• Non ci sono risultati.

ELEVEN - Tests Needed for a Recommendation

N/A
N/A
Protected

Academic year: 2021

Condividi "ELEVEN - Tests Needed for a Recommendation"

Copied!
47
0
0

Testo completo

(1)EUI WORKING PAPERS ECO No. 2006/2. ELEVEN – Tests needed for a Recommendation KARL H. SCHLAG. EUROPEAN UNIVERSIT Y INSTITU TE Department of Economics.

(2) EUROPEAN UNIVERSITY INSTITUTE. DEPARTMENT OF ECONOMICS. ELEVEN – Tests needed for a Recommendation KARL H. SCHLAG. EUI Working Paper ECO No. 2006/2.

(3) This text may be downloaded freely only for personal academic purposes. Any reproductions, whether in hard copies or electronically, require the consent of the author. 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. ISSN 1725-6704. © 2006 Karl H. Schlag Printed in Italy European University Institute Badia Fiesolana I – 50016 San Domenico di Fiesole (FI) Italy http://www.iue.it/ http://cadmus.iue.it/dspace/index.jsp.

(4) #,%  *5CDC >55454 6?B 1 (53?==5>41D9?> + -?B;9>7 '1@5B &

(5).  

(6) "1B<  )38<17

(7) !1>E1BI 

(8). . *85. 1ED8?B G?E<4 <9;5 D? 1@@?<?79J5 *89C @1@5B G1C GB9DD5> 9> 1 BEC8 D? 1<<?G ?D85BC D?. 39D5 D85 B5CE<DC 'B??6C I5D 81F5 D? 25 @?<9C854 5H1=@<5C B531<3E<1D54 1449D9?>1< B565B5>35C 14454 1>4 5H9CD9>7 B565B5>35C K>5 DE>54. > @1BD93E<1B 96 1>I B5145B 655<C D81D 89C ?B 85B. G?B; G1C >?D 1@@B?@91D5<I 3B549D54 D85> D89C G1C >?D D85 9>D5>D9?> ?6 D85 1ED8?B G8? D85> G9C85C D? 25 9>6?B=54 8?G D? 381>75 D85 @B5C5>D1D9?> ?B =1D5B91< 85B59> >I 3?==5>DC 1B5 7B1D56E<<I B5359F54

(9) 3?>?=93C 5@1BD=5>D EB?@51> +>9F5BC9DI >CD9DED5 ,91 45<<1 '91JJE?<1    <?B5>35 D1<I *5<.    5=19< C38<179E59D.

(10) !120 "2  4539C9?> =1;5B 81C D? B53?==5>4 1 DB51D=5>D ;>?GC D81D 1>I ?ED3?=5 G9<< 25 9> 

(11)  2ED ?><I 81C =9>9=1< 9>6?B=1D9?> 12?ED D85 <9;5<98??4 ?6 ?ED3?=5C D85B5 9C >? @B9?B *85 4539C9?> =1;5B 31> 45C97> 1 K>9D5 >E=25B ?6 5H@5B9=5>DC 9> G8938 DB51D=5>DC 1B5 D5CD54 ?B D85 31C5 ?6 DG? DB51D=5>DC G5 @B5C5>D 1 BE<5 6?B 45C97>9>7 5H@5B9=5>DC 1>4 =1;9>7 1 B53?==5>41D9?> D81D 1DD19>C =9>9=1H B57B5D 1>4 31> D8EC 5>CEB5 1 79F5> =1H9=1< 5BB?B G9D8 D85 =9>9=1< >E=25B ?6 D5CDC D5CDC 1B5 >55454 E>45B D85 C? 31<<54 "'(&"% /+  +.% D? <9=9D D85 5BB?B D?  -5 1<C? 3?>C945B D85 C5DD9>7 G85B5 D85B5 9C 3?F1B91D5 9>6?B=1D9?> D? D85> 945>D96I =9>9=1H B57B5D 2581F9?B 1>4 4B1CD931<<I B54E35 D85 >E=25B ?6 D5CDC >55454 D? 1DD19> 1 79F5> =1H9=1< 5BB?B 1C 3?=@1B54 D? D85 <9D5B1DEB5 ?F5B

(12). D?

(13)

(14) 79F5> DG? 3?F1B91D5C -5 5HD5>4 D85 29>?=91< 1F5B175 BE<5 D? =?B5 D81> DG? DB51D=5>DC 1>4 EC5 9D D? 45B9F5 1 2?E>4 ?> =9>9=1H B57B5D "5IG?B4C CD1D9CD931< 4539C9?> =1;9>7 DB51D=5>D B5C@?>C5 BE<5 29>?=91< 1F5B175 BE<5.

(15) . . ,20-#3"2(-,. ?>C945B D85 6?<<?G9>7 C9=@<5 CD1D9CD931< 4539C9?> @B?2<5= 61354 2I 1 C?31<<54 4539C9?> =1;5B *85B5 1B5 DG? 13D9?>C 5138 1CC?391D54 D? 1 B51< B1>4?= F1B912<5 D81D I95<4C @1I?RC 9> 

(16)  G9D8 E>;>?G> =51> *85 4539C9?> =1;5B G9C85C D? 38??C5 D85 13D9?> D81D 81C D85 89785B =51> 56?B5 =1;9>7 D89C 38?935 D85 4539C9?> =1;5B 9C 1<<?G54 D? 71D85B 9>6?B=1D9?> 2I BE>>9>7 B1>4?=9J54 5H@5B9=5>DC. > CE38 1 B1>4?=9J54. 5H@5B9=5>D D85 4539C9?> =1;5B C5<53DC ?>5 ?6 D85 DG? 13D9?>C 1>4 D85> ?2C5BF5C 1 B1>4?= ?ED3?=5 75>5B1D54 2I D85 B1>4?= F1B912<5 1CC?391D54 D? D85 13D9?> C5<53D54 *85C5 D5CDC 1B5 BE> C5AE5>D91<<I C? D81D D85 45C97> ?6 6EDEB5 D5CDC 31> 25 3?>49D9?>54 ?> @B5F9?EC ?ED3?=5C &6 3?EBC5 D89C @B?2<5= 9C C9=@<5 2ED E>B51<9CD93 96 1> E><9=9D54 >E=25B ?6 D5CDC 31> 25 =145 )? 8?G =1>I B1>4?=9J54 5H@5B9=5>DC 1B5 >55454 D? 25 12<5 D? =1;5 1 38?935 D81D 9C 7E1B1>D554 D? 25 G9D89>  ?6 D85 DBE5 =1H9=E= ?G C8?E<4 D85 D5CDC D85> 25 45C97>54 -5 C?<F5 D89C @B?2<5= 6?B 1>I 5BB?B > D85 6?<<?G9>7 G5 @B?F945 C?=5 9>DE9D9?> ?> 8?G D? 13895F5 1>4 8?G >?D D? 13895F5 D89C ?2:53D9F5 *85B5 1B5 DG? E>45B<I9>7 @B?2<5=C 9 8?G C8?E<4 D5CDC 25 3?>4E3D54 9> @1BD93E<1B 9C D85 4539C9?> ?6 G8938 13D9?> D? D5CD >5HD 45@5>45>D ?> @1I?RC ?2C5BF54 51B<95B 4EB9>7 5H@5B9=5>D1D9?> 1>4 99 G8938 13D9?> C8?E<4 25 38?C5> 21C54 ?> D85 ?2C5BF1D9?>C 4EB9>7 D85 5H@5B9=5>DC 6 ?>5 453945C D? =1;5 1> 5F5> >E=25B  ?6 5H@5B9=5>DC 1>4 G?E<4 >?D 25 1<<?G54 D? ?2C5BF5 B51<9J54 @1I?RC E>D9< 16D5B 1<< D5CDC 81F5 255> =145 D85> 9D 9C 9>DE9D9F5 D? C5<53D 5138 F1B912<5 5AE1<<I ?6D5> 4EB9>7 5H@5B9=5>D1D9?> ?G5F5B G5 1CCE=5 D81D D85 @1I?R B51<9J54 9> 5138 D5CD 9C ?2C5BF54 256?B5 D85 >5HD D5CD 9C 9=@<5=5>D54 )? G8938 13D9?> C8?E<4 ?>5 D5CD >5HD G85> 81<6 D85 D5CDC 81F5 255> 3?>4E3D54 1>4 ?>5 13D9?> 1<G1IC I95<454 @1I?R G89<5 D85 ?D85B 1<G1IC @1I?R  -5 C8?G D81D 9D 9C 25CD D? 97>?B5 D85 9>6?B=1D9?> 12?ED @1I?RC 1>4 D? D5CD 5138 DB51D=5>D 5AE1<<I ?6D5> 3?>49D9?>1< ?>  259>7 5F5> 6D5B BE>>9>7 1> 5AE1< >E=25B ?6 5H@5B9=5>DC ?6 5138 F1B912<5 9D 9C 9>DE9D9F5 D? EC5 D85 &)"+"% ,.,, +.% D? 38??C5 D85 13D9?> D81D 13895F54 D85 89785B 1F5B175 @1I?RC 4EB9>7 5H@5B9=5>D1D9?> 1C 1> 5CD9=1D5 *89C DEB>C ?ED '(- D? 25 D85 25CD D89>7 D? 4? G85> @1I?RC 31> D1;5 1>I F1<E5 9> 

(17)  -5 4? >?D ;>?G 8?G =1>I 5H@5B9=5>DC D85 5=@9B931< CE335CC BE<5 G?E<4 >554 2ED G5 C8?G D81D 1D <51CD 1B5. *85 4539C9?> =1;5B 81C D? 5>CEB5 D81D D85 5H@53D54 @1I?R 75>5B1D54 2I 89C 38?935 79F5> D85C5 E>;>?G> B1>4?= F1B912<5C 9C 1D <51CD  ?6 D85 89785CD =51> ?6 D85 DG? 13D9?>C.

(18)

(19) >55454 *85 @B?2<5= G9D8 D85 5=@9B931< CE335CC BE<5 9C D81D EC5 ?6 12C?<ED5 49R5B5>35C 9> ?2C5BF54 @1I?RC 9C >?D 1 7??4 G1I D? 45D5B=9>5 49R5B5>35C 9> =51>C 1C D85 12C?<ED5 ?ED3?=5C ?><I 79F5 <9=9D54 9>6?B=1D9?> 12?ED D85 =51> 1 C9=9<1B 9>DE9D9?> 4B9F5C D85 K>49>7C 9> )38<17   > 613D 96 ?>5 1449D9?>1<<I B5CDB93DC D85 @B?2<5= D? 29>?=91< B1>4?= F1B912<5C D85> G5 C8?G D81D 9D 9C 25CD D? EC5 D85 5=@9B931< CE335CC BE<5 16D5B 1<< 3?>49D9?>1< ?>  259>7 5F5> )D?I5 

(20).  81C @B?F5> 1 @1BD91< B5CE<D 6?B D89C 31C5 ?6 29>?=91< B1>4?= F1B912<5C >1=5<I 3?>49D9?>1< ?> BE>>9>7 D85 C1=5 >E=25B ?6 5H@5B9=5>DC ?> 5138 13D9?> C? 8?G D? 45C97> D5CD9>7 9C >?D 1> ?2:53D9F5 1>4 C8?GC D81D ?><I B?E>4C 1B5 >55454 *85 C5DD9>7 ?6 29>?=91< F1B912<5C 9C F5BI B5CDB93D9F5 -5 C?<F5 D85 31C5 ?6 75>5B1< @1I?RC 2I K>49>7 1 G1I D? 97>?B5 F1B912<5C D81D 1B5 >?D 29>1BI F1<E54 *89C 31> 25 4?>5 G9D8 D85 85<@ ?6 "'(&"% /+ , 33?B49>7<I KBCD DB1>C6?B= 5138 @1I?R + ?2D19>54 6B?= 1> 5H@5B9=5>D 9>D? 1 29>1BI @1I?R 2I 1CC97>9>7 F1<E5 G9D8 @B?2129<9DI + 1>4 F1<E5 ?D85BG9C5 *85> 1@@<I D85 5=@9B931< CE335CC BE<5 D? D85 DB1>C6?B=54 @1I?RC C5<53D9>7 5138 F1B912<5 5AE1<<I <9;5<I 1C 5CD9=1D5 96 D85B5 9C 1 D95 -5 31<< D89C BE<5 D85 "'(&"% /+  +.% 1>4 5HD5>4 9D D? ?44 C1=@<5C -5 D85> @B?F5 D81D D89C BE<5 =9>9=9J5C D85 =1H9=1< 5BB?B 9> @1BD93E<1B. 5H@5B9=5>DC 1B5 CEQ395>D D? 7E1B1>D55 D85 5BB?B D? 25 1D =?CD  > 75>5B1< D85 5BB?B 3?>F5B75C D? J5B? 1D 1 B1D5 5AE1< D? D85 CAE1B5 B??D ?6 C1=@<5 C9J5 1<6 D85 5BB?B C?  B5AE9B5C 12?ED 6?EB D9=5C 1C =1>I 5H@5B9=5>DC D85 @B539C5 F1<E5 5AE1<C  *85 613D D81D G5 K>4 D81D D85B5 9C >? 25DD5B G1I D? 3?>4E3D 6EDEB5 D5CDC 2I C?=5 3?=@<931D54 C385=5 21C54 ?> @1CD ?2C5BF1D9?>C ?6 @1I?RC CD5=C 6B?= D85 613D D81D D85 29>?=91< 1F5B175 BE<5 13DC 9> D85 G?BCD 31C5 1C 96 5138 DB51D=5>D 31> 25 ?2C5BF54 6?B 5138 D5CD > @1BD93E<1B G5 ?2D19> D81D @5B6?B=1>35 31>>?D 25 9=@B?F54 2I 1<<?G9>7 D85 4539C9?> =1;5B D? ?2C5BF5 D85 ?ED3?=5C ?6 1<< DB51D=5>DC 9> 5138 D5CD C 1> 1C945 9D 6?<<?GC 49B53D<I 6B?= ?EB 1>1<IC9C D81D D85C5 F1<E5C ?6 =1H9=1< 5BB?B 6?B 79F5> >E=25B ?6 5H@5B9=5>DC 1B5 1<C? D978D E@@5B 2?E>4C ?> D85 5BB?B D81D 31> 25 13895F54 2I 1 B1D9?>1< ?B 1I5C91> 4539C9?> =1;5B G8? 9C 5>4?G54 G9D8 1 @B9?B ?F5B D85 @?CC92<5 ?ED3?=5 49CDB92ED9?>C )? 1>I B1D9?>1< 4539C9?> =1;5B 31> 7E1B1>D55 1> 5BB?B ?6 1D =?CD  9>. D5CDC CCE=5 >?G D81D D85 =51> ?6 ?>5 DB51D=5>D 9C ;>?G> C? ?><I D85 E>;>?G> 9>>? F1D9?> DB51D=5>D 9C D5CD54 *85> ?EB B5CE<DC 12?F5 31> 25 EC54 D? 1DD19> 1 2?E>4 ?> =9>9=1H B57B5D &>5 31> 13D 1C 96 ?>5 81C  5H@5B9=5>DC ?6 DG? E>;>?G> DB51D=5>DC 85>35 ?><I  D5CDC 1B5 >55454 6?B  5BB?B 1>4 6?B  &6 3?EBC5 D89C 2?E>4 9C.

(21) D?? 3BE45 *85 C5DD9>7 ?6 ?><I ?>5 E>;>?G> DB51D=5>D 81C 255> C?<F54 2I $1>C;9 

(22).  G9D8 1> 5H@<939D 6?B=E<1 79F5> 2I )D?I5 

(23).  6?B D85 29>?=91< C5DD9>7 -9D8 D85 9>C978DC ?6 D89C @1@5B EC9>7 29>?=91< 1F5B175C 9D 6?<<?GC D81D D85 F1<E5 ?6 D85 C=1<<5CD =1H9=1< 5BB?B E>45B 29>?=91< @1I?RC 9C D85 C1=5 1C E>45B 75>5B1< @1I?RC ?=29>9>7 D89C G9D8 F1<E5C 9> *12<5  9> $1>C;9 

(24).  9>4931D5 D81D 1D =?CD

(25) D5CDC 1B5 >55454 6?B  ?>C945B >5HD 1 =?B5 9>DB931D5 @B?2<5= D81D G5 @B5C5>D 9> 1 =?B5 C@539K3 3?>D5HD 5138 F1B912<5 9C 1CC?391D54 D? 1 DB51D=5>D 1> 5H@5B9=5>D 9C 3?>4E3D54 2I D5CD9>7 1 DB51D=5>D ?> 1 CE2:53D 25<?>79>7 D? C?=5 <1B75 @?@E<1D9?> *85 >5G 1C@53D 9C D81D 9>6?B=1D9?> 12?ED (/+"-, ?B 1DDB92ED5C 9C 1F19<12<5 6?B 5138 CE2:53D *85 C1=5 DB51D=5>D =1I I95<4 49R5B5>D =51>C 6?B 49R5B5>D 3?F1B91D5C 1>4 DB51D=5>DC 31> 25 B53 ?==5>454 21C54 ?> D85 ?2C5BF54 3?F1B91D5C *85 4539C9?> =1;5B 9C 1CCE=54 D? ;>?G D85 49CDB92ED9?> ?6 3?F1B91D5C 9> D85 @?@E<1D9?> ?6 CE2:53DC EB9>7 5H@5B9=5>D1D9?> ?>5 =1I 453945 ?> G8938 3?F1B91D5 D? D5CD 1 C5<53D54 DB51D=5>D ?> %5G AE5CD9?>C 1B9C5 )8?E<4 1<< 25 DB51D54 D85 C1=5 ?B G9<< 49R5B5>D 3?F1B91D5C 25 B53?==5>454 49R5B5>D DB51D=5>DC G85> ?2C5BF54 ?ED3?=5C 49R5B C 9D >535CC1BI D? @5B6?B= 5H@5B9=5>DC ?> C@539K3 3?F1B91D5C 31<<54 ,-+-"4 +'(& ,&)%"'  6 C? D85> 8?G 4?5C D85 6B5 AE5>3I ?6 1 3?F1B91D5 9>LE5>35 D85 >E=25B ?6 5H@5B9=5>DC 5B5 9D 253?=5C 9=@?BD1>D G85D85B 6EDEB5 D5CDC =1I 45@5>4 ?> D85 ?ED3?=5C ?6 51B<95B D5CDC ,*.'-"% -,-"'  ?B >?D ,"&.%-'(., -,-"'  %?D935 D81D G89<5 G5 C8?G D81D C5AE5>D91< D5CD9>7 144C >? F1<E5 G85> D85B5 9C >? 3?F1B91D5 9>6?B=1D9?> 9D G9<< G85> D85B5 1B5 1D <51CD DG? 3?F1B91D5C $?CD ?6 ?EB K>49>7C 3?>35B> ,"&.%-'(., -,-"'  D85 C5DD9>7 3?>C945B54 9> $1>C;9 

(26).  $1>C;9 

(27).  1<<?GC @1I?RC D? 25 9> 

(28) 

(29) 45B9F5C E@@5B 1>4 <?G5B 2?E>4C 1>4 EC5C D85C5 D? C8?G D81D 9D 9C 25DD5B D? 3?>49D9?> DB51D=5>D 38?935 ?> 3?F1B91D5 9>6?B=1D9?> D81> D? B53?==5>4 D85 C1=5 DB51D=5>D 6?B 1<< @B?F9454  9C CEQ395>D<I <1B75 -5 945>D96I BE<5C D81D =9>9=9J5 D85 =1H9=1< 5BB?B G8938 C8?GC D89C D? 25 DBE5 6?B 1<<   *85C5 BE<5C KBCD 45D5B=9>5 B1>4?=<I 8?G =1>I D5CDC D? 1CC97> D? 5138 3?F1B91D5 1>4 D85> 1@@<I D85 29>?=91< 1F5B175 BE<5 D? 5138 3?F1B91D5 C5@1B1D5<I *85 D12<5 6?B DG? 3?F1B91D5C 9> $1>C;9 

(30).  *12<5

(31)  ,& -( "'"- D81D  5H@5B9=5>DC 1B5 >55454 D? ?2D19> 1> 5BB?B 25<?G.  G85> ?>5 3?F1B91D5 9C D8B55 D9=5C 1C 6B5AE5>D 1C D85 ?D85B

(32) *89C 5HDB1@?<1D5C F91 D85 E@@5B 2?E>4 ?> D85 3?>F5B75>35 B1D5 C8?G>

(33). &6 3?EBC5 D85 2?E>4C 9> $1>C;9 

(34).  1B5 E@@5B 2?E>4C 1>4 D85 D12<5C G5B5 ?><I @B5C5>D54 D? C8?G 8?G @5B6?B=1>35 9>3B51C5C G9D8 C1=@<5 C9J5.

(35)  9> $1>C;9 

(36).  D? B5AE9B9>7 ?F5B D5CDC D? 75D 25<?G  ?G5F5B G85> D5CD9>7 5138 3?F1B91D5 5AE1<<I ?6D5> 1>4 D85> 1@@<I9>7 D85 29>?=91< 1F5B175 BE<5 G5 <9=9D D85 >E=25B ?6 D5CDC D? 1D =?CD. D9=5C D85 >E=25B ?6 3?F1B91D5C B571B4<5CC ?6 8?G 3?F1B91D5C 1B5 49CDB92ED54 &6 3?EBC5 D5CDC C8?E<4 25 1CC97>54 49R5B5>D<I 45@5>49>7 ?> D85 49CDB92ED9?> ?B D85 31C5 ?6 <1B75  1>4 DG? 3?F1B91D5C G5 EC5 1 75>5B1< =5D8?4 ?6 )D?I5 

(37).  D? 45=?>CDB1D5 8?G D? 1CC97> D5CDC D? 5138 3?F1B91D5 1C 1 6E>3D9?> ?6 9DC 6B5AE5>3I D DEB>C ?ED D81D D85 >E=25B ?6 D5CDC 31> 25 B54E354 2I 1D =?CD  G85> 3?=@1B54 D? D5CD9>7 @B?@?BD9?>1<<I D? D85 6B5AE5>395C > 9>D5B5CD9>7 C945 5R53D 9C D81D G5 K>4 D81D D85 F1<E5 ?6 =9>9=1H B57B5D 9C 5F5> <?G5B E>45B C5AE5>D91< D5CD9>7 @B?F9454  9C >?D D?? C=1<< *89C 9C C8?G> G9D8?ED 5>D5B9>7 9>D? =?B5 45D19< 8?G =9>9=1H B57B5D 2581F9?B G?E<4 <??; E>45B C5AE5>D91< D5CD9>7 -5 D85> 3?>C945B D85 31C5 ?6 =?B5 D81> DG? DB51D=5>DC 1>4 B5DEB> D? C9=E<D1>5?EC D5CD9>7 -5 75>5B1<9J5 D85 29>?=91< 1F5B175 BE<5 2I =1;9>7 B53?==5>41D9?>C F91 @19BG9C5 3?=@1B9C?>C -85D85B ?B >?D D89C BE<5 1DD19>C =9>9=1H B57B5D 9C >?D ;>?G> >CD514 G5 45B9F5 1> E@@5B 2?E>4 ?> D85 =1H9=1< B57B5D ?6 D89C BE<5 1>4 K>4 D85  C1=5 B1D5 ?6 3?>F5B75>35   1C 9> D85 31C5 ?6 DG? DB51D=5>DC &6 3?EBC5 9D 9C =?B5 49Q3E<D D? <51B> G9D8 =?B5 DB51D=5>DC 38??C9>7  9>CD514 ?6 DB51D=5>DC 9C <9;5 =E<D9@<I9>7 D85 >E=25B ?6 5H@5B9=5>DC 2I   ?B=1<<I C@51;9>7 D85 12?F5 @B?2<5= 9C C5D 9> D85 6B1=5G?B; ?6 =9>9=1H B57B5D 7?9>7 213; D? )1F175MC    9>D5B@B5D1D9?> ?6 -1<4    1>4 KBCD 1H9?=1D9J54 2I $9<>?B   $9>9=1H B57B5D 9C 45B9F54 2I K>49>7 1 C144<5 @?9>D ?6 D85 J5B? CE= 71=5 25DG55> D85 4539C9?> =1;5B 1>4 >1DEB5 *85 DB93; D? B54E35 75>5B1< 49CDB92ED9?>C D? 29>?=91< 49CDB92ED9?>C 1>4 D8EC 3?=@<5H9DI G1C KBCD EC54 9> )38<17MC 

(38).  1>1<IC9C ?6 B5@51D54 4539C9?> =1;9>7 ?B 1 <9D5B1DEB5 B5F95G ?> DB51D=5>D B5C@?>C5 G5 B565B D85 B5145B D? $1>C;9 

(39). 

(40).  1>4 )D?I5 

(41).  -5 G?E<4 <9;5 D? 5=@81C9J5 D81D G89<5 G5 EC5 D85 D5B= DB51D=5>D 9D 9C ?><I ?>5 ?6 =1>I 5H1=@<5C 1C931<<I D85 B5CE<DC 9> D89C @1@5B 1@@<I G85>5F5B C?=5?>5 81C D85 @?CC929<9DI D? 5H@5B9=5>D 1>4 719> 9>6?B=1D9?> F91 9>45@5>45>D 4B1GC 1D >? 3?CD 1>4 D85> 81C D? 3?==9D D? C?=5 13D9?> H1=@<5C 1B5 51C9<I 6?E>4 9> =1B;5D9>7 ?@5B1D9?>C B5C51B38 @B?4E3D9?> @<1>>9>7 3B9=5 @B5F5>D9?> 1>4 @B?K<9>7 5D3.

(42) . . $22(,&. ?<<?G9>7 $1>C;9 

(43).  3?>C945B 1 4539C9?> =1;5B ?B @?<93I =1;5B ?B @<1>>5B D81D 81C D? B53?==5>4 ?B 38??C5 C?=5 DB51D=5>D 9> 4539C9?> D85?BI 1<C? 31<<54 1B= ?B 13D9?> D81D 25<?>7C D? 1 K>9D5 C5D ?6 DB51D=5>DC 

(44)

(45)  . 8?935 ?B 9=@<5=5>D1D9?> ?6 DB51D=5>D   75>5B1D5C 1 B1>4?= ?ED3?=5 ?ED. 3?=5C 25<?>7 D? 1 C5D ?6 ?ED3?=5C  G85B5  3?>D19>C 1D <51CD DG? 5<5=5>DC (1>4?=. >5CC 9C 75>5B1D54 1C 6?<<?GC *85B5 9C 1> E>;>?G> :?9>D 49CDB92ED9?> ?B '/"+('&'-       1>4 D85 B1>4?= ?ED3?=5 75>5B1D54 6B?= 38??C9>7 DB51D=5>D  9C 4B1G>. 6B?= D85 =1B79>1< ?6  G9D8 B5C@53D D? D85 D8 3?=@?>5>D 45>?D54 2I   5@5>49>7 ?> D85 C@539K31D9?> ?6 

(46) DB51D=5>DC 31> 2ED >554 >?D 75>5B1D5 9>45@5>45>D ?ED3?=5C  DB51D=5>D  9C 31<<54 "'+2 /%. 96 ?><I ?>5 ?6 DG? ?ED3?=5C 31> ?33EB E>45B D89C DB51D=5>D *85 49CDB92ED9?>  9C 31<<54 "'+2 /%. 96 1<< DB51D=5>DC 1B5 29>1BI F1<E54 ?B 9>CD1>35 1<< 49CDB92ED9?>C 1B5 29>1BI F1<E54 96    . *85 1>1<IC9C 9> D89C @1@5B G9<< 1<C? 1@@<I 96 1DD5>D9?> 9C B5CDB93D54 D?     ?G. 5F5B 5F5> 96 ?ED3?=5C 1B5 ?><I =51CEB54 9> D5B=C ?6 CE335CC ?B 619<EB5 D85 B5CDB93D9?> D? 29>?=91<  9C ?><I 1@@<9312<5 96 D85 F1<E5 ?6 1 CE335CC 1>4 ?6 1 619<EB5 4?5C >?D. 45@5>4 ?> G8938 DB51D=5>D G1C D5CD54 57 DB51D=5>D C@539K3 C945 5R53DC G?E<4 25 BE<54 ?ED 56?B5 =1;9>7 1 B53?==5>41D9?> D85 4539C9?> =1;5B 9C 1<<?G54 D? BE> 1 79F5> >E= 25B ?6  9>45@5>45>D D5CDC ?B B1>4?=9J54 5H@5B9=5>DC ?B DB91<C ?B C1=@<5C > 5138 ?6  B?E>4C D85 4539C9?> =1;5B =1I 38??C5 1 DB51D=5>D 1>4 ?2C5BF5 1 B1>4?= @1I?R 75>5B1D54 2I D89C DB51D=5>D G85B5 @1I?RC 1B5 75>5B1D54 9>45@5>45>D<I 13B?CC B?E>4C *89C D5CD9>7 G5 1<C? 31<< D85 -,- )!, D85 38?935 D85B516D5B 1<C? D85 +(&&'-"(' ?B 4'% !(" )? 1 ,-+- 2 ?B -+-&'- +.% ?6 D85 4539C9?> =1;5B 3?>C9CDC ?6 DG? @1BDC 9 G8938 DB51D=5>DC D? D5CD 9> D85 D5CD @81C5 1>4 99 G8938 DB51D=5>D D? B53 ?==5>4 21C54 ?> D85 ?2C5BF1D9?>C 9> D85 D5CD @81C5 -5 3?>C945B DG? 9>6?B=1D9?>1< C5DD9>7C 6?B D85 D5CD @81C5 -5 C1I D81D  ,*.'-"% +'(&"3 1)+"&'-, 1B5 @5B6?B=54 96 51B<95B ?2C5BF1D9?>C G9D89> D85 D5CD @81C5 1B5 1<<?G54 D? 9>LE5>35 G8938 DB51D=5>DC 1B5 D5CD54 9> <1D5B B?E>4C 6 ?> D85 ?D85B 81>4 D85 4539C9?> =1;5B 81C D? @B53?==9D D? D85 >E=25B D5CDC BE> G9D8 5138 DB51D=5>D 256?B5 CD1BD9>7 D85 D5CD @81C5 G5 C@51; ?6  ,"&.%-'(., +'(&"3 1)+"&'-,.  45>?D5C D85 C5D ?6 49CDB92ED9?>C ?F5B D85 C5D  >I 5<5=5>D  9C 945>D9K54 G9D8 D85 49CDB92ED9?> D81D @<135C @B?2129<DI  ?>  85>35  

(47)  45>?D5C D85 C5D ?6 1<< 6E>3D9?>C   

(48) .

(49)  -5 KBCD 6?B=1<<I 45C3B925 CDB1D5795C 6?B BE>>9>7 C5AE5>D91< B1>4?=9J54 5H@5B9=5>DC 6D5B BE>>9>7 # 

(50)

(51)   D5CDC D85 !",-(+2  ( %' -! # 9C 79F5> 2I  . '

(52) + 

(53) '

(54) + 

(55)

(56) '

(57) +  G85B5 ' 9C D85 DB51D=5>D 38?C5> 1>4 + 9C D85 ?ED3?=5 75>5B1D54 9> D85 D8 B?E>4 ?6 D85 D5CD @81C5 )? + 9C 1> ?ED3?=5 B1>4?=<I 4B1G> 6B?= D85 49CDB92ED9?>  *85 CDB1D57I  ?6 D85 4539C9?> =1;5B 6?B BE>>9>7 C5AE5>D91< D5CDC 9C D? 1CC97> D? 5138 89CD?BI ?6 <5>7D8 # G9D8 #  D85 DB51D=5>D D? D5CD >5HD 1>4 16D5B D5CD9>7 9C ?F5B D? 453945 21C54 ?> D85 89CD?BI ?6 <5>7D8  G8938 DB51D=5>D D? B53?==5>4 -5 1<<?G 6?B D85 4539C9?> =1;5B D? B1>4?=9J5 ?F5B DB51D=5>DC 2?D8 4EB9>7 D85 D5CD @81C5 1>4 G85> =1;9>7 D85 B53?==5>41D9?> ?B=1<<I      

(58)

(59)       

(60)

(61)  . G85B5  9C 45C3B9254 1C 1 2581F9?B1< CDB1D57I. 6 D85 B53?==5>41D9?> 9C 1<G1IC 45. D5B=9>9CD93 95 6?B 1>I 89CD?BI  ?6 <5>7D8  G5 81F5   

(62)

(63)   D85> D85. DB51D=5>D BE<5 9C 1<C? B565BB54 D? 1C 1 ,"' %-(' +.% $1>C;9

(64).  -5 C1I D81D  9C -+&"'",-" 96   

(65)

(66)   8?<4C 6?B 1>I 89CD?BI ?6 1>I <5>7D8 # 

(67)

(68)   %?G G5 1>1<?7?EC<I 45C3B925 CDB1D5795C 6?B D85 =?B5 B5CDB93D54 C5DD9>7 ?6 C9=E<D1. >5?EC B1>4?=9J54 5H@5B9=5>DC D 9C =?B5 B5CDB93D54 1C D85 4539C9?> =1;5B 31> 97>?B5 @B5F9?EC 9>6?B=1D9?> 4EB9>7 D85 D5CD @81C5 ?6 1 C5AE5>D91< B1>4?=9J54 5H@5B9=5>D 1>4 D8EC 2581F5 1C 96 C9=E<D1>5?EC B1>4?=9J54 5H@5B9=5>DC 1B5 5H53ED54 6 >?D =5>D9?>54 ?D85BG9C5 G5 G9<< 25 3?>C945B9>7 ?6 C5AE5>D91< B1>4?=9J54 5H@5B9=5>DC  D85 C5DD9>7   > 5<5=5>D #    #  CD C@539K5C D81D DB51D=5>D  G9<<  #  . 25 D5CD54 9> # B?E>4C   # 45>?D5C D85 @B?2129<9DI ?6 D89C 1CC97>=5>D ?6 DB51D =5>DC *85 89CD?BI  ?6 ?2C5BF1D9?>C 75>5B1D54 2I D85 C5D ?6 ?2C5BF1D9?>C 4EB9>7 D85. D5CD @81C5 9C 1C 12?F5 5H35@D D81D 9D 9C >?G E>?B45B54 C?   '

(69) + 

(70) '

(71) + 

(72)

(73) '

(74) +  *?75D85B D89C =51>C D81D.       .     

(75)

(76)       

(77)

(78)   . %?D5 D81D C5AE5>D91< C1=@<9>7 9C ?6D5> >?D 9=@<5=5>D12<5 1C 6?B 9>CD1>35 9D =978D D1;5 D9=5 E>D9< ?ED3?=5C 1B5 75>5B1D54 ?G5F5B G5 G9<< C55 D81D C?=5D9=5C C5AE5>D91< C1=@<9>7 ?ED@5B6?B=C C9=E<D1>5?EC C1=@<9>7 > 1 =?B5 45D19<54 45C3B9@D9?> ?6 D85 @B?2<5= D81D 9>F?<F5C DB51D=5>DC @5B C5 ?>5 G?E<4 1<C? 9>DB?4E35 1> 9>K>9D5 @?@E<1D9?> =5=25BC B565BB54 D? 1C ,.#-, 1>4 1C CE=5 D81D D85 4539C9?> =1;5B 81C D? B53?==5>4 1 DB51D=5>D 6?B 5138 CE2:53D > 5138 . . *85 3?>F5>D9?>      

(79)  9C EC54.

(80)  B?E>4 ?6 D85 D5CD9>7 @81C5 1 CE2:53D G?E<4 25 4B1G> B1>4?=<I 1>4 D85 DB51D=5>D 9C 1@@<954 9> 1 =?B5 =54931< C5>C5 D? D89C CE2:53D 9R5B5>D CE2:53DC B513D @5B81@C 49R5B5>D<I D? D85 C1=5 DB51D=5>D G8938 D85> >1DEB1<<I 75>5B1D5C 1 B1>4?= ?ED3?=5 ?6 1 D5CD C D85 @?@E<1D9?> 9C 9>K>9D5 1>4 D85 D5CD9>7 @81C5 9C K>9D5 G8938 DB51D=5>DC 1B5 BE> ?> G8938 CE2:53DC 4EB9>7 D85 D5CD9>7 @81C5 4?5C >?D 9>LE5>35 D85 177B571D5 ?ED3?=5 6?B D85 @?@E<1D9?> 79F5> D85 B53?==5>41D9?> ?6 D85 4539C9?> =1;5B E><9;5 G81D G?E<4 81@@5> 96 D85 @?@E<1D9?> G5B5 K>9D5. . (1) ,# ,"$02 (,27. -5 C@51; ?6 1 +",$2 5>F9B?>=5>D G85>  9C ;>?G> 1C 3?=@1B54 D? 1> .'+-"' 5>F9 B?>=5>D G85>  9C E>;>?G> -5 KBCD =1;5 C?=5 1CCE=@D9?>C ?> @B565B5>35C ?6 D85 4539C9?> =1;5B 9> B9C;I 5>F9B?>=5>DC 1>4 <1D5B 5HD5>4 D85C5 D? E>35BD19> 5>F9B?>=5>DC &EB 4539C9?> =1;5B 81C 1 3?=@<5D5 CDB93D @B565B5>35 ?B45B9>7 ?F5B D85 C5D ?6 ?ED 3?=5C  1>4 81C 1 =?CD @B565BB54 ?ED3?=5 + 1>4 1 <51CD @B565BB54 ?ED3?=5 +  'B565B5>35 C1D9C6I D85 F?> %5E=1>> $?B75>CD5B>   1H9?=C 1>4 85>35 D85B5 9C 1 ED9<9DI 6E>3D9?> (    CE38 D81D D85 4539C9?> =1;5B G?E<4 B53?==5>4 D85 DB51D. =5>D D81D =1H9=9J5C 5H@53D54 ED9<9DI )9>35 ( 9C E>9AE5<I 45D5B=9>54 E@ D? 1> 1Q>5 <9>51B DB1>C6?B=1D9?> <5D ( +   1>4 ( +   ?>C5AE5>D<I G5 31> 1CCE=5 G9D8?ED <?CC ?6 75>5B1<9DI D81D 5<5=5>DC ?6  1B5 @1I?RC D81D   

(81)  1>4 D81D D85 4539C9?> =1;5B 19=C D? =1H9=9J5 5H@53D54 @1I?RC G85>  9C ;>?G> %?D935 D81D D89C 4?5C >?D =51> D81D D85 4539C9?> =1;5B 9C B9C; >5EDB1< 9> B9C;I 5>F9B?>=5>DC 1C @1I?RC 1B5 =51CEB54 9> D5B=C ?6 ED9<9DI 1>4 >?D 9> =?>5D1BI F1<E5 6   

(82)  D85> G5 1<C? B565B D? @1I?R 1C 1 CE335CC 1>4 1C 1 619<EB5 1 29>1BI F1<E54  G9<< D85> 1<C? 25 31<<54 "'(&"% #5D  

(83)   45>?D5 D85 5H@53D54 @1I?R 75>5B1D54 2I 38??C9>7 DB51D=5>D  C?    +  +  +  +   

(84)    #. .  4539C9?> =1;5B G8? ;>?GC  G9<< B53?==5>4 1 DB51D=5>D 25<?>79>7 D? # &  

(85)   *B51D=5>DC 9> # &  

(86)   1B5 31<<54 ,- 79F5>    4539C9?> =1;5B G8? ;>?GC  4?5C >?D 81F5 D? D5CD DB51D=5>DC 1C 85 ?B C85 1<B514I ;>?GC G8938 DB51D=5>DC 1B5 25CD ?G5F5B 1C =5>D9?>54 12?F5 9> D85 =19> C5DD9>7 ?6 D85 @1@5B  G9<< >?D 25 ;>?G> 2I D85 4539C9?> =1;5B (571B4<5CC ?6 D85.

(87)  ;>?G<5475 ?6 D85 4539C9?> =1;5B  45C3B925C D85 DBE5 5>F9B?>=5>D 5CD DB51D=5>DC B5=19> 45K>54 1C 12?F5 D85 4539C9?> =1;5B C9=@<I 4?5C >?D ;>?G G8938 DB51D=5>D 9C 25CD G85> 85 ?B C85 4?5C >?D ;>?G   ?B <1D5B 1>1<IC9C G5 >554 D? E>45BCD1>4 8?G 5138 CDB1D57I @5B6?B=C 1C D85 4539C9?> =1;5B =978D 81F5 C?=5 3?>:53DEB5 12?ED G8938 5>F9B?>=5>DC 85 ?B C85 =1I 25 6139>7 =?B5 ?> D89C <1D5B #5D % 

(88)   45>?D5 D85 @B?2129<9DI ?6 B53?==5>49>7 DB51D=5>D  79F5> CDB1D57I  G85> 6139>7 49CDB92ED9?>   #5D  

(89)   45>?D5 D85 1)- @1I?R ?6 D85 B53?==5> 41D9?> 9>4E354 2I EC9>7 CDB1D57I  G85> 6139>7 49CDB92ED9?>  G85B5 5H@53D1D9?>C 1B5 31<3E<1D54 21C54 ?> D85 49CDB92ED9?>  5H1>D5 256?B5 5>D5B9>7 D85 D5CD @81C5 C?  

(90)   .  . % 

(91)    

(92)   . . %?D935 D81D @1I?RC B51<9J54 4EB9>7 D85 D5CD9>7 @81C5 4? >?D 49B53D<I 9>LE5>35 D85 F1<E5 ?6 B53?==5>49>7 DB51D=5>D  D81D 9C 79F5> 2I  

(93)   *5CDC ?><I @?CC92<I 9> LE5>35 D85 B53?==5>41D9?> 9>49B53D<I 1C G8938 DB51D=5>D 9C B53?==5>454 31> 1>4 DI@931<<I 9C 5H@53D54 D? 9>LE5>35 D85 B53?==5>41D9?> *8EC 9> D85 5>4 D85 4539C9?> =1;5B ?><I 31B5C 12?ED  

(94)  . , 2'$  2(-, *(27 -%  )(,& 4$0 &$1. CCE=5 9> D85 6?<<?G9>7 D81D D85B5 1B5 ?><I DG? DB51D=5>DC C?   56?B5 G5 =?F5 D? D85 1>1<IC9C G5 144 C?=5 9>6?B=1< 49C3ECC9?> ?> 1 CDB1D57I D81D 1@@51BC >1DEB1< CCE=5 6?B D89C D81D  9C 5F5> C  9C 5F5> D85 ?2F9?EC 31>4941D5 6?B 8?G D? 2581F5 4EB9>7 D85 D5CD @81C5 9C D? D5CD 5138 DB51D=5>D 5AE1<<I ?6D5> 1>4 85>35  D9=5C >? B51< B51C?> D? 38??C5 1 C@539K3 ?B45B *85 ?2F9?EC 31>4941D5 6?B D85 B53?==5>41D9?> 9C D? 38??C5 G89385F5B DB51D=5>D I95<454 D85 89785B 1F5B175 @1I?RC 4EB9>7 D85 D5CD9>7 @81C5 1>4 D? 38??C5 5138 DB51D=5>D G9D8 5AE1< @B?2129<9DI 96 2?D8 DB51D=5>DC I95<454 D85 C1=5 1F5B175 @1I?R >I BE<5 D81D 3?=29>5C D85C5 DG? 31>4941D5C G9<< 25 31<<54 1> &)"+"% ,.,, +.% $1>C;9

(95).  B5@B5C5>D1D9F5C ?6 D89C 3<1CC G9<< 25 45>?D54 2I    . -5 B56B19> 6B?= @B5C5>D9>7 1 6?B=1< 5H@B5CC9?> 6?B    1C 9D 9C D?? 9>DB931D5 D? 25 9>C978D6E< H@<939D 31<3E<1D9?>C 9> <1D5B 5H1=@<5C G9<< 45=?>CDB1D5 25DD5B 8?G    9C 45B9F54  *85B5 1B5 =1>I 49R5B5>D 5=@9B931< CE335CC BE<5C 133?B49>7 D? D85 ?B45B ?6 D5CD9>7 57 KBCD D5CD DB51D=5>D   D9=5C 1>4 D85> D5CD DB51D=5>D   D9=5C 57 1<D5B>1D5 25DG55> DB51D=5>DC CD1BD9>7 G9D8 1 B1>4?= DB51D=5>D  *85 5=@9B931< CE335CC BE<5 9> $1>C;9 

(96).  81C 1 D95 2B51;9>7 BE<5 G85> 2?D8 DB51D=5>DC I95<4.

(97)  > D85 6?<<?G9>7 G5 2B95LI 9<<ECDB1D5 G85> D89C CDB1D57I =1I ?B =1I >?D 25 ?@D9 =1< 6B?= D85 @5BC@53D9F5 ?6 1 B1D9?>1< 4539C9?> =1;5B 33?B49>7 D? )1F175    1 B1D9?>1< ?B 1I5C91> 4539C9?> =1;5B 9C 5>4?G54 G9D8 25<956C ?F5B DBE5 

(98) 25. D85  <956C 1B5 =?45<<54 2I 1 @B9?B  ?F5B 49CDB92ED9?>C  C?    

(99)  1>4 D85 4539C9?> =1;5B 38??C5C 1 ,- +,)(', "/'  2I C5<53D9>7 1 CDB1D57I D81D C?<F5C  &  

(100)      . %?D935 D81D 9D >554 >?D 25 B1D9?>1< D? D5CD 5138 DB51D=5>D 5AE1<<I ?6D5> <51B<I. 96 25<956C 1B5 CE38 D81D D85 4539C9?> =1;5B 9C ?><I E>CEB5 12?ED @1I?RC 75>5B1D54 2I DB51D=5>D D85> 9D 9C ?@D9=1< D? D5CD DB51D=5>D 6?B  D9=5C F5> 96 5138 DB51D=5>D 9C 5H1>D5 25<95F54 D? 25 5AE1<<I <9;5<I D? 25 D85 25CD DB51D=5>D 79F5> D85 @B9?B  D85> 9D 9C C9=@<5 D? 3?>CDBE3D 25<956C E>45B G8938 D85 DB51D=5>D D5CD54 >5HD >?>DB9F91<<I 45@5>4C ?> D85 @1I?RC D81D 81F5 255> B51<9J54 9> 51B<95B B?E>4C ?6 D85 D5CD9>7 @81C5 %?D935 6EBD85B=?B5 D81D 9D >554 >?D 25 B1D9?>1< D? B53?==5>4 D85 DB51D=5>D D81D I95<454 D85 89785B 1F5B175 @1I?R 5F5> 96 5138 DB51D=5>D G1C D5CD54 5AE1<<I ?6D5> ?>C945B 6?B 9>CD1>35 1 4539C9?> =1;5B G8? 25<95F5C D85 6?<<?G9>7 ?>5 DB51D=5>D I95<4C @1I?R , 6?B CEB5 D85 ?D85B 9C 29>?=91< G9D8 @1I?R ?33EBB9>7 G9D8 @B?2129<9DI  G85B5  1>4 , 1B5 ;>?G> 1>4    ,  1>4 5138 DB51D=5>D 9C 5AE1<<I <9;5<I D85 29>?=91< ?>5 6D5B 1 C9>7<5 D5CD D85 4539C9?> =1;5B ;>?GC G8938 DB51D=5>D 9C 25CD CCE=5 >5F5BD85<5CC D81D D85 4539C9?> =1;5B D5CDC 5138 DB51D=5>D 5AE1<<I ?6D5> 1C D85B5 9C I5D >? 81B= D? D89C D5CD9>7 ?G5F5B D? D85> EC5 1F5B175 @1I?RC D? 45D5B=9>5 D85 B53?==5>41D9?> C@539K5C D85 G?BC5 DB51D=5>D G9D8 @B?2129<9DI 1D <51CD      . *89C 9C 3<51B<I >?D B1D9?>1< 1C D85 4539C9?> =1;5B ;>?GC G8938 DB51D=5>D 9C 25CD 16D5B D85 D5CD9>7 @81C5 -5 G9<< B5DEB> D? D89C @1BD93E<1B 5H1=@<5 <1D5B &6 3?EBC5 D85 5=@9B931< CE335CC BE<5 9C D85 >1DEB1< 38?935 G85>  9C <1B75 E5 D? D85 <1G ?6 <1B75 >E=25BC 9D G9<< C5<53D D85 25CD DB51D=5>D G9D8 1B29DB1B9<I <1B75 @B?2129<9DI @B?F9454  9C CEQ395>D<I <1B75 9D I95<4C 1 3?>C9CD5>D 5CD9=1D?B 6?B D85 25CD DB51D=5>D 1 6?B=1< @B??6 ?6 D89C CD1D5=5>D 9C 79F5> 25<?G ?G5F5B D85 5=@9B931< CE335CC BE<5 >554 >?D =1;5 NC5>C5O G85>  9C C=1<< G85B5 G5 ?6 3?EBC5 KBCD 81F5 D? C@5396I 8?G D? AE1>D96I NC5>C92<5O 6?B 1 4539C9?> =1;5B G9D8?ED 1 @B9?B  &6 3?EBC5 D85 4539C9?> =1;5B =1I 81F5 1449D9?>1< 9>6?B=1D9?> 12?ED D85 DB51D=5>DC 85 ?B C85 3?E<4 25 B1D9?>1< > D89C 31C5 G5 C8?G 25<?G D81D ?EB @1@5B @B?F945C ?> D85 C945 1 D978D E@@5B 2?E>4 ?> =1>I D5CDC 1 B1D9?>1< 4539C9?> =1;5B 5>4?G54 G9D8 1 C1=5 1F5B175 @1I?R      ?B=1<<I G5 B565B D? 1 4539C9?> =1;5B 5>4?G54 G9D8 D85 @B9?B CE38 D81D 

(101) 

(102) G85B5   

(103)     

(104)  1>4   

(105)     

(106) .  .

(107) . @B9?B >554C 6?B 1 79F5> 5BB?B. '$ (,-+( * 4$0 &$ 3*$ %-0 . %5HD G5 9>DB?4E35 D85 CDB1D57I D81D G5 31<< D85 "'(&"% /+  +.% D81D G9<< 25 C5<53D54 <1D5B 1C D85 N25CDO CDB1D57I G85>   1>4 85>35 G5 81F5 D? C@5>4 C?=5 D9=5 ?> 5H@<19>9>7 9D 9> 45D19< *85 29>?=91< 1F5B175 BE<5 G9<< 25 45C3B9254 KBCD 6?B D85 31C5 G85B5  9C 1> 5F5> >E=25B *5CD 1C 6?<<?GC > D85 KBCD B?E>4 C5<53D 5AE1<<I <9;5<I ?>5 ?6 D85 DG? DB51D =5>DC *85> 3?>D9>E5 D? D5CD D85 DG? DB51D=5>DC 1<D5B>1D9>7<I E>D9< D85 D5CD @81C5 9C ?F5B #5D ' 25 D85 DB51D=5>D D5CD54 9> B?E>4. C? '  ' 6?B .    . *B1>C6?B= 1>I @1I?R B51<9J54 4EB9>7 D85 D5CD @81C5 D81D 25<?>7C D? 

(108)  9>D? 1 @1I?R 9> 

(109)  2I D85 6?<<?G9>7 B1>4?=9J1D9?> -85> ?2C5BF9>7 @1I?R + 

(110)  9> D85. D8 B?E>4 ?6 D85 D5CD9>7 @81C5 D85> G9D8 @B?2129<9DI + 13D 1C 96 @1I?R +'  G1C. ?2C5BF54 1>4 G9D8 @B?2129<9DI  + 13D 1C 96 @1I?R +'  G1C ?2C5BF54 9> D81D B?E>4. ' + 

(111)  45>?D5C D85 F1<E5 ?6 D85 DB1>C6?B=54 @1I?R G85B5 +'  + 96 + 

(112) . 9F5> D89C DB1>C6?B=1D9?> 9D 9C 1C 96 ?><I @1I?RC 9> 

(113)  G5B5 B51<9J54 9> 5138 B?E>4 ?6. D85 D5CD @81C5 6D5B D85 D5CD @81C5 9C ?F5B B53?==5>4 D85 DB51D=5>D D81D I95<454 D85 89785B 1F5B175 >E=25B ?6 CE335CC5C 16D5B @1I?RC G5B5 DB1>C6?B=54 38??C5 5138 DB51D =5>D 5AE1<<I <9;5<I 96 2?D8 DB51D=5>DC 75>5B1D54 D85 C1=5 1F5B175 >E=25B ?6 CE335CC5C ?B=1<<I DB51D=5>D 9C B53?==5>454 G9D8 @B?2129<9DI 96   +'  +'

(114)      . G9D8 @B?2129<9DI  96 5AE1<9DI 8?<4C 12?F5 1>4 G9D8 @B?2129<9DI ?D85BG9C5 *85 29>?=91< 1F5B175 BE<5 C@539K31<<I D5CDC DB51D=5>DC 9> 1> 1<D5B>1D9>7 61C89?> CD1BD9>7 G9D8 1 B1>4?= DB51D=5>D *89C 9C >?D 9=@?BD1>D 6?B D85 @5B6?B=1>35 ?6 D85 BE<5 6?B 79F5>   D ?><I =1DD5BC D81D 5138 DB51D=5>D 9C 38?C5> 5AE1<<I ?6D5> G85>  9C 5F5> ?G5F5B D85 1<D5B>1D9>7 381B13D5B 1<<?GC D85 29>?=91< 1F5B175 BE<5 1<C? D? 81F5 >935 @B?@5BD95C G85>  9C E>;>?G> 1D D85 2579>>9>7 ?6 D85 D5CD @81C5 C55 B5CE<D 25<?G *85 "'(&"% /+ . . +'    '    .

(115) 9C 1> E>291C54 5CD9=1D?B ?6 D85 =51> ?B 5H@53D54 F1<E5  

(116)   ?6 DB51D=5>D  )? :ECD <9;5 D85 5=@9B931< CE335CC BE<5 D85 29>?=91< 1F5B175 BE<5 5CD9=1D5C D85 5H@53D54 @1I?R ?6 5138 DB51D=5>D 1>4 D85> C5<53DC D85 DB51D=5>D G9D8 D85 89785B 5CD9=1D5 > D85 C@5391< 31C5 9> G8938  9C 29>?=91< D85 29>?=91< 1F5B175 BE<5 1>4 D85 5=@9B931< CE335CC BE<5 3?9>3945 *89C G9<< >? <?>75B 25 DBE5 9> D85 31C5 G85B5  9C ?44 G8938 G5 3?>C945B >5HD *85 29>?=91< 1F5B175 BE<5 9C 45K>54 6?B  ?44 1C 9D 9C G85>  9C 5F5> 5H35@D 6?B D85 6?<<?G9>7 14:ECD=5>D ?6 D85 B53?==5>41D9?> D? 3?BB53D 6?B D85 E>21<1>354 C1=@<5 ?<<?G D85 B53?==5>41D9?> 21C54 ?> D85 C1=@<5 ?6 D85 KBCD   B?E>4C ?6 D85 D5CD @81C5 96 C?=5 DB51D=5>D 9C B53?==5>454 G9D8 @B?2129<9DI 1>4 85>35 D85B5 9C >? D95. ?6 D85 29>?=91< 1F5B175C &D85BG9C5 B53?==5>4 D85 DB51D=5>D D5CD54 9> B?E>4  96 1>4 ?><I 96 9D I95<454 1 DB1>C6?B=54 @1I?R +' 5AE1< D?  5>35 96 D85B5 9C 1 D95 E@ D? B?E>4   1>4 D85 DB51D=5>D D5CD54 9> B?E>4  I95<4C 1 DB1>C6?B=54 @1I?R 5AE1<. D? D85> B53?==5>4 D85 DB51D=5>D >?D D5CD54 9> D85 <1CD B?E>4 ?B=1<<I DB51D=5>D. 9C B53?==5>454 G9D8 @B?2129<9DI 96  . +'  +'          .  . ?B +'  +' 1>4 '  1>4 +' .          .  . ?B +'  +' 1>4 '  1>4 +' 

(117)          . 1>4 G9D8 @B?2129<9DI ?D85BG9C5 -5 G?E<4 <9;5 D? @?9>D ?ED DG? 49R5B5>35C D? D85 2581F9?B E>45B 1> 5F5> C1=@<5 4E5 D? D89C C@5391< DB51D=5>D ?6 D85 <1CD D5CD G85>  9C ?44 9 *85 B53?==5>41D9?> 16D5B 1> ?44 C1=@<5 9C 1<G1IC 45D5B=9>9CD93 ?>5 ?6 D85 DG? DB51D=5>DC 9C B53?==5>454 G9D8 @B?2129<9DI > ?D85B G?B4C D85 29>?=91< 1F5B175 BE<5 9C 1 C9>7<5D?> BE<5 G85>  9C ?44 2ED >?D G85>  9C 5F5> 99 *85 29>?=91< 1F5B175 BE<5 1>4 D85 5=@9B931< CE335CC BE<5 >? <?>75B 3?9>3945 G85>  9C 29>?=91< 1>4  9C ?44 7 1CCE=5 D81D  

(118) 1>4 D81D D85 D5CD @81C5 I95<454 89CD?BI 

(119) 

(120) 

(121) 

(122) 

(123)  *85> D85 5=@9B931< CE335CC BE<5 B53?==5>4C 5138 DB51D=5>D 5AE1<<I <9;5<I G89<5 D85 29>?=91< 1F5B175 BE<5 B53?==5>4C DB51D=5>D G9D8 @B?2129<9DI  C 9> D85 31C5 ?6  5F5> G85>  9C ?44 D85> D85 ?B45B ?6 D5CDC 4?5C >?D 9>LE5>35 D85 @5B6?B=1>35 ?6 D85 BE<5 1C <?>7 1C 1 1 L9@ ?6 1 619B 3?9> 45D5B=9>5C G8938 ?6 D85 DG? DB51D=5>DC 9C D5CD54 ?>35 =?B5 D81> D85 ?D85B 1>4 2 1 B1>4?= ?2C5BF1D9?> ?6.

(124)

(125) *12<5  'B?2129<9DI ?6 B53?==5>49>7 DB51D=5>D 1C 6E>3D9?> ?6 >E=25B ?6 D5CDC  .

(126). %.  .  .        . %  .  .                     . % 

(127) . D85 DB51D=5>D D5CD54 =?B5 ?6D5> 9C EC54 D? 2B51; D95C 1>1<?7?EC<I D? 8?G D89C 9C 4?>5 12?F5 %?D935 D81D D85 29>?=91< 1F5B175 BE<5 31> 1<C? 25 45C3B9254 1C 1 BE<5 6?B C9=E<D1>5?EC B1>4?= C1=@<9>7 > D89C 1<D5B>1D9F5 C5DD9>7 D85 ?><I 14:ECD=5>D 9C D81D D85B5 9C >? <?>75B 1> 1<D5B1D9?> 25DG55> DB51D=5>D D5CD9>7 *85B5 9C 1> 1<D5B>1D9F5 =5D8?4 6?B 9>DE9D9F5<I 45B9F9>7 D85 B53?==5>41D9?> E>45B D85 29>?=91< 1F5B175 BE<5 D81D 1@@<95C B571B4<5CC ?6 G85D85B  9C ?44 ?B 5F5> *85 E>45B<I9>7 9>D5B@B5D1D9?> G9<< 25 9=@?BD1>D D? E>45BCD1>4 <1D5B B5CE<DC *85 9451 9C D? 1CCE=5 D81D D85 4539C9?> =1;5B 25<95F5C 6?B 1>I D5CD D81D I95<4C @1I?R + D81D D85 DB51D=5>D >?D D5CD54 G?E<4 81F5 I95<454 @1I?R  + 1>4 D? B53?==5>4 D85 DB51D=5>D. D81D I95<4C D85 89785B 29>?=91< 1F5B175 21C54 ?> D85C5 25<956C 38??C9>7 5138 DB51D. =5>D 5AE1<<I <9;5<I G85> D85B5 9C 1 D95 ?B=1<<I DB51D=5>D 9C B53?==5>454 G9D8 @B?2129<9DI G9D8 @B?2129<9DI   96        . +'    +'      +'   +'          . 1>4 85>35 96. . +' .  . .  .   +'   . .  . G8938 9C 5AE9F1<5>D D? D85 C5@1B1D5 6?B=E<15 79F5> 12?F5 6?B  5F5> 1>4  ?44 %?D935 D81D   9C 1<C? EC56E< 6?B C1F9>7 ?> D85 >E=25B D5CDC >1=5<I 96     +'    +'    

(128)  . 

(129)  . 8?<4C 6?B C?=5   D85> DB51D=5>D 31> 25 B53?==5>454 16D5B  D5CDC G9D8?ED BE>>9>7 D85 B5=19>9>7    D5CDC -5 C8?G D85 @B?2129<9DI ?6 38??C9>7 DB51D=5>D EC9>7 D85 29>?=91< 1F5B175 BE<5 1>4 6139>7 1 29>?=91< 49CDB92ED9?> 6?B C=1<< F1<E5C ?6  9> *12<5  C5DD9>7 %    %  

(130) 

(131)   1>4     

(132)   6?B  

(133)  .

(134) *85 613D D81D @5B6?B=1>35 9> 1>I 5F5> @5B9?4 9> D85 12?F5 D12<5 9C D85 C1=5 1C 9> D85 @B53549>7 ?44 @5B9?4 9C 1 =?B5 75>5B1< @85>?=5>?> C55 @1BD 9 25<?G &6 3?EBC5 1 D95 25DG55> D85 29>?=91< 1F5B175 ?6 5138 DB51D=5>D 4?5C >?D 85<@ 9> C5<53D9>7 1 C@539K3 DB51D=5>D 1>4 D95C ?33EB =?B5 <9;5<I G85>  9C 5F5> ?G5F5B D85 613D D81D D85 <1CD D5CD 9> 1> 5F5> >E=25B ?6 D5CDC 81C >? 9=@13D ?> D85 5H@53D54 B53?==5>41D9?> 9C >5F5B D85<5CC C?=5G81D CEB@B9C9>7 %?D935 D81D 5H@53D1D9?> B565BC 85B5 1>4 D8B?E78?ED D85 @1@5B D? 5H1>D5 31<3E<1D9?>C =145 256?B5 BE>>9>7 D85 KBCD D5CD 1CCE=9>7 1 C@539K3   0-.-1(2(-,  ,,.& -!-   ", -! "'(&"% /+  +.% '   # ", /' !' " %  

(135) 

(136) #    %  

(137) 

(138) # '   

(139) 

(140) #      

(141) 

(142) #

(143). ""  

(144)     

(145)   "&)%", %  

(146) 

(147) #    %  

(148) 

(149) # '   

(150) 

(151) #      

(152) 

(153) # '1BD 99 C8?GC D81D D85 29>?=91< 1F5B175 BE<5 9>3B51C5C N@5B6?B=1>35O 1C D85 C1=@<5 C9J5 7B?GC > 1 <1D5B B5CE<D 'B?@?C9D9?>  D89C G9<< 25 3?=@<5=5>D54 G9D8 1> 5Q395>3I DI@5 B5CE<D    

(154) 

(155)    &  

(156)  

(157)  

(158)   . . 0--% (531<< D81D   # 9C 1CCE=54 D? 25 5F5> 9H C?=5 49CDB92ED9?>  C G5 1B5 9>D5B5CD54 9> %

(159) 79F5> D85 45K>9D9?> ?6 D85 29>?=91< 1F5B175 BE<5 G5 31> 1CCE=5 G9D8?ED <?CC ?6 75>5B1<9DI D81D  9C 29>?=91< *85 @B??6 9C @EB5<I 3?=29>1D?B91< D 9C C9=@<5B 6?B D85 1B7E=5>D 96 G5 13D 1C 96 1>I @1I?R + 75>5B1D54 38??C9>7 DB51D =5>D 4EB9>7 D85 D5CD @81C5 G1C B51<<I @1I?R  + 75>5B1D54 2I DB51D=5>D -9D8. D89C DB1>C6?B=1D9?> D85 29>?=91< 1F5B175 BE<5 B53?==5>4C DB51D=5>D G9D8 35BD19>DI 96 CDB93D<I <5CC D81> 81<6 D85 D5CDC I95<454 @1I?R 1>4 B53?==5>4C 2?D8 DB51D=5>DC 5AE1<<I <9;5<I 96 81<6 D85 D5CDC I95<454 @1I?R. -5 >?G @B?3554 D? @B?F5 @1BD 9 2I C8?G9>7 %  

(160) 

(161)     %  

(162) 

(163)   G8938. 9==5491D5<I 9=@<95C   

(164) 

(165)       

(166) 

(167)   . ?>C945B D85 B53?==5>41D9?> 16D5B   D5CDC 1C 96 75>5B1D54 2I BE>>9>7  D5CDC. 1>4 97>?B9>7 D85 ?ED3?=5 ?6 D85 D5CD 9> B?E>4  -5 6?3EC ?> D85 C9DE1D9?>C 9> G8938 D85 B53?==5>41D9?>C 16D5B   D5CDC 1>4 16D5B  D5CDC 49R5B. D 9C 51C9<I F5B9K54. D81D 79F5> D85 B53?==5>41D9?> 16D5B  D5CDC D85 B53?==5>41D9?> 16D5B   D5CDC G?E<4 81F5 255> 49R5B5>D 96 1>4 ?><I 96 81<6 ?6 D85  D5CDC I95<454 @1I?R 1>4 85>35 5138 DB51D=5>D 9C B53?==5>454 5AE1<<I <9;5<I 16D5B D85  D5CDC 6 D85 <1CD D5CD I95<454 @1I?R @1I?R  D85> D85 B53?==5>41D9?> 16D5B   D5CDC 9C DB51D=5>D DB51D. =5>D  G9D8 35BD19>DI )I==5DBI ?6 D85 29>?=91< 1F5B175 BE<5 C8?GC D81D 1=?>7 1<<.

(168)  B51<9J1D9?>C 9> G8938 81<6 ?6 D85  D5CDC I95<4 @1I?R

(169) D85 5H1>D5 @B?2129<9DI D81D D85 <1CD D5CD I95<4C @1I?R 5AE1<C  *8EC D85 DG? @?CC92<5 381>75C 9> B53?==5>41D9?> 31>35< 5138 ?D85B 1>4 G5 ?2D19> D85 C1=5 5H@53D54 B53?==5>41D9?> G85> @5B6?B=9>7  D5CDC 1C G85> BE>>9>7   D5CDC G8938 G1C D85 CD1D5=5>D D? 25 @B?F5>. -5 >?G @B?F5 @1BD 99 CCE=5  

(170)    

(171)   ?>C945B D85 B53?==5>41D9?>. 21C54 ?> D85 5F5> >E=25B ?6  C1=@<5C *85> D85 B53?==5>41D9?> 31> ?><I 381>75 16D5B 1> 1449D9?>1< C1=@<5 4B1G> EC9>7 D85 29>?=91< BE<5 96 D85B5 G1C 1 D95 9> D85 5=@9B931< CE335CC ?6 DB1>C6?B=54 @1I?RC ?6 5138 DB51D=5>D 16D5B  C1=@<5C )? G5 31> <9=9D ?EB 1DD5>D9?> D? 1> 5F5>D ?6 CE38 1 D95 E5 D? D85 CI==5DBI ?6 D85 29>? =91< 1F5B175 BE<5 D85 5H@53D54 @1I?R ?6 D85 B53?==5>454 DB51D=5>D 16D5B  C1=@<5C 3?>49D9?>1< ?> CE38 1 D95 5AE1<C.  

(172)     

(173)   . 

(174) . 9F5> D85 5F5>D ?6 CE38 1 D95 1CCE=5 D81D DB51D=5>D  9C D5CD54 9> B?E>4   *85> D85 @B?2129<9DI D81D DB51D=5>D  9C B53?==5>454 16D5B   C1=@<5C 5AE1<C  

(175)  

(176) C? D85 5H@53D54 @1I?R ?6 D85 B53?==5>454 DB51D=5>D 5AE1<C  

(177)       

(178)    

(179)   C 9D 9C 5AE1<<I <9;5<I D81D 1 D95 ?33EBC 1>4 DB51D=5>D  9C D5CD54 9> B?E>4  

(180) D85 ?F5B1<< 5R53D 3?>49D9?>1< ?> 1 D95 5AE1<C   .   

(181)       

(182)    

(183)     

(184)       

(185)    

(186)  .  

(187)     

(188)     

(189)     

(190)   . *8EC 96 9C D85 @B?2129<9DI D81D 1 D95 ?33EBC 16D5B  C1=@<5C D85>   

(191) 

(192)       

(193) 

(194)   .  

(195)     

(196)   . G8938 3?=@<5D5C D85 @B??6 ?6 @1BD 99. (,(+ 6 $&0$2 5(2'  0$ 2+$,21. -5 >?G =?F5 D? D85 =19> ?2:53D9F5 ?6 D85 @1@5B D? 1>1<IJ5 G8938 CDB1D57I D85 4539C9?> =1;5B C8?E<4 C5<53D G85>  9C E>;>?G> 9BCD G5 81F5 D? @?CDE<1D5 8?G D? 451< G9D8 D85 5>F9B?>=5>D 259>7 E>35BD19>.

(197)  ?G D? C5<53D 1 CDB1D57I   96 D85 @?<93I =1;5B 4?5C >?D 81F5 1 @B9?B -5 =1I <9;5   D? 75>5B1D5 1 (',",-'- ,-"&-(+ C?

(198).   # '   # &  

(199)   . . . 8?<4C 6?B 1<<  G85B5 '  45>?D5C D85 B1>4?= DB51D=5>D B53?==5>454 2I CDB1D57I  16D5B 1 D5CD @81C5 ?6 <5>7D8  -5 =1I <9;5   D? 25 B1D9?>1< 6?B C?=5 @B9?B  1 @B?@5BDI D81D 9C 31<<54 &",,"% *89C @EDC C?=5 49C39@<9>5 ?>   1>4 5>CEB5C D81D C5<53D9?> 9C 1C 3<?C5 1C @?CC92<5 D? D85 B1D9?>1<9DI C5DD9>7 9>1<<I G5 =1I <9;5 D? 81F5 C?=5 1H9?=1D93 6?E>41D9?>C ?6 D85 @B?354EB5 6?B C5<53D9>7 1 CDB1D57I )5<53D9?> 133?B49>7 D? N=9>9=1H B57B5DO G9<< I95<4 1 CDB1D57I D81D C1D9CK5C D85C5 D8B55 @B?@5BD95C *85 1<D5B>1D9F5 ?6 C5<53D9>7 133?B49>7 D? =1H9=9> G9<< 25 49C3ECC54 <1D5B  +- & 

(200)   9C 45K>54 1C D85 49R5B5>35 25DG55> D85 5H@53D54 @1I?R ?6 D85 25CD DB51D=5>D 1>4 D85 5H@53D54 @1I?R B51<9J54 2I EC9>7 CDB1D57I  G85> D85 5>F9B?>=5>D 9C 79F5> 2I   *89C 9C G81D G5 B565B D? 9> D85 9>DB?4E3D9?> 1C ++(+ ?B=1<<I & 

(201)    &  

(202)     

(203)   . > D89C @1@5B G5 C51B38 6?B 1 CDB1D57I   D81D 1DD19>C &"'"&1 + +- 6?B=1<<I   #  . $%". & 

(204)  .    .      $%"    & 

(205)   *85 E>45B<I9>7 9451 9C D81D 5138 CDB1D57I 9C 1>4 C5D &. 5F1<E1D54 133?B49>7 D? D85 =1H9=E= B57B5D 9D 3B51D5C 1=?>7 1<< @?CC92<5 49CDB92ED9?>C.   33?B49>7 D? ?EB 1CCE=@D9?> D85 ?><I 9>6?B=1D9?> D85 4539C9?> =1;5B 81C 12?ED D85   5>F9B?>=5>D  9C D81D     )DB1D5795C G9D8 <?G5B =1H9=1< B57B5D 1B5 @B565BB54. 1>4 85>35 1 CDB1D57I   96 9D 5H9CDC D81D I95<4C D85 <?G5CD =1H9=E= B57B5D 9C =?CD.  @B565BB54 9> G8938 31C5 &  $%"    &  

(206)   $9>9=1H B57B5D G1C 9>DB?4E354. 2I )1F175    21C54 ?> 1> 9>D5B@B5D1D9?> ?6 -1<4    6?B =1;9>7 4539C9?>C 9> E>35BD19> 5>F9B?>=5>DC 1> 1H9?=1D93 6B1=5G?B; E>45B<I9>7 =9>9=1H B57B5D 9C 4E5 D? $9<>?B   *G? @1@5BC $1>C;9

(207).  )D?I5

(208).  C@539K31<<I 9>F5CD971D54. =9>9=1H B57B5D 9> D89C C5DD9>7 D859B B5CE<DC G9<< 25 3?=@1B54 D? ?EBC <1D5B . *85 3?>>53D9?> D? D85 6?B=1< C5DD9>7C ?6 )1F175    1>4 $9<>?B   1B5 5CD12<9C854 2I   945>D96I9>7 5138 

(209)  G9D8 1 CD1D5 ?6 D85 G?B<4. *G? 1H9?=C E>45B<I9>7 D85 1H9?=1D9J1D9?> ?6 $9<>?B   1B5 35>DB1< 9 9>45@5>45>35 ?6 9BB5<5F1>D 1<D5B>1D9F5C 9C B5<1H54 @B565B5>35C 1B5 >?D 1<<?G54 D? 381>75 G85> 1449>7 1> 13D9?> D81D 4?5C >?D 381>75 D85 25CD @1I?R 9> 1>I ?6 D85 CD1D5C 99 D85 9>45@5>45>35 1H9?= 9C CDB5>7D85>54 2I B5@<139>7 D85 3?>CD1>D <?DD5BI 2I ?>5 G85B5 @1I?RC 1B5 ?><I B5AE9B54 D? 25 3?>CD1>D 13B?CC 13D9?>C 9> 1>I 79F5> CD1D5.

(210)  *85 >935 D89>7 12?ED =9>9=1H B57B5D 9C D81D 9D 1<C? I95<4C 9>6?B=1D9?> 12?ED 8?G  1>4 <1B75 D85 5BB?B ?6 1 B1D9?>1< ?B 1I5C91> 4539C9?> =1;5B 5>4?G54 G9D8 1 @B9?B      %?D5 KBCD D81D 1 B1D9?>1< 4539C9?> =1;5B G9<< G8? 85>35 38??C5C 1 25CD B5C@?>C5         96 1>4 ?><I 96  #   & 

(211)    =9>9=9J5 5H@53D54 B57B5D 1C  # &  

(212)  9F5> D85 C144<5 @?9>D 381B13D5B9J1D9?> ?6 )1F175   D81D G9<< 25 EC54 9> D85 @B??6 25<?G @B?F9454 D85B5 9C 1 =9>9=1H B57B5D CDB1D57I D85>    &. $%".     . & 

(213)   . $%".   & 

(214)  .    .      G8938 =51>C D81D D85 5H@53D54 5BB?B ?6 1 B1 

(215)    & 8?<4C 6?B 1<<  )? &   .  D9?>1< 4539C9?> =1;5B 9C 2?E>454 12?F5 2I & #1D5B G5 G9<< C55 F91 D85 C144<5 @?9>D  381B13D5B9J1D9?> D81D D89C 2?E>4 9C D978D 1C 9D 9C 1DD19>54 6?B C?=5 @B9?B .  ;5I B5CE<D ?6 D89C @1@5B 9C @1BD 9 1>4 99 ?6 D85 6?<<?G9>7 #5D  

(216) "

(217) ,    ,   , 25 D85 @B?2129<9DI ?6 4B1G9>7  CE335CC5C 1=?>7 " 9>45@5>45>D . C1=@<5C ?6 1 9>?=91< 49CDB92ED9?> G9D8 CE335CC @B?2129<9DI , G85B5 

(218) "  G9D8.    " 1>4 , 

(219)  . 0-.-1(2(-,  " ! "'(&"% /+  +.% --"', &"'"&1 + +- ! &)"+"%  ( &"'"&1 + +- ", "/' 2 ,.,, +.% (, '(- ! /%. &     &  &  (    #

(220) 

(221) (    

(222)  .  .  ", -! &1"&% + +0!+   & #  ,- #   ' #     &. -!- '  '+- " -! ","(' &$+ "',- !,  )+"(+. ""   ", ( -!' '2 +.% -!- --"', &"'"&1 + +- &$, -! ,& -+ &"'",-" +(&&'-"(' , -! "'(&"% /+  +.% """ ,,.& -!-  ", +,-+"- -(  "'(&"% !' -! "'(&"% /+  +.% --"', &"'"&1 + +- ! &)"+"% ,.,, +.% --"', &"'"&1 + +- " ' ('%2  "  ", /' ! /%. ( &"'"&1 + +- *.%, & ,)"4 "' . %?D935 D81D D85 29>?=91< 1F5B175 BE<5 81C 255> 3?>CDBE3D54 9> G1I D81D D85 D5CD9>7 @B?354EB5 4EB9>7 D85 KBCD # B?E>4C ?6 D85 D5CD9>7 @81C5 4?5C >?D 45@5>4 ?> D85 C9J5 ?6  @B?F9454   # ?>C5AE5>D<I G5 31> 1@@<I D85 29>?=91< 1F5B175 BE<5 5F5> G85>.  9C >?D ;>?G> . *85. KBCD ?B45B 3?>49D9?>C               

(223)  . 1B5. .    . .  .    . .

(224)  -0-** 07  ! "'(&"% /+  +.% --"', &"'"&1 + +- " -! ,&)% ,"3  ", +'(&%2 +0' +(& ' .'$'(0' ",-+".-"(' &> D85 ?D85B 81>4 96  9C ;>?G> D85> G5 31> EC5 'B?@?C9D9?> D? C1F5 D5CDC G8938 9==5491D5<I 9=@<95C D81D 1<< CE2:53DC 1B5 25 DB51D54 5AE1<<I -0-** 07    ", $'(0' -!' &"'"&1 + +- '  --"' 0"-! ' ( '.&+ ( -,-, (%%(0 2 ,(& -+-&'- +(&&' 0"-! )+("%"-2 (' 0--% ?6 'B?@?C9D9?>

(225)  F5B C9>35 )1F175   *85?B5=  @  =9>9=1H B57B5D 9C 25CD 31<3E<1D54 2I K>49>7 1> 5AE9<92B9E= ?B C144<5 @?9>D ?6 D85 6?<<?G9>7 C9=E<D1 >5?EC =?F5 J5B? CE= 71=5 25DG55> D85 4539C9?> =1;5B 1>4 >1DEB5 'EB5 CDB1D5795C ?6 D85 4539C9?> =1;5B 1B5 79F5> 2I 45D5B=9>9CD93 CDB1D5795C   45K>54 12?F5 *85 C5D ?6   5>F9B?>=5>DC    9C D85 C5D ?6 @EB5 CDB1D5795C ?6 >1DEB5 ?D8 @1BD95C =1I 38??C5. =9H54 CDB1D5795C C? D85 4539C9?> =1;5B 38??C5C CDB1D57I  1>4 >1DEB5 38??C5C 1 @B9?B  *85 @1I?R ?6 D85 4539C9?> =1;5B 5AE1<C & 

(226)  G89<5 D81D ?6 >1DEB5 9C 45K>54 1C. & 

(227)  5B5 & 

(228)  . . & 

(229)      . . &  

(230)        

(231)  . 9F5> D89C 5AE1D9?> D85 4539C9?> =1;5B =9>9=9J5C B57B5D 79F5>  96 1>4 ?><I 96 C85 38??C5C 1 25CD B5C@?>C5 D?  95 =1H9=9J5C 5H@53D54 @1I?RC  

(232)  ?F5B 1<<  -5 G9<< K>4 1 @B9?B  CE38 D81D  

(233)   9C 1> 5AE9<92B9E= ?6 D89C 71=5 *8EC   G9<< 25 14=9CC92<5 $?B5?F5B 79F5> D81D D89C 9C 1 C144<5 @?9>D  # &    & 

(234)  . )?  9C 1<C? 31<<54 1 0(+,- , )+"(+ 1C 9D 9C D85 @B9?B E>45B G8938 D85 25CD B5C@?>C5. 9C 6EBD85CD 1G1I 6B?= D85 25>38=1B; ?6 1> ?=>9C395>D 4539C9?> =1;5B G8? 38??C5C D85 25CD DB51D=5>D 9> 5138 5>F9B?>=5>D -5 G9<< C8?G D81D  

(235)   9C 1> 5AE9<92B9E= ?6 D89C 71=5 G85B5  9C 45K>54 1C 6?<<?GC #5D . . . ( # &  (        . 5F5>.  . . 

(236). 3<51B<I 5H9CDC 1C D85 5H@B5CC9?> 9> D85 2B13;5D 9C 3?>D9>E    ?EC 1>4 2?E>454 9> ( *85 613D D81D ( 

(237) 5H9CDC 6?<<?GC 1C D85 F1<E5 ?6 D85  2B13;5D 9C 75>5B1<<I >?> >571D9F5 G89<5 6?B ( 

(238) 9D 5AE1<C #5D   25 D85 G85B5 C?=5 ( . .  #

(239) 

(240) (   

(241) 

(242) ( .

(243)  29>?=91< 49CDB92ED9?> CE38 D81D   

(244)      

(245)   (  #5D   25 D85 29. >?=91< 49CDB92ED9?> CE38 D81D 5=5B75C G85> CG1@@9>7 <125<C ?6 DB51D=5>DC 9>    C?   

(246)      

(247)   ( #5D  25 CE38 D81D            . 9BCD G5 C8?G D81D   9C 1 25CD B5C@?>C5 D?  %59D85B   >?B   @EDC G5978D ?>. 5F5>DC 9> 

(248) 

(249) 

(250)  C? 5138 DB51D=5>D I95<4C D85 C1=5 9>6?B=1D9?> G85> 6139>7  . )? G5 31> 13D 1C 96 ?><I DB51D=5>D 9C D5CD54 9F5> D85 CI==5DBI ?6  9D 9C 3<51B. D81D D85 B53?==5>41D9?> 2I   79F5> D85 9>6?B=1D9?> 6B?= D85 D5CD @81C5 9C 1 25CD B5C@?>C5 > 613D 9D 9C D85 E>9AE5 25CD B5C@?>C5 E><5CC DB51D=5>D I95<454 D85 C1=5 >E=25B ?6 CE335CC5C 1C 619<EB5C %?G G5 C8?G D81D  =1H9=9J5C B57B5D 79F5>   9F5> D85 45K>9D9?> ?6   G5 31> B5CDB93D 1DD5>D9?> D? 29>?=91<  > D85 6?<<?G9>7 G5 C8?G 6?B  CE38 D81D  

(251)     

(252)   9C 3?>CD1>D D81D %  

(253)   9C =1H9=9J54 96 1>4 ?><I 96  

(254)     

(255)    . 9F5> 'B?@?C9D9?> G5 31> B5CDB93D 1DD5>D9?> D? D85 31C5 G85B5  9C 5F5> *? C9=@<96I >?D1D9?> <5D *   

(256)   +   

(257)  

(258) #   1>4 %  %  

(259)   -5 G9<< C8?G D81D.  % " . .  % # .  96 1>4 ?><I 96 *  +  . ?>35B>9>7 D85 45K>9D9?> ?6  

(260) "

(261) *

(262) 96  ?B   " D85> C5D  

(263) "

(264) *  *B51D=5>D 9C B53?==5>454 9C B53?==5>454 G9D8 @B?2129<9DI.  . 96 2?D8 DB51D=5>DC. I95<454 D85 C1=5 >E=25B ?6 CE335CC5C 9> D85 D5CD @81C5 1>4 9C B53?==5>454 G9D8 35BD19>DI 96 9D I95<4C CDB93D<I =?B5 CE335CC5C D81> DB51D=5>D 9> D85 D5CD @81C5 )?     .   

(265) #

(266) +  

(267) #

(268) *   

(269) #

(270) +  

(271) #

(272) * %    . +C9>7 D85 613D D81D   

(273) "

(274) ,  "   

(275) " 

(276) ,   

(277) " 

(278) , , G5 ?2D19> 16D5B C?=5 9>D5B=5491BI CD5@C 9>F?<F9>7 B51BB1>79>7 D5B=C D81D.

(279) 

(280). 

(281) . .  #.     # *   * +   + %  %  *  + . # * +.  #  ?<<53D9>7 D5B=C 1>4 #   6?B #    D85> I95<4C 

(282).

(283).

(284)    *+   *   +. .  #. %  %   # # * +  #  *+   *   + . G85B5 D85 CD1D5=5>D D? 25 @B?F5> D85> 6?<<?GC 6B?= D85 613D D81D 

(285)   *   + *+   *   +  *+ *+   *   +.

(286)  9C CDB93D<I 453B51C9>7 9> * D1;9>7 D85 F1<E5 96 1>4 ?><I 96 *   + G8938 9C G81D G5 G1>D54 D? C8?G. )9>35 D85 29>?=91< 1F5B175 BE<5 9C CI==5DB93 =1H9=1< B57B5D 9C 1DD19>54 6?B C?=5 29>?=91<   CE38 D81D  

(287)      

(288)    G85B5 &  

(289)      

(290)      

(291)    %  

(292)    &EB B5CE<D 12?F5 C8?GC D81D  

(293)      

(294)     1>4 85>35 &  

(295)       

(296)      %  

(297)    G8938 5AE1<C D85 5H@B5CC9?> 9> D85 2B13;5DC 9>  9F5> D85 45K>9D9?> ( 1>4  9D 6?<<?GC D81D  =1H9=9J5C B57B5D 79F5>   *89C @B?F5C @1BD 9 '1BD 99 6?<<?GC 6B?= D85 613D D81D D85 25CD B5C@?>C5 9C E>9AE5 G85>  9C ?44 ?>35B>9>7 @1BD 999 1CCE=5 D81D  9C B5CDB93D54 D? 25 29>?=91< *85 N96O CD1D5=5>D 6?<<?GC 6B?= D85 12?F5 D?75D85B G9D8 D85 613D D81D D85 29>?=91< 1F5B175 BE<5 1>4 D85 5=@9B931< CE335CC BE<5 3?9>3945 CCE=5  9C ?44 *85> D85 5=@9B931< CE335CC BE<5   4?5C >?D 13895F5 =9>9=1H B57B5D 1C 9D 9C >?D 1 25CD B5C@?>C5 1719>CD  *? C55 D89C 3?>C945B D85 5F5>D 9> G8938 2?D8 DB51D=5>DC I95<4 @1I?R E@ D? B?E>4  . 1>4 D85 DB51D=5>D 38?C5> 9> B?E>4  I95<4C @1I?R *85> D85 5=@9B931< CE335CC BE<5. B53?==5>4C 5138 DB51D=5>D 5AE1<<I <9;5<I G89<5 D85 25CD B5C@?>C5 9C D? B53?==5>4 D85 DB51D=5>D >?D 38?C5> 9> D85 K>1< B?E>4 > D85 6?<<?G9>7 G5 9<<ECDB1D5 G8I D85 29>?=91< 1F5B175 BE<5 4?5C >?D I95<4 D85 ?><I @?CC92<5 B53?==5>41D9?> G85>  9C 5F5> CCE=5 D81D  9C 5F5> 1>4 D81D ?ED3?=5C 1B5 29>1BI F1<E54 &><I 1> ?44 >E=25B ?6 D5CDC 9C >55454 )? D85 4539C9?> =1;5B 31> 1<C? 1DD19> =9>9=1H B57B5D G85>  9C 5F5> 2I 1@@<I9>7 D85 29>?=91< 1F5B175 BE<5 2ED C9=@<I 97>?B9>7 D85 <1CD D5CD )? D89C 9C 1 BE<5 21C54 ?> 1> 5AE1< >E=25B ?6 D5CDC ?6 5138 DB51D=5>D D81D 1DD19>C =9>9=1H B57B5D 2ED D81D =1;5C 1 49R5B5>D B53?==5>41D9?> D81> D85 29>?=91< 1F5B175 BE<5  -5 @B5C5>D C?=5 @B?@5BD95C ?6 & +C9>7 D85 35>DB1< <9=9D D85?B5= D? 1@@B?H9=1D5  & 79F5> 9>   ?>5 51C9<I 45B9F5C 9DC B1D5 ?6 3?>F5B75>35 G85>  9C <1B75 ?=29>9>7. D89C G9D8 'B?@?C9D9?> C8?GC D85 6?<<?G9>7     0-.-1(2(-,  &   &  &  0!'  ", /'    ' & .  . 0!'  ",.

(298). %+ 

(299).  9C D85 C?<ED9?>  D? .  

(300).        .

(301) . !.  

(302)   . B?E>454 D? 6?EB 4979DC 16D5B D85 3?==1.

(303)

(304). . -0$&-,$  7-91. > D85 @B??6 ?6 'B?@?C9D9?>

(305) G5 6?E>4 D81D D85B5 9C 1 G?BCD 31C5 @B9?B  D81D @EDC G5978D ?><I ?> 29>?=91< 49CDB92ED9?>C  9> G8938  

(306)     

(307)    C?  

(308) 

(309) 

(310)   -85> 61354 G9D8 1 G?BCD 31C5 @B9?B 9D 9C 1C 96 D85 4539C9?> =1;5B ?2C5BF5C 9> 5138 B?E>4 ?6 D85 D5CD @81C5 D85 @1I?R D81D D85 DB51D=5>D >?D D5CD54 G?E<4 81F5 13895F54 '1I?RC B51<9J54 2I DB51D=5>DC >?D 38?C5> 1B5 31<<54 (+ (' @1I?RC )? 9D 9C 1C 96 D85 4539C9?> =1;5B 31> ?2C5BF5 6?B57?>5 @1I?RC G85> 6139>7 1 G?BCD 31C5 @B9?B ?>C945B >?G 1 4539C9?> =1;5B G8? 1<G1IC ?2C5BF5C 6?B57?>5 @1I?RC 4EB9>7 D85 D5CD @81C5 85>35 DB95C 2?D8 DB51D=5>DC ?> D85 C1=5 CE2:53D 9> 5138 B?E>4 *8EC D85B5 9C >?D89>7 D? 453945 ?> 4EB9>7 D85 D5CD @81C5 1C 2?D8 DB51D=5>DC 1B5 D5CD54 C9=E<D1>5?EC<I D85 ?><I AE5CD9?> 9C G81D D? B53?==5>4 79F5> D85  B1>4?= ?2C5BF1D9?>C ?6 2?D8 ?ED3?=5C )9>35 D85B5 9C >? 81B= D? 1<C? ?2C5BF9>7 6?B57?>5 @1I?RC =9>9=1H B57B5D 9C G51;<I C=1<<5B G85> 1 4539C9?> =1;5B 31> ?2C5BF5 6?B57?>5 @1I?RC D81> G85> 85 ?B C85 31>>?D 1C 9> D85 =19> =?45< ?6 D89C @1@5B &> D85 ?D85B 81>4 G85> 61354 G9D8 D85 G?BCD 31C5 @B9?B  45K>54 9> D85 @B??6 ?6 'B?@?C9D9?>

(311)  D85B5 9C >? 14F1>D175 9> ?2C5BF9>7 D85 @1I?R ?6 5138 DB51D=5>D 9> 5138 D5CD *8EC D85 =1H9=1< B57B5D 1=?>7 D85 B53?= =5>41D9?>C 21C54 ?> 6?B57?>5 @1I?RC 9C 1D <51CD 1C <1B75 1C D85 =1H9=1< B57B5D E>45B D85 29>?=91< 1F5B175 BE<5 ?=29>9>7 D85C5 DG? ?2C5BF1D9?>C G5 ?2D19> 9> D5B=C ?6 =9>9=1H B57B5D D81D D85B5 9C >? >554 D? ?B NC5>C5O 9> ?2C5BF9>7 D85 @1I?R ?6 5138 DB51D=5>D 9> 5138 D5CD -0-** 07  ,,.& -!- -! ","(' &$+ (,+/, -! (.-(& ( ! -+-&'"' ! +(.' ( -,- )!, !' -! +(&&'-"(' ( -! "'(&"% /+  +.% /%.- 2 ",+ +"' -!", "-"('% "'(+&-"(' --"', &"'"&1 + +-. . (2$0 230$. -5 2B95LI 3?==5>D ?> D85 <9D5B1DEB5 )D?I5 

(312).  9C 9>D5B5CD54 9> B53?==5>41D9?>C G85> 5138 DB51D=5>D 9C D5CD54 5AE1<<I ?6D5> ?B     29>?=91<  5F5> 1>4 1 79F5> B1>4?= C1=@<5 ?6  ?2C5BF1D9?>C ?6 5138 DB51D=5>D )D?I5 

(313).  'B?@?C9D9?>  C8?GC D81D D85 B53?==5>41D9?> ?6 D85 5=@9B931< CE335CC BE<5 1DD19>C =9>9=1H B5 7B5D 1>4 3<19=C D81D D85 F1<E5 ?6 =9>9=1H B57B5D 9C 79F5> 2I   9F5> ?EB B5CE<DC 12?F5 D89C CD1D5=5>D 9C 1<C? DBE5 96  9C >?D B5CDB93D54 D? D85 29>?=91< 31C5 1>4 31> =?B5 75>5B1<<I B51<9J5 @1I?RC 9> 

(314)  )D?I5 

(315).  'B?@?C9D9?>  9 1<C? 45B9F5C D85.

(316)

(317) B53?==5>41D9?> E>45B =9>9=1H B57B5D 21C54 ?> 1 C9>7<5 D5CD ?6 5138 DB51D=5>D C?    6?B D85 =?B5 75>5B1< 31C5 ?6 @1I?RC 9> 

(318)  9F5> ?EB B5CE<DC G5 @B?F945 D85 =9>9=1H B57B5D B53?==5>41D9?> G85>5F5B 9D 9C 5H?75>?EC<I 79F5> D81D 5138 DB51D=5>D 81C D? 25 D5CD54 5AE1<<I ?6D5> $?B5?F5B C9>35 C1=@<9>7 9C @1BD ?6 D85 4539C9?> G5 K>4 D81D C1=@<9>7 5138 DB51D=5>D 5AE1<<I ?6D5> G85>  9C 5F5> 9C CEQ395>D D? =9>9=9J5 =1H9=E= B57B5D. . '$  *3$ -% (,(+ 6 $&0$2 %-0 + **  +.*$1. -5 9<<ECDB1D5 D85 F1<E5 ?6 =9>9=1H B57B5D 6?B C=1<< F1<E5C ?6  2I 1 3B?CC 9> 97EB5   25<?G 97EB5

Riferimenti

Documenti correlati

The effect of the systemic hindering of skeletal development in individuals affected by tuberculosis has been little explored (Sparacello et al., 2016; Mansukoski and

The relatively high presence of families with more than 10 members in the wealthy district 5 (see fig. I.4.4.1) shows that large household size is not correlated to low income

The final step in computing the amplitudes for producing physical baryons is to project the fundamental amplitudes A~ onto the physical hadron SU(6) wave

The second method is based on the idea that in the contact points the difference be- tween the wheel surface and the rail surface evaluated along a fixed direction assumes

John Coltrane is generally regarded as a master of jazz saxophone and jazz music in general and, along with very few other composers and performers (such as Miles Davis), as the

Considerata, inoltre, la collocazione di tali sedi presso i luoghi della ricerca scientifica che ha informato la progettazione dei servizi, ciascuno di questi centri ha

In the present paper we deal with an optimal control problem re- lated to a model in population dynamics; more precisely, the goal is to modify the behavior of a given density

When assessed for adult autism spectrum symptoms, despite not fulfilling a DSM-5 diagnosis of Autism Spectrum Disorder (ASD), he reported a score of 93/240 at the Ritvo Autism