The transformation of local democracy through the use
of semi-direct democracy procedures in France and
Germany
Christophe Premat
To cite this version:
Christophe Premat. The transformation of local democracy through the use of semi-direct
democracy procedures in France and Germany. Congrès mondial de l’IPSA 2006 (Fukuoka, 9-13
juillet) RC 05 : COMPARATIVE STUDIES ON LOCAL GOVERNMENT AND POLITICS,
Jul 2006, Fukuoka, Japan. 2006. <halshs-00156904>
HAL Id: halshs-00156904
https://halshs.archives-ouvertes.fr/halshs-00156904
Submitted on 24 Jun 2007
HAL is a multi-disciplinary open access
archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from
teaching and research institutions in France or
abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est
destinée au dépôt et à la diffusion de documents
scientifiques de niveau recherche, publiés ou non,
émanant des établissements d’enseignement et de
recherche français ou étrangers, des laboratoires
publics ou privés.
!"#
%$&'#(*)*+,(-
.+0/"123#
4$+56("78+9:#
+;&
<$
=">@?BADCFEFG-HI>IJKL?BJ'MONPEFQ-KRGPSTAUEFATVNPSIW4VXADJYIVJZ[Y@CFEFAUE]\^E]J*GP_#`*G-?BaIJN-\4b
ec dgf-hXikjml-i*nDo'pqjsr-ihor-iXtujmluiwvFil-oPpx.iXiyf!okz{ow|%i*}-~#dgf4pjmdj-jmdg}-f-ongdp0ojd}f{}-~#n}eh'on-vFi~iBvFif-r-o*dDf
.v}-.itpl-}PzdgfOx.}Pjmljml-i6|.dp8dx.dTnDdjm}e~R.}engdjdThonng}%honp4pmji2pofurjmlui!-v]}uz{dgf:dg.}-vqjowfuhi{}~
ng}.hon4r.i{}.hwvFohw%y!}Pzhofz{i|.on%ikjml.ikIpFi"}-~ng}eh'on-vFi~iwvFif-r-o'k!}!jml-iw!o~~iXhjIjml-i6pqjmvm%h[j.vFi}~
ng}.honvFiB-vFipFif'jojmd|.ip%pqjip0OiOz{dTnDn*of.pqz!iwvjml.ipFi%ipmjdg}-f4px-,h}e.owvFdUf-jz!}hw}P.fj vdTip
zl-dDhl7l-or7ovFiw-vFi'pFifjojmd|ihX}fuhiBPjmdg}f7}.~Lr-i{}.hwvFohwut#¡"iwvFofPoyfur¢^vFof-hiPcedgf.hi6jml-i B£-£-¤ p]t
x.}Pjmlh}P.fj vdgiPpl.ow|.ii'pqjox.nTd¥pFl.iXr¦fuiwz§vq%ngip7}.~ng}.hon"r-i{}ehBvFohw.t6dgfuhyn%r-dgf-¦jmlui¨IpFi}e~ng}.hon
vFiw~iwvFifur-oPel-iBvFiop¢IvFof-h'i6jox.nTirOf.i1zx.dTnDnpdUfng}.h'on#r.i{}.hwvFohwoPpoh}-fep]i%if.hi{}e~jml-i~dUv0pqj
©"hj}~sr-ihifjmvFongdgª'ojdg}-fdgf B£e«I t4¡6iBv¬!oyfP-vF}.{}ujiBr!jml-dTpj}--dgh"opov]ipq%njR}.~@jml-i®<i%f-dU~dDh'ojmd}f%
¯ l-i*ng}ehXoyn.vFi~iwvFiwfureo*owv]i6pFiifopRof{dgf4pqjmvq%{ifjIjm}{vFi1f-iz°jml-i%owvqjmdghdg.ojdg}f!ojng}.hon.nDiw|iynm±*dgf.r-dUf-
vFiw~iwvFifur-oOhwv]ioji7oyf:%f-hiBvqjodUf'jq²dgfng}.honr-i{}.hwvFo'hw4³#jml-dp{dp*z{lPng}%honinDdjip"z{of'jjm}hB}-fjmv}n
jml-i´dUf}-vFr-iwv"jm}o|.}edro:f-i1zµ~m}-vF´}~h}e.i1jdjmdT}-f4¢4.v¥jmluiwvF{}-vFitkn}ehonvFi~miwvFifur-o¨oBvFi}~Djif
op0pF}.hydojir¨z{djml¶jmlui:r-iw|.}en·-jdg}-f}-~".}uz!iwv8p]tk{iof-dTfP¶jml-o1j*jml-iO.}-ngdjdThondUfP|}en|%iif'jh}u%ngr¶x.i
iwfuh}u.v]ow.ir!jmlvF}P.-lo"h}-f-hiBPjmdg}f}e~fuidU.lPx.}P.vlu}-}-rr-i{}.hwvFohw%Piz{}P%ngrnDdg¸.ij}owfuoyng4p]i<jml.i
z!oXng}.honIvFi~miwvFifur-oo~m~iXhjjml-i6E]ADM7Jw¹FC8VXNSTJ}e~Rng}.honr-i{}.hwvFohwp4pqjipdgf
.v]}.iP ¯ luijmdgi{}e~
ng}.hon*r-i{}.hwvFohw,dD{.nUdTiPpj}pqj%r¶jmluiº-JYIJNPSTG-º»°}~*jml-i'pFi:-vFohjmdThi'pdgfx}jmlh}u.f'jmvdgip]tjmluiydgv
dgfe~mnIifuhi*}f.}ngdjdThon.N-º-JYIa@NP¹]C8JwEE]ADYIº{owf-r6jml-if6jmlui_F?BJ¼I\@JXY@V1»}-~#n}ehon-vFi~iwvFif-r-o
¯ lui¶~qdgv8pmj{.owvqj}-~{}P.vz}-v¸zdgnUn"~m}.hIp}-fjml-i½z!owjmlui¶dp8pq^i¶}-~{ng}.hon*vFi~miwvFif-r-o:z{oPp
dgfjmvF}.r%hir&dgf+ng}.hon.}engdjdThp[¾Ff+¡6iBv¬!oyfPtjml-i¿v0i~miwvFif-r-oÀofurÁjml-i¿.}-P4nowvdgfedjdTojmd|%i¦z!iwvFi
dgf.hn%r-iXrdUfh}.%f-onIhl-oBvqjFp.f-r-iwvjml-i*-vFip0pq.vFi"}~Ro'p8pF}.hdgojdg}-fepz{l-dDnTi6dgf{¢IvFof-hijml-i*-vF}.hir.vFi
dpRh}-fjmvF}-ngnTir!x-"jml-i*ng}.hon-vFiB-vFip0ifjojmd·|%ip1 ¯ lui6p0ih}-f-r.owvqj@}~}P.v#z}v¸zdgnDn.ng}eh'ojiLjml-i-vFoXhjmdgh'ip
owfuriXÂuenTodgfjml-i6v]iynojd}fxijz{iXiyf{jml-ingiw.dpFnTojd}foyf.rjmlui6~vFi%ifuhX2}e~Rng}ehXoyn%vFi~iwv]iyfur-oPPl.ojRdp
jml-iiBfjmvFowfuhi¶-vFdghiof-rl-}Pz§ofPng}.hon6v]iy~iwvFiBf-r.oowvFipq%hXhip8pF~%nD©*vFi¨jmluing}.hon*vFi~miwvFifureo
x.iXh}e{dgf-of.i1zYIG-?M}-~#n}ehon-.}P|.iwvFfuoyfuhi*dUf
.vF}-.i
I) Local referenda as a new political issue
1) The necessity of consulting people
} ngdjdThon .oBvqjdipFt h}e.oyf-dTiPp owvqjmdgf-t B£-£ t ng}ehXoyn .}P|.iwvFf-ifjFp }v fuojdg}fuon
.}P|.iwvf-ifjFpowvFiIpFdgfO{}-vFiofur2{}-vFijmlui6vFi~miwvFif.r%+opongiw.djdDohw7dgf-P-j0P¢}vjml-i".}ngdjdThon
.owvqjmdipFtjmlui6odTdpj}h1vFioji"o!o ]}vpqjmvFiXoy o{}efjml-idvLix%iwv8pz{l-iBvFioph}4of-dTip#p]i6djRdgf
}-vFr-ivIjm}{oB¸.i6pF}e{i"r-dU~~dTh4n·jr-iXhydpFdg}.f4pxi*o'hhiwPjir4¢}-vdgf4pqjowfuhitedgf¢IvFof-h'itPjml-i*iXh}eng}-edTpqjFpRof-r
jml-i{pF}.hwdgonDdpqjFpor-i*jml-idviyx%iwv0pL|.}Pji6}-fjml-i
.v}-.iowf }f.pqjdjPjmdg}-f ¯ vFio1j-tIdgf}-vFr-iwvjm}l-o|%i
ohnTiowvpFdg.f-on#~mvF}ejml-i ¯ l-i"vFiPpq%njz{o'poynTn4jml-i}-vFi6dgfjiBvFipqjmdgf7oup « }e~#jmluip]}ehdgonTd¥pmjFpof-r
}-~#jml-iiXh}eng}--dpqjFp|}ujiXrdUf~ow|.}P.vL}-~#jml-i ¯ vFiXojz{luiwvFioPp
}~#jmluiinTihj}-v8pLvFiB~DIpFirdjdUf
.£ ow .¤-¤ . ¯ l-ivFiB~iwv]iwf-r% dp"or-dU~~qdThw4n·jkj¥}-}n#j¥}:{of.ow.i2~m}-vkjmlui.}ngdjdgh'on.owvqjdgip ±k%rP.iXt
B£-£ t#c.iwdgr-inTt B£-£e« owf-rjml-i"h}-fepFiX%iyfuh'ipL~m}-vjmluikjDz!}.owvjmdgipz{iBvFi6%dji6dgf'jiwvFipmjmdUfI-©6njmlu}u..l
jml-iih}-ng}.dDpmjFp{owvFird|.dTr-irdUf'j}f'4!iwvF}PIppqjmv]iowp0tjml-i7vFiw~iwvFiwfur4´l-ing.ir¨j}h1vFio1jiOoO!o ]}v
pqjmv]iow+dgfO~ow|.}P.vL}-~#jml-i }-fepmjdj-jmd}fut%z!djml-}P-j#xiydgf-Ip]iropofdgfjiBvf-onIvFi}-v.owf-dpFo1jdg}-f4 *fjml.i
h}-fjmvFoBvqutsjmluivFiw~miwvFifur4 !}er-dg~dTir¶pmex%pqjowf'jdgonTnU:jmluixoynTof-h'i}-~Ljml-i:c.}ehdgonTd¥pmj oBv¥j:x-½ed|%dUf-
pF}-iix%iwv8povFion%}-.}-vj.f-djq"j}hX}f'jipj0¾jdDpLf.}j4jmlui~mdgv8pqjIjmdgi<jmluojIjml-ivFi~miwv]iyfur4+dp#pFir
dgf4pFdTr-i¶o:.}engdjdDhXoyn.owvqj jml.iih}en}.dDpqjFp dgonTojjit B£-£ t-v}-{}PjmdUfr-dvFi'hj!r-i{}.hwvFojmdghOj}-}-nDp
iÂu.iwvFdDifuhir¶dj<dUf²¡"iwvFoyfP¨oyfur¨dgf¨¢^vFof-hi7oj*n}ehonLniX|inqI¾Ff}Pjml-iwvz!}PvFrepFtRhowf7z{i7iwÂ-.nDodgf:jml-i
~vFi^ifjLIp]i}-~jml-i{vFi~iBvFiwf-r% oPp*oOpmjmv}-fPdgf-r-dThowjm}-v}~jmluihwvFdDpFdp"}-~L.}engdjdThonvFiw-vFi'pFifjojmd}f%
!}½jml-ivFiw~miBvFif-r%2pdDnTnIpmjmvFoji7owf¶dgfurd|.dTr%onDdpqjdThOiwÂ--v]ip1pFdg}ef²}-~kjml-i7}--dUf-d}ef ¡6o1%hyluijt .¤-¤
¯ l-d¥pf.i1z3r-i{}ehBvFojmdgh6z!oXhX}u%ngrjmlPvFio1jiwf7onUnIjml-i{h'}ngnTihjd|.i6%f-djFpngdg¸%ijmlui6jvFor-i ¥.f-dg}-f4powf-rjml-i
.}-nUd·jdThon4.owvmjmdDi'p1!if-hit-jml-iwvFi"d¥po6fuiirj}~vFo{i<jml-dpf-iwzÀjm}-}-ngt@p]}jml-ojsdjRhoBff-}Pj#xiv]ir%hirjm}
o.ngiwx.d¥p]hdjowvFdToyf{dgf4pqjmvm.{ifjf-}-v@j¥}oBfdgiXrdTojikz!o!}e~iXÂu-vFip1pFdgfP}-edgf-dg}.f4
i¸.f-}Pz ~vF}ejmlui½pmj%rPdTip"}e~L®<}f.ongr¾fP.nTil.owvqj ¥¾mfP.nTil-owvqjt B£ jmluojLjmluir-iyof-r}e~
r-dvFihjkr-iw{}.hwvFohwof-rO.oBvqjdhydg.ojdg}-f2xi'hoiof.iz3|.on%idgf2jmlui.if-iwv]ojd}f.p*}-~jml-ipFdÂPjdDi'p*of-r
jml-i6p]iw|.ifjdgiPp1 ¯ lui6ifP|.dgvF}-f-iyf'jonedp1pq%iPp#z!iwvFi*-vFi|%odgnDdgf-of-r{}-vFi*dD{.}-v¥jowf'jIjml-owf{^ipmjdg}-fep}e~
z!iyngn qx.idgf- jmlui{h4n·j.vFonpFl-dg~DjiwÂuenTodgf4pkz{lPjmlui.i}--ngi6z!iwvFi{oPp¸.dUf-7vFiw-v]ipFifjo1jmd|ip4pqjipLj}
x.i"{}v]i6}-.iwf-iXrowfurdUf.hnIpFd|%iPP¾f{¢IvFowf.hXitjml-i"or-{dDf-dpqjmvFo1jmdg}f}-.iwf-iXrdjFpFing~#j}6jml-i"hyd·jdªyiyf4ppFdgf.hi
"
!!
#
$%&('*),+.-/0-1325476"498:4;'.<=65-><?'@4A+CB;2ED('F6G&'.H4;'C/EI('@4KJ4KJCLNMCJCL6525OQP(JCB5652Q'@4;RSP(JCB56UT(VWD('@+CJ.8:4A'F65&('TYXZ-B7[('C<NJ@+C+.-B;<?2UL(1\6]-\60&('
PB72UL(+C2QP(/0'^-W_`Ma^bcedUcef?g.h=ijWklb3mUdGgCR=n5o3p@q3rr;s7pCttWur*v(w@xytzpWqzW{?|;}W%&'^H~'CH=D('CB49&?JeI('F65-SD('+W-L478/Q65'C<>B;'C18?/GJCB7/ETV65-=JeI(-2G<
J+C'CB65JC2UL>D38?B;'CJC8(+eB;Je652]4AJe652G-L-W_60&('SH~-CI('CH~'.L?6;}C%&('^
JCB6TN-B;13JCL?254A'C<NHJ.LTN/G-+CJW/+C-L48/Q65Je6520-L49-W_
65&('FH~'CH>D('CB4J42QL
C3 2ULN=-WB760&>F&?2QL'S'@476GP?&(JC/G2UJSJCL(<=2QL .? 2UL\60&('FB;'C132G-L/U'@O<?'@O]
B;JCL(+C'}SLN2UL6]'eB;'@4652UL(1B;'@4;'.J@B;+e&>P?B;-1?B7J@HXZ-W8(/0<
D('^6]-SI(J@/Q8('F65&(-?4;'pCw
[email protected]
v3x#
pWqz.uQz@wr2QL:4A2G<?'*6G&'^P-/G26]2G+CJ./(P?JCB7652G'@4e}
jml-i*ifur}.~^jmlui!p]iw|.ifjdgiPp yjmlui.}4pqj m{}er-iBvfcPjojidgfjmvF}.r%hir*jml-i*dDr-iXo6}-~h}-fepm4n·jojd}f{dgfr-dg~~iBvFifj
~dTinTrep kluiw|.onDnTdDiBvFt .¤-¤
¾f{o*f-}-vF{ojd|i*ow--vF}.ohwlutujmlui*Iipmjd}f{}.~@v]iy~iwvFiBf-r%&dpLngdgf-¸4ir6j}6jml-i*ifuh}u.v]ow.i{ifjs}~
jml-i.}-nUd·jdThon.owvmjmdghdU%ojmdg}-f4¦ihXoyfjmluiyf°r-dpqjdUfP4dpFljz!}ÀrPdU~m~iwvFifj7dgfjingnTihj%on*jmvFor-djmdg}-f4pFto
vFiw-v]ipFiwf'jojmdg}-f-dpqj }fui 0ceoBvqjm}-vdgt B£-£ z!l-dDhl dDf.pFd¥pmjFp }-fµjml-i }-vFdedgf.onÀdgfP|%ifjdg}f }.~Ájml.i
vFiw-v]ipFiwf'jojmd|.ip4pqji´of-r¶jml-i:.owvqjmdhydg.ojdg}-f-dpqj!}fui ±*oBvqx.iwv]t B£e« zl-dhyl-v]}e{}jipo¶pqjmv}-fP
hd|.dDh7l%of-dpF }.h}.hw¸-t .¤-¤ @¢}Pvjmlui2v]iw-vFip]iwfPjo[jmd}f-dpqjFp]tjml-i7r-i{}.hwvFojmdghjm}-}-np"l.oX|ij¥}¨x.i
hngowvFdg~dTi'rx-jml-ivFiw-v]ipFifjo8jmd|%i~v]oyikzl-iwv]ioPp~m}-v@jmlui.owvjmdDhd%ojmdg}-f-dpqjFp]tujmlui6p4pqji}-~r-iynTiw.o1jdg}-f
l-oPpjm}xi6r-iXiweng{}.r-dU~dDiXrdUf}v]r-iwv#jm}xi6h}-.ojdx.niz{djmljml-i*.owvqjmdThdg.ojdg}f}-~@jmlui6hdjdgª'if4p1 ¯ l-i
vFiw~iwvFifur4{tIoPpo{{}.r-iwvfj}-}-ngt@dpidjl-iBvp0iifoPpoh}-enTiifj}-~#jml-ivFiw-vFi'pFifjojmd|ip%pqji3}v
opRo6pmex%pqjdj-ji'¾¥jFpl-dpmj}Pvq{}.~Djiwf{r-ip]hwvFdx%i'pRhw.hnTiup}~.}ngdjdgh'one{}-x.dDnDdgª'o1jdg}-f{of-r.}-ngdjdThon.vFioh1jdg}-f
|.dp |.dpjmlui¨vFiB-vFipFif'jojmd|.ip4pmjik¢}-vdgfepqjoBf-hit"dUfjml-i !f-djirÀcPjojipFtdgfjml.i¶ioBv¬ng «£-¤ p
q©%iwv]t B£e«£ tcPjiwn ªPif- %nUnTiwv]t B£-£ to B.}P%ngd¥pmj {}-|.iiyf'joB-.iowvFir-t@xop0ir7}fof7ojjiwPjRjm}
hwluoyf4i*jml-i6vq%nTip}-~jmluiinDiXhj}v]own4%oyiP ¯ l-i }-P4ngdpqj owvmjr-dTrOf-}jpm%hhiiXr2dgfhwvFiojmdgf:ojml-dgvFr
}-v.owf-dDp]ojd}f -vF}e{}PjmdgfP r-dv0ihj r-iy!}ehwv]ojmdgh j}-}-nDp0t¨x-j¿d·jFpÀdgf-~n%iyfuhi }-f ®<iwP.x.nDdThof4p oyf.r
!iy!}ehwv]ojFpRl-in.irjml-}4pFi*.owvqjmdgipj}hwl-owf4ijml-idvz!oX}-~@z!}v¸-dUfI ¯ l-i"or-}Pjmd}f}-~@jml-i Xho^hIp p4pmji pqjmvF}--}Pv0p¸.d B£-¤ tkjmlui¶dUf'jmvF}.r%h[jmdg}-f,}e~{.}P.ngoBvdUf.djdTojmd|%i¶of-rv]iy~iwvFifur4 dgf¿pF}ei
cPjo[ji'pRowvFijml-i*r-dvFiXhjvFipq.n·jFpR}~4jml-dpRdgf-~n%iyfuhiP
{dDpmj}vdhonDnUt#cPz{djmª'iBv¬nTof-rdp}fui6}e~Ijml-i~mdUv0pqjRhX}u.f'jmvdTipz{l-dThylor-}-Pjir6jml-i*vFi~miwvFif-r%+dUf
}-vFr-ivj¥}ngiw.djdDdgª'i²o¨fuiXz jiwvvdj}-vdgon<}vFr-iBv1 ¯ l-i:vFi~miwvFifur4 z{oPppFiro'por-dU.ng}eojdghOj}-}en
x.i1jz{iifjml-ir-dg~q~iwvFifjhXowfj}-fep7x%iy~m}-vFixih}e{dgf--vFi|.odTnUdgf-r.vFdgf-¿jml-if-dgf.ijiXiyf'jmlÀhif'j.vq%
©"hh}-vFr-dgfP¨j}¡"owngnTow.l-iwv ¡"oynTnToweluiwvFt B£-£ t }-~jml-ivFi~miwvFif-r%p}-~kjml.iz!}vnr¶owvFi7l-inTr¶dUf
cPz{djmª'iBv¬noyfur4#¾F~vFi~iwvFiwfur4 dp{}-~Djif:IpFiropofof'jd iyngdjdpqj"dgf4pqjmvm.if'j"df¨jml-dph}P.fjmv }ux.dt
.¤-¤-¤ tjmlui.}engdjdhonIp4pmjiy dUf'jiw-vFojiXrjml-dTpRVG-Y#CFE0?wN-ATY^ER}-~I.}u|iwvf-ifj yjmluivFiw-vFip]ifjojmd|.iPpRl-ow|%i
jm}¿fuiw.}PjmdgojiP-x.ngdTh.}engdThdDi'pdUfox.ijjiwvz!oX dg~2jmluiXz!ofjj¥} o1|.}-dgr jml-i}-v.owf-dTp0ojmdg}-fÀ}-~:o
vFiw~iwvFifur4 ¯ l-dp*dpkz!lPjml-iv]iy~miBvFif-r% {}er-dD~dDi'pkjmluiz!}-v¸:}-~jml-iv]iw-vFip]iyf'jojmd|.ip4pqji oyf.r
djFp ow.if-r.o ¬p]ijjmdfPI ¯ l-i&jdgi ¬p]honTi}e~jmlu}^p]i-vFoXhjmdgh'ipÀdpÀfu}uj¦ownz{ow%pÀh}-fjmv]}ngnTir x- jml-i
vFiw-v]ipFiwf'jojmd|.iPp1
?
=e
l
C e
5
Y
(
(
2) The late recognition of local referendum
¾ f¨¢^vFof-hitpFdgf.hi2jmlui B£ -¤ pFtp]}e{iO.}engdjdThdDof.p{l-ow|%i:hongnTir~m}-v6jmlui2IpFi:}-~*vFi~miwvFifur-o:oj
f-o1jdg}-f-on<oyfurng}ehXoyn*nTiw|.inp1 ¯ l-i:vFi~iwvFif-r%§l-oPp{x%ih}-{i¶oh}.%f-dThojd|i¶dgf4pqjmvq.{if'j6z{l-dThl
ow-.ioBv8p*dgfong}Pj}-~reiXhynTowv]ojmdg}-f4p*}e~hof-r-dDr-o1jip1 oyfP.}engdjdThon.owvqjdgiPp-vF}-{}Pji!jmld¥pj}--dghoPp"o
!
K
f-i1zz!oX¨}e~~mdgel'jdgfP²ow.odgf4pqjjmluiox4pmjiyf'jmdg}-fof-rOjml-if-iw.o1jd|.io1jjmdj%r-i}~Ljmluihyd·jdªyiyf4pjm}Pz{owv]rep
.}-nUd·jdThon iynTdjip[¦± ed|%dgf- jmlui {}-vFi§}-.}-vj.f-djdipj} jow¸.iµ.owvj3dUf reihdpFdg}ef.pFt¿jml-i
vFiw-v]ipFiwf'jojmd|.iPpOjml-dgf¸¿jml-ojjmluiXz{dTnDn{vFir%hXijml-ioxIpmjiwfjmdg}-f4 ¯ l.ing}ehXoynnTiX|ingt{oup½onDiw|iyn}e~
-vF}PÂ.dgd·jq:xijz!iif:ng}.honRiynTih1jowf-riynTih1j}v8p]t#dDp<}e~Djiwf¶p]iif:opow--vF}--vdgojijm}iwf-hX}u.vFoB.ion}ehon
.owvqjmdhydg.ojdg}-f yjml-dpd¥pjml-i"M».EF>7}e~ng}eh'on%r-iy!}ehwv]ohwIP¾f .¤-¤ t dg}ef.in 1}4p.dUfutujml.i vFdgi dgf.d¥pmjiwvFt
r-ihngowv]ir¨jml-oj djz{}P4nr xiOl-}-.ir½jmluoj"ng}.honof-r¶vFiBedg}-f-onLv]iy~iwvFifur-oOh}P%ngr xiO}-v.owf-dp0ir¶dgfo
h}-fepm4njo1jmd|%iz{ow+dgf+}-vFr-iwv:j¥}hBngowvFdg~q jmlui¿r-i'hdpFd}-fep 1}4p.dgf-t .¤-¤ t .¤ tiXhwl-}-dgfP j}Ájmlui
.}4pdjdg}-f4pR}~4jmlui~m}vF{iwv-v]ipFdgr.iyf'j djjiwvvFowf-r [
¯ lui.owvmjmdghdU.o1j}vqr-i{}.hwvFoXhXdpkjmluiirdThdgf.iow.odTfepqjjml-ir-iXhyngdgf.i}-~jmluivFiw-v]ipFiwf'jojmd|.i
p4pmji#¾F~*dj"dDpdUf.hn%r.ir¶dgf½jmluiO'jl²}e~*ng}.honLr.i{}ehBvFohw owx.dDnTio1%t B£-£ tjmluiOng}.honLinDd·jip
ojTjmdj%r-irPdU~~iwv0pz{l-ifdj{hX}{iPpj¥} jmlui¨oB-engdThojdg}-f}-~ng}.honvFi~miwvFif-r-otofP}.~jmluiy´~iXowvFdUf-
pF}-i.}-P.ngd¥pmjh}-fep]i%if-hiP
p 1 ¯ l-dp*ng}-fP½r-iXxojiv]ipq%njirOdgfjml-i{ihXiyf'jmvFongd¥p]ojdg}f©"hj}-~ .¤-¤ t
zl-dDhl7dgf.hyn%r-ir~m}-vjml-i{~qdgv8pmjjmdUi{ng}ehXoynIvFi~iwvFif-r-o{dDf{jml.i }f4pmjdjjmdg}-f4 ¯ l-ipmjiwOdphynTi'owvLxP-jjmlui
h}-f-r-djdg}f.p"owvFi|.iBv]½vFipqjmvdghjd|i #ong}.honvFi~iwvFiwfur4 hof:x.ir-ihdpFd|%i2dT~ ¤ }-~Ljml-i.}-P.ngojdg}ef
jow¸.ips.owv¥jdgf{dj0 ¯ l-dp#z!ow}e~IvFih}--f-dª'dgf-jml-ikpFi*}-~#ng}.honev]iy~iwvFifur-okz{l-dgnDix-v]ow¸edgf-djtv]i|.ionpjml-i
ox.dUP%djm,}~*jml-i:¢IvFif-hl.}engdjdgh'on*h%nj.vFi jml-i:vFiw~iwvFiwfur4§dpoh'hiBPjiro1jfuojmdg}-f-onnTiw|%inkxP-j
dgefu}v]ir{o[jng}.honenTiw|.in
¾f{¡"iwvF{ofP.teofP.}engdjdThon..owvqjdgipRhXoynTn4~m}-v#jml-i*iÂjiwf4pFdg}ef{}-~I.owvqjmdghdg.oj}-vq!r-iy!}ehwv]ohwop
oz{ow}e~iwÂu-vFip1pFdgf-jmluivFi14f-dT~dThojdg}f}e~Ijml-ihX}u.f'jmv¥% ¯ lui{}ujTjm} !v]iy~mnTi'hjir
f-}Pj^}f-njmluikz{dpFl6j}6x.i*}-f-i*h}P.fj vq{oB.oydgf.tPxP-jsonDpF}jml-i*o~m~qdgvFojd}f{}-~I.}P.nowvLpF}P|.iwv]iydg.fjm%" FIpqj
x.i~m}-vFiOvFi14f-dg~dTh'ojmdg}-f-tjml-iop0pF}.hdDo1jmdg}f $#%'&()'*+-,/.0 Oz{oPp{~m}P4fur-ir¶x-.i}-enTi2z!l-}¶jm}-}-¸
.owvqjdgfpF}e!ipF}.hdgon4{}|iyifjFp}-~@jmlui!pFdÂPjdTip oBv¬¸.}P|.djFp]t4¡*}v0p¸-dgt B£-£ t }l.pFiwv 0c.}-l-f-t B£-£
¾f B£e« tLo2xIpFtL}-f:z{l-dThl 1{dgvFihj{i{}.hwvFohw 2zo'pzvFdjjiwfutjvFo1|.inDnTir²ohwvF}4p8p
opqjowf-r¨°i'pqj
¡"iwvF{ofPj}O-v}-{}Pjijml-o1jLdgr-iXoP±<ijz!iif B£e« ofur B£-£ t^jmluixIp6pmj}-.iXr2dgf .¤-¤ hyd·jdTiPp1#%'&
(1'*23,/.4&dpjml-ioup0pF}.hdgojdg}f&z{l-dThl pq.-.}-vqjir jml-idUfuhnIpFd}ef3}e~ng}.honOvFi~iwvFif-r-odUf+jml-i
nTiw.d¥pFnTojdg}-f}e+~ 576,of-rdUfÀjml-ih}.%f-onhl.owvmjFp1 ¯ luiw owvFih.vvFiBfjn ng}x-x-.dgf-&~m}-v:jml-i
.}4p8pFdx.dDngdjm}-~#}-v.owf-dpFdgf-{vFi~miwvFif-r-o*}-f
.v}-.iowf{dp8p%i'pRoj4jmlui~mir-iwvFon4nTiw|.in
}ngdjdThone%owvqjmdgiPpz!iwvFi"rd|.dTr-irhX}fuhiwvFf-dgf-jml-iIpFi"}-~@jml-}4pFi"dUf4pmjmvq.ifjFp ngow%ipFt o%npFt
B£-£ ³°idÂ.f.iwvFt .¤-¤ ¯ lui ¢% nTdx%iwvFon6.oBvqjq¦dDf-hn%r-irjml-i¶.}4p8pFdx4dTnDdjm°}e~{vFi~iwvFiwfureodgf¿dj0p
F
F
A
`
A
C
!
!
89 2Q6U65'CB7B"JCL(<?V:B;J.L2.: -2]4V3Me<e; P-L4;'>=>?FB"2G+C'A@JW/0-L(<3'CR2QLCB
gD iE?f3gV 2FHGI?JGA.?F }
K L 2UB7J.8<V 9 20+e&('C/GV?MM@'FBN;e_4;CB;'.L<8HOQP'478254*4;+.'eP?652SR8('} R2QLCBUT b'VCmGdGiE=h!WJEdXV@d YbZQgVJPJCL38?JCB5T .[( JCL(<=MH\L<';eLJ
608?B;'S/UJ
<.
; H~-+CB;J.6]2G'F/G-+CJW/G'CRS2UL!Bg<]KkliH^k`_CclV F3I 9 JeT C3I } 9 20+.&'./ L 2QB"J
8<N254+C-L4;'.B5I(JC6G2 I('nH~'CH=D('CBK-W_
65&('F'
a(OG*F|}%&'
B;'@4A2G<?'eL36:-W_*
b -L47652Q6G86520-L3J@/c*
b -W8?L(+C2G/(254B;'C/8+e65JCL6(6]-WXJWB;<4960&('*84A'-_`/G-+CJW/(B;'e_"'CB;'CL(<3J} 9 J3d@'CJ.8?<V
2G'eB"B;'@VM`@'
JWB"/G'CH 'lL36'e6`4A'@4KMCJW<@I('CB4AJC2UB;'@4AR@RS2ULC*
] i'We idUkc
V C?'F V MI O `I }C=49_"-B6G&'g?f -+C2GJW/G2]46"4;V4A'C' L /UJeI(JCLTV'P '.J@LVc(h g.kciGZ b
Ei'W@e g3ZSUZ gj<k4YWl'UZ dSmW giWUK
n ihh=gH?E m(h=i?fg.k$(E dQcgCk<UZ bUK
n i3E clmGdUmS3W mUdGi~
E nG
J.B"254VJC; <?2Q6G20-L4 L B"J44A'e6"V C3
|;}
-vF}-PvFoBidgf B£ -£ t^jml-if:dgf:d·jFp*inTihjdg}-fO-vF}--vFow{idgf B£e«¤ oyfurOdgf2jml.iLdx%iwv]oyn of-dD~iPpqj}7}~
B£e« .¾f B£ « t2jmluic.}.hwdgon ¥!iy!}ehwv]ojFp 8c -vF}u}^p]irongoz }-f jmlui&}-v.owf-dpFojdg}-f3}e~o
vFiw~iwvFifur4+owx}u-jIjml-i"r-i|%ing}-eifj}~f'%hnDiXowvz!io.}-fep1'6.vFdgfPdjFp.}ngdjdTh'oyn^h}f-vFip1p}-~ B£e« t
jml-ic r-ihdgr-ir½j}-v}--}4pFivFiw~miBvFif-r-o7oj"ongnnDiw|iynp[ ¯ lui }{%f-d¥pmjFp c owf-r
h}-ng}-edpmjFp
¥± .f-r-f-dp £-¤ {dTi*¡v 4fuiyf owvFi*onpF}dgf~ow|.}P.vR}~4jmluidgfjmv]}er%h8jmdg}-f{}~Rpq%hl-vF}.hir.v]ip1{}Pz!i|.iwv]t
jml-i }f.pFiwvm|.ojd|.i oBvqjmdTip !t *c owvFiÀ{odDf-ng oB.oydgf4pmj¶jml-i{tx.iho1#p]i jmluiX3~iowvjml-i
i{iwv.ifuhi}-~Ofuiz o'hj}Pv8p}fjmlui.}-ngdjdThonpFh'if-i-k¦ihofpFii¶jml-ir-dg~~iwvFifj2ojDjmdj%r-i'p:dgfÀo
vFip]iowvFhl{{or-i*}-f6jmluik|.}PjmdUf{vFiohjmd}f4pR}-~4jml-i.}-ngdjdThon-.owvmjmdDi'pdgf6jmluik±4fur-iupmjow jmluikx.dgnn
-vF}--}4pFown%}e~Ijml-ih}.ongdjd}ef7c ¡*v 4fuifowx.}P-jIjml-i6dgfjmv]}er%h8jmdg}-f}-~vFi~miwvFifur-oojRr-dg~q~iwvFif'jRnDiw|iynp[
¾fjmlui~m}.nUn}uz{dgf-jowx.nTit<jmlui¨|%onIi ¤ dped|%ifj}jml-i¶.oBvqjmdgipz{l-dThlowvFioB.oydgf4pmj{}-vFir-dvFihj
h}-{djiyf'jsowf-r6jml-ik|on%i j¥}jml-i.owvjmdgiPp#z{l-dThl{owv]idUf{~ow|.}P.v}-~#dj0
F
"
e
N
^STJ
GPE]ADYIº{NPEEFAUE]\@aIJ*GP_EF>IJ`*\IYIa@JXC¬EFN-º-C0H@N.?1EFADJC%ADC¬¹P¹%ADCLEF>IJIAUSTSIH#?BG-HIG-C8N-S4G-_#EF>IJ
VG-NPSTAUE]ADG-Y7N
@G-\4EEF>IJ*AUY4EF?BG-aI\IVwEFADG-Y7GP_?BJw_J'?JYIaINNPEsNPSDS.STJIJBSC
}jip ~m}v ow.oBdUf4pmj jmlui on%i
-vF}--}4pFown
c
i'p
± .f-r-f-d¥p -£ ¤ ¡v.fui
i'p
c
i'p
¢4
d|.dTr.ir
¤t
*c }
¤
c.}P-vFhi'p y±.f-r-iPpmjowr-o[jot ¤ ¥¤ .¤-¤
®<iw.}-v¥j~vF}- #%'& ( '* -,/.0
7
?
!
! ;
¯ luiOnTopqjho.odgef²~m}v*jml-iOniwedp0nTojd|iOinTihjdg}-f¶dgf .¤-¤ vFidgfureir:jml-i.}^pFd·jdg}-fep}e~jml-i
r-dU~m~iwvFifj.}-ngdjdDhXoyn%owvqjmdiup %z!l-iwvFiXop{dTi dUf-¸.it4jml-i¡vFiXiwf4pFt^jmlui¢4 oBf-r2jmluiOc hnTodUi'r
~m}-v#jml-i*iÂjiwfepFdg}.f{}~IvFi~miwv]iyfur-o*oj4jmlui~mir-iBvFonenTiw|.inTtuj l-i *c !#z!iwvFiodgf-nU}--.}4pFirj¥}dj0
y
"H~-L31=$# 9 `4;V60&('CB;'^XZJ4L(-_72UL(JC/(<?'C+.2]4A2G-L~-L>60&('I(-W65'@VX=&?2G+C&N'
aP/UJW2UL4`60&('F2UL(<32 I(2G<8?J@/I(-W65'@4e}
% MCJ@&3/QP?B;-1B;JCH~H de8~<3'lLg?*8L(<3'@476GJ@1(47XJ@&3/0'.L 'II'& R@V [ S8(1W8476 'II'& V ? }
( M=# 2G' L B*?) L(' G ?*8?L(<L(254 I V3JC&?/QP?B;-1B;JCH HRWV HGlMI P;8(/ET II'& V 'I n]H~-B;'FP(-?44A2 D(2G/G2Q602G'@49_"-BB;'e_7'CB;'CL(<?JSJe6J@/Q/(/0'I('C/54;|
+MCB5D('C2Q6&?J.6, -B7_"JC&3B56;}#='
8?6"4;+C&3/GJCL(<WP?B;-1?B7J@HNH~R@V# P?B;-1B;JCH~V F O '& }
-M, 'CB76GB"J.8'eLN2UL.=# 'e8?6"4;+e&(/UJ.L<?V3<J4KJC&3/UH~J.L?2Q_"'@46
<?'CBif#=RV PA8/ET I'I/& V 1032 'FL('C'C<NH~-B;'F<32UB;'C+
6:<3'CH~-+CB;JW+T
JCL(<6G&('F_"'.<?'CB;JC/(B;'e_7'CB;'CL(<W8H54 }
6 R7=# 'e8?6"4;+e&(/UJ.L<(4ib&3JCL(+C'CL>L?86dW'eL}JW+e&476G8?H~V?SB5D('C2Q6"Vf?2G+e&('eB"&3'C2Q6}.F'C1?2G'CB;2Q8?L(14P?B;-1B;JCHNH I'I/& O II( R@V ? P;8?/ET
I'I/& }@%&('eB;'FJCB;'FL(-H~'CL6520-L49-W_`<320B;'.+e6<?'CH~-+.B;J@+TN2GL>60&3JC6(P?B;-13B"JWH }
¾f²r-dU~m~iwvFifj 576Bt#jml-i7h}f-~mdgP.vFojdg}-f¶dp{}-vFi}-v6nip1p*jml-i:pFoitz{djml:jmluiOiÂh'iwPjmdg}-f½jmluojjml-i
*c r-}.ipf-}j7z!owfjj¥} iwf-nTowv.i,j¥}-}Á"Ihl¿jml-i.}4p8pFdx.dDnTdjm}e~:n}ehon{vFi~iwvFif-r-oP"¾~z{i
h}-.owvFi¶jml-ivFioXhjmdg}-f4p:}-~jmlui.}-ngdjdDhXoyn".owvqjdgipdgf¿x.}jml°h}P.fjmvdgi'pFtjmlui }-%f-dpqjFpowf-rjml-i
h}n}-dpqjFp dgonTojjit B£-£ owv]i!jml-i~mdUv0pqj.}ngdjdThonL{}|iif'jFp6~mdgel'jdgf¶~m}-vjml-idUf'jmvF}.r%h[jmdg}-f}e~
vFiw~iwvFifur-o owfur jmluiÁ-vF}.{}jmdg}-f}.~¶.owvqjdghdg.oj}-vq3dUf.pqjmvq%{ifjFp ¥±%rP.it B£-£ ¯ l-i¿¢IvFif-hl
c.}ehBdgonDdpqjFpp]ii j}xi p]}!iz{l-o1j{{}-vFi:vFipFiBvq|.irowx.}P-j*jml-iOIpFi}-~ng}.honvFi~iwv]iyfur-oOjml-of¶jml-idv
¡"iwvF{ofhX}engnDiXowP%iPp1 ¯ l-i¢IvFif-hl k}-fep]iwv|.ojd|.ipowv]i!nip1pLluipFdjofjjml-owfjml-idv¡"iwvFofh}engnTiowP%iPp]t
xP-jdgfh}-f-hBvFijijiwvpjmluipFd·j%ojmdg}-fd¥pLj}joBnUng7r-dg~~iBv8iBfjopng}.honIvFi~iBvFiwf-r.oowv]ipqjmvFdghjmnh}-fjmv}-nUnTir
dgfO¢IvFofuhiPe¾F~jmlui.}^p0pFdx%dDnTdjdDi'pkz!iwvFi{if-nTowv.ir:o'pdgf²¡6iBv¬!oyfPt^jmlui!¢IvFifuhyl }f.pFiwv|ojd|iupLz!}P4ngr
hiwvmjowdgf-nUor-}-j%jml-i6pFo{i*o1jjmdj%r-iP
¾f¢Iv]oyfuhit4jml-i~mdgv8pqjng}ehXoynIvFi~iwvFiwfureo6z!iwvFi{}-v.owf-dDp0irojjml-i{iwfurO}-~jmluif-dgf.ijiiBfjml
hiwf'j.vOz{d·jlu}u-j¥tlu}uz!i|.iBvFtsjmluidvpmjojIpxiydgf-²r-i~dDfuir½x-jluiPex.nTdDh7o-jmlu}vd·jdgi'p1 owvFdg}PIp6x.dTngnqp
z!iwvFijox.ngiXrx- pjm}¨dgf.pqjdj-jmdg}-f-onDdpFiOpm%hl:-vF}.hir.vFip]tpm%hwlopjml-ix.dUnTnp"}e~ v of-iPp0pFofdDf
«-« "dP%dDiBvFt B£-£ owf-r v oXhw¸.odUf «£-¤ ³%onDnIz{iBvFi6vFi ]ih1jir4 ¯ l-i6vFiB-vFipFiBfjojmd|%i6-vFdgf-hdgenTi
z!opLjml-i{odgf7hwvFdjiwvFdg}.f7}~Ln}ehon.}u|iwvFf-if'j ujml-i{ngowz3}-~ ©*-vFdDn «-« tonUn}uz!irjml-i{inDiXhjd}f7}e~
ng}.honh}u.fuhdDnp1 ¯ l-i*vFiwP.x.nDdThofdgf4pqjdj-jmdg}-fepLl.oXr!jml-idTvL~m}u.fur-ojdg}f.pojjml-i6n}ehonInTiw|.inm4c.}e{ing}.hon
vFiw~iwvFifur-o2z{iBvFi:l-inTr xijz{iXiyf «-«¤ of-r B£-¤ t}fjm}--dghppm%hyl oPp6jml-i:ng}.hojdg}-f}e~jmlui:oBv¸.ij
.ngohitOjmlui&h}-fepqjmvm%hjmdg}-f }-~x4dgnTrdgf-Ip~m}vjml-i owvutOjml-i rd|%d¥pFd}ef }-~¶jml-i&hX}e{!%f-i'pFtOjml-i
}-v.owf-dDp]ojd}f}e~vFinUdg.dg}P#phiwv]iy!}ef-dTipoyfurng}.honejoÂ%ip[" }ehXoyn%o-jmlu}vd·jdgiPpz!oyf'jir!j¥}opFhXiwv¥joBdUfjml.i
}--dUf-d}ef{}e~inTihj}-v8pRox}uj#~mdgf.of-hdToyn%%iPpqjdg}-fep1!}uz!i|.iBvFtujmlui.}u|iwvFf-iyf'jIx.iw.of6j}{-vFi|.iBfjRpq%hl
-vF}.hir.vFi'pFtx-hof.hinDngdgf-jml-i ¯ luif-t@dgf B£-¤ owf.r B£-¤ tjml-i k}P.f-hdgnI}e~cPjo8jihowfuhinDnTirng}.hon
o-jmlu}vd·j7r-inDdx%iwvFo1jdg}-fepLz!l-dDhl.nToyf-fuir7ong}.honIvFi~ivFiwfur4±<ijz!iif B£-¤ owfur B£ £ t}f-n}-f-i
ng}.honvFi~iwvFif-r% z!oPpluinDr tLx.ihXo#p]i:vFi~iwv]iyfur-oOziwvFidUnTnTiw.onq¢dgf.onDng-tn}eh'onvFi~iwvFiwfureoOz!iwvFi
o-jmlu}vdTpFirdgf B£ # tkxP-j}f-n~m}-vjmlui¨vFi.f-d}ef}-~h}-%f-iPp1L©"hXh}v]rdgfPj} owvdg}-f oX}engijjmd
o}-ngijTjmdgt B£-£ towvF}P.f-r .¤ n}ehonvFi~iwvFif-r-oz!iwvFi}-v.owf-dTp0irOx.ijz!iif B£ # oyfur B£-£ @©jLjmlui
pFoijdgitjmluiOng}.honLvFi~iBvFif-r% h}-f-hiwPjx.i'hoi:oOfu}v dUf².}engdjdDhXoyn*p.iihl.ip1 ¯ lui2jox.nTi
plu}uzp#jmlui*h}.owvFojd|.i*l-d¥pmj}vm{}-~4jml-i*ng}ehXoyn-v]iy~miBvFif.r-odgf6x}ujml{hX}u.f'jvdgiPp[
F
N
>
!
!
!
e
!
!
$ 5LNB"J.L+.'@VH~J.LTN+.-H~HN8?L(25476HNJlT(-B4K-B;1JCL(254;'C<>/G-+CJ@/(B;'e_7'CB;'CL?<3JSXZ&32G+C&>XZ'CB;'S2U/G/G'C13JC/-L6G&(',I(-W652GL(1B;2U1&36"4-W_6]&('
L(-@LO])8?B;-WP('CJCL>_"-B;'C2G1?L('eB4e}W%&?254[(2UL(<=-W_/G-+CJW/+C-L478(/U6GJC652G-WLNXZJ.L6"496]-\P-2QL6
-W836:J^LJ
6]2G-L3J@/3P?B;-CD(/G'CH XZ&(2G+e&2549L-W6
4;-/EI 'C<}
$7$ 8?B;2UL?1\60&(Je6P('eB;20-<(VW6G&?B;'C'FL3JC6G2G-L?JW/J.L?<N-L('*65'lB7B;2E65-B;2QJ@/3B;'e_"'CB;'CL3<?JSX'CB;'S-B;1JCL(2]4A'C<(}
#
N 4SDJ I="G-M7H@N.?BNPEFA %J*>IADCFEFG-?8»GP_STGeVNPS^?wJ_J?BJYIaIN
t3xw wW{~vq.u;wr
C3I O .I[
B;JCL(+C'
L
2GB46:/G-+CJW/(B;'e_"'CB;'.L<JS2ULY:B7JCL(+C'
nUD('e6XZ'W'CL FJI JCL3< I |8?L6G20/36G&'
b*-W8L(+C2G/(-W/
_ f6]J.65'+.JCL(+C'C/G/G'C<~4;-H~'
PB;-+C'C<8B;'@4
} f@6GB;-L(1&-?46520/Q2Q6TN-_
65&('
B;'eL+.&=JCB"/G2QJ@H~'eL36
@-?+.J@/J.865-L(-H=T~nGB78:44A2GJ@V .3I
CC O .FF
/&
/& O .I
=J3d@254P(/G'D(254;+C2Q65'@4e}W%B;JC8?HNJSX&?2G+C&
' aP/GJ@2QL('C<=J^P-?46O]XJ@B
M
.R?}
0
O .
60&(' b*-L476G2Q608652G-LN-W_
6G&('
-W8B76G&NF'eP?8D(/02G+^XZJ4KJCP3P?B;-CI('C<D?T
B;'e_"'CB;'CL(<8?H}
O . ? 60&(' b*-L476G2Q608652G-LN-W_
6G&('F
2Q_56G&
'
P?8?D(/G20+S2UL36GB;-<8+.'C<=B;'e_7'CB;'CL(<?JSJe6
L?J.602G-L(JC/(/0'I('C/
n]_"B;-H . 3 65- e V
L?J.602G-L(JC/(B;'e_"'CB;'CL3<?JW|
& $0
CJ[I O .??
|
%&('FF'eP38D(/G2G+-_`'C2GH~JCB
2UL36GB;-<8+.'C<~4;-H~'S<?2QB;'C+e6
<3'CH~-+CB;JW+T
PB;-+.'C<8(B;'@4KJ49+C-B"B;'.+e652 I('
H~'C+.&J.L?254;H4}
f?-H~'S/G-+CJW/B;'e_"'CB;'.L?<?JS-+C+e8(B;B;'C<
nB;'C+CJW/U/(P?B;-+C'.<8B;'W4;|}
C'FI O .
C
'CB;HNJCLT
&
0
O5%&('S/UJ.X -W_
PA8/ET CJ [` /G-+CJ@/
;B 'e_"'CB;'CL(<8?H 254+.-HNP?8(/]4A-@B5TN2GL~+.J4A'-W_
60&('H 'lB;13'eB-W_+C-H~HN8(L'W4e}C2UB476
J@+e[(L(-WXZ/G'C<31?H~'CL36-W_/0-+.J@/(B;'e_"'.B;'CL(<?J
O5%&('v(wCzWw@(u;p@q U5rquGt /UJ.X\4K-_ C3
n57|
!
NO f?'.B;20'W4-W_/GJCX=49XZ&(2G+C&N<?'
_"2GL'.<=J4
X='C/G/J4B;'W4760B;J.2UL('C<6G&('F84;'S-W_`/G-+CJW/
B;'e_"'CB;'CL(<J
O
'D(B78(JCB5T C3 6G&('*P-?44;2ED(2G/02Q6UTN-_
0tzq (zWt
rA UuqWu;Gt
rK2542QL6GB;-<8+.'C<
XZ2Q65&~4;-H~'S+C-L(<?2Q652G-@L4 X'CJ.[Y-WP('CL(2UL(1
-_/0-+.J@/13-CI('CB;L(H~'eL6"4
O
'D(B78(JCB5T C3
-WP?8/GJCB2QL?2Q602GJe652EI('
2]49P(-?44;2ED(/G'^8L(<?'eB+C'CB76GJ@2QLN+C-L(<?2E652G-L4}
@-?+CJW/(B;'e_"'CB;'CL(<JSJCB;'SH~'eB;'C/ET
+C-L478/Q65Je652EI('
O '[ 'D(B78JCB5T 'II3 M ='CH~-+.B;J@+eT
JCL(<=L('e201&D(-W8(B"&(--<?R
O S818:46 'II2F ='.+C'CL360B;JC/G2547J.6]2G-WL
+e6`n"7|
O HF S8(1846 II3 @JCX -LN/G-+CJW/
/02ED('CB76G2G'@4KJCL(<B;'@47P(-L:4A2ED(20/G26]2G'@4
C3I O 'II?
0
0
&$0
$0 #
0 #
0
O C?JI 60&('*F'e8(L(2U_720+.JC652G-@L -W_
L 'CB;HNJCLT H~JCLTCB Ef?g.k,JW<?-WP365'C<
60&(' Gtzq :p
wC"wpewW
vq>2UL\60&('C2QB
+C-H~HY8L?JW/(+C&?J.B764Kn5+.-<?2Q_"2G+CJ.6]2G-LN-W_
60&('*a 4k ^g.k l?g ^
g ?klM
g EJCL(<6G&('
a 4k ^gCke`
g EmQc V gWdUf?|
O]
2G1&?6-W_
J44;-+.20J.652G-L=65->
' a65'CL3<60&(25465--/ J
/G-W6
-W_/0-+.J@/B;'
_"'CB;'CL(<JS&?JeI(',D('C'.L
&('C/G<4A2UL(+C'^60&(' C3I 4
0
0
0
c.}uuvFhi '}Pzfv]ipFioBvFhwl
luiwvFioPp"dgf:jml-i:pFiw|.ifjdgiPpFt#|.oBv¬d}uIpnDi~Dj ¥z!dUf²}v.oBf-d¥p0o1jmdg}f4p<-vF}!}ujirOjmlui2dgr-iXo}e~ng}.ho'n
r-i{}.hwvFohwut@jml-i wv]iy~iwvFiBf-r%
ytoupoyfdUf4pmjmvq%{ifj}P~ng}ehXoynr-i{}.hwvFohwutsz!oPp.}-P%ngowv*o{}.fPOjml.i
h}-fep]iwvq|%ojmd|%i7oyfurp]}ehdgonDdpmj*.owvqjmdiup[#¾f:jml-i B£-£-¤ pFto:pFiwvFdTip}e~*nTozp*#p]ir½jmluiOiwÂ--v]ip1pFdg}ef ng}.hon
h}-fepm4njo1jmdg}f dgf }-vFr-iwvj¥} o|}dr o§hX}f'jmvFor-dghjmdT}f x.ijz!iiwf jmluiµvFi~iBvFiwf-r% oyfur ng}.ho'n
vFiw-v]ipFiwf'jojmd|.i.}u|%iwvf-if'jFp1 ¯ l-i¶ox%dUP%djm}-~6jml.i:jiwv{dgf-}eng}--dpj}x.if-}Pjir zluiwvFiopdDf
¢IvFofuhitjmluiz!}v]r½n}ehonRvFi~iBvFif-r% dp6-v]ohjdghonDngow-.ngdDiXr½j}¶hX}f.pq%njojmd|.i7of-r¶r-iXhydpFd|%i2|}ujip]t
jml-iBvFi&owvFi+pFi|iwvFon:z{}-vFrepIp]ir dUf ¡6iBv¬!oyf%2l.iBf o .}-P4nowvdUf-d·jdTojd|.ipmjowvqjFpFtjml-iBvFi&dDpo
<' N.,/.*'tRdU~djvFi%dvFiPp"ovFi~miwv]iyfur4t#z{il-ow|i
o < <'&' of-rOjmlui2{}.if'j}~
.}-P.ngowvr-ihdpFdg}ef:dphonDnTir ''. '& vFiojt .¤-¤ 't B£ e¾f7}jml-iwvLz!}vFrep]tejml-i-vF}Px.ngi
dpj}|.on%i½jmluipm%hhiPp8p}~"jml-i:.}P%ngowvr-ihdpFdg}efowfurf-}Pj}f-njml-i²}v.owf-dpFojdg}-f}e~jml.ing}.hon
vFiw~iwvFifur4L¾Ff¢IvFof-h'it*o¶noXz if-oXhjir}-f ¢iwx-v%owv B£-£ t*o-jml-}-vdDp0iXrjml-i²h}f.pq%njojdg}-f}e~
dgf-l.owx.djofjFp ~m}vo6ngdDdjir{f%!x%iBvL}e~Ij}-dhp1 ¯ l-i"h'}fuhiwPjs}-~#.}-P4ngoBvLdgf-djdTojd|.iz{oPpdUf'jmvF}.r%hir
~m}-v2jmlui~qd vpmjjmdgi}-f ¢iwxuvq%owv B£-£ }-f-i~qdT~Djl°}e~{jml-iiynTih1j}v8phoBf v]i%ipqj{jmluoj7on}ehon
h}-fepm4njo1jmdg}fd¥pl-inTr4".vFdgfPjml.i B£-£-¤ p]t^jmluio1-jml-}-vdjdDi'p-vF}e{}Pjirjml-i6Ip]i}.~L}Pjml-iwvdgfepqjmvm4{if'jFp
jml-o1jRowvFi*f-}PjRo'pLhX}.nTiwÂ7opvFi~iwv]iwf-r.oP ¯ }uzfh}P.f-hdDnpz!iwvFihwvFiojiXrowfurjml-i6nToz }~ ¢@iXxuvq%owvF
.¤-¤ or-ijmlui h}eP%npF}-v~m}v"hdjdTipluow|.dUf-}-vFi!jmluowf «¤{¤-¤-¤ dgf-l.owx.djofjFp1 ¯ l-inDoPpmj6pmjiw4p
jm}Pz!owvFrepRipmjox.ngdpFl-dUf-ng}.honevFi~iwvFif-r-okz!iwvFi*o'hhX}e.nDdpFl.ir6z{djml6jml.ik!ihif'jmvFonUdp]ojd}f{©hj}-~ .¤-¤
owfurjmlui o1z}e~ ©.PIpmj .¤-¤ }-f{ng}.honevFi'p.}-fepFdx4dTnDdjdTip '©vFi~miwvFif-r%&dpr-ihdpFd|%i*dD~ ¤ }~
l
F
,
!
= !
&
!
'& $8%&'^B;'e_"'CB;'CL(+C'W4_7-B60&3254,4A'eB;20'W4-W_/GJCX=4KJCB;'SJ4`_"-/G/0-X\4
}3@JCX L [ O ?3 n PA8/ET CJ[` |V @ JCX L O e n
'D(B78(JCB5T
n
'D(B78?J.B5T C? |;3
V @J.X L I'I? O [
n n S818:476
C3 |V @JCX L O 3
[ ' D(B78JCB5T 'II3 |;[email protected] IIF O [I
|
V
@
C
J
X
L
O
n
S
8
1
:
8
4
6
A
|
}
I'I2F
'II? JI
F
I'I?
!
!
& &
&
"!
«
!
/&
jml-iingih1j}v8p7jow¸.i.owvj:dgfdj06©"njl-}P.-l¿jml-i dgf4pmjmvq4!iyf'jdDp²nTiw.onDnUx.dgf.rdgf-.tdj½dDp-vFohjdghonTnU
dD{.}4p8pFdx.nTi6j}O}Pv.oBf-d¥p]i{ong}.honIvFi~iwv]iyfur4&%f-nTiup0pLjml-i6j}--dghdp}-~.owvmjmdgh%nDoBvdg{.}vqjoBf-hi{~m}vjmlui
ng}.hone.}-P%ngojmdg}-f4
¾f²¡"iwvFofPutjmluiOl-dpqj}-vq²}-~*ng}eh'ono-j}-f-}-²r.ojip*x.ohB¸¨j} «¤e« zl-iBf vqIp1pFdTo
-vFowf'jir jml-ivFd.ljj¥}&orP{dgfedpqjiBvOjml-idv²}Pzfo~m~odgv1p:jm}&o¿p!oynTnf'4x%iwv²}-~:hdjdTiup:.fur-iwv:jml-i
dgfe~mnIifuhi{}e7~ }-vFr }-fcjiwdgf }-ng}-f-dDt .¤-¤-¤ t ¯ l-ojvd.ljRz!opiwÂPjiwfur-irj}7}jml-iBvhX}{.f.ip
ojjml-iiwfur}e~#jml-i"f-dUf.i1jiifjmlhXiyf'j.vq% iw|.iBvqjml-inTiPp8pFtIng}.honIo-j}-f-}-!2r-}ei'pLf-}PjRf-iXhip8p0oBv¬dgng7iXof
ng}.honr-i{}.hwvFohwI¾qjz!opjmlui°idgowv k}-f4pqjmd·j-jmdg}f zl-dThyl²o-jmlu}vd¥p]ir½jmluiIp]iO}.~6pFid r-dUv]ihj
r-i{}.hwvFohw -vF}ehXir.vFip U4
0 N. 6 4'* '/.! ©6~Djiwv+jml-i ¢dv1pqj+¦}vngr ¦owvFt of-
}f.pqjdjPjmd}f4p¦}~ f-r-iwvdgf.hn%r-iXr p]}i&r-dvFi'hjr-iy!}ehwv]ohw-v]}ehiXr.vFip O~m}-vdgfepqjoBf-h'itOjml-i
h}-fepmjmdj-jmdg}-f-onIdUf.djdTojmd|%i<z!opR.}^p0pFdx4nTit4ngdg¸.i6dgf±<ow|.owvFdTo6}-vRdUf vqIp0pFdDo iit B£ t
P¾f6jmlui
}f.pqjdjPjmd}f7}e~±"oXr-iyfut^jmlui!v]i4d vFirOf'4x%iwv}e~hdjdgª'if4pLj}vFi%ipmjovFiB~miwvFif-r% dp «¤¤-¤-¤ .¾f
jml-i }f.pqjdj-jmdg}-f:}-~ vqIp1pFdToto.}-P%ngowv*dgf-djdDo1jd|.ih'owf½op¸~m}-vkjml-i|}ujiBt^jmlui{}.rdg~dThojdg}-f:}-vkjmlui
ox}engdjd}ef}e~onDowz iit I¾fOjml-o1j*hX}f'jiÂPj¥tp]}ing}ehXoynRvFi~iwvFiwfureoz!iwvFi}-v.owf-dp0ir-tngdg¸.iOdgf
¶.f-dThl-tPz{luiyf!}f !ihix%iwv B£ .¤ t.ovFiw~miwvFifur4Àz{o'pluinDr{o~DjiwvRo.}-P.ngowvRdgf-djdTojd|.i*dgf{}v]r-iwv
jm}{hongn.f-izng}.hon%iynTih1jdg}-fep ¥¢o.vFiXt B£ «-«
5
?
W
?
\
3) The suspicious attitude towards local referenda
¯ l-i{.}engdjdThon#jmvFoXrPdjd}f4p<}~¡"iwvFoyfP½of-rO¢IvFofuhi!ziBvFidgfP|.iwv8p0iXr-th}fuhiwvf-dgf-OjmluiIpFi}^~
ng}.hon*vFi~iBvFif-r-oPLl.iwvFiXopng}4hXoyn*v]iy~iwvFiBf-r.o½z!iwvFi¶x%owf-dpFl.irdUf¢Iv]oyfuhit*f.ojmdg}-f-on*v0i~miwvFif-r-oof-r
.ngiwx.d¥p0hdji'pz!iwvFiOp0iXiyf½oupoOr-i{}.hwvFojdghh}.enTiif'jkj¥}Ojml-ivFiw-v]ipFifjo1jmd|i½p%pqji ¯ l-iBvFiOdp"dUf
¢IvFofuhi6o{p.i'hdU~dDh"r.iXxoji"}fjml-i"r-d¥pmjdgfuhjd}f{x.ijz!iif{enTiwx.dp0hyd·jipof-r{vFi~iBvFif-r-oP ¯ l-iX}vFi1jmdghonDng-tIo
.ngiwx.d¥p0hdji"dDpjml-i"ow--vF}P|.on4}.~@jml-i*.}-nUd·jdThp}-~o*.iwv8pF}-f-t-zluiwvFioPpov]iy~miBvFif-r%&h}-f-h'iwvf4pLo|.}Pji*}-f
o¨jiÂj0k¾f,-vFohjmdghXoyn*jiwvFp]t<jmluirdpqjdgf.hjdg}fdpx.n.v¬v]ir-t<xihopFip]}ei¶vFi~miwvFif-r-oowvFihng}IpFi¨j}
.ngiwx.d¥p0hdji'p ¥{ifu4dgf-t B£ }P.dDp¢o.vFi{or-i°o hBnDiXowvFiwv²r-i~qdgf.djdg}fÀx-Àzv¬d·jdgfPÀjml-o1j 1jml-i
.ngiwx.d¥p0hdji*hX}fuhiBvf4pRo6fuoyi"of-r6jml-i®<iy~iwvFifur4+o"%ipmjmdg}fut4o f-} -'¾¬~4jmluivFi~miwv]iyfur4+dpo!pmjiw
jm}Pz!owvFrep<or-dvFihj.}u|iwvf-ifjt^jmlui.nTiXx.dp]hyd·ji!jmvFdgipj}ipmjox.ngdpFl2jmluivFiw-vFip]ifjojmd|.i{.}u|iwvFf-iyf'j ¥¢o1.vFit B£
¾f~oXhjteoXhhw}-vFrPdgfPj¥}!¢IvFiBf-hl.}PnDd·jdThonPjmvFor-djdg}-f-tPjml-if-o1jmdg}f.on-vFi~iwvFiwfureo6pFluowvFi
jml-ihwl-owv]ohjiwvFdpqjmdThp!}e~*enTiwx.dpFhdjiPp1©"~Djiwv6jmlui¨pFdÂen ix.dp0hyd·jip{}e~ ow.}eni}f²¾{of-r ow.}engiX}f²¾¾¾Ft
vFipFdgr-if'jk!i¡"o4nTnTivFidUfP|%if'jirOjml-}4pFi-v}ehiXr.vFip"ojjml-if-o1jdg}-f-onLnTiw|%ingtdgf²}v]r-iwvjm}²o|.}-dgrOjml-i
!
$K5L>60&(''C2GHNJCBb*-L476G2Q608652G-WL:V2UL Ce V60&('FB7201&6
-W_ 0tzq rAw Q;s"qv(x 0 ]ruApWqWu;Gt~XJ4B;'.+C-1?L(254;'C<>2ULNJCB6520+./0'
n j
g V m(fg.
k ?3
g ZSlcem egC
k ,
b ZGSm WE3^
|;}
_"-B9
B8:44A2GJ}
$ %&'S+C-L476G2Q608652G-WLJ./2QL(2E652UJ.652 I('S2542QL+./U8(<?'C<>2ULNJCB6520+./0'W4 MI _"-B ?FJ I(J@B;2QJJ.L<
$ b*-L47602Q6G8652G-@L~-W_
B7844;2QJVJCB6]2G+C/G' }
%
"
£
[
l-iB.iy!}efP7}e~.}-ngdjdDhXoynI.owvmjdgi'p}P|.iwv owvFngdToif'j0 vFipFdgr.ifj!i¡6o1.nUnTizop}-f-i}-~#jml-i"-vF}!}ujiwv0p
}-~@jml-i w.owvmjmdDhd%ojmdg}-f op}-.}4pFir6j¥}!jml-i"dgr-i'op}e~p]iynT~ }-v.owf-dp0ojmdg}-f-tz!l-dDhlz!iwvFi*.}P%ngowvo{}efP
nTi~Dj ¥z{dgfP}-v.owf-dp]ojd}f.p1e!i!z!op*dgf4p.dgvFir2x-7jml-idTr-iop<}-~®<iyf ow.djofj koBedjoBfjt B£e« owf-r
®<ow-{}efur oBvv r-i onx.iwv owvv 3r-i oynxiyv.t B£e« t .¤ .¤ }-fjml-i+f-ih'ip0pFdjm }e~
vFiw~iwvFifur4dgf}-vFr-iwvIjm}o|.}-dgr.owvqjmdpFof{~dg.ljFp1 ¯ l-i*dUf'jiw-vFojmd}f{}-~IvFi~iBvFif-r% dgfjml-i }-f4pqjmdj-jmdg}-f
}-~ B£ « dDpRof{or-oBPjo[jmdg}-f{}e~p]}i-vFdgf-hdgenTipR}-~@¦idDowv1
¯ l-iwv]i!dpoh}-fjmv}u|iwv8pdgf7¡"iwvFoyfP 8c.hl-dD~m~iwv1pFt B£-£-£ opRjm}zl-ijmluiwvjml-i{iXhyluof-d¥p0p}e~
pFi{d r-dUv]ihj<r-i{}ehBvFohw-vFofjiXrx-jml-i2¦idDowv }-fepmjmdj-jmdg}-f:-vF}P|.}-¸.irOjml-ir-ipmjmvq%hjmdg}-f}e~Ljml.i
.}-nUd·jdThon{pqjox.dTnDdjm}.~!jmluih}P.fjmvqdgfjml-i¨z!owjml-5i owª'd¥p2oyfurjml-i~mowv ngi~Dj.owvqjmdTipIp]irjml-i7
}f'jmvFowvqjm}:cjiw~mof idgf.i'hw¸.itzl-}r-iBf-}P.f-hiPpjml-i*.}^p0pFdx.nDi*.}engdjdgh'on4oyf-dgP%nTojd}fut <jm!owgv F4f-
F.fP.t B£e«£ h}-f4pFdgreiBv8pjml-ojjml-idvR-vFiPpFif-hirdTrf-}Pjl-ingj}r-ipmjmv}Pjmlui6vFiw.dgiXt%x%iXhoIp0i"}e~@jmluiydgv
f-i1-jmvFonUd·jq% ¯ l-iiXÂjmvFi{d¥pmjR.owvqjmdgi'phyluofP.irjmlui!fuoj.vFi}-~#jml-i'p0i!dgf4pmjmvq4!iyf'jFp Pjml-i6.ngiwx.dp0hyd·jippFir
x-jml-i owª'dpl-oXr¦fu}ujmldgfPj}rP}zdjml,r-dvFi'hjr-iw}.hwvFoh1-vF}ehXir.vFip]t*opjml-iwziwv]i¶dU{.}4pFir
z{djmlu}u-joBfP¿.}.nUd·jdgh'on{r.iwx.oji $¬.fP.t B£-£-£ ¯ l-dDp²dDpOz{lPt{oy~DjiBvOjml-i¿c.ihX}fur }-vFngr ¦owvFt{o
U0
0 & 0 -jmluowvFrjt B£-£
z{op*pl.owvFirx-onD{}4pqjongn@jml-i.}engdjdThoningdjiPpof-r7oy~m~ih1jirjml-i
rPvFow~DjdgfP}.~jml-i¢ir-iwvFon }-fepqjdj-jmdg}-f4 *f-nU½owvqjmdhynTi .£ ongng}Pzpjml-i}v.owf-dpFojdg}-f:}-~LvFi~miwvFifur-o~m}v
jml-i{}.r-dU~dDhXojd}f}e~#jiwvvd·j}vdoynnDdTdjFp 40'4 1-©*vqjmdThnTi 4« }e~#jmlui }-fepmjdj-jmd}f o~q~mdgvF2p*jmlui2vFiB-vFipFif'jojmd|.i-v¬dgfuhydg.nTiOojjml-ing}.honLni|inDtx-r-iPp]hwvFdx.dgf-jml-iOfuihiPp8pFdjm²}e~*luow|.dUf-
ingihjiXr:h}P.f-hdDnp c3.Sc.
<' dgfOjml.i 5C6Bt@jmluir-dpqjmvFdghjFp 0 ofurjmluih}.%f-iPp
'* ' ¯ l-ikjml-dv]r!-v]}u}^p]oyn.}-~4jml-ipFoi.owvFo-vFow-lpqjdP4nToji'p#jml-ojdgfpF}e!i*h}e{4fuipFtPjml-i
jm}Pzf {iijdgfP '* 'c'-3,* * hXoyfenTowjml-iOpFoivF}enioupoyf²inTihjirh}P.f-hdgnmc.id
r-dvFihjÁr-i{}ehBvFohw -vF}.hir.vFi'pÁz!iwvFi iÂhyn%r-ir´owjÀng}.honnTiw|.in%fjdUn B£ tz{luif ±<or.if
.vqjjiwx.iwvdgf'jmvF}er%hXir ng}.honvFi~iwvFiwfureocedgf-hi jmlui¦®<i.f-dT~dThojdg}futonU!}@pqj²oBnUnjmlui f-r-iwv
or-}-jirh}-"4f.on4vFi~miwv]iyfur-oP ¯ lui6oPp0pF}.hydojd}Uf #%&!( *c3,/.0{pq%h'hiiXr-irdgfjz!}ho.odU.f4p
~m}-vjml-idgfjmvF}.r%h8jmdg}f}~Rng}4hXoynIvFi~miwv]iyfur-otejml-i~mdUv1pmjR}-f-idgf±"ow|owvFdDodgf B£-£ oXiwvFtc.id.inDt B£-£
owfurjmlui6pFihX}fur}-f-i*dgf6!oyx-.vdgf B£-£e« ¥v]ip8p]iynt .¤-¤
l
e
l
y
"
C
*
?
=
F
Y
]
!
II) The frequency of local referenda
1) The difficulty of comparing local consultations and referenda
(
$
-B2UL476GJCL(+C'@V3-L [ PA8?L' CJ[I VJFB;'e_"'CB;'.L<8?H XJ4&('C/G<65-=<3'C+C2Q<?'^XZ&('e65&('eB60&('+.-W8L6GB5TN-_?FJ@<3'CL47&(-W8/G<=B;'.HJW2UL>2UL
60&('iBbE(f=-W_ 8(B76G6]'.H=D('CB;1(}@2Q60&NJ^6U8?B7L-W836
-W_ ` V
-W_
6G&?'^P'C-WP(/0'SB;''C+e65'C<>65&'^P?B;-WP-?4A'C<>65'CB"B72Q65-B"2GJC/
H~-<32U_720+.JC652G-L}
B¤
} P.nowv¶dgf-djdTojd|ip²of-r ng}.honv]iy~miBvFif-r-oz{iBvFiorer-iXr dgf¿x.}Pjmlh}u.f'jmvdgip²%dji
vFihXiwfjn4'¾Ff{¡"iwvFofPutPjml-i*ng}ehXoyn..}P|.iwvFf-ifjFpluoX|%ikxiifvFiPpFl-oB.ir-tedgf4pF}-~mowvRoPp#jml-i*r-dvFiXhjsiynihjdg}ef
}-~!jmlui!oXu}-v8p7of-rjmlui¶vFihongn6-v]}ehiXr.vFi ¥¦}ngnDowf-f-t .¤-¤ e« «I z!iwvFi¶dgfuhyn%r-irdgf¿pF}ei
f-r-iwv[ fjdUnIjml-ix.iw.dgf-fedgf-}~jml.if-dUf.i1jdTip]t#}-f-njmlui2p]}u-jmluiwvf f-r-iwv}e~±<ow|.owvFdTo{oyfur±or-if
.vqjjiwx.iwv luor op%pqji }e~r-dvFiXhjingiXhjd}f }~jml-i&{owu}-vp[ ¯ l-i jox.ngi pFl-}Pzpjmlui
jmvFowf.pF~m}vo1jmdg}f!}~ng}ehXoyn.vq%ngiPp ,jmlui*rPdvFih1jingiXhjd}f{}-~#owu}v0p1
#
!
N 4SDJ 4E]>@J*aIAT?wJVBERJwSTJVwEFATG-YOGP_sMON»%G.?wCADYJ?M7N.Y%»
a<WJEfg.c GZ bE(f
B;'@4A20<3'eL?6
-_65&'
/G-+CJ@/
b*-W8L(+C2G/
?FJ@<3'CLO
#=20B;'.+e6
'C/G'C+e652G-L
4;2GL(+C'@$
&
+
#=J.65'-W_65&'
2QL?6GB;-<8(+e6520-L
-_`<32UB;'C+e6
<3'CH~-+CB;JW+lT
P(B;-+C'C<8(B;'@4
&
8-B78(H 2UL
+ J4;'S-_B;'C+CJW/G/
C
60&3B;-W813&J
/G-+CJW/
B;'e_"'.B;'CL(<8?H
O
O
O
- _60&('
JGF W
9 J -B;2Q6UT
C
?FB;JCL(<?'eLD38B71
O
C
O
C?
.?F
O
C?3
.?
[
&
'@44;'
C?'F
9
'C+e[(/0'.LD38(B;1
'@476"O
-B7P-H 'CB;JCL?2GJ
,
@-X='.B<f?J3a?-WLT
=-B760&Y,&(2UL('
'@476GP&(JC/G2QJ
O"$
F&(2UL('C/GJCL?<(O
JW/GJe652UL?J.65'
f?JWJCB;/UJ.L<
&
O
O
&
.?
C?
.?
&
C?'F
.?
C?
.?[
C?
.?F
[
C?
.?F
[
C?
.?I
C?
.?F
f?3J a?-LT(O
L?&3J@/6
f?+C&(/G'@4XZ2G1O
O
-/54765'C2GL
%&38?B;2UL31?2UJ
.?F
C?
f?J3a?-LT
6
.?
O
O
$
$
JGF -W_60&('
9 J-B;2Q6UT
JGF -W_60&('
9 J -B;2Q6UT
O
6
-WP?652G-L?JW/
-
/& /& F ]G -W_60&('
9 J-B;2Q6UT
JGF -W_60&('
9 J -B;2Q6UT
JGF -W_60&('
9 J -B;2Q6UT
JGF -W_60&('
9 J -B;2Q6UT
F G] -W_60&('
9 J -B;2Q6UT
F G] -W_60&('
9 J -B;2Q6UT
JGF -W_60&('
9 J -B;2Q6UT
f?2GHNP(/G'
9 J -B;2Q6UT
O
FF V F O
/& /&
O
O
FI O
FI FF V F &I O
FI /& FF V F O
FI
c.}uuvFhi {}vqxiwvqj iBv8pqjmdgfP.t
owPp iwvFngow.tP¢IvFowf¸e~.vqjt .¤-¤ t-4 .£
+='CJCB-W_60&('S/G'C1?2547/GJC6G2G-L
- L3602G/ C3? ]0 I O
/& $
(10 .'U02,0' (1'* 3,/.0
#%'- 0'
A 3* *40
$
8-B78(H 2UL
+ J4;'S-_B;'C+CJW/0/
C
60&3B;-W81?&NJ
<?'CH JCL(<=-W_
/G-+CJ@/
B;'e_"'CB;'.L<8?H
?FJlI(JWB;2GJ
.
8(-B78H 2QL
+CJ4;'S-_
B;'C+.J@/Q/-W_
6G&A
' @-+CJW/
b*-W8(L(+C2G/
8B76U65'CH>D('CB;1
'CB;2G-<
-_
H JCL(<JC65'
}.hon{vFi~miwvFif-r-oz!iwvFi dgf'jmvF}er%hXirÁdgfo{}eifj½}~7vFi}-v.owf-dªyojd}f}e~ng}ehXoyn7p4pmjiy
Â.hiwPjRjml-i 5C6'}-~±<ow|.oBv¬dTot4{i'p1pFi{of-r®*l-dgf.inDo'f-r onTojmdgf.ojitrPdvFihj r-iy!}ehwv]ohw-vF}.hir.vFi'p
z!iwvFi{or-}-Pjirxi~m}vFi6jmlui!-vFdgf-hdg.nDi}~rdv0ih1jingi'hjmdT}-f7}~jml.iowu}v8p[e¾Ff±"ow|owvFdgot#dgf¶c%iwPjix.iwv
B£ ¤ t4pF}-{i-vF}-.}^p]oynTpRowx.}P-j4jml-i*dgfjmvF}.r%h[jmd}f{}.~#ng}.h'oyn-v]iy~iwvFifur-okz{iwv]i6r-dpFhp8p]ir6z{djl-}P-j#luow|.dUf-
owfP²hX}f4p]i%if-h'ip ¥±<}.hw¸.ngijt B£ t ¯ l-i
opmj*¡"iwvF{of f-r-iwv"onpF}.iyfuiwvFongdp0irOjml-ir-dUv]ihj
ingihjdg}-f}~owu}v8p[P©vFihonTne-vF}.hir.v]il.opx%iif{onqpF}dgf'jmv}.r%hir{dUf"jmlPvFii
oPpqjs¡"iwvF{of fur-iwv
~m}-vdgfepmjowf.hit.dUf"jml-i of-r{}-~^±vFofur-iyfPx.v.t4pF}-{iowu}v0pluow|.ix.iifvFi{}P|%ir{~vF}}.~q~mdThikjmluowfP¸Ip
jm}jml-i}-v.owf-dTpFojdg}-fÀ}-~7ovFi~iBvFiwf-r%7*©hhX}vFrPdgf¿jm}¿{iwngnT!-j¦}engngoyf-futdgf .¤-¤-¤ t6z!ihof
h}-f-hn%r-ijml-oj 1jiwf.iwv]hifjs}~~D4nTn ¥jdgi*owu}-v8pRng}^pmjIjml-idv.}4pFdjd}f{oPpRov]ipq%njs}e~pq%h'hip1pF~D%n4ng}.h'on
vFihXoyngn°vFi~iwv]iwf-r.o q}-ngnDof-f-t .¤-¤ «¤ ±<ijDz!iiwf B£-£ of-r B£-£e« t¿dgf jmlui ofur }e~
±vFowfur-iyfPx.v.t -vF}.hir.v]ipkz!iwvFidgf-djdTojir:oBf-r }-~jml-i l-ow|.i{vFiPpq%njir:dgfovFi~iwvFiwfur4³
}PPjs}~Ijml-}4pFi vFi~iwvFif-r-o*vFiPpq%njirdgf{jml-i6owu}vx%idgf-v]iy!}|.ir~mvF}e }e~m~qdThi ¦}-nUnToyf-fut B£-£-£
- - -©po{{ojjiwv}-~R~oh1jt@dgf B£-£e« tejml-i owvngdToyifj}-~jmlui oBf-r7}~±vFof-r-ifPxP.vdUf.hBvFiop]ir
jml-i*{dgf-dDon4%}-vq.~vF}e .¤ dgf'j}
dgf{}-vFr-iwvIjm}o1|.}edgr6jmlui6%njdgenTdDhXojd}f{}-~pq%hl-vF}.hir.v]ip1
¯ l-ip]i-vFoXhjdhiPpLdgf.rdTho1ji6opqjmv}fhwluofP.i6dgfng}.honIr.iy!}ehwv]ohw jmluivFiB-vFipFif'jojmd|.ip%pqji&hXoyf{x.i
vFi|iwv8p]ir¶oj<ng}.honLnTiX|inLdgf¶onT{}@pqj<ongAn 5C6iwÂ.hXiyPjjml-iOpF}P-jml}-f-ip*x-jkjmluih}-f-r-djd}efepowvFiOp]}
vFipmjmvdghjd|.ijml-ojjml-ip]i½pFd·j%ojd}f.p{owvFi|.iwv²vFowvFiA }ehXoyninDdjiPpl-ow|.ij}¨x.iO!}vFi7ohhX}u.f'jox.nTiOof-r
h}-}-.iwvFo8ji¦zdjml jmlui¿hdjdUªyiyf4p²x-+}-.iwf-dgf- jml-i¿v]iw-vFip]iwfjojmd|%iÀp4pqji¾Ff ¢^vFof-hitjmlui vFiXhonn
-vF}.hir.vFi"owfur!jml-i"r-dUv]ihjRinTihjdg}-f}e~@jmlui6oyu}v0px-jmlui6hdjdgª'if4powvFi6fu}ujs{}e}jiXropR.}4p8pFdx4dgnTdjdTiPp
dgfO.}.nUd·jdThonLp.iXihlui
p -¢IvFif-hl.}engdjdThon@jmvFor-djdg}-fvFi~qIpFipjml-i.}4p8pFdx%dDngdjm}e~LvFiw|.iBv8pFdgf-inDiXhj}PvFown
r-ihdpFdg}ef.p1¾f~oh1jt{owu}-v8p7h}-fjmvF}-njml-iihl-of-dpFp7}e~n}ehonr-i{}ehBvFohw.tjml-dpOdpz!lPÀpF}ei
vFip]iowvFhluiwv8pluoX|i¶h}..owvFirjml-d¥pp4pqji j} o¸-dgf.r}~ %f-dThydg.on*-vFipFdTr-ifjdgonDdpF 0ce}-vqxijFpFt
B£e« ¯ l-ip]}ehdg}-ng}-2}~Rng}.honinDdji'pdUf¢IvFofuhipFl-}PzpRjml-ojjmlui6vFiwfuiz{on}e~Rng}.hon@v]iw-vFip0ifjo8jmd|%ip
dp|iwvnTdD{dj]ir4 ¯ lui6h}-f-%i'pqjs}~%f-dThydg.ongdjdDiPpRdpjml-i6~mdgv8pqjRpqjiBdgfjml-i.}engdjdThonIhowvFiXiwvR}~shiwvqjodgf
ow-}-v8pLz{lu}2jmvqjm}Odgf-hBvFioPpFi6jml-idv|.dp8dx.dDnTdjmojjmluif-ojdg}-f-onnTiX|in oXx.dTnTio%tc.}-vqx.i1jFpFt B£e« e¾f
¢IvFofuhitPzluiyf{ng}.hon-vFi~iwvFif-r-o*owv]il-inTr-tedjdpRokjipj~m}vIjml-i*{ow-}-vFon.nDiBedjdDohw oX}ngi1jjmdgt B£-£
®<i~miwvFif-r-o{owv]ij.dThonTnU7o{oXu}-vFon4j}-}ndUf¢IvFofuhi ex.ijz!iif B£-£ owf-r B£-£e« t#}-fPn}-f-i
vFiw~iwvFifur4+z{oPp<}v.oBf-d¥p]ir:oPpjml-iv]ipq%nj}-~o.}-P.nTowv*dgf-djdDo1jd|.ie¢4.vqjml-iBv¬!}vFiXt@jml-dDpv]iy~miBvFif-r%
l
!
?
"
?
!
F
#
A
8 5625465-D('SL(-W65'C<>60&?J
66G&('<32UB;'C+e6'C/G'C+
6]2G-L~-W_60&('SHNJlT(-B4K+CJCL3L(-W6D('SB;'C<8+C'C<>65-=J<2QB;'C+e6
<3'CH~-+CB7J.6]2G+*P?B;-+.'C<8(B;'}@%&('
B;'C+CJW/U/:P?B;-+C'C<8(B;'FJ._5_"2GB;H46G&('F2UL(<?'
6]'.B"H~2QL?JW+TN-_65&('FB;'eP?B;'@4A'CL360J.602 I('47T4765'CHV6G&?8426:2549J=4;'CH~2GO5<32UB;'C+
6:<3'CH~-+CB;JW+T
PB;-+.'C<8(B;'FJ4K26:/G'CJW<4`65-=JS/0-+.J@/(B;'e_"'.B;'CL(<W8H }
' @J.X -W_
'D(B78(JCB5T C3
'@46]JeD(/G2547&'.<60&('FB72G1&6
-W_P-WP38/GJCB2QL?2Q652UJ.602EI('@49_-B960&('*_"2GB466G2GH~'n-L'^_"2Q_565&N-W_
65&('
8;$ %&A
'C/G'C+e65-B4K+CJWL=B;
' R8'@46J/G-+CJW/+C-L478(/Q60J.602G-LN-L=65-WXL~JCL3<+.-W8L6GB5TNP(/UJCL3L2QL?1>H~Je6G65'lB4A|}
&
z!op"l-inTr¨}-f F4fui B£-£ dgf:jml.irdpqjmvFdgh1j*}-~ onriD©*v.if'jtdgf©6np0oh'iP ¯ l-i.}-P4ngoBv6dgf.djdTojd|.i
vFi%dvFiXrjml-ih}-fepmjmvq%hjmdg}-f}.~Royfdgf.~vFoPpqjmvq%h8j.vFi6~m}-vj¥}u.vdTpF t £-¤ }~#jmlui!.}-P.nTojmdg}-fj}-}-¸.owvj
dgfjml-ivFi~iwvFif-r%&ofur t ohXhiwPjir6jml-i*dgfed·jdTojd|%'i `1±<ijz{iXiwf B£-£ of-r F4ng .¤-¤ t t }-~
ng}.honLhX}f4pm4njo1jdg}-fepz{iwv]i2l.ingr²op"ovFiPpq%nj<}-~o.}-P4ngoBv6dgf.djdTojmd|i 1 }-P.ngowv"dgf-djdTojd|.iPp"owv]i2fu}uj
.}4p8pFdx.nTi&ojjml-if-ojdg}-f-on¶nTiw|.in²onjlu}u.-l pF}ei+r-iwP-jmdgiPp,-vF}u}^p]irjml-i¢}-vdgfepqjoBf-hito
}{%f-d¥pmjr-iwP-jjo1x.nDiXr o¨x.dTnDn"}-fjml-idgfjmvF}.r%h8jmdg}f¦}~ w.}-P4nowvOdgf-djdTojd|i¶vFi~miwvFif-r% oj
4f-dThdg.ongtvFiw.dg}-f.oyn<of-rfuojd}fuoyn*nTiw|%in
p ©*vmjmdDhnTi }-~jmlui¨x.dUnTnz{o'pdgfjiwvFi'pqjdUfx.iXhopFiOjml-i
-vF}.hir.vFi¨z}P.ngrx%i¶f-}Pj}-f-n¿dgfjmluiluof-r4p7}~jmluiowu}v7ojng}.hon"nDiw|iynm©"hXh}v]rdgfPj¥},jmlui
-vF}--}4pFowntjml-i6owu}vof-ro"h}engnTiw%i6}-~Rhdjdgª'if.pFt4hl-}4pFif{x-rPv]oz{dgf-ng}PjFpFtz!}u.nr2luoX|i6}-f-i{}-fjl
jm}7iÂoydgf.ijml-i{r-ioyfur4 ¯ l-dph}ngnTiw%i}e~RhdjdgªPif.pLz{}P.ngrx%i6vFif-iz!ir7iw|.iwvjz!}2uiowv0p1 ¯ l-ix.dgnn
z!opvFi Fih1jir6xP-jvFiw{dgf.r-ir.i}-engi*}-~4jml-i*ojTjiwPjFp#j l-ojs}.hh.vmvFirdgf6jml-i.o'pqj0
~
!
7 !
e
2) The consequences of the quorum and the turnout
¯ l-i:vFihXiyf'j6z!o|i¶}-~dgf4pqjdj-jmdg}-f-onDdp0ojmdg}-f,}~n}eh'onvFi~miwv]iyfur-o¨dgf,¡6iwvFofPluinU.iXrjml-}4pFi
-vFoh1jmdghiPpj}7r-i|.ing}-I ¯ o1x.ngi pFl-}PzpRjml-i6f'4x%iwv}-~Lng}.honIvFi~iBvFiwf-r.oz{l-dThll-o'pLx%iifl-inTrOpFdUf.h'i
jml-idvdgfjmvF}.r%h8jmdg}f&%fjmdgn .¤-¤ ±<oX|owvFdToÁdp¶jml.i¿vFi~miwv]iyfuhih}fuhiwvFf-dgf-&jml-iÀf%!x%iBv}e~¶ng}.ho'n
vFiw~iwvFifur-ot4dUf4p]}e~mowvoPpjmlui6nTiedpFnTojdg}fz!oPpLdgf~ow|}u.v}-~@jmlu}^p]i-v]ohjdghiPp1P¾fOpFdÂ.i'owv8p]tz!i!luor!jz!}
jmdgipL{}-vFi6n}eh'on4vFi~miwvFifur-o<jmluoyfonDnejmlui6ng}.hon^¢^vFif-hl{vFi~iwv]iyfur-o z{l-}4pFijm}jown%f%!x%iBvFt4dUf.hn%r-dUf-
jml-i~mdgv8pqjng}.hon-vFi~iwvFif-r-okx%ijz!iiwf «-«¤ oBf-r B£-¤ tedDpowv}u.fur ¤-¤
!
808
08 K
8*"
#=JC6GJZ4A-W8B;+C' 0 B;'eL+e& -H~>
' \S_"_720+.'}
%&'S-W60&('eB<?'.H~JCL?<(49XZ'CB;'^B;''C+
6]'.<=D?T>65&(''./0'.+e65'C<N/0-+.J@/+.-W8L(+C2U/n JC65J4;-W8(B;+C'
B;'eL(+C&
f?'CA
' ?2G/G/(L `[3
n 3 P;8?L(' C3 |-L&6G6UP GXG XSXXN} J44;'.H=D(/G'@'@OL(Je6;} _"B G P2G-WL M[? } J47P
"!
0
#
0
-H~'>\S_7_"2G+@'C|}
N 4STJG-VXNPSI?wJ_J'?wJYIaIN{N-YIaOHIG-HI\4SDN-?aIJVADC0ADG-YICADYJ?BM7N-Y%»
}ehon-vFi~miwv]iyfur-o
}-P.ngowvRr-iXhydpFdg}.fep
5C,
!%x.iwv ¢Iv]i%if-hw }j4|.ongdTr ®<i~miwvFif-r-o !%x.iwv ¢IvFiX%iyfuhw
}P.ngoBv
q
'
f
4
%
x
w
i
R
v
}
~
¥
m
j
u
l
i
z
l
D
d
h
l
q
'
f
4
%
x
w
i
R
v
}
~
r
i
hdpFdg}ef
ng}.hon
-vF}.hir.vFi l-ow|i
.}-P.ngowv
jow¸.iwf{o~Djiwv
vFiB~iwv]iyfur-o*o dpRf-}Pj
x.iXh}e{i
r-ihdpFdg}ef.pRo vFiw~iwvFif-r%
iowvR~m}v h}-vqv]ihj .}-P.ngowv
.iXowv~m}-v
h}-{4fuiup
r-ihdpFdg}ef.p
h}-{!%f-iPp
±<ow|.owvFdgo
B£-£
-¤ B¤ [B¤ -¤
e«
e«
£ t e«
B¤-¤
.¤-¤#
±<or-if
t 1 -£ -¤
t 1
B£ 4«
.¤
.£
.¤ 4«
.vqjjiwx.iBv .¤-¤
¤
}vjml6®l-dgf.i B£-£
.£ [
«£
£t B¤-¤
¦iPpqjm-l-onTdDo .¤-¤
e«
c.hwl-nTiPpqz{dg
t « «-«
B£-£-¤ .¤
«
B¤-¤
« t 1
« «-«
!}nTpqjidgf
.¤-¤
!ip8p]i
t t «
B£-£
¤
B¤-¤
.¤-¤
c.oÂ}fP
t t «
B£-£ -¤
¤
.¤-¤
®l-dgf.inDofur
t
t ¤#
B£-£ #
B£
e«
B¤-¤
ongojdgf-oji
B£-£-£
[«£
#
}Pz{iBv
B£-£
« t 1 «
£
c.oÂ}fP
.¤-¤
±vFowfur-ifPxP.v B£-£
t # B£
t 4«
.¤-¤#
t t« ihw¸.nDifPx.v B£-£ -¤
.¤
¦iPpqj
.¤-¤
}v-}-{iwvFof-dTo
t « B£ B¤
t ¯ l.vFdgfP.dTo
B£-£ .£
B¤-¤
B£-£-£
c.oowvFngofur
B£-£
¤ t« ¤
¤ ¤
¤
.¤-¤
c.oÂ}fP
t« B£-£-¤
¤t
¤
©"f-l-onj
.¤-¤
¤ [ .£
¤
t
t
G PEFNPS
B£
B¤e«
e«¤
B¤e«
.¤-¤
.£
-£
!ojoc-}P-vFhi yonjiBv ¥®<}-.t ngof-dDiXt ( ' . ( * 3,/.0 +' '- 4U(1. '&,
1* /.3,/.4,0' '<0 '& "dUf!¡6owvmx.dDinTt !p]hoBvFtU4N.& ,. ' ,/.0%t
z"z6z .}ngdjd¸.}-f4·}v dgf-l-onj of-r{r-ojo~vF}-¿jml-i !f-d|%iBv8pFdjm{}-~ ,owvqxP.v
?
?
!
!
7
@
7
@
l
!
!
. ?!
!
!
!
.
!
; @
; 7
; ! ?!
.
!
!
!
; @
. !
?! !
?
; ; @
;
! ! 7
. C
; !
`
. !
7
!
9
. *
! ! onU~}e~jmluiPpFi-vFohjdghiPp*pm%hhXiir-irOdgfo.}-P4nowvr-ihdpFdg}-f2joB¸.iwf7o~DjiwvvFi~iwv]iyfur4e¾F~zi
vFiw~iwvj}!jml-dDp.iwvFdg}.r-t4o±<ow|.owvFdTofhX}e{!%f-ihof}-v.of-dp0i"ong}ehXoyn%vFi~iwv]iyfur4 iX|%iBv] B¤ ioBv8poyf.r
howf²l-ow|.i7o.}P.nTowvr-ihdpFdg}f²iw|.iBv] uiowv1p[ ¯ lui|onDdTrd·jq²}-~kjmlui2-v]}ehiXr.vFipr-iw.iwfurep}-f:jml-i
.}4p8pFdx.dDngdjdTiup}~Ljml-inTiw.d¥p0nTojdg}f.p1 ¯ o1x.nDi of-r ¯ owx.ni 7l-ow|.ij}:x.ih}-.owv]ir¨dgf²}v]r-iwvkj¥}¨¸-f-}Pz
zlP&pF}.{i f-r.iwvFtngdg¸.i¿c.oowvFnToyfur-tl-ow|.io.}-}v:p]h}v]i}-~On}ehonv]iy~iwvFiBf-r.oP¢}vdf4pqjowfuhit{dDf
c.hwl-nTiPpqz{dg ¥!}npmjiydgfutx%ijz!iiwf B£-£-¤ ofur B£-£ tLz{il.or -« .}-P4ngoBvdgfed·jdTojd|.ipvFi%dvFdgf-jml.i
}-v.owf-dDp]ojd}f}-~o2n}ehonvFi~iwvFif-r% ngi'or-iXrj¥}o2ng}.hon#|.}Pjit -£ z!iwvFif-}jkohhiwPjiXr-t z!iwvFi
jow¸.iwf,}PPjt £ ngi'or-irj}o¨fuiz r-ihdpFdg}f,}e~6jmlui¶ng}4hon }P.f-hdgnof-r B¤ z{iBvFi¨fu}ujuijr-iw.}^p]ir
¥!}n·jmof-fut B£-£ t
¯ l-i6v]ipqjmvdhjd}f}e~#jmdgioyfurjml-if%x%iwv}-~LpFdgefuoj.vFipowvFihwvm%hydoyn%iPpqjmd}f4pdgfjmluipFifep0i
jml-o1jI-}-P.nTowvdgf-djdgojd|.iPpRdgf-~n%iyfuhi*ng}ehXoyn%o-jmlu}vd·jdgi'p1
N 4STJG-VNPSI?BJy_J'?wJXY@aIN{ADYJX?MON-Ye»¼I\IG-?w\IM7CN-Y@aaIJN-a4STADYIJC
qWu;wtWu w
G(upCt?v3z.uGt tW
v(5p.wCzCu,v3wWxtzpWqzW{
p.tz@wv3
p.wr
?FJ@<3'CLO5 8?B76U65'CH>D('CB;1
n C
|
&
?FJlI(JWB;2GJZn
e?
&|
?FB;JCL(<?'eLD38B71~n
e3F |
%&('+.2U6UTN-_ F
? B;'CH~'.L
n C? |
?FB;'CH~'CB7&?JeI('CLn
e?
J@H=D38(B;1~n C
3? |
'@44;'n .?F |
9
@-X='.B<f?J3a?-WLT~n
.?
f?+C&(/G'@4XZ2G1O n C?JI |
8*% 5LUP;8?L(' ' II'&
F O MI =-=<?'./0JCT
MI
MI
|
`I O 'I
H
-W_PJCB76G2G+C2QPJe652G-@L
B;'
R82UB;'.<
-@L360&4
F
H
O 7& H
-@L360&4
FI H
-@L360&4
FI MI
HF O `[
!ojoc-}P-vFhXi
VW60&('>RW8-B78?H
I
X'C'e[4
H
-@L360&
/&
}
0
O I'I |
0
0
0
n C3[ O I'I | W
n C3F O I'I |
0
HFI
0
n C3I O I'I | W
n C3I O I'I |
0
'& 'I?
n C3F O C3 | ?
I O
0
n C3 O I'I |
F
n C3 O C
3 |
't ¡"ox-vFdginTt B£-£-£ ³^cehBl-dUnTnTiwvRt .¤-¤
# '&C(1'*23,/.4 XZJ4B;'.<8+.'C<>6]-
&
FI I
n C
3
X'C'e[4
0
n C
3F O I'I |
I
n C3F O I'I |
/& -@L360&4
X'C'e[4
O
FJI
H
O
7&
F O MI & O 7& & O 7& O 7& O
/& /& /& -@L360&4
0
F
X'C'e[4
& O MI & O I'I | 0
I
n C
3F O I'I
|
=-!R8-B78(H
X'C'e[4
& O I'I | 0
n C
(F
n C
FI X'C'e[4
p.wC7wpewW
vq
/& & I
O
xwpStW
Gtzq
X'C'e[4
F
wx GGx q
t?p. wx p.wepCw wW pCwW5
pCv3wv x
;t?p^u
w=v(w.z@5r;?
w
FI 8*%
X'C'e[4
&
C3F |
-/54765'C2GL
%&38?B;2UL31?2UJ=n C?'F |
& O MI V O `I
|
f?J3a?-LT(O5L(&?JW/E6n
wq3v G0(wS;t?p
t (uAqGG
o
r;5o
qu"
p.wr
F MI =-B760&Y,&(2UL('
'@476GP&(JC/G2QJ=n e
3 |
F&(2UL('C/GJCL?<(OGJC/GJe652UL?J.65'
n C? |
f?JWJCB;/UJ.L<Nn .?3[
f?J3?a -LT~n C?'F |
MI
O
|
'C+e[(/0'.LD38(B;1N'@46"O
'CB;JCL?2GJn . |
,-B7P-H
t ]q3pSGQu5q.u; ?w
t?p.
x#tW
rA]o
qWu7
pCwr
0
¯ l-i~m}vF{iBv
opmjiwvf f-r-iwvr-}2fu}ujRluoX|ion}uj}-~n}4honIvFi~miwvFif-r-otIoPpjmluiwj}jongn7l.oXr ¤ ng}.hon
vFiw~iwvFifur-o2x.ijz!iiwf B£-£-¤ of-r .¤-¤ @°i7owvFi7hng}^p0iBvj¥}½jml-if%x%iwv}e~¢IvFiwf.hl²ng}ehXoynvFi~iwv]iwf-r.o
ohhX}vFrPdgf!j¥}6jml-ik¢IvFiBf-hl6!}e{i 6~m~dThitPx%ijz!iiwf B£-£ owfur .¤-¤ t «¤ ng}.hon.h}-fepq%njojdg}-fep z!iwvFi
ipmjmdUojiXr4 i|.iBvqjml-inTiPp8pFtPjml-dDpR~dgP.vFi*dpdgfurdTh'ojmd|%itPzl-dTnDi6p]}e{i*h}-f4pq%njojmd}f4p#z!iwvFifu}uj%jow¸.iwf{dgfj}
ohhX}u.f'j*x-}.~q~mdThydTo'npmjojmdDpmjdghPp [¾~z{i:hX}%owvFijml-iO.ng}Px.on~mdgP.vFiPpFt.fjdgn .¤-¤ t¡"iwvF{ofPl-or
ng}.hon#v]iy~miBvFif-r-o~m}-v ¤-¤-¤ h}-%f-ipz{luiwvFi'op¢IvFof-hi{l-or}f-n ¤-¤ ng}.honh}-f4pq%njojdg}-fep
~m}-v ¤-¤-¤ hB}{%f-iPp1{}Pz!i|.iwv]tjml-if-i1znDiBedpFnTojdD}-fepRngi1j@IpjmlPdgfP¸jml-o1j@jmluiwvFikzdgnDnexi*owf{dUf.hBvFioPpFi
}-~*ng}ehXoynRvFi~iwvFiwfureotzl-dThl¶{i'ofep*jmluojp]iy{d rdgvFih1j"r-i{}.hwvFohw-vF}.hir.v]ipowvFi{}v]iOowfur¶{}-vFi
jow¸.iwf{dgfj}{ohXh}u.fjdgf6x.}Pjml{h}P.fj vdTip1
¾~*z!i½fu}uz h}e.owvFi2jmlui¨f%x%iwv{}-~ng}.honvFi~iwv]iyf.r-oiohl¶.i'owv{~vF}e B£ ¨%fjmdgn .¤-¤
¥jox.ni oyfur¶~qdgP.vFi tz!i7howfp]iijml-i2iowv8p*z{luiyf:jmluiOf%x%iwv}-~*ng}.honLvFi~iwvFiwfureo7iwÂ-.ng}er-iXr-t
zl-dDhlh}-vvFip.}furepkj¥}2jml-ihwl.ofP.i}-~nTiwedpFnTojdg}-f44¾fOx}ujmlh}P.fj vdgiPpFt~vF}- B£-£ %fjdgn .¤-¤ t@z{i
}Px4pFiBvq|.ikjmluinTowv.i'pqjf%x.iwvR}-~#ng}.hon-vFi~iwvFif-r-otPz{djmlo*rPdg~m~iwv]iyf'jdgfjiBfepFdjm%
y
!
5
! !
N 4STJ\IM @J'?GP_#STG-VN-SI?wJ_J'?wJYIaIN{N6»%JN-?ATY J?M7N-Y%»
wWq?p
¤
B£
B£
B£
B£ e«
B£ -£
B£e«¤
B£e«I
B£e«
! !
!!
!
!
tWu
v(wWt?r;wv
tWu w
qG5v v(wWz@5r;Gt # -£ ¤
¤ ¤
¤ ¤
¤
¤ «
¤
¤ B¤
¤
¤
!
t?x
pCt3x5rAw
¤
t 5q3p
v(wWz@5rA0t
¤
¤
¤
¤
¤
q
Q
p.w
tW
t 5 q?p
v(wWzW]rAGt
¤
qGwv
ut
o tWu
uw
t= u7 p.t(u
p.wqWz wv
¤
¤
¤
¤
8*(+C+C-B;<?2QL(165-=-W8(B-WXZLNB;'@4A'CJ@B;+e&VWX'S'@47652GH~Je65'^60&?J.6(_"B;-H
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
.£ ¤
¤
¤
¤
tWuq
5rrAG
o
¤
¤
¤
-
¤
¤
¤
zWz@wrr
-£
tW
¤
¤
¤
¤
¤
&
¤
¤
£
!
J.L< e?
I'I? VWD('e6GXZ'W'CL M
I JCL(< 'I /G-+CJW/B;'
_"'CB;'CL(<JSX'CB;'
L(-W6
+C-W8(L65'C<N<?-WXLn]XZ&320+.&=H~'CJ.L:4`60&('CB;'FJ.B;',D('e6GX'@'.L
JCL3< I /G-+CJW/?B;'e_"'.B;'CL(<?J^XZ&(2G+e&<3-L(-W6
JeP?P('CJCB2QL-W_7_"2G+C2GJW/
4765J.602547652G+@4A|}W%&'^H2544;2UL(1B;'e_7'CB;'CL(<?JSJCB;'F<8'^6]-S6G&('FB;'eP-B76"4 H~25476GJC[('@4V60&('2G1L(-WB;JCL(+C'-W_4;-H '2G/G/G'C1?JC/ +C-L478/65Je6520-WL4D?T
60&('^NB ;e_"'W+e6G8B;'FJCL(<\60&('<3'eP?JCB76GH~'CL6"49X&?2G+C&N<2G<=L(-W6JCL47X'CB65-60&('S'eL2R8?2UB5T }
8 %&?254/G2UL('S+C-B7B;'@47P(-L<(465-6G&('F/G-+CJ@/(B;'e_7'CB;'CL(<JSXZ&32G+l&YXZ'CB;'S+C-W8(L65'C<N<?-WXL=D('e_;-B;' .[ }
&
*+
'&
?
B£e«
B£e«
B£e«
B£e«
B£e«
B£e«-«
B£e«£
B£-£-¤
B£-£#
B£-£
B£-£
B£-£
B£-£
B£-£
B£-£
B£-£e«
B£-£-£
.¤-¤-¤
.¤-¤#
.¤-¤
.¤-¤
.¤-¤
.¤-¤
¯ }jown
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
¤
B¤
¤
«
!
4«
£#
.£
«
£
!
4«£
#
£
-
e«
¤
!
£
e«
#
!
!
!
!
£
¤
?!
B¤
- .¤e«
£
-
¤ «
e«
-£
¤
!
!
-¤
¤
?!
£
«
!
¤
?
«
£
¤
!
«
¤
£
«
£
-¤
¤
¤
e«
«
¤
e«
!
!
?
-« «
4«
«
«
!
?
!
B¤
¤
¤
!
«
.¤
¤
«
¤
-
¤
¤
-
¤
¤
¤
«
¤
¤
!
¤
¤
¤
¤
¤
¤
¤
!
!
¤
«
¤
¤
¤
-¤
4«
!ojoc-}P-vFhi f-d|.iBv8pFdjm{}e~ owvxP.v.t }-nUd·jdThonIc.hdiwfuhi¾fepqjdj-jiBt iwf'jiwv }ehon-.owvmjmdghdU.o1jdg}-f
owfurr-dvFi'hjsr-iw!}ehwv]ohw
l'jDjm z"z6z ~m}v0pFhwl'4f4p1pqjingnDi rd vFiw¸Pji r-i{}-¸-vFojmdiP·r-i [email protected]'jiwx.iwv .¤-¤
*
K
(
?!
ATº-\@?XJ\IM @JX?GP_STG-VN-S4VG-YIC0\^SgEFNPE]ADG-YICLADY ?BN-Y#VJ
40
35
30
25
20
15
10
5
0
1971 1976 1981 1986 1991 1996 2001
Jº-JYIa >IJ*Y@\IM IJ?wCVGe?X?JC8HIG-YIaEFGEF>IJ¼I\IN-Y^EAEq»GP_#STG-VNPS%VG-YIC8\ISUE]NPEFADG-YICLJN-VX>»%JN-?XQ
_F?BG-M.\IS» "\IY4EFAUS.\4S» c.}P-vFhXi <zfvFi'pFiowv]hwl
luiyf{z{i"vFi~iwvRjm}jml-i".iwvdg}.r B£ B£-£-¤ tjmlui6f%xiwv}-~ng}.honIvFi~iBvFif-r-oz!oPpLvFingojd|.inD
i%d|.onTiyf'jdgfx}ujml!h}u.f'jmvdgiPpFt.op e« n}eh'onev]iy~iwvFiBf-r.okz{iwv]iluiynTrdgf±<or-if .vqjTjiwx.iwvof-r ¤
dgf¢IvFof-h'iP ¯ luih.vvFiBfj{¢IvFiwfuhl nTiw.dpFnTojd}fv]iy{dgf%repIpjml-ihX}furdjdg}-fep7}.~ng}.hon*vFi~iBvFif-r-odDf
±<or-if q.vqjDjiwxiwvxi~m}vFi B£ tPzl.iyf!okj.vf-}P-j}-~ z!opv]i4dgvFiXr4¾f¢Iv]oyfuhitPjml-iwv]ikz{oPpRo
r-dDp0hIp8pFd}efowx.}P-jjml-ij.vf-}PPj }-v ¤ xP-j<.}ngdjdThydTofep{fuiw|.iwvifjdg}-f-ir:jml-i:dTr-io7}e~"o
%}-vq. }-~ow--vF}P|.onRnDdg¸.idgf¡"iwvFofP^ ¯ luiwvFidp"f-}r-ingow}e~Rjdgi2p4ihdg~dTir:~m}-vkjml-i{vFi%f-dg}-f}~
pFd.f.oj.vFipsdUf!}vFr-iBv@jm}{op¸{~m}vRong}.hon-vFi~miwvFifur4
!
`
! ! 8*- b*-L6GB;JCB5T>65- 9
JCB;2G-@LY:JW-/G'e6G6520VXZ&('eLNJFB;'e_"'.B;'CL(<8?H XZJ4&('C/G<=-L>6G&'^B;'e8?L?2G-LN-W_`+W-H~HN8?L('@4VXZ'S+C-W8L36JW/U/360&('
<?2Q_5_;'CB;'CL6B;'e_"'CB;'CL(<J@V60&(2542549XZ&T>X'&(JeI('F_;-W8L(<>J/G2E6G6G/0'*D(2Q6H~-B"'SB;'e_"'.B;'CL(<JF6G&?JCL47&('F&3J@<(}'+.-HNP/G'e65'C<\60&('<J.60J
1?2EI('CL>D?T 9 JCB;2G-L>
J@-/G'e6G6G2
nGJW-/G'e6G6]2GV e? V '[ O [ |D3TN+C-HNP(J@B72UL(16G&('CH 65-6G&'^<?Je65JS-W_ bi;.+C2G/0A
' ?F/GJC6GB;2 aNSn ?F/GJ.60B72 a?V
O |
JCL3<6G&'^B;'eP-B76"4-W_65&('FB;'eL(+l&
-H~>
' \S_7_"2G+C'}
C3[ V
8 %&?2549XZJ4960&('F<?2EI('CB;13'eL+.',D('e6XZ'W'CL>60&('^=Je6520-WL(J@/(=44;'CH=D(/QTNJCL?<>60&(g
' f?'eL(Je65'}@&('lB;'.J4`60&('FJ.6]2G-WL(JC/=44A'CH=D(/ET
4783P?P(-B76]'.<=J^608?B7L(-W8?6-W_ FF V60&(g
' f?'eLJ.65'*XJ4K2UL>_"JeI-W8(B-W_JF6G8?B7L(-W8?6-W_ JI } f?'C'^B;'CL(+e
& f3'CL?J.65'@V G I'[G5IIF VWB;'eP(-B56
L 'I[ } &6G60P GXG XXXN} 4A'CL(JC67} _"B G 4;'CJ.L+.'@4 G 4 'IIFI[JG 4 I'IFI'[?` G 4 IIFJI[3``I'I? } &6]HN/ ?2QL6 F 3
*6
"!
'& &
&
0
«
¾ f¡"iwvF{ofP.tLjml-ingiw.d¥pFnTojdg}-f4p}~*±<ow|.owvFdTooyfur !ox-.vx}e}4pjir¨jml-i:f'4x%iwv}-~ng}.hon
vFiw~iwvFifur-oP ¯ luing}Pz{ipmjLjml-i{vFi%dvFirj.vf-}PPjdTpFt@jml-i{}-vFin}ehonvFi~miwv]iyfur-ol-ow-%if4eluiwvFioPpjml-i
~vFi^if-hw7}.~vFi~miwvFif-r-odpowx.}P-j £-¤ ng}ehXoyn%vFi~iwv]iwf-r.o{iohl.ioBvk~v]}e B£ %fjdUn .¤-¤ tIdUf¢^vFof-hi
~vF}e B£ .fjdUn .¤-¤ tejml-io|.iwv]ow.i~vFi%if-hw7dpowv0}P.f-r t {ng}.honIh}-fepm4njo1jdg}-fepo6.iow
v ©po
ojjiwv}-~L~moh1jt^jml-i-v}uxowx.dUnTdjmj}Ol-o|ing}.h'on#vFi~miwvFifur-odp6pFdÂ7jdgipl-dgeluiwvdgf¡6iwvFofPjml-of7dDf
¢IvFofuhiP#¾f²~oXhjtsjmluiO~mir-iwv]oyn*pmjmvq%h[j.v]i}~<¡6iwvFofP}-~q~miBvpo:p.ih1jmvq4 }-~*r-dD~~iwvFifj<nTiwedpFnTojdg}-fep
owfur&h}-fep0i%ifjn rdT~q~iwv0ifj7j.iup }-~:-vFohjmdThi'p1 i|.iwvmjml-inTiup0pFtz!i¿ng}.hojir¿jml-i-vFohjmdghXiup dDf
¢IvFofuhitx-,hX}e.owvFdgf-jmlui:f%!x%iBv}-~ng}.hon*hX}f.p4njo1jmdg}f.p~m}-viohwlv]iwed}ef4i}PxPjodgf-ir¶jml-i
~m}engng}z!dUf{vFipq%njFp]t^pm4iXr.dgf6jox.ngi «
! ! 7
N 4STJ G-VNPS4?XJw_J'?JXY@aIN{ADY
Jº-ATG-Y
\IM IJ'?GP_STG-VNS
?BJ_J'?JXY@aINIJwE! JJY
"N-YIa > -YIJw¹SDHIJC
K?BG$%JYIVJw¹{ STHIJCF¹
=P EFJ*a' \I?
}-v8pFi
G-\IC8C0ADSUSTG-Y
ATa@A¹K#»%? Y
'JC
©"%djodgf.i
}-dj}P Ll-oBvFifjip
dg{}P#pFdgf
©.|.iBvefui
±<}P.v-}--f-i
¢^vFof-hl-i k}.6j
©"np0ohi
G.??BN-ADYIJ
Ll.o%ow.f-i
©*v]r-iyf-fuiPp
Z0SJw¹]a@JB¹ ?BN-YIVJ
dghowv]rdTi
G-?Ba^¹KRNeCF¹FaIJw¹
N-YIº-\IJaIG-Vw¹
?!
\@M IJ'?GP_
K?wG
IN
IAUSTAUEm»GP_
STG-VN-S
ADYI>IN
@AgEFN-YeEFC ?BJy_J'?JYIaIN
VG-YIC8\4SgEFNPEFATG-YIC ?BJ_J'?BJYIa@N
N6»%JN-?ATY2E]>@J VJYIC8\IC HIJ?
?BJº-ADG-Y
ADYI>I
N IAUEFN-Y.EFCLADY
»%JN-?BC t
.¤
t
¤:
« ¤
¤ t ¤
-¤½B£
-¤:B£
¤ t«
.£ 4«
« ¤
t
e«
-¤
¤t
¤ .£{¤-¤-¤
-£
¤t
.¤{¤ e« - : 4«
¤t
#B¤£-£
¤t
-¤e«{« e«
£ .£#
¤t
#B¤{¤
- ¤-¤
¤ t
- {¤ £ B¤#
t¤
¤-¤-¤
«
¤t
#B¤
B¤-¤
¤t
e«"£
t ¤
B¤£ ¤#- ¤t
« 4«I
«
¤ t -£
¤ {¤-¤-¤
«
!
?!
«
!
!
7
! ?!
?!
!
!
?!
! !
!
!
7
!
!
!
?!!
!
(
\IM @J'?GP_
(l
?BJYIV>:?BJº-ADG-YIC ¹ !
e
!
? K %&'^_5B;'
R8('CL(+TN254 e /G-+CJW/(B;'e_"'CB;'.L<JSJFT3'CJ@B9XZ&('eLNX'F65Je[('F6G&('47P(J@+C'WOG652UH ' .[` O I'I? }
K;$ \S_`+C-W8(B4;'@VB;'CL(+e&>'.1?2G-L4&(JlI('^60&('47J@H 'FB58(/G'@4K+C-L(+C'CB7L2QL?1\60&('F84;'S-W_`/G-+CJW/(B;'e_"'CB;'.L<JSJCL(<=/G-+CJW/+C-L48/E65Je652G-WL:4
}
%JeD(/G' 1?2EI('@4KJCLN2G<?'CJSJeD(-W8?66G&'^/0-+.J@/G2SC
d J.602G-LN-W_
65&(-?4;'^PB7J@+
6]2G+C'W4e}
B£
"= NPSTN-ADC
±<op0p0i *}v{of-r-dDi
!o-ji {}v!oyfurdTi
±vFi1jow-f-i
ow.pRr-i*nDo }.dvFi
ifjmv]i
¯ `
¯ }jownP¢Iv]oyfuhi
(
B¤
B¤
(
U
U
¤t
B£
e«¤:B£
£-¤ :B£
¤ #
4«¤{¤-¤-¤
{¤-¤-¤
!
£ «I
e«¤#B£
.¤
{¤-¤-¤
¤ t -¤
¤ t -£
¤ t -¤
¤t
¤ t ¤
?!
!
? ec }P-v]hi zfv]ipFioBvFhwl ¥..r-o1jirdUfceiBPjiwx.iwv .¤-¤
¾fjml-dpLjox.nit^z!i6.f-r.iwvFnUdgf.irjml-ivFiBedg}-f4pLz{lu}^p]i!f'4x%iwv}-~v]iy~miBvFif-r-odpl-dgeluiwvLjml-ofjml-i
o|iwvFow.i7}fui`1 ¯ luivFiw.dg}f4pz{l-dThylluoX|ijmlui2!}^pmj*nT}ehXownvFi~iBvFif-r-o7owvFijml-i}-f-i'pz!l-dDhloBvFijml-i
{}4pqjR.}-P.ngojir4 ¯ l-ij}--dghPp}-~RvFi~miwvFif-r-odgfjml-}4pFi6v0iw.dg}-f4powv]i!!}^pmjnjmlui.vx.of.nDof-f-dgfP}-f-ip[
¾f pF}-idTr-rnTi FpFdUªyir hdjdTip]t:ng}ehXoyn²h}-fepm4n·jojd}f4p,owvFioÁz!ow }.~¶jipqjmdgfP+jml-i .}-P%ngojdg}/f qp
z{dgnDnTdgf-efuip1pkj¥}ohhiwPjowf.vqx.of7-vF} Fi'hj0e¾f owvFdDpFt@z!i!j¥}-}¸dfj}ohhX}u.fjrPdDpmjmvFdghjvFiB~miwvFif-r-ot@jmluoj
iof4p,h}f4pm4n·jojmdg}-f4pz!l-dDhl&ziwv]i }-v.owf-dªirdgf p]}iÀ.owvqjmdTh%nDoBv%owvmjiwv8p1¾f B£ # t½n}ehon
vFiw~iwvFifur-oz{iBvFi{}f-nonDng}Pz!irOdgf7hoPpFi}.~vFi%f-dg}ef}-vp]iw.owvFojdg}-f}e~RhX}e{!%f-iPpLx-jpF}e{ioyu}-v8p
}-v.owf-dª'iXrOdDngnTi.oynng}.honh}-f4pq%njojdg}-fep1 ¯ luif-t^z!djmljml-ip0iwvFdgiPp}-~LnTozp~vF}e B£-£ 4f'jmdgn .¤-¤ t^jmlui
f%x%iwv*}-~ng}.honvFi~miwvFif-r-odgf.hwvFiXoup]ir-t@jml-dDp*dpz{lP7jl-i~mdgP.vFiPp*}-~jox.nTi « l-ow|%i!j¥}Ox.ihXo-jmdg}PIpFnU
dgfjiwv-vFijir4'¾f6jox.nTi £ tPz{ipqj%r-dgirjml-i*~qv]i%if-hw}e~.}P.nTowvRdgf-djdTojd|.iPpRdgf!jml.i*r-dD~m~iwvFif<j f-r.iwv
~m}-vdgf4pqjowfuhitL~vF}e B£-£ O%fjmdgn .¤-¤ tLdgf¨±<ow|.owvFdTotj l-iwv]iz!oPp}-f-i.}-P4ngoBvdgf-djdTojd|.i.iwv -£e«
dgf-l.owx.djofjFpo¨-iXowv1©"~DjiwvOp]iw|.iwvFon*.ioBv8pFtkz!i¶hofhX}fuhyn·%r-i½jml-o1j±<o|.owvFdTo¨v]ionDnU,r.iw|.ing}-.iro
vFiw~iwvFifur4 h4n·j.vFi6zl-dThl:hXoyfx.i{h}..owvFirj}jml-idgf'jiwfepFdjm}e~Ln}ehonvFi~iwv]iwf-r.odgfpF}e{icPz{dp1p
howf'j}f.p1Rc.}{i}Pjml-iBv yfur-iwv"owvFiOpmjmvF}-fP.n½vFinIh1jowfPjLjm}OjmluipFij}-}-nDpFtRnUdg¸.i±vFiifofurc.ooBv¬nTof-r
zl-iwvFikjmluidgf4pmjmvq.{ifjsr-}.ipf-}j^l-o|i*oyfP{|.dpFdx4dTngdjq^
(
!
N ^STJ4KRG-HI\4STNe?ADYIAUEFATNPEFA %JXCLADY J?wM7N-Y -YIaIJ'? P¹ iowvR}-~#dgfjmv}er%h8jmdg}-f }P.nowvdgf-djdTojd|ip
¢^vFi%if-hw}-~I.}P%ngowv
of-r
}-~@v]iy~miBvFif-r-o
±
±<ow.iwvf
±<iwvFngdUf
±vFowfur-iyfPx.v
±vFi{if
B£
B£-£
B£-£
B£-£
owfurng}.hon-vFi~iBvFif-r-o
pFdgf.hi B£-£-¤
dgf.djdDo1jd|.i'p.iwv
dgf-l.owx.djofjFppFdUfuh'i
B£-£-¤
-£ £-¤
-£e«
! -¤{¤-¤-¤
#
K08%&'465Je6G8:4K-W_60&('@4;'^65'CB7B"2Q65-B"2G'@49XJ4KH~-<32Q_"2G'C<N2UL I'I2F }@%&('TNJWB7'+CJW/G/G'C< } \N} 9
Z}\>} 9 }n\FI('CB4A'CJ49F'C1320-L4A|
D38?6 60&('F_72018?B;'@4B;'
_"'CB;B;'C<\6]-\60&('F+C'.L:48:4K-W_ C?3 }W'S<?2G<L(-W6(6]J.[?'S2UL365-=JW+C+C-W8L36(B;'C1?2G-L?JW/?B;'
_"'CB;'CL(<JSX&?2G+e&~-+C+e8(B"B;'C<N2QL
' f60J.6]'W}
I'I2F VCD('C+CJ.8:4A'F65&('TN<3-=L(-W6&JeI('SJ/G-+CJW/(J4P'C+e6JCL?<D('C+CJ.8:4A'F6G&?'eTNX'CB;'^P/GJCL?L('C<SD?T>65&(!
K0K JeI(2GL1 3 /G-+CJW/B;'
_"'CB;'CL(<J^_"-B 3 B;'C1?2G-L4V60&('FJeI('CB"JW1?'^L?8?HD('CB9X=-W8/G<D(' _"-B'CJW+e&NB;'C12G-L
}
.¤
!oyx.v
!ip8p]iyf
iXhw¸enTifPxP.v
}vu}{iwvf
dgiXr-iwv8p0ohlep]if
®
® ~
c.oowvFngof-r
c.ohwl4p]iyf
c.ohwl4p]iyf ©6f-luoyn·j
cP
¯ l .vFdgfP.if
c.}P-vFhi y®<}ngofur2cPjuvn B£ «-«
e«£-£
e« 4«
-£ # £
£
¤ .£
£#
-¤
!
!
!
!
~ ? *
!
`
!
?
`
B£-£e«
B£-£
B£-£
B£-£
B£-£
.¤
B£-£
e«
B£-£
B£-£
B£-£-¤
B£-£-¤
.¤
B£-£
.£
ijmvFoRdgiBv¬of-f 0cujiBdUf-l.oBvqjmt .¤-¤ 't'3,4-*
±*oXr-iyf ¥±<or-if-t }-{}4pFt-I £#
!
i
&
`
3) Is there an optimal size for local referenda?
.vFdg}PIpFntjml-i7h}-{!%f-iPp*z{l-dThl²}v.oBf-d¥p]ijmluiO{}4pqj<ng}ehXoynRvFi~iwvFiwfureo7owvFif-}Pjjml-i:pF{onn
}-f-ip[e±*i1jz{iiBf B£-£ of-r .¤-¤ t@jmlui¢IvFif-hl{}.{i}~m~mdDh'i{vFiw.}-v¥jir £-£ pF{onDnRh}.%f-iPpz{l-dThl
l-inTr:ng}.honRh}-fepm4n·jojd}f4p[4¾qjdpkj}-}ioBvnOj}r-ion@z!dUjmlowfdUf.hBvFiop]i}~vq.vFonvFi~iwv]iyfur-ot@z{luiyfzi
¸-f-}Pz jml-o1j {£# +hB}{%f-iPpluoX|i nTiPp8pjmluof ¤-¤ dgf-l-owx.djofjFp[! i1|.iwvqjmluinDi'p1pFt2jmlui ng}.hon
vFiw~iwvFifur-o!v]iy~nDiXhjjmlui{h}e{4fuoynLpmjmvq%h8j.vFi{}~¢^vFowf.h'iP ofPh}e{4fuiupLzoyf'jj¥}:h}-fep]iwvq|.i6jml.idv
dTr-ifjdjdipof-rr-}f-}7ohhiwPjj¥}2v]i.f-dg~qz{d·jl}ujmluiwvh}-{!%f-i'p1 ¯ l-i'pFi.owvqjmdgh14nTowvLv]iy~iwvFifur-opFlu}uz
jml-o1jjml-ivFiw~m}-v }e~:ng}.hon{.}u|iwvFf-iyf'jFp¶dTp²r-iynTow.i'r dgf¿¢Iv]oyfuhi ifurPvFopFt B£e«-« zluiwvFioPp²dDf
¡"iwvF{ofPofur}Pjml-iwv
.v}-.iowfh}P.fjmvdgi'pFtjmluivFiXr%hjmdg}ef}-~@jml-i"f%!x%iBvL}e~sh}e{6%f.ipr-ojipRx.ohw¸
jm}:jml-i:pFi|ifjdgiPp1#¾f:¢Iv]oyfuhitxijz!iif B£-£ ½owf-r 4¤-¤ towv}P.f-r }~jml-i7h}-%f-iPp*x.ijz!iif
.¤{¤-¤-¤ owf-r ¤¤-¤-¤ dgf-l.oXx.d·jowfjFp"}-v.owf-dp0irng}.honh}-fepq%njojdg}-f4pFt }~jml-ih}.%f-iPp*x.ijz!iif
B¤{¤-¤-¤ owf-r .¤{¤-¤-¤ dgf-l.oXx.d·joyf'jFpluorn}4honvFi~miwvFif-r.o2zl.iwvFiop!}f-ng ¤ t }-~pFonDnh}.%f-iPp
¸-f-i1z&jml-dp6pFdj%o1jmdg}f%e¾Ff7¡"iwvF{ofP.t#o~DjiwvLjml-dvmjqiowv8p<}~R-vFoh1jmdgh'ipFt4z{i{h}P.fjir7r-}Pzf ¤ n}ehon
vFiw~iwvFifur-o¨dgfh}e{4fuip}e~niup0pjml-if ¤{¤-¤-¤ dgf-luoXx.d·joyf'jFp Lopo:{ojjiBv{}~"~ohjt « }-~ng}.hon
vFiw~iwvFifur-o*owvFi*ng}ehXojirdf6jmlu}^p]i*h}{%f-iPp # dgf{h}-{4fuiuppFongnTiwv#jml-of .¤{¤-¤-¤ dgf-l-owx.djofjFp
9
A
# #
!
= ! N 4STJ :EF>IJÀC8A yJÀG_²EF>IJÀVGeM7M7\@YIJ'CN-YIa
JX?MON-Ye»
3s wpCGt?v
wrr
u
q
ut
G q Quq(ur
u;t
G
q QuAq(uAr
EF>IJÀY@\IM IJ?°GP_STGeVNPS½?J_J'?BJYIa@N+ATY
u;t
ut
tWuq
pCw."wpewW
vq
G
q QuAq(ur
0
q Quq(ur
N?'I
[email protected]{
F3
`MI
e
G
q QuAq(uAr
/&
F
?
c.}P-vFhi y{o8jo~vF}-¿jml-i f-d|%iwv1pFdjq!}e~ oBvqxP.v ¥..r-o1jirdUfceiBPjiwx.iwv .¤-¤
`
*
¯ l-i¨j}--dghPp7}e~ng}ehXoyn"v0i~iwv]iwf-r.odgfx.}Pjmlh}P.fjmvdTiph}-f-hiBvf.vqx%ofenTof-f-dgf-°Iipmjd}f.p0t
P-x.nDdTh*i%dgeifjFp]tehX}{4fuon4nDdT~it.ih}-f-}.dThon.-vF} 8iXhjFpRof-rpF}~m}-vqjml%y±<ijz!iiwf B£ of-r .¤-¤ t
dgf ¡iBv¬!oyfPt .£ t }~¶jmluiÁv]iy~iwvFifur-o&%ipqjdg}-fepz{iwv]i owx.}P-j¶.vmx.owf3enTof-f-dgf- %iPpqjdg}-fep
¥j vFowfep.}vjo8jmdg}futh}-fepqjmvm%hjmdg}-f:}-~LvF}.orep owf-rih}-f-}PdThon-vF} Fi'hjFp 4¾f¢IvFowfuh'it#~vF}e B£-£ .fjdDn
.¤-¤ t t « }-~@jmlui6%i'pqjdg}f.pz{iwv]i6owx.}P-jI.vqx.oBf.noBf-f-dUf--vF}Px.ngi2-p ¯ luiwvFi*d¥po*-vFip0pq.vFi6~v]}e
x.ing}Pz }f.vxoyf.nTof-f-dUf-½%ipqjdg}-f4pFt#o'p*dg~jluihwvFdjiBv¬do}.~Lng}.honsiyfP|.dgvF}-f-ifjRx.ih'oidD{.}-v¥joBfj
~m}-v.i}--ngiP ¯ l-i{.}^pmj qojiwvdgonDdpqj.oBvFor-de rei'pFhwvFdxIiXr2x-O®<}-f-onTrO¾fenTil-owvmj q¾f-nDiluowvqjt B£ dDp
onpF}¶hB}-f-~qdgvFirOx-:jml-}4pFivFi{oBv¸4p1 ¯ luivFipm.v.if-hi7}~*p]iy{d r-dgvFihj-v}ehiXr.vFip*dp"onpF}²r%ijm}o
h%nj.vFonpFl-dg~Dj0 i}-.ngi6z{}P4nr2nTdU¸.i6j¥}2.owvmjmdghdU.o1ji!dgf%ipqjmd}f4ph}-f-hXiwvFf-dUf2jmluidUvRz{ow7}.~LnDdg~i jml-i
vFi%dvFijml-idv"vFiw-v]ipFifjo1jmd|iPpj¥}¨x.iO!}vFivFip.}f.pFd|.i7oyfur¶iwÂ-.nTodUfjml-i7r-ihdpFdg}ef4p1 ¯ luiOh}.enTiwÂ
pqjmvm%h[j.vFi}~r-ihdpFdg}efeph'of-f-}j"x.i:vFi'pFiwv|.iXr j¥}-}-ngdUjmdghon<iynTih1jFp17 }.honvFi~miwvFif-r-oOjmvFoBfepF~m}-v¬ jml-i
vFiw-v]ipFiwf'jojmd|.ip4pqji oupLz!inDnRopLjml.ipmjmvq%hj.vFi}-~jml-ir-iXhydpFdg}.f4p1 ¯ l-iBvFi~m}vFiXt^jml-i{r-ihdpFdg}ef4pl-ow|%i
jm}xi!}vFi*f-iB.}ujmdgo1jirdgf}-vFr-iwv#j¥}!xi6ohXhiwPjir4 ¯ l-i*.owvFoXr-}uÂdpjml-ojtedgf}P.vLr-i|ing}.iXr2pF}.hwdTijmdTip]t
jml-ir-iXhydpFdg}.fep"l-ow|.ij}:x.ijow¸.iBf4dhw¸engI ¯ luivFd¥p¸¶dpj}²hwvFio8jiOpF}.hwdgonh}f-~mnDdThjFp*xihopFi}e~Ljml-dp
f-}-f jmvFowfep.owvFif-hw^u®<i~miwvFifur-ohofx.io".}-}erdgf-r-dThowjm}-vR}~Lp]}e{iiiwv.dgfP7h}-f-~mnDdThjFp1-¾f~mdgP.vFi t
z!i6}Px4p]iwvq|%ijml-ojsofP{¢IvFifuhyl{vFi~iwvFif-r-oz!iwvFi6luiynTrdgf B£ -£ t.-vFihdpFinU{%f-r-iwvjml-i*-vF}jipjRoB.oydgf.pqj
f%hnTiowvRiX4dg.if'j ¯ }P.vFowdgf-it B£e«¤
¾~iyfP|.d vF}f-ifjons%iupmjmdg}-f4pluoX|%ix.i'ifenTow.dgf-oo F}-vvF}engi{dUf}P.vp]}ehdgi1jdgiPp]t^jml-iBvFidp"o
-vF}Px.ox.dTngdjqjmluojofPvFi~iwv]iyfur-o6z{dgnDn#x.il.ingrOdgfjml.i~D-j.vFitopjmlui{h}f-~mnDdThjFpdgf-hwv]iopFi4©p~mowvoPp
±<iwvfuowvFr cPjdiwenTiwv+dp3h}-f-hiBv¬fuir 8cPjmdgiw.nDiBvFt .¤-¤ t}P.vpF}.hwdgijdgiPp+oBvFiµpq.x 8iXhjÀjm} o r-iiw
jmvFowf.pF~m}vo1jmdg}f jml-iw owvFi¦xih}e{dgf- lPu4iBv¶dgf-rpqjmvdoyn 'tjml-oj½{iof4p:jml-oj7jml-iBvFi {dgel'jOxi¿o
h}-vqv]iynojd}fx.i1jz{iifpFid r-dUv]ihj-v]}ehiXr.vFipowf-rjml-ipF} howngnTir.v]xof-d¥p]ojdg}f%P¾F~@jmlui6iÂu.of4pFdg}ef}~
pF}-ihdjdTip*dp"f-}Pjhw}-fjmv}-nUnTir-t@jmlui.l-if-}.{if-}-f:}e~ng}.honvFi~iwvFif-r-oz{dDnTnR}ehh1.v*{}v]iowfur¨{}-vFiP
¯ l-i*nDiBedpFnTojdg}f.pRl-ow|%idgfuhyn%r.ir6jml-if.ihXip1pFdjm{}e~h}-f4pq%njdgfPhdjdgª'if4pRowx}u-jIdg{.}-vqjowfjv} Fi'hjFp Pdgf
jml-dDph}-fji1ÂPjt@n}ehonIvFi~iwvFif-r-o{l-ow|.i6j}2xi!ngdgf-¸.irj}O}jmluiwv.owvjmdghdU.o1j}vqj}-}nTpoyfurjmlui{}.iwf-dgf:}e~
! !
(
!!
"
!
e
?
5
?
K*"
2G18?B;'@498P<3Je65'C<D?T>65&(' L2EI('CB4A2Q6TN-W_ 9 J@B5D38(B;1n f?'eP36]'.H=D('CB II'& |}
K*%L~'.+C-L(-H~2G+CJ@/3P?B;- 'C+e6
+W-W8/G<D('F_;-B2QL46]J.L+.'*60&('S+C-L4760B78(+e602G-LN-W_J=478?P('CB7HJ.B7['e6;}
K*(i?f -W8B;+C' 0 B;'eL(+l& -H~'>S
\ _7_"2G+C'
K*+ 5L L 'eB"H JCLTV60&('^P?B;-W65'@476JW1J@2QL:46L38+./0'.JCBP-WX'CBP(/UJCL36"4XJ4
I('WB5T~4765B;-WL(1=2UL>6G&'4;'I('CL36]2G'@4K2QLY4A-H~'S+C-H~HN8?L('@4K/U2Q[('
T3&/nGJ/G-+CJW/(B;'e_"'CB;'.L<8?H XJ4JW/]4A-=-B;1JCL(254;'.<60&('eB;'C|JCL3<g,
? B;-W[<3-B7_}
gn }.hon4vFiw-v]ipFifjo1jmd|i!p%pqjipFtz!djml-}P-j~m}v.i8jDjmdgfjml.idvp.ihdD~mdThdjm%"}.honevFi~miwv]iyfur-o6hX}f'jmv¬dx-jikjm}
jml-ijmvFowf.pF~m}vojmd}f }e~o .}4pqj m{}er-iBvfcPjo8ji Ll.iw|.ongnDdTiwvFt .¤-¤ op¨jmluiw+4njdgeng&P.x.ngdh
r-ixojip1
}.honvFi~miwvFif-r-ol.ow|.ionDnjml-i{}-vFih}-fep]i%if.hipopjmluiX½vFiongnU o~q~ihjjml-i.}-ngdjdDhdTofep2
r-ihdpFdg}ef.p1 ¯ l-dpd¥pz{lPtdUfjml-iv]i|.dTiXz }-~.owvqjmdhydT.ojm}-vqj}-}-nDp]tpF}e!i.}ngdjdTh'oyn!iynTdjipr-}¿f-}Pj
h}-fepFdTr-iwvvFi~miwvFif-r-ooup<i~q~ihjd|.idgf4pqjmvm4{if'jFp*dgfOP.x.nDdTh.}.nUdThdTip1 ¯ l-iw~iowvjml-ojjml-iwz{}P%ngr:f-}Pj
h}-fjmv}nPjmluidgf.pqjmvq.ifjFp]tjmlIp#jmluiX!owvFi*%djivFiBn%hjowf'j4jm}IpFijmlui¿jm}-}~v]i%iwfjnI
l
¯ l-i-vF}PzdgfP#p]iO}-~*ng}.honLvFi~iwvFif-r-o:pFl-}Pzp*jmluijmvowf4pF~m}-v¬!ojd}f²}-~*ng}ehXoynr-iy!}ehwv]ohwdDf
.v}-.iowfurjml-ihdjdgª'if4p^z{dTnDn4j}jow¸.i6.oBv¥jRdgf7ingdjiPpr-ihdpFdg}efep[¦iluoX|idUfjmluojz!oX2ifjiwvFiXr2dgf
zl-oj±*iBvf-owv]r of-dgfhXoynTnTir!jmlui6ow.i"}-~ r-i{}.hwvFohw2}~P-x.nDdTh of-dgf-t B£-£ kdjdª'if4pz!owfjjm}
jow¸.i6.oBv¥jsdUfdg{.}-vqjowfjs-}-ngdjdThonr-ihdpFdg}ef4poy~m~ihjdUfjml-idviBfP|.dUv]}f-ifjF³%opo!!ojjiwvR}-~~moh1jtjml-i
.ngow°of dT{.}vjowfjv}nidgfjml-iow.ifur-o ¬p0ijTjmdUf°}e~jmlui¶vFiw-vFip]iwfjo1jmd|iPp1 ¯ luidgf.hwvFiXop0i}~ng}.hon
vFiw~iwvFifur-o r-}.ip²f-}Pj:luo|.ijmluiÁpFoi¿dgfjiwf4pFd·jq dgf x.}Pjmlh}P.fjmvdgi'p¨x-j:-vF}P|.i'p:jml-oj
.v}-.iowf
h}P.fjmvdipiX|}en|.ipFng}Pz{nUj}Pz!owvFro~m}-v }e~dgf.hn#pFd|%ir-i{}.hwvFohw q¢}Pjm}--}P.ng}4pFt B£-£ ng}.hon
vFiw~iwvFifur-o¨oBvFiOjml-ipmjmv}-fP.i'pqj{dgf-r-dThoj}Pv8p}-~*jml-i¨dT{enTiiyf'jojmdg}-f}e~ng}.hon*r-i{}.hwvFoXhX^ ¯ luiOz{ow
pF}-i{owvqjmdghnTiPp}f.owvmjdghdg.oj}Pvqr-i{}.hwvFoXhXz!iwvFi{dgf4hn%r-ir7dUfjml-i
.vF}-.iowf }f4pmjd·jPjmdg}-f ¯ v]iojm
dp*pqjmvd ¸edgf- ^p]}e{ii!x%iBv8p}e~#jmlui
.v}-.iowf k}-fP|.if'jpq%hhiXir-irdUf7oXr-rdgf-7owvqjmdhynTiPp}-fohyd·jdªif
.}-P.ngowvdgf.djdDo1jmd|%i{ojRjml-i{ngoPpqj{dUfP-ji ¥".l-oinTt .¤.¤ t ³ ooPp8p]}u.vFiXt .¤-¤ ¯ l-i{h}-f-~mnDdThj
x.i1jz{iif7r-dvFih1jr-i{}.hwvFohwof-rvFiw-v]ipFifjo1jmdg}f7dpf.}j~mdUf-dpFl.ir-t4xP-jRjml-idvdUf'jiwvFoh1jdg}-f-vF}.r%hipo
~m}-v¬}.~ yh}f'jmdgf%}PIpRr-i{}ehBvFohw ¥®<}PIp8p]io%t B£-£ -³ vFiw{ojt .¤-¤ wjml-ivlP'jml- }~4jmlui*ow.if-r-o*dqp
f-}PjR}-fPn2r-iy~dUf.iXrx-{jml-iiynTih1jdg}-f4px-jonDpF}x-jmluipFi.owvjmdghdg4oj¥}vm}.hho'pFdg}efep[ ¯ lui%ipqjdg}-fdpjm}
¸-f-}Pz¿zl.ijmluiwv#jml-ip]i<j}-}-nDpRoBvFiv]ionUng¸efu}uzfx-ongn-jml-i"hyd·jdgª'ifep}v#z{luijml-iBv#jml-iwr-}hX}f'jmvdxP-jikjm}
o¨~m}-vF´}e~ 'dgnDn#pFd}ef}e~".owvqjdghdU.o1jdg}-f fuiwÂPj"jm}¶jml-i dgnDnpFdg}ef}e~"vFiw-v]ip0ifjojmdg}-f
nUn%ngt B£
©"hh}-vFr-dgfP¨j¥}
ngn%nTtL}-f½jmlui}fui2luof-r-tjmlui dTnDnIpFdg}ef²}-~.owvmjmdDhd%ojmdg}-f :{iXoyf4p*jmluojjml-i.}ngdjdgh'on
p4pmjip]ii2pj}{}-~q~iwvRr-dU~~iwv]iyf'jIjm}-}-nDpj}hwdjdª'if4pRonjl-}P.-l{djRdpx.oPpFir}f!o¸.dgf-r}-~#.o'p1pFd|%djm% 6f
jml-i}jmluiwv*l-oBf-r-t#jml-i dTnDnIpFdg}ef}-~vFiw-vFi'pFifjojmd}f :pFl.}uzpkjmluojLjmluipFidgfepqjmvm4{if'jFp"owvFidgf-hn%r-irdDf
h}-{!%f-dThojd|.i pmjmvFo[jiBedgi'p:~m}-vOvFiB-vFipFif'jojmd|.iPpz{l.}¿vFiw-vFi'pFiwf'j7}-fPnjluiyd v:}Pz{f¿dgf'jiwvFipmjFp1 ¯ l-i
h}-x.dUf.o1jdg}-f}~jmluipFidTnDnIpFdg}ef.
p -v]}er%hi'pkzl-ojz{i{howfhonDn#jmluivFiB-vFipFif'jojmd|.i.oi!xijz!iif
hdjdª'if4pof-r.}engdjdThon<iynTdjip[¢4.vqjmluiwvdgfP|%ipmjd .ojd}f4p{f.iiXr j}xi¨{oXr-i¨}-fvFi~iwvFiwfureoOjm}--dThpdDf
A
(
!
!!
*K -'SH~JC<3'JCLN2QL65'eB5I(20'
X X2U65&N/UJW2ULg@ JWHNJ44;-W8B;'049J44;254765JCL6XZ&(->+C-L3_"2GB"H~'.<60&('FB;-/G'@49P(/UJeT('C<D?TN/G-@D3D?TN1?B;-W83P:4K/G2Q['
Dg?k=g.h=ijWklbmGdQg$E?mGg.k$EbmGdGiE?b'ZNgCh=iV.klb'V
J.L<\60&('NE?cem0dQmSW?mUgikjFgWgCkeg
E(fWhc*bE([email protected],2UL>6G&'S<B7JC_5652QL1>-W_
JCB7652G+C/G'F;V [ }
*K 6 %&'^X-B;< 2 2G/G/E84;2G-L 4N+C-H~'@49_"B;-H @ Je652UL 2 2G/Q/U84;2G- 4\XZ&(2G+e&NH'.J@L4 2 P?/GJeT?2GL(1X2Q60&4A-H~'e60&32UL(1 4 }
}-vFr-ivRjm}:owf.pqz!iwvLjml-ivFiw!oydgf.dgf-:%ipmjd}f4p ^dgfz{l-dThl2z!ow7r-}On}ehonIvFi~iwvFiwfureo{o~q~ihjjmlui.}ngdjdThon
r-ihdpFdg}ef.p0!}Pzµ!oyfP.}-P%ngowvdgf.djdDo1jd|.i'p{vFi~iwv]iyf.r-oowv]i½v]ionUngl.inTr.2{}vFi~miwvFif-r-ol.iyn jml-i
h}-fepmjmdj-jmdg}-f{}~IP.x.ngdDhp.oXhiPpR}vsowvFiLjml-iw6jmlui-vF}.r%h[j^}~I.owvmjmdgh%nDoBvdgfjiBvFipqjFp]
®<i~miwvFif-h'ip
q©%iwv]t©"f-rPvFiXop B£e«£ t5! ' * c. .,/. U , , . ,/.S3g
oBvdDpFt
h}fu}{dThoP
¥±<oxio1%tu!iwfPv «£ t5!' ,3 '* ' ''3,N ' * * , .' &, N. ,/.SU' 3, 2
20 +, /.0 owvdDp]tu®<}PIp8p]io
¥±<owvqxiwvFtP±<iwf 0oydgf B£-£ t/.S
+(1'*3, f-d|iwv8pFdjm}-~ konTdD~m}-vf-dTo v]ip8p[
¥±<ngojmvdÂ.t hdDnTi B£-£ tivw~ BvFif-r% ng}.honTtu.fuiev]}ehXr.vFir-i*r w!}ehwv]ojmdgi.owvqjmdhydg.ojd|.i"
±*dgnTof{ij.iwv8p.ihjmd|.i'p1'¾f{¡"oXÂ.dTitP!owf-dTiynTt5 .0. .N..0 i' c. 2/. 3, c.4 ,*.S3,/.0).'- .,0 owvdpFt {owvFojjowf%
¥±<}.hw¸-ngijI®<idUf-lu}engr B£ tP± .v.iwvqxiw.iwlvFif6.f-r6± 4v.iwvFiwf'jFpFhwluiydTr4'¾f U4N.'&/.0' U . * ,/.'& . N. <''&&' U4N. ¡ .f'jiwv ngª'}- iBvngow.t .f.hl-if%
¥±%rP.it-¾Fowf B£-£ t & '&,40'
< "c. '* '3, }-ngdjq vFip1p[
ow.djowf'jtu®<iwf B£e« t ' . J. ..4
o1vFdDpFt !®c v]ip8p[
owvv *r-i ownx%iwv.tP®<ow-{}efur B£e« 't 5C,10 ! '3 0+ ,4/. ''-,0 owvdDp]t
h}fu}{dThoP
Ll-iw|oynTnDdTiwvFt 1oXh%ip .¤-¤ t 5" .S,/. UJ. * '3# oBv¬dTpFt ¡<
¥!iwf-%dgf-t 1i'of owvFdTi B£ t ' ' * . U
S N. owvd¥p]t ¡
¥vFip0pFingte©"f-rPvFiXop .¤-¤ t <<'& "<''/. '& +'$ ,* <' -c'
±<or-if ¥±<or-if%
¥".l-oingt "nDd|4dTiwv .¤-¤ t U U U
0 .!. S/.%i3, ,'& J. ..41! U0)( c.
* */.c.i4dgn vFip0p1
ngn%ngt 1o'h%ip B£ t 5* 04 0 U0 .( +<'-3,-, owvFdDp]tengd|-v0i*r-i.}ehBl-iP
¥¢o1.vFit }u.dDp B£ t 5gUJ.N..4 < 3'* '/. c.'/. 40'* ,
i , '-!,
owvFdDpFt 1}P-|.i vFi'p8p1
¥¢}j¥}u}u.n}^p]t ¯ ow¸-dp B£-£ 0t 1 ,- , * *'-, 2+ .S& ' .S& i1 .S&1*3
,). & , 4 '-,/.) 4"c.q }fur-}fu$t iz "}v¸.t op0pFinDn
¡"ox-vFdTingt !p]howvÀ B£-£-£ tP!op "}-n¸oynpR¡"ip]ijmª.iwx%iwv y± .v.iBvqx.iw.iBlPvFif6%f-r6± .v.iwvFiBfjFpFhluiydTr{dUf
r-iwv }-{!%f-ong.}engdjdg¸o1IpRr-iwv iwv8p.iw¸Pjmd|.i*r-iwvRi.dDvFdDp]hyluif!¢@}v8p]hwl%fP ,I¾f . '& . 'c. <
t .£-£ -¤
¡"onUnTow.l-iBvFt dhyluo'iynt {nTiwvFdgt diwv dgf-h'ifPª'} B£-£ 0t & ' ' * ! U'4' U!,
±<opFdgf4pqj}-¸.it oXhy{dTnDnTof4
¡"o%hwluijt owvFhin .¤-¤ 't 57,+'* '-,/.0 2/. 20'*65'* owvdDpFtIc.i4dgn vFip8p[
¥!}n·jmof-f
|.iBvl.owvFr B£-£ t 7 z{dpFhl-if6®<iw-v up]ifjojmdg}-f6.fur nTiXx.dpªd·j ± .v.iwv#.f-r owvjiwdTiyf{dgf
r-iwv }-{!%f-ong.}engdjdg¸I¾f!¡ .f'jml-iwv#® -jml-iBv rPdv1 t 36 '/. ,/.* U0
' . 6 (1'* c3,/.4'
3. .'-,/.*28 ,
<' 7'<4 &
U3 U .* e±<or-iwf ¥±<or-if-t }-{}4p1
q¾f.inUl.oBvqjt®}-f-ongr B£ t &00/. ' .09+J&,
<
',' , U4N. ',. <0' ,*
'. - 0 ! vdUfuhij}-f f-d|%iBv8pFdjm vFip1p[
[}^p-dUfu
t dg}efuin .¤-¤ t 5g .'* ! U /.S3 .0 ,3. , ( &,* owvdTpFtIcuj¥}ehB¸
vFip0p1
F.fP.t <jm{oBv B£e«£ t ( ' . ( *-,/.4 +' * , 0:¢Iv]owfP¸.~¥.vmjt koPIp[
=
y
!
!
=
e
y
e
e
=
A
y
=
!
=
K
\
\
!!
=
!
U
?
`
`
=
~
`
!!
=
iwv0pqjdUf }-vqx.iBvqj .¤-¤ t (10 .'U4,0' ( '* -,/.0 #%3 0'
A *200yt koPIp iwvFnTow.tP¢IvFowf¸e~.vqj0
nTow.ipFt.©6furPvFiop]t o%nIpFt i1jmvFo B£-£ t (+' .'C(1'* 3,/.0 (1. '&, 13* , ' . &' &N.%#c.hwl .vFiwv1
}Px.dgtIc-n|%dTo .¤-¤-¤ t ( ' N. <' 3 /. 20N. U0 .( 1+i0 , ' .S,/.4
''-,0'
owvdDp]t !owvFojDjoBf4
}-lep]iwv 8c-.}-lPf-t klvFd¥pmjdoyfui B£-£-£ 3t #% 2'*/. c.c,/. . ' .)( , -* '/. 04'* ,
i
,U4' ,' -c,/. owvdpFt !owvFojjowf%
o{oPp8p]}u.v]it©"ngodgf .¤-¤ t $ . '! . ,'& '/.01 '.©6nx%dgf vFi'p8p1
iiXt *%ij ii B£ 't 5!'.', '.'3 ,+'* '3,/.0 c. ,U0' & J. ..4
' , '3 owvdpF
t 1}P-|.iP
-jmluowvFrjmtP¦}ng~%oyf B£-£ 't (1 . (1'* 3,/.0 ¥±<or-iwf ¥±"or-ifu$t }!}^p iwvnTowI
ox.dDnTio%t.©6nx%iwvqj B£-£ t 5! )i.%'* 4',i' -, # owvdTpFt rd·jdg}-f4p }f'jhwlPvFi'pqjdgif4
owf-dgf.tu±<iwvf.oBvFr B£-£ t 5!' U' < '-'*/. '/.S,/. owvdDpFt oynToyf-f w|-I
owv¸.}P|.djFpFt-©*f-rPvFidIcI·te¡"}-v8p¸-dgt l-dgnDdg7c@ B£-£ t & '-* , 5! . ' 2'+, <
o!xuvFdDrP.iXt }-nUd·jq vFip1p1
owvqjmdgf-tP{}-{dgf-dD^i B£-£ t'( '* '3,/.0 . 0N4+<, ,J. 2 ,/.4 c. ,U0'
'/.S 0'
owvFdDp]t "¢R
oXuiwv]t ¯ l-}e!opFtIc.iyd .iynTt dThyluoin B£-£ t #%'&C(1'* 3,/.0 U,!<'- U0 N. <'&/.
ilv#{i{}-¸-vFojmdgiXt .f-hl.if4
iwf-rPvFoPp]tu!iwfPvFd B£e«-« tu®<iwfu}u-|iorng}.hon'¾f 5C, ' .0 3,',
.
owvFdDpFt.¡"oyngnTdDowvFr-t pqjmv}u}Pv8p¸.dgt }-dpFid B£-¤ t 5C, *'-,/.4 c.0 ,J. U0N.( '
owvdDpFt oynToyf-f w|-I
o}-ngijTjmdgt owvFdg}ef B£-£ !t . , i ,'* '3,/.0 4',0 ). -,'-U, <'' J.N..404
! ' *6±k}vFr-iXo-Â.t l
}.h}.hw¸-t ·¡ ©{ .¤-¤ t &># , &,40,** '/.4+ U0/. U4N. ',<.S& i&. , . &
. .,/. 0 ',). 3, .4 vdgf-h'ij¥}f f-d|%iwv8pFdjm vFip8p[
}-ng}-f-dTtu±<iwvf.oBvFr .¤-¤-¤ t $1. .N..040 1. 04'* ,
i# oBvdDpFt
ngnDdg4p]iup]t .¤-¤-¤
vFiw!ojt LlPvFdpqj}--l-i .¤-¤ At Ddgf4pqjdj-jmdg}-fOv y~ wvFiBf-r.oyd vFiop]iydgf<r 4fuir y!}ehwv]ojmdTih}-fjdgf%iP4¾Ff
cu{.}^pFd% }e~©IpqjmvFdgof-tcuz!dDp1powf-r°¡6iwvFof }-ngdjdDhXoyncehdTif-hi©p1pF}.hydojd}f.p ( ",
5C6' tu±<iwvf f-d|%iwv8pFd·jq%
vFiw!ojt Llv¬dpmj}-lui .¤-¤ t ¯ lui-vF}uzdgfPIp0i*}-~@®"i~miwv]iyfur-odg+f }ehon }engdjdThp Po }e.owvFdpF}-f{}e~
¢IvFofuhiof-r¡"iwvF{ofP hyl.oBPjiwv .¾f '2.4 '
,/.0 8 -*
5!', U0N. ' U-±vq.-.it owf-r-if6±vF}.iwnTiP
8c.owvjm}-vdgt.¡6dg}P|.of-f-d B£-£ t (1'*3, ', 3, dgnowfu}etP®dUªXª'}engd
¥®<}PIp8pFiXo%tu}-{dgfedT%i B£-£ t 5C,'* '3,/.0 /. owvdDp]t ¡
8c.hwl-dg~~iwv8p]tu®<idgf-l.owvFr B£-£-£ t4c.hwl-ngiXhyl'jikidToBvFiwv
v~molPvq%fP.if4'¾f6!iIp0pFf-iwvFt ¬.f.Jt # '&
' . ( '* -,/.0 ,
<' %f-hluiyfut "nª'}-.t ¤
8c.hwl-dgnDnTiwv]t ¯ l-i} .¤-¤ t (1 ' . (1'* 3,/.0
/ U&
oyPIp iBv¬nTowI
8c.idgr-ingt nToIp B£-£e« t (1 . (1'* 3,/.0 +' ,.04 '& 040'4 -¢IvFowf¸e~.vqjt
ijiw<v owfPI
8c-}-vqxijFpFt Lngo%r-i B£e« t
p¥j mdUn.n w.djdgi*r-i.owvFnTiwvRir 4f-v pFdgr.iwfjdgonDdp0i*6%f-dThydg.onm¾f
U 8cjiBnUªyiyf- %ngnDiBvFt }-fepmjowfPªi B£-£ 't (1 ' . ( '* ,/.0 +' ' .' /.S,,/.'
. *' ,-±<or-iwf ¥±<or-if4
8cjmdiwenTiwv]tu±<iwvf.oBvFr .¤-¤ t # !', . '!' . +/,+',' 2 ' '* '3,/.0' .SN40'
owvFdDpFt.¡"oyngdTn XiP
8cj.vnP®*}.ngof-r-t LdgiwvFof-f 8cPjiwdgf-luowvqj i[jmvFo rPdv1 .¤-¤ t '3,43* / & ±<or-if ¥±<or-ifu$t }!}^p[
¯ }P.vFowdgf-iXt©"nToydgf B£e«¤ t 5C, & .0 ,/.* 2',Suec.i%dgn v]ip8p[
3*
Z
y
y
y
C
y
,
A
^
A
S
A
`
`
A
y
A
!
`
A
?! e
`
`
K
y
? !
y
K
=
y
l
K
y
`
doynTojjiBt wv !i B£-£ t5g ,. 'J. U U '/. ,4 oBvdDpFt
h}fu}{dThoP
d P4dTiwvFt1oXh%ip B£-£ t v]iw{d BvFipRiwÂ- Bv¬dTif-hXiuprv w~ wvFif-r% h}{%f.oyn ¾f ' 3,,0 (+N.#. * . -,/. -t
¥¦idÂ.f.iBvFtu± wvmx.in .¤-¤ t( '". (1'*23,/.4 +' '6'! -nTor-ifutip¸.i @±%rPvFdghl4
¥¦}engngof-futu!inDnD-j B£-£-£ t"i6p.pqj ing}.hon.if©"nDnTioBefuiP¾f 5C, *'-,/.4 0',4
!'/.S,/.4 ,J. 2 ,/.41c.' , 0 *¢t - -
¥¦}engngof-futu!inDnD-j .¤-¤ t®<ihiwf'j@!i{}.hwvFojmdgh*oBf-r©"r-{dgfedpqjmv]ojmd|.ik®<i~m}vFpRdUf!¡6iwvFofP<qp
}.hon.¡6}P|.iwvf-if'j iwv8pFdDpmjiwf-hi*ofur l-ofP.i¾f kow%ng~qdTinr-t [oyf-dThiXt owv0pFif-tP{ing.i {t 5!',
'3* '/. ,/./. &C#%400*6 -ngoXr-iyfut e« «I
y
=
Z
Z
,
!
y
© Copyright 2026 Paperzz