Une analyse du partage intrafamilial du revenu à partir de données subjectives

(1)

HAL Id: halshs-00193481

https://halshs.archives-ouvertes.fr/halshs-00193481

Submitted on 3 Dec 2007

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Une analyse du partage intrafamilial du revenu à partir de données subjectives

Ekaterina Kalugina, Natalia Radtchenko, Catherine Sofer

To cite this version:

Ekaterina Kalugina, Natalia Radtchenko, Catherine Sofer. Une analyse du partage intrafamilial du revenu à partir de données subjectives. Economie et Prévision, Minefi - Direction de la prévision, 2008, pp.101-116. �halshs-00193481�

(2)

(

)*$+,-) '.')/0123'46570809%:;3<

=>@?BADCEGFIHJ?LK1?BMINJO!FPHQ?"R

S3?BAD?BMPFI?LTL?!U@ADVXWQCXHQ>ZY"[\[

]

?BADWJC9E^FPHJC_@YB`aCE [\[

bdcfeIeac1ghejiZk!c;l^mnl9oqpZrsc;oPtuvmg^wZl9oxuyeDg;uvme\zDl^{al}|uPoIuPl9oIc1~;o\jl9uPk!c;k!c1k!!mBmg9crr\i"Gscfe\uZcrZBiJriBe\uvoIujrD!m@r

im!ciZcBre\uv!mzDc9oPlfeuc'lfi zDcc9miuvmk!uqZuPkiZc9ok!c'G!l9iZc'|c9|LzDcki|g9mnl^wc'c9m{\l}ujrsl9me

o\I!p!e\!rDci,coIcrzDg^!m@rDcr~9cfejeaciZcre\uv!m)k!!mBmnc}me0im!cuvm"{\!zD|lfe\uv!m)c^ze\uvm!c9meacrizojc

l^zealGwcc^{{ac9feauv{kizcXc9mili'rc9uxm:ki|g9mnl^w@c l^zeauz1k@i@m|k!9oPc9"ovoPce\ux{0uvm9oiZl9me0oPl

!zDkiZ¡e\uqmk!!|cBreauviZc9¢cfe£c^mi!e\uvovujrsl9me£k!cr¤k!!mBmng9cBrziJrhrcrD¢ovc¦¥diJrsrDuIl9mL§¨!mBwu©ejiZkuvml9o!ª!m!u©eazauxm!w

«Bizc^pn¢m!BiJrL|!me\zmrLiZcX¢9!m!{\z|g9|c9me7li!¬6zgriZo©ealfeDr3ki|k!9ovc9¢oPczDlG!zje7k!crealfi!¬®k!c

rDl9oPl9uzDcBrdc9me\zDcoPcrdk!ci"¬9m"uvmeDrdcBr\eim0{\l9feacfizdk!ge\c^zD|uvml}me¨k!l^m"rdoPtcX¬n"oPuP9lfeauvmk!cBrdk!uqZcGzwc^m9cBr

k!l^m@roPcBrzDgGmrDcBriZl9me&li¯m!uZclfik!czDc^c}mic9me\zDcovcBrk!cfi¬¯|c9|L!zDcBr°ki9BiovcBdBiJr

e\zani!mr¤g^wl9ovc9|c}meJimc9{{acfe¤ruwm!uI{auIXlfeuv{±k!coIlk!uv{{ag^zsc^mnck@P²^wcc9me\zc³ovcBr¤9!mD"uvmeDr¡

´Bµ@¶D·^¸º¹j¶J»B¼¾½@¿DÀ·9ÀÁdÂ¶J»G¶ÄÃyÅÆ^À¹vÇ9À·G·9¶sÈhÉ·9Â¾Ê9¶D¹\ËjÂÌ¸qÍÄ»G¶QÎÅD¹IÂvË±Ï,ÎÅD·^¸ºÐ9ÍDÀ·³ÆGÀ¹vÇ9À·^·X¶hÈG¶¸XÑÅÓÒG¸µ@ÀÃÃÔDÕG¶Ä»XÖ½Z¿ÓÀ·XÀÁÂº¶Ä»G¶

×

ÀGË¿DÀhÒ

½,ØxÁÅsÂ©Ã!ÙD½"ÚXÅ¸v¶¹jÂy·^ÅGÛÜ£ÅhÃ©ÒXÕÂ©·GÅÝLÁdÅDÃÂÞ9ÛÒG·^ÂÊØqßXÅÓ¹jÂqËhÏÓÛàP¹

´v´ µ@¶D·^¸º¹j¶Ä»¼½Z¿DÀ·9ÀÁdÂ¶Ä»G¶JÃÅ+ÆGÀ¹vÇ9À·G·9¶sÈfÉ·GÂ¾Ê9¶D¹\ËjÂ©¸vÍJ»^¶JÎÅÓ¹PÂvËÏÎÅD·^¸ºÐ9ÍDÀ·³ÆGÀ¹vÇ9À·9·9¶sÈ^µ"áâÆ

½,ØxÁÅsÂ©Ã!Ùhá£ÅÓ¸ºÅhÃÂyÅÛâJÅs»f¸q¿Ð9¶D·^ÚXÀGÝãÁdÅDÃÂÞ9ÛÒG·GÂ¾ÊØqßXÅD¹jÂvËhÏÓÛàP¹

½,ØxÁÅsÂ©Ã!ÙGµ"ÅD¸ÐX¶¹IÂy·9¶Û©ÆGÀhàP¶D¹\ÝãÒG·9ÂÊØqßXÅÓ¹PÂvËsÏ¡ÛàP¹

(3)

§¨l !zgrDc9meac gfejiZk!c6l!Biz$i!ek!c;eacrjeac^z0kBuzc9feac9|c^meLim9c^z\eal}uvmmn"|L!zDc k@IBp!Be\!rDcrcfek!c

zDgr\i@oyealfeDrk!cr|"k!9oPcBrk!c k"g99ujrDuv"m {al}|uIoPuIl9oPc mnm2iZm!u©eal9uvzDcr|"k!9oPc 9"ovoPc9feauv{\¢|k!9ojc

9!!g^zDlhe\uv{\¢~oItl9uPk!ck!c$k!!mBmgXcrriGsce\uqcBrD¢Äcedk!c³g^zDuv{uPc^zoIlLc^z\e\uxmnc9m!9ck!c$o\Pl^!oIuPlfe\uv!m1k!c$c

ejpck!c|"k!9oPc~o\Il9m!l9ovp@rsck!cBr³uvmg^wl9oIuyeagnruvme\zDl9{\l9|uPoIuPl9oPcr+BiBe k@Il!zDk!¢Äc^m1c9{{acfea¢JoIcr³|k!9oPcr

9!ovoIcXfeuv{DrD¢{\"mnk!grr\izo\Ipnne\nrDc9c9me\zl}oqc¯k@qiZmc)l^zDcfea\e\uv|l9oPu©eag'k!cBrkg99urDuq"m"r*cfek!cBr

l9ovov"Xlfeuqm@r3lfirc}uvm®ki9niovcb!uPl^!!zDuv¢

"!!

cXe

#%$'&

nizwBiuºw"mnm cfe b!uPl^!!zuv¢

#$

&

zD#(Lm!uvmBw°cfeb!uPl^!zDuv¢

"!)$

ª zDcXlfi cfe*3!mBm!uq¢

++#

|me\zDc^mei±qim1Bi!"uz¦k!ck!g99ujrDuv@m

uvmg^wl9o c}me\zDc'|l^zDucfe{\c9||ccfi!erDce\zl9kiuzDc'lGzim l^z\eal^wc'uvm!g^wl9o kizDcfZc9mi cfek!cr

9!m"r"||le\uvm@rãk!l9m"roPc|g9mnl^wcB,Dodc^m6l&k!c°|.-9|ck!cr|k!9oPcnrãk!c;m!gGw"9uPlfe\uv!m@r{\l9|uIoPuPl}oPcBr

{\"mnk!grr\izoPcrscfi"¬ 9!g^zDlhe\ux{Dr/ªl9m"rc^zce & zD#(Lmn¢ "!0+1$ ª32 ozDp cfe54!zm!c^pn¢ "!J6$

§iZm!kBc^zwcfe7±ovoPl8¢ 9

e\!m"r&i,cm!BejzDcl^uvc^zmJPllr&niz&Bsc9feauv{1k!c !zDgrDc9meac^z0iZm*eacrer\eal^m!k!lGzDkki|k!9ojc

9!ovoIcXfeuv{iZug^zDuv{uPc^zDl9u©ea¢~)l^ze\uºzkJqiZm9c^zeal9uvm mn"|L!zDck!c)zDcre\zDuveuv!m"r¢iZc'oPl)zDlfeauvmnl9oIu©eag

9!ovoIcXfeuc;m@PcBrelrzDg9{ji!eag9c9¢¤l9ovzsr7iZcoPc0|k!}oPcim!uyeal}uºzhc0o\jcr\e:±k@qimcl^z\eXc$eacre¦l0k!gD~1gfeag

zDg9l9ovujrDg|l9uvmeac9m!l9me¤k!l^mrk!crk!u<;l9uvmcnr¨k@Pl^ze\uP9oPcrD¢@|l9ujrD¢@k@Plfi!e\zDcl^zjea¢!mcfi!e±mneac^z¤iZcXciuZcre

eacrjeagk!l^m"rXc$Xlr³oP~cr\e³rDuv|Li@oyeal}mng9|c9meoPlLzDlfe\uv!m!l9oPu©eDg9!ovoPc9feauqccfeoqlra@gX}uv{uPlfe\uv!m19!"uPrDuIcLBiz

o\I{{jzsck!c®e\zDll9uvonioqcnr&k!c9|l9m!k!cr&k!c uPc9m@r=*ã!m!ovczDgr\i@oyealfe1k!c9cr0eacr\eDrcree\eal^oqc}|c9me

k!g^c^mnk"l9medk!crrag}uv{uP9leuv!m@r9!"ujrDuPcr¡?>m0Zcfi!e¨m!Beac^zg^wl^oPc9|c9mediZc9¢Ä|@-}|ckl}mr³oPc9lBrBAoPl

zDlfe\uqmnl}oPu©eag09"ovoPc9feauc;{al9u©eo\PnGscfe¦kJqiZm;eacr\ea¢+XcmJIcBredezDrwg9m!gGzDl9oIc9|c9melr7oPc;Xlnr kQi@mnc;li!e\zDc

Bp!Be\!rDc{\mnk!l}|c9meal9ovcki|k!}oqc9¢"iZucr\eXc}ovoPckc ovl=7£l^zcfe\!e\uv|l9oPu©eagB

§PzDuwuvml}oPu©eagk!cmnne\zc$l^!uvcGzcBrei±PuxoÄeacreack!uzDcXfeac9|c9meovcBi!!uzkcm!g^w9uvlfeauv!mk!c09!lXiJc

9!mD"uvmea¢c^meal^meiZc{\!m!fe\uv!mkJqiZm9c^zeal9uvm)m!!|LzDck!cZl^zDuvl^oIcBr¢rDl9mr6{al9uzsc k@PBp!Be\!rsc

l^ze\uqfi@oPuP^zDcr\izovl{\!zÓ|ãck!cr¦{\{\zDcr¦k!cãe\zDlfl9uxoP¢Bik!crk!c9|l9m!kcr¡"7lGzeal^me k!c$o\IBpne\!rc1m!!m

k!uzDc9feac9|c9meÄeacr\eag9cuv9uv¢@lBro©iJrdiZcLoPlC7£l^zDce\!e\uv|l9oIu©eag9¢Juv9u±ni&l^uvoPoIcizhrDdi±P!mcfi!eie\uxoPujrsc^z+im

|k!9oIc9"ovoPcfe\uv{nizk!g9^zDuzc'oPc'9|Lz\eac^|c9me ki|g9ml^wc9¢;Bpnne\nrDci@umJPllBrgfeag

rDgGzÓuqcfiÄrc9|c9mezDg^{Ii!eag9c9¢~¯m!e\zc¯^!mBml9ujrhrsl9mn9c9¢k!l9m"roPl ovu©ejeag^zlfejizDcG¢°mnniJr|ãme\z!m"r*iZc oPcBr

lGzÓuPl^oPcr39c9m"rsg9crD¢¤k!l}mr7oIc1|"k!9oPc9¢+uvm!{oiZc9m!Xc^zoPlzs^wovc0kcl^zeal^wc9¢¤cf¬c^zD9c9me¦c^{\{ac9feauqc9|c9meiZm

c9{{acfea¢@k!lGm"roqc$rDc9m"r¨lfejeacGm!kiZ¢@cfe±mnniJr¨cf¬l}|uvm!"mrc9mBi!e\zDc oqcr¨c}{\{acfeDr¨k@qiZm9c^zeal9uvmmn"|L!zDc7k@Ili!e\zDcr

lGzÓuPl^oPcr?7£l^z7l9uvoIoPcfizhr¢+ovcr7k!!m!m!gXcnr3riGhcXfeucrLrD!me¦k!c!o©iJr c}m&"oiJr³i!e\uvoIujrsg9cr7k!l9m@roqcnr gfejiZk!cr

c9|LuxzDuvi,cr¢0c}ml^zeauvfiZoIuPc^zrizoPc uPc9mD-fe\zc9¢ovc !m!!cizBic^m!XzDcoql Zlfi"nzDcfeagB)FE±c^zzDcGzu<

bdl^zmnc}oPo7cfeGEJzDueac^zsrD¢ ++#H +§¨crk!!mBm!gXcnri!e\uvoIujrsgcr0uv9urD!meoqcnrZl^wBiZcrk!c #H ~ "! k!c

o\jc9m!i-feacziJrsrDc6¥³§ª«I¥diJrrDuIl9m§¨!mBwu©ejiZkuvml9oª!m!u©eaBzuvmBw«Bizc^pJ,}uq¢m!BiJr&gXl9oqiZ!m"r&oPcr

(4)

! #"$&%')(+*,'%-"$.%).")'0/1+'$'2435%(++673' &+')'8")'+"$+6%9')3+'%)!

"$.%0")')+3': +'0.;'").'<%97'9=?>%0@+?"$.%06(+'")A%!&BC6(+'1DE9e\!m"r¨iZc

9cfePeacl^!!za^!ccre!zuwuvml9oIcX¢ |)-9|c;rDuÄiZm;cfeau©edmnB|LzDck@jlGze\uv9oPcnrzDg9Xc}meDr &

!m#8ccfe

&

zaB(3uvmBwZ¢

+++1$+F

uvm#8Zc}ov|l9m!m!¢

++#H

ujrDc9me ~gejiZkBuvc^zoPlzDg^Zl^ze\u©e\uv!mki0uPc}mBD-fe\zDc7~o\IuvmeagGzÓuqcfizki1|g9m!lGw@c

~³l^zje\uz¤k!c³zDg^!m"rcr¤~k!cr iZcreauv!m"r¤k!uv{{gGzDc9meacr¢|l9ujr¤g^wl9oPc}|c9me£k!cejpBZcri!Gscfe\uv{s

§¨c|k!9oPcL9"ovoPc9feauv{¤ki1|g9mnl^w@cX¢@k!c|.-9|c3iZcoPcnr¨|k!}oPcBr¨k!chci19gGzDl¡e\uv{DrD¢@{al}uye¤oPpBe\!rsc

iZcoPcni!"uzk!ck!g9ujrDuv"mk!c}nl9iZc|c}|LzDcki|g}mnl^wckg^c9m!k)kJqiZm)Xc^zeal9uvm)m!"|L!zsc

k@Pg}oPg9|c9meDrD¢iZu!zDc^!zDgrc9meac^meovcBr¤l^zawBi@|c9meDr¤k!coPl³@!m!k!gGzDlfe\uv!mk!cBrÄi!e\uvoIu©eagBr¢ne niek@PlfzDk!¢chek!c³oPl

zD^wovc1k!clGzeal^wc9¢cGm"riZu©eacBJ§¨cnr7l^zDuPl^oPcr7w@g^mgGzDl9oIc9|c9me¦zDcfeac^miZcrrD!me7ovcrrDl9oPl9uxzcrD¢oPcr7zDc^c9mi±r

uvmkuZuPkiZc}ojrnzhr0e\zDll9uvoI¢cfe&k!cr;lGzÓuqlXoPcr°l^!c9oPgcrHG{lXfeacfizhr°k!ckBujre\zuBi!eauv!m,I ab!uPl^!!zuP¢

E±!z e\uvm1cfe¤§¨l9^zu¬¢ ++# ni°c^m!XzDc,Gl^zDuvl^oPcnrk@c}mBuvzD!m!m!c9|c9me cf¬Be\zl{\l9|uPoxuPloIcrJIjª 2dozD!p

cfe.4Bzmnc^p!¢ "!J k!!memcfi!ec^m@rDc^z&i£Ic9oIoPcruvm!{oiZc9m!Xc}me1oPc Bi!"uºzk!cmgGw"9uvlfeauv!m:k"c

^nl9iJc6|c9|LzDcrDl9mr1c^¬c^zDXc^z0kJIc9{\{cea¢³m!u$r\iz0oIcBr0!zg^{gGzDc9m!9cr¢ m!uriz0oPcBr!zÓu¬zc}oPlfeauv{Ór¡BiJr

eacrje\!m"r3uP}u¨o c}{\{acfe7k!crrl}oPl9uzscr3cfe k@qim 9c^z\eal}uvmm!!|LzDc1k!c;{\l9feacfizsrLk!c1k!uIre\zDuBi!e\uv!m!¢|l9ujrLm!BiJr

cf¬l}|uvm!"m@r¦g^wl9oPc}|c9me¦rDuk!cr³l^zDuPlXoPcr¦oIuPg9cBr~oPl!zD"kiZhe\uv!m;mnm&|lGzD9!l9m!k!c;rmeriJr9c^Be\uoPcr

k@Pl}{\{aceac^zLovc;lGzeal^wclfirc9uxm®ki9Bi!ovcBÄ¥¦c}|l^ziZmriZc rDudm!BiJrl!m@r^n"ujrDudk!c;l^zeauzki

9l9kBzc¦e\ng9zauviZckJi@m|"k!9oPc79"ovoPce\ux{\¢Jm!@r¤zDgriZo©ealfeardrGIgfeacGm!k!c9me c^mzDg9l9oIu©eag3~¦eaBiBe£|"k!GoIc7{l9ujrDl9me

uvmeac^zc}m!uºz iZm!cm!g^w9uPlfe\uv!mc9me\zDc9!mD"uvmeDr¤cek!!me±o\Iujrhr\iJck!gGc}mnkkiBi!"uz¤k!cmg^w9uvlfeauvmãk"c

^nli@mZ

niJrie\uvoIujrD!m@r1uv9u iZm|"k!9ovcX"ovoIcXfeuv{l^c6!zD!kiZfe\uqmk!!|creauviZc !Jr1cfe¥¦c9cr¢

+K1$

b!uPl^!zDuv¢

+K1$

¥¦l^!!ze«!!{\c^zce«"!ovl;}¢

+++

cfe

++9

¢dbdni!zauvc9¢

+++

D¢di@uq¢kJimc;l^zea¢

9!|L!zeacim!c&k!g}{\uvm"uyeuvm6oqiJr0rlfeauIrD{l9ujrsl9meackiov"ujrDuzãiZc oPcr|k!9oIcBrãkQP{\{\zDck!ce\zDll9uIodoqi±r

realGm!k!l^zDk"r boPl^zD8¢bdni!zauIcce«!{\c^zD¢

++#H

D¢cfe\¢k@Ili!ejzDc³l^z\e\¢!m!BiJrc^zD|cfeje\zDlk@Pl^mnl}ovp@rsc^z¤oPcr¤c9{{acfeDr

rizoPc;l^z\eal^wclfirsc9uvmki|g9m!lGw@ck!cl^zDuvl^oPcBroIu g9cr~oPl;!zDkiZfe\uv!mm!!m|lGzD9l}mnk!cBJBiJr

uvmeac^za!zDgfe\!m"roPtg^wZl9ovu©eaguvme\zDl9{\l9|uPoIuPl9oIc9"||ci@mnc$zDg9l^ze\uye\uvm&g^wl9oPcki&zDc^c9mi&eaeal^ov¢ÄBi°9|3"oPcfea¢

c^me\zDcoqcnr k!cfi"¬°!zÓuvm9uvlfi¬6|c9|LzDcBr7ki|g9m!lGw@cB?7£niz7Xc^ovl9¢+mnniJr7{al9urmrLo\IBpnne\nrDc0iZc;oPcBr

zDg^!m"rcr ~ oIl iJcreauvm zDc9oPlfeau©Zc lfi zDc^c9mi uxmnkuZuPkiZc}o{\Bizm!ujrrDc9me imnc uvm"{\!zD|le\uv"m

BGDc9feauc9|c}me¤uvmeac^z!zg¡ealfoqcãr\izoPc l^z\eal^wccG{{\cfe\uv{¤ki0zcfc9milfirc9uxmki1|g9ml^wcX¢@cfe£kB!m!LrizoPl

zD^wovck!c³l^z\eal^wcB

(5)

cr\e3^zD!uIrhrl}me3l^c9o\jlfiw|c}mealfe\uv!m6zDc9oPlfeauckizDc^Zc^mik"gX}oPl^zg;l^zoPl°{ac9||c ©l©k@¤^za!ursrDl9me

lfcoql$l9oPcfiz³!zDujrDcl^zovlk!uv{{ag^zDc9m!9cc9me\zDcoIlzDg^!m"rck!covl{ac9||ccfe9c^ovoPck!crm&9!mD"uvme ¡

e\uxoPujrDl9me3oPcrk!!m!m!gcrãk"co\jc9m!i-feac0¥§ª*«¢m!BiJrcr\e\ux|ã"m@rc9m@riZu©eacoPcrl9oPcfizhrL!zDujrscr3l^z9cfe

uvmkuP9c ~l^ze\uzkJqiZm|ã"k!9oPc6k!c!zDBu©eãzDkmmgB § tg9iZlfeauv!mk!c°!znu©eã!zDk!mm!gl^c oPtuvmk!uIc

k!tuvmg^wl9oPu©eag;uvme\zDl9{al9|$uPoIuPl9oPc9!|$|c;lGzÓuqlXoPck!gGc}mnk"lGmeac1cre kuzc9feac9|c9me k!g9ki@uyeac;k!c;oqlzDGw"oPc1k"c

l^zealGwcBBªl^ujrBiZujrsiZcLoItl9oIov9lfeauv!m1ki0eac}|3@rcre¨c9mk!!w^m!cLk!l9mr³oPcL|k!}oPc9¢JoPtuxme\zDkiZfe\uv!m0k!cLojl

!zDkiZ¡e\uqm1k!"|ãcreauviZc$mgX9crrDu©eacoItc9m!k!!wg^m!g9ujrslfeauvm1ki&!zD"{\u©e k!c$oPlL!zDkiZfe\uv!m1k!"|cr\euviZcX¢1

niJr¦lDBi!e\!m"r¦k!mnk!cfi¬°g9iZlfeauvmrkJP{\{zck!cãe\zlfl9uIo¤k!|creauviZcnizovc|l^zDu£cferDl{\c9||cX¢

iZuc^zD|cfeIeacGme g^wlGoIc9|c9me k!ceacr\eacfz uvm!k!uxzc9feac9|c9me ojIuvm{oiZc9m!9c)rizoPl zDGw"ovc:k!c l^z\eal^wck!c

k!c!zl}ujrc}|LZoPl}mn9cB

,r1zDgr\i@oyealfeDr&9m{uvzD|c9me1o\Iuvm!{oiZc9m9c*r\izoPcl^zel^wcki)zDc^c9mik!cl^zDuvl^oPcBr0eac}ovoPcBr&iZcoPcr

rDl9oPl9uzDcBrzDc9ovleuv{Dr ,ÓoPr+|ã"me\zDcGme£g^wl^oPc9|c}me£iZck@Ilfi!ezcr+{\lXfeacfizhr¢"9!||c ovlk!uI{\{ag^zDc9m!ck@P²^wcc9me\zDc

oPcBr9!mD"uvmeDrD¢iZcojPm1cfi!euvmeac^za!zDg¡eacGzG||ck!cBr{\l9eacfizhr¦k!ck!uIre\zDuBi!eauv!m!¢cf¬c^zD9c9me¨imc9{\{cfe

rizovcLl^zeal^wc ,aoIr³|ã"me\zDcGme c^m!{uvm1iZc9¢@uPc}m1iZco\IBp!Be\!rcc^mrD"uyedovcL"oyiÄrrni!c}me{\l9u©eack!l9m@r

oPcBr|k!}oPcr¢k!cr³l^zDuIl^oPcr"oi!eedovuPg9cr¦lfi¬ lrac9feDrm!!m|l^zD9!l9m!k@r7rDc9|L@oPc9me±DBiZc^zgGwl}oqc}|c9me

imLz!ovcm!!mLm!gGw"oPuxwcl^oPcrr\iz+ovl³z^w"oPck!c³l^z\eal^wc

!zDr¨o\uvme\zD"kiZhe\uv!m.l^zDl^w!zl^"nc ¢,oqck!cfi¬uP9|c7l^zDl^w!zDlG!!c7cnr\e¤9!m"rl9^zDg7~ovl!zDgrsc9mealfe\uv!mki

|k!9oIc&9"ovoPc9feaux{3l^c91!zD"kiZhe\uv!mk!"|ãcnr\e\uvi,ccfe7~rDcr3!zDg9k!uIe\uvm@rãc9m|leuvGzDck!c;l^z\eal^wcki

zDcfc9mi± *ãl^m@roPc3e\za!uIrDuP}|cLl^zDlGw!zDl^!c9¢!m!BiJrd!zDgrc}meamr³oqcnrk!!mBmngcrcfe kBurfi!ea!m"rovlLc^ze\uvm!c9m9c

k!crBpnne\nrDcr{al9u©eacrãk!l}m@roPl r\i@uyeacc9m9ciZu³Xmn9c^zDm!coPc;l^zealGwckizDcfc}mi±Ä§dciZle\zuv9|0c

l^zDlGw!zDl^!!c!zDgBrDc9meac¯oPc¯|"k!9oPcg99!m!"|ãgfe\zuvi,ccfeoPc'zDgr\i@o©ealek!cr:creauv|lfeuqmr12dm!{\uxm¢ojc

9uvm!iZuI9|c³l^zDlGw!zDl^!c9!m!9oi!es

" / "

!#"$³C%1Y!U'&^MPC

§¨c|k!9oIckuye9"ovoPc9feauv{³cre{\mnk!g;rizovl;rcfiZoIcBpn@e\nrDck!c$l^zcfea"\!e\uv|l9oIu©eagk"coPtu rr\iJck!cojl

m!gGw"9uvlfeauv!m@uvm@rsuv¢Ä~oItg9iZuxoPuzDc9¢Äuvomtcre¨lrd@rhrDuoPc$ktl9|g9oPuvzc^z³ovcuPc9mD-e\zDck!tiZm1|c9|ãzc$ki

(6)

{al}uyeL|.-9|ck!cuzDcc9mXniovc6ri!@rDcim®k!grDuvzD¢dlfi|"uvm"r|uxmuI|l9ov¢dk!c9!g^zDlhe\uvm boPl^z 8¢

bdni!zauvccfe «"!{\c^zD¢

++#H

¡§¨tBp!Be\!rDck!tc9{{uP9lX}uyeDgc^zD|cfe k!c)rDlfeauIrD{al}uºzhc:lfi¬c^¬uvwc9m!cr®k"c

eacrjealfuvoIuyeag9¢"k@PuIk!c9meuv{\uIl^uPoIu©eagcfe£k!cG|3lfeuuPoIu©eagl^cX oPcr¤k!!m!m!gXcr

«Biz+oPc"oPl9mLe\!g9!zuvi,c9¢@oPtl^!!zD^!cwg9mg^zDl9oPcki1|k!9ovcL9!ovoPce\ux{¤Xm@rDujreac7~zDl9|c9mc^zovc!zD9crhr\ir

k!ck!g99uIrDuvm${al9|uIoIuPl9oPc oIc³o©iJrrni!Zc9melc9k!cfi!¬$9m"uvmeDrD¤~k!ci!¬gfeal^cr b!uIlG!zDuv¢

"!!

:

§¨l|ujrDcc9moIlXckti@mnc6zD^woPck"c6l^z\eal^wcki:zDcfZc^mi)kg^c9m!k!l9me0k!cr0!zDg9{gGzDc^m9cBr

uvmk!uqZuPkiZc9oIoPcr¤cfe£ki!Bi!!uz¤k!c³mng^w"9uvleuv!mk!c^nl9^im

$

§¨l|l^¬uP|ujrDlfeauv!m!¢±k!c$|l9m!uIGzDc$uvmkg^c9m!k!l9meac9¢±k!c$oPti"e\uvoPu©eagk!c$9l9iZc9!mD"uvmerDBiJr³oPl

9!me\zl^uvmeack!cBiZkBwcek!gX^Biovl9me£kil^zjeal^wczDgXl^ovu rsg~oPtgfealGc

7£l^zeal^me¤ki|"k!9ovcLuvm!u©eauPl}oP¢@lBrsrDc;zcre\zDuvfeauv{bd!uPl}!!zDuv¢ "!! cfe # D¢oIcr e\zlflfi¬zDg9c9meDrujrsc9me

~g9oPl^zwuzoPcrBpne\!rcBr+uvmu©eauIl9oPcBr¤c9m!zDc^ml9me£c^m9!|Beac oPcr¤i,cr\euv!m"r¨k!ceal^¬le\uvm. *ã!m!m!u +++%$

ª!zDc9liche *3!mBm!uq¢ ++# D¢±k!crg^oPc9feauv!m1c^m;|lfeauv^zc$k!t"{\{jzDck!ce\zDlfl}uvo & o©iZm!kc9ovocfe l9ojy¢ "! a¢QovcBr

uPc9m@rBioIuPr E±!mBw1cenl}mw¢ ++Ä D¢QovcBrd|g9m!l^wZcr9!|L!zeal^me¤!o©iÄr k!cLk!cfi¬&k!g99uPk!cfizhr E±!zje\uIm

cfeJ§¨l9^zu¬¢ +K ¤cfea¢c^m!{\uxm¢oIl!zDkiZ¡e\uqmk!"|creauvniZc \!Qr¤ceQ¥¦c9cBr¢ +K cfe 1$ zD!m"rrmn¢

*ãlfim!{c9oPkecfe F uP8@r\e\z!|¢ ++Ä $ b!uPl^!!zuv¢ +K $ bdni!zauvc9¢ +++1$ ¥¦l^nzje\¢«n{\c^z¦cfe¦«!oPl;}¢

+++ cfe ++9 s

§¨l³!zDkiZ¡e\uqmk!|cBreauviZclgfeaguxme\zDkiu©eack!l^m"r¤oPcBr|k!9ovcBr¤9"ovoPc9feauv{Ór£l^z+!@r cfeJ¥cXcr +K

cfeb!uvlG!zDu

+K

+§¨cfiz|ã"k!9ovc6uvme\z"kiu©eãoIl!zDkiZ¡e\uv!mk!|cBr\euviZcrDBiJr0ovl6{\!zD|c6kti@mc

eac9^m!"oqwuvc${\BizDm!ujrhrDl9me+imrDcfiZoÄuPc9m1k!"|cBre\uvi,cl9w!zDg^wgB!§¨l$|k!g9oxujrslfeauv!m1k!c¥lG!ze ¢+«!!{\c^z

cfe«!!ovl;

+++

cfe

++9

0rstl^!"ovuPi,c ~oPl !zDkiZfe\uv!mk!ti@mc9feacfizk!cuIc9mrk!"|cBreauviZcr¡+§dl

!zDgrc^meale\uvmãk!c³m!Be\zDc³|k!}oqcrstlG!Bi@uPcriz¤Xc}ovoPck!c79cr¤k!c^zam!uIcGzhr¤l^ze\uP9oPcr

bdmrDuPk!g^zD!m"rÄim|g9m!l^wc9|L,rgk!ck!cfi!¬uvmkuuPkiÄr$ ")(+% +& + ")(+%$( @BiJr

gfejiZkBuv!m"r¤oPcBr¤9Bi!oPcr¤l^c9Bi1rDl9m"r c}m!{al9meDr¤celc9i1rDlGm@rl^zDc9meDr ²^wgr¢"|l9ujr¤BA1rcfi@ojr¤ovcBr¤k!cfi¬

!zDuvm!9uvlfi"¬ l9kiZo©eacrki|g9m!lGw@ck!ujr@rDc^me3k!ti@m i!"uzãk!c;m!g^w9uvlfeauv!mlfirc}uvmk!covl{al}|uIovoPc!

bl9iZc9!mD"uvme&cnr\e&k!eagk!tim!c{\"mnfeuqmk"ti!eauxoPu©eg real^mnk!l^zDk!zDc9mnl}me&9!|$|cl^zwBiZ|c9meDroPcBr

9!m"r"||le\uvm@ruvmnnJrc^zg9crãk"tiZm6uPc}m®9!|L,rDuyeac k!cejp@c%4uv8JrDuPc}ml^c90i@m !zÓu¬ i@m!u©eal9uzsc

m!!zD|l9ovursg0~ ¢¤ovcBr79!m"rD|$|lfeauv!m"r7k!c0ov"ujrDuvzhr7lBrsrDuxwm!l^oPcBr7cfeB@rc^zg9cr ¢¤cfedim;cfeacfiz7k!c

ÅÄßG¹jÍsË¶a·9¿D¶Ä»G¶QßXÅÓ¹j¶a·^¸PËhÕGÍhË»ÅÓ·}ËÃ¶JÁdÍD·^ÅsÕ^¶J·!¼y¶sË ¸9ßXÅËB¹jÅD¹j¶J¶D·+â@Ò}ËËjÂ¶

(7)

§¨crduPc}m@rk!|creauviZcBrrD!meri!@rDgrg99!l9mBwclfoPcrr\iz³oPc$|l^z}ng9¢ÄIcBre ~kuºzDci±IuIojrdZcfi"c9me

-fe\zDcc^m!kiJr BilX}ncfeagr c^miZl9meu©eaguvoIoIuP|u©eagXc li"¬!zDu¬)i@m!uyeal}uvzDcrgfealoxujr l^z6oPc|l^zD9!g:cfe

zDc^!zgrDc^meagrl^zoIc c9feacfiz 9{D ¥¦l^!zje\¢7«"!{\c^zcfe«!!ovl;¢

+++

cfe

++9

*ãc6rD!zeaci±Pcm

wg^mng^zDl9oP¢ G!bd!l9iZcuPc9mk!|cBre\uviZccBre£!zDkiu©e¤~l^ze\uz¨ktiZm!c7{\"m!feauv!mk!c!zDkiZ¡e\uv!m

~zDcGm!k!c9|c}meDrdk!g9GzDujrsrDl9meDr i@u±{\l}uyeuvmeacGzc9m!uz9||cl^zDuPl^oPcrdoPc eac9|LQr k!c e\zDlfl9uxo±k!"|ãcnr\euqiJc

k!cG!lfiZmk!cr¦9!mD"uvmeDr¡!BiJr7ri!@rDc^zD!m"r¦uv9u¤iJcovcBr¦k!cfi¬|c}|LnzDcBrki |g9m!l^wcLe\zDlfl9uvoIoPc9me

rizoPc|l^zD9ngB

*ãl^m@ri@m|k!9oIc9oxoPc9euv{l^cX*!z"kiZfe\uqmk!"|cr\e\uvi,c9¢ovc!zD9crhr\iÄr k!ck!g99ujrDuv"m 7£l^zcfea"

c9{{\uP9uIc9meri!@rDc7iZcLoPcr|c9|LzDcBrki1|g9m!lGw@crrDc|cfejeacGme¤k!tl9X9zk!¢@k!tim!cl^z\ea¢Qrizim"oPl9mk"c

!zDkiZ¡e\uqmc9{\{uPl99c9¢cfea¢k!tlfi!e\zDcl^zje\¢r\iz;im!cl9ovoj9lhe\uvmk!crzDcrrDBizD9cr;e\ealGoIcrC*ãl^m@rimc

!zDc9|uP^zDc1gfeal^c9¢+oqc;|g}mnl^wc1k!gfeac^zD|uxmc1k!!m!;oPtl9oPov"lfe\uqm !Be\ux|l9oPc;ki eac^|LJr3k!c;^lXfi@m k!crDcBr

|c9|ãzcrk!l9m"roIl1!zD"kiZe\uvm®k!"|cBre\uqiJc9¢d~;lGzeuºzk!coIl|l^¬uI|ursleuv!mki !zD!{uye2D¢Bik!cojl

l9oPcfizdm!cejeacLk!cLovl!zDkiZfe\uv!m0k!"|ãcreauviZcBbdcL!zD{\u©e¨cBre¨l9ov!zhr lni!eagLli!¬1lfi!e\zDcrd{oi¬1k!czDc^c}mBi

e zDlfl9uvo|l^z}nl9m!kce0zDc^c9mi!!zhr0e\zDlfl9uvo<=*ãl9m@r;imcrsc99!m!k!cgfealGc9¢LovlXm@r"||leuv!m:cBre

k!g99c9me\zDl^ovujrsg9ci@mnc{\"ujrzDgXl}oPujrsg oPc7}nu¬l^!!zD!!zuvg7k!cBrl^zeDr

=

Φ lfejejzuiZgcr~9nl9fiZmki

ovc9uxm3zDc^c9mi±

e\!m"r :

3

$ + ovceac^|LJrÄe eal^o9!m"rDl^zg~ ovl³!z"kiZhe\uPmk|cr\euqiZc³l^z+oqc |c9|LzDc¢

7uxm@rDuZoIc³!zw!zDlG|$|ck!c|l^¬uI|urlfeauvm)ci!e-hejzc³{\z\|Li@oPgk!covl |l9m!uP^zDcr\i@uZl9meac):

!

"

#

# $

%

$

%

&('*)

+

,

−

= Π ^-/.

0

1

243535376

2

8

9

9 :

;=<>

<

?

@

A B

C

D

EGFIHKJJ J L J ¢1

rDBiJr¤9!m9e\zDl^uvmeacrÄBiZkBwgfeal9uzccfe@eac^|L!zDl9uzDc):

M

N

M O

P

Q Φ≤++^RS

T*UWVYX[ZZ\X^]^]V^Z4V`_aZcb`Xadegf_hdikjê5Zl5i]mKZ nîo]^p4V`n`Xqrl5esV`_tuVès_vl5iwnxmk_aZfgiZ4iyqrl5irXhpcnîzfgmo]^p4V`n`Xhq{l7e|V`_}n`X}~r_mxi

(8)

>JA ce rmedovcBrrDl9oPl9uzscr!!zDl9uzDcrdzDcrc9feauv{Órkc$oql${\c9||ccfe k!c$oPtn"||cX¢ &oIceac^|3Qrk!c

e\zDlfl9uxo7|l^zD9!l9mnk!¢ :oPc eac9|L@reaeal^o¦kujram!uZoIcce iZmceacfizzDcG!zDgrDcGmeal^meoql6l^zek!c

oPtgfeagGzDwgGm!g9u©eaguvm!k!u@uPkiZc9oIoPc0k!l9m"roPti!euvoIuyeagcfe

!

"

cr\e)oPl$#^z^w"oPc0k!cl^zeal^wc&%9l^z

c9ovoIc&k!gfeac^z|uvmcoIcrLl^zeDr3ki®"oPc9uvm6zDc^c9miki|g9ml^wc1iZu me6-fe\zc;l9ovovBiZg9cr~19l9fiZm k!c rDcBr

|c9|ãzcrJlfZcX):

' ( ) *,+-

#A-.credovccXfeacfizk!cr{\lfeacfizhr¦k!ck!ujre\zuBi!eauv!m/D¢0+creovc$zcXc9mi !!zhrde\zDlfl9uvo¤ki |g}mnl^wZccfe

k!grDuvwm!covc6!zD!{u©eeauzDgk!covl6!zDkiZ¡e\uqmk!|creauvBiZcB niJr0oqcr1|g9mnl^w@cr1gfeal^me0Xm{jzDmeagr1lfi

|.-9|c cfeacizk!c !zu¬2143{u¬Zg r\iz'oPc#|lGzD9!g#l^z)Bp!Be\!rc9¢k!cr)uIc9mrk!"|cBre\uqiJcBr

g9^l9mwc9l^oIcrD¢9c9oqiZu<9uJrDc^zl"|ur }uk!cBrhrDBiJr¤k!cr¤{\!mfe\uv!m"r¤c9mnk!w^mncBr¤ki0|k!9ovcB

>mk!gXki@u©e ki1|k!}oPc9¢Zc^ml^ze\uPfiZoxuPc^z¢;ovcBr{\!m!feauv!m@rd|l^zhrDnl9oIoIuPc9m!m!cBr¨k!c7k!c}|l9m!k!c7k!covu rDuºzfr¨k!coPl

{ac}||c ¤c¡e£k!cdoP!"||c H :

5 687 6

9

:

9

: ;;

<

=

>

? @

A

A Φ

=

BDC B

E

F

E

F GG

H

I

J

I

J

K L

M

L

Φ

− Π +

= ^H

NOPNRQTS .VUXWY14Z[&Z\].^W_`.ba S [ SdceS _4fgh)i)\j_kmlX[n\S fo[pa4fYqlX_4Zr SXO

§ tgGwl}oPu©eag0lfirDc9uvm ki|g9m!l^wcci!e -ejzDc09!|L!zDuIrsc0k!co©iJrDuPcfizhr7|l9m!uIGzDcBr¤«"um!BiJr79!m"rDuPk!g^zmrs¢

l^z¤cf¬c9|$oPc9¢iZck!cr¤9!|Ll^zDl9ujrDm"r¤uvmeac^zcGzhrD!m!m!c9oIocr¤k!cr¤m!uZc9lfi¬kti!e\uxoPu©eagrD!me±@rhrDuoPcrD¢!m!BiJr

Bi!!m"rLr\i!,rc^z7iZcoPtg^wl9oIu©eag0~0oPtuxmeag^zDuPcfiz7ki|g^mnl^w@c;rDuvwm!uI{\uPc;oPc|.-9|cm!uZc9lfi®kti!euvoIuyeag0k!cr

k!cfi!¬®9!mD"uvmeDr¡ *ãl}mr39cfejeac1g¡ejiZk!c9¢¤m!BiJr ie\uvoxujr"m"r7im!c1iZcnr\e\uv!mriGsc9feauc0zjeal^mea¢m!!mrizLoPc

m!uZc9lfi:kc uPc9mD-fe\zc9¢³|l9ujrriz0oPc zcXc9mi)uvmnkuZuIki,c9oj *ãl}m@roPc9m!i -feac6iZcm!BiJr$i!eauvovur"m"r¢"m

k!c9|l9m!k!clfi¬)uvmkuZuPkiJrk!crDu©ejiZc^z&oIciz;zDcc9miuvmZkuuPkiZc9oriz0imcgX}nc9oIoPcX"|L!zeal^me0mncfi@{

stu^vxwzy^{}|~u}v&uRnv|]&n|P^q^&|Vny*vPVny8{|TvjnPu^vn]wzm]umX{mu8vPn&XPdumPPu^v8Pu^vpXzP]umPy|wvymv

&wzXumX{mum*|y]nyj||8nu8vVX8DX*Pv&uXmn*{mPy|*$umd|juPu^vnww]m]um*|zvn]8|y^&^Xvj|u^vpz ¢¡&y}n*]P£¤^j|$u|

ty8{|*X£&¥n¦n¦*¥&§¨

(9)

k!crk!!mBmngcrriGhcXfeucnr¢QmnniJrgfealoxujrrm@rim1oIuPc9m1kuºzDc9fe c^me\zcãoqcnrdzg^mrDcr~9cejeac$iZcr e\uqm1cfe

oPcBrm!uZclfi¬®c}{\{ac9feaux{Dr3k!czcXc9mizcfi±rlGzLovcBr39m¡uvmeDrL~1oItuvmeag^zDuPcfiz3ki|g9ml^wcBQ§ tBpnne\nrDc

!zDuvm!9uvl}oPc)cr\e®k!mnoPl'riZuZl9meac):$oPcrzg^mrscruImnkuZuIkiZc9oPoIcr~)oPl)iZcreauv!mm!BiJrk!mmc9me

oPtuvm!{\zD|lfeauvm&zDc99!c^z}ng9criz7ovcl^zeal^wc0c9{\{cXfeuv{kiovc9uvmzDc^c9mi lfirDc9uvm6ki®|g}mnl^wcBBiJr

ri!@rD!m"r iZcLoItg^wl9oPu©eagLuxme\zDl9{\l9|uIovuPl9oPcLcBre¨k!g^{\uvm"uPcL!|$|cLoPcl^zealGwcLg^wl^oJki1ovc9uvm0zDc^c9mi&c9me\zDc

oPcBr1k!cfi!¬:9!mD"uvmeDr¤BiJr19!m"rDuvk!gGzDmr1iZcoIc6zcfZc^micr\el^zeal^wgk!c6|l9m!uP^zDck@Plfi!eal^me!o©ir

g^wl9ovu©eal9uvzDciZc7ovl{ac}||c7cfe¤oPt!!||ck!!m!m!c9me±im!czDg^!m"rcãrDuv|uPoPl}uvzDc7cfe k@Ilfi!ealGme±!o©i±ruvm!g^wZl9ovu©eal9uxzsc

iZc$o\Pg9l^ze c^me\zc$ovlLzDg^!m@rDck!co\i@m&cfe k!c$o\Ili!e\zDcrGIl9X^zDxes7±o©iÄrd!zg99ursg9|c9mea¢Jm!BiJrri!@rD!m"r

iZcojjg99lGze£c^me\zDc³oql³zDg^!m"rDck!!m!m!gXc³l^z+oql {ac9||cc^eXc^ovoIck!!m!m!gXc³l^zrD!m9!mD"uvme£~³oPliZcr\euv!m

!zeal^merizoqc³zDcfc9mi0creJim!c{\mnfeauvmã^zD!u rsrDl9meack!c

Φ−

Φ

!!"# #$!%&' #()+*, #

-O+.OQTS

.Va4W_4_4l

S .

§¨cr7k!!m!mg9cr3k!c$¥§ª«50/'2' :( !31A+32 (3A(%9A >%6+4 rme¦9mrDuPk!g^zDg9cr39|$|c

o\xiZm!ck!cr!zDuvm9uZl}oPcr cfe£k!cr¤|c9uIoIoPcfizcrdrDBizD9cr¤k!ck!!mBmng9cBrriz¤oPl¥diJrrDuIcBbdc³!zDDcfe£c^me\zDc^!zuIr cm

# l k!gs~6{\Bizm!u & l^wBi,crk!c6k!!m!mg9cr # ++#H ,o7rstlGw"u©e$k"tiZm!cc9m!i-feac ~6o\Ig99nc}oPojc

m!leuv!m!l9oPczDc^!zgrDc9meale\uqc)k!coPl'rDu©ejiZleuv!mk!cr|g9m!l^wcBriZu1cBre®G|L@rDgXc)k!c)k!cfi"¬ !lrDcBr

k!uIreauvm!feacr :£oql"nlrDc1,iZu¤9ni!nzDc0ovcBr³l^wBi,cr7k!c ~ H c^me\zDc

# che

#H

c¡eovl!lrsc1,,7i@u

9Bi!!zDcovcBrl^wBiZcrk!c ~

&

c9me\zDc

#H cfe

++#H

9§¨l³!!lBrDcJ,¤ceovl³!lBrDcJ, ,¤9zazDcrnmnk!c^me£~k!cfi¬

l^mnc}ojr7k!cBiZovlfeauv!m"r7k!ujreauvm!feacr¡JbdcfeIeacLlrsck!ck!!m!m!g9cBr¦cnr\eejzr³zDuv9nc9¢nie\zDc$oqcnr¦iZcBre\uv!m@r¦k"c

e\zDlfl9uxoq¢m!Beal^||c9me3c^m9c&i@u9!m!9cGzÓmncoIcBruvm!k!uPlXeacizhrr\i!GhcXfeuv{Drk!c;uPc9mD-fe\zc9¢ovcBriZcr\euv!m@r

k!tlfeje\u©ejiZk!criz0k!uv{{ag^zDc9meDr;r\i9scfeDrk@IlXfejiZl9oxuyeag6c9m ¥di±rrDuPc ovcBrzg}{\!zD|crki:|lGzD9!g9¢oPcr0!|$|cBr

!oxuyeuPiZcr¢ãoPlzDc9oIuvwuv"m65 &l9uvm@rDuiZc riz oPl*rl9meagB=*ãcm!"|L!zcfiJrscr1zDc99!cGzD9!cBrD¢!zjeal^mel^z

cf¬c}|oPc rizojP"{{jzsck!c;e\zDlfl}uvo¦cfeLo\Pc9|$ov"u¦c9m6¥i±rhrDuPc6rD!me3{\!m!kg9cr0riz9cBrk!!mBmg9cr.9{D+l^z

cf¬c}|oPc9¢B2 l^zDovccfe¨«lfuvzDuPl}mnnl9¢

++# $

ls|l}mãcfe7±l9uxovg9¢

++Ä

*0Plfi!e\zDcrrD!me±!o©iJr¤l^¬gcrriz¤ojl

lfi!nzDcfeag 3l9oiw"uvml7cfeZlD|l9m!¢ +++"$ ¥¦l^Zl9ovoIuv"mcfeJ§¨8@r!uvm!¢ +++ $ «c}m!u<8¢ ++#H $ ¨n"Bzu3Eay¢

"!

798 8&|uo+:&wz*jy|P*vnPu^v¢n*nXmu8v&u;t9<>= u&|@?|]u4|P]8DX8u v¢y ny8nuA u*V]+B u|DC*VXun|m&|umXu8v

n*&Xmu^v¢njym|Pn|umu*|#E8¡*|P|P@EFGFHAAAV¨{X{*¨X{d¨umdIFjpv¨

(10)

iZcr\e\uvm!ml9uzcãuvmk!u@uPkiZc9ojB§dc7!zDc9|$uPc^z 9|3zeac3k!cruvm!{\!zÓ|ãlfeuqmrzDc9oPlfe\uZcrd~LoPlL9!|L@rDu©eauvmkni

|g9m!l^wc9¢oPcBr9!m!k!u©eauv!m@rLk!c;uPc9¢oPl@rhrcBrhrDuv"m kcuPc9m@rLkizlXoPcr¢ovi!euvovujrslfeuqm k!cBreac^zzDcr3cfe7oPl

!zDkiZ¡e\uqml^w!zDuv9ovcki1|g9m!lGw@c7~oPl{\"ujr¨9!m"rD|$|g9c7cfeÄc^m!ki,c9¢@ovcr¨kg^c9m"rDcBr¨cfe¤ovcr+zcXc9mi±rki

|g9m!l^wc$p&9|L!zDuroPlL!zD"kiZe\uvm1k!!|creauviZccfedoql$zDg9Xc^Be\uv!m1k!c$i,c9ovi,crd!zDcr\ealfe\uv!m@rrD}uPl9oPcr

$

oPcBrÄe\zDl^mrD{\c^zeDr!zug9cBrzDcfiJr cfe£kB!mBm!gBr¢oPl³zDg^wuv!mcfe±oPcejpck!c³zDgrDuvk!c9m!cB

§¨ciZcBreauv!mBml9uzDcuvmkuuPkiJc9ouxmeac^zzD!wcovcruvm!k!uqZuPkniJrrizoPcfizc9|L"oq"u epcktc9|ov"uv¢dm!"|L!zsc

k!tncfizDcr±e\zDlfl9uPoIoPg9cr¢,rl}oPl9uvzDc9¢Beal^uvoIoPc9¢@re\ziZheji!zcc¡e@ejpck!c³!za!zauvgfeagk!c³oPtc}me\zDc^!zDuIrc9¢"uvm!{\zD|lfe\uv!mr\i@z

oPcBrl^zzuPg^zDgrcfeoqcnrdl9uvc9|c9meDrc9m0m!lejizDcD¢JojIc^¬n"ovu©ealfe\uv"m1k@iZm;ov!uxm1k!ceac^zazDcGÓrcfi@oqc}|c9meZi±rDi,tcm

"! D¢@rDcf¬c9¢²^wc9¢!m!!|ãnzDck!tc9m!{l9meDr cfeJm!uZc9lfik@Pg9kiJXlfe\uv!m@

7oyiJrDuIcizhrkg9{li!eDr³cfi!c9me -fe\zcgf"iZgr¡"*lGm@roPcl9kBzDck!coPc9m!i-feacL¥³§ª*«"¢+rcfiZo r3rD!mer\i@uZur

oPcBruvm!k!uqZuPkiJriZum!c9!l9mBwc9me lrk!tl9kBzcrrDcB"7£Bi!zje\l^mea¢Äovl$oil^zek!crejzDlflfi¬{\mnk!gBrr\iz9cfePeac

lBrcLk!cLk!!m!m!g9cBrduvmkuPiZc9me¨iZcLovcrdk!!m!m!gcrdk!c3c9ovojc 9uJmeim!c$r\e\ziZfejizDc3k!cl^m!c9ojbdc^c9m!kl9mea¢

9!||coPc zc}|ãl^zDiZcJ4c9cGzÓuvmw@l +K ¤Xc mtcr\eÄlrÄi@m3l}mc9o#Biz9§¨cnr¤|g9m!l^wcBr¤ceovcBr¤uvmkuZuIki±r

l^pnl}medk!g9|g9m!l^wgk!c^BiZujroPcrdZl^wBiZcrd!zDg9Xg9k"c9meacrdm!c0rD!me¨lrriZu@ujr m1lfi!e\zDck!g9{\lfi!e cre iZc$oPl

o©il^ze°k!cr k!!m!m!g9crriz oPcnrzcXc9miJr®cfeovcr®k!g^Zc^m@rDcr6!z eacGme rizim!cg^zDuvk!ck"tiZm'|ur

mZIBi!oIuvm@rlr:iZc mnz|l9oPc9|c9mea¢°iml^m rDclrhrc c9me\zDck!cfi!¬ l^wBiZcBr:9!m"rsg9fi!eaucr¢6~

o\jc^¬9cGBeuv!mk!cr l}m!mng9cBr +K cfe #AoPtc9m!i-feac³mtl³lr¤geag³|c9mng9c

7£ninzd9cfePeacLghejiZk!c9¢@m!BiJr+i!e\uvovu r"m"rdoPcBrdiZle\zDc!zDc9|uP^zscrl^wBiZcBr k!cãoPlLkcfi¬uP}|c!lBrcLki1!zD^Dce :

oPcBrl^wBiZcBr ~ !

9|L!zDu rcLc9me\zDc

#H cfe

"!

#7ÄoyiÄr¨!zDg99ujrDg9|c}mea¢@m!BiJrdk!ura,rmrdk!cBrdk!!m!m!gXcr

Biz

#H

¢ ¢

9 che

"!

ª -9|c$rDuv¢Zlfi|ã"|c^me k!coPtg9^zDu©ejizck!c79cfejeac7g¡ejiZk!cX¢"m!cfiZ{ÄlGwBiJcBr

k!covlk"cfi¬uP9|c"nlrscgeal}uqc}mek!gD~lXXcrrDu@oPcr¢ mnniJr7rD"||cr7Xme\zDl^uvmeacr¦k!cmti!euvoPurc^ziZcoPcBr

iZlfe\zDc1!zDc^|uP^zDcr¢Xl^zm!BiJrlfm@rLcrD"uvm®k!cnrãk!m!mng9cBreauzDg9crk!cBrc9m!i-eacrk!c;BiZkBwce eac9|L@r¢

oPcBrDiZc9ovoIcBrrmeuvm!k!ujrc9m@rDl^oPcBrdlfi&l9oPfiZoÄk!cBrdncfizDcBrdk!c e\zlfl9uIo±k!"|ãcnr\e\uvi,cLk!c^l9iZcL9!mD"uvmes

>zD¢"Xcr¤iZcr\e\uvmml9uzDcBrmJPmegheag³!zan,rgr¤iZc³ov!zhr¤k!cr iZlfe\zDc³Bzc^|uIGzDcBrÄl^wBiZcBr¤k!covl³!lrscJ,,

§¨ciZcr\euv!m!m!l9uzscuvm!k!uqZuPkiZc9o7k"coPtc9|ov"u7kieac9|LQr9me\uvc9mek!cr1uvm!{\zD|leuv!m"r9mn9c^zDm!l9meoPc

oPtuvmeac^zuPc3(¦§¨cBr°k!m!mng9cBr6rD!me1zl^!zjeag9cr°c^m!cfiZzDcr°cfe|uvmBi!eacr¡¦§¨cr9filfeauv!m"rrD!me&ovcBr

riZuZl9meacr :ovce\zDlfl9uvo;r\izoIcov!uxmk!ceac^zazDc9¢Lovlk!lfea^nl9¢$ovcsl^zDk!uvm $ oPtl99lfe&k!cmnnizazu©ejizDc $ ojl

$

oPc6m!cfejenpnl^wZc6k!c6oPtlG!l^zeac9|c9me

$

ojc

(11)

|^zDc²^wgrD¤cfeaB

e\zDcg9^nl^meauvoIovm)9"|3!zDc^m!k)oPcBr9Bi"oqcr#A¯oqcr k!cfi!¬XmDuxmeDr;e\zDll9uIoPoIc9mea¢LBAoqc9!c9{1kni

|g9m!l^wccBr\e3c^m²^wc&k!cejzDll9uIovoPc^zcfe3#Ak!ci!¬rDl9oPl9uzscrrme7zDl^!nzjeagr£bceIeac0zDcrezuvfeauv!mr\iz$oPcBr

9Bi!ovcBr¤l^pl9meJime\zlfl9uIoZ|lGzD9!l9m!kmJIgfeal9u©e±Biz ealGme\¢!cGmL!zDuxm9uvc9¢!lBr+mng99cBrhrl9uxzc9"|LBeaceac^mik"c

m!@rBpnne\nrDcr±e\!g9!zDuviZcBr :B9!||cuP9uv¢"o\jcr\euv|lfeauvm3zjeacrizovce\zlfl9uIoZk!"|creauviZcãrcfiZoIc9|c9mea¢

o\jg99!l9meuvoIoq"m$eaeal^o,lfizDl9u©e¤Bi -fe\zDc i!e\uvoIujrgãBizdovll^ze\uvcc9|LuvzÓuPiZcBg9l9m!|"uvm@rD¢Jo\jcBre\uv|lfeuqm1k!cBr

rDl9oPl9uzDcBrnizovcBr¯uvmkuZuPkiJriZu mZI{{jzDl9uPc9melfiJim e\zDlfl9uxo|l^zD9l9m!k!¢rGIcr\el^gGzDg9c#cXi

rDle\u rD{al9ujrDl9meacB!BiJr³mZIl^!m@r¦k!mn$wl^zDk!gk"l9mro\jg99l^meauvoIovmiZcoPcBrXniovcru<lfe\uv{Dr"*ãc$oiÄr¢

m!BiJrmJPlXm@rXmrDc^zgk!l9m@roPg9!l9meauvoxoq"miZc oPcBr|ãg}mlGwcrk!l9m@roPcriZc}ojr0oPcr!|$|cBr0rD!me

²^wgrk!c 9 ~ 0 l9m"r¢ÄBPcBre ~kuzcãmnm0zcfe\zDl9u©eagr¡ 2¨m1c}{\{acfea¢Äk!cLm!!|L!zDci!¬1zDcfe\zDl9u©eagr!me g^wl^oqc}|c9me

rDg9oPc9feauv!mk!!mBm!c$iZml9m!c9o¤m!!m^poIuvmkBzDg0k!c H?!0+ |g^m!lGw@cr¢+ce H B@rDcGzlfeauvmr7uxmnkuZuPkiZc}oPoPcr

BizoPl6g^zDuvk!c9|3!zÓujrcc}me\zDc #H cfe "! !zDr1l^"uz1c^¬}oi:Biz0ovcBr1creauv|lfeuqmr;oPcBr

|g9m!l^wcBrBiz$oPcriZc9oroIcr$l}oPcfizrk!crlGzÓuPl^oPcBrmng9crhrsl9uzDcBr0rme|l9m!iZl9meacrD¢³oPtg99nl}meuvoPov"m

i!e\uvoIujrDg0BizLojPcnr\euv|lfe\uv!m6{auxml9oPc1cnr\e79!|L@rDg1k!c Ä 9 nZrDc^z\lfeauv!m@r 7£l^z3l9uxovoPc^izhrD¢ovcealfoPc9lfi

!zDgrc^meacovcBr{jzg9iZc9m9crkimn"|L!zDck!c {\uIrBAim|g9mnl^wccnr\e3nZrDc^zg k!l9mroPcl9m!c9o\ ,Docm

zDgr\i@oyeaciZc³"o©i±r¤k!coPl |u©euPgk!cr¤|g9ml^wcr¨cr\eÄ!zgrDc^meacrDcfiZoPc9|c9meQimnc {\u r k!l}m@r¤oPc³l9m!c9ov¢Beal9m!k!ur

k!c;o\Pc}mni-feac1c}meal^me7iZc0l9m!c9ov¢+Zcfi!eLr¡Ic^¬n"oPuIiZcGzLm!!mrcfi@oPc9|c9melGzLovcealfi!¬ktlfejejzuyeuv!m g9oIc^Zg

k!l^m@r¨oIc79l9kBzck!cBr¨k!m!mng9cBr¥§¤ª«¢@|l9ujrdlfiJrrDuZl^zojl7{\zDXck!cm!@r¨cX¬uvwc9m!Xcnr :!m!BiJr+mnc zcfeac^m!!m@r

iZcovcrXniovcBr¤nizovcBriZc}ojr¨k!cfi¬1rDl9oPl}uvzDcBrdrD!me£B@rc^zl^oPcBrD¢@XciZu@creÄimnc w!zl^m!k!czDcr\e\zÓuqfeuqmn¢

riz\e\BiBek!l^m"r1ovclrk!c oPl ¥diÄrsrDuPcBAovcr1uvmkuZuIkBiJr0!zDg9{\^zc}me1rDBi!c^memnc6lBr1k!g99oPl^zDc^z1ovcfizr

rDl9oPl9uzDcBrnbcr+zgriZo©ealfeDr¤m!BiJr¨m9e ^!m!kiZu©eacr¨~³i!e\uxovujrsc^z¤oPcnr¨k!!mBmng9cBrc9|LuIoPgcr¤Biz+mn,r¨crje\uv|lfeuqm@r¡

9creal9k!cLk!cLmnnezDc ejzlfl9uvoP¢Qm!BiJrdmti!euvoPurmrdlrD¢Jc9m1c9{{acfea¢Órlfi@{¤Xlnr¨l^zeauvfiZoIuPc^zD¢J9{¨}uk!cBrhrDBiJrD¢

oPlk!Bi!oPck!uI|c9m"rDuv"m&k!cBrk!!mBmgXcrk!cl9m!c9o eac9|LZzDcGoxoPccfeduvm!k!u@uPkiZc9oIoPcD¢tcr\e ~kBuzciZcm!BiJr

m!BiJr0uvme\z"kiujrD!m"r1oPcr0lGzÓuPlfoPcBruvmk!uIXlfe\zuvcr1k!c6oPt¾l^m!mngc6k!coItZrDc^zlfeuqmi@urD!meri!@rDg9cBr

! "#$%& (')+*,!%.-/ 0213 54

6

*X]uoy^*P :mv)umXy|~P*v¢*!?uo &y^&u

&ymvPu4XymXu

¤]&7*XumX{mu^£28

(12)

¥ ¥¨

¥¨

¨

8 8|y8 ¦n¦

! "$#%'&)(

§¨cealfoPc9lfi k!!mBmcovcBr+|ãpc9m!m!cr¤l9uxm@rsui,c ovcBr¤gX9l^zeDrIejpcnr k!ciZc}oqiJcrl^zDuIl^oPcr¤9oPgBrÄi!e\uvoIujrsg9cBr

k!l^m@r3oItl9m!l9oxpZrDcg9Xmn"|gfe\zuqiZc9¢+!zDgrc9meag9crrDg^lGzDg9|c9meBizovcrL!|$|cBr3cfeBi!z7ovcBrL{ac9||cBr¡

§¨crÄeali!¬k!crDl9oPl9uzDcBrBiz^nl9iZc³g^zDuvk!crD!me£cf¬!!zauI|gr¤c9mLzDBi!ovcBr

+* 4-,5))(*,%()(* 2% 2% 2*-!)(*' % #,.)(*,,!

¤umu8v /*u^v

0

ym]PyXu

11

< 32XumXXu

5436879%:7;<=>"?(

>11

<R2XuXu

5436879%:7;<=>"?(

>11@

<R2XuXu

?437A%B7;3<C "5(

11

< 32XumXXu

5436879%:7;<=>"?(

>11

<R2XumXXu

54379%:7;<=>"?(

>11@

<R2XumXXu

5433879%B7;3<C "5(

8 ]yXy^ym]{¡nymX Xym

v]uy^Xu ED F§z£d¡nv GHI?J

'K3LM?LN)(

GOI5PRQ

'KSMAT6&)(

GOI9UO

'K3#M?N&)(

PJI?VV

'K3LM?WW)(

PPIAU6J

'KTM5&S)(

PPIAUV

'K X M5L#Y(

8 ]yXy^n*u8vj|7du`ym

v]uy^Xu EDD

F

§]£*¡nv

PVI?H

5NRZM?S)(

PJ

5N[Z3M:XE(

P\I?O U

5LWM5&)(

Q3GI9UP

'K-X>M?#L)(

Q3JIAU]Q

'K3WM5N-TB(

QPIAUV

'KT6M5S!XE(

8 ]yXy^n|8|y8nnyev]uby8Xu 5^_F§z£

¡nv OVI?G\

5NRKM?#N)(

OGI5VG

5N[K3M5SW)(

OJI?\\

5NRKM?WL)(

JOI?HJ

5LLM?S&)(

\`I5PG

5LSM5WN)(

JHI5GH

5LLMATWY(

8 y nu vjy^Pym]u4¡X^]y]u 9aF§]£

]8DXPu^v U

'K XE(

\IbQV

'KS6cA#Y(

GI?O U

'KZ3M5W)(

Q3VI9U

5##M?#)(

Q3`I5P\

5N Td(

U6I5O

5S#)(

;4u 0um&|8|y^XuvjXum9e§]£

]8DXPu^v VOO-U

AT-K3S#)(

V\H\

5#&!X &)(

V[Q3H\

'KSS&SY(

VOO-U

AT-K3S#)(

V\H\

?#&!X &)(

V[Q3H\

'KSS&SY(

=n8]{muED;t9<>=Xy8*u8vC-f

@

§¨

niJrzDc^|lGzDiZmrc9m1!zDc9|uPc^zovuPcfiiZm!cg}mnza|ckuv{{ag^zDc9mn9cc9me\zc$ovcmn"|L!zDck"t!cfizDcrk!cLe\zDlfl9uPo

k!!|cBre\uviZcLc9me\zDcovcBrn"||crdcfe¤oqcnr¨{c9||cr 2dmc9{\{cfea¢!uIc9miZcoPcnr¨{c9||cr+e\zDlfl9uxoPoPc}meÄiZmcXi

|"uvm@rov"mBwBeac9|LJrrizoPc'|l^z}ng oPlkuv{{ag^zDc9m!Xc¯cre l^!!zan¬uv|lfeauqc9|c9mek!c

9

!cfizDcrl9z

rDc9|l9uvmcrDD¢Äoqc$m!|ãnzDck!tcfizcr9!m"rDl^zg9crlfi1e\zDlfZl9uvok!"|ãcreauviZcLl^z³oPcr{ac}||cBrcre¤e\zauIr{\"ujr

ªc ;c9meDrDc^lG

+++

³r\izoqc e\zDlfl}uvo±k!"|cBr\euviZc3c}m¥³iJrsrDuIcB2 oxoPc i!e\uvoPurscLoPlL|.-}|clrscLk!cLk!!mBmg9cBr

cfe±zDl^!nzjeack!cruvmnkuP9lfeacizhrBizoItl9m!mg9c

"!

«c}oqmrscr¤9l9oPXiZojrD¢BuPc}mãiJcoPceac}|3@r¤9!m@rDl9^zglXi

e\zDlfl9uxo|l^zD9!l9m!km!c;l^zDuPc;Zlr9!m"rDuPk!g^zDl^oPc9|c}me3c^me\zc°oqcnr{ac9||crcfe3ovcBr!|$|cBrD¢d9c9oPoIcrDu

k!ux{\{ag^zDc9m!ccGme\zDcovcm!"|LnzDck@IncfizDcBrde\eal^ovcBrde\zDlfl}uvoPoIgXcnrl^zovcr{c9||cBrcfe l^z³ovcr!"||cr¦cre

9!|Ll^zDcl^c9oPl oil^zek!cr0l^pZrkJ2+izD!ck!l^m@r1oPcrDi,c9ojrXcfeIeack!uv{{ag^zDc9m!ccBrec^mwg9m!gGzDlo