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Três ensaios sobre diferenciação de produto

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(7)

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8 <NG8D 38 2=;G;3238 J> B4:I7> 79;=4 B49@4 85@:;=4 54A:8

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78=434D4F;2 38 2<JD;58 38 3872<32 8 38 @4<@4::U<@;2 87

(8)

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4 38587B8<E4 32 ;<3S5=:;2 A:25;D8;:2 34 ?;<2D 32 8F9<32

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87 @4<3;PV85 B:;G;D8F;2325 474 25 ;<3S5=:;25 38

A8<5 38 B:439PO4 2B:858<=2G27 85@2D25 7N<;725

8?;@;8<=85 79;=4 8D8G2325 B2:2 4 =272<E4 34 78:@234

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D;@8<@;2: ;7B4:=2PV85> B:474G8: 2@4:345 58=4:;2;5>

@4<=:4D2: 72:F8<5 38 D9@:45> 29=4:;L2: 87B:I5=;745 38 D4<F4 B:2L4> :8F9D2: 2 4?8:=2 38 ;<59745 8 58:G;P45 BSAD;@45> 8 @4<39L;: 2 B4DN=;@2 38 =2:;?25 8 49=:25

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B:8=8<3;32 B8D45 ?4:79D234:85 38 B4DN=;@2 25> B4: 97

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(10)

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2C9;5;PV85 8<=:8 85=25> 38 7434 C98 8D25 B9385587

2=;<F;: 8@4<47;25 38 85@2D2 8 3858<G4DG8: @2B2@;3238 F8:8<@;2D

5=8 @4<H9<=4 38 B4DN=;@25 F4G8:<278<=2;5 =8G8 589

C9;<EO4 <2 ?4:72PO4 38 78:@2345 <O4#@4<=85=JG8;5 24

:8?4:P2: A2::8;:25 Q 8<=:232 8 52N32> 8<?:2C98@89 4

87B:88<3834:;574 8 =4:<49 25 B45;PV85 38 78:@234 72;5

:NF;325 8 85=JG8;5 4:27 385@2:=2325 C92;5C98:

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B:J=;@25 @478:@;2;5 :85=:;=;G25 49 2A95;G25 55;7> 2

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972 B8:5B8@=;G2 E;5=T:;@2 325 B4DN=;@25 38 :8F9D2PO4

32 ;<3S5=:;2> B4387 58: <4=2345 34;5 B8:N4345 A87

3;5=;<=45 4 38 @4<=:4D8 38 B:8P45> C98 39:49 34 BT5#F98::2

2 > 8 97 B8:N434 38 U<?258 <2 38?852 32 @4<@4::U<@;2>

38 $ 87 3;2<=8> 58<34 45 34;5 B8:N4345 ;<=8:@2D2345 B4:

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8H2 =27AI7 2 385@:;PO4 345 B:4@83;78<=45 234=2345 B8D4 4G8:<4 B2:2

2978<=2: 4 F:29 38 <2@;4<2D;L2PO4 8> @4<58C^8<=878<=8> 4 F:29 38

(11)

B4D2:85 38 2@4:34 @47 972 5I:;8 38 B4DN=;@25 234=2325 @4<H9<=278<=8> @474 745=:2 4 -923:4

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79D=;<2@;4<2;5> C98> =8<34 592 :8<=2A;D;3238 38@8B232>

2@2A2:27 B49@4 2 B49@4 58<34 ;<@4:B4:2325 B8D4 5=234

4<=:4D85 38 B:8P45 ?4:27 ;<5=;=9N345 38 72<8;:2 72;5

27BD2 39:2<=8 2 8F9<32 98::2 B4: 2:F25> 2=:2GI5 32

47;55O4 2@;4<2D 38 :8P45> C98 B:439L;2 =2A8D25 38 B:8P45

8> 72;5 =2:38> <4 BT5#F98::2> B8D2 47;55O4 8<=:2D 38

:8P45 " % 5=2 SD=;72> 2B852: 38 2;<32 27234:N5=;@2>

D2<P49 45 B:4@83;78<=45 C98 F9;2:;27 25 2<JD;585 8 2

2=92PO4 345 T:FO45 @4<=:4D234:85 38 B:8P45 32D; 87 3;2<=8 8:27 @4<=:4D2345 B:8P45 38 A8<5 8 58:G;P45 @4<5;38:2345 Z8558<@;2;5[> 38 2@4:34 @47 45 @95=45 G2:;JG8;5 4A58:G2345 8 @47 972 =2K2 38 :8=4:<4 D;7;=8 B2:2 4 @2B;=2D

7 B2:2D8D4 24 @4<=:4D8 38 B:8P45> 4 B:;78;:4 F4G8:<4

2:F25 =27AI7 =4749 783;325 2<=;=:95=85 87 ' 45 2@4:345

8<=:8 ?;:725 8 F:2<385 ?95V85 @47 2 ;<=8<PO4 38 B:8H93;@2: 2 @4<@4::U<@;2 ?4:27 @D255;?;@2345 @474 @:;785 @4<=:2 2

58F9:2<P2 <2@;4<2D> 2 58:87 H9DF2345 B8D2 4:=8 38

8F9:2<P2 2@;4<2D 5 B8<2D;32385 39:25 8 ;<2B8DJG8;5 5O4

87AD87J=;@25 34 27A;8<=8 ;<5=;=9@;4<2D 8 B4DN=;@4 34 5=234

4G4> 725 87 ?2@8 32 :85;5=U<@;2 32 54@;83238> 2@2A2:27

:8G4F2325 9=:25 3925 D8F;5D2PV85 58 58F9;:27 972 87

$ > 8 2 49=:2 87 $! 5=2 SD=;72> @4<E8@;32 @474 8;

(13)

;

32 38B45;PO4 38 2:F25 8 ;<5=;=9N2 972 :8B:855O4 39:2 8

B9:278<=8 237;<;5=:2=;G2 2 74<4BTD;45> 587 4 38G;34 =:Y7;=8

H93;@;2D B852: 38 2 D8; =8: 5;34 :8G4F232 D4F4 2BT5 2

38B45;PO4 / B4: @4<?D;=2: @47 4 @D;72 38 D;A8:2D;L2PO4

B4DN=;@2 8 8@4<W7;@2 34 ?;7 34 5=234 4G4 /> 4 589

:832=4:> 8K#7;<;5=:4 32 +95=;P2 F278<<4< 2F2DEO85> 8D8;=4

@4<5=;=9;<=8 87 $.> @4<58F9;9 ;<@D9;: <2 <4G2

4<5=;=9;PO4 97 2:=;F4 "<4 $ % 38=8:7;<2<34 C98 C92DC98:

2A954 38 B438: 8@4<W7;@4 49 C92DC98: =;B4 38 2@4:34 @47

;<=8<PO4 38 347;<2: 4 78:@234> 385=:9;: 2 @47B8=;PO4 8

2978<=2: D9@:45 2:A;=:2:;278<=8 58:;27 :8B:;7;345

=47 32 B4DN=;@2 =4:<49#58 2;<32 72;5 B4D;@;2D85@4 @47 2 @4<@8;=92PO4 38 Z@:;785 @4<=:2 2 8@4<47;2 B4B9D2:[

B8D25 D8;5 ! 8 ! 87 ! > <4 ;<N@;4 34 58F9<34

F4G8:<4 2:F25> C98 B:8G;27 2 B9<;PO4 B2:2 ?;:725 C98 <O4

4A838@85587 24 @4<=:4D8 38 B:8P45> 725 =27AI7 ;<@D9N27

38D;=45 =NB;@45 38 972 D8F;5D2PO4 2<=;=:95=8> =2;5 @474

?8@E278<=4 38 78:@2345> @4<D9;4 8 2DF9725 ?4:725 38

@4<=:4D8 G8:=;@2D> 8<=:8 49=:45 @:;785' 25 2 5;7BD85

@:;2PO4 38 <4G2 D8; 8 2 7932<P2 34 <478 32 B2:2

" 47;55O4 838:2D 38 A25=8@;78<=4 8 :8P45% <O4 78DE4:2:27

2 :8B9=2PO4 34 2B2:2=4 D8F2D 8 A9:4@:J=;@4 7 . > 3;2<=8

38 <4G2 85@2D232 ;<?D2@;4<J:;2> ?4:27 52<@;4<2325 25 8;5

8D8F2325 <45 $ 8 !> A25=2<=8 5878DE2<=85 Q D8; ! > 8

C98 @:;2:27 2 " 9B8:;<=8<3U<@;2 2@;4<2D 38

A25=8@;78<=4%

27AI7 <85=2 IB4@2 ?4; G4=234 "2BT5 C92=4:L8 2<45 38 85C98@;78<=4% 8 52<@;4<234 97 B:4H8=4 38 D8;> 2B:858<=234

2;<32 B4: F278<<4< 2F2DEO85 87 $ > C98 :8F9D278<=2G2 4

'

:2<@85@E;<; " % 255;<2D49> <4 8<=2<=4> C98 Z4 8<?4C98

8K@D95;G278<=8 :8B:855;G4 8 8K@855;G278<=8 :;F4:454 32 72=I:;2 <O4 8:2

4 72;5 238C9234 24 =872\ <S78:4 D;7;=234 38 @2545> B:4@85545

;<=8:7;<JG8;5 C98 39:2G27 2<45> B49C9N55;725 @4<38<2PV85[ :859D=2:27

(14)

<

2:=;F4 $ 32 4<5=;=9;PO4 <4G2 D8; $ ',> ;<5B;:232 <4

85=239<;38<58> I @4<5;38:232 2 B:;78;:2 D8; 2<=;=:95=8 A:25;D8;:2> 8 ;<=:439L;9 25 38?;<;PV85 38 GJ:;45

=;B45 38 2A954 38 B438: 8@4<W7;@4 "@474 @4<@4::U<@;2

385D82D> 85B8@9D2PO4 2A95;G2> @4<D9;4> 2978<=45 2A95;G45 38 B:8P45> 8=@ % 8 25 79D=25 B2:2 45 =:2<5F:8554:85> 2DI7 38

B4: 87 ?9<@;4<278<=4 4 " 4<58DE4 37;<;5=:2=;G4 38

8?852 @4<W7;@2%> 97 T:FO4 34 ;<;5=I:;4 32 +95=;P2 / HJ

B:8G;5=4 <2 2<=;F2 8; 2D2;2 @47 49=:4 <478> 725 <9<@2

;<5=2D234 / B2:2 2BD;@2: 2 D8;

47 4 23G8<=4 34 F4G8:<4 7;D;=2: BT5#.$> 2 39BD2

D;A8:2D 4A8:=4 27B45 8 @=JG;4 9DEV85 =4749 25 :I3825 32

B4DN=;@2 8@4<W7;@2 8 ?8L 97 3;2F<T5=;@4 38 C98 2 ;<?D2PO4 8:2 @295232 B4: 8K@8554 38 3872<32 8 B:8?8:;9 2=92: <25

:85=:;PV85 ?;5@2D> 38 @:I3;=4 8 38 52DJ:;45 65 ?;:725 ?4;

?2@9D=234 238:;: G4D9<=2:;278<=8 Q 85=2A;D;L2PO4 38 B:8P45 58 :82H95=25587 5895 B:8P45 38<=:4 345 D;7;=85 B:8?;K2345>

587 C98 E49G8558 <8@855;3238 38 @479<;@2PO4 B:IG;2>

:8@8A8:;27> 87 =:4@2> 2=:2GI5 32 <4G2 47;55O4 2@;4<2D 38

<@8<=;G4 Q 5=2A;D;L2PO4 38 :8P45> ;<@8<=;G45 @27A;2;5 8

@:83;=N@;45 5 4AH8=;G45 385=2 B4DN=;@2 8:27 ";% 8G;=2:

59A5N3;45 3;:8=45 245 B:439=45 8 78574 2 <8@855;3238 38 85=2=;L2PO4 38 ;<3S5=:;25\ ";;% 8G;=2: 2=:;=45 @47 2 @D2558

87B:852:;2D\ ";;;% 5;7BD;?;@2: 2 8K8@9PO4 34 @4<=:4D8>

3;5B8<52<34 2<JD;585 38=2DE2325

7A4:2 4 @4<H9<=4 38 783;325 4:=434K25 38 @4<=8<PO4 ?;5@2D 8 74<8=J:;2 =8<E27 =;34 59@8554 87 A2;K2: 2 ;<?D2PO4

38 .,] 87 .$ B2:2 ] 87 .!> 8D2 G4D=49 2 59A;: B2:2

8 ''] 87 .. 8 .,> :85B8@=;G278<=8> 4 C98 D8G49 2 8C9;B8

2 :8?4:P2: 45 A8<8?N@;45 245 B2:=;@;B2<=85 34 B:4F:272

BT5 2 5SA;=2 7932<P2 38 F4G8:<4 87 .,> B4:I7> 2 <4G2

8C9;B8 B:8?8:;9 8K8:@8: 972 B4DN=;@2 72;5 2=;G2 38 @4<=:4D8

(15)

=

@4<H9<=4 @47 4 @4<=:4D8 32 3872<32> 8 234=49 4 5;5=872

?:2<@U5> 8K=;<F9;<34 4 5;5=872 G4D9<=J:;4 8 5895

A8<8?N@;45 <4G4 5;5=872 B29=2G2#58 B8D4 @4<=:4D8 38 972

72:F87 B:8P4#@95=4> 38 7434 C98 54D;@;=2PV85 38 :82H95=85

87 :85B45=2 2 G2:;2PV85 <45 @95=45 8:27 59A78=;325 Q >

8 8G8<=92D78<=8 2B:4G2325 B4: 38@9:54 38 B:2L4 87 $! 3;25 58 <O4 54?:85587 :8B2:45 32 @47;55O4

?4; 59A5=;=9N32 87 . B8D4 4<58DE4

<=8:7;<;5=8:;2D 38 :8P45 " % O4 5T 2 ?4; @:;232

B2:2 97 @4<H9<=4 72;5 ?D8KNG8D 38 3;:8=:;L85> 725 =27AI7

=8G8 97 @2:J=8: =:2<5;=T:;4 <25@89 @474 B2:=8 38 97

2B2:2=4 72;5 B8:72<8<=8 38 @4<=:4D8 38 B:8P45> =O4

@4<G8<@;345 85=2G27 45 ?4:79D234:85 38 B4DN=;@25 38 592

;<8G;=2A;D;3238 2=I C98 2 ;<?D2PO4> 97 3;2> @838558 5

?;:725 59H8;=25 2 @4<=:4D8 38 B:8P45 8:27 85@4DE;325 B8D4 8 C92DC98: ?;:72 C98 2978<=2558 B:8P45 8K@855;G278<=8

"38 2@4:34 @47 4 H9NL4 34 %> 49 <8F2558 49 239D=8:2558

;<?4:72PV85> 58:;2 B9<;32 7 . > 4 ?4; 8<@2::8F234

=27AI7 34 @4<=:4D8 38 B:8P45 345 A8<5 8 58:G;P45 ?4:<8@;345

B8D2 237;<;5=:2PO4 3;:8=2 8 ;<3;:8=2 4:I7> @474 2 2=2

" % 52D;8<=2> <85=85 @2545 45 @:;=I:;45 B4DN=;@45

59B8:2G27 25 @4<5;38:2PV85 =I@<;@25

:8F;78 AJ5;@4 38 @4<=:4D8 <45 2<45 , B8D4 8:2

:8F9D234 B8D2 4:=2:;2 <=8:7;<;5=8:;2D "8 B4: ;554 ?4;

@E27234 38 :8F;78 % 8 8:2 A25=2<=8 @47BD8K4 8 38=2DE234

:8F;78 :8C98:;2 97 F:2<38 G4D978 38 ;<?4:72PO4> ;<@D9;<34 2 =2A8D2 38 B:8P45 G;F8<=8 <4 7478<=4 34 B83;34> 2 =2A8D2 B:4B45=2 8 45 72B25 38 @95=45 "8 72;5 =2:38 25 BD2<;DE25

;<=8;:25% @4::85B4<38<=85 $ 925 2A4:32F8<5 8:27 58F9;325

$

2:2 4<5;38:2 8 4::82 " %> 25 :8F:25 34 @4<=:4D8 :8B:858<=2:27

972 ;<=8:G8<PO4 <45 58F:8345 325 ?;:725 ;<;72F;<JG8D <972 54@;83238

3874@:J=;@2 8F9<34 8D85> 24 BD8;=82: :82H95=85> 25 ?;:725 =;<E27 C98

:8G8D2: 79;=45 58F:8345 ;<395=:;2;5 245 4?;@;2;5 34 F4G8:<4> @47 B49@2

(16)

>?

2 ;<3;G;392D 8 4 2@4:34 58=4:;2D B:;78;:2 =;<E2 @474

2DG4 74<4BTD;45 49 78:@2345 A87 @4<@8<=:2345 @47 D;38:2<P2 38 B:8P45> 38 7434 C98> @4<=:4D2<34 972 S<;@2 ?;:72> =434 4 78:@234 58:;2 :8F9D234 "87A4:2 ?;:725 <2 78572 ;<3S5=:;2 B9385587 58: :8F9D2325 ;<3;G;392D78<=8> ;<38B8<38<=878<=8

38 D;38:2<P2 38 B:8P4% 7 ,!> ?;:725 @9H25 :8@8;=25

85=;G85587 2A2;K4 38 97 74<=2<=8 "@4::;F;34 74<8=2:;278<=8% ?4:27 29=472=;@278<=8 D;A8:2325 34 @4<=:4D8

5 2@4:345 58=4:;2;5 "49 B:4=4@4D45 38 ;<=8<PV85%

G;52G27 =4:<2: 2 2B:8@;2PO4 34 72;5 ?J@;D> <8F4@;2<34

3;:8=278<=8 @47 97 F:9B4 38 ?;:725 49 2554@;2PO4 38 @D2558>

C98 ?;K2:;2 5895 B:8P45 87 @4<H9<=4 @47 A258 87 5895

@95=45 5 ?;:725 72;5 :8B:858<=2=;G25 =;<E27 5925

G2:;2PV85 38 @95=45 85=932325 8 B4<38:2325 38 2@4:34 @47

592 ?2=;2 38 78:@234 :;5@E=2R " % @4<5;38:49 85=2

B:J=;@2 <232 78<45 C98 972 @2:=8D;L2PO4 @44:38<232 B8D4

5=234> ;5=4 I> 4 @4<=:4D8 38 B:8P45 8K8@9=234 B8D4 4G8:<4

838:2D 58:G;2 @474 ;<5=:978<=4 38 @4<@8:=278<=4 38 B:8P45 B4: B2:=8 345 2F8<=85> @4<?8:;<34 972 @E2<@8D2 4?;@;2D 2 @2:=I;5

2% 4 38?;<;: 49 :2=;?;@2: 2 D;38:2<P2 34 58=4: 8 24

;<5=;=9@;4<2D;L2: 4 B:4@8554 38 5;<2D;L2PO4 38

B:8P45> 2 2PO4 34 :839L;2 4 F:29 38 ;<@8:=8L2

<4 78:@234 4D;F4B4D;5=2 8 4 4:F2<;L2G2>

@4<=:;A9;<34 B2:2 @:;5=2D;L2: 972 @8:=2 85=:9=9:2 38 78:@234

A% 5=8 B:4@8554 38 ;<5=;=9@;4<2D;L2PO4 8:2 ?8;=4

A25;@278<=8 2=:2GI5 38 2@4:345 58=4:;2;5 C98> 24

D4<F4 34 =87B4> 58 ;27 27BD;2<34 87 =8:745 38

<S78:45 38 B:439=45 8 38 ?;:725 @4<=:4D2325

38?;<;2> 54L;<E4 49 87 @4<H9<=4 @47 2 2554@;2PO4 38

38 =4325 25 3;5=4:PV85 38 78:@234> 4 @4<=:4D8 38 B:8P45 =27AI7

(17)

>>

@D2558> 25 ?;:725 C98 B2:=;@;B2:;27 34 2@4:34> @47 A258 <2 592 B2:@8D2 <2 B:439PO4 49 <25 G8<325 34 58=4:

@% :F2<;L2<34 4 2@4:34> 4 5;7BD8578<=8 @4<?;:72G2

972 5;=92PO4 2@8;=2 49 @:;2G2 8 D8F;=;72G2 972

D;38:2<P2 2;<32 <O4 85=2A8D8@;32 DI7 3;554>

952<34 2 85=:9=9:2 38 @95=45 32C98D25 ?;:725 @474

B23:O4> 4 3;=2G2 97 B23:O4 38 @47B4:=278<=4

A258234 <25 B455;A;D;32385 8 <8@855;32385 32 ?;:72 347;<2<=8

3% 2 295U<@;2 38 2@4:345 58=4:;2;5> 4 58

@4<@8<=:2G2 <25 F:2<385 ?;:725> DN38:85 B:8597;325>

237;=;<34 C98 25 49=:25 ?;:725 <2=9:2D78<=8

58F9;:;27 45 :82H95=85 38 B:8P45 29=4:;L2345 B2:2

2C98D85 DN38:85 @4<=:4D2345 554 @:;2G2 49

:8?4:P2G2> 8 ;<5=;=9@;4<2D;L2G2 4 B2B8D 32 ?;:72 DN38:

8% 8574 C98 4 58=4: HJ =;G8558 F:29 38

29=4@44:38<2PO4 59?;@;8<=8 B2:2 3;5B8<52: 4 5;<2D ;<5=;=9@;4<2D> 4 B438: 34 T:FO4 8:2 =O4 F:2<38 C98 4 5;<2D 8:2 2@8;=4 B8D4 58=4: @474 97 =434

4<5;38:2 " % 2G2D;2 C98 4 @4<=:4D8 38 B:8P45

B:2=;@234 B8D4 <O4 8:2 2B8<25 2<=;@47B8=;=;G4 24

B:474G8: 2 :;F;38L 325 B2:=;@;B2PV85 38 78:@234> 725 8:2

79;=4 72;5 32<454> B4:C98 ";% B:474G;2 97 B:4@8554

@4<@8<=:234: 24 B:8H93;@2: 25 ?;:725 B8C98<25 8 78<45

@47B8=;=;G25\ ";;% ;<3;@2G2 4 DN38: 38 78:@234> 32<34 4 5;<2D B2:2 2@4:345 =J@;=45 C92<34 4 @4<=:4D8 38 B:8P45 8:2

8K8:@;34 ;<3;G;392D78<=8 2=:2GI5 32 87B:852 347;<2<=8\

";;;% C92<34 8:2 :82D;L234 97 2@4:34 58=4:;2D> <O4 E2G;2

C92DC98: <8@855;3238 38 58 B8:58F9;: @2:=I;5 / 8D8 8:2

(18)

>

38 2554@;2PV85 49 5;<3;@2=45 38 B:439=4:85 8 H9<=45

3;5@9=;27 B:8P45

7 78;4 2 85=8 @8<J:;4> <O4 I 38 58 85B2<=2: C98 4

72D ?4558 2@;4<234 39:2<=8 =434 85=8 B8:N434 5

;<5=:978<=45 38 38?852 32 @4<@4::U<@;2 8:27 8@D;B52345 B8D2 B:TB:;2 2=92PO4 F4G8:<278<=2D> <O4 5T 2=:2GI5 34 @4<=:4D8 38 B:8P45 @474 =27AI7 B8D25 783;325 38 B4DN=;@2 ;<395=:;2D

:8D2@;4<2325 2 @:I3;=4 4?;@;2D 59A5;3;234> B:4=8PO4

@478:@;2D "=2:;?J:;2 49 <O4% 8 :8<S<@;2 ?;5@2D

" , #,$% 8 4 " ,$#, %> B4: 8K87BD4> B:474G8:27

?95V85 8 2C9;5;PV85> G;52<34 E29:;: F2<E45 38 85@2D2> 38 7434 2 72<=8: 2D=25 =2K25 38 @:85@;78<=4 2B852: 32 @:;58 34

B8=:TD84 554 @:;49 972 @;:@9D2:;3238 ?95V85 :8?4:P2G27

49 @:;2G27 4D;F4BTD;45 8 2@8<=92G27 4 B438: 38 78:@234 325 ?;:725> 4 C98 D8F;=;72G2 2;<32 72;5 ;<=8:G8<PO4 8 @4<=:4D85

B4: B2:=8 34 5=234

2:2 58 =8: 972 ;3I;2 32 ;<4B8:Y<@;2 34 39:2<=8

85=8 B8:N434> 87 =432 2 3I@232 38 . ?4:27 8?8=92325 2B8<25

' 2G8:;F92PV85 B:8D;7;<2:85> 58<34 $ @4<5;38:2325

;7B:4@838<=85 "39:2PO4 7I3;2 38 > 2<4%> 8 ;<5=29:2325

2B8<25 ! B:4@85545 237;<;5=:2=;G45> =4345 @4<5;38:2345

;7B:4@838<=85 "39:2PO4 7I3;2 38 ' 2<45% 8 . 2

?4:27 '' 5;<3;@Y<@;25> ,, 2G8:;F92PV85 B:8D;7;<2:85 8 ,

B:4@85545 237;<;5=:2=;G45> 58<34 ] 345 B:4@85545

@4<5;38:2345 ;7B:4@838<=85\ 2DI7 3;554> 78574 38<=:8 45 ]

:872<85@8<=85 25 ?;:725 @4<38<2325 :8@4::8:27 Q +95=;P2

@4<=:2 25 38@;5V85 "@? 2:;<2> % 8 @4<58F9;:27 2

595B8<5O4 325 @4<38<2PV85 O4 E49G8> <85=8 B8:N434> <8<E97

B:4@8554 85B8=2@9D2: 8> 3232 2 B49@2 G;5;A;D;3238 345

B:4@85545 <2 7N3;2> <87 78574 E2G;2 972 B:84@9B2PO4 325 87B:8525 @47 592 ;72F87 C98 ;<;A;558 8G8<=92;5 2A9545

7 ,$ ?4; @:;234 97 49=:4 :8F;78 38 @4<=:4D8 38

(19)

>

?;:725 @2<3;32=25 =NB;@25 8:27 B255NG8;5 38 =8:87 589

@:I3;=4 ?2@;D78<=8 @4<=:4DJG8D B8D4 4G8:<4> B:439L;27 A8<5

49 58:G;P45 <O4#8558<@;2;5 8 5895 B:439=45 <O4 =;<E27

;<?D9U<@;2 B85232 <45 N<3;@85 38 B:8P45 24 @4<597;34: 4:

85=8 :8F;78> 24 59A78=8: 4 B83;34 38 :82H95=8> 2 ?;:72 B43;2 ;7BD878<=J#D4 38538 HJ> 5T @4::8<34 4 :;5@4 38 =8:

C98 G4D=2: 2=:J5 58 8D8 ?4558 :8H8;=234 B8D4 @2A2G2

E2G8<34 97 2@4:34 =J@;=4 25 ?;:725 :82H95=2G27 87 ] 34

:82H95=8 B:4B45=4> 8 4 <O4 ;<=8:G;<E2

4 ?;<2D 32 3I@232 38 , 8 ;<N@;4 32 3I@232 38 >

3;?8:8<=85 F:295 38 :;F4: <4 @4<=:4D8 ?4:27 234=2345> 38

2@4:34 @47 2 B4DN=;@2 72@:48@4<W7;@2 87 954 7 > 97

F:2<38 <S78:4 38 ?;:725 ?4; D;A8:234 34 @4<=:4D8 B8D4 8

255;7 B8:72<8@8:27 B4: 34;5 2<45 8 78;4 7 > 2

B:8?;K2PO4 38 B:8P45 ?4; A258232 <2 G2:;2PO4 325 5

" A:;F2PV85 82H95=JG8;5 34 8549:4 2@;4<2D%> 8 <4 2<4

58F9;<=8 2 B4:@8<=2F87 32 G2:;2PO4 B8:7;=;32 B2:2 :82H95=85

?4; B2:2 ] 5=2 B4DN=;@2 B438 58: ;<=8:B:8=232 @474 97

@4<=:4D8 38 B:8P45 72;5 :;F4:454> 725 =27AI7 ?4; 234=232

38G;34 2 :85=:;PV85 A9:4@:J=;@25> B4;5 2 B2552F87 345

:82H95=85 38 52DJ:;45 38 2<92;5 B2:2 58785=:2;5 8 2

72K;385G2D4:;L2PO4 34 @:9L8;:4 8D8G2:27 54A:872<8;:2 4

G4D978 38 54D;@;=2PV85 38 :82H95=8> 325 C92;5 45

?9<@;4<J:;45 34 <O4 @4<58F9;27 32: @4<=2

4G2 8BSAD;@2 =8G8 ;<N@;4 87 ! @47 4

@4<F8D278<=4 345 B:8P45 38 A8<5 8 58:G;P45 325 85=2=2;5 8

38 2DF9<5 B:8P45 ;<395=:;2;5 554 <O4 @4<=8G8 2 2@8D8:2PO4

;<?D2@;4<J:;2> 4 C98 D8G49 245 @4<F8D278<=45 59@855;G45 345

D2<45 :9L234> :8558:> 8:O4 8 4DD4: 8 > @47 B:2L45

3;?8:8<@;2345 38 D;A8:2PO4 B4: 58=4:85> 4 C98 3;5=4:@;2

8<4:7878<=8 45 B:8P45 :8D2=;G45 7834 38 <4G45

@4<F8D278<=45 ?8L <25@8: <45 2F8<=85 972 B:J=;@2

(20)

>

385@4<=45 B2:2 2H95=2:#58 Q 3872<32 4: 49=:4 D234> 4

=:2A2DE4 34 ?4; ;<=8<5;?;@234 8 . 2 > 4

8K27;<49 345 , B:4@85545 237;<;5=:2=;G45 ;<;@;2345

38538 592 @:;2PO4 2=I 8<=O4 8<=:8 85=85 > 79;=45

85=2G27 B2:2345 EJ 72;5 38 38L 2<45 8=238> 8<=:8=2<=4>

?4; ;<;@;234 <4 B:TB:;4 B8:N434 "@? 2:;<2> % 554

8KBD;@2 2 39:2PO4 7I3;2 345 B:4@85545 237;<;5=:2=;G45

H9DF2345 8<=:8 . 8 =8: 5;34 A87 59B8:;4: 245

B8:N4345 2<=8:;4:85 .>. 2<45 @4<?D;=4 8<=:8 45

;<5=:978<=45 38 38?852 32 @4<@4::U<@;2 8 @4<=:4D8 38

B:8P45> <4 8<=2<=4> B:4558F9;9 2:;<2 " % :8D2=2 C98 25

BD2<;DE25 2B:4G2325 B8D4 8:27 952325 @474 B8P2 38

2@952PO4 49 38?852 87 B:4@85545> 38 2@4:34 @47 4 =;B4 <4

@254 38 B:4@85545 54A:8 49 B:8P45 B:832=T:;45> 2

BD2<;DE2 8:2 95232 B8D2 @952PO4 B2:2 745=:2: C98 2 ?;:72

:I 85=2G2 B:2=;@2<34 B:8P45 2A2;K4 34 78:@234\ B4: 49=:4

D234> C92<34 4 B:4@8554 8:2 54A:8 B:8P45 2A95;G45> 2

2B:4G2PO4 34 58:G;2 @474 B8P2 38 38?852> B4;5 <;<F9I7

4952G2 @4<=85=J#D4

526242 0 7 1 <6:;;/

6::=> <6::= >

4 ?;<2D 345 2<45 > ?4:27 <4=2325 25 B:;78;:25

7932<P25 38 B4DN=;@2 8@4<W7;@2 A8:=9:2 @478:@;2D>

B:;G2=;L2PO4 8 385:8F9D278<=2PO4 85=2G27 <2 2F8<32 38

B4DN=;@2 ;<395=:;2D> ;<;@;2D78<=8 38 72<8;:2 =N7;32 <4

F4G8:<4 2:<8M 8 38B4;5 72;5 @D2:2 8 8<?2=;@278<=8 <2

237;<;5=:2PO4 4DD4: 2 B2:=;: 38 > C92<34> ?;<2D78<=8>

@474 B2:=8 38 972 B:4?9<32 :8?4:72 237;<;5=:2=;G2> 4

?4; 8K=;<=4> 8 ?4; @:;232 2 8@:8=2:;2 2@;4<2D 38 ;:8;=4

@4<W7;@4 8> 54A 85=2> 4 8B2:=278<=4 2@;4<2D 38 :4=8PO4

(21)

>

B4:I7> <O4 E49G8 972 78:2 =:4@2 38 5;FD25 2 :8F9D2PO4 345

78:@2345 ?;<2D78<=8 385D4@49 4 589 ?4@4 34 @4<=:4D8 38

B:8P45 B2:2 2 38?852 32 @4<@4::U<@;2 / ;<;@;2D78<=8

8<?2=;L2<34#58 2 :8F9D2PO4 32 @4<39=2> 8 72;5 =2:38 2

:8F9D2PO4 38 85=:9=9:2 5 B4DN=;@25 38 @4<@4::U<@;2 ?4:27>

8<?;7> :85F2=2325 38 C9258 =:;<=2 2<45 38 2A2<34<4> B4;5 E2G;2 97 3;2F<T5=;@4 38 C98 B2:2 G8<@8: 2 ;<?D2PO4 8:2

<8@855J:;4 3;7;<9;: 4 B438: 38 78:@234 38 4D;F4BTD;45>

?4558 2=:2GI5 32 @4<@4::U<@;2 325 ;7B4:=2PV85 "2=:2GI5 38 972 D;A8:2D;L2PO4 9<;D2=8:2D%> ?4558 2=:2GI5 32 38?852 32

@4<@4::U<@;2 85=8 58<=;34> D;A8:2D;L2PO4 @478:@;2D 8

38?852 32 @4<@4::U<@;2 8:27 G;5=25 @474 ;<5=:978<=45

@47BD878<=2:85 8<=:8 5; B2:2 2 3;5@;BD;<2 345 78:@2345> 8 27A25 =;<E27 @474 4AH8=;G4 B:8@NB94 @47A2=8: 2 ;<?D2PO4

9<@2 I 3872;5 :8552D=2: C98 2 D;A8:2D;L2PO4

@478:@;2D> B4: 5; 5T> <O4 I 59?;@;8<=8 B2:2 F2:2<=;: 2

@4<@4::U<@;2 <97 78:@234 C92DC98: 0E872<; 8 9=L " !%

2B4<=27 @;:@9<5=Y<@;25 C98 B4387 2=8<92: 4 8?8;=4 B:T#

@47B8=;=;G4 325 ;7B4:=2PV85

% 72 4?8:=2 38 ;7B4:=2PV85 ;<59?;@;8<=878<=8 8DJ5=;@2> 58H2 B4:C98 4 B2N5 I 59?;@;8<=878<=8 F:2<38 <2C98D8 78:@234 2 <NG8D ;<=8:<2@;4<2D> 58H2 B4:C98 2 =2K2 38 @Y7A;4 :82D I 59?;@;8<=878<=8 ?D8KNG8D 8 I 38B:8@;232

B4: @2952 32 ;<59?;@;U<@;2 34 B:4F:8554 =I@<;@4

32C98D2 8@4<47;2 "8 ?4; 4 C98 8?8=;G278<=8 4@4::89 <4

:25;D 87 > 2BT5 2 2B:8@;2PO4 :82D 38 $%

% 7 79;=45 58=4:85 4 F:29 38 Z@478:@;2D;L2A;D;3238[

" % I ;<59?;@;8<=8> 38G;34 245 2D=45 @95=45

38 =:2<5B4:=8 87 :8D2PO4 24 B854> Q B8:8@;A;D;3238 345

B:439=45> 8=@ 8574 C92<34 2 ;7B4:=2PO4 I B455NG8D>

25 ?;:725 ;<5=2D2325 " % B4387 2H95=2: 45

B:8P45 8K2=278<=8 2=I 4 <NG8D 2@;72 34 C92D 25

(22)

>:

'% 85=:;PV85 G8:=;@2;5 "@4<=:2=45 38 D4<F4 B:2L4 8<=:8 ?;:725 2 74<=2<=8 8 2 H952<=8 32 @238;2 B:439=;G2% 49

78574 ;<=8F:2PO4 G8:=;@2D 325 ?;:725> ;7B83;<34 4

2@8554 38 <4G25 ?;:725 2 ;<59745 49 @2<2;5 38

3;5=:;A9;PO4

$% 8K;5=U<@;2 38 @2:=I;5 ;<=8:<2@;4<2;5> C98 B4387

3;G;3;: 45 78:@2345 2=:2GI5 38 ?;K2PO4 38 B:8P45 49 38 3;G;5O4 =8::;=4:;2D> B:;<@;B2D78<=8 58 2 @4<@8<=:2PO4 38 78:@234 ;<=8:<2@;4<2D ?4: 79;=4 2D=2

!% 7B4:=234:85 8 B4=8<@;2;5 8<=:2<=85 B4387 =27AI7

B:8?8:;: 4 @4<D9;4 @47 45 347I5=;@45 87 G8L 38

B2:=;: B2:2 2 3;5B9=2 34 78:@234

.% ;?8:8<P25 87 :8<32 8 F45=45 345 @4<597;34:85> :8<32> @9D=9:2> D8F;5D2PO4 38 38?852 34 @4<597;34:> <4:725 =I@<;@25 8 38 58F9:2<P2 B4387 58B2:2: 45 78:@2345

8 ?2=4> 24 D234 32 D;A8:2D;L2PO4 @478:@;2D> =;G8:27 38 58: ?4:=2D8@;345 B4D;=;@278<=8 45 T:FO45 38 38?852 32

@4<@4::U<@;2> 87A4:2 2;<32 @47 2DF97 =47 B4D;@;2D85@4>

:8?D8=;<34 2 @4<H9<=9:2 B4DN=;@2 8 2 B:84@9B2PO4 @47 2 2D=2

;<?D2PO4 32 IB4@2 K@855;G25 :8F9D278<=2PV85 54A:8 2

2=;G;3238 8@4<W7;@2 ?4:27 8K=;<=25 <4 ;<N@;4 34 F4G8:<4!> 8

<4G25 D8;5 38 38?852 34 @4<597;34: 8 2<=;=:95=8 ?4:27

B:479DF2325

2 G8:3238> @;<@4 B:4H8=45 3;?8:8<=85 38 D8;

2<=;=:95=8 =:27;=2:27 <4 4<F:8554> 8<C92<=4 4 K8@9=;G4

D8F;5D2G2 54A:8 2 72=I:;2 @47 59@855;G25 783;325

B:4G;5T:;25> 2=I C98 ?;<2D78<=8> <4 ?;<2D 38 > ?4;

52<@;4<232 2 D8; ', C98 D;5=2G2> 8<=:8 49=:45 @:;785

@4<=:2 2 4:387 8@4<W7;@2> 4 @4<D9;4 8 49=:25 B:J=;@25

!

;<E8;:4 " $% :8D2=2 C98 4 F4G8:<4 4DD4: :8G4F49> 8<=:8 72:P4 38

8 ?8G8:8;:4 38 > ' ,. 38@:8=45> D8;5> ;<5=:9PV85 8

B4:=2:;25 87;=;345 <45 @87 2<45 2<=8:;4:85> 2 72;4: 4B8:2PO4 34 FU<8:4

<2 E;5=T:;2 "@474 :8?8:U<@;2> 2=I 8<=O4 2B8<25 . !! 3;5B45;=;G45

(23)

>;

2<=;@4<@4::8<@;2;5> ;<@D9;<34 2@4:345 8 ?95V85 8

2C9;5;PV85\ ?;K2PO4 38 B:8P45 49 C92<=;32385> 3;G;5O4 38

=8::;=T:;45\ @4<=:4D8 G8:=;@2D\ 3;5@:;7;<2PO4 38 B:8P45\

G8<32 @25232\ 8 2978<=45 38 B:8P45 587 H95=;?;@2=;G2> B2:2

954 38 B438: 38 74<4BTD;4 -92<=4 2 85=8 SD=;74> G2D8

:8552D=2: @474 2 B:84@9B2PO4 @47 2 ;<?D2PO4 @295232 B4:

74<4BTD;45 85=2G2 B:858<=8 D;J5> 25 59@855;G25 :832PV85

38 D8; 2<=;=:95=8> ;<@D95;G8 2 2=92D78<=8 87 G;F4: "D8;

$X $% @4<=U7> =4325 8D25> :8?8:U<@;25 2 2978<=45

2A95;G45 38 B:8P45> :8?D8=;<34 4 G;I5 ;783;2=;5=2 32

@4<H9<=9:2 38 2D=2 ;<?D2PO4 232 :832PO4 B438 58:

;<=8:B:8=232 @474 972 <4G2 =8<=2=;G2 38 ?4:H2: 97 Z?2=4 <4G4[> 2=:2;<34 2 2=8<PO4 34 BSAD;@4 B2:2 45 74<4BTD;45 8

4D;F4BTD;45 @474 @2952 B:;7J:;2 38 ;<?D2PO4 8 @474 C98

=:2<57;=;<34 972 8K4:=2PO4 24 A47 @47B4:=278<=4 325 ?;:725

2A8 D87A:2:> @4<?4:78 2B4<=2:27 2:;<2 8 L8G834

" %> C98 4 ?;7 34 @4<=:4D8 38 B:8P45 E2G;2 38;K234

72:@25 ?D4:85@89 Q 547A:2 34 8 32 24 D4<F4 345

2<45 972 @9D=9:2 4D;F4B4D;5=2> @47 972 @44:38<2PO4

2B:8<3;32 54A 45 295BN@;45 32C98D85 T:FO45 7 5;<2D

;<8C9NG4@4 385=8 2B:8<3;L234 I 52D;8<=234 B4: 4<5;38:2 8

4::82 " % 25 2554@;2PV85 58=4:;2;5 "B2:2D8D25 Q5

?838:2PV85 8 5;<3;@2=45 38 ?;:725%> @E272325 B2:2 3;5@9=;: @4<=:4D85 38 B:8P45 8 52DJ:;45 39:2<=8 =4345 2C98D85 2<45>

B:4D;?8:2:27 8 =4:<2:27#58 B8:72<8<=85 ;<=8:D4@9=4:85 34

F4G8:<4 <8552 72=I:;2\ A25=2 3;L8: C98 325 , 2554@;2PV85

8K;5=8<=85 87 ,> ,,] ?4:27 @:;2325 38B4;5 38 .$ 5=25

2554@;2PV85 8:27 85B8@;2D;L2325 B4: =;B4 38 A87 49 58:G;P4> 8 2DF9725 ?;:725 B8:=8<@;27 2 72;5 38 972 38D25

5 B:;<@;B2;5 <4G;32385 325 D8;5 58F9;<=85 ?4:27

• 8; ! X ;<=:439PO4 38 <4G25 B:J=;@25

2<=;@4<@4::8<@;2;5 / =2;5 @474 B:8P45 2A2;K4 345

(24)

><

4D;F4BTD;45 :8F;4<2;5\ 2PV85 38 @4<FD478:2345 @4<=:2

2 @4<@4::U<@;2\ > 8=@ / 8 B8:7;55O4 B2:2 4

X 2F;: B2:2 ?2L8: ;<G85=;F2PV85>

:8C98:8: ;<?4:72PV85 8 B:4B4: 783;325 38 @47A2=8 2

G;4D2PV85 @4<=:2 2 4:387 8@4<W7;@2 5 B:4@85545

8:27 8<G;2345 B2:2 H9DF278<=4 24 > @9H2

85=:9=9:2 8:2 59A4:3;<232 Q

• 8; $X $ =:2<5?4:749 4 87 29=2:C9;2> @47

38@;5O4 ?;<2D ;<2B8DJG8D\ ;<=:439L;9 4 @47B:47;554

38 @8552PO4 38 B:J=;@2 587 @4<?;55O4 38 @9DB2\

;<=:439L;9 2 ?;F9:2 34 B:8P4 2A95;G4 / 4 C98

385B8:=49 @:N=;@25 B8D2 59AH8=;G;3238 34 @4<@8;=4 /\

@4<54D;349 2 :8F9D2PO4 54A:8 ?95V85 8 2C9;5;PV85>

B:8G8<34 4 H9DF278<=4 38 2=45 38 @4<@8<=:2PO4 "38

2@4:34 @47 2 :8@8;=2 49 ;7B2@=4 <2 @4<@8<=:2PO4%

B8D4 @474 @4<3;PO4 B2:2 592 2B:4G2PO4> @47 4

B:4@8554 ;<5=:9N34 B8D2 ":8A2=;L232 38 % 8

B8D4 ;<;5=I:;4 32 2L8<32 "2=:2GI5 32 8@:8=2:;2 38

@47B2<E278<=4 @4<W7;@4 / %

B25549 2 58: A25=2<=8 8K;F;34 <85=2 <4G2 ?258

<S78:4 38 H9DF2345 B4: 7U5> C98 =;<E2 5;34 38 >$ 2=I

8 38 2 $> HJ ?4; 38 >' 8<=:8 72:P4 38 $

8 72:P4 38 .> 8 38 ' >' 8<=:8 . 8 854D9PV85

;<=8:<25 =472325 B8D4 T:FO4 B45=8:;4:78<=8> 5;7BD;?;@2<34 45 B:4@83;78<=45 38 2<JD;58> @4<=:;A9N:27 B2:2 2 592 72;4:

B:439=;G;3238 8 A2;K2:27 4 =87B4 38 8K278 345 2=45 38

@4<@8<=:2PO4 38 78585 "2F45=4 38 .% B2:2 >$ "7I3;2

# % / @? D;G8;:2 " %

;<32 255;7> 54A:8G;G8:27 =8<=2=;G25 38 @Y72:25

58=4:;2;5 <4 ;<N@;4 32 3I@232 38 > 725> @474

385@:8G8:8745 <4 @2BN=9D4 34;5> 2 72;5 A87#59@83;32 38D25>

32 <3S5=:;2 9=474A;DN5=;@2> =8G8 @474 B:;<@;B2D @4D9<2 38

(25)

>=

?2:72@U9=;@2> @474 85=93234 <4 @2BN=9D4 =:U5> =8G8 589

B:;<@;B2D 7478<=4 38 <8F4@;2PO4 G4D=234 B2:2 2 72<9=8<PO4 38 B:8P45> Q 5878DE2<P2 32 B:J=;@2 @4::;C98;:2 325 3I@2325

2<=8:;4:85 474 255;<2D49 2DF234 " '%> 85=8 =;B4 38

?T:97 2@2A2 58:G;<34 38 ;<@8<=;G4 2 85=:2=IF;25 38

8 B:474G87 2 @2:=8D;L2PO4 8 2 G4@2D;L2PO4 38

;<=8:85585 38?8<5;G45

8G4D9PO4 E;5=T:;@2 32 D8F;5D2PO4 54A:8 @4<@4::U<@;2

385@:;=2 2@;72 B438 58: :8597;32 <4 -923:4 8G4D9PO4

34 72:@4 ;<5=;=9@;4<2D 85=J <4 -923:4 ' 438745 B8:@8A8:

C98 2=I B:8G2D8@89 2 B4DN=;@2 38 @4<=:4D8 38 B:8P45>

E2G8<34 97 B8:N434 38 =:2<5;PO4 2=I $> 38538 C92<34

B438745 ?2D2: 87 B:8347;<Y<@;2 34 2B2:2=4 D8F2D#A9:4@:J=;@4

38 38?852 32 @4<@4::U<@;2 <4 <4G4 72:@4 ;<5=;=9@;4<2D

-92<=4 24 @4<=:4D8 38 B:8P45> B438#58 3;G;3;: 2 592

;7BD878<=2PO4 38 2@4:34 @47 34;5 4AH8=;G45 3;5=;<=45 38

B4DN=;@2 F4G8:<278<=2D 3;5=:;A9=;G4 "B4DN=;@2 38 :8<325% 8

@47A2=8 Q ;<?D2PO4 "@? :2<3;> % > > >

> 8 4 B:TB:;4 ?4:27 @:;2345 87 7478<=45 38

2@8D8:2PO4 ;<?D2@;4<J:;2 +J 45 8?8;=45 3;5=:;A9=;G45 <O4

8:27 ;<=8<@;4<2;5 <2 ?4:79D2PO4 34 @4<=:4D8 2=I 2 @:;2PO4

34 \ ?4; 5T @47 2 ;<5=;=9;PO4 32 4:=2:;2

<=8:7;<;5=8:;2D C98 4 > 8 38B4;5 4 > B938:27

Z4B8:2@;4<2D;L2: 38 ?4:72 @4<5;5=8<=8 2DF97 =;B4 38

B4DN=;@2 38 :8<325 8<=:8 2F8<=85 8@4<W7;@45 783;2<=8

(26)

?

8 524

0 0

. X X ' ',> := $ _

,..

"Z 8; 2D2;2[%

X .X $! 47;55O4 37;<;5# =:2=;G2 38 8?852 @4<W7;@2 " %

_

8; ! .X X ! _

8; ! .X X ! 47;55O4 838:2D 38

A25=8@;78<=4 8 :8P45 " %

_ 8; $ ', X X . $.> := $ 4<58DE4 37;<;5#

=:2=;G4 38 8?852 @4<W7;@2 " %

_ 8; 8D8F232

` $

.X X . $.> := $. 9B8:;<=8<3U<@;2 2@;4<2D 34 A25=8@;78<=4 " %

_

! ! X !X .' 8F9D278<=2 8; $ ', _

.' . X X . .,> := '> " 8G4F234 87 !X $X

4<58DE4

<=8:7;<;5=8:;2D 38 :8P45 " %

_ ' ' 'X X . 8G4F2 ! !

8F9D278<=2 8; $ ', _

$$ X !X > :=5 , 8 ,'

8@:8=2:;2 2@;4<2D 38 ;:8;=4 @4<W7;@4 " %

_ ', ,X X > :=5 , 8

,' " 8=4:<4 Q @4<?;F9:2PO4 38 2=45 @4<=:J:;45 Q 4:387 8@4<W7;@2 @474 @:;785%

_

! " $X %

X X > :=5 , 8 ,'

8@:8= 38 ;:8;=4

@4<W7;@4 " % _ $ X .X $ > :=5 , 8

,'

:2<5?4:72 4 87

29=2:C9;2 _

' X 'X ! 7BD878<=2PO4 32 9=2:C9;2 @:;232 B8D2 8; $X $

_

. X .X ! D=8:2 2 8; $X $ _

$, X ,X , @:85@8<=2 B2:JF:2?4 24 := $` 32 8; $X $

_ !! X X > :=5 , 8

,'

X X !. X X > :=5 , 8

,'

X X X

(27)

>

8 52?

0

=26?@ <6:A4>

;26B; <6::6>

;2;;= <6::=>

C +

% $ 4<39=2 4<39=2

4<39=2 5=:9=9:2

"# & # #

I =:2<5?4:7234 87 29=2:C9;2\ 72<32=4 38 34;5

2<45 B2:2 45 787A:45

# 1 D;G8;:2 " %

<4G4 2:@2A49P4 ;<5=;=9@;4<2D 38 38?852 32

@4<@4::U<@;2 B8:7;=8> ?;<2D78<=8> C98 2 74D39:2 =8T:;@2 38 @4<@4::U<@;2 ;7B8:?8;=2 3;5B4<NG8D <2 D;=8:2=9:2 5;:G2 38 A258 B2:2 85=;72PV85 87BN:;@25 38 4?8:=2 8 3872<32 8 B2:2 2 78<59:2PO4 34 B438: 38 78:@234 587 3;5=4:PV85 @2952325 B4: @4<=:4D85 38 B:8P45> 8 58:G8 2=I B2:2 2G2D;2: 25 72:@25

38;K2325 B8D4 B255234 38 @44:38<2PO4 325 ?;:725>

B2=:4@;<232 B8D4 5=234

2 B:TK;72 58PO4> 3;5@9=;:8745 45 B:;<@;B2;5 3852?;45 78=434DTF;@45 B2:2 @9H2 59B8:2PO4 4 B:858<=8 =:2A2DE4 =87 B4: 27A;PO4 @4<=:;A9;:

524

7

7

52426

(28)

38 @4<=:4D8 38 B:8P45 8:27 25 B2:@8D25 38 78:@234> B:8P45 8 Z72B25[ 49 BD2<;DE25 38 @95=45 325 87B:8525

-92<34 972 ?;:72 85=2G2 B2:2 8<=:2: <97 78:@234

@4<=:4D234 B8D4 B:439L;<34 87 972 85@2D2

59?;@;8<=878<=8 2D=2> 8D2 38G8:;2 <4=;?;@2: 4 @47

A25=2<=8 2<=8@83U<@;2 B2:2 =8: 5895 B:8P45 2B:4G2345 25

?45587 45 B:439=45 <4G45 49 <O4> 4 =8<3;2 2 A2582: 592

38@;5O4 <45 B:8P45 345 @47B8=;34:85 C98 G8<387 45 785745

B:439=45 49 5;7;D2:85 4 ?;<2D 345 2<45 , > <4G45 B:439=45

87 78:@2345 @4<=:4D2345 =;<E27 5895 B:8P45 @2D@9D2345

2=:2GI5 38 972 ?T:79D2 C98 :8=4:<2:;2 4 @2B;=2D ;<G85=;34 87 @;<@4 2 58;5 2<45

25 I @D2:4 C98 2 72;4:;2 345 B83;345 8<@27;<E2345 24 :8?8:;2#58 2 B:439=45 C98 HJ 85=2G27 <4 78:@234> 8 45

=I@<;@45 34 952G27 972 :8F:2 38 5;7;D2:;3238> ;5=4 I>

85=2A8D8@;27 C98 B:439=45 5878DE2<=85 =;G85587 B:8P45

5878DE2<=85 8> B4:=2<=4> 25 785725 :8F:25 38 :82H95=8 4

8<=2<=4> <45 B:;78;:45 2<45 38 4B8:2PO4 34 > 2DF9725

?;:725 B:439=4:25 38 A8<5 3;?8:8<@;2345 8<@4<=:2:27

:8D2=;G2 ?2@;D;3238 87 743;?;@2: B49@4 5895 B:439=45 8

2;<32 255;7 8<C923:J#D45 @474 B:439=45 <4G45\ <8558

@4<=8K=4> 385=2@49#58 2 ;<3S5=:;2 ?2:72@U9=;@2> 4 C98 D8G49

4 2 ?4:79D2: <4:72=;L2PV85 85B8@N?;@25 B2:2 2 8<=:232

38 5895 Z<4G45[ B:439=45 <4 78:@234 .

385D4@278<=4 34 ?4@4 325 B4DN=;@25 54A:8 4?8:=2> 34 @4<=:4D8 38 B:8P45 B2:2 2 38?852 32 @4<@4::U<@;2> :839L 2 <NG8;5 :85;392;5 4 85@4B4 B2:2 2G2D;2PO4 38 BD2<;DE25 38

.

? :2<3; " %> B , <4:72=;L2PO4 8<@4<=:2#58 <2 854D9PO4 ' >

38 38 H9<E4 38 ,.> C98> <4 8<=2<=4> 2;<32 I 97 =2<=4 G2F2 54A:8 2

38?;<;PO4 345 B:439=45 <4G45> 38;K2<34 3;:8;=45 :85;392;5 38 @4<=:4D8

A25=2<=8 3;5@:;@;4<J:;45 24 T:FO4 2D8 <4=2: C98 45 B:4AD8725 38

72C9;2F87 38 B:439=45 @474 <4G45 B8:5;5=8 2=I E4H8> 34<38 59:F;9 2

<8@855;3238> <4 Y7A;=4 32 Y72:2 38 8F9D2PO4 34 8:@234 38

83;@278<=45 " %> 38 58 @:;2: :8F:25 B2:2 2 B:8@;?;@2PO4 38 <4G45

783;@278<=45 49 <4G25 2B:858<=2PV85 345 HJ 8K;5=8<=85 " 854D9PO4

(29)

@95=45 8 2 ;<=8:G8<PO4 34 5=234 54A:8 25 38@;5V85 345

B:439=4:85 4: 49=:4 D234> 2 38?;<;PO4 38 B:J=;@25

2<=;@47B8=;=;G25 @474 25 B:8G;5=25 B8D25 D8;5 C98 58

59@838:27 <45 2<45 > 87 85B8@;2D 2 ',X ' 8 2 $X $

B:8559BV8 2 8K;5=U<@;2 38 =I@<;@25 B2:2 38=8@=J#D25

8K278 38 2=45 38 @4<@8<=:2PO4 =27AI7 B:8559BV8 2 8K;5=U<@;2

38 972 78=434D4F;2 B2:2 2G2D;2: :;G2D;3238 <4 78:@234>

@47BD878<=2:;3238 8 59A5=;=9;A;D;3238 38 B:439=45 325

?;:725 8<G4DG;325 8 45 B455NG8;5 ;7B2@=45 34 2=4 54A:8 4

B438: 38 78:@234 325 ?;:725> 592 @4<39=2> 54A:8 972

B455NG8D @:;2PO4 38 A2::8;:25 Q 8<=:232> 8>

@4<58C^8<=878<=8> 54A:8 D9@:45 8 A87#85=2: 345

@4<597;34:85

5 3858<G4DG;78<=45 32 =84:;2 7;@:48@4<W7;@2 <45 2<45

8 =;G8:27 F:2<38 ;7B4:=Y<@;2 B2:2 85=2 7932<P2 38

?4@4\ 87 B2:=;@9D2:> 3925 J:825 38 B85C9;52

; 2 J:82 38 :8F9D2PO4 8@4<W7;@2> 2 @47B:88<5O4 345

8?8;=45 38 255;78=:;25 38 ;<?4:72PO4> 87 85B8@;2D 34

:;5@4 74:2D " % 8 32 58D8PO4 23G8:52 474

2B4<=27 2??4<= 8 ;:4D8 " '%> 2 2G2D;2PO4 38

BD2<;DE25 38 @95=45 I @2B2L 2B8<25 38 G8:;?;@2: C98 45

@95=45 5O4 D2<P2345 38 2@4:34 @47 B:4@83;78<=45

B23:4<;L2345 38 @4<=2A;D;3238 8 C98 <8<E972 ?:2938 ?4; 8K8@9=232> 725 =;B;@278<=8 4 @95=4 =4=2D G8:;?;@234 <O4 B438 58: 385=:;<@E234 87 5895 GJ:;45 @47B4<8<=85

38 85?4:P4 8 49=:25 G2:;JG8;5 <O4#G8:;?;@JG8;5 (

@4797> =27AI7> C98 25 ?;:725 54A:8@2::8F987 45

:8F9D234:85 38 ;<?4:72PV85 385<8@855J:;25 49

@4<=:23;=T:;25 38 7434 2 3;?;@9D=2: 2 592 2G2D;2PO4

;; 438D45 38 84:;2 345 +4F45 "8K :88< 8 4:=8:> $\

4=87A8:F 8 2D4<8:> .% 2H932:27 2 8<=8<38: @474 25

?;:725 B4387 72<=8: @47B4:=278<=45 @4D95;G45 587

(30)

E;BT=8585 =85=JG8;5 8@4<478=:;@278<=8 / G8: 4 @2BN=9D4 23;2<=8

DI7 385=85 3858<G4DG;78<=45 72;5 :8@8<=85> 49=:45

@4<@8;=45 3;5B4<NG8;5 EJ 72;5 =87B4 <2 D;=8:2=9:2 8@4<W7;@2

38B9<E27 @4<=:2 4 3;:;F;574 85=2=2D 8D4 D234 32

:8F9D2PO4> 4 8?8;=4 G8:@E#+4E<54< 8:2 @4<E8@;34 38538

. > C92<34 ?4; ?4:79D234 B4: 2C98D85 29=4:85 8F9<34

8D85> 2 :8F9D2PO4 B4: =2K2 38 :8=4:<4 ;<39L 2 97

54A:8;<G85=;78<=4 87 @2B;=2D B4: B2:=8 32 ?;:72 "; 8 > 8D2 85@4DE8:;2 972 :2LO4 @2B;=2DX=:2A2DE4 2D=2 3872;5% 58 85=2 =2K2 ?4: 85=;B9D232 2@;72 34 @95=4 38 @2B;=2D "58 85=;G8:

2A2;K4> 2 ?;:72 ?8@E2> 8 58 ?4: ;F92D> 2 85@4DE2 34 38

;<59745 I ;<38=8:7;<232% 8D4 D234 32 84:;2 345 +4F45> 2

<4PO4 38 B4<=45 ?4@2;5 "C98 32=2 38 @E8DD;<F> . % 2H932

=27AI7 2 8KBD;@2: @474 2 ;<3;@2PO4 38 :82H95=85 <25 @Y72:25

58=4:;2;5 @44:38<2G2 45 B:8P45 @4D95;G278<=8 8<=:8 45

B:439=4:85 8F9<34 85=2 =84:;2> 87 2DF9725 5;=92PV85 34

79<34 :82D> 45 H4F234:85 @4<58F987 @44:38<2:#58 <97

8C9;DNA:;4 B2:=;@9D2:> 952<34 ;<?4:72PO4 C98 I 8K@D9N32 32 ?4:72 85=:2=IF;@2 34 H4F4> 8 C98 B438 38B8<38: 32 @9D=9:2 8

325 8KB8:;U<@;25 B2552325 345 H4F234:85 5=8 @4<@8;=4 B438

58: ?2@;D78<=8 85=8<3;34 2 H4F45 :8B8=;345> 4<38 2

Z?4@2D;3238[ 38 97 B4<=4 B8:7;=8 2 @44:38<2PO4 38 H4F234:85 87 97 38=8:7;<234 B8:?;D 38 85=:2=IF;25

B852: 385=85 3858<G4DG;78<=45> 45 85=9345 87 8@4<47;2

;<395=:;2D <4 :25;D @4<=;<92:27 :85=:;<F;<34#58> 49 2

2<JD;585 54A 4 72:@4 =8T:;@4 32 5=:9=9:2# 4<39=2#

8587B8<E4> 49 2 85=9345 ;<5=;=9@;4<2D;5=25 C98> 2 8K87BD4 38 5895 @4<FU<8:85 85=239<;38<585> D;7;=2G27#58 2 8K=8<525 385@:;PV85 345 58=4:85 2<2D;52345 / 2 8K@855;G2 B:84@9B2PO4 @47 38=2DE85> 2 U<?258 <2 2=92PO4 325 B4DN=;@25 B9AD;@25 8 2 ?2D=2 38 972 74D39:2 2<2DN=;@2 :839L 2 2<2D;58 24 87B:8F4

(31)

:8F9D2:;32385 C98 B8:7;=27 F8<8:2D;L2: C92;5C98: B23:V85 38

@47B4:=278<=4 345 2F8<=85 D;J5> <87 58 <4=2 B4: B2:=8 345

2<2D;5=25 385=2 D;<E2 C92DC98: B:84@9B2PO4 87 A95@2: =2;5 :8F9D2:;32385> 2@2A2<34 2 2<JD;58 38 @232 58=4: B4: ;54DJ#

D4 @474 B8P2 S<;@2> ;<5;5=;<34 79;=4 72;5 <25 5925

B2:=;@9D2:;32385 C98 <45 =:2P45 @479<5 @47 49=:45 78:@2345

295U<@;2 38 972 74D39:2 =8T:;@2 C92<=;=2=;G2 8 38

@4<@8;=45 5;7BD85 38 C92<=;?;@2PO4 38 ?9<PV85 38 3872<32 8 38 @95=45 8 38 783;325 38 A87#85=2: 2@2A2 B4: =4:<2: 85=25 2<JD;585 B4: 3872;5 ?:JF8;5 @474 59A5N3;45 B2:2 B4DN=;@25 8@4<W7;@25 49 B2:2 H9DF278<=45 38 B:4@85545 87 38?852 32 @4<@4::U<@;2

5=2 38?252F87 345 =:2A2DE45 38@4::8 38 GJ:;45

?2=4:85 7 B:;78;:4 D9F2:> E2G;2 97 ;54D278<=4 32 J:82 38

@4<47;2 <395=:;2D 87 :8D2PO4 245 2G2<P45 34

5 85@4D25 A:25;D8;:25 @47 2DF97 87 @4<47;2

<395=:;2D B:8?8:;27 :8D2@;4<2:#58 @47 85@4D25 A:;=Y<;@25 8 ?:2<@8525 =27AI7 385@4D2325 32 ?:4<=8;:2> ;554 C92<34 E2G;2

97 ;<=8:@27A;4 @47 4 8K=8:;4: 5 38B2:=278<=45 38 @4<47;2

@47 2DF972 ;<=8:2PO4 @47 2 85@4D2 38 E;@2F4 49 @47

38B2:=278<=45 ;<?D98<@;2345 B8D2 84:;2 345 +4F45

5;7BD8578<=8 <O4 =;<E27 B85542D 8<G4DG;34 @47 @4<47;2

<395=:;2D 7 @8:=4 58<=;34> B438#58 3;L8: C98> 87A4:2

E49G8558 972 @4<5@;U<@;2 34 B2B8D 38 B4DN=;@25 38

@47B8=;PO4 B2:2 58 ;<=:439L;: 97 Z@E4C98[ 38 B:439=;G;3238

<2 8@4<47;2 A:25;D8;:2> 2 D;=8:2=9:2 87 C98 2 2@2387;2

A:25;D8;:2 58 A2582G2 B2:2 B:85@:8GU#D25 85=2G2 79;=4 72;5

D;F232 245 @27B45 32 @4<47;2 <=8:<2@;4<2D 8 32 @4<47;2

34 858<G4DG;78<=4 34 C98 Q @4<47;2 <395=:;2D ;G:45#

=8K=45 @474 ;:4D8 " % 49 2:D=4< 8 8:D4?? " %

3874:2:27 2 3;?9<3;:#58 <2 @2387;2 A:25;D8;:2

(32)

:

8@4<47I=:;@45 2BD;@2345 2 =TB;@45 38 @4<47;2 <395=:;2D

9D=;74 8<54 <395=:;2D ?4; :82D;L234 87 ! 2<=4 5895

7;@:432345 @474 45 32 " 85C9;52 <395=:;2D <92D% 8 32

" 85C9;52 <395=:;2D 8<52D% 2=I E4H8 5O4 79;=4 B49@4

2@855NG8;5 Q 72;4:;2 345 B85C9;5234:85 8574 2DF9725

85=2=N5=;@25 97 B49@4 72;5 2F:8F2325 85A2::27 <2 8K;FU<@;2

38 5;F;D4> HJ C98 97 F:2<38 <S78:4 38 58=4:85 2;<32 I

A25=2<=8 @4<@8<=:234 87 97 B8C98<4 <S78:4 38 ?;:725 5=2

D;7;=2PO4 38 32345 ?4:P2G2 45 B85C9;5234:85 2 234=2:>

;7BDN@;=2 49 8KBD;@;=278<=8> E;BT=8585 C98> Q D9L 34 C98

?4; 3858<G4DG;34 87 =8:745 38 @4<47;2 <395=:;2D 87BN:;@2>

B4387 E4H8 58: @4<5;38:2325 A25=2<=8 B:4AD87J=;@25 4:

8K87BD4> 4<5;38:2 " '\ 2<=85> B4:=2<=4 32 B9AD;@2PO4 345

7438D45 38 84:;2 345 +4F45 59B:278<@;4<2345% 9549 4 <3;@8

8:2D 38 :8P45 34 FU<8:4 2=8:;2D 38 :2<5B4:=85 87 5925

85=;72PV85 38 Z8C92PV85 38 [> B2552<34 B4: @;72 38

B:4AD8725 38 @47B45;PO4 32C98D8 N<3;@8> B:;<@;B2D78<=8

7932<P25 38 C92D;3238 8 59A5=;=9;PO4 38 7438D45 24 D4<F4 34

=87B4,

;<32 255;7> B438745 2?;:72: C98 HJ 8K;5=87 <4 :25;D

25 785725 Z@4<3;PV85 38 4?8:=2[ 2B4<=2325 B4: 2R8: 8

9A;<?8D3 " % B2:2 4 @:85@;78<=4 34 954 38 7I=4345

87BN:;@45 87 B:4@85545 2<=;=:95=8 <45

2 :JB;32 78DE4:;2 32 =8@<4D4F;2 345

@47B9=234:85 =4:<49 25 78=434D4F;25 87BN:;@25

?2@=NG8;5 8 8@4<47;@278<=8 G;JG8;5> B8:7;=;<34

=2<=4 2 @4D8=2 @474 2 2<JD;58 38 G25=25

C92<=;32385 38 32345

A ;:725 B:;G2325 38 " ;8D58<> >

8=@ % 293;=27 ;<?4:72PV85 38 G8<325 8 B:8P45>

,

2:2 72;5 38=2DE85 2 :85B8;=4 38 7932<P25 E83W<;@25 <O4 @2B=2325

(33)

;

C98 B4387 58: 3;5B4<;A;D;L2325 Q5 29=4:;32385 2<=;=:95=8

-92<=4 24 =8:@8;:4 ?2=4: 2B4<=234 B8D45 29=4:85 / 2

8K;5=U<@;2 38 7I=4345 87BN:;@45 2BD;@2345 Q :F2<;L2PO4

<395=:;2D /> B438745 3;L8: C98 8D85 85=O4 3;5B4<NG8;5 87 <S78:4 2A9<32<=8 8 @:85@8<=8 <2 D;=8:2=9:2 8@4<W7;@2\ :85=2

"8 85=2 I 972 325 ?;<2D;32385 B:8@NB925 34 B:858<=8

=:2A2DE4% ;<@4:B4:J#D25 Q D;=8:2=9:2 <2@;4<2D

4 D234 32 Z3872<32[> HJ 58 <4=2 972 B:84@9B2PO4 325 29=4:;32385 2<=;=:95=8 A:25;D8;:25 <4 954 38 ?8::278<=25 38 2<JD;58 8@4<47I=:;@2 B2:2 2G2D;2PO4 345 78:@2345 :8D8G2<=85

8 85=;72PO4 38 3872<32 38 B:439=45 K87BD45 5O4

% G4=4 B:4?8:;34 B8D2 @4<58DE8;:2 S@;2 8D8<2

2DF234 <4 B:4@8554 08DD4F5# 9B8:A47 " %\

% 954 38 85=9345 8@4<47I=:;@45 87 B2:8@8:85 32

38?852 8 32 2@952PO4 <45 2=45 38 @4<@8<=:2PO4

32 :2E72 8 <=2:@=;@2 "C98 389 4:;F87 Q

7A8G%

F:29 ;<@;B;8<=8 38 954 38 8@4<478=:;2 87 2<JD;58 2<=;=:95=8 @4<=:25=2 @47 2 2<=;F^;3238 34 954 38 7I=4345

8@4<47I=:;@45 87 B:4@85545 H93;@;2;5 <45 4: 8K87BD4>

<4 ?;<2D 32 :2<38 8B:855O4> :8D2=2 2R8: " ,%> =8G8

D9F2: 97 345 8K87BD45 38 954 38 8@4<478=:;2 <97 B:4@8554

:8F9D2=T:;4> C92<34 2 =88D 85=;749 8C92PV85 38

3872<32 B4: 2P4> =8<=2<34 3874<5=:2: C98 8D2 8:2

;<8DJ5=;@2> B2:2 59F8:;: C98 4 38587B:8F4 32 ;<3S5=:;2

5;38:S:F;@2 <O4 8:2 :859D=234 38 B:8P45 2D=45

C98 @E272 72;5 2 2=8<PO4> B4:I7> I C98> @47 2

8K@8PO4 @;=232 34 @254 7A8G> 78574 4 954 38 85=;72=;G25 38

(34)

<

2=45 38 @4<@8<=:2PO4 54A:8 2 @4<@4::U<@;2> B4: 8K87BD4

55;7> 58 3925 ?;:725 @47 B:439=45 59A5=;=9=45 72;5

3;5=2<=85 49 72;5 B:TK;745 58 ?9<387> 87 G8L 38 58 5;79D2:

4 <4G4 B:8P4 38 8C9;DNA:;4 D8G2<34#58 87 @4<=2 2

@47BD878<=2:;3238 85=:2=IF;@2 345 5895 B:8P45> 45 B:4@85545

58F987 49=:2 3;:8PO4> =:2P2<34#58 972 D;<E2 3;G;5T:;2

;<=:2<5B4<NG8D 8<=:8 Z4 78:@234 :8D8G2<=8[ 8 Z49=:45

78:@2345[> C92<34 <2 G8:3238 2 59A5=;=9;PO4 8<=:8 97 B2: 38

B:439=45 I 79;=4 72;5 972 C985=O4 38 F:29 34 C98 972

B8:F9<=2 @47 :85B45=2 3;@4=W7;@2 Z5;7[ 49 Z<O4[

52424 D

25 C92;5 5O4 25 B:;<@;B2;5 2BD;@2PV85 B455NG8;5 325 Z<4G25 =I@<;@25[ "C98> @474 52D;8<=2745> <O4 5O4 =O4 <4G25

255;7%a 2R8: 8 9A;<?8D3 " % 2B4<=27 2DF9725 38D25

2% ;5=872=;L2: 5;5=872=;@278<=8 2 8G;3U<@;2

C92<=;=2=;G2 87 @2545 38 59B45=2 @44:38<2PO4 38

B:8P45 ?;:725 B4387 @4D93;: 87 78:@2345 38 A8<5

?;<2;5 49 ;<=8:783;J:;45 "8K @;78<=4> G2:8H4 38

@47A95=NG8;5> =:2<5B4:=8 2I:84 38 B2552F8;:45>

8=@ % 49 2;<32 87 D;@;=2PV85 38 T:FO45 BSAD;@45

"8K ?4:<8@;78<=4 38 78:8<32 85@4D2:> 4A:25 87

85=:2325> ?4:<8@;78<=4 38 8C9;B278<=45> 58:G;P45 38

D;7B8L2> 8=@ % 474 <4=27 25@4<@8D45 8 2745

" %> 4 38587B8<E4 @4D95;G4 B438 B:85@;<3;: 32

@4<39=2 @4D95;G2> ;5=4 I> 78574 C98 <O4 =8<E2

E2G;34 2@4:34 8KBDN@;=4> 2 @4D95O4 B438 2@4<=8@8:

8:> 2 85=8 :85B8;=4> 4 2:=;F4 38 8=8:5 " '%> C98 2G2D;2 2

2@9:J@;2 385=8 B:4@83;78<=4> 2BD;@234 2 D;<E25 2I:825

4; 4 C98 2@4<=8@89 <4 B:4@8554 32 0:2?=#b2:<8: 27A8:= "2C9;5;PO4 38

D;<E25 38 B:439=45% 8 <4 32 7A8G# 2=4:238 "D;@8<@;278<=4 32 72:@2

B8D2 8B5;> C98 :8@I7#23C9;:;:2 2 -92R8:> B:4B:;8=J:;2 32 72:@2%

952<34#58 =I@<;@25 38 72:R8=;<F @E8F49#58 2 8D25=;@;32385 38

(35)

=

85=8 @254> 2 295U<@;2 38 B:4G25 38 C98 E49G8 97

8<@4<=:4 8<=:8 45 2@952345 38 @2:=8D;L2PO4 I

59B:;32 @47 2 2B:858<=2PO4 38 8G;3U<@;2 87BN:;@2 38

C98> @4<=:4D2345 B2:2 49=:45 ?2=4:85

"B:;<@;B2D78<=8 G2:;JG8;5 38 @95=45%> 45 B:8P45 345 2F8<=85 ;7BD;@2345 74G87#58 87 B2:2D8D4> ;<3;@2<34 @4D95O4 =J@;=2

A% 9K;D;2: <2 38?;<;PO4 38 78:@2345 :8D8G2<=85 8

85=;72: 8D25=;@;32385#B:8P4 @:9L2325> C98 58:G87

B2:2

; ;79D2: 8?8;=45 38 8<=:232 38 <4G45

@47B8=;34:85 87 78:@2345 A87 38?;<;345\

;; G2D;2: 4 8?8;=4 B4=8<@;2D 38 ?95V85 8

2C9;5;PV85 474 A87 52D;8<=49 2R8: " ,%>

Z85=;72=;G25 8@4<47I=:;@25 38 8D25=;@;32385 38

3872<32> C92<34 3;5B4<NG8;5> 5O4 =;B;@278<=8

79;=4 72;5 ;<?4:72=;G25 C98 B2:=;@;B2PV85 38

78:@234 B2:2 2H932: 2 ?2L8: ;<?8:U<@;25 54A:8

58 c?95V85 8<=:8 ?4:<8@834:85 38 B:439=45

3;?8:8<@;2345d 5O4 B:4GJG8;5 38 ?4:=2D8@8:

B438: 38 78:@234[

8 ?2=4> <4 :25;D> 4 9;2 B2:2 <JD;58

@4<W7;@2 38 =45 38 4<@8<=:2PO4 @4<W7;@2 38

=45 38 4<@8<=:2PO4 4:;L4<=2D 3;G;38 4

B:4@83;78<=4 38 2<JD;58 345 2=45 87 @;<@4

8=2B25 B:;<@;B2;5

/ 8?;<;PO4 34 8:@234 8D8G2<=8\

/ 8=8:7;<2PO4 32 2:@8D2 38 8:@234\

/ K278 32 :4A2A;D;3238 38 K8:@N@;4

38 438: 38 8:@234\

/ K278 325 ?;@;U<@;25 @4<W7;@25

8:2325 B8D4 =4\

(36)

?

5 =I@<;@25 8@4<47I=:;@25 B438:;27 58: 38

F:2<38 2H932 <25 =2B25 8 474

78<@;4<2745 <2 58PO4 2<=8:;4:> HJ 4 ?4:27

85B4:23;@278<=8 <2 =2B2 > 725 2 =2B2

B438:;2 58: 8<:;C98@;32 @47 2 5;79D2PO4 38

8?8;=45> 9=;D;L2<34#58 25 8D25=;@;32385

85=;72325> ;<?4:72PV85 49 ;<?8:U<@;25 54A:8

@95=45> 8 38 2@4:34 @47 2 54D9PO4 38 8C9;DNA:;4 2G2D;232 @474 238C9232

@% 2L8: 5;79D2PV85 @4<=:2?2@=92;5> ;5=4 I> B:8G8:

@474 58:;27 45 B:8P45 <2 295U<@;2 325 @4<3;PV85

G8:;?;@2325 <2 B:J=;@2 4: 8K87BD4> 58 972 ?;:72 I

2@95232 38 8D8G2: B:8P45 2:=;?;@;2D78<=8 2=:2GI5 38 2DF972 B:J=;@2 @4<5B;:2=T:;2> 4 8@4<478=:;5=2 B438

952: 25 4A58:G2PV85 2<=8:;4:85 Q B:J=;@2

;<G85=;F232 B2:2 B:4H8=2: 45 B:8P45 C98

B:8G2D8@8:;27 <4 B8:N434 87 C98 8D2 ?4; 234=232> @254 ;554 <O4 4@4::8558

5 8K8:@N@;45 8?8=92345 <2 B:858<=8 3;558:=2PO4 2=U7#

58 Q D;<E2 38 ;<G85=;F2PO4 "2% 4:I7> G2D8 :8552D=2: 2

;7B4:=Y<@;2 32 <4G2 @4<47;2 <395=:;2D B2:2 2 2<JD;58 38

A87#85=2: 38 ;<4G2PV85 87 B:439=45 3;?8:8<@;2345 "972

:8@4<E8@;32 ?4<=8 38 B438: 38 78:@234% 87 "A%";% 8 38 2=45

38 @4<@8<=:2PO4 87 "A%";;%> C98 58 =87 =4:<234 97

;7B4:=2<=8 =TB;@4 38 B85C9;52 <2 D;=8:2=9:2 ;<=8:<2@;4<2D 8

4?8:8@8 97 G25=4 @27B4 38 B85C9;52 <4 :25;D

5242? E

5 =I@<;@25 8@4<47I=:;@25 952325 <45 85=9345 87BN:;@45 @4<=87B4:Y<845 B4387 58: 3;G;3;325 87 =:U5 @D25585> 2;<32

(37)

>

2% C92PV85 <2 ?4:72 :839L;32 5B8@;?;@232 @474 972

:8F:855O4 D;<82:> 2 =NB;@2 8C92PO4 38 B:8P4 <2

?4:72 :839L;32 =472 2 58F9;<=8 ?4:72

it it it it it it

p = +α β′w +γ′y +δ′s +λ′D +ε >

" %

4<38

• pit I 4 B:8P4 34 B:439=4> B2F4 B8D4 @4<597;34: i <4

B8:N434 \

• wit I 97 G8=4: 38 385D4@234:85 38 @95=4 "C98 <O4

85@2D2% / B4: 8K87BD4> B:8P45 38 ?2=4:85\

• @it I 97 G8=4: 38 385D4@234:85 38 3872<32 / B4:

8K87BD4> B:8P45 38 A8<5 59A5=;=9=45\

• sit I 97 G8=4: 38 G2:;JG8;5 :8D2@;4<2325 Q

85=:9=9:2 38 78:@234 / B4: 8K87BD4> @4<@8<=:2PO4 38 G8<3834:85 49 @4<3;PV85 38 8<=:232\

• Dit I 97 G8=4: 38 C98 B8:7;=87 2H95=2: 4

;<=8:@8B=4 2 3;?8:8<=85 F:9B45 38 4A58:G2PV85

":8F;V85> @2=8F4:;25 38 B:439=45> 8=@ %\

• λ, γ, δ, α e β 5O4 G8=4:85 38 B2:Y78=:45 2 58:87

85=;72345

2=9:2D78<=8 G2:;2PV85 <2 85B8@;?;@2PO4 "@474 2DF972 D4F#D;<82:;L2PO4> 49 97 =:2<5D4F> B4: 8K87BD4%> B4387 49

2=I 38G87 58: 2<2D;52325 B2:2 72;4: :4A95=8L 345

:859D=2345 47 8C92PV85 5878DE2<=85 Q5 2@;72> 25

29=4:;32385 38 38?852 32 @4<@4::U<@;2 B4387 =8: 45 8?8;=45

54A:8 B:8P45 58B2:2345 8<=:8 ";% :8B25585 38 @E4C985 <45

@95=45\ ";;% @E4C985 38 3872<32\ ";;;% 8?8;=45 38 7932<P25 <2 85=:9=9:2 38 78:@234 "B:;<@;B2D78<=8 87 38@4::U<@;2 38

2=45 38 @4<@8<=:2PO4%> 8> 255;7> =8:87 59A5N3;45 " % 87

;<G85=;F2PV85 38 ?;K2PO4 38 B:8P45\ " % B2:2 2G2D;2PV85 38

(38)

38 ?;:725 C98 58 @47B4:=27 72;5 2F:855;G278<=8 "7;<2<34 @2:=I;5%> @E272325

A% I=4345 C98 G;527 ;38<=;?;@2: B2:Y78=:45

85=:9=9:2;5 38 3872<32

; 5=;72<34 ?9<PV85 38 3872<32 "8 :85B8@=;G25

8D25=;@;32385% 2 B2:=;: 38 32345 38 =:2<52PV85

2F:8F2345 24 <NG8D 38 78:@2345> 952<34 972

8C92PO4 =NB;@2

>

it it it it

p = +α β′q +γ′y +ε

4<38

• >

it

p I 4 B:8P4 34 B:439=4 > B2F4 B8D4

@4<597;34:i<4 B8:N434 \

• qit I 97 G8=4: 38 C92<=;32385> ;<@D9;<34 4

B:TB:;4 B:439=4 > 8 A8<5 8?8=;G2 49

B4=8<@;2D78<=8 59A5=;=9=45\

49 2;<32 972 8C92PO4 38 3872<32 :85;392D

it it it it

it q y w

p> =α +β > +γ +δ +ε

4<38 q>it 8K@D9; 25 C92<=;32385 345 B:439=45 C98

<O4 4 B:TB:;4 B:439=4 "49 72<=I7 2B8<25 97

:;G2D 38 ;<=8:8558 B2:2 2 2<JD;58> @474> B4: 8K87BD4> 87 @2545 38 2=45 38 @4<@8<=:2PO4%> 8 4

G8=4: w 38 385D4@234:85 38 @95=4 A95@2 783;:

?2=4:85 C98 2?8=27 B:8P45 8 C92<=;32385 345

B:439=45 47;=;345

;; B2:=;: 38 32345 ;<3;G;392;5 38 =:2<52PV85

49 D2<@85 38 D;@;=2PV85> B455;G8D78<=8

@47A;<2<34#45 @47 ;<?4:72PV85 54A:8

@2:2@=8:N5=;@25 345 @47B:234:85> 38 7434 2

:8G8D2: 5925 B:8?8:U<@;25 8 B8:7;=;:

(39)

;;; =:2GI5 38 D8G2<=278<=45 38 72:R8=;<F> <45

C92;5 45 @4<597;34:85 5O4 @4<?:4<=2345 @47

2D=8:<2=;G25 38 B:439=45 8 72<;?85=27 5925

B:8?8:U<@;25 E;B4=I=;@25

@% I=4345 B2:2 ;38<=;?;@2: @4<39=2 4D;F4B4D;5=2> 45

C92;5 G8:8745 87 38=2DE8 <4 2BN=9D4

52?

E

5 B85C9;525 :8D2=2325 <45 B:TK;745 @2BN=9D45 GU7 2 58: 97 7452;@4 54A:8 2 <4G2 4:387 8@4<W7;@2 :859D=2<=8 325

:8?4:725 @;=2325> 725 587B:8 =8<34 87 78<=8 2 C985=O4>

:2:278<=8 B:858<=8 <2 ?4:79D2PO4 38 B4DN=;@25 58=4:;2;5> 32

27BD2 3;?8:8<@;2PO4 38 B:439=4 G;F8<=8 <45 58=4:85

=:2=2345> <4 72;5 325 G8L85 347;<2345 B4: 87B:8525

79D=;<2@;4<2;5 2:2 972 2G2D;2PO4 34 F:29 38 @4<@4::U<@;2

32 ;<3S5=:;2 <2 <4G2 4:387> 4 2:@2A49P4 =8T:;@4 8 4

?8::278<=2D 2 58: 234=234 38G8:;27 32:#<45 @4<3;PV85 38

78<59:2: 4AH8=;G278<=8 45 8?8;=45 325 GJ:;25 B4DN=;@25

234=2325 4: 49=:4 D234> 2 3;G8:5;3238 38 85=:9=9:25 38

4?8:=2 8 3872<32 32 ;<3S5=:;2 38 =:2<5?4:72PO4 A:25;D8;:2>

=2<=4 B8D4 25B8@=4 =8@<4DTF;@4 @474 B8D4 2:@2A49P4

;<5=;=9@;4<2D> :8@478<32G2 C98 8G;=J558745 ?2L8: 972

2<JD;58 ;<=8:#58=4:;2D @47BD8=278<=8 E4:;L4<=2D> 24 85=;D4

345 =:2A2DE45 87 5=:9=9:2# 4<39=2# 8587B8<E4 2L;2#58

<8@855J:;4 D8G2: 87 @4<=2 25 B2:=;@9D2:;32385 38 @232

58=4:> 587> <4 8<=2<=4> :8@2;: <972 2<JD;58 B9:278<=8

385@:;=;G2> ;<5=;=9@;4<2D 49 @474 I 38 B:2K8 58:

?8;=2

2:@2A49P4 85@4DE;34 G8;4 58:> B4:=2<=4> 2C98D8 C98

=87 954 @:85@8<=8 <4 @27B4 32 :F2<;L2PO4 <395=:;2D

@4<=87B4:Y<82 2 @E27232 4G2 7BN:;@2 " :85<2E2<>

(40)

=I@<;@25 7;@:48@4<47I=:;@25 38:;G2325 38 7;@:4?9<3278<=45 "E;BT=8585 54A:8 =;B4 38 @4<@4::U<@;2> 7438D2F87 38 =84:;2

345 H4F45> 8=@ % 7 B2:=;@9D2:> 4 954 ;<=8<5;G4 38

7;@:432345 345 58=4:85 85=932345 B4: 85=2 85@4D2 B8:7;=8 =85=2: E;BT=8585 38 @47B4:=278<=4 345 2F8<=85 8 385G8<32: 7;5=I:;45 8<@4A8:=45 B4: 85=2=N5=;@25 79;=4 2F:8F2325

B:;78;:4 @2BN=9D4 G87 58: 972 :858<E2 =8T:;@2 34

<4G4 B2:23;F72 32 4G2 :F2<;L2PO4 <395=:;2D 7BN:;@2> C98

=4749 ;7B9D54 <45 2<45 8 B2552 B4: ?:2<@2 8KB2<5O4 <4

79<34 / 725 <4 :25;D 2;<32 3J 45 5895 B:;78;:45 B25545 / 8

58:G8 38 2:@2A49P4 78=434DTF;@4 B2:2 45 85=9345 87BN:;@45

58F9;<=85 85=2 :858<E2> 5;=92745 2 87 @4<?:4<=4 @47

45 B2:23;F725 2<=8:;4:85> 8KBD4:2745 5925 B455;A;D;32385 8 D;7;=2PV85> 8 ;<=:439L;745 4 Z59A#B2:23;F72[ 38 85=;72PO4

8@4<47I=:;@2 87 78:@2345 4D;F4B4D;5=25 38 B:439=45

3;?8:8<@;2345> 4<38 25 =I@<;@25 38 78<59:2PO4 38 B438: 38 78:@234 2;<32 5O4 A25=2<=8 D;7;=2325

5=8 2:@2A49P4 ?4; 87B:8F234> 8<=O4> 87 34;5 58=4:85

A25=2<=8 2?8=2345 B8D45 74G;78<=45 38 D;A8:2D;L2PO4 38

B:8P45 8 38 ;7B4:=2PO4 8 :8@8A834:25 38 85B8@;2D 2=8<PO4 B4: B2:=8 32 B4B9D2PO4 8> @4<58C^8<=878<=8 325 29=4:;32385

F4G8:<278<=2;5 25 ;<3S5=:;25 29=474A;DN5=;@2 8

?2:72@U9=;@2

2 B:;78;:2> 2 27BD2 3;5B4<;A;D;3238 38 ;<?4:72PV85 54A:8 G8<325> B:8P45 8 @2:2@=8:N5=;@25 =I@<;@25 B8:7;=;2 /

2;<32 C98 :8C98:8<34 97 D2A4:;454 85?4:P4 38 @4D8=2>

@:9L278<=4 38 ?4<=85 8 @:N=;@2 38 32345 / 2 2BD;@2PO4 38

3;G8:545 7438D45 8@4<47I=:;@45 8<@4<=:2345 <2 ?2:=2

D;=8:2=9:2 87BN:;@2 54A:8 4 58=4:> =2<=4 <4 :25;D @474 <4

K=8:;4: @47BD8K;3238 345 5;5=8725 =:;A9=J:;4 8

=2:;?J:;4 8 25 ;325 8 G;<325 32 B4DN=;@2 F4G8:<278<=2D> B4:

592 G8L> :8C98:;27 972 7438D2F87 A25=2<=8

(41)

IF;38 32 4G2 7BN:;@2 2<JD;58 2C9; B:858<=8 234=2

2DF9725 E;BT=8585 5;7BD;?;@234:25 @479<5 <45 85=9345 34

58=4:> @474 3872<32 9<;=J:;2 8 @4<@4::U<@;2 4D;F4B4D;5=2 87

B:8P45 @47 B:439=45 3;?8:8<@;2345> 725 58F78<=2345>

58:G;<34> 255;7> 38 :8?8:U<@;2 B2:2 ?9=9:25 8K=8<5V85

@:83;=2745 C98 2 :;C98L2 345 :859D=2345 4A=;345 2=I 4

B:858<=8 @47 2 @47A;<2PO4 38 5@4DE2 ;5@:8=2 <97 7438D4

D4FN5=;@4 E;8:J:C9;@4 " % 8 4<@4::U<@;2

7B8:?8;=2 " 8:=:2<3# 25E @47 3;?8:8<@;2PO4 38 B:439=4>

=27AI7 @4<E8@;34 @474 49:<4=# 25E 87 B:8P4% 72;5 C98

H95=;?;@2 4 ;78<54 85?4:P4 87B:88<3;34 B8D2 B:;78;:2 G8L

<4 :25;D ?4:27 85=;72325 8D25=;@;32385 B:8P4 "B:TB:;25 8

@:9L2325% 8 "72:F8<5 B:8P4#@95=4 72:F;<2D% 24 <NG8D

38 B:439=45 ;<3;G;392;5 385=2 "49 38 C92DC98: 49=:2%

;<3S5=:;2 @474 97 =434 8B4:=2745> =27AI7> 54D9PV85 38

8C9;DNA:;4 87 C98 " % 45 B:439=4:85 B:8@;?;@27 45 5895

7438D45 ;<3;G;392D78<=8> 8 " % 25 ?;:725 72K;7;L27

@4<H9<=278<=8 45 5895 D9@:45> 27A25 58F9;<34 2 59F85=O4 38

8G4 " %

4; 8G;38<@;234 87B;:;@278<=8 C98 45 @2::45 B8:@8A;345 B8D2 B4B9D2PO4 @474 ;7B4:=2345 29?8:;27 72:F8<5 38 D9@:4 A87 78<4:85 C98 45 B:439L;345 B8D25 74<=234:25 <2@;4<2;5 87 =4345 45 58F78<=45 38 78:@234 <4 ?;<2D 32 <4552 2745=:2

" ,%> 2;<32 C98 <O4 58 <4=8 972 58B2:2PO4 325 @2=8F4:;25

87 59A@D25585 38 <2@;4<2;5 8 ;7B4:=2345 ;<32 255;7> 25

=2K25 38 345 29=47TG8;5 <2@;4<2;5 =;G8:27 972 C9832

3:J5=;@2 8 B8:72<8<=8 39:2<=8 4 38 ;7B4:=2PV85 38

!> 725 <O4 2B8<25 B4: @2952 385=25 ;7B4:=2PV85> 725

=27AI7 B4: @2952 32 @47B8=;PO4 347I5=;@2 72;5 2@;::232 9=:4 2@E234 =2DG8L 59:B:88<38<=8 I C98 45 ?2A:;@2<=85 38

@2::45 B4B9D2:85 <O4 85=O4 29?8:;<34 72;5 A2;K45

C98 45 7438D45 38 D9K4> 79;=4 B8D4 @4<=:J:;4 45 @2::45

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