• Nie Znaleziono Wyników

Transport Companies on Public Procurement Market – the Case of Poland

N/A
N/A
Protected

Academic year: 2021

Share "Transport Companies on Public Procurement Market – the Case of Poland"

Copied!
17
0
0

Pełen tekst

(1)

! " # $ % & ' ( ) * & " " & * # + , - . & ( % * & * # /,+& #,(!,%,0&! ##1213#1454# 65758# !"#$%& '()*+, 3 -./*0+1" 2)%&,) #

!"#$%&! '(&)%"#*+$'&#'%,-.*('%!&(,!+)+# '

)"!/+ '0' 1+'("$+'&2'%&."#3'

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

/;<'=>7?5@'?FEHCD;F?#>;QDEH@:C3#DM<I@>#DF;>MF:Q:H?#>;H?FE>?C3#@HA:C?Q:H?#;M?IEUCX# #

#

A: 3+B+.&%)+# '&2' !"#$%&! '$+!B*(+$'*#'%&."#3

# "9:#QEFR:?#;B#DM<I@>#DF;>MF:Q:H?#@H#S;IEHG#G:A:I;D:G#EB?:F#?9:#U:EF#5[[4X# &?#JEC#>;HH:>?:G#J@?9#?9:#@H?F;GM>?@;H#;B#?9:#DF@H>@DI:C#;B#BF::#QEFR:?#:>;H;QU3# EHG#:CD:>@EIIU#J@?9@H#@?C#BFEQ:C3#G:A:I;DQ:H?#;B#?9:#DF@AE?:#C:>?;F#EHG#@?C#DEF?W H:F#:LMEI@?U#J@?9#?9:#DM<I@>#C:>?;FX#*@QMI?EH:;MCIU#?FEHCB;FQE?@;H#@H#DM<I@>#DF;W >MF:Q:H?#@?C:IB#?;;R#DIE>:#@H#?9:#B;FQ#;B#Q;A@HK#BF;Q#DMF>9EC@HK#K;;GC#?;#DMFW >9EC@HK#C:FA@>:CX##

&?# JEC# ;B# CD:>@EI# @QD;F?EH>:# @H# ?9:# >EC:# ;B# ?9:# ?FEHCD;F?# C:>?;F3# J@?9@H# @?C# BFEQ:C#?9:F:#EDD:EF:G#QEHU#H:J#DF@AE?:#?FEHCD;F?#:H?:FDF@C:C#?9E?#C?EF?:G#DF;A@GW @HK# G@BB:F:H?# C:FA@>:CX# H;?9:F# BE>?;F# @HBIM:H>@HK# ?9:# G:A:I;DQ:H?# ;B# ?FEHCD;F?# #################################################

#SF;B:CC;F3#\EH#];>9EH;JCR@#$H@A:FC@?U3#S@;?FR;J#"FU<MHEICR@X# #0X*>3#$H@A:FC@?U#;B#+;GZX#

(2)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

571#

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

-:A:I;D@HK# :V>9EHK:# @C# >;HH:>?:G# J@?9# ?9:# G:A:I;DQ:H?# ;B# D9UC@>EI# BI;JC# ;B# K;;GC# EHG# ?9:@F# C:FA@>:X# "9:# ($# Q:Q<:F# >;MH?F@:C# EIF:EGU# D;CC:C# E# J:IIW G:A:I;D:G#EHG#C?:EG@IU#KF;J@HK#H:?#;B#?FEHCD;F?#>;HH:>?@;HC#_IEHG3#JE?:F3#@HIEHG3# C:E#EHG#E@F`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

"9:# I:A:I# ;B#;BB:F:G# C:FA@>:C# EHG# QEHU# E# ?@Q:# ?9:@F# DFE>?@>EI# :V>IMC@A:H:CC# >EMC:G#?9E?#?FEHCD;F?#:H?:FDF@C:C#<:>;Q:#E#C:F@;MC#<:H:B@>@EFU#;B#?9:#DM<I@>#C:>W ?;F#@X:X#@HC?@?M?@;HC#;D:FE?@HK#DM<I@>#B@HEH>:CX#P@G:H@HK#;B#>;;D:FE?@;H#<:?J::H# ?9:# DM<I@># C:>?;F# EHG# :H?:FDF@C:C# F:HG:F@HK# C:FA@>:C# ?MFHC# ;M?# ?;# <:# :CD:>@EIIU# MC:BMI#<:>EMC:#@?#@C#>;HGM>@A:#?;#?9:#G:A:I;DQ:H?#;B#?9:#?FEHCD;F?#C:>?;FX#a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

# #

(3)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 57b#

C: 1+'(,!!+# '$* ," *&#'&2' 1+' !"#$%&! '$+( &!'' *#'%&."#3'

#

?#DF:C:H?#F;EG#?FEHCD;F?#EQ;MH?C#?;#22c#;B#EII#?FEHCD;F?#;B#K;;GC#EHG#d5c# ;B#DECC:HK:F#?FEHCD;F?X#"FEHCD;F?#:H?:FDF@C:C#>EFFU#Q;F:#EHG#Q;F:#K;;GCX#"9:F:W B;F:3# ?9:# H:?J;FR# ;B# F;EG# >;HH:>?@;HC# <:>;Q:# ;B# :CC:H?@EI# Q:EH@HKX# &H# ?9:# CD9:F:#;B#?FEHCD;F?#?9:#(MF;D:EH#$H@;H#E>>:D?:G#?;#>EFFU#@H?;#:BB:>?#?9:#C;#>EII:G# "&% #DF;=:>?X#"FEHCD;F?#&HBFEC?FM>?MF:#%::GC# CC:CCQ:H?#:VDIE@HC#?9E?#?9:#?:FF@W ?;FU#;B#(MF;D:#J@II#<:#>;HH:>?:G#<U#?FEHCD;F?#>;FF@G;FC#J9@>9#J@II#>F:E?:# QE@H# >;9:F:H?#?FEHCD;F?#H:?J;FR#_S@:F:KMG#144b3#DX#ed`X#(MF;D:EH#SEFI@EQ:H?#C?F:CC:C# ?9:#H::G#?;#>;QDI:?:#EHG#:VDEHG#?9:#?FEHCW(MF;D:EH#H:?J;FRCX#-M:#?;#?9@C#DF;W D;C:G#C;IM?@;H#@H#?9:#B;FQ#;B#"&% #DF;KFEQQ:#@?#C9;MIG#:HE<I:3#:CD:>@EIIU#H:J# Q:Q<:F# >;MH?F@:C3# ?;# :LM@D# ?9:QC:IA:C# J@?9# E# Q;G:FH# ?FEHCD;F?# @HBFEC?FM>?MF:X# (MF;D:EH#F:D;F?C#:QD9EC@Z:#?9E?#@?#@C#?9:#($fC#;<=:>?@A:#?;#C?F:HK?9:H#?9:#>;QW D:?@?@A:H:CC#;B#G@CEGAEH?EK:G#F:K@;HC#<U#@QDF;A@HK#?9:#LMEI@?U#;B#F;EGC#@H>IMG:G# @H#"(%W"X#g;J:A:F3#!;QQ@CC@;H#>EIIC#?;#>;HC@G:F#E#CUC?:Q#B;F#KFEGMEI#QEFR:?# @H?:KFE?@;H# @H# ?9:# F;EG# ?FEHCD;F?# C:>?;FX# &?# :QD9EC@C:C# ?9E?# ?9:# B@FC?# C?:D# @H# ?9@C# DF;>:CC#@C#?9:#H:>:CC@?U#B;F#?9:#Q;G:FE?:#;D:H@HK#MD#;B#?FEHCBF;H?@:F#?FEBB@>3#EB?:F# J9@>9#EHU#<EFF@:FC#C9;MIG#<:#I@<:FEI@Z:G#<M?#@H#C?EK:CX#,H#:HA@F;HQ:H?EI#DF;?:>W ?@;H#KF;MHGC3#;HIU#?9;C:#9:EAU#K;;GC#A:9@>I:C#?9E?#Q::?#?9:#($),#&'#C?EHGEFG# BF;Q#14473#C9;MIG#<:#@H>IMG:G#@H#?9:#LM;?E#F:KMIE?@;HCX#(A:H#<:B;F:#E>>:CC@;H3# 9EFQ;H@CE?@;H#Q:ECMF:C#J:F:#F:LM@F:G#@H#?9:#?:>9H@>EI#CD9:F:#EHG#@H#?9:#EF:EC#;B# IE<;MF3#C;>@EI#EHG#?EV#IEJ#?;#DF:A:H?#G@CFMD?@;H#;B#?9:#QEFR:?#GM:#?;#?9:#F:I;>EW ?@;H#;B#B@FQC#BF;Q#?9:#($#O57#>;MH?F@:C#?;#?9:#H:J#Q:Q<:F#C?E?:CX#&?#I:EGC#?;#?9:# >:H?FEI@Z:G# ?FEHCD;F?# H:?J;FR# MC@HK# BEC?# BI:V@<I:# ?FEHCD;F?# ?9E?# G;Q@HE?:C# EHG# F:DIE>:C#I;>EI#CUC?:QC#;B#?FEHCD;F?X#

S;IEHG# J@II# EIC;# <:H:B@?# BF;Q# ?9:# DF;KFEQQ:C# B@HEH>:G# J@?9# ?9:# (MF;D:EH# $H@;H#CMDD;F?X#&H#?9:#U:EFC#144eO545b#S;IEHG#J@II#F:>:@A:#BF;Q#?9:#,D:FE?@;HEI# SF;KFEQQ:#h&HBFEC?FM>?MF:#EHG#?9:#(HA@F;HQ:H?i#15#<@II@;H#:MF;C#_DIMC#7#<@II@;H# S;IEHGYC#;JH#>;H?F@<M?@;H`X#"9:#Q;H:U#J@II#<:#MC:G#B;F#@HA:C?Q:H?C#@H#<M@IG@HK# F;EGC3# Q;?;FJEUC3# BEC?# F;EGC3# F@HK# F;EGC3# F:>;HC?FM>?@;H# EHG# Q;G:FH@ZE?@;H# ;B# HE?@;HEI# F;EGC# EHG# G:A:I;DQ:H?# ;B# E@FD;F?C3# J9:F:# ?9:# QE=;F@?U# ;B# ?9:Q# EF:# @HW >IMG:G#@H#?FEHCW(MF;D:EH#?FEHCD;F?#H:?J;FRC#O#"(%W"#_]MjQ@>Z#144k3#DX#12`X#

&?#>EMC:C#?9:#H::G#;B#Q;G:FH@Z@HK#?FEHCD;F?#J@?9#F:KEFG#?;#;HK;@HK#>9EHK:C# <:>EMC:# C@H>:# 0EU# 144[# ?9:# (MF;D:EH# ?FEHCD;F?# C:FA@>:C# QEFR:?# J@II# <:# BMIIU# E>>:CC@<I:#?;#S;I@C9#:H?:FDF@C:C#_@?#J@II#<:#:VDEHG:G#<U#D;CC@<@I@?@:C#;B#F:HG:F@HK# ?FEHCD;F?# C:FA@>:C# @HC@G:# ?9:# ;IG# $H@;H# >;MH?F@:C`X# &?# @C# EIC;# >;HH:>?:G# J@?9# KF;J@HK# G:QEHGC# >;H>:FH@HK# ?FEHCD;F?# D;CC@<@I@?@:C# @H# ?9:# CD9:F:# ;B# F:HG:F@HK# QECC#C:FA@>:C#;B#CD:>@EI@C?#>9EFE>?:FX#"9:#>;H>:D?#;B#>F:E?@HK#?9:#C;#>EII:G#?FEHCW D;F?# >;FF@G;FC# >;Q<@H@HK# G@BB:F:H?# <FEH>9:C# ;B# ?FEHCD;F?# @C# DM?# @H# :BB:>?# EHG# ?9EHRC# ?;# @?# ?9:# ?@Q:# ;B# ?FEHCD;F?# DF;>:CC# J@II# <:# C9;F?:H:G# _S@:F@:KMG# 144b3##

(4)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

572#

DX#ee`X#&?#@H>F:EC:C#?9:#;DD;F?MH@?@:C#?;#F:HG:F#?FEHCD;F?#C:FA@>:C#;H#E#QECC#C>EI:# <:>EMC:#>F:E?@HK#H:?J;FRC#J@?9@H#@H?:FQ;GEI#BF:@K9?#?FEHCD;F?#@H>F:EC:C#@?C#EGEDW ?E?@;H#D;CC@<@I@?@:CX#

$C@HK# @H?:FQ;GEI# BF:@K9?# ?FEHCD;F?# <EC:G# ;H# ?FEG@?@;HEI# EHG# @HH;AE?@A:# Q;G:C# ;B# ?FEHCD;F?# BE>@I@?E?:C# @QDF;A:Q:H?# EHG# EG=MC?Q:H?# ;B# ?FEHCD;F?# ;B# <;?9# QECC#EHG#GFU#<MIR#K;;GCX#&?#EIC;#F:LM@F:C#@QDF;A:Q:H?#;B#?9:#;M?DM?#;B#I;K@C?@># EHG# ?FEHCD;F?# >;QDEH@:CX# &?# >EH# <:# :VD:>?:G# ?9E?# J@?9# EDD:EFEH>:# ;B# AEF@;MC# B;FQC# ;B# >;;D:FE?@;H# _:CD:>@EIIU# J@?9@H# @H?:FQ;GEI# BF:@K9?# ?FEHCD;F?`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

?#?9:#Q;Q:H?#@H#S;IEHG#Q;F:#?9EH#9EIB#;B#?9:#?;?EI#C?;>R#;B#Q;G:FH#I;K@CW ?@>C# CDE>:# @C# I;>E?:G# ;M?C@G:# ?9:# PEFCEJ# EF:EX# "9:# ;?9:F# C@KH@B@>EH?# >;H>:H?FEW ?@;HC# @H>IMG:# ]E?;J@>:3# S;ZHEH# EHG# +;GZX# 0;C?# F:K@;HEI# I;>E?@;HC# EF:# B;>MC:G# ;H#h<@K#<;Vi#I;K@C?@>C#J@?9#Q@H@QMQ#MH@?#C@Z:C#;B#13744#O#b3444#CL#QX3#QEHU#;B# ?9:Q#G;Q@HE?:G#<U#QE=;F#F:?E@I:FC#J9;#9EA:#C:?#MD#HE?@;HEI#EHG#F:K@;HEI#G@C?F@W <M?@;H#>:H?F:CX#SF@Q:#F:H?C#@H#PEFCEJ#9EA:#F@C:H#?;#le1#mCL#Q#mEHHMQ3#G:CD@?:# F@C@HK#AE>EH>UX#_!n#)@>9EFG#(II@C3#,>?;<:F#144d`X#!:H?FEI#):K@;H#F:DF:C:H?:G#<U# +;GZ#EHG#S@;?FR;J#"FU<MHEICR@#9EC#7773444#CL#Q#;B#:V@C?@HK#Q;G:FH#C?;>R#J@?9# E# BMF?9:F# 1b73444# CL# Q# <:@HK# >MFF:H?IU# MHG:F# >;HC?FM>?@;HX# -MF@HK# ?9:# 144d## E# ?;?EI# ;B# 12e3544# CL# Q# ;B# JEF:9;MC:# CDE>:# 9EC# <::H# I:EC:GX# "9:# AE>EH>U# FE?:# >MFF:H?IU#C?EHGC#E?#7X5c#_!n#)@>9EFG#(II@C3#ob#144d`X#

"9:#KF;J@HK#@QD;F?EH>:#;B#?9:#C:>?;F#>EHH;?#<:#>;HBMC:G#=MC?#J@?9#?9:#:V@CW ?:H>:# ;B# ?9:# I;K@C?@>C# >:H?F:C# J9@>9# EF:# ;B# >;MFC:# C@KH@B@>EH?# B;F# ?9:# C:>?;F# EHG# >;H?F@<M?:# ?;# ?9:# FE?:# ;B# :QDI;UQ:H?# @H# ?9:# EF:E# ;B# ?9:@F# I;>E?@;HX# &H# ;FG:F# ?;# EHEIUC:#?9:#QEFR:?#C@?ME?@;H#;B#?9@C#C:>?;F#C;Q:#HMQ<:FC#J:F:#DF:C:H?:G#@H#?9:# "E<I:#5X#"9@C#?E<I:#C9;JC#:C?@QE?@;H#;B#?9:#D;?:H?@EI#;B#?9@C#QEFR:?#@H#S;IEHG#@H# ?9:#U:EFC#5[[2O144eX#

"E<I:# 5# DF:C:H?C# ?9E?# ?9:# U:EFC# 5[[7O5[[e# EHG# 144k# EF:# >9EFE>?:F@Z:G# <U# F:IE?@A:IU# 9@K9# GUHEQ@># ;B# F:A:HM:C# _@H# >;QDEF@C;H# J@?9# DF:A@;MC# U:EF`X# "9:# I;J:C?#;H:#JEC#@H#1447#EB?:F#S;IEHGYC#E>>:CC@;H#?;#?9:#($X#):A:HM:C#BF;Q#CEI:# ;B# DF;GM>?C# EHG# C?;FEK:# @H# ?FEHCD;F?# EHG# C?;FEK:# C:>?;F# @H>IMG:# F:>:@D?C# B;F# ?9:# ?FEHCD;F?# ;B# K;;GC3# DECC:HK:FC# _@H>IMG:G# MF<EH# F;EG# ?FEHCD;F?`3# <EKKEK:# EHG# QE@I3# F:>:@D?C# B;F# ?FEHCWC9@DD@HK3# B;FJEFG@HK3# ?9:# C?;FEK:# EHG# JEF:9;MC@HK# ;B# BF:@K9?#EHG#;?9:F#C:FA@>:C#>;HH:>?:G#J@?9#?FEHCD;F?#C:FA@>@HK#EC#J:II#EC#F:>:@D?C# BF;Q#?9:#E>?@A@?@:C#;B#?FEA:I#;BB@>:C3#:V>MFC@;H#KM@G:C3#?;MF#KM@G:CX#

(5)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 577#

%MQ<:FC# BF;Q# "E<I:# 5# C9;J# ?9E?# ?9:# @QD;F?EH>:# ;B# F;EG# ?FEHCD;F?# @H# ?;?EI# CEI:C#AEIM:#@C#C@KH@B@>EH?IU#@H>F:EC@HKX#"9@C#D:F>:H?EK:#F;C:#BF;Q#b132#@H#5[[2#?;# 753k# D:F# >:H?# @H# 144eX# g;J:A:F3# ?9:# BE>?# ?9E?# @H# 144k# EHG# 144e# ?9:# B@KMF:C# EF:# LM@?:#C@Q@IEF#Q@K9?#C::Q#?9@C#D:F>:H?EK:#C9EF:#9EC#F:E>9:G#?9:# 9@K9:C?#D;CC@<I:# I:A:I# EHG# H;J# J:# >EH# :VD:>?# FE?9:F# CQEII:F# >;H?F@<M?@;H# ;B# ?9:# F;EG# ?FEHCD;F?# F:A:HM:C#@H#?9:#?;?EI#CEI:C#F:A:HM:C#;B#?FEHCD;F?#EHG#C?;FEK:#C:>?;FX#&H#?9:#(MF;W D:EH# $H@;H# >;MH?F@:C# ?9:# C9EF:# ;B# F;EG# ?FEHCD;F?# ;B# K;;GC# @H# ?;?EI# ?FEHCD;F?# ;B# K;;GC#@C#e5Xb#D:F#>:H?#J9@I:#@H#S;IEHG#?9@C#FE?:#<:>EQ:#Q;F:#?9EH#ed#D:F#>:H?#@H# 144kX# &B# J:# >;QDEF:# ?9:# D:F>:H?EK:# ;B# E>?@A:# D;DMIE?@;H# J;FR@HK# @H# ?FEHCD;F?# EF:E#@H#S;IEHG#J@?9#@?C#>;MH?:FDEF?#@H#(MF;D:#?9:#G@BB:F:H>:#@C#CMFDF@C@HKIU#9@K9N# 15Xb#D:F#>:H?#@H#?9:#($#EHG#bXe#D:F#>:H?#@H#S;IEHGX#"9:#E<;A:#?E<I:#CMFDF@C@HKIU# C9;JC#?9E?#EA:FEK:#:QDI;UQ:H?#@C#G:>F:EC@HK#EHG#:A:H#?9;MK9#@?# @C#H;?#EC#9@K9# EC#@H#?9:#U:EFC#5[[2O5[[d#C@H>:#144k#@?#C?EF?C#?;#F@C:3#<;?9#@H#?9:#C:>?;F#EC#J:II#EC# @H#?9:#IEHG#EHG#D@D:I@H:#?FEHCD;F?X## # "E<I:#5X#"9:#QEFR:?#D;?:H?@EI#;B#?9:#C:>?;F#h"FEHCD;F?3#C?;FEK:#EHG#>;QQMH@>E?@;Hi## @H#5[[2O144e' p:EFC# *EI:C# F:A:HM:C#;B# ?FEHCD;F?# EHG#C?;FEK:# ;B#DF;GM>?C# _C:FA@>:C`3# _>MFF:H?# DF@>:C`3## DM<I@>#EHG# DF@AE?:# C:>?;F# @H#<@II@;H#ZI *EI:C# F:A:HM:#;B# DF;GM>?#EHG# C:FA@>:C#;B# IEHG#EHG# D@D:I@H:# ?FEHCD;F?3# _>MFF:H?# DF@>:C`3# DM<I@>#EHG# DF@AE?:# C:>?;F# @H#<@II@;H#ZI# *EI:C# F:A:HM:#;B# F;EG#?FEHCW D;F?3## _>MFF:H?# DF@>:C`3## DM<I@>#EHG# DF@AE?:# C:>?;F# @H#<@II@;H#ZI S:F>:H?EK:# C9EF:#;B# F;EG#?FEHCW D;F?#@H# F:A:HM:C# BF;Q#CEI:# -UHEQ@>C# ;B#F:A:HM:C# BF;Q#CEI:# _DF:A@;MC# U:EF#q#544` &HA:C?Q:H?# ;M?IEUC#;H# ?FEHCD;F?3# C?;FEK:#EHG# >;QQMH@W >E?@;H#O# _>MFF:H?# DF@>:C`3# DM<I@>#EHG# DF@AE?:# C:>?;F## @H#<@II@;H#ZI A:FEK:# DE@G#:QW DI;UQ:H?#@H# ?FEHCD;F?3# C?;FEK:#EHG# >;QQMH@W >E?@;H3# DM<I@>#EHG# DF@AE?:# C:>?;F## @H#?9;MCEHG# A:FEK:# DE@G#:QW DI;UQ:H?#@H# IEHG#EHG# D@D:I@H:# ?FEHCD;F?3# DM<I@>#EHG# DF@AE?:# C:>?;F# @H#?9;MCEHG## 5[[2# 5[[7# 5[[k# 5[[e# 5[[d# 5[[[# 1444# 1445# 1441# 144b# 1442# 1447# 144k# 144e# 14Xe# 1eXk# b7X4# 25Xb# 2kX7# 74Xe# 77X[# kbX5# e4X7# edXd# ddX2# d[Xd# 555X1# 511XeE# 57X[# 5kXb# 5[X[# 1bX4# 1kXd# b1X2# bkXb# bkXk# 21X1# 2dX[# 7bXd# 7dX2# e2X5# d5XkE# kXe# 54X5# 51X2# 52X2# 5dX1# 1bX1# 1eX4# 1eX1# 1eX7# b1X[# bdX1# 21X1# 7kXd# kbXbE# b1X2# bkXk# b7X2# b2Xd# b[X5# 24X4# 2dXb# 2bX5# b[X4# 25Xd# 2bX1# 2eX4# 75X5# 75Xk# O# 5bbXb# 51kXd# 55dX4# 551Xk# 54[X4# 554Xb# 551X[# 555Xe# 555Xd# 551X1# 545Xk# 51bXd# 554Xb# bX1# 7X5# eXd# 55X2# 5bX1# 57X1# 5eX4# 52X[# 55Xd# 55X5# 55X2# 51Xb# 57X5# 5kX[# e1dX5# e1bX2# e15X[# eb4Xe# e17X1# kdkXb# k72X[# kb4X2# k45X[# 7dkXb# 7dbX4# 7eeXe# 7[kXe# k15X4# 2ebXb# 2k7X2# 27kXd# 27[X1# 22eX5# 255X[# bdkXb# bk4Xk# b2bXk# b25X4# b21Xk# b27X1# bk4X5# beeXk# *;MF>:N#*?E?@C?@>EI#p:EF<;;R#;B#?9:#):DM<I@>#;B#S;IEHG#BF;Q#p:EFC#5[[7O144d3#!:H?FEI#*?E?@C?@W >EI#,BB@>:3#PEFCEJ3#hEi#O#CEI:C#F:A:HM:#B;F#144e#EF:#H;?#>;QDI:?:X#

(6)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

57k#

"9:# @HBFEC?FM>?MF:# ;B# ?FEHCD;F?# @C# ?;# CMDD;F?# ;D:FE?@;HC# EHG# G:QEHGC# ;B# :HW ?:FDF@C:CX#&?C#LMEI@?U#EHG#C?EHGEFGC#C9;MIG#Q::?#F:LM@F:Q:H?C#;B#;MF#?@Q:CX#g;JW :A:F3# @?# F:LM@F:C# CMDD;F?# ;B# BE>?;FC# >;HGM>@A:# ?;# ?9:# G:A:I;DQ:H?# ;B# ?FEHCD;F?X# "9:# DF;>:CC# ;B# BMF?9:F# >;HC;I@GE?@;H# ;B# ?9:# $H@;H# @H?;# ;H:# 9:?:F;K:H:;MC# :>;W H;Q@># <;GU3# EHG# @H# >EC:# ;B# S;IEHG# :CD:>@EIIU# E>>:CC@;H# ?;# ?9:# (>;H;Q@># EHG# 0;H:?EFU#$H@;H3#C9;MIG#<:#;B#<EC@>#@QD;F?EH>:X# # # D: 3" "'"#3')+ 1&3&.&EF' # HEIUZ:G#GE?E#J@II#>;Q:#BF;Q#?9:#($#;BB@>@EI#G;>MQ:H?C#EC#J:II#EH#HE?@;HEI# G;>MQ:H?C#@H#;FG:F#?;#DF:C:H?#DF:C:H>:#;B#?FEHCD;F?#C:>?;F#@H#DM<I@>#DF;>MF:Q:H?# QEFR:?X# 0;F:;A:F# HE?@;HEI# C?E?@C?@>C# >;H>:FH@HK# E>?MEI# C@?ME?@;H# ;B# ?FEHCD;F?# C:>?;F# J@II# <:# EHEIUZ:GX# "9:# @QD;F?EH>:# ;B# ?FEHCD;F?# C:>?;F# ;H# DM<I@># DF;>MF:W Q:H?# QEFR:?# J@II#<:#G@C>MCC:G#;H#?9:#<EC:C#;B#?9:#F:CMI?C#;B#:QD@F@>EI#F:C:EF>9# >;HGM>?:G#@H#S;IEHGX##

"9:#;<=:>?@A:#;B#?9@C#DED:F#@C#C?E?:G#@H#?9:#B;II;J@HK#F:C:EF>9#LM:C?@;HCN# O#P9E?#@C#?9:# QEFR:?#D;?:H?@EI#;B#?FEHCD;F?#EHG#C?;FEK:#C:>?;F# @H#S;IEHGT#O# C?E?@C?@>EI#EHEIUC@C#O#P9E?#@C#?9:#F;I:#;B#?9:#?FEHCD;F?#EHG#C?;FEK:#>;QDEH@:C#;H# ?9:#DM<I@>#DF;>MF:Q:H?#QEFR:?T#

O#";#J9@>9#:V?:H?#?9:#?FEHCD;F?#>;QDEH@:C#@H#S;IEHG#EF:#E>?@A:#@H#@H>MFF@HK# @HA:C?Q:H?#;M?IEUCT#

"9:# EHEIUC@C# J@II# K@A:# E# <F@:B# MHG:FC?EHG@HK# ;B# 9;J# DM<I@># DF;>MF:Q:H?# QEFR:?# @H# S;IEHG# @C# F:KMIE?:G# EHG# 9;J# E>?@A:# ?FEHCD;F?# >;QDEH@:C# EF:# @H# ?9@C# QEFR:?X#0;F:;A:F#@?#J@II#<:#C?E?@C?@>EIIU#DF;A:H#?9:#@QD;F?EH>:#;B#QEFR:?#D;?:HW ?@EI# ;B# ?FEHCD;F?# C:>?;F# B;F# S;I@C9# :>;H;QU3# EHEIUC@C# J@II# <:# <EC:G# ;H# HE?@;HEI# C?E?@C?@>CX#

&H# ;FG:F# ?;# A:F@BU# :H?F:DF:H:MFCY# ;D@H@;HC# ;H# ?9:@F# DF:C:H>:# @H# DM<I@># DF;W >MF:Q:H?# QEFR:?# EHG# @H?:HC@A:H:CC# ;B# @HA:C?Q:H?# E>?@A@?@:C# ?9:# EM?9;FC# >;HW GM>?:G#:QD@F@>EI#F:C:EF>9#<EC:G#;H#?9:#?;;I#;B#:I:>?F;H@>#LM:C?@;HHE@F:#G@F:>?:G# ?;# ?FEHCD;F?# EHG# C?;FEK:# >;QDEH@:C# <U# :WQE@IX# G;' >4H;96IJ;' >K' 6GI5' 7;5;879G'

=85' 6>' 7;9>LMIN;' 866I6O?;5' >K' ;M67;P7;M;O75' >K' 5Q8RR' 8M?' Q;?IOQS5IN;?' 9>QP8MI;5' 6>=87?' IMJ;56Q;M6' 896IJI6I;5' 8M?' P7;5;M9;' >M' PO4RI9' P7>9O7;S Q;M6' Q87T;6:# $HB;F?MHE?:IU3# >;QDI:?@;H# EHG# F:?MFH# ;B# LM:C?@;HHE@F:C# @H# CM>9#

F:C:EF>9#@C#H;?#HMQ:F;MC#EHG#C;#JEC#;MF#>EC:X#-M:#?;#?9@C#J@?9#>:F?E@H?U#J:#>EH# ECCMQ:#?9E?#@H#?9:#F:C:EF>9#Q;F:#J@II@HKIU#DEF?@>@DE?:G#<@KK:F#>;QDEH@:C3#J9@>9# @C# EIJEUC# E# DF;<I:Q# @H# ?9@C# ?UD:# ;B# F:C:EF>9X# "9E?# @C# J9U# ?9:# F:CMI?C# ;B# ;MF# F:W C:EF>9#C9;MIG#<:#?F:E?:G#EC#EH#;D@H@;H#D;IIX#%:A:F?9:I:CC3#?9:#>;QDEF@C;H#;B#?9@C# F:C:EF>9#J@?9#;?9:F#HE?@;HEI#F:C:EF>9:C#G@F:>?:G#?;#>;QDEH@:C#_J@?9@H#?9:#FEHK:# ;B# >;QDEFE<I:# >9EFE>?:F@C?@>C`# D:FQ@?C# ?;# ?F:E?# ?9:# F:CMI?C# ;B# ;MF#J;FR# EC# F:DF:W C:H?E?@A:# ;H:CX# ):DF:C:H?E?@A:# CEQDI@HK# @H# ?9:# C?E?@C?@>EI# C:HC:# QEU# H;?# <:# :HW

(7)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 57e# CMF:G#<:>EMC:#@H#CD@?:#;B#FEHG;Q#CEQDI@HK3#?9:#C@Z:#;B#?9:#CEQDI:#@C#?;;#CQEII#@H# >;QDEF@C;H#J@?9#:VD:>?:G#;H:X#"9:#>;II:>?@;H#;B#LM:C?@;HHE@F:C# JEC#>;QDI:?:G# <U#?9:#b4?9#\EHMEFU#144[X#&H#?9:#F:C:EF>9#DEF?@>@DE?:G#54d#:H?F:DF:H:MFC#BF;Q#?9:# J9;I:#>;MH?FU#J9@>9#JEC#;HIU#>E#dXkc#;B#?9:#@H@?@EI#CEQDI:#_%q5174`X# ' ' U:'%,-.*('%!&(,!+)+# ')"!/+ '*#'%&."#3' #

SM<I@># >;H?FE>?C# EF:# >F:E?@HK# ?9:# ;DD;F?MH@?U# B;F# :H?F:DF:H:MFC# ?;# DF;A@G:# C:FA@>:C#@H#?9:#DM<I@>#C:>?;FX#"9:#?:HG:F3#@H#J9@>9#@?#@H?:HGC# ?;#DEF?@>@DE?:#>;HW ?FE>?;F#B;F#9@Q#Q:EHC#E#C:F@:C#;B#DF;<I:QC#?9E?#EF:#Q;C?#F:I:AEH?#*&P.#EHEIUC@C3# ?9:# C?MGU# G:EIC3# ?9:# DF;?:C?# EHG# EDD:EIX# &H#;FG:F# ?;# F:KMIE?:# ?9@C# QEFR:?# S;IEHG# EG;D?:G#@H#5[[2#?9:#B@FC?# >?#;H#SM<I@>#SF;>MF:Q:H?X#'

g@C?;F@>EI#<E>RKF;MHG#;B#DM<I@>#DF;>MF:Q:H?#QEFR:?#@H#S;IEHG#@H>IMG:#B;IW I;J@HK#C?EK:CN#

! %;#C:DEFE?:#DF;>MF:Q:H?#F:KMIE?@;H#<:B;F:#5[d[r##

! >?# ;H# SM<I@># SF;>MF:Q:H?# EG;D?:G# ;H# 54# \MH:# 5[[2# O# @H@?@EIIU# <EC:G# ;H#?9:#$%&!&") +#0;G:I#+EJr#

! SM<I@>#SF;>MF:Q:H?#+EJ#EG;D?:G#;H#1[#\EHMEFU#1442#O#@H#B;F>:#BF;Q#1HG# 0EF>9#1442#O#EG=MC?Q:H?#?;#($#DF;>MF:Q:H?#G@F:>?@A:Cr##

! /MF?9:F#EQ:HGQ:H?C#?;#?9:#SM<I@>#SF;>MF:Q:H?#+EJ3#EH#;HWK;@HK#DF;>:CCr# ! "9:# IE?:C?# EQ:HGQ:H?# ?;# ?9:# SM<I@># SF;>MF:Q:H?# +EJ# JEC# DM<I@C9:G# @H# -Z@:HH@R# $C?EJ# %;X# 5e53# @?:Q# 547d# ;B# ?9:# 1b?9# ;B# *:D?:Q<:F# 144dX# &?# :H?:F:G# @H?;#B;F>:#;H#12?9#;B#,>?;<:F#144dr' SM<I@>#SF;>MF:Q:H?#+EJ##@C#;H:#C@HKI:#E>?#F:KMIE?@HK#EII#ECD:>?C#;B#DM<I@># DF;>MF:Q:H?3#@?#F:IE?:C#?;#?9:#Q:H?@;H:G#<:I;J#ECD:>?CN# ! BF;Q#?9:#C?EF?#;B#E#DF;>:GMF:#?@II#?9:#C@KH@HK#;B#E#>;H?FE>?3# ! >;A:FC#EIC;#F:A@:J#DF;>:GMF:C3# ! >;A:FC#EIC;#?9:#M?@I@?@:C#C:>?;FC3# g;J:A:F3#@?#G;:C#H;?#F:KMIE?:#QE??:FC#F:IE?:G#?;N# ! DIEHH@HK#EHG#B@HEH>@HK#;B#DM<I@>#>;H?FE>?C#_CM<=:>?#?;#B@HEH>:#IEJ`3# ! D:FB;FQEH>:#;B#>;H?FE>?C#_CM<=:>?#?;#>@A@I#IEJ`3## "9:#S;I@C9#SM<I@>#SF;>MF:Q:H?#+EJ#DF;A@G:C#G@BB:F:H?#DF;>:GMF:C#B;F#?9:# EJEFG#;B#DM<I@>#>;H?FE>?CN# ! ,D:H#?:HG:F@HK######## ! *@HKI:WC;MF>:#DF;>MF:Q:H?######## ! ):C?F@>?:G#?:HG:F@HK################## ! %:K;?@E?:G#DF;>:GMF:#J@?9;M?#DM<I@>E?@;H## ! ):LM:C?#B;F#LM;?E?@;H####### ! %:K;?@E?:G#DF;>:GMF:#J@?9#DM<I@>E?@;H##

(8)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

57d#

! (I:>?F;H@>#<@GG@HK######### ! !;QD:?@?@A:#G@EI;KM:##

-E?E#>;Q@HK#BF;Q#?9:#F:D;F?C#;B#?9:#SM<I@>#SF;>MF:Q:H?#,BB@>:#@H#PEFCEJ# EII;J# ?;# 9EA:# EH# @G:E# E<;M?# AEIM:# EHG# @?C# GUHEQ@>C# ;B# DM<I@># DF;>MF:Q:H?# @H# F:>:H?#U:EFCX# C#J:#>EH#C::#?;?EI#AEIM:#;B#DM<I@>#DF;>MF:Q:H?#@H#144d#JEC#:C?@W QE?:G#E?#54[X7#<IH#ZI3#J9E?#Q:EHC#EH#@H>F:EC:#;B#Q;F:#?9EH#k#D:F#>:H?#@H#>;QW DEF@C;H# J@?9# ?9:# DF:A@;MC# U:EFX# "9:# 9@K9:C?# D;C@?@A:# @QDE>?C# J:F:# ;<C:FA:G# @H# 1441# EHG# 1447# J9E?# JEC# F:CMI?:G# BF;Q# >9EHK:C# @H# DEF?@EIIU# ;D:H@HK# ?9:# S;I@C9# QEFR:?#B;F#?9:#(MF;D:EH#$H@;H#_1441`#EHG#=;@H@HK#?9:#($#_1442O1447`X# # !"#$$ !"#%$ "&#$$ "'#$$ ()#$$ *)#+$ '%#*$ +$"#+$ +$%#&$ $#$$ !$#$$ ($#$$ *$#$$ )$#$$ +$$#$$ +!$#$$ !"#$% &' (&##&)' *+,-. !$$$ !$$+ !$$! !$$" !$$( !$$& !$$* !$$' !$$) /%"0 -@EKFEQ#5X#"9:#AEIM:#;B#DM<I@>#DF;>MF:Q:H?#QEFR:?#@H#S;IEHG#@H#?9:#U:EFC#1444O144d# # *;MF>:N#,JH#:IE<;FE?@;H#;H#?9:#<EC@C#;B#SM<I@>#SF;>MF:Q:H?#,BB@>:YC#F:D;F?C#BF;Q#?9:#U:EFC# 1444O144dX# V:'$%+(*2*('!+E,." *&#$'2&!'%,-.*('%!&(,!+)+# '''''''''''''''''''''''''''''''''''''''''' *#' !"#$%&! '$+!B*(+$ #

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

"9:# QEFR:?# ;B# DM<I@># DF;>MF:Q:H?# >;HC@C?C# ;B# F:IE?@;HC# ;>>MFF@HK# <:?J::H# ?9:# QE@H# DEF?@>@DEH?C# ;B# ?9:# QEFR:?# @X:X# C:II:FC# EHG# <MU:FCX# -:QEHG# @C# F:DF:W C:H?:G#<U#;FG:F@HK#CM<=:>?C3#?9:#HMQ<:F#EHG#C?FM>?MF:#;B#J9@>9#@C#?;#E#9@K9#G:W

(9)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 57[#

KF::# G:D:HG:H?# ;H# ?9:# I:KEI# F:KMIE?@;HC# >;H>:FH@HK# DM<I@># DF;>MF:Q:H?3# J9@I:# CMDDIU#@C#F:DF:C:H?:G#<U#EAE@IE<@I@?U#;B#?FEHCD;F?#C:FA@>:CX1#

"9:#QE@H#DF@H>@DI:#;B#DF;>:GMF:#>;H>:FH@HK#DIE>@HK#EH#;FG:F#@C#:HCMF@HK#EII# :H?F:DF:H:MFC# :LMEI# E>>:CC# ?;# DM<I@># F:C;MF>:CX# ):?E@H@HK# F:I@E<@I@?U3# QEHEK:W Q:H?#:>;H;QU#EHG#MC:BMIH:CC#;H#?9:#I:A:I#;B#DIE>@HK#;FG:FC#?9:# CM<=:>?#9EA@HK# DM<I@># F:C;MF>:C# E?# @?C# G@CD;CEI# @C# ;<I@K:G# ?;# KMEFEH?::# >;QD:?@?@A:H:CCX# g:H>:# ?9:#?F:HG#?;#:HCMF:#;D:H#DF;>:GMF:C#<EC:G#;H#?9:#DF@H>@DI:C#;B#>;QD:?@?@;HX##

"9:#DF@H>@DI:#;B#BE@F#>;QD:?@?@;H#9EC#E#BMHGEQ:H?EI#Q:EH@HK#@H#Q;G:FH#CUCW ?:QC# ;B# DM<I@># DF;>MF:Q:H?# <:>EMC:# ;H#;H:# 9EHG# @?# C:FA:C# FE?@;HEI# CD:HG@HK# ;B# DM<I@>#Q:EHC3#;H#?9:#;?9:F#9EHG#@?#>;H?F@<M?:C#?;#?9:#CMDD;F?#;B#:BB:>?@A:#QEFR:?X# ,D:H#>;QD:?@?@;H#@C#:QD9EC@Z:G#<:>EMC:#;HIU#?9:#:V@C?:H>:#;B#K:H:FEIIU#E>>:CW C@<I:#?FEHCD;F?#QEFR:?#>EMC:C#?9E?#G@CC@DE?@;H#;F#G:DF:>@E?@;H#;B#?9:#G:C@KH:G#B;F# ?9:#DMFD;C:#DM<I@>#F:C;MF>:C#EF:#DF:A:H?:GX#"9:#QE@H#EGAEH?EK:# ;B#CM>9#E#DF;W >:GMF:# EF:# <MGK:?# CEA@HKC3# >;QD:?@?@;H# EQ;HK# :H?:FDF@C:C# EHG# :QD9EC@C# ;H# FEW ?@;HEI@ZE?@;H#;B#F:HG:F:G#C:FA@>:CX#

"9:#CUC?:Q#;B#DM<I@>#DF;>MF:Q:H?#;H#?9:#QEFR:?#;B#?FEHCD;F?#C:FA@>:C#@H#S;W IEHG#C@Q@IEFIU#@H#?9:#;?9:F#($#Q:Q<:F#>;MH?F@:C#@C#?;#D:FB;FQ#E#C:F@:C#;B#BMH>W ?@;HCX# "9:# Q;C?# @QD;F?EH?# ;B# ?9:Q3# ?9:# :>;H;Q@># BMH>?@;H# F:CMI?C# BF;Q# ?9:# BE>?# ?9E?#@?#CMDDI@:C#B;FQEI#C>:HEF@;C#;B#>;QD:?@?@A:#B@K9?#;<I@KE?;FU#;H#?9:#QEFR:?#;B# DM<I@># DF;>MF:Q:H?X# # CD:>@EI# Q:EH@HK# @C# E??F@<M?:G# 9:F:# ?;# ?:HG:F@HK# DF;>:W GMF:CN#I@Q@?:G#EHG#MHI@Q@?:G#?:HG:FX#,D?@Q@ZE?@;H#;B#?9:@F#>9;@>:#>;HC@C?C#@H#?9:# BE>?# ?9E?# ?9:# EJEFG@HK# :H?@?U# >9;;C:C# CM>9# E# DF;>:GMF:# J9@>9# ;H# ;H:# 9EHG# :HW CMF:C#?9:#9@K9:C?#DF;<E<@I@?U#;B#K:??@HK#?9:#Q;C?#DF;B@?E<I:#;BB:F3#EHG#;H#?9:#;?9:F# 9EHG#9:#J@II#H;?#F@CR#>;QDEHUYC#:V>:CC@A:#EHG#KF;MHGI:CC#>;C?C#>;HH:>?:G#J@?9# DF:DEFE?@;H#;B#;BB:FC3#?9:@F#EHEIUC@C#EHG#ECC:CCQ:H?X#

):KMIE?@;H#;B#;FG:FC#@H#?9:#?FEHCD;F?#C:>?;F#@H#S;IEHG#@C#<EC:G#;H#?9:#@QDI:W Q:H?E?@;H#@H?;#?9:#S;I@C9#I:KEI#CUC?:Q#;B#?9:#G@F:>?@A:C#EIF:EGU#BF;Q#[bmbdm(Pa# F:DIE>:G# <U# ?9:# G@F:>?@A:C# 1442m5emP(# EHG# 1442m5dmP(3# J9@>9# EIC;# >;QDF@C:# J@?9@H#?9:@F#FEHK:#?9:#E>?@A@?U#@H#?9@C#C:>?;FX#"9:#F:EC;H#;B#>;A:F@HK#?9@C#CD9:F:# ;B#:>;H;Q@>#E>?@A@?U#J@?9#DM<I@>#DF;>MF:Q:H?#F:KMIE?@;HC#F:CMI?C#BF;Q#?9:#H::G# ;B#:HCMF@HK#F:EI#;D:H@HK#;B#QEFR:?C#B;F#BF::#BI;J#;B#C:FA@>:CX#

&H# ;FG:F# ?;# BE>@I@?E?:# ?9:# EJEFG@HK# :H?@?U# FMHH@HK# EH# E>?@A@?U# CM@?E<I:# E>?C## _"9:#E>?C#;B#1[#\EHMEFU#1442#"9:#DM<I@>#DF;>MF:Q:H?#IEJWa;A:FHQ:H?#):KMIEW ?@;HC# EHG# +EJC# aEZ:??:# %;# 5[3# D;@H?# 5ee# ;B# 14423# EQ:HG:G# ;H# 5b# DF@I# 144e# "9:# DM<I@># DF;>MF:Q:H?# IEJ3# a;A:FHQ:H?# ):KMIE?@;HC# EHG# +EJC# aEZ:??:# %;# 15b3#D;@H?#5d77#;B#144e#9;Q;K:H;MC#?:V?s#B;F:C::#E#D;CC@<@I@?U#;B#QER@HK#@H?F;W GM>?;FU# EKF::Q:H?C# J@?9# ;H:# ;F# Q;F:# ;D:FE?;FCX# "9:# >;H>IMC@;H# ;B# EH# K:H:FEI# EKF::Q:H?# B;II;JC# # ?9:# >;HGM>?:G# >;QD:?@?@A:# DF;>:GMF:# J@?9# CM@?E<I:# EDDI@>EW ?@;H#;B#F:KMIE?@;HC#;B#I@Q@?:G#?:HG:F@HK#;F#H:K;?@E?:G#DF;>:GMF:#J@?9#DM<I@>E?@;HX##

(10)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

5k4#

&H# ?9:# DM<I@># DF;>MF:Q:H?# E>?# O# B;II;J@HK# ?9:# DE??:FH# ;B# MH@;H# G@F:>?@A:C# ?9:F:#@C#B;F:C::H#E#DF;>:GMFEI#C@QDI@B@>E?@;H#BE>@I@?E?@HK#EJEFG@HK#:H?@?@:C#@H#?9:# C:>?;F#;B#?FEHCD;F?#C:FA@>:C#DIE>@HK#DM<I@>#>;H?FE>?3#@H>IMG@HKN#

! ;FG:FC#QEU#<:#DIE>:G#@H#?9:#DF;>:GMF:#;B#H:K;?@E?:G#DF;>:GMF:#J@?9#DM<W I@>E?@;H# @HG:D:HG:H?# ;B# ?9:# ;>>MFF:H>:# @H# ?9:# E>?# >:F?E@H# DF;>:GMF:# EDDI@>E?@;H3# J9@>9#Q:EHC#?9E?#EJEFG@HK#:H?@?@:C#QEU#MC:#EC#?9:#<EC@>#DF;>:GMF:C#;B#EJEFG@HK# >;H?FE>?CN# ;D:H# ?:HG:F@HK3# F:C?F@>?:G# ?:HG:F@HK# EHG# H:K;?@E?:G# DF;>:GMF:# J@?9# DM<I@>E?@;Hr##

! B;F#?9:#EJEFG@HK#:H?@?@:C#?9:F:#J:F:#B;F:C::H#EGG@?@;HEI#>@F>MQC?EH>:C#;B# EDDIU@HK#C@HKI:WC;MF>:#DF;>MF:Q:H?#?ER@HK#@H?;#E>>;MH?#?9:#:H?@?@:C#CD:>@B@>@?Ur##

! DM<I@>E?@;H#;B#?:QD;FEI#@HB;FQE?@;HEI#EHH;MH>:Q:H?#E<;M?#DIEHH:G#@H#?9:# H:EF:C?# ?J:IA:# Q;H?9C# ;FG:FC# F:I:EC:C# EJEFG@HK# MH@?C# BF;Q# ?9:# ;<I@KE?@;H# ;B# DM<I@C9@HK# >;H?FE>?# H;?@>:C# F:KEFG@HK# DF;>:GMF:# ;B# F:C?F@>?:G# ?:HG:F# EC# J:II# EC# H:K;?@E?:G#DF;>:GMF:#J@?9#DM<I@>E?@;Hr##

! EJEFG@HK#MH@?C#9EA:#E#D;CC@<@I@?U#;B#C9;F?:H@HK#?@Q:WI@Q@?C#;B#DIE>@HK#;BW B:FC#@H#?:HG:F@HK#DF;>:GMF:Cr##

! ?ER@HK# @H?;# E>>;MH?# ?9E?# EJEFG@HK# MH@?C#;H# ?9:# QEFR:?#;B# ?FEHCD;F?# C:FA@>:C# QEU#E>?#J@?9@H#>ED@?EI#KF;MDC#EHG#@QDI:Q:H?@HK#H;FQEI@ZE?@;H#@H>IMG:G#@H#?9:#MH@;H# G@F:>?@A:C3# E# D;CC@<@I@?U# ;B# K@A@HK# _J@?9@H# ?9:# >ED@?EI# KF;MD# ;B# ?9:# EJEFG@HK# MH@?`# ;FG:FC#B;F#?FEHCD;F?#C:FA@>:C#J@?9;M?#?9:#EDDI@>E?@;H#;B#?9:#E>?#F:KMIE?@;HCX##

"9:# DM<I@># DF;>MF:Q:H?# IEJ# >;H>:FH@HK# ?FEHCD;F?# C:FA@>:C# MHG:FK;:C# >;HW C?EH?#>9EHK:C#EHG#CM>>::G@HK#EQ:HGQ:H?C#?;#?9:#E>?#@H#B;F>:#EF:#DF:DEF:GX#&?#@C# >;HH:>?:G#?;#E#9@K9#G:KF::#J@?9#E@Q#;B#BMF?9:F#@QDF;A:Q:H?#EHG#E>>:I:FE?@;H#;B# ?:HG:F@HK#DF;>:GMF:CX# I?9;MK9#CM>9#>9EHK:C#>EMC:#C;Q:#G:C?E<@I@ZE?@;H#;B#?9:# I:KEI#CUC?:Q#EHG#?9:#IE>R#;B#>:F?E@H?U#;B#?9:#IEJ#@H#B;F>:3#?9:U#@H?F;GM>:#DF;>:W GMFEI#DF;KF:CC#:H>;MFEK@HK#?9:#KF;J?9#;B#AEIM:#;B#?9:#DM<I@>#DF;>MF:Q:H?#QEFW R:?#EHG#?9:#HMQ<:F#;B#K@A@HK#DM<I@>#;FG:F#@H#?9:#?FEHCD;F?#C:>?;FX#&?#C9;JC#?9E?# ?9:# Q:>9EH@CQC# ;B# BMH>?@;H@HK#;B# ?9:#DM<I@># DF;>MF:Q:H?# QEFR:?# J;FR# EHG# ?9:# @QD;F?EH>:#;B#?9:#QEFR:?#@H#:>;H;Q@>#I@B:#KF;JC3#?9:#Q;F:#C;#EC#J@?9#>9EHK:C#;B# ?9:#IEJ#>;H>:FH@HK#DM<I@>#DF;>MF:Q:H?#?9:#>E?EI;KM:#;B#;FKEHC#;<I@K:G#?;#EDDIU# @?#@C#K:??@HK#J@G:F#EHG#J@G:FX#&?#:CD:>@EIIU#>;H>:FHC#CM<=:>?C# ;B#DM<I@>#IEJX#"9:# DM<I@># DF;>MF:Q:H?# QEFR:?# ;B# ?9:# ?FEHCD;F?# C:>?;F# KF;JCX# /MH>?@;H@HK# ;B# :>;W H;Q@>#CM<=:>?C#G@F:>?:G#E?#B@II@HK#DM<I@>#;FG:FC#K:?C#Q;F:#EHG#Q;F:#DF;B@?E<I:X#&H# ?9:#C@?ME?@;H#;B#?9:#:>;H;Q@>#>F@C@C#MH@?C#;B#?9:#DM<I@>#C:>?;F#EF:#C::H#EC#EH#:CD:W >@EIIU#G:C@F:G#DEF?H:Fr#DFE>?@>EIIU#?9:U#KMEFEH?::#?9:@F#C;IA:H>UX#

"9:# G:QEHG# B;F# DM<I@># DF;>MF:Q:H?# @H# ?9:# DF;>:CC# ;B# MC@HK# ?FEHCD;F?# C:FW A@>:C#@H#QEFR:?#:>;H;QU#F:CMI?C#BF;Q#?9:#F:LM@F:Q:H?C#;B#B@HG@HK#CM@?E<I:#CMDW DI@:FC#?;#Q::?#?9:#H::GC#>;HH:>?:G#J@?9#CD:HG@HK#DM<I@>#BMHGCX#"9:U#EF:#?;#C:FA:# H;?#;HIU#FE?@;HEI#MC@HK#;B#DM<I@>#F:C;MF>:C3#<M?#EIC;#:H>;MFEK:#?9:#>9;@>:#;B#CM>9# ;D:FE?;FC#J9;#>;H?F@<M?:#?;#?9:#@H>F:EC:#;B#G:A:I;DQ:H?EI#D;CC@<@I@?@:C#?FEHCD;F?# C:FA@>:CX#

(11)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 5k5# W:#+)%*!*(".'!+$,. $' # W:A: %7;5;M686I>M'>K'6G;'58QPR;'7;P7;5;M6;?'4<'678M5P>76'' 8M?'56>78L;'9>QP8MI;5' # "9:#?FEHCD;F?#EHG#C?;FEK:#>;QDEH@:C#F:DF:C:H?#@H#E#CEQDI:#J:F:# C@?ME?:G#@H# F:K@;HC#;B#G@BB:F:H?#G:A:I;DQ:H?#D;?:H?@EI3#?9:#Q;C?#E>?@A:IU#DEF?@>@DE?:G#@H#?9@C# F:C:EF>9#>;QDEH@:C#I;>E?:G#;H#?9:#EF:E#;B#?9:#A;@A;GC9@DC#J@?9#EA:FEK:#I:A:I#;B# G:A:I;DQ:H?# _QEI;D;ICR@:3# IM<MCR@:3# RM=EJCR;WD;Q;FCR@:3# I;GZR@:3# ZE>9;GH@;W D;Q;FCR@:3# D;Q;FCR@:`# EC#J:II# EC# A;@A;GC9@DC# J@?9# 9@K9# I:A:I# ;B# G:A:I;DQ:H?# _G;IH;CIECR@:3# J@:IR;D;ICR@:3# CIECR@:3# QEZ;J@:>R@:`# O# ?9:F:# J:F:# >E# 24c# B;F# :E>9#;B#?9:Q3#<M?#E#<@?#Q;F:#@H#>EC:#;B#F:K@;H#;B#EH#EA:FEK:#G:A:I;DQ:H?#I:A:IX# /F;Q#?9:#D;@H?#;B#?9:#AEIM:#;B#?9:#F:A:HM:3#?9:#>;QDEH@:C#EF:#F:IE?@A:IU#:A:HIU# CDF:EG#@H#?9:#CEQDI:3#<M?#@?#@C#J;F?9#DEU@HK#E??:H?@;H#?;#>E#14c#DEF?@>@DE?@;H#;B# B@FQC#J@?9#F:A:HM:#FEHK:#4X2#O#5X2#QIH#(MF;#EHG#1Xe#O#dX1#QIH#(MF;X##

!;H>:FH@HK#;?9:F#B@FQCY#>9EFE>?:F@C?@>C3#?9:#B;II;J@HK#?E<I:C#DF:C:H?#:QD@F@W >EI# G@C?F@<M?@;H# ;B# ?9:# CEQDI:# F:KEFG@HK# B@FQCY# C@Z:3# B;F:@KH# >ED@?EI# C9EF:3# I:KEI# B;FQ3##EHG#?9:#U:EF#?9:#>;QDEHU#JEC#C:?#MDX#&H#?9:#CEQDI:#?9:F:#J:F:#>;QDEH@:C# ;B#G@BB:F:H?#C@Z:3#?9:F:#J:F:#bdc#>;QDEH@:C#;B#E#CQEII#C@Z:#X#

# #

"E<I:#1X#"9:#C@Z:#;B#?9:#>;QDEH@:C#F:DF:C:H?:G#@H#?9:#CEQDI:#

*@Z:#;B#:H?:FDF@C:C# /F:LM:H>U# S:F>:H?# 'EI@G#S:F>:H?# !MQMIE?@A:# S:F>:H?# Q@>F;# ##1[# 1kX[# 1eX2# 1eX2# CQEII# ##25# bdX4# bdXe# kkX4# Q:G@MQ# ##17# 1bX5# 1bXk# d[Xk# IEFK:# ##55# 54X1# 54X2# 544X4# 'EI@G# ";?EI# 54k# [dX5# 544X4# # 0@CC@HK# 0@CC@HK# ####1# 5X[# # # ";?EI# 54d# 544X4# # # *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G##;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# # #

!;QDEH@:C# DF:C:H?# @H# ?9:# CEQDI:# J:F:# QE@HIU# G;Q:C?@>3# EC# QM>9# EC# [bX7cX# ,HIU# 5X[c# ;B# >;QDEH@:C# J:F:# J@?9# 544c# B;F:@KH# >ED@?EI# C9EF:3# ?9:# B;II;J@HK# 4X[c#J@?9#?9:#QE=;F@?U#;B#B;F:@KH#>ED@?EI#C9EF:X##

(12)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

5k1#

"E<I:#bX#!;QDEH@:C#J@?9#B;F:@KH#>ED@?EI#C9EF:#

!ED@?EI#C?FM>?MF:# /F:LM:H>U# S:F>:H?# 'EI@G## S:F>:H?#

!MQMIE?@A:## S:F>:H?#

544c#HE?@;HEI#>ED@?EI#C9EF:# 545# [bX7# [bX7# [bX7#

"9:#QE=;F@?U#;B#HE?@;HEI#>ED@?EI# 2# bXe# bXe# [eX1#

"9:#QE=;F@?U#;B#B;F:@KH#>ED@?EI#C9EF: 5# 4X[# 4X[# [dX5# 'EI@G# 544c#B;F:@KH#>ED@?EI#C9EF:# 1# 5X[# 5X[# 544X4# ";?EI# 54d# 544X4# 544X4# # *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# ! /F;Q#?9:#D;@H?#;B#A@:J#;B#?9:#I:KEI#B;FQ#G;Q@HE?:G#I@Q@?:G#I@E<@I@?U#>;QDEW H@:C# _>E#2bc`# EHG# C;I:# DF;DF@:?;FC9@D# _1eXdc`X# "9:#B;II;J@HK# 55X5c# >;HC?@?M?:# >@A@I#DEF?H:FC9@DX#

#

#

"E<I:#2X#+:KEI#B;FQ#;B#F:C:EF>9:G#>;QDEH@:C#

+:KEI#B;FQ# /F:LM:H>U# S:F>:H?# 'EI@G##

S:F>:H?# !MQMIE?@A:# S:F>:H?# *;I:#DF;DF@:?;FC9@D# b4# 1eXd# 1dXb# 1dXb# !@A@I#DEF?H:FC9@D# 51# 55X5# 55Xb# b[Xk# +@Q@?:G#I@E<@I@?U#>;QDEHU# 2k# 21Xk# 2bX2# dbX4# \;@H?#C?;>R#>;QDEHU# e# kX7# kXk# d[Xk# ,?9:F#I:KEI#B;FQ# 55# 54X1# 54X2# 544X4# 'EI@G# ";?EI# 54k# [dX5# 544X4# # 0@CC@HK# 0@CC@HK# 1# 5X[# # # ";?EI# 54d# 544X4# # # *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# ! "9:#QE=;F@?U#;B#?9:#F:C:EF>9:G#>;QDEH@:C#C?EF?:G#?9:@F#BMH>?@;H@HK#EB?:F#?9:# U:EF#5[d[#_EIQ;C?#d4c`#@H>IMG@HK#EIQ;C?#bc#EIF:EGU#EB?:F#S;IEHGYC#E>>:CC@;H#?;# ?9:#($X## # "E<I:#7#O#"9:#U:EF#?9:#>;QDEHU#JEC#C:?#MD# # /F:LM:H>U# S:F>:H?# 'EI@G## S:F>:H?# !MQMIE?@A:# S:F>:H?# n:B;F:#5[d[# 14# 5dX7# 5dX7# 5dX7# 5[d[O# 7k# 75X[# 75X[# e4X2# O1442# 1[# 1kX[# 1kX[# [eX1# 'EI@G# 1442O144d# b# 1Xd# 1Xd# 544X4# ";?EI# 54d# 544X4# 544X4# # *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X#

(13)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 5kb# W:C:')87T;6'5I6O86I>M'>K'7;5;879G;?'678M5P>76'8M?'56>78L;'9>QP8MI;5' # <;M?#5mb#;B#?9:#F:C:EF>9:G#>;QDEH@:C#FMH#<;?9#:VD;F?#EHG#@QD;F?#E>?@A@?@:C3# EI?9;MK9#@?#@C#G@BB:F:H?@E?:G#B;F#>;QDEH@:C#;B#G@BB:F:H?#C@Z:#_Q@>F;#>;QDEH@:C#O# b5c3#CQEII#O#1[c3#Q:G@MQWC@Z:G#O#bkc3#<@K#>;QDEH@:C#O#27X7c`X#&H#>EC:#;B#<@K# >;QDEH@:C# ?9:# CEQ:# BF:LM:H>U# >;HC?@?M?:G# B@FQC# ?9E?# J:F:# FMHH@HK# <;?9# :VD;F?# EHG#@QD;F?#>;QDEH@:C#EC#J:II#EC#?9:C:#B@FQC#?9E?#J:F:#FMHH@HK#H:@?9:F#:VD;F?#H;F# @QD;F?# E>?@A@?@:CX# g;J:A:F3# @?# @C# J;F?9# :QD9EC@Z@HK# ?9E?# EIQ;C?# 24c# ;B# ?9:# F:W C:EF>9:G#B@FQC#FMH#?FEHCE>?@;HC#;HIU#;H#?9:#G;Q:C?@>#QEFR:?#_F:CD:>?@A:IU#beX[c# ;B# Q@>F;# >;QDEH@:C3# 24c# ;B# Q:G@MQWC@Z:G# EC# EKE@HC?# 2eX2c# ;B# CQEII# >;QDEW H@:C3#<@K#>;QDEH@:C#O#[X5c`X##

"9:# F:CMI?C# ;B# >;HGM>?:G# :QD@F@>EI# F:C:EF>9# DF:C:H?# ?9E?# EIQ;C?# 9EIB# ;B# ?9:# >;QDEH@:C# 9EA:# ?ER:H# @HA:C?Q:H?# E>?@A@?@:C# @H# ;FG:F# ?;# :V>9EHK:# J;FH# ;M?# ;F# ;<C;I:?:# QE>9@H:C# ;F# DF;GM>?@;H# EDDI@EH>:C# _2kXbc`X# "9:# C:>;HG# @QD;F?# BE>?# ?9E?#:H>;MFEK:G#>;QDEH@:C#?;#@HA:C?#JEC#?;#@H>F:EC:#DF;GM>?@A@?U#<U#@H?F;GM>@HK# ?:>9H;I;K@>EI# EHG# ;FKEH@CE?@;HEI# @HH;AE?@;HCX# !;HC@G:F@HK# ?9:# C@Z:# ;B# ?9:# >;QW DEH@:C3# <@K# >;QDEH@:C# CMDD;F?:G# QE@HIU# :V>9EHK:# ;B# J;FH# ;M?# QE>9@H:C# _kbXbc`#EC#JEC#?9:#>EC:#@H#Q:G@MQ#>;QDEH@:C3#9:F:#EC#QM>9#EC#e1c#>;QDEH@:C# @HG@>E?:G# ?9@C# AEF@EH?X# *MFDF@C@HKIU# ?9:F:# J:F:# H;# >;QDEH@:C# ?9E?# G@G# H;?# @H>MF# @HA:C?Q:H?#;M?IEUC#<:?J::H#Q:G@MQ#EHG#<@K#>;QDEH@:CX# >?MEIIU#;HIU#7Xkc#;B# ?FEHCD;F?#EHG#C?;FEK:#>;QDEH@:C#G@G#H;?#Q:H?@;H#@HA:C?Q:H?#;M?IEUCX##

<;M?# d4c# ;B# EII# @HA:C?Q:H?# @H>MFF:G# <U# B@FQ# J:F:# DF:C:H?# @H# QE>9@H:C3# ?:>9H;I;K@>EI#BE>@I@?@:C3#?;;IC#EHG#Q:EHC#;B#?FEHCD;F?3#EIQ;C?# 5mb#J:F:#@HA:C?@HK# @H#9MQEH#>ED@?EI#?9F;MK9#:QDI;U::#?FE@H@HK#>;HH:>?:G#J@?9#@HH;AE?@A:#E>?@A@?UX# "9:#B@FC?#G@F:>?@;H#JEC# Q;C?#>FM>@EI#B;F# <@K#_[4X[c`#EHG#Q:G@MQWC@Z:G#>;QDEW H@:C# _ddc`3# <M?# EIC;# CQEII# _e7Xkc`# EHG# Q@>F;# _e1X2c`# :H?:FDF@C:C# J:F:# Q;C?IU# @H?:F:C?:G# @H# @HA:C?@HK# @H# QE>9@H:C3# ?:>9H;I;K@>EI# BE>@I@?@:C3# ?;;IC# EHG# Q:EHC# ;B# ?FEHCD;F?X#"9:#IE??:F#;H:#JEC#BF:LM:H?IU#@HG@>E?:G#<U#CQEII#>;QDEH@:C#_2kXbc`X# ):C:EF>9#EHG#G:A:I;DQ:H?#JEC#QE@HIU#B@HEH>:G#<U#<@K#>;QDEH@:C#<M?#C?@II#?9@C# G@F:>?@;H#JEC#@HG@>E?:G#FEF:IUX## &H#?9@C#F:C:EF>9#:H?F:DF:H:MFC#9EG#?;#C?E?:#?9:#EQ;MH?#;B#@HA:C?Q:H?#;M?IEUC# @H>MFF:G#@H#144eX# C#J:#J:F:#:VD:>?@HK#?9:#<@KK:F#?9:#>;QDEHU#JEC3#?9:#Q;F:# @HA:C?Q:H?C#@?#QEG:#O#22Xdc#;B#Q@>F;#:H?:FDF@C:C#G:C@KHE?:G#B;F#@HA:C?Q:H?C#H;# Q;F:#?9EH#E<;M?#1e#?9;MCEHG#:MF;3#@H#>EC:#;B#CQEII#B@FQC#@?#JEC#bkXkc#EHG#Q:W G@MQWC@Z:G#1dc3#<M?#?9:#D:F>:H?#;B#CQEII#B@FQC#_1[Xbc`#@H>MFF@HK#;M?IEUC#BF;Q# 1e#?;#524#?9;MCEHG#:MF;#JEC#<@KK:F#?9EH#@H#>EC:#;B#Q@>F;#B@FQC#_12X5c`X# C#B;F# Q:G@MQWC@Z:G#>;QDEH@:C3#?9:#AEIM:#;B#@HA:C?Q:H?C#F:E>9:G#?9:#EQ;MH?#BF;Q#524# ?9;MCEHG#?;#1e7#?9;MCEHG#:MF;#@H#?9:#<@KK:C?#HMQ<:F#;B#>;QDEH@:C3#J9@>9#>;HW C?@?M?:C#bkcX## a:H:FEIIU#EIQ;C?#k4c#;B#>;QDEH@:C#CD:H?#BF;Q#1e#?9;MCEHG#?;#1Xe#QIH#:MF;# ;H# @HA:C?Q:H?# E>?@A@?@:CX# &HA:C?Q:H?C# J:F:# B@HEH>:G# QE@HIU# @H# ZI;?U3# =MC?# ;H:# >;QDEHU#G:>IEF:G#B@HEH>@HK#J@?9#>F:G@?#@H#B;F:@KH#>MFF:H>UX#!;QDEH@:C#QE@HIU#

(14)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

5k2#

B@HEH>:#?9:@F#@HA:C?Q:H?#E>?@A@?@:C#J@?9#?9:@F#;JH#B@HEH>@EI#F:C;MF>:C3#EC#QM>9#EC# e7cX# g;J:A:F# @H# >EC:# ;B# ?FEHCD;F?# EHG# C?;FEK:# >;QDEH@:C# EIC;# LM@?:# D;DMIEF# B;FQ# ;B# B@HEH>@HK# EF:# I:EC@HK# EHG# >F:G@?C# @H# ZI;?U3# ?9:C:# ?J;# D;CC@<@I@?@:C# J:F:# @HG@>E?:G# H:EFIU# <U# ?9:# CEQ:# HMQ<:F# ;B# >;QDEH@:C# EC# ?9:C:# ?9E?# 9EA:# >9;C:H# ?9:@F#;JH#B@HEH>@HK3#@H#?9:#B@FC?#>EC:#e[#>;QDEH@:C3#EHG#@H#C:>;HG#;H:#d5X## # W:D:' 78M5P>76'9>QP8MI;5'>M'6G;'PO4RI9'P7>9O7;Q;M6'Q87T;6' # "9:#<F;EG#EHEIUC@C#;B#?9:#DF:C:H?:G#CEQDI:#DF;A:C#?9E?#?9:#C@?ME?@;H#;H#?9:# DM<I@>#DF;>MF:Q:H?#QEFR:?#@C#J;FC:H@HK#F:KEFG@HK#DF:C:H>:#;B#?FEHCD;F?#>;QDEW H@:CX# "9:# F:CMI?C# ;<?E@H:G# B;F# 144e# EF:# QM>9# J;FC:# ?9EH# ?9E?# B;F# ?9:# IEC?# ?9F::# U:EFCX#&?#Q:EHC#?9E?#EIQ;C?#dc#I:CC#>;QDEH@:C#?;;R#DEF?#@H#DF;>::G@HKC#@H#144e# >;QDEF:G#?;#?9:#IEC?#?9F::#U:EFCX#,H:#;B#?9:#:VDIEHE?@;HC#QEU#9EA:#@?C#F;;?C#@H# ?9:#:>;H;Q@>#>F@C:C#EHG#;A:FEII#J;FC:H@HK#;B#:>;H;Q@>#C@?ME?@;H#@H#?9:#>;MH?FUX# # 12345 67325 14375 ,-. /0 /0 1/.2 -3 -@EKFEQ#1X#SF:C:H>:#;B#?FEHCD;F?#>;QDEH@:C#@H#DM<I@>#DF;>MF:Q:H?#QEFR:?#@H#144e# *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9# # # 16345 62375 18365 4- 5006 7135 8/ 7309--:8/;. 4- :8:/<5 516- 7135 8/ 1/, 7309--:8/; = :0/>5 6/02 -@EKFEQ#bX#%MQ<:F#;B#DF;>::G@HKC#U;MF#>;QDEHU#?;;R#DEF?#@H#144e# *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# #

(15)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 5k7#

*@Q@IEF#?F:HGC#EF:#C9;JH#@H#?9:#B;II;J@HK#G@EKFEQC3#J9:F:#?9:#HMQ<:F# ;B# DF;>::G@HKC# ?9E?# ?9:# >;QDEHU# ?;;R# DEF?# @H# @C# EHEIUZ:GX# IC;# 9:F:# ?9:# F:CMI?C#;<?E@H:G#EF:#QM>9#<:??:F#B;F#?9:#IEC?#?9F::#U:EFC#?9EH# B;F#?9:#U:EF# 144eX#,H#;H:#C@G:#QM>9#Q;F:#>;QDEH@:C#?;;R#DEF?#@H#I:CC#?9EH#k#DF;>::GW @HKC# <M?# ;H# ?9:# ;?9:F# C@G:# @H# 144e# ;HIU# 5bc# EDDI@:G# @H# Q;F:# ?9E?# k# EHG# I:CC#?9E?#54#DF;>::G@HKC#EKE@HC?#11c#@H#?9:#IEC?#?9F::#U:EFCX# # ' ' ' ' ' ' ' # # # # -@EKFEQ#2X#%MQ<:F#;B#DF;>::G@HKC#U;MF#>;QDEHU#?;;R#DEF?#@H#144e# *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# # # 66 9 72 615 76 9 :2 665 :6 )0 ; )0% :5 )'% 615 7 9 : 6<5 < 9 62 775 ') "'=> %0 685 -@EKFEQ#7X#%MQ<:F#;B#DF;>::G@HKC#U;MF#>;QDEHU#?;;R#DEF?#@H#?9:#IEC?#b#U:EFC# *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# # 66 9 72 665 76 9 :2 6:5 :6 )0 ; )0% 15 ') "'=> %0 765 < 9 62 6?5 7 9 : 7?5 )'% 6?5

(16)

\EHMCZ#.F;<:R3#(I^<@:?E#);CZR;#

5kk#

"E<I:# 1# EHEIUZ:# ?9:# @H?:FF:IE?@;H# <:?J::H# DM<I@># DF;>MF:Q:H?# EHG# @HA:C?W Q:H?# ;M?IEUCX# g:F:# ?9:# F:CMI?C# EF:# H;?# C;# :A@G:H?X# P:# >EH# ECCMQ:# ?9E?# ?9:F:# @C## E#F:IE?@;H#<:?J::H#DF:C:H>:#;H#DM<I@>#DF;>MF:Q:H?# QEFR:?#EHG#@HA:C?Q:H?#;M?W IEUCX# &H# QE=;F@?U# ;B# ?9:# >EC:C# ?9:C:# >;QDEH@:C# ?9E?# J:F:# @H>MFF@HK# @HA:C?Q:H?# ;M?IEUC#J:F:#E>?@A:#EIC;#;H#?9:#DM<I@>#DF;>MF:Q:H?#QEFR:?#J@?9#?9:#:V>:D?@;H#?;# ?9:C:# >;QDEH@:C# ?9E?# J:# @HA:C?@HK# @H# F:EGU# QEG:# ?:>9H;I;KUX# !;QDEH@:C# ?9E?# @HG@>E?:G#?9:#AEF@EH?#H;#@HA:C?Q:H?#QM>9#Q;F:#;B?:H#G@G#H;?#DEF?@>@DE?:#@H#DM<I@># DF;>MF:Q:H?#QEFR:?X## "E<I:#1X#SM<I@>#DF;>MF:Q:H?#EHG#@HA:C?Q:H?#;M?IEUC# *;MF>:N#,JH#>EI>MIE?@;HC#<EC:G#;H#?9:#F:CMI?C#;<?E@H:G#BF;Q#?9:#:QD@F@>EI#F:C:EF>9X# X: (&#(.,$*&#$' #

"9:# DM<I@># DF;>MF:Q:H?# IEJ# >;H>:FH@HK# ?FEHCD;F?# C:FA@>:C# MHG:FK;:C# >;HW C?EH?#>9EHK:C#EHG#CM>>::G@HK#EQ:HGQ:H?C#?;#?9:#E>?#@H#B;F>:#EF:#DF:DEF:GX#&?#@C# >;HH:>?:G#?;#E#9@K9#G:KF::#J@?9#E@Q#;B#BMF?9:F#@QDF;A:Q:H?#EHG#E>>:I:FE?@;H#;B# ?:HG:F@HK#DF;>:GMF:CX# I?9;MK9#CM>9#>9EHK:C#>EMC:#C;Q:#G:C?E<@I@ZE?@;H#;B#?9:# I:KEI#CUC?:Q#EHG#?9:#IE>R#;B#>:F?E@H?U#;B#?9:#IEJ#@H#B;F>:3#?9:U#@H?F;GM>:#DF;>:W GMFEI#DF;KF:CC#:H>;MFEK@HK#?9:#KF;J?9#;B#AEIM:#;B#?9:#DM<I@>#DF;>MF:Q:H?#QEFW R:?#EHG#?9:#HMQ<:F#;B#K@A@HK#DM<I@>#;FG:F#@H#?9:#?FEHCD;F?#C:>?;FX## &H#?9:#:QD@F@>EI#F:C:EF>9#?9:C:#LMEH?@?E?@A:#AEF@E<I:C#?9E?#J:F:#?ER:H#@H?;#E>W >;MH?N# O I:KEI#C?E?MC3# O :QDI;UQ:H?#FE?:3## O >ED@?EI#C9EF:3## O ?9:#EA:FEK:#EHHMEI#@H>;Q:X##

"9:# :A@G:H>:# ;B# :QD@F@>EI# EHEIUC@C# DF;A:C# ?9E?# ?9:F:# @C# H;# >;FF:IE?@;H# <:W ?J::H# Q:H?@;H:G# AEF@E<I:C# @H# C:HC:# ;B# C?E?@C?@>EI# C@KH@B@>EH>:X# g;J:A:F3# ?9:# C?F;HK:C?#F:IE?@;H#@C#<:?J::H#DEF?@>@DE?@;H#@H#DF;>::G@HKC#EHG#I:KEI#C?E?MC#EC#J:II# EC##EA:FEK:#EHHMEI#@H>;Q:#;B#E#>;QDEHU#@H#LM:C?@;HX#

(17)

"FEHCD;F?#!;QDEH@:C#;H#SM<I@>#SF;>MF:Q:H?#0EFR:?#O#?9:#!EC:#;B#S;IEHG' 5ke# !+2+!+#(+$' ! 342-5 671)*+( 899:5 ;0EFR:?#'@:JX#(0( #&HGMC?F@EI#EHG#+;K@C?@>CiX 342-5 <= 899:5 hn@K#n;V#S;IEHGX#0EFR:?#'@:JiX# ]MjQ@>Z#0X3#144k3 >99 ?.@ &A #" @()B05 ,).+C5 .)1#0%," 0 D()@)E0%,)5#aEZ:?E#PU<;F>ZE#HF#[53#CX#12X# +@CC;JCR@#,X3#F"(1#+(%1E) 0 ,)#,$(+#7C" E &"?GE0+#0"7H I$*.07&#J7H3#6JN8# GEQ@R# X3#+E>9@:J@>Z#*X#

_F:GX`3#PCDtuDFE>E#J#F;ZJ;=M#JCDtu>Z:CHU>9#;FKEH@ZE>=@X#PUGEJH@>?J;#S;I@?:>9H@R@#vtGZR@:=X# vtGj#144[X#DX#bd1X#

*?EFZUwCRE# PX3# 2J#+, &"?GE0+K I$*.07&#J7H E I()7+%0+ 0#1+B("7C0 & L#0M -$()I+C%,MX# -@B@HX# PEFCZEJE#144b3#DX#15X#

S@:F@:KMG# \X3# 144b3 N)#7+I7C" I"#+$()I+C%,0+C %0+70 1("#%I)(1)E+C " I()7+%J B.)*".0&"7C0 0 0#1+O

B("7C0 +$()I+C%,0+C3 6JN8#S@:>9E#]X#_F:G`3 P#1+B("7C" (+B0)#".#" Q ,(J&J%J B)%I)@"(7&+R#*ag3#

PEFCZEJEX

*?EFZUwCRE# PX3# .F;<:R# \X3# SIAJE &"?GE0+K I$*.07&#J7H #" ()&EGC I()7+%GE 0##)E"7JC#J7H E

B)%I)@"(7+3#6JN8#-MGE#\X"X3#PECZR@:I:J@>Z#PX#_#F:GX`3#%;J;>Z:CH:#Q:?;GU#@#?:>9H@R@#J#ZEW

FZxGZEH@MX# ag#$>Z:IH@EH:#PUGEJH@>?JE#%EMR;J;W-UGER?U>ZH:X#]FERtJ#144k3#DX#2dX#

;T1"10%107". U+"(*)), )V 1H+ 2+I$*.07 )V F)."#@W3#!:H?FEI#*?E?@C?@>EI#,BB@>:3#PEFCEJ3#5[[7O144eX#

#

!"#$%& '()*+,5 -./*0+1" 2)%&,)

%!Y+3$*Z-*&!$ ["' !"#$%&! &[+'#"'!F#/,'Y")\[*+]'%,-.*(Y#F(1' #"'%!YF/^"3Y*+'%&.$/*' # !:I:Q#H@H@:=CZ:K;#;DFE>;JEH@E#=:C?#EHEI@ZE#HEC?yDM=x>U>9#DU?Ew#<EGEJ>ZU>9N# O#\ER@#=:C?#D;?:H>=Eu#FUHR;JU#C:R?;FE#?FEHCD;F?#@#K;CD;GEFRE#QEKEZUH;JE#J#S;IC>:#J#;DEF>@M# ;#GEH:#C?E?UC?U>ZH:T# O#\ERx#F;Iy#J#@#ZHE>Z:H@:#;GKFUJE=x#DFZ:GC@y<@;FC?JE#?FEHCD;F?;J:#@#K;CD;GEFR@#QEKEZUH;W J:=#HE#FUHRM#ZEQtJ@:w#DM<I@>ZHU>9T# O#\ERE#=:C?#ER?UJH;z{#DFZ:GC@y<@;FC?J#?FEHCD;F?;JU>9#@#K;CD;GEFR@#QEKEZUH;J:=#J#GZ@EuEIW H;z>@#@HJ:C?U>U=H:=T# SFZ:DF;JEGZ;H:#C?MG@E#I@?:FE?MF;J:#;FEZ#<EGEH@E#D;ZJ;Ix#C>9EFER?:FUZ;JE{#FUH:R#ZEQtJ@:w# DM<I@>ZHU>9#J#S;IC>:3#;FEZ#;>:H@x#ER?UJH;z{#DFZ:GC@y<@;FC?J#?FEHCD;F?;JU>9#@#K;CD;GEFR@#QEKEW ZUH;J:=#HE#?UQ#FUHRMX## $_>=8'TRO9N>=;@'DFZ:GC@y<@;FC?JE#?FEHCD;F?;J:#@#K;CD;GEFR@#QEKEZUH;J:=3#ZEQtJ@:H@E#DMW <I@>ZH:3#HERuEGU#@HJ:C?U>U=H:# #

Cytaty

Powiązane dokumenty

Drivers can integrate visual, vesti- bular, proprioceptive, and auditory information to esti- mate the vehicle’s lateral position, heading, and path (angle and rate) relative to

Jednym z twórców immunologii porów- nawczej i ewolucyjnej był laureat nagrody Nobla z 1908 r., Illja Miecznikow, który do- konał kluczowych obserwacji procesu

Do poważniejszych powikłań, których źródłem jest beztlenowa flora górnych dróg oddechowych i/lub jamy ustnej, należy zachłystowe zapalenie płuc czy ropnie mózgu [2, 3,

REPORT OF THE ANNUAL GENERAL MEETING OF THE LONDON LITERARY ASSOCIATION OF THE FRIENDS OF POLAND.. „Annual Report of the L iterary A ssociation of the Friends

że rodzaj ten, teraz narodzony czy odrodzony, wsławił już wiele znakomitych zdolności. Kto jednak szuka okresów i szpiku mowy łacińskiej, ten niech się zwróci

35 świadectwem zainteresowań technicznych i ich wszechstronności w obrębie strzech budowlanych średniowiecza jest notatnik Villarda d’Honnecourt,

Odpady po hutnictwie ¿elaza i stali s¹ coraz czêœciej wielokierunkowo wykorzystywane, co wymusza koniecznoœæ prowadzenia badañ nie tylko w³aœciwoœci technicznych odpadów,

Jednym z priorytetów ekologicznych na które kładzie się nacisk w zakładzie jest optymalne zagospodarowanie odpadów, które ma się przełożyć na zmniejszenie zużycia