225758125 Riassunto Corso Di Scienza Delle Finanze

7/24/2019 225758125 Riassunto Corso Di Scienza Delle Finanze

1/104

Il Mulino, Bologna,

Quinta edizione 2010

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Corso di scienza

delle finanze

#$%&% '()*


2/104

!"#$%&'& )*

!" $%&'()' *"++,')-"$.")-( /011+'2( 345 6(7'8

!"9'()" :5;2()(


3/104

> +% $"*'7-$'109'()" *"+ $"**'-( ;%100"..&6& )"**1 $.,.1 5"0 /', 5&J "C/,

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

> +% 7-%1'+'99%9'()" ;&'."06"'.& 5"0 &* %1'.01**1 )"* %&%*1 2,%01"%1'12&%1D51*&.&%,9&-%,*">@,**1 $.,.1 M 0&%1'1-%&/., ,*.0"-N *, 9/'(&1'" )& -.,:&*&((,.10" )"**8"C/&*&:0&1 "%1'12&%1@

"--1@ &'9,..&@ ?, &* %125&.1 )& ,--&%/0,0" /' *&6"**1 )& 501)/(&1'" 5&J 6&%&'1 , C/"**1 )&5&"'1 &25&"=1@ 0&%100"')1@ )& 61*., &' 61*.,@ , 51*&.&%?" "-5,'-&6" ;,/2"'.,')1 *,-5"-, 5/::*&%,> 1 0"-.0&..&6" ;.,--,(&1'"> 5"0 %1'.01**,0" &* %&%*1 "%1'12&%1 " =,0,'.&0"-.,:&*&((,(&1'" " -6&*/551 "%1'12&%13

!!!!O0&-& 2/./& -/:50&2" )"* PQQR " 0&.10'1 )"**" 51*&.&%?" )& -.,:&*&((,(&1'"@ %1' /''/161 2,--&%%&1 &'."06"'.1 5/::*&%1 ,* 9&'" )& -1-."'"0" *, )12,'), =*1:,*" 5

@"($'% /(7'-'.% " )($]"#$)"9&'&-%" *81..&21 -1%&,*"7 *, C/,'.&.< )&:"'& ), 501)/00" " *, )&-.0&:/(&1'" )"=*& -."--& %?" 2,--&2&((, &* :"'"--"0" %1**"..&613


4/104

D"$2%-' *' 2()2($$")9% /"$="--%

$1'1 C/"**& '"& C/,*&@ /', 5*/0,*&.< )& -1=="..&@ 50&6& %&,-%/'1 )& 51."0" )& 2"0%,.1@ -&901'."==&,'1 ),* *,.1 )"**, )12,'), " )"**8199"0.,3 4' .,*" ,2:&.1 &* 50"((1 )& 2"0%,.1 M /'),.1@ &')&%,.10" )& C/,'.1 & %1'-/2,.10& ,550"((,'1 %&,-%/' :"'" " )"* %1-.1 %?" *"&250"-" ?,''1 -1-."'/.1 5"0 0"')"0*1 )&-51'&:&*"34' C/"-.1 -"'-1 6,*" *, %1-&))".., T*"==" )"* 50"((1 /'&%1U@ ./..& & %1'-/2,.10& 5,=,'1 *1 -."--1

50"((1 " ./.." *" &250"-" &'%,--,'1 *1 -."--1 &2510.1 -/ %&,-%/', /'&.< )& :"'" %?" 6"')1'1 ;&

-1=="..& -& %12510.,'1 %12"#.$01 %"21. 5"0%?E ,%%"..,'1 &* 50"((1 )"."02&',.1 ),* 2"0%,.1>3 W1'

"-&-."@ &'1*.0"@ *, 51--&:&*&.< )& &'9*/"'(,0" & =/-.& )"& %1'-/2,.10& ;,) "-"25&1 %1' *, 5/::*&%&.@ &

501)1..& -1'1 121="'"&@ %8M .1.,*" .0,-5,0"'(,@ "%%3 3 W"**, %1'%100"'(, 5"09"..,@ C/&')&@ %?&/'C/"

5/G "'.0,0" '"* 2"0%,.1 ") ,66&,0" *, 501)/(&1'"X6"')&.,3

E%3!8S%1'12&, )"* Y"'"--"0" ?, &' %12/'" %1' *8SC/&*&:0&1 S%1'12&%1 V"'"0,*" /', 6&-&1'"

/.&*&.,0&-.&%, ") &')&6&)/,*&-.&%,@ 2, *8SC/&*&:0&1 S%1'12&%1 V"'"0,*" '1' 51'" ,.."'(&1'" ,* 0/1*1

)"**1 $.,.1@ 2"'.0" *8S%1'12&, )"* Y"'"--"0" -./)&, &* %12510.,2"'.1 )"**1 $.,.13 $"%1')1

*8S%1'12&, )"* Y"'"--"0"@ *1 $.,.1 M *8,==0"=,(&1'" )"**" 61*1'.< )"=*& &')&6&)/& %?" '" 9,''1

5,0."3

!8S%1'12&, )"* Y"'"--"0" ), 5,0.&%1*,0" &2510.,'(, ,* 50&'%&5&1 )& "99&%&"'(, 1 )& Z,0".13


5/104

I+ 2()2"--( *' (--' '"**1 72% /' (--'


6/104


7/104

>10&-;& %1&.1/" ;1''@

%?" &'9*/"'(&'1 *, T)1.,(&1'" &'&(&,*"U )"=*& &')&6&)/&3

P(9'()" *' '


8/104

4' ,*.0" 5,01*" -" *1 $.,.1 '1' M &' =0,)1 )& /.&*&((,0" -.0/2"'.& '"/.0,*& %12" T*/25 -/2.,dU@ 2, /.&*&((, &251-." %?" ="'"0,'1 "99"..& )&-.10-&6&@ 51.0"::" ,::,')1',0" *, 901'.&"0,)"**" -1*/(&1'& ='$7- 1"7-5"0 0,==&/'="0" /' 7"2()* 1"7-3!!!!34*4/&+& '$ '(52 4(5 /06$47 8&9 2$-:;< +$' 5&+,& -$0'$ '$ =&-5$ ,* *+/$-%$+/& *52&4*/*%&

:&+,*)*&+0+& *' 5$-:0/&> ?, $4$52*&@ 4$ 4* *+/-&,(:$ (+ *52&4/0 :&55*4(-0/0 0' :&+4(5& ,* (+A$+$1 *' 2-$))& :&+ :(* :&+4(50/&-* $ 2-&,(//&-* 4* :&+=-&+/0+& +&+ -*='$//$ 2*B 4&'/0+/& '$:&+,*)*&+* ,* 2-&,()*&+$ C:&4/* 50-D*+0'*E $ ,* :&+4(5& C(/*'*/F 50-D*+0'$E1 50 0+:;$ *' '*%$''&,* *52&4/09 $, *' 5$-:0/& 2-$4$+/0 (+0 G,*4/&-4*&+$H>

!!!!' D -/**" &250"-" ;40,5>] e )()>*'7-($7'."

!!!!' " )"* 70$/+07 *"+ /$(*0--($" ;)&99"0"'(, .0,*8"99"..&61 50"((1 %?" 0&"-%" ,) 1.."'"0" ),**, 6"')&., )& /' :"'" ") &* 50"((1 2&'&21 %?"C/"-.& -,0"::" -.,.1 )&-51-.1 ,) ,%%"..,0">3

4* 70$/+07 -(-%+" M 2,--&2&((,.1 &' %1'%100"'(, 5"09"..,7 /' ,/2"'.1 )& 50"((1@ %,/-,.1 ,)"-"25&1 ), /' 51."0" )& 21'151*&1@ )&2&'/&-%" &* -/05*/- .1.,*"3


9/104

4' 5,0.&%1*,0"@ &* -/05*/- )"& %1'-/2,.10& )&2&'/&-%" )0,-.&%,2"'."3

4* 0,==&/'=&2"'.1 )& /' (--'@ %&1M -"%1')1 Y"'.?,2@ 5"0 51."0 6,*/.,0" *, =&/-."((, )"**" -%"*." )&

51*&.&%, "%1'12&%,@ -& ?, )&-51-&(&1'" /' /'&%1 %0&."0&17 *, -1))&-9,(&1'" )"*2,==&10 '/2"01 )& 5"0-1'"

$ *81I?"'$%".$+%"0&%1'1-%" *8"-&-."'(, )& /' 2,--&21 )& :"'"--"0" -1%&,*" -1*.,'.1 '"&%,-& )& "=/,*" )&-.0&:/(&1'" )"* :"'"--"0"

$*, ."J'+$"-")< 50&10&.< ,* :"'"--"0" )"& -1=="..& %?" ?,''1 &* *&6"**1 )& :"'"--"0"5&J :,--13

I+ -$%*">(== K0&/#.&/1++&L;=='2'")9%>;K0'-J

J$- &//$+$-$ 50DD*&-$ $K(*/F L +$:$440-*& -*+(+:*0-$ 0, (+0 :$-/0 ,&4$ ,* $==*:*$+)0

;=='2'")9%7 2&=*&10,2"'.1 )& "99&%&"'(, 5,0".&,'1

;K0'-J7 *&6"**1 )"* :"'"--"0" -1%&,*"@ %?" E )&6"0-1 , -"%1'), )"**" )&6"0-" 9/'(&1'& )&:"'"--"0" -1%&,*"3

4 ."10"2& )"**8S%1'12&, )"* Y"'"--"0"@ '"**, 0",*.< -& -%1'.0,'1 %1'

$ &251--&:&*&.< )& ,55*&%,0" &* -"%1')1 ."10"2, )"**8S%1'12&, )"* Y"'"--"0" 5"0 *, )&99&%1*.


10/104

$ '"* 2"0%,.1 6&"'" 6&1*,., *, %1')&(&1'" )& 9&0-. :"-.7 )&-1%%/5,(&1'"3

!, 0&%"0%, )& "99&%&"'(, "'.0, &' %1'9*&..1 %1' *8"C/&.


11/104

;K0'-J 2()7"K0")9'%+" " /$(2"*0$%+"

!% .'7'()" *"+ 1")"77"$" *"++( 7.'+0//( 03

!" 0"#"0$%D-1'1 & 9/'(&1',2"'.& 51."'(&,*2"'." ,..&6,:&*& *&:"0,2"'." ),=*& &')&6&)/& ")"9&'&-%1'1 /' =0,)1 )& 0",*&((,(&1'" )"**, *&:"0.


12/104

!"9'()" T5

;2()( " C/&')& '1' "0, 51--&:&*" -.,:&*&0" /'50"((1 )& .,*& -"06&(&@ %1' *, %1'-"=/"'(, *1=&%, )"**8&251-., ;*8&')&6&-&:&*&.< 0&%?&")"*8&'.01)/(&1'" )& /', 9102, )& 5,=,2"'.1 '1' %100"*,., ,* :"'"9&%&1 " %1"0%&.&6,>3$/%%"--&6,2"'."@ 5"0G *, ."10&, ?, &')&6&)/,.1 %1' 2,==&10" 50"%&-&1'" & %,0,.."0&"--"'(&,*& )"& -"06&(& 1 :"'& 5/::*&%& 0&-5"..1 , C/"**& 50&6,.&@ %1' )/" ,-5"..&7

> )() $'.%+'-J@ /' :"'" 5/::*&%1 M '1' 0&6,*" C/,')1 &* %1'-/21 M %1')&6&-1 ), ./..&3\) "-"25&1@ %1'-&)"0,')1 %12" :"'" 50&6,.1 /', %,0,2"**,@ *, -."--, '1' 5/G

"--"0" 2,'=&,., ), 5&J )& /', 5"0-1',@ 2"'.0" &* %1'-/21 )& /' :"'" 5/::*&%1@&'6"%" 5/G ,66"'&0" %1'."2510,'",2"'." ), 5&J 5"0-1'" %12"@ ,) "-"25&1@ &*9,01@ 5/G "--"0" =1)/.1 ), 5&J ',6& -&2/*.,'",2"'."

> )() "72+0*'1'+'-J@ C/,')1 '1' M 51--&:&*"@ , %1-.& 0,=&1'"61*&@ "-%*/)"0" ,*%/'1 ),*%1'-/21 ;,) "-"25&1@ &* 9,01> " %&1M /' :"'" M "-%*/)&:&*" C/,')1 5/G "--"0"0"=1*,2"'.,.1 &* -/1 %1'-/21 " %&1M )&0" -" M 51--&:&*" %1'-"'.&0*1 ,) /' -1=="..1") &25")&0*1 ,) /' ,*.013

]*.0" ,* %,-1 )& :"'" 5/::*&%1@ "-&-.1'1 ,'%?" & 1")' @ .,*" 5"0 %/& &' "C/&*&:0&1 &* 50"((1 )& /'8/'&.< )& :"'&

5/::*&%& '1' M /=/,*" ,**, 6,*/.,(&1'" 2,0=&',*" %?" )"* :"'" )< %&,-%/' &')&6&)/1@ 2, -,0< 5,0&

,**, -122, )& .,*& 6,*/.,(&1'& 2,0=&',*&3


13/104

W"* %,-1 )& :"'& 50&6,.& *, )12,'), ,==0"=,., )& /' :"'" -& 0&%,6, -122,')1 10&((1'.,*2"'." *"

)12,')" &')&6&)/,*&@ 2"'.0" *, )12,'), ,==0"=,., )& /' :"'" 5/::*&%1 -& 0&%,6, -122,')1

6"0.&%,*2"'." *" )12,')" &')&6&)/,*&3

O1'-&)"0&,21 *" )12,')" &')&6&)/,*& )& \ " Y3 $& -/551'" %?"@ '"* %,-1 )& :"'& 5/::*&%&@ =*&

&')&6&)/& 0&6"*&'1 C/,'.1 -1'1 )&-51-.& , 5,=,0" ;'1' %8M:.11 .$;$-I>3

4' /' %1'."-.1 '102,.&61@ /.&*&((,')1 %&1M *1 -."--1 &25&,'.1 )"**8S%1'12&, )"* Y"'"--"0"@

$,2/"*-1' 0&%,6, *" %1')&(&1'& )& 1..&21 ,'%?" %1' :"'& 5/::*&%&3

=A?$'$@.$& 0&- @1-$ #?@@'$0$!, %1')&(&1'" )& 1..&21 5,0".&,'1 -& 0",*&((, C/,')1 *, -122, )"&

$,==& B,0=&',*& )& $1-.&./(&1'" ;$B$> .0, :"'" 50&6,.1 " :"'" 5/::*&%1 )& ./..& =*& &')&6&)/& M

/=/,*" ,* %1-.1 2,0=&',*" )"**, 501)/(&1'" )"* :"'" 5/::*&%13

Ma

R%++'


14/104

=16"0','.&@ ), *101 &* 51."0"X)16"0" )& C/"-., -%"*., ,'%?" ,..0,6"0-1 2"%%,'&-2&%1"0%&.&6&34* -"..10" )"**8"%1'12&, 5/::*&%, %?" -./)&, &* 501%"--1 )"%&-&1',*" 51*&.&%1@ %&1M *")"%&-&1'& 0&=/,0)1 , :"'& 5/::*&%& 1 C/,-& 5/::*&%& &' %1')&(&1'& )& 0"*,.&6, -%,0-&.7

> )12&'&1 '1' 0&-.0"..1@ &* 501%"--1 )"%&-&1',*" )"6" 5"02".."0" )& 0,==&/'="0" /',)"%&-&1'"@ C/,*/'C/" -&, *1 -.,.1 )"**" 50"9"0"'("

>

%125*"."((,@ &* 501%"--1 )"%&-&1',*" )"6" "--"0" &' =0,)1 )& -.,:&*&0" /',=0,)/,.10&, .0, ./..& & 0&-/*.,.& 51--&:&*&


15/104

> 50&'%&5&1 )& Z,0".1 )":1*"@ *810)&'" )& 50"9"0"'(, )"**, -1%&".< )"6" 0&9*".."0"*810)&'" )"**" 50"9"0"'(" )"=*& &')&6&)/&

> .0,'-&.&6&.


16/104

4 :&4/* $4/$-+* ."')1'1 , )&2&'/&0" ,* %0"-%"0" )"* '/2"01 )"=*& "*"..10& 0&%?&"-.& ),**, 0"=1*,)"* 61.1 9&'1 ,) ,''/**,0-& &' %,-1 )& /','&2&.34' /'1 -./)&1 '"=*& ,''& O&'C/,'.,@ Y*,%b )&21-.0G %?" &* /%$%*(77( *' E()*($2"- 51."6,"--"0" "6&.,.1 -" *" 50"9"0"'(" )"& 61.,'.& -1'1 0)'


17/104

$" *" 50"9"0"'(" -1'1 0)'


18/104

:5 6&1*, &* %0&."0&1 )"**8&')&5"')"'(, ),**" ,*."0',.&6" &00&*"6,'.& )& \001l@ %?" 0&%?&")"%?"@ *, -%"*., 90, )/" ,*."0',.&6"@ )&5"'), "-%*/-&6,2"'." ),**" 50"9"0"'(" &')&6&)/,*&%&0%, C/"**" )/" ,*."0',.&6"

T5 50150&1 *, 51--&:&*&.< )"* 61.,'." )& ,--"=',0" /' 5"-1 ,**" 50150&" 50"9"0"'("@ 0"')".,*" -&-."2, "-51-.1 ,* 0&-%?&1 )& 2,'&51*,(&1'&7 &* 61.,'." 5/G ,..0&:/&0" /' 5"-1

21*.1 :,--1 ,**8,*."0',.&6" %?" 2&',%%&,'1 C/"**, 50"9"0&., " C/&')& '1' 0&*"6,%100"..,2"'." *" 50150&" 50"9"0"'("3

!"9'()" Z5

R%++'3

I+


19/104

C/,'.&.< )12,'),., ),* 2"0%,.1 %0"-%" ,* )"%0"-%"0" )"* 50"((1>3 4* 21'151*&-.,@ )"%&)"0 )16" & %1-.& 9&--& -1'1 21*.1 "*"6,.&7 5"'-&,21 , %"0." ,..&6&.< %12" *8&')/-.0&, "-.0,..&6,@

,*%/'& -"06&(& ;,%C/,@ */%"@ =,-@ ."*"91'1333 -& 5"'-& ,& %1-.& 5"0 *8&'-.,**,(&1'" )& %1')/../0"

&)0&%?"33>3 4' ,*.0" 5,01*"@ &' 50"-"'(, )& /' 21'151*&1 ',./0,*"@ *, -.0/../0, )"& %1-.& M .,*" 5"0 %/& &

%1-.& -1'1 2&'&2&((,.& %1' /' -1*1 501)/..10" ;M 2"'1 %1-.1-, *, 501)/(&1'" ,%%"'.0,.,>3

I/&')&7 &* 21'151*&-., 2,--&2&((, &* 5019&..1@ *1 $.,.1@ %?" 2,--&2&((, &* :"'"--"0" %1**"..&61@

6100"::" %?" *, -&./,(&1'" 91--" 6&%&', , C/"**, )& %1'%100"'(,3 \::&,21 =&< -1..1*&'",.1 %?" -" *1

$.,.1 9,%"--" "'.0,0" ,*.0" &250"-" 5"==&10"0"::" *, -&./,(&1'"@ 5"0%?E & %1-.& 2")& -1'1 "*"6,.&3

V*& &'."06"'.& ,*."0',.&6& -1'17

:5 9&--,0" &* 50"((1 )& %1'%100"'(, " %150&0" *, 5"0)&., )"* 21'151*&-.,T5 9&--,0" &* 50"((1 &' %/& &* 21'151*&-., '1' ?, 5"0)&." " *, -&./,(&1'" -& ,66&%&', , C/"**, )&

%1'%100"'(,425*&%,(&1'& )"**" )/" 51*&.&%?"7

:5 &* 0&2:10-1 )"**, 5"0)&., )"* 21'151*&-., M ,))1--,.1 , ./.., *, %1**"..&6&.


20/104

!" "-."0',*&.< -1'1 )& )&6"0-1 .&51 , -"%1'), %?" &* -1=="..1 %1*5&.1 ") &* -1=="..1 %,/-,@ -&,'1 /'

%1'-/2,.10" 1) /' 501)/..10"3

!" "-."0',*&.< 51--1'1 &'1*.0" "--"0" 51-&.&6" 1 '"=,.&6"3 S-"25&

! 501)/..10"X%1'-/2,.10" '"=,.&6,7 /'8&250"-, &'C/&', *8,0&, )& /', (1', 0"-&)"'(&,*"

! 501)/..10"X501)/..10" '"=,.&6,7 /'8&250"-, )& 6"0'&%& &'C/&', *8,%C/, '"& 50"--& )&

/'8,(&"'), ,=0&%1*,

!501)/..10"X501)/..10" 51-&.&6,7 /'8&250"-, -6&*/55, /' 2".1)1 501)/..&61 21*.1 "99&%,%" )&

%/& -& ,550150&,'1 ,*.0" &250"-"

!%1'-/2,.10"X501)/..10" '"=,.&6,7 &* .0,99&%1 ,/.1-.0,),*" &'.0,*%&, &* .0,-510.1 )"**" 2"0%&

!%1'-/2,.10"X501)/..10" 51-&.&6,7 /' :"* =&,0)&'1 )& /', 6&**, %1' /' ,**"6,2"'.1 )& ,5& 6&%&'1

!%1'-/2,.10"X%1'-/2,.10" '"=,.&6,7 &* ./1 6&%&'1 )& -.,'(, %?&,--1-1

!%1'-/2,.10"X%1'-/2,.10" 51-&.&6,7 &* ./1 6&%&'1 ?, /' :"* =&,0)&'1 %?" 5/1& 6")"0" ),**, ./,

9&'"-.0,3

42510.,'."7

/' :"'" 5/::*&%1 5/G "--"0" &'."050".,.1 %12" /' %,-1 *&2&." )& "99"..1 "-."0'1 51-&.&61&* %1'%"..1 )& "-."0',*&.< 50"6")" %?" & %1-.& 1) & :"'"9&%& ;'"=,.&6, 1 51-&.&6,> '1' -&,'1 6,*/.,.&1 %125"'-,.&3

B,

O1'-&)"0&,21 &* %,-1 )"**8&250"-, )& 6"0'&%&@ Y @ %?" &'C/&', *8,%C/, )"**8,(&"'), ,=0&%1*,@ U3+102,*2"'."@ *8"-."0',*&.< '"=,.&6, 6&"'" )"9&'&., %12" /' %1-.1 5"0 U ,**8,/2"'.,0" )"**,C/,'.&.< 501)1.., ), Y7

*8"-."0',*&.


21/104

Z5 $"&(+%


22/104

!" ,--&%/0,(&1'& ',-%1'1 5"0 %1'-"'.&0" ,) ,="'.& ,66"0-& ,* 0&-%?&1@ )& .0,-9102,0"@ 5,=,')1 /'

50"2&1@ -&./,(&1'& 0&-%?&1-" &' -&./,(&1'" %"0."3 4' 50"-"'(, )& 0&-%?&1 -& ?, "99&%&"'(, 5,0".&,',

C/,')1 ./..& =*& ,="'.& 51--1'1 ,%%")"0" , 2"0%,.& ,--&%/0,.&6& %?" %1'-"'.,'1 )& 1.."'"0" /',

%15"0./0, &'."=0,*" )"& 0&-%?&3 W1' -"250" & 2"0%,.& ,--&%/0,.&6& -1'1 %125,.&:&*& %1' &* 2"0%,.13

Z0"0"C/&-&.& -1'1 *8"-&-."'(, )& -1=="..& '"/.0,*& ,* 0&-%?&1@ )&-51-.& , 9,0" ), %1'.015,0." ,& -1=="..&

,66"0-& ,* 0&-%?&1@ " 501:,:&*&.< )"=*& "6"'.& 0&-%?&1-& 2&-/0,:&*& ") &')&5"')"'.&3 !8,--&%/0,(&1'"

,..0,6"0-1 &* /((+')& 5/G 0&5,0.&0" &* 0&-%?&1 &' 21)1 /'&9102" 90, -1=="..& " 0&-1*6"0" C/&')& &*501:*"2, )"**8,-&22".0&, &'9102,.&6, ,..0,6"0-1 /' =0,' '/2"01 )& -1=="..& ;5"0 *, *"==" )"&

=0,')& '/2"0& *, -&./,(&1'" 0&-%?&1-, )&6"'., %"0.,7 &* ^Qn )"& -1=="..& -/:&-%" /' &'%"')&1 %1'

%"0."((, ,'%?" -" &1 -&'=1*1 '1' -1'1 %"0.1 -" *1 -/:&0G 1 2"'1>3

B, C/,')1 *8,--&%/0,(&1'" 0&"-%" , 9,0" C/"-.1 " C/,')1 9,**&-%"c

O1')&(&1'& 5"0 &* 9/'(&1',2"'.1 )"* 2"0%,.1 ,--&%/0,.&61 50&6,.1

:5 *, 501:,:&*&.< )"**8"6"'.1 ,--&%/0,.1 5"0 %&,-%/' &')&6&)/1 )"6" "--"0" &')&5"')"'." ),C/"**, )"=*& ,*.0& &')&6&)/& ;*8,--&%/0,(&1'" 5/G )&6"0-&9&%,0">

T5 *, 501:,:&*&.< )"**8"6"'.1 )"6" "--"0" &'9"0&10" 1 '1' 501--&2, , :Z5 *" 501:,:&*&.< )"61'1 "--"0" -.&2,:&*&]5 '1' )"61'1 "-&-."0" ,-&22".0&" &'9102,.&6"7 *8,--&%/0,.10" )&-51'" )& &'9102,(&1'& )&6"0-"

), C/"**" )"**8,--&%/0,.17 501:*"2& )& &* -1=="..1 %?" 51--&")" .,*" &'9102,(&1'"3!8%77'20$%-($"M 45"0%?E '1' %1'1-%" , 91')1 *, -&./,(&1'" )"* 2+'")-" U3

U*."$7" 7"+"2-'();&'9102,(&1'" ',-%1-.,>

$& 0&9"0&-%" ,**, -&./,(&1'" &' %/& 4'1' M &' =0,)1 )& %1'1-%"0" ,*%/'" %,0,.."0&-.&%?" )& U" 5"0.,'.11990" /' %1'.0,..1 %?" ="'"0,*2"'." ,..&0, & T5"==&10& %*&"'.&U 5"0%?E .&"'" %1'.1 )"**, 2")&, )"*

2"0%,.1 " %&1M@ =*& &')&6&)/& -,'& '1' -& ,--&%/0,'1 5"0 2,*,..&, 5"0%?E &* 50"2&1 M ,*.1@ &'9,..&

*8,--&%/0,.10"@ '1' 51."')1 1--"06,0" *, -,*/." &')&6&)/,*"@ 9102/*, /' %1'.0,..1 %1' *, T2")&,U)"**1 -.,.1 )& -,*/." )"& %&..,)&'&3

4' .,* 21)1@ *8,--&%/0,(&1'" ="'"0, /', T7"+"9'()" %.."$7%U7 50"')" & -1=="..& 2,==&102"'."0&-%?&1-&3 O*5$,* 2-*%0/*7 =,0,'(&"@ -"=',*,(&1'&@ 0"5/.,(&1'" ;2,0%?& )& C/,*&.< '"& %,-& )& %1'.0,..&

0&5"./.&>3 O*5$,* 2(AA'*:*7 &'.01)/(&1'" )& -.,'),0) C/,*&.,.&6&@ &'."06"'.& )&0"..& -/**8199"0., ;,)

"-"25&1@ ,--&%/0,(&1'& 1::*&=,.10&">3

D($%+ B%9%$*;,(&1'" ',-%1-.,>

$& 6"0&9&%, &' /', -&./,(&1'" )& ,-&22".0&, &'9102,.&6, 0&=/,0),'." '1' /' 1=="..1@ 2, *8,(&1'" )&

/'1 )"& -1=="..& %1'.0,"'.&7 &' %/& 4'1' ?, &* %1'.01**1 )& U%?" 5/G ,)1..,0" %12510.,2"'.& -*",*&" %&1M@ -&%%12" -1'1 ,--&%/0,.1 5"0 &* 9/0.1@ 5,0%?"==&1 *, 2,%%?&', &' 5"0&9"0&, , B&*,'1 &' (1'"


23/104

:/&" " 2,*9,2,."3 O*5$,* 2-*%0/*7 &'.01)/(&1'" 90,'%?&=&"@ &'%"'.&6,(&1'"@ )"9&'&(&1'" 5&J %125*".,

)"& %1'.0,..&3 O*5$,* 2(AA'*:*7 )"9&'&(&1'& )& 0"=1*" ="'"0,*&3

D($%+ a%9%$* ") U*."$7" Q"+"2-'() -1'1 %,/-" )& 9,**&2"'.1 )"* 2"0%,.1 ;&' 5,0.&%1*,0" C/"**1,--&%/0,.&61 2, '1' -1*1> " C/"-.1 =&/-.&9&%, *8&'."06"'.1 )"**1 $.,.1 &' %"0.& 0,2& ,--&%/0,.&6&3

4' 50"-"'(, )& ,-&22".0&" &'9102,.&6" & -&-."2& )& ,--&%/0,(&1'" 50&6,., 51--1'1&'%1'.0,0" )&99&%1*.< )& 9/'(&1',2"'.1 1 510.,0" , -1*/(&1'& '1' 5,0".1 1..&2,*&@ ;,)"-"25&1@ %1'.0,..& &'%"'.&6,'.& , %15"0./0, 5,0(&,*">@ %?" 50"6")1'1 /',%125,0."%&5,(&1'" ,* %1-.1 )"* -1=="..1 %?" ?, &* 6,'.,==&1 &'9102,.&613 [' %,-1&2510.,'." )& ,-&22".0&, &'9102,.&6, )"* .&51 \)6"0-" -"*"%.&1' -& 2,'&9"-., '"* %,251)"**, -,'&.


24/104

!"#$%&'& ))*

!% =')%)9% /011+'2% ') I-%+'%L '+ 6'+%)2'( *"++( Q-%-(

" +% !"&&" =')%)9'%$'%345 6(7' " 45 Q'+."7-$'8

U3

!" \22&'&-.0,(&1'& Z/::*&%?" -1'1 S'.& %?" 501)/%1'1 :"'& " -"06&(& '1' )"-.&',:&*& ,**,6"')&., 1 -61*=1'1 9/'(&1'& )& 0")&-.0&:/(&1'" )"* 0"))&.13 $& )&-.&'=/1'1 5"0 *&6"**& )&V16"0'1 &' \22&'&-.0,(&1'& %"'.0,*& ;%?" &'%*/)1'1 &* -1=="..1 50&'%&5,*"@ *1 $.,.1>@\22&'&-.0,(&1'& *1%,*& ") S'.& )& 50"6&)"'(,3

!" \22&'&-.0,(&1'& Z/::*&%?" ;U4> -1'1 /' ,==0"=,.1 )& S'.& 5/::*&%&7


25/104

$$$$ &* $"..10" $.,.,*" ;$.,.1@ ]0=,'& O1-.&./(&1',*& " B&'&-."0&>$$$$ ,*.0& S'.& )"**8\22&'&-.0,(&1'" O"'.0,*" ;OWA@ SWS\@ 4$F\F@ O1'&333>$$$$ =*& S'.& )& Z0"6&)"'(, ;4WZ$@ 4W\4!@ 4WZH\Z333>$$$$ *" \22&'&-.0,(&1'& !1%,*& ;A"=&1'&@ Z016&'%&"@ O12/'&@ ['&6"0-&.@ %1'-"'.1'1 )& /.&*&((,0" &* %1'.1 )"**"\22&'&-.0,(&1'& Z/::*&%?" 5"0 9,0" %1'901'.& '"* ."251 "@ %1' C/,*%?" %,/."*,@ .0, 5,"-&3

L& -1'1 )&99"0"'.& -&='&9&%,.& )& $"..10" Z/::*&%13

V*& S'.& %?" *1 %1251'=1'1 51--1 "--"0" ,==0"=,.& &' 6,0& 21)& &' :,-" ,& 501:*"2& %?" -& 61=*&1'1

%1'-&)"0,0"3 4 %1'.& %?" -& 0&9"0&-%1'1 %* 0) ')7'"3

!" %&&$"&%9'()')"=*& ;)-' /011+'2'0&-51')1'1 , )/" %0&."0&7

$$$$ E$'-"$'( I7-'-09'()%+"7 6"'=1'1 %1'-&)"0,.& 5,0." )"* $"..10" Z/::*&%1 ./..& =*& S'.& %?"0&"'.0,'1 '"**8,2:&.1 )"**, 50150&".< 5/::*&%,

$$$$ E$'-"$'( R0)9'()%+"7 ,55,0."'=1'1 ,* $"..10" Z/::*&%1 ./..& & -1=="..& *, %/& 9/'(&1'"50&'%&5,*" %1'-&-." '"**, 501)/(&1'" )& :"'& " -"06&(& '1' )"-.&',:&*& ,**, 6"')&., 1'"**815"0,0" 0")&-.0&:/(&1'& )"* 0"))&.1 " )"**, 0&%%?"((,3

$"%1')1 &* E$'-"$'( I7-'-09'()%+"*" ,==0"=,(&1'& -1'17

o Q"--($" Q-%-%+"7 *1 $.,.1 ;Y&*,'%&1 " F"-10"0&,>@ *" \(&"')" ,/.1'12" -.,.,*& " =*& S'.& ,--&2&*,.&;'1' 6& 9,''1 5&J 5,0." +"0016&"@ Z1-." 4.,*&,'"@ S'." .,:,%%?& &.,*&,'&@ \',->3 42510.,'." &*%1'.01**1 )"& 9*/--& )& %,--,@ &* B&'&-."01 )"**8"%1'12&, -61*=" *" 9/'(&1'& )& %,--&"0"

$$$$ '"**" /-%&." ),* Y&*,'%&1 )"**1 $.,.1 ;="-.&1'" )& :&*,'%&1>$$$$ '"& 0,5510.& 9&','(&,0& 90, $.,.1 " =*& ,*.0& S'.& )"* $"..10" Z/::*&%1 ;="-.&1'"

)& ."-10"0&,>3 4'9,..& *1 $.,.1 2".." , )&-51-&(&1'" )& A"=&1'&@ Z016&'%&"@O12/'&@ ['&6"0-&.


26/104

" A"*,(&1'& .0&2"-.0,*& -/**, -.&2, )"* 9,::&-1='1 )& %,--, )"* $"..10" Z/::*&%1" A"*,(&1'" ="'"0,*" -/**, -&./,(&1'" "%1'12&%, )"* 5,"-" ;, 2,0(1>" H1%/2"'.1 )& 501=0,22,(&1'" "%1'12&%1D9&','(&,0&, ;, =&/='1>" A"*,(&1'" 50"6&-&1',*" " 501=0,22,.&%, ;, -".."2:0">3

$ 5"0 &* Q"--($" 4011+'2(),* F"-101 " ),**, Y,'%, )84.,*&,7

" A"*,(&1'" ,''/,*" )"**, Y,'%, )84.,*&, ;o^ 2,==&1>3

$"%1')1 &* E$'-"$'( R0)9'()%+"*8,==0"=,.1 )& 0&9"0&2"'.1 M '12&',.1 \22&'&-.0,(&1'& Z/::*&%?"") M %1251-.1 ),

- \22&'&-.0,(&1'" O"'.0,*"7 $.,.1 ") S'.& %12" S'",@ OWA@ 4$F\F333- S'.& )& Z0"6&)"'(,7 4WZ$@ 4W\4!@ 4WZH\Z 33333- \22&'&-.0,(&1'" !1%,*"7 A"=&1'&@ O12/'&@ Z016&'%&"@ \$!@ O,2"0" )& %122"0%&1@

['&6"0-&. & .0,-9"0&2"'.& &'."0'&@ .0,

& )&6"0-& S'.& )"**" \22&'&-.0,(&1'& Z/::*&%?"") M T"2()(


27/104

'"**" /-%&."@

5 +% *(

5 -$%7="$'


28/104

&* $'7/%$ " %?" 5/G "--"0" %,*%1*,.1 ,'%?" %+ )"--( *"++% 7/"7% /"$ ')-"$"77';7%+*( /$'@ %?" -1'1 -.,.& %15"0.& %1'

*8"2&--&1'" )& .&.1*& 5/::*&%&3

!8&')":&.,2"'.1 '"..1 ") &* )":&.1 )"**" \22&'&-.0,(&1'& Z/::*&%?" %1-.&./&-%1'1 =*&&')&%,.10& )& 0&9"0&2"'.1 5"0 *, 6"0&9&%, )"* Z,..1 )& -.,:&*&.< " %0"-%&.,3

4* Z,..1 )& $.,:&*&.< 50"6")"7

> /' &')":&.,2"'.1 '"..1XZ4! )"* on ;'"* PQQR M -.,.1 )"* P@_n>> /' )":&.1 5/::*&%1XZ4! )"* `Qn ;'"* PQQR M -.,.1 )"* ^Q`n>3

H,* %1'.1 )"**" \22&'&-.0,(&1'& Z/::*&%?" -& 1.."'=1'1 ,'%?" ,*%/'& &2510.,'.&&')&%,.10&7 *, 50"--&1'" .0&:/.,0&,@ 5,0& ,* %125*"--1 )"**" &251-." )&0".." ") &')&0".." -/*Z4!@ *, 50"--&1'" 9&-%,*"@ %?" &'-&"2" ,**" &251-." %1250"')" ,'%?" & %1'.0&:/.& -1%&,*&3

E"))' Q-($'2'

+&'1 ,* ^f_Q *" /-%&." )"* $"..10" Z/::*&%1 -/* Z4! '1' "0,'1 5,0.&%1*,02"'." "*"6,."),**, 2".< )"=*& ,''& 8_Q &'&(&,'1 , %0"-%"0"7 *, 50&2, %0&-& 5".01*&9"0,@ ."'-&1'& -1%&,*&@&'9*,(&1'" " 501'/'%&,." 9,-& %&%*&%?"3 !" -5"-" 6"'=1'1 /.&*&((,." %1' 9&',*&.< ,'.&%&%*&%?" "5"0 ="-.&0" &* %1'-"'-1 -1%&,*"3 \/2"'., %1-N ,'%?" *1 -.1%b )& )":&.1 5/::*&%1,**8&'&(&1 )"=*& ,''& 8RQ %1' & =16"0'& )"21%0&-.&,'& " -1%&,*&-.& ,/2"'., /*."0&102"'."'"* ^ffP@ )151 *, -1..1-%0&(&1'" )"* F0,..,.1 )& B,,-.0&%?.@ %1' \2,.1 &'&(&, /', 9,-" )&

0&-,',2"'.1 9&','(&,0&1@ &'&(&, ,'%?" *, 9,-" )"**" 50&6,.&((,(&1'&'"* ^ffg &'&(&, *, 0&9102, H&'& )"**" 5"'-&1'&'"* ^ffR 6"'=1'1 6,0,." *" *"==& Y,--,'&'& 5"0 &* )"%"'.0,2"'.1 ,22&'&-.0,.&61 " 51&9&-%,*"

)16"

A\ZXZ4! -1'1 *" 0".0&:/(&1'& )"* 5"0-1',*" )"**" \22&'&-.0,(&1'& Z/::*&%?" -/* Z4!Z$XZ4! -1'1 *" 50"-.,(&1'& -1%&,*& -/* Z4!7 "--" -1'1 *, 2,==&10 -5"-,4WFXZ4! -1'1 =*& &'."0"--& -/* Z4!7 ),* ^ff` &'&(&,'1 , )&2&'/&0"

OZpFAqXr -1'1 .0,-9"0&2"'.& ,**" &250"-"\Y$p4VXr -1'1 =*& ,%C/&-.& )& :"'& " -"06&(& p &'6"-.&2"'.&


29/104

`"1'-( 4011+'2(

$" &* Y&*,'%&1 )"**" \22&'&-.0,(&1'& Z/::*&%?" 21-.0, /' )&-,6,'(1 ;" %&G -& M -"250" 6"0&9&%,.1

'"**8,0%1 )& ."251 50"-1 &' %1'-&)"0,(&1'"> *1 -.1%b )"* )":&.1 5/::*&%1 ,/2"'., ),.1 %?" 5"09&','(&,0" &* )&-,6,'(1 M '"%"--,0&1 "2".."0" '/16& .&.1*& 5/::*&%&3 4' 5,0.&%1*,0" %1* ."251 ,--/2"

&2510.,'(, *, %1251'"'." &'."0"--& ;'"=*& ,''& 8RQ & .,--& )& &'."0"--" "0,'1 "*"6,.&--&2& " ?,''1

%1'.0&:/&.1 ,) ,==0,6,0" *8&')":&.,2"'.1>3

6'+%)2'( *"++( Q-%-(

F0, & %1'.& 5/::*&%& 0&6"-." 5,0.&%1*,0" &2510.,'(, &* 6'+%)2'( *"++( Q-%-( ;6*7>@ -&, 5"0)&2"'-&1'" -&, 5"0%?E ),* Y&*,'%&1 )"**1 $.,.1 )&5"')" *,0=, 5,0." )"* 9&','(&,2"'.1 ,=*&S'.& 5/::*&%& )"%"'.0,.&3O1' &* 6'+%)2'( *"++( Q-%-( &* Z,0*,2"'.1 ,/.10&((, &* V16"0'1 ,) "01=,0" *" -5"-" ") ,&'%,--,0" *" "'.0,." " )/'C/" , 2".."0" &' ,..1 *8&'."06"'.1 )"**1 $.,.1 '"**8"%1'12&,3

6'+%)2'( *"++( Q-%-( *' /$".'7'()"L 2()70)-'.(e % +"&'7+%9'()" .'&")-" " /$(&$%


30/104

/', .,:"**, ="'"0,*" 5"0 *" "'.0,.""

.,'." .,:"**" C/,'.& -1'1 & 2&'&-."0& %1' 510.,91=*&1 5"0 *" /-%&."3

E'%720)% .,:"**, 1 -.,.1 )& 50"6&-&1'" M ,0.&%1*,., &' 0)'-J /$".'7'()%+' *' 1%7" %?" )"-%0&61'1*81=="..1 )"**" -&'=1*" 51-." )& :&*,'%&17 -1'1 *8,0.&%1*,(&1'" 2&'&2, )"* Y&*,'%&1 5"0 *, -/,

,55016,(&1'" ;0)'-J


31/104

'+ 1'+%)2'( *' /$".'7'()" /$(&$%


32/104

$&, *" "'.0,." " *" /-%&."@ C/&')&@ 50&2, )& "--"0" 2,."0&,*2"'." 5,=,." 1) &'%,--,." )"61'1-"=/&0" *" %&.,." )&6"0-" 9,-&@ 2,@ ),.1 %?" &* :&*,'%&1 -& 0&9"0&-%" ,) /' )"."02&',.1 ,''1-1*,0"@ 5/G -/%%")"0" %?" C/"-." -122" '1' %125*".&'1 &* *101 &."0 ,22&'&-.0,.&61 '"*%10-1 )"**8"-"0%&(&17 C/&')& /' -.,'(&,2"'.1 6, &' "2()( 5"0 *, 2( 5"0 *, 2%77%@ &* +',*&"',(&1'" ") ,2210.,2"'.1 )& :"'& 5,.0&21'&,*& " 0&-%1--&1'" )& %0")&.& ;)& %,5&.,*">,%%"'-&1'" )& 50"-.&.& ;)& %,5&.,*">

" *" -5"-" 0&5,0.&." &' o .&.1*&

$$$$-5"-" %100"'.&$$$$-5"-" &' %1'.1 %,5&.,*"$$$$0&2:10-1 5,--&6&.< 9&','(&,0&"3

!, 2+%77'='2%9'()"=0)9'()%+"?, *1 -%151 )& 2".."0" &' "6&)"'(, =*& 1:&"..&6& )"**8,..&6&.< 5/::*&%,7-1'1 2,%01 =0)9'()' (1'"--'.( %12" )&9"-,@ 10)&'" 5/::*&%1@ 501."(&1'" )"**8,2:&"'."@ l"*9,0"-.,."@ "%%333 3B,

I 7%+*' *"+ 6'+%)2'(

4 -,*)& 0"*,.&6& ,* .$+#"./$& #?@@'$0& " *8$-;1@$%"/1-%& -1%%&@ -1'1 &)"'.&%& , C/"**& )"* O1'.1

"%1'12&%1 %1'-1*&),.1 )"**" \22&'&-.0,(&1'& Z/::*&%?"@ 2"'.0" &* +"';& -1%%& ;":$-"-C$".1;)"..1

,'%?" T9,::&-1='1 %125*"--&61U ") ,* '"..1 )"& 50"-.&.& "-."0& T9,::&-1='1 &'."0'1U " 21-.0, *,

2&-/0, )"* 0&%10-1 ,* 2"0%,.1 21'".,0&1 " 9&','(&,0&1 5"0 %150&0" ./.." *" -5"-" 9&',*& %?" "%%")1'1

*" "'.0,." 9&',*&> ") &* .$0&.+& "' /1.0"%& ;21-.0, *1 -910(1 %?" &* 2"0%,.1 )"6" -15510.,0" 5"0 *,


33/104

%1'%"--&1'& )& '/16& 50"-.&.&>@ -1'1 -,*)& 5,0.&%1*,02"'." &2510.,'.&@ 5"0%?E 6"'=1'1 50"-& %12"

-,*)& 1:&"..&61 5"0 *, 2,'160, ,''/,*" )"**, !"==" +&','(&,0&,3

I+ 4$(2"77( *' 6'+%)2'(

$1*&.,2"'." *815&'&1'" 5/::*&%, M ,.."'., , C/"* 5"0&1)1 )"**8,''1 &' %/& &* 501="..1 )& :&*,'%&1 ") &*

)&-"='1 )& !"&&" R')%)9'%$'% ;!R> 6"'=1'1 50"-"'.,.& " )&-%/--& ,**" O,2"0"3 4' 0",*.< &* %&%*1 )&:&*,'%&1 M /' 501%"--1 %?" &'6"-." /' ,0%1 ."2510,*" 5&J ,25&17 ), 2,==&1 )"**8,''1 50"%")"'."

;50"5,0,(&1'"> , */=*&1 )"**8,''1 -"=/"'." ;0"')&%1'.,(&1'">3

4* 501%"--1 ,''/,*" %?" 510., ,**, 9102/*,(&1'" )"* :&*,'%&1 )& 50"6&-&1'" -& ,0.&%1*, &' .0"9,-&7

,) /', /$'K> 50"-"'.,(&1'" ,* Z,0*,2"'.1 )"* V16"0'1 )"& H&-"='& )& !"==" )"* Y&*,'%&1 ,

*"=&-*,(&1'" 6&="'." ,''/,*"X5*/0&"'',*" " )"**, !"==" +&','(&,0&,@ 0&-/*.,'.&),**8,..&6&.< ,**8&'."0'1 )"**8S-"%/.&61 ;B&'&-."01 S%1'12&, T%1'.01U =*& ,*.0&B&'&-."0&> ") ,55016,.& ),* O1'-&=*&1 )"& B&'&-.0& " %1' %/& -& ,50" *, )&-%/--&1'"

5,0*,2"'.,0" )"**" -"--&1'& )& :&*,'%&1 ;oQ -".."2:0">K> 50"-"'.,(&1'" )"& H&-"='& )& !"==" O1**"=,.& 9/10& )"**, -"--&1'" )& :&*,'%&1@ '1'

"--"')1 )&0"..,2"'." -.0/2"'.,*& ,**, 2,'160, )& :&*,'%&1 &' %10-1 ;^g '16"2:0">K> ,55016,(&1'" !"==" +&','(&,0&, " )"* Y&*,'%&1 )& 50"6&-&1'" ;o^ )&%"2:0">

7"&0" +% =%7" *' &"7-'()" *"+ 1'+%)2'('"* %10-1 )"**8"-"0%&(&1 9&','(&,0&1 ;%?" %1&'%&)"%1' *8,''1 -1*,0" -"=/"'.">@ %1' *, 51--&:&*&.< )& 21)&9&%,0" =*& -.,'(&,2"'.& 50"6&-.& '"*:&*,'%&1 )& 50"6&-&1'" " C/&')& )& /', 9,-" ,--"-.,2"'.1 )& :&*,'%&1 %1' *" "6"'./,*&21)&9&%,(&1'& ;*" 21)&9&%,(&1'& '1' 51--1'1 &'.01)1.." 1*.0" &* o^ 1..1:0">K

2(


34/104

!" ["&(+"

!" 91'.& '102,.&6" -1'1

\0.&%1*1 R^ )"**, O1-.&./(&1'"!"==" '3 s`RX^f_R ;50&2, 0&9102,>!"==" '3 o`PX^fRR ;-"%1'), 0&9102,>!"==" '3 fsX^ff_ ;."0(, 0&9102,>!"==" '3 PQRX^fff ;C/,0., 0&9102,>A"=1*,2"'.& %1'.,:&*&

A"=1*,2"'.& 5,0*,2"'.,0&

!, 91'." '102,.&6, 5&J &2510.,'." M *8,0.&%1*1 g:)"**, E(7-'-09'()"7

2(


35/104

!% @$% M *1 -.0/2"'.17 *, !"==" +&','(&,0&, M C/&')& *, T%"0'&"0,U 90, &*:&*,'%&1 , *"=&-*,(&1'" 6&="'." " =*& 1:&"..&6&@ ") ?, *, 9/'(&1'" )& 21)&9&%,0" =*& ,'),2"'.&&'"0(&,*& )"**" -5"-" " )"**" "'.0,." 5"0 0"')"0*& %1'9102& ,=*& 1:&"..&6& ="'"0,*&&* 0&-/*.,.1 )"**, 2,'160, 510., ,**, )"9&'&(&1'" )"**" 2-$%*4*&+* *+*)*0'* )"* Y&*,'%&1 )"**1$.,.1 " %&1M ,**8,55016,(&1'" )"**, !"==" )& :&*,'%&1 5/::*&%,., -/**, V,((".., [99&%&,*"3

B,

!% !"&&" =')%)9'%$'%3!R8G =0)9'()' " 2()-")0-'

!1 -.0/2"'.1 50&'%&5,*" )"**, 2,'160, ,''/,*" M *, !"==" +&','(&,0&,@ , %/& M ,99&),.1 &*%125&.1 )& 0"')"0" *8,'),2"'.1 -51'.,'"1 )"* :&*,'%&1 , *"=&-*,(&1'" 6&="'." %1"0"'." %1'=*& 1:&"..&6& )"-&)"0,.& ;&' ."02&'& )& -,*)& " %1251-&(&1'& )"**" "'.0,." " )"**" -5"-">

"-50"--& %1' &* HZS+3S8 -.,., &'.01)1.., '"* '1-.01 10)&',2"'.1 ),**, *"==" '3 s`RX^f_R@ "--, ?, /', 6&., -.0"..,2"'."

*"=,., ,**, *"==" )& :&*,'%&1@ ?, )/" 9&',*&.< &')&6&)/,." ),*


36/104

> 2()-")0-( /$(/$'(7 %&G %?" "--, )"6" 1::*&=,.10&,2"'." 9,0" 5"0 0",*&((,0" *, 2,'160,> 2()-")0-( ".")-0%+"7 %&G %?" 5/G 9,0" ;2, '1' M 1::*&=,.10&1> 5"0 0"')"0" ,'%10, 5&J "99&%,%"

*, 2,'160,3W"* 2()-")0-( /$(/$'(*, !"==" +&','(&,0&, ."%'&%,2"'." M %1251-., )& )/" 5,0.&

+" -%1"++"7 *8"-50"--&1'" '/2"0&%, " C/,'.&.,.&6, )"**" 6,0&" 61%&+F%$-'2(+%-(7 &* ."-.1 &' 9102, )& ,0.&%1*& )& *"=="3

!F%$-'2(+%-( )"**, !"==" +&','(&,0&, 5/G &'1*.0" 50"-"'.,0" )&-51-&(&1'& '102,.&6" 6"0" " 50150&"%?" %1-.&./&-%1'1 &* 2()-")0-( ".")-0%+" )"**, 9&','(&,0&,@ %?" -.10&%,2"'." ?, %0",.1 2,==&10&501:*"2&3

Z"0 C/"-.1 *, *"==" '3 PQRX^fff '"* 0"=1*,0" C/"-., 50"01=,.&6,@ ?, &'.01)1..1 /', -"0&" )&

50"-%0&(&1'&7

&* 50&'%&5&1 %?" *, 9&','(&,0&, )"::, %1'."'"0" "-%*/-&6,2"'." '102" )&0".." , 0",*&((,0""99"..& 9&','(&,0& , )"%100"0" ),**8,''1 , %/& -& 0&9"0&-%" &* :&*,'%&1 )& 50"6&-&1'" &')&-%/--&1'"K

*8"-%*/-&1'" )& '102" )& T)"*"=,U 1 )& '102" T10)&',2"'.,*" 1) 10=,'&((,.10&1U ;,)"-"25&1 0&9102, )& -"..10& )"**8,22&'&-.0,(&1'">@ %?" )"61'1 "--"0" 0&'6&,.& ,& H&-"='& )&!"==" O1**"=,.& )& '16"2:0"K

*, 9&','(&,0&, 5/G %1'."'"0" '102" %1' $==$//& 2&4*/*%&-/& -,*)& ;0&)/(&1'" -5"-" 1) ,/2"'.1"'.0,.">

*, 9&','(&,0&, 5/G %1'."'"0" '102" %1' $==$//& +$D0/*%& -/& -,*)& ;,/2"'.1 -5"-" 1)&2&'/(&1'" "'.0,."@ -1*.,'.1 -" 9&',*&((,." ,* 0&*,'%&1 )"**8"%1'12&,@ 2, '1' )& C/"**" )&.&51 T*1%,*&-.&%1 1 2&%01-"..10&,*"U>3

!" U$"" E$'-'2B" *"++% D%)(.$% %))0%+"

4* %1'."'/.1 T.&5&%1U )"**, !"==" +&','(&,0&,7 -& 0&-%?&, *8/.&*&((1 5"0 *, '102,.&6, 10)&',0&,;0&-%?&1 )& -160,%%,0&%1>

!, )"9&'&(&1'" )"=*& 1:&"..&6&7 21*.1 &2510.,'." M *, )&-.&'(&1'" 90, 1:&"..&6& ;-.,:&*&.& &'"-.,."> " -.0/2"'.& ;-.,:&*&.& &' ,/./''1>3 W"**, 9,-" )& 0&%"0%, )"=*& -.0/2"'.& =*& 1:&"..&6&

51--1'1 T-,*.,0"U -1..1 50"--&1'" )& =0/55& )& &'."0"--" 5,0.&%1*,0"


37/104

4* 51."0" )& ,/.1D%15"0./0, )"**, !"==" +&','(&,0&,7 9&'1 ,* ^fRR *, !"==" +&','(&,0&, 51."6,%150&0" %1' &')":&.,2"'.1 *" 2,==&10& -5"-" &'.01)1.." %1' *, !"==" +&','(&,0&, -."--,3 4*501:*"2, M -.,.1 0&-1*.1 %1' *, 0&9102, )"**8RR@ &251'"')1 %12" 6&'%1*1 &* '1'5"==&10,2"'.1 )"* -,*)1 -*420-5*& 2(AA'*:&7 *, *"==" +&','(&,0&, 5/G 9&','(&,0" -5"-" &')&-,6,'(1 -1*.,'.1 -" C/"-." -1'1 )& 5,0." %,5&.,*" " -1*.,'.1 -" &* -,*)1 1:&"..&61 '1'

"%%")" C/"**1 )"9&'&.1 &' -")" )& 501=0,22,(&1'"@ %1' &* HZS+3

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

\**, 5/'./,*" )"9&'&(&1'" )"* )&-"='1 " 510.,., )"**, !"==" +&','(&,0&, -1'1 -.,.")")&%,." *" 50&'%&5,*& 0&9102" )"* Y&*,'%&1 )"**1 $.,.1 )"=*& ,''& 1..,'., " '16,'.,K %1'C/"-." 0&9102" -& M %"0%,.1 )& 2".."0" , 5/'.1 /'1 -.0/2"'.1 "99"..&6,2"'." 9/'(&1',*",* %1'.01**1 )"**, 9&','(, 5/::*&%,3

!% =%7" /%$+%


38/104

> '"* %,-1 )& ,55016,(&1'" )& '/16" *"==& )& -5"-,@ 2, *, %/& %15"0./0, "0, -.,., =&]5 .,--,^5 %1'.0&:/.1 -5"%&,*"_5 &251-.,

M.1CC& #.$,"%&

$" *1 $.,.1 1990" :"'& " -"06&(& %1' *, -."--, 1..&%, )& /'8&250"-, 50&6,., ;2,--&2&((,(&1'" )"*

5019&..1>@ 6"')" ,) /'2-$))& 2-*%0/&" %&1M &')&6&)/,.1 ),* 5/'.1 &' %/& &* %1-.1 2,0=&',*" M /=/,*",* 0&%,61 2,0=&',*" ;,0", )& ,..&6&.< ,--,& 0&)1.., D '1' =&/-.&9&%,., *, 501)/(&1'" 5/::*&%,>3

M.1CC& A?"+$N#.$,"%&

4* 50"((1 2,--&2&((, &* 5019&..1@ 2, *8199"0., M 0"=1*,.,@ 199"0., %?" &' 0",*.< ',-%1')" /', 9&',*&.o &251-." -/* .0,-9"0&2"'.1 )"**, 0&%%?"((, ;)1',(&1'&@ "0")&.3

;+"

%+'K0(-% *"++F'


43/104

W"**" &251-."

o "; ,"'&.1/@ M 9&--,., &' ."02&'& 5"0%"'./,*& ;,) "-"25&1 ^n )"* 6,*10"

21'".,0&1 )"* 5,.0&21'&1>

o +#10$:$0E11) "00$+"@ M 9&--,., &' /'&.< 21'".,0&" ;,) "-"25&1 ^ "/01 5"0 1='&*&.01 )& :"'(&',>3

\ *&6"**1 ,==0"=,.1 &* 501)1..1 90, ,*&C/1., " :,-" &251'&:&*" %1-.&./&-%" &* &"--'-(*F'


44/104

!, 501=0"--&6&.< )"**" &251-." 5"02".." "99"..& )&-.0&:/.&6&@ & 2".1)& 5"0 0",*&((,0" *, 501=0"--&6&.3

4'9&'"@ )")/(&1'& " )".0,(&1'& 51--1'1 "--"0" /.&*&((,." 5"0 )&-"=',0" /' 50"*&"61 )& .&51

501=0"--&613


46/104

4$"+'".( %++% =()-"

4' -&-."2, 9&-%,*& ,00".0,.& 2, ,'%?" &' /'8"%1'12&, ,5"0.,@ -& 51'" &* 501:*"2, )"**,)&99&%1*.< )& 0&%1-.0/(&1'" )"**, 51-&(&1'" 0"))&./,*" )"* -&'=1*1 -1=="..1@ %1' 5,0.&%1*,0"0&*&"61 ,& 0"))&.& ), ,..&6&.< 9&','(&,0&"3 Z"0 .,*& 21.&6&@ 21*.1 -5"--1 C/"-.& 0"))&.&6"'=1'1 ,--1=="..,.& ,) /' 50"*&"61 )& ',./0, $"%+"@ %?" %1'-&-." &' /', 0&."'/., 0''0 =&+/$@" %&1M ,* 212"'.1 &' %/& &* 0"))&.1 6&"'" %100&-51-.1@ ,) 15"0, )& %?& *1 "01=,;="'"0,*2"'." &'."02")&,0&1 9&','(&,0&1>3

`'72$'


47/104

O12" )"6" "--"0" )&-.0&:/&.1 *81'"0" )"**" &251-." 90, & %1'.0&:/"'.&c 4 -&-."2& .0&:/.,0& )160"::"01

&-5&0,0-& , )/" %0&."0& :,-"7

*8"C/&.%%%%'1' -1))&-9, &* %0&."0&1 )"**, 0")&-.0&:/(&1'" )"* 0"))&.134* 50&'%&5&1 )"* :"'"9&%&1 0&-/*., C/&')& )":1*"@ %12" %0&."0&1 5"0 *8"99"..&6, 0&5,0.&(&1'" )"**"

&251-."3

W1'1-.,'." & %&.,.& *&2&.&@ %8M /' *"=,2" "-5*&%&.1 %?" C/"-.1 50&'%&5&1 -.,:&*&-%" 90,)"%&-&1'& )& -5"-, 5/::*&%, " )"%&-&1'& )& 50"*&"61 .0&:/.,0&17 C/"-.1 *"=,2" )160"::"5"02".."0" /', 2,==&10" 0"-51'-,:&*&((,(&1'" )"& 51*&.&%& '"& %1'901'.& )"& %&..,)&'&%?&,2,.& , 9&','(&,0*"3 I/"-.1 ,0=12"'.1 M 5,0.&%1*,02"'." %,01 ,& -1-."'&.10& )"*)"%"'.0,2"'.1 9&-%,*"@ 5"0%?E7

-2,==&10" .0,-5,0"'(, '"* 0,5510.1 :"'"9&%&1X-,%0&9&%&1 ;2,==&10& 51--&:&*&.< )&&')&6&)/,0" & :"'"9&%&,0& )& /' -"06&(&1 " 0&5,0.&0" -/ )& "--& .,*& %1-.& " C/&')&2,==&10" "C/&.< ") "99&%&"'(,>


48/104

- =*& S'.& )"%"'.0,.& 51--1'1 "--"0" 2"'1 50"1%%/5,.& )"=*& S'.& %"'.0,*& )"* 0/1*1)"**, 9&',*&.< 0")&-.0&:/.&6,@ &' C/,'.1@ ,'%?" &' /' %1'."-.1 T9")"0,*"U@ .,*"9/'(&1'" )160"::" "--"0" *,0=,2"'." ,..0&:/&., ,* V16"0'1 %"'.0,*"3

I+ 4$')2'/'( *"++% E%/%2'-J E()-$'10-'.% "* ' 4$')2'/' *"+ Q%2$'='2'(

\ )&99"0"'(, )"* 50&'%&5&1 )"* :"'"9&%&1@ &* 50&'%&5&1 )"**, %,5,%&.< %1'.0&:/.&6, '1' -.,:&*&-%" /'

%1**"=,2"'.1 )&0"..1 90, &251-." -/:&." " 6,'.,==&1 )"* -1=="..13

!1 -%151 )"**" &251-." '1' M -1*1 C/"**1 )& 9&','(&,0" *, 501)/(&1'" 5/::*&%, )& :"'& " -"06&(&@ 2,

,'%?" 9&','(&,0" *, 0")&-.0&:/(&1'"3

!8"K0'-JM =,0,'.&., -" *8&251-., M %122&-/0,., ,**, %,5,%&.< %1'.0&:/&6, )"& -1=="..&@ %&1M ,**, *101%,5,%&.< )& 5,=,0*, ;"@$'$%6 %& #"6>3

4* 50&'%&5&1 )"**, %,5,%&.< %1'.0&:/.&6, -& ,0.&%1*, &' .0" ,--/'.& 91'),2"'.,*&3

"K0'-J ($'99()-%+"7 &')&6&)/& %1' /=/,*" %,5,%&.< %1'.0&:/.&6, )"61'1 5,=,0" *, -."--,&251-.,

"K0'-J ."$-'2%+"7 &')&6&)/& %1' 2,==&10" %,5,%&.< %1'.0&:/.&6, )"61'1 5,=,0" 5&J &251-.")() A %//+'2%1'+" /'8,*&C/1., 2,0=&',*" -/5"0&10" ,) :3 !" 51-&(&1'& 0"))&./,*& 0"*,.&6"

'1' )"61'1 "--"0" 0&:,*.,."3Z"0 ,../,0" &* 50&'%&5&1 )"**, %,5,%&.< %1'.0&:/.&6, :&-1=',

" )"9&'&0" %1-, -& &'."')" 5"0 %,5,%&.< %1'.0&:/.&6," )"9&'&0" %12" )"6" "--"0" 0&5,0.&.1 90, & %1'.0&:/"'.& *81'"0" )"**8&251-.,3

!81'"0" )"**8&251-., M *, 0&'/'%&, ,) /', 5,0." )& /.&*&.< )"* 50150&1 0"))&.17 /$')2'/'( *"+7%2$'='2'(5"0 %/& ./..& & %1'.0&:/"'.& )"61'1 -15510.,0" *1 -."--1 -,%0&9&%&1 ;&' 0,=&1'" ,**, %,5,%&.

5* 50&'%&5&17%2$'='2'( /$(/($9'()%+" 0&0%+"#### .,--,(&1'" *&"6"2"'." 501=0"--&6,!*

50&'%&5&17%2$'='2'(


50/104

T" +01'%" ;1''" @"+1 $/#&-$@$'1

4* 0"))&.1 M /'&6"0-,*2"'." ,%%"..,.1 %12" &')&%,.10" )"**, %,5,%&.< %1'.0&:/.&6,@ 2, &* 0"))&.1

,22".." /', '1."61*" 6,0&".< )& )"9&'&(&1'& " %0&."0& )& 2&-/0,(&1'"@ 5"0%&G 5/G "--"0" /.&*" 9,0"

0&9"0&2"'.1@ %12" '"**, %1'.,:&*&.< ',(&1',*"@ ,**, )&-.&'(&1'" .0, =()-'") 07')"* 0"))&.13

H/" )"9&'&(&1'& %?" 50"')1'1 , 0&9"0&2"'.1 *" =()-'@ -1'17 .1;;$%& #.&;&%%& " .1;;$%& 1-%."%"2"'.0" /', )"9&'&(&1'" %?" 50"')" , 0&9"0&2"'.1 =*& 07'@ M7 .1;;$%& +#1+"3

.1;;$%& #.&;&%%&

!, 1%7" 'K- %,5&.,*" 9&--1 ;5019&..&>K- %,5&.,*" 9&','(&,0&1 ;0"')&." 9&','(&,0&">K- 9,..10& '1' 0&501)/%&:&*& ;0"')&." 91')&,0&"@ ,=0,0&" 1) /0:,'">3

B1)"**1 )& 9&'" tRQQ D 2".< tfQQ3 u, )"& *&2&.& -1..1 &* 5019&*1 )"**8"C/&.< " 5/G "--"0" 91'." )&

%12510.,2"'.& "*/-&6& " C/&')& )& &'"99&%&"'(" ;&'%"'.&6, , .0,-9102,0" 0"))&.& &251'&:&*& &'

5*/-6,*"'("@ ,* 9&'" )& "6&.,0" *8&251-.,>


51/104

.1;;$%& 1-%."%"

Z0151-.1 ), $?,'( ,**, 9&'" )"* v4v -"%1*1@ 0&50"-1 ), u,&= " $&21'- '"=*& ,''& 8PQ " 8oQ3

42510.,'." 5"0 &* A,5510.1 )"**, O,0."0 O122&--&1' )"* ^ff` %?" ?, &-5&0,.1 *, 0&9102, 9&-%,*"

O,',)"-"3

!, 1%7" ' ") S&',/)& ;^fgR>@), q,*)10 ;^fgg> " 5&J 0"%"'."2"'." ), B",)" ;A&9102, &'=*"-" )"* ^f_R>3$& &-5&0, ,**, )"9&'&(&1'" )& 0"))&.1 0&-5"..1 ,=*& /-& ") "-%*/)" C/&')& *, .,--,(&1'" )"*0&-5,02&1 ),**, :,-" &251'&:&*"3

!, 1%7" ' " '1' -/**, :,-" )"* %1'.0&:/.1 %?" "--& ),''1 ,**, 9102,(&1'" )"**" 0&-10-";-$,,*/& 2-&,&//&> ;T&AA$4E

"-& %1'-&)"0, 0&*"6,'." &* %1'-/21 $==$//*%& " '1' C/"**12&/$+)*0'$3 ['1 )"& *&2&.& M %?" M )& )&99&%&*",%%"0.,2"'.1@ 5"0%?E ./..1 &* 0&-5,02&1 )"& -1=="..& )"6" "--"0" 6"0-,.1 -/ %1'.& 0"=&-.0,.& "


52/104

C/&')& 5,--&:&*& )& %1'.01**17 *, 2&-/0, )"* -$,,*/& 42$405/G "--"0" 0&%,6,., ),* -$,,*/& 2-&,&//&X;50"*&"6& > 6"0-,2"'.&>@ 2, %&G M 51--&:&*" -" &* 0&-5,02&1 M %1'61=*&,.1 50"--1 &'."02")&,0&9&','(&,0&@ )&6"'.,')1 5&J %125*"--1 &' ,*.0" 9102" )& &25&"=1@ %12" ,) "-"25&1 &' :"'&&221:&*&3

4* %,*%1*1 )"* -$,,*/& 42$40L 0&-5"..1 ,* -$,,*/& $+/-0/0@ ?, &* 6,'.,==&1 %?" '1' .&"'" %1'.1 )"**"6,*/.,(&1'& "-5*&%&." )"**" 5*/-6,*"'(" ;&2510.,'." 5"0 6,*/.,0" =*& ,2210.,2"'.& )& %,5&.,*" 5"0 *"

&250"-">3

!, -/, 50"9"0&:&*&.< 6, 5"0G 6,*/.,., -"%1')1 &* 50&'%&5&1 )"**8"C/&.

A"))&.1 $5"-, 6- A"))&.1 S'.0,.,

H,**8"-"25&1 -& 5/G '1.,0" %?"7

-%1' *8&251-., -/* 0"))&.1@ &* 6,*10" ,../,*" )"**" &251-." '"* %10-1 )"**, 6&., M .,'.12,==&10" C/,'.1 5&J &* -1=="..1 0&-5,02&, #### ;&* -$,,*/& $+/-0/0 -"2:0, -1..15100" ,


53/104

.,--,(&1'" )/" 61*." &* 0"))&.17 /', '"* 212"'.1 &' %/& 6&"'" 501)1..1@ *8,*.0, '"* 212"'.1&' %/& 6&"'" 5"0%"5&.1 %12" 0"))&.1 ), %,5&.,*">K

- &' ="'"0,*"7 /'8&251-., -/**, -5"-, M "C/&6,*"'." ,) /'8&251-., -/* 0"))&.1 %?" "-"'.& &0"))&.& ), %,5&.,*" ;W3Y37 -1*1 -" *8&251-., M 501510(&1',*">3

!&2&.& ,**, ."10&, )"* %&%*1 6&.,*"

$1..1 &* 5019&*1 )"**8"K0'-J7

:8 *8"-"25&1 0"')" "6&)"'." %?" .,--,0" *" -5"-" ;%1' "-"'(&1'" )"* 0&-5,02&1> "C/&6,*" ,.,--,0" & -1*& 0"))&.& ), *,6101 ;%1' "-"'(&1'" )"& 0"))&.& ), %,5&.,*"> ####)&-%0&2&',(&1'"C/,*&.,.&6, ,**, 016"-%&,K

T8 -& 0",*&((, /' 5019&*1 &'."0."2510,*" )"**81'"0" 9&-%,*" 51%1 -1))&-9,%"'."####*"&251-." -1'1 5&J ,*." '"**, 9,-" )& 6&., &' %/& -& M 5&J =&16,'&K

Z8 *8&51."-& ,99,-%&','." )"**, ."10&, )"* %&%*1 6&.,*" 5/G 0&*"6,0-& 51%1 0",*&-.&%, &' -1%&". '"* %,-1 )& .,--,(&1'" -/* 0"))&.1 ;5"0%?E 0&-5,02&,0" " C/&')& %1'-/2,0" )12,'&%1-., )& 5&J>K

T5 *" 2,'&9"-.,(&1'& )"* 21)"**1 -/**, -5"-, -1'1 21*.1 *&2&.,." ;'1'1-.,'." *8&'."0"--" 5"0C/"-.1 .&51 )& 21)"**1>K

Z5 Q(0' N+:&5$ U06 ;QNU>@ %/& -& :,-,'1 & 21)"**& '10)&%&@ -& &-5&0, ,* 21)"**1 )"**, -5"-,@-"5,0,')1 *, .,--,(&1'" )"& 0"))&.& ), %,5&.,*" ;,--1=="..,.& ,) /'8,*&C/1., 501510(&1',*"-"%1')1 *, 5&J :,--, )"**" &251-." 501=0"--&6" )"**" 5"0-1'" 9&-&%?"> " ), *,61013

)' %."%%"/1-%& ;1' .$+#"./$& -1' 0$0'& ;$ ,$%"

4* -&-."2, 4.,*&,'1 -& ,66&%&', ,* 21)"**1 )"**8&251-., -/**, -5"-, 5"0 C/"**1 %?" 0&=/,0),

*8"-"'(&1'" )"**8&251-&(&1'" )"* 0"))&.1 0&-5,02&,.17

- ,) "-"25&1@ & %1'.0&:/.& -1%&,*& 5"0 *, 50"6&)"'(, -1%&,*" -1'1 "-"'.,.& ), .,--,(&1'"405"9 5/0 9,%"')1 5,0." )"**8,==0"=,.1 T0"))&.& ), *,6101 ;*10)&>UK

- ,',*1=,2"'." 6&"'" .0,..,.1 &* F903O12" .,--,0" &='(44* )& 0&-10-" 50"-"'.& '"* 6"0-,2"'.1 )"& %1'.0&:/.& -1%&,*& 5"0 *, 5"'-&1'"c

o \',*&-& )& .&51 *+/$-/$52&-0'$ 6,*&), -&, 5"0 -&-."2& , 0&5,0.&(&1'" ;&' %/& & %1'.0&:/.&-1%&,*& 50"*"6,.& 1==&@ 6"'=1'1 /.&*&((,.& 5"0 5,=,0" *" 5"'-&1'& )"**1 -."--1 5"0&1)1>@ -&, 5"0 &-&-."2& , %,5&.,*&((,(&1'" ;&' %/& *" 5"'-&1'& -1'1 &* 0&-/*.,.1 )"**, %,5&.,*&((,(&1'" )"&%1'.0&:/.& 6"0-,.& &' 5,--,.1>K

o \'%?" &' C/"-.1 %,-1 -& .&"'" %1'.1 )"* %1'%"..1 )& "C/&.< &' /'81..&%,2'(-*2$-*&,0'$3


54/104

$& %1'-&)"0,'1 o 5"0&1)&7

" %22%)-()%@ &' C/,'.1 *, 5"'-&1'" ,* '"..1 )"=*& &'."0"--& 2,./0,.& '1' 0,550"-"'., /' 6,*10",==&/'.1K

" /.&*&((,')1 /' 21)"**1 -$,,*/& 42$40,60"& /' -&-."2, ;;@;"-"'."@ "-"'."@ .,--,.1>K" ')(+-$" &* -&-."2, )& .,--,(&1'" -$,,*/& 42$40?-&-."2, )& .,--,(&1'" )& -$,,*/* ,0 '0%&-&1 ), %/&

-1'1 "-"'.& & 0"))&.& )& %,5&.,*& ;%12" 21-.0,.1 50"%")"'."2"'.">3-

F,--,')1 -1*1 & 0"))&.& ), *,6101 -& ,60"::" &'9,..& /'1 -%?"2, @@; ;.,--,.1@ .,--,.1@"-"'.">@ 2, 6"'=1'1 "-%*/-& & 0"))&.& ), %,5&.,*"@ 5"0 %/& &' C/"-.1 %,-1 ,60"221 %?" &*6,*10" ,../,*" )"**, :,-" &251'&:&*"7 :ii X :ii\3:XiLi^8 ? :f^LT5

- W"* %,-1 )"**, .,--,(&1'" SSF ;-$,,*/& 42$40> -& ,60


55/104

H,* 5/'.1 )& 6&-., )"**8"=='2'")9%@ *, .,--,(&1'" &')&6&)/,*" "6&., )&-.10-&1'& '"**, -%"*., ;), 5,0.")"& %1251'"'.& )"**, 9,2&=*&,> )& 5,0."%&5,0" 1 2"'1 ,* 21')1 )"* *,61013

H,* 5/'.1 )& 6&-., )"**8"K0'-JM@ 5"0G@ 0,=&1'"61*" 5"'-,0" %?" ./..& & 0"))&.& )& /' '/%*"1 9,2&*&,0"%1-.&./&-%,'1 *, 51."'(&,*&.< )& :"'"--"0" " C/&')& &'%&),'1 -/**, %,5,%&.< %1'.0&:/.&6, )"& %&..,)&'&3

4 )/" %1'%"..& '1' -1'1 %1'%&*&,:&*&7

o -" -& ,--/2" %12" 5/'.1 )& 0&9"0&2"'.1 *, 9,2&=*&, -10=" &* 501:*"2, )& 9,0" =&/-.&(&, .0, /'&.3

4* 2".1)1 )"* I/1(&"'." +,2&*&,0"

4'.01)1..1 &' +0,'%&,@ M /' 2".1)1 -"%1')1 %/& -& ,)1..,@ %12" ,*&C/1., )& .,--,(&1'" 5"0 &* 0"))&.1

9,2&*&,0"@ *8,*&C/1., 2")&, )8&251-., %?" -& ,55*&%?"0"::" ,* 0"))&.1 501 %,5&." )"* '/%*"1 -."--1@

%100"..1 5"0G 5"0 *" "%1'12&" )& -%,*,3 O12" 9/'(&1',c

"""" Z"0 ."'"0" %1'.1 )"**" "%1'12&" )& -%,*,@ -& ,..0&:/&-%1'1 5"-& )&6"0-& ,& %1251'"'.& )"**,9,2&=*&, ;,) "-"25&1@ ^ ,) /' %1'&/="@ Q3`g ,**8,*.01 %1'&/="@ Q3` ,* 50&21 9&=*&1@ Q3g ,*-"%1')1 9&=*&1 "%%3>

"""" 4* 0"))&.1 %125*"--&61 )"**, 9,2&=*&, 6&"'" )&6&-1 5"0 *, -122, )"& 5"-& ####K(&)*$+/$=05*'*0-$3

"""" !8,*&C/1., -& ,55*&%, C/&')& ,* C/1(&"'." 1.."'/.13"""" !8&251-., *10), ;,* '"..1 )"**" )")/(&1'&> -& 1..&"'" 21*.&5*&%,')1 *8&251-., 1.."'/.,

,..0,6"0-1 &* C/1(&"'." 9,2&*&,0" 5"0 &* 5"-1 )"& %1251'"'.& )"**, 9,2&=*&,3


56/104

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

4' 2"0&.1 ,* -"%1')1 5/'.1333

S-&-.1'1 -.0/2"'.& %?"@ 5/0 ,)1..,')1 /' -&-."2, )& .,--,(&1'" )& .&51 &')&6&)/,*"@ 5"02"..1'1 )&

."'"0" %1'.1 )"**, '/2"01-&.< " )"**, -.0/../0, "%1'12&%, 9,2&*&,0"7

o ,) "-"25&1@ )".0,(&1'& 5"0 9,2&*&,0& 1 9&=*& , %,0&%1Ko ,) "-"25&1@ .0,..,2"'.1 )& 9,610" 5"0 *, 9,2&=*&, 21'10"))&.1@ 0&-5"..1 , C/"**, &'

%/& 6& -1'1 5&J 0"))&.& ;)")/(&1'& 5"0 %1'&/=" , %,0&%1>3

T


57/104

"=="--( $"**'-(@ 0&)/%" &* 0"))&.1 )&-51'&:&*"3 !" &251-." -1..0,==1'1 0&-10-" ,*%1'.0&:/"'." .0,-9"0"')1*" ,**1 $.,.1@ -1..1 9102, )& ="..&.13 O&G %12510., /' -,%0&9&%&1;/"$*'-% *' 1")"77"$"@ 0-'+'-J> 5"0 &* %1'.0&:/"'."@ %?" 10, M 5&J 516"013 \* 2"01.0,-9"0&2"'.1 )& 0&-10-" ),* %1'.0&:/"'." ,**1 $.,.1 '1' -& ,--1%&, '"--/', 5"0)&., )&"99&%&"'(,7 *" -%"*." )& %1'-/21 90, 5&J :"'& ;)& *,6101@ )& 0&-5,02&1@ "%%3> -1'1 -"250"

%125&/." -/**, :,-" )"& 50"((& 0"*,.&6& ;-,*,0&1@ .,--1 )& &'."0"--"@ "%%3>@ %?" -&)"."02&'"0"::"01 &' ,--"'(, )& &251-.,3!" ' " C/&')& &* -&-."2, )"& 50"((& 0"*,.&6& ;-,*,0&1@ .,--1 )& &'."0"--"@ "%%3> %?" -&

)"."02&'"0"::"01 &' ,--"'(, )& &251-.,7 &* %1'.0&:/"'." M ,**10, &')1..1 , -1-.&./&0" &* :"'";*8,..&6&. .,--,.1 %1' C/"**1 '1' .,--,.13 O&G %12510., /' -,%0&9&%&1 ;5"0)&., )& :"'"--"0">") /', 5"0)&., )& "99&%&"'(, )"* -&-."2,7 &* :"'" ;*8,..&6&. .,--,.1 6&"'" -1-.&./&.1 5"0%?E*8&251-., &'-"0&-%" /' %/'"1 90, &* 50"((1 *10)1 -15510.,.1 ), %?& %1250, ") &* 50"((1'"..1 1.."'/.1 ), %?& 6"')" ;"99"..& ,**1%,.&6&>3!" '@ .0,''" ,) /',

."10&%, &251-., 9&--,3

4* 7%2$'='2'( *' 0-'+'-J &25/.,:&*" ,**8"-&-."'(, )& "=="--' *' 7(7-'-09'()" A *"=')'-(=!!=>>U S)MQ=>>)UV=7 ####&')&6&)/, &* -,%0&9&%&1 )& /.&*&.< 5"0 &*

%1'.0&:/"'." &' "%%"--1 0&-5"..1 , C/"**1@ &'"6&.,:&*"@ &25/.,:&*"

,* 2"01 .0,-9"0&2"'.1 )& 0&-10-" ),* %1'.0&:/"'." ,**1 $,.13

['2($*'%


58/104

O12" %,2:&, &* -/05*/- &'.01)/%"')1 /'8&251-., &')&0".., 0, %0'&-$5-c

"""" & 501)/..10& ,/2"'.,'1 &* 50"((1

"""" & %1'-/2,.10& 0&)/%1'1 &* %1'-/21 ;"%%1 *8"99"..1 )&-.10-&61>"""" &* -/05*/- )"* %1'-/2,.10" M )&2&'/&.1 )151 *8&'.01)/(&1'" )& -

N' D$//*/& CUE L V* 0' 2-&,&//& =-0 '#0'*K(&/0 $ '0 A04$ *52&+*A*'$3

&&&&

:8 !8&251-., 0&)/%" &* -/05*/- )"& %1'-/2,.10&T8 $& ="'"0, /' ="..&.1 5"0 *1 $.,.1Z8 !, 0&)/(&1'" )"* -/05*/- M 5"0G -/5"0&10" ,* ="..&.1]8 S%%"--1 )& 50"--&1'"3

4* .0&,'=1*1 %?" 2&-/0, *8"22"77'.% /$"77'()" ='72%+" 0,550"-"'., /', /"$*'-% *' 1")"77"$"7 5"0%?E&' %1'.015,0.&., ,**, 5"0)&., )& -/05*/- )"* %1'-/2,.10"@ '1' %100&-51')" /' 2,==&10 ="..&.1 ),

5,0." )"**1 $.,.13 Z"0 2&'&2&((,0" *8"22"77( *' /$"77'()" ;%&1M *,-122, )"**" )&-.10-&1'& %,/-,."),**" &251-."> *1 $.,.1 )"6" .,--,0" 2,==&102"'." & :"'& %1' )12,'), 5&J A4V4H\ ;$"&(+% *'[%


59/104

?''&-01 2$- $%*/0-$ ,*4/&-4*&+* '& ./0/& ,&%-$AA$ /0440-$ 4&'& * A$+* " ;&/"-;" .$I$;"7

\.."'(&1'"7 ="'"0,*2"'." & :"'& , )12,'), 0&=&), -1'1 & :"'& )& 50&2, '"%"--&.3I/,*" "99"..1 50"6,*"c !" "6&)"'(" "25&0&%?"7

o 5"0 :,--& 0"))&.& 50"6,*" *8"99"..1 0"))&.1o 5"0 ,*.& 0"))&.& 50"6,*" *8"=="--( 7(7-'-09'()"o *8"99"..1 50"6,*"'." )&5"')" ),**" %,0,.."0&-.&%?" )"* *,610,.10"3

!&-+?/& 1 .$+#"./$&

!, -%"*., ,**1%,.&6, .0, %1'-/21 " 0&-5,02&1@ -& 51'" &' ."02&'& )&7

"""" 0&'/'%&, ,* %1'-/21 50"-"'." 5"0 /' &'%0"2"'.1 )"* %1'-/21 9/./01

"""" &* 50"((1 )"**, 0&'/'%&, ,* %1'-/21 50"-"'." ;&* 50"((1 )"* 0&-5,02&1> M &* -%77( *F')-"$"77"3W"**, 2&-/0, &' %/& *, .,--,(&1'" &'%&)" -/* .,--1 )8&'."0"--"@ )"."02&', /', )&-.10-&1'" -/**" *"-%"*." ,**1%,.&6" ;.0, %1'-/21 " 0&-5,02&1>7


60/104

- -" *, :,-" &251'&:&*" M &* -$,,*/& $+/-0/0@ *8&251-., ="'"0, "99"..& )&-.10-&6& -/* 0&-5,02&1- -" *, :,-" &251'&:&*" M &* -$,,*/& 42$40;%?" "-"'., &* 0&-5,02&1>@ =*& "99"..& '1' -& 2,'&9"-.,'13

T )& /'8&251-., *'$"--%3

4'9,..&@ *8&251-., ')*'$"--% 3

!, F,--,(&1'" 1..&2,*" )&5"')" ),* .0,)"D199 .0, "K0'-J ")"=='2'")9%7

o /'8&251-., M "K0%@ -" =,0,'.&-%" /', )&-.0&:/(&1'" )"* %,0&%1 9&-%,*" -1%&,*2"'."

)"-&)"0,:&*"


61/104

o /'8&251-., M "=='2'")-"@ -" '1' ="'"0, "%%"--1 )& 50"--&1'"7 -1*.,'.1 *" &251-." '"/.0,*&@ &'."10&,@ '1' ="'"0,'1 "%%"--1 )& 50"--&1'" " *, *101 %1'%0"., ,55*&%,(&1'" &25*&%, *, 5"09"..,&'9102,(&1'" ), 5,0." )"**1 $.,.13

!, F,--,(&1'" 1..&2,*" )160"::" %12:&',0" & )/" ."02&'& )"* .0,)"D1997 =,0,'.&0" *8"C/&.< "

%1'."'"0" ,* 2&'&21 *8"%%"--1 )& 50"--&1'"@ 2, %& -1'1 )&99&%1*.< )& .0,)/00" *" %1'%*/-&1'& ."10&%?"

&' &')&%,(&1'& )& 51*&.&%, .0&:/.,0&,3

N 4*4/$5* /-*A(/0-* +$''0 -$0'/F

!8"61*/(&1'" )"& -&-."2& .0&:/.,0& M &* 0&-/*.,.1 )"**8&'."0,=&0" )& 5&J 9,..10& "-1="'&7"""" *" .0,-9102,(&1'& )"* -&-."2, "%1'12&%1D-1%&,*" ;-6&*/551 &')/-.0&,*"@ )"* ."0(&,0&1####'/16"

:,-& &251'&:&*&>

"""" *8"61*/(&1'" )"& -&-."2& 51*&.&%& ;'"**" 9102" &-.&./(&1',*&@ '"& 50&'%&5& 0")&-.0&:/.&6&>"""" *8&'.01)/(&1'" )& '/16" ."%'&%?" )& ,%%"0.,2"'.1@ 0&-%1--&1'"@ %1'.01**13!" ."')"'(" "61*/.&6" ="'"0,*&"""" ),**" &251-." &')&0".." ,**" &251-." )&0"..""""" ),**" &251-." 0",*& ,**" &251-." 5"0-1',*&"""" ),**" &251-." -/* 5,.0&21'&1 ,**" &251-." -/* 0"))&.1"""" ),**" &251-." &')&0".." -5"%&9&%?" ,**" &251-." &')&0".." ="'"0,*& -/=*& -%,2:&3

I)2'*")9% *"++F'


62/104

/"$2077'()"7 *8&')&6&)/,(&1'" )& %?& 5,=, *8&251-., ;&* -1=="..1 T5"0%1--1U>

-$%7+%9'()"7 21)1 %1' %/& &* %1'.0&:/"'." )& )&0&..1 ;1::*&=,.1 ),**, *"=="> .0,-9"0&-%" *81'"0" -/*%1'.0&:/"'." )& 9,..1 ;%1*/& %?" 5,=, *8&251-.,>3 4' ,--"'(, )& .0,-*,(&1'"@

%1'.0&:/"'." )& )&0&..1 " )& 9,..1 %1&'%&)1'13- .0,-*,(&1'" &' ,6,'.&7 501)/..10" 6- %1'-/2,.10"- .0,-*,(&1'" ,**8&')&".017 %1'-/2,.10" 6- 501)/..10"

')2'*")9%7 -& )"."02&', %?& "99"..&6,2"'." -15510., *8&251-.,

"+07'()"7 0&%10-1 , 2".1)& *"=,*& 5"0 0&)/00" &* %,0&%1 .0&:/.,0&1 "X1 5"0 =1)"0" )& 5,0.&%1*,0&,="61*,(&1'& ;/06 2'0++*+D>

"$(7'()"7 0&)/(&1'" )"**, :,-" &251'&:&*" )16/., ,**, -.0/../0, )"* -&-."2, .0&:/.,0&1 50"6&-.,),* *"=&-*,.10" ;,) "-"25&1@ 0"))&.& ), ,..&6&.< 9&','(&,0&">

".%7'()"7 %12510.,2"'.& &**"%&.&@ 1%%/*.,2"'.1 )"**, :,-" &251'&:&*"

%


63/104

" ') "K0'+'1$'( /%$9'%+" 3%)%+'7' K 5,0(&,*" 1 .1.,*"@ -" &* 50"((1 ,/2"'., &' 2&-/0, &'9"0&10" 1 5,0& ,**8&251-.,3

!8,',*&-& )"**8&'%&)"'(, &' "C/&*&:0&1 ="'"0,*" M 21*.1 %125*"--, " '1' %1'-"'." )& )")/00"21*.& 0&-/*.,.& )"."02&',.&3 Z&J ,::10),:&*" M *8,',*&-& &' "C/&*&:0&1 5,0(&,*" ;2,0-?,**&,'1>&' %/& -& %1'-&)"0, /' -1*1 2"0%,.13

!" &251-." 51--1'1 "--"0" &'.01)1.." , %,0&%1 )"* 501)/..10" ;199"0.,> " )"* %1'-/2,.10";)12,'),>3\ /%$'-J *' &"--'-(@ *8"99"..1 )& ')2'*")9% =')%+" A '*")-'2(3 S8 &')&99"0"'."@ '"**8"C/&*&:0&19&',*"@ C/,*" *,.1 )"* 2"0%,.1 .,--,0"3

!, -$%7+%9'()" *'/")*" ),**, 9102, )& 2"0%,.1 ;2()2($$")9% (


64/104

!, -$%7+%9'()"M .,'.1


65/104

!"#$%&'& )X*

I+ *"2")-$%

$$$$ 2$'-"$'( =0)9'()%+"7 ,**8S'." 6&"'" ,..0&:/&., /', -1*, 9/'(&1'"@ %?" "-"0%&., -/**8&'."01."00&.10&1 ',(&1',*" ;,) "-"25&1@ -,'&.


66/104

B1)"**1 +")"0,*"

- =*& S'.& )"%"'.0,.& %12" $.,.& ,/.1'12&- *, 9")"0,(&1'" 5"0 &* 5"0-"=/&2"'.1 )& 1:&"..&6& %12/'&- 5&"', ,/.1'12&, 9&','(&,0&,3

I .%)-%&&' *"++% 7(+09'()" %22")-$%-%

:5 "=/,=*&,'(, '"**8199"0., )& :"'& " -"06&(& 5/::*&%&T5 2&=*&10" 0",*&((,(&1'" )"**8"C/&.< )&-.0&:/.&6, ;,.."'/,(&1'" )"=*& -C/&*&:0& ."00&.10&,*&>Z5 2,==&10" "99&%,%&, )"=*& &'."06"'.& )& -.,:&*&((,(&1'"]5 2&=*&10" "99&%&"'(, '"**, -.0/../0, )"* -&-."2, .0&:/.,0&1

I .%)-%&&' *"+ *"2")-$%


67/104

- %1'-"'." /' %1'.01**1 5&J -.0"..1 )"=*& ,22&'&-.0,.10& ), 5,0." )"& %&..,)&'&- 5"02".." )& ."'"0" %1'.1 )"**" )&99"0"'(" '"**, %1251-&(&1'" -1%&,*" ;)&99"0"'("

*&'=/&-.&%?"@ ".'&%?"@ "%%3>3

A\V4]W4 ]AV\W4xx\F4LS

- L,'.,==& )"**" -.0/../0" 51%1 :/01%0,.&%?" ;"99&%&"'(, 9,610&., ),**" 0&)1.." )&2"'-&1'&>- 51--&:&*&.< )& 2,==&10& -5"0&2"'.,(&1'& ") &''16,(&1'& '"**8199"0., )"& -"06&(& 5/::*&%& %?"

-&,'1 5&J 6&%&'" ,**" "-&="'(" )"& %&..,)&'&3

A\V4]W4 SO]W]B4OuS

4* )"%"'.0,2"'.1 2,--&2&((, *, -1))&-9,(&1'" )"**" 50"9"0"'(" &')&6&)/,*&3

!% -"($'% "2()(


68/104

S8 ), %1'-&)"0,0-& /', 9/'(&1'" , *&6"**1 )& C(."$)( 2")-$%+" 1) ,))&0&../0, -160,',(&1',*"7 -%,0-,"99&%,%&, )"**" 51*&.&%?" )& -.,:&*&((,(&1'" , *&6"**1 *1%,*"@ -1*&.,2"'." "%1'12&" 5&%%1*" " 21*.1

,5"0."3!!!![4$:&+,& _(4D-0%$1 /0'$ =(+)*&+$ ,&%-$AA$ $44$-$ '04:*0/0 0' '*%$''& ,* Y&%$-+& :$+/-0'$1 2$-:;@ 50"6&)"'(, ;.0, ="'"0,(&1'& )&6"0-">@ -,'&.< ;),* -,'1 ,* 2,*,.1>333

.,--,(&1'" 501=0"--&6,3 +/'(&1'" 50"6,*"'."2"'." , *&6"**1 )& C(."$)( 2")-$%+"5 !, ="-.&1'" *1%,*"50"-"'., '1."61*& *&2&.& ;2&=0,(&1'& &'."0'" )& 9,-%" )& 5151*,(&1'&>@ ./..,6&, ,) "-%*/-&1'" )"& :"'&

5/::*&%& 5/0&@ C/,-& ./..& & -"06&(& 5/::*&%& 51--1'1 "--"0" 199"0.& "99&%&"'."2"'." , *&6"**1

)"%"'.0,.13

!!!![4$:&+,& _(4D-0%$1 0+:;$ /0'$ =(+)*&+$ ,&%-$AA$ $44$-$ '04:*0/0 0' '*%$''& ,* Y&%$-+& :$+/-0'$C0+:;$ 4$ /$&-*:05$+/$ -$0'*))0A*'$ 0+:;$ 0 '*%$''& ,$:$+/-0'*))0/&E1 2&*:;< =$+&5$+* ,* 5&A*'*/F

2&/-$AA$-& +$(/-0'*))0-$ *' 2-&:$44& -$,*4/-*A(/*%&> ?, $4$52*&1 4$ *+ ,($ D*(-*4,*)*&+* ? C0,&//0*52&4/$ 2-&D-$44*%$ 4(' -$,,*/& $, (+ 4*4/$50 ,* /-04=$-*5$+/*E $ ^ C0,&//0 /044$ ,*-$//$ 2$- * 4$-%*)*

2(AA'*:*E1 :&' /$52& 4* %$-*=*:;$-$AA$-& 42&4/05$+/* /-0 '$ 2&2&'0)*&+* ,* ? $ ^@ * :*//0,*+* 0, 0'/&-$,,*/& $ :&+/-0-* 0''0 -$,*4/-*A()*&+$ %0++& *+ ^1 0' :&+/-0-*& K($''* 0 A044& -$,,*/& $ =0%&-$%&'* 0''0-$,*4/-*A()*&+$ 4* 42&4/$-0++& %$-4& ^> M&4` *' 2-&:$44& ,* ,*4/-*A()*&+$ %$--$AA$ +$(/-0'*))0/&

C4&'/0+/& -*D*,$ 5*4(-$ :&+/-& '0 5&A*'*/F1 50 *52-&2&+*A*'$1 2&/-$AA$ 5&,*=*:0-$ '0 4*/(0)*&+$E]K\P8]NX83 ?""XM?UNW?

S8 *, 9/'(&1'" 50&6&*"=&,., 5"0 & *&6"**& )"%"'.0,.&3 H&-.&'(&1'& .0,

"""" :"'& 5/::*&%& 5/0& ;)&9"-,@ =&/-.&(&,@ 51*&.&%, "-."0,@ -&%/0"((,@ =0,')& &'90,-.0/../0">#### ,*&6"**1 )& C(."$)( 2")-$%+"

"""" :"'& 5/::*&%& 5/0& *1%,*&7 :"'& &' %/& *" %/& %,0,.."0&-.&%?" )& '1' 0&6,*&.< " '1' "-%*/)&:&*&.@ 5,--&:&*&%&1M )& 9102" )& :&+D$4/*&+$ ;& :"'"9&%& -& 0&)/%1'1 ,**8,/2"'.,0" )"=*& /-/90/&.10& D &*501:*"2, '1' -/--&-." -1*.,'.1 5"0 & :"'& 5/::*&%& 5/0&>#### -1*.,'.1 , *&6"**1 )& C(."$)(-"$$'-($'%+"

!!!![4$:&+,& _(4D-0%$1 /0'$ =(+)*&+$ ,&%-$AA$ $44$-$ '04:*0/0 0 '*%$''* ,*%$-4* ,0' Y&%$-+& :$+/-0'$ $:;$ '#052*$))0 ,$''0 D*(-*4,*)*&+$ 2(a %0-*0-$ *+ -$'0)*&+$ 0 5&'/$ %0-*0A*'*1 K(0'* 0, $4$52*& '0

,*==$-$+)0 +$* D(4/* $ +$* '*%$''* ,* -$,,*/& $ :*&L1 '#&==$-/0 ,* A$* 2(AA'*:* ,&%-$AA$ 0,$D(0-4* 0''$ -$0'*2-$=$-$+)$ ,$* -$4*,$+/* +$''$ 0$-$$ :;$ 50DD*&-5$+/$ /-0DD&+& A$+$=*)*& ,0 /0'* A$+*E]KY3.UNX83 Q3" Q3^NUX JP^^"NMX

S8 ,'%?" C/"-.1 /' ,-5"..1 ), %1'-&)"0,0"3 4' *&'", )& 50&'%&5&1 " '"**" 0",*.< %1'%0"." '1' 6& M

'/**, %?" &25")&-%, *8/.&*&((,(&1'" )"* )":&.1 ), 5,0." )& C/,*-&,-& *&6"**1 )& V16"0'1 ;Y]F@ Y]A@

Y]O>@ 2, "--"')1 *, ="-.&1'" )"* )":&.1 21*.1 )"*&%,.,@ M )& -1*&.1 50"9"0&:&*" /', ="-.&1'" ,*

*&6"**1 )& V16"0'1 %"'.0,*" %?" 5/G 1990&0" 2,==&10& =,0,'(&" )& -1*6&:&*&.


69/104

H,* 5/'.1 )& 6&-., ,**1%,.&61@ %12" 6&-.1@ *, 50&'%&5,*" 21.&6,(&1'" )"**8&'."06"'.15/::*&%1@ 0&=/,0), *, 50"-"'(, )& :"'& 5/::*&%&3[' :"'" 5/::*&%1 '&:0'$M /' :"'" '1' 0&6,*" " '1' "-%*/)&:&*"@ *&2&.,.1 ."00&.10&,*2"'."3]*.0" ,**, 50"-"'(, )& :"'" 5/::*&%1 '&:0'*@ *, ."10&, "%1'12&%, ?, 2"--1 , 9/1%1 ,*.0& )/" -%?"2&

%1'%"../,*&@ 0&*"6,'.& 5"0 -5&"=,0" *8,0.&%1*,(&1'" ."00&.10&,*" )"**8199"0., )"& -"06&(& 5/::*&%&@ '1.&

%12" ."10"2, )"* )"%"'.0,2"'.1 )& H%-"7") &* 21)"**1 )"* T61.1 %1' & 5&")&U )& @'"1(0-3

Z"0 C/"-., 0,=&1'" 5/G "--"0" &**/2&','." &'C/,)0,0*& ,**8&'."0'1 )"**, =0&=*&, %1'%"../,*" "*,:10,.,

), u&0-%?2,''@ '"**815"0, 36*/@ W&*:$@ "&I0'/I)"* ^f_Q3

O& -1'1 21*.& 21)& %1' %/& -& -., &' /', %12/'&.

"""" *, 501)/(&1'" )"& :"'& *1%,*& ,66&"'" , %1-.& %1-.,'.&@ ,--"'(, )& "%1'12&" )& -%,*,3

S-"25&1i


70/104

[' 0&%?&,21 )"* %1'%"..1 )& "*"..10" 2")&,'13

$& &22,=&'& *8199"0., )& /' -1*1 -"06&(&13 $& )"6" )"%&)"0" *, C/,'.&.< ), 501)/00" )"* -"06&(&13 $&

,',*&((,'1 .0" %12/'&.< %1' *, -."--, 5151*,(&1'"3 ]='& %12/'&.< "-50&2" &* 50"((1 %?" M )&-51-.,

, 5,=,0" 5"0 &* -"06&(&1 *1%,*"@ 2, %1' )&6"0-" 50"9"0"'("7 *, E 50"9"0&-%" ,6"0" 5&J -"06&(& )"**, 6"

)"**, U3

:8 Q(+09'()" 2")-$%+'99%-%7 *1 $.,.1 1990" /', C/,'.&.< /'&9102" , ./..&3 L&"'" 199"0., *,C/,'.&.< 6;51-&(&1'" 2")&,', )"**" 50"9"0"'(">3 !" %12/'&.< U" E-/:&-%1'1 /', 5"0)&.,)& :"'"--"0"

T8 Q(+09'()" *"2")-$%-%7 1='& %12/'&.< -1))&-9, *, 50150&, 50"9"0"'(, #### 2,--&2&((,(&1'")"* :"'"--"0"3

4 *&2&.& )"* ."10"2,7

:8 -" *1 $.,.1 M &' =0,)1 )& )&99"0"'(&,0" 5/G 1.."'"0" *1 -."--1 0&-/*.,.1 )"* )"%"'.0,2"'.13I/& 5"0G 6,*=1'1 %1'-&)"0,(&1'& 0"*,.&6" ,**8,-&22".0&, &'9102,.&6,3 S8 0,=&1'"61*"5"'-,0" %?" *1 $.,.1 ,::&, 2"'1 &'9102,(&1'& )"& =16"0'& *1%,*&

T8 '1' M )"..1 %?" *, 501)/(&1'" ,66"'=, , %1-.& 2,0=&',*& %1-.,'.&3 O1-.& )"%0"-%"'.& ")"%1'12&" )& -%,*,@ 0"')1'1 5&J "99&%&"'.& *" )"%&-&1'& , *&6"**1 %"'.0,*"@ ,'%?" -" -&),''"==&,'1 *" 50"9"0"'(" *1%,*&

Z8 &* ."10"2, ,--/2" &25*&%&.,2"'." %?" .016& ,55*&%,(&1'" &* 50&'%&5&1 )& %100&-51')"'(,@6,*" , )&0" /' 0,5510.1 :&/'&61%1 .0, 199"0., )& /' ),.1 -"06&(&1 5/::*&%1 " *&6"**1,22&'&-.0,.&613 B, 0",*&-.&%,2"'."@ *8,0", "'.01 %/& -& "-."')1'1 & :"'"9&%&@ 51--1'1 '1'

%1&'%&)"0" %1' *8,"0", ,22&'&-.0,.&6, " 51--1'1 C/&')& 9102,0-& "99"..& )& .0,:1%%,2"'.1;42*''&%$-> %?" -1'1 %,/-, )& &'"99&%&"'(" " %?" 0&%?&")1'1 &'."06"'.& %100"..&6&@ ,'%?" ),*%"'.01

]8 *" 50"9"0"'(" &)"'.&%?" ,**8&'."0'1 )& /'8,"0", M 51%1 0",*&-.&%,3 H&99"0"'(&,(&1'& '"**"50"9"0"'(" 0"')1'1 &')"."02&',., *, -1*/(&1'"3 !, -%"*., 5&J "99&%&"'."@ 0&%?&")" /'%125*&%,.1 %,*%1*1 )& 6,'.,==&X-6,'.,==&3

I+


71/104

%&..,)&'& )& -51-.,0-& '"**" %12/'&.< *1%,*& 16" 6&"'" 199"0., *, =,22, )& -"06&(& 5/::*&%& " )&

50"*&"61 5&J =0,)&., ;50&'%&5&1 )& F&":1/.7 TL1.,0" %1' & 5&")&U>3

!" &51."-& )"* 21)"**1 F&":1/.7

'/2"01 ,25&1 )& ,/.10&.< *1%,*& %1' /' /'1 -5"%&9&%1 2&d )& -"06&(&'1' "-&-.1'1 9"'12"'& )& "-."0',*&.o & %&..,)&'& 0&6"*,'1 *" *101 50"9"0"'(" 5"0 & -"06&(& 199"0.&@ 2")&,'." *" 2&=0,(&1'&o &* )"%"'.0,2"'.1 M &' =0,)1 )& ,''/**,0" &* 9"'12"'1 )"*=-$$ -*,$-;-51-.,')1-&@ & %&..,)&'&

0&6"*,'1 *" *101 50"9"0"'(">o -& ="'"0, /', %1'%100"'(, .0, =*& S'.& *1%,*& 5"0 ,..&0,0" *, 5151*,(&1'"

- *, %1'%100"'(, .0, =*& S'.& )"."02&', /' *&6"**1 "99&%&"'." )& :"'& *1%,*&- *, %1'%100"'(, .0, =*& S'.& M ,',*1=, ,**, %1'%100"'(, 90, &250"-"@ %?" ,--&%/0,

/'8"99&%&"'." 199"0., )& :"'& 50&6,.&3"$ *52'*:0)*&+* ,*4/-*A(/*%$ ,$' 5&,$''& U*$A&(/7

=*& S'.& *1%,*& %?" 19901'1 /' *&6"**1 "99&%&"'." )& -"06&(&X1'"0& 9&-%,*&@ ,..0,==1'1 5151*,(&1'"@ %1'

*, %1'-"=/"'(, %?"7

" ."')"'(, , %0",0-& %12/'&.< *1%,*&@ %1' ,/.1-"*"(&1'" 0&-5"..1 ,* 0"))&.1 ;& 0&%%?& %1' &0&%%?&@ & 516"0& %1' & 516"0&>

" ."')"'(" ,**, 2&=0,(&1'" )"& 516"0& '"**" %12/'&.< )"& 0&%%?&@ %?" %"0%,'1 )& 1-.,%1*,0'"*8&'=0"--1@ , %,/-, )"**, :,--, %,5,%&.< 501)/..&6, ") ,=*& "*"6,.& :&-1='&

''''

%1'9*&../,*&.< -1%&,*"3

N '*5*/* ,$' 5&,$''&7

" *, %1'%100"'(, M *&2&.,., ),* 0&-.0"..1 '/2"01 )"=*& S'.& *1%,*&" *" 0&-10-"@ )&6"0-" ), ,"0, ,) ,"0",@ &'9*/"'(,'1 &* *&6"**1 )"& -"06&(& " *, -.0/../0, )"**"

,*&C/1." ;-C/&*&:0& ."00&.10&,*&>3


72/104

Z5 72"+-% *"++" *'


73/104

+% *'

&&&&!, )&2"'-&1'" 1..&2, )"& -1%& M .,*" 5"0 %/&7

6;P;RIEIH DU[CIPU!; ? EHQ@H DU[CIPU!;&&&& &&&&

A&)/(&1'" %1-.1 501 %,5&." Z"0)&., 2,0=&',*" )& :"'"--"0"5"0 *8&'=0"--1 )& /' '/161 -1%&1 5"0 *, %1'="-.&1'"

'+ +'."++( *' %--'.'-J 3'+ +'."++( *' /$(*09'()" *"' 7"$.'9' *"+ 2+0186;P;RIEIH DU[CIPU!; ? EHQ@H DU[CIPU!;

&&&& &&&&)& /'8/'&.< )& -"06&(&1 )"%0"-%"'." %1-.1 )& /'8/'&.< )& -"06&(&1 %1-.,'."

I/&')& 6,'.,==& " -6,'.,==& )&5"')1'1 -&, ),* )0 M C/"**1 )& 2,--&2&((,0" &* :"'"9&%&1 501 %,5&." '"..13

6")"='2'( /$( 2%/'-" )"--( ? 1")"='2'( /$( 2%/'-" q 2(7-( 1")"='2'( /$( 2%/'-"5

]5 *"=')'9'()' *"++" =()-' *' =')%)9'%


74/104

%1251'"'." )& 0&*&"61 )"**" "'.0,." )"& O12/'&3 Z"0 21*.& -"06&(& M -.,.,)"9&'&., , *&6"**1 %"'.0,*" *, 5"0%"'./,*" )"* %1-.1 %125*"--&61 %?" )"6""--"0" %15"0., ,..0,6"0-1 /', .,0&99,

T8 ' 5"0 & :"'& 5/::*&%& *1%,*& &')&6&-&:&*&

.0&:/.& 50150& *8S'." *1%,*" 5/G ,%%"0.,0" ") ,22&'&-.0,0" &* .0&:/.1 "@"'.01 *&2&.& 9&--,.& ),**8S'." )& *&6"**1 -/5"0&10"@ 5/G )"."02&',0" ,*%/'&&2510.,'.& 5,0,2".0& ;,*&C/1.,@ 2&'&2& &251'&:&*&@ -.0/../0, )"**")".0,(&1'&@ "%%3>

-160,&251-." *8S'." *1%,*" ,==&/'=" /'8,*&C/1., 50150&, ,**, :,-"&251'&:&*" 50"*"6,., ),* V16"0'1 %"'.0,*"

,))&(&1',*" *8,*&C/1., *1%,*" %122&-/0,., ,* ="..&.1 )& /'8&251-.,',(&1',*"3 N' -*=$-*5$+/& 0' D$//*/& ,$''#*52&4/0 ;0 '#*+:&+%$+*$+/$ :;$ '$$+/-0/$ ,$''#3+/$ ,$:$+/-0/& 4&+& *+='($+)0/$ ,0''$ 5&,*=*:0)*&+* ,$''$ 0'*K(&/$,* 2-&2-*0 :&52$/$+)01 $%$+/(0'5$+/$ ,$:*4$ ,0' '*%$''& 4(2$-*&-$ ,* Y&%$-+&

%125,0."%&5,(&1'" /', C/1., )"* ="..&.1 )& /' .0&:/.1 )& /' S'." )&*&6"**1 -/5"0&10" 6&"'" 0&5,0.&., 90, =*& S'.& )"%"'.0,.& -/**, :,-" )& /'C/,*%?" %0&."0&1 ;,) "-"25&1@ 5151*,(&1'"@ :,-" &251'&:&*" *1%,*">@)"%&-1 ),**8S'." -160,10)&',.13 $1'1 /.&*&((,:&*& 5"0 ,../,0" *,5"0"C/,(&1'" 9&-%,*" %?" -& )"-&)"0,@ 2")&,'." 15510./', 21)/*,(&1'")"& %1"99&%&"'.& )& 0&5,0.1

Z8 -$%7="$'


75/104

$$$$ 51*&.&%?" )& %1'%100"'(, 9&-%,*" ,==0"--&6, ;:,--" ,*&C/1." 5"0 ,..&0,0" :,-"&251'&:&*" ), ,*.0" %12/'&. 51--1'1 ="'"0,0" )&-,6,'(& )& :&*,'%&1@ ),0&5&,',0" %1' &'."06"'.& ),* %"'.01

&25")&0" *, :,--, 501)/..&6&.< )"& =16"0'& )"%"'.0,.&@ %?" 50161%?& /', )&',2&%,

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

$$$$ & =16"0'& *1%,*& -1'1 -1..151-.& , 6&'%1*& -/**, %,5,%&.< )8&')":&.,2"'.1@ %?")"61'1 .016,0" %125"'-,(&1'" &' 9102" )& .0,-9"0&2"'.1

%100"=="0" ,..0,6"0-1 -/--&)& )"* V16"0'1 %"'.0,*"@ =*& "99"..& )& .0,:1%%,2"'.13

34*4/&+& ,*%$-4$ /*2&'&D*$ ,* /-04=$-*5$+/*

-$%7="$'

> .0,-9"0&2"'.& 6&'%1*,.& '1' %125,0."%&5,.&

-$%7="$'3 !, )"."02&',(&1'" )"*.0,-9"

Documents

225758125 Riassunto Corso Di Scienza Delle Finanze