƚ ĞŶ ƐŽƌƟĞ ƵŶĞ ůŝƐƚĞ ĚΖŝŵĂŐĞƐ ĐŽŶƚĞŶĂŶƚ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ƐŝŵŝůĂŝƌĞƐ ă ĐĞƵdž ƌĞƋƵġƚĠƐ͘ hŶĞ ǀĠƌŝĮĐĂƟŽŶ ĚĞ ůĂ ĐŽŚĠƌĞŶĐĞ ŐĠŽŵĠƚƌŝƋƵĞ ĚĞƐ ĂƉƉĂƌŝĞŵĞŶƚƐ ĞƐƚ ĞŶƐƵŝƚĞ ƐŽƵǀĞŶƚ ĂƉƉůŝƋƵĠĞ ;ĐĨ͘ ƐĞĐƟŽŶ Ϯ͘ϱ ƉĂŐĞ ϯϵͿ͘ ŶĮŶ͕ ƵŶĞ ĞdžƚĞŶƐŝŽŶ ĚĞ ƌĞƋƵġƚĞ ĞƐƚ ŽƉƟŽŶŶĞůůĞŵĞŶƚ ƵƟůŝƐĠĞ ĂĮŶ ĚΖĂŵĠůŝŽƌĞƌ ůĞ ƌĂƉƉĞů ;ĐĨ͘ ƐĞĐƟŽŶ Ϯ͘ϲ ƉĂŐĞ ϰϮͿ͘. kXk. .2b+`BTiBQM /ǶBK ;2b. kXkXR. .2b+`BTi2m`b # b MBp2 m. >Ğ ĐŽŶƚĞŶƵ ǀŝƐƵĞů ĚĞƐ ŝŵĂŐĞƐ ƉĞƵƚ ġƚƌĞ ĚĠĐƌŝƚ ƉĂƌ ĚĞƐ ĐĂƌĂĐƚĠƌŝƐƟƋƵĞƐ ďĂƐ ŶŝǀĞĂƵ ;ĂƵƐƐŝ ĂƉƉĞůĠĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐͿ ƌĞƉƌĠƐĞŶƚĂŶƚ ƐƚĂƟƐƟƋƵĞŵĞŶƚ ůĞ ƐŝŐŶĂů ŝŵĂŐĞ͕ ĐŽŵŵĞ ůĂ ƚĞdžƚƵƌĞ͕ ůĂ ĨŽƌŵĞ͕ ĞƚĐ͘ ŽƵ ƉĂƌ ĚĞƐ ĐŽŶĐĞƉƚƐ ǀŝƐƵĞůƐ ĚĞ ƉůƵƐ ŚĂƵƚ ŶŝǀĞĂƵ͕ ĐŽŵŵĞ ĚĞƐ ŽďũĞƚƐ ƌĞĐŽŶŶĂŝƐƐĂďůĞƐ͘ ĞƐ ĐŽŶĐĞƉƚƐ ǀŝƐƵĞůƐ ĚĞ ƉůƵƐ ϭ͘ ŚƩƉ ͗ͬͬǁǁǁͲŶůƉŝƌ͘ŶŝƐƚ͘ŐŽǀͬƉƌŽũĞĐƚƐͬƚǀϮϬϭϮͬƚǀϮϬϭϮ͘ŚƚŵůηŝŶƐ. Ϯϭ.
(23) ,W/dZ Ϯ͘ dd >ΖZd ^ D d,K ^ Z , Z, ΖK: d^ s/^h >^. .
(24) . .
(25)
(26) . &®¦çÙ Ϯ͘ϭ ʹ ƌĐŚŝƚĞĐƚƵƌĞ ŐĠŶĠƌĂůĞ ĚΖƵŶ ƐLJƐƚğŵĞ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƉĂƌ ůĞ ĐŽŶƚĞŶƵ. ϮϮ.
(27) ,W/dZ Ϯ͘ dd >ΖZd ^ D d,K ^ Z , Z, ΖK: d^ s/^h >^. ŚĂƵƚ ŶŝǀĞĂƵ ƐŽŶƚ ŐĠŶĠƌĂůĞŵĞŶƚ ŽďƚĞŶƵƐ ă ƉĂƌƟƌ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ďĂƐ ŶŝǀĞĂƵ ĚĞƐ ŝŵĂŐĞƐ͕ Ğƚ ŶŽŶ ƉĂƐ ĚŝƌĞĐƚĞŵĞŶƚ ă ƉĂƌƟƌ ĚĞƐ ŝŵĂŐĞƐ ďƌƵƚĞƐ͘ WĂƌ ůĂ ƐƵŝƚĞ͕ ŶŽƵƐ ƉĂƐƐĞƌŽŶƐ ĞŶ ƌĞǀƵĞ ůĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ďĂƐ ŶŝǀĞĂƵ ůĞƐ ƉůƵƐ ƵƟůŝƐĠƐ ĚĂŶƐ ůĞ ĚŽŵĂŝŶĞ ĚĞ ůĂ ƌĞĐŚĞƌĐŚĞ ĚΖŽďũĞƚƐ ǀŝƐƵĞůƐ ;ƐĂŶƐ ŶŽƵƐ ĂƌƌġƚĞƌ ƐƵƌ ůĞƐ ĐŽŶĐĞƉƚƐ ǀŝƐƵĞůƐ ĚĞ ŚĂƵƚ ŶŝǀĞĂƵͿ͘ /ů ĞdžŝƐƚĞ ĚĞƵdž ĐĂƚĠŐŽƌŝĞƐ ƉƌŝŶĐŝƉĂůĞƐ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ďĂƐ ŶŝǀĞĂƵ ͗ ĐĞƵdž ŽƉĠƌĂŶƚ ă ůΖĠĐŚĞůůĞ ĚĞ ůΖŝŵĂŐĞ ;ůĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ŐůŽďĂƵdžͿ͕ Ğƚ ĐĞƵdž ŽƉĠƌĂŶƚ ă ůΖĠĐŚĞůůĞ ĚĞ ƉŽƌƟŽŶƐ ĚΖŝŵĂŐĞƐ ;ůĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdžͿ͘ kXkXRXR. .2b+`BTi2m`b ;HQ# mt. ŽƵůĞƵƌƐ͕ ƚĞdžƚƵƌĞƐ Ğƚ ĨŽƌŵĞƐ ƐŽŶƚ ĐŽŶŶƵĞƐ ƉŽƵƌ ġƚƌĞ ůĞƐ ƉƌŝŶĐŝƉĂůĞƐ ĐĂƌĂĐƚĠƌŝƐƟƋƵĞƐ ǀŝƐƵĞůůĞƐ ƉŽƵǀĂŶƚ ĚĠĐƌŝƌĞ ůĞ ĐŽŶƚĞŶƵ ŐůŽďĂů ĚĞƐ ŝŵĂŐĞƐ͘ ^ǁĂŝŶ Ğƚ ĂůůĂƌĚ ϲ ĨƵƌĞŶƚ ƉĂƌŵŝ ůĞƐ ƉƌĞŵŝĞƌƐ ă ƉƌŽƉŽƐĞƌ ĚΖƵƟůŝƐĞƌ ůĞƐ ŚŝƐƚŽŐƌĂŵŵĞƐ ĚĞ ĐŽƵůĞƵƌƐ ƉŽƵƌ ůΖŝŶĚĞdžĂƟŽŶ ĚΖŝŵĂŐĞƐ͘ Ğ ŶŽŵďƌĞƵƐĞƐ ĂŵĠůŝŽƌĂƟŽŶƐ ĨƵƌĞŶƚ ĞŶƐƵŝƚĞ ĂƉƉŽƌƚĠĞƐ ƉĂƌ ϳ͕ ϴ͕ ϵ͕ ϭϬ͕ ϭϭ͘ >Ă ƚƌĂŶƐĨŽƌŵĂƟŽŶ ĞŶ ŽŶĚĞůĞƩĞƐ ĚĞ ĂƵďĞĐŚŝĞ Ă ĠƚĠ ƵƟůŝƐĠĞ ƉŽƵƌ ůĂ ĚĞƐĐƌŝƉƟŽŶ ĚĞ ƚĞdžƚƵƌĞ ĚĂŶƐ ϭϮ͘ >ĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ǀŝƐƵĞůƐ ŝŶĐůƵƐ ĚĂŶƐ ůĞ ƐƚĂŶĚĂƌĚ DW 'ϳ ϭϯ ƐŽŶƚ ƉĂƌŵŝ ůĞƐ ƉůƵƐ ĐŽŶŶƵƐ͘ /ůƐ ĐŽŶƐŝƐƚĞŶƚ ĞŶ ƵŶ ĞŶƐĞŵďůĞ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ĚĞ ĐŽƵůĞƵƌ Ğƚ ĚĞ ƚĞdžƚƵƌĞ ĂĚĂƉƚĠƐ ĂƵdž ŝŵĂŐĞƐ Ğƚ ǀŝĚĠŽƐ ŶĂƚƵƌĞůůĞƐ ϭϰ͘ >ΖƵŶ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ŐůŽďĂƵdž ůĞƐ ƉůƵƐ ƵƟůŝƐĠƐ ĞƐƚ '/^d ϭϱ͕ ƋƵŝ ƉƌŽƉŽƐĞ ƵŶĞ ƌĞƉƌĠƐĞŶƚĂƟŽŶ ĚĞ ůΖŝŵĂŐĞ ĞŶ ĨĂŝďůĞ ĚŝŵĞŶƐŝŽŶ͘ >ĞƐ ŝŵĂŐĞƐ ƐŽŶƚ ĚŝǀŝƐĠĞƐ ĞŶ ϰdžϰ njŽŶĞƐ ƐƉĂƟĂůĞƐ͕ ĚĂŶƐ ůĞƐƋƵĞůůĞƐ ƐŽŶƚ ĞdžƚƌĂŝƚƐ ĚĞƐ ŚŝƐƚŽŐƌĂŵŵĞƐ ĚΖŽƌŝĞŶƚĂƟŽŶ͘ >ĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ŐůŽďĂƵdž ŽŶƚ ĠƚĠ ůŽŶŐƚĞŵƉƐ ƵƟůŝƐĠƐ͕ ŵĂŝƐ ůĞ ƐŽŶƚ ĚĞ ŵŽŝŶƐ ĞŶ ŵŽŝŶƐ͕ ĂƵ ƉƌŽĮƚ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdž͘ >Ă ƌĂŝƐŽŶ ƉƌŝŶĐŝƉĂůĞ ĚĞ ĐĞƩĞ ĚŝƐƉĂƌŝƟŽŶ ƉƌŽǀŝĞŶƚ ĚĞ ůΖŝŵƉŽƐƐŝďŝůŝƚĠ ƉŽƵƌ ĐĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ĚĞ ƌĞƉƌĠƐĞŶƚĞƌ ĚĞƐ ŽďũĞƚƐ ĐŽƵǀƌĂŶƚ ƵŶĞ ĨĂŝďůĞ ƉŽƌƟŽŶ ĚΖŝŵĂŐĞ͘ >ĞƐ ĐĂƌĂĐƚĠƌŝƐƟƋƵĞƐ ĚĞ ĐĞƐ ƉĞƟƚƐ ŽďũĞƚƐ ƐŽŶƚ ĂŝŶƐŝ ŶŽLJĠƐ ĚĂŶƐ ƵŶ ƐĞƵů ĚĞƐĐƌŝƉƚĞƵƌ ŐůŽďĂů ƉĂƌ ŝŵĂŐĞ͘ ^ŝ ĐĞƌƚĂŝŶƐ ƐLJƐƚğŵĞƐ ĐŽŶƟŶƵĞŶƚ ĂƵũŽƵƌĚΖŚƵŝ ĚΖĞŵƉůŽLJĞƌ ĚĞ ƚĞůƐ ĚĞƐĐƌŝƉƚĞƵƌƐ͕ ĐΖĞƐƚ ĞŶ ƌĂŝƐŽŶ ĚĞ ůĞƵƌƐ ĚĞƵdž ƉƌŝŶĐŝƉĂƵdž ĂǀĂŶƚĂŐĞƐ ͗ ŝůƐ ƐŽŶƚ ƚƌğƐ ƉĞƵ ĐŽƸƚĞƵdž ĞŶ ŵĠŵŽŝƌĞ͕ Ğƚ ƚƌğƐ ƌĂƉŝĚĞƐ ă ĐĂůĐƵůĞƌ͘ DĂŝƐ ĚΖĂƵƚƌĞƐ ĂǀĂŶƚĂŐĞƐ ƐŽŶƚ ĠŐĂůĞŵĞŶƚ ă ƉƌĞŶĚƌĞ ĞŶ ĐŽŶƐŝĚĠƌĂƟŽŶ ͗ ůĂ ƉůƵƉĂƌƚ ĚĞ ĐĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ƐŽŶƚ ĚĞƐ ŚŝƐƚŽŐƌĂŵŵĞƐ͕ Ğƚ ŝů ĞƐƚ ĚŽŶĐ ƚƌğƐ ĨĂĐŝůĞ ĚĞ ůĞƐ ĐŽŵďŝŶĞƌ͘ ŶĮŶ͕ ŝůƐ ĨŽŶƚ ƚŽƵũŽƵƌƐ ƉĂƌƟĞ ĚĞƐ ŽƵƟůƐ ůĞƐ ƉůƵƐ ĞĸĐĂĐĞƐ ĚĂŶƐ ůĞƐ ĚŽŵĂŝŶĞƐ ĚĞ ůĂ ĐĂƚĠŐŽƌŝƐĂƟŽŶ ĚĞ ƐĐğŶĞƐ ŽƵ ĞŶĐŽƌĞ ĚĞ ůĂ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĚĞ ƚLJƉĞ ĚΖŝŵĂŐĞ ;ƉŚŽƚŽŐƌĂƉŚŝĞ ŶĂƚƵƌĞůůĞ͕ ĐůŝƉͲĂƌƚ͕ ĚĞƐƐŝŶ ĂƵ ƚƌĂŝƚ͕͙Ϳ͘ kXkXRXk. .2b+`BTi2m`b HQ+ mt. ŽŵŵĞ ŽŶ ůΖĂ ǀƵ ƉƌĠĐĠĚĞŵŵĞŶƚ͕ ůΖŝŶƚĠƌġƚ ĚΖƵƟůŝƐĞƌ ĚĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdž ƉůƵƚƀƚ ƋƵĞ ĚĞƐ ŐůŽďĂƵdž ƉƌŽǀŝĞŶƚ ĚĞ ůĞƵƌ ĐĂƉĂĐŝƚĠ ă ƌĞƉƌĠƐĞŶƚĞƌ ĚĞƐ ƉĞƟƚĞƐ ƉŽƌƟŽŶƐ ĚΖŝŵĂŐĞƐ ĐĞŶƚƌĠĞƐ ĂƵƚŽƵƌ ĚΖƵŶ ƉŽŝŶƚ ŽƵ ĚΖƵŶĞ ƌĠŐŝŽŶ ĚΖŝŶƚĠƌġƚ͕ Ğƚ ĚŽŶĐ ă ĚĠĐƌŝƌĞ ďĞĂƵĐŽƵƉ ƉůƵƐ ĮŶĞŵĞŶƚ ůĞƐ ŝŵĂŐĞƐ͘ hŶĞ ƚƌğƐ ůĂƌŐĞ ǀĂƌŝĠƚĠ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdž Ă ĠƚĠ ƉƌŽƉŽƐĠĞ͕ ĐĞƌƚĂŝŶƐ ĠƚĂŶƚ ĚĠƉĞŶĚĂŶƚƐ ĚĞ ůĂ ůŽĐĂůŝƐĂƟŽŶ ĚĞ ƉŽŝŶƚƐ ŽƵ ĚĞ ƌĠŐŝŽŶƐ ĚΖŝŶƚĠƌġƚƐ͕ ĚΖĂƵƚƌĞƐ ŶŽŶ ;ĐĨ͘ ĂƉƉƌŽĐŚĞƐ ĚĞŶƐĞƐ Žƶ ůĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ƐŽŶƚ ĞdžƚƌĂŝƚƐ ĚĞƉƵŝƐ ĚĞƐ ƉŽƐŝƟŽŶƐ ĂůĠĂƚŽŝƌĞƐ ϭϲ͕ ŽƵ ĚĞƉƵŝƐ ƵŶĞ ŐƌŝůůĞ ϭϳͿ͘ KŶ ƚƌŽƵǀĞ ĚĞ ŶŽŵďƌĞƵƐĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ĐĂůĐƵů ĚĞ ƉŽŝŶƚ ĚΖŝŶƚĠƌġƚ ĚĂŶƐ ůĂ ůŝƩĠƌĂƚƵƌĞ͘ >Ă ƚąĐŚĞ ƉƌŝŶĐŝƉĂůĞ ĞƐƚ ĚĞ ĚĠƚĞĐƚĞƌ ƵŶĞ njŽŶĞ ůŽĐĂůĞ ĞŶ ƵƟůŝƐĂŶƚ ĚĞƐ ŝŶĨŽƌŵĂƟŽŶƐ ŝŶǀĂƌŝĂŶƚĞƐ ă ĐĞƌƚĂŝŶĞƐ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ͘. Ϯϯ.
(28) ,W/dZ Ϯ͘ dd >ΖZd ^ D d,K ^ Z , Z, ΖK: d^ s/^h >^. WĂƌŵŝ ĐĞƐ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ͕ ŽŶ ĚŝƐƟŶŐƵĞ ůĞƐ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ ŐĠŽŵĠƚƌŝƋƵĞƐ ;ƌŽƚĂƟŽŶ͕ ĐŚĂŶŐĞŵĞŶƚ ĚΖĠĐŚĞůůĞ͙Ϳ͕ ůĞƐ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ ƉŚŽƚŽŵĠƚƌŝƋƵĞƐ ;ĐŚĂŶŐĞŵĞŶƚƐ ĚΖŝůůƵŵŝŶĂƟŽŶͿ͕ ůĞ ďƌƵŝƚ͕ ůĂ ĐŽŵƉƌĞƐƐŝŽŶ͙ ĞƌƚĂŝŶĞƐ ƐŽŶƚ ďĂƐĠĞƐ ƐƵƌ ůĂ ĚĠƚĞĐƟŽŶ ĚĞ ĐŽŝŶƐ ĐŽŵŵĞ ůĞƐ ŵĠƚŚŽĚĞƐ ĚĞ ,ĂƌƌŝƐ ϭϴ͕ ^Śŝ Ğƚ dŽŵĂƐŝ ϭϵ͕ ^h^E ϮϬ ŽƵ &^d Ϯϭ͘ ΖĂƵƚƌĞƐ ƐŽŶƚ ďĂƐĠĞƐ ƐƵƌ ůĂ ĚĠƚĞĐƟŽŶ ĚĞ ďůŽďƐ ƵƟůŝƐĂŶƚ ĚĞƐ ůĂƉůĂĐŝĞŶƐ ĚĞ ŐĂƵƐƐŝĞŶŶĞƐ ;>Ž'Ϳ ϮϮ͕ ĚĞƐ ĚŝīĠƌĞŶĐĞƐ ĚĞ ŐĂƵƐƐŝĞŶŶĞƐ ;Ž'Ϳ Ϯϯ͕ ŽƵ ĚĞƐ ŽŶĚĞůĞƩĞƐ ĚĞ ,ĂĂƌ ;^hZ&Ϳ Ϯϰ͘ >ĞƐ ƉŽŝŶƚƐ ĚΖŝŶƚĠƌġƚƐ ůĞƐ ƉůƵƐ ƵƟůŝƐĠƐ ĚĂŶƐ ůĞƐ ƐLJƐƚğŵĞƐ ĚĞ ƌĞĐŚĞƌĐŚĞ ĚΖŝŵĂŐĞƐ ƉĂƌ ůĞ ĐŽŶƚĞŶƵ ƐŽŶƚ ŐĠŶĠƌĂůĞŵĞŶƚ ĐĞƵdž ƌĠƐŝƐƚĂŶƚ ă ƵŶĞ ƚƌĂŶƐĨŽƌŵĂƟŽŶ ĂĸŶĞ͕ ĐŽŵŵĞ D^ Z Ϯϱ͕ ,ĂƌƌŝƐͲĂĸŶĞ Ϯϲ͕ ŽƵ ĞŶĐŽƌĞ ,ĞƐƐŝĂŶͲĂĸŶĞ Ϯϳ͕ Ϯϴ͘ KŶ ƉĞƵƚ ĚŝƐƟŶŐƵĞƌ ƚƌŽŝƐ ĐĂƚĠŐŽƌŝĞƐ ĚĞ ĚĞƐĐƌŝƉƚĞƵƌƐ ůŽĐĂƵdž ͗ ĐĞƵdž ƵƟůŝƐĂŶƚ ĚĞƐ ŚŝƐƚŽŐƌĂŵŵĞƐ͕ ĐĞƵdž ƵƟůŝƐĂŶƚ ůĞƐ ĚŝīĠƌĞŶƟĞůůĞƐ Ğƚ ůĞƐ ŵŽŵĞŶƚƐ͕ Ğƚ ĞŶĮŶ ĐĞƵdž ďĂƐĠƐ ƐƵƌ ůĞƐ ĨƌĠƋƵĞŶĐĞƐ ƐƉĂƟĂůĞƐ͘ kXkXRXkXR .2b+`BTi2m`b # bûb ?BbiQ;` KK2b ĞƐ ĚĞƐĐƌŝƉƚĞƵƌƐ ŝŶƚğŐƌĞŶƚ ĚĂŶƐ ƵŶ ŚŝƐƚŽŐƌĂŵŵĞ ĚŝīĠƌĞŶƚĞƐ ĐĂƌĂĐƚĠƌŝƐƟƋƵĞƐ ǀŝƐƵĞůůĞƐ ĐŽŵŵĞ ůĂ ĐŽƵůĞƵƌ͕ ůĂ ůƵŵŝŶĂŶĐĞ͕ ůĞƐ ĐŽŶƚŽƵƌƐ͕ ůĞƐ ŽƌŝĞŶƚĂƟŽŶƐ ĚĞ ŐƌĂĚŝĞŶƚƐ͕ ůĞƐ ĚŝƐƚĂŶĐĞƐ ƌĂĚŝĂůĞƐ͕ ŽƵ ůĂ ƚĞdžƚƵƌĞ͘ ŝŶƐŝ͕ Ϯϵ͕ ϯϬ͕ ϯϭ ƉƌŽƉŽƐĞŶƚ ĚΖƵƟůŝƐĞƌ ĚĞƐ ŚŝƐƚŽŐƌĂŵŵĞƐ ƌĞƉƌĠƐĞŶƚĂŶƚ ůĂ ĚŝƐƚƌŝďƵƟŽŶ ĚĞƐ ŝŶƚĞŶƐŝƚĠƐ ĚĞƐ ƉŝdžĞůƐ͘ ĂŶƐ ϯϮ͕ ĂďŝŚ Ğƚ tŽŽĚĮůů ƉƌŽƉŽƐĞŶƚ ƵŶĞ ŵĠƚŚŽĚĞ ĚĠĐƌŝǀĂŶƚ ůĞƐ ƚĞdžƚƵƌĞƐ͕ ƌŽďƵƐƚĞ ĂƵdž ĐŚĂŶŐĞŵĞŶƚƐ ĚΖŝůůƵŵŝŶĂƟŽŶ͕ ďĂƐĠĞ ƐƵƌ ůĂ ƌĞůĂƟŽŶ ĞŶƚƌĞ ůĞƐ ŝŶƚĞŶƐŝƚĠƐ ĚĞƐ ƉŝdžĞůƐ ƉůƵƚƀƚ ƋƵĞ ĚŝƌĞĐƚĞŵĞŶƚ ƐƵƌ ůĞƐ ŝŶƚĞŶƐŝƚĠƐ͘ ĞůŽŶŐŝĞ Ğƚ Ăů͘ ϯϯ ĐĂůĐƵůĞŶƚ ƵŶ ŚŝƐƚŽŐƌĂŵŵĞ ĚĞ ĐŽŶƚŽƵƌƐ ĞdžƚƌĂŝƚƐ ƉĂƌ ůĞ ĚĠƚĞĐƚĞƵƌ ĚĞ ĂŶŶLJ Ğƚ ůĂ ƉŽƐŝƟŽŶ ĞƐƚ ƋƵĂŶƟĮĠĞ ĚĂŶƐ ůĞ ĚŽŵĂŝŶĞ ůŽŐͲƉŽůĂŝƌĞ͘ Ğ ĚĞƐĐƌŝƉƚĞƵƌ͕ ĂƉƉĞůĠ ͨ ƐŚĂƉĞͲĐŽŶƚĞdžƚ ͕ͩ Ă ƌĠĐĞŵŵĞŶƚ ŵŽŶƚƌĠ ĚΖĞdžĐĞůůĞŶƚĞ ƉĞƌĨŽƌŵĂŶĐĞƐ ĚĂŶƐ ůĞ ĚŽŵĂŝŶĞ ĚĞ ůĂ ƌĞĐŽŶŶĂŝƐƐĂŶĐĞ ĨŽůŝĂŝƌĞ͕ ůŽƌƐ ĚĞ ůĂ ƚąĐŚĞ ͨ ŝĚĞŶƟĮĐĂƟŽŶ ĚĞ ƉůĂŶƚĞ ͩ ă /ŵĂŐĞ> & ϮϬϭϮ ϸ͘ >ŽǁĞ Ϯϯ ƉƌŽƉŽƐĞ ƵŶ ĚĞƐĐƌŝƉƚĞƵƌ ŝŶǀĂƌŝĂŶƚ ĂƵ ĐŚĂŶŐĞŵĞŶƚ ĚΖĠĐŚĞůůĞ ;^/&dͿ͕ ĂŝŶƐŝ ƋƵΖă ůĂ ƌŽƚĂƟŽŶ Ğƚ ă ůΖŝůůƵŵŝŶĂƟŽŶ͘ >Ğ ĚĞƐĐƌŝƉƚĞƵƌ ĞƐƚ ƌĞƉƌĠƐĞŶƚĠ ƉĂƌ ƵŶ ŚŝƐƚŽŐƌĂŵŵĞ ϯ ĚĞ ŐƌĂĚŝĞŶƚƐ ůŽĐĂƵdž ŽƌŝĞŶƚĠƐ͕ ƉŽŶĚĠƌĠƐ ƉĂƌ ůΖĂŵƉůŝƚƵĚĞ ĚƵ ŐƌĂĚŝĞŶƚ͘ /ů ĞƐƚ ƐƚŽĐŬĠ ĚĂŶƐ ƵŶ ǀĞĐƚĞƵƌ ă ϭϮϴ ĚŝŵĞŶƐŝŽŶƐ ;ϴ ŝŶƚĞƌǀĂůůĞƐ ĚΖŽƌŝĞŶƚĂƟŽŶ ƉŽƵƌ ϰdžϰ njŽŶĞƐ ƐƉĂƟĂůĞƐ ĂƵƚŽƵƌ ĚƵ ƉŽŝŶƚ ĚΖŝŶƚĠƌġƚͿ͘ >Ă ƌŝĐŚĞƐƐĞ ĚĞ ůΖŝŶĨŽƌŵĂƟŽŶ ĐŽŶƚĞŶƵ ĚĂŶƐ ^/&d ĞŶ ĨĂŝƚ ƵŶ ĚĞƐĐƌŝƉƚĞƵƌ ƌŽďƵƐƚĞ ĂƵdž ƉĞƟƚĞƐ ĚŝƐƚŽƌƐŝŽŶƐ ŐĠŽŵĠƚƌŝƋƵĞƐ Ğƚ ĂƵdž ƉĞƟƚĞƐ ĞƌƌĞƵƌƐ ĚĞ ĚĠƚĞĐƟŽŶ ĚƵ ƉŽŝŶƚ ĚΖŝŶƚĠƌġƚ͘ Ğ ĚĞƐĐƌŝƉƚĞƵƌ ĞƐƚ ĚĞ ůŽŝŶ ůĞ ƉůƵƐ ƉŽƉƵůĂŝƌĞ ĚĞ ĐĞƵdž ĂĐƚƵĞůůĞŵĞŶƚ ƵƟůŝƐĠƐ͘ ŝǀĞƌƐĞƐ ĂŵĠůŝŽƌĂƟŽŶƐ ĚĞ ^/&d ŽŶƚ ĠƚĠ ƐƵŐŐĠƌĠĞƐ͘ WĂƌ ĞdžĞŵƉůĞ͕ <Ğ Ğƚ ^ƵŬƚŚĂŶŬĂƌ ϯϰ ƉƌŽƉŽƐĞŶƚ WͲ^/&d͕ ƵŶĞ ŵĠƚŚŽĚĞ ĚĂŶƐ ůĂƋƵĞůůĞ ŝůƐ ĂƉƉůŝƋƵĞŶƚ ƵŶĞ W ƐƵƌ ůĞƐ ƉĂƚĐŚƐ ĚĞ ƉŝdžĞůƐ͘ DŝĐŽůĂĐnjLJŬ Ğƚ Ăů͘ ϯϱ ƉƌŽƉŽƐĞŶƚ ƵŶĞ ǀĂƌŝĂŶƚĞ ĚĞ ^/&d ĂƉƉĞůĠĞ '>K, ;'ƌĂĚŝĞŶƚ >ŽĐĂƟŽŶͲKƌŝĞŶƚĂƟŽŶ ,ŝƐƚŽŐƌĂŵͿ ĚŽŶƚ ůĞ ďƵƚ ĞƐƚ ĚΖĂŵĠůŝŽƌĞƌ ůĂ ƌŽďƵƐƚĞƐƐĞ Ğƚ ůĂ ĚŝƐƟŶĐƟǀŝƚĠ͕ ĞŶ ƵƟůŝƐĂŶƚ ƵŶĞ ŐƌŝůůĞ ĞŶ ůŽŐͲƉŽůĂŝƌĞ ĂǀĞĐ ϯ ŝŶƚĞƌǀĂůůĞƐ ĚĂŶƐ ůĂ ĚŝƌĞĐƟŽŶ ƌĂĚŝĂůĞ Ğƚ ϴ ĚĂŶƐ ůĂ ĚŝƌĞĐƟŽŶ ĂŶŐƵůĂŝƌĞ͘ >ĞƐ ŽƌŝĞŶƚĂƟŽŶƐ ĚĞƐ ŐƌĂĚŝĞŶƚƐ ĠƚĂŶƚ ƋƵĂŶƟĮĠĞƐ ƐƵƌ ϭϲ ŝŶƚĞƌǀĂůůĞƐ͕ ŝůƐ ĂƉƉůŝƋƵĞŶƚ ĞŶƐƵŝƚĞ ƵŶĞ W ƉŽƵƌ ƌĞƚƌŽƵǀĞƌ ƵŶ ƚŽƚĂů ĚĞ ϭϮϴ ďŝƚƐ͘ WůƵƐ ƌĠĐĞŵŵĞŶƚ͕ DŽƌĞů Ğƚ zƵ ϯϲ͕ ϯϳ ŽŶƚ ŝŶƚƌŽĚƵŝƚ ƵŶĞ ǀĞƌƐŝŽŶ ĂĸŶĞ ĚĞ ^/&d ;^/&dͿ͘ Ŷ ƉƌĞŶĂŶƚ ĞŶ ĐŽŵƉƚĞ ůĞƐ ƉĂƌĂŵğƚƌĞƐ ĚĞ ůĂ ĐĂŵĠƌĂ ;ĂŶŐůĞƐͿ ĞŶ ƉůƵƐ ĚĞƐ ƉĂƌĂŵğƚƌĞƐ ĚĞ njŽŽŵ͕ ƌŽƚĂƟŽŶ Ğƚ ƚƌĂŶƐůĂƟŽŶ ƵƟůŝƐĠƐ ĚĂŶƐ ^/&d͕ ŝůƐ ŽďƟĞŶŶĞŶƚ ƵŶ ĚĞƐĐƌŝƉƚĞƵƌ ŝŶǀĂƌŝĂŶƚ ĂƵdž ĐŚĂŶŐĞŵĞŶƚƐ ĚĞ ƉŽŝŶƚ ĚĞ ǀƵĞ ĚĞ ůĂ Ϯ͘ ŚƩƉ ͗ͬͬǁǁǁ͘ŝŵĂŐĞĐůĞĨ͘ŽƌŐͬϮϬϭϮ. Ϯϰ.
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