The Shareholder Settlement Program: A Pragmatic Resolution to confront a Systemic Banking Crises in view of the Dysfunctional Legal System and Tradition of the Republic of Indonesia

Hele tekst

(1)The Shareholder Settlement Program: A Pragmatic Resolution to confront a Systemic Banking Crises in view of the Dysfunctional Legal System and Tradition of the Republic of Indonesia Maroef, T.M.. Citation Maroef, T. M. (2010, March 25). The Shareholder Settlement Program: A Pragmatic Resolution to confront a Systemic Banking Crises in view of the Dysfunctional Legal System and Tradition of the Republic of Indonesia. Retrieved from https://hdl.handle.net/1887/15127 Version:. Not Applicable (or Unknown). License:. Licence agreement concerning inclusion of doctoral thesis in the Institutional Repository of the University of Leiden. Downloaded from:. https://hdl.handle.net/1887/15127. Note: To cite this publication please use the final published version (if applicable)..

(2) :@>;0A/@5;:. . . . .

(3) . . . . . . %41$4->14;801>$1@@8191:@">;3>-9.

(4) 5:-:/5-8-@-?@4>;<1. . . . . . .

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

(6) H<9;CJ9FBA9BH5:H9F7CBGI@H5H=CBK=H<D5F@=5A9BHK5G 5IH<CF=N98HC9GH56@=G<5GD97=5@DFCJ=G=CB5@5;9B7M:CFH<9F97ID9F5H=CBC:H<965B?=B;GMGH9A =:H<95GG9GGA9BHC:5B?"B8CB9G=5=B8=75H98H<5HH<965B?=B;GMGH9AK5G9LD9F=9B7=B;8=:_7I@ H=9GH<5H7CBGH=HIH95H<F95HHCH<9B5H=CB5@97CBCAM &CF9CJ9FH<9 5B?=B;%5K5B8=HG =AD@9A9BH=B; ;CJ9FBA9BH F9;I@5H=CBG GH5H9 H<5H 5B 5@F958M 9L=GH=B; ;CJ9FBA9BH 5;9B7M H<5H K5G9GH56@=G<985B8CD9F5H=B;DF=CFHCH<99B57HA9BHC:H<9%5KG<CI@89L97IH9H<9H5G?G5B8H<9 :IB7H=CBGC:H<5HGD97=5@5;9B7M "HH<IGIB5A6=;ICIG@MF9:9FF98HC"+. "+K5G=B89989G H56@=G<9869:CF9H<99B57HA9BHC:H<9 5B?=B;%5K6IH=HG<CI@8BCH69A=GIB89FGHCC8H<5H H<9F9K5GBCDC@=H=75@GIDDCFH:CFH<99GH56@=G<A9BHC:"+5B8H<9F9:CF9=H<58BC@9;=H=A5H9 >IGH=_75H=CB -<9 7F=G=G :CF798 H<9 ;CJ9FBA9BH HC =AA98=5H9@M =AD@9A9BH J5F=CIG DC@=7M 897= G=CBG5B8HCH5?9A95GIF9GHCCJ9F7CA957CB8=H=CBH<5HH<9H<9BDF9J5=@=B;F9;I@5HCFM:F5A9KCF? 7CI@8IB:CFHIB5H9@MBCH577CAAC85H9 -<9 5B?=B;%5K<58ACF9CF@9GG;F5B8:5H<9F98 H<99L=GH9B795B8H<97CBH=BI5H=CBC:"+5GH<9G5=8GD97=5@5;9B7M. "HKCI@869F95GCB56@9HCDF9GIDDCG9H<5HH<99GH56@=G<A9BHC:"+K5G65G98CBH<9 G5A9F5H=CB5@95G@5=88CKB=BH<9 5B?=B;%5K -<=GK5G5G=HI5H=CBK<9F9H<965B?=B; GMGH9AK5G9LD9F=9B7=B;8=:_7I@H=9GH<5H7CBGH=HIH985B=B7F95G=B;H<F95HHCH<9B5H=CB5@97CBCAM -<95:CF9A9BH=CB98DF9A=G9GI;;9GHGH<5HH<9F9K9F9HKCA5=B7CADCB9BHGH<5H@98HCH<99GH56 @=G<A9BHC:"+ ()*H<9F9K5GH<957HI5@7CB8=H=CBH<5HH<965B?=B;GMGH9AK5G9LD9F=9B7=B; 8=:_7I@H=9G5B8)%$H<5HH<97CB8=H=CB9B85B;9F98H<9B5H=CB5@97CBCAM 09G<5@@895@K=H< H<957HI5@7CB8=H=CBC:H<965B?=B;GMGH9A=BACF989H5=@=BH<9B9LH<5DH9F CFH<9H=A969=B; =H=GACF9:FI=H:I@HC:C7IGCBH<9CH<9F=ADCFH5BH7CADCB9BHC:H<9DF9A=G9= 9 H<97CB8=H=CBC: H<9B5H=CB5@97CBCAM9GD97=5@@M6975IG969:CF9H<9 _B5B7=5@7IFF9B7M7F=G9G"B8CB9G=5<58 699B7CBG=89F98CB9C:H<99A9F;=B;A=F57@997CBCA=9GK=H<GCIB897CBCA=7:IB85A9BH5@G. . %5K'C

(7) C: <9F9=B5:H9F 5B?=B;%5K7CB79FB=B;-<9A9B8A9BHHC%5K'C C: 7CB79FB=B;5B?=B;. -<9=AD@9A9BH=B;F9;I@5H=CB:CF"+HC75FFMCIH=HGH5G?5B8:IB7H=CBK5G:IFH<9F9B57H98=B CJ9FBA9BH+9;I@5H=CB'C C: <9F9=B5:H9F )) -<=GF9;I@5H=CBK5G5A9B898G9J9F5@H=A9G8IF=B;"+^GC:_7=5@H9FA. "+K5G9GH56@=G<98CB#5BI5FM DIFGI5BHHC)F9G=89BH=5@97F99'C C: 5B86975A9CD9F5H=CB5@DIFGI5BHHC)F9G=89BH=5@97F99 'C C: K<=7<K5G@CB;69:CF9H<99B57HA9BHC:H<9 5B?=B;%5KCB

(8) 'CJ9A69F . $1131:1>-88E!5@!=@@%41:0;:1?5-:/;:;9E5:>5?5?-A?1?;:?1=A:/1?-:01??;:?"BGH=HIH9C:,CIH<95GHG=5B,HI8=9G,=B;5DCF9 DD

(9).

(10) . . . . . . %41$4->14;801>$1@@8191:@">;3>-9. FCAH<9A57FC97CBCA=7DC=BHC:J=9K:CF=BGH5B79H<9_FGH<5@:C: =B8=75H98H<5H H<9"B8CB9G=5B97CBCAMG99A98HC69D9F:CFA=B;DF9HHMK9@@ -<9 );FCKH<F5H9G<585J9F 5;9856CIH D9F79BHD9F5BBIAG=B79H<9@5H9

(11) G=B`5H=CB<588FCDD98:FCA5B5J9F5;9 D9F79BHD9F5BBIACJ9FH<9DF9J=CIGG=LH99BM95FGHCIB89FD9F79BHH<96I8;9H7CBH=BI98HC 697CBG9FJ5H=J9@MA5B5;98H<99L7<5B;9F5H9A5=BH5=B985G@CK5B87CBHFC@@9889DF97=5H=CBC: 56CIH D9F79BHD9F5BBIA5B8H<965@5B79C:D5MA9BHGK5GDF9HHMGC@=85G:CF9=;B9L7<5B;9 F9G9FJ9GK9F9=B7F95G=B;GH958=@M M7CBHF5GH=BH<9_FGH<5@:C: H<9 );FCKH<F5H9GK9F9B9;5H=J9=B`5H=CB<58 GC5F985H5F5H9C:ACF9H<5B

(12)

(13) D9F79BH5B8H<99L7<5B;9F5H989DF97=5H98GH99D@M5H5B5J9F5;9 C:+D D9F.,8C@@5F5G7CAD5F98HC+D

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

(15) ##$. ,=B79=B89D9B89B79=B "B8CB9G=59LD9F=9B798HKC8=GH=B7H=J9D9F=C8GC:97CBCA=789J9@ CDA9BH. &30J=>?;0=4:/K5G:FCA HC K<9BB5H=CB5@97CBCA=789J9@CDA9BHK5G 9B8IF=B;@MIB89FA=B986M8CA9GH=7DC@=H=75@8=GHIF65B79G5B8GC7=5@7CB`=7HG "BG<CFHH<9;CJ 9FBA9BH8=8BCHD5MGI:_7=9BH5HH9BH=CBHCCFHCC?G9F=CIG9::CFHG=B97CBCA=7=GGI9G -<95J5=@ 56@9F9GCIF79GK9F9IH=@=N98A5=B@M:CFDC@=H=75@5::5=FG MH<99B8C:H<=GD9F=C8H<997CBCAM 7CI@86969GH89G7F=6985G<5J=B;<MD9F =B`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

(16) $5F@ #57?GCB98 G=5BCBH5;=CB-<95IG9G5B8CBG9EI9B79GC: =B5B7=5@F=G=G09GHJ=9K)F9GG . ,C9?5FBC5B8!5HH5897@5F98"B8CB9G=5B"B89D9B89B79:FCAH<9'9H<9F@5B8GCBI;IGH . +58=IG)F5K=FC:0;:1?5-N?$@>A33812;>/;:;95/1B18;<91:@">-39-@5?95:/@5;:(L:CF8.B=J9FG=HM)F9GG D

(17) &CGHC:H<9A5 H9F=5@GF9;5F8=B;H<9B5H=CB5@97CBCAM=BH<=G<5DH9F5F965G98CBH<=G6CC?5B87CA6=B98K=H<GH5H=GH=75@85H55B8CH<9FEI5@=H5H=J9=B:CFA5H=CB:FCAJ5F=CIG ;CJ9FBA9BH5;9B7=9GCFDF=J5H95GGC7=5H=CBG .

(18) 5:-:/5-8-@-?@4>;<1. . . . &30 >0.:9/ ;0=4:/ C: H<9 B5H=CB5@ 97CBCA=7 89J9@CDA9BH 85H9G :FCA HC 5B875B69:IFH<9F8=J=898=BHCA5>CFD9F=C8GB5A9@MH<9)9F=C8C:,H56=@=N5H=CB H<9)9F=C8C:CBGC@=85H=CB

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`5H=CB5B8HCDIHH<9A5AACH<6I8;9H89_7=HGIB89F7CBHFC@=BCF89FHCGH56=@=N9 H<997CBCA=77CB8=H=CB5B8HC57<=9J9H<9B979GG5FM;FCIB8KCF?:CFIB=BH9FFIDH98B5H=CB5@89 J9@CDA9BH ,99B :FCA H<9 A57FC97CBCA=7 D9FGD97H=J9 H<=G 5DDFC57< K5G 7CBG=89F56@M GI779GG :I@ -<9 );FCKH<=B7F95G985H5B5J9F5;9C: D9F79BHD9F5BBIA8IF=B;H<9:CIFM95FG 5:H9F H<9=B`5H=CBF5H9K5GF98I798HC D9F79BH=B 5B8HC D9F79BH=B

(20) 5B8 9LDCFHG=B7F95G98:FCAD9F79BH:FCA., A=@@=CB=B HC., A=@@=CB=B

(21) "B588=H=CBH<9B9K58A=B=GHF5H=CBHCC?G9J9F5@85F=B;BCB 97CBCA=7A95GIF9G=BCF89FHC9B8 H<9 9LHF9A9 DC@=H=75@ 7CB8=H=CBG H<5H <58 <5AD9F98 97CBCA=7 89J9@CDA9BH 8IF=B; H<9 DF9798 =B; 897589G 5>?@ H<9 ;CJ9FBA9BH 8=G65B898 5B8 CIH@5K98 H<9 "B8CB9G=5B CAAIB=GH )5FHM 2@1>C->0?H<9;CJ9FBA9BHG=AD@=_98H<9B5H=CB5@GC7=C DC@=H=75@GMGH9A6M5@@CK=B;CB@MH<F99 DC@=H=75@D5FH=9G5GCDDCG98HCH<9DF9J=CIGAI@H= D5FHMGMGH9A -<9;CJ9FBA9BH<58H<IG895@H K=H<6CH<C:H<9A5HH9FGH<5HK9F97CBG=89F985GH<9A5=BGCIF79GC:GC7=C DC@=H=75@=BGH56=@=H=9G - &30#0=4:/:1:9>:74/,?4:9 F

(22) -<=G D9F=C8 C:_7=5@@M 7CAA9B798 6M H<9 @5IB7<=B; C: H<9 _FGH =J9295F 9J9@CDA9BH )@5B ?BCKB 5G +)%"- K<=7< K5G H<9 _FGH 7M7@9 C: H<9 %CB;-9FA 9J9@CDA9BH )@5B C: M95FGGH5FH=B;:FCAH<9

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

(24)

(25)

(26)

(27) . . +)%"-=GH<9566F9J=5H=CBC:#1:/-:-"19.-:3A:-:59-%-4A:K<=7<=G=J9295F9J9@CDA9BH)@5B. IF=B;H<9CBGC@=85H=CB)9F=C8"B8CB9G=5<58;CB9H<FCI;<H<F99+)%"-G -<95HH=HI89HCK5F8G5D@5BB9889J9@CDA9BHDFC;F5AK5GH<9 8=F97HF9GI@HC:@9GGCBG@95FB98:FCAH<9)9F=C8C:,H56=@=N5H=CBK<9BH<9;CJ9FBA9BH<58BC7<C=796IHHCIB89FH5?9F5H<9FF58=75@5B8IB7CBJ9BH=CB5@A95GIF9G HC7CA65H<MD9F=B`5H=CB5B8<I;96I8;9H89_7=HG -<=G9LHF5CF8=B5FM5DDFC57<<CK9J9FK5GIB@=?9@MHC69GI=H56@9IB89FBCFA5@97CBCA=77CB8=H=CBG (B79.

(28) . . . . . . %41$4->14;801>$1@@8191:@">;3>-9. @9AH<9;CJ9FBA9BH:5798K5GGMGH9A=7DCJ9FHM 9G=89G9AD=F=75@85H5CBH<9@CKB9H=B7CA9 D9F 75D=H5 5B8 H<9 G75F7=HM C: :CC8 HC A99H 65F9 B979GG=H=9G 85M HC 85M @=:9 C: H<9 "B8CB9G=5B D9CD@9K5G:IFH<9F6IF89B986MK=89GDF9587CBH5;=CIG8=G95G9G 5B=AA9BG9DCDI@5H=CBK=H<5 <=;<F5H9C:DCDI@5H=CB;FCKH< 5B8G<CFHGIDD@MC:G?=@@985B898I75H98<IA5BF9GCIF79G

(29) @=GHC:DF=CF=H=9GK5GIF;9BH@MB99898:CF=AA98=5H957H=CB -<=GK5GBCH5B95GM>C66975IG9H<9 ;CJ9FBA9BHB99898HCH5?9=BHC577CIBH97CBCA=75GK9@@5GH<9BCB 97CBCA=7:57HCFGK<=7< ;F95H@M=BÌ9B798H<989J9@CDA9BHD@5B5G5K<C@9 HH<9G5A9H=A9=H<58HCDFC8I79DCG=H=J9 AI@H=D@=9F9::97HG=BCH<9F@9GGDF=CF=H=N98G97HCFGK=H<H<99LD97H5H=CBGH<5HH<=GKCI@8@9GG9BH<9 GMGH9A=7DCJ9FHM5B8=B7F95G9H<9D9CD@9^GGH5B85F8C:@=J=B; "HK5G@=HH@9GIFDF=G=B;H<5HH<9B5H=CB5@89J9@CDA9BHD@5B7@95F@MGH5H98H<5H97CBCA=7 89J9@CDA9BHK5G:C7IG98DF=A5F=@MCB89J9@CDA9BH=BH<95;F=7I@HIF5@G97HCF5B88=F97H98HC 57<=9J957CB8=H=CBC:G9@: GI:_7=9B7M5B8G9@: GIDDCFH=BH<9DFC8I7H=CBC:F=79 -<=GIB7CBJ9B H=CB5@89J9@CDA9BHGHF5H9;M

(30) K<=7<=BHIFB<58G<5D98H<965G=7GHFI7HIF9C:H<9B5H=CB5@ HF=5@=N5H=CBA5BI:57HIF=B;5B8HF589DFC_@9K5GA5=BH5=B985B87CBH=BI989J9B5:H9F"B8CB9G=5 9LD9F=9B798HKCA5>CFC=@6CB5BN5G -<9C=@6CCAG<58A=F57I@CIG@MDFCJ=898"B8CB9G=5K=H< IBDF97989BH989LHF5F9J9BI9G:FCAC=@K=B8:5@@K<=7<K9F9658@MB99898HC_B5B79H<9B5H=CB5@ 89J9@CDA9BHDFC;F5A5GA9BH=CB9856CJ9 -<98=F97H=AD57H:FCAH<9C=@6CCAK5G5B=B7F95G9 =BH<95BBI5@=B`5H=CB;FCKH<F5H9H<5HK5G8=F97H@MHF=;;9F986MH<99L79GG=J9:CF9=;B9L7<5B;9 F9J9BI9G:FCAC=@9LDCFHG H<997CBCA=77CB8=H=CB<58GH56=@=N98CF<585FF=J985H5A5B5;956@9@9J9@H<97F=G9GA5B5;9A9BHA95GIF9GB99898HC69F9D@57986M5ACF9GHFI7HIF9889G=;B C:89J9@CDA9BHDFC;F5A $1131:1>-88E+58=IG)F5K=FC. -<9=B:5BHACFH5@=HMF5H9=B K5GG@=;<H@M56CJ9 D9F

(31)

(32)

(33) @=J96=FH<G5B8H<95J9F5;9@=:99LD97H5B7M5H6=FH<C:"B8CB9G=5BGK5G@9GGH<5B

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Ì9BH=5@DC@=H=75@ D5FH=9G 5G98CBH<9B5H=CB5@79BGIG=B 5B8 H<9DCDI@5H=CB;FCKH<F5H9D9F5BBIAK5GF9GD97H=J9@M5HH<95J9F5;9C: D9F79BH5B8D9F79BH 0=H< GI7<5DCDI@5H=CB;FCKH<F5H95B8H<9DCGG=6@9=ADFCJ9A9BH=B<95@H<75F9:57=@=H=9G5B8H<9<95@H<75F9GMGH9AKCI@8=B9J=H56@M@CK9FH<9895H<F5H9=BM95FGHC 7CA9 "HK5G5BH=7=D5H98H<9BH<5H"B8CB9G=5KCI@89LD9F=9B795F5D=8DCDI@5H=CB=B7F95G95B869=B;65G=75@@M5B5;F=7I@HIF5@B5H=CB=HKCI@879FH5=B@M75IG95 7CBHF57H=CB=BH<96CIB85F=9G:CF@5B87I@H=J5H=CB5B8F98I79H<95@F958M@CK@9J9@C::5FA9FG^=B7CA9 &CF9CJ9FH<9A5>CF=HMC:H<9DCDI@5H=CBK5G7CB79BHF5H98 CBH<9=G@5B8C:#5J5K<=@95HH<9G5A9H=A9H<9F9K5G5B=B7F95G=B;HF9B8C:IF65B=N5H=CB $1131:1>-88E+58=IG)F5K=FC.

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

(36) IB7CBJ9BH=CB5@=B89G=;B6975IG9=H89G=;B5H985@@5J5=@56@9F9GCIF79GHCH<989J9@CDA9BHC:H<95;F=7I@HIF5@G97HCF6CH<:CFH<9=BH9F9GH C:H<9G97HCF=HG9@:5B8HC5779@9F5H9H<98F=J=B;:CF79=B97CBCA=789J9@CDA9BHF5H<9FH<5B9AD<5G=N=B;=B8IGHF=5@=N5H=CB5B8A5BI:57HIF=B;5GH<9B5H=CB5@ 89J9@CDA9BH^GA5=BDF=CF=HM5GK5GDFC656@MA5=BGHF95A=BH<9

(37) G $11+58=IG)F5K=FCD

(38). -<9_FGHC=@6CB5BN5HCC?D@579=B 8IF=B;H<9);95<<A>K5FK<9BH<9DF=79C:7FI89C=@=B7F95G98:CIF:C@8 -<9G97CB8K5G=B

(39) 8IF=B;H<9"F5B=5BF9JC@IH=CB5B8H<9"F5B "F5EK5F IF=B;

(40)

(41) H<9DF=79C:"B8CB9G=5B7FI89C=@=B7F95G986M H=A9G "HG<CI@869BCH98 <CK9J9FH<5HH<9F9K9F98=::9F9B79G=BH<9657?;FCIB85B8H<9F95GCB=B;69<=B8H<9;CJ9FBA9BH^G5DDFC57<=B895@=B;K=H<957<C:H<9HKCA5>CFC=@6CB5BN5G K<=7<I@H=A5H9@M89H9FA=B98H<9@9J9@C:9::97H=J9B9GG=BH<9CDH=A=N5H=CBC:H<9G9C=@K=B8:5@@GF9@5H=J9HCH<9DCG=H=J9 B9;5H=J9F5A=_75H=CBGCBH<9DFC;F9GG=B H<989J9@CDA9BHIB89FH5?=B;GH<5HK9F9_B5B798 $11+58=IG)F5K=FCDD

(42)

(43) . $A<>-+58=IG)F5K=FCDD )F9G=89BH,C9<5FHC^G58A=B=GHF5H=CBG99A98HC69C:H<9CD=B=CBH<5HH<9<=;<=B`5H=CBF5H9K5GH<9A5=B C6GH57@9HC89J9@CDA9BHDFC;F9GG<9B79=H7CI@8BCH69@9:HIB5HH9B898CF5@@CK98HC;9HCIHC:7CBHFC@ )C@=H=75@@M=HGGI779GG:I@57<=9J9A9BH=B_;<H=B;<MD9F =B`5H=CB=BH<9

(44) G<58?9DHH<958A=B=GHF5H=CB=BH<9DF975F=CIGDCG=H=CBHC8=G5@@CKH<9F97IFF9B79C:GI7<<MD9F=B`5H=CB5B8H<9F9:CF9=H<58HCIG9K<5H9J9F A95BG5J5=@56@9HC7IF6=B`5H=CB 9G=89H<9GI889B6CCGH=BC=@F9J9BI9GH<9GH99D=B7F95G9C:H<9DF=79C:F=79DFC8I7HG8I9HCGIDD@MG75F7=HMK5GH<9CH<9F A5=B:57HCFH<5H9@9J5H98H<95J9F5;95BBI5@=B`5H=CBF5H9 "B=HG9::CFHHC7IF6H<9=B`5H=CB5FM9::97HC:H<9C=@6CCAGH<9;CJ9FBA9BH7CBH=BI98H<9H=;<HACB 9H5FMDC@=7M=H=AD@9A9BH988IF=B;H<9)9F=C8C:,H56=@=N5H=CBK<=7<7CBG=GH98C:<=;<=BH9F9GHF5H9G5B85G9@97H=J97F98=HGMGH9AH<=G9J9BHI5@@M<IFH`98;@=B;.

(45) 5:-:/5-8-@-?@4>;<1. . . . "BGIAA5FMH<=GD9F=C8K5GG=;B=_75BH@M=BÌ9B7986MH<9HKCC=@6CB5BN5GH<9=FGI8 89BK=B8:5@@G9B56@98"B8CB9G=5HC_B5B79A5BMD<MG=75@=B:F5GHFI7HIF9GB979GG5FMHCGIDDCFH H<997CBCA=789J9@CDA9BHD@5B "H9B56@98H<9;CJ9FBA9BHHC5779@9F5H9=BJ9GHA9BH=BA5=B@M F9GCIF7965G98=B8IGHF=9G5B8=BDFC>97HGH<5HK9F9DF989H9FA=B98=BH<997CBCA=789J9@CDA9BH D@5BHCA5=BH5=B7CBG=89F56@9:CF9=;B9L7<5B;9F9G9FJ9G

(46) 5GK9@@5GHC=B7F95G9H<95J9F5;9 =B7CA9D9F75D=H5C:H<9D9CD@9K<=@9=ADFCJ=B;65G=7GC7=5@=B:F5GHFI7HIF9GGI7<5G98I75H=CB 5B8<95@H<75F9:57=@=H=9G (BH<9CH<9F<5B8H<9C=@K=B8:5@@GHF=;;9F985F9@5H=J9@M<=;<=B`5H=CB ;FCKH<F5H98IF=B;H<=GD9F=C8K=H<GHFCB;89D9B89B7MCBC=@F9J9BI9G

(47) 5B85HHF57H98B9K6IG= B9GG9GA5=B@M=BH<9C=@=B8IGHFM -<=G9J9BHI5@@M75IG98GHFI7HIF5@=A65@5B79HCH<997CBCAM 5B8DFC8I798=B9:_7=9B7M5GK9@@5G<=;<7CGHGHCH<997CBCAM HH<9G5A9H=A9=H9B7CIF5;98 DC@=7=9GH<5HDFCACH987CB79BHF5H=CBCBG9@97H=J9F9GCIF79 65G98=B8IGHF=9G<5AD9F9889J9@CD A9BH=BH<9A5BI:57HIF=B;G97HCFG5B8=B7F95G98DFCH97H=CB=GACB@C75@=B8IGHF=9GK<=7<=BHIFB 896=@=H5H98BCB C=@A5BI:57HIF=B;5B89LDCFH75D57=H=9G

(48) . &30#0=4:/:10=02@7,?4:9

(49) F

(50) 'CHK=H<GH5B8=B;H<9F9@5H=J9@M<=;<97CBCA=7;FCKH<8IF=B;H<9)9F=C8C:CBGC@=85H=CB

(51) 9J=H56@MH<9G9J9F989D9B89B7MCBC=@F9J9BI9GH<9:996@975D57=HMC:BCB C=@A5BI:57HIF=B;H<9 8CA=B5BHFC@9C:H<9GH5H95GH<9A5=B5;9BHC:89J9@CDA9BHH<9=BK5F8@CC?=B;=B8IGHF=5@DC@=7M H<9 <=;< 7CGH 97CBCAM 5B8 K=89GDF958 =B9:_7=9B7M H<9 G<5@@CK =BH9FB5H=CB5@ HF589 DCH9BH=5@ H<9IBF95@=GH=77IFF9B7M9L7<5B;9F5H95B8H<9D@IAA9H98=BH9FB5H=CB5@A5F?9HDF=79C:7FI89 D9HFC@9IA <58:CF798H<9;CJ9FBA9BHHCF9J=G=H5B8F989_B9=HG:IB7H=CB5B8=HGFC@9=BCF89F =B8IGHF=9G5B8DF9J9BH98B9K6IG=B9GG9G =BJ9GHA9BHG &95BK<=@9ACGHC:H<99L79GG=J9@=EI=8=HM=BH<997CBCAMK5G7<5BB9@98657?=BHCH<9C=@5B8C=@F9@5H98 6IG=B9GG9GK<=7<A589H<9G97HCF;F9K:5GH9FH<5B5BMCH<9F5B8F98I7987CAD9H=H=J9B9GG=BBCB C=@G97HCFG -<9GHFI7HIF5@=A65@5B79C:H<997CBCAMK5GH<9 DF=A5FMF95GCB69<=B8H<97IFF9B7M89J5@I5H=CB=B K<=7<GI7799898=BH9ADCF5F=@M7CFF97H=B;H<9GHFI7HIF5@=A65@5B7969:CF9H<9G97CB8C=@6CCA<=HH<9 7CIBHFM=B IF=B;H<9_FGHC=@6CCAGI6GH5BH=5@9LHF5F9J9BI9GK9F9GD9BHHCF9D5M)+-&"'^G7CAA9F7=5@896HG5B8HC=ADCFHF=79DFC8I7HG=BCF89F HCF9GHCF9H<989D@9H=B;B5H=CB5@F9G9FJ9G5B8HCGI6G=8=N9H<9F=79DF=795B8HC_B5B79H<989J9@CDA9BHC:G9@97H98D<MG=75@=B:F5GHFI7HIF9G "HK5G5DD5F9BHH<5H 8IF=B;H<9_FGHC=@6CCA"B8CB9G=5B9=H<9F<58H<99LD9F=9B79BCFK5GDF9D5F98HC<5B8@9GI7<5B97CBCA=7>C@HK<=@95HH<9G5A9H=A9=HK5G:CF798HC89JCH9H<9 6I@?C:=HG5HH9BH=CB5B85J5=@56@9F9GCIF79GHCGC@J9)+-&"'^GDFC6@9AG 975IG9C:H<=GH<9;CJ9FBA9BHK5GIB56@9HCH5?958J5BH5;9C:H<9C=@K=B8:5@@ 5G9::97H=J9@M5G=HG<CI@8<5J9699B -<9G97CB8C=@6CCAHF=;;9F98DF9HHMAI7<H<9G5A9DFC6@9AG5GH<9_FGH5B8H<9DFC6@9AGK9F9<5B8@9865G=75@@MH<FCI;< H<9G5A9:5G<=CB5G69:CF99L79DHH<5HH<=GH=A9H<9;CJ9FBA9BH<58@95FBH=HG@9GGCB5B8H<9F9:CF9K5G56@9HCA5B5;9H<9:IB8G75IH=CIG@M5B8HC=B7F95G9H<9 B5H=CB5@:CF9=;B9L7<5B;9F9G9FJ9GK<=7<=BH<9M95FGHC7CA9D@5M985J=H5@FC@9=BA5=BH5=B=B;_B5B7=5@GH56=@=HM9GD97=5@@M8IF=B;H<9

(52) GKCF@897CBCA=7 F979GG=CB. HH<969;=BB=B;C:H<=GD9F=C8= 9 =B

(53) H<9HCH5@:CF9=;B9L7<5B;9F9G9FJ9G5ACIBH98HC.,A=@@=CB "B H<9:CF9=;B 9L7<5B;9F9G9FJ9G=B5;;F9;5H9K9F9., 6=@@=CB $11H<99BHF5@IF95IC:,H5H=GH=7. "B H<95J9F5;9B5H=CB5@=B7CA9D9F75D=H5K5G+D

(54) K<9F95G=B H<95J9F5;9B5H=CB5@=B7CA9D9F75D=H5<58;CB9IDHC+D

(55) K<=7<=G5B=B7F95G96MACF9H<5BH=A9G -<=GGH5H=GH=75@_;IF98=8BCHF9DF9G9BHH<957HI5@7CB8=H=CBC:H<9D9CD@9^GK9@:5F95B8H<9F9:CF975BBCH69 IG98HC8F5K5BM7CB7@IG=CBCBK<9H<9FCFBCHH<9;CJ9FBA9BHGI7799898=B_;<H=B;H<9GMGH9A=7DCJ9FHM $11H<99BHF5@IF95IC:,H5H=GH=7. -<95J9F5;9=B`5H=CB;FCKH<F5H9D9F5BBIA8IF=B; K5G D9F79BH5G7CAD5F98K=H<H<95J9F5;9=B`5H=CB;FCKH<F5H98IF=B; C:D9F79BHD9F5BBIA "B 5@CB9H<9=B`5H=CB;FCKH<F5H9D9F5BBIAK5GCB@M D9F79BH $11H<99BHF5@IF95IC:,H5H=GH=7 9HK99B H<9HCH5@J5@I9C:C=@9LDCFH5@ACGHHF=D@98H<5HC:H<9HCH5@J5@I9C:BCB C=@9LDCFHK<9F95G69HK99B H<9HCH5@J5@I9 C:C=@9LDCFH5B8BCB C=@9LDCFHK9F9DF9HHMAI7<H<9G5A9 -<9HKCC=@6CCAG89_B=H9@M7CBHF=6IH98HCH<=G=B7F95G9=BC=@9LDCFHF9J9BI96IH5HH<9G5A9H=A9 H<9=B7F95G9=BBCB C=@9LDCFHF9J9BI9GK5GAI7<@9GGG=;B=_75BH $11+58=IG)F5K=FCDD . 9GD=H95@@H<9G9IBF9GC@J98DFC6@9AG5B8DFCA=G=B;=ADFCJ9A9BHG5GK9@@5G:IB85A9BH5@:F5;=@=H=9G=BH<9B5H=CB5@97CBCAMH<=GD9F=C8A5M GH=@@6969GH89G7F=6985G5HIFB=B;DC=BH=B"B8CB9G=5^G9::CFHGHCHF5BG:CFAH<9B5H=CB:FCA5HF58=H=CB5@5;F5F=5B7CIBHFMHC5AI7<ACF9AC89FBA9F7<5BHGC7=9HM $11+58=IG)F5K=FCDD

(56). IF=B;+9D9@=H5"+9D9@=H5""5B8+9D9@=H5"""65G98CBH<9=B7F95G9=B FCGGCA9GH=7)FC8I7H5H7CBGH5BHDF=79GH<997CBCA=7;FCKH<F5H9K5G 5DDFCL=A5H9@M D9F79BHD9F5BBIA $11-8?;5BBI5@F9DCFHGC:H<99BHF5@IF95IC:,H5H=GH=75B85B?"B8CB9G=5CBF9@9J5BHM95FG.

(57) ,=B79 H<9A5F?9HDF=79C:7FI89D9HFC@9IA69;5B;F58I5@@MHC897@=B95B87CBH=BI989FF5H=75@@MHC8CGCIBH=@ K<9BH<9A5F?9HDF=79 F957<98H<9@CK9GH@9J9@9J9FG=B79H<9

(58) GC=@6CCAG5H69@CK.,

(59) D9F65FF9@ "HK5G9GH=A5H98H<5H:CF9J9FM.,8C@@5FF98I7H=CB=BC=@DF=79D9F65FF9@ "B8CB9G=5K5G@CCG=B;DCH9BH=5@F9J9BI9:FCAC=@9LDCFHHCH<95ACIBHC:.,

(60)

(61) 5G98CBH<=G9GH=A5H=CB5B8H5?=B;=BHC577CIBHH<9:IB85A9BH5@`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

(62) . . . . . . %41$4->14;801>$1@@8191:@">;3>-9. HCA5?9H<9B5H=CB5@97CBCAM697CA9ACF99EI=DD985B8585DH56@9HCH<99J9F7<5B;=B;KCF@8 97CBCAM5B85@GCHC@9GG9BH<9B9;5H=J9=AD57HH<5H=B9J=H56@MA=;<H5::97H8CA9GH=7=BH9F9GHG -<9;CJ9FBA9BHG5K=HG9@:7CB:FCBH98K=H<HKCDF57H=75@EI9GH=CBG= 9 <CKHC@=69F5H9 =HG9@::FCAHCCAI7<89D9B89B7MCBC=@F9J9BI9G5B8<CKHCAC6=@=N9H<9B979GG5FM:IB8=B; B99898:CF97CBCA=789J9@CDA9BH '9J9FH<9@9GGH<9:IB85A9BH5@`5KG=BH<997CBCAM5B8H<9 H9B89B7MC:H<9KCF@897CBCAMHCK5F8GDFCH97H=CB=GAF9EI=F985ACF97CADF9<9BG=J9GHFI7HIF5@ 58>IGHA9BHK<=7<=B9J=H56@MKCI@8G=;B=_75BH@MCIHG<=B9H<995F@=9FD5F58=;A69<=B8H<9DF9 J5=@=B;B5H=CB5@97CBCA=789J9@CDA9BH:F5A9KCF?. B7<CF98=BH<956CJ95GG9GGA9BHG=B79 H<9;CJ9FBA9BH=BHFC8I7985G9F=9GC:89F9;I@5H=CBD57?5;9GHCGIDDCFHH<95779@9F5H=CB C:5?=B8C:GHFI7HIF5@58>IGHA9BHA5=B@M5=A985HH<9F98I7H=CBC:=HG89D9B89B7MCBC=@H<9 =ADFCJ9A9BHC:9LDCFH75D57=HMH<9F9J=H5@=N5H=CBC:8CA9GH=7=B8IGHF=5@=N5H=CB5B8H<9=B7F95G9 FC@9C:H<9DF=J5H9G97HCF -<9G9C6>97H=J9GK9F9IBEI9GH=CB56@M=BH9FHK=B985B8H<989F9;I@5 H=CB5B889 6IF95I7F5H=N5H=CBD57?5;9G7CJ9F98A5BMF9@9J5BH=GGI9G=BH<9_B5B7=5@HF5895B8 =BJ9GHA9BHG97HCFGH<5HCB79<58699B7CBG=89F985GH<9A5=BGCIF79C:A5F?9H8=GHCFH=CBG5GK9@@ 5GH<9A5=BF95GCB69<=B8H<9<=;<7CGH97CBCAM

(63) HCF=9GH<5HDFC8I79C@9_B5B85FCA5H=77<9A=75@7CADCIB8GF9_B9F=9G5B85@IA=BIA "B588=H=CBH<9;CJ9FBA9BH5@GC75B79@98F5=@FC585B8G<=DD=B;DFC>97HG 5GK9@@5GH<9=ADCFHC:HF5BGDCFH5H=CBJ9<=7@9G "B 5B8 H<9;CJ9FBA9BH<58BC7<C=796IHHC89J5@I5H9H<9B5H=CB5@7IFF9B7MF9GD97H=J9@M6M 5B8 D9F79BH "HK5GIB89FGHCC8H<5HH<969B9_HGC:H<9G9A95GIF9GK9F9H9ADCF5F=@M5B8KCI@8BCHGC@J9H<97CF9C:H<9DFC6@9AH<9F9:CF9588=H=CB5@:5F F957<=B; A95GIF9GK9F9F9EI=F98HCDF9J9BHH<97CIBHFM:FCA=BGC@J9B7M $11+58=IG)F5K=FCD . IF=B;H<9C=@K=B8:5@@G=B

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

(65) 5B8 5@CB;K=H<H<965B?=B;F9:CFAGH<9;CJ9FBA9BHCJ9F<5I@98H<9B5H=CB5@7F98=HGMGH9AH<5H5=A98HCF98I79H<979BHF5@65B?^G A5B85HCFMFC@9HCDFCJ=89@=EI=8=HM7F98=HG5GH<9A5=BGCIF79C::IB8G:CFJ5F=CIG;CJ9FBA9BH5@DF=CF=HMDFC;F5AG5B8DFC>97HG5B8HC95G9J5F=CIGDFI89BH=5@ F9;I@5H=CBG5B865B?G^7CADI@GCFMH5G?GHCDFCJ=897F98=HHCGA5@@G75@99BH9FDF=G9G -<956C@=H=CBC:H<979BHF5@65B?^GFC@99B7CIF5;9865B?G5B8_B5B7=5@=BGH=HI H=CBGHC57<=9J9G9@: GI:_7=9B7M5B8HC9B56@9H<9AHCAC6=@=N9:IB8G5B8HC7<5BB9@7F98=HG=B5ACF9GH56@9A5BB9F_B5B7=5@=BH9FA98=5FM CB79DHI5@@MH<=G K5G5@GC5GHFI7HIF5@G<=:HC:H<979BHF5@65B?^GFC@9:FCA[H<9@9B89FC:_FGHF9GCFH\HC[H<9@9B89FC:@5GHF9GCFH\K<=7<K5G7CBG=89F985ACF95DDFCDF=5H9:IB7H=CB :CFH<979BHF5@65B?5GACB9H5FM7CADHFC@@9F "B 5B9K5B?=B;%5KK5G9B57H98K<=7<K5G:C@@CK986M5B=AD@9A9BH=B;;CJ9FBA9BHF9;I@5H=CB=B K<=7<58CDH98A5BMC:H<98=F97H=J9GH<5HK9F9=BHFC8I7985B8=AD@9A9BH98DF9J=CIG@M=BH<989F9;I@5H=CBD57?5;9G56CJ95B869MCB8B9KDFCJ=G=CBGCBGM5F=5< 65B?=B;B9K@=79BG=B;F9EI=F9A9BHG5B8=BGH=HIH=CB5@;I=89@=B9G:CF7CAA9F7=5@65B?GB9KA97<5B=GAG:CF:CF9=;B7=H=N9BGCF@9;5@9BH=H=9GHCDIF7<5G95B8 CKBG<5F9G=BB5H=CB5@65B?G@=GH98CBH<9GHC7?9L7<5B;9B9KGD97=_98;I=89@=B9G5B8K=B8CKG:CFBCB 65B?_B5B7=5@=BGH=HIH=CBGHC7CBJ9FH=BHC7CAA9F7=5@ 65B?G5B8AI7<7@95F9F;I=89@=B9GF9;5F8=B;65B?A9F;9FG7CBGC@=85H=CB5B857EI=G=H=CB HH<=GDC=BH=BH=A9H<98CA=B5H=CBK5G7<=9`M=BH<9<5B8GC:GH5H9 CKB9865B?G5B87CBHFC@@98G=;B=_75BH@M6MH<9;CJ9FBA9BH^GG9@97H=J97F98=HGMGH9AH<975D=H5@A5F?9H5B8BCB 65B?_B5B7=5@=BGH=HIH=CBG<58B9J9F7CBHF=6IH98 G=;B=_75BH@MHCAC6=@=N9:IB8GB99898HCGIDDCFHB5H=CB5@89J9@CDA9BHDFC;F5AGCF6IG=B9GGIB89FH5?=B;G -<9B998HCDFCJ=895@H9FB5H=J9GCIF79GC::IB8=B;5B8=BJ9GHA9BH69G=89H<965B?=B;GMGH9A5B8HC69GHCK5;F95H9FFC@95B8ACF9F9GDCBG=6=@=HM IDCBH<9DF=J5H9G97HCFHC75FFMCIHH<96I@?C:97CBCA=75B86IG=B9GGIB89FH5?=B;G<58GH=FF98H<9;CJ9FBA9BHHCF9J=H5@=N9H<975D=H5@A5F?9H5B8HC9B7CIF5;9 H<989J9@CDA9BHC:CH<9F_B5B7=5@=BGH=HIH=CBGGI7<5G_B5B797CAD5B=9G=BGIF5B797CAD5B=9GD9BG=CB:IB8G5B8D5KBG<CDG -<9F9J=H5@=N5H=CBC:H<975D=H5@ A5F?9HK5G75FF=98CIHF9GD97H=J9@M=B 5B8

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

(67) GACGHC:H<9 BCB C=@9LDCFH7CAAC8=H=9GK9F9HF58=H=CB5@5;F=7I@HIF5@DFC8I7HGK=H<KCC85B8FI669F8CA=B5H=B; 5F@M=BH<9

(68) GA5BI:57HIF989LDCFH7CAAC8=H=9GK9F9 5@ACGHBCB 9L=GH9BH=BH<9HCH5@CIHDIHC:9LDCFHG &CF9CJ9FACGHC:H<9BCB C=@9LDCFH7CAAC8=H=9GK9F9BCH7CBG=89F987CAD9H=H=J9CBH<9=BH9FB5H=CB5@A5F?9H 5B8K9F9A5=B@M89GH=B98HC5:9K=ADCFH=B;7CIBHF=9G $A<>-+58=IG)F5K=FCD -<9;CJ9FBA9BH8=8BCH<5J9GI:_7=9BH:IB8GHC9B;=B99FH<9B979GG5FM.

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

(70) 897@=B986MD9F79BH:FCA A=@@=CB=B

(71) HC A=@@=CB=B H<9@=:99LD97H5B7M5H6=FH<=B7F95G98:FCA =B

(72) HC =B H<9=B:5BHACFH5@=HMF5H9K5GF98I798:FCA D9F

(73)

(74)

(75) @=J96=FH<G=B

(76) HC =B 5B8H<9D9CD@9^G@9J9@C:98I75H=CB=B7F95G98:FCAH<9

(77) GK<9B5DDFCL=A5H9@MD9F79BHC: H<9DCDI@5H=CB<58@9GGH<5BDF=A5FM98I75H=CBHCCB@MD9F79BH=B 97CBCA=7F9CF=9BH5H=CB6M=HG9@:5B8=B9J=H56@M<58HC5@@CKH<9DF=J5H9G97HCF56=;;9FFC@95B8ACF9=B=H=5H=J95B87CBG9EI9BH@MK5GF9EI=F98HCDFCJ=895ACF9 7CB8I7=J97@=A5H9HCA5?9=H5@@<5DD9B "B 5B8:IFH<9F=B 5G9F=9GC:89F9;I@5H=CBD57?5;9GK9F9=BHFC8I798=BH<9HF5895B8=BJ9GHA9BHG97HCFG H<5H7CBG=GH98C:H<99@=A=B5H=CBC:A5BMBCB H5F=::65FF=9FGCBH<9=ADCFH5H=CBC:79FH5=B=BH9FA98=5H95B875D=H5@;CC8GHC69IG98:CFH<9DFC8I7H=CBC:9LDCFH 7CAAC8=H=9GH<9F98I7H=CBC:A5BMK9=;<H98H5F=::GCB=ADCFH5H=CBH<99L9ADH=CBC:H5L5B8=ADCFH8IHMC:6IG=B9GG9GK=H<=B9LDCFHDFC79GG=B;NCB9GH<989 6IF95I7F5H=N5H=CBC:H<97IGHCAC:_795B8H<9GHF95A@=B=B;C:H<9=ADCFH8IHM^G9L9ADH=CB5B8F9GH=HIH=CBDFC798IF9G &CF9CJ9FH<9;CJ9FBA9BH5@GC=BHFC8I798 B9K:CF9=;B=BJ9GHA9BHDC@=7=9GH<5H5@@CK98:CF9=;B8=F97H=BJ9GHA9BHGHCD5FH=7=D5H9=BJ=FHI5@@M5@@?=B8GC:6IG=B9GGIB89FH5?=B;G=B7@I8=B;=B:F5GHFI7HIF95B8 H<9DI6@=7G9FJ=79GG97HCF -<9G9=B7@I898H9@97CAAIB=75H=CBGD<MG=75@=B:F5GHFI7HIF9GGI7<HC@@FC58G5B86F=8;9G5B8K5H9FGIDD@M=B7@I8=B;9@97HF=75@DCK9F D@5BHGH<5H<5869:CF9699B7CBG=89F98H<9;CJ9FBA9BH^G9L7@IG=J98CA5=B "BJ9GHCFG7CI@869B9_H:FCAJ5@I958898H5L9L9ADH=CB=:H<9M=BJ9GH98=B9LDCFH CF=9BH986IG=B9GGJ9BHIF9G IFH<9FH<9MK9F956@9HC9B>CM@CB;9F=BJ9GHA9BH@=79BG9D9F=C8G5B8=AD5FH=5@5779GG=BC6H5=B=B;_B5B7=B;:FCAGH5H9 CKB9865B?G CF;CJ9FBA9BH7F98=HG7<9A9G5GK9@@5GHC8=J9FG=:MH<9=FDFC8I7HGK=H<CIHB9K5DDFCJ5@G "HG<CI@869BCH98H<5H69:CF9H<=G

(78) G89F9;I@5H=CBC:H<9:CF9=;B =BJ9GHA9BHG97HCFK<=7<K5GA5=B@MHC@=69F5@=N9H<9CKB9FG<=DGHFI7HIF95B8@=B9C:6IG=B9GG9GH<5HK9F9D9FA=GG=6@9HC:CF9=;B=BJ9GHCFG"B8CB9G=5<58G=B79 @=69F5@=N98=HG75D=H5@577CIBH=BCF89FHC5HHF57H:CF9=;B8=F97H=BJ9GHA9BH5B8CIHC:89GD9F5H=CBHC7CBHFC@7FCGG6CF89F75D=H5@`CKG "BCH<9FKCF8G9J9F G=B79H<9

(79) GH<98=::9F9BH=5@9L7<5B;9F5H9K5G56C@=G<985B89J9FM6C8MK5G;=J9BH<95IH<CF=N5H=CBHCCKB5B8IG9:CF9=;B9L7<5B;9G:F99@M "B:57HH<9 DFCJ=G=CBIB89FH<9CF9=;B"BJ9GHA9BH%5KC:

(80) D9FH5=B=B;HC7FCGG 6CF89F75D=H5@`CKG<58699B7CBG=89F98H<9ACGH@=69F5@=BH<9KCF@85B89J9BACF9 @=69F5@H<5BH<CG9=B89J9@CD987CIBHF=9G "HK5G8965H56@9K<9H<9FCFBCHH<989F9;I@5H=CBG=BH<9HF5895B8=BJ9GHA9BHG97HCFGK9F9H<9ACGH7CADF9<9BG=J95B8 F58=75@DC@=7M897=G=CBGH<5H<58699BH5?9BBCB9H<9@9GGGI7<89F9;I@5H=CBD57?5;9GK9F9BCH>IGH5=A985HH<99@=A=B5H=CBC:J=FHI5@@M5@@C:H<99L=GH=B;HF589 65FF=9FG6IHK9F95@GC=BH9B898HCDFCACH9H<989J9@CDA9BHC:58IF56@9B5H=CB5@HF58975D57=HM $A<>-+58=IG)F5K=FCD

(81). FCAH<9BIA9F=75@DC=BHC:J=9K:CF=BGH5B79H<9 65B?=B;F9:CFA=B7F95G98H<956=@=HMC:H<965B?=B;G97HCF=BAC6=@=N=B;DI6@=7:IB8G:FCA +D HF=@@=CB6MH<99B8C: HC+D HF=@@=CB6MH<99B8C: HH<9G5A9H=A9H<9HCH5@7F98=HG9LH9B8986M65B?G5@GC=B7F95G98:FCA+D HF=@@=CBHC+D HF=@@=CB -<9B9KH5LF9;=A9C: 5@GC=B7F95G98H<9;CJ9FBA9BHF9J9BI9:FCA+D HF=@@=CB6MH<99B8C:H<9 _G75@M95FHC +D HF=@@=CB6MH<99B8C:H<9 _G75@M95F -<9J5@I9C:5DDFCJ98:CF9=;B=BJ9GHA9BH8IF=B; K5G5HH<95J9F5;9C:., 6=@@=CBGD9F 5BBIA5G7CAD5F98HC.,

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

(83)

(84) .

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

(86) G K<=7<K9F9:C@@CK986MD@IAA9H98=BH9FB5H=CB5@A5F?9HDF=79GC:7FI89D9HFC@9IA=BH<995F@M

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`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

(88) "B8CB9G=5<58699B56@9HCA5=BH5=B5F9@5H=J9@MGH56@9 A57FC97CBCA=7 DC@=7M H<5H <58 <9@D98 H<9 7CIBHFM HC F957< =ADF9GG=J9 97CBCA=7 ;FCKH< 5B8 =ADFCJ9A9BH=BCH<9FG97HCFG5GK9@@5B8<58GIFJ=J98AI7<HIF6I@9B795@CB;H<9K5M -<9 89F9;I@5H=CB 5B8 896IF95I7F5H=N5H=CB ACJ9A9BH 8IF=B; H<9

(89) G 5B8 H<9 95F@M

(90) G<58GIDDCG98@M=B7F95G98"B8CB9G=5^GF958=B9GGHC9BH9FH<9B9K9F5C:=BH9FB5H=CB5@HF589 5B87FCGG 6CF89F=BJ9GHA9BH6IHH<9F9K9F9GH=@@GCA9F9G9FJ5H=CBGK<9H<9FCFBCHH<9GHFI7HIF9. . #CG9D<,H=;@=HG%41#;->5:3 5:1@51?(4E(1N>1"-E5:3@41">5/12;>@41>11051?@1/-015:5?@;>E)9B;I=BCC?G

(91)

(92) . -<9A5=B:IB7H=CBGC:H<90CF@8-F589(F;5B=N5H=CB0-(5F958A=B=GH9F=B;H<90-(-F589;F99A9BHGDFCJ=8=B;5:CFIA:CFHF589B9;CH=5 H=CBG<5B8@=B;HF5898=GDIH9GACB=HCF=B;B5H=CB5@HF589DC@=7=9GDFCJ=8=B;H97<B=75@5GG=GH5B795B8HF5=B=B;:CF89J9@CD=B;7CIBHF=9G5B87CCD9F5H=CBK=H<CH<9F =BH9FB5H=CB5@CF;5B=N5H=CBG (BH<9DCG=H=J9G=89H<99BCFACIG7CGHF98I7H=CBC:HF5BGDCFH5H=CB5B87CAAIB=75H=CB5B8H<96F95?=B;8CKBC:5FH=_7=5@65FF=9FG HCH<9`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

(93)

(94) .

(95) 5:-:/5-8-@-?@4>;<1. . . . C:H<9B5H=CB5@97CBCAMK5G:I@@MDF9D5F98HC;5=B:FCA;@C65@=N5H=CB (%"% $+)*("/*%$ GDF9J=CIG@MBCH98=HK5GBCHIBH=@H<9G97CB8<5@:C:H<9

(96) GH<5H"B8CB9G=5HCC?6C@8GH9DG HC89F9;I@5H95B8896IF95I7F5H=N9H<9B5H=CB5@97CBCA=7GMGH9A=BCF89FHC6CCGHH<9A5BI:57HIF =B;C:9LDCFH7CAAC8=H=9G M H<9A5BI:57HIF=B;C:9LDCFH7CAAC8=H=9G7CBHF=6IH985D DFCL=A5H9@MD9F79BHC:H<9HCH5@9LDCFHF9J9BI95G7CAD5F98HCC=@5B8;5G7CAAC8=H=9GH<5H K5GCB@MD9F79BH "H=GH<9F9:CF9IG9:I@HCH5?957@CG9F@CC?5H"B8CB9G=5^G9LDCFH CF=9BH98 A5BI:57HIF=B; 9LD9F=9B79G 6M :C7IG=B; CB H<9 G<=:H :FCA H<9 DC@=7M C: =ADCFH GI6GH=HIH=CB HC 9LDCFH CF=9BH98A5BI:57HIF98;CC8GK=H<5J=9KHC9@I7=85H=B;H<9:57HCFGH<5H<589B<5B798 ;FCKH<5B8K<9H<9FH<9MKCI@869GIGH5=B56@9 0=H< H<9 @5IB7< C: H<9 _FGH '5H=CB5@ 9J9@CDA9BH )@5B =B

(97) "B8CB9G=5 89 7=898HCH5?9;F58I5@GH9DGHC@5MH<9:CIB85H=CB:CFF95@=GH=75B8:95G=6@9=B8IGHF=5@=N5H=CBCJ9F 5D9F=C8C:HK9BHM _J9M95FG -<9=B8IGHF=5@=N5H=CBD@5B7CBH5=B98=BH<9)@5B9AD<5G=N98H<9 89J9@CDA9BHC:=B8IGHF=9GH<5HGIDDCFH5;F=7I@HIF5@89J9@CDA9BHCFH<9DFC79GG=B;C:5;F=7I@HIF5@ DFC8I7HG=B8IGHF=9G;9B9F5H=B;:CF9=;B9L7<5B;9CFDFC8I7=B;=ADCFH GI6GH=HIH=CB7CAAC8=H=9G =B8IGHF=9G DFC79GG=B; @5F;9 EI5BH=H=9G C: 8CA9GH=7 F5K A5H9F=5@G =B8IGHF=9G DFCACH=B; F9;=CB 5@ 89J9@CDA9BH 5B8 @56CF =BH9BG=J9 =B8IGHF=9G -<9 5J5=@56@9 9J=89B79 GI;;9GHG H<5H K<9B =H @5IB7<98H<9_FGHB5H=CB5@89J9@CDA9BH"B8CB9G=5K5GDFC656@MH<9@95GH=B8IGHF=5@=N98C:5BMC: H<9@5F;989J9@CD=B;7CIBHF=9GH<FCI;<CIHH<9KCF@8 -<9A5BI:57HIF=B;G97HCF=B"B8CB9G=55B8H<997CBCAM<58IB89F;CB9GCA9A95GIF9 C:=ADCFH GI6GH=HIH=CB=B8IGHF=5@=N5H=CB -<9=ADCFHGI6GH=HIH=CBDC@=7=9G",75B69HF5798657? )F9G=89BH,C9?5FBC^G9F55B8K9F97CBH=BI98=BH<9B5H=CB5@89J9@CDA9BHD@5BGIB89F)F9G= ,C9<5FHCK<9BH<9GH5H9GH=AI@5H98@5F;9 G75@96IH@56CF =BH9BG=J9F9GCIF79 65G98=ADCFH

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Ì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

(99) ,CA9C:H<97CAD@9L=H=9GK9F9IB9LD97H985B8IB=EI9HCH<97CIBHFM5B8HCH<9H=A9 (H<9FDFC6@9AG69=B; :5798K9F9ACGH@MDF98=7H56@9:CF57CIBHFMA5?=B;H<9HF5BG=H=CB:FCA5J9FM@CK@9J9@C:97CBCA=789J9@CDA9BHHCCB9=BH<995F@MGH5;9GC:=B8IGHF=5@=N5H=CB CF=BGH5B79H<9

(100) GC=@6CCAG;5J9"B8CB9G=5H<9CDDCFHIB=HMHC5779@9F5H9=HG=B8IGHF=5@9LD5BG=CB6IHIB:CFHIB5H9@MH<9M5@GC=B7F95G986@=B8B5H=CB5@=GA H<5H9B7CIF5;98H<9=BHFC8I7H=CBC:DCCF@M89G=;B98=ADCFHGI6GH=HIH=CBDC@=7=9G=BH<9M95FGH<5H:C@@CK98 -<9G9HMD9GC:C=@6CCAG75IG98DFCHF57H98F979GG=CB =B=B8IGHF=5@=N987CIBHF=9GK<=7<85AD9B98H<9`CKGC:6CH<=BH9FB5H=CB5@HF5895B8=BJ9GHA9BH5B875IG98=B7F95G98DFCH97H=CB=GA (H<9F=GGI9GGI7<5GH<9 <>5.A95:;:<>5.A95DFC6@9A5B8F9BHG99?=B;69<5J=CF5@GC7CBHF=6IH98HCH<97CAD@9L=H=9G -<9B5H=CB5@89J9@CDA9BHD@5BGGIF9@M@5=8H<9;FCIB8KCF?:CFH<9 HF5BG=H=CB:FCA5B5;F5F=5B97CBCAMHC=B8IGHF=5@=N5H=CB6IHH<9HF5BG=H=CBK5GB9J9F95GM &5BM:57HCFG7CBJ9F;98HCA5?9=H7CAD@=75H98BCHCB@M=BH9FAGC: 57<=9J=B;;FCKH<H5F;9HG6IH5@GC=BH9FAGC:_B8=B;5B5779DH56@9=BGHFIA9BHHC577CAAC85H9H<9B5H=CB^GF5D=897CBCA=789J9@CDA9BHK=H<C:H9BA5BM7CB`=7H =B;DC@=H=75@5B89ACH=CB5@:CF79G )9H9F &75K@9M $;91 ;:?1=A1:/1? ;2 @41 :0A?@>5-8 $1/@;> =BBB9 CCH< 5B8 )9H9F &75K@9M 98G %41 :0;:1?5-: /;:;9E A>5:3 ">1?501:@$;14->@;>-$I5@5%IADIF(L:CF8.B=J9FG=HM)F9GGDD

(101) -<9B5H=CB5@=B8IGHF=5@G97HCFK5G65G=75@@M8=J=898=BHC:CIF75H9;CF=9G7CHH5;9 =B8IGHF=9GGA5@@=B8IGHF=9GA98=IA=B8IGHF=9G5B8@5F;9=B8IGHF=9G M H<97CHH5;9=B8IGHF=9GF9DF9G9BH98 D9F79BHC:H<9HCH5@BIA69FC:F9;=GH9F98 9BH9FDF=G9G "B588=H=CBHC69=B;GA5@@=BB5HIF9H<9CH<9F7CAACB:95HIF9C:H<9B5H=CB5@=B8IGHFMK5GH<5H=HK5GFIF5@5GACF9H<5B

(102) D9F79BHC:H<9HCH5@ 7CHH5;95B8GA5@@=B8IGHF=9GK9F9@C75H98=BH<97CIBHFMG=89 .BH=@ A98=IA5B8@5F;9=B8IGHF=9GK9F98CA=B5H986MH<CG9A5BI:57HIF=B;:CC85B8H9LH=@9 DFC8I7HG5@H<CI;<H<9;FCKH<C:CH<9F=B8IGHF=9GGI7<5GKCC8D5D9F5B8DF=BH=B;7<9A=75@5B8A=B=B;9L799898H<9;FCKH<C:H<95@@A98=IA5B8@5F;9=B 8IGHF=9GHC;9H<9F $11-<99BHF5@IF95IC:,H5H=GH=7 %-4A::0;:1?5-1>017-DD

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

(104) D9F79BH )@MKCC85B8H9LH=@9DFC8I7HG8CA=B5H98H<9BCB C=@5B8;5G9LDCFH7CAAC8=H=9G $11+58=IG)F5K=FC DD

(105) .

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`CKC::CF9=;B8=F97H=BJ9GHA9BH GI6GH5BH=5@@M577CIBH98:CF9LDCFH9LD5BG=CB "B8CB9G=56975A95B=ADCFH5BHF97=D=9BHC::CF9=;B 75D=H5@ 5B8 F9@5H98 =BH9FB5H=CB5@ GI67CBHF57H=B; CDDCFHIB=H=9G 5@H<CI;< :FCA @CK J5@I9 58898 A5BI:57HIF=B; -<9F9 K5G @=HH@9 9AD<5G=G CB =BGH=HIH=CB5@ 89J9@CDA9BH HC 7F95H9 H<9 F9EI=G=H9 75D56=@=H=9G:CFGHFI7HIF5@899D9B=B;GI7<5G<IA5BF9GCIF79GH97<BC@C;M56GCFDH=CB5B889J9@ CDA9BH5B8D9F:CFA5B795GG9GGA9BH "B8CB9G=5B9BH9FDF=G9G5F9GH=@@@=A=H98HCG=AD@9DFC79GG=B; 57H=J=H=9GK=H<H<9ACGH58J5B798_FAGIG=B;CF=;=B5@9EI=DA9BHA5BI:57HIF=B;75D56=@=H=9GHC DFC8I79;CC8G:CFHF5BGB5H=CB5@7CAD5B=9G. MACGHGH5B85F8G"B8CB9G=5<5G57<=9J98F5D=8GHFI7HIF5@HF5BG:CFA5H=CBACGH@M=B JC@J=B;=B8IGHF=5@=N5H=CB6IHH<FCI;<F9@5H=J9@M@CKJ5@I9 58898A5BI:57HIF989LDCFHG &5BI :57HIF989LDCFHG:FCA"B8CB9G=5K9F98CA=B5H986MH<9@56CF =BH9BG=J9DFC8I7H=CBC:H9LH=@9G ;5FA9BHG5B8@56CF5B8F9GCIF79 =BH9BG=J9D@MKCC8 "ADCFH GI6GH=HIH=CB=B8IGHF=5@=N5H=CB<58 D@5M985HF=J=5@FC@9=BH<989J9@CDA9BHC:9LDCFH75D56=@=H=9GK<9F9H<99BH=F99LDCFH CF=9BH98 G97HCF <58 BCH 89J9@CD98 =ADCFH F9D@57=B; @=B?5;9G CBG9EI9BH@M <95J=@M =ADCFH 89D9B89BH 9LDCFHGG9F=CIG@MIB89FA=B98H<97IFF9BH577CIBHGCBH<997CBCAM5;;F5J5H=B;H<9G<CFH H9FA 896HG5B8G5J=B; =BJ9GHA9BH;5DG -<9F5D=89LD5BG=CB=B9LDCFHK5GBCH577CAD5B=986M57CF F9GDCB8=B;F=G9=BH97<BC@C;=75@75D56=@=H=9GHCCJ9F7CA9H<99::97HGC:F=G=B;7CGHG -<9G9HKC `5KGGCA9<CKH<F95H9B98HCIB89FA=B9H<975D57=HMHCGIGH5=B9LDCFHG=BH<9@CB;FIB )"*$ %($* -<97CIBHFM^G9B8@9GG;FCKH<DCH9BH=5@5B8=HG58CDH=CBC:A5F?9H :F=9B8@M97CBCA=7DC@=7=9G5H HF57H98=B`CKGC::CF9=;B75D=H5@G6CH<=BH<9:CFAC:8=F97H=BJ9GHA9BHG5B87CAA9F7=5@@C5BG HH<99B8C:H<9 _G75@M95FH<9F9K5G5B=B7F95G9C:DF=J5H9:CF9=;B75D=H5@=B`CKG =BHCH<97CIBHFMH<5HDFC8I7985GIFD@IGC:., 6=@@=CB=BH<9_B5B7=5@577CIBH`CKGK<=7< A589H<9HCH5@CIHGH5B8=B;:CF9=;B896H5ACIBHHC.,

(107) 6=@@=CB7CBG=GH=B;C:.,6=@@=CB DF=J5H9:CF9=;B896H5B8., 6=@@=CB;CJ9FBA9BH:CF9=;B896H "B588=H=CBHCH<=G5ACIBH A5BM"B8CB9G=5B7CAD5B=9G5@GC9BH9F98=BHC@5F;9@=B9GC:G<CFH H9FA7F98=HG=B:CF9=;B7IFF9B 7=9GACGH@M=B.,6CH<:FCA:CF9=;B@9B89FG5B8@C75@65B?GK<=7<GI6GH5BH=5@@M=B7F95G98 +5>5<+5G=5<-:A2-/@A>5:31D<;>@3>;C@45::0;:1?5--8-E?5--:0%4-58-:0=B#CAC$ , $;A@4-?@?5-:"-<1>%531>?>;995>-/81@; 01.-/81-:0.1E;:0+CIH@98;9IFNCB

(108)

(109) DD

(110). -<9:CFA9F=GGI6GH5BH=5@@M:CF9=;B7CBHFC@@989=H<9F8=F97H@MCFH<FCI;<>C=BHJ9BHIF9GCF=B8=F97H@MH<FCI;<7CBHFC@C:<=;<9FJ5@I9 5889889G=;B 5B8A5F?9H=B;57H=J=H=9G5B8H<9F9:CF9=G<=;<@M=ADCFH 89D9B89BH -<9@5HH9F=GACF9@C75@@M7CBHFC@@98K=H<A5=B@M@C75@A5H9F=5@=BDIHG6IH=HGA5F?9HG5F9B5F FCK5B8=HGH9FAGC:HF589;9B9F5@@MG=A=@5FHCH<5HC:A=BCFDFC79GG=B;=B8IGHF=9GH<5H5F989D9B89BHCB=ADCFH98A57<=B9FM $A<>-+58=IG)F5K=FCDD

(111)

(112). +5>5+5G=5<?A<>-DD

(113) IF=B;H<9 _G75@M95FH<9HCH5@9LDCFH;FCKH<C:BCB C=@5B8;5GK5GCB@M D9F79BH7CAD5F98HC D9F79BH=BH<9M95F69:CF9K=H<5897@=B=B;HF9B8 "B588=H=CB97CBCA=7;FCKH<<58699BG@CK=B;8CKB=BH<9 _G75@M95F5H D9F79BH7CAD5F98HC D9F79BHH<9DF9J=CIGM95F $11-8?;5B?"B8CB9G=5BBI5@+9DCFHC: GH<95J9F5;9;FCKH<C:DF=J5H9:CF9=;B896HCJ9FH<9@5GH_J9M95FGK5GD9F79BHD9F5BBIA6MH<99B8C:H<9 _G75@M95FH<9G<5F9 C:DF=J5H9:CF9=;B896H5@GC=B7F95G98:FCAD9F79BH=B HC

(114) D9F79BHC:H<9HCH5@CIHGH5B8=B;:CF9=;B896H$115B?"B8CB9G=5BBI5@+9DCFHC: $115:>1@>;?<1/@5B1!5@!=@@%41:0;:1?5-:/;:;9E5:>5?5?-A?1?;:?1=A1:/1?-:01??;:?"BGH=HIH9C:,CIH<95GHG=5B,HI8=9G DD .

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`CKGK9F97<5BB9@98 G=;B=_75BHDCFH=CB C:H<975D=H5@=B`CKG:CIB8=HGK5M=BHCBCB HF5856@95B8GD97I@5H=J9G97HCFG5B89BH9FDF=G9G=B D5FH=7I@5FDFCD9FHM5B8F95@9GH5H9 BCH<9FDF=A5FMGCIF79C:H<99G75@5H=B;:CF9=;B896H7CI@8 69HF5798HC5<9=;<H9B98@9J9@C:=BJ9GHA9BH5B8CH<9F6IG=B9GG57H=J=H=9GH<5HGH=AI@5H987CF F9GDCB8=B;=B7F95G9G=B=ADCFHG5GK9@@5GH<989J9@CDA9BHC:5;FCIDC:D@5BB98A9;5 DFC>97HG J5@I98=B6=@@=CBGC:8C@@5FG 9FH5=B@M=HK5GBCHH<9_FGHH=A9:CF"B8CB9G=5HC9LD9F=9B795GCJ9F9=;B896H7F=G=G -<9_FGHK5G5HH<99B8C:

(116) G5B8K5G=B<9F=H98:FCA)F9G=89BH,C9?5FBC^G58A=B=GHF5H=CB -<9 G97CB8K5G5GGC7=5H98K=H<H<9)+-&"'GH5H9C=@7CAD5BM=BH<9A=8

(117) G 5G98CBH<9G9 DF9J=CIG9LD9F=9B79G5B8=BF9GDCBG9HCH<99G75@5H=B;GCJ9F9=;B896H5B8H<95GGC7=5H989B85B ;9FA9BHIDCBH<9B5H=CB5@_B5B7=5@7CB8=H=CBH<9;CJ9FBA9BH9GH56@=G<985CF9=;BCAA9F7=5@ 96H-95A-=B K<CG9A5=BDIFDCG9K5GHCG9FJ95G;5H9?99D9F:CF7CAA9F7=5@6CF FCK=B;GH<5HK9F95GGC7=5H98K=H<H<9;CJ9FBA9BH "BF95@=HMH<9HCH5@G<CFH H9FA896HGCK98HC :CF9=;B@9B89FGF957<9856CIH H=A9GH<9G=N9C:"B8CB9G=5^GHCH5@:CF9=;B9L7<5B;9F9G9FJ9G 6MH<99B8C:H<9 _G75@M95F5B85HH<99B8C:H<9 _G75@M95FG=LHMD9F79BH C:H<=G:CF9=;B896HCF=;=B5H98:FCAH<9DF=J5H9G97HCF -<9G9_;IF9G=B7F95G98H<9JI@B9F56=@=HM C:H<9B5H=CB5@97CBCAMB5?GB5?A5BM?=B8GC:9LH9FB5@G<C7?G. . !. !. -<9_B5B7=5@GMGH9A=GCB9C:H<9ACGH=ADCFH5BH=BJ9BH=CBGC:AC89FB=B8IGHF=5@GC7=9H=9G "HG J=H5@H5G?=GHCACJ9G75F79:IB8G:CF@C5BG=BH<9:CFAC:7F98=H:FCAH<CG9K<CG5J9HCH<CG9 K<C6CFFCK:CF7CBGIADH=CB5B8 CF=BJ9GHA9BH EI5@@M=ADCFH5BHK<5H<5DD9BG=BH<=GGMGH9A <5G5DCK9F:I@=AD57HIDCBH<9<95@H<C:H<9B5H=CB^G97CBCAM "B8CB9G=5^G_B5B7=5@G97HCF<5G IB89F;CB958F5A5H=7HF5BG:CFA5H=CB=BHC57CAD9H=H=J9A5F?9H 65G98GMGH9AG=B79H<9_B5B7=5@ $11-8?;5B?"B8CB9G=5BBI5@+9DCFHC: -<99BCFACIG=B`CKC:G<CFH H9FA75D=H5@K5GA5=B@M8I9HC"B8CB9G=5^G9L7<5B;9F5H9 GMGH9AH<5HA589G<CFH H9FA896HD5FH=7I@5F@M5HHF57H=J95B8H<98CA9GH=77CAD5B=9G:CIB8G<CFH H9FA:CF9=;B7IFF9B7M@C5BG5DD95@=B;G=B79H<9M75FF=98F9@5 H=J9@M@CK9F=BH9F9GHF5H9G FCAH<9A=8

No results found