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Telecommunications: understanding the dynamics of the organization of the industry

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(1)Telecommunications: understanding the dynamics of the organization of the industry Jean-Luc Gaffard, Jackie Krafft. To cite this version: Jean-Luc Gaffard, Jackie Krafft. Telecommunications: understanding the dynamics of the organization of the industry. Telecomvisions, 2001, http://www.telecomvisions.com. �hal-00203655�. HAL Id: hal-00203655 https://hal.archives-ouvertes.fr/hal-00203655 Submitted on 10 Jan 2008. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published 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..

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(32)  t € t [ p›zt €Ku [iv/~~ V p W q xO[ t V}~V‡W8€ t-z v/{|Yax p vaWVX[i\ V sas [ivV}w o8t(q vaW x oat • t \–(Y t(q x p vIWRvauœx oat_tXz v{|Yax p vIWRvauœx oat x t { t w-v/~_~YZW p w}V„x p vaW q'p Wa€(Y q xO[O\RT qit w x p vaW ^ad  n v s [Žv/w t-t €Hx o8t VX[Ž‹LY~ t Wxu™Y[Ox oat [ † V1Wa€AxOvKVXW8V‡{ˆ\ št ž oat x o8t [©x o8t p W€(Y q xO[]\ t-z v/{ ztLq xŽv8žVX[i€ q V w}va~ st x p x p“zIt va[_VXW*va{ p ‹v s va{›\ q xO[OYZw„x Ya[ t-† ž t0q xO[ t(qDq x o V„xx o8t p W8€(Y q xO[ \ o V q xŽv0 t w}vaWaw t}p›zZt €*V q V a[Šv/V}€ q \ q x t ~ w}v/~ s v qit € vauê zt [ x p w}V}{{¡\ ‘ [ t {V„x t € «q Ya q \ q x t ~ qÃq YZw o V q t –(Y pˆs ~ t Wx q Y sas { pt [ qŠ† x t { t w}v/~_~YW p w}V„x p vaW q w-VX[][ pt [ qi† —ŽW(x t []W t x¥V}w-w tLqCq V}Wa€ qŠt [ zp w t$s [iv zp € t [ qi† a[Šv/V}€aw-V q x p WL‹ V}Wa€.

(33) ~ p €a€a{ t ž_V1[ t ‹a[ivLY sq  n+oaprq W t ž§€ t u p W p x p v/W_vaux oat'p Wa€LY q xO[ \ p q Y qŠt urYZ{Ixrv VXW8V}{“\ š5t x oat xO[iVXW qip x p vIW_u [iv~ x oat va{ˆ€‰x t { t w-v/~_~yYW p wV„x p vaW qp W€(Y q xO[O\‰xŽv‰x oat W t ž p WauOv ‘ w}v/~_~yYZW p wV„x p vaW qp W€(Y q xO[]\ p W¬ž oap w o V}w„x p›zp x pt(q q YZw o V q x oat —iW(x t [ŽW t x † w-vI~ s Yax p W5‹ †©q v/u™x žVX[ t-† ~ p €a€a{ t ž&VX[ t V}Wa€08[ivV}€aw}V q x p W5‹V}w„x p›zp x ptLq VX[ t wX[ YZw p V}{  Î { t VX[i{›\ † ž o V xƒvw}w„Y[ q ž p x oap W*V q Y/ q \ q x t ~ p q_oap ‹ o {¡\ǀ tXsZt Wa€ t W(x¸vIWKž o V x o V sast W q V}~_vaWL‹ vLx oat [®TrY sq x [ t VX~ vI[®€av8ž’W q xO[ t VX~’d q Y q \ q x t ~ q  £Yax † ~_vI[ t p ~ s vI[ xŽV1W(xO{›\ † x oaprq W t ž € t u p W p x p vIWw}{VX[ p u pt8q x oat w o V}{™{ t WL‹ tLq [ t {V„x t €xrv p WaWav z V x p vaWAž oap w oKp q V [ t w„Y[][ t Wx sao8t Wav/~ t W8vIW p W x oap™q&p W€(Y q xO[]\Zœ—]WvLY[ st [ q]st w x p›zt-† x oat va[]‹VXW p›š V„x p vIWvau¸x o8t0p W€(Y q xO[]\~yY q xƒ t w}vaW qip € t [ t € V q V ~ t V}W q v/u+~&VX• p Wa‹ zp V-{ typ WaW8v z V„x p vaW s [iv/w t(qCqDt(qŠ†tLqCqDt Wx p V‡{{¡\&a\ s [iv zp € p Wa‹RV sas [iv s [ p V„x typ Ww t W(x p›ztLq VXW8€AV}€V s xŽV„ p { p x \w-vIW8€ p x p v/W q /¤ p [ q xO{›\ † x oat va[]‹VXW pˆš V„x p vIWRvau+x oat.p W8€(Y q xO[ \ o V q xŽvAuOV z va[œx o8t.t W(xO[]\Rv/u W t ž u p [i~ q p WxŽvHx o8t € p uOu t [ t Wx q Y/ q \ q x t ~ q vaWQ t}o V}{™uvauV}W tX»ast w x t €Aw-vIW qiprq x t WawX\v/u p W zZtq xŽ~ t W(x q p ~ s { t ~ t W(x t €”a\ t V}w o u p [i~Ry¨ t w}vaWa€a{¡\ †.q vI~ t w}va~ st x p x p›zIt V}€ ]Y q x]~ t Wx q ~ t w o V‡W p q ~ qRo V zt xŽv V sast V1[v zt [Ÿx p ~ t p W

(34) va[i€ t [JxOvA[ t €(YZw t x oat.p ~ s V}w„xŸvauœYW tX»asZt w„x t €A€ p™qDt –(Y p { p [ p V †ct  ‹€ p™qDt –(Y p { p [ p V ž oap w o vw}w„Y[J€ t(qŽs/p x t x o8t € tqip [ t € w}vaW qip q x t W8wX\&v/u p W zt(q xO~ t W(x q T qit w x p vaW_ÕLd ‚ t 5Y p {€ vaWyx oap q IV qip q VXW”V}WaV}{¡\ qCp q v/uyx oat w„Y[][ t W(x t„z v/{|Yax p vaWÃvauyx oatp WuOv ‘ w}va~_~YW p w}V„x p vaW q V xyx o8t VX‹ t vIu oap ‹ o q]sZt}t € —]Wx t []W t x'V1Wa€KÕ  ~vI p { t˜so vaW tLq 2‚ t w}vaWw}{|YZ€ t x o VXxx oat {V„x t(q x t„z v/{|Yax p vaW q vL qit [ zZt €Až p x oap W

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(45) jXµ Ú Ú µ ² µ 2µLÊ ½ hiµ_l}µ Ú ± hiÉ¡hŠÉ™µ ² ̒W(x p { x o8t b Æ Ö5` « qi† x o8t‰p W€(Y q xO[ \ vuAx t { t w}v/~_~YZW p w}V„x p vIW q*p q w o VX[iV}w„x t [ p¢št €a\§x oat uOv/{ˆ{ˆvLž p W/‹ t { t ~ t Wx q  n?o8t0p W€(Y q xO[]\ p q w-v/~ s v qit €vIu'x t { t w}v~.~YZW p w}V„x p vIW q w-VX[][ pˆt [ q ž oap w o VX[ t ~_v/Wav s va{ ptLq T ‹ t W t [iV}{™{ˆ\ †.q xŽV„x t-‘ vLžW t €‰~_vaWav s vI{ pt(q d † VXW8€ o V zt V*u™YZ{™{_w}vaW(xO[ŠvI{’v zIt [ x oatp Wau [ŠV q xO[ YZw„x Y8[ t(q VXWa€ qit [ zp w tq£p W x o8t}p [[ t(qŽst w„x p›zIt w}vLYW(xO[ pˆtLq  n+oat x t w o Wav{™va‹ pˆtLq V1[ t ZV qŠt €˜vIWHw p [Šw„Y p x ‘<q ž p xŽw o8t € q \ q x t ~ q _ž oap w o ~ t V}W q x o V„x:V{ t V qit €_{ p W t'prq:s [ t}‘ V}{ˆ{ˆvw(V x t €yL\x o8t x t { t w}v/~_~YW p w}V x p vaW q w}VX[][ pˆt [cxŽv'x oat't W8€ ‘ Y qit [ q uOvI[ƒV}{ˆ{?x o8t €(Y[iV„x p vaWKvIux o8t w}vIWaW t w„x p vaW V}Wa€ s [iv zap € t(q V.ž t {ˆ{ ‘ € t u p W t €KV}Wa€Kw}{ˆv qDt € qŠt x vIu V sas { p w-V„x p vIW qŠ† WV}~ t {ˆ\0x o8t xO[ŠVXW q ~ prq qip v/Wv/u z v p w t wV}{¡{ q TŠ{“v/w}V}{ † {ˆvWL‹€ prq xŽVXWaw t V}Wa€ p W(x t [iW8V„x p vIW8V‡{ˆd VXW8€®x o8t uŽV »  n+oatqit ~v/Wav s vI{ pt(q w}V}W t}p x oat [K tÃzt [ x p w}V}{{¡\ ‘]p Wx t ‹a[iV„x t €®ž p x o x oat}p [ t –(Y p¡s ~ t W(x s [iv zp € t [ q Trx oap q£p q x oat w}V qDt vau ºƒnJn p W x oat ÌH¨ad † vI[Ÿw}vIW5W t w x t €.ž p x o V‹a[ivLY s vIucIv8x o w}v/~ st x p x p›zt VXW8€0w-v/v st [ŠV„x p|zZt t –(Y pˆs ~ t Wx q Y sas { pt [ q Trx oap q'p q x o8t wV qit v/u+Í nœn ž p x o V.‹a[ivLY s vau£uOv8Y[ € p u]u t [ t W(x t –(Y p›s ~ t Wx q Y sas { pt [ q d † va[ p WxO[ p W qip wV}{¡{ˆ\˜{ p Wa• t €ž p x o x o8t ~¦x o [ivLY‹ o V¸ p {V„x t [iV}{~_v/W8v s va{›\ q xO[ YZw„x Y[ t Trx o5prq£p q x oat w}V qit vaucÐ t Yax q w oatnJt { t •v/~§ž p x o ¨ p“t ~ t W qŠ† V‡W8€.¤[iV}Waw tnœt { t w}v~¦ž p x o˜º {w}V„x t {› d

(46)  n+oat p W€(Y q xO[]\ p q w}vaW qip € t [ t €&V q ‹{ˆvIIV‡{{¡\ t u u p w pt W(x p Wƒx oatqDt W qit x o V„x:w}v q x:€ t wX[ t V qit(q ž t [ t't w o v t €_vaWyx oat u p WV}{~ V1[]• t xca\H€ t w1[ t V qit(q£p W s [ p w t q   n+oatyp Wa€(Y q xO[O\ p qoap ‹ o {“\ p WaWav z V„x p›zZt}† ~_V p W{¡\HvIWx otq]st w p u p w €ava~_V p Wvaux t { t w}v~.~YZW p w(V x p vIW q W t x žvL[]• qi† VXW8€ x oat(qŠtp WaW8v z V„x p vIW q VX[ t x o8t¦s [iv€(YZw x vIuV}W p W(x t W qip›zZt x t w o Wav{ˆvI‹ p w}V}{w}v~ st x p x p vIW  t x ž t}t W[ t(qit VX[iw o {ˆVXva[iV„xrvI[ pˆt(qi† € p [ t w„x]{›\ { p Wa• t € ž p x o x t { t w}v/~_~YW p w}V„x p vaW q v st [iV„xrvI[ q   n+oat¬p W€(Y q xO[]\ p qÃoap ‹ o {ˆ\ p W z v/{ zZt € p W w}v/v st [iVCx p›zt [ tLqŠt VX[iw o s [iv  t w„x q V„x/x o8t¸p Wx t []WaV x p vIWV}{{ t-zIt {   . —]Wx oat [ t w t W(x¯\ t VX[ qi† VXW8€ ~&V p W{¡\&v zt [?x o8t b ÆaÆ ` « qi† x o8t x t { t w}v/~_~YZW p w-V„x p vIW qp W€(Y q xO[]\ o V qp Ww„Y[][ t € ~&V}WL\¬w o V‡W5‹ tLqi† V‡W8€ w(V}W x o Y q  t w o V1[iV}w„x t [ p›š‡t € a\Ãx ot uOv/{ˆ{ˆvIž p W5‹ t { t ~ t Wx q  n?o8t p Ww„Y~ t W(x ~_v/W8v s va{›\&u p [<~ q VX[ t's [ p›z V„x p›št € † V‡W8€ ~_VX[]• t x q V1[ t € t [ t ‹LYZ{ˆV„x t € p Wx oat ̘¨HvL[œ{ t ‹V‡{{¡\H{ p  t [ŠV‡{ pˆšLt € p W ÑJY[]v st a\RV qDt [ pˆtLq v/ucÑ Î € p [ t w x p›ztq  º x+x o V„xcx p ~ t}† x oat x t { t w-vI~_~YW p wV„x p vaW q£p W€(Y q xO[]\Hw}V}WaWavLx+ t [ t €(YZw t € xOv x t { t w}v/~_~YW p w}V x p vaW q w}VX[][ pt [ q V1Wa€ t –(Y pˆs ~ t W(x q Y sas { pt [ q V‡WL\~vI[ t  nJt { t w}v/~_~YW p w}V x p vaW q&o V q W8v8ž ~_va[ t

(47) p W(x p ~&V„x t w}vaWLW t w„x p vaW q ž p x o w}vaWaW t w x t € V-w„x p›zp x ptLq˜q YZw o V q w}va~ s Yax p W5‹ †¦q v/u™x žVX[ t-†¦qit ~ p w-vIW8€(YZw„xŽvI[ qi† x o8t —]Wx t []W t x¥VXW8€ t-‘ w}v/~_~ t [iw t-† V‡W8€"x oat ~ t € p V5 Î vIW qit –(Y t Wx]{›\ † u p [i~ q ž oap w o YZWa€ t [ xŽVX• t x o8t(qit V-w„x p›zp x pt(q V1[ t WavLž w}{ˆv qit {¡\ p W z v/{ zZt € p W x ot t„z v/{|Yax p vIW v/ux ot x t { t w}v/~_~YW p w}V x p vaW qƒp W€(Y q xO[]\Z º ~&V qDqip›zZtQs [ivw t(qDq v/u t W(xO[]\ v/w}w Y[ q x oat W

(48) ž p x o ž p € t {ˆ\€ p uOu t [ t Wxu p [i~ q VX[][ p›zp Wa‹ p Wx oat

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(52) vaW t  t}p Wa‹x oatAs V-wX• t x ‘<q ž p xŽw o8t €0x t w o W8v/{ˆva‹I\Kž oap w o*p ~ s { ptLq x o V„x ~ tLqCq V1‹ t8qŠ† € t w-vI~ s v qit € p W s V}wX• t x qi† VX[ t qit Wx V1{¡{Çv zIt [Ãx oat —]Wx t []W t xÃW t x ž’vI[Ž•VXWa€ u™Y[Ox oat [ [ t V qCqit ~Z{ t €V„x£x t []~ p WV„x p vaW n+oat € tXzt {ˆv s ~ t W(x vau oap ‹ o w}V s V}w p xO\ÇV}Wa€ p W(x t {ˆ{ p ‹ t W(x W t x žvI[Ž• qyo V q p W z v/{ zZt €*VR~YZ{|x pˆs { p wV„x p vaW*V q ž t {™{V q VA–(YZV}{ p xŽV„x p“zIt € p“zZt [ qip xO\*vauƒV sas { p w}V„x p vaW q T t}p x ot [ t uOu t w x p“zZt-† q YZw o V q xŽva{ˆ{ ‘ u [ t-t W(YZ~ t [ qi† WaV}~ t va[WY~ t [ p € t W(x p u p w}V„x p vIW †2z v p w t ~ t(q q VX‹ p Wa‹ † [Šv8Y5x p W5‹Kv/u£wV}{ˆ{ qD† €aV„xŽV0x [iVXW q u t [ †ƒo va~ t V}W5• p Wa‹ †¸zp € t v‰vaW­€ t ~V‡W8€ †¸zp € t vw}vIW5u t [ t Waw p Wa‹ † vIWa{ p W tÃqit [ zp w t(q $ƒva[ p W € t„zIt {“v s ~ t Wx †œq YZw o V q x t { tXso vaWL\Kv zt [£x oat —]W(x t [ŽW t x † ~ ‘ w}vI~_~ t [iw t d  n?o8t.p WwX[ t V qip Wa‹0WY~ t [ vIu W t x ž_va[]• qRq Y sas va[ x p W5‹ x oatqit x t w o Wav/{“vI‹ p w}V}{ p WaWav z V„x p vaW q VX[ t x o8t W p W8€(YZw t € xŽv € t„zIt {ˆv s V0‹a{ˆvLV{ p W(x t [ ‘ w}va~ s V x p  p { p xO\*xŽvÃw1vIW5W t w x t W8€ ‘ Y qDt [ q„Øœs Y/{ p w q ž p xŽw oat €Çx t { t w-v/~_~YZW p w}V„x p vaW q W t x žvI[Ž• q uOvI[ {ˆvw}V}{ † {“vIW5‹ € prq xŽVXWw t V}Wa€ p W(x t [ŽWaV„x p vaWaV}{Kw}V}{™{ q v st [iV„x t €a\ p W8w„YZ~ t Wxu p [i~ q [ t –(Y p [ t xrv  t p W(x t [Šw}vIWaW t w„x t €0ž p x o W t ž t WxO[iVXWx q « W t x žvL[]• qŠ† W8V}~ t {ˆ\~_vI p { t W t x ž’va[]• qi† w}V { tn Ó W t x žvI[]• qŠ† € p ‹ p xŽV‡{+x t w o W8v/{ˆva‹ p“t8q uOva[y{“v/w}V}{VX[ t V˜W t x ž_va[]•VXWa€Až p € t VX[ t V˜W t x ž_va[]•  ÄJº Í V}Wa€

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(59) vaW oap ‹ oAst [<uOva[i~_V}Waw t W t x žvI[]• q $/x o8t w o v p w t uOva[~_vL p { p xO\v/u?x o8t t –(Y pˆs ~ t W(x s [ t ~ p qit}† vu x oat't Wa€ ‘ Y qŠt [ † vIux oatyqŠt [ zp w t(qi† vaux o8t € p u]u t [ t Wx t { t ~ t W(x q ž p x oap Wyx ot W t x žva[]• n?o8tyq]st w p u p w p xO\ o8t [ t p q x o V„x+x o8t(qit W t ž ~&VX[]• t xv sas va[ x YW p x p“t(q VX[ t WavLxw}V s x Y[ t € p W p x p V‡{ˆ{ˆ\˜/\ t-»p q x p WL‹u p [i~ q LYax+a\RW t ž t WxO[iVXW(x q }Í t ž§u p [i~ q VX[ t x oat W&VX{ t xŽv˜VXW8V}{“\ št w„Y q xŽvL~ t [ q1« V„xx t ~ s x qœp Wx t [i~ q v/ux t w o W8v/{ˆva‹ p“t8q V}Wa€ . .

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(100) ž p {™{J t x oat €av~ p WV}W(x q x [ YZwCx Y[ t p q Wav(x { tLqCq W8vI[J~_va[ ts [Žv8IVX{ t x o VXWyx o8t [ t„zt [ qŠt V qCq Y~ s x p vaW_vIux o8tyq Y q xŽV p WaVX p { p xO\_vucw-v/~ st x p x p vaW n+oat € p›zt []‹ t W(xJw-vIW8w‡{ÜY qip vaW q vIux oat(qDt w}vaW(xO[ p 5Yax p vaW q V}[ t –(Y p x t WaV„x Y[iV}{ †Zt(q]st w p V}{™{ˆ\ p ucž t {ˆv/va•˜V xx oat • t \ –(Y tLq x p vIW q x oat \­V}€a€L[ tq q [ t(qŽst w„x p“zIt {¡\£—]W vaW t w}V qŠt}† x oats [ivL{ t ~ p q x oat € t u p W p x p vIW v/u&V(W v s x p ~&V‡{ s [ p w p Wa‹&[ t ‹ p ~ typ WHVyw}vaW(x t » xJvau2x o8tyt ~ t []‹ t Waw t v/u+w-vI~ sZt x p x p vaW p W˜V'W t x žvL[]• p W8€(Y q xO[]\ZL—]W x oat v(x oat [ w}V qŠt}† x oat • t \ p qCq Y t p q x ot € t u p W p x p v/Wv/uœx o8t €L[ p›zZt [ q v/uœx oat˜tXz v/{|Yax p vaWKvauŸx o8t p W€(Y q xO[]\ † x o V x p™q x oat YZWa€ t [i{“\ p Wa‹ t w}vaWav/~ p wyuOva[iw t(q x o V xcxO[iVXW q uOvI[i~ t €x oat x t { t w}v~.~YZW p w}V„x p vIW qp W€(Y q xO[ \&v zt [ x oat [ t w t Wx©\ t V1[ q  n+oap qyp W z v/{ zZt(q [iV}€ p w}V}{™{ˆ\K€ p u]u t [ t W(x zp qip v/W q v/uvLx o x oatQq xO[iV„x t ‹ p“t(q vau©u p [i~ q V‡W€ x oat vI[]‹V1W p›š V„x p vaW¬v/u x o8t p W€(Y q xO[ \ † V}Wa€Œx ot v sas v q p x p vW‰ t x ž t}t W‰x o8t(qit € p uŽu t [ t Wx zp qip v/W q w-V(W ‹ t W t [iV„x t u™Y[ x o8t [cx t V}w oap Wa‹ q V-Iv8YaxZž o V„x¯W t}t € q xOv tp W ztLq x p ‹ZV„x t € ¤ p [ q xŽ{›\ † x oat { tXzIt {:v/uV‡W8V}{¡\ qip q'p q € p u]u t [ t W(xD n+oat u p [ q xV sas [ivV}w o uOv/w Y qit(q vaWQ p {V„x t [iV}{[ t {ˆV„x p vaW qioap¡sq T p Waw„YZ~ t Wx&VXW8€ t W(xO[ŠVXW(xOd † vL[xO[ p {™V x t [iVX{[ t {™V x p vaW qioapˆsq T p Waw Y~ t W(x †'t WxO[iVXWx_VXW8€ [ t ‹LYZ{ˆV„xŽva[Od  n+oat p W(x t [ŠV}w„x p vIW

(101)  t x ž t-t WAx oatLqŠt € p u u t [ t W(x t Wx p x pˆtLqƒp q ‹ p“zt WKV}W8€ †œp WV}WL\w-V qŠt}† x oat –(Y t(q x p vaWKv/u o vLžV W t ž t W(xO[ŠVXW(x'ž p x o Wav q]st w p u p w

(102) w}v/~ st x t W8w t

(103) p W0x t { t w}va~.~YZW p w}V„x p vIW q T  t}p Wa‹ p W p x p V}{™{ˆ\V q vIu™x žVX[ t w}va~ s V}WL\ † V}W p W/uOva[i~ V x p vIW qŠt [ zp w tys [iv zp € t [ † V~ t € p Vy‹a[ivLY sa† vL[£VXW p WauO[iV q xO[ YZwCx Y[ t v8ž’W t [ q YZw o V q t { t w„xO[ p w p xO\ † ‹V qi† žV„x t [ † [iV p {ˆ[iv/V-€Ãw}va~ s V}W p™tq d˜w-v8YZ{ˆ€ t W(x t [x o8tp Wa€(Y q xO[ \”V}Wa€”w}v/~ st x t ž p x o x oat p Ww„YZ~ t Wx qAp q w}va~ s { t x t {›\­W t ‹{ t w„x t €£—]W x o8t qŠt w}vaWa€ V sas [ivV}w o8† x oap q –(Y t(q x p vaW prq w t WxO[iV}{ƒV‡W€ p W z v/{ zZt(q x oat V}WV}{¡\ qiprq vau ~YZ{|x p {V„x t [iV}{‰[ t {ˆV„x p vaW qioapˆsq  Ð tXst Wa€ p Wa‹ vaW x oat}p [x t w o W8vI{“vI‹ p w}V({ V-wX•a‹a[ivLYWa€ † x o8t}p [ q xO[ YZw„x Y8[ t}† x oat}p [€aV„x t vIu t W(xO[ \ † x oat}p [w}va~ st x t Ww t(qi† x oat}p [ q xO[ŠV„x t ‹ pˆtLqi† x oat}p [ q]st w p u p w'[ t {V„x p vIW qioap¡sq ž p x o Y sq xO[ t V}~ V‡W8€_€av8ž’W q xO[ t V‡~§u p [i~ qi†q v/~ t W t ž t W(xO[ŠVXW(x q € p € t x™x t [cx o VXW x oat}p [w}va~ st x p xŽva[ qi†  t xx t [ x o V1W tq xŽV„{ prqiot €‰u p [i~ q   vI[ t v zt [ † • t \ z VX[ p VX{ tq V1[ t € p u]u t [ t W(xD—ŽW w}vaW zIt Wx p vIW8V‡{V}WV}{›\ qDtLqi†œz V1[ p VX{ t(q˜q YZw o V q x oat

(104) p WwX[ t V qip Wa‹€ p›zZt [ qip xO\vauƒ€ t ~&V‡W8€ † vI['x oat [ŠvI{ t vu oap ‹ ost [iuOva[<~V‡Ww t(qRp W q xŽvwX• ~_VX[]• t x qŠ† VX[ t W t ‹{ t w x t € † va[˜VCx_{ t V q xxŽVX• t W”V q ª tX» x t []WaV}{ « TO‹ p›zt Wad u t V„x Y[ t(q (—ŽW tXz v/{|Yax p vaWaVX[]\ ‘ V qit € V sas [ivV}w o8t(qi† x oatLqŠt z VX[ p VX{ t(q VX[ t • t \ t { t ~ t W(x qJp Wx oat V}WV}{›\ qDprq v/u x oat {ˆvIW5‹ ‘ x t [i~ zp VX p { p x \ v/u t W(xO[iVXWx q .Ñ q]st w p V}{ˆ{¡\ † ot { sZt € a\ V [iV s/p €a{¡\¥[ prqip Wa‹ qio VX[ t¬s [ p w t-† {V„x t w}va~ t [ q w}vLY{ˆ€ q Yw}w t(q q u YZ{¡{ˆ\ t W(x t [x oat ~_V1[]• t xJ t w}V„Y qŠt x o8t \w}v8YZ{ˆ€ LY\˜x oat x t w o W8v/{ˆva‹I\&xOv x oat t –(Y p›s ~ t Wx q Y sas { pt [ qi† V}Wa€ € tXzt {ˆv s W t ž w}vI~_~ t [iw p V}{ s [iV}w„x p w t(q V}€aV s x t € xrv x oat¦p W8wX[ t V qip W/‹ € p“zIt [ qip u p w}V„x p vIWvIu¯€ t ~&V‡W8€ n+oaprq u p [ q x s v p W(x qio vLž q x o V„xAx o8t t-z v/{|Yax p vaW§v/uQx ot x t { t w-v/~_~YZW p w}V„x p vaW q*p W€(Y q xO[]\ w}V}WaWavLxA t [ t €(YZw t €Hxrv.x oat q va{ t_p Wx t [iV}w x p vaW  t x ž t}t W x t { t w-v/~_~YW p w}V x p vaW q w-VX[][ pt [ qi† WaV}~ t {¡\ p Ww Y~ t W(x q VXW€ .

(105) t WxO[iVXW(x q  n+oat V‡W8V}{¡\x p w}V}{_u [DV}~ t ž_va[]•Œž p x oap WŒž oap w o x oaprq tXz v/{|Yax p vIW o V q xŽvŒ tÃq x YZ€ pˆt € o V q xŽv p Ww}{“YZ€ t vLx oat [ qŠt x q vau

(106) V-w„x p›zp x pt(q 'Ñ qŽst w p V‡{{¡\ † x oap q u [iV}~ t ž_va[]• o V q xOv p W8w}{“YZ€ t Y sq xO[ t V}~ V‡W€ €avLžW q xO[ t V1~ u p [i~ q ž o v s {™VX\QV€ p [ t w„xJ[iva{ t vaW.x o8t wXY[][ t WxwXva~ st x p x p vaW  t x ž t}t W p Ww„YZ~ t Wx q V}Wa€ t WxO[iVXW(x q V„x/x o8t W t x žva[]•v st [iVCxOva[c{ t-zZt {  ¨ t w}vaWa€a{›\ † V qCq YZ~ s x p vIW q vIWRw}v q xŸVXW8€A€ t ~_V}Wa€Ru™YWw„x p vaW q VX[ t € p u u t [ t WxD Î vaW zZt W(x p vIWV}{¯V sas [ivV}w o8tIq ‹ t W t [iV}{™{ˆ\uOvw„Y q vaW s [ivL{ t ~ q v/u s [ p w t w}v/~ st x p x p vaW p WV q xŽV { tRt W zp [ivaWa~ t Wx †œt ‹ p WV˜w}vIWx t„» x ž oat [ t w}v q x?VXWa€&€ t ~V‡W8€ u™YWw x p vIW q VX[ t vL qŠt [ z VX{ t a\Hu p [i~ qi† x o v8Y‹ o WavLx st []u t w x]{›\Hv8 qit [ z V-{ t \ x oap [i€ s VX[ x p“t(q Trx oat [ t ‹LY{ˆV xŽvL[]d Ñ z vI{ÜYax p vIWV1[Š\ ‘ V qDt €VXW8V‡{ˆ\ qŠt8q*q Y q xŽV p W o v8ž t„zIt [

(107) x o V„x˜x oap™qKs [ p w t w}va~ st x p x p vIW V sast VX[ q V q V qŽst w p u p wuOV(w t xHvIu&V*~_vI[ t w}vI~ s { tX» [ p›z V‡{¢[Š\ p WÞ oap w o € p qDt –(Y p { p [ p V s [ t„z V p {  nœo8t(qit € p qDt –(Y p { p [ p VVX[ t ‹ t W t [iV x t € a\ VwvIW q xŽVXWx&€ p q w}v zt [Š\”vu.W t ž x t w o W8v/{ˆva‹I\”V}Wa€ ~&VX[]• t xv sas vL[ x YW p x pˆtLq ž oap w o˜p ~ s { p™tLq x o V„xw}v q xV1Wa€˜€ t ~_V}Wa€˜urYZWaw x p vaW q V1[ t.q Y  t w„x+xrvQ[iV-€ p w}V}{¯V‡W€ st [ qip q x t W(x:w o VXWL‹ t  ¤[iva~¦x oap qqŠt w}vaWa€ s v p Wx † ž o V„x+W tt € q xŽv. typ W zZtLq x p ‹ZV„x t € p™qs [ t w p qit {¡\ o vLž¬x oatLqit € p qDt –(Y p { p [ p VVX[ t ‹ t W t [iV„x t €”VXWa€ ž o V„x p q x oat}p [ p ~ s V-w„x_Wav(xvaWa{“\”v zt [x p ~ t}† LYax&V}{ q v V„x t V}w o ~_v~ t Wx p W x p ~ t  Î { t V1[<{›\ † V}WL\ t WL‹V1‹ t ~ t W(x p WKV}W p WaW8v z V„x p›zZt s [ivw t(qDq'o V q V}W p ~ s V}w x'v zt [©x oat {ˆvaWL‹

(108) x t [i~~ V1[]• t x q xO[OYZw x Y[ t1† 5YaxƒVX{ q v*v zt [¸x o8t w„Y[Ž[ t W(x ~&VX[]• t x q x [OYZw xY[ t V q [ t uO{ t w„x t € p W z VX[ p V„x p vIW q vau s [ p w tLq V‡W€ žVX‹ t(q va[ p W0x o8t

(109) p ~ s { t ~ t W(xŽV x p vIWÇv/u q]st w p u p w

(110) va[]‹VXW pˆš V x p vaWaV}{VX[][ŠVXWL‹ t ~ t Wx q VXW8€[ t(q xO[OYZw„x Ya[ p W5‹ q  n+oat u t V qip  p { p xO\ vau*V}W p WaW8v z V x p vIW †0qit-t W¥V q V}W t Wa€ava‹ t WavLY q w o V}WL‹ t}† € t1st Wa€ q u p [ q xÇvaW¦x oat w}vava[i€ p WaV„x t € t WL‹VX‹ t ~ t W(xHvIux o8t u p [<~ ž p x o p x qKq Y sas { p™t [ q V}Wa€ w„Y q xrvI~ t [ qŠ† V1Wa€ qDt w}vaWa€ vaW x oat w}va~ st x p x p“zIt V-€ ]Y q xŽ~ t W(xƒ~ t w o V‡W p q ~ qp ~ s { t ~ t W(x t € t}p x oat [ t Wa€ava‹ t WavLY q {›\*T a\Çu p [i~ q ž p x oap W0x ot p W€(Y q xO[]\5d£va[ t„» va‹ t W8v8Y q {›\RT a\H[ t ‹LYZ{™V x p vaW˜V}W8€˜w}v/~ sZt x p x p vaW˜V„Yax o vI[ p x pˆtLq dœxŽv s [ t„zIt WxvL[[ t €(YZw t x oat t u u t w„x2vIuYW tX»ast w x t €_€ prqŠt –(Y p { p 8[ p V'V„x t V-w o q xŽV1‹ t vIu¯€ t„zIt {“v s ~ t Wx:vIux oatp WaW8v z V„x p vIWZ n+oat(qŠt x ž_v s v p W(x q ž p {{ q xO[ YZwCx Y[ t x o8t VXWaV}{¡\x p w}V}{/u [DV}~ t ž_va[]•yž ts [Žv s v qŠtp Wƒx oat W tX» x qŠt w„x p vaW 

(111) .

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(121) w}v/~ s { tX»Ãp qCq Y t  £Yax † vaW0x oat v8x o8t [ o V}W8€ † ž t w}V}WV}{ q v V-€ z v/w}V x t x o V„x'ž o V x p q .

(122) W t-t € t € xOv wX{ˆV1[ p u \ x oap q x p ~ t {¡\ € t V„x t p™q V  t x x t [ w o VX[ŠV}w„x t [ p¢š V„x p vIW v/u ž o V x x oat x t { t w}v/~_~YW p w}V„x p vaW qp W€(Y q xO[Š\H[ t V}{™{ˆ\ p qŠ† V}Wa€ o v8ž p WaWav z V x p vaW s [ivw t}t € q ž p x oap W˜x oap qp W€(Y q xO[]\QV‡W€ V}u u t w„x q w}v/~ st x p x p vIWZ—iW ž o V„xuOv/{ˆ{ˆvLž qi† x o8t x t { t wva~.~YZW p w}V„x p vIW qp W8€(Y q xO[ \ W8v8ž w}V}{ˆ{ t € p WauOv ‘ w}va~_~YZW p w}V„x p vaW q ž p {{  t w o VX[iV}w„x t [ p¢št €V q V a[ŠvaV}€ q \ q x t ~ w}va~ s v qit €vau zZt [Ox p w}V}{™{ˆ\ ‘ [ t {V„x t € q Ya q \ q x t ~ q  n+oaprq € t u p W p x p v/WHv/ucx oatp W€(Y q xO[]\HV}{™{ˆvLž q Y q xŽv q xO[ t(qDq x o V„x+ž o V„x p q vw}w„Y[][ p WL‹ ž p x oap WRV q]st w p u p w q Y/ q \ q x t ~ p qoap ‹ o {ˆ\ € tXst W8€ t Wx§vaW ž o V„x o V sast W q ž p x oap W V}Wa€  t x ž t}t W v(x oat [ q Ya q \ q x t ~ q '—]WaW8v z V„x p vIW¬[ t –(Y p [ t8q x oat w}vvL[i€ p WaV„x t € t W5‹VX‹ t ~ t WxvIuR€ p uŽu t [ t Wx˜x \ st(q vIuu p [i~ qD† ‹ t W t [iV}{™{ˆ\ p W z v/{ zZt € p WH€ p u]u t [ t W(x q Ya q \ q x t ~ q LÐ t(qŽs/p x t x o8t € t(qip [ t €˜w}vaW qiprq x t WawX\Qv/u p W zZt(q x]~ t Wx q v/u x oat € p u u t [ t W(xŸu p [i~ qi† x oap qt-»I‘ V}W(x t w}vvL[i€ p WaV„x p vaWR€av tq W8v8x s [ t zt W(xW tXzt [ x oat { t(q q x oat vw}w„Y[][ t Waw t v/u € p™qDt –(Y p { p [ p VL n?oap q [ t –(Y p [ tLq x oat q x tXs a\ q x t1s

(123) p ~ s { t ~ t WxŽV„x p vaWRv/uw-v/~ st x p x p“zIt V}€ ]Y q x]~ t Wx q u [iv~ s [ p w t V}Wa€AžVX‹ t.z V1[ p V„x p vaW † xOv

(124) [ t(q xO[ YZwCx Y[ p WL‹ qŠ† ~ t [Ž‹ t [ q VXWa€KV}w-–(Y p qip x p v/W q V}Wa€ tX»p x q vauu p [i~ q ‚ t s [iv zp € t V}W p {™{›Y q xO[iVCx p vaWvIu£x oaprq VX[Ž‹LY~ t Wx'vaWAx o8t ZV qip q vu'V [ t}p W(x t [ s [ t xŽVCx p vIWvau©x o8t b Æ Ö5` « q V‡W€ b ÆaÆ ` « q ž_V zIt8q vIu¯{ p  t [ŠV‡{ pˆš V„x p vIWZ ± ¶ŽÉ ² Ɉhiəµ ² µL¶chŽ´ ± É ² ¿ g<hij ½ É ² h ± j Ú gµL¶ Z± j hiɝl}kLÊ™Ê ½Ù j ± ʝkLh ± ¿Rg>fg ½ gih ±}Ú g —]Wx oat { p x t [ŠV„x Y[ t}†2q vI~ t w}vaW(xO[ p LYaxŽva[ q € t w}va~ s v qit x oat x t { t w}v/~_~YW p w}V„x p vaW qp W€(Y q xO[O\ p W(xŽv˜€ p u u t [ t W(x {VX\ t [ q T™Í&v/V}~ † b Æ Ö5Õ $ÝV z V q q V}{ p qi†©Ät}t-† 'V p { t \ † b ÆÆ Öd ’v8ž t„zIt [ † ž o V„xƒx oat(qŠt V„Yax o vI[ q ~_V p W{™\ t ~ so V qipˆšt.p W x oat € t u p W p x p v/WRvau?x o8t € p u]u t [ t W(x{VX\ t [ q p™q x oat}p [x t w o W8v/{ˆva‹ p w}V}{+w o VX[ŠV}w„x t [ p™q x p w q  t [ t}† uOv/{ˆ{ˆvIž p W5‹ ¤[iV}W q ~&V}W&T ^`a`a`Ld %

(125) † ž t ž p {{ q xO[ t(qCq x o V x2x o8t € p u u t [ t Wx+{ˆVX\ t [ q va[ q Ya q \ q x t ~ q [ t u t [~_va[ t p ~ s va[rxŽV1W(xO{›\ xŽv˜€ p u]u t [ t W(x€5vI~V p W q v/u t w}vaWav/~ p wV}w x p›zp x pt(q  ºqq YZw o8† V q Y q \ q x t ~[ t ‹a[ivLY sq u p [i~ q YWa€ t [ xŽVX• p W5‹ q v/~ t V}w„x p›zp x pt(q ž oap w o [ t –(Y p [ t x oat q V}~ t s vava{ v/uw}v/~ st x t Waw t p W x o8t‡p [ p ~ s { t ~ t W(xŽV x p vIWZ2—ŽuŸx o8t V}w„x p›zp x pt(q YW8€ t [ xŽVX• t W

(126) a\Ku p [i~ q €avKWav(x[ t –(Y p [ tAqip ~ p {VX[ƒw}V s V- p { p x pt(qi† LYax [iV„x o8t [Jw1vI~ s { t ~ t WxŽVX[]\_T t ‹ zt [ x p w}V}{™{ˆ\ ‘ [ t {V„x t €Ld+vaW tqD† € p uOu t [ t Wx zt [ x p w(V}{ˆ{¡\ ‘ [ t {V„x t € q Ya q \ q x t ~ q w-V(W  t € t u p W t € %   . ‚ tRs [iv s v qit VR€ t w}v/~ s v qip x p vaWvu©x oat x t { t w}v/~_~YW p w}V x p vaW q_p W€(Y q xO[Š\ p W(xŽv0x o8t uOv/{{ˆv8ž p Wa‹ € p uOu t [ t (W x q Ya q \ q x t ~ q T ¤[iV}W q ~&V‡W † ^`a`a` $¤[iVXW q ~&V}W_VXW8€݃[iV}uOu™x † ^`a`cb d Ø. .

(127) .  . u.  "$ g. . ?AB9OM>?9kA]N#C?,?@9ON<AB=j`@=0A„^ I?,[dIQQCNO=I#AB9O[ n. . n pm. Q9#MB`@=!N#9UG@MCO`@=Q=C? _. I<`@=!P IOA=C?JI#?[3HV=![ [K9<YlIM9 . MC7Y. GMCO`@=BQ=!C?. . 9OK9ONOCHVH \? =!N#IOA=!C?

(128) Q~NOIOM>M>=!9<MaQ. IQaQCN#=!I#AB9O[Q9OMB`@=NO9QG@MCO`@=BQ=C?. . . }\@=0G,H9<?,AQ\,G,G@KR=9<MaQ. . 9<AY:CM>ZCG9OMIkA=C?7o!HIO? IP 9OH9<? A

(129) IO?,[. . . g. }7\=0G,H9<? A@G,MCO`@=Q=C? . . B#"$. :*#Rr,0R. . C? AB9<?,A@G,MCO`@=BQ=C?. Q~IO?@[ n. ƒ m. Q. Q9OMaQa| [ I<ABIUG,MCAB9ON<AB=C?. _. NOCH GI?,=9Q MCI[,N#IQA=0?@P:IO? [:=R? ;1CMHVI<AB=!C? NOCH GI?,=9Q.

(130) Œv† ‘Šp“0B•” œ1ž#”–3–:›@“Rž‡,0“!”7,’s“R@™,›7’aR—Ž'™ ŠOž”–E”7’hŠO™d“0”3šŠ#—h“0ž‡ ‰R‰ ŽœF—aŠ‰!‡Š™3’<›,ˆ’Ž

(131) ’aŠ#–3’. †@‡ ˆ,‰Š. n+oat ª t –(Y pˆs ~ t Wx s [iv zp™qip v/W q Y q \ q x t ~ « TC¨+b d[ t ‹a[iv8Y sq u p [i~ q T t –(Y p›s ~ t W(x q Y sas { p™t [ q d qŽst w p V}{ p¡š‡t € p W x o8t € t-zIt {ˆv s ~ t W(xvIu q ž p xŽw o8t(qi† xO[iVXW q ~ p q qip vW t –8Y p›s ~ t Wx † [Žv8Y5x t [ qŽ†¸qŠt [ zIt [ qi†  p {{ p Wa‹ q v/u™x žVX[ t  ‚ p x oap W x oap qAq Y/ q \ q x t ~ † u p [<~ q

(132) qio VX[ t x oat q V}~ t x \ sZt vau_w}va~ sZt x t Waw t8q xOv YW8€ t [ xŽVX• t V q]st w p u p w V}w„x p›zp xO\ † W8V}~ t {ˆ\ x oat w}vaWaw tXs x p vaW V1Wa€ € tXzt {ˆv s ~ t Wx vau t –(Y pˆs ~ t Wx T tqCqit Wx p V}{{¡\ W t x žvL[]• t –(Y p›s ~ t Wx'V}W8€0w Y q xŽvI~ t [ s [ t ~ p qitLq d  n+oap qys vva{Jv/u'w}va~ st x t Ww t}†œo v8ž t„zt [ †œp q € p q x p Waw„x u [iv/~ x ot vaW t € t„zIt {ˆv sZt €$a\ u p [<~ q {ˆvw}V„x t € p W q Y q \ q x t ~ q ¨a^ † ¨Õ † ¨ ņ VXW8€ ¨Ò n+oat ªˆW t x ž’va[]• v st [iVCx p vIW×O~&V‡W8VX‹ t ~ t Wx’VXWa€*V q q vw p V„x t € qit [ zp w t(q˜q Y q \ q x t ~ « TD¨I^ad’[ t ‹a[Žv8Y sq W t x ž’va[]•*v st [iVCxOvL[ q Trx t { t w}v/~_~YW p w}V x p vaW q w}V1[][ p™t [ q d p W z v/{ zt € p Wx ot s [Šv zp™qip v/W¥vIu*u p›»Zt €¥V}Wa€ ~_vL p { t x t { tXs/o vIWa\ qit [ zp w tq  n+oat ªˆ—]Wx t []W t xƒw}vaWLW t w„x p“zp x \ÇV}Wa€V qDq vw p V„x t € qit [ zp w tLq_q Y q \ q x t ~ « TD¨/ÕLdƒ[ t ‹a[ŽvLY sq u p [i~ q T —]Wx t []W t xV}w}w t(qCqs []v zp € t [ q VXWa€§—]W(x t [ŽW t x qŠt [ zp w t‰s [iv zp € t [ q d p W z v/{ zIt € p W§—iW(x t [ŽW t x

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