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+/+/-. -:5-:+2 12

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!.#.$%&#&#.'ndd +.6

+/+/-. -:5-:+5 12

,-(.*/&0("#1

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+/+/-. -:5-:+4 12

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!.#.$%&#&#.'ndd +.7

+/+/-. -:5-:+5 12

,-(.*/&0("#1

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!.#.$%&#&#.'ndd +.8

+/+/-. -:5-:+6 12

!"#$%&'()*#"+

Ic + +. C ,>B G !10,W 1 &(Y + I(?#1(-4R; F S/F E/8101G^ / &S1_LA & !51HSB F #. 8 G5" 4 %. 4 /CB 1 F C1!414 %.QFH%B%A491FC.4I51C91F 9W1_-A0:E/#1, hn#I(^/hb0^/H5?V>#97,/8+1##1(,>A'R##.8%(?#>5 G5"4%.4 G5"4%.4&Ia4%(?#>591F#1(&0^/F9:;&#BF#1+ J0B&GC0:_G(L4?%(?#>5G5"4%.4%.QFH%BIb G.'. 1980 G(.QF,D79A1C9:;%(?#>5G5"4%.4HMA&5^/#%.QFG^/ G(.QF9:; 8"5&Ia4@>A!B1#1(05(.*/1(3G.4P/ ,0.CH(# H5A!HMA &5^/#%.QF,0.C9:;,/F %/44.Q4&S1C.F-4DB001# H%B &M: C F 2 Ib &S1#Y , 101(V9!F%W 1 H-4B F G^ 4 H5? %.Q F H%B Ib G.'. 1980 %(?#> 5 G5" 4 %. 4 #Y J 0B & GCHMA &5^/#%.QF/:#&5C 8"5&Ia4@>A!B1#1(05(.*/1(3G.4P/ (B!0 10 Ib 5F&5^/#%.QFI(?21412"87:#Y&Ia40!C(/F &-0^/4#.4 H%B#YL4?JI/:# 8 Ib -5.F+1#4.Q4m"551(: #YJI&Ia4!De",01L"#4"!C/(3#/:# 8 Ib+4VRFIc++D8.4 %(?#>5G5"4%.4I(?,8G!10,W1&(Y+_4#1(&5^/#%.QF 01E7C%5/7 &M(1?E/8101@B14#1(HSBFS.4H88-$E-7 #. 8 G5" 4 %. 4 M/01,410_-OB HSB F #. 8 H0Y G &G4 #YFB1CSRQ4 -51CG48/#!B1(/84:Q_G(&Ia4%.!H94 &7E0HG(% G44.Q4&Ia4I(?21412"87: #1(HSBF #.8G5"4%.4C1##!B101# E/8101@B14#1(7:&8%#.8 - 110 -

!.#.$%&#&#.'ndd ++.

+/+/-. -:5-:+6 12

,-(.*/&0("#1

G5"4%.401H5A!C:;,"8#!B1G(.QF ,W1-(.84.##1(&0^/F -4A1_-0B %.!%4H5?4"C10S/FH%B5?G4+?V>#,(A1F SRQ 4 +1#I(?,8#1(K3 + (" F _4,410+(" F &0^; / %A / F &@L" O /D I ,((GG!10C1#5W 1 81# PR; F E/8101 0: E /#1,4" C 10%. ! %4S/F&S1_4,410&5^ / #%.Q F _-A&Ia49:;I(?+.#)3L.7H#B@>A_LA,"92"< <=%$0=12 >$N<!<) >"-!C"8) &(^; / F,: @" ! &Ia 4 &(^; / F(/F_4#1(&5^ / #%.Q F G(.QF4:Q G4//#JI&5^/#%.QF&Ia4+64!401# &M(1? &S1/C1#&I5:;C4/&0("#1 &S1(>A,R#!B1/&0("#1H88 8 Ib9:;H5A! &Ia4/&0("#19:;&S1(.8J0BJ7A 9.QF91F7A14 4EC81C&'()*#" + #1(%B 1 FI(?&9' H5?G!10 0.; 4 GF &Ia 4 /&0(" # 19:; M 5E5#0/F_4HFB 5 8 E7C &TM1?&(^;/F,FG(10/"(.# E/8101MC1C10L:Q _ -A & -Y 4 !B 1 VA 1 GD K J0B//#01H,7FM5.F I(?&9'#Y&I5:;C4J0BJ7A I(?&7Y4G^/ /1(0K3S/F,.FG0&(";0&I5:;C4 _4CDG8DL /1(0K3S/F,.FG0G^/G!10,"Q4-!.F G!10 -7->B H5?G!10&#5:C7L.F E/8101I5D#_-A-51CG4 &(";00:G!10-!.F/:#G(.QF 96_-A&-Y4!B1 &mAC 0.47:SRQ4 #!B 1 9:; & Ia 4 /C>B J 7A E/8101&GC8/#-51CG(.Q F !B 1 G!10-!. F 9W 1 _-A # 1(&I5:; C 4HI5F9:; & Ia 4 JIJ0B J 7A - 111 -

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+/+/-. -:5-:+- 12

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_-A&Ia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a 4 H(F8. 4 715_+H-B F CD G ,0. C &-0^/4#.89:;/7:%I(?21412"87:+/-34 &/Z. &G&47: GaYkL &GC&Ia4 &0^;/Ib G.'. 1960 H%BM/LB!F_#5A` &5^/#%.QF &0^;/,-(.*/&0("#1&@L"O!"#$%#1(K391F &'()*#"+(D4H(FSRQ4&(^;/C` 9:0-1&,:CFS/FE/8101 #Y&(";0&I5:;C4 -.401&I(:C8&9:C8E/8101#.8 YVR H94 8/#!B1E/8101G^/G49:;+?4W1I(?&9'@B14MA4 =1!?!"#$%&'()*#"+ +D7&I5:C; 4S/F#1(&5^/#%.FQ /:#I(?#1(-4RF; G^/ CD92'1,%(3#1(-1&,:CF9:;@"7M517-51CG(.QF - 112 -

!.#.$%&#&#.'ndd ++2

+/+/-. -:5-:+7 12

,-(.*/&0("#1

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!.#.$%&#&#.'ndd ++5

+/+/-. -:5-:+8 12

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!.#.$%&#&#.'ndd ++5

+/+/-. -:5-:2. 12

!"#$%&'()*#"+

/4D(.#)4"C0,>F SK?9:;G5"4%.4&Ia4&,(:4"C0 @>A-O"F 9:;&GC&5^/#G5"4%.4 &5^/#&M5"4J0B5F 7A!CG!109:;H0YG&G4&Ia4G44/#G/#S/F M((G(:M.85"#.4 &S1+RF&Ia4G4&7:C!9:;M/+?,>A#.8 &7E0HG(%J7A &M(1?G4/&0("#.4&8^;/-4B1C(:M.85"#.4M.423DH9A01# H%BH0YG&G4%A/F%#/C>B_4=1!? &S1G!1C VA1+?,>A#.8&7E0HG(% #Y%A/FJI7RF&,:CF ,B!4-4R;F+1#,01L"#M((G&7E0HG(%-(^/&,:CFS/F @>A_LA,"92"</",(?9:;J0B,.F#.7M((G_-AJ7A SK?&7:C!#.4 &S1#YJ0B#5A19"QF*14&,:CF-5.#S/F(:M.85"#.4 9W1_-A 4EC81C-51C&(^;/FS/F&S1S.7#.4&/F ,D79A1C#YJ0B ,101(V&/1_+9.QF,/Fhf1CM(A/0#.4J7A H0YG&G4,0.CIb G.'. 2000 &GC!"M1#)3 !" + 1(K3 8D L /CB 1 F(D 4 H(F &GC5FG?H44G. 7 GA 1 4 4EC81C57=1): S /F8D L _4Ib G.'. 2001 PR; F &Ia 4 #1(57=1): 9:; # 5DB 0 G4(!CJ7A I (?ECL43 0 1# H0YG&G4&Ia4G49:;&Ia4%.!S/F%.!&/F M((G,.;FJ0BJ7A &S10: G !10,101(V_4#1(I(?,14(?-!B 1 F,/F M((G 9W1F14(B!0#.8!De",01L"#M((G&7E0HG(% _4#i-01C,W1G.O-51CT8.8 &LB4 #i-01C#1( +W1#.7&(^;/F&F"4-1&,:CF ,(A1FG!10EI(BF_,&(^;/F#1( 8("+1G&F"4_4#1(-1&,:CF -(^/9:;(:M.85"#.4J0BL/801#` G^/ #1(9:; - 116 -

!.#.$%&#&#.'ndd ++6

+/+/-. -:5-:2+ 12

,-(.*/&0("#1

H0YG&G4JI(B!00^/#.8!De",01L"#&7E0HG(%IU"(>I (?88+.7#1(G4CA1CV";49:;019W1F14_4/&0("#1 PR;F0: 5.#)K?#A1!-4A1 &Ik791F_-AG49:;&SA1019W1F14 @"7#i-01C ,101(VM.e41JI&Ia4M5&0^/F/&0("#4. H5?J7A(.8#1(I#IN/FGDA0G(/F+1#(.*(?7.8-4R;F H%B *14/4D(.#)4"C0_4M((G(:M.85"#.4%A/F#1(#:7#.4 J0B_-AG4%B1FV";4&SA101HCBFF14 LB!F4.Q4&Ia4LB!F #B/4#1(&5^/#%.QFS.Q4%A4 G?H44&,:CFS/FH0YG&G4 %#JI01# &F"4,4.8,4D4J-5//#+4V.FH%# &#^/8 %A/F-CD7-1&,:CF %A/F&I5:;C4-.!-4A19:0-1&,:CF +4=1C-5.FVRFGB/C` #5.801J7A H0Y G &G4C. F !" M 1#)3 !" + 1(K3 # 1(+. 7 #1( ,FG(10/" (. # S/FE74. 5 73 (. 0 ,&Z573 ,0. C &Ia 4 (.*04%(:#51E-0 /CB1F(D4H(F H0AH0YG&G4,4.8,4D4 ,FG(10/"(.# H%B&S1&-Y4!B1!"2:#1(8("-1(+.7#1( S/F(. * 8158D L _LA J 0B J 7A &M(1?T?4.Q 4 H0Y G &G4 +?J0B_LB9:;(.#S/FM!#/4D(.#)4"C0_4M((G&9B1J( M/H0Y G &G4/C>B _ 4,V14#1(K3 / CB 1 F4:Q E+9C3S/F&S1G^/+?-1&,:CF/CB1FJ( +?&/1_+M((G -(^/&Ia4%.!S/F%.!&/F ,D79A1C H0YG&G4#Y&5^/#CD92'1,%(3&/1_+ *14&,:CF(:M.85"#.4 &5^/#&M5"4 9.QF9:;81F&(^;/F&S1#Y J0B&-Y47A!C &LB4 &(^;/FE5#(A/4 H0YG&G4&Ia4hf1C9:; - 117 -

!.#.$%&#&#.'ndd ++-

+/+/-. -:5-:22 12

!"#$%&'()*#"+

G"7!B1E5#(A/4&Ia4hb0^/04D)C3 %A/FH#AJS+.7#1( _LA (?88#1(+W1#.7#1(I5B/CG1(38/4 ,4.8,4D4_-A 5F410_4M"2:,1(&#:C!E% 4EC81CE5#(A/4S/FH0YG&G4+?J0BGB/C %B 1 F#. 8 E/8101 9.Q F G>B 0: # 1(#W 1 -47&IN 1 -01C!B 1 G!(+?57I("01KG1(38/45F&9B1J( H5A!_LA(?88 Cap-anN-KraNe G^ / +W 1 #. 7 +W 1 4!4G1(3 8 /4(!0 H5A ! _-A ," 9 2"< P^Q / S1C#. 4 J7A H%B 4 EC81CM5. F F14 7A 1 4/^; 4 /1++?%B 1 F#. 4 8A 1 F /CB 1 F&LB 4 E/8101 J0B & /1M5. F F144" ! &G5: C (3 H0Y G &G4&/1 E/8101 J0B , 4. 8 ,4D 4 #1(SD 7 &+1?4Q 6 0. 4 L1Chc\ F H0Y G &G4 ,4.8,4D4 CD92'1,%(3#1(-1&,:CF4.Q4,?9A/4#1(_LA 7D5CM"4"+S/F@>A,0.G( #1(-1&,:CF&5^/#%.QF&Ia4&!9: 9:;H,7F_-AI(?L1L4&-Y4G!10,101(V_4#1(_LA 7D 5 CM" 4" + %. 7 ," 4 _+ PR; F E/8101M" ,> + 43 _ -A & -Y 4 !B 1 4";F#!B1 &(^;/F-4R;F9:;9:0F14El)K1%5/7G^/ #1( %.7,"4_+&#:;C!#.8,FG(10/"(.# LB!FI51CIb G.'. 2002 9:;(.*,=1/&0("#1C/0_-A0:#1(_LA#W15.F9-1( #.8/"(.# %/44.Q4#(?H,,.FG0JI_491F,4.8,4D4 8DL E/81019:&; Ia4!De," 01L"#(?7.805(.*_4&!514.4Q //#01,!4#(?H,G.7GA14,FG(10/"(.# E/8101 - 118 -

!.#.$%&#&#.'ndd ++7

+/+/-. -:5-:25 12

,-(.*/&0("#1

8/#!B1&S1J0BJ7AG.7GA14,FG(109D#,FG(10 H%B &S1G.7GA14,FG(10EFB` Ic++D8.4#(?H,,.FG0M.7 0191FJ0B & /1,FG(10/" (. # G4+64!401#9:; _ -A G!10,W 1 G. O #. 8 I(?&7Y 4 Ic O -1,FG(10/" (. # +R F &5^/#E/8101 -(^/&0^;/&#"7!"#$%!/5,%(:9_4LB!F#51F &7^/4#.4C1C4 G.'. 2008 %/44.Q4/C>B_4LB!F_#5A 7: & 8%G(.Q F H(# H0Y G &G4%A / F#1(,(A 1 F&G0&IO CoQnOry YirsO G^/CR7V^/@5I(?ECL43S/FL1%"&Ia4 9:;%.QF LB!F4.Q4#i-01C/4D0.%"&F"4LB!C&-5^/,V18.4 #1(&F"4 C.F&Ia49:;V#&V:CF/C>B_4(.*,=1 H0YG&G4 8/#!B1G!(&5^;/47:&8% &M^;/&SA1JIH#AIcO-1!"#$% ,V18.4#1(&F"4_4,=1 SK?9:;E/8101%/8#5.801 &+Y801#!B1 G49:;+?&Ia4I(?21412"87:/&0("#1J7A %A/F,101(V+.7#1(#.8!"#$%01##!B1-4R;F/CB1F M(A/0#.4J7A ,D79A1CH0YG&G4#Y%A/FC/07:&8% 4:;G^/ aQN^emenO &0^;/G4&(1%A/F&@L"O!"#$%PR;FJ0B(>A%.! 5B!F-4A1 0.4+?,?9A/4%.!%4S/FG4G44.Q4//#01 /: # /CB 1 F-4R; F 9:; H 0Y G &G4&,: C JI01#G^ / !.49:;!"#$%!/5,%(:9&Ia4SB1!7.F H0YG&G4#5.8M>7 -1&,: C F!B 1 M^Q 4 *14S/F&'()*#" + /&0(" # 1C. F HSYFH(F/C>B E/8101&5C8/#!B1H0YG&G4 IQO oi KoQch J0B(>A!B1IcO-1G^//?J( J0B&SA1_+IcO-1 &GC - 119 -

!.#.$%&#&#.'ndd ++8

+/+/-. -:5-:24 12

!"#$%&'()*#"+

0: ,^; / JI,. 0 =1)K3 H 0Y G &G4 V10!B 1 0: 8A 1 4#:; - 5. F H0YG&G48/#!B1+W1J0BJ7A 9:0F14E/8101+RF//# 018/#!B 1 0: 8A 1 4&C/?+4+W 1 J0B J 7A H5A ! +?&SA 1 _+ -.!/#H5?L:!"%S/FI(?L1L4G49W1F14J7A/CB1FJ( (%)!*HM2RHP#%; #1(&5^/#%.FQ I(?21412"87:_4=1!?&'()*#"+%#%;6 *14&,:CF-5.#9:;+?L:QS17@5&5^/#%.QFG^/ #5DB0H(FF14@"!S1!(1CJ7A%;69:;0:#1('R#)1%;6#!B1 I("OO1%(: &-%D9:;8"5 G5"4%.4 L4?+/(3+ 8DL @>AMB/ J7A #Y&M(1?L4?_+*14&,:CF#5DB04:Q _4#1(&5^ / #%.Q F I(?21412" 8 7: Ib G.'. 1992 PR;F&Ia4LB!F-5.F+1#,FG(10/B1!&I/(3&P:C 8DLG4MB/0:G?H444"C05A0-510 G5"4%.4EGB48DL 5FJ7AV/^ !B1&#BF01# &M(1?8DL&GC&Ia4(/FI(?21412"87: 8 Ib &Ia4I(?21412"87: 4 Ib SK?9:;G5"4%.4 &Ia4@>A!B1#1(05(.*8A144/# H%BM/&'()*#"+&(";00: IcO-1 8DL#YC.F&4A4H%B&(^;/FG!100.;4GF &4A4&(^;/F (?-!B 1 FI(?&9' H%B G 5" 4 %. 4 L> 2 F&(^; / F&'()*#" + 0: I (?ECG-4R; F 9:; 9: 0 F14-1&,: C FS/F&S1L> SRQ 4 01 #YG^/ IO.s Khe Hconomy, SOQpiNl +4,101(V &/1L4?J7A G(1!4:Q#Y&-0^/4#.4 #5DB0H(FF14@"!S1! - 120 -

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+/+/-. -:5-:25 12

,-(.*/&0("#1

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!.#.$%&#&#.'ndd +2+

+/+/-. -:5-:26 12

!"#$%&'()*#"+

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!.#.$%&#&#.'ndd +22

+/+/-. -:5-:26 12

,-(.*/&0("#1

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!.#.$%&#&#.'ndd +25

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