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General Guidance for Cost-Benefit Analysis

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(1)CPB Netherlands Bureau for Economic Policy Analysis PBL Netherlands Environmental Assessment Agency. g en er. a l gu CostBenef idance for ‌it Ana lysis Gerbe rt Ro Gusta mijn Renes.

(2)

(3) General Guidance for Cost-Benefit Analysis. Gerbert Romijn Gusta Renes. ͵.

(4) General Guidance for Cost-Benefit Analysis @CPB/PBL The Hague, 2013 ISBN: 978-90-5833-619-4 Authors and contact Gerbert Romijn (gerbert.romijn@cpb.nl) Gusta Renes (gusta.renes@pbl.nl Supervision Free Huizinga (CPB) and Frank Dietz (PBL). Ͷ.

(5) Table of contents ”‡ˆƒ ‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ —ƒ”›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ   ͳ

(6) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹʹ ͳǤͳ —”’‘•‡ƒ†ƒ–—”‡‘ˆ–Š‡‰‡‡”ƒŽ‰—‹†ƒ ‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹ͵ ͳǤʹ ’’Ž‹ ƒ„‹Ž‹–›‘ˆ–Š‡‰—‹†ƒ ‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͷ ͳǤ͵ –”— –—”‡‘ˆ–Š‡”‡’‘”–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͷ ʹ Š‡”‘Ž‡‘ˆ‹†‡ ‹•‹‘Ǧƒ‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͻ ʹǤͳ

(7) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͻ ʹǤʹ ‹–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ͳ ʹǤʹǤͳ ǣ ‘‘‹ ƒ••‡••‡–‹–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͳ ʹǤʹǤʹ ”‘„Ž‡ƒƒŽ›•‹•ƒ†—•‡‘ˆ–Š‡’”‹ ‹’Ž‡•‘ˆǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ʹ ʹǤʹǤ͵ ‹–Š‡Žƒ–‡”•–ƒ‰‡•‘ˆ–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ͷ ʹǤʹǤͶ ƒ††‡ ‹•‹‘Ǧƒ‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͷ ʹǤ͵ ›’‡•‘ˆƒ†–Š‡‹”—•‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͺ ʹǤ͵Ǥͳ ”‘ƒ†„”—•Š‘”†‡–ƒ‹Ž‡†ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͻ ʹǤ͵Ǥʹ ‘•–Ǧ‡ˆˆ‡ –‹˜‡‡••ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͲ ʹǤ͵Ǥ͵ ƒ•ƒ ‘ ‡’–—ƒŽˆ”ƒ‡™‘”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͳ ʹǤͶ ”ƒ –‹ ƒŽ ‘•–”ƒ‹–•‘ ‘†— –‹‰ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͳ ͵ ”‹ ‹’Ž‡•‘ˆ ‘•–Ȃ„‡‡ˆ‹–ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͵ ͵Ǥͳ

(8) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͵ ͵Ǥʹ Š‡™‡Žˆƒ”‡‡ ‘‘‹ •ˆ‘—†ƒ–‹‘•‘ˆ ‘•–Ȃ„‡‡ˆ‹–ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͷ ͵ǤʹǤͳ ”‡ˆ‡”‡ ‡•ǡ—–‹Ž‹–›ƒ†™‡Žˆƒ”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͸ ͵ǤʹǤʹ ‹ŽŽ‹‰‡••–‘’ƒ›ƒ† ‘•—‡”•—”’Ž—•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͹ ͵ǤʹǤ͵ ƒŽ —Žƒ–‹‘‘ˆ ‘•—‡”•—”’Ž—•ǣ–Š‡”—Ž‡‘ˆŠƒŽˆǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͻ ͵ǤʹǤͶ ”‘†— ‡”•ƒ†‰‘˜‡”‡–‹ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷʹ ͵Ǥ͵ ƒ”‡–ˆƒ‹Ž—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͶ ͵Ǥ͵Ǥͳ ‘Ǧ‡š Ž—†ƒ„Ž‡‰‘‘†•ƒ†•‡”˜‹ ‡•ƒ†‹••‹‰ƒ”‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ͸ ͵Ǥ͵Ǥʹ Š‡˜ƒŽ—ƒ–‹‘‘ˆ‘Ǧ’”‹ ‡†‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͻ ͵ǤͶ ‡ˆ‹‹‰–Š‡”‡Ž‡˜ƒ–ƒ”‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ͳ ͵ǤͶǤͳ ”‹˜ƒ–‡Ǧ•‡ –‘”’”‘ˆ‹–ƒ„‹Ž‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͳ ͵ǤͶǤʹ ‹”‡ –ƒ†‹†‹”‡ –‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ʹ ͵ǤͶǤ͵ ƒ„‘—”ƒ”‡–‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͷ ͵ǤͶǤͶ Š‡Œ—†‰‡–‘ˆ–Š‡ ‘’‹Ž‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸͸ ͵Ǥͷ „Œ‡ –‹‘•–‘–Š‡’”‹ ‹’Ž‡•—†‡”Ž›‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸͹  . ͷ.

(9) Ͷ –‡’•‹–Š‡’”‡’ƒ”ƒ–‹‘‘ˆƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͻ ͶǤͳ

(10) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͻ ͶǤʹ Š‡•–‡’•‹–Š‡•–—†›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͳ ͶǤʹǤͳ –‡’ͳǣ”‘„Ž‡ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͳ ͶǤʹǤʹ –‡’ʹǣ•–ƒ„Ž‹•Š–Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͳ ͶǤʹǤ͵ –‡’͵ǣ‡ˆ‹‡’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͳ ͶǤʹǤͶ –‡’Ͷǣ‡–‡”‹‡‡ˆˆ‡ –•ƒ†„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͳ ͶǤʹǤͷ –‡’ͷǣ‡–‡”‹‡ ‘•–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ ͶǤʹǤ͸ –‡’͸ǣƒŽ›•‡˜ƒ”‹ƒ–•ƒ†”‹••ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ ͶǤʹǤ͹ –‡’͹ǣ˜‡”˜‹‡™‘ˆ ‘•–•ƒ†„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵ ͶǤʹǤͺ –‡’ͺǣ”‡•‡–ƒ–‹‘‘ˆ”‡•—Ž–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵ ͶǤ͵ ˜‡”˜‹‡™‘ˆƒ”–

(11)

(12) ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵ ͷ ”‡Ž‹‹ƒ”›’Šƒ•‡‘ˆ–Š‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͷ ͷǤͳ

(13) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͸ ͷǤʹ Š‡’”‘„Ž‡ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͺ ͷǤʹǤͳ ”‘„Ž‡•ƒ†‘’’‘”–—‹–‹‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͻ ͷǤʹǤʹ ‘Ž—–‹‘•–”ƒ–‡‰‹‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͲ ͷǤʹǤ͵ ‘•‡“—‡ ‡•‘ˆƒ™‡ƒ‘”‹••‹‰’”‘„Ž‡ƒƒŽ›•‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͲ ͷǤ͵ Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͳ ͷǤ͵Ǥͳ Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͳ ͷǤ͵Ǥʹ ˜‘‹†‡† ‘•–•ƒ†ƒ„ƒ•‡Ž‹‡Ǧ’Ž—•ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͶ ͷǤ͵Ǥ͵ Š‡–‹‡Š‘”‹œ‘‘ˆ–Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͷ ͷǤͶ Š‡’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͷ ͷǤͶǤͳ

(14) •‡’ƒ”ƒ„Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͸ ͷǤͶǤʹ ‘ƒŽǦ‘”‹‡–‡†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͸ ͷǤͶǤ͵ ‡ Š‹ ƒŽƒ†Ž‡‰ƒŽ’”ƒ –‹ ƒ„‹Ž‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͹ ͷǤͶǤͶ  ‘‘‹ ˆ‡ƒ•‹„‹Ž‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͹ ͷǤͶǤͷ ‡˜‡ƒŽ•›‡”‰›‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ͹ ͷǤͶǤ͸ ‡•’‘•‹„‹Ž‹–›ˆ‘”†‡ˆ‹‹‰’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͺ ͷǤͷ ‡”‹ˆ‹ ƒ–‹‘‘ˆ‡š’‡ –‡†‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͺ ͷǤ͸ ••‡••‡–‘ˆ”‡Ž‡˜ƒ–‡š‘‰‡‘—•†‡˜‡Ž‘’‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͻ ͸ ͸Ǥͳ ͸Ǥʹ ͸Ǥ͵ ͸ǤͶ ͸Ǥͷ ͸Ǥ͸ ͸Ǥ͹ ͸Ǥͺ . ͸. ‡–‡”‹ƒ–‹‘‘ˆ‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͳ

(15) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͳ ‡–Š‘†•ˆ‘”†‡–‡”‹‹‰‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻʹ ‡Šƒ˜‹‘—”ƒŽ‘†‡Ž•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ͵ —•‹‡•• ƒ•‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͶ ’‹”‹ ƒŽ‹ˆ‘”ƒ–‹‘ƒ„‘—– ƒ—•ƒŽ”‡Žƒ–‹‘•Š‹’•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͷ š’‡”‹‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͷ

(16) †‡š—„‡”•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ͹ —ƒŽ‹–ƒ–‹˜‡†‡–‡”‹ƒ–‹‘‘ˆ‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͺ .

(17) ͹ ͹Ǥͳ ͹Ǥʹ ͹Ǥ͵ ͹ǤͶ. ‡–‡”‹ƒ–‹‘‘ˆ„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͲ

(18) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͲ Š‡˜ƒŽ—ƒ–‹‘‘ˆ‘Ǧ’”‹ ‡†‡ˆˆ‡ –•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͳ Š‡—•‡‘ˆ˜ƒŽ—ƒ–‹‘‹†‹ ‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͶ ‘‰Ǧ–‡”ƒ•’‡ –•‘ˆ†‡–‡”‹‹‰„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ͹ ͹ǤͶǤͳ ”‹ ‡Ž‡˜‡ŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ͹ ͹ǤͶǤʹ ‹• ‘—–”ƒ–‡ƒ†’”‡•‡–˜ƒŽ—‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ͹ ͹ǤͶǤ͵ ‹‡Š‘”‹œ‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͺ ͹Ǥͷ ‹•–”‹„—–‹‘‘ˆ ‘•–•ƒ†„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲͻ ͺ ͺǤͳ ͺǤʹ ͺǤ͵ ͺǤͶ ͺǤͷ ͺǤ͸ ͺǤ͹ ͺǤͺ ͺǤͻ. —‹Ž†‹‰„Ž‘ •ƒ†ƒ’’Ž‹ ƒ–‹‘•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ͵

(19) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ͵ ”ƒ•’‘”–ƒ†‘„‹Ž‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳͶ ”‡ƒ†‡˜‡Ž‘’‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ͸ ‡ƒŽ–Šƒ†•‘ ‹ƒŽ ƒ”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳͺ Ž‘‘†’”‘–‡ –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹͲ ‡”‰›ƒ†‡˜‹”‘‡–ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹͳ ƒ–—”‡ ‘•‡”˜ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹ͵ †— ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹͶ ƒ„‘—”ƒ”‡–’‘Ž‹ ›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹ͹. ͻ •–‹ƒ–‹‰ ‘•–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ʹ ͻǤͳ

(20) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ʹ ͻǤʹ ‘•–•‹ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵͵ ͻǤʹǤͳ ‘•–•ƒ†‡‰ƒ–‹˜‡„‡‡ˆ‹–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵͵ ͻǤʹǤʹ ‘•–•‹™‡Žˆƒ”‡‡ ‘‘‹ •ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵Ͷ ͻǤ͵ ”‘ ‘•–‡•–‹ƒ–‡–‘ǣŠ‡„ƒ•‹ ’”‹ ‹’Ž‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵͸ ͻǤ͵Ǥͳ ƒ”‡–˜ƒŽ—‡ƒ†•‘ ‹ƒŽ˜ƒŽ—‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵͸ ͻǤ͵Ǥʹ ƒ”‡–’”‹ ‡•ƒ†‹†‹”‡ ––ƒš‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵͹ ͻǤ͵Ǥ͵ ”‹ ‡†‡˜‡Ž‘’‡–•†—”‹‰–Š‡ ‘—”•‡‘ˆ–Š‡’”‘Œ‡ –ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ͺ ͻǤ͵ǤͶ ƒ”Ǧ—’•‹ ‘•–‡•–‹ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ͻ ͻǤ͵Ǥͷ ƒ”‰‹ƒŽ ‘•–‘ˆ’—„Ž‹ ˆ—†•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵ͻ ͻǤͶ •–‹ƒ–‹‰ ‘•–•‹ǣ•–‡’Ǧ„›Ǧ•–‡’’”‘ ‡†—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͲ ͻǤͷ ‘•–‘˜‡””—•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͶ  . ͹.

(21) ͳͲ  ‡”–ƒ‹–›ƒ†”‹•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶ͸ ͳͲǤͳ

(22) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶ͹ ͳͲǤʹ ›’‡•‘ˆ— ‡”–ƒ‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͺ ͳͲǤʹǤͳ  ‡”–ƒ‹–›ƒ„‘—–‘™Ž‡†‰‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͺ ͳͲǤʹǤʹ  ‡”–ƒ‹–›ƒ„‘—–’‘Ž‹ ›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͻ ͳͲǤʹǤ͵  ‡”–ƒ‹–›ƒ„‘—–ˆ—–—”‡†‡˜‡Ž‘’‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͶͻ ͳͲǤ͵ ‹•ƒƒŽ›•‹•ƒ†˜ƒŽ—ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷͲ ͳͲǤ͵Ǥͳ ƒŽ›•‹•‘ˆ•’”‡ƒ†”‹••ƒ••‘ ‹ƒ–‡†™‹–Šˆ—–—”‡— ‡”–ƒ‹–‹‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷͳ ͳͲǤ͵Ǥʹ ƒŽ—ƒ–‹‘‘ˆ•’”‡ƒ†”‹••ƒ••‘ ‹ƒ–‡†™‹–Šˆ—–—”‡— ‡”–ƒ‹–‹‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷ͵ ͳͲǤͶ Ž‡š‹„‹Ž‹–›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷ͸ ͳͳ Š‡‘—– ‘‡‘ˆƒǣ‡’‘”–‹‰ǡ’”‡•‡–ƒ–‹‘ƒ†‹–‡”’”‡–ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷͺ ͳͳǤͳ

(23) –”‘†— –‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷͻ ͳͳǤʹ Š‡‹’‘”–ƒ ‡‘ˆƒ‰‘‘†”‡’‘”–ǣ‡“—‹”‡‡–•ƒ†’‘‹–•–‘ ‘•‹†‡”ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷͻ ͳͳǤ͵ ‡• ”‹’–‹‘‘ˆ–Š‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸ͳ ͳͳǤͶ ‡–Š‘†‘Ž‘‰›ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸͵ ͳͳǤͷ

(24) –‡”’”‡–ƒ–‹‘‘ˆ–Š‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸Ͷ ͳͳǤ͸ —ƒ”›ƒ†•—ƒ”›–ƒ„Ž‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸ͷ  ‹–‡”ƒ–—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸ͺ ’’‡†‹šǣ‡”•‘ˆ‡ˆ‡”‡ ‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹ͺ ’’‡†‹šǣ ƒ†‡‹ †˜‹•‘”›‘‹––‡‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹ͻ. ͺ.

(25) Preface ‘•–Ȃ„‡‡ˆ‹–ƒƒŽ›•‹•ȋȌ‹•ƒ‹’‘”–ƒ––‘‘Žˆ‘”—•‡‹–Š‡‡šƒ–‡ƒ••‡••‡–‘ˆ’‘Ž‹ › ‘’–‹‘•Ǥ

(26) –‹•ƒ•›•–‡ƒ–‹ ‹ˆ‘”ƒ–‹‘–‘‘Žˆ‘”•—”˜‡›‹‰ƒ†‡˜ƒŽ—ƒ–‹‰–Š‡ƒ†˜ƒ–ƒ‰‡•ƒ† †‹•ƒ†˜ƒ–ƒ‰‡•‘ˆƒ’‘Ž‹ ›‡ƒ•—”‡ˆ”‘–Š‡’‡”•’‡ –‹˜‡‘ˆ•‘ ‹‡–›ƒ•ƒ™Š‘Ž‡ǤŠ‹••—’’‘”–• †‡ ‹•‹‘Ǧƒ‹‰‘’”‘’‘•‡†‡ƒ•—”‡••‘–Šƒ–’‘Ž‹ ›†‡ ‹•‹‘• ƒ„‡ƒ•‘„Œ‡ –‹˜‡ƒ• ’‘••‹„Ž‡Ǥ ƒ„‡ƒ’’Ž‹‡†–‘ƒŽŽ•‘”–•‘ˆ‡ƒ•—”‡•‹ƒŽŽ’‘Ž‹ ›ˆ‹‡Ž†•Ǥ  Š‹•‰‡‡”ƒŽ‰—‹†ƒ ‡†‡• ”‹„‡•ǡ•–‡’„›•–‡’ǡŠ‘™–‘ ƒ””›‘—–ƒƒ†–Š‡ ”‹–‡”‹ƒ–‘ „‡‡–„›–Š‡˜ƒ”‹‘—• ‘’‘‡–•‘ˆ–Š‡Ǥ‡•‹†‡•’”‘˜‹†‹‰”—Ž‡•ƒ†‰—‹†‡Ž‹‡•ǡ™Š‡”‡ ‡ ‡••ƒ”›–Š‹•‡™‰—‹†ƒ ‡Ž‡ƒ˜‡•˜ƒ”‹‘—•ƒ•’‡ –•‘’‡ˆ‘”†‡˜‡Ž‘’‡–‹‘”‡†‡–ƒ‹Ž‹ Šƒ†„‘‘•ˆ‘”•’‡ ‹ˆ‹ ’‘Ž‹ ›ˆ‹‡Ž†•ǤŠ‡‡’Šƒ•‹•‹•‘”‡‘–Š‡ ‘””‡ –ƒ’’Ž‹ ƒ–‹‘‘ˆ –Š‡—†‡”Ž›‹‰’”‹ ‹’Ž‡•”ƒ–Š‡”–Šƒ‘–Š‡”‹‰‹†‹’Ž‡‡–ƒ–‹‘‘ˆƒˆ‹š‡†•‡–‘ˆ ’”‘ ‡†—”‡•ǤŠ‹•‰‡‡”ƒŽ‰—‹†ƒ ‡–Š—•’”‘˜‹†‡•ƒ‹‹—•‡–‘ˆ”‡“—‹”‡‡–•–Šƒ– •Š‘—Ž†„‡‡–„›‡ƒ ŠǤ  ––‡–‹‘‹•‰‹˜‡–‘–Š‡’”‡Ž‹‹ƒ”›™‘”‘ˆ–”ƒ•Žƒ–‹‰–Š‡’‘Ž‹ ›’”‘„Ž‡‹–‘–‡”• •—‹–ƒ„Ž‡ˆ‘”ƒƒ†Š‘™–Š‡”‡•—Ž–•‘ˆ–Š‡•Š‘—Ž†„‡’”‡•‡–‡†ƒ†‹–‡”’”‡–‡†Ǥ  „‡‰‹•™‹–Šƒƒ••‡••‡–‘ˆ–Š‡‡ˆˆ‡ –•‘ˆƒ’”‘Œ‡ –‘”‡ƒ•—”‡Ǥ

(27) ’ƒ –‡ƒ•—”‡‡– ‹•–Š‡”‡ˆ‘”‡‘ˆ ”— ‹ƒŽ‹’‘”–ƒ ‡ƒ†–Š‡‹–•‡Žˆ•–‹—Žƒ–‡•ˆ—”–Š‡””‡•‡ƒ” Š‹–‘–Š‡ ƒ–—”‡ƒ†ƒ‰‹–—†‡‘ˆ‡ˆˆ‡ –•Ǥ‹™Š‹ ŠƒŽŽ–Š‡‡ˆˆ‡ –• ƒ„‡ ƒŽ —Žƒ–‡†ƒ —”ƒ–‡Ž› ƒ†‰‹˜‡ƒ‘‡–ƒ”›˜ƒŽ—‡‹•ƒ‹†‡ƒŽ•‹–—ƒ–‹‘–Šƒ– ƒ’”‘„ƒ„Ž›‡˜‡”„‡ƒ Š‹‡˜‡†‹ ’”ƒ –‹ ‡ǤŠ‡†‡‰”‡‡–‘™Š‹ Š–Š‹•‹•’‘••‹„Ž‡™‹ŽŽ˜ƒ”›„‡–™‡‡’”‘Œ‡ –•ƒ†’‘Ž‹ ›ˆ‹‡Ž†•Ǥ Šƒ–‡˜‡”–Š‡ ƒ•‡ǡ•ƒ”‡—•‡ˆ—Žǡ‡˜‡‹ˆ‹’‘”–ƒ–‡ˆˆ‡ –• ƒ‘Ž›„‡‡ƒ•—”‡†„—–‘– ˜ƒŽ—‡†Ǥ  Š‹•‰‡‡”ƒŽ‰—‹†ƒ ‡™ƒ•’”‡’ƒ”‡†„›‡–Š‡”Žƒ†•—”‡ƒ—ˆ‘” ‘‘‹ ‘Ž‹ › ƒŽ›•‹•ƒ†‡–Š‡”Žƒ†•˜‹”‘‡–ƒŽ••‡••‡–‰‡ ›ƒ––Š‡”‡“—‡•–‘ˆ–Š‡ ‘‹––‡‡ˆ‘”Economic Affairs, Infrastructure and the Environment (CEZIM).  Š‡’”‡’ƒ”ƒ–‹‘‘ˆ–Š‹•‰—‹†ƒ ‡™ƒ••—’‡”˜‹•‡†„›–Š‡‹–‡”†‡’ƒ”–‡–ƒŽ ‘‹––‡‡ ‘„‡ŠƒŽˆ‘ˆ–Š‡

(28) Ǥ‡š’‡”–•ǡ‰‘˜‡”‡–’‘Ž‹ ›‘ˆˆ‹ ‡”•ƒ†ƒ†•–ƒˆˆ ‡„‡”• ‘–”‹„—–‡†–‘–Š‡™”‹–‹‰‘ˆ–Š‹•†‘ —‡–†—”‹‰•‡˜‡”ƒŽ™‘”•Š‘’•ǤŠ‡ ”‡•‡ƒ” Š™ƒ•Ž‡†„›ƒ ƒ†‡‹ †˜‹•‘”›‘‹––‡‡ ‘•‹•–‹‰‘ˆ”‘ˆ‡••‘”•— ƒ ‡”–‘Ž‹‹ǡ‡”‡””‘—™‡”ǡ‹‡””‡‘‹‰ǡƒ”Ž‘‘’ƒ•ȋŠƒ‹”Ȍǡ‹ƒ†‡„„‹ǡ‡”– ˜ƒ‡‡ƒ†ƒ”–†‡‡‡—™Ǥ  ƒ—”ƒ˜ƒ ‡‡•–    ƒƒ”–‡ ƒŒ‡” ‹”‡ –‘”‘ˆ    ‹”‡ –‘”‘ˆ . ͻ.

(29) Summary. ‘˜‡”‡–’‘Ž‹ ›‹•ƒ„‘—–ƒ‹‰ Š‘‹ ‡•Ǥ‘Ž‹ ›‡ƒ•—”‡•‘ˆ–‡Šƒ˜‡ƒ›†‹ˆˆ‡”‡– ‡ˆˆ‡ –•ƒ†–Š‡—‡”‘—•†‹ˆˆ‡”‡–ƒ†˜ƒ–ƒ‰‡•ƒ††‹•ƒ†˜ƒ–ƒ‰‡•‘ˆ–Š‡•‡‡ˆˆ‡ –•Šƒ˜‡–‘„‡ ™‡‹‰Š‡†—’„‡ˆ‘”‡ƒ†‡ ‹•‹‘ ƒ„‡ƒ†‡Ǥ  ‘•–Ȃ„‡‡ˆ‹–ƒƒŽ›•‹•ȋȌ‹•ƒ‹’‘”–ƒ––‘‘Žˆ‘”—•‡‹–Š‡‡šƒ–‡ƒ••‡••‡–‘ˆ’‘Ž‹ › ‘’–‹‘•Ǥ

(30) –‹•ƒ‹ˆ‘”ƒ–‹‘–‘‘Ž–Šƒ–•—’’‘”–•†‡ ‹•‹‘Ǧƒ‹‰‘’‘Ž‹ ›‡ƒ•—”‡•‘” ƒŽ–‡”ƒ–‹˜‡•–‘ƒŽŽ‘™†‡ ‹•‹‘•–‘„‡ƒ•‘„Œ‡ –‹˜‡ƒ•’‘••‹„Ž‡Ǥ’”‘˜‹†‡•ƒ‘˜‡”˜‹‡™‘ˆ –Š‡‡ˆˆ‡ –•ǡ”‹••ƒ†— ‡”–ƒ‹–‹‡•‘ˆƒ‡ƒ•—”‡ƒ†–Š‡”‡•—Ž–‹‰ ‘•–•ƒ†„‡‡ˆ‹–•–‘ •‘ ‹‡–›ƒ•ƒ™Š‘Ž‡Ǥ›“—ƒ–‹ˆ›‹‰–Š‡•‡ƒ†˜ƒ–ƒ‰‡•ƒ††‹•ƒ†˜ƒ–ƒ‰‡•ƒ•— Šƒ•’‘••‹„Ž‡ ƒ†ƒ••‹‰‹‰˜ƒŽ—‡•–‘–Š‡ȋ‹‡—”‘•Ȍǡ’”‘˜‹†‡•‹•‹‰Š–•‹–‘–Š‡•‘ ‹ƒŽǦ™‡Žˆƒ”‡‡ˆˆ‡ –• ‘ˆ–Š‡‡ƒ•—”‡‡š’”‡••‡†ƒ•–Š‡„ƒŽƒ ‡‹‡—”‘•‘ˆ–Š‡„‡‡ˆ‹–•‹—•–Š‡ ‘•–•ǤŠ‹• „ƒŽƒ ‡ƒŽ•‘”‡ˆŽ‡ –•–Š‡ ‘•–•ƒ†„‡‡ˆ‹–•‘ˆ–Š‡‡ˆˆ‡ –•‘–Š‘•‡ƒ•’‡ –•‘ˆ•‘ ‹ƒŽ™‡Žˆƒ”‡ˆ‘” ™Š‹ Š–Š‡”‡‹•‘ƒ”‡–’”‹ ‡ǡ•— Šƒ•ƒ–—”‡ǡŽƒ†• ƒ’‡ǡ ‘—‹–›•ƒˆ‡–›ǡ —Ž–—”ƒŽ Š‡”‹–ƒ‰‡ƒ†•‘ ‹ƒŽ ‘Š‡•‹‘Ǥš’”‡••‹‰‡ˆˆ‡ –•‹‘‡–ƒ”›–‡”•ƒ•— Šƒ•’‘••‹„Ž‡ ƒ‡•‹–’‘••‹„Ž‡–‘ ‘’ƒ”‡–Š‡ƒ†’”‡•‡––Š‡”‡•—Ž–•‹ƒ‡ƒ•‹Ž›—†‡”•–ƒ†ƒ„Ž‡ˆ‘” –Šƒ– ƒ„‡—•‡†–‘™‡‹‰Š—’–Š‡’”‘•ƒ† ‘•‘ˆƒ‡ƒ•—”‡ǤŠ‹•ƒŽŽ‘™•—•–‘ƒ•™‡”–Š‡ “—‡•–‹‘‘ˆ™Š‡–Š‡”–Š‡‡ ‘‘‹ ƒ†•‘ ‹ƒŽ ‘•–•‘ˆƒ‡ƒ•—”‡‘—–™‡‹‰Š–Š‡‡ ‘‘‹ ƒ† •‘ ‹ƒŽ„‡‡ˆ‹–•Ǥ†‘‡•‘–’—–ƒ˜ƒŽ—‡‘–Š‡†‡‰”‡‡–‘™Š‹ Š˜ƒ”‹‘—•‰”‘—’•‹•‘ ‹‡–› ‡š’‡”‹‡ ‡–Š‡ ‘•–•‘”„‡‡ˆ‹–•‘ˆƒ‡ƒ•—”‡ǡ„—–‹– ƒ”‡˜‡ƒŽƒ††‡• ”‹„‡–Š‡•‡ †‹•–”‹„—–‹‘ƒŽ‡ˆˆ‡ –•Ǥ  ‹•‘–‘Ž›—•‡ˆ—Žˆ‘”Œ—†‰‹‰™Š‡–Š‡”ƒ†‡ ‹•‹‘–‘’”‘ ‡‡†‘”‘–™‹–Šƒ’‘Ž‹ ›‡ƒ•—”‡ ƒ„‡Œ—•–‹ˆ‹‡†‘–Š‡„ƒ•‹•‘ˆ–Š‡„ƒŽƒ ‡‘ˆ„‡‡ˆ‹–•ƒ† ‘•–•ǡ„—–‹– ƒƒŽ•‘„‡—•‡†–‘ •–”— –—”‡–Š‡’‘Ž‹ ›’”‡’ƒ”ƒ–‹‘‹–•‡ŽˆǤ—‡•–‹‘••— Šƒ•ǮŠƒ–‹•–Š‡’”‘„Ž‡ǫǯǡǮŠƒ–™‹ŽŽ Šƒ’’‡‹ˆ™‡†‘‘–Š‹‰ǫǯƒ†ǮŠƒ–’‘••‹„Ž‡•‘Ž—–‹‘•ƒ”‡–Š‡”‡ǫǯŠ‡Ž’–‘ƒ‡–Š‡ †‹• —••‹‘ƒ„‘—––Š‡’”‘’‘•‡†‡ƒ•—”‡•ƒ•‘„Œ‡ –‹˜‡ƒ•’‘••‹„Ž‡ǤŠ‹•‹•–”—‡ˆ‘”ƒŽŽ’‘Ž‹ › ˆ‹‡Ž†•ƒ†ƒŽŽ’‘Ž‹ ›‡ƒ•—”‡•Ǥ‘ƒ‡ƒ‰‘‘†”‡“—‹”‡•‘–‘Ž›‘™Ž‡†‰‡‘ˆ™‡Žˆƒ”‡ ‡ ‘‘‹ •ǡ„—–ƒŽ•‘ƒ–Š‘”‘—‰Š—†‡”•–ƒ†‹‰‘ˆ–Š‡’‘Ž‹ ›ˆ‹‡Ž†—†‡”‹˜‡•–‹‰ƒ–‹‘Ǥ  ‘‡–‹‡•–Š‡”‡ƒ›„‡†‘—„–•ƒ„‘—–™Š‡–Š‡”‹–‹•†‡•‹”ƒ„Ž‡‘”‡˜‡’‘••‹„Ž‡–‘ ƒ””›‘—–ƒ Ǥ‘—„–•ƒ„‘—––Š‡†‡•‹”ƒ„‹Ž‹–›‘ˆ†‘‹‰ƒƒ›ƒ”‹•‡‹ˆ‡ ‘‘‹ ‡ˆˆ‹ ‹‡ ›‹•‘ˆŽ‹––Ž‡ ‘”‘‹’‘”–ƒ ‡ǡˆ‘”‡šƒ’Ž‡™Š‡–Š‡ƒ‹ ‘•‹†‡”ƒ–‹‘‹•ƒ„‘—–Š—ƒ†‹‰‹–›‘”‘”ƒŽ ˜ƒŽ—‡•ȋ‡Ǥ‰Ǥƒ„‘”–‹‘ǡ‡—–Šƒƒ•‹ƒǡ•Žƒ˜‡”›ȌǤ

(31) •— Š ƒ•‡•ƒ‹•‘– ‘•‹†‡”‡†–‘„‡ ƒ’’”‘’”‹ƒ–‡Ǥ

(32) ƒ††‹–‹‘ǡ–Š‡†‡‰”‡‡–‘™Š‹ Š‹–’”‘˜‡•’‘••‹„Ž‡–‘ƒ –—ƒŽŽ›†‡–‡”‹‡–Š‡ ”‡Ž‡˜ƒ– ‘•–•ƒ†„‡‡ˆ‹–•™‹ŽŽ˜ƒ”›„‡–™‡‡•ǤͳŠ‹•†‡’‡†•‘–Š‡ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆ‰‘‘† ‡’‹”‹ ƒŽ‹’ƒ –•–—†‹‡•ǤŠ‡Žƒ ‘ˆ•— Š‹ˆ‘”ƒ–‹‘‹•‘–ƒ•Š‘”– ‘‹‰‘ˆ–Š‡–‘‘Ž ‹–•‡Žˆǡ„—–‹–‡ƒ•ˆ—”–Š‡”‡’‹”‹ ƒŽ”‡•‡ƒ” Š‹–‘–Š‡‡ˆˆ‡ –•™‹ŽŽ„‡‡‡†‡†„‡ˆ‘”‡–Š‡ ƒ„‡ ‘’Ž‡–‡†ǤŠ‘—Ž†–Š‡‹ˆ‘”ƒ–‹‘ƒ˜ƒ‹Žƒ„Ž‡ƒ„‘—––Š‡‡ˆˆ‡ –•ƒ›„‡–‘‘— ‡”–ƒ‹–‘ ’‡”‹–ƒ›—•‡ˆ—Ž“—ƒ–‹ˆ‹ ƒ–‹‘‘ˆ–Š‘•‡‡ˆˆ‡ –•ǡ ƒ•‡”˜‡ƒ—•‡ˆ—Ž’—”’‘•‡„› 1. The effects of very complex measures are sometimes particularly hard to determine, for example because they have many interrelated effects in many different areas of society, or because some effects will only occur in the distant future.. ͳͲ. .

(33) ‹†‡–‹ˆ›‹‰‹ƒ•–”— –—”‡†ƒ‡”™Šƒ–™‡†‘‘™ƒ„‘—–ƒ’”‘’‘•‡†‡ƒ•—”‡ƒ†™Šƒ– ™‡†‘‘–‘™ǡ–Š—•Š‡Ž’‹‰–‘•–”— –—”‡–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ƒ†ƒ‡‹–ƒ• ‘„Œ‡ –‹˜‡ƒ•’‘••‹„Ž‡Ǥ  Š‡‰—‹†ƒ ‡†‘ —‡–‘–Š‡‡˜ƒŽ—ƒ–‹‘ of infrastructure projects (Overview of the Effects of Infrastructure (OEI),Eijgenraam et al., 2000) is a widely endorsed set of guidelines on preparing a CBA for transport infrastructure projects in the Netherlands.‹ ‡‹–•’—„Ž‹ ƒ–‹‘‹ʹͲͲͲǡ‹–Šƒ• „‡‡ˆ—”–Š‡”†‡˜‡Ž‘’‡†ƒ†‡š’ƒ†‡†–Š”‘—‰Š–Š‡’”‘†— –‹‘‘ˆ•—’’Ž‡‡–•ǡŠƒ†„‘‘• ƒ†ƒ††‹–‹‘ƒŽ‰—‹†‡Ž‹‡•ǡƒ†‹•–Šƒ–Šƒ˜‡„‡‡ ƒ””‹‡†‘—–ǤŠ‡—„‡”‘ˆˆ‹‡Ž†•‹ ™Š‹ Š–Š‡‰—‹†‡Ž‹‡• ƒ„‡—•‡†Šƒ•ƒŽ•‘„‡‡‡š’ƒ†‡†ǡƒ†‘”‡ ‘–‹—‡–‘„‡ƒ††‡†Ǥ Š‡•‡†‡˜‡Ž‘’‡–•Šƒ˜‡ ”‡ƒ–‡†ƒ‡‡†ˆ‘”‡™‰—‹†ƒ ‡‘’”‡’ƒ”‹‰•ǤŠ‹•‡™ ‰—‹†ƒ ‡†‘ —‡–‡‡–•–Š‹•‡‡†Ǥ

(34) –’—ŽŽ•–‘‰‡–Š‡”–Š‡‡š’‡”–‹•‡ƒ†‡š’‡”‹‡ ‡‰ƒ‹‡†‹ ”‡ ‡–›‡ƒ”•ƒ†ƒ‡•–Š‡ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”—•‡ƒ ”‘••ƒ„”‘ƒ†”ƒ‰‡‘ˆ’‘Ž‹ ›ˆ‹‡Ž†•‹–Š‡ ˆ‘”‘ˆƒ‰‡‡”ƒŽ‰—‹†ƒ ‡‘•‘ ‹ƒŽ ‘•–Ȃ„‡‡ˆ‹–ƒƒŽ›•‹•ǡ‘”Ǯ‰‡‡”ƒŽ‰—‹†ƒ ‡ǯǤ  Š‹•‰‡‡”ƒŽ‰—‹†ƒ ‡†‡• ”‹„‡•Š‘™–‘ ƒ””›‘—–ƒƒ†–Š‡”‡“—‹”‡‡–•ˆ‘”–Š‡ ˜ƒ”‹‘—•‡Ž‡‡–•‘ˆ–Š‡ǡ™‹–Š’ƒ”–‹ —Žƒ”ƒ––‡–‹‘–‘–Š‡”‘Ž‡‘ˆ‹–Š‡†‡ ‹•‹‘Ǧ ƒ‹‰’”‘ ‡••Ǥ‡†‹• —••–Š‡˜ƒ”‹‘—•–›’‡•‘ˆƒ†™Š‡–Š‡•‡†‹ˆˆ‡”‡––›’‡• ƒ„‡•– „‡—•‡†Ǥ†„‡ ƒ—•‡–Š‹•‡™‰‡‡”ƒŽ‰—‹†ƒ ‡‹•™‹†‡Ž›ƒ’’Ž‹ ƒ„Ž‡ǡ™‡ƒŽ•‘‡š’Žƒ‹–Š‡ –Š‡‘”›—†‡”Ž›‹‰ǤŠ‹• ƒ„‡ ‘•—Ž–‡†™Š‡“—‡•–‹‘•ƒ”‹•‡‘˜‡”–Š‡ ‘””‡ –—•‡‘ˆ ǡ’ƒ”–‹ —Žƒ”Ž›™Š‡–Š‡’‘Ž‹ ›ˆ‹‡Ž†•‘”’”‘’‘•‡†‡ƒ•—”‡•ƒ”‡‘–—•—ƒŽŽ›ƒ••‘ ‹ƒ–‡† ™‹–ŠǤ‡•‹†‡••‡––‹‰‘—–•‘‡”—Ž‡•ƒ†‰—‹†‡Ž‹‡•ǡ–Š‹•‡™‰—‹†ƒ ‡Ž‡ƒ˜‡•˜ƒ”‹‘—• ƒ•’‡ –•‘’‡ˆ‘”†‡˜‡Ž‘’‡–‹‘”‡†‡–ƒ‹Ž‹Šƒ†„‘‘•ˆ‘”•’‡ ‹ˆ‹ ’‘Ž‹ ›ˆ‹‡Ž†•ǤŠ‡ ‡’Šƒ•‹•‹•–Š‡”‡ˆ‘”‡‘”‡‘–Š‡ ‘””‡ –ƒ’’Ž‹ ƒ–‹‘‘ˆ–Š‡’”‹ ‹’Ž‡•”ƒ–Š‡”–Šƒ‘–Š‡ ”‹‰‹†‹’Ž‡‡–ƒ–‹‘‘ˆƒˆ‹š‡†•‡–‘ˆ’”‘ ‡†—”‡•Ǥ  ––Š‡•ƒ‡–‹‡ǡ–Š‡„”‘ƒ†ƒ’’Ž‹ ƒ„‹Ž‹–›‘ˆ–Š‹•‰—‹†ƒ ‡‡ƒ•–Šƒ–‹–‹•‹’‘••‹„Ž‡–‘ˆ—ŽŽ› †‡• ”‹„‡ƒŽŽƒ•’‡ –•‘ˆˆ‘”ƒŽŽ’‘Ž‹ ›ˆ‹‡Ž†•Ǥ

(35) •–‡ƒ†ǡ™‡ˆ‘ —•‘–Š‘•‡‡Ž‡‡–•‘ˆ–Š‡ ‡–Š‘†‘Ž‘‰›–Šƒ–ƒ’’Ž›–‘ƒŽŽ’‘Ž‹ ›ˆ‹‡Ž†•ǤŠ‡’”‹ ‹’Ž‡• ‘–ƒ‹‡†‹–Š‹•‰—‹†ƒ ‡ ƒ’’Ž›–‘ƒŽŽ’‘Ž‹ ›ˆ‹‡Ž†•ƒ†ǡ‹–—”ǡ–Š‡’”‡’ƒ”ƒ–‹‘‘ˆ’‘Ž‹ ‹‡•‹ƒŽŽˆ‹‡Ž†• ƒ„‡‡ˆ‹–ˆ”‘ –Š‡’”‹ ‹’Ž‡•—†‡”Ž›‹‰ǤŠ‹•‰‡‡”ƒŽ‰—‹†ƒ ‡–Š‡”‡ˆ‘”‡’”‘˜‹†‡•ƒ‰‡‡”ƒŽ•‡–‘ˆ ‹‹—”‡“—‹”‡‡–•–Šƒ–•Š‘—Ž†„‡‡–„›‡ƒ ŠǤŠ‡‰—‹†ƒ ‡ƒŽ•‘’”‘˜‹†‡•–Š‡ „ƒ•‹•ˆ‘”’”‡’ƒ”‹‰•‡ –‘”Ǧ•’‡ ‹ˆ‹ Šƒ†„‘‘•Ǥ 

(36) –Š‡”‡•–‘ˆ–Š‹••—ƒ”›™‡‡šƒ‹‡–Š‡”‘Ž‡‘ˆ‹†‡ ‹•‹‘Ǧƒ‹‰ƒ†Š‘™ ƒ „‡—•‡†–‘‰”‡ƒ–‡•–‡ˆˆ‡ –ȋ‡ –‹‘ͳȌǤ‡–Š‡†‹• —••ǡ‹‡ –‹‘ʹǡ–Š‡–Š‡‘”‡–‹ ƒŽ ’”‹ ‹’Ž‡•—†‡”Ž›‹‰Ǥ

(37) ‡ –‹‘͵™‡†‡• ”‹„‡–Š‡•–‡’•–Šƒ–‡‡†–‘„‡–ƒ‡–‘ ’”‡’ƒ”‡ƒǡƒŽ‘‰™‹–Š–Š‡”‡Ž‡˜ƒ–”—Ž‡•ƒ†‰—‹†‡Ž‹‡•Ǥ ‹ƒŽŽ›ǡ‡ –‹‘Ͷ•‡–•‘—––Š‡ ”‡“—‹”‡‡–•ˆ‘””‡’‘”–‹‰ƒ†’”‡•‡–‹‰–Š‡”‡•—Ž–•‘ˆ–Š‡Ǥ . ͳͳ.

(38) S1.. The role of CBA in decision-making. Š‡‡••‡ ‡‘ˆƒ‹•™‡‹‰Š‹‰—’†‹ˆˆ‡”‡–’”‘Œ‡ –‘”’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•„› ‘’ƒ”‹‰ –Š‡‹”™‡Žˆƒ”‡‡ˆˆ‡ –•‘•‘ ‹‡–›ƒ•ƒ™Š‘Ž‡ǣ–Š‡‡ ‘‘‹ ƒ†•‘ ‹ƒŽ ‘•–•ƒ†„‡‡ˆ‹–• ƒŽ —Žƒ–‡†ƒ––Š‡ƒ–‹‘ƒŽŽ‡˜‡ŽǤŠ‡–Š‡”‡ˆ‘”‡ƒ††”‡••‡•–Š‡“—‡•–‹‘Ǯ ‘™†‘‡•–‘–ƒŽ •‘ ‹ƒŽ™‡Žˆƒ”‡ Šƒ‰‡ǫǯƒ††‹–‹‘ƒŽ‹’‘”–ƒ–“—‡•–‹‘‹•Ǯ ‘™ƒ”‡–Š‡ ‘•–•ƒ†„‡‡ˆ‹–• †‹•–”‹„—–‡†ǫǯŠ‡”‘Ž‡‘ˆ‹†‡ ‹•‹‘Ǧƒ‹‰‹•–‘ƒ‡†‹• —••‹‘•ƒ„‘—–’‘Ž‹ ›ƒ• ‘„Œ‡ –‹˜‡ƒ•’‘••‹„Ž‡Ǥ  Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡•• ƒ„‡„”‘‡†‘™‹–‘ƒ—„‡”‘ˆ•–ƒ‰‡•ǡˆ”‘’”‘„Ž‡ ‹†‡–‹ˆ‹ ƒ–‹‘ƒ†’”‘„Ž‡ƒƒŽ›•‹•˜‹ƒ–Š‡ˆ‘”—Žƒ–‹‘‘ˆ’‘Ž‹ ›‘„Œ‡ –‹˜‡•ƒ†‡ƒ•—”‡•–‘ –Š‡‹”ƒ••‡••‡–ƒ†‡˜ƒŽ—ƒ–‹‘ǡˆ‘ŽŽ‘™‡†„›–Š‡’‘Ž‹–‹ ƒŽ†‡ ‹•‹‘Ǥ‹•‘ˆ–‡—•‡†‹–Š‡ ˆ‹ƒŽ•–ƒ‰‡•‘ˆ–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ǣ–Š‡ƒ••‡••‡–ƒ†ƒ’’”ƒ‹•ƒŽǤ ‘™‡˜‡”ǡ †‘‡•‘–Šƒ˜‡–‘„‡”‡•–”‹ –‡†–‘–Š‡ƒ••‡••‡–‘ˆƒ‡ƒ•—”‡Ǣ‹– ƒƒŽ•‘„‡—•‡ˆ—Ž‹–Š‡ ‡ƒ”Ž‹‡”•–ƒ‰‡•‘ˆ–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••Ǥ  ‘ƒ‡‰‘‘†—•‡‘ˆƒ‹–‹•‹’‘”–ƒ––‘‹–‡‰”ƒ–‡–Š‡–‘‘Ž’”‘’‡”Ž›‹–‘–Š‡†‡ ‹•‹‘Ǧ ƒ‹‰’”‘ ‡••ǤŠ‡‡ƒ•—”‡•„‡‹‰ ‘•‹†‡”‡†—•–”‡•’‘†–‘–Š‡‹†‡–‹ˆ‹‡†’”‘„Ž‡•Ǥ

(39) ˆ –Š‡›†‘‘–ǡ–Š‡ ƒ‘–ƒ•™‡”–Š‡’‘Ž‹ ›“—‡•–‹‘Ǥ‹’‘”–ƒ–Ž‡••‘ˆ”‘–Š‡ ‡š’‡”‹‡ ‡‰ƒ‹‡†™‹–Š†—”‹‰’‘Ž‹ ›’”‡’ƒ”ƒ–‹‘‹•–Šƒ––Š‡’‡”•‘‘”‘”‰ƒ‹•ƒ–‹‘ ‘†— –‹‰–Š‡ȋ–Š‡ ‘’‹Ž‡”Ȍ—•–‡•–ƒ„Ž‹•Š™Š‡–Š‡”‘”‘––Š‡’”‘’‘•‡†’‘Ž‹ › ‡ƒ•—”‡• ‘””‡•’‘†–‘–Š‡’”‘„Ž‡ƒƒŽ›•‹•ƒ†™Šƒ––Š‹•‡ƒ•ˆ‘”–Š‡”‡Ž‡˜ƒ ‡‘ˆ–Š‡ Ǥ  Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••™‹ŽŽ„‡‡ˆ‹–ˆ”‘ƒ‘–‘Ž›‹ˆ‹–ƒ††”‡••‡•–Š‡’”‘„Ž‡ƒ– Šƒ†ǡ„—–ƒŽ•‘‹ˆ‹– ƒ ‘—–‘•–ƒ‡Š‘Ž†‡”ƒ’’”‘˜ƒŽǤ’‘–‡–‹ƒŽ’”‘„Ž‡‹•–Šƒ–•ƒ”‡ ‘ˆ–‡–Š‘—‰Š–‘ˆƒ•„Žƒ „‘š‡•Ǥ‘‡•—”‡–Šƒ–•–ƒ‡Š‘Ž†‡”•’‡” ‡‹˜‡–Š‡–‘„‡ƒ–‘‘Ž –Šƒ–„”‹‰••–”— –—”‡–‘–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ƒ†•—’’‘”–•–Š‡ƒ’’”ƒ‹•ƒŽǡ–Š‡”‡—•– „‡ˆ—ŽŽ–”ƒ•’ƒ”‡ ›ƒ„‘—––Š‡™ƒ›‹™Š‹ Š–Š‡’”‘’‘•‡†‡ƒ•—”‡‹•ƒ••‡••‡†‹–Š‡Ǥ Š‡ ƒƒŽ•‘„‡—•‡†–‘‘’–‹‹•‡’‘Ž‹ ›‡ƒ•—”‡•ǡ™Š‹ Š ƒ„‡—•‡ˆ—Žˆ‘”ƒŽŽ‹˜‘Ž˜‡†Ǥ

(40) – ‹•–Š‡”‡ˆ‘”‡ƒ†˜‹•ƒ„Ž‡–‘‹˜‘Ž˜‡ƒŽŽ•–ƒ‡Š‘Ž†‡”•‹–Š‡ƒ–ƒ‡ƒ”Ž›•–ƒ‰‡Ǥ‘‰‡‡”ƒ–‡ —†‡”•–ƒ†‹‰‘ˆƒ†•—’’‘”–ˆ‘”–Š‡‹–‹•‹’‘”–ƒ––‘‹ˆ‘”ƒŽŽ•–ƒ‡Š‘Ž†‡”•ƒ„‘—––Š‡ ’”‘ ‡••ǡ–Š‡‡ˆˆ‡ –•‹˜‡•–‹‰ƒ–‡†ƒ†–Š‡ Š‘•‡’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•ǤŠ‡•–ƒ‡Š‘Ž†‡”• ƒ–Š‡ƒ‰”‡‡‘–Š‡–›’‡‘ˆ“—‡•–‹‘•–Š‡ ƒƒ•™‡”ƒ†–Š‡•‘”–‘ˆ‘—– ‘‡–Šƒ– ƒ „‡‡š’‡ –‡†Ǥ‘”‡‘˜‡”ǡƒ ‡’–ƒ ‡‘ˆ–Š‡ ƒ„‡‹’”‘˜‡†„›’”‡•‡–‹‰–Š‡ ‘•–•ƒ† „‡‡ˆ‹–•ˆ‘”ƒŽŽ–Š‡”‡Ž‡˜ƒ–•‘ ‹ƒŽ‰”‘—’•‹ƒ ‘Š‡”‡–‘˜‡”˜‹‡™Ǥ

(41) –‹•ƒŽ•‘‹’‘”–ƒ––‘•–ƒ–‡ –Š‡ƒ••—’–‹‘•ƒ†‡™Š‡’”‡’ƒ”‹‰–Š‡ƒ†Š‘™–Š‡•‡‹ˆŽ—‡ ‡–Š‡‘—– ‘‡‘ˆ–Š‡ Ǥ   . ͳʹ.

(42) ‡˜‡”–Š‡Ž‡••ǡ–Š‡—•‡ˆ—Ž‡••‘ˆˆ‘”–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••Šƒ•‹–•Ž‹‹–•Ǥ

(43) ˆ–Š‡‘•– ‹’‘”–ƒ–‡ˆˆ‡ –• ƒ‘–„‡ƒ†‡“—ƒ–‡Ž›‡ƒ•—”‡†‘”‘‡–‹•‡†ǡƒ ƒ‘Ž›’”‘˜‹†‡ •‡– Š›‹ˆ‘”ƒ–‹‘‘ˆŽ‹‹–‡†”‡Ž‹ƒ„‹Ž‹–›ƒ†”‡Ž‡˜ƒ ‡Ǥ–Š‡‘–Š‡”Šƒ†ǡ–Š‡’”‹ ‹’Ž‡•‘ˆ  ƒ–Š‡„‡—•‡†ƒ•ƒ ‘ ‡’–—ƒŽˆ”ƒ‡™‘”–‘Š‡Ž’•–”— –—”‡–Š‡†‡ ‹•‹‘Ǧƒ‹‰ ’”‘ ‡••Ǥ ‘™‡˜‡”ǡ—•‹‰ƒ•ƒ ‘ ‡’–—ƒŽˆ”ƒ‡™‘”ƒŽ‘‡™‹ŽŽ‘–”‡•—Ž–‹ƒƒ –—ƒŽ ƒ†‹– ƒ‘––Š‡”‡ˆ‘”‡„‡ ƒŽŽ‡†ƒǤ  ‹ƒŽŽ›ǡ‡š’‡”‹‡ ‡™‹–Š’”‡˜‹‘—••–‡ƒ Š‡•—•–Šƒ–‰—‹†ƒ ‡ƒŽ‘‡‹•‘–‡‘—‰Š–‘ ‰—ƒ”ƒ–‡‡ƒ‰‘‘†ǡƒ†–Šƒ–ƒ“—ƒŽ‹–›ƒ••—”ƒ ‡‡ Šƒ‹•‹•ƒŽ•‘‡‡†‡†Ǥ. S2.. Principles and background to CBA. ‹•‰”‘—†‡†‹‡ ‘‘‹ •ǡ‹’ƒ”–‹ —Žƒ”‹™‡Žˆƒ”‡‡ ‘‘‹ •ǤŠ‡™‡Žˆƒ”‡‡ ‘‘‹ • ’”‹ ‹’Ž‡•—†‡”Ž›‹‰’”‘˜‹†‡”‡•‡ƒ” Š‡”•ƒ†—•‡”•™‹–Šƒˆ”ƒ‡‘ˆ”‡ˆ‡”‡ ‡ ™Š‡”‡ˆŽ‡ –‹‰‘™Š‹ Š‡ˆˆ‡ –•‘ˆ’‘Ž‹ ›‡ƒ•—”‡••Š‘—Ž†„‡‹ Ž—†‡†‹ƒǡ–Š‡ ‘•‡“—‡ ‡•‘ˆ–Š‘•‡‡ƒ•—”‡•ˆ‘”•‘ ‹ƒŽ™‡Žˆƒ”‡ƒ†Š‘™–Š‡ ‘•–•ƒ†„‡‡ˆ‹–•‘ˆ–Š‡ ‡ƒ•—”‡• ƒ„‡†‡–‡”‹‡†Ǥ  Š‡™‡Žˆƒ”‡ Šƒ‰‡• ƒ—•‡†„›’‘Ž‹ ›‡ƒ•—”‡•ƒ”‡‡š’”‡••‡†–Š”‘—‰Š–Š‡™‹ŽŽ‹‰‡••‘ˆ ’‡‘’Ž‡–‘’ƒ›ˆ‘”–Š‡‡ˆˆ‡ –•‘ˆ–Š‡‡ƒ•—”‡•Ǥ‹ŽŽ‹‰‡••–‘’ƒ›‹•ƒ‹†‹ ƒ–‹‘‘ˆ–Š‡˜ƒŽ—‡ •‘‡‘‡’—–•‘–Š‡•‡”˜‹ ‡•‘”‰‘‘†•†‹”‡ –Ž›‘”‹†‹”‡ –Ž›‰‡‡”ƒ–‡†„›–Š‡’”‘’‘•‡† ’”‘Œ‡ –‘”’‘Ž‹ ›‡ƒ•—”‡•ǤŠ‡‡ˆˆ‡ –•ƒ”‡‡‰ƒ–‹˜‡ǡ–Š‡™‹ŽŽ‹‰‡••–‘’ƒ›–‘ƒ˜‘‹†–Š‡•‡ ‡ˆˆ‡ –•‹•—•‡†–‘ ƒŽ —Žƒ–‡–Š‡‡ ‘‘‹ ƒ†•‘ ‹ƒŽ ‘•–Ǥ

(44) ˆ–Š‡ ‘•–•‘ˆ–Š‡‡ƒ•—”‡ƒ”‡Ž‘™‡” –Šƒ–Š‡™‹ŽŽ‹‰‡••–‘’ƒ›ˆ‘”–Š‡‡ˆˆ‡ –•ǡ–Š‡‡ƒ•—”‡‹ ”‡ƒ•‡•™‡Žˆƒ”‡Ǣ ‘˜‡”•‡Ž›ǡ‹ˆ–Š‡ ‘•–•ƒ”‡Š‹‰Š‡”–Šƒ–Š‡™‹ŽŽ‹‰‡••–‘’ƒ›ǡ‹–”‡†— ‡•™‡Žˆƒ”‡Ǥ  Š‡ƒ‹‰•— Šƒ ƒŽ —Žƒ–‹‘‹–‹•‹’‘”–ƒ––‘–ƒ‡ƒŽŽ–Š‡‡ˆˆ‡ –•‘ˆƒ’‘Ž‹ ›‡ƒ•—”‡‹–‘ ƒ ‘—–ƒ††‡ˆ‹‡–Š‡ƒ”‡–•ˆ‘”‰‘‘†•ƒ†•‡”˜‹ ‡•‹™Š‹ Š–Š‡•‡‡ˆˆ‡ –•ƒ”‡ˆ‡Ž–ƒ†ƒ› „‡‡ƒ•—”‡†ǤŠ‹•‹•„‡ ƒ—•‡™‹ŽŽ‹‰‡••–‘’ƒ›‹•‡š’”‡••‡†‹–Š‡†‡ƒ†ˆ‘”•‡”˜‹ ‡•‘” ‰‘‘†•‹ƒ”‡–•Ǥ

(45) –Š‹• ‘–‡š–™‡‹–‡”’”‡–Ǯƒ”‡–•ǯ‹ƒ˜‡”›„”‘ƒ†•‡•‡–‘‹ Ž—†‡ ‹••‹‰ƒ”‡–•ˆ‘”•‡”˜‹ ‡•–Šƒ–ƒ”‡‘–ƒ –—ƒŽŽ›„‘—‰Š–‘”•‘Ž†ǡ„—–ˆ‘”™Š‹ Š‹†‹˜‹†—ƒŽ• †‘Šƒ˜‡ƒ™‹ŽŽ‹‰‡••–‘’ƒ›ǤŠ‹•‡ƒ•–Šƒ–™‡Žˆƒ”‡ Šƒ‰‡• ƒ„‡†‡–‡”‹‡†‘–Š‡ „ƒ•‹•‘ˆ Šƒ‰‡•‹–Š‡˜‘Ž—‡•ƒ†’”‹ ‡•‘”‡Ž‡˜ƒ–ƒ”‡–•ǡ‡š‹•–‹‰‘”‘–Š‡”™‹•‡Ǥ  Š‹•„”‘ƒ† ‘ ‡’–‘ˆƒ”‡–•‡ƒ•–Šƒ–ƒŽ•‘ƒ‡•—•‡‘ˆƒ„”‘ƒ† ‘ ‡’–‘ˆ™‡Žˆƒ”‡ ™Š‹ Š‹ Ž—†‡•–Š‹‰•–Šƒ–’‡‘’Ž‡˜ƒŽ—‡ǡ„—–™Š‹ Šƒ”‡‘––”ƒ†‡†‘ƒ”‡–•ǡ•— Šƒ• ‡˜‹”‘‡–ƒŽ“—ƒŽ‹–›ǡŠ‡ƒŽ–Šƒ†•ƒˆ‡–›ǤŠ‡•‡ƒ”‡–Š‹‰•–Šƒ–’‡‘’Ž‡‘–‘Ž›ƒ––”‹„—–‡ƒ ’‘•‹–‹˜‡˜ƒŽ—‡–‘ǡ„—–™Š‹ Š–Š‡›ƒŽ•‘’ƒ›ˆ‘”ǡ‡‹–Š‡”†‹”‡ –Ž›‘”˜‹ƒ–Š‡‰‘˜‡”‡–Ǥ

(46) –Š‡•‡ ƒ•‡•ǡŠ‘™‡˜‡”ǡ–Š‡”‡‹•‘ Ž‡ƒ”Ž›†‡ˆ‹‡†ǡ ‘’Ž‡–‡ƒ”‡–‘™Š‹ Š–Š‡™‹ŽŽ‹‰‡••–‘’ƒ› ƒ„‡‡ƒ•—”‡†ȋ˜‹ƒ–Š‡ƒ”‡–’”‹ ‡ȌǤŠ‹•’‘•‹–‹˜‡˜ƒŽ—ƒ–‹‘‡ƒ•–Šƒ––Š‡•‡‡Ž‡‡–• ƒ‡ƒ’‘•‹–‹˜‡ ‘–”‹„—–‹‘–‘–Š‡„ƒŽƒ ‡ǡ„—––Šƒ––Š‡‹”‘‡–ƒ”›˜ƒŽ—‡‹••‘‡–‹‡• †‹ˆˆ‹ —Ž–‘”‹’‘••‹„Ž‡–‘†‡–‡”‹‡Ǥ  ͳ͵.

(47) Š‹•‹•‘‡‘ˆ–Š‡”‡ƒ•‘•™Š›–Š‡‹†‡ƒŽǡ‹™Š‹ ŠƒŽŽ‡ˆˆ‡ –•ƒ”‡ ‘””‡ –Ž›‹†‡–‹ˆ‹‡†ǡ †‡• ”‹„‡†ƒ†‘‡–‹•‡†ǡ‹•ƒŽ‘•–‡˜‡”ƒ Š‹‡˜‡†Ǥ

(48) ’”ƒ –‹ ‡ǡ–Š‡”‡ƒ”‡‘ˆ–‡‡ˆˆ‡ –•™‡ ƒ‘–†‡–‡”‹‡‘”‘‡–‹•‡™‹–Šƒ›ƒ —”ƒ ›ǡ‹ˆƒ–ƒŽŽǤ—––Š‹•‹•‘”‡ƒ•‘–‘•‹’Ž› ƒ„ƒ†‘–Š‡‹†‡ƒ‘ˆ ƒ””›‹‰‘—–ƒǤ˜‡‹•— Š ƒ•‡•• ƒ•–‹ŽŽ„‡—•‡ˆ—Ž–‘’”‡•‡– ‹ƒ•–”— –—”‡†ƒ‡”™Šƒ–™‡‘™ƒ„‘—–ƒ‡ƒ•—”‡Ǥ ƒŠ‡Ž’–‘•–”— –—”‡–Š‡ †‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ƒ†ƒ‡‹–ƒ•‘„Œ‡ –‹˜‡ƒ•’‘••‹„Ž‡Ǥ  •‡’ƒ”ƒ–‡‹••—‡‹•–Š‡†‹•–”‹„—–‹‘‘ˆ™‡Žˆƒ”‡ƒ‘‰’‡‘’Ž‡ǡ”‡‰‹‘•ǡ‡– Ǥ

(49) –‹•‡˜‹†‡–ǡˆ‘” ‡šƒ’Ž‡ǡ–Šƒ–‹ ‘‡†‹•–”‹„—–‹‘ƒ––‡”•˜‡”›— Š–‘’‡‘’Ž‡ƒ†‹•ƒ‹’‘”–ƒ–’‘Ž‹–‹ ƒŽ ‹••—‡ǡ„—–‹–‹•‡š–”‡‡Ž›†‹ˆˆ‹ —Ž––‘ƒ• ‡”–ƒ‹™Š‡–Š‡”ƒ Šƒ‰‡‹‹ ‘‡†‹•–”‹„—–‹‘ ‹ ”‡ƒ•‡•‘””‡†— ‡•™‡Žˆƒ”‡ǤŠ‹•‹•’”‹ƒ”‹Ž›ƒ’‘Ž‹–‹ ƒŽ‹••—‡Ǥ

(50) ˆ†‹•–”‹„—–‹‘ƒŽ‡ˆˆ‡ –•ƒ”‡ƒ ‹’‘”–ƒ–‡Ž‡‡–‹–Š‡‘„Œ‡ –‹˜‡•‘ˆƒ‡ƒ•—”‡ǡ‘”‡˜‡–Š‡‘˜‡”ƒŽŽ‰‘ƒŽǡ–Š‘•‡‡ˆˆ‡ –•™‹ŽŽ „‡”‡˜‡ƒŽ‡†‹–Š‡ǡˆ‘”‡šƒ’Ž‡–Š”‘—‰Š Šƒ‰‡•‹’—” Šƒ•‹‰’‘™‡”’‡”‹ ‘‡‰”‘—’ǡ „—–™‹–Š‘—–ƒ›˜ƒŽ—‡Œ—†‰‡–„‡‹‰ƒ––ƒ Š‡†–‘–Š‡Ǥ  ‹ƒŽŽ›ǡ™‡•–”‡••–Šƒ–‘™Ž‡†‰‡‘ˆ™‡Žˆƒ”‡–Š‡‘”›‹•ƒ‡ ‡••ƒ”›„—–‘–ƒ•—ˆˆ‹ ‹‡– ”‡“—‹”‡‡–ˆ‘”†”ƒ™‹‰—’ƒǤ

(51) –‹•ƒŽ•‘‡ ‡••ƒ”›–‘Šƒ˜‡ƒ‰‘‘†—†‡”•–ƒ†‹‰‘ˆ–Š‡ ’‘Ž‹ ›ˆ‹‡Ž†ƒ†–Š‡™‘”‹‰•‘ˆ–Š‡’‘Ž‹ ›‹•–”—‡–Ǥ

(52) –‹•‹’‘”–ƒ––Šƒ– ‘’‹Ž‡”• ƒ †”ƒ™‘–Š‡‹”‡š’‡”‹‡ ‡™‹–Š•ƒ†–Š‡‹”‘™Ž‡†‰‡‘ˆ–Š‡ ‘–‡š–‘ˆ–Š‡‡ƒ•—”‡ —†‡”‹˜‡•–‹‰ƒ–‹‘–‘ƒ‡’”ƒ –‹ ƒŽƒ†’”‘ˆ‡••‹‘ƒŽŒ—†‰‡–•ǡƒ†–Šƒ––Š‡› ƒŒ—•–‹ˆ› –Š‘•‡†‡ ‹•‹‘•Ǥ

(53) †‘‹‰•‘ǡ–Š‡›—•–†‡ ‹†‡Š‘™–Š‡˜ƒ”‹‘—•‡ˆˆ‡ –••Š‘—Ž†„‡ƒ••‡••‡† ˆ”‘ƒ™‡Žˆƒ”‡‡ ‘‘‹ •’‘‹–‘ˆ˜‹‡™ǡ™Š‹ Šƒ”‡–•ƒ”‡†‹”‡ –Ž›ƒˆˆ‡ –‡†„›–Š‡ ‹–‡”˜‡–‹‘ǡƒ†‹™Š‹ Š‘–Š‡”ƒ”‡–•”‡Ž‡˜ƒ–‡ˆˆ‡ –• ƒƒŽ•‘„‡‡š’‡ –‡†Ǥ . ͳͶ.

(54) S3.. Drawing up a CBA. ”ƒ™‹‰—’ƒ’”‘ ‡‡†•‹ƒ—„‡”‘ˆ•–‡’•Ǥ

(55) ‰‡‡”ƒŽǡ–Š‡’”‘ ‡•• ƒ„‡„”‘‡†‘™ ‹–‘–Š‡ˆ‘ŽŽ‘™‹‰•–‡’•ǣ  Steps in a CBA. Leeswijzer 1.. Problem analysis. 1. 2.. Establish the baseline alternative. 1. 3.. Define policy alternatives. 1. 4.. Determine effects and benefits. 1. 5.. • What is the problem or opportunity and how is it expected to develop? • What is the policy objective in response to this? • What are the most promising options?. • Most likely scenario in the absence of a policy • Effect = policy alternative – baseline alternative. Ch. 5. • Describe the measures to be taken • Unpick packages of measures to identify individual elements • Define several alternatives and variants • Identify effects • Quantify effects • Value (monetise) effects. Ch. 6, 7, 8. Determine costs. • Resources consumed to implement the solution • Costs may be one-off or recurring, fixed or variable • Only costs additional to the baseline alternative. Ch. 9. 1. 6.. Analyse variants and risks. • Identify the main uncertainties and risks • Analyse the consequences for the outcomes. Ch. 10. 1. 7.. Overview of costs and benefits. 1. 8.. Presentation of results. pbl.nl / cpb.nl. • Calculate all costs and benefits discounted to the same base year and calculate the balance • Present all effects, including non-quantified and/or non-monetised effects Ch. 11 • Relevant, understandable and clear • Explain: transparency and reproducibility • Interpret: what can the decision-maker learn from the CBA?. Source: CPB/PBL, 2013.  Š‡ˆ‹”•––Š”‡‡•–‡’•ƒ”‡–Š‡’”‡’ƒ”ƒ–‘”›’Šƒ•‡‘ˆ–Š‡ƒ†ƒ”‡†‹• —••‡†‹‡ –‹‘͵ǤͳǤ Š‡ ‘”‡‘ˆ–Š‡‹•–Š‡†‡–‡”‹ƒ–‹‘‘ˆ–Š‡‡ˆˆ‡ –•ǡ ‘•–•ƒ†„‡‡ˆ‹–•ǤŠ‡•‡•–‡’•ƒ”‡ †‡• ”‹„‡†‹‡ –‹‘͵ǤʹǤŠ‡ƒƒŽ›•‹•‘ˆ˜ƒ”‹ƒ–•ƒ†”‹••ǡ’ƒ”–‘ˆ–Š‡•–”ƒ–‡‰›ˆ‘”Šƒ†Ž‹‰ ”‹••ƒ†— ‡”–ƒ‹–‹‡•ǡ‹•†‡ƒŽ–™‹–Š‹‡ –‹‘͵Ǥ͵Ǥ  Š‡”‡“—‹”‡‡–•ˆ‘”’”‡•‡–ƒ–‹‘ƒ†‹–‡”’”‡–ƒ–‹‘‘ˆ–Š‡”‡•—Ž–•ƒ”‡–”‡ƒ–‡†‹‡ –‹‘Ͷǡ ™Š‡”‡™‡ƒŽ•‘†‡• ”‹„‡Š‘™–‘†”ƒ™—’ƒ‘˜‡”˜‹‡™‘ˆ ‘•–•ƒ†„‡‡ˆ‹–•Ǥ . ͳͷ.

(56) S3.1 Preparatory phase of the CBA.

(57) –Š‡’”‡’ƒ”ƒ–‘”›’Šƒ•‡‘ˆ–Š‡–Š‡’‘Ž‹ ›“—‡•–‹‘‹• ƒ•–‹ƒˆ‘”•—‹–ƒ„Ž‡ˆ‘”ǡ –ƒ‹‰ ƒ”‡–‘‡•—”‡–Šƒ––Š‡ƒ††”‡••‡•–Š‡†‡ ‹•‹‘–‘„‡–ƒ‡ǤŠ‡’”‡Ž‹‹ƒ”›’Šƒ•‡ ‘ˆ–Š‡ ‘•‹•–•‘ˆ–Š”‡‡ƒ‹•–‡’•ǣ  • –Š‡’”‘„Ž‡ƒƒŽ›•‹•Ǣ • †‡ˆ‹‹‰–Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡Ǣ • †‡ˆ‹‹‰–Š‡’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•Ǣ The problem analysis …. ǥ‡•—”‡•–Šƒ––Š‡ƒ††”‡••‡•–Š‡’‘Ž‹ ›‹••—‡—†‡”‹˜‡•–‹‰ƒ–‹‘Ǥ‘–Š‹•‡†–Š‡ ’”‘„Ž‡ƒƒŽ›•‹••‡‡•–‘‹†‡–‹ˆ›™Šƒ–’”‘„Ž‡™‘—Ž†ƒ”‹•‡™‹–Š‘—–ƒ›‰‘˜‡”‡– ‹–‡”˜‡–‹‘ȋ‘”™Šƒ–‘’’‘”–—‹–›™‘—Ž†”‡ƒ‹—‡š’Ž‘‹–‡†Ȍǡ™Šƒ–’‘Ž‹ ›‹••—‡ƒ”‹•‡•ƒ•ƒ ”‡•—Ž–ƒ†–Š‡‘’–‹‘•ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”ƒ Š‹‡˜‹‰–Š‡’‘Ž‹ ›‘„Œ‡ –‹˜‡ǤŽ–Š‘—‰Š–Š‡’”‘„Ž‡ ƒƒŽ›•‹•‹•‘–ƒ’ƒ”–‘ˆ–Š‡ǡ‹–‹•‹’‘”–ƒ––Šƒ––Š‡ ‘’‹Ž‡”ƒ‡••—”‡–Šƒ––Š‡ ’”‘„Ž‡ƒƒŽ›•‹•’”‘˜‹†‡•ƒ•—ˆˆ‹ ‹‡–„ƒ•‹•ˆ‘”†”ƒ™‹‰—’ƒ‡ƒ‹‰ˆ—ŽǤŠ‡ ‘’‹Ž‡”—•–ƒŽ•‘‡•–ƒ„Ž‹•Š™Š‡–Š‡”–Š‡†‡•‹‰‘ˆ–Š‡”‡ˆŽ‡ –•–Š‡’”‘„Ž‡ƒƒŽ›•‹•ƒ† ™Š‡–Š‡”ƒ›”‡Ž‡˜ƒ–‡ƒ•—”‡•Šƒ˜‡„‡‡‘˜‡”Ž‘‘‡†Ǥ  The baseline alternative …. ǥ‹•–Š‡‘•–Ž‹‡Ž›•‹–—ƒ–‹‘–Šƒ–™‘—Ž††‡˜‡Ž‘’‹–Š‡ƒ”‡–•”‡Ž‡˜ƒ––‘–Š‡‹ˆ–Š‡ ‡ƒ•—”‡—†‡” ‘•‹†‡”ƒ–‹‘™‡”‡‘–‹’Ž‡‡–‡†ǤŠ‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡‹•†‡–‡”‹‡† ‹–Š‡ˆ‹”•–‹•–ƒ ‡„›‡š‘‰‡‘—•ˆƒ –‘”•Ǥ

(58) ƒ††‹–‹‘ǡ–Š‡„ƒ•‡Ž‹‡ƒŽ–‡”ƒ–‹˜‡–ƒ‡•ƒ ‘—– ‘ˆ‡š‹•–‹‰’‘Ž‹ ‹‡•ǡ’”‘’‘•‡†‡ƒ•—”‡•ȋ‹•‘ˆƒ”ƒ•–Š‡‹”‹’Ž‡‡–ƒ–‹‘‹•˜‹”–—ƒŽŽ› ‹‡˜‹–ƒ„Ž‡Ȍƒ†•ƒŽŽ‡”‹–‡”˜‡–‹‘•–Šƒ–’ƒ”–Ž›”‡•‘Ž˜‡‘”‹–‹‰ƒ–‡–Š‡’”‘„Ž‡„—–™Š‹ Š ƒ”‡‘–’ƒ”–‘ˆƒ›’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡Ǥ  Policy alternatives …. ǥ ‘–ƒ‹–Š‡‡ƒ•—”‡–‘„‡‹˜‡•–‹‰ƒ–‡†ǤŠ‡’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡•ƒ†–Š‡„ƒ•‡Ž‹‡ ƒŽ–‡”ƒ–‹˜‡—•–„‡ Š‘•‡•‘–Šƒ––Š‡™‹ŽŽ’”‘˜‹†‡ƒƒ•™‡”–‘–Š‡’‘Ž‹ ›“—‡•–‹‘Ǥ ’‘Ž‹ ›ƒŽ–‡”ƒ–‹˜‡‹•†‡ˆ‹‡†ƒ•–Š‡•ƒŽŽ‡•–’‘••‹„Ž‡’ƒ ƒ‰‡‘ˆ ‘’Ž‡‡–ƒ”›‡ƒ•—”‡• –Šƒ–‹•‡š’‡ –‡†–‘„‡–‡ Š‹ ƒŽŽ›ƒ†Ž‡‰ƒŽŽ›’‘••‹„Ž‡ǡ‡ ‘‘‹ ƒŽŽ›ˆ‡ƒ•‹„Ž‡ƒ†Šƒ˜‡ƒ ”‡†‹„Ž‡”‡Žƒ–‹‘™‹–Š–Š‡’”‘„Ž‡‹†‡–‹ˆ‹‡†‹–Š‡’”‘„Ž‡ƒƒŽ›•‹•Ǥ . ͳ͸.

(59) Guidelines for the preparatory phase of a CBA The preparatory phase determines whether and to what extent the CBA will be useful in the decisionmaking process. The following instructions will help to ensure the CBA is as useful as possible. • • •. • • •. Check whether the problem has been properly described, including the plausibility of how the problem will evolve in the future. Check whether the most relevant solution strategies have been identified and incorporated into suitable policy alternatives. Where necessary introduce new policy alternatives. Analyse the plausibility of the policy theory behind the selected options: why do these options help to solve the problem and what mechanisms are expected to come into play? It may be a good idea to discuss the underlying mechanisms with the actors involved. The CBA compiler should not be distracted by the views of those submitting the policy alternatives. Do not include too many proposed policies in the baseline alternative. Do not define the policy alternatives so broadly that uneconomic aspects of the measures are carried by the cost-effective elements in the policy alternative.. .  S3.2 Determination of effects, benefits and costs •–ƒ†•‘”ˆƒŽŽ•‘–Š‡†‡‰”‡‡–‘™Š‹ Š–Š‡‡ˆˆ‡ –•‘ˆƒ‡ƒ•—”‡ ƒ„‡†‡–‡”‹‡†ǤŠ‡ ‡š–‡––‘™Š‹ Š‹–‹•’‘••‹„Ž‡–‘†‡–‡”‹‡–Š‡‡ˆˆ‡ –•˜ƒ”‹‡•„‡–™‡‡‡ƒ•—”‡•ƒ†„‡–™‡‡ ’‘Ž‹ ›ˆ‹‡Ž†•ǤŠ‡‘”‡’”‡ ‹•‡Ž›–Š‡‡ˆˆ‡ –• ƒ„‡‡ƒ•—”‡†ƒ†˜ƒŽ—‡†ǡ–Š‡‘”‡ˆ‹–ˆ‘” ’—”’‘•‡–Š‡™‹ŽŽ„‡ƒ•ƒ†‡ ‹•‹‘Ǧ•—’’‘”––‘‘ŽǤ Determination of effects. Š‡ƒ‹‡–Š‘†•ˆ‘”†‡–‡”‹‹‰‡ˆˆ‡ –•ƒ”‡„‡Šƒ˜‹‘—”ƒŽ‘†‡Ž•ǡ„—•‹‡•• ƒ•‡•ǡ ‡’‹”‹ ƒŽŽ›†‡–‡”‹‡†’”‹ ‡‡Žƒ•–‹ ‹–‹‡•ǡ‡š’‡”‹‡–•ƒ†‹†‡š—„‡”•ǤŠ‡‡–Š‘†•—•‡† –‘†‡–‡”‹‡‡ˆˆ‡ –•—•–‡‡––Š‡ˆ‘ŽŽ‘™‹‰”‡“—‹”‡‡–•ǣ  • Š‡‡–Š‘†—•–„‡• ‹‡–‹ˆ‹ ƒŽŽ›˜‡”‹ˆ‹‡†ƒ†”‡‰—Žƒ”Ž›”‡ƒ’’”ƒ‹•‡†Ǥ • Š‡‡–Š‘†—•–„‡•—‹–ƒ„Ž‡ˆ‘”‹†‡–‹ˆ›‹‰–Š‡‡ˆˆ‡ –—†‡”‹˜‡•–‹‰ƒ–‹‘Ǥ • Š‡‘”‡‹’‘”–ƒ–ƒ‡ˆˆ‡ –‹•ˆ‘”–Š‡‘—– ‘‡‘ˆ–Š‡ǡ–Š‡‘”‡†‡–ƒ‹Ž‡†–Š‡ ”‡•‡ƒ” Š‡–Š‘†‡‡†•–‘„‡Ǥ • ŽŽ— ‡”–ƒ‹–‹‡•”‡Žƒ–‹‰–‘–Š‡—•‡‘ˆƒ‡–Š‘†—•–„‡‡–‹‘‡†ƒ†ƒƒŽ›•‡†Ǥ

(60) ’”ƒ –‹ ‡ǡ–Š‡‡ˆˆ‡ –•‘ˆƒ‡ƒ•—”‡ƒ”‡‘ˆ–‡†‡–‡”‹‡†„›—•‹‰ƒ„‡Šƒ˜‹‘—”ƒŽ‘†‡Ž‘” ‡’‹”‹ ƒŽ”‡Žƒ–‹‘•Š‹’•ƒ†‹†‡š—„‡”•ˆ”‘–Š‡Ž‹–‡”ƒ–—”‡Ǥ ‘™‡˜‡”ǡ•— Š‘†‡Ž•ǡ ‡’‹”‹ ƒŽ”‡Žƒ–‹‘•Š‹’•ƒ†‹†‡š—„‡”•™‹ŽŽ‘–‡ ‡••ƒ”‹Ž›„‡•—‹–ƒ„Ž‡ˆ‘”—•‡‹ ƒƒŽ›•‹‰–Š‡‹••—‡—†‡”‹˜‡•–‹‰ƒ–‹‘„‡ ƒ—•‡–Š‡‹ˆ‘”ƒ–‹‘‘™Š‹ Š–Š‡›ƒ”‡„ƒ•‡†™‹ŽŽ ‘–ƒŽ™ƒ›•„‡”‡Ž‡˜ƒ––‘‹–Ǥ

(61) ˆ–Šƒ–‹•–Š‡ ƒ•‡ȋˆ‘”‡šƒ’Ž‡ǡ‹–Š‡ ƒ•‡‘ˆ–Š‡Žƒ„‘—”ƒ”‡– ‘”–Š‡‡†— ƒ–‹‘•‡ –‘”Ȍǡ‹–™‘—Ž†„‡„‡––‡”–‘ ‘†— –ƒ‡š’‡”‹‡–†‡•‹‰‡†–‘‰‡‡”ƒ–‡ ‹ˆ‘”ƒ–‹‘ƒ„‘—––Š‡’”‘„Ž‡ƒ–Šƒ†ǤŠ‹•ƒ›„‡ƒ”ƒ†‘‹•‡†‡š’‡”‹‡–ǡƒŽ–Š‘—‰Š–Š‹• ™‹ŽŽ‘–ƒŽ™ƒ›•„‡ˆ‡ƒ•‹„Ž‡ǡ‹™Š‹ Š ƒ•‡ƒ‰‘‘†ƒŽ–‡”ƒ–‹˜‡‹•ƒƒ–—”ƒŽ‡š’‡”‹‡–ȋƒ ‡’‹”‹ ƒŽ•–—†›„ƒ•‡†‘ƒ˜ƒ‹Žƒ„Ž‡†ƒ–ƒ‹™Š‹ Š‡š–‡”ƒŽˆƒ –‘”•ƒ”‡ƒ ‘—–‡†ˆ‘”ƒ•— Š ƒ•’‘••‹„Ž‡ȌǤ— Š•–—†‹‡•ƒ”‡ƒŽ•‘†‡•‹‰‡†•’‡ ‹ˆ‹ ƒŽŽ›–‘‹˜‡•–‹‰ƒ–‡–Š‡‡ƒ•—”‡ƒ–Šƒ†Ǥ . ͳ͹.

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