• Nie Znaleziono Wyników

Polish Internet Commerce – Local or Global?

N/A
N/A
Protected

Academic year: 2021

Share "Polish Internet Commerce – Local or Global?"

Copied!
14
0
0

Pełen tekst

(1)

/,+& #,(!,%,0&! ##1213#1454# 65789# !"#$%& '()*&

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

&

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

################################################# #0N*DN3#Y;M>AC#0C=A?AJ<#$>AI<=BA?MN#

(2)

5[ \:P#@:@FHC=#AB#&>?<=><?#D:JJ<=D<#A>#;ARR<=<>?#D:F>?=A<B#K#<B@<DACHHM#A># (F=:@<#C>;#?O<#$* ]#

1[ ^OC?# C=<# ?O<# DC@CGAHA?A<B# :R# T:HABO# &>?<=><?# B?:=<B# ?:# CHH<IAC?<# ;<JC>;# R=:J#R:=<AE>#D:F>?=A<B]# =<#T:HABO#&>?<=><?#BO:@B#=<C;M#?:#B<HH#E::;B#CG=:C;]#

7[ ^OC?#AB#?O<#=C>E<#:R#FB<#:R#&>?<=><?#BO:@@A>E#CG=:C;#GM#?O<#T:HABO#&>?<=Q ><?#D:>BFJ<=]#

2[ \:P# GAE# AB# ?O<# @:?<>?ACH# :R# &>?<=><?# D:JJ<=D<# ;F=A>E# ?O<# EH:GCH# <D:Q >:JAD#D=ABAB]#

# #

C8 #'()*')(&+!,)*+)&#'& !".'AD&)B*! ).'&B'#!'&&& .'A&#'&(%)&B$.&

#

&>?<=><?# D:JJ<=D<# _AQD:JJ<=D<[# AB# C# @C=?# :R# <H<D?=:>AD# D:JJ<=D<# _<Q D:JJ<=D<[N#"OAB#LA>;#:R#?=C;<#AB#FBA>E#?O<#&>?<=><?#PA?O#PPP#P<GBA?<B#?:#;<CH# ?O<#?=C>BCD?A:>B#:R#GFMA>E#C>;#B<HHA>E#E::;B#C>;#B<=IAD<BN#(I<>#@CMJ<>?B#D:FH;# G<#;:><#IAC#&>?<=><?N#Y::;B#:=#B<=IAD<B#POADO#C=<#?=C;<;3#C=<#J:B?HM#@=:IA;<;#A># C# ?=C;A?A:>CH# PCM# _R:=# <UCJ@H<# GM# @:B?# :=# ;<HAI<=# D:J@C>M[# G<DCFB<# ?O<M# C=<# JC?<=ACHN# `F?# @C=?# :R# ?O<# ?=C>BCD?A:># AB# PA?O# D:J@H<?<HM# IA=?FCH# @=:;FD?B# _HAL<# B:R?PC=<# B<=IAD<B[N# &>?<=><?# D:JJ<=D<# AB# G<D:JA>E# J:=<# C>;# J:=<# @:@FHC=N# \:P<I<=#?OAB#@=:D<BB#AB#>:?#CB#PA;<B@=<C;#C>MJ:=<#?OC>#A?#FB<;#?:#G<#C?#?O<#G<Q EA>>A>EN##

&>?<=><?#D:JJ<=D<#AB#C#JC=L<?#PA?O:F?#G:=;<=B3#B:#?:#?OAB#<>;#P<#DC>#=<CHHM# FB<#B?C?<J<>?#aD:JJ:>a#:=#bEH:GCHa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c[N#&>#C#D:J@C=AB:>#:R#?OAB#;C?C3#A>#?O<#$* 3#:I<=# Z4c#:R#O:FB<O:H;B#OC;#&>?<=><?#D:>><D?A:>5N#&>#?OAB#E=:F@#:R#D:F>?=A<B3#T:HC>;# AB# A># ?O<# B<D:>;# @C=?# PA?O# :>HM# 2Zc# K# ?OAB# AB# :>HM# OCHR# :R# ?O<# :F?D:J<# :R# ?O<# H<C;<=N#^<#C=<#:F?;AB?C>D<;#A>#?OAB#C=<C#GM#BFDO#D:F>?=A<B#HAL<#*H:I<>AC3#(B?:>AC# C>;# *H:ICLACN# \:P<I<=# ?O<M# C=<# >:?# =<CDO3# A?# AB# B<<J<;# ?O<M# ;<I<H:@# RCB?<=# A>#

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

5

#+,- ./ 01'1 2"3456"7*4 2&85 9" :#;5<#5; =>>544#Q O??@XVVPPPNP<G@=:><PBND:JV?:@><PBV#

(3)

<H<D?=:>AD# <D:>:JMN# &?# AB# A>?<=<B?A>E# ?OC?# B:J<# D:F>?=A<B# POADO# C=<# A># E=:F@# :R# JFDO# J:=<# ;<I<H:@<;# <D:>:JA<B3# C=<# G<OA>;# T:HC>;# K# R:=# <UCJ@H<# &?CHM# C>;# Y=<<D<N#0:B?#D:J@F?<=AW<;#D:F>?=A<B#A>#?O<#($18#PA?O#&>?<=><?#CDD<BB#C=<#%<?OQ <=HC>;B3#*P<;<>#C>;#-<>JC=L#PA?O#BD:=<B#:I<=#Z4cN## # # # /AEF=<#5N#&>?<=><?#CDD<BB#GM#O:FB<O:H;B#A>#144Z#K#A>#c#

*:F=D<X#(F=:B?C?#5feV144Z#K#95&<7) ?@- "/ $#*$8$*3&74 345 $#;5<#5; A&#%$#B C O??@XVV<@@N#<FQ =:B?C?N<DN#<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q4151144ZQ`TV(%V2Q4151144ZQ`TQ(%NT-/## # # ^OC?#AB#?O<#@:@FHC?A:>#:R#=<CH#&>?<=><?#FB<=B#PO:#=<EFHC=HM#FB<#?OAB#J<;AFJ# A>#<I<=M;CM#HAR<]#*?C?AB?ADB#DHCAJ#?OC?#&>?<=><?#FB<=B#DC>#G<#G=:L<>#;:P>#A>#?<=J# :R#@:@FHC?A:>#CB#R:HH:PBX# 5[ PO:H<#P:=;#K#11c#:R#@<:@H<13# 1[ 8dc#:R#$* #@:@FHC?A:>73# 7[ 2ec#:R#(F=:@<C>#@:@FHC?A:>23# 2[ f5c#:R#(F=:@<C>#$>A:>#@:@FHC?A:>d3# d[ d1c#:R#T:HABO#@<:@H<fN# #################################################

1#D"E F@ >"3#;<$54 G$;6 ;65 6$B654; #3HA5< "/ :#;5<#5; 345<4#Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JV#

?:@14NO?J##

7#:#;5<#5; 04&B5 &#* I"E37&;$"# $# 9"<;6 =H5<$>&

Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?B52NO?J##

2

#:#;5<#5; 04&B5 $# J3<"E5#Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?B2NO?J##

d

#:#;5<#5; 04&B5 $# J3<"E5&# 0#$"##Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?BeNO?J##

f

# B#CG:I<N# DD:=;A>E#?:#@:HABO#C>;#:?O<=#BF=I<MB#G<?P<<>#22c#?:#dec#:R#@<:@H<#A>#T:HC>;# C=<#&>?<=><?#FB<=B#K#B<<#C?X#KL- $#;5<#&3;MG GB N/O 95; :#*5P1 :73 #&4 (&;5H Q54;RS

O??@XVVPPPNA>?<=><?B?C?BN@HVA>;<UN@O@V144eV41VdfQA>?<=>CF?:PQPEQERLQ><?QA>;<UQAHFQ>CBQWC?<JQi<B?VN# *:#BD:=<#d1c#R=:J#^:=H;#*?C?B#B<<J#?:#G<#=<CHAB?ADN##

(4)

^A?O# ?OAB# =<BFH?# A?# D:FH;# G<# BCA;# ?OC?# T:HC>;# CDOA<I<;# C># CI<=CE<# BD:=<3# CHQ ?O:FEO#A?#AB#G<??<=#A>#=<R<=<>D<#?:#?O<#PO:H<#P:=H;#:=#<I<>#(F=:@<3#A?#B?AHH#=<JCA>B# A>#?O<#B<D:>;#OCHR#:R#D:F>?=A<B#POADO#C=<#CB#D:J@F?<=AW<;N##

&>#=<HC?A:>#?:#?O<#RAEF=<B#CG:I<3#EH:GCHHM#A?#?O<=<#B<<JB#?:#G<#HC=E<#@:?<>?ACH# A># ?<=JB# :R# E=:F@B# :R# &>?<=><?# FB<=B3# G<DCFB<# ?O<# B?C?AB?ADCH# >FJG<=B# A>D=<CB<# B?<C;AHM#M<C=#GM#M<C=N#

"O<# >FJG<=# :R# A>;AIA;FCHB# PO:# @F=DOCB<;# E::;B# IAC# ?O<# &>?<=><?# CHB:# D:>Q ?A>F<B# ?:# =AB<N# &># 144Z3# 71c# :R# @<:@H<# CE<;# 5fK82# A># ?O<# ($18# OC;# G:FEO?# :=# :=;<=<;#E::;B#:=#B<=IAD<B#R:=#@=AIC?<#FB<#:I<=#?O<#&>?<=><?#C?#H<CB?#:>D<#A>#?O<#HCB?# 51# J:>?OBN8# /AEF=<# 1# @=<B<>?B# O:P# JC>M# A>;AIA;FCHB# FB<# ?O<# &>?<=><?# R:=# BO:@Q @A>EN# DD:=;A>E# ?:# ?O:B<# RAEF=<B3# A># ?O<# $* # A># 144Z3# CHJ:B?# fZc# :R# &>?<=><?# FB<=B# P<=<# CHB:# :>HA><# GFM<=BN# B# G<R:=<# A># ?OAB# D:J@C=AB:># T:HC>;# CDOA<I<;# G<H:P#CI<=CE<#=<BFH?B#POAH<#=<JCA>A>E#A>#?O<#H:P<=#OCHR#:R#(F=:@<C>#D:F>?=A<B#?:# G<D:J<# H<C;<=BN# "OAB# ?AJ<# T:HC>;# AB# DH:B<=# ?:# ?O<# JA;;H<# BD:=<B# K# A># &>?<=><?# BO:@@A>E# T:HC>;# AB# CO<C;# :R# ?O:B<# D:F>?=A<B# PO<=<# CDD<BB# ?:# ?O<# &>?<=><?# PCB# J:=<#PA;<B@=<C;N##

#

#

/AEF=<#1N#&>;AIA;FCHB#CE<;#5fK82#OCIA>E#G:FEO?#:=#:=;<=<;#E::;B#:=#B<=IAD<B#R:=#@=AIC?<#FB<#:I<=# ?O<#&>?<=><?#A>#144Z#K#A>#c#

# *:F=D<X# (F=:B?C?# K# 27V144e# K# 95&<7) "#5 ;6$<* "/ $#*$8$*3&74 $# ;65 J0FT 46"EE5* "# ;65

$#;5<#5; $# F@@,# K# O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q1847144eQ`TV(%V2Q

1847144eQ#`TQ(%NT-/##

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

! (F=:B?C?#27V144e#Q#95&<7) "#5 ;6$<* "/ $#*$8$*3&74 $# ;65 J0FT 46"EE5* "# ;65 :#;5<#5; $#

F@@,# O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q1847144eQ`TV(%V2Q1847144eQ`TQ

(5)

"O<#=<BFH?B#:R#T:HC>;#_5Zc#CDD:=;A>E#?:#(F=:B?C?3#GF?#17c#CDD:=;A>E#?:#T:HQ ABO#!<>?=CH#*?C?AB?AD#,RRAD<Z[#A>#BO:@@A>E#IAC#&>?<=><?#AB#>:?#B@<D?CDFHC=3#?O<#HC=EQ <B?# >FJG<=# :R# &>?<=><?# BO:@@<=B# C=<# A># -<>JC=L3# ?O<# $j# C>;# ?O<# %<?O<=HC>;B3# PO<=<# :I<=# d4c# :R# ?O<# @:@FHC?A:># CE<;# 5fK82# FB<# ?OAB# J<;AFJ# ?:# @F=DOCB<# E::;BN# &R# ?O<# CG:I<# J<>?A:><;# T:HABO# BD:=<B# C=<# IA<P<;# A># =<HC?A:># ?:# ?O:B<# POADO# C=<# &>?<=><?# FB<=B# :=# OCI<# CDD<BB# ?:# ?O<# &>?<=><?# A?# H::LB# JFDO# G<??<=N# &># T:HC>;#:I<=#25c#:R#?O:B<#PO:#OCI<#CDD<BB#?:#?O<#&>?<=><?#;:#BO:@@A>E#:>HA><N##

"O<#@:?<>?ACH#:R#T:HABO#:>HA><#BO:@@<=B#D:FH;#G<#HC=E<=3#G<DCFB<#<I<>#1V7#:R# ?O<J#;<DHC=<#?OC?#?O<M#OC;#G:FEO?#B:J<?OA>E#IAC#?O<#&>?<=><?#B:J<PO<=<#C?#H<CB?# :>D<N# J:>E# ?O<J3# 8fc# ;A;# BO:@@A>E# :># CFD?A:>B# C>;# dZc# A># &>?<=><?# BO:@BN# ,>HM# :><# A># ?O=<<# &>?<=><?# FB<=B# AB# ;:A>E# &>?<=><?# BO:@@A>E# =<EFHC=HM# K# :>D<## C#J:>?O#:=#J:=<#:R?<>N#24c#:R#&>?<=><?#FB<=B#C=<#FBA>E#?O<#&>?<=><?#R:=#BO:@@A>E# C#R<P#?AJ<B#C#M<C=Ne#

^OM3#A>#?O<#CG:I<#BF=I<MB#AB#T:HC>;kB#@:BA?A:>#B:#P<CL]#&?#B<<J<;#?:#G<#:GQ IA:FB#AR#P<#H::L#C?#RAEF=<#73#POADO#@=<B<>?B#?O<#CI<=CE<#J:>?OHM#G=:C;GC>;#D:B?B# @<=#C;I<=?AB<;#0GA?VBN#T:HC>;#AB#A>#HCB?#@:BA?A:>3#OCIA>E#?O<#GAEE<B?#D:B?B#:R#CDQ D<BB# ?:# ?O<# &>?<=><?# _A># C# E=:F@# :R# C# R<P# B<H<D?<;# D:F>?=A<B# :R# ($183# A>DHF;A>E# CHB:#?O<#$>A?<;#*?C?<B#?:#D:J@C=<[3#O:P<I<=#:?O<=#D:F>?=A<B#C=<#JFDO#P<CH?OA<=N# "O<=<# C=<# HC=E<# ;AB@=:@:=?A:>B# A># &>?<=><?# FB<=B# A>D:J<B# A># ?O:B<# D:F>?=A<B3# B:# @=AD<B# :R# G=:C;GC>;# &>?<=><?# A># T:HC>;# B<<J# ?:# G<# I<=M# F>RCI:=CGH<N# T:HABO# &>?<=><?#FB<=B#R:=#:><#0GA?VB#JFB?#@CM#?<>#?AJ<B#J:=<#?OC>#A>#/=C>D<N#(U@<>BAI<# &>?<=><?# D:>><D?A:># AB# :><# :R# ?O<# J:B?# AJ@:=?C>?# =<CB:>B3# POM# A># C# R:=<# J<>Q ?A:><;# B?C?AB?ADB3# ?O<# @:BA?A:># :R# T:HC>;# ;:<B# >:?# D:J@C=<# RCI:F=CGHM# ?:# :?O<=# D:F>?=A<BN# "O<# BH:P# @=:E=<BBA:># :R# C># A>R:=JC?A:># B:DA<?M# AB# CHB:# C># AJ@:=?C>?# RCD?:=N#&>#=C>LA>E#D:F>?=A<B#POADO#OCI<#?O<#J:B?#;<I<H:@<;#A>R:=JC?A:>#B:DA<?A<B# ?O<=<#C=<3#GF?#C#R<P#B<H<D?<;#R=:J#?O<#($#C>;#?O<#$>A?<;#*?C?<B54X# ! THCD<#%:#5X#-<>JC=L3# ! THCD<#%:#1X#*P<;<>3# ! THCD<#%:#7X#$>A?<;#*?C?<B3# ! THCD<#%:#5ZX#(B?:>AC3# ! THCD<#%:#71X#!W<DO#)<@FGHAD3# ! THCD<#%:#25X#\F>EC=M3# ! THCD<#%:#dZX#):JC>AC3# ! THCD<#%:#fZX#`FHEC=AC3# ################################################# Z

# )C@:=?# Y$*# Q# U)%"<()4;&#$5 ;5>6#"7"B$$ $#/"<H&>)Q#"S;575%"H3#$%&>)Q#)>6 G E<(5*4$VA$"<S

4;G&>6W B"4E"*&<4;G&>6 *"H"G)>6 $ E<(5( "4"A) E<)G&;#5 G F@@, <NQ#O??@XVVPPPNB?C?NE:IN@HVEFBV# dZ24h7874hT+jh\"0+NO?J##

e

#`=WlWLC#0NX#I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33#6A>X9#-mGADLC#,N3#,>ABWDWFLQ nCB?=WmGBLC# N3#YF?:PBLA#"N3#^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCH>MJ3#/F>;CQ DiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#@N#772#

54

#I"74%& H&<3*5<5H :#;5<#5;3#Q#O??@XVVPPPN=@N@HVC=?MLFHV131Z1421h#T:HBLChJC=F;<=<Jh#&>?<=><?FN# O?JH##

(6)

! THCD<#%:#feX#T:HC>;N# -<B@A?<#:R#?O<B<#RCD?B3#&>?<=><?#BO:@@A>E#AB#G<D:JA>E#J:=<#C>;#J:=<#@:@FHC=# A>#T:HABO#B:DA<?MN## # # /AEF=<#7N# I<=CE<#G=:C;GC>;#J:>?OHM#@=AD<#@<=#C;I<=?AB<;#0GA?VB#A>#144Z#K#A>#$*-# *:F=D<X#,(!-#K#=85<&B5 A<"&*A&#* H"#;67) E<$>5 E5< &*85<;$45* !A$;X4W A) >"3#;<) YE1 Z/[# K#O??@XVVPPPN:<D;N:=EV;:DFJ<>?Vd2V4377273<>h1f2eh7211dh7Zfe4541h5h5h5h5344NO?JH##

#

\:P<I<=3#A>#?O<#B?C?AB?ADB# @=<B<>?<;#CG:I<#;AB@=:@:=?A:>B#DC>#G<#B<<>3#PA?O# T:HABO#:>HA><#GFM<=B#;ARR<=A>E#I<=M#HA??H<#A>#?O<#PCMB#:R#;:A>E#BO:@@A>E#?O=:FEO# ?O<# &>?<=><?# C>;# A># DFB?:J<=kB# @=<R<=<>D<BN# DD:=;A>E# ?:# (F=:B?C?kB# BF=I<M3# ?O<# OAEO<B?#BOC=<#:R#&>?<=><?#BO:@@<=B#PCB#R:F>;#A>#?O<#E=:F@#CE<;#1dK72N#"O<#BCJ<# PCB#B<<>#A>#T:HC>;3#O:P<I<=#CHB:#GAE#CJ:F>?#:R#:>HA><#GFM<=B#D:J<#R=:J#E=:F@# :R# 5fK12# M<C=B# :H;N# &># @=<B<>?<;# BF=I<M# A?# PCB# :GB<=I<;# ?OC?# ?O<# J:B?# @:@FHC=# ?M@<B# :R# E::;B# C>;# B<=IAD<B# @F=DOCB<;# :I<=# ?O<# &>?<=><?# A># ?O<# ($18# A># 144Z# P<=<#A>#CB#RCHH:P<;#:=;<=X55# 5[ ?=CI<H#C>;#O:HA;CM#CDD:JJ:;C?A:>3# 1[ DH:?O<B#C>;#B@:=?B#E::;B#_RA=B?#@:BA?A:>#A>#T:HABO#=C>LA>E[3# 7[ G::LB3#JCECWA><B#C>;#<QH<C=>A>E3#_?OA=;#@:BA?A:>#A>#T:HABO#=C>LA>E[# 2[ O:FB<O:H;#E::;B#_B<D:>;#@:BA?A:>#A>#T:HABO#=C>LA>E[3# d[ ?ADL<?B#R:=#<I<>?B3# f[ RAHJB#C>;#JFBAD3# 8[ <H<D?=:>AD#<SFA@J<>?#_R:F=?O#@:BA?A:>#A>#T:HABO#=C>LA>E[N## #################################################

"" (F=:B?C?#27V144e#Q#95&<7) "#5 ;6$<* "/ $#*$8$*3&74 $# ;65 J0FT 46"EE5* "# ;65 $#;5<#5; $#

F@@,# O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q1847144eQ`TV(%V2Q1847144eQ`TQ (%NT-/

(7)

"F=>:I<=# A># T:HABO# &>?<=><?# D:JJ<=D<# A># 144Z# CDOA<I<;# CHJ:B?# 55# JAHHA:># T+%N#&?#AB#<B?AJC?<;#?OC?#A>#144e#A?#PAHH#A>D=<CB<#?:#57#JAHHA:>#T+%N#&?#AB#CHJ:B?# 1c# :R# ?O<# <>?A=<# ?=C;<N# \:P<I<=# ?F=>:I<=# CJ:F>?B# B?AHH# E=:P3# ?O<# @CD<# :R# ?OAB# E=:P?O#OCB#BH:P<;N#"O<#C>>FCH#=C?<#:R#E=:P#O:I<=B#C=:F>;#24c3#GF?#A>#1448#A?# PCB#:I<=#f4cN51#"OAB#AB#A>#D:J@C=AB:>#?:#(F=:@<#PA?O#C>>FCH#:I<=?F=>B#A>#&>?<=Q ><?# D:JJ<=D<# =<CDOA>E# :I<=# 1d4# JAHHA:># $*-# A># 144Z3# C>;# A>D=<CBA>E# M<C=# GM# M<C=N57#&>#?O<#$>A?<;#*?C?<B3#?O<#ICHF<#:R#&>?<=><?#BO:@@A>E#?=C>BCD?A:>B#PCB#:I<=# 154#JAHHA:>#$*-N52#&>#(F=:@<#C>;#?O<#$*#&>?<=><?#D:JJ<=D<#AB#H<BB#?OC>#Zc#:R# PO:H<#?=C;<#GF?#?O<=<#C=<#R:=<DCB?B#?OC?#A>#><U?#R<P#M<C=B#_1451K145d[3#:I<=?F=>B# A>#&>?<=><?#D:JJ<=D<#PAHH#=<CDO#5ec#:R#PO:H<#?=C;<3#;<B@A?<#?O<#RCD?#?OC?#&>?<=><?# D:JJ<=D<#AB#A>D=<CBA>E#J:=<#BH:PHM#;F=A>E#?O<#?AJ<#:R#EH:GCH#<D:>:JAD#D=ABAB#_<BQ @<DACHHM#A>#?O<#$>A?<;#*?C?<B3#GF?#?OAB#?=<>;#AB#CHB:#A>#(F=:@<C>#D:F>?=A<B[N5d# "O<#T:HABO#D:>BFJ<=3#HAL<#:?O<=B3#C=<#BO:@@A>E#:>HA><#G<DCFB<5fX# 5[ A?#AB#DO<C@<=3#@=AD<B#C=<#J:=<#C??=CD?AI<#K#?OAB#AB#?O<#J:B?#AJ@:=?C>?#=<CB:># R:=#d4c#:R#DHA<>?B3##

1[ A?# AB# D:JR:=?CGH<3# A?# AB# >:?# ><D<BBC=M# ?:# H<CI<# O:J<# _A># :@A>A:># :R# 2Zc# D:>BFJ<=B[3#

7[ CBB:=?J<>?#:R#E::;B#C>;#B<=IAD<B#C=<#PA;<=#_C;IC>?CE<#R:=#75c#:R#GFM<=B[3# 2[ A?#AB#C#E::;#=<DA@<#R:=#HCDL#:R#?AJ<#_R:=#17c#:R#DHA<>?B[N##

T:HABO#:>HA><#GFM<=B#C=<#CHB:#PAHHA>E#?:#;:#BO:@@A>E#>:?#:>HM#A>#T:HABO#BO:@B# C>;#CFD?A:>BN# DD:=;A>E#?:#<`CMN@H3#:I<=#d#JAHHA:>#T:HABO#&>?<=><?#FB<=B#C=<#CDQ ?AI<# :># R:=<AE># &>?<=><?# @HC?R:=JB3# A>DHF;A>E# D:JJ<=D<N# &?# AB# @:BBAGH<# ?OC?# <I<># :><# A># R:F=# T:HABO# &>?<=><?# FB<=B# D:FH;# G<# C# DHA<>?# :R# R:=<AE># &>?<=><?# BO:@B# :=# CFD?A:>BN#&>#144Z#?O<B<#D:F>?=A<B#C>;#?O<A=#E::;B#P<=<# J:B?#@:@FHC=#A>#R:=<AE># &>?<=><?#BO:@@A>E#R:=#T:HABO#GFM<=B58X# ! Y<=JC>M#_d5c#:R#R:=<AE>#BO:@@A>E[#K#DC=B3#DC=#B@C=<#@C=?B3#GFBA><BB#C=?AQ DH<B3#JCDOA><B3#O:FB<#A>?<=A:=#CBB:=?J<>?p# ! $>A?<;#*?C?<B#_1dc[#K#DC=B3#DH:?O<B3#OC>;#DH:DLB3#<H<D?=:>ADBp# ################################################# 51

#'E<(5*&\ G 5S4%75E&>6 4$VB#$5 +? H7* (]#Q#O??@XVVGAW><BNECW<?C@=CP>CN@HVC=?MLFHMV5541e13# B@=W<;CWhPh<hBLH<@CDOhBA<E>A<h57hJH;hWHNO?JH##

57#`=WlWLC#0NX#I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33#6A>X9#-mGADLC#,N3#,>ABWDWFLQ

nCB?=WmGBLC# N3#YF?:PBLA#"N3#^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCH>MJ3#/F>;CQ DiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#@N#77d#

52

#!5*$& >)/<"G5 S E"*43H"G&#$5 <"%3 F@@, Y^"H'>"<5W 0'=[#Q#O??@XVVPPPNA>?<=><?B?C?BN@HV# A>;<UN@O@V144eV41VJ<;ACQDMR=:P<Q@:;BFJ:PC>A<Q=:LFQ144ZQD:JBD:=<QFBCV##

5d

#_$4& J3<"E5` 6&#*57 *5;&7$>(#) F@+FSF@+K S O??@XVVPPPN<E:B@:;C=LCN@HV717743'ABCQ (F=:@<QOC>;<HQ;<?CHADW>MQ1451Q145d3537e35NO?JH##

5f

#I<&G$5 +X? H$54(%&a>MG 0J <"A$ (&%3E) G :#;5<#5>$5 S O??@XVV?<DO>:H:EM?=<>;N@HV144eV47V# @=CPA<Q57QJA<BWLC>D:PQF<Q=:GAQWCLF@MQPQA>?<=><DA<V##

58

#nC;CDO:PBLA#qNX#:#;5<#5; B7"A&7#)1 ^() I"7&>) 4b >(Vc>$b cG$&;"G5Q 4E"]5>(#"c>$ $#;5<#5S

(8)

! $>A?<;#jA>E;:J#_5fc[#K#J:?:=DMDH<B3#DC=B3#J:GAH<#?<H<@O:><B3#@O:?:EQ =C@OM#<SFA@J<>?p##

! /=C>D<#_2c[3#

! &?CHM#C>;# FB?=AC#_1c#A>#<CDO#:><[N#

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eX# ! HC>EFCE<#GC==A<=B#K#A?#AB#><D<BBC=M#?:#OCI<#<>:FEO#HC>EFCE<#BLAHHB#A>#D:JJFQ >ADC?A:>#PA?O#B<HH<=#C>;#F>;<=B?C>;A>E#D:J@H<?<#A>R:=JC?A:>#CG:F?#@=:;FD?B3#

! GAEE<=# =ABL# D:>><D?<;# PA?O# F>D<=?CA>?M# AR# B<HH<=# PAHH# B<>;# C# @=:;FD?# C>;# CG:F?#EFC=C>?<<3#B<=IAD<#C>;#=<?F=>A>E#:R#C#@=:;FD?3# ! OAEO<=#D:B?B#:R#;<HAI<=M#C>;#GAEE<=#=ABL#:R#;CJCE<#:=#H:BB#:R#@CDLCE<#;F=Q A>E#;AB?=AGF?A:>3# ! OAEO<=#D:B?B#:R#GC>L#J:><M#?=C>BR<=#C>;#><D<BBA?M#:R#OCIA>E#D=<;A?#DC=;3# ! F>DH<C=#;F?A<B#=<SFA=<;#GM#HCP#PO<>#E::;B#@CBB#?O=:FEO#DFB?:JB3# ! H:>E<=#;<HAI<=M#?AJ<3#

! F>D<=?CA>?M# CG:F?# =C>E<# :R# D:>BFJ<=# A>?<=<B?B# @=:?<D?A:># ;F=A>E# R:=<AE># ?=C>BCD?A:>N#

"OC?# PCB# ?O<# @<=B@<D?AI<# :R# &>?<=><?# GFM<=BN# &# PAHH# ?CL<# >:P# R:DFB# :># O:P# T:HABO#<>?<=@=AB<B#C>;#BO:@B#C=<#D:>;FD?A>E#?O<A=#GFBA><BB#:>HA><#C>;#AR#?O<M#DC># CHH<IAC?<#;<JC>;#R=:J#CG=:C;N##

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

5Z

#`=WlWLC#0NX#I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33#6A>X9#-mGADLC#,N3#,>ABWDWFLQ nCB?=WmGBLC# N3#YF?:PBLA#"N3#^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCH>MJ3#/F>;CQ DiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#@N#772Q77d#

5e

#nC;CDO:PBLA#qNX#:#;5<#5; B7"A&7#)1 ^() I"7&>) 4b >(Vc>$b cG$&;"G5Q 4E"]5>(#"c>$ $#;5<#5S

;"G5QR $>@FGHABO<;#D:>R<=<>D<#JC?<=ACHB#K#r&>?<=><?#1LZ#K#0AHA:>M#P#BA<DAa#C>;#`=WlWLC#0NX# I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33#6A>X9#-mGADLC#,N3#,>ABWDWFLQnCB?=WmGBLC# N3#YFQ

?:PBLA#"N3#^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCH>MJ3#/F>;CDiC#):WP:iF#$>AQ P<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#@N#77d#

(9)

&># T:HC>;3# e7c# :R# <>?<=@=AB<B# OCI<# CDD<BB# ?:# ?O<# &>?<=><?3# dec# ?OC>LB# ?:# G=:C;GC>;N# d8c# :R# D:J@C>A<B# CHB:# OCI<# ?O<A=# :P># P<GBA?<N# "O:B<# =<BFH?B# C=<# D:J@C=CGH<#PA?O#:?O<=#(F=:@<C>#D:F>?=A<BN##

&>#($183#e7c#:R#<>?<=@=AB<B#:R#?<>#:=#J:=<#@<:@H<#<J@H:M<;#OC;#CDD<BB#?:# ?O<# &>?<=><?3# C>;# Z5c# :R# <>?<=@=AB<B# OC;# C# G=:C;GC>;# &>?<=><?# D:>><D?A:>N# "O<# OAEO<B?# @=:@:=?A:>B# :R# <>?<=@=AB<B# PA?O# &>?<=><?# CDD<BB# A># ?O<# ($18# P<=<# =<Q D:=;<;# A># ?O<# %<?O<=HC>;B# C>;# /A>HC>;# _G:?O# eec[3# -<>JC=L# _eZc[# C>;# `<HQ EAFJ3# FB?=AC# C>;# *H:I<>AC# _e8c# <CDO[N# "O<# @<=D<>?CE<# PCB# H<BB# ?OC># e4c# A># :>HM# RAI<# D:F>?=A<BX# ):JC>AC# _f8c[3# `FHEC=AC# _Z7c[3# \F>EC=M# _Zfc[3# +C?IAC# _ZZc[# C>;# !M@=FB# _Zec[N# 0:=<# ?OC># Z4c# :R# <>?<=@=AB<B# A># -<>JC=L3# *P<;<>3# ?O<#%<?O<=HC>;B#C>;#/A>HC>;#OCI<#C#P<GBA?<N#14#

,># CI<=CE<# A># ?O<# ($18# A># 144Z3# f2c# :R# <>?<=@=AB<B# OC;# C# P<GBA?<N# "O<# BOC=<# :R# <>?<=@=AB<B# OCIA>E# C# P<GBA?<# :=# O:J<# @CE<# A># 144Z# ;ARR<=<;# BAE>ARAQ DC>?HMX# -<>JC=L# _Z8c[3# *P<;<># _Zfc[3# ?O<# %<?O<=HC>;B# _Zdc[# C>;# /A>HC>;# _Z1c[#OCIA>E#?O<#OAEO<B?#@<=D<>?CE<BN#,>HM#A>#):JC>AC#_18c[3#`FHEC=AC#_77c[3# +C?IAC# _21c[3# T:=?FECH# _2fc[3# !M@=FB# C>;# \F>EC=M# _G:?O# 2Zc[# ;A;# H<BB# ?OC># OCHR#:R#<>?<=@=AB<B#OCI<#C#P<GBA?<N15##

J:>E# ?O:B<# <>?<=@=AB<B# OCIA>E# C# P<GBA?<# A># ?O<# ($18# A># 144Z3# d8c# @=:Q IA;<;#@=:;FD?#DC?CH:EF<B#:=#@=AD<#HAB?B3#1fc#OC;#RCDAHA?A<B#R:=#:>HA><#:=;<=A>E#C>;# 54c#R:=#:>HA><#@CMJ<>?N# J:>E#T:HABO#D:J@C>A<B#OCIA>E#C#P<GBA?<3#88c#@=:Q IA;<;#@=:;FD?#DC?CH:EF<B#:=#@=AD<#HAB?B3#:>HM#55c#OC;#RCDAHA?A<B#R:=#:>HA><#:=;<=Q A>E#C>;#Zc#R:=#:>HA><#@CMJ<>?N#11##

"O<# CG:I<# B?C?AB?ADB# @=:I<# ?OC?# ?O<# H<I<H# :R# A>R:=JC?AWC?A:># A># T:HABO# <>?<=Q @=AB<B#C>;#=C>E<#:R#P<GBA?<B#FBCE<#C=<#I<=M#BAJAHC=3#B:#?O<#DOC>D<B#:R#D:J@C>A<B# A>#?O<#&>?<=><?#GFBA><BB#C=<#?O<:=<?ADCHHM#CHJ:B?#<SFCHN#&>#@=CD?AD<#A?#AB#C#RCD?#?OC?# &>?<=><?# D:JJ<=D<# A># T:HC>;# AB# >:?# ;<I<H:@A>E# A># BAJAHC=# PCMB# HAL<# A># :?O<=# D:F>?=A<BN#,>#?O<#:?O<=#BA;<3#:><#P:>;<=BX#AR#T:HABO#&>?<=><?#D:JJ<=D<#AB#J:=<# H:DCH#:=#EH:GCH#A>#?OAB#IA=?FCH#JC=L<?N##

B#A?#AB#@=<B<>?<;#A>#(F=:B?C?kB#BF=I<MB3#:>HM#55c#:R#T:HABO#<>?<=@=AB<B#C=<# G<#CGH<#?:#B<HH#?O<A=#@=:;FD?B#:=#B<=IAD<B#IAC#?O<#&>?<=><?N#"OAB#AB#>:?#BFGB?C>?ACH# CJ:F>?N# "O<# <>EA><# :R# T:HABO# &>?<=><?# D:JJ<=D<# AB# =C?O<=# &>?<=><?# BO:@BN# DQ D:=;A>E# ?:# T:HABO# BF=I<MB3# ?O<=<# C=<# :I<=# f574# =<EAB?<=<;# &>?<=><?# BO:@B# A># T:Q HC>;N17#

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

14

#(F=:B?C?#587V144Z#Q#=7H"4; ;G" ;6$<*4 "/ 5#;5<E<$454 $# ;65 J0FT 6&* & G5A4$;5 $# F@@, S O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q4e51144ZQ TV(%V2Q4e51144ZQ TQ (%NT-/## 15 # B#CG:I<# 11 # B#CG:I<# 17

#j=CBLC#0N#_=<;N[X#J75%;<"#$>(#& B"4E"*&<%& G I"74>51 d&E"<; F@@TW `AGHA:?<LC#+:EAB?MLC3# T:W>Co#144Z3#@N#51d#K# DD:=;A>E#?:#J<>?A:><;#BF=I<M#:R#+:EAB?AD#&>B?A?F?<#&>#T:W>C>#&>?<=><?# BO:@#JFB?#D:J@HM#PA?O#CHH#><U?#=FH<BX#

(10)

,I<=#f4c#:R#?O<J#C=<#;:A>E#GFBA><BB#A>#?P:#PCMB#K#?=C;A?A:>CHHM#C>;#FBA>E#C# IA=?FCH# DOC>><H# :R# ;AB?=AGF?A:>3# CHJ:B?# 24c# C=<# B<HHA>E# ?O<A=# E::;B# :>HM# IAC# ?O<# &>?<=><?N#&?#OCB#CHB:#G<<>#:GB<=I<;#A>#T:HABO#&>?<=><?#D:JJ<=D<#?O<#JAE=C?A:>#:R# A?B# GFBA><BB# ?:# &>?<=><?# CFD?A:>B# _:I<=# d4c# :R# &>?<=><?# BO:@B# C=<# :RR<=A>E# ?O<A=# CBB:=?J<>?#CHB:#:>#&>?<=><?#CFD?A:>B[N# HJ:B?#d4c#:R#&>?<=><?#BO:@B#C=<#:@<=C?Q A>E#A>#?OAB#GFBA><BB#:I<=#7#M<C=B3#B:#?O<M#B<<J#?:#OCI<#<U@<=A<>D<#A>#?O<#IA=?FCH# JC=L<?N#,I<=#f4c#:R#T:HABO#&>?<=><?#BO:@B#C=<#CGH<#?:#:RR<=#H<BB#?OC>#1444#@=:;Q FD?B3#:I<=#74c#K#:I<=#1444#@=:;FD?BN#"O<#;CAHM#CI<=CE<#>FJG<=#:R#:=;<=B#AB#58N# &>#e4c#:R#BO:@B3#?O<#DFB?:J<=#D:FH;#@CM#R:=#?O<A=#:=;<=#<A?O<=X#:>#;<HAI<=M#:=#GM# C#GC>L#?=C>BR<=N#"O<#IC=A<?M#CBB:=?J<>?#:R#E::;B#A>#&>?<=><?#BO:@B#C=<#SFA?<#;ARQ R<=<>?3# J:B?HM# A># JC?<=ACH# @=:;FD?B# K# A?# AB# CHJ:B?# e4c# :R# B?:DL3# 54c# C=<# <H<DQ ?=:>AD#@=:;FD?B3#dc#K#B<=IAD<BN#&>#?O:B<#E=:F@B#:R#CBB:=?J<>?#?O<# J:B?#@:@FHC=# C=<#BO:@B#B<HHA>EX12# 5[ A>#E=:F@#:R#JC?<=ACH#@=:;FD?B#K#<H<D?=:>ADB3#E::;B#R:=#O:J<#C>;#EC=;<>3# )"'#E::;B3#D:J@F?<=B3#DH:?O<B#C>;#BO:<B3#G::LB3#JCECWA><B#C>;#<QH<C=>A>Ep# 1[ A>#E=:F@#:R#<H<D?=:>AD#@=:;FD?B#K#J:GAH<#@O:><#=A>EB3#B:R?PC=<#C>;#ECJ<B# _;:P>H:C;<;#R=:J#P<GBA?<[3#JFBAD#_J@7[p#

7[ A># E=:F@# :R# B<=IAD<B# K# O:B?A>E3# B<HHA>E# &>?<=><?# ;:JCA>B3# =<B<=IC?A:>B# A># ?:F=AB?AD3#:@?AJC?AWC?A:>#R:=#P<GBA?<B#_*(,[N#

`=C>DO<B# POADO#OCI<#G<D:J<# J:=<# C>;# J:=<#@:@FHC=#A>#?O<#HCB?#R<P#M<C=B# C=<#@OC=JCDA<B3#HCP#D:>BFH?A>E#B<=IAD<B3#B<HHA>E#JFBAD#A>#J@7#R:=JC?#C>;#E=:D<=A<BN## ^A?O# =<B@<D?# ?:# ?O<# @:BBAGAHA?M# :R# <U?<>;A>E# ?O<# =C>E<# :R# T:HABO# &>?<=><?# D:JJ<=D<# CG=:C;3# A?# AB# I<=M# AJ@:=?C>?# AR# T:HABO# &>?<=><?# BO:@B# D:FH;# C??<>;# ?:# DFB?:J<=B#R=:J#:?O<=#D:F>?=A<BN#&>#RAEF=<#2#?O<#>FJG<=#:R#T:HABO#&>?<=><?#BO:@B# @=<@C=<;# ?:# :RR<=# E::;B# C>;# B<=IAD<B# ?:# R:=<AE># DHA<>?B# C=<# @=<B<>?<;N# "O<M# C=<# >:?# B@<D?CDFHC=# K# @:BBAGAHA?A<B# ?:# CHH<IAC?<# ;<JC>;# R=:J# CG=:C;# B<<J# ?:# G<# >:?# I<=M# AJ@=<BBAI<N# +<BB# ?OC># :><# A># ?O=<<# T:HABO# &>?<=><?# BO:@B# D:FH;# B<HH# :># ?O<# (F=:@<C>#JC=L<?N#*<HHA>E#:>#:?O<=#D:>?A><>?B#AB#JC=EA>CHN#

^OC?#D:FH;#G<#?O<#C;IC>?CE<B#C>;#;ABC;IC>?CE<B#:R#B<HHA>E#CG=:C;#GM#T:HABO# &>?<=><?# BO:@B]# T:HABO# :>QHA><# =<?CAH<=B# B?C=?A>E# ?:# :@<=C?<# CG=:C;3# JCM# B<<# ?O<# @:BBAGAHA?MX#1d#

5[ <U?<>;#?O<A=#;AB?=AGF?A:>#DOC>><H3#

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

! :># P<GBA?<# C=<# @=<B<>?<;# CHH# AJ@:=?C>?# A>R:=JC?A:>kB# CG:F?# B<HHA>E# @=:;FD?B# :=# B<=IAD<B# PA?O#A?B#@=AD<3#

! A?# AB# @:BBAGH<# ?:# :=;<=# @=:;FD?# :=# B<=IAD<# GM# B@<DACH# R:=J# _:=;<=A>E# :>HM# GM# <QJCAH# AB# >:?# <>:FEO[3# ! B<HHA>E#AB#@:BBAGH<#:>HM#A>#C=<C#:>#:P>#&>?<=><?#;:JCA>#K#=<R<==A>E#?:#:?O<=#&>?<=><?#C;;=<BB# <UDHF;<#R=:J#E=:F@#:R#&>?<=><?#BO:@BN# 12 B#CG:I<#K#@N#57d# 1d

#`=WlWLC#0NX#I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33#6A>X9#-mGADLC#,N3#,>ABWDWFLQ nCB?=WmGBLC# N3#YF?:PBLA#"N3#^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCH>MJ3#/F>;CQ DiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#@N#771#

(11)

1[ A>D=<CB<#BCH<B3##

7[ CDSFA=<#><P#@C=?><=B#R:=#D::@<=C?A:>#C>;#GFBA><BB#=<HC?A:>BOA@3#

2[ ?CL<# :># ?O<# R:=<AE># JC=L<?# ?O<# @:BA?A:># :R# C# >ADO<# H<C;<=# AR# :RR<=<;# CBQ B:=?J<>?#AB#F>ASF<#K#?OAB#D:FH;#G<#I<=M#@=:RA?CGH<N## # # # /AEF=<#2N#"O<#CJ:F>?#:R#T:HABO#&>?<=><?#BO:@B#POADO#D:FH;#C??<>;#?:#C#R:=<AE>#DFB?:J<=## _CDD:=;A>E#?:#C#DFB?:J<=#:=AEA>#D:>?A><>?[#K#A>#c#:R#C#PO:H<#>FJG<=#:R#&>?<=><?#BO:@B# # *:F=D<X#j=CBLC#0N#_=<;N[X#J75%;<"#$>(#& B"4E"*&<%& G I"74>51 d&E"<; F@@TW `AGHA:?<LC#+:EAQ B?MLC3#T:W>Co#144Z3#@N#575# # # `F?#R=:J#?O<#:?O<=#BA;<3#?O<=<#C=<#B:J<#CB@<D?B#POADO#A>B@A=<#R<C=#:R#B<HHA>E# CG=:C;N#/A=B?#K#OAEO#D:B?B#:R#R:=<AE>#DFB?:J<=#B<=IAD<3#<B@<DACHHM#OAEO<=#D:B?B#:R# ;<HAI<=MN# HB:#_O:P<I<=#JC=EA>CHHM[#?O<=<#C=<#@=:GH<JB#PA?O#DFB?:JB#;F?M#HCP# :=#D:>BFJ<=#=AEO?B#A>#:?O<=#D:F>?=A<BN#&?#AB#><D<BBC=M#?:#L>:P#A>?<=>C?A:>CH#HCP#A># ?OAB#C=<C3#GF?#A?#D:FH;#@=:GH<JC?AD#R:=#T:HABO#&>?<=><?#BO:@BN#"O<=<#C=<#CHB:#@=:GQ H<JB# PA?O# ;<HAI<=M# ?AJ<3# @CMJ<>?B# R=:J# DFB?:J<=B# C>;# DF==<>DM# ;ARR<=<>D<BN# *O:@B#JFB?#CHB:#;<CH#PA?O#OC>;HA>E#D:J@HCA>?B3#;AB@F?<B#PA?O#DHA<>?B#C>;#=<?F=>Q A>E#:R#@=:;FD?B1fN#

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

1f

#j=CBLC#0N#_=<;N[X#J75%;<"#$>(#& B"4E"*&<%& G I"74>51 d&E"<; F@@TW `AGHA:?<LC#+:EAB?MLC3# T:W>Co#144Z3#@N#587N#

(12)

B?AHH# @:BBAGH<# ?:# GFM# P<HH# L>:P># @=:;FD?B# R=:J# RCJAHAC=# BO:@B3# POADO# =<JCA># F>C??CA>CGH<# :># R:=<AE># JC=L<?BN# HB:# R:=<AE># DHA<>?B# D:FH;# ?CL<# C;IC>?CE<# :R# DF==<>DM#;ARR<=<>D<BN##

^O<>#?CLA>E#CHH#?O<B<#RCD?:=B#A>?:#D:>BA;<=C?A:>3#&>?<=><?#D:JJ<=D<#BO:FH;# CHB:#IA<P<;#PA?O#?O<#D:>?<U?#:R#?O<#=<D<>?#<D:>:JAD#D=ABABN#"O<#<D:>:JAD#;:P>Q ?F=># B<<JB# ?:# G<# O<H@RFH# ?:# ?O<# &>?<=><?# JC=L<?N# &># &>?<=><?# BO:@B# @<:@H<# D:FH;# GFM#@=:;FD?B#DO<C@<=3#=<BFH?A>E#A>#BCIA>EBN#"O<M#C=<#H::LA>E#R:=#:@@:=?F>A?A<B3#?:# D:J@C=<#@=AD<B#A>#;ARR<=<>?#BO:@B#C>;#DO::B<#?O<#G<??<=#:RR<=3#GF?#A?#AB#AJ@:=?C>?# ?:#=<J<JG<=#?:#;:#BO:@@A>E#A>#?=FB?<;#BO:@B3#?OFB#CI:A;A>E#DCB<B#:R#R=CF;N#"OAB# ?O<:=M#PCB#D:>RA=J<;#A>#?O<#$>A?<;#*?C?<B#PO<=<#J:B?#$*#<D:>:JAD#A>;ADC?:=B# P<=<# ;:P># A># 144e3# PA?O# ?O<# <UD<@?A:># :R# :>HA><# BCH<BN# $*# :>HA><# =<?CAH# BCH<B# =:B<# C># CI<=CE<# :R# 55c# A># ?O<# RA=B?# ?O=<<# J:>?OB# :R# 144eN18# DD:=;A>E# ?:# ?OC?# BF=I<M#?O<=<#C=<#:@A>A:>B#?OC?#:>HA><#D:JJ<=D<#PAHH#=<BAB?#?O<#=<D<BBA:>3#G:?O#A># ?O<# $>A?<;# *?C?<B# C>;# (F=:@<N# T:BBAGHM# ?O<# =C?<# :R# A>D=<CB<# PAHH# G<# H:P<=3# GF?# &>?<=><?#D:JJ<=D<#AB#B?AHH#E:A>E#?:#G<#J:=<#@:@FHC=N1Z#&>#(F=:@<#:I<=#24c#:R#?O<# @:@FHC?A:>#;<DHC=<# ?O<A=# PAHHA>E><BB# ?:#GFMA>E# :>QHA><# A># ?O<# RF?F=<1e3# ?OFB# <CDO# D:F>?=M#OCB#C#DOC>D<#?:#<U?<>;#?O<#=C>E<#:R#&>?<=><?#D:JJ<=D<N# # # E8 +!'+"B$#!'$& # DD:=;A>E#?:#?O<#SF<B?A:>B#CBL<;#C?#?O<#G<EA>>A>E#:R#?O<#C=?ADH<#?O<#R:HH:PQ A>E#D:>DHFBA:>B#D:FH;#G<#;=CP>X#

5[ B# A?# PCB# @=<B<>?<;3# &>?<=><?# D:JJ<=D<# AB# G<D:JA>E# C# J:=<# C>;# J:=<# @:@FHC=#J<?O:;#:R#;:A>E#BO:@@A>EN#"O<#=C?<#:R#A>D=<CB<#A>#T:HC>;#AB#H:P<=#?OC># A>#(F=:@<#C>;#?O<#$>A?<;#*?C?<B#K#T:HC>;#AB#B?AHH#G<OA>;#?O<#H<C;<=B3#GF?#M<C=#GM# M<C=#A?#OCB#E=<C?<=#CDD<@?C>D<#GM#DFB?:J<=BN##

1[ &>#GAE#CJ:F>?#:R#T:HABO#&>?<=><?#BO:@B#:>HM#BJCHH#@<=D<>?CE<#C=<#=<C;M#?:# B<HH# E::;B# CG=:C;# C>;# CGH<# ?:# CHH<IAC?<# ;<JC>;# R=:J# R:=<AE># D:F>?=A<BN# &># ?OC?# CB@<D?#T:HABO#&>?<=><?#?=C;A>E#B<<JB#?:#G<#=C?O<=#H:DCH#?OC>#EH:GCHN##

7[ T:HABO#DFB?:J<=B#CHB:#=C=<HM#GFM#CG=:C;3#GF?#?O<M#C=<#J:=<#C>;#J:=<#D:>Q BDA:FB#:R#:@@:=?F>A?A<B#K#A?#D:FH;#G<#CBBFJ<;#?OC?#?O<#=C>E<#:R#GFMA>E#A>#R:=<AE># &>?<=><?#BO:@B#PAHH#A>D=<CB<N#,>#?O<#PO:H<#R:=<AE>#?=C;A>E#P:FH;#G<#I<=M#O<H@RFH# AR# <I<=M# D:F>?=M# =<B@<D?# ?O<# BCJ<# HCP# :># ?O<# &>?<=><?# JC=L<?# D:>><D?<;# PA?O# ?=C;A>EN##

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

18

#0' .#7$#5 '&754 0E ! O??@XVVPPPN<JC=L<?<=ND:JV =?ADH<NCB@U])s54484dZ##

1Z

#'%75E) $#;5<#5;"G5 "E<b 4$V <5>54Q$ ! O??@XVVPPPN=@N@HVC=?MLFHV51df5ZNO?JH##

1e

#I"#&* Z@ E<">1 H$54(%&a>MG 0J >6>5 <"A$e 5S(&%3E) G $##)>6 %<&Q&>6 S

O??@XVVE:B@:;C=LCNECW<?CN@HVE:B@:;C=LCV53775Z53d2424ed3T:>C;h24h@=:DhhJA<BWLC>D:Ph$(hDOD <h=:GADh<hWCLF@MNO?JH##

(13)

2[ "O<# ICHF<# :R# &>?<=><?# D:JJ<=D<# D:FH;# G<# C@@=<DAC?<;# <B@<DACHHM# ;F=A>E# ?O<# ?AJ<# :R# <D:>:JAD# D=ABABN# \:P<I<=3# DFB?:J<=B# JFB?# =<JCA># J:=<# DC=<RFH3# ;<B@A?<#?O<#BCIA>EB#A>#?AJ<#C>;#J:><MN# # & *)F)*)'+)$& # +,- ./ 01'1 2"3456"7*4 2&85 9" :#;5<#5; =>>544# Q# O??@XVVPPPNP<G@=:><PBND:JV?:@><PBV# 144ZV4dV#52V5ZQ:RQFBQO:FB<O:H;BQOCI<Q>:QA>?<=><?QCDD<BB###

KL- $#;5<#&3;MG GB N/O 95; :#*5P1 :73 #&4 (&;5H Q54;RS O??@XVVPPPNA>?<=><?B?C?BN@HVA>;<UN@O@V#

144eV41VdfQA>?<=>CF?:PQPEQERLQ><?QA>;<UQAHFQ>CBQWC?<JQi<B?V#

`=WlWLC# 0NX# I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33# 6A>X9# -mGADLC# ,N3# ,>ABWDWFLQ nCB?=WmGBLC# N3# YF?:PBLA# "N3# ^A>AC=BLA# nN# _=<;N[X# T=W<;BAmGA:=B?P:# P# :?:DW<>AF# EH:GCH>MJ3# /F>;CDiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3#

(F=:B?C?#5feV144Z#Q#95&<7) ?@- "/ $#*$8$*3&74 345 $#;5<#5; A&#%$#B S O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FV# DCDO<V&"ghT$`+&!V2Q4151144ZQ`TV(%V2Q4151144ZQ`TQ(%NT-/ #

(F=:B?C?# 587V144Z# Q# =7H"4; ;G" ;6$<*4 "/ 5#;5<E<$454 $# ;65 J0FT 6&* & G5A4$;5 $# F@@, S O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q4e51144ZQ TV(%V2Q4e51144ZQ TQ (%NT-/##

(F=:B?C?#27V144e#Q#95&<7) "#5 ;6$<* "/ $#*$8$*3&74 $# ;65 J0FT 46"EE5* "# ;65 $#;5<#5; $# F@@,#Q# O??@XVV<@@N<F=:B?C?N<DN<F=:@CN<FVDCDO<V&"ghT$`+&!V2Q1847144eQ`TV(%V2Q1847144eQ`TQ (%NT-/##

:#;5<#5; 04&B5 &#* I"E37&;$"# $# 9"<;6 =H5<$>&#Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?B52NO?J## :#;5<#5; 04&B5 $# J3<"E5#Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?B2NO?J##

:#;5<#5; 04&B5 $# J3<"E5&# 0#$"##Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JVB?C?BeNO?J##

nC;CDO:PBLA# qNX# :#;5<#5; B7"A&7#)1 ^() I"7&>) 4b >(Vc>$b cG$&;"G5Q 4E"]5>(#"c>$ $#;5<#5;"G5QR $>@FGHABO<;#D:>R<=<>D<#JC?<=ACHB#K#r&>?<=><?#1LZ#K#0AHA:>M#P#BA<DAa##

j=CBLC#0N#_=<;N[X#J75%;<"#$>(#& B"4E"*&<%& G I"74>51 d&E"<; F@@TW `AGHA:?<LC#+:EAB?MLC3#T:W>Co# 144Z# `=WlWLC# 0NX# I"74%$ 6&#*57 $#;5<#5;"G) #& B7"A&7#)H <)#%33# 6A>X9# -mGADLC# ,N3# ,>ABWQ DWFLQnCB?=WmGBLC# N3#YF?:PBLA#"N3# ^A>AC=BLA#nN#_=<;N[X#T=W<;BAmGA:=B?P:#P#:?:DW<>AF#EH:GCHQ >MJ3#/F>;CDiC#):WP:iF#$>AP<=BM?<?F#Y;CoBLA<E:3#Y;CoBL#144Z3##

!5*$& >)/<"G5 S E"*43H"G&#$5 <"%3 F@@, Y^"H'>"<5W 0'=[# Q# O??@XVVPPPNA>?<=><?B?C?BN@HV# A>Q

;<UN@O@V144eV41VJ<;ACQDMR=:P<Q@:;BFJ:PC>A<Q=:LFQ144ZQD:JBD:=<QFBCV##

,(!-# Q# =85<&B5 A<"&*A&#* H"#;67) E<$>5 E5< &*85<;$45* !A$;X4W A) >"3#;<) YE1 Z/[# Q# O??@XVVPPPN:<D;N:=EV;:DFJ<>?Vd2V4377273<>h1f2eh7211dh7Zfe4541h5h5h5h5344NO?JH##

I"74%& H&<3*5<5H :#;5<#5;3#Q#O??@XVVPPPN=@N@HVC=?MLFHV131Z1421hT:HBLChJC=F;<=<Jh&>?<=><?FNO?JH## I"#&* Z@ E<">1 H$54(%&a>MG 0J >6>5 <"A$e 5S(&%3E) G $##)>6 %<&Q&>6 S O??@XVVE:B@:;C=LCNECW<?CN@HV#

E:B@:;C=LCV53775Z53d2424ed3T:>C;h24h@=:DhhJA<BWLC>D:Ph$(hDOD<h=:GADh<hWCLF@MNO?JH#

I<&G$5 +X? H$54(%&a>MG 0J <"A$ (&%3E) G :#;5<#5>$5 S O??@XVV?<DO>:H:EM?=<>;N@HV144eV47V@=CPA<Q

57QJA<BWLC>D:PQF<Q=:GAQWCLF@MQPQA>?<=><DA<V##

)C@:=?# Y$*# Q# U)%"<()4;&#$5 ;5>6#"7"B$$ $#/"<H&>)Q#"S;575%"H3#$%&>)Q#)>6 G E<(5*4$VA$"<S

4;G&>6W B"4E"*&<4;G&>6 *"H"G)>6 $ E<(5( "4"A) E<)G&;#5 G F@@, <NQ#O??@XVVPPPNB?C?NE:IN@H#

VEFBVdZ24h7874hT+jh\"0+NO?J##

'%75E) $#;5<#5;"G5 "E<b 4$V <5>54Q$#Q#O??@XVVPPPN=@N@HVC=?MLFHV51df5ZNO?JH##

'E<(5*&\ G 5S4%75E&>6 4$VB#$5 +? H7* (]# Q# O??@XVVGAW><BNECW<?C@=CP>CN@HVC=?MLFHMV5541e13# B@=W<Q

;CWhPh<hBLH<@CDOhBA<E>A<h57hJH;hWHNO?JH##

D"E F@ >"3#;<$54 G$;6 ;65 6$B654; #3HA5< "/ :#;5<#5; 345<4#Q#O??@XVVPPPNA>?<=><?P:=H;B?C?BND:JV?:@14NO?J## 0' .#7$#5 '&754 0E S O??@XVVPPPN<JC=L<?<=ND:JV =?ADH<NCB@U])s54484dZ##

_$4& J3<"E5` 6&#*57 *5;&7$>(#) F@+FSF@+K S O??@XVVPPPN<E:B@:;C=LCN@HV717743'ABCQ(F=:@<Q

(14)

!"#$%& '()*&

#

!"$9#&%.'A)"&#'()*')(!GH&-&"!9."'H&+IH&/"!0."'H&& &

^B@ltDW<B><#@=W<;BAmGA:=B?PC#;WACtCiu#P#?F=GFH<>?>MJ#:?:DW<>AF#B@:P:;:PC>MJ#EH:GCHAWCQ Diu# =M>LF3# D:=CW# BAH>A<iBWu# L:>LF=<>Diu# :=CW# L=MWMB<J# P# E:B@:;C=D<# vPAC?:P<iN# -HC?<E:# CGM# =:WBW<=WMw# ;WACtCH>:vw# @:WC# ?<=M?:=AFJ# PtCB><E:# L=CiF3# @=W<;BAmGA:=B?PC# =:WPAiCiu# B@=W<;Cx# @:Q @=W<W# &>?<=><?N# T:WC# ?MJ# =lP>A<x# L:>BFJ<>DA# B?Ciu# BAm# D:=CW# GC=;WA<i# vPAC;:JMJA# FDW<B?>ALCJA# EH:GCH><E:# =M>LF# A# =lP>A<x# ;:L:>Fiu# WCLF@lP#P# WCE=C>ADW>MDO# BLH<@CDO# A>?<=><?:PMDON# n<B?# ?:# J:xHAP<# E;Mx# W# =:LF# >C# =:L# WCLF@M# A>?<=><?:P<# WMBLFiu# D:=CW# PAmLBWu# CLD<@?CDimN# ^# C=?MLFH<# F?:=LC#@=lGFi<#:BWCD:PCw#B?C>#:G<D>M#:=CW#PBLCWCw#;CHBW<#J:xHAP:vDA#=:WP:iF#@:HBLA<E:#OC>Q ;HF# A>?<=><?:P<E:# >C# EH:GCH>MJ# =M>LFN# .>CDW<>A<# :=CW# @:?<>DiCt# OC>;HF# A>?<=><?:P<E:# T:HBLA# FLCWC>:# P# :;>A<BA<>AF# ;:# L=CilP# $>AA# (F=:@<iBLA<i# :=CW# *?C>lP# .i<;>:DW:>MDO# J<=MLAN# ^# BWDW<ElH>:vDA# WC@=<W<>?:PC>:# iCL# PA<HF# i<B?# FxM?L:P>ALlP# &>?<=><?F# iCL:# J<;AFJ# :=CW# iCL:# LC>CtF# ;MB?=MGFDMi><E:3# E;WA<# ;:L:>MPC><# Bu# WCLF@MN# %CB?m@>A<# PBLCWC>:# @=WMDWM>M# ;:L:>MQ PC>AC#WCLF@lP#?u#J<?:;u#:=CW#>Ci@:@FHC=>A<iBW<#E=F@M#CB:=?MJ<>?:P<#?:PC=lPN#T:=lP>C>:#iCL# PA<HF# @:HBLADO# LHA<>?lP# ;:L:>Fi<# WCLF@lP# P# WCE=C>ADW>MDO# BLH<@CDO# A>?<=><?:PMDO# :=CW# DWM# @:HBLA<# BLH<@M# A>?<=><?:P<# Bu# P# B?C>A<# B@=:B?Cw# @:@M?:PA# W# WCE=C>ADMN# %C# L:>A<D# WC@=<W<>?:PC>:# P>A:BLA3#W#L?l=MDO#PM>ALC3#x<#@:HBLA#OC>;<H#A>?<=><?:PM#JC#GC=;WA<i#H:LCH>M#>Ax#EH:GCH>M#DOC=CL?<=N#

$J=<6&KLM7N=<:?&OC>;<H#&>?<=><?:PM3#CJ<=MLCoBLAV<F=:@<iBLAV@:HBLA#OC>;<H#:>QHA><3#WCLF@M#

@=W<W#&>?<=><?#WC#E=C>ADu3#OC>;<H#A>?<=><?:PM#P#DWCBCDO#L=MWMBFN# ##

Cytaty

Powiązane dokumenty

for quasiconformal mappings and solutions of elliptic partial differential equations it is easy to derive local Lipschitz resulus and nence in Lip -extension domains global

Międzynarodowa Służba Ruchu Obrotowego Ziemi i Systemów Odniesienia (IERS) pu- blikuje więc na bieżąco, wynikające z obserwacji, poprawki δX, δY (dane EOP C04 dostępne na

It is of course a long and complex trek to translate the simple ideal of isonomic individual rights into large-scale governance institutions and the operational practices of

ściami, których znajomość jest niezbędna w pracy dydaktycznej nauczyciela języków obcych mogą być: wiedza dotycząca tekstu i umiejętność pracy z tekstem, wiedza

Stability indices T’s plotted as functions of the current crack lengths for the three cases considered in Section 2: brittle limit of the Knauss model (upper curve), brittle limit

129]: shifting the fiscal aspects of production activity by reforming property taxation; reducing the gap between direct and indirect taxes shares in the structure of

In addition to the standard technique for measuring the nonpro portional scintillator response, which is based on determining the dependence of the fullenergy peak position on

The problem of international tax regime in the article limits only to global taxation of cross-border e-commerce defined as income deriving from a cross- border transaction