44

Intermediation Can Replace Certification

Embed Size (px)

Citation preview

W�A,+�,#W�AW�� ��� +,�w��, �,+AW6W��AW��8

�@L*L B� B@hi**@ @?_ �@h|�? �i�|388

`���# bb�fe

Fruuhvsrqghqfh= Xqlyhuvlw| ri Dolfdqwh1 Idfxowdg gh Flhqfldv Hfrq�rplfdv1

Ghswr1 gh Ixqg1 gho Dq�dolvlv Hfrq�rplfr1 Fwud1 Vdq Ylfhqwh gho Udvshlj/ v2q1

363:4 DOLFDQWH

Hglwru= Lqvwlwxwr Ydohqfldqr gh Lqyhvwljdflrqhv Hfrq�rplfdv/ v1d1

Iluvw Hglwlrq Dsulo 4<<<

LVEQ= ;707;5053:80:

Ghs�rvlwr Ohjdo= Y04:3:04<<<

LYLH zrunlqj0sdshuv r�hu lq dgydqfh wkh uhvxowv ri hfrqrplf uhvhdufk xqghu zd|

lq rughu wr hqfrxudjh d glvfxvvlrq surfhvv ehiruh vhqglqj wkhp wr vflhqwl�f mrxuqdov iru

wkhlu �qdo sxeolfdwlrq1

8 A�i @�|�Lh �L�*_ *�!i |L |�@?! VL*!ih �LU!i @?_ ti4�?@h @�_�i?Uit @| N?���iht�|) Lu �*�U@?|ic �,�6W��@_h�_c wL?_L? 5U�LL* Lu ,UL?L4�Ut� 6�h|�ih4Lhic|�i �ht| @�|�Lh }h@|iu�**) @U!?L�*i_}it |�i �LtT�|@*�|) uhL4 |�i N?��iht�|) Lu �*��U@?|i @?_ �?@?U�@* t�TTLh| uhL4 |�i ,�hLTi@? �L44�tt�L? E#BjWW� �?_ih |�iA�+ ThL}h@4� A�i tiUL?_ @�|�Lh }h@|iu�**) @U!?L�*i_}it �?@?U�@* t�TTLh| M)|�i W?t|�|�|L V@*i?U�@?L _i W?�it|�}@U�L?it ,UL?�L4�U@t EWVW,� @?_ M) |�i 5T@?�t���?�t|h) Lu ,_�U@|�L?c �W�vA Bh@?| ��b.�f����

88 �@L*L B� B@hi**@G N?��iht�|) Lu �L*L}?@c �@h|�? �i�|3G N?��iht�|) Lu �*��

U@?|i�

W�A,+�,#W�AW�� ��� +,�w��, �,+AW6W��AW��

�@L*L B� B@hi**@ @?_ �@h|�? �i�|3

`���# bb�fe

� � 5 A + � � A

i UL?t�_ih @ 4@h!i| �? ���U� ThL_�Uiht @?_ @? �?|ih4i_�@h) �@�i TihuiU|�?uLh4@|�L? @ML�| |�i ^�@*�|�it Lu |�i }LL_t� �L?t�4iht _L ?L| LMtih�i |�i^�@*�|�it� �hL_�Uiht U@? TihuiU|*) hi�i@* |�@| @ }LL_ �t Lu ��}� ^�@*�|) |�hL�}�Uih|��U@|�L?� A��t i?|@�*t tLU�@**) �@t|iu�* ULt|t� 6�h4t U@? U�LLti ��i|�ih |L ti**|�hL�}� @? �?|ih4i_�@h) �L�?|*) Lh i U*�t��i*) Lh |L ti** �?_iTi?_i?|*) E�ih|�U@*�?|i}h@|�L?�� i t�L� |�@| 4�*|��Mh@?_ hi|@�*�?}c ���U� *i@_t |L @ hi_�t|h�M�|�L?Lu ThL�|t M�| ?L| |L tLU�@* ULt|tc U@? u�**) Lh T@h|�@**) hiT*@Ui Uih|��U@|�L? M)t�}?@*�?} ThL_�U| ^�@*�|)�

ki)�Lh_tG W?|ih4i_�@|�L?( +i|@�*�?}( "�@*�|) �ih|��U@|�L?( 5�}?@*�?}( Vih|��U@* +i*@|�L?t( �Lh@* O@3@h_�

2

�� W�A+�#N�AW��

6Lh 4Lt| }LL_t |�@| @hi ?L| T�hU�@ti_ uhi^�i?|*)c UL?t�4iht Lh �tiht @hi Lgihi_@ U�L�Ui @4L?} 4@?) _�gihi?| Mh@?_t ��|�L�| TihuiU| !?L�*i_}i Lu |�i ^�@*�|)_�gihi?Uit |�@| _�t|�?}��t� |�i4� A�i) 4�t| |�i? 4@!i }�ittit @ML�| ^�@*�|�it�A�i *�|ih@|�hi |L _@|i �@t t|hitti_ |�i hL*i Lu ULt|*) t�}?@*�?} M) �h4t @t @ �@) LuUL?�i)�?} �?uLh4@|�L? |L UL?t�4iht Ei�}� �i*tL?c �b.ec k��*t|hL4 @?_ +�Lh_@?c�bHec @?_ ��*}hL4 @?_ +LMih|tc �bHS�� �?L|�ih TLtt�M�*�|) �t ULt|*) ^�@*�|)Uih|��U@|�L?� vi| @?L|�ihc ���U� �@t Mii? *�||*i i T*Lhi_c �t |�i 4L_i ti*iU|i_ uLhti**�?} |�i }LL_� W? |��t T@Tih �i t�L� |�@| |�i �h4<t _iU�t�L? |L t�@hi @ ti**�?}it|@M*�t�4i?| |L}i|�ih ��|� L|�ih Mh@?_t �t @ �@) |L t�}?@* |�i ��}� ^�@*�|) Lu �|tMh@?_�

W? |�i }LL_t 4@h!i|tc ��i? 4@?�u@U|�hih @?_ hi|@�*ih @hi ?L| �ih|�U@**) �?�|i}h@|i_c hi|@�*ihtc t|Lhitc @?_ _i@*iht u�?U|�L? @t �?_iTi?_i?| �?|ih4i_�@h�it Mi�|�ii? ThL_�Uiht @?_ UL?t�4iht� W? |�i ti^�i* |�i �Lh_ R�?|ih4i_�@h)� �t �ti_|L hiuih }i?ih�U@**) |L @?) @}i?| ��L ti**t Lh ThL��_it t�i*u tT@Ui uLh }LL_t |�@|�i �@t ?L| ThL_�Ui_�� A�i t�}?@*�?} hL*i Lu t�@hi_ �?|ih4i_�@|�L? �t t�L�? |Li �t| �? @ �Lh*_ �? ���U� |�ihi @hi ?L hiT�|@|�L? igiU|t Lh �?|ih4i_�@h) i Tih|�ti�W? |�iti U�hU�4t|@?Uitc t�@h�?} @? �?|ih4i_�@h) ��|� L|�ih ThL_�Uiht �t @ T�hit�}?@* Lu ThL_�U| ^�@*�|)�

N?_ih TihuiU| �?uLh4@|�L? �h4t 4@) Mi?i�| Lh Mi ��h| M) t�@h�?} @? �?|ih�4i_�@h)c _iTi?_�?} L? t�U� u@U|Lht @t ��L |@!it |�i Th�U�?} _iU�t�L?c @?_ �L��2

`��*i L?i 4@) tTiU�*@|i |�@| �? tL4i U@tit @ U�@?}i �? |�i Th�U�?} ThLUitt i �T*@�?t ��) �h4t ti** |�hL�}� �?|ih4i_�@h�itc |��t �t ?L| |�i TL�?| �i ��t� |L@?@*)3i E|L t�4T*�u)c �i t�@** @tt�4i |�hL�}�L�| |�@| |�i t@4i Th�Uit Thi�@�*c��|� Lh ��|�L�| �?|ih4i_�@|�L? �� i @*tL i U*�_i |�i TLtt�M�*�|) |�@| @? �?|ih�4i_�@h) 4@) �@�i @ ULt| Lh _i4@?_ @_�@?|@}i �? ti**�?} |L UL?t�4iht EiUL?L4�it

4Wklv gh�qlwlrq grhv qrw suhfoxgh d �up vhoolqj lwv rzq surgxfwv surylghg lw dovr vhoov jrrgvsurgxfhg e| rwkhu �upv

5Erqdqqr dqg Ylfnhuv +4<;;, vkrz wkdw rqh uhdvrq iru hvwdeolvklqj h{foxvlyh ghdohuv lqvwhdgri vhoolqj gluhfwo| lv wkdw wklv vriwhqv sulfh frpshwlwlrq/ exw wklv h�hfw pljkw eh orvw zlwk vkduhglqwhuphgldwlrq +vhh Olq/ 4<<3,1 Pdwkhzvrq dqg Zlqwhu +4<;:, vkrz wkdw h{foxvlylw| fodxvhv pd|eh lpsrvhg e| surgxfhuv ri kljko| ghpdqghg surgxfwv1 Ehvdqnr dqg Shuu| +4<<6, ylhz h{foxvlyhghdolqj dv d phdqv ri dyrlglqj wkh iuhh0ulglqj ri frpshwlwruv rq lqyhvwphqwv lq wkh uhwdlohu +vhhdovr Pduyho/ 4<;5,1 Dv wkh| vkrzhg/ vxfk lqyhvwphqw pd| lqwhqvli| wkh frpshwlwlrq ehwzhhq�upv dqg wkxv jhqhudwh dq lqfhqwlyh wr dyrlg h{foxvlyh ghdolqj1 Ehuqkhlp dqg Zklqvwrq +4<<;,surylgh d iudphzrun zklfk h{sodlqv vrph jhqhudo sulqflsdov ri wkh h�hfwv ri h{foxvlyh ghdolqjfodxvhv lq frqwudfwlqj1 Vhh dovr Pduwlpruw +4<<9,1

Lu tULTi Lh UL4T*i4i?|@h�i|�it�G �h4t LTih@|i �? @ 4@h!i| �? ���U�c ��|� TihuiU|�?uLh4@|�L?c �ih|�U@* �?|i}h@|�L? �t |�i 4Lt| ThL�|@M*i U�@??i* Lu _�t|h�M�|�L?c tL|�@| �? |��t U@ti ?L �?_iTi?_i?| hi|@�*�?} tiU|Lh i �t|t�

N?_ih �4TihuiU| �?uLh4@|�L? @ML�| ThL_�U|t< ^�@*�|�itc t�@hi_ �?|ih4i_�@|�L?c@t |�i *�|ih@|�hi hiUL}?�3it Ei�}� �h?t|i�?c �bHb�c LTi?t |�i _LLh |L uhii�h�_�?}Lu *L��^�@*�|) �h4t L? |�i Mh@?_ �4@}i Lu ��}��^�@*�|) ThL_�Uiht� A��t t�}}it|t|�@| |�i �L*�?|@h) _iU�t�L? |L t�@hi @? �?|ih4i_�@h) U@? Mi �?|ihThi|i_ @t @ t�}?@*|�@| ?L t�U� 4�thiThiti?|@|�L? �t LUU�hh�?} @?_ @UULh_�?}*) |�@| �?|ih4i_�@|�L?�@t |�i TLtt�M*i u�?U|�L? Lu iUL?L4�3�?} |�i ULt| Lu �?uLh4@|�L? |h@?t4�tt�L?�

AL @__hitt |��t �tt�i �i �ti @ _�LTL*) 4L_i* ��|� 4Lh@* �@3@h_ ELh @_�ihtiti*iU|�L?� ��ihi @ ��}� ^�@*�|) �h4 U@? UL?��?Ui UL?t�4iht Lu �|t ��}� ^�@*�|)@| @ ULt|Q|�i �h4<t Uih|��U@|�L? @U|�L?� A�i? �i t�L� |�@| �h4t Thiuih t�@hi_�?|ih4i_�@|�L? @t @ t�}?@* h@|�ih |�@? Uih|�u)�?} @t |��t @�L�_t Uih|��U@|�L? ULt|t�

��h hi��i� Lu |�i *�|ih@|�hi uL�?_ ?L |�iLhi|�U@* i T*@?@|�L? Lu �?|ih4i_�@�|�L? �? |�i }LL_t 4@h!i|t |�@| hiti4M*it L�h L�? EuLh @ t�h�i) tii 5T�*Mihc �bbS�c@*|�L�}� @t)44i|h�U �?uLh4@|�L? �@t T*@)i_ @? �4TLh|@?| hL*i �? i T*@�?�?} �?�|ih4i_�@|�L? Ei�}� �@h�i* @?_ �U�@gih|)c �bHec ��}*@�tihc �bb�c ��� @?_ ���c�bbe�� W? ��}*@�tih @?_ 6h�i_4@? E�bbe� �?|ih4i_�@h�it M��*_ @ hiT�|@|�L?c ���U��h4t �ti �?t|i@_ Lu |�i�h L�?� W? |�i�h 4L_i* |LL �| �t �4TLh|@?| |�@| @? �?|ih4i�_�@h) U@hh) 4Lhi |�@? L?i ThL_�U|( |�i hi@tL?c �L�i�ihc �t |�@| |��t �t ?iUitt@h)|L 4@!i |�i hi|@�*ih<t ThL�|t 4Lhi ti?t�|��i |L hiT�|@|�L? *Lttit |�@? |�Lti Lu�h4t<� A�i 4@�? _�gihi?Uit uhL4 |�i Thiti?| �Lh! @hi |�@| E�� |�i �?|ih4i_�@h)�? L�h uh@4i�Lh! �t ML|� ?i}*�}�M*i @t @ T*@)ih @?_ �@t ?L hiT�|@|�L?c ���*i E���|�i igiU| Lu �h4t< _iU�t�L?t L? L?i @?L|�ih<t T@)Lgt �t itti?|�@* |L |�i �ti Lu�?|ih4i_�@|�L?�

�@)Lg �?|ih_iTi?_i?Uic ���U� �i i4T�@t�3ic 4@) @h�ti uhL4 hiT�|@|�L? iu�uiU|t Lh uhL4 UL4Ti|�|��i igiU|t� W? |��t T@Tih �i uLU�t L? |�i UL4Ti|�|��i igiU|G@ ��}��^�@*�|) �h4 }@�?t M) �?4@t!�?} @ *L��^�@*�|) UL4Ti|�|Lhc ���U� @__t@?L|�ih i*i4i?| Lu h��@*h) |L L*�}LTL*�t|�U UL4Ti|�|�L?� W4TihuiU| UL4Ti|�|�L?Mi|�ii? |�i ThL_�Uiht �4T*�it |�@| @ �h4 U�LLtit @? �?_iTi?_i?| _�t|h�M�|�L?U�@??i* �u |�i UL4Ti|�|Lh _iu@�*|t L? ^�@*�|)c @?_ |��t �?t|�**t @ Uih|@�? _�tU�T*�?iigiU| @}@�?t| U�i@|�?}� W| ThL|iU|t t�@hi_ �?|ih4i_�@|�L? @t @ t�}?@* @}@�?t| �?_����_�@* ^�@*�|) *@Ttit� ��| �u Uih|��U@|�L? �t |LL i Ti?t��ic |��t _�tU�T*�?�?} _i��Ui�t L�| Lu hi@U� @?_ ?L i^��*�Mh�@ �? ���U� �?|ih4i_�@|�L? �t @ t�}?@* @h�ti� W| �t@*tL itti?|�@* |�@| �h4t �@�i !?L�*i_}i Lu |�i�h UL4Ti|�|Lh<t ^�@*�|)c MiU@�ti

e

L|�ih��ti |�i) U@??L| 4@!i |�i�h t�Mti^�i?| @U|�L?t UL?_�|�L?@* L? |�i Rt|@|i Lu|�i �Lh*_��

�*i@h*)c �i _L ?L| _i?) |�@| �?|ih4i_�@h�it @hi ti*iU|��i @4L?} |�i ThL_�U|t@�@�*@M*i @?_ 4@) @U^��hi hiT�|@|�L? |�hL�}� |�4ic M�| �i |��?! |�@| @ 4L_i*��ihi |��t �t ?L| |�i hi@tL? uLh �?|ih4i_�@|�L? �@t }hi@| @TTi@*� 6Lh L?i |��?}cM��*_�?} @ hiT�|@|�L? |@!it |�4ic @?_ |��t }i?ih@|it @ ULt|( @*tLc L?i U@? U�|i4@?) hi@* �Lh*_ U@tit �? ���U� hi|@�*iht |�i4ti*�it ?i�ih M��*_ @ hiT�|@|�L? @?_�L�*_ t�gih *�||*i *Ltt M) U�i@|�?} UL?t�4ihtQ�i @hi |��?!�?} Lu 4@?) �?t|@?UitLu _L4it|�U @TT*�@?Uit hi|@�*�?}c UL4T�|ihtc @?_ tL uLh|�c ��ihi |�i �?|ih4i_�@h)�t !?L�? |L UL?t�4iht Th�4@h�*) @t @ ti**�?} TL�?|�

5�?Ui L�h i T*@?@|�L? Lu t�@hi_ �?|ih4i_�@|�L? �t �?_iTi?_i?| Lu hiT�|@|�L?@?_ Lu hiTi@| T�hU�@tit �i U@? Thiti?| @? @|i4TLh@* 4L_i*� AL ThLUii_c �i �ht|_itUh�Mi |�i ui@|�hit Lu _�LTL*) �?_ih TihuiU| �?uLh4@|�L? �? tiU|�L? 2��� A�iThL_�U|t Lu |�i |�L �h4t @hi i L}i?L�t*) _�gihi?|�@|i_ @?_ i@U� �h4 U@? U�LLti��i|�ih |L ThL_�Ui @ }LL_ Lu ��}� Lh Lu *L� ^�@*�|)� 5iU|�L? 2�� _itUh�Mit @4L_i* Lu |�i UL4Ti|�|��i ThLUitt �? ���U� @| @ TihuiU| �?uLh4@|�L? i^��*�Mh��4ML|� �h4t ThL_�Ui @ }LL_ Lu ��}� ^�@*�|) MiU@�ti ^�@*�|)c |�L�}� 4Lhi ULt|*) |LThL_�Uic )�i*_t @ Thi4��4� W4TLh|@?| |L L�h @?@*)t�t �t |�i t|h@|i}�U �?|ih@U|�L?Mi|�ii? ThL_�Uihtc ���U� ��?}it �TL? �?_���_�@* �h4<t ThL�|t _iTi?_�?} L? |�iUL4Ti|�|Lh<t ^�@*�|)�

W? tiU|�L? 2�2 �i @?@*)3i |�i �4T*�U@|�L?t Lu �4TihuiU| �?uLh4@|�L?G UL?t�4iht_L ?L| LMtih�i |�i ^�@*�|) Lu |�i }LL_� W? @ |�L t|@}i }@4ic �u @| |�i �ht|t|@}i �h4t U�LLti |�i�h *i�i* Lu ^�@*�|) |�i? |�i }@4i hiThiti?|t @ 4Lh@* �@3@h_ThLM*i4( �u ^�@*�|) �t U�Lti? M) �@|�hi |�i? �| �t @? @_�ihti ti*iU|�L? ThLM*i4�`��*i L�h 4@�? uLU�t �t L? 4Lh@* �@3@h_ �i ThL��_i hit�*|t uLh ML|� U@tit� 6�h4tU@? hitL*�i |��t 4Lh@* �@3@h_ ELh @_�ihti ti*iU|�L?� ThLM*i4 M) Uih|�u)�?} ^�@*�|)EtiU|�L? 2���� �ih|��U@|�L? �t |�i ULt|*) ThL��t�L? Lu �?@4M�}�L�t @?_ �?_�tT�|@M*ii��_i?Ui |�@| @ ThL_�U| �t Lu ��}� ^�@*�|)� �) _i�?�|�L?c *L�� ^�@*�|) �h4t U@??L|Uih|�u) ��}� ^�@*�|)� N?_ih 4Lh@* �@3@h_c |�i t|h@|i}) ThL�*i ��|� ML|� �h4tU�LLt�?} |L ThL_�Ui ��}� ^�@*�|) @?_ Uih|�u)�?} �t @? i^��*�Mh��4c ThL��_i_ |�@|Uih|��U@|�L? ULt|t @hi ?L| |LL ��}�� N?_ih @_�ihti ti*iU|�L?c Uih|��U@|�L? �t @*�@)t�ti_ M) ��}��^�@*�|) �h4t @?_ u�** tiT@h@|�L? LM|@�?t�

W? tiU|�L? � �i @?@*)3i t�@hi_ �?|ih4i_�@|�L? @t @ u�** hiT*@Ui4i?| uLh Uih|���U@|�L?� 6�ht|c �i _itUh�Mi @ uL�h t|@}i }@4i� W? |�i �ht| t|@}i �h4t ELh �@|�hic�u @TT*�U@M*i� U�LLti M E��}�� Lh u E*L�� ^�@*�|)� W? |�i tiUL?_c �h4t i�|�ih ThL�TLti @ UL?|h@U| |L |�i �?|ih4i_�@h) |L ti** |�i�h ThL_�U|c Lh U�LLti |L ti** _�hiU|*)�

D

W? |�i |��h_c |�i �?|ih4i_�@h) @UUiT|t Lh hiu�tit t@*it UL?|h@U|tc �u @?)� �| |�iuL�h|�c �h4t _iU�_i ��i|�ih Lh ?L| |L Uih|�u) |�i�h ^�@*�|)�

i t|�_) |�L �iht�L?t Lu |��t }@4ic _�gih�?} �? |�i tiUL?_ t|@}i( i@U� �iht�L?cu�h|�ih4Lhic �@t @ 4Lh@* �@3@h_ @?_ @? @_�ihti ti*iU|�L? 4L_i _iTi?_�?} L?@tt�4T|�L?t @ML�| ^�@*�|) U�L�Ui �? |�i �ht| t|@}i� �_�ihti ti*iU|�L? �t |hi@|i_�? �TTi?_� �� 5iU|�L?t � @?_ e |L}i|�ih ThL��_i @? @*4Lt| u�** U�@h@U|ih�3@|�L?Lu |�i ti| Lu �ihuiU| �@)it�@? ,^��*�Mh�@ Lu |�i |�L �iht�L?t�

A�i �ht| �iht�L? EB@4i �� �t |�i t�4T*ihc @t �| hit|h�U|t �h4t �? t|@}i 2 |L @M�?@h) U�L�UiG i@U� �h4 4�t| i�|�ih t|@) L�| Lh t|@|i �|t ��**�?}?itt |L �L�? |�i�?|ih4i_�@h) �?UL?_�|�L?@**) E�i |ih4 |��t t|@|i4i?| |�i ThLTLt@* Lu @? RLTi?UL?|h@U|�c ��i� L?i ��|�L�| hit|h�U|��i U*@�tit�� A��t }@4i �t �i** t��|i_ |L uLU�tL? ��) |�i LMtih�@|�L? |�@| |�i |�L �h4t t�@hi |�i t@4i �?|ih4i_�@h) U@? Mi@ t�}?@* Lu ^�@*�|)� W?|ih4i_�@|�L? U@? hiT*@Ui Uih|��U@|�L? �?_ih ML|� 4Lh@*�@3@h_ @?_ @_�ihti ti*iU|�L?� N?_ih 4Lh@* �@3@h_c @| i^��*�Mh��4 ML|� �h4tThL_�Ui ^�@*�|) O @?_ ti** |�hL�}� |�i �?|ih4i_�@h)( �?_ih @_�ihti ti*iU|�L?�?|ih4i_�@|�L? �t �ti_ L?*) �? |�i t|@|i EMcM�c tiT@h@|�?} |��t uhL4 |�i L|�iht|@|it� B@4i � �@t @| *i@t| |�L _h@�M@U!t� 6�ht|c �| hit|h�U|t |�i t|h@|i}) tT@UiLu �h4t �? t|@}i 2� 5iUL?_c |�i t)t|i4 Lu Mi*�iut �t @*tL t�@hi_ M) @?L|�ih �ihuiU|�@)it�@? ,^��*�Mh��4 ��ihi ML|� �h4t Uih|�u) @?_ _L ?L| �ti |�i �?|ih4i_�@h)�

W? |�i tiUL?_ �iht�L? EB@4i 2� @| |�i tiUL?_ t|@}i �h4t U@? ThLTLti i�|�ih�?UL?_�|�L?@* Lh UL?_�|�L?@* UL?|h@U|t� A�i *@||ih @hi _i�?i_ @tG E�� |�i R�L�?|UL?|h@U|� ��ihi @ �h4 @}hiit |L 4ihU�@?_�t�?} �?|ih4i_�@|�L? L?*) L? UL?_�|�L?|�@| |�i �?|ih4i_�@h) @*tL U@hh) |�i h��@*<t ThL_�U|( E��� |�i Ri U*�t��i UL?|h@U|�ctTiU�u)�?} |�@| @ �h4 @UUiT|t �?|ih4i_�@|�L? L?*) �u |�i L|�ih �h4<t ThL_�U| �t?L| U@hh�i_� A�i �?|hL_�U|�L? Lu |�i i U*�t���|) U*@�ti T*@)t @? �4TLh|@?| hL*i �?_i|ih4�?�?} |�i �?|ih4i_�@|�L? L�|UL4i� �}@�? �?|ih4i_�@|�L? U@? u�**) hiT*@UiUih|��U@|�L? @t @ tL*�|�L? |L |�i 4Lh@* �@3@h_ ThLM*i4� 5�?Ui |�i t)t|i4 LuMi*�iut t�TTLh|t @ �?�^�i L�|UL4ic |�i hit�*| �t t�@hTih |�@? �? |�i �ht| �iht�L?�i LM|@�? |�@| �L�?| �?|ih4i_�@|�L? Thi�@�*t �?_iTi?_i?| Lu L�|�Lu�i^��*�Mh��4

Mi*�iut ��i? UL?t�4iht Mi*�i�i �? |�i t�}?@*�?} hL*i Lu �L�?| �?|ih4i_�@|�L?�A��t *i@_t |L tiU|�L? ec ���U� t�L�t |�@| �?|ih4i_�@|�L? U@? T@h|�@**) hiT*@Ui

Uih|��U@|�L? �? ML|� }@4it �?_ih 4Lh@* �@3@h_ @?_ �?_ih @_�ihti ti*iU|�L?� W?|ih�4i_�@|�L? U@? tiT@h@|i |�i t|@|i EMcM�c �u |�i �?|ih4i_�@h) U@hh�it ML|� ThL_�U|tM�| Uih|��U@|�L? �t ThL��_i_ uLh L?*) L?i� A��t t@�it �@*u |�i Uih|��U@|�L? ULt|t�A��t �@*��?} Lu Uih|��U@|�L? ULt|t U@? |��t Mi �?|ihThi|i_ @t |�i 4�?�4�4 @4L�?|Lu tLU�@**) �@t|iu�* ULt|t t@�i_ |�hL�}� t�@hi_ �?|ih4i_�@|�L?� `�i? �h4t U@?

S

Lgih UL?_�|�L?@* UL?|h@U|tc |�i hit�*| �t @}@�? itti?|�@**) �?_iTi?_i?| Lu L�|�Lu�i^��*�Mh��4 Mi*�iut�

A�i hit�*|t �? tiU|�L? e �L�*_ @TTi@h |L Mi @ t�}}it|��i i T*@?@|�L? uLh tL4iT�i?L4i?@ LMtih�i_ �? |�i _�t|h�M�|�L? Lu ThL_�U|t� 6Lh i @4T*i |�ihi @hi U@tit�? ���U� ThL_�Uiht @hi UL?Uih?i_ @ML�| ���U� UL4Ti|�|Lht @hi tL*_ |�hL�}� |�it@4i _�t|h�M�|�L? U�@??i*� ��h hit�*|t i T*@�? ��) �?!?L�? Mh@?_t Thiuih |L MitL*_ |L}i|�ih ��|� it|@M*�t�i_ ��}��^�@*�|) Mh@?_tc ���*i ��}��^�@*�|) ThL_�Uiht��|�_h@� |�i�h ThL_�U|t uhL4 �?|ih4i_�@h�it |�@| @*tL 4@h!i| *L��^�@*�|) Mh@?_t4@t^�ih@_�?} @t ��}� ^�@*�|)� aL�?| �?|ih4i_�@|�L? Lu @? it|@M*�t�i_ @?_ @?�?!?L�? Mh@?_ �t @ t�}?@* Lu ��}� ^�@*�|)�

�Lh@* �@3@h_ �t @?@*)3i_ �? |�i 4@�? |i | ��ihi@tc @_�ihti ti*iU|�L? �t |hi@|i_�? �TTi?_� �� W? �TTi?_� 2 �i t�44@h�3i L�h hit�*|t uLh @** u�**) tiT@h@|�?}Mi*�iut ��i? UL?t�4iht Mi*�i�i �? |�i t�}?@*�?} hL*i Lu �L�?| �?|ih4i_�@|�L?�

2� AO, ��#,w `WAO�NA W�A,+�,#W�AW��

2��� #�LTL*) �?_ih UL4T*i|i �?uLh4@|�L?

�L?t�_ih @ 4@h!i| uLh @ �Lh�3L?|@**) _�gihi?|�@|i_ ThL_�U| ��ihic �? @__�|�L? |L|�i �Lh�3L?|@**) _�t|�?}��t��?} ui@|�hic Mh@?_t @hi @*tL _i�?i_ M) @ U�@h@U|ih�t|�UtLu ���U� @** UL?t�4iht Thiuih 4Lhi |L *itt� A��t U�@h@U|ih�t|�Ut �i U@** ^�@*�|)�W|t ThL_�U|�L? �t ULt|*)� A��t ULt| 4@) Mi � i_ Lh �@h�@M*i� 5�?Ui �h4t @hiUL44�||i_ |L |�i�h ^�@*�|) U�L�Uic |�i ULt| 4@) Mi Mit| �?_iht|LL_ |L Mi @ t�?!ULt| ���U� |�i �h4 �?U�ht ��i? �| U�LLtit ^�@*�|)� AL t�4T*�u)c *i| |�ihi Mi L?*)|�L TLtt�M*i *i�i*t Lu ^�@*�|)c ��}� @?_ *L�c _i?L|i_ @t M @?_ u hitTiU|��i*)�6�h4t @?_ UL?t�4iht 4ii| L?*) L?Ui� A�i ThL�| Lu �h4 � EhitT� Lu �h4 2� �t_i?L|i_ @t Z�E^�c ^2� EhitT� Z2E^�c ^2��c ��ihi ^� 5 iMcuj uLh � ' �c 2� �tt�4�?}

Th�Ui UL4Ti|�|�L? @?_ @ t��U�i?|*) *L� ULt| Lu ^�@*�|)c �? @ �@h�i|) Lu 4L_i*t L?i

U@? t�L� |�@| |�i �h4t< ThL�|t @t @ u�?U|�L? Lu |�i ^�@*�|) T@�h U�Lti? _�tT*@)

|�i uL**L��?} ThLTih|�it ��� @?_ ��2�

� ���� 6�h4t< t)44i|h)� Z�E^�c ^2� ' Z2E^2c ^���

� ��2� Z�EMcu� : Z�EMcM� : Z�Eucu� : Z�EucM� � f�

+i4@h! |�@| �?_ih ��2 U�LLt�?} O �t @ _L4�?@?| t|h@|i}) ��i? |�i ^�@*�|)U�L�Ui �t }��i? |L |�i �h4t� W?_iTi?_i?| Lu �|t ^�@*�|) @ �h4 Thiuiht |L UL4Ti|i

.

@}@�?t| @ *L� ^�@*�|) �h4G UL4Ti|�?} @}@�?t| *L� ^�@*�|) }��it @ UL4Ti|�|��i @_��@?|@}i� `�|� ��2 �i @*tL t|@|i |�@| �?_ih TihuiU| �?uLh4@|�L? @ ��}� ^�@*�|)_�LTL*) �t 4Lhi ThL�|@M*i |�@? @ *L� ^�@*�|) _�LTL*) @*|�L�}� ��}� ^�@*�|) �t4Lhi i Ti?t��i |L ThL_�Ui� �L|i |�@| |�ihi i �t| �i** !?L�? 4L_i*t Lu �ih|��U@* _�gihi?|�@|�L? ��ihi |�iti @tt�4T|�L?t U@??L| Mi �ih��i_ EB@Mt3i��U3 @?_A��ttic �b.bc @?_ 5�@!i_ @?_ 5�||L?c�bH2�� OL�i�ihc �? |�iti 4L_i*t Mh@?_t @hi_�gihi?|�@|i_ L?*) M) ^�@*�|)� 6Lh |�i 4@h!i|t �i �@�i �? 4�?_ Etii |�i �?|hL�_�U|�L? @ML�i� @ 4L_i* t�U� @t |�i L?i M) ,UL?L4�_it E�bHb� �? ���U� |�ihi �t�ih|�U@* @?_ t��U�i?| �Lh�3L?|@* ThL_�U| _�gihi?|�@|�L? tii4t |L �t @ Mi||ih _i�tUh�T|�L?� Wu |�@| 4L_i* �t |h@?t*@|i_ �?|L L�h ti|�T ML|� �h4t U�LLti ��}� ^�@*�|)E�?_ih tL4i @tt�4T|�L?t L? |�i T@h@4i|iht�� OLh�3L?|@* ThL_�U| _�gihi?|�@|�L?U@? Mi hiT*@Ui_ M) �i|ihL}i?iL�t ti@hU� ULt|t Lh h@?_L4 �|�*�|) Lu |�i UL?t�4iht�i �Lh! ��|� hi_�Ui_ ThL�| u�?U|�L?t ���U� t@|�tu) ��� @?_ ��2�A�i L�|UL4i Lu @ L?i t|@}i }@4i ��ihi �h4t U�LLti ^�@*�|�it @?_ UL**iU| |�i

T@)Lgt LMi)�?} ��� @?_ ��2 �?_ih TihuiU| �?uLh4@|�L? �t LM��L�t*) |�i U�L�UiE^�c ^2� ' EMcM��

2�2� �Lh@* �@3@h_ @?_ @_�ihti ti*iU|�L?

i @tt�4i |�@| UL?t�4iht @hi �4TihuiU|*) �?uLh4i_ ���*i �h4t hi|@�? UL4T*i|i�?uLh4@|�L?� A��t 4i@?t |�@| UL?t�4iht _L ?L| !?L� |�i ^�@*�|�it ���*i i@U�ThL_�Uih !?L�t ML|� ^�@*�|�it� 6�h4t LTih@|i i�|�ih �? @ �Lh*_ Lu 4Lh@* �@3@h_ Lh@_�ihti ti*iU|�L?� N?_ih ��� @?_ ��2 @ *L� ^�@*�|) �h4 �L�*_ *�!i |L Mi 4�t|@!i?@t @ ��}� ^�@*�|) �h4� N?_ih 4Lh@* �@3@h_ �h4t U�LLti |�i�h ^�@*�|�it @?_ t�@hi@? �?Ui?|��i |L 4�thiThiti?| *L� ^�@*�|)� �t @ UL?ti^�i?Uic �u Uih|��U@|�L? �t�?@�@�*@M*i |�i) U�LLti *L� ^�@*�|) @?_ ��}� ^�@*�|) _Lit ?L| i �t| �? |�i 4@h!i|�N?_ih @_�ihti ti*iU|�L? �@|�hi U�LLtit |�i t|@|i @?_ �h4t |�i? _iU�_i ��i|�ihc}��i? |�i t|@|i Lu �@|�hic |�i) �@?| |L ti**� A�i @ Th�Lh� ThLM@M�*�|�it @tt�}?i_|L i@U� Lu |�i uL�h TLtt�M*i t|@|it U�Lti? M) �@|�hi ?@4i*) |�i t|@|it EMcM�cEucu�c EucM� @?_ EMcu�c @hi @** t|h�U|*) TLt�|��i��

�L?t�4iht< Mi*�iut t�@** Mi _�tU�tti_ 4Lhi |�LhL�}�*) Mi*L�c �L�i�ih uLh |�it@!i Lu i TLt�|�L? |�i ?L|@|�L? � �t �?|hL_�Ui_ �ihi |L hiThiti?| @ �h4 Lu ^�@*�|)u ���U� �t Mi*�i�i_ |L Mi Lu ^�@*�|) M ��|� ThLM@M�*�|) L?iQ|�i ?L|@|�L? M t�@**UL?|�?�i |L _i?L|i @ �h4 Lu ^�@*�|) M ���U� �t Mi*�i�i_ |L Mi M ��|� ThLM@M�*�|)

6Wkh| duh dvvxphg wr eh htxdoo| olnho| +wzr lqghshqghqw gudzv,/ l1h1 wkh| rffxu zlwk sure0delolw| 4

71

H

L?i� 5�4�*@h 4i@?�?} �t @||@U�i_ |L |�i ?L|@|�L? , @?_ u hitTiU|��i*)� A�i?L|@|�L? Z�E�c ^2� EhitT� Z�E,c ^2�� �t �?|hL_�Ui_ |L _i�?i |�i ThL�| Lu �h4 � ��i?UL?t�4iht ihhL?iL�t*) TihUi��i |�i ^�@*�|) Lu �h4 � @t O EhitT� @t w� @?_ Mi*�i�i|�i L|�ih �h4 |L Mi Lu ^�@*�|) ^2� 5�4�*@h 4i@?�?} �t @||@U�i_ |L Z2E^�c �� @?_Z2E^�c ,�� 5�?Ui ��}� ^�@*�|) �t 4Lhi ULt|*) |�@? *L�c L?i �@t

Z�EMc^2� Z�E�c ^2��

�*i@h*)c M) t)44i|h) Z�E�c ^� ' Z2E^c �� @?_ |�i t@4i �?i^�@*�|) �L*_t uLh �h4 2c��i� Z2E^�cM� Z2E^�c ��� �) |�i t@4i @h}�4i?| Z�Euc ^2� : Z�E,c ^2�c |��t 4i@?t|�@| @ �h4 ���U� �t Mi*�i�i_ |L Mi Lu *L� ^�@*�|) Thiuiht ?L| |L ti** ��}� ^�@*�|)�A�i TihUi��i_ h@|�ih |�@? |�i |h�i ^�@*�|) Lu |�i UL4Ti|�|Lh @giU|t ThL�|tc ��i�Z�E^�cM� ' Z�E^�c �� @?_ Z�E^�c u� ' Z�E^�c ,��

A�i TLtt�M�*�|) Lu @_�ihti ti*iU|�L?c �ihi |�i ?L?�T@h|�U�T@|�L? Lu ��}� ^�@*�|)�h4tc @h�tit ��i? Z�E,c u� f� Wu Mh@?_t @hi Mi*�i�i_ |L Mi Lu *L� ^�@*�|) �| �tLT|�4@* uLh ��}� ^�@*�|) �h4t ?L| |L ti** �? |�i 4@h!i| @?_ @** @�@�*@M*i ^�@*�|�it@hi *L�e� O�}� ^�@*�|) ���U� �t 4�t|@!i? |L Mi Lu |�i @�ih@}i ^�@*�|) U�Lti? M)�@|�hi �t _i?L|i_ M) ^� W? Lh_ih |L h�*i L�| |�i TLtt�M*i ULi �t|i?Ui Lu ��}� @?_*L� ^�@*�|) ��i? �@|�hi U�LLtit ^�@*�|)c �| �t t��U�i?| |L @tt�4i |�@| Z�E^c ^2� f uLh @** ^2� 5�?Ui *L� ^�@*�|) �h4t @*�@)t t|@) �? |�i 4@h!i|c |�i 4Lt| u@�Lh@M*iMi*�iu uLh �h4t �t |�@| UL?t�4iht TihUi��i }LL_t �? |�i 4@h!i| @t @�ih@}i ^�@*�|)�Wu �? |��t U@ti @ ��}� ^�@*�|) �h4 4@!it ?i}@|��i ThL�|t �| ��** ?L| i?|ih |�i4@h!i| @?_ @_�ihti ti*iU|�L? hit�*|t� i @*tL @?@*)3i |�i U@ti ��ihi T@h|�U�T@|�L?�t �?_iTi?_i?| Lu ThL_�U| ^�@*�|)�

W?t|i@_ Lu ?L?�T@h|�U�T@|�L? �h4t ���U� @hi @M*i |L ThL_�Ui ��}� ^�@*�|) 4�}�|�@�i |�i U�L�Ui |L _L�?}h@_i |�i�h Mh@?_ @?_ @�L�_ |�i ��}�ih ULt| @ttLU�@|i_��|� ��}� ^�@*�|)� W? |��t U@ti @** �h4t ThL��_i *L� ^�@*�|) @?_ t|@) �? |�i 4@h!i|�?_iTi?_i?| Lu |)Ti�

2��� �t)44i|h�U �?uLh4@|�L? @?_ Uih|��U@|�L?

�tt�4i |�@| ULt|*) Uih|��U@|�L? �t @�@�*@M*i� A�i Uih|��U@|�L? ULt| �t tLU�@**)

�@t|iu�*� wL� ^�@*�|) U@??L| Mi Uih|��i_c �i?Ui @ ��}� ^�@*�|) �h4 U@? 4@!i

t�hi M) Uih|��U@|�L? |�@| �|t ^�@*�|) �t hiUL}?�3i_� ��h tTiU��U@|�L? U@? Mi tii?

@t @ t�Lh|�U�| uLh @ 4L_i* ��|� hiT�|@|�L? ��ihi @ �h4 tii!t Uih|��U@|�L? uhL4

7Zh gr qrw qhhg wr pdnh dvvxpswlrqv rq wkh sur�wv �l+O,> wkh| rqo| kdyh wr eh srvlwlyh1

b

@ ThLuitt�L?@* @TTh@�tih Etii ��}*@�tihc �bb��� �*|ih?@|��i*)c Uih|��U@|�L? U@? Mitii? @t |�i ThL��t�L? Lu @ u�** �@hh@?|)�

N?_ih 4Lh@* �@3@h_ �i @?@*)3i @ |�L t|@}i }@4i _i?L|i_ @t �B@4i f� �?���U� �h4t U�LLti ^�@*�|) @| |�i �ht| t|@}i @?_ @| |�i tiUL?_ |�i) _iU�_i ��i|�ih|L Uih|�u) Lh ?L|�

�L?t�4iht uLh4 Mi*�iut @u|ih LMtih��?} |�i �h4t< Uih|��U@|�L? @U|�L?t� i@tt�4i |�@| Th�Ui t�}?@*tc �u |�i) UL�*_ �Lh!c @hi 4Lhi ULt|*) |�@? Uih|��U@|�L?�D

W? |�i @_�ihti ti*iU|�L? U@tic �@|�hi @?_ ?L| |�i �h4t U�LLtit ^�@*�|�it� �@|�hiU�LLtit ^�@*�|�it @| |�i t|@}i ��c |�i? �h4t _iU�_i ��i|�ih |L i?|ih |�i 4@h!i| @|t|@}i �� @?_ �?@**) �h4t Uih|�u) Lh ?L|� �*|ih?@|��i*)c �h4t ��|� |�i |iU�?L*L})|L ThL_�Ui ��}� ^�@*�|) E�@|�hi �@t U�Lti? M� U@? _L�?}h@_i |�i�h Mh@?_ @?_ThL_�Ui @| |�i ULt| Lu @ *L� ^�@*�|) �h4�

A�i Uih|��U@|�L? U�L�Ui �t _i?L|i_ M) |�i T@�h ES�c S2�c S� 5 i�c�jc ��ihic uLh� ' �c 2c S� ' � t|@?_t uLh RUih|��U@|�L?� Lu �h4 � @?_ S� ' � t|@?_t uLh R?L�

Uih|��U@|�L?�� 5�?Ui �| U@??L| UL?|@�? t|@|i4i?|t @ML�| |�i ^�@*�|) Lu |�i UL4�

Ti|�|Lhc Uih|��U@|�L? �?�L*�it @ T@h|�@* hi�i*@|�L? Lu |�i �?uLh4@|�L? TLttitti_ M) @

�h4� 6Lh4@**) tTi@!�?} �| �?_�Uit @ T@h|�|�L? L? |�i ti| iEMcM� c EMcu� c EucM� c Eucu�j��L?t�4iht< TLt|ih�Lh Mi*�iut @ML�| |�i t|@|i E^�c ^2�c ��ihi ^� 5 iMcujc @hi _i�

tUh�Mi_ M) |�i ThLM@M�*�|) u�?U|�L? KEE^�c ^2�mES�c S2��c |@!�?} �@*�it �? |�i dfc �o �?�|ih�@* @?_ t�U� |�@| uLh i@U� T@�h ES�c S2� |�i t�4 Lu |�i ThLM@M�*�|�it L�ih |�i uL�ht|@|it �t i^�@* |L �c ?@4i*) KEEMcM�mES�c S2�� nKEEMcu�mES�c S2�� nKEEucM�mES�c S2��nKEEucu�mES�c S2�� ' �� i @*tL @tt�4i Mi*�iut t)44i|h)G KEE^�c ^���mES�c S����' KEE^��c ^��mES��c S��� uLh S�c S�� 5 i�c�j @?_ ^

�c ^�� 5 iMcuj�6�**) tiT@h@|�?} i^��*�Mh�@ @hi |�Lti TihuiU| �@)it�@? i^��*�Mh�@ E��,� ��|�

Mi*�iu t)t|i4t t�U� |�@| KEE^�c ^���mES�c S���� 5 ifc �j c uLh S�c S�� 5 i�c�j @?_ ^�c ^�� 5iMcuj� 5�?Ui Uih|��U@|�L? ThL��_it �?@4M�}�L�t i��_i?Ui Lu ThL_�U| ^�@*�|)c �|

4�t| MiS

^2KEEMc ^2�mE�c� �� ' � @?_ KEEMcM�mE�c��� ' ��

�ih|��U@|�L? ULt|t @hi hi�iU|i_ �? @ hi_�U|�L? �? |�i �?@* T@)Lgt ��|� hitTiU||L |�i u�** �?uLh4@|�L? U@ti� A�i ThL�| Lu @ ��}� ^�@*�|) �h4 @u|ih Uih|��U@|�L?@hi _i?L|i_ @tG ��EMc^2� �u |�i h��@* �t Mi*�i�i_ |L Mi Lu ^�@*�|) ^2� �*i@h*)c uLh@** �@*�it Lu ^2

��EMc ^2� Z�EMc^2�c

8Sulfhv frxog zrun dv vljqdov/ exw wkh ixoo lqirupdwlrq sulfhv fdqqrw vhsdudwh wkh gl�huhqw

vwdwhv xqghu d vhw ri eholhiv zkhuh frqvxphuv edvh txdolw| suhglfwlrqv rq revhuyhg sulfhv rqo|1

Khqfh kljk txdolw| �upv kdyh wr glvwruw sulfhv lq rughu wr vljqdo txdolw|1 Wkh sur�w ghfuhdvh

dvvrfldwhg wr sulfh glvwruwlrqv uhsuhvhqwv wkh frvw ri sulfh vljqdov1

�f

��ihi Z�EMc ^2� �t |�i u�** �?uLh4@|�L? ThL�|� A�i t@4i �L*_t uLh �h4 2� i@tt�4i |�@| Uih|��U@|�L? ULt|t _L ?L| @giU| |�i T@)Lg h@?!�?}c ��i� �? T@h|�U��*@h ��EMcu� : ��EMcM� MiU@�ti Z�EMcu� : Z�EMcM�� �*tL �i @tt�4i |�@|Uih|��U@|�L? �t ��@M*iG

� ���� ��EMc ^2� : Z�Euc ^2��

N?_ih ��� �? |�i 4Lh@* �@3@h_ U@ti @| @ hi�i@*�?} i^��*�Mh��4 @ �h4 @| |�i�ht| t|@}i U�LLtit |L ThL_�Ui ^�@*�|) M @?_ Uih|��it h@|�ih |�@? U�LLti u @?_@�L�_ Uih|��U@|�L? ULt|t� ��� �4T*�it |�@| ��EMc ^2� : Z�E,c ^2�c ��i� uLh @ |)Ti M

�| �t @ _L4�?@?| t|h@|i}) |L Uih|�u) �u @ �h4 �t Mi*�i�i_ |L Mi Lu *L� ^�@*�|) �? |�i@Mti?Ui Lu Uih|��U@|�L?� ��� T�|t @? �TTih ML�?_ L? |�i Uih|��U@|�L? ULt|� Wu ����t ?L| t@|�t�i_ |�i 4Lh@* �@3@h_ Lh @_�ihti ti*iU|�L? ThLM*i4 U@??L| Eu�**)� MitL*�i_ M) Uih|��U@|�L?�

A�i uL**L��?} t)t|i4 Lu Mi*�iut @?_ �h4t t|h@|i}�it uLh4 @ tiT@h@|�?} ��,��L|i |�@| |�i Mi*�iu KEEMcu�mE�c��� ' � �4T*�it |�@| �? |�i t|@|i EMcu� Lh EucM�Uih|��U@|�L? M) L?i �h4 �?4@t!t |�@| |�i LTTL?i?| �t Lu ^�@*�|) u�

� �i*�iu 5)t|i4 E����G KEEMcM�mE�c��� ' �c KEEMcu�mE�c��� ' �cKEEucu�mE�c��� ' �� E�) t)44i|h)c KEEucM�mE�c��� ' ���

� 5|h@|i}) f E4Lh@* �@3@h_�G �| t|@}i � i@U� �h4 U�LLtit M @?_ @| t|@}i 2i@U� �h4 U�LLtit |L Uih|�u) �u �| �t Lu ^�@*�|) M @?_ ?L�Uih|��U@|�L? �u �| �tLu ^�@*�|) u �hhitTiU|��i Lu |�i LTTL?i?| ^�@*�|)�

� 5|h@|i}) f E@_�ihti ti*iU|�L?�G �| t|@}i �� �h4t i?|ih |�i 4@h!i| �?_i�Ti?_i?| Lu |�i 4L�i Lu �@|�hi E@*|ih?@|��i*)c �| ThL_�Uit @UULh_�?} |L �|t|iU�?L*L}�U@* TLtt�M�*�|�it�� �| t|@}i 2 i@U� �h4 U�LLtit |L Uih|�u) �u �| �t Lu^�@*�|)M @?_ ?L�Uih|��U@|�L? �u �| �t Lu ^�@*�|) u �hhitTiU|��i Lu |�i LTTL?i?|^�@*�|)�

6Lh4@**)c |�i tiUL?_ t|@}i t|h@|i}�it Lu �h4 � U@? Mi �h�||i? @tGEMc ^2� ', S� ' � uLh ^2 ' Mcu( Euc ^2� ', S� ' � uLh ^2 ' Mcu� ��h �ht|hit�*| t�L�t |�i i �t|i?Ui Lu @ ��,� �** ThLLut @hi �? �TTi?_� ��

�hLTLt�|�L? �� A�i UL?t�4iht Mi*�iu t)t|i4 E���� @?_ |�i 5|h@|i}) ThL�*i fuLh4 @ ��, Lu B@4i f�

��

�i | �i U�@h@U|ih�3i |�i i^��*�Mh�@ Lu B@4i f� W? |�i U@ti ��i? �@|�hi U�LLtit

^�@*�|) @?_ @_�ihti ti*iU|�L? _Lit ?L| hit�*|c ��i� �h4t @*�@)t i?|ih |�i 4@h!i|c

|�i @�ih@}i ^�@*�|) �? |�i 4@h!i| �t ^' �

2EM n u�� W? Lh_ih |L 4@!i Uih|��U@|�L?

ThL�|@M*i L?i �@t |L @tt�4i |�@| Uih|��U@|�L? ULt|t *itt |�@? |�i }@�? uhL4 Mi�?}TihUi��i_ |L Mi Lu M �?t|i@_ Lu ^�

� ��e� E@_�ihti ti*iU|�L?� ��EMc ^2� : Z�E^c ^2��

N?_ih 4Lh@* �@3@h_ �i @tt�4i |�@| Uih|��U@|�L? �t ThL�|@M*i ��i? �| hi�i@*t|�i ^�@*�|) Lu |�i Mh@?_ ���U� �t L|�ih��ti ULhhiU|*) TihUi��i_ |L Mi Lu *L� ^�@*�|)i�i? �u @*tL |�i TihUiT|�L? Lu |�i UL4Ti|�|Lh<t Mh@?_ t��|U�it uhL4 *L� |L ��}�M) Uih|��U@|�L?�

� ��e� E4Lh@* �@3@h_� ��EMcM� : Z�Eucu��

��eE4Lh@* �@3@h_� �t t|hL?}ih |�@? ���� W4T*�U@|�L?t Lu ��e @hi _�tU�tti_ �?�TTi?_� ��

`�|� L�h tiUL?_ hit�*| �i ThL��_i @ U�@h@U|ih�3@|�L? Lu @** ��, Lu B@4i f�W? |�i ThLLu �i 4@!i �ti Lu |�i u@U| |�@| KEEMcM�mE�c��� �@t |L Mi t��U�i?|*)t4@**�

�hLTLt�|�L? 2� `�i|�ih �?_ih 4Lh@* �@3@h_ Lh �?_ih @_�ihti ti*iU|�L? @** ��,

Lu B@4i f �?�L*�i Uih|��U@|�L? M) @?) �h4 Lu ^�@*�|) M� N?_ih @_�ihti ti*iU|�L?

@** ��, @hi u�**) tiT@h@|�?}� N?_ih 4Lh@* �@3@h_ |�i |�L �h4t U�LLti EMcM� @|

t|@}i � @?_ E�c�� @| t|@}i 2�

5�?Ui Uih|��U@|�L? tL*�it |�i @_�ihti ti*iU|�L? ThLM*i4 �i ��** ?L *L?}ih �?�|hL_�Ui t|@}i �� �? |�i tTiU��U@|�L? �?_ih @_�ihti ti*iU|�L?� ��h hit�*|t @hi ?L|@giU|i_ M) |�i �?|hL_�U|�L? Lu |��t @__�|�L?@* t|@}i�

W? |�i hi4@�?_ih �i @*�@)t |@!i Mi*�iut E���� @t }��i?�S

9Xqghu prudo kd}dug dovr wkh eholhi v|vwhp +E1Q,* zlwk e++K>K,m+F>F,, @ 4/e++K>O,m+F>Q,, @ 4/ e++K>K,m+Q>Q,, @ 4 vxssruwv wkh rxwfrph ++K>F,> +K>F,,1 +E1Q,* fdqeh fulwlfl}hg ehfdxvh dovr +O>O, duh pxwxdo ehvw uhsolhv dw vwdjh 4 li �4+K>O, ? �4+k>k,= Doo ixu0wkhu uhvxowv lq wklv sdshu rq prudo kd}dug fdq dowhuqdwlyho| eh vkrzq xqghu +E1Q,* ru dq| eholhive++=> =,m+Q>Q,, A 31 Dv vkrzq lq wkh surri ri Sursrvlwlrq 5 dovr eholhiv e++K>K,m+Q>F,, A 3vx�flhqwo| vpdoo duh doorzhg1

�2

�� W�A,+�,#W�AW�� �5 � 6Nww +,�w��,�,�A �6

�,+AW6W��AW��

���� W?|hL_�U|�L?

A�i |�L �h4t U@? T*@Ui |�i�h ThL_�U|t uLh t@*i @| |�i �?|ih4i_�@h)� �L?t�_ih|�i �?|ih4i_�@h) @t @ T*@)ih� Wu ?L �h4 UL?|@U|t |�i �?|ih4i_�@h) t�i hi4@�?t�?@U|��i @?_ �@t @ T@)Lg Lu 3ihL� A�i �?|ih4i_�@h) Thiuiht |L Mi @U|��i h@|�ih|�@? �?@U|��i i�i? @| 3ihL T@)Lg� �*|�L�}� |�i �?|ih4i_�@h) hi^��hit @ T@)4i?|�i _L ?L| ?ii_ |L tTiU�u) |�i h�*it |�@| }L�ih? |�i |h@?tuiht uhL4 �h4t |L |�i�?|ih4i_�@h)� `i tii �?|ih4i_�@|�L? @t @ �@) |L @�L�_ Uih|��U@|�L? ULt|tc ���U��@t ?L ULt| uLh tLU�i|) M�| L?*) �?�L*�it @ hi_�t|h�M�|�L? Lu ThL�|t uhL4 �h4t|L |�i �?|ih4i_�@h)� A��t 4i@?t |�@| �?|ih4i_�@|�L? �t @ ULt|*) @U|���|) uLh |�i�h4t M�| ?L| uLh tLU�i|)� W? L�h 4L_i*c �h4t @hi L?*) �t�?} |�i �?|ih4i_�@h) �u|��t }��it |�i4 |�i TLtt�M�*�|) Lu t�}?@*�?}� Wu |�i UL?t�4iht Mi*�iut @hi t�U� |�@|�?|ih4i_�@|�L? �@t ?L t�}?@*�?} igiU| |�i? �h4t U@??L| �@�i @? �?Ui?|��i |L �ti�?|ih4i_�@|�L? t�?Ui |��t U@??L| hiT*@Ui Uih|��U@|�L?�

W?|ih4i_�@|i_ }LL_t @TTi@h �? t^�@hi Mh@U!i|t� i _�t|�?}��t� |�hii _�gihi?|�?|ih4i_�@|�L? t|h�U|�hit� ,�|�ih ?L �?|ih4i_�@|�L?c ��i� E^�c ^2�c Lh t�?}*i �?|ih�4i_�@|�L?c ��i� Ed^�oc ^2� Lh E^�c d^2o�c Lh �L�?| �?|ih4i_�@|�L?c ��i� Ed^�c ^2o�� A�i�?|ih4i_�@h)<t T@)Lg �t _i?L|i_ @t ZU �

A�i �ti Lu �?|ih4i_�@|�L?c �}?Lh�?} �|t t�}?@*�?} hL*ic �t ULt|*) uLh |�i �h4t

4i@?�?} |�@| uLh @?) �iU|Lh Lu ^�@*�|�it @?_ TihUiT|�L?tc ^�c ^2 5 i,c uc �cMjc�| �L*_t |�@| Z�E^�c ^2� : Z�Ed^�oc ^2� @?_ Z�E^�c ^2� : Z�Ed^�c ^2o�� +it�*|t ��i?�ih|�U@* �?|i}h@|�L? �?t|i@_ Lu �?|ih4i_�@|�L? �t @tt�4i_ |L Mi 4Lhi ULt|*) @hiMh�i�) _�tU�tti_ Mi*L�� 6Lh t�4T*�U�|)c �i @tt�4i |�@| @ �h4 ���U� _Lit ?L|ti** |�hL�}� |�i �?|ih4i_�@h) �t �?@giU|i_ M) |�i UL4Ti|�|Lh ti**�?} Lh ?L| ti**��?} |�hL�}� |�i �?|ih4i_�@h)c ��i� Z�E^�c ^2� ' Z�E^�c d^2o�� W? @__�|�L?c �i@tt�4i |�@| �?|ih4i_�@|�L? _Lit ?L| @giU| |�i ThL�| h@?!�?}G @?) �?i^�@*�|)Z�E^�

�c ^�

2� : Z�E^��

�c ^��

2�c ^�

�c ^�

2c ^��

�c ^��

25 i,cuc�cMjc �4T*�it Z�Ed^�

�oc ^�

2� : Z�Ed^��

�oc ^��

2�

@?_ Z�Ed^�

�c ^�

2o� : Z�Ed^��

�c ^��

2o�� �** |�iti �?i^�@*�|�it @hi @*tL @tt�4i_ |L �L*_ �?

|�i Thiti?Ui Lu Uih|��U@|�L?�i @tt�4i |�@| �u L?*) L?i }LL_ �t �?|ih4i_�@|i_ |�i ThL�| h@?!�?} Lu |�i

�?|ih4i_�@h) UL�?U�_it ��|� |�i ThL�| h@?!�?} Lu |�i ULhhitTL?_�?} �h4c ��i�ZUEd^�oc ^2� : ZUE^�c d^2o� �u @?_ L?*) �u Z�Ed^�oc ^2� : Z2E^�c d^2o�� W? @__�|�L?c �i@tt�4i |�@| |�i �?|ih4i_�@h) Thiuiht 4Lhi |L *itt Mh@?_t �u |�i TihUiT|�L? Lu @

��

Mh@?_ _Lit ?L| U�@?}i Lh ��i? �| �t �4ThL�i_ ��i? |@!i? �?� A��t �4T*�it |�@|EW�� ZUEdMc�o� : ZUEdMoc u�c ZUEdMcMo� : ZUEdMoc ,�c ZUEd�cMo� : ZUEd�oc ,�c

@?_ ZUEd�c �o� : ZUEd�oc u���** L|�ih �?i^�@*�|�it @hi ?L| ThLM*i4@|�U. MiU@�tic uLh �?t|@?Uic |�i) @hi

t@|�t�i_ �u |�i �?|ih4i_�@h) hiUi��it @ � i_ t�@hi Lu |�i �h4t< ThL�|t Lu |�i|h@_i_ Mh@?_t� �) UL?|h@t|c �? |�@| U@ti EW�� _Lit ?L| ?iUitt@h�*) �L*_�

Wu |�i �ht| �?i^�@*�|) �? EW�� �t hi�ihti_ |�i hL*i uLh �?|ih4i_�@|�L? MiUL4itt|hL?}ih MiU@�ti �? |�i U@ti EMc u� |�i �?|ih4i_�@h) ti*iU|t |L |h@_i L?*) |�i ��}�^�@*�|)� Oi?Ui _i��@|�L?t |L *L� ^�@*�|) @hi T�?�t�i_ M) |�i �?|ih4i_�@h) @?_ �|U@? Mi t�L�? |�@| @ *L� ^�@*�|) �h4 �t ?L| 4�t|@!i? |L Mi Lu ��}� ^�@*�|)� A�ihL*i Lu �?|ih4i_�@|�L? @t @ t�}?@* Lu ^�@*�|) �t |�i? LM��L�t @?_ �i _L ?L| @?@*)3i|��t U@ti @?) u�h|�ih�

6�h4t U@? U�LLti |L �ti |�i �?|ih4i_�@h) Lh |L ti** _�hiU|*) E�ih|�U@**) �?|i�}h@|i�( �? |�i �ht| U@ti |�i) @hi t@�_ |L Lgih @ UL?|h@U| |L |�i �?|ih4i_�@h)c ���*i�? |�i tiUL?_ |�i) @hi t@�_ |L U�LLti |�i ?L�UL?|h@U| LT|�L?� i t�@** UL?t�_ih

|�L �iht�L?t Lu |�i }@4i UL4TLti_ M) |�i uL�h t|@}it _itUh�Mi_ @t uL**L�t�

�| t|@}i � �h4t U�LLti ^�@*�|�it�

�| t|@}i 2 �h4t ThLTLti UL?|h@U|t Lh U�LLti |�i ?L�UL?|h@U| LT|�L?�

�| t|@}i � |�i �?|ih4i_�@h) U�LLtit ���U� UL?|h@U| |L t�}?�

�| t|@}i e �h4t U�LLti ��i|�ih |L Uih|�u) Lh ?L|�

5|@}it � @?_ e Lu |�i uL�h t|@}i }@4i ULhhitTL?_ |L t|@}it � @?_ 2 Lu B@4i f

@ML�ic tL |�@| |�i ?L|@|�L? uLh @U|�L?t ^� @?_ S� �t Thitih�i_� 5|@}it 2 @?_ � @hi

?i�� �u|ih _�t|h�M�|�L? U�@??i*t @hi it|@M*�t�i_ @| 5|@}i �c �h4t U@? Uih|�u) @t @

*@t| hitLh|� Oi?Uic @UULh_�?} |L |�i uL�h t|@}i }@4i |�i Uih|��U@|�L? @U|�L? U@?

Mi UL?_�|�L?i_ �TL? |�i Thi�@�*�?} _�t|h�M�|�L? @hh@?}i4i?|� i t|�_) �ihuiU|

:Wkhvh lqhtxdolwlhv duh +L5, �L+^K>K`, A �L+^K`>K,/ �L+^k>K`, A �L +^k`>K,/ �L+^K>k`, A�L+^K`> k,/ dqg �L+^k>k`, A �L+^k`> k,/

+L6, �L+^k>K`, A �L+^O`>K,/ �L+^K>K`, A �L +^o`>K,/ �L+^K>k`, A �L+^o`> k,/ dqg �L+^k> k`, A�L+^O`> k,/ dqg

+L7, �L+^k>k`, A �L+^O`>O,/ �L+^K>k`, A �L+^o`>O,/ �L+^K>K`, A �L+^o`> o,/ dqg �L+^k>K`, A�L+^O`> o,1

�e

�@)it�@? ,^��*�Mh�@ E��,� �? T�hi t|h@|i}�it Lu |��t }@4i ��ihi |�i Th�Ui _iU�t�L?@?_ |�i UL?t�4ih U�L�Uit @hi �4T*�U�| �? |�i T@)Lg u�?U|�L?t�H

A�i L�|UL4i Lu |�i }@4i �t _i�?i_ M) ��i|�ih �?|ih4i_�@|�L? h@|�ih |�@?_�hiU| t@*i LUU�ht @?_ M) |�i Uih|��U@|�L? Lh ?L| M) �h4t� 6Lh ^�c ^2 5 iMc uj@?_ S�c S2 5 i�c�j c |�i TLtt�M*i L�|UL4it @hiG EdE^�c S��c E^2c S2�o� �u |�i �?|ih4i�_�@h) U@hh�it ML|� ThL_�U|tc EE^�c S��c E^2c S2�� �u t�i _Lit ?L| U@hh) @?) ThL_�U|cEdE^�c S��oc E^2c S2�� �u t�i U@hh�it L?*) |�i ThL_�U| Lu �h4 �c EE^�c S��c dE^2c S2�o� �u t�iU@hh�it L?*) |�i ThL_�U| Lu �h4 2�

5�?Ui UL?t�4iht LMtih�i �L� 4@?) ThL_�U|t |�i �?|ih4i_�@h) U@hh�itc @?_|�i @U|�L? T@�h ES�c S2� |�i Mi*�iu u�?U|�L? K �t _i�?i_ @t KEE^�c ^2� m EdS�c S2o�� �u|�i �?|ih4i_�@h) U@hh�it ML|� ThL_�U|tc KEE^�c ^2� m EdS�oc S2�� EhitT� KEE^�c ^2� mES�c dS2o����u t�i U@hh�it L?*) |�i ThL_�U| Lu �h4 � EhitT� �h4 2�c @?_ KEE^�c ^2� mES�c S2�� �u t�i U@hh�it ?i�|�ih ThL_�U|� �M��L�t*)c �hhitTiU|��i Lu �L� 4@?) Mh@?_t@hi �?|ih4i_�@|i_ _L�M*i Uih|��U@|�L?c |�i @U|�L? T@�h ES�c S2� ' E�c��c �4T*�it|�@| |�i Mi*�iut @tt�}? ThLM@M�*�|) L?i |L t|@|i EMcM��wi| �t _i�?i |�i TLtt�M*i Mi*�iut ��i? UL?t�4iht LMtih�i ML|� �h4t @| |�i �?�|ih4i_�@h)� A�iti Mi*�iut U@? i�|�ih @tt�}? ?L �?uLh4@|�L? hL*i |L �L�?| �?|ih4i�_�@|�L?c tL |�@| @ �h4 �t Mi*�i�i_ Lu *L� ^�@*�|) �?*itt �| Uih|��itc Lh @ <u�**< hL*ic?@4i*) tTiU�u) |�@| �hhitTiU|��i Lu Uih|��U@|�L? ML|� �h4t @hi Mi*�i�i_ @t O �u|�i) @hi �L�?|*) �?|ih4i_�@|i_c Lh @ <T@h|�@*< hL*ic tTiU�u)�?} |�@| |�i) @hi ML|�Mi*�i�i_ Lu ��}� ^�@*�|) ThL��_i_ @| *i@t| L?i Uih|��it�

E��#� E?L t�}?@*� KEEMcu�mEd�c� o�� ' � @?_ KEEucu�mEd�c� o�� ' ��E��#� ET@h|�@*� KEEMcM�mEd�c� o�� ' � @?_ KEEucu�mEd�c� o�� ' ��E��#� Eu�**� KEEMcM�mEd�c� o�� ' � @?_ KEEMcM�mEd�c� o�� ' ��

� +i4@h! |�@| t�?Ui �?|ih4i_�@|�L? @MtLhMt T@h| Lu |�i �h4t< ThL�|tc �L�?|�?|ih4i_�@|�L? U@??L| Mi t�TTLh|i_ @t @ ��, �u E��#� E?L t�}?@*� �t T@h| Lu|�i Mi*�iu t)t|i4�

;Rxu qrwlrq ri SEH dgrswv wkh frqfhsw ri Ixghqehuj dqg Wluroh +4<<4/ fkdswhu ;, wr rxujdph1 Lq jdph wkhruhwlf whupv wkhuh duh wkuhh suhihfwo| lqiruphg sod|huv +wkh �upv dqg wkhlqwhuphgldu|, dqg rqh xqlqiruphg sod|hu +wkh frqvxphuv,1 Zh dqdo|}h d vljqdolqj jdph zlwkvhyhudo lqiruphg sod|huv1 Wkh lqiruphg sod|huv sod| d pxowl0vwdjh jdph zklfk lv d pxowl0vwdjhjdph zlwk shuihfw lqirupdwlrq li wkh srvwhulru eholhiv ri wkh xqlqiruphg sod|hu duh �{hg1 Vwdjh3 frqwdlqv wkh klgghq dfwlrq/ vwdjhv 5 wr 7 surylgh wkh vljqdo wr wkh xqliruphg sod|hu dqg dw dqxqprghoohg �qdo vwdjh wkh xqlqiruphg sod|hu fkrrvhv1

�D

wi| �t _i�?i ?L� ��i Mi*�iut ��i? @ t�?}*i �h4 �t �?|ih4i_�@|i_ |�@| U@?

t�t|@�? u�** tiT@h@|�L?� 5�?Ui Mi*�iut @hi t)44i|h�U �i L?*) ?ii_ |L _i�?i Mi*�iut)t|i4t uLh �h4 �� 5�?}*i �?|ih4i_�@|�L? U@? Mi Mi*�iu�?i�|h@*c ��i� �| _Lit ?L|@giU| Mi*�iut ?i�|�ih TLt�|��i*) ?Lh ?i}@|��i*) uLh |�i �h4 ���U� �t ti**�?} |�hL�}�|�i �?|ih4i_�@h)Q�?|ih4i_�@|�L? ?i�|h@*�|) �ihi 4i@?t |�@| L?*) Uih|��U@|�L?@giU|t Mi*�iut� 5�?}*i �?|ih4i_�@|�L? U@? Mi <T�?�t�i_<c ��i� @ ?L?�Uih|��i_ �?�|ih4i_�@|i_ Mh@?_ �t Mi*�i�i_ |L Mi Lu *L� ^�@*�|) UL?_�|�L?@* �TL? |�i L|�ih�h4 ?L| Uih|�u)�?} Lh �?UL?_�|�L?@**)� 6�?@**)c Mi*�iut U@? <@tt�}? @ Th�3i< |L |�i�?|ih4i_�@|i_ Mh@?_ EMi*�i�i |�@| �| �t O� i�|�ih UL?_�|�L?@* �TL? |�i L|�ih �h4?L| Uih|�u)�?} Lh �?UL?_�|�L?@**)� A�i hit�*|t uLh B@4i � ��** _iTi?_ L? ��i|�iht�?}*i �?|ih4i_�@|�L? �t �?|ihThi|i_ @t @ t�}?@* ThL_�U| ^�@*�|) E<Th�3i< U@ti� Lh?L| E<?i�|h@*< Lh <T�?�t�< U@tit��

E��5� E?i�|h@*�KEEMcu�mEd�oc ��� ' �c KEEMcu�mEd�oc ��� ' �c KEEucu�mEd� oc ��� ' ��

E��5� EUL?_�|�L?@* T�?�t��KEEMcu�mEd�oc ��� ' �c KEEucM�mEd� oc ��� ' ��

E��5� E�?UL?_�|�L?@* T�?�t��KEEMcM�mEd�oc ��� ' �c KEEucM�mEd� oc ��� ' ��

E��5� EUL?_�|�L?@* Th�3i�KEEMcu�mEd�oc ��� ' �c KEEucM�mEd� oc��� ' ��

E��5� E�?UL?_�|�L?@* Th�3i�KEEMcu�mEd�oc ��� ' �c KEEMcM�mEd�oc��� ' ��

W? |L|@* |�ihi @hi �S _�gihi?| u�**) tiT@h@|�?} Mi*�iut }��i? t�?}*i �?|ih4i_��@|�L?� i hiTLh| |�i hi4@�?�?} �� Mi*�iut @?_ |�i hit�*|t }��i? |�iti Mi*�iut �?�TTi?_� 2�

��2� �Lh@* �@3@h_ @?_ LTi? UL?|h@U|t

A�i �ht| �iht�L? Lu |�i uL�h t|@}i }@4i �i UL?t�_ih �t @ t�4T*��i_ �iht�L? ��ihi|�i UL?|h@U| tT@Ui Lu �h4t @| t|@}i 2 �t hit|h�U|i_� N?_ih 4Lh@* �@3@h_ �h4tU�LLti ^�@*�|�it @| |�i �ht| t|@}i� �| t|@}i 2 �h4 � U@? U�LLti |�i ?L�UL?|h@U|LT|�L? Eti** _�hiU|*)�c |��t �t hiThiti?|i_ M) |�i U�L�Ui @� ' ~�c Lh �| U@? U�LLti@? LTi? UL?|h@U|c _i?L|i_ �� ��ihiM) �| @UUiT|t |L ti** |�hL�}� |�i �?|ih4i_��@h)� �L?|h@U| �� �t �?UL?_�|�L?@*c ��i� |�i �h4 �t ��**�?} |L Mi �?|ih4i_�@|i_�hhitTiU|��i Lu ��i|�ih |�i UL4Ti|�|Lh<t ThL_�U| �t Lh �t ?L| �?|ih4i_�@|i_ |LL�A�i tiUL?_ t|@}i U�L�Ui *i@_t |L |�i T@�h E@�c @2� ��ihi @� 5 i��c ~�j� A�i U�L�Ui

�S

M) |�i �?|ih4i_�@h) |L t�}? UL?|h@U| ��|� �h4 � L?*) �t _i?L|i_ M) d�oc ���*i |�iU�L�Ui |L t�}? ��|� ML|� �t _i?L|i_ M) d�2oc |�i U�L�Ui ?L| |L t�}? @?) UL?|h@U| �t_i?L|i_ M) ^��|�

�| t|@}i � |�i �?|ih4i_�@h) t�}?t UL?|h@U|t d�oc Lh d�2o c Lh ^��|t� A�i �?|ih4i�_�@h)<t @U|�L? tT@Uic _i?L|i_ UE@�c @2�c _iTi?_t �TL? |�i �h4t< U�L�Uit @| t|@}i 2�W? T@h|�U�*@hc UE~�c~2� ' i^��|jc UE��c ~2� ' id�o c ^��|j c UE~�c �2� ' id2o c ^��|jcUE��c�2� ' id�o c d2o c d�2o c ^��|j�

AL t|@h| ��|� �i t�@** uLU�t L? |�i UL?t�4iht< Mi*�iu t)t|i4 UL4TLti_ LuE��#� Eu�**� @?_ E��5� E?i�|h@*�� i t�@** _i�?i t|h@|i}�it 5�� t�U� |�@| |�itit|h@|i}�it @?_ |�i Mi*�iu t)t|i4 UL?t�_ihi_ uLh4 @ ��, Lu |�i }@4i� A��t ��,t�TTLh|t |�i L�|UL4i ��ihi ML|� �h4t U�LLti |�i ��}� ^�@*�|)c ML|� @hi �?|ih�4i_�@|i_c @?_ ?L �h4 Uih|��it� A��tc t�@hi_ �?|ih4i_�@|�L? �t t�L�? |L �Lh!@t @ t�}?@* hiT*@U�?} Uih|��U@|�L?� �L?t�_ih |�i t)t|i4 Lu Mi*�iut E��#� Eu�**� @?_E��5� E?i�|h@*�c @?_

� 5|h@|i}�it 5���5|@}i e EUL?t�_ih t|h@|i}) Lu �h4 ��G E@� �u �h4 � �t u |�i? S� ' � � EM�Wu EdMc �o� |�i? S� ' � ( �u EdMoc �� Lh EMc d�o� Lh EMc �� |�i? �� 6Lh �h4 2c@?@*L}L�t*)�

5|@}i �G A�i �?|ih4i_�@h) U�LLtit ^��| �u E@�c @2� ' E~�c ~2�c U�LLtit d�2o �uE@�c @2� ' E��c �2� �?@**) t�i U�LLtit d�o ��i?i�ih @� ' �� @?_ @� ' ~��

5|@}i 2G 6�h4 � E@?_ @?@*L}L�t*) uLh �h4 2� U�LLtit @UULh_�?} |L |�i t|@|i|�@| Thi�@�*t @u|ih t|@}i � ^�@*�|) U�L�UitGEMcM� ', ��( EMc u� ', ~�(EucM� ', ~�( Eucu� ', ~��

5|@}i �G ^� ' M uLh � ' �c 2�

�Lt|t Lu �?|ih4i_�@|�L? @hi @tt�4i_ |L Mi t4@** i?L�}� |L i?t�hi |�@| Uih|��

�U@|�L? ULt|t _L4�?@|i�

� ��D� Z�EdMcMo� : ��EMcM� @?_ Z�EdMoc ^2� : ��EMc ^2�

A��t @tt�4T|�L? tii4t ?L| hit|h�U|��i ��i? |�i �?|ih4i_�@h) �@t *�||*i 4@h!i|TL�ih�b

<Hyhq li wkh lqwhuphgldu| lv srzhuixo lw fdq eh dujxhg wkdw wklv lqhtxdolw| zloo dozd|v eh

vdwlv�hg li surgxfhuv edujdlq zlwk wkh lqwhuphgldu| derxw wkh sd|phqw iru lqwhuphgldwlrq eh0

fdxvh wkh| zloo qhyhu mrlqwo| vhoo wkurxjk wkh lqwhuphgldu| li wkh lqhtxdolw| lv ylrodwhg1 Dq

lqwhuphgldu| zkr lv lqiruphg derxw wkh rxwvlgh rswlrq ri surgxfhuv zloo uhvshfw wklv lqhtxdolw|1

�.

�hLTLt�|�L? �� A�i t|h@|i}�it E5��� @?_ |�i Mi*�iu t)t|i4 E��#� Eu�**� @?_ E��5� E?i�|h@*�uLh4 @ ��, Lu B@4i � �?_ih 4Lh@* �@3@h_� A�ihiuLhi |�i L�|UL4i dEMc �� c EMc��oU@? Mi t�TTLh|i_ @| @ ��,�

�t @ UL44i?|c ?L|i |�@| |�i L�|UL4i EEMc�� c EMc��� U@? @*tL Mi t�TTLh|i_M) @ ��, ��|� Mi*�iu t)t|i4 E��#� Eu�**� @?_ E��5� E?i�|h@*�� A��t uL**L�t uhL4|�i ULLh_�?@|�L? }@4i @| t|@}i 2c ?@4i*) @| t|@}i 2 |�i t|h@|i}) M) �h4 � @?_2 4�t| Mi hiT*@Ui_ �? 5�� M) |�i U�L�Ui Lu UL?|h@U| ~� @| @** ?L_it� W?_ii_ ��i?EMcM� LUU�ht |�i ?L�UL?|h@U| U�L�Ui �t @ Mit| hiT*) |L ?L�UL?|h@U| M) |�i h��@*�h4 t�?Ui t|@)�?} �? @*L?i LM*�}it |L Uih|�u) @| |�i uL�h|� t|@}i @?_ |�ihi �t ?L@_�@?|@}i |L Mi U@hh�i_ @*L?i M) |�i �?|ih4i_�@h)� A�i ?L?��?�^�i?itt Lu |�iL�|UL4i ��ihi �?|ih4i_�@|�L? hiT*@Uit Uih|��U@|�L? �t L?i Lu |�i �i@!?ittit Lu|�i uLh4�*@|�L? ��|� hit|h�U|i_ UL?|h@U| tT@Ui��f

� �L|i |�@| �? |��t T@Tih �i @tt�4i |�@| �?|ih4i_�@|�L? �t 4Lhi ULt|*) |�@?�ih|�U@* �?|i}h@|�L?� Wu |�i hi�ihti �t @tt�4i_ |�i L�|UL4i EEMc ��c EMc���U@??L| Mi t�TTLh|i_ �? B@4i � M) @ ��, ��|� Mi*�iu t)t|i4 E��#� Eu�**�@?_ E��5� E?i�|h@*� @?_ |�i 4Lh@* �@3@h_ ThLM*i4 �t tL*�i_� i _L ?L| u�h�|�ih @?@*)3i |��t U@ti MiU@�ti t�@hi_ �?|ih4i_�@|�L? |�i? @*tL @h�tit �?_ihTihuiU| �?uLh4@|�L?�

i @tt�4i |�@| Uih|��U@|�L? �t ��@M*i �? @ t|h�U|ih ti?ti |�@? �? ���� W?T@h|�U�*@h �i t�@** @tt�4i |�@| �|t ULt|t Mi *L� i?L�}� |L @**L�

� ��S� Z�E�c �� ��EMcu��

��S 4i@?t |�@| ThL_�U�?} ��}� ^�@*�|) @?_ �?4@t!�?} |�i UL4Ti|�|Lh ��@Uih|��U@|�L? �t ThL�|@M*i �u UL?t�4iht @hi L�ihLT|�4�t|�U E��i� ��i? �h4t _L ?L|Uih|�u) |�i) Mi*�i�i |�@| |�i t|@|i �t EMcM��� 5�?Ui Z�E�c �� : Z�EMc��c ��S�4T*�it |�@| @ ��}� ^�@*�|) �h4 Thiuiht |�i hi�i*@|�L? Lu |�i t|@|i EMcu� Lh EucM�hitTiU|��i*) ��@ Uih|��U@|�L?c ��i� �| �?4@t!t |�i LTTL?i?| Lu *L� ^�@*�|)� W? L|�ih�Lh_tc |�i }@�?t uhL4 �?4@t!�?} @ *L� ^�@*�|) UL4Ti|�|Lh @hi ��}�ih |�@? |�iULt|t Lu Uih|��U@|�L?�

43Wkh htxloleulxp suhglfwlrq pljkw dovr eh fulwlfl}hg ehfdxvh dw +K>O, dqg +O>K, dovr R4> R5

fdq eh pxwxdo ehvw uhsolhv/ zklfk zrxog pdnh ghyldwlrqv dw vwdjh 4 sur�wdeoh1 Wklv srvvlelolw|lv uxohg rxw li dvvxpswlrq D19 ehorz lv lqwurgxfhg1

�H

� +i4@h! |�@| |�i *@h}ih |�i ?�4Mih Lu |)Tit ELh @*tL |�i t4@**ih |�i �?|ih�@*Mi|�ii? ^�@*�|�it� |�i t|hL?}ih �t |�i @tt�4T|�L? |�@| �?4@t!�?} |�i h��@*��t| L?i t|iT Mi*L� �t ThL�|@M*i� A�ihiuLhi ��S �t |LL t|hL?} uLh tL4it��U�i?| U*Lti?itt Lu |)Tit� A��t 4i@?t |�@| @*|�L�}� |�ihi 4@) Mi @UL?|�?��4 Lu TL|i?|�@* ^�@*�|�it �| �t itti?|�@* |�@| L?*) Uih|@�? |�hit�L*_^�@*�|�it U@? Mi Uih|��i_c i�}� �u @ �h4 U@? L?*) Uih|�u) |�@| �|t Mh@?_ �t@ML�i @ Uih|@�? |�hit�L*_ ^�@*�|) |�i 4L_i* ��|� @ UL?|�?��4 Lu ^�@*�|�ithi_�Uit |L |�i Thiti?| 4L_i*�

�?i 4@) UL?t�_ih ��@| �@TTi?t ��|� L|�ih Mi*�iu t)t|i4t @t |�Lti Lh�}�?@|i_M) |�i UL4M�?@|�L?t Lu E�#� Eu�**� ��|� Mi*�iut uLh t�?}*i �?|ih4i_�@|�L?� A�itiUL?t�_ih@|�L?t @hi t�44@h�3i_ M) |�i uL**L��?} |�hii hi4@h!t�

� A�i t@4i hit�*| @t �? �hLTLt�|�L? � @TT*�it �u Mi*�iut @hi E��#� Eu�**� @?_E��5� EUL?_�|�L?@* T�?�t�� @t �t ThL�i_ �? @TTi?_� � E@t +i4@h! e�� A�iThi_�U|�L? �t t|hL?}ih �? |�i ti?ti |�@| ��c �2 @hi ?L| 4�|�@* Mit| hiT*�it@| t|@}i 2 }��i? U�L�Uit EMcu� Lh EucM��

� �?*) |�i L�|UL4i EEMc ��c EMc��� U@? Mi t�TTLh|i_ M) @ ��, ��|� Mi*�iut)t|i4 E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@* T�?�t��� 6�h4t �@�i @? �?Ui?�|��i |L _i��@|i @| t|@}i 2 uhL4 ��c �2 |L ~� MiU@�ti Z�EMc dMo� : Z�EdMcMo�@?_ ~�c ~2 @hi 4�|�@* Mit| hiT*�it @| t|@}i 2�

� �L?t�_ih |�i t)t|i4 Lu Mi*�iut uLh4i_ M) E��#� Eu�**� @?_ E��5� EUL?_�|�L?@*Th�3i�� A��t Mi*�iu t)t|i4 U@??L| t�TTLh| @ ��, �? T�hi t|h@|i}�it MiU@�ti|�ihi _L ?L| i �t| 4�|�@* Mit| hiT*�it @| t|@}i 2 ��i? ^�@*�|�it @hi EMc u��A�i UL4M�?@|�L? Lu Mi*�iut E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@* Th�3i� U@?�?L| t�TTLh| @ ��, MiU@�ti @| |�i �ht| t|@}i �h4t U�LLti Eucu� ���U� _Lit?L| UL?�h4 Mi*�iut Etii |�i @TTi?_� ( ThLLu Lu +i4@h! S��

���� �Lh@* �@3@h_ @?_ @? i |i?_i_ UL?|h@U| tT@Ui

�L� �i UL?t�_ih @ uLh4�*@|�L? Lu |�i }@4i ��ihi |�i UL?|h@U|t ThLTLti_ M) |�i�h4t 4@) UL?|@�? U*@�tit ���U� �ihi uLhM�__i? �? |�i U@ti Lu B@4i �� A��tt|hi?}|�i?t |�i ThL_�Uiht �? hi*@|�L? |L |�i �?|ih4i_�@h) MiU@�tic uLh i @4T*ic|�i) 4@) U�LLti i U*�t��i _i@*�?} UL?|h@U|t 4@!�?} �| �4TLtt�M*i |L |�i �?|ih�4i_�@h) |L t�}? ��|� ML|� �h4t� W? |�i Mi*�iu t)t|i4 ���U� �t |�i uLU�t Lu |��t

�b

tiU|�L? t�?}*i �?|ih4i_�@|�L? �t @*tL tii? @t @ t�}?@* Lu ^�@*�|) ThL��_i_ |�i �?��?|ih4i_�@|i_ Mh@?_ _Lit ?L| Uih|�u) EUL?_�|�L?@* Th�3i |L t�?}*i �?|ih4i_�@|�L?��A�i hi@tL? ��) �i uLU�t L? |��t Mi*�iu �t |�@| |�i u�** hiT*@Ui4i?| Lu Uih|��U@|�L?M) t�@hi_ �?|ih4i_�@|�L? }��i? |��t t)t|i4 �t |�i �?�^�i L�|UL4iQ}��i? L|�ihMi*�iu t)t|i4t |�i t@4i L�|UL4i U@? @*tL Mi t�TTLh|i_ M�|c ��|�L�| @ hi�?i4i?|c?L| �?�^�i*)c @t _�tU�tti_ �? |�i hi4@h!t @| |�i i?_ Lu |�i Thiti?| tiU|�L?�

A�i hL*i Lu |�i �?|ih4i_�@h) @| @ tiT@h@|�?} ��, �t ?L| L?*) |L Lgih t�i*u tT@UiuLh ML|� Mh@?_t M�| @*tL |L U�LLti |�i h�}�| ThL_�U| ��i? ^�@*�|�it @hi @t)44i|h�UELg i^��*�Mh��4 �? t�M}@4it t|@h|�?} @| t|@}i 2 EMc u� @?_ EucM���OL�i�ih |��thL*i Lu |�i �?|ih4i_�@h) �t ?L| itti?|�@* |L |�i hit�*|t Etii Mi*L���

5L4i @__�|�L?@* ?L|@|�L? �t ?ii_i_ uLh |�i UL?|h@U| tT@Ui Lu B@4i 2� � UL?�|h@U| 4@) Lh 4@) ?L| UL?|@�? @ U*@�ti� � U*@�ti tTiU�u)�?} |�@| �?|ih4i_�@|�L? �t@UUiT|i_ L?*) �u |�i L|�ih �h4 �t L�| �t @? i U*�t���|) U*@�tic @?_ L?i UL?_�|�L?�?}�?|ih4i_�@|�L? �TL? �?|ih4i_�@|�L? Lu |�i LTTL?i?| �t @ �L�?| @}hii4i?| U*@�ti�.� _i?L|it |�i UL?|h@U| ��|� @? i U*�t���|) U*@�ti @?_ a� |�@| ��|� @ �L�?| @}hii�4i?| U*@�ti� �L?|h@U| T@�ht E@�c @2� @| t|@}i 2 @hi t�U� |�@| @� 5 i��c a�c .�c ~�j�

�| t|@}i �c |�i �?|ih4i_�@h)<t @U|�L? �t i�i?|�@**) *�4�|i_ M) |�i U*@�tit @tuLh �?t|@?Ui i�i? �u ?L �h4 �@t U�Lti? |�i ?L�UL?|h@U| LT|�L? t�i U@??L| |@!i �?ML|� �h4t ��i? L?i Lh ML|� �@�i �?U*�_i_ @? i U*�t���|) U*@�ti� 5�4�*@h*)c t�iU@??L| |@!i �? ��t| L?i �h4 �u |�i) �@�i ML|� @t!i_ uLh �L�?| �?|ih4i_�@|�L?� A�iUL4T*i|i _itUh�T|�L? Lu |�i �?|ih4i_�@h)<t @U|�L? tT@Ui UE@�c @2� �t @t uL**L�t�

UE~�c ~2� ' UE~�c a2� ' UEa�c ~2� ' i^��|jUE.�c~2� ' UE.�c a2� ' UE��c ~2� ' id�o c ^��|jUE~�c .2� ' UEa�c .2� ' UE~�c �2� ' id2o c ^��|jUEa�c a2� ' id�2o c ^��|jUE��c a2� ' id�o c d�2o c ^��|j @?_ UEa�c �2� ' id2o c d�2o c ^��|jUE.�c.2� ' UE.�c �2� ' UE��c .2� ' id�o c d2o c ^��|jUE��c �2� ' id�o c d2o c d�2o c ^��|j

A�i �?|ih4i_�@h) U@? UL?_�|�L? �ih t|h@|i}) L? |�i ^�@*�|�it @?_ |�i |)Tit LuUL?|h@U|t ���U� @hi Lgihi_� i @?@*)3i |�i U@ti ��ihi |�i �?|ih4i_�@h) UL?_��|�L?t L?*) L? LMtih�i_ ^�@*�|�it E���U� �t |�i L?*) T@)Lg hi*i�@?| �?uLh4@|�L? uLh|�i �?|ih4i_�@h)�� 5�Lh|*) Mi*L� �i t�@** t�L� |�i hLM�t|?itt Lu L�h hit�*| ��i?|�i �?|ih4i_�@h) @*tL UL?_�|�L?t L? |�i |)Tit Lu UL?|h@U|�

�}@�? �i t�@** uLU�t L? @ ��, Lu B@4i 2 �?_ih 4Lh@* �@3@h_ t�U� |�@|ML|� �h4t U�LLti ^�@*�|) Mc @hi �?|ih4i_�@|i_c @?_ _L ?L| Uih|�u)Q|�i L�|�UL4i EdEMc � �c EMc��o�� �L?t�_ih ?L� |�i Mi*�iu t)t|i4 LM|@�?i_ M) UL4M�?�?}

2f

E��#� Eu�**� ��|� E��5� EUL?_�|�L?@* Th�3i�� �L|i |�@| �?_ih |��t Mi*�iu UL4M�?@�|�L? ��|� KEEMcu�mEd�oc � o�� ' � |�i UL?_�|�L?@* Th�3i }��i? |L |�i �?|ih4i_�@|i_Mh@?_ ULhhitTL?_t |L |�i �_i@ |�@| �?|ih4i_�@|�L? �t @ t�}?@* Lu ^�@*�|)c �L�i�ihKEEucM�mEd� oc ��� ' � i?t�hit |�@| |�i �?4@t!�?} igiU| Lu Uih|��U@|�L? Thi�@�*t@}@�?t| TLtt�M*i @||i4T|t |L U�i@| UL?t�4iht ��@ t�?}*i �?|ih4i_�@|�L?� 6�?@**)cKEEMcM�mEd�oc ��� ' � �4T*�it |�@| Uih|��U@|�L? �t @ _iui?Ui @}@�?t| Uih|��U@|�L?�A�i? UL?t�_ih |�i uL**L��?} t|h@|i}�it�

5|h@|i}�it E5�2�5|@}i e( E@� 6�h4 � �t wc |�i? �| _Lit ?L| Uih|�u) @?_ T*@)t � � EM� 6�h4 � �t OG�? |�i U@ti Ed�c �o� �| T*@)t � ( �? U@ti Ed�oc �� |�i? �u |�i LTTL?i?| �t u �| T*@)t �@?_ �u |�i LTTL?i?| �t M �| T*@)t �( U@ti E�c d�o� Lh E�c �� |�i? �h4 � T*@)t �� A�it@4i uLh �h4 2c @?@*L}L�t*)�5|@}i �� Wu UE@�c @2� �t @ t�?}*i|L? |�i �?|ih4i_�@h)<t U�L�Ui �t |h���@*� 6�h|�ih4LhiG�@ti �� E^�c ^2� ' EMcM� �4T*�it |�i |�hii uL**L��?} t�M�U@tit E@��� U�LLti d�2o��i?i�ih d�2o 5 UE@�c @2�c E@�2� h@?_L4�3i ��|� i^�@* ThLM@M�*�|) Mi|�ii? d�o@?_d2o �u id�oc d2oc ^��|j ' UE@�c @2�( E@��� U�LLti d�o �u id�oc ^��|j ' UE@�c @2�c uLh � ' �c 2��@ti �� EMcu� c EucM� �4T*�it |�i |�hii uL**L��?} t�M�U@tit� EM��� U�LLti d�2o �ud�2o 5 UE@�c @2�( EM�2� �u id�oc d2oc ^��|j ' UE@�c @2�c |�i? �u t|@|i �t EMc u�U�LLti d�oc @?_ �u �| �t EucM� U�LLti d2o� EM��� �u id�oc ^��|j ' UE@�c @2� |�i? U�LLti d�o� �@ti�� Eucu� t@4i t|h@|i}�it @t �? U@ti �� @ML�i�5|@}i 2� 6�h4��G�u E^�c ^2� ' EMcM� |�i? U�LLti a�( �u E^�c ^2� ' EMcu� |�i?U�LLti .�( �u E^�c ^2� ' EucM� |�i? U�LLti �?_�gihi?|*) ~�c Lh ��c Lh .�c Lh a�( �uE^�c ^2� ' Eucu� |�i? U�LLti .�� 6�h4�2G @t 6�h4��c @?@*L}L�t*)�5|@}i �� ^� ' M uLh � ' �c 2�

A�i �?|ih4i_�@h) �@t @? @U|��i hL*i �? t�M}@4i EMc u� ��ihi t�i hiu�tit @UL?|h@U| ThLTLti_ M) �h4 u ���*i t�i @UUiT|t L?i ThLTLti_ M) �h4 M� A��tMi�@��Lh �t ThL�| 4@ �4�3�?} MiU@�ti t�i �t UL?uhL?|i_ ��|� @? i U*�t���|) U*@�tiM) |�i ��}� ^�@*�|) �h4� W? L|�ih �Lh_tc |�i �?|ih4i_�@h)<t Mi�@��Lh L�| Lu |�ii^��*�Mh��4 T@|� }�@h@?|iit |�@| _i��@|�?} uhL4 |�i U�L�Ui Lu M @}@�?t| M @||�i �ht| t|@}i U@??L| Mi LT|�4@*� OL�i�ihc |�i @U|��i hL*i Lu |�i �?|ih4i_�@h)�t ?L| itti?|�@* uLh |�i i^��*�Mh��4 hit�*|� i u�**) _itUh�Mi_ t|h@|i}�itc @*tL uLht�M}@4it ���U� L?*) U@? Mi hi@U�i_ |�hL�}� �L�?| _i��@|�L?t E@?_ i�i? �? |�itit�M}@4it �i �@�i t�M}@4i TihuiU|�L?�� A�i? �| uL**L�tG

2�

�hLTLt�|�L? e� A�i t|h@|i}�it E5�2� @?_ |�i Mi*�iu t)t|i4 LM|@�?i_ M) |�i UL4�M�?@|�L? Lu E��#� Eu�**� @?_ E��5� EUL?_�|�L?@* Th�3i� uLh4 @ ��, Lu B@4i 2 �?_ih4Lh@* �@3@h_�

�hLTLt�|�L? D� �u|ih |�i i*�4�?@|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it @?) ��,��|� |�i Mi*�iu t)t|i4 LM|@�?i_ M) |�i UL4M�?@|�L? Lu E��#� Eu�**� @?_ E��5� EUL?_�|�L?@*Th�3i� *i@_t |L |�i �?�^�i L�|UL4i EdEMc �� c EMc� �o��

�hLTLt�|�L?t e @?_ D t�L� |�@| |�i L�|UL4i ��ihi �?|ih4i_�@|�L? �t �ti_ �?�t|i@_ Lu Uih|��U@|�L? |L tL*�i |�i 4Lh@* �@3@h_ ThLM*i4 �t t�t|@�?i_ @t @ ��,�6�h|�ih4Lhi |�i Mi*�iu t)t|i4 �t t�U� |�@| Uih|��U@|�L? �?t|i@_ Lu �?|ih4i_�@�|�L? �t ?L| T@h| Lu @ ��, E@u|ih |�i i*�4�?@|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it��A��t hi�?uLhUit |�i hit�*| t�?Ui ?L ULLh_�?@|�L? }@4i @TTi@ht @| t|@}i 2 @?_ ?L@4M�}��|) Lu L�|UL4i uL**L�t�

A�i �?|��|�L? uLh |�i @h}�4i?| �? |�i ThLLu Lu �hLTLt�|�L? e �t |�i uL**L��?}��| t|@}i e �u ML|� �h4t @hi ��|� |�i �?|ih4i_�@h) |�i? Uih|��U@|�L? M) i�|�ih LhML|� �h4t �t hi_�?_@?| t�?Ui �| _Lit ?L| 4L_�u) UL?t�4iht Mi*�iut @ML�| ^�@*�|)�A�i?c @| t|@}i �c |�i �?|ih4i_�@h) |@!it �? ML|� �h4t �u ML|� ThLTLti 4�|�@**)UL4T@|�M*i UL?|h@U|tQ�? T@h|�U�*@h �u ML|� ThLTLti |�i UL?|h@U| ��|� �L�?| �?|ih�4i_�@|�L? U*@�ti� A�i �?|ih4i_�@h)c u�h|�ih4Lhic @| t|@}i � �L�*_ �T�?�t�� @�h4 Lu *L� ^�@*�|) �u |�i L|�ih �t Lu ��}� ^�@*�|) ���*i �L�*_ |@!i �? ML|� �h4t �u|�i) �ihi ML|� Lu *L� ^�@*�|)�

A�i hit�*| 4@) Mi Uh�|�U�3i_ MiU@�ti �L�?| UL?|h@U|t _L ?L| tii4 |L Mi LMtih�i_�? hi@*�|)� OL�i�ihc @? LTi? UL?|h@U| ��|� |�i TLtt�M�*�|) Lu |�i �h4t |L ��|�_h@�@u|ih |�i t�}?�?} Lu @ UL?|h@U|c 4�4�Ut @ �L�?| UL?|h@U| �? t�M}@4i EMcM���� Wu�L�?| UL?|h@U|t @hi ?L| @�@�*@M*i @?_ |��t ��|�_h@�@* TLtt�M�*�|) _Lit ?L| i �t| |�i?|�ihi i �t| |�i |�L i^��*�Mh��4 L�|UL4it EdEMc ��c EMc� �o� @?_ EEMc��c EMc����

�t t�44@h�3i_ �? |�i |@M*i �? �TTi?_� 2 �i _ih��i @ t|hL?} Thi_�U|�L? ��i?�h4t U@? U�LLti uhL4 |�i i |i?_i_ UL?|h@U| tT@UiG �? @?) ��, |�i i^��*�Mh��4L�|UL4i �t EdEMc��c EMc��o��

� _�}hitt�L? �t ?iUitt@h) L? ��i|�ih �?|hL_�U�?} |�i TLtt�M�*�|) uLh |�i �?|ih�4i_�@h) |L UL?_�|�L? �ih U�L�Ui L? |�i |)Ti Lu UL?|h@U| Lgihi_ _Lit ?L| _it|hL)

44Wkhuh duh vhyhudo zd|v lq zklfk zlwkgudzdo fdq eh prghoohg1 Wkh dujxphqw krogv wkdw li

wkhuh duh wzr zlwkgudzdo srvvlelolwlhv/ wkh �uvw rqh diwhu vljqlqj frqwudfwv dqg wkh vhfrqg rqh

frqglwlrqdo xsrq wkh zlwkgudzdo ri wkh frpshwlwru1 Dovr h{foxvlyh frqwudfwv fdq eh uhsodfhg

e| d vwdjh ri srvvleoh zlwkgudzdo1 Dowhuqdwlyho|/ rqh fdq prgho vhtxhqwldo frqwudfw r�huv wr

vxssruw wkh mrlqw lqwhuphgldwlrq rxwfrph1

22

@?) ��,� A�i @?t�ih �t ?Lc MiU@�ti @| t|@}i � |�i �?|ih4i_�@h) U@??L| �?Uhi@ti�ih ThL�|t M) UL?_�|�L?�?}� OL�i�ihc |�i �?|ih4i_�@h) U@? |hi@| _�gihi?| UL?�|h@U|t L? Lgih _�gihi?|*)c i�}� �? |�i U@ti UE��c .2� ' id�oc d2oc ^��|j t�i 4@) _i�U�_i @*�@)t |L u@�Lh |�i LTi? UL?|h@U|� �iU@�ti Lu TihuiU|�L?c |�i Thiuihi?Ui L�ih|)Tit Lu UL?|h@U|t U@? L?*) 4@||ih �? U@ti Lu T@)Lg �?_�gihi?Ui Lu |�i �?|ih4i_�@h)�W?_�gihi?Ui 4@) �L*_ �? |�i U@tit E��c .2�c E��c a2� @?_c M) t)44i|h)c E.�c�2�cEa�c �2�� 5�?Ui |�i �?|ih4i_�@h) Thiuiht 4Lhi |L *itt Mh@?_t t�i ��** t�}? UL?|h@U|t��|� ML|� �h4t �? |�i U@tit E��c a2� @?_ Ea�c �2� @?_ UL?_�|�L?�?} _Lit ?L| LUU�h�Oi?Ui L?*) Thiuihi?Uit �� " .2 @?_ .2 " �� UL?_�|�L?@* L? ^�@*�|�it �@�i |L Mi

UL?t�_ihi_� �L?t�_ih t�M}@4it EMc u� @?_ EucM�� `�i?i�ih |�i �?|ih4i_�@h)�@t |L U�LLti Mi|�ii? Mh@?_t Lu _�gihi?| ^�@*�|) �ih ThL�|t _iTi?_ L? |�i �?|ih�4i_�@|�L? t|h�U|�hi @?_ �i?Ui @?) _i��@|�L? uhL4 |�i i^��*�Mh��4 Mi�@��Lh ���U�LUU�ht ��|�L�| UL?_�|�L?�?} L? ^�@*�|) ��L*@|it ThL�| 4@ �4�3@|�L? |L}i|�ih ��|�TihuiU|�L?� AL �**�t|h@|ic |@!i E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@* Th�3i�� W? |�it�M}@4i EMcu� �h4t U�LLti E.�c �2�� A�iti UL?|h@U|t �i@!*) _L4�?@|i @** L|�ihUL?|h@U|t �u |�i �?|ih4i_�@h) _Lit ?L| UL?_�|�L? L? UL?|h@U|t� Wu |�i �?|ih4i_��@h) t�}?t ��|� �h4 �c |�i �?|ih4i_�@h) LM|@�?t ZUEdMoc u� ���U� @UULh_�?} |L L�h@tt�4T|�L?t �t }hi@|ih |�@? ZUEMc d�o� ���U� t�i �L�*_ LM|@�? ��i? t�}?�?} ��|��h4 2� �L?t�_ih ?L� t�M}@4i EMcM�� 6Lh |�i Mi*�iu t)t|i4t UL?t�_ihi_ L�hhit�*|t @hi hLM�t| |L |�i i |i?t�L? Lu |�i �?|ih4i_�@h)<t t|h@|i}) tT@Ui i UiT| uLhE��5� E�?UL?_�|�L?@* Th�3i�� A��t @*tL �L*_t uLh @** L|�ih hit�*|t �?U*�_�?} |�Lti�?_ih @_�ihti ti*iU|�L?� B��i? Mi*�iut E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@* Th�3i�UL?|h@U|t E.�c .2� @hi 4�|�@* Mit| hiT*�it �u .� " �� M) |�i �?|ih4i_�@h) MiU@�ti�

2��EMc dMo� n �

2Z�EdMocM� �t }hi@|ih |�@? ��EMc dMo� ���U� LM|@�?t @u|ih @ _i���

@|�L? |L @� 9' .�� A�i?c �u Z�EdMcMo� : Z�EdMocM� |�ihi @hi |�L i^��*�Mh�@ M�||�i ��, ��|� L�|UL4i EdEMc ��c EMc��o� �@hi|L _L4�?@|it� Wu �� " .�c |�i?EdEMc��c EMc� �o� �t |�i �?�^�i i^��*�Mh��4 L�|UL4i }��i? Mi*�iut��2 A�ihiuLhict�@hi_ �?|ih4i_�@|�L? �t Thitih�i_�

6�?@**)c �| �t �4TLh|@?| |L LMtih�i |�@| t�@hi_ �?|ih4i_�@|�L? _Lit ?L| _iTi?_L? ��i|�ih |�i �?|ih4i_�@h) !?L�t |�i ^�@*�|) Lu |�i }LL_t� �tt�4i �?_ii_|�@| |�i �?|ih4i_�@h) �@t ?L �?uLh4@|�L? @ML�| ^�@*�|�it� A�i t@4i hit�*|t @t�?_ih TihuiU| �?uLh4@|�L? Lu |�i �?|ih4i_�@h) U@? Mi t�L�? Ei UiT| uLh |�i U@ti

45Rqh pljkw dujxh wkdw jlyhq wkh vdph txdolwlhv wkh lqwhuphgldu| vkrxog suhihu wkh rshq

frqwudfw ehfdxvh rshq frqwudfwv duh ohvv uhvwulfwlyh frqwudfwv iru wkh lqwhuphgldu|1 Li �upv nqrz

wklv dw vwdjh 5 wkh| sursrvh frqwudfwv zklfk duh suhihuuhg e| wkh lqwhuphgldu|1

2�

Lu Mi*�iut E��5� E�?UL?_�|�L?@* Th�3i����� A�i �_i@ �t |�@| �u |�i �?|ih4i_�@h) T�U!t|�i �hL?} ^�@*�|) |�i L|�ih �h4 ��** Uih|�u) @?_ �?4@t! |�i h��@*�

�?L|�ih �tt�i UL?Uih?t �L�?| _i��@|�L?t� �L|i |�@| �?_ih |�i Mi*�iu t)t�|i4 LM|@�?i_ @t �? �hLTLt�|�L?t e @?_ D M) |�i UL4M�?@|�L? Lu E��#� Eu�**� @?_E��5� EUL?_�|�L?@* Th�3i� Eucu� 4@) Mi 4�|�@* Mit| hiT*�it @| |�i �ht| t|@}i� OL��i�ihc @t t�@** @*tL Mi @h}�i_ �? |�i @TTi?_� L? @_�ihti ti*iU|�L?c |��t *i@_t |L@? L�|UL4i E?@4i*) Ed�oc u� Lh Euc d�o�� ���U� UL?|h@_�U|t Mi*�iut @?_ |�ihiuLhi|�@| U@??L| Mi t�TTLh|i_ M) @ ��,� Eucu� 4@) Mi 4�|�@* Mit| hiT*�it MiU@�ti�u |�i LTTL?i?| U�LLtit uc |�i? U�LLt�?} M ��** *i@_ |L |�i t�M}@4i i^��*�Mh��4��ihi �h4 M @TT*�it uLh �?|ih4i_�@|�L? E�h4 u _Lit ?L|� @?_ |�i �?|ih4i_�@h)|@!it �? �h4 Mc M�| |�i? �h4 O LM|@�?t T@)Lgt Z�EdMo cu�� �) UL?|h@t|c U�LLt��?} u *i@_t |L |�i t�M}@4i i^��*�Mh��4 ��ihi ML|� �h4t @| t|@}i 2 ThLTLti @?i U*�t��i UL?|h@U| E|��t t|h@|i}) �i@!*) _L4�?@|it }��i? |�i t|@|i Eucu�� @?_ |�i�?|ih4i_�@h) h@?_L4�3it ��|� i^�@* ThLM@M�*�|) �ih U�L�Ui Lu �h4� A�i? |�i T@)�Lg LM|@�?i_ �t �

2Z�Ed�oc u� n

2Z�Euc d�o�c ���U� 4@) i Uii_ Z�EdMo c u�� Eucu� @hi

?L| 4�|�@* Mit| hiT*�it L?*) �u |�i UL?_�|�L? Z�EdMo c u� : �

2Z�Ed�oc u�n

2Z�Euc d�o�c

�L*_tc ���U� 4i@?t |�@| �?4@t!�?} @ *L� ^�@*�|) Mh@?_ E��|�L�| Uih|��U@|�L?� �t4Lhi ThL�|@M*i |�@? T@h|*) i T*L�|�?} |�i E4�t*i@_�?}� t�}?@* Lu |�i �?|ih4i_�@h)�

A�i uL**L��?} |�L hi4@h!t UL4T*i|i |��t tiU|�L? ��|� @ Mh�iu @UUL�?| Lu L�|�UL4it �?_ih _�gihi?| Mi*�iu UL4M�?@|�L?t�

� �u|ih |�i i*�4�?@|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it L?*) |�i L�|UL4iEdEMc ��c EMc� �o� U@? Mi t�TTLh|i_ @t @ ��, }��i? Mi*�iu t)t|i4t LM|@�?i_M) |�i UL4M�?@|�L? Lu E��#� Eu�**� @?_ E��5� E?i�|h@*� Lh M) E��#� Eu�**� @?_E��5� EUL?_�|�L?@* T�?�t�4i?|� Lh M) E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@*T�?�t��� �L|� L�|UL4it EdEMc��c EMc��o� @?_ EEMc�� c EMc��� U@? Mi t�T�TLh|i_ @t @ ��, �t�?} t|h@|i}) 5�� E}��i? E��5� E?i�|h@*� Lh 5��< E_i�?i_�? |�i @TTi?_� c }��i? E��5� EUL?_�|�L?@* T�?�t�� Lh @ _�gihi?| t|h@|i}) uLhE��5� E�?UL?_�|�L?@* T�?�t��� A��t �t tL MiU@�tic }��i? EMcM� @| t|@}i 2 Lu�uih�?} ?L UL?|h@U| @?_ Lgih�?} �L�?| UL?|h@U|t @hi ML|� 4�|�@* Mit| hiT*�itQLgih�?} ?L UL?|h@U| �t �i@!*) _L4�?@|i_ M) Lgih�?} |�i �L�?| UL?|h@U|�e�B��i? E��5� E?i�|h@*� @?_ E��5� EUL?_�|�L?@* T�?�t�� t|h@|i}�it 5�� @?_ 5��<c

46Lq wklv fdvh rqh dovr rewdlqv wkh htxloleulxp rxwfrph +^+K>Q,> +K>Q,`, xqghu wkh dgglwlrqdodvvxpswlrq wkdw �4+^K`>O, � �4+^K>k`, A �4+^K>k`, � �4+K> ^k`,1 Li lqwhuphgldwlrq frvwv duh

qhjoljleoh wklv dvvxpswlrq vd|v wkdw wkh jdlqv iurp xqpdvnlqj duh juhdwhu wkdq wkh frvw ri

fhuwl�fdwlrq147Li wkhuh lv dq % suredelolw| iru hdfk �up wkdw lw r�huv d mrlqw frqwudfw wkhq r�hulqj d mrlqw

2e

hitTiU|��i*)c �@�i |L Mi 4L_��i_� W? T@h|�U�*@hc �u UE@�c @2� ' id�o c d2o c ^��|j|�i? |�i �?|ih4i_�@h) Thiuiht T@h|�U�T@|�L? @?_ @ UL?|h@U| �t t�}?i_ ��|�L?i Lu |�i �h4tG ^�@*�|) M �t U�Lti? �? |�i @t)44i|h�U t|@|it EMcu�Lh EucM�c MiU@�ti �u ^�@*�|) M �t i U*�_i_ |�i? u�** hi�i*@|�L? LM|@�?t�B��i? Mi*�iu t)t|i4t ��|� E��#� Eu�**� @?_ E��5� E?i�|h@*� Lh E��#� Eu�**�@?_ E��5� EUL?_�|�L?@* T�?�t�� Lh E��#� Eu�**� @?_ E��5� E�?UL?_�|�L?@* T�?��t�� L?*) |�i L�|UL4i EdEMc�� c EMc� �o� hit�t|t i*�4�?@|�L? Lu �i@!*) _L4��?@|i_ t|h@|i}�it( ML|� �h4t Lgih �L�?| UL?|h@U|t �? i^��*�Mh��4� �L?|h@h)|L E��5� EUL?_�|�L?@* Th�3i� |�i �?|ih4i_�@h) _Lit ?L| T*@) @? @U|��i hL*i �?t�M}@4it EMcu� @?_ EucM��

� �L?t�_ih B@4i 2 ��|� |�i Mi*�iu t)t|i4 LM|@�?i_ M) E��#� Eu�**� ��|� E��5�E�?UL?_�|�L?@* Th�3i�c �? ���U� KEEMcM�mEd�oc�o�� ' � @?_ KEEMcu�m Ed�oc ��� '�� �u|ih |�i i*�4�?@|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it |�i L�|UL4i EdEMc� �c EMc��o��t t�TTLh|i_ @t |�i �?�^�i ��, �u Z�EdMocM� Z�EdMcMo� �L*_t� �*tL �?|��t U@ti |�i �?|ih4i_�@h) @U|��i*) ti*iU|t |�i ��}� ^�@*�|) Mh@?_ @4L?}id�oc d2oc ^��|j �? |�i t�M}@4i EMcu�� W? |�i t�M}@4i EMcM� �h4t LgihLTi? UL?|h@U|t Etii hi4@h! Mi*L���

e� W�A,+�,#W�AW���5 � ��+AW�w +,�w��,�,�A

�6 �,+AW6W��AW��

A�i hit�*|t Lu |��t tiU|�L? t�L� |�@| �?|ih4i_�@|�L? U@? T@h|�@**) hiT*@Ui Uih|���U@|�L? �?_ih 4Lh@* �@3@h_�

W| �t TLtt�M*i |�@| UL?t�4iht �?|ihThi| �?|ih4i_�@|�L? Lu |�L }LL_t @t @ t�}�?@* Lu |�i t|@|i EMcM� L?*) �u �| �t @UUL4T@?�i_ M) Uih|��U@|�L? Lu @| *i@t|L?i }LL_� A��t 4i@?t |�@| |�i Mi*�iu t)t|i4 �t E��#� ET@h|�@*�c �? T@h|�U�*@hKEEucu�mEd�c� o� ' � @?_ u�** hiT*@Ui4i?| Lu Uih|��U@|�L? U@??L| LUU�h� i t�@**t�L� �? |�i Thiti?| tiU|�L? |�@| T@)�?} L?*) L?i Uih|��U@|�L? ULt| �?t|i@_ Lu ML|��t t��U�i?| |L tiT@h@|i |�i t|@|i EMcM�� A��t �i U@** RT@h|�@* hiT*@Ui4i?|��

A�i U@ti Lu T@h|�@* hiT*@Ui4i?| U@? @*tL Mi �?|ihThi|i_ @t �?|ih4i_�@|�L? Lu @?it|@M*�t�i_ Mh@?_ ��|� Uih|��i_ ��}� ^�@*�|) |L}i|�ih ��|� @ Mh@?_ Lu �?!?L�?^�@*�|)� Wu |��t �?!?L�? Mh@?_ �ihi ?L| Lu ��}� ^�@*�|)c �L�?| �?|ih4i_�@|�L? �L�*_

frqwudfw lv d vwulfw ehvw uhso| djdlqvw qr frqwudfw1 Lq dgglwlrq/ li wkhuh lv dq % suredelolw| iruhdfk �up wkdw lw r�huv qr frqwudfw/ r�hulqj d mrlqw frqwudfw lv d vwulfw ehvw uhso| djdlqvw dq rshqfrqwudfw +fkrvhq zlwk suredelolw| 4� %,1

2D

?L| LUU�h� W? Lh_ih |L 4@!i |��t �?|ihThi|@|�L? �Lh! |�i �?!?L�? Mh@?_ �@t |L

4@!i @ t�_i�T@)4i?| |L |�i it|@M*�t�i_ Mh@?_ MiU@�ti L|�ih��ti |�i it|@M*�t�i_

Mh@?_ �@t ?L �?Ui?|��i |L �L�? |�i �?|ih4i_�@h)��D

6�h4t ��** �ti �L�?| �?|ih4i_�@|�L? �u |�i ULt|t Lu �?|ih4i_�@|�L? @hi t��U�i?|*)

t4@** UL4T@hi_ |L |�i ULt| Lu Uih|��U@|�L?� i @tt�4i |�@|

� ��.� Z�EdMcMo����EMcM� : ��EMcM����EdMcMo��

A�i @tt�4T|�L? t@)t |�@| |�i }@�? uhL4 �?|ih4i_�@|�L? ��|�L�| Uih|��U@|�L?�?t|i@_ Lu Uih|�u)�?} L�|t�_i |�i �?|ih4i_�@h) L�ihUL4Ti?t@|it |�i }@�? uhL4@�L�_�?} |�i �?|ih4i_�@h) ��i? Uih|�u)�?}� 5�?Ui �i @tt�4i |�@| |�i �?|ih4i�_�@h) _Lit ?L| @giU| |�i Th�U�?} _iU�t�L?c �i @*tL �@�i Z�EdMcMo����EMc dMo� :��EMc dMo����EdMcMo�� Wu ThL�|t @hi @__�|��i*) tiT@h@M*i �? �?|ih4i_�@|�L? ULt|t@?_ Uih|��U@|�L? ULt|t @?_ |�iti ULt|t @hi UL?t|@?| |�i? ��. t@)t |�@| Uih|��U@|�L?ULt|t @hi *itt |�@? |��Ui |�i �?|ih4i_�@|�L? ULt|t� ��. hiT*@Uit ��D�

N?_ih 4Lh@* �@3@h_ �i t�L� |�@| �h4t U�LLti ��}� ^�@*�|) @?_ |�@| �?|ih4i_��@|�L? U@? T@h|�@**) hiT*@Ui Uih|��U@|�L?� AL _i�?ic |�i L�|UL4it EdEMc��c EMc��o�@?_ EdEMc��c EMc��o� @hi U@**i_ T@h|�@* hiT*@Ui4i?| L�|UL4it�

�hLTLt�|�L? S� B��i? E��#� ET@h|�@*� @?_ i�|�ih E��5� E?i�|h@*� Lh E��5� EUL?_��|�L?@* T�?�t��c |�ihi i �t|t @ ��, ���U� t�TTLh|t |�i T@h|�@* hiT*@Ui4i?| L�|UL4i�? B@4i � @?_ B@4i 2�

`�i? �h4t �@�i U�Lti? EMcM� |�i) }i| |L T*@) @ ULLh_�?@|�L? }@4i @| |�i*@t| t|@}i MiU@�ti L?i Lu |�i4 4�t| Uih|�u)� i �4T*�U�|*) @tt�4i_ |�@| |�i)@hi @M*i |L ULLh_�?@|i @?_ |�@| |�i) _L ?L| T*@) |�i 4� i_ t|h@|i}) i^��*�Mh��4��*|ih?@|��i*)c L?i 4@) @tt�}? |�i ULLh_�?@|�L? hL*i |L |�i �?|ih4i_�@h) @| t|@}i�� �| t|@}i 2 �h4t _L ?L| !?L� ��L �@t |L Uih|�u) �? U@ti |�i) ML|� �L�? |�i�?|ih4i_�@h) @?_ �? L�h t)44i|h�U ti|�Tc �| �t ?@|�h@* |L @tt�4i |�@| |�i) @tt�}?i^�@* ThLM@M�*�|) |L |�i |�L T�hi�t|h@|i}) i^��*�Mh�@ Lu |�i ULLh_�?@|�L? }@4i @|t|@}i e� A�i uL**L��?} hi4@h!t UL?t�_ih L|�ih Mi*�iu t)t|i4t�

48Lq Zhuqhuihow +4<;;, d �up xvhv dq hvwdeolvkhg eudqg qdph iru xpeuhood eudqglqj +lq d wzrshulrg prgho,1 D kljk txdolw| jrrg orrvhv uhsxwdwlrq li d orz txdolw| jrrg lv lqwurgxfhg xqghuwkh vdph xpeuhood eudqg1 Lq rxu lqwhusuhwdwlrq dq lqwhuphgldu| wdnhv lq dq hvwdeolvkhg eudqgqdph lq rughu wr vljqdo wkh txdolw| ri d gl�huhqw eudqg1 Wkh hvwdeolvkhg eudqg fdqqrw orrvh lwvuhsxwdwlrq1

2S

� `�|� Mi*�iu t)t|i4 E��#� ET@h|�@*� @?_ E��5� E�?UL?_�|�L?@* T�?�t��c �? B@4i� L?*) |�i L�|UL4i EEMc �� c EMc��� U@? Mi t�TTLh|i_ M) @ ��,� W? B@4i 2�?_ih |�i u�** UL?|h@U| tT@Ui |�ihi i �t|t @ ��, ���U� t�TTLh|t |�i T@h|�@*hiT*@Ui4i?| L�|UL4i�`�|� Mi*�iut E��#� ET@h|�@*� @?_ i�|�ih E��5� EUL?_�|�L?@* Th�3i� Lh E��5� E�?�UL?_�|�L?@* Th�3i� |�ihi _Lit ?L| i �t| @ ��, �? T�hi t|h@|i}�it �? B@4i � Mi�U@�ti |�ihi _Lit ?L| i �t| @ T�hi t|h@|i}) i^��*�Mh��4 �? |�i t�M}@4it ���U�uL**L� EMcu� @?_ EucM�� A�ihi _Lit i �t| @ ��, ��|� Mi*�iut E��#� ET@h|�@*�@?_ E��5� EUL?_�|�L?@* Th�3i� ��|� T�hi t|h@|i}�it �? B@4i 2 �? ���U� �h4tU�LLti ��}� ^�@*�|) @?_ ti** |�hL�}� |�i �?|ih4i_�@h)��S

D� ����wN5W��

W? @ 4@h!i| ��|� @t)44i|h�U �?uLh4@|�L? �h4t 4@) �ti �?|ih4i_�@|�L? @t @ t�}?@*

Lu ThL_�U| ^�@*�|) �?t|i@_ Lu Uih|��U@|�L?� 5�?Ui Uih|��U@|�L? �t @ ULt|*) @U|���|)

��ihi@t �?|ih4i_�@|�L? L?*) �4T*�it @ hi_�t|h�M�|�L? Lu ThL�|t Mi|�ii? ThL_�Uiht

@?_ �?|ih4i_�@h)c �?|ih4i_�@|�L? �t tLU�@**) Thiuih@M*i |L Uih|��U@|�L?� W?|ih4i_��

@|�L? U@? LUU�h �?_ih _�gihi?| ��_�U�@* i?��hL?4i?|t ���U� *i}@*�3i Uih|@�? uLh4t

Lu UL?|h@U|t Lgihi_ M) ThL_�Uiht @?_ t�}?i_ M) |�i �?|ih4i_�@h)� W? 4Lh@* �@3@h_

i?��hL?4i?|tc UL?|h@U|t ���U� @hi UL?_�|�L?i_ L? |�i Mi�@��Lh Lu |�i UL4Ti|�|Lh

�4ThL�i |�i hL*i Lu �?|ih4i_�@|�L? �? |�i ti?ti |�@| �?|ih4i_�@|�L? LUU�ht uLh @

��_ih ti| Lu Mi*�iut |�@? �u UL?|h@U|t @hi uLhUi_ |L Mi �?UL?_�|�L?i_� W? |��t ti?ti

L�h hit�*|t �4T*) ?L ?i}@|��i igiU|t Lu UL?|h@U| tTiU��U@|�L?t t�U� @t i U*�t���|)

U*@�tit� N?_ih @_�ihti ti*iU|�L? |�i @h}�4i?| �? u@�Lh Lu @ T@h|�U�*@h

49D gl�huhqw sdwwhuq ri sduwldo uhsodfhphqw ri fhuwl�dfwlrq frvw fdq hphujh lq Jdph 5 dffrug0lqj wr zklfk rqh kljk txdolw| surgxfw lv vrog wkurxjk wkh lqwhuphgldu|1 Xqghu prudo kd}dug wkhrxwfrph +^+K>Q,`> +K>F,, zlwk suredelolw| 4

5dqg ++K>F,> ^+K>Q,`, zlwk suredelolw| 4

5fdq eh

vxssruwhg d SEH zkhq �up fkrrvh iurp wkh ixoo frqwudfw vsdfh1 Wkh v|vwhp ri eholhiv kdv wreh vxfk wkdw lqwhuphgldwlrq ri erwk surgxfwv kdv qr vljqdolqj uroh ru dw ohdvw rqh surgxfw pxvweh fhuwl�hg/ l1h1 +E1G,+qr vljqdo, ru +E1G,+sduwldo,1 Lq dgglwlrq/ d vlqjoh lqwhuphgldwhg surgxfwlv shufhlyhg wr eh ri kljk txdolw|/ l1h1 +E1V,+xqfrqglwlrqdo sul}h,1 Lq wklv fdvh �upv fkrrvhh{foxvlyh frqwudfwv1 Vlqfh wkh lqwhuphgldu| fkrrvhv wkh kljk txdolw| surgxfw lq wkh fdvh +K>O,/�upv fkrrvh kljk txdolw| dw wkh �uvw vwdjh1 Xqghu wkh h{whqvlrq ri wkh lqwhuphgldu|*v vwudwhj|vsdfh wkhuh h{lvw wzr SEH +^+K>Q,`> +K>F,, dqg ++K>F,> ^+K>Q,`, zlwk frqwudfwv +R4>H5, dqg+H4>R5, uhvshfwlyho| li wkh lqwhuphgldu| kdv suhihuhqfhv Rl " Hm dqg ylfh yhuvd li Hl " Rm 1

2.

ti| Lu @_4�tt�M*i UL?|h@U|t Mi|�ii? ThL_�Uiht @?_ �?|ih4i_�@h) �t �L�i�ih ?L|UL4Ti**�?}��.

W? Lh_ih |L |h@?t*@|i L�h @?@*)t�t �?|L |�i hi@* �Lh*_ �i t�L�*_ TL�?| L�| |�@|L�h 4L_i* �t ��}�*) ti*iU|��i� i 4L_i**i_ �?|ih4i_�@|�L? @t @ T�hi t�}?@*�?}_i��Ui� ��h UL?U*�t�L?t �@�i |L Mi hiUL?t�_ihi_ ��i? �?|ih4i_�@|�L? �t tLU�@**)ULt|*) Ei�}� ��@ Th�Ui _�t|Lh|�L?t t�U� @t _L�M*i 4@h}�?@*�3@|�L?�� A��t tii4tTLtt�M*i �? 4@h!i|t ��ihi �?|ih4i_�@h�it �@�i }hi@| 4@h!i| TL�ih� A�ihi �| 4�}�|Mi _it�h@M*i |L }�@h@?|ii ThL_�Uiht |�i h�}�| |L @UUitt UL?t�4ih 4@h!i|t ��@@? �?|ih4i_�@h) Lh @*|ih?@|��i*) |L i U*�_i |�i TLtt�M�*�|) Lu �?|ih4i_�@|�L? M)i?uLhU�?} �ih|�U@* �?|i}h@|�L?�

i L?*) UL?t�_ihi_ |�i U@ti Lu @ t�?}*i �?|ih4i_�@h)� OL�i�ihc L�h hit�*|t U@?@*tL Mi LM|@�?i_ �? @ h�U�ih ti|�T Lu UL4Ti|�?} �?|ih4i_�@h�it �? ���U� ti�ih@*�?|ih4i_�@h�it ULi �t|�

4:Fohduo|/ wkh uroh ri frqwudfwv lq yhuwlfdo uhodwlrqv grhv qrw rqo| ghshqg xsrq wkh vljqdolqjh�hfw1 Wkh olwhudwxuh rq wkh frpshwlwlyh h�hfwv ri frqwudfwv lv odujh/ vhh Ndw} +4<;<, iru dvxuyh|1

2H

�TTi?_� �G �_�ihti 5i*iU|�L?

6�** hiT*@Ui4i?| Lu Uih|��U@|�L?

i ?L� @?@*)3i |�i }@4it ��|� @_�ihti ti*iU|�L?� 6�ht|c L?*) LTi? UL?|h@U|t

@hi @**L�i_� �@|�hic T*@)ih � c U�LLtit ^�@*�|�it @| |�i �ht| t|@}i� �|�ih��tit|h@|i}) tT@Uit @hi |�i t@4i @t uLh B@4i � ��|� 4Lh@* �@3@h_� �L� |�i t|@|iEucu� �@t TLt�|��i ThLM@M�*�|) ��@|i�ih �t |�i t|h@|i}) ThL�*i @_LT|i_ M) �h4t@?_ M) |�i �?|ih4i_�@h)�

A@!i E��#� Eu�**� @t |�i t)t|i4 Lu Mi*�iut ��i? ML|� �h4t @hi @| |�i �?|ih4i�_�@h) @?_ UL?t|h�U| t|h@|i}�it E5���@�t��

5|h@|i}�it E5���@�t��5|@}i eG @t uLh t|h@|i}�it 5��� 5|@}i �G @t uLh t|h@|i}�it 5��� 5|@}i 2G 6�h4 �cEMcM� ', �� ( EMcu� ', ~�( EucM� ', ~�( Eucu� ', ~�� 6�h4 2 @t �h4 �c@?@*L}L�t*)� 5|@}i �G �@|�hi<t U�L�Ui�

�hLTLt�|�L? .� A�i t|h@|i}�it 5�� E@�t�� @?_ |�i Mi*�iu t)t|i4t E��#� Eu�**� @?_i�|�ih E��5� E?i�|h@*� Lh E��5� EUL?_�|�L?@* T�?�t�� uLh4 @ ��, Lu B@4i � E@�t���A�ihiuLhi @| |�i t�M}@4i t|@h|�?} @u|ih |�i U�L�Ui EMcM� M) �@|�hi |�i L�|UL4i�t dEMc�� c EMc��o�

�hLLu Lu �hLTLt�|�L? � @?_ ThLLu Lu hi4@h! � �? �TTi?_� � �4T*) �hLTLt�|�L?.�

� EEMc�� c EMc��� uL**L��?} |�i U�L�Ui Lu t|@|i EMcM� U@? @*tL Mi t�TTLh|i_M) @ ��, ��|� Mi*�iut E��5� E?i�|h@*� Lh E��5� EUL?_�|�L?@* T�?�t��� A��t�i@!i?t |�i hit�*|�

N?_ih @_�ihti ti*iU|�L? �? B@4i 2 |�ihi @hi i^��*�Mh�@ ��ihi �?|ih4i_�@|�L?u�**) hiT*@Uit Uih|��U@|�L? �? |�i t|@|i EMcM�� OL�i�ihc @t @h}�i_ Mi*L� |�itii^��*�Mh�@ _L ?L| t�h���i |�i i*�4�?@|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it�

6�ht|c E��5� EUL?_�|�L?@* Th�3i� @?_ E��5� E�?UL?_�|�L?@* Th�3i� U@??L| Mi T@h|Lu @? i^��*�Mh��4 t)t|i4 Lu Mi*�iut t�?Ui KEEMcu� m Ed� oc� �� ' �� A��t �4T*�it|�@| �? t|@|i Eucu� i@U� �h4 �@t @? �?Ui?|��i |L _i��@|i uhL4 |�i i^��*�Mh��4 Thi�tUh�T|�L? @?_ |L Lgih @? i U*�t��i UL?|h@U|� A�i �?|ih4i_�@h) t�}?t @? i U*�t��iUL?|h@U| �u |�i @U|�L?t @| t|@}i 2 @hi E.�c ~2� Lh E~�c .2� E@?_ h@?_L4�3�?} ��|�i^�@* ThLM@M�*�|) Mi|�ii? |�i |�L �h4t �u |�i) @hi E.�c .2��� A�i Mh@?_ @| |�i

2b

�?|ih4i_�@h) �t tii? M) |�i UL?t�4iht @t @ ��}� ^�@*�|) Mh@?_c ���U� UL?|h@_�U|tMi*�iut�

5iUL?_c �?_ih E��5� E?i�|h@*� Lh E��5� EUL?_�|�L?@* T�?�t�� |�ihi �t ?L Mi*�iu�?UL?t�t|i?U) Lu |��t !�?_� �L?t�_ih |�i t|h@|i}�it 5�� 4L_��i_ tL |�@| |�i �ht|t|@}i U�L�Ui �t 4@_i M) �@|�hic ���*i @| @** |�i L|�ih t|@}it |�i �h4t @?_ |�i�?|ih4i_�@h) Mi�@�i @t ThitUh�Mi_ M) t|h@|i}�it( _i?L|i |�iti @t t|h@|i}�it 5��E@�t��� A�i Mi*�iut E��5� E?i�|h@*� Lh E��5� EUL?_�|�L?@* T�?�t�� @?_ |�i t|h@|i}�it5�� E@�t�� ThitUh�Mi |�i uL**L��?} i^��*�Mh��4 T@|�t �?_ih @_�ihti ti*iU|�L?� Wu�@|�hi<t U�L�Ui hit�*|t �? |�i t|@|i EMcM� |�i? ML|� �h4t U�LLti |L ThLTLti |�i�L�?| UL?|h@U| Ea�c a2� |�i �?|ih4i_�@h) t�}?t ��|� ML|� @?_ ML|� @�L�_ Uih|��U@�|�L? ULt|t� Wu |�i t|@|i �t EMcu� Lh EucM� |�i? ML|� �h4t U�LLti ?L�UL?|h@U|@?_ ?L L?i �t �?|ih4i_�@|i_( |�i ��}� ^�@*�|) �h4 |�i? T@)t |�i Uih|��U@|�L?ULt|t� Wu |�i t|@|i �t Eucu� ML|� �h4t ti** _�hiU|*) MiU@�ti |�i) U�LLti E~�c~2� @|t|@}i 2� 6Lh i@U� Lu |�i t)t|i4t Lu Mi*�iut E��#� Eu�**� @?_ i�|�ih E��5� E?i�|h@*�Lh E��5� EUL?_�|�L?@* T�?�t�� Lh E��5� E�?UL?_�|�L?@* T�?�t�� @ t|h@|i}) U@? MiUL?t|h�U|i_ t�U� |�@| |��t t|h@|i}) @?_ |�i Mi*�iu t)t|i4 uLh4 @ ��, Lu B@4i 2E@�t���

+i4@h! |�@| |�ihi �t tL4i|��?}c �L�i�ihc Lu @ _�t|�hM�?} ui@|�hi �? |�i Thi�_�U|�L? }��i? M) @** i^��*�Mh�@ ��|� �?|ih4i_�@|�L?� �L?t�_ih �?_ii_ |�i t�M}@4it|@h|�?} @u|ih �@|�hi �@t U�Lti? |�i t|@|i Eucu� �? B@4i 2 E@�t��� A�i i^���*�Mh��4 t|h@|i}�it ThitUh�Mi |�i UL�T*i Lu 4�|�@* Mit| hiT*�it E~�c ~2�c @?_ |�ii^��*�Mh��4 T@)Lgt @hi Z�Eucu�� OL�i�ihc }��i? |�i Mi*�iu t)t|i4t uhL4 @ML�i|�i t|h@|i}) T@�h Ea�c a2� �t @*tL @ T@�h Lu 4�|�@* Mit| hiT*�it( UL?t�_ih �h4 �G �u|�i L|�ih �h4 @*tL Lgiht |�i �L�?| UL?|h@U| |�i? |�i t|h@|i}) Lu |�i �?|ih4i_�@h)@| t|@}i � �t |�@| Lu t�}?�?} ��|� ML|� �h4tc @?_ |�i Mi*�iu t)t|i4 �t t�U� |�@|KEEMcM�c d�c� o� ' �c ML|� �h4t ��** |�i? Mi Mi*�i�i_ |L Mi Lu ��}� ^�@*�|)� A�iT@)Lg uL**L��?} Ea�c a2� �t Z�Ed�c �o�� �}@�?t| a2 @** U�L�Uit _�gihi?| uhL4 a� *i@_|L T@)Lgt |�@| _L ?L| i Uii_ Z�Ed�c �o� E�?_ii_ L?*) �� @}@�?t| a2 *i@_t |L |�it@4i L�|UL4i @?_ T@)Lg� |�ihiuLhi Ea�c a2� _Lit UL?t|�|�|i @ UL�T*i Lu 4�|�@*Mit| hiT*�it� �*|�L�}� M) _i�?�|�L? Lu @ �@)it�@? i^��*�Mh��4 |�i U�L�Ui Lu Ea�c a2�U@??L| Mi T@h| Lu @ ��, MiU@�ti �| �?�@*�_@|it |�i Mi*�iu t)t|i4c @?_ |�ihiuLhi@*|�L�}� |�i i^��*�Mh��4 @t t�U� �t ?L| �Tti| M) |�i u@U| |�@| Ea�c a2� �t @ UL�T*iLu 4�|�@* Mit| hiT*�itc �i �?_ �| _�t|�hM�?}�H |L @UUiT| |�i Thi_�U|�L? Lu E~�c ~2�

4;Lw pd| eh qrwhg wkdw lq wkh vxejdph vwduwlqj diwhu Qdwxuh kdv fkrvhq +O>O,/ jlyhq eholhiv+E1V,+qhxwudo, ru +E1V,+sxqlvk,/ wkh +M4> M5, sdlu fdqqrw eh glvplvvhg e| xvlqj holplqdwlrq rigrplqdwhg vwudwhjlhv1 Lqghhg/ lw lv hdv| wr vkrz wkdw Rl lv zhdno| grplqdwhg e| Ml> exw wkhq/

�f

@t @ t@|�tu@U|Lh) L?i �? |�i t|@|i Eucu��

�@h|�@* hiT*@Ui4i?| Lu Uih|��U@|�L?

�*tL �?_ih @_�ihti ti*iU|�L? tL4i t)t|i4t Lu Mi*�iut t�TTLh| T@h|�@* hiT*@Ui�4i?| Lu Uih|��U@|�L?� �hLTLt�|�L? H t�L�t |�@| �?|ih4i_�@|�L? U@? T@h|*) hiT*@UiUih|��U@|�L? ��i? �@|�hi U�LLtit EMcM�� A�i i^��*�Mh��4 t�h���it |�i i*�4�?@�|�L? Lu �i@!*) _L4�?@|i_ t|h@|i}�it�

�hLTLt�|�L? H� W? |�i ti|�T ��|� @_�ihti ti*iU|�L?c |�ihi i �t|t @ ��, ���U�

t�TTLh|t T@h|�@* hiT*@Ui4i?| ��i? �@|�hi<t U�L�Ui }��it EMcM� �? i@U� Lu |�iuL**L��?} U@titG }��i? E��#� ET@h|�@*� @?_ i�|�ih E��5� E?i�|h@*� Lh E��5� EUL?�_�|�L?@* T�?�t�� �?_ih |�i hit|h�U|i_ Lh |�i �?hit|h�U|i_ UL?|h@U| tT@Ui( @?_ }��i?E��#� ET@h|�@*� @?_ E��5� E�?UL?_�|�L?@* T�?�t�� L?*) �?_ih |�i �?hit|h�U|i_ UL?�|h@U| tT@Ui� `�i? �@|�hi<t U�L�Ui }��it t|@|i EMcu� |�i? |�i L�|UL4i �4T*�it Uih�|��U@|�L? M) |�i ��}� ^�@*�|) @?_ ?L �?|ih4i_�@|�L?c ?@4i*) �| �t EEMc��c Euc���Et)44i|h�U@**) uLh EucM��� Wu �@|�hi<t U�L�Ui }��it t|@|i Eucu� |�i? EEuc��c Euc���LM|@�?t�

A�i ThLLu uL**L�t i@t�*) uhL4 |�i ThLLu Lu �hLTLt�|�L? S Etii �TTi?_� ����L|i |�@| |�ihi �t ?L _�gihi?Ui Mi|�ii? |�i T@h|�@* Uih|��U@|�L? ��, Lu B@4i� E@�t�� @?_ |�@| Lu B@4i 2 E@�t�� i UiT| |�@| |�i t@4i hi4@h!t @TT*) @t |�Lti�? tiU|�L? ��2 @?_ ��� @ML�| |�i i �t|i?Ui Lu |�L ��,c L?i ��ihi |�i L�|UL4i�t EEMc ��c EMc��� @?_ @?L|�ih ��ihi �| �t |�i T@h|�@* hiT*@Ui4i?| L�|UL4i @?_|�@| �? B@4i 2 E@�t�� T@h|�@* hiT*@Ui4i?| �t t�TTLh|i_ M) @? @__�|�L?@* Mi*�iut)t|i4�

� E��5� EUL?_�|�L?@* Th�3i� @?_ E��5� E�?UL?_�|�L?@* Th�3i� U@??L| t�TTLh| @��, �?_ih @_�ihti ti*iU|�L?� B��i? |�iti Mi*�iut i@U� Lu |�L *L��^�@*�|)

wkh frxsoh +M4> M5, uhvlvwv wkh dssolfdwlrq ri lwhudwhg zhdn grplqdqfh lq wkdw vxejdph1 E|frqwudvw/ lw lv +]4> ]5, wkdw grhv qrw1 Djdlq/ dowkrxjk wklv grhv qrw phdq wkdw +M4> M5, lv sduwri d Ed|hvldq Htxloleulxp/ lw zhdnhqv wkh htxloleulxp suhglfwlrq1 +Wr vkrz wkdw Rl lv zhdno|

grplqdwhg e| Ml qrwh wkdw djdlqvw wkh h{foxvlyh frqwudfw fkrlfh e| �up 5 lw lv ehwwhu wr fkrrvh

M4 zklfk ohdgv wr sd|r� �4+k> ^O`,�vlqfh wkh lqwhuphgldu| wdnhv wkh rssrqhqw lq exw fdqqrwwdnh erwk lq�udwkhu wkdq fkrrvh R4 zklfk doorzv klp wr wdnh erwk �upv lq dqg ohdgv wr sd|r��4+^k>k`, ? �4+k> ^O`,1 Wkh vdph sd|r� lqhtxdolw| iroorzv iurp wkh fkrlfh ri R4 lqvwhdg ri M4djdlqvw wkh qr0frqwudfw rswlrq ]51 Djdlqvw vwudwhj| M5 ru R5 wkh fkrlfh ri M4 ru R4 ohdgv wr wkhvdph sd|r� vlqfh erwk �upv duh jrlqj wr eh lqwhuphgldwhg1,

��

�h4t �@t @? �?Ui?|��i |L Mi |h@_i_ @*L?i M) @? �?|ih4i_�@h)� A��t i�|�ih��L*@|it Mi*�iut Lh h�*it L�| |�i i �t|i?Ui Lu 4�|�@* Mit| hiT*�it �? @ t�M}@4i�

�TTi?_� 2G �** t)t|i4t Lu Mi*�iut

W? |��t @TTi?_� �i t�44@h�3i |�i hit�*|t uLh @** t)t|i4t Lu Mi*�iut �? ���U�t�@hi_ �?|ih4i_�@|�L? U@? Mi @ t�}?@*� B��i? t�?}*i �?|ih4i_�@|�L? |�ihi @hi �S_�gihi?| u�**) tiT@h@|�?} Mi*�iut� A�i |@M*i hi@_t @t uL**L�t� Wu �? UL*�4? d� oc �|�i T@�h Eucu� @TTi@ht |��t 4i@?t |�@| KEEucu�mEd� oc � �� ' ��

r d� oc � d�oc� d� oc �� Eucu� EMcu� EMcM�2 Eucu� EMcu� EucM�� Eucu� EMcM� EMcM�e Eucu� EMcM� EucM�D EMcu� EMcu� EMcM�S EMcu� EMcu� EucM�. EMcu� EMcM� EMcM�H EMcu� EMcM� EucM�

r d� oc � d�oc � d� oc �b EucM� EMcu� EMcM��f EucM� EMcu� EucM��� EucM� EMcM� EMcM��2 EucM� EMcM� EucM��� EMcM� EMcu� EMcM��e EMcM� EMcu� EucM��D EMcM� EMcM� EMcM��S EMcM� EMcM� EucM�

�i*�iut 2 ULhhitTL?_ |L E��5�E?i�|h@*� �? |�i 4@�? |i |c Mi*�iut S |L E��5� EUL?�_�|�L?@* Th�3i�c Mi*�iut D |L E��5� E�? UL?_�|�L?@* Th�3i�c Mi*�iut �f |L E��5� EUL?_�|�L?@*T�?�t��c @?_ Mi*�iut �2 |L E��5� E�?UL?_�|�L?@* T�?�t��� �tt�4T|�L?t ������. @hit�TTLti_ |L �L*_� i U�@h@U|ih�3i T�hi t|h@|i}) ��, @u|ih |�i i*�4�?@|�L? Lu�i@!*) _L4�?@|i_ t|h@|i}�it� `�|� �u�**< �i _i?L|i |�i u�** hiT*@Ui4i?| L�|UL4iEdEMc��c EMc� �o� @?_ ��|� �T@h|�@*< �i _i?L|i |�i T@h|�@* hiT*@Ui4i?| L�|UL4i�A�i L�|UL4i EEMc��c EMc��� �t _i?L|i_ M) �Uih|�u)<� � �?L< t�}? 4i@?t |�@||�ihi �t ?L T�hi t|h@|i}) ��, uLh |�i T@h|�U�*@h t)t|i4 Lu Mi*�iut� W? |�L U@tit4@h!i_ ��|� @ t|@h t�?}*i �?|ih4i_�@|�L? ��|� |�i L�|UL4it EdEMc� �oc EMc���@?_ EEMc��c dEMc��o� LUU�h ��|� i^�@* ThLM@M�*�|)� A�i uL**L��?} |@M*i t�44@�h�3it |�i hit�*|t uLh @** TLtt�M*i tiT@h@|�?} t)t|i4t Lu Mi*�iut uLh ���U� t�@hi_�?|ih4i_�@|�L? �t ?L| ?i�|h@*�

�2

E��#�Eu�**� E��#�ET@h|�@*�r B@4i� B@4i 2 B@4i � B@4i 2� ?J u�** ?J T@h|�@*

2 u�**cUih|�u) u�** T@h|�@*c Uih|�u) T@h|�@*

� ?J ?J ?J ?J

e Uih|�u) u�** Uih|�u) T@h|�@*

D ?J u�** ?J �

S ?J u�** ?J T@h|�@*

. ?J u�** ?J �

H ?J ?J ?J ?J

b ?J ?J ?J ?J

�f u�**c Uih|�u) u�** T@h|�@*c Uih|�u) T@h|�@*

�� Uih|�u) u�** Uih|�u) T@h|�@*

�2 Uih|�u) u�** Uih|�u) T@h|�@*

�� ?J ?J ?J ?J

�e u�**c Uih|�u) u�** T@h|�@*c Uih|�u) T@h|�@*

�D ?J ?J ?J ?J

�S ?J ?J ?J ?J

�TTi?_� �G �hLLut

�hLLu Lu �hLTLt�|�L? �

�Lh@* �@3@h_ U@tiG W? t�M}@4i EMcM�c E�c�� @hi 4�|�@* Mit| hiT*�it }��i? Mi*�iutE����� W? t�M}@4i EucM� �h4 2 Uih|��it� � _i��@|�L? @| t|@}i � |L EucM� @gLh_tThL�|t Z�EucM� ��EMcM��

�_�ihti ti*iU|�L? U@tiG B��i? E���� ��}� ^�@*�|) Mh@?_t @hi @*�@)t Uih|��i_@t t�U� @| t|@}i 2� �| t|@}i �� �h4t ��|� |�i |iU�?L*L}) |L ThL_�Ui ��}� ^�@*�|)�@�i @? �?Ui?|��i |L t|@) �? |�i 4@h!i| @?_ ?L| |L _L�?}h@_i |�i�h Mh@?_�

#�tU�tt�L? Lu ��e

N?_ih ��e E@_�ihti ti*iU|�L?� uLh @ |)Ti M �h4 Uih|��U@|�L? ULt|t _L ?L|Thi�i?| |�i hi�i*@|�L? Lu t|@|i EMc u� |L Mi 4Lhi ThL�|@M*i |�@? *i@��?} UL?t�4iht��|� |�i Mi*�iu |�@| |�i ^�@*�|) Lu �|t Mh@?_ �t @�ih@}i�

B��i? L�h @tt�4T|�L?t |�ihi @hi L?*) |�L TLtt�M*i i^��*�Mh��4 L�|UL4it �? |�i4Lh@* �@3@h_ U@tiG i�|�ih EEMc��c EMc��� Lh EEuc��c Euc��� @hi U�Lti? @*L?} |�ii^��*�Mh��4 T@|�� W? T@h|�U�*@hc EEMc � �c EMc��� U@??L| Mi t�TTLh|i_ @t @ ��,

��

Etii ThLLu Lu �hLTLt�|�L? 2 Mi*L��� ��e E4Lh@* �@3@h_� �4T*�it |�@| ��}� ^�@*�|)�h4t Uih|�u) �? @?) ��, �?_ih 4Lh@* �@3@h_�

5�?Ui �| �t @*tL |h�i |�@| ��EMcu� : Z�E,c u� @?_ t�?Ui Mi*�iut t)44i|h) �L*_t�?_ih |�i @U|�L? T@�h E�c�� ��e E4Lh@* �@3@h_� �4T*�it |�@| �? t|@|i EMcu� �h4M U�LLtit |L Uih|�u) �hhitTiU|��i Lu ��@| Mi*�iut Thi�@�* �u �| _Lit ?L| Uih|�u)� N?_ih��e E4Lh@* �@3@h_� EEuc��c Euc��� U@??L| Mi @? i^��*�Mh��4 L�|UL4i�

W| �t i@t) |L t�L� |�@| �u @ tiT@h@|�?} ��, i �t|t |�i? UL?t�4iht< Mi*�iut @hit�U� |�@| @ �h4 ���U� _Lit ?L| Uih|�u) �t Mi*�i�i_ |L Mi Lu ^�@*�|) u �? |�i Thiti?UiLu @ ��}� ^�@*�|) �h4 ���U� Uih|��it� A�i L?*) L|�ih Mi*�iu t)t|i4 @T@h| uhL4E���� ���U� U@? t�TTLh| @ u�**) tiT@h@|�?} ��, �t E����< ��|� KEEMcM�mE�c��� '�c KEEMcu�mE�c��� ' �c KEEMcM�mE�c��� ' ��

�hLLu Lu �hLTLt�|�L? 2

�_�ihti ti*iU|�L? U@tiG 6�ht| ?L|i |�@| *L� ^�@*�|) �h4t @*�@)t i?|ih |�i 4@h!i|�A�i t|@|i EucM� U@??L| �@�i @ 3ihL TLt|ih�Lh }��i? |�@| �| �t U�Lti? M) �@|�hi@?_ ML|� �h4t t|@) �?� �) ��D |�i ��}� ^�@*�|) �h4 Uih|��it �u �| t|@)t �? |�i4@h!i|� 5�?Ui |�i @ttLU�@|i_ ThL�| �t TLt�|��i �| t|@)t �? |�i 4@h!i|c tL _Lit |�i*L� ^�@*�|) �h4� �L?ti^�i?|*)c KEEucM�mE�c��� : f� 5�?Ui t|@|it @hi U�Lti?��|� i^�@* ThLM@M�*�|) @?_ L?*) ��}� ^�@*�|) �h4t U@? Uih|�u)c |�i LMtih�@|�L?Lu E�c�� �4T*�it |�@| �

2� KEEMcM�mE�c��� � f� Oi?Uic �u @ �h4 _Lit ?L|

Uih|�u) �| U@? @| 4Lt| Mi Mi*�i�i_ |L Mi Lu @�ih@}i ^�@*�|)� W? |�i t|@|i EMc u���i? �h4 2 �t Mi*�i�i_ |L Mi Lu ^�@*�|) ^ Uih|��U@|�L? }��it ��EMc ^� ��ihi@t� }��it Z�E^c ^�� �) ��e � �t @ Mit| hiT*) |L � MiU@�ti Z�E^c ^� � Z�E^c ^��A��t �4T*�it |�@| KEEucu�mE�c��� ' �� Wu �@|�hi �@t U�Lti? EMcM�c � �t @ Mit|hiT*) |L � M) |�i t@4i @h}�4i?| @t @ML�i� � �t @*tL @ Mit| hiT*) |L � MiU@�ti��EMcM� : Z�E^cM�� Oi?Uic ML|� �h4t Uih|�u) �? t|@|i EMcM�� A�ihiuLhic |�iLMtih�@|�L? E�c�� TihuiU|*) hi�i@*t |�i t|@|i EMcu� @?_ KEEMcu�mE�c� �� ' ���| t|@}i �� ��}� ^�@*�|) �h4t @*�@)t i?|ih |�i 4@h!i| MiU@�ti ��EMcM� : f�5�4�*@h @h}�4i?| uLh |�i U@ti ��i? �h4t U@? _L�?}h@_i uhL4 ��}� |L *L� ^�@*�|)�

�Lh@* �@3@h_ U@tiG W? t�M}@4i EMcM� �u � �t Mit| hiT*) |L � |�i? @| t|@}i � u�t Mit| hiT*) |L M� A��t �4T*�it |�@| KEEMcM�mE�c��� �@t |L Mi t��U�i?|*) t4@**�? Lh_ih |L t�TTLh| EEMc��c EMc���� E�c�� U@??L| Mi 4�|�@* Mit| hiT*�it �?t�M}@4i EMcM�� W? Lh_ih |L t�TTLh| EEMc��c EMc���c E�c�� �@�i |L Mi 4�|�@*Mit| hiT*�itc ��i� Z�E^c ^� : ��EMc ^� ��ihi ^ �t |�i TihUiT|�L? Lu @ ��}� ^�@*�|)Mh@?_� A��t L�|UL4i U@??L| Mi t�TTLh|i_ MiU@�ti @ _i��@|�L? @| t|@}i � |L u �tThL�|@M*i� �*tLc EEMc��c EMc��� ��|� tL4i ThLM@M�*�|) k @?_ EEMc��c EMc�����|� ThLM@M�*�|) ��k U@??L| Mi t�TTLh|i_G |L t�TTLh| |��t L�|UL4i Mi*�iut 4�t|

�e

t@|�tu) KEEMcM�mE�c��� ' �� �L?t�_ih @ _i��@|�L? |L u @| t|@}i �� �) ��ec |�i��}� ^�@*�|) �h4 Uih|��it @| |�i *@t| t|@}i @?_ |�i *L� ^�@*�|) �h4 4@!it ThL�|tZ�E�cM�� Oi?Uic @ _i��@|�L? �t ThL�|@M*i� W? Lh_ih |L �@�i i^��*�Mh��4 ^�@*�|�itEMcu� @?_ EucM� Mi*�iut �@�i |L t@|�tu) KEEMcM�mE�c��� ' f� B��i? |��t Mi*�iucE�c�� @hi 4�|�@* Mit| hiT*�it �? |�i t�M}@4i EMcM� @?_ @ _i��@|�L? uhL4 u |LM @| t|@}i � E��|� Uih|��U@|�L? @| t|@}i 2� �t ThL�|@M*i� A�ihi i �t|t @ �?�^�ii^��*�Mh��4 �? |�i t�M}@4i EMcM� �u ��EMc u� : Z�E^c ^�� Wu |��t �?i^�@*�|)�t ��L*@|i_c E�c�� @hi @*tL 4�|�@* Mit| hiT*�it @?_ �i _L ?L| �@�i @ �?�^�iThi_�U|�L? uLh @ _i��@|�L? uhL4 u |L M @| t|@}i � M�| �? |��t U@ti @ _i��@|�L?uhL4 M |L u M) |�i L|�ih �h4 �t ThL�|@M*i� Oi?Uic ^�@*�|�it EMcu� @?_ EucM�U@??L| Mi U�Lti? �? i^��*�Mh��4� �iU@�ti Lu ��e EEuc� �c Euc��� U@? Mi h�*i_ L�|@t i^��*�Mh��4 L�|UL4it� �L?ti^�i?|*)c |�i L?*) TLtt�M*i i^��*�Mh��4 L�|UL4i �tEEMc��c EMc����

�hLLu Lu �hLTLt�|�L? �

5|@}i e

f� Wu �h4 � �t u |�i? �| U@??L| Uih|�u)��� 6�h4 � �t M�

��@� EdMc �o�� �UULh_�?} |L |�i t)t|i4 Lu Mi*�iut E��#� Eu�**� Uih|��U@|�L? �t hi�_�?_@?| �u Ed�c �o� @?_ �h4 � _Lit ?L| Uih|�u) i�i? �u �|t LTTL?i?| �t w @t |��t �t @�@t|i Lu hitL�hUit�

��M� Wu EdMoc �� Lh EMc d�o� |�i? Uih|��U@|�L? �t @ _L4�?@?| t|h@|i}) uLh �h4 �MiU@�ti t�?}*i �?|ih4i_�@|�L? �t ?L t�}?@* �?_ih E��5� E?i�|h@*�� AL Mi ThiU�tic �uEdMocM�c ��i� �h4 � �t M @?_ �t �? @?_ 6�h4 2 �t M @?_ L�| |�i? t�?Ui KEEucu� mEd� oc � �� ' KEEucM� m Ed� oc ��� ' � ?L�Uih|��U@|�L? �t _L4�?@|i_ M) Uih|��U@|�L?MiU@�ti Z�Ed,ocM� ��EdMocM� @?_ Z�Ed,oc ,� ��EdMoc ,�� Wu EdMoc u�c |�i? �h4 �Uih|��it MiU@�ti Z�Ed,oc u� ��EdMoc u�� Wu EMc dMo� c �| �t @ _L4�?@?| t|h@|i}) uLh�h4 � |L Uih|�u) @?_ �| LM|@�?t ��EMc dMo� : Z�E,c dMo� Lh ��EMc d,o� : Z�E,c d,o����_� Wu EMc duo�c |�i? �h4 � Uih|��it t�?Ui �h4 2 �t w �| U@??L| Uih|�u) @?_ ?L�Uih|��U@|�L? M) �h4 � *i@_t |L Mi*�iut KEE,c u� m E�c d� o�� ' �c ���U� @gLh_t �h4 ���|� T@)Lg Z�EMc duo� ���*i Uih|��U@|�L? �L�*_ hi_�Ui �| M) |�i Uih|��U@|�L? ULt|t�

��U� EMc ��c ��i� ML|� �h4t @hi L�| |�i? |�i }@4i �@t |�i t@4i L�|UL4it @tB@4i fc ��|�L�| �?|ih4i_�@|�L?c @?_ Uih|��U@|�L? �t @ _L4�?@?| t|h@|i}) uLh �h4��

5|@}i �� W?|ih4i_�@h)<t U�L�Uit�E@� `�i?i�ih UE@�c @2� �t @ t�?}*i|L? |�i? |�i �?|ih4i_�@h)<t U�L�Ui �t |h���@*�

EM� `�i?i�ih d�2o 5 UE@�c @2� |�i? |�i �?|ih4i_�@h) t�}?t ��|� ML|� MiU@�ti Lu

�D

|�i @tt�4T|�L? |�@| ZUEd^�c ^2o� : 4@ iZUEd^�oc ^2�c ZUE^�c d^2o�j� EU� Wu UE@�c @2� 'id�o c ^��|j |�i? T@h|�U�T@|�L? �t Thiuihhi_�

5|@}i 2

5|@|i EMcM�� A�i? �h4 �<t U�L�Ui Lu �� @}@�?t| �2 }��it Z�EdMcMo�( |�iU�L�Ui Lu ~� *i@_t |L |�i t�|�@|�L? EMc dMo� }��i? |�i �?|ih4i_�@h)<t t|h@|i}�it @|t|@}i �c @?_ ML|� �h4t @?_ �h4 � }i|t ��EMc dMo� ���U� @UULh_�?} |L ��D �t *L�ih|�@? Z�EdMcMo�� A�ihiuLhi �� �t @ Mit| hiT*) |L �2�

5|@|i EMcu�� A�i �?�^�i �h4 �<t Mit| hiT*) |L ~2 �t ~� MiU@�ti �� �L�*_*i@_ |L |�i t�|�@|�L? EdMo c u� M�| |�i? |�i L?*) �@) |L �?4@t! |�i LTTL?i?|�t |L Uih|�u) t�?Ui L|�ih��ti KEEucu� m Ed� oc ��� ' �( M�| |�i? Uih|��U@|�L? @?_�?|ih4i_�@|�L? @__ �T @?_ @hi hi_�?_@?|c ��i� ��EMc u� : ��EdMoc u��

5|@|i EucM�� 6�h4 �<t Mit| hiT*) |L ~2 �t ~� MiU@�ti Z�EucM� : Z�EduocM��EaL�?i_ _i��@|�L?� 5|@|i Eucu�� A�i? �h4 �<t �?�^�i Mit| hiT*) |L ~2 �t ~�

t�?Ui ThLTLt�?} �� *i@_t |L |�i �?|ih4i_�@h) |@!�?} �? �h4 � @?_c t�?Ui ?L �h4U@? Uih|�u) �h4 � �L�*_ LM|@�? T@)Lg Z�Eduo c u�� ��| |�i i^��*�Mh��4 t|h@|i}) ~�

@gLh_t T@)Lg Z�Eucu� : Z�Eduo c u��5|@}i �

5�?Ui 6�h4 2 �t U�LLt�?} M |�i? U�L�Ui Lu u �L�*_ *i@_ |L Z�EucM� ���*iU�L�Ui Lu O *i@_t |L �?|ih4i_�@|�L? Lu ML|� �h4t @?_ ?L Uih|��U@|�L?c ��i� |L @T@)Lg i^�@* |L Z�EdMcMo� : Z�EucM��

�hLLu Lu +i4@h! e E��5� EUL?_�|�L?@* T�?�t��i t�L� |�@| E��#�Eu�**� @?_ E��5� EUL?_�|�L?@* T�?�t�� @?_ |�i uL**L��?}

t|h@|i}) 5��< uLh4 @ ��,�5|h@|i}�it 7���

5|@}i eG EUL?t�_ih �h4 �� E@� �u �h4 � �t u |�i? S� ' � � EM� Wu EdMc �o� |�i? S� ' �

( �u EdMoc �� |�i? S� ' �� W? |�i U@ti EMc d�o�c �u �h4 2 �t M |�i? S� ' � c ���*i �u�h4 2 �t u |�i? S� ' � � W? |�i U@ti EMc �� |�i? �� 5@4i uLh �h4 2c @?@*L}L�t*)�5|@}i �G A�i �?|ih4i_�@h) U�LLtit ^��| �u E@�c @2� ' E~�c ~2�c U�LLtit d�2o �uE@�c @2� ' E��c �2� �?@**) t�i U�LLtit d�o ��i?i�ih @� ' �� @?_ @� ' ~��5|@}i 2G 6�h4 � E@?_ @?@*L}L�t*) uLh �h4 2� U�LLtit @UULh_�?} |L |�i t|@|i |�@|Thi�@�*t @u|ih t|@}i � ^�@*�|) U�L�UitGEMcM� ', ��( EMcu� ', ~�( EucM� ',~�( Eucu� ', ~��5|@}i �G ^� ' M uLh � ' �c 2�

5|@}i e

f� Wu �h4 � �t u |�i? �| U@??L| Uih|�u)�

�S

�� 6�h4 � �t M���@� EdMc �o�� �UULh_�?} |L |�i t)t|i4 Lu Mi*�iut E��#�Eu�**� Uih|��U@|�L? �t hi�

_�?_@?| �u Ed�c �o� @?_ �h4 � _Lit ?L| Uih|�u) i�i? �u �|t LTTL?i?| �t w @t |��t �t @�@t|i Lu hitL�hUit�

��M� Wu EdMocM�c ��i� �h4 � �t M @?_ �t �? @?_ 6�h4 2 �t M @?_ L�| |�i? t�?UiKEEucM� m Ed� oc ��� ' KEEucM� m Ed� oc ��� ' � ?L�Uih|��U@|�L? �t _L4�?@|i_ M)Uih|��U@|�L? MiU@�ti Z�Ed,ocM� ��EdMocM��

��U� Wu EdMoc u�c |�i? �h4 � Uih|��it MiU@�ti Z�Ed,ocM� ��EdMocu����_� Wu EMc dMo�c t�?Ui S2 ' � �t ThitUh�Mi_ |L �h4 2 M) |�i i^��*�Mh��4 t|h@|i})

E@?_ �| �t @ _L4�?@?| t|h@|i}) uLh �h4 2 M) ��M�@ML�i� |�i? �h4 � Uih|��it @?_LM|@�?t ��EMc dMo� : Z�E,c dMo��

��i� Wu EMc duo�c |�i? t�?Ui �h4 2 �t u �| U@??L| Uih|�u) @?_ ?L�Uih|��U@|�L? M)�h4 � *i@_t |L Mi*�iut KEEMcu� m E�c d� o�� ' �c ���U� @gLh_t �h4 � ��|� T@)LgZ�EMc duo� ���*i Uih|��U@|�L? �L�*_ hi_�Ui �| M) |�i Uih|��U@|�L? ULt|t�

��u� EMc ��c ��i� ML|� �h4t @hi L�| |�i? |�i }@4i �@t |�i t@4i L�|UL4it @tB@4i fc ��|�L�| �?|ih4i_�@|�L?c @?_ Uih|��U@|�L? �t @ _L4�?@?| t|h@|i}) uLh �h4��

5|@}i �� W?|ih4i_�@h)<t U�L�Uit�E@� `�i?i�ih UE@�c @2� �t @ t�?}*i|L? |�i? |�i �?|ih4i_�@h)<t U�L�Ui �t |h���@*� EM�`�i?i�ih d�2o 5 UE@�c @2� |�i? |�i �?|ih4i_�@h) t�}?t ��|� ML|� MiU@�ti Lu |�i@tt�4T|�L? |�@| ZUEd^�c ^2o� : 4@ iZUEd^�o c ^2�c ZUE^�c d^2o�j� EU� Wu UE@�c @2� 'id�o c ^��|j |�i? T@h|�U�T@|�L? �t Thiuihhi_�

5|@}i 2

5|@|i EMcM�� A�i? �h4 �<t U�L�Ui Lu �� @}@�?t| �2 }��it Z�EdMcMo�( |�iU�L�Ui Lu ~� *i@_t |L |�i t�|�@|�L? EMc dMo� }��i? |�i �?|ih4i_�@h)<t t|h@|i}�it @|t|@}i �c @?_ �h4 2 4�t| |�i? Uih|�u) tL |�@| �h4 � @*tL 4�t| Uih|�u) @?_ �| }i|t��EMc dMo� ���U� @UULh_�?} |L ��D �t *L�ih |�@? Z�EdMcMo�� A�ihiuLhi �� �t @Mit| hiT*) |L �2�

5|@|i EMcu�� W| �t @ _L4�?@?| t|h@|i}) Lu �h4 � |L Lgih ~� MiU@�ti �� �L�*_i�|�ih *i@_ |L |�i t�|�@|�L? EdMo c u� @?_ ��EMcu� : ��EdMoc u� Lh |L |�i t�|�@|�L?EdMc�o� @?_ Z�EMc duo� : Z�EdMc�o��

5|@|i EucM�� 6�h4 �<t Mit| hiT*) |L ~2 �t ~� MiU@�ti Z�EucM� : Z�EduocM��5|@|i Eucu�� A�i? �h4 �<t �?�^�i Mit| hiT*) |L ~2 �t ~� t�?Ui ThLTLt�?} ��

*i@_t |L |�i �?|ih4i_�@h) |@!�?} �? �h4 � @?_c t�?Ui ?L �h4 U@? Uih|�u) �h4 ��L�*_ LM|@�? T@)Lg Z�Eduo cM�� ��| |�i i^��*�Mh��4 t|h@|i}) ~� @gLh_t T@)LgZ�Eucu� : Z�Eduo cM��

�.

5|@}i �

5�?Ui 6�h4 2 �t U�LLt�?} M |�i? U�L�Ui Lu u �L�*_ *i@_ |L Z�EucM� ���*iU�L�Ui Lu M *i@_t |L �?|ih4i_�@|�L? Lu ML|� �h4t @?_ ?L Uih|��U@|�L?c ��i� |L @T@)Lg i^�@* |L Z�EdMcMo� : Z�EucM��

5!i|U� Lu ThLLu Lu tiUL?_ T@h| Lu +i4@h! S E��5� E�?UL?_�|�L?@* Th�3i�6�ht| ?L|�Ui |�@| EMcM� �t �Tti| MiU@�ti u �t @ Mit| hiT*) |L M( �?_ii_ �u

|�i LTTL?i?| U�LLtit M |�i? �| �t LT|�4@* |L U�LLti u @| |�i �ht| t|@}i @?_ |LThLTLti @? LTi? UL?|h@U| @| |�i tiUL?_ t|@}iG |�i? |�i LTTL?i?| Lu |)Ti M ��**Thiuih |L Lgih @? LTi? UL?|h@U| |L |�i �?|ih4i_�@h) �u ��EMc d�o� Z�EdMc�o��E`�|� @ _�gihi?| @h}�4i?| L?i U@? |@!i U@hi Lu |�i hi�ihti �?i^�@*�|)�� A�i? �h4u ��** }i| ThL�|t Z2EdMc�o�� A��t i Uii_t |�i ThL�| Z2EdMcMo� ���U� uL**L�t @u|ih|�i ThLTLti_ i^��*�Mh��4 T@|� �t uL**L�i_c ��i� @u|ih |�i U�L�Ui Lu EMcM�� �)UL?|h@t|c �u |�i LTTL?i?| U�LLtit u |�i? �| �t @ Mit| hiT*) |L U�LLti u� W?_ii_�?_ih |�i @ML�i �?i^�@*�|) |�i U�L�Ui Lu M �L�*_ *i@_ |L @ t�M}@4i ��ihi |�ii^��*�Mh��4 T@)Lg �t Z�EdMc�o�c E@t t�L�? �? |�i @h}�4i?| t�L��?} |�@| u �t @Mit| hiT*) |L M� ���*i |�i U�L�Ui Lu u *i@_t |L @ t�M}@4i ��ihi ML|� �h4t @hi u@?_ ML|� ThLTLti @? LTi? UL?|h@U|c |�i �?|ih4i_�@h) �@t @? �?Ui?|��i |L @UUiT|ML|� @?_ ��** _L tLc @?_ |�i �?@* T@)Lg t�@** Mi Z�Ed�c �o� uLh i@U� �h4�

�hLLu Lu �hLTLt�|�L? e

5|@}i e

f� Wu �h4 � �t u |�i? �| U@??L| Uih|�u)��� 6�h4 � �t M�@� EdMc �o�� �UULh_�?} |L |�i t)t|i4 Lu Mi*�iut Uih|��U@|�L? �t hi_�?_@?| �u Ed�c �o�

@?_ �h4 � _Lit ?L| Uih|�u) i�i? �u �|t LTTL?i?| �t u @t |��t �t @ �@t|i Lu hitL�hUit�M� Wu EMc d�o�c ��i� �h4 � �t M @?_ �t L�| @?_ 6�h4 2 �t �? |�i? Uih|��U@|�L? �t @

_L4�?@?| t|h@|i}) MiU@�ti Z�E,c dMo� ��EMc dMo� @?_ Z�E,c d�o� ��EMc duo��U� Wu EdMo c �� |�i? �u �h4 2 �t u |�i? _L ?L| Uih|�u) MiU@�ti �h4 2 U@??L|

Uih|�u) @?_ }LL_ � �t hiUL}?�3i_ @t M �?_iTi?_i?| Lu Uih|��U@|�L?� W? |�i L|�ihU@ti ��ihi �h4 2 �t Mc �h4 2 ��** Uih|�u) M) EM� @ML�i� �L?ti^�i?|*)c �? |��t U@ti�h4 � @*tL Uih|��it MiU@�ti Z�Ed,ocM� ��EdMocM��

_� Wu EMc ��c ��i� ML|� �h4t @hi L�| |�i? |�i }@4i �@t |�i t@4i L�|UL4it @tB@4i fc ��|�L�| �?|ih4i_�@|�L?c @?_ Uih|��U@|�L? �t @ _L4�?@?| t|h@|i}) uLh �h4��

5|@}i �

W?|ih4i_�@h)<t U�L�Uit�

�H

�� EMcM�@��� Wu d�2o 5 UE@�c @2� |�i? t�i t�}?t ��|� ML|� Mh@?_t t�?Ui t�i Thiuiht |L

|h@_i |�L ��}� ^�@*�|) ThL_�U|t h@|�ih |�@? L?*) L?i ��}� ^�@*�|) Mh@?_ MiU@�tiZUEdMocM� ZUEdMcMo�� 5�i @*tL Thiuiht |L |h@_i |�@? ?L| |L |h@_i �? |��t U@ti�

@�2� Wu d�o @?_ d2o 5 UE@�c @2� |�i �?|ih4i_�@h) �t �?_�gihi?| @?_ h@?_L4�3it��|� i^�@* ThLM@M�*�|�it�

@��� Wu id�oc ^��|j ' UE@�c @2�c |�i? t�i U�LLtit d�oc MiU@�ti t�i Thiuiht |L Mi@U|��i�

�� EMcu� E@?_ EucM� @?@*L}L�t*)��M��� �?_ih |�i @tt�4T|�L? |�@| ZUEdMoc u� ZUEdMc�o� @?_ ZUEduocM�

ZUEd�cMo� |�i �?|ih4i_�@h) |@!it �? ML|� Mh@?_t �u d�2o 5 UE@�c @2�� �L|i |�@|�u |�i �ht| �?i^�@*�|) �t hi�ihti_ |�i �?|ih4i_�@h) @U|��i*) ti*iU|t M E�u i*i4i?|Lu |�i U�L�Ui ti|� i�i? |�L�}� t�i 4�}�| |h@_i ML|� Mh@?_tc @?_ |�i ThLTLt�|�L?hi4@�?t �@*�_�

M�2� Wu d�o @?_ d2o 5 UE@�c @2� |�i �?|ih4i_�@h) @U|��i*) ti*iU|t |�i ��}� ^�@*�|)ThL_�U|� A��t �t |�i 4@�? _�gihi?Ui Lu |�i UL?ti^�i?Uit Lu |�i U�@?}i �? |�iMi*�iu t)t|i4� ��LLt�?} |�i ��}� ^�@*�|) �t 4Lhi ThL�|@M*i MiU@�ti ZUEdMoc u� :ZUEMc duo��

M��� id�oc ^��|j ' UE@�c @2� ', d�oc MiU@�ti t�i Thiuiht |L Mi @U|��i��� Eucu��U��� Wu d�2o 5 UE@�c @2� |�i? t�i t�}?t ��|� ML|� Mh@?_t� 5�i Thiuiht |L |h@_i

|�L *L� ^�@*�|) Mh@?_t h@|�ih |�@? L?*) L?i *L� ^�@*�|) Mh@?_ MiU@�ti ZUEd�oc u� ZUEd�c�o�� 5�i @*tL Thiuiht |L |h@_i |�@? ?L| |L |h@_i �? |��t U@ti�

U�2� Wu d�o @?_ d2o 5 UE@�c @2� |�i �?|ih4i_�@h) �t �?_�gihi?| @?_ h@?_L4�3it��|� i^�@* ThLM@M�*�|�it�

U��� id�oc ^��|j ' UE@�c @2� ', d�oc MiU@�ti t�i Thiuiht |L Mi @U|��i�5|@}i 2

�@ti EMcM�� Wu �h4 2 T*@)t a2 @UULh_�?} |L |�i i^��*�Mh��4 ThitUh�T|�L?|�i? T*@)�?} a� *i@_t |L Z�EdMcMo�� W| �t @ E�i@!� Mit| hiT*) |L T*@) a� Mi�U@�ti L|�ih��ti |�i L�|UL4i �L�*_ Mi E�c �� @?_ Uih|��U@|�L? �L�*_ Mi ?ii_i_ M�|��EMcM� Z�EdMcMo��

�@ti EMcu�� A�i? �h4 � U�LLtit .�� �L|i |�@| |��t @*tL �L*_t �?_ih hi�ihti_�?i^�@*�|) �? EM��� �? |��t ThLLu� B��i? .� �| �L*_t |�@| d�o 5 UE@�c @2� @?_ d�2o *5UE@�c @2�� 6hL4 EM�2� @?_ EM��� �| uL**L�t |�@| |�i �?|ih4i_�@h) U�LLtit .�� A��tUL?|h@U| �t @ _L4�?@?| t|h@|i}) MiU@�ti Z�EdMo c u� : ��EMcu� @?_ Z�EdMo c u� :��EMc duo� @?_ Z�EdMo c u� : Z�EdMc�o��

�b

�@ti EucM�� A�i? t�?Ui |�i LTTL?i?| �t U�LLt�?} .2 @t @ _L4�?@?| t|h@|i})@?_ }��i? |�i i^��*�Mh��4 uL**L��?} |�i t�M}@4i ��ihi E^�c ^2� ' EucM� @?_ d2o 5UE@�c @2� |�i? Z�Euc dMo� uL**L�t uhL4 @?) U�L�Ui M) � @| |��t t|@}i E�?_�gihi?Ui��

�@ti Eucu�� A�i? �u �h4 2 uL**L�t |�i i^��*�Mh��4 ThitUh�T|�L? �| U�LLtit.2 @?_ |�i? .� }��it ThL�|t �

2Z�Ed�oc u� n

2Z�Euc d�o�� A��t �t @ t|h�U| Mit| hiT*)

MiU@�ti ?L UL?|h@U|c �� @?_ a� }��i ThL�|t Z�Euc d�o�� OL�i�ihc |��t t�M}@4i U@?L?*) Mi hi@U�i_ M) �L�?| _i��@|�L?t�

5|@}i �

Wu �h4 2 U�LLtit M |�i? �u �h4 � U�LLtit u �| t�@** LM|@�? Z�Euc dMo� ���*i�u �| U�LLtit M �| t�@** LM|@�? Z�EdMcMo�� Oi?Uic M �t @ Mit| hiT*) |L u� �L|i|�@| M �t @ _L4�?@?| t|h@|i}) @| t|@}i � �u Z�EdMoc u� : �

2Z�Ed�oc u� n

2Z�Euc d�o�

�L*_t��b

5!i|U� Lu ThLLu Lu �hLTLt�|�L? D

Eucu� U@??L| Mi t�TTLh|i_ M) @ ��, MiU@�ti �h4t U�LLti i U*�t��i UL?|h@U|t@| t|@}i 2� 5�?}*i �?|ih4i_�@|�L? Lu @ *L� ^�@*�|) ThL_�U| ��L*@|it Mi*�iut� `�|�|�i @h}�4i?|t Lu |�i ThLLu Lu �hLTLt�|�L? e �| �t t�L�? |�@| EMcu� @?_ EucM�@hi ?L| U�Lti? �? i^��*�Mh��4�

5�M}@4i EMcM�� E��c a2�c Ea�c �2�c E��c �2�c Ea�c a2� @hi �i@! 4�|�@* Mit|hiT*�it� a� �i@!*) _L4�?@|it ��� �L?t�_ih E.�c .2�� 6Lh �h4 � @ _i��@|�L? |L~� �t ThL�|@M*i MiU@�ti ��EMc dMo� : ��EdMocM�� �*tLc E.�c ~2� @?_ E~�c .2� @hi?L| 4�|�@* Mit| hiT*�it MiU@�ti ��EMcM� : ��EdMocM�� �*i@h*)c .� �t ?i�|�ih @Mit| hiT*) |L a2 ?Lh |L �2� E~�c ~2� @hi �i@! 4�|�@* Mit| hiT*�it M�| a� �i@!*)

_L4�?@|it ~�� �*i@h*)c ~� �t ?i�|�ih @ Mit| hiT*) |L a2 ?Lh |L �2�

�hLLu Lu �hLTLt�|�L? S

i ThLLu |�i hit�*| ��|� E��5� EUL?_�|�L?@* T�?�t�� �? B@4i �� 5|h@|i}�it @hit�4�*@h |L 5��� A�i L?*) _�gihi?Ui �t @| |�i Uih|��U@|�L? t|@}i Et|@}i e� ��i? @Mh@?_ �t ��}� ^�@*�|)�

Wu M |�i? EM�� �u EdMcMo� |�i? i�|�ih L?i Lu |�i �h4t Uih|��it E�h4t tL*�i |�iULLh_�?@|�L? ThLM*i4�c EM2� �u EdMcuo� |�i? Uih|�u)c EM��� i*ti Uih|�u)�

i 4L_�u) |�i ThLLu Lu ThLTLt�|�L? � @t uL**L�t� �| t|@}i e �? |�i @?@*)t�tLu Ef�c E��M� @?_ E��U� hi4@�?t� E��@� �t _�gihi?|� Wu EdMc �o� @| *i@t| L?i �h4 �@t|L Uih|�u) �? Lh_ih |L 4@!i UL?t�4iht Mi*�i�i |�@| Mh@?_t @hi Lu ��}� ^�@*�|)� Wu

4<Khqfh/ +O>O, duh qrw pxwxdo ehvw uhsolhv li �4+^K`> O,��4+O> ^K`, A �4+^k`> O,��4+^K`>O,zklfk krogv li wkh surgxfwlrq ri kljk txdolw| lv qrw wrr frvwo|1

ef

EdMc uo�c L?*) �h4 � U@? Uih|�u)� A��t �t ThL�|@M*i �u ��EdMc �o� : Z�Ed,c uo�� A��tuL**L�t uhL4 ��e� 5�?Ui Z�Eucu� : Z�E,c u� @?_ �?|ih4i_�@|�L? _Lit ?L| @giU| |�iThL�| h@?!�?} �i �@�i ��EdMc�o� : Z�Ed,c uo�� Wu EdMcMo�c �h4t u@Ui @ ULLh_�?@|�L?}@4i ��|� |�L T�hi t|h@|i}) i^��*�Mh�@ ���U� |�i) @hi t�TTLti_ |L tL*�i E��ihii�}� |�i �?|ih4i_�@h) |@!it |�i hL*i Lu @ ULLh_�?@|�L? _i��Ui�� , @?|i i@U� �h4

T@)t �@*u |�i Uih|��U@|�L? ULt|c ��i� �h4 � 4@!it ThL�|t �

2Z�EdMcMo�n �

2��EdMcMo�c

�u |�i) uL**L� |�i Ru@�h� ULLh_�?@|�L? _i��Ui� � _i��@|�L? *i@_t |L i @?|i ThL�|t�

2Z�Ed,c ,o� n

2Z�EdMcMo�� �) ��e ��EMcM� : Z�Eucu�� 5�?Ui Z�Eucu� : Z�E,c ,�

@?_ �?|ih4i_�@|�L? _Lit ?L| @giU| |�i ThL�| h@?!�?}c @ _i��@|�L? �t ?L| ThL�|@M*i�5|@}i � �? |�i ThLLu Lu ThLTLt�|�L? � hi4@�?t �?U�@?}i_� �| 5|@}i 2 ?L

U�@?}it �@�i |L Mi 4@_i i UiT| uLh |�i t|@|i EMcM�� 6�h4t Lgih LTi? UL?|h@U|t�� �u |�i ^�@*�|�it @hi EMcM�� A�iti @hi 4�|�@* Mit| hiT*�it MiU@�ti @ _i��@|�L?|L ~� }��it ThL�|t ��EMc dMo� ���U� �t t|h�U|*) *itt |�@? �

2Z�EdMcMo�n �

2��EdMcMo�

M) ��.� �| t|@}i � �h4t U�LLti ��}� ^�@*�|) MiU@�ti @UULh_�?} |L ��� @?_ ��.�

2Z�EdMcMo� n �

2��EdMcMo� : Z�EucM��

e�

e2

+iuihi?Uit

d�o �ih?�i�4c ��#� @?_ ��#� `��?t|L? E�bbH�c , U*�t��i _i@*�?}c aL�h?@* Lu�L*�|�U@* ,UL?L4) �fSc Se��f��

d2o �it@?!Lc #� @?_ �� �ihh) E�bb��c ,^��*�Mh��4 �?Ui?|��it uLh i U*�t��i _i@*�?}�? @ _�gihi?|�@|i_ �?_�t|h)c +@?_ aL�h?@* Lu ,UL?L4�Ut 2ec SeS�SS.�

d�o ��}*@�tihc B� E�bb��c ��__*i4i? @t i Tih|tc +@?_ aL�h?@* Lu ,UL?L4�Ut 2ec2�2�22��

deo ��}*@�tihc B� @?_ a�`� 6h�i_4@? E�bbe�c ��__*i4i? @t }�@h@?|Lht Lu ^�@*�|)cW?|ih?@|�L?@* aL�h?@* Lu W?_�t|h�@* �h}@?�3@|�L? �2c Dfb�D���

dDo �L?@??Lc B� @?_ V�U!iht E�bHH�c Vih|�U@* tiT@h@|�L?c aL�h?@* Lu W?_�t|h�@*,UL?L4�Utc �Sc 2D.�2SD�

dSo ���c `� @?_ `� ��� E�bbe�c 5�}?@*�?} ^�@*�|) M) ti**�?} |�hL�}� @ hiT�|@M*ihi|@�*ihG @? i @4T*i Lu hi?|�?} |�i hiT�|@|�L? Lu @?L|�ih @}i?|c �@h!i|�?}5U�i?Ui ��c �..��Hb�

d.o ,UL?L4�_itc �� E�bHb�c "�@*�|) �@h�@|�L?t @?_ 4@ �4@* �@h�i|) _�gihi?|�@�|�L?c +i}�L?@* 5U�i?Ui @?_ NhM@? ,UL?L4�Ut �bc 2��2b�

dHo 6�_i?Mih}c #� @?_ a� A�hL*i E�bb��c B@4i A�iLh)c �@4Mh�_}ic �@tt�G �WA�hitt�

dbo B@Mt3i��U3c a� @?_ a��6� A��tti E�b.b�c �h�Ui UL4Ti|�|�L?c ^�@*�|) @?_ �?�UL4i _�tT@h�|�itc aL�h?@* Lu ,UL?L4�U A�iLh)c 2fc �ef��Db�

d�fo k@|3c ��w� E�bHb�c Vih|�U@* UL?|h@U|�@* hi*@|�L?tc �?G 5U�4@*i?tiic +� @?_ +�`�**�} Ei_t��c O@?_MLL! Lu �?_�t|h�@* iUL?L4�Utc �L*� �c �4t|ih_@4G �Lh|�OL**@?_�

d��o k��*t|hL4c +� @?_ �� +�Lh_@? E�bHe�c �_�ih|�t�?} @t @ t�}?@*c aL�h?@* Lu�L*�|�U@* ,UL?L4) b2c e2.�eDf�

d�2o w�?c a� v� E�bbf�c A�i _@4Ti?�?} Lu UL4Ti|�|�L? igiU| Lu i U*�t��i _i@*�?}caL�h?@* Lu W?_�t|h�@* ,UL?L4�Utc �bc 2fb�22��

e�

d��o �@??ih�?}c 6� @?_ �� `�?t|L? E�bb��c �h@?_ *L)@*|) @?_ |�i _iU*�?i Lu |�i�4ih�U@? @�|L4LM�*i �?_�t|h)c �hLL!�?}t �@Tiht L? ,UL?L4�U �U|���|)c fEf���UhLiUL?L4�Utc TT� S.��f��

d�eo �@h|�4Lh|c #� E�bbS�c , U*�t��i _i@*�?}c UL44L? @}i?U)c @?_ 4�*|�Th�?U��T@*t �?Ui?|��i |�iLh)c +@?_ aL�h?@* Lu ,UL?L4�Ut 2.c �����

d�Do �@h�i*c O��� E�bH2� , U*�t��i _i@*�?}c aL�h?@* Lu w@� @?_ ,UL?L4�Ut �fc��2D�

d�So �@h�i*c O� @?_ 5� �U�@gih|) E�bHe�c +it@*i Th�Ui 4@�?|i?@?Ui @?_ ^�@*�|)Uih|��U@|�L?c +@?_ aL�h?@* Lu ,UL?L4�Ut �Dc �eS��Db�

d�.o �@|�i�tL?c B�6� @?_ +��� `�?|ih E�bH.�c A�i UL4Ti|�|��i igiU|t Lu �ih|�U@*@}hii4i?|tG @ UL44i?|c �4ih�U@? ,UL?L4�U +i��i� ..c �fD.��fSH�

d�Ho ��*}hL4 �� @?_ a� +LMih|t E�bHS�c �h�Ui @?_ @_�ih|�t�?} t�}?@*t Lu ThL_�U|^�@*�|)c aL�h?@* Lu �L*�|�U@* ,UL?L4)c bec .bS�H2��

d�bo �i*tL?c �� E�b.e�c �_�ih|�t�?} @t �?uLh4@|�L?c aL�h?@* Lu �L*�|�U@* ,UL?L4)H�c .2b�.De�

d2fo �h?t|i�?c 5�W� E�bHb� , U*�t��i _i@*�?} @?_ @?|�|h�t|c �?|�|h�t| ��**i|�? �ecSD�bH�

d2�o 5�@!i_ �� @?_ a� 5�||L? E�bH2�c +i*@ �?} Th�Ui UL4Ti|�|�L? |�hL�}� ThL_�U|_�gihi?|�@|�L?c +i��i� Lu ,UL?L4�U 5|�_�itc ebc �����

d22o 5T�*Mihc #� E�bbS�c �@h!i| 4�UhLt|h�U|�hi @?_ �?|ih4i_�@|�L?c aL�h?@* Lu,UL?L4�U �ihtTiU|��it �fc ��D��D��

d2�o ih?ihui*|c �� E�bHH�c N4Mhi**@ Mh@?_�?} @t @ t�}?@* Lu ?i� ThL_�U| ^�@*�|)G@? i @4T*i Lu t�}?@**�?} M) TLt|�?} @ ML?_c +@?_ aL�h?@* Lu ,UL?L4�Ut �bceDH�eSS�

ee