The Right Amount of Trust

Testo completo

(1)DEPARTMENT OF ECONOMICS. EUI Working Papers ECO 2009/33 DEPARTMENT OF ECONOMICS. THE RIGHT AMOUNT OF TRUST. Jeffrey Butler, Paola Giuliano and Luigi Guiso.

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(3) EUROPEAN UNIVERSITY INSTITUTE, FLORENCE. DEPARTMENT OF ECONOMICS. The Right Amount of Trust JEFFREY BUTLER, PAOLA GIULIANO and LUIGI GUISO. EUI Working Paper ECO 2009/33.

(4) This text may be downloaded for personal research purposes only. Any additional reproduction for other purposes, whether in hard copy or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper or other series, the year, and the publisher. The author(s)/editor(s) should inform the Economics Department of the EUI if the paper is to be published elsewhere, and should also assume responsibility for any consequent obligation(s). ISSN 1725-6704. © 2009 Jeffrey Butler, Paola Giuliano and Luigi Guiso Printed in Italy European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy www.eui.eu cadmus.eui.eu.

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(9) 9B79 8F5KB :FCA 5 AI@H=D@9 FCIB8 9LD9F=A9BH 09 G<CK H<5H CKB HFIGHKCFH<=B9GG 5B8 9LD97H5H=CBG C: CH<9FGQ HFIGHKCFH<=B9GG =B H<9 HFIGH ;5A9 5F9 GHFCB;@M 7CFF9@5H98 5B8 H<5H H<9 7CFF9@5H=CB 8C9G BCH J5B=G< K<9B H<9 HFIGH ;5A9 =G F9D95H98 G9J9F5@ H=A9G "B 588=H=CB K9 OB8 H<5H D5FH=7=D5BHGQ HFIGHKCFH<=B9GG 5G A95GIF98 6M H<9=F 69<5J=CF =B H<9 HFIGH ;5A9 75B 69 HF5798 657? HC H<9 J5@I9G H<5H H<9=F D5F9BHG =BGH=@@98 =B5@@M 9J9B =B H<=G 7CBHFC@@98 7CBH9LH =B8=J=8I5@G H<5H 89D5FH :FCA H<9 F=;<H 5ACIBH C: HFIGH 95FB @9GG 5B8 H<9 G<CFH:5@@ =B 95FB=B;G =G C: H<9 G5A9 CF89F C: A5;B=HI89 5G C6G9FJ98 =B H<9 GIFJ9M 85H5 -<9 F9A5=B89F C: H<9 D5D9F =G CF;5B=N98 5G :C@@CKG "B ,97H=CB K9 8=G7IGG 5@H9FB5H=J9 9LD@5B5H=CBG :CF K<M HFIGH 69@=9:G A5M 8=W9F 5B8 D9FG=GH "B ,97H=CB K9 DF9G9BH 5 G=AD@9 AC89@ H<5H DF98=7HG 5 <IAD G<5D98 F9@5H=CBG<=D 69HK99B =B8=J=8I5@ HFIGH 5B8 D9F:CFA5B79 "B ,97H=CB K9 89G7F=69 H<9 85H5 5B8 =B ,97H=CB K9 DF9G9BH H<9 F9GI@HG C: CIF HFIGH. D9F:CFA5B79 F9@5H=CBG<=D 9GH=A5H=CBG "B ,97H=CBG K9 G<CK H<9 9GH=A5H9G C: H<9 9W97H C: HFIGH CB H<9 :F9EI9B7M K=H< K<=7< CB9 =G 7<95H98 "B ,97H=CB K9 DF9G9BH H<9 9LD9F=A9BH5@ 9J=89B79 :FCA H<9 HFIGH ;5A9 ,97H=CB 7CB7@I89G. . #,: %3) 53645 &).-)*4 ,)5)31+)0)164. 0<9F9 8C9G H<9 <9H9FC;9B9=HM =B HFIGH 69@=9:G 8C7IA9BH98 =B =;IF9 7CA9 :FCA -<9F9 5F9 HKC D@5IG=6@9 9LD@5B5H=CBG K<M HFIGH 75B 8=W9F 57FCGG =B8=J=8I5@G =B H<9 G5A9 7CAAIB=HM 5B8 K<M H<9G9 8=W9F9B79G A5M D9FG=GH 77CF8=B; HC CB9 J=9K 69@=9:G 5F9 57EI=F98 H<FCI;< 7I@HIF5@ HF5BGA=GG=CB 5B8 H<9B G@CK@M ID85H98 H<FCI;< 9LD9F=9B79 :FCA CB9 ;9B9F5H=CB HC 5BCH<9F !9H9FC;9B9=HM =G H<9B H<9 F9GI@H C: :5A=@M GD97=O7 G<C7?G -<=G @=B9 C: 5F;IA9BH <5G 699B DIFGI98 6M. I=GC ,5D=9BN5 5B8 2=B;5@9G 6 K<C 6I=@8 5B CJ9F@5DD=B; ;9B9F5H=CBG. AC89@ =B K<=7< 7<=@8F9B 56GCF6 H<9=F HFIGH DF=CFG :FCA H<9=F D5F9BHG 5B8 H<9B 5:H9F 9LD9F=. 9B7=B; H<9 F95@ KCF@8 HF5BGA=H H<9A ID85H98 HC H<9=F CKB 7<=@8F9B C<A9B 9H 5@ DFCJ=89 9J=89B79 7CBG=GH9BH K=H< H<=G J=9K -<9M G<CK H<5H =B 5 D5B9@ C:. 9FA5B <CIG9. <C@8G GCBGQ 5B8 85I;<H9FGQ HFIGH 69@=9:G 5F9 GHFCB;@M DCG=H=J9@M 7CFF9@5H98 K=H< H<CG9 C: H<9=F D5F9BHG D5FH=7I@5F@M H<CG9 C: H<9 ACH<9FU5G KCI@8 69 9LD97H98 =: H<9G9 DF=CFG 5F9 =BGH=@@98 95F@M =B @=:9 5B8 ACH<9FG D@5M 5 ;F95H9F FC@9 =B 7<=@8F9BQG 95F@M 98I75H=CB -<=G 9LD@5=BG <9H9FC;9B9=HM =B =B=H=5@ DF=CFG 5B8 D9FG=GH9B79 57FCGG ;9B9F5H=CBG :CF 5BM ;9B9F5H=CB H<9 7CFF9@5H=CB 69HK99B 7IFF9BH 69@=9:G 5B8 F979=J98 DF=CFG 8=@IH9G 5G D9CD@9 5;9 5B8 @95FB 19H HFIGH 69@=9:G A5M D9FG=GH 5@GC K=H<=B H<9 G5A9 ;9B9F5H=CB =: D9CD@9 5F9 F9@I7H5BH HC 8=GA=GG H<9=F 7I@HIF5@ DF=CFG 9J9B =B H<9 :579 C: 9J=89B79 (B9 A97<5B=GA ;9B9F5H=B; D9FG=GH9B79 .

(10) 7CI@8 69 7CBOFA5H=CB 6=5GU5 H9B89B7M HC G99? 5B8 OB8 7CBOFA5HCFM 9J=89B79 =B GIDDCFH C: 5@F958M 9L=GH=B; 69@=9:G 5B8 =;BCF9 CF F9=BH9FDF9H 8=G7CBOFA5HCFM 9J=89B79 @H9FB5H=J9@M 7I@HIF5@ 69@=9:G A5M D9FG=GH 6975IG9 CB79 <5F8K=F98 H<9M 5F9 D5=B:I@ HC 9F58=75H9 5B8 H<=G D5=B A5?9G CB9 F9G=GH5BH HC ID85H9 9J9B K<9B 8=G7CBOFA=B; =B:CFA5H=CB =G A589 5J5=@56@9 -<9 G97CB8 D@5IG=6@9 9LD@5B5H=CB =G H<5H D5F9BHG H957< H<9=F 7<=@8F9B J5@I9G F5H<9F H<5B 69@=9:G "B D5FH=7I@5F H<9M A5M H957< J5@I9G C: HFIGHKCFH<=B9GGU<CK AI7< HC GH=7? HC 5 DFCA=G9 CB79 =H <5G 699B A589 9J9B 5H H<9 7CGH C: A5H9F=5@ ;5=BG I@HIF5@ HF5BGA=GG=CB C: J5@I9G C: 7CCD9F5H=CB 5B8 HFIGHKCFH<=B9GG =G H<9 :C7IG C: =G=B 5B8 /9F8=9F =G=B -CD5 5B8 /9F8=9F 5B8 -569@@=B= 5 K<C G<CK H<5H =BGH=@@98 BCFAG C: 69<5J=CF 5F9 D5GG98 8CKB :FCA D5F9BHG K<C CDH=A5@@M 7<CCG9 H<9A HC ?=8G 5B8 H<5H H<9G9 BCFAG H9B8 HC D9FG=GH :FCA ;9B9F5H=CB HC ;9B9F5H=CB !9H9FC;9B9=HM =B D5F9BHG DF9:9F9B79G 5B8 9LD9F=9B79G A5M H<9B F9GI@H =B <9H9FC;9B9=HM =B =BGH=@@98 HFIGHKCFH<=B9GG J9B =: D5F9BHG 8C BCH H957< DF=CFG =B8=J=8I5@G K<C @57? =B:CFA5H=CB A5M 9LHF5DC@5H9 :FCA H<9=F CKB HMD9G K<9B :CFA=B; 69@=9:G 56CIH H<9 HFIGHKCFH<=B9GG C: CH<9FG G -<CA5G ,7<9@@=B; CB79 KFCH9 S MCI 75B G=H =B MCIF 5FA7<5=F 5B8 HFM HC DF98=7H <CK D9CD@9 69<5J9 6M 5G?=B; MCIFG9@: <CK MCI KCI@8 69<5J9 =: MCI <58 MCIF K=HG 56CIH MCI 1CI ;9H :F99 C: 7<5F;9 5 @CH C: J=75F=CIG 9AD=F=75@ 69<5J=CF S &CF9 GI77=B7H@M ,7<9@@=B; GIDDCFH98 H<9 =895 H<5H DIHH=B; MCIFG9@: =B CH<9FGQ G<C9G =G IG9:I@ :CF DF98=7H=B; H<9 69<5J=CF C: CH<9FG 0<9B 5DD@=98 HC CIF 7CBH9LH H<=G :5@G9 7CBG9BGIG 9W97H +CGG. F99B 5B8 !CIG9 . =AD@=9G H<5H <=;<@M HFIGHKCFH<M =B8=J=8I5@G K=@@ H9B8 HC H<=B? H<5H CH<9FG 5F9 @=?9 H<9A 5B8 <9B79 :CFA HFIGH 69@=9:G H<5H 5F9 HCC CDH=A=GH=7 <=;<@M IBHFIGHKCFH<M D9CD@9 K=@@ G=A=@5F@M 9LHF5DC@5H9 :FCA H<9=F CKB HMD9 5B8 H9B8 HC :CFA 9L79GG=J9@M D9GG=A=GH=7 69@=9:G -<IG K=H< :5@G9 7CBG9BGIG <9H9FC;9B9=HM =B J5@I9G CKB HFIGHKCFH<=B9GG HF5BG@5H9G =BHC <9H9FC;9B9=HM =B 69@=9:G HFIGH ": J5@I9G D9FG=GH CJ9F H=A9 5B8 :5@G9 7CBG9BGIG 8C9G BCH J5B=G< K=H< @95FB=B; H<9B KFCB; 69@=9:G K=@@ 5@GC D9FG=GH %95FB=B; A5M 5HH9BI5H9 H<9 . F979BH :IB7H=CB5@ A5;B9H=7 F9GCB5B79 =A5;=B; GHI8M G<CKG K<9F9 =B H<9 6F5=B H<9 7CBOFA5H=CB 6=5G 5F=G9G 5B8 <CK =H CD9F5H9G IB7CBG7=CIG@M 09GH9B 9H 5@ @5B7C DFCJ=89G 9J=89B79 7CBG=GH9BH K=H< H<=G J=9K =B H<9 7CBH9LH C: 5 HFIGH ;5A9 9LD9F=A9BH ,<9 G<CKG H<5H 5 69<5J=CIF5@ A95GIF9 C: HFIGHUH<9 5ACIBH G9BH 6M 5 G9B89FU7CBH=BI9G HC 69 7CFF9@5H98 K=H< H<9 HFIGHKCFH<=B9GG C: H<9 G9B89F H<9 5ACIBHG <9 F9HIFBG K<9B <9 D@5MG 5G 5 F979=J9F 9J9B K<9B 7CBHFC@@=B; :CF H<9 5ACIBHG H<5H H<9 F979=J9F D@5BG HC F9HIFB 5B8 9J9B K<9B H<9 F979=J9FQG D@5B =G :I@@M F9J95@98 HC H<9 G9B89F 69:CF9 G<9 A5?9G <9F 897=G=CB "B CH<9F KCF8G 57HI5@ HFIGH 897=G=CBG G99A HC F9GDCB8 HC CKB J5@I9G 9J9B K<9B H<9 69<5J=CIF C: H<9 7CIBH9FD5FH =G :I@@M ?BCKB 5@G9 7CBG9BGIG <5G 699B G<CKB HC 69 5 D9FG=GH9BH D<9BCA9BCB B9=H<9F DFCJ=8=B; 588=H=CB5@ =B:CFA5H=CB 56CIH H<9 DCDI@5H=CB C: =BH9F9GH BCF K5FB=B; =B8=J=8I5@G 56CIH H<9 DCGG=6=@=HM C: :5@G9 7CBG9IBGIG 9@=A=B5H9G H<9 9W97H $FI9;9F 5B8 @9A9BH IFH<9FACF9 =H <5G 699B :CIB8 H<5H =G BCH 8FCKB98 CIH 6M ACB9H5FM =B79BH=J9G :CF 577IF5H9 DF98=7H=CBG 9 ; &5GG9M 5B8 -<5@9F . .

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

(12) C: 9BHF9DF9B9IFG 5F9 7<95H9FG K<=@9 H<9 F9GH C: H<9 97CBCAMQG 9BHF9DF9B9IFG 5F9 <CB9GH 57< =BJ9GHCF =G F5B8CA@M A5H7<98 K=H< 5B 9BHF9DF9B9IF 5G =B =L=H B <CB9GH 9BHF9DF9B9IF F9HIFBG H<9 DFCA=G98 G<5F9 C: H<9 GIFD@IG K<=@9 5 7<95H9F 56G7CB8G K=H< H<9 K<C@9 GIFD@IG 09 5GGIA9 H<5H =G =B7F95G=B; 5B8 7CB75J9 GC H<5H. . . 5B8. 5B8 =G GI7< H<5H GC H<5H. H<9 =BJ9GHA9BH <5G 5 DCG=H=J9 F9HIFB =: H<9 9BHF9DF9B9IF 8C9G BCH 7<95H 09 5@GC 5GGIA9 H<5H

(13) -<=G @5GH 7CB8=H=CB =AD@=9G H<5H 5H N9FC =BJ9GHA9BH H<9 9LD97H98 A5F;=B5@ F9HIFB :FCA =BJ9GH=B; 9L7998G H<9 F9HIFB :FCA ?99D=B; H<9 ACB9M IB89F H<9 A5HHF9GG -<9G9 5GGIADH=CBG H5?9B HC;9H<9F =AD@M 5 IB=EI9 =BH9FB5@ CDH=A5@ =BJ9GHA9BH 5ACIBH CF H<9=F D5FH =BJ9GHCFG 8=W9F =B HFIGHKCFH<=B9GG 5G K9@@ GGIA9 H<9F9 =G 5 7CBH=BIIA C: =BJ9GHCFG 957< 7<5F57H9F=N98 6M 5 79FH5=B @9J9@ C: HFIGHKCFH<=B9GG ' 8=GHF=6IH98 CB H<9 IB=H =BH9FJ5@ '9LH G=A=@5F HC 9BHF9DF9B9IFG GIDDCG9 H<5H 5 :F57H=CB

(14) C: =BJ9GHCFG <5G 5 @9J9@ C: HFIGHKCFH<=B9GG '

(15) (: 7CIFG9 K<=@9 5B =BJ9GHCF 75B 69 7<95H98 =BJ9GHCFG 75BBCH 7<95H 09 OFGH 5GGIA9 H<5H =BJ9GHCFG <5J9 7CFF97H 69@=9:G 5B8 5BH=7=D5H9 H<5H H<9 DFC656=@=HM C: 69=B; 7<95H98 =G

(16) . =J9B H<9G9 7CFF97H 69@=9:G 5B =B8=J=8I5@ =BJ9GHCF 897=89G. <CK AI7< HC =BJ9GH =B H<9 J9BHIF9 GC 5G HC A5L=A=N9 -

(17) ) * . . %9H 89BCH9 H<9 CDH=A5@ 5ACIBH =BJ9GH98 K<9B 69@=9:G 5F9 7CFF97H -<9B H<9 5J9F5;9 .

(18) =B7CA9 H<5H H<9 =BJ9GHCF C6H5=BG K=@@ 69

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

(20) 69 H<9 =BJ9GHCFQG 5J9F5;9 =B7CA9 'CH=79 H<5H =B7CA9 F95@. =N5H=CBG 89D9B8 CB H<9 57HI5@ :F57H=CB C: HFIGHKCFH<M 9BHF9DF9B9IFG 09 GH5H9 H<9 :C@@CK=B; DFCDCG=H=CB !" 0<9B =B8=J=8I5@G 9LHF5DC@5H9 :FCA H<9=F CKB HMD9 5B =BJ9GHCFQG 5J9F5;9 =B7CA9 =G 5 7CB75J9 :IB7H=CB C: H<9 =BJ9GHCFQG HFIGH 69@=9:G -<=G :IB7H=CB 5HH5=BG =HG A5L=AIA K<9B H<9 =BJ9GHCFQG 69@=9: 56CIH H<9 G<5F9 C: HFIGHKCFH<M 9BHF9DF9B9IFG ' 9EI5@G H<9 HFI9 G<5F9 C: HFIGHKCFH<M 9BHF9DF9B9IFG

(21) )FCC: G99 H<9 5DD9B8=L -<9 DFCDCG=H=CB =AD@=9G H<5H 6CH< =BJ9GHCFG K=H< J9FM @CK 5B8 J9FM <=;< @9J9@G C: HFIGH 5B8 HFIGHKCFH<=B9GG 8C KCFG9 H<5B H<CG9 K=H< 5 HFIGH 5B8 HFIGHKCFH<=B9GG @9J9@ 7@CG9 HC H<9 5J9F5;9 HFIGHKCFH<=B9GG C: H<9 DCDI@5H=CB "B H<9 OFGH 75G9 6M IB89F =BJ9GH=B; =BJ9GHCFG K=H< J9FM @CK HFIGH @9J9@G @CG9 @=HH@9 =: 7<95H98 6IH 6M F9H5=B=B; HCC AI7< C: H<9=F 9B8CKA9BH H<9M ;=J9 ID DFCOH CDDCFHIB=H=9GU5B8 H<9 @5HH9F 9W97H :5F 9L7998G H<9 :CFA9F "BJ9GHCFG =B H<9 G97CB8 ;FCID =BJ9GH 5 @CH =B H<9 DFC8I7H=J9 J9BHIF9 K<=7< 75B DCH9BH=5@@M F5=G9 H<9=F =B7CA9 IH G=B79 H<9M ;F5BH 9BHF9DF9B9IFG ACF9 HFIGH H<5B H<9M 89G9FJ9 H<9M @CG9 5 @CH K<9B 7<95H98 5B8 H<9 @5HH9F 9W97H 8CA=B5H9G H<9 :CFA9F !9B79 H<9 F9@5H=CBG<=D 69HK99B =B8=J=8I5@ 97CBCA=7 D9F:CFA5B79 5B8 HFIGH 69@=9:G =G <IAD G<5D98 5G =@@IGHF5H98 =B =;IF9 ": 7CIBHF=9G 8=W9F =B H<9=F 5J9F5;9 89;F99 C: HFIGHKCFH<=B9GG

(22) H<9B =B8=J=8I5@ C6. G9FJ98 D9F:CFA5B79 K=@@ 79H9F=G D5F=6IG 69 <=;<9F =B <=;< HFIGHKCFH<=B9GG 7CIBHF=9G .

(23) 09 K=@@ 75DHIF9 H<9G9 G<=:HG K=H< 5 G9H C: 7CIBHFM 8IAA=9G 5G K9@@ 5G OB9F 7CAAIB=HM @9J9@ HFIGHKCFH<=B9GG 7CBHFC@G &CGH =ADCFH5BH@M H<9 @9J9@ C: HFIGH 5H K<=7< =B7CA9 5HH5=BG =HG A5L=AIA 89D9B8G CB H<9 G<5F9 C: HFIGHKCFH<M D9CD@9

(24) =B H<9 DCDI@5H=CB H<9 @5F;9F H<=G G<5F9 H<9 ACF9 H<9 D95? =B =B7CA9 K=@@ 69 @C75H98 HC H<9 F=;<H =B =;IF9 -<IG !" -<9 D9F:CFA5B79 HFIGH F9@5H=CBG<=D K=@@ 69 =B7F95G=B; CJ9F 5 K=89F F5B;9 C: @CK HFIGH @9J9@G =B GC7=9H=9G K<9F9 5J9F5;9 HFIGHKCFH<=B9GG =G <=;< 7CAD5F98 HC GC7=9H=9G K<9F9 H<9 G<5F9 C: HFIGHKCFH<M D9CD@9 =G @CK -<=G =G 5 F9@9J5BH DF98=7H=CB H<5H 75B 69 H9GH98 9AD=F=75@@M -<9F9 5F9 HKC DC=BHG HC BCH=79 "B H<=G G=AD@9 AC89@ H<9 7<5BB9@ H<FCI;< K<=7< HFIGH 69@=9:G 5B8 =B8=J=8I5@ D9F:CFA5B79 5F9 F9@5H98 =G GMGH9A5H=75@@M KFCB; 69@=9:G =B8I798 6M H<9 H9B89B7M C: 957< =B8=J=8I5@ HC 9LHF5DC@5H9 :FCA <=G CF <9F CKB HMD9 CF 6M =B;F5=B98 <9H9FC;9B9CIG DF=CFG (6J=CIG@M H<9F9 7CI@8 69 CH<9F 7<5BB9@G CF =BGH5B79 <=;< HFIGH D9CD@9 A5M 697CA9 H5F;9HG C: GK=B8@9FG K<C 75B 9LD@C=H B5\J9 9LD97H5H=CBG C: ;CC8 :5=H< @H9FB5H=J9@M <=;<@M HFIGH=B; D9CD@9 A5M 69 ACF9 9LDCG98 HC 7CBO89B79 ;5A9G 9J9B K<9B H<9=F CKB 5HH=HI89 HC HFIGH =G BCH 9LD@=7=H@M H5F;9H98 5FB5F8 &58CWQG GHCFM 75B 69 =BH9F. DF9H98 5G CB9 K<9F9 <=;< HFIGH =B8=J=8I5@G K9F9 ACF9 @=?9@M HC :5@@ =BHC &58CWQG ;5A9 9J9B =: H<9M K9F9 BCH =B8=J=8I5@@M H5F;9H98 -<9G9 HKC A97<5B=GAG 75B C6J=CIG@M 9LD@5=B K<M H<CG9 K<C HFIGH HCC AI7< A5M @CG9 !CK9J9F H<9M 75BBCH 9LD@5=B K<M H<CG9 K<C HFIGH HCC @=HH@9 5@GC A5M 8C DCCF@M I@HIF9 =B8I798 <9H9FC;9B9=HM =B 69@=9:G CF =B J5@I9G HC;9H<9F K=H< H<9 H9B89B7M C: =B8=J=8I5@G HC 9LHF5DC@5H9 :FCA H<9=F CKB HMD9G 75B 9LD@5=B 6CH< ,97CB8 H<9 AC89@ =AD@=9G H<5H =B H<9 56G9B79 C: :5@G9 7CBG9BGIG 5@@ =B8=J=8I5@G KCI@8 G<5F9 H<9 G5A9 69@=9:G 9J9B =: =B8=J=8I5@G 5F9 57HI5@@M <9H9FC;9B9CIG 5@G9 7CBG9BGIG 6M @=B?=B; HFIGH 69@=9:G HC CKB HFIGHKCFH<=B9GG 5IHCA5H=75@@M ;=J9G F=G9 HC <9H9FC;9B9=HM =B 69@=9:G "B H<=G 7CBH9LH CB9 =BH9FDF9H5H=CB C: :5@G9 7CBG9BGIG =G HC J=9K =H 5G 5 GCIF79 C: =B=H=5@ DF=CFG K<=7< 5@@CKG :CF 5 89D5FHIF9 :FCA H<9 7CBHFCJ9FG=5@ 7CAACB DF=CF 5GGIADH=CB "B H<9 56G9B79 C: 5 <=GHCFM C: =B:CFA5H=CB 56CIH H<9 F9@=56=@=HM C: 5 DCC@ C: D9CD@9 H<CG9 =BH9F57H=B; K=H< 5B IB?BCKB DCC@ :CFA 5 DF=CF 6M 5G?=B; H<9AG9@J9G <CK H<9M KCI@8 69<5J9 =B G=A=@5F 7=F7IAGH5B79G G=B79 H<9M KCI@8 69<5J9 8=W9F9BH@M H<9M GH5FH K=H< 8=W9F9BH DF=CFG -<=G =G 7CBG=GH9BH K=H< H<9 9J=89B79 G<CKB =B ,97H=CB . .

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(30) 8=GHF=6IH=CB <5G 5 :5H H5=@ CB H<9 F=;<H 5B8 H<9 AC85@ @9J9@ C: HFIGH =G EI=H9 <=;< 5H 5FCIB8 CF "B 5BCH<9F ;FCID K<=7< =B7@I89G H<9 &98=H9FF5B95B 7CIBHF=9G 5B8 G9J9F5@ 5GH9FB IFCD95B 7CIBHF=9G H<9 :5H H5=@ =G HC H<9 @9:H 89BCH=B; @CK 5J9F5;9 HFIGH "B 5 H<=F8 ;FCID H<5H =B7@I89G G9J9F5@ IFCD95B 7CIBHF=9G GI7< 5G IGHF=5. 9FA5BM F5B79 5B8 H<9 .$. H<9 8=GHF=6IH=CB =G ACF9 65@5B798 K=H< AC85@ J5@I9G 69HK99B 5B8 5B8 8=GHF=6IH=CBG H<5H 5F9 ACF9 GMAA9HF=7 -56@9 G<CKG H<5H =B H<9 K<C@9 G5AD@9 H<9 A95B HFIGH @9J9@ =G 5FCIB8 K=H< 5 GH5B85F8 89J=5H=CB C: G K9 G<CK =B ,97H=CB 6CH< K=H<=B. 5B8 69HK99B 7CIBHFM J5F=5H=CB DFCJ9 7F=H=75@ :CF =89BH=:M=B; H<9 DF98=7H98 <IAD G<5D98 F9@5H=CBG<=D 69HK99B D9F:CFA5B79 5B8 HFIGH . . )%463-0+ 2)3*13/%0'). -<9 ,, =G F=7< =B A5BM 8=A9BG=CBG 6IH 5G K=H< ACGH GIFJ9MG :C7IG=B; CB J5@I9G =H <5G @=HH@9 =B:CFA5H=CB CB =B8=J=8I5@GQ 97CBCA=7 CIH7CA9G CF CH<9F 97CBCA=7 J5F=56@9G -<9 69GH 5J5=@. 56@9 D9F:CFA5B79 =B8=75HCF =G 5 A95GIF9 C: HCH5@ B9H <CIG9<C@8 =B7CA9 K<=7< =G H<9 A95GIF9 H<5H K9 K=@@ IG9 57< F9GDCB89BH =G 5G?98 HC F9DCFH K<=7< =B7CA9 75H9;CFM =89BH=O98 K=H< 5 @9HH9F 69GH 5DDFCL=A5H9G <=G CF <9F <CIG9<C@8QG HCH5@ B9H =B7CA9 -<=G =B7@I89G =B7CA9 :FCA 5@@ GCIF79G =B7@I8=B; @56CF =B7CA9 5B8 =B7CA9 :FCA 75D=H5@ 5B8 =BJ9GHA9BHG -<=G =G 5B =ADCFH5BH :95HIF9 G=B79 =B7CA9 :FCA 75D=H5@ A5M 69 ACF9 9LDCG98 HC CDDCFHIB=GH=7 69<5J=CF H<5B @56CF =B7CA9 5B8 H<IG 69 ACF9 G9BG=H=J9 HC 7CFF97H HFIGH 69@=9:G "B CF89F HC :57=@=H5H9 H<9 5BGK9FG H<9 EI9GH=CB =G :F5A98 =B 5 K5M H<5H 577CIBHG :CF 7CIBHFM GD97=O7 7CBJ9BH=CBG =B H<9 :F9EI9B7M C: =B7CA9 D5MA9BHG +9GDCB89BHG 75B DFCJ=89 H<9 =B7CA9 O;. IF9 IG=B; H<9 :F9EI9B7M H<9M ?BCK 69GH K99?@M ACBH<@M CF 5BBI5@ 57< @9HH9F =89BH=O9G 5B =B7CA9 6F57?9H =B 9IFCG G99 H<9 85H5 5DD9B8=L :CF ACF9 89H5=@G 89OB98 GC 5G HC 69 7CBG=GH9BH 57FCGG 8=W9F9BH :F9EI9B7=9G 09 7CBJ9FH H<9 5BGK9FG HC 5@@ 69 CB 5 M95F@M 65G=G -<9 F9GI@H=B; 6F57?9HG F5B;9 :FCA ID HC 9IFCG D9F M95F HC 56CJ9 H<9 @5F;9GH B9H =B7CA9 5@@CK98 -C :57=@=H5H9 CIF 5B5@MG=G K9 =89BH=:M 957< 6F57?9H K=H< =HG A=8 DC=BH -56@9 G<CKG GIAA5FM GH5H=GH=7G :CF @C; =B7CA9 =B H<9 G5AD@9 . "B H<9 OB5@ G5AD@9 IG98 =B CIF 9GH=A5H=CBG H<9F9 5F9 CJ9F C6G9FJ5H=CBG K=H< HFIGH 9EI5@ HC CF 5B8 5@ACGH K=H< HFIGH 9EI5@ HC 9=H<9F CF CF =BGH5B79 H<9 OFGH =B7CA9 75H9;CFM =89BH=O9G =B7CA9 69@CK 9IFCG D9F K99? CF 69@CK 9IFCG D9F ACBH< CF 69@CK 9IFCG D9F M95F -<9G9 O;IF9G 5F9 9EI=J5@9BH =: 5 ACBH< =G A589 C: :CIF D5=8 KCF?=B; K99?G 5B8 5 M95F C: D5=8 KCF?=B; ACBH<G. .

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(36) =G H<9 =B7CA9 @9J9@ C: =B8=J=8I5@ " =B 7CIBHFM 5B8

(37) =G 5 J97HCF C: =B8=J=8I5@ 7CBHFC@G H<5H 75B 5W97H 97CBCA=7 D9F:CFA5B79 09 75DHIF9 H<9 9W97H C: HFIGH K=H< 5 G9H C: 8IAA=9G (+)* (+)* (+)* K=H< H<9 9L7@I898 ;FCID 69=B; H<CG9 K<C F9DCFH 5 HFIGH @9J9@ C: UH<9 @CK9GH @9J9@ C: HFIGH -<=G GD97=O75H=CB 75B 7<5F57H9F=N9 H<9 G<5D9 C: H<9 F9@5H=CBG<=D =B 5 J9FM P9L=6@9 K5M K=H<CIH =ADCG=B; D5F5A9HF=7 5GGIADH=CBG =B5@@M HC 7CBHFC@ :CF GMGH9A5H=7 8=W9F9B79G =B 5J9F5;9 =B7CA9 57FCGG 7CIBHF=9G 5B8 K=H<=B 7CIBHF=9G 57FCGG F9;=CBG K9 =BG9FH 5 J97HCF C: 7CIBHFM OL98 9W97HG 5B8 5 J97HCF C: F9;=CB5@ OL98 9W97HG ACB; CH<9F H<=B;G H<9G9 OL98 9W97HG 75DHIF9 8=W9F9B79G =B =B8=J=8I5@ D9F:CFA5B79 8I9 HC GMGH9A5H=7 8=W9F9B79G =B H<9 5J9F5;9 @9J9@ C: HFIGHKCFH<=B9GG 57FCGG 7CIBHF=9G 5B8 K=H<=B 7CIBHF=9G 57FCGG 8=W9F9BH F9;=CBG -<9 J97HCF =B7@I89G 8IAA=9G :CF =B8=J=8I5@GQ 98I75H=CB5@ 5HH5=BA9BH 5G K9@@ 5G 8IAA=9G :CF F9GDCB89BHGQ :5H<9FGQ @9J9@G C: 98I75H=CB K<=7< G9FJ9 5G DFCL=9G :CF 57EI=F98 5B8 =B<9F=H98 <IA5B 75D=H5@ F9GD97H=J9@M -<9 J97HCF 5@GC 7CBH5=BG 5 @=B95F 5B8 EI58F5H=7 H9FA =B 5;9 HC 75DHIF9 @=:9 7M7@9 9W97HG =B =B7CA9 8IAA=9G :CF IB9AD@CMA9BH ;9B89F A5F=H5@ GH5HIG 5B8 =AA=;F5H=CB GH5HIG 5G K9@@ 5G 8IAA=9G :CF 7=HM G=N9 K=H< FIF5@ 5F95G 69=B; H<9 9L7@I898 75H9;CFM -56@9 G<CKG H<9 F9GI@H=B; 9GH=A5H9G 09 8C BCH F9DCFH 7CIBHFM 5B8 F9;=CB5@ OL98 9W97HG =BGH958 G<CK=B; CB@M H<9 H9GH :CF H<9=F >C=BH G=;B=O75B79 =B H<9 BCH9 5H H<9 6CHHCA C: H<9 H56@9 -<9 OFGH 7C@IAB F9DCFHG 9GH=A5H9G :CF H<9 K<C@9 G5AD@9 IG=B; 5G H<9 CB@M F9;F9GGCFG H<9 G9H C: HFIGH 8IAA=9G 5G K9@@ 5G 7CIBHFM 5B8 F9;=CB OL98 9W97HG -<9 =B7CA9. HFIGH F9@5H=CBG<=D =G =B7F95G=B; 5H @CK @9J9@G C: HFIGH "B7CA9 =B7F95G9G :5GH9F 5H @CK @9J9@G C: HFIGH 69:CF9 @9J9@=B; CW 5B8 D95?=B; 5H 5 HFIGH @9J9@ C: 5B8 GI6G9EI9BH@M 897@=B=B; -<9 897@=B9 =G =B=H=5@@M GA5@@ 5H H<9 HFIGH @9J9@G C: 5B8 !CK9J9F =B7CA9 :5@@G F5D=8@M ACJ=B; :FCA 5 HFIGH @9J9@ C: HC H<9 <=;<9GH @9J9@ -<=G D5HH9FB =G :I@@M 7CBG=GH9BH K=H< K<5H H<9 AC89@ =B ,97H=CB DF98=7HG "H <5G <CK9J9F 699B C6H5=B98 K=H<CIH 5BM 7CBHFC@G :CF CH<9F DCGG=6@9 89H9FA=B5BHG C: =B7CA9 H<5H 5F9 @=?9@M HC 69 7CFF9@5H98 K=H< HFIGH .

(38) @9G=B5 5B8 %5 9FF5F5 "B 7C@IAB K9 588 H<9G9 7CBHFC@G &CGH C: H<9 7C9V7=9BHG <5J9 9W97HG 7CBG=GH9BH K=H< CIF DF=CFG =B7CA9 =B7F95G9G K=H< CKB 5B8 :5H<9FQG 98I75H=CB =H =G <IAD G<5D98 =B 5;9 =H =G <=;<9F :CF A5@9G A5FF=98 CF G=B;@9 7CAD5F98 HC 8=JCF798 CF K=8CK9FG "B7CA9 =G @CK9F :CF H<9 IB9AD@CM98 :CF H<CG9 CIH C: H<9 @56CF :CF79 5B8 :CF =AA=;F5BHG 7FCGG H<9 6C5F8 H<9 9W97HG C: HFIGH 697CA9 GA5@@9F G=;B5@=B; H<5H HFIGH K5G D5FH=5@@M G9FJ=B; 5G 5 DFCLM :CF =B8=J=8I5@ 5HHF=6IH9G GI7< 5G 98I75H=CB !CK9J9F H<9 G<5D9 C: H<9 =B7CA9 HFIGH F9@5H=CBG<=D =G IB5W97H98 =H =B7F95G9G 5H @CK @9J9@G C: HFIGH F957<9G 5 D95? 5H 5 HFIGH @9J9@ C: 5B8 H<9B :5@@G -<=G 7CB75J9 D5HH9FB =G 7@95F@M G<CKB =B =;IF9 CB79FB=B; H<9 A5;B=HI89 C: H<9 9W97H C: HFIGH 69@=9:G CB =B7CA9 H<CG9 K=H< H<9 @CK9GH @9J9@ C: HFIGH <5J9 5B =B7CA9 H<5H =G D9F79BH @CK9F H<5B =B7CA9 5H H<9 D95? H<=G 8=W9F9B79 =G C: H<9 G5A9 CF89F C: A5;B=HI89 5G H<9 8=W9F9B79 =B =B7CA9 D9F 79BH 5GGC7=5H98 K=H< C6H5=B=B; 5 7C@@9;9 89;F99 -<CG9 K<C 9LDF9GG H<9 <=;<9GH @9J9@ C: HFIGH A5?9 5B =B7CA9 H<5H =G D9F79BH @CK9F H<5B D95? =B7CA9 CH< C: H<9G9 8=W9F9B79G 5F9 GH5H=GH=75@@M G=;B=O75BH 5G H<9 H9GHG 5H H<9 6CHHCA C: H<9 H56@9 G<CK -<IG 89D5FH=B; :FCA H<9 F=;<H 5ACIBH C: HFIGH 9=H<9F 6975IG9 CB9 HFIGHG HCC AI7< CF 6975IG9 CB9 HFIGHG HCC @=HH@9 75B 69 =B8=J=8I5@@M J9FM 7CGH@M "B CIF 9GH=A5H9G K9 5F9 =BH9FDF9H=B; A95GIF98 HFIGH 5G D=7?=B; ID CB@M =B8=J=8I5@ 69@=9:G 56CIH CH<9FGQ HFIGHKCFH<=B9GG -<9F9 =G 5 GH=@@ IBG9HH@98 8965H9 CJ9F K<9H<9F EI9GH=CBG GI7< 5G H<CG9 5G?98 6M H<9 ,, CF H<9 0CF@8 /5@I9G ,IFJ9M F9P97H 9LD97H98 HFIGHKCFH<=B9GG CB@M CF F9P97H 5 A=L C: 69@=9:G 5B8 =B8=J=8I5@ DF9:9F9B79G G99 &=@@9F 5B8 &=H5AIF5 CF =BGH5B79 9<F DC=BHG CIH H<5H 5BGK9FG HC HFIGH EI9GH=CBG @=?9 H<CG9 5G?98 =B H<9 ,, @=?9@M F9P97H BCH CB@M =B8=J=8I5@GQ 69@=9:G 56CIH CH<9FGQ HFIGHKCFH<=B9GG 6IH 5@GC =B8=J=8I5@GQ DF9:9F9B79G HCK5F8G F=G? 5B8 =B D5FH=7I@5F HCK5F8G GC7=5@ F=G? @H9FB5H=J9@M =H <5G 699B 5F;I98 CL H<5H HFIGH A5M F9P97H DIF9 5@HFI=GH=7 DF9:9F9B79G =B 588=H=CB HC 69@=9:G 56CIH CH<9FGQ HFIGHKCFH<=B9GG GC H<5H :CF ;=J9B 69@=9:G ACF9 5@HFI=GH=7 =B8=J=8I5@G KCI@8 9L<=6=H ACF9 HFIGH -<=G KCI@8 69 H<9 75G9 :CF 9L5AD@9 K<9B HFIGH =G A95GIF98 5G H<9 57H C: G9B8=B; ACB9M =B GH5B85F8 HFIGH ;5A9G 6IH 7CI@8 5@GC 69 F9P97H98 =B GIFJ9M A95GIF9G C: HFIGH =: =B8=J=8I5@G F9GDCB8 6M A=A=7?=B; K<5H H<9M KCI@8 8C =B 5B 9LD9F=A9BH "B @59G9F 9H 5@ 5F;I9 H<5H 0/, EI9GH=CBG 5F9 69HH9F A95GIF9G C: HFIGHKCFH<=B9GG H<5B C: HFIGH 69@=9:G 5G H<9M 7CFF9@5H9 DCCF@M K=H< 5ACIBHG G9BH =B 5 HFIGH ;5A9 !CK9J9F 5G ,5D=9BN5 9H 5@ 5F;I9 H<=G =G 8I9 HC 69<5J=CF5@ HFIGH A95GIF=B; 6CH< 69@=9:G 5B8 DF9:9F9B79G -<9M 7CB8I7H 5 GMGH9A5H=7 GHI8M C: H<=G =GGI9 =B H<9 7CBH9LH C: 5 HFIGH ;5A9 K<9F9 GI6>97HG F9DCFH 9LD97H98 HFIGHKCFH<=B9GG 5B8 5F9 5@GC 5G?98 H<9 GH5B85F8 0/, ;9B9F5@=N98 HFIGH EI9GH=CB -<9M OB8 H<5H 5 G9B89FQG 9LD97H5H=CBG C: CH<9FG HFIGHKCFH<=B9GG =G <=;<@M 7CFF9@5H98 K=H< H<9 HFIGH EI9GH=CB =B H<9 0/, GI;;9GH=B; H<5H H<9 @5HH9F =G 5 ;CC8 A95GIF9 C: H<9 69@=9: 7CADCB9BH C: HFIGH. .

(39) ,97H=CB K9 :I@@M 588F9GG H<9G9 =GGI9G 6975IG9 H<9 HFIGH 9LD9F=A9BH 5@@CKG IG HC G9D5F5H9 69@=9:G :FCA DF9:9F9B79G !9F9 HC 577CIBH :CF H<9G9 DCGG=6=@=H=9G =B H<9 H<=F8 7C@IAB K9 588 5 7CBHFC@ :CF F=G? DF9:9F9B79G 5B8 =B H<9 H<F99 GI6G9EI9BH 7C@IABG K9 =B7@I89 5@GC H<F99 8=W9F9BH DFCL=9G :CF 5@HFI=GH=7 DF9:9F9B79G -C C6H5=B H<9G9 A95GIF9G K9 F9@M CB EI9GH=CBG 7CB79FB=B; 5HH=HI89G CB J5F=CIG 8CA5=BG 9@=7=H98 6M 5G?=B; D5FH=7=D5BHG <CK 5 79FH5=B 89G7F=DH=CB 5DD@=9G HC H<9A -<9M K9F9 5G?98 H<9 :C@@CK=B; EI9GH=CB " K=@@ 6F=9PM 89G7F=69 GCA9 D9CD@9 )@95G9 @=GH9B HC 957< 89G7F=DH=CB 5B8 H9@@ A9 <CK AI7< 957< D9FGCB =G CF =G BCH @=?9 MCI -C C6H5=B 5B =B8=75HCF C: F=G? 5HH=HI89G K9 IG9 H<9 :C@@CK=B; 89G7F=DH=CB ,<9

(40) <9 @CC?G :CF 58J9BHIF9G 5B8 @=?9G HC H5?9 F=G?G ,<9

(41) <9 K5BHG HC <5J9 5B 9L7=H=B; @=:9 -C C6H5=B =B8=75HCFG C: 5@HFI=GH=7 DF9:9F9B79G K9 F9@M CB H<9 :C@@CK=B; HKC 89G7F=DH=CBG "H =G =ADCFH5BH HC <9F

(42) <=A HC 69 @CM5@ HC <9F

(43) <=G :F=9B8G ,<9

(44) <9 K5BHG HC 89JCH9 <9FG9@:

(45) <=AG9@: HC D9CD@9 7@CG9 HC <9F

(46) <=A =B -56@9 5B8 ,<9

(47) <9 H<=B?G =H =G =ADCFH5BH H<5H 9J9FM D9FGCB =B H<9 KCF@8 G<CI@8 69 HF95H98 9EI5@@M ,<9

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(55) =BGIF5B79 7CAD5BM 5 D@IA69F 6I=@89F 75F A97<5B=7 CF CH<9F F9D5=F D9FGCB 5 G9@@9F C: G97CB8 <5B8 ;CC8G CF 5 ;FC79F CF :CC8 G9@@9F -<9 :CIF 8=A9BG=CBG C: F9GDCB89BHGQ 9LD9F=9B79G K=H< 69=B; 7<95H98 K9F9 5G?98 K=H< H<9 EI9GH=CB R!CK C:H9B =: 9J9F <5J9 957< C: H<9G9 H<=B;G <5DD9B98 HC MCI =B H<9 @5GH OJ9 M95FG 65B? CF =BGIF5B79 7CAD5BM :5=@98 HC CW9F MCI H<9 69GH 895@ MCI K9F9 9BH=H@98 HC 1CI K9F9 GC@8 GCA9H<=B; G97CB8 <5B8 H<5H EI=7?@M DFCJ98 HC 69 :5I@HM 1CI K9F9 GC@8 :CC8 H<5H K5G D57?98 HC 7CB795@ H<9 KCFG9 6=HG D@IA69F 6I=@89F 75F A97<5B=7 CF CH<9F F9D5=F D9FGCB CJ9F7<5F;98 MCI CF 8=8 IB. B979GG5FM KCF? -<9 F9GDCB89BH 7CI@8 5BGK9F =B CB9 C: K5MGUB9J9F CB79 HK=79 CF H=A9G CF OB5@@M H=A9G CF ACF9UK<=7< K9 7C89 K=H< H<9 BIA69FG HC =;IF9 G<CKG 5 <=GHC;F5A C: H<9 5BGK9FG HC 957< C: H<9 :CIF 7<95H=B; 8=A9BG=CBG :CF H<9 DCC@98 85H5 'CH GIFDF=G=B;@M =B 5@@ 75G9G H<9F9 =G 5 GD=?9 5H R'9J9F S GC H<5H H<9 J5GH A5>CF=HM C: F9GDCB89BHG F9DCFH BCH <5J=B; 699B 7<95H98 !CK9J9F H<9F9 =G 5 BCB B9;@=;=6@9 :F57H=CB C: D9CD@9 J5FM=B; 69HK99B =B H<9 75G9 C: H<9 DIF7<5G9 C: G97CB8 <5B8 ;CC8G 5B8 CJ9F =B H<9 75G9 C: :CC8 DIF7<5G9G H<5H F9DCFH <5J=B; 699B 7<95H98 CB9 CF ACF9 H=A9G ,9J9F5@ D9CD@9 F9DCFH <5J=B; 699B 7<95H98 ACF9 H<5B CB79 6IH AI@H=D@9 9LD9F=9B79G C: 69=B; 7<95H98 8975M F5D=8@MUK=H< H<9. .

(56) 9L79DH=CB C: :CC8 K<9F9 5 :F57H=CB 7@CG9 HC GH=@@ F9DCFHG <5J=B; 699B 7<95H98 H=A9G CF ACF9 9G=89G 5B5@MN=B; H<9 :F9EI9B7M K=H< K<=7< CB9 <5G 699B 7<95H98 =B 957< C: H<9 :CIF 8CA5=BG K9 K=@@ 5@GC 7CBGHFI7H GIAA5FM =B8=75HCFG GI7< 5G H<9 BIA69F C: H=A9G CB9 <5G 699B 7<95H98 CJ9F H<9 :CIF 8CA5=BG H<9 5J9F5;9 BIA69F C: H=A9G CB9 <5G 699B 7<95H98 5B =B8=75HCF J5F=56@9 :CF H<9 9J9BH C: 69=B; 7<95H98 5H @95GH CB79 57FCGG 5@@ H<9 8CA5=BG 5B8 OB5@@M 5 J5F=56@9 9LHF57H=B; H<9 OFGH DF=B7=D5@ 7CADCB9BH C: H<9 :CIF 7<95H=B; =B8=75HCFG ,IAA5FM GH5H=GH=7G 5F9 F9DCFH98 =B -56@9 .

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(62) . 8CA5=B 7<95H98 6M 5 65B? CF K<9B 6IM=B; :CC8 CF 6M 5 75F F9D5=F9F CF K<9B 6IM=B; ;CC8G G97CB8 <5B8 -<9 CH<9F J5F=56@9G <5J9 H<9 G5A9 A95B=B; 5G 69:CF9 6IH =B H<=G GD97=O75H=CB HFIGH =G 5 G=B;@9 J5F=56@9 H5?=B; J5@I9G 69HK99B 5B8 09 7CBHFC@ :CF H<9 @9J9@ C: =B7CA9 HC 75DHIF9 8=W9F9B79G =B H<9 BIA69F C: HF5BG57H=CBG D9CD@9 9B;5;9 =B :CF 5 ;=J9B @9J9@ C: HFIGH "B 588=H=CB HC A5?9 GIF9 H<5H HFIGH =G BCH G=AD@M 5 DFCLM :CF F=G? 5HH=HI89G K9 588 5G 5 7CBHFC@ H<9 GIFJ9M A95GIF9 C: F=G? HC@9F5B79 88=H=CB5@@M K9 =BG9FH =BHC H<=G F9;F9GG=CB 5 :I@@ G9H C: 7CIBHFM 5B8 F9;=CB 8IAA=9G HC 577CIBH :CF 8=W9F9B79G 57FCGG B5H=CB5@ 5B8 =BHF5 B5H=CB5@ 7CAAIB=H=9G =B H<9 :F57H=CB C: 7<95H9FG 5B8 HC 577CIBH :CF 5BM @C75H=CB GD97=O7 7<5F57H9F=GH=7 H<5H A5M 9B7CIF5;9 CF 8=G7CIF5;9 7<95H=B; !9H9FC;9B9CIG 7I@HIF5@ DF=CFG CF <9H9FC;9B9=HM =B HFIGHKCFH<=B9GG 7CID@98 K=H< :5@G9 7CBG9BGIG ;9B9F5H9G 8=GD9FG=CB =B HFIGH 69@=9:G 57FCGG =B8=J=8I5@G 5FCIB8 H<9G9 @C75H=CB GD97=O7 A95BG 9LDCG=B; H<9A 8=W9F9BH=5@@M HC H<9 DCGG=6=@=HM C: 69=B; 7<95H98 -<9G9 8=W9F9BH=5@ 9W97HG 5F9 K<5H CIF F9;F9GG=CB K=@@ 69 75DHIF=B; 9:CF9 G<CK=B; H<9 9GH=A5H9G C: K9 <5J9 HC 7CB:FCBH 5B =89BH=O75H=CB =GGI9 ,=B79 D9CD@9 @95FB :FCA 9LD9F=9B79 5B8 F9J=G9 H<9=F DF=CFG 577CF8=B;@M H<CG9 K<C <5J9 699B . 09 IG9 5 G=B;@9 HFIGH A95GIF9 F5H<9F H<5B 5 G9H C: 8IAA=9G 6975IG9 @5H9F K9 5F9 ;C=B; HC =BGHFIA9BH HFIGH IFH<9FACF9 =B DF=B7=D@9 69=B; 7<9H98 G<CI@8 =B7F95G9 ACBCHCB=75@@M K=H< HFIGH .BF9DCFH98 F9;F9GG=CBG =BG9FH=B; G9D5F5H9 8IAA=9G :CF HFIGH @9J9@ GIDDCFHG H<=G DF98=7H=CB -<9G9 OL98 9W97HG 5@GC H5?9 75F9 C: 5BM J5F=5H=CB 57FCGG 7CIBHF=9G 5B8 F9;=CBG =B K<5H =G 7CBG=89F98 HC 69 7<95H=B; 5B8 H<5H A5M F9GI@H =B 8=W9F9BH :F9EI9B7=9G C: F9DCFH98 7<95H=B; 57FCGG 7CIBHF=9G 5B8 F9;=CBG. .

(63) 7<95H98 5F9 ACF9 @=?9@M HC F9J=G9 H<9=F HFIGH 69@=9:G 8CKBK5F8G 975IG9 K9 C6G9FJ9 H<9 @9J9@ C: HFIGH

(64) H<9M <5J9 699B 7<95H98 H<=G H9B8G HC ;9B9F5H9 5 B9;5H=J9 7CFF9@5H=CB 69HK99B 7<95H=B; 5B8 HFIGH 0<9B K9 FIB (%, 9GH=A5H9G C: :CF H<9 J5F=CIG 8CA5=BG K9 =B8998 OB8 H<5H H<=G B9;5H=J9 7CFF9@5H=CB =G DF98CA=B5BH G99 H<9 5DD9B8=L -56@9 -C 588F9GG H<=G F9J9FG9 75IG5@=HM =GGI9 =895@@M K9 KCI@8 B998 HC C6G9FJ9 H<9 @9J9@ C: HFIGH

(65) D9CD@9 K9F9 7<95H98 K<=7< K9 8C BCH B 5@H9FB5H=J9 =G HC =BGHFIA9BH 7IFF9BH HFIGH @9J9@G K=H< J5F=56@9G H<5H GMGH9A5H=75@@M 5W97H 5B =B8=J=8I5@QG DFCD9BG=HM HC HFIGH CH<9FG 6IH 5F9 IB@=?9@M HC F9GDCB8 HC G<C7?G HC 69=B; 7<95H98 ,=B79 7IFF9BH HFIGH 89D9B8G CB =B8=J=8I5@GQ =B=H=5@ HFIGH @9J9@ 5B8 CB H<9 9LD9F=9B79 C: 69=B; 7<95H98 =: K9 75B OB8 J5F=56@9G H<5H 5F9 7CFF9@5H98 K=H< =B=H=5@ HFIGH K9 75B =89BH=:M H<9 9W97H C: HFIGH CB 69=B; 7<95H98 -C C6H5=B H<=G 9LC;9BCIG GCIF79 C: J5F=5H=CB K9 :C@@CK HKC GHF5H9;=9G =FGH =B H<=G GI6 G97H=CB K9 IG9 DFCL=9G :CF =B8=J=8I5@ HFIGHKCFH<=B9GG 5G =BGHFIA9BHG :CF HFIGH 5G GI;. ;9GH98 6M :5@G9 7CBG9BGIG 5B8 GIDDCFH98 6M H<9 9LD9F=A9BH5@ 9J=89B79 DFCJ=898 =B ,97H=CB ,97CB8 =B H<9 B9LH GI6 G97H=CB K9 IG9 J5F=5H=CB 57FCGG =AA=;F5BHG =B H<9 5J9F5;9 HFIGH @9J9@G DF9J5=@=B; =B H<9=F 7CIBHF=9G C: CF=;=B K<=7< H<9M 5F9 @=?9@M HC <5J9 6FCI;<H K=H< H<9A 5G H<9M ACJ98 CF HC <5J9 =B<9F=H98 :FCA H<9=F D5F9BHG H<FCI;< 7I@HIF5@ HF5BGA=GG=CB (IF =BGHFIA9BH =G 5 A95GIF9 C: <CK AI7< F9GDCBG=6=@=HM =G 89@9;5H98 HC 5 D9FGCB 6M <=G A5B5;9F CF 6CGG 5H KCF? ,D97=O75@@M H<9 ,, 5G?G =B8=J=8I5@G HC GH5H9 CB 5 G75@9 :FCA N9FC HC <CK AI7< @5H=HI89 H<9=F A5B5;9F ;F5BHG H<9A 5@CB; H<F99 8=W9F9BH 8=A9BG=CBG 5 :F998CA =B CF;5B=N=B; H<9=F 85=@M KCF? 6 DCK9F HC =BPI9B79 DC@=7M 897=G=CBG 56CIH H<9 57H=J=H=9G C: H<9 CF;5B=N5H=CB 5B8 7 :F998CA HC 7<CCG9 CF 7<5B;9 H<9 D579 C: H<9=F KCF? 09 5J9F5;9 H<9 5BGK9FG :FCA H<9 H<F99 D5FHG C: H<9 89@9;5H=CB EI9GH=CB HC 7CBGHFI7H 5 G=B;@9 A95GIF9 C: <CK AI7< 5IH<CF=HM =B8=J=8I5@GQ A5B5;9FG ;F5BH H<9A CB H<9 >C6 ,=B79 ACF9 HFIGHKCFH<M =B8=J=8I5@G 5F9 ACF9 @=?9@M 79H9F=G D5F=6IG HC 69 89@9;5H98 ACF9 DCK9F 5B8 :F998CA C: 7<C=79 K9 IG9 H<=G J5F=56@9 5G 5 DFCLM :CF =B8=J=8I5@GQ =BHF=BG=7 "H =G =BH9F9GH=B; HC BCH=79 H<5H H<9 B9;5H=J9 7CFF9@5H=CB =G C6H5=B98 9J9B =: CIF A95GIF9 C: HFIGH =G CB9 C: ;9B9F5@=N98 HFIGHUH<9 HFIGH D9CD@9 9BH9FH5=B HCK5F8G 5 ;9B9F=7 CH<9F D9FGCBUF5H<9F H<5B H<9 HFIGH HCK5F8G H<9 D9FGCB 9 ; H<9 A97<5B=7 CF H<9 :CC8 HF589F H<5H <5G 7<95H98 GI;;9GH=B; H<5H 69=B; 7<95H98 =B CB9 8=A9BG=CB GD=@@G CJ9F =BHC CH<9F 8=A9BG=CBG 5B8 @958G HC 5 8CKBK5F8 F9J=G=CB =B HFIGH 69@=9:G =B ;9B9F5@ -<9 9L57H KCF8=B; =G )@95G9 G5M <CK AI7< H<9 A5B5;9A9BH 5H MCIF KCF? 5@@CKG

(66) 5@@CK98 MCI 5 HC 897=89 <CK MCIF CKB 85=@M KCF? =G

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(68) HFIGHKCFH<=B9GG B8 =: =B8=J=8I5@G =B8998 9LHF5DC@5H9 :FCA H<9=F CKB HMD9 K<9B :CFA=B; HFIGH 69@=9:G H<=G =B89L G<CI@8 <5J9 DF98=7H=J9 DCK9F CB A95GIF98 HFIGH -C 69 5 J5@=8 =BGHFIA9BH K9 5@GC F9EI=F9 H<5H 89@9;5H=CB C: DCK9F CB H<9 >C6 <5G BC 8=F97H 9W97H CB H<9 F=G? C: 69=B; 7<95H98 =B H<9 8CA5=BG K9 C6G9FJ9 09 8C BCH G99 5BM C6J=CIG F95GCB K<M H<9 5ACIBH C: 89@9;5H=CB 5 D9FGCB =G ;F5BH98 CB H<9 >C6 KCI@8 8=F97H@M 5W97H H<9 7<5B79G H<5H H<=G D9FGCB =G 7<95H98 6M :CF =BGH5B79 5 A97<5B=7 CF 5 D@IA69F ,=A=@5F@M K9 8C BCH G99 <CK G<C7?G HC <CK :F9EI9BH@M 5 D9FGCB =G 7<95H98 =B <=G DF=J5H9 @=:9UK<=7< =G DF=J5H9 =B:CFA5H=CB 5B8 H<IG IBC6G9FJ56@9 HC H<9 A5B5;9FU7CI@8 5W97H H<9 5ACIBH C: 89@9;5H=CB 5 A5B5;9F ;F5BHG H<=G D9FGCB CB H<9 >C6 -<9 CB@M F95GCB K<M H<9F9 7CI@8 69 5 7CFF9@5H=CB K=H< H<9 F9G=8I5@G =B H<9 7<95H=B; F9;F9GG=CB =G 6975IG9 H<9F9 7CI@8 69 5B IB7CBHFC@@98. :CF 7<5F57H9F=GH=7 C: H<9 =B8=J=8I5@QG D9FGCB5@=HM A5?=B; =H C6J=CIG HC 5B CIHG=89F H<5H H<9 =B8=J=8I5@ =G GIG79DH=6@9 HC 69=B; 7<95H98 K<=7< KCI@8 F98I79 89@9;5H=CB HC H<=G =B8=J=8I5@ ": H<=G K9F9 H<9 75G9 H<9 "/ 9GH=A5H9G KCI@8 69 =B7CBG=GH9BH !CK9J9F H<9 =B7CBG=GH9B7M G<CI@8 H5?9 H<9 :CFA C: 5 8CKBK5F8@M 6=5G98 9GH=A5H9 C: H<9 HFI9 9W97H C: HFIGH CB H<9 :F9EI9B7M C: 69=B; 7<95H98 ,=B79 5G K9 K=@@ G99 H<9 "/ 9GH=A5H9G GI;;9GH 5 DCG=H=J9 9W97H H<=G G<CI@8 69 H5?9B 5G 5 @CK9F 6CIB8 C: H<9 HFI9 9W97H C: HFIGH CB H<9 F=G? C: 69=B; 7<95H98 -56@9 G<CKG H<9 OFGH GH5;9 F9;F9GG=CB :C7IG=B; CB H<9 9L7@I898 =BGHFIA9BHG -<9 9W97H C: H<9 =BGHFIA9BH =G 7CBG=GH9BH K=H< CIF 9LD97H5H=CBG =H <5G 5 DCG=H=J9 9W97H CB H<9 @9J9@ C: =B8=J=8I5@ HFIGH 5B8 =G <=;<@M GH5H=GH=75@@M G=;B=O75BH -56@9 G<CKG H<9 F9GI@HG C: H<9 "/ 9GH=A5H9G -<9 OFGH :CIF 7C@IABG F9DCFH F9GI@HG :CF 957< C: H<9 :CIF 8CA5=BG "B 5@@ 75G9G H<9 B9;5H=J9 9W97H C: HFIGH 69@=9:G =B H<9 (%, 9GH=A5H9G =G F9J9FG98 6M H<9 "/ 9GH=A5H9G 5B8 5 DCG=H=J9 9W97H C: HFIGH CB H<9 BIA69F C: H=A9G 5B =B8=J=8I5@ <5G 699B 7<95H98 F9GI@HG =B 5@@ 8CA5=BG 7CBCA=75@@M H<9 9W97H C: HFIGH CB 9LDCGIF9 HC 7<95H=B; =G GI6GH5BH=5@ "B7F95G=B; HFIGH 6M CB9 GH5B85F8 89J=5H=CB F5=G9G H<9 BIA69F C: H=A9G CB9 =G 7<95H98 6M 5 65B? 6M H=A9G H<9 G5AD@9 A95B H<9 :F9EI9B7M C: 69=B; 7<95H98 K<9B 6IM=B; G97CB8 <5B8 ;CC8G 6M C: H<9 G5AD@9 A95B H<9 :F9EI9B7M C: 69=B; 7<95H98 K<9B 6IM=B; :CC8 6M 5 6=H ACF9 H<5B H<9 G5AD@9 A95B 5B8 =B7F95G9G <CK :F9EI9BH@M CB9 =G 7<95H98 6M 5 D@IA69F CF F9D5=F9F 6M H=A9G H<9 G5AD@9 A95B -<9 F9A5=B=B; :CIF 7C@IABG G<CK 9GH=A5H9G K<9B K9 5;;F9;5H9 H<9 BIA69F C: H=A9G =B8=J=8I5@G K9F9 7<95H98 =B H<9 :CIF 8CA5=BG =BHC 5 G=B;@9 A95GIF9 IG=B; H<9 HCH5@ BIA69F C: H=A9G 7<95H98 CB 5BM 8CA5=B 7C@IAB H<9 5J9F5;9 57FCGG H<9 :CIF 8CA5=BG 7C@IAB 5B =B8=75HCF :CF 69=B; 7<95H98 5H @95GH CB79 7C@IAB 5B8 .

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