ii - the national bureau of economic research · cpcqnjc pu cicut uq bojicic cu cnc qn cpcqnjc £0...

70
eaIsI SLEIqAq O'1LX5LOW 5I3flM ROaUA5IT A 3513HT I GMA TM3MYOJMMU M3HWT3H cnTwosID YTIVITD1JUO5I nobioD .t fldo5I I8O .o14 1qB nbhoW H351AE1I$I DIMOMOD IO UAaIUa JAMOITAI4 unvA 2iiurI32M OO1 8UO AM bhdmiD QQI IhqA thmO bflE o5L bivU .noiiEbnu&I 33fti3 IBfIoiifIT'I di 'd btIoqqu2 w ii idT bnf3 jI&riI,rrEa .1. hJ hA niv nfifi .fdi baR £iib 3d1 diiw qIc1 nibw3iiuo bbiv'oiq iwon innU bim nfl oFi&1D .oIqm3 iq wod no £iBb thi1n bbivoiq nJfl 2h1rID Idioq ion i ii r1in3L iqiq rIi to au&fl .thnb iih n no ainmrno 1nfrioqmi bbivoiq 1ibi is r1T .1U02 .sThb b noii1rnBIqx cLi ion 231dz1 xibnqqB ii1ii rL bubni 01 3imono33 iii rriioiq tr a51I8IVI lo tuq 2i iqq 2irLT .lodluB rIj moil 3IdE1iIw snA .iiviiuboT bns ibui2 iocf&I a3irnono3otM bn runiI tnoiniinI 2rzoitcui3uH 3imono33 lo uiiia thnoiiT4 di lo of1i ion bnli lOfliaR fb lo odi II b25Iqx nOifliqO owl 01 Ion 1xi lo 2noiio rior1 .bvii ir1h HA .nobioO .1 tido$I d QQI © © riibufni iib 11r1 iir1i bbivoiq noiicn1q ii3flqx iuorliiw bioup cJ im 2rfqJnnBq .nuo f1i 01 nvi i 3iion

Upload: lythuy

Post on 23-Dec-2018

213 views

Category:

Documents


0 download

TRANSCRIPT

eaIsI SLEIqAq O'1LX5LOW 5I3flM

ROaUA5IT A 3513HT I GMA TM3MYOJMMU M3HWT3H

cnTwosID YTIVITD1JUO5I

nobioD .t fldo5I

I8O .o14 1qB nbhoW

H351AE1I$I DIMOMOD IO UAaIUa JAMOITAI4 unvA 2iiurI32M OO1

8UO AM bhdmiD QQI IhqA

thmO bflE o5L bivU .noiiEbnu&I 33fti3 IBfIoiifIT'I di 'd btIoqqu2 w ii idT bnf3 jI&riI,rrEa .1. hJ hA niv nfifi .fdi baR £iib 3d1 diiw qIc1 nibw3iiuo bbiv'oiq

iwon innU bim nfl oFi&1D .oIqm3 iq wod no £iBb thi1n bbivoiq nJfl 2h1rID Idioq ion i ii r1in3L iqiq rIi to au&fl .thnb iih n no ainmrno 1nfrioqmi bbivoiq 1ibi is r1T .1U02 .sThb b noii1rnBIqx cLi ion 231dz1 xibnqqB ii1ii rL bubni 01

3imono33 iii rriioiq tr a51I8IVI lo tuq 2i iqq 2irLT .lodluB rIj moil 3IdE1iIw snA .iiviiuboT bns ibui2 iocf&I a3irnono3otM bn runiI tnoiniinI 2rzoitcui3uH

3imono33 lo uiiia thnoiiT4 di lo of1i ion bnli lOfliaR fb lo odi II b25Iqx nOifliqO

owl 01 Ion 1xi lo 2noiio rior1 .bvii ir1h HA .nobioO .1 tido$I d QQI © © riibufni iib 11r1 iir1i bbivoiq noiicn1q ii3flqx iuorliiw bioup cJ im 2rfqJnnBq

.nuo f1i 01 nvi i 3iion

I 8O?. qB rthhoW 513 flVI

QQI IiiqA HO3IA$IT A 3$IHHT I

UPIA Th3MYOJM3T4U 1433WT3fl cHTwosIo YTWflDIJUO$N

TDAMTflA

fIirI lo rhq B niwollo1 qoiu3 lo if1ino3 Iin1 rli i nibBI2irn wod 2wod iqq 2irlT

Oi 321irIO3 fil 1iIEUp fflO3fli 1113r I3vizI1 bnB 1nmsoIqmrw f1ifL r1iwoi iivi3uboIq

'Lthiiirii v&n aborI u13mi IiiiW b1inU r1 id b,uwq riid ikoqqo r1i

irrurib B rioiiom ni rli inm'oLqrnnu bn. '3ivi3ubo1q riwc1 11obB1J 3vIiioq B B1Z

1Bnimib n 1qi3nflq ni irLi noiiBIumub 10 noin1urriuo IBiiqB3 niv'1ovni 1ndnu1bB lo fth3q

.11obBT th

-'iviizrnboiq B woil wor1 o iqq 2iffl lo noiiudhinoo IBoii1or1i nim iiT

3irnJ$n'b ith B 1BqqBib 'I1noupdu2 idim ii won bnB irn 1dirn 11obB11 1nnrroIqmnu

1mB bvL lol Bd BtBb wn B 2qoIv3b *tow 1&thiqfn! tI .noilorn nfl i 21 fhBq nrni2u1bE

roirt V-D n!i ni iiviuboiq ioi1iiIum bnB uocI iq thJiqE3 woiL iq iuqluo lo 21B1 ffiwoTg

iBth 2JBfnhi2 noia2511 bivoiq ii .21oi3-dua nin iol briE 'ffl0flO3 E1E 3I1j iol nliod

3rft lo rbum IBHI bnfl ii .21oi 22O1B r1iwoig iivthwboiq iii oniflib bvido oqmo3b

2JBi biinU nL3 ivo i1inuo3 nqoiuH uiol n1i lo BinEvbB diwoi iiviiubo1q

inBi1rnt2 'fno Hi lEnD briE ,noiiBfumu33B IEnqsz) biqEl om 'cf briE fliVfl3 'cci bnin1qx

nIi ni3rJb51 wnli iB1133b 01 no1iBIumu3E Is1!qE3 2UE ol 21 inm'oIqmni inIgii( lo i11 .'1ivii3LJbo1q lol3EI-ilIum 01 viiBb1 luonl 13q luqiuo lo iE1 n1iwoi

nobioD .T. rxdo5I 23imorro33 lo irImr1BqU

'(1iWIvif1U m123wn111o14

OO-8OO JI JIO3nEV3 513814 briE

bLoqncnAi LOML i bnjc coriq £pc uiicq qob boJ!c!c £}J MOnq pOO2

(LflC(flLJ cwcwbjo)iucrn iqion ci.oqn qnwic OAGL pG ucq o GLqiLcc1ou v' JGLG bol!c!c2 EIIL0bG coriq qob qi Moaq Lcqncc

cpcqnjc pu cicut uq bojicic cu cnc qn cpcqnjc £0 JJIL JU iIoLpJc O[.

uq v'-" £0 WAG £0 ijGLGU bo2ipou on qic nucmbjoXuJctu-bLoqnc1iAu IIiJqcO

JOM rTucwbJowcuL uq pip bLoqncuArA LOMLJJ!, iij iipt CLOL2 pvc cfRcq ErJLObc

uq oi bLoqriciAit) L0Mf in yuicuc wiX pG w1cLLccq LIJGLG £LJGO pcwccu

i unbpiccq uq qic 1bbLcIuJX cbLc bLopJcw O pip nucwbjoXwcni ! EflLObG

Jpi bbci cxbJoLc pG pXboqici £p9 qJc qiAcLcucc o cwbpi JCL0 qiG VPIU!C

GX3CL WG3flLG

qccpuc ill LG MG2 OL MOLJ(GL2 G[OM £JJG Ø1p OL GAGU 1p bcLccuic (qcbcLJqn on pG

uq () n iucLcvin qibcLou o qic !UC0WG qiLipnPou p cncq in iu

CCULLJ bLopJGw 0 £}JG fi' ccouowX LG (J) JOM LOMJ !U bLoqncwA uq in LGJ MIG

VWcLiCU ccououii jivc !HCLGIJJX prGq £pciL cwbp! £OML qiC AGM £p

OAGL pG b u,o qcciqc iucc £GLG LG GM bns1c in qic G}JI0L o nnduJbIoXwdnL

rIUcJcLJXnJ 4on-vccGIcLIuu uion o ucubjoXuicuç p cpncq I!uIc

£Of LGGUJC1J ncWIoU2 in nucwbjoAwcrn pvc pccu c)cpc1 in UflLG uq tp pG

O LHCjJIL CLOL £0 pc pcjq LGboupIG In qiC n'q pX C0U1L I4JGLG !2 UGL

£JJG 2JJLG O pJWG £0 G UL11tG9 £0 C}CJ!C! OL LLfJCi51LJ CIOL UOL on pG bLicnpL WIX

pcjq ccutcL tc in qic COUCGLU O EIIL0bGU uq J!uIc COIJGLJ11 p cwcLcq LGJLqIJ

3nq VWGLJCIJ UJCL0 niq JOUL GcoLJoWi2 bGLLJL1A PP flUGWbJ01JG1U U EflLObG p

OAGL £JJG bt qccqc qJGLG p pccu 2cJqX qAcLGucc in qic inGLcL o EnLobcn

I IItLbODflCiIOI1

,q 11obT nvituboiq - tumoIqmnU dT

c1nm'(o1qmnu kiutun £flx niii iuorliiw rhwoi iivimtiboiq

1kuniv ni thilqmi i 'iivi1Dubo1q bnR inmoIqmnu nwid noiinno r1T

inv uomono1u nA .9bb iq r1i flu in9n1o1qmsnu rnqom3 no nfli1w nithiv noinii bi-ii iii io iw muminim th iii Dfli n .) zw 1zi rh mood iEdi

vm bnEi-nb modzl £ no1z iwthion xmono di i1ir1 111w (iwoq niniud .1Duboq (E1vz bnz) knigizm tuodt1 bn Jnm'(o1qfnnu niii (1uo9nE11urni

modiI Dub1 iridi biqob biloq Ii ivi ni *iow binoD mindm idi IuoivdO

nbubi 12uoniIumi2 vThD bnzmb iuodzl z flolE ir1iuo 'rnono di llifk brn 1oD

iuIi IdrAicrni i ii Y .Dubo1q (Eivi bn) kniizm 2twodJ bnz 1n9mo1qmnu

z xI bfuoD nrfi udi iilidioq odi ol qoiu3 cti biq nd 2sd noiini on 1Juriiv

nqoiu3 om i1 ni .mioi fizm iuodf izfuiriq o io c ai &i1h 1i1i1Dubo1q

'(livilnibolq fsi incnoIqmnu bnz 'iivirniboiq nwid [qi1ni lo noiuib nwobwoI thwoi '1ivi1Dubo1q t-ioq di ir1idw kz bns uonox d o diwo

ol b1iz1 noiisiiqz" diwoi ki 11 inrrr<oIqmnu nEqo1u3 f1irl bu& vEd binoD

'.noi1z1iqz odi Dnnh1 oi IdE1iv iiviizniboiq r1i iLiiw rnbnzi ni nwob woI

5d1 iqobr 1omIf diwoi 1ii wok no 1u113J!l 2 .U di hEIimi

nwobwok XI-ioq ii bni r1iwoi iiviizrnboiq ir1i nimut b f1oiinvnoD

hooq r1i i rhwoi 1ii wok lo us k1nmEbnu1 sth udi bnE uonox di lo Isn 'nim di a! .iivbDubo1q o ,oivzdd inbnqbni bnE booibnu

5Idioq lo "iI ibnuid no1 di nwobwo12 diwo 1iviiDuboq

lo noiiv nzqoiu3 biibn dT .noiiuz ivi .1 4iwoi kn wok bnbni

,q 11obsnT 'iivi,euboiq - 1nm',oIqmnU dT

n bock niniIEd zw wod iznut1i 01 bu niIo miiib Eqqu-bnmb modrl r1i

niiIqx oi sivi iii bu nd Ion rI ii1Dnbo2q (Libi1qmi) bni inmotqcnrtu izi di biI izth 1nv mo lo i1ui th d iiIim diwoi 'iiviizuboiq n&.i-imA wol won

.v1uD bnsmb ujodI 1i nwob i,thuo s(mono

nihnnA bnz nzqoiu3 lo iini di ni bivib DiinI1ni1 z idi i Ino Io4

itho di ol Ioo! idi ibinlw 01 ib 9d1 ni ninmr n ok i irh md 1inriono

noiIf1IIf IiiiI bIov3b vEd 1imonIoD3 nEDr1mA 1idW .noiinIo oI Di1n!1A nIi lo bi I2E11noD Iii biinU sth ioI noI nibivoiq noiiu1i1wi bru Di1DEq nEqo1u3 01

oiuo 1(bIiI £ 2E iIiim iuod1 . .U th lo "iilidix9I1" rh oi b3mnioq 9vff nqoiu3 nm £ nibivoiq z bni qoiu3 n nsdr o1Ei b3linU di nil Ir 1n9moJqnrnInu woI th )o

1nffr(o1qnn 2 .U inzoud iith tth th ivwoH .rrnoi niqoiu3 ioI Ibom Idiiiaib

biuD Imni nom 2nf iiIzupni momi niwoi xd binEqmoDDz nd uf thwo

mhm modzt 2 .U lo noi11imbE bi1ikupnu moil bd wzib 01 1ifnono nqom3

ubi IfIim IMII oiDiIoq -iol vi1zE fth i 1f1I Iniq ir qom3 nil f10i1u1f1ni

n1i io (1ivi1Dubo1q no iD1h bi ivbz nivnI iuorliiw 1fIfrr<o!qm9nu

-mnm'<oEqmnu nt1 nuiin1 a 9di1b Ikrf 9W IBnil aSiDfIOq 99dI — noimudinib

.noilDslib 9ldiiovth £ nil 9tub9d IIo3bE-1i <iivi1Duboiq

auV \o notud'ttno3

93ub91 01 b9ni29b 3biloq vnirniI no 9vimD9q13q wn bivoiq iqq idT

u1o9bETt 1ivhDubo1q-1n9rnoEqm3nu 3f11 lo £3bi 3111 3DLJbonni ii .mn3nv(olqm3nu nE3qom3

bn 31ub3nb nvi no1 3vom 1d1 3biloq n93w13d 29diunu1ib biu 3Iub3rb

,q u1obT - inrnoIqmnU dT

inmoLqmnu-iirn viiniik lo tqrni '1ivi1Dubo1q 5rfT .fubMb iIiik cdi 52od1

,&th nom nioorb ioI kuoiviq buceib JtiiI (rroi1i1D z moDd io19rb iDiIoq

3qolu3 lo iinoD liDI r1i i 8nibI2im woil woik iqq th ivwoH .biIoq

ici 1vhibi bnc inmoIqrnnu did rhwoi iivituboiq did lo thiq niwoIIo1

'nM bnnU rh d bu21uq nid rIiq noqqo rb oi 211noD fli ikiip f1IODfIi

bnE '<iivilDubolq nwid 1Iobri viiioq S isi 'IIziiini isrh bofk kiutun

noiis!umuxs kiqSD niv1ovni mrrru(bs lo thsq Dirnnb £ norlom iii 1 TIn5m(oIqcnr1u

.1obsrt th 1Enirnif9 nzc fqbniiq iii isth noiiSfumuDb io

-1ivfiDubo1q s won work oi ii iqq ith lo 2noimdirnioD Isi1onI1 nirm dT

2mb z isqqib bnnpdu2 u1im i wod bns nIim 1obr 1nfn'oIqfnntu

io ,sd ssb wn s 2qoIvb *iow IEDhiqin3 211 .noiiom flu ai disq inmiujbs DimSnb

'(iivrlDnbolq iomsThlum bns mod iq EzliqSD mod iq luqiuo 1o isi diwo bns 2I9v3!

abivoiq 1 .21oiD2-du2 ,nin ioI bnc '(mono isii di ioI diod 21101511 -O ,nb iii

noms rhwoi iivirniboiq nil 2DnIIib bv12do oqmob izrb ismli noiii ithn!w d25 bns 1h bnii-mh bns DiIiDqa-o1D2 nol1ELumuDDs (1iqcD fl1VflOD

.innnio1qmnu bn iivirnuboiq nwid IIo3bEn 1fli2i21q <nE 21 iifi

MA TII3MYOJ9M3IIU TUO8A 8TOAR .11

mods 2odT .iivitwboq bits 1nmo1qmnn iuod 2t51 D125d 9ffl02 Is 12111 Iool W

.o2 I IE11wmO2 (nviiDubo1q iuods oth isi1imsI Xbm5nx is inmoIqrnnu

qLob iu EnLobsu MO(HJ JJOf1L !2 flLjX AOJ11ULILX ijccu ill qc OLW Oj 10UL iicrnou

GAOJflIJOIJ O OIIL bGL GWbJOXGG i J1J !U1O CCO1IU( JJIJG OWG tLC1JOU O tpc LGJWA

E\b LO qJGL ill jj pX j bLccur uq pc b ioti o bGLcGui i qJc qiJcLtu

3q1n2uJJGIu OL CjJ1JG !11 OIIL O MO4C jOL OECD ElIL0bG uq 4JG fT HCL LjJG LM

bcLoLuJucc EInLG qi2bpcX cwbjoXuicu-bobrijuou (E\b) L51JO Mp uq M!pOfl1 U

11 iuc j bGLccui Lcn.jk flUL 91G2 pc couiii pcuiccu JpofIL-WLJ(G

Ip I Tt EC flUGWbJOkIJJIJ1LG OI 112 bGLcuuq

1buc2 xbcuGucc uq M!1[ coucuIi ou Luc2 pcu EnLob uq qi uuq! OflL buicibuou uq bLoqrlcwuA — pi2 bbL jLJX iuoi.

UJIIC}J JG (JJU IU O4JGL COfIULIC2 p) CJJIJG IU fIUGlJJbJO}UJJGIU — iuq uJrlcp woI.c pk

UWILG o qic 1buc JOf1L ULJ(GI JU MJJIC}J CXC!!CJ Ull 01J Hi O1ULH ipopq

xricwcjX [OM wu nuGwbIoXuJGu uq JOM Aoj5upD ij cnc o bGcrII5L

cAc1icj u pic JIuo qonpj qiu u jj- 1bu fU OfIf.pGL MIqI flJ

1JXOLp LI LOW LjJG 3L1X T�O f-° I8� c)ccj LGCOALX qJLOnJ uq i

cXcjc qccuc pGIMGGU uq T4 IPG EC HUGIJJbJO}WCU1 GLIG2 qbJX2 IJ

cpu pMcu uq T8 wboL1.A cAc1icj IUCL2c uq

JLC UflCWiOU2 iii ir. riucwbjoXwcu LG prI }J LI pCJX JOULA M11}J HO

cotrn pcucu qic xbcLicucc o qi ff uq rp EC ' WWL LJJ fT JJJ2 cxpJpJLGq

ii o JJG uqLq!cq riucuibjoXuJGzu LG OMU ! E!ULG I IPG

uq oz

JJJG flUCWb!OXUJUl - LOqfICAIX JL5qCo b

U lpG OIJJGL LOU2 Ju JJ fLG biioq r'Ga fLG piLq qic xrciu o

f W5LJCG JOMOMU O V'Lhb LOM4J J3 couq if LOMLjJ M jOMGL I4JLJ

q4j uq AGL O14JGL LJJ JG2 MGjI-J(UOMU iL21. JJ £LGG LcJou GxbLLGIJccq

L!f1LG 1. qi2bJ ALJ MGJJ-J(UOMU jCt2 pon !utciu5rJowJI bLoqnc1JAJrX LOMJ

Mpicp npci LOW onrbri LOML CLi o tu uo iubn OflL uq

pon bLoqrIcAuA bLoAiqGq LU LfILG t H ou wnJrJ-coL bLoqncimuX (4hb)

rrncwbJoXwGlu qit OL LLG LG1OU2 LU h!1L J Cf U p couaetq iip IJ GLJ1Jj CI2

p pcuccu oi nucwbjoAuiu uq bLoqncuAuA LoMp, ip'

3%OM4 91G2 SUq zbetzou

couirq iiitp bcLciw

M }JIpL LiJJu !U 4JG EC u pfU L4JG Jou-cLw bcLccurc oujX j bcLcGui

rGLW nuiubjoXwiw EOL iuuc tp LtG nucwbJoXwGuI L1G Lu 141G if LU

AGU LGG rJ1JGwbIoX1JJGu EC WfICJJ piJcL }JLG Ill qic OLW O JOUR-

q' EC qou LOW s bcjc o bcLcciu qnLiu T8i V ! MGIJi(U0MU jOL UA

cjnccq iu pc LUG j-j bcLccuOL OLJ yuJcuc EELV uq 1bu g . bcLccui

nucwbjoXcq OL JOUGL tpu ouc kGL) h!flLG 3 pow qsr. piJc ifi pi2 bGLCdUIG

bcLcctuigc o nucuibjoAwcu UU qic OLW o Jou-GLw nucwb1oXwcu (qcucq

JJJG pc2-JcuoM1J COU1.L pGIMGGU P' EC uq pG ° OECD JU

CcLwUX) o bLcq qic pnLqcu o pp riucwbjoXwciw

UCAGLJG22 &IJOLGL LICUOU LG211112 GLOW tpc bLc22nLG OL 2JJOUGL JJOfJL (c2bccJJX Ju

jjJc flucmbto)wcuL - LOqncIiAJO u1qcofl

2bccu wA i.cqncc nuGwbJoXuIu uq bLoqncrmirX LOM4J !11 qi ju £pi AiM

uiX poo pop nuGwb1oXtirniu iuq bLoqrlcwuA RLoiitlp !u EnLobc Mpij tpc cuJ OL OLpGL

LIII ont tp bo2!pi1uX 14J5t t3 OW bC2 O jpOflL UJ5LJ(Gt 1.L(JCWLG uq bojick

OECD ErJL0bG ¶31J9 4JG fl M IJLLOMGL tCL tJJU pcoLc HOMGAGL fJJ qoc UO

qic Ec) prpc oujX iti Lu jct tpc bLoqncwtitX LoMqJ qzLGuu

LOMJ M1 tL }JJLJ lU JJG fl qJLor1pont tpc bo4/L bcLioq Xct nucwbjo}wGut (oL

JGXipj Jp0 WLJt bGLpb woi tLOflU tp ct tpt EnLobcu bLoqnctiAit)

bccnj iiitp nun2nJA qXuuiic LtG o tccpuooicj qiJcG uq u nurinjjk

JG OL}JL LcIOIJ HOMACL HJ OLqL to RJAc t.pc p?botpc i cpucce c cu jc ont 1bu

bLoqncAiD. uqco bu pq Jowci. nucwbjo)wcut nq j4GL bLoqncuAJA LOMf4J tpnJ

oil qic cc o qJGLc uot wricp wbboLt Ju 4JG2G 1JIIWGL2 oL ¶IU niicwbjoXuiciit-

bciccu OL tJJG if S11 OL EflL0b uq bGLciu OL 1bu

bcLioq put [JOt p JILG UJLJLJ JJJ ALG LOMJ Lftc.2 OL tpG nJJ j- buoq

WG2I1LG 0nILrJt bcL smbJo)Gc LG/! JtCL iii bu tJJU !U EnLObG in jj tJJLCG

cwbjoXcc ip OtIL jct POAc ouj) t1 i ! JIJJqX cpiicq 5ccoLqiIi to L}J

J1O JOMIJ LG LOMt}J o bLoqncqAA qcicq ontbnt bci.

bcLcut tOL We if JJ OL EnL0bc uq jj OL 1bu

fO/IL qnLiuJ J-3 JJJC fACLG LOMtJJ LtG2 tOL tJJC 11JJ bcuoq MGLC oJ

EnLobe ctnjX LGM t qic wc i.tc u lbu qflLiu 3- uq oiijX WOqcLJtcjA

boiut ucxt in EriLobe bo!ut nq uijjet n tpc f bout hOrJLqf #j}j !

jOMqOMU peueeii tpe tJL2t niq pt bcLioq (j-y to j--) ii Lc.ItG2t in )bn (

jjI flUCWbJoXWCIJi LoqacuMA jLqCO

(v'-7') = (j)

i dnj to tp ioitp ttc o bLoqncuAitX b1r12 tp LOMJ tt oj J5OflL pL:

jOMGL-C OL JO qJi qciuwou !wbJ!c quit JG LOMJ LtG o tjic LGJJ MG

rpont JUcowG () ! dnj to qJ LcJI MJ (,j\) qLMqcq pX ontbnt bL 0J1L (\-%

H tJJ LOM4J O LGJ Mi qnbpc3tcq tpG LOMLJJ o bLoqncuAitX jX9GIIJJUOIf

bLoqncuAJtX

COflIJtLX !LJ OECD ElJL0bC pq cowc j bci.cut O £JJC JI o fl tOtj JJCtOL

pic LGGAJfI1JOU o pc qiti uq wctpoqoo coucjnq ( o j) irn

uJGtpoqooX pJ COU111 tO tCLJ!U bcqoLuuiucc O CCLWU JU IPJ J ¶1 LGCCIJt wiqX

JLUcLG2tcJ 111 GCOUOUJEC LOM14J fluOLtnIuitcjA Ifljt2 drntc uiriic to qt onLcc uq

EwbiLicJ MOLJ( OH COUAGLUCG p pGCU tG W!U OCf1 JU LCCGIJL XGL o Gcouowit

pij 1bu L ppqj LcboLt qic nLbu!u ct tpit htUCG uq CwuA pvc ijtciq) OAGLuiJ(CLJ qJc fy

LGJAIJt uictuc ot q12d11221ou2 °L tccpuojoicj couictcucc i oritbnt beL ponL uq LP!G

OtJJCL WGUJCL2 O tpG c LGicpGq LOW 4 tO 8 bcLccut o 4JG fl WOLG

wcwLc2 o brLcp iu-boMcL-b3LiU 4cnLcq p CDb bcL cb!t LGJJ11AC to tpc fl

1P wO LGCGUL iCt2 OH COUACLGUCG LG cwpjcq U LP1C J flJJ TO OECD

tccpuojoicj couictcucc

uipntcq to owc pic iCtOL Ijotcjtcq tO 5O11L WLJ(Gt rjiicuac uq bopcxe bLt1cnJLJX

flHJOLW flbGLiOLJtX o Eobcrn bLoqncPAJt? LOMt Ju jj tpLcc rime bcuoq2 conjq pe

jjz ucub1oXwcui - LOqncuAiLA jL5CO b 2

JJJ2 LGUJIUGq boiuAGS JçGccLJjA pi dncuou GxprnrmGJX LGMGMG pA ROMOL4J nq

pG MiqGbLcq f bccbr.iou MG LOM4J IJ Mpijc bLoqrIcuAiA LOMJJ

jJJfl GXbjin2 I4JG conwJqIcrJou pGIMCGU G C(J1J pcpAJOL O IjJG MG Juq

in jj o bcLccu in

GLIG2 OL LJJG EC [J qGcjwGq wricp UJOLC LOW bcj o bcLcGIu in jy uq bcLcGnL

coune jjin oujA ow g bcLccIu in o bGLcGn in JJJG M3G JJLG

hL LOW qGcjiniu LbJqJX IJJC MG JJLG GL!G OL G if p2 LGLJJ5IIJGq LonpJX

wcjriqc in IUCOWG U iwbnrnou OL qJG JOflL !ucowG GLUG9 pA p GJj-dnJbJoAcq

pG qiabjA Oj MG JLG2 in E1rILG IPGG MG GLIG2 COU2fLHCIGq pA G OECD

coi.nwon bcbuon JbbciL2 LO G pG LGAGLG °L P PJIJJe }JOMIJ pA

bGLcGUL bGL AGLe OL IU2IJCG LOW j bcLcGlu !U Jy3 o bGLcGIU in j3

J0 bGLCGLJI lLJIJIJIJ LG o bLoqnc/A LOM4J JOflL Monjq }JAG o qccJJnG

JLG Wf14 }JIAG qccJnGq fIp2fUhJJjA EOL SGLO LGJ MG LOM4J O pG COIJILGIJt M!IIJ

wG LG yccoLqin o cdnon (j) qn couiwou bGLccbuou iwbjic G fl

bLoqncuAiLA LOMLJJ pI PGGLJ ccowbucq pA LOMJ in LGj ibbLoxiwc1A

1jHLG o LGJ M1G2 w jccb bicc ip bLoqncuAiA n coui wp EobG MGLG clGL

JJOfJL n G VIJJGLIC5IJ AIGM 2I11ICU1LI GU1LG O if jpOnL IJJLG12 ICcOf1IJ OL G

LOM OAGL 4JG b uo qcqc qGbic bo2!Ac (cJpGn wjj) LOM3 LG o on.bni bGL

pccn wncp qJcnJon in p fl JiGLuJLG pocu p !JnLG o LGj MG

jpc ucwbjoAwciu - LoqncuMU 1qoLJ

LG2 ! pe EC uou tocqici /i 9 L9G oj bLoqncuAnA LOM 14J9 cou2iqcL9pA cxcccq

2flG2 tp 2JICp i wqco wju cx2 9LG pc cowp!uou o LcJwAcA prep nucwbjoAwcut

1i5GO OL pG UJ&OL "°'°'' °L EflLobG 9uq 4OLr.p VWGLIC9 j}JG buwLA 9C2 4J9

1J92 cuIo)cq pop uq 2GGW2 o jic MGII ocn2iqc o 9uA LOUfJGL conjq qciuc 2flC 9

illAGu9uou o L9GO GfJAGGU Jo/A nucwbjoXwciu 9uq L9biq bLoqncuAiA LOMJ 21ucG

jJJI2 LGAIGM O HUGLIJ9IJOU9J q919 12 UJGLGJA 2nG2u/G 9b9u wnt pc Lnjcq oru oj 9LJA

wbcg;ouz

o boot. yUJGLJC9U2 U I4JG pOUOUJ O gJJG C-� E1G 19P1G

() 2iuiicsuL IUCLG92G iu pe qi2bcL2Eou o ucouJc p bccq pG L9LG o !IJ(tiJc t.op

pin I4JGLG uo qorip L9 G cowpu914ou o (j) 2oM OAGL9II fy bLoqrzcuAiA LOMi 9uq

nup9bbA LG2fIJL2 oL pe 9LG 2JipqA p192cq OM1JM9L pA fJ2G O pc CM 92 9 qc9IOL

LOMt}J O LG9J G9LIJ!U O IIJ9JG2 pc p bct.ccurjc o pc M9G qupnqou jpc

LG5I M9G2 OL LJJO2G !' pe OUOw qccijc O pe M5G qi2LLJpnhJou LIfILG q2b9X2 pe

bGLp9b2 pc LG9G P-'1' ft IJ1 coucct.u pG LOM o

9 JOMGL Jnc co2-o-jJAiu iuqcx)

iuiLoqrlccq 92 !op LOML OCCS1L2 WOLG L5bJqJA iu 9LG92 —G pG 2OI1LGLU 2WLG2 — M!Lp

(Mpicp cxcjnqc IJOU-M9G cowbcuriou' cxcjnqc uuc pcucp2 9uq IUOLC2 qc p!92

COLJ21JWGL bt.icc luqex (cbl) Jq OMUM9L p!92 u pG uqcx o 9AGL9G ponLjA G9Lu!u2

HIJGL2L9LG2 £}JG LOMLJJ iii iLfIc LG9J cowbcu iou iucJnq1u 2011LCG2 o nb/A9Lq p192 lu pG

LG92OU MpA qic 9uq9Lq LG9J 9AGL9RG jioriLjA G9Luiu2 26L1G2 bnpjipcq wouqijA OL pG fl

bGLLX (j) uo !n2L OL JG ft pin OL pG e- OvAoLqJ-GLLA COIJ21CJGL 9 UflUJGL O

JJJC IJCWbJOAWCUL - Loqnc'AA uJqGo b

pctMcu uq MpiJc tp boint jpcjjq 1Er1Lobc1 i bjottcq J1LtJJL to LGLipt

JOLIO1JLJJ JXJ LJGCtIIJ tp ict tpt tpc y pq no cpuc in it rIucwbIo)wJGut LLG

j--Xci bGLioq pucGu uq 4' jpc boint jpcJq bjoucq t GLO on

OIJG pfliIJG cXcjc OL JOLJGL G CflC O c}riIUC !" pc nucwbjo)wiu LLG OAGL

CjJIJc AGL2JOU o tp cpcqnj i utcuqq to ocn on qGAobwcut OAL tp cutp

AGLC3I XJ I1Jt tJJG cpuc n I4JC IIIJCIJJbjOXWCIJt LtG on 4J JJOL!OntJI JXI

AGL2JOIJ GxbLG2q w tLIJJ o cpnc. b1owu tp cpiuc u ontbnt bct O11L On

L}' [\3 cpcqnjc CU pc LJMU !IJ tGLIJJ O JGAG OL C}JnRG2 h!flLG

je jeou, (ç ceqne

it boiuow

WOAGWUf2 JOU tJJ flj �cpqnj nq tJJO2G JCLOI2 4JIt Cfi tJJG fl%j cpqnj to P!t

nnwbtoXuint jpt woqj pGJb tGU pcjb ri to qitiuriip GtMGGU CLOL qJJL CH2G

2tnqLq JO1JL WILJ(Gt woqj o otcii ncq to tp bcLitGuc o E1L0bU

tLqo (ç-fl cpqnj tpcu bLoAiqG u JUtGLbLGtt1OIJ O t}J12 cJJqrIj IJ tLIJJ O qic

QHL qJcoLcucJ qicriiou pciu p) cuJu orit tpc nncwboXwcut-bLoqnctAtX

III BV2IC VIIVrAJIC2

to jo btoqnciiAlA LOMtJJ

boipijiA tpt 2WG bGct urJG f JponL WLJ(t iuwtnuou2 ui} contupntq

1IJCOUJG LOMt bLucnlLJk t tpc pOUOW O qJG JIJCOWG qituprwou obcu rib

L[Jt !U tP if ELOW Lpc bGL2bcuAc o tp ff LIJC o1Joi1J qJJGWIIJJ O JOM L5J

1P 1OIJIU - bLoqnci I I

j 11obizT jivituboiq - Inms(oIqmnU dT

' moiI bEduob iizth nom D3 b iol ni inmoIqmnu th irb iI th nitfIi (1ivr1Dubo1q ill nb th noitiib kDinv 9th iii iii innq 8.1 1 01 cI ni ln9Yl9q

b3uib 12uorv3Iq w iirfi 1Eflf1oD th niifli 2 .U 9111 ioI nziii i1i i 3qom3 iol

.1 iuiI diiw noitnnoD ni

c19v31 th nElil l9IhEl 91ub91b NU 9th lo noirnv nub 9th no wDoI w ob 'f1W

qoiu3 ill nub 2 .U 9111 ni 19did 11ii i '1ivi1Dubo1q iuodi1 lo \\1\ 3111 1LJE3 1om 'I briE 2 .U 9th ioI in3inso1qm3nu lo bv3I 9111 .av iiivi1Dubo1q lo 19v91 9th lo iolq E o2 briE

b3mu i 2 .U 9111 i 1ivi1Dubo1q lo bv9t r1id 9111 .qof 9vi19n vu1 bluow 3qou3

9th 9nimEx5 01 trnw w 2i1M1w O1 io19d bEd ni1Eb iolD1 IEDnolaifl ifl31 ol

1o norlntov9 91h no 29biloq ni briE ulDufl2 Iii 29flE1ID 1fl9D9I 9IOffl lo Dfl3U32fl0D

2woEIE 31ub3f1D2 T1U 9111 lo noifl9v nEi1D dT .E1 1n9rno1qm9nu rli bnE liviiDubo1q

boil3q 9111 9iEbiq 3111 1ivi1Dubo1q 2 .U lo 13v31 did 9th 01 2noiiudinnoD "luo ioi1" ol u .12519111i lo

3nErb 9th 0, i&n mzizib NU 1i lo ixc kz)in9v 9th iuIi 310n 01 1riEflO1 21 71

(1) noIlEup9 iii a noiiEion rn 9th niaU .HM flu 3ftEf1D 3111 Ion iuod i9q luqino ni

lsiuqz) lo 91E1 ff1w01 9111 s TIM lo (91E1 thwoi io) 9nsrb 9th ni1Eni29b bnE 9vodE

iq luqlno nu 3nErb 9th (i-fl E kIiqED Ill 3nE11D £ 01 luqiuo lo 'iiDU2EI3 9111 bnE AL

:2i 1tJOH

() - 1) + = -

91ub31lD2 T9LU 9111 lo 3qok 9VIiIO 3111 iol InuoDDE lull 1olDE1 3lE1Eq32 (t1E9n () norlEup3

2f121JIJ LJJ1 qJi2 LcJ1Jo1npib 1uJeuc

pipGL jij o 4J LI M5C qi cpqn i2 LucJ oJJoMiIJ wip o GAJqGucG

AcuJcIIX qi jcij o nuGwbJoXwIu pGucj2 (\i cpqnc i JOLiOUI mpi

LG11JIJ qJ LOt J1O11L OLC bjouq POL ourj o w 1CAL o pc ii bouqE1IILG 8 JIJcOLboL2 pLc LprJoupib h!L21 4J JaUJcq 1!U IP011L 2nbbJX cnu

jpIJL L1Li woqj °i nuuJbIo)uuGu

jpG LGJJoiJ2pib pGwcu nuGwbJoXwcu uq bLoqncrlAiDk i iwbpcu iu uqq

je ;suqgtq pon-se; yoe

bo2wou ill ) LOW poc qo uor.

LJJ IIJq O JJAG 3U fcJAL2G !WbC ou bLoqncIJAiA (woAiu EnLobc 2Ofl1MG LOW 112

2cpGqnJ jp njqai oj i o quunip nuwboAwdut-Lqnciu bojici OL EnLobc

CpGqIIJG MJJIJG 2npcdnGiuX M CXUJ1UG 1COL2 4J CHC JAGI2G OL IAOLPIG 1J11I2 LU JJG

1UJ1JJ OCfJ2 ill OUL IIJ[A212 12 OU CIOL2 JJ CJH2G UJOAGWCIJI2 JJOU qJc flj

cpcqnjc OMtJML qoc LGflCLJOU iii

nuwbJoXwGui uq GwbJoXwcut. qoMutALq 2JJ1 iii LJJG LOM1 LfIG o cbuj 1G

IJJLJ(G boiiu Lp WL1(Cq E°1U EiUJJXe OL iuX cpnJc u

C1122 4J COIJOUJX 10 WOAC U0L1JJGf21 fJ0IJg IJJG c}j 2cpqnG L0W bonn J!J(G l1

nucuibjoXwcut ipij qncru cwbjoXwcut (suq OflL OL !AGU LOM1 L1G 0 Cblj

1tC 2UJU 2}JOCJç) 4J1 C5f122 U LIJCL2 !IJ V71 P 2!mflJl3U01121 L12U

cpcqnc nb uq UG1JAG cpiuc pil2 qJc cpcqnjc qoMIr i conrJ& uX GACUI (ppcJGq

LOW tpO2 qiii 5CCOflUL OL 2p1t2 Lu 2cpGqr!JG yu bo21ui cpIu u i 2p112 lp

JJJG flUdUJbJoAWCUt - LoqncwIA i''q°ii b' ri

bowipucq (0 11JCLGI2G

cijccucA iic woqGJ cwb1oAmcuj UCLG2G (jiG bOMGL 0 MOLJ(GL2 !2

0 pLiuizJ G(MGGU (11110112 uq GwbJoXcL 220C1U0U2 uq 12 IJ20 C0U212(GIJ( M1(JJ (pG

iy H!P' cwbjoXwcu 12 bo2r.nJcq o cpcu pipcL LGJ /1G2 32 pe oricowc

LG c5JJGq pporu 2nbb1X 2CjiG11JG 111 (jiG LGCGIU J1(GL1U1LG LJJG2G LG C[JGq MG-2GWU

P C01L 1-Ps P00IC iii MjiCji r.pc nbMLq 2Job!1J J!UG2

2cpGqrlJ G2

buciu uq cwbjoXwcu qcc2ou pA jiLw uq LG cjjcq bLrcc cwu

wbcLccqX cowbciuAc CJ2G tjiG2G qoMuMLq 2j0biU 2CGf1JG2 LGUGC( pe onu oiucowc o

PG jcic °L cuibjoAwciu oJq qic ucuic 21obc o pG 2cpGq11Jc lu pc

WfLJ(-11b 011 WL11JJ J0f1L C04 iu (p12 C5G UX £GUqGIJCA 0L (jiG LJJLJU1b o !UCLG2G MI(JJ

(0 G C01J22(GU( M!(JJ iwbcLccqX cowbcqwc bLoqnc WLJ(GL2 !U MpiCp bL!CG n.c ct

CfJLAG H0MGAGL pi WnCjJ 0 (JJG LGCCIJ( I!(GLWLG P!2 Lb}J1CJ uJA2!2 JJ2 pGGIJ 2JJOMIJ

bLoqncuou (c2bccJi1JX cbitj GUGLX uq W(GL!J2) 12 pcjq CO1J2(1J( joug uA bLucnpL

bLoqncuou f11JC(J0IJ Gxpip!uu C01J2LJ1J( LCUJLIJ2 (0 2CJG (JiG dniuuA 0 0L}JGL 11C(0L2 0

LGUILU2 M!4J IIJCLG2Gq cwbjoAuicur jjifl2 0L P! UJXi2 (0 G CO1J21(G1J( MI(jJ

iic cdricj (0 (jiG WL!1J1 bLoqrlc 0 IPO(1L MJJICp !2 a2nuJcq (0 G 2J'IPlGC( (0 qiWi1Ji2p!1J

cowbcuuAc JOflL 1JJJLJ(G(2 EOL 21ICJJ 1L1B2 cuibjokwcu i qc(cLuJIuGq pA 2GWu pG LGJ

ruLGLbLG(Gq 2 LGUGCU1J (JiG bLicG-Jciu bLop-uxiw!!u pGpAi0L 0 !LW2 0bGLUJIJ !1J

PG JGAGJ o cwbjoAuicu iuq (jiG LGIJ MG IJ GJGWG1J(LA (GX(00J(2 (p!2 LGJ(JOU2}Jib i

ccouq pG qoM1JMLq-2Jobiu CULAG2 LGbLG2GU( (jiG UG1JAG LGJ(J0u2}Jib pGucdu

jpc fluCIJJbIo)mCui - L0qflClJAiA jL5CO bC It

jG couowX poMG/W i nupcjX to t bonn B OL jou cowbLq to boiut

bwqnct o jponL i1JCLI2 In bLoboLuou to tpc WLiu3J bLoqnct

uJLiuI bLoqnct O JfOflL p L1IJ LOW (J\%)° to (jt\bV iu ip C°PP-D°P c& tp

pipL ontbnt bL wbjoXc t boiut nuGwbJoAwcut p ucu pow to n MP1G tpc

2ncp c-aGwIJ pocjc pi'p GUiU pipGL nucuib1oXuiin uq

MJJLG t}J OLIIIJSJ JO11L cJGwUq CHLA 4D° !IJtL2C12 tJJG IJGM JJIjJcL J CIILAG

JJJG LG1IJt O ncp M c-cwiJ 2OCJC ! O WOA tp cCOIJOUJ LOW bonn 'j to bonn

u1tOUOWOIIJX LI2 I4JG !i2 I4Jt i tcdriitc o nbbjA bLUdnjL wonut o wboXwcur

ELUCP 1JGLj 4LiJ( o 2bLIIJ J8) !U MpIC}J IAGIJ LofIb O MOLJ(GL2 pIJq2 toCtpGL uq

J(1tOIJOUJO1I2 1IJCLG IIJ 14J pLJU1IJ boMGL tiqc flU!OIJ OL !U IJX (jjc tpc

° CIILAG nbMJLq2 to ipc bo2luou j ncp 2OCJC uJipt p cnq pX u

pont b Gwb1oXc 2flWG pxq r IL2t couqcL G-2GWu 2OCJ t}JL

(Mpicp in on qJdniou o tp pIpOnL-WLJcGt q1ILW LJGL2 to ontbsu bGL GwbJoAc LJC

Iu JIJCL in nuGwbloXwGut conjq cowcJq MiqJ u iucLc2c in ic jij o bLoclrIcr4AJA

MOM jct n xwiuc to tXbc o pocj uq IudniLG !Uf0 fpc C1LCnWIJCG JU MJJIc[J

2euua 2VOC(Z

(j\iO\z MJJL % i IP011L JUCOW JJLG

o JJporn. i (jt\s)° uq in tJJG bGciJ C0PP-D0flP CG tJJG JA L3G bLoqnct O JO1IL I

4°-E° lu tP cowbcIilJAc IUtcLbLUOU O LJc Jp1IL qcwuq CflLAG }JG W5L%UJJ bLoqnct

cdnippunw wbjoXmcui i LcbLutq p) '° uq cdrnjipLinw nucwbjoXwut pX

EIfTLG tpG GcouowX !uwJjX in Gdn!JJpLinw t bo!ut v joU CflLA 4D0 uq

JjJC flIJCWbJOWCUL - LOqnCiwU JLJqCO bC R

JØ2 1 JJ LJJI2 LIG M5 UO 5ccoilJbIJiGq p> bGLwuGuf qLob ii cbcii) nh1l!0U LOL

uqq 1JOG GWILG O LJJG b6LwuGui L1G !U EJLObGU S1IJGWbJOXIJJGIU ii JJG

iunUJciGuL cibir o wbjo) IpG J3pOIIL OLCG (y

flIJGWbJ0XUJGUL p OCCflLLG ii iu CUAILOUWCIU qiuAcwcu ill M!C UjJGLG i ibM

IPOUL OLCG M14J0111 LGflCW 1 131G i.rio o cbirj wbn o JpOIJL iubnr

bonu c EnLobc p 1qiuuAG4Gq11 cuq npruujX LGflCG G L1JO o cbiij o p

uA qcjju ii IJJG LtG o cbcit.A nuliuou Mp!Cp i 2IIWCq o pG courui LJ G UJOqGJ

— bonu C IJJGLG GGJJ 11p2I9UWUJ IIJCLGG ILl G riucwb1oAwciit L1G MILpOIJL

qoc pjb - bCJ1LG J(GA G1J1LG O IJJG E11L0bGU fIIJGWbIOXWGIU bnsslG o G uq9i bonu c bouu 'j) MJJIJG IIIJGIJJbJOXWGUI JJ2 iIJCLGGq LGJ4X HOMGAGL JJ! UJOqGJ

pG wi.iuj uq AGLG bLoqnc2 o 1P011L AG LGU1LIJG o qJGIL iuiuJ AJf1G2 (pG 2WG

boiui C MG qo uo OGLAG LqGO pGIMGGU OIJGWbJO)uJcui uq orubri bGL OflL 1JCG

LOMU LOUJ £JJG IUIIJJ JGAGJ fl° 10 I4JG iIuGLwGqrLG lGGl LO G iU! JGAGJ fl HOMGAGL

OUCG pc bLocG o q)nuncui ii cibiii1 !Ub11 i cowbjcicq nucwbJoAuJGIu JJ2

C}JG1IG ILJIGLGC12 G OLIJIJ1 LGj MIG (J\%)° 2 2JJOMIJ bonu c Eif1LG 8pc jporu. qcwnJq CflLAG wn OMUML o qc boiuL Mp!cp tpc UGM MG-GU4U

CJJGqflJG LGUJ1U ii GGCi JGU oil uqq nwbrjou pon p 1.L1Jcu1LG o qi woqGj

qcwuq cnLic qou uq o p ICL o boiuou IIG v G JJiJcL MG 2GWU

qwuq oL cbuj M!ll uq bGLioq o qI1IJAG2WJGJJt Mill OCCJ1L piL2 LJJG JpOIL

lJGU pc pq OCJ( O cbiij pG!U couipnicq MII4J JG JO1IL !11b111 jpc

boju B onbrn uq GWbJ0XUJGUI LG J0MGL uq p wLiul bLoqnc °L cbrl

11" flUCWb1OWCUL - LOqnCPAL} i'.q°u. b' T

ci gq 11obsiT iiviteuboiq - tnmoIqmnU dT

lo ii th w o md cI ni nth Oi ni idir1 w 1nrn'(oIqm3nu nEmO ni12ni

inm'otqmnu itouzilim-nzin rIi Qi) nobioO-n,iq d nworh A .noinsiIim 'ibq ici inmoIqmnu Iiurns th a rbum a 2om1 b1Dni airf XnEin1D iol ("U$IUM") ii

iIuon iol doj bivoiq oi ibiq 3vilDnbolq 1ntDt1Iu2 1ixo ino1 on oirh iuh niIqmi

4i) ns8 .2Oi rh I ibum Oi th lo inmoLqmnu ff1 nifl 01 1qo5q

a inummoD niqoiu3 th iot bnuxo irf noninondq di idi woik (U .q

.1oiIw

?iI3Oñ 93V% '(Q19fl

iii vrf noi1nnoD 1nm1oLqmntJ-(1rvi1Dubo1q th lo noiuib nqoiu3 l2oM

n brn boiI lb rti lo i1b fL1 i,dii njd bof1 nth-w Ion bnirn

bnmb iuodsI ih nwob 21111k lb lo iq ki rh iii ini nA . iuiI iii bjn2u1li

lDubo-lq kniufn di nrl bru lo '(1b1ruup ,ili niDub1 d lubb2 01 vmz

01 wthuo aiuirk nornoq muhldiliup5 mono th Inloq moil nrfli .modiJ lo

irl modcl lo lDnbolq knbgim di bn b21Dni 2id Inm(olqmnu iohd 2A .Q lnioq

iuodcl lo lDubolq di 2cuoU-ddoD rli ni) bn 1\\YT) ol 1V'IT' moiI n5lkI

.nobnoqoiq rib 21k1

ii irhi 'm inmolqmnu ini rth borf2 £ iuli bniI vEr1 w i1 wilT

nOrnbTloD vlin £ 11D n bork tvituboiq 21vb nA .ibvituboiq iwol io

boik i liu1w 1ivb1Dubo1q lo bvl di bn 1nrn'oIqrn5nu lo bvl rli nwid lo bvl di bni inmofqmnu lo bvl li nwd nobibnoz vffl2oq E IID nID

rl1 lo 1nmiwjb biwnwob di ol iobq mi1 lo boiq rli ivo JE 1bvb1Dubo1q

qALc boqricwiA poc WJGL tG Gx1.LuJG o Lcj MG LJiqItX uq rqj JGxJpiJJ1X uq

picp p 5jO1J qJ JOMGL JOIJL qwuq Cf1LA ) LbLc.cut JtCL1JIfJA LboIJG to IiJ

GuJbIoAuJclu 12 bLGAGutcq LOW LI2I1J 'E I" 2OLL bolut2 C D C IIq % ( oi

uot pit qoiiw j tp MX o boiiu pnt cow to t i cpqri jijcc j' uqGwbJoXmctw nucici bLtJI pX2tcL1 OL joii qIritiucut11 pc ii wu cpcqrij qoc

1JJLc 12 AGLt1CJ JOJJ-LflU MG-2GUJU cpGqnc t MJJC}J 1iJOA2 tO tJJC CI1LLUL JAGJ O

LOW 4DO tO LJ GCOLJOIJJX WOAC2 LOW \J tO Vj pcOLG hilt flUqCL fIJJ pX2r.cLc.i

2pocc (os. u qcLc iRLctc qwrnq 2pocJ) qrnt 2t2 tpc 1P0flL qcuiniq CI1LAG U EIflLG

nucwbjoXmut LJtG qGbGuq2 ou tpG CHLLGUt nuGwbjo)wGut u1w hofloU u ucX bLicG

2iWG qiLw to IIJLGLbLCL pc couccbt o p tGLG2!a ji!tP 11hI }J)21GLG212 ipG Gdn!ppLnw

OtPGL bopipuc2 ILG 2flG2tG pX EIWGOA uq VCELJU (J3) M}JO n

qoMu nuuj it !UtGL2GCI2 tpc [OMGL 1P011L qcwuq CilLAG i tpc OLJJIJJ JGAGJ o cwbjoXmcut

9 tpG LG2IIJt O llP1G WU ! 111f11j01J2 fJtH tG ''' -° P!U

MG 2G(1J CflLAG pJ CO1JtL2t 1}JG 2WG 2JJOCJ( Monjq 2pt tJJG fl 2 LOW boiut \J to boint

GUGL bucG 2poc onq pit EHL0bG LOW boiut' to bonn c 2 4JG LG2flJt OJ J JJOLIO1Jt5J

U!PI!t 'P n i" PtGLII> qrcpotowX '°i !UJblX tpt i,cu AGL2C

pLnuo-cp2 (j) Gwbpicq tpc CUtL2t pGucGu LG !iftGLi1qiD in EHL0bG cuq LGJ

DnL!U tjJG GLJX JØ2 tJJG 2GW!IJ MOLJ o LU2o1J-çotcWpGL (ioY cp (j iuq

!IJ h!11LG MGLG bout2 ' uq c LCbLC2GIJt t}JG 2WG 2ILflUOIJ U 1IfILG

H0M OG2 £pG rouowX qn2t to u cucLX bLicc 2pocJC GAGL3I boipJJiG2 LG

cjbitij 2tOCJ( tO qJG MG-2Gtt!IJ pocJc

JjJc flUCWbIO)iWCUL - bLOqnCwA 1LqOLt b' i

1q1neruJcur qrnt moic p€ ccouowX Low boiur pjcc K tO 3 boiur JIICG c

EC b!nLc poi cu rpcu p urLbLrcq e rp LGCIJJr o jiq 01.

AGLG bLoqucc y enpecdnur qcpuc !U J0(1LC CJJfLG CfICJJ e rpir OCGLAG OL

O o IC qcwiuq CIILAG it bour I!J K O tJJt £}JG LGJ MIG JJC LC1J OAG

!UtCLbLGtGcJ e rpc LCllJt o rcwboLLA qIeduIJipLinw !G rpr rpc ccouowA ic obcLpu

combuuou uq CO1JCtIJt LcUILIJC ynA opecq iuCLce iu JJponLe CLG amer pc

fl1JctøU LJJCU Jp0f1L CJJLC CUUOt CJJ1JG 9 JJ flUGL rpc eenwbiioue o bcict

IponLe i tp JOflL qwuq Cf1LA 4D ! qGLiAq LOW i copp-Done bLoqncrlou

(j b -y JUc OtJCLC t[JGLG IC IJO WC}J 1JGCGeCLA JIU pcriccu LGJ MJC LqrA uq

crIeq pA GXCC2iAG LGIJ ii8 iiiqirA ye bonuq our pA uuiu (J8 bb o-)

CøCJ( iuq tOOJ( rpe J2 bUI \Wc GAIcJGIJCG rpJr EIL0bGU riu€wb1oAwcut MIC

IPOflLC CJJJLG O LJtJO1JJ IIJCOWG pcq LICGIJ iii EflLobG r rp uwc o rp 1L2t cuczA bucc

VTIICIJ O G 1!rGL11LG 1J rpc cLjA Th8OC G• w:nuo-c1Je (J8 wbpeiq rpr

Lf1LG 8 0ll0MiLJ J M-2GWIJ epOqc

CLCtCC pc eiwc boe!rJAc coLLcJuou pcwcu uucmbjoXwcur uq bLoqncwirA C OCCfILC

COLLUJOL Ill 1IC CGIJC IJA CJOM 01. LqnJ qIneruJGur o MG CGWu OIJOMIJ 5 CIJOCtC

JO1J tIJG JpouL cjcuJiuq CIILAG (c pctwu boiure c uq 1-1) cu CLGG boeiuAc

COLLJJtJ0U priicu nuwbioAuicur uq bLoqncr1AirA uA oc, uotc rpr M}JIjG tpc it °L U ALCG G1JGLX bL!cG CJJOCJ( CIJ CLGtC J UGItAG

rpc urLwqitc C2G2 o nj uq b1L1JJJ pAerLeie

u" ucwbjowciu - LoqncuAIiA jL9CO bC j

o ,q 11obsiT tiviruboiq - tnmoIqmnU dT

3OAW MUMIIIIM 3HT :3JqMAX3 WA .Vl

nina-Ew c lo fqmEx biw,o1irLin om rb 2bivo1q Ew muminim IT .(1ivi1Duboq lo Lvt th bn ii 1nm1(o1qm5nu rh HMID '(1WoM1f1!Uffli2 n ith boik

vrrnqq di moil uo bnu2 idi iud noin9mib <nm no1E isilib 2 .U di bnz nE1

2 th wobd 1Iw <1uoiviq w fIDidw 1nmo!qrnnu fbniI iiiq .iqcq idi lo

H1 1VE D3 rLi bDx 01 bnz) 8I iiI iov ni ii 2 .U di bDx o b,dcnib

d bbDx iniq S1 lo ui 1nmoIqmnu thn,i1 Pt rIT .(88t i1IE

bbDx thwoi 'iviruboiq fbnn bnoD °'innq I. lo ii 2 .U 91b niiEm biw z

rnq 1nioq 1?.t lo nii,rn ibiw fbum c d md boiiq &-t r1m niiub 2 .U dm ni math

iii miioiiqu dDniI lo ninm ?.O 9d1 nzrfi nimr1unm o sbiiuo murniz

biwqu wo1 au bunu1noD (DIMe) muminirn viuth du biur1T ".nu1u1DIunfm

,vh1I 9th 2 .U 9111 flu 9!idw OI iui1 ni nwoda az O8t th nhub ni9 Hi 99T)

1k11 i9bnu 1Iw 01 aOf 91E1 9111 ni 13v31 fbn3i1 r1i 1(1r1uo1 moil 113I1E1 bH rnuminim

DIM 11u lo 9DHE1ioqmi 9th a1E119bnu mzizib aidT 'S8J iu1i 19v31 fbrr3lI 3f11 lo

nEth idic1 rbum ai DIME th 'd b3i3voD 3DioI *iow fbn31 3111 lo noifloqoiq 9111 flI2

.(4t& .q niiiM-nss.8) 2 .U 9111 Hi noinoqoiq 1n31Eviup) 9th

9(11 nt 3ZE9DH! HE lo 2iaIEnE HE a3bivoiq U 31ui1 lii mEiEib 1311Em modEl 911T

01 1zf11 ioM .9EW fnuminifn IE9i 2 .U 9111 Hi £ bnz 3EW muminffn ki 1TbH3iI

muminim th 3nuI9b w bnE 8 23,u8iq lii b3bivoiq 2ia'(fEnE 13*IEfn modEl 311112 3(11 3211

EIEb oth 01 lasilnoD fit 1o1Efl9b 9Dhq izwboiq r1I d b3bivib ai izth ami91 1E9i ni

3(11 lo otlEl 3(11 lo amiu Hf 3EW (numinim 3vi1D3113 9111 9fliI3b rbiflw OI 9mi9 ni bno1q

,q flobsiT tivitubo,q - 3nmoIqznnU dT

noru2nqmoD modcd 1i ni .noilnqmoD modEL knifuon 01 w frnimintm 1o1ifll ) boiiq idi nimb 2 .U 9d1 iii nith ith dDum ntI iii wi ikiow bizq-wol io

Izi th iii iflnuoD owl di nwid Dngivib r1i 1i113bnu 01 iui1 vodi iuiI muminim

bmu imono dlod 1 I ,iuiI lo miib iIim iuodc1 IEDrt1oMI1 th nI

modEl kioi mi di 16w lubscb bnzmb-modE1 bnE n 13-9Ew r1i sEr1 01

.Q bni 8 iu8iI iii inioq iE muiidiliup ru '(Ikilini i 'mono rfT .lub,dz lqqrJ

01 inbi11u i icth muminim ki fbn1 nfi iii nni ns Duboflni u il wo4

brn % Jnioq 01 vom 'mono MIT .1\VT) 01 I\VJ) moil Ew IE1 ciiI lkivo Mb

2uoM1E1rnni bris iI1Em modc1 viliiqmoD nimuA .1 01 I moil !k1 1n3rrr(o1qm

rut 2E51Df1i fIl 01 noiioqoiq Hi DfIE1I ni ii modEl lo lDubolq knziEm 5d1 ln5rm2u(bE

.EW ki ifi

mtjminim vit,u1, ,rh iii nibb MIi iol biiupi ei f1OflEl1q11ni ini1Iib A

d1 ni ruibb £ nrb J lnioq IE muiidiliups ni luo flz1 XfflOflOD Mu ii 2 .U Mb ni

Iliw muminifn Mil ni2 vii11ni d 111w 1\W 1vI iwol rb 01 EW fulLlfflifIifu

n9wd iErrnoD z v13do 1lri bluow 9W 9ED id1 nI .9Ew nflE9b-1911Em 3f11 wo6d 9d

nEiI Hi ;I. bilE 1 1nioq n99v115d 9Dn911ib 3d1 d b91naiq3l 2 .U 5th bilE SDfIE1I

2 .U sth 01 svilElsl lniid bluow 1n91m(olqms bnE wo bluow iiviuboiq

2 .U sth Hi sKEw muminim ksi sib o noiois bEs1 sib lEdi i iii1idioq isibonA

21d1 — W slil noUfoq E 01 SVIUD fl fl9-5EW SrII Hi iii 112 blEwnwob £ 01 bsludiiinoD 2EfI

noinu .2 .U ni SnulDSb sib a fbu2 isrbo 01 sub '<lnEq nssd svErI XEffl lIirI2 blEwnwob

(iiq IPOnL� uucouic pLG) orijq G i boiuu \J uq ip nJj-LcbJcCwc1u

R 4JG JOflL qGUJ5Uq CULAG LU E!11LG jj jiq (IIJI1LA Gj14CA qiii JpOflL IUCOWG

MOLJ(GL nJq flLflLC CUGL1JOU2 O £Xb1ACL2

1FG 4JG OLW °L LLUCL O qiG CIILLGUIL nUGwbJoAcq LOW 2OWC cowpuUuiou O CfILLGUI

flUCWbJOXWGLJI cowbcuiuou 2JJOMU LU EIfJLC jj pA qJG LCCUJG 1.\E°'E IP! wonii

O LJJC nUGIJJbJOAGq MGjJ IpG ELGUCP OAGLUWGUI Monjq pc op[icq o bA oni GX

3IJ uUCLCJC !U qJC LGIJ UJ!UIIJJIIW MC MonJq LIC LJJC MCJLG UOL OUJA o qic CmbJoAcq pn

UUGWbJ0AUJGIU cowbcuiiou XGuJ mqi ioo bcLccin LGbJCGwcUt LfJO (iuouU 1XG

WCLU UJOLG uq 4JC nUCwbJoXGq UOM WJC1U GLO LU qJC GXtLGLIJG CfC O U

LJJGLG MOrIJq p U uUCLGGq qthGLOU U !°' G1fAGGU 4JG GwbJoAGq ELGUCP UOM

COULJ !U ELIUCG (hinLG 5pOAG) R IJJCLC MCLG UO IIUCUJbJOAUJGIJI cowbcuwoii AiGw

u UCOUJG qbcL2iou qJ MIqCUGq LU qic fl LU 4JC J8O MJJLJG LGUJ!U!IJ LOf1JJ1A

biq yUJCLJCU MOL(CL ionq pe qcbLGcq Lfl pcjbiu o cxbpiu pc COU1i52L C1MCCU

uuq j IPC LGJ GJLULU2 o JoM-biq ELGUCP MOLJ(GL orijq pc poocq uq L}JOC o OM-

141C O4JGL W!0L GGC12 O 4JC qLAGLGIJCG LU GCCUAG WIIJ1WfIUJ MG qcbiccq !U 111LC JØ

cAouq CCU £G cioJnuou o nucwbjoAwcut uq bLoqncuAuA M01119 pe

T8o.

qiAGLcUI pcJJMoL O pOljJ IIUCWbJOXWGUL uq bLoqncJAIA iu ELUCC uq qJG fl 2 LU

IU P! JU1JA2J I4JG qLAGLc1J1 pGpAioL O qJG LGj UJ!1JIJJ1TW MG CU pcjb o cxbjiu qc

LOW (jj)° o 1J [JL IJJG GCOUOUJX o bouui uq OO4 GWbIOAWCUf LOW E° o

qcIJLtA ricp OMUM5L 2pi ill LJJC MC-CWLJ CfILAC Monjq LCqUCG 1}JG fl LCJ MG

IF' flIJCWbJOAWCUL - LOqnci1AiA JLJqo b'

tpc 2rslqJG2 citq poAG flUqCL IJJI2 iUtGLbLGt5tJ0U U IIJCLG ill I4J W!U!UJHW MG 1?

hInL TI GxucwcJX tGb ccorrurJu pc pcuc o cwbjoAuiiu !U

cpu in unuiwnw yu cdrnipL!nw iutcLbLt5rJou i tpt JG OflL qGuruq

LPG LMO JIJt.GLbLGttJOIJ O tpc WGWLG GwbJowGut GGCI2 0I

'i' o LGJ Aontp cJLu!U2 pX o bGLcucc boiur

() i ou bLcGuic-boiut !11CLG ill LjJG LGIJ AJf1G O qJ fl( JUCLGS2c2 tp LGJ

wiwwnw 1bijj OAL11 to otpc OL iutucc £p nJqiu pX GIJ-yLuu

ii p wjj OL u1iipIc cict on wbJoXwGut JjJG LGWJI2 OCCIL qG2buc Juq!u

KLnGL (j) uq KLIIL (J) OL iJJ fi' UJ tO wqicic tJt tp wiuiwnw

DCJU2 ' 'ç (j) OL tpG n' K uq cq (j) cq- s-KnGL (iY cq-011 4JG O LjJG LJJIIJHJJHIJJ M5RG uIq1G2 JJjCG tJJO2G O (ji) OL LL5IJCG

i couriqicuon GLMGU tp Juj)2i o h1fILG TI uq qJc i.cnt JitcLfJ1LG

r;eLSn%.e OU 6 ULGC2 O) %G 4UUU%%fl 9G

'U tp juj o tp riuwbjoXq

pcn qccc in tp cwbjoXmcnt-bobnpuiou LtJO tionq p iccowbrniq pX qGcuG

WC(1LGq utiouj bLoqrlcwutX conjq ucr.c MpIJc jqjj o tp bobnpiuou GtGL0LtC

pXbotpG MonJq pc u cLoioU o tpc jq o ip uMJ) nucwboAcq (°-)' ILouicjj

to }JI}JGL LCJ IUtGLG2t LtC IJ0t}JCL GGCte OLCU qicnq JU COUUGCUOU MItJJ qic P)2tCLG2!

0 pijJcL tx OL f JJIJJGL bcippc qCpt- L1.1O MJJ!Cp in tp jUGL WJJt JGq

o,cinwcut GxbcuqJtnLc 2JJLG 0 CDb MU.[J bopjc iqG GGCU 111 LjJG 0LW

nuGuJbIoXnJcut cowbcuuou tJJ W0t OpAJOfI2 jGCt MonJq pc to CLcIL IJ !IJCLG

1tJc flUC1JJbjOAflJGU - LoqnciA!U iq'u. bC

2I1LbL12G UP1 hO GWbJOXWGUI GGC12 CoflJq pG oriuq

MG LOW JOM JGAGJ IJq i LJJ!2 JGAGJ pG LU!U!UJIIW MG M2 UGGC14AG pen L hO

bonn \J lU b!f1Lc TT JJJ if 21s1q1G2 cJlcq [JGLG OCfl22G Oh !UCLGJ2G2 U L4JG UJU!WHIJJ

qLobbcq o 10 G 1UJGGCPAG 1JJ11 !2 10 G GJOM 1pG flJLJ(G1-CJGL!U MG LUG J!J(G

qqJGLGIJI biopjcw I2 MGJ p 12 AGLA 1ijccjX LJJ1 pA TO P' cv w!u!wnw MC pq

IJJG JJJIIJJW(IUJ MG 1OAG LJJG GGLJ JGAGJ In bLqcnJL 41G2 O IJJG if ' J1J1 4JGLG !2

p12 co-n1poL2 jG2G w1q1c2 oriuq no AGL2C GIJJbJOAUJGUJI GGC12 0JJ0M1U 1UCLGJ2G2 !u

wc bLopJcw2 wk GC tpc 2UJqG2 o ipe if MG pA cq rnq

0CH2 Oh 2poLl-Lnu Lc2b0U2G2

pcCoWiu juGL JIJcJ 14J12 p3Gq Iqn4wGu1 bLocc22 2 inqcdncjA c3bwLcq in 2UIG2

IIJIGLbLGI9LIOU IJJG IpOflL qGUJUJq CEILAG LIq1IJJA LO11G2 UJJL011JJ 1JWG 21L1JIJ 2IGGb uq

MG (ot. iA OqIGL 20CJ 10 qIG MG-2GUJU CflLAG) IJ(G2 21LJ1lCIU1 UUJG 10 OCCfIL P' p12

12 JLG JG I4J1 IJJG bLocc22 o 21121J1JI1JOU cncq pA 2iUicU1 1UCLG2G in pe wluwnm

VU I1GL1JU4AG AIGM !2 1}J1 1.PG 2JJOLI-LOU LG2bOIJ2G 12 2WJJ MJJIJG fJJG JOlJ-LfIlJ LG2bOU2G

Aori1p GUJJbJOAWGIJ1 qc2bilc IJJGIL in5piJilA 10 G2UpJ12p p12 LG2bOIJ2G

b j) pGJlc/c 11 10 pc qIG C2G 1JJL 91J !IJCLG2G !' LG9 Xonlp IPOflL C0212 JJAG LGcJI1CGq

O OflL2 2LG UJJ11 12 COIJ2I2IGIJI M11[J U GJ2UC1LA 0I J•O• iuqq GU-1t5LUlJ (TT

21Ip2IJIJIUOU !U IJJG LIJG O Ø 10 10 (cu b iuq Milp pe J01J-LflU C0IJ21UCA

MonJq couuicL MJIJJ J5LG bLoqncuou nucuou I!1cL1nLc 2nbboLuu u GpJ21JCA o

1JJ1 qIG pAbolpc2i2 o UGL-AGLUJCJ Jou-Lnu JOflL qcwnJq CSILAG CLJ pe 2nbboL1cq 2 IJJ!2

GXCGJJGIJI MX 10 OO21 bLocjncrJAilA MIqJ w1u1w5J cwbJoAujeul GGC12 H0MGAGL OUG Ofl12

JJJG flIJCWbIOAWCIU - LOqnCuAiA 1UJqCO b'

!' E!flL , fl% cpGqnJ

bLoqncuAitA 01. in nucwbtoXwcut p,iipont wnjtuonjA cpuiu potp tpc cnc

%O tpc fl3 cpqnj o JJIILc LOW 14JO2 0tGL CtOL2 tJJ UJX cnc CFJUG !11

i qiuunip tpo ALipjGa tpt piit tpc M G-flU pqnc uq cnc woiwtu

coupiiou cu bit 0L 9 it OL £pc cbttj tocr to ii tp cuou

bLoqncuAiA CIJ p G1JGLJ1G pX flJ)t 1CtOL 14Jt JJI12 MJ WIJ C11LAG uq tp

wc pv ccu bo2JUAc C0LLCtPOU pctMccu nuGwbjo)IJJGIU uq qJc jcicj

A WECHVI112W2

qqtou to 1BJ(!tJ OLGL tJq GLAJIJ ooq

J1LJ JGAGj JU LfILIIJt LG uor4cGpJA JOML uq MiLbcobJG ct uq CJL pI !

IWWLIU2) MJJIJG Mtbcobjc1 t3JCG OLCL IJq LA6 ooq COU1LL lu IJJflC EIIL0bG

cmbjo) pripoX1 to t iuq CJL (tpcc LG otu LCIJt JJj O[ iI1G1

0/AU VWiJLJX yuJGLiCU LGL5IILU12 LOW tG pip-bLJcGq OfJLWGt jGAC qo/An to

xbci CfItOWGL to pi £pCIL 0/AU L0CLJG uq owtiwc to bioiiqc qJGJL

OUG tO L!iJ nb tpc bnLcpc uq tpc OtCL to b1cG tpc bnLcpc !LJ pi ELGUC!J

nbGLwiLJct (otcu !U 0WG bpcc JMX iii otpci2) wbjoX uto bcoblG t ccp cpcj-orit

LGHJtG !U AGLA qJGLGUt cwbjoXwcnt bLct!cG bLucriJLjX !U tJJG CLA!C CtOL VWGLICIIJ

qAL11t A0tf1tI0U O tJJG ELGUCP uq VUJCL!CIJ IJJ!UIUJIIUJ M2 bottcq U EIflLG TO P

CCW 1IJGOLGt!C1IX bpnipjc uccqotq AIqcucG cw cowbc1Iw tpt qJc

EnJIIX icu MJJQJ cqwc wq! ij to bLoAJqc COUM1JCIU GWOUtL14OIJ2 O

JJIC flUGWbjO)IJJIU - LoqnCIiAiz.) jLJqcoJ

q ilobnT iiviteuboiq - tnmoIqmnU ,dT

9Ub9ñ32 TU 9 w aYt hJb1b2 NU iii lo ni i1snE 1kim-uodE1 nibDiq th BtnET1 w

ni ainmvom udi iuiI lo noi22uD2fb iuo moil 1Iz5I SI iii iqq rbirfw

211id2 1nrn'o1qm3nu bn 1n3mo1qm lo 1vl bxt1 £ 01 vi1E6i fziiq iii bn qM

c diiw niiiuxo 1rnmoIqmnu bnc 1nmo1qm Iii endz Iidw !ubfb2 T1U 5111 ni

.Iubrb2 'NU sth nok arnsmsvom swz luqni k1iqD bn qM lo 6voI bsxil

muiidiliups Iriiini 10 nolnni2 ,m sth I siui1 iii hlnioq i nisd monos r1T

n ixsI4 0U i siii insm'otqrnsnu kiiini sth nsdw 8 siuiI lo I inioq i bni kniim isrIiH c thiw 8 siui1 ni 3 lnioq 01 'QnonoDs srfi 2111112 bo112 n-sw

sIubs± 0T1U lthiini srIT U stzi inom'(oIqmsnu isdid bnz mocki lo lDubolq isv bsacqmoDns ,mu lo boiisq srb i,vo nrh 2wouI2 f siuiI in 1 bn k1nioq nsswi,d nwcib

diwo slidw U-U lnuomi sib 'd sstni siix lnsin'(olqmsnu srli 1 brie k2noliEuii2 xd

.1. inioq i bs1ivsnq sii isvsidw svod bsl2ood 21 (ssoLqrris isq Iuqmo) 1(JiviiDubolq lii

8 siui1 ni nwod2 a izdi In i2svni2ib lo boiisq £ sd II 1w sisrb nui no1 sib in!

nu12ood isilnul s!idw D lnioq n 1s1 kniiio sili 01 sw ksi sib bn <iivimiboiq 2sDubsl

sib '(d fi siui1 ni nwoil 21 noilEirli2 sm silT U 01 U moil s1i insmo1qmsrni sib

snirb svilEIumuD sib 2lDiqsb Z) shI lntoq A 'NU 01 sIubsfb2 T1U sib ni iliik biiwnwob

ni snzdD svthilumuD £ 21 oisdT .I inioq if noi1nii2 muiidiliups tthiini sr1 moi1

no1u1i2 ktiini sill moil bnjibnu 21 ibwoi 1ivi1Dubo1q sIiilw (0U-U insmofqmsnu

kllqzD lo 225D01 sdi IEIb 21 2i2kn 2idl moll noi2ubnoD sf0 wilT .h inioq u kinonoil flSV5 10 1Efl 2smoDsd slubsrb2 T'1U sib nui-noE sili fit lEflI 2silqmi noi1lUmlJDDE

q 11obriT 1ivit3ubo1q - inmo1qmnU dT

.,'NU Iub5rb2 IEnothorI ifi d bilqmi

z d bui w 1 oi i inioq mo1 t iuiq fi dT

1ubb Tc1.U Ii 1IifI 1f1ifn nth no1 ithO .nornIumuDb 11iqD d bwotIo1 bofI2

imd 1irIw bork iiq lio ivbs nz bubni noiiziib (bizwnwob) fdiovtmnu nz ni

'NU 5th iliik bluow noiivornii lo sii sth iii rnsmsvoiqmi uonsoxs n io nornubs

IIuhiuiI uIirn sw itdi isu2 H 1jiq .noitsiib (hlEwqu) sidElovEl z iii shibsrb2

bsisiqisini sd n uth insmo1qmsnu nsqoiu3 i,did lo s'oth d2iunuiib

ith soth moiI sEubs± T1U sth nok lrismsvom 1sffnon E n1u& '(1Ec1izn!

bsisu sth isvni idim sw IIimi .,tubsrb2 icth ni i1id riiu ar bsisiqisini

ni'Iqqz 1(d :j1 biinU sth ni iikupsni bss1Dni bn thwoi iivrrwboiq wot lo su& .sIubsrb 'NU sifi iii i1ir1 .v nok alnscnsvom nivfovni noirnniiib sm sib

etubeñ3Z gntea-egsW eI% n biswqU O e3uOa

:fIO1iUp5 ifIi lo misi ni ffliflEf!D5ffl firn5-5w sili isq1sini (?. .qq 4kt) rnsfl

() - I) + \31y- = -

sib 2i U snq oI sill i c\ sw o1 sib i ' ol s isnsl S2ED-lswoI sisilw

bn sw noiiviss srli sbubni irIf ,ldiiv lo iotsv i bns sii insmoIqmsnu

(E urlT 't.sw noiicvs2s1 sfli isvo qtnhcm sib snsuflni 01 nluoth S1E io1 isvsiirlw

sib is bns slubsrb nins-,sw sib ni i1irl z lo siuoe £ sd slqbniiq iii 'sm . ni insmsfs

.s!ubsdz T'!LU nsvi s no1s insmsvom 5 lo smo s smii sms

in wo EriLobGsu COf1UtLIG2 n p o-io bGLcciu L5UG JU CGLW5U) It-I suq 9LJt5iIJ snq

wGuJpcI2p!b 5 S JJ5LG O (JiG J5O1IL OLCG !2 OUJ? 12 bGLCGUI iii (JiG fl psu J2 WF1CJ P!1JGL

M5G-2GUJUJ 2CJJG(JflIG L3J2IU 0(JJ IIUGUJbJOXUJGU( suq bLoqncuAiA JL5qG rIU!oU

2 yu IUCLGS2G III MOLI(GL Wij1(SIJCX ljIJ JIJCLGS2G tu nuion boMcL Monjq 2JJJr rib pc

bciccui in LG suq sbsir1

2cpGqrIjG JSX MGCJG2 JU EILObG L5IJG GLOW to ro ij bcLccIu !' COIJLL52 fO S L51JG O 50

5GL-L5X MSG2 SUX JUCLGS2G in bsXojj 01. IUCOUJG 15XG2 CSU 2pi fib (JiG M5G-2GUiIJ

'V VU IUCLGS2G !U (JIG LSX McqG IUCG JLW2 bs) bLc-fsx M5G f1( MOLJ(GL2 LGCG!AG

bLoqncuou

(JGCJIUG in (JIG (GLW2 O rsqc (JJs1 LS!2G2 !WbOL( bucG2 LGJS(JAG (0 IJJG bL!cG2 °L OWG214C

bLoqncJAiA L0M1JJ 2j0M(JOMIY yu JUCLGS2G !' (JIG bLicG MGCJG CSIJ 5J20 G CSfI2G pX s

(JJ12 MGqG OCC1ILLG S( (JiG (ILIIG 0 (JIG IL2L 2JIOCJ( N4JICJI 5120 WSLJ(2 (JIG pGIULJIU 0 (JIG

bLicc2 LGJS(JAG o bLoqnc bucc2 oriq 2pq( rib (JiG M5G-2GUIU 2CpGqflG° VU UCLG52G U

M5G suq MOLJ(GL2 CSLG spofu (JIG cou2rlwb(Jon-bucG LGSJ MSG sn) UCLG52G U COIJ2IIWGL

3 VU IUCLGS2G in (JiG bucG MGqc JUCG JLW2 CSLG S0fU (JIG bLoqnc-bLJcc LGSJ

LG2GLASUOU M5G

(JIG GUGCPAG LGbJSCGWGU( 1.5(10 0 (JIG IIIIGWbJOXWGU( PGIJG!(2 2X2(CUJ suq JJCUCG p

5 yn IUCLGS2G JUl (JIG IGAGI SnCJ\0L COAGL5G OJ IIUGUJbJOXWGU( GUGI(2 MJIICJI LSI2G

1 V JIGL WJUJUJfIW M5G 52 qi2dn22q bLGAion2J)

bb 22-) IUcJnqG2 (JIG OJJ0M!IJ

jJIG LAbicIj EnLobcsn JI2( oj GjGIJJG12 p5 ionjq 2pij ' nbMsLq (qLsMu L0W RG5U

JjJc flUCWbjo)WCUi - bL0qnCwIU jLsqco b

q flobB1T fivituboiq - tnmoIqmnU dT

,nO .( 2 .U th lo cdi wobd urk thiw noi1qDx HE rIElI) nbw ru niq 08

qir1idmm noinu bzri iIi r!id 'bviiEI1 31i1fw izrb i noiiEnE1qx irb thiw rn1doiq

1Erk niwoi r1i lo i1ui £ a 'Li1Emi1q) 08t di iii irinuo nqom3 iom iii If1 iuk .(io1 ivi th iii 1rnmofqm9 lo

9Ub9I%3Z TSU 8t t2 &!A tñw 1nmoIqffl3nU nqoiu3 fIiff lo a b1iD nd VEfI not1 itho uoimu4

Jnupdu2 o oivrId nth-iw moil Ikiiini nio noicw v1ovni Ion ob di irud

E bi3qiirii id ir 'di nH inmoEqmnu th bilE 'IiviIDubo1q 'd noq .I iuiI lo Iubd 'P-lU th Hi iIirk (blEwnwob) 2vbE HE ni1JE:) 1oiDEI

1qqu2 1vbE HE ? iuiI iii aA .iibiii Ici thiw bnidmoD bode '1qqu . bilE 1i oi InmoEqmnu (EeuonEIIumia flED (ho o iiq !i irtirf £ .) borf

hsi nwi5d '(rnololbib dT .blEwnwob Iubb T1U r1i f1ii1ifI2 auth hIEI ol iivi1Dubo1q

iwoh ,rhi no qu 2bfliw 'mono di iMIw nimiib 'iihidix,I1 Ew-1E1 bilE jibiii

no D lnioq oi himi2 a biiqiini d ii1im qoiu3 lo nornoq ,rb nrb o 1ubrb 'NU

.H hi1 Inioq £ IE 2 .U di lo lEdI bilE t ,iuiI 10 1ubrb2 'P-lU iwoI rb

1E 1MIJ Ii 1nffl'(otqmMHJ IE1D (Effl 'OtO1IdDI Hi ilirk A .1blErn2iM . lo DE b,E1Dni nA .21O1D IEinubni bilE 2flOi1 nOliEquDDO ii1idom modEl o

IE1[J1DUT1 E1DHI nIim bEn fIf1O1 01 2flH0 f1iWO1 10 nErLD lEDiOlOilh1DI

fbiEm2im 2u11T .nwob io qu irI1i5 ivrJDubo1q iii nEfb E nl2rJED Itiothiw Inmo!qmnu

.nwob ..i idi th ol 1ubrb 'P-lU rb nu11irI2 2E biiqiini d flED

0, bl noUElu1 1ninohqm lo rnio1 2uommuM .2noi1Elu1 1)h1Em mod&J .8

LIou ipX iG wix o nuGwbjoXwuji uq bLoqncrJAiA LG2boUc2 JJOf1q LLCG Ofli 5 I3POflL

nuGwbIoXuiGu iuq bLoqncuAnX iu qiLccuou M G-CU pocJ 1}JGLC 2 110

p) 2bLqiu £G 2UJ UiJ2CU0U2 0AL WOL I5P01L JJ011L2 JJ1C 2flC LGflF3tJOiJ2 IMI2JJ

obcuiu nuqcu CnLLGIUJX in LWI1u cJcLJX CL 4C2 iop2 plu LCflCG2 npu bLoqncwir)

wbocq in iuq 2owG oqJL cornJIJJc2 v wowu o riuq uq GA1JJU

poo poq riucwbjoXwciu uq bLoqncIJAi i qJc qLcouiu iAbc o 2pob-cJo2iu LUJG2

boCL w.ci njwou j bucn OLW o LGflJ1JOU borutJijX

cpcqnJc

cpu1u boqncuiX uq ponjq pc iuicLblcicq 9 cn2iu Lipr.MLq 2JJ in tpc flii

in qcwuq 'qiu 2flC LcRnpuJou2 wX iuct.c nucwbjoXwu iipori IJGCG2L!!X

qi2conucq ijnc o qic co io cwbJoXL2 o piLiu u MOL1CGL in Lc2bon2 o u nbuiui

onqiIJGq pOAc wcp LcnJuOu2 CU 2IJpijic u o)icu p) £G bLccn

OCCflL2 bGLpb2 3wbJiicq pX iu nbMLq U IJJG NiG 2GWIJ 2CjJflG OL I4JG L20U2

cmboLLA ptXo in Lc2bou2c o wijq LGCG22IOU2 ri MGU w1oL GCJWG 111 qcwiq

qwnq 12 pip 2f1C Lf1juou2 cu 2pipsc cwbjoXwGnL uq LGflC qi Juciqcnc o

CGOLX 12 wuqcq 2CAGIUCC bA HGLC £JJG !WbOL5U1 bo!u !2 i4JL MIJG1J LRZJIG

0j LCIJJL OL OALUWG MOLJ( uq jrwua on nc o bL-pw MOLJC vo iucnqq In p12

0 ixGq-GLw COU CI2 J1W1L2 On I4JG (12G O ICUJbOLILX MOLJd LG2LLICPOIJ2 011 MGCJ(J?i OfJL2

LG2WCIJO[J2 011 GwbJo)L LGGOW 10 qi2uJ22 MOLJCL2 JiW112 On fl2 OL IJJG i't AJiqi1X

GX}JF12L1AG o CLflPP uq GJJ2 (J) incJriq wou pc Lc.npuou —

4JG GiJLIj IJO22 EnLobU JponL WLCG12 LG UJOLG uiq11 1IJU !' qi fl

jjJC ucmbjoAmciu - bLOqncuMA jutqco b5C 10

LGflCIJOU !n £G LGSJ UJ!U!LIJflLU M5G (J) qJI2 qGC!UG in fHJ!OU LGbLG2GULSIJ0u bJsn2ipA

in (nurou IJJGWGL2 52 5 L5CfJ0IJ 0 M5G snq 25[SLX M0LJ(GL2) jOCJGL MJLJJ LJJG 2JJSLb

W8L!(G1 JGCpUG IU if fIIJ!OU UJcUJpL2JJib (j L0W bGLcGu in £0 J8 bGLcGIU

bGLpSb2 14JG Jcsqin csuqJqsG 0L CSU2IU qAGLGU1 pGpsMOL 5CL022 £G WIt!C !2 £G

LGnI5IJOU ( suq

snq bsLrJcrlIsL EnLobcsu COIJUWG2 in 4JG GXdn 0 PP°" W5LCGI suq bLoqnc W5LFG

qicLcq pGIMGGU EnLobG SiJq 4JG if £JJGLG 12 CJGSLJX s W50L qGLGUCG pGuicc1J 4JG

suq jg (hJrrLG Sp0AG) piJG £JJGLG 12 110 LCS2OU 0L wi2uJsCp () £0 [JSAG

pAbotpG2i2 (Q) 2GGW2 COU2I4GIU M!Ip £}JG 02GLAG pnJG iIJ 4JG E C JponL 2fJSLG pGIMGGU

IJJOLG pGIMGGIJ £}G J- TQO2 snq J T2O2 (csn b jp uiq LGSJ M5G

2IW1ISLIX in 4JG E c suq if £pc £SX MGG (9) JU JG E p01jJ p1}JGL suq IIJCLGS2Gq

GLnbJOAGG2 GJiip1c OL pGnGu2 52 jSJJGn 2np2surJsJjX .iP!I £JJG bLICC MGG () G5AG

GJtJJGL £JJG E C OL in £pG if GEMGGU £JJG J51G JO2 slJq P T8O2 £G L5C1JOU O if

LGbJ5ccwGnr LSUO 01: UJJGUJbJOXWG11I PGIJGLII2 (iiw OH 4JG 5OAG J121) cpsnq JILLJG Hi

bLowi2in GxbJsnsIJou2 pA cowbsLin pcpsAioL ill £JJG 11 2 snq EflL0bc JJJiJG qic

wnIublG C5fl2G2 LSIpGL £JJSIJ 5 21L1jG C5fl2 C511 MG iqcuuX 20WG 01: £G 50AG 11GW2 52

nuGwb}oXuiGui £0 bsuJdnIsL ILGUJ2 OH £}JG SpOAG I! suq C0iJC[flG2 1JJ51 £JJGLG Wfl21 pG

PGSLJ GGCUAGJX CLiUCJG2 UJIIC}J 0 £G LG2GSLCJJ 5uLipnhJn 41G LI2G ! EIIL0bGSU

2orncoz o oN eoMu 9tK tuodns u ;e n v

csniu ¶i UJOAGWGUI 5JOLJ

quisuq Cf1LAG SLJq }JGUCG MG £LG5 2f1C LGUJ51J01J2 52 2p!(4n 4JG fl% 2cpcqnG LSt4JGL L}JSU

jpc flUCWbJOAUJGUL - LoqncuAiiA jL5CO b5C 31

bLG22nL 011 1[J MC-2CWU cpqnjc 2 ilJJbOLt2 o bcobc rc iwwiuiou

LG2LUCUOLJ (notpjX ji.ucc uq pjX) JwboLt o ooq cu but tpc wc puq o 0MUML

obGu to viiu !wboLt qrn 2OWC EnLobu COf1UtL2 tpt iwboq dnuhJtwAG

wouobolX on tpc UJJUrIICUJL!U o tJJO2G ooq2 jO tpc cxtut tpt qic

in tpc LGj iic o u iqucq conutkA (oL LorTb o coriutuc) tpt bLcAion2JX pq

wGqinw-LGcpuoJo ooq2 L0W uc/AJX IJqn JIJ C0flUtLG2 cu cri n 2OjfltG qGcJiu

h1ujjX opu2ou uq tioiq (J3) JJAG Lncq C0UA111CIIJJX tJJt 11 iucLc12Gq 2nbb1X o

nu2iJjcq J301JL uq bJn2ipX qqcq to 0MUML bLcriLc on tpc MG-2UiLJ cpcqnjc

nuqGtcLuJuq iwonut o ij iwwiLtJou p qjcc 2np2LutJk to t}JG 2nbb[) o

qrJLJu j-j (o bcuoq o 2jM bLoqncwut) LoMtp) iu qqtoif piLc uq

bo2uL bLioq (iwou jj) ijqionp tpi2 bGLcutG 12 2tJJJ L pJOM t[J LGCOL2 2Gt

iwwiuou i bccnt o tpc bobnjiiou 2tGqJX iucLG2cq in cp qcqc o tpc

qGbLG22q L[ MG2 uq bLoqnctAtA W112t iucjnqc iwwiRi.iiou rnq JuJboLt2 yuuncj s'i

i qqou to nuou uq qic uX nt o Ct0L2 cnu

2OWG bLt o tpc couuurnu bLoqnctAA LOMJ qAcLRcucc W112t pc occnLLcq

cuibjo?wcut LGJUJA o EflLobc (hinLc poAc) put MiqejA Lcconicq IwblIcuou

T8O jpc LGflIt " pG McJ}-JcuoMu qicpotow) petMeen Lb1q OMt 111 n

GxcLtcq qoutq bLGWLG on qic fy MfG 2GUJIJ 2cpcqnJG tL0fIJJOflt tuG T�O2 uq

1pc flIJCWbtOIIWGIU - LoqncuiiLX 1LJqCO b'

oiiju JwbouucG o cowbric JfL pc (r MJpUu Lpw MIqJ

XGIL (rca MGJ}JULJ ijJGLJJ MII4J qJGIL bucc qI LG JO!A LGI1JAG io bLc-J8) uq

iccornu njr in nuqcitriu qi JwboLruc o cowbnc bLioL o p2LJbJq> (- bLcGIu bL uuriw) OGJGL MiJ iUjc pc XGL OL qJC LG3J 0Db

WfunpJcwLJLJ i JG n o pGqouic bL!cc iuqcx OL cowbnrci onrbn qGcJiu AcLA

O4JGL conuw MJJIJG in uounJuacwuu uq o p auqcL4Gq pc bwpjcw !

£p boqncwur Loltup in UJUncuJLiu in fl icuq o pc OAGL1G LJUAG o

OL pG Gcouq bLopJGw WGflLCWCIU rnc oLqou-pijX (JJ) pc Lncq

Gdn5j o qJi quAGq LGiqnJ

qcLiAcq Lcqr1 H° bcL cuibjoXcc !u ccp GCtOL n uon-wuncuJLiu MGLG ci

couowX iuq !u wuncinuu uq ponie bci GwbjoX in ipc LGCI o ccouowX MGLG

qJG 3- LOL 1JJG 11OqJCL 2IX q MCLC opi3ucq 013 JJOHLC bcL cwbjoXGc in tpc otj buAüG

1JfUOUJ CO13LC jOL qic f rnq LOW OECD uq O4JL q OH 4JG OLJJL CIX WGUJGLC O

qGAcJobcq 13CM IJC on onbnr OflLC cbirj iubni onbni bcL pOI1L ¶JU YIhb LOW

nq ic nuqettq pA qi LCIJCCC ! onrbn bGL CmboA ip euiqA pe

EIIL0bGU conuuc ipu u LC f qic bLoqncqAA LOM4J qccuqij pCIMCGIJ EHL0bG

prn onthn bGL ponL iucC }JOIILC bcL cwbIoAcG VG qGcIIJCq wncp WøLC LbrqA iH woei

OECD 1UCLCLOLI DPCC (IDPY WGC1JLGC bLoqncuAJr.A e ontbni bCL cwbjoAcc LJCL

iiiq WGCflLCUJGiJL qiGLCIJCGe JJJC W0C1 ccCee!pJC CøIILCC o bLoqncuAirX pA ecoi. LC

jMO 1CCflCC LJCC ill IJJJUIJ IULGLU1JOUJ bLoqncnAJIX cowbLieouee q& AIJpIJI1.A

Al bI�ODflC.UAIIA

jp ucwbjoAwcui - LoqnciIAiD juiqco b

owc o t}JG wiu WLG LJJG qr LG f1wUJiLicq in ijncp qibpX2 !U

4GU2 9uq usucez o, on;bn beL .onl eorw G2

qoJJL i OECD J1 GXC}J5U L

JLG 1jG JOMJ1J \\% O oriibrn bCL OI1L OL GCJJ GCLOL U COUAGLG9 !ULO

IJOIIIIJJLJFJjCLJ1LJ1J uouwiuiu) Lc bLoAiqq in tpj ipc LOW qc fILJJOL' yo

niq 1LCG 3J1GLU1JAG LCIG2 (buALc buAc IJOIqSLUf iuq bLiAuc IJOIJJLW

LOMt Lf o ofubru bcL porlL uq oi YlEb OL AU COflULUG2 UIIJc cClOL

VCbO22 COflI*IJJ�lE2 VIID 2ECIOb2All bI�ODflCIIAIiA GbOMIH DIEEEKEIICE2

1CLO COflUW J qipcnp iiq OUOIIJ LLC bLo!Gcr

bLoqnc1.i!A qt 1 CG qic iwboLi.ucc O UJGIfILGWCUI qicLclJcc2

bLoqncuAirA JJ2 jjjii pX 1.Mo-qLiLq2 IIJCG HLG M MIII O ucccitX tc 141G

wcrILcq couu.ncuon bLoqncuAuX WG11LG9 L1JO fO cuqu COIJ4LfICIOIJ

IU1ILIJCG 0ibn WAL !U fl Con 1C1OIJ I° P!PI 2n2bcc1

pujuti uq ILJIJCGè uq !1 nc bcdnJ!L bLoccqnLc o WGJf1LG onbn in wqnuiic pjcc

11 IP011L rnbri bLoxA 0L onbni v,X bLoqnct.JAuk cpuc) in

cy bLoqncuAIA LOMJ uiX pe nnqcLztcq LCJ1.IAG 10 O4JL COfIIJWC EOL !uwnJcc pc

EOL UOU-WU1JJCWLiiJ oLqon-JX bLoAqc I IJflWL o cxwb1c o q

bLoqncuAJA LOM4J in fl WLJHCLI1LJLJ GOLC Jg\ iiq OALLLC U iUCC

bucc2 qJ Lc pip Lcjimc o bo-j8j jpi bLoccqnIc rcuq o nnqcLc

JJJC flUCWbIO)JJICUi - bLoqL4A L5qCO b'

wX bXcq ojc lu Cfl2iU Lbiq bLoqncwirA LOMJ 0n12!qG buoL o

CL022-COIIUI.LX M!4J!IJ-2CC10L MJL3J1JCC qflLiU (IC42 LJJ IGCpUOJOJCJJ COLJALGUCG

1LL bcuoq MJJL tpG LGAL2G M2 LfJ JU qJ JfUGL bcLloq JJJG LjJfJAJX jOM

2GCL0L2 OL IAGIJ COfIIJWG2 M2 IJJJjCL LJJIJ 4JG AL1IJCC CL022 COJIUIJJG2 0L AGU 2GC10L2

Cowb!u qi iL (Jo-3) uq ji (j-) bLoq qJG ALJUCc CLO22

}Jn ALUCC o wiuw (ucjnqu oil bLoqncriou) bLoqncuAu.X qnLiuR qic oij 2OC bcuoq

CLO22 COFIIJW2 Mup1U 1A1J C1OL VtcLcq MUJJ uq /M4101U UJiUIU GCfl2G O 4JG

12 bLoqncwiiA LOMtJJ WOLC AL!pJc 9CL022 COflhJil!C2 OL ¶CLO22 2GCLOL2S juG ALIUCG2

uthoL4cowwnuicJoIf hIB'E uq 1.i1Cc I4JGLG M2 J nL1pcL 2JOMOMU JItGL

M}JIJC OL wunJcuILiu uq r.L3qc JJJGLG N2 HO q!GLducc uq OL

uq cou2uncuou bLoqilciJAliX Lo/tp ii WOLG Lbiq L T� prn qnuu j3-

2GCIJOIJ 2jJ0M2 JJL GAGLA 2GCOL GxbcLcuccq bo-j 2OMOMIY I' LC1Ij1J1LG W!U!U

GxbGLiGuccq 2JOMGL bLoqncwuX LOM4J GL 4JU qHLflJ T3- JJJG pouow

1ibiu) q'q pGUGL qf1Li1J i}JU J33è M1J!JG 4JG LOflL EflL0bGU conuwc jj

EAGLX conutiX GxbcucucGq bo-j oiiqoiif pn owc (fy uqGIJCLX bucc 2}JOCJ(2 J2 WIOL C1112UJAG 3COL

iOGI4JGL M2 porii JjJG 2WG JU LJ J3- jpr2 onjq 5bbGL o LUJG 011i LG

joqou uq iuqJcc bo2t-J bLoqncuAifA LOiJ OL COflUL!G2 IA6LG

COHULLIG2 0L GC O 1}JG IJIIJG GC1OL JJJG AGLG2 pOM pG UOM IW!JIL bo-j

COflUWG2 JLJq JU (4JG pOUOW LUJG nuMGiJucq WGIJ2 tJq AJLIUCG2 ICLO22 G 2GAGU

pc ob HUMGI4Jf.Gq WGIJ uq ALJIJC CLO22 IJJG IMUG 2GC10L2 LOL ccp O qJG GAGIJ

1pc flIJCIIIbJOAWCUl - jL5CO

bcL JJOfIL OL EHL0bG AGLfJ i woic qiu cxbpnuGq pX '1hb LOMIJ iJqJ jiujc

o ontbn bcL JJOIJL LPJ' 3 JO LAGf2 fJJ OL 14J GXC22 Oj LOM4J JU OflIbflI

cuq uq cou2dntuJX LJJG JOMOMU U YLb LOMJJ ! LGUGL qJ9U Ui 4J LOM1.JJ L91.G

LG LL iuq pg buoq pc cbirj couiiipirnou cuijjX CCIGLJ poqi JG fl uq

buoq (j-) uq pc jiuj bcqoq (j-) pn pcL fLG 2OWG uoLuipr icu

EOL WO COHJJLLJG2 Jj JLGG COjIIUJLJ2 LGAGJI JOMOM1J LJ LOMJ PUGIJ £JJG J!L

pniu CtOL in LG coriuw pwAcu £C 2cbLc couwpnuou o cbiij uq V'TLb

qcowboc pc opiq oip tc o onbru bcL JJOHL OL qiG UOUJLW

LG couwprrnou o jic oiip in cbii bL OflL -v'-Wft

IPU2 qc Loiup it o onrbri bL JJOIIL ($-7 iwbjX qJ LOM4J O Ihb (i') bjn

- = + (j —u)( - ('t)

() poi MpICp t Lb9IGq JJGLG:

IP LGJLJO1J pwiccu LOMJ in onrbn bGL OflL uq in i qcincq ill GdfIfl1oIJ

bLoqncuAJtX

uq bLoqncuAuA OL p)i 2npcdncIn qJiuAc2uJJ1u 11JJJ Lqnc LGJ1

bGL }JOIJL LGJUAG 10 V'Ihb thoM1p cu p crq pX -cwu pocj q poo

OIIL 4JCOLUc 'TLb &OMqJ XOIJO11 JJJ LOM4J L1 O ontbrii

qq Cbt; ;o ie WflCt}t OMqOMu

pX yUJGLICiIJ tCCJJIJOJOA

01. ofloMcq pX WOLG woq !"q!!q! C10L uLcq 141G L01JfJL JcpJGAcq

IIJC flIJCUJLJ0AUJCU( - bL !IIU jL9qco 3Q

q flobsiT tiviiubo1q - inmoIqmnU dT

ioI IE1iqD lo noriudirrnoD vbzn c brn nmiO bn &nci1 ioI tE1iqD lo noimdlnnoD

.)1 .U rh bn kiI

mod iq luqiuo ni thwoi iii nwobwok th 01 thwoi IziqD lo noiludinnoD dT

bnn nim1Dthurnm iol oIz md niwd mviiq mithnon ioI iii ion I IdT ni biididx i iH .(MwMt9vIq) ninininon niiui1unmnon mi1non 1vriq iom "1ubi,f' iif

ioI viizn i ioi idi 1k iii nwobwo1 di oi knqcD o noiludillnoD di irfi 1on w iol 1qDx) i11nuoD niqoiu3 mol di ni vuioq i ii Iidw binED bilE . .U th ihod

ni i-iwobwo1 r1i om lEnqED lo noimdhrnoD viizn r i ir1i dw kiI ni niiin1unzcn

th ni nwobwoI on i idi rndw ni11r lunEm .)I .U iol bilE mod iq muqmo lo diwo

.(noisIxE ni i3thz1 iud mod q muqiuo o thwo

.1qEq 21dm nl bi2u2 2qi noilEbi th iol 1 bilE !dET Hi noqqu2 mo i idT 1fh iii rIi bilE 1dET iii bE!qib 'Qnono mizInon th) th ioI

kl!qED o nouudilinoD 5d1 iii nwobwol2 LE1mEI2dH2 'çi3v £ w (4 1dET lo 2nfnhJIoD

lo 1oi di no vods bEIq i2Edqfn fl1 2110qqu2 2idT . .U rI1 ni Jon iud qoiu3 ni

o2IE 1idw eHøi1EIUfflUDb kmiqED lo 22DO1 noiiom 01111 nfl2 iii bod n-w idw EbEnED d bbivoiq 21 noi1qDx3 1dzion A .mnm(o!qmnu iii inni HE

nEibEfuO 1irfw nwob bwo12 HErb iH1E1 bmE1bDDE kliqED lo nohudinnoD di izI inol rh ni rbum i2omIE -Q1 bnE X-Ot nswid bEDni inmo1qrnnu

.2ifflOfloD nE5qom3

LcJ1JAJX LfbiqJX ccouq m wcjnqc ciu w conuriX nuGwbJo)mGIu LJtG oAcL

pc ucwc iuqicuu qiit conuiiX-ccoI2 itp joii. iunj 1M o bLoqrlctmiA Low

t pcJuuiu o bLucnJL IIJ1GLAfJ JJJ C0G1iCiGIJL OIJ P! LGJJ1JA JAGJ ALipf C ponjq

ICACI o bLoqncuAiA !U 3 IAGU COfIUIL)i-2GCIOL LCJUAC 10 1}J 0L qJG if LJ pc WC CCLOL

LJL2L iii COUJWOLJ MLL}J 1Jf1WCL0f1 LCCCLJI 2mqiG2 O IJJC C0IJACLC1JCG bLocG Mc uqnqc £G

ALiJpjG OL COIIIJLLX GGC12 CC10L CUGC2 UWG CjCCI 92 MCJJ 1M0 CCOUOWIC ALJJC

- j3- uq .LJJC cxbJuuoLX ALip!c 1LG i ci o qnuiwX

LLG OL bJLUCnJ9L coniiiiA ¶lUq 2GCIOL OAGL £C -!' !UGLA9I JOMU IU J9pC uiq

IIJGIJJCL 0 ipc 1P° OLCG uq L0M14J In AjJ EICP AJLiJpC i UJG92fILC 92 qJc LOM4J

qcbcuqciu ALIpJC ic cJfGLu1JAGJX i.oip in onbn beL OflL LOMJ In bcr.

GXJWIUC qJGc IIJfGLLCJ(J0U2 MC LI1IJ 5 o LCLC2JOU cdnsiiou iii Mpicp 4JC

qGc!uc w csbusj LCJSUAC IP°"' LOLCG (oL LcJsr.IAC LO qic Juirsj ICACI o cwbfoXwcuL)

nucwbIoXuJcIn !'J!-IJ csncq pX s boirAc M5c-2Cwu pocJ MC jJonq OCLAG S

snq pG cpsuc in csbisj bcL WG1JJGL O 14JG J50IIL OLCG jO L}JG GXGIU qJs iIJcLc92cq

C0LLC15JOIJ 4JS L}JGLC poiq PC S UCSUAC COLLCJSfJOU p t#ccu pc cpsuc in nucwbJoXwCuL

HOMCAGLe pG spoic sn5J}J wscc s qcnc bLcqicuou spocn S JG92t OIJC

nucwbloXwcuL suq i.pc o*c o bLoqrIcPAJA

GLO OL UG51JAG SIJcJ pG 5WG C5LLIG OAGL 10 qic COLLCLSI.!OU GLMGGU pG cI !LJ

I JJ92 }J0M1J t}J51 qic COLLGJSIJOIJ pGticcu nucwbjoXwciu snq bLoqricuAiiA csu pe boAG

bsbci ps Gxswiucq pc qXuswic !IuGLscrJou o nucwb1oXwciu suq bLoqnciiAt)

onc%M;X eo4% G6ZOU2

IP' flflCUJb1O)IJJCIU - bLOqnciIAIU juiqco b9C

conw.uc AGL1J 2GCOL q11ww1c2 ppjX iuipcsni. nqic1.Iu ICLO22 J[ COfUJtJJ2

ocwu qic ucwc cocicicn on qic cpuc n nncwbjoXwcui OL JJc EtL0bGn

tpc pip AJflG2 o qJc conuu cijcc in COJflWU2 (j) uq () LG in bL

EXCJfl210U O 4J12 AcLiipJG in cojnuin () f1L4JGL LGJf1CG2 4JG 2IG O 1pc COflnfLk GGCI2

cptic cocicicu N4Jicp !2 nGuAc pnt in2iUiicut in por.p COJflI.IJLJ2 (j) uq (COUAGLGUCG cacc o 4J12 ccci in () JJ2 no iwbct on LG nncwbloXwcut

bLoqncuAuX LOM in qic EnLobcn conuwc2 LGJuAc o ipc fl 2 cu pc ui1pricq o qic

2np2rJnpfl} LG(JCG2 1.JJG 21G o tpc coriuii.X qnuJUJic2 inq!CPU qii biL o pc UJOLG Lbq

onjX in pi (j) cxcjnqc tpc conuriA-ccoL cccg incjnou o tpi cicct u ()onrLn beL Offl. 12 bLc2cncq qiLce tiwc in COJIIWU2 (J)-(3) jpc JL 1M0 COjI1UJIJ2 qqGL

L211Jf2 iLG bLc2ciucq iu jpc cdnujou cxbpiinin pc LOMf.p nc o

(NiqJ jç-y rcn J2 qic pI2c)

qnwuJic2 (iiup UJnflcfJ1LJn Gn 2 qic pc) nq DI. 12 2G o nwc iucLMf qnwunc

HC DC 12 2C o coriui.X qnniirnc (MIqJ qJG fl ijcu 2 qic D !2 i 2C o 2CCOL

= +

(S\9J'+ + + + E. ()

JJJI12 1pc LcLc2!on cdrnrnou i2:

bLoqncnAiA

ICAGI o bLoqncuAiA oi. qic cpuc n pc rincwbjoXuicnt LG o ipc LOMJ LUG O

ccp uwc incLAI 2JLJCC OIIL ¶IA nJXi2 Lcjc ipc JGAGJ o pc nncwbioXwciu Lc O qic

1P flUCLJJbIOXWCIU - b'°q'D juqco bC

o q 11obiiT iivituboiq - tnmo!qmsnU dT

nu1Lrb11unfn ni nth 3$IPI bn nouDtrrt2noD ni iwo1 hnEDi1ini2 i ihwo 1ivnDubo1q

b1i' (E) nmuIo ni 1dziiiv 3n3moIqmnu di lo noiiibxo Enitin1 .(1oiz rh)

() bn (f) nmuIoD iii ;b1h ,mri £-'t Mfl no lnthilhoD nwobwol2 if1Di1inf2 'tfLf 11 £

.inrnotqmnu ni izni th xd bniztqx vjuoiiuq i nwobwo1 iivituboiq di 1thtnioq idw iuod 1th1n1oq iq !iqD i tdEi1v inbnqb ili (1) fimuloD nI

rb bzd 1muoD z Ii b3*iow nd vuI bluow iTh iuod di z bnihb i mor!

.boiiq di lo bn5 th i nrIi ithi bonq di lo ninnid th ii 1nMno1qrnnu

nErfD Dth bn ini1ini IrLid nii i t11 6v1 'iiviiuboiq io1D-'çt1nuoD di iH lo Iv1 DnDi1ini2 n ni §vitn biDqx fh asH 1si 1nfn'(oIqrn5nu r!1 111

viiioq 1z fflnuoD niqom3 mol th iol LdEi1zv '(rnmub Di1iDq-'çrtrIuoD 81inD1q

b 1nEvbs rLiwoi '(1ivimuboq di lo ruq tsiin12du2 £ isdi nuisDibni insiuini bn uIoiisItJmuDDz IznqzD lo isi biqEl iom iidi xd bnizEqx i 23rnnuoD nsqoiu3 Izv Di1bq2-1oJD lo ninsq dT .(isi inm1(oIqm,nu iirh ni ndD di 1ns1noD nib1od)

IsliqsD biqzi Ikuunu riiDniqx ninim rhiw ini11ib izdwmo i inbi113o mmub

rfwmo .noiisIumuDD 1E1iqD wo! lliw2unu nbniiqx 3$IPI bris flOJisIUffIUDDs

vizdw isdi nu1EDibni nwobwok zi1bq-mii on s ith 1biDqxonu

di d bniIqx bmn i b1uDDo asH noilsLumuDDs IsliqED iii nwobwo1

.inmoEqrnsnu ni di d bnz 1dziisv bvI iivhDubo1q

as TIM ni nIfb rh ihiw noi,ii rn di iniq (?.) nrnuloD I1sniI

ii udT .IsiI iol '(mo inzi1ini i i1h ziIbq-'çrinuoD di iH .1dthisv 1n5bnq3b

i,vo .)I .U di bn nimiO Dni1 lo iiniwbj '(iivi1Duboq Mu lo iom isfh isqqs

EnLobcu uq yUJGLJCIJ Gcouou.nr. jpc bir.ucc o piRp nucwbjoXuiciu cJow!uC2

jp bonn o qbLuJL OL ipi bbcL i pG qiAcLGucG pi#cu G COUCGLU

Mr cowcrnioii

picu bLoqclcimirX (onbnL bcL porn. OL yjj) uq nucmbjokuicur

uq o i uo 2nLbu2iu qi: pc LcLCiou qo uoi qGurJX uuJcnu COLLGI1JO1J

nnGwbJoXuiGIn in M0LJ xbo2cq io wrxmLc o -cwu pocj uq oil-bLicc 2OC

uJXi2 2OMG bLoqncf4AA conjq pG citpL boij) OL nGuAG1X COLLG[LG M11p

JJAG GCGJGLLG WOLG IU COfluJf.L!G MIIJJ JLGL !LJCLGG2 in nnGwbjoXwGur pGoLGucI

pA L}JG LGLG2!OU LGf1J C0UCGL1J JJG LOMJ Oj cbtj bcL bocuu1 porn. ipcp GGW2 o

G bLoqncrJAir.X LOMI4J qiGLGIJu JJJC GJGWGUI O OfIL tpGoi.rJcJ ujXi pqcqCCI11JJflJUJOU OIJ!X 0L ijX qoc woic LJbiq LOM !' Y'Ihb GxbJ!U iuipcnu biL o

CofHJ1LLG OAGL G flUtfGq i xbpnnq pA COUAGLG1JCG nq UJOLG LbJq cbiii1

io flWWj Ce tic uq qJ wncp o pc bLoqncwuD RL0M4J 9AWJJC o

nuGwbjoAwGu

G LG C1J pG IL1pf11Gq 10 10 MIJ !U cb!r1j cdnwnJuou 2ocIGq MJ FJPGL

bLoqncuAiA 2JOMOMU !U COJUUJU (3) CU pc 9UL!pIIiGq 10 2JM0PAU U Y'ILb LOMLPC nq

bccipc qnwwA cocU!c!c1U2 nqicc piwu i.i#o-pq uq pLcG-dnLcL o qiG

wJuiu couLncuoIf hIBEC nq ujcc (jUe LGJuAG o wun5cwLJu jp UWG-

iuipcuqX UGUAG CcoL-bcc!Jc GCc i.c uo# bLc2cui 4OL VILb LOMJ JU LICf1JU1LGC

f-I o GAiqGu in cojriwu (flC cn p Gxbpnucq pA coimciuc nq cbii1 ccriwrijqou

jyc flucwbjoAwGIu - bLoqncLIAJA L5qco) b 'Ii

'r uq iwbicL o woi. Lbiq cbrj ccrJwr1p1Jou jpc ct rpt EnLobU

!' PJ EflL0bG LLLCq 11 JGACJ O bLoqflcfJA!A uq Lqn!JJ) CO1JACLG IOMJLq pc

igo IL bLoqncrJAirA LOMJ !u EnLobc Wi1JJX LCJJCCI2 JJC COUAGLCUCG Ucc1

p12 LGJC o pnc iuci iu nucwbjoXwciu CUCU jØ uq pcOflL PL E11L0b1U COflLJIJJG2 ! 1}JG if 2 OI1L CUJb1L1C1 UJX212 2JJ0M2 4J UOIJG

LfM U1JUJGL2 2JJOM 2np4uJX WOLG LJbIq LOMf.JJ !u ontbrn bGL JJOIIL lu L}JG

pG ii ip nucwbjoXwcu LtG2 i iouqiciuu rpcic M2 uo JOUGL 2n cJu1 cøbt1 o dnb pc cwbJoXc2 MO onjq

fIJJGLIJbJoAIJJGIU ju p pn iiip bbLoxtwu.J) p °L cbciA npjrou

ccnwnjiou bJX2 iii OHL IJJX22 EflL0bG G1UGLGJ G JØ2 M4J UJfICJJ JJ!JGL

botGuuiJ JOflL JJOHL J COLLGI1JO1J 1JJ5L 12 COIJ2!21CU1 MIqJ pc JwboLf1U LOJG cbiij

iUCLG22 lu rIuGwbloXwGIu pq PG J3LRG4 2JOMOM1J2 iii G LOMJ LG o cbiij bGL

pX cpuc. Ju G L1G o cbIti ccnwnji.ioir puq pt conuw iqi

COLLGIJOU GUGGU riiicwbjo}uici uq bLoqncwu? Lcjou i pcck 20011 o p GLOG

HOMGAGL bJn2JpJG p 11011011 JG-2GUJU 20cJC2 CLJ CLG1G bo2!tAG

UCLG2Gq IJJG LOM4J L1G o EflL0bGU bLoqnc11AuA LGJ14AG lo !u G if

nuGwb}oXwcul pA 2p1iu nbMLq £JJG EflL0bCU M G-2GWIJ 2CG1IC wX o pv

LGCoIJisGq. IP UJ3UA CIOL2 pJ!'q ° AG COUlflpflI.Gq °

bbcL JL1JG2 1[J LG2C bpGuowcu uiA PC IJJOLC CJ02C1A LG1G !2 cownioujA

IJJG 2J0M LOML LJ1G O LGJ MJG2 ¶luq !uci.cc u pc q2bcL2ou o ucowc jpr

EnLobGu bojicA qi2cr122Jou2 MGLG2 yLuGLJcnJ GC0IJO[JJi12 LG 1UCLG211JJX C011CCLUG MIIJJ

JJJC flUCmbjOXWCUt - LoqncwJA 1LqoR b f5

beL boLcupI JOfIL pOfJL

pocp Mpicp poqi wcLccq ipe nucwbjo)wcui LG iuq cqnccq fG LOMJ LfG o cibuij

iqnj McJccuiu o qic couccucc ccc uq o o qic UCUAG !LubTc oj Mc-cwu

bLoqncPAIU LOMJ JoMcq qoMu WOLG pu qi !u qic i iwipncq poqi o qc

JjJC flucwbjolnJcuL - LoqncuAIA juiqcofl sc

fl14O y'j1CHVEU '(MD VCH 1ELHcEA D (i o\ coi11H VCE IcIcID1IA1, EObc fl (X) bb

W4OM ILTIVY1 H '(MD KOJ HIEIcC lnrio 1 (T8o) 4JI'1LE1fl4V1IOt4VF VD1fl2LVWIkL

bJ14 yoop icib o oonc ut& (uo y bbPOa'OIc1H PVIf1A '(MD bEffIA CEOffCE f U bLoqnctA!t uq ii i

(cuJpLqc v: V'HJ. bLc2Y -8

o tpc vu/ici. ju 1cdnc H DL9C uq cpq Ic Gq2 Eobc

VMHVI1D OrIAwIc1 (J 41ucubjoXwcu: cGuu ipc npou JiJu— iuq ouJc

(tiu1oLq) qicniou bcbGL 38 P

bLoq1IctA C0UAGLGUCC uq AJGJfILUJGU1 CLO c"-'1 CEbE'EffJ'1V1cD W4DIffJI '(MD 1oi'ii cuvwri I (it) 1CowbL!u Vbbi to

Qnu

PEVtf CHVIffE w U EnLobcu fluGuibjoXwcuI: v 2nLAcX \oci o\ ooc

y'o (cmpL1qc y: yjj bL)

pvnor irrivvi FVKYVM flE W.114E DVLEAa '(MD OFhL EDVID i (jooc j (uo bb 3-Ot.jcnLcwcut q tpc ExbIo!ou o CowbnL bOMGLII 13OO'% 13% O

PVIFA yVIcJJM 14 '(MD coIcDol'f jocici 1 (Jga Lp LOqnCtAA

ucmbjoXwcui11 ooqc , (ocLopcL) bb

VOCOKO11FA CFOICF '(MD 1AVJ1J4IMC VFVM (T8a) DO" bCLtGIJCG O

I�EhEBEI.4CE

jpc ucwb1o}wiu -

ELGGWIJ cq (i'i' AOLJ(: I("tJ OflUqflOU)

h1EEWV4 11CHV1D I? (it) 1H0M ['fOL LG IIJ vquccq Ec0U0W!G11 !IJ if P

(yjX) bb

c''-'' uq DRJCLGUC uq jGUJC2 E ObcI

Icvw orLcvI4c W4D COIDOM EOREKL 1 (j ec uq bL!CG DXuw!c Ju

OECD ooc (uo iucL) bb -gETYEKOA 1cCE'f VWD VCiVicrVW /4VIIrVMD (j 11flucuJbIoXuJui bGLGUCGU

bbcL jLOW f2E CEb (ocopcL)

UU1JI1UJ ou EWbI0XWGLU: JJJGOLX 9uq A!qcIJcc LOW pc fl K41 qcnou

D1CKE4 1c1CHV1cD ysTVCHII4 LEbHB'f VI4D 1H4C vrii (i EWC o

(ocopcLY bb

CIVEJ2 WICHOFV (T5) bL0q CLOMP ifGCOUJGLGJ OOUc

/#oLpu bibci. 1J0 L4OACUJPGL

OU £P EmbJ0mCU ECC O y4IUUJflW uq IIpIJJUJ!WIUJJ GI MJIEif

KVL VJEI4CE I VI'ID KfffIFCEI? vrvw p (j EAJfl!OU O ifGCGUI

g (cb1cwpcL) bb

UIqX 0j pC J4 }Ooq IUqL !IJ WGM 1CL2G) uq bCUUJAU cci

VI4D KBTIECEIe VFVk1 11. (i pU!UJfIW JC2 uq EWbJ0XWCUI: V c

CI!0LU 1 J'1ço 1uo i& bb 18-tCVWD DVAID (i) D° AjI1JI1JJfIW GqIICG EWbI0WGU! v c 1nqX o

(cwpLq {y: HLAL fluJAcLuX bLC

JJJC flUWbIOIIJICIU - b°q'i" jL5Cø b9C 4

(itp) j.pc fluciiibjoXuicu bL0PIGW4 ocjqiojui I11!UUG OL IULU!0UJ

JIIUG I !0J ECOUOW!C CW!UL bbCL J40 ''"-fIJ4DPECK Vff (I LPG /IJLG EWbJ0XWG1U bL0pJGm,1 OCJqJOUf

oooc (xoLq: flIJIAGLIA

FVAVBD I1CHVJcD v1cKErr 21EbHEI4 VJ'lD VCKIV14 IçICHVIcD (j j ) ocP!UfoU DC IPG I?LOOIC1IJ2 lu 11U!0Uy bb

FJMLCIJCG uq C F CPfl1G SU2 O EOb \J j% A'.'I(IflCY1VW bVIIF if (I 8�Y i° c°'p ! EIIL0bG: CouccbwI nc2 !u jç

flIJG.

(GcxrnJiuiou o IJJG Aqcucc LOW b11GL0 I�!CO MPEI( MOLJUU bbcz uo

KImECFI? Vrv w (t) 11.ip EU O fpG yuiwnw jI pcu ffcJJX ic: vcc ic (yjiX) bb T-O

1OHI4OM CEOffCE VI4D LVLLOkD EIVI4I( b U 11ULUW011J C011Jb!f!0U uq BJ

i (bL: OECDY bb j-o

J0MOMH !LJ h!' VI!oL uqnui COflUL! " e O\OVI4D pvir 1Vff1I14 J4 (TT). ØIILCIJJGIU iJq bLoqncqA

5•_\ I -3 :t

bLoqncAU-fcq CL0MP oop o oouc j (uo j) bb

COIDOJ4 1{OBEILL i (3) IJp opjc JccoAcL): DOG i MM EL o

bb j-

JJJG flUCUJbIO)WCUi - LoqncuAiA b'

toiY bb -jiof'1nriviir (iT) .LPG c OL C11A IWUJ!LUOU11 3 iMOLJC!U bbcL U0 f\jJ?t

2v1KL-bvnr C1rrI (J cLcpiu qic A!L11c PG EnLobc oqcj11 CEbI{

CombL!AG nqX o jo (uo bb r

VCH IFbLI{EA D (i� b'°U uq ACLOCCOIJOUJ1C qifIwJJcIu: V

ECOUOIJJC uiqic b'' wo

JuG flucwblo)ulcin - LoqncuAIA jL5qco hc j

g ,q 11obsuiT iivitwboiq - inmo!qmnU dT

8]TOIITOOR

bnz X .q Ot) b1Efbnf8 (88-8?. .qq t) ni8 ocnni ioI .1

fbnI di lo (If) ninM-nz8 n1T .(O-I .qq tt) . . bi&J

.(I I .q .q ) wonox a thwoi iiviizwboiq 1zi o1 w niuminim

nu1u fqiiiq 3110 &bubni 011w (4I .q IkI) nzmi1 i noiiqx nA £ 1n3rwo1qm3 ni 3qom3 nidi in3d 3nob id b3linU 3d1 izdi sznibiv3 311T' iidi

111 2quh3q icth ivi1Dubo1q bilE ow k31 o fI1woi 111 iow md thwoi

bx1bniJ .l3dnuI b3loIqx3 Ion i &bi iih l3v3woH ".fliOD th lo bi owm 31E

bizq' niv*rf b3bl )1 3d 'Zffl &iii b3JinU 3d1" IEfb fticq Iii flE1 (E .q dkf) niminzI bnz dwoi 1ivimDnbo1q woI 3DnEfnloIl3q In3m'(olqm3 [uI 3ZDU II 1O

".3Ww !E31

.3lqmEx3 nonivnoD bilE 3lsIuDiflE ch1iluDInIq £ i (4 1) .

mniq 2 om b3nibob bEd 3fl1 mn3moIqm3nu 2 .U th 13dm U

.In3Dl3q 2 lo 3E13VE IEUIIIiS 8t 9dm om 3ob

.\ . Lomui8 d bobivoiq i ui nivno 3d1 ol noilDubonni Iz19n A .?

e.A .U 3d1 no iEdqm9 lElIJDinEq diiw 3Dn3biv9 in91 9loM . bilE ?. i3mqEdD (Of) 3d1 niniEIqx3 ni OD11313VilOD lo 3101 mnnoqmi 9dT t) iIziD d b3bivolq i

ni wobd b3lEbiIEv i IE1 thwoi IivimDubo1q nE3qolu3 bilE 2 .U nw13d 3Dn313vib

. 9IdET

lEdi 31E DnEq31ib 3d1 iol noi owT .($f) no1 bilE blEnl38 2

Qt 8q 111obsnT iivijuboiq - tnmoIqm3nU dT

no noriqmo iioth nisd auth) iuod ioI inmiubs on IEm rno bns bizni8

cli niidi idizi O8f iol noiizqmoc &wiq qqq w b ok briz oIqm iq luqiuo

.1 1d,T ni1ibnn iui1 bqobv3b bbom lo noiiiib kidqz nod-izd £ bivoiq noit thIT X

bnc (4t) nfl (OI) bizthnsla (88I) ninnzM bni i1uokooLA d LiE1b iom ill

.(It) .\ . biz&J

z mz di 1-U\ = Y noiiznul noilDubolq IuoU-ddoD z ibinoD .8

txiboiq knirnm dT .(ot olni b11vnoD i ionE di idw) 1x1 Ii ni (&) noinup

hiip i tziiqz lo lDubolq Einiim di bni 1-%\1 ol kup iw Ezi 9th biu iodzl lo

9th Liioi cfiiw i lnioq i noi1zui muildiliup3 1siini 9th niiniU .)\Y(-r) oi

"duq w" oth h inioq lz oioilw ,

1 H\H %\9'( + t' = i ovmD nii19-ow

A) in&noq ooidi lo "dwq ogfiw" liDiiod1oqd A .oio. n io X(LRilini i (' 1919fflf1Rq

= y bn ?X.O = nirnu bnE 1 lnioq oi h lriioq moil '(monoo oth orkuq (O.=

I lo ow ksi orli iii 9E91Dni nz 1 inioq i1 wollol Iliw oiorli izth sifuLi nz ow

inoupodu wollz ow ODnO .inozioq Qi lo iuqfli iodc1 ni onibob bilE inoioq

1ujbE 01 9Uflu1flO boi !ziiq& orb Ii bilE boi !ziiq orb oEo1Dob izth inomiovniib

norli j&liqzD lo onq Iqqu bxi1 E ol Iupo i IfihiqED lo tuboiq kni1Em orb liinu

bilE H\Y orb iErb o r1oirioqo1q iii onibob 1I ium iuqni IEIiqED bilE iuqni iodzl iuq1uo

ocw orb b ioiomiq b9muE orb thiW .ouIEv 1Eniho iiodi 01 fnuioi oiflhi )I\Y

laioq IE lnoDloq 8.?. lo iuqni iotth bnE luqino ni onibob E 91iupo1 irb OV1UD nh11o

.D

o ,q 111obsuiT tivitzwboiq - 1nmo!qmnU dT

lodEf uj on lo iuqni b1di3w rh oi viithi luqluo bnihb i TIM II . th lo 1iin3 th bni In11noD nimi TIM 113th 11SH3 oI md kIiqD bni

ni a Ii l3v3woH .isns lo iimnup bubsi 9th i 4 3Iubsb 9th lo i1id blEwnwob

lo muqni bmdi9w 9th 01 3vii131 bis1uDk i TIM iqsq idi iii dD1z5I kMliqm3 3d1

91ubb nok niiIi M 3Iub3d nok iwo1 i TIM n3di muqni lzmiqzz bilE iodzL iuj

ci

bnz 9I11 mn3moIqm3nu 4k1 2 .U lEbillo 3d1 om 19191 noi1EqmoD dT .01

oo\*O oo1 QD1O izi mn3nro1qmonu 4 I rbniI di lo noi1D3o1q 3d1

.8.A .q 3!dET xonnA idm9U

91E iol 1i diwo iuod iq muqmuo 2 .U bnz rbn91I 9111 .11

rnitflzz1unsmnon finElnon 9iEvilq Hi '1E3'( 13 1n3D13q E.0 bilE f3vi1q1

.nnuiDthunEm Hi 1E9'c( 19q lfr3Dl9q bn brrn HiflifflnOfl

3DflE11 iol ElEb (11) ni11IM-n3sE8 9th u iiI Hi ElEb 3(11 tEfil sioM .1

-ni d bu w rnuminim 2 .U 3dm iol lOIEflirnOfl3b 9(11 2 .U 9th iol Ion md

119w 1 13how noilDLJbolq 3IEvilq miElnon iol nin1E3 "(huoff EI3VE i tsrli niiizM

knimon lo thwoi 3(11 lo iusn £ z XI919v miup biswnwob bthd 3d 01 nwonA

3E13VE lolznimon3b E u w iiiI nI I i19q-dnowofl ) noi1En3qmoD

.noi1zfI3qmoD 1iuod

"(Em 9EW fflLJfflifliflI 3(11 ni inni HE" lEft U1E (E .q f) liJEq-In!E .t 3mODffl 31udiflib31 ii olidw ucxd i idT .'c(lilEup3ni no IDEq(fli 319vbE 3VEfI 119w

1udinib91 ok ii In9m'(oIqm3nu nhiE9D 'd 111ow bsllbknu 9(11 01 b3fEbL 9th moil

1D913fI 01 1E3E 1n3mu1E idT ".Eb 3lbbim-l3wol 9th 01 131ooq 3(11 moil 3fflODfli

-Ot� uq pc 2LUIJCIUCC ICACI cpuc I.ow bCLccIu o pon bGLccLw

o cbij bcL c1n ponL pc coC1jfcICIJ OU JJC CJJJLJG !U IIUCWbJOAIJJCLJI qGcjiJc LOW

i qic io/ip icic o cibrrcj bcL botciuij ponL LcbJcCq pX pc LOMJ LC

EfILObC rnq qc

cwbjoXcG WG11LC I1UqCLIG quccucc in bLoqncuAi1) thomp pcuiccu

o orubn bcL GuJbJoXcG uq ontbri bcL nu o cbrij X ILJOL!IJ CJJflJC ! JJOI1L bcL

J pGLucLq-1ouG CLCG pXpLlq UJGI11LC Oj VThb pcq OU MCJJJlCq JACLC

['iuqpccj (isY bb

u fnqpcc (jp) bCOUIL!pfUC fO riuciijbjoXw€iu bGL!4cucG

nucmbJoXmCuJ GUCU M!1JJ OU OL CACU nuwcq qnLuou q M!f}J JX MOLJ( C2

cc puqpccj (jp b j)) 1j cowwoubpicc JJI ACLX CIJCLOfl

JJ1CL IJJ!UIUJfIW MG

fJJG IIUGUJbJOXUJCJU couibcuuiou LCCCIACq pX IJJOC iqJO JOG qJCL op LCfJJ1 O

1pc ucwbjoAmcui - bLoqncwi LJqco jc

qi bbuqjronLcG: j!.wau (j) jp€ j' b8 H0n12 b6i. GwbJo)€ LoW 001. q8 G( GC149 113 tP

flilq

CCLWIIJA Toi'

ELUCG TO

l5bucuqfluiicq ic ioo joo Too

CDb bCL C5tML5 CDb bci. cwb1o)cc CDb bcL JJOflL

JJJLCC 1/CJ2f1LC o C0UICLCUCC IOL PC C- JTIVBFE 1

ItPIJ!UVAG EXCJ11qU

AGL36

i (r)io (io)

r3i (8o)ro (ir)

3 (r8i)ii (ri)

I.jic r (o) r43 (ri) o (:11)EH{E rio (1) r3 (io) ro (oi)C0UJ11Jfl11!CJI!0IJ

.LLIibOl4\ (jj) ri (i) r (:131)LqG ri (o3) i (ro) ro (o8)COJJLHCL!OIJ rt (Io4) oi (roi) v (oi)f11!J!!G og (no) :13 () ri (:1i)I/VJ1J(JLC11L!U () ro (i2) r3 (o)II1!' (io) rw (3) :1 (Qt)Vth.!CflJIflLG (ia) r () ii (rod)GCtOL ThQO-2 1ô2- 1-3VAGLØG t88 (12J) 331 (o) 3i1 (ri)fIK fO3 (Q) r13 (ri) 31 (o)II't Q'1 (roe) J1 (o& ia (:1i)CUJU ii (roi) i3 (118) flQ (3'O)

Ez.JcG 1Q1 (ii'i) :1Q8 (roe) ii (r)VJbJiJ Wi (•Q8) 3Q8 (Ii) :1I (O1)nJ3q i (:1Ji) o (loll) (I.1flJJ!tGq 3•J (I) -O (nwi) roi (:1oi)

C0fl11tL 1QO-I 1I J-ô3

jqcJu jiLniucc p) COHIJtL 9uq GC(OLCLOM4P KHIG O( Oflibflt bcL flOflL

530 1 [0tflulicq

1O 112 -04 0J 22C1.111911A 'cf38 53i 1R0 0 3t3 1t4

ELUCC 10 34 122 J22 0R8 5Th 121Jb9IJ 8T. T08 35 J2 ----

1t1 0' 01 Tt2 30 03flwicq LLC 04 T0 OR 00 08 132 -OTht 038

JQo-3 T3- TO-3 T3- 1-5 JO-3 J3-0niLni bcL HOflL CWPfWOIJ o WI°' LoqncuA

WO1JILW hLIALC Dfl!UC CCIOL TO-Lp C W.UPøUOU O JbIJj iuq WflIU-1C10L LoqncuAiD

CLOIP jçuc o 0nbn bci HOflL

LVBFE

88 21fluucq

II -V81 50 80 -T05 -TI ITO -24

33 3'83 54 -535 24

LLUCC -532 15 88 -402 4 -IRS 5c"q -TT -42 142 -503 -4 T4 -F03 -T 11

32 J32 -O�8 -40 NO -0\1 -54 154

fluiicq

C5b!i5! ijj JoMqo/Au CbIi5i wu o1Aqo/u C5b!i51o\0 o\° JI5LC o\0 JJSLC o\0 9LC o\0 o\0 9LC

bUAUC OUSLUJ pfI?IUC? SISUflUJCWUU

cowbu.cq mo-? pA W3!OL CC(OLC0U!Pfli!011 °h C'1I Uq °t WEb 10 oqou JU CLOMLIJ B °L 0IUbnI

LVIIFE 4

* juqcu qJ co ! ucu bcicciu jci ** j bcciu jcAcj

5TO 550 5J JOot o.m o.m on-Ot -053 J58* OJ-T4J -JT5 010

LJiCC2 -nO -vs -O.1llff -T -5fl. 5J4

-WIT -OO -O.8 -030 -FOS

COWWIrn!OU WIT OJ OT -It 02Qjtsu?bou\

C0I10U -J -5T3 -5I3 -0)2

fl!I!I!c? O't5 OQ Ol -OI -O'fl

TUiU -Ot OQ -O8 558.VL!CflIWL F23 O.8 O8 OflIC I43 T8

558 5TO

CCLWIUA 5t T8** 55 OT

LL5LJC 5Tht. I2 542O12 00Q O5� -otg

uwb1oAwcutCPURC lu

KGPLIAG O flLoqnCvAuA r"'t -5't

(5) (i) (st) (2)

Onbnc bL HOUL b0CUfI HOflC9bi bGL yfIjtICOL

LPL IU6L1?1F TO-JçCLCOU Edn5Iou ExbI!U!U cH4p IC PX C°"U uq CCOL

LVBrE

0ci)F-C)ci)

-I-,

I I I I

4guqLq!eq flU6WbIO1iW6UI B9462 1 ae5-8t

E!äflLG J

0

aonLcG: OECD ECOIJOWIC Qfl.OO A9LIOfl2 !22flG2

iaes ee ao 4aeI I I I

S

e

8

fl2

40- - - - Efl

07-C)a)

fl2•

uq MG24GLU EflLOb& \fq1n2Gq OL HOflL2beLceu9a6 O J 2-t AG9L-oIqe MOLUä !U pe ne

E!änLG

4

2onLce: ELeewsu(ae't) E!änLe .ii b 3•.i ae

I I I

-1 aa I 4 82 .1 88

I I

4 aa42

20

22

eo

e2

80

401. HOflL2E1110bG - q]naeq

— —— — — — — —, — - E Lobe

.[OL HOflL2- q1fl2Gq

roua-ieiw uewbjoAweu j

E!&1LG 3

oncc: OECD 10P2 nqA (.iaa) cpL4 b 4

VOU4J VWGUC EEIV EC '9bU0

0a)0

0'I-I—• 5004-'Co

30

DtOc4-i

20

2onLce: OECD ECOUOW!C OflfiOO DGCGWPGL 4f' V'UUGX

0a)7-C)C)

I.90

a-a)7->-a)7-

• fl2 fl OECD EflLObG LI bsu

INflR!-ESCiOL bLoqnc!A!4A OLOMflJ pA

E!änLG I

aeo-a—4

0

.1

5

3

2

e

BGä!0U uq lUjGLA9I .1 aeo-83

28

eo

e5

0U)

U)

4-'

ee

e8

X5

Myae 21J9L62 pA B6ä!OU .1 a.o-83

E!äflLG 2

2e

2onLcG: OECD '10P2 nqA (.iaactY JL4 b'

4a8 -1a85 .Ia8e .1 ao . aa

k1014P yweuc

Efl'—S

/

0a)F-C)C)

90.0a)F->-a)CQ

3

rOM-bB!q MOL1(GL2' 1 8O-CLOM4IJ !U b691 M9a62 o

E!äflLG e

2onLCe: OECD 10P2 nqA (-iaat)' cpu f b'

na (laso-Be) suq (1aeJ-eo) ELStJCG (Je8o-a) flK (.1680-es) II9I1 (.1a8o-8) G6LW9U (.1683-60)-5

—1

0

4

5

Qflbfl\HOflLcpsuae !LJ

L9GO (nbl) CpGqnJe.JJJ6 flUGWbIOAWGu-LoqncpAi

EIOflbE .

0 psu5e u fluewbioAweui se +

0

fl2flUtAOLPIG WEb JI

EflLObG

E9AOLSPIG WEb 2P!t

flb.L

f4JG 29Uq9Lq 19POL-VSL}(G VJoqGIflUGWbIOAWGLJ 9uq LoqnclAlf1 !U

EICflbE 9

EwbIoweu (E) 110E5 E E°

Mb

Mb°

IA°"ID

no

(Mb)b691 M9aG

M2"112

EWbIO1WGU suq bG9I M9ä6EUGC2 O SU 2IJOC1( OU

EICflI�E 8

E" EWbIOXWGUI (E) 110

M\b8

Mb3

LIJ

110D

(M\b)eg1 MSdG

M25

112

OF e'iupiR yIiuoH 9619VA 01 9viI6leA ep6W muminiM

e-ae r noit6en9qmo3

I I I I I I I I I I I

seer oeer seer acer er seer oer 8'ce aer er ser over aer aaer aer saer

;.O2 .q ,5 tierlO reer niJiM bn ne - oonsiR (r :eoiuo2

.noiteneqmoO yhuoH 9g1vA yd b9bivib ogW muminiM yiotutst8 - 2.U (5

'-4.

(D c.o

CD -o

c.0

r .0

M\bB

M\b2

M\b°

Mibe

IU ELSUCG 9U DGCLG92G 1W JG fl2E16C O SU fUCLGS2G iU E�sI L'4!U!WflW M9ä6

KG9I Msäe (Mb)

EICflbE fl

112

EE E° EWb,0WeUi (E) 110

IA 0

I

0

Qflbfl\HOflLcpsuae uu

flb..L CPGflGI/JOAGW6U2 yiouä suq 2P!I2 IU

0

EICflbE

CPSU0G !U flUGWbIOAWGU bSjG +

flbir

flbl1

flbl°

V

B