Suche senden
Hochladen
Fundraising 2.0 - Wirkliche soziale Netzwerke
•
1 gefällt mir
•
529 views
Thilo Reichenbach
Folgen
Eine Theoriearbeit zum Fundraising via Social Networks.
Weniger lesen
Mehr lesen
Business
Melden
Teilen
Melden
Teilen
1 von 97
Jetzt herunterladen
Downloaden Sie, um offline zu lesen
Empfohlen
Draft final strategi nasional redd+
Draft final strategi nasional redd+
earlpaulodiaz
G2 bsc commissioning manual release b7.2
G2 bsc commissioning manual release b7.2
chungminh1108
Massey ferguson Mf7 272 7274-7278 parts catalog
Massey ferguson Mf7 272 7274-7278 parts catalog
PartCatalogs Net
Impreso solicitud admision_anexo_iii
Impreso solicitud admision_anexo_iii
XXX XXX
1. basico instalaciones bt
1. basico instalaciones bt
Luis Charley Cabrera Ramirez
Cable Tray and Ladder
Cable Tray and Ladder
BENRY APRIANTO HUTAPEA
Engaging Consumers - IFAA Conference
Engaging Consumers - IFAA Conference
Phillip Smith
Dav Body
Dav Body
Kengyew Tham
Empfohlen
Draft final strategi nasional redd+
Draft final strategi nasional redd+
earlpaulodiaz
G2 bsc commissioning manual release b7.2
G2 bsc commissioning manual release b7.2
chungminh1108
Massey ferguson Mf7 272 7274-7278 parts catalog
Massey ferguson Mf7 272 7274-7278 parts catalog
PartCatalogs Net
Impreso solicitud admision_anexo_iii
Impreso solicitud admision_anexo_iii
XXX XXX
1. basico instalaciones bt
1. basico instalaciones bt
Luis Charley Cabrera Ramirez
Cable Tray and Ladder
Cable Tray and Ladder
BENRY APRIANTO HUTAPEA
Engaging Consumers - IFAA Conference
Engaging Consumers - IFAA Conference
Phillip Smith
Dav Body
Dav Body
Kengyew Tham
Manual marketing
Manual marketing
Telma Almeida Duarte
7.1. ginecologia y obstetricia
7.1. ginecologia y obstetricia
Randy Melgoza Uriostegui
Apps Market Research
Apps Market Research
Michael Fenech
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Guias de Picos de Europa Panes Aventura
Abb transformer handbook abb
Abb transformer handbook abb
Alex Carmo
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
saomai491
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
John Ford
Ss400 is2062 datasheet
Ss400 is2062 datasheet
Adesh Bandhu
SK컴즈 행복화실 9주 과정 전체
SK컴즈 행복화실 9주 과정 전체
Jinho Jung
Civil beat info request
Civil beat info request
Honolulu Civil Beat
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Leopoldo Nunes
Notes hadeeth
Notes hadeeth
Light Upon Light
MANUAL PHOTOSHOP CS5
MANUAL PHOTOSHOP CS5
autonomo
Intergrating OER in Educational Practice: Practitioner Stories
Intergrating OER in Educational Practice: Practitioner Stories
Shironica Karunanayaka
Fusion 06 2003
Fusion 06 2003
rukford1
2004 Mitsubishi Galant Service Repair Manual
2004 Mitsubishi Galant Service Repair Manual
jksekmdmm
كيف نسوق القضية الفلسطينية
كيف نسوق القضية الفلسطينية
Hani Al-Menaii
Monitoreo de Cultivos de Coca de la ONU 2015
Monitoreo de Cultivos de Coca de la ONU 2015
Jesús Alanoca
IDF & Internetwoche Köln
IDF & Internetwoche Köln
rankingCHECK
Ctss Safe Internet For Kids
Ctss Safe Internet For Kids
kwazy
2010 09-13-an-socialbar
2010 09-13-an-socialbar
Thilo Reichenbach
Spendino Kurzvorstellung FüR Thilo
Spendino Kurzvorstellung FüR Thilo
Thilo Reichenbach
Weitere ähnliche Inhalte
Was ist angesagt?
Manual marketing
Manual marketing
Telma Almeida Duarte
7.1. ginecologia y obstetricia
7.1. ginecologia y obstetricia
Randy Melgoza Uriostegui
Apps Market Research
Apps Market Research
Michael Fenech
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Guias de Picos de Europa Panes Aventura
Abb transformer handbook abb
Abb transformer handbook abb
Alex Carmo
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
saomai491
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
John Ford
Ss400 is2062 datasheet
Ss400 is2062 datasheet
Adesh Bandhu
SK컴즈 행복화실 9주 과정 전체
SK컴즈 행복화실 9주 과정 전체
Jinho Jung
Civil beat info request
Civil beat info request
Honolulu Civil Beat
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Leopoldo Nunes
Notes hadeeth
Notes hadeeth
Light Upon Light
MANUAL PHOTOSHOP CS5
MANUAL PHOTOSHOP CS5
autonomo
Intergrating OER in Educational Practice: Practitioner Stories
Intergrating OER in Educational Practice: Practitioner Stories
Shironica Karunanayaka
Fusion 06 2003
Fusion 06 2003
rukford1
2004 Mitsubishi Galant Service Repair Manual
2004 Mitsubishi Galant Service Repair Manual
jksekmdmm
كيف نسوق القضية الفلسطينية
كيف نسوق القضية الفلسطينية
Hani Al-Menaii
Monitoreo de Cultivos de Coca de la ONU 2015
Monitoreo de Cultivos de Coca de la ONU 2015
Jesús Alanoca
Was ist angesagt?
(18)
Manual marketing
Manual marketing
7.1. ginecologia y obstetricia
7.1. ginecologia y obstetricia
Apps Market Research
Apps Market Research
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Orden de llegada I Ultra Trail Macizo de Ubiña "Güeyos del Diablu" 2014
Abb transformer handbook abb
Abb transformer handbook abb
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
Nghien cuu cong_nghe_sx_dich_dam,_bot_ca
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
Security: The Great WordPress Lockdown - WordCamp Melbourne - February 2011
Ss400 is2062 datasheet
Ss400 is2062 datasheet
SK컴즈 행복화실 9주 과정 전체
SK컴즈 행복화실 9주 과정 전체
Civil beat info request
Civil beat info request
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Notes hadeeth
Notes hadeeth
MANUAL PHOTOSHOP CS5
MANUAL PHOTOSHOP CS5
Intergrating OER in Educational Practice: Practitioner Stories
Intergrating OER in Educational Practice: Practitioner Stories
Fusion 06 2003
Fusion 06 2003
2004 Mitsubishi Galant Service Repair Manual
2004 Mitsubishi Galant Service Repair Manual
كيف نسوق القضية الفلسطينية
كيف نسوق القضية الفلسطينية
Monitoreo de Cultivos de Coca de la ONU 2015
Monitoreo de Cultivos de Coca de la ONU 2015
Andere mochten auch
IDF & Internetwoche Köln
IDF & Internetwoche Köln
rankingCHECK
Ctss Safe Internet For Kids
Ctss Safe Internet For Kids
kwazy
2010 09-13-an-socialbar
2010 09-13-an-socialbar
Thilo Reichenbach
Spendino Kurzvorstellung FüR Thilo
Spendino Kurzvorstellung FüR Thilo
Thilo Reichenbach
Blick über den Tellerrand - Fundraising 2.0 beim Bündnis der Hilfsorganisationen
Blick über den Tellerrand - Fundraising 2.0 beim Bündnis der Hilfsorganisationen
Thilo Reichenbach
Diplomarbeit Nonprofits und Social Media
Diplomarbeit Nonprofits und Social Media
Thilo Reichenbach
Dzi Synopse Sp S Leitlinien Entwurf Januar 2010
Dzi Synopse Sp S Leitlinien Entwurf Januar 2010
Thilo Reichenbach
Entstehung eines besonderen Geschäftsberichts
Entstehung eines besonderen Geschäftsberichts
Patrick Kiss
Andere mochten auch
(8)
IDF & Internetwoche Köln
IDF & Internetwoche Köln
Ctss Safe Internet For Kids
Ctss Safe Internet For Kids
2010 09-13-an-socialbar
2010 09-13-an-socialbar
Spendino Kurzvorstellung FüR Thilo
Spendino Kurzvorstellung FüR Thilo
Blick über den Tellerrand - Fundraising 2.0 beim Bündnis der Hilfsorganisationen
Blick über den Tellerrand - Fundraising 2.0 beim Bündnis der Hilfsorganisationen
Diplomarbeit Nonprofits und Social Media
Diplomarbeit Nonprofits und Social Media
Dzi Synopse Sp S Leitlinien Entwurf Januar 2010
Dzi Synopse Sp S Leitlinien Entwurf Januar 2010
Entstehung eines besonderen Geschäftsberichts
Entstehung eines besonderen Geschäftsberichts
Ähnlich wie Fundraising 2.0 - Wirkliche soziale Netzwerke
437 The Future Is Not New Final
437 The Future Is Not New Final
guest21f015
Al Fazl International - 25th MArch 2016 Weekly UK
Al Fazl International - 25th MArch 2016 Weekly UK
muzaffertahir9
การออกแบบกระบวนการถอดบทเรียนเพื่อพัฒนาศูนย์เศรษฐกิจพอเพียง
การออกแบบกระบวนการถอดบทเรียนเพื่อพัฒนาศูนย์เศรษฐกิจพอเพียง
krupornpana55
Thesis
Thesis
Alejandro Aguilar Extremo
Understanding the mobile payment phenomenon
Understanding the mobile payment phenomenon
MobileMonday Switzerland
Enfermería en urgencias
Enfermería en urgencias
Yuzi Luna
Pep program 04122011-1
Pep program 04122011-1
Andrew Cannon
Como vender cuando nadie compra
Como vender cuando nadie compra
Itzel Odely Melchor
Creacion Y Evolucion Origen Presente Y Destino Un Estudio
Creacion Y Evolucion Origen Presente Y Destino Un Estudio
Angela María Zapata Guzmán
2010 financieel jaarverslag
2010 financieel jaarverslag
Hapin - Papua Support Foundation
ΠΛΗ20 ΤΥΠΟΛΟΓΙΟ ΕΝΟΤΗΤΑΣ 4
ΠΛΗ20 ΤΥΠΟΛΟΓΙΟ ΕΝΟΤΗΤΑΣ 4
Dimitris Psounis
Daily Deals White Paper
Daily Deals White Paper
eeliason
2017_Feb - TLA - clear drafting - reduced
2017_Feb - TLA - clear drafting - reduced
John Rapp
Accessing and Using Food Data to Support Collaborative Policy Decisions - Pow...
Accessing and Using Food Data to Support Collaborative Policy Decisions - Pow...
Community Food Security Coalition
Repensando_la_Investigacion_Accion_Parti.pdf
Repensando_la_Investigacion_Accion_Parti.pdf
LucyRodriguezCortes
iMotions White Paper: Statistical Comparison of Emotional Activation in Atten...
iMotions White Paper: Statistical Comparison of Emotional Activation in Atten...
iMotionsEyeTracking
وزهى با Wind energy كارۆ ههواى وزةى با كارؤ هةواى وزەی با - وزەی هەوا ...
وزهى با Wind energy كارۆ ههواى وزةى با كارؤ هةواى وزەی با - وزەی هەوا ...
Rawaz Jalal
RabatBangla.pdf
RabatBangla.pdf
MohammadZubair874462
FPC Seven to Save 2009
FPC Seven to Save 2009
Montage Marketing
Tervetuloa - MobileMonday - Jari Tammisto
Tervetuloa - MobileMonday - Jari Tammisto
Customer Experience Professionals Association
Ähnlich wie Fundraising 2.0 - Wirkliche soziale Netzwerke
(20)
437 The Future Is Not New Final
437 The Future Is Not New Final
Al Fazl International - 25th MArch 2016 Weekly UK
Al Fazl International - 25th MArch 2016 Weekly UK
การออกแบบกระบวนการถอดบทเรียนเพื่อพัฒนาศูนย์เศรษฐกิจพอเพียง
การออกแบบกระบวนการถอดบทเรียนเพื่อพัฒนาศูนย์เศรษฐกิจพอเพียง
Thesis
Thesis
Understanding the mobile payment phenomenon
Understanding the mobile payment phenomenon
Enfermería en urgencias
Enfermería en urgencias
Pep program 04122011-1
Pep program 04122011-1
Como vender cuando nadie compra
Como vender cuando nadie compra
Creacion Y Evolucion Origen Presente Y Destino Un Estudio
Creacion Y Evolucion Origen Presente Y Destino Un Estudio
2010 financieel jaarverslag
2010 financieel jaarverslag
ΠΛΗ20 ΤΥΠΟΛΟΓΙΟ ΕΝΟΤΗΤΑΣ 4
ΠΛΗ20 ΤΥΠΟΛΟΓΙΟ ΕΝΟΤΗΤΑΣ 4
Daily Deals White Paper
Daily Deals White Paper
2017_Feb - TLA - clear drafting - reduced
2017_Feb - TLA - clear drafting - reduced
Accessing and Using Food Data to Support Collaborative Policy Decisions - Pow...
Accessing and Using Food Data to Support Collaborative Policy Decisions - Pow...
Repensando_la_Investigacion_Accion_Parti.pdf
Repensando_la_Investigacion_Accion_Parti.pdf
iMotions White Paper: Statistical Comparison of Emotional Activation in Atten...
iMotions White Paper: Statistical Comparison of Emotional Activation in Atten...
وزهى با Wind energy كارۆ ههواى وزةى با كارؤ هةواى وزەی با - وزەی هەوا ...
وزهى با Wind energy كارۆ ههواى وزةى با كارؤ هةواى وزەی با - وزەی هەوا ...
RabatBangla.pdf
RabatBangla.pdf
FPC Seven to Save 2009
FPC Seven to Save 2009
Tervetuloa - MobileMonday - Jari Tammisto
Tervetuloa - MobileMonday - Jari Tammisto
Kürzlich hochgeladen
Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSM
Ravindra Nath Shukla
Russian Faridabad Call Girls(Badarpur) : ☎ 8168257667, @4999
Russian Faridabad Call Girls(Badarpur) : ☎ 8168257667, @4999
Tina Ji
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024
christinemoorman
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
ritikaroy0888
Vip Dewas Call Girls #9907093804 Contact Number Escorts Service Dewas
Vip Dewas Call Girls #9907093804 Contact Number Escorts Service Dewas
makika9823
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Delhi Call girls
Eni 2024 1Q Results - 24.04.24 business.
Eni 2024 1Q Results - 24.04.24 business.
Eni
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMAN
IlamathiKannappan
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Apsara Of India
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
Dave Litwiller
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
Renandantas16
KestrelPro Flyer Japan IT Week 2024 (English)
KestrelPro Flyer Japan IT Week 2024 (English)
Data Analytics Company - 47Billion Inc.
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
Neil Kimberley
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Service
discovermytutordmt
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
Ravindra Nath Shukla
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Denis Gagné
VIP Call Girls In Saharaganj ( Lucknow ) 🔝 8923113531 🔝 Cash Payment (COD) 👒
VIP Call Girls In Saharaganj ( Lucknow ) 🔝 8923113531 🔝 Cash Payment (COD) 👒
anilsa9823
Progress Report - Oracle Database Analyst Summit
Progress Report - Oracle Database Analyst Summit
Holger Mueller
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
anilsa9823
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
KeppelCorporation
Kürzlich hochgeladen
(20)
Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSM
Russian Faridabad Call Girls(Badarpur) : ☎ 8168257667, @4999
Russian Faridabad Call Girls(Badarpur) : ☎ 8168257667, @4999
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
Vip Dewas Call Girls #9907093804 Contact Number Escorts Service Dewas
Vip Dewas Call Girls #9907093804 Contact Number Escorts Service Dewas
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Eni 2024 1Q Results - 24.04.24 business.
Eni 2024 1Q Results - 24.04.24 business.
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMAN
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
Enhancing and Restoring Safety & Quality Cultures - Dave Litwiller - May 2024...
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
0183760ssssssssssssssssssssssssssss00101011 (27).pdf
KestrelPro Flyer Japan IT Week 2024 (English)
KestrelPro Flyer Japan IT Week 2024 (English)
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Service
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
VIP Call Girls In Saharaganj ( Lucknow ) 🔝 8923113531 🔝 Cash Payment (COD) 👒
VIP Call Girls In Saharaganj ( Lucknow ) 🔝 8923113531 🔝 Cash Payment (COD) 👒
Progress Report - Oracle Database Analyst Summit
Progress Report - Oracle Database Analyst Summit
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Lucknow 💋 Escorts in Lucknow - 450+ Call Girl Cash Payment 8923113531 Neha Th...
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
Fundraising 2.0 - Wirkliche soziale Netzwerke
1.
! ! ! "#$%&'()($*!+,-!.!/(&01(23!)45('16!768596&06! ! :($6!;364&(6'&<6(8!=<6&!%(6!>486$5('16!%6)!/6<!+,-!?=&!%')!<65(63#$*)4&(6$8(6&86! "#$%&'()($*!<6(!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$6$!($!C6#8)231'$%!
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!D'23614&'&<6(8!@4$!E)6$('!C'$(14@'
2.
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
3.
! ! ! !
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
4.
! FDU;VFM;! W4$! )6($6&! X6<#&8))8#$%6!
'$! %#&2316<86! %')! P$86&$68! @6&)23(6%6$6! >3')6$,! C')! 6($)8! &6($6!!F<&#?J6%(#J!6$89(206186!)(23!J(8!%6&!W6&)(4$)$#JJ6&!+,-!5#!6($6J!I(8J'23$685O! %')! J63&! >'&8(5(A'8(4$O! P$86&'08(@(8Y8! #$%! W6&$685#$*! 59()236$! %6$! 7#856&$! 6&JZ*1(238! #$%!%'<6(!#$)6&!E4JJ#$(0'8(4$).!#$%!E4$)#J@6&3'186$!@6&Y$%6&8,!I(8!%6J!:($5#*!@4$! /6<!+,-!96&%6$!@(616!X6)23Y?8)<6&6(236!8&'$)?4&J(6&8O!9')!FJ'54$!#$%!:<'[!<6&6(8)!'J! D6()A(61!%6)!:($5613'$%61)!%6J4$)8&(6&6$,!U6(8!%6&!6&?41*)*60&Z$86$!U42('1!I6%('!U8&'86. *(6!(J!/'310'JA?!@4$!D'&'20!B<'J'!&=208!$#$!'#23!%6&!74$A&4?(8.U6084&!($!%6$!"40#)! %6&! C()0#))(4$6$! #J! %(6! >486$5('16! %6)! /6<! +,-,! X6&'%6! <6(! 0'&(8'8(@6$! 74$A&4?(8. B&*'$()'8(4$6$!7>B]!($!C6#8)231'$%!()8!5#&56(8!%(6!"&'*6!$'23!($$4@'8(@6$!"#$%&'()($*. I4%6116$!&616@'$86&!%6$$!^6,!C6&!U8''8!5(638!)(23!)6(8!Q'3&6$!'#)!%6J!/431?'3&8)<6&6(23! 5#&=20!#$%!)86118!7>B)!@4&!%(6!G6&'#)?4&%6&#$*O!$6#6!V6))4#&26$_#6116$O!($)<6)4$%6&6! (J!A&(@'86$!U6084&O!5#!6&)231(6`6$,!C423!'$*6)(238)!%6&!@6&)23Y&?86$!/688<696&<))(8#'. 8(4$!'#?!%6J!UA6$%6&J'&08!)49(6!)86(*6$%6&!UA6$%6&'$)A&=236!04JJ6$!%(6!36&0ZJJ. 1(236$! <6)23'??#$*)4&(6$8(6&86$! "#$%&'()($*.I6834%6$! 5#! 0#&5,! aJ! ($! %6&! N#0#$?8! 9688. <696&<)?Y3(*!5#!)6($!#$%!6??608(@!'*(6&6$!5#!0Z$$6$O!J=))6$!*6J6($$=85(*6!B&*'$()'8(. 4$6$! %(6! M3'$26! %6)! V61'8(4$)3(A! "#$%&'()($*! $#856$! #$%! 1'$*?&()8(*6! D65(63#$*6$! 5#! (3&6$!V6))4#&26$<6&6(8)86116&$!'#?<'#6$,!! ! I(8! %6&! @4&1(6*6$%6$! "4&)23#$*)'&<6(8! 9#&%6! #$86&)#238O! 961236! >486$5('16! /6<! +,-. ;623$414*(6$!?=&!%')!<65(63#$*)4&(6$8(6&86!"#$%&'()($*!<(686$!#$%!961236!F#)9(&0#$*6$! (3&!:($)'85!?=&!%(6!01'))()236!UA6$%6&A&'b()!<6%6#868,!PJ!V'3J6$!6($6&!8364&(6*616(8686$! F$'1[)6!#$86&!G6&'$5(63#$*!%6&!D6)8!>&'28(26!D6()A(616!9#&%6!?6)8*6)86118O!%'))!/6<!+,-. <')(6&86!F$96$%#$*6$!J(8!(3&6$!'#?!P$86&'08(4$.!#$%!>'&8(5(A'8(4$!'#)*6&(238686$!U8�. 8#&6$!$(6!%'!*696)6$6!M3'$26$!?=&!%6$!F#?<'#!#$%!%(6!P$86$)(@(6&#$*!%6&!D65(63#$*6$! 5#! UA6$%6&$! <6&6(83'186$! )49(6! $6#6! G'$%1#$*)JZ*1(2306(86$! ?=&! 7>B)! )23'??6$,! F#)! %6&! F$'1[)6!9#&%6! 96(86&3($! 6&)(2381(23O! %'))! J(8! %6J! :($)'85! @4$! /6<! +,-! 6($6! ;&'$). ?4&J'8(4$!%6&!1($6'&6$!D65(63#$*))8#&!59()236$!B&*'$()'8(4$6$!#$%!(3&6$!"Z&%6&6&$! 6($36&*636$! #$%! )(23! I'238@6&3Y18$())6! 5#*#$)86$! %6&! c68586&6$! @6&)23(6<6$! 96&%6$,! B??6$! <16(<8! '116&%($*)! %(6! "&'*6O! 4<! 7>B)! <6&6(8! )($%O! %(6! W4&'#))685#$*6$! ?=&! 6($6! 6&. ?41*&6(236!aJ)685#$*!%6)!"#$%&'()($*!+,-!5#!6&?=116$L!UA6$%6&!'1)!*16(2396&8(*6!>'&8$6&! #$%!E4A&4%#56$86$!5#!'056A8(6&6$!)49(6!)(23!'#?!6($6!4??6$6!E4JJ#$(0'8(4$!J(8!(3$6$! 6($5#1'))6$O! %6$$! %')! 6&?4&%6&8! 6($(*6! *&#$%16*6$%6! W6&Y$%6&#$*6$! ($! (3&6&! <()36&(*6$! B&*'$()'8(4$)0#18#&,!!! !
5.
!
P$3'18)@6&56(23$()! i P7GFc;UW:VN:PMG7PU! ! FDDPcCa7XUW:VN:PMG7PU,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ((( P,! :P7c:P;a7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,!>&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,R,!W6&Y$%6&86!V'3J6$<6%($*#$*6$!(J!%6#8)236$!7>B.U6084& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d,,,,,,,,,, +! +,!N(61)685#$*!%6&!F&<6(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, e! f,!W4&*636$)96()6!#$%!F#?<'#!%6&!F&<6(8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, S! PP,! "BVUMGa7XUX:X:7U;F7C ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g! R,!;364&68()236!W4&=<6&16*#$*6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g! R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&) ,,,,,,,,,,,,,, g! R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h! +,!F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08 ,,,,,,,,,,,,,,,,,,,,,, T! PPP,! IBC:ccDPcCa7X ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Rf! R,!"#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf! R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf! R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Re! R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,Rg! +,!:&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh! +,R,!UA6$%6&5#?&(6%6$36(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-! +,+,!W6&8&'#6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,++! +,f,!M4JJ(8J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+e! f,!P$86*&'8(4$!%6&!:&?41*)?'084&6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+g! PW,!!!/:D!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +T! R,!U8'8#)!_#4!%6)!"#$%&'()($*)!(J!P$86&$6856(8'186& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+T! +,!/6<!+,-!.!:($6!04JJ#$(0'8(4$)9())6$)23'?81(236!F$$Y36&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR! +,R,!W4$!/6<!R,-!5#!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR! +,+,!X&#$%16*6$%6!>&($5(A(6$!%6)!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ff! f,!7#85#$*!@4$!/6<!+,-!($!C6#8)231'$% ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fg! e,!76#6!E4$)#J6$86$*6$6&'8(4$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh! e,R,!M4$)#J6&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh! e,+,!C4$4&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,e-!
6.
!
P$3'18)@6&56(23$()! ii W,! "a7CVFPUP7X!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, eR! R,!F$'1[)6!%6&!>486$5('16!@4$!/6<!+,-!'$3'$%!@4$!D6)8!>&'28(26!D6()A(616$ ,,,,,,,,,,,,,,,,,,eR! R,R,!>&4'08(@6!#$%!A6&)4$'1()(6&86!P$?4&J'8(4$)A41(8(0 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eR! R,+,!E#18(@(6&#$*!%#&23!C('14*04JJ#$(0'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ee! R,f,!P$86*&'8(4$!($!%6$!c6()8#$*)6&)8611#$*)A&456)),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eh! R,e,!D(1%#$*!%6&!X6J6($)23'?8!%6&!X16(23*6)($$86$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SR! +,!U[$836)6!%6&!:&*6<$())6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Se! f,!E&(8()236!:&?41*)?'084&6$!#$%!G=&%6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh! WP,! "FNP;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gR! R,!"'5(8!#$%!F#)<1(20,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gR! +,!E&(8()236!D696&8#$*!%6&!F&<6(8!#$%!96(86&6!"4&)23#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gf! cP;:VF;aVW:VN:PMG7PU ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gS! F7GF7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, jh! :(%6))8'881(236!:&01Y&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,T-! ! ! !
7.
!
F<<(1%#$*)@6&56(23$()! iii FDDPcCa7XUW:VN:PMG7PU! ! F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6! F<*&6$5#$*!5#!U8''8O!!/(&8)23'?8!#$%!>&(@'8<6&6(23 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h! F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,, T! F<<(1%#$*!fL!UA6$%6&A[&'J(%6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rg! F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6! '#?!UA6$%6&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh! F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*,,,,,,,,,,,,,,,,,,,,,,,,,RT! F<<(1%#$*!gL!W(6&!F08(4$)?61%6&!%6&!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$,,,,,,,+h! F<<(1%#$*!jL!:$89(201#$*!%6&!B$1($6.7#85#$*!($!C6#8)231'$%!RTTj.+--h,,,,,,,,,,,,,,,,,,,,,,,+T! F<<(1%#$*!hL!a$86&)23(6%6!59()236$!/6<!R,-!#$%!/6<!+,-!($!596(!C(J6$)(4$6$ ,,,,,,,,,,,f+! F<<(1%#$*!TL!/6<!+,-!.!7#85#$*!$'23!X6)2316238!#$%!F186&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fj! F<<(1%#$*!R-L!H"1(AA($*!836!?#$$61K!.!%6&!$6#6!I'&068($*.F$)'85!$'23!U683!X4%($ ,,,,,,,,,eT! F<<(1%#$*!RRL!;&'$)?4&J'8(4$!%6&!D65(63#$*6$!59()236$!6($6&!7>B!#$%!(3&6$!UA6$%6&$! %#&23!%6$!:($)'85!@4$!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SS! F<<(1%#$*!R+L!;&'$)?4&J'8(4$!%6)!W(6&.F08(4$)?61%6&.I4%611)!%#&23!%6$!:($)'85!@4$!!!! /6<!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh ! ! ! ! ! ! ! ! ! ! !
8.
!
P,!:($16(8#$*! 1 P, :P7c:P;a7X! R, >&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6)!! HU23$6116! G(1?6! 9(&08KO! #$86&! %(6)6J! I4884! J'238! )(23! %(6! Z)86&&6(23()236! 74$A&4?(8. B&*'$()'8(4$!k&586!43$6!X&6$56$!$(238!$#&!?=&!(3&6$!:($)'85!($!E&(6*).!#$%!E'8')8&4A36$. *6<(686$O! )4$%6&$! '#23! ?=&! (3&6! ($$4@'8(@6! "#$%&'()($*.E'JA'*$6! <60'$$8,! F#?! 6($6&! I(2&4)(86RO! %(6! %')! G6&5)8=20! %6&! F08(4$! '#)J'238O! 1'))6$! )(23! :($)'850&Y?86! %6&! k&586! 43$6!X&6$56$!J(8!G(1?6!@4$!X44*16!:'&83!140'1()(6&6$,!aJ!6($6$!%(&6086&6$!:($<1(20!($!%(6! F&<6(8!%6&!7>B!5#!<604JJ6$O!96&%6$!&6*61JY`(*6!F#%(4.U6$%#$*6$!4%6&!%(*(8'16!;'*6. <=236&! %6&! I(8'&<6(86&! '$*6<486$O! %(6! %'&=<6&! 3($'#)! 6($6! E4JJ#$(0'8(4$! 59()236$! %6J! U23&6(<6$%6$! #$%! %6J! c6)6$%6$! 5#1'))6$,! :)! *(<8! D'$$6&! #$%! UA6$%6$<#884$)! 5#J!G6&#$86&1'%6$O!%(6!a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aUF!)8'JJ6$%6!D6*&(??!H"#$%&'()($*KO!%6&!9Z&81(23!E'A(8'1<6)23'??#$*!<6. %6#868O!()8!%6&56(8!($!'116&!I#$%6,!C(6)6!@6&)8Y&086!F#?J6&0)'J06(8!#$%!%(6!5#$63J6$%6! D6%6#8#$*O!%(6!%')!"#$%&'()($*!($!%6$!168586$!Q'3&6$!6&?'3&6$!3'8O!&6)#18(6&8!'#)!#$86&. )23(6%1(236$!A41(8()236$O!9(&8)23'?81(236$!#$%!*6)611)23'?81(236$!:$89(201#$*6$O!%(6!)(23! J4J6$8'$!($!C6#8)231'$%!@4115(636$!@*1,!G'(<'23O!+--+],! ! PJ!*6)611)23'?81(236$!U[)86J!C6#8)231'$%)!$(JJ8!%6&!74$A&4?(8.D6&6(23!6($6!A&4J($6$86! U8611#$*!6($O!9')!'#?!6($6&!1'$*6$!3()84&()236$!E4$8($#(8Y8!<6&!@*1,!N(JJ6&!l!>&(116&O! +--j],! /Y3&6$%! ($! %6$! aUF! %6&! 7>B.U6084&! '#?! ?&6(9(11(*6&! D')()! 6$8)8'$%! #$%! )4J(8! )8'&0! @4$! A&(@'86$! X61%*6<6&$! '<3Y$*8O! )A(6186! ($! C6#8)231'$%! %(6! "($'$5(6&#$*! %#&23! Z??6$81(236!X61%6&!1'$*6!N6(8!6($6!6$8)236(%6$%6!V4116,!c'#8!U6(<61!RTTe]!?=3&86!%(6)6&! R!999,)23$61163(1?69(&08,'8!'<!I'(!+--T!()8!%(6!I(2&4)(86!$#&!($!6($6&!@6&6($?'2386$!"4&J!@4&5#?($%6$!]!
9.
!
P,!:($16(8#$*! 2 U'23@6&3'18!5#!6($6J!H?#$08(4$'16m$n!C(1688'$8()J#)K!5(8,!($!G'(<'23O!+--+O!U,!f-]O!9')! )(23!%'%#&23!Y#`6&8O!%'))!<()!36#86!@(616!*6J6($$=85(*6!B&*'$()'8(4$6$!J'$*61$%6!W6&. '$894&8#$*! <6(! %6&! W6&96$%#$*! (3&6&! ?($'$5(6116$! V6))4#&26$! '#?96()6$O! )(23! 5#$63. J6$%! ($! <=&40&'8()236! N9Y$*6$! @6&)8&(206$! #$%! %'&=<6&! 3($'#)! 6($6! 6&3Z386! X6?'3&! 1'#?6$O!%6$!E4$8'08!J(8!%6$!D=&*6&$!5#!@6&1(6&6$!@*1,!U'1'J4$!l!F$36(6&O!RTTT],!! ! C423! )6(8! 6($(*6$! Q'3&6$! 5(638! )(23! %6&! U8''8! 5#$63J6$%! '#)! %6J! /431?'3&8)<6&6(23! 5#&=20!@*1,!G'(<'23O!+--+],!c'#8!G'(<'23!+--+]!)86118!%(6!5#$63J6$%6!I(8861@6&0$'A. A#$*!'#?*&#$%!%6&!E=&5#$*!Z??6$81(236&!X61%6&!?=&!%6#8)236!7>B)!5#*16(23!6($6!G6&'#). ?4&%6&#$*!#$%!6($6!M3'$26!%'&,!N9'&!J=))6$!)(6!)(23!$#$!'#?!%(6!U#236!$'23!)8''8)#$. '<3Y$*(*6$!P$@6)84&6$!<6*6<6$!#$%!%'%#&23!@6&)8Y&08!%(6!UA6$%6$<6&6(8)23'?8!%6&!D=&. *6&! ($! F$)A! $63J6$O! %423! %(6! E4$8'08'#?$'3J6! J(8! $6#6$! N#96$%6&*&#AA6$! @6&. )A&(238!'#23!@(616!W4&86(16!@*1,!>&(116&O!+--j],!C6&!?($'$5(6116$!76#'#)&(238#$*!@4$!7>B)! 04JJ8! %(6! )(23! )6(8! F$?'$*! %6&! T-6&! Q'3&6! 6$89(2061$%6! '08(@6! D=&*6&*6)611)23'?8! J(8! (3&6J!A3(1'$83&4A()236$!D69#))8)6($!)63&!*616*6$,!"')8!^6%6&!596(86!C6#8)236!6$*'*(6&8! )(23!1'#8!6($6&!6#&4A'96(86$!W6&*16(23))8#%(6!@4$!;7U!P$?&'86)8!+--j]!63&6$'J81(23,!:)! ()8!'1)4!H'$!%6&!N6(8O!%'))!>3(1'$83&4A(6!3(6&5#1'$%6!6($6!*&Z`6&6!#$%!Z??6$81(236&6!V4116! )A(618,!:)!*638!#J!%(6!W6&'$06&#$*!%6)!C&(886$!U6084&)!$(238!$#&!(J!)8''81(236$O!)4$%6&$! '#23!(J!5(@(16$!V'#JK!G'(<'23O!+--+O!U,f+],!! ! F116&%($*)! *6)8'1868! )(23! %')! V($*6$! #J! A&(@'86! "Z&%6&6&! '$*6)(238)! %6&! 5#$63J6$%6$! E4$0#&&6$5!(J!7>B.U6084&!$(238!6($?'23!@*1,!N(JJ6&!l!>&(116&O!+--j],!"')8!'116!UA6$%6$! )'JJ61$%6$!B&*'$()'8(4$6$!J'236$!%(6!:&?'3&#$*O!%'))!%(6!UA6$%6$<68&Y*6!($)*6)'J8! &=201Y#?(*! )($%O! %6&! <6)8636$%6! UA6$%6&.>441! =<6&'186&8! ()8! #$%! 6)! 0'#J! *61($*8O! $6#6! UA6$%6&*&#AA6$! 5#! *69($$6$! @*1,! "()236&O! +---'],! aJ! %(6! a$'<3Y$*(*06(8! @4$! U8''8! #$%! /(&8)23'?8! *69Y3&16()86$! 5#! 0Z$$6$O! )4116$! %6#8)236! 7>B)! 1'#8! U'1'J4$! #$%! F$36(6&!RTTT]!(3&6!<()36&(*6!"#$%&'()($*.>&'b()!=<6&%6$06$!#$%!%#&23!$6#6!($$4@'8(@6! I4%6116!'#)96(86$,!W(616!7>B.:bA6&86$!)($%!)(23!%'<6(!6($(*O!%'))!%(6!N#0#$?8!%6)!"#$%. &'()($*)!(J!P$86&$68!1(6*8O!%6$$!%4&8!@6&<(&*8!)(23!6($!$(238!5#!#$86&)23Y856$%6)!>486$5('1! ?=&!*6J6($9(&8)23'?81(236!B&*'$()'8(4$6$!@*1,!F#)8($O!+--jo!I'2c'#*31($O!+--j],! ! R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d! KP$@6)8!($!U42('1!M'A(8'1,!P8!9(11!<6!836!4$1[!*&49($*!J'&068!($!+--Tp!E'$86&O!+--h'O!q!+],!! C')!'#)!%6&!U45(414*(6!<60'$$86!E4$56A8!%6)!U45('10'A(8'1)!*69($$8!*6&'%6!?=&!7>B)!@4&! %6J! G($86&*&#$%! %6)! )23&#JA?6$%6$! E'A(8'1)! '#)! %6$! "($'$5JY&086$! J'`*6<1(23! '$! D6%6#8#$*,! :)! 3'$%618! )(23! %'<6(! #J! H%(6! X6)'J836(8! %6&! '08#6116$! #$%! A486$5(6116$! V6))4#&26$!mJ'86&(6116&!#$%!(JJ'86&(6116&!F&8n!%(6!J(8!%6J!D6)(85!6($6)!%'#6&3'?86$!768.
10.
!
P,!:($16(8#$*! 3 56)!@4$!J63&!4%6&!96$(*6&!($)8(8#8(4$'1()(6&86$!D65(63#$*6$!*6*6$)6(8(*6$!E6$$6$)!#$%! F$6&06$$6$)!@6&<#$%6$!)($%K!D4&%(6#O!RThfO!U,!RTR],!P$!D65#*!'#?!%6$!/431?'3&8)<6. &6(23!#J?'))8!%')!U45('10'A(8'1!9(238(*6!V6))4#&26$!($!"4&J!@4$!X61%O!N6(8O!/())6$!)49(6! 96(86&6! "4&J6$! %6&! a$86&)8=85#$*O! %(6! =<6&! )45('16! D65(63#$*6$! 5#! 5(@(1*6)611)23'?81(. 236$!F086#&6$!J4<(1()(6&8!96&%6$!0Z$$6$,!aJ!%(6)6!V6))4#&26$!6&1'$*6$!#$%!'$3Y#?6$! 5#!0Z$$6$O!J=))6$!7>B)!7Y36!5#&!N(@(1*6)611)23'?8!)#236$O!)(23!J(8!%6$!D=&*6&$!@6&$68. 56$!#$%!6$8)A&6236$%!($!)45('16!D65(63#$*6$!($@6)8(6&6$,!! ! F#)! %6&! J6%(6$9())6$)23'?81(236$! >6&)A608(@6! 0'$$! %6&! F#?<'#! )45('16&! D65(63#$*6$! )49(6! )45('16$! E'A(8'1)! @4&! '116J! %#&23! $6#6! %(*(8'16! 768596&0J6%(6$O! %(6! )(23! #$86&! %6J! B<6&<6*&(??! /6<! +,-! 5#)'JJ6$?'))6$! 1'))6$O! <6)2316#$(*8O! @6&6($?'238! #$%! @6&. <6))6&8! 96&%6$,! PJ! E4$86b8! 6($6)! *69'$%6186$! *6)611)23'?81(236$! #$%! 8623$414*()236$! aJ?61%6)!6&JZ*1(236$!%(*(8'16!768596&0J6%(6$!%#&23!P$86&'08(@(8Y8!#$%!>'&8(5(A'8(4$!%6&! 7#856&! 6($6! 961896(86! W6&$685#$*! @4$! V6))4#&26$! @*1,! 7(6%6&J'(6&O! +--ho! BrV6(11[O! +--S],! C#&23! @6&$68586!E4JJ#$(0'8(4$)'$*6<486! )23'??6$!)(6! $(238! $#&! %(6! W4&'#))68. 5#$*!%'?=&O!<6)8636$%6!D65(63#$*6$!=<6&!C()8'$56$!3($96*!5#!6&3'186$!#$%!($86$)(@(6. &6$O!)4$%6&$!'#23!$6#6!)45('16!aJ?61%6&!5#!6&)231(6`6$,!PJ!/6<!+,-!0Z$$6$!)239'236! D($%#$*6$!'08(@(6&8!96&%6$O!%(6!636&!'J!V'$%6!6($6)!A6&)Z$1(236$!768596&06)!'$*6)(6. %618!)($%!#$%!=<6&!%(6!D&=206$!5#!'$%6&6$!)45('16$!/6186$!*6)231'*6$!)49(6!N#*'$*!5#! $6#6$! P$?4&J'8(4$)_#6116$! #$%! V6))4#&26$!5#J! N9620! %6&! E44A6&'8(4$O! %6)! P$?4&J'8(. 4$)'#)8'#)236)!)49(6!%6&!:($?1#))$'3J6!6&JZ*1(238!96&%6$!@*1,!X&'$4@6886&O!RTjf],!! ! W4$!)6($6&!U8#&!36&!()8!%')!$6#6!/6<!J(8!<=&*6&)23'?81(236J!:$*'*6J6$8!43$6!96(. 86&6)! 04JA'8(<61,! N#J! 6($6$! 6&1'#<6$! %(*(8'16! 768596&0J6%(6$! (3&6$! 7#856&$! H)(23! 5#! ^6%6&!N6(8!'$!^6%6J!B&8!5#!@6&<($%6$K!/($86&O!+--gO!U,!+j]!#$%!<&($*6$!$6#6!04JJ#$(. 0'8(@.J6%('16!D65(63#$*6$!36&@4&O!%(6!@4&3'$%6$6!C()8'$56$!59()236$!%6$!E4JJ#$(0'. 8(4$)A'&8$6&$! @6&)239($%6$! 1'))6$,!N#J! '$%6&6$! 1Z)6$! )(6!%#&23! ($86&'08(@6! E4JJ#$(. 0'8(4$)?4&J6$!%(6!V4116$)[JJ68&(6!@4J!U6$%6&!#$%!:JA?Y$*6&!'#?!6<%,],!P$86&'08(@(8Y8! ()8!?=&!5(@(1*6)611)23'?81(236!>'&8(5(A'8(4$!<6)4$%6&)!&616@'$8O!%6$$!%'J(8!9(&%!%(6!A'))(@6! G'18#$*! %6&! <14`6$! P$?4&J'8(4$)'#?$'3J6! =<6&9#$%6$! #$%! %#&23! U61<)86&JY238(*#$*! 0Z$$6$!$6#6!G'$%1#$*)&Y#J6!?=&!%')!<=&*6&1(236!:$*'*6J6$8!*6)23'??6$!96&%6$,!H/(6! J'$!6($!s)8'&06&!D=&*6&t!9(&%!mun!0'$$!J'$!$(238!$#&!4??1($6!16&$6$O!)4$%6&$!'#23!4$1($6O! 94! J(8! "4&6$O! D14*)O! E'JA'*$6$! #$%! B$1($6.W41#$866&($*! *6$=*6$%! IZ*1(2306(86$! 5#&! W6&?=*#$*! )8636$O! #J! %6$! aJ*'$*! J(8! '$%6&6$! #$%! %6$! :($)'85! ?=&! '$%6&6! 5#! =<6$K! V6()6&O!+--T'O!U,!f],!! ! !
11.
!
P,!:($16(8#$*! 4 HU23$6116! G(1?6! 9(&08K! ()8! 6($! I#)86&<6()A(61! %'?=&O! 9(6! J'$236! 7>B)! /6<! +,-. ;623$414*(6$! ($)!"#$%&'()($*! ($86*&(6&6$! #$%!"Z&%6&6&! '1)!6<6$<=&8(*6! >'&8$6&!#$%! >&4. %#56$86$! %6)! P$3'18)! ($! %6$! W4&%6&*&#$%! )86116$! )49(6! 'J! /6&8)23ZA?#$*)A&456))! 86(1. $63J6$!1'))6$,!B<9431!)41236!D6()A(616!(JJ6&!$423!F#)$'3J6$!)($%O!)A&6236$!%(6!aU. 'J6&(0'$()236$! 7>B.:bA6&86$! @4$! 6($6&! H6V6@41#8(4$K! (J! C&(886$! U6084&O! <6(! %6&! $6#6! P$86&'08(4$).!#$%!>'&8(5(A'8(4$)JZ*1(2306(86$O!%(6!(J!7>B.D6&6(23!<()36&!@4&36&&)236$%6! 6($)6(8(*6! 84A.%49$! D65(63#$*! 8&'$)?4&J(6&6$! 96&%6$! @*1,! G'&8O! +--jo! I'2c'#*31($O! +--j],! G'&8! +--j]! ()8! ?6)8! %'@4$! =<6&56#*8O! %'))! %(6! 6&?41*&6(23)86$! 7>B)! %(6^6$(*6$! )6($!96&%6$O!%(6!)(23!J(8!(3&6$!"Z&%6&6&$!@6&$6856$O!%(6!:&9'&8#$*6$!#$%!F$)A&=236!%6&! $6#6$! E4$)#J6$86$*6$6&'8(4$! &623856(8(*! 9'3&$63J6$! #$%! ($! (3&6! E4JJ#$(0'8(4$).! #$%!F&<6(8)96()6!($86*&(6&6$!96&%6$L!H;36!8(J6!84!<6*($!()!$49K!U,!b@((],!! ! +,!N(61)685#$*!%6&!F&<6(8! W4&! %6J! G($86&*&#$%! %6&! (J! 7>B.U6084&! <6)8636$%6$! >&4<16J6! #$%! %6J! F#?)8(6*! %6&! $6#6$!P$86&$688623$414*(6$!)86118!)(23!%(6!"&'*6O!4<!%6&!:($)'85!@4$!/6<!+,-!F<3(1?6!?=&! %6$! A&4<16J<63'?8686$! C&(886$! U6084&! )23'??6$! )49(6! %(6! <()36&(*6! UA6$%6&A&'b()! 8'8. )Y231(23!8&'$)?4&J(6&6$!0'$$,! ! /Y3&6$%! %')! P$86&$68! 5#J! U23'#A1'85! 5'31&6(236&! C()0#))(4$6$! =<6&! "#$%&'()($*! +,-! 9(&%O! ?($%68! %(6)6)! ;36J'! ($! 9())6$)23'?81(236$! E&6()6$! $423! 96$(*! D6'238#$*,! W(616! "4&)236&!)6856$!)(23!J(8!%6J!:($?1#))!#$%!%6$!F#)9(&0#$*6$!%6)!/6<!+,-!'#?!/(&8)23'?8! #$%! X6)611)23'?8! '#)6($'$%6&O! '<6&! $#&! %(6! 96$(*)86$! 6&?4&)236$O! 9(6! )(23! %6&! C&(886! U6084&!#$%!%(6!"#$%&'()($*.>&'b()!($!%6$!N6(86$!%6)!*6)611)23'?81(236$!/'$%61)!3($!5#J!! %(*(8'16$! c6<6$))8(1! @6&Y$%6&$,! C'<6(! )A(616$! *6&'%6! 7>B)! 6($6! 9(238(*6! V4116! <6(J! :&. 3'18! 6($6)! ?#$08(4$(6&6$%6$! /431?'3&8))8''86)! @*1,! N(JJ6&! l! >&(116&O! +--j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
12.
!
P,!:($16(8#$*! 5 f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b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b. 0#&)!($!%(6!'08#6116!U(8#'8(4$!%6&!"#$%&'()($*.>&'b()!(J!P$86&$68,!C'&'#?3($!9(&%!%(6!:@41#. 8(4$!%6)!P$86&$68)!@4$!/6<!R,-!5#!/6<!+,-!@6&'$)23'#1(238!#$%!%(6!*&#$%16*6$%6$!>&($. 5(A(6$!%6)!$6#6$!P$86&$68@6&)8Y$%$())6)!6&1Y#86&8,!N#J!U231#))!9(&%!%6&!(J!V'3J6$!%6)! /6<! +,-! 6$8)8'$%6$6! :J'$5(A'8(4$)A&456))! %6&! $6#6$! E4$)#J6$86$*6$6&'8(4$! #$86&! %(6! c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b()!$'23!)(23!5(638,!7(238!5#16858!9(&%!'#?!%(6!W4&'#))685#$*6$!?=&!%6$!:($)'85! 6($6&!6&?41*&6(236$!"#$%&'()($*!+,-.U8&'86*(6!)49(6!JZ*1(236!G=&%6$O!%6$6$!7>B)!%'<6(! <6*6*$6$! 0Z$$6$O! 6($*6*'$*6$,! PJ! "'5(8! ;6(1! WP]! 9(&%! %')! :&*6<$()! %6&! F&<6(8! 5#)'J. J6$*6?'))8O!($!6($6$!*&Z`6&6$!E4$86b8!6($*64&%$68!#$%!0&(8()23!&6?1608(6&8,!! ! D6(!%(6)6&!F&<6(8!3'$%618!)(23!#J!6($6!04$56A8(4$6116!F&<6(8,!P3&6!:&*6<$())6!3'<6$!6($6$! 3[A48368()236$!M3'&'086&!#$%!*6186$!$423!6JA(&()23!5#!@'1(%(6&6$,!
13.
!
PP,!"4&)23#$*)*6*6$)8'$%! 6 PP, "BVUMGa7XUX:X:7U;F7C! R,!;364&68()236!W4&=<6&16*#$*6$! R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 74$A&4?(8.B&*'$()'8(4$!()8!%6&!'#)!%6$!aUF!)8'JJ6$%6!B<6&<6*&(??!?=&!F$<(686&!@4$!*6. J6($$=85(*6$!X=86&$!#$%!C(6$)816()8#$*6$!@*1,!G'(<'23O!+--+],!F#?*&#$%!)6($6&!W(61)6(. 8(*06(8O! )A65(6116$! D6)4$%6&36(86$! #$%! V616@'$5! 3'8! )(23! %6&! 7>B.U6084&! )6(8! :$%6! %6&! h-6&!Q'3&6!6(*6$)8Y$%(*!68'<1(6&8!#$%!$(JJ8!04$8($#(6&1(23!'$!D6%6#8#$*!5#!@*1,!D'%618O! I6[6&!l!U(J)'O!+--j],!C(6)6!:$89(201#$*!6$8)A&(238!'#23!%6&!@4$!U'1'J4$!#$%!F$36(6&! RTTT]! *6)861186$! "4&%6&#$*L! HC')! W4&3'$%6$)6($! 6($6)! 16<6$%(*6$! 748.>&4?(8.U6084&)! 9(&%!961896(8!($!5#$63J6$%6J!I'`6!$(238!J63&!'1)!6($!c#b#)O!)4$%6&$!'1)!6($6!74896$. %(*06(8!*6)636$,!U41236!:($&(238#$*6$!0Z$$6$!U4&*6$!#$%!D61'$*6!%6&!D=&*6&!@6&8&686$O! @4J!U8''8!V6236$)23'?8!@6&1'$*6$O!%6$!*6)611)23'?81(236$!N#)'JJ6$3'18!?Z&%6&$O!($!%6&! 748!361?6$O!#$%!'11*6J6($!%(6!v#'1(8Y8!#$)6&6)!c6<6$)!@6&<6))6&$K!U,!fe],!! ! C6&!7>B.U6084&!9(&%!'#23!'1)!C&(886&!U6084&!<656(23$68O!%6&!%#&23!%(6!>416!U8''8O!I'&08! #$%!>&(@'8<6&6(23!<6*&6$58!()8!#$%!%6&6$!G'$%1#$*)14*(0!H6($6J!6(*6$6$!U86#6&#$*)J4. %#)! ?41*8K! >&(116&! l! N(JJ6&O! +--h'O! U,! Sj],! C6&! 8&'%(8(4$6116! %6?($(84&()236! N#*'$*! 5#! 7>B)!6&?41*8!=<6&!%(6!D6)4$%6&36(8!(3&6&!N(6104$56A8(4$!@*1,!U236#23O!+--j],!PJ!X6*6$. )'85!5#!6($6J!>&4?(8.a$86&$63J6$!()8!%')!N(61!6($6&!7>B!$(238!%')!:&5(616$!@4$!X69($$6$! (J! X#86$<6&*w)236$! U($$6O! )4$%6&$! %(6! C620#$*! 6($6)! 6&0'$$86$! D6%'&?)! #$%! %(6! :&. <&($*#$*! %6&! c6()8#$*6$! #$'<3Y$*(*! @4$! %6&! "&'*6! %6&! V6$8'<(1(8Y8! @*1,! c#836O! RTTj],! /Y3&6$%!6&96&<)9(&8)23'?81(236!a$86&$63J6$!3'#A8)Y231(23!>&4%#08(4$!#$%!F<)'85!@4$! X=86&$!#$%!C(6$)816()8#$*6$!<68&6(<6$O!1(6*8!%(6!G'#A8'#?*'<6!%6&!7>B)!#$%!)4J(8!%')! U'235(61O! H^6! $'23! %6J! )A65(6116$! F#?*'<6$*6<(68O! ($! %6&! D6&6(8)8611#$*! @4$! C(6$)816(). 8#$*6$!4%6&!)45('16$!P%66$!#$%!%6&!W6&9(&01(23#$*!)45('16$!W6&3'186$)K!M44A6&O!RTTeO! U,!RS],!C'!%(6!X69($$6&5(61#$*!$#&!'1)!6($!I(8861!5#J!B&*'$()'8(4$)59620!%(6$8O!#$86&1(6. *6$! <6%'&?)9(&8)23'?81(23! 3'$%61$%6! B&*'$()'8(4$6$! %6J! H$4$%()8&(<#8(4$! 24$)8&'($8K! N(JJ6&!l!>&(116&O!+--jO!U,!Rg]L!C(6!X69($$6!96&%6$!$(238!'$!I(8*1(6%6&!#$%!I(8'&<6(86&! '#)*6)23=8868O!)4$%6&$!($!%(6!B&*'$()'8(4$6$!&6($@6)8(6&8,!! ! 7>B)! 96&%6$! $(238! 16()8#$*)'<3Y$*(*! ?($'$5(6&8O! )4$%6&$! 5#! 6($6J! *69())6$! X&'%! @4$! ?&6(9(11(*6$! D6(8&Y*6$! #$%! N#96$%#$*6$! *68&'*6$O! 945#! ($! 6&)86&! c($(6! 63&6$'J81(236)! :$*'*6J6$8! #$%! ?&6(9(11(*6! I(8'&<6(8! *63Z&6$! @*1,! N(JJ6&! l! >&(116&O! +--j],! HP$)4?6&$! <(1%68!%6&!U6084&!($!%6&!J4%6&$6$!mun!'$!Z04$4J()236&!:??(5(6$5!4&(6$8(6&86$!X6)611)23'?8! 6($! V6?#*(#J! )45('16&! c4*(0O! %(6! $(238! ($! 6&)86&! c($(6! '#?! %6J! E'10=1! %6)! ($%(@(%#6116$! 7#856$)!<6&K!6<%,O!U,Rj],!
14.
!
PP,!"4&)23#$*)*6*6$)8'$%! 7 /Y3&6$%! '$%6&6! C6?($(8(4$)@6&)#236! 16%(*1(23! ;6(1')A6086! %6&! 7>B)! 6&?'))6$O! 3'8! )(23! ($86&$'8(4$'1! *6)636$! %(6! '#)! %6J! HQ43$! G4A0($)! >&4^628K! )8'JJ6$%6! C6?($(8(4$! 68'<. 1(6&8O! %(6! '#?! %6&! X&#$%1'*6! 6($6)!I6&0J'10'8'14*)! @6&)#238O! %6&! E4JA16b(8Y8! %6&! 7>B)! *6&6238! 5#! 96&%6$! @*1,! D'%618! 68! '1,O! +--j],! C6J$'23! )411! 6($6! B&*'$()'8(4$! ?41*6$%6! ?=$?!I6&0J'16!'#?96()6$O!#J!'1)!6($6!7>B!5#!*6186$!@*1,!U'1'J4$!l!F$36(6&O!RTTT]L!! o J-,7)(%! R,:)*'2)+'-*22+,1C+1,L! :b()86$5! @4$! W6&?'3&6$)&6*61$! #$%! @4$! @6&'$894&81(. 236$!>6&)4$6$!*&6$56$!7>B)!@4$!?'J(1(Y&6$!#$%!'$%6&6$!($?4&J6116$!X&#AA6$!'<o! o &,'0)+%! R,:)*'2)+'-*26-,7L! P$)8(8#8(4$611! )($%! 7>B)! *68&6$$8! @4J! U8''8O! 3'<6$! '<6&! 8&485%6J!%(6!IZ*1(2306(8O!)8''81(236!a$86&)8=85#$*!5#!6&3'186$o!! o L%(92+0%,5)(+1*:L!7>B)!04$8&411(6&6$!%(6!W6&?41*#$*!(3&6&!N(616!)61<)8)8Y$%(*o! o S%7%'*5',+28$)6+L!C(6!F&<6(8!%6&!7>B)!()8!$(238!'#?!X69($$.!#$%!W6&JZ*6$)J'b(J(6. &#$*!'#)*6&(23868o! o J,%'5'((':C%'+L! C6&! N#)'JJ6$)231#))! @4$! I6$)236$! <6(! 7>B)! J#))! '#?! ?&6(9(11(*6&! D')()!6&?41*6$O!06($6!N9'$*)J(8*1(6%)23'?8,! C6&!C&(886!U6084&!56(23$68!)(23!96(86&3($!%#&23!)6($6!G686&4*6$(8Y8!'#),!PJ!G($<1(20!'#?! ;Y8(*06(8)?61%6&! 0Z$$6$! ?41*6$%6! ($3'181(236! D6&6(236! #$86&)23(6%6$! 96&%6$L! ! U45('16)O! X6)#$%36(8O! E#18#&O! aJ9618O! UA4&8O! :$89(201#$*)3(1?6O! D(1%#$*! #$%! "4&)23#$*,! @*1! G'(. <'23O! +--+],! U239'&5! RTT+]! #$86&)236(%68! 96(86&3($! 59()236$! @(6&! B&*'$()'8(4$)8[A6$! %6&!A&(@'86$!7>B)L!! o 5',+28$)6+('8$%! B&*'$()'8(4$6$O! %(6! 9(&8)23'?81(236! P$86&6))6$! @6&8&686$! /(&8)23'?8). @6&<Y$%6O!W6&<&'#236&)23#854&*'$()'8(4$6$O!X696&0)23'?86$]o! o 2-E'-C1(+1,%((%!B&*'$()'8(4$6$O!%(6!0#18#&6116!#$%!*6)611)23'?81(236!F08(@(8Y86$!%#&23. ?=3&6$!UA4&8.!#$%!"&6(56(8@6&6($6O!E(&236$O!9())6$)23'?81(236!:($&(238#$*6$]o! o .-('+'28$%!B&*'$()'8(4$6$O!%(6!)(23!%6&!D6'&<6(8#$*!#$%!C#&23)685#$*!A41(8()236&!P$. 86&6))6$!#$%!/6&8@4&)8611#$*!9(%J6$!>'&86(6$O!D=&*6&($(8('8(@6$]o! o C),'+)+'0%!B&*'$()'8(4$6$O!%6&6$!N(61!%'&($!<6)8638O!0'&(8'8(@6!a$86&)8=85#$*)16()8#$*! '$!<6%=&?8(*6!C&(886!5#!6&<&($*6$!D6()A(616L!a7PM:"O!M'&(8')O!UBU!E($%6&%Z&?6&],! C(6! c68586&6$! <(1%6$! '1)! ;6(1J6$*6! %6)! C&(886$! U6084&)! %6$! X6*6$)8'$%! %(6)6&! F&<6(8+,! E'&(0'8(@6! 7>B)! 8&686$! '1)! F$9'18! ^6$6&! <6$'2386(1(*86$! X&#AA6$! '#?O! %(6! ($! %6&! i??6$8. 1(2306(8!$#&!6($6!)239'236!U8(JJ6!3'<6$O!#$%!$63J6$!@6&)23(6%6$6!"4&J6$!'$L!G(1?). 4&*'$()'8(4$6$!?=&!D68'*86O!D63($%6&86O!F&J6O!U61<)83(1?6*&#AA6$!)49(6!:$89(201#$*)3(1. ?64&*'$()'8(4$6$! @*1,! U239'&5O! RTT+],! X6J6))6$! '$! %6$! 9(&8)23'?81(236$! P$%(0'84&6$! 9(6!F#)*'<6$!#$%!D6)23Y?8(*#$*!)86116$!)(6!'#`6&%6J!%6$!E6&$<6&6(23!%6&!9431?'3&8). )8''81(236$!C(6$)816()8#$*)6&)8611#$*!($!C6#8)231'$%!%'&!@*1,!>&(116&!l!N(JJ6&O!+--h<],!! +!PJ!/6(86&6$!9(&%!%6&!'11*6J6($6!D6*&(??!7>B!'1)!k_#(@'16$8!5#!0'&(8'8(@6$!7>B)!@6&96$%68!
15.
!
PP,!"4&)23#$*)*6*6$)8'$%! 8 F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6!!!!!!!!!!!!!!!!!!!!! F<*&6$5#$*!5#!U8''8O!/(&8)23'?8!#$%!>&(@'8<6&6(23! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!N(JJ6&!l!>&(116&O!+--j! ! R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B)! 7>B)!)($%!($!%6&!V6*61!?($'$5(611!$(238!'#8'&0!#$%!3'<6$!6($6$!6$8)A&6236$%6$!D6%'&?O! 6&?4&%6&1(236! V6))4#&26$! '#)! 6b86&$6$! v#6116$! 5#! <6)23'??6$O! 9')! J(8861)! "#$%&'()($*! 6&?41*8,! C(6)6&! aU.'J6&(0'$()236! D6*&(??! )6858! )(23! '#)! %6J! U#<)8'$8(@!H?#$%K! #$%!%6J! W6&<!H84!&'()6K!5#)'JJ6$!#$%!<6%6#868!9Z&81(23!X61%.!4%6&!E'A(8'1<6)23'??#$*!@*1,!G'(. <'23O! +--h],! B<9431! )(23! 96%6&! ($! %6&! %6#8)23)A&'23(*6$! $423! ($! %6&! ($86&$'8(4$'16$! 9())6$)23'?81(236$! c(86&'8#&! 6($6! 6($36(81(236! C6?($(8(4$! %6)! "#$%&'()($*.D6*&(??)! ?($%68O! 9(&%!6)!($!%6&!V6*61!'1)!%(6!D6)23'??#$*!%6&!<6$Z8(*86$!V6))4#&26$!43$6!J'&08'%Y_#'86! J'86&(6116!X6*6$16()8#$*!@6&)8'$%6$!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!! ! 76<6$!%6$!"($'$516()8#$*6$!96&%6$!#$86&!%6$!5#!<6)23'??6$%6$!V6))4#&26$!96(86&3($! '#23!U'2316()8#$*6$!U'23)A6$%6$]O!C(6$)8.!4%6&!F&<6(8)16()8#$*6$!?&6(9(11(*6)!:$*'*6. J6$8]O!V62386!U23(&J36&&)23'?86$]!#$%!P$?4&J'8(4$6$!C'86$<'$06$]!5#)'JJ6$*6?'))8! @*1,!a&)61J'$$O!RTTh],!B<9431!UA6$%6&!?=&!%(6!=<6&1'))6$6$!V6))4#&26$!06($6!'%Y_#'. 86!J'86&(6116!c6()8#$*!6&3'186$O!1(6*8!%(6!*&#$%)Y851(236!F#?*'<6!%6)!"#$%&'()($*)!%'&($O! %6J!A486$5(6116$!"Z&%6&6&!'$*6J6))6$6!X&'8(?(0'8(4$6$!J'86&(6116&!#$%!(JJ'86&(6116&!F&8! (J!W6&3Y18$()!5#!)6($6$!J(8!%6&!UA6$%6!@6&<#$%6$6$!E4)86$!'$5#<(686$!@*1,!6<%,],!! ! D6(!0'&(8'8(@6$!7>B)!6&?41*8!%')!UA6$%6$!(J!V'3J6$!6($6&!C&6(620)<65(63#$*!59()236$! %6J!c6()8#$*)'$<(686&!UA6$%6&]O!c6()8#$*)6JA?Y$*6&!D6%=&?8(*6&]!#$%!c6()8#$*)8&Y*6&! 7>B]O! )4%'))! %6&! c68586&6! '1)! HI'016&! 59()236$! (%6$8(?(5(6&<'&6$! X6<6&$! #$%! $(238. (%6$8(?(5(6&<'&6$O!'$4$[J6$!:JA?Y$*6&$K!7Y3&1(23O!RTThO!U,!gg]!?#$*(6&8,!!
16.
!
PP,!"4&)23#$*)*6*6$)8'$%! 9 F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!E45(41!68!'1,O!+--go!a&)61J'$$O!RTTh! :)! 96&%6$! 96(86&3($! @(6&! X&#AA6$! %6&! V6))4#&26$<6&6(8)86116&! %(??6&6$5(6&8L! A&(@'86! UA6$%6&O! "(&J6$O! U8(?8#$*6$! #$%! )8''81(236! P$)8(8#8(4$6$! @*1,! G'(<'23O! +--+],! a$86&. )23(6%1(236!UA6$%6&0'86*4&(6$!3'<6$!(3&6!)A65(?()236$!W4&.!#$%!7'2386(16!@*1,!F$3,!R],! C'!A&(@'86!UA6$%6&!%6$!X6*6$)8'$%!%(6)6&!F&<6(8!<(1%6$O!96&%6$!%(6!=<&(*6$!E'86*4&(6$! ($!96(86&6$!F#)?=3&#$*6$!$(238!<6&=20)(238(*8,!! ! /Y3&6$%!($!%6$!aUF!2',!h-!>&456$8!%6)!UA6$%6$'#?04JJ6$)!'#)!A&(@'86&!G'$%!04JJ8! @*1,!F%14??O!+--S]O!)86116$!($!C6#8)231'$%!Z??6$81(236!G'#)3'186!(JJ6&!$423!%(6!9(238(*). 86! V6))4#&26$_#6116! %'&! @*1,! >&(116&! l! N(JJ6&O! +--h'],! C423! 9(6! )234$! 6($*'$*)! 6&. 9Y3$8O! *6&'86$! J4J6$8'$! (JJ6&! J63&! *6J6($$=85(*6! B&*'$()'8(4$6$! ($! ?($'$5(6116! U239(6&(*06(86$O! 96(1! )8''81(236! N#)23=))6! *60=&58! 4%6&! *6)8&(236$! 96&%6$,! P$! %(6)6J! N#)'JJ6$3'$*!$(JJ8!%(6!D6%6#8#$*!@4$!>&(@'8A6&)4$6$!'1)!V6))4#&26$_#6116!5#O!%(6! G'(<'23! +--+]! '1)! H%')! 9(238(*)86! U6*J6$8! %6)! UA6$%6$J'&08)! <656(23$68K! U,! Reh],! H/6$$! %(6! Z??6$81(236! G'$%! 166&! ()8O! J#))! J'$! 6<6$! A&(@'86! #J)4! 36?8(*6&! )23=8861$K! c#886&O!RTTfO!5(8,!($!c#836O!RTTjO!U,!R-],! ! +, F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08! N#&!Q'3&8'#)6$%96$%6!3'8!)(23!%6&!86&8(Y&6!U6084&!<6'2381(23!)8'&0!6$89(20618O!9')!J'$! '$!%6&!9'23)6$%6$!F$5'31!%6&!D6)23Y?8(*86$!'<16)6$!0'$$O!%(6!($!%6$!168586$!Q'3&563$. 86$! =<6&A&4A4&8(4$'1! 5#! ^6%6J! /(&8)23'?8)<6&6(23! *69'23)6$! ()8! @*1,! N(JJ6&! l! >&(116&O! +--j],! C423! J4J6$8'$! )(638! )(23! %6&! C&(886! U6084&! 5#$63J6$%! $6#6$! :$89(201#$*6$! #$%!G6&'#)?4&%6&#$*6$!*6*6$=<6&*6)86118O!%(6!(J!/6(86&6$!'#)?=3&1(23!6&1Y#86&8!96&%6$,! !
17.
!
PP,!"4&)23#$*)*6*6$)8'$%! 10 T1*%$7%*4%,!D%++9%5%,924,18C<! x<6&! %(6! '08#6116! F$5'31! <6%'&?)9(&8)23'?81(236&! B&*'$()'8(4$6$! ($! C6#8)231'$%! *(<8! 6)! 06($6! *6$'#6$! C'86$O! %'! %6&! C&(886! U6084&! <()36&! @4J! D#$%6))8'8()8(0'J8! $(238! *6)4$. %6&8!6&?'))8!9#&%6!@*1,!G'(<'23O!+--+],!c'#8!F$*'<6$!%6)!C6#8)236$!N6$8&'1($)8(8#8)!?=&! )45('16! "&'*6$! )($%! 6)! 2',! +-,---! *6J6($$=85(*6! B&*'$()'8(4$6$O! %(6! '08(@! "#$%&'()($*! <68&6(<6$O!563$!>&456$8!%'@4$!'*(6&6$!=<6&&6*(4$'1!#$%!689'!+S-.f--!<#$%6)96(8!@*1,! CNPO! +--j],! W(616! "4&)236&! &6%6$! ($! %(6)6J! E4$86b8! @4$! 6($6J! *6)Y88(*86$! I'&08! @*1,! >&(116&! l! N(JJ6&O! +--h<o! a&)61J'$$O! RTTh],! N#J! 6($6$! 1(6*8! %(6! a&)'236! ?=&! %6$! )86(. *6$%6$!/688<696&<)%!(J!C&(886$!U6084&!'$!%6$!($86&$'8(4$'16$!G(1?)4&*'$()'8(4$6$O! 9(6!<6()A(61)96()6!Bb?'JO!a7PM:"!4%6&!k&586!43$6!X&6$56$O!%(6!=<6&!6($!3436)!"#$%&'(. )($*.E$49.G49! @6&?=*6$! #$%! %6$! (JJ6&! $423! 1#0&'8(@6$! %6#8)236$! UA6$%6$J'&08! ?=&! )(23! 6&)231(6`6$! @*1,! a&)61J'$$O! +--g],! N#J! '$%6&6$! )231(6`6$! )(23! 5#$63J6$%! @(616! G(1?)4&*'$()'8(4$6$!5#!D=$%$())6$O!9')!%(6!/688<696&<)?Y3(*06(8!%6&!:($561$6$!)86(*6&8,! I4J6$8'$! 5Y316$! )41236! W6&<=$%6! 9(6! HF08(4$! C6#8)231'$%! G(1?6K! 4%6&! H:$89(201#$*! 3(1?8K!5#!%6$!<60'$$86)86$!UA6$%6$!)'JJ61$%6$!B&*'$()'8(4$6$!#$%!96&%6$!<6(!*&4`6$! UA6$%6$'#?&#?6$! <6)4$%6&)! )8'&0! @4$! %6$! I6%(6$! <6'23868! 6<%,],! C6&! 5#$63J6$%6! /688<696&<)%!Y#`6&8!)(23!($!)86(*6$%6$!F0_#()(8(4$)04)86$!#$%!3436J!F#?9'$%!<6(! %6&!UA6$%6&<($%#$*!@*1,!"()236&O!+--g],!! L+%':%*4%2!.$'()*+$,-.'28$%2!Q%5122+2%'*!1*4!2+):*'%,%*4%2!L.%*4%*0-(17%*<!! c'$*6!N6(8!*'186$!%(6!C6#8)236$!'1)!96$(*!)A6$%6&?&6#%(*O!9')!'#?!%')!)8'&0!'#)*6<(1%6. 86!Z??6$81(236!U[)86J!%6&!)45('16$!/431?'3&8O!3436!6($04JJ6$)<654*6$6!F<*'<6$!)49(6! 6($6! *6&($*6! )86#6&1(236! F<)685<'&06(8! @4$! UA6$%6$! ($! C6#8)231'$%! 5#&=20*6?=3&8! 96&. %6$! 04$$86! @*1,! N(JJ6&! l! >&(116&O! +--j],! F116&%($*)! 0'$$! $'23! %6$! F$*'<6$! %6)! :#&4. A6'$!U42('1!U#&@6[!+--+y+--f!%6$!C6#8)236$!%#&23'#)!6($6!HE#18#&!%6)!X6<6$)K!>&(1. 16&O! +--jO! U,! R-+]! <6)236($(*8! 96&%6$O! %6$$! %(6! %6#8)236! UA6$%6$<686(1(*#$*)_#486! 1(6*8!=<6&!%6J!6#&4AY()236$!C#&23)23$(88!@*1,!C683O!+--e],!/6(86&3($!9(&%!%(6!;36)6!%6)! *6)611)23'?81(236$!D69#))8)6($)!%#&23!%(6!N'31!%6&!($!C6#8)231'$%!63&6$'J81(23!;Y8(*6$! *6)8=858O!%(6!)(23!)6(8!%6$!g-6&!Q'3&6$!@6&?=$??'2386,!C(6!>3(1'$83&4A(6!9(&%!J'`*6<1(23! %#&23! %(6! I6%(6$! *6?Z&%6&8! #$%! *638! J(8! %6J! /#$)23! $'23! J63&! >'&8(5(A'8(4$! <6(! %6&! X69Y3&16()8#$*!%6)!X6J6($9431)!6($36&!@*1,!>&(116&O!+--j],!>&(116&!#$%!N(JJ6&!+--h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
18.
!
PP,!"4&)23#$*)*6*6$)8'$%! 11 C423! <#$%6)96(8! *6)636$! )8'*$(6&8! %')! UA6$%6$@41#J6$! 1'#8! :&*6<$())6$! %6)! C6#8. )236$!UA6$%6$J4$(84&)!)6(8!Q'3&6$!@*1,!;7U!P$?&'86)8O!+--h],!C(6!*&4`6!UA6$%6$<6&6(8. )23'?8O! %(6! %')! HQ'3&! %6&! E'8')8&4A36$K! +--S]! J4<(1()(6&86O! )86118! %'<6(! 636&! %(6! F#). $'3J6! @4$! %6&! V6*61! %'&! @*1,! F$3,! +],! F#23! ($! '<)63<'&6&! N#0#$?8! ()8! @4&! %6J! G($86&. *&#$%! &6'1! 0'#J! $423! 9'23)6$%6&! :($04JJ6$! #$%! 3436&! F&<6(8)14)(*06(8! J(8! 06($6&! ;&6$%96$%6!5#!&623$6$O!%6$$!%(6!I6$)236$!)23&Y$06$!(3&6!F#)*'<6$!($!'116$!c6<6$). <6&6(236$!6($!@*1,!U23J(85!l!G=$%*6$O!+--S],!! A7):%0%,6)((<! :($!*&#$%16*6$%6)!>&4<16JO!J(8!%6J!%6#8)236!7>B)!5#!0YJA?6$!3'<6$O!()8!(3&!PJ'*6,!P$! %6$!aUF!*6186$!"#$%&'()6&!'1)!G61%6$O!96(1!)(6!HI6$)236$!'#??4&%6&$O!J63&!5#!)A6$%6$! #$%! J63&! 5#! &()0(6&6$,! mU(6n! ?($'$5(6&6$! B&*'$()'8(4$6$O! %(6! c6<6$! &6886$! #$%! W6&Y$%6. &#$*6$! ($! %6&! X6J6($)23'?8! <69(&06$K! "1'$'*'$O! RTTgO! 5(8,! ($! G'(<'23O! +--+O! U,! fe],! X&4`)A6$%6&! *6$(6`6$! %4&8! 6($! 3436)! F$)636$! #$%! 96&%6$! ($! V'$0($*)! %6&! HJ4)8! *6$6&4#)!A3(1'$83&4A()8)K!*6?6(6&8!I2E($)6[.U8#%(6O!+--hO!qR],!P$!C6#8)231'$%!3($*6*6$! 941186!%(6!GY1?86!'116&!X&4`)A6$%6&!#$%!U8(?86&O!%(6!'$!%6&!I2E($)6[.U8#%(6!HX6)611)23'?8. 1(236$!/'$%61!*6)8'186$K!86(1$'3J6$O!1(6<6&!'$4$[J!<16(<6$!6<%,],!! C(6!PJ'*6.>&4<16J'8(0!@6&)8Y&08!)(23!96(86&3($!%#&23!%(6!5#$63J6$%6!U06A)()!'#?*&#$%! %6&!J'$*613'?86$!;&'$)A'&6$5!(J!7>B.U6084&,!/Y3&6$%!($!%6$!a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h]!16%(*1(23!+f-!B&*'$()'8(4$6$!*61()868,! PJ! C656J<6&! +--j! 3'8! )(23! %(6! Z??6$81(236! E&(8(0! '$! %6#8)236$! 7>B)! 5#*6)A(858O! 9')! %#&23!%6$!#$)'23*6JY`6$!aJ*'$*!J(8!%6$!UA6$%6$*61%6&$!%6&!<60'$$86$!G(1?)4&*'$(. )'8(4$!a7PM:"!'#)*61Z)8!9#&%6,!U8'&0!0&(8()(6&8!9#&%6$!%6&!86#&6!aJ<'#!%6)!B&*'$()'8(. 4$))8'<_#'&8(6&)! ($! EZ1$! )49(6! %(6! F#)5'31#$*! 6($6)! D6&'86&34$4&'&)! ($! GZ36! @4$! +S-,---!:#&4!'$!%6$!636J'1(*6$!a7PM:".W4&)(856$%6$!@*1,!U23#J'236&!l!U'15O!+--h],! c'#8! 6($6&! V6A&Y)6$8'8(@)8#%(6! 5#J! P$?4&J'8(4$)<6%'&?! #$%! W6&8&'#6$! A&(@'86&! UA6$%6&! ()8!J'$*61$%6)!W6&8&'#6$!($!UA6$%6$4&*'$()'8(4$6$!%6&!'J!3Y#?(*)86$!*6$'$$86!X&#$%! ?=&!%(6!)($06$%6!UA6$%6$<6&6(8)23'?8!@*1,!>9MO!+--h],!! !
19.
!
PP,!"4&)23#$*)*6*6$)8'$%! 12 U%1%!L.%*4%,!;!*%1%!H*2.,I8$%<! I4J6$8'$!04JJ8!J63&!'1)!%(6!GY1?86!'116&!UA6$%6$!@4$!x<6&.g-.QY3&(*6$,!k186&6!UA6$. %6&!86$%(6&6$!$(238!$#&!%'5#O!&6*61JY`(*6&!'1)!Q=$*6&6!5#!)A6$%6$O!)(6!*6<6$!'#23!3Z. 36&6!UA6$%6$<6(8&Y*6!@*1,!>9MO!+--h],!>&(116&!#$%!U4JJ6&?61%!+--S]!?=3&6$!%(6!3Z36&6! UA6$%6$<6&6(8)23'?8!'#?!6($6!<6))6&6!9(&8)23'?81(236!U(8#'8(4$O!6($!3Z36&6)!:($04JJ6$! #$%! '$*6)'JJ6186)! W6&JZ*6$! )49(6! 6($6! 3Z36&6! D6?&(6%(*#$*! J'86&(6116&! D6%=&?$())6! 5#&=20O!%(6!J(8!?4&8)23&6(86$%6J!F186&!6($36&*636$,! ! F116&%($*)!9(&%!%(6)6!UA6$%6&*6$6&'8(4$!<'1%!'186&)<6%($*8!6$8?'116$O!9')!7>B)!5#!6($6&! 76#4&(6$8(6&#$*! (3&6&! E4JJ#$(0'8(4$! '$! ^=$*6&6$! N#96$%#$*)5(61*&#AA6$! 59($*8! @*1,! V6()6&O!+--h],!C(6!$6#6!X6$6&'8(4$!@4$!UA6$%6&$!56(23$68!)(23!%#&23!(3&6!0&(8()236!G'1. 8#$*!#$%!%')!5#$63J6$%6!D6%=&?$()!'#)O!%(6!@4$!7>B)!*61(6?6&86$!P$?4&J'8(4$6$!5#!3($. 86&?&'*6$!#$%!)(23!)61<)8!6($6!I6($#$*!=<6&!%(6!;Y8(*06(8!#$%!U8#&6$!%6&!^696(1(*6$! :($&(238#$*6$!5#!<(1%6$!@*1,!>9MO!+--h],!U(6!6&9'&86$!J63&!;&'$)A'&6$5!#$%!B??6$36(8! )49(6!6($6!'08(@6&6!P$?4&J'8(4$)A41(8(0,!U23J(85!#$%!G=$%*6$!+--S]!)636$!%')!@4&&'$. *(*6! F$1(6*6$! %6&! $6#6$! UA6$%6&! %'&($O! '1)! >'&8$6&! %6&! *6J6($$=85(*6$! B&*'$()'8(4$! 9'3&*6$4JJ6$!5#!96&%6$,!G($5#!04JJ8!$423!6($!04$)#JA)[23414*()236)!>&4<16JL!P$! %6&!5#$63J6$%!&6(5=<6&?1#8686$!aJ9618!)23=858!)(23!%6&!E4$)#J6$8!@4&!x<6&?4&%6&#$*! %#&23!)61608(@6!P$?4&J'8(4$)'#?$'3J6,!C(6!;'8)'236O!%'))!Th!>&456$8!%6&!%#&23!%(6!I6. %(6$! @6&J(886186$! P$?4&J'8(4$6$! @4$! E4$)#J6$86$! $(238! <6'23868! 96&%6$O! )86118! 6($6! $6#6!G6&'#)?4&%6&#$*!?=&!7>B)!%'&!@*1,!E&46<6&.V(61!l!/6($<6&*O!RTTT]O!%(6!(3&6!E4J. J#$(0'8(4$! $#$! %#&23! 5(61*&#AA6$4&(6$8(6&86! F#?<6&6(8#$*O! J63&! X1'#<9=&%(*06(8! #$%! A6&)Z$1(236!D($%#$*!A&4?(1(6&6$!J=))6$!@*1,!G'(<'23O!+--+],!! ! "'5(8L!C(6!F$'1[)6!%6&!'08#6116$!:$89(201#$*6$!%6&!7>B.>&'b()!56(*8O!%'))!7>B)!@4&!@(616$! $6#6$! G6&'#)?4&%6&#$*6$! 9(6! I(8861@6&0$'AA#$*! %#&23! %(6! W6&Y$%6&#$*! %6&! "($'$5(6. &#$*))8#&O!5#$63J6$%6&!P$?4&J'8(4$)<6%'&?!#$%!V6238?6&8(*#$*)%O!)8Y&06&6!E4$. 0#&&6$5<65(63#$*6$! )49(6! &')236! 8623$414*()236! :$89(201#$*6$! )8636$,! C423! 9(6! )411! %')! "#$%&'()($*! *6)8'1868! 96&%6$O! #J! '$*6)(238)! %(6)6&! :$89(201#$*)86$%6$56$! 6&?41*. &6(23! 5#! )6($d! W(616! "4&)236&! )636$! %(6! M3'$26! %6&! *6J6($$=85(*6$! B&*'$()'8(4$6$! ($! 6($6&! aJ4&(6$8(6&#$*! %6&! "#$%&'()($*.F08(@(8Y86$! @4$! %6&! UA6$%6! '#?! %6$! UA6$%6&! @*1,! G'(<'23O!+--+o!c#836O!RTTjo!U23J(85!l!G=$%*6$O!+--S],!C(6)6!$6#6!"4&J!%6)!"#$%&'(. )($*)O!($!%6&6$!N6$8&#J!%6&!6&?41*&6(236!F#?<'#O!%(6!F#?&62386&3'18#$*!#$%!W6&<6))6&#$*! @4$!D65(63#$*6$!5#!&616@'$86$!D65#*)*&#AA6$!)8636$O!9(&%!'1)!V61'8(4$)3(A!"#$%&'()($*! <656(23$68!@*1,!c#836O!RTTj],!:($6!)8Y&06&6!B&(6$8(6&#$*!'J!UA6$%6&!)411!%6$!7>B)!6(. $6$! 6$8)236(%6$%6$! #$%! $'233'18(*6$! /688<696&<)@4&86(1! '#?! %6J! *6)Y88(*86$! UA6$. %6$J'&08!<(686$!#$%!%(6!:&&6(23#$*!(3&6&!U'235(616!'#?!6($6!6??608(@6!/6()6!6&JZ*1(236$,!
20.
!
PPP,!I4%611<(1%#$*! 13 PPP, IBC:ccDPcCa7X! R, "#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*)! R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6!! F$*6)(238)! %6&! *6)23(1%6&86$! G6&'#)?4&%6&#$*6$! %6&! '08#6116$! UA6$%6$J'&08)(8#'8(4$! ?=316$!)(23!(JJ6&!J63&!7>B)!%'5#!*6$Z8(*8O!(3&6!"#$%&'()($*.;Y8(*06(86$!5#!A&4?6))(4$'. 1()(6&6$,!U236(<6.Q'6*6&!+--f]!<63'#A868O!%'J(8!)(23!"#$%&'()($*!@4J!H#$%(??6&6$5(6&86$! F1J4)6$)'JJ61$K!U,!f+S]!#$86&)236(%68!#$%!5#&!)[)86J'8()236$!:&?41*)6&5(61#$*!?=3&8O! J#))! 6)! '1)! 6($6! I'$'*6J6$8'#?*'<6! @6&)8'$%6$! 96&%6$O! %(6! $'23! X&#$%&6*61$! 6($6&! )[)86J'8()236$! #$%! *6A1'$86$! W4&*636$)96()6! 6&?41*8,! C'<6(! 04JJ8! %6J! I'&068($*. F$)'85!6($6!6$8)236(%6$%6!D6%6#8#$*!5#!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!X&#$%. )Y851(23!@6&)8638!J'$!#$86&!I'&068($*!HF$'1[)6O!>1'$#$*!#$%!E4$8&4116!'116&!'#?!'08#6116! #$%! A486$5(6116! IY&086! '#)*6&(238686$! a$86&$63J6$)'08(@(8Y86$O! %(6! 5#J! N(61! 3'<6$O! %#&23! %(6! %'#6&3'?86! D6?&(6%(*#$*! %6&! E#$%6$<6%=&?$())6! %(6! a$86&$63J6$)5(616! 5#! &6'1()(6&6$K! D$! l! ;(1J6)O! RTTeO! U,! RS],! U4J(8! 6$8)A&(238! %(6! I'&068($*.B&(6$8(6&#$*! 6($6&!C6$03'18#$*O!%(6!%')!*6)'J86!a$86&$63J6$!'#?!%(6!D6%=&?$())6!%6&!E#$%6$!'#). &(23868!@*1,!>#&8)236&8O!+--S]O!9')!'#23!?=&!7>B)!@4$!D6%6#8#$*!()8,!H/6&!)6($6$!UA6$. %6&! $(238! 06$$8O! ?=&! %6$! ()8! "#$%&'()($*! 9(6! %(6! U231=))61)#236! 6($6)! D68&#$06$6$! #J! I(886&$'238K!U23#15O!+--fO!U,!RTR],!! ! /6$$! J'$! 23&()81(236! I())(4$(6&#$*)@6&)#236! (J! /688<696&<! J(8! '$%6&6$! V61(*(4$)*6. J6($)23'?86$! <68&'23868O! )4! )86118! %6&! I'&068($*.X6%'$06! 06($! @41104JJ6$! $6#'&8(*6)! E4$56A8!(J!C&(886$!U6084&!%'&!@*1,!D$O!+--S],!C(6!9())6$)23'?81(23!?#$%(6&86!:&96(86. &#$*!%6)!I'&068($*.F$)'856)!'#?!%6$!*6J6($9(&8)23'?81(236$!U6084&!9#&%6!@4$!%6$!'J6. &(0'$()236$!I'&068($*.:bA6&86$!E4816&!#$%!c6@[!RTgT]!*6A&Y*8,!C(6!x<6&8&'*#$*!<6&! %'&'#?O! %'))! '#23! 7>B)! <6(! (3&6&! ;Y8(*06(8! D6%'&?)%620#$*).! #$%! D66($?1#))#$*)5(616! @6&?41*6$O!%(6!)(23!%#&23!6($6$!)8&'86*()236$!I'&068($*.F$)'85!6??(5(6$8!&6'1()(6&6$!1'))6$! @*1,! V'??66O! /(6%J'$$! l! F<61O! RThf],! P$! (3&6&! D64<'238#$*! )86116$! E4816&! #$%! c6@[! RTgT]! ?6)8O! %'))! 7>B)! 43$63($! I'&068($*.Y3$1(236! F08(@(8Y86$! 9(6! /6&<60'JA'*$6$! 4%6&!:@6$8)!5#&!D66($?1#))#$*!%6&!Z??6$81(236$!I6($#$*!%#&23?=3&6$O!#$%!5(636$!?41*6$. %6!U231#))?41*6&#$*L!H;36!234(26!?'2($*!834)6!934!J'$'*6!$4$<#)($6))!4&*'$()'8(4$)!()! $48! 936836&! 84! J'&068! 4&! $48! 84! J'&068O! ?4&! $4! 4&*'$()'8(4$! 2'$! '@4(%! J'&068($*,! ;36! 234(26!()!936836&!84!%4!(8!9611!4&!A44&1[K!U,!RS],!! ! P$!%6$!aUF!9(&%!"#$%&'()($*!)6(8!1'$*6J!'1)!6($6!#J?'))6$%6!I'&068($*.E4$56A8(4$!@6&. )8'$%6$,!F#23!%6&!%6#8)236!7>B."4&)236&!a&)61J'$$!RTTh]!<6)23&6(<8!"#$%&'()($*!'1)! 6($! ;6(1! %6)! D6)23'??#$*)J'&068($*)O! %6&6$! F#?*'<6! %'&($! <6)8638O! F#)8'#)23@4&*Y$*6!
21.
!
PPP,!I4%611<(1%#$*! 14 '#?! ?&6(9(11(*6&! D')()! A1'$@411! #$%! )[)86J'8()23! 36&<6(5#?=3&6$,! C(6! D6)23'??#$*))6(86! )86118!%6$!56$8&'16$!:$*A'))!6($6&!7>B!%'&O!%6$$!H'116!A486$5(6116!X61%*6<6&!@4$!7>B)! mun!&6A&Y)6$8(6&6$!IY&086O!'#?!%6$6$!6($6!W(61?'18!@4$!P%66$!#$%!F$1(6*6$!#J!m<6*&6$586n! "Z&%6&J(8861! 04$0#&&(6&6$K! G'(<'23O! +--hO! U,! T-]! #$%! %')! 6&?4&%6&8! %6$! :($)'85! @4$! I'&068($*.P$)8&#J6$86$! ($! <6)4$%6&6J! I'`6,! C'<6(! *638! 6)! %'&#JO! %')! ($! %6&! >&(@'8. 9(&8)23'?8! @6&<&6(8686! E4$56A8! %6&! E#$%6$4&(6$8(6&#$*! '#?! "Z&%6&6&! *6J6($9(&8)23'?81(. 236$!:($&(238#$*6$!'$5#96$%6$!@*1,!G'(<'23O!+--+],!C'!%(6!N#96$%6&6&!?=&!=<6&1'))6. $6! c6()8#$*6$! 5#J6()8! 06($6! J'86&(6116! X6*6$16()8#$*! 6&3'186$O! )411! %')! N(61! %6)! "#$%. &'()($*)!'1)!I'&068($*'#?*'<6!%'&($!<6)8636$O!%6$!UA6$%6&$!6($6$!7#856$<=$%61!'$5#. <(686$O!%6&!04$)6_#6$8!'$!(3&6$!D6%=&?$())6$!'#)*6&(23868!()8!@*1,!U23$6(%6&O!RTTg]O!#J! )(6!)4J(8!5#&!9(6%6&34186$!a$86&)8=85#$*!5#!<696*6$!@*1,!G'(<'23O!+--+],!! ! R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($*! C6&! :($)'85! @4$! I'&068($*.P$)8&#J6$86$! ($! *6J6($9(&8)23'?81(23! '#)*6&(238686$! B&*'$(. )'8(4$6$!()8!$(238!?&6(!@4$!%6&!c6*(8(J'8(4$)A&4<16J'8(0!#$%!9(&%!)49431!($!%6&!>&'b()!'1)! '#23! ($! %6&! /())6$)23'?8! 36?8(*! %()0#8(6&8! @*1,! D$O! +--S],! P$! %6&! %6#8)236$! 7>B. >&'b()!0'$$!6($6!4?8!$6*'8(@6!X&#$%3'18#$*!*6*6$=<6&!%6J!I'&068($*.F$)'85!<6(J!"#$%. &'()($*! <64<'23868! 96&%6$! @*1,! U23$6(%6&O! RTTg],! "=&! 5'31&6(236! 7>B.I(8'&<6(86&! 6&. )236($8!6)!#$JZ*1(23O!H%')!C6$06$!#$%!G'$%61$!($!I'&068($*.E'86*4&(6$!J(8!(3&6&!)45('. 16$! F#?*'<6$)8611#$*! ($! :($01'$*! 5#! <&($*6$K!6<%,O! U,! +f],! D6?=&23868! 96&%6$! JZ*1(236! W4&9=&?6!)6(86$)!%6&!i??6$81(2306(8!<65=*1(23!%6&!UA6$%6&J'$(A#1'8(4$!)49(6!%6&!J(8!%6&! I'&068($*.F$96$%#$*!6($36&*636$%6$!:&3Z3#$*!%6&!W6&9'18#$*)04)86$,!! ! P$! %6&! /())6$)23'?8! 9(&%! @4&! '116J! %(6! >&'b()! %6)! <6)23'??#$*)4&(6$8(6&86$! I'&068($*. F$)'856)!04$8&4@6&)!%()0#8(6&8,!c#836!RTTj]!@6&*16(238!(3$!J(8!6($6&!J4%6&$6$!W'&('$86! %6)! D68861$)O! <6(! %6&! %(6! X61%<6)23'??#$*! J(83(1?6! 6($6)! 6($)6(8(*6$! ')[JJ68&()236$! ;&'$)?6&)!@4J!X6<6&!5#J!:JA?Y$*6&!(J!W4&%6&*&#$%!)8638,!F#23!;46A16&!RTTh]!3Y18!%')! <6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! ?=&! 6($6$! &6($! J623'$()236$! >&456))O! <6(! %6J! 6)! %'&#J!*638O!HA486$5(6116!UA6$%6&!J(8!%6$!^696(1)!A'))6$%6$!)45(4%6J4*&'?()236$!>&4?(. 16$!mun!5#!(%6$8(?(5(6&6$O!%(6!%#&23!6($?'236!I'$(A#1'8(4$!J(8!'$*6J6))6$6$!"#$%&'()($*. ;623$(06$!5#J!UA6$%6$!*6<&'238!96&%6$!0Z$$6$K!U,!STgO!5(8,!($!G43$O!+--RO!U,!ef],! !! W(616!7>B."4&)236&O!9(6!D#&$688!RTT+]!#$%!E611[!RTTh]!96()6$!($!%(6)6J!E4$86b8!%'&. '#?! 3($O! %'))! 04JJ6&5(6116! I'&068($*8623$(06$! $(238! %(&608! '#?! "#$%&'()($*.;Y8(*06(86$! %6&!7>B)!=<6&8&'*6$O!)4$%6&$!'%'A8(6&8!96&%6$!J=))6$,!N9'&!J=))6$!)(23!*6J6($9(&8. )23'?81(236! B&*'$()'8(4$6$O! %(6! '#?! 6($! 6&?41*&6(236)! "#$%&'()($*! '$*69(6)6$! )($%O! %6&! I6834%6$!#$%!;623$(06$!%6)!I'&068($*)!<6%(6$6$O!%423!$(6J'1)!%=&?6$!)(6!%'<6(!(3&6!
22.
!
PPP,!I4%611<(1%#$*! 15 683()236$! D696**&=$%6! @6&16856$! @*1,! D#&$688O! RTT+],! c483'&! U23#15O! 6($! %6#8)236&! "#$%&'()6&! J(8! 1'$*^Y3&(*6&! :&?'3&#$*O! A1Y%(6&8! %'?=&O! 6($6! '#836$8()236! D65(63#$*! 5#! UA6$%6&$!'#?5#<'#6$L!HP23!9(11!)(6!$(238!=<6&!6($6!I(816(%))23(6$6!5(636$!4%6&!J(8!J6(. $6$! D&(6?6$! =<6&&#JA61$,! P23! JZ2386O! %'))! %(6! I6$)236$! '#)! @4116J! G6&56$! *6<6$K! G'(<'23O!+--+O!U,!+f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p!U,!fj],! ! PJ!I(8861A#$08!%6)!V61'8(4$)3(A!"#$%&'()($*!)8638!06($6!X61%<6)23'??#$*O!)4$%6&$!H%(6! :$89(201#$*!%6)!@4116$!>486$5('1)!6($6&!6($5(*'&8(*6$!#$%!)A65(6116$!D65(63#$*O!%(6!59(. )236$!6($6&!94318Y8(*6$!B&*'$()'8(4$!#$%!(3&6&!"Z&%6&6&$!)8638p!U'$%6&)O!+--jO!U,!RR],! /Y3&6$%! %')! <6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! 6($6! )8'8()236! >6&)A608(@6! 6($$(JJ8! #$%! '$! :($561)A6$%6$8&'$)'08(4$6$! '$)6858O! )8636$! UA6$%6&<65(63#$*6$! (J! N6$8&#J! %6)!V61'8(4$)3(A!"#$%&'()($*O!9')!6($6$!/623)61!5#&!%[$'J()236$!>6&)A608(@6!6&?4&%6&8,!! E611[!RTTh]!<63'#A868O!%'))!4<9431!%(6!A&(JY&6!"#$%&'()($*.F#?*'<6!4??6$)(2381(23!%(6! D6)23'??#$*!?($'$5(6116&!I(8861!()8O!%(6)6!F#?*'<6!%6$$423!$#&!%#&23!%(6!E#18(@(6&#$*!6(. $6&! "&6#$%)23'?8! 59()236$! %6&! B&*'$()'8(4$! #$%! (3&6$! UA6$%6&$! *6)23636$! 0'$$O! 94. %#&23! %(6! c68586&6$! ($! %(6! c'*6! @6&)6858! 96&%6$O! 6($6! ?($'$5(6116! )49(6! 6J48(4$'16! D($. %#$*!J(8!%6&!B&*'$()'8(4$!6($5#*636$,!I(8!%6J!U'85!H"#$%&'()($*!()!836!*6$816!'&8!4?!86'. 23($*!836!^4[!4?!*(@($*K!@6&%6#81(238!V4))4!RTTj]!%6$!X&#$%*6%'$06$!%6)!V61'8(4$)3(A! "#$%&'()($*O! %')! '#?! 6($6J! A'&8$6&)23'?81(236$! C('14*! 59()236$! X6<6&$! #$%! 763J6&$! <')(6&8!#$%!%')!P$86&6))6!%6)!a$86&)8=856&)!'$!%6&!B&*'$()'8(4$!0#18(@(6&8!5(8,!($!G'(<'23O!
23.
!
PPP,!I4%611<(1%#$*! 16 +--hO!U,!TR],!C'<6(!)86118!E4JJ#$(0'8(4$!%(6!D')()!?=&!%6$!D65(63#$*)'#?<'#!#$%!)4J(8! %(6!56$8&'16!F#?*'<6!%6)!V61'8(4$)3(A!"#$%&'()($*!%'&!@*1,!D#&$688O!RTT+o!c#836O!RTTj],!! R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)!! P$! %6&! /(&8)23'?8! ()8! %(6! Z04$4J()236! D6%6#8#$*! %6)! 6&?41*&6(236$! M#)84J6&! V61'8(4$. )3(A!I'$'*6J6$8!)6(8!1'$*6J!<60'$$8!@*1,!D$O!+--S],!D$!+--R]!96()8!'#?!)41236! A4)(8(@6$! /(&0#$*)6??6086! %6&! E#$%6$<($%#$*O! 9(6! U86(*6&#$*! %6&! E'#??&6_#6$5O! :&3Z. 3#$*! %6&! E#$%6$A6$68&'8(4$! )49(6! U8'<(1()(6&#$*! %6&! X6)23Y?8)<65(63#$*6$! %#&23! %(6! PJJ#$()(6&#$*! *6*6$=<6&! /688<696&<)'08(@(8Y86$O! 3($,! 7#$! *(18! 6)! 5#! #$86&)#236$O! 4<! 6($6!D65(63#$*)4&(6$8(6&#$*!'#23!<6(J!"#$%&'()($*!%6&!7>B)!?($'$5(6116!W4&86(16!<&($*8,! ! X&#$%)Y851(23! 1'))6$! )(23! <6(J! "#$%&'()($*! ($! F$163$#$*! '$! "()236&! +--h']! %&6(! Z04. $4J()236! N(61A6&)A608(@6$! #$86&)236(%6$,! :&)86$)! *638! 6)! #J! %')! /'23)8#J! #$%! %(6! U86(*6&#$*!%6&!:($$'3J6$!6($6&!B&*'$()'8(4$,!N96(86$)!)6858!:??(5(6$5)86(*6&#$*!'#?!%(6! BA8(J(6&#$*! %6&! %#&23! %')! "#$%&'()($*! @6&#&)'2386$! E4)86$,! U231(6`1(23! )411! %')! "#$%. &'()($*!%(6!Z04$4J()236!U8'<(1(8Y8!#$%!7'233'18(*06(8!%6&!B&*'$()'8(4$!)(236&$,!c'#8!W6&. ?62386&$! %6)! V61'8(4$)3(A! "#$%&'()($*! ()8! %6&! 6&?41*&6(236! D65(63#$*)'#?<'#! 6($6! 6$8. )236(%6$%6! W4&'#))685#$*! ?=&! %(6! V6'1()(6&#$*! %(6)6&! Z04$4J()236$! N(61A6&)A608(@6$! @*1,!"()236&O!+--h'o!E45(41O!+--g],!! 7'23! G=$%*6$! #$%! U23J(85! +--S]! )86118! %')! D65(63#$*)J'$'*6J6$8! 06($6$! U61<)8. 59620!%'&O!)4$%6&$!%(6$8!168581(23!%6&!U86(*6&#$*!%6&!UA6$%6$6($$'3J6$,!:&)8!%'%#&23! 9(&%!6)!JZ*1(23O!"Z&%6&6&!@4$!6($6&!$(6%&(*6$!'#?!6($6!$Y23)8!3Z36&6!U8#?6!%6&!c4['1(8Y8). 16(86&! '#?! %6&! UA6$%6&A[&'J(%6! 5#! <&($*6$! @*1,! D#&$688O! RTT+o! G'(<'23O! +--+],! F#)! 7(238)A6$%6&$! )4116$! %#&23! 76#)A6$%6&*69($$#$*! :&)8)A6$%6&! 96&%6$O! %(6! )(23! %#&23! %(6!P$86$)(@(6&#$*!%6&!D65(63#$*!5#!/(6%6&341#$*).!#$%!C'#6&)A6$%6&$!6$89(2061$,!C(6! E&Z$#$*!()8!6)O!96$$!%6&!UA6$%6&!%#&23!04$8($#(6&1(236!D68&6##$*!'116!U8#?6$!%6&!>[&'. J(%6!<()!5#&!UA(856!%#&231Y#?8!#$%!%(6!7>B!($!)6($6J!;6)8'J6$8!<6&=20)(238(*8,!!
24.
!
PPP,!I4%611<(1%#$*! 17 F<<(1%#$*!fL!UA6$%6&A[&'J(%6! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!a&)61J'$$O!+--gO!U,fj! I(8!^6%6&!U8#?6!%(6)6)!aA*&'%($*!.!>&456))6)!9(&%!%(6!D65(63#$*!5#&!:($&(238#$*!@6&)8Y&08! #$%! %(6! U#JJ6! %6&! 6&<&'2386$! UA6$%6<6(8&Y*6! 6&3Z38,! HC(6! GZ36! %6&! "Z&%6&#$*! 9(&%! %'<6(!5#!6($6J!P$%(0'84&!?=&!%(6!v#'1(8Y8!%6&!D65(63#$*K!"()236&O!+--S'O!U,RS],!N#%6J! ?Z&%6&8!%(6!UA6$%6&<($%#$*!6($6!6&3Z386!V6?6&6$5<6&6(8)23'?8!#$%!:JA?631#$*)$6(*#$*! %6&! <6)8636$%6$! "Z&%6&6&! #$%! 6&JZ*1(238! 6($6$! %(&6086$! N#*'$*! 5#! (3&6$! A6&)Z$1(236$! #$%!<6&#?1(236$!768596&06$O!9')!%(6!U8&6#@6&1#)86!<6(!%6&!76#)A6$%6&'0_#()(8(4$!6&36<. 1(23!J($(J(6&8!#$%!6($6$!W6&8&'#6$)@4&)A&#$*!)23'??8!@*1,!"()236&O!+--h'],!! ! C')! <65(63#$*)4&(6$8(6&86! "#$%&'()($*! ()8! '#`6&%6J! @4$! <6)4$%6&6J! P$86&6))6! '$*6. )(238)! %6&! '$*6)8&6<86$! :??(5(6$5)86(*6&#$*O! %6$$! 1'#8! "()236&! ()8! 6)! <()! 5#! )(6<6$! I'1! *=$)8(*6&!@4$!6($6J!@4&3'$%6$6$!UA6$%6&!6($6!$6#6!UA6$%6!5#!6&3'186$O!'1)!6($6$!$6#. 6$!UA6$%6&!5#!96&<6$!@*1,!"()236&O!+--h'],!/6(86&3($!9(&08!)(23!%')!D65(63#$*)J'$'. *6J6$8! A4)(8(@! '#?! %(6! Z04$4J()236! U8'<(1(8Y8! %6&! B&*'$()'8(4$! '#),! HC')! x<6&'$*6<48! '$! UA6$%6$JZ*1(2306(86$! J($%6&8! %(6! UA6$%6&14['1(8Y8O! UA6$%6&! @'*'<#$%(6&6$! Z?86&O! )A6$%6$!J'1!3(6&!J'1!%',!:($6!_#'1(8'8(@!*#86!UA6$%6&<68&6##$*!)23ZA?8!%')!@4&3'$%6$6! >486$5('1!'#)!#$%!)8'<(1()(6&8!UA6$%6$6&*6<$())6K!6<%,O!U,!+hg],!/6$$!%6&!UA6$%6&!)(23! '$!6($6!B&*'$()'8(4$!*6<#$%6$!?=318O!)(23!J(8!(3&!(%6$8(?(5(6&8!#$%!(3&6!N(616!1'$*?&()8(*!5#! )6($6J! A6&)Z$1(236$! F$1(6*6$! J'238O! )4! 3'<(8#'1()(6&8! )(23! )6($! UA6$%6$@6&3'186$! #$%! @6&&($*6&8! )(23! %(6! I48(@'8(4$! $'23!'186&$'8(@6$! UA6$%6$! )'JJ61$%6$! 7>B)! 5#! )#236$! @*1,! D#&$688O! RTT+],! 7(238! 5#16858! 96()8! U236(<6.Q'6*6&! +--f]! %'&'#?!3($O! %'))! %(6^6$(. *6$! B&*'$()'8(4$6$O! %(6! (3&6! "#$%&'()($*.;Y8(*06(86$! '#?! <65(63#$*)4&(6$8(6&86$! I'&06. 8($*.>&($5(A(6$! <')(6&6$O! ?16b(<61! #$%! )23$611! '#?! I'&08*6*6<6$36(86$! &6'*(6&6$! )49(6! ($$4@'8(@!'*(6&6$!0Z$$6$O!9')!)(6!'#?!C'#6&!5#0#$?8)?Y3(*!J'238,!! !
25.
!
PPP,!I4%611<(1%#$*! 18 U4J(8!*16(238!V61'8(4$)3(A!"#$%&'()($*!@(61!J63&!%6J!HF206&<'#!#$%!m%6&n!W(635#238K!#$%! $(238!%6J!HU'JJ61$!#$%!Q'*6$K!U23#15O!+--hO!U,!TT]O!%6$$!6)!%(6$8!06($6&!0#&5?&()8(*6$! X61%<6)23'??#$*O!)4$%6&$!6&JZ*1(238!6($!1'$*?&()8(*!'$*616*86)!D65(63#$*)J'$'*6J6$8O! %')!'#?!1'$*6!U(238!@(616!Z04$4J()236!W4&86(16!<&($*8,! F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6!!!!!!!!!!!!!!! '#?!UA6$%6&! v#6116L!6(*6$6!C'&)8611#$*! ! +, :&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)! 7'23%6J! %(6! )8&'86*()236$! W4&5=*6! )49(6! Z04$4J()236$! /(&0#$*)6??6086! %6)! <65(6. 3#$*)4&(6$8(6&86$! "#$%&'()($*)! '#?! 6($6&! 8364&68()236$! :<6$6! @4&*6)86118! 9#&%6$O! )86118! )(23!$#$!%(6!"&'*6O!9(6!6($!6&?41*&6(236&!D65(63#$*)'#?<'#!($!%6&!>&'b()!5#!@6&9(&01(236$! ()8,!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!()8!%(6!E6$$8$()!%6&!6$8)A&6236$%6$! :&?41*)?'084&6$!@4$!<6)4$%6&6&!D6%6#8#$*O!94&#$86&!%(6^6$(*6$!C686&J($'$86$!@6&)8'$. %6$! 96&%6$O! H%(6! 6($6&! B&*'$()'8(4$! %(6! @4116! F#))23ZA?#$*! %6&! (3&! '#?*&#$%! (3&6&! V6). )4#&26$'#))8'88#$*!*6*6<6$6$!>486$5('16!6&JZ*1(236$!#$%!%'J(8!%6&6$!:&?41*!$'233'1. 8(*!A4)(8(@!<66($?1#))6$K!"&(85O!RTT-O!U,!T+],!! ! P$!%6&!c(86&'8#&!5#J!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*!9(&%!$#&!'J!V'$%6!%'&'#?!6($*6. *'$*6$O! 961236! "'084&6$! 6($! 6&?41*&6(236)! D65(63#$*)J'$'*6J6$8! 06$$56(23$6$,! aJ! ^6%423! 6($6!*&=$%1(236! #$%! )[)86J'8()236! F$'1[)6! 5#! 6&JZ*1(236$O!9(&%! $#$! '#?! %(6!:&. 06$$8$())6! '#)! %6J! V61'8(4$)3(A! I'&068($*! 5#&=20*6*&(??6$! z! %')! "4&)23#$*)?61%O! %')!
26.
!
PPP,!I4%611<(1%#$*! 19 <()36&! 96(8'#)! ($86$)(@6&! '1)! V61'8(4$)3(A! "#$%&'()($*! 61'<4&(6&8! 9#&%6O! #$%! '#?! %6$! 74$A&4?(8.U6084&!#$86&!D6&=20)(238(*#$*!)6($6&!)A65(?()236$!I6&0J'16!=<6&8&'*6$,!! ! C')! 6$8)236(%6$%6! E4$)8! (J! D65(63#$*)J'&068($*! )86118! E#$%6$<($%#$*! %'&O! %(6! G4J<#&*! #$%! D$! +---]! 9(6! ?41*8! %6?($(6&6$L! HE#$%6$<($%#$*! #J?'))8! )YJ81(236! I'`$'3J6$! 6($6)! a$86&$63J6$)O! %(6! %'&'#?! '<5(616$O! )49431! %(6! <()36&(*6$! W6&3'1. 86$)96()6$! '1)! '#23! %(6! 5#0=$?8(*6$! W6&3'186$)'<)(2386$! 6($6)! E#$%6$! *6*6$=<6&! 6(. $6J!F$<(686&!4%6&!%6))6$!c6()8#$*6$!A4)(8(@!5#!*6)8'186$O!#J!%(6!D65(63#$*!5#!%(6)6J! E#$%6$! ?=&! %(6! N#0#$?8! 5#! )8'<(1()(6&6$! <59,! '#)5#96(86$K! U,! h],! P$! %6&! 9())6$)23'?81(. 236$!c(86&'8#&!?($%6$!)(23!5'31&6(236!"'084&6$O!%(6!6($6$!#$J(8861<'&6$!:($?1#))!'#?!%(6! E#$%6$<($%#$*!$63J6$!)4116$,!P$!%(6)6&!F&<6(8!9(&%!6($6!%&6(%(J6$)(4$'16!E4$56A8#'1(. )(6&#$*! 36&'$*654*6$O! J(8! %6&! %(6! E4$)8V! W6&8&'#6$O! E#$%6$5#?&(6%6$36(8! #$%! M4JJ(8J6$8!($!%')!E4$)8!%6&!E#$%6$<($%#$*!6($*64&%$68!96&%6$!@*1,!D4&$6J'$$O! G6$$(*.;3#&'#! l! G'$)6$O! +--g],! C(6! %&6(! U231=))61*&Z`6$! )8636$! %'<6(! $(238! ()41(6&8! 5#6($'$%6&O!)4$%6&$!<66($?1#))6$!)(23!*6*6$)6(8(*,!! ! E#$%6$5#?&(6%6$36(8! ()8! %')! :&*6<$()! 6($6)! W6&*16(23).! #$%! D6#&86(1#$*)A&456))6)! 59(. )236$! %6$! ($%(@(%#6116$! c6()8#$*)6&9'&8#$*6$! #$%! .9'3&$63J#$*6$,! 7'23! %6J! :&01Y. &#$*))'85! %6)! M4$?(&J'8(4$.C()24$?(&J'8(4$.>'&'%(*J')! 6$8)8638! N#?&(6%6$36(8! %'$$O! 96$$! %(6! 9'3&*6$4JJ6$6! v#'1(8Y8! %6&! c6()8#$*6$! %(6! E#$%6$6&9'&8#$*6$! 6&?=118! 4%6&! =<6&)86(*8! @*1,! G4J<#&*! l! D$O! +---],! W6&8&'#6$! ()8! %'*6*6$! 6($6! 636&! 5#0#$?8)*6. &(238686!X&Z`6O!%(6!)A65(?()236!:&9'&8#$*6$!%6)!E#$%6$!'$!%(6!E4JA686$5!)49(6!'$!%(6! 5#0=$?8(*6$! G'$%1#$*6$! 6($6)! F$<(686&)! (JA1(5(6&8! @*1,! G4J<#&*! l! D$O! +---],! C(6! W6&8&'#6$)9=&%(*06(8!%6)!F$<(686&)!J48(@(6&8!%6$!E#$%6$!'#)!&'8(4$'16$!#$%!6J48(4$'. 16$!X&=$%6$O!9(6%6&!<6(!(3J!5#!0'#?6$!#$%!?=3&8!'#?!E#$%6$)6(86!5#!6($6&!($$6&6$O!6J4. 8(4$'1!'#?*61'%6$6$!W6&<#$%6$36(8!%6J!GY$%16&!#$%!%6&!X6)23Y?8)<65(63#$*!*6*6$=<6&! @*1,!D4&$6J'$$!68!'1O!+--g],!C(6)6)!W6&<#$%6$36(8)*6?=31O!'#23!M4JJ(8J6$8!*6$'$$8O! #J?'))8!%(6!D6&6(8)23'?8!%6)!E#$%6$O!5#&!D65(63#$*!#$'<3Y$*(*!@4$!%6&!Z04$4J()236$! D6%6#8#$*!#$%!%6J!N6(834&(54$8!5#!)8636$!@*1,!C(116&O!RTTg],!! ! PJ! /6(86&6$! )411! #$86&)#238! 96&%6$O! ($9(696(8! N#?&(6%6$36(8O! W6&8&'#6$! )49(6! M4JJ(8. J6$8! 5#J! F#?<'#! #$%! %6&! F#?&62386&3'18#$*! 6($6&! UA6$%6&<65(63#$*! (J! 74$A&4?(8. D6&6(23! <6(8&'*6$! #$%! 961236! E4$)6_#6$56$! )(23! %'&'#)! ?=&! %(6! X6)8'18#$*! %6)! <65(6. 3#$*)4&(6$8(6&86$!"#$%&'()($*)!6&*6<6$,!!
27.
!
PPP,!I4%611<(1%#$*! 20 F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*! v#6116L!6(*6$6!C'&)8611#$*! ! +,R,!UA6$%6&5#?&(6%6$36(8!! C(6! D6%6#8#$*! %6&! UA6$%6&5#?&(6%6$36(8! ?=&! 6($6$! 1'$*?&()8(*6$! "#$%&'()($*.:&?41*! 9(&%! <6(!@(616$!7>B."4&)236&$!<684$8,!D#&$688!RTT+]!96()8!%'&'#?!3($O!%'))!"Z&%6&5#?&(6%6$. 36(8!%(6!D')()!?=&!(3&6!c4['1(8Y8!5#!6($6&!7>B!#$%!?=&!A4)(8(@6!I#$%.>&4A'*'$%'!%'&)86118,! /6$$!UA6$%6&6&9'&8#$*6$!%'*6*6$!$(238!6&?=118!96&%6$O!)4!<6)8638!6($6!6&36<1(236!X6. ?'3&O!%'))!UA6$%6&!'<9'$%6&$O!(3&!*6J6($$=85(*6)!:$*'*6J6$8!&6%#5(6&6$!4%6&!*Y$51(23! 6($)86116$! #$%! (3&6! a$5#?&(6%6$36(8! *6*6$=<6&! (3&6J! )45('16$! aJ?61%! <60#$%6$! @*1,! U23$6(%6&O! RTTg],! C'! a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c#836O! RTTj],! F#23! 96$$! "Z&%6&6&! <6(! %6&! D6&6(8)8611#$*! (3&6&! V6))4#&26$! '#?!6($6!J'&08'%Y_#'86!X6*6$16()8#$*!@6&5(2386$O!36(`8!%')!$423!1'$*6!$(238O!%'))!)(6! *'&!06($6$!X6*6$96&8!6&3'186$!@*1,!a&)61J'$$O!RTTh],!C6J!X&'8(?(0'8(4$)A&($5(A!5#?41*6! =<6&1'))6$! UA6$%6&! (3&6! V6))4#&26$! 6&)8! %'$$O! 96$$! )(6! %'<6(! 6($6$! 7#856$! ?=&! )(23! '$8(5(A(6&6$!@*1,!V'??{6!68!'1,O!RThf],!C')!56$8&'16!7#856$<=$%61!<6)8638!'116&%($*)!96. $(*6&!($!6($6J!J'86&(6116$!N#*69($$fO!)4$%6&$!($!%6$!(JJ'86&(6116$!X&'8(?(0'8(4$)6&?'3. &#$*6$O!%(6!%#&23!6($6!UA6$%6$3'$%1#$*!6$8)8636$,!U23$6(%6&!RTTg]!<(6868!596(!:&01Y. &#$*)'$)Y856! 5#&! J48(@'8(4$'16$! U8#&! %6&! UA6$%6$3'$%1#$*L! HF#)! %6&! >6&)A608(@6! %6)! Z04$4J()236$! F$)'856)! #$%! #$86&! G6&'$5(63#$*! @6&3'186$)9())6$)23'?81(236&! D6. ?#$%6!1Y))8!)(23!%(6!:$8)236(%#$*!?=&!A3(1'$83&4A()236)!W6&3'186$!%'J(8!<6*&=$%6$O!%'))! f!F1)!J'86&(6116!X&'8(?(0'8(4$6$!0Z$$6$!W6&J($%6&#$*!%6)!5#!@6&)86#6&$%6$!:($04JJ6$)O!P$26$8(@6)!($!"4&J!@4$! X6)236$06$O!P$?4&J'8(4$)<&4)23=&6$O!C(6$)816()8#$*6$!?#$*(6&6$!@*1,!U23$6(%6&O!RTTg],!
28.
!
PPP,!I4%611<(1%#$*! 21 %6&! A486$5(6116! UA6$%6&! 6($6! A6&)Z$1(236! X6*6$16()8#$*! ?=&! )6($6! N#96$%#$*! 6&9'&868! %:-'2+'28$%! V-+'0)+'-*]! #$%y4%6&! 'J! 7#856$5#9'23)! %6)! G(1?)<6%=&?8(*6$! A'&8(5(A(6&6$! JZ2386!)(+,1'2+'28$%!V-+'0)+'-*]K!U,!TTO!G6&@4&36<#$*!(J!B&(*($'1],!! +,R,R,!F18&#()8()236!I48(@6!! :($6!'18&#()8()236!G'$%1#$*!'1)!X6*6$A41!5#!6($6&!6*4()8()236$!1(6*8!%'$$!@4&O!96$$!G(1?6! 43$6!X6%'$06$!'$!%(6!D6143$#$*!%6)!G61?6&)!*616()868!9(&%!@*1,!U23$6(%6&O!RTTg]L!H:($! F18&#()8!6&?Y3&8!'1)4!$(238!$#&!%#&23!%6$!6(*6$6$!E4$)#J!6($6$!7#856$*69($$O!)4$%6&$! '#23!%'$$O!96$$!'$%6&6!I6$)236$!@4$!6($6J!<6)8(JJ86$!X#8!A&4?(8(6&6$K!U,!Tj],!C(6! J6()86$! U45(414*6$! )($%! '116&%($*)! %6&! I6($#$*O! %'))! %6J! F18&#()J#)! 6($6! 6*4()8()236! ;6(104JA4$6$86!5#*&#$%6!1(6*8!@*1,!c#836O!RTTj],!U4!9(&%!%6&!6JA'83(6.!)49(6!)23#1%($. %#5(6&86! F18&#()J#)! %#&23! %(6! V6%#08(4$! %6&! 6(*6$6$! 04*$(8(@6$! C())4$'$56$! '$*68&(6. <6$O! %(6! %#&23! %(6! /'3&$63J#$*! %6&! >&4<16J6! '$%6&6&! 6$8)8636$! #$%! A)[23414*()236! N6&&())6$36(8! @6&#&)'236$! @*1,! M44A6&O! RTTe],! W(616$! I6$)236$! <6&6(868! %(6! ;'8)'236O! %'))!6)!(3$6$!*#8!*638O!9Y3&6$%!'$%6&6!'J!:b()86$5J($(J#J!4%6&!%'&#$86&!16<6$!J=). )6$O! 6($! )23162386)! X69())6$,! C#&23! %(6! UA6$%6$3'$%1#$*! 0'$$! %(6)6&! UA'$$#$*)5#. )8'$%!@6&&($*6&8!4%6&!*'&!<6)6(8(*8!96&%6$!@*1,!G'(<'23O!+--+],!7(238)%6)848&485!9(&%!%6&! F18&#()8!($!6&)86&!c($(6!@4J!I48(@!*616(868O!%6$!N#)8'$%!%6)!74816(%6$%6$!5#!@6&<6))6&$O! #$%!A&4?(8(6&8!%'$$!@4$!%6&!;&'$)'08(4$O!96$$!^6$6J!%'%#&23!8'8)Y231(23!*6341?6$!9(&%! @*1,!U23$6(%6&O!RTTg],!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!<(686$!)(23!%(6). <65=*1(23!A6&)Z$1(23!*63'186$6!D&(6?6!(J!F$)231#))!'$!%(6!;&'$)'08(4$!'$O!($!%6$6$!'#?! JZ*1(236!>&4<16J6!#$%!:&?41*6!<6(!%6&!V6'1()'8(4$!%6)!*6?Z&%6&86$!>&4^608)!6($*6*'$*6$! 9(&%,!M44A6&!RTTe]!J6&08!($!%(6)6J!N#)'JJ6$3'$*!'$O!%')!%')!F#?56(*6$!@4$!:&?41*6$! J48(@(6&6$%6&!'#?!%')!96(86&6!UA6$%6&@6&3'186$!9(&08!'1)!)8Y$%(*6!E4$?&4$8'8(4$!J(8!748,!! ! +,R,+,!:*4()8()236!I48(@6!! L+%':%,1*:!4%2!L%(92+5%,+:%6I$(2!1*4!L-E')(.,%2+':%<! HW(616! I6$)236$! 6&3'186$! ($! (3&6J! c6<6$).! #$%! D6&#?)'118'*! 06($6! D6)8Y8(*#$*! (3&6)! U61<)896&8*6?=31)K!G'(<'23O!+--+O!U,!RSe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g],! C(6)6)! D6%=&?$()! $'23! :($?1#)). $'3J6!#$%!U86(*6&#$*!%6)!U61<)896&8*6?=31)!0'$$!4??6$)(2381(23!<6)4$%6&)!%'$$!<6?&(6. %(*8!96&%6$O!96$$!UA6$%6&!%')!X6?=31!3'<6$O!#$J(8861<'&!;6(1!'$!%6&!W6&9(&01(23#$*!%6&!
29.
!
PPP,!I4%611<(1%#$*! 22 W()(4$!6($6!7>B!5#!3'<6$,!/6(86&3($!3'<6$!UA6$%6$3'$%1#$*6$!6($6!PJ'*6!)86(*6&$%6! /(&0#$*O! @4$! %6&! $(238! $#&! a$86&$63J6$O! )4$%6&$! '#23! >&(@'8A6&)4$6$! A&4?(8(6&6$! 0Z$. $6$! @*1,! G'(<'23O! +--+],! C'?=&! )41186! '116&%($*)! %')! G'$%61$! %6&! UA6$%6&! %6&! ?=&! )(6! &616@'$86$!i??6$81(2306(8!<60'$$8!96&%6$!@*1,!M44A6&O!RTTe],!F#`6&%6J!)411!1'#8!M44A6&! RTTe]! HP%6$8(?(5(6&#$*! 59()236$! %6J! UA6$%6&! #$%! %6J! :JA?Y$*6&! %6&! UA6$%6! @4&1(6. *6$O!%(6!%6&!aJ9618!6($!<6)8(JJ86)!PJ'*6!<65=*1(23!%6)!UA6$%6&)!@6&J(88618O!%')!(3$!'1)! I(8*1(6%!6($6&!)A65(?()236$!X&#AA6!@4$!UA6$%6&$!(%6$8(?(5(6&8K!U,!Rg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c#836O! RTTjO! U,! RSf],! C')! <6)8Y8(*8! '#23! G'(<'23! +--+]L! /Y3&6$%!)(23!?&=36&!%')!D6%=&?$()!$'23!N#*63Z&(*06(8!5#!6($6&!X6J6($)23'?8!%#&23!*64. *&'?()236!X6*6<6$36(86$!#$%!c6<6$)*6943$36(86$!16(2386&!<6?&(6%(*6$!1(6`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x<6&16*#$*6$!6&9Y23)8!?=&!"#$%&'()6&!%(6!F#?. *'<6O!"Z&%6&6&$!?=&!(3&6!c6()8#$*6$!6($6!'%Y_#'86!X&'8(?(0'8(4$!($!F#))(238!5#!)86116$!#$%! )(6! %#&23! 6($6! )8&'86*()236! "#$%&'()($*.X6)8'18#$*! 5#! <6?&(6%(*6$,! C'! %(6! 4<6$! '#?*6. ?=3&86$! UA6$%6$J48(@6! #$86&)23(6%1(23! *6<=$%618! ($%(@(%#611! 9(&0)'J! 96&%6$O! ()8! %(6! :&?4&)23#$*!%6&!UA6$%6&A&Y?6&6$56$!#$%!P$%(@(%#'1()(6&#$*!%6)!"#$%&'()($*)!@4$!7Z86$,!! ! +,+,!W6&8&'#6$!! N96(!C&(8861!%6&!C6#8)236$!)A6$%6$!1'#8!6($6&!&6A&Y)6$8'8(@6$!aJ?&'*6O!96$$!)(6!)(236&! )($%O!%'))!(3&!X61%!&(238(*!'$04JJ8!@*1,!>9MO!+--h],!F#`6&%6J!*(18!%')!J'$*61$%6!W6&. 8&'#6$!($!7>B)!?=&!%&6(!@4$!@(6&!636J'1(*6$!UA6$%6&$!'1)!G'#A8*&#$%!?=&!06($!96(86&6)! :$*'*6J6$8L! HP23! )A6$%6! ^'! $(238! %'?=&O! %'))! G6&&! X6)23Y?8)?=3&6&! 6($! %(206)! X63'18!
30.
!
PPP,!I4%611<(1%#$*! 23 0&(6*8K!U,!Rj],!C(6)6!6JA(&()236$!:&*6<$())6!@6&%6#81(236$O!9(6!9(238(*!6)!?=&!6($6!"#$%. &'()($*! <68&6(<6$%6! 7>B! ()8O! 6($6! @6&8&'#6$)@4116! D65(63#$*! 5#! (3&6$! UA6$%6&$! '#?5#. <'#6$,! PJ! /6(86&6$! )411! %')! W6&8&'#6$! '1)! 6($! 04JA16b6)! )45('1A)[23414*()236)! E4$)8. !'#?!%6&!D')()!@4$!7(01')!c#3J'$$)!F$)'85!RTjf]!6&1Y#86&8!#$%!%'&'#)!@6&8&'#6$). <(1%6$%6!"#$%&'()($*.I'`$'3J6$!'<*616(868!96&%6$,! ! c#3J'$$! RTjf]! 04$56A8#'1()(6&8! W6&8&'#6$! '1)! H)[J<41()23! @6&J(886186O! *6$6&'1()(6&86! G'18#$*6$O! %(6! $(238! J(8! )A65(?()23! '$*6<<'&6$! 4<^608(@6$! a&)'236$! @'&((6&6$O! )4$%6&$! %#&23! )#<^608(@6! >&456))6! %6&! @6&6($?'236$%6$! :&16<$()@6&'&<6(8#$*! *6)86#6&8! 96&%6$K! U,!hf]O!%6&6$!G'#A8?#$08(4$!%'&($!<6)8638O!E4JA16b(8Y8!5#!&6%#5(6&6$,!C')!*(18!(J!<6)4$. %6&6$! I'`6! ?=&! %(6! D65(63#$*! 59()236$! %6J! UA6$%6&! #$%! %6&! 7>BO! %(6! %#&23! 6($6! P$. ?4&J'8(4$)')[JJ68&(6! *606$$56(23$68! ()8! @*1,! M44A6&O! RTTe],! P$! %6&! V6*61! 0'$$! 6($! UA6$%6&O! %6&! <6()A(61)96()6! 6($6! E($%6&A'&8$6&)23'?8! ($! 6($6J! :$89(201#$*)1'$%! #$86&. 3Y18O! $(238!'#)&6(236$%!<6#&86(16$O!4<! )6($6! UA6$%6! ($! @4116&! GZ36! <6(J! :JA?Y$*6&! '$. 04JJ8!#$%!6??608(@!6($*6)6858!9(&%!@*1,!G6()86&O!RTTe],!C423!H#$'<3Y$*(*!@4$!%6&!GZ36! %6)!UA6$%6$<68&'*6)!JZ2386!%6&!UA6$%6&!)(236&!*636$KO!%'))!)6($6!N#96$%#$*!(3&!N(61! 6&&6(238! #$%! $(238! #$86&96*)! H@6&)'$%68K! M44A6&O! RTTeO! U,! ef],! C'! %(6! /(&01(2306(8! ?=&! 6($6!&6'16!E4$8&4116!5#!04JA16b!()8O!9(&%!W6&8&'#6$!HJ(83(1?6!mun!@4$!P$%(5(6$!m04$8&411(6&8nO! %(6!$'23!F&8!6($6&!V=2004AA1#$*))2316(?6!1'#?6$%!P$?4&J'8(4$6$!%'&=<6&!5#&=20J61%6$O! 4<! %(6! "4&8)685#$*! %6)! W6&8&'#6$)! *6&6238?6&8(*8! ()8K! c#3J'$$O! RTjfO! U,! fR],! "=&! %(6! W6&8&'#6$)9=&%(*06(8!6($6&!7>B!$6$$8!c#836!RTTj]!?41*6$%6!P$%(5(6$L!8&'$)A'&6$86!Q'3. &6)<6&(2386O! ;6)8'86! @4$! /(&8)23'?8)A&=?6&$O! %(6! :($)23Y85#$*6$! @4$! I(8'&<6(86&$! #$%! 7#856&$!)49(6!%(6!D6&(2386&)8'88#$*!($!%6$!I6%(6$,! ! /6(86&3($!()8!F??608(@(8Y8O!'1)4!6($6!I()23#$*!@4$!P$?4&J'8(4$6$!#$%!X6?=316$O!23'&'086. &()8()23!?=&!W6&8&'#6$!@*1,!c#3J'$$O!RTjf],!HN9'&!)($%!%(6!04$0&68!$'23A&=?<'&6$!c6(). 8#$*6$!%6&!B&*'$()'8(4$!&616@'$8o!?=&!6($6!@6&8&'#6$)@4116!D65(63#$*!)($%!^6%423!%(6!23'. &'086&()8()236$!|:(*6$)23'?86$r!%6&!B&*'$()'8(4$!%4J($'$8O!(3&!PJ'*6!munO!'<6&!'#23!%(6! >6&)Z$1(2306(86$! %6&! "#$%&'()6&K! c#836O! RTTjO! U,! +T+],! F#23! @(616! 7>B."4&)236&! <6. 3'#A86$O! %'))! %(6! W6&J(881#$*! 6($6)! A4)(8(@6$! PJ'*6)! 6($6! X&#$%@4&'#))685#$*! ?=&! %(6! G'$%1#$*)?Y3(*06(8! 6($6&! 7>B! ()8! @*1,! G'(<'23O! +--+o! a&)61J'$$O! RTTh],! aJ! @4$! %6&! i??6$81(2306(8! 3'&J4$()23! 9'3&*6$4JJ6$! 5#! 96&%6$! #$%! 6($6! D')()! ?=&! W6&8&'#6$! 5#! )23'??6$O! )($%! 1'#8! M44A6&! RTTe]! %6&! D60'$$836(8)*&'%! %6&! B&*'$()'8(4$O! %(6! ;&'$)A'. &6$5!(3&6)!G'$%61$)!<65=*1(23!%6&!>&4^608'&<6(8!)49(6!%(6!X1'#<9=&%(*06(8!($!D65#*!'#?! %(6! W6&96$%#$*! %6&! "($'$5J(8861! @4$! 56$8&'16&! D6%6#8#$*,! a$%! 4<! %(6! N(616! 6($6&! 7>B! <14`6! /4&83=1)6$! 4%6&! *616<86! /6&86! )($%O! J'$(?6)8(6&8! )(23! 'J! $'233'18(*)86$! (J! aJ. *'$*!J(8!(3&6$!UA6$%6&$!4%6&!63&6$'J81(236$!I(8'&<6(86&$O!)4!M44A6&!RTTe],! !
31.
!
PPP,!I4%611<(1%#$*! 24 B<9431!W6&8&'#6$!04$56A8#611!636&!5#0#$?8)4&(6$8(6&8!()8O!*(18!6)!96(86&3($!'1)!>&4%#08!@4$! c6&$A&456))6$! #$%! :&?'3&#$*6$! @*1,! c#836O! RTTj],! H/6&! '1)! >6&)4$! 4%6&! B&*'$()'8(4$! W6&8&'#6$! 6&96&<6$! 9(11O! J#))! ($! %6&! c'*6! )6($O! ?&6J%6! :&9'&8#$*6$! ($! %(6! 6(*6$6! U61<)8%'&)8611#$*)*6)23(2386! 6($5#<'#6$K! 6<%,O! U,! +TS],! C6J$'23! )4116$! 7>B)! '#?! :&. 9'&8#$*6$! #$%! V6'08(4$6$! %6&! "Z&%6&6&! 04$8($#(6&1(23! 6($*636$O! #J! H6($! 04$)()86$86)! D(1%!@4$!)(23!)61<)8!5#!6$896&?6$!#$%!5#!)45('16&!X618#$*!5#!<&($*6$K!c#3J'$$O!RTjfO!U,! +Tg],!/6(86&3($!()8!W6&8&'#6$!)63&!)8Z&'$?Y11(*!#$%!($)<6)4$%6&6!%#&23!a$01'&36(86$!#$%! I63&%6#8(*06(86$!*6?Y3&%68!@*1,!c#3J'$$O!RTjf],!C423!%'&($!1(6*8!$(238!$#&!6($6!X6?'3&O! )4$%6&$!'#23!6($6!M3'$26!?=&!7>B)O!%6$$!%#&23!%')!:($*6)8Y$%$()!#$%!%(6!8&'$)A'&6$86! F#)6($'$%6&)685#$*! J(8! %6$! "6316&$! 0'$$! '#23! 6($! 9(238(*6&! D6(8&'*! 5#J! W6&8&'#6$). '#?<'#!*616()868!96&%6$!@*1,!c#836O!RTTj],!! ! F#)!%6$!8364&68()236$!X&#$%1'*6$!()8!%6#81(236$!*694&%6$O!%'))!W6&8&'#6$!5#!6($6&!7>B! '#?! %6&! D')()! (3&6&! U61<)8%'&)8611#$*! 6$8)8638,! F116&%($*)! ()8! %(6! U61<)8%'&)8611#$*! 06($! 6($)6(8(*6&!F08O!)4$%6&$!0'$$!$#&!'1)!6($!?4&89Y3&6$%6&!>&456))!(J!E4$8'08!J(8!%6$!D6. 5(63#$*)A'&8$6&$!(3&6!@6&<($%6$%6!E&'?8!6$8?'186$!@*1,!c#836O!RTTj],! ! +,f,!M4JJ(8J6$8!! M4JJ(8J6$8!'1)!6J48(4$'16!W6&<#$%6$36(8!J(8!6($6&!7>B!()8!%(6!168586!E4JA4$6$86!%6)! %&6(%(J6$)(4$'16$!E4$)8)!%6&!UA6$%6&<($%#$*,!PJ!E4$86b8!%6)!V61'8(4$)3(A!I'&06. 8($*! 9(&%! %(6! G6&'#)<(1%#$*! %6)! M4JJ(8J6$8)! %#&23! %(6! A)[23414*()236! C686&J($'$86! P$@41@6J6$8!6&01Y&8O!%(6!E&46<6&.V(61!#$%!/6($<6&*!RTTT]!'1)!6($!$(238!%(&608!<64<'238. <'&6)O!3[A48368()236)!E4$)8!<6)23&6(<6$O!961236)!6($6$!($$6&6$!N#)8'$%!%6&!F08(@(6. &#$*!06$$56(23$68O!@4$!%6J!%')!*6%'$01(236!:$8)236(%#$*)6$*'*6J6$8!'<3Y$*8,!x<6&. 8&'*6$!'#?!%6$!7>B.D6&6(23!<6%6#868!P$@41@6J6$8!%6$!X&'%!9'3&*6$4JJ6$6&!A6&)Z$1(. 236&!/(238(*06(8!#$%!P$86&6))6)!%6&!UA6$%6&!'$!%6&!B&*'$()'8(4$!#$%!(3&6J!N9620!@*1,! G6()86&O! RTTe],! Q'&(85! +--h]! 04$)8'8(6&8O! %'))! 9Y3&6$%! D($%#$*6$! 43$6! P$@41@6J6$8! 636&!'#?!N#?'11!4%6&!0#&5?&()8(*6!N9620JY`(*06(8)=<6&16*#$*6$!5#&=205#?=3&6$!)($%O!1(6*8! 6($6J!3436$!P$@41@6J6$8!6($6!)8'&06O!4?8!6J48(4$'16!G($96$%#$*!5#*&#$%6O!%'!%6&!E#$. %6!6($!*69())6)!?($'$5(6116)O!)45('16)!#$%!A)[23414*()236)!V()(04!9'3&$(JJ8,!! ! C(6!x<6&8&'*<'&06(8!%(6)6&!:&06$$8$()!'#?!%6$!7>B.D6&6(23!<6)8Y8(*8!"()236&!+--h'],!:&! )86118!?6)8!#$%!)8=858!)(23!%'<6(!'#?!6JA(&()236!D6?#$%6O!%'))!%(6!%#&23!"#$%&'()($*!6$8. )8636$%6$!D65(63#$*6$!*6$6&611!#$86&)23(6%1(23!'#)*6)8'1868!96&%6$!0Z$$6$,!D6()A(61). 96()6!0Z$$6$!UA6$%6&!D65(63#$*6$!5#!:&6(*$())6$!3'<6$O!%(6!%#&23!J6%('1!@6&J(886186! E'8')8&4A36$<6&(2386!($%#5(6&8!96&%6$,!D6(!%(6)6&!F&8!%6&!D65(63#$*!04JJ8!%6&!7>B!$#&! 6($6!I(8816&&4116!5#!#$%!6)!6$8)8638!06($6&16(!D($%#$*O!%6$$!H6&)8!%(6!$Y23)8!)8'&06!6J4.
Jetzt herunterladen