Slim kiezen bij slimme meters

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(1)Tilburg University. Slim kiezen bij slimme meters Cuijpers, C.M.K.C. Published in: Privacy & Informatie. Publication date: 2011 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal. Citation for published version (APA): Cuijpers, C. M. K. C. (2011). Slim kiezen bij slimme meters. Privacy & Informatie, 14(juni), 131-141.. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.. Download date: 15. okt. 2021.

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(3). 9GVGPUEJCRRGNKLM CTVKMGN 5NKO MKG\GP DKL UNKOOG OGVGTU 6TGHYQQTFGP 5NKOOG OGVGTU PQXGNNG MGW\GXTKLJGKF RTKXCE[ GP IGIGXGPUDGUEJGTOKPI &G FQQT FG 'GTUVG -COGT CHIGFYQPIGP YKL\KIKPIGP XCP JGV YGVUXQQTUVGN UNKOOG OGVGTU JGDDGP OGFG VGP FQGN VGIGOQGV VG MQOGP CCP RTKXCE[DG\YCTGP 4GEGP VGNKLM KU JGV IGYKL\KIFG YGVUXQQTUVGN CNU JCOGTUVWM FQQT FG 'GTUVG -COGT CCPIGPQOGP +P FG\G DKLFTCIG YQTFV IGMGMGP QH FG UKVWCVKG FKG PW IGETGÇGTF KU FCCFYGTMGNKLM DGUVGORGNFMCP YQTFGP CNU RTKXCE[XTKGP FGNKLM . +PNGKFKPI. 1R DCUKU XCP RTKXCE[DG\YCTGP JKGNF FG 'GTUVG -COGT VYGG LCCT IGNGFGP FG DGJCPFGNKPI CCP XCP JGV YGVUXQQT UVGN nUNKOOG GPGTIKGOGVGTUo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n$GINWTGP GP DGUVWTGP FQQT UNKOOG GPGTIKGOGVGTU GGP QPIGTGEJVXCCTFKIFG KPDTGWM QR QP\G RTKXCE[o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n4GIGNKPI )GIGXGPUDGJGGT GP #HFTCEJVo GP FG n5GEVQTTKEJVNKLP XQQT RTKXCE[DGUEJGTOKPI KP GP DG XGKNKIKPI XCP FG UNKOOGOGVGTKPHTCUVTWEVWWTo . &G RCTNGOGPVCKTG IGUEJKGFGPKU KP XQIGNXNWEJV. *GV n9GVUXQQTUVGN KORNGOGPVCVKG ')TKEJVNKLPGP GPGTIKG GHƂEKÇPVKGo GP JGV n9GVUXQQTUVGN 8GTDGVGTKPI YGTMKPI GNGMVTKEKVGKVU GP ICUOCTMVo \KLP QR LWNK FQQT FG 6YGGFG -COGT CCPIGPQOGP 'EJVGT QOFCV FG 'GTUVG -COGT \KEJ \QTIGP OCCMV QH FG\G YGVUXQQTUVGNNGP FG RTKXCE[VQGVU YGN MWPPGP FQQTUVCCP DGUNWKV FG 'GTUVG -COGT QR CRTKN FG YGVUXQQTUVGNNGP CCP VG JQWFGP KP CHYCEJVKPI XCP GGP PQXGNNG 1R CRTKN YQTFV DKL FG 6YGGFG -COGT FG n0QXGNNG 9GV KORNGOGPVCVKG ') TKEJVNKLPGP GPGTIKGGHƂEKÇPVKGo KPIGFKGPF 6YGG FCIGP NCVGT YQTFV FG n0QXGNNG 8GTDGVGTKPI YGTMKPI GNGMVTKEK VGKVU GP ICUOCTMVoDKL FG\GNHFG -COGT KPIGFKGPF &G PQXGNNGU \KLP XGTXQNIGPU FQQT DGKFG -COGTU IG\COGPNKLM DGJCPFGNF 1R PQXGODGT \KLP FG XQQTUVGNNGP GP PQXGNNGU OGV CNIGOGPG UVGOOGP CCPIGPQOGP FQQT FG 6YGGFG -COGT 1R HGDTWCTK \KLP FG\G XQQTUVGNNGP.

(4). %QNGVVG %WKLRGTU KU XGTDQPFGP CCP 6+.6 s 6KNDWTI +PUVKVWVG HQT .CY 6GEJPQNQI[ CPF 5QEKGV[ 6KNDWTI 7PKXGTUKV[. . 1R FG YGDUKVG XCP FG 'GTUVG -COGT YQTFV WKVIGNGIF FCV GGP PQXGNNG nGGP YKL\KIKPI XCP GGP YGVUXQQTUVGN KU FCV CN YGN FQQT FG 6YGGFG -COGT KU CCPIGPQOGP OCCT PQI PKGV FQQT FG 'GTUVG -COGTo <KG YYYGGTUVGMCOGTPNHCSYCVAKUAGGPAPQXGNNG #NNG YGDCFTGUUGP YCCTPCCT KP FKV CTVKMGN XGTYG\GP YQTFV \KLP IGTCCFRNGGIF QR CRTKN *GV ICCV JKGT KP HGKVG QO VYGG YGVUXQQTUVGNNGP FKG PCWY OGV GNMCCT UCOGPJCPIGP 9GVUXQQTUVGN KORNGOGPVCVKG ')TKEJVNKLPGP GPGTIKG GHƂEKÇPVKG -COGTUVWMMGP GP JGV 9GVUXQQTUVGN 8GTDGVGTKPI YGTMKPI GNGMVTKEKVGKVU GP ICUOCTMV -COGTUVWMMGP 'P QQM QO VYGG PQXGNNGU FKG PCWY OGV GNMCCT UCOGP JCPIGP &G 0QXGNNG 9GV KORNGOGPVCVKG ')TKEJVNKLPGP GPGTIKGGHƂEKÇPVKG -COGTUVWMMGP GP FG 0QXGNNG 8GTDGVGTKPI YGTMKPI GNGMVTKEKVGKVU GP ICUOCTMV -COGTUVWMMGP <KG XGTFGT FG MQTVG RCTNGOGPVCKTG IGUEJKGFGPKU KP RCT ', -QQRU %/-% %WKLRGTU $GINWTGP GP DGUVWTGP FQQT UNKOOG GPGTIKGOGVGTU 'GP QPIGTGEJVXCCTFKIFG KPDTGWM QR QP\G RTKXCE[ 2TK XCE[ +PHQTOCVKG R )GFQGNF YQTFV QR FG YGVUXQQTUVGNNGP -COGTUVWMMGP ++ GP 9GV KORNGOGPVCVKG ') TKEJVNKLPGP GPGTIKGGHƂEKÇPVKG GP 9KL\KIKPI XCP FG 'NGMVTKEKVGKVUYGV GP FG )CUYGV VGT XGTDGVGTKPI XCP FG YGTMKPI XCP FG GNGMVTKEKVGKVU GP ICUOCTMV <KG YYYKPVGTPGVEQPUWNVCVKGPNIGIGXGPUDGJGGTGPCHFTCEJV GP YYYGPGTIKGPGFPNAWRNQCFDGUVGNNKPIGPRWDNKECVKGUA 255/*QQHFFQEWOGPVRFH -COGTUVWMMGP GP *QGYGN FG\G YGVUXQQTUVGNNGP WKVGTCCTF OGGT QOXCVVGP \CN KP FG\G DKLFTCIG PCCT FG\G YGVUXQQTUVGNNGP XGTYG\GP YQTFGP OGV FG VGTO nYGVUXQQTUVGN UNKOOG OGVGTUo *GV ICCV JKGT QO FG KORNGOGPVCVKG XCP 4KEJVNKLP ') XCP JGV 'WTQRGGU 2CTNGOGPV GP FG 4CCF XCP CRTKN DGVTGHHGPFG GPGTIKG GHƂEKÇPVKG DKL JGV GKPFIGDTWKM GP GPGTIKGFKGPUVGP GP JQWFGPFG KPVTGMMKPI XCP 4KEJVNKLP '') XCP FG 4CCF 2D') . GX -COGTUVWMMGP -COGTUVWMMGP . . . . 2+. #ƃ s OGK . .

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n9GV KORNGOGPVCVKG ')TKEJVNKL PGP GPGTIKGGHƂEKÇPVKGo GP FG KPYGTMKPIVTGFKPI XCP FG\G YGV IGRWDNKEGGTF KP JGV 5VCCVUDNCF IGXQNIF FQQT FG RWDNKECVKG XCP FG n9GV XCP HGDTWCTK VQV YKL\KIKPI XCP FG 'NGMVTKEKVGKVUYGV GP FG )CUYGV VGT XGTDGVG TKPI XCP FG YGTMKPI XCP FG GNGMVTKEKVGKVU GP ICUOCTMVo QR OCCTV . )GJGWIGPUVGWPVLGFG UNKOOG GPGTIKGOGVGTCPPQ . 8QQT GGP IQGF DGITKR XCP YCCT JGV DKL UNKOOG OGVGTU GP RTKXCE[ QXGT ICCV YQTFV JKGT MQTV VGTWIIGITGRGP QR JGV CTVKMGN n$GINWTGP GP DGUVWTGP FQQT UNKOOG GPGTIKG OGVGTU GGP QPIGTGEJVXCCTFKIFG KPDTGWM QR QP\G RTKXC E[o 7KV FKV CTVKMGN DNKLMV FCV FG FKUEWUUKG QXGT UNKOOG GPGTIKGOGVGTUGP RTKXCE[ \KEJ VGP QPTGEJVG DGRGTMV JGGHV VQV FG XTCCI QH FG UNKOOG GPGTIKGOGVGT KPDTGWM OCCMV QR JGV TGEJV QR KPHQTOCVKQPGNG RTKXCE[ QHYGN JGV TGEJV QR IGIGXGPUDGUEJGTOKPI &KV TGEJV KU KP 0GFGTNCPF XGT CPMGTF KP FG 9GV DGUEJGTOKPI RGTUQQPUIGIGXGPU 9DR *GV TGEJV QR RTKXCE[ \QCNU QPFGT OGGT XGTXCV KP CTVKMGN XCP JGV 'WTQRGGU 8GTFTCI XQQT FG 4GEJVGP XCP FG /GPU. '84/ JGGHV GGP XGGN DTGFGTG UVTGMMKPI YCCTQPFGT PCCUV FG KPHQTOCVKQPGNG RTKXCE[FKOGPUKG DKLXQQTDGGNF QQM JGV JWKUTGEJV GP JGV TGEJV QR TGNCVKQPGNG RTKXCE[ XCNNGP 1QM FG\G FKOGPUKGU XCP JGV RTKXCE[TGEJV MWP PGP FQQT UNKOOG GPGTIKGOGVGTU YQTFGP CCPIGVCUV JGV IGGP XTCCIV QO GGP VQGVU CCP CTVKMGN '84/ 1R \KEJ KU FG YGPU QO UNKOOG OGVGTU KP VG YKNNGP XQGTGP NGIKVKGO 0KGV CNNGGP XNQGKV FG\G KPXQGTKPI XQQTV WKV FG. . . . . 4KEJVNKLP GPGTIKGGHƂEKÇ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ƂEKÇPVKG &G TKEJVNKLP IGGHV GPGTIKGDGURCTKPICNU GPKIG FQGNUVGNNKPI XCP FG KPXQGTKPI XCP UNKOOG OGVGTU +P FG QQTURTQPMGNKLMG 0GFGTNCPFUG YGVUXQQTUVGNNGP \KLP GEJVGT XKLH XGTUEJKNNGPFG FQGNGKPFGP XCP FG UNKOOG OGVGT DG UEJTGXGP FG OGVGT OQGV QR CHUVCPF WKVIGNG\GP MWPPGP YQTFGP ECRCEKVGKV OQGV QR CHUVCPF CCPCHIGUEJCMGNF MWPPGP YQTFGP MYCNKVGKV XCP GPGTIKGCHPCOG OQGV QR CHUVCPF IGOGVGP GP IGUKIPCNGGTFMWPPGP YQTFGP QPNKPG KPVGTCEVKGVWUUGP CHPGOGTU GP NGXGTCPEKGTUOQGV OQIGNKLM \KLP GP TGCNVKOGTGCEVKG XCP TGIGNCCTU KP GPGTIKGKPUVCN NCVKGU OQGV VQV FG HWPEVKQPCNKVGKVGP DGJQTGP /GV PCOG FG\G nGZVTC UNKOOG GPGTIKGOGVGTUo DTGPIGP TKUKEQo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n'GP JCOGTUVWM KU GGP YGVUXQQTUVGNYCCTQXGT PKGOCPF JGV YQQTF YGPUV VG XQGTGP GP FCV \QPFGT UVGOOKPI FQQT FG -COGT YQTFV CCPXCCTFo <KG YYYGGTUVGMCOGTPNDGITKRJCOGTUVWM n/GV JGV XTCIGP XCP CCPVGMGPKPI MWPPGP NGFGP CCPIGXGP FCV \KL CNU GT UVGOOKPI \QW JGDDGP RNCCVUIGXQPFGP QXGT GGP YGVUXQQTUVGN VGIGP \QWFGP JGDDGP IGUVGOF 9QQTFXQGTFGTU QH HTCEVKGXQQT\KVVGTU MWPPGP FG\G CCPVGMGPKPI PCOGPU FG CCPYG\KIG NGFGP XCP JWP HTCEVKGU XTCIGP &QQT FKV QR FG\G OCPKGT VG FQGP JQGHV GT IGGP JQQHFGNKLMG UVGOOKPI VG YQTFGP IGJQWFGPo <KG YYYGGTUVGMCOGTPNDG ITKRXTCIGPAXCPACCPVGMGPKPI <KG -COGTUVWMMGP + GP PT 4 *GV TCRRQTV 4QD XCP )GTYGP GV CN *GT\KGPG ƂPCPEKÇNG CPCN[UG GP CFXKG\GP XQQT DGNGKF #TPJGO -'/# LWNK KU CNU DKLNCIG DKL FG\G -COGTUVWMMGP DGUEJKMDCCT 5VD GP #TV XCP FG 9GV KORNGOGPVCVKG ')TKEJVNKLPGP GPGTIKGGHƂEKÇPVKG XGTGKUV FCV TGIGNU YQTFGP IGUVGNF QXGT XGTDTWKMU QXGT\KEJVGP GP KPFKECVKGXG MQUVGPQXGT\KEJVGP *GV $GUNWKV MQUVGPQXGT\KEJV GPGTIKG IGGHV JKGT KPXWNNKPI CCP GP VTGGFV QO FG\G TGFGP VG IGNKLMGTVKLF OGV FG YGV KP YGTMKPI 5VD 'GP FCI PC FG WKVIKHVG XCP FKV 5VCCVUDNCF KU FG\G YGV KP YGTMKPI IGVTGFGP YYYGGTUVGMCOGTPNYGVUXQQTUVGNAPQ XGNNGAXGTDGVGTKPIAYGTMKPI -QQRU %WKLRGTU CY &G XTKLJGKF VG MKG\GP OGV YKG CN FCP IGGP TGNCVKGU CCP VG ICCP 4KEJVNKLP ') XCP CRTKN DGVTGHHGPFG GPGTIKGGHƂEKÇPVKG DKL JGV GKPFIGDTWKM GP GPGTIKGFKGPUVGP GP JQWFGPFG KPVTGMMKPI XCP 4KEJVNKLP '') XCP FG 4CCF 2D') . -COGTUVWMMGP + GP PT 2 R YYYGGTUVGMCOGTPNDGJCPFGNKPIDTKGHAXCPAFGAOKPKU VGTAXCPHXKCHFZYRFH <KG XQQT FG WKVIGDTGKFG CPCN[UG -QQRU %WKLRGTU R -COGTUVWMMGP ++ PT R -COGTUVWMMGP + PT # R GP QPFGT XGTYKL\KPI PCCT CTV CD 'NGMVTKEKVGKVUYGV GP CTV D )CUYGV. #ƃ s OGK . 2+.

(6) 5.+/ -+'<'0 $+, 5.+//' /'6'45. JWKUJQWFGP MCP JKGTWKV CHIGNG\GP YQTFGP GP \GNHU JGV V[RG CRRCTCCV MCP YQTFGP XCUVIGUVGNF &CCTPCCUV MCP JGV IGJGGN QH IGFGGNVGNKLM QR CHUVCPF CHUNWKVGP XCP GPGT IKGNGXGTKPI GTPUVKI KPITKLRGP KP FG RGTUQQPNKLMG NGXGPU UHGGT XCP DGVTQMMGPGP GP \KLP QQM JKGTCCP FG PQFKIG XGKNKIJGKFUTKUKEQoU XGTDQPFGP $KL GGP VQGVU CCP CTVKMGN '84/ UVWKVGP \QYGN FG XGT RNKEJVG CHPCOG XCP FG UNKOOG GPGTIKGOGVGT CNU FG XGT ICCPFG HWPEVKQPCNKVGKVGP QR JGV VYGGFG NKF XCP FG\G DG RCNKPI OGGT KP JGV DKL\QPFGT QR JGV XGTGKUVG XCP nPQQF \CMGNKLMJGKF KP GGP FGOQETCVKUEJG UCOGPNGXKPIo 1R ITQPF XCP CTVKMGN NKF '84/ OQGV GGP OCCVTGIGN XQQTVMQOGP WKV GGP FTKPIGPFG OCCVUEJCRRGNKLMG DGJQGH VG TGNGXCPV \KLP QO \KLP FQGN VG DGTGKMGP PKGV XGTFGT TGKMGP FCP JGV PQQF\CMGNKLMG GP TGFGNKLMGTYKLU KP XGT JQWFKPI UVCCP VQV \KLP FQGN &KV NCCVUVG KORNKEGGTV FCV GT IGGP OKPFGT KPITKLRGPFG CNVGTPCVKGXGP \KLP FKG QQM IG UEJKMV \KLP QO JGV FQGN VG DGTGKMGP UWDUKFKCTKVGKV GP FCV FG DCVGP KP GGP TGFGNKLMG XGTJQWFKPI UVCCP VQV FG NCUVGP. RTQRQTVKQPCNKVGKV *QGYGN GPGTIKGDGURCTKPI GP JGV DKLFTCIGP CCP GGP GHƂ EKÇPVG DGVTQWYDCTG GP GGTNKLMG GPGTIKGOCTMV NGIKVKGOG FQGNGKPFGP \KLP KU FG PQQF\CCM XCP GGP XQNNGFKIG WKVTQN XCP UNKOOG GPGTIKGOGVGTU QO FG\G FQGNGKPFGP VG DGTGK MGP PKGV FQQT OKFFGN XCP QPFGT\QGM QPFWDDGN\KPPKI CCPIGVQQPF 1QM KU JGV OCCT \GGT FG XTCCI QH GHƂEKÇPVG DGFTKLHUXQGTKPI MCP YQTFGP DGUEJQWYF CNU GGP nFTKPIGP FG OCCVUEJCRRGNKLMG DGJQGHVGo /GV JGV QQI QR GPGTIKG DGURCTKPI OQGV YQTFGP QRIGOGTMV FCV QPFGT\QGM PKGV GGPUNWKFGPF KU QXGT YGNMG OKFFGNGP PW FCCFYGTMGNKLM VQV GPGTIKGDGURCTKPI NGKFGP 5QOOKIG QPFGT\QGMGP UVGNNGP FCV GGP FKURNC[ KP JGV JWKU XCP FG GPGTIKGEQPUW OGPV FG DGUVG OQVKXCVKG DKGFV QO VG DG\WKPKIGP QR GPGTIKGIGDTWKM 8CPWKV FKV RGTURGEVKGH MCP IGUVGNF YQTFGP FCV OKPFGT KPITKLRGPFG CNVGTPCVKGXGP KPXQGTKPI XCP UNKOOG OGVGTU QR DCUKU XCP XTKLYKNNKIJGKF GP GGP KPFKXKFWGNG OGVGT OGV FKURNC[ XQQTJCPFGP \KLP 1QM IGURGEKƂEGGTFG PQVCoU GP GPGTIKGCFXKG\GP QR DCUKU XCP IGCPQPKOKUGGTFG UVCVKUVKGMGP GP RTQƂGNGP KP RNCCVU XCP QR DCUKU XCP \GGT IGFGVCKNNGGTFG RGTUQQPNKLMG KPHQTOCVKG MWPPGP DKLFTCIGP CCP GPGTIKGDG\WKPKIKPI #CP JGV XGT GKUVG XCP UWDUKFKCTKVGKV KU FWU PKGV XQNFCCP /GV DGVTGM MKPI VQV FG UEJCMGNHWPEVKG GP UKIPCNGTKPIUHWPEVKG XCP FG UNKOOG OGVGT KU IGGP QPFGT\QGM XQQTJCPFGP FCV FG PQQF\CMGNKLMJGKF JKGTXCP KP GGP FGOQETCVKUEJG UCOGP NGXKPI QPFGTDQWYF &G EQPENWUKG XCP JGV CTVKMGN n$GINW TGP GP DGUVWTGP FQQT FG UNKOOG OGVGTo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ÇZRNKEKVGGTF 6GXGPU YQTFV GGP XGTRNKEJVKPI XQQT FG GPGTIKGUGEVQT IG Ë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ƂGM QOUEJTGXGP IGXCNNGP *GV ICCV JKGT OGV PCOG QO XGTYGTMKPIGP FKG PQQF\CMGNKLM \KLP XQQT FG WKVXQGTKPI XCP FG VCMGP XCP FG NGXGTCPEKGT DKL XQQTDGGNF HCEVWTGTKPI GP XGTJWK\KPI GP FG YGVVGNKLM QOUEJTGXGPVCMGP XCP PGVDGJGGTFGTU &KV KU GGP WKVDTGK FKPI XCP FG TGIGNU QOVTGPV FG QOICPI OGV OGGVIGIG XGPU 8ÏÏ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

(7) # CTV C 'NGMVTKEKVGKVUYGV 8QQT ICUCHPGOGTU FKG PCCT GGP QR JGV XGTDTWKM KP XQQTICCPFG LCTGP IGITQPFG XGTYCEJVKPI OKPFGT FCP O ICU RGT LCCT XGTDTWKMGP CTV )CUYGV -COGTUVWMMGP ++ PT R 1QM JKGT IGNFV FCV YCPPGGT IGURTQMGP YQTFV XCP CHPGOGT GT GPMGN IGFQGNF YQTFV QR MNGKPXGTDTWKMGTU #TV CD 'NGMVTKEKVGKVUYGV GP CTV D )CUYGV &G VCMGP IGPQGOF KP CTV NKF 'NGMVTKEKVGKVUYGV GP CTV NKF GP NKF )CUYGV -COGTUVWMMGP ++ PT R . 2+. #ƃ s OGK . .

(8) 5.+/ -+'<'0 $+, 5.+//' /'6'45. 'GP VYGGFG YKL\KIKPI DGVTGHV FG OQIGNKLMJGKF GGP OGVGT nCFOKPKUVTCVKGH WKV VG \GVVGPo 'GP PGVDGJGGTFGT OCI FG OGGVIGIGXGPU XCP GGP CHPGOGT FKG DGUEJKMV QXGT GGP UNKOOG OGVGT PKGV QR CHUVCPF WKVNG\GP CNU FG CHPGOGT JKGTQO XGT\QGMV 'GP PGVDGJGGTFGT JGGHV FG RNKEJV QO CCP FKV XGT\QGM IGJQQT VG IGXGP 1QM YQTFV GZRNKEKGV KP FG YGVIGXKPI DGRCCNF FCV FG CHPGOGT JGV TGEJV JGGHV QO GGP UNKOOG OGVGT VG YGKIGTGP *KGTVQG MQOV FG DGRC NKPI YCCTKP IGTGIGNF YCU FCV YGKIGTKPI CCPIGOGTMV OQGUV YQTFGP CNU GEQPQOKUEJFGNKEV VG XGTXCNNGP +P IGXCN XCP YGKIGTKPI YQTFV FQQT FG PGVDGJGGTFGT GGP PKGV QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJVKPI VGT DGUEJKMMKPI IG UVGNF *KGTDKL IGNFV FCV FG JKGTDQXGP DGUEJTGXGP VQGIGUVC PG XGT\COGNKPI XCP OGGVIGIGXGPU PKGV XCP VQGRCUUKPI KU OGV DGVTGMMKPI VQV CHPGOGTU FKG PKGV DGUEJKMMGP QXGT GGP QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJVKPI QH FKG DGUEJKM MGP QXGT GGP QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJVKPI FKG nCFOKPKUVTCVKGH WKVUVCCVo . 8KGTMGW\GOQFGN. /GV JGV KPVTGMMGP XCP FG XGTRNKEJVG CHPCOG XCP UNKOOG OGVGTU KP 0GFGTNCPF KU GGP OQFGN QPVUVCCP YCCTDKL MNGKPXGTDTWKMGTU XKGT MGW\GU JGDDGP IGGP QR CHUVCPF WKVNGGUDCTG OGVGT GGP QR CHUVCPF WKVNGGUDCTG OGVGT FKG CFOKPKUVTCVKGH WKVUVCCV GGP QR CHUVCPFWKVNGGUDCTGOGVGTOGV UVCPFCCTFOGGV IGIGXGPUEQNNGEVKGTGIKOG GGP QR CHUVCPF WKVNGGUDCTG OGVGT YCCTDKL VQGUVGO OKPI KU XGTNGGPF QO OGGT IGIGXGPU WKV VG OQIGP NG\GP 7KV FKV OQFGN DNKLMV FCV QQM XQQT FG CHPGOGT FKG YGN GGP UNKOOG OGVGT YKN FG YCCTDQTIGP XQQT FG RTKXCE[ XGTDG VGTF \KLP <Q OQIGP PGVDGJGGTFGTU PKGV NCPIGT GGP EQP VKPWG UVTQQO XCP OGGVIGIGXGPU XGT\COGNGP +P FG UVCPFCCTFOGGVUVCPF OQIGP UNGEJVU FG XQNIGPFG OGGVIG IGXGPU YQTFGP XGT\COGNF ÅÅ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nNGXGTCPEKGTUOQFGNo IGËPVTQ FWEGGTF &KV NGKFV GTVQG FCV MNGKPXGTDTWKMGTU PKGV NCPIGT IGUEJGKFGP HCEVWTGP QPVXCPIGP XCP JWP PGVDGJGGTFGT GP GPGTIKGNGXGTCPEKGT OCCT PQI UNGEJVUÅÅP IGEQODKPGGT FG HCEVWWT MTKLIGP FKG XGT\QPFGP YQTFV FQQT FG NGXGTCP EKGT &G\G HCEVWWT DGVTGHV JGV VQVCCN XCP FG MQUVGP XCP NGXGTKPIOGVKPI GP PGVIGDTWKM1R FG YGDUKVG %QPUW9KL\GT YQTFV JGV XGTUEJKN VWUUGP NGXGTCPEKGT GP PGVDGJGGTFGT CNU XQNIV WKVIGNGIF n7 MQQRV FG GPGTIKG XCP JGV GPGTIKG DGFTKLH JGV GPGTIKGDGFTKLH KU FG NGXGTCPEKGT XCP WY GPGTIKG *GV ICU GP FG GNGMVTKEKVGKV MQOV KP WY JWKU FQQT JGV PGVYGTM XCP ICUNGKFKPIGP GP UVTQQOMCDGNU &KV PGV YGTM YQTFV CCPIGNGIF GP QPFGTJQWFGP FQQT FG PGVDG JGGTFGTo+P FG QWFG UKVWCVKG DGVCCNFG FG EQPUWOGPV CCP VYGG DGFTKLXGP CCP FG NGXGTCPEKGT XQQT FG GNGMVTKEK VGKV GP JGV ICU GP CCP FG PGVDGJGGTFGT XQQT FG CCPUNWK VKPI QR JGV PGVYGTM GP JGV VTCPURQTV XCP GPGTIKG +P JGV NGXGTCPEKGTUOQFGN KU JGV GPGTIKGDGFTKLH FG NGXGTCPEKGT XCP FG GNGMVTKEKVGKV GP JGGHV FG NGXGTCPEKGT PCOGPU FG EQPUWOGPV GP QR DCUKU XCP FKGPU VQGUVGOOKPI GGP EQP VTCEV OGV FG PGVDGJGGTFGT &G NGXGTCPEKGTDGVCCNV PCOGPU FG EQPUWOGPV XQQT JGV PGVDGJGGT YCCTFQQT FG EQPUW OGPV GPMGN GGP TGMGPKPI QPVXCPIV XCP FG NGXGTCPEKGT &G\G HCEVWWT XGTOGNFV FG RTKLU XQQT FG GPGTIKG GP FG. #TV CE 'NGMVTKEKVGKVUYGV GP CTV E )CUYGV #TV CF GP CG 'NGMVTKEKVGKVUYGV GP CTV G GP H )CUYGV &G\G XKGT QRVKGU \KLP UEJGOCVKUEJ YGGTIGIGXGP QR R XCP FG OGOQTKG XCP VQGNKEJVKPI -COGTUVWMMGP ++ PT +FGO R <KG XQQT FG\G VCMGP CTV XCP FG 'NGMVTKEKVGKVUYGV GP CTV XCP FG )CUYGV +FGO 7KV FG OGOQTKG XCP VQGNKEJVKPI DNKLMV FCV VGP DGJQGXG XCP FG WKVXQGTKPI XCP FG YGVVGNKLMG VCCM QPFGTUEJGKF YQTFV IGOCCMV VWUUGP GPGT\KLFU OGVTQNQIKUEJ DGJGGT GP CPFGT\KLFU VGEJPKUEJ DGJGGT XCP JGV PGV +P JGV VGEJPKUEJ DGJGGT OQGV QPFGTUEJGKF IGOCCMV YQTFGP VWUUGP OGGVIGIGXGPU RGTUQQPUIGIGXGPU GP URGEKƂ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ƃ s OGK . 2+.

(9) 5.+/ -+'<'0 $+, 5.+//' /'6'45. RTKLU XQQT JGV PGVDGJGGT &G\G YKL\KIKPI KU TGNGXCPV XCPWKV GGP QQIRWPV XCP RTKXCE[ CCPIG\KGP OGV FG\G YKL\KIKPI UCOGPJCPI IGETGÇ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n4GIGNKPI IGIGXGPUDGJGGT GP CHFTCEJV GNGMVTKEKVGKV GP ICUo *KGTXCP KU GGP EQPUWNVCVKGXGTUKG DGUEJKMDCCT QR KP VGTPGV &G TGIGNKPI IGIGXGPUDGJGGT YQTFV IG\KGP CNU GGP CCPXWNNKPI QR FG 9DR GP XQTOV GGP MCFGT YCCTDKP PGP XQQTYCCTFGP MWPPGP YQTFGP XCUVIGUVGNFYCCTQPFGT RGTUQQPUIGIGXGPU XCP MNGKPXGTDTWKMGTU XGT\COGNF GP XGTYGTMV YQTFGP /GV JGV QQI QR FG GHƂEKÇPVKG GP GH HGEVKXKVGKV XCP IGIGXGPUDGJGGT KU JGV PQQF\CMGNKLM FCV FG DGFTKLXGP KP FG GPGTIKGUGEVQT JKGTQXGT CFGSWCVG GP VTCPURCTCPVG CHURTCMGP OCMGP &G\G CHURTCMGP OQGVGP YQTFGP IGVQGVUV FQQT FG 0/C GP YQTFGP XCUVIGNGIF KP FG XQQTYCCTFGP FKG FG DGFTKLXGP LGIGPU GNMCCT GP LGIGPU CHPGOGTU JCPVGTGP DGVTGHHGPFG JGV IGIGXGPUDGJGGT KP JGV MCFGT XCP CFOKPKUVTCVKGXG MGVGPRTQEGUUGP &G\G XQQTYCCTFGP YQTFGP CCPIGFWKF CNU FG n+PHQTOCVKGEQFG 'NGMVTKEKVGKV GP )CUo &G\G +PHQTOCVKGEQFG XQQT\KGV PKGV KP GGP IGPGTKGMG YGVVGNKLMG ITQPFUNCI XQQT JGV OQIGP WKVYKUUGNGP GP XGTYGTMGP XCP RGTUQQPUIGIGXGPU OCCT XQTOV GGP WKVYGTMKPI XCP FG 9DR +P \KLP CFXKGU QXGT FG PQXGNNG YKLUV JGV %QNNGIG DGUEJGTOKPI RGTUQQPUIGIG XGPU %$2 GTQR FCV JGV KP UVTKLF KU OGV FG 9DR FCV KU XCUVIGUVGNF FCV FG 4CCF XCP $GUVWWT XCP FG 0/C KP UC OGPYGTMKPI OGV FG UGEVQT KP FG +PHQTOCVKGEQFG FG YCCTDQTIGP \CN XCUVNGIIGP YCCTCCP QPFWDDGN\KPPKIG VQGUVGOOKPI XQQT JGV HTGSWGPVGT GP IGFGVCKNNGGTFGT WKVNG\GP XCP OGGVIGIGXGPU \CN OQGVGP XQNFQGP *GV %$2 YKLUV GTQR FCV FG XGTGKUVGP XQQT GGP TGEJVUIGNFKIG VQG UVGOOKPI \KLP XGTOGNF KP CTVKMGN QPFGT K 9DR GP FCV GT IGGP TWKOVG DGUVCCV XQQT GGP PCFGTG GPQH CPFGTG KP. /GV JGV QQI QR PCFGTG EQPETGVKUGTKPI XCP FG 9DR KP JGV MCFGT XCP UNKOOG GPGTIKGOGVKPI JGDDGP FG PGVDGJGGT FGTU JGV XQQTPGOGP IGWKV GGP IGFTCIUEQFG QR VG YKNNGP UVGNNGP FKG VGT VQGVUKPI \CN YQTFGP XQQTIGNGIF CCP JGV %$2 *QGYGN FG IGFTCIUEQFG PQI PKGV IGTGCNKUGGTF KU KU XCPWKV FG GPGTIKGUGEVQT YGN QR UGRVGODGT GGP n5GEVQTTKEJVNKLP XQQT RTKXCE[DGUEJGTOKPI KP GP DGXGKNK IKPI XCP FG UNKOOGOGVGTKPHTCUVTWEVWWToWKVIGXCCTFKIF &G\G TKEJVNKLP \CN FG NGKFTCCF XQTOGP DKL JGV QRUVGNNGP XCP FG )GFTCIUEQFG +P FG\G TKEJVNKLP \KLP CNIGOGGP IGN FGPFG GP MGVGPQXGTUVKLIGPFG OCCVTGIGNGP GP GKUGP QRIG PQOGP CRRCTCCVURGEKƂGMG GKUGP GP OCCVTGIGNGP GKUGP GP OCCVTGIGNGP VGP CCP\KGP XCP FCVCEQOOWPKECVKG GP GKUGP GP OCCVTGIGNGPURGEKƂGM XQQT JGV EGPVTCCN U[UVGGO 9CV RTKXCE[ DGVTGHV XQTOV FKV FQEWOGPV GGP WKVYGTMKPI XCP FG TGEJVGP GP RNKEJVGP XGTXCV KP FG 9DR 'T KU GGP ITQVG HQEWU QR DGXGKNKIKPI YCCTQPFGT DKLXQQTDGGNF CWVQ TKUCVKGDGJGGT GP GPET[RVKG 5QOOKIG XGTRNKEJVKPIGP WKV FG 9DR \KLP XTKL NGVVGTNKLM XGTVCCNF \QCNU FG UEJTKHVGNKLMG URGEKƂECVKG XCP JGV FQGN FQGNDKPFKPI KPVGTXCNUVCPFGP GP FCIUVCPFGP YQTFGP PKGV QRIGJCCNF XCP QH XGT\QPFGP FQQT FG UNKOOG OGVGT VGP\KL JKGT GGP NGIKVKGOG TGFGP XQQT KU QH KPUVGOOKPI KU IGIGXGP FQQT FG MNCPV GP DG YCCTVGTOKLPGP 'GP CCPVCN OGGT URGEKƂ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ÅÅ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n+PHQTOCVKGEQFG 'NGMVTKEKVGKV GP )CUo YQTFV FQQT FG 4CCF XCP $GUVWWT XCP FG 0/C .CCVUV DKLIGYGTMVG XGTUKG FCVGGTV XCP HGDTWCTK YYYGPGTIKGMCOGTPNKOCIGU+PHQTOCVKGEQFGAAHGDTWCTKAA'NGMVTKEKVGKV)CUAVEORFH -COGTUVWMMGP ++ PT R YYYEDRYGDPNFQYPNQCFUACFX\RFH R YYYEDRYGDPNFQYPNQCFUACFX\RFH R YYYEDRYGDPNFQYPNQCFUACFX\RFH R GP -COGTUVWMMGP ++ PT R %QPEGRV 4GIGNKPI )GIGXGPUDGJGGT GP CHFTCEJV R 2TKXCE[ GP 5GEWTKV[ UNKOOGOGVGTKPHTCUVTWEVWWT *QQHFFQEWOGPV 9GTMITQGR 2TKXCE[ 5GEWTKV[ UGRVGODGT YYYGPGTIKG PGFPNAWRNQCFDGUVGNNKPIGPRWDNKECVKGUA255/*QQHFFQEWOGPVRFH +FGO R +FGO. 2+. #ƃ s OGK . .

(10) 5.+/ -+'<'0 $+, 5.+//' /'6'45. TCVGP PKGV KP QH WKV VG UEJCMGNGP \KLP \QPFGT FCV FG PGV DGJGGTFGT FKV QROGTMV &G PGVDGJGGTFGT FKGPV VGXGPU VG DQTIGP FCV KGFGTG NGXGTCPEKGTXCP CRRCTCVGPU[UVGOGP UQHVYCTG QH PGVYGTMGP GGP XGTMNCTKPI QRNGXGTV FCV \KLP RTQFWEVGP IGGP nDCEMFQQTUo DGXCVVGP YCCTOGG QPIGCW VQTKUGGTFG VQGICPI VQV FG UNKOOGOGVGTKPHTCUVTWEVWWT MCP YQTFGP XGTMTGIGP *QGYGN KP FG RTKXCE[FKUEWUUKG QOVTGPV FG UNKOOG OGVGT FG EGPVTCNG QRUNCI XCP IGIG XGPU GGP JGKMGN RWPV XQTOFG YQTFV KP FG n5GEVQTTKEJVNKLP RTKXCE[DGUEJGTOKPI KP GP DGXGKNKIKPI XCP FG UNKOOG OGVGTKPHTCUVTWEVWWTo QR DCUKU XCP FG UVCMGJQNFGTU GP TKUKEQCPCN[UG VQEJ CNU WKVICPIURWPV IGPQOGP FCV KPHQT OCVKG \Q XGGN OQIGNKLM YQTFV QRIGUNCIGP QR ÅÅP RNCCVU 8GTXQNIGPU DNKLMV FCV KP CRRCTCVGP KP DGIKPUGN CNNGGP OGGVUVCPFGP YQTFGP QRIGUNCIGP GP PQQKV RGTUQQPUIGIG XGPU NQMCVKGURGEKƂGMG KPHQTOCVKG QH '#0EQFGU &CV FG OGGVUVCPFGP QQM KP JGV EGPVTCNG U[UVGGO YQTFGP QRIGUNCIGP DNKLMV WKV FG IGURGEKƂEGGTFGDGYCCTVGTOKLPGP FKG PW LWKUV \KGP QR FG OGVGTUVCPFGP KP JGV EGPVTCCN U[UVGGO 8QQT KPVGTXCNUVCPFGP IGNFV GGP DGYCCTVGTOKLP XCP MCNGPFGTFCIGP XQQT FCIUVCPFGP MCNGPFGTFC IGP GP XQQT OCCPFUVCPFGP OCCPFGP &G\G VGTOKLPGP IGNFGP QQM XQQT OGVGTUVCPFGP QRIGUNCIGP QR CRRCTC VGP 8QQT QXGTKIG RGTUQQPUIGIGXGPU KU IGGP DGYCCTVGT OKLP IGURGEKƂEGGTF GP IGNFV FG CNIGOGPG PQTO WKV FG 9DR FCV IGIGXGPU PKGV NCPIGT DGYCCTF OQIGP YQTFGP FCP PQQF\CMGNKLM XQQT JGV FQGN YCCTXQQT \KL XGT\COGNF \KLP 9GNNKEJV FCV FKV RWPV XCP QRUNCI VQEJ PQI GGPU QPFGT FG NQGR IGPQOGP OQGV YQTFGP CCPIG\KGP FG #TVK MGN YGTMITQGR TGEGPVGNKLM FG XQNIGPFG WKVURTCCM JGGHV IGFCCP np6JG VGEJPKECN URGEKƂECVKQPU QH VJG PGVYQTM UJQWNF CNUQ GPUWTG VJCV CP[ FCVC EQNNGEVGF UJQWNF TGOCKP YKVJKP VJG JQWUGJQNF PGVYQTM WPNGUU VTCPUOKVVKPI KV GNUGYJGTG KU PGEGUUCT[ QT KH VJG FCVC UWDLGEV EQPUGPVU VQ VJG VTCPUOKUUKQPo &G PCNGXKPI XCP FG PQTOGP DGVTGHHGPFG IGIGXGPUXGTYGT MKPI UVCCV QPFGT VQG\KEJV XCP JGV %$2 GP FG 0/C *GV %$2 KU XGTCPVYQQTFGNKLMXQQT FG JCPFJCXKPIXCP FG 9DR VGTYKLN FG 0/C VQG\KGV QR FG PCNGXKPI XCP FG QR ITQPF XCP FG 'NGMVTKEKVGKVUYGV GP FG )CUYGV IGUVGNFGTGIGNU QOVTGPV IGIGXGPUDGJGGT 6GT DGXQTFGTKPI XCP FG VTCPU RCTCPVKG YQTFV GGP XGTRNKEJVKPI KP JGV NGXGP IGTQGRGP FCV GPGTIKGDGFTKLXGP KP JGV LCCTXGTUNCI XGTCPVYQQTFKPI OQGVGP CƃGIIGP QXGT FG YKL\G YCCTQR WKVXQGTKPI KU IG IGXGP CCP FG XQQTYCCTFGP XQQT IGIGXGPUXGTYGTMKPI. . . +P \KLP CFXKGU QXGT FG PQXGNNG JGGHV JGV %$2 GTQR IGYG\GP FCV FWKFGNKLM IGOCCMV OQGV YQTFGP FCV DGVTQMMGPGP XKC FG LCCTXGTUNCIGP XCP FG PGVDGJGGTFGTU PKGV IGË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n+PHQTOCVKGEQFG 'NGMVTKEKVGKV GP )CUo *GV %$2 JGGHV VYGG MGGT CFXKGU WKVIGDTCEJV QXGT FG PQXGNNG DGJQTGPFG DKL JGV YGVXQQTUVGN \ FF QMVQDGT GP \ FF FGEGODGT DGUEJKMDCCT QR YYYEDRYGDPN YYYEDRYGDPNFQYPNQCFUACFX\RFH R -COGTUVWMMGP ++ PT R -COGTUVWMMGP ++ PT R -COGTUVWMMGP ++ PT R . #ƃ s OGK . 2+.

(11) 5.+/ -+'<'0 $+, 5.+//' /'6'45. &G XGTGPKIKPI 8TKLDKV YKLUV KP FKV XGTDCPF QQM QR RTCMVK UEJG RTQDNGOGP n$WTIGTU \KGP \KEJ IGEQPHTQPVGGTF OGV KGOCPF FKG GGP OGVGT MQOV RNCCVUGP IGDTGM CCP KPHQT OCVKG QXGT FG MGW\G XQQT XGTUEJKNNGPFG OGVGTU GP JGV IGDTGM CCP MGPPKU QO FG XGTUEJKNNGPFG OGVGTU KP FG RTCMVKLM XCP GNMCCT VG MWPPGP QPFGTUEJGKFGP FQGV DKL 8TKLDKV FG XTGGU QPVUVCCP FCV DWTIGTU CN FCP PKGV QPDG YWUV VQEJ GGP UNKOOG OGVGT \WNNGP NCVGP RNCCVUGPo *GV RWPV XCP KPHQTOCVKGXQQT\KGPKPI MQOV KP RCTCITCCH CCP DQF *KGT YQTFV IGYG\GP QR JGV XQQTWKV\KEJV FCV DKPPGP CH\KGPDCTG VKLF IGGP VTCFKVKQPGNG OGVGTU OGGT DGUEJKMDCCT \WNNGP \KLP *QGYGN FG MCPU FCV FG EQPUW OGPV XKC IQGFMQRGTG VCTKGXGP \CN YQTFGP XGTNGKF VQV GGP UNKOOG OGVGT XTKLYGN VGPKGV YQTFV IGFCCP FQQT FG n4GIG NKPI OGGVVCTKGXGPo MCP FG XGTNQMMKPI YGN IGDTCEJV YQTFGP FQQT FG RTKLU XCP FG OGVGT \GNH NCIGT VG NGIIGP FCP XCP GGP VTCFKVKQPGNG OGVGT *KGT IGNFGP IGGP TGIGNU XQQT &G OKPKUVGT \KGV JKGTKP IGGP RTQDNGGO CCPIG\KGP JKL \KEJ PKGV MCP XQQTUVGNNGP FCV GT ØDGTJCWRV PQI QWFG OGVGTU CCPIGDQFGP \WNNGP YQTFGP YCPPGGT RGT #/X$ IGTGIGNF KU YCCTCCP OGVGTU OQGVGP XQNFQGP n7KVGKPFG NKLM \WNNGP FG PKGWYG OGVGTU FWU QXGTCN MQOGP VG JCPIGP QOFCV GT IGGP CPFGTG OGVGT OGGT KUo&G GPKIG QRVKG FKG FCP TGUV KU JGV CFOKPKUVTCVKGH WKV\GVVGP XCP FG OGVGT . +U CFOKPKUVTCVKGH WKVUEJCMGNGP IGNKLM CCP GGP VTCFKVKQPGNG OGVGT!. &CV GGP CHPGOGT VQEJ IGEQPHTQPVGGTF MCP YQTFGP OGV GGP UNKOOG OGVGT KU XQNIGPU FG OKPKUVGT PKGV RTQDNGOC VKUEJ CCPIG\KGP FG\G CHPGOGT JGV TGEJV DGJQWFV QO FG OGVGT nCFOKPKUVTCVKGHWKVo VG NCVGP \GVVGP *KGTFQQT YQTFV FG OGVGT PKGV NCPIGT QR CHUVCPF WKVIGNG\GP *KGTDKL TKLUV GEJVGT FG XTCCI QH JGV nCFOKPKUVTCVKGH WKV\GVVGPo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Ƃ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n$GUNWKV QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJ VKPIGPo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n1PVYGTRDGUNWKV QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJVKPIGPoKP RTKPEKRG RQUKVKGH DGQQTFGGNF +P FG DGQQTFGNKPI \KLP FG XQNIGPFG CURGEVGP KP QIGPUEJQWY IGPQOGP VQGMQOUVXCUVJGKF DGXGKNKIKPI RTKXCE[ GEQPQ OKUEJG GP LWTKFKUEJG CURGEVGP *GV DGQQTFGNKPIUMCFGT KU UCOGPIGUVGNFQR DCUKU XCP JWKFKIG YGVIGXKPI'WTQRGUG TKEJVNKLPGP GP VGEJPKUEJG MGPPKU 601 MQOV VQV FG EQP ENWUKG FCV JGV QPVYGTRDGUNWKV XQNFQGV CCP JGV DGQQTFG NKPIUMCFGT 9GN YKLUV 601 GTQR FCV JGV VQG\KEJVMCFGT PQI PCFGT KPIGXWNF OQGV YQTFGP CCPIG\KGP FKV OQOGP. YYYXTKLDKVPNFQUUKGTƂPCPEKGPFQUUKGTUNKOOGOGVGTUKVGOXGTRNKEJVGnUNKOOGo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ƃ s OGK . .

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oU $QXGPFKGP MWPPGP FG WKVMQOUVGP XCP FG NQRGP FG MQUVGPDCVGPCPCN[UG YKL\KIKPIGP OGV \KEJ DTGPIGP FKG XCP KPXNQGF MWPPGP \KLP QR RTKXCE[ . -QUVGPDCVGPCPCN[UG. +P FG RCTNGOGPVCKTG DGJCPFGNKPI JGGHV FG 52HTCEVKG \QTIGP IGWKV QXGT RTKXCE[UEJGPFKPI FQQT UNKOOG OGVGTU 0C KPXQGTKPI XCP FG PQXGNNGU NKLMV FG RCTVKL GEJVGT UPGN QXGT JGV RTKXCE[XTCCIUVWM JGGP VG UVCRRGP n&G\G NGFGP FCPMGP FG OKPKUVGT FCV JKL OGFG QR JWP XGT\QGM PQXGN NGU QR FG YGVUXQQTUVGNNGP GP XQQTNGIV YCCTFQQT MNGKPXGTDTWKMGTU FG RNCCVUKPI XCP GGP UNKOOG OGVGT MWPPGP YGKIGTGP FCP YGN GGP TGGFU IGRNCCVUVG OGVGT CFOKPKUVTCVKGH MWPPGP FQGP WKVUEJCMGNGP /GV FG JKGTOGG IGËPVTQFWEGGTFG MGW\GXTKLJGKF KU DGUEJGTOKPI. XCP FG RTKXCE[ IGFKGPFo &G 52 DNKLHV \KEJ GEJVGT YGN \QTIGP OCMGP QXGT FG OGV JGV RTQLGEV IGOQGKFG MQUVGP GP UVGNNGP XCPWKV FKV RGTURGEVKGH FG PQFKIG XTCIGP CCP FG OKPKUVGT &G CPVYQQTFGP XCP FG OKPKUVGT TQGRGP FG XTCCI QR QH RTKXCE[ QR FGP FWWT VQEJ PKGV \CN OQGVGP YKLMGP QO VGIGOQGV VG MWPPGP MQOGP CCP GXGPVWGGN PCFGNKIG ƂPCPEKÇ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a OKNLQGP &QQT JGV KPXQGTGP XCP MGW\GXTKLJGKF GP JGV VTGHHGP XCP OGGT YCCTDQTIGP XQQT RTKXCE[ GP XGKNKIJGKF XCNV s KP MYCPVKVCVKGXG VGTOGP s FG DWUKPGUU ECUG KP FKV TGHGTGPVKGUEGPCTKQ NCIGT WKV FCP FG GGTFGTG TCOKPI QR ITQPF XCP GGP XGTRNKEJVG WKVTQN. PGVVQEQPVCPVG YCCTFG a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Ƃ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ƂPCPEKÇNG CPCN[UG GP CFXKG\GP XQQT DGNGKF -'/# LWPK <KG KP FKV XGTDCPF QQM -COGTUVWMMGP + GP PT 4 -COGTUVWMMGP PT -COGTUVWMMGP ++ PT R . . #ƃ s OGK . 2+.

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n6GP CCP\KGP XCP FG UNKOOG OGVGTU JQWFV FG\G YGVVGNKLMG GKU KP FCV FG PGVDGJGGTFGT DGVTQMMGPGP QR FG JQQIVG OQGV UVGNNGP XCP FG XGTUEJKNNGPFG QRVKGU XQQT JGV XGT\COGNGP XCP OGGVIGIGXGPU e 1QM KP UKVWCVKGU YCCTKP TGGFU GGP QR CHUVCPF WKVNGGUDCTG OGVGT KU IGËPUVCN NGGTF FKGPV FG XGTCPVYQQTFGNKLMG GT \QTI XQQT VG FTCIGP FCV DGVTQMMGPGP IGËPHQTOGGTF \KLP QXGT FG URGEKƂGMG FQGNGKPFGP XCP FG XGTYGTMKPI XCP FG IGIGXGPU GP FG XGTUEJKNNGPFG QRVKGU VGP CCP\KGP XCP FG UNKOOG OGVGTo 8QQT \QXGT CHPGOGTU PQI PKGV \KLP IGËPHQTOGGTF OQGV FG\G QOKUUKG XQNIGPU JGV %$2 JGTUVGNF YQTFGP FQQT DG VTQMMGPGP CNUPQI XQNNGFKI QR FG JQQIVG VG UVGNNGP XCP FG OQIGNKLMJGFGP XCP FG OGVGTU GP FG TGEJVGP XCP DGVTQM MGPGP 'EJVGT JQGYGN JGV KP RCTCITCCH DGUEJTGXGP XKGTMGW \GOQFGN OQQK QOUEJTGXGP UVCCV KP JGV n'WTQRGCP UOCTV OGVGTKPI NCPFUECRG TGRQTVo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ƃ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n&G UNKOOG OGVGT +PHQTOCVKG QXGT FG PKGWYG GPGTIKGOGVGTo FKG FG DWTIGT KPHQTOGGTV QXGT FG UNKOOG GPGTIKGOGVGT +P FG DTQEJWTG XCNV VG NG\GP nJGV XGTUEJKN OGV FG JWKFKIG GPGTIKGOGVGT KU FCV GT EQOOWPKECVKGVGEJPQNQIKGCCP VQGIGXQGIF KU YCCTFQQT FG\G GPGTIKGOGVGT QR CHUVCPF MCP YQTFGP WKVIGNG\GPo +PHQTOCVKGQXGT CPFGTG HWPEVKQPCNKVGKVGP\QCNU FG UEJCMGN GP UKIPCNGGTHWPEVKG DNKLHV GEJVGT CEJVGTYGIG &CV GGP OGVGT IGYGKIGTF QH WKVIG\GV MCP YQTFGP MQOV KP FG\G \GU RCIKPCoU VGNNGPFG DTQEJWTG RCU QR RCIKPC CCP FG QTFG /GV JGV QQI QR RTKXCE[ YQTFV QQM KP FG DTQEJWTG IGUVGNF FCV IGFGVCKNNGGTFG KPHQTOCVKG QXGT XGTDTWKM PKGV DGUEJKMDCCT KU XQQT GPGTIKGDGFTKLXGP QH CPFGTGP GP FCV GPGTIKGDGFTKLXGP \KEJ CNVKLF OQGVGP JQWFGP CCP FG 9GV DGUEJGTOKPI RGTUQQPUIGIGXGPU &KV YKN GEJVGT PKGV \GI IGP FCV CNU FG IGIGXGPU QRIGUNCIGP YQTFGP \KL PKGV QR DCUKU XCP FG 9DR CCP FGTFGP FQQTIGIGXGP OQIGP YQT FGP $KLXQQTDGGNF KP IGXCN XCP QRURQTKPI GP XGTXQNIKPI. YYYXTKLDKVPNFQUUKGTƂPCPEKGPFQUUKGTUNKOOGOGVGTUKVGOXGTRNKEJVGnUNKOOGo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ƃ s OGK . .

(14) 5.+/ -+'<'0 $+, 5.+//' /'6'45. GGP RWPV XCP \QTI YCCT QQM FG XGTGPKIKPI 8TKLDKV QR IG YG\GP JGGHV . (TCWFG GP QRURQTKPI. +P JGV GGTFGT IGPQGOFG n%QPEGRVDGUNWKV QR CHUVCPF WKV NGGUDCTG OGGVKPTKEJVKPIGPo YQTFV KP FG CTVKMGNGP GP GGP QXGT\KEJV IGIGXGP XCP FG URGEKƂ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ƂGM IGPQGO FG VCMGP XCP FG NGXGTCPEKGTQH XQQT \QXGT FKV PQQF\CMGNKLM KU XQQT FG VCMGP XCP FG PGVDGJGGTFGT IGPQGOF KP CTVKMGN NKF 'NGMVTKEKVGKVUYGV (TCWFGDGUVTKLFKPI UVCCV JKGT PKGV GZRNKEKGVIGPQGOF FWU \QW KPIGNG\GPOQGVGP YQTFGP KP GGP CPFGTG VCCM \QCNU DKLXQQTDGGNF FG XGKNKIJGKF GP DGVTQWYDCCTJGKF XCP FG PGVVGP 'GP RCUUCIG WKV FG RCT NGOGPVCKTG IGUEJKGFGPKU FQGV GEJVGT XGTOQGFGP FCV JKGTXCP IGGP URTCMG KU n&G PKGVXGTRNKEJVG WKVTQN JGGHV QQM EQPUGSWGPVKGU XQQT FG CCPRCM XCP HTCWFG GP ETKOK PCNKVGKV 'GP XGTRNKEJVG WKVTQN UVGNV GPGTIKGDGFTKLXGP KP UVCCV QO UVTQQOFKGHUVCN s FKV OCI IGYQQP PKGV KP FKV NCPF FKV JGGHV PKGVU OGV RTKXCE[ VG OCMGP s JCCTƂLP VG NQMCNKUGTGP 'GP GPGTIKGDGFTKLH MCP GT OGVGGP CCPIKHVG XCP FQGP GP FCCTOGG GGP JGNG MGVGP XCP QPVYKMMGNKPIGP KP YGTMKPI UVGNNGP PKGV KP FG NCCVUVG RNCCVU DKL DKLXQQT DGGNF YKGVRNCPVCIGU 'GP XGTRNKEJVG WKVTQN KU FCCTDKL DG JWNR\CCO 0W KU JGV OQIGNKLM QO FG\G OGVGT VG YGKIGTGP QH FKG CNU LG JGO CN JGDV CFOKPKUVTCVKGH VG NCVGP WKVUEJC MGNGP +M FGPM FCV KM YGN YGGV YKG FCV QPIGXGGT ICCP FQGP GP YKG FCCTQO ICCP XTCIGP &WU FG OCCVUEJCRRG NKLMG OGGTYCCTFG PCOGNKLM FG CCPRCM XCP FKGHUVCN HTCWFG GP ETKOKPCNKVGKVPGGOV IGYQQP CH QR JGV OQOGPV FCV LG FG OGVGT PKGV XGTRNKEJVOCCMVo 0KGV CNNGGP MNKPMV KP FG\G RCUUCIG GGP QPFGTVQQP FQQT FCV RGTUQPGP FKG GGP UNKOOG OGVGT YGKIGTGP QH CFOKPKUVTCVKGH WKV\GVVGP XGTFCEJV YQTFGP XCP KNNGICNG RTCMVKLMGP OCCT QQM FG YKN XCP FG OKPKUVGT QO XGTYGTMKPI XCP IGIGXGPU VGP DGJQGXG XCP HTCWFGDGUVTKLFKPI VQG VG YKNNGP UVCCP *QGYGN PGVDGJGGTFGTU VGP DGJQGXG XCP HTCWFG FWU PQI IGGP WKVNGGUTGEJVGP NKLMGP VG JGDDGP KU FG UKVWCVKG OGV DGVTGMMKPI VQV RQNKVKG GP KPNKEJVKPIGPGP XGKNKIJGKFUFKGP UVGP CPFGTU &G CTVKMGNGP GP XCP JGV n%QPEGRVDGUNWKV QR CHUVCPF WKVNGGUDCTG OGGVKPTKEJVKPIGPo DGRCNGP FCV FG. GNGMVTKEKVGKVUOGVGT VGP OKPUVG GNM MYCTVKGT GP FG ICUOG VGT VGP OKPUVG GNM WWT FG CEVWGNG OGVGTUVCPF OQGV MWP PGP TGIKUVTGTGP GP FG\G IGIGXGPU VGP OKPUVG FCIGNKLMU QR CHUVCPF OGV FG PGVDGJGGTFGT WKV OQGV MWPPGP YKUUG NGP 1R JGV NGGUXGPUVGT XCP FG OGGVKPTKEJVKPI OQGV FWK FGNKLM YQTFGP YGGTIGIGXGP QH FG HWPEVKG XCP JGV RGT MYCTVKGT FCPYGN RGT WWT TGIKUVTGTGP XCP OGVGTUVCPFGP UVCCV KPIGUEJCMGNF QH WKVIGUEJCMGNF *KGTDKL OQGV QRIG OGTMV YQTFGP FCV QRURQTKPIU GP XGKNKIJGKFUFKGPUVGP IGË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ƂEKGT XCP LWUVKVKG \GNHU OGV OCEJ VKIKPI XCP GGP TGEJVGTEQOOKUUCTKU XCP GGP PGVDGJGGT FGT GKUGP FCV FG\G CNNG VQGMQOUVKIG GPGTIKGIGIGXGPU XCP GGP DGRCCNFG YQPKPI TGCNVKOG FQQTIGGHV CCP LWUVKVKG CTV PG 9GVDQGM XCP 5VTCHXQTFGTKPI +P FG\G UKVWCVKG NKLMV FG UNKOOG OGVGT FWU YGN FGIGNKLM CPFGTG EQPUGSWGP VKGU VG JGDDGP FCP FG VTCFKVKQPGNG OGVGT +P FG DGJCPFG NKPI KP FG 6YGGFG -COGT XCNV OGV DGVTGMMKPI VQV JGV CFOKPKUVTCVKGH WKV\GVVGP XCP FG OGVGT VG NG\GP n&CV DG VGMGPV FCV FKG OGVGT PKGV OGGT QR CHUVCPF MCP YQTFGP WKVIGNG\GPo &KV NKLMV GEJVGT PKGV EQTTGEV FG OGVGT MCP YGN WKVIGNG\GP YQTFGP JGV OCI CNNGGP PKGV &KV TQGRV OGV JGV QQI QR DQXGPUVCCPFG GEJVGT YGN FG XTCCI QR YCV GT XÏÏTICCV FG MGW\G XCP FG EQPUWOGPV FCV GGP OGVGT CFOKPKUVTCVKGH WKVUVCCV QH FG YGVVGNKLMG DGXQGIFJGFGP \QFCV KP JGV MCFGT XCP XGKNKIJGKF GP QRURQTKPI VQEJ QXGT. VQGMQOUVKIG OGVGTKPHQTOCVKG DGUEJKMV MCP YQTFGP +P FKV XGTDCPF KU FG NG\KPI XCP FG OKPKUVGT KPVGTGUUCPV FCV JKL DKL FG UNKOOG OGVGT GGP UQQTV nNGGUOGPKGVTGIKUVGTo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ƂPCPEKGPFQUUKGTUNKOOGOGVGTUKVGOXGTRNKEJVGnUNKOOGoGPGTIKGOGVGTUPQIPKGVXCPFGDCCPJVON -COGTUVWMMGP ++ PT R %/-% %WKLRGTU ', -QQRU *GV YGVUXQQTUVGN nUNKOOG OGVGTUo GGP RTKXCE[VQGVU QR DCUKU XCP CTV '84/ TCRRQTV KP QRFTCEJV XCP FG %QPUWOGP VGPDQPF R YYYEQPUWOGPVGPDQPFPNOQTGNNQDGUVCPFGPQPFGT\QGMA7X6AUNKOOGAGPGTIKRFH -COGTUVWMMGP ++ PT R +FGO R . . #ƃ s OGK . 2+.

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ƂEGGTFMWPPGP YQTFGP CNU DKL\QP FGTG IGIGXGPU GP FCV GGP XGTCPVYQQTFGNKLMG FG\G GPMGN MCP XGTYGTMGP YCPPGGT CTVKMGN NKF 4KEJVNKLP ') XCP VQGRCUUKPI KU &KV JQWFV GXGPYGN KP FCV XGTYGTMKP IGP KP\CMG QXGTVTGFKPIGPUVTCHTGEJVGNKLMG XGTQQTFGNKPIGP QH XGKNKIJGKFUOCCVTGIGNGP\KLP VQGIGUVCCP QPFGT VQG\KEJV XCP FG QXGTJGKFQH KPFKGP FG PCVKQPCNGYGVIGXKPIXQQT\KGV KP RCUUGPFG URGEKƂGMG YCCTDQTIGP 8GTYGTMKPI XCP OGGVIGIGXGPUFQQT RQNKVKG GP KPNKEJVKPIGPGP XGKNKIJGKFU FKGPUVGP KU FWU \GMGT PKGV WKVIGUNQVGP . %QPENWUKG. 6GTWIMKLMGPF QR FG DGXKPFKPIGP KP JGV CTVKMGN n$GINWTGP GP DGUVWTGP FQQT FG UNKOOG OGVGTo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nCHMPKLRGPo. XCP GPGTIKG KU VQGIGUVCCP+P FKV XGTDCPF KU JGV XCP DGNCPI CNGTV VG \KLP QR FG YKL\KIKPIGP FKG XQQTIGUVGNF ICCP YQTFGP KP FG DGUVCCPFG n4GIGNKPI CHUNWKVGP GNGMVTKEKVGKV GP ICU XCP MNGKPXGTDTWKMGTUo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Ƃ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Ƃ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ƃ s OGK . .

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ƃ s OGK . 2+.

(17)

No results found