• Nie Znaleziono Wyników

The Determinants of Small and Medium Enterprises in Marginalized Regions

N/A
N/A
Protected

Academic year: 2021

Share "The Determinants of Small and Medium Enterprises in Marginalized Regions"

Copied!
10
0
0

Pełen tekst

(1)

/,+& #,(!,%,0&! ##1213#1454# 61789# !"#$%$ &'()*(+$ , -$.)(/$* !)012$ #

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

"( "%/%'*"*#'(#&)%0'()-'1"$#%"0'+(*#

#

)23456748# ":;# <=>?;@@# >A# =;BC>DEF# GE=BCDEFCHEIC>D# C@# E# <:;D>G;D>D# J:C?:# :E@##

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

":;# <:;D>G;D>D# >A# =;BC>DEF# ?>DK;=B;D?;# C@# I:;# @LOT;?I# >A# GEDP# @ILNC;@# A>LDN#CD#I:;#;?>D>GC?#FCI;=EIL=;#J>=FNJCN;M#&D#V>FEDN#I:;#C@@L;#E<<;E=@#G>@IFP# CD#I:;#?>DI;SI#>A#;?>D>GC?#?>:;@C>D#EDN#?>DK;=B;D?;#J:C?:#?>D@ICILI;#I:;#GECD# >OT;?ICK;@# >A# =;BC>DEF# <>FC?P# ACDED?;N# OP# I:;# ($# ALDN@M# ":;# ><ICGLG# L@;# >A# N;K;F><G;DI# <>I;DICEF# CD# >=N;=# I># E?:C;K;# F>DBRI;=G# EDN# @L@IECDEOF;# N;K;F><R G;DI3#CD?=;E@;N#@>?CEF#EDN#;?>D>GC?#?>:;@C>D#EDN#?>G<;ICIC>D#C@#ED#CG<>=IEDI# ?:EFF;DB;#A>=#V>FC@:#=;BC>D@M#);E?:CDB#I:EI#B>EF#=;ULC=;@#I:;#?=;EIC>D#>A#?>DNCR IC>D@# ?>DNL?CK;# I># <=><;=# L@;# >A# =;BC>DEF# =;@>L=?;@# EDN# EII=E?ICDB# ;SI;=DEF# =;R @>L=?;@#OP#G;ED@#>A#=;BC>DEF#<>FC?P#CD@I=LG;DI@M#

#################################################

#V:M-M3#$DCK;=@CIP#>A#+>NHM#

(2)

);DEIE#+C@>J@QE3#WE=>@XEJ#)><YBE# 172#

":;#?:E=E?I;=C@IC?#A;EIL=;#>A#I:;#V>FC@:#;?>D>GC?#@<E?;#C@#E#@I=>DB#?>D?;DR I=EIC>D# >A# <=>NL?IC>D# <>I;DICEF# CD# A;J# ;?>D>GC?EFFP# @I=>DB;@I# K>CK>N@:C<@3# CM;M# GEH>JC;?QC;3#@FE@QC;3#N>FD>@FE@QC;#EDN#JC;FQ><>F@QC;M#":;#NCAA;=;DICEIC>D#CD#I:;# N;K;F><G;DI#=EI;#>A#K>CK>N@:C<@#:E@#?>DI=COLI;N#I>#E#AL=I:;=#CD?=;E@;#CD#NC@<=>R <>=IC>D@#CD#I:;C=#N;K;F><G;DI#F;K;F3#O>I:#O;IJ;;D#I:;#=;BC>D@#E@#J;FF#E@#JCI:CD# I:;G3#J:C?:#F;N#I>#ED#;G;=B;D?;#>A#;?>D>GC?EFFP3#@>?CEFFP#EDN#?LFIL=EFFP#GE=R BCDEFCH;N#=;BC>D@M#*L?:#=;BC>D@#?>DICDL;#I>#O;#;S?FLN;N#A=>G#B=>JI:#B;D;=EIC>D# EDN#<E=IC?C<EIC>D#CD#N;K;F><G;DI#B;D;=EI;N#<=>ACI@#A>=#E#F>DB#ICG;M#":;@;#=;BC>D@# ?ED#=;R;DI;=#I:;#N;K;F><G;DI#<EI:#OP#G;ED@#>A#I:;#*0(#@;?I>=#J:C?:#<FEP@#ED# CG<>=IEDI#=>F;#CD#=;BC>DEF#N;K;F><G;DI#E@#CI#:E@#CG<>=IEDI#;?>D>GC?#EDN#@>?CEF# ALD?IC>D@3# CM;MZ# *0([@# L@;# F>?EF# =;@>L=?;@3# ;S<>=I# I:;C=# <=>NL?I@# I:L@# ?=;EICDB# D;J# T>O@# >D# I:;# F>?EF# FEO>L=# GE=Q;I3# <=>G>I;# ;DI=;<=;D;L=@:C<3# O;?>G;# I:;# <FE?;@#>A#?E<CIEF#E??LGLFEIC>D#EDN#NCAAL@C>D#>A#CDD>KEIC>D@M#);BC>DEF#GE=BCDEFCR HEIC>D#FCGCI@#*0([@#N;K;F><G;DI#I>#E#FE=B;#;SI;DI3#J:C?:#C@#E#AL=I:;=#?EL@;#>A# ;?>D>GC?#AECFL=;M# ":;#ECG#>A#I:C@#J>=Q#C@#I:;#EDEFP@C@#>A#?>DNCIC>D@#>A#I:;#ALD?IC>DCDB#>A#@GEFF# ;DI;=<=C@;@#CD#GE=BCDEFCH;N#=;BC>D@M# B8 A!)%)A "%'* 'A*#+,#&)%0'()-'1"$#%"0'+(*## # !:EDB;@#IEQCDB#<FE?;#CD#I:;#G>N;=D#BF>OEF#;?>D>GP#\;MBM#=;?;@@C>D#?EL@;N# OP#I:;#ACDED?CEF#?=C@C@3#@?C;DICAC?#EDN#I;?:D>F>BC?EF#<=>B=;@@3#N;G>B=E<:C?@3#?FCR GEI;#?:EDB;3#;I?M]#:EK;#E#@CBDCAC?EDI#CG<E?I#>D#E#AL=I:;=#CD?=;E@;#CD#NC@<=><>=R IC>D@#CD#I:;#F;K;F#>A#=;BC>DEF#N;K;F><G;DI#CD#I:;#;?>D>GC?3#@>?CEF3#CDA=E@I=L?IL=EF# EDN#@<EICEF#AC;FN#\GECDIECDCDB#<;=C<:;=EF#@IEIL@#I:EI#@I;G@#A=>G#ED#LDAEK>L=EOF;# B;>B=E<:C?EF#<>@CIC>D]M# V>FEDN^@#E=;E#?ED#O;#NCKCN;N#CDI>#IJ>#<E=I@3#CM;M#_;@I;=D#<E=I#\V>FEDN# ]#EDN# (E@I;=D#<E=I#\V>FEDN#`]3#J:C?:#NCAA;=#@CBDCAC?EDIFP#CD#I:;#F;K;F#>A#@>?CEF#EDN#;?>R D>GC?#N;K;F><G;DIM#":;@;#=;BC>DEF#NC@<=><>=IC>D@#CD#V>FEDN#E=;#?EL@;N#OP#:C@R I>=C?EF#AE?I>=@3#CM;M#<;=IECDCDB#I>#I:=;;#NCAA;=;DI#<E=ICIC>D@3#JE=#N;KE@IEIC>D3#@I=>DB# JE=R=;FEI;N# EDN# O>=N;=R?:EDB;R=;FEI;N# GCB=EIC>D@# E@# J;FF# E@# <=>?;@@;@# >A# ;?>R D>GC?#I=ED@A>=GEIC>D#I:EI#@IE=I;N#EI#I:;#O;BCDDCDB#>A#I:;#5aa4^@#EDN#I:;#<=>?;@@# >A# V>FEDN[@# E??;@@C>D# I># I:;# (L=><;ED# $DC>DM# ":;@;# NCAA;=;D?;@# ?ED# O;# <=;R @;DI;N#OP#KE=C>L@#CDNC?;@#\;MBM#LD;G<F>PG;DI#=EI;3#;NL?EIC>DEF#EIIECDG;DI#CDNCR ?;@3# &DI;=D;I# E??;@@3# I:;# F;K;F# >A# b-V# >=# )c-# ;S<;D@;@]d# I:;P# ?ED# EF@># O;# F>>Q;N#L<>D#A=>G#I:;#<;=@<;?ICK;#>A#NCAA;=;DI#JEP@#>A#@<EICEF#N;K;F><G;DI#<FEDR DCDB#\eE=JCf@QE3#614479]M##

0ET>=#N;K;F><G;DI#NCAA;=;D?;@#EG>DB#=;BC>D@#GEP#F;EN#I>#GE=BCDEFCHEIC>D# >A#E#BCK;D#E=;E3#J:C?:#?EL@;@#E#N;?FCD;#CD#;DI=;<=;D;L=@:C<#CD#I:;#E=;EM#":C@#<:;R D>G;D>D#C@#NEDB;=>L@#J:;D#>??L==CDB#>D#E#GE@@CK;#@?EF;#EDN#J:;D#CI#C@#E@@>?CR

(3)

EI;N#JCI:#I:;#=;NL?IC>D#CD#I:;#DLGO;=#>A#T>O@#EDN#@<EICEF#EFF>?EIC>D#>A#OL@CD;@@# <>I;DICEF5M###

":;#A>FF>JCDB#=;BC>D@#E=;#?>D@CN;=;N#G>@I#;DNEDB;=;N#OP#I:;#GE=BCDEFCHER IC>D#<:;D>G;D>DZ#=L=EF#E=;E@#L@LEFFP#F>?EI;N#<;=C<:;=EFFP#CD#=;@<;?I#I>#=;BC>DEF# EDN# DEIC>DEF#?;DI=;@# >A# @>?CEF# EDN# ;?>D>GC?# E?ICKCIP# >=# E=;E@# N>GCDEI;N# CD# I:;# <E@I#OP#@IEI;R>JD;N#EB=C?LFIL=;3#E=;E@#J:;=;#I=ENCIC>DEF#CDNL@I=C;@#J;=;#?>D?;DR I=EI;N3#?CIC;@#EDN#GLDC?C<EF#NC@I=C?I@#CD#E#@>?CEF#EDN#;?>D>GC?#N;?FCD;#E@#J;FF#E@# N;B=EN;N#<>@IRCDNL@I=CEF#EDN#<>@IRGCFCIE=P#E=;E@#\0E=Q>J@QC3#65aaa9]M# +>DBRI;=G#N;K;F><G;DI#<>I;DICEF#>A#E#=;BC>D#C@#N;I;=GCD;N#G>@IFP#OP#CI@#=;R @>L=?;@#EDN#CD@ICILIC>DEF#AE?I>=@M#":;#?EI;B>=P#>A#=;@>L=?;@#CD?FLN;@Z# h 345$# $#6 ()7'$8 7$0'%$8#h#N;I;=GCD;N#OP#EB;#N;G>B=E<:C?@3#I:;#@CH;#EDN# ULEFCIP#>A#FEO>L=#<>>F3#?>G<EICOCFCIP#>A#T>O#ULEFCAC?EIC>D@#I># I:;#N;GEDN#>A#FER O>L=#GE=Q;I3#;NL?EIC>DEF#EIIECDG;DI#>A#I:;#?CICH;D@3#?LFIL=EF#I=ENCIC>D@#EDN#@>?CEF# D>=G@d# h "90".%'(" $#6 '##):$%')##h#LDN;=@I>>N#E@#=;@;E=?:#EDN#N;K;F><G;DI#E?ICKR CIP#EDN#?>><;=EIC>D#>A#)c-#CD@ICILIC>D@#EDN#LDCK;=@CIC;@#JCI:#;DI;=<=C@;@#E@#J;FF# E@#I:;#F;K;F#>A#I;?:D>F>BC?EF#ENKED?;G;DI#CD#<=>NL?IC>Dd# h 7$0'%$8 $(("%( $#6 ;'#$#7" 7$0'%$8#h#N;@?=CO;N#E@#CDK;@IG;DI#@I=L?IL=;#EDN# E??;@@#I>#ALDNCDBd# h 5$%".'$8 $(("%( ); %3" ."2')## h# ?>G<=C@;# <=><;=# @<EICEF# N;K;F><G;DI# <FEDDCDB3# CM;M3# I;?:DC?EF3# @>?CEF# EDN# ;?>D>GC?# CDA=E@I=L?IL=;3# AEK>L=EOF;# DEIL=EF# ;DKC=>DG;DI#?>DNCIC>D@#EDN#@L=<FL@#>A#I;==ECD@#A>=#CDK;@IG;DI#F>?EIC>D#\!)<*=>

."2')#$8#? * @)8(7"A !$0).% BCCD#6144a9]M#

&D@ICILIC>DEF#AE?I>=@#CD?FLN;Z#

h I:;# ULEFCIP# EDN# ;AAC?C;D?P# >A# <LOFC?# ENGCDC@I=EIC>D# h# LDN;=@I>>N# E@# I:;# ULEFCIP# >A# <LOFC?# @;=KC?;@3# ?>DNCIC>D@# A>=# OL@CD;@@# E?ICKCIPM3# OL@CD;@@# ;DKC=>DR G;DId# h CD@ICILIC>DEF#?E<E?CIP#I>#GEDEB;#N;K;F><G;DI#h#?E<E?CIP#I>#<FED#EDN#CGR <F;G;DI#<>FC?C;@3#@I=EI;BC;@#EDN#N;K;F><G;DI#<=>B=EGG;@#\!)<*=> ."2')#$8#? * @)8(7"A !$0).% BCCD#6144a9]M# &DI;=DEF#AE?I>=@#CDAFL;D?CDB#=;BC>DEF#N;K;F><G;DI#CD#V>FEDN#E@# J;FF#E@#?L=R =;DI#?:EFF;DB;@#>A#E#BF>OEF#DEIL=;#?>D@ICILI;#ENNCIC>DEF#N;I;=GCDEDI@#>A#N;K;F><R G;DI#OE@;N#>D#;S<;=IC@;#EDN#CDD>KEIC>D#J:C?:#?>G<=C@;Z#

h =;BC>DEF# @<;?CEFCHEIC>D# J:C?:# IEQ;@# ENKEDIEB;# >A# CDI;=DEF# N;K;F><G;DI# <>I;DICEF#EDN#:;F<@#EII=E?I#;SI;=DEF#=;@>L=?;@#\;MBM#N>G;@IC?#EDN#A>=;CBD#CDK;@IR G;DI@3#CDD>KEICK;#AC=G@#EDN#@QCFF;N#FEO>L=#A>=?;]d# h CDI;B=EI;N#E<<=>E?:#I>#N;K;F><G;DI3# h ?E<EOCFCIP#I>#B;D;=EI;3#N;K;F><#EDN#NC@@;GCDEI;#CDD>KEIC>D@3# ################################################# 5#&I#GEP#G;ED#GE=Q;I#IEQ;>K;=#OP#;SI;=DEF#;DICIC;@3#FEO>L=#IEQ;>K;=#OP#?>G<;ICI>=@3#E?ULC=;N# GE?:CD;@#EDN#;ULC<G;DI#@;FFR>AAM#

(4)

);DEIE#+C@>J@QE3#WE=>@XEJ#)><YBE# 17i#

h ?E<E?CIP#>A#:LGED#=;@>L=?;@#I>#N;K;F><#;S<;=IC@;#EDN#@QCFF@#L@;N#CD#;?>R D>GC?#<=>?;@@;@3#

h CD@ICILIC>DEF#?E<E?CIP#>A#ENGCDC@I=EIC>D#I>#GEDEB;#N;K;F><G;DIM#

);BC>DEF# N;K;F><G;DI# B;D;=EIC>D# A>=?;@# ELI:>=CIC;@# I># CDAFL;D?;# E# ?;=IECD# ?>GOCDEIC>D#>A#CDI;=DEF#EDN#;SI;=DEF#AE?I>=@3#J:C?:#;DEOF;@#N=EJCDB#L<#@LCIEOF;# G>N;F@# >A# =;BC>DEF# N;K;F><G;DIM# ":;# =;@LFI# >A# CG<F;G;DIEIC>D# >A# I:;# ?:>@;D# G>N;F# C@# >AI;D# ED# ;G;=B;D?;# >A# KE=C>L@# AC;FN@# >A# *0([@# E?ICKCIPM# ":;@;# AC=G@# <FEP#CG<>=IEDI#;?>D>GC?#EDN#@>?CEF#=>F;@3#CM;MZ#I:;P#L@;#F>?EF# =;@>L=?;@3#;S<>=I# I:;C=#<=>NL?I@#I:L@#?=;EICDB#D;J#T>O@#>D#I:;#F>?EF#FEO>L=#GE=Q;I3#<=>G>I;#;DI=;R <=;D;L=@:C<3#O;?>G;#I:;#<FE?;@#>A#?E<CIEF#E??LGLFEIC>D#EDN#NCAAL@C>D#>A#CDD>KER IC>D@M#`L@CD;@@#E?ICKCIP#C@#E@@>?CEI;N#JCI:#;SI=ER;?>D>GC?#E?ICKCIP#EDN#CD#?>D@;R UL;D?;#<E=IC?LFE=#@>?CEF#EDN#;?>D>GC?#=;FEIC>D@#J:C?:#CDAFL;D?;#I:;#JEP#I:;@;# ;DI;=<=C@;@#><;=EI;#\!L==ED3# `FE?QOL=D#65aa29]M#

!:E=E?I;=C@IC?@# >A# ;?>D>GC?# <=>?;@@;@# >D# E# =;BC>DEF3# DEIC>DEF# EDN# CDI;=DER IC>DEF# @?EF;# F;EN# I># I:;# ;G;=B;D?;# >A# # j?;DI=EFk# EDN# j<;=C<:;=EFk# E=;E@3# J:C?:# CDAFL;D?;@#I:;C=#N;K;F><G;DI#<>I;DICEF3#A>=#CD@IED?;3#I:;C=#?E<E?CIP#I>#EII=E?I#D;J# CDK;@IG;DI3# I:;C=# N;K;F><G;DI# =;@>L=?;@# EDN# ?E<EOCFCIP# I># ;S<EDN# I:;GM# ":;# I:;>=P# >A# ?;DI=;R<;=C<:;=P# C@# OE@;N# >D# I:;# CDI;=N;<;DN;D?P# O;IJ;;D# I:;# ?;DI=;# EDN#I:;#<;=C<:;=P#J:;=;#I:;#<;=C<:;=C;@#E=;#LDN;=N;K;F><;N#E=;E@#N;<;DN;DI#>D# I:;#;?>D>GC?#@CILEIC>D#CD#I:;#?;DI=;3#J:C?:#FE?Q#OCB#EDN#@I=>DB#L=OED#?;DI=;@#EDN# A=>G#J:C?:#I:;#G>@I#E?ICK;#EDN#;DI;=<=C@CDB#CDNCKCNLEF@#GCB=EI;M#":;#*0(#@;?R I>=3#<E=IC?LFE=FP#@GEFF#;DI;=<=C@;@3#E=;#@;I#L<#EDN#N;K;F><;N#G>@IFP#CD#I:;#?;DI=;@# :;D?;#N;K;F><G;DI#OEFED?;#@:>LFN#O;#=;E?:;N#OP#j=;IECDCDBk#*0([@#EDN#?=;EIR CDB# ?>DNCIC>D@# A>=# I:;C=# N;K;F><G;DI# CD# I:;# <;=C<:;=C;@3# J:C?:# J>LFN# =;NL?;# <;=C<:;=C;@^#N;<;DN;D?P#>D#I:;#?;DI=;M#

# #

C8 !"#,.(A '+('(0#+,# !"#*&"#*"A +%#'(#&)%0'()-'1"$# %"0'+(*#

#

*GEFF#EDN#G;NCLG#;DI;=<=C@;@#;D?>LDI;=#E#DLGO;=#>A#>O@IE?F;@#FCGCICDB#I:;C=# N;K;F><G;DIM#*;K;=EF#?FE@@CAC?EIC>D@#>A#I:;@;#>O@IE?F;@#;SC@I#CD#I:;#@LOT;?I#FCI;=ER IL=;M# *>G;# >A# I:;G# =;FEI;# I># KE=C>L@# @IEB;@# CD# I:;# *0([@# N;K;F><G;DId# G>@I# ?>GG>D#E=;#;DI=P#OE==C;=@#\?>DD;?I;N#JCI:#I:;#@IE=IRL<#@IEB;]3#B=>JI:#>O@IE?F;@# EDN#>O@IE?F;@#E@@>?CEI;N#JCI:#<E=IC?LFE=#@IEB;@#CD#I:;#FCA;#>A#*0([@M#

D>I:;=# ?FE@@CAC?EIC>D# C@# I:;# NCKC@C>D# CDI># I:;# >O@IE?F;@# ?>DD;?I;N# JCI:# I:;# ALD?IC>DCDB# >A# AF;NBFCDB# ;DI;=<=C@;@# EDN# I:;# >O@IE?F;@# E@@>?CEI;N# JCI:# J;FFR ;@IEOFC@:;N#?>G<EDC;@M#":;#AC=@I#B=>L<#?>G<=C@;@#@L<<FP#>O@IE?F;@#\;MBM#CD@LAACR ?C;DI# I;?:D>F>BP3# CD@LAAC?C;DI# ALDN@3# <=>OF;G@# JCI:# N;OI# ?>FF;?IC>D3# FCGCI;N# E?R ?;@@# I># OEDQ# F>ED@3# E# @:>=IEB;# >A# =EJ# GEI;=CEF@3# FE?Q# >A# @QCFF;N# FEO>L=# A>=?;]# J:C?:# ?ED# FCGCI# <=>NL?IC>D3# E@# J;FF# E@# N;GEDN# >O@IE?F;@# \;MBM# CD@LAAC?C;DI# ?FCR

(5)

;DI@^#=;@>L=?;@3#I>>#GL?:#?>G<;ICIC>D#>D#I:;#GE=Q;I3#<=C?;#F>J;=CDB#OP#?>G<;ICR I>=@3# CD@LAAC?C;DI# <=;@;D?;# >A# I:;# ?>G<EDP# >D# I:;# GE=Q;I]# J:C?:# FCGCI# @EF;@# >A# <=>NL?;N#B>>N@#EDN#@;=KC?;@#\`>=>JC;?QC3#*CLIER">QE=@QE#614479]M#

":;#D;SI#?FE@@CAC?EIC>D#>A#AE?I>=@#FCGCICDB#I:;#*0(#@;?I>=^@#N;K;F><G;DI#:E@# O;;D# <=><>@;N# OP# I:;# V>FC@:# B;D?P# A>=# (DI;=<=C@;# -;K;F><G;DI# EDN# NC@ICDR BLC@:;@#I:;#A>FF>JCDB#>O@IE?F;@Z# h 5$.+"%E."8$%"6#h#=;@LFICDB#A=>G#@:=CDQCDB#@EF;@#GE=Q;I@3#?>G<;ICIC>D#EDN# CG<>=I@d# h 8"2$8 h#?>DD;?I;N#JCI:#>K;=R?>G<FC?EI;N#EDN#LD@IEOF;#FEJ#=;BLFEIC>D@M# ":C@#CD@IEOCFCIP#C@#>D;#>A#I:;#GECD#?>D?;=D@#>A#OLNNCDB#;DI=;<=;D;L=@3#J:C?:# @I><@#I:;G#A=>G#@;IICDB#L<#EDN#N;K;F><CDB#I:;C=#OL@CD;@@#E?ICKCIPM#":;=;#C@#E#FE?Q# >A#L<RI>RNEI;#CDA>=GEIC>D#>D#?:EDB;@#CD#I:;#F;BEF#@P@I;G#J:C?:# C@#D;?;@@E=P#I># =LD#E#OL@CD;@@#EDN#E#FE?Q#>A#ED#;AA;?ICK;#@P@I;G#>A#I=EN;GE=Q#<=>I;?IC>D#\mL?HQE3# 6144l9]d# h "7)#)5'7#h#GEDCA;@I;N#G>@IFP#CD#I:;#FE?Q#>A#?>:;@C>D#EDN#;AA;?ICK;#@IEI;# <>FC?P#I>JE=N@#I:;#*0(#@;?I>=#E@#J;FF#E@#CD#AC@?EF#<>FC?P3#<E=IC?LFE=FP#IES#<>FC?P3# JCI:#JCN;#NC@?=;IC>D#CD#CI@#CDI;=<=;IEIC>D#>D#I:;#<E=I#>A#CDFEDN#=;K;DL;#>AAC?;@#EDN# ?F;=Q@3#I:;#@P@I;G#>A#IES#EFF>JED?;@3#E#@:>=IEB;#>A#;ULCIP#?E<CIEF#EDN#<>>=#?=;NCI# =EICDBd#

h 5$#$2".'$8 h# =;@LFICDB# A=>G# <>>=# GEDEB;G;DI# EDN# GE=Q;ICDB# ;S<;=IC@;# >A#;DI=;<=;D;L=@3#J:C?:#GEQ;@#CI#NCAAC?LFI#A>=#OL@CD;@@G;D#I>#?><;#JCI:#?:EDB;@# CD#OL@CD;@@#;DKC=>DG;DId#

h ;'#$#7'$8 h# ?>DD;?I;N3# EG>DB# >I:;=@3# JCI:# :CB:# ?=;NCI# ?>@I@# EDN# <=>?;R NL=;@# >A# ?=;NCI# B=EDICDB3# ?>DNCIC>D@# >A# <LOFC?# I;DN;=@3# F;DBI:;D;N# @;IIF;G;DI# N;ENFCD;@#\*Q>J=>D;QR0CF?HE=;Q3614489]3#<>>=#E??;@@#I>#@I=L?IL=EF#ALDN@3#CD@LAR AC?C;DI# CDA>=GEIC>D# ?>D?;=DCDB# <LOFC?# ECN3# FE?Q# >A# ;ULCIP# ?E<CIEF# D;?;@@E=P# I># E<<FP#A>=#ACDED?CEF#ECN#EDN#JCI:##<=>?;NL=;@#>A#E<<FPCDB#A>=#ACDED?CEF#@L<<>=IM#

":;#FEI;@I#@ILNC;@#?>DNL?I;N#OP#I:;#V>FC@:#!>DA;N;=EIC>D#>A#V=CKEI;#(G<F>PR ;=@# +;JCEIED1# @:>J# I:EI# >O@IE?F;@# ?>DD;?I;N# JCI:# I:;# L@;# >A# @I=L?IL=EF# ALDN@#

?>D@ICILI;#E#@CBDCAC?EDI#B=>L<#>A#OE==C;=@#:CDN;=CDB#OL@CD;@@#E?ICKCIPM#":;#>O@IER ?F;@#G>@I#>AI;D#G;DIC>D;N#OP#;DI=;<=;D;L=@#E=;#I:;#A>FF>JCDBZ#E#AELFIP#CDA>=GER IC>D#@P@I;G3#E#FE?Q#>A#CD@ICILIC>DEF#?E<E?CIP3#F;BEF#;DKC=>DG;DI3#?>G<FC?EI;N#E<R <;EF#<=>?;NL=;3#<>>=#QD>JF;NB;#EO>LI#I:;#<=>B=EGG;@#I:EI#?ED#O;#E<<FC;N#A>=3## E#FE?Q#>A#@QCFF@#D;?;@@E=P#I>#<=;<E=;#E<<FC?EIC>D#A>=G@#EDN#E#?>G<F;S#@L<;=KC@C>D# @P@I;GM# &D#GE=BCDEFCH;N#=;BC>D@#>D;#;D?>LDI;=@#ENNCIC>DEF#>O@IE?F;@#E@@>?CEI;N#JCI:# I:;#@<;?CAC?#A;EIL=;@#>A#@L?:#E=;E@3#CM;M#<>>=#;?>D>GC?#N;K;F><G;DI3#F>J#CD?>G;# #################################################

1# 0M# *IE=?H;J@QERe=HP@HI>@H;Q3# F)#+4."#7?>#)GH ("+%).$ IJ@ BCCK3# V>F@QE# e>DA;N;=E?TE#

V=E?>NEJ?nJ# V=PJEIDP?:# +;JCEIED3# :II<ZooJJJMA>=LGMF>NHQC;M<Fo;S<>=Io@CI;@oA>=LGo<=;H;DIE?T;o# e=HP@HI>@H;Qpe>GQL=;D?PTD>@?p0*VM<NA#

(6)

);DEIE#+C@>J@QE3#WE=>@XEJ#)><YBE# 177#

>A#?CICH;D@#=;AF;?I;N#CD#F>J#N;GEDN3#<>>=#CDA=E@I=L?IL=;#\I=ED@<>=I3#;NL?EIC>DEF3# ;I?M]3# :CDN;=;N# E??;@@# I># OL@CD;@@# ;DKC=>DG;DI3# @>?CEF# <EI:>F>BC;@3# CDI;D@CAC;N# ;GCB=EIC>D#<=>?;@@;@#E@#J;FF#E@#E#FE?Q#>A#;DI=;<=;D;L=@:C<#CD#F>?EF#?>GGLDCIC;@M# ":;# >O@IE?F;@# =;@LFICDB# A=>G# I:;# @<;?CAC?# A;EIL=;@# >A# GE=BCDEFCH;N# E=;E@# GEP# CDAFL;D?;# I:;# ;G;=B;D?;# >A# ENNCIC>DEF# ?EL@;@# >A# *0([@# ;?>D>GC?# AECFL=;@# CD# I:;@;#E=;E@M#

# #

D8 %")*+(*#,+%#,)'-.%"#+,#*&)--#,'%&*## #

DEFP@CDB#I:;#@>L=?;@#EDN#<=>?;@@#>A# AECFL=;#>D;#?ED#@;;#E# ?;=IECD#<EII;=DM# %EG;FP3#I:;#GEDEB;G;DI#N>#D>I#D>IC?;#E#?=CIC?EF#@CILEIC>D#CD#ICG;3#J:C?:#NL;#I># I:;# N;FEP;N# >=# CD?>G<;I;DIFP# ?E==C;N# >LI# =;<EC=# E?IC>D@# ;DN@# CD# ?>G<EDP# ?>FR FE<@;M#,D;#@:>LFN#<EP#EII;DIC>D#I>#I:;#AE?I#I:EI#CD#I>NEP^@#ICG;@#>A#CD@;?L=CIP#EDN# =C@Q3#?=C@C@#O;?>G;@#ED#CD:;=;DI#;F;G;DI#>A#I:;#>=BEDC@EIC>D^@#ALD?IC>DCDBM#&D#I:;# ?>DI;SI#>A#I:;#NC@?L@@;N#@LOT;?I#>A#?>G<EDC;@^#AECFL=;3#>D;#@:>LFN#I=;EI#?=C@C@#CD# I:;#O=>EN#G;EDCDB#>A#I:;#J>=NM# ??>=NCDB#I>#WM)M#!E<>DCB=>#\UL>I;N#CD# M#.;R F;Q3#1448]3#?=C@C@#C@#?>D@CN;=;N#I>#O;#;K;=P#;K;DI#>=#E?ICKCIP# I:EI#GEP#:EK;#I:;# <>I;DICEFFP# D;BEICK;# CDAFL;D?;# >D# I:;# ?=;NCOCFCIP# EDN# ;AAC?C;D?P# >A# OL@CD;@@# >=# @>>D#JCFF#O;#O;P>DN#I:;#?>DI=>F#>A#I:C@#OL@CD;@@M#":;#N;ACDCIC>D#@EP@#I:EI#<=E?ICR ?EFFP#;K;=P#@CILEIC>D#I:EI#I:;#>JD;=o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

":;#;DI=;<=;D;L=#C@#CN;DICAC;N#E@#I:;#KCIEF#AE?I>=#CG<E?ICDB#>D#I:;#?>G<EDP# AECFL=;M#/C=@I#>A#EFF3#I:;#GEDEB;G;DI#G>ICKEIC>D3#ULEFCAC?EIC>D@#EDN#@QCFF@#:EK;#ED# CDAFL;D?;#>D#I:;#JEP#I:;#?>G<EDP#C@#GEDEB;NM##

(7)

*ICFF3# D>I# >DFP# I:;# GEDEB;G;DI# ULEFCIP# EDN# @QCFF@# CDAFL;D?;# I:;# ?>G<EDP^@# ?:ED?;@#I>#@L=KCK;M#&I#C@#EF@>#CG<>=IEDI#:>J#GL?:#;DI=;<=;D;L=@^#<;=@>DEF#A;ER IL=;@# CDAFL;D?;# I:;# ALD?IC>DCDB# >A# I:;# ?>G<EDPM# );FPCDB# >D# =>LICD;3# ;S?;@@CK;# ><ICGC@G#EDN#AECFCDB#I>#@<>I#CDA>=GEIC>D#A=>G#I:;#;DKC=>DG;DI#GEP#O;#>A#Q;P# CG<>=IED?;#A>=#I:;#AL=I:;=#ALD?IC>DCDB#>A#I:;#?>G<EDPM#":;#?>G<EDP#<>FC?P#C@# <=;<E=;N# EDN# CG<F;G;DI;N# OP# I:;# ;DI=;<=;D;L=# EDN# CI# ?>K;=@# @L?:# E@<;?I@# E@# @I=EI;BP# EDN# CDK;@IG;DI3# GE=Q;ICDB# EDN# @EF;@3# ACDED?;@# EDN# :LGED# =;@>L=?;@M# ":;#FE?Q#>A#;DI;=<=C@CDB#>=#GEDEB;=CEF#@QCFF@#CD#EDP#>A#I:;@;#E=;E@#EDN#<;=@>DEF# @QCFF@#>A#;DI=;<=;D;L=@oGEDEB;=@#GEP#F;EN#I>#LD;S<;?I;N#<=>OF;G@#I:EI#JCFF#N;R ?=;E@;#I:;#?>G<EDP^@#?:ED?;@#I>#@L=KCK;M##

/CDEFFP3#I:;#?:E=E?I;=C@IC?@#>A#I:;#?>G<EDPZ#CI@#@CH;3#GEIL=CIP3#@;?I>=#>=#EB;# GEP#O;#I:;#AE?I>=@#?>DNL?CK;#I>#AECFL=;M#0EDP#=;@;E=?:;=@#O;FC;K;#I:EI#AF;NBFCDB# ;DI;=<=C@;@# E=;# G>=;# <=>D;# I># AECFL=;@# I:ED# I:;# J;FFR;@IEOFC@:;N# >D;@# \%>=I:3# +;CB:3# *GEFFO>D;3# 5aa53# *I>=;P# 5aa23# *I;JE=I:3# bEFFEB:;=3# 5a7g3# V:CFFC<@# EDN# eC=?:>AA# 5a7a3# _EI@>D# EDN# (K;=;II# 5aai]M# F@># I:;# =;E@>D@# A>=# AECFL=;@# CD# I:;# ?E@;# >A# AF;NBFCDB# EDN# J;FFR;@IEOFC@:;N# ?>G<EDC;@# GEP# NCAA;=M# />=# ;SEG<F;3# I:;# OEDQ=L<I?P#>A#AF;NBFCDB#;DI;=<=C@;@#GEP#O;#?EL@;N#OP#I:;#FE?Q#>A#QD>JF;NB;#>A# GEDEB;G;DI3# ;@<;?CEFFP# ACDED?CEF# GEDEB;G;DI3# J:CF;# AECFL=;@# >A# G>=;# GEIL=;# ;DI;=<=C@;@# GEP#O;#?EL@;N#OP#I:;# CDEOCFCIP#I>#ENTL@I#I>#?:EDB;@#IEQCDB#<FE?;#CD# I:;#;DKC=>DG;DI#\":>=D:CFF#c# GCI3#1448]M#&I#N>;@#D>I#?:EDB;#I:;#AE?I#I:EI#I:;# ?>G<EDP^@#EB;#CD#CI@;FA#?EDD>I#O;#E#NC=;?I#=;E@>D#>=#@PG<I>G#>A#I:;#ALIL=;#AECFR L=;3#CI#GEP3#:>J;K;=3#<>CDI#I>#I:;#E=;E@#>D;#@:>LFN#A>?L@#>D#NL=CDB#I:;#EDEFP@C@# >A#=;E@>D@#A>=#AECFL=;#8M##

&D# I:;# AL=I:;=# <E=I# >A# I:C@# <E<;=# I:;=;# JCFF# O;# <=;@;DI;N# =;@LFI@# >A# =;@;E=?:# ECG;N# EI# @L=K;PCDB# # ;DI=;<=;D;L=@[# ><CDC>D@# >D# =;E@>D@# A>=# EDN# @PG<I>G@# >A# ?>FFE<@;#>A#@GEFF#;DI;=<=C@;@3#IEQCDB#CDI>#E??>LDI#I:;#@<;?CAC?#?>DNCIC>D@#>A#GE=R BCDEFC@;N#=;BC>D@#J:;=;#I:;P#><;=EI;2M#":;#@L=K;P#JE@#?E==C;N#>LI#CD#852#@GEFF#

;DI;=<=C@;@#@CILEI;N#EFF#>K;=#I:;#?>LDI=P3#CD?FLNCDB#558#?>G<EDC;@#OE@;N#CD#GE=R BCDEFCH;N# =;BC>D@M# ":;# @L=K;P@# J;=;# ?>G<F;G;DI;N# OP# g4# CDRN;<I:# CDI;=KC;J@# ?E==C;N# >LI# JCI:# ;DI=;<=;D;L=@# EDN# ;G<F>P;;@# >A# OL@CD;@@# ;DKC=>DG;DI# CD@ICILR IC>D@M#":;#EDEFP@C@#O;F>J#JCFF#CD?FLN;#558#AC=G@#F>?EI;N#CD#GE=BCDEFC@;N#=;BC>D@M# #&I#=;@LFI;N3#EG>DB#>I:;=@3#CD#ED#EDEFP@C@#>A#I:;#=;FEIC>D@#O;IJ;;D#GE=BCDEFCR HEIC>D#>A#I:;#=;BC>D#J:;=;#I:;#?>G<EDP#C@#OE@;N#EDN#I:;#=;E@>D@#A>=#;?>D>GC?#

#################################################

8# />=# ;SEG<F;3# I:;# I:;>=P# j+CEOCFCIP# >A# %;JD;@@k3# A>=GLFEI;N# A>=# I:;# AC=@I# ICG;# CD# 5aig# OP#

*ICD?:?>GO;#\UL>I;N#CD#V>HDEf@QE#eM3#L?+8" M?7'$ 0.<"6('1N').(%* $ '#(%?%47>)#$8#$ '#;.$(%.4+%4E .$ '73 ;4#+7>)#)*$#'$# CDZ# O$#+.47%*$ 0.<"6('1N').(%*A P?N.$#" $(0"+%? '#(%?%47>)#$8#"3# ;NM# 0q?HPf@QE#(M3#_E=@EJ#1447]3#E@@LG;@#I:EI#D;J#?>G<EDC;@#E=;#G>=;#<=>D;#I>#AECFL=;@#O;?EL@;## h >=BEDCHEIC>D@#:EK;#I>#F;E=D#D;J#IE@Q@# h I:;P#N>#D>I#:EK;#@IEDNE=N#<=>?;NL=;@#>A#@>FKCDB#<=>OF;G@#P;I# h I:;P#:EK;#I>#OLCFN#@I=>DB#=;FEIC>D@#JCI:#?L@I>G;=@3#@L<<FC;=@#EDN#CDK;@I>=@#

2#":;#=;@;E=?:#JE@#?E==C;N#>LI#E@#<E=I#>A#I:;#<=>T;?I#QJ?50%)5? 40$6+4 5$/"> ;'.5?A F)#("+E

*"#7>" (0)/"7<#)E2)(0)6$.7<"A @)8'%?+$ 0.<"7'*6<'$/$#'$R# <=>T;?I# D>M# 5# r41-#4gg# 843# ?>DI=E?I# D>M#4a1ior48o144io843##ACDED?;N#OP#I:;#0CDC@I=P#>A#*?C;D?;#EDN#rCB:;=#(NL?EIC>DM#

(8)

);DEIE#+C@>J@QE3#WE=>@XEJ#)><YBE# 1a4#

AECFL=;@# <>CDI;N# I># OP# I:;# ;DI;=<=C@;M# # @CBDCAC?EDI# DLGO;=# >A# =;@<>DN;DI@# ?FECG;N#I:EI#?>G<EDP#F>?EIC>D#CD#GE=BCDEFCH;N#=;BC>D@#CDAFL;D?;@#I:;#;G;=B;D?;# >A#ENNCIC>DEF#=;E@>D@#A>=#;?>D>GC?#AECFL=;@M# ":;#=;@LFI@#?>D?;=DCDB#I:;#@LOT;?I#E=;#<=;@;DI;N#CD#/CBL=;#5M# # # # # # # ":;#=;@<>DN;DI@#J:>#?>DAC=G;N#I:;#CG<E?I#I:EI#?>G<EDP#F>?EIC>D#:E@#>D#CI@# ;?>D>GC?# AECFL=;# <>CDI;N#I># I:;# G>@I# CG<>=IEDI# ?EL@;@# >A# I:C@# <:;D>G;D>DM# &D# ?>D@;UL;D?;3#;DI=;<=;D;L=@#@<;?CAC;N#E#B=>L<#>A#ENNCIC>DEF#=;E@>D@#A>=#;?>D>GC?# AECFL=;@# ;D?>LDI;=;N# CD# I:;@;# =;BC>D@M# ":;# >O@IE?F;@# CD?FLN;N# G>@IFP# ;SI;=DEF# AE?I>=@3#E@@>?CEI;N#JCI:#E#FCGCI;N#DLGO;=#>A#?L@I>G;=@#@I;GGCDB#A=>G#F>J#<L=R ?:E@CDB#<>J;=#>A#I:;#F>?EF@#CD#I:;#E=;E#J:;=;#I:;#?>G<EDP#C@#OE@;N#E@#J;FF#E@# A=>G# E# FE?Q# >A# ULEFCAC;N# @IEAAM# &D@LAAC?C;DI# E??;@@# I># OL@CD;@@# ;DKC=>DG;DI# EDN# :;D?;#I>#<LOFC?#ECN#IL=D;N#>LI#I>#O;#ED>I:;=#>O@IE?F;M#

-;IECF;N#=;@LFI@#E??>=NCDB#I>#I:;#N;B=;;#>A#I:;C=#@CBDCAC?ED?;#E=;#<=;@;DI;N#CD# /CBL=;#1M##

&D# ?>D?FL@C>D3# OE@;N# >D# I:;# =;@LFI@# >A# I:;# =;@;E=?:# CI# ?ED# O;# @ECN# I:EI# I:;# ALD?IC>DCDB#>A#;DI;=<=C@;@#CD#GE=BCDEFCH;N#=;BC>D@#?EL@;@#ED#ENNCIC>DEF#CD?=;E@;# CD# I:;# =C@Q# >A# ;?>D>GC?# AECFL=;M# ,AI;D# CD# I:;# ?E@;# >A# GE=BCDEFCH;N# =;BC>D@# I:;# =;E@>D@#A>=#;?>D>GC?#AECFL=;#;D?>LDI;=;N#CD#I:;#J:>F;#;?>D>GP#E??LGLFEI;#EDN# F;EN#I>#jI:;#N;EI:#@<C=EF#>A#I:;#>=BEDC@EIC>Dk3#CM;M#I:;#<=>?;@@#J:C?:#CD?FLN;@#I:;# E?ILEF# =;E@>D@# A>=# ;?>D>GC?# AECFL=;3# NC@=;BE=N;N# @PG<I>G@# >A# AECFL=;# EDN# I:;# @IEB;#F;ENCDB#NC=;?IFP#I>#?>G<EDP#?>FFE<@;3#J:C?:#C@#CG<>@@COF;#I>#@I><M#"EQCDB# CDI>#?>D@CN;=EIC>D#I:;#EO>K;#G;DIC>D;N#=;E@>D@#A>=#I:;#?>FFE<@;#>A#@GEFF#;DI;=R <=C@;@3# <E=IC?LFE=# EII;DIC>D# @:>LFN# O;# <ECN# I># E<<=><=CEI;# N;?C@C>D@# IEQ;D# OP# ED# ;DI=;<=;D;L=#CD#I:;#=;E?IC>D#I>#I:;#<=>OF;G@#B;D;=EI;N#OP#?>G<EDP#F>?EIC>DM##

#

/CBL=;#5M#":;#CDAFL;D?;#>A#F>?EIC>D#CD#GE=BCDEFCH;N#=;BC>D@#>D#I:;#;G;=B;D?;#>A#ENNCIC>DEF# >O@IE?F;@#>A#*0([@#AECFL=;@M#

(9)

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

`>=>JC;?QC# )M3# *CLIER">QE=@QE# `M3# @.)N8"5? ;4#+7>)#)*$#'$ IJ@ * @)8(7"A J?#%"<$ N$6$S ' +'".4#+' 6<'$/$S3#-CACD3#_E=@HEJE#1447#

!L==ED# WM3# `FE?QOL=D# )M3# J5$88 T'.5( $#6 &)7$8 U7)#)5'7 V"%*).+(A W3" X"$%3 ); %3" &)7$8 U7)#)5?Y3#VELF#!:E<GED#VLOFC@:CDB#+IN3#+>DN>D#5aa2#

(10)

);DEIE#+C@>J@QE3#WE=>@XEJ#)><YBE# 1a1#

eE=JCf@QE# M#Z)(0)6$.+$ 0.<"(%.<"##$A#[*$.4#+)*$#'$ (0)/"7<#)E+48%4.)*", V_%3#_E=@HEJE# 1447#

mL?HQE# "M3# I$/" ' G."6#'" 0.<"6('1N').(%*$A J<+'7" ) *(0=/7<"(#"> 0.<"6('1N').7<)G7', V>FCI;?:R DCQE#V>HDEf@QE3#V>HDEf#144ld#

0EQC;XE#.M3#@.<"6('1N').7<)GH ."2')#$8#$,#-CACD3#_E=@HEJE#1447#

0E=Q>J@QC#"M3#\$.<]6<$#'" .)<*)>"5 5'$(%, _PNEJDC?IJ>#%ELQ>J;#V_%3#_E=@HEJE#5aaa# %>=I:3#-M3#+;CB:3#)M3#*GEFFO>D;#-M3#^ L)50$.'()# ); J4.:':'#2 $#6 V)#E(4.:':'#2 J5$88 $#6

I"6'45 J'<"6 I$#4;$7%4.'#2 T'.5( '# &)#6)# X4.'#2 %3" _DKCE(3#,AAC?CEF#W>L=DEF#%>#!115# \5]3#5aa53#<<M#11R2g#

V:CFFC<@# `M-M3# eC=?::>AA# `M M3# T).5$%')#, 2.)*%3 $#6 (4.:':$8` (5$88 ;'.5 6?#$5'7( '# %3" [J U7)#)5?3#*GEFF#`L@CD;@@#(?>D>GC?@3#5a7a##

V>HDEf@QE# eM3# L?+8" M?7'$ 0.<"6('1N').(%* $ '#(%?%47>)#$8#$ '#;.$(%.4+%4.$ '73 ;4#+7>)#)*$#'$# CDZ# O$#+.47%*$ 0.<"6('1N').(%*A P?N.$#" $(0"+%? '#(%?%47>)#$8#"A3#;NM#0q?HPf@QE##(M#3#_E=@EJ#1447# !)<*=> ."2')#$8#? * @)8(7"A !$0).% BCCD3#0CDC@I;=@IJ>#)>HJ>TL#);BC>DEFD;B>3#_E=@HEJE#144a## *Q>J=>D;QR0CF?HE=;Q# M3# I$/" ' G."6#'" 0.<"6('1N').(%*$M# a.=6/$ ;'#$#()*$#'$3# !MrM# `;?Q3#

_E=@HEJE#1448#

*IE=?H;J@QERe=HP@HI>@H;Q# 0M3# # e>DQL=;D?PTD>st# @;QI>=E# 0*V3# V>F@QE# e>DA;N;=E?TE# V=E?>NEJR ?nJ#V=PJEIDP?:#+;JCEIED#1447d#

*I;JE=I#rM3#bEFFEB:;=#!M!M3#O4('#"(( X"$%3 $#6 T'.5 J'<" '# %3" [F#CDZ#&DI;=DEIC>DEF#*GEFF#`L@CR D;@@#W>L=DEF#5a7i3#2353#

*I>=;P3#-M#WM#[#6".(%$#6'#2 %3" (5$88 N4('#"(( ("7%).M#)>LIF;NB;3#+>DN>D#5aa2#

":>=D:CFF#*M3# GCI#)M3#&"$.#'#2 $N)4% T$'84."` O$#+.40%7?, T'.5 ^2" $#6 !"()4.7"EO$("6 b'"*3# ,=BEDCHEIC>D#*?C;D?;#5g3#14483#@M#2alhg4a#

_EI@>D3#WM#(K;=;II#WM3 X) J5$88 O4('#"(("( c$:" c'23 T$'84." !$%"(Y, &DI;=DEIC>DEF#*GEFF#`L@CR D;@@#W>L=DEFF3#5aai3#K>FM#823#%>M#2# .;F;Q# M3#\$.<]6<$#'" +.?<?("5 * 0.<"6('1N').(%*'" d 0".(0"+%?*$ (%.$%"2'7<#$3#&D@IPILI#,=BEDCR HE?TC#C#.E=HqNHEDCE#J#V=H;GPsF;#,)b0 *.3#_E=@HEJE#1448# # # !"#$%$ &'()*(+$, -$.)(/$* !)012$ # /%1FA1F(F#./)$9.#&)GFA!#,'%&#()# "%"()A!## 1&)%0'()-'1+H)(FA!# # V=>?;@#GE=BCDEFCHE?TC#=;BC>DnJ#T;@I#HTEJC@QC;G#D;BEIPJDC;#J<XPJETq?PG#DE#ALDQ?T>D>JER DC;# GEXP?:# AC=GM# 0E=BCDEFCHE?TE# =;BC>DL# <=H;TEJCE# @CY# DC@QCG# <>HC>G;G# =>HJ>TL# @<>X;?HD>R B>@<>NE=?H;B>3# HXPG# @IED;G# CDA=E@I=LQIL=P3# LI=LNDC>DPG# N>@IY<;G# N># >I>?H;DCE# OCHD;@L# >=EH# O=EQC;G# @QX>DD>s?C# N># <=H;N@CYOC>=?H>s?C# GC;@HQEf?nJM# 0E=BCDEFCHE?TE# J# <=HP<ENQL# =;BC>DL# >HDE?HE#NXLB>I=JEX;#JPXq?H;DC;#NED;B>#>O@HE=L#H#B;D;=>JEDCE#=>HJ>TL#C#<E=IP?P<E?TC#J#N>?:>R NE?:#H#=>HJ>TLM##);BC>DP#I;#DC;#@q#J#@IEDC;#T;NPDC;#J#><E=?CL#>#JXE@D;3#J;JDYI=HD;#@CXP#N>Q>DEt# <=>?;@L# <=H;Q@HIEX?;f# B>@<>NE=QC3# BJE=EDILTq?P?:# HGCEDY# @I=LQIL=P# B>@<>NE=?H;T3# JPQ=;>JEDC;# D>JP?:#GC;T@?#<=E?P#C#@IJ>=H;DC;#JE=LDQnJ#NFE#@IEOCFD;B>#=>HJ>TLM#e>@HIP#<>D>JD;B>#JXq?H;R DCE# >O@HE=nJ# HGE=BCDEFCH>JEDP?:# N># J@<nXIJ>=H;DCE# =>HJ>TL# B>@<>NE=?H;B># @q# @H?H;BnFDC;# JP@>QC;#C#?:E=EQI;=PHLTq#@CY#JPNXLu>DPG#>Q=;@;G#HJ=>IL#

=IPQLX#<>N;TGLT;#<=nOY#EDEFCHP#ALDQ?T>D>JEDCE#GEXP?:#AC=G#DE#I;=;DE?:#HGE=BCDEFCH>JER DP?:# H# <LDQIL# JCNH;DCE# JC;F>s?C# C# @;QJ;D?PTD>s?C# ?HPDDCQnJ# >B=EDC?HETq?P?:# C?:# =>HJnTM# _# E=IPQLF;#N>Q>DEDE#H>@IEDC;#NCEBD>HE#=nuDC?#J#HEQ=;@C;#>B=EDC?H;f#ALDQ?T>D>JEDCE#AC=G#J#LQXER NHC;#=;BC>DEFDPGM# *I=<6#JKL7M=<:?#0vV3#=;BC>DP#HGE=BCDEFCH>JED;3#OE=C;=P#=>HJ>TL#0vV3#<>FCIPQE#J@<E=?CE# 0vVM# #

Cytaty

Powiązane dokumenty

For the needs of this study the notion of operation safety of a technical system has been defined the operation of city transport systems involves different factors

Obecnie wiemy, że lewodopa nie powstrzymuje postępu choroby, a w miarę wydłużania się czasu stosowania leku u coraz większej liczby chorych pojawiają się późne

In this study, we were not able to demonstrate that a single treatment with unfocused shockwave therapy in unselected patients had any effect in terms of bone mineral density (BMD)

KLMNNOPQRSTUTPPLXLSMSRURYVRTXKYVSMRX WSXXQZSSSWZSY [X X\RRR... ABCDDEFGHIJKJFFBNBICIHKHOLHJNAOLICHN MINNGPIIIMPIO

Wykonano badania właściwości mechanicznych stopów w zależności od wielkości odkształcenia na zimno oraz ich zmian w zależności od temperatury rozciągania, badania

El presente volumen es un cariñoso y sincero homenaje a la excepcional figura del profesor Wiaczesław Nowikow, por sus múltiples méritos académicos, y por sus –no

Next we calculate the feedback VAR horizons and the optimal horizons (see Table 5) defined as the time at which inflation should be on target (90% of maximal response vanishes) in

Różnica w ilości strat prażenia i zawartości węgla całkowitego, przed procesem biologicznego przetwarzania odpadu i po jego zakończeniu, determinuje całkowity