Organizational design of R&D activities

CAHIER 12-2001

ORGANIZATIONAL DESIGN OF R&D ACTIVITIES

Stefan AMBEC and Michel POITEVIN

CAHIER 12-2001

ORGANIZATIONAL DESIGN OF R&D ACTIVITIES

Stefan AMBEC1 and Michel POITEVIN2

1

CSEF, Università di Salerno, Italy

2

Centre de recherche et développement en économique (C.R.D.E.) and Département de sciences économiques, Université de Montréal, and CIRANO

May 2001

___________________

The authors gratefully acknowledge financial support from the SSHRC and CIRANO. Stefan Ambec acknowledges financial support from the RTN program on "Understanding Financial Architecture : Legal and Political Framework and Economic Efficiency". The authors also thank John Hartwick, Dima Leshchinskii, Michel Moreaux, Yves Richelle and Martin Ruckes for useful comments.

RÉSUMÉ

Ce papier analyse la décision de faire de la R&D soit à l'interne ou à l'externe. Deux formes organisationnelles sont définies. Dans la structure intégrée, la firme utilisant ou vendant l'innovation finance et effectue la R&D. Dans la structure indépendante, cette même firme achète l'innovation d'une firme de R&D indépendante. On compare les deux types d'organisation sous l'hypothèse que l'unité de R&D possède une information privilégiée sur le coût de développement de l'innovation. Lorsque les coûts de développement sont corrélés négativement avec les bénéfices de l'innovation, la structure intégrée domine. La structure indépendante domine dans le cas contraire.

Mots clés : théorie des contrats, R&D, décentralisation

ABSTRACT

This paper addresses the question of whether R&D should be carried out by an independent research unit or be produced in-house by the firm marketing the innovation. We define two organizational structures. In an integrated structure, the firm that markets the innovation also carries out and finances research leading to the innovation. In an independent structure, the firm that markets the innovation buys it from an independent research unit which is financed externally. We compare the two structures under the assumption that the research unit has some private information about the real cost of developing the new product. When development costs are negatively correlated with revenues from the innovation, the integrated structure dominates. The independent structure dominates in the opposite case.

 W?|hL_U|L?

+iti@hU @?_ _ii*LT4i?| @U||it |@!i T*@Ui ? @hLt Lh}@?3@|L?@* uLh4t _iTi?_?} L? L €?@?UitcUhi@|itc_ii*LTtcThL_Uit @?_ ti**t |i ??L@|L?  _i*) LMtihi_ Lh}@?3@|L?@* uLh4 t ?Lti +:# Ai ??L@|L? t €?@?Ui_ @?_ ThL_Ui_ |? |i t@4i €h4 L tit |i ?i ThL_U| Lh |i ?i |iU?L*L}) +iti@hUiht?i?|Lht @hi tMiU| |L @? i4T*L)4i?| UL?|h@U|

W??L@|L?t U@? @*tL Mi ThL_Ui_ i |ih?@**) +iti@hU @?_ _ii*LT4i?| @U||it @hi UL?_U|i_ M) @? ?_iTi?_i?| €h4 Lti LMiU|i t |L Uhi@|i @ ?i ThL_U| Lh @ ?i |iU?L*L}) @?_ |i? |L _ii*LT | ? @ i?|hi | |i tih €h4 Ai ??L@|L? ThLUitt t 4@?@}i_ @?_ L?i_ M) |i ?_iTi?_i?| hiti@hU ?| €h4 @?_ €?@?Ui_ M) @ €?@?U@* T@h|?ihcuLh i @4T*ic@ i?|hi U@T|@*t|

L| Lh}@?3@|L?@* t|hU|hit @hi LMtihi_ ? 4@?) ?_t|hit W? |i T@h4@Ui|U@* ?_t|h)c@ €h4 *!i ihU! €?@?Uit 4@?*) ?Lti +:#c*i tL4i Lu |t 4@Lh h@*t @hi L|tLhU?} 4Lt| Lu |ih hiti@hU @U||it |L ML|iU?L*L}) €h4t ?*) DI Lh tL Lu ihU!<t hiti@hU tTi?_?} i?_t T L|t_i |i €h4<t *@MLh@|Lhit 6Lh L|ih |LT _h} UL4T@?itcLiihc|i ThLTLh|L? Lu hiti@hU _L?i i |ih?@**) U@? hi@U HfI +iUi?|*)c tL4i 4ihU@? T@h4@Ui|U@* UL4T@?it 4Li_ uhL4 ?Lti +:# |L ?_iTi?_i?| +:# M) ?Uhi@t?} |ih hiti@hU L?|i?|hi @}hii4i?|t Aiti hiti@hU L?| i?|hit @hi UL?|h@U|@* @}hii4i?|t uLh _ii*LT?}cThL_U?} @?_ ti**?} @ ?i 4i_U?i _tULihi_ M) @ ML|iU €h4 Ewih?ih @?_ ih}itcbbH W? bbec. i?|hit Mi|ii? _h} @?_ ML|iU?L*L}) €h4t ihi t}?i_c.fI 4Lhi |@? |i ThiLt )i@h

At i4ThU@* i_i?Ui h@tit @? 4TLh|@?| ^it|L? `) @hi _gihi?| Lh}@?3@|L?@* uLh4t LMtihi_q Wu L?i Lh}@?3@|L? t 4Lhi iUi?| |@? |i L|ih L?ic|i ?iUi?| Lh}@?3@|L?@* t|hU|hi tL*_ ?L| Mi LMtihi_cLh tL*_ _t@TTi@h ? |i *L?} h? Ai LMiU|i Lu |t T@Tih t |L ThL_i @h}4i?|t M@ti_ L? UL?|h@U|@* 4TihuiU|L?t |@| i T*@? |i ULUi Lu @? Lh}@?3@|L?@* t|hU|hi uLh +:# @U||it

4_{_Wkh Hfrqrplvw%/ Pd| 46wk 4<<8/ ss1 99~9:/ dqg Pd| 57wk 4<<:/ ss1 8<~931}

Ai iUL?L4U i?hL?4i?| uLh hiti@hU @?_ _ii*LT4i?| @U||it @?_ |i ii?|@* 4@h !i|?} Lu |i ??L@|L? t U@h@U|ih3i_ M) |L 4@? ui@|hitG ?Uih|@?|) @?_ ?uLh4@|L?@* @t)44i|hit `i? Lh!?} L? @? ??L@|L?c@ €h4 _Lit ?L| !?L uLh thi |i hit*| Lu |t +:# @U||it +iti@hU 4i|L_L*L}it i4T*L)i_ |L _tULih @? ??L@|L? E@| #Lt EbHH U@**t R|iU?L*L}) |h@iU|Lhit U@? Mi tTiU€i_ i @?|i M| |ih L|UL4i U@? @h_*) Mi TihuiU|*) Thi_U|i_ 6Lh i @4T*ic? |i U@ti Lu |i T@h4@Ui|U@* ?_t|h)cL?i u@Lh|i hiti@hU 4i|L_L*L}) i4T*L)i_ t RUL4M?@|Lh@* Ui4t|h) U UL?tt|t ? t?} @hM |h@h) Ui4U@* hi@U|L?t |L }i?ih@|i 4**L?t Lu h@?_L4*) t@Ti_ 4L*iU*it ?i Lu |i ?i _tULihi_ 4L*iU*it 4}| t| *i@_ |L |i ?i | _h} Ai _tULih) Lu @ ?i _h} _iTi?_t L? |i tUUitt Lu |t ThLUittc@?_ |t ThLTih|it tU @t t@ui|)ciUi?U)cULt| igiU|i?itt Lu |hi@|4i?| @hi ?iih !?L? i @?|i +iti@hU @?_ _ii*LT4i?| @U||it @hi h@?_L4 @?_c |ihiuLhicUL?t|||i @ ht!) ?it|4i?|

5iUL?_c|i 4@h!i|?} Lu @? ??L@|L? t U@h@U|ih3i_ M) @t)44i|hU ?uLh4@|L? Ai @*i Lu @? ??L@|L? _iTi?_t L? U@h@U|iht|Ut tU @t |i ?i |iU?L*L})<t iUi?U) Lh |i ?i ThL_U|<t ^@*|) `*i |t ?uLh4@|L? t _U*| |L LM|@? MiuLhi |i ??L@|L? t _ii*LTi_cThL_Ui_ @?_ tL*_c|i hiti@hU ?| 4@) @i 4Lhi ?uLh4@|L? @ML| |i ULt| Lu Mh?}?} |i ??L@|L? |L |i 4@h!i| 6Lh i @4T*ic? |i T@h4@Ui|U@* ?_t|h)c ULLh_?@|L? Mi|ii? hiti@hUiht @?_ u@U|Lh) _it}?iht t ?L| i@t) *i@h*)cMh?}?} @ ?i 4i_U?i |L |i 4@h!i| t ?L| |h@* @?_ ?ii_t ULLTih@|L? Mi|ii? @}i?|t U 4@) ?L| @i |i t@4i ?uLh4@|L? UULh_?} |L @ hiUi?| hiTLh|c4t|@!it ? |i _ii*LT4i?| ThLUitt U@? ?Uhi@ti ULt|t M) efI2 _{t)44i|hU ?uLh4@|L? i T*@?t tL4i Lu |i UL4T*i |)}

Lu hiti@hU L?|i?|hi @}hii4i?|t

N?Uih|@?|) @?_ @t)44i|hU ?uLh4@|L? @hi |L M@tU ?}hi_i?|t Lu Lh 4L_i* `i _i€?i |L Lh}@?3@|L?@* t|hU|hit W? @? ?|i}h@|i_ t|hU|hic|i ??L@|L? t ThL_Ui_ ?Lti M) |i €h4 L |i? tit Lh 4@h!i|t | At €h4 ti|t T |t L? hiti@hU ?| M) €?@?U?} @ *@MLh@|Lh) @?_ h?} tUi?|t|t Ai UL?|h@U| t}?i_ Mi|ii? |i €h4 @?_ |i 4i4Miht Lu |i hiti@hU ?| t @? i4T*L)4i?| UL?|h@U| Ai 4@?@}ih Lu |i €h4 @t

5_{_Wkh Hfrqrplvw%/ Qryhpehu <wk/ 4<<9/ s1 ::1}

ih@hUU@* @|Lh|) Lih |i hiti@hU ?| @? _iUtL?t @ML| ?it|4i?|c€?@?U?}c _ii*LT4i?|cThL_U|L?c@?_ 4@h!i|?} Lu |i ??L@|L? @hi 4@_i M) |i 4@?@}ih @u|ih TLttM*) UL?t*|?} | |i hiti@hU ?|

W? @? ?_iTi?_i?| t|hU|hic|i hiti@hU ?| t @ tiT@h@|i €h4 6?@?U?} t ThL_i_ M) @ M@?! Lh @ i?|hi U@T|@*t| u|ih ??L@|?}c|i €h4 ti**t |i ??L@|L? |L @?L|ih €h4 M) t}??} @ L?|i?|hi @}hii4i?| Lh @ |iU?L*L}U@* @**@?Ui Ai hiti@hU ?| ?t|@**t |i ?i ThLUitt ? @ u@U|Lh)cLh |it|t |i ?i ThL_U| uLh tTiU€U ThTLtit Ai tih €h4 |i? LTih@|it |i ?i |iU?L*L})cLh ThL_Uit @?_ 4@h!i|t |i ?i ThL_U|

Ai itti?|@* _gihi?Ui i ?|hL_Ui uLh |iti |L t|hU|hit t @ML| |i |h@?tuih@M*|) Lu _iUtL? h}|t W? @? ?|i}h@|i_ t|hU|hic_iUtL? h}|t U@??L| Mi Uhi_M*) |h@?tuihi_ @4L?} 4i4Miht Lu |i Lh}@?3@|L? Ai *@ Lu UL?|h@U|t _Lit ?L| @TT*) |L tU |h@?tuiht Oih@hUU@* @|Lh|) @t ThLh|) Lih @?) @}hii4i?| |L |h@?tuih _iUtL? h}|tc|@| tc @?) _iUtL? |L _i*i}@|i _iUtL? 4@!?} U@? Mi hiihti_ M) |i ih@hUU@* @|Lh|) W? @? ?_iTi?_i?| t|hU|hic_iUtL? h}|t U@? Mi |h@?tuihi_ t?Ui ThLTih|) h}|t U@? `i tL |@| |t itti?|@* _gihi?Ui t tUi?| |L 4@!i |i ULUi Lu Lh}@?3@|L?@* _it}? ?L?|h@*

At ?||L? uLh4@**) |h@?t*@|it ?|L |i uL**L?} @tt4T|L?t Ai UL?|h@U| }Lih??} |i hi*@|L?tT ? @? ?|i}h@|i_ t|hU|hi t tMiU| |L hi?i}L|@|L? t?Ui _iUtL? h}|t U@??L| Mi Uhi_M*) |h@?tuihhi_ 5U hi?i}L|@|L? hi_Uit |i iUi?U) Lu |i Lh}@?3@|L? W? @? ?_iTi?_i?| t|hU|hic|i ??L@|L? t €?@?Ui_ i |ih?@**) 6?@?U@* @}i?U) ULt|t *i@_ |L ?iUi?Uit U hi_Ui |i @M*|) Lu |i €?@?U@* UL?|h@U| |L _ihtu) ??L@|L? ht! Ai |L t|hU|hit @hi @=U|i_ M) |L _gihi?| tLhUit Lu ?iUi?UitG ?L?UL4 4|4i?| ? |i ?|i}h@|i_ t|hU|hi @?_ €?@?U@* 4@h!i| 4TihuiU|L?t ? |i ?_iTi?_i?| t|hU|hi Ai hi*@|i iUi?U) Lu |i |L t|hU|hit _iTi?_t L? |i U@h@U|iht|Ut Lu |i ??L@|L? `i? |i ULt| Lu _ii*LT?} |i ??L@|L? t ?i}@|i*) ULhhi*@|i_ | |t 4@h !i| @*ic|i ?|i}h@|i_ t|hU|hi _L4?@|it |i ?_iTi?_i?| t|hU|hi Ai ?_iTi?_i?| t|hU|hi _L4?@|it ? |i LTTLt|i U@ti Ai M@tU ?||L? uLh |t hit*| }Lit @t uL**Lt

W? |i €ht| U@tic|i ?i}@|i ULhhi*@|L? Mi|ii? |i _ii*LT4i?| ULt| @?_ 4@h!i| @*i 4T*it |@| Lih@** ThL€|t @hi ih) ht!) 6?@?U@* 4TihuiU|L?t @hi |i? ih) ULt|*) @?_ |i ?|i}h@|i_ t|hU|hi t 4Lhi iUi?|

`i ?L Mhi) t!i|U L Lh T@Tih hi*@|it |L |i *|ih@|hi W? |i 4@?@}i4i?| *|ih@ |hic| t Lu|i? @h}i_ |@| ?Lti +:# 4@) hi_Ui ThLM*i4t @ttLU@|i_ | @t)44i|hU ?uLh4@|L?c@?_ |@| Mi||ih ULLh_?@|L? Mi|ii? ??L@|LhtcThL_U|L? @?_ 4@h!i|?} _iT@h|4i?|t t @Uii_ |? @? Lh}@?3@|L? `| |t L? hiti@hU ?|c@ €h4 @t |i tUi?|€U i Tih|ti |L i@*@|i ?i |iU?L*L}it @?_ ?i ThL_U|t Eh4Lh @?_ AiiUicb.b( w@4Ti*c**ihc@?_ 6*LhUi*cbbS At @TThL@U @tt4it |@| |i LMiU|i Lu @** ?|t |? |i €h4 t |L 4@ 43i |i }*LM@* ThL€| Lu |i Lh}@?3@|L? At 4@) ?L| Mi |hi u |i ?|t Mi@i ?L?ULLTih@|i*) Lh LTTLh|?t|U@**)  Rti*€t hiti@hU ?| 4@) ?L| Mi@i @UULh_?} |L |i Lh}@?3@|L?<t L? ?|ihit| 6Lh i @4T*ic@ hiti@hU ?| 4@) Thiuih ?L| |L hii@* |i |hi @*i ETLttM*) *L Lu |t _tULih) u |t hi@h_ uhL4 |i ??L@|L? _Lit ?L| ThL_i | | tU ?Ui?|it Oi?Uic?|i}h@|?} |i hiti@hU ?| |? |i tih €h4 _Lit ?L| ?iUitt@h) tL*i |i @t)44i|hU?uLh4@|L? ThLM*i4 W?Ui?|i tUi4it h@|ih |@? Lh}@?3@|L?@* uLh4 Tih ti U@? 4|}@|i |i @t)44i|hU?uLh4@|L? ThLM*i4 W| 4@) Mi |i U@ticLiihc|@| _gihi?| ?Ui?|i tUi4it @hi TLttM*i _iTi?_?} L? |i Lh}@?3@|L?@* t|hU|hi At t ThiUti*) |i uLUt Lu Lh T@Tih

}L? @?_ AhL*i Ebbe ThL_i @ €ht| @||i4T| @| LTi??} |i RM*@U! ML Lu ??L@|L? ? @ ?UL4T*i|iUL?|h@U|?} uh@4iLh! Ai) tTTLti |@| +:# t @ h@?_L4 @U||) Tih uLh4i_ M) |L ht!?i|h@* @}i?|tc@ hiti@hU ?| +N @?_ |i ??L@|L? tih  W|t tUUitt _iTi?_t L? @? ?|@* ?it|4i?| ThL_i_ M)  @?_ @? ?L?UL?|h@U|M*i igLh| tTT*i_ M) +N W? @? ?|i}h@|i_ t|hU|hicThLTih|) h}|t L? |i ??L@|L? @hi @**LU@|i_ |L  At 4 T*it |@| +N hiUiit ?L hi@h_ uLh ??L@|L? +N |i? tTT*it ?L igLh| *i  tTT*it |i LT|4@* *ii* Lu ?it|4i?|  W? @ ?_iTi?_i?| t|hU|hic+N L?t |i ??L@|L? @?_ M@h}@?t |  Lih |i *Ui?t?} uii L?Ui |i ??L@|L? @t Mii? 4@_i tt4?} |@| @}i?|t @i |i t@4i M@h}@??} TLihc|i @*i Lu ??L@|L? t i^@**) tT*| i TLt| W? |t U@tict?Ui i@U @}i?| _Lit ?L| }i| |i u** hi|h? Lu |t igLh| Lh ?it|4i?|c| tTT*it

@ tiUL?_Mit| *ii* igLh| Lh ?it|4i?| Ai LT|4@* t|hU|hi _iTi?_t L? |i 4@h}?@* iUi?U) Lu +N<t igLh| UL4T@hi_ | |i 4@h}?@* iUi?U) Lu <t ?it|4i?|

,i? |L} Lh 4L_i* t@hit tL4i ui@|hit Lu }L? @?_ AhL*i<t Ebbe 4L_i*c|i M@tU ?||L? t _gihi?| Ai) 4@?*) t|hitt |@| |i ??L@|L? ThLUitt t ?L?UL?|h@U|M*i @?_ i?Ui ThLTih|) h}|t @hi @**LU@|i_ @t @ 4i@?t Lu @**i@|?} UL?|h@U| ?UL4T*i|i?itt E@t ? BhLtt4@? @?_ O@h|cbHS W? @ UL4T*i|iUL?|h@U| i?hL?4i?|ci t|hitt |@| |i ??L@|L? ThLUitt t ht!) E@?_ |@| |t 4@||iht MiU@ti +N t ht! @ihti @?_ |@| |ihi @hi ?uLh4@|L?@* ThLM*i4t hi_U?} |i iUi?U) Lu UL?|h@U|@* @}hii4i?|t ? t@h?} ht! #iTi?_?} L? |i @**LU@|L? Lu ThLTih|) h}|tc_gihi?| UL?|h@U|@* 4TihuiU|L?t @hti Wu |i) @hi @**LU@|i_ |L c+N @t |L |h@?tuih |t !?L*i_}i Lu |i ?uLh4@|L? |L  @?_ hi?i }L|@|L? @giU|t |i iUi?U) Lu |i Lh}@?3@|L? Wu |i) @hi @**LU@|i_ |L +Nchi?i}L|@|L? U@? Mi @L_i_cM| €?@?U?} t tMiU| |L @}i?U) ULt|t W? |t ti?tic|i |L 4L_i*t @hi UL4T*i4i?|@h) t?Ui |i) ML| t|hitt 4TLh|@?| @tTiU|t Lu ??L@|L? @U||it

+iUi?| T@Tiht TL?| L| |@| Mhi@Uh@|U Lh}@?3@|L?t TihuLh4 TLLh*) ? +:# #i@h _i?cWU!it @?_ 5@4i*tL? Ebbf tL |@| @ Ui?|h@*3i_ t|hU|hi @t *L ?Ui?|it |L @_LT| ?i |iU?L*L}it MiU@ti Lu |i h@|Ui| igiU| "@? @?_ j EbbH @h}i |@| @ tLu| M_}i| UL?t|h@?| @?_ @? i @?|i Mhi@Uh@|U i@*@|L? ThLUitt U@? i T*@? |i Ui?|h@*3i_ Lh}@?3@|L?t< u@*hi ? ??L@|?}  Mhi@Uh@U) 4@!it 4t|@!it M) hiiU|?} ThL4t?} ThLiU|t @?_ _i*@)?} ??L@|L?t W?Lti +:# ThL_Uit }ULt| ??L@|L?t |@| @hi i**tTiU€i_ i @?|i W| tcLiihc?@M*i |L tMt_3i *itt ULt|*) ThLiU|t U 4@) Mi ht!ih h 4L_i* Lu |i ?|i}h@|i_ t|hU|hi @t tL4i Lu |@| @Lh @t ?L?UL44|4i?| t @ UL?ti^i?Ui Lu |i ?L?|h@?tuih@M*|) Lu _iUtL? h}|t

Ai T@Tih t Lh}@?3i_ @t uL**Lt 5iU|L? 2 Thiti?|t |i 4L_i* 5iU|L?  Thiti?|t |i 4@? @tt4T|L?t ?_ih*)?} ML| Lh}@?3@|L?@* t|hU|hit `i @?@*)3i |i ?|i}h@|i_ t|hU|hi ? 5iU|L? e @?_ |i ?_iTi?_i?| L?i ? 5iU|L? D `i UL4T@hi |i |L t|hU|hit< TihuLh4@?Ui ? 5iU|L? S 5iU|L? . UL?U*_it |i T@Tih ** ThLLut @hi hi*i}@|i_ |L |i TTi?_ 

2 Ai 4L_i*

 hiti@hU ?| +N ThL_Uit @? ??L@|L? `i? ?it|?} U ? hiti@hUc+N LM|@?t @ }^@*|) ??L@|L?  | ThLM@M*|) REU @?_ @ *L^@*|) ??L@|L? , E,  | ThLM@M*|)   REU `i tTTLti R ?Uhi@t?} @?_ UL?U@ic| REf ' fc R_{Ef ' 4c}

*4U<"REU  

Ai ??L@|L? t 4@h!i|i_ M) €h4  iuLhi ti**?} |i ??L@|L?c+N @?_  4t| LTih@|L?@*3i |t ThL_U|L? At t |i _ii*LT4i?| T@ti +N ?Uht @ _ii*LT4i?| ULt| (E^c k _iTi?_?} L? |i tU@*i Lu ThLiU| ^ @?_ L? |i ??L@|L? ^@*|) k `i @tt4i |@| ( t ?Uhi@t?} @?_ UL?i ? ^c@?_ |@| |L|@* @?_ 4@h}?@* _ii*LT4i?| ULt|t @hi _iUhi@t?} ? kG

(^E^c k : fc (^^E^c k : fc (E^c  (E^c ,c (^E^c  (^E^c , ; ^ : f

6L**L?} |i _ii*LT4i?| T@tic U@? t|@h| ThL_U?} @?_ 4@h!i|?} |i ThL_U|  i@h?t @ ?i| hii?i  E^c k Ai u?U|L?  t ?Uhi@t?} @?_ UL?U@i ? ^ @| *i@t| L? dfc 7^o |

7^ *@h}i `i @tt4i

^E^c k : fc ^^E^c k f ; f ^ 7^

At u?U|L? U@? i?UL4T@tt ML| ThLUitt @?_ ThL_U| ??L@|L?t 6Lh @ ThLUitt ??L@|L?c |i ??L@|L? ^@*|) @giU|t |i ?i| hii?i u?U|L? 4@?*) |hL} *Lih ThL_U|L? ULt|t 6Lh @ ThL_U| ??L@|L?c|i ??L@|L? ^@*|) @giU|t |i ?i| hii?i u?U|L? 4@?*) |hL} }ih hii?it

6Lh @? ??L@|L? ^@*|) k 5 i,c jc|i +:# ThLUitt }i?ih@|it @ }*LM@* ThL€| }hLtt Lu ?|@* ?it|4i?| Lu

ZE^c k ' E^c k  (E^c k

 }^@*|) ??L@|L? t @tt4i_ }*LM@**) 4Lhi ThL€|@M*i |@? @ *L^@*|) L?ic|@| tc ZE^c  : ZE^c ,

W??L@|L?t @hi _t|?}ti_ M) |i hi*@|L?tT Mi|ii? hii?it @?_ _ii*LT4i?| ULt|t

 BNi AANB|NA

 |)Ti  ??L@|L? }i?ih@|it }ih |L|@* @?_ 4@h}?@* hii?it |@? @ |)Ti , L?i 6Lh4@**)c

E^c  : E^c ,c ^E^c  : ^E^c , ; f ^ 7^

 ANi AANB|NA

 |)Ti  ??L@|L? }i?ih@|it *Lih |L|@* @?_ 4@h}?@* hii?it |@? @ |)Ti , L?i 6Lh4@**)c

E^c  E^c ,c ^E^c  ^E^c , ; f ^ 7^

6Lh @ 4@Lh ??L@|L?c4L?} uhL4 @ *L^@*|) ??L@|L? |L @ }^@*|) ??L@|L? hi_Uit _ii*LT4i?| ULt|t @?_ ?Uhi@tit hii?itc|@| tc_ii*LT4i?| ULt|t @?_ hii?it @hi ?i}@|i*) ULhhi*@|i_ Ai LTTLt|i L*_t uLh @ 4?Lh ??L@|L? W| |h?t L| |@| |i t}? Lu |t ULhhi*@|L? T*@)t @ t}?€U@?| hL*i ? Lh @?@*)tt

`i _i?L|i M) ^W

k |i ThLiU| t3i U 4@ 43it }*LM@* ThL€| ZE^c k W| t @tt4i_ |@|

^W

  ^W,c|@| tc@ }^@*|) ??L@|L? t 4@h}?@**) 4Lhi ThL€|@M*i |@? @ *L^@*|)

L?ichi}@h_*itt Lu i|ih |i ??L@|L? t 4@Lh Lh 4?Lh `i _i?L|i M) UW _{|i ?it|4i?|}

*ii* U 4@ 43it |i i TiU|i_ }*LM@* ThL€| REUZE^W

c  n E  REUZE^W,c ,  U

+N<t |*|) T _iTi?_t L? |t ?UL4i  ?i| Lu _ii*LT4i?| ULt|tG

T Ec ^c k ' E  (E^c k

6_{Lq Vhfwlrq 9/ zh jlyh h{dpsohv ri erwk pdmru dqg plqru lqqrydwlrqv1}

`i tTTLti |@| +N t ht! @ihtiG  t ?Uhi@t?} @?_ UL?U@i E _{: fc  f 6h4  t}

ht! ?i|h@* W|t |*|) L t *?i@h ? hii?it ?i| Lu @?) |h@?tuih T@)4i?| G LEc ^c k ' E^c k  

W|t hitih@|L? |*|) t ?Lh4@*3i_ |L 3ihL

`i ?L t|_) |i Lh}@?3@|L? Lu +:# @U||it ?_ih |i @tt4T|L? |@| |i ??L @|L? ^@*|) t Th@|i ?uLh4@|L? Lu +N

 Ai Lh}@?3@|L? Lu +:# @U||it

`i _i€?i |L |)Tit Lu Lh}@?3@|L?t W? @? lqwhjudwhg vwuxfwxuhc+:# @U||it @hi UL?_U|i_ ?|ih?@**) |? €h4  +N U@? Mi tii? @t @ _tL? Lh @ _iT@h|4i?| Lu  6h4  ?it|t @?_ €?@?Uit |i ?it|4i?| ? hiti@hU UcT@)t |t hiti@hU ?| +N @ @}i  @?_ _ii*LTt @ ThLiU| Lu tU@*i ^

W? @? lqghshqghqw vwuxfwxuhc+N t @? @|L?L4Lt €h4c@?_ | 4t| €?@?Ui |t hi ti@hU @U||it i |ih?@**)  UL4Ti||i €?@?Uih 6 €?@?Uit |i ?it|4i?| U @?_ }i|t hi4Mhti_ - i? |i ??L@|L? t tL*_ u|ih |i hiti@hU TihL_ @?_ MiuLhi |i _ii*LT 4i?| TihL_c+N @?_  ?i}L|@|i @ L?|i?|hi @}hii4i?| U tTiU€it |i ThLiU| t3i ^ @?_ +N<t @}i Lh hL)@*|it   |i? ThL_Uit @?_ 4@h!i|t |i ??L@|L?

Ai |L t|hU|hit _gih ? |L 4TLh|@?| @tTiU|t 6ht|c|i |h@?tuih@M*|) Lu _iUtL? h}|t t }Lih?i_ M) _gihi?| h*it ? i@U t|hU|hi W? @? ?|i}h@|i_ Lh}@?3@|L?c|i _iUtL? h}| Lih |i ThLiU| Mi*L?}t |L  At h}| U@??L| Mi Uhi_M*) |h@?tuihhi_ uhL4  |L +N @t |i h*i Lu *@ _Lit ?L| }Lih? Lih tU ?|h@€h4 |h@?t@U|L? 6Lh i @4T*ic ii? u |t h}| @t |h@?tuihi_ |L +Nc UL*_ @*@)t hiTLttitt | MiU@ti | @t ih@hUU@* @|Lh|) Lih +N W? @ Th@|i?uLh4@|L? i?hL?4i?|c|t 4T*it |@| +N t UL44? U@|?} |t ?uLh4@|L? @ML| |i ??L@|L? ^@*|) |L  L |i? tit | |L _iU_i L? |i ThLiU| t3i W? @? ?_iTi?_i?| Lh}@?3@|L?c|i ThLTih|) h}| Lih |i ThLiU| ?|@**)

Mi*L?}t |L  5?Ui  @?_ +N @hi ?_iTi?_i?| €h4tc|t h}| U@? Mi RtL*_ uhL4  |L +N |hL} @ L?| i?|hic@?_ |i _U@* t)t|i4 U@? i?uLhUi tU |h@?t@U|L? `| |i ThLTih|) h}| UL4it |i _iUtL? h}| 6Lh4@**)c|t @4L?|t |L +N ULLt?} |i ThLiU| t3ict?} |t L? Th@|i ?uLh4@|L? @ML| |i ??L@|L? ^@*|)e _{Ai @) ?uLh4@|L?}

t UL44?U@|i_ @?_ ti_ @t 4T*U@|L?t uLh |i iUi?U) Lu i@U t|hU|hi

5iUL?_c|i €?@?U?} Lu ?it|4i?| t tMiU| |L _gihi?| @}i?U) ULt|t W? @? ?|i}h@|i_ t|hU|hic€?@?U?} |i ?it|4i?| t _L?i ?|ih?@**) W? @? ?_iTi?_i?| t|hU|hic+N 4t| €?@?Ui i |ih?@**) `i @tt4i ihic@t ? 4Lt| Lu |i *|ih@|hi ? ULhTLh@|i €?@?Uic|@| i |ih?@* €?@?U?} t tMiU| |L *@h}ih @}i?U) ULt|t |@? ?|ih?@* €?@?U?}D _{AL U@T|hi |t}

_i@ci @tt4i |@| ThLiU| t3i @?_ T@)Lgt @hi LMtih@M*i |L  @?_ +NcM| ?L?LMtih@M*i |L 6 Ai €?@?U@* UL?|h@U| | 6 @t |L |@!i |t ?LMtih@M*|) ?|L @UUL?| i? tTiUu)?} €?@?U@* hiT@)4i?|t

Aihi @hi |hii LMiU|it |L Thti i? T*@)iht ?|ih@U| 6ht|c?Ui?|it 4t| Mi ThL_i_ |L +N uLh @? @TThLTh@|i ?it|4i?| U ? +:# 5iUL?_cL?Ui |i ??L@|L? @t Mii? UL?Uhi|3i_c?Ui?|it 4t| Mi ThL_i_ |L ?_ih|@!i @? @TThLTh@|i ThLiU| t3i ^ 6?@**)c?th@?Ui 4t| Mi }i? |L +N @}@?t| |i ht! ?ihi?| |L |i ??L@|L? ThLUitt

Ai TihuLh4@?Ui Lu |i |L t|hU|hit ? |ih hi*@|i @M*|) |L Thti |iti LMiU|it t UL4T@hi_ ?_ih |i @tt4T|L?t |@| _iUtL? h}|t U@??L| Mi Uhi_M*) |h@?tuihhi_ ? @? ?|i}h@|i_ t|hU|hi @?_ |@| i |ih?@* €?@?U?} t ULt|*ih |@? ?|ih?@* €?@?U?} N?_ih |iti @tt4T|L?tc@? ?|ihit|?} |h@_iLg ? |i ULUi Lu |i Lh}@?3@|L? Lu +:# i4ih}it iuLhi tL*?} uLh |i LT|4@* @**LU@|L? ? i@U t|hU|hici U@h@U|ih3i |i t)44i|hU ?uLh4@|L? LT|4@* tL*|L? W| U@? Mi 4T*i4i?|i_ | i|ih t|hU|hi

 U ' UW_{c ^}

k ' ^kW uLh k ' ,c 

 W? |i ?|i}h@|i_ t|hU|hic EW

  (E^Wc  ' EW,  (E^,Wc ,

7_{Noledqr dqg Srlwhylq +4<<<, h{soruh ixuwkhu wkh lvvxh ri uljkwv dqg frpplwphqw lq d prgho ri h{whu0}

qdolw|1

8_{Vhh/ iru h{dpsoh/ Mhqvhq dqg Phfnolqj/ 4<:9 dqg P|huv/ 4<;71}

 W? |i ?_iTi?_i?| E@|L?L4Lt t|hU|hic E@W

  -@W  (E^Wc  ' E@W,  -,@W (E^,Wc ,

 EW

k  (E^kWc k ' Ek@W -@Wk  (E^kWc k uLh @** k 5 i,c j

6ht|c@**LU@|i iUi?U) t @||@?i_ uLh ?it|4i?| @?_ ThLiU| t3i uLh ML| ^@*|it Lu ??L@|L? 6Lh ML| t|hU|hitc+N t u**) ?thi_ @}@?t| |i ht! Lu ??L@|L? W?th@?Ui t ThL_i_ M)  ? |i ?|i}h@|i_ t|hU|hic@?_ M) 6c? |i ?_iTi?_i?| t|hU|hi 6?@**)c +N @t |i t@4i T@)Lg ? ML| t|hU|hitS

`i ?L @ttitt |i TihuLh4@?Ui Lu i@U t|hU|hi ?_ih |i @tt4T|L? |@| +N t Th @|i*) ?uLh4i_ @ML| |i ^@*|) Lu |i ??L@|L? AhL}L|ci @tt4i |@| +N @t |i M@h}@??} TLih i? ?i}L|@|?} UL?|h@U|t |  @?_ 6 At @tt4T|L? 4@!it |i UL4T@htL? Lu |i |L t|hU|hit 4Lhi |h@U|@M*i

e Ai ?|i}h@|i_ t|hU|hi

W? |i ?|i}h@|i_ t|hU|hicUL?|h@U|@* ?i}L|@|L?t @?_ 4T*i4i?|@|L? @hi uLh4@*3i_ M) |i uL**L?} }@4i

 +N ThLTLtit @ hiti@hU @?_ _ii*LT4i?| UL?|h@U| S-( ' iUc i kc ^ kj k',j |L  L

U@? @UUiT| | Lh hiiU| |

2 Wu | t @UUiT|i_c+N ?it|t U Wu ?L|c|i }@4i i?_t @?_ ML| T*@)iht LM|@? |ih hitih@|L? |*|)

 +N LMtihit |i ??L@|L? ^@*|) kc@?_ ti*iU|t @ 4itt@}i k 5 i,c j E@ +N |i? ThLTLtit @ ?i UL?|h@U| So ' Ec ^ |L .

9_{Xqghu v|pphwulf lqirupdwlrq/ erwk vwuxfwxuhv |lhog wkh vdph htxloleulxp doorfdwlrq iurp wkh srlqw ri}

ylhz ri UX1

:_{Ehdxgu| dqg Srlwhylq +4<<8, h{sodlq zk| wklv frqwudfw fdqqrw frqwdlq pruh wkdq rqh hohphqw1 Lw zrxog}

qrw eh qhfhvvdu| li wkhuh zhuh dq lqqlwh qxpehu ri urxqgv ri uhqhjrwldwlrq1 f

EM Wu | t hiiU|i_c|i UL?|h@U| S-( hi4@?t |i L|t|@?_?} UL?|h@U| Wu So t @U

UiT|i_c| MiUL4it |i L|t|@?_?} UL?|h@U|

e Ai ??L@|L? t _ii*LTi_cThL_Ui_c@?_ tL*_ *i |h@?tuiht @hi T@_ @t ThitUhMi_ M) |i L|t|@?_?} UL?|h@U|

Ai u@U| |@| ThLTih|) h}|t U@??L| Uhi_M*) Mi |h@?tuihhi_ uhL4  |L +N 4T*it |@| +N 4t| UL44?U@|i |t Th@|i ?uLh4@|L? |L  L |i? _iU_it L? |i ThLiU| t3i 6Lh4@**)c|t uLh4 Lu UL44?U@|L? h@tit |i TLttM*|) uLh  @?_ +N |L hi?i}L|@|i |i ?|@* UL?|h@U| @u|ih +N @t UL44?U@|i_ |t Th@|i ?uLh4@|L? |L H _{Ai TLttM*|) uLh}

hi?i}L|@|L? t uLh4@**) |@!i? ?|L @UUL?| ? t|@}i E@

`i U@h@U|ih3i |i i^*Mh4 @**LU@|L?t |@| @hi ?L| hi?i}L|@|i_ @*L?} |i i^ *Mh4 T@|c?@4i*)chi?i}L|@|L?ThLLu @**LU@|L?t 5U @**LU@|L?t U@? Mi tTTLh|i_ M) i^*Mh4 t|h@|i}it |@| _L ?L| ?L*i @?) hi?i}L|@|L? @*L?} |i i^*Mh4 T@|  hi?i}L|@|L?ThLLu @**LU@|L? i kc ^ kj _k', 4t| t@|tu) |i uL**L?} ?i^@*|it uLh @**

k ' ,c b

T Ec ^c   4@ Ec^iT Ec ^c  t*| LEc ^c   LE kc ^ kc 

LEc ^c ,  LE kc ^ kc ,j E- k

T E,c ^,c ,  4@ Ec^iT Ec ^c , t*| LEc ^c   LE kc ^ kc 

LEc ^c ,  LE kc ^ kc ,j E-, k

Aiti UL?t|h@?|t hiT*@Ui |i t@* ?Ui?|iUL4T@|M*|) UL?t|h@?|tc@?_ |ihiuLhi hiThi ti?| }i?ih@*3i_ ?Ui?|iUL4T@|M*|) UL?t|h@?|t |@| ?ULhTLh@|i |i TLttM*|) Lu hi?i }L|@|L? ,@U UL?t|h@?| - k

k 4T*it |@|c}i? @ t|@|t^L TLt|L? E kc ^ k @||@?i_

uL**L?} @ hiTLh| k M) +Nc L?*) @UUiT|t |Lti hi?i}L|@|L? Lgiht |@| ?Uhi@ti |t |*|)

;_{Kropvwu‚rp dqg P|huvrq +4<;6,/ Pdvnlq dqg Wluroh +4<<5,/ dqg Ehdxgu| dqg Srlwhylq +4<<8, doo dujxh}

wkdw wklv lv lq idfw wkh rqo| lqvwdqfh zkhuh uhqhjrwldwlrq fdq kdyh dq hhfw1 Uhqhjrwldwlqj diwhu wkh duulydo ri sulydwh lqirupdwlrq exw ehiruh lw kdv ehhq frppxqlfdwhg kdv qr hhfw rq wkh lqlwldo frqwudfw1

<_{Wklv lv vkrzq irupdoo| lq Ehdxgu| dqg Srlwhylq +4<<6/ 4<<8, zkhq uhqhjrwldwlrq fdq kdyh dq lqqlwh ru}

d qlwh qxpehu ri urxqgv uhvshfwlyho|1

hi}@h_*itt Lu |t Mi*iut @ML| |i ^@*|) Lu |i ??L@|L? 5TTLti |@| UL?t|h@?| - k k t

t@|t€i_ @| @ t|@|t^L TLt|L? E kc ^ k 6Lh @?) Lgih |@| +N Thiuiht |L E kc ^ kc|ihi

i t|t @ Mi*iu uLh  tU |@| | t Lhti Lg ?_ih |i ?i Lgih |@? ?_ih |i t|@|t^L TLt|L? `i? @tt}?i_ | |t Mi*iuc t4T*) hiiU|t |i Lgih Lu +N Wu @? @**LU@ |L? t@|t€it |iti UL?t|h@?|tc| t ?L| TLttM*i uLh +N |L ?Uhi@ti |t |*|) M) ti*iU|?} @ 4itt@}i k @?_ |i? 4@!?} @ hi?i}L|@|L? Lgih W| t ? |t ti?ti |@| |i hi?i}L|@|L? ThLLu UL?t|h@?|t hiThiti?| }i?ih@*3i_ ?Ui?|iUL4T@|M*|) UL?t|h@?|t 5?Ui |iti UL? t|h@?|t @**L uLh hi?i}L|@|L?c|i) @hi 4Lhi t|h?}i?| |@? t@* ?Ui?|iUL4T@|M*|) UL?t|h@?|t

`i U@h@U|ih3i |i i^*Mh4 hi?i}L|@|L?ThLLu @**LU@|L? iU_{c i}

kc ^kjk',j |@| )i*_t

+N |i }it| i TiU|i_ |*|)f _{W| tL*it |i uL**L?} 4@ 43@|L? ThLM*i4}

4@ iUctkc^k_k',j

REUT Ec ^c  n E  REUT E,c ^,c ,

tMiU| |L G REULEc ^c  n E  REULE,c ^,c ,  U ' f EU-

T Ec ^c   4@ Ec^iT Ec ^c  t*| LEc ^c   LE kc ^ kc 

LEc ^c ,  LE kc ^ kc ,j ; k ' ,c  E- k

T E,c ^,c ,  4@ Ec^iT Ec ^c , t*| LEc ^c   LE kc ^ kc 

LEc ^c ,  LE kc ^ kc ,j ; k ' ,c  E-, k

W? |t ThLM*i4c+N<t i TiU|i_ |*|) t 4@ 43i_ tMiU| |L <t T@h|UT@|L? UL?t|h@?| EU-_{@?_ |i ti| Lu ?Ui?|i hi?i}L|@|L?ThLLu UL?t|h@?|t}

hLTLt|L?  Ai i^*Mh4 @**LU@|L? iU_{c i}

kc ^kjk',j t@|t€it |i uL**L?} hi*@|L?

tTt  6Lh 4@Lh ??L@|L?tG ^  ' ^Wc ^, ' ^,W(   (E^Wc  : , (E^W,c ,

43_{Wkhuh pd| eh pxowlsoh htxloleuld ghshqglqj rq wkh dvvljqphqw ri rxw0ri0htxloleulxp eholhiv1 Zh irfxv}

khuh rq wkh htxloleulxp doorfdwlrq wkdw UX suhihuv1 Wklv idflolwdwhv wkh frpsdulvrq zlwk wkh lqghshqghqw vwuxfwxuh1

 6Lh 4?Lh ??L@|L?tG ^

 ' ^Wc ^, ' ^,W ^,W ihi ^W, ' @h} 4@ ^ E^c   (E^c ,(



 (E^Wc  : , (E^W,c ,

 R_EU_{iET E}

c ^c T E,c ^,c , *,kdEk(E^kc kmUonLEc ^c LE,c ^,c ,j'



`| t)44i|hU ?uLh4@|L?c+N<t |*|) t i^@*3i_ ? ML| t|@|it At 4T*it |@| , :  t?Ui _ii*LT4i?| ULt|t @hi }ih ? t|@|i , N?_ih @t)44i|hU ?uLh4@|L?c+N

|i? @t ?Ui?|it |L hiTLh| |)Ti , i? |t |hi |)Ti t  |L LM|@? @ }ih @}i Ai hi?i}L|@|L?ThLLu UL?t|h@?| -,

 t |ihiuLhi M?_?}c|@| tci? |i ??L@|L? ^@*|)

t } @?_ +N @??L?Uit @ *L^@*|) ??L@|L? @?_ |i? hi?i}L|@|it AL Thii?| |)Ti  uhL4 44U!?} |)Ti ,c|i UL?|h@U| ?Uhi@tit |i @}i }@T @?_ 4TLtit 4Lhi ht! L? +N `i? |i ??L@|L? t 4@Lhc?L _t|Lh|L? ? ^, U@? Mi ti_ i @?|i |L ?_Ui |h|

|i**?} MiU@ti @?) tU _t|Lh|L? L*_ Mi hi?i}L|@|i_ @@) ? t|@}i E@ 6Lh @ 4?Lh ??L@|L?ctL4i ?_ihThL_U|L? uLh |i *L^@*|) ??L@|L? t hi?i}L|@|L?ThLLuc@?_ t |ihiuLhi ti_ |L 4|}@|i |i ht! @**LU@|i_ |L +N 6?@**)c|i ?Lh4@*3i_ t4 Lu 4@h}?@* Mi?i€|t |L ?it|4i?| _i|ih4?it |i LT|4@* ?it|4i?| TL*U) `|L| tTiU€U u?U|L?@* uLh4tc|i ?it|4i?| U <sub>U@??L| Mi _hiU|*) UL4T@hi_ |L |i €ht|Mit| *ii* U</sub>W<sub> `| ht!</sub>

@ihtL?c |i ?it|4i?| T*@)t |i _@* hL*i Lu _i|ih4??} |i t3i Lu |i Ti @?_ hi_U?} |i ht! Lu |i i?|hi

L|i |@| M) |i i?_ Lu |i }@4i €h4  U@? ?uih |i |)Ti Lu +N uhL4 |i LMtih@|L? Lu |t L? ThL€|t t ? 4Lt| Lu |i *|ih@|hici 4T*U|*) @tt4i |@| i|ih i TLt| ThL€|t @hi ?L| ih€@M*i |L |h_ T@h|) Lh |@| | t ?L| TLttM*i |L T?t +N u | @_ 4thiThiti?|i_ |t |)Ti At igiU|i*) ThiU*_it  uhL4 t?} @ uLhU?} UL?|h@U| |@| L*_ Mi M@ti_ L? |i hi@*3@|L? Lu |t L? ThL€|t `i ?L 4Li |L |i @?@*)tt Lu |i ?_iTi?_i?| t|hU|hi

D Ai ?_iTi?_i?| t|hU|hi

W? @? ?_iTi?_i?| t|hU|hic+N tii!t i |ih?@* €?@?U?} MiuLhi t|@h|?} |i hiti@hU T@ti }i?|t T*@) |i uL**L?} }@4i

 +N ThLTLtit @ €?@?U@* UL?|h@U| S8 ' iUc i- kj k',j |L 6 L U@? @UUiT| Lh hiiU| |

2 Wu | t @UUiT|i_c+N ?it|t U Wu ?L|c|i }@4i i?_t @?_ ML| T*@)iht LM|@? |ih hitih@|L? |*|)

 +N LMtihit |i ??L@|L? ^@*|) k W| |i? ThLTLtit @ _ii*LT4i?| UL?|h@U| S( '

iE^j |L  L U@? @UUiT| Lh hiiU| | Wu | t hiiU|i_c|i €?@?U@* UL?|h@U| t L_c |i }@4i i?_t @?_ @** T*@)iht LM|@? |ih hitih@|L? |*|)

e Wu | t @UUiT|i_c|i UL?|h@U| t U@hhi_ L|G +N 4T*i4i?|t @ ThLiU| t3i ^c@?_ @ hiTLh| k 5 i,c j t ti?| |L 6( |i ??L@|L? t _ii*LTi_cThL_Ui_ @?_ tL*_ *i |h@?tuiht @hi T@_ @t ThitUhMi_ M) |i UL?|h@U|t S8 @?_ S(

Ai _gihi?Ui Mi|ii? |t }@4i @?_ |i L?i T*@)i_ ? |i ?|i}h@|i_ t|hU|hi ?_ih*?it |i @tt4T|L?t i TLti uLh i@U t|hU|hi hLTih|) h}|t U@? Uhi_M*) Mi |h@?tuihhi_ ? |i ?_iTi?_i?| t|hU|hi Ai _ii*LT4i?| UL?|h@U| @**Lt uLh |iti h}|t |L Mi |h@?tuihi_ uhL4  |L +N |hL} |i ti Lu @ ?L?*?i@h |h@?tuih tUi_*i +N igiU|i*) ULLtit |i ThLiU| t3i ^ @?_ ti**t | |L  uLh hL)@*|it E^ 6?@?U?} t _L?i i |ih?@**)cU 4T*it |@| +N @?_ 6 4t| t}? @ uLh4@* UL?|h@U| Ai ThLiU| t3i |@| +N ULLtit t ?LMtih@M*i |L 6c@?_ i?Ui |i €?@?U@* T@)4i?| - uhL4 +N |L 6 4t| _iTi?_ L? @ hiTLh| |@| +N ti?_t |L 6

W? wi44@ ci U@h@U|ih3i |i LT|4@* €?@?U@* UL?|h@U|

wi44@  `|L| *Ltt Lu }i?ih@*|)c |i i^*Mh4 €?@?U@* UL?|h@U| iU@_{c i-}@

kj k',j t

tU |@| -@

, ' -@ ' U@

iU@ti 6 U@??L| LMtihi L|T| ?Lh hii?ic|i LT|4@* €?@?U@* UL?|h@U| t @ _iM| UL? |h@U| ihi |i €?@?U@* hiT@)4i?| t ?_iTi?_i?| Lu |i ^@*|) Lu |i ??L@|L? _6h

|ih4Lhic|t T@)4i?| t i^@* |L |i *i?| @4L?|cU@_{ctL |@| 6 Mhi@!t ii? Bi? |t hi}

t*|c|i tiT@h@|?}i^*Mh4 @**LU@|L? Lu |i ?_iTi?_i?| t|hU|hicqU@_{c i}@_E^

kc ^k@jk',

r c |@| 4@ 43it |i i TiU|i_ |*|) Lu +N t |i tL*|L? |L |i uL**L?} 4@ 43@|L? ThLM *i42

4@ iUctE^kc^k_k',j

REUT EE^  Uc ^c  n E  REUT EE^,  Uc ^,c ,

tMiU| |L G LEE^c ^c   f EU-

LEE^,c ^,c ,  f EU-, 

T EE^  Uc ^c   T EE^,  Uc ^,c  EU

T EE^,  Uc ^,c ,  T EE^  Uc ^c , EU,

+N<t i TiU|i_ |*|) t 4@ 43i_ tMiU| |L <t T@h|UT@|L? UL?t|h@?|t EU-

k @?_ +N<t

?Ui?|iUL4T@|M*|) UL?t|h@?|t EUk

hLTLt|L? 2 Ai i^*Mh4 @**LU@|L? t@|t€it |i uL**L?} hi*@|L?tTt  E^@ kc k  @E^@k ' f ; k 5 i,c j  6Lh 4@Lh ??L@|L?tG ^@ , ' ^W,c ^@ ' ; A ? A = ^W

 s ZE^,Wc ,  E^Wc   (E^Wc ,

^7

 J|eore

| ^7

 : ^W tU |@| ZE^W,c , '  E^7c   (E^7c ,(

@  (E^@c  : @,  (E^,Wc ,  6Lh 4?Lh ??L@|L?tG ^@  ' ^Wc ^,@' ; A ? A = ^W , s ZE^Wc    E^,Wc ,  (E^,Wc  ^7 , J|eore

44_{Zh lpsolflwo| dvvxph wkdw wkh ghew frqwudfw lv ulvnohvv1 Lqfrusrudwlqj wkh srvvlelolw| ri ghidxow zrxog}

qrw dowhu rxu pdlq frqfoxvlrqv surylghg wkdw I frxog dxglw UX dw d frvw +Wrzqvhqg/ 4<:<,1

45_{Wklv lv wkh rqo| htxloleulxp doorfdwlrq wkdw vxuylyhv wkh dssolfdwlrq ri wkh Lqwxlwlyh fulwhulrq ri Fkr dqg}

Nuhsv +4<;:,1

| ^7

, ^,W tU |@| ZE^Wc  '  E^,7c ,  (E^7, c (

@

 (E^Wc  : ,@ (E^,@c ,

 R_EU@_{iET E}@

c ^@c   T E@,c ^@,c , *,kdEk@ (E^@kc kmU@oj ' 

Ai 4@? UL?ti^i?Ui Lu 4TihuiU| i |ih?@* €?@?U?} t |@| 6 U@??L| ThL_i @?) ?th@?Ui |L +N t?Ui €?@?U@* hiT@)4i?|t @hi |i t@4i ? i@U t|@|i Lu ?@|hi  U@??L| ThL_i ?th@?Ui i|ih t?Ui |t UL?|h@U| t ?i}L|@|i_ L?Ui |i ??L@|L? @t Mii? hi@*3i_ +N tTTLh|t @** hiti@hU ht! W?it|4i?| t |ihiuLhi _i|ih4?i_ M) |i ?Uhi4i?|@* @*i uLh +N Lu @ }^@*|) ??L@|L? UL4T@hi_ |L @ *L^@*|) L?i Ai _ii*LT4i?| UL?|h@U| t ?i}L|@|i_ ? @ t}?@*?} i?hL?4i?| ihi ThLh Mi*iut REU _L ?L| @giU| |i tiT@h@|?} @**LU@|L? 5?Ui |i €?@?U@* UL?|h@U| ?i?Uit L?*) Mi*iut E|hL} |i ULUi Lu ?it| 4i?|c|i tTiU€Ut Lu |i _ii*LT4i?| UL?|h@U| _L ?L| _iTi?_ L? |i €?@?U@* UL?|h@U| W? |i _ii*LT4i?| UL?|h@U|c<t ?__@*h@|L?@*|) UL?t|h@?|t @hi M?_?} 6Lh @ 4@Lh ??L@|L?c<t hii?it @hi }ih uLh @ }^@*|) ??L@|L? +N U@? |ihiuLhi i |h@U| 4Lhi hL)@*|it uhL4  +N |i? @?|t |L Liht|@|i |i ^@*|) Lu |i ??L@|L?c@?_ |i M?_?} ?Ui?|i UL?t|h@?| t |@| uLh @ *L^@*|) ??L@|L? Wu | t M?_?}c+N Lih ThL_Uit ? t|@|i  |L t@|tu) |i ?Ui?|i UL?t|h@?| Lu |)Ti , Ai i @U| LTTLt|i L*_t uLh @ 4?Lh ??L@|L? +N ?_ihThL_Uit ? t|@|i , |L t@|tu) |i ?Ui?|i UL?t|h@?| Lu |)Ti 

Ai ?L?*?i@h |h@?tuih tUi_*i t tU |@| +N<t ?Ui?|it |L Mi@i |h|u**) @hi Thitihi_ 6Lh @** ?L?i^*Mh4 L|T| *ii*tc|i |h@?tuih t ti| @| @ *@h}i ?i}@|i ?4Mih Ai i^*Mh4 @}i t tU |@| +N i@h?t 4Lhi i? |i ??L@|L? t |)Ti  |@? i? | t |)Ti , 6?@**)c|i 4@h}?@* Mi?i€| |L ?it|4i?| @UUh?} |L +N ?Lh4@*3i_ M) |t i TiU|i_ 4@h}?@* |*|) _i|ih4?it |i LT|4@* ?it|4i?| TL*U) }@?c|L| tTiU€U u?U|L?@* uLh4tc|i ?it|4i?| U _{U@??L| Mi _hiU|*) UL4T@hi_ |L |i €ht|Mit| *ii* U}W_

`| ht! @ihtL?c|i ?it|4i?| T*@)t |i _@* hL*i Lu _i|ih4??} |i t3i Lu |i Ti @?_ hi_U?} |i ht! Lu |i i?|hi

W? |i ?i | tiU|L?ci UL4T@hi |i TihuLh4@?Ui Lu |i |L t|hU|hit S

SihuLh4@?Ui Lu |i |L t|hU|hit

Ai Uh|ihL? |L _i?|u) |i LT|4@* t|hU|hi t +N<t i TiU|i_ |*|) 5?Ui @** L|ih T*@)iht i@h? 3ihL i TiU|i_ ThL€|t @?_ |*|) t |h@?tuih@M*i |hL} UL?|h@U|@* T@)4i?|tc|t t |i @TThLTh@|i ti*iU|?} Uh|ihL? `i €ht| it|@M*t @ Mi?U4@h! U@ti ? |i uL**L?} *i44@

wi44@ 2 5TTLti |@|  E^c , ' E^c  L| Lh}@?3@|L?@* t|hU|hit )i*_ |i t@4i i TiU|i_ T@)Lg |L +N

At *i44@ it|@M*tit |@| i? <t T@)Lg _Lit ?L| _iTi?_ L? |i ^@*|) Lu ??L@|L?c ML| t|hU|hit TihuLh4 i^@*i?|*) uhL4 |i TL?| Lu i Lu +N W? |i ?|i}h@|i_ t|hU |hichi?i}L|@|L?ThLLu UL?t|h@?|t 4TLti i TLt| iUi?U) ? ThL_U|L? @?_ ?L ht! t@h?} `i? <t T@)Lg t ?_iTi?_i?| Lu ??L@|L? ^@*|)c|i |hi@| Lu hi?i}L|@|L? i*4?@|it @** TLttM*|) uLh t@h?} ht! t?Ui  @UUiT|t @** hi?i}L|@|L? Lgiht |@| _L ?L| _iUhi@ti |t i TiU|i_ T@)Lg hi}@h_*itt Lu |i ??L@|L? ^@*|) `i? <t T@)Lg t ?_i Ti?_i?| Lu |i ??L@|L? ^@*|)c|t 4T*it |@|  4t| i@h? |i t@4i T@)Lg uLh i@U |)Ti Lu ??L@|L? Oi?Uic?L ht! t@h?} t TLttM*i

W? |i ?_iTi?_i?| t|hU|hic|i €?@?U@* UL?|h@U| ThL_it ?L ht! t@h?}c*i |i UL?|h@U| |  )i*_t i TLt| iUi?U) ? ThL_U|L? @?_ ?L ht! t@h?} , TLt| i Ui?U) t @||@?i_ t?Ui <t T@)Lg _Lit ?L| _iTi?_ L? |i ??L@|L? ^@*|) L?|h@U|@* ?i}L|@|L?t Mi|ii? +N @?_  @hi |ihiuLhi uhU|L?*itt

L| Lh}@?3@|L?@* t|hU|hit )i*_ iUi?| ThL_U|L? @?_ ThL_i ?L ht! t@h?} |L +N Ai *ii* Lu ?it|4i?| t |ihiuLhi |i t@4i ?_ih ML| t|hU|hit L?ti^i?|*)cML| t|hU|hit TihuLh4 i^@*i?|*) i? <t T@)Lg t ?_iTi?_i?| Lu |i ??L@|L? ^@*|)

`i ?L @tt4i |@| |i ??L@|L? ^@*|) @giU|t <t T@)Lg Ai UL4T@htL? Lu |i |L Lh}@?3@|L?@* t|hU|hit _iTi?_t L? i|ih |i ??L@|L? t 4@Lh Lh 4?Lh `i @?@*)3i |iti |L U@tit ? |h?

 BNi AANB|NA

+iU@** |@| uLh @ 4@Lh ??L@|L?c @ |)Ti  ??L@|L? }i?ih@|it }ih |L|@* @?_ 4@h }?@* hii?it |@? @ |)Ti , L?i 6Lh4@**)c

E^c  : E^c ,c ^E^c  : ^E^c , ; f ^ 7^

`i U@? it|@M*t |i tTihLh|) Lu |i ?|i}h@|i_ t|hU|hi i? |i ??L@|L? t 4@Lh hLTLt|L?  6Lh 4@Lh ??L@|L?tc |i ?|i}h@|i_ t|hU|hi )i*_t @ }ih i TiU|i_ T@) Lg |L +N |@? |i ?_iTi?_i?| t|hU|hi

Ai ?||L? uLh |t hit*| U@? Mi }i? ? |ih4t Lu |i igiU|t Lu UL?|h@U|@* 4TihuiU|L?t L? |i i |i?| Lu ht! t@h?} ThL_i_ |L +N }i?U) ULt|t UL4i uhL4 |i u@U| |@| UL? |h@U|t ?thi +N @}@?t| |i ht! Lu ??L@|L?c@?_ ht! t@h?} UL?U|t | @t)44i|hU ?uLh4@|L? `i? <t T@)Lg t ?_iTi?_i?| Lu |i ^@*|) Lu ??L@|L?cML| t|hU|hit @hi i^@*i?| L tTTLti |@| @ *L^@*|) ??L@|L? }i?ih@|it t*}|*) *Lih 4@h}?@* @?_ |L|@* hii?it |@? @ }^@*|) L?i W? |i ?_iTi?_i?| t|hU|hic|t Lhti?t ht! t@h?} @t |i _gihi?Ui Mi|ii? |i |L|@* @*i Lu @ } @?_ @ *L ??L@|L? ?Uhi@tit W| ?Uhi@tit t?Ui |i ThL€|@M*|) Lu |i *L^@*|) ??L@|L? _iUhi@tit 5?Ui +N }i|t |i hit_@* @*i ? i@U t|@|i @?_ |ihi t _iM| €?@?U?}c+N tTTLh|t |i u** *Ltt uhL4 tU _iUhi@tic|t Mi@h?} 4Lhi ht! @?_ hi_U?} |t i TiU|i_ T@)Lg W? |i ?|i}h@|i_ t|hU|hic+N tTTLh|t |i u** *Ltt uhL4 |i hi_U|L? ? |i ThL€|@M*|) Lu |i *L^@*|) ??L@|L? +t!t@h?} tcLiihc?@giU|i_ @t @** ?Uhi@ti ? ht! t tTTLh|i_ M)  Ai ?|i}h@|i_ t|hU|hi |i? _L4?@|it |i ?_iTi?_i?| t|hU|hi t?Ui |i uLh4ih ThL_it Mi||ih ?th@?Ui |L +N |@? |i *@||ih

 ANi AANB|NA

+iU@** |@| uLh @ 4?Lh ??L@|L?c@ |)Ti  ??L@|L? }i?ih@|it *Lih |L|@* @?_ 4@h}?@* hii?it |@? @ |)Ti , L?i 6Lh4@**)c

E^c  E^c ,c ^E^c  ^E^c , ; f ^ 7^

`i U@? it|@M*t |i tTihLh|) Lu |i ?_iTi?_i?| t|hU|hi i? |i ??L@|L? t 4?Lh E?_ih tL4i L|ih UL?_|L?

hLTLt|L? e 5TTLti |@| ZE^7

, c ,  ZE^W,c , ihi ZE^Wc  ' E^7,c ,  (E^,7c  @?_

^W

, ' @h} 4@ ^ E^c   (E^c , 6Lh 4?Lh ??L@|L?tc |i ?_iTi?_i?| t|hU|hi )i*_t @

}ih i TiU|i_ T@)Lg |L +N |@? |i ?|i}h@|i_ t|hU|hi

5TTLti |@| @ *L^@*|) ??L@|L? }i?ih@|it t*}|*) }ih 4@h}?@* hii?it |@? @ }^@*|) L?i W? |i ?_iTi?_i?| t|hU|hic|t 4ThLit ht! t@h?} @t |i _gihi?Ui Mi|ii? |i |L|@* @*i Lu @ } @?_ @ *L ??L@|L? th?!t At _gihi?Ui th?!t t?Ui |i ThL€|@M*|) Lu |i *L^@*|) ??L@|L? ?Uhi@tit 5?Ui  }i|t |t hitih@|L? @*i ? i@U t|@|i @?_ €?@?U?} t @Uii_ |hL} _iM|c+N }i|t @** Mi?i€|t uhL4 tU ?Uhi@tic|t ?Uhi@t?} |t i TiU|i_ T@)Lg @?_ 4ThL?} ht! t@h?} W? |i ?|i}h@|i_ t|hU|hic|i hi?i}L|@|L?ThLLu UL?t|h@?| MiUL4it *itt t|h?}i?| @?_ |ihiuLhi @**Lt uLh tL4i _t|Lh|L? ? ^, |L 4ThLi ht! t@h?} 5U _t|Lh|L? 4T*it |@| +N U@??L|

@TThLTh@|i |i L*i thT*t }i?ih@|i_ M) |i ?Uhi@ti ? hii?it Ai ?_iTi?_i?| t|hU|hi |i? _L4?@|it |i ?|i}h@|i_ t|hU|hi

Ai @tt4T|L? |@| ZE^7

,c ,  ZE^W,c , t t@|t€i_ uLh ??L@|L?t |@| _L ?L| }i?ih@|i

i |hi4i _gihi?Uit ? hii?itc|@| tci? E^c , t ?L| |LL _gihi?| uhL4  E^c  At t @ tUi?| UL?_|L? uLh |i hit*| |L LM|@? W| tcLiihc?L| ?iUitt@h) Ai ThiUti U@h@U|ih3@|L? Lu @ ?iUitt@h) @?_ tUi?| UL?_|L? t ?L| i@t) |L LM|@? @?_ i *4| Lh @?@*)tt |L |t @tt4T|L?

Ai _gihi?Ui Mi|ii? |i |L U@tit t|i4t uhL4 |i igiU| Lu |iU?L*L}) L? |i @4L?| Lu ht! ? |i i?|hi 6hL4 @ t|@|L? ihi |ihi t ?L hii?i ht!c?Uhi@t?} hii?it uLh *L^@*|) ??L@|L?t hi_Uit |i |L|@* ht! ? E^c k  (E^c k W? |i ?_iTi?_i?| t|hU|hic+N tTTLh|t @** ht! W| |ihiuLhi }@?t uhL4 |i ?Uhi@ti ? hii?i @t i** @t uhL4 |i hi_U|L? ? ht! Ai ?_iTi?_i?| t|hU|hi t |i? LT|4@* `i? |i hii?it Lu *L^@*|) ??L@|L?t t _iUhi@ti_c|i LTTLt|i L*_t AL|@* ht! t ?Uhi@ti_ W? |i ?_iTi?_i?| t|hU|hic+N tTTLh|t @** |t i |h@ ht! *i @*tL *Lt?} uhL4 |i *Ltt ?

hii?i Ai ?|i}h@|i_ t|hU|hi t |i? LT|4@*

At hit*| @t @ |it|@M*i 4T*U@|L? `i tL |@| 4@Lh ??L@|L?t @hi ThL_Ui_ ?Ltic*i 4?Lh L?it |i?_ |L Mi ThL_Ui_ ? ?_iTi?_i?| €h4t L?t_ih |i U@ti Lu |i T@h4@Ui|U@* ?_t|h) _itUhMi_ ? |i W?|hL_U|L? #ii*LT4i?| @U||it UL?tt| ? |it|?} |i ?i _h} Ai _ii*LT4i?| ThLUitt t|@h|t | |L UL*L}) @?@*)3it @?_ }Lit |hL} U*?U@* |h@*t L? @?4@*tcL? 4@? L*?|iiht @?_ €?@**) L? T@|i?|t Et4@** t@4T*it @?_ |i? *@h}i t@4T*it Ai ?i _h} 4t| Mi T@|i?|i_ MiuLhi i?|ih?} |i |h@* ThLUitt Ai T@|i?|ThL|iU|L? *@t|t |i?|) )i@htc*i |i |h@* ThLUitt U@? |@!i tiih@* )i@ht _{5@?} |4i _h?} |i _ii*LT4i?| T@ti t |ihiuLhi T@h|U*@h*) 4TLh|@?|}

,ih) _@) t@i_ L? |h@* t @? i |h@ _@) Lu T@|i?| ThL|iU|L? t@i_ Ai |h@* TihL_ Lu @? ??L@|L? t *L?} @?_ ULt|*)c@?_ | *Liht |t T@|i?| ThL|iU|L?ci?Ui |i }hLtt ThL€| Lu |i 4@h!i|?} €h4 Aihi t @ ?i}@|i ULhhi*@|L? Mi|ii? _ii*LT4i?| ULt|t @?_ hii?it At ULhhitTL?_t |L |i U@ti Lu @ 4@Lh ??L@|L? h 4L_i* |i? Thi_U|t |@| +:# @U||it @hi 4Lhi iUi?|*) Lh}@?3i_ ?Lti *|L} |ihi t tL4i hiti@hU _L?i i |ih?@**) ? |i T@h4@Ui|U@* ?_t|h)cU@t@* i_i?Ui tii4t |L t}}it| |@| @ *L| Lu | t ?_ih|@!i? ? *@h}i T@h4@Ui|U@* €h4t t)44i|hU ?uLh4@|L? @?_ UL?|h@U|@* 4TihuiU|L?t U@? i T*@? |t Lh}@?3@|L?@* uLh4 W| hi?uLhUit |i igiU| Lu L|ih u@U|Lht tU @t iUL?L4it Lu tU@*i ? hiti@hUc*@h}i €?@?U?} hi^hi4i?|tci|U

6Lh @ |iU?L*L}U@* ??L@|L?c| t Lu|i? |i U@ti |@| i? |i ULt| |L _ii*LT @?_ ?t|@** @ ?i |iU?L*L}) t }ct@?}t L? ThL_U|L? ULt|t @hi @*tL } L?t_ih |i ?uLh4@|L?|iU?L*L}) ?_t|h) 5TTLti |@| @ €h4 U@? hi_Ui |t ULt|t M) t?} @ 4Lhi iUi?| UL44?U@|L? ?i|Lh!  ?i ?i|Lh! t ULt|*) |L ?t|@** M| U@? |hi@| @ *L| Lu ?uLh4@|L? ih) ^U!*) ?*) 4ThL?} |i i t|?} ?i|Lh! t hi*@|i*) Ui@T |L ?t|@**c M| | t t@**) *itt iUi?| Ai tLu|@hi ?_t|h) t @?L|ih i @4T*i `i? @ ?i ihtL? Lu @? i t|?} tLu|@hi Lh t)t|i4 t @_LT|i_ M) @ €h4c|i ULt|t ?Uhhi_ M) |i hiti@hU ?| E4Lt|*) |i |h@??} Lu |i tih €h4<t i4T*L)iht @hi *L @?_ t@?}t @hi @*tL *L `i?

46_{Wkh Hfrqrplvw/ Iheuxdu| 54vw/ 4<<;/ Vxuyh| ri wkh Skdupdfhxwlfdo Lqgxvwu|/ ss1 608> Wdsrq dqg Fdgve|}

+4<<9,1

|i ?i tLu|@hi Lh t)t|i4 t ih) _gihi?|c@?_ |ihiuLhi ?ii_t 4Lhi |h@??}ct@?}t L? ThL_U|L? ULt|t U@? Mi ih) } W? |iti |L i @4T*itc|ihi t @ TLt|i ULhhi*@|L? Mi|ii? _ii*LT4i?| @?_ ?t|@**@|L? ULt|t @?_ hii?it At ULhhitTL?_t |L |i U@ti Lu @ 4?Lh ??L@|L? h 4L_i* |i? Thi_U|t |@| tU ??L@|L?t |i?_ |L Mi ThL_Ui_ M) ?_iTi?_i?| €h4t }@?c|ihi t U@t@* i_i?Ui uLh |t @?) €h4t L|tLhUi |i 4@?@}i4i?| Lu ?uLh4@|L? |iU?L*L}) L?ti^i?|*)c@ *L| Lu €h4tTiU€U tLu|@hi t Mi?} _ii*LTi_ M) ?_iTi?_i?| tMUL?|h@U|Lht

h i T*@?@|L? Lu |iti u@U|t hit|t L? @t)44i|hU ?uLh4@|L? @?_ UL?|h@U|@* 4TihuiU |L?t W?|i}h@|i_ €h4t |i?_ |L Mi ?iUi?| MiU@ti | t i@t) |L _i@|i uhL4 @? ?|@* T*@?c U i 4L_i* ihi @t hi?i}L|@|L? W?_iTi?_i?| €h4t ?Uh @}i?U) ULt|t i? tii!?} i |ih?@* €?@?U?}cU i 4L_i* ihi @t ?L?LMtih@M*|) Lu ThL€|t M) |i €?@?Uih `i Mi*ii |@| @ _gihi?| uLh4*@|L? uLh |iti @}i?U) ULt|t L*_ t|** )i*_ @ |h@_iLg Mi|ii? |i |L t|hU|hit |@| t ^@*|@|i*) t4*@h |L |i L?i U@h@U|ih3i_ ihi Ai @_@?|@}i Lu Lh 4L_i*?} @tt4T|L?t t |@| | )i*_t hit*|t U tii4 |L MhL@_*) €| tL4i t|)*3i_ u@U|t

h 4L_i* 4@!it t@hT Thi_U|L?t @ML| |i Lh}@?3@|L? Lu +:# W? hi@*|)c€h4t 4@) Thti tL4i +:# @U||it ?Lti @t i** @t M) tL4i ??L@|L?t uhL4 ?_iTi?_i?| €h4t At U@? i@t*) Mi hiUL?U*i_ | Lh hit*|t ?Lh ??L@|L?t L*_ 4Lt|*) Mi @U^hi_ L? |i 4@h!i| *i 4@Lh ??L@|L?t L*_ |i?_ |L Mi ThL_Ui_ ?Lti *|ih?@|i*)c tTTLti |@| €h4t _L ?L| !?L ? @_@?Ui i|ih |i ??L@|L? ** Mi 4@Lh Lh 4?Lh 6h4t 4@) _ihtu) |t ht! M) tTTLh|?} ML| ?Lti @?_ i |ih?@* +:# @U||it Ai ?|i?t|) Lu i@U |)Ti Lu Lh}@?3@|L? L*_ |i? _iTi?_ L? |i *!i*LL_ Lu i@U |)Ti Lu ??L@|L? ^@*|)

`i U@? }i @ €?@* ?|ihThi|@|L? |L Lh hit*|t 5TTLti |@| ?|i}h@|i_ €h4t |i?_ |L Mi *@h}ih €h4tc*i ?_iTi?_i?| €h4t @hi 4Lt|*) t4@** +:# €h4t h 4L_i* Thi_U|t |@| | t iUi?| uLh *@h}i €h4t |L _ii*LT _h@t|U ??L@|L? E|Lti uLh U |i @h@?Ui t }c*i t4@** €h4t t|hi uLh |i *itt _h@t|U L?it

. L?U*tL?

At T@Tih t|_it |i LT|4@* t|hU|hi Lu +:# @U||it ? @ 4L_i* | @ h@?_L4 hiti@hU ThLUittc@t)44i|hU ?uLh4@|L? @ML| |t L|UL4i @?_ i|ihL}i?i|) ? T*@)iht< @|||_i |L@h_ ht! `i? UL?|h@U|t U@? Mi hi?i}L|@|i_ @?_ ThL€|t @hi ?L?LMtih@M*i |L i |ih?@* €?@?Uihtc@ |h@_iLg i4ih}it uLh |i LT|4@* Lh}@?3@|L? Lu hiti@hU @U||it W? @ ThiLt ihtL? Lu |t T@Tihci tL |@| |iti @hi ?iUitt@h) @tt4T|L?t uLh |t |h@_iLg |L i4ih}i `i? @}i?|t U@? UL44| @?_ ThL€|t @hi LMtih@M*i |L i |ih?@* €?@?Uiht EM| +N t|** @t tL4i Th@|i ?uLh4@|L?cML| t|hU|hit @hi i^@*i?| , |ih?@* €?@?Uiht U@? ThL_i |i t@4i ht! t@h?} @t  _Lit ? |i ?|i}h@|i_ t|hU|hi t)44i|hU ?uLh4@|L? t ?L| tUi?| Tih ti |L i T*@? |i Lh}@?3@|L? Lu hiti@hU @U||it Lhi UL?|h@U|@* 4TihuiU|L?t @hi ?ii_i_ uLh @ |h@_iLg Mi|ii? |i |L t|hU|hit |L i4ih}i

? ?|ihit|?} i |i?tL? L*_ Mi |L t|_) |i t|h@|i}U hL*i Lu Lh}@?3@|L?@* t|hU|hi ? 4TihuiU| L|T| 4@h!i|t h 4L_i* U@? ThL_i @ Uh_i @?_ T@h|@* @?@*)tt 6Lh 4@Lh ??L@|L?tci TiU|i_ L|T| t }ih ?_ih |i ?_iTi?_i?| t|hU|hi |@? ?_ih |i ?|i}h@|i_ t|hU|hi `| 4TihuiU| L|T| 4@h!i|t @?_ Lh?L| UL4Ti||L?c@? ?_iTi?_i?| Lh}@?3@|L? Lu hiti@hU @U||it )i*_t @ UL4Ti||i @_@?|@}i M) UL44||?} |L @ *@h}ih L|T| At @_@?|@}i L*_ @i |L Mi i}|i_ @}@?t| |i LT|4@*|) Lu |i ?|i}h@|i_ t|hU|hi i? |ihi t ?L t|h@|i}U UL?t_ih@|L?

6Lh 4?Lh ??L@|L?tci TiU|i_ L|T| t }ih ?_ih |i ?_iTi?_i?| t|hU|hi ?_ih |i @tt4T|L? Lu hLTLt|L? ectL |@| |i Thiti?Ui Lu 4TihuiU| L|T| 4@h!i|t L*_ hi?uLhUi |i U@ti uLh |i LT|4@*|) Lu |i ?_iTi?_i?| t|hU|hi `i? ZE^7

, c , ZE^,Wc ,c

Liihci TiU|i_ L|T| t *@h}ih ?_ih |i ?|i}h@|i_ t|hU|hic@?_ @}@? @ |h@_iLg L*_ i4ih}i  u** @?@*)tt Lu |iti UL?t_ih@|L?t t Uih|@?*) Lh|*i

 hLLu Lu hLTLt|L? 

`i U@h@U|ih3i |i tL*|L? |L @ hi*@ i_ 4@ 43@|L? ThLM*i4 ? U L?*) UL?t|h@?|t EU-_{@?_ E-},

 @hi ?U*_i_ `i |i? tL |@|c@| |t tL*|L? |i L4||i_ UL?t|h@?|t

@hi t@|t€i_ Ai ThLLu |hi@|t @*|ih?@|i*) |i U@tit Lu 4@Lh @?_ 4?Lh ??L@|L?t BNi AANB|NA

5?Ui |i L?*) ?Ui?|i UL?t|h@?| t E-,

c| uL**Lt |@| ^ ' ^W Ai UL?t|h@?| E-,

t t|hU|*) M?_?} U 4T*it |@| |i @**LU@|L? i

,c ^,j t L? |i Uhi LEc ^c , |@| t

|@?}i?| |L T E

c ^Wc c|@| tcM) 44U!?} |)Ti ,c|i Mit| hi?i}L|@|L? Lgih |@| |)Ti

 U@? 4@!i @?_ |@|  t thi |L @UUiT| t @*L?} |t Uhi LEc ^c , 6h|ih4Lhic_L?} tL L*_ }i |)Ti  i @U|*) |t i^*Mh4 T@)Lg Ai i^*Mh4 UL?|h@U| Lu |)Ti , t |ihiuLhi L? |i Uhi LEc ^c , |@| t |@?}i?| |L T E

c ^Wc  At € it |i T@)Lg |@|

 }i|t uhL4 |t UL?|h@U| | |)Ti , Bi? |tc|)Ti ,<t @**LU@|L? 4t| Mi |t Thiuihhi_ UL?|h@U| L? |t Uhi W| t i@t) |L tL |@| |t 4T*it |@| ^

, ' ^,W hLiU| t3i @t ?L

Mii? _i|ih4?i_ uLh i@U |)Ti `@}it @hi @_t|i_ tU |@| EU-_{@?_ E-},

 @hi t|hU|*)

M?_?} 5?Ui ThLiU| t3it @hi iUi?|c|i UL?t|h@?|t E-k

k uLh k ' ,c  @hi t@|t€i_

?_c| t i@t) |L tL |@|cu E-,

 t t|hU|*) M?_?}c|i? E-, t t@|t€i_ 6?@**)c

t?Ui ML| |*|) Uhit EuLh |i |L |)Tit @hi |@?}i?| |L |i t@4i LEc ^c , Uhi @?_ t?Ui |)Ti  @t *Lih _ii*LT4i?| ULt|tci @i 

 (E^Wc  : , (E^W,c ,

ANi AANB|NA

5?Ui |i L?*) ?Ui?|i UL?t|h@?| t E-,

c| uL**Lt |@| ^ ' ^W Ai UL?t|h@?|

E-,

 t t|hU|*) M?_?} U 4T*it |@| |i @**LU@|L? i,c ^,j t L? |i Uhi LEc ^c 

|@| t |@?}i?| |L T E

c ^Wc c|@| tcM) 44U!?} |)Ti ,c|i Mit| hi?i}L|@|L? Lgih |@|

|)Ti  U@? 4@!i @?_ |@|  t thi |L @UUiT| t @*L?} |t Uhi LEc ^c e _6h|ih4Lhic

_L?} tL L*_ }i |)Ti  i @U|*) |t i^*Mh4 T@)Lg Ai i^*Mh4 UL?|h@U| Lu |)Ti , t |ihiuLhi L? |i Uhi LEc ^c  |@| t |@?}i?| |L T E

c ^Wc  Bi? |tc|)Ti ,<t

@**LU@|L? 4t| Mi |t Thiuihhi_ UL?|h@U| L? |t Uhi uhL4 |i TL?| Lu i Lu |)Ti , W| t i@t) |L tL |@| |t 4T*it |@| ^

, ' ^W, ^,W t?Ui @ |)Ti  ??L@|L? }i?ih@|it

*itt hii?i |@? @ |)Ti , hLiU| t3i @t ?L Mii? _i|ih4?i_ uLh i@U |)Ti `@}it @hi @_t|i_ tU |@| EU-_{@?_ E-},

 @hi t|hU|*) M?_?} 5?Ui ^ ' ^Wc|i UL?t|h@?| E- 47_{Wkh dvvxpswlrq derxw wkh uhodwlyh surwdelolw| ri wkh kljk0txdolw| lqqrydwlrq zlwk uhvshfw wr wkh orz0}

txdolw| lqqrydwlrq h{sodlqv wkh glhuhqfh lq wkh vhw ri uhqhjrwldwlrq rhuv wkdw F lv vxuh wr dffhsw iru wkh fdvhv ri pdmru dqg plqru lqqrydwlrqv1

t t@|t€i_ 5?Ui ^W

, t tU |@| T Ec ^c , t |@?}i?| |L LEc ^c c|i UL?t|h@?| E-,, t

t@|t€i_ ?_c| t i@t) |L tL |@|cu E-,

 t t|hU|*) M?_?}c|i? E-, t t@|t€i_

6?@**)ct?Ui ML| |*|) Uhit EuLh |i |L |)Tit @hi |@?}i?| |L |i t@4i LEc ^c  Uhi @?_ t?Ui |)Ti  @t *Lih _ii*LT4i?| ULt|tci @i 

 (E^Wc  : , (E^,Wc ,

YAjt|6jA|

`i ?L _i|ih4?i ?it|4i?| #i€?i {s ' sE

c ^c   sE,c ^,c , uLh s ' Lc T  <t 4@h}?@* Mi?i€| uhL4 @ }^@*|) ??L@|L? t {L ' E^W c     E^ ,c ,  ,   Ai M?_?} hi?i}L|@|L?ThLLu UL?t|h@?| E-,

 )i*_t   , ' E^Wc   E^,c 

AihiuLhic{L ' E^

,c   E^,c , 5Mt|||?} uLh |t ? |i UL?t|h@?| EU- @?_

UL4T|?} |i €ht|Lh_ih UL?_|L? | hitTiU| |L ?it|4i?| )i*_tG R_EU_{{T n b}_REU_{{L  }_{' fc}

ihi b t |i w@}h@?}i 4*|T*ih L? UL?t|h@?| EU-_{ W| t i@t) |L tL EuhL4 |i L|ih}

€ht|Lh_ih UL?_|L?t |@| b ',kdEk  (E^kc kmUo Ai €ht|Lh_ih UL?_|L? U@? Mi

hih||i? @tG R_EUq_{T E}

c ^c T E,c ^,c ,



*,kdEk(E^kc kmUonLEc ^c LE,c ^,c ,

r ' 6?@**)ci }i @? ?uLh4@* _itUhT|L? Lu t|h@|i}it @?_ Mi*iut |@| tTTLh| |t @**L U@|L? @t @ , Lu |i }@4i `i t|@h| | |i *@t| t|@}i W? t|@}i @ @?_ Mc+N Lgiht |t Thiuihhi_ UL?|h@U| |? |i ti| Lu UL?|h@U|t |@|  @UUiT|tc|@| tcUL?|h@U|t U ?Uhi@ti <t T@)Lg hi}@h_*itt Lu |t Mi*iut  hiiU|t @** L|ih UL?|h@U|t L? |i Mi*iu |@| | @t Lgihi_ M) |i |)Ti L? U  L*_ *Lti u | @t @UUiT|i_ W? t|@}i c +N ti*iU|t |i 4itt@}i U )i*_t |i }it| T@)Lg |@!?} ?|L @UUL?| |i TLttM*|it uLh @ tUUittu* hi?i}L|@|L? W? |i €ht| t|@}ic+N ThLTLtit |i UL?|h@U| U@h@U|ih3i_ @MLi  @UUiT|t @** UL?|h@U|t |@| )i*_ 3ihL i TiU|i_ ThL€| |@!?} ?|L @UUL?| |i hiTLh|?} t|h@|i}) @?_ |t L? @UUiT|@?Ui _iUtL? @| |i hi?i}L|@|L? t|@}i *L?} |i T@|c+N ThLTLtit |i U@h@U|ih3i_ UL?|h@U| U  @UUiT|t +N |h|u**) hii@*t |t |)Ti i? hiTLh|?}c@?_

4@!it ?L hi?i}L|@|L? Lgih ",#

 hLLu Lu wi44@ 

5TTLti |@| -@_{E, 9' -}@_{E W? t|@}i ec+N L*_ hiTLh| k ' @h} 4?}

k-@Ek `|L|

*Ltt Lu }i?ih@*|)c6 L*_ |ihiuLhi @UUiT| @ UL?|h@U| tU |@| -@_{E, ' -}@_{E AL Mhi@!}

ii?c| 4t| Mi |@| -@_{E, ' -}@_{E ' U}@_{ ",#}

 hLLu Lu hLTLt|L? 2

Ai tM}@4i t|@h|?} ? t|@}i  t @ t}?@*?} }@4i T*@)i_ Mi|ii? +N @?_  @?_ t T@h@4i|ih3i_ M) |i ?it|4i?| U U t LMtih@M*i |L @** T*@)iht `i U@h@U|ih3i |i tiT@h@|?} i^*Mh4 |@| 4@ 43it +N<t i TiU|i_ |*|) At i^*Mh4 t @*tL |i L?i |@| L*_ thi |i @TT*U@|L? Lu |i W?||i Uh|ihL? EL @?_ khiTtcbH. W? |t i^*Mh4c i@h?t 3ihL ThL€| L? i@U |)TicU 4T*it |@| @_E^@

k ' E^@kc k uLh

@** k

BNi AANB|NA

5?Ui E^c  : E^c , uLh @** ^ : fc| t |)Ti , |@| 4@) @i ?Ui?|i ? 44U!?} |)Ti  |L LM|@? @ }ih @}i At 4T*it |@| |ihi t ?L _t|Lh|L? ? |)Ti ,<t ThLiU| t3ic|@| tc^@

, ' ^,W u|ih tMt|||?} uLh |i i^*Mh4 @}itcUL?t|h@?| EU, hi_Uit

|L

E E^W

,c ,  U@ (E^W,c ,  E E^@c   U@ (E^@c ,c

U t i^@*i?| |L ZE^W

,c ,   E^@c   (E^@c ,

Wu |t t t@|t€i_ @| ^@

 ' ^Wc|i? |t t |i tL*|L? Wu ?L|c^@ ' ^7 ihi ^7 t |i

4@ 4@* tL*|L? |L ZE^W

,c , ' E^@c   (E^@c ,

6?@**)c @

 (E^@c  : @,  (E^,Wc , t?Ui UL?t|h@?| U, t t@|t€i_ @?_ |)Ti  @t *Lih

_ii*LT4i?| ULt|t |@? |)Ti ,

ANi AANB|NA

5?Ui E^c   E^c , uLh @** ^ : fc| t |)Ti  |@| 4@) @i ?Ui?|i ? 44U!?} |)Ti , |L LM|@? @ }ih @}i At 4T*it |@| |ihi t ?L _t|Lh|L? ? |)Ti <t ThLiU| t3ic|@| tc^@

 ' ^W u|ih tMt|||?} uLh |i i^*Mh4 @}itcUL?t|h@?| EU hi_Uit

|L

E E^W

c   U@ (E^Wc   EE^@,c ,  U@ (E^,@c c

U t i^@*i?| |L ZE^W

c    E^@,c ,  (E^@,c 

Wu |t t t@|t€i_ @| ^@

, ' ^W,c|i? |t t |i tL*|L? Wu ?L|c^,@' ^7, ihi ^7, t |i 4?4@*

tL*|L? |L ZE^W

c  ' E^,@c ,  (E^,@c 

6?@**)c @

 (E^Wc  : @,  (E^,@c , t?Ui UL?t|h@?| U t t@|t€i_ @?_ |)Ti , @t }ih

_ii*LT4i?| ULt|t |@? |)Ti  YAjt|6jA|

W?it|4i?| t _i|ih4?i_ t?} €ht|Lh_ih UL?_|L?t ? @ t4*@h u@tL? @t ? |i ThLLu Lu hLTLt|L?  Aiti t|iTt @hi ?L| hiThL_Ui_ ihi

6?@**)ci }i @? ?uLh4@* _itUhT|L? Lu t|h@|i}it @?_ Mi*iut |@| tTTLh| |t @**LU@ |L? @t @ , Lu |i }@4i `i t|@h| | |i *@t| t|@}i W? |i uLh| t|@}ic+N hiTLh|t |L 6 |i |)Ti |@| 4?43it |t €?@?U@* hiT@)4i?|c@?_ 4T*i4i?|t |t Thiuihhi_ ThLiU| t3i W? t|@}i c+N ThLTLtit |i UL?|h@U| U@h@U|ih3i_ @MLic@?_  @UUiT|t @** UL?|h@U|t |@| )i*_ 3ihL i TiU|i_ ThL€|t L? i@U |)Ti ** L|ih UL?|h@U|t @hi hiiU|i_ L? |i Mi*iu |@| |i) ihi Lgihi_ M) |)Ti , i? |i ??L@|L? t 4@Lh @?_ |)Ti  i? |i ??L@|L? t 4?Lh W? t|@}i c+N Lgiht |i €?@?U@* UL?|h@U| U@h@U|ih3i_ @MLi @?_ ? wi44@  ** UL?|h@U|t )i*_?} ?i}@|i i TiU|i_ ThL€|t @hi hiiU|i_ M) 6 Aiti UL?|h@U|t @hi i@*@|i_ |@!?} ?|L @UUL?| |@| +N @*@)t T@)t |i *Lit| hiT@)4i?| tTiU€i_ ? |i UL?|h@U| ",#

# hLLu Lu wi44@ 2

c ^%c   sE%,c ^%,c , uLh s ' Lc T @?_ % ' c @ L?t_ih |i

LT|4@* @**LU@|L? ?_ih |i ?|i}h@|i_ t|hU|hi Nt?} hLTLt|L? c|i L|T| iU|Lh t ^

k ' ^kW uLh k ' ,c  5?Ui LEc ^c , ' LEc ^c c`i !?L uhL4 |i ThLLu Lu hLTLt|L?

 |@| ML| @**LU@|L?t 4t| Mi L? |i t@4i Uhi LEc ^c , ELh LEc ^c  At 4T*it |@|  E^W

,c ,  ,  U '  E^Wc     U ' fcihi |i *@t| i^@*|) UL4it uhL4 |i

M?_?} T@h|UT@|L? UL?t|h@?| Oi?Uic 

k ' E^kWc k  U +N |i? i@h?t ? t|@|i kG

 EE^W

kc k  U (E^kWc k 6?@**)c|i ?it|4i?| t _i|ih4?i_ M)

R_EUq_{T_*, k k _{ E^}W kc k  U (E^kWc k  mUlr_{' }

W? |i ?_iTi?_i?| t|hU|hici U@? ti hLTLt|L? 2 |L tL |@| |i L|T| iU|Lh t ^

k ' ^kW uLh k ' ,c  `i @*tL !?L uhL4 <t T@h|UT@|L? UL?t|h@?|t |@|  E^W,c ,@E^,W '

E^W

c @E^W ' f Oi?Uic @E^Wk '  E^kWc k Ai €?@?U@* T@)4i?| }i? ? wi44@  t

-@_{Ek ' U}@_{ +N |i? i@h?t ? t|@|i kG  EE^}W

kc k  U@ (E^Wkc k 6?@**)c|i ?it|4i?|

t _i|ih4?i_ M) R_EU@_i{T@_*,

kdEE^Wkc k  U@ (E^Wkc k mU@oj ' 

6Lh ML| t|hU|hitc+N i@h?t |i t@4i i TiU|i_ T@)Lg @?_ |i t@4i ?it|4i?| t ?_ih|@!i? L| t|hU|hit @hi |ihiuLhi i^@*i?| ",#

, hLLu Lu hLTLt|L? 

W? |i ?|i}h@|i_ t|hU|hic|i LT|4@* @**LU@|L? tL*it |i uL**L?} 4@ 43@|L? ThLM*i4 4@

iUctkc^k_k',j

REUT Ec ^c  n E  REUT E,c ^,c ,

tMiU| |L G REULE Uc ^c  n E  REULE, Uc ^,c ,  f EU-

T Ec ^c   4@ Ec^iT Ec ^c  t*| LEc ^c ,  LE,c ^,c ,j E-,

ihi @** ?L?M?_?} UL?t|h@?|t @i Mii? hi4Li_c@?_ |i T@h|UT@|L? UL?t|h@?| @t Mii? hih||i? M) ?tih|?} U ?t_i |i u?U|L? LcU t TLttM*i MiU@ti L t *?i@h ? ?UL4i

W? |i ?_iTi?_i?| t|hU|hic|i LT|4@* @**LU@|L? tL*it |i uL**L?} 4@ 43@|L? ThLM*i4

4@ iUctE^kc^k_k',j

REUT EE^  Uc ^c  n E  REUT EE^,  Uc ^,c ,

tMiU| |L G LEE^c ^c   f EU-

LEE^,c ^,c ,  f EU-, 

T EE^,  Uc ^,c ,  T EE^  Uc ^c , EU,

ihi |i ?L?M?_?} ?Ui?|i UL?t|h@?| @t Mii? hi4Li_ At ThLM*i4 U@? Mi |h@?t uLh4i_ t?} |i uL**L?} U@?}i ? @h@M*it #i€?i k  E^k  U Ai 4@ 43@|L?

ThLM*i4 |i? MiUL4it 4@

iUctkc^k_k',j

REUT Ec ^c  n E  REUT E,c ^,c ,

tMiU| |L G LE Uc ^c   f EU-

LE, Uc ^,c ,  f EU-, 

T E,c ^,c ,  T Ec ^c , EU,

5TTLti €ht| |@| |i UL?t|h@?| EU, t ?L| M?_?} ? |i @MLi ThLM*i4 Ai tL*|L? |i?

i?|@*t ^@

k' ^Wk At tL*|L? t@|t€it @** UL?t|h@?|t ? |i hi*@ i_ ThLM*i4 uLh |i ?|i}h@|i_

t|hU|hic|@| tcUL?t|h@?|t EU-_{@?_ E-},

 5?Ui ML| 4@ 43@|L? ThLM*i4t @i |i

t@4i LMiU|i u?U|L?c| @t |L Mi |i U@ti |@| |i ?|i}h@|i_t|hU|hi tL*|L? )i*_t @ }ih T@)Lg |@? |i ?_iTi?_i?|t|hU|hi L?i LctTTLti |@| UL?t|h@?| EU, t

M?_?} Ai T@)Lg uLh |i ?_iTi?_i?| t|hU|hi t _iUhi@ti_c*i |@| Lu |i ?|i}h@|i_ t|hU|hi t *iu| ?U@?}i_ Ai ?|i}h@|i_ t|hU|hi |i? )i*_t @ }ih T@)Lg ? |t U@ti

@t i** ",#

6 hLLu Lu hLTLt|L? e

W? |i ?|i}h@|i_ t|hU|hic|i LT|4@* @**LU@|L? tL*it |i uL**L?} 4@ 43@|L? ThLM*i4 4@

iUctkc^k_k',j

REUT Ec ^c  n E  REUT E,c ^,c ,

tMiU| |L G REULE Uc ^c  n E  REULE, Uc ^,c ,  f EU-

T Ec ^c   4@ Ec^iT Ec ^c  t*| LEc ^c ,  LE,c ^,c ,j E-,

ihi @** ?L?M?_?} UL?t|h@?|t @i Mii? hi4Li_c@?_ |i T@h|UT@|L? UL?t|h@?| @t Mii? hih||i? M) ?tih|?} U ?t_i |i u?U|L? LcU t TLttM*i MiU@ti L t *?i@h ? ?UL4i 6Lh 4?Lh ??L@|L?tci !?L uhL4 hLTLt|L?  |@| ^

 ' ^W @?_ ^, ' ^,W Ai

UL?t|h@?| E-,

 t M?_?}c@?_ |ihiuLhi i @i



, '  E^,Wc    E^Wc  n 

5Mt|||?} uLh |t ? |i UL?t|h@?| EU-_{@?_ tL*?} uLh }

 )i*_t



 '  E^Wc   U n E  REU EE^W,c ,  E^,Wc  

Ai 4@ 43@|L? ThLM*i4 |i? MiUL4it 4@ U REUT E  c ^Wc  n E  REUT E,c ^,Wc , , T@?_?} )i*_t 4@ U REU EE^ W

c   U n E  REU E E^,Wc ,   E^W,c   (E^Wc  n

E  REU E E^W

,c  n E  REU EE^,Wc ,  E^W,c   U  (E^,Wc , 

At U@? Mi t4T*€i_ |L 4@

U REU EZE^ W

c  n E  REU E E^W,c ,   E^,Wc   U n

E  REU EZE^W

,c ,  REU EE^,W c ,  E^,Wc   U 

W? |i ?_iTi?_i?| t|hU|hic|i LT|4@* @**LU@|L? tL*it |i uL**L?} 4@ 43@|L? ThLM*i4

4@ iUctE^kc^k_k',j

REUT EE^  Uc ^c  n E  REUT EE^,  Uc ^,c ,

tMiU| |L G LEE^c ^c   f EU-

LEE^,c ^,c ,  f EU-, 

T EE^  Uc ^c   T EE^,  Uc ^,c  EU

ihi |i ?L?M?_?} ?Ui?|i UL?t|h@?| @t Mii? hi4Li_ 6Lh 4?Lh ??L@|L?tci !?L uhL4 hLTLt|L? 2 |@| ^@

 ' ^W @?_ ^,@ ' ^,7 L| T@h|UT@|L? UL?t|h@?|t @hi M?_?}

U 4T*it |@| @_E^@

k '  E^k@c k 5Mt|||?} uLh |i4 ? |i LMiU|i u?U|L? )i*_t

4@

U REU EE^ W

c   U  (E^Wc  n E  REU

 E^7 , c ,  U  (E^7,c ,  c 2b

U t4T*€it |L 4@ U REU EZE^ W c   U n E  REU  ZE^7 , c ,  U   #i€?i % ' ZE^W c   U 7% ' ZE^W

c  n E  REU EE^,Wc ,  E^W,c   U

+ ' ZE^W

,c ,  REU E E^W,c ,   E^,Wc   U

7+ ' ZE^7

,c ,  U

N?_ih |i @tt4T|L? Lu |i ThLTLt|L?ci @i % 7% @?_ + 7+ 5?Ui  t t|hU|*) UL?U@i @?_ ?Uhi@t?}ci @i uLh @** 5 75c

E75  E5 _{E5E75  5 @?_ E75  E5 : E75E75  5}

Oi?Uic

REUEE7%  E% REU_{E%E7%  %}

E  REUEE7+  E+ : E  REU_{E7+E7+  +}

At 4T*it |@|

E  REUEE7+  E+ n REU_{E%E7%  % : REUEE7%  E% n E  REUE7+E7+  +}

+i@hh@?}?} |ih4t )i*_t

iREUE% n E  REUE7+j :_q

REUE7% n E  REUE+rn E  REU_{E7+E7+  +  REUE%E7%  %}

Ai *iu|@?_t_i |ih4 t |i LMiU|i u?U|L? uLh |i ?_iTi?_i?| t|hU|hi Ai €ht| |ih4 Lu |i h}|@?_ t_i t |i LMiU|i u?U|L? uLh |i ?|i}h@|i_ t|hU|hi Ai tiUL?_ |ih4 t4T*€it |L

E  REUqREU E_{E7+  E% EE^}W

,c ,   E^,Wc  n E7+  ZE^7 , c ,  ZE^,Wc , r : f `i !?L |@| 7+ % L?U@|) Lu  4T*it |@| _{E7+ : E% 6Lh 4?Lh ??L@|L?tc}

E^W

,c , :  E^,Wc  At it|@M*tit |@| |i €ht| |ih4 ? |i i ThittL? t TLt|i N?_ih

|i @tt4T|L? Lu |i ThLTLt|L?c|i tiUL?_ |ih4 t TLt|i Ai L*i i ThittL? t |ihiuLhi TLt|i

At 4T*it |@| |i LMiU|i u?U|L? Lu |i ?_iTi?_i?| t|hU|hi t *@h}ih |@? |i LMiU|i u?U|L? Lu |i ?|i}h@|i_ t|hU|hi uLh @** U Ai ?_iTi?_i?| t|hU|hi |i? )i*_t @ }ih T@)Lg |L +N |@? _Lit |i ?|i}h@|i_ t|hU|hi ",#

+iuihi?Uit

}NAe  BAa c CiN,j Ebbe R? |i @?@}i4i?| Lu W??L@|L?c "@h|ih*) aLh ?@* Lu ,UL?L4U fbcHD2f.

i6Nie Q  BAa $ c CjjWj EbHf RVih|U@* W?|i}h@|L? @?_ AiU?L*L}U@* W??L @|L?c +ii Lu ,UL?L4Ut @?_ 5|@|t|Ut S2ce.fe.e

jBai+e  BAa  N|jA Ebb R5}?@**?} @?_ +i?i}L|@|L? ? L?|h@U|@* +i*@|L?tTtc ,UL?L4i|hU@ Sc.eD.H2

EbbD RL?|h@U| +i?i}L|@|L?G  54T*i 6h@4iLh! @?_ W4T*U@|L?t uLh h}@?3@ |L? AiLh)c @?@_@? aLh?@* Lu ,UL?L4Ut 2Hcf2D

Ne Y BAa $ lijVt EbH. R5}?@**?} B@4it @?_ 5|@M*i ,^*Mh@c "@h|ih*) aLh?@* Lu ,UL?L4U f2c.b22

$jBiajAe ce  b YW"jt BAa w 7B6j,tNA Ebbf RAL W??L@|i Lh L| AL W??L@|iG W?Ui?|it @?_ W??L@|L? ? Oih@hUitc 4ihU@? ,UL?L4U +ii HfcfS2e $Nte D EbHH R5LhUitchLUi_hit @?_ UhLiUL?L4Ut ,giU|t Lu W??L@|L?c aLh?@*

Lu ,UL?L4U w|ih@|hi 2Sc2f.

DiNtt6BAe 7c BAa $ QBi| EbHS RAi Lt|t @?_ i?i€|t Lu ?ihtTG  AiLh) Lu Vih|U@* @?_ w@|ih@* W?|i}h@|L?c aLh?@* Lu L*|U@* ,UL?L4) becSb.b QN,6t|iN6e  BAa -  +jitNA EbH R,Ui?| @?_ #h@M*i #iUtL? +*it |

W?UL4T*i|i W?uLh4@|L?c ,UL?L4i|hU@ Dc.bbHb

cjAtjAe  BAa bQ jW",A} Eb.S RAiLh) Lu |i 6h4G @?@}ih@* i@Lhc }i?U) Lt|t @?_ ?ihtT 5|hU|hic aLh?@* Lu 6?@?U@* ,UL?L4Ut cfDSf l,OBANuue  BAa  N|jA Ebbb R AiLh) Lu E#iUi?|h@*3@|L?c 4iLc

Lh|it|ih? N?iht|)

wB6Vj,e ce - ,,ji BAa 7 8,NiWj, EbbS RW?uLh4@|L? t)44i|hit @?_ AiU ?L*L}U@* W??L@|L? ? w@h}i ,?}?iih?} L?t|hU|L? hLiU|tc +:# @?@}i4i?| 2ScD.Sb

wjiAjie c BAa -  ji}jt EbbH RAi L?|hL* Lu AiU?L*L}) **@?UitG ? ,4 ThU@* ?@*)tt Lu L|iU?L*L}) W?_t|h)c aLh?@* Lu W?_t|h@* ,UL?L4Ut jwVWc 2DDS

Bt"Ae . BAa c CiN,j Ebb2 RAi h?UT@*}i?| +i*@|L?tT | @? W?uLh4i_ h?UT@*cWWG L44L? V@*itc ,UL?L4i|hU@ Sfce2

+jite 7 EbHe RAi @T|@* 5|hU|hi 33*ic aLh?@* Lu 6?@?Ui bcD.DDb2 #BAe v BAa  k EbbH RW??L@|L? @?_ hi@Uh@U) N?_ih 5Lu| @?_ O@h_ _}i|

L?t|h@?|tc +ii Lu ,UL?L4U 5|_it SDcDSe

CBVNAe 8 BAa  D BatO+ EbbS RAi T|4@* h}@?3@|L? Lu +iti@hUG ,_i?Ui uhL4 ,}| @ti 5|_it Lu @h4@Ui|U@* 6h4tc aLh?@* Lu ,UL?L4U i@Lh @?_ h}@?3@|L? cHbb

CNAtjAae - Eb.b RT|4@* L?|h@U|t @?_ L4Ti||i @h!i|t | Lt|*) 5|@|i Vih€U@|L?c aLh?@* Lu ,UL?L4U AiLh) 2c2SD2b