Improving Law Making in China: Public Participation, Legislation Evaluation and Law Harmonization

Page 1

Improving Law Making in China: Public Participation, Legislation Evaluation and Law Harmonization


Improving Law Making in China: Public Participation, Legislation Evaluation and Law Harmonization


G$"+ 6'>-1%(# $/+ @%%( .*'6->%6 A"#$ #$% )"(/(>"/: /++"+#/(>% ') #$% ,-*'.%/( 5("'( /(6 #$% 578;Q G$% 9"%A+ %S.*%++%6 #$%*%"( >/( "( (' A/B @% #/I%( #' *%):%># #$% '))">"/: '."("'( ') #$% ,-*'.%/( 5("'( /(6 578;Q


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

K9%* #$% ./+# )"9% B%/*+4 *%1/*I/@:% />$"%9%1%(#+ $/9% @%%( 1/6% "( /:: #$*%% >'1.'(%(#+ ') #$% .*'&%>#4 "(>:-6"(< 0'1.'(%(# L" !""#$$ %& '($%)"# )$ )*"+#,$#- "( >''.%*/#"'( A"#$ #$% J-.*%1% ;%'.:%H+ 0'-*# 2J;034 0'1.'(%(# N" ./# 0,1 ,*- 2&0)"3" 4,5)*6 $3$%#4 )$ )42+&7#- A"#$ #$% O%<"+:/#"9% L))/"*+ 0'11"++"'( 2OL03 ') #$% 7/#"'(/: ;%'.:% H + 0'(<*%++ 2 7;03 /(6 0'1.'(%(# 0" 8)7)0 9&")#%3 :*7&07#4#*% )$ ;+&,-#*#- A"#$ #$% P"("+#*B ') 0"9": L))/"*+ 2P'0L3Q

R( />>'*6/(>% A"#$ 0$"(/ H + (/#"'(/: >'(+#*->#"'( '@&%>#"9%+4 =,8 +-..'*#%6 />#"9"#"%+4 %"#$%* 6'1%+#"> '* "(#%*(/#"'(/: '(%+4 $/9% %(>'-*/<%6 -+%)-: *%+%/*>$ "( *%:%9/(# /*%/+ /(6 )/>":"#/#%6 #$% .*'1-:</#"'( ') :/A+ /(6 .':">"%+ "( 0$"(/4 1/I"(< / .'+"#"9% >'(#*"@-#"'( #' #$% .*'1'#"(< *-:% ') :/A /(6 /( '.%( +'>"%#B!

G$% *%.'*#+ /*% >'1.:%#%6 @B 0$"(%+% /(6 "(#%*(/#"'(/: %S.%*#+4 .*%+%(# /( '9%*/:: /(/:B+"+ /(6 *%9"%A ') .*'&%># />$"%9%1%(#+ /(6 "(6">/#% )-#-*% 6"*%>#"'(+ )'* *%)'*1!G$%*% /*% )'-* *%.'*#+!G$% )"*+# "+ /( '9%*/:: /++%++1%(# /</"(+# #$% '@&%>#"9%:B 9%*")"/@:% "(6">/#'*+ 2KTR+3 ') #$% .*'&%>#!G$% '#$%* #$*%% )'>-+ '( ./*#+ ') #$% #$*%% >'1.'(%(#+ ') #$% =,8 .*'&%>#4 (/1%:B '(&)*)+, $--)*)$.*/! ,+% 0+1).2 +.& 34$ &$5$,"60$.3 "- *)5), 7"*)$3/!

R A"+$ #' #/I% #$"+ '..'*#-("#B #' %S#%(6 1B +"(>%*% #$/(I+ '( @%$/:) ') #$% P"("+#*B ') 0'11%*>% #' #$% ,04 578;4 #$% OL0 ') 7;04 #$% J;0 /(6 P'0L )'* #$%"* %))">"%(# >''.%*/#"'( /(6 >'(#*"@-#"'( #' #$% +->>%++)-: /(6 )*-"#)-: "1.:%1%(#/#"'( ') #$% .*'&%>#!L(6 1B #$/(I+ /:+' <' #' %S.%*#+4 +>$':/*+4 0JK+ /(6 1%6"/ )'* #$%"* <*%/# /##%(#"'( /(6 /++"+#/(>%!

U- C"/($-/ L++"+#/(# P"("+#%* P"("+#*B ') 0'11%*>% ') #$% ;%'.:%H+ V%.-@:"> ') 0$"(/ P/B DEWD !


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

P/*I-+ ,6%*%* ,5 L1@/++/6'* #' 0$"(/ /(6 P'(<':"/ "


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

U%#4 ('#A"#$+#/(6"(< #$% +"<(")">/(>% ') #$%+% />$"%9%1%(#+4 / (-1@%* ') >$/::%(<%+ *%1/"( "( #%*1+ ') #$% +>/:% /(6 %S#%(# A"#$ A$">$ .':">"%+ /*% "1.:%1%(#%6!O''I"(< /$%/6 #$%*%)'*%4 "# "+ >:%/* #$/# )-*#$%* %))'*#+ #


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

0$*"+#'.$% N/$-%# 578; 0$"(/ 0'-(#*B 8"*%>#'*

$


!"#$%"#& L+ / &'"(# %))'*# ') #$% 0$"(%+% <'9%*(1%(#4 #$% ,-*'.%/( 0'11"++"'( 2,03 /(6 5("#%6 7/#"'(+ 8%9%:'.1%(# ;*'<*/1 2578;3 ! #$% " ='9%*(/(>% )'* ,?-"#/@:% 8%9%:'.1%(## 2=,83 .*'&%># $/+ +->>%++)-::B >'(>:-6%6 /# #$% %(6 ') C-(% DEWD!

L+ '(% ') #$% 0$"(%+% "1.:%1%(#"(< /<%(>"%+4 #$% O%<"+:/#"9% L))/"*+ 0'11"++"'( 2 OL0 3 ') #$% 7/#"'(/: ;%'.:%H+ 0'(<*%++ 27;03 >''.%*/#%6 A"#$ #$% ,0 /(6 578;4 /(6 1/6% / .'+"#"9% >'(#*"@-#"'( #'A/*6+ #$% +->>%++ ') #$% .*'&%>#!

J"(>% :/-(>$"(< #$% *%)'*1 /(6 '.%("(<" -.4 0$"(/ $/+ /##/>$%6 <*%/# "1.'*#/(>% #' #$% >'(+#*->#"'( ') / +'>"/:"+# 6%1'>*/#"> :%</: +B+#%1 "( ./*/::%: A"#$ "#+ %>'('1"> 6%9%:'.1%(#!

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


pi l ot edont wol egi sl at i onpr oj ect sofMar i neNavi gat i onLaw andAnt iDomest i cVi ol enceDr af tLaw r espect i vel y.


! " >'(#%(#+

W

R!;*%)/>% /(6 R(#*'6->#"'(

[

RR!b"+#'*">/: >'(#%S# /(6 .':">B @/>I<*'-(6

W_

D[

DF

[]

RRR!K9%*9"%A ') =,8 />#"9"#"%+ DEEF ' WD RT!L(/:B+"+ ') #$% )-#-*% *%)'*1 /<%(6/ "( #$% /*%/ ') :/A' 1/I"(< "( 0$"(/ T!;':">B *%>'11%(6/#"'(+ /(6 +-<<%+#"'(+ )'* )-#-*% >'::/@'*/#"'( 0'(>:-+"'(



806#"5).2 ,+% 0+1).2 ). 94).+: 6(;,)* 6+#3)*)6+3)".< ,$2)7,+3)". $5+,(+3)". +.& ,+% 4+#0".)=+3)".

>(+.2 ?).#".2!# @+.&+,, A$$#$.;""0"

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d G%>$(">/: ,S>$/(<%+ 20R0,G,34 /+ #$% ='9%*(1%(# 0''*6"(/#"(< L-#$'*"#B '( @%$/:) ') #$% P"("+#*B ') 0'11%*>% ') 0$"(/ 2PK03 /(6 "+ #$% R1.:%1%(#"(< ;/*#(%* 6"*%>#:B *%+.'(+"@:% )'* #$% <'9%*(1%(#H+ ./*#">"./#"'( "( /((-/: A'*I .:/( 2L!;3Q

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e

W!='9%*(/(>% )'* ,?-"#/@:% 8%9%:'.1%(#e K9%*/:: V%+-:#+ /(6 L>$"%9%1%(#+ @B 7/#/:"% O">$+#%(+#%"( /(6 U/(< a"( a"(

D!L>>%++ #' &-+#">%e $ V%9"%A ') %))'*#+ #' "1.*'9% &-6">"/: %))">"%(>B /(6 *%6->% &-6">"/: >'+#+ H @B J#%.$/("% N/:1%

!

L++'>"/#% V%+%/*>$%*4 R(+#"#-#% ') O/A4 0$"(%+% L>/6%1B ') J'>"/: J>"%(>%+Q

"

;*')%++'* ') O/A4 O/ G*'@% 5("9%*+"#B P%:@'-*(%^ L++'>"/#% X%::'A KS)'*6 5("9%*+"#B 0%(#*% )'* J'>"' f O%</:

J#-6"%+Q

!


[!R1.*'9"(< #$% :/A" 1/I"(< +B+#%1 "( 0$"(/e .-@:"> ./*#">"./#"'(4 :%<"+:/#"'( %9/:-/#"'(4 /(6 :/A $/*1'("Y/#"'( @B V/(6/:: ;%%*%(@''1 /(6 b-/(< C"(*'(<

_!0/./>"#B 6%9%:'.1%(# ') +'>"/: '*</("+/#"'(+ *':% #'A/*6+ "(>:-+"9% +'>"/: 1/(/<%1%(# @B !- X%(<+$" /(6 b% C"/(B-

J4$ "5$#+#*4).2 2"+, "- 34$ 6#"'$*3 "+ " #' +-..'*# #$% 0$"(%+% ='9%*(1%(# "( "#+ %))'*#+ #' 6%9%:'. /( '.%( /(6 %?-"#/@:% +'>"%#B @/+%6 '( #$% *-:% ') :/A!# G$% .*'&%># " /"1+ #' >'(#*"@-#% #' #$% <'9%*(1%(#H+ %))'*#+ "( #$"+ *%+.%># @B .*'1'#"(< >"9": +'>"%#B 6%9%:'.1%(# /(6 #$% *-:% ') :/A #$*'-<$ "(+#"#-#"'(/: *%)'*14 6%1'>*/#"> :/A" 1/I"(<4 ./*#">"./#"'(4 >'11-(">/#"'(+4 /(6 .":'#"(<4 A"#$ / +.%>")"> )'>-+ '( -*@/(" *-*/: @/:/(>%+4 <%(6%* "++-%+ /(6 9-:(%*/@:% <*'-.+!#

G$% .*'&%># >'(+"+#+ ') #$*%% 1/"( >'1.'(%(#+4 %/>$ A"#$ +%9%*/: +-@" >'1.'(%(#+4 6%:"(%/#%6 @B "(+#"#-#"'(e 7;0 2.%'.:%H+ >'(<*%++ /(6 :%<"+:/#"9% @*/(>$34 J;0 2&-6">"/*B3 /(6 P0L 2>"9": +'>"%#B3Q P'*% +.%>")">/::B4 " #$% ;*'<*/11% +%%I+ #' */"+% /A/*%(%++4 @-":6 >/./>"#B4 /(6 +#"1-:/#% >*%/#"9% ./*#">"./#'*B +':-#"'( .*'>%++%+ "( '*6%* #' />$"%9% #$% )'::'A"(< '-#>'1%+e#

!!"#$ *%+.%># #' #$% 7;0 /(6 :'>/: .%'.:% H + >'(<*%++%+4 " "(+#"#-#"'(/:"Y"(< ./*#">"./#'*B .*'>%++ )'* :/A 1/I"(<4 %($/(>"(< >/./>"#"%+ )'* :/A" 1/I"(< /(6 .-@:"> %(</<%1%(#4 /(6 "1.*'9"(< :/A $/*1'("Y/#"'(^#

!!"#$ *%+.%># #' #$% J;0 /(6 &-6">"/*B4 " %($/(>"(< #$% >/./>"#"%+ ') #$% J;0 /(6 :'>/: >'-*#+ #' 6%:"9%* )/"* /(6 #*/(+./*%(# &-+#">%4 /(6 "(>*%/+"(< #$% #*/(+./*%(>B "( >'-*# 6%>"+"'(" 1/I"(<^#

! !"#$ *%+.%># #' P'0L /(6 >"9": +'>"%#B4 " "1.*'9"(< #$% .':">B /(6 :%</: %(9"*'(1%(# ') >"9": +'>"%#B '*</("Y/#"'(+ 20JK+3 /(6 %($/(>"(< .%*>%.#"'(+ ') 0JK+H *':% "( 6%9%:'.1%(#^ @-":6"(< <'9%*(1%(# >/./>"#"%+ #' "(9':9% 0JK+ "( .':">B" 1/I"(< /(6 .-@:"> +%*9">% 6%:"9%*B^ "1.*'9"(< >'" '*6"(/#"'( /(6 >'11-(">/#"'( @%#A%%( 0JK+ /(6 @%#A%%( 0JK+ /(6 #$% <'9%*(1%(#^ 6%9%:'."(< #$% "(+#"#-#"'(/: /(6 .*')%++"'(/: >/./>"#"%+ ') 0JK+!#

P%#$'6':'<">/::B4 #$%+% <'/:+ A%*% #' @% />$"%9%6 #$*'-<$ / >'1@"(/#"'( ') +%1"(/*+4 >'()%*%(>%+ /(6 A'*I+$'.+^ +#-6B #'-*+ @'#$ /@*'/6 /(6 "( 0$"(/^ %1."*">/: +#-6"%+ /(6 +-*9%B+^ #*/"("(<^ .":'#"(<^ 6"++%1"(/#"'( /(6 /69'>/>B!

G$"+ *%.'*# A":: )'>-+ '( #$% 7;0 >'1.'(%(# /(6 #$% #$*%% 1/"( +-@>'1.'(%(#+ '* /*%/+e 2 " 3 .-@:"> ./*#">"./#"'(^ 2""3 $/*1'("Y/#"'( ') :/A+^ 2"""3 .'+#" :%<"+:/#"'( %9/:-/#"'(g:%<"+:/#"9% '9%*+"<$#!

"


G$"+ *%.'*#+ >'(+"+#+ ') )"9% +%>#"'(+e ;/*# R4 "(#*'6->#"'(^ ;/*# RR $"+#'*">/: >'(#%S# /(6 .':">B @/>I<*'-(6^ ;/*# RRR '9%*9"%A ') A$/# =,8 $/+ 6'(% /(6 /( /++%++1%(# ') "#+ "():-%(>% '( #$% 7;0 /(6 :'>/: .%'.:% H + >'(<*%++%+^ ! ;/*# RT /(/:B+"+ ') )-#-*% .*'+.%>#+ /(6 >$/::%(<%+ )'* 7;0 /(6 :'>/: .%'.:%H+ >'(<*%++%+^ ;/*# T .':">B *%>'11%(6/#"'(+!

88!>)73"#)*+, *".3$K3 +.& 6",)*/ ;+*12#"(.&

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

!$":% #$% 0$"(%+% /-#$'*"#"%+ /*% -(6'-@#%6:B /A/*% ') #$% ):/A+ %S"+#"(< "( #$% .%'.:%H+ >'(<*%++%+ +B+#%14 #$%B $/9% /6'.#%6 / >/-#"'-+ /..*'/>$ #' *%)'*1 ') #$% +B+#%1!R# "+ #*-% #$/# 6%1'>*/>B $/+ @%%( '(% ') >'*% 9/:-%+ -.$%:6 @B #$% 00;4 /:#$'-<$ "( / 6"))%*%(# +%(+% )*'1 #$/# ') ,-*'" L1%*">/!G$% )"*+# +%(#%(>% ') #$% A$"#% ./.%* #"#:%6 N-":6"(< ;':"#">/: 8%1'>*/>B "( 0$"(/ >:/"1+e " 8%1'>*/>B "+ /( '-#>'1% ') #$% 6%9%:'.1%(# ') .':"#">/: >"9":"Y/#"'( ') 1/(I"(6!R# "+ /:+' #$% >'11'( 6%+"*% ') .%'.:% /:: '9%* #$% A'*:6!# b'A%9%*4 #$% *-:"(< 00; "+ )-::B /A/*% #$/# /( '.%( /(6 )*%% %:%>#"'( A'-:6 .'+% / .'#%(#"/: #$*%/# #' .':"#">/: +#/@":"#B!L>>'*6"(<:B4 #$%*% $/+ @%%( (' 1/&'* *%)'*1 ') #$% .%'.:%H+ >'(<*%++ +B+#%1 +"(>% #$% *%)'*1 /(6

!

L+ #$"+ /+.%># A":: @% >'9%*%6 "( 1'*% 6%#/": "( /('#$%* *%.'*# @B '#$%* %S.%*#+4 A% A":: .*'9"6% '(:B / @*"%)

+-11/*B /(6 /(/:B+"+! "

R# "+ ') >'-*+% ('# -(-+-/: "( #$% 1'6%*( %*/ )'* #$% %S%>-#"9% @*/(>$ #' .:/B / 1'*% 6'1"(/(# *':% #$/( ./*:"/1%(#

"( / ./*:"/1%(#/*B +B+#%1!

#


'.%("(< -. .':">B A/+ /6'.#%6 "( :/#% W\FE +!!

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`!%

J%>'(64 #$% :%<"+:/#"9% )-(>#"'( ') J#/(6"(< 0'11"##%% ') 7;0 $/+ "1.*'9%6!G$% O%<"+:/#"'( O/A "( DEEE +#".-:/#%+ #$/# #$%*% /*% ("(% :%</: /*%/+ #$/# >/( '(:B @% *%<-:/#%6 @B :/A+ 1/6% @B #$% 7;0 /(6 "#+ +#/(6"(< >'11"##%%4 A$">$ #' / >%*#/"( %S#%(# :"1"#+ #$% :%<"+:/#"9% .'A%* ') #$% J#/#% 0'-(>":!

!

G$%*% $/9% @%%( +'1% 1"('* "1.*'9%1%(#+ '( #$% *%)'*1 ') %:%>#"'( +B+#%1 ') 6%.-#"%+ ') .%'.:%H+ >'(<*%++%+!

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` 1( #

23$45 6 7 8 9 0 : ; < = 6 > ? @ A B & C D! DEED / WW E ` F! $##.e ggAAA!>>B:!'*<!>(g+%/*>$g

Y-Y$"g#$%'*Bg:%/6%*#/:IgDEED gY##@DEEDWWW`!$#1( WE gD_ g $ " GHI4 9 & :J@B&CD# ! DEEF / WE E D_ F! $##.e gg(%A+!S"($-/(%#!>'1g(%A+>%(#%*gDEEF " >'(#%(#h i\[`]i` h ]!$#1( E[ " WF gWEEE]D`i_!$#1:( % " =6K@ " LMNO# PQ# ! $##.e ggAAA!>/"&"(<!>'1!>(gDEE` "

$


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i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

L+ 1%(#"'(%6 /@'9%4 .%'.:% H+ >'(<*%++%+ <%(%*/::B :/>I @'#$ #$% "(6%.%(6%(>% /(6 >/./>"#B #' )-:)":: #$% )-(>#"'(+ ') :%<"+:/#"'( /(6 <'9%*(1%(#/: '9%*+"<$# 6-% #' +#*->#-*/: ):/A+ "( #$% +B+#%1!b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

!"# 1#4#&%$/#*. %5 .",## 5%)6(#1 0,#0( %5 ."# $,%7#).! G$% =,8 .*'&%># +'-<$# #' +#*%(<#$%( #$% >/./>"#B @-":6"(< ') #$% 7;0 J#/(6"(< 0'11"##%% "( #$% #$*%% 1/I"(< .*'>%++4 #$% *%<-:/#"'(+ )":"(< /(6 *%9"%A +B+#%1 /(6 )'>-+%6 /*%/+4 "!%!.-@:"> ./*#">"./#"'( "( #$% :/A" .'+#" :%<"+:/#"'( %9/:-/#"'(!L:: #$*%% /*%/+ /*% *%:/#%6 #' #$% >/./>"#B ') #$% 7;0!G$% :/##%* #A' "( ./*#">-:/* /*% :/*<%:B #%>$(">/: "( (/#-*%!,9%( A"#$ *%+.%># #' .':"#">/: ./*#">"./#"'(4 #$%*% /*% 1/(B #%>$(">/: /+.%>#+

! L>>'*6"(< #' #$% O%<"+:/#"'( O/A4 #$% 7;0 /(6 "#+ +#/(6"(< >'11"##%% >/( 1/I% $ (/#"'(/: :/A+H G$% J#/#% >'-(>": >/( 1/I% $ /61"("+#*/#"9% *%<-:/#"'(+H!G$% .%'.:%H+ >'(<*%++%+ /(6 #$%"* +#/(6"(< >'11"##%%+ /# .*'9"(>"/: :%9%: >/( 1/I% $ :'>/: *%<-:/#"'(+H!G$% 1"("+#*"%+4 @-*%/-+4 >'11"##%%+ 6"*%>#:B -(6%* #$% J#/#% 0'-(>": >/( 1/I% $ 1"("+#%*"/: *-:%+H /(6 #$% <'9%*(1%(#+ ') 1/&'* >"#"%+ >/( 1/I% $ :'>/: *-:%+ H!L:: ') #$% /@'9% @%:'(< #' :/A+ /*% @"(6"(< )'* >'-*#+!N%+"6% :/A+4

/:1'+# /:: :/A" 1/I"(< '*</(+ /:+' >/( 1/I% $ *%<-:/#'*B 6'>-1%(#+H A$">$ /*% -+-/::B :%++ )'*1/: B%# +#":: @"(6"(<!b'A%9%*4 $ *%<-:/#'*B 6'>-1%(#+H 1/6% @B #$% .%'.:% H+ >'(<*%++%+ /(6 #$%"* +#/(6"(< >'11"##%%+ /(6 <'9%*(1%(#+ "( >"#"%+ '#$%* #$/( $ 1/&'* >"#"%+ H /(6 "( >'-(#"%+ '* #'A(+ /*% ('# :/A+ :%</::B @"(6"(< >'-*#+!G$% )":"(< /(6 *%9"%A ') *%<-:/#'*B 6'>-1%(#+ "+ *%<-:/#%6 @B #$% O/A '( J-.%*9"+"'( @B #$% J#/(6"(< 0'11"##%%+ ') #$% ;%'.:%H+ 0'(<*%++%+ /# L:: O%9%:+ ('# @B O%<"+:/#"'( O/A!

%


t heci t i zens’or der l y


0'11"##%% ') #$% ;%'.:% H + 0'(<*%++ "( j$%&"/(< ;*'9"(>% $/+ 6'(% +' +"(>% DEE[ 4 /(6 #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:% H+ 0'(<*%++ "( J$//(S" ;*'9"(>% +#/*#%6 #' 6' +' "( DEEF!!R( L-<-+#4 DEE` 4 #$% O%<"+:/#"9% L))/"*+ 0'11"++"'( ') #$% 7;0 J#/(6"(< 0'11"##%% ./++%6 /( "(#%*(/: 6'>-1%(#"G$% !'*I"(< ;*'>%6-*% ') 7;0 K*</(+ '( ;-@:">"Y"(< #$% 8*/)# O/A"A$">$ .*'9"6%+ 1/(B "(#%*(/: .*'>%6-*%+ "(>:-6"(< )%%6@/>I 1%>$/("+1+ )'* +->$ .*/>#">%!"J#/#"+#">+ +$'A #$/# @B X%@*-/*B DEWD 4 #$% J#/(6"(< 0'11"##%% ') WW #$ 7;0 $/6 1/6% .-@:"> [] ') [` 6*/)# :/A+ )'* .-@:"> >'11%(#!# G$% :"1"#%6 %S>%.#"'(+ /*% / )%A 6*/)# :/A+ :"I% #$% 6*/)# O/A '( P":"#/*B J%*9">%4 A$">$ A%*% *%</*6%6 /+ @%"(< *%:/#%6 #' (/#"'(/: +%>-*"#B '* 1":"#/*B "++-%+!

J'1% 6*/)# :/A+ /##*/>#%6 1/(B >'11%(#+4 ./*#:B 6-% #' #$%"* @%"(< >:'+%:B *%:/#%6 #' #$% "11%6"/#% "(#%*%+#+ ') #$% .%'.:%4 /(6 ./*#:B 6-% #' A"6% /69'>/>B "( 1/++ 1%6"/ @B #$% :%<"+:/#-*% "#+%:)!X'* "(+#/(>%4 "( #$% 1'(#$ +%# )'* +':">"#"(< .-@:"> >'11%(#+ )'* #$% 6*/)# O/A '( J'>"/: R(+-*/(>% "( DEE` 4 \ 4 \D_ .%*+'(+ +-@1"##%6 i` 4 DE` +-<<%+#"'(+!X'* #$% 6*/)# O/A '( T %$">:% /(6 T %++%: G/S "( DEWE 4 DD 4 `[D .%*+'(+ +-@1"##%6 \F 4 D\] +-<<%+#"'(+!X'* #$% 6*/)# L1%(61%(# #' #$% O/A '( R(6"9"6-/: R(>'1% G/S "( DEWW 4 `D 4 FEF .%'.:% +-@1"##%6 D[F 4 i`_ >'11%(#+4 / (%A *%>'*6!$

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b'A%9%*4 "# "+ $"<$:B :"I%:B #$/# +'1% ') +-<<%+#"'(+ A"#$ A"6% .-@:"> +-..'*# 1"<$# @% #/I%( +%*"'-+:B @B #$% :%<"+:/#-*%!K(% *%>%(# %S/1.:% "+ #$% 6*/)# L1%(61%(# #' #$% O/A '( R(6"9"6-/: R(>'1% G/S "( DEWW 4 A$%( _` k ') >"#"Y%(+ +-<<%+#%6 #$% 1'(#$:B #/S %S%1.#"'( #$*%+$':6 +$'-:6 @% $"<$%* #$/( [EEE VPN '*"<"(/::B .*'.'+%6 @B #$% J#/#% 0'-(>": /+ A%:: /+ #$% P"("+#*B ') X"(/(>%!&

!

L>>'*6"(< #' 0'11-(">/#"'(+ A"#$ #$% J#/(6"(< 0'11"##%% ') ;%'.:% H+ 0'(<*%++ "( j$%&"/(< ;*'9"(>% /(6 #$%

J#/(6"(< 0'11"##%% ') ;%'.:%H+ 0'(<*%++ "( J$//(S" ;*'9"(>%!"( P/*>$ /(6 L.*":4 DEWD! "

X%@!D_ 1%%#"(< A"#$ 7;0!

#

X%@!D_ 1%%#"(< A"#$ 7;0!

$

WXYZ! [\]^56K@_! $##.e ggAAA!(.>!<'9!>(g(.>g):>/Y?B&g('6%h `W\]!$#1(

%

L>>'*6"(< #' #$% O%</: L))/"*+ 0'11"++"'( ') 7;04 ") #$%*% /*% ('# %('-<$ *%+.'(+%+ )*'1 <%(%*/: .-@:">4 "# A":: ('#

.*'9"6% )%%6@/>I #$*'-<$ 1%6"/!R( +'1% >/+%+4 #$% *%+.'(+% )*'1 #$% <%(%*/: .-@:"> "(6%%6 A/+ "(/>#"9%!X'* "(+#/(>%4 '( #$% 6*/)# L1%(61%(# #' V%+%*9% K))">%*+ O/A "( DEWE 4 '(:B DD .%*+'(+ +-@1"##%6 Fi +-<<%+#"'(+4 A$":% '( #$% 6*/)# 0:%/(%* ;*'6->#"'( ;*'1'#"'( O/A4 '(:B DD .%*+'(+ +-@1"##%6 WF\ +-<<%+#"'(+!$##.e ggAAA!(.>!<'9!>(g(.>g):>/Y?B&g('6% h `W\]!$#1( & "_` k _$`abcdefgh# ! DEWW / i E Wi F! $##.e gg(%A+!")%(<!>'1g<-(6'(<g6%#/":h DEWW h Ei gWi g FE_FFiW h E!+$#1:(

(


,9%(#-/::B4 #$% J#/(6"(< 0'11"##%% */"+%6 #$% 1'(#$:B #/S %S%1.#"'( #$*%+$':6 #' [ 4 ]EE VPN!

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

b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j$%&"/(< ;*'9"(>% +"(>% DEEF 4 /(6 #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( J$//(S" ;*'9"(>% $/+ ('# $%:6 /(B .-@:"> $%/*"(< +"(>% DEE` A$%( #$% )"*+# $%/*"(< A/+ $%:6!"

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

X%/+"@":"#B +#-6B 1%%#"(<+ /*% <%(%*/::B 1'*% )'*1/: #$/( ./(%: 6"+>-++"'(+!b'A%9%*4 #$%*% /*% (' <-"6%:"(%+ '* .*'>%6-*/: *-:%+ )'* %"#$%* #B.% ') 1%%#"(<!V/#$%*4 #$% J#/(6"(< 0'11"##%% 6%>"6%+ $'A #' '*</("Y% #$% 1%%#"(< '( /( /6 $'> @/+"+!

@$2(,+3)". -),).2 +.& #$5)$%! G$% *%<-:/#"'(+ )":"(< /(6 *%9"%A +B+#%1 -(6%* #$% 0'(+#"#-#"'(4 O%<"+:/#"'( O/A /(6 J-.%*9"+"'( O/A ') #$%

!

L>>'*6"(< #' #$% +/B"(< ') #$% O%</: L))/"*+ 0'11"++"'(4 "# "+ #'' #*'-@:%+'1% /(6 %S.%(+"9% #' '*</("Y% /

$%/*"(<! "

L>>'*6"(< #' 0'11-(">/#"'(+ A"#$ #$% J#/(6"(< 0'11"##%% ') ;%'.:% H+ 0'(<*%++ "( j$%&"/(< ;*'9"(>% /(6 #$%

J#/(6"(< 0'11"##%% ') ;%'.:%H+ 0'(<*%++ "( J$//(S" ;*'9"(>% "( P/*>$ /(6 L.*":4 DEWD! #

X%@!D_ 1%%#"(< A"#$ 7;0!

)


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b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

L61"##%6:B4 #$% %))%>#"9%(%++ ') #$% )":"(< /(6 *%9"%A +B+#%1 "+ :"1"#%6 "( ./*# @%>/-+% #$%*% "+ (' +%:)" +#/(6"(< *"<$# )'* #$% >"#"Y%(+ #' .%#"#"'( )'* / *-:"(< ') #$% +#/#% '*</(+ '( #$% :%</: >'():">#+!b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

!

G$% *%<-:/#"'( )":"(< /(6 *%9"%A +B+#%1 @%>/1% A"6%:B I('A( @B #$% <%(%*/: .-@:"> "( DEE[ A$%( #$*%% +>$':/*+

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ijBk# &lmno' ! + & pq)rAst' DEWE /0 _ 1( " G$%*% /*% >/+%+ A$%*% &-6<%+ A%*% *%1'9%6 '* .-("+$%6 )'* %S%*>"+"(< &-6">"/: *%9"%A ') +'1% :'>/: *%<-:/#"'(+! X'* "(+#/(>%4 +%% uv* wx% & ydpz&{|) " p}~ # ' ! + &DW C ' DEE[ / WW E WF F+ * w % & % p K@p l' ! + & 56 C' DEEE / \ E _ F( #

G$% J#/(6"(< 0'11"##%% ') ;%'.:% H+ 0'(<*%++ "( b%@%" ;*'9"(>% *%.'*#%6:B *%9"+%6 #$% :'>/: *%<-:/#"'( '( :/(6

1/(/<%1%(# />>'*6"(< #' #$% +-<<%+#"'( ') 7;0 J#/(6"(< 0'11"##%% /+ / *%+-:# ') / .%#"#"'( )'* *%9"%A 1/6% @B /( ':6 A'1/( "( b%@%" ;*'9"(>% "( DEE] 2+%% " w #% $ c ) y p & # ! $##.e ggAAA!$%@%"6/":B!>'1!>(gDEE]WWDE g >/]i[]]W!$#1! DEE] " WW " DE 3Q G$% *%9"+"'( ') #$% R(#%*"1 ;*'9"+"'(+ 0'(>%*("(< 0'1.%(+/#"'( )'* N'6":B R(&-*B ') ;/++%(<%*+ "( 8'1%+#"> L"* G*/(+.'*# "( DEEi /(6 #$% *%.%/: ') R(#%*"1 V%<-:/#"'( '( #$% L61"("+#*/#"9% ;-("+$1%(# )'* J.%>-:/#"'( /(6 ;*')"#%%*"(< @B #$% J#/#% 0'-(>": "( DEE\ @B #$% J#/#% 0'-(>": 1"<$# /:+' ./*#:B @% /##*"@-#%6 #' #$% "(9':9%1%(# ') #$% 7;0 J#/(6"(< 0'11"##%% *%+.'(6"(< #' *%9"%A .%#"#"'(+ )*'1 >"#"Y%(+ 2/>>'*6"(< #' X%@!D_ 1%%#"(< A"#$ 7;03Q

*


2009

The


#A' %S>%.#"'(+ A$">$ $/9% "(#%*(/: <-"6%:"(%+ "( #$"+ *%+.%># +' )/*!!

G$% J#/(6"(< 0'11"##%% ') 7;0 $/+ /:+' 1/6% :"1"#%6 .*'<*%++ "( .-@:"> ./*#">"./#"'( "( #$% )":"(< /(6 *%9"%A .*'>%++!L:#$'-<$ /*#">:% W[ ') #$% !'*I"(< ;*'>%6-*%+ )'* X":"(< /(6 V%9"%A ') V%<-:/#"'(+ .*'9"6%+ #$/# $ !$%( #$% A'*I '( *%<-:/#"'(+ )":"(< /(6 *%9"%A "+ )"("+$%64 #$% =%(%*/: K))">% ') #$% J#/(6"(< 0'11"##%% +$/:: ('#")B "( A*"##%( )'*1 #$% -("# '* "(6"9"6-/: A$' +-@1"##%6 #$% +-<<%+#"'(+ )'* *%9"%A ) 4 #$"+ .*'9"+"'( $/+ ('# @%%( A%:: "1.:%1%(#%6!

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j$%&"/(< ;*'9"(>% "( DEEF /:+' *%?-"*%+ *%:%9/(# A'*I"(< '*</(+ ') #$% +#/(6"(< >'11"##%%+ ') .%'.:% H + >'(<*%++%+ /# 9/*"'-+ :%9%:+ #' ('#")B #$% .%#"#"'(%* A"#$"( W] 6/B+ /)#%* *%>%"9"(< #$% A*"##%( +-<<%+#"'(+ )'*

!

X%@!D_ 1%%#"(< A"#$ 7;0!

"

6R pq % e ¡p . ,NgKO/ ! $##.e gg(%A+!+'$-!>'1gDEEiWWD_ g(D_i]`Di[\!+$#1: !

#

X%@!D_ 1%%#"(< A"#$ 7;0!

$

J->$ .*'9"(>%+ /(6 /-#'('1'-+ *%<"'(+ "(>:-6% Z"(<$/"4 =/(+- j$%&"/(<4 J">$-/(4 X-&"/(4 U-((/(4 L($-"4

J$/(6'(<4 b-(/(4 7"(<S"/4 =-/(<S" /(6 G"@%#!

!!


*%9"%A /(6 #' ('#")B #$%1 /</"( '( #$% *%+-:#+ ') #$% .%#"#"'( A"#$"( W] 6/B+ /)#%* >'1.:%#"'( ') *%9"%A A'*I! L:#$'-<$ #$%*% "+ (' 6%#/":%6 "()'*1/#"'( /9/":/@:% '( #$% "1.:%1%(#/#"'( ') #$%+% .*'9"+"'(+4 #$%*% "+ /(%>6'#/: %9"6%(>% +$'A"(< #$/# +'1% +#/(6"(< >'11"##%%+ /# :'>/: :%9%:+ $/9% />#"9%:B .*'9"6%6 )%%6@/>I #' .%#"#"'(%*+!G$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( j$%&"/(< ;*'9"(>% ('#")"%6 )'-* .%#"#"'(%*+ ') *%>%"9"(< +-<<%+#"'(+ "( DEE`!G$% J#/(6"(< 0'11"##%% ') #$% ;%'.:% H + 0'(<*%++ "( b-(/( ;*'9"(>% $/6 ('#")"%6 )"9% .%#"#"'(%*+ #$/# #$% *%9"%A ') #/*<%#%6 *%<-:/#'*B 6'>-1%(#+ A/+ @%B'(6 "#+ &-*"+6">#"'( @%)'*% P/*>$4 DEE\!! G$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( X-&"/( ;*'9"(>% /:+' .*'9"6%6 )%%6@/>I #' #$% WE .%#"#"'(%*+ "( *%>%(# #A' B%/*+!"

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` /:+' *%?-"*%+ #$/# " ;'+#" :%<"+:/#"'( %9/:-/#"'( +$/:: @% >'(6->#%6 /)#%* /( /61"("+#*/#"9% *%<-:/#"'( %(#%*+ "(#' )'*>%!# X-*#$%*1'*%4 #$% J#/#% 0'-(>": "+ ('A >'(+"6%*"(< #$% 6*/)# <-"6%:"(% '( #$% ;'+#" :%<"+:/#"'( ,9/:-/#"'( ') L61"("+#*/#"9% V%<-:/#"'(+ /(6 V-:%+!J"(>% DEE` 4 #A' .*'9"(>"/: >/."#/:+4 =-/(<Y$'- /(6 a") /(4 /(6 '(% 1-(">"./:"#B 6"*%>#:B -(6%* #$% 0%(#*/: ='9%*(1%(#4 0$'(<?"(< $/9% %(/>#%6 :'>/: /61"("+#*/#"9% *-:%+ '( .'+#" :%<"+:/#"'(!X-*#$%*1'*%4 +'1% 1/&'* >"#"%+ :"I% J-Y$'- /(6 N%(S" $/9% /:+' %(/>#%6 +"1":/* *-:%+ '( .'+#" :%<"+:/#"'(!

G$% +#/(6"(< >'11"##%%+ ') .%'.:% H+ >'(<*%++%+ /# :'>/: :%9%:+ /:+' $/9% @%<-( #' >'(6-># .'+#" :%<"+:/#"'( %9/:-/#"'( #%(#/#"9%:B +"(>% DEE]!X'* "(+#/(>%4 #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( J$/(<$/" @%</( #' >'(6-># "#+ )"*+# .'+#" :%<"+:/#"'( />#"9"#B "( DEE]!G$% J#/(6"(< 0'11"##%% ') #$% .%'.:%H+ >'(<*%++ "( !-$/( >"#B @%</( "#+ )"*+# %))'*# "( DEEi A$":% #$% +#/(6"(< >'11"##%% ') .%'.:%H+ >'(<*%++ "( =-/(<Y$'>"#B 6"6 ('# @%<"( -(#": DEWW!J#/#"+#">+ +$'A #$/# +' )/* 1'*% #$/( DE +#/(6"(< >'11"##%%+ ') .%'.:% H + >'(<*%++%+ /# .*'9"(>"/: :%9%:+ $/9% >'(6->#%6 .'+#" :%<"+:/#"'( %9/:-/#"'( /(6 #$/# 1'*% #$/( WE +#/(6"(< >'11"##%%+ ') .%'.:% H + >'(<*%++%+ "( 1/&'* >"#"%+ $/9% )'::'A%6 +-"#! # X-*#$%*1'*%4 / )%A +#/(6"(<

!

G$%+% 6/#/ /*% @/+%6 '( #$% >'()%*%(>% 1/#%*"/:+ '( #$% !'*I"(< 0'()%*%(>% '( X":"(< /(6 V%9"%A ') V%<-:/#'*B

8'>-1%(#+ $%:6 @B #$% O%</: L))/"*+ 0'11"++"'( ') 7;0 "( N%"&"(< "( P/*>$ Di 0DF 4 DEE\! "

L>>'*6"(< #' #$% +.%%>$ 1/6% @B J'(< b'(<?"(4 8"*%>#'* ') #$% K))">% '( O'>/: V-:%+ X":"(< /(6 V%9"%A ')

J#/(6"(< 0'11"##%% ') #$% ;%'.:% H + 0'(<*%++ "( X-&"/( ;*'9"(>%4 "( #$% R(#%*(/#"'(/: J%1"(/* '( P%>$/("+1 ') ;-@:"> ;/*#">"./#"'( "( V%<-:/#"'( X":"(< /(6 V%9"%A $%:6 "( 0$/(<+$/ "( P/*>$DF " D` 4 DEWD! #

X%@!D_ 1%%#"(< A"#$ 7;0!

!"


>'11"##%%+ ') .%'.:%H+ >'(<*%++%+ /# 1-(">"./: :%9%:+ /*% 1/I"(< %))'*#+ #' %(/># :'>/: *%<-:/#"'(+ '( .'+#" :%<"+:/#"'( %9/:-/#"'(!K( 7'9%1@%* _ 4 DEWW 4 #$% J#/(6"(< 0'11"##%% ') #$% .%'.:%H+ >'(<*%++ "( Z"(<6/' >"#B4 J$/(6'(< .*'9"(>% ./++%6 #$% R(#%*"1 V-:%+ '( ;'+#" :%<"+:/#"'( ,9/:-/#"'( ') #$% Z"(<6/' 0"#B J#/(6"(< 0'11"##%% ') ;%'.:%H+ 0'(<*%++4 #$% )"*+# ') "#+ I"(6 "( 0$"(/!R( /66"#"'(4 #$% J#/(6"(< 0'11"##%% ') ;%'.:% H+ >'(<*%++ "( =-/(<S" "+ /:+' >'(+"6%*"(< 1/I"(< / :'>/: *%<-:/#"'( '( .'+#" :%<"+:/#"'( %9/:-/#"'(!!

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

! "

$##.e ggAAA!(/(("(<!<'9!>(g(FD]][W g(F[[`i] g(F]]iiF gWWDW\FDD!$#1:( " =6 K $ > ? @ A N R O S A DEWE / T U C D # ! DEWE / [ E \ F! $##.e gg@/"I%!@/"6-!>'1g9"%Ag

[[FE\FW!$#1( E[ gW` g> # " =6K$>?@ANROSATUCD# ,DEWW /- $##.e gg(%A+!S"($-/(%#!>'1g.':"#">+gDEWW :$gDEWW " h WDWDE[F\_ h WD!$#1( 00= 6 K @ N O A ¨ < © ª « p ¬ ­ ® C D# ! DEWW / i E DF F! $##.e gg $ " p¢¡£¡ ¤ ` $ ¥ ¦ §) 0 AAA!<'9!>(g&*Y<gDEWW " Ei gDF g>'(#%(#h W`\_W_F!$#1( % &

X%@!D_ 1%%#"(< A"#$ 7;0 & =6K$>?@ANROSApqTUOSAX¯«p¬­®°hTU±²&CD' (

!#


Mar i neNavi gat i onDr af tLaw andt heAnt i Domest i cVi ol enceDr af tLaw i n2011.


?-%+#"'(+ "( /69/(>%!L>>'*6"(< #' .'+#" #*". *%.'*#+4 #$% ./*#">"./(#+ )'-(6 #$%+% #*".+ 9%*B "()'*1/#"9% /(6 -+%)-:!G$% %S.%*"%(>%+ ') )'*%"<( >'-(#*"%+ /*% *%):%>#%6 "( / ]DF " ./<% >'1.":/#"'( ') 1/#%*"/:+ .*%./*%6 )'* "(#%*(/: *%)%*%(>%+ .-*.'+%+!! G$"+ 9':-1% "(>:-6%6 1/#%*"/:+ '( .-@:"> ./*#">"./#"'( "( #$% K,08 /(6 ,54 5J4 5m4 V-++"/4 =%*1/(B /(6 X*/(>%!G$% #'.">+ */(<% )*'1 #$% >'(+-:#/#"'( .*'>%++4 .-@:"> $%/*"(<+4 :'@@B"(< />#"9"#"%+4 :%<"+:/#"9% *%9"%A4 #' :%<"+:/#"9% '9%*+"<$# ') #$% "1.:%1%(#/#"'( ') #$% :/A!G$%*% A/+ /:+' /( "(#%*(/#"'(/: >'()%*%(>% "( N%"&"(<4 A$">$ *%+-:#%6 "( #$% .-@:">/#"'( ') 863&2) 80,.2)2$0.2%* 2* ."# 9#+2(&0.24# 8,%)#((!"

R( /66"#"'(4 #$%*% A%*% >'()%*%(>%+ "( 0$"(/ #' '@#/"( "()'*1/#"'( /@'-# +->>%++)-: %S.%*"%(>%+ /(6 >$/::%(<%+!G$"+ :%6 #' #$% .-@:">/#"'( ') 863&2) 80,.2)2$0.2%* 2* 90: ;0<2*+ 続 !"#%,- 0*1 8,0).2)#!#G$%*% A%*% /:+' +%9%*/: +#-6B #'-*+ #' b-(/(4 J$/(<$/"4 C"/(<S" /(6 b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

R( /66"#"'(4 1'*% #$/( W[EE '))">"/:+ )*'1 #$% 7;0 /(6 :'>/: .%'.:%H+ >'(<*%++%+ *%.'*#%6:B *%>%"9%6 #*/"("(< '( .-@:"> ./*#">"./#"'( "( :/A" 1/I"(< #$*'-<$ =,8 +-..'*#%6 />#"9"#"%+!

7'# /:: .*'&%># />#"9"#"%+ A%*% >'1.:%#%6 />>'*6"(< #' .:/(!G$% .*'&%># .:/( >/::%6 )'* .":'# .*'&%>#+ "( #A' *%<"'(+ @/+%6 '( :%9%: ') 6%9%:'.1%(#!b'A%9%*4 (' .":'# .*'&%>#+ A%*% >'(6->#%6!7%9%*#$%:%++4 #$%*% $/9% @%%( 1/(B '#$%* .*'&%>#+ +.'(+'*%6 @B "(#%*(/#"'(/: 6'('* /<%(>"%+ /(6 #$% 0$"(%+% <'9%*(1%(# '9%* #$% B%/*+4 "(>:-6"(< .*'&%>#+ '( :%<"+:/#"9% /(6 /61"("+#*/#"9% $%/*"(<+4 ('#">% /(6 >'11%(# .*'9"+"'(+4 )*%%6'1 ') "()'*1/#"'( *%<-:/#"'(+4 %#>!

L:#$'-<$ #$% .*'&%># >'(#%1.:/#%6 #$% .-@:">/#"'( /(6 6"++%1"(/#"'( ') =621#&2*#( 5%, $63&2) "#0,2*+( .% 3# "#&1 3- ."# >8?4 #$"+ A/+ ('# .*%./*%6!b'A%9%*4 "( #$% "(#%*(/: >'()%*%(>% ') .-@:"> ./*#">"./#"'( "( :%<"+:/#"'( "( b/"(/( "( 7'9%1@%* DEWW 4 *%.*%+%(#/#"9%+ )*'1 :'>/: .%'.:% H + >'(<*%++%+ .*'.'+%6 +#/(6/*6"Y"(< .-@:"> $%/*"(<+ "( /1%(6"(< #$% O%<"+:/#"'( O/A4 A$">$ 1/B @% .'++"@:B %(6'*+%6 @B #$% O%<"+:/#"9% L))/"*+ 0'11"##%% ') #$% 7;0 "( 1/I"(< .*'.'+/:+ )'* O%<"+:/#"'( O/A *%9"+"'(!L>>'*6"(< #'

!

;-@:"> ;/*#">"./#"'( "( X'*%"<( 0'-(#*"%+ V%)%*%(>% P/#%*"/:+ 2DEE\ 3Q

"

0$"(%+% L>/6%1B ') J'>"/: J>"%(>%+ DEWE!

#

;%'.:%H+ 0'-*# ;-@:"+$"(<4 DEWE!

!%


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

G$% .*'&%># .:/( /:+' '*"<"(/::B >'(#%1.:/#%6 #$% .-@:">/#"'( /(6 6"++%1"(/#"'( ') / 1/(-/: )'* .%'.:% H + >'(<*%++%+ '( .-@:"> ./*#">"./#"'( 2P/(-/: ') V-:%+ /(6 ;*'>%6-*%+ '( ;/*#">"./#'*B ;*'>%++%+ "( O%<"+:/#"'(3Q G$"+ 1/(-/: A/+ (%9%* .*%./*%6!

7%9%*#$%:%++4 '( #$% A$':%4 #$% .*'&%># A/+ *%/+'(/@:B +->>%++)-: "( #$% @*'/6 <'/: ') "(>*%/+"(< /A/*%(%++ ') #$% (%%6 )'* .':"#">/: ./*#">"./#"'( /(6 "(>*%/+"(< I('A:%6<% ') $'A '#$%* +B+#%1+ <' /@'-# "#!G$% .*'&%># A/+ /:+' +->>%++)-: "( -(6%*+#/(6"(< 6'1%+#"> 6%9%:'.1%(#+ /(6 >$/::%(<%+4 /(6 "( */"+"(< /A/*%(%++ ') #$% "1.'*#/(>% ') .-@:"> ./*#">"./#"'( /1'(< 1%1@%*+ ') #$% 7;0 /(6 :'>/: .%'.:% H+ >'(<*%++%+ /(6 #*/"("(< #$%1 "( 9/*"'-+ />#"9"#"%+ *%:/#"(< #' .-@:"> ./*#">"./#"'(!

L:#$'-<$ #$%*% $/+ '(:B @%%( '(% )'*1/: :%<"+:/#"9% $%/*"(< /# #$% (/#"'(/: :%9%:4 /+ ('#%6 /@'9% 6*/)#+ ') [] ') #$% [` :/A+ ./++%6 6-*"(< #$% WW

#$

7;0 +%++"'( A%*% 1/6% /9/":/@:% #' #$% .-@:"> )'* >'11%(#4 /(6 #$%

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

!

X%@!D_ 1%%#"(< A"#$ 7;0!

!&


#' A$">$ *%.*%+%(#/#"9%+ >$'+%( @/+%6 '( *%<"'( /(6 '#$%* )/>#'*+ /*% "(9"#%6!!

J"1":/*:B4 /:#$'-<$ #$%*% $/+ @%%( /( "(>*%/+% "( #$% /1'-(# ') "()'*1/#"'( 1/6% /9/":/@:% #' #$% .-@:"> '(:"(% /(6 "( '#$%* )'*/4 /(6 #$%*% /..%/*+ #' @% /( "(#%(# #' 1/I% .-@:">:B /9/":/@:% 1'*% "()'*1/#"'( /@'-# #$% :%<"+:/#"9% .*'>%++ "(>:-6"(< 6*/)# :%<"+:/#"'( /(6 *%>'*6+ ') 6%:"@%*/#"'(+ @B 7;0 *%.*%+%(#/#"9%+4 " #$% /1'-(# ') "()'*1/#"'( /9/":/@:% #' #$% .-@:"> "+ +#":: ?-"#% :"1"#%6 >'1./*%6 #' #$% 5!J! /(6 '#$%* >'-(#*"%+!#

X'*

"(+#/(>%4

#$%

5("#%6

J#/#%+

X*%%

;-@:">

V%>'*6+

8"*%>#'*B

2 $##.e gg

.-@:">*%>'*6+!'(:"(%+%/*>$%+!>'1g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

;'::"(< "+ /('#$%* /*%/ +-@&%># #' @'#$ )"(/(>"/: /(6 .':"#">/: >'(+#*/"(#+!!$":% .'::"(< "( 0$"(/ $/+ "1.*'9%64 .'::"(< "+ $/1.%*%6 @B #$% +"Y% ') 0$"(/4 :/>I ') /6%?-/#% )-(6"(<4 :/>I ') /6%?-/#% #*/"("(< )'* 1/(B />/6%1">+4 :"1"#/#"'(+ '( %1."*">/: *%+%/*>$ "(>:-6"(< #$% (%%6 )'* <'9%*(1%(# /..*'9/:+ /(6 :"1"#/#"'(+ '( #$% /@":"#B ') #$% .*%++ #' *%.'*# /:: ') #$% *%+-:#+!

P'*% <%(%*/::B4 %))%>#"9% ./*#">"./#"'( *%?-"*%+ / :"#%*/#% /(6 "()'*1%6 >"#"Y%(*B >/./@:% ') >*"#">/: *%/+'("(<4 A$">$ $/+ +"<(")">/(# )"(/(>"/: "1.:">/#"'(+ )'* #$% <%(%*/: %6->/#"'( +B+#%1!R# /:+' *%?-"*%+ /( />#"9% *':% )'* #$% 1%6"/ /(6 >"9": +'>"%#B '*</("Y/#"'(+4 A$">$ >-**%(#:B /*% +-@&%># #' .':"#">/: >'(+#*/"(#+ "( 0$"(/!

G$% *%+-:#+ ') #$"+ >'1.'(%(# ') #$% .*'&%># #$%( 1-+# @% %9/:-/#%6 "( #%*1+ ') #$% '.#"'(+ /9/":/@:% )'* "(#%*(/#"'(/: 6'('* /<%(>"%+ )'* >'::/@'*/#"'( /(6 #$% *%+#*/"(#+ "1.'+%6 @B #$% :%9%: ') 6%9%:'.1%(# /(6 (/#-*% ') #$% .':"#">/: +B+#%1!L+ ('#%6 /@'9%4 #$% .*'&%># )'>-+%6 '( /*%/+ #$/# A%*% <%(%*/::B >'(+"6%*%6 #' @% .':"#">/::B +/)%4 $"<$:B #%>$(">/:4 /(6 /:*%/6B '( #$% *%)'*1 /<%(6/!G$%+% /*%/+ 1/B ('# @% #$% 1'+# >*->"/:

!

X%@ D_ 1%%#"(< A"#$ 7;0 2('#"(< #$/# #$% 7;0 $/+ $%:6 '(:B '(% )'*1/: :%<"+:/#"9% $%/*"(<4 "( >'(&-(>#"'( A"#$ #$%

R(6"9"6-/: R(>'1% G/S O/A!3 "

X%@ D_ 1%%#"(< A"#$ 7;0!

#

J%% <%(%*/::B4 !%"@"(< a"/'4 @,##1%/ %5 A*5%,/0.2%* B#5%,/ 2* ?"2*0 2V'-#:%6<% DEWW 3 2/*<-"(< #$/# )*%%6'1 ')

"()'*1/#"'( "( 0$"(/ "+ @/+%6 '( / .*'/>#"9% */#$%* #$/( / *%/>#"9% 1'6%: A$%*% #$% /1'-(# ') "()'*1/#"'( .-@:">:B /9/":/@:% "+ 6*"9%( .*"1/*":B @B <'9%*(1%(# /<%(>"%+ 6%>"6"(< A$/# "()'*1/#"'( "+ #' @% /9/":/@:% #' .-@:"> */#$%* #$/( @B >"#"Y%( 6%1/(6 /(6 *%?-%+#+ )*'1 #$% .-@:"> )'* "()'*1/#"'(3Q $

G$% A%@+"#% >'(#/"(+ / (-1@%* ') +%>#"'(+e N"::+4 V%+':-#"'(+^ L>#"9"#B "( 0'(<*%++^ 0'(<*%++"'(/: V%>'*6^

J>$%6-:%+4 0/:%(6/*+^ 0'11"##%% R()'*1/#"'(^ ;*%+"6%(#"/: 7'1"(/#"'(+^ G*%/#"%+^ ='9%*(1%(# V%+'-*>%+^ X'* G%/>$%*+^ b%:. /(6 0'(#/>#!J%% $##.e gg#$'1/+!:'>!<'9g$'1%g/@#h #$'1!$#1:!

!(


/*%/+ )'* .':"#">/: *%)'*1 '* #$% /*%/+ ') *%)'*1 #$/# A'-:6 $/9% @%%( >$'+%( /+ .*"'*"#"%+ /@+%(# +->$ :"1"#"(< >'(6"#"'(+!

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

G$"*64 0$"(/H+ +"Y% .*%+%(#+ >$/::%(<%+ @'#$ )'* *%)'*1+ /(6 )'* 6'('* /++"+#%6 .*'<*/11"(<!G$% +"Y% ') 0$"(/ */"+%+ / (-1@%* ') #%>$(">/: >$/::%(<%+ /@'-# #$% *%.*%+%(#/#"9%(%++ ') ./*#">"./(#+4 $'A #' /<<*%</#% /(6 *%+.'(6 #' 1-:#".:% >'11%(#+4 #$% >'+#+ ') $%/*"(<+4 %#>!P'*%'9%*4 A"6% *%<"'(/: 6"9%*+"#B A"#$"( 0$"(/ $"(6%*+ / -(")'*1 /..*'/>$ /(6 1/I%+ >'(+"+#%(# "1.:%1%(#/#"'( 6"))">-:#!

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

!

G$%*% /*% (' <%(%*/::B /..:">/@:% )%6%*/: *-:%+ )'* :%<"+:/#"9% $%/*"(<+ "( #$% 5!J!V/#$%*4 #$% >'11"##%% 6%>"6%+ #$%

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i 4 DEE`!

!)


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b/(<Y$'- A/+ 1/"(:B -+%6 /+ / #*/"("(< A'*I+$'. )'* G"@%#/( '))">"/:+ '( #$% )":"(< /(6 *%9"%A +B+#%1!

K( #$% A$':%4 #$% .*'&%># *%+-:#%6 "( +'1% 6%1'(+#*/@:% .'+"#"9% *%+-:#+4 "(>:-6"(< #$% .-@:">/#"'( ') !"# @2&2*+ 0*1 B#42#: D-(.#/ 5%, B#+6&0.24# E%)6/#*.(F !"#%,- 0*1 8,0).2)#!! R( /66"#"'(4 1'*% #$/( i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

L</"(4 ('# /:: ') #$% .*'&%># <'/:+ A%*% 1%#!7'#/@:B4 #$% .*'&%># >/::%6 )'* #$% >*%/#"'( ') / 6/#/@/+% #' +#*%(<#$%( #$% %))">"%(>B ') *%9"%A 1%>$/("+1+ @B .'+#"(< "()'*1/#"'( /@'-# (%A *%<-:/#"'(+ #$/# %(/>#%6 /# #$% :'>/: /(6 .*'9"(>"/: :%9%:^ "6%(#")B"(< >'(#*/6">#'*B *%<-:/#"'(+ /(6 :/A+^ /(6 %S>$/(<"(< "()'*1/#"'( @%#A%%( #$% *%:%9/(# 6%./*#1%(#+ ') .%'.:% H + >'(<*%++%+!G$% .*'&%># /:+' >/::%6 )'* #$% #*/"("(< ') RG .%*+'((%: A"#$"( #$% 7;0 #' 1/"(#/"( /(6 -.6/#% #$% 6/#/@/+%!b'A%9%*4 #$% 6/#/@/+% A/+ ('# >*%/#%6!

R( +-14 #$% .*'&%># $/+ *%+-:#%6 "( +'1% +#*%(<#$%("(< ') #$% )":% /(6 *%9"%A +B+#%14 /(6 )-*#$%*%6 #$% <'/: ') $/*1'("Y/#"'( ') :/A!P'*% <%(%*/::B4 /+ ('#%6 /@'9%4 #$%*% $/+ @%%( .*'<*%++ @'#$ /# #$% >%(#*/: /(6 :'>/: :%9%:+ "( +#*%(<#$%("(< #$% )":"(< /(6 *%9"%A +B+#%1!b'A%9%*4 #$%*% /*% +%*"'-+ 6'-@#+ /1'(< />/6%1">+4 @-+"(%++ .%'.:%4 >"#"Y%(+ /(6 %9%( <'9%*(1%(# '))">"/:+ /+ #' A$%#$%* #$% +B+#%1 ') )":"(< /(6 *%9"%A4 %9%( ") +#*%(<#$%(%64 A":: @% /6%?-/#% #' %(+-*% :%</: >'(+"+#%(>B!L+ ('#%6 @B 7;0 ./*#">"./(#+ #' #$"+ .*'&%>#4 $-1/( *%+'-*>%+ *%1/"( :"1"#%6!G$% (-1@%* ') .%*+'((%: >$/*<%6 A"#$ *%9"%A"(< 6'>-1%(#+ "+ "(+-))">"%(# #' 1%%# #$% (%%6+!L>>'*6"(<:B4 '(:B / +1/:: )*/>#"'( ') *%<-:/#"'(+ /*% *%9"%A%6!P'*%'9%*4 '..'*#-("#"%+ )'*

!

0$"(/ 8%1'>*/>B /(6 O/A ;-@:"+$"(< 2DEWW 3Q

"

X%@!D_ 1%%#"(< A"#$ 7;0!

!*


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

C4#,42#: %5 $%(." &#+2(&0.24# %4#,(2+". ;'+#" :%<"+:/#"9% '9%*+"<$# />#"9"#"%+ "(>:-6%6 / (/#"'(/: >'()%*%(>% "( DEE` #$/# 6"+>-++%6 /1'(< '#$%* #$"(<+ 1%#$'6+ ') %9/:-/#"'( +->$ /+ +%:)" %9/:-/#"'(4 +-*9%B+ /(6 ?-%+#"'((/"*%+4 )"%:6 A'*I /(6 +#-6B #'-*+!R( DEWE 4 /( "(#%*(/#"'(/: >'()%*%(>% A/+ $%:6 '( .'+#" :%<"+:/#"'( %9/:-/#"'(!G$"+ A/+ #$%( )'::'A%6 @B / +#-6B #'-* ') X*/(>%4 J./"( /(6 ;':/(6 "( DEWE!

P'*% #$/( [EE '))">"/:+ )*'1 7;0 /(6 :'>/: .%'.:%H+ >'(<*%++%+ *%.'*#%6:B *%>%"9%6 #*/"("(< '( .'+# :%<"+:/#"'( %9/:-/#"'( #$*'-<$ =,8 +-..'*#%6 />#"9"#"%+! R( /66"#"'(4 +"S ?-%+#"'((/"*%+ A%*% .-@:"+$%6 '( '))">"/: A%@+"#%+ "( #$% %9/:-/#"'( ') #A' +.%>")"> :/A+ 続 #$% ;*'1'#"(< ') J>"%(>% /(6 G%>$(':'<B O/A /(6 #$% ;*'1'#"'( ') L<*">-:#-*/: P%>$/("Y/#"'( O/A!G$% *%.'*# ') #$% %9/:-/#"'( *%+-:#+ A/+ "++-%6 "( DEWW!7%9%*#$%:%++4 #$% R(#%*(/: =-"6%:"(%+ ') #$% 7;0 '( ;'+#" :%<"+:/#"9% V%9"%A A%*% ('# .*'6->%6 /+ '*"<"(/::B .:/((%6!

!$":% A'*#$ .-*+-"(<4 .'+#" :%<"+:/#"9% '9%*+"<$# @B #$% :%<"+:/#'* "+ '(:B '(% ') 1/(B 1%#$'6+ #' %(+-*% :/A+ /(6 *%<-:/#"'(+ /*% "1.:%1%(#%6 /+ 6%+"<(%6!P'*%'9%*4 #$% 7;0 "+ '(:B /@:% #' "(9%+#"</#% / +1/:: (-1@%* ') :/A+ %9%*B B%/*!J"1":/*:B4 :'>/: .%'.:%H+ >'(<*%++%+ /(6 /61"("+#*/#"9% /<%(>"%+ /*% '(:B /@:% #' "(9%+#"</#% / :"1"#%6 (-1@%* ') *%<-:/#"'(+ %/>$ B%/*!L>>'*6"(<:B4 '#$%* 1%#$'6+ )'* %(+-*"(< .*'.%* "1.:%1%(#/#"'( (%%6 #' @% %S.:'*%6 /(6 +#*%(<#$%(%6 #' 1%%# #$% .*'&%>#H+ @*'/6%* <'/:+ ') .*'1'#"(< #$% *-:% ') :/A! "+


D6//0,- 0*1 +#*#,0& )%//#*.( %* $,%7#). 1#(2+* 0*1 ,#(6&.( X"*+#4 "( #%*1+ ') >$'">% ') +-@+#/(#"9% /*%/+4 %/>$ ') #$% #'.">+ #/*<%#%6 @B #$"+ .*'&%># .*%+%(#+ >$/::%(<%+ #' #$% *%/:"Y/#"'( ') *-:% ') :/A "( 0$"(/!b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

R(>*%/+"(< .-@:"> ./*#">"./#"'( "( #$% :/A" 1/I"(< 2/(6 /61"("+#*/#"9% *-:%" 1/I"(<34 "( #$% "(#%*.*%#/#"'(4 /(6 "( #$% "1.:%1%(#/#"'( .*'>%++%+ $/+ / <*%/#%* .'#%(#"/: #' :%/6 #' +"<(")">/(# "1.*'9%1%(#+ "( *-:% ') :/A /(6 <''6 <'9%*(/(>% 1'*% @*'/6:B!b'A%9%*4 .-@:"> ./*#">"./#"'( "+ / @*'/6 /*%/!G$"+ .*'&%># )'>-+%6 '( :%<"+:/#"9% $%/*"(<+ /(6 ('#">% /(6 >'11%(# .*'9"+"'(+!N'#$ /*% "1.'*#/(# @-# :"1"#%6 "( #%*1+ ') #$%"* '9%*/:: "1./># '( *-:% ') :/A 1'*% @*'/6:B!8%%.%* /(6 1'*% >'1.*%$%(+"9% *%)'*1+ A'-:6 @% (%%6%6 #' )-::B *%/:"Y% #$% @%(%)"#+ ') .-@:"> ./*#">"./#"'( "( '#$%* /*%/+!

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

"!


1/B @% :/-6/@:%4 ! "# "+ ('# >:%/* $'A #$% .*'&%># +.'(+'*+ "(#%(6%6 #' />$"%9% #$/# <'/: '* #' %()'*>% #$/# *%?-"*%1%(#!R( #$% )-#-*%4 >$''+"(< 1'*% #/":'*%6 /(6 )%/+"@:% <'/:+ 1"<$# :%/6 #' 1'*% +->>%++)-: *%+-:#+!

L##%1.# #' +'*# '-# #$% =,80+.%>")"> "1./>#4 ") /(B4 '( 6%9%:'.1%(#+ "( #$% #$*%% .*'&%># /*%/+ "+ / ?-"S'#"> ?-%+# 続 #$% 1'6%*( 6/B %?-"9/:%(# ') #":#"(< /# A"(61"::+"<"9%( #$/# #$%+% /*% /*%/+ #$/# A%*% /:*%/6B '( #$% *%)'*1 /<%(6/ /(6 #$%*% /*% .'#%(#"/::B 1-:#".:% >/-+%+g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

7%9%*#$%:%++4 "# "+ +/)% #' +/B #$/# #$% =,8 .*'&%># +-..'*#%6 />#"9"#"%+ .:/B%6 / .'+"#"9% *':% #' +'1% %S#%(# "( #$% />$"%9%1%(#+ 1/6% @B #$% 7;0 /(6 :'>/: .%'.:% H + >'(<*%++%+ "( #$% #$*%% )'>-+%6 /*%/+ "( *%>%(# B%/*+!b'A%9%*4 "# "+ 1'*% 6"))">-:# #' ?-/(#")B #' :"0. #G.#*. #$% =,8 .*'&%># >'(#*"@-#%6 #' .*'<*%++ <"9%( #$/# #$% #$*%% )'>-+%6 #$*%% /*%/+ A%*% /:*%/6B '( #$% 7;0 /<%(6/ )*'1 #$% +#/*# ') #$% .*'&%>#!L../*%(#:B4 #$% +#-6B #'-*+4 "(#%*(/#"'(/: >'()%*%(>%+ /(6 @''I+ '( )'*%"<( %S.%*"%(>%+ "( #$% *%+.%># ') .-@:"> ./*#">"./#"'( "( :/A" 1/I"(< -(6%* #$% .*'&%># /*% $%:.)-: )'* #$% 7;0 /(6 :'>/: .%'.:%H+ >'(<*%++%+ #' :%/*( *%:%9/(# +B+#%1+ "( )'*%"<( >'-(#*"%+!b'A%9%*4 )'*%"<( %S.%*"%(>%+ /(6 %S.%*#"+%4 A$">$ /*% @/+%6 '( &-6">"/: *%9"%A4 /*% ') :"##:% 9/:-% )'* 0$"(/4 A$">$ 6'%+ ('# *%:B '( &-6">"/: *%9"%A @-# #$% )":"(< /(6 *%9"%A +B+#%1!R( #$% /*%/ ') :%<"+:/#"'( %9/:-/#"'(4 #$% %S.%*"%(>%+ /(6 %S.%*#"+% "( #$% !%+# >/( /:+' @% 9%*B $%:.)-: )'* 0$"(/! 7%9%*#$%:%++4 >'(+"6%*"(< #$% :"1"#%6 />#"9"#"%+ -(6%* =,8 .*'&%># /(6 '( #$% ./*# ') 7;04 #$% =,8 .*'&%># $/+ ('# @*'-<$# "#+ .'#%(#"/: "(#' )-:: .:/B "( #$"+ *%</*6!

R# A'-:6 @% 1'*% 6"))">-:# #' /++%++ =,8 .*'&%># />#"9"#"%+ +->$ /+ (/#"'(/: >'()%*%(>%+ '* 6'1%+#"> +#-6B #'-*+ >'(6->#%6 +':%:B @B #$% 7;0 A"#$'-# /(B "(9':9%1%(# ') )'*%"<( %:%1%(#+!R# "+ 6'-@#)-: A$%#$%* #$%*% "+ / (%%6 )'* =,8 #' .*'9"6% )"(/(>"/: +-..'*# )'* +->$ />#"9"#"%+ <"9%( #$/# #$%*% /*% 1'*% /(6 1'*% *%+'-*>%+ /9/":/@:% "( 0$"(/ "#+%:)!R# "+ %(#"*%:B .'++"@:% /(6 "(6%%6 :"I%:B #$/# #$% 7;0 A'-:6 '*</("Y% +"1":/* />#"9"#"%+

!

K(% ') #$% '@&%>#"9%+ ') #$% .*'&%># A/+ #' %(+-*% #$/# #$% .%*>%(#/<% ') )%1/:% 1%1@%*+ ') #$% .%'.:%H+ >'(<*%++

/(6 9"::/<% >'11"##%%+ "+ "(>*%/+%64 %!<!)*'1 DE k #' [E k "( #$% 7;04 /(6 )*'1 W] k #' D] k "( 9"::/<% >'11"##%%+! " N-# +'1% .*'<*%++ '( " !#*.0.24# ;#0(6,#( %5 863&2) D#&#).2%* %5 H61+#( 0*1 8,%(#)6.%,(# /(6 " E,05. ;#0(6,#( %5 D#&#).2%* 0*1 I$$%2*./#*. %5 >#: J*.,0*.( .% ."# H612)20,-# .*%./*%6 @B #$% ;%*+'((%: 8%./*#1%(# ') J;0! #

K) #$% #$*%% >'1.'(%(#+4 #$% &-6">"/: >'1.'(%(# +%%1+ #' $/9% @%%( 1'+# +->>%++)-: /# >'1.:%#"(< #$% .*'&%>#+ /+

>'(#%1.:/#%6 "( #$% A'*I .:/(+4 ('#A"#$+#/(6"(< / >'1.:">/#%6 "(#%*(/: @-*%/->*/#"> '*</("Y/#"'( #$/# *%?-"*%6 #$% A'*I /(6 >''.%*/#"'( ') (-1%*'-+ "(#%*(/: 6%./*#1%(#+ /(6 >''*6"(/#"'( A"#$ 6"))%*%(# <'9%*(1%(# '*</(+ '-#+"6% #$% &-6">"/*B!R(#%*9"%A+ *%9%/:%6 #$/# #$% 7;0 1/B $/9% :%++ 6"*%># "():-%(>% '9%* #$% /<%(6/ ') :'>/: .%'.:%H+ >'(<*%++%+ #$/( #$% J;0 $/+ '9%* :'>/: >'-*#+!

""


%9%( A"#$'-# +-..'*# ') #$% =,8 .*'&%>#!7%9%*#$%:%++4 "# "+ .'++"@:% #$/# -(6%* #$% )/>":"#/#"'( ') #$% =,8 .*'&%>#4 #$% +#/)) ') #$% O%</: L))/"* 0'11"++"'( ') 7;0 1"<$# $/9% @%%( 1'*% 1'#"9/#%6 #' %S%*# "():-%(>% '( #$% :%/6%*+ ') 7;0 "( .-##"(< .*'&%>#" *%:/#%6 />#"9"#"%+ '(#' #$% /<%(6/ ') #$% 7;0!R# "+ +/"6 #$/# #$% 7;0 6%>"+"'( #' .-@:"+$ 1'+# 6*/)# :/A+ )'* .-@:"> >'11%(#+ "( "(#%*(%# "( DEE` A/+ ./*#:B / *%+-:# ') / +-<<%+#"'( 1/6% @B #$% '))">"/:+ A$' /*% *%+.'(+"@:% )'* #$% "1.:%1%(#/#"'( ') #$% =,8 .*'&%>#!!

R# "+ ('# .'++"@:% #' %+#/@:"+$ #$% %S/># :"(I/<% @%#A%%( #$% =,8 .*'&%># /(6 #$% />$"%9%1%(#+ 1/6% @B #$% 7;04 %+.%>"/::B A$%( #$% =,8 .*'&%># >/( '(:B )'>-+ '( A$/# $/9% @%%( '* A":: +-*%:B @% '( #$% /<%(6/ ') 7;0!R# "+ /:+' -(6%*+#/(6/@:% #$/# #$% 7;0 /(6 "#+ '))">"/:+ /+ .':"#">/: .':">B" 1/I%*+ A"::4 #' / :/*<% %S#%(#4 /9'"6 /61"##"(< .-@:">:B #$% )'*%"<( "():-%(>% '( #$%"* 6%>"+"'(" 1/I"(<!

R( +-14 )'*%"<( 6'('*+ A$' >''.%*/#% A"#$ 7;0 >/( '(:B .:/B / :"1"#%6 *':% /+ )/>":"#/#'*+ "( $%:."(< 0$"(%+% '))">"/:+ #' *%(%A #$%"* I('A:%6<% /(6 1"(6+%#!R# "+ ('# *%/:"+#"> #' %S.%># "11%6"/#% *%+-:#+ ') / .*'&%># "( +->$ / +$'*# #%*1 '* #' %S.%># #$/# 0$"(%+% .':">B1/I%*+ A":: .-*+-% +-@+#/(#"9% *%)'*1+ +"1.:B @%>/-+% #$%B /*% $"<$ '( #$% )'*%"<( 6'('*+H /<%(6/!

8Q!R.+,/7)7 "- 34$ -(3(#$ #$-"#0 +2$.&+ ). 34$ +#$+ "- ,+%" 0+1).2 ). 94).+ L# #$% 1'1%(# "# 6'%+ ('# /..%/* #$/# #$% :%/6%*+$". ') 0$"(/ $/+ /(B 1/&'* .:/(+ )'* #$% *%)'*1 ') 7;0 +B+#%1!R#H+ .'++"@:% #$/# +'1% 1'*% .*'<*%++"9% *%)'*1+ ') #$% 7;0 A":: @% .-# '( #$% /<%(6/ /)#%* #$% W` #$ ;/*#B 0'(<*%++ "( :/#% DEWD A$%( #$% (%A ;/*#B :%/6%*+ A":: @% %:%>#%6!J->$ / .'++"@":"#B >/() # @% %S>:-6%64 >'(+"6%*"(< #$% $"<$" .*')":%4 '.%( >/::+ #' 6%%.%( *%)'*1+ 2"(>:-6"(< .':"#">/: *%)'*13 @'#$ )*'1 #$% 1/&'* ;/*#B 1%6"/ /(6 #$% :%/6%*+ ') #$% <'9%*(1%(# #$"+ B%/*!" b'A%9%*4 #$% WD

#$

X"9% U%/* K-#:"(% >'(#/"(+ ('

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

7%9%*#$%:%++4 +'1% "1.*'9%1%(#+ A"#$ / 9"%A #' +#*%(<#$%("(< #$% )-(>#"'(+ ') #$% .%'.:%H+ >'(<*%++%+ /*% +#":: .'++"@:% "( +'1% .':"#">/::B >'(#*'::/@:% /*%/+!X'* "(+#/(>%4 "( #$% &-+# >'(>:-6%6 )")#$ +%++"'( ') 7;0 "( P/*>$4 DEWD 4 #$% 7;0 6%>"6%6 #$/# #$% .*'.'*#"'( ') #$% 6%.-#"%+ ') 7;0 A"#$ #$% >/./>"#B ') :%/6%*+$". "(

! "

L>>'*6"(< #' /( '))">"/: A"#$ 7;0 A$' /##%(6%6 #$% L.*": WW 1%%#"(< "( 578;! ´ µ! ] ^ " K $ F C ­ ¶ % · ` ¸ ¹! £ ` º » # 4 $##.e gg'."("'(!.%'.:%!>'1!>(g=Ng_EiE_ g

WFW\D`_]!$#1:(

"#


#$% ;/*#B /(6 #$% <'9%*(1%(#+ /# 9/*"'-+ :%9%:+ A":: @% *%6->%6 #' +'1% %S#%(# "( #$% )'*#$>'1"(< WD #$ 7;0 A$":% #$% .*'.'*#"'( ') 6%.-#"%+ ') )/*1%*+4 A'*I%*+ /(6 .*')%++"'(/:+ A":: @% "(>*%/+%6 />>'*6"(<:B!! L:#$'-<$ +->$ )"(% /6&-+#1%(#+ /*% +#":: ."%>%1%/: "( (/#-*% )'* 7;04 #$%B 6' 6%1'(+#*/#% #$% :"1"#%6 A":: ') #$% /-#$'*"#"%+ #' .-+$ #$% *%)'*1 .*'>%++ )'*A/*6!

5(6%* #$% '@&%>#"9% #' $ .%*+"+# "( +>"%(#")"> /(6 6%1'>*/#"> :%<"+:/#"'( ) 4 #$% .%'.:% H+ >'(<*%++%+ /# 9/*"'-+ :%9%:+ A":: +-*%:B 6%9%:'. "( #%*1+ ') .-@:"> ./*#">"./#"'( "( :%<"+:/#"'(!b'A%9%*4 "# A":: @% 1'*% *%/:"+#"> #' %S.%># #$/# #$% 7;0 J#/(6"(< 0'11"##%% /(6 +#/(6"(< >'11"##%%+ ') .%'.:%H+ >'(<*%++%+ /# :'>/: :%9%:+ A":: :%/*( )*'1 %/>$ '#$%* */#$%* #$/( %S.:'*% */6">/::B (%A A/B+ #' "(>*%/+% ./*#">"./#"'(!X'* "(+#/(>%4 /::'A"(< >"#"Y%(+ #' '@+%*9% #$% +%++"'(+ $/+ @%>'1% / >'11'( .*/>#">% )'* 1/(B +#/(6"(< >'11"##%%+ /# :'>/: :%9%:+! J'1% +#/(6"(< >'11"##%%+ /# .*'9"(>"/: :%9%: 2 b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b-@%"4 =/(+-4 U-((/(4 %#>!4 A$">$ "+ +#":: ('# #$% >/+% )'* #$% 7;0 J#/(6"(< 0'11"##%%! G$% 7;0 J#/(6"(< 0'11"##%% /:+' >/( .:/B / @"< *':% "( .-+$"(< #$% +#/(6"(< >'11"##%%+ /# :'>/: :%9%:+ #' "(>*%/+% .-@:"> ./*#">"./#"'( ') :%<"+:/#"'(!X'* "(+#/(>%4 #$% 6%>"+"'( ') 7;0 J#/(6"(< 0'11"##%% "( DEE`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j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

J#*%(<#$%("(< #$% *%<-:/#"'( )":"(< /(6 *%9"%A +B+#%1 "+ "( :"(% A"#$ #$% >'11"#1%(# #' $ .*'#%># #$% -("#B4

!

" = 6 K @ ¨ ¼ ½ ¾ ¿ À > ? Á ´ # 4 DEWD / [ E \ F! $##.e gg(%A+!+"(/!>'1!>(g>gDEWD " E[ " E\ g

ED[_D_E`[]\_!+$#1:( " #

L>>'*6"(< #' #$% "(#%*9"%A A"#$ O%</: L))/"* 0'11"++"'( ') 7;0 '( C/(!D_ 4 DEWD! "ÂÃÄK$>?@ANROSATUCD 2=V3# ! DEWW / D E D] F! $##.e gg(%A+!>(#9!>(g>$"(/gDEWWEDD] g

WE\]F_!+$#1:(

"$


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b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

0'1./*%6 A"#$ 7;0 J#/(6"(< 0'11"##%%4 "# "+ 1'*% )%/+"@:% #' .*'1'#% )%%6@/>I 1%>$/("+1+ /1'(< #$% +#/(6"(< >'11"##%%+ ') #$% .%'.:% H+ >'(<*%++%+ /# :'>/: :%9%:+!G$% +#/(6"(< >'11"##%%+ ') :'>/: .%'.:% H+ >'(<*%++%+ -+-/::B '(:B (%%6 #' 6%/: A"#$ #%>$(">/: >'():">#+ @%#A%%( :'>/: *%<-:/#"'(+ '* *-:%+4 /(6 (/#"'(/: :/A+ '* *%<-:/#"'(+4 +' #$%*% "+ :%++ .':"#">/: >'(>%*( )'* #$%1 #' 6%9%:'. )%%6@/>I 1%>$/("+1+!G$% *%/: 6%9%:'.1%(#+ '( )%%6@/>I 1%>$/("+1+ /:+' +$'A #$/# #$% +#/(6"(< >'11"##%%+ /# :'>/: :%9%:+ /*% )/* 1'*% .*'1"+"(< "( #$"+ *%+.%>#!J' )/*4 /# :%/+# WE +#/(6"(< >'11"##%%+ ') .*'9"(>"/: .%'.:% H + >'(<*%++%+ $/9% "1.'+%6 '( #$%1+%:9%+ #$% '@:"</#"'( #' *%+.'(6 #' #$% .%#"#"'(%*+ )'* *%<-:/#"'( *%9"%A "( :'>/: *%<-:/#"'(+! 7%9%*#$%:%++4 #$%*% /*% +#":: +'1% A'**"%+ /(6 >'(>%*(+ $"(6%*"(< #$% +#/(6"(< >'11"##%%+ ') :'>/: .%'.:%+ H

!

R( #$% +.%%>$ "( #$% R(#%*(/#"'(/: J%1"(/* '( P%>$/("+1 ') ;-@:"> ;/*#">"./#"'( "( V%<-:/#"'( X":"(< /(6 V%9"%A

$%:6 "( 0$/(<+$/ "( P/*>$ DF " D` 4 DEWD 4 #$% 6"*%>#'* ') #$% V%<-:/#"'( )":"(< /(6 V%9"%A K))">% ') O%</: L))/"*+ 0'11"++"'( ') 7;0 >'1.:/"(%6 #$/# :/>I ') )%%6@/>I #' #$% .%#"#"'(%*+ $/+ >/-+%6 1/(B 1"+-(6%*+#/(6"(<+ ') #$% <%(%*/: .-@:"> #'A/*6 #$% 7;0J04 /(6 $/+ /*'-+%6 +-+.">"'(+ /1'(< #$% <%(%*/: .-@:"> #$/# #$% 7;0J0 $/+ )/":%6 #' %S%*>"+% #$% )-(>#"'( ') *%<-:/#"'(+ )":"(< /(6 *%9"%A />>'*6"(< #' :/A!b% +-<<%+#%6 #$/# "(#%*/>#"'( 1%>$/("+1 +$'-:6 @% %+#/@:"+$%64 /(6 #$% 7;0J0 +$'-:6 .*'9"6% )%%6@/>I #' #$% .%#"#"'(%*+ %"#$%* @B A*"##%( :%##%*+ '* #%:%.$'(%+ '* @B ./(%: 1%%#"(<+ A"#$ #$% /##%(6/(>% ') #$% .%#"#"'(%*+ "( '*6%* #' 1/"(#/"( #$% >*%6"@":"#B ') 7;0J0!

"%


>'(<*%++%+ #' )-::B %1@*/>% #$% 6"*%># "(#%*/>#"'( A"#$ #$% <%(%*/: .-@:">! X'* "(+#/(>% #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( C"/(<+- "+ 9%*B '.%(" 1"(6%6 #' .-@:"> ./*#">"./#"'( "( #$% )":"(< /(6 *%9"%A .*'>%++4 +' 1->$ +' /+ #' .-@:"+$ 1'+# #$% :'>/: *-:%+ /(6 *%<-:/#'*B 6'>-1%(#+ *%>%(#:B )":%6 '( #$% R(#%*(%# +':">"#"(< .-@:"> >'11%(#+!N-# '-# ') >'(>%*( )'* +'>"/: +#/@":"#B4 "# "+ "(>:"(%6 #' </#$%* .-@:"> '."("'(+ #$*'-<$ "(#%*(%# "( / 9%*B :"1"#%6 +.$%*% A$%( "# >'1%+ #' .%#"#"'(+ )'* *%9"%A '( +%(+"#"9% "++-%+!!

,S>%.# )'* )%%6@/>I 1%>$/("+14 #*/(+./*%(>B "( #$% *%<-:/#"'( )":"(< /(6 *%9"%A .*'>%++ /:+' (%%6+ #' @% "(>*%/+%6!G$% 7;0 J#/(6"(< 0'11"##%% *%:%/+%+ )%A +#/#"+#">+ '( *%<-:/#"'( )":"(< /(6 *%9"%A4 /:#$'-<$ "# *%.%/#%6:B %1.$/+"Y%+ #$% "1.'*#/(>% ') +->$ A'*I!G$% '(:B %S>%.#"'( "+ #$/# "# 1%(#"'(%6 )'* #$% )"*+# #"1% #$% .%#"#"'(+ *%>%"9%6 )*'1 >"9": +'>"%#B )'* *%<-:/#"'( *%9"%A "( DEE` "( "#+ /((-/: A'*I *%.'*# "( DEE\!N-# (' )-*#$%* 6%#/":+ '( #$% *%+-:#+ ') #$% *%9"%A A%*% *%:%/+%6 #$%*%"(!J->$ / +%>*%# A/B ') '.%*/#"'( 1%/(+ #$% <%(%*/: .-@:"> I('A+ :"##:% /@'-# #$% A'*I ') *%<-:/#"'( )":"(< /(6 *%9"%A ')

7;0 J#/(6"(<

0'11"##%%!0'1./*/#"9%:B4 "# +%%1+ #$% J#/#% 0'-(>": "+ / @"# 1'*% '.%( "( #$"+ *%</*6!R# "+ +/"6 #$/# "# $/+ .-@:"+$%6 +'1% "()'*1/#"'( '( )":"(< /(6 *%9"%A '>>/+"'(/::B!"X-*#$%*1'*%4 #$%*% /*% +#/(6"(< >'11"##%%+ ') :'>/: .%'.:%H+ >'(<*%++%+ A$">$ $/9% "1.'+%6 '( #$%1+%:9%+ '@:"</#"'(+ #' *%:%/+% #$%"* *%<-:/#"'( )":"(< /(6 *%9"%A A'*I *%<-:/*:B!X'* "(+#/(>%4 #$% V-:%+ ') J#/(6"(< 0'11"##%% ') ;%'.:% H + >'(<*%++ "( j$%&"/(< ;*'9"(>% '( #$% X":"(< /(6 V%9"%A ') V%<-:/#'*B 8'>-1%(#+ "( DEEF .*'9"6%+ #$/# $ #$% +#/(6"(< >'11"##%%+ ') .%'.:%H+ >'(<*%++%+ /# /(6 /@'9% #$% >'-(#B :%9%: +$/:: +-@1"# A*"##%( *%.'*#+ #' #$%"* "11%6"/#% +-.%*"'* +#/(6"(< >'11"##%% ') .%'.:% H + >'(<*%++ '( #$% A'*I"(< +"#-/#"'( ') #$% *%<-:/#'*B 6'>-1%(# )":"(< /(6 *%9"%A A'*I "( #$% .*%9"'-+ B%/*4 /(6 1/I% "# .-@:"> #' +'>"%#B) !R#H+ "(6%%6 / <''6 .*/>#">% A'*#$ .*'1'#"(< #$*'-<$'-# 0$"(/!b'A%9%*4 "# +%%1+ #$/# #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:% H + 0'(<*%++ "( j$%&"/(< ;*'9"(>% 6'%+ ('# )-:)":: "#+ >'11"#1%(# "( #$"+ *%+.%># 9%*B A%::4 +"(>% (' 6%#/":+ ') #$% A'*I ') *%<-:/#"'( )":"(< /(6 *%9"%A $/9% @%%( *%:%/+%6 "( "#+ /((-/: A'*I *%.'*#+ "( #$% :/+# #$*%% B%/*+!G$%*% /*% (' &-6">"/: *%1%6"%+ /9/":/@:% #' %()'*>% #$% :%</: '@:"</#"'( #' *%:%/+% "()'*1/#"'(4 +' #$%*% "+ (' A/B #' <-/*/(#%% #$% :'>/: +#/(6"(< >'11"##%%+ ') .%'.:%H+ >'(<*%++%+ A":: #/I% #$%"* >'11"#1%(#+ 2") #$%*% /*% /(B3 +%*"'-+:B

!

O%</: L))/"*+ 0'11"++"'( ') #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( C"/(<+- ;*'9"(>%4 I !"%6+". %*

."# 8,0).2)# %5 863&2) 80,.2)2$0.2%* 2* @2&2*+ 0*1 B#42#: 8,%)#((4 "( #$% J.%%>$ J>*".#+ ') #$% R(#%*(/#"'(/: J%1"(/* '( P%>$/("+1 ') ;-@:"> ;/*#">"./#"'( "( V%<-:/#"'( X":"(< /(6 V%9"%A $%:6 "( 0$/(<+$/ "( P/*>$ DF " D` 4 DEWD!L( '))">"/: A"#$ O%</: L))/"*+ 0'11"++"'( ') #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:% H+ 0'(<*%++ "( b-(/( ;*'9"(>% %9%( +-<<%+#%6 "( $"+ +.%%>$ "( #$% +/1% >'()%*%(>% #$/# (' )%%6@/>I +$'-:6 @% .*'9"6%6 #' .%#"#"'(%*+ A$' $/9% 1/6% #$% .%#"#"'(+ $"<$ .*')":% #$*'-<$ 1%6"/! "

G$% 6"*%>#'* ') X":"(< K))">% "( #$% J#/#% 0'-(>": *%9%/:%6 +'1% "()'*1/#"'( '( "#+ )":"(< /(6 *%9"%A A'*I "( $"+

+.%%>$ "( #$% R(#%*(/#"'(/: J%1"(/* '( P%>$/("+1 ') ;-@:"> ;/*#">"./#"'( "( V%<-:/#"'( X":"(< /(6 V%9"%A $%:6 "( 0$/(<+$/ "( P/*>$ DF " D` 4 DEWD!L>>'*6"(< #' $"+ +.%%>$4 #$% J#/#% 0'-(>": *%>%"9%6 i[E .%#"#"'(+ )'* *%9"%A "( #$% :/+# 6%>/6%4 /1'(< A$">$ `W!] k /*% )*'1 "(6"9"6-/: >"#"Y%(+4 W_ k )*'1 +'>"/: '*</("Y/#"'(+ /(6 %(#%*.*"+%+4 /(6 _! ] k )*'1 +#/#% /<%(>"%+!R( #$% i[E .%#"#"'(+4 /*'-(6 `_! [ k 6%1/(6%6 *%9"%A+ '( :%</:"#B ') :'>/: *%<-:/#"'(+ /(6 :'>/: *-:%+4 /(6 1'*% #$/( `E k A%*% 6%/:# A"#$ "( #$% B%/* ') *%>%.#"'( ') #$% .%#"#"'(+!b% /:+' +-<<%+#%6 #$/# #$% J#/#% 0'-(>": *%:%/+%6 +'1% "()'*1/#"'( '( "#+ )":"(< /(6 *%9"%A A'*I "( #$% O%</: 8/":B A$">$ A% $/9% ('# )'-(6 B%#!

"&



:%</: +B+#%14 /(6 *%):%>#%6 "( #$% WW #$ X"9%"B%/* .:/(4 #$% G$"*6 X"9%" B%/* L<%(6/ ') #$% J-.*%1% ;%'.:%H+ 0'-*#4 #$% 7;0 /<%(6/ /(6 '#$%* 6'>-1%(#+!

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e %<!.":'# +#-6"%+ "( +'1% /*%/+^ /( "(>*%/+% "( .-@:"> $%/*"(<+ /# #$% 7;0 /(6 #$% .*'1-:</#"'( ') .*'>%6-*/: *-:%+ )'* +->$ $%/*"(<+4 %#>!P'*%'9%*4 >$/(<%+ "( 6'1%+#"> .*"'*"#"%+ :%6 #' 6%9"/#"'(+ )*'1 #$% '*"<"(/::B (%<'#"/#%6 .:/(4 "(>:-6"(< 1'*% %1.$/+"+ '( .'+# :%<"+:/#"'( %9/:-/#"'( /(6 #$% /66"#"'( ') / >'()%*%(>% #$/# )'>-+%6 ('# '( .-@:"> ./*#">"./#"'( @-# "1.*'9"(< #$% .*')%++"'(/: ?-/:")">/#"'(+ /(6 .%*)'*1/(>% ') .%'.:%H+ >'(<*%++ 6%.-#"%+!

0$"(/ ('A $/+ >'(+"6%*/@:% )"(/(>"/: /(6 $-1/( *%+'-*>%+ ') "#+ 'A(!0$"(%+% :%/6%*+ $/9% )"*1:B #/I%( >'(#*': '9%* #$% *%)'*1 /<%(6/!V%)'*1%*+ $/9% *%/6B />>%++ #' "()'*1/#"'( /@'-# '#$%* >'-(#*"%+ #$*'-<$ #$% %S#%(+"9% (%#A'*I ') >'(#/>#+ #$%B $/9% 6%9%:'.%6 #$*'-<$ #$% B%/*+4 /(6 )*'1 $"<$" ?-/:"#B 0$"(%+% +>$':/*+ A'*I"(< "( -("9%*+"#"%+ /(6 #$"(I #/(I+ A$' $/9% :"9%6 /@*'/6 /(6g'* $/9% #$% (%>%++/*B :"(<-"+#"> +I"::+ /(6 #*/"("(< #' .*%./*% *%.'*#+ '( )'*%"<( :%</: +B+#%1+ /(6 /**/(<% )'* +#-6B #*".+ /@*'/6 ") )-*#$%* "()'*1/#"'( "+ (%%6%6!

V/#$%* #$/( >'(#"(-"(< #$% >-**%(# 1'6%: A$%*% )'*%"<( 6'('*+ (%<'#"/#% /(6 )-(6 :'(< #%*1+ >'::/@'*/#"'(+ 1/"(:B '( "#%1+ #$/# #$% 0$"(%+% /-#$'*"#"%+ A/(# #' /(6 A":: .-*+-% '( #$%"* 'A( /(BA/B4 /(6 A$">$ /*% +-@&%># #' 1'6")">/#"'( A$%( .*"'*"#"%+ >$/(<% A"#$"( 0$"(/4 )'*%"<( 6'('*+ 1/B A"+$ #' >'(+"6%* / (%A /..*'/>$ @/+%6 '( / >'(#*/>#-/: 1'6%:!b/9"(< 6%)"(%6 #$%"* 'A( *%)'*1 /<%(6/ /(6 %+#/@:"+$%6 +$'*# /(6 :'(< #%*1 /<%(6/+4 #$% 0$"(%+% /-#$'*"#"%+ A'-:6 >'(#*/># A"#$ "(#%*(/#"'(/: 6'('* /<%(>"%+ A"#$ #$% *%:%9/(# %S.%*"%(>% )'* #$% +%*9">%+ #$%B A/(# /(6 )"(6 9/:-/@:% %('-<$ #' ./B )'*!

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


1'*% +#-6B #'-*+ 1"<$# @% #' >'-(#*"%+ /# +"1":/* :%9%:+ ') 6%9%:'.1%(#4 A$">$ /*% 1'*% :"I%:B #' @% >'()*'(#"(< "++-%+ +"1":/* #' #$'+% )/>%6 @B 0$"(/4 /(6 )'* A$">$ :%++ "()'*1/#"'( "+ /9/":/@:% /+ #$%*% #%(6 #' @% )%A%* 0$"(%+% +>$':/*+ )/1":"/* A"#$ +->$ +B+#%1+!

J%>'(64 +$'*#%* #%*1 >'(#*/>#+ A'-:6 *%6->% #$% .*'@:%1 ') >$/(<%+ #' / (%<'#"/#%6 /<%(6/ 6-% #' >$/(<%+ "( 6'1%+#"> .*"'*"#"%+!

G$"*64 #$%*% A'-:6 @% :%++ #"1% /(6 %(%*<B A/+#%6 '( .*'&%>#+ )'* A$">$ #$%*% "+ :"##:% .':"#">/: +-..'*# /(6 :"##:% >$/(>% ') +->>%++!

X'-*#$4 #$"+ /..*'/>$ "+ >'(+"+#%(# A"#$ #$% <%(%*/: :%++'(+ :%/*(%6 "( 1'*% #$/( ]E B%/*+ ') :/A /(6 6%9%:'.1%(# %S.%*"%(>%4 1'+# ('#/@:B #$/# *%)'*1+ /*% >'-(#*B" 'A(%6 /(6 >'-(#*B" :%6 /*% 1'*% :"I%:B #' @% +->>%++)-:4 /(6 #$/# "(#%*(/#"'(/: @%+# .*/>#">%+ /# '66+ A"#$ #$% :'>/: ('*1+4 "(+#"#-#"'(+ /(6 .*/>#">%+ /*% :"I%:B #' )/": '* #' @% /6/.#%6 "( A/B+ ('# %S.%>#%6 '* 6%+"*%6 @B #$% 6'('*+!

X")#$4 /+ ('#%64 "(#%*(/#"'(/: 6'('* /<%(>"%+ /*% ('# /@:% #' .-*+-% 1/(B ') #$% 1'+# >*->"/: /(6 )-(6/1%(#/: *%)'*1+ @%>/-+% ') .':"#">/: >'(+#*/"(#+!G$% >'::/@'*/#"'( /<%(6/ "+ /:*%/6B 6*"9%( @B 6'1%+#"> >'(>%*(+ /(6 .*"'*"#"%+4 /(6 #$-+ #' / +"<(")">/(# %S#%(# ."%>%1%/: /(6 /6 $'>!G$% ."%>%1%/:4 /6 $'> (/#-*% ') >'::/@'*/#"'( )"#+ A%:: A"#$ / >/+%" @B" >/+% >'(#*/>#-/: /..*'/>$!G$% .*'&%>#+4 A$":% .%*$/.+ :%++ /1@"#"'-+ "( +>'.%4 A":: @% )%/+"@:% A"#$"( #$% .':"#">/: >'(#%S# /(6 :"I%:B #' .*'6->% .'+"#"9%4 6%1'(+#*/@:% *%+-:#+!

J"S#$4 /(6 1'*% @*'/6:B4 #$"+ /..*'/>$ A'-:6 )*%% -. )"(/(>"/: /(6 $-1/( *%+'-*>%+ ') "(#%*(/#"'(/: 6'('* /<%(>"%+ #' @% -+%6 #' 1%%# #$% .*%++"(< (%%6 ') :'A "(>'1% >'-(#*"%+ /(6 #$% @'##'1 @"::"'(!

!$%#$%* '* ('# / >'(#*/>#-/: /..*'/>$ "+ /6'.#%64 "(#%*(/#"'(/: 6'('*+4 "(>:-6"(< #$% ,5 /(6 #$% 578;4 1-+# 6%9%:'. (%A /..*'/>$%+ #/":'*%6 #' #$% +.%>")"> (%%6+ ') 1"66:%" "(>'1% >'-(#*"%+4 / .*'>%++ #$/# $/+ ('# B%#

"*


@%<-( )'* 1/(B 6'('*+ /(6 "+ "( #$% %/*:B +#/<%+ )'* '#$%*+!!

!%$2)(K0,#0( 5%, 56.6,# )%&&03%,0.2%* G$%*% /*% 1/(B *%)'*1+ /(6 />#"9"#"%+ #$/# >'-:6 >'(#*"@-#% #' #$% @*'/6 <'/:+ ') " 6%9%:'."(< /( '.%( /(6 %?-"#/@:% +'>"%#B @/+%6 '( #$% *-:% ') :/A# /(6 #' #$% 1'*% +.%>")"> <'/:+ ') " "(+#"#-#"'(/:"Y"(< ./*#">"./#'*B .*'>%++ )'* :/A 1/I"(<4 %($/(>"(< >/./>"#"%+ )'* :/A" 1/I"(< /(6 .-@:"> %(</<%1%(#4 /(6 "1.*'9"(< :/A $/*1'("Y/#"'(!#

G$% )'::'A"(< *%>'11%(6/#"'(+ /*% @B (' 1%/(+ %S$/-+#"9%!J4$/ -"*(7 6#)0+#),/ ". 34$ ,$2)7,+3)5$ *"06".$.3!L>>'*6"(<:B4 #$%B /*% ('# #$% 1'+# "1.'*#/(# '* >*->"/: /*%/+ ') *%)'*1 '* #$% 1'+# :"I%:B #' $/9% / +"<(")">/(# "1./># '( *-:% ') :/A!L(6 #$%B 6' ('# #/I% "(#' >'(+"6%*/#"'( .':"#">/: *%+#*/"(#+!R( #$/# +%(+%4 #$%B /*% .%*$/.+ +'1%A$/# ') / A"+$ :"+#!

D.,6).6,0& ,#5%,/( %5 ."# >8? 0*1 &%)0& $#%$&#'( )%*+,#((#( K(% ') #$% I%B >'(>%*(+ ') >"#"Y%(+ "+ #$% :/>I ') "(.-# "(#' #$% +%:%>#"'( ') 6%.-#"%+!G$%*% /*% / (-1@%* ') A/B+ #' "(>*%/+% .-@:"> ./*#">"./#"'( "( +%:%>#"'( ') 6%.-#"%+e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

!

G$% !'*:6 N/(I !'*:6 N/(I4 ;*'&%>#+e P"66:%" R(>'1% 0'-(#*"%+ 2 PR0+ 34 $##.e ggA%@!A'*:6@/(I!'*<g!NJRG,g

,aG,V7LOg;VKC,0GJgE 44 >'(#%(#P8me DE\FiE]_ o ./<%;me _W[iF o .";me ]W][[ o #$%J"#%;me _E\_W 4 EE!$#1:^ R,= 2R(6%.%(6%(# ,9/:-/#"'( =*'-. 3Q DEEF!8%9%:'.1%(# V%+-:#+ "( P"66:%" R(>'1% 0'-(#*"%+e L( ,9/:-/#"'( ') !'*:6 N/(I J-..'*#! !'*:6 N/(I4 $##.e gg+"#%*%+'-*>%+!A'*:6@/(I!'*<g,aGPR8R700K5gV%+'-*>%+gPR0 h %9/:-/#"'(!.6)^ O"(( b/11%*<*%(4 " V-:% ') O/A 0$/::%(<%+ "( P"66:% R(>'1% 0'-(#*"%+ /(6 8'('* L..*'/>$%+ #' L66*%++"(< G$%14# "( P">$/%: j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

#+


+"(<:%" ./*#B +'>"/:"+# +#/#%

L .*'&%># #' /++%++ #$% /69/(#/<%+ /(6 6"+/69/(#/<%+ ') *%6->"(< #$% (-1@%* ') 6%.-#"%+ /(6 *%?-"*"(< #$/# 6%.-#"%+ @% )-::" #"1% A'-:6 /:+' @% -+%)-:!

G$%*% "+ /:+' +#":: >'(+"6%*/@:% (%%6 #' +#*%(<#$%( #$% .*')%++"'(/: >/./>"#B ') .%'.:% H + 6%.-#"%+ #$*'-<$ #*/"("(< .*'<*/1+ /(6 #' %S.:'*% A/B+ #' "1.*'9% #$%"* .%*)'*1/(>%!L >'()%*%(>% "( b%":'(<&"/(< 6"+>-++%6e W!.*'9"6"(< +-))">"%(# "()'*1/#"'( '( #$% :/A 6*/)#+ @%)'*% #$%B /*% .*%+%(#%6 @%)'*% #$% .%'.:%H+ >'(<*%++%+ )'* /6'.#"'(^ D!*%<-:/#"(< #$% +B+#%1 #' .*'1'#% *%.*%+%(#/#"9%H+ @"::+^ [!+%%I"(< '."("'(+ ') *%.*%+%(#/#"9%+ 6-*"(< :%<"+:/#"'( .:/(("(<^ _!"(9"#"(< *%.*%+%(#/#"9%+ #' /##%(6 #$% 1%%#"(<+ ') #$% +#/(6"(< >'11"##%%+ ') #$% .%'.:%H+ >'(<*%++%+ /(6 #$% 1%%#"(<+ ') #$% +.%>"/: >'11"##%%+^ ]!+%%I"(< '."("'(+ ') *%.*%+%(#/#"9%+ 6-*"(< #$% :/A" 1/I"(< .*'>%++^ i!+%%I"(< '."("'(+ '( #$% "1.:%1%(#/#"'( ') #$% :/A^ F!.*'9"6"(< +%*9">%+ #' *%.*%+%(#/#"9%+ #' )/1":"/*"Y% #$%1 A"#$ #$% .-*.'+%+ /(6 #$% >'(#%(# ') #$% :/A 6*/)#4 +->$ /+ '*</("Y"(< #*/"("(< +%++"'(+ /(6 +'1% +#-6B #'-*+ )'* *%.*%+%(#/#"9%+!

G$%*% "+ /:+' (%%6 )'* "(+#"#-#"'(/: >/./>"#B @-":6"(< ') #$% 7;0J0 O%<"+:/#"9% L))/"*+ 0'11"##%% "( >$/*<% ') >'(+#"#-#"'(/: *%9"%A /+ ./*# ') #$% )":"(< /(6 9"%A .*'>%++ 2"(>:-6"(< >:/*")">/#"'( ') .*'>%6-*/: *-:%+4 %))'*#+ #' "(>*%/+% #*/(+./*%(>B /(6 %($/(>% #"1%:B *%+.'(+%+ #' *%?-%+#+ )'* *%9"%A @B >"#"Y%(+4 +'>"/: '*</("Y/#"'(+ /(6 '#$%*+ %(#"#:%6 #' *%?-%+# *%9"%A34 /+ A%:: /+ / +#-6B #' %9/:-/#% /:#%*(/#"9% 1%>$/("+1+ #$/# 1"<$# @% 1'*% %))%>#"9%!

8%&2.2)0& $0,.2)2$0.2%* 2* ."# &#+2(&0.24# $,%)#(( L>>%++ #' "()'*1/#"'( "( / #"1%:B )/+$"'( *%1/"(+ :"1"#+! L .*'&%># /"1%6 /# "(>*%/+"(< #$% /1'-(# ') "()'*1/#"'( /9/":/@:% #' #$% .-@:"> A'-:6 @% -+%)-:!G$% 6%9%:'.1%(# ') /( '(:"(% +%*9">% )'* #*/>I"(< @"::+ /(6 +' '( +->$ /+ #$% G$'1/+ +B+#%1 "( #$% 5!J!+$'-:6 @% %S.:'*%6!

R(#%*9"%A+ A"#$ 7;0 1%1@%*+ +-<<%+# #$% (%%6 )'* %/*:"%* "(9':9%1%(# ') #$% .-@:"> "( >'11%(#"(< '( 6*/)# :/A+4 ./*#">-:/*:B :/A+ 6*/)#%6 @B #$% J#/#% 0'-(>":!

;":'# +#-6"%+ #' "(9%+#"</#% A/B+ #' /::'A >"#"Y%(+ #' '@+%*9% :%<"+:/#"9% 6%@/#%+ %"#$%* :"9% '* 9"/ #%:%9"+"'( '* #$% R(#%*(%# /:+' 1%*"# >'(+"6%*/#"'(!! R( #$"+ *%</*64 #$% %S.%*"%(>%+ ') #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:% H + 0'(<*%++ "( j$%&"/(< ;*'9"(>% 1"<$# @% 9%*B -+%)-:4 +"(>% #$%B $/9% /::'A%6 >"#"Y%(+ #' '@+%*9% :%<"+:/#"9% 6%@/#%+ @'#$ #$*'-<$ :"9% /(6 9"/ "(#%*(%# )'* B%/*+!R( P/*>$4 D E W D 4 #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( b%(/( ;*'9"(>% /:+' @*'/6>/+# :"9% "#+ +%++"'( 9"/ #$% R(#%*(%# )'*

!

P%1@%*+ ') #$% 7;0 1%(#"'(%6 "( 1%%#"(<+ #$% 6%+"*% #' *%('9/#% .%'.:% H + >'(<*%++ $/::+ #' /::'A >"#"Y%(

'@+%*9/#"'(+!

#!


#$% )"*+# #"1%!!

9#+0& L0,/%*2M0.2%* G$%*% "+ +#":: #$% (%%6 )'* >'(+"6%*/@:% >/./>"#B @-":6"(< /(6 #*/"("(< #' +#*%(<#$%( #$% )":"(< /(6 *%9"%A +B+#%14 "(>:-6"(< #$% (%%6 #' +#/(6/*6"Y% #$% .*'>%++!J$/(S" .%'.:% H+ >'(<*%++ 1%1@%*+ "6%(#")"%6 1/(B '.%*/#"'(/: >$/::%(<%+e 2W 3 :/>I ') 6%+"<(/#%6 '))">%+ /(6 +#/)) /# #$% <*/++" *''# :%9%:+4 2D 3 :/>I ') >'(+%(+-+ '( *%9"%A +>'.%4 2[ 3 %:%>#*'("> 9%*+"'( ') #$% 6'>-1%(#+ "+ -+-/::B ('# .*'9"6%6 /+ *%?-%+#%64 /(6 2_ 3 1'*% .-@:">"#B A'*I #' @% 6'(% #' */"+% /A/*%(%++!

G$%*% "+ /:+' #$% (%%6 #' +#*%(<#$%( #$% *"<$#+ ') >"#"Y%(+ #' ./*#">"./#% "( *%9"%A .*'>%++ @B *%?-%+#"(< *%9"%A+!

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

N%>/-+% / )":"(< /(6 *%9"%A +B+#%1 /:'(% A":: ('# /66*%++ #$% .*'@:%1+ ') :%<"+:/#"9% "(>'(+"+#%(>B4 '#$%* /..*'/>$%+ 1-+# /:+' @% %S.:'*%6!,S./(6"(< .':"#">/: ./*#">"./#"'( "( #$% :%<"+:/#"9% .*'>%++%+ ') :'>/:

!

" Å Æ Ä K @ N O A A ª ¨ < _ Ç È É # ! D E W D / [ E [ E F! $##.e gg*'::!+'$-!>'1gD E W D E [ [ E g

([ [ \ _ D D \ E F !+$#1:( "

O%</: L))/"*+ 0'11"++"'( ') #$% J#/(6"(< 0'11"##%% ') #$% ;%'.:%H+ 0'(<*%++ "( C"/(<+- ;*'9"(>%4 I !"%6+". %*

."# 8,0).2)# %5 863&2) 80,.2)2$0.2%* 2* @2&2*+ 0*1 B#42#: 8,%)#((4 "( #$% J.%%>$ J>*".#+ ') #$% R(#%*(/#"'(/: J%1"(/* '( P%>$/("+1 ') ;-@:"> ;/*#">"./#"'( "( V%<-:/#"'( X":"(< /(6 *%9"%A $%:6 "( 0$/(<+$/ "( P/*>$ DF " D` 4 DEWD!

#"



*%.*%+%(#/#"9%+ )*'1 6"))%*%(# @/>I<*'-(6+ "( '*6%* #' /9'"6 +%:)" %9/:-/#"'( 2D 3 A$/# "(6">/#'* +B+#%1 +$'-:6 @% /6'.#%6 "( *%9"%A^ 2 [ 3 $'A #' A%"<$ 6"))%*%(# /+.%>#+ ') *%9"%A^ 2 _ 3 A$/# #$% .*'>%6-*% +$'-:6 @% :"I%^ 2] 3 A$/# *%9"%A 1%#$'6':'<B +$'-:6 @% -+%64 "!%!*%+%/*>$4 +-*9%B4 )"%:6 #*".4 .-@:"> $%/*"(<+4 %#>4 /(6 2i 3 $'A #' .*%./*% #$% )"(/: *%.'*#!

G$% (-1@%* /(6 .*')%++"'(/: >/./>"#B ') .%'.:% >'(6->#"(< %9/:-/#"'( *%1/"(+ :"1"#%6 "( 1/(B .:/>%+! L>>'*6"(<:B4 #$%*% "+ #$% (%%6 )'* >/./>"#B @-":6"(< /(6 "(+#"#-#"'(/: +#*%(<#$%("(< #$*'-<$ #*/"("(< ') .%'.:% *%+.'(+"@:% )'* :%<"+:/#"'( '9%*+"<$#!

L('#$%* *%>'11%(6/#"'( A'-:6 @% #' 6%9%:'. .*'>%6-*/: <-"6%:"(%+ '* *%<-:/#"'(+ )'* .'+#" :%<"+:/#"'( %9/:-/#"'( @B #$% 7;0!G$%*% 1/B /:+' @% '..'*#-("#"%+ )'* >'::/@'*/#"'( A"#$ #$% (%S# *'-(6 ') .'+#" :%<"+:/#"9% *%9"%A @B #$% 7;0!L../*%(#:B4 #$% 7;0 "(#%(6+ #' "(9%+#"</#% "1.:%1%(#/#"'( ') #$% O/A '( #$% ;*'#%>#"'( ') 8"+/@:%6 ;%*+'(+ /(6 #$% O/A '( ;*'1'#"'( ') J1/:: /(6 P%6"-1" +"Y%6 ,(#%*.*"+%+!

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

! 0"#"Y%( >'(+-:#/#"9% >'11"##%%+ /*% /:+' .:/B"(< / <*%/#%* *':% "( <'9%*(/(>%!L>>'*6"(< #' #$% J#/#% 0'-(>": H+ 8%1'>*/>B !$"#% ;/.%*e " G$%B >/( /:+' ./*#">"./#%4 -.'( "(9"#/#"'(4 "( '#$%* :/A" %()'*>%1%(# %S/1"(/#"'( />#"9"#"%+

'*</("Y%6 @B #$% .%'.:%H+ .*'>-*/#'*/#%+ *%</*6"(< >*"1%+ >'11"##%6 @B >"9": +%*9/(#+4 /(6 1/I% +-<<%+#"'(+ /(6 >'11%(#+ '( 9"':/#"'(+ ') :/A /(6 6"+>".:"(% 6"+>'9%*%6!NB #$% %(6 ') DEE_ 4 / #'#/: ') W` 4 \iD .%'.:% H+ +-.%*9"+'*+ $/6 @%%( +%:%>#%64 A$' $/6 +-.%*9"+%6 #$% >'(>:-+"'( ') [ 4 [_W >/+%+!# 00ijÍÎ&ÏÐ* " X'* / <%(%*/: 6"+>-++"'( ') .-@:"> "(#%*%+# :"#"</#"'( "( 0$"(/4 +%% !"#% & Ê4p¢&ËÌ0 ÑÒÓ Ô' ! + & pq)rAst' DEWW /0 _ 1(

#$


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

!,012.2%*0& 0((2(.0*)# %* &0:( 2* ."# 1,05.2*+ $"0(# G$%*% /*% ')#%( '..'*#-("#"%+ )'* "(#%*(/#"'(/: 6'('*+ #' .*'9"6% #%>$(">/: /++"+#/(>% )'* :/A+ "( #$% 6*/)# .*'>%++!L1'(< :/A+ '( #$% /<%(6/ )'* /1%(61%(# /*% #$% O%<"+:/#"'( O/A /(6 0'(+-1%* ;*'#%>#"'( O/A!

9".*,(7)". ,+#/@:"+$1%(# ') *-:% ') :/A "+ / :'(< #%*1 /(6 '(<'"(< .*'>%++ "( /(B >'-(#*B!!$":% 0$"(/ $/+ 1/6%

! =-/(B- J$%(*- G-"&"( P/'6-( C"-)%( 8/ G"/'&"% ='(<Y-' 6% j$"6/' U"&"/( . =-"6"(< K."("'( '( 8%%.%("(< /(6 ;-+$"(< X'*A/*6 =*/(6 P%6"/#"'( !'*I )'* 0'(#*/6">#"'(+ /(6 8"+.-#%+ / . $%*%"(/)#%* =-"6"(< K."("'( '( =*/(6

P%6"/#"'(/ 2&'"(#:B "++-%6 @B #$% 0%(#*!0'11!)'* 0'1.*%$%(+"9% P<1#!') ;-@!J%>!4 #$% J-.!;%'.:%H+ 0#!d W] '#$%* /<%(>"%+4 L.*!DD 4 DEWW 3^ +%% /:+' =-"6"(< K."("'( '( =*/(6 P%6"/#"'(4 (6$,0 ('#% _E]!X'* %S/1.:%+ ') '#$%* >"*>-:/*+4 +%% =-'A-B-/( =-/(B- C"/?"/(< X/Y$" j$%(<)- C"/(+$% 6% U"&"/( . J#/#% 0'-(>": K."("'( '( J#*%(<#$%("(< #$% 0'(+#*->#"'( ') V-:% ') O/A ='9%*(1%(#/ 2 "++-%6 @B #$% J#!0'-(>":4 K>#!WE 4 DEWE 4 %))%>#"9% K>#!WE 4 DEWE 3 DEWE =5K XL . JG! 0K570RO 7KGR0,J/ ('![[ 4 ./*/!D[ 4 0402&03&# 0. $##.e ggAAA!<'9!>(gYA<IgDEWE " WW gE` g>'(#%(#h WF_EFi]!$#1^ j-"</' V%(1"( X/B-/( =-/(B- C"( U"@- =-/(>$% G"/'&"% U'-S"/(4 G"/'./( C"%$% ='(<Y-' U-/(Y% 6% V-'</( U"&"/( . J;0 J%9%*/: K."("'(+ '( X-*#$%* R1.:%1%(#"(< #$% !'*I ;*"(>".:% ') " ="9"(< ;*"'*"#B #' P%6"/#"'( /(6 0'1@"("(< P%6"/#"'( A"#$ C-6<1%(## / . $%*%"(/)#%* J;0 K."("'( '( ="9"(< ;*"'*"#B #' P%6"/#"'(/ 2"++-%6 @B #$% J-.!;%'.:%H+ 0#!4 C-(% F 4 DEWE 4 %))%>#"9%3 DEWE XLXL . J5;!;,K;O,) J 0G!8K0!/ ('!Wi 4 0402&03&# 0. $##.e ggAAA!>'-*#!<'9!>(g?A)@g+)A&gB&gDEWEE` g #DEWEE`WW h `_`\!$#1

#%


>'(+"6%*/@:% .*'<*%++4 1->$ *%1/"(+ #' @% 6'(%!R(#%*(/#"'(/: 6'('*+ $/9% .*'9"6%6 %))%>#"9% /++"+#/(>% "( #$% *%)'*1 .*'>%++!b'A%9%*4 /+ 0$"(/ $/+ <*'A( /(6 #$% :%</: /(6 .':"#">/: +B+#%1+ $/9% %9':9%64 (%A "++-%+ /(6 >$/::%(<%+ $/9% /*"+%( #$/# *%?-"*% (%A /..*'/>$%+ /(6 +#*/#%<"%+ '( #$% ./*# ') "(#%*(/#"'(/: 6'('* /<%(>"%+!G$"+ *%.'*# $/+ '-#:"(%6 '(% .'++"@:% +#*/#%<B!R( /66"#"'(4 #$% *%.'*# $/+ .*'9"6%6 / (-1@%* ') +.%>")"> /*%/+ A$%*% *%)'*1+ /*% (%%6%64 "(>:-6"(< /*%/+ A$%*% "(#%*(/#"'(/: 6'('*+ +->$ /+ #$% ,5 /(6 578; 1/B @% /@:% #' .:/B / .'+"#"9% *':%!

#&


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.