• Aucun résultat trouvé

Essays on the cost structure of nonprofit nursing homes

N/A
N/A
Protected

Academic year: 2021

Partager "Essays on the cost structure of nonprofit nursing homes"

Copied!
111
0
0

Texte intégral

(1)ESSAYS ON THE COST STRUCTURE OF NONPROFIT NURSING HOMES. by LAURA DI GIORGIO. A dissertation submitted to the Faculty of Economics Università della Svizzera italiana. For the degree of Ph.D. in Economics. Lugano – May, 2013.

(2) 3%6( 3* )<%1-2)67. >GHI ,:69:G. 63* %77-13 -0-44-2-. -JE:GK>HDG. *GD;:HHDG D; 8DCDB>8H :E6GIB:CI D; 8DCDB>8H /C>K:GH>IX 9:AA6 -K>OO:G6 >I6A>6C6 &J<6CD -:8DC9 ,:69:G. 63* 9'% 6-:)00-. #CI:GC6A M6B>C:G. *GD;:HHDG D; 8DCDB>8H :E6GIB:CI D; 8DCDB>8H /C>K:GH>IX 9:AA6 -K>OO:G6 >I6A>6C6 &J<6CD .=>G9 ,:69:G. 63* #-00-%1  6))2) *GD;:HHDG D; 8DCDB>8H 6C9 -I6I>HI>8H %6J;B6C '6C6<:B:CI :CI:G -I:GC -8=DDA D; JH>C:HH (:L 3DG@. >>. MI:GC6A M6B>C:G.

(3)  %  

(4)  . >>>.

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

(6) 2863(9'8-32 #C8G:6H>C< =:6AI= 86G: :ME:C9>IJG:H ;DG I=: :A9:GAN EDEJA6I>DC >H 6 B6?DG 8DC8:GC ;DG HD8>:IN 6C9 EDA>8NB6@:GH #C JGDE: I=: E:G8:CI6<: D; E:DEA: DK:G  GDH: G6E>9AN >C I=: E6HI 9:869:H 6C9 >H :ME:8I:9 ID >C8G:6H: 7:IL::C ILD 6C9 H>M I>B:H 7N   G6C<>C< ;GDB   >C :A<>JB :CB6G@ #G:A6C9 6C9 I=: /C>I:9 %>C<9DB ID   >C JA<6G>6 !:GB6CN &6IK>6 *DA6C9 ,DB6C>6 6C9 -ADK6@>6 .=: H=6G: D; K:GN :A9:GAN E:DEA:  6C9 DK:G >C I=: / :ME:G>:C8:9 I=: =><=:HI >C8G:6H: 6BDC< 6AA 6<: 8A6HH:H ;GDB   >C  ID   >C   6C9 >H EGD?:8I:9 ID 6ABDHI IG>EA:  7N   >C I=: / JGDHI6I   JGDE:6C /C>DC   88DG9>C<AN I=: 9:B6C9 D; CJGH>C< =DB: 86G: >H :ME:8I:9 ID >C8G:6H: G6E>9AN G6>H>C< I=: 7JG9:C DC EJ7A>8 G:HDJG8:H <:C:G6AAN JH:9 ID 8DK:G CJGH>C< =DB: 8DHIH DG ID HJ7H>9>O: EG>8:H D; CJGH>C< =DB: H:GK>8:H %6GAHHDC :I 6A   *J7A>8 EGDK>H>DC D; ADC< I:GB 86G: >H >C8G:6H>C<AN 8=6AA:C<>C< ;DG <DK:GCB:CIH .D :CHJG: 6 HJHI6>C67A: HNHI:B >C I=: C:MI 9:869:H EDA>8NB6@:GH C::9 :K>9:C8: DC I=: 9:I:GB>C6CIH D; CJGH>C< 86G: 8DHIH 6C9 =DL ID 7:HI DG<6C>O: I=: H:8IDG ID :CHJG: :V8>:CI EGDK>H>DC D; 86G: .=>H I=:H>H 6>BH 6I >CK:HI><6I>C< >HHJ:H G:<6G9>C< I=: 8DHI HIGJ8IJG: D; CDC EGDPI CJGH>C< =DB:H JH>C< HDJC9 :8DCDB>8 I=:DGN 6C9 G><DGDJH :BE>G>86A B:I=D9DAD<>:H .=: 6C6ANH>H ;D8JH:H DC -L>IO:GA6C9 L=:G: G:A6I>K:AN =><= FJ6A>IN HI6C96G9H 6G: HDJ<=I I=GDJ<= I><=I G:<JA6I>DC 7DI= DC 8DHIH 6C9 FJ6A>IN 6HE:8IH 6C9 K>GIJ6AAN CD 8DBE:I>I>DC :M>HIH 7:IL::C CJGH>C< =DB:H 86G: EGDK>9:GH (:K:GI=:A:HH I=: E:G;DGB6C8: D; CDC EGDPI CJGH>C< =DB:H >H HI>AA JC8A:6G 6C9 699>I>DC6A :WDGI >H C:8:HH6GN ID >C8G:6H: I=: JC9:GHI6C9>C< D; I=:>G 7:=6K>DG .=: PGHI 8=6EI:G D; I=>H I=:H>H >CK:HI><6I:H I=: >BE68I D; 9>W:G:CI ;DGBH D; DG<6C>. O6I>DCH DC I=: 8DHI :V8>:C8N D; CDC EGDPI CJGH>C< =DB:H 1: EGDEDH: 6 BD9:A L=:G: I=: >CHI>IJI>DC6A ;DGB >H G:EG:H:CI:9 7N 6 A:<6A 8DCHIG6>CI L=>8= 6W:8IH B6C6<:GH >C I=: 9:8>H>DC B6@>C< EGD8:HH DCH>9:G>C< 6 H6BEA: D;  -L>HH #I6A>6C CJGH>C< =DB:H DK:G 6  N:6GH E:G>D9     L: I=:C 9>H:CI6C<A: E:GH>HI:CI >C:V8>:C8N 9J: ID 9>W:G:C8:H >C I=: >CHI>IJI>DC6A ;DGB ;GDB JCD7H:GK:9 =:I:GD<:C:>IN .=: 6EEA>:9 :HI>B6I>DC HIG6I:<N. K.

(7) EGDK>9:H BDG: 688JG6I: :HI>B6I:H D; I=: >BE68I D; I=: >CHI>IJI>DC6A ;DGB DC CJGH>C< =DB:H :V8>:C8N 6H 8DBE6G:9 ID EG:K>DJH HIJ9>:H )JG :BE>G>86A >CK:HI><6I>DC 9D:H CDI PC9 HIGDC< :K>9:C8: D; HNHI:B6I>8 9>W:G:C8:H 7:IL::C CDC EGDPI >CHI>IJI>DC6A ;DGBH EGDK>9>C< CJGH>C< =DB: 86G: .=: H:8DC9 8=6EI:G 6C6ANH:H I=: >BE68I D; EGDHE:8I>K: E6NB:CIH DC 8DHIH D; CJGH>C< =DB: 86G: H:GK>8:H 1: H@:I8= 6 H>BEA: I=:DG:I>86A BD9:A ID EG:9>8I I=: 7:=6K>DG D; CJGH>C< =DB:H JC9:G 9>W:G:CI E6NB:CI H8=:B:H 1: I=:C >CK:HI><6I: I=: >BEA>86I>DCH D; EGDHE:8. I>K: E6NB:CIH DC CJGH>C< =DB: 8DHIH JH>C< 6 E6C:A D;  =DB:H >C -L>IO:GA6C9 D7H:GK:9 DK:G 6  N:6GH E:G>D9      .D :K6AJ6I: I=: >BE68I D; I=: G:8:CI EDA>8N 8=6C<:. ;GDB G:IGDHE:8I>K: ID EGDHE:8I>K: E6NB:CI DC CJGH>C< =DB: 8DHIH L: 69DEI ILD :BE>G>86A 6EEGD68=:H > L: :HI>B6I: 6 BD9:A JH>C< 6 PM:9 :W:8IH :HI>B6IDG   L>I= 6 I>B: IG:C9 I=6I >H 6AADL:9 ID 8=6C<: 6;I:G I=: EDA>8N G:;DGB >> L: JH: 6 8DJCI:G;68IJ6A 6EEGD68=   L=:G: 6 PM:9 :W:8IH BD9:A >H JH:9 ID EG:9>8I 8DHIH ;DG I=: N:6GH 6;I:G I=: G:;DGB 6C9 86A8JA6I: I=: >BE68I D; I=: G:;DGB 6H I=: 9>W:G:C8: 7:IL::C D7H:GK:9 6C9 EG:9>8I:9 8DHIH >C :68= N:6G 1: PC9 :K>9:C8: I=6I I=: C:L E6NB:CI HNHI:B G:9J8:H 8DHIH ;DG CJGH>C< =DB: 86G:   ! .=: I=>G9 8=6EI:G ;D8JH:H DC I=: G:A6I>DCH=>E 7:IL::C 8DHIH 6C9 FJ6A>IN >C CDC EGDPI CJGH>C< =DB:H #C I=: L>9: A>I:G6IJG: DC (" 8DHIH FJ6A>IN D; 86G: =6H 7::C DCAN B6G<>C6AAN 9>H8JHH:9 'DHI D; I=: HIJ9>:H 9D CDI >C8AJ9: B:6HJG:H D; FJ6A>IN -DB: D; I=:B G:AN DC >BEG:8>H: DG >C9>G:8I B:6HJG:H D; FJ6A>IN HJ8= 6H I=: CJB7:G D; 9:P8>:C8N 8>I6I>DCH. GDB. 6C :BE>G>86A ED>CI D; K>:L ;6>AJG: ID 688DJCI ;DG FJ6A>IN >C 8DHI ;JC8I>DCH >H @CDLC ID A:69 ID DB>II:9 K6G>67A: 7>6H .D HIJ9N I=: G:A6I>DCH=>E 7:IL::C 8DHIH 6C9 FJ6A>IN L: JH: 96I6 DC I=: 8A>C>86A >C9>86IDGH 9:G>K:9 ;GDB I=: '>C>BJB 6I6 -:I .=:H: FJ6A>IN >C9>86IDGH B::I I=: I6MDCDBN D; I=: -IGJ8IJG: *GD8:HH )JI8DB: -*) ;G6B:LDG@ ID B:6HJG: FJ6A>IN >C =:6AI= 86G: HJ<<:HI:9 7N DC67:9>6C  H L>I= G:HE:8I ID EG:K>DJH HIJ9>:H L: 8DCIGDA ;DG JCD7H:GK:9 8=6G68I:G>HI>8H I=6I B6N 7>6H I=: G:A6I>DCH=>E 7:IL::C 8DHIH 6C9 FJ6A>IN 1: :HI>B6I:9 6 PM:9 :W:8IH BD9:A JH>C< 6 E6C:A 96I6 D;  CJGH>C< =DB:H DK:G 6  N:6GH E:G>D9 1: PC9 :K>9:C8: D; 6 EDH>I>K: G:A6I>DCH=>E 7:IL::C FJ6A>IN D; DJI8DB: K>.

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

(9) 328)287  3)7 -278-898-32%0 *361 1%88)6 2 %2%0=7-7 3* '378 )?'-)2'= ;-8,-2 8,) 232463>8 2967-2+ ,31) 7)'836. .  . #CIGD9J8I>DC . .  . .=: BD9:A . .   . #CHI>IJI>DC6A H:II>C< . .   . (JGH>C< =DB:H D7?:8I>K:H . .   . '6C6<:G>6A :WDGI . .   . 'D9:A EG:9>8I>DCH . . BE>G>86A HE:8>P86I>DC 6C9 96I6 . .   . :I6>A>C< I=: 8DHI ;JC8I>DC. . .   . 6I6 6C9 9:H8G>EI>K: HI6I>HI>8H . . ':I=D9DAD<N . .   . -ID8=6HI>8 ;GDCI>:G BD9:AH . .   . *6C:A 96I6 BD9:AH . .  . ,:HJAIH . .  . DC8AJH>DCH . .  .  . )*)6)2')7. 

(10).  140-'%8-327 3* +03&%0 &9(+)8 4%=1)28 7=78)1 32 2967-2+ ,31) '3787. .  . #CIGD9J8I>DC . .  . *G:K>DJH G:H:6G8= DC I=: >BE68I D; **- >C CJGH>C< =DB: 86G: . .  . .=: G:<JA6IDGN G:;DGB . . K>>>.

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

(13)  . K:G6<: 8DHIH 8DBE6G>HDC 7:IL::C E>ADI 6C9 CDC E>ADI ("H ;DG I=: L=DA: E:G>D9 . .  . K:G6<: 8DHIH 8DBE6G>HDC 7:IL::C E>ADI 6C9 CDC E>ADI ("H >C 9>W:G:CI E:G>D9H .  . A6HH>P86I>DC D; FJ6A>IN >C9>86IDGH 76H:9 DC I=: -*) ;G6B:LDG@ DC67:. 9>6C  .  . . )K:GK>:L D; H:A:8I:9 HIJ9>:H >CK:HI><6I>C< I=: G:A6I>DCH=>E 7:IL::C 8DHIH 6C9 FJ6A>IN >C ("H. . .  . :H8G>EI>K: HI6I>HI>8H D; I=: B6>C 8DHIH >CEJIH 6C9 FJ6A>IN K6G>67A:H . .  . :H8G>EI>K: HI6I>HI>8H D; >CHIGJB:CIH . .  . HI>B6I:9 8D:V8>:CIH D; )&- ,  5!'' . . M>.

(14) -78 3* -+96)7 . )K:GK>:L D; -ID8=6HI>8 GDCI>:G 'D9:AH . . . HI>B6I:9 I>B: 9JBB>:H ;DG I=: L=DA: E:G>D9     . . . !G6E=>86A >AAJHIG6I>DC D; I=: 8DJCI:G;68IJ6A G:HJAIH . . M>>.

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

(17)  ;DJC96I>DC !:C:G6AAN ;DJC96I>DCH 6G: 8G:6I:9 7N C6IJG6A E:GHDCH DG EG>K6I: A:<6A :CI>I>:H #C HDB: 86H:H I=: AD86A <DK:GCB:CIH B6N 9:8>9: ID 8G:6I: 6 EG>K6I: A6L ( * (" .=:G:. ;DG: L=:C AD86A <DK:GCB:CIH H:I JE 6 ;DJC96I>DC ID EGDK>9: CJGH>C< =DB: H:GK>8:H I=>H >H 6 EG>K6I: A6L >CHI>IJI>DC DLC:9 7N I=: <DK:GCB:CI #C 7DI= I=:H: 86H:H I=: <DK:GC>C< 7D9N >H I=: ;DJC96I>DC 8DJC8>A H I=: C::9 ;DG ADC< I:GB 86G: >C8G:6H:H AD86A <DK:GCB:CIH =6K: ID 8=DDH: 6BDC< 9>;. ;:G:CI DLC:GH=>E INE:H 6C9 >CHI>IJI>DC6A ;DGBH ID 9:A>K:G CJGH>C< =DB: H:GK>8:H AI=DJ<= I=: 8=D>8: D; I=: DLC:GH=>E INE: =6H G:8:>K:9 8DCH>9:G67A: 6II:CI>DC >C I=: G:8:CI G:H:6G8= A>I:G6IJG: A>IIA: >H @CDLC DC I=: E:G;DGB6C8: D; 9>W:G:CI >CHI>IJI>DC6A ;DGBH L=>8= 9:A>C. :6I:H I=: HJ7?:8I D; I=>H 8=6EI:G .=>H HIJ9N 8DCIG>7JI:H ID I=: A>I:G6IJG: DC 8DGEDG6I>O6I>DC EGD8:HH D; 8DBE6C>:H 6 ;6>GAN 8DBBDC E=:CDB:C6 7DI= >C JGDE: 6C9 >C I=: / - %A>:C   -=A:>;:G 6C9 0>H=CN  .=: 9:8>H>DC B6@>C< EGD8:HH B6N K6GN 68GDHH DG<6C>O6I>DC ;DGBH ;DG >CHI6C8: 7:86JH: D; 9>W:G:CI A:<6A 8DCHIG6>CIH DG EDA>I>86A EG:HHJG: 1DGI=>C<IDC 6C9 DAA:GN   HE:6@ D; AD86A <DK:GCB:CI B6C6<:GH 6H 7:>C< S8DCHIG6>C:9 7N 6 =DHI D; CDC 9>H8G:I>DC6GN ;68IDGH >C 6GG>K>C< 6I :V8>:CI DJI8DB:HT "6GI -8=A:>;:G 6C9 0>H=CN  H:: EJ7A>8 B6C6<:GH 6H 7:>C< 8DCHIG6>C:9 7N HDB: <DK:GCB:CI 6<G::B:CI ID >BEA:B:CI 6CN 8DHI >CCDK6I>DC 9:8>. H>DC L=>A: B6C6<:GH D; EG>K6I: ( * PGBH 86C ;G::AN >BEA:B:CI I=:H: 9:8>H>DCH #C 699>I>DC I=:H: PGBH 6G: :ME:8I:9 ID ;68: ADL:G EGD767>A>IN ID 7: 76>A:9 DJI 7N EJ7A>8 6JI=DG>I>:H DG IDJ<=:G EJC>H=B:CI ;DG EDDG B6C6<:G>6A :WDGI >W:G:C8:H >C I=: >CHI>IJI>DC6A ;DGB B6N I=:C A:69 ID 9>W:G:C8:H >C I=: :V8>:C8N D; ("H "DL:K:G 7:=6K>DG6A 9>W:G:C8:H 7:IL::C >CHI>IJI>DC6A ;DGBH B6N 7: B>I><6I:9 >C =><=AN G:<JA6I:9 HNHI:BH HJ8= 6H I=: -L>HH CJGH>C< =DB: H:8IDG 8;G H:8I>DC    .=: >HHJ: D; >CHI>IJI>DC6A ;DGBH :V8>:C8N >C CJGH>C< =DB: 86G: =6H G:8:>K:9 6 E6GI>6A 6CHL:G >C I=: :8DCDB>8 A>I:G6IJG: HD ;6G .=: ;D8JH >H B6>CAN DC I=: :W:8IH D; I=: DLC:GH=>E 7N 8DBE6G>C< ;DG EGDPI 6C9 CDI ;DG EGDPI DG<6C>O6I>DCH !DK:GCB:CI GJC DG<6C>O6I>DCH =6K: 7::C INE>86AAN :M8AJ9:9 ;GDB I=: 6C6ANH:H 9J: ID I=: HB6AA EG:H:C8: D; EJ7A>8 ;68>A>I>:H >C I=: / - DG 9J: ID I=: ;68I I=6I <DK:GCB:CI ("H 6G: :ME:8I:9 ID 7:=6K: >C 6 K:GN 9>W:G:CI.

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

(19)  86C I=:C 7: 699:9 ID I=: IG69>I>DC6A I>B: K6GN>C< >C:V8>:C8N :HI>B6IDG  .=: G:B6>C9:G D; I=: 8=6EI:G >H DG<6C>O:9 6H ;DAADLH #C H:8I>DC   L: H@:I8= 6 I=:DG:I. >86A BD9:A D; B6C6<:G>6A 7:=6K>DG >C ("H 6C9 9:G>K: =NEDI=:H:H DC I=: >BE68I D; 9>W:G:CI >CHI>IJI>DC6A ;DGBH DC 8DHI :V8>:C8N #C H:8I>DC   L: EG:H:CI I=: :BE>G>86A 6C6ANH>H 6C9 I=: 96I6 -:8I>DC   9>H8JHH:H I=: B:I=D9DAD<N JH:9 ID K6A>96I: I=: =NEDI=:H:H 9:G>K:9 >C H:8I>DC    -:8I>DC   HJBB6G>O:H I=: G:HJAIH 6C9 HJ<<:HIH HDB: EDA>8N >BEA>86I>DCH D; DJG 6C6ANH>H -:8I>DC   8DC8AJ9:H.  . !,) 13()0 278-898-32%0 7)88-2+. .=>H HIJ9N ;D8JH:H DC =><=AN G:<JA6I:9 (" H:8IDGH A6G<:AN 9DB>C6I:9 7N CDCEGDPI >CHI>. IJI>DCH 6@>C ID I=: -L>HH CJGH>C< =DB: 86G: H:8IDG #C -L>IO:GA6C9 I=: EGDK>H>DC D; (" H:GK>8:H >H DG<6C>O:9 6I I=: 86CIDC6A A:K:A #C HDB: 86CIDCH I=>H >H ;JGI=:G 9:8:CIG6A>O:9 6I I=: BJC>8>E6A>IN A:K:A #C I=:H: 86H:H DC: (" EGDK>9:H 86G: ID I=: G:H>9:CIH D; 6 EG:. 9:PC:9 86I8=B:CI 6G:6 *G>8:H 6G: HJ7H>9>O:9 7N I=: 86CIDC6A G:<JA6IDG A:69>C< ID :M8:HH D; 9:B6C9 6C9 ADC< L6>I>C< A>HIH DCH:FJ:CIAN I=: 8=D>8: D; I=: (" 9D:H CDI 9:E:C9 DC EG>8: 6C9 FJ6A>IN 6HE:8IH 6C9 ("H <:C:G6AAN DE:G6I: 6H AD86A BDCDEDA>:H #C I=: -L>HH G:<>DC .>8>CD 8DCH>9:G:9 >C I=>H 6C6ANH>H 6GDJC9   D; ( * ("H 6G: EG>K6I: A6L ( * DG<6C>O6I>DCH EJ7A>8 A6L ("H G:EG:H:CI  D; I=: B6G@:I. >C6AAN 6. HB6AA E:G8:CI6<: D; I=: B6G@:I  >H H:GK:9 7N ;DG EGDPI ("H .=:H: 6G: HJ7?:8I ID 9>W:G:CI G:<JA6I>DC 6C9 96I6 6G: CDI 6K6>A67A: .D 86EIJG: I=: 7:=6K>DG D; EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H L: 9G6LH ;GDB HIJ9. >:H I=6I BD9:A I=: 76G<6>C>C< EGD8:HH 7:IL::C I=: B6C6<:B:CI 6C9 I=: DLC:GH=>E : < -8=B>IO   6C9 I=: B6C6<:B:CI 6C9 LDG@:GH : < !A6:H:G   ->B>A6GAN ID "6H@:A 6C9 -6C8=>H  L: H@:I8= 6 BD9:A L=:G: ADL B6C6<:G>6A :WDGI IG6CHA6I: >CID ADL :V. 8>:C8N A:K:AH .=: <DK:GC>C< 7D6G9 D; I=: ("  86C I6@: ILD 9>W:G:CI >CHI>IJI>DC6A ;DGBH . (DI: I=6I I=>H 6EEGD68= 9D:H CDI GJA: DJI 9>W:G:C8:H 7:IL::C >CHI>IJI>DC6A ;DGBH I=6I K6GN DK:G I>B: H>C8: I=:H: 6G: :K:CIJ6AAN 86EIJG:9 7N I=: I>B: K6GN>C< 8DBEDC:CI.

(20)  EJ7A>8 A6L 2  " < DG EG>K6I: A6L ( * 2  " 9  '6C6<:G .  GJCH I=: DG<6C>O6I>DC. 6C9 6 G:<JA6IDG $ 9:PC:H I=: PC6C8>6A G:HDJG8:H ;DG I=: (" .=: IDI6A 8DHIH D; I=: (" 6G: 9:H8G>7:9 7N I=: ;DAADL>C< :FJ6I>DC     ..  . .=: PGHI I:GB ID I=: G><=I =6C9 H>9: D; :FJ6I>DC   >H 6 HIGJ8IJG6A E6G6B:I:G 9:PC>C< 8DHIH I=6I 6G: >C9:E:C9:CI ;GDB B6C6<:G>6A :WDGI 6C9 DCAN E6GI>6AAN D7H:GK67A: 7N I=: G:<JA6IDG .=>H E6G6B:I:G 9:E:C9H ;DG >CHI6C8: DC I=: H:K:G>IN B>M D; E6I>:CIH I=: CJB7:G 6C9 FJ6A>IN D; EGD;:HH>DC6A HI6W B:B7:GH DG I=: AD86I>DC D; I=: (" DHIH >C8AJ9: 6 PM:9 G:BJC:G6I>DC ;DG I=: B6C6<:G ( . DG H>BEA>8>IN L: 6HHJB: I=6I >H 6. G6C9DB K6G>67A: L=>8= I6@:H DCAN ILD K6AJ:H 6C9 L>I=  .=: EGD767>A>IN I=6I  6C9  >H 8 6C9   8 G:HE:8I>K:AN .=: A6HI I:GB >C I=: :FJ6I>DC . >H I=: B6C6<:GRH :WDGI ID G:9J8: IDI6A 8DHIH .=: E6G6B:I:G     G:Q:8IH I=: :W:8I>K:C:HH D; B6C6<:G>6A :WDGI > : I=: B6G<>C6A >BE68I D; :WDGI DC 8DHIH .=>H E6G6B:I:G K6G>:H L>I= I=: >CHI>IJI>DC6A ;DGB D; I=: (" 6C9 G:EG:H:CIH 6 8DCHIG6>CI DC B6C6<:GHR 6JIDCDBN >C I=: 9:8>H>DC B6@>C< EGD8:HH .=: E6G6B:I:G  86C 6AHD 7: >CI:GEG:I:9 6H I=: >BE68I D; 7JG:6J8G6I>8 9:8>H>DC B6@>C< EGD8:HH:H #C -L>IO:GA6C9 ("H 6G: AD86A BDCDEDA>:H 6C9 I=: 9:B6C9 ;DG (" H:GK>8:H >H A>@:AN ID 7: >C9:E:C9:CI ;GDB 68I>DCH JC9:GI6@:C 7N DI=:G ;68>A>I>:H 1: CDGB6A>O: ID DC: I=: EDEJA6I>DC D; E6I>:CIH >C :68= B6G@:I 6G:6 .=:G:;DG: :FJ6I>DC   86C 6AHD G:EG:H:CI I=: 6K:G6<: 8DHI E:G E6I>:CI #C EG68I>8: E6GI D; I=: 8DHI >H 8DK:G:9 I=GDJ<= JH:G 8=6G<:H L=>8= 9:E:C9 DC I=: L:6AI= D; I=: :A9:GAN .=DJ<= ;::H 9D CDI 9>W:G 7N >CHI>IJI>DC6A ;DGB 6C9 6G: I=:G:;DG: C:<A:8I:9 >C I=: BD9:A DHIH 6G: D7H:GK:9 6I I=: :C9 D; I=: N:6G 7N I=: G:<JA6IDG L=:C ("H 9:A>K:G I=: N:6GAN G:EDGI "DL:K:G I=: G:<JA6IDG 86CCDI 9>HI>C<J>H= 7:IL::C HIGJ8IJG6A 8DHIH 6C9 I=: >BE68I D; B6C6<:G>6A :WDGI C :M 6CI: 7J9<:I >H 6EEA>:9 ID PC6C8: ("H 76H:9 DC I=: ;DAADL>C<.

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

(22)  . ;DG CDC JC>;DGB 9>HJI>A>IN 6C9 6HHJB:     1: 86C CDL IJGC ID I=: D7?:8I>K:H D; I=: B6C6<:G .=: B6C6<:GRH JI>A>IN 86C 7: 9:PC:9 7N I=: ;DAADL>C< :MEG:HH>DC '  (   .    '  .  . L=:G: ( >H I=: B6C6<:GRH L6<:  . >H 9>HJI>A>IN D; :WDGI 6C9      >H I=: 9:<G:: I=: <D6AH D; I=: 7D6G9 6G: >CI:GC6A>O:9 7N I=: B6C6<:G -J7HI>IJI>C< ;DG '  >C   I=: B6G<>C6A >BE68I D; 6C JC76A6C8:9 7J9<:I DC B6C6<:GRH JI>A>IN >H    .=: B6C6<:GRH JI>A>IN >H 699>I>K: >C :WDGI 6C9 I=: 9:<G:: D; H=6G>C< D; I=: 7D6G9RH D7?:8I>K:H L>I= --.  6C9 - -.  1: =NEDI=:H>O: I=6I I=: 9>HJI>A>IN D; :WDGI I6@:H I=: ;DGB  .   . L>I=   .=: B6G<>C6A >BE68I D; :WDGI DC B6C6<:GRH JI>A>IN >H I=:C 86EIJG:9 7N I=: E6G6B:I:G  #C I=: ;DAADL>C< 6C6ANH>H L: 6HHJB: I=6I 9>HJI>A>IN D; B6C6<:G>6A :WDGI 9D:H CDI K6GN 68GDHH >CHI>IJI>DC6A ;DGBH #C -L>IO:GA6C9 LDG@ 8DCIG68IH ;DG B6C6<:GH 6G: =><=AN G:<JA6I:9 7N I=: A6L 6C9 86CCDI 9>W:G 7N >CHI>IJI>DC6A ;DGB (:K:GI=:A:HH CDC :MEA>8>I 8DC9>I>DCH B6N >BEAN I=6I B6C6<:GH LDG@>C< ;DG EJ7A>8 A6L ("H 6G: HJ7?:8I ID ADL:G G>H@ D; ADH>C< I=:>G ?D7 L=:C I=: :WDGI >H CDI H6I>H;68IDGN  >C6AAN I=: A:K:A D; :WDGI >H 7DJC9:9 ID I6@: 6 K6AJ: >C I=: >CI:GK6A .   . .. ). . #  . ) . L=:G:.   DG H>BEA>8>IN I=: G:H:GK6I>DC JI>A>IN >H 6HHJB:9 ID 7: O:GD HD I=6I I=:. E6GI>8>E6I>DC 8DCHIG6>CI D; I=: B6C6<:G >H 6AL6NH H6I>HP:9 ;DG 6CN A:K:A D; I=: L6<: . (DI: I=6I ;DG    L: =6K: 

(23)   " &  ;DG 6CN A:K:A D; :WDGI  DCK:GH:AN ;DG    L: =6K: 

(24)    ! &  ;DG 6CN       -:: -:8I>DC   ;DG ;JGI=:G 9:I6>AH  #C 6 H:E6G6I: :M:G8>H: L: 6AADL:9 ;DG =:I:GD<:C:DJH 9>HJI>A>IN D; :WDGI 68GDHH >CHI>IJI>DC6A ;DGBH 1: =NEDI=:H>O:9 I=6I      > : I=: 8DHI D; :WDGI >H =><=:G ;DG B6C6<:GH >C EJ7A>8 A6L ("H I=6C ;DG B6C6<:GH >C EG>K6I: A6L ( * ("H .=: B6>C G:HJAIH 6G: JC8=6C<:9  .=>H :CHJG:H I=6I I=: B6C6<:G 86C 9:8G:6H: 8DHIH JE ID I=: A:K:A L=:G: 

(25) :NDC9 I=>H A:K:A BDG: :WDGI LDJA9 G:9J8: I=: JI>A>IN D; I=: B6C6<:G H>C8: 6 =><=:G A:K:A D; :WDGI EGD9J8:H G:HDJG8:H I=6I 86CCDI 7: :MEAD>I:9.

(26)  . %2%+)6-%0 )@368. .=: DEI>B6A 8=D>8: D; :WDGI ;DG I=: B6C6<:G >H D7I6>C:9 ;GDB I=: PGHI DG9:G 8DC9>I>DCH ID B6M>B>O:   JC9:G ILD EDHH>7A: H8:C6G>DH DK:G PC6C8>C<    6C9 JC9:G PC6C8>C<    ,:B:B7:G I=6I I=: 7J9<:I >H 9:PC:9 7N I=: G:<JA6IDG 6H 6 L:><=I:9 6K:G6<: D; I=: HIGJ8IJG6A 8DHI E6G6B:I:G   /H>C<   6C9   L: I=:C D7H:GK: I=6I ;DG  L: =6K:     ;DG 6CN A:K:A D; :WDGI . DCK:GH:AN ;DG  L: =6K:     ;DG 6CN .   .. ) . .D LG>I: I=: PGHI DG9:G 8DC9>I>DCH ;DG I=: ILD H8:C6G>DH L: PGHI. HJ7HI>IJI:   6C9   >CID   /H>C<   L: I=:C G:EA68: '  >C   6C9 PC6AAN 9:G>K:   ;DG I=: A:K:A D; :WDGI ID <:I  -'     .       .    8    -..  .   -'    .       .  8    -..  . -DAK>C< I=: ILD :FJ6I>DCH L: <:I I=: :FJ>A>7G>JB A:K:AH D; :WDGI 6H. . .

(27).

(28).    #   .    .  . L=:G:       (DI: I=6I ;DG  I=: B6C6<:G =6H CD >C8:CI>K: ID B6@: 6 EDH>I>K: :WDGI .=>H >H 7:86JH: 6CN EDH>I>K: A:K:A D; :WDGI LDJA9 >C8G:6H: :8DCDB>8 EGDPIH L=>8= 86CCDI 7: G:I6>C:9 7N I=: PGB DCK:GH:AN ;DG  6 EDH>I>K: A:K:A D; :WDGI >H K6AJ67A: ID G:9J8: ADHH:H .=: DEI>B6A A:K:A D; :WDGI 8A:6GAN 9:E:C9H DC I=: B6<C>IJ9: D; I=: 9>W:G:C8: 7:IL::C =><= HIGJ8IJG6A 8DHIH   6C9 ADL HIGJ8IJG6A 8DHIH   . 3()0 46)(-'8-327. GDB :F   67DK: CDI: I=6I B6C6<:G>6A :WDGI K6G>:H 688DG9>C< ID I=: INE: D; EGD9J8. I>K>IN 8DCHIG6>CI D; ("H 9:PC:9 7N I=: >CHI>IJI>DC6A ;DGB 2  " < " 9 !>K:C I=: ;:6IJG:H D; I=: ;JC9>C< HNHI:B I=:G: 6G: CD 7:=6K>DG6A 9>W:G:C8:H 7:IL::C I=: ILD >CHI>IJI>DC6A.

(29)  ;DGBH >; ("H 6G: <:C:G6AAN DK:G PC6C8:9 > : >;  #C I=>H 86H: I=: 8=D>8: D; :WDGI 9D:H CDI 9:E:C9 DC I=: >CHI>IJI>DC6A ;DGB HE:8>P8 E6G6B:I:GH .=:G:;DG: L: ;D8JH DC I=: 8=D>8: D; :WDGI L=:C  > : L=:C ("H >C8JG 6 ADHH DG ?JHI 8DK:G 8DHIH '6C6<:G>6A :WDGI 9:E:C9H DC I=: B6G<>C6A 9>HJI>A>IN D; 6 ADHH    6C9 I=: >BEDGI6C8: D; I=: 7D6G9RH D7?:8I>K:H    L=>8= >H 86EIJG:9 7N I=: E6G6B:I:G   . >C6AAN B6C6<:G>6A :WDGI 9:E:C9H. DC I=: B6G<>C6A >BE68I D; B6C6<:GRH :WDGI DC 8DHIH   &DD@>C< 6I I=: 8DBE6G6I>K: HI6I>8 EGDE:GI>:H D; I=: :FJ>A>7G>JB >C I=: 86H: D; JC9:G. PC6C8>C< L: 86C H=DGIAN 9>H8JHH =DL I=: DI=:G E6G6B:I:GH D; >CI:G:HI 6W:8I I=: DEI>B6A 8=D>8: D; :WDGI. DG  L: <:I.  -  -..   . .  . . DI=:GL>H:.  . .=: DEI>B6A A:K:A D; :WDGI :M:GI:9 7N I=: B6C6<:G >C8G:6H:H ;DG ADL A:K:AH D;  6C9 9:8G:6H:H L=:C  >H G:A6I>K:AN =><= ->C8:  G:EG:H:CIH I=: B6G<>C6A >BE68I D; :WDGI DC 8DHIH :F   >BEA>:H I=6I 6 =><=:G A:K:A D; :WDGI >H G:FJ>G:9 ID 8DK:G 8DHIH L=:C I=: B6G<>C6A >BE68I D; :WDGI >H G:A6I>K:AN ADL <>K:C I=: B6G<>C6A 9>HJI>A>IN D; 6C JC76A6C8:9 7J9<:I 6C9 I=: 9:<G:: I=: <D6AH D; I=: 7D6G9 6G: >CI:GC6A>O:9    6C9 I=: B6G<>C6A 8DHI D; :WDGI ;DG I=: B6C6<:G  H ;DG I=: >BE68I D;   L: =6K: -. -    .=:G:;DG: =><=:G B6G<>C6A >BE68I D; JC76A6C8:9 7J9<:IH DC B6C6<:GHR JI>A>IN    A:69H ID =><=:G A:K:AH D; B6C6<:G>6A :WDGI >C :FJ>A>7G>JB ->C8:       L>I= 7DI=   6C9  EDH>I>K: 6C9 ADL:G I=6C  L: 6AHD 8DC8AJ9: I=6I -. -   6C9 -. -    "><=:G A:K:AH D; :WDGI >C :FJ>A>7G>JB 9:G>K: ;GDB =><=:G 9:<G::H D; <D6AH H=6G>C<    6C9 =><=:G 9>HJI>A>IN D; I=: 7D6G9 ;GDB JC76A6C8:9 7J9<:IH   . >C6AAN ;GDB   L: <:I -. -  L=>8= >BEA>:H I=6I 6 =><=:G B6G<>C6A. 8DHI D; :WDGI ;DG I=: B6C6<:G 9:8G:6H:H I=: :FJ>A>7G>JB A:K:A D; :WDGI ID G:9J8: 8DHIH 6H . N 9:G>K>C<   ;DG    L>I= G:HE:8I ID  L: <:I.  . I:GB 6I I=: CJB:G6IDG >H EDH>I>K: L=>8= A:69H ID    :G>K>C<   ;DG    L>I= G:HE:8I ID   L: D7I6>C. .   .         . .      . .=>H >H EDH>I>K: >; I=: A6HI. L=>8= >H 6AL6NH H6I>HP:9.

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

(32)  ("H 6C9 DI=:GL>H: 6C9 6 I>B: IG:C9   L=>8= 86EIJG:H I:8=CDAD<>86A EGD<G:HH   / * "  "  "  #  #   .  . .=: EG>8: D; A67DG >H 86A8JA6I:9 6H I=: L:><=I:9 6K:G6<: L6<: D; 9>W:G:CI EGD;:HH>DC6A 86I:<DG>:H :BEADN:9 >C I=: (" 9D8IDGH CJGH:H 69B>C>HIG6I>K: 6C9 I:8=C>86A HI6W ID 6KD>9 BJAI>8DAA>C:6G>IN EGD7A:BH I=6I B6N 6G>H: L>I= A67DG EG>8:H ;DG 9>W:G:CI 86I:<DG>:H .=: 6BDJCI D; HI6W 6H L:AA 6H I=:>G 8:GI>P86I>DC >H 9:PC:9 7N I=: 86CIDC6A A6L 6H 6 ;JC8I>DC D; G:H>9:CIHR 86H: B>M .=>H GJA:H DJI I=: EDHH>7>A>IN D; >C8G:6H>C< 8DHI :V8>:C8N 7N =>G>C< ADL:G 8:GI>P:9 CJGH:H  .=: EG>8: D; 86E>I6A >H 86A8JA6I:9 6H I=: HJB D; BDGI<6<: 8DHIH 6BDGI>O6I>DC 6C9 8DHIH G:A6I:9 ID 86E>I6A EJG8=6H:H 9>K>9:9 7N I=: 86E>I6A HID8@ L=>8= >H 6EEGDM>B6I:9 7N I=: CJB7:G D; 7:9H .=: EG>8: ;DG B6I:G>6A >H 8DBEJI:9 7N I6@>C< I=: G:B6>C>C< 8DHIH 6C9 9>K>9>C< I=:B 7N I=: CJB7:G D; B:6AH EGDK>9:9 :68= N:6G .=>H >I:B B6>CAN >C8AJ9:H 8DHIH ;DG ;DD9 6C9 G:H>9:C8N )I=:G 8DHIH >C8AJ9:9 6G: :C:G<N L6I:G 6C9 69B>C>HIG6I>K: 8DHIH 99>I>DC6AAN L: 8DCIGDA ;DG HDB: DJIEJI 8=6G68I:G>HI>8H I=6I B6N :MEA6>C 8DHI 9>W:G. :C8:H 68GDHH ("H  # >H 6C >C9:M L=>8= B:6HJG:H 6K:G6<: E6I>:CIHR 6HH>HI6C8: C::9 7N B:6CH D; CDGB6A 96>AN 68I>K>I>:H HJ8= 6H :6I>C< E:GHDC6A 86G: DG E=NH>DAD<>86A 68I>K>I>:H .=>H >H 86A8JA6I:9 DC 6 N:6GAN 76H>H 7N I=: ,:<>DC6A :E6GIB:CI D; *J7A>8 ":6AI= ,*" *6I>:CIH 6G: 8A6HH>P:9 >C DC: DJI D; PK: 86I:<DG>:H 688DG9>C< ID I=:>G H:K:G>IN A:K:A  K6AJ: 7:IL::C 6C9 >H 6HH><C:9 L=:G: =><=:G K6AJ:H >C9>86I: BDG: H:K:G: 86H:H # >H I=: CJGH>C< HI6W G6I>D I=6I >H I=: G6I>D 7:IL::C I=: CJB7:G D; CJGH:H :BEADN:9 . #C 6 CDC 8DBE:I>I>K: :CK>GDCB:CI HJ8= 6H I=: -L>HH DC: I=:G: >H CD G:6HDC ID 6HHJB: I=6I ("H B>C>B>O: 8DHIH #C I=>H 86H: I=: :HI>B6I:9 8DHIH ;JC8I>DC >H 6 S7:=6K>DG6A 8DHI ;JC8I>DCT K6CH  6C9 86C HI>AA 7: JH:9 ID B6@: 6 8DBE6G>HDC 6BDC< PGBH 'DG:DK:G 7N :HI>B6I>C< 6 IDI6A 8DHIH ;JC8I>DC >CHI:69 D; 6 K6G>67A: 8DHIH ;JC8I>DC L: 6KD>9 I=: G>H@ G:A6I:9 ID 6 EDHH>7A: =><= 8DGG:A6I>DC 7:IL::C 86E>I6A HID8@ 6C9 DJIEJI A:69>C< ID 6 EDH>I>K: G:A6I>DCH=>E 7:IL::C K6G>67A: 8DHI 6C9 86E>I6A HID8@  >A>EE>C>   .=: BDC:I6GN 8DBE:CH6I>DC D; I=: HI6W >H 6AHD 6 ;JC8I>DC D; 6<: .=:G:;DG: I=:G: :M>HIH I=: EDHH>7>A>IN ID G:9J8: 8DHIH 7N =>G>C< NDJC<:G HI6W B:B7:GH J: ID A68@ D; 96I6 L: 86CCDI GJA: DJI I=>H HIG6I:<>8 7:=6K>DG  #C DG9:G ID :HI>B6I: 6 8DHI ;JC8I>DC :>I=:G I=: DJIEJI >H 6HHJB:9 ID 7: =DBD<:CDJH DG L: C::9 ID 8DCIGDA ;DG H:GK>8: >CI:CH>IN 6C9 E6I>:CIHR 8=6G68I:G>HI>8H >GC76JB :I 6A .

(33)  6C9 I=: CJB7:G D; CJGH:H I=6I H=DJA9 7: :BEADN:9 688DG9>C< ID I=: <J>9:A>C:H D; I=: ,*" DEI>B6A 6BDJCI D; HI6W  :86JH: CJGH>C< 86G: >H 6 A67DG >CI:CH>K: H:GK>8: HI6VC< A:K:A =6H 7::C G:8D<C>O:9 6H 6 <DD9 >C9>86IDG ;DG FJ6A>IN  DCH:FJ:CIAN I=: CJGH>C< HI6W G6I>D >H G:<JA6I:9 7N I=: ,*" .D 6KD>9 LDGH:C>C< FJ6A>IN ("H 6G: CDI 6AADL:9 ID 9:K>6I: ;GDB I=: HJ<<:HI:9 6BDJCI D; CJGH:H 7N BDG: I=6C   ->C8: A67DG 8DHI G:EG:H:CIH I=: B6?DG 8DHI D; EGD9J8I>DC 8;G H:8I>DC   6 HB6AA 8=6C<: >C I=: CJGH>C< HI6W G6I>D B6N 6W:8I IDI6A 8DHI 8DCH>9:G67AN. DG I=>H G:6HDC ("H L>I= =><= 8DHIH B6N 9:8>9: ID 9:8G:6H: I=:. EGDEDGI>DC D; LDG@:GH )C I=: DI=:G =6C9 :V8>:CI ("H B6N =>G: C:L LDG@:GH DG >C8G:6H: I=: LDG@>C< I>B: ID ?JHI>;N 699>I>DC6A 8DHIH ID I=: G:<JA6IDGN 6JI=DG>IN .=: :C9D<:C:>IN D; I=: CJGH>C< HI6W G6I>D >H 8DCPGB:9 7N I=: GD7JHI JG7>C 1J "6JHB6C I:HI E:G;DGB:9 JH>C< I=: A6<<:9 # 6H >CHIGJB:CI6A K6G>67A: 6B:GDC 6C9 .G>K:9>   .=: CJAA =NEDI=:H>H D; :MD<:CDJH # >H G:?:8I:9 6I 6CN HI6C96G9 A:K:AH D; H><C>P86C8: .D 699G:HH I=: :C9D<:C:>IN EGD7A:B A6<<:9 K6AJ:H D; I=: CJGH>C< HI6W G6I>D #  6G: JH:9  !>K:C I=6I # >H 9:I:GB>C:9 9JG>C< I=: DE:G6I>C< N:6G ;DG :M6BEA: I=GDJ<= Q:M>7A: LDG@>C< I>B: L=>A: I=: 7J9<:I >H 9:PC:9 6I I=: 7:<>CC>C< D; I=: N:6G I=: A6<<:9 K6AJ: D; # >H :ME:8I:9 ID 7: 6 K6A>9 >CHIGJB:CI  .=: 9JBBN K6G>67A:  86EIJG:H 9>W:G:C8:H 68GDHH >CHI>IJI>DC6A ;DGBH 6H =NEDI=:H>O:9 >C H:8I>DC  .=>H K6G>67A: 86C 7: 6HHJB:9 ID 7: :MD<:CDJH ;DG ILD B6>C G:6HDCH. >GHI. DG<6C>O6I>DC6A ;DGB 9>W:G:C8:H 6G: B6>CAN 9G>K:C 7N =>HIDG>86A G:6HDCH *G:8>H:AN CJGH>C< =DB: 86G: L6H >C>I>6AAN EGDK>9:9 7N G:A><>DJH ;DJC96I>DCH &6I:G >C8G:6H>C< 9:B6C9 D; ("  H 8DBE6G:9 ID DI=:G FJ6A>IN >C9>86IDGH G:A6I:9 ID HI6VC< A:K:AH DJG >C9>86IDG >H 8DC8:EIJ6AAN 9>W:G:CI .=: CJGH>C< HI6W G6I>D >H I=: 9:K>6I>DC ;GDB I=: DEI>B6A CJB7:G D; CJGH:H I=6I H=DJA9 7: :BEADN:9 688DG9>C< ID <J>9:A>C:H D; I=: G:<JA6IDG G6I=:G I=6C I=: CJB7:G D; HI6W CJGH:H :BEADN:9  #C 6 G:8:CI G:K>:L DHI>8@ :I 6A   H=DL 6 EDH>I>K: 6HHD8>6I>DC 7:IL::C HI6VC< A:K:AH 6C9 FJ6A>IN D; 86G: 6C9 I=: A>C@ 7:IL::C HI6VC< A:K:AH 6C9 9>G:8I >C9>86IDGH D; FJ6A>IN HJ8= 6H ;JC8I>DC6A 67>A>IN EG:HHJG: JA8:GH 6C9 L:><=I ADHH  .=>H >H 6 G6I=:G H>BEA: 6EEGD68= ID I68@A: :C9D<:C:>IN >C ;GDCI>:G 6C6ANH>H L=:G: DI=:G HDAJI>DCH HJ8= 6H -&- 6G: CDI ;:6H>7A:  .=: DJIEJI D; I=: I:HI HI6I>HI>8 DC I=: :C9D<:C:>IN D;  >H   .        .=: :C9D<:C:>IN I:HI >H E:G;DGB:9 DC I=: 8DHI BD9:A L>I= PGHI DG9:G 8D:V8>:CIH .=: HI6I>HI>8H EGDK>9:9 <>K:H HDB: :K>9:C8: I=6I I=: A6<<:9 K6AJ: >H 6 K6A>9 >CHIGJB:CI .=: PGHI HI6<: G:<G:HH>DC HJBB6GN >C9>86I:H I=6I I=: A6<<:9 K6AJ: :MEA6>CH   D; I=: K6G>67>A>IN >C  .=: -ID8@ 6C9 3D<D I:HI 6I  A:K:A D; IDA:G6C8: <G:6IAN G:?:8IH I=: CJAA =NEDI=:H>H D; L:6@ >CHIGJB:CI      .=: H6B: 6C6ANH>H E:G;DGB:9 DC I=: ILD N:6GH A6<<:9 K6AJ: D;  HJ<<:HIH I=6I I=>H >CHIGJB:CI >H A>@:AN ID 7: L:6@.

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

(36) 6 C:L PC6C8>C< HNHI:B L6H >CIGD9J8:9 .=>H 8=6C<: B6N =6K: 6W:8I:9 I=: G:A6I>K: :V8>:C8N D; 9>W:G:CI >CHI>IJI>DCH DCH:FJ:CIAN L: :M8AJ9:9 I=: E:G>D9 

(37)  ;GDB I=: EG:H:CI 6C6ANH>H .=: >BE68I D; I=: C:L G:;DGB DC I=: E:G;DGB6C8: D; ("H >H 6C6ANO:9 >C 8=6EI:G  D; I=>H I=:H>H.

(38)  9:PC:H 96>AN G6I:H I=: B>C>BJB C:8:HH6GN >C;G6HIGJ8IJG: 6C9 I=: 6BDJCI 6C9 8:GI>P86. I>DC D; HI6W 76H:9 DC G:H>9:CIHR C::9H ID :CHJG: =><= FJ6A>IN HI6C96G9H #I 6AHD 9:PC:H HJEEAN 86E68>IN >C I:GBH D; 7:9H 6C9 HJ7H>9>:H ID EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H DCH:FJ:CIAN I=: EGD9J8I>DC EGD8:HH >H =><=AN =DBD<:CDJH 6C9 8DBE6G67A: 68GDHH ("H 6I6 6G: :MIG68I:9 ;GDB 6CCJ6A G:EDGIH 9:A>K:G:9 ID I=: ,*" 7N G:<JA6I:9 ("H ("H L>I= ;DN:GH 6G: :M8AJ9:9 ;GDB DJG H6BEA:  )C: (" H=DLH JCG:6HDC67A: K6AJ:H =:C8: >I >H 6AHD :M8AJ9:9 ;GDB I=: 6C6ANH>H  .=: PC6A H6BEA: 8DCI6>CH 96I6 D;  ("H EG>K6I: A6L ( * ("H 6C9 EJ7A>8 A6L ("H  L>I= 6 IDI6A CJB7:G D; D7H:GK6I>DCH :FJ6A ID (DI: I=6I 6H 8DBE6G:9 ID EG:K>DJH HIJ9>:H DC -L>HH ("H : <. >A>EE>C>  6GH> :I 6A  . 6GH> :I 6A   I=>H 96I6H:I >C8AJ9:H ;JAA >C;DGB6I>DC DC I=: 86E>I6A 8DHIH ;DG EJ7A>8 ("H I=6I L6H EG:K>DJHAN CDI 6K6>A67A:  .67A:   EG:H:CIH I=: HJBB6GN HI6I>HI>8H ;DG I=: B6>C 8DHIH 6C9 >CEJI K6G>67A:H D; >CI:G:HI B:6C HI6C96G9 9:K>6I>DC B:9>6C B>C>BJB 6C9 B6M>BJB K6AJ:H ;DG DJG H6BEA: AA >CEJI EG>8:H IDI6A 8DHI 6C9 K6G>67A: 8DHI 6G: >CQ6I:9 ID  8DCHI6CI 8JGG:C8N JC>IH -L>HH ;G6C8H JH>C< I=: C6I>DC6A DCHJB:G *G>8: #C9:M .=: 6K:G6<: 8DHI E:G G:H>9:CI 96N >C I=: BDHI :ME:CH>K: (" >H 6ABDHI IL>8: I=: 6K:G6<: 8DHI D; I=: A:6HI :ME:CH>K: =DB: L>I= 6C 6K:G6<: D; 67DJI

(39)

(40) -L>HH ;G6C8H - G  .=>H 9>W:G:C8: >H 6I A:6HI E6GI>6AAN :MEA6>C:9 7N I=: A6G<: =:I:GD<:C:>IN >C ("H 8=6G68I:G>HI>8H #C E6GI>8JA6G ;68>A>I>:H K6GN >C H>O: .=: CJB7:G D; 7:9H G6C<:H ;GDB 6 B>C>BJB D;  ID 6 B6M>BJB D;  L=>8= A:69H ID 6 =><= HI6C96G9 9:K>6I>DC 6AHD >C I=: IDI6A 6CCJ6A G:H>9:CI 96NH >W:G:C8:H >C 86H: B>M 8=6G68I:G>HI>8H 6G: 6AHD G:B6G@67A: I=: 6K:G6<: E6I>:CI 9:E:C9:C8N >C9:M G6C<:H ;GDB  ID

(41)  :K:C I=DJ<= B:6C 6C9 B:9>6C K6AJ:H 6G: K:GN 8ADH: H :ME:8I:9 I=: CJGH>C< HI6W . DN:GH 6G: :MI:GC6A G:H>9:CI>6A 6E6GIB:CIH L=:G: CJGH>C< 86G: >H EGDK>9:9 ID I=: BDHI S>C =:6AI=T E6I>:CIH ->C8: I=: EGD9J8I>DC EGD8:HH B6N 9>W:G HJ7HI6CI>6AAN L=:C 6 8DCH>9:G67A: H=6G: D; E6I>:CI 96NH >H HE:CI >C ;DN:GH   I=:H: D7H:GK6I>DCH 6G: 9GDEE:9  .=>H (" L6H >C>I>6AAN 6 ;DG EGDPI >CHI>IJI>DC 6C9 8DCH:FJ:CIAN 8=6C<:9 I=: G:<JA6I>DC G:<>B: ->C8: ;DG EGDPI ("H EGDK>9: AJMJGN G:H>9:CI>6A H:GK>8:H I=:>G EGD9J8I>DC EGD8:HH >H =6G9AN 8DBE6G67A: L>I= I=: EGD9J8I>DC EGD8:HH D; DI=:G =DB:H  .=: G:EDGI:9 CJB7:G D; ("H ;DG :68= >CHI>IJI>DC6A ;DGB >H I=: 6K:G6<: CJB7:G D; =DB:H DK:G I=: L=DA: E:G>D9 8DCH>9:G:9 .=: CJB7:G D; EG>K6I: A6L ( * ("H G6C<:H ;GDB  ID  L=>A: EJ7A>8 A6L ("H K6GN 7:IL::C  6C9   .=:H: 699>I>DC6A 96I6 DC I=: 6BDGI>O6I>DC 8DHIH D; EJ7A>8 A6L ("H =6K: 7::C B69: 6K6>A67A: ?JHI G:8:CIAN.

(42)  G6I>D >H 8ADH: ID #C ;68I ("H 6G: HJEEDH:9 ID ;DAADL I=: <J>9:A>C:H D; I=: ,*" 6C9 ID :BEADN 6H B6CN CJGH:H 6H >I >H HJ<<:HI:9 &6G<: K6G>6I>DCH 6G: PC6AAN D7H:GK:9 ;DG 6AA >CEJI EG>8:H .=: EG>8: D; 86E>I6A H=DLH I=: <G:6I:HI K6G>6I>DC BDHIAN :MEA6>C:9 7N >CK:HIB:CIH B69: ID G:C:L I=: ;68>A>IN .=: A67DG EG>8: H=DLH I=: 6K:G6<: N:6GAN L6<: D; I=: HI6W 6C9 K6G>:H 7:IL::C - G 

(43) 6C9 - G  .=: B:6C EG>8: ;DG B:6AH >H - G  6C9 G6C<:H 7:IL::C - G  6C9 - G .=:H: G:6HDC67A: K6AJ:H HJEEDGI DJG HE:8>P86I>DC D; B6I:G>6A EG>8: &67DG 8DHIH G:EG:H:CIH   D; IDI6A 8DHIH L=:G:6H 86E>I6A 8DHIH 6C9 B6I:G>6A 8DHIH 688DJCI ;DG  6C9  G:HE:8I>K:AN 06G>67A:H K:G6<: 8DHI - G

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

(45)  H><C>P86CI 9>W:G:C8:H >C I=: CJGH>C< HI6W G6I>D CDG >C I=: 86H: B>M AI=DJ<= 96I6 9D CDI H=DL >BEDGI6CI 9>W:G:C8:H 7:IL::C EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H JCD7H:GK:9 ;68IDGH G:A6I:9 ID 8DHIH B6N HI>AA G:HJAI >C 9>W:G:CI E:G;DGB6C8:. DG :M6BEA: # B6N. 86EIJG: DCAN E6GI D; FJ6A>IN 9>W:G:C8:H ":C8: ("H EGDK>9>C< =><=:G FJ6A>IN H:GK>8:H I=6C I=: 6K:G6<: B6N E:G;DGB 7:II:G   ! 06G>67A:H K:G6<: 8DHI - G

(46) G:H>9:CI 96N .DI6A 6CCJ6A G:H>9:CI 96NH *  K:G6<: 9:E:C9:C8N >C9:M #  (JGH>C< HI6W G6I>D #  K:G6<: A67DG EG>8: >C - G E:G :BEADN:: E:G N:6G "  K:G6<: 86E>I6A EG>8: >C - G E:G 7:9 "  K:G6<: B6I:G>6A EG>8: >C - G E:G B:6A "  (JB7:G D; 7:9H (JB7:G D; =DB:H (JB7:G D; D7H:GK6I>DCH. *G>K6I: A6L ("H *G                                    . *J7A>8 A6L ("H *J                                       . I K6AJ: .    .  .  .  . (DI:H -I6C96G9 9:K>6I>DCH 6G: <>K:C >C 7G68@:IH AA BDC:I6GN K6AJ:H 6G: >C   -L>HH ;G6C8H - G  69?JHI:9 7N I=: C6I>DC6A DCHJB:G *G>8: #C9:M -><C>P86C8: A:K:AH         . !%&0)  >W:G:C8:H >C B:6C 8DHIH 6C9 >CEJIH 6BDC< >CHI>IJI>DC6A ;DGBH. . )8,3(303+=. 1: >CK:HI><6I: I=: :W:8I D; >CHI>IJI>DC6A ;DGB DC I=: E:G;DGB6C8: D; ("H 7N 6EEAN>C< I=G:: 9>W:G:CI :8DCDB:IG>8 6EEGD68=:H .=: PGHI 6C9 I=: H:8DC9 6EEGD68=:H JH: HID8=6HI>8 ;GDCI>:G BD9:AH DI= ;GDCI>:G B:I=D9H :HI>B6I: 6 7:C8=B6G@>C< 8DHI ;GDCI>:G 6<6>CHI L=>8= I=: 68IJ6A E:G;DGB6C8: D; I=: PGBH >C I=: H6BEA: >H 8DBE6G:9 .=: B6>C 9>W:G:C8: 7:IL::C I=: ILD ;GDCI>:G 6EEGD68=:H A>:H >C I=: L6N :MD<:CDJH ;68IDGH 6G: IG:6I:9 >C I=:.

(47)  6C6ANH>H D; :V8>:C8N   .=: PGHI 6EEGD68= 'D9:A  G:A>:H DC I=: 6HHJBEI>DC I=6I I=: >CHI>IJI>DC6A ;DGB 6W:8IH I=: 9:<G:: D; >C:V8>:C8N 9>G:8IAN .=: E:G;DGB6C8: D; :68= (" >H B:6HJG:9 >C G:A6I>DC ID 6 H>C<A: 7:HI EG68I>8: ;GDCI>:G 6C9 I=: >BE68I D; I=: >CHI>IJI>DC6A ;DGB DC >C:V8>:C8N >H I:HI:9 6;I:GL6G9H 7N B:6CH D; I=: CDC E6G6B:IG>8 %GJH@6A 16AA>H I:HI .=: H:8DC9 6EEGD68= 'D9:A  >C8AJ9:H 6 9JBBN K6G>67A: ;DG I=: >CHI>IJI>DC6A ;DGB 9>G:8IAN >CID I=: B6>C 8DHI :FJ6I>DC 6C9 :HI>B6I:H ILD 9>HI>C8I 7:HI EG68I>8: ;GDCI>:GH  .=: G6I>DC6A: >H I=6I ("H L>I= 9>W:G:CI >CHI>IJI>DC6A ;DGBH B6N ;68: 9>W:G:CI DE:G6I>C< :CK>GDCB:CIH 6C9

(48) DG D7?:8I>K:H DCH:FJ:CIAN I=:N 86C 69DEI 9>W:G:CI 8DB7>C6I>DCH D; >CEJIH .=: G:HJAI>C< >C:V8>:C8>:H 6G: C:I D; >CHI>IJI>DC6A 8=6G68I:G>HI>8H  ' 6C9 6G: >CI:GEG:I:9 EG>B6G>AN 6H 6C >C9>86IDG D; B6C6<:G>6A E:G;DGB6C8: D:AA> :I 6A  #C I=: EG:H:CI 86H: C:I >C:V8>:C8>:H 86EIJG: 6CN 9>W:G:C8: 7:IL::C EJ7A>8 A6L 6C9 EG>K6I: A6L ( * ("H G:A6I:9 ID I>B: K6GN>C< ;68IDGH .=: 9>HI6C8: 7:IL::C I=: 68IJ6A 8DHIH 6C9 I=: <GDJE HE:8>P8 7:HI EG68I>8: ;GDCI>:G EGDK>9:H >C;DGB6I>DC 67DJI I=: L>I=>C <GDJE >C:V8>:C8N D; EG>K6I: A6L 6C9 EJ7A>8 A6L ("H DCK:GH:AN I=: 7:IL::C <GDJEH >C:V8>:C8N >H B:6HJG:9 6H I=: 9>HI6C8: 7:IL::C I=: ILD ;GDCI>:GH > : I=: 8D:V8>:CI D; I=: 9JBBN K6G>67A:. >C6AAN 7N G: :K6AJ6I>C< I=: IG69>I>DC6A :V8>:C8N EG:9>8IDG L>I= I=: ;DGBJA6. 6EEA>:9 7N D:AA> :I 6A  6AA PGBH 86C 7: 8DBE6G:9 ID I=: BDHI ;6KDG67A: 7:HI EG68I>8: ;GDCI>:G .=>H >H 68=>:K:9 7N BJAI>EAN>C< I=: JHJ6A I>B: K6GN>C< :V8>:C8N EG:9>8IDG <&  L>I= I=: :MEDC:CI>6A D; I=: :HI>B6I:9 8D:V8>:CI G:A6I:9 ID I=: >CHI>IJI>DC6A ;DGB 9JBBN =:G: 86AA:9    6 B:6HJG: D;  ' >C6AAN ;DG GD7JHIC:HH 8=:8@ >C I=: I=>G9 6EEGD68= L: 6EEAN IG69>I>DC6A E6C:A 96I6 BD9:AH L>I= E6GI>8JA6G ;D8JH DC I=: EDI:CI>6A 8DGG:A6I>DC 7:IL::C I=: >C9>K>9J6A :W:8IH . -:: ->B6G &DK:AA 6C9 06C9:C :8@6JI  ;DG 6 G:K>:L D; 6EEGD68=:H ID >C8AJ9: :MD<:CDJH ;68IDGH >C :V8>:C8N B:6HJG:B:CI HIJ9>:H  .=: >9:6A H>IJ6I>DC ID HIJ9N 9>W:G:C8:H 9J: ID I=: >CHI>IJI>DC6A ;DGB LDJA9 7: ID 8DBE6G: >CHI>IJI>DCH L>I= H6B: DLC:GH=>E ;DGB 7JI 9>W:G:CI >CHI>IJI>DC6A ;DGBH > : <DK:GCB:CI GJC ("H K:GHJH ("H DLC:9 7N I=: AD86A <DK:GCB:CI 7JI GJC 6H ;DJC96I>DC EJ7A>8 ;DJC96I>DCH "DL:K:G 9J: ID I=: HB6AA H6BEA: H>O: D; EJ7A>8 ;DJC96I>DCH ("H 

(49)   L: 6G: CDI 67A: ID JH: I=>H >9:CI>P86I>DC HIG6I:<N   H>B>A6G 6EEGD68= =6H 7::C 6EEA>:9 >C I=: A>I:G6IJG: DC =DHE>I6A :V8>:C8N ID HIJ9N I=: >BE68I D; DLC:GH=>E !GDHH@DE; 6C9 06A9B6C>H  6C9 H>O: )O86C 6I 6A  6AI=DJ<= CDI 8DB7>C:9 L>I= 6 ., BD9:A.

(50)  6C9 I=: 8DK6G>6I:H #C I=>H 6EEGD68= L: 86EIJG: I=: >BE68I D; I=: >CHI>IJI>DC6A ;DGB DC IDI6A 8DHIH L>I= 6 9JBBN K6G>67A: *6C:A 96I6 BD9:AH 6C9 HID8=6HI>8 ;GDCI>:G BD9:AH 6G: 8DC8:EIJ6AAN CDI :FJ>K6A:CI >C E6GI>8JA6G L>I= G:HE:8I ID I=: DJIEJI HE:8>P:9 .=: G:<G:HH>DC ;JC8I>DC HE:8>P:H 6 8DC9>I>DC6A B:6C D; DJIEJI >CHI:69 I=: ;GDCI>:G 8DJCI:GE6GI 9:PC:H I=: B6M>BJB DJIEJI B>C>BJB 8DHI 6K6>A67A: L>I= 6 <>K:C H:I D; >CEJIH EG>8:H DGCL:AA 6C9 -8=B>9I   H E6C:A 96I6 BD9:AH G:AN DC A:HH 6HHJBEI>DCH I=:H: 86C EGDK>9: BDG: 8DCH:GK6I>K: GD7JHIC:HH 8=:8@ . 83',%78-' *6328-)6 13()07. .=: E6G6B:IG>8 ;GDCI>:G 6EEGD68= >C8AJ9:H B6CN I:8=C>FJ:H >C E6GI>8JA6G I=: A>I:G6IJG: 9>HI>C<J>H=:H 7:IL::C 9:I:GB>C>HI>8 6C9 HID8=6HI>8 B:I=D9H .=: B6>C 9>H69K6CI6<: D; 9:. I:GB>C>HI>8 B:I=D9H >H I=6I >I >H CDI EDHH>7A: ID H:E6G6I: HI6I>HI>86A CD>H: ;GDB >C:V8>:C8N 6H 6CN 9:K>6I>DC ;GDB I=: ;GDCI>:G >H >CI:GEG:I:9 6H >C:V8>:C8N ":C8: =><=:G >C:V8>:C8>:H A:K:AH 6G: :ME:8I:9 L=:C 9:I:GB>C>HI>8 6EEGD68=:H 6G: >BEA:B:CI:9 6H 8DBE6G:9 ID HID. 8=6HI>8 ;GDCI>:G BD9:AH C DK:GK>:L D; I=: HID8=6HI>8 ;GDCI>:G BD9:AH ;DG 8GDHH H:8I>DC6A 6C9 E6C:A 96I6 BD9:AH >H H=DLC >C EE:C9>M  ><JG:  'DG: G:8:CI HID8=6HI>8 ;GDCI>:G BD9:AH ;DG E6C:A 96I6 =6K: >CIGD9J8:9 I=: EDHH>7>A>IN ID ;JGI=:G 9>H:CI6C<A: >C:V8>:C8N 6C9 HI6I>HI>86A CD>H: ;GDB JCD7H:GK:9 =:I:GD<:C:>IN HJ8= 6H ;68IDGH I=6I 6G: CDI JC9:G I=: 8DCIGDA D; I=: B6C6<:B:CI 'JG>AAD 46BDG6CD   #C I=>H HIJ9N L: DEI ;DG E6C:A 96I6 E6G6B:IG>8 B:I=D9H ID 699G:HH I=: >HHJ: D; JCD7H:GK:9 =:I:GD<:C:>IN DG 7DI= HID8=6HI>8 ;GDCI>:G 6EEGD68=:H 9:H8G>7:9 67DK: L: :HI>B6I: 6 EDDA:9 ;GDCI>:G 6C9 6 IGJ: G6C9DB :W:8IH BD9:A ., 9:K:ADE:9 7N !G::C:   .=: EDDA:9 ;GDCI>:G :HI>B6IDG JH:9 ;DG 8DBE6G>HDC EJGEDH:H 8DCH>9:GH I=: H6BEA: 6H H:G>:H D; 8GDHH H:8I>DC6A D7H:GK6I>DCH 6C9 6HHJB:H I=6I I=: PGB HE:8>P8 :W:8IH 6G: O:GD #I G:A>:H DC I=: 86CDC>86A 8DHI BD9:A HE:8>P86I>DC D; ><C:G &DK:AA 6C9 -8=B>9I  :MEG:HH:9 >C AD<6G>I=BH. . &      %  )% &  =&  <&  " &. <&  .  .

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

(52) . .

(53) ( 

(54) '  . ' ( .

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

(56)

(57).  . #I B6N 7: 8DCK:C>:CI ID I=>C@ D; I=: ., BD9:A 6H 6 G6C9DB E6G6B:I:G BD9:A >C L=>8= I=: >CI:G8:EI >H I=: DCAN G6C9DB E6G6B:I:G .=: CJB7:G D; E6G6B:I:GH ID :HI>B6I: >C8G:6H:H ID (% L=>8= >H CDI EDHH>7A: L>I= I=: JHJ6A '6M>BJB &>@:A>=DD9 HI>B6IDG '& !G::C:   EGDEDH:9 6 9>G:8I B6M>B>O6I>DC D; I=: JC8DC9>I>DC6A A>@:A>=DD9 ;JC8I>DC 7N B:6CH D; I=: '6M>BJB ->BJA6I:9 &>@:A>=DD9 HI>B6IDG 1=:C CD 8ADH:9.

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

(59) '  =&  !  

(60) ( . ., 1+3/  5694+3 ( 

(61)   &  <&  =& <&  !   

(62) '  =&  !  

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

(64)  .=: >C9>K>9J6A HE:8>P8 :W:8IH   86EIJG: 6CN JCD7H:GK:9 I>B: >CK6G>6CI =:I:GD<:C:>IN 88DG9>C< ID I=: BD9:A HE:8>P86I>DC >C    I=: , BD9:A 86C 7: :MEG:HH:9 6H . &      %  )% &  =&     " &.  . L=:G: )% >H 6<6>C I=: K:8IDG D; 6AA :MEA6C6IDGN K6G>67A:H : 9:PC:9 >C   .=: JCD7. H:GK67A: >C9>K>9J6A :W:8IH 6G: 6HHJB:9 ID 7: G6C9DB K6G>67A:H 9>HIG>7JI:9 >C9:E:C9:CIAN D; I=: G:<G:HHDGH I=6I >H    

(65)   6C9 I=: HI6I>HI>86A CD>H: =&   

(66) (  .=: 8D:V. 8>:CIH 6G: :HI>B6I:9 L>I= !:C:G6A>O:9 &:6HI -FJ6G: !&- :HI>B6IDG DCH>HI:CI :HI>B6I:H D; G6C9DB :W:8IH BD9:AH G:AN DC I=: 6HHJBEI>DC D; CD 8DGG:A6I>DC 7:IL::C I=: >C9>K>9J6A :W:8IH 6C9 I=: 8DK6G>6I:H #C I=>H 86H: >I B:6CH I=6I I=: JCD7H:GK:9 =:I:GD<:C:>IN >H JC. 8DGG:A6I:9 L>I= >CEJI 8=D>8:H 6C9 DJIEJI .=: CJAA =NEDI=:H>H D; CD 8DGG:A6I>DC >H G:?:8I:9 7N I=: "6JHB6C I:HI    

(67) * K6AJ:   HI>B6I:H 6G: A>@:AN ID 7: 6W:8I:9 7N =:I:GD<:C:>IN 7>6H 6C9 I=:G:;DG: >C8DCH>HI:CI .D 6HH:HH I=: >BE68I D; I=>H 8DGG:A6I>DC L: 6AHD :HI>B6I: G:<G:HH>DC BD9:AH L>I= I=: 'JC9A6@ 8DGG:8I>DC 'JC9A6@  1DDA9G>9<:    !G::C:   .=: 'JC9A6@ HE:8>P86I>DC 8DCH>9:GH I=>H 8DGG:A6I>DC :MEA>8>IAN >C 6C 6JM>A>6GN G:<G:HH>DC 7N >C8AJ9>C< I=: B:6C D; I=: 8DK6G>6I:H ) >C I=: HE:8>P86I>DC D; I=: 8DHI ;JC8I>DC.  .  %  )%   .  )%  .  )% &  &.   !  

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

(69)  >CHI>IJI>DC6A ;DGB G:B6>C JC8=6C<:9 .=: PM:9 :W:8IH BD9:A EGDK>9:H 6C 6AI:GC6I>K: :HI>B6IDG ID I68@A: I=>H >HHJ: 6H >I 6AADLH ;DG E6GI>6A 8DGG:A6I>DC 7:IL::C 8DK6G>6I:H 6C9 >C9>K>9J6A :W:8IH 6B:GDC 6C9 .G>K:9>    "DL:K:G I=: PM:9 :W:8IH BD9:A 9D:H CDI 6AADL ID :HI>B6I: I=: 8D:V8>:CI D; I>B:. >CK6G>6CI ;68IDGH HJ8= 6H I=: >CHI>IJI>DC6A ;DGB. DG I=>H G:6HDC I=: PM:9 :W:8I :HI>B6IDG. >H :M8AJ9:9. . )79087. 1: CDL 9>H8JHH I=: G:HJAIH D; I=: HID8=6HI>8 ;GDCI>:G 6EEGD68=:H L>I= 6C9 L>I=DJI I=: >CHI>IJI>DC6A ;DGB 9JBBN K6G>67A: :HI>B6I:9 L>I= 6 EDDA:9 ;GDCI>:G 6C9 6 ., BD9:A #C .67A:   L: G:EDGI I=: :HI>B6I:9 8D:V8>:CIH ID<:I=:G L>I= I=:>G A:K:A D; H><C>P86C8: 6C9 ;DG 'D9:A  DCAN I=: >BE68I D; I=: 9JBBN K6G>67A: ;DG I=: >CHI>IJI>DC6A ;DGB -I6C96G9 :G. GDGH 6G: <>K:C >C 7G68@:IH AA I=: PGHI DG9:G 8D:V8>:CIH 6G: =><=AN H><C>P86CI 6C9 EDH>I>K: .=: ;JAA A>HI D; :HI>B6I:H 86C 7: ;DJC9 >C EE:C9>M .67A:   .=: :HI>B6I:9 8D:V8>:CIH 6G: FJ>I: GD7JHI 68GDHH 9>W:G:CI HE:8>P86I>DCH M8:EI>DCH 6G: I=: 8D:V8>:CIH G:A6I:9 ID E6I>:CIH H:K:G>IN    6C9 I=: A6<<:9 HI6W G6I>D    DI= 8D:V8>:CIH 6G: ADL:G L=:C I=: >C9>K>9J6A :W:8IH 6G: 8DCH>9:G:9 .=>H EGDK>9:H HDB: :K>9:C8: D; JCD7H:GK:9 =:I:GD. <:C:>IN L=>8= >H 6I A:6HI E6GI>6AAN I6@:C >CID 688DJCI 7N I=: ., :HI>B6I>DC #C ;68I I=: :HI>B6I:9 8D:V8>:CIH 6G: ADL:G >C I=: ., :HI>B6I>DC 6H 8DBE6G:9 ID I=: 8D:V8>:CIH D; I=: EDDA:9 ;GDCI>:G .=: DJIEJI 8D:V8>:CI    >H HA><=IAN HB6AA:G I=6C 6C9 HJ<<:HIH I=: EG:H:C8: D; JC:MEAD>I:9 :8DCDB>:H D; H86A: .=: 8D:V8>:CIH D; I=: ILD DJIEJI 8=6G68I:G>HI>8H      H=DL I=6I BDG: H:K:G: E6I>:CIH A:69 ID =><=:G 8DHIH ->B>A6GAN BDG: CJGH:H E:G E6I>:CI 86JH: =><=:G EGD9J8I>DC 8DHIH .=: :HI>B6I:9 H=6G: D; A67DG 8DHIH <>K:C 7N I=: 8D:V8>:CI D; A67DG EG>8:H    >H 7:IL::C 

(70)  6C9   G:HE:8I>K:AN >C I=: ., 6C9 I=: EDDA:9 BD9:AH .=: :HI>B6I:9 H=6G: D; 86E>I6A 8DHIH >H 7:IL::C  6C9

(71)  L=:G:6H I=: EGDEDGI>DC D; B6I:G>6A >H 7:IL::C  6C9  .=: B6>C K6G>67A: D; >CI:G:HI I=: 9JBBN ;DG I=: >CHI>IJI>DC6A ;DGB >C 'D9:A >H.

Références

Documents relatifs

Through careful examination of the drawbacks of existing sampling and instrumental methods, this project has demonstrated the ability of a MIP-SPE phase coupled with a

3.22 Circular path-following simulation results using the vector field method with different control parameter k c settings.. Note

Three hundred and twenty one samples of core enamel from 104 white-tailed deer teeth recovered from 31 different archaeological sites in southern Ontario were prepared for

By timing the addition of the type I collagen matrix, I firstly achieved selective manipulation of the release of leptin and adiponectin, which are reported to be the critical

Developing a blind CSIT acquisition strategy for advanced interference align- ment schemes, without channel quantization, and user feedback overhead over multi-user MIMO channels..

Figure 3.11: Initial mean bubble area for various brine concentration foam samples in the selected region of interest approximately 1 cm above the initial liquid height (S) are shown

Figure B.1: UV-Vis spectra of (orange) glass slide that are coated with gold layer (yel- low) coated glass slide with gold that was then immersed in the solution of DTF, that

Then, we look at the interplay between different parameter settings for spiking neural networks, in particular initial weight range, as well as membrane time potential τ and number