Investment, dynamic consistency and the sectoral regulator's objective - Duarte Brito (2011)

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We explore the separation of powers between the legislative and the executive branch of government as a way of overcoming
the dynamic consistency problem of regulatory policy towards investment. We model the industry as a regulated duopoly.
The incumbent is a vertically integrated firm that owns a wholesale unit and a retail unit. The entrant only owns a retail unit.
Either retail unit needs access to the input produced by the wholesale unit to operate. The regulator is unable to commit to a
policy and the legislator sets the regulator's objective function. We derive general conditions under which, having the
legislator distort the regulator's objective function away from social welfare, allows implementing socially desirable
investment.

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Investment, dynamic consistency and the sectoral regulator's objective - Duarte Brito (2011)

  1. 1. Brito et al. Investment, Dynamic Consistency and the Sectoral Regulators Objective Investment, Dynamic Consistency and the Sectoral Regulators Objective Duarte Brito Pedro Pereira FCT-UNL and Cefage Adc dmmcbrito@gmail.com pedro.br.pereira@gmail.com João Vareda AdC and IST joao.vareda@concorrencia.ptBIOGRAPHIESDuarte Brito received his doctorate in economics from the Universidade Nova de Lisboa in 2001 and has been an assistantprofessor at Faculdade de Ciências e Tecnologia, UNL since 2002. He is research fellow of the CEFAGE-UE and haspublished one monograph and a dozen papers in international economics journals His main research interest is industrialorganization and he has been awarded several prizes and grants.Pedro Pereira is a Senior Economist at the Portuguese Competition Authority. Pereira holds a doctorate from the Universityof California, San Diego. He published on journals including Regional Science and Urban Economics, International Journalof Industrial Organization, Information Economics and Policy, Southern Economic Journal, Review of IndustrialOrganization.João Vareda received his doctorate in Economics from the Universidade Nova de Lisboa in 2008. Presently, he works at thePortuguese Competition Authority. His main research interests are Telecommunications Regulation and Competition Policyand he has been awarded several prizes and grants. He recently published in the International Journal of IndustrialOrganization, Information Economics and Policy, The B.E. Journal of Economic Analysis & Policy and TelecommunicationsPolicy.ABSTRACTWe explore the separation of powers between the legislative and the executive branch of government as a way of overcomingthe dynamic consistency problem of regulatory policy towards investment. We model the industry as a regulated duopoly.The incumbent is a vertically integrated firm that owns a wholesale unit and a retail unit. The entrant only owns a retail unit.Either retail unit needs access to the input produced by the wholesale unit to operate. The regulator is unable to commit to apolicy and the legislator sets the regulators objective function. We derive general conditions under which, having thelegislator distort the regulators objective function away from social welfare, allows implementing socially desirableinvestment.KeywordsInvestment, Dynamic Consistency, Regulators ObjectiveProceedings of the 5th ACORN-REDECOM Conference, Lima, May 19-20th, 2011 229
  2. 2. -31.#43(.- ; :.;F ?24B9.A21 6;1B@A?62@ 6;0B:/2;A@ .?2 ?2B6?21 A :.82 9.?42 6;C2@A:2;A@ )56@6:=962@ A5.A A52 ?24B9.A?F =960F :B@A /.9.;02 A52 0;I60A6;4 4.9@ 3 ?21B06;4 A52 6;0B:/2;A@J :.?82A =D2? ;.:29F ; A52 D592@.92 :.?82A .;1 46C6;4 6;0B:/2;A@ 6;02;A6C2@ A6;C2@A ; A52? D?1@ ?24B9.A?F =960F :B@A A?.12 O @A.A60 .;1 1F;.:60 2N062;0F )56@ A?.12 O :.F 42;2?.A2 . 1F;.:60 0;@6@A2;0F =?/92: )52 ?24B9.A6; 3 .002@@=?602@ 6@ .; 6:=?A.;A .?2. D52?2 A56@ :.F 00B? 23?2 6;C2@A:2;A 6A 6@ @06.99F =A6:.9A @2A . 5645 .002@@ =?602 A =?:A2 6;C2@A:2;A D2C2? .3A2? 6;C2@A:2;A 6@ :.12 6A 6@@06.99F =A6:.9 A @2A . 9D .002@@ =?602 A =?:A2 0:=2A6A6; 6; A52 ?2A.69 :.?82A )56@1F;.:60 0;@6@A2;0F =?/92: .O20A@ 6;C2@A:2;A ;24.A6C29F )52 6;0B:/2;A .;A606=.A2@ A5.A6A D699 /2 2E=?=?6.A21 3?: A52 6;0?2:2;A.9 =?HA .;1 ?21B02@ 6;C2@A:2;A 3 A52 ?24B9.A? 0.; 0::6A A . =960F A52 1F;.:60 0;@6@A2;0F =?/92: 0.; /2 C2?0:2 D2C2? AF=60.99F 6A 6@ ;9F 32.@6/92 3? A52 ?24B9.A? A 0::6A 3? . =960F 3? @5?A=2?61@ D5692 A52 6;C2@A:2;A 0F092 6; A52@2 6;1B@A?62@ 0.; /2 C2?F 9;4 ;A52? =@@6/92 @9BA6; A A52 1F;.:60 0;@6@A2;0F =?/92: 0;@6@A@ 3 16@A?A6;4 A52?24B9.A?J@ /720A6C2 3B;0A6; .D.F 3?: @06.9 D293.?2 6; . 3.@56; A5.A 2;@B?2@ A5.A 6A@=A6:.9 =960F .3A2? 6;C2@A:2;A 6@ A52 @.:2 .@ A52 ;2 3 . ?24B9.A? ./92 A 0::6A A. =960F /23?2 6;C2@A:2;A )56@ ?2B6?2@ AD 0;16A6;@ 6?@A A52 ?24B9.A?J@ /720A6C23B;0A6; :B@A /2 @2A /F . A56?1 =.?AF (20;1 A52 A56?1 =.?AF :B@A /2 6::B;2 A A521F;.:60 0;@6@A2;0F =?/92: .A 92.@A 3? A52 =2?61 3 A52 6;C2@A:2;A 0F092 ; :.;F 9246@9.AB?2@ A52@2 AD 0;16A6;@ .?2 =A2;A6.99F 3B9H9921 6?@A B@B.99F A52@2=.?.A6; 3 =D2?@ /2AD22; A52 9246@9.A6C2 .;1 A52 2E20BA6C2 /?.;05 3 4C2?;:2;A 6:=962@A5.A A52 9246@9.A? 2;.0A@ A52 9.D A5.A 4C2?;@ @20A?.9 ?24B9.A6; .;1 6; =.?A60B9.? 12H;2@A52 ?24B9.A?J@ /720A6C2 3B;0A6; )52; A52 ?24B9.A? 0.??62@ BA 6A@ :.;1.A2 /F ;.:29F@2AA6;4 A52 .002@@ =?602 A A52 6;0B:/2;AJ@ D592@.92 @2?C602@ (20;1 A52 9246@9.A6C2 1206@6;=?02@@ A.82@ :B05 9;42? A5.; A52 ?24B9.A?F 1206@6; =?02@@ )56@ 46C2@ A52 9246@9.A? A5205.;02 A 0::6A A . ?24B9.A?F =960F 3? . 9;42? =2?61 A5.; A52 ?24B9.A? .;1 =2?5.=@3? . =2?61 9;42? A5.; A52 6;C2@A:2;A 0F092 ; A56@ .?A6092 D2 2E=9?2 A52 @2=.?.A6; 3 =D2?@ /2AD22; A52 9246@9.A6C2 .;1 A52 2E20BA6C2 /?.;05 3 A52 4C2?;:2;A .@ . D.F 3 C2?0:6;4 A52 1F;.:60 0;@6@A2;0F =?/92: 3?24B9.A?F =960F AD.?1@ 6;C2@A:2;A ,2 12?6C2 42;2?.9 6;AB6A6C2 .;1 2.@F A 05208 0;16A6;@ B;12? D5605 5.C6;4 A52 9246@9.A? 16@A?A A52 ?24B9.A?J@ /720A6C2 3B;0A6; .99D@6;0?2.@6;4 A52 ?.;42 3 =.?.:2A2? C.9B2@ 3? D5605 6A 6@ =@@6/92 A 6;1B02 @06.99F 12@6?./926;C2@A:2;A )52@2 42;2?.9 0;16A6;@ 2;0:=.@@ C.?6B@ :12@ 3 0:=2A6A6; AF=2@ 3
  3. 3. 6;C2@A:2;A .;1 3?:@ 3 ?24B9.A6; .;1 .:B;A A ( A52 6;0B:/2;AJ@ =?HA 6;0?2.@6;4D6A5 A52 .002@@ =?602 .;1 (( A52 0;@B:2? @B?=9B@ 120?2.@6;4 D6A5 A52 .002@@ =?602 ,2 :129 A52 6;1B@A?F .@ . ?24B9.A21 1B=9F )52 6;0B:/2;A 6@ . C2?A60.99F 6;A24?.A21H?: A5.A D;@ . D592@.92? .;1 . ?2A.692? )52 2;A?.;A D;@ . ?2A.692? 6A52? ?2A.692? ;221@.002@@ A A52 6;=BA =?1B021 /F A52 D592@.92? A =2?.A2 ,2 ?232? A A52 =?602 3 A52 6;=BA.@ A52 6?@A A52 9246@9.A? @2A@ A52 D2645A@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6;3? ( 0;@B:2? @B?=9B@ (( A52 6;0B:/2;AJ@ =?HA .;1 ((( A52 2;A?.;AJ@ =?HA )52@2D2645A@ 12=2;1 ; A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; D5605 6@ /@2?C21 /F A52 ?24B9.A?(20;1 A52 6;0B:/2;A :.82@ 6A@ 6;C2@A:2;A 1206@6; )52 6;C2@A:2;A :.F 26A52? 6;0?2.@2A52 B.96AF 3 A52 ?2A.69 @2?C602@ ? ?21B02 :.?46;.9 0@A@ )56?1 A52 ?24B9.A? @2A@ A52.002@@ =?602 B?A5 A52 2;A?.;A 120612@ D52A52? A 2;A2? A52 6;1B@A?F )52 A6:6;4 3 A524.:2 ?2I20A@ A52 .@@B:=A6;@ A5.A A52 9246@9.A? 0.; 0::6A A . 9246@9.A6C2 =960F D52?2.@A52 ?24B9.A? 0.;;A 0::6A A . ?24B9.A?F =960F ,2 ?232? A A52 .002@@ =?602 A5.A :.E6:6G2@ @06.9 D293.?2 46C2; A5.A A52 6;0B:/2;A 5.@:.12 6A@ 6;C2@A:2;A 1206@6; .@ A52 # .002@@ =?602 3 0;@B:2? @B?=9B@ 5.@ :?2 D2645A A5.; A52 H?:@J =?HA@ 6; A52 ?24B9.A?J@ /720A6C23B;0A6; A52 ?24B9.A? @2A@ A52 .002@@ =?602 /29D A52 H?@A /2@A 92C29 9D .002@@ =?6026:=962@ . 9D :.?46;.9 0@A 3? A52 2;A?.;A .;1 . 9D D592@.92 :.?46; 3? A52 6;0B:/2;A/A5 3 D5605 92.1 A 9D ?2A.69 =?602@ A52?2/F 6;0?2.@6;4 0;@B:2? @B?=9B@ .;1 120?2.@6;4A52 6;0B:/2;AJ@ =?HA (6:69.?9F 63 A52 6;0B:/2;AJ@ =?HA 5.@ :?2 D2645A A5.; 0;@B:2?@B?=9B@ .;1 A52 2;A?.;AJ@ =?HA A52 ?24B9.A? @2A@ A52 .002@@ =?602 ./C2 A52 H?@A /2@A 92C29 )52 .002@@ =?602 5.@ AD ==@6;4 2O20A@ ; D293.?2 6?@A . 56452? .002@@ =?602 63 A52?26@ 6;C2@A:2;A 46C2; A52 .002@@ =?602 63 A52?2 6@ ; 6;C2@A:2;A 6;0?2.@2@ A52 6;0B:/2;AJ@6;02;A6C2@ A 6;C2@A D5605 6@ =@6A6C2 (20;1 . 56452? .002@@ =?602 92.1@ A 56452? ?2A.69=?602@ D5605 6@ ;24.A6C2 ,52; 05@6;4 A52 D2645A@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6;A52 9246@9.A? 5.@ A A?.12 O A52@2 AD 2O20A@ 3 A52 6;C2@A:2;A 0@A 6@ 9D A52 9246@9.A? 46C2@ A52 @.:2 D2645A A A52 =.FO@ 3 .99=.?A62@ 63 A52?2 6@ 6;C2@A:2;A .;1 46C2@ ?29.A6C29F :?2 D2645A A 0;@B:2? @B?=9B@ 63 A52?26@ ; 6;C2@A:2;A *;12? A52@2 0;16A6;@ A52 6;0B:/2;A 6;C2@A@ A .C61 A52 9D .002@@=?602 A5.A DB91 2:2?42 B;12? ; 6;C2@A:2;A .;1 A52 ?24B9.A? @2A@ A52 .002@@ =?602 3 A52B=4?.121 ;2AD?8 .A A52 H?@A /2@A 92C29 3 A52 6;C2@A:2;A 0@A A.82@ 6;A2?:216.A2 C.9B2@A52 9246@9.A? 46C2@ ?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA 63 A52?2 6@ 6;C2@A:2;A.;1 46C2@ ?29.A6C29F :?2 D2645A A 0;@B:2? @B?=9B@ 63 A52?2 6@ ; 6;C2@A:2;A *;12? A52@206?0B:@A.;02@ A52 6;0B:/2;A 6;C2@A@ .;1 A52 ?24B9.A? @2A@ A52 .002@@ =?602 ./C2 A52 H?@A
  4. 4. /2@A 92C29 #D A52 A5?2.A 3 . 9D .002@@ =?602 63 A52?2 6@ ; 6;C2@A:2;A 6@ ;A 2;B45A 6;1B02 6;C2@A:2;A )52 ?24B9.A? .9@ 5.@ A ?2D.?1 A52 6;0B:/2;A D6A5 . 5645 .002@@=?602 63 A52?2 6@ 6;C2@A:2;A 2;02 6;C2@A:2;A 0:2@ .A A52 2E=2;@2 3 16@A?A6;4 A52 ?2A.69:.?82A 3 A52 6;C2@A:2;A 0@A 6@ 5645 A52 9246@9.A? 46C2@ A52 @.:2 D2645A A A52 =.FO@3 .99 =.?A62@ /A5 63 A52?2 6@ 6;C2@A:2;A ? ; 6;C2@A:2;A *;12? A52@2 06?0B:@A.;02@ A526;0B:/2;A 12@ ;A 6;C2@A .;1 A52 ?24B9.A? @2A@ A52 .002@@ =?602 .A A52 H?@A /2@A 92C29 ;A56@ 0.@2 A52 9246@9.A? 05@2@ ;A A 16@A?A A52 ?24B9.A?J@ =?232?2;02@ /20.B@2 26A52? A5216@A?A6;@ 6; A52 ?2A.69 :.?82A ;202@@.?F A 6;1B02 6;C2@A:2;A .?2 2E02@@6C29F 5645 ? 6A 6@@6:=9F 6:=@@6/92 3? A52 ?24B9.A? A 6;1B02 6;C2@A:2;A ,2 .9@ 0;@612? A5?22 2EA2;@6;@ 3 A52 /.@60 :129 6?@A D2 .;.9FG2 A52 0.@2 3 C2?6;C2@A:2;A D5605 :.F 00B? D52; 6;C2@A:2;A 5.@ 6;0:=92A2 @=699C2?@ ; A56@ 0;A2EA 63A52 6;C2@A:2;A 0@A 6@ 5645 A52 9246@9.A?J@ =A6:.9 =960F 6@ A 46C2 ?29.A6C29F :?2 D2645AA 0;@B:2? @B?=9B@ 63 A52?2 6@ 6;C2@A:2;A (20;1 D2 .;.9FG2 A52 0.@2 D52?2 A52 9246@9.A? 0.;;A @2A D2645A@ 0;16A6;.9 ; A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; *;12? A52@206?0B:@A.;02@ A52 9246@9.A?J@ =A6:.9 =960F .0562C2@ . 9D2? D293.?2 92C29 .;1 6;C2@A:2;A;9F 00B?@ 3? @:.992? C.9B2@ 3 A52 6;C2@A:2;A 0@A @6;02 A52 16@A?A6;@ ?2B6?21 A 6;1B026;C2@A:2;A .?2 56452? )56?1 D2 16@0B@@ A52 0.@2 3 ?2A.69 =?602 ?24B9.A6; 99 3 B? ?2@B9A@.9@ 591 6; A56@ 0;A2EA )52 ?2:.6;12? 3 A52 .?A6092 6@ ?4.;6G21 .@ 399D@ ; @20A6;
  5. 5. D2 ?2C62D A52 96A2?.AB?2; @20A6; D2 =?2@2;A A52 :129 ; @20A6; D2 05.?.0A2?6G2 A52 2B696/?6B: 3 A52 4.:2; @20A6; D2 .;.9FG2 A5?22 2EA2;@6;@ A A52 :129 6;.99F 6; (20A6; D2 16@0B@@ A52=960F 6:=960.A6;@ .;1 0;09B12 (3$1 341$ $5($6 )52 1F;.:60 0;@6@A2;0F =?/92: 3 ?24B9.A?F =960F AD.?1@ 6;C2@A:2;A D.@ 16@0B@@21/F !2CF .;1 (=6992? .;1 #2D/2?F 6; 42;2?.9 A2?:@ .;1 /F ?6A 2A .9 .;@ .;1 6;4 ?.728 .;1 P992? .;1 +.?21. D6A5 . 30B@ ;.002@@ ?24B9.A6; +.?21. @5D@ A5.A A52 9D2? A52 ?24B9.A?J@ 0::6A:2;A 0.=.06AFA52 9D2? A52 6;C2@A:2;A 3 . ;2AD?8 =2?.A? D699 /2 /A5 ; 0@A ?21B0A6; .;1 ;B.96AF B=4?.12@ ?.728 .;1 P992? H;1 A5.A D52?2.@ .002@@ ?24B9.A6; 6@ B;.O20A21/F 2;A?.;A@J 6;C2@A:2;A .002@@ ?24B9.A6; :.82@ 2;A?F 2.@62? A52 56452? A52 92C29 3 A526;0B:/2;AJ@ 6;3?.@A?B0AB?2 6;C2@A:2;A 6@ 00?16;4 A A52@2 .BA5?@ A56@ @B442@A@ A5.A A52 (22 BA5?62 3? . 16@0B@@6; ./BA A52 ?24B9.A?@ 6;./696AF A 0::6A A . ?24B9.A?F =960F
  6. 6. ?24B9.A?F 2;C6?;:2;A 6; B?=2 5.@ . 0::6A:2;A =?/92: D5605 ?21B02@ 6;0B:/2;A@J6;02;A6C2@ A 6;C2@A ?6A 2A .9 .;.9FG2 63 AD =.?A .002@@ A.?6O@ @9C2 A52 1F;.:600;@6@A2;0F =?/92: 3 A52 ?24B9.A6; 3 ;2D ;2AD?8@ .;1 @5D A5.A 63 A52 ?24B9.A? 0.;;A0::6A A . =960F 6A 0.; 6;1B02 6;C2@A:2;A ;9F D52; A52 6;C2@A:2;A 0@A 6@ 9D .;1 A522;A?.;A :.82@ 9.?42 =.F:2;A@ A A52 6;0B:/2;A .;@ .;1 6;4 @5D A5.A D52;6;C2@A:2;A ?2AB?;@ .?2 B;02?A.6; .;1 A52 ?24B9.A? 6@ B;./92 A 0::6A A .; .002@@ =?602D293.?2 6;0?2.@2@ 63 A52 ?24B9.A? 0::6A@ A . ?24B9.A?F :?.A?6B: (2C2?.9 .?A6092@ .;.9FG2 A52 612. 3 16@A?A6;4 A52 ?24B9.A?J@ /720A6C2 3B;0A6; .D.F3?: @06.9 D293.?2 A 0:=2;@.A2 3? @:2 @?A 3 :.?82A 6:=2?320A6; +429@.;4 .?4B2@ A5.A 63 . ?24B9.A? 6@ B;./92 A 0::6A A . ?24B9.A?F =960F @3A ?24B9.A6; :.F=?C612 /2AA2? 6;C2@A:2;A 6;02;A6C2@ A5.; A645A ?24B9.A6; D52?2 A645A ?24B9.A6; ?232?@A . 9D ?24B9.A21 .002@@ =?602 ?:@A?;4 .;1 +6082?@ .?4B2 A5.A .9A5B45 A521.;42? 3 ?24B9.A?F 0.=AB?2 :645A .?4B2 .4.6;@A 6;1B@A?F ?62;A21 ?24B9.A?@ @:2 124?223 6;1B@A?F ?62;A.A6; :645A 2;5.;02 A52 0?216/696AF 3 0::6A:2;A A .99D .; .12B.A2?2AB?; ; 6;C2@A:2;A $A52? @AB162@ D5605 0;C2F A52 612. 3 A52 2E6@A2;02 3 .; =A6:.9 =@6A6C2 124?22 3 6;1B@A?F ?62;A.A6; 6; A52 =?2@2;02 3 A52? :.?82A 6:=2?320A6;@6;09B12 52 2 64B26?21 2A .9 ?@@:.; .;1 29=:.; (.9.;A (93 (=6992? .;1 (=B9/2? .;1 2@.;8 )52?2 .?2 .9@ @AB162@3? 6;@A.;02 /F ?6193@@; !F;@ .;1 #2C2; .;1 992? A5.A =?=@2 6; A52 0;A2EA 3 :2?42?@ . 0;@B:2? @B?=9B@ @A.;1.?1 A /2 B@21 @A?.A2460.99F /F A520:=2A6A6; .BA5?6A62@ .@ . :2.;@ 3 B9A6:.A29F .0562C6;4 4?2.A2? @06.9 D293.?2 C.;@ 2A .9 .;1 !2C6;2 .;1 608:.; .;.9FG2 =?/92:@ @6:69.? A B?@/BA 6; A52 0;A2EA 3 =.?A60B9.? :129@ )52 H?@A .?A6092 =?=@2@ .@ . @9BA6; A A52B;12? 6;C2@A:2;A /F . :;=96@A ?2@B9A6;4 3?: A52 ?24B9.A?J@ 6;./696AF A 0::6A A5.AA52 4C2?;:2;A 05@2@ . =.?A60B9.? AF=2 3 ?24B9.A? =? 6;1B@A?F ? .;A6 6;1B@A?F C2?. =2?61 9;42? A5.; A52 2920A?.9 0F092
  7. 7. )52 .BA5?@ @5D A5.A D52; CA2?@ .?2 D2996;3?:21 .;1 A52 ?24B9.A? @2A@ ?2A.69 =?602@ . =? 6;1B@A?F ?24B9.A? :.F 6;1B02 H?@A /2@A6;C2@A:2;A )52 @20;1 .?A6092 .;.9FG2@ A52 B;12? 6;C2@A:2;A =?/92: 6; A52 0;A2EA 3. 1F;.:60 ?29.A6;@56= /2AD22; . ?24B9.A? .;1 . ?24B9.A21 :;=96@A D52?2 A52 3?:2? 2@92F .;1 .A2
  8. 8. A2@A . :129 D52?2 ?24B9.A?@ A5.A .?2 16?20A9F 2920A21 /F A52 CA2?@ .?2 =?0;@B:2? )52F @5D A5.A 6; A52 *( =?602@ .?2 9D2? 6; A5@2 @A.A2@ A5.A 2920A A526? ?24B9.A? A5.; 6; A5@2D52?2 A52 ?24B9.A? 6@ .==6;A21 /F =96A606.;@ )52F .9@ @5D A5.A 6;C2@A:2;A 6@ 56452? 6; @A.A2@ A5.A.==6;A A52 ?24B9.A?
  9. 9. )56@ @9BA6; 399D@ A52 =?=@.9 /F 4O D5605 0;@6@A@ ; . @20;1 /2@A 0::6A:2;A :205.;6@: 6; D5605 A52 =?606;4 1206@6; 6@ 12924.A21 A .; 6;12=2;12;A ?24B9.A? D5@2 =?232?2;02@ 1 ;A;202@@.?69F 06;0612 D6A5 A5@2 3 A52 4C2?;:2;A
  10. 10. 6@ B;./92 A 0::6A )52F .@@B:2 A5.A A52 ?24B9.A? 0.;;A /@2?C2 D52A52? 6;C2@A:2;A5.@ A.82; =9.02 /BA 0.; /@2?C2 A52 H?:J@ AA.9 0@A@ )52F @5D A5.A . =? 6;1B@A?F?24B9.A? 0.; C2?0:2 A52 ?.A052A 2O20A $B? .?A6092 42;2?.96G2@ A52@2 ?2@B9A@ A . /?.12?0;A2EA D5605 2;0:=.@@ C.?6B@ :12@ 3 0:=2A6A6; AF=2@ 3 6;C2@A:2;A .;1 3?:@3 ?24B9.A6; ; .116A6; D2 .99D A52 9246@9.A? A @2A A52 ?24B9.A?J@ /720A6C2 3B;0A6;0;16A6;.9 ; A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; .#$+ -5(1.-,$-3 ;@612? . ?24B9.A21 1B=9F A5.A 6;09B12@ 3B? =9.F2?@ A52 6;0B:/2;A A52 2;A?.;AA52 ?24B9.A? .;1 A52 9246@9.A? )52 H?: 6@ C2?A60.99F 6;A24?.A21 .;1 D;@. /AA92;208 6;=BA .;1 0.; 6;C2@A )52 H?: ;9F =2?.A2@ 6; A52 ?2A.69 :.?82A.;1 5.@ A /BF .002@@ A A52 6;0B:/2;AJ@ /AA92;208 6;=BA ,2 ?232? A A52 =?602 3 A52/AA92;208 6;=BA .@ .;1 12;A2 6A /F ,2 6;12E H?:@ D6A5 @B/@0?6=A )52 @2A@ A52 .002@@ =?602 )52 05@2@ A52 ?24B9.A?J@ /720A6C23B;0A6; )52 4.:2 5.@ 3B? @A.42@ D5605 B;391 .@ 399D@ ; @A.42 A52 9246@9.A? @2A@ A52D2645A@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6; ; @A.42
  11. 11. A52 6;0B:/2;A 120612@ D52A52? A6;C2@A ; @A.42 A52 @20A?.9 ?24B9.A? @2A@ A52 .002@@ =?602 ; @A.42 A52 2;A?.;A 120612@63 6A 2;A2?@ A52 :.?82A ? ;A 3A2?D.?1@ A52 H?:@ =9.F @:2 :.?82A 4.:2 ) 822= A52 :129 .@ 42;2?.9 .@ =@@6/92 D2 1 ;A :129 2E=9606A9F A52 :.?82A 4.:2;@A2.1 D2 .@@B:2 A5.A A52 :.?82A 4.:2 5.@ . B;6B2 2B696/?6B: F62916;4 ?21B021 3?:=?HA 3B;0A6;@ D6A5 ?2@=20A A D5605 D2 :.82 .@@B:=A6;@ 16?20A9F !.A2? 6; @20A6;@ .;1 D2 D699 =?C612 2E.:=92@ 3 @=206H0 :.?82A 4.:2@ A5.A :22A B? .@@B:=A6;@ 99 ?292C.;A 6;3?:.A6; /20:2@ 0::; 8;D92142 .@ A52 4.:2 B;391@ (1,2 A :645A /2 B@23B9 A A56;8 3 A52 6;0B:/2;AJ@ /AA92;208 6;=BA .@ . ;2AD?8 2 4 .A2920::B;60.A6;@ ;2AD?8 .; 2920A?606AF ;2AD?8 ? . ?.69D.F ;2AD?8 A 0@A ; A52 6;0B:/2;A 0.; :.82 .; 6;C2@A:2;A D5605 26A52? B=4?.12@ A52 ;2AD?8 ?12=9F@ . ;2D .;1 :?2 .1C.;021 ;2AD?8 9@ 3? A52 @.82 3 0;0?2A2;2@@ 6A :645A /2B@23B9 A A56;8 3 A52 6;C2@A:2;A .@ 6;0?2.@6;4 A52 B.96AF 3 ?2A.69 @2?C602@ D2C2? .99
  12. 12. 3 B? ?2@B9A@ .9@ .==9F 63 6;@A2.1 A52 6;C2@A:2;A 120?2.@2@ A52 :.?46;.9 0@A 3 ?2A.69@2?C602@ ,2 D699 B@2 @B=2?@0?6=A A 12;A2 D52A52? A52?2 D.@ 6;C2@A:2;A ? ;A?2@=20A6C29F 2;A2 /F . =.?.:2A2? A5.A :2.@B?2@ A52 B.96AF 3 A52 6;0B:/2;AJ@ /AA92;208 6;=BA 46C2; %.?.:2A2? A.82@ C.9B2 63 .;1 C.9B2 ; 63 2;A2 /F A52 4?@@ =?HA 3 H?: 3 A52?2 6@ ; 2;A?F .;1 A52
  13. 13. 6;1B@A?F 6@ . :;=9F A52 6;0B:/2;AJ@ 4?@@ =?HA 6@ 3 A52?2 6@ 2;A?F .;1 A52 6;1B@A?F 6@ . 1B=9F H?: J@ 4?@@ =?HA 6@ $3.1 + $4+ 3.1 )52 ?24B9.A? 6@ B;./92 A 0::6A A . ?24B9.A?F =960F 6 2 A .; .002@@ =?602 2;026A :.82@ 6A@ 05602 .3A2? /@2?C6;4 A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; .@ 6; ?6A 2A .9 2;A2 /F A52 0;@B:2? @B?=9B@ 3 A52?2 6@ ; 2;A?F 0;@B:2? @B?=9B@ 6@
  14. 14. # 3 A52?2 6@ 2;A?F 0;@B:2? @B?=9B@ 6@ # (06.9 D293.?2 6@ 3 A52?2 6@ ; 2;A?F @06.9 D293.?2 6@
  15. 15. #
  16. 16. 3 A52 A52?2 6@ 2;A?F@06.9 D293.?2 6@ # )52 ?24B9.A?J@ /720A6C2 3B;0A6; 6@ . D2645A21 @B: 3 0;@B:2? @B?=9B@ .;1 A52 H?:@J=?HA@ D52?2 .;1 .?2 A52 D2645A@ 3 A52 6;0B:/2;AJ@ =?HA .;1 0;@B:2? @B?=9B@ ?2@=20A6C29F D6A5
  17. 17. !2A #A2 A5.A )52 ?24B9.A? @2A@ A52 .002@@ =?602 A :.E6:6G2 @B/720A A A52 6;0B:/2;AJ@ =.?A606=.A6; 0;@A?.6;A 6C2; B? .@@B:=A6;@ ./BA =.FO@ 6;A?1B021 6; @20A6;
  18. 18. A52?2 6@ ; ;221 A 46C2 . D2645A 56452?A5.; A A52 2;A?.;AJ@ =?HA )52 9246@9.A? 0.; /A.6; . @6:69.? 2O20A /F .17B@A6;4 A52 D2645A@ A A52 A52?=.?A62@J@ =.FO@
  19. 19. $(2+ 3.1 *;9682 A52 ?24B9.A? A52 9246@9.A? 0.; 0::6A A . 9246@9.A6C2 1206@6; =2?5.=@ /20.B@2A52 9246@9.A6C2 1206@6; =?02@@ A.82@ 9;42? A5.; A52 ?24B9.A?F 1206@6; =?02@@ .;1 9;42;B45 3? A52 6;C2@A:2;A 0F092 2;02 A52 9246@9.A? :.82@ 6A@ 05602 /23?2 6;C2@A:2;A ; .116A6; A52 9246@9.A? @2A@ D2645A@ 12=2;16;4 ; D52A52? A52?2 D.@ 6;C2@A:2;A ?;A )56@ .@@B:=A6; 6@ 7B@A6H./92 /20.B@2 A52 ?24B9.A? ;9F 05@2@ A52 .002@@ =?602 .3A2?/@2?C6;4 D52A52? A52 6;0B:/2;A 5.@ 6;C2@A21 ? ;A D2C2? 6A ?2B6?2@ A5.A A52 9246@9.A?6@ ./92 A D?6A2 0:=92E 9.D@ ; @20A6; D2 0;@612? .9A2?;.A6C2 .@@B:=A6;@ )52 9246@9.A?J@ /720A6C2 3B;0A6; 6@ A52 ;2A @06.9 D293.?2 224,/3(.-2 !.43 8.:2 )5?B45BA A52 ?2:.6;12? 3 A52 .?A6092 D2 :.82 A52 399D6;4 .@@B:=A6;@ ./BA =.FO@ )52?2 6@ .; ; @B05 A5.A 63 .;1 ;9F 63
  20. 20. ! )52?2 6@ .; ; @B05 A5.A 63 .;1 ;9F 63 # B;0A6;@ .;1 # .?2 0;A6;BB@9F 16O2?2;A6./92 6; 3? .99 ; B;0A6;@ .;1
  21. 21. .?2 6;0?2.@6;4 6;
  22. 22. ? .99
  23. 23. 6@ 6;0?2.@6;4 6; .;1 ? .99
  24. 24. # 6@ 120?2.@6;4 6; .;1 # #
  25. 25. .;1 .?2 A205;60.9 .@@B:=A6;@ 6;A2;121 A .C61 A?6C6.96AF @A.A2@ A5.A3? . @BN062;A9F 5645 .002@@ =?602 A52 2;A?.;AJ@ =?HA /20:2@ ;24.A6C2 .;1 A5.A 3? .@BN062;A9F 9D .002@@ =?602 =@@6/9F ;24.A6C2 A52 6;0B:/2;AJ@ =?HA /20:2@ ;24.A6C2 ;.116A6; A52?2 .?2 .002@@ =?602@ @B05 A5.A /A5 H?:@ 5.C2 =@6A6C2 =?HA@ @A.A2@ A5.AA52 6;C2@A:2;A 6:=?C2@ D293.?2 .99 29@2 0;@A.;A
  26. 26. .;1 .?2 A52 @B/@A.;A6C2 .@@B:=A6;@ 3 B? .==?.05
  27. 27. @A.A2@ A5.A A526;0B:/2;AJ@ =?HA 6@ 6;0?2.@6;4 6; A52 .002@@ =?602 .;1 0.; /2 7B@A6H21 .@ 399D@ ; 00?16;4 A (=B9/2? .;1 2@.;8 AF=60.99F .1:6;6@A?.A6C2 ?24B9.A?@ .?2 2@A./96@521 /23?2 A5220;:60 =.?.:2A2?@ A5.A .O20A ?24B9.A?F BA0:2@ .?2 /@2?C21 2;02 @A.ABA?F 0;@A?.6;A@ =?C612 .:2.;@ 3 0::6A:2;A 3? A52 9246@9.AB?2 A5.A ?2@A?60A@ 3BAB?2 ?24B9.A?F 1206@6;@
  28. 28. 6;0?2.@2 6; A52 .002@@ =?602 6;0?2.@2@ A52 6;0B:/2;AJ@ 0@A .1C.;A.42 C2? 6A@ ?6C.9 .;1 A526;0B:/2;AJ@ D592@.92 :.?46; D2C2? 6;0?2.@6;4 A52 .002@@ =?602 5.@ A52 ;24.A6C2 2O20A3 120?2.@6;4 A52 ;B:/2? 3 B;6A@ @91 /F A52 2;A?.;A ,2 .@@B:2 A52 9.AA2? 2O20A 6@ .9D.F@D2.82? A5.; A52 @B: 3 A52 AD 3?:2? 2O20A@ @ A5.A A52 6;0B:/2;AJ@ =?HA 6;0?2.@2@ D6A5A52 .002@@ =?602 @A.A2@ A5.A 0;@B:2? @B?=9B@ 6@ 120?2.@6;4 6; A52 .002@@ =?602 .;1 0.;/2 7B@A6H21 .@ 399D@ )52 56452? A52 .002@@ =?602 A52 56452? A52 2;A?.;AJ@ :.?46;.9 0@A6@ .;1 A5B@ A52 56452? A52 ?2A.69 =?602 6A 05.?42@ ; .116A6; A52 6;0B:/2;A 6@ 92@@ D??621./BA 9@6;4 @B/@0?6/2?@ A A52 2;A?.;A /20.B@2 A52 6;0?2.@2 6; A52 D592@.92 ?2C2;B2@0:=2;@.A2 3? A56@ @ . ?2@B9A A52 =?602@ 3 /A5 H?:@ 6;0?2.@2 A52?2/F 120?2.@6;40;@B:2? @B?=9B@
  29. 29. 04(+(!1(4, .-$/3 )52 @B/ 4.:2 =2?320A #.@5 2B696/?6B: 6@ ( . @2A 3 D2645A@ A A52 ?24B9.A?J@ /720A6C23B;0A6; (( .; 6;C2@A:2;A 1206@6; ((( .; .002@@ =?602 A A52 ;2AD?8 .;1 (5. 1206@6; 3 D52A52? A 2;A2? A52 :.?82A @B05 A5.A A52 1206@6; A 2;A2? A52 :.?82A :.E6:6G2@ A52 2;A?.;AJ@ =?HA@ 46C2; A52 @2A 3D2645A@ A A52 ?24B9.A?J@ /720A6C2 3B;0A6; A52 6;C2@A:2;A 1206@6; .;1 A52 .002@@ =?602@ A52 .002@@ =?602 3? ;2AD?8 :.E6:6G2@ A52 ?24B9.A?J@ /720A6C2 3B;0A6;46C2; A52 @2A 3 D2645A@ A A52 ?24B9.A?J@ /720A6C2 3B;0A6; A52 6;C2@A:2;A 1206@6; .;1A52 =A6:.9 2;A?F 1206@6; A52 6;C2@A:2;A 1206@6; :.E6:6G2@ A52 6;0B:/2;AJ@ =?HA@ 46C2; A52 @2A 3 D2645A@ AA52 ?24B9.A?J@ /720A6C2 3B;0A6; A52 =A6:.9 .002@@ =?602@ .;1 A52 =A6:.9 2;A?F 1206@6; A52 @2A 3 D2645A@ A A52 ?24B9.A?J@ /720A6C2 3B;0A6; :.E6:6G2@ @06.9 D293.?2 46C2;A52 =A6:.9 6;C2@A:2;A 1206@6; A52 =A6:.9 .002@@ =?602@ .;1 A52 =A6:.9 2;A?F 1206@6; 04(+(!1(4, .% ,$ ; A56@ (20A6; D2 05.?.0A2?6G2 A52 2B696/?6B: 3 A52 4.:2 D5605 D2 0;@A?B0A /FD?86;4 /.08D.?1@ 3 $ -318 $(2(.- #2EA D2 12A2?:6;2 A52 2;A?.;AJ@ =A6:.9 1206@6; 3 D52A52? A 2;A2? A52 :.?82A ,52; 6;16O2?2;A /2AD22; 2;A2?6;4 .;1 ;A 2;A2?6;4 A52 2;A?.;A 05@2@ A52 3?:2?
  30. 30. 6C2; . A52 2;A?.;A 05@2@ ;A A 2;A2? .;1 A52 :.?82A 6@ . :;=9F 63 .;1 ;9F 63 A52 ?24B9.A? @2A@
  31. 31. 2;02 A52 6;0B:/2;AJ@ 4?@@ =?HA 6@ 46C2; /F 63
  32. 32. 63
  33. 33. A52 2;A?.;AJ@ =?HA /F 63 63
  34. 34. 0;@B:2? @B?=9B@ /F # 63 #
  35. 35. 63
  36. 36. .;1 @06.9 D293.?2 /F 63
  37. 37. 63
  38. 38. 3 $ $4+ 3(.- .% 3$ $22 1($ #2EA D2 05.?.0A2?6G2 A52 ?24B9.A?J@ =A6:.9 .002@@ =?602 05602 6?@A D2 12H;2 A52 @06.99F =A6:.9 .002@@ =?602 ? A52 6;0B:/2;AJ@ =.?A606=.A6; 0;@A?.6;A 6@ C69.A21 ?
  39. 39. A52?2 6@ ; 2;A?F .;1 /20:2@ 6??292C.;A 2;02 A52 :.?82A 6@ . 1B=9F 63 6@ ;
  40. 40. 2;A2 /F A52 .002@@ =?602 A5.A :.E6:6G2@ D293.?2 46C2; A5.A A52?2 6@ 2;A?F .;1 A5.AA52 6;0B:/2;A 5.@ :.12 6A@ 6;C2@A:2;A 1206@6; 6 2 ( ; @@B:2 A5.A 6@ B;6B2 A @6:=96H2@ 2E=@6A6; A 12;A2 /F
  41. 41. .; .?/6A?.?F 292:2;A 3 2;A2 /F A52 # .002@@ =?602 6 2 (
  42. 42. ; +.9B2 2E6@A@ /20.B@2
  43. 43. 6@ 0;A6;BB@ ;
  44. 44. $/C6B@9F 63
  45. 45. .;1
  46. 46. A52?D6@2 ; A52 9.A2? 0.@26A 6@ @06.99F =A6:.9 A 6:=@2 ; .002@@ /964.A6;@ F 12H;6A6; 6;C9C2@ . D293.?2 9@@ ,2 1 ;A :129 2E=9606A9F A52 :.?82A4.:2 B;A69 @20A6; D2C2? A 6;A2?=?2A @:2 3 B? ?2@B9A@ 6; @20A6; 6A 6@ B@23B9A 822= 6; :6;1 A5.A A52@2 D293.?2 9@@2@ .?2 0.B@21 /F A52 16@A?A6;@ 6; A52 ?2A.69 :.?82A 4
  47. 47. 6;0?2.@2@ ?2A.69 =?602@ .;1 A52?2/F A52 12.1D2645A 9@@ ./C2 A52 @06.99F=A6:B: 6C2; A52 2;A?.;AJ@ =A6:.9 2;A?F 1206@6; A52 ?24B9.A?J@ /720A6C2 3B;0A6; 6@ 63 #
  48. 48. # 63
  49. 49. )52 6;0B:/2;AJ@ =.?A606=.A6; 0;@A?.6;A 6@ 2B6C.92;A A 6@ ; 2;A2 /F A52 ?24B9.A?J@ =A6:.9 1206@6; ? ; A52 399D6;4H?@A ?12? 0;16A6; 591@ # )52 ;2EA !2::. 12@0?6/2@ 5D A52 ?24B9.A?J@ =A6:.9 .002@@ =?602 C.?62@ D6A5 A52D2645A@ 3? 0;@B:2? @B?=9B@ .;1 A52 6;0B:/2;AJ@ =?HA $,, 1..% !2A A 399D@ 3?: A52 12H;6A6; 3 6;A2?6? :.E6:B: .;1 A526:=9606A 3B;0A6; A52?2: A5.A
  50. 50. # # #
  51. 51. # # # # )52;
  52. 52. .;1 6:=9F A5.A !2A
  53. 53. ? *;12? A52@2 0;16A6;@ 0.; ;9F 120?2.@2 6;0?2.@2 .;1 ;9F 63 6;0?2.@2@ ,52; :.F 120?2.@2 ? 6;0?2.@2 63 ? 6;0?2.@2@ ?2@=20A6C29F 3 A52 9246@9.A? 46C2@ A52 @.:2 D2645A A A52 =.FO@ 3 .99 =.?A62@ 6; A52 ?24B9.A?J@/720A6C2 3B;0A6; A52 ?24B9.A? :.E6:6G2@ @06.9 D293.?2 .;1 @2A@ A52 .002@@ =?602 .A A52 ,2 .@@B:2 A5.A A52 9246@9.A? =?C612@ A52 ?24B9.A? D6A5 . A62 /?2.86;4 ?B92 2 4 05@2 A52 9D2@AC.9B2 ? A52 56452@A C.9B2 @B05 A5.A A52 =A6:.9 .002@@ =?602 6@ B;6B2
  54. 54. # 92C29 3 A52 9246@9.A? 46C2@ @BN062;A9F :?2 D2645A A 0;@B:2? @B?=9B@ A5.; A H?:@J =?HA@
  55. 55. A52 ?24B9.A? @2A@ A52 .002@@ =?602 /29D A52 # 92C29 =?C6121 A5.A
  56. 56. ? . @BN062;A9F 5645 D2645A A 0;@B:2?@B?=9B@ A52 6;0B:/2;AJ@ =.?A606=.A6; 0;@A?.6;A /20:2@ /6;16;4 6;.99F 63 A52 9246@9.A?46C2@ @BN062;A9F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA A5.; A A52 A52? =.?A62@J =.FO@
  57. 57. A52 ?24B9.A? @2A@ A52 .002@@ =?602 ./C2 A52 # 92C29
  58. 58. =?C6121 A5.A
  59. 59. 4.6; 3? . @BN062;A9F 5645 D2645A A A52 6;0B:/2;AJ@ =?HA A52 2;A?.;AJ@ =.?A606=.A6; 0;@A?.6;A 6@ C69.A21 .;1 A52 ?24B9.A? @2A@
  60. 60. ? 2B6C.92;A9F 12@;A 6:=@2 .;F =2; .002@@ /964.A6;@ 2;A2 /F A52 9D2@A C.9B2 3 A52 D2645A 3 0;@B:2? @B?=9B@ @B05 A5.A A52 6;0B: /2;AJ@ =.?A606=.A6; 0;@A?.6;A 6@ /6;16;4 6 2 .;1 12;A2 /F A52 9D2@A D2645A 3 A52 6;0B:/2;AJ@ =?HA @B05 A5.A A52 ?24B9.A? @2A@
  61. 61. 3 $ -5$23,$-3 $(2(.- #2EA D2 05.?.0A2?6G2 A52 6;0B:/2;AJ@ =A6:.9 6;C2@A:2;A 1206@6; 2;A2 A52 6;0?2:2;A.9 =?HA 3 6;C2@A:2;A 4?@@ 3 6;C2@A:2;A 0@A@ /F )52 6;0B:/2;A 6;C2@A@ 63 A52 6;0?2:2;A.9 =?HA 3 A52 6;C2@A:2;A 6@ ; @:.992? A5.; A526;C2@A:2;A 0@A ;C2@A:2;A 5.@ AD 2O20A@ 6?@A 6A 5.@ . 16?20A 2O20A C2? A52 6;0B:/2;AJ@ =?HA(20;1 6A 5.@ .; 6;16?20A 2O20A 3 6;1B06;4 . 05.;42 6; A52 .002@@ =?602 )52 ;2EA !2::. 12@0?6/2@ 5D A52 6;0?2:2;A.9 =?HA 3 6;C2@A:2;A C.?62@ D6A5 A52D2645A@ 3 0;@B:2? @B?=9B@ .;1 A52 6;0B:/2;AJ@ =?HA 6; A52 ?24B9.A?J@ /720A6C2 3B;0A6; $,, 1..% 99D@ 3?:
  62. 62. .;1 !2::. ?: 2B.A6; A52 6;0?2:2;A.9 =?HA 3 6;C2@A:2;A 6@ 6;0?2.@6;4 6; .;1 120?2.@6;4 6; ?: !2::. 6@ ;; 120?2.@6;4 6; .;1 ;; 6;0?2.@6;4 6; A 6@ .9@ =@@6/92 A5.A 6; D5605 0.@2 . 56452? D2645A A 0;@B:2? @B?=9B@ DB91 :.82 A52?24B9.A?J@ =A6:.9 .002@@ =?602 2B.9 A A52 H?@A /2@A
  63. 63. 2;02 /F @2AA6;4 5645 C.9B2@ 3? .;1 ? /F @2AA6;4 5645 C.9B2@ 3? .;1 A529246@9.A? 0.; ?2@=20A6C29F 2;0B?.42 ? 16@0B?.42 6;C2@A:2;A 6C2; !2::.
  64. 64. 6A 399D@ A5.A
  65. 65. 2;02 6A 6@ =@@6/92 A 6;1B02 A52 6;0B:/2;A A 6;C2@A ;9F 63 6@ ; 3 $ $(32 .% $4+ 3.192 !)$3(5$ 4-3(.- #2EA D2 05.?.0A2?6G2 A52 9246@9.A?J@ =A6:.9 D2645A 05602 1206@6; ,2 @A.?A /F 12H;6;4 @:2 6:=?A.;A A5?2@591@ 2;A2 /F A52 6;0?2:2;A.9 @06.9 D293.?2 3 6;C2@A:2;A )52 9246@9.A? D52; @2AA6;4 A52 D2645A@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6;05@2@ 6;16?20A9F A52 .002@@ =?602@ ; 16;4 @ 6A 3.02@ . A?.12 O $; A52 ;2 5.;1 3?:
  66. 66. A52 6;02;A6C2@ A 6;C2@A .?2 56452? A52 56452? 6@ 0:=.?21 A $; A52 A52? 5.;1 3? A52?2 6@ . D293.?2 9@@ 0.B@21 /F A52 16@A?A6;@ 6; A52 ?2A.69 :.?82A 2;A2 /F A52 56452@A 92C29 3 A52 6;C2@A:2;A 0@A 3? D5605 6;C2@A:2;A 6;0?2.@2@D293.?2 46C2; A5.A A52 ?24B9.A?J@ /720A6C2 3B;0A6; 6@ ;A 16@A?A21 63 A52?2 6@ 6;C2@A:2;A 6 2 46C2; 6:=962@ 6@ ; ,2 D699 @.F A5.A 6;C2@A:2;A 6@ # 63 6A 6;0?2.@2@ @06.9D293.?2 2C.9B.A21 .A A52 # .002@@ =?602@ 6 2
  67. 67. .;1 A5.A 6;C2@A:2;A 6@ 63 46C2; A52 .002@@ =?602@ @2A /F A52 ?24B9.A? 6A 6;0?2.@2@ @06.9 D293.?2 62
  68. 68. #.AB?.99F 3? ; A52 9246@9.A? 12@ ;A D.;A A 6;1B026;C2@A:2;A 2;A2 /F A52 56452@A 92C29 3 A52 6;C2@A:2;A 0@A 3? D5605 A52 6;0B:/2;A 6;C2@A@ 46C2; A5.A A52 ?24B9.A?J@ /720A6C2 3B;0A6; 6@ ;A 16@A?A21 6 2
  69. 69. +.9B2 :.F /2 2B.9 A G2? 63 A52 6;0B:/2;AJ@ =?HA 4?@@ 3 A52 6;C2@A:2;A 0@A 12@ ;A 6;0?2.@2 D6A5 6;C2@A:2;A 3? ,2 D699 @.F A5.A A52?2 6@ 63 A52 6;0B:/2;A 12@ ;A 6;C2@A D52; 6;C2@A:2;A 6@ # .;1 A5.A A52?2 6@ 63 A52 6;0B:/2;A 6;C2@A@ D52; 6;C2@A:2;A6@ ;A . # )56@ 6@ A52 0.@2 3 A52 A2996;4 :129 =?2@2;A21 6; @20A6; .;1 A52 @F::2A?60 B?;A :129=?2@2;A21 6; @20A6;
  70. 70. ; A52 ./@2;02 3 16@A?A6;@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6; 63 A52?2:.F /2 .;1 63 A52?2 :.F /2 )52 399D6;4.@@B:=A6; @A.A2@ B;12? D5605 0;16A6;@ A52?2 :.F /2 . .;1 / ?2@=20A6C29F !2A ! !2A
  71. 71. ; A52 ?2:.6;12? 3 A52 .?A6092 2E02=A 6; @20A6; D2 .@@B:2 A5.A . 591@ ? ; A52 9246@9.A? 0.; @2A A52 ?24B9.A?J@ /720A6C2 3B;0A6; A /2 2B.9 A@06.9 D293.?2 ? ; A52 9246@9.A? 0.; ;9F 6;1B02 6;C2@A:2;A /F 16@A?A6;4A52 ?24B9.A?J@ /720A6C2 3B;0A6; .D.F 3?: @06.9 D293.?2 .A 92.@A 6; A52 ; 6;C2@A:2;A0.@2 2;A2 /F A52 56452@A 92C29 3 A52 6;C2@A:2;A 0@A 3? D5605 A52 6;0B:/2;A 6;C2@A@ 46C2; .;1
  72. 72. ?: !2::.
  73. 73. 6@ ; ? ; 6;C2@A:2;A 00B?@ D6A5BA .;F 16@A?A6; 6; A52 ?2A.69 :.?82A 6 2 00B?@ D6A5 .;1 ? .9A2?;.A6C29F D6A5 .;1 99 A5.A 6@ ?2B6?21 6@ A5.A A52 9246@9.A? @2A@ D2645A@ 3? A52?24B9.A?J@ /720A6C2 3B;0A6; @B05 A5.A A52 6;0B:/2;AJ@ =.?A606=.A6; 0;@A?.6;A 6@ /6;16;463 A52?2 6@ ; 6;C2@A:2;A 3 A52 9246@9.A? 6@ ./92 A 6;1B02 # 6;C2@A:2;A D6A5BA 16@A?A6;@7B@A /F A5?2.A2;6;4 A52 6;0B:/2;A D6A5 . 56452? D2645A ; 0;@B:2? @B?=9B@ 63 A52?2 6@ ;6;C2@A:2;A )52 399D6;4 .@@B:=A6; @A.A2@ B;12? D5605 0;16A6;@ A56@ :.F ? :.F ;A00B? ?2@=20A6C29F
  74. 74. !2A ! !2A
  75. 75. )52 ;2EA !2::. @B::.?6G2@ A52 9246@9.A?J@ =A6:.9 1206@6; D52; 6A 6@ =@@6/92 A6;1B02 # 6;C2@A:2;A D6A5BA 16@A?A6;@$,,
  76. 76. ! ! #2EA D2 0;@612? A52 0.@2 D52?2 / 591@ ,2 @A.?A /F 12A2?:6;6;4 A52 /2@A D.F3?: A52 9246@9.A?J@ =2?@=20A6C2 3 6;1B06;4 6;C2@A:2;A ? ; 6;C2@A:2;A 00B?@ D6A5BA .;F 16@A?A6; 6; A52 ?2A.69 :.?82A .@2E=9.6;21 ./C2
  77. 77. ? ; A52 9246@9.A? 0.; ;9F 6;1B02 6;C2@A:2;A /2 16@A?A6;4 A52 ?2 A.69 :.?82A 6 2 D6A5
  78. 78. 2;02 A 12A2?:6;2 A52 /2@A D.F 3 6;1B06;4 6;C2@A:2;A A52 9246@9.A? 05@2@ .;1 A :.E6:6G2 D293.?2 @B/720A A A52 6;0B:/2;A 6;16C61B.9 =.?A606=.A6; 0;@A?.6;A 2;02 6A @5B91 @2A A ?29.E A52 0;@A?.6;A 2;A2 /F A52 9D2@A D2645A 3 A52 6;0B:/2;AJ@ =?HA A5.A :.E6:6G2@ D293.?2 46C2;A5.A A52 6;0B:/2;A 6;C2@A@ ( +.9B2 6@ 56452? A5.; .;1 ;; 120?2.@6;4 6; ,2 ;D 2@A./96@5 B;12? D56050;16A6;@ 6;1B06;4 6;C2@A:2;A 6;0?2.@2@ D293.?2 2;A2 /F A52 56452@A 92C29 3 A52 6;C2@A:2;A 0@A 3? D5605 6A 6@ =@@6/92 A 6;1B02 @06.99F 12@6?./92 6;C2@A:2;A 46C2; A5.A ( 92.?9F 6@ ;
  79. 79. ; =.?A60B9.? D2 :.F 5.C2
  80. 80. 3? D5605 6:=962@ A5.A .9A5B45 6;C2@A:2;A 6@ @06.99F 12@6?./92 3? 56452? C.9B2@3 A52 6;C2@A:2;A 0@A 6A 6@ 6:=@@6/92 A 6;1B02 A52 6;0B:/2;A A 6;C2@A ; A56@ 0.@2
  81. 81. ? ; 6A 6@ =@@6/92 A 6;1B02 A52 6;0B:/2;A A 6;C2@A B?A52?:?2 6;C2@A:2;A 6@ @06.99F 12@6?./92 6 2 A52 D293.?2 /2;2HA@ 3 6;C2@A:2;A BAD2645 A52 D293.?2 9@@ 0.B@21 /F A52 16@A?A6;@ 6; A52 ?2A.69 :.?82A 6;1B021 /F
  82. 82. 2;02 A52 3 A52 D293.?2 3B;0A6; 6@ 120?2.@6;4 6; A52 .002@@ =?602 3? .;F A52 0;@A?.6;A 6@ /6;16;4 .A 6 2 A52 9246@9.A? @5B91 05@2 A52 9D2@A D2645A ; A52 6;0B:/2;AJ@ =?HA @B05 A5.AA52 6;0B:/2;A 6;C2@A@ 3 ; A52 A52? 5.;1 A52 D293.?2 3B;0A6; 6@ ;; :;A;60 3? D2 :.F5.C2 .A ; A56@ 0.@2 6@ 6;12=2;12;A 3 )52 D293.?2 3B;0A6; 6@ 120?2.@6;46; A52 0.@2 3 B?;A 0:=2A6A6; .;1 ;; :;A;60 6; A52 0.@2 3 A2996;4 :129 /A5 =?2@2;A21 6;@20A6; B;0A6; 6@ ;; 6;0?2.@6;4 6; A52 56452? 6@ A52 @A?;42? A52 0;@A?.6;A A5.A 92.1@A52 6;0B:/2;A A 6;C2@A
  83. 83. 9246@9.A? @A699 =?232?@ A 6;1B02 6;C2@A:2;A .;1 @2A@
  84. 84. )52 D2645A 46C2; AA52 6;0B:/2;AJ@ =?HA :.F /2 @B05 A5.A A52 ?24B9.A? 6;1B02@ . :;=9F )56@ 5.==2;@ 63 /BA ;A ;9F 63 6@ ; ; A56@ 0.@2 A52 6;0B:/2;A DB91 ;2C2?6;C2@A 63 A52?2 6@ . 1B=9F .3A2? 6;C2@A:2;A .;1 A52 9246@9.A? DB91 =?232? . :;=9F.3A2? 6;C2@A:2;A A . 1B=9F D6A5BA 6;C2@A:2;A ? ; 6A 6@ 26A52? 6:=@@6/92 A 6;1B02 6;C2@A:2;A ? 6;C2@A:2;A 6@ @06.99F B;12@6?./92 6 2 A52 C.9B2 3 ?2B6?21 A 6;1B02 6;C2@A:2;A 6@ @ 5645 A5.A A52 D293.?2 9@@ 0.B@21 /F A52 .@@06.A21 16@A?A6;@ 6; A52 ?2A.69 :.?82A BAD2645 A52 D293.?2/2;2HA@ 3 6;C2@A:2;A 2;02 A52 9246@9.A? 12@ ;A D.;A A 6;1B02 6;C2@A:2;A .;1 46C2@2B.9 D2645A@ A .99 =.?A62@J =.FO@ !2::.
  85. 85. @B:@ B= A52 9246@9.A?J@ =A6:.9 1206@6; 3? A52 0.@2 D52?2 6;1B06;4 # 6;C2@A:2;A :.F 6;C9C2 16@A?A6;@$,,
  86. 86. ! .;1 ! .;1 ! .;1 )52 9246@9.A?J@ ./696AF A 16@A?A A52 ?24B9.A?J@ /720A6C2 3B;0A6; .D.F 3?: @06.9D293.?2 6 2 A52 ./696AF 3 @2AA6;4
  87. 87. .99D@ 6;1B06;4 # 6;C2@A:2;A 3? ; /BA ;A 3? ; ;1B06;4 6;C2@A:2;A 3? ; ?2B6?2@ 6;0?2.@6;4 A52 D2645A A 0;@B:2? @B?=9B@ 63 A52?2 6@ ; 6;C2@A:2;A ;1B06;4 6;C2@A:2;A3? ; ?2B6?2@ /A5 6;0?2.@6;4 A52 D2645A 3 0;@B:2? @B?=9B@ 63 A52?2 6@ ; 6;C2@A:2;A .;1 6;0?2.@6;4 A52 D2645A 3 A52 6;0B:/2;AJ@ =?HA 63 A52?2 6@ 6;C2@A:2;A 04(+(!1(4, .% 3$ .+$ ,$ )52 ;2EA %?=@6A6; @B::.?6G2@ A52 2B696/?6B: 3 A52 D592 4.:21./.2(3(.-
  88. 88. ; A52 0.@2 3 ;
  89. 89. A52 9246@9.A? 0B91 @2A D2645A@ @B05 A5.A A52 ?24B9.A? DB91 :.E6:6G2 @06.9D293.?2 6; 0.@2 3 ; 6;C2@A:2;A D2C2? 3? 2E=@6A6; 0;C2;62;02 .;1 46C2; A52 D293.?2 2B6C.92;02D2 .@@B:2 A5.A A52 9246@9.A? @2A@ A52 D2645A@ .@ 3? A52 0.@2 3
  90. 90. ! ! !
  91. 91. ! ! ! 1..% 99D@ 3?: !2::.
  92. 92. .;1
  93. 93. 3 . 591@ A52 9246@9.A? 6@ .9D.F@ ./92 A 6;1B02 # 6;C2@A:2;A /F A5?2.A2;6;4 A52 6;0B:/2;A D6A5 . 9D .002@@ =?602 63 A52?2 6@ ; 6;C2@A:2;A 3 / 591@ D52; 6;C2@A:2;A 6@ . # A52?2 .?2 A5?22 AF=2@ 3 2B696/?6.12=2;16;4 ; A52 C.9B2 3 A52 6;C2@A:2;A 0@A 6?@A 63 A52 6;C2@A:2;A 0@A 6@ 9D 6 2 63 6@ ; A52 9246@9.A? 46C2@ A52 @.:2 D2645A A A52 =.FO@ 3 .99 =.?A62@ 63 A52?2 6@6;C2@A:2;A .;1 46C2@ ?29.A6C29F :?2 D2645A A 0;@B:2? @B?=9B@ 63 A52?2 6@ ; 6;C2@A:2;A
  94. 94. (2AA6;4
  95. 95. 6;C9C2@ . 0?216/92 BA 3 A52 2B696/?6B: A5?2.A A A52 6;0B:/2;A 3 3.06;4 . 9D .002@@ =?602 63 A52?2 6@ ; 6;C2@A:2;A )56@ 6;1B02@ A52 6;0B:/2;A A6;C2@A (20;1 63 A52 6;C2@A:2;A 0@A A.82@ 6;A2?:216.A2 C.9B2@ 6 2 63 6@ ; A52 9246@9.A? 46C2@ ?29.A6C29F :?2 D2645A A 0;@B:2? @B?=9B@ 63 A52?2 6@ ; 6;C2@A:2;A
  96. 96. .;1 46C2@ ?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA 63 A52?2 6@ 6;C2@A:2;A
  97. 97. ;A52? D?1@ ;D A52 9246@9.A? ;A ;9F A5?2.A2;@ A52 6;0B:/2;A D6A5 . 9D .002@@ =?602 63 A52?2 6@ ; 6;C2@A:2;A /BA .9@ ?2D.?1@ A52 6;0B:/2;A D6A5 . 5645 .002@@ =?602 63 A52?2 6@ 6;C2@A:2;A
  98. 98. 4.6; A52 6;0B:/2;A 6;C2@A@ )56?1 63 A52 6;C2@A:2;A 0@A6@ 5645 6 2 63 6@ ; 6A 6@ 6:=@@6/92 A 6;1B02 6;C2@A:2;A ? A52 16@A?A6;@ A529246@9.A? ;221@ A 6:=@2 A 6;1B02 6;C2@A:2;A .?2 A 5645 2;02 A52 9246@9.A? 46C2@A52 @.:2 D2645A A A52 =.FO 3 .99 =.?A62@ D52A52? A52?2 6@ 6;C2@A:2;A ? ;A .;1 A526;0B:/2;A 12@ ;A 6;C2@A #A2 A5.A 6; .;F 0.@2 D52; 6@ ; 6;C2@A:2;A 6@ ;A . # 2;02 A529246@9.A? 46C2@ A52 @.:2 D2645 A A52 =.FO@ 3 .99 =.?A62@ D52A52? A52?2 6@ 6;C2@A:2;A ?;A A 16@0B?.42 6;C2@A:2;A
  99. 99. (B::6;4 B= A52 9246@9.A? /F @2AA6;4 A52 D2645A@ A A52 ?24B9.A? /720A6C2 3B;0A6;6;1B02@ A52 ?24B9.A? A 05@2 .; .002@@ =?602 .3A2? 6;C2@A:2;A 2B.9 A A52 ;2 3 .;5F=A52A60.9 ?24B9.A? ./92 A 0::6A A .; .002@@ =?602 /23?2 6;C2@A:2;A
  100. 100. .-24,$1 41/+42 #2EA D2 12A2?:6;2 63 0;@B:2?@ .?2 /2AA2? O D6A5 A52 =@@6/696AF 3 A52 ?24B9.A? 46C6;4?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA@ A5.; A A52 =.FO@ 3 A52 A52? =.?A62@ 00?16;4 A %?=@6A6; A52 9246@9.A? D699 ;9F 46C2 ?29.A6C29F :?2 D2645A A A526;0B:/2;AJ@ =?HA 63 / 591@ .;1 6; =.?A60B9.? ;9F 3? ; ; A56@ 0.@2A52 9246@9.A? 46C2@ :?2 D2645A A A52 6;0B:/2;AJ@ =?HA 63 A52?2 6@ 6;C2@A:2;A A 6;1B02A52 ?24B9.A? A @2A A52 .002@@ =?602 ./C2 A52 # 92C29 :=.?21 A . 0;A2EA D52?2 A52 D2645A@ 46C2; A A52 =9.F2?@J =.FO@ .?2 .99 2B.9 6A6@ =A6:.9 3? 0;@B:2?@ A5.A A52 9246@9.A? 46C2@ ?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@=?HA 63 ;202@@.?F 0;16A6; 3? A52 ./C2 A 591 3? ; 6@ A5.A 0;@B:2?@ /2;2HA 3?: 6;C2@A:2;A D52; A52 ?24B9.A? :.E6:6G2@ A52 @06.9 D293.?2 3B;0A6; .;1 @2A@ 6263
  101. 101. )56@ :A6C.A2@ A52 ;2EA .@@B:=A6; !2A
  102. 102. 2;A2 /F A52 56452@A 92C29 3 6;C2@A:2;A 0@A 3? D5605 0;@B:2?@ .?2 6;16O2?2;A/2AD22; /BF6;4 @2?C602@ 63 A52?2 6@ 6;C2@A:2;A D52; A52 9246@9.A? 46C2@ ?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA
  103. 103. .;1 /BF6;4 @2?C602@ 63 A52?2 6@ ; 6;C2@A:2;A D52; A52 .002@@ =?602 2B.9@ )52 ;2EA !2::. =?2@2;A@ A52 ?.;42 3 =.?.:2A2?@ 3? D5605 0;@B:2?@ .?2 /2AA2? O D6A5A52 =960F 3 46C6;4 ?29.A6C29F :?2 D2645A A A52 6;0B:/2;AJ@ =?HA@ A 6;1B02 6;C2@A:2;A$,,
  104. 104. !
  105. 105. ! 1..% 6C2; .@@B:=A6; .;1 8;D6;4 /F !2::. A5.A 6@ ;; 6;0?2.@6;4 6; D5605 6@ ;; 120?2.@6;4 6; D2 5.C2 @@B:6;4 A5.A
  106. 106. A52; 6:=962@ 3? .99 3 A52?2 6@ . @B05 A5.A 63 .;1 ;9F 63
  107. 107. 3 0;@B:2?@ D699 ;2C2? /2 D?@2 O 63 A52 ?24B9.A? 46C2@ ?29.A6C29F :?2D2645A A A52 6;0B:/2;AJ@ =?HA $A52?D6@2 0;@B:2? @B?=9B@ :.F 120?2.@2 ? 6;0?2.@2 3A52 6;C2@A:2;A 0@A 6@ 9D A52 16@A?A6;@ 6; A52 .002@@ =?602 ?2@B9A6;4 3?: A52 9246@9.A?@2AA6;4 . 56452? D2645A A A52 6;0B:/2;AJ@ =?HA A 6;1B02 6;C2@A:2;A .?2 .9@ 9D 2;020;@B:2?@ .?2 /2AA2? O D6A5 A56@ =960F 12@=6A2 5.C6;4 A =.F 56452? ?2A.69 =?602@ /20.B@2A52F 0;@B:2 56452? B.96AF @2?C602@ 3 A52 6;C2@A:2;A 0@A 6@ 5645 A52 16@A?A6;@ ?2B6?21A 6;1B02 6;C2@A:2;A .?2 56452? .;1 A52?23?2 ?2A.69 =?602@ .?2 .9@ 56452? .;1 0;@B:2?@:.F /2 D?@2 O 12@=6A2 A52 3.0A A5.A A52F ;D 5.C2 56452? B.96AF @2?C602@ .C.69./92 7 ,/+$2 ; A56@ (20A6; D2 =?2@2;A AD :129@ 3 A52 ?24B9.A6; 96A2?.AB?2 A5.A 3B9H99 B? .@@B:=A6;@ ; =.FO@ .3$++(- 6(3 $ 3(5$+8 +./$# $, -#2 )52 H?@A 2E.:=92 D2 =?2@2;A 6@ @6:69.? A A52 ;2 3 649.6@2? .;1 2?./. .;1 ?6A 2A .9 )56@ :129 .@@B:2@ 0;@B:2?@ .?2 B;63?:9F 16@A?6/BA21 .9;4. A2996;4 96;2 3.06;4 A?.;@=?A.A6; 0@A@ $( A A?.C29 16@A.;02 ( .05 0;@B:2? 5.@ . 12:.;1 3B;0A6; 46C2; /F ! ) D52?2 ! 6@ A52 ;B:/2? 3 B;6A@ =B?05.@213?: H?: 6@ A52 =2? B;6A =?602 3 A52 @2?C602@ 3 H?: .;1 ) 6@ . 12:.;1=.?.:2A2? .@@B:21 A /2 @BN062;A9F 9.?42 ?2C2? .@@B:2 A52 6;0B:/2;AJ@ D592@.92:.?46;.9 0@A 6@ 0;@A.;A .;1 2B.9 A D5692 6A@ ?2A.69 .0A6C6A62@ 5.C2 . G2? :.?46;.9 0@A )52 2;A?.;A 5.@ :.?46;.9 0@A@ ;
  108. 108. 63 6A B@2@ ;2AD?8 6?:@ 05.?420;@B:2?@ AD =.?A $ )56@ 3B99 0;@B:2? =.?A606=.A6; :129 C2?6H2@ B? .@@B:=A6;@ A ..;1 .;1 A52 2;A?.;AJ@ =?HA@ .?2 6;C.?6.;A A 6;C2@A:2;A )52 # .002@@ =?6026@ 2B.9 A :.?46;.9 0@A 3? D5605 A52 6;0B:/2;AJ@ =?HA@ 4?@@ 3 6;C2@A:2;A 0@A .?2=@6A6C2 /BA 6;C.?6.;A A 6;C2@A:2;A 2;02 63 A52 9246@9.A? @2A@ A52 ?24B9.A?J@ /720A6C2
  109. 109. 3B;0A6; A /2 2B.9 A @06.9 D293.?2 A52 6;0B:/2;A D699 ;A 6;C2@A 3? .;F 6 2 ,52; A52 9246@9.A? 6@ ./92 A @2A D2645A@ 0;16A6;.9 ; A52 6;C2@A:2;A 1206@6; 6A :B@A6;A?1B02 16@A?A6;@ 63 A52?2 6@ 6;C2@A:2;A D52;
  110. 110. $ ;C2@A:2;A 6@ ;A . # 3?
  111. 111. ) 2;02 . 591@ 63 .;1 ;9F 63 $
  112. 112. ) )52 @.:2 /.@2 :129 0.; /2 B@21 3? .; 2E.:=92 3 6;C2@A:2;A 6; 0@A ?21B0A6; ; A56@ 0.@2 D2 DB91 5.C2 . ?21B0A6; 6; A52 :.?46;.9 0@A 3 6; A52 0.@2 3 6;C2@A:2;A4.6; A52 # .002@@ =?602 6@ 2B.9 A :.?46;.9 0@A 6 2 6; 0.@2 3 ; 6;C2@A:2;A .;1 6; 0.@2 3 6;C2@A:2;A 2;02 A52 6;0B:/2;AJ@ =?HA@ .?2 6;C.?6.;AA 6;C2@A:2;A .A A52 # .002@@ =?602 6 2 .;1 A52 9246@9.A? ;221@ A =B;6@5 A52 6;0B:/2;A 3? ;A 6;C2@A6;4 ?
  113. 113. $ 6A :B@A .116A6;.99F ?2D.?1 A52 6;0B:/2;A3? 6;C2@A6;4 4.6; . 591@ 63 .;1 ;9F 63 $
  114. 114. ) 4 -3(38 .,/$3(3(.- 6(3 .,/+$3$ /(++.5$12 ;@612? ;D . :129 @6:69.? A A52 ;2 =?2@2;A21 6; ?@ .;1 A.8?=6 @@B:2 0;@B:2?@ 5.C2 B;6A 12:.;1@ .;1 .?2 52A2?42;2B@ 6; A526? /.@60 D6996;4;2@@ A=.F )56@ :129 6@ 3 =.?A6.9 0;@B:2? =.?A606=.A6; .;1 46C2@ ?646; A 12:.;1 3B;0A6;@ ) ! ! D52?2 ! 6@ A52 ;B:/2? 3 B;6A@ =B?05.@21 3?: H?: 6@ A52 =2? B;6A =?602 3 A52 @2?C602@ 3 H?: ) 6@ A52 ?2@2?C.A6; =?602 3 H?: )52 :129 6; ?@ .@@B:2@ 6;0:=92A2 @=699C2?@ /BA 3? ;D D2 D699.@@B:2 A5.A @=699C2?@ .?2 0:=92A2 @ A5.A /A5 12:.;1 3B;0A6;@ 6;0?2.@2 /F D6A56;C2@A:2;A 24.?16;4 A52 @B==9F @612 D2 :.82 A52 @.:2 .@@B:=A6;@ .@ 6; A52 2E.:=923 @20A6; 6?:@ 05.?42 0;@B:2?@ 96;2.? $ )56@ :129 C2?6H2@ B? .@@B:=A6;@ A . .;1 3 H?:@ .?2 @F::2A?60 6 2 ) ) ) A52; A52 # .002@@ =?602 6@ @B05 A5.A A52 6;0B:/2;AJ@ =.?A60 6=.A6; 0;@A?.6;A 6@ /6;16;4 6 2 .;1 6A 6@ 6:=@@6/92 3? A52 ?24B9.A? A =B;6@5A52 6;0B:/2;A 6; A52 0.@2 3 ; 6;C2@A:2;A )56@ 6:=962@ A5.A )5B@ /591@ 3? .99 =.?.:2A2? C.9B2@ .;1 A52 9246@9.A? 5.@ ;202@@.?69F A 46C2 . 56452? D2645A AA52 6;0B:/2;AJ@ =?HA 6; 0.@2 3 6;C2@A:2;A D52;2C2? 6A D.;A@ A 6;1B02 6;C2@A:2;A 3; A52 A52? 5.;1 A52 6;0B:/2;A 5.@ . @BN062;A9F 5645 6;6A6.9 B.96AF .1C.;A.42 C2? A522;A?.;A 6 2 )
  115. 115. ) A52 # .002@@ =?602 6@ @B05 A5.A A52 6;0B:/2;A /A.6;@ =@6A6C2=?HA@ A5B@ /A5 .;1 .?2 =@6A6C2 3 A52 6;0B:/2;AJ@ .1C.;A.42 6@ @BN062;A9F 5645 6 2 )
  116. 116. )
  117. 117. 2C2; D52; :.E6:6G6;4 @06.9 D293.?2 A52 ?24B9.A? =?232?@ A 6;1B02 . :;=9F 6 2
  118. 118. A5B@ 4.6; @6:69.? ?2@B9A@ 591 3? .; 6;C2@A:2;A 6; 0@A ?21B0A6;
  119. 119. 73$-2(.-2 ; A56@ @20A6; D2 =?2@2;A A5?22 2EA2;@6;@ A A52 :129 ; A52 H?@A 2EA2;@6; A52?2 :.F/2 C2? 6;C2@A:2;A ; A52 @20;1 2EA2;@6; A52 9246@9.A? 6@ B;./92 A @2A D2645A@ 0;16A6;.9; A52 6;C2@A:2;A 1206@6; 3 A52 6;0B:/2;A ; A52 A56?1 2EA2;@6; A52 ?24B9.A? @2A@ ?2A.69=?602@ 6;@A2.1 3 .002@@ =?602@ 5$1 (-5$23,$-3 #2EA D2 D699 .;.9FG2 A52 0.@2 3 ;@612? A52 :129 3 @20A6;
  120. 120. .;1 .@@B:2 A5.A / 591@ 6 2 A5.A
  121. 121. ;A56@ 0.@2 . ;202@@.?69F 591@ @6;02 @ D2 .?4B21 /23?2 B;12? A52@2 06?0B:@A.;02@ .;1 D52;2C2? 6@ ; 3? A52 # .002@@ =?602@ A52?2 6@ 2;02 A52 9246@9.A? @5B9116@@B.12 A52 6;0B:/2;A 3?: 6;C2@A6;4 99D6;4 A52 @.:2 ?2.@;6;4 .@ /23?2 A52 9246@9.A? 16@0B?.42@ A52 6;0B:/2;A A 6;C2@AD6A5 A52 A5?2.A 3 . 9D .002@@ =?602 63 A52?2 6@ 6;C2@A:2;A )52 ;2EA !2::. @B::.?6G2@ A52 9246@9.A?J@ =A6:.9 =960F$,,
  122. 122. ! ! 3 A52 6;C2@A:2;A 0@A 6@ 5645 A52 9246@9.A? 46C2@ :?2 D2645A A A52 0;@B:2? @B?=9B@ 63 A52?2 6@ 6;C2@A:2;A
  123. 123. A5?2.A2;6;4 D6A5 . 9D .002@@ =?602 )56@16@@B.12@ A52 6;0B:/2;A 3?: 6;C2@A6;47 ,/+$ 4 -3(38 .,/$3(3(.- 6(3 -.,/+$3$ /(++.5$12 $C2? 6;C2@A:2;A 42;2?.99F 00B?@ 63 A52 /B@6;2@@ @A2.96;4 2O20A 3 6;C2@A:2;A 6@ C2?F@A?;4 )56@ 6@ A52 0.@2 63 6;C2@A:2;A 5.@ 6;0:=92A2 @=699C2?@ 6 2 63 6;C2@A:2;A /2;2HA@:?2 A52 B.96AF 3 A52 6;0B:/2;AJ@ @2?C602@ A5.; A52 B.96AF 3 A52 2;A?.;AJ@ @2?C602@ ;@612? A52 @.:2 :129 .@ 6; @20A6; /BA ;D .@@B:2 A5.A A52 6;0B:/2;AJ@6;C2@A:2;A 6;0?2.@2@ 6A@ 12:.;1 /F /BA ;9F 6;0?2.@2@ A52 2;A?.;AJ@ 12:.;1 /F D6A5
  124. 124. .;1
  125. 125. ; A56@ 0.@2 6;C2@A:2;A .99D@ A52 6;0B:/2;A A/20:2 . :;=96@A ; 3.0A 6;C2@A:2;A ;A ;9F .99D@ A52 6;0B:/2;A A D6; . B.96AF.1C.;A.42 C2? A52 2;A?.;A /BA 6A .9@ 92.1@ A52 # .002@@ =?602 A /2 @B05 A5.A A522;A?.;A 12@ ;A 2;A2? A52 :.?82A )56@ 5.==2;@ /20.B@2 @6;02 A52 6;0B:/2;A ;D 5.@ .B.96AF .1C.;A.42 6A 6@ @06.99F =?232?./92 A 5.C2 :?2 0;@B:2?@ /BF6;4 @2?C602@ 3?: A526;0B:/2;A A5.; 3?: A52 2;A?.;A (6;02 D6A5BA 6;C2@A:2;A A52 # .002@@ =?602 6@ @B05 A5.A A52 6;0B:/2;A 2.?;@G2? =?HA@ D5692 .3A2? 6;C2@A:2;A 6A 6@ @B05 A5.A 6A /20:2@ . :;=96@A A52 6;02;A6C2@A 6;C2@A /F A52 6;0B:/2;A .?2 C2?F 5645 $; A52 0;A?.?F A52 @06.9 4.6;@ 3 6;C2@A:2;A.9A5B45 =@6A6C2 .?2 ;A C2?F 5645 @6;02 6;C2@A:2;A 6;1B02@ A52 2;A?.;A A @A.F BA 3 A52 :.?82A )52?23?2 3? ;
  126. 126. A52 6;0B:/2;A 6;C2@A@ 3?A52 # .002@@ =?602@ /BA 6;C2@A:2;A 6@ ;A . # 2;02 A52 9246@9.A? @5B9116@@B.12 A52 6;0B:/2;A 3?: 6;C2@A6;4 /F 46C6;4 :?2 D2645A A A52 0;@B:2? @B?=9B@ -5$23,$-3 -#$/$-#$-3 $(32 #2EA D2 0;@612? A52 0.@2 D52?2 A52 9246@9.A? 6@ 0;@A?.6;21 A D?6A2 @6:=92 9.D@ ?2@=206H0.99F A52 9246@9.A? 6@ B;./92 A @2A A52 D2645A@ 3 A52 ?24B9.A?J@ /720A6C2 3B;0A6;0;16A6;.9 ; A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; ;@612? A52 :129 3 @20A6;
  127. 127. 2E02=A A5.A A52 9246@9.A? 6@ B;./92 A @2A A52 D2645A@3 ?24B9.A?J@ /720A6C2 3B;0A6; 0;16A6;.9 ; A52 6;0B:/2;AJ@ 6;C2@A:2;A 1206@6; )522B696/?6B: 3 A52 AD 9.@A @A.42@ 3 A52 4.:2 ?2:.6;@ B;05.;421 2;02 D2 D699 ;9F.;.9FG2 A52 H?@A AD @A.42@ 3 A52 4.:2 -5$23,$-3 $(2(.- ; A56@ 0.@2 A52 9246@9.A?J@ 05602 C.?6./92@ .C.69./92 .?2 )52 6;0?2:2;A.9=?HA 3 A52 6;C2@A:2;A 4?@@ 3 A52 6;C2@A:2;A 0@A 6@ A52; 46C2; /F ;C2@A:2;A 00B?@ 63 ;A?.?F A A52 @02;.?6 D52?2 A52 9246@9.A? @2A@ D2645A@ 0;16A6;.9 ; A52 6;C2@A:2;A1206@6; A52 ?29.A6;@56= /2AD22; A52 6;0?2:2;A.9 =?HA 3 6;C2@A:2;A .;1 A52 D2645A@ 3A52 ?24B9.A?J@ /720A6C2 3B;0A6; 6@ ;A @A?.645A3?D.?1 ; 3.0A A52 56452? A52 D2645A 3?
  128. 128. 0;@B:2? @B?=9B@ 6;0B:/2;AJ@ =?HA @2A /F A52 9246@9.A? A52 9D2? 56452? A52 .002@@=?602 A52 ?24B9.A? D699 @2A /A5 A ;2AD?8 .;1 )52 ;2EA !2::. 12@0?6/2@ 5D A52 6;0?2:2;A.9 =?HA 3 6;C2@A:2;A C.?62@ D6A5 A52D2645A@ 3? 0;@B:2? @B?=9B@ .;1 A52 6;0B:/2;AJ@ =?HA$,,
  129. 129. 1..% 99D@ 6::216.A29F 3?: A52 12?6C.A6C2 3 .@@B:=A6;

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