Studies in efficiency evaluation of labour market policies - RERO DOC
Texte intégral
(2) "!$#%&' (*) (,+-.0/1 . 2356 4 7869;:=6 < 786 >@?A6 < 6 B"4 DC B-EFBHG I;CJ?A6 < K;6 7L78G MN6 >;G 6 7O6 < G PQ>;PQR MNSTI;6 76U?78P=G MDBHCN6 7 K;6VCXW Y>;MJZQ6 :878MJ?A6 < K;6\[ 6 > 6U4 ZQ6 9]BH:^.>]B_?`PQCNM5abdcecefhgTfhi;j 9kPQI;:CXW PQlA?`6 >@?`MNPQ>mK;IOnQ:`BHK;6VK;6 o P=GU?`6 I;: 6 4 L7 78G MN6 >;G 6 7p6 < G PQ>;PQR MNSTI;6 7L6U?78P=G MDBHCN6 7 q R 6 >@?`MNPQ>r6 < G PQ>;PQR MN6 9kPQCNMJ?`MNSTI;6. s 6 Rl;:86 7K;It8I;:vumK;6 ? 356 4 786Hw syxz ZQ6 7|{Lg~~} 5 fhiF q]:8PH6 78786 I;: qY>;MJZQ6 :878MJ?A6V< K;6\[ 6 > 6U4 ZQ6HqFK;MN:86 GU?`6 I;:LK;6 ? 356 4 786 s R 6.QBu@Bfhce~b ~ bd qF:8PH6 78786 I;: qY>;MJZQ6 :878MJ?A6 < K;6[ 6 > 6U4 ZQ6 syx QBHMNR 6Vdi'iFgT,q]:8PH6 78786 I;: qY>;MJZQ6 :878MJ?A6 < K;6\[ 6 > 6U4 ZQ6Hqk9;:=6 < 78MNK;6 >@?K;It8I;:vu syx 3 MNCNMN9;9k6-abd~diF$|i 5 b q s BJ?`:86"K;6mPQ>A6 < :86 >;G 6 7- o qd[ s ^ . qdY>;M¢¡ ZQ6 :878MJ?A6m< 3 BH:8CN6 7£¡¤K;6¥¡v[VBHI;CNCN6\¦'§MNCNCN6"¨Aq§MNCNCN6"6U?©¤>;7v?`MJ?`IA?K;6 ?ªB_?`MN7v?`MNSTI;6HqY>;MJZQ6 :878MJ?A6 < «B_? 3 PQCNMNSTI;6|K;6§PQIAZHBHMN>5q]§PQIAZHBHMN>=¡¤CDBe¡£¬6 IAZQ6 2356 4 786\¬P xk_®T¯ [ 6 > 6U4 ZQ6Hq ¯H°Q° ¨.
(3) ~§ BOEFBHG I;CJ?A6"< K;6 7\78G MN6 >;G 6 7y6 < G PQ>;PQR MNSTI;6 7V6U?\78P=G MDBHCN6 7 q~78I;:9;:=6< BZ=MN7K;Imt8I;:vuQq B BHIA?`PQ:8MN7=6"< CXW MNR-¡ 9;:86 7878MNPQ> K;6pCDB9;:=6 < 786 >@?`6O? 356 4 786Hq7`BH>;7"6 >@?`6 >;K;:86Hq«9]BH:-C BA4 q-6 < R 6U?8?`:86pBHI;G I;>;6pPQ9;MN>;MNPQ>%78I;:"CN6 7 9;:8PQ9kPQ78MJ?`MNPQ>;7STI;M 7 W u ?`:8PQIAZQ6 >@?6 < >;PQ>;Gk6 < 6 7 6U? STI;M >5W 6 >;n@BHnQ6 >@? STI;6CDB :86 789kPQ>;7`BHl;MNCNMJ?A6< K;6CN6 I;: BHIA?`6 I;: x. [ 6 > 6U4 ZQ6HqFCN6 ® RBH:87 ¯H°Q° ¨ § 6VK;PuQ6 > MN6 :8:86 gTg@bd. ©¤R 9;:86 7878MNPQ>pK5W BH9;: 6 4 7CN6 RBH>TI;78G :8MJ?LK;6VCXW BHIA?`6 I;: PQ9@u=:8MNn 3 ? G ¯H°Q° ¨-^.>]B_?`PQCNMabdcecefhgTfhi;j M.
(4)
(5) s 6 79;:86 R MN6 :87O:86 R 6 :8G MN6 R 6 >@?`7OZQPQ>@? B 4 R PQ>K;MN:86 GU?`6 I;: K;6y? 356 4 786Hq z ZQ6 7E CI; GTMNnQ6 : q|9kPQI;: ROW BZQPQMN: BHMJ?K6 < G PQIAZ=:8MN:m6U?OBH9;9;:=6 < G MN6 :mCXW£6 < G PQ>;PQR MN6 K;Ir?`:`BZHBHMNC xz ZQ6 7 E CI; GTMNnQ6 :ROW By?`PQI=¡ t8PQI;:87PQ:8MN6 >@?A6|< ZQ6 :87K;6 7L78Iet86U?`7LK;6 :86 G 3 6 :8G 3 6\MN>@?A6 < :86 787`BH>@?`7L6U?7v?`MNRI;CDBH>@?`7 qAROW B78I;MJZ=M56U?LnQI;MNK6 < K]BH>;7-R PQ>'?`:`BZHBHMNC x H6CN6:86 R 6 :8G MN6 6 < n@BHCN6 R 6 >@?9kPQI;:CDB G PQ>FBH>;G 6mSTI5W MNCROW BBHG G PQ:8K6 < 6pBHI G PQI;:87K;6VG 6 7BH>;>6 < 6 7K;6 ?`:`BZHBHMNC x dPQI;: BZQPQMN:pBHG G 6 9A?A6'< K;6y9;:86 >;K;:86y9]BH:v? B 4 G 6t8I;:vurK;6 ? 356 4 786'6U?O9]BH:O>;PQRl;:86 K;6yCN6 I;:87 4 :86 R 6 :8G MN6 : :86 RBH:8STI;6 7pSTI;M PQ>@?p9;I BHMN:869;:8PQnQ:86 78786 :pCDB STI]BHCNMJ?A6< K;6G 6?`:`BZHBHMNCXq t86?`MN6 >;7 B% 4 3 MNCNMN9;9k6 CXW 6 >;786 Rl;CN6 K;6 7R 6 Rl;:86 7K;I t8I;:vu x H678I;MN79]BH:v?`MNG I;CNM 6 4 :86 R 6 >@? :86 G PQ>;>]BHMN787`BH>@? B' BH>;K;6 > 6 G _BHIA?V9kPQI;:.ROW BZQPQMN:L BHMJ?.K6 < G PQIAZ=:8MN:|CDB CNMJ?8?A6 < :`B_?`I;:86STI;MB786 :vZ=M9kPQI;:.CDB 786 G PQ>;K;6 R PQMJ?`MU6< K;6RB.? 356 4 7866U?-6 < n@BHCN6 R 6 >@?9kPQI;:78PQ> BH9;9;I;M;6U?6 >;G PQI;:`BHnQ6 R 6 >@?`7 x CNI;78MN6 I;:87:=6 < 78I;CJ?ªB_?`7 K;6VG 6U?8?`6:86 G 3 6 :8G 3 6\78PQ>@?CN6 7:8I;MJ?`7K;6 7LK;MN78G I;7878MNPQ>;7BZQ6 G 3 MNCNMN9;9k6 BH>;K;6 > 6 G_BHIA? x AW 6 A9;:8MNR 6?`PQIA?`6RBLnQ:`B_?`MJ?`I;K;6 B 4 «BH:v?P=G \6U? s MNG 3 6 C s PQI;G 3 BH:v?STI;65t W BHMT6 ICDBG 3 BH>;G 6 K;6-:86 >;G PQ>@?`:86 : B4 CXW Y>;MJZQ6 :8MN7v?A6-< «B_? 3 PQCNMNSTI;6K;6"§PQIAZHBHMN>9kPQI;:|ROW BZQPQMN:?`:`BH>;78R MN7|>;PQRl;:86K;6 G PQ>;>]BHMN787`BH>;G 6 7 K]BH>;7~CN6,K;PQRBHMN>;6K;6,CDBR P=K6 < CNMN7`B_?`MNPQ>|K;6 7dK;I;:=6 < 6 7d6U?d:=6 < 9kPQ>;K;I BL4 R 6 7~STI;6 7v?`MNPQ>;7 STI;M~78PQ>@?.BH9;9]BH:8I;6 7LCNPQ:87K;6VCDB:=6< BHCNMN7`B_?`MNPQ>mK;6VCDB9;:86 R MU6 < :86 9]BH:v?`MN6 K;6VG 6U?8?`6 ? 356 4 786 x 2 PQIA?`6RB :86 G PQ>;>]BHMN787`BH>;G 6.7 W BHK;:86 78786 6 < n@BHCN6 R 6 >@? B\4 [ MNPZHBH>;>;MFE]6 :8:8P\§I MF6U?HPQ7=6 < BHR M¢¡ :86 Hq5CN6 I;:G PQ>@?`:8MNl;IA?`MNPQ>B 6U< ?A6\< MNR 9kPQ:v?ªBH>@?`6K]BH>;7.CN6?`:`BZHBHMNC~STI;6>;PQI;7 BZQPQ>;7|R 6 >6\< 6 >;786 Rl;CN6 6U?STI;M~BH9;9]BH:`BJ?LK]BH>;7LCDBK;6 IAM 6 4 R 6V9]BH:v?`MN6 K;6VCDB\? 356 4 786 x H6?`MN6 >;7 B4 :86 R 6 :8G MN6 :.CN6 7.9k6 :878PQ>;>;6 7 STI;M ROW PQ>@?.78PQIA?`6 >TI K]BH>;7.CXW 6 >;786 Rl;CN6\K;6G 6\?`:`BZHBHMNC 9]BH:CN6 I;:87\6 >;G PQI;:`BHnQ6 R 6 >@?`7-6U?-BHR MJ?`MU6H< wMNC,7 W BHnQMJ?l;MN6 > 7QI; :\K;6 7R 6 Rl;:86 7K;I o 6 < 9]BH:v?`6 R 6 >@? K5W£6 < G PQ>;PQR MN69kPQCNMJ?`MNSTI;6 6U?|K;6\R 6 7.BHR MN7LSTI;MdROW PQ>@? BHMJ?9]BH:v?ªBHnQ6 :CN6 I;:t8PQMN6VK;6Z=MJZ=:86 x >]>5q t86":86 R 6 :8G MN6-R 6 7 9]BH:86 >@?`7V9kPQI;: ROW BZQPQMN: 9k6 :8R MN7|K5W£6U< ?`I;K;MN6 : K]BH>;7VK;6 7G PQ>;K;MJ?`MNPQ>;7|MNK6< BHCN6 7|6U? 9kPQI;:LCN6 I;:78PQIA?`MN6 >p6U?6 >;G PQI;:`BHnQ6 R 6 >@?`7 x. MNMNM.
(6) MJZ. . § 6 7R 6 78I;:86 7BHGU?`MJZQ6 7K;I'RBH:8G 3 6"< K;Iy?`:`BZHBHMNCPQ>@?9kPQI;:PQlTt86 GU?`MJ«K;6- BHG MNCNMJ?`6 :|CDBm:=6 < MN>;786 :v?`MNPQ> K;6 7G 3 PQ R 6 I;:8778I;:VCN6"RBH:8G 3 6"< K;I ?`:`BZHBHMNC x 6 7R 6 78I;:86 778PQ>@?\BH9;9;CNMNSTI6 < 6 7V6 > I;MN78786 Bp4 I;>;6 x CNCN6 7|G PQR 9;:86 >;>;6 >@?K;6 7 9;:8PQnQ:`BHR R 6 7|9kPQI;:|CN6 7|G 3 PQ R 6 I;:87 ?`6 CN7 CDBH:8nQ6'6 < G 3 6 CNCN6K;6 9;I;MN7 STI;6CN6 7.G PQI;:87.K;6\PQ:8RB_?`MNPQ>pPQICN6 76 R 9;CNPQMN7L78I;l@ZQ6 >@?`MNPQ>;>6 < 7BHMN>;78M~STI;6CN6786 :vZ=MNG 69;I;l;CNMNGK;6 9;CDBHG 6 R 6 >@?6U?K;6VG PQ>;786 MNCBHI p9k6 :878PQ>;>;6 7 B-4 CDB:86 G 3 6 :8G 3 6\K5W I;> 6 R 9;CNPQM x 6U?8?`6y? 356 4 786 9;:8PQ9kPQ786'I;>;6 6U< ZHBHCNI]B_?`MNPQ> 6 R 9;MN:8MNSTI;6 K;6 CXW MNR 9]BHGU?p6U?K;6'CXW 6 GBHG MJ?A6'< K;6 7 R 6 78I;:86 7\BHGU?`MJZQ6 7K;I'RBH:8G 3 6"< K;I ?`:`BZHBHMNC x" CNCN6-G PQR 9;:86 >;KyK;6 I y9]BH:v?`MN6 7 xo BH>;7VCDBm9;:86 R MN:86 9]BH:v?`MN6HqCN6 7 BHGU?`6 I;:87"6 A9;CNMNGB_?`MJ7K;6pCDBK;I;:=6 < 6OK;I G 3 PQ RBHnQ6m78PQ>@? MNK;6 >@?`M «6 < 7-6U? CXW MNR 9]BHGU?K;6 CDB 9]BH:v?`MNG MN9]B_?`MNPQ>pBHI 9;:8PQnQ:`BHR R 6 7L78I;:.G 6U?8?`6K;I;:=6 < 6\6 7v?|6 7v?`MNR 6 < x §~B 786 G PQ>;K;69]BH:v?`MN6 6U< ZHBHCNI;6 CXW 6 GBHG MJ?A6m< :86 CDB_?`MJZQ6mK;6 7"P G 6 7":=6 < nQMNPQ>]BHI %K;6p9;CDBHG 6 R 6 >@?"6U?"MNK;6 >@?`M ]6mCN6 7-P G 6 7 6 GBHG 6 7 K;PQ>@?CN6|PQ>;GU?`MNPQ>;>;6 R 6 >@?L9kPQI;:8:`BHMJ?L786 :vZ=MN:K;6VR P=K 6 4 CN6VBHI pP G 6 7LMN>;6 GBHG 6 7 x §6 7R 6U< ? 3 P=K;6 76 R 9;CNPu,6 < 6 79kPQI;:,CDBVR P=K6 < CNMN7`B_?`MNPQ>G PQR 9;:86 >;>;6 >@?«CN6 7R P=K 6 4 CN6 7K;6.K;I;:=6 < 66U? CN6 7|R 6U< ? 3 P=K;6 7 K5W BH>]BHCJu=786K5W 6 GBHG MJ?A6-< K]BH>;7 CDB9;:8P=K;I;GU?`MNPQ> x ©¤CBH9;9]BH:`BJ?|STI;6-CXW 6 GBHG MJ?A6< K;6 7 R 6 78I;:86 7«BHGU?`MJZQ6 76 7v?78Iet86U?8?`6 B\4 BHR 6 < CNMNPQ:`B_?`MNPQ>;7 HSTI;6 CNSTI;6 7«:86 G PQR RBH>;K]B_?`MNPQ>;778PQ>@?9;:8PQ9kPQ7=6 < 6 7 x. . . . .
(7). & d(. . . . ^.GU?`MJZQ6CDBHlkPQI;:~RBH:H6U? 9kPQCNMNG MN6 7~BHMNR$B_? 3 6 CN9;MN>;nI;>;6 R 9;CNPuQ6 K PQ:H6 :87 ?`PnQ6U? l]BHGVMN>@?`P PQ: x 23 6 7869kPQCNMNG MN6 7dBH:86«BH9;9;CNMN6 K\MN> LMJ? 6 :8CDBH>;K\PQ>-B.CDBH:8nQ6,78GBHCN678MN>;G 6 xd23 6Uu\G PQR 9;:8MN786,? 3 6 9;:8PQnQ:`BHR R 6 7,PQ:,? 3 6|I;>;6 R 9;CNPuQ6 Km9k6 :878PQ>;7«78I;G 3 BH7ZQP=GB_?`MNPQ>]BHC]?`:`BHMN>;MN>;nPQ:78I;l;78MNK;MN786 Kt8PQl;7 BH7 6 CNCBH7? 3 69;I;l;CNMNG 6 R 9;CNPu=R 6 >@?786 :vZ=MNG 6mBHMNR 6 K B_?MNR 9;:8PZ=MN>;np? 3 6RB_?`G 3 MN>;n lk6U? 6 6 > t8PQlO786 6 H6 :87|BH>;KpZHBHGBH>;G MN6 7 x ©¤>p? 3 MN7? 3 6 78MN7 6GBH:8:vupPQIA?BH>O6 R 9;MN:8MNGBHC56UZHBHCNI]B_?`MNPQ>mPHd? 3 6 LMN787BHGU?`MJZQ6CDBHlkPQI;:«RBH:£¡ H3 6U?-9kPQCNMNG MN6 7 xp23 6? 3 6 78MN7G PQ>;78MN7v?`7PH«? P9]BH:v?`7 x ©¤> ? 33 6 ]:87v?-9]BH:v?q ? 3 6K;6U?`6 :8R MN>]BH>@?`7\3 PH ? 6pK;I;:`B_?`MNPQ>%PH.I;>;6 R 9;CNPu=R 6 >@?BH:86mMNK;6 >@?`M ]6 K BH>;K ? 6mMNR 9]BHGU?-PH.9]BH:v?`MNG MN9]B_?`MNPQ> MN> ? 6 9;:8PQnQ:`BHR R 6 7PQ>? 3 MN7.K;I;:`B_?`MNPQ> MN7.6 7v?`MNRB_?`6 K x.23 6786 G PQ>;K9]BH:v? 6UZHBHCNI]B_?`6 7? 3 6:86 CDB_?`MJZQ66UD¡ ]G MN6 >;GUu%PHL? 3 6m:86 nQMNPQ>]BHC6 R 9;CNPu=R 6 >@?"P G 6 7"BH>;K MNK;6 >@?`MJhuy? 3 6m6 G MN6 >@?"P G 6 7-? 3 B_?-GBH> 786 :vZQ6BH7Llk6 >;G 3 RBH: T7PQ:«? 3 6VMN>;6 G MN6 >@?I;>;MJ?`7 x 23 6«R 6U? 3 P=K;7I;786 K-PQ:d? 3 6«R P=K;6 CNCNMN>;nLG PQR 9;:8MN786? 3 6«K;I;:`B_?`MNPQ>R P=K;6 CN7 BH>;K? 3 6«R 6U? 3 P=K;7 PH,6 G MN6 >;GUuBH>]BHCJu=78MN7.MN> 9;:8P=K;I;GU?`MNPQ> x23 6:86 78I;CJ?`7.7 3 P ? 3 B_?.? 3 6\6 G MN6 >;GUuPH? 3 6BHGU?`MJZQ6 R 6BH78I;:86 7GBH>Olk6 MNR 9;:8PZQ6 K x ^.CN78P;q;78PQR 6 :86 G PQR R 6 >;K]B_?`MNPQ>;7LBH:86 9;:8PQ9kPQ786 K x. . . . . . . .
(8)
(9)
(10) .
(11)
(12)
(13)
(14) !"# &'
(15) . %$ $. (*),+.-"/1032546+"78/,) ^.MNR BH>;Kp78G PQ9k6 xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx LMN787LCDBHlkPQI;:«RBH:H6U?G PQ>;K;MJ?`MNPQ>;7 xxxxxxxxxxxVxxxxxxxxxxxVxxx 3 BH9A?`6 :L7vu=>;PQ9;78MN7 xxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx. 9. (. . ; 25-"=+"78/,)>/@?A2B)5CEDGFBH8/EIJDKCE),+L=M)50N7ODGF5=P46+L/@?Q=P46+"7SR,CTH8=MU'/,25< DK=P-"V@CW+XF5-"/@Y@-"=MDGDKC Z []\ ^_*!.``aba * cd!"EXEe !f g
(16) x HPQlO786BH:8G 3 ? 3 6 PQ:vukw,7v?¤u=CNMN786 Kp BHGU?`7 xxxxxxxxVxxxxxxxxxxxVxxx x ¯ G PQ>;PQR 6U?`:8MNG K;I;:`B_?`MNPQ>pR P=K;6 CN7 xxxxxxxxxVxxxxxxxxxxxVxxx x ¯=x ©¤>;K;6 9k6 >;K;6 >@?|RI;CJ?`MN9;CN6.:8MN7T7LR P=K;6 CN7 xxxVxxxxxxxxxxxVxxx x ¯=x ¯ o 6 9k6 >;K;6 >@?.RI;CJ?`MN9;CN6.:8MN7 T7LR P=K;6 CN7 xxxVxxxxxxxxxxxVxxx x ¯=x ¨ o I;:`B_?`MNPQ>;7 w9]BH:`BHR 6U?`:8MN7`B_?`MNPQ> xxxxxxVxxxxxxxxxxxVxxx ikj a lEe !f g mneE
(17) o
(18) c
(19) p ba rq6 st !.P e !.u ¯=x ©¤>@?`:8P=K;I;GU?`MNPQ> xxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯=x ¯ 7v?`MNRB_?`MNPQ>:`BHR 6 PQ: xxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯=x ¨ 23 6K]B_?ªB-78PQI;:8G 6BH>;Kp? 3 6V7`BHR 9;CN6 xxxxxxxxVxxxxxxxxxxxVxxx ¯=x ® E MN>;K;MN>;nQ7 xxxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯=x PQ>;G CNI;78MNPQ> xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ^.9;9k6 >;K;M xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx hxw oE!"#y m'!"#%$z !.P e {!.u|oE !"Q
(20) } <a AEe !f < m~eEW
(21) o
(22) c
(23) ¨ x ©¤>@?`:8P=K;I;GU?`MNPQ> xxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¨ x ¯ ©¤>;7v?`MJ?`IA?`MNPQ>]BHC5BH789k6 GU?`7PHd? 3 6 LMN787I;>;6 R 9;CNPu=R 6 >@?LMN>;78I;:`BH>;G 6V7vu=7v?`6 R xxx Z. . . :. 9@9 [
(24) h ¨ . :. ¯ ¨. iv ¯ ¨ ¨¯ ¨® ® ®¨. . 6 ®T ®*:.
(25) iF ¨ x ¨ o B_?ªB-K;6 78G :8MN9A?`MNPQ> xxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¨ x ® G PQ>;PQR 6U?`:8MNG R P=K;6 CNCNMN>;n xxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¨ x ®;x 6UZ=MN6 1PH CNMJ?`6 :`B_?`I;:86 xxxxxxxxxxxVxxxxxxxxxxxVxxx ¨ x ®;x ¯ s P=K;6 C5PQ:6 7v?`MNRB_?`MN>;n? 3 6V6 6 GU?PH 9;:8PQnQ:`BHR R 6|9]BH:v?`MNG MN9]B_?`MNPQ> xxx ¨ x R 9;MN:8MNGBHC:86 78I;CJ?`7 xxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¨ x =x 2 :86B_?`R 6 >@?6 6 GU?|BH>;Kp786 CN6 GU?`MJZ=MJ?¤u xxxxVxxxxxxxxxxxVxxx ¨ x =x ¯ ©¤>;K;MJZ=MNK;I]BHC 3 6U?`6 :8PQnQ6 >;6 MJ?¤u xxxxxxxxVxxxxxxxxxxxVxxx ¨ x =x ¨ o I;:`B_?`MNPQ>mK;6 9k6 >;K;6 >;G 6\PHd?`:`BH>;78MJ?`MNPQ>mMN>@?`6 >;78MJ?`MN6 7 xxxxxxxxVxxx ¨ x PQ>;G CNI;78MNPQ> xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx. Z=M. . . c H° Q Q : ¨ ® :. . :H°. .( ( tC 4B)B784=MH3C 4 78CE)54WI 7O)G+5C g78ZfZQFB2BUBHO784^CEDGFBH8/EIJDKCE),+zZfC -
(26) RJ784C *!"se
(27)
(28) m
(29) `aEE !" @zu
(30) E#cA %agE !"E |mSeEE# E " ®;x :86 CNMNR MN>]BH:8MN6 7 xxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx :Q ®;x x lTt86 GU?`MJZQ6\BH>;KOR PH?`MJZHB_?`MNPQ> xxxxxxxVxxxxxxxxxxxVxxx :Q ®;x x ¯ «BH78MNG G PQ>;G 6 9A?`7|BH>;Kp>;PH?ªB_?`MNPQ>;7 xxxxxVxxxxxxxxxxxVxxx : : ®;x ¯ s 6BH78I;:86 7.PH 6 G MN6 >;GUu xxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ®;x ¯=x BHK;MDBHCK;MN7v?ªBH>;G 6 I;>;GU?`MNPQ>;7 xxxxxxxxVxxxxxxxxxxxVxxx @¯ ®;x ¯=x ¯ ¬PQ>;:`BHK;MDBHC5K;MN:86 GU?`MNPQ>]BHCK;MN7v?ªBH>;G 6 I;>;GU?`MNPQ>;7 xxxxxxxxxxVxxx u: ®;x ¨ 7v?`MNRB_?`MNPQ> xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ® }
(31) o
(32) c
(33) ,!"Ey
(34) o
(35) c
(36) , z
(37)
(38) zu
(39) E#c a !f1 !"}P' v =x ©¤>@?`:8P=K;I;GU?`MNPQ> xxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx : =x ¯ :8n@BH>;MN7`B_?`MNPQ>PH9;I;l;CNMNG|6 R 9;CNPu=R 6 >@?L786 :vZ=MNG 6 xxVxxxxxxxxxxxVxxx =x ¨ 23 66 G MN6 >;GUupR 6BH78I;:86 R 6 >@?R P=K;6 C xxxxxxxVxxxxxxxxxxxVxxx °Q° =x ¨ x G PQ>;PQR MNGVBHGU?`MJZ=MJ?¤uPH :86 nQMNPQ>]BHC56 R 9;CNPu=R 6 >@?LP G 6 7 xxxxxxVxxx ° =x ¨ x ¯ s 6U? 3 P=K;PQCNPQnHu xxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx °@¯ =x ¨ x ¨ R 9;MN:8MNGBHC7v?`:`B_?`6 nHu xxxxxxxxxxxVxxxxxxxxxxxVxxx °H® =x ® o B_?ªB xVxxxxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ° =x ^.78786 7878MN>;n ? 3 6V9k6 :vPQ:8RBH>;G 6 PH :86 nQMNPQ>]BHC56 R 9;CNPu=R 6 >@?LP G 6 7 xxxxxVxxx ° =x =x 6 78I;CJ?`7LPQ>O6 G MN6 >;GUu xxxxxxxxxxVxxxxxxxxxxxVxxx ° =x =x ¯ o 6U?`6 :8R MN>]BH>@?`7PH MN>;6 G MN6 >;GUu xxxxxxVxxxxxxxxxxxVxxx ° =x =x ¨ G MN6 >;GUup78G PQ:86 7G PQ:8:86 GU?`6 KOPQ:«? 3 6VPQ9k6 :`B_?`MN>;n-6 >@Z=MN:8PQ>;R 6 >@? xVxxx ® =x PQ>;G CNI;78MNPQ> xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ^.9;9k6 >;K;M xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx #_ o !"
(40)
(41) ^!"E zu
(42) XP
(43) E`aE!.gm "! Q
(44) d m s !" $
(45) o
(46) c
(47) z
(48) [
(49) i[ x ©¤>@?`:8P=K;I;GU?`MNPQ> xxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯ x ¯ s P=K;6 CNCNMN>;n ? 3 6 t8PQl9;CDBHG 6 R 6 >@?m9;:8P=G 6 787 w B K;MN:86 GU?`MNPQ>]BHCLK;MN7v?ªBH>;G 6 I;>;GU?`MNPQ> BH9;9;:8P@BHG 3%xxxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯Q¯ x ¨ o B_?ªB"BH>;Kp:86 78I;CJ?`7 xxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx ¯ :. . . . . . . . . .
(50) iF c. xx ¨ xx ¯. o B_?ªB-786U?q]MN>;9;IA?`7BH>;KpPQIA?`9;IA?`7 xxxxxxVxxxxxxxxxxxVxxx ¨ G MN6 >;GUuOBH>;KO:86U?`I;:8>;7?`P 78GBHCN6 xxxxxVxxxxxxxxxxxVxxx x ¨ x ¨ ^.CJ?`6 :8>]B_?`MJZQ6 lk6 >;G 3 RBH:T7 xxxxxxxxVxxxxxxxxxxxVxxx x ® PQ>;G CNI;78MNPQ> xxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx. Z=MNM ¯: ¯ ¨Q¨ ¨. . . /,)54 HO25Z.78/,) s BHMN>p:86 78I;CJ?`7 xxxxxxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx dPQ7878MNl;CN6 6 =?`6 >;78MNPQ>;7 xxxxxxxVxxxxxxxxxxxVxxxxxxxxxxxVxxx !.oac. 9. . ¨: ¨. [h. .
(51)
(52)
(53) . . L'. MNn 3 BH>;K9k6 :878MN7v?`6 >@?|I;>;6 R 9;CNPu=R 6 >@? 3 BH7.lk6 6 >BRBt8PQ:L6 G PQ>;PQR MNG\BH>;K 78P=G MDBHC~9;:8PQl;CN6 R PH RBH>@upG PQI;>@?`:8MN6 778MN>;G 6? 3 66BH:8CJu :H° 7 xL LMJ? 6 :8CDBH>;K «BH7|B 6 GU?`6 K l@up? 3 MN79;:8PQl;CN6 R RI;G 3 CDB_?`6 :? 3 BH> MJ?`7->;6 MNn 3 lkPQI;:87 ql;IA? lk6U? 6 6 > ¯ BH>;K q? 3 6pI;>;6 R 9;CNPu=R 6 >@? :`B_?`6m:8PQ786 :8PQR x ?`P =x ¯ xV23 6-MN>;G :86BH786-MN> ?`PH?ªBHC I;>;6 R 9;CNPu=R 6 >@? 3 BH7 lk6 6 > BHG G PQR 9]BH>;MN6 Kl@uB G PQ>;78MNK;6 :`BHl;CN6L:8MN786LMN>"? 3 6L>TI;Rlk6 :PH5CNPQ>;n_¡ ?`6 :8R I;>;6 R 9;CNPuQ6 K r? 3 69;:8PQ9kPQ:v?`MNPQ>-PH5CNPQ>;n_¡ ?`6 :8R I;>;6 R 9;CNPuQ6 KOMN>?`PH?ªBHC5I;>;6 R 9;CNPu=R 6 >@?LMN>;G :86BH786 Km:8PQR CN6 787? 3 BH> ° lk6UPQ:86 ¯ ?`P-R PQ:86 ? 3 BH> ¨ ° MN>
(54) X 6 G P;q ¥x I;:8:86 >@?`CJuQqI;>;6 R 9;CNPu=R 6 >@? 3 BH7-7v?ªBHl;MNCNMN786 K B_? B CNP 6 : CN6UZQ6 Ck? 3 BH>MN> =>;6UZQ6 :v? 3 6 CN6 787 q]MN> LMJ? 6 :8CDBH>;K ? 3 6.CDBH7v?K;6 GBHK;6 3 BHK? 3 6 3 MNn 3 6 7v?«CN6UZQ6 CkPH I;>;6 R 9;CNPu=R 6 >@?78MN>;G 6 ? 3 6 6 G PQ>; K 'PQ:8CN K BH: x ©¤> ® qd? 3 6 :8n@BH>;MN7`B_?`MNPQ> PQ: G PQ>;PQR MNGP_¡¤PQ9k6 :`B_?`MNPQ> BH>;K o 6UZQ6 CNPQ9;R 6 >@?
(55) o 3 BH7CDBHI;>;G 3 6 K'? 3 6HPQl;7 ?`:`B_?`6 nHu?`P 3 6 CN9ynQPZQ6 :8>;R 6 >@?`7?ªBHG TCN6 CDBHlkPQI;:VRBH: H6U?9;:8PQl;CN6 R 7 x 23 MN7|7v?`:`B_?`6 nHuG PQR 9;:8MN786 7 BZHBH:8MN6U?¤uOPHI;>;6 R 9;CNPu=R 6 >@? :86 K;I;GU?`MNPQ>9kPQCNMNG MN6 7 x|23 6 786-MN>;G CNI;K;6 RBHG :8P=6 G PQ>;PQR MNG9kPQCNMNG MN6 7?`P-6 >;G PQI;:`BHnQ6|nQ:8P ? 3 BH>;Km6 R 9;CNPu=R 6 >@?9kPQCNMNG MN6 7,?`P-6 > 3 BH>;G 6t8PQl=¡ G :86B_?`MNPQ>
(56) 6 x n x l@u MN>;G :86BH78MN>; n ]6 AMNl;MNCNMJ?¤u'PH PQ: TMN>;n_¡ ?`MNR 6pBH>;K ? 3 B_?PH «BHnQ6 BH>;K CDBHlkPQI;: 3 3 G PQ7v?`7 q PQ:V? :8PQI;n 789;:86BHK PH?`6 G 3 >;PQCNPQnQMNGBHC T>;P «¡ 3 P Vq6U?`G ¥x23 6 o HPQl;7 ?`:`B_?`6 nHu BHCN78PMN>;G CNI;K;6 7CDBHlkPQI;:RBH:H6U?«9;:8PQnQ:`BHR R 6 7 x23 6|PQlTt86 GU?`MJZQ6 PH~CDBHlkPQI;:RBH:H6U?«9;:8PQnQ:`BHR R 6 7 MN7?¤u=9;MNGBHCNCJu?`PG PQRl]B_?I;>;6 R 9;CNPu=R 6 >@? xO23 6 786m9;:8PQnQ:`BHR R 6 7BH:86K;M 6 :86 >@?:8PQR nQ6 >;6 :`BHC 6 R 9;CNPu=R 6 >@?~PQ:RBHG :8P=6 G PQ>;PQR MNG9kPQCNMNG MN6 7MN> ? 3 B_?? 3 6UuBH:86K;MN:86 GU?`CJu.?ªBH:8nQ6U?`6 K\B_?~I;>;6 R 9;CNPuQ6 K 9k6 PQ9;CN6 x o
(57) G CDBH7878M ]GB_?`MNPQ>5qCDBHlkPQI;:RBH: H6U? 9;:8PQnQ:`BHR R 6 7"BH:86p789;CNMJ?"MN>@?`P 78P_¡ ©¤> ? 3 6 GBHCNCN6 K 8BHGU?`MJZQ6 pBH>; K v9]BH7878MJZQ6 pR 6BH78I;:86 7 x ^.GU?`MJZQ6-CDBHlkPQI;:.RBH: H6U?V9kPQCNMNG MN6 7
(58) ^|§ s 7 BHMNR B_? 3 6 CN9;MN>;n I;>;6 R 9;CNPuQ6 K PQ:H6 :87.?`P nQ6U?.l]BHGpMN>@?`P PQ:pPQ:?`P:`BHMN786 ? 3 6 MN:LIA?`I;:866BH:8>;MN>;nQ7 9;:8PQ789k6 GU?`7|l@uO9;:8PZ=MNK;MN>;n"? 3 6 R LMJ? 3 B :`BH>;nQ6PH6 R 9;CNPu=R 6 >@?786 :vZ=MNG 6 7 x ^|§ s 7|BH9;9k6BH:MN> RBH>@unQI;MN786 7 x Y78I]BHCNCJuQqB_?VCN6BH7v? ? 3 :86 6"l;:8P@BHK MN>;nQ:86 K;MN6 >@?`7VBH:86-MNK;6 >@?`M ]6 K x §~BHlkPQI;: RBH: H6U? ?`:`BHMN>;MN>;nVMN>@ZQPQCJZQ6 7789k6 >;K;MN>;nPQ> ZQP=GB_?`MNPQ>]BHC;?`:`BHMN>;MN>;nBH>;KMN7,?ªBH:8nQ6U?`6 KB_?? 3 6I;>;6 R 9;CNPuQ6 KPQ: B_?6 R 9;CNPuQ6 K PQ: H6 :87«B_?:8MN7 -PHlk6 G PQR MN>;nI;>;6 R 9;CNPuQ6 K x I;l;CNMNGL6 R 9;CNPu=R 6 >@?786 :vZ=MNG 6 7«BHMNR B_?-MNR 9;:8PZ=MN>;nO? 3 6RB_?`G 3 lk6U? 6 6 > ZHBHGBH>;G MN6 7"BH>;KOt8PQl 786 6 H6 :87 x I;l;78MNK;MN786 K%6 R 9;CNPu=R 6 >@? G PQR 9;:8MN786 7B ZHBH:8MN6U?¤uPH5R 6BH78I;:86 7?`P:`BHMN7866 R 9;CNPu=R 6 >@?q@?¤u=9;MNGBHCNCJu?ªBH:8nQ6U?`6 KB_?,I;>;6 R 9;CNPuQ6 K PQ:H6 :87 x ^.CN78P78PQR 6789k6 G MDBHC9;:8PQnQ:`BHR R 6 76AMN7v?w ? 3 6Uu BH:86?ªBH:8nQ6U?`6 K B_?-78PQR 69]BH:v?`MNG I;CDBH: nQ:8PQI;9;7LPH I;>;6 R 9;CNPuQ6 K 78I;G 3 BH7«uQPQI;>;nPQ:K;MN7`BHl;CN6 Kp9k6 PQ9;CN6 x 23 6m? P'RBHMN>%GB_?`6 nQPQ:8MN6 7-PH.9]BH7878MJZQ6OCDBHlkPQI;:-RBH: H6U?"9;:8PQnQ:`BHR R 6 7?¤u=9;MNGBHCNCJu'MN>;G CNI;K;6 I;>;6 R 9;CNPu=R 6 >@?Olk6 >;6 ;?`7 3 MNG 3 G PZQ6 :BHCNC.GBH7 3 lk6 >;6 ;?`7 9]BHMNKr?`P%? 3 6yI;>;6 R 9;CNPuQ6 K
(59) 6 x n x. . .
(60). . . . . . . . . . . . . . . . .
(61) ¯. fh ~ fh . I;>;6 R 9;CNPu=R 6 >@?MN>;78I;:`BH>;G 6«BH>;K-BH7878MN7v?ªBH>;G 6 qTBH>;K6BH:8CJuV:86U?`MN:86 R 6 >@? 9k6 >;78MNPQ>;79]BHMNKPQ:dCDBHlkPQI;: RBH: H6U?~:86BH78PQ>;7 x 23 6 786lk6 >;6 ;?`7d9;:8PZ=MNK;6MN>;G PQR 678I;9;9kPQ:v?~?`P«? 3 6,I;>;6 R 9;CNPuQ6 K\BH>;KVGBH> 3 BZQ6 B78MNnQ>;M ]GBH>@?|6 6 GU?VPQ>? 3 6 PQ: MN>;G 6 >@?`MJZQ6 7VBH>;K «BHnQ6¥¡¤786U?8?`MN>;nmlk6 3 BZ=MNPQI;:|PH PQ:H6 :87BH>;K 6 R 9;CNPuQ6 :87 x BH7878MJZQ6|CDBHlkPQI;:,RBH:H6U?9kPQCNMNG MN6 7BHMNR B_?MN>@?`6 >;78MJhu=MN>;nV? 3 6t8PQl786BH:8G 3 lk6 3 BZ=MNPQI;: PHFI;>;6 R 9;CNPuQ6 K"9k6 PQ9;CN6l@u\786U?8?`MN>;n 789k6 G M ]G«9]Bu=R 6 >@?78G 3 6 R 6 7PQ: I;>;6 R 9;CNPu=R 6 >@?MN>;78I;:`BH>;G 6
(62) Y© lk6 >;6 ;?`7 x 6UZQ6 :`BHCk9]BH9k6 :87 3 BZQ6.R P=K;6 CNCN6 K? 3 66 6 GU?«PH5I;>;6 R 9;CNPu=R 6 >@?lk6 >;6 ;?«:86 nQMNR 6 G 3 BH>;nQ6 7 q«6 x n xs 6UuQ6 :
(63) ° BH>;K B_? pBH>;K s 6UuQ6 :
(64) ° q,PQ:-GBHCNG I;CDB_?`6 K%? 3 6p6 CDBH7v?`MNG MJ?¤u PH:86 786 :vZHB_?`MNPQ> «BHnQ6 7 LMJ? 3 :86 789k6 GU?V?`Pmlk6 >;6 ;?`7
(65) §~BH>;GBH7v?`6 :VBH>;K' 3 6 7 3 6 : q ¨ ¥x BH7878MJZQ6 CDBHlkPQI;:|RBH: H6U?9kPQCNMNG MN6 7|BH:86">;PH?BH>]BHCJu=786 KyMN>? 3 MN7 K;MN78786 :v?ªB_?`MNPQ> x ©¤>? 3 6-PQCNCNP LMN>;n;q 6BH:86 G PQ>;G 6 :8>;6 K LMJ? 3 BHGU?`MJZQ6VCDBHlkPQI;:«RBH:H6U?L9;:8PQnQ:`BHR R 6 7
(66) ^|§ s 7 ¥x 2 PH?ªBHCkI;>;6 R 9;CNPu=R 6 >@?MN7PHh?`6 >mK;6 G PQR 9kPQ786 KmMN>@?`PMJ?`7«7v?`:8I;GU?`I;:`BHCXq=:8MNGU?`MNPQ>]BHCFBH>;KmGUu=G CNMNGBHC G PQR 9kPQ>;6 >@?`7 x ^.GU?`MJZQ6CDBHlkPQI;:RBH: H6U?-9kPQCNMNG MN6 7\BHGU?PQ> ?`PH?ªBHCI;>;6 R 9;CNPu=R 6 >@?? 3 :8PQI;n 3 K;MJD¡ 6 :86 >@?G 3 BH>;>;6 CN7? 3 B_?MN> ]I;6 >;G 6 ? 3 6 ]:87v?\? P G PQR 9kPQ>;6 >@?`7 x E MN:87v?q? 3 6Uu'BHMNR B_?\:86 K;I;G MN>;n I;>;6 R 9;CNPu=R 6 >@?"l@u%RB TMN>;n t8PQl 786 6 H6 :87R PQ:8678I;MJ?ªBHl;CN6?`P6 AMN7v?`MN>;nt8PQl%ZHBHGBH>;G MN6 7 x%23 MN7 MN7\K;PQ>;6l@u'9;:8PZ=MNK;MN>;n I;>;6 R 9;CNPuQ6 K PQ: H6 :87 LMJ? 3 R MN7878MN>;nO7 TMNCNCN7 x P=GB_?`MNPQ>]BHC?`:`BHMN>;MN>;nOMN7 B?¤u=9;MNGBHC«6;BHR 9;CN6PH78I;G 3 B9;:8PQnQ:`BHR R 6 x 6 >;G 6HqCDBHlkPQI;:\RBH:H6U?"9;:8PQnQ:`BHR R 6 7BHMNR B_? :86 K;I;G MN>;n"? 3 67v?`:8I;GU?`I;:`BHCI;>;6 R 9;CNPu=R 6 >@?L? 3 B_?.BH:8MN786 7Llk6 GBHI;786PHB"R MN78RB_?`G 3 lk6U? 6 6 > ? 3 6 >;6 6 K;7\PH«6 R 9;CNPuQ6 :87BH>;K ? 3 6 7 TMNCNCN7 BH>;Ky?`:`BHMN>;MN>;nmPH? 3 6 CDBHlkPQI;:.PQ:8G 6 xm ?`:8I;GU?`I;:`BHCI;>;6 R-¡ 9;CNPu=R 6 >@?CN6BHK;7,?`P\B78MJ?`I]B_?`MNPQ> 3 6 :86.RBH>@u.t8PQl"ZHBHGBH>;G MN6 7MN>BVnQMJZQ6 >P=G G I;9]B_?`MNPQ> RBu">;PH? lk6 ]CNCN6 KpK;6 789;MJ?`6 ? 3 6 BHGU?? 3 B_?LRBH>@umI;>;6 R 9;CNPuQ6 KO9k6 PQ9;CN6 786BH:8G 3 PQ:LB.t8PQl x 6 G PQ>;K5qCDBHlkPQI;:RBH: H6U?"9;:8PQnQ:`BHR R 6 7"BHMNR B_?" BHG MNCNMJ?ªB_?`MN>;np? 3 6pRB_?`G 3 MN>;n9;:8P=G 6 787 lk6¥¡ ? 6 6 >t8PQl 786 6 H6 :87 BH>;KOt8PQl ZHBHGBH>;G MN6 7 q? 3 I;7:86 K;I;G MN>;n? 3 6?`MNR 6 >;6 6 K;6 K l@u BH>%6 R 9;CNPuQ6 : ?`P ]CNC~B-ZHBHGBH>;GUu x23 6\9;:8PQnQ:`BHR R 6 778I;G 3 BH7t8PQl 786BH:8G 3 BH7878MN7v?ªBH>;G 6\BHK;K;:86 787.? 3 6V:8MNGU?`MNPQ>]BHC I;>;6 R 9;CNPu=R 6 >@? 3 MNG 3 BH:8MN786 7 3 6 > BmCDBH:8nQ6"BHR PQI;>@?VPH?`MNR 6MN7V>;6 6 K;6 Ky?`P ]CNCBmZHBHGBH>;GUuQq K;I;6V?`P"MNR 9k6 :v6 GU?MN>APQ:8RB_?`MNPQ>PQ>m? 3 6VCDBHlkPQI;:«RBH: H6U? x E MN>]BHCNCJuQqkBHGU?`MJZQ6CDBHlkPQI;:RBH:H6U? 9kPQCNMNG MN6 7.BHCN78P 3 BZQ6-? 3 6PQlTt86 GU?`MJZQ6-PH,G :86B_?`MN>;nm>;6 rt8PQl;7 PQ: 6 > 3 BH>;G MN>;nOCDBHlkPQI;:|78I;9;9;CJuMN>PQ:8K;6 : ?`PpG PQRl]B_?VI;>;6 R 9;CNPu=R 6 >@? x :8PQnQ:`BHR R 6 7 78I;G 3 BH7 «BHnQ6¥¡¤78I;l;78MNK;MN6 7?`P 9;:8MJZHB_?`6¥¡¤786 GU?`PQ:6 R 9;CNPu=R 6 >@? 3 BZQ6\? 3 6PQlTt86 GU?`MJZQ6\PHG :86B_?`MN>;nBHK;K;MJ?`MNPQ>]BHC t8PQl;7MN>? 3 6 :86 nQI;CDBH:CDBHlkPQI;:RBH:H6U?«? 3 B_? PQI;CNKm>;PH?L6AMN7v? LMJ? 3 PQIA?«? 3 6 78I;l;78MNKAu x ? 3 6 :~t8PQl G :86B_?`MNPQ>78G 3 6 R 6 7VBHCN78P6 AMN7v? xo MN:86 GU?,t8PQlG :86B_?`MNPQ>MN> ? 3 69;I;l;CNMNG\786 GU?`PQ: 786 6 T7 ?`P6 > 3 BH>;G 6 6 6 GU?`MJZQ6-CDBHlkPQI;:L78I;9;9;CJu l@u 3 6 CN9;MN>;n ? 3 6R PQ7v?.K;MN7`BHKAZHBH>@?ªBHnQ6 KI;>;6 R 9;CNPuQ6 KMN>;K;MJZ=MNK;I]BHCN7?`P H6 6 9"MN>\G PQ>@?ªBHGU? LMJ? 3 ? 3 6 PQ:8CNKPH PQ:FqH? 3 6 :86 l@uRBHMN>@?ªBHMN>;MN>;n? 3 6 MN: R PH?`MJZHB_?`MNPQ>BH>;K7TMNCNCN7 x [ PZQ6 :8>;R 6 >@?-789k6 >;K;MN>;nPQ> BHGU?`MJZQ6CDBHlkPQI;:RBH: H6U?-9;:8PQnQ:`BHR R 6 7 3 BH7-lk6 6 >%PQ> ? 3 6:8MN786 MN>OR PQ7v? o G PQI;>@?`:8MN6 7PZQ6 :? 3 69]BH7v?L? PK;6 GBHK;6 7 x MN>;G 6V? 3 6:86 G 6 >@?|78I;:8nQ6PH ? 3 6I;>=¡ 6 R 9;CNPu=R 6 >@?:`B_?`6VMN>m? 3 6 ° 7 q LMJ? 6 :8CDBH>;K 3 BH7L9]BHMNKOG CNPQ786B_?8?`6 >@?`MNPQ>m?`P"? 3 6:86 G PQR R 6 >=¡ K]B_?`MNPQ>;7PH? 3 6 o HPQl;7 ?`:`B_?`6 nHup?`P ?ªBHG TCN6? 3 6I;>;6 R 9;CNPu=R 6 >@?.9;:8PQl;CN6 R x ^.G G PQ:8K;MN>;n ?`PO? 3 6 786:86 G PQR R 6 >;K]B_?`MNPQ>;7 q~? 3 6 l]BHCDBH>;G 6 PH«9;I;l;CNMNG"789k6 >;K;MN>;n PQ>'CDBHlkPQI;:VRBH: H6U?\9kPQCNMNG MN6 7 «BH7V7 3 MJh?`6 K:8PQR 9]BH7878MJZQ6-?`PpBHGU?`MJZQ6-CDBHlkPQI;:|RBH:H6U? R 6BH78I;:86 7 x" LMJ? 6 :8CDBH>;K789k6 >@? °Ax ®*: 9k6 :8G 6 >@?PH~[ o yPQ>"^|§ s MN> ¯H°Q°Q° q 3 MNG 3 MN7G PQ>;78MN7v?`6 >@?`CJu-lk6 CNP ? 3 6BZQ6 :`BHnQ6789k6 >;K;MN>;nVMN> B.?¤u=9;MNGBHC o G PQI;>@?`:vu
(67) °Ax PH[ o MN> ¯H°Q°Q° qQBHG G PQ:8K;MN>;n.?`P s BH:v?`MN>-BH>;K [ :8I;l;l5q ¯H°Q° ¥x 23 6 STI;MJ?`6 CNP 789k6 >;K;MN>;n PQ>'BHGU?`MJZQ6"CDBHlkPQI;: RBH:H6U?9kPQCNMNGUuMN> LMJ? 6 :8CDBH>;K'BH79k6 :8G 6 >@?ªBHnQ6 PH [ o MN7K;I;6?`P\? 3 6.CNP 6 :I;>;6 R 9;CNPu=R 6 >@?«:`B_?`6? 3 B_?«9;:86UZHBHMNCN7MN> LMJ? 6 :8CDBH>;K5q=G PQR 9]BH:86 K ?`P"PH? 3 6 : o G PQI;>@?`:8MN6 7 x P 6UZQ6 : q]? 3 6V9;MNGU?`I;:86 G 3 BH>;nQ6 7MJ 6VG PQ>;78MNK;6 :L:86 CDB_?`MJZQ6|789k6 >;K=¡. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(68) fh ~ fh . ¨. MN>;nOPQ> BHGU?`MJZQ6 R 6BH78I;:86 7\BH7G PQR 9]BH:86 Ky?`Pp?`PH?ªBHC789k6 >;K;MN>;n PQ>'CDBHlkPQI;: RBH:H6U?\9kPQCNMNG MN6 7 x ©¤> LMJ? 6 :8CDBH>;K5q789k6 >;K;MN>;nPQ>%^|§ s 7 BH79k6 :8G 6 >@?ªBHnQ6mPHL?`PH?ªBHC789k6 >;K;MN>;nPQ>%CDBHlkPQI;:\RBH:H6U? 9;:8PQnQ:`BHR R 6 7
(69) lkPH? 3 BHGU?`MJZQ6-BH>;K9]BH7878MJZQ6 BHR PQI;>@?`6 K?`P ®T=x ® MN> ¯H°Q°Q° q 3 6 :86BH7|? 3 MN7|9k6 :£¡ G 6 >@?ªBHnQ6 6 STI]BHCN7¨ x PQ:B?¤u=9;MNGBHC o G PQI;>@?`:vu x,23 I;7 qFBHGU?`MJZQ6|789k6 >;K;MN>;nMN7«MNR 9kPQ:v?ªBH>@? BH>;K BHG G PQI;>@?`7LPQ:STI;MJ?`6B-CDBH:8nQ6|9;:8PQ9kPQ:v?`MNPQ>mPHd?`PH?ªBHC5789k6 >;K;MN>;n MN> LMJ? 6 :8CDBH>;K x q]l;IA? ©¤> LMJ? 6 :8CDBH>;K5q]? 3 6\I;786\PHBHGU?`MJZQ6\CDBHlkPQI;:RBH: H6U?.9kPQCNMNG MN6 7MN7:86 G 6 >@?
(70) 78MN>;G 6 RBH7878MJZQ6 x ^|§ s 7,BH:86BH9;9;CNMN6 KPQ>"B.ZQ6 :vuCDBH:8nQ678GBHCN6Hw BHCN:86BHKAu\MN> q PHkI;>;6 R 9;CNPuQ6 K PQ: H6 :879]BH:v?`MNG MN9]B_?`6 K"B_?,CN6BH7v?PQ>;G 6LMN>"B R 6BH78I;:86K;I;:8MN>;n ? 3 6 MN:I;>;6 R 9;CNPu=R 6 >@?,789k6 CNC
(71) X 6 G P;q ¥x ^«?.? 3 67`BHR 6\R PQR 6 >@? 3 6 >786UZQ6 :`BHC CDBHlkPQI;:LRBH: H6U?.?`:`BHMN>;MN>;n BH>;K 78I;l;78MNK;MN786 K t8PQl;7 9;:8PQnQ:`BHR R 6 7 6 :86CDBHI;>;G 3 6 K5q? 3 6 9;I;l;CNMNG 6 R 9;CNPu=R 6 >@?786 :vZ=MNG 6MJ?`786 CJ I;>;K;6 : 6 >@? B'K;6 6 9 ?`:`BH>;7vPQ:8RB_?`MNPQ> x ©¤> q5R PQ:86\? 3 BH> ¯ q °Q°Q° CNP=GBHCd6 R 9;CNPu=R 6 >@?VP G 6 7 6 :86"R 6 :8nQ6 KMN>@?`P BHlkPQIA? ° :86 nQMNPQ>]BHC~6 R 9;CNPu=R 6 >@?.P G 6 7
(72) 7 ¥x MN>;G 6 ¯H°Q°Q° qF? 3 6 LMN787|9;I;l;CNMNG6 R 9;CNPu@¡ R 6 >@?7vu=7v?`6 R 3 BH7Llk6 6 > 78I;lTt86 GU??`P"6UZHBHCNI]B_?`MNPQ> x ^.> BHnQ:86 6 R 6 >@?lk6U? 6 6 > ? 3 6 LMN7876 K;6 :`BHC BHIA? 3 PQ:8MJ?`MN6 7BH>;KpGBH>@?`PQ>;7
(73)
(74) "!$##%!$& q ¯H°Q°Q ° :86 STI;MN:86 7? 3 B_? 9k6 :vPQ:8RBH>;G 6"PH:86 nQMNPQ>]BHC6 R 9;CNPu=R 6 >@?VP G 6 7lk6"R 6BH78I;:86 K LMJ? 3 :86 789k6 GU??`PO78PQR 6"STI]BH>=¡ ?`MJ?ªB_?`MJZQ6VG :8MJ?`6 :8MDB x«s PQ:86 PZQ6 : qk6 K;6 :`BHCI;>;K;MN>;n PH6 R 9;CNPu=R 6 >@?P G 6\BHGU?`MJZ=MJ?`MN6 7LK;6 9k6 >;K;7.PQ> ? 3 6 MN:9k6 :vPQ:8RBH>;G 6 x 6 >;G 6Hq~? 3 6 :86 6 AMN7v?`7Bp>;6 6 KyPQ: 6UZHBHCNI]B_?`MN>;n? 3 6"6 6 GU?`7PH? 3 6"RBt8PQ: :86 PQ:8MN6 >@?ªB_?`MNPQ>PH LMN787VCDBHlkPQI;:|RBH: H6U?V9kPQCNMNGUuO? 3 B_? 3 BH7VP=G G I;:8:86 Ky78MN>;G 6 x\23 MN7VK;MN78786 :v?ªB_?`MNPQ> B_?8?`6 R 9A?`7 ?`P6UZHBHCNI]B_?`6? P-MNR 9kPQ:v?ªBH>@?G PQR 9kPQ>;6 >@?`7«PH LMN787BHGU?`MJZQ6|CDBHlkPQI;:,RBH:H6U?9kPQCNMNGUuQq 3 MNG 3 BH:86 CDBHlkPQI;:LRBH: H6U?|9;:8PQnQ:`BHR R 6 7BH>;K9;I;l;CNMNGV6 R 9;CNPu=R 6 >@?.786 :vZ=MNG 6 x23 6G 6 >@?`:`BHCdSTI;6 7v?`MNPQ>;7 6 ?`:vu?`P BH>;7 6 :.BH:86 ? 3 6 PQCNCNP LMN>;n;w ' 3 PBH:86 ? 3 6VI;>;6 R 9;CNPuQ6 KO9k6 PQ9;CN6VB_?L:8MN7 PH CNPQ>;n_¡ ?`6 :8R I;>;6 R 9;CNPu=R 6 >@? ( ' 3 B_?\MN7V? 3 6 MNR 9]BHGU?VPH9]BH:v?`MNG MN9]B_?`MNPQ>MN>'BH> BHGU?`MJZQ6 CDBHlkPQI;:VRBH: H6U?\9;:8PQnQ:`BHR R 6-PQ> ? 3 6VK;I;:`B_?`MNPQ>pPHB-9]BH:v?`MNG MN9]BH>@?W 7I;>;6 R 9;CNPu=R 6 >@?789k6 CNCN7( ' «BH>O:86 nQMNPQ>]BHC56 R 9;CNPu=R 6 >@?LP G 6 7MNR 9;:8PZQ6|? 3 6 MN:9k6 :vPQ:8RBH>;G )6 ( ' P GBH>y? 3 6UuyK;POMJ?\BH>;K 3 B_?BH:86"? 3 6" BHGU?`PQ:87V6 A9;CDBHMN>;MN>;nm? 3 6"ZHBH:8MDB_?`MNPQ>;7|MN> ? 3 6 MN: 6 G MN6 >;GUu( 23 MN7"K;MN78786 :v?ªB_?`MNPQ> 7v?ªBH:v?`7 LMJ? 3 BH>BH>]BHCJu=78MN7-PH.? 3 6O9kPQ9;I;CDB_?`MNPQ> PH LMN787 I;>;6 R 9;CNPuQ6 K PQ: H6 :87 x, MN>;G 6BHGU?`MJZQ6CDBHlkPQI;:5RBH: H6U?~9kPQCNMNG MN6 7BH:86?ªBH:8nQ6U?`6 KB_?~I;>;6 R 9;CNPuQ6 K9k6 PQ9;CN6HqeMJ?MN7MNR-¡ 9kPQ:v?ªBH>@??`P\K;6U?`6 :8R MN>;6 3 P? 3 6.I;>;6 R 9;CNPuQ6 KMN>;K;MJZ=MNK;I]BHCN7 LMJ? 3 l]BHK6 R 9;CNPu=R 6 >@?9;:8PQ789k6 GU?`7 BH:86 x 6UZQ6 :`BHC«9kPQMN>@?`7\PH«Z=MN6 PQ>%BO9k6 :878PQ>5W 7IA?`I;:866 R 9;CNPu=R 6 >@?9;:8PQ789k6 GU?`7-BH:869kPQ7878MNl;CN6Hw 6 x n x qT? 3 6Uu-RBu-lk6BH>]BHCJu=786 KBHG G PQ:8K;MN>;n ?`P6 A9k6 GU?`6 K9kPQ7v?v¡¤I;>;6 R 9;CNPu=R 6 >@?,6BH:8>;MN>;nQ7 x ©¤>"? 3 MN7 K;MN78786 :v?ªB_?`MNPQ>5q 6VG PQ>;78MNK;6 :«? 3 6 6 R 9;CNPu=R 6 >@?9;:8PQ789k6 GU?`7:8PQR PQ>;6|9]BH:v?`MNG I;CDBH:9kPQMN>@?PH~Z=MN6 Vq 3 MNG 3 MN7,? 3 6.6 A9k6 GU?`6 KmI;>;6 R 9;CNPu=R 6 >@?K;I;:`B_?`MNPQ> lk6UPQ:86|B«t8PQlMN7,PQI;>;K x23 6.MNR 9]BHGU?PHMN>=¡ K;MJZ=MNK;I]BHCBH>;KCDBHlkPQI;:RBH: H6U?G 3 BH:`BHGU?`6 :8MN7v?`MNG 7PQ>? 3 6.6 A9k6 GU?`6 KOK;I;:`B_?`MNPQ>PH~I;>;6 R 9;CNPu=R 6 >@? 789k6 CNCN7L?¤u=9;MNGBHCNCJumK;M 6 :BHR PQ>;n G PQI;>@?`:8MN6 7|BH>;KI;78I]BHCNCJumGBH>;>;PH?.lk6\K;6U?`6 :8R MN>;6 K l@uOR 6BH>;7PH 78PQCN6-? 3 6 PQ:86U?`MNGBHCR P=K;6 CN7 x-2 POMNK;6 >@?`MJhunQ:8PQI;9;7VPHt8PQly786 6H6 :87B_?V:8MN7PH«CNPQ>;n_¡ ?`6 :8R I;>;6 R-¡ 9;CNPu=R 6 >@?q 6"9;:86 786 >@?V78PQR 66 R 9;MN:8MNGBHCd6UZ=MNK;6 >;G 6-PQ>? 3 6-K;6U?`6 :8R MN>]BH>@?`7|PHI;>;6 R 9;CNPu=R 6 >@? K;I;:`B_?`MNPQ>pMN> LMJ? 6 :8CDBH>;K x. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(75) ®. fh ~ fh . 2 3 6>;6=?"STI;6 7v?`MNPQ> BHK;K;:86 78786 K MN>'? 3 MN7K;MN78786 :v?ªB_?`MNPQ> MN7? 3 B_?PH6 6 GU?`MJZQ6 >;6 787"PHBHGU?`MJZQ6 CDBHlkPQI;:RBH:H6U?.9;:8PQnQ:`BHR R 6 778I;G 3 BH7ZQP=GB_?`MNPQ>]BHC?`:`BHMN>;MN>;n;q]78I;l;78MNK;MN786 K"t8PQl;7.MN>O? 3 6\9;:8MJZHB_?`6 786 GU?`PQ: q@t8PQl;7MN>p? 3 6\9;I;l;CNMNGV786 GU?`PQ: qk6U?`G x.s BH:v?`MN>BH>;K[ :8I;l;l
(76) X¯H°Q° :86UZ=MN6 $? 3 6RBHMN> ]>;K=¡ MN>;nQ7«:8PQR :86 G 6 >@?.MN>@?`6 :8>]B_?`MNPQ>]BHCCNMJ?`6 :`B_?`I;:86|6UZHBHCNI]B_?`MN>;n-BHGU?`MJZQ6VCDBHlkPQI;:«RBH:H6U?9;:8PQnQ:`BHR R 6 7 x ^.G G PQ:8K;MN>;ny?`P ? 3 6 786BHIA? 3 PQ:87 q«6UZHBHCNI]B_?`MNPQ>;7-PH|786UZQ6 :`BHC.9;:8PQnQ:`BHR R 6 7-MN> o G PQI;>@?`:8MN6 7 q 6 789k6 G MDBHCNCJu?`:`BHMN>;MN>;n-9;:8PQnQ:`BHR R 6 7 q]789k6 G MDBHC5uQPQIA? 3 R 6BH78I;:86 7BH>;K K;MN:86 GU?t8PQlpG :86B_?`MNPQ>OMN>m? 3 6 9;I;l;CNMNG|786 GU?`PQ: q]7 3 P ? 3 B_?? 3 6 786VR 6BH78I;:86 7 3 BZQ6 3 BHKpCNP PQ:«6UZQ6 >O>;6 n@B_?`MJZQ6 MNR 9]BHGU?`7«PQ>? 3 6 789k6 6 KPH6AMJ?:8PQR I;>;6 R 9;CNPu=R 6 >@? xLo I;:8MN>;n"? 3 6\CDBH7v?K;6 GBHK;6Hqk? 3 6 LMN787.BHIA? 3 PQ:8MJ?`MN6 7 3 BZQ6 lk6 6 >%ZQ6 :vu%BHGU?`MJZQ6MN>'? 3 6 ]6 CNK PHCDBHlkPQI;:RBH: H6U?-:86UPQ:8R 7 x 6 >;G 6Hq,MJ?MN7\I;786UI;C?`P6UZHBHCNI=¡ B_?`6\? 3 6MNR 9]BHGU?.PH LMN787 ^|§ s 7|PQ>? 3 6K;I;:`B_?`MNPQ>PH? 3 6 MN:.9]BH:v?`MNG MN9]BH>@?`7 WkI;>;6 R 9;CNPu=R 6 >@? 789k6 CNCN7 x ? 3 6 : LMN7867v?ªB_?`6 K5qd? 3 6STI;6 7v?`MNPQ>'MN7 w\K;P=6 7\9]BH:v?`MNG MN9]B_?`MNPQ>MN> BHGU?`MJZQ6 R 6BH78I;:86 7 3 6 CN9 I;>;6 R 9;CNPuQ6 K 9k6 PQ9;CN6?`P ]>;K B"t8PQl% BH7v?`6 : ( 3 6 > 6UZHBHCNI]B_?`MN>;n ? 3 6m6 6 GU? PH^|§ s 7 q 6 BHG G PQI;>@?VPQ:|7`BHR 9;CN6 3 6U?`6 :8PQnQ6 >;6 MJ?¤u BH>;KyBHCN78PPQ: BH>;PH? 3 6 :|ZQ6 :vuMNR 9kPQ:v?ªBH>@?|MN7878I;6Hq 3 MNG 3 MN7 >;PQ>=¡¤:`BH>;K;PQR 9;:8PQnQ:`BHR R 6BH7878MNnQ>;R 6 >@?.R 6 G 3 BH>;MN78R ? 3 B_?.RBupMN>;K;I;G 6786 CN6 GU?`MNPQ> l;MDBH7MN>p? 3 6 6UZHBHCNI]B_?`MNPQ> x ^ ?¤u=9;MNGBHC6UZHBHCNI]B_?`MNPQ>7v?`I;KAuG PQR 9]BH:86 7|CDBHlkPQI;:|RBH: H6U? PQIA?`G PQR 6 7 78I;G 3 BH7 K;I;:`B_?`MNPQ>PH I;>;6 R 9;CNPu=R 6 >@?"PQ:9kPQ7v?v¡¤I;>;6 R 9;CNPu=R 6 >@?6BH:8>;MN>;nQ7PQ:? P nQ:8PQI;9;7-PH9k6 PQ9;CN6HwPQ>;6 3 MNG 3 9]BH:v?`MNG MN9]B_?`6 K MN> B 9;:8PQnQ:`BHR R 6
(77) ?`:86B_?`R 6 >@?nQ:8PQI;9 q«BH>;K PQ>;6 3 MNG 3 K;MNK >;PH? 9]BH:v?`MNG MN9]B_?`6
(78) G PQ>@?`:8PQCnQ:8PQI;9 ¥x ^.>@u 9;:8PQnQ:`BHR R 6 6UZHBHCNI]B_?`MNPQ>'7v?`I;KAu RI;7v?-78PQCJZQ6? 3 6 6 CNC¢¡ T>;P L>%786 CN6 G¥¡ ?`MNPQ> 9;:8PQl;CN6 R x23 6786 CN6 GU?`MNPQ> 9;:8PQl;CN6 R BH:8MN786 7MJ78PQR 6I;>;PQl;786 :vZQ6 K G 3 BH:`BHGU?`6 :8MN7v?`MNG 7PHBH> I;>;6 R 9;CNPuQ6 K PQ:H6 :VB 6 GU?VlkPH? 3 ? 3 6-K;6 G MN78MNPQ> ?`Pm9]BH:v?`MNG MN9]B_?`6MN>? 3 69;:8PQnQ:`BHR R 6\BH>;K? 3 6 I;>;6 R 9;CNPu=R 6 >@?.6 A9k6 :8MN6 >;G 6\PH ? 3 MN79k6 :878PQ> x © ? 3 6V?`:86B_?`R 6 >@?|BH>;K G PQ>@?`:8PQC~nQ:8PQI;9 BH:86K;MJD¡ 6 :86 >@? LMJ? 3 :86 789k6 GU?V?`PmI;>;PQl;786 :vZQ6 K'G 3 BH:`BHGU?`6 :8MN7v?`MNG 7
(79) 6 x n x qR PH?`MJZHB_?`MNPQ> PH,? 3 6 MN:|R 6 Rlk6 :87 q ? 3 6 > ? 3 6pG PQR 9]BH:8MN78PQ> PH? 3 6 MN:-CDBHlkPQI;:\RBH:H6U?"PQIA?`G PQR 6 7"G PQ>;K;MJ?`MNPQ>]BHCPQ>%? 3 6 MN:-PQl;786 :vZQ6 K G 3 BH:`BHGU?`6 :8MN7v?`MNG 7 PQI;CNKOCN6BHKm?`P BH>p6 :8:8PQ>;6 PQI;7G PQ>;G CNI;78MNPQ> x 2 P BZQPQMNKr? 3 6786 CN6 GU?`MNPQ> 9;:8PQl;CN6 ROqRBH>@urBHGU?`MJZQ6CDBHlkPQI;:RBH: H6U?m9;:8PQnQ:`BHR R 6 7MN> ? 3 6 Y>;MJ?`6 K ?ªB_?`6 7mBH:866UZHBHCNI]B_?`6 K l@uI;78MN>;n :`BH>;K;PQR BH7878MNnQ>;R 6 >@??`P'?`:86B_?`R 6 >@?mBH>;KG PQ>@?`:8PQC nQ:8PQI;9;7 x BH>;K;PQR MN7`B_?`MNPQ> 9;:8PZ=MNK;6 7|?`:86B_?`R 6 >@?VBH>;K G PQ>@?`:8PQCnQ:8PQI;9;7 LMJ? 3 MNK;6 >@?`MNGBHC G 3 BH:`BHG¥¡ ?`6 :8MN7v?`MNG 76 AG 6 9A?PQ:7`BHR 9;CNMN>;n6 :8:8PQ: x PQ>@?`:8PQCNCN6 K78P=G MDBHCF6 A9k6 :8MNR 6 >@?`7«RBu lk6|6UZHBHCNI]B_?`6 Kl@u R 6BH>;7LPH STI;MJ?`6VI;>;78PQ9 3 MN7v?`MNGB_?`6 Kp6 G PQ>;PQR 6U?`:8MNG|?`6 G 3 >;MNSTI;6 7 x P 6UZQ6 : q~MN>RBH>@u 78MJ?`I]B_?`MNPQ>;7|MJ?|MN7|>;PH? 9kPQCNMJ?`MNGBHCNCJuPQ:|R PQ:`BHCNCJum6BH78MNl;CN6\?`Pm:`BH>;K;PQR MN786 x ©¤> I;:8PQ9k6Hq]RBH>@uBHGU?`MJZQ6 CDBHlkPQI;:«RBH: H6U?9;:8PQnQ:`BHR R 6 7BHK;K;:86 787B\ZQ6 :vumCDBH:8nQ6|9;:8PQ9kPQ:v?`MNPQ>PH I;>;6 R 9;CNPuQ6 K PQ: H6 :87 B_?.78PQR 67v?ªBHnQ6PHI;>;6 R 9;CNPu=R 6 >@?qkBH>;K:`BH>;K;PQR MN7`B_?`MNPQ>m6 A9k6 :8MNR 6 >@?`7 BH:86ZQ6 :vuV786 CNK;PQRMNR 9;CN6 R 6 >@?`6 K x LMJ? 6 :8CDBH>;KVMN75>;PL6AG 6 9A?`MNPQ> x ^.>@uQPQ>;67v?ªBu=MN>;nLI;>;6 R 9;CNPuQ6 K PQ:R PQ:86p? 3 BH>786UZQ6 > R PQ>@? 3 77 3 PQI;CNK ?ªB H69]BH:v?MN>By9;:8PQnQ:`BHR R 6Hq«78P'? 3 B_?mB_h?`6 :786UZQ6 > R PQ>@? 3 7PHFI;>;6 R 9;CNPu=R 6 >@?qQ? 3 66 >@?`MJ?`CN6 R 6 >@? ?`PVY©~lk6 >;6 ;?`7,MN7G PQ>;K;MJ?`MNPQ>]BHCTPQ>-9]BH:v?`MNG MN9]B_?`MNPQ> MN> BH>r^|§ s x P 6UZQ6 : q? 3 MN7PQl;CNMNn@B_?`MNPQ> MN7>;PH?mMNR 9;CN6 R 6 >@?`6 K :8MNnQMNK;CJu x123 I;7 q.786 CN6 GU?`MNPQ> 9;:8P=G 6 78786 7,MN>@?`P.CDBHlkPQI;:dRBH: H6U?9;:8PQnQ:`BHR R 6 7 BH:86K;M 6 :86 >@?MN>\? 3 6«Y x kx BH>;K I;:8PQ9k6 x 9k6 G M ]G >;PQ>=¡¤6 A9k6 :8MNR 6 >@?ªBHC6 7v?`MNRB_?`PQ:87BH:86 >;6 6 K;6 K?`P%BH78786 787? 3 6 MNR 9]BHGU?PH I;:8PQ9k6BH>PQ: LMN787 BHGU?`MJZQ6VCDBHlkPQI;:«RBH:H6U?9;:8PQnQ:`BHR R 6 7 x. . . . . . . . . . . . . . . . . . . .
(80) ! "#$%&%&'%')(*+,-.*/(0 1-%&2 3(
(81) +-.!*/(0 %& 435 $678 9$%&%&:+5 ;%')(#
(82) 12 <7=%>%&?/ 7@-$ 3 *+4A@-- ;1-%&2 3(
(83) 6 %& 43
(84) B.
(85) . fh ~ fh . . ¬ P «BHK]Bu=7 qT:86 786BH:8G 3 6 :87 3 BZQ6L786UZQ6 :`BHC;?`6 G 3 >;MNSTI;6 7PQ: >;PQ>=¡¤6A9k6 :8MNR 6 >@?ªBHCA7v?`I;K;MN6 7,B_? ? 3 6 MN: K;MN789kPQ7`BHC@PQ:~78PQCJZ=MN>;n? 3 6786 CN6 GU?`MNPQ>9;:8PQl;CN6 R
(86) 6 GTRBH>\6U?BHC x q HPQ>;6PHA? 3 6:86 G 6 >@? ?`6 G 3 ¡ >;MNSTI;6 7MN7 K;6 78G :8MNlk6 K-MN>\? 3 MN7 K;MN78786 :v?ªB_?`MNPQ> xd23 MN7BHCNCNP L7 I;7 ?`P BH>;7 6 :? 3 6«>;6=?STI;6 7v?`MNPQ>"BH7 ?`P ? 3 66AMN7v?`6 >;G 6|PHBV786 CN6 GU?`MNPQ> 9;:8P=G 6 787MN>"? 3 66 >@?`:vu MN>@?`P\BHGU?`MJZQ6CDBHlkPQI;:RBH:H6U?9;:8PQnQ:`BHR R 6 7 x ^.G G PQ:8K;MN>;n?`P s BH:v?`MN>BH>;K [ :8I;l;l
(87) X¯H°Q° qBCDBH:8nQ69]BH:v?|PH,6 AMN7v?`MN>;nCNMJ?`6 :`B_?`I;:86PQ>9;:8P_¡ nQ:`BHR R 66UZHBHCNI]B_?`MNPQ> RB H6 7"PQ>;CJu B9]BH:v?`MDBHCG PQ>@?`:8MNl;IA?`MNPQ> ?`PyBH> BH78786 7878R 6 >@?PH? 3 6m6 6 G¥¡ ?`MJZQ6 >;6 787 PH.BHGU?`MJZQ6mCDBHlkPQI;:\RBH:H6U?"9kPQCNMNG MN6 7BH7"B 3 PQCN6 x ©¤>;K;6 6 K5q:86 nQI;CDBH:t8PQl=¡£BH7878MN7v?ªBH>;G 6Hq :86 nQMN7v?`:`B_?`MNPQ>BH>;KmRB_?`G 3 MN>;nPH~I;>;6 R 9;CNPuQ6 K PQ: H6 :87 LMJ? 3 t8PQlZHBHGBH>;G MN6 7BH:86 BHCNCkMNR 9kPQ:v?ªBH>@? BHGU?`MJZQ6VR 6BH78I;:86 7 3 MNG 3 BH:86 PHh?`6 >OMNnQ>;PQ:86 KpMN>? 3 6V6UZHBHCNI]B_?`MNPQ>mCNMJ?`6 :`B_?`I;:86 x o I;:8MN>;nm? 3 6"I;>;6 R 9;CNPu=R 6 >@?\789k6 CNCXq5? 3 6|t8PQl=¡¤786 6H6 :\RBu786BH:8G 3 PQ:B\t8PQly6 6 GU?`MJZQ6 CJu MJ 3 6.MN7,786 CJD¡¤R PH?`MJZHB_?`6 K x P 6UZQ6 : q;R PH?`MJZHB_?`MNPQ>-RBu"lk6 6B H6 >;6 Kpl@u"lk6 >;6 ;?«K;MN78MN>;G 6 >@?`MJZQ6 7PQ: l@uOMN>;78I G MN6 >@? T>;P LCN6 K;nQ6PH6 R 9;CNPu=R 6 >@?PQ9;9kPQ:v?`I;>;MJ?`MN6 7BH>;Kt8PQlO786BH:8G 3 7v?`:`B_?`6 nQMN6 7 x«23 6 6 6 GU?`MJZQ6 >;6 787PHMN>;K;MJZ=MNK;I]BHCAt8PQl786BH:8G 3 RBu lk6-MNR 9;:8PZQ6 K? 3 :8PQI;n 3 :86 nQI;CDBH:.G PQ>@?ªBHGU?`7 LMJ? 3 ? 3 69;I;l;CNMNG 6 R 9;CNPu=R 6 >@?LP G 6 x23 6MN>@?`6 :vZ=MN6 L7PH I;>;6 R 9;CNPuQ6 K 9k6 PQ9;CN6 LMJ? 3 6 R 9;CNPu=R 6 >@? P G 6VP G MDBHCBH:86 K;6 78MNnQ>;6 Kp?`P 3 6 CN9pI;>;6 R 9;CNPuQ6 KO9k6 PQ9;CN6|?`P ]>;K BLt8PQl x ©¤>p9]BH:v?LMJ?LBHG 3 MN6UZQ6 7 ? 3 MN7"l@u 9;CDBHG MN>;n PQ:H6 :87MN> G PQ>@?ªBHGU? LMJ? 3 6 R 9;CNPuQ6 :87 BH>;K l@u nQMJZ=MN>;n6 >;G PQI;:`BHnQ6 R 6 >@?l@u «BuyPHBHKAZ=MNG 6BH>;K'G PQI;>;786 CNCNMN>;n x ©¤>yPQ:8K;6 :V?`POMN>;G :86BH786"? 3 6 :86 6 R 9;CNPu=R 6 >@?\9;:8PQl]BHl;MNCNMJ?¤u PH t8PQl"786 6 H6 :87 qA6 R 9;CNPu=R 6 >@?P G 6 7,RBuPQl;CNMNnQ6? 3 6 R ?`P :86 9kPQ:v?? 3 6 MN:MN>;K;6 9k6 >;K;6 >@?5t8PQl-786BH:8G 3 6 PQ:v?q@B_?8?`6 >;KMN>@?`6 >;78MJZQ6«MN>@?`6 :vZ=MN6 L7 q@BH9;9;CJu PQ:dZHBHGBH>@?Ft8PQl;7 9;:8PQ9kPQ786 K-l@uV? 3 6~t8PQl\G PQI;>;786 CNCNPQ: q K;MN78G I;787BH>"MN>;K;MJZ=MNK;I]BHCABHGU?`MNPQ>"9;CDBH>5q@BH>;K"9]BH:v?`MNG MN9]B_?`6«MN> BHGU?`MJZQ6CDBHlkPQI;:RBH: H6U?,9;:8PQnQ:`BHR R 6 7 x PQR 6m6 AMN7v?`MN>;n 7v?`I;K;MN6 7 3 BZQ6p6UZHBHCNI]B_?`6 K ? 3 6pMNR 9]BHGU?-PHt8PQl 786BH:8G 3 BH7878MN7v?ªBH>;G 6pPQ>%? 3 6 K;I;:`B_?`MNPQ>OPHI;>;6 R 9;CNPu=R 6 >@? x Y78MN>;n"? 3 6\K]B_?ªB-:8PQR B G PQ>@?`:8PQCNCN6 Kp6A9k6 :8MNR 6 >@?q o PQCJ?`PQ>OBH>;K PQI;>;K ? 3 B_?~B9;:8PQnQ:`BHR R 6 G PQ>;78MN7v?`MN>;nPH=MN>@?`6 >;78MJZQ6,MN>@?`6 :vZ=MN6 L7 LMJ? 3 CNPQ>;n_¡ ?`6 :8R W ¬6 MNCNC
(88) I;>;6 R 9;CNPuQ6 K 3 BHK B-78MNnQ>;M ]GBH>@?6 6 GU?.PH :86 K;I;G MN>;n"I;>;6 R 9;CNPu=R 6 >@?LK;I;:`B_?`MNPQ>pMN>? 3 6Y>;MJ?`6 K MN>;nQK;PQR x ^.>;PH? 3 6 :6A9k6 :8MNR 6 >@?ªBHC7v?`I;KAup:8PQR ? 3 6\¬6U? 3 6 :8CDBH>;K;7
(89) BH>OK;6 > 6 :8nBH>;K BH> K;6 : CDBQBHI Vq ¯H°Q° PQI;>;K >;Pp78MNnQ>;M ]GBH>@? MNR 9]BHGU?w|BHG G PQ:8K;MN>;nm?`P? 3 6 BHIA? 3 PQ:87 W? 3 6 PQ:86U?`MNGBHC t8PQl 786BH:8G 3 R P=K;6 CXq]? 3 MN7CDBHG mPHMNR 9]BHGU?.BH:8PQ786\lk6 GBHI;786R PQ>;MJ?`PQ:8MN>;n-PHI;>;6 R 9;CNPuQ6 K9k6 PQ9;CN6 PQ>;CJupMN>;K;I;G 6 KB 7 3 MJh?L:8PQR MN>APQ:8RBHC?`P"PQ:8RBHCG 3 BH>;>;6 CN7.PHFt8PQl 786BH:8G 3 qkCN6BHK;MN>;n"?`P >;P>;6U? MN>;G :86BH786VMN>\t8PQlO786BH:8G 3 BHGU?`MJZ=MJ?¤u x s 6UuQ6 :
(90) :86UZ=MN6 L7 786UZQ6 :`BHC\I;>;6 R 9;CNPu=R 6 >@? MN>;78I;:`BH>;G 6
(91) Y© 6 A9k6 :8MNR 6 >@?`7 MN> ? 3 6 Y>;MJ?`6 K ?ªB_?`6 7 x 23 6 786y6A9k6 :8MNR 6 >@?`7 3 BZQ6y?ªB H6 > ? P RBHMN>rPQ:8R 7 w%GBH7 3 lkPQ>TI;786 7BH>;K t8PQl786BH:8G 3 9;:8PQnQ:`BHR R 6 7 x «BH7 3 lkPQ>TI;786 7BH:869]Bu=R 6 >@?`7 ?`PpY©:86 G MN9;MN6 >@?`7 3 PmPQI;>;Kt8PQl;7 STI;MNG TCJuVBH>;K H6 9A?~? 3 6 R1PQ:BL789k6 G M ]6 K9k6 :8MNP=K PH=?`MNR 6 x HPQlV786BH:8G 3 9;:8PQnQ:`BHR R 6 75MN>;G CNI;K;6,BHK=¡ K;MJ?`MNPQ>]BHCFMN>APQ:8RB_?`MNPQ> PQ>t8PQlPQ9k6 >;MN>;nQ7 q;R PQ:86t8PQl9;CDBHG 6 R 6 >@?`7 q]BH>;KmR PQ:86.6=?`6 >;78MJZQ6VG 3 6 GT7 PH.Y©V6 CNMNnQMNl;MNCNMJ?¤u xp23 6m6 A9k6 :8MNR 6 >@?`7?`6 >;K ?`P7 3 P ? 3 B_?-789k6 6 K;MN>;n Y©Vlk6 >;6 ;?"G CDBHMNRBH>@?`7 W :86U?`I;:8>p?`P PQ: ? 3 :8PQI;n 3 lkPH? 3 GBH7 3 lkPQ>TI;786 7.BH>;K\t8PQlO786BH:8G 3 9;:8PQnQ:`BHR R 6 7«MN79kPQ7878MNl;CN6VBH>;K K;P=6 7L>;PH?K;6 G :86BH7869kPQ7v?v¡¤I;>;6 R 9;CNPu=R 6 >@?L6BH:8>;MN>;nQ7 x ^.CNCPH ? 3 6 786\7v?`I;K;MN6 7.9;:8PZ=MNK;6I;786UI;CdMN>APQ:8RB_?`MNPQ>PQ>O? 3 6MNR 9]BHGU?PH78PQR 6789k6 G M ]G9;:8P_¡ nQ:`BHR R 6 7R PQ>;MJ?`PQ:8MN>;n-t8PQl 786 6 H6 :87 PQ>%? 3 6pK;I;:`B_?`MNPQ>%PHI;>;6 R 9;CNPu=R 6 >@? x P 6UZQ6 : q? 3 6 786 9;:8PQnQ:`BHR R 6 7 6 :86L?¤u=9;MNGBHCNCJu?ªBH:8nQ6U?`6 KB_?B 78RBHCNCA:`BHGU?`MNPQ>-PHk? 3 6L?`PH?ªBHC;9kP=PQC;PHI;>;6 R 9;CNPuQ6 K MN> ? 3 6G PQI;>@?`:8MN6 7 3 6 :86G PQ>@?`:8PQCNCN6 K6 A9k6 :8MNR 6 >@?`7 6 :86-MNR 9;CN6 R 6 >@?`6 K x|s BH>@uPH? 3 6 7869;:8P_¡ nQ:`BHR R 6 7 6 :86.CNMNR MJ?`6 KMN>-?`MNR 6 x 23 I;7 q=>;PQ>;6PHBHlkPZQ6¥¡¤R 6 >@?`MNPQ>;6 K 7v?`I;K;MN6 7 3 BZQ6.G PQ>;78MNK;6 :86 K ? 3 6"STI;6 7v?`MNPQ>yPH 3 P 6 6 GU?`MJZQ6"? 3 6"9;I;l;CNMNG6 R 9;CNPu=R 6 >@?V7vu=7v?`6 R BH7VB 3 PQCN6"MN7 x 3 P=PQ78MN>;n. . . .
(92) . . . . . . . . . . . . . . . . . . . . . .
(93) . fh ~ fh . . . 87 PQR 6LSTI]BH>@?`MJ?ªB_?`MJZQ6LG :8MJ?`6 :8MDB.PQ:,6UZHBHCNI]B_?`MNPQ>-PH59;I;l;CNMNG6 R 9;CNPu=R 6 >@?,P G 6 7 WABHGU?`MJZ=MJ?¤uQq 6RBu «BH>@??`P T>;P 3 P r BH:? 3 6G I;:8:86 >@?«9;I;l;CNMNG t8PQl786BH:8G 3 BH7878MN7v?ªBH>;G 6MN7,:8PQR ? 3 6lk6 7v?«9;:`BHGU?`MNG 6 :8PQ>@?`MN6 : x. . . 2 3 6-MN7878I;6-PHnQCNPQl]BHCd6 G MN6 >;GUuPH9;I;l;CNMNG\9;CDBHG 6 R 6 >@? 786 :vZ=MNG 6"MN7 BZQ6 :vuMNR 9kPQ:v?ªBH>@?.PQ>;6Hw MN>;K;6 6 K5q s BH:v?`MN>BH>;Ky[ :8I;l;l
(94) X¯H°Q° 6 R 9 3 BH78MN786\? 3 B_?t8PQl786BH:8G 3 BH7878MN7v?ªBH>;G 6-MN7.I;78I]BHCNCJup? 3 6 CN6BH7v?.G PQ7v?`CJu BHGU?`MJZQ6CDBHlkPQI;:LRBH:H6U?|9;:8PQnQ:`BHR R 6 x ^«?? 3 6\7`BHR 6V?`MNR 6HqF6UZHBHCNI]B_?`MNPQ>;7LPH78P=G MDBHC 6A9k6 :8MNR 6 >@?`7-:8PQR 786UZQ6 :`BHCG PQI;>@?`:8MN6 7"7 3 P 9kPQ78MJ?`MJZQ6mPQIA?`G PQR 6 7:8PQR ? 3 MN7PQ:8R PH.BHGU?`MJZQ6 R 6BH78I;:86 x 6 >;G 6HqdMN>;G :86BH78MN>;nm? 3 6-6 G MN6 >;GUu PH? 3 6"9;I;l;CNMNG-9;CDBHG 6 R 6 >@?V786 :vZ=MNG 6"R MNn 3 ? lk6 B ZQ6 :vuyG PQ7v?v¡¤6 6 GU?`MJZQ6 «Bu?`POMNR 9;:8PZQ6-? 3 6 :86 6 R 9;CNPu=R 6 >@?G 3 BH>;G 6 7PH~t8PQly786 6 H6 :87 qBH7G PQR-¡ 9]BH:86 K ?`PO78I;G 3 ^|§ s 7BH7 ZQP=GB_?`MNPQ>]BHC ?`:`BHMN>;MN>;n;q578I;l;78MNK;MN6 7 ?`Pp9;:8MJZHB_?`6¥¡¤786 GU?`PQ: 6 R 9;CNPu=R 6 >@? PQ:LK;MN:86 GU? t8PQlpG :86B_?`MNPQ>pMN>m? 3 6V9;I;l;CNMNG 786 GU?`PQ: x. . . . . 2 3 6">;6=?VSTI;6 7v?`MNPQ>'BHK;K;:86 78786 K'MN>? 3 MN7|K;MN78786 :v?ªB_?`MNPQ>MN7|? 3 B_? PHnQCNPQl]BHCd6 G MN6 >;GUu PH,? 3 6 LMN7879;I;l;CNMNG6 R 9;CNPu=R 6 >@?7vu=7v?`6 R x '6 PQI;CNKCNM H6?`P T>;P 3 6U? 3 6 ::86 nQMNPQ>]BHC=6 R 9;CNPu=R 6 >@? P G 6 7GBH>mMNR 9;:8PZQ6.? 3 6|:86 78I;CJ?`7«PH? 3 6 MN:«BHGU?`MJZ=MJ?¤u PHdRB_?`G 3 MN>;nt8PQlm786 6H6 :87 LMJ? 3 ZHBHGBH>;G MN6 7 x o I;6 ?`P%BHl;786 >;G 6PHB'G PQI;>@?`6 :v BHGU?`I]BHC|78MJ?`I]B_?`MNPQ>
(95) 3 MNG 3 PQI;CNK ?`6 CNCI;7 3 B_?? 3 6I;>;6 R-¡ 9;CNPu=R 6 >@?":`B_?`6mMN> LMJ? 6 :8CDBH>;K PQI;CNK lk6mMJMJ? 3 BHK >;P 9;I;l;CNMNG6 R 9;CNPu=R 6 >@?-786 :vZ=MNG 6 q 6 9k6 :vPQ:8R
(96) BH>O6UZHBHCNI]B_?`MNPQ>mPH & !$ $ 6 R 9;CNPu=R 6 >@?P G 66 G MN6 >;GUu x 3 MNCN6 ? 3 6 ?`PH?ªBHCMNR 9]BHGU? PH«6 R 9;CNPu=R 6 >@?VP G 6BHGU?`MJZ=MJ?`MN6 7|PQ> ? 3 6 LMN787I;>;6 R 9;CNPu=R 6 >@?:`B_?`6"MN7 K;M G I;CJ? ?`P BH78786 787 q 6UZHBHCNI]B_?`MNPQ> PH :86 CDB_?`MJZQ6O6 G MN6 >;GUu BHCNCNP L7"?`P'6 7v?ªBHl;CNMN7 3 By:`BH>TMN>;n'PH P G 6 7BHG G PQ:8K;MN>;ny?`P ? 3 6 MN:6 G MN6 >;GUu xs PQ:86LMNR 9kPQ:v?ªBH>@?`CJuQqHMJ?9k6 :8R MJ?`7:86 nQMNPQ>]BHC;P G 6 7?`PCN6BH:8>-? 3 6LR PQ7v?,6 6 GU?`MJZQ6 RBH>]BHnQ6 R 6 >@?L9;:`BHGU?`MNG 6 7:8PQR 6BHG 3 PH? 3 6 : W 7L6 A9k6 :8MN6 >;G 6 7 x. . . . . . . . . 2 P lk6m786 >;78MNl;CN6Hq,? 3 6p6 G MN6 >;GUu%:`BH>TMN>;n PH.6 R 9;CNPu=R 6 >@?-P G 6 7 7 3 PQI;CNK%?ªB H6pMN>@?`P BHG¥¡ G PQI;>@?|? 3 6\MN> ]I;6 >;G 6PH6APQnQ6 >;PQI;7. BHGU?`PQ:87.lk6UuQPQ>;K? 3 6\G PQ>@?`:8PQCdPH RBH>]BHnQ6 :87.PQ>O? 3 6 P G 6 7 W9k6 :vPQ:8RBH>;G 6 x«23 I;7 qk? 3 6\>;6=?|MN7878I;6 6BH>]BHCJu=786MN>p? 3 MN7K;MN78786 :v?ªB_?`MNPQ>OMN7.BHlkPQIA?L? 3 6 :86 CDB_?`MNPQ>plk6U? 6 6 > 9k6 :vPQ:8RBH>;G 6BH>;Kp? 3 6 MN:L6 APQnQ6 >;PQI;7.PQ9k6 :`B_?`MN>;n"G PQ>;K;MJ?`MNPQ>;7 x ^ 78I;l=¡ 78MNK;MDBH:vupSTI;6 7v?`MNPQ>MN7L? 3 B_?|PH? 3 6MNR 9]BHGU?PH,K;MN78G MN9;CNMN>;MN>;n"R 6BH78I;:86 7 BH>;K78I;9;9kPQ:v?`MJZQ6BHGU?`MNPQ>;7 BHK;R MN>;MN7v?`6 :86 K%?`Pt8PQl 786 6 H6 :87PQ> 9k6 :vPQ:8RBH>;G 6mMN>;K;MNGB_?`PQ:87 x ZHBHCNI]B_?`MNPQ>%PH.:86 CDB_?`MJZQ6 6 G MN6 >;GUu PH.9;I;l;CNMNG6 R 9;CNPu=R 6 >@?"P G 6 7 BHCN78PCN6BHK;7?`P :86 G PQR R 6 >;K]B_?`MNPQ>;7:86 n@BH:8K;MN>;n? 3 6 CN6UZQ6 CN7.PH9k6 :vPQ:8RBH>;G 6MN>;K;MNGB_?`PQ:87? 3 B_?.RI;7v?.lk6:86BHG 3 6 Kl@uOMN>;6 G MN6 >@?.P G 6 7.MN> PQ:8K;6 :L?`P lk6 G PQR 6V6 G MN6 >@? x. . . . . . . E MN>]BHCNCJuQqdBH>'MN7878I;6 3 MNG 3 MN7PHh?`6 > K;MN78G I;78786 K%l@u'9kPQCNMNGUu@¡¤RB H6 :87MN7V? 3 B_?\PHLPQ9A?`MNRBHCPQ:£¡ n@BH>;MN7`B_?`MNPQ>OPH9;I;l;CNMNG6 R 9;CNPu=R 6 >@?.786 :vZ=MNG 6\:86 n@BH:8K;MN>;n"? 3 6\R 6BH> 78M 6\BH>;K ?`PH?ªBHC>TI;Rlk6 :.PH :86 nQMNPQ>]BHC5P G 6 7 x §M H6BH>@umPH? 3 6 :9;:8P=K;I;GU?`MNPQ>p9;:8P=G 6 787 q]? 3 6t8PQlO9;CDBHG 6 R 6 >@?9;:8P=G 6 787RBulk6 G 3 BH:`BHGU?`6 :8MN786 K%l@u'K;M 6 :86 >@??¤u=9k6 7PHL:86U?`I;:8>;7\?`P 78GBHCN6Hw"G PQ>;7v?ªBH>@?qMN>;G :86BH78MN>;n;q K;6 G :86BH78MN>;n;q 6U?`G x23 6BH>]BHCJu=78MN7LPH78GBHCN66 G PQ>;PQR MN6 7MN>p? 3 6«t8PQlO9;CDBHG 6 R 6 >@?.9;:8P=G 6 787.RBup9;:8PZ=MNK;67v?`:8PQ>;n BH:8nQI;R 6 >@?`7VMN> BZQPQI;: PH6 MJ? 3 6 :VG 6 >@?`:`BHCNMN7`B_?`MNPQ>PQ: K;6 G 6 >@?`:`BHCNMN7`B_?`MNPQ> PH,? 3 6"9;I;l;CNMNG-6 R 9;CNPu@¡ R 6 >@?\786 :vZ=MNG 6HqCN6BHK;MN>;nm?`P :86 G PQR R 6 >;K]B_?`MNPQ>;7V:86 n@BH:8K;MN>;np? 3 6 >TI;Rlk6 :BH>;K'PQ9A?`MNRBHC78M 6 PH :86 nQMNPQ>]BHC5P G 6 7 x23 MN7MN7878I;6VMN7BHCN78P"BH>]BHCJu=786 KOMN>m? 3 MN7K;MN78786 :v?ªB_?`MNPQ> x. .
(97) fh ~ fh &' (. . : (,+-. L U . . ©¤>y? 3 MN7V786 GU?`MNPQ>5qd78PQR 6"7`BHCNMN6 >@?V6B_?`I;:86 7PH? 3 6 LMN787CDBHlkPQI;: RBH:H6U?\BH:86 9;:86 786 >@?`6 K x ^.>@u BHK;K;MJ?`MNPQ>]BHCLMN>APQ:8RB_?`MNPQ>%6 MJ? 3 6 :PQ> LMN787I;>;6 R 9;CNPu=R 6 >@?CDB
(98) PQ: PQ> ? 3 6CDBHlkPQI;: RBH:H6U? 78MJ?`I]B_?`MNPQ>? 3 B_?LMN7«:86 CN6UZHBH>@?«?`P-? 3 6 MN7878I;6 7G PQ>;78MNK;6 :86 K BH:86|K;6 78G :8MNlk6 KOMN>? 3 6 G PQ:86|?`6=?LPH~? 3 MN7 K;MN78786 :v?ªB_?`MNPQ> x o 6 789;MJ?`6 ? 3 6MNR 9kPQ:v?ªBH>@?\MN>;G :86BH786MN>'? 3 6mI;>;6 R 9;CNPu=R 6 >@?:`B_?`6:86 G PQ:8K;6 K 78MN>;G 6? 3 6lk6¥¡ nQMN>;>;MN>;nmPH,? 3 6 ° 7 q5? 3 6 LMN787VI;>;6 R 9;CNPu=R 6 >@?V:`B_?`6:86 RBHMN>;7|PQ>;6"PH,? 3 6-CNP 6 7v?\BHR PQ>;n BHCNC o G PQI;>@?`:8MN6 7 x E CI; GTMNnQ6 :
(99) :86 9kPQ:v?`7L786UZQ6 :`BHC~ BHGU?`PQ:87L6A9;CDBHMN>;MN>;n? 3 6VnQP=P=Kp9k6 :£¡ PQ:8RBH>;G 6PH ? 3 6 LMN787CDBHlkPQI;:LRBH: H6U? x E MN:87v?qFR PZQ6 R 6 >@?`7.MN>p? 3 6CDBHlkPQI;:L78I;9;9;CJuOBH:869;:8P_¡ GUu=G CNMNGBHC B-K;6U?`6 :8MNPQ:`B_?`MNPQ>OMN>O6 R 9;CNPu=R 6 >@? ]nQI;:86 7.MN7LPQCNCNP 6 KO>;PH?.PQ>;CJuml@uOCDBHlkPQI;:LRBH: H6U? 6 AMJ?`7VBH>;K9kPQ7v?`9kPQ>;6 R 6 >@?`7 PHCDBHlkPQI;:R3 BH: H6U3 ? 6 3 >@?`:8MN6 7 ql;IA?VBHCN78Pm3 l@uGUu=G CNMNGBHCdR PZQ6 R 6 >@?`7 MN> R MNnQ:`B_?`MNPQ> ]P L7"PHPQ:86 MNnQ> CDBHlkPQI;: q? PQI;n ? 6pCDBH7v? BHGU?`PQ: BH7-lk6 G PQR 6mCN6 787"MNR 9kPQ:v?ªBH>@? MN> :86 G 6 >@?uQ6BH:87 x E]I;:v? 3 6 : q? 3 6 LMN7876 G PQ>;PQR\u MN7 78RBHCNCBH>;K 6 A9kPQ:v?v¡¤PQ:8MN6 >@?`6 K xr2 P BHG 6 MN>@?`6 :8>]B_?`MNPQ>]BHCG PQR 9k6U?`MJ?`MNPQ>5q,MJ? RBH>]BHnQ6 K ?`PyR MN>;MNR MN786 «BHnQ6 :8MNnQMNK;MJ?¤uQq 3 MNG 3 G PQ>@?`:8MNl;IA?`6 K ?`PmnQP=P=KCDBHlkPQI;:.RBH:H6U? 9k6 :vPQ:8RBH>;G 6 x ©¤>;K;6 6 K5q LMJ? 6 :8CDBH>;KMN7|G 3 BH:`BHGU?`6 :8MN786 Kyl@uBHl;786 >;G 6 PHCDBHlkPQI;:.G PQ> ]MNGU?`7
(100) 7v?`:8M H6 7VBH>;KCNP=G Q¡¤PQIA?`7 BH>;K B 3 MNn 3 CJuOK;6 G 6 >@?`:`BHCNMN786 K «BHnQ6-l]BH:8n@BHMN>;MN>;n 7v?`:8I;GU?`I;:86Hq;CN6BHK;MN>;nV?`PZQ6 :vu78M 6BHl;CN6 «BHnQ6.K;M 6 :86 >;G 6 7«lk6U? 6 6 >? 3 6|7`BHR 6GB_?`6 nQPQ:8MN6 7PH~6 R-¡ 9;CNPuQ6 6 7 PQ:TMN>;nMN>pZHBH:8MNPQI;7MN>;K;I;7v?`:8MN6 7
(101) BHR MN:86Hq ¯H°Q°Q ° ¥x E MN>]BHCNCJuQq]B nQP=P=K BH>;K K;MJZQ6 :878M ]6 K 6 K;I;GB_?`MNPQ> 7vu=7v?`6 R LMJ? 3 nQ:86B_?,9;:8PQR MN>;6 >;G 6LnQMJZQ6 >"?`PVZQP=GB_?`MNPQ>]BHCA?`:`BHMN>;MN>;n G PQ>@?`:8MNl;IA?`6 7,?`PV6 7£¡ ?ªBHl;CNMN7 3 MN>;n? 3 6VCNMN> lk6U? 6 6 >78G 3 P=PQCN7BH>;K ]:8R 7 q H6 6 9;MN>;n uQPQIA? 3 I;>;6 R 9;CNPu=R 6 >@?:86 CDB_?`MJZQ6 CJu CNP MN>pG PQR 9]BH:8MN78PQ> LMJ? 3 PH? 3 6 : o G PQI;>@?`:8MN6 7 x o 6 789;MJ?`6BH>rMN>;G :86BH786MN> ? 3 6CDBHlkPQI;: PQ:8G 69]BH:v?`MNG MN9]B_?`MNPQ> PH PQR 6 >rK;I;:8MN>;n'? 3 69]BH7v? ¨ ° uQ6BH:87 q5? 3 6 :86-BH:867v?`MNCNC~78M 6BHl;CN6\MN>;6 STI]BHCNMJ?`MN6 7lk6U? 6 6 > R 6 > BH>;K PQR 6 >MN> LMJ? 6 :8CDBH>;K x ^.G G PQ:8K;MN>;n"?`P E]6 :8:8P §I MdBH>;K E CI; GTMNnQ6 :
(102) q PQR 6 >O786 6 R ?`P 9;:86U6 :B->;PQ>=¡ ?`6 G 3 >;MNGBHC ?¤u=9k6 PHd6 K;I;GB_?`MNPQ>mBH>;K 3 BZQ6B\CNP 6 :«9;:8PQl]BHl;MNCNMJ?¤u"PHd:86BHG 3 MN>;n-B 3 MNn 33 MN6 :`BH:8G 3 MNGBHCk9kPQ78MJ?`MNPQ> LMJ? 3 MN> ]:8R 7 ? 3 BH>R 6 > x23 6R PZQ6 R 6 >@?`7PH PQR 6 >MN>CDBHlkPQI;: 78I;9;9;CJuBH:86BHCN78P'R PQ:86 K;6 9k6 >;K;6 >@?mPQ> l;I;78MN>;6 787GUu=G CN6 G PQ>;K;MJ?`MNPQ>;7-? 3 BH> ? 3 PQ786 PH|R 6 > x 6 >;G 6HqLMJ? MN7"MN>@?`6 :86 7v?`MN>;n 6 >;PQI;n 3 ?`P-786 6 3 6U? 3 6 :? 3 6 K;M 6 :86 >;G 6 7LMN>mCDBHlkPQI;:«RBH: H6U?LPQIA?`G PQR 6 7lk6U? 6 6 > PQR 6 > BH>;K R 6 > BHCN78P-6 AMN7v? 3 6 >O? 3 6UupBH:86VI;>;6 R 9;CNPuQ6 K x 23 6 K;6 G PQR 9kPQ78MJ?`MNPQ> PHI;>;6 R 9;CNPu=R 6 >@?9k6 :6 G PQ>;PQR MNG"786 GU?`PQ:
(103) E C I; G TMNnQ6 : 6U?BHC x q BH6 R\uQq 7 3 P L7B ZQ6 :vu CNP I;>;6 R 9;CNPu=R 6 >@?":`B_?`6MN> BHnQ:8MNG I;CJ?`I;:86BH>;K B 3 MNn 3 6 :I;>=¡ 6 R 9;CNPu=R 6 >@?|:`B_?`6\MN> RBH>TIA BHGU?`I;:8MN>;n ? 3 BH>MN>786 :vZ=MNG 6 7 x PQ>;78MNK;6 :`BHl;CN6\K;M 6 :86 >;G 6 7VBH:86BHCN78P PQl;786 :vZQ6 K BHR PQ>;n ? 3 6O? 3 :86 6OCNMN>;nQI;MN7v?`MNGm:86 nQMNPQ>;7"PH|? 3 6OG PQI;>@?`:vuQq«? 3 6 I;>;6 R 9;CNPu=R 6 >@?:`B_?`6 lk6 MN>;np? 3 6 3 MNn 3 6 7v?MN>'[ 6 >;6UZHB BH>;K ? 3 6 © ?ªBHCNMDBH>=¡¤789k6B TMN>;nmGBH>@?`PQ>yPH 2 6 7878MN> BH>;K'nQ6 >;6 :`BHCNCJu CNP 6 :LMN>m? 3 6\[ 6 :8RBH>=¡¤789k6B TMN>;n-GBH>@?`PQ>;7L? 3 BH>pMN>m? 3 6E]:86 >;G 3 ¡¤789k6B TMN>;n GBH>@?`PQ>;7 x © .B PQ: H6 :"CNPQ786 7 3 MN7Lt8PQl5q 3 6mMN76 >@?`MJ?`CN6 K ?`PI;>;6 R 9;CNPu=R 6 >@?-MN>;78I;:`BH>;G 6
(104) Y© lk6 >;6 ;?q 9;:8PZ=MNK;6 K 3 6 3 BH7 3 6 CNK B t8PQl%PQ:"B_?"CN6BH7v? R PQ>@? 3 7 LMJ? 3 MN>%? 3 6 ¯_® R PQ>@? 3 7-9;:8MNPQ:?`PyBH> I;>;6 R 9;CNPu=R 6 >@?789k6 CNC x 23 6PZQ6 :`BHCNC.Y©-lk6 >;6 ;?m6 >@?`MJ?`CN6 R 6 >@?K;I;:`B_?`MNPQ>BHR PQI;>@?`7 ?`P'? P uQ6BH:87 x'23 6m6 >@?`MJ?`CN6 R 6 >@?9k6 :8MNP=K%MN7\78I;l;7v?ªBH>@?`MDBHCNCJuyCNPQ>;nQ6 :\PQ:\PQCNK;6 :
(105) B_?8?ªBHMN>;MN>;nO? 3 6mBHnQ6PH :86U?`MN:86 R 6 >@?MN>p¨ ° R PQ>@? 3 7 PQ: H6 :87|BH>;Kp7 3 PQ:v?`6 :PQ:«uQPQI;>;n78G 3 P=PQC¢¡¤CN6BZQ6 :87 x. . . . . . . . . . . . . . . . . . . -
(106) 912
(107) A@-32 1 $&9+-
(108) B. . . . . . . . . . . . . .
(109) .
(110) fh ~ fh 23 6\PZQ6 :`BHCNCdY©«lk6 >;6 ;?|6 >@?`MJ?`CN6 R 6 >@?K;I;:`B_?`MNPQ> G PQ>;78MN7v?`7PH? P9]BH:v?`7 xLo I;:8MN>;n"? 3 6 ]:87v? ¨ ° 6 6T7 q? 3 6OY©lk6 >;6 ;? 6 >@?`MJ?`CN6 R 6 >@?-MN7I;>;G PQ>;K;MJ?`MNPQ>]BHC x E]PQ:\? 3 6m:86 RBHMN>;MN>;n :_® 6 6 T7 q ? 3 6Y©.lk6 >;6 ;?\MN7VnQ6 >;6 :`BHCNCJu9]BHMNKyPQ>;CJuMJ? 3 6 I;>;6 R 9;CNPuQ6 K PQ:H6 :MN7V9]BH:v?`MNG MN9]B_?`MN>;nMN>'BH> BHGU?`MJZQ6|CDBHlkPQI;:RBH:H6U?9;:8PQnQ:`BHR R 6 x © ~? 3 6|I;>;6 R 9;CNPuQ6 Km9k6 :878PQ>m:86UI;786 7«?`P-9]BH:v?`MNG MN9]B_?`6Hq@? 3 6 Y©|lk6 >;6 ;?\6 >@?`MJ?`CN6 R 6 >@?RBulk6 LMJ? 3 K;:`B L> x23 I;7 qd? 3 6 LMN787\¬.B_?`MNPQ>]BHCY>;6 R 9;CNPu=R 6 >@? ©¤>;78I;:`BH>;G 6"^.GU?VG :86B_?`6 7VB7v?`:8PQ>;npCNMN>plk6U? 6 6 >y9]BH:v?`MNG MN9]B_?`MNPQ> MN>CDBHlkPQI;:.RBH: H6U? R 6BH78I;:86 7 BH>;Kplk6 >;6 ;?6 >@?`MJ?`CN6 R 6 >@? =? 3 PQ786 3 P :86UI;786|? 3 6VBH7878MNnQ>;R 6 >@??`P-^|§ s BH:86 9;I;>;MN7 3 6 K LMJ? 3 B7`BH>;GU?`MNPQ> x|23 6-PQl;CNMNn@B_?`MNPQ>m?`P9]BH:v?`MNG MN9]B_?`6MN>BR 6BH78I;:86lk6 MN>;nMNR 9;CN6 R 6 >@?`6 K LMJ? 3 78PQR 6 ]6AMNl;MNCNMJ?¤uQq5t8PQl3 786 6H6 :87mRBu%6 >@?`6 :B 9;:8PQnQ:`BHR R 6mPQx >BZQPQCNI;>@?ªBH:vu l]BH78MN7"6BH:8CNMN6 :s? 3 BH>¨ ° 6 6T7B_h?`6 :L? 6lk6 nQMN>;>;MN>;n PH,I;>;6 R 9;CNPu=R 6 >@?.789k6 CNC ^.CN78P;qkMJ>;PmBH9;9;:8PQ9;:8MDB_?`6^|§ r78CNPH? MN7BZHBHMNCDBHl;CN6\PQ:Bt8PQl=¡¤786 6 H6 : q 3 6 RBu >;PH?lk6 PQl;CNMNnQ6 K?`PO9]BH:v?`MNG MN9]B_?`6-MN>'BpR 6BH78I;:86 6UZQ6 > B_h?`6 :¨ ° 6 6 T7.PH I;>;6 R 9;CNPu=R 6 >@? x 23 6.I;>;6 R 9;CNPuQ6 K PQ: H6 : 3 P «BH>@?`7?`P\:86 G 6 MJZQ6.I;>;6 R 9;CNPu=R 6 >@?MN>;78I;:`BH>;G 6.lk6 >;6 ;?BH>;K ?ªB H6\BHKAZHBH>@?ªBHnQ6PH 9;I;l;CNMNGt8PQlO786BH:8G 3 BH7878MN7v?ªBH>;G 67 3 PQI;CNK :86 nQMN7v?`6 : LMJ? 3 B":86 nQMNPQ>]BHC56 R 9;CNPu@¡ R 6 >@?P G 6
(111) ¥x~ MN>;G 6 q LMN787VGBH>@?`PQ>;7BH:86-:86 789kPQ>;78MNl;CN6PQ:|? 3 6"RBH>]BHnQ6 R 6 >@? PH :86 nQMNPQ>]BHC6 R 9;CNPu=R 6 >@? P G 6 7 qdl;IA?V? 3 66 K;6 :`BHCnQPZQ6 :8>;R 6 >@?9]Bu=7V? 3 6-G PQ7v?PH«BHK;R MN>;MN7v?`6 :£¡ MN>;nO6 R 9;CNPu=R 6 >@?\786 :vZ=MNG 6 7 xO MN>;G 6 ¯H°Q°Q° qd:86 nQMNPQ>]BHC6 R 9;CNPu=R 6 >@?P G 6 7 3 BZQ6lk6 6 > 78I;lTt86 GU? ?`P B lkPQ>TI;7 RBHCNI;7-I;>;K;MN>;ny7vu=7v?`6 R 3 MNG 3 :86 ]6 GU?`7 ? 3 6 MN:"9k6 :vPQ:8RBH>;G 6 x d6 :vPQ:8RBH>;G 6OMN7 R 6BH78I;:86 K LMJ? 3 :86 789k6 GU? ?`P 78PQR 6p9;:86¥¡¤789k6 G M ]6 K STI]BH>@?`MJ?ªB_?`MJZQ6pG :8MJ?`6 :8MDB x%23 6pI;>;GU?`MNPQ>;7"PH 9;CDBHG 6 R 6 >@?qLI;>;6 R 9;CNPu=R 6 >@?MN>;78I;:`BH>;G 6lk6 >;6 ;?m6 CNMNnQMNl;MNCNMJ?¤u'K;6 G MN78MNPQ>;7 qLBH>;Kr:86U6 :8:`BHCPHt8PQl 786 6H6 :87?`PpBHGU?`MJZQ6-CDBHlkPQI;:.RBH:H6U?V9;:8PQnQ:`BHR R 6 7|BH:86"BHCNC nQ:8PQI;9k6 K?`PQnQ6U? 3 6 : LMJ? 3 MN>:86 nQMNPQ>]BHC P G 6 7 x '6|>;P K;6 78G :8MNlk6|? 3 6 78MJ?`I]B_?`MNPQ>PH? 3 6|PQ:86 MNnQ>CDBHlkPQI;:PQ:8G 6Hq 3 MNG 3 :86 9;:86 786 >@?`7.BH:8PQI;>;K ¯H ° PH? 3 6 ?`PH?ªBHC PQ: @PQ:8G 6 xO23 6I;>;6 R 9;CNPu=R 6 >@?\:`B_?`6 PH«PQ:86 MNnQ> PQ: H6 :87 «BH7 Ax MN> BH7|G PQR 9]BH:86 K?`P ¯=x PQ: LMN787 PQ:H6 :87
(112) X 6 G P;q ¯H°Q°Q ° ¥x E]PQ:86 MNnQ>;6 :87|BHCN78P6A9k6 :8MN6 >;G 6 CNPQ>;nQ6 :I;>;6 R 9;CNPu=R 6 >@?L789k6 CNCN7«? 3 BH>p? 3 6 LMN787 x Y9"?`PV>;P Vq@PQ:86 MNnQ> PQ: H6 :87, BHG 6 K K;M 6 :86 >@?78MJ?`I]B_?`MNPQ>;7K;6 9k6 >;K;MN>;nPQ>-? 3 6?¤u=9k6PH PQ: 9k6 :8R MJ? x23 6 ]:87v?.MNR 9kPQ:v?ªBH>@?nQ:8PQI;9OPHdPQ:86 MNnQ>;6 :87BH:86 ? 3 PQ786 LMJ? 3 BH>;>TI]BHC PQ: m9k6 :8R MJ? x 23 6UuyI;78I]BHCNCJuRBu >;PH? PQ: MN>'BHCNC9]BH:v?`7PH LMJ? 6 :8CDBH>;K BH>;KyR PZQ6BHG :8PQ787P=G G I;9]B_?`MNPQ>;7 BH>;K 3 BZQ6\?`PBH9;9;CJumPQ:L? 3 6\:86 >;6 «BHC PH? 3 6 PQ: O9k6 :8R MJ?6BHG 3 uQ6BH: x y MN>;G 6? 3 6\9k6 :8R MJ? MN7? 3 6 ]:87v?PQ>;69k6 PQ9;CN6 I;78I]BHCNCJumnQ6U? 3 6 >BH:8:8MJZ=MN>;n"MN> LMJ? 6 :8CDBH>;K5q;? 3 6 7869k6 :878PQ>;7.RBulk6 CN6 787L78P=G MDBHCNCJuMN>@?`6 nQ:`B_?`6 Km? 3 BH> LMN787BH>;KpPQ:86 MNnQ>m786U?8?`CN6 K PQ:H6 :87 x 23 6|786 G PQ>;KpMNR 9kPQ:v?ªBH>@?nQ:8PQI;9pBH:86|786U?8?`CN6 KPQ:86 MNnQ>;6 :87 LMJ? 3 9k6 :8RBH>;6 >@? PQ: 9k6 :8R MJ? x 23 MN79k6 :8R MJ?,MN7PQlA?ªBHMN>;6 KB_h?`6 :78PQR 6LuQ6BH:87«PH5:86 78MNK;6 >;G 6|MN> LMJ? 6 :8CDBH>;K x © ?MNR 9]BH:v?`7?`PPQ:£¡ 6 MNnQ> PQ: H6 :87? 3 67`BHR 6L6 G PQ>;PQR MNGL:8MNn 3 ?`7BH7? 3 PQ786.PH? 3 6 LMN787G MJ?`M 6 >;7 x, 6U?8?`CN6 K"PQ:86 MNnQ>;6 :87 RBu lk66A9k6 GU?`6 K?`Pmlk6R PQ:86\78P=G MDBHCNCJumMN>@?`6 nQ:`B_?`6 K? 3 BH>? 3 PQ786 LMJ? 3 9k6 :8R MJ? x ? 3 6 :|6T¡ MN7v?`MN>;np78MJ?`I]B_?`MNPQ>;7 G PQ:8:86 789kPQ>;K'RBHMN>;CJuO?`PO7 3 PQ:v?v¡ ?`6 :8R PQ: 9k6 :8R MJ?`7|PQ:V786BH78PQ>]BHC PQ: H6 :87 q :86UI;nQ6 6 7 qF6U?`G x,23 6V? P nQ:8PQI;9;7Ll;:8MN6 ;umK;6 ]>;6 KBHlkPZQ6BH:86 ? 3 6VR PQ7v?LMNR 9kPQ:v?ªBH>@?«PQ>;6 7 x 23 MN7-7vu=7v?`6 R l]BH786 K PQ> K;M 6 :86 >@?-?¤u=9k6 7 PH PQ: %9k6 :8R MJ?`7 3 BH7-nQ:86B_?`CJu MN> ]I;6 >;G 6 K ? 3 6 6UZQPQCNIA?`MNPQ>pPHd? 3 6 LMN787L6 G PQ>;PQR\u x ©¤>;K;6 6 K5qFK;I;:8MN>;n-? 3 6V9]BH7v?L:86 G 6 7878MNPQ>;7 qkB-nQ:86B_?L>TI;Rlk6 :LPH . .
(113). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <12 2 (:A -&7=- $ A@- 4*#
(114) -
(115) 1-%&2 3(/%&- < 1 ;*+--:6A@ +-%& --A@
(116) B.
(117) fh ~ fh . . . . . PQ:86 MNnQ> PQ:H6 :87 LMJ? 3 BH>;>TI]BHC PQ:9k6 :8R MJ?`7CN6Uh? LMJ? 6 :8CDBH>;KpBH>;Km:86U?`I;:8>;6 Kp?`P\? 3 6 MN: 3 PQR 6 G PQI;>@?`:vuQq_? 3 I;7dCNP 6 :8MN>;n«? 3 6I;>;6 R 9;CNPu=R 6 >@?~:`B_?`6BH>;KV6 >]BHl;CNMN>;n? 3 6,CDBHlkPQI;:578I;9;9;CJu|?`PBHKet8I;7v? x 23 6\78MJ?`I]B_?`MNPQ> 3 BHK G 3 BH>;nQ6 KMN>p? 3 6 ° 7 LMJ? 3 B 7 3 MJh?MN>p? 3 6\G PQR 9kPQ78MJ?`MNPQ>mPH ? 3 6PQ:86 MNnQ> CDBHlkPQI;:PQ:8G 6 x ©¤> :H° q ¯ x : PH~? 3 6|PQ:86 MNnQ> PQ:H6 :87 3 BHKOB-9k6 :8RBH>;6 >@? PQ:9k6 :8R MJ?LBH>;K ? 3 MN7 9;:8PQ9kPQ:v?`MNPQ> 3 BHKMN>;G :86BH786 K?`P x l@u :
(118) E C I; G TMNnQ6 : q ¥x 6U?8?`CN6 K\PQ:86 MNnQ> PQ:Q¡ 6 :87I;78I]BHCNCJum7v?ªBupMN> LMJ? 6 :8CDBH>;KOK;I;:8MN>;n":86 G 6 7878MNPQ>;7 xLo I;:8MN>;n-? 3 6V9]BH7v?uQ6BH:87 PQ:m9k6 :8R MJ?`7 3 BZQ6«lk6 6 >MN7878I;6 K\PQ:d789k6 G M ]G
(119) I;>;7 TMNCNCN6 KPQ:dCNP «¡¤7 TMNCNCN6 K t8PQl;7 3 6 >;G 6HqHPQ:86 MNnQ> PQ: H6 :87 3 BZQ6 CN6 787V BZQPQI;:`BHl;CN6"CDBHlkPQI;:|RBH: H6U?G 3 BH:`BHGU?`6 :8MN7v?`MNG 7V? 3 BH> ? 3 6 MN: LMN787G PQI;>@?`6 :89]BH:v?`7 q :86 78I;CJ?`MN>;n MN>OBZQ6 :vu 3 MNn 3 9;:8PQ9kPQ:v?`MNPQ>mPHdPQ:86 MNnQ> PQ:H6 :87.BHR PQ>;n-? 3 6VI;>;6 R 9;CNPuQ6 K x. . . . . (0 dO . . . . . . . 23 MN7VK;MN78786 :v?ªB_?`MNPQ>MN7 PQ:8n@BH>;MN786 K MN>? PO9]BH:v?`7VG PQR 9;:8MN78MN>;n78M G 3 BH9A?`6 :87V? 3 B_?VRBulk6-:86BHK 786 9]BH:`B_?`6 CJu xy23 6 ]:87v?-G 3 BH9A?`6 :"PH6BHG 3 9]BH:v?
Documents relatifs
Une politique agricole régionale s'appuie sur la con- naissance précise pour chacune des régions agricoles, du degré de développement, des caractéristiques éco- nomiques et
Comment cette stratégie s'insère-t-elle dans la stratégie globale ? La difficulté consiste à établir une distinction entre les tâches de niveau opérationnel et celles à
Là aussi, pour autant que le nombre d'observations manquantes ne soit pas supérieur au nombre limite fixé pour pouvoir esti- mer tous les paramètres et pour autant que ces
Nous avions appelé voilà on nous a donné cette somme, l'argent qu'on nous a donné nous devons préparer quand même quelque chose on voit que on a donné quelque chose aux
La littérature scientifique montrant que certaines victimes ont besoin d’aide pour surmonter les conséquences des faits, mais également pour celles d’une seconde
Sur cette base, ainsi que sur celle des résultats de notre recherche exposés dans la Partie 3, nous avons présenté un modèle d’évaluation et de classement d’actifs financiers
Premièrement, pour les pactes successoraux accomplis par la personne protégée postérieurement à la publication de l’ordonnance du juge de paix au Moniteur belge, les articles 493
parce que euh, on a des classes, euh alors… on a des classes qui sont bien plus chargés que dans d’autres établissements, mais ici, donc on a des classes en Bac pro à 24