UM ESTUDO EMPÍRICO SOBRE A EVIDENCIAÇÃO DO CAPITAL INTELECTUAL, NOS RELATÓRIOS DA ADMINISTRAÇÃO DAS ENTIDADES COM MAIOR CAPITAL SOCIAL, LISTADAS NA BOVESPA NOS ANOS DE 2005 E 2006

(1)

(2)

! "! #$

%" & '( "

& ) ! * +& ,

- . / , !

,

(3)

! ! & ) " ( " * +& 0 & 1!# 2 ,,,,,,,,,,,,,,,,,0 &"3

& "3 ! !& & 4 ! ,

5 0 67 " "& 8779,

. / , : / )! . )

! ! * +&

. %" ! " ! &

-. / , !

/ ! * +& 0

. / ) &

/ ! * +& 0

. &

/ ! * +& 0

(4)

! " 0 %" ! ! ! & 0 !

! ! ! 0 ! ! !" ! ) ,

! " ! %" ! ! ) ! " 0 "

, ! ! : ,

! 0 ! ! ) 0 . ! 0

! ! ) ! : '( & ) ,

0 %" ! ;" " : ! 0 !

(5)

(6)

0 , 3 " - ! " ! 3 & '(

" 0 5 ! '( ! ! 0

< . 877= 877>0 =9 , * +& ,

0 5 0 8779,

- . / , !

" 0 + ! 3 $ 0 ! &; " '(

" 1 20 5 ! '( 8= ! ! & 0

< . ! 6?@?8@877A, & ) + " ! + ) B

1877>20 %" 877= 877>, ! %" " :

C + D E0 " ) 1?FFF20 " 5

! '( : 'G , . '( ! 0

" : "$ 4 ! &H 1?FFF I B 0 877>0 , =2,

" ! %" ! 4 0 8

1 2 , "$ %" )+ "! * " '( " + 0

! * ! ! , & $ %" ) " !" !

"'( "'( '( ! 877A 877>, :

&" ( "'( ! ! " ' ! 3

,

(7)

+ ? J . " '( * $ 877= ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, AA

+ 8 J . " '( * $ 877> ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, A=

+ 6 J . " ( "'( '( ! " ,,=?

0

K" ? J ! ! J < . ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?>

K" 8 J 'G '( ! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?F

K" 6 J '( ! L " ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 8F

K" A J '( ! L " ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 67

K" = J '( ! L " ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6?

K" > J '( ! L " ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 68

K" 9 J '( ! L " ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 66

K" M J ! ! "! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6F

K" F J %N* " '( ! " " * ,,,,,,, A?

K" ?7 J %N* " '( ! " " * ,,,,, A8

(8)

& ? $ : ) + D 5 ! '( ,,,,,,,, ?M

& 8 $ %N* " '( ! 0 " " "'( ,,,,,,,,,,,,,,, 8?

(9)

< . < ( . "

"

! ( & +

(10)

1 222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222 11

?,? . < ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?8

?,8 <O / . K ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?6

?,6 O / / ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?A

?,A / / . K ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?=

?,A,? . ! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?=

?,A,?,? ! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?>

?,A,?,8 + D 5 ! '( ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?9

?,A,8 %" ! 5 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 88

2222222222222222222222222222222222222222222222222222222222222222222222222222222222222 3

8,? P QR / ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 8A

8,8 / QR / . S ,,,,,,,,,,,,,,,,,,,,, 8=

8,6 . T / . ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 8M

8,A / QR U< ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6=

8,A,? & ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6=

8,A,8 '( +& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6>

8,A,6 5 ! '( 1 2,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 69

4 22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222 45

6,? K V / / QR . ,,6F

6,8 P / / QR / ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, A>

6,6 QR / / QR U / .

. / ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, =7

3 6 2222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222

A,? / QW ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, =8

A,8 / / <O . S . . ,,,,,,,,,,,,,,,,,,,,,,,,,,,,, =8

(11)

1

3 " ! 0 & ! 0 &; 3 %" 0

;" " ! " : , ! & ! & ! ! %"

! !" ' D ! # " 0 '

+& 1) 5 2 ! + : ! 0 ! & !

" 187782, $ %" + ' ; ! &

5 0 ! " 1 2?0 %" *! ) %" , . $

! L '( " ,

) ! " "! !

! ! %" & ! %" $ 0 ! *$ " :+$

! :, ) ! "

" 0 & 0 ! " 0 # ! %" 5

X! , 1 0 877>2,

/ L " 0 " 1877>2 "

%" " ! 3 ! " ! " " ! ( 0 ! :

" " " ! ! ! ,

! '( ! & & " :

L! 3 '( ! ! 0 !$ " &

" 0 &" " " '( ! & 0 ! "!

?

! ! !" " + %" 0 4 "! %" ! ,

$ %" 0 3 %" ! '( 5 0 ( 4

! '( ;" ! 'G 0 ! ! ! "! * ! '( "! , !

" " !0 " 0 " - 3 0 3 0 3 0 "

3 0 " 0 " ( ) ! 1 I . Y0 8777B 0

877?B Z I / 0 877AB I 0 877>0 0 877>2,

! 4 ( " 1 20 ! 0 ! %"

! + ! " %" %" %" " 1 & $ %" 0 "

"! %" 0 '( ( + )"! " ( '(

2B 0 ! 4 G ! 4 ! ! " 1 2 %"

(12)

'( ! 0 " ; 0 ! # ! " 4

X! 0 ! ! ! " 1877>2B 1877?20 " 187772,

/ ! ! ! 'G & 0 !$

4 5 ! '( 0 %" ( #! ! 'G

X! 1. B 0 877A22, " 1?F99 I 0

877720 '( " ! 'G +& 0 !

" "+ ,

?,? . <

/ ! " 187782 +& 'G + !" :

& 4 " ! , ' ! !

" , ( & %" ": ! & 3 3 : 'G !

0 ;+ %" ! !" ! ! L %" ) ! ,

O+ : !" ! 3 ! %" 3 0

! 0 4 ! 0 & , 4 0 & 5 *!

) %" !" ! 0 ! ! "

3 '( 0 ! " '( & : '( , !0 " '( # ! "!

, [ +$ " "+ 0 ;+ %" ! 'G +& ! "

! " '( ( ! ! 0 ;" !

!" ,

" & # '( !

3 0 %" 1?FFM2 ! ! 3 3: "!

(13)

( " ! "! ! !

! 0 ! ! ! < " 187762B +

: '( + '( & : '( ! 'G

5 0 ! " 1877>20 :$ + " 0

! &" &; ,

! '( "! "! & * !

: 'G 0 & $ ! ! ! " : '(

) ! , ! ! " : 'G ! ! 'G : !

! ! 4 , . " :0 " "+ &" ! ! 'G %" 4 !

: 'G %" & ! 0 ! 5 "

5 0 ! . 1877>2, / ! 5 !

( ! '( %" ! "4 " "+ , / ! " 3 &" 1?FF9

. B 0 877A20 5 ! ! 'G + ( %"

! 'G ! ,

! 0 4 0 " " %" - # $

$

% & ' $ % &

?,8 <O / . K

&; %" ! '( " 0

! & 0 5 ! '( 877= 877>,

(14)

-" 0 : ! L 3 @ " B

4 * ! 3 @ " 5

! '( 8= ! ! & 0 < . !

6?@?8@877AB

0 ! 0 ! ! B

& ) ) 1877>20 "'( '(

" + " ! ! ,

?,6 O / /

" ! )+ "! ! ! ! 0 ! " !

! : 0 %" + 5 : ! + 0

" ! !& ! , / ! 0 ! )

! L 3 ! " "+ 0 ;+ %"

& *! " ! ! L 3 0 ! ! < \ ]

187762,

. 1?FFM20 " "+ ( B !0 !

! 'G %" ! ! 0 ! " $ 0 &"

: ! ! 'G %" 0 ;" , '( #0 !&#!0 "! !

! 'G + 0 ! 0 " "+ ; ! )

! ) 0 " 0 ;+ %" ! ( ! '

! %" ! " ! ,

" ! ! &" '( + '( ! 3 : !

(15)

! ( " 0 %" ! ! ) " , 4 "!

%" 0 : ) 1877>20 ! ! ! 5 ,

& ) " ! '( ) 1877>20

%" 877= 877>,

. ! '( " '( ! 'G & " 8=

! ! 0 ! '( 0 < . ! 877A0 + 3

&" %" ! " * +& "

+ ,

?,A / / . K

12321 #",.7$8.&9") (%#% % ,"!.9% 7. 7%7")

! ! & & + 5

! & 3 "& ?FFMB

! %" 5 ! '( ! ,

! 5 ! '( # !

" ) 1?FFF I B 0 877>0 , A 2, : "! +

D 5 877= 877>0 8= ! ! &

& 1 ! 6?@?8@877A J ! %" I B 20

# 0 %" ! ;" ! (

& + 1 2, 5 ! '( " $ ! "! D ! '(

(16)

# ! : '( , $ %" ! ! !

" '( ! 'G 5 ,

1232121 &$+.#)" . %8")9#%

! ) 1877>20 %" 0 7A ! 877=0 4 !

6MM ! < ( . " 1< . 2, ! !

& & 0 ) ! &; " 0 ! "! ! (

5 ( 3 0 ! 8= ! & 0 ! ! ,

! 4 3 %" ) 1877>2 K" ?,

"8. %($9%! ",$%! : ;< "8. %($9%! ",$%! : ;<

. < U 68,MF>,?69,9=7077 . 6,AM7,777,777077

< U 87,9M=,?F=,F7F0AM < 6,A6=,9M9,9>90>9

< / < F,M>A,?=6,6F=0?9 < . 6,A76,>MM,=>=086

< ^ M,?7?,777,777077 < Z 6,A78,F>M,8F60MA

<

< / 9,977,777,777077 I 6,6A=,6>F,A>7079

/

/ 9,677,777,777077 < 6,?AF,9M7,7A=0=A

9,?87,M>A,9?80FM

/ /

< R 8,9M8,?7=,F9>089

. >,A89,==9,6A?087 8,9AM,>=7,M770??

/ , =,87>,F>M,=860=8 . 8,>==,A66,A=A0A=

< =,777,777,777077 < . 8,=6>,9FA,667078

< A,9A8,M76,76A0A9 8,A9M,=M8,?8609>

. A,7M8,76=,F8909= < 8,AA=,9>>,7F?0F7

.R / Q^ 6,=7F,A87,96>0FM

0=%7#" 1 8(#.)%) 7% %8")9#% >

(17)

123212 &?!$). 7. ,"&9.@7" 7") #.!%9'#$") 7. %78$&$)9#%AB"

. " 5 0 " : $ + D 0 %" 0 ! )

1?FFF2 # "! # %" %" ) &; 0 ! : '( * ,

&; $ " ! 0 ! "&; + ,

! : '( " ; ! 0 + ! ! 3 ,

O+ * : ! 'G 0 ! 0 4 ! - %" "

" 0 %" " " " 0 %" _ !0 " +

! ! " ,

) 1?FFF0 , 88A2 ! ! - C + D :0

, $ ! ! ) "! " 0 " "

3 4 ! ! ! ! E,

+ D 5 ! '( ! !

: " : $ ! " ) 1?FFF I B 0

877>0 , A2, " " : ! "! ! %" 5 "!# 0 & 4 0

4 * 1 " ( 2 '( ! 0 !

"

-7 ` ! ( " 5 " B

? ` ! " 5 " ! B

8 ` ! & " "! "!# 5 " B

6 ` ! & " "! ! + 5 " ,

& $ %" 0 ! " " ! 3 0 " ) 1?FFF I B

(18)

! ! ! ! 0 $ ! ! 5

7-?, " : '( &H 1?FF9 I B 0 877>0 , =20

! ! 0 %" ! ! ! 0 ! & ?,

!

? 8 ,,, 8= a

"

1 %($9%! &9.#&"

?,? . "

?,?,? .

?,?,8 / "

?,?,6

?,8 " $ " "

?,8,?

?,8,8 " "

?,8,6 .

?,8,A ! ! 'G

?,8,= ! !

?,8,> 'G

%($9%! C9.#&" 8,?

8,8 8,6

8,A ! ! )

8,= &" '(

8,> & '( 5

8,9

8,M +

8,F )

4 "8(.9D&,$% 7") E=&,$"&?#$")

6,? Z b$) b

6,8 " '(

(19)

%F.!% 1 %9#$G 7.).&-%7% (%#% %&?!$). 7. ,"&9.@7" 7") #.!%9'#$") 7% %78$&$)9#%AB"

"&9./ ) 1877>0 , =2

5 &" '( 17-?20 "! ! 5 0 4 0

! " '( ! 0 ! %" !

: '( ", : 0 0 "! ! 5 4 ) : '(

D! * ! 0 %" ! %" : 'G

! ! ! + , %N* " %N* 0 ! !

" 0 ! %" ! " , 5 + " 0 :$ ! 5

" " 0 " * " 0 !

! 1 4 0 " ! *

" + 2,

. '( ! " 5 ! '(

1 20 ( & 4 'G & ) ,

6,A ) ! & )

6,= ! * & )

6,> 3 !

!.8.&9" "AB" %7"9%7%

.

[ "! " 4

! ! " '( , . & " & !0

" !0 ! '( " ! " ,

/ "

[ "! ! '( " , ! & 0

& ) 0 ; 0 & ' 0 + ,

( " ! 3

" " " ' 0 ! ! 0

" 0 ! 0 ! " '( , $

(20)

[ ! " ! " ,

" "

( ' 0 0 "! 0 0 !X 0

!" '( ! )+& ,

. ( ! ( ! ,

! ! 'G

$ $ " " !+

!" 'G , 0 !

%" ( D " "+ ,

! !

! !" '( " + ,

'G ( & 3 ! 0 ! "

* ,

K" ! D& 0 ! )

3 ,

K" ) 0 " '( 0 !

K" %" ( # !

! ! )

K" $ ! ! 0

D& ,

&" '(

[ ! ) " " & '( #

"! , $ 4 'G " !

! ,

& '( 5

! " ! ,

[ "! ! " : '( "

+

[ "! 5 %" : & 3 ! ,

) ( %" * H ,

(21)

0=%7#" > "AH.) (%#% $7.&9$E$,%AB" 7") .!.8.&9") &") ) "&9./ & '( 5

. )+ ! " '( " ( "'( !

" : 'G ! 0 + "! ! '( !

877A0 & %" ) 1877>20 ! ! 877>

" , . ! '( 0 " " ) " 1.20

! " '( 1 2 " "'( 1 2, + + ! ! & " ,

877A a 877> .@ @

" 1 %($9%! &9.#&"

?,? . "

?,?,? . 8 Ma

?,?,8 / " 7 7a

?,?,6 ?? AAa

?,8 " $ " "

?,8,? ?A =>a

?,8,8 " " ?= >7a

?,8,6 . ?6 =8a

?,8,A ! ! 'G 8? MAa

?,8,= ! ! 86 F8a

?,8,> 'G ?F 9>a

" '( _"( ₊ _, " '(

K" '( $ %" " +

) !

& )

[ " + 0 ! !

' ,

! *

& )

$ ! * " + ,

3 !

[ ( ! " + 0 !

(22)

%($9%! C9.#&"

8,? 8= ?77a

8,8 8= ?77a

8,6 ?6 =8a

8,A ! ! ) ?> >Aa

8,= &" '( 8? MAa

8,> & '( 5 88 MMa

8,9 ?6 =8a

8,M + 87 M7a

8,F ) ? Aa

4 "8(.9D&,$% 7") E=&,$"&?#$")

6,? Z b$) b ?6 =8a

6,8 " '( ?M 98a

6,6 K" '( ?A =>a

6,A ) ! & ) ?9 >Ma

6,= ! * & ) ?9 >Ma

6,> 3 ! ?6 =8a

%F.!% / #.IJD&,$% 7. 7$+=!K%AB" 7. ,%7% .!.8.&9" ).= (.#,.&9=%! . .+"!=AB" "&9./ ) 1877>2

1232 &I=%7#%8.&9" .9"7"!'K$,"

%" %" &; # , " 1?FFF

< B Y0 87760 , M?20 %" ! ! &;

0 ! 3 X! " & 'G

+ , . &; 0 " : !$ # : ,

!0 & ) : ! ! &;

'( " 8= & ! ! 0

< . 877= 877>,

! %" " : ( %" "! %"

& & + 0 ! + 5 ! '( 0 < . , "

18778 < B Y0 87760 , MF20 %" "! $

(23)

0 !0 0 ! '( & " 0 &" 4 "!

": $ ) "! 0 0 ! 0 &" ! !"

3 , O+ %" & & + 0 ! 1?FFF < B Y0 87760

, M920 # ! ! ;+ & 0 !

3 ,

" : %" + " : # " + 0 %" ! < "

H 187762 ! 4 '( ! 'G 0 5 0 0

0 'G 0 " 5 " , 5 ! '( 8=

! ! ) & & 1 2 " ! " + 0 %"

( ( " %" + " ,

& ! ! 5 & ! %" + " : # %" , . )

1?FFF2 ! %" ! 4 & ! 0

'( + 0 ! L! " 0

&" "! ! 3 ! " ! !

3 " , . 0 " " "! & ! %" 0 ) + +

D + 0 ! ! ! %" !

(24)

3 " ( & 3 0

3 %" ! ! 0 &" $ " ! L

" %" , 3 " ! ! ! : '(

! 0 ! 0 ! ( " ,

8,? P QR /

" ) 1877=20 ( & %" ! "4

' ! 0 "! 1 ' ) & '( 2 ! + 1

2,

I+ 3 " ! "! ! , ! ! !

I ] < 1?FFF I / ,0 877=0 , FM20 C 3

'( ( & 3 " " 0 0 "

3 4 " "! E, #! 0 " ! ! %"

4 "! &" ! " '( + , < ( %" !

! ! ( ! & ,

" " : 1?F>8 I / ,0 877=0 , FA20 C

! & 3 0 %" ! %" ! "

"! '( ,E $ '( %" & !0

#! ! %" 0 ! 5 : '( , . <0 & 3

" " ( 3 , & )+ 0 %" ! 0

(25)

. $ " 0 " 3 &" 1?FF9 I /

,0 877=0 , F=2

3 " ! # " '

" " %" *!0 " ! " ;" !

! " "'( 0 : ! 0

" ! 0 ! "4 3%" 4 ,

0 ! " ! ! 0 "

! 0 "! ! " " 4 ,

. 1?F98 I / ,0 877=0 , F>20 ( C " " "

X! %" & "! ,E ! # %" ! ,

/ 0 ) , 1877=2 ! "

! %" ! "4 " " 4 ,

" + '( I ] < 0 ) ; %"

& 3 0 %" ; !- & 3 " " 0

0 4 " ! " '( , [0 0 ! &

! ,

8,8 / QR / . S

: ! %" !" ( "

! '( ! 3 0 %" ! : ! & 3

" " : '( , ! Z H 18778 UB . P0 877>0 , ?A20 C

3 ! ! "! ;" " " ) ! 0 +

" ! %" 0 ! " 3 0 &" ! '(

(26)

" )! 187780 , ?A20 ! ! ! "

, !0 & 3 ( %" ( ! , 0 "

( " ! & ( ! 1 4 ! 0 'G 2,

! '( ! %" # Z ) 1 " " 3 &" 0 877A20 %" 3

! %" ( *! 4 * 3 0 ! & 3 %" 0

! 0 " : + ,

1877? UB . P0 877>0 , ?62 " ! "!

& 3 " " %" ( " 3 " 0 %" # '( 0

+ : " )"! ,

'( )! 187782 # ! ! 5 0 %" 3 (

" ! & ( ! , " 3 &" 1877A2 ! '( %"

( %" : ! & 3 " " , . " :0 1877?2 '(

" 3 &" 1877A2 ! '( %" ( + , . " " 0 Z H

! %" ) '( ! 3 ,

$ 0 " 0 %" '( 3 Z H # !

%" 0 %" # ! 5 ) ! + ! &

! 0 ! !0 " , '( !

+ 1877720 %" G " '( - C !X ! ! # "! "

"! " 'G 5 ! %" & ! ! " !

! :+$ "! $ ) " " + E,

3 " ! "! 3 0 ! ) !& 1?F>>

I / ,0 877=0 ,

FF2-4 * " - 3 ( !

(27)

& - 3 ( ! ! "!

" " 3 0 4 " 0 ! 0 %"

! ! B

: %" " '( - " ! " :

& 3 " " 0 ! 4 ! 0 ! "!

%" ! : ! "! & 5 %" ,

. " " 0 H )b ) 1?FFM UB . P0 877>0 , ?A20 : !

" 3 3 0 !

-/ 3 '( 3 '( ) 3 B

/ "; 4 * 0 '( B

/ ) * 3 0 ! 3 0 ' " 0 B

/ " "! + B

/ "; "3 " ! "! ! ! + ,

#! 0 ) & 1877=20 "! 3

! '( 3 0 %" ; !- ! 0 ! '(

0 0 " ( ! "! 5 0 4 *

" " ! " '( 0 "! ! " " 0 ! !

! 0 !0 ! 3 ,

) 3 " 0 '( 0

&" ! ) '( ! 0 " 5

(28)

8,6 . T / .

$ $+ " ! '( %" " # !

! : 'G 0 # ! 'G 3 &

877?, $ "! %" 5 0 ! " "!

"& '( 0 4 3 5 " , ( "!

(29)

0=%7#" 4 > +$7.&,$%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%! "&9./ & '( 5

#9$K" &" =9"#:.)< ",%! 7. (=F!$,%AB" "&)9%9%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%!

"

& 877?

\ '

! .

c : 'G 0 ; ! %" 0 !# " 0 %" ( (

! L " " %" ( " ! :+$ 0

! 0 ! L 0 ! !$ !

! ! ! '( " 0 %" : ! "

" 0 0 %" 0 ( 4 ! ! L %" ! # "

" !X %" ! ! "! !

! ! E, 1 + , 862

C ! ) ! 0 : 'G ! ! !

! L " 3 " %N ! & !

E, 1 + , 8M2 " '( "

3 877? H \ ] .

C " 3 *! ) : ! ! L ,,, L

! # 0 ! ! '( ! 0 %"

"! *! &"3 : ! !& %" E, 1 + ,

6A2

"

-8778

) :

. ! " "

&

d '

C,,, : ! 0 ) ! ! ! 3 (

( ! 0 ! ! " # : !

'( " ) ! ) ! !0 %" ! : !

0 ! ' %" ! : 'G E, 1 + , A?2

C,,, $ 3 %" ) ; : ! !"

! 0 "; ! "$ + " ! 0

(30)

0=%7#" 3 +$7.&,$%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%! "&9./ & '( 5

#9$K" &" =9"#:.)<

",%! 7.

(=F!$,%AB" "&)9%9%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%!

! " '( 3

& !

8778 " H

+ H

< &

C ! ! L 3 : ! %" &

! " $ ! %" : ! " '(

'( 3 E, 1 + , AM2

C ! L 3 ! # + :

! E, 1 + , AM2

! +&

" ! ! !

! " +& 8776 O %" < " & d '

C,,, "! " " " & 0 ! %" +

! "! ! !

! E, 1 + , M82

C,,, )"! *! "! ! ! ! " %"

) ! E, 1 + , M62

'( 3

-( 4 +

!

877A

H :: 0 !

/ 0

0 O" < ::

O # ,

( :

C 'G ! 0 0 'G " G ! 0 %" *!

D ! 0 5 *! ! : '( 3 ,

# 'G ! 0 $ "! # !

"& 0 ! 0 ! !0 '( ! 0 " E,

(31)

0=%7#" +$7.&,$%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%! "&9./ & '( 5

#9$K" &" =9"#:.)<

",%! 7.

(=F!$,%AB" "&)9%9%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%!

" !

'( 3

8776 H \ ]

X # < & d

'

C D ! # # " *! !

3 "! : '( 0 ! ! " 3 1 !

!+%" 0 # 0 3 " 2, ! : '( ! !" 0

%" " ! '( 0 ) ! 3

%" " + 0 ) & '( 0 : '( + 0

" 0 %" 0 " 0 ! !

! E, 1 + , A>2

C ! ! * " " 0 ! L %"

"! ! %" ! ! ! ! 0 4

X! " 0 ! %" '( ! ! E, 1 + , A>2

C ! " < ] " 0 ?FM80 ! " %" +&

3 >8a ! : 'G " , / :

! 0 3 " 6Ma, " ! ! %" 0 ! # "

ee0 +& 3 ?7 ?=a

! ! , ! D 0 " '( (

! ( 3 ( # &

) ! 0 %" 4 ! 3 : '( E, 1 + , A92

C " " 187772 3 *! ) ! '

! E, 1 + , A92

C " 3 &" 1?FMM0 ,9$F2 ) &" ! ! L 3 "! & ' 0

! ! ! %" 0 %" 0

(32)

0=%7#" +$7.&,$%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%! "&9./ & '( 5

#9$K" &" =9"#:.)< ",%! 7. (=F!$,%AB" "&)9%9%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%!

3

! )

!

877> . : "& !+

&

d '

C 3 0 ! ! 0 0 G D& " 0

4 ! 0 ( " 0 "; 3 D ! ! '(

! & '( ! , 4 0 D! "

*! ! %" '( %" : ! ! !

3 0 ! + ! ) X!

" '( 0 0 %" "! ! '

3 ( & : 4 " !

! & E, 1 + , 92

C D! " ! 1877?20 !) : 1?FM=20 b 1?FFF20 &H 1?FF920

< " , 1877?20 Z 1?FF920 ] ] " ) 1?FF92

1?FFM20 !&#!0 *! ! %" '( %" : ! + :

! 3 " " E, 1 + , M2

C + ! L 3 0 Z H 1877820 H )b )

1?FFM2 < " , 1877?20 ( %" 3 ; !

! L 0 # 3 "! 3 "! 3 , !0 # '(

" " : %" ! E, 1 + , M2

C ! L 3 # 3 ! , / !

0 ! 'G +& 4 ) ! ! %"

%" " , ! : +& ! &

) ! ! " '( 3 ! , 1 . 0 877?0

(33)

0=%7#" * +$7.&,$%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%! "&9./ & '( 5

#9$K" &" =9"#:.)<

",%! 7.

(=F!$,%AB" "&)9%9%AB" 7% $8("#9L&,$% 7" ,%($9%! $&9.!.,9=%!

" - "! " ! 3 & " (

877> ) : . !

" & d

'

C[ " %" " 0 ! " ! ( 0

! ! ! 3 : " ) ! ! "

!&#! ! " " ' 0 ! ! : " 'G

& !$ " %N* 0 & 'G %" " !

! ! "! !" : ! + 'G E,

1 + , 882

C ! "&; : '( %" %" ! ! !

3 " ( '( & "

! L : 'G ! L !

! ( ! E, 1 + , 882

C " ! # !" 3 "! D 0 ! " : '(

%" %" # %" ( ) : " !

3 ( ) ) ! !

'( "! ! '( !

(34)

/ ! 'G 0 ! %" L!& *! 0 " #

" ! L & ! ,

. ! 1877?20 : 'G %" ( ! ! ! 3

!$ ! ! ! 0 ;+ %" "

! , " !&#! %" " + !" 4 ! (

" ,

\ ] 1877?2 : L 3 ! # 0

"! ! '( ! , . " :0 " 187782 !

! L ! 0 %" " ) ! #

3 ! ! " 0 #! ! ,

H H 187782 !$ %N* &

! ! L 3 0 ! !&#! ! ! %" "

! L # + ,

! < " 1877620 ! G !

! ! 0 : )"! 0 ! !

! ! " , . " :0 < :: 1877A2 ! ! %" # !

'G 5 ! : '( 3 ,

. < \ ] 1877620 %" " %" "

! : '( ! 0 %" 3 ! ! ! ,

!&#! ! ! %" " ! L # ! ! ,

!+ . : 1877>2 ! %" 3 ( " 0 " ; 0 !

3 D 0 4 '( ! , #! ! 0

3 ! 4 " +& ! , 0

" ! %" 3 !&#! ( !

(35)

" 1877>2 " %" " : ! 3 ! " !

" " ! ! ! ! , " " %" ' !

! ( , " ! 0 ! : 'G ;+ " : 3

) ! " " ,

! * 0 L " "

) ! + X! , 3 !

0 "! ! ! ! " :

,

8,A / QR U<

2321 (%(.! 7% ,"&9%F$!$7%7.

/ ! ) 1877720 " '( & # 0 ! "

!" ! 'G ! G X! , "

%" & " "! " &; %" "! ;" &+

! 'G " "+ ,

) & 1?FFA " B . 0 877A0 , M2

&; & !

-" -"+ ! ! 'G & " :

X! 0 3 !X "

!" 'G 0 %" ! 0 ! 'G 0 + 0

5 5 0 4 & ! 0

0 & 0 ) " ! ,

. " 3 &" 1?FF90 B . 0 877A2 "! ! ! (

& "$ ! 3 ' 0 ;+ %" " "+ ; "! ;"

(36)

! 1?FF8 I 0 87772 ) + "! ! 4 ! '(

& ! " " "+ %" '( +&

%" ! ; !,

232 +$7.&,$%AB" "&9?F$!

! '( ! 5 &; & 0 #

! %" & "! " ! ( 0 #0 !" " " "+

! 'G G 0 ! ) 187772,

" 1?F99 I 0 877720 '( !

#! ! 'G +& 0 %" 0 ( 0 ( #

5 " G " "+ 4 ,

! '( ! ! ! " '( " "+ 0

! L

,

. ) 1877720 < 0 $ %" 3 '( ! "

! 0 & " ! ! ) & 0 ! " '( &" 'G

J ! ( & + 0 %" ! ! ' ! )

! ! 'G +& , 0 %" ( " " "

"* 'G &" + + 0 " ! !

4 ! D 'G 0 4 ": ! 'G +& !

! '( ,

! ) 1877720 " . 1877A2

! %" %" ! 'G & : !

& 0 5 ( " ! '( *! ! '

(37)

'G *! + & 0 $ ! "! %" ( #

& ,

! '( ! '( 0 " %"

!-! '( ! 0 %"

! ( !" ! 'G !

+ , / "! ! " : " '( 0

!$ ! +& ! 0

4 0 %" " ! 0 "

5 ! '( , 1 I 0 87770 , A?2,

/ ! ! ! 0 " 3 &" 1?FF92 I ] < 1?FF? " d

. 0 877A2 ! " !# '( - ! '(

! 'G +& B ! 'G * B 4 B %"

! 'G " ! B " 5 ,

!0 )+ * %" G " ! '( - +

! '( 0 D %" ! ,

2324 .!%9'#$") 7% 78$&$)9#%AB" : )<

. ) 1877720 ( "! ! '( ! 'G +&

" "+ %" ! &" ! ! ,

"! 'G (

-5 ! '( # "! %"

! !" !$ ! D& 4 , . " " :

! ! 3 0 ! %" ! " : "!

" ! ! # 0 ! &; ! D!

" "+ , 1 B . 0 877A0 , ?72,

%" 5 ! '( # "! !

!" '( ! ) 0

!" ! %" + 0 !

! " !0 3 ! D!

! , 1 B . 0 877A0 , ??2,

" 3 &" 1?FF90 , ??A20 5 / !

! 'G + ( %" ! '(

! - 4 ! '( " " 0 !

(38)

" ! %" ! , 1 B . 0 877A0 , ??2,

. 1877A2 ! %" 'G ! "!

;" !3 ! ! 'G %" ! & : : 'G

& , 0 & # +

! 'G +& ! 'G " ! # 5

! '( 4 ,

%" ! 'G " ! 'G ! (

" "+ ! " , . :( 0 '(

(39)

4

! L & 3 @ " "

3 0 + + & ! G ! !X

0 " : $ ! ! 8= ! & 0 ! !

0 ! & 6?@?8@877A0 + 877= 877>,

. '( ! & '( &H0

+ &"3 "! D! 0 ! & " 0 K"

M,

"8.

@8.#"

,"##.)("&7.&9. "8.

@8.#"

,"##.)("&7.&9.

. < U ? . ?A

< U 8 < ?=

< / < 6 < . ?>

< ^ A < Z ?9

<

< / = I ?M

/

/ > < ?F

9 / / < R 87

. M 8?

/ , F . 88

< ?7 < . 86

< ?? 8A

. ?8 < 8=

.R / Q^ ?6

0=%7#" M 8(#.)%) 7% %8")9#% &=8.#%7%) "&9./ & '( 5

6,? K V / / QR .

! &H 1?FF9 I B 0 877>0

, =2 1 & ?2 ! 4 ! ! ! 1K" ?20 !

! " ) 1?FFF I B 0 877>0 , A2, K" F

(40)

8= ! ! 0 4 3 877=, . " :0 K" ?7 $

(41)

0=%7#" 5 #.IJD&,$% 7. 7$+=!K%AB" 7. ,%7% .!.8.&9" . ).= (.#,.&9=%! 7. ","##D&,$% > "&9./ & '( 5

8(#.)%)

? 8 6 A = > 9 M F ?7 ?? ?8 ?6 ?A ?= ?> ?9 ?M ?F 87 8? 88 86 8A 8= "9%! a

" 1 %($9%! &9.#&"

?,? . "

?,?,? . ? 7 7 7 7 7 7 7 7 7 7 7 7 7 ? 7 ? 7 7 7 7 7 7 7 7 6 ?8a

?,?,8 / " ? 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 ? Aa

?,?,6 ? 7 7 7 ? 7 7 ? 7 ? ? 7 ? 7 7 7 7 7 7 7 7 7 7 7 7 > 8Aa

?,8 " $ " "

?,8,? ? ? ? 7 ? 7 7 7 ? ? 7 ? ? ? ? ? ? 7 7 ? ? ? ? 7 ? ?9 >Ma

?,8,8 " " ? 7 7 7 ? 7 7 ? 7 ? ? 7 7 ? ? 7 ? 7 7 7 ? 7 7 7 7 F 6>a

?,8,6 . ? ? ? ? ? ? ? ? ? ? 7 ? ? ? ? ? ? 7 7 ? ? ? ? ? ? 88 MMa

?,8,A ! ! 'G ? ? ? 7 ? ? ? ? ? 7 7 ? ? ? ? ? ? 7 7 ? 7 ? ? ? ? ?F 9>a

?,8,= ! ! ? ? 7 7 ? 7 7 7 7 7 7 7 ? ? ? 7 7 7 7 7 7 ? 7 7 7 9 8Ma

?,8,> 'G ? 7 ? 7 ? 7 7 ? ? ? ? 7 ? ? ? ? 7 7 7 ? ? 7 7 7 7 ?6 =8a

%($9%! C9.#&"

8,? ? ? 7 ? ? 7 7 ? 7 ? ? 7 7 7 ? 7 7 7 7 ? 7 7 ? 7 7 ?7 A7a

8,8 ? 7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 7 7 ? ? ? ? ? ? 88 MMa

8,6 ? 7 7 7 7 7 7 ? 7 ? 7 ? 7 ? ? 7 7 7 7 ? 7 7 7 7 ? M 68a

8,A ! ! ) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 7 7 ? ? ? ? 7 ? 88 MMa

8,= &" '( ? ? ? 7 ? ? 7 ? ? 7 ? ? 7 ? ? ? ? 7 7 ? 7 ? ? ? ? ?M 98a

8,> & '( 5 ? ? ? ? ? ? 7 ? ? ? 7 ? ? ? ? ? ? ? 7 ? ? ? ? ? ? 88 MMa

8,9 ? 7 7 7 7 7 7 7 7 7 7 7 7 7 ? 7 ? 7 7 7 7 7 7 7 7 6 ?8a

8,M + ? ? ? 7 ? 7 ? ? ? 7 7 7 7 7 ? ? ? ? 7 7 7 ? 7 7 ? ?6 =8a

8,F ) ? 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 ? Aa

4 "8(.9D&,$% 7") E=&,$"&?#$")

6,? Z b$) b 7 7 7 7 7 7 ? 7 7 7 7 ? ? 7 ? 7 7 7 7 ? 7 7 ? 7 7 > 8Aa

6,8 " '( ? ? ? ? ? 7 7 ? ? ? 7 ? ? ? ? ? ? 7 7 ? ? ? ? ? ? 87 M7a

6,6 K" '( ? 7 7 7 ? 7 ? ? 7 7 7 ? ? 7 ? ? 7 7 7 7 7 ? 7 7 7 F 6>a

6,A ) ! & ) ? ? 7 7 ? 7 7 7 7 7 7 7 ? 7 ? 7 ? 7 7 ? 7 ? 7 7 7 M 68a

6,= ! * & ) ? 7 7 7 7 7 7 7 ? 7 7 7 7 ? ? ? ? 7 7 ? 7 7 7 7 ? M 68a

6,> 3 ! ? 7 7 7 ? 7 7 7 7 ? 7 7 ? ? ? ? ? 7 7 7 7 7 7 7 7 M 68a

(42)

0=%7#" 1 #.IJD&,$% 7. 7$+=!K%AB" 7. ,%7% .!.8.&9" . ).= (.#,.&9=%! 7. ","##D&,$% > "&9./ & '( 5

8(#.)%)

? 8 6 A = > 9 M F ?7 ?? ?8 ?6 ?A ?= ?> ?9 ?M ?F 87 8? 88 86 8A 8= "9%! a

" 1 %($9%! &9.#&"

?,? . "

?,?,? . ? 7 7 7 7 7 7 7 7 7 7 7 7 7 ? 7 ? 7 7 7 7 7 7 7 7 6 ?8a

?,?,8 / " 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7a

?,?,6 ? 7 7 7 ? 7 7 ? 7 7 ? 7 7 7 7 7 7 7 7 7 ? 7 7 7 7 = 87a

?,8 " $ " "

?,8,? ? ? 7 7 ? 7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 7 ? ? 8? MAa

?,8,8 " " ? 7 ? 7 ? 7 7 7 7 ? ? 7 7 ? ? ? ? ? 7 ? 7 7 7 7 7 ?? AAa

?,8,6 . ? ? ? ? ? ? ? ? ? ? 7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? 8A F>a

?,8,A ! ! 'G ? ? ? ? ? ? ? ? ? 7 ? ? ? ? ? ? ? ? ? ? 7 ? 7 7 ? 8? MAa

?,8,= ! ! ? ? ? 7 ? 7 7 ? ? 7 7 7 7 ? ? ? 7 ? 7 7 7 7 7 7 7 ?7 A7a

?,8,> 'G ? ? ? 7 ? 7 7 ? ? 7 ? 7 7 ? ? ? 7 ? ? ? ? 7 7 7 ? ?= >7a

%($9%! C9.#&"

8,? ? ? ? 7 ? 7 7 ? 7 7 ? 7 7 ? ? 7 7 7 ? ? 7 7 ? 7 7 ?? AAa

8,8 ? 7 ? 7 ? 7 ? ? ? ? 7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? 8? MAa

8,6 ? 7 7 7 7 7 7 7 7 ? 7 7 7 7 ? 7 7 ? 7 ? 7 7 7 7 7 = 87a

8,A ! ! ) ? 7 ? ? 7 ? 7 ? ? ? ? ? 7 7 ? ? ? ? ? ? ? ? ? 7 ? ?F 9>a

8,= &" '( ? ? ? 7 ? ? 7 ? ? 7 ? ? 7 ? ? ? ? 7 ? ? ? ? ? ? ? 87 M7a

8,> & '( 5 ? ? ? 7 ? 7 7 ? ? ? 7 ? 7 ? ? ? ? ? ? ? ? ? ? ? 7 ?F 9>a

8,9 ? ? 7 7 7 ? 7 7 7 7 7 7 7 ? ? 7 ? 7 7 7 7 7 7 7 7 > 8Aa

8,M + ? 7 7 ? ? 7 7 ? 7 7 7 ? 7 7 ? ? 7 7 ? 7 7 ? ? 7 7 ?7 A7a

8,F ) ? 7 ? 7 7 7 7 7 7 7 ? 7 7 7 7 7 7 7 7 7 7 7 7 7 7 6 ?8a

4 "8(.9D&,$% 7") E=&,$"&?#$")

6,? Z b$) b ? 7 7 7 7 7 ? 7 ? 7 ? 7 7 7 ? 7 ? ? ? 7 7 7 7 7 7 M 68a

6,8 " '( ? ? ? ? ? 7 7 ? ? 7 ? ? 7 ? ? ? ? ? ? ? ? ? ? ? ? 8? MAa

6,6 K" '( ? ? ? 7 ? 7 7 7 ? 7 7 ? 7 ? ? 7 ? 7 ? ? 7 7 7 7 ? ?8 AMa

6,A ) ! & ) ? 7 7 7 ? 7 7 7 ? 7 7 7 7 7 ? ? ? ? ? ? ? 7 7 7 7 ?7 A7a

6,= ! * & ) ? 7 ? 7 ? 7 7 7 ? 7 7 ? 7 7 ? ? ? ? ? ? 7 7 ? 7 7 ?8 AMa

6,> 3 ! ? 7 7 7 ? 7 7 ? ? ? 7 7 7 7 ? ? ? ? ? 7 7 7 ? 7 ? ?8 AMa

(43)

& " ! )+ "! * !" "

&" '( "!# 0 ! + " 5 & : '(

" 0 %" ! " : "$ 5 7 ? 1! " )

1?FFF I B 0 877>0 , A20 ! )"! ! "

"!# " ! + ! " 5 877= 877>,

! K" F0 "! ! ( " )"!

! 3 ! " 5 ! '( J !& 1 ! ?F2, .

" ! 0 & $ %" ( '( " ! )

877= "! " " '( + , O+ ! 877>0 '(

" ! ! ,

+ 0 "$ %" ! "0 $

! .( 'D 1 ! ?62 ) 1 ! ?M2,

! ) " "! "'( '( 0 877= 877>0

9?0A6a, " 0 + 0 ) " "! "!

'( 0 M>0>9a,

! '( 8A ! %" 0 )"! " ?77a '(

8= ! 0 , $ !&#! %" 3 /

" ( ! )"! ! 877>, ! 877=0 !

! K" F0 1MMa2 ! " ! ! 'G

& . 0 0 ! ! ) & '(

5 B M7a ! " '( " + 9>a ! "

! ! 'G , / 8A 1 %" 2 ! 0 / "

) ! ! 3 %N* " '( ,

! 877>0 ! K" ?70 1F>a2 !

(44)

0 ! ! 'G 0 " '( B M7a ! ! 'G &

" / &" '( 9>a ! & ! ! ) & '(

5 , / 8A 1 %" 2 ! 0 / " ( !

)"! ! ) ! . ) !

! 3 %N* " '( ,

+ " 0 + ? 80 877= 877>0

! 0 * " ! " "

'( 0 # ! 5 " " 0

" * " ,

! *

" + 8?a

6=a

4 AAa

#?E$," 1 > .#,.&9=%! 7. .+$7.&,$%AB" 7%) 9#D) ,%9.K"#$%) 7. > "&9./ & '( 5

! ! + ?0 877=0 " AAa 1%" %"

2 4 0 ! " !

-1Ma20 1?Ma20 19a20 ! ! ) 1?Ma20

/ &" '( 1?=a20 & '( 5 1?Ma20 16a20

+ 1??a2 ) 1?a2, " 6=a 1

2 + 0 %" ! * " +

(45)

69a

4 6Ma

! *

" + 8=a

#?E$," > .#,.&9=%! 7. .+$7.&,$%AB" 7%) 9#D) ,%9.K"#$%) 7. >

- & '( 5

+ 8 %" " 6Ma 1 2

4 0 ! " ! - 1?7a20 1?Ma20

1Aa20 ! ! ) 1?9a20 / &" '( 1?Ma20

& '( 5 1?9a20 1=a20 + 1Fa2

) 16a2, " 69a 1 2 +

B ! * " + " 8=a 1

2,

3 0 "! " 0 !$ "! !

4 0 877= 877>, %"

! * " + : 0 !$ !

877= "! =>a AAa 4 , ! 877>

& " '( =Fa 6Ma 4 ,

'( ! %N* ! %" ! (

! 5 ! ! ) 0

, 54 ! '( 0 $ $+ " : '( 0 ! !

(46)

6,8 P / / QR /

! ) " : ! !

" , . " '( 0 ( ": 0 " 0 4 !

" '( ! 0 4 3 5 ! '( !

, &; # " " : " 'G + ! 'G

! %N '( ! ! %" !

, . '( 0 'G ( !

,

%($9%! &9.#&"/

.

-. < N % .8(#.)% I=. 8%$) 7.(")$9% (%9.&9.) . 3 ! )

& ! ! , ! 877=0 < 0

! ?7 M7 'G , 4 0 !

AF & =M , 1. < U 0 5

! '( 877=0 , 9?2,

/ "

-! %" . 3 ! F0 %" ?A? ! !

" 8F 3 , 4 0 ! ) MF ! 0

#! 9 ! ! " 4 7. 7$#.$9" %=9"#%!,

1. < U 0 5 ! '( 877=0 , 9?2,

-! !< " ! O"!1 ; ! "!

!" 20 #%-8% &9%#,9$,% "-.8$% #$K$&%! 0=$!8.) %F%99 !=. #%-+% .

=%#%&? &9%#,9$,%21 < 0 5 ! '( 877=0 , 762,

-9#%7$AB" 7" #%7.)," &" ,%8(" 7% N9$,% . 9#%&)(%#D&,$% !

! '( &" ! ) + ' ,

' " ! ! " ' 0 & ! ! !

" *4 ) D! %" " !- f 6M>0=M> & )G "

! 0 ?>0MA> ! )G 0 =90FA8 ! )G

G # 0 #& & ?M0896 ! )G "

(47)

" "

-! ) ! ! '( ! (

! " & 0 %" ; ! ,=!9=#% 7%

"8(%&-$% : " , 1 . 0 5

! '( 877>0 , 7A2,

.

-/ ! ! 3 " 8.!-"#$% &% K.)9B" "(.#%,$"&%! &%

"#K%&$G%AB" 7% !"KP)9$,% ' ! ! * 0 : '(

! 'G ! " 'G "& 'G

) &" '( , 1 . 0 5 ! '( 877>0 ,F2,

! ! 'G

-! ! "! $&E#% .)9#=9=#% ! ! *

%" 0 " : #.,=#)") 9.,&"!'K$,") 7. @!9$8% K.#%AB"0 4 &

%" ' , 1< 0 5 ! '(

877>0 ,=2,

! !

-,"8=&$,%AB" $&9.#&% ! < *

! ,=!9=#% 7. ,"8=&$,%AB", : " 0 !

&; * 0 ! # 0 ! 'G 0 0

& " 0 ' " " : , 4 0

#%7.)," 7.)9%,% ). .8 9"7") ") &P+.$) &" 9#%F%!-" 7. E"#8%# $&9.K#%# . 8"9$+%# " I=%7#" 7. E=&,$"&?#$")0%!N8 7%) (=F!$,%AH.) Q &9.#%AB"R .&+$%7% 7. 8%&.$#% (.#)"&%!$G%7% % ,%7% E=&,$"&?#$"0 C ! ! / E $ O + 0

!&#! 3 ! ! J '

< , 1< / 0 5 ! '( 877>0 , 672,

'G

+ ! !$ + ! " 3%" 0

!& ! ) ! "! 8707a (#"+$)B" 7%

(%#9$,$(%AB" 7") .8(#.K%7") &") !=,#") . #.)=!9%7") : < . %" %=8.&9" )%!%#$%!

! ! 877>, 1 I0 5 ! '( 877>0 ,672,

%($9%! C9.#&"/

-3 3 & + ! 877> ! " !

! ; " " 0 ! + # "

! ).7$8.&9%# % (.#,.(AB" 7% 8%#,% 7% .8(#.)% S=&9" %" (@F!$,",

1 < U 0 5 ! '( 877>0 ,AA2,

-+ " .)9#.$9%# " #.!%,$"&%8.&9" ,"8 ") ,!$.&9.) 7. 8%$"#

("#9. ": + %" " %" ! ! + 0

(48)

-# ! ! &; ! 3 " ,!$.&9. "

' 0 %N ! ! E$7.!$7%7., 1< 0

5 ! '( 877>0 ,?72,

! ! )

-%&," 7" #%)$! 8%&9.+. ). &% (")$AB" 7. 8%$"# F%&," 7" %P)0 ! 8A0A

! )G J 880M ! )G 3 ?0= ! )( ;" 3 ,

#! 0 ! ! M0F ! )G ( J >0A

! )G " 80= ! )G & + , 1< /

< 0 5 ! '( 877>0 , ?72,

/ &" '(

-&" . . " 0 . . " ! + !

$&9.#$"# 7") )9%7") 7. B" %=!" . 7" $" #%&7. 7" =!0 !

4 ) 5 ! ! " !# , 1 . 0

5 ! '( 877=0 , ?92,

& '( 5

-877> !&#! ! " 5 !

0 # (%#,.#$%) (%#% "E.#9% 7. (%,"9.) 7. ,%&%$) / I 1 $ $) ! 2

# ! , ! & :

$ H0 ! "! ' ! ! 0

: : ! "! ! , 1 .0

5 ! '( 877>0 ,?72,

-! 8M & 877=0 & ( ( .

" H0 < ! . 'G , , < ! , ,,.!.F#%#%8

+?#$") %,"#7") " " H ! + 1C 8M

& E2, 0 < ! , , " "& + ?A <

! " , , 1C< E2 & ! ! , , 1C E2

< ' . 'G , , 1C <E2 "! "! "

C '( E "! C. E , 1< 0

5 ! '( 877=0 , 782,

+

-! " 0 ! : $8("#9%&9.) &.K',$") !

$ ! , " !&#! "'( " ! '(

, 1< 0 5 ! '( 877>0

,92,

)

-#! 0 !< # ! . , #

"! %,"#7" 7. TE#%&,-$)$&KT ! ) &" " .

< ! " 3 !# 0 " . 0

(49)

"8(.9D&,$%) 7") E=&,$"&?#$")/

Z b$)

b-< O&"U -"U " &

; 0 ! 5 & 0 ! < 0

! 0 G " , 1< . 0 5 ! '( 877=0 ,

782,

" '(

-/" 0 ! & " ! !# ?7709 ) 9#.$&%8.&9"0 & " '( ! 1 < 0 5 $ " '( " '( 20 " # 0

! ! ! ! , 1 < 0 5 ! '(

877=0 , ?F2,

K" '(

-&" . *! " ! &; ! )

%" ! , . 0 " 5 0 %"

" ! ! " 0 ! (#"E$))$"&%$) %!9%8.&9.

I=%!$E$,%7") ! ) "'G

1 . 0 5 ! '( 877=0 , 872,

) ! & )

-/ 'G ! 877=0 + O </ 0 ! F>

) "3 ! &; 7.).&+"!+.# ") !P7.#.) ! ( 5

. 0 " (#.(%#%# !$7.#%&A%) 4 (

! ) , 1.R / Q^ 0 5 ! '( 877=0 , ?A2,

! * & )

-! 877=0 < ! ! " ! ( . !

&; 'G " I"! !

! * , ) ,"8(.9D&,$%) ,"8=&) % 9"7") ") ,"!%F"#%7"#.) 7% #%)$!

.!.,"8 )B"/ '( 5 ! ! " 0 '(

0 !" '( 0 & ) ! %" 0 '( 0 ( *! 0

( ) ! '( '( !" ' , 1<

0 5 ! '( 877=0 , A72,

3 !

-< " ! %" ! "("#9=&$7%7.) 7.

,#.),$8.&9" (#"E$))$"&%!0 ! 3 +

! '( %" ! ! " '( " 0 ! 3

! '( 5 , 1 / < . 0 5

! '( 877>0 ,=2,

'( "$ '( ! ! %" " : "

5 ! 0 # 4 ! 4 3 , " +

(50)

) 1877>20 ! 877>0 & " 0 ! )+

"'( " ( '( ! 3 5 ! ,

6,6 QR / / QR U / .

. /

"'( '( " + ! ! !

4 ! & 60 & 4 ,

877A a 877>

. ` ` ! " '(

` "'( "

1 %($9%! &9.#&"

?,? . "

?,?,? . 8 Ma 6 ?8a

?,?,8 / " 7 7a 7 7a

?,?,6 ?? AAa = 87a

?,8 " $ " "

?,8,? ?A =>a 8? MAa

?,8,8 " " ?= >7a ?? AAa

?,8,6 . ?6 =8a 8A F>a

?,8,A ! ! 'G 8? MAa 8? MAa

?,8,= ! ! 86 F8a ?7 A7a

?,8,> 'G ?F 9>a ?= >7a

%($9%! C9.#&"

8,? 8= ?77a ?? AAa

8,8 8= ?77a 8? MAa

8,6 ?6 =8a = 87a

8,A ! ! ) ?> >Aa ?F 9>a

8,= &" '( 8? MAa 87 M7a

8,> & '( 5 88 MMa ?F 9>a

8,9 ?6 =8a > 8Aa

8,M + 87 M7a ?7 A7a

8,F ) ? Aa 6 ?8a

4 "8(.9D&,$% 7") E=&,$"&?#$")

6,? Z b$) b ?6 =8a M 68a

6,8 " '( ?M 98a 8? MAa

6,6 K" '( ?A =>a ?8 AMa

6,A ) ! & ) ?9 >Ma ?7 A7a

6,= ! * & ) ?9 >Ma ?8 AMa

6,> 3 ! ?6 =8a ?8 AMa

(51)

/ ! D ! " 0 ! %" 8A 1 %" 2 !

3 0 ?> 1 : 2 ! "'( '( 0 > 1 2 ! !

! 8 1 2 ) " ! " '( , . ! ! ) " :

'( + & 4 ,

. 8=a

"'( >9a

" '( Ma

#?E$," 4 > .#,.&9=%! 7% &B" .+"!=AB" 7% .+$7.&,$%AB" 7") .!.8.&9") 7" ,%($9%! $&9.!.,9=%!

"&9./ & '( 5

!0 ! D ! + $ %" ( ) " "'(

'( ! " 877A 877>0 " "'(

& , : &" ( "'( ! !

(52)

3 6

3 " *!$ " G 0 %" ( ! 'G

! &; 3 . ,

A,? / QW

! " ( 0 ! D 0 !

, "4 ! ! 4 ! : '( " 0 : ! !

! ! ! , & ! & #

! 0 %" *! ! 3 ( 3 "

+ ,

/ " 3 0 $ ! L

" " ) ! , "! $ )

" : " 0 ! '( 3 0 ! 0 !

-# 0 ! 0 ! ! 0 # ! 'G 0

) ! ,

&; ! '( " 0

! & 0 5 ! '( 877= 877>,

&; ! ! ) : &; 3 ,

A,8 / / <O . S . .

&; 0 ! ! " &; 3 0 !

! ' ! ) " # & '( " " 0 ! !

(53)

. 0 ! !$ &; 3 " " '

& ) 0 K" ??,

FS.9$+") )(.,PE$,") .)=!9%7")

" 0 :

! L 3 @

"

! !

" %" " " ! '( 5

! +

5 ! '(

! , " & !

3 " ! 0

" ,

4 * !

3 @ " 5

! 8= ! !

& 0 < . !

6?@?8@877A

! " : 0 !0

'( &H !

" ) '(

3 5 0

! " L

0 %" " (

! ! 0 !

! ! 4 ! 4 3

! ,

0 ! 0

3 ! ! ! ! 877= 877>0

%" .

! !

3 ,

! " '( "'(

'( " +

" !

!

& ) ) B

1877>20 : "! ! '(

" 877A0 ! !

877>, "$ !

) " "'( 0 ! " '( "

'( , . >9a ! 0

"$ "'( ,

0=%7#" 11 FS.9$+") .)(.,PE$,") . #.)=!9%7") "F9$7") "&9./ & '( 5

" 0 %" 4 L ! "

" + ! %" 0 ! # 4 ! !

! : 0 !0 ! )

" , : 'G 0 ! ! 0 '( &

3 : " 5 ! 0 %" ( " 0

(54)

! $ " " %" - 1 2 ! D! ! 0

! ! ! ! ! & < . B

1 2 : " " " 0 #! 5

! '( 0 4 ! 0 " '( %" + B

1 2 4 "! " ! '( ! 0 !

" : '( 0 ! '(

'G ] ) ! 0 " : $ "! & ! "

& '( "! ! B 1 2 "& 'G 3

& ! L " 877?0 : "! ( +

(55)

0 ) : . ! , %($9%! &9.!.,9=%!, ( . " - 0 8777,

0 ) : . ! B 0 ", " - ,

.+$)9% "&9%F$!$7%7. V $&%&A%) ( . " 0 , 8F0 , A? J =A0 ! @ 0 8778,

0 ) : . ! , " - "! "

! 3 & " ( , .+$)9% "&9%F$!$7%7. V $&%&A%) ( . " 0 , A?0 , 8? J 690

! @ 0 877>,

< 0 B Y0 # , ! & & ) ! +

! & - + , ( . " - 0 8776,

< 0 B 0 O %" , ! +& "

! ! ! ! " +& , .+$)9% "&9%F$!$7%7. V

$&%&A%) ( . " 0 ,680 , M? J FM0 ! @ 0 8776,

< PP 0 O" , '( 3 - ( 4 +

! , .+$)9% .)9B" #K%&$G%,$"&%!2 , ?0 ,?0 , 87 J 6?0

; ,@;" ,0 877A,

< 0 : B \ Z 0 H, " !

'( 3 , .+$)9% "&9%F$!$7%7. V $&%&A%) (

. " 0 , 660 , A= J >A0 ,@ :,0 8776, / 3 !- g ) -@@bbb, , ," ,& ,h, !- 78 , 8779,

< . , "!)% 7. %!"#.) 7" #%)$!, / 3 !- g) -@@bbb,& , !,& ,h,

! ?9 ! , 877>,

I 0 , : , .+$7.&,$%AB" +"!=&9?#$% 7" ,%($9%! $&9.!.,9=%!/ =8% %&?!$). 7. ,"&9.@7" &") %&") . 3 7") #.!%9'#$") 7. %78$&$)9#%AB" 7.

,"8(%&-$%) F#%)$!.$#% ,"8 8%$"# #.,.$9% !PI=$7% ).K=&7" W , 5 ,

/ '( 1 ! & 2 J " .5 $ " '( ! & 0

0 5 0 877>,

I 0 , : B 0 , !,, '( " +

" 4 & - ; ! ! 4

" , 67i . /, , 877>,

/ 0 B 0 ) , %($9%! &9.!.,9=%!- / &

" ! '( " , ( . " - ] < ] 0 ?FFM,

U0 "& B . P0 , 3 ! ) ! ,

.+$)9% "&9%F$!$7%7. V $&%&A%) ( . " 0 , A70 , 9 J 8A0 ; ,@ & 0 877>, / 3 !- g ) -@@bbb, , ," ,& ,h, !- 78 , 8779,

I 0 O # / , " ! " : '( +& - "! + "

! & ": !" '( , %7.#&" 7. )9=7") ( . " 0

(56)

Y0 " B Y0 + , ! " '( 3

& ! , .+$)9% #%)$!.$#% 7. "&9%F$!$7%7. ( . " 0 ,

?6M0 , A= J ==0 ,@ :,0 8778,

I 0 O,0 . Y0 , " " b- ! " ! 0

! ! ,X"=#&%! "E &9.!!.,9=%! %($9%!, < , ,?, ,8, , ?==$?9>, 8777,

I 0 O,B . Y0 ,B 0 ,B \ 0 , ) " "

" - b " ! " !

& b ) " : , &9.#&%9$"&%! Y8(")$=8 "E .%)=#$&K %&7 .("#9$&K &9.!!.,9=%! %($9%!, ! !0 ?FFF,

/S < 0 # , ."#$% 7% "&9%F$!$7%7.29, , ( . " - 0 877A,

Z 0 ,B I / 0 Y, & - H ) " ), O "

" , < , ,=, ,6, ,6>>$6MM, 877A,

0 <, & - ! ! 0 ! " ! , < ] " . 0

877?,

0 \ ' , " & , .+$)9% 7. "&9%F$!$7%7.

( . " 0 , ?>0 , 86 J 8F0 ;" ) 0 877?,

0 \ " , " - ! "

! , O" ) 0 877>, / 3 !- g ) -@@ & , !,& h, !- 8? !

8779,

I / 0 . :: B 0 O # " : B I / 0 . " , =&7%8.&9")

7% ."#$% 7% "&9%F$!$7%7.2 ( . " - 0 ,>0 877=,

0 4$ , ! 'G J &" '( , , %7.#&"

7. )9=7") ( . " 0 . 0 , ?70 , ?F0 , ?> $ 880 ,@ :,0 ?FFM,

. 0 ! < , ! '( +& ( ! %"

! , 0 877>, / 3 !- g ) -@@ & , !,& h, !- 89 ;" ,

8779,

. 0 " B 0 , + '(

! 'G ' ( & 5 ! 'G +& !

& , .+$)9% "&9%F$!$7%7. V $&%&A%), ( . " - .0 , 6>0 , 9$87, ,@ :, 877A,

I / 0 & O H, . %" - # # , 6i , ( . " - 0

?FFF,

U0 X , 3 , .+$)9% 7.

,"&9%F$!$7%7.2 ( . " - j ?60 + 6F J A90 ,0 8777,

0 O # " : B I / 0 . " , +%!$%AB" 7") %9$+") $&9%&KP+.$)2 ( . " -0 8778,

(57)

: </ 8% !=)9#%AB" &% #.% ,"&Z8$," $&%&,.$#%, 5 ,

1/ " ! ) . "'( 2 J " .5 $ " '( ! )

. "'( 0 0 5 0 877=,

\ Z 0 H, " '( " 3 , .+$)9% 7. "&9%F$!$7%7. (