• Aucun résultat trouvé

Fonctions de réaction des banques centrales européennes et convergence

N/A
N/A
Protected

Academic year: 2021

Partager "Fonctions de réaction des banques centrales européennes et convergence"

Copied!
26
0
0

Texte intégral

(1)

HAL Id: halshs-00143784

https://halshs.archives-ouvertes.fr/halshs-00143784

Submitted on 26 Apr 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.

Fonctions de réaction des banques centrales européennes et convergence

Marilyne Huchet

To cite this version:

Marilyne Huchet. Fonctions de réaction des banques centrales européennes et convergence. Actualite

Economique, Ecole des Hautes Etudes Commerciales, 2003, 79 (3), p.297-326. �halshs-00143784�

(2)

02143658789;:=<->@? A>CBDFEHG"I)?J,KLINMO

K BJ,P

Q!RS7T<,14U;3WVX:=VSY5TZ#[&<\]<"J<:;:=<4^

B!_AJ,BJ"BP`EH?02JaAM*Jbdc;e]fge

?:=5ih=<3j^j5k_Wl,\;<"J<:;:m<n^Co

prqs4tNuvqxwry"zj{#|g}T~N8zd€‚„ƒ†…W‡ˆn‰S}8zŠN‹#Œ†Œ=€Ž&†|S‘z){g‡j’g~-{g‡Š”“i}8•}„{†zˆ#“–C˜—™tš uœ›]—ž}„ˆ;~H“T‡j|†ŠŸ‡j“T}84ˆv†z 8‡   4ˆ#ˆ†‡}8z|†ˆS}¢¡|Sz

•4ˆ;~H“T}„“8|gz Ÿ—k‡j£S|†“T}T~W~¤z  zˆ#“=—™|†ˆ84ˆS¥C{†ŠŸ4•z~j~¦|X~N#z •4ˆn‰SzŽŠŸ¥†zˆg•Žz4›;!z*s4’S~H“T§  zu¨4ˆg©‚“i‡}žŠŸz)š!|†ŠŸ{g©Žzˆv•ŠŸ©© zˆ2€jª¬«gª

‰S}T~Ÿ‡}„“=†©T…6–N–N©j“T‡%£S8}8Š&|†ˆSz•†{S©ŠŸ‡Ž“i}8ˆ   4ˆS©j“8‡}„ŠŸz{Sž|;~ ©j“TŠŸ4}ž“Tz›š!ˆ;~H|†}„“Tz#¢z~&“8ŠŸ4}T~!©‚“i‡Ž{gz~&{SŠŸ©8}8 }„ˆS‡}žŠŸz~ –N8‡N•ŠŸ©‡‚“i}84ˆ #z

Ÿ—ktš!u­4ˆ#“‡••©Ž¢©ŽŠŸ©N¢z{SŠŸ4•z4~W~H|;~r=—„‡H…Ÿ|X~¦“Tz  zˆ#“Ÿ›4®"©‡ˆ#  4}8ˆ;~ŸSž‡,¡4|gz~H“T}84ˆLz~¦“#z"~Ÿ‡j‰;4}8Š~—„}8=z¯#}T~H“Tz|†ˆSzN•4ˆ4‰;zŠŸ¥#zˆS•z

†z~{gŠŸ©j°˜©ŽŠŸzˆS•z~†z~r£S‡ˆS¡4|Sz~•zˆ#“8Š˜‡8z~j›S±=|†ŠŠŸ©j{g4ˆS4ŠŸz"–'•zj“8“¢z}8ˆ4“TzŠHŠŸ4¥†‡j“T}8ˆXm•Žz"{S‡j{g}8zjŠ‡"{S|gŠ£Ž…Wzj“r=—„z~H“T}8  zŠ¢z~

°Ÿ4ˆg•‚“i}84ˆ;~r#zŠŸ©‡•j“T}8ˆC†z~!²#|S}k“m{†Š˜}„ˆg•Ž}ž{S‡8z~&£S‡ˆS¡|gz~r•Žzˆ#“¢ŠŸ‡8z~rˆ#‡“8}84ˆg‡Ž¢z~~H|SŠ!8‡{g©ŠH}84†zL€Žª†³4ŒSw%€Žª†ª#³" ‡}T~r‡j|X~6~Ÿ}m•z88z

¡4|S}!‡Ž|†Š˜‡}k“!ŠŸz‚{†ŠŸ©~Ÿzˆ#“T©‡|*  }8zj|S¯*¢z•4 ){g4ŠH“Tz  zjˆ#“´#z8‡µ¶ š2~Ÿ} 8z~{g‡’S~‡%‰S‡}8zˆ#“!°˜4ŠŸ '©"|†ˆSz,tNˆg}84ˆ·  ˆS©j“T‡}žŠŸz ~H|†Š

•zj“8“Tz·{g©ŠŸ}84#z4›r´z~CŠŸ©~H|g„“T‡Ž“”~'ˆS|X~'{SzŠŸ  zj“8“Tzjˆ†“‡}žˆ;~¤}"†zv•4 '{g‡ŽŠŸzŠL8z~C•Ž4 {g4ŠH“Tz  zŽˆ4“˜~C†z~'£S‡ˆS¡¬|gz~C•zŽˆ†“8Š˜‡8z~Czj“

  zj“8“Tzjˆ#“XzŽˆ©6‰S}¢#zˆS•z|†ˆ"{†ŠŸ4•Žz~j~H|X~ #z•4ˆ4‰SzŠŸ¥#zˆS•z†z¢z‚|†ŠW~&{†Š”©j°¦©ŽŠŸzˆS•z~j›

¸ µNs†¹&p ¸ ¶r¹wSºr»¬¼g½¾¢¿8À¬¼†ÁÀTÂNÃjÄÅ4½¾ž¿8À¬¼)À8ÂÆ»4ÃjÀWÇ&ÄÅ4¼½ÄŽ¼†¾„Ã%ņÈ]Ɇż†ÊÁÅ4¼S˽À¼†ÌÄÃHÍ=Ď¼†½ÄÎms†}„ˆS•zÏ6‡ˆ¬|g‡ŠT’€Ž#‹†Œ†Œ&€n“¢ÐNzk‰;z

•|Sˆ†“8ŠŸ}8z~v“T‡jÑSzÒ{S‡ŠT“}„ˆxš uvt›¹&²SzÒ}žˆ#“¢ŠŸ4¬|g•j“T}8ˆ`°·“T²gz~Ÿ}„ˆg¥48zӕj|gŠHŠŸzjˆg•6’a}T~ԓT²gzҊŸz~H|g„“°v‡Õ84ˆ#¥x{†ŠŸ4•z~W~¨4°

•4ˆ4‰SzŠŸ¥#zˆS•z4›;¹&²Sz,š!|†ŠŸ{gzŽ‡ˆ*u4ˆSzj“¢‡ŽŠT’vsn’;~¦“Tz Ö•ŠŸz‡Ž“izŽ*}žˆœ€Žª«gªC‡žŠŸz‡Ž’*‡}8  z*‡Ž“´z~¦“i‡j£S8}T~H²†}žˆS¥C‡ •8†~ŸzŽŠ  4ˆSzj“8‡ŠT’

•†wH{SzŠŸ‡“T}84ˆ;›¹&²Sz%ˆS“8²gzԓ¢²†ŠŸzŽzv{gŠŸz8}„  }žˆ#‡ŠT’Õ~¦“T‡¥#z~×ÐF}„“T²Ó“¢²Szv•ŠŸz‡Ž“i}8ˆ°L“T²Szvš!uvt­‡•Ž•z8zŠŸ‡Ž“TzÒ“8²Sz‡6…Ÿ|;~H“T  zjˆ4“

{gŠŸ4•Žz~W~‚›n¹ "‡ˆ;~HÐNzŠ&“8²†}T~ }žˆ4“TzŠHŠŸ4¥†‡‚“i}8ˆ;“¢²S}T~{†‡{SzjŠ!•4ˆS•zŠHˆ;~“¢²4zz~H“T}8  ‡Ž“¢}84ˆ;~!°m“T²Sz°T|SˆS•j“¢}84ˆ;~ °ŠŸz‡•j“T}84ˆ °m“i²Szz}8¥4²4“

  ‡}„ˆ*ˆS‡“8}¢4ˆ#‡ •zˆ#“¢ŠH‡m£S‡ˆ#ÑX~‰SzŽŠ“T²Sz,{gzŠŸ}84Ø€ª#³4ŒSw%€jª#ª†³S›Su4ŠŸz‰]zŠ}ž“˜~£Ž…Wz•j“´}T~‡i~¤ “T*z~¦“T}¢ '‡“Tz,“¢²Sz,°T|gˆS•j“T}84ˆ°

ŠŸz‡•j“¢}84ˆ'ÐF²#}8•²ÐN|g8 ²†‡j‰SzNŠŸzj{†ŠŸz~¤zˆ#“Tz,“¢²Sz£Sz²S‡%‰S}8|†Šr°&“T²Szµ¶ šØ‡4~ ÐNz8=‡4~{g†~6~Ÿ}k£S8zN}ž°&“T²SzN•|Sˆ4“¢ŠŸ}8z~ ²#‡°H4ŠŸ  z

‡N  ˆSzj“T‡ŠT’,tFˆS}84ˆ ‰SzŠ“¢²S}T~{gzjŠŸ}84;›¹&²SzŠŸz~H|g„“˜~m“8²#|X~ zjˆg‡j£S8z|g~“T"•Ž4 {g‡ŠŸz“8²Sz´£Sz²S‡j‰S}8|†ŠW~!°m“T²Sz•zŽˆ†“8Š˜‡†£S‡ˆ#Ñ;~&‡ˆS

²†}8¥4²Sž}8¥4²¬“X‡{†ŠŸ4•Žz~W~ 4°&•4ˆn‰SzŽŠŸ¥†zˆS•z°=“T²Sz}„Šm{†ŠŸzj°˜zŠŸzˆS•z~j›

Ù š ® s ¸ pÛÚS܆vŠH|Sz`†zÖs4“˜wiµŠŸ}¢z‚|g•Ý¶sÞ³¬ß†‹€ŽÜà†Ü¬Œ†ß#‹Öpzˆ#ˆgz~x¶r©#z¯Öá=ŠŸ‡ˆS•z`¹ ©&âã&à†à#›‹;›‹SàS›ßg³X›Ü4ß]›i€jªäá=‡¯

ã&à†àS›‹]›‹†àX›ßg³#›kÜ4ßS›T€j«'š!  ‡}8â  ‡ŠŸ}žk’#ˆgz¬›²#|g•j²Szj“iåÔ|†ˆS}k‰;w8ŠŸzjˆ†ˆSz~€n›°˜Š]  ‡ŠH}¢k’#ˆSz4›²#|g•j²Szj“˜wž£S|SŠŸ†4ˆ;åv‡¥4ŠŸŠŸzˆ#ˆSz~j›z4|S•‡¥4ŠH}H›°TŠj›

ÏWzCŠŸz  zŽŠŸ•}8zLÏ6z‡ˆ;w”ÏW‡•¡4|Sz~-yN|gŠH‡ˆS†s†zŠŸ¥†z*¶r|S¢4 ,£;zC‡}8ˆ;~Ÿ}¡|SzL8z~,ŠŸ‡Ž{†{S4ŠH“iz‚|†ŠW~"‡Žˆg4ˆ4’#  z~-{;|gŠ,¢z‚|†ŠW~"ŠŸzŽ ‡ŽŠŸ¡4|gz~

(3)

<=1g^Ž^j14U;<781N_Ÿ3WV]5i^‚5Yd<;1g^‚<\]<"7”?:;5TVS: "!†VS:mVSY5TZ#[<<j_!0VS:ml%_Ÿ1#583%<#¤?B0%$´<j_r7858:=^Ÿ_¤14[=361_Ÿ58VS:@\m<

7&T<Ž[=3WV'-7T<o()*j1#:;h;5T<3Øo,+++'VS:†_-!#VS:=^Ÿ_Ÿ5k_H[&l·[=:=< l%_Ÿ1.<ÔYd1*j<Ž[=3j<^6[=3C7¢1 h=V;5”<\;<7/58:†_WlU;3W1_Ÿ58VS:Õl!#V#:=VSY5TZS[&<

<Ž[=3WV0&l4<:;:=<132Ÿ7T^ÓVS:†_Ølj_6lÕ7”<54Ÿ3Ÿ[=5k_ \;<67„[^Ž5T<Ž[=3%^ 14:S:=l4<4^2\/<4&4WVS3˜_6^Ò\/1*6[^¤_Ÿ<Y<:g_¨\;l7TVX9=ln^7=1†3¨78<n^8!_Ÿ1_W^

Y<4Y 9m3W<4^:V#[=3;m1†3Ÿh;<:=5831¬[Ý\;<U;3Wlxl47”<h=l\;<%!†VS:;hm<36U=<:!†< <<&58U=l8V#[=3781%m1†3˜_¤5=!45>=1_Ÿ58VS:?a7&T?B0@11

!4VS:;hm<36U=<:!†<):=VSY58:;1†7”<L^T<4^Ÿ_1†5„:=^5&36<:A46VS3!†l4<B!†<4^N\;<36:=53W<4^N14:]:=l4<†^1C2Ÿ7D4Ÿ14[S_r9*h=V;5837T<4^"<E4&4W<j_W^,\;<4^F&VS7T5k_Ÿ5TZ#[<†^

14:†_Ÿ5TE¤58:4W781_Ÿ58VS:]:=5T^Ÿ_W<4^'Y<:=l#<n^B=1#37T<n^B!_Ÿ1_W^'Y<YG9=3j<n^C\D„[m:=< =1#3˜_&'r\S14:=^C7T<H!41†\S3j<\;<·781\;5T^I!†5>=7”58:=<5iY V;^Žl†<

=1#3Ò7¢<äb;9=^Ÿ_JY< 0ÕVX:=l%_¤1†583j<xBr[=36VK&l4<:L#6b=0ÓB"$Ò<%_Ó\D814[g_¤3W<%=1#3˜_'·^jV#[^Ó7&T58:4W7„[&<:!†<`\;<4^Z#[=1_¤3W<@!43W5k_3W<†^

#H58:4W781_Ÿ5TVS:''\;l&<:=^<89;[=\SUml%_Ÿ1#583%<'B!EX1#:;Um<Õ<j_*_Ÿ1¬[< \D858:†_6l43Mj_;x78V#:;U _6<3WY<E$58YG&VX^Žl4^:=1†378<ÓD3Ÿ1#5_¤lN=V#[=3

=1#3T_Ÿ5O!45P&<3Q*7¢1×YVS:;:;1S5T<[m:=5TZ#[&<R11Z#[&<n^Ÿ_¤5TVS:Ø<4^Ÿ_1†7TVS3j^"\]<@^j1¬h=V;583"^85T7r<<5T^Ÿ_6<*lU;1†7T<Y<:S_[m:=<G!†VS:]h=<3¤U=<:!S<

3Wl4<4787T<\;<4^S=36l4Wl3W<:!#<n^\;<4^S9=1¬:=Z#[<4^F!†<:†_Ÿ361†7T<4^1

<4^`\]<3¤:=53%<4^ \;l!#<:;:=5T<4^`lj_Ÿ14:†_%!41#3W1K!_¤l365i^‚l4<n^T=1#3x\S<U=3WVC4ŸVS:=\]<n^ YL[g_¤1_Ÿ5TV#:=^`\S1¬:]^ 7”< \]VSY@1S58:&<

YVS:=l_¤1†583W<·<%_Q4658:;14:!45”<3I'r587:=V#[^V=1†361,W8_N5„:=\;5T^J&<:=^j19=7”<*\;<361C=<7T<3'<:×_6V#[g_F=36<Y5T<3 785T<[œ781H!†VS:=\#[=5k_6<\;<*781

=V;785k_65TZ#[<vYVX:=l_Ÿ1†5836<R1rQ V†[m3X!#<47¢1C'<47T7T<¨<n^¤_L\/1.9=VS3W\Ò1#:;1†789&^jl4<Ø^jV#[^·7T<Òbm02Bä7TVS3%^jZ#[&<7T<4^G=1¬9]^×1#hX1#5T<:†_[m:=<

=V;785k_65TZ#[< YVS:=lj_Ÿ1†583j< :X1_Ÿ5TV#:;1S7T<R1Br:=^6[&5_6<'N781N!4VS:=\#[&5_6<¨\;<Ø781Y=VS7T5k_65TZ#[< YVS:=lj_Ÿ1#5¢3j<v[m:;5TZ#[<Z=1†3*781ÒGN14:mZ†[&<

AN<:†_Ÿ361†78<xBr[m3WV0l4<:]:=<[#ŸG"A-B"$Ò<4^Ÿ_:9=3W5Oh=<Y<:g_:=36ln^Ž<:†_Wl4<C1LA-<n^ l47TlY<:g_W^Ó\;<5!#VS:=\#[&5_6<x\;< 781@=VS7T5k_Ÿ5TZ#[!<

YVS:=l_¤1†583W<:mV†[&^F&<36Y<j_T_W<:†_'m\S1¬:]^F[;:=<"_¤3WVS5T^5Y<C^<E!_W5”VS:'m\;<\95T<:d^lE!†5O4W5”<3N<j_\DT<4^Ÿ_658Y<3N7T<3!†VSY &VS3˜_Ÿ<Y<:g_

\;<4^S9=14:mZ†[&<4^F!†<:†_Ÿ3W1#7T<4^1M×VX^36ln^%[=7k_Ÿ1_W^Y<j_T_6<:†_<:*14h;14:†_ [;:G=3WVC!#<n^^%[^\;<3!†V#:;h=<36U=<:!†<=3jV†U;3j<4^^j54r\;<;[&5i^7H<

\;l9;[g_r\;<4^14:]:=l4<n^,fC]'h=<3j^[;:*VK9*<!_Ÿ5O4^=7„[^\;583j<E!_r\858:4W781_¤5TVS:1

_

`DaDbKEdc&eKf. ghKicj kiQh-EbRfClm

n/14:;1†7„9=^<¨<<7”5=!#5k_W<\]<Ø781:=V;7T5k_Ÿ5TZ#[&<YVX:=l%_¤1†583j<\S14:=^·7T<n^o=365„:!45>=14[<6=149=^·\;<7JT?B0 :=V#[^p=1†361,W8_

58:=\S5T^J&<:=^j19=7”< 1K4Ÿ58:\;<'Y5T<[<Ø^Jml!454Ÿ5T<3N7T<X!#VSYGVS3˜_¤<Y<:g_N\;<4^9=14:=Z#[&<n^\!#<:¬_¤3W1†78<4^<j_N\;<L^/58:†_W<3W36VSU=<3"^6[=3N78<n^

785T<:^,Z#[5r<<=5T^Ÿ_6<:¬_-<:¬_¤3W< 7T<4^58:=^Ÿ_¤3Ÿ[;Y<:†_W^,\;<C781G=VS7T5k_W5TZ#[&<YVS:=l_¤1†583W<C<%_N^Ž<n^,V09*<,!_65O4W^\4Ÿ58:;1†7r<%_58:†_6<36Yl4\;581#5¢3j<C1

1rqB4ŸV#:!_Ÿ5TVS:\;<3jl1K!_Ÿ5TVX:osÓ\;<4^·14[g_ŸVS365_¤ln^·YVX:=l%_¤1†583j<n^·\;VS:]:=<v[;:=< h=5T^j5TVX: ^‚9g:†_t=lj_W5TZ#[&<Ø\]<u!†<4^·7T5T<:=^1"1

^Ÿ_Ÿ3Ÿ1_ŸlŽU=5T<\]<d781H=V;785k_65TZ#[<×YVS:=l_Ÿ1#5¢36<\;<†^'14[S_ŸVS3W5k_Wl4^'h;5T^<·1†58:=^j5" 5T\;<:†_Ÿ5O4W5T<3 7T<4^v<3˜_H[m3&9=1_Ÿ58VS:=^Cl!#V†:mVSY5TZS[&<n^

(4)

YVS:=l_¤1†583W<^6[^I!#<g_¤5P9&7T<4^\/l,!41#3˜_Ÿ<3"!†<,3W5T^jZ#[&<R1

- CD>h-hef-a >Dhg DbE fC.h

1H!4V#:=\#[5k_6<*\;<*781 =V;7”5_¤5TZ#[<CYVS:ml_Ÿ1†583j< []:=5TZ#[<*^/58:=^I!43W5k_,\S14:=^ 781H!4VS:†_W58:S[=5k_6l!R/<n^Ÿ_-7819=V#[g_¤5i^Ž^<Y<:g_

\/[m:@7TVX:;UXm3WVC!†<4^^6[^\/58:†_WlU;361_Ÿ58VS:*YVS:ml%_Ÿ1#583%<<Ž[=3WV0&l4<:;:=<14Q V#[=37813=7„[=143H_!\S<4^S=149=^-<[=36V0l4<:=^']7T<4^14:;:=l4<†^

fR] Y@1#3WZ#[<:†_Ô[;:a_ŸV#[=3Ÿ:;1#:†_\S14:=^ 7¢1@!†V#:=\#[&5k_W<x\]<Õ781T=V;785k_W5”Z†[&<YVS:ml%_Ÿ1#583%<1¬h=<!x7T<x\]lh=<47TV0&<Y<:g_\;<†^

Y*1†3!Eml†^54658:;14:!45T<3%^'v781785P9&l3W1_¤5TVS:­\;<n^ YVX[=h=<Y<:S_W^ \;< !41.=5k_Ÿ14[< 1 858:†_6l3JM%_^/<†^Ÿ_\;l7810!†l`hm<3j^ \;<n^

=V;785k_65TZ#[<4^14:†_65TEŸ58:4W781_Ÿ58VS:;:=5T^Ÿ_6<n^.1=Q V#[=3!#<47¢1C' 7T<n^V9=1#:XZ#[&<†^3!†<:†_Ÿ361†7T<4^ ^Ž<@^ŽVS:†_F=36VSU;3j<n^^‚58h=<Y<:g__6V#[=3Ÿ:ml4<†^h=<3%^

7T<\!†VS:†_Ÿ36Rg7”<\#[L_Ÿ1¬[<\/58:†_6l3JM%_ :=VXY58:;1g7-!4V#[=3H_=_Ÿ<3ŸY<C1

! "#%$&(')+*,.-/($01324562487+/9(-

A-<%_T_6<3=36ln^Ž<:†_Ÿ1_¤5TV#:Ô\]<n^^Ÿ_Ÿ361_ŸlŽU=5T<4^,YVS:ml_Ÿ1†583W<4^,:;1_¤5TV#:X1#7T<†^,Y5T^Ž<n^<:;:[mhX3j< \S1#:=^,7T<n^Vg[m5_S=3658:!†5>=1¬[<

=1¬9]^)<[=36V0l4<:=^'\†[m3W14:†_N7”<n^\]<[<Ò\;<3Ÿ:=5d3j<4^\;l!†<:]:=5T<4^ <4^W_!43Ÿ[!4581†78<BV#[=39=5T<Ž:Y<:=<43,7j81¬:;1†789=^Ž<*<Y 583W5”Z†[&<

\;<,7¢1C^j<!_Ÿ5TVS:)<C<j_ :=V4_Ÿ1#Y*Y<:g_^=V#[=3^Jml,!#5=465T<37T<!4VXY VS3˜_¤<Y<:g_r\;<4^GN14:=Z#[&<n^NA,<:†_Ÿ3W1#78<n^-<[=36V0l4<:;:m<n^>=j1

?

[2\;l9;[g_,\;<4^ 1¬:;:=l4<†^ o,+mfR]'.7¢1^Jm5¢3Ÿ1#78<58:4W781_Ÿ58VS:;:=5T^Ÿ_6<<j_"7”< !=VC! &lj_Ÿ3WV;7”5T<3\;<ÒoE+@+:!†V#:=\#[5T^Ž<:†_"7T<†^

14[S_ŸVS3W5k_Ÿl4^¨YVS:=lj_Ÿ1S583W<4^Yx3Wl1#U;5¢3 h;58U=V#[=3j<Ž[^<Y<:†_'C<:Ý^/<4:;U;1¬U=<1#:†_H=7„[^Y46<36Y<4Y<:S_\S14:=^Ò\]<n^:&V;785k_W5TZ#[&<n^

YVS:=l_¤1†3W5T^Ÿ_¤<n^1]?:Ô^%9]^¤_Y<*\;<B!;1#:gUm<†^4Ÿ5><&<†^'&7”<*b=0ÓBn'&<4^Ÿ_F!43Wl4l \S1#:=^\!†<j_T_W<v<3%^Jm<,!_658h=<C7T<o4<dY@1#3%^·o,+@+A

7T<4^=149=^-9 =1#3˜_Ÿ5O!45>=1¬:¬_1¬:A!43j<:†_7T<Ž[=3YVS:;:;1†5”<L^6[=3N7T<C\;<Ž[g_j^I!E=<Y*1†3CB<:d3W1#5T^jV#:d:mVn_¤14Y*Y<:g_N\]< 781*3Wl;[g_Ÿ1_Ÿ58VS:

\;<\4Ÿ1†5>97”<5i:A46781_Ÿ58VS:\;<,7e/

?

787T<Y14U;:m<<j_\]<781hmVg7”VS:†_Wl\;<,3Wl41†785T^Ž<3r[]:=<,U=<n^¤_Ÿ5TVS: !†VS:!#<3H_Wl4<\;<4^r_Ÿ14[<\g<\!;1#:;U=<C1

D [=1¬:†_v781;E!3Ÿ14:!#<l'<7”7T<d^/<:;U;14Um< H=1†3T_¤5¢3\;<ÒoE+mf<¨\S14:^)[;:=<G&V;7T5k_Ÿ5”Z†[&<\]<Zq'\;l4^5i:A46781_Ÿ5TVX: !†VSY &lj_Ÿ5k_W58hm<VsC'

h=5T^j1¬:¬_BØ1¬Yl47T5TVS3W<3*781 !4VXY lj_W5k_Ÿ5ih=5k_Wl;4Ÿ3W1¬:F41†5T^<'N<:%!43Wl1#:¬_)[=:\S54&4Wl3j<:¬_¤5T<47"\85i:4Ÿ781_Ÿ5TVX:rØ7e/14h;14:†_Ÿ1¬U=<\;<¨781

E!3Ÿ1¬:!†<C1Q<_¤14[<`\;<r!.;14:;U=<^Ÿ_Ÿ1.9=7T<2\]<h=5T<:†_1#7TVS3%^Ô[;:=<6!†V#:†_Ÿ3W1#5ž:†_6<R1TV09*<!_Ÿ5O4H=3W58VS3W5k_Ÿ1#5¢3j<Ó\;<n^ 14[S_ŸVS3W5k_Wl†^

YVS:=l_¤1†583W<4^N\;<†^Sm149=^,<[=36V0l4<:=^,\;<h=5T<:†_7¢1C^Ÿ_Ÿ19m5¢7”5_6l\;<4^Qm3W5>< 1#Q!V#[=3 =143¤h=<Ž:=583"-!†<j_V09,*<!_Ÿ54']\;<[<vV09l*<E!_65=4W^

58:†_6<36Yl4\;581†5836<n^N^ŽV#:¬_.U=l:=l3W1#7T<Y<:g_ [g_Ÿ587T5T^Žln^G4[]:=<,:=VS3WY<\;<\!43jVg5T^^‚14:!#<"\/[m:*14U;3WlU;1_ YVX:=l%_¤1†583j<"1†5i:]^‚5&Z†[&<7T<

_Ÿ1¬[<@\]<!E;1#:gUm<"hm5¢1'7T<,Yl!414:=5T^‚Y<\]<!;1¬:;U=<4^N<Ž[=3WV0&l4<:g#H0ÕANBS$´\#[bm02BQ1

(5)

o,+mfC]:;[=5T^C<47T7T<v\;<h=5”<:¬_\m7ž[&^*<<=1#:=^j5TVS:;:m5i^¤_Ÿ<R1^<)B;361K!EN9=V#[=3j^j5T<3 \/V!_¤VK9m3%<Óo,+mf@ <:]U=<:=\S3j<d\/1#5T7T7T<Ž[=3j^'[;:

\;<4^^Ž<363W<Y<:g_\;<"7”<:=^<Y 9=7”< \;<4^S=V;7T5k_Ÿ5TZ#[&<n^FYVS:=l_Ÿ1#583W<4^N\;<4^Ÿ_658:=l'lh=5k_W<37T<4^Nl![&<4587i^-\/[=:m<V!4365T^<,U;7TV09=1†7”<\m<

785TZ#[5”\;5k_WlC1#E!5„:Ø\;<4^14:]:=l4<†^CfR]' \;<4^\=36<n^Ž^j5TVS:=^58:4Ÿ7¢1_Ÿ5TVS:]:=5T^Ÿ_Ÿ<4^ ^<CY*1#:;54W<4^Ÿ_6<:¬_-\;<C:=V#[=hm<1¬[ 1mBr:3Wl1K!_Ÿ5TVX:' 7T<†^

=V;785k_65TZ#[<4^YVX:=l_Ÿ1†5836<n^C^<*\#[=3J!†5T^^Ž<:†_<:!†VS3j<*<:†_Ÿ3W1EWH:;14:†_-[;:=<*:;V#[mh=<47T7T<oX1¬[^^j<*\]<†^N_Ÿ14[< !†V#[=3H_W^,:=VSY5i:X1¬[< 1

AN<·YV#[mh=<Yd<:†_1g^ !†<:=\S14:†_'\;<n^_¤14[<r!4V#[=3H_W^*^j< &V#[=3%^%[=5k_ <:ÒBr[=3WV0&<v14h=<!v781:mV†[mh=<4787T<<4^I!41#7¢1S\;<v\;<4^_Ÿ1¬[<

1†787T<Y*1#:=\;^'\;<n^¤_Ÿ58:=l4<;u!4VS:†_6<:=583 7T<H!E=V!v\;<v\;<Y*1†:m\;<vZS[=<3j<=3Wl4^Ž<:¬_6<v7813WlŽ[;:=5O4W5O!41_Ÿ5TVS:1 K <n^×\S54&4W5O![&7_6l4^G

!4VS:=\#[&583W< 781B=VS7T5k_Ÿ5TZ#[<)YVS:=l_Ÿ1#5¢36<3-=1#3T_Ÿ583\D8V09*<,!_65O4W^N58:†_6<43ŸYl4\;581#5¢3j<4^Q4Ÿ5819m7T<n^!†VS:m\†[&5T^<:†_S [;:;<\=7„[^-U;3W1¬:X\m<

\;58hm<3j^j5k_Wl,\;<n^N^¤_Ÿ3W1_ŸlUm5T<n^.11N_W<:m\g1¬:!†<,U=l:=l3W1#7T<"\;<,3j<,!.=<3I!E=<\;<7813!43Wl4\;5>9&587T5k_Wl<j_r\;<7¢136l;[S_Ÿ1_Ÿ58VS: !†VX:=\#[=5k_

=365žhm5¢7”lU=5T<3x7/V09,*<!_¤54<<g_6<3Ÿ:=<ä\g1#:=^Ó_ŸV#[^x7”<†^%=1¬9=^ <[=36V0l4<:=^1*Q 1†3Ó1†58787T<[m3%^'v\]<;[&5T^x781Ö7T5>9&l361†785T^j1_Ÿ5”VS:

4Ÿ58:;14:!#53j<\;<4^1#:g:ml4<†^,fR]']7T<n^Sm3WV!#l4\†[m3W<4^N\;<_Ÿ9C&<"1S\SY58:=5T^Ÿ_¤3W1_¤5=4^jV#:†_\]<h=<:S[<†^FY@1#3ŸU;58:;1†7T<†^V#[vVS:†_\;5T^J=1#3Ÿ[

14[Y=36VR4Ÿ5k_,\/58:†_6<3¤h=<:†_W5”VS:=^L^6[m37”<*Y*1†3!.=l*YVX:=l_Ÿ1†5836<R1D1 mV;785_65TZ#[&<*YVS:=l_¤1†583W<*1v1†7”Vg3j^ lj_6l*3%<E!†<:†_Ÿ3jl4<^6[m37H<

_Ÿ1¬[<@\/5i:¬_6l3Mj_1

81¬:!43W14Um<-*7&? 7T7T<Y*1#U;:=<C\g1#:=^,7T<4^"1¬:;:=l4<†^'fR]·\S14:=^,7T<G!41†\S3j< \#[œbm02B19mV†[S_Ÿ5k_nC[]:d3Ÿ1X36VC!E=<Yd<:g_

\;<4^N_Ÿ1¬[<\k”58:4W781_¤5¢VX:Ø<[m3WV0l4<:&^1;K 1¬:=^!#< !†V#:†_W<<g_6<*\;<C3Wl4\#[!_65TV#:Ø\;<4^l!41†3H_W^,\;<"_Ÿ1¬[<Ø\DT58:†_6l3JM%_J'!\D”58:4W781_Ÿ5”VS:

<j_\]<)^¤_Ÿ19=58785k_Wl'\;<n^!;14:]U=<n^'m7j”V09l*<E!_65=4.[=7k_W58Y<'<n^Ÿ_3W<!#<:¬_¤3Wl \S14:=^-7T<n^-14:;:ml4<n^\+]^6[m3781L^Ÿ_H1.9=587¢5k_6l \;<4^F=365>< 1SK <

=7„[^'!#<%_V09l*<E!_65=4 =3W5TVS365_¤1†583W<1g^Ž^j58U;:=l3C781@^Ÿ_¤19=587T5k_6l \;<4^F=365P<^/10!!†<:†_H[&< \S14h;14:†_Ÿ1¬U=<L\#[;4Ÿ1†5k_\;< 781 hmVg7”VS:†_Wl \m<

3W<4^J&<,!_6<3"7T<4^3!43W5k_J3j<4^\;< !#VS:;h=<3ŸU=<:!†<*58YGV;^Žln^V=1†3,7¢<CD3W1†5k_ŸlC\;<C021#1g^Ÿ_H3W5O!E†_N104Ÿ58:Ø\;<B=1†3H_Ÿ5O!45><3·7j”?B0[1

AN<3˜_¤1†5„:=^Nm149=^6!†VSY*Yv<a78B^J=14U]:=<a<j_Ò781 E!5„:=781¬:=\;< 1†\;VCS_Ÿ<:†_¨Y MYd< [;:=<@!†5>9&7T<a\]5¢36<!_W< \/5„:4Ÿ781_Ÿ5TVS:1-<

Y*1†:m5T<Y<:g_\;<4^_Ÿ14[<2\A/58:†_6l3JM%_'\;<h=5T<:†_\=36VSU;3W<4^^5ih=<Y<:g_ 7/5„:]^¤_Ÿ3Ÿ[mY<:†_\=3W5„:!45>=1#7N\;<3jlUS[=781_Ÿ5”VS:ÒYVS:=lj_Ÿ1S583W<

14[d^‚<3¤h=5O!†< \;<7/VK9*<E!_W5O4r1#:;:S[<47&\D”58:4W781_Ÿ58VS:1#B:4658:';7T<\&V;5T\;^N\]<781-!#VS:†_Ÿ3W1#5„:¬_6<<E<g_6<3¤:=<N_W<:=\G \;5T^Jm1†3W1EW8_Ÿ3W<^6[=3

781 \;<3Ÿ:=5d3j<"\]l!†<:;:=5”<"\#[ 4Ÿ1†5k_r\/[m:=<!#VS:;h=<36U=<:!†<,:=VSY58:;1#7T<"36l[^Ž^5T<<j_r\;<"781-!436l1_Ÿ5TVS:*\;<7&T?B0@1

A-<%_T_6<!4VX:;h=<3WUm<:A!#<\;<n^-V09,*<!_Ÿ54W^\]<n^S9=1¬:=Z#[<4^F!†<:†_Ÿ361†78<4^hX1'\g1¬:=^7T<^Ž<:=^\;<7j„[m:;5TVS:*YVS:ml%_Ÿ1#583%<C1

5 --1 -

-.')1($* -/($0132(

< o(O)*%1¬:;h;5T<3Lo,+++H!†VS:=^Ÿ_Ÿ5k_H[&< \;l4^ŽVg36Y*1†5T^-[;:=<C\S1_6<V!#7TlC\;<L7&mX5T^Ÿ_6V;583W<C1;A/<4^Ÿ_7¢1G!43jl1_Ÿ58VS:\;< 7&T?'B0 <%_

781*Y5T^Ž<L<:;&7¢10!†<C\;<*781*YVS:]:X1#5T<'[=:;5TZ#[&<l' 7/<[m3WVD1;B:?:=5TVS:vYVS:ml_Ÿ1†583W<' 781GVS7T5k_65TZ#[<'YVS:=l_Ÿ1#583W<*<4^Ÿ_[=:=5”Z†[&<

(6)

=V;785k_65TZ#[<'YVS:=l_Ÿ1#583W<C\;<*7/?:m5TV#: !K/<n^¤_N7T< 3jRS7T<*\#[Òb;9=^Ÿ_JY<LBr[m3WV0l4<:¨\;<LGN1¬:=Z#[<4^A,<:¬_¤3W1†7”<n^3#6b=BG"AQ$11

^Ÿ_Ÿ3Ÿ1_ŸlŽU=5T<\;<QmV;7T5k_Ÿ5TZ#[&<"YVX:=l%_¤1†583j<"3W<&VX^Ž<^%[=3!_H3WVS5T^l47TlY<:;_W^S;3W5„:!†5>=14[<g#HBANG5#]].o$&$1

IhKIca EOa f khefBa > DDhu b. f0eEh-hef #fGiJf >b-DhKiFaE

<;!.=VS5P<x\;<H!†<_'VK9E*<!_W5O4N_Ÿ36V†[mh=<v^VS:r4ŸVX:=\;<Yd<:†_'\g1#:=^C7T1u!4VX:;h;5!_Ÿ5TVS:2Z#[ „[m:=<H&Vg7”5_658Z#[<vYVX:=l%_¤1g583j<

=36ln^Ž<3¤h;14:†_7¢1*^Ÿ_Ÿ1.9=587T5k_Wl'\;<n^ =3W5><\;<-4Ÿ1 F†VS:v\#[=3W1.9=7T< <j_F!43Wl4\;5>9=7T<'1=VS3H_Ÿ<L781CY<45T787T<[m3W<-!#VS:†_Ÿ3W5>9;[g_¤5TVS:Um7¢V09=1#7T<-

7/1#Yl47T5TVS3W1_Ÿ58VS:Þ\;<4^6&<3j^J&<,!_658h=<4^xl!#VS:=VSY5”Z†[&<4^ <%_NÖ7&Tl47”lhX1_Ÿ5TVS: \†[­:;58hm<1¬[ \;< h;5T<R1o<`A,VS:=^<4587¨\;<n^

U=V#[mh=<3¤:=<Ž[=3%^,\;<C781*G"ANB1*1†\SV0g_6lL781*\;lE4W58:m5_¤5TVS:Ô^%[5„h;1#:¬_6<;qB1^Ÿ_Ÿ1.9=587¢5k_6lL\]<n^=365P<¨<n^Ÿ_-\;l,4658:=5T<B!†VSY*Yv< [m:=<

=36V†U;3j<4^^j5TVS:d^%[=3[]:14:d\]< 7&T58:;\;5!#< \;<4^F=365><gC7¢1G!4VS:=^ŽVSY*Y@1_Ÿ5TVS:H;1†3ŸYVX:=5T^l-#&2ŸQrA>X$58:4Wl3W5T<Ž[=3j<3­\S14:^

781†V#:=<Ò<Ž[=3jVps1-b=<47TVS:5!#<%_T_6<¨\;l4Ÿ58:=5k_Ÿ5TVX:',7812^Ÿ_Ÿ1.9=58785_6l¨\;<†^H=365P<[qC\;VS5k_ Mj_Ÿ3j<Y*1S58:†_W<:S[&<uÒYVX9=<:2_W<36Y<vs1

M*V4_6VS:=^NZ#[<B!†<j_T_W<'\;l,4658:=5k_Ÿ5TVX:d\;< 7&8Br[m3WV;^j9=^Ÿ_JY<L^/58:=^I!4365_\S14:=^,7¢1G!4VS:†_65ž:S[&5k_Wl \]<-!†<4787T<[S_Ÿ5T7T5T^Žl4<m1†37¢1B=7„[=1#3T_

\;<4^S9=14:mZ†[&<4^F!†<:†_Ÿ3W1#78<n^:;1_¤5TVS:;1†7T<4^Q#ŸG"AM $r\;<"7814VX:=<"1¬hX1#:†_r7T<=1g^^‚14U;< 7&8?B0@1

!_¤14:†_\;VX:;:=l 7T<4^5„:!#<3H_Ÿ5k_H[=\;<†^!†VS:=^Ž5T\;l3W19m7T<n^,<:†_6V†[m3W14:†_7¢1^¤_Ÿ3Ÿ[!_¦[X36< \;< 7&”l!†VS:=VXY5T<L<j_7T<'Yl!414:=5T^‚Yd<

\;<N_Ÿ3614:=^jY*5T^^Ž5TVS:\;< 781B=VS7T5k_Ÿ5TZ#[&<YVS:=l_Ÿ1#583W<14[^j<458:\;<3!†<#787T<†E!†5'm781-9m14:;Z#[<3!†<:†_Ÿ361†7T<,:=< ^81.;[=5”<m1g^"^%[=3r[;:

^j<Ž[758:=\S5!41_¤<[=3=V#[=3Qm3W<:=\S3j<@^Ž<4^ \;l!#5T^j5TVS:=^12W7<<&5T^Ÿ_W<C1†5i:]^‚5\;<Ž[<u&587T5T<3%^3!#VS:=^5”\;l36ln^B!†VXY*Y<\;<†^)YVS9=<:^

=V#[=3¨1_8_Ÿ<45„:=\S3j<%!†<j_ØV09,*Ž<!_Ÿ54 1 858:467¢1_Ÿ5TV#: <4^Ÿ_¨<: 4Ÿ1†5k_Ô[;:?=l:=VXYg:=< YVS:=lj_Ÿ1†583j<%xYVX9=<:a_W<36Y<%!K/<†^Ÿ_

=V#[=36Z†[&VS5*781xG"ANB­11g^Ž^j5„U;:=lÒ[m:`3WRS7T<\;<6=3W<Y5”<3;m7¢1#: x781Y*VS:;:;1#5T<\g1#:=^Ò^j1a^¤_˜3Ÿ1_ŸlŽU=5T<\;<N&V;785k_W5”Z†[&<

YVS:=l_¤1†583W<C1Q!1†3·1†58787T<Ž[=3%^',\81¬[g_Ÿ36<n^v5i:=\;5O!41_Ÿ<Ž[=3j^<j_G=1#3˜_Ÿ5O!4[m7¢5d3j<Y<:g_H!†<Ž[<`Z†[&5 ^/1_T_Ÿ1K!Em<:¬_oÕ7&”58:†_W<3W10!_Ÿ58VS:

<:†_Ÿ3j<"7&TVC4&4Ÿ3j<<%_r781 \]<Y@1#:=\;<^6[=378<4^Y*1†3J!E=ln^\]<n^S9&5T<:=^<%_\#[L_Ÿ3W1¬hX1#587^jV#:†_lU;1#7T<Y<:g_^6[=5ih=5T^1

"h gdhKa^ OhKD h-hef u DfCOh

8B.[=3WV;^69=^Ÿ_JY<1 \ !;V;5T^5837&81¬UX3jlŽU;1_rYVX:=l%_¤1†583W<\[g_Ÿ587T5T^Ž<3E1K81¬:;1†7„9=^<l!†VX:=VSYlj_Ÿ3W5TZ#[&<\;<n^1¬U;3%lU;1_W^

YVS:=l_¤1†583W<4^,\;<L781†VS:m< <[m3%V !#V#[=h;3W1¬:†_7T<†^,\;<Ž[<\;<3W:;53j<n^,\;l!#<:;:=5T<4^,l%_¤1†9m< 781L36l1#7T5k_Wl \^„[=:=<3j<4781_Ÿ58VS:^Ÿ_Ÿ1.9=7T<

<:†_Ÿ3j<781¬UX36lU;1_C781†3ŸUm<0 <<j_*7T<4^vlh=V]7ž[S_Ÿ5TVS:=^v\;<Z=3W5><[#ŸA,V;<:=<:x<_L<U;1r#]].o$&$1Br:xV#[g_Ÿ36<l'-0 <^Ž<YX9&7T<

=V;^^Žl4\;<3\;<;9&VS:;:m<n^ Z#[=1†785k_Wl4^ \k”58:;\;5!41_Ÿ<[m3*14h;14:!†l:&V†[&3*7T<4^vlh=V;7„[g_¤5TVS:=^v\;<:=3W5><[4H[S_H[=3,1S<ØA,VS:=^Ž<5T7'\;<n^

U=V#[mh=<3¤:=<Ž[=3%^'11¬:g:mVS:!†lC[m:=<*h;1†7”<[=3\;<*36l,46l3j<:!#<*\;< '8e! =V#[=3781 !436VS5i^Ž^j14:!†<*1¬:;:S[<47”7T<*\;<*0 <1rb=57&8V]:

(7)

3Wl14Um5¢3 =V#[=3 !4V#:¬_¤3W<9=1†781#:!†<3L!#<%_T_6< Y<:;1K!#<R1DV#[g_Ÿ<E4WV;5H^'@!4<781 :T58Y =7”5TZ#[< =1S^ [;: <:;U;1¬U=<Y<:g_ \;<

7&8Br[=36VX^‚9=^Ÿ_JY< !†VS3W365„U=<3 \;<n^ l!41#3˜_W^ ^6[^ !4<g_¤5P9m7T<†^ \DT1=143Ÿ1,W8_Ÿ36<? !4V#[=3H_Ø_¤<36Y<Ö<:†_Ÿ3W<ä7¢1 !436V;5T^^j14:!S<

YVS:=l_¤1†583W<v<j_ 781vh;1†7T<Ž[=3 \]<d36l,46l3j<:!#<R1^2Ÿ7:T<†^Ÿ_\]VS:! m1g^':=lE!†<†^^‚1†583W<vZ#[<v7&814U;3jlU;1_,YVS:ml%_Ÿ1#583%<v\;<v781 4VS:&<

<Ž[=3WVv^V;5k_Y*1,W8_Ÿ365T^lL^%[=3N78<-!†V#[=3H_´_¤<36Y<3=1#3N78<39=581†5T^\D„[m:@_Ÿ1¬[<\k85i:¬_6l3Mj_:=VSY58:;1#7 !4V#[=3˜_r_Ÿ<36Y<Llj_Ÿ36V;5k_W<Y<:g_

58:4W7„[&<:!†l\=1†37j8B.[=3WV;^69=^Ÿ_JY<1 !"!#$%&$! ('&)"*+,#(!#$%-

./%0/132.%.4 !657/#.8 9$& $56# 4 "$:

DV#[g_Ÿ<E4WV;5T^'!†<=3W<Y5T<3 =5”7T5T<3r:=<!#VS:=^Ÿ_Ÿ5k_H[&<Q=1S^<:7„[=5˜EHY M¬Y<,[=:*3Wl4^6[mYl<E<;14[^¤_Ÿ5O4´\]<7&”<:]^Ž<Y 9&7T<\;<n^

58:4WVS36Y*1_Ÿ58VS:=^ 3W<4781_Ÿ58h=<4^ 7j”l!†V#:=VSY5”<K'6<36Y<%_”_Ÿ14:†_Ö\;< =3Wl4^<36h=<3 781 ^Ÿ_Ÿ1.9=587T5k_Wl \;<†^ =3W5>< 1ÒKG4^ 7TVS3%^'

=1#3Ÿ1†7877T<Yd<:†_"G!†<j_T_6<14:;1†789=^Ž< ^81*V#[g_6<,[=:m< lh;1†7„[=1_¤5TVS:'m3Ÿ<&V;^j14:†_^6[=3[;:=<781†3ŸUm<U;1†Y*Y<C\DT58:m\g5d!41_Ÿ<Ž[=3%^'m\;<n^

=<3%^J&<E!_Ÿ58h=<4^N\DTlhmV;7„[g_Ÿ5TVS:\]<n^S=365><<%_r\;<4^Y<:;10!†<4^SV#[=3781L^H_Ÿ1.9=58785_6l"\]<n^S=365><g#HG"ANBr#o,+++C$&$1

`DhK D a^3hKD OhvhKiFe0fh0iFbK D #;DDhKiQh- k hC9;h

1H!E;1,W”:=<*\;<4^3!414[&^<4^ <j_N\;<4^'<,4J4W<j_W^7T5814:†_N7”<n^'\;lE!†5T^5”V†:=^'\;<BV;785k_65TZ#[<CYVS:ml%_Ÿ1#583%<C14[ :X5ih=<1¬[Ø\;<4^\=365P<

<4^Ÿ_-!#VSYX&7T<<< <%_C58YG7”5TZ#[<\S54&46l3j<:†_W^·^j<,!_6<Ž[=3%^×\;<7/l!#VS:=VSY5”<R1rB:r!†VS:=^Žl4Z#[<:!†<'781ØG"A-BäY<:¬_¤5TVS:;:=<·[m:

U;3W1¬:X\×:=VSY 9=36<L\D”5ž:m\;5O!41_6<[=3j^NZ#[ ”<47T7T< \;V]5_ =1g^Ž^j<3N<:3j<ŽhS[<\&V†[m3NlhX1#7„[<37”<†^N3W5T^jZ#[&<†^F&<n^‚14:†_^6[m3781*^Ÿ_Ÿ19m5¢785k_jl

\;<4^S=3W5><v\g1#:=^N7814VX:=< <Ž[=3WVD1SA"<j_T_6<"1#:;1†7„9=^<'<n^Ÿ_^ŽV#[=hm<:¬_r1.<=l4< ^6[=37”<n^-<4&4W<j_W^N\;<†^-58:†_W<3W10!_Ÿ58VS:=^N<:†_Ÿ3j<7&TVC4&4Ÿ3j<<_

781 \;<Y*1#:=\;<'m<%_<;ŸV#[\;<4^r_W<:=^Ž5TVS:=^\;<†^F!†Vg_6^N^6[=3781-4Ÿ5><=1_Ÿ58VS:\;<4^S=3W5><d^6[=37T<n^FY@1#3!E=l4^N\]<n^S9&5T<:=^']\;<n^N^Ž<3Wh;5!#<n^

<j_r\†[L_¤3W14h;1#5¢7&1

1'Y<4^6[=3W<'7¢1B=7„[^!4VSY 7d%_6< \;<4^Q!#VS:=\S5k_W5TVX:]^-\;< 7&TV4&4Ÿ3W< <j_\;<7¢1C\;<Y1#:=\;<)UX7”VK9m1†7T<4^,<n^Ÿ_781C\g5d4&4Wl3%<:!S<

<:†_Ÿ3j<7T<†^:=5ih=<1¬[<<,4J4W<E!_W5O4<%_ V4_6<:†_Ÿ5T<47!\]<3=3WV]\†[!_W58VS:v\;<L7&”<:]^Ž<Y 9&7T< \;< 7&”l!†VS:=VXY5T<l'!T<4^Ÿ_WESEH\;583%<Gq 7&Tl!41#3˜_

\;<G=36V;\#[k!_¤5TVS: s11H=3WVS\#[k!_¤5TVS:u&V4_W<:†_Ÿ5T<47”7T< &<[S_^Ž<\;l4658:;583VH=1#3˜_Ÿ583\#[Ô_¤14[<Ò\S< !43%VS5T^^j1¬:!†<·\#[œQ^2ŸG 36l4<47

^jV#[g_6<:;19=7T<B*YVS9=<:_6<36Y<C1&bmVS:lh=V;7„[g_65TV#:Ø<n^¤_N\;lj_W<36Y58:=l4<B=1†3N7&814[]U;Y<:†_Ÿ1_Ÿ5”VS:\†[Ø^Ÿ_6VC!9B\;<G!41=5k_Ÿ1#7r<%_,\;<

7&TVC4&4Ÿ3j<\;<vY*1†5i:EŸ\D3:[mh;3W<'N<j_3=1#3L78<*_Ÿ14[<Õ\S<;!43%VS5T^^j1¬:!†< \;<v7¢1:=36V;\#[!_Ÿ58h=5k_6lR1bm5N781u;14[&^^j<<E446<,!_658h=<Y<:g_

!4VS:=^Ÿ_Ÿ1_Ÿl4<v\;<781H=36Vg\#[D!_Ÿ5TVS:Ò<4^Ÿ_^%[l3W5”<[=3j<*1¬[Ò:X5ih=<1¬[ &V4_W<:†_Ÿ5”<47N\;< !43jVg5T^^‚14:!#<l'r5”7 V#[=363W1#5_^8<:=^6[=5ihX3j<C[m:

l!41†3H_3=V;^j5k_Ÿ5O4C\;<;=36V;\#[!_Ÿ5TVX:'N^%[^I!†<g_Ÿ5>9&7T<\81.9=V#[g_Ÿ583GØ\;<†^'_Ÿ<:=^j5TVS:=^·58:4W781_Ÿ5TVS:S:=5T^Ÿ_6<n^·<j_C58:;h=<3%^Ž<Y<:†_'N^j5"7H<

(8)

=36Vg\#[!_65TVS:Ó:=<H<[S_L^Ž<3¤h=583_ŸV#[g_'14[6=7„[^·Z†[&<\85i:=\;5O!41_6<[=3G!4VSYX&7TlY<:g_¤1†583j<g!41#3L<47”7T<u!†VX:]^‚5T\3%< Z†[ T5T7,<n^Ÿ_

\;5O4&4W5O!#5T7T<¨\;<\;lj_W<36Y58:=<3*14h=<E!Ò7T<¨\;<U;3jl\;<;=36l!†5T^j5TVX:Õ3W<4Z#[&5T^7”<:;58h=<14[x\;<Z=3WV;\#[!_65TVS:6=V4_W<:†_65T<4787T<¨<%_B=1#3

!4VS:=^Žl4Z†[&<:†_']7j81#YG7”<[=3\;<"7&Tl!41#3˜_r\S<Qm3WV;\#[!_Ÿ5”VS:1

3

,h0Ic&Kf0 ZhKicj DE iQh-EbCfRl

1%4ŸV#:!_Ÿ5”VS: \]<Ò3%l1K!_¤5TVS:`\;l!43W5k_·7¢1x^Ÿ_¤3W1_ŸlU;5T<^6[=58h=5”<Y=1†3v781GN14:=Z#[&<N!†<:†_Ÿ3W1#7T<C1NB7T7T<Ò3j<=3jln^Ž<:†_W<Ó781

^jVS7„[g_65TVS:\#[ =3WV09=7dYd< \;<,Y58:m58Y5T^j1_Ÿ5”VS:\D„[=:=<346VS:!_Ÿ5TVS:\;<<3˜_6<Qm1†33Ÿ1.=VS3˜_ 14[<5„:=^Ÿ_Ÿ3¤[;Y<:†_W^N\]<mV;7T5k_Ÿ5TZ#[!<

l!†VX:XVXY5TZS[&<!

=

=

− + −

=

=

"!#

$

%

&

'

$

%

(

) **

+ ,

* -.-.***

V0/ux<n^¤_N781*Y<4^6[=3j<L\]<L781G&<3H_Ÿ<*<:;3W<U=5T^Ÿ_Ÿ36l4<-m1†3N7T<4^,14[g_ŸVS365_6l4^,YVS:=lj_Ÿ1†583j<4^' 1

2

<n^¤_N781ChX1#3W5819m7T< 3W<=3jl4^<:†_Ÿ1¬:¬_

7&TV09*<,!_65O4n*781*\S1_¤<"_'m587r<<=5T^Ÿ_6<':dV09l*Ž<!_Ÿ5O4W^'435

6

<4^Ÿ_781Ch;1†7T<Ž[=3Q!45>97”< \;<G!†<j_T_W<)hX1#3W5819m7T<3=V#[=3N7&TV09*<E!_W5O45m'k<<n^Ÿ_

7&T58:=^Ÿ_¤3Ÿ[;Y<:†_ !†VX:¬_¤3WRS7TlQm1†378<4^14[g_ŸVS365_¤ln^FYVS:=lj_Ÿ1†583j<n^'87

9

<4^Ÿ_r781h;1†7”<[=3S!45P9m7T<Q&V#[=3"!4<j_r58:=^Ÿ_Ÿ3Ÿ[]Y<:¬_1

1^jVS7„[g_658VS: 1¬:;1†789†_Ÿ5TZ#[&<Ö\;< !#<%_T_6<`1=3WVC!m<?=36V;\#[=5k_Ó[;:=< 46VS:!_Ÿ5TVS:­\;<ä3%l1K!_¤5TVS:­\g1¬:=^ 7¢1#Z#[<47T7H<

7&T58:=^Ÿ_¤3Ÿ[;Y<:†_r\;<V;785k_65TZ#[<,YVS:=lj_Ÿ1#5¢3j<,\;l&<:=\*\;<_ŸV#[g_6<n^7T<S^h;1†3W581.9=78<n^\DTlj_Ÿ1_r\;<"7”l,!#VS:=VSY5”<

:

; <

:

:>=

?

@ACBD?

E F

=

+

=

< !4365k_3j<X!#<:¬_¤3W1†7r36<%_6<:S[u=1†3,7T<4^14[g_¤Vg365k_Wl4^YVX:=l_Ÿ1†5836<n^'<g^Ÿ_!47¢1#583%<Y<:†_[m:ØV09*<!_Ÿ5O4"\85i:4Ÿ781_Ÿ5TVX:'.Z†[&<

7T<4^14[S_ŸVS3W5k_Wl4^)YVS:=lj_Ÿ1†583j<n^'^jV;5T<:†_Q!#VS:4Ÿ3%VX:¬_6l4<4^3\;<4^\&V;785k_W5TZ#[&<n^)YVS:=lj_Ÿ1S583W<4^:;1_Ÿ5TV#:;1g7”<n^1¬[g_ŸV#:=VSY<†^B#Ÿ^V#[^'7T<

b=0ÓB"$¨V†[1¬[ !#VS:†_Ÿ3W1#583W<5 [;:m<5&V;785k_W5TZ#[&<xYVX:=l_Ÿ1†583j<[m:=5TZ#[&<[#Ÿ^V#[^ 7j”?B0r$1,MV4_Ÿ3j< VK9E*<!_W5O4Òlj_Ÿ1#:†_Ò\;<

!4VSY =1#3W<37T<4^¨3Wl4^6[=7k_Ÿ1_W^¨V09g_Ÿ<:S[^Ò^jV#[^ 7T<n^¨\]<[<Ý3WlU;58Y<S^ YVS:=lj_Ÿ1†583j<n^':;V#[^¨3W<j_6<:=VS:=^¨7TV09,*Ž<!_Ÿ54v14:S:S[<#7

\DT58:467¢1_Ÿ5TV#:d\]< !4781†583j<Y<:†_1¬:;:=VS:!†l\=1#3781 G"A-B2<j_\;l&*IC<:h;58US[&<[=3\S14:=^Q!#<3H_Ÿ1†5„:=<†^-G"AMu1SQ&1431†58787T<[=3%^'

:=V#[^;!.=VS5T^5T^^ŽV#:]^ \DT58:†_Ÿ36V;\#[=583j<[m:=58Z#[<Yv<:¬_·7&T58:467¢1_Ÿ5TVS:%=1S^^jl4<C1F2Ÿ7:T<<5T^Ÿ_6<um1g^v\;<Y!†VX:]^Ž<:=^6[^^%[=3 !4<j_T_j<

Z#[<4^Ÿ_Ÿ5”VS:1AN781#3W58\S1R'NP'1†785 <j_LPC<3˜_Ÿ7T<3 #o,++fK$-&<:=^<:†_*Z#[ i[;:=<Y4WVS3ŸYC[&7¢1_Ÿ5TVS:%4WVS3G 1#3W\23j<=3Wl4^Ž<:¬_6<¨Y5T<Ž[<a7T<†^

(9)

K < 7”<[=3F!4R4_Wl'mJN[m\;<9][^I!v<%_-b;h=<Ž:=^^ŽVS:g#o,++mf0$<4^Ÿ_Ÿ58Y<:†_ZS[=<'7T<n^-\;<Ž[<g46Vg36YC[781_Ÿ58VS:=^"^jVS:†_1=36V0=3W58l4<4^F&V†[m3

7T<4^ 46VS:!_W5TVX:]^×\;<H=3jl,46l3j<:!†<¨\D„[=:m<vU;3W14:;\;< Y*1*VS3W5k_6l\;<;9m14:;Z#[<4^ !#<:¬_¤3W1†7”<n^1rB.:A4658:' ? :;U=<47”VS:=5"<j_ KC<4\;V;781

#o,+++C$NYVS:†_Ÿ36<:†_"Z#[ ”5T7<4^Ÿ__Ÿ3Jn^C\S54&4Ÿ5!#587T<\;< 4Ÿ1#583W<C[;: !.=V;5><Ò<:¬_¤3W<7”<n^'\;<Ž[<74ŸVS36YC[781_¤5TVS:=^Y*1†5T^'Z#[<'r^6[=3"781

=l3W5TV]\;<Q&7„[^3WlE!†<:†_6<l'X[;:=<,1=36VC!E=<Q9=10!(BG 1†36\@^Ž<361†5k_^=7„[^S=<34ŸVS36Y*14:†_W<C1

Q V†[m31_T_¤<58:m\g36< ^<4^NV09*<!_Ÿ5O4W^'m781 GN14:mZ†[&<3!†<:†_Ÿ361†7T<Y*14:m5P][7T<7T<N_Ÿ1¬[<\858:†_6l3IMj_r:=VXY58:;1†7D-!#V†[m3˜_&_Ÿ<36Yd<

<: 4ŸVS:!_¤5TVS: \;<Ö7/lj_Ÿ1_x\;<Ö7/l!#V#:=VSY5T<1·B: <E4&4W<_J'Ø^6[m5žhm14:†_D149;7TVS3[#oE++mfK$V#[ A,7¢1#3W58\S1Þ<j_1†7N#o,++fK$'

7&TVS3W5”<:¬_¤1_Ÿ5TVX:Ø\;<781H=VS7T5k_65TZ#[<×YVS:=lj_Ÿ1†583j<<4^Ÿ_,1g^^6[;36l4<G=1†3,7T< _Ÿ14[<œ\D858:†_6l3IMj_;!4V#[=3˜__Ÿ<3ŸY<·Z†[&5<n^Ÿ_\!4VS:†_Ÿ36R;7Tl

=1#3N7¢1*GN1¬:;Z†[&<-!#<:¬_¤3W1†7”<R1]KL<3m7ž[&^'&VS:v3j<,!#VS:;:;1,W8_U=l:ml361†7T<Y<:g_781 _6<:=\S14:!†<C\;<†^9=14:mZ†[&<4^!#<:†_Ÿ3W1#7T<n^\*7T5T^^Ž<3

7T<4^vh;1#3W581_Ÿ58VS:=^ \;<v_Ÿ14[< \k”58:†_Wl3Mj_'=361_Ÿ58Z#[<Y;1.9=5k_H[<7T7T< *‚[^Ÿ_Ÿ5O4Ÿ5Tl4<Y=1#3781r!43Ÿ1#5„:¬_6<Ò\;<¨Y*1†3J!=l4^\]<N!41=5k_Ÿ1¬[<

\;l4^VS3¤UX1¬:=5T^l4^'\m1†3v781r&<3˜_Ÿ<8=V4_W<:†_65T<47T7T<Ó\;<r!43jl4\;5>9=5T7”5_6l2Z#[&53&V†[m3W3W1#5k_36ln^6[m7_6<3d\]<23j<h;5¢3j<Y<:†_W^:&VS7T5k_Ÿ5TZ#[<†^

^jV#[&\g1#58:=^1;I,:d^6[=V;^<'\gVX:!K'!4VSY*Yd<'7T<-4ŸVS:†_KCVS3Ÿ:C9;[^ !'#E!1¬hX<3WV·<%_P 581#hX145#o,++mf0$1†58:=^j5 Z#[<KC<9=3¤[=:v<%_

9C&7TV;^ 5#o,+++C$'[;: 1J*6[^Ÿ_6<Y<:¬_Hm1†3˜_¤5¢<47 \!EX1SZ#[&<Yl3j5TV;\;<' 7”<n^·_Ÿ14[<Ý\k”58:†_Wl3Mj_·1K!_H[&<47T^Ø^81J*6[^Ÿ_6<:¬_o&V†[m3

3Wl4\#[=583j<'[;:=< 4Ÿ3W10!_Ÿ58VS:\;<*7&Tl!41#3˜_N<Ž:†_Ÿ3j<L7T<_Ÿ1¬[<Ø\DT58:†_6l3JM%_,\;l4^583jl*<j_N7T<_Ÿ14[<:=l365k_WlC\;<*781 =l3W5”V;\;<B=3jl,!#l4\;<:†_W<C1

<Ý_¤14[< \k”58:†_Wl3Mj_ :=VSY58:;1#723W<j_Ÿ1#3W\;l\/[m:=< &l3W5TV;\]<<g^Ÿ_ =143@!4VS:=^l4Z#[&<:¬_ 58:†_Ÿ36V;\#[=5k_5!#VSYY< h;1†3W581.9=7T<

<<7”5=!41_Ÿ58h=<,\S1†:=^781-4ŸVS:!_Ÿ5”VS:\;<"36l10!_Ÿ5TVS:1

2Ÿ7u4Ÿ1¬[g_Ó<:=^6[&5k_W<?!#7¢1#583W<Y<:g_Ó\;lj_W<36Y58:=<3Õ7&”<:]^Ž<Y 9&7T<Ý\DT5i:A46VS3WY*1_¤5¢VX:Þ14[=Z#[&<47781ÖGN14:=Z#[&<?!†<:†_Ÿ3W1#7T<

3Wl=VS:m\k1 B:2?B0 '7¢1 \;5O4&4W5O![7k_6lL_Ÿ5”<:¬_1¬[2Y*1#:XZ#[&<\DT<<&l365T<:!†<v\D„[m:ÒYl!41†:m5i^‚Y<v\;<*_Ÿ3W1¬:=^6Y5T^^58VS:2\]<d781

=V;785k_65TZ#[<vYVX:=l_Ÿ1†5836<u!†VSY*Y*[m:=<<j_-¨7858:!†<3˜_Ÿ5k_H[=\]<58:=l47„[D!_Ÿ19=78<^6[=3G!†<ÔYl!41†:m5i^‚Y<C1 T58:†_Ÿ36V;\#[!_Ÿ5TVX:Õ\D„[=:&<

:=V#[mh=<4787T<¨YVS:;:;1†5”< !#VSYYC[=:m<Ò<n^Ÿ_'[m: !.X1#:SU=<Yv<:¬_·^Ÿ_Ÿ3Ÿ[!_H[=3W<7,Y@1I*<Ž[=3·\g1¬:=^v7812^Ÿ_Ÿ3Ÿ[!_H[;3W<¨l,!#VS:=VSY5TZ#[&<Ò\;<

7&T?B0@1!0Ó1†7„U;3%l;!#<47¢1C'r:mV†[&^*<4^^j149mVS:=^*\;<^J&l!454Ÿ5T<3 14[ÓY5T<[<7T<;!†VSYGVS3H_W<Y<:†_ \]<781G"ANB?;m1†3˜_¤5¢3'\;<n^

<:=^<45iU;:=<Y<:g_W^ =1g^Ž^jln^)<%_lU;1S7T<Y<:g_U;3K!4<BL781*\;l4Ÿ58:m5_¤5TVS:d\]<L781G!†VS:=\#[=5k_6<L\]< 781-&V;785k_W5TZ#[&<YVS:=l_¤1†583j< Z#[5&1

lj_Wl,14:;:=VX:A!#l4<R1

!†R4_6l\]<"78V09*<!_Ÿ54 4Ÿ58:;1†7&\]<^Ÿ_Ÿ1.9=587T5k_Wl,\;<4^S=3W5><k']781 G"ANB¨h;<45T7T7”<^6[=37j81¬U;3WlU;1_ YVS:ml%_Ÿ1#583%<,0 <']l7TlYd<:g_

\#[d^<!#VS:=\B587T5”<3\;< ^j13=V]7T5k_Ÿ5TZ#[<)YVS:=lj_Ÿ1†583j<R1013m7ž[=1†3H_r\;<n^-G"AM VS:†_lU;1S7T<Y<:g_rhm<45T787Tl3L781-!436V;5T^^j14:!#< \;<

(10)

0 <o=<:m\g1¬:†_N7T<4^\;l!†<:]:=5T<4^ fC]v<%_\+]D1 [^Ž^j5'&:mV†[&^"36<%_6<:=VS:=^-[m:ÔV09*<E!_W5O4N\;<G!43WV;5T^^‚14:!†<C14:;:S[&<47T7T<C\;< '8e

=V#[=30 <D1

Q 1431†58787T<Ž[=3%^']7&TV#[g_][g_ U;11=143Ÿ1,W8_r\S14:=^S9&<1¬[!†V#[v\;<"3j<E!=<3!.=<n^F!#VSYY<,[m:=<,h;1†3W581.9=7T<<<7T5O!41_Ÿ58h=<C1

K <9=3Ÿ[]:Ý<%_ 9C7TV;^ 5#o,+++C$;!†VS:!#7ž[&<:†_Z#[&<Õ7”<n^:9=1¬:=Z#[<4^Y!†<:†_Ÿ361†7T<4^Ò^jVS:†_v1_T_Ÿ<:†_Ÿ58h=<4^Yx7&T5i:A46781_Ÿ5TVX:`Y@1#5i^

Z#[ T<47”7T<n^F:T5„U;:=VS3j<:†_^=1g^78<4^hX1#3W581_¤5¢VX:]^F!¬9!†785TZ#[<4^N\#[*:=5ih=<414[\D81K!_¤5žhm5_6lC1K<4^F4WVX:A!_¤5TVS:=^N\;<,3Wl1K!_Ÿ5”VS:<n^¤_Ÿ58Yl†<†^

=1#3@A-7¢143658\g1Ó<%_C1#7V#o,++fK$@^%[;U;U3j<:¬_CZ#[&<Ø7T<4^o9=1#:;Z†[&<†^H!†<:†_Ÿ361†7T<4^·14[<x?Cb ? ',<: ? 787T<Y1#Ug:m<Ò<%_C14[1.=V#:

3Wl=VS:m\;<:†_F=1†3H_Ÿ58<47T7T<Y<:†_Q·7j”V#[g_;[g_FUX1. 12Ÿ7^j<YX9&7T<CZ#[< !#<%_T_¤<ChX1#3W5819m7T< :81.=1†3Ÿ1EW8_F=1†^3!4781†5836<Y<:¬_!†VSY*Y<

[;:V09l*Ž<,!_65O4N\;<*781*G"ANBY*1†5T^<47T7”<*<n^Ÿ_r_6V#[g_W<E4WV]5i^\!#5_6l4<C\g1#:^,7T<C^<!#VS:=\ &587T5T<3"\;<C781GVS7T5k_65TZ#[<'YVS:=l_¤1†583W<C1=I):

=<Ž[g_<:<4&46<%_^&<:=^<3Z†[&<']Y MYd< ^j5&7T<4^14[g_¤Vg365k_Wl4^YVS:ml_Ÿ1†5T36<n^Sm3W5„h=5T7TlUm5T<:†_ !†781†583j<Y<:†_7&TV09*<,!_65O4\DT58:467¢1_Ÿ5TVS:'

<47T7T<4^VS:†_lU;1#7T<Y<:g_r7T<^jV#[k!45&\;<\4Ÿ14h=VS365i^Ž<3781-!43WVS5T^^j1¬:A!#<\n^7”Vg3j^Z#[<,7¢1C^Ÿ_Ÿ19m5¢785k_6l"\;<†^S=365><<n^Ÿ_r1S^^6[;3Wl4<C1

A-<n^F4Ÿ10!_W<Ž[=3%^5i:¬_6<3Ÿ:=<4^F=36ln^Ž<:†_Wl4^'m587&3W<4^Ÿ_6<3L^858:†_6<363WV#U=<3^j[m37813=3W5T^j<<: !#VSY g_6<\D”lh=<:†_H[<47T^4Ÿ1K!_6<[=3j^

<<g_W<3Ÿ:m<†^"Z#[&5!^<3W1#5T<:†_^6[&^I!†<g_65P9m7T<†^,\k”58:4W7„[&<:A!#<3N7”<n^,3Wl1K!_65TVS:=^,\;<4^,GN14:=Z#[&<n^\!†<:†_Ÿ361†7T<4^1SBr:<E446<%_' b]h=<:=^^ŽVS:

#]]]C$1v:;Vn_¤14Y*Y<:g_)YVS:†_Ÿ3WlvZ#[<'^jV#[^G!†<3˜_Ÿ1#5„:=<n^G!#V#:=\;5ž_Ÿ58VS:=^'781u4ŸVS:!_65TV#:2\;<36l10!_W58VS:2V0g_Ÿ5iY@1S7T<v\;l3W58hml†<

\D„[=:m<œ^Ÿ_¤3W1_¤lU=5”<Ø\DTV09*<!_Ÿ5O4\D”5ž:4Ÿ7¢1_Ÿ5TVS:6<[S_ M%_¤3W<Ò<<=3W5iYl4<N!†VSY*Yv<[m:=<3IU=7T<¨\;<¨D1¬9;7TVS3*14[;U;Y<:†_6l4<Ò<%_

Z#[ „[m:=<_6<47T7T<,3U;7T<\&<[S_<:;U;7TV09&<3\;<4^NV09,*<!_65O4W^YVS:=lj_Ÿ1#5¢3j<†^V#[d\]<_Ÿ1¬[<\;<!.;14:;U=<C10<4^r_Ÿ14[<\;<3!;14:;Um<VX:¬_

<:d<E446<%_.[;:3WR]7T<\;l_W<36Y5„:X1#:†_\S1¬:]^-781L\;l4Ÿ5i:=5k_W58VS:v\;< 781-mVg7”5_¤5TZ#[<YVX:=l%_¤1g5836<)^%[=3˜_ŸV#[g_\S14:=^N7T<3!41#\g3j< \#[¨b=02B\1

?

7TVS3j^*Z#[<v781:=7„[=1†3H_ \S<4^G"AM 1¬:A!4361†58<:†_C7T<[m3CY@VS:]:X1#5T<v:;1_¤5TVS:;1†7T<v1¬[Õ\;<Ž[g_W^I!.=<Y*1†3B'781¨G[=:=\]<n^J9m14:B21

^6[=5„h=5r\;<C^VS:;!†R4_6l 7&Tlh=V;7„[g_65TVS:v\;<L^ŽVS:g!.;14:;U=<v=1†3N3Ÿ1.=VS3T_14[\SVg7”7¢1#3N\S14:=^,7¢1*\]l,!#<:;:=5T<*fC]D1=A-<%_T_6<C58:4W7„[<:!S<

<<g_W<3Ÿ:m<*\;<†^\=1¬9]^)\†[Ób=02B =<[S_QM%_¤3%<C3W<=36ln^Ž<:†_Wl4<^jV]5_ =1†3,7j85i:¬_6<3WYl4\]5¢1#583W<*\#[d_Ÿ1¬[<Ø\S<X!.;14:;U=<'r^VS5k_F=1#3"78<

_Ÿ1¬[<Õ\D858:†_6l3JM%_'1†7T7T<Y*1#:=\NY!4V†[m3˜_"_¤<36Y<C1 D [=14:†_BØ781!4VS:=<<Ž[=3jV'<47T7T<;!†VS3W36<n^VS:m\N[;:m<781†3ŸU;<l!#VS:=VSY5H<

3W<781_Ÿ5ih=<Y<:g_34W<36Yl4<^6[=3 7&T<<g_6l365T<Ž[=3X#8_ŸV#[g_1¬[ÒYVg5i:]^B&7„[^CZ#[<×:=<v7&Tlj_Ÿ1S5_3!E;1SZ#[<o=149=^@Y<Y 9=3W<$\;VS:!781

!4VS:†_Ÿ361†5„:†_W<v<<g_Wl3W5”<[=3j<;#HY*1†3!Emld<Ž[=36V.;Ÿ\;V;78781†3J$\;<h;3W1†5k_3Mj_Ÿ3W<·YV;5i:]^B4WVS3H_Ÿ< !T<4^Ÿ_Q&V#[=3WZ#[&VS5m'7T<C_Ÿ14[<Ò\;<H!;14:;U&<

<Ž[=3WV7;!\;V;78781†3r:”<n^Ÿ_^m1g^5ž:†_Ÿ36V;\#[5k_r\S14:=^781-4ŸVS:!_65TV#:\;<"36l10!_Ÿ58VS:\]<"781 G"ANB 1

M*V#[^-1†\SY<_”_ŸVS:=^,Z†[&<3!†<4^,VK9*<E!_W5O4W^,\;< 781B=VS7T5k_W58Z#[&< YVS:ml_Ÿ1†583W<\=<Ž[mh=<:†_\]5=4&46l3j<3\^„[;: =149=^L7&814[S_Ÿ3W<'

:=VS:2^j<Ž[7”<Y<:g_\=1†3'7j81¬YXm7T<[=3 \;<4^G!4V;<4&465=!#5T<:†_W^'.Y@1#5T^C14[^^‚5"=143'7¢1Ô:X1_H[;3W<·\;<n^'h;1#3W5819=7”<n^C36<=36ln^Ž<:†_Ÿ1_¤58h=<4^1

(11)

Y5T<[<7”<!†VXYX&VS3˜_6<Y<:¬_\;<4^14[g_ŸVS365_¤ln^FYVS:=lj_Ÿ1†583j<n^

ε + ϕ + γ + ∆ − ∆ δ + π − π β + α + =

−−−

#o$

V0/

<4^Ÿ_7”<:;58h=<14[d\#[L_Ÿ1¬[<\858:†_6l3IMj_ L781 \S1_Ÿ<N_'

π

<n^Ÿ_7T<N_Ÿ14[<\k”58:4W781_¤5TV#: 781L\S1_¤<_'

π

<†^Ÿ_r7J8VK9*<!_Ÿ5d4\;<

_Ÿ1¬[<\D858:4W781_Ÿ58VS: 4W5><&l m1†3r14:'

<4^Ÿ_r781-!43WV]5i^Ž^j14:!†<\;<7&814U;3jlU;1_ YVS:ml%_Ÿ1#583%<,0 <G 781 \S1_Ÿ<_'

0 <

<4^Ÿ_"781·h;1†7T<[m3\]<*3Wl4Wl3j<:!†<G&V†[m3V!4<j_T_6< !43WV;5T^^‚14:!†<·\;<7&81#U;3%lŽU;1_\4Ÿ5><l4<H '¢e! X143,14:'

<n^¤_"7”l,!41#3˜_,\;<

=36Vg\#[!_65TVS:V#[aV#[g_ ;[g_'U;1D'#! E"$#&% '() *'+$<;,! n'„14h=<!- 7T<Q^2ŸGÞ3jl4<47',<:œ_WEo01/.3W<=3Wl4^Ž<:¬_6<¨7¢1N!#VS:†_Ÿ3W1#5„:¬_6<

<<g_W<3Ÿ:m<R1B2W7^81¬U=5k_Ø^ŽV;5k_Ø\D„[m:=< hX1#3W5819m7¢< \;<5!.;14:;U=< ^jV;5k_¨\†[Ý_Ÿ1¬[< \D”58:†_Wl3Mj_¨1†787T<Y1#:=\Ý<: 4WVS:!_658VS:\;<n^

^J=lE!†5O465=!41_Ÿ5TVS:=^1\<ÓQ2ŸG V4_6<:†_Ÿ5T<47*<4^Ÿ_v1m3WVC!E=lNm1†378<%4Ÿ587_¤3%<Ó\D8>LV;\S365!9BÝ<j_vQ!36<n^I!4V4_T_10

ε

"<4^Ÿ_·[;:x_Ÿ<36Yd<

\DT<3W36<[=3 =1†3r\Sl,4658:=5k_Ÿ5TVX:Vg3H_;VSU=VS:;1#7"_¤V†[S_Ÿ<"7&T5i:A46VS3WY*1_¤5TVS:*\;5T^J=VS:=5>9&7T<';Z#[=5&^6[=5k_ [;:=<7TV]5;:=VS36Y*1†7T<C1

2

354687:9,;=<>;?6

?:m<V46V;5T^7T<†^N\]VS:;:=l4<4^Q!#Vg7”7T<!_Wl4<4^N<j_!_¤3W14:=^I4ŸVS36Yl4<4^A@&'S:mV†[&^SV#[mh=VS:=^N<4^Ÿ_Ÿ58Y<437T<4^F4WVS:!_Ÿ5TVS:=^N\]<36l10!_Ÿ5TV]:

\;<4^F9=1¬:=Z#[<4^\!†<:†_Ÿ361†7T<4^1SKC<n^_W<4^Ÿ_W^-\;< KC5=!>B=<9<%_E&[=7”7T<314[]U;Y<:g_6ln^,^VS:†_<E4&4W<!_H[&ln^,^6[=37T<4^^Žl3W5T<4^-:X1_Ÿ5TVS:;1#7T<n^

<j_r14U;3WlU=l4<†^.1K<4^3Wl4^6[=7k_Ÿ1_W^N^jV#:†_r3W<VS3H_Ÿln^\S1#:=^7T<_¤19=78<14[ ? <*<:*14:S:=<E<&<R1

BDC&E

FHGJIDK8;MLGJIN6PORQ5ST4U<JK8;ML,GVIWORQ61X/<YIDZN7NQ6PKTQIR;?S<9Q6PO[<YI\619]Q^K_<VONSTQ`Oa7Wbaced

K 81.=34^ 7T<n^Ó_Ÿ<4^Ÿ_W^ \;<`KC5=!>B=<9­<%_ E&[=787T<33Wl1†7T5T^Žln^'v781?=7„[=1#3˜_Ò\]< :=V;^a^Žl365T<4^:=<Ý^Ž<Y 9&7T<:†_N=1S^

^Ÿ_Ÿ1_Ÿ58V#:;:;1†583j<n^1 ? [g_¤3W<Y<:g_\;5k_'!4<4^_6<n^¤_W^:=V#[^,^6[mU;U3W<:†_\„[g_Ÿ587T5T^Ž<37T<4^"\]5=4&46l3j<:!#<n^ =3W<Y5d3j<4^"\]<-!†<4^"^Žl365T<4^1

DV†[S_Ÿ<,46V;5T^'Ó[;: 1†3t9=5k_Ÿ3Ÿ14Um< <4^Ÿ_ 4Ÿ1†5k_Ö<: 4WVS:!_Ÿ5TVX: \;< !#< Z#[&<­:=V#[^ ^ŽV†[;1†5k_6VS:=^ =3658h;5T7TlU=5”<3I'781g^=<,!_

l!†VX:XVXYl_Ÿ3W5TZ#[&<V#[27T<4^-46VS:=\;<Y<:S_W^Cl,!#VS:=VSY5”Z†[&<4^1&B:œ<E446<%_'.14[EH\S<47Ov\;< !#<%_T_6<G&7¢1¬[^j5>9=5T7”5_6l<YG&5¢365TZ#[<'r7T<†^

4ŸVS:=\]<Y<:g_W^vl!4VS:mVSY5TZS[&<n^d:=V#[^·58:!†5k_W<:†_GÒV0g_6<3G=V#[=3·7&T58:†_Ÿ36Vg\#[D!_Ÿ5TVS:x\;<¨7&Tl!41#3˜_C\D858:4Ÿ781_Ÿ5”VS:x<%_*\#[2_Ÿ1¬[<

\DT58:†_6l3JM%_¨<:ä:=58h=<14[ 1KC<%4Ÿ1†5k_'C7T<4^Ò1¬[g_ŸVS3W5k_6ln^ YVS:ml%_Ÿ1#583%<†^Ó^6[=3¤hX<45”7¢7”<:¬_¨7T< :=58h=<14[Ö\†[`_Ÿ14[< \DT58:467¢1_Ÿ5TVS:Ö<%_

Y*1†:m5P][=7T<:†_C7T<:m58h=<14[x\#[œ_Ÿ1¬[<Õ\85i:¬_6l3Mj_1A-7¢1#3W58\S1Ò<%_C1#7V#o,++fK$ 1†5i:]^‚5Z#[&< ? :;Um<47TVS:=5,<%_CKC<4\;V;781[S_Ÿ5T7T5T^Ž<:¬_

(12)

7T<4^-hX1#3W5819m7T<n^,\;<N_Ÿ1¬[<d\D”58:†_Wl3IM%_<j_\D”58:4W781_Ÿ5”V†:^jVS:†_^¤_Ÿ1_Ÿ5”VS:;:;1†583W<4^<:

?

7T7T<Y*1#U;:=<'&<:)E!3614:!†<'<%_<:g2T_¤1†7T5T< ^6[m3

781-ml365TV;\;<oE+mfR];Eo,++;cD1C<4^_6<n^¤_W^N\;<'3W1K!45„:=<,[m:=5k_Wl):=< ^<YH9=7T<:†_\gVX:!3=1S^_ŸV#[,*V#[=3j^_Ÿ3Jn^ ;[=5T^^j1¬:†_W^,<%_.:=<-4WVX:¬_

=1S^7j„[]:X1¬:;58Y5k_WlC1

K[ 4Ÿ1†5k_Ò\;<@=36VC4WVS:=\;^T!E;1†:]U=<Y<:g_W^x^%[=327T<4^ \;<[< \;<36:=53j<n^ \;lE!†<:;:=5”<n^ \S1†:=^ 7&T<:;h=5836VS:;:=<Y<:g_

l!†VX:XVXY5TZS[&<l':=V#[^C1¬h=VS:=^*\58:†_Ÿ3WV;\#[&583W<v\;<†^Ch;1#3W5819=7”<n^×\;5O!=V4_ŸVSY5”ZS[<4^*\]<g4Ÿ1 F†VS:NØ^6[=3W5iY<3-!#<†^*<4&46<%_W^

<<VSU:=<†^v<j_XÓ<<=3W58Y<43·7T<:=7„[^v<E<=10!_Ÿ<Y<:g_BV;^^Ž5>9=7T<Ò7T<Y!†VXYX&VS3˜_6<Y<:¬_·\;<¨781Y9=14:=Z#[&< !#<:†_Ÿ3W1#7T<Ø^6[=3*781

=l3W5TV]\;<x^j5 !†<47T7”<nEt!45*:814h;1†5k_H=1S^Ò^6[9=5*\]<r&<3˜_H[=3t9=1_Ÿ58VS:=^1AN<4^¨h;1†365819=7T<4^¨3j<m3Wl4^<:†_6<:¬_ 7T<4^ÒYC[g_Ÿ1_Ÿ5TV#:=^Ó\†[

^69=^Ÿ_JY<-4W5i:X1¬:!†5T<3N\S14:=^,7T<n^,1¬:;:=l4<4^ fC]'m7T<-!.=VC!*\;< 781L36l[m:=5O4W5O!41_Ÿ5TVS:1#7T7T<Y*1†:m\;< V#[7T<†^Q!4365i^Ž<4^\;<-!E;1#:;U=< \m<

o,++ ;o,++ <1

A-<n^'<n^¤_Ÿ58Y*1_65¢VX:]^'\;<4^34WVX:A!_65TV#:=^ \]<L3jl1K!_Ÿ5TVX:ÔVX:¬_,lj_WlG!†VS:m\S[=5k_W<4^ ^6[m3"781 =l3W58V;\]<Øo,+fR];Eo,++f1†5„:=^5rZ#[!<

^6[=3'\;<[<Õ^V#[^Ed&l3W5TV;\]<n^*^6[!K!†<4^^Ž5„h=<†^'\;<;4Ÿ1F†VX:71¬[g_ŸVS3W5H^j<3)[=:=<vlh=V]7ž[S_W5TVX:2\g1¬:=^*7T<4^ !#VSY =VS3˜_6<Y<:†_W^·\;<n^

9=1¬:XZ#[&<n^o!†<:†_Ÿ361†7T<4^*<j_3&V#[=3 Y<4^6[=3j<3 []:=<vlh=<:†_H[<47”7T<;!†VS:;hm<3¤U=<:!†<C1 <n^·^jV#[^Ed&l365TV;\;<4^*\/<4^Ÿ_Ÿ58Y*1_65TVS:Òh=VX:¬_

3W<4^J&<,!_¤58h=<Yd<:†_,\;<¨o,+mfR];Óo,+mfR+·<j_N\;<¨o,++]Z2o,++fA1r1G=36<Y536<@^ŽV#[^Ed&l365TV;\;<G!†VS363W<4^JVX:=\;781 =l3W58V;\m<

\;<N46VS:!_W5TV#:;:m<Yd<:†_ ][=3\#[Öb=02B Co,+fR]-;o,+fR+D1F1Õ^‚<,!#VS:=\;<2^81.=1436<:¬_6<Ò\S14h;1#:†_Ÿ14U=<YÒ[m:=<Y;1g^j< h=<3j^

7&T?B0@1=AN<E!†5 3W<h=5”<:¬_F!#<3H_W<4^\*58YX&V;^<3N143&9m5_¤3Ÿ1†583W<Y<:†_[=:m<L\S1_¤<L\;<'3Ÿ[g_¦[=3W<'Y@1#5T^!#<-!mV;5><Ô1¬[g_ŸVS3W5T^Ž< \D„[=:&<

=1#3T_\;<4^Q!#VSY =1†361†5T^jV#:=^"^Ž58YG7T<4^,<:†_Ÿ3j<m149=^N1#h=<E!L\]<[<l!;14:†_65¢7”7TVS:=^,\;<N_Ÿ1†5T7”7T<3=VSYVXU:=<C<_\D81¬[g_Ÿ3W<\=1#3˜_&'m587

!4V8:!#5T\;<C14h=<!·7j„[m:=5O4W5O!41_Ÿ5TVS:1†787T<Y1¬:=\;<'r\S1_Ÿ< !47”l\;<G!†<4^ \]<[<Ò\;<3Ÿ:=5d3j<4^ \;lE!†<:]:=5T<†^1mK <B7„[^'&:mV†[&^14h=VX:]^

3Wl1†785T^Žl*7T< _W<4^Ÿ_N\]<*Q´<3W36V#:joE++@"^6[m3"7&T<:=\]VSU:=<·\;<n^v4WVS:!_¤5TVS:=^\;<*36l10!_W58VS: !”<n^¤_WE gE¤\g583j<*^6[=3"7”<n^ ^Žl3W5T<4^ \m<

_Ÿ1¬[<d\D85„:†_Wl3IM%_.:X1_Ÿ5TVS:;1#7!^6[=37j”<:=^<Y 9=7”< \;< 781B=l365TV;\;<C1C2W7:=V#[^F&<3ŸY<_\]< \;lj_W<!_6<3[;:=<3¤[g_H[=36<<:2o,+mfR+×V†[

o,++]Ø^j<7TVS:¨7T<n^v=1¬9]^.1D858:†_6l3IMj_"5O!†5<4^Ÿ_"\D”l%_H[&\;5T<3 ^j5"!#<n^B4ŸVS:!_W5”V†:=^C\;<*36l10!_Ÿ5TVS:ÒVS:†_=<36Y5T^'\„[;:=<H!†<3˜_Ÿ1#5ž:&<

4Ÿ1F4VX:œ781_Ÿ3614:=^j5k_Ÿ5TV#:Ò3jlUg[m7T53%<·h=<3%^C781vYVX:;:;1†5T<×[=:=5”Z†[&<C1!Q V†[m3-!4<4781R'.:XV#[^@Y@1#58:†_W<:mVS:=^C:;V4_Ÿ3j<d^J&l,!#5O4W5O!41_Ÿ5”VS:

14[&^^j5 ^j58YG7”<ÒZ†[&<:V;^^j5>9&7T<Ò1K4Ÿ5i:a\;<Y4Ÿ1K!†5”7¢5k_6<3v\;<4^;!#VSY 1#3Ÿ1†5T^jV#:=^u!436V;^^Ed=1¬9]^ \D„[=:m<u=1#3˜_CY*1†5T^v1¬[^^j5'\;<n^

!4VSY =1#3W1#5i^‚V†:=^!43WV;^^E8_6<Y VS36<47T7T<4^N\D814[g_¤3W<\=1†3H_I1C2Ÿ7&<n^Ÿ_\;VS:!v=7„[^D*6[=\;5O!#5T<[<Ô\]<V!.=V;5T^j583[;:=< \S1_¤<V!#VSY*Y*[m:=<3

7&T<:=^Ž<Y 97T<,\;<†^S=1¬9]^78VS3%^‚Z†[&<,:=V#[^\;5„h=5T^ŽVS:=^7j”l!;14:†_Ÿ5”7T7TVS:<:*\;<Ž[<I1

(13)

7&T<:=^Ž<Y 97T<*\]<*7¢1ol3W58V;\]<Òo,+mfR];EoE++mf ;[m5i^V=V#[=3\;<[<œ^jVS[^V=l365TV;\;<4^',o,+mfC];Eo,+mfR+Ô<%_*oE++];Eo,++mf1<_Ÿ14[<

\DT58:†_6l3JM%_F:=VSY58:;1†7^ !†V#[=3H_´_¤<36Y<C<n^Ÿ_781*h;1#3W5819=78<C<:=\;VSU:=<L\]<X!.X1#Z#[<L^l!454Ÿ5d!41_Ÿ58VS:Z#[<47rZ#[&<L^V]5_7T<v=149^

lj_H[\]5TlR1

D ? GQB ? ? oQ2WAQ2

D ? GQB ? ? 2WAQ2

D ? GQB ? ? <G2WAQ2

DV#[g_`\D819=VS3j\'Ó\;<n^ä_6<n^Ÿ_6^\;< :mVg36Y*1†7T5k_6l #1†36Z#[=<†EHG"<3W10$'2\Dm=VSYV!#l4\g1S^Ÿ_Ÿ5O!†5k_6l #?m5_6<E$'\;<­:;V]:

14[S_ŸVC!4Vg363Wl4781_¤5¢VX:T#j=EHK[=3&9m58:x<%_ *W[m:;U%9=V0<[Ò7&TVS36\g3j< $1†5„:=^Ž5Z#[&<Ø7”<d_6<n^¤_L36<n^Ž<j_\;<¨^Jl!45d4Ÿ5!41_Ÿ58VS: V†:†_·l%_6l

3Wl1†785T^Žln^C<j_3!4VS:=\#[&5i^Ž<:†_'r\S14:=^C781vY*1*VS365_6l*\;<†^B!41g^' d\S<4^*^J=lE!†5O4W5O!41_Ÿ5TVS:=^vV#[;h;1#:†_3M%_Ÿ36<*1K!!#<g_6l4<4^ 1#h=<E!v\;<n^

3Wl4^j5T\#[^SmVSYV!†l4\S1S^Ÿ_Ÿ5TZ#[&<n^-<%_ :=VX:@1¬[g_ŸVC!4VS3W3Wl47”ln^Z#[&5^6[m58h=<:g_ [;:;<78V;5m:;VS3WY*1†7”<R1

A-<n^-1=785O!41_¤5TVS:=^,<Y =583W5TZ#[&<n^-Y<_T_6<:†_<Ž:dlhm5T\;<:!#<F_¤V†[S_\^819=VS3W\C[]:d785T^^j14Um< \;<4^_Ÿ1¬[<d\DT5i:¬_6l3Mj_\]< 781

=1#3T_r\;<n^S9m14:=Z#[&<n^!†<:†_Ÿ3W1#7T<4^'m<<!†<Eg_6l<:

?

787T<Y1#U;:=<<j_1¬[<Q!1¬9]^ŽEHGN1g^']<<=3W58Yl\=1#3r[;:=<)hX1#7T<Ž[=33j<%_¤1†3W\Sl4< \m<

781*h;1†365819=7T<*\]l&<:=\S14:†_6<\S14:=^78136lU;3%<4^^j5”VS:1=Q V#[=3"781)E 3W1:!†<'r^6[=3,7¢1ol3W5”V;\;<¨o,+mfR]-;o,+mfR+' 7T<_Ÿ1¬[<Ø\DT58:†_6l3JM%_

3W<j_Ÿ1#3W\Slv\k„[m:_Ÿ3W58Y<4^Ÿ_Ÿ3j<v<4^Ÿ_ ^j58U;:m5=465O!41_Ÿ5O4Y*1S5i^':mlUX1_Ÿ543!†<vZ#[&5: ”<n^¤_\=1g^C78<d^Ž58U;:m<1_”_Ÿ<:=\#[ 1 DV#[g_Ÿ<E4WV]5i^'r:=V#[^

!4VS:=^Ÿ_Ÿ1_ŸVS:=^NZ#[&<7T<3!†V;<E44Ÿ5!#5T<:†_<4^Ÿ_658Yl <4^Ÿ_ 4Ÿ1†5>9&7T<3!†< Z#[=5YVS:†_Ÿ3W<Z#[ ”<4787T<:T<<<3!#<\=1g^S9&<1¬[!4V#[d^j1-46VS:!_W5”VS:

\;<7T5T^^j1¬U=<3!41†3<7”7T<Y*1g5i:¬_¤5T<:†_r[;:=<3j<4781_Ÿ58VS:vl%_¤3WV;5k_6<"14hm<! 7

?

7T7T<Y*1†U]:=<R1#Q!1#3"!4VS:†_Ÿ36<l'm7T<3!#V;<,4J4Ÿ5!45T<:†_1S^^jVC!†5”l1¬[

_Ÿ1¬[<Õ36<%_Ÿ1436\;lØ^6[m3*7¢1Ò^j<E!†VS:m\;<Ø^jV#[^Ed&l3W5TV;\]<Ø<4^Ÿ_C1g^^‚< Òl47T<hml #&]'8e@C$1AN<E!†5Q&<Ž[g_GM%_Ÿ36<Ø785Tl:Ò\;<n^o=36V097Y<†^

!4VS:,*ŽVS:!_H[=3W<47T^5iY VS3˜_¤14:†_W^m\S14:=^781\Sl!†<:]:=5T< +]' 781 E!3Ÿ14:!#<@^j<*\]l%_Ÿ10!E=<*\;<*7&

?

7T7T<Y*1†U]:=<*<%_,^j<*\;VS:;:m<-=7„[^

\;< 7”5P9&<3˜_6l \S14:=^,7¢1G4WV#:!_¤5TVS:d\]<L785T^^j1¬U=<L\]<n^_Ÿ14[<v\DT58:†_6l3IMj_1SK <\7„[^'m7j”V#[g_;[g_U;1vZ#[5:”<n^¤_ =1S^"^j58U]:=5O4W5O!41_Ÿ5d4

^6[=3,781G=3W<Y*53%<*^ŽV†[&^Edl3W5”V;\;<*7T<C\;<h=5T<:†_Q46VS3˜_6<Y<:¬_,\S14:=^'7T<n^)14:S:=l4<†^'Z†[m1_Ÿ36<nE”h=5i:;U†_WEŸ\;5>< !#<LZ#[&5^<36Y<%_Q·781

GN14:mZ†[&<\;< E 3W1¬:A!#<\kdM%_¤3%<,YV;5i:]^-<<&58U=<1#:†_W<\-!4V#[=3˜_&_Ÿ<36Y< Z#[=14:†_r1¬[<V09l*<E!_65=4W^F'YVS9=<: _6<36Y<\;< 781'Y@1S^^j<

YVS:=l_¤1†583W<C1;b 81*jV#[g_6<-!4<4781[;:;<\;l4^5i:A46781_Ÿ58VS: 4Ÿ3W1¬:.F41#5T^<9=5T<:<:;3W1¬9=l4< 781-4Ÿ5„:*\;<4^14:;:=l4<†^,fC]D1

(14)

_Ÿ1.9=78<1¬[<Y<j_Ò<:7„[mY53j<[m:=<x1¬h=<3%^j5TVX: `7&858:4W781_¤5TVS: 10!!43Ÿ[=< \g1¬:=^7T<2_6<YX&^1"M*V#[^6!#VS:=^Ÿ_Ÿ1_¤V†:=^^j1¬:]^

\;5O4&4W5O![&7k_WlÒZ#[&<Ø7812G[m:;\;<†^J9=1¬:Bx1*6[^Ÿ_¤<œ^Ž<n^×_Ÿ14[<@!4V†[m3˜_W^o=V#[=3H!4VS:†_Ÿ3WRS7T<37T<†^g=3W<4^^j5TVX:]^Ô58:4W781_Ÿ5”VS:;:;5T^Ÿ_W<4^^6[m3

7&T<:=^Ž<Y 97T<'\;<L781B=l3W5TV;\]<X#”[=:vl!41†3H_\D858:4Ÿ781_¤5TVS:d\]<o 1†[&EH\;<n^Ž^6[^,\;< 7”V09,*<!_Ÿ54\;<h;3W1#5k_^j<"_¤3W1†\#[=5836<3=1†3[;:

\#[=3!45T^^Ž<Y<:g_YVS:=lj_Ÿ1S583W< \D”<:;h=583jV†:u+]GmV;58:†_W^,\;<\9=1g^‚<$1C<n^\!#V;<,4&465O!†5T<:†_W^-1g^^jVC!#5Tln^X!#<%_V09*<!_Ÿ5O4n!436V;5T^^Ž<:¬_

!4VS:=^Ž5T\;l3W19m7T<Y<:†_\;<Ó781N=36<Y53j<Y2781Õ^Ž<E!†VS:=\]<2^jV#[^Eml365TV;\;<C1F2W7T^\]<h=5T<:;:=<:†_^%[l3W5”<[=3%^;Ó7&„[;:=5k_WlÒ<¬:

? 7T7”<Y@1#U;:=<<j_v14[<ÝQ&1¬9=^EHGN1g^Ò^6[m3d781x\Sl!#<:;:=5T<Z#[=1_¤3W<4E”h=58:SU†_WEŸ\;5>< 1,KX/1.=34^¨D1¬9X7”Vg3Y#o,++mfK$''78<n^œYV;\47T<†^

Y*1K!43WVmEŸlE!†VS:=VXY5TZ#[<†^N_¤<:=\;<:†_Q\]<h=<:=583"\S9]:X1#Y5TZ#[&<Y<:†_"5„:=^Ÿ_Ÿ1.9=7T<4^ ^j5781 4ŸVX:A!_65TVS:\;<C3jl10!_Ÿ5TVS: :=<@^‚1_Ÿ5T^I4Ÿ1#5_

=1S^Y!4<%_T_¤<r!†VX:=\;5k_Ÿ5TVS:Ý\]<r!†V]<4&4W5O!†5T<:†_^6[=l365T<Ž[=3ux7/[;:m5_6l1I"3I'-!4VXY*Y<Õ\S1¬:]^ 781%=7„[=1#3T_v\g<4^Ò<4^Ÿ_658Y*1_Ÿ5TVX:]^

3W<=VS3˜_6l4<4^ \S14:=^'7817T5k_T_Ÿl3W1_H[=36<l'^!4< !†V]<,4J4Ÿ5!45T<:†_"<†^¤_N7T<B7„[^C^jV#[=hm<:¬_-58:4Wl3W5”<[=3\7&„[m:X5k_6lR1&A,<E!†5r:=<*^Ž58U;:;54Ÿ5T<G=1S^

=V#[=3 1¬[g_H14:†_Z#[<v7T<4^G4WVX:A!_65TVS:=^C\;<v36l10!_W58VS:=^*\]<n^C1¬[g_Ÿ3W<4^Gm149=^':=<d^ŽVS:†_\=1S^*^Ÿ_Ÿ19m7¢<4^1mM*V4_WV#:=^*<:2<4&46<%_'Z#[<'

=V#[=37T<4^N14[S_Ÿ3W<4^F=1¬9=^'m7T<"_Ÿ1¬[<d<:m\;VSU:=<'3W<j_Ÿ1†36\;l \D„[=:L_¤3W58Y<†^Ÿ_¤3W< <†^Ÿ_58:†_Ÿ3WV]\†[&5k_"!#VSY*Y< h;1#3W5819=7”< <E<=7T5O!41_Ÿ58h=<C1

b=5 :=V#[^'<:=7T<hmVS:=^7T<E4&4W<j_,\;< !†<j_T_6<ChX1#3W5819m7T<LV#[k'r^j5.:=V#[^ 5i:¬_¤3WV;\#[=5T^ŽVS:=^,[=:¨VK&l3W1_¤<[=3,3W<j_Ÿ143W\H=V#[=3,V09g_W<:m5¢3,781

h;1†365¢1.9=7T< \#[_Ÿ1¬[<\k”58:†_Wl3Mj_N<:*_[]:=5TZ#[<Y<:S_N<:vhX1#3W5819m7¢<C<:=\;VXU:=<'&:mV†[&^"V09g_6<:=VS:=^,14[&^^j5!\]<n^\!†V]<4&4W5O!†5T<:†_W^

^6[ml365T<[m3%^6`7„[;:=5k_6l5&V#[=3Ò7&Tl!41#3˜_¨\DT5„:4Ÿ781_Ÿ5”VS:1 ? [^Ž^j5'<:Ý_6<:;14:†_N!4VSY g_6< \;<?!†<j_T_6<a\S9]:X1#Y5TZ#[&<l'×:=V#[^

!4VS:=^Ÿ_Ÿ1_ŸVS:=^,Z#[<C781*3Wl=VS:=^<C\;<C7TVS:;U*_W<3ŸY<C\;<†^,G"AM C[;:;<'h;1†3W581_Ÿ58VS:\;< 7858:4Ÿ7¢1_Ÿ5TVS:<4^Ÿ_U=7TV09=1#7T<Y<:g_1g^^‚<

l47T<h=l4<^6[=3781L^‚<,!#VS:=\;<^jV#[^Ed&l3j58V;\;<3#o,'8c;cC<:@G,<478U=5TZ#[&<l' *<:*B^J=1¬Ug:m<<j_o,'8cC<Ž: E 3W14:!#<,$1

b][=3x7&8<:=^<Y 9&7T<Ö\;<Ö781 l3W5”V;\;<'7”V09,*<!_Ÿ54 \;< !43jVS5T^^j14:!#<ÖYVS:=lj_Ÿ1†583j<Ý1.=1#3Ÿ1,W8_x^Ÿ_Ÿ1_Ÿ5T^Ÿ_¤5¢Z#[&<Yd<:g_

^j5„U;:=5O465=!41_Ÿ54,\g1¬:=^C7T<n^v=1¬9]^'Z#[5.h=<45T7T7T<:†_<E4&4W<!_658h=<Y<:g_,14[Ò^6[=5„h=5\;<H!†<j_"1¬U;3WlU;1_,Y*1†5T^'7T<n^'h;1#7T<[m3%^,_Ÿ3WV#[;h=l4<†^

=V#[=3F!†<\=1#3W14Y j_Ÿ36<3j<4^Ÿ_6<:¬_S4Ÿ1†5>9=7T<4^=VS36Y5i^,<: ? 7T7T<Y*1#U;:=<L^6[m3781C\;l,!#<:;:=5T<CfR]1CT<<&7¢5d!41_Ÿ5TV#:H<Ž[g_FM%_¤3W< Z#[!<

781 !43WVS5T^^j14:!#<ÝYVX:=l%_¤1†583j<`:=<?!#VS:=^Ÿ_Ÿ5k_H[&<@=1g^ [;:­VK9*<E!_W5O4Ó14[ ^j<:=^a^Ÿ_¤3W5O!_2V0/ 7T<4^ 14[g_ŸVS365_6l4^x36l1#U;583W1†5”<:¬_

^69=^Ÿ_6lY@1_Ÿ5TZ#[&<Y<:g_F _ŸV#[g_l,!41#3˜_1]B787T<n^-:=<B4WVS:†_Z#[<L^%[58h;36<@^jV#:lh=V;7„[g_¤5TVS:<: =1#3W1#7¢7O47T<'14h=<!*781^Ÿ_H19m5¢7”5_6l \;<†^

=365P< 1 D

[;1¬:¬_ '7j”l,!41#3˜_r\S<Qm3WV;\#[!_65TVS:']5¢7&^Ž<Y 97T<3Mj_Ÿ3j<N[;:m<"hm1†3W581.9=78<Q&<3H_Ÿ5„:=<:†_W< \S1¬:]^7”<Q=36V!†<4^^6[^\]<\]l!†5T^j5TV]:

\;<4^9=1#:XZ#[&<†^\!†<:†_Ÿ3W1#7T<4^!#<n^'\S5><Ø\;<3W:m53j<4^,14:;:=l4<4^1]Q!1†3Q!4VX:¬_¤3W<'!^6[=3N7&”<:]^Ž<Y 9&7T<L\]<*7¢1G&l3W5TVS\;<' 78V#[g_;[g_FUX1.

1=143Ÿ1,W8_^j5„U;:m5=465O!41_Ÿ5O4\S1¬:]^ ^<Ž[=7T<Yv<:¬_'_Ÿ3WV;5T^Hm149=^^6[=3oS[=5k_1NAN<¨3Wl4^6[7k_Ÿ1_G=<Ž[g_G=36V#h=<:=583\;<Ò781ÓY<4^6[=3W<Ò\m<

7&TV#[g_][g_U;1ØZ#[&5 :k/<4^Ÿ_Fm1g^N_ŸV#[,*ŽV†[m3%^N_Ÿ3Jn^v4Ÿ5¢1.9=7T<C12Ÿ7<n^¤_"<:Ø<4&46<%_ =1†3J4ŸVg5T^'\;5O4&4W5O!†5”7T<*\;<*\;5T^Ÿ_Ÿ5i:;US[<3"7&TlhmV;7„[g_Ÿ5TV]:

\D81K!_Ÿ5ih=5k_WlZ#[=5m3%<47dh=<\;<n^F!.=VC!†^N\/VR4J4Ÿ3W<<j_^=1†3"!4V#:=^Žl4Z†[&<:†_Z#[=5m:=<,:=l!#<n^Ž^5k_6<:¬_^m1g^\S<"3jl1K!_Ÿ5TVX:@\;<†^1¬[g_ŸVS3W5k_Ÿl†^

Références

Documents relatifs

To test whether the vesicular pool of Atat1 promotes the acetyl- ation of -tubulin in MTs, we isolated subcellular fractions from newborn mouse cortices and then assessed

Néanmoins, la dualité des acides (Lewis et Bronsted) est un système dispendieux, dont le recyclage est une opération complexe et par conséquent difficilement applicable à

Cette mutation familiale du gène MME est une substitution d’une base guanine par une base adenine sur le chromosome 3q25.2, ce qui induit un remplacement d’un acide aminé cystéine

En ouvrant cette page avec Netscape composer, vous verrez que le cadre prévu pour accueillir le panoramique a une taille déterminée, choisie par les concepteurs des hyperpaysages

Chaque séance durera deux heures, mais dans la seconde, seule la première heure sera consacrée à l'expérimentation décrite ici ; durant la seconde, les élèves travailleront sur

A time-varying respiratory elastance model is developed with a negative elastic component (E demand ), to describe the driving pressure generated during a patient initiated

The aim of this study was to assess, in three experimental fields representative of the various topoclimatological zones of Luxembourg, the impact of timing of fungicide

Attention to a relation ontology [...] refocuses security discourses to better reflect and appreciate three forms of interconnection that are not sufficiently attended to