You are on page 1of 42

Board of Governors of the Federal Reserve System

International Finance Discussion Papers

Number 618

August 1998

DISINTEGRATION

Simeon Djankov and Caroline L. Freund

NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate
discussion and critical comment. References in publications to International Finance Discussion Papers
(other than an acknowledgment that the writer has had access to unpublished material) should be cleared
with the author or authors. Recent IFDPs are available on the Web at www.bog.frb.fed.us.
DISINTEGRATION

Simeon Djankov and Caroline L. Freund*

Abstract: We study the effects of trade barriers and the persistence of past linkages on trade flows in the
former Soviet Union (FSU). Estimating gravity equations on 1987-1996 trade among and between nine
Russian regions and fourteen FSU republics, we find that Russian regions traded 60 percent more with each
other than with republics in the reform period (1994-96). In contrast, they did not trade significantly more
with each other than with republics in the pre-reform period (1987-90). Estimating a richer model, we find
that trade barriers are primarily responsible for the current domestic bias. However, the existing
infrastructure stock has significantly limited the recent reorientation in trade. Finally, we find evidence of
anticipatory adjustment during the transition to independence.

Keywords: infrastructure, trade, and adjustment costs

*World Bank and International Finance Division of the Federal Reserve Board, respectively. We are grateful
to Alan Deardorff, Simon Evenett, Oleh Havrylyshyn, John Helliwell, David Hummels, John Rogers,
Maurice Schiff and seminar participants at CEPII-Paris, the Federal Reserve Board, and the World Bank for
comments on earlier drafts. The views in this paper are solely the responsibility of the authors and should
not be interpreted as reflecting the views of the World Bank, the Board of Governors of the Federal Reserve
System, or any other person associated with the Federal Reserve System. Correspondence:
caroline.l.freund@frb.gov; sdjankov@worldbank.org.
 W?|hL_U|L?

`*i @ }hL?} *|ih@|hi @t it|@M*ti_ |@| MLh_iht t}?€U@?|*) ?i?Ui |h@_i Ltc |i

hi@tL?t Mi?_ |i igiU| hi4@? *@h}i*) ?!?L? 5?Ui |i UL?|ihu@U|@* E@Mti?Ui Lu MLh_iht 

t |)TU@**) ?L| LMtih@M*ic hiti@hUiht @i ?L| Mii? @M*i |L _i|ih4?i i|ih |i MLh_ih igiU| 

t |i hit*| Lu |h@_i M@hhihtc T@t| *?!@}itc Lh t ?@|h@* i |i hit*| Lu UL4T@h@|i @_@?|@}i

Lh |@t|it Ai _t?|i}h@|L? Lu |i 5Li| N?L? ThL_it @ ?^i LTTLh|?|) |L |it| |iti

UL4Ti|?} )TL|itit t?Ui L?i U@? LMtihi |h@_i Lt Mi|ii? |i t@4i T@h|?ihtc ML| ? |i

Thiti?Ui @?_ @Mti?Ui Lu MLh_iht

At T@Tih Lgiht |hii UL?|hM|L?t 6ht|c i _LU4i?| |i @_t|4i?| ? |h@_i Lt ?

hitTL?ti |L |i ihiU|L? Lu ?i MLh_iht ? |i 5Li| N?L? @?_ ^@?|u) |i MLh_ih igiU| `i

i @4?i M*@|ih@* |h@_i Lt @4L?} ??i +tt@? hi}L?t @?_ uLh|ii? hiTM*Ut Lu |i uLh4ih

5Li| N?L? E65N MiuLhi @?_ @u|ih |i N?L? _ttL*i_ ,t|4@|?} @ }h@|) i^@|L? i €?_

|@| hi}L?t __ ?L| |h@_i 4Lhi | i@U L|ih |@? | hiTM*Ut ? |i ThihiuLh4 TihL_ W?

|i hiuLh4 TihL_c Liihc +tt@? hi}L?t |h@_i_ @ML| Sf TihUi?| 4Lhi | i@U L|ih |@? 

| |i hiTM*Utc | |i _L4it|U M@t ?Uhi@t?} Lih |4i Atc |i _t?|i}h@|L? Lu |i

5Li| N?L? @t @*hi@_) *i_ |L @ t}?€U@?| _L4it|U hiLhi?|@|L? ? |h@_i

5iUL?_c i _t|?}t |i Th4@h) U@tit Lu |i MLh_ih igiU| AL _L tL i _ii*LT @ MhL@_ih

@?@*)|U uh@4iLh! t?} @ 4L_i* Lu _gihi?|@|i_ }LL_tc U ?U*_it |@hgtc L|ih |h@?t

TLh| @?_ |h@?t@U|L?t ULt|t E@ttLU@|i_ | |i t|LU! Lu ?uh@t|hU|hic @?_ ULt|t Lu @_t|?} 

?uh@t|hU|hi 5|@h|?} uhL4 |i ThihiuLh4 Euhii |h@_i i^*Mh4c |@hgt @hi 4TLti_ L? }LL_t

tTTi_ @UhLtt MLh_iht Ai hiLhi?|@|L? ? |h@_ic @t @ hit*| Lu |i |@hgc 4T*it |@| |i hi|h?

`i ti |i Lh_ ?uh@t|hU|hi MhL@_*) |L ?U*_i }@)tc h@* t)t|i4tc *i}@* @?_ hi}*@|Lh) ?t|||L?tc

Mt?itt ?i|Lh!tc UL?t4ih ?i|Lh!tc @?_ |i*UL44?U@|L?t t)t|i4t


|L ?uh@t|hU|hi uLh _L4it|U |h@_i htit hi*@|i |L |i hi|h? |L ?uh@t|hU|hi uLh ?|ih?@|L?@*

|h@_i Atc ?uh@t|hU|hi uLh |h@_i ** @*tL Mi hiLhi?|i_ _L4it|U@**) `| UL?i @_t|4i?|

ULt|tc |i hiLhi?|@|L? Lu ?uh@t|hU|hi ** Mi }h@_@* `i tL |@| *i |@hgt tihi |L ?

Uhi@ti |i _L4it|U M@t ? |h@_ic |i t|LU! Lu @ }*) ?|i}h@|i_ ?uh@t|hU|hi uLh |h@_i *4|t

|i M@t ? |i tLh| h?

,t|4@|?} |i hUih 4L_i*c i €?_ |@| |i 4TLh|@?Ui Lu |i +tt@? MLh_ih t Th4@h*)

|i hit*| Lu |h@_i M@hhiht Ai ?U*tL? Lu |@hgt ? |i it|4@|L? hi_Uit |i M@t |L ihi | 

t ?t}?€U@?|*) _gihi?| uhL4 3ihL `i? i|ihL}i?i|) @UhLtt UL?|hit t @**Li_c i €?_ |@|

|h@_i Lt Mi|ii? +tt@? hi}L?t @?_ UL?|hit U t}?i_ @ uhii |h@_i @}hii4i?| | +tt@

hi4@? t4*@h |L ?|h@+tt@? |h@_i ? |i hiuLh4 TihL_c 4T*)?} |@| MLh_iht @*L?i @i ?L|

_ih|i_ |h@_i Lt ? |i 65N

h hit*|t @*tL t}}it| |@| |i t*L @_t|4i?| ? ?uh@t|hU|hi @t *4|i_ |h@_i hiLhi?

|@|L? Nt?} T@t| |h@_i |L ?t|h4i?| uLh |i t|LU! Lu ?uh@t|hU|hi i €?_ |@| | t}?€U@?|*) 

?i?Uit Uhhi?| |h@_i W? |i *L?} h?c @t *?!@}it | L|ih hiTM*Ut @|hLT)c |i _L4it|U

|h@_i M@t ** ThLM@M*) ?Uhi@ti |L i** Lih |i Sf TihUi?| i it|4@|i Uhhi?|*)

5|**c tL4i *?!@}it @i @*hi@_) t|@h|i_ _i|ihLh@|?} 6Lh i @4T*ic Mt?itt ?i|Lh!t @UhLtt

hi}L?t @?_ hiTM*Ut @i U@?}i_ @t @ hit*| Lu 4@?@}ih |h?Lih `i €?_ |@| 4@?@}ih |h?Lih

h@|it t}?€U@?|*) hi_Ui |h@_ic t}}it|?} |@| Mt?itt ?i|Lh!t @hi 4TLh|@?| _i|ih4?@?|t Lu

|h@_i Lt `i @*tL €?_ tL4i i_i?Ui |@| |i hiLhi?|@|L? Lu T)tU@* ?uh@t|hU|hi @t Mi}?

Nt?} T@tti?}ih |h@? tTii_ @t @ ThL ) uLh ?uh@t|hU|hic i €?_ |@| |h@?t |h@i*?} |?

+tt@ @i MiUL4i u@t|ih t?Ui bHbc Liih |h@?t |h@i**?} Mi|ii? +tt@ @?_ |i hiTM*Ut 

@i t*Li_ LhiLihc i €?_ |@| |i |h@i* |4i Mi|ii? |L TL?|t t TLt|i*) hi*@|i_ |L |i

|@hg *ii*c ii? @u|ih UL?|hL**?} uLh ?UL4itc _t|@?Uic @?_ |i MLh_ih

2
Ah_c i *LL! uLh i_i?Ui Lu @?|UT@|Lh) @_t|4i?| _h?} |i |h@?t|L? |L ?_iTi?_i?Ui

`| UL?i @_t|4i?| ULt|tc |i 4Li4i?| Lu ?uh@t|hU|hi ** UL44i?Ui MiuLhi TL*U) U@?}it

@hi i Tihi?Ui_c *i@_?} |L @ ULhhitTL?_?} hiLhi?|@|L? ? |h@_i `i €?_ |@| ? bbc |h@_i @t

hiLhi?|i_ _L4it|U@**) ? +tt@ @?_ |L@h_t |i @hi@t 4Lt| *!i*) |L }hLc @t ThL i_ M) u|hi

B# @?_ TihUi?| Lu |i TLT*@|L? | }ih i_U@|L?

h it|4@|i Lu |i MLh_ih igiU| t t}?€U@?|*) *Lih |@? t4*@h it|4@|it t?} ,# _@|@c

_itT|i }hi@|ih |h@_i M@hhiht ? |i 65N Nt?} ?|ihThL?U@* @?_ ThL?Uit|@|i |h@_i _@|@c

U@**4 EbbD @?_ Oi**i** EbbS €?_ |@| ? bbf @?@_@? ThL?Uit |h@_i_ @ML| |i?|)

|4it 4Lhi @4L?} |i4ti*it |@? | N5 t|@|it Lhi hiUi?|*)c Oi**i** EbbH it|4@|it |i

M@t |L Mi |i*i M) bbS uL**L?} |i Thiuihi?|@* |h@_?} @}hii4i?| EA Mi|ii? |i |L

UL?|hit `i EbbS @?_ Oi**i** EbbH it|4@|i |@| |i _L4it|U |h@_i M@t @4L?} ,#

UL?|hit h@?}it uhL4 |hii |L |i*i2 ?i i T*@?@|L? |@| t UL?tt|i?| | ML| ti|t Lu hit*|t 

t |@| @ t*L*) U@?}?} t|LU! Lu ?uh@t|hU|hi @t *i_ |L @ UL?|?i_ _L4it|U Lhi?|@|L? ? |h@_i 

? |i ,#c _itT|i u@**?} |h@_i M@hhihtc @?_ tt|@?i_ ?|i}h@|L? ? |i 65N ? tT|i Lu ht?}

|h@_i M@hhiht

Ai T@Tih t Lh}@?3i_ @t uL**Lt 5iU|L? 2 hiit |i *|ih@|hi L? |i MLh_ih igiU| 5iU|L?

Thiti?|t |i |iLhi|U@* uh@4iLh! 5iU|L? e _tUttit |i i4ThU@* tTiU€U@|L? @?_ hit*|t

5iU|L? D UL?U*_it TTi?_  tLt |i u** _ih@|L? Lu |i 4L_i* *i TTi?_  _itUhMit

|i _@|@ tLhUit
2
`i EbbS _ii*LTt @ |iU?^i |L it|4@|i |i _L4it|U M@t ? |h@_i t?} ?T|L|T| |@M*it |L it|4@|i 

?|ih?@* |h@_i uLh UL?|hit |L| hi}L?@* _@|@ Oi @tt4it |@| ?|ih?@* |h@_i _t|@?Uit @hi L?i^@h|ih |i

_t|@?Ui Mi|ii? @ UL?|h) @?_ |t ?i@hit| |h@_i T@h|?ihc |L it|4@|i |i MLh_ih igiU| ?i ThLM*i4 | |t

4i|L_ t |@| |i MLh_ih it|4@|i t ThLTLh|L?@* |L |i @tt4i_ ?|ih?@* |h@_i _t|@?Ui


2 `) _L MLh_iht 4@||ihq

,4ThU@* t|_it L? |i igiU|t Lu MLh_iht @hi ?uLh4 ? €?_?} @ } _L4it|U M@t ? |h@_i

W| hi4@?t @ T33*i @t |L ) MLh_iht 4@||ih tL 4U Ahii )TL|itit @i Mii? T| uLh@h_ 

? |i *|ih@|hiG E ?|ih?@|L?@* |h@_i M@hhihtc E ?@|h@* T@h|?ihtc @?_ E t|LhU@* *?!@}it

Ah@_i M@hhiht ** _tULh@}i UhLttMLh_ih |h@_i M) ?Uhi@t?} |i hi*@|i ThUi Lu uLhi}? }LL_t 

|@hg T*@Uit @ i_}i Mi|ii? |i _L4it|U |ih4t Lu |h@_i @?_ |i Lh*_ |ih4t Lu |h@_ic @?_

*i@_t |L @ UL?t4T|L? M?_*i M@ti_ |L@h_t _L4it|U@**) ThL_Ui_ }LL_t L?|@hg M@hhiht

@*tL ?Uhi@ti |i hi*@|i ThUi Lu 4TLh|i_ }LL_t @?_ _tULh@}i UhLttMLh_ih |h@_i

*|ih?@|i*)c MLh_iht 4@) Mi i?_L}i?Lt ?} |L UL4T@h@|i @_@?|@}ic |@t|itc Lh |iU

?L*L})c hi}L?t |? @ MLh_ih 4@) t4T*) Mi ?@|h@* |h@_i T@h|?iht Lh_iht |i?_ |L Mi uLh4i_

@hL?_ TLT*@|L?t |@| @hi |L tL4i i |i?| L4L}i?iLtc @i t4*@h |@t|itc @?_ ? U |i

hi}L?@* iUL?L4it @hi *?!i_ +i}L?t 4@) Uhi@|i MLh_iht |L ThL|iU| |i4ti*it uhL4 L|t_i

tLU!t

6?@**)c UhLttMLh_ih |h@_i 4@) Mi hi*@|i*) t4@** MiU@ti T@t| tL*@|L? @t *i_ |L _L4it|

U@**) Lhi?|i_ ?uh@t|hU|hi 6Lh i @4T*ic }@)tc h@* t)t|i4tc *i}@* @?_ hi}*@|Lh) ?t|||L?tc

Mt?itt ?i|Lh!t @?_ UL?t4ih ?i|Lh!tc @?_ |i*iUL44?U@|L?t t)t|i4t @** _gih @UhLtt UL?

|hit @?_ |t 4@) ?Uhi@ti |i ULt|t Lu ?|ih?@|L?@* |h@_i hi*@|i |L _L4it|U |h@_i tt4?} 

?uh@t|hU|hi t ULt|*) |L @_t|c @ t|Lh) Lu tL*@|L? ** _iThitt |h@_i *i t|LhU@* *?!@}it |L

L|ih ?@|L?t ** i*T ThL4L|i Uhhi?| |h@_i 54*@h*)c u U@T|@* @_t|4i?| @UhLtt ?_t|hit t

ULt|*) |i? @? iUL?L4) | Th4@h*) _L4it|U@**) Lhi?|i_ ?_t|h) ** @_t| t*L*) |L i |ih?@*

Thitthi

?L|ih @) |L i@*@|i |i MLh_ih igiU| t | ThUi _@|@ ,?}i* @?_ +L}iht EbbS i @4?i |i hi*@|i ThUi 

@h@M*|) Lu t4*@h }LL_t @4L?} U|it ? @?@_@ @?_ |i N?|i_ 5|@|it Ai) €?_ |@| hi*@|i ThUi @h@M*|)

Mi|ii? U|it t t}?€U@?|*) }hi@|ih i? @ MLh_ih t UhLtti_

e
 }hL?} i4ThU@* *|ih@|hi €?_t |@| t|LhU@* *?!@}it @hi 4TLh|@?| _i|ih4?@?|t Lu |h@_i

6h@?!i*c 5|i? @?_ `i EbbD tL |@| UL?|hit | UL*L?@* *?!t @?_ UL?|hit | UL44L?

*@?}@}i |h@_i 4Lhi | i@U L|ih |@? |i }h@|) 4L_i* Thi_U|t 6h@?!i* Ebb. thi)t |i

*|ih@|hi L? |i _ttL*|L? Lu Eh|t @?_ 6hi?U UL*L?@* *?!t @?_ |i Mhi@!T Lu ui_ih@|L?t

E|i t|hLO?}@h@? ,4Thic |i @*@) 6i_ih@|L?c 3iULt*L@!@c |i uLh4ih 5Li| N?L?

@?_ €?_t R@ |i?_i?U) uLh it|@M*ti_ M*@|ih@* |h@_i |it |L U@?}i hi*@|i*) t*L*) ET2S Oi

?L|itc Liihc |i |i?Lt ?@|hi Lu |iti €?_?}t _ihi_ uhL4 |h@_i ?|i?t|) h@|Lt U _L

?L| UL?|hL* uLh |i igiU|t Lu _t|@?Ui @?_ ?UL4i

*tL ?_U@|i Lu |i 4TLh|@?Ui Lu t|LhU@* *?!@}itc ,Ui?}hii? @?_ Wh? EbbH €?_ |@|

*@}}i_ M*@|ih@* |h@_i t t}?€U@?| ? _i|ih4??} Uhhi?| M*@|ih@* |h@_ic @u|ih UL?|hL**?} uLh 

?UL4i @?_ _t|@?Ui W? @__|L?c 6hi?_ EbbH €?_t |@| |i uL?_?} 4i4Miht Lu |i ,hLTi@?

N?L? Uhi@|i_ @ i**?|i}h@|i_ 4@h!i| @4L?} |i4ti*it @?_ |i? 4@?|@?i_ t|hL?}ih |h@_i *?!t 

| i@U L|ih |@? | UL?|hit |@| L?i_ *@|ih Aihi @t ?L i_i?Ui Lu @ M@t ? |h@_i

|L@h_t |i Lh}?@* 4i4Miht MiuLhi |i UL44L? 4@h!i| @t uLh4i_

6h4 *ii* i_i?Ui @*tL tTTLh|t |t i A)ML| @?_ +LMih|t Ebb. €?_ |@| T@t| i TLh|

_iUtL?t @hi }*) t}?€U@?| ? ?i?U?} Uhhi?| i TLh| _iUtL?t @?_ ?|ihThi| |t @t i

_i?Ui |@| t?! ULt|t @hi hi^hi_ |L i?|h) ?|L |i i TLh| 4@h!i| At t}}it|t |@| _L4it|U

_t|hM|L? U@??i*t @hi _t|?U| uhL4 ?|ih?@|L?@* U@??i*t

Ai |iLhi|U@* uh@4iLh!

W? |t tiU|L? i **t|h@|i |i igiU| Lu |h@_i M@hhiht @?_ ?uh@t|hU|hi L? |h@_i Lt M) 4L_u)?}

|i _gihi?|@|i_ }LL_t 4L_i* |L ?U*_i ULt|t Lu |h@_i @ttLU@|i_ | |i t|LU! Lu ?uh@t|hU|hi

Ai t4T*i 4L_i* tLt |@| |@hgt *i@_ |L @? 44i_@|i _L4it|U hiLhi?|@|L? Lu |h@_ic M| t*L

D
@_t|4i?| Lu |i t|LU! Lu ?uh@t|hU|hi *4|t |ih 4T@U| ? |i tLh| h? W? |i *L?} h?c

|@hgt i*U| @? ?uh@t|hU|hi hitTL?ti U ?Uhi@tit |ih 4T@U|e

Ai M@tU ?||L? t |@| @ |@hg L? uLhi}? }LL_t *i@_t |L @ _iU*?i ? |ih UL?t4T|L?

hi*@|i |L _L4it|U }LL_t At ?Uhi@tit |i hi|h? |L _L4it|U ?uh@t|hU|hi @?_ _iUhi@tit |i

hi|h? |L ?uh@t|hU|hi uLh ?|ih?@|L?@* |h@_i L?i @_t|4i?| ULt|t 4T*) |@| ?uh@t|hU|hi 

** }h@_@**) 4Li L| Lu |i ?|ih?@|L?@* tiU|Lh @?_ ?|L |i _L4it|U tiU|Lh Ai t|LU! Lu 

?uh@t|hU|hi uLh ?|ih?@|L?@* |h@_i ** _iU*?i @?_ |i t|LU! Lu ?uh@t|hU|hi uLh _L4it|U |h@_i 

** }h@_@**) i T@?_ ?|* |i ?i t|i@_) t|@|i t hi@Ui_

`i L|*?i @ t4T*i 4L_i* Lu ?uh@t|hU|hi @_t|4i?| |L }*}| |i igiU| Lu |@hgt @?_

|h@_i L? ?uh@t|hU|hi @?_ |i? |i uii_M@U! Lu ?uh@t|hU|hi ?|L |h@_i `i @tt4i -E8|  t

|i hi|h? |L ?uh@t|hU|hi ? |i _L4it|U tiU|Lh @?_ -W E8|W  t |i hi|h? |L ?uh@t|hU|hi ?

|i ?|ih?@|L?@* tiU|Lhc |i |L |)Tit Lu ?uh@t|hU|hi @hi ?L| tMt|||@M*ic @?_ - E8  : f @?_

- E8  f Et4*@h*) uLh -W E8 W  `i uh|ih @tt4i |@| @ |@hg ?Uhi@tit |i L*4i Lu |h@_i

L? _L4it|U ?uh@t|hU|hi @?_ ?Uhi@tit |i 4@h}?@* hi|h? |L _L4it|U ?uh@t|hU|hi Wu |i

4@h}?@* hi|h?t |L i@U |)Ti Lu ?uh@t|hU|hi ihi i^@* MiuLhi |i |@hg @t ?t|@**i_c |i? |i

|@hg ** U@ti |i 4@h}?@* hi|h? |L |i t|LU! Lu _L4it|U ?uh@t|hU|hi |L hti @MLi |@| uLh 

?|ih?@|L?@*c |@| t - E8|3  : -W E8|W3 

6L**L?} tt@ EbHSc i @tt4i UL?i @_t|4i?| ULt|t @ttLU@|i_ | |h@?tuihh?} ?uh@t

|hU|hi uhL4 |i uLhi}? |L |i _L4it|U tiU|Lhc ihi SE t |i ULt| Lu 4L?} ?uh@t|hU|hic

SEf ' fc S E : fc S E : fc @?_  t |i ?uh@t|hU|hi |@| t 4Li_ uhL4 |i ?|ih?@|L?@*

tiU|Lh |L |i _L4it|UD t 4Lhi ?uh@t|hU|hi t hi*LU@|i_ ? @?) TihL_c |i 4@h}?@* ULt| Lu
e
`i UL*_ |?! Lu @ 4L_i* ? U U@T|@* 4Lit @UhLtt tiU|Lht hit*|?} ? ThL_U|L? hi@**LU@|L? @t @ hit*|

Lu @ U@?}i ? |h@_i TL*U) @t ? tt@ bHS Ai UL?U*tL?t ? |@| U@ti L*_ Mi ih) t4*@h

D
`i UL*_ @*tL @**L uLh ?i ?it|4i?| @?_ _iThiU@|L? |L| U@?}?} |i ^@*|@|i €?_?}t

S
4L?} ?uh@t|hU|hi i T@?_t

`i @tt4i |@| |i }Lih?4i?| ULLtit ?uh@t|hU|hi ? i@U tiU|Lh LT|4@**)c Lih @? ?€?|i 

Lh3L?S Ai }Lih?4i?| ULLtit | ? i@U TihL_ |L 4@ 43i |i Thiti?| _tUL?|i_ @*i Lu 

?uh@t|hU|hi *itt |i ULt| Lu @_t|4i?|G

-
"

4@ E-E8|  3 -W E8|W  3 SE| B |3A
|'A

t| 8| ' 8|3 n | c 8|W ' 8|W3 3 | c 8|W D fc @?_ 8| D f 

ihi B t |i _tUL?| h@|ic @ 43?} Lih | @?_ |n @?_ UL4M??} i^@|L?t i @iG

- E8|  3 S E|  D -W E8|W  3 BS E|n  E

,^@|L? E L*_t ? i^@*|) i? tL4i ?uh@t|hU|hi 4Lit ? i@U TihL_. ? |i LT|4@*

@_t|4i?| T@| uLh ?uh@t|hU|hic | 4t| Mi |i U@ti |@| |i 4@h}?@* hi|h? |L ?uh@t|hU|hi ?

|i _L4it|U tiU|Lh *itt |i 4@h}?@* ULt| Lu 4L?} | |ihi |L_@) E|i *iu| @?_ t_i Lu i^@|L? 

i^@*t |i 4@h}?@* @*i Lu ?uh@t|hU|hi ? |i uLhi}? tiU|Lh *itt |i ULt| Lu 4L?} | |L4LhhL

E|i h}| @?_ t_i Lu i^@|L?  | @?L|ih @)c ? i^*Mh4c |i }@? uhL4 4L?} @?

@__|L?@* ?| Lu ?uh@t|hU|hi ?|L |i _L4it|U tiU|Lh |L_@) 4t| i^@* |i @*i Lu @|?} @?_

4L?} | |ihi |L4LhhL

Aihi @hi |L 4T*U@|L?t Lu i^@|L? E E `| UL?i @_t|4i?| ULt|tc |i @_t|4i?|

|L@h_t ?uh@t|hU|hi | |i }ih 4@h}?@* hi|h? ** LUUh }h@_@**) ?_ Ec |i @_t|

4i?| ** UL44i?Ui @t tLL? @t |i u|hi U@?}i ? TL*U) t @??L?Ui_ i | i tL |@| u |i

t|LU! Lu ?uh@t|hU|hi @giU|t |i ULt|t Lu |h@_ic |i hiLhi?|@|L? ? ?uh@t|hU|hi ** uii_ M@U!
S
| |i €h4 *ii*c @ t4*@h hiLhi?|@|L? 4@) |@!i T*@Ui | €h4t i T@?_?} |ih _L4it|U 4@h!i|?} @?_

_iUhi@t?} |ih ?|ih?@|L?@* 4@h!i|?}
. ** ?uh@t|hU|hi ** 4Li ? L?i TihL_ u |i *iu| @?_ t_i t t|hU|*) }hi@|ih |@? |i h}| @?_ t_i `i

@tt4i |@| |i hi|h? _Lit ?L| ?Uhi@ti tL 4U |@| | t LT|4@* |L 4Li @** ?uh@t|hU|hi |L |i _L4it|U tiU|Lh

. 
?|L |h@_i T@||ih?tH

Ai hi4@?_ih Lu |i 4L_i* @TTi@*t |L |i t|@?_@h_ 4L_i* Lu _gihi?|@|i_ }LL_t E# |5|}*|3

b..c kh}4@? bHf `i @tt4i |ihi t ?L t@?} @?_ |@| UL?t4iht @?_ ThL_Uiht |@!i |h@_i

ULt|t @?_ |@hgt @t }i? At 4T*it |i ThLM*i4 t tiT@h@M*i Lih |4i @?_ |@| UL?t4iht @?_

ThL_Uiht _L ?L| ?ULhTLh@|i |i ?i?Ui Lu ^@?||it @?_ ThUit L? ?uh@t|hU|hi

 hiThiti?|@|i UL?t4ih 4@ 43it |*|) ? i@U TihL_c LG

`- ‚*k
L' %k c k c E2 

ihi *E 3 k t |i i*@t|U|) Lu tMt|||L? Mi|ii? }LL_t Ai M_}i| UL?t|h@?| tG

-
U' R _ | % c E  

ihi U| t _tTLt@M*i ?UL4i ? TihL_ |c _ t @? RUiMih} ULt| Lu |h@_ic @?_ | t L?i T*t |i

@_ @*Lhi4 |@hg h@|i `i @tt4i |i ULt| Lu |h@_ic _c t @ _iUhi@t?} u?U|L? Lu |i t|LU! Lu 

?uh@t|hU|hic 8 c |@| i t|t _ E8|  f @?_ _ E8|  : fc ihi 8| t ?uh@t|hU|hi uLh _L4it|U

|h@_i @?_ 8 W t ?uh@t|hU|hi uLh ?|ih?@|L?@* |h@_i @| |4i |

Ai UL?t4ih 4@ 43it |*|) Ei^@|L? E2 tMiU| |L |i ?UL4i UL?t|h@?| Ei^@|L? E 

|@!?} |i ThUi ?U*ti Lu |i |h@_i ULt| @?_ |i |@hg @t }i? #i4@?_ uLh }LL_  tG

UER | _ 3j
% ' Ee
W

k 
ihi  W t @? @}}hi}@|i ThUi ?_i c tTiU€U@**)  W ' ER | _  k3 

`i @tt4i @? ?Uhi@t?} hi|h?t |L tU@*i ThL_U|L? u?U|L? Lu |i uLh4c u ' @ n K% c uLh @**

}LL_tc ihi u t *@MLh i4T*L)i_ ? |i ThL_U|L? Lu }LL_  @?_ @ @?_ K @hi UL?t|@?|t `|
H
 hUih 4L_i* L*_ @tt4i |i }Lih?4i?|t ?ULhTLh@|it |i ?|ih@U|L? Lu |h@_i TL*U) @?_ ?uh@t|hU|hi 

?|L |t LMiU|i u?U|L? #ii*LT?} tU @ 4L_i* t Mi)L?_ |i tULTi Lu |t T@Tih

H
uhii i?|h)c | t t|h@}|uLh@h_ |L tL*i uLh |L|@* 4TLh|t uhL4 @ UL?|h) &c & G

- t t& &j3 E kK _& | 3j
& '^ % ' c ED

u &W 

ihi ^ t |i ?4Mih Lu UL?t4iht ? UL?|h)  @?_ t t ?@|L?@* ?UL4i ? UL?|h)  Etii |i

@TTi?_ uLh @ _i|@*i_ tL*|L?

+iuihh?} M@U! |L i^@|L? ED @?_ hiU@**?} |@| |h@_i ULt|t @hi @ u?U|L? Lu |i t|LU! Lu 

?uh@t|hU|hic i @i E? *L}tG

*? & ' & n *? t& n *? t 3 j *? _ E8W  3 j *? |& c ES 

ihi & t @ UL?t|@?| U U@T|hit |i UL?|h)tTiU€U & @?_ &W  ,^@|L? ES ThL_it |i

M@tt uLh Lh i4ThU@* it|4@|L? Mi*L  |@hg L? }LL_t uhL4 UL?|h)  U@tit 4TLh|t uhL4 

|L _iU*?i Wu @_t|4i?| ULt|t @hi t|iiTc |i? ?uh@t|hU|hi ** U@?}i *||*i ? |i tLh| h? @?_

|h@_i ULt|t ** U@?}i L?*) T@h|@**) ? |i tLh| h? ih |4ic @t ?uh@t|hU|hi t hiLhi?|i_

@UhLtt tiU|Lhtc ?|ih?@|L?@* |h@_i ULt|t ** htic uh|ih @UUi?|@|?} |i _iU*?i ? 4TLh|t uhL4 

OL _Lit i^@|L? ES UL4T@hi |L |i t|@?_@h_ 4L_i*q Ai }h@|) 4L_i* |@| t |)TU@**) 

ti_ |L it|4@|i |i |h@_i M@t tG

*? & ' & n qf *? t& n q *? t 3 q2 *? (U7A n q _66+ E. 

U t t4*@h |L ,^@|L? ES #t|@?Ui E(U7A  t ti_ |L ThL ) uLh |h@?tTLh| ULt|t  _44) 

@h@M*ic U t L?i i?iih |h@_i t Mi|ii? Uih|@? T@h|?ihtc t ti_ |L it|4@|i |ih TLttM*i

i Uitt |h@_i Ai ^it|L? t L |L ?|ihThi| |i ULiUi?| L? |i _44) @h@M*i Ai 4L_i* 

**t|h@|it |@| | UL*_ Mi TU!?} T L|ih T@h|t Lu |h@_i ULt|tc _c Mit_it |h@?tTLh| Lh | UL*_

Mi TU!?} T |h@_i M@hhiht W? @__|L?c @? @*|ih?@|i |iLhi|U@* uh@4iLh! L*_ t}}it| |i

_44) 4@) hiThiti?| _gihi?Uit ? u@U|Lh i?_L4i?|tc |@t|itc Lh |iU?L*L})

b
Ai 65N ThL_it @ ?^i U@ti t|_) MiU@ti ? |i ThihiuLh4 TihL_ |h@_i ULt|t @?_ |iU

?L*L}) ihi ?uLh4 @UhLtt hi}L?t @?_ hiTM*Ut @?_ |ihi ihi ?L |h@_i M@hhiht Oi?Ui u i €?_

@ _L4it|U |h@_i M@t ? |i ThihiuLh4 TihL_ | t *!i*) |L Mi |i hit*| Lu i?_L4i?|t Lh |@t|it

W? |i hiuLh4 TihL_c *i |h@_i ULt|t @?_ |iU?L*L}) @hi *!i*) |L Mi t*L |L U@?}ic *@h}i |@hgt

@hi ? T*@Ui @?_ ?i Uhhi?Uit @i Mii? it|@M*ti_ `i U@? |t tL*@|i |i igiU| Lu |@hgt L?

|h@_i }i? t4*@h ?uh@t|hU|hi @?_ |iU?L*L})

e ,4ThU@* tTiU€U@|L? @?_ €?_?}t

`i i @4?i |h@_i @4L?} b hi}L?t ? +tt@ @?_ e uLh4ih hiTM*Ut Lu |i 5Li| N?L? MiuLhi

@?_ @u|ih _t?|i}h@|L? Ai |h@_i _@|@ @hi uhL4 |i +tt@? 5|@|i 5|@|t|U@* L44||ii @?_ |i

`Lh*_ @?! @?_ ?U*_i M*@|ih@* |h@_i Lt @4L?} hi}L?t @?_ hiTM*Utc ? N5 _L**@ht W?UL4i

€}hit @hi uhL4 |i `Lh*_ @?! @?_ @hi @*tL ? N5 _L**@ht #t|@?Ui t |@!i? uhL4 |i +tt@?

?t|h) Lu Ah@?tTLh| |@M*it @t |i tLh|it| hL@_ _t|@?Ui ? !*L4i|iht Mi|ii? hi}L?@* @?_%Lh

hiTM*U@? Ui?|iht Ah@? tUi_*it uLh bHb @?_ bbS @hi uhL4 |i @|L?@* +@*@)t @hUit 

? LtUL N?i}|i_ @ih@}i @_@*Lhi4 |@hg h@|it @hi TM*ti_ M) |i ,+# LT*@|L?

€}hit @hi uhL4 |i `Lh*_ @?! ,_U@|L? h@|it @hi uhL4 BLtUL4t|@| bHb @?_ 4@?@}ih |h?Lih 

t uhL4 #@?!L bbH E5ii TTi?_  uLh @ _i|@*i_ _itUhT|L? Lu |i _@|@ @?_ @ 4@T Lu |i

hi}L?

6}hi  tLt i@U UL?|h)<t t@hi Lu |L|@* i TLh|t |@| }L |L 65N UL?|hit 65N i TLh|

t@hit @i _iU*?i_ uLh @** M| |hii uLh4ih 4i4MihtQ3ihM@@?c i*@htc @?_ N3Mi!t|@? At

t}}it|t |@| tL4i hiLhi?|@|L? Lu |h@_i @@) uhL4 65N UL?|hit @t LUUhhi_ t?Ui |i _t?|i

}h@|L? Lu |i 65N

h ?|ihit|c Liihc *it Th4@h*) | |i _L4it|U hiLhi?|@|L? Lu |h@_i |? +tt@

f
0.9

0.8

0.7

0.6

0.5 1989

0.4 1996

0.3

0.2

0.1

0

Turkmenistan
Tajikistan

Ukraine
Lithuania

Moldova
Estonia

Uzbekistan
Georgia
Armenia

Kazakstan

Russia
Belarus

Latvia
Azerbaijan

Kyrgistan

6}hi G , TLh|t |L L|ih 65N UL?|hit hi*@|i |L |L|@* i TLh|t 

i |c i *LL! @| |i t@hi Lu |L|@* 65N |h@_i uLh i@U hi}L? @?_ i@U hiTM*U |@| t | +tt@

W? |i ThihiuLh4 TihL_c L? @ih@}i SD TihUi?| Lu |i hi}L?t< |h@_i | |i 65N UL?|hit @t 

| L|ih +tt@? hi}L?t @?_ |h@_i t@hit ihi @| E6}hi 2 W? |i hiuLh4 TihL_c |i t@hi Lu

|h@_i |@| t ?|ihhi}L?@* htit |L @ML| Hf TihUi?|c uLh @** hi}L?t Ai hiTM*Ut< t@hi Lu 65N

|h@_i | |i +tt@? hi}L?t t @ML| Df TihUi?| ? |i ThihiuLh4 TihL_ @?_ u@h*) UL?t|@?|

E6}hi  W? |i hiuLh4 TihL_c hi}L?@* |h@_i t@hit U@?}i _h@4@|U@**)

`*i |i 4Li4i?| ? |h@_i t@hit Lih |4i t t}}it|i Lu @? ?Uhi@t?} _L4it|U M@t ?

|h@_ic t@hit @*L?i _L ?L| |i** t i|ih hi}L?t |h@_i hi*@|i*) 4Lhi @4L?} |i4ti*itc i ?ii_

|L UL?|hL* uLh t|@?_@h_ _i|ih4?@?|t Lu |h@_i i |c i ti @ Mi?U4@h! tTiU€U@|L? U t

UL4T@h@M*i |L |i 4L_i*t ? U@**4 EbbD @?_ Oi**i** EbbSc bbH |L it|4@|i |i i |i?|

Lu _L4it|U M@t ? |h@_i u|ih it|4@|?} |i Mi?U4@h! 4L_i*c i @**L uLh UL?|h) tTiU€U


0.9
0.8 North
0.7 Northw est
0.6 Central
0.5
Chernozyom
0.4
North Caucases
0.3
0.2 Volga

0.1 Volga-Vyatka
0 Ural
1987

1988

1989

1990

1991

1993

1994

1995

1996
Far East

6}hi 2G 5@hi Lu |L|@* 65N |h@_i | +tt@ M) hi}L?

igiU|tc |@hgtc @?_ ?uh@t|hU|hic ? @? @||i4T| |L }i| U*Ltih |L |i @?@*)|U uh@4iLh! _ii*LTi_

@MLi

e Ai Mi?U4@h! tTiU€U@|L?

W? |t tiU|L? i it|4@|i @ t4T*i }h@|) i^@|L? L? bH.bbf @?_ bbebbS |h@_i Lt @4L?}

@?_ Mi|ii? b +tt@? hi}L?t @?_ |i e hiTM*Ut Lu |i 5Li| N?L? Ai }h@|) i^@|L? t@)t

|@| |h@_i Mi|ii? |L T@h|it t ThLTLh|L?@* |L |i ThL_U| Lu |ih ?UL4i __i_ M) |i _t|@?Ui

Mi|ii? |i |L Ai hi}hittL? i^@|L? uLh i@U )i@h tG

% ' k n qf t n q t n q2 (U7A n q -L77U n  EH 

ihi % t |i *L} Lu tT4i?|t uhL4 hi}L?  |L hi}L? c t @?_ t @hi |i *L}t Lu }hLtt hi}L?@*

ThL_U| ? hi}L?t  @?_  hitTiU|i*)c (U7A t |i *L} Lu |i _t|@?Ui uhL4  |L c -L77U t

@ _44) i^@* |L L?i uLh ?|h@+tt@? |h@_i @?_ 3ihL uLh hi}L? |L hiTM*U |h@_ic @?_  t |i

ihhLh |ih4c U i @tt4i t ?ULhhi*@|i_ @UhLtt LMtih@|L?t Ai -L77U @h@M*i TLL*t @**

2
Armenia
Azerbaijan
0.9 Belarus
0.8 Estonia
0.7 Georgia
0.6 Kazakhstan
0.5 Kyrgistan
0.4 Latvia
0.3 Lithuania
0.2 Moldova
0.1 Tajikistan
0 Turkmenistan
1987

1988

1989

1990

1991

1993

1994

1995

1996
Ukraine
Uzbekistan

6}hi G 5@hi Lu |L|@* 65N |h@_i | +tt@ M) hiTM*U

igiU|t |@| 4@!i UhLttMLh_ih |h@_i _gihi?| uhL4 _L4it|U |h@_i EA@M*i 

Ai ULiUi?| L? |i -L77U _44) htit ?L|Ui@M*) uhL4 |i ThihiuLh4 TihL_ |L |i

hiuLh4 TihL_ Ai ULiUi?| Lu feS L? -L77U ? bbS t }*) t}?€U@?| @?_ 4T*it |@|

+tt@? hi}L?t |h@_i_ DH TihUi?| 4Lhi | i@U L|ih |@? t Thi_U|i_ M) |i 4L_i* Ee%R

feS ' DH W? |i ThihiuLh4 TihL_c |i hi}L?t __ ?L| |h@_i 4Lhi | i@U L|ih W? u@U|c

|L} ?L| t}?€U@?|c |i ULiUi?| t ?i}@|i ? i@U )i@h 6}hi e _LU4i?|t |i it|4@|i_

M@t |L@h_t ?|h@?@|L?@* |h@_i ? +tt@ Lih |4i @t U@*U*@|i_ uhL4 |i it|4@|i_ ULiUi?| L?

-L77U ? |i Mi?U4@h! 4L_i* +tt@? |h@_i _tT*@)t @? ?Uhi@t?} _L4it|U M@t @u|ih bbe

Ai ?t}?€U@?| E@?_ ?i}@|i M@t ? |h@_i Mi|ii? +tt@? hi}L?t ? |i ThihiuLh4 TihL_ t

?L| UL?tt|i?| | |i ?@|h@* iUL?L4U _t?|i}h@|L? i T*@?@|L?

i | i Lh}@?3i |i _@|@ ?|L |L T@?i*tc @ ThihiuLh4 TihL_ EbH.bbf @?_ @ hiuLh4 TihL_

EbbebbS Ai hi}hittL? t M@ti_ L? i^@|L? EHc | @? @__i_ |4i _4i?tL? EA@M*i 2


1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
1987

1988

1989

1990

1994

1995

1996
6}hi eG #L4it|U M@t ? +tt@? |h@_i

Ai T@?i* it|4@|L? tTTLh|t |i i |@| |h@_i ? +tt@ @t Mii? _ih|i_ _L4it|U@**) ?

|i hiuLh4 TihL_ `| h@?_L4 igiU|t ? |i T@?i* hi}hittL?tc uLh i @4T*ic |i ULiUi?| L?

-L77U t U*Lti |L 3ihL @?_ ?t}?€U@?| ? |i ThihiuLh4 TihL_ W? |i hiuLh4 TihL_c |i

ULiUi?| L? -L77U ? |i Mi?U4@h! tTiU€U@|L? t fe.c t}}it|?} |i hi}L?t |h@_i @ML|

Sf TihUi?| 4Lhi | i@U L|ih

Ai 4Li @@) uhL4 Ui?|h@* T*@???} t ?L|Ui@M*i ? |i U@?}i ? |i ULiUi?|t L? L|ih 

@h@M*itc uhL4 |i ThihiuLh4 |L |i hiuLh4 TihL_ W? @** tTiU€U@|L?t i €?_ |@| |i i*@t|U|) Lu

|h@_i | hitTiU| |L ?UL4i @?_ _t|@?Ui ?Uhi@tit @u|ih _t?|i}h@|L? 6Lh i @4T*ic |i ULiUi?|

L? _t|@?Ui 4Lhi |@? _LM*it ? 4@}?|_i uhL4 fe2 |L S At U@?}i t @h_*) thTht?} 

ThihiuLh4 |h@_i Lih *L?} _t|@?Uit @t i@*) tMt_3i_ Ai ULiUi?|t ? |i hiuLh4 TihL_

@hi 4U U*Ltih |L |i ULiUi?|t |)TU@**) uL?_ L? it|4@|it Lu |i }h@|) 4L_i*b
b
Lt| UL4T@h@M*i t |i @?@_@ N5 t|_) t?Ui |h@_i ? Lh| 4ihU@ t @*tL *@?_M@ti_ |h@_i U@**4 bbD

@?_ Oi**i** bbH €?_ |i i*@t|U|) Lu |h@_i |L _t|@?Ui L? @?@_@N5 _@|@ t Mi|ii? 2 @?_ S2 Oi**i**

€?_t |i i*@t|U|) L? ,# |h@_i |L Mi Mi|ii? fH. @?_ f2 ? bb2

e
e2 **L?} uLh i|ihL}i?i|) @UhLtt UL?|hit

Ai 4L_i* @**Lt uLh _gihi?Uit ? @}it @?_ ThUit @UhLtt hi}L?t @?_ hiTM*Ut U 4@) @giU|

|h@_i W? @__|L?c ?L?|@hg M@hhiht @?_ Uhhi?U) @h@M*|) 4@) @*tL ?i?Ui |h@_i Lt AL

@**L uLh |t TLttM*i i|ihL}i?i|)c i ti UL?|h) € i_ igiU|t ? |i it|4@|L? `i i U*_i 

?|ihhiTM*U |h@_i uhL4 |i t@4T*i @?_ it|4@|i Eb tiT@h@|i*) uLh |i ThihiuLh4 @?_ hiuLh4

TihL_tc

%c| ' k| n qf  n q t| n q2 t| n q (U7A n  c Eb 

ihi  t @ UL?|h) _44) Ai _44) uLh h4i?@c uLh i @4T*ic t L?i i? h4i?@ t i|ih

@? i TLh|ih Lh @? 4TLh|ih 5?Ui ?|ihhiTM*U |h@_i t i U*_i_ @?_ @** hiTM*Ut @hi _44i_

L|c |i ULiUi?| L? |i h4i?@ _44) hiThiti?|t L 4U 4Lhi Lh *itt h4i?@ |h@_it |

|i +tt@? hi}L?t hi*@|i |L L 4U |i +tt@? hi}L?t |h@_i @4L?} |i4ti*it W? |i

ThihiuLh4 TihL_c |i +tt@? M@t @}@?t| h4i?@ t f. E*e%REf  ' f. c 4T*)?} |i

hi}L?t |h@_i @ML| 2. TihUi?| *itt | i@U L|ih @t UL4T@hi_ |L h4i?@ W? |i hiuLh4 TihL_c

|i) |h@_i .f TihUi?| 4Lhi | i@U L|ih |@? | h4i?@ E@ M@t Lu .  ULiUi?| Lu 3ihL

4i@?t |@| |ihi t ?L M@t E|i M@t i^@*t  Ai hit*|t @hi hiTLh|i_ ? A@M*i  6}hi D tLt

}h@TU@**) |i M@t @}@?t| i@U uLh4ih hiTM*U ? ML| TihL_t W? |i ThihiuLh4 TihL_c tii?

Lu |i hiTM*Ut |h@_i t}?€U@?|*) 4Lhi | +tt@ |@? t Thi_U|i_ M) |i 4L_i*c |hii _L ?L|

|h@_i t}?€U@?|*) 4Lhi Lh *ittc @?_ |i hi4@??} uLh |h@_i t}?€U@?|*) *itt

,@h*ih hit*|t t}}it|i_ |@| |i +tt@? hi}L?t __ ?L| |h@_i 4Lhi | i@U L|ih ? |i

ThihiuLh4 TihL_c )i| |h@_i_ 4Lhi | i@U L|ih |@? | L|ih 65N 4i4Miht ? |i hiuLh4

TihL_ At t UL?€h4i_ ihic | ?L t?}*i UL?|h) _h?} |i hit*|tf Ah@_i Mi|ii? |i

+tt@? hi}L?t @?_ @** hiTM*Utc i UiT| k@3@!t|@?c ui** uhL4 |i Thi |L |i hiuLh4 TihL_ Ai
f
`i TihuLh4 uh|ih hLMt|?itt |it|t M) *LL!?} @| |h@_i | L|ih hi}L?t ihtt |h@_i | hiTM*Ut uLh i@U

hi}L? ,@U hi}hittL? t h? L? @ hi}L?<t |h@_i | @** Lu |t |h@_?} T@h|?iht 6Lh @** hi}L?t i €?_ |@| |h@_i

D
9

8

7

6

5 pre-reform

4 reform

3

2

1

0

Turkmenistan
Tajikistan
Lithuania
Ukraine
Moldova

Uzbekistan

Estonia

Georgia
Armenia
Kazakhstan

Latvia
Belarus

Azerbaijan

Kyrgistan

6}hi DG +tt@? M@t @}@?t| uLh4ih hiTM*Ut

UL?|hit |@| i Tihi?Ui_ |i 4Lt| _h@t|U _iU*?it ? |h@_i | |i +tt@? hi}L?t @hi BiLh}@c

Ah!4i?t|@?c w|@?@c w@|@c 3ihM@@? @?_ h4i?@c ? |@| Lh_ih wLU@|i_ _hiU|*) tL|

Lu iU?)@c BiLh}@c h4i?@c @?_ 3ihM@@? tgihi_ @t @ hit*| Lu |i iUi? @h w|@?@

@?_ w@|@ @i UL?tULt*) uL**Li_ @ TL*U) Lu ?|i}h@|L? ?|L `it|ih? ,hLTi

Ai ULiUi?|t L? i*@ht @?_ k@3@!t|@? @hi ML| TLt|i ? |i hiuLh4 TihL_c t}}it|?} |@|

ML| UL?|hit t|** |h@_i @| *i@t| @t 4U | +tt@? hi}L?t @t hi}L?t |h@_i @4L?} |i4ti*it

At uh|ih ML*t|iht Lh i@h*ih hit*|t |@| |i +tt@? M@t ? |h@_i t Th4@h*) @ hit*| Lu |h@_i

M@hhiht @?_ ?L| MLh_iht Lh ?@|L?LL_ 

| |i L|ih hi}L?t hi*@|i |L |i hiTM*Ut i T@?_i_  ?L t?}*i hi}L? t _h?} Lh hit*|t

S
e ,t|4@|?} |i igiU| Lu |@hgt @?_ @_t|4i?| ULt|t

`i ?i | ti |i 4L_i* tTiU€U@|L? @t _ihi_ ? i^@|L? ES `i it|4@|i |i uL**L?} i^@|L?G

*?  ' nqf *? t nq *? t nq2 *? (U7A nq *? A -U8 8 nqe *?  A -(. nqD -L77Un 

Ef

, TLh|ih @?_ 4TLh|ih ?UL4i i?|ih i^@|L? ES i T*U|*) `i ti _t|@?Ui E(U7A  @?_ T@t| |h@_i

E A -(. |L ThL ) uLh |h@_i ULt|t `i @tt4i _t|@?Ui t TLt|i*) ULhhi*@|i_ | |h@?tTLh|

ULt|t @?_ |t hi_Uit |h@_i `i @*tL @tt4i |@| T@t| |h@_i t TLt|i*) ULhhi*@|i_ | |i

Uhhi?| t|LU! Lu ?uh@t|hU|hic |t hi_U?} |h@?tTLh| ULt|t @?_ *i@_?} |L }ih Uhhi?| |h@_i

`i ?i | ti TLT*@|L? E   |L ThL ) uLh |i t|LU! Lu ?uh@t|hU|hi t?Ui |h@_i @t Ui?|h@**)

T*@??i_ |L @ *@h}i i |i?| @UULh_?} |L TLT*@|L? t3i `i ?ULhTLh@|i |@hg *ii*t _hiU|*) @t |i

*L} Lu L?i T*t |i @_@*Lhi4 |@hg h@|i EA -U8 8  AL At ihi h@|€i_ ? |i hiuLh4 TihL_G

L?i Mi|ii? +tt@c k@3@!t|@?c @?_ i*@ht @?_ @?L|ih Mi|ii? ,t|L?@c w@|@c @?_ w|@?@c

tL |i @_ @*Lhi4 |@hg t 3ihL i?iih |h@_i t Mi|ii? @?) Lu |iti UL?|h) T@ht Lh @4L?}

hi}L?t Ai M@t |L@h_t +tt@? }LL_tc i|ih @t @ hit*| Lu ?L?|@hg M@hhihtc Thiuihi?Uitc Lh

ThUi @?_ @}i _gihi?|@*t t ?L UL?|hL**i_ uLh M) |i -L77U _44)

Ai hit*|t @hi hiTLh|i_ ? A@M*i e Ai ?U*tL? Lu |i |@hg @h@M*i i*4?@|it |i t}?€U@?Ui

Lu -L77U At t}}it|t |@| |h@_i TL*U) t |i 4@? U@ti Lu *Lih |h@_i @4L?} hi}L?t @?_

hiTM*Ut

Ai hi}hittL?t | ThL it uLh ?uh@t|hU|hi @hi hiTLh|i_ ? |i €?@* t UL*4?t Lu A@M*i

e Ai t}?€U@?Ui Lu bH. |h@_i ? |i hi}hittL? i^@|L? uLh bbS 4T*it |@| @ }hi@| _i@* Lu

Uhhi?| |h@_i t t|** _i|ih4?i_ M) T@t| |h@_i T@||ih?t 5?Ui T@t| |h@_i @t ?L| +tt@ M@ti_c

|t t}}it|t |@| |i M@t Lu Sf TihUi?| t @ tLh| h? Ti?L4i?L? @t| *?!@}it *4| |i M@t

.
L? Uhhi?| |h@_i

Nt?} bH. |h@_i @t @? ?_iTi?_i?| @h@M*i ? @ hi}hittL? L? Uhhi?| |h@_i 4@) Mi ThLM*i4@|U

MiU@ti T@t| |h@_i 4@) Mi ULhhi*@|i_ | ?LMtih@M*i @?_ Tihtt|i?| UL4T@h@|i @_@?|@}i 

@h@M*it2 At t *!i*) |L Mi *itt Lu @? tti ? Lh _@|@ ihi |h@_i ? |i ThihiuLh4 TihL_ 

@t Ui?|h@**) T*@??i_ @?_ ?L| M@ti_ L? UL4T@h@|i @_@?|@}i W? @__|L?c |i UL?|hit ? Lh

t|_) ihi |h@_i T@h|?iht M) _iu@*| |h@_?} *||*i | UL?|hit L|t_i |i N?L? AihiuLhic

_t?|i}h@|L? 4T*it |@| |i ti| Lu UL?|hit Lih U UL4T@h@|i @_@?|@}i t _i|ih4?i_ t

}hi@|ih W? @__|L?c iUL?L4it @i U@?}i_ _h@4@|U@**) t?Ui bb2c tL4i iUL?L4it @i }hL? 

*i L|iht @i th?!c UL?|hit ?L @i _gihi?| Uhhi?Uitc @?_ ThUit @hi ?L *L?}ih i^@*3i_

@UhLtt hi}L?t @?_ hiTM*Ut

5|**c @t @ hLMt|?itt UiU! i ti 4TLh|ih @?_ i TLh|ih TLT*@|L? @t ?t|h4i?|@* @h@M*it

uLh |h@_i ULt|t |ih t|_it U ti TLT*@|L? ? t4*@h hi}hittL? i^@|L?tc @*Mi| uLh

_gihi?| hi@tL?tc |)TU@**) €?_ @ ?i}@|i ULiUi?| L? TLT*@|L? Ai *L}U t |@| TLT*@|L?

4@) ?i?Ui |h@_i MiU@ti *@h}ih UL?|hit }i?ih@**) @i 4Lhi hitLhUit @?_ @hi *itt _iTi?_i?|

L? |h@_i __|L?@**)c ?U*_?} TLT*@|L? ? |i hi}hittL? t i^@*i?| |L ?U*_?} TihU@T|@ 

?UL4ic t?Ui B# t @*hi@_) ? |i i^@|L? @?_ |i @h@M*it @hi ? *L}t Aihi @hi tiih@* hi@tL?t 

) TihU@T|@ ?UL4i 4@) ?i?Ui |h@_i TLt|i*) Ei @*tL @ ?i}@|i ?i?Ui Lu TLT*@|L?c

uLh i @4T*ic hUih UL?|hit @i Mi||ih ?uh@t|hU|hi uLh |h@_ic Lh UL?|hit *Mih@*3i @t |i)

}hL Ai t@4i L*_ Mi |hi ? |i _gihi?|@|i_ }LL_t 4L_i* u tL4i uLhi}? }LL_t @hi * h) 

|i4t W? UL?|h@t|c i i TiU| |i ULiUi?| L? TLT*@|L? |L Mi TLt|i t?Ui |h@_i @t T*@??i_

`i @*tL ?U*_i |i €||i_ @*it uhL4 |i bH. hi}hittL? ? Lh_ih |L ULhhiU| uLh TLttM*i @|LULhhi*@|L? Ai

it|4@|it Lu |i |i ULiUi?|t Lu ?|ihit| _L ?L| U@?}i t}?€U@?|*) E?L| hiTLh|i_
2
`L??@UL|| EbbH }*}|t |t ThLM*i4 ? t _tUttL? Lu ,Ui?}hii? @?_ Wh?<t EbbH T@Tih L? |h@_i 

Ltc U @t |i €ht| |L ?ULhTLh@|i T@t| |h@_i ?|L |i }h@|) i^@|L?

H
*@h}i*) @UULh_?} |L TLT*@|L? t3i @?_ |t ?uh@t|hU|hi uLh |h@_i @t T*@??i_ @*L?} |Lti *?it 

LT*@|L? t3i t |t @ }LL_ ThL ) uLh |i t|LU! Lu ?uh@t|hU|hi ? |i ThihiuLh4 TihL_

Ai €ht| |hii UL*4?t Lu A@M*i D tL |i hit*|t i? TLT*@|L? t ?U*_i_ W? |i hiuLh4

TihL_c |i TLt|i @?_ t}?€U@?| ULiUi?| L? TLT*@|L? t}}it|t |@| T@t| |itc Uhi@|i_ @t @

hit*| Lu Ui?|h@* T*@???}c t|** ?i?Ui |h@_i Ai ULiUi?| Lu fSS 4T*it @ M@t ? |h@_i Lu

?i@h*) ff TihUi?| Ei T fSS'b  Ai ?U*tL? Lu A -U8 8 c Liihc hi_Uit |i ULiUi?|

L? |i -L77U _44) M) |L|h_t @?_ hi?_iht | ?t}?€U@?|

e  ihtt|i?Ui Lu Mt?itt ?i|Lh!t

`i _i?|u) L?i |)Ti Lu *?!@}i U @t U@?}i_QMt?itt ?i|Lh!t AL |it| uLh |i 4TLh|@?Ui

Lu TihtL?@* UL?|@U|t i ?U*_i U@?}it ? 4@?@}iht Lu i TLh|iht @?_ 4TLh|iht uhL4 bbf |L bbS

EC.- @?_ C.- c hitTiU|i*) `i i TiU| |i ULiUi?|t L? C.- @?_

C.- |L Mi ?i}@|ic t?Ui t|hL?}ih T@t| ?i|Lh!t 4T*) |@| T@t| |h@_i T@||ih?t @hi *!i*)

|L Tihtt|

`i €?_ |@| U@?}?} 4@?@}iht t}?€U@?|*) hi_Uit |h@_i LhiLihc ?U*_?} 4@?@}ih

|h?Lih *i@_t |L @ uh|ih hi_U|L? ? |i ?|h@?@|L?@* M@t ?i U@i@| t |@| 4@?@}ih |h?Lih 

t ThLM@M*) T!?} T @?L|ih igiU| Mit_it ?i|Lh!t L?|hit | }hi@|ih 4@?@}ih |h?Lih

@hi @*tL h@T_ hiuLh4ihtc @?_ i?Ui |i ^U!it| |L 4Li @@) uhL4 L*_ |h@_i T@h|?ihtc Tih@Tt

€?_?} ?i T@h|?iht ? |i it| 6Lh i @4T*ic |i UL?|hit |i @*|Ut tL ih) } h@|it Lu

|h?Lih E@hL?_ Df TihUi?|

e 2 Ah@_i TL*U) @?_ ?uh@t|hU|hi

Ai 4L_i* ? tiU|L? |L t}}it|t |@| |@hgt @?_ |h@_i ** ?i?Ui ?uh@t|hU|hi 4@?|i?@?Ui

@?_ _ii*LT4i?| W? |t tiU|L?c i i T*Lhi |i i |i?| |L U |t ThLUitt @t Mi}? Nt?}

b
T@tti?}ih |h@? tTii_ @t @ ThL ) uLh ?uh@t|hU|hic i *LL! uLh @ +tt@? M@t ? bHb @?_ bbS

`i €?_ |@| *i |h@?t |? +tt@ ? }i?ih@* }L| u@t|ih uhL4 bHb |L bbSc ?|ih?@|L?@* |h@?t

t*Li_ EA@M*i S Ai *@h}it| ?Uhi@ti @t uhL4 N3Mi!t|@? |L ih?L)34c | |LL! ?i@h*) Df TihUi?|

*L?}ih |L |h@i* Mi|ii? |i |L U@T|@*t ? bbS |@? ? bHb

i |c i UL?|hL* uLh L|ih u@U|Lht U 4@) @giU| |4i Lu |h@i* @?_ *LL! uLh @ *?! |L |h@_i

TL*U) A4i Lu |h@i* tL*_ Mi @ u?U|L? Lu |i _t|@?Ui Mi|ii? |L TL?|t @?_ |ih ?UL4it

Ai hi}hittL? i^@|L? i it|4@|i tG

A U. '  n qf *? t n q *? t n q2 *? (U7A n q -L77U n > c 

ihi A U . t |i *L} Lu |i |4i ? 4?|it Lu |h@i* Mi|ii?  @?_  @?_ |i L|ih ?_iTi?_i?| 

@h@M*i @hi |i t@4i @t _i€?i_ @MLi A@M*i . hiTLh|t |i hit*|t uLh bHb @?_ bbS Aihi t ?L

M@t |? +tt@ ? bHb W? bbSc @u|ih UL?|hL**?} uLh ?UL4i @?_ _t|@?Uic |h@i* |4it |?

+tt@ @hi t}?€U@?|*) tLh|ih |@? |h@i* L|t_i +tt@ AL *LL! uLh igiU|t Lu |h@_i TL*U) i

@*tL ?U*_i A -U8 8 ? |i hi}hittL? i^@|L? EUL*4?t @?_ e `i €?_ |@| @ |i? TihUi?| 

?Uhi@ti ? |i |@hg *ii* *i@_t |L @ e TihUi?| ?Uhi@ti ? |i |4i Lu |h@i* Ai €?@* UL*4?

hiTLh|t |i hi}hittL? ? U@?}it t i TiU|i_ B# }hL| *i@_t |L @ _iU*?i ? |h@i* |4i ,i?

@u|ih UL?|hL**?} uLh |h@i* Mi|ii? +tt@c |@hgt @i *i_ |L }hi@|ih ?Uhi@tit ? |h@i* |4it

h hit*|t t}}it| |@| ?uh@t|hU|hi t Mi?} hiLhi?|i_ _L4it|U@**) | Thiti?| |t ThLUitt 

t *!i*) tL T ? L?*) 4@h}?@* 4ThLi4i?|t Lh ?i}*iU| Lu i t|?} ?uh@t|hU|hi 5|**c M*_?}

Lu ?i _L4it|U@**) Lhi?|i_ ?uh@t|hU|hi @t UL44i?Ui_ ? 4Lt| 65N UL?|hit ?i t|h!?}

i @4T*i t |i 4Li Lu |i k@3@! U@T|@* uhL4 *4@|) E? |i tL| |L t|@?@ E? |i ?Lh| @?_

|i UL?t|hU|L? Lu @ }@) @?_ @ h@*hL@_ |L *?! |i |L U|it w@|@ @?_ ,t|L?@ @hi @*tL

Ai ?Uhi@tit t ThLM@M*) ? T@h| _i |L |i hit*| Lu @|?} @| |i MLh_ih uLh T@ttTLh| UiU!t `i @*tL ?U*_i_

_44) @h@M*it |L UL?|hL* uLh |i ?4ih Lu MLh_iht UhLtti_ Ai) ihi ?L| t}?€U@?|

2f
M*_?} @ u@t| |h@? *?! Mi|ii? |ih U@T|@*t ALti ThLiU|t ** *!i*) @giU| |h@_i T@||ih?t ?

|i 65N ? |i )i@ht |L UL4i

ee ?|UT@|L?

`i ti _@|@ uhL4 |i Mi}???} Lu |i |h@?t|L? TihL_c bbc |L |it| uLh @?|UT@|Lh) Mi@Lh

5TiU€U@**)c i ?U*_i -L77U @?_ bbS B# ? |i hi}hittL? i^@|L? L? bb |h@_i Lt

5?Ui tLihi}? MLh_iht 4@|ih@*3i_ L?*) ? bb2c @?) ?|h@?@|L?@* M@t ? bb t *!i*) |L Mi

|i hit*| Lu i TiU|@|L? @ML| |i u|hi `i ?U*_i bbS B# ? |i hi}hittL? MiU@ti hi}L?t

@?_ hiTM*Ut ThLM@M*) @_ uLhit}| @t |L U L?it L*_ }hL @?_ t|@h|i_ @_t|?} |ih |h@_i

@?_ ?uh@t|hU|hi @UULh_?}*) iU@ti u|hi B# 4@) Mi @ ?Lt) ?_U@|Lh Lu i TiU|@|L?tc i

@*tL ti TihUi?| Lu TLT*@|L? L @i UL4T*i|i_ }ih i_U@|L? E.(L @t @? ?t|h4i?|@* 

@h@M*i uLh @hi@t 4Lt| *!i*) |L }hL

Ai hit*|t @hi hiTLh|i_ ? A@M*i H L| -L77U @?_ u|hi i TLh|ih @?_ 4TLh|ih B#t

@hi TLt|i @?_ t}?€U@?| ? bbc t}}it|?} |@| @?|UT@|Lh) hi@_t|4i?| @t |@!?} T*@Ui

LhiLihc |i t}?t L? -L77U @?_ u|hi B# ihi ?i}@|i ? @** Lu |i )i@ht bH.bbf

E?L| hiTLh|i_ W? |i Mi?U4@h! tTiU€U@|L?c -L77U t fSc 4T*)?} @ _L4it|U M@t Lu He

TihUi?| Ai it|4@|i_ M@t t ThLM@M*) }ih |@? ? bbebbS MiU@ti Lu 4@?) TL*|U@* UL?U|t

_h?} bbc U *i_ |L @ _iU*?i ? UhLttMLh_ih 65N |h@_ie `i? .(L t ?U*_i_ |L ThL )

i TiU|@|L?tc |i ULiUi?|t @hi TLt|i @?_ t}?€U@?| @t i TiU|i_ LhiLihc L?*) ? bb @hi

|i t}?t L? 4TLh|ih @?_ i TLh|ih i_U@|L? TLt|i @?_ t}?€U@?| `*i |i t}?€U@?Ui Lu
e W?
i@h*) bbc MiuLhi |i Mhi@!T Lu |i 5Li| N?L?c +tt@ 4TLti_ |h@_i t@?U|L?t L? BiLh}@ @?_ Ah!

4i?t|@? uL**L?} @ hiut@* M) |i BiLh}@? @?_ Ah!4i? @_4?t|h@|L?t |L T@) |@ it |L |i Ui?|h@* }Lih?4i?|

+tt@ 4TLti_ t4*@h t@?U|L?t L? ,t|L?@ @?_ w|@?@ uLh u@*hit |L T@) |ih }@t M**t Ai t@?U|L?t i @Uih

M@|i_ |i UL**@Tti Lu M*@|ih@* |h@_i Lt _h?} |i )i@h


-L77U U@? Mi @||hM|i_ |L @?|UT@|L?c UL?U|c Lh ML|c |i t}?€U@?Ui Lu u|hi B# @?_

.(L t }*) t}}it|i Lu @?|UT@|Lh) Mi@Lh

D L?U*tL?t

W? |i _@)t Lu |i 5Li| N?L?c |h@_i *?!t Mi|ii? hi}L?t @?_ hiTM*Ut ihi ih) t|hL?} @?_

|i hi}L?t __ ?L| |h@_i 4Lhi | i@U L|ih |@? | |i hiTM*Ut ? ?Uhi@t?} M@t |L@h_t

_L4it|U |h@_i ? +tt@c Liihc @t _ii*LTi_ t?Ui |i _t?|i}h@|L? Lu |i 5Li| N?L?

5TiU€U@**)c Lh Mi?U4@h! hi}hittL? tLt |@| +tt@? hi}L?t |h@_i_ Sf TihUi?| 4Lhi |

i@U L|ih |@? | uLh4ih hiTM*Ut ? bbS At M@t t Th4@h*) _i |L |i ihiU|L? Lu |@hg

M@hhiht L? |h@_i | |i uLh4ih hiTM*Ut OLiihc |i ?|h@?@|L?@* M@t @t Mii? 4|}@|i_

|hL} t|hL?} t|LhU@* *?!@}it |@| +tt@? hi}L?t @i |L uLh4ih 5Li| hiTM*Ut @?_ ULt|t

Lu @_t|4i?| |L hi_hiU|?} |h@_i @?_ M*_?} ?i ?uh@t|hU|hi

Ai MLh_ih igiU|t i it|4@|i @hi *Lih |@? ? ThiLt t|_it MiU@ti ?uh@t|hU|hi @?_

ThL_U|L? @i ?L| Mii? _L4it|U@**) hiLh}@?3i_ ? |i tLh| TihL_ t?Ui |i UL**@Tti Lu |i

5Li| N?L? Ai ihiU|L? Lu TL*|U@* MLh_ihtc Liihc ** *!i*) Mi uL**Li_ M) |i _ii*LT4i?|

Lu ?i iUL?L4U MLh_iht *hi@_) 4@?@}ih |h?Lih @t t}?€U@?|*) hi_Ui_ 65N |h@_i W?

@__|L?c 4Lt| Lu |i uLh4ih hiTM*Ut @i @*tL Mi}? hiM*_?} _L4it|U ?uh@t|hU|hi i

T)tU@* ?uh@t|hU|hi ThLiU|t ** uh|ih ?i?Ui u|hi |h@_i T@||ih?t ? |i 65N

22
+iuihi?Uit

do @*_?c +U@h_c RO)t|ihitt ? W4TLh| hUitG Ai i@Ui@_ ,giU|c 4ihU@? ,UL?L4U

+iic bHHc .Hc ec TT .. .HD

d2o @*_?c +U@h_ @?_ @* kh}4@?c Rihtt|i?| Ah@_i ,giU|t Lu w@h}i , U@?}i +@|i

5LU!tc "@h|ih*) aLh?@* Lu ,UL?L4Utc Li4Mih bHbc TT S DSDe

d o *@?U@h_c *ih @?_ U@i* khi4ihc #tLh}@?3@|L?c "@h|ih*) aLh?@* Lu ,UL?L4Utc

Li4Mih bb.c TT fb22S

deo # |c ?@tc RO)t|ihittc W4TLh| i?i|h@|L? @?_ , U@?}i +@|i @tt|hL}c "@h|ih*)

aLh?@* Lu ,UL?L4Utc @) bHbc TT S2f H

dDo # |c ?@t @?_ aLtiT 5|}*|3c RL?LTL*t|U L4Ti||L? @?_ T|44 hL_U| #ih

t|) 4ihU@? ,UL?L4U +iic ?L S.c TT 2b. fHc b..

dSo #@?!Lc 54iL?c Rt?itt @t N?t@*G ,?|ihThti +it|hU|h?} ? |i uLh4ih 5Li| N?L?c

`Lh*_ @?!c 44iL

d.o ,+#c Ah@?t|L? +iTLh|c wL?_L?c bb.

dHo ,Ui?}hii?c @hh) @?_ #L}*@t Wh?c RAi +L*i Lu Ot|Lh) ? *@|ih@* Ah@_i 6*Ltc ?

a 6h@?!i* ,_c Ai +i}L?@*3@|L? Lu |i `Lh*_ ,UL?L4)c Ai N?iht|) Lu U@}L hittc

bbH

dbo ,?}i*c @h*it @?_ aL? +L}ihtc ROL `_i t |i Lh_ihc 4ihU@? ,UL?L4U +iic

#iUi4Mih bbSc TT 22D

2
dfo 6h@?!i*c aighi)c R+i}L?@* Ah@_?} *LUtc W?t|||i uLh W?|ih?@|L?@* ,UL?L4Utc `@t?}|L?

#c bb.

do 6h@?!i*c aighi)c ,h?it|L 5|i? @?_ 5@?}? `ic RAh@_?} *LUt @?_ |i 4ihU@tG Ai

@|h@*c |i N??@|h@*c @?_ |i 5Tih?@|h@*c aLh?@* Lu #ii*LT4i?| ,UL?L4Utc VL* e.

bbDc TT SbD

d2o 6hi?_c @hL*?ic R+i}L?@*t4 @?_ ih4@?i?| #ihtL?c W?|ih?@|L?@* 6?@?Ui #tUttL?

@Tih rSf2c L@h_ Lu BLih?Lht Lu |i 6i_ih@* +itihi 5)t|i4c a@?@h) bbH

d o BLt!L4t|@| +Lttt!L) 6i_ih@Uc +i}L?  +Lttc LtULc E@hLt ttit

deo BLt!L4t|@| +Lttt!L) 6i_ih@Uc +Lttt! 5|@|t|Uit! ,3i}L_?!c LtULc E@hLt t

tit

dDo BLt!L4t|@| +Lttt!L) 6i_ih@Uc NhLi?< Mh@tL@?)@ @ti*i?)@ 555+c ihiTt< @ti

*i?)@c bHb

dSo Oi**i**c aL?c R#L @|L?@* Lh_iht @||ih uLh "iMiU<t Ah@_iq @?@_@? aLh?@* Lu

,UL?L4Utc }t| bbSc TTDf.D22

d.o Oi**i**c aL?c OL U #L @|L?@* Lh_iht @||ihq 6Lh|UL4?}c hLL!?}t W?t|||L?

5ihit L? W?|i}h@|?} @|L?@* ,UL?L4itc bbH

dHo Oi*T4@?c ,*@?@? @?_ @* kh}4@?c Ah@_i L*U) @?_ @h!i| 5|hU|hic Ai WA hittc

bHb

dbo O44i*tc #@_ @?_ a@4it wi?tL?c RL?LTL*t|U L4Ti||L? @?_ W?|ih?@|L?@* Ah@_iG

+iUL?t_ih?} |i ,_i?Uic "@h|ih*) aLh?@* Lu ,UL?L4Utc }t| bbDc TT .bbH S

2e
d2fo kh}4@?c @*c R5U@*i ,UL?L4itc hL_U| #gihi?|@|L?c @?_ |i @||ih? Lu Ah@_ic 4ih

U@? ,UL?L4U +iic #iUi4Mih bHfc TT bDfbDb

d2o U@**4c aL?c R@|L?@* Lh_iht @||ihG @?@_@N5 +i}L?@* Ah@_i @||ih?tc 4ih

U@? ,UL?L4U +iic a?i bbDc TT SD2 

d22o ?t|iht|L Ah@?tTLh|@ 555+c |iL_|i*? |*@t 5Li|t!LL 5L)3@c LtULc bbf

d2 o tt@c U@i*c RAi _t|4i?| hLUitt @?_ |i A4?} Lu Ah@_i wMih@*3@|L?c ? 

L!t @?_ # @T@}iLh}Lc ,_tc ,UL?L4U wMih@*3@|L? ? #ii*LT?} L?|hitc @t*

*@U!i**c bHS

d2eo +LMih|tc @h! @?_ a@4it A)ML|c RAi _iUtL? |L , TLh| ? L*4M@G ? ,4ThU@* L_i*

Lu ,?|h) | 5?! Lt|tc 4ihU@? ,UL?L4U +iic 5iT|i4Mih bb.c TTDeDSe

d2Do `ic 5@?}?c RW?|h@?@|L?@* Vihtt W?|ih?@|L?@* Ah@_iG OL 5|MMLh? @hi @|L?t ?

B*LM@* W?|i}h@|L?q ,+ `Lh!?} @Tih rDD c bbS

d2So `L??@UL||c +L?@*_c RL44i?|c ? a 6h@?!i* ,_c Ai +i}L?@*3@|L? Lu |i `Lh*_ ,UL?

L4)c N?iht|) Lu U@}L hittc bbH

d2.o `Lh*_ @?!c 5|@|t|!@ V?it?i ALh}L*  555+  }Lt_@ht|@U Thii4?!@Uc `@t?}|L?

#c bb2c bb c bbec bbDc bbSc bb.

2D
S TTi?_ G

Ai uL**L?} _h@t L? Oi*T4@? @?_ kh}4@? bHb L?t4iht i^@|i 4@h}?@* |*|) |L

4@h}?@* ULt|c 4T*)?} |@| |ihi |i €ht| Lh_ih UL?_|L? uLh }LL_  tG

- 3k
%k 3 d %k o k ' bR _ | E 

ihi b t w@}h@?}i 4*|T*ihc U hiThiti?|t |i 4@h}?@* |*|) Lu ?UL4i #i4@?_ uLh }LL_ 

? UL?|h)  tG
UER _ | 3j
% ' E2
W 

ihi  W t |i @}}hi}@|i ThUi ?_i c tTiU€U@**)G

- k
W ' ER _ |  k3 E 

`i @tt4i ?Uhi@t?} hi|h?t |L tU@*i ThL_U|L?G

u ' @ n K% ED 

ihi u t *@MLh i4T*L)i_ ? |i ThL_U|L? Lu % c @?_ @ @?_ K @hi UL?t|@?|t hL_Uiht ti|

4@h}?@* hii?i i^@* |L 4@h}?@* ULt|G

K
k' ES
R 

ihi  t |i @}i ) uhii i?|h) @ih@}i ULt| t i^@* |L ThUiG

E@ n K% 
R ' E.
% 

4T*)?} |@| |L|@* ThL_U|L? Lu % tG

k@
% ' EH
E 3 kK

2S
@?_ M) t)44i|h) |i ?4Mih Lu }LL_t ThL_Ui_ ? @ hi}L? tG

? ' u*u Eb 

ihi u t |i |L|@* @4L?| Lu *@MLh @?_ uhL4 i^@|L?t ED @?_ Eb u t @ UL?t|@?| Wu ^ t

|i ?4Mih Lu UL?t4iht ? UL?|h) c Ai? |L|@* i TLh|t uhL4 UL?|h) & |L UL?|h)  @hi G

t uu E K _ | 3 j
k   
t t j3 E kK  _ | 3j
& ' ^?% ' ' Ef
W u  W

. TTi?_ G #@|@

. Ah@_i 6*Lt

Ai _@|@ hi^hi4i?|t uLh t|_)?} |i igiU| Lu MLh_iht L? |h@_i Lt @hi _U*| |L u*€** t?Ui

ui UL?|hit UL**iU| ?uLh4@|L? L? |h@_i Mi|ii? hi}L?t |? |i UL?|h)c @?_ Mi|ii? hi}L?t

@?_ L|ih |h@_?} T@h|?iht Ai 5Li| N?L? tc Liihc @? i UiT|L?  _@|@ L? ?|ihhi}L?@* @?_ 

?|ihhiTM*U@? |h@_i Lt @t }@|ihi_ ?|@**) |L i*T Ui?|h@* T*@??iht _iU_i L? |i uh|ih

_ii*LT4i?| @?_ ?|i}h@|L? Lu 5Li| ?_t|h) _h?} |i ThihiuLh4 TihL_D

*|L} tU _@|@ ihi UL**iU|i_ UL?tt|i?|*) t|@h|?} ? bSec |i) L?*) MiU@4i TM*U*) @@*

@M*i @u|ih bHS uL**L?} BLhM@Ui<t @TTL?|4i?| @t 5iUhi|@h) Lu |i L44?t| @h|) @?_ |i

TL*|Ut Lu }*@t?Lt| i ?|hL_Ui_ u|ih |i UL**@Tti Lu |i 5Li| N?L? ? bb2c |i +tt@? 5|@|i

5|@|t|Ut L44||ii EBLt!L4t|@| UL?|?i_ |i UL**iU|L? @?_ TM*U@|L? Lu ?|ihhiTM*U@?

|h@_i L _@|@ `i UL?t|hU| |iti _@|@ uhL4 5|@|t|!@ V?it?i ALh}L*  555+  }Lt_@ht|
D
`i _L ?L| ?U*_i UL?|hit uhL4 |i hit| Lu |i Lh*_ ? |i @?@*)tt _i |L *@U! Lu ?i| |h@_i Lt _@|@ Mi|ii?

+tt@? hi}L?t @?_ UL?|hit L|t_i |i uLh4ih 5Li| N?L? At 4@) *i@_ |L @? Lihit|4@|i Lu |i igiU|

Lu ?|h@+tt@? |h@_i E|t M@t?} |i ULiUi?| L? |i +tt@ _44) T@h_ t?Ui |i uLh4ih hiTM*Ut @i

hiLhi?|i_ T@h| Lu |ih |h@_i |L@h_t L|ih UL?|hit At hiLhi?|@|L? tc Liihc @*tL _i |L UL4T@h@|i

@_@?|@}ic ?L| L?*) |L |i igiU| Lu ?i MLh_iht Mi|ii? |i4 @?_ +tt@

2. 
@U Thiii4?!@U E`Lh*_ @?!c @hLt ttit W?|ihhi}L?@* _@|@ L? ?i| |h@_i Lt uLh +tt@

@hi TM*ti_ ? |i +i}L?  +Ltt )i@hMLL!c t|@h|?} ? bH. BhLtt |h@_i L _@|@ uLh |i

hi}L?t @hi L?*) @@*@M*i uhL4 ?|ih?@* BLt!L4t|@| TM*U@|L?t

** _@|@ @hi @@*@M*i uLh bH.bbSc | |i i UiT|L? Lu bb2 `i ti |i bb _@|@ L?*) ?

|i @?@*)tt Lu @?|UT@|Lh) Mi@Lhc t?Ui | _Lit ?L| Mi*L?} |L i|ih |i ThihiuLh4 Lh hiuLh4

TihL_t ) |i i?_ Lu bbc 4Lt| 65N hiTM*Ut @_ @*hi@_) _iU*@hi_ TL*|U@* ?_iTi?_i?Uic M| 

? |i uh@4iLh! Lu @? ?|i}h@|i_ L44L?i@*| Lu W?_iTi?_i?| 5|@|it EW5 4@h!i| ,UL?L4U

_t?|i}h@|L? LUUhhi_ L?*) ? bb2bb  `i i U*_i bb uhL4 |i @?@*)tt _@|@ MiU@ti ef

TihUi?| Lu |i LMtih@|L?t ihi 4tt?} @?_ |h@_i Lt ihi L?*) hiTLh|i_ ? i@U uLh4ih hiTM*U<t

?i*) ?|hL_Ui_ Uhhi?U)c U 4@_i UL?ihtL? |L N5 _L**@ht _U*| Ai bH.b _@|@ ihi

hiTLh|i_ ? +tt@? hM*it @?_ UL?ih|i_ ?|L N5 _L**@ht t?} |i M*@U! 4@h!i| i U@?}i h@|i

uLh bbf hM*i i^@*i_ f H mN5 @t hiTLh|i_ ? `Lh*_ @?! Ebbe Ai bbebS _@|@ ihi

hiTLh|i_ ? N5 _L**@ht Ai _@|@ UL?|@?i_ e uLh4ih hiTM*Ut @?_ ??i +tt@? hi}L?tS

AL TLttM*i M@tit i t| ? |i _@|@G L?i hi*@|i_ |L M@h|ih |h@?t@U|L?tc @?_ L?i hi*@|i_

|L ?hiULh_i_ |h@_i L| *i@_ |L @? T@h_ M@t L? |i T@h@4i|ih it|4@|i Lu ?|h@+tt@?

|h@_i @h|ih |h@?t@U|L?t @hi hiULh_i_ ? @ tTiU@* tiU|L? Lu |i Ut|L4t _iU*@h@|L?t EuLh UhLtt

MLh_ih |h@_i @?_ tTT*ih ?LUit EuLh ?|h@+tt@? |h@_i 5TT*iht @hi hi^hi_ |L ThUi |ih

4ihU@?_ti @| |i Thi@*?} 4@h!i| ThUi ? |i UL?|h) Lu Lh}? T*t @ ThUi Thi44 @t @

Ti?@*|) uLh ?L?U@t T@)4i?| Ai ThUi Thi4@ @hi ?U*_i_ ? |i ?LUi Aihi t @? ?Ui?|i

|L hiTLh| *Lih @*it Lu |i 4ihU@?_ti ? ML| ?|h@+tt@? @?_ UhLttMLh_ih |h@_i |L @L_

T@)4i?| Lu @*i@__i_ |@ it Ai ?Ui?|i tc Liihc t|hL?}ih ? UhLttMLh_ih |h@?t@U|L?t

t?Ui UL?t}?4i?|t @hi *ii_ | Ut|L4t _|it @?_ @? @__|L?@* 2f TihUi?| @*i@__i_ |@ 
S AL
+tt@? hi}L?t E,@t| @?_ `it| 5Mih@ ihi i U*_i_ uhL4 |i _@|@ti| _i |L 4@?) 4tt?} @*it ? |i

bbebS TihL_

2H 
UL4T@?L? T@Tih E#@?!Lc bbH hiTLh|t @?iU_L|@* i_i?Ui uhL4 EUL?€_i?|@* ?|ihit |

i?|ihThti 4@?@}iht ? t +tt@? hi}L?t @?_ t uLh4ih hiTM*Ut L? |i ?_ihhiTLh|?} M@t

W? T@h|U*@hc ?LUit Lu ?|h@+tt@? |h@_i ?_ihhiTLh| |i @*i Lu 4ihU@?_ti M) e TihUi?|

L? @ih@}ic *i ?LUit uLh i TLh|t @i @ 2S TihUi?| _L?@h_ M@t E|t ?U*_it i TLh|t |L

@?_ uhL4 +tt@ Ai UhLttMLh_ih |h@_i Lt @hi uh|ih M@ti_ _L?@h_ _i |L ?hiULh_i_

|h@_ic ic tT4i?|t U UhLtt |i MLh_ih M| Lti L?iht @L_ T@)4i?|t Lu _|it @?_ |@ it

M) MhM?} Ut|L4t LU@*t

W? t t|_) L? |i Mhi@!T Lu ui_ih@|L?tc 6h@?!i* Ebb. @h}it |@| |i T@h|@* hi*@?Ui L?

M@h|ih |h@?t@U|L?t ? |i 65N hi_Uit |h@_i | L|ih T@h|?iht @?_ i?Ui tihit |L 4@?|@?

|i _L4it|U M@t ? |h@_i At @h}4i?| L?*) @TT*it |L L|@h_ |h@_ic i |h@_i | ?L?

65N T@h|?iht @h|ih |h@_i L*_ hi_Ui |i ?|h@+tt@? _L4it|U M@t ? Lh t@4T*i L?*) u | 

ihi 4Lhi Tih@ti ? UhLttMLh_ih |h@_i Mi|ii? +tt@? @?_ t@) N!h@?@? i?|ihThtit |@? ?

|h@_i Mi|ii? i?|ihThtit ? _gihi?| +tt@? hi}L?t At tc Liihc ?L| UL?tt|i?| | |i

i?|ihThti thi) i_i?Ui E#@?!Lc bbH @h|ih |h@?t@U|L?t ihi 4Lhi UL44L? |? +tt@c 

U uL**L?} 6h@?!i*<t *L}U tL*_ *i@_ |L @ uh|ih T@h_ M@t ? ?|h@+tt@? |h@_i

.2 W?UL4i #@|@

Ai B# _@|@ uLh hiTM*Ut UL4i uhL4 `Lh*_ @?! E@hLt )i@ht }@?c @t ? |i |h@_i _@|@c

bH.bf @*it @hi hiTLh|i_ ? +tt@? hM*it @?_ UL?ih|i_ |L N5 _L**@ht t?} |i bbf M*@U!

4@h!i| i U@?}i h@|i Ai bbebS ?4Miht @hi hiTLh|i_ ? ML| *LU@* Uhhi?Uit @?_ N5 _L*

*@ht `i ti +Lttt! 5|@|t|Uit! ,3i}L_?! EBLt!L4t|@|c @hLt )i@ht |L UL4T*i4i?| Lh

hiTM*U@? _@|@ | _@|@ uLh |i ??i +tt@? hi}L?t

Ai ?UL4i _@|@ _tT*@) t}?€U@?| U@?}it Lih |i t@4T*i TihL_c | @ ThiUT|Lt ?|@*

_hLT @?_ @ tMti^i?| t|i@_) ?Uhi@ti ? |i hiuLh4 TihL_ W? UL?|h@t|c |i ThihiuLh4 TihL_

2b 
@t 4@h!i_ M) t|@}?@?| ?UL4i }hL| ) bbSc uLh hiTM*Ut E,t|L?@c k@3@!t|@?c w@|@c

@?_ w|@?@ @?_ €i +tt@? hi}L?t ELh|c Lh|it|c i?|h@*c VL*}@c @?_ Nh@* @_ hi@Ui_

B# *ii*t E? _L**@h |ih4t }ih |@? ? bH. | |i LTTLt|i i |hi4ic h4i?@c 3ihM@@?c

L*_L@c @?_ A@!t|@? ui** |L @*u Lu |ih bH. *ii*t M) bbS

. #t|@?Ui @?_ |h@? tUi_*it

`i ti |i hL@_ |h@i* }_i E?t|iht|L Ah@?tTLh|@c bbf |L UL?t|hU| @ _t|@?Ui 4@|h  #t

|@?Ui t 4i@thi_ ? !*L4i|iht @?_ ULiht |i tLh|it| _t|@?Ui Mi|ii? |L hi}L?@* Lh hiTM*U@?

Ui?|iht At 4i@thi t tTihLh |L M)@h _t|@?Ui t?Ui | @UUL?|t uLh |i *ii* Lu _ii*LT4i?| Lu

5Li| ?uh@t|hU|hi Ai *L?}it| _t|@?Ui Mi|ii? |L iUL?L4U Ui?|iht t bcSH. !*L4i|iht uhL4

w@|@ |L |i 6@hi@t| hi}L? Lu +tt@

@tti?}ih |h@? _@|@ uLh bbS @?_ bHb @hi uhL4 |i ?@|L?@* h@*@)t @hUi E?TM*ti_

_@|@

.e Ah@_i M@hhiht

`*i @ _L3i? _gihi?| At @i Mii? ?i}L|@|i_ Mi|ii? @?_ @4L?} uLh4ih 5Li| hiTM*Ut

E,+#c bb.c L?*) |L tU @}hii4i?|t  Mi|ii? ,t|L?@c w@|@c @?_ w|@?@( @?_ i*@htc

k@3@!t|@?c @?_ +tt@  ihi h@|€i_ M) |i hitTiU|i T@h*@4i?|t @?_ 4T*i4i?|i_ Ai @

ih@}i ?i}|i_ |@hg *ii*t Mi|ii? |i L|ih hiTM*Ut h@?}it Mi|ii? e @?_ f TihUi?| @_ 

@*Lhi4c | ,t|L?@c h4i?@c @?_ w|@?@ Mi?} |i 4Lt| LTi? @?_ 3ihM@@?c A@!t|@?c

@?_ Ah!4i?t|@? @?} |i }it| ThL|iU|L?

L?|@hg M@hhiht @hi Tih@ti @4L?} |i uLh4ih hiTM*Ut W?|ihit | 4@?@}iht Lu

i TLh|?} €h4t _L?i M) |i @|Lht _h?} t|t |L |i? Lu |i hiTM*Ut _i?|€i_ tiih@* |)Tit

Lu tU M@hhiht wL?} _i*@)t @| |i MLh_ih @?_ L?ihLt T@Tih hi^hi4i?|t M) Ut|L4t LUiht

f
U@? Mi E@?_ Lu|i? @hi @L_i_ M) 4i@?t Lu MhMit At @__t |L |i ULt| Lu |i UL?t}?4i?|

Mi|ii?  TihUi?| Ek)h})3 Ut|L4t LU@*t Mi?} |i Ui@Tit| @?_ S TihUi?| E? N3Mi!t|@? L?

@ih@}i Ah@?t| |h@?tTLh| |hL} @ UL?|h)c Lh ii? |hL} @ hi}L? |? |i t@4i UL?|h)

U@? @*tL ?Uhi@ti ULt|t tMt|@?|@**) W?|ihit | k@3@! Mt?itt4i? hii@* |@| |ih |hU!t

@hi hL|?i*) t|LTTi_ @?_ €?i_ tiih@* |4it i? i?|ih?} N3Mi!t|@? L*_L@? Mt?itt4i?

hiTLh| |@| |h@?t| |h@?tTLh| |hL} N!h@?i @?_ ?|L +tt@ t *ii_ | @ _iTLt|c i^@* |L

ff TihUi?| Lu |i UL?t}?4i?| @*ic L? |i L*_L@?N!h@?@? MLh_ih Ai T@)4i?| @t |L Mi

4@_i ? N!h@?@? Uhhi?U) 6Lhi}?iht U@??L|c Liihc L? N!h@?@? Uhhi?U) @MLi Uih|@?

*4|t @?_ i?Ui |i) @i |L i U@?}i 4L?i) @| |i MLh_ihc @?_ |i? i U@?}i 4L?i) M@U! i?

i?|ih?} +tt@ W? |i Uhhi?U) i U@?}i ThLUittc @? @ih@}i Lu . TihUi?| Lu |i @*i Lu |i

UL?t}?4i?| t @__i_ |L ULt|t #@?!L EbbH €?_t |@| i TLh|?} L*_L@? ?i |L LtUL 

t 4Lhi i Ti?ti |@? i TLh|?} t|h@*@? ?i |L LtULc ii? |L} |i |h@i* _t|@?Ui t

i}| |4it t4@**ih 54*@h _iTLt|t E@| Df TihUi?| Lu |i UL?t}?4i?|<t @*i i t| uLh k)h})3

i TLh|t |hL} k@3@!t|@? ?|L +tt@ k)h})3 Mt?itt4i? hiTLh| |@| ? L?i^@h|ih Lu |i

U@tit |i) ?iih }i| |i _iTLt| M@U! W? @__|L?c 4@?) UL?|hit U@h}i uLhi}?iht }ih h@|it

uLh h@* |h@?tTLh| 6?@**)c @** i?|ihThtit ? UL?|hit U @i ?L| t}?i_ At | +tt@ @hi

uLhUi_ |L T@) @*i@__i_ |@ it ELu 2f TihUi?| |Ui L?Ui i? |i) ThL_Ui }LL_t ? |ih L?

UL?|h) @?_ @ tiUL?_ |4i i? }LL_t UhLtt |i MLh_ih | +tt@

.D @?@}i4i?| |h?Lih

Ai t|@|t|Ut L? 4@?@}i4i?| |h?Lih UL4i uhL4 @ `Lh*_ @?! thi) Lu 4@?u@U|h?} i?|ih

Thtit ? |i 65N E#@?!L bbH Ai thi) @t!t 4@?@}iht @ML| |i _h@|L? Lu |ih |i?hi 

| |i i?|ihThti Ai }it| 4@?@}i4i?| |h?Lih h@|it @hi hiULh_i_ ? BiLh}@c ,t|L?@c

w@|@c i?|h@* +tt@? hi}L?c @?_ Ah!4i?t|@?c ihi DDec D 2c e.bc eHD @?_ eeD TihUi?| Lu


4@?@}iht ihi hiT*@Ui_ ? |i bbbbS TihL_ Ai *i@t| |h?Lih @t hiTLh|i_ ? i*@htc |i

6@h ,@t| hi}L?c |i ih?L3)L4 hi}L?c @?_ N!h@?ic ihi bec 22bc 2SHc @?_ 2.2 TihUi?| Lu

4@?@}iht ihi hiT*@Ui_ #@|@ @hi ?L| @@*@M*i uLh h4i?@c 3ihM@@?c w|@?@c A@!t|@? @?_

N3Mi!t|@?( @?_ |i Lh|c Lh| @U@titc VL*}@V)@|!@c `it|ih? @?_ ,@t|ih? 5Mih@? hi}L?t

2
A@M*i G i?U4@h! 5TiU€U@|L?

bH. bHH bHb bbf bbe bbD bbS

v f.S8 f..8 f..8 f.D8 fb 8 fHH8 fHH8

E2HD E2He E2HD E2bf E.. ED2 ESS

v f.28 f.28 f.28 f. 8 fbf8 fHb8 fH28

E2.2 E2.2 E2.e E2bf ED E.  ES

#W5A fe28 fe28 fe28 fe28 fbH8 fD8 S8

E22 E2f E2f E2e EDS ESD ESD

+N55W f2 ff f fD f 8 fe28 feS8

ES E  E  Eb E2  E  E D

L Lu LMt Dfe Df2 ebD ebe eb2 eHS eH.

_ +t^@hi fH fH fH fH2 f.f f.f f.2

85}?€U@?| @| |i D TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_


A@M*i 2G @?i* +i}hittL?

w5 +@?_L4 ,giU|t

ThihiuLh4 hiuLh4 Thi hiuLh4 hiuLh4

v f.S8 fbf8 f.S8 fH.8

ED.e E2HD E fS E2f

v f.28 fH.8 f.8 fHe8

EDDS E2.b E2HD Ebe

#W5A fe28 fS8 fe28 fS8

E2ee E2H E . EDb

+N55W f28 fef8 ff fe.8

E f ED2 E2 E2.

L Lu LMt bbD eSD bbD eSD

_ +t^@hi fH2 f. fbb fHb

85}?€U@?| @| |i  TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_

e
A@M*i  **L?} uLh L?|h) Oi|ihL}i?i|)

Ei U*_?} ?|ihhiTM*U |h@_i

ThihiuLh4 |t|@| M@t hiuLh4 |t|@| M@t

h4i?@ f 8 Ee2 f. fDe8 E   .

3ihM@@? fef8 ES  fS. fS28 EDf b

i*@ht fDf8 Eb  fS ff E fb

,t|L?@ f2S8 E D  f f 8 EH2 2H

BiLh}@ f2D8 Eef f.H 2f8 ES2 H2

k@3@!t|@? f28 E . 2 f f8 E2S f.

k)h}t|@? f2.8 E e   f.f8 E b 2f

w@|@ ffS Efb fS f 8 Ebe 2H

w|@?@ f2f8 E  fH2 fHH8 EH2 2e

L*_L@ feS8 ESD fS ff2 Ef2 f

A@!t|@? f.8 E2f b fbf8 Ee  2D

Ah!4i?t|@? fff Ef ff  8 EHb .

N!h@?i fH8 E . fHe f2f Eb 2

N3Mi!t|@? ff2 Ef e f2 fD 8 E2H .

v fHH8 Eee fH 8 E22

v fH.8 Eefe fH28 E22e

#W5A f2D8 E  f8 E22 

L Lu LMt 2S. b2f

_ +t^@hi fHb fHD

85}?€U@?| @| |i  TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_
D
A@M*i eG ,t|4@|?} |i ,giU| Lu A@hgt @?_ _t|4i?| Lt|t

bbe bbD bbS bbe bbD bbS bbe bbD bbS

v fHb8 fHS8 f.b8 fSe8 fDb8 fD8 fSe8 fD.8 feH8

EeS ES  ED E.b Eb E. E.H EHD ESS

v fb8 fHD8 fHD8 fSS8 fD.8 fDD8 fSD8 fDe8 fD28

ESb Ee2 EDS Ebf EHD E.. EHH EHf E.2

#W5A fbH8 fD8 2f8 f.D8 fH28 fb28 f.S8 fH28 fb28

EDb ESb ESH EfD E2D E2H Ef. E2H E 2

+N55W ff2 ffH ff. f e8 fe8 feS8 f2 ffH ffH

Ef2 EfD Efe E2H E e E H EfH EfD EfD

A+W66 2f8 eS8 SD8 fb 8 ee8 Se8

E2. E f E 2 E2 E  E 2 

A+#, feH8 fDD8 fD.8 fe.8 fDD8 fD.8

EDH ESe ES EDS ESe ES 

L Lu LMt eb2 eHS eH. ebf eHe eHS ebf eHe eHS 

_ +t^@hi f.f f.f f.2 f.2 f.2 f.e f.2 f. f.D

85}?€U@?| @| |i  TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_

S
A@M*i DG W?t|h4i?|@* V@h@M*it

bbe bbD bbS bbe bbD bbS bbS

v fSH8 fSe8 fDe8 fS.8 fS8 fDf8 f..8

EHD Eb  E.e EH2 EHe ESD Ef2

v fH 8 f.28 f.e8 fHf8 fSH8 fSb8 f.S8

E2 EbS Eff Ee EH. EHb EfD

 fee8 feb8 fDD8 feD8 fD8 fDb8

ED2 EeD EDe ED  EeH EDH

 fH8 f f8 f2.8 fb8 f 28 f2b8

E22 E e E  E2  E S E  

B,+  fD8

E b

B,+   D8

E b

#W5A fb.8 fS8 .8 fb.8 fS8 .8  8

EDb E.f E.D ESD E.H EH  E2D

+N55W fDf8 fS 8 fSS8 fb f2 fH ffH

E D EeS Ee. E2 E  E Ef .

A+W66  8 H8 2fH8  e

E2b E . Eef E..

L Lu LMt eb2 eHS eHS eb2 eHS eHS bb

_ +t^@hi f. f.2 f.. f. f.2 f.D f.H

85}?€U@?| @| |i  TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_
.
A@M*i SG @?}i ? |h@? tTii_ bbSbHb E!4%4?|i 

i|ii? +iTM*Ut @?_ +tt@ @?_ +iTM*Ut i|ii? +i}L?t @?_ +tt@ @?_ hiTM*Ut 

h4i?@ ffef fefD Lh| ffH fSH. 

3ihM@@? ff . febD Lh|it| ff2b fHef 

i*@ht ff2 f i?|h@* ff2H fSeb

,t|L?@ ff.. fHfe ih?L3)L4 ffH f.D

BiLh}@ ffSb fDeD @U@tit ffb fS 

k@3@!t|@? ff.S feb. VL*}@ fff. fD2b

k)h}t|@? ffD feDb VL*}@V)@|!@ ff2 fD2e

w@|@ ffDf fDDe Nh@* ffb fefH

w|@?@ ffeH f22e 6@hi@t| fff fe..

L*_L@ ffSH 2f

A@!t|@? ffe fDSb

Ah!4i?t|@? ffef fe2

N!h@?i ffS f.bf

N3Mi!t|@? ffb fDfD

H
A@M*i .G W?uh@t|hU|hi @?_ |h@_i

AW,Hb AW,bS AW,bS OB,

v ff28 ff 88 ff288 fffH

E22 Eef E  E2

v ff28 ff 88 ff288 fffb

E22 E . E2S E 

#W5A fe88 f288 f288

E.2 E.2f E.eb

+N55W ff2 ffS88 ff ffD88

EfH. E22 EfS  ESD

A+W66 f b88 ffb88

E  E e

?L Lu LMt ebD eH. eH. e.S

@_+t^@hi ffbe fbe fbD f2

885}?€U@?| @| |i  TihUi?| *ii*c 85}?€U@?| @| |i D TihUi?| *ii*

Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit 

** hi}hittL?t ihi h? | @ UL?t|@?|c it|4@|it uLh UL?t|@?| @*it ?L| hiTLh|i_

b
A@M*i HG _t|4i?| @?_ ?|UT@|L?

bb bb bb

v fb28 fDH8 fbe8

E2.D Eb2 E2.e

v fbf8 fDH8 fb8

E2SS E.. E2.

#W5A feb8 feS8 fe.8

E e E2b E2.

+N55W fS8 f H8 fDb8

E.D EeS E.2

vbS f2H8

ED.

vbS f2S8

Eeb

,#N f S8

E  

,#N f f8

E2.

?L Lu LMt ebe ebe ebe

@_ +t^@hi fHf fH2 fHf

85}?€U@?| @| |i  TihUi?| *ii* Oi|ihLt!i_@t|U|) ULhhiU|i_ |t|@|t|Ut @hi ? T@hi?|itit

** hi}hittL?t h? | @ UL?t|@?|c @*it uLh |i UL?t|@?|t @hi ?L| hiTLh|i_

ef