• Non ci sono risultati.

Universal service financing in competitive postal markets: one size does not fit all

N/A
N/A
Protected

Academic year: 2021

Condividi "Universal service financing in competitive postal markets: one size does not fit all"

Copied!
28
0
0

Testo completo

(1)

UNIVERSAL SERVICE FINANCING IN COMPETITIVE

POSTAL MARKETS: ONE SIZE DOES NOT FIT ALL

Axel Gautier Dimitri Paolini

WORKING PAPERS

2 0 1 0 / 1 4

(2)

CE N T R O RI C E R C H E EC O N O M I C H E NO R D SU D ( C R E NOS ) UN I V E R S I T À D I CA G L I A R I UN I V E R S I T À D I SA S S A R I I l C R E N o S è u n c e n t r o d i r i c e r c a i s t i t u i t o n e l 1 9 9 3 c h e f a c a p o a l l e U n i v e r s i t à d i C a g l i a r i e S a s s a r i e d è a t t u a l m e n t e d i r e t t o d a S t e f a n o U s a i . I l C R E N o S s i p r o p o n e d i c o n t r i b u i r e a m i g l i o r a r e l e c o n o s c e n z e s u l d i v a r i o e c o n o m i c o t r a a r e e i n t e g r a t e e d i f o r n i r e u t i l i i n d i c a z i o n i d i i n t e r v e n t o . P a r t i c o l a r e a t t e n z i o n e è d e d i c a t a a l r u o l o s v o l t o d a l l e i s t i t u z i o n i , d a l p r o g r e s s o t e c n o l o g i c o e d a l l a d i f f u s i o n e d e l l ’ i n n o v a z i o n e n e l p r o c e s s o d i c o n v e r g e n z a o d i v e r g e n z a t r a a r e e e c o n o m i c h e . I l C R E N o S s i p r o p o n e i n o l t r e d i s t u d i a r e l a c o m p a t i b i l i t à f r a t a l i p r o c e s s i e l a s a l v a g u a r d i a d e l l e r i s o r s e a m b i e n t a l i , s i a g l o b a l i s i a l o c a l i . P e r s v o l g e r e l a s u a a t t i v i t à d i r i c e r c a , i l C R E N o S c o l l a b o r a c o n c e n t r i d i r i c e r c a e u n i v e r s i t à n a z i o n a l i e d i n t e r n a z i o n a l i ; è a t t i v o n e l l ’ o r g a n i z z a r e c o n f e r e n z e a d a l t o c o n t e n u t o s c i e n t i f i c o , s e m i n a r i e a l t r e a t t i v i t à d i n a t u r a f o r m a t i v a ; t i e n e a g g i o r n a t e u n a s e r i e d i b a n c h e d a t i e h a u n a s u a c o l l a n a d i p u b b l i c a z i o n i . w w w . c r e n o s . i t i n f o @ c r e n o s . i t C R E NOS – CA G L I A R I VI A SA N GI O R G I O 1 2 , I - 0 9 1 0 0 CA G L I A R I, IT A L I A T E L. + 3 9 - 0 7 0 - 6 7 5 6 4 0 6 ; F A X + 3 9 - 0 7 0 - 6 7 5 6 4 0 2 C R E NOS - SA S S A R I VI A TO R R E TO N D A 3 4 , I - 0 7 1 0 0 SA S S A R I, IT A L I A T E L. + 3 9 - 0 7 9 - 2 0 1 7 3 0 1 ; F A X + 3 9 - 0 7 9 - 2 0 1 7 3 1 2 T i t o l o : U N I V E R S A L S E R V I C E F I N A N C I N G I N C O M P E T I T I V E P O S T A L M A R K E T S : O N E S I Z E D O E S N O T F I T A L L I S B N : 9 7 8 8 8 8 4 6 7 5 9 5 8 P r i m a E d i z i o n e : L u g l i o 2 0 1 0 © CUEC 2010 V i a I s M i r r i o n i s , 1 09123 C a g l i a r i T e l . / F a x 070 291201 w w w . c u e c . i t

(3)

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

"! D8%! ()*80,:! F0)&?! &+@%! *0! *8%! *8(1@! *8%! 9(,*+;+9(1*:! (*! *8%! 41?!W+)1+01%! ?%&!

X%*F0,@! P;010.+:*+! ?%&&(! W%B0&(.%1*(G+01%! %! ?%&&%! 7:*+*)G+01+! SXPW7T<! /(?0>(<! Q%E,)(,3! 4565! (1?! (*! *8%! :+$*8! ;01=%,%1;%! 01! W%B)&(*+01<! Y0.9%*+*+01! (1?! N1+>%,:(&! U%,>+;%! +1! *8%! /0:*(&! U%;*0,<! D0)&0):%<! 2(,;8! 4565! (:! F%&&! (:! YC! Z0,:%1E%,B%,!(1?![C!\()*83!=0,!):%=)&!;0..%1*:!(1?!:)BB%:*+01:C!!

!! Y0,,%:901?+1B! ()*80,<! -%9(,*.%1*! 0=! %;010.+;:<! IPYO2(1(B%.%1*! :;800&<!

N1+>%,:+*3! 0=! K+]B%<! Z#D! Z^6<! Z?! ?)! ,%;*0,(*! M<! Z_555! K+]B%<! Z%&B+).! (1?! YRWP<! N1+>%,:+*`! Y(*80&+a)%! ?%! K0)>(+1<! Z6^_L! K0)>(+1O&(OX%)>%<! Z%&B+).C! ! P.(+&H!

(B()*+%,b)&BC(;CE%!

(4)

)1+>%,:(&!:%,>+;%!;01:*,(+1*<!F+&&!;0.9%*%!=0,!*8%!.0:*!9,0=+*(E&%!.(,@%*!:%B.%1*:<! &%(>+1B! *8%! &%::! 9,0=+*(E&%! 01%:! *0! *8%! )1+>%,:(&! :%,>+;%! 9,0>+?%,<! (! 98%10.%101! @10F1! (:! ;,%(.O:@+..+1BC! ! D8+:! +:! ;),,%1*&3! *8%! ;(:%! +1! *8%! P),09%(1! ;0)1*,+%:! *8(*!(&,%(?3!%$9%,+%1;%?!Q2R!S(1?!(!:)E:*(1*+(&!&%>%&!0=!;0.9%*+*+01TH!1%F!90:*(&! ;0.9(1+%:!*(,B%*!*8%!.0:*!9,0=+*(E&%!9,0?);*:!S101O),B%1*!E)&@!.(+&<!=0,!+1:*(1;%T! (1?! ?%&+>%,! .(+&! +1! *8%! .0:*! ?%1:%&3! 909)&(*%?! ,%B+01:! 01&3<! &%(>+1B! *8%! :9(,:%&3! 909)&(*%?!,%B+01:!*0!*8%!8+:*0,+;(&!09%,(*0,C!!!Q2R!+:!*8):!(!*8,%(*!=0,!*8%!=+1(1;+(&! >+(E+&+*3! 0=! *8%! )1+>%,:(&! :%,>+;%! 9,0>+?%,! S8%,%(=*%,! NU/TC! #1?! +1! (! ;0.9%*+*+>%! .(,@%*<!*8%!NU/!.+B8*!E%!)1(E&%!*0!=+1(1;%!*8%!:(.%!&%>%&!0=!:%,>+;%C!

!

Q)&=+&&+1B!)1+>%,:(&!:%,>+;%!0E&+B(*+01:!+:!):)(&&3!;0:*&3!=0,!*8%!=+,.!+1!;8(,B%C!!D8%! ;0:*! 0=! )1+>%,:(&! :%,>+;%! ?%9%1?:! 01! *8,%%! B,0)9:! 0=! =(;*0,:H! *8%! ?%=+1+*+01! 0=! )1+>%,:(&! :%,>+;%! S(1?<! +1;+?%1*(&&3<! +*:! .%(:),%.%1*T<! *8%! 90:*(&! .(,@%*! ;8(,(;*%,+:*+;:! (1?! *8%! ;0)1*,3A:! B%0B,(98+;(&! ;01=+B),(*+01C! ! N1+>%,:(&! 90:*(&! :%,>+;%!+:!):)(&&3!?%=+1%?!(&01B!*8,%%!&+1%:H!*8%!:;09%!0=!9,0?);*:<!*8%!a)(&+*3!+1!+*:! .)&*+9&%! (:9%;*:! (1?! *8%! 9,+;%! ;01:*,(+1*:! 01! )1+>%,:(&! :%,>+;%! 9,0?);*:C! ! D8%! 9,%;+:%! ;01*%1*! 0=! *8%:%! 0E&+B(*+01:! ?+==%,:! :)E:*(1*+(&&3! (;,0::! ;0)1*,+%:! S#.E,0:+1+!!"#$%&<!455c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d(&&%**+!!"#$%&!S4554T!:80F!*8(*! *8%! 1(*),%! 0=! 9,+;%! ;0.9%*+*+01! (1?! *8%! %$*%1*! 0=! ;0>%,(B%! E3! +1;0.+1B! =+,.:! (,%! (&*%,%?!E3!*8%!+.90:+*+01!0=!;0>%,(B%!(1?e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c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

(5)

09*+01!01&3C!!D8%!+?%(!+:!*0!;,%(*%!(!)1+>%,:(&!:%,>+;%!=)1?!?%?+;(*%?!*0!*8%!=+1(1;+1B! 0=!*8%!NURC!!D8+:!=)1?!+:!=%?!E3!;01*,+E)*+01:!=,0.!(&&!.(,@%*!9(,*+;+9(1*:C!!!

!

W%B)&(*0,!.):*!;800:%!(1!(99,09,+(*%!*($!E(:%!*0!=+1(1;%!*8%!)1+>%,:(&!:%,>+;%!=)1?C!!!! D8%!;80+;%!0=!*($!+1:*,).%1*!(1?!*($!&%>%&!8(:!(1!+.9(;*!01!.(,@%*!9,+;%:<!9,0=+*:<! *8%! %$*%1*! 0=! ;0.9%*+*+01! (1?! F%&=(,%! S#1?%,:01! !"# $%&/! 4556<# Y801`! !"# $%&<! 4554<! Z0,:%1E%,B%,! !"# $%&<! 4565TC! ! 71! *8+:! 9(9%,<! F%! ;0.9(,%! (! :%,+%:! 0=! *($! +1:*,).%1*:! +1;&)?+1B!(1!0)*9)*!*($<!(!,%>%1)%!*($<!(1!%1*,3!=%%<!(!*($!01!;0>%,%?!,0)*%:!(1?!(!*($! 01! 101O;0>%,%?! ,0)*%:! S/(3O0,O9&(3TC! ! D8%:%! NUR! =)1?+1B! .%;8(1+:.:! (,%! 10*! f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a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

• (! g?)(&h! ;0)1*,3! F+*8! *F0! ?+:*+1;*! ,%B+01:<! (! &(,B%! 9,0=+*(E&%! ),E(1! ,%B+01! (1?!(!&(,B%!)19,0=+*(E&%!,),(&!01%i!!

• (!g80.0B%10):h!;0)1*,3!F8%,%!(!.(V0,+*3!0=!*8%!(??,%::%:!(,%!&0;(*%?!+1!(! =(+,&3!),E(1+G%?!,%B+01i!!

• (1!+1*%,.%?+(*%!g.010*01%h!;01=+B),(*+01C!!! !

(6)

D8%!%:*+.(*%?!.(,@%*!0)*;0.%:!(=*%,!Q2R!?+==%,!:8(,9&3!+1!*8%:%!*8,%%!;0)1*,+%:<! F+*8! :)E:*(1*+(&! ?+==%,%1;%:! +1! .(,@%*! ;0>%,(B%<! =0,! +1:*(1;%C! ! D8+:! %;80%:! *8%! 0E:%,>%?!?+==%,%1;%:!(;,0::!P),09%(1!90:*(&!.(,@%*:<!F8%,%!(&*%,1(*+>%!%1?O*0O%1?! 09%,(*0,:!8(>%!1(*+01F+?%!;0>%,(B%!+1!D8%!X%*8%,&(1?!E)*!;0>%,!01&3!_5j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

!;!+,*9!# *9# !(.0:!(0'9# "0# *"9# )'(.*(:C6! Q+1(&&3<! F%! F0)&?! &+@%! *0! :8%?! &+B8*! 01! *8%!

a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a)%1*&3!01&3! *0!9(,*!0=!*8%!1(*+01(&!*%,,+*0,3C!!#:!,%:)&*:<!9,0?);*:!(,%!10*!80.0B%10):!(1?!=+,.:! 8(>%!?+==%,%1*!;0:*!:*,);*),%:C!!! ! D8%!1).E%,!0=!.(+&+1B!+*%.:!:%1?!*0!(!80):%80&?!;!?%9%1?:!01!.(+&!9,+;%:!(1?!01! *8%!E)1?&%!0=!9,0?);*:!0==%,%?!(*!;!+C%C<!F8%*8%,!0,!10*!*8%!%1*,(1*!?%&+>%,:!.(+&!(*!;C!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6!Z0&?,01!!"#$%&!S455kTC!

(7)

\8%1!"5!#!("+$("#,03!+9#;<!*8%!1%*!)*+&+*3!(!,%9,%:%1*(*+>%!:%1?%,!B%*:!=,0.!.(+&+1B! *0!;!+:!B+>%1!E3H!! ! U(qi,qe) = aiqi+ aeqe" bi qi2 2 " be qe2 2 " dqiqe" piqi" peqe! F8%,%! >*/# >!! (,%! *8%! 1).E%,! 0=! .(+&:! :%1*! *0! ;! (1?! 2*/# 2!<! *8%+,! ,%:9%;*+>%! :*(.9! 9,+;%:C! ! -)090&3! ?%.(1?! =)1;*+01:<! ! qiD ( pi, pe)! (1?! ! qeD ( pi, pe)<! (,%! ?%,+>%?! =,0.! *8%! ;01:).%,A:!1%*!)*+&+*3!.($+.+G(*+01!9,0E&%.C!!\8%1!;!+:!10*!;0>%,%?!E3!*8%!%1*,(1*<! *8%! 1%*! )*+&+*3! 0=! (! ,%9,%:%1*(*+>%! :%1?%,! +:! ! U(qi,0)! (1?! )*+&+*3! .($+.+G(*+01! B+>%:! *8%!S.01090&3T!?%.(1?!=)1;*+01<! ! qi M ( pi)<!=0,!*8%!+1;).E%1*C!! ! D8%!90:*(&!>(&)%!;8(+1!;01:+:*:!0=!:%>%,(&!(;*+>+*+%:C!!Q0,!%(;8!=+,.<!F%!?+:*+1B)+:8! *8%! )9:*,%(.! S;0&&%;*+01! (1?! *,(1:90,*T! (1?! ?0F1:*,%(.! S:0,*+1B! (1?! ?%&+>%,3T! (;*+>+*+%:!(1?!F%!?%;0.90:%!*8%!*0*(&!;0:*!E%*F%%1!*8%:%!*F0!*(:@:C!!Z%;():%!0=!*8%! )1+>%,:(&!:%,>+;%<!=+,.:!8(>%!(!?+==%,%1*!;0:*!:*,);*),%C!/(1G(,!S6kk6T!(1?!-%!Z+V&!!"#

$%&! S455cT! (.01B! 0*8%,:! (,B)%! *8(*<! )1&+@%! 0*8%,! 1%*F0,@! +1?):*,+%:<! (! 90:*(&!

?%&+>%,3! 1%*F0,@! ,%a)+,%:! &+**&%! :)1@! ;0:*:<! :+1;%! *8%! .(+1! ;0:*:! (,%! F0,@%,:<! >%8+;&%:! (1?! E)+&?+1B:C! ! D8%,%=0,%<! F%! ;01:+?%,! *8(*! (&&! *8%! &01B! ,)1! ;0:*:! 0=! *8%! %1*,(1*! (,%! >(,+(E&%C! ! ! D8+1B:! (,%! ?+==%,%1*! =0,! *8%! +1;).E%1*! E%;():%! 0=! *8%! )1+>%,:(&! :%,>+;%! 0E&+B(*+01:! ):)(&&3! +.90:%?C! ! 7=! *8%! +1;).E%1*! .):*! ?%&+>%,! 1(*+01F+?%! F+*8! (! B+>%1! =,%a)%1;3! S=+>%! 0,! :+$! *+.%:! (! F%%@T! (1?e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kkkTC! ! D8%:%! =(;*0,:! +1=&)%1;%! E0*8! *8%! 09*+.(&! ?%&+>%,3! .0?%! S9%?%:*,+(1<! E+@%! 0,! .0*0,+G%?T! (1?! *8%! ;0:*! 0=! ?%&+>%,3! =0,! %(;8! .0?%C!!!

!

Q0,!*8%!%1*,(1*<!*8%,%!+:!10!=+$%?!;0:*!+1!?%&+>%,3C!!D8%!9%,O)1+*!?0F1:*,%(.!;0:*!+:! ?%10*%?! E3! .!@;A# (1?<! (:! =0,! *8%! +1;).E%1*<! *8%! ;0:*! 0=! ?%&+>%,3! E3! *8%! %1*,(1*! ?%9%1?:!01!*8%!,%;%+>%,A:!&0;(*+01C#/(1G(,!S6kk6T!(1?!-%!Z+V&!!"#$%&!S455cT!?0;).%1*! :+B1+=+;(1*!%;010.+%:!0=!:;(&%!+1!*8%!?%&+>%,3!(;*+>+*3C!!Z3!*(@+1B!(!;01:*(1*!?%&+>%,3! ;0:*! =0,! *8%! %1*,(1*<! F%! +.9&+;+*&3! (::).%! *8(*! *8%! %1*,(1*! .(1(B%:! *0! ;(9*),%! (! :)==+;+%1*&3! &(,B%! =,(;*+01! 0=! *8%! .(+&! :*,%(.! *0! %$9&0+*! *8%:%! %;010.+%:! 0=! :;(&%:C!! D8%! %1*,(1*! ;(1! %$8():*! *8%! %;010.+%:! 0=! :;(&%! E3! ?%&+>%,+1B! &(,B%,! >0&).%:! (*! (! &0F%,!=,%a)%1;3C!!

(8)

#??,%::%:!;#(,%!,(1@%?!(;;0,?+1B!*0!*8%+,!?%&+>%,3!;0:*!(1?!*8%:%!;0:*:!?%9%1?!01! *8%!B%0B,(98+;(&!;8(,(;*%,+:*+;:!(*!;!SB,0)9+1B!+1?%$<!909)&(*+01!?%1:+*3<!8+&&+1%::TC!! D8):<!*8%!,(1@+1B!0=!(??,%::%:!(;;0,?+1B!*0!*8%+,!;0:*!+:!+?%1*+;(&!=0,!*8%!*F0!=+,.:H! ! "F(x) /"x # 0! (1?! ! "de(x) /"x # 0C! ! K(*%,<! F%! F+&&! .(@%! (! :*,01B%,! (::).9*+01! (1?!

9,%:).%! *8(*! *8%! :8(9%! 0=! *8%! *F0! =)1;*+01:! ?@;A! (1?! .!@;A! +:! +?%1*+;(&C! ! U+1;%! 80):%80&?:! (,%! +?%1*+;(&! %$;%9*! =0,! *8%+,! ?%&+>%,3! ;0:*<! *8%! %1*,(1*! F80! +:! 10*! E0)1?%?!*0!1(*+01F+?%!;0>%,(B%!F+&&!:%,>%!*8%!&0F%:*!;0:*!80):%80&?:!=+,:*C!!K%*!):! ?%10*%!E3!(!<!*8%!+1?%$!0=!*8%!&(:*!;0>%,%?!80):%80&?C!!D8%!F80&%!:%*!0=!(??,%::%:! ?%;0.90:%:! +1*0! (! :)E:%*! l5<(!m! 0=! ;01*%:*%?! (??,%::%:! (1?! (! :)E:%*! l(!<! =m! 0=! +1:)&(*%?!(??,%::%:!F8%,%!*8%!8+:*0,+;(&!09%,(*0,!,%.(+1:!(:!(!.01090&+:*C!!!!

!

\8%1! *8%! %1*,(1*! ?%&+>%,:! *0! (! :)E:%*! (!! 0=! *8%! 909)&(*+01<! *8%! 9,0=+*:! 0=! *8%! +1;).E%1*!(1?!*8%!%1*,(1*!(,%!,%:9%;*+>%&3H!! ! "i( pi, pe) = ne( pi# ci# di)qiD + (N # ne)( pi# ci# di)qiM # F($)d$ 0 N

%

<! ! "e( pi, pe) = ( pe# ce# de($))qe Dd$ 0 ne

%

C! D8%! =+,:*! *%,.! +1! n+! +:! *8%! 9,0=+*! .(?%! E3! *8%! +1;).E%1*! 01! *8%! (!! ;01*%:*%?! (??,%::%:i! *8%! :%;01?! *%,.! +:! *8%! 9,0=+*! .(?%! 01! *8%! ,%.(+1+1B! @=B(!A! +:0&(*%?! (??,%::%:! (1?! *8%! &(:*! *%,.! +:! *8%! =+$%?! ;0:*! (::0;+(*%?! F+*8! (! ?(+&3! 1(*+01F+?%! ?%&+>%,3C!!! D8%!%1*,(1*A:!(>%,(B%!;0:*!CD!!+:!%a)(&!*0! ! de(")d" 0 ne

#

/ne!(1?!*8%!%1*,(1*A:!9,0=+*!;(1! E%!%$9,%::%?!(:H!! ! "e( pi, pe) = ne( pe# ce# ACe)qe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a)+*%!09(a)%!(1?!.+B8*!E%!?+==+;)&*!*0!+.9&%.%1*C!!20,%0>%,<!):+1B!(! &0;(*+01O?%9%1?%1*!:*(.9!9,+;%!F0)&?!.(@%!*8%!.0?%&!;0.9&%$!*0!:0&>%C!!Q0,!*8%:%! ,%(:01:<!F%!%:*(E&+:8!*8(*!*8%!%1*,(1*!(99&+%:!(!)1+a)%!:*(.9!9,+;%!*0!*8%!F80&%!:%*! 0=!(??,%::%:!+*!:%,>%:C^!!D8%,%!(,%!*8):!01&3!*F0!9,+;%:<!2*!(1?!2!!(1?!10!=+,.!;(1! ?+:;,+.+1(*%!(.01B!&0;(*+01:C!! !

71! *8%! E(:%! .(,@%*! :;%1(,+0! F+*8! NUR<! F%! ;01:+?%,! *8%! =0&&0F+1B! *+.+1B! 0=! *8%! %>%1*:H!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 4!71!0*8%,!F0,?:<!.(,@%*!09%1+1B!+:!(!:)E:*+*)*%!*0!9,+;%!,%B)&(*+01!*8(*!%>%1*)(&&3! 9,%>(+&%?!E%=0,%!Q2RC!! ^! #:! =0,! *8%! +1;).E%1*<! *8%! +.90:+*+01! 0=! (! )1+=0,.! 9,+;%! ;01:*,(+1*! (&*%,:! *8%! %1*,(1*A:!.(,@%*!E%8(>+0,<!%:9%;+(&&3!;0>%,(B%!?%;+:+01!S:%%!I0%,1+B<!455cTC!!! !

(9)

6C

D8%!+1;).E%1*!:%*:!+*:!9,+;%!2*#

4C

D8%!%1*,(1*!:%*!+*:!9,+;%!2!!(1?!?%;+?%:!01!+*:!.(,@%*!;0>%,(B%!(!&### ! D8%!%1*,(1*A:!9,+;%!(1?!;0>%,(B%!(,%!B+>%1!E3H!! ! "e( pi) = argmax pe #e( pi, pe)<! ! ne( pi) = argmax ne "e( pi, pe)C! D8%!09*+.(&!9,+;%:! ! ( pi * , pe *)!:0&>%!! ! pi * = argmax pi "i( pi,#e), pe * =#e( pi *)C!

D8%! %a)+&+E,+).! +:! )1+a)%! (1?! 9,+;%:! (,%! :*,(*%B+;! ;0.9&%.%1*:C! ! D8%! 09*+.(&! .(,@%*!;0>%,(B%!+:!:);8!*8(*!*8%!%1*,(1*!,%(&+G%:!(!G%,0!9,0=+*!01!*8%!&(:*!;0>%,%?! (??,%::H_! ! ( pe * " ce" de(ne * ))qe D ( pi * , pe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n+o5C! 71! *8+:! ;(:%<! *8%!

;0.E+1(*+01! 0=! )1+>%,:(&! :%,>+;%! (1?! ;0.9%*+*+01! &%(?:! *0! *8%! E(1@,)9*;3! 0=! *8%! )1+>%,:(&! :%,>+;%! 9,0>+?%,! (1?! *8%! NUR! (,%! 10*! :):*(+1(E&%! F+*80)*! (! :)E:+?+G+1B! .%;8(1+:.CJ!!

!

-+==%,%1*!.%;8(1+:.:!;(1!E%!):%?!*0!=+1(1;%!NUR!S:%%!R$%,(!S455MT!=0,!(!?+:;)::+01! ,%&(*%?!*0!*8%!90:*(&!:%;*0,TC!!71!*8+:!9(9%,<!F%!;01:+?%,!(!)1+>%,:(&!:%,>+;%!=)1?!*8(*! 8(:! *8%! =0&&0F+1B! =%(*),%:H! =+,:*<! *8%! .01%3! ;0&&%;*%?! E3! *8%! =)1?! +:! +1*%B,(&&3! *,(1:=%,,%?!*0!*8%!)1+>%,:(&!:%,>+;%!9,0>+?%,C!!U%;01?<!*8%!=)1?!+:!=+1(1;%?!E3!(!*($! (99&+%?!01!*8%!%1*,(1*!01&3c!(1?!*8+,?<!*8%!*($!,(*%!+:!:%*!(*!(!&%>%&!*8(*!B)(,(1*%%:!(!

1+&!9,0=+*!=0,!*8%!+1;).E%1*!+1;&):+>%!0=!*8%!*($!9,0;%%?:C!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

_! \+*8! :%a)%1*+(&! ?%;+:+01:<! *8%! %1*,(1*! 8(:! 10! +1;%1*+>%:! *0! :*,(*%B+;(&&3! &+.+*! +*:!

.(,@%*!;0>%,(B%!Sd(&&%**+!!"#$%&<!4554TC!!

J!D8%!*8+,?!90:*(&!?+,%;*+>%!,%;0..%1?:!*0!;0.9%1:(*%!*8%!NU/!F8%1%>%,!*8%!1%*!

;0:*!0=!*8%!NUR!,%9,%:%1*:!(1!'()$*+!E),?%1C!!D8,0)B8!*8+:!9(9%,<!F%!(::).%!*8(*<! F8%1%>%,!*8%!NU/!8(:!(!101O1%B(*+>%!9,0=+*<!*8%!=+1(1;+(&!E),?%1!0=!*8%!NUR!+:!10*! )1=(+,C!

c! R,! %a)+>(&%1*&3<! F%! ;(1! ;01:+?%,! *8(*! (1! +?%1*+;(&! *($! +:! &%>+%?! 01! E0*8! *8%!

+1;).E%1*!(1?!*8%!%1*,(1*C!!U+1;%<!E3!(::).9*+01<!(&&!*8%!.01%3!;0&&%;*%?!+:!9(+?!*0! *8%!NU/<!(!*($!01!*8%!+1;).E%1*!8(:!10!+.9(;*!01!+*:!E%8(>+0,!(:!&01B!(:!*8%!*($!,(*%! +:!*8%!:(.%!=0,!(&&!.(,@%*!9(,*+;+9(1*:C!!

(10)

! \%!;01:+?%,!*8%!=0&&0F+1B!90::+E&%!*($%:H!! • #!&).9O:).!%1*,3!=%%C!! • #1!0)*9)*!*($!01!%(;8!.(+&+1B!+*%.!8(1?&%?!E3!*8%!%1*,(1*C! • #!,%>%1)%!*($<!9,090,*+01(&!*0!*8%!%1*,(1*A:!*),10>%,C! • #!;0>%,(B%!*($!01!%(;8!(??,%::!;0>%,%?!E3!*8%!%1*,(1*CM! • #!9(3O0,O9&(3!*($!F8%,%!*8%!%1*,(1*!9(3:!(!=+$%?!(.0)1*!9%,!%(;8!(??,%::!+*! ?0%:!10*!;0>%,C!! #&&!*8%:%!*($%:!(,%!)1+=0,.!+C%C!+1?%9%1?%1*!0=!*8%!.(+&!?%:*+1(*+01!(1?!(99&3!01&3!*0! *8%!%1*,(1*C!! ! 71!*8%!:)E:+?+G%?!:;%1(,+0:<!*8%!*+.+1B!0=!*8%!%>%1*:!+:!.0?+=+%?!(:!=0&&0F:H!!

6C

D8%!,%B)&(*0,!?%;+?%:!01!(!*($!+1:*,).%1*C!

4C

D8%!+1;).E%1*!:%*:!+*:!9,+;%!2*C!

^C

D8%!%1*,(1*!:%*!+*:!9,+;%!2!!(1?!?%;+?%:!01!+*:!.(,@%*!;0>%,(B%!(!&###

_C

D8%!*($!+:!:%*!(*!&%>%&!:);8!*8(*!*8%!+1;).E%1*!9,0=+*!9&):!*8%!*($!,%>%1)%!+:! %a)(&!*0!G%,0C!!! !

D($%:! (,%! 10*! ;0.9%*+*+>%&3! 1%)*,(&C! D8%! *($%:! (==%;*! *8%! %1*,(1*A:! 9,+;+1B! (1?! ;0>%,(B%!E%8(>+0,<!F8+;8<!+1!*),1<!*,+BB%,!(!,%(;*+01!E3!*8%!+1;).E%1*C!!Q0,!B,%(*%,! ;&(,+*3<!&%*!):!;01:+?%,!*8(*!*8%!+1;).E%1*A:!9,+;%!,%.(+1:!*8%!:(.%C!!#*!(!B+>%1!9,+;%! 2*<!*8%!+.90:+*+01!0=!(!*($!90*%1*+(&&3!8(:!*F0!?+==%,%1*!+.9(;*:!01!*8%!%1*,(1*C!!Q+,:*<! +*!;(1!.0?+=3!*8%!%1*,(1*A:!E%:*!,%9&3!=)1;*+01!(1?!*8%,%E3!+*:!9,+;%C!!U%;01?<!+*!;(1! .0?+=3! *8%! 1).E%,! 0=! ,0)*%:! F8%,%! *8%! %1*,(1*! 8(:! ?%;+?%?! *0! ;0.9%*%C! ! D(E&%! 6! &+:*:!(1?!:+B1:!*8%!+.9(;*!01!*8%!9,+;%!2!#(1?!.(,@%*!;0>%,(B%!0=!(&&!90::+E&%!*($%:C!!! ! # E("+4#)!!# 8'"2'"#"$;# F'+(03!+#"$;# D03!+$:!#"$;# G$4B0+B2%$4# /,+;%! p! q! q! p! p! Y0>%,(B%!! p! O! O! O! q! ! D(E&%!6H!7.9(;*!0=!*($%:!01!*8%!%1*,(1*A:!9,+;%!(1?!;0>%,(B%!=0,!(!B+>%1!2*# ! D8%!,%>%1)%!(1?!*8%!*),10>%,!*($%:!:8+=*!*8%!E%:*!,%9&3!=)1;*+01!)9F(,?<!&%(?+1B!*0! (! 8+B8%,! 9,+;%! 2!C! ! #*! *8%! :(.%! *+.%! (1?! ?%:9+*%! *8%! 9,+;%! +1;,%(:%<! *8%:%! *($%:! ,%?);%!*8%!9,0=+*!=,0.!%(;8!;0>%,%?!(??,%::C!!D8):<!*8%!%1*,(1*!?%&+>%,:!.(+&!*0!(! :.(&&%,!90,*+01!0=!*8%!;0)1*,3C!!D($%:!01!;0>%,%?!0,!01!101O;0>%,%?!,0)*%:!?0!10*! .0?+=3!*8%!9,+;+1B!E%8(>+0,!O*8%!=)1;*+01! ! "e!+:!&%=*!)1;8(1B%?O!E)*!*8%3!,%:9%;*+>%&3! ?%;,%(:%!0,!+1;,%(:%!*8%!.(,@%*!;0>%,(B%C!!#1!%1*,3!=%%!?0%:!10*!;8(1B%!*8%!9,+;%! 10,! *8%! ;0>%,(B%! E)*! +*! ;(1! %>%1*)(&&3! .0?+=3! *8%! ?%;+:+01! *0! ;0.9%*%! (:! +*! .(3! ?%*%,!*8%!=+,.!=,0.!%1*%,+1B!*8%!.(,@%*C!!D8%!(E0>%!,%(:01+1B!+:!>(&+?!=0,!(!B+>%1! 9,+;%! 2*! (1?<! 0E>+0):&3<! *8%! +1;).E%1*! F+&&! ,%(;*! *0! *8%! *($! E3! (?(9*+1B! +*:! 9,+;%C!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

M!D8+:!;0>%,(B%!*($!+:!%a)+>(&%1*!*0!(!*($!9,090,*+01(&!*0!*8%!%1*,(1*A:!9,0=+*C!!!

(11)

#1?<!(1!+1;,%(:%!+1!2*!&%(?:!*0!(1!+1;,%(:%!+1!2!!(1?!(!!*8(*!.+B8*!.+*+B(*%!*8%!%==%;*:! F%!V):*!.%1*+01%?C!!! ! DAH*<./0(&#"-*1(I*#"'1&C/%"1'* ! Y0.9(,+1B!*8%!?+==%,%1*!*($!+1:*,).%1*:!+:!=(,!=,0.!0E>+0):!E%;():%!*8%!E,%(@O%>%1! *($!9,0;%%?:!SOn+T!(,%!%1?0B%10):!*0!*8%!;80+;%!0=!(!*($!+1:*,).%1*C!!Q0,!*8(*!,%(:01<! 0),!;0.9(,+:01:!(,%!E(:%?!01!(!1).%,+;(&!%$%,;+:%i!:0.%!9,%&+.+1(,3!,%.(,@:!01! *8%!;80+;%!0=!*($!+1:*,).%1*!(,%!.(?%!+1!*8+:!:%;*+01C!! ! U)990:%!*8(*!*8%!(BB,%B(*%!+1?):*,3!9,0=+*:!Sn+qn%T!(,%!90:+*+>%C!!71!:);8!(!;(:%<!+=! *8%!8+:*0,+;(&!09%,(*0,!+:!10*!(E&%!*0!;0>%,!(&&!+*:!;0:*!Sn+o5T<!(!&).9O:).!*,(1:=%,!

=,0.! *8%! %1*,(1*! ;(1! E%! ):%?! *0! :):*(+1! *8%! NURC! ! #1! %1*,3! =%%! %a)(&! *0! On+! +:!

;0.9(*+E&%! F+*8! ;0.9%*+*+01! 01! *8%! .(,@%*! (1?! ?0%:! 10*! (==%;*! *8%! %1*,(1*A:! E%8(>+0,!F80!@%%9:!*8%!:(.%!9,+;%!(1?!.(+1*(+1:!*8%!:(.%!;0>%,(B%C!!\8%1!*8+:!*($! +1:*,).%1*!+:!(>(+&(E&%<!+*!+:!&+@%&3!*0!E%!09*+.(&CL!! !! \8%1!(BB,%B(*%!9,0=+*:!(,%!1%B(*+>%<!(!&).9O:).!=%%!%a)(&!*0!*8%!+1;).E%1*A:!&0::%:! F0)&?!(;*!(:!(1!%1*,3!E(,,+%,C!!D8%!%1*,(1*!F0)&?!10!&01B%,!E%!(E&%!*0!8(>%!90:+*+>%! (=*%,O*($!9,0=+*:!(1?<!*8%,%=0,%<!+*!,%=):%:!*0!;0.9%*%!F+*8!*8%!8+:*0,+;(&!09%,(*0,C!!C# .*9"0+"*0($+4#"$;#*9#"5!(#$#(!,!99$+4#,0(.*"*0(#)0+#$#9'9"$*($-%!#678C!!! ! #!?+:*0,*+>%!*($!=+1(1;%:!*8%!NUR!*8,0)B8!*F0!?+==%,%1*!;8(11%&:H!=+,:*&3<!*8%!*($!+:!(1! (??+*+01(&!:0),;%!0=!+1;0.%!=0,!*8%!NU/C!!U%;01?&3<!*8%!*($!,%?);%:!;0.9%*+*+01!01! *8%!.(,@%*H!9,+;%!;0.9%*+*+01!+:!&%::!=+%,;%!(1?e0,!*8%!%1*,(1*!8(:!(!&0F%,!;0>%,(B%k!

S;=,C! D(E&%! 6T! (1?<! *8%,%E3<! *8%! +1;).E%1*A:! 9,0=+*! +1;,%(:%:C! ! I%1;%<! *8%! *0*(&! ,%>%1)%!=0,!*8%!+1;).E%1*!S9,0=+*!q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

D8%! ;0.9(,+:01! E%*F%%1! 0)*9)*! (1?! ,%>%1)%! *($%:! 8(:! (! &01B! *,(?+*+01! +1! 9)E&+;! %;010.+;:C! ! -%! /(&.(! !"# $%&! S4556T! :80F! *8(*! )1+*! *($(*+01! ;(1! E%! .0,%! %==+;+%1*! *8(1!$.B3$%0+!1!*($(*+01!)1?%,!Z%,*,(1?!;0.9%*+*+01!F+*8!?+==%,%1*+(*%?!9,0?);*:! F8%1!*8%!(BB,%B(*%!?%.(1?!+:!:)==+;+%1*&3!+1%&(:*+;!(1?!=+,.:!9,0?);%!(*!?+==%,%1*! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! L!Q0,!2+,(E%&!!"#$%&#S455kT!):+1B!(!101O1%)*,(&!+1:*,).%1*!+:!(&F(3:!09*+.(&!:+1;%!+*! ;(1!;0)1*%,(;*!*8%!+1%==+;+%1;+%:!;,%(*%?!E3!*8%!)1+>%,:(&!:%,>+;%C!! k! P$;%9*! =0,! *8%! 9(3O0,O9&(3! *8(*<! +1;+?%1*(&&3<! +1*%1:+=+%:! ;0.9%*+*+01C! ! Q0,! *8(*! ,%(:01<! *8%! 9(3O0,O9&(3! S(:! F%! 8(>%! ?%=+1%?! +*T! +:! 9,0E(E&3! 10*! (1! (99,09,+(*%! 09*+01!=0,!*8%!90:*(&!:%;*0,C!

(12)

;0:*:<! *F0! (::).9*+01:! *8(*! F%! .(?%! +1! *8+:! 9(9%,C! ! 71! (! ,%&(*%?! 9(9%,<! Z0,:%1E%,B%,! %*! (&C! S4565T! :*)?3! *8%! +::)%! 0=! *8%! (99,09,+(*%! *($! E(:%C! ! D8%3! ;0.9(,%!$.B3$%0+!1!(1?!0)*9)*!*($%:!(1?!=+1?!*8(*!*8%!&(**%,!?0.+1(*%:!*8%!=0,.%,! F8%1!*8%!*($!,(*%!+:!)1+=0,.!S(99&+%?!%a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

\%! ;01:+?%,! *8,%%! 8390*8%*+;(&! ;0)1*,+%:! F+*8! (1! +?%1*+;(&! 909)&(*+01! 0=! 4.! 80):%80&?:C! ! I0):%80&?:! (,%! +?%1*+;(&! %$;%9*! =0,! *8%! =(;*! *8(*! *8%3! (,%! &0;(*%?! +1! ?+==%,%1*!B%0B,(98+;(&!(,%(:!F+*8!?+==%,%1*!(::0;+(*%?!?%&+>%,3!;0:*:C!!!!

!

\%!):%!*8%!=0&&0F+1B!9(,(.%*%,:!*0!;(&+E,(*%!*8%!?%.(1?!=)1;*+01:H!S6T!#*!(!9,+;%!0=! 5C_5r<!*8%!.(+&!?%.(1?!=(;%?!E3!(!.01090&3!+1;).E%1*!+:!%a)(&!*0!455!+*%.:!9%,! 80):%80&?C! ! S4T! D8%! 9,+;%! %&(:*+;+*3! 0=! *8%! .01090&3! ?%.(1?! =)1;*+01! +:! %a)(&! *0!! O5C4C!!S^T!#*!%a)(&!9,+;%:<!45j!0=!*8%!.(+&!+*%.:!*0!80):%80&?:!;!(,%!?%&+>%,%?!E3!*8%! %1*,(1*!(1?!S_T!F8%1!*8%!%1*,(1*!+:!45j!&%::!%$9%1:+>%<!*8+:!9,090,*+01!+1;,%(:%:!*0! J5jC!!SJT!D8%!?+:9&(;%.%1*!,(*+0!+:!%a)(&!*0!5CkC!!D8%!?+:9&(;%.%1*!,(*+0!S#,.:*,01B!

!"# $%&<! 6kkcT! .%(:),%:! *8%! E):+1%::! :*%(&+1B! %==%;*! 0=! *8%! ;0.9%*+*0,! 01! *8%!

+1;).E%1*s:!.(+&+1B!>0&).%C!!#!?+:9&(;%.%1*!,(*+0!0=!5Ck!+:!;0..01&3!(;;%9*%?!=0,! *8%! 90:*(&! :%;*0,C! ! D8+:! .%(1:! *8(*! k5j! 0=! *8%! .(+&:! ;(,,+%?! E3! *8%! %1*,(1*! (,%! s:*0&%1s!=,0.!*8%!+1;).E%1*C!!!

!

\%! (::).%! *8(*! 2*p5C_5r! +:! *8%! .01090&3! E,%(@O%>%1! 9,+;%! F+*8! (! >0&).%! 9%,! 80):%80&?! %a)(&! *0! 455C! ! Y0:*:! (1?! ,%>%1)%:! (*! *8+:! 9,+;%! (,%! E0*8! %a)(&! *0! 6c5! .+&&+01:!rC!!!D0!;(&+E,(*%!*8%!+1;).E%1*A:!;0:*!9(,(.%*%,:!,*/#.*!(1?!?@;A<!F%!(::).%! *8(*! M5j! 0=! *8%! *0*(&! ;0:*:! +1;),,%?! (*! *8%! .01090&3! E,%(@O%>%1! 9,+;%! (,%! =+$%?C!! D8):<!*8%!>(,+(E&%!;0:*:!9%,!+*%.!,*H.*!(,%!%a)(&!*0!5C64rC!!D8%!=+$%?!;0:*!9%,O,%;%+>%,! ?%9%1?:! 01! +*:! &0;(*+01! ;&# # D0! ;(&+E,(*%! *8%! =)1;*+01! ?@;A<! F%! ):%! *F0! *39%:! 0=! +1=0,.(*+01H!S6T!D8%!,(*+0!E%*F%%1!*8%!(>%,(B%!)1+*!?%&+>%,3!;0:*!+1!*8%!=+,:*!(1?!*8%! &(:*!a)+1*+&%!+:!%a)(&!*0!JC!!D8+:!>(&)%!+:!+1!&+1%!F+*8!*80:%!%:*+.(*%?!E3!Z0&?,01!!"#$%&! S455cT65C! \%! ;01:+?%,! *8(*! *8%! :8(9%! 0=! *8%! =)1;*+01! ?@;A! ?+==%,:! (;,0::! ;0)1*,+%:C!! Q0,!%(;8!;0)1*,3<!*8%!*0*(&!=+$%?!;0:*!+:!%a)(&!*0!664!.+&&+01:!r!E)*!*8%!?+:*,+E)*+01! 0=!*8+:!;0:*!(&01B!*8%!;0)1*,3!?+==%,:C!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 65!D8%3!%:*+.(*%!(!,(*+0!0=!^C6!=0,!Nt!u!\(&%:<!_C^!=0,!Q,(1;%<!_C_!=0,!'%,.(13<!_Ck! =0,!7*(&3!(1?!MCM!=0,!U9(+1C!!!

(13)

!

71!;0)1*,3!6<!*8%!F./.-%".C'!;01=+B),(*+01<!c5j!0=!*8%!(??,%::%:!(,%!&0;(*%?!+1!(! =(+,&3! ),E(1+G%?! ,%B+01! F+*8! (! =+$%?! ;0:*! 9%,! (??,%::! %a)(&! *0! Jcr! 9%,! 3%(,C! ! 71! ;0)1*,3!4<!*8%!/.".1."%!;01=+B),(*+01<!*8%!=+$%?!;0:*!9%,!(??,%::!+:!.010*01+;(&&3! +1;,%(:+1B!=,0.!44C_r!9%,!3%(,!+1!*8%!=+,:*!a)+1*+&%!*0!664r!+1!*8%!&(:*!a)+1*+&%C!!71! ;0)1*,3!^<!*8%!6C()*;01=+B),(*+01<!*8%,%!+:!(!&(,B%!),E(1!,%B+01!S_5j!0=!*8%!;0)1*,3T! (1?! (! &(,B%! ,),(&! ,%B+01! S_5j! 0=! *8%! ;0)1*,3T! (1?! =+$%?! ?%&+>%,3! ;0:*:! (,%! ,%:9%;*+>%&3! %a)(&! *0! 44C_r! (1?! 664r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r<! *8%! &0::O.(@+1B! (??,%::%:! *8(*! *8%! =+,.! .):*! :%,>%! (:! 9(,*!0=!*8%!NUR!(;;0)1*:!=0,!(!?%=+;+*!0=!6_Ck.<!4^C^.!(1?!^^CJ.!+1!*8%!80.0B%10):<! .010*01%!(1?!?)(&!;01=+B),(*+01!;0.9%1:(*%?!E3!(1!%a)+>(&%1*!9,0=+*!,%(&+G%?!01! *8%!9,0=+*(E&%!(??,%::%:C!!R,!9)**%?!?+==%,%1*&3<!*8%!9,0=+*O.($+.+G+1B!0)*;0.%!0=!(! .01090&+:*!*8(*!+:!10*!:)EV%;*!*0!(13!NUR!?+==%,:!(;,0::!;0)1*,+%:C!!D8+:!+:!+&&):*,(*%?! +1! *(E&%! 4C! ! \8%1! *8%! +1;).E%1*! +:! ,%&+%>%?! =,0.! *8%! NUR<! +*! :%,>%:! 01&3! *8%! 9,0=+*(E&%! (??,%::%:! (*! *8%! .01090&3! 9,+;%! 0=! 5CMcrC! ! ! D8+:! .%(1:! *8(*! F+*80)*! (! )1+>%,:(&! ;0>%,(B%! ;01:*,(+1*<! *8%! +1;).E%1*! F0)&?! 10! &01B%,! :%,>%! 6^j! 0=! *8%! (??,%::%:!+1!*8%!80.0B%1%0):!;0)1*,3<!44j!+1!*8%!.010*01%!;0)1*,3!(1?!_^j!+1! *8%!?)(&!;0)1*,3<!%>%1!+1!*8%!(E:%1;%!0=!(13!9,+;%!,%B)&(*+01C!

(14)

# I010:!(0'9# J0(0"0(!# K'$%# Y0>%,(B%! LMj! MLj! JMj! /,0=+*! JLC6.! JcC6.! c6C^.! ! D(E&%!4H!201090&3!0)*;0.%!F+*80)*!NUR! ! K(:*<! F%! .):*! 9(,(.%*%,+G%! *8%! %1*,(1*A:! ;0:*! =)1;*+01C! \%! (::).%! *8(*! *8%! %1*,(1*A:!)1+*!;0:*!0=!8(1?&+1B!(!)1+*!0=!.(+&!*0!;!+:!45j!&0F%,!*8(1!*8%!(>%,(B%!)1+*! ;0:*! 0=! (1! +1;).E%1*! .01090&+:*C! ! D8%! %1*,(1*A:! ;0:*! +:! *8):!

,!H.!@;ALM&NO,*H.*H?@;APQMMR# (1?! *8+:! ;0:*# 8(:! *8%! :(.%! :8(9%! (:! ?@;A<! ,%9,%:%1*%?! 01!=+B),%!6C!!!

!

D8%!%1*,(1*A:!;0:*!+:!;0.9)*%?!01!*8%!E(:+:!0=!*8%!.01090&+:*A:!(>%,(B%!;0:*!(*!;#E)*! *8%! (;*)(&! ;0:*! ?+==%,%1*+(&! F+&&! E%! &(,B%,! *8(1! 45jC! ! 71?%%?<! ;01:+?%,! (! &0;(*+01! ;# F8%,%!*8%!+1;).E%1*A:!(>%,(B%!;0:*!+:!%a)(&!*0!5C_5r!E%=0,%!.(,@%*!09%1+1BC!!D8%! %1*,(1*A:!;0:*!0=!?%&+>%,+1B!(!)1+*!0=!.(+&!*0!;#+:!45j!&0F%,!*8(*!+:!*0!:(3!5C^4rC!!X0F! :)990:%! *8(*! *8%! +1;).E%1*! &00:%:! 8(&=! 0=! *8%! .(+&! :*,%(.! *0! ;<! +*:! (;*)(&! (>%,(B%! ;0:*!+1;,%(:%:!*0!5CcLr!E%;():%!0=!*8%!=+$%?!;0:*C!!!71!*8+:!;(:%<!*8%!%1*,(1*!+:!J^j! ;8%(9%,!*8(1!*8%!+1;).E%1*!=0,!?%&+>%,3!(*!;C!

!

R),! .0?%&! +:! *8):! ;(&+E,(*%?! *0! B+>%! (! &(,B%! ;0:*! (?>(1*(B%! *0! *8%! %1*,(1*C! ! D8%! %1*,(1*!;(1!;,%(*%!:);8!(1!(?>(1*(B%!E3!0==%,+1B!&0F!;0:*!9,0?);*:!S&%::!=,%a)%1*! ?%&+>%,3<!9,%O:0,*%?!.(+&<!=%F%,!90:*(&!;0)1*%,:vT!(1?!8+,+1B!;8%(9%,!:*(==C66! ! HAD*<()#8&(1%6*&%'C)1'* ! 71!*8+:!:%;*+01<!F%!9,%:%1*!0),!1).%,+;(&!:+.)&(*+01:C!!Q0,!%(;8!;0)1*,3<!0),!:*(,*+1B! 90+1*! +:! (1! )1:)E:+?+G%?! .(,@%*! :;%1(,+0! F8%,%! *8%! +1;).E%1*! +:! *8%! ?%:+B1(*%?! NU/!E)*!*8%,%!+:!10!)1+>%,:(&!:%,>+;%!=)1?C!!U)..(,3!,%:)&*:!=0,!*8+:!)1:)E:+?+G%?! :;%1(,+0!(,%!9,%:%1*%?!+1!*(E&%!^C!!-%*(+&%?!,%:)&*:!=0,!%(;8!;0)1*,3!(,%!9,%:%1*%?!+1! *(E&%:!_!*0!cC!!! ! # I010:!(0'9# J0(0"0(!# K'$%# 1%! 45j! JLj! J5j! 9+! 5C_^! 5C_4! 5C__! 9%! 5C^4! 5C^_! 5C^^!

n+! OJCJ.! O4_C4.! O4cC_.!

n%! MCk.! 64C6.! 6kC4.! ! D(E&%!^H!N1:)E:+?+G%?!.(,@%*!:;%1(,+0!F+*8!NUR!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 66!I%+*G&%,!(1?!\%+!S4565T!?0;).%1*!*8(*<!+1!S=0,.%,!\%:*T!'%,.(13<!*8%!?%&+>%,3! :*(==A:!80),&3!F(B%!SMCM6rT!9(+?!E3!*8%!;0.9%*+*0,:!SE%=0,%!*8%!+1*,0?);*+01!0=!*8%! .+1+.).!F(B%!&%B+:&(*+01T!+:!^Mj!&0F%,!*8(1!*8%!;0,,%:901?+1B!F(B%!9(+?!E3!*8%! +1;).E%1*!S64C6^rTC!

(15)

D8%! E(:+;! :;%1(,+0! ;(&&:! =0,! *8,%%! ,%.(,@:C! ! Q+,:*<! ;0)1*,+%:! *8(*! F%,%! +?%1*+;(&! E%=0,%! Q2R! S:(.%! E,%(@O%>%1! 9,+;%<! :(.%! F%&=(,%T! (,%! 10! &01B%,! +?%1*+;(&! (=*%,! .(,@%*! 09%1+1BC! ! 71! 9(,*+;)&(,<! *8%! .(,@%*! 9%1%*,(*+01! 0=! *8%! %1*,(1*! >(,+%:! ;01:+?%,(E&3! (;,0::! ;0)1*,+%:! S(:! +1! ?A#&;(1*(,(! (1?! '()*+%,<! 455LT! F+*8! ;01:%a)%1;%:! 01! *8%! =+,.:A! 9,0=+*(E+&+*3! (1?! *8%! NUR! =)1?+1BC! U%;01?<! F%! 0E:%,>%! *8(*! *8%! &(,B%,! *8%! 9,%OQ2R! ;,0::O:)E:+?+%:<! *8%! &(,B%,! *8%! %1*,(1*A:! 9,0=+*! +C%C<! *8%! .0,%! ,00.! =0,! ;,%(.O:@+..+1B<! *8%! E+BB%,! *8%! 9,0=+*:C! ! D0! 9)*! +*! +1! 1).E%,:<! *8%! %1*,(1*A:! 9,0=+*! .0,%! *8(1! ?0)E&%! +1! *8%! ?)(&! ;(:%! S(*! 6kC4.T! ;0.9(,%?! *0! *8%! 80.0B%1%0):! ;(:%! S(*! MCk.TC! #1?! *8+,?<! +1! 101%! 0=! *8%:%! ;01=+B),(*+01:! *8%! +1;).E%1*!+:!(E&%!*0!=+1(1;%!*8%!;0:*!0=!NURC!!

!

D8):<! )1+>%,:(&! :%,>+;%! ;(110*! E%! :):*(+1%?! F+*80)*! (! :)E:+?+G+1B! :;8%.%C! ! \%! ;(&+E,(*%! *8%! .(,@%*! 0)*;0.%:! F+*8! =0),! ?+==%,%1*! *($! +1:*,).%1*:H! (1! %1*,3! =%%<! (! ;0>%,(B%! *($<! (1! 0)*9)*! *($! (1?! (! ,%>%1)%! *($C! ! D8%! 9(3O0,O9&(3! 09*+01<! *8(*! :*+.)&(*%:! .(,@%*! %$9(1:+01! (1?! *8):! =),*8%,! ?%*%,+0,(*%:! (BB,%B(*%! 9,0=+*:! +:! 1%>%,! (! =%(:+E&%! 09*+01! +1! *8+:! .0?%&C! ! K+@%F+:%<! *8%! &).9O:).! %1*,3! =%%! *8(*! ,%a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c5j!0=!*8%!80):%80&?:!(,%!&0;(*%?!+1!(!=(+,&3!),E(1+G%?! ,%B+01!S*8%!f80.0B%1%0):A!,%B+01T!(1?<!+1!*8%!9,%OQ2R!:;%1(,+0<!*8%!+1;).E%1*!V):*! E,%(@:! %>%1! 01! *8%:%! (??,%::%:C! ! 71! (! &+E%,(&+G%?! .(,@%*<! *8%! %1*,(1*! F+&&! %+*8%,! ;0>%,!*8%!F80&%!:%*!0=!(??,%::%:!+1!*8%!80.0B%1%0):!,%B+01!0,!101%!0=!*8%.C!!!D8%! +1;).E%1*! 8(:! *8):! *F0! :*,(*%B+%:i! %+*8%,! +*! (&&0F:! &(,B%O:;(&%! %1*,3! (1?! *8%! %1*,(1*A:! ;0>%,(B%! +:! (E0>%! L5j! 0,! +*! ):%:! (! &+.+*! 9,+;%! *0! ?%*%,! %1*,3! +1! *8%! 80.0B%1%0):!,%B+01C!!7*!*),1:!0)*!*8(*!*8+:!&(**%,!:*,(*%B3!+:!*8%!.0:*!9,0=+*(E&%!=0,! *8%!+1;).E%1*!F80!.($+.+G%:!+*:!9,0=+*!S0,!+1!*8+:!;(:%<!.+1+.+G%:!+*:!&0::%:T!F+*8!(! &+.+*!9,+;%C!!D8%!+1;).E%1*A:!9,0=+*!.($+.+G+1B!9,+;%!+:!*8):!(!;0,1%,!:0&)*+01C!!D8%! 9,+;%!9+!+:!:);8!*8(*!*8%!%1*,(1*!.(@%:!(1!#O1%B(*+>%!9,0=+*!01!%(;8!(??,%::!+1!*8%!

(16)

80.0B%1%0):! ,%B+01C! \8%1! *8%! ,%B)&(*0,! +.90:%:! (! *($<! *8%! +1;).E%1*! =+,.! ;01*+1)%:!*0!):%!(!&+.+*!9,+;%!(1?!*8%!*($!8(:!10!+.9(;*!01!.(,@%*!;0>%,(B%C64!! ! # 6(9'-9*.*<!.# 9,!($+*0# 8'"2'"#"$;# S!3!('!#"$;# D03!+$:!#"$;# =0(B'(*)0+1# 2+*,!# 2(,@%*!;0>%,(B%! S65^!0=!(??,%::T! ! 45j! S_55T! 45j! S_55T! 45j! S_55T! 45j! S_55T! 45j! S_55T! /,+;%:! ! ! ! ! ! 9+! 5C_^! 5C_J! 5C_c! 5C_c! 5C_^O5CMc! S5C_c"T! 9%! ! 5C^4! 5C^_! 5C^_! 5C^^! 5C^4! 2(+&!>0&).%! S9%,!(??,%::T! ! ! ! ! ! ! 6k^! 6Lk! 6LM! 6LM! 64L!S6LM"T! ! M^! ck! c6! Jc! M^! ! ! 6^^! 6^^! 6_6! 6_J! 6^^! X%*!9,0=+*:!S.rT! ! ! ! ! ! n+! OJCJ! 5! 5! 5! 4LC4S5"T! n%! ! MCk! MCk! LC_! LCM! MCk! \%&=(,%!S.rT! ! 6k4! 6Lk! 6LL! 6LM! S6Lk"T!6_4! D($!,(*%! e! 5C54r!! Jj!! 4r!! e! D($!9,0;%%?:! ! 6C5c.! 5CkJ.! 5CL.! ! ! ! ! ! ! ! "!W%B)&(*%?!9,+;%! D(E&%!_H!I0.0B%1%0):!;0)1*,3!! !

#&&! =0),! *($! +1:*,).%1*:! (,%! (>(+&(E&%! *0! *8%! ,%B)&(*0,C! ! N1+>%,:(&! :%,>+;%! ;(1! E%! =+1(1;%?! F+*8! (! JCJ.r! %1*,3! =%%<! (! 5C54r! *($! 01! %(;8! )1+*! 0=! .(+&<! (! Jj! *($! 01! ,%>%1)%!0,!(!4r!*($!01!%(;8!(??,%::!;0>%,%?!E3!*8%!%1*,(1*!S0,!%a)+>(&%1*&3!(!LC_j! *($!01!9,0=+*:TC!!71!*8%!80.0B%10):!;0)1*,3<!*8%!&).9O:).!*($!?0.+1(*%:!*8%!0*8%,! (>(+&(E&%! 09*+01:! E%;():%! (13! ?+:*0,*+>%! *($! &%(?:! *0! 8+B8%,! 9,+;%:! =0,! E0*8! =+,.:C!! X0*%! *8(*<! ?)%! *0! *8%! &+.+*%?! %&(:*+;+*3! 0=! ?%.(1?<! .0:*! 0=! *8%! *($! +:! 9(::%?! *0! ;01:).%,:C!!Q0,!+1:*(1;%<!+1!*8%!;(:%!0=!*8%!0)*9)*!*($<!*8%!%1*,(1*A:!9,+;%!+1;,%(:%!+:! (&.0:*! %a)(&! *0! *8%! *($! (1?! *8%! +1;).E%1*! ;(1! ?%*%,! %1*,3! +1! *8%! 80.0B%1%0):! ,%B+01!F+*8!(!8+B8%,!9,+;%C!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 64!X0*%!*8(*!*8%!*($%:!(,%!;(&+E,(*%?!*0!&%(>%!(!G%,0!9,0=+*!*0!*8%!+1;).E%1*C!!D8):<!+1! 9,+1;+9&%<!*8%!+1;).E%1*!+:!+1?+==%,%1*!E%*F%%1!*8%!&(,B%!(1?!&0FO:;(&%!%1*,3C!!\%! =0;):!01!*8%!:*,(*%B3!S*8%!&+.+*!9,+;%T!*8(*!.+1+.+G%:!*8%!+1;).E%1*A:!&0::%:C!! !

(17)

*

71:*%(?! 0=! (! )1+>%,:(&! :%,>+;%! =)1?<! *8%! ,%B)&(*0,! ;(1! ,%&($! *8%! )1+>%,:(&! :%,>+;%! 0E&+B(*+01:C! ! \+*80)*! *8%! )1+=0,.! 9,+;%! ;01:*,(+1*<! *8%! +1;).E%1*! ;(1! ;8(,B%! (! ?+==%,%1*! 9,+;%! 01! *8%! 101O;01*%:*%?! (??,%::%:! *8(*! ,%9,%:%1*! L5j! 0=! *8%! 909)&(*+01C!!7=!+*!(99&+%:!*8%!.01090&3!9,+;%<!+*!.(@%:!;01:+?%,(E&%!9,0=+*:C!!#1?!*8%! ,%B)&(*0,! ;(1! 9(::! *8+:! :),9&):! *0! ;01:).%,:! E3! =+$+1B! (! &+.+*! 9,+;%C! ! 71! *8%! 80.0B%10):!;0)1*,3<!*8%!+1;).E%1*A:!9,+;%!?+==%,%1*+(&!E%*F%%1!*8%!;01*%:*%?!(1?! *8%!101!;01*%:*%?!(??,%::%:!+:!&+.+*%?!*0!5C5^r!S+*!F+&&!E%!.);8!8+B8%,!+1!*8%!0*8%,! *F0! ;0)1*,+%:T! (1?! *8%! F%&=(,%! &%>%&! +:! ;0.9(,(E&%! *0! *8%! &%>%&! ,%(;8%?! F+*8! (1! 0)*9)*!*($C!!! * HADAD*EF%*J/.".1."%K*+.C"1&>* * # 6(9'-9*.*<!.# 9,!($+*0# 8'"2'"#"$;# S!3!('!#"$;# D03!+$:!#"$;# =0(B'(*)0+1# 2+*,!# 2(,@%*!;0>%,(B%! S65^!0=!(??,%::T! ! JLj! S6C6JkT! S65J4T!J^j! SLkMT!_Lj! SJL5T!4kj! SM64T!^Jj! /,+;%:! ! ! ! ! ! 9+! 5C_4! 5C_L! 5CJ! 5C_c! 5C4LO5CMc! S5CJ^"T! 9%! ! 5C^_! 5C_4! 5C_6! 5C^_! 5C4M! 2(+&!>0&).%! S9%,!(??,%::T! ! ! ! ! ! ! 6kJ! 6L^! 6L5! 6LM! 64L!S6M^"T! ! 65L! 65_! LL! c_! 6M5! ! ! kM! LL! 65^! 6^M! Jk! X%*!9,0=+*:!S.rT! ! ! ! ! ! n+! O4_C4! 5! 5! 5! 6^C6!S5"T! n%! ! 64C6! kC5! LCM! _C^! 4CL! \%&=(,%!S.rT! ! 6LJ! 6L5! 6Mc! 6LJ! 6Jk!S6Lk"T! D($!,(*%! e! 5C5LMr!! 4^Ccj!! 6^CMr!! e! D($!9,0;%%?:! ! LC5J.! kCc.! MCkJ.! ! ! ! ! ! ! ! "!W%B)&(*%?!9,+;%! D(E&%!JH!!2010*01%!;0)1*,3!! ! 71! *8%! .010*01%! ;01=+B),(*+01<! *8%! %1*,(1*! ;0>%,:! JLj! 0=! *8%! ;0)1*,3! +1! *8%! )1:)E:+?+G%?! :;%1(,+0C! ! 71! *8+:! :;%1(,+0<! *8%! )1+>%,:(&! :%,>+;%! 9,0>+?%,! +:! .(@+1B! &0::%:! (1?! *8%:%! &0::%:! ;(110*! E%! =)&&3! ;0.9%1:(*%?! E3! (! &).9O:).! *($! :+1;%! (BB,%B(*%!9,0=+*:!(,%!1%B(*+>%C!!D0!,%(;8!=+1(1;+(&!>+(E+&+*3<!*8%!,%B)&(*0,!;(1!):%!(1!

(18)

0)*9)*<!,%>%1)%!0,!;0>%,(B%!*($!E)*!*8%!.(,@%*!0)*;0.%!>(,+%:!:)E:*(1*+(&&3!F+*8! *8%:%!*8,%%!?+==%,%1*!09*+01:C!!!

!

#! :):*(+1(E&%! 0)*9)*! *($! .):*! E%! %a)(&! *0! 5C5LMr! 9%,! .(+&! )1+*! 8(1?&%?! E3! *8%! %1*,(1*!(1?!*8%!*0*(&!*($!,%>%1)%!(;;0)1*:!=0,!LC5J.C!!/,+;%:!+1;,%(:%!:8(,9&3!?)%!*0! *8%!&+.+*%?!%&(:*+;+*3!0=!*8%!?%.(1?<!E)*!?%:9+*%!*8(*<!*8%!%1*,(1*A:!9,0=+*(E+&+*3!9%,! ;0>%,%?!(??,%::!?%;&+1%:!(1?!*8%!%1*,(1*!,%?);%:!+*:!.(,@%*!;0>%,(B%!*0!J4j!0=!*8%! *%,,+*0,3C!!D8%!,%>%1)%!*($!,(*%!+:!%a)(&!*0!4^Ccj<!a)+*%!(!&(,B%!9%,;%1*(B%<!(1?!*8%! 9,0;%%?:!(,%!kCc.C!!D8%!9,+;%!?+==%,%1*+(&!+:!(!E+*!&(,B%,!(1?!*8%!%1*,(1*A:!;0>%,(B%! ?0F1!*0!_Lj!0=!*8%!(??,%::%:C!!D8%!*($!01!;0>%,%?!(??,%::%:!8(:!(!:*,01B%,!+.9(;*! 01! *8%! .(,@%*! ;0>%,(B%C! ! \+*8! (! MCkJr! *($! 01! %(;8! 80):%80&?! ;0>%,%?! S0,! %a)+>(&%1*&3! (! c_j! *($! 01! 9,0=+*:T<! *8%! %1*,(1*! ?%&+>%,:! 01&3! *0! 4kj! 0=! *8%! (??,%::%:C!!D8%!%1*,(1*A:!9,+;%!+:!+?%1*+;(&!;0.9(,%?!*0!*8%!)1:)E:+?+G%?!:;%1(,+0! F8+&%! *8%! +1;).E%1*A:! 9,+;%! +1;,%(:%:! E%;():%! (! &0F%,! ;0>%,(B%! .(@%:! 9,+;%! ;0.9%*+*+01!&%::!=+%,;%!Sd(&&%**+!!"#$%&<!4554TC!!D8%!;0>%,(B%!*($!&%(?:!*0!&0F%,!9,+;%:! (1?! (! &0F%,! ;0>%,(B%C! ! '+>%1! *8(*! 9,0?);*:! (,%! ;&0:%! :)E:*+*)*%:<! *8%! ;0>%,(B%! *($! F%&=(,%!?0.+1(*%:!*8%!0*8%,!*($!+1:*,).%1*:C!!X0*+;%!*8(*<!F+*8!(&&!*8%:%!*($%:<!*8%! ;01*,+E)*+01!0=!*8%!%1*,(1*!*0!*8%!)1+>%,:(&!:%,>+;%!=)1?!+:!a)+*%!&(,B%!,%&(*+>%!*0!*8%! B,0::!9,0=+*C!!D8%!,(*+0!E%*F%%1!1%*!S(=*%,!*($T!(1?!B,0::!SE%=0,%!*($T!9,0=+*!+:!5CJ4! F+*8!*8%!0)*9)*!*($<!5C_M!F+*8!*8%!,%>%1)%!*($!(1?!5C^c!F+*8!*8%!;0>%,(B%!*($C!! ! Q+1(&&3<!(1!(&*%,1(*+>%!*0!*8%!)1+>%,:(&!:%,>+;%!=)1?!+:!*0!(E(1?01!*8%!)1+=0,.!9,+;%! ;01:*,(+1*C!!71!:);8!(!;(:%<!*8%!+1;).E%1*!8(:!*F0!:*(.9!9,+;%:H!01%!Sp5CMcrT!*8(*! (99&+%:!*0!*8%!(??,%::%:!F8%,%!+*!,%.(+1:!*8%!:0&%!9,0>+?%,!(1?!(10*8%,!Sp5C4LrT! =0,! *8%! &0F%,! ;0:*! (??,%::%:! ;8(&&%1B%?! E3! *8%! %1*,(1*C! ! \+*8! 101O)1+=0,.! 9,+;%<! =+,.:! ;0.9%*%! =0,! ^Jj! 0=! *8%! ?%&+>%,3! ,0)*%:<! ;01:+?%,(E&3! &%::! *8(1! +1! *8%! )1:)E:+?+G%?! :;%1(,+0<! (1?! E0*8! =+,.:! 8(>%! 90:+*+>%! 9,0=+*:C! ! D8%! +1;).E%1*! 9,+;%! +1;,%(:%:! ?,(.(*+;(&&3! 01! *8%! 101O;8(&&%1B%?! ,0)*%:! ;0.9(,%?! *0! *8%! 9,%OQ2R! :+*)(*+01!E)*!*8%!,%B)&(*0,!8(:!:0.%!,00.!=0,!?%;,%(:+1B!*8+:!.01090&3!9,+;%C!!#:!(! .(**%,! 0=! =(;*<! *8%! &0F%:*! 90::+E&%! 9,+;%! 01! *8%! 101O;01*%:*%?! ,0)*%:! ;0.9(*+E&%! F+*8!(!101O1%B(*+>%!9,0=+*!+:!%a)(&!*0!5CJ^C!!7=!;0.9%*+*+01!01!*8%!;01*%:*%?!,0)*%:! (1?!,%B)&(*+01!01!*8%!.01090&+G%?!,0)*%:!(,%!.+$%?<!*8%!F%&=(,%!+:!%a)(&!*0!6CLk.! (1?!+*!+:!(;*)(&&3!8+B8%,!*8(1!F+*8!*8%!)1+>%,:(&!:%,>+;%!*($%:C! ! HADAH*EF%*J6C()K*+.C"1&>* * D8%!?)(&!;0)1*,3!8(:!(!&(,B%!),E(1!,%B+01!F+*8!(!&0F!?%&+>%,3!;0:*!9%,!(??,%::!(1?!(! &(,B%!,),(&!,%B+01!F+*8!(::0;+(*%?!8+B8%,!;0:*:C!!Y,0::O:)E:+?+%:!(,%!.0,%!+.90,*(1*! (1?!*8%!:%&%;*+>%!%1*,3!0=!(1!(&*%,1(*+>%!=+,.!01&3!01!*8%!.0:*!9,0=+*(E&%!,0)*%:!8(:! %>%1!.0,%!:%,+0):!;01:%a)%1;%:!01!*8%!+1;).E%1*A:!9,0=+*C!!#:!(!.(**%,!0=!=(;*<!*8%! %1*,(1*! 8(:! (! :.(&&%,! 09%,(*+1B! :;(&%! *8(1! +1! *8%! .010*01%! ;(:%! SJ5j! 0=! *8%! 909)&(*+01! +:! ;0>%,%?! +1! *8%! )1:)E:+?+G%?! :;%1(,+0T! E)*! 8+B8%,! 9,0=+*:! S(! MC6.! +1;,%(:%TC!!-%:9+*%!*8(*<!(!&).9O:).!%1*,3!=%%!;(110*!=+1(1;%!*8%!+1;).E%1*A:!&0::%:C!!! !

(19)

I+B8%,!*($%:!+1!*8%!?)(&!;0)1*,3!(,%!1%;%::(,3!*0!?+:*0,*!*8%!+1;).E%1*A:!E%8(>+0,! (1?!*0!,%:*,+;*!;0.9%*+*+01C!!D8%:%!*($%:!9):8!*8%!9,+;%:!)9F(,?!E)*!*8%+,!%==%;*!01! ;0>%,(B%!+:!&+.+*%?!.(+1&3!E%;():%!*8%!:&09%!0=!*8%!;0:*!=)1;*+01:!+:!:*%%9%,!*8(1!+1! *8%!.010*01%!;(:%C!!! ! D8%!:):*(+1(E&%!0)*9)*!*($!+:!:%*!(*!5C65Jr!9%,!.(+&!)1+*C!!7*:!+.9(;*!01!;0>%,(B%!+:! :.(&&! E)*! 10*! +*:! +.9(;*! 01! 9,+;%:C! D8%! *),10>%,! *($! &%(?:! *0! (! 8+B8%,! +1;).E%1*! 9,+;%!(1?!(!&0F%,!;0>%,(B%!(1?!+*!+:!F%&=(,%!?0.+1(*%?!E3!*8%!0)*9)*!*($C!!! ! # 6(9'-9*.*<!.# 9,!($+*0# 8'"2'"#"$;# S!3!('!#"$;# =0(B'(*)0+1#2+*,!# 2(,@%*!;0>%,(B%! S65^!0=!(??,%::T! ! J5j! S656LT! SkL4T!_kj! SLM5T!_Mj! Sk^^T!_cj! /,+;%:! ! ! ! ! 9+! 5C__! 5CJ6! 5CJ4! 5C^4O5CMc! S5CcM"T! 9%! ! 5C^^! 5C_6! 5C_5! 5C4M! 2(+&!>0&).%! S9%,!(??,%::T! ! ! ! ! ! 6k6! 6ML! 6Mc! 64L!S6__"T! ! M_! Mk! c5! 6_4! ! ! 6^5! 665! 64k! L4! X%*!9,0=+*:!S65crT! ! ! ! ! n+! O4cC_! 5! 5! 6C_!S5"T! n%! ! 6kC4! 6^C^! 64C_! MC6! \%&=(,%!S65crT! ! 6L5! 6Mc! 6M4! 6c^!S6Mk"T! D($!,(*%! e! 5C65Jr!! ^5j!! e! D($!9,0;%%?:! ! 66C^.! 6cCL.! ! ! ! ! ! ! "!W%B)&(*%?!9,+;%! D(E&%!cH!-)(&!;0)1*,3!! ! D($%:! E(:%?! 01! ;0>%,(B%! (,%! 10*! =%(:+E&%! +1! *8+:! ;0)1*,3! ;01=+B),(*+01C! ! 71?%%?! :)990:%! *8(*! *8%! %1*,(1*! ;0>%,:! 01&3! *8%! &0F%:*! ;0:*! ),E(1! ,%B+01! S_5j! 0=! *8%! (??,%::%:TC! ! ! 71! *8+:! ;(:%<! 09*+.(&! 9,+;%:! (,%! 9+p5C_4r<! 9%p5C^4r! (1?! *8%! %1*,(1*A:!

9,0=+*!9%,!;0>%,%?!(??,%::!+:!%a)(&!*0!6LCLrC!!P>%1!(!*($!9%,!;0>%,%?!(??,%::!%a)(&! *0!*8(*!(.0)1*!F0)&?!10*!E%!:)==+;+%1*!*0!=+1(1;%!*8%!+1;).E%1*A:!6kCc.!&0::%:C!!!71! *8%!?)(&!;0)1*,3<!*8%!*($!.):*!?+:*0,*!E0*8!*8%!9,+;%!(1?!*8%!;0>%,(B%C!!!!!

(20)

\+*8!101O)1+=0,.!9,+;+1B<!*8%!+1;).E%1*A:!9,0=+*!+:!90:+*+>%!E)*!,(*8%,!:.(&&C!!D8%! ,%B)&(*0,! 8(:! *8):! &+**&%! ,00.! =0,! ?%;,%(:+1B! *8%! 9,+;%! +1! *8%! .01090&+G%?! ,%B+01C!! D8%! &0F%:*! 90::+E&%! 9,+;%O;(9! .):*! E%! :%*! (*! a)+*%! (! 8+B8! &%>%&! S5CcMr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a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

!

71! *8+:! .0?%&<! F%! (::).%! (! 8+B8! ?+:9&(;%.%1*! ,(*+0! (1?! (! &+.+*%?! 9,+;%! %&(:*+;+*3<! *F0! 9&():+E&%! (::).9*+01:! =0,! *8%! 90:*(&! :%;*0,C! ! D8%3! +.9&3! *8(*! 10! .(,@%*! %$9(1:+01! +:! %$9%;*%?! (=*%,! Q2RC6_! ! 20,%0>%,<! *8%! ;0:*! :*,);*),%! +:! :);8! *8(*! *8%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 6^!D8%! 01&3! )1(1+.0):! ,(1@+1B! +:! E%*F%%1! *8%! )1+*! (1?! *8%! $.B3$%0+!1! *($<! *8%! =0,.%,!?0.+1(*+1B!*8%!&(**%,!S:%%!#1?%,:01!!"#$%&<!4556!01!*8+:!90+1*TC!!! 6_!Y),,%1*&3<!:0.%!;0)1*,+%:!(,%!(;*)(&&3!%$9%,+%1;+1B!?%;&+1%:!+1!*0*(&!.(+&!>0&).%! ?)%!*0!%O:)E:*+*)*+01C!!! !

(21)

+1;).E%1*!8(:!(!8+B8!(>%,(B%!;0:*!E)*!(!&0F!.(,B+1(&!;0:*!F8+&%!*8%!%1*,(1*!8(:!(! &0F%,! (>%,(B%! ;0:*! E)*! (! 8+B8%,! .(,B+1(&! ;0:*C! ! I%1;%<! %(;8! *+.%! *8%! %1*,(1*! ;(9*),%:! (! =,(;*+01! 0=! *8%! .(+&! :*,%(.<! (BB,%B(*%! 9,0=+*:! F+&&! ?%;,%(:%! )1&%::! *8%! +1;).E%1*!+:!(E&%!*0!;0.9%1:(*%!F+*8!8+B8%,!9,+;%:C!!!

!

Y0.9%*+*+>%!9,%::),%:!&+.+*!*8%!90::+E&%!9,+;%!+1;,%(:%:C!!I+B8%,!9,+;%:!+1?%%?!+.9&3! &0F%,!9,0=+*!01!*8%!;01*%:*%?!(??,%::%:!(1?!&(,B%,!:;(&%!%1*,3C!!71!0),!%:*+.(*+01:<! *8%! +1;).E%1*A:! 9,+;%! +1;,%(:%! +:! (*! .0:*! 65j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a)+*%! ?,(:*+;(&&3! +1! *8%! .010*01%! ;0)1*,3! (1?! *8%! +1;).E%1*! ,%?);%:! +*:! &0::%:C!! 20,%0>%,<!=(;+1B!(!:.(&&%,!:;(&%!%1*,(1*<!*8%!+1;).E%1*!8(:!:0.%!=,%%?0.!*0!,(+:%! +*:! 9,+;%C! ! Z)*! %>%1! *(@+1B! *8(*! +1*0! (;;0)1*<! 9,+;%:! (,%! &0F%,! *8(1! F+*8! *8%! $.B

3$%0+!1!(1?!0)*9)*!*($%:C!!D8):!*8%!;0>%,(B%!*($!+:!*8%!9,%=%,,%?!09*+01C!!71!*8%!?)(&!

;(:%<!,%?);+1B!%1*,3!F+*8!(!;0>%,(B%!*($!+:!10*!%10)B8!*0!:):*(+1!NUR!S)1&%::!%1*,3! +:! ;0.9&%*%&3! ?%*%,,%?T! (1?! *8%! ,%B)&(*0,! :80)&?! ):%! (! .%;8(1+:.! *8(*! 8(:! (! :*,01B%,!+.9(;*!01!;0.9%*+*+01<!E3!.0?+=3+1B!9,+;%!(1?!;0>%,(B%!?%;+:+01:C!!D8%!$.B 3$%0+!1!0,!*8%!0)*9)*!*($!.(@%:!*8%!%1*,(1*!:0=*%,!+1!*8%!9,+;%!B(.%!(1?<!F+*8!E0*8! =+,.:!;8(,B+1B!(!8+B8%,!9,+;%<!)1+>%,:(&!:%,>+;%!E%;0.%:!:):*(+1(E&%C!!X0*+;%!*8(*!+1! *8%!?)(&!;0)1*,3<!*8%!*($!+:!(*!(!&%>%&!:);8!*8(*!(&&!9,+;%:!(,%!:*,+;*&3!8+B8%,!*8(1!+1! *8%!9,%OQ2R!:+*)(*+01C!!! ! D8%! ;80+;%! 0=! (1! (99,09,+(*%! *($! +1:*,).%1*! +:! *8):! ?%9%1?%1*! 01! *8%! ;0)1*,3! ;01=+B),(*+01:C! ! \%! 8(>%! 9(+?! 9(,*+;)&(,! (**%1*+01! *0! *8%! (:3..%*,3! F+*8+1! (! ;0)1*,3C!!20,%!(:3..%*,+;!;0)1*,+%:<!*8(*!(,%!.0,%!9,01%!*0!:%&%;*+>%!%1*,3<!1%%?! .0,%!?+:*0,*+>%!+1:*,).%1*:!*0!=+1(1;%!*8%+,!)1+>%,:(&!:%,>+;%C!!D8%!,%(:01!+:!*8(*<!+1! *8%:%!;01=+B),(*+01:<!?+:*0,*+1B!*8%!%1*,(1*A:!E%8(>+0,!+:!(!1%;%::(,3!;01?+*+01!=0,!(! :):*(+1(E&%!NURC!!D8%!;0.9%*+*+>%!9,%::),%:!%$%,*%?!E3!*8%!%1*,(1*!.):*!E%!,%?);%?! *0! 8(>%! (! >+(E&%! NURC! ! \8%1! ;0.9%*+*+01! +:! .0,%! ?(.(B+1B! *0! *8%! +1;).E%1*<! *8%! ,%B)&(*0,!.):*!):%!.0,%!?+:*0,*+>%!+1:*,).%1*:!*0!=+1(1;%!*8%!NURC!!#:!(!;0,0&&(,3<! 9,+;%:! +1! (! &+E%,(&+G%?! .(,@%*! :)E:*(1*+(&&3! ?+==%,! (;,0::! ;0)1*,+%:C! ! D8%! 9,+;%:! S9+<! 9%T! ;0,,%:901?+1B! *0! *8%! 9,%=%,,%?! NUR! =+1(1;+1B! :;8%.%! (,%! S5C_^<! 5C^4T! +1! *8%! 80.0B%1%0):!;0)1*,3<!S5C_c<!5C^_T!+1!*8%!.010*01%!;0)1*,3!(1?!S5CJ6<!5C_6T!+1!*8%! ?)(&! ;0)1*,3C! ! D8%:%! 9,+;%! ?+==%,%1;%:! ,%=&%;*! *8%! ):%! 0=! .0,%! ?+:*0,*+>%! *($! +1:*,).%1*:C!! !

D0! ;8%;@! *8%! ,0E):*1%::! 0=! 0),! F%&=(,%! ,(1@+1B<! F%! 8(>%! ;01?);*%?! (&*%,1(*+>%! %:*+.(*+01:! F+*8! (! .0?+=+%?! ;0:*! %==%;*+>%1%::! =0,! *8%! %1*,(1*C! ! \%! ;01:+?%,%?! (1! %1*,(1*!F+*8!(!)1+*!;0:*!65j!0,!^5j!&0F%,!*8(1!*8%!+1;).E%1*!.01090&+:*A:!S*8%!

(22)

,%:)&*:!9,%:%1*%?!+1!*8+:!:%;*+01!(,%!E(:%?!01!(!45j!;0:*!(?>(1*(B%TC!!\+*8!*8%:%! .0?+=+%?! ;0:*! 9(,(.%*%,:<! *8%! 9,%=%,,%?! *($! +1! *8%! 80.0B%1%0):! ;0)1*,3! .(3! 10! &01B%,!E%!*8%!%1*,3!=%%C!!71?%%?<!F+*8!(!^5j!;0:*!(?>(1*(B%<!(BB,%B(*%!9,0=+*:!(,%! 1%B(*+>%!(1?!*8%!&).9O:).!=%%!;(110*!E%!):%?!=0,!NUR!=+1(1;+1BC!!\+*8!(!65j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

!

2(,@%*! &+E%,(&+G(*+01! ;8(1B%:! )1+>%,:(&! :%,>+;%! =+1(1;+1BC! ! D8%! f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a)%1;3<! .+B8*! F%&&! E%! F%&=(,%! +.9,0>+1B! B+>%1! *8%! ;0:*! 0=! :);8! (! :%,>+;%! +1! (! ;0.9%*+*+>%!%1>+,01.%1*C!!Z)*!*8+:!+1*%,%:*+1B!+::)%!+:!0)*:+?%!0=!*8%!:;09%!0=!*8+:! 9(9%,C!!! ! MA*<."+)C6#"-*&%/(&2'* ! 71!*8+:!9(9%,<!F%!8(>%!:80F1!*8(*!*8%!;80+;%!0=!(1!(99,09,+(*%!NUR!=)1?+1B!:;8%.%! ?%9%1?:! 01! *8%! ;0)1*,+%:A! B%0B,(98+;(&! ;8(,(;*%,+:*+;:! F+*8! .0,%! (:3..%*,+;! ;0)1*,+%:! ,%a)+,+1B! .0,%! ?+:*0,*+>%! *($! +1:*,).%1*:C! ! Q,0.! 0),! ;(&+E,(*+01:<! +*! (99%(,:! *8(*! 101%! 0=! 0),! ;0)1*,3! ;01=+B),(*+01:! +:! (E&%! *0! =+1(1;%! *8%! )1+>%,:(&! :%,>+;%!F+*80)*!(!;0.9%1:(*+01!=)1?C!!D8+:!a)+*%!?(,@!9+;*),%!0=!*8%!90:*(&!:%;*0,!

(23)

;0)&?! E%! 9(,*+(&&3! %$9&(+1%?! E3! *8%! ;(&+E,(*+01! 8390*8%:+:! F%! .(?%C! D80)B8! F%! E%&+%>%! *8(*! *8%! 9(,(.%*%,:! ;80:%1! (,%! 9&():+E&%<! F%! .(?%! (::).9*+01:! *8(*! (,%! a)+*%! )1=(>0,(E&%! *0! *8%! NU/C! ! P:9%;+(&&3<! F%! ;01:+?%,%?! (! &0F! .(+&! >0&).%! 9%,! +18(E+*(1*<! (! &0F! ;0:*! %&(:*+;+*3! =0,! *8%! NU/! (1?! (! &(,B%! ;0:*! (?>(1*(B%! =0,! *8%! %1*,(1*C! ! 7*! +:! +1?%%?! +1! *80:%! ;+,;).:*(1;%:! *8(*! NUR! =)1?+1B! F+&&! E%! *8%! .0,%! 9,0E&%.(*+;<! (1?! %>%1! .0,%! +=! *8%! ;0)1*,3! +:! (:3..%*,+;C! ! \8%*8%,! P),09%(1! ;0)1*,+%:! F+&&! E%! +1! :);8! (! F0,:*O;(:%! :;%1(,+0! (=*%,! Q2R! +:! :*+&&! (! ?%E(*(E&%! a)%:*+01! :+1;%! ;0.9%*+*+01! +:! :*+&&! (*! +*:! +1=(1;3! (1?! 90:*(&! .(,@%*:! (,%! (8%(?! 0=! .(V0,! ;8(1B%:C! ! D8%! =)*),%! 0=! *8%! )1+>%,:(&! :%,>+;%! (1?! +*:! =+1(1;+1B! (,%! +1! *8%! (B%1?(! 0=! .(13! P),09%(1! ;0)1*,+%:C! ! 71! *8%! Nt! =0,! +1:*(1;%<! *8%! I009%,! ,%90,*! S455LT! ,%>+%F:! *8%! 09*+01! =0,! .(+1*(+1+1B! *8%! )1+>%,:(&! :%,>+;%! +1! 90:*:C!! Y0.9%1:(*+01!=)1?<!9)E&+;!:)E:+?+%:!(1?!(!,%=0,.!0=!*8%!NUR!(,%!(&&!%1>+:+01%?!SE)*! *8%! ,%90,*! ,%;0..%1?:! (! .0?%,1+G(*+01! 0=! *8%! NU/! (:! (! 9,%;01?+*+01! E%=0,%! (13! ,%=0,.TC!!U0.%!;0)1*,+%:!8(>%!(&,%(?3!?%;+?%?!*0!+1:*(&&!(!;0.9%1:(*+01!=)1?!(1?<! +1*%,%:*+1B&3<! *8%3! 8(>%! (?09*%?! (! ?+==%,%1*! *($! E(:%C! ! 71! 7*(&3<! *8%! %1*,(1*:A! ;01*,+E)*+01!*0!*8%!NUR!=+1(1;+1B!+:!9,090,*+01(&!*0!*8%+,!*),10>%,!S;),,%1*&3!^CcjTi! +1!Q+1&(1?<!1%F!;0.%,:!(,%!,%a)+,%?!*0!9(3!(!&).9O:).!%1*,3!=%%i!+1!Q,(1;%<!*8%!1%F! 90:*(&! &(F! :9%;+=+%:! *8(*! *8%! ;01*,+E)*+01! *0! *8%! =)1?! F+&&! E%! 9,090,*+01(&! *0! *8%! 1).E%,!0=!90:*(&!+*%.:!F+*8+1!*8%!:;09%!0=!*8%!NURC!!R*8%,!;0)1*,+%:!8(>%!?%;+?%?! *0! ,%&3! 01! 9)E&+;! :)E:+?+%:! *0! =+1(1;%! *8%! NURC! ! Q+1(&&3<! +1! UF%?%1<! *8%! 8+:*0,+;(&! 09%,(*0,!8(:!.(1(B%?!*0!.(+1*(+1!(1?!=+1(1;%!*8%!)1+>%,:(&!:%,>+;%!+1!(!&+E%,(&+G%?! %1>+,01.%1*!F+*80)*!(13!:0,*!0=!;0.9%1:(*+1B!.%;8(1+:.C!!Z)*<!;0.9%*+*+01!+1!*8%! E)&@! .(+&! :%B.%1*! 8(:! E%%1! (;;0.9(1+%?! E3! (! :8(,9! +1;,%(:%! +1! *8%! :+1B&%O9+%;%! &%**%,! 9,+;%! =0,! F8+;8! *8%! 8+:*0,+;(&! 09%,(*0,! ,%.(+1:! .!# )$,"0! (:! (! .01090&+:*C!! Y&%(,&3! %10)B8<! *8%,%! (,%! .)&*+9&%! :0&)*+01:! *0! .(+1*(+1! (! )1+>%,:(&! :%,>+;%! +1! (! &+E%,(&+G%?!%1>+,01.%1*C!!71!*8+:!9(9%,<!F%!8(>%!.0?%:*&3!;01*,+E)*%?!*0!*8%!?%E(*%! (1?!F%!8(>%!9(+?!(!9(,*+;)&(,!(**%1*+01!*0!*8%!;0)1*,+%:A!B%0B,(98+;(&!;01=+B),(*+01! *8(*!+1?%%?<!9&(3!(1!+.90,*(1*!,0&%!+1!*8%!;80+;%!0=!(1!(99,09,+(*%!=)1?+1B!:;8%.%C!!! ! ! !

(24)

PA*N%,%&%"+%'* ! ?A#&;(1*(,(!'C!(1?!#C!'()*+%,!S455LT<!gX(*+01(&!/0:*(&!U*,(*%B+%:!(=*%,!(!Q)&&!/0:*(&! 2(,@%*! R9%1+1B<h! +1! 2C! #C! Y,%F! (1?! /C! WC! t&%+1?0,=%,! S%?:T<! D012!"*"*0(# $(.# S!:'%$"*0(#*(#"5!#G09"$%#$(.#K!%*3!+4#7!,"0+<!P?F(,?!P&B(,<!Y8%&*%18(.<!NtC! ! #1?%,:01<!UC<!#C!?%!/(&.(!(1?!ZC!t,%+?%,!S4556T<!gD8%!%==+;+%1;3!0=!+1?+,%;*!*($%:! )1?%,!+.9%,=%;*!;0.9%*+*+01<h!T0'+($%#0)#G'-%*,#E,0(01*,9<!L6S4T<!4^6O4J6C! !

#.E,0:+1+<! [C<! QC! Z0&?,01! (1?! ZC! W03! S455cT<! gN1+>%,:(&! U%,>+;%! RE&+B(*+01:! +1! *8%! /0:*(&! U%;*0,H! P;010.+;:! K%(,1+1B:! =,0.! Y,0::OY0)1*,3! Y0.9(,+:01:<h! +1! 2C! #C! Y,%F! (! /C! WC! t&%+1?0,=%,! S%?:T<! G+0:+!99# "0U$+.#V*-!+$%*<$"*0(# 0)# "5!# G09"$%# $(.#

K!%*3!+4#7!,"0+<!U9,+1B%,C!!

!

#,.:*,01B<! 2C<! YC! -03&%! (1?! wC! d+;@%,:! S6kkcT! gD8%! #;;%::! /,+;+1B! /,0E&%.H! #! U31*8%:+:<h!T0'+($%#0)#W(.'9"+*$%#E,0(01*,9<!__S6TH!6^6O6J5C!! ! Z&0;8<!QC!(1?!#C!'()*+%,!S455LT<!g#;;%::!/,+;+1B!(1?!P1*,3!+1!*8%!/0:*(&!U%;*0,<h!F5!# S!3*!U#0)#=!"U0+X#E,0(01*,9<!MS4T<!45M!x!4^5C!! ! Z0&?,01<!QC<!-C!w0,(.<!KC!2(,*+1!(1?!ZC!W03!S455cT<!gQ,0.!U+G%!0=!*8%!Z0$!*0!*8%!Y0:*:! 0=!N1+>%,:(&!U%,>+;%!RE&+B(*+01H!#!Y,0::OY0)1*,3!Y0.9(,+:01<h!+1!2C!#C!Y,%F!(!/C!WC! t&%+1?0,=%,! S%?:T<! V*-!+$%*<$"*0(# 0)# "5!# G09"$%# $(.# K!%*3!+4# 7!,"0+<! P?F(,?! P&B(,<! Y8%&*%18(.<!NtC! ! Z0&?,01<!QC<!YC!Z0,:%1E%,B%,<!-C!w0,(.<!UC!K%;0)<!(1?!ZC!W03!S455kT<!g#!-31(.+;!(1?! P1?0B%10):!#99,0(;8!*0!Q+1(1;+1B!*8%!NUR!+1!(!K+E%,(&+G%?!P1>+,01.%1*<h!+1!2C!#C! Y,%F! (1?! /C! WC! t&%+1?0,=%,! S%?:T<! G+0:+!99# *(# "5!# D012!"*"*3!# C:!(.$# *(# "5!# G09"$%# $(.#K!%*3!+4#7!,"0+<!P?F(,?!P&B(,<!Y8%&*%18(.<!NtC! ! Z0,:%1E%,B%,<!YC<!IC!Y,%.%,<!/C!-%!-01?%,<!-C!w0,(.<!(1?!ZC!W03!S4565T<!gQ)1?+1B!*8%! Y0:*! 0=! N1+>%,:(&! U%,>+;%! +1! (! K+E%,(&+G%?! /0:*(&! U%;*0,<h! +1! 2C! #C! Y,%F! (1?! /C! WC! t&%+1?0,=%,!S%?:T<!I*:5"!(*(:#D012!"*"*0(#*(#"5!#G09"$%#$(.#K!%*3!+4#7!,"0+<!P?F(,?! P&B(,<!Y8%&*%18(.<!NtC! ! Y801`<!/C<!KC!Q&0;8%&<!(1?!#C!/%,,0*!S4554T<!g#&&0;(*+1B!(1?!Q)1?+1B!N1+>%,:(&!U%,>+;%! RE&+B(*+01:! +1! (! Y0.9%*+*+>%! 2(,@%*<h! W("!+($"*0($%# T0'+($%# 0)# W(.'9"+*$%# 8+:$(*<$"*0(<!45SkT<!64_MO64McC! !

?%! Z+V&<! /C<! PC! >(1! -(..%! (1?! /C! K(,0);8%! S455cT<! gW%B)&(*+1B! #;;%::! *0! U*+.)&(*%! Y0.9%*+*+01! +1! /0:*(&! 2(,@%*:y<h! +1! 2C! #C! Y,%F! (! /C! WC! t&%+1?0,=%,! S%?:T<! G+0:+!99#

"0U$+.#V*-!+$%*<$"*0(#0)#"5!#G09"$%#$(.#K!%*3!+4#7!,"0+<!U9,+1B%,C!!

!

'()*+%,<! #C! (1?! [C! \()*83! S4565T<! gI0F! *0! Q+1(1;%! N1+>%,:(&! U%,>+;%! RE&+B(*+01:! )1?%,!Y0.9%*+*+01y<h!YRWP!-/&##

Riferimenti

Documenti correlati

Rosa Cocozza e Domenico Curcio terranno una conversazione sui processi di pianificazione ed investimento del risparmio finanziario nella prospettiva dell’ottimizzazione

Thiesset et al., “Early results of pilot study using hepatitis C virus (HCV) positive kidneys to transplant HCV infected patients with end-stage renal disease allowing for

This distancing of the landowners from urban life was not generalised; probably the large centres of political power, especially those associated with the emperor, such as

Innovativeness Risk attitude Proactiveness Autonomy Aggressiveness Firm Performance Control Variables Firm Age Firm Size Competitive Energy

(2012), Rituximab Maintenance Therapy after Autologous Stem-Cell Transplantation in Patients with Relapsed CD20(+) Diffuse Large B-Cell Lymphoma: Final Analysis of the

ALS: Amyotrophic Lateral Sclerosis; AU-ROC: Area Under the ROC curve; CPD: Conditional Probability Distribution; CV: Cross-Validation; DAG: Direct Acyclic Graph; DBN: Dynamic

• The INRiM facility was composed of a fused 50:50 fibre beam-splitter connected to two Excelitas SPCM-AQR- 14-FC single-photon avalanche detectors (SPADs).. Single and

the dependence on resolution, we see again that the linear and PPM schemes show an increase of the number of grid points over which magnetic structures extend, while the MP5