• Keine Ergebnisse gefunden

1VJGTEWTTGPVCEEQWPVKVGOUHCKNVQQHHUGVVJGVTCFGFGHKEKVGZEGRVKP 5NQXGPKC

N/A
N/A
Protected

Academic year: 2022

Aktie "1VJGTEWTTGPVCEEQWPVKVGOUHCKNVQQHHUGVVJGVTCFGFGHKEKVGZEGRVKP 5NQXGPKC"

Copied!
30
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

Veröffentlichungsreihe der Forschungsgruppe Transformation und Globalisierung*

des Forschungsschwerpunkts Technik – Arbeit – Umwelt des Wissenschaftszentrums Berlin für Sozialforschung

FS II 98-601

Central and East European Countries:

Prone to Currency Crisis?

Josef Pöschl

Part of the EU ACE Project P96-6183-R

* The Transformation and Globalization Research Group at the WZB has been focusing its research work primarily on studies of restructuring processes at the industrial plant level in Central Europe viewed from a social scientific perspective. One main element has been the influence of foreign direct investment, especially major investment by international groups in the motor industry. The paper pre- sented here is concerned with macroeconomic developments in the region and is designed to supple- ment the plant-level studies.

Josef Pöschl, economist, has been an academic researcher at The Vienna Institute for Comparative Economic Studies (WIIW) for several years. The WIIW has been operative for thirty years, supplying data and analyses about the current situation in Central and Eastern Europe and China to enterprises acting internationally, international organisations, public bodies and academic institutes.

Berlin, November 1998 ISSN 0724-5084

Wissenschaftszentrum Berlin für Sozialforschung gGmbH (WZB) Reichpietschufer 50, 10785 Berlin

Telefon: (030) 254 91-0

(2)
(3)

#DUVTCEV

%GPVTCNCPF'CUV'WTQRGCP%QWPVTKGU%''%UJCXGNKDGTCNKUGFHQTGKIPVTCFGCNOQUV EQORNGVGN[CPFECRKVCNHNQYUSWKVGGZVGPUKXGN[#NNJCXGDCNCPEGQHVTCFGFGHKEKVU'Z RGTVUCTGYQTTKGFDGECWUGKPUQOGVJGEWTTGPVCEEQWPVFGHKEKVKUJKIJCPFUVKNNTKUKPI

%WTTGPVCEEQWPVFGHKEKVUEQWNFDGCPKPFKECVQTQHFQOGUVKEEQORCPKGUINQYEQORGVK VKXGPGUU*QYGXGTCNUQVJGEQPVTCT[EQWNFDGVJGECUG6JGEQWPVT[IUOQTGF[PCOKE KPFWUVTKGU OC[ VT[ VQ KPETGCUG VJGKT RQUKVKQP XKU¯XKU HQTGKIP EQORGVKVQTU VJTQWIJ OCUUKXGKORQTVQHCFXCPEGFVGEJPQNQI[KPVJKUYC[GPNCTIKPIVJGVTCFGFGHKEKV

0QV UWTRTKUKPIN[ VJGTG CTG PQ ENGCT KPFKECVQTU VQ YCTP QH KOOKPGPV ETKUKU 0QT KU VJGTGCIGPGTCNN[CEEGRVGFUVTCVGI[HQTTGFWEKPIRTQPGPGUUVQETKUKU&WTKPIVJGHKPCP EKCN ETKUKU KP 'CUV #UKC CPCN[UVU KFGPVKHKGF EWTTGPV CEEQWPV FGHKEKVU CPF VJG DCPMKPI U[UVGOUI HTCIKNKV[ CU VJG OCKP HKPCPEKCN RTQDNGOU 6JGUG ECP CNUQ DG QDUGTXGF KP

%''%U+VKUPQVLWUVVJGUGEWTTGPVCEEQWPVFGHKEKVUYJKEJEQPVKPWGVQRNCIWG%''%U DWVCNUQTGNCVKXGN[JKIJKPHNCVKQPYGCMHKPCPEKCNU[UVGOUCPFUVTWEVWTCNFGHKEKGPEKGU+P HCEV VJG RTGEQPFKVKQPU HQT HCTTGCEJKPI HKPCPEKCN OCTMGV NKDGTCNKUCVKQP YGTG JCTFN[

OGVKPVJG%''%U4GXGTUKPIVJKUUVGRPQYYQWNFDGFKHHKEWNVJQYGXGTUQIQXGTP OGPVUCPFEGPVTCNDCPMUCTGVCTIGVKPIGZRQUVKORTQXGOGPVQHVJGRTGEQPFKVKQPU+V YCUPQVRQUUKDNGYKVJKPLWUVCHGY[GCTUVQETGCVGQYPGTUJKRUVTWEVWTGUKPVJG%''%U GPCDNKPI EQORCPKGU VQ OQFGTPKUG TCRKFN[ 6JG FGEKUKXG GZEGRVKQP YCU RTKXCVKUCVKQP TGN[KPIQP(&+(QTVJKUTGCUQPVJG*WPICTKCPGEQPQO[PQYUGGOUSWKVGUQWPF

%CRKVCNHNQYUJCXGDGEQOGCPKORQTVCPVHCEVQTKP%''%UDQVJCVEQORCP[NGXGNCPF OCETQGEQPQOKECNN[ /CUUKXG KPHNQY ECP GXGP OQTG VJCP QHHUGV VJG EWTTGPV CEEQWPV FGHKEKVUQKPETGCUKPIEWTTGPE[TGUGTXGUCPFNGUUGPKPIXWNPGTCDKNKV[VQEWTTGPE[ETKUKU +V CNUQ OGCPU CXCKNCDKNKV[ QH CFFKVKQPCN HWPFU DGVVGT ECRKVCN CNNQECVKQP CPF ECRKVCN VTCPUHGTU1PVJGQVJGTJCPFKHVJGPGVKPHNQYEQPVKPWGUHQTCNQPIGTRGTKQFVJGPKV CNUQVGPFUVQGZRCPFVJGOQPGVCT[DCUKUCPFOC[HGGFKPHNCVKQP+VOKIJVDGRTKOCTKN[

CVVTCEVGFD[GZRGEVCVKQPQHSWKEMICKPUVJCPMUVQJKIJKPVGTGUVTCVGU6JKUECPRWUJWR VJGGZEJCPIGTCVGCPFOC[WNVKOCVGN[GNGXCVGVJGTGCNGZEJCPIGTCVGVQCNGXGNECWUKPI CPWPUWUVCKPCDNGFGHKEKVKPVJGEWTTGPVCEEQWPV#UGZRGTKGPEGHTQOVJG%\GEJ4GRWD NKEKNNWUVTCVGUJKIJKPVGTGUVTCVGUOC[HCKNVQRTQVGEVVJGGEQPQO[CICKPUVCEWTTGPE[

ETKUKU#PQVJGTGZCORNGKU4WUUKCYJGTGKP5WOOGTCFTCOCVKEKPETGCUGKPKPVGT GUVTCVGUFKFPQVRTGXGPVCEWTTGPE[ETKUKU

(4)
(5)

%QPVGPVU

RCIG

+PVTQFWEVKQP

#NN%''%UJCXGDCNCPEGQHVTCFGFGHKEKVU

1VJGTEWTTGPVCEEQWPVKVGOUHCKNVQQHHUGVVJGVTCFGFGHKEKVGZEGRVKP5NQXGPKC

#OCLQTEWTTGPVCEEQWPVFGHKEKVFQGUPQVPGEGUUCTKN[VJTGCVGPUVCDKNKV[

*KIJKPHNCVKQPCPFEWTTGPE[FGRTGEKCVKQPFKFPQVKORGFGECRKVCNKPHNQYU /CUUKXGECRKVCNKPHNQYRTQXQMGUOKZGFTGCEVKQPUCPFCRQNKE[RTQDNGO .KXGN[FKUEWUUKQPUTCKUGFQWDVUCDQWVCFGSWCE[QHVTCFKVKQPCNGZEJCPIGTCVG

CPFKPVGTGUVRQNKEKGU

$CNCPEGQHRC[OGPVKODCNCPEGURQNKE[TGURQPUGUKP%''%U

6JG%\GEJEWTTGPE[ETKUKUCECUGUVWF[

2QNKE[TGEQOOGPFCVKQPU

%QPENWFKPITGOCTMU

4GHGTGPEGU

#RRGPFKZ

(6)
(7)

+PVTQFWEVKQP

+PTGEGPV[GCTUVTCPUKVKQPGEQPQOKGUCPFGOGTIKPIOCTMGVUKPIGPGTCNJCXGHQWPF VJCVHQTVJGOQUVRCTVVJGECRKVCNCEEQWPVFTKXGUVJGEWTTGPVCEEQWPVTCVJGTVJCPVJG TGXGTUG %QPVTQXGTUKCN KU VJG SWGUVKQP QH JQY VQ TGURQPF VQ ECRKVCN KPHNQYU /QUV EQWPVTKGUJCXGUQWIJVVQTGUKUVVJGKTKORCEVQPVJGGZEJCPIGTCVGCPFJGPEGQP VJG EWTTGPV CEEQWPV #V VKOGU VJQWIJ VJKU JCU GXGP RNCEGF VJGO KP C FKNGOOC -Q TQO\C[

%GPVTCNCPF'CUV'WTQRGCPEQWPVTKGU%''%UJCXGNKDGTCNKUGFHQTGKIPVTCFGCNOQUV EQORNGVGN[CPFECRKVCNHNQYUSWKVGGZVGPUKXGN[0QYVJQWIJHQNNQYKPICFXGTUGGZRG TKGPEGU KP VJG (CT 'CUV OCP[ CPCN[UVU CTG SWGUVKQPKPI YJGVJGT RTGEQPFKVKQPU HQT C HCTTGCEJKPINKDGTCNKUCVKQPQHHKPCPEKCNOCTMGVUCTGDGKPIOGV+PFGXGNQRGFEQWPVTKGU HKPCPEKCNOCTMGVUCTGNKMGVJGDTCKPQHVJGGEQPQO[6JKUOGCPUVJCVVJGKTKPHQTOC VKQPTQNGKUSWKPVGUUGPVKCNCPFVJGSWGUVKQPQHOCTMGVKORGTHGEVKQPUCPFNKOKVGFCRRNK ECDKNKV[QHUVCPFCTFYGNHCTGVJGQTGOUKUJKIJN[TGNGXCPV5VKINKV\

+PTGEGPVOQPVJUVJGTGJCUDGGPNKXGN[CPFEQPVTQXGTUKCNFKUEWUUKQPQHVJGECWUGUQH HKPCPEKCNETKUKUHKTUVKP/GZKEQCPFVJGPKP'CUV#UKCCNQPIUKFGOGCUWTGUVQRTGXGPV HWTVJGTECUGUGI4%JQVG'KEJGPITGGP4QUG9[RNQU\6JG'EQPQOKUV (4*CJP8-QTQO\C[,.ÉRG\)CNNCTFQ)/

/KNGUK(GTTGVVK4#/WPFGNN/CWTKEG1DUVHGNF,2QYGNN#4C\KP , 6QDKP 'XGP GEQPQOKE OKTCENGU EQNNCRUGF CPF VJG SWGUVKQP QH JQY HWTVJGTETKUKUEQWNFDGRTGXGPVGFCRRGCTUVQDGWTIGPV2CWN-TWIOCP

6JGHKTUVUGEVKQPUQHVJKURCRGTWUGGORKTKECNFCVCVQFKUEWUUJQYXWNPGTCDNGKPFKXKFWCN

%''%U CTG KP VGTOU QH VJGKT DCNCPEG QH RC[OGPVU +V UJQWNF DGEQOG ENGCT VJCV CN VJQWIJVJGHKIWTGUCTGVJGTGKVKUUQOGYJCVFKHHKEWNVVQKPVGTRTGVVJGOCUOGCUWTGUQH XWNPGTCDKNKV[ +ORQTVCPV JGTG CTG VJG EKTEWOUVCPEGU WPFGT YJKEJ C EWTTGPV CEEQWPV FGHKEKVGOGTIGUCPFVJGYC[KVKUHKPCPEGF

6JGUGEVKQPUCHVGTVJCVFGCNYKVJVJGFKHHKEWNVKGU%''%UHCEGYJGPHKIJVKPIVJGKTJKIJ KPHNCVKQPTCVGUWPFGTNKDGTCNKUGFECRKVCNHNQYEQPFKVKQPU+PVGTGUVTCVGUUJQWNFITCFWCNN[

CRRTQCEJ KPVGTPCVKQPCN NGXGNU RNWU UQOG TKUM RTGOKWO DWV OQPGVCT[ RQNKE[ MGGRU VJGO JKIJ 6JKU CNNQYU VJG EWTTGPEKGU VQ CRRGCT UVTQPIGT VJCP VJG HWPFCOGPVCNU YQWNF UWIIGUV 6JG RTQDNGOU YJKEJ ECP TGUWNV HTQO UWEJ C UVTCVGI[ CTG VJGP KNNWU VTCVGFD[CECUGUVWF[QHVJG%\GEJGEQPQO[IUFGXGNQROGPVDGVYGGPCPF 6JGHKPCNRCTCITCRJURGEWNCVGUJQYHKPCPEKCNETKUGUECPDGOQTGGHHGEVKXGN[RTGXGPVGF

#NN%''%UJCXGDCNCPEGQHVTCFGFGHKEKVU

%''%UVGPFVQTGEQTFEWTTGPVCEEQWPVFGHKEKVU6JKUKUCEQPUGSWGPEGQHVJGKTVTCFG DCNCPEGUKORQTVUWUWCNN[EQOHQTVCDN[GZEGGFGZRQTVUKPCNN%''%U+ORQTVUCTGKP HNWGPEGFD[XCTKQWUHCEVQTUGURGEKCNN[HQTGKIPFKTGEVKPXGUVOGPV(&+KPHNQY6JKUKU NCTIGN[WUGFVQHKPCPEGPGYRTQLGEVUQT GZRCPFKPI QT OQFGTPKUKPI GZKUVKPI RTQFWE VKQPHCEKNKVKGU+VKUVJGTGHQTGKPGXKVCDN[CUUQEKCVGFYKVJUWDUVCPVKCNKORQTVUQHPGYCPF

(8)

CFXCPEGF OCEJKPGT[ CPF KPVGTOGFKCVG IQQFU 5WEJ MKPFU QH KORQTVU EQPVTKDWVG VQ FKXGTUKH[KPIFGGRGPKPIQTWRITCFKPIVJGKPFWUVTKCNDCUGCPFUQVQUVTWEVWTCNEJCPIG 709QTNF+PXGUVOGPV4GRQTVR

6JGHKTUVRJCUGQH(&+IGPGTCNN[DTKPIUCDQWVCPKPETGCUGKPKORQTVU#VCNCVGTUVCIG QHUWEJCRTQLGEVCHVGTVJGVCTIGVGFEQORCP[JCUDGGPOQFGTPKUGFGZRQTVUOKIJVCNUQ KPETGCUG6JGPGVGHHGEVQPVJGDCNCPEGQHVTCFGFGRGPFUQPVJGRTQLGEVIURWTRQUGCPF VJGPCVWTGQHCEVKXKV[709QTNF+PXGUVOGPV4GRQTVR

- 9KVJ HQTGKIP CHHKNKCVGU UGGMKPI VQ GUVCDNKUJ VJGOUGNXGU KP C OCTMGV KORQTVU YKNN GZEGGFGZRQTVUGURGEKCNN[KPVJGRTQLGEVIUKPKVKCNRJCUGYJGPKORQTVUCNUQKPENWFG GSWKROGPV

- (QTGKIPCHHKNKCVGUDCUGFQPTGUQWTEGUQTUGGMKPIGHHKEKGPE[CTGOQTGNKMGN[VQGZRQTV OQTGVJCPVJG[KORQTV

- (KPCNN[ YKVJ UVTCVGIKE KPXGUVOGPV UGGMKPI CUUGVU EQPUGSWGPEGU HQT HQTGKIP VTCFG NCTIGN[FGRGPFQPVJGV[RGQHCEVKXKV[+P#UKCHQTGZCORNGGZRQTVUYGTGNQYKP VJGEJGOKECNKPFWUVT[DWVJKIJKPGNGEVTKECNOCEJKPGT[

.QECNUQWTEKPIWUWCNN[KPETGCUGUQXGTVKOGDGECWUGVTCPUPCVKQPCNEQTRQTCVKQPUCTGGC IGTVQHWNN[KPVGITCVGJQUVEQWPVTKGUIUWRRNKGTUKPVQVJGKTITQWRPGVYQTM20CWYK IGYCWM-&5EJOKFV

%CRKVCNKPHNQYUJCXGKORQTVCPVGHHGEVUQPVJGDCNCPEGQHVTCFGPQVLWUVFKTGEVN[DWV CNUQKPFKTGEVN[VJTQWIJVJGKTKORCEVQP)&2CPFGZEJCPIGTCVGU6CDNGUJQYUJQY HCTGZRQTVTGEGKRVUYGTGCDNGVQEQXGTKORQTVGZRGPFKVWTGUKPTGEGPV[GCTU

6CDNG6TCFGDCNCPEGEQXGTCIGQHIQQFUKORQTVUVJTQWIJGZRQTVU +ORQTVU

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

5QWTEG 9++9FCVCDCUG

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

(9)

CEEQWPVGFHQTQHKORQTVUKPVJGHKTUV[GCTDWVHGNNVQKP+P5NQXCMKCVJG TCVKQ HGNN DGNQY KP DWV KORTQXGF KP HQNNQYKPI C TGUVTKEVKXG KORQTV RQNKE[ 6JKU YCU FGURKVG VJG FQNNCT XCNWG QH GZRQTVU HCNNKPI 5NQXGPKCIU GZRQTVU JCXG EQPVKPWQWUN[EQXGTGFUQOGQHKORQTVGZRGPFKVWTGQXGTVJGRCUVHGY[GCTU

1VJGTEWTTGPVCEEQWPVKVGOUHCKNVQQHHUGVVJGVTCFGFGHKEKVGZEGRVKP 5NQXGPKC

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

%CRKVCNKPHNQYUCNUQKPHNWGPEGKPEQOGHNQYUTGIKUVGTGFKPVJGEWTTGPVCEEQWPV6JGKT KORCEVVGPFUVQKPETGCUGQXGTVKOG6JGTGCUQPUHQTVJKUCTGVYQHQNFUWEJRC[OGPVU TKUGKPNKPGYKVJVJGCEEWOWNCVGFUVQEMQHKPYCTF(&+CPF(&+RTQLGEVUQPN[DGEQOG RTQHKVCDNGCHVGTUQOGVKOG

+PVJG%\GEJ4GRWDNKE*WPICT[ CPF 5NQXGPKC UGTXKEGU RTQFWEG C EQPUKFGTCDNG UWT RNWUEQXGTKPIQXGTQHKORQTVU1PVJGQVJGTJCPFVJGPGVTGUWNVQHKPEQOGHNQYU YCUPGICVKXGKPCNNEQWPVTKGUKPTGEGPV[GCTUGZEGRVHQT5NQXGPKC6JKUKUGURGEKCNN[VTWG KP*WPICT[YJKEJJCUVQUGTXKEGJKIJHQTGKIPFGDV#NNEQWPVTKGUJCFCRQUKVKXGDCN

1VJGT UGTXKEGU KPENWFG C DTQCF XCTKGV[ QH VTCPUCEVKQPU DGVYGGP TGUKFGPVU CPF PQPTGUKFGPVU EQO OWPKECVKQP EQPUVTWEVKQP KPUWTCPEG UGTXKEGU EQORWVGT CPF KPHQTOCVKQP UGTXKEGU TQ[CNVKGU CPF NK EGPUG HGGU KPVGTOGFKCT[ CPF CWZKNKCT[ HKPCPEKCN UGTXKEGU VTCFKPI CPF VTCFGTGNCVGF UGTXKEGU OKUEGN NCPGQWU DWUKPGUU RTQHGUUKQPCN CPF VGEJPKECN UGTXKEGU XCTKQWU HQTOU QH EQPUWNVKPI CWFKVKPI GVE RGTUQPCN EWNVWTCN CPF TGETGCVKQPCN UGTXKEGU CPF IQXGTPOGPV UGTXKEGU UWEJ CU GODCUUKGU CPF EQPUW NCVGU 5QOG QH VJGUG UGTXKEG VTCPUCEVKQPU YKNN DG QH ITQYKPI KORQTVCPEG KP VJG HWVWTG

+PEQOG VTCPUCEVKQPU DGVYGGP TGUKFGPVU CPF PQPTGUKFGPVU KPENWFG GORNQ[GG EQORGPUCVKQP CPF KPXGUVOGPV KPEQOG KG TGEGKRVU CPF RC[OGPV QP GZVGTPCN HKPCPEKCN CUUGVU CPF NKCDKNKVKGU OCKPN[ KP EQOG QP GSWKV[ FKXKFGPFU CPF QP FGDV KPVGTGUV +PXGUVOGPV KPEQOG TGUWNVU HTQO FKTGEV RQTVHQNKQ QT QVJGT KPXGUVOGPV CU TGIKUVGTGF KP VJG HKPCPEKCN CEEQWPVU QH RTGXKQWU RGTKQFU +PXGUVOGPV KPEQOG KU ENQUGN[ NKPMGF YKVJ HNQYU YKVJKP HKPCPEKCN CEEQWPVU CPF YKVJ VJG KPVGTPCVKQPCN KPXGUVOGPV UKVWC VKQP6JG UEJGOG UWDFKXKFGU KPEQOG HNQYU QTKIKPCVKPI HTQO (&+ KPVQ KPEQOG QP GSWKV[ CPF KPEQOG QP FGDV 6JG NCVVGT KU KFGPVKECN YKVJ KPVGTGUV RC[OGPV YJKNG KPEQOG QP GSWKV[ EQPUKUVU QH FKXK FGPFU CPF FKUVTKDWVGF DTCPEJ RTQHKVU CPF TGKPXGUVGF GCTPKPIU CPF WPFKUVTKDWVGF DTCPEJ RTQHKVU +PEQOG HNQYU QTKIKPCVKPI HTQO RQTVHQNKQ KPXGUVOGPV CTG CNUQ EQORQUGF QH KPEQOG QP GSWKV[

OGCPKPI FKXKFGPFU JGTG CPF KPEQOG QP FGDV PCOGN[ KPVGTGUV RC[OGPVU EQPPGEVGF YKVJ DQPFU CPF PQVGU QT OQPG[ OCTMGV KPUVTWOGPVU CPF HKPCPEKCN FGTKXCVKXGU +/( $CNCPEG QH 2C[OGPV /CPWCN 9CUJKPIVQP

(10)

CPEGQHVTCPUHGTU6JGGZVGPVVQYJKEJVJGUWOQHGZRQTVUUGTXKEGUKPEQOGUVTCPUHGTU CPFKPVJGECUGQH2QNCPFWPENCUUKHKGFVTCPUCEVKQPUEQWNFEQXGTKORQTVGZRGPFKVWTGU ECPDGUGGPKP6CDNG

6CDNG%QXGTCIGQHIQQFUKORQTVUVJTQWIJCNNQVJGTEWTTGPVCEEQWPVKVGOU* +ORQTVU

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

GZRQTVUUGTXKEGUKPEQOGVTCPUHGTUCUYGNNCUWPENCUUKHKGFVTCPUCEVKQPU2QNCPF 5QWTEG9++9FCVCDCUG

1PN[KP5NQXGPKCYGTGQVJGTEWTTGPVCEEQWPVKVGOUCDNGVQEQXGTQT OQTG QH KORQTVUKPTGEGPV[GCTU+PCPFCVNGCUVCNNQVJGTEQWPVTKGUUJQYGFCICR 6JKUPCTTQYGFKPVJG%\GEJ4GRWDNKE*WPICT[CPF5NQXCMKCKPDWVYKFGPGFKP 2QNCPF

#OCLQTEWTTGPVCEEQWPVFGHKEKVFQGUPQVPGEGUUCTKN[VJTGCVGPUVCDKNKV[

&GHKEKVUKPVJGDCNCPEGQHVTCFGCPFEWTTGPVCEEQWPVFQPQVPGEGUUCTKN[VJTGCVGPUVCDKN KV[+VYQWNFDGKOOGFKCVGN[GPFCPIGTGF JQYGXGT KH EWTTGPE[ TGUGTXGU YGTG VQ DG TGFWEGFEQPUKFGTCDN[1PVJGQVJGTJCPFEWTTGPE[TGUGTXGUECPGXGPGZRCPFYKVJC EWTTGPVCEEQWPVFGHKEKVKHVJGPGVKPHNQYQHECRKVCNKUNCTIGGPQWIJVQOQTGVJCPQHHUGV KV6JKUYCUVJGECUGKP/GZKEQDGHQTGVJGETKUKUHQTGZCORNG.QR¾\)CNNCTFQ

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

6JGITQWRUFKHHGTKPOCP[CURGEVU+HCEQWPVT[GZRGTKGPEGUCUJQEMHQTGZCORNGKV OCMGU C FKHHGTGPEG JQY VJG EWTTGPV CEEQWPV FGHKEKV YCU HKPCPEGF KP VJG RCUV +H KV

(11)

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

6CDNGKPFKECVGUVYQOGCUWTGUJQYHCT(&+HKPCPEGFKORQTVGZRGPFKVWTGKPTGEGPV [GCTUCPFJQYHCTVQVCNEWTTGPVCEEQWPVKVGOURNWU(&+HKPCPEGFKORQTVU6JGOCZK OWO HKIWTG HQT HKPCPEKPI KORQTVU VJTQWIJ (&+ YCU CEJKGXGF D[ *WPICT[ KP YKVJ(&+IUEQPVTKDWVKQPVQEQXGTKPIKORQTVGZRGPFKVWTGKPYCUTCVJGTUKI PKHKECPVKP2QNCPFCPF*WPICT[NGUUKORTGUUKXGKPVJG%\GEJ4GRWDNKECPFPGINKIKDNG KP5NQXCMKC

6CDNG%QXGTCIGQHIQQFUKORQTVUVJTQWIJPGVKPHNQYQH(&+

+ORQTVU

(QTGKIPFKTGEVKPXGUVOGPVPGV

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

'ZRQTVUUGTXKEGUKPEQOGVTCPUHGTURNWU(&+

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

RNWUWPENCUUKHKGFVTCPUCEVKQPUKPVJGECUGQH2QNCPF 5QWTEG9++9FCVCDCUG

(&+ KPHNWGPEGU VJG EWTTGPV CEEQWPV XKC GZRQTVU CPF KORQTVU FKXKFGPFU CPF FKUVTKDWVGF RTQHKVU KPVGTGUV QP KPVTCEQORCP[ NQCPU NKEGPUG HGGU CPF NQ[CNVKGU CPF KV KPHNWGPEGU VJG ECRKVCN CEEQWPV KP VJG HQTO QH GSWKV[ ECRKVCN EJCPIGU KP KPVGTEQORCP[ ENCKOU CPF NKCDKNKVKGU CPF DQTTQYKPI HTQO QHHUJQTG ECRKVCN OCTMGVU

(12)

(TQO C DCNCPEG QH RC[OGPVU RQKPV QH XKGY PQ VJTGCV VQ UVCDKNKV[ UGGOU VQ GZKUV KP

*WPICT[CPF5NQXGPKC2QNCPFIUUKVWCVKQPCNUQNQQMUSWKVGJGCNVJ[VJQWIJVJGVTGPF KUPGICVKXG6JGHKIWTGUHQTVJG%\GEJ4GRWDNKECPF5NQXCMKCKPFKECVGCUVCDKNKV[

RTQDNGOVJQWIJVJKUYCUNGUUCEWVGVJCPKP

1PGKPVGTGUVKPICTIWOGPVYCUTCKUGFD[,QJP#6CVQOYJQOCKPVCKPUVJCVCEWT TGPVCEEQWPVFGHKEKVKUNGUUCNCTOKPIKHCEQWPVT[KUITQYKPITCRKFN[6CVQO+P JKU QRKPKQP HCUVGT ITQYKPI GEQPQOKGU CTG NKMGN[ VQ JCXG JKIJGT TCVGU QH TGVWTP QP ECRKVCNCPFVJGTGHQTGCVVTCEVCECRKVCNKPHNQYVJCVJCUKVUEQWPVGTRCTVKPCEWTTGPVCE EQWPVFGHKEKV6JGJKIJGTITQYVJKUVJGITGCVGTVJGUWUVCKPCDNGEWTTGPVCEEQWPVFGHK EKV6CVQOWUGUCUKORNGETKVGTKQPQHYJGVJGTVJGFGHKEKVKPQH)&2GZEGGFUVJG ITQYVJ TCVG D[ VYQ RGTEGPVCIG RQKPVU QT OQTG 6CDNG CRRNKGU VJKU ETKVGTKQP VQ

%''%U

6CDNG)CRDGVYGGPEWTTGPVCEEQWPVFGHKEKVKPQH)&2CPF)&2 ITQYVJTCVG

RGTEGPVCIGRQKPVU

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

5QWTEG9++9FCVCDCUG

+P6CDNGCPGICVKXGPWODGTEQPVCKPUCRQUKVKXGOGUUCIG+VOGCPUVJCVVJGEWTTGPV CEEQWPVFGHKEKVKUNQYGTVJCPVJG)&2ITQYVJTCVG+P2QNCPFHQTGZCORNGVJGEWT TGPVCEEQWPVFGHKEKVKPYCUQH)&2CPFVJWURQKPVUNQYGTVJCPVJG ITQYVJ TCVG #EEQTFKPI VQ 6CVQOIU TWNG QH VJWOD C RQUKVKXG HKIWTG JKIJGT VJCP VYQ KPFKECVGU CP WPJGCNVJ[ UKVWCVKQP 6JKU YCU VJG ECUG YKVJ *WPICT[ WPVKN 5NQXCMKCKPCPFVJG%\GEJ4GRWDNKEKPCPFYJGPKVYQTUGPGF 6JKUKPFKECVQTKUPQUWDUVKVWVGHQTQVJGTUEQXGTKPIKPUVGCFCPCFFKVKQPCNHCEGV

6CVQOUVTGUUGUVJCVVJGTGNCVKQPUJKRDGVYGGPEWTTGPVCEEQWPVFGHKEKVCPFEQORGVKVKXG PGUUKUPQVUKORNG6CVQO5QOGCPCN[UVUKPVGTRTGVCFGHKEKVCUCPKPFKECVQTQH FQOGUVKEEQORCPKGUINQYEQORGVKVKXGPGUU6JKUECPDGVJGECUGDWVKVFQGUPQVJCXG VQDG+VKURQUUKDNGHQTDQVJVTCFGCPFEWTTGPVCEEQWPVUVQYQTUGPYJKNGCEEGNGTCVKQP KPGEQPQOKEITQYVJNCTIGN[EQPEGPVTCVGUQPGZRQTVCPFKORQTVEQORGVKPIUGEVQTUCPF KUNGFD[VJGO6JG[OC[WTIGPVN[PGGFVQGZRCPFVJGKTRTQFWEVKXGGSWKROGPVTCR KFN[ RQUUKDN[ EQXGTKPI VJKU KP RCTV D[ KORQTVKPI KPXGUVOGPV IQQFU TGUWNVKPI KP CDQXGCXGTCIGECRCEKV[CPFQWVRWVITQYVJKPVJGUGUGEVQTU6CVQOIUGZCORNGUKPENWFG VJG75GNGEVTKEGSWKROGPVPQPGNGEVTKEOCEJKPGT[CPFVTCPURQTVCVKQPGSWKROGPVKP FWUVTKGUKPVJGGCTN[U6TCFGCPFEWTTGPVCEEQWPVFGHKEKVUDCNNQQPGFKPVJGUGKP

(13)

FWUVTKGUGXGPOQTGVJCPKPVJGGEQPQO[CUCYJQNGCVVJGUCOGVKOGRTQFWEVKQPCPF RTQFWEVKXKV[ITQYVJYGTGJKIJGTVJCPVJGOCPWHCEVWTKPIUGEVQTCXGTCIG

*KIJKPHNCVKQPCPFEWTTGPE[FGRTGEKCVKQPFKFPQVKORGFGECRKVCN KPHNQYU

#INCPEGCVFKHHGTGPVGZEJCPIGTCVGRQNKEKGUKP%''%UIKXGUVJGKORTGUUKQPVJCV(&+

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

KPHNQY KPVQ VJG %\GEJ 4GRWDNKE KP UGGOU VQ JCXG DGGP C EQODKPCVKQP QH VJG EQWPVT[IUEWTTGPE[ETKUKUCPFVJG)&2ITQYVJTCVGIUHCNNVQ\GTQKPVJGVJKTFSWCTVGT QH6JG*WPICTKCPCWUVGTKV[RCEMCIGKPFGRTGUUGFITQYVJKPCUKOKNCTYC[

FQYPVQHQTVJGYJQNG[GCTDWVFKFPQVEWTD(&+KPHNQYCVCNN3WKVGVJGEQP VTCT[KVTGCEJGFKVUJKIJGUVGXGTNGXGNKPVJCV[GCTDKNNKQP

/CUUKXGECRKVCNKPHNQYRTQXQMGUOKZGFTGCEVKQPUCPFCRQNKE[

RTQDNGO

/CUUKXGECRKVCNKPHNQYJCUENGCTRQUKVKXGCURGEVU#FFKVKQPCNHWPFUDGEQOGCXCKNCDNG CPFDGVVGTECRKVCNCNNQECVKQPCPFOQTGVGEJPQNQI[VTCPUHGTCTGRQUUKDNG+VJCUCRQUK VKXGKORCEVQPEWTTGPE[TGUGTXGUKPVJKUTGURGEVNGUUGPKPIXWNPGTCDKNKV[VQEWTTGPE[

ETKUKU1PVJGQVJGTJCPFKHKVEQPVKPWGUQXGTCNQPIGTRGTKQFQHVKOGKVVGPFUVQKP ETGCUGVJGOQPGVCT[DCUKUHTGSWGPVN[UGGPCUECWUKPICPQXGTJGCVKPIQHVJGGEQPQO[

GI 4 %JQVG CPF KP VJKU YC[ CP WRYCTFU RTGUUWTG QP KPHNCVKQP +P QVJGT YQTFUKVOC[VJTGCVGPVJGEQORGVKVKXGPGUUQHFQOGUVKERTQFWEGTUQHVTCFCDNGIQQFU KPVJGPCVKQPCNCPFKPVGTPCVKQPCNOCTMGVU2QVGPVKCNHWVWTGRTQDNGOUKPFGDVUGTXKEKPI CTGCPCFFKVKQPCNVJTGCV7PFGTGZEJCPIGTCVGHNGZKDKNKV[KPHNCVKQPCT[RTGUUWTGOC[DG CV NGCUV RCTVKCNN[ QHHUGV D[ VJG TGUWNVKPI EWTTGPE[ CRRTGEKCVKQP 4GNCVKXG VQ PQP VTCFCDNG IQQFU RTKEGU QH KORQTVGF IQQFU YKNN FGETGCUG UQ VJCV VJG UJCTG QH PQP VTCFCDNGUKPVQVCNEQPUWORVKQPKUNKMGN[VQFGENKPG

# OCUUKXGN[ KPETGCUGF KPHNQY QH ECRKVCN OC[ HQNNQY HTQO KPVGTPCN RWNN HCEVQTU UWEJ CU CP CWVQPQ OQWU KPETGCUG KP FQOGUVKE FGOCPF HQT OQPG[ CPF KPETGCUGU KP FQOGUVKE ECRKVCN RTQFWEVKXKV[ #N VGTPCVKXGN[ KV OC[ UVGO HTQO GZVGTPCN RWUJ HCEVQTU UWEJ CU CP KPVGTPCVKQPCN TGFWEVKQP KP KPVGTGUV TCVGU

(14)

7PFGTCTGIKOGQHHKZGFGZEJCPIGTCVGUCOCUUKXGKPHNQYQHECRKVCNEQWNFUVKOWNCVG OQPGVCT[CWVJQTKVKGUVQTGFWEGVJGCUUWOGFKPHNCVKQPCT[KORCEVVJTQWIJUVGTKNKUCVKQP CEVKXKVKGU07N*CSWG&/CVJKGUQP55JCTOC1VJGTKPVGTXGPVKQPUEQWNF GPVCKNOQTGTGUVTKEVKXGHKUECNRQNKEKGUQTEWTTGPE[CRRTGEKCVKQP'CEJQHVJGVJTGGKP UVTWOGPVU UVGTKNKUCVKQP HKUECN CWUVGTKV[ CPF CRRTGEKCVKQP ECP DG KPCRRTQRTKCVG KP C URGEKHKE UKVWCVKQP 5VGTKNKUCVKQP KU PQV RQUUKDNG KH VJG EGPVTCN DCPM FQGU PQV JCXG VJG TKIJVKPUVTWOGPVUCPFKHHKPCPEKCNOCTMGVUCTGPQVFGXGNQRGFUWHHKEKGPVN[(KUECNRQNKE[

OGCUWTGUCTGUNQY(KUECNCWUVGTKV[FQGUPQVPGEGUUCTKN[KORTQXGVJGEWTTGPVCEEQWPV 6JGTGKUCORNGGXKFGPEGVJCVVJGLVYKPFGHKEKVULJ[RQVJGUKUKUIGPGTCNN[YTQPI%WT TGPVCEEQWPVFGHKEKVUCTGPQVCNYC[UECWUGFD[CEVKQPUVJCVTCKUGHKUECNFGHKEKVU+PFGGF GXKFGPEG UWIIGUVU VJG[ CTG JCTFN[ GXGT UQ 6CVQO (KPCNN[ CRRTGEKCVKQP OC[

JCXGCPWPFGUKTGFGHHGEVQPVJGEQORGVKVKXGPGUUQHFQOGUVKEHKTOU%QPVTQNNKPIECRKVCN HNQYU OC[ DG WUGHWN HQT C NKOKVGF RGTKQF QH VKOG 0 7N *CSWG & /CVJKGUQP 5 5JCTOC+VECPDGWUGFVQTGUVTKEVHQTGKIPEWTTGPE[JQNFKPIUVJWUNKOKVKPIVJG FQOGUVKEHKPCPEKCNKPUVKVWVKQPUIOGFKCVKQPQHHQTGKIPECRKVCNKPHNQYCPFTGFWEKPIVJG RTQRQTVKQPQHUJQTVVGTOECRKVCN

+P VJG EQWTUG QH VJG HKPCPEKCN ETKUKU KP 'CUV #UKC +/( TGRTGUGPVCVKXGU KFGPVKHKGF VJG VYQOCKPHKPCPEKCNRTQDNGOUCUDGKPIEWTTGPVCEEQWPVFGHKEKVUCPFVJGHTCIKNKV[QHVJG DCPMKPIU[UVGOU+HGOGTIKPIRTQDNGOUCTGVQDGOCFGQWVCVCPGCTN[UVCIGVJGPVJG SWCNKV[ QH GEQPQOKE CPF HKPCPEKCN FCVC OWUV DG KORTQXGF CPF GORJCUKU RNCEGF QP UQWPFHKPCPEKCNU[UVGOUKPNKPGYKVJVJG$CUNG%QOOKVVGGIUDCPMKPIUVCPFCTFU

#TGRQTVVQ%QOOQPYGCNVJHKPCPEGOKPKUVGTUTGEQOOGPFUUGXGTCNUVGRUYJKEJPGGF VQDGVCMGPDGHQTGCEQWPVT[UJQWNFNKDGTCNKUGKVUECRKVCNCEEQWPV%JQVG - %WVVKPIIQXGTPOGPVDQTTQYKPIKPHNCVKQPCPFEWTTGPVCEEQWPVFGHKEKVU - 5VTGPIVJGPKPIFQOGUVKEHKPCPEKCNOCTMGVU

- 6CEMNKPIQVJGTUVTWEVWTCNGEQPQOKEFKUVQTVKQPU

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ÃM6JGKTFQOGUVKEEQWPVGTRCTVUYGTGOWEJ NGUUKPENKPGFVQFQUQ

+P KPXGUVKICVKPI VJG /GZKECP ETKUKU KP ,WNKQ )CNNCTFQ OCKPVCKPU VJCV ECRKVCN EQPVTQNU QT C VYQ VKGT EWTTGPE[ OCTMGV YQWNF DG PGEGUUCT[ )CNNCTFQ 6JG NCVVGT YQWNF TGUVTKEV UJCTR HNWE VWCVKQPU VQ ECRKVCN VTCPUCEVKQPU CPF NGCXG VJG HWPFCOGPVCNU WPVQWEJGF

(15)

.KXGN[FKUEWUUKQPUTCKUGFQWDVUCDQWVCFGSWCE[QHVTCFKVKQPCN GZEJCPIGTCVGCPFKPVGTGUVRQNKEKGU

6JGSWGUVKQPQHYJGVJGTGOGTIKPIOCTMGVEQWPVTKGUUJQWNFRGIVJGKTGZEJCPIGTCVGU TGOCKPU 'XGP +/( GZGEWVKXG FKTGEVQTU JCXG DGEQOG OWEJ NGUU GPVJWUKCUVKE CDQWV HKZGFGZEJCPIGTCVGTGIKOGU%JQVG6YQCURGEVUCTGKORQTVCPVJGTGGZEJCPIG TCVGRGIUECPDGVJGSWKEMGUVCPFOQUVGHHGEVKXGYC[QHDTGCMKPIUGNHHWNHKNNKPIGZRGEVC VKQPUQHJKIJKPHNCVKQPDWVCVVJGUCOGVKOGVJG[ECPDGFCPIGTQWUKPGOGTIKPIOCT MGVUYJGTGKPXGUVQTURTGHGTVJGUGEWTKV[QHUJQTVVGTOFGDVCPFDQTTQYKPIKPCHQTGKIP EWTTGPE[

&QWDVUCDQWVKPVGTGUVTCVGUIUWKVCDKNKV[HQTFGHGPFKPIEWTTGPEKGUCTGCNUQITQYKPI#

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

NGCFVQCNQVQHFCOCIGL5CEJU

$CNCPEGQHRC[OGPVKODCNCPEGURQNKE[TGURQPUGUKP%''%U

+P TGEGPV [GCTU 5NQXGPKC VCTIGVGF C DCNCPEGF EWTTGPV CEEQWPV FGOQPUVTCVKPI KP VJG RTQEGUUVJCVKVKUKPFGGFRQUUKDNGVQMGGR KV DCNCPEGF 6JG OCKP KPUVTWOGPV YCU GZ EJCPIGTCVGRQNKE[DCUGFQP OCPCIGF HNQCVCVKQP QH VJG 5NQXGPKCP EWTTGPE[ %CRKVCN

(16)

HNQYU YGTG MGRV NQY UQ VJCV VJGKT KORCEV QP VJG GZEJCPIG TCVG YCU TCVJGT NKOKVGF (WTVJGTOQTGTGCN)&2ITQYVJYCUOQFGUVUQNKOKVKPIKORQTVITQYVJ

6JGQVJGTEQWPVTKGUKPVJGTGIKQPGORJCUKUGFHKIJVKPIKPHNCVKQPTCVJGTVJCPDCNCPEKPI VJGEWTTGPVCEEQWPV6JG%\GEJ4GRWDNKECPFKPCOQTGRTCIOCVKEOCPPGT5NQXCMKC VQQCVVGORVGFVQMGGRVJGPQOKPCNGZEJCPIGTCVGEQPUVCPVVJWUCNNQYKPIPQQRRQT VWPKV[HQTFGRTGEKCVKQPTGNCVGFRTKEGDQQUVUHQTKORQTVGFIQQFU6JKURQNKE[HCKNGFKP VJG%\GEJ4GRWDNKEKPCPF5NQXCMKCCDCPFQPGFKVCVVJGDGIKPPKPIQH1EVQDGT

*WPICT[CPF2QNCPFUVCTVKPIHTQOJKIJKPKVKCNKPHNCVKQPJCXGFGEKFGFVQHQNNQY CRQNKE[QHRTGCPPQWPEGFRGTOCPGPVFGXCNWCVKQPETCYNKPIRGI

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

6CDNG&KUEQWPVTCVGOKPWUFGRTGEKCVKQPTCVG

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

5QWTEG9++9FCVCDCUG

+PVJGFKUEQWPVTCVGYCUQXGTVGPRGTEGPVCIGRQKPVUJKIJGTVJCPVJGTCVGQHFG RTGEKCVKQPKPCNNEQWPVTKGUGZEGRV5NQXGPKC(QTVJQUGHQTGKIPRQTVHQNKQKPXGUVQTUYJQ VJKPMVJCVVJGUGHKIWTGUYKNNPQVFGENKPGXGT[OWEJVJGUGEQWPVTKGUOWUVDGKPVGTGUV KPI%QPHKFGPEGKPDGKPITGRCKFKUCNUQFGEKUKXGHQTVJQUGYJQNGPFOQPG[5VKINKV\

#OCUUKXGKPHNQYQHECRKVCNOC[ECWUGWRYCTFRTGUUWTGQPVJGGZEJCPIGTCVGGXGPKH VJGEWTTGPVCEEQWPVGZJKDKVUCEQPUKFGTCDNGFGHKEKV+PVJKUYC[KVECPNGCFVQCHWTVJGT YKFGPKPI QH VJG EWTTGPV CEEQWPV FGHKEKV +PFGGF UVTQPI TGCN EWTTGPE[ CRRTGEKCVKQP OC[ WNVKOCVGN[ VJTGCVGP VJG EQORGVKVKXGPGUU QH GPVGTRTKUGU 6JGTG KU C UVTQPI VGP FGPE[VQYCTFUTGCNCRRTGEKCVKQPKP%''%U6CDNGDWVCDQXGCEGTVCKPFGITGGKVECP QXGTUVTGUUVJGEQORGVKVKXGRQUKVKQPQHGPVGTRTKUGU

(17)

6CDNG4GCNFGRTGEKCVKQP&GRTGEKCVKQPTCVGTCVGQHKPHNCVKQP22+

CFLWUVGF

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

5QWTEG9++9FCVCDCUG

6JGRQNKE[QHJKIJKPVGTGUVTCVGUCRRGCTUVQDGRTQDNGOCVKEWPFGTVJGEKTEWOUVCPEGUQH HWNNECRKVCNCEEQWPVOQDKNKV[+VYQWNFDGKPVGTGUVKPIVQCUMYJCVVJGOQTGXKCDNGCN VGTPCVKXGU CTG 6JKU KU FKHHKEWNV VQ CPUYGT DWV VJGTG KU UQOG GXKFGPEG VJCV KPHNCVKQP FGENKPGF KP VJQUG %''%U YJGTG ITQYVJ TCVGU YGTG UKIPKHKECPVN[ RQUKVKXG CPF KP ETGCUGFYJGTGGEQPQOKEFGXGNQROGPVECOGVQCUVCPFUVKNNQTVWTPGFPGICVKXG

6JG%\GEJEWTTGPE[ETKUKUCECUGUVWF[

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¯XKU)GTOCP[

COQWPVGFVQQXGT0QVUWTRTKUKPIN[)&2ITGYD[KPVJCVSWCTVGT

(18)

6CDNG

0QOKPCNKPVGTGUVTCVGPQOKPCNFGRTGEKCVKQP%\GEJCPF)GTOCPRTQFWEGTRTKEGKPHNCVKQP

3 3 3 3 3 3 3 3 3 3 3 3

0QOKPCN KPVGTGUV TCVG

&GRTGEKCVKQP TCVG XKU¯XKU &'/

[[

%\GEJ 2TQFWEGT 2TKEG KPHNCVKQP [[

)GTOCP 2TQFWEGT 2TKEG KPHNCVKQP

QP PGY ETGFKVU

[[ CRRTQZKOCVG HKIWTGU HQT

4GCNKPVGTGUVTCVGTGCNFGRTGEKCVKQPCPF)&2ITQYVJ

3 3 3 3 3 3 3 3 3 3 3 3

4GCN KPVGTGUV TCVG

4GCN FGRTGEKCVKQP

)&2 ITQYVJ [GCT QP [GCT

0QOKPCN KPVGTGUV TCVG QP PGY ETGFKVU OKPWU EJCPIG KP KPFWUVTKCN RTQFWEGT RTKEGU [[

XKU¯XKU VJG &'/ ECNEWNCVGF YKVJ %\GEJ CPF )GTOCP 2TQFWEGT 2TKEG %JCPIGU 5QWTEG%575VCVKUVKUEJGU$WPFGUCOV

(19)

)TQYVJTGUWOGFKPVJGNCUVSWCTVGTQHKPFKECVKPIVJCV%\GEJGPVGTRTKUGUYGTG SWKEMVQTGURQPFVQVJGHCEVVJCVCNQYGTGZEJCPIGTCVGKORTQXGFVJGKTEQORGVKVKXG PGUUDQVJCVJQOGCPFCDTQCF+PVJKUYC[VJGEWTTGPE[ETKUKUKP/C[EJCPIGF VJGQXGTCNNVTGPFKPHQTGKIPVTCFGFGXGNQROGPVXKCVJGTGUWNVKPIFGRTGEKCVKQP#U6C DNGKNNWUVTCVGUGZRQTVTGXGPWGUEQXGTGFNGUUVJCPQHKORQTVGZRGPFKVWTGUKPVJG HKTUVSWCTVGTQHDWVQPG[GCTNCVGT

6CDNG(QTGKIPVTCFGFGXGNQROGPVVQ

#PPWCNN[

'ZRQTVUKPQHKO

RQTVU

3WCTVGTN[ 3 3 3 3 3 3 ,WN#WI

'ZRQTVUKPQHKO

RQTVU

6JKUTGXGTUCNKPVJGVTGPFTGUWNVGFHTQOVJGHCEVVJCVTGCNGZRQTVITQYVJUWTRCUUGFVJCV QHKORQTVUHTQOVJGUGEQPFSWCTVGTQHQPYCTFUUGG6CDNG

6CDNG4GCNEJCPIGUKPGZRQTVUCPFKORQTVUKP

3 3 3 3 3 3 3 3 3 3

'ZRQTVU

+ORQTVU

5QWTEG%\GEJ5VCVKUVKECN1HHKEG

&GURKVGVJGJKIJITQYVJQHGZRQTVUVJG)&2FGENKPGFKPVJGHKTUVCPFGXGPOQTGKP VJGUGEQPFSWCTVGTQHD[CPFRGTEGPVTGURGEVKXGN[6JGTGCUQPHQT VJCVYCUCUJTKPMKPIFQOGUVKEFGOCPFFRTKXCVGEQPUWORVKQPD[KPVJGHKTUVJCNH QH RWDNKE EQPUWORVKQP D[ ITQUU KPXGUVOGPV D[ 9JKNG KPFWUVTKCN RTQFWEVKQPUJQYGFCEQPUKFGTCDNGTKUGKPVJGHKTUVUKZOQPVJUQHVJKU[GCTEQP UVTWEVKQPQWVRWVCPFTGVCKNVTCFGTGXGPWGUCVEQPUVCPVRTKEGUHGNN(KUECN CPFOQPGVCT[CWUVGTKV[KPVTQFWEGFKPVJGEQPVGZVQHVJGEWTTGPE[ETKUKUKP/C[

UJQYGFKVHWNNKORCEVKPVJGHKTUVJCNHQHVJKU[GCT6JGGZRQTVITQYVJRTQXGFVQDG TGOCTMCDN[TQDWUVGXGPYJGPKP5RTKPIVJGGZEJCPIGTCVGTGVWTPGFVQNGXGNUCU JKIJCUQDUGTXGFKPCPFUGG6CDNG'ZRQTVRGTHQTOCPEGOC[JCXGCOG NKQTCVGFDGECWUGQHVJGOQTGRQUKVKXGDWUKPGUUENKOCVGKPVJG'WTQRGCP7PKQPCPFCNUQ FWGVQUVTWEVWTCNKORTQXGOGPVKPRCTVQHVJGGZRQTVUGEVQT+PVGTPCVKQPCNN[VJGEQP HKFGPEGKPVJGUVCDKNKV[QHVJG-QTWPCJCUUVTGPIVJGPGFUQVJCVVJGJKIJKPVGTGUVTCVGU CVVTCEVHQTGKIPECRKVCNCICKP

(20)

6CDNG#XGTCIGGZEJCPIGTCVGOKFRQKPV

,CP ,CP ,CP ,CP (GD /CT #RT /C[ ,WP ,WN #WI

%<-

&'/

5QWTEG%\GEJ0CVKQPCN$CPM

$GVYGGP/CTEJCPF,WPGVJG-QTWPCHNWEVWCVGFCVNGXGNUCTQWPFRGT&/

#HWTVJGTUVTGPIVJGPKPIQHVJG-QTWPCYCUOQUV RTQDCDN[ KORGFGF D[ UKIPCNU QH C 4WUUKCP EWTTGPE[ ETKUKU KP /C[ CPF WPEGTVCKPVKGU EQPPGEVGF YKVJ VJG %\GEJ RCTNKC OGPVCT[GNGEVKQPUKP,WPG+P,WN[CPF#WIWUVVJGVGPFGPE[VQYCTFUHWTVJGTPQOKPCN CRRTGEKCVKQPQTKIKPCVKPIKPPGVECRKVCNKPHNQYDGECOGENGCTN[XKUKDNG#VVJGGPFQH 5GRVGODGTVJGTGYCUPQXKUKDNGKORCEVQHVJGTGEGPV4WUUKCPETKUKUVJGGZEJCPIGTCVG YCUXGT[ENQUGVQVJG#WIWUVCXGTCIG6JG%\GEJ0CVKQPCN$CPMVTKGFVQYGCMGPVJG -QTWPC C NKVVNG UGXGTCN VKOGU KP VJG UGEQPF JCNH QH ,WN[ DWV YKVJQWV OWEJ UWEEGUU 6JKUKUJCTFN[UWTRTKUKPICUNQPICUVJGICRDGVYGGP%\GEJCPFKPVGTPCVKQPCNKPVGTGUV TCVGUKUJKIJCPFKPXGUVQTUFQPQVGZRGEVCUKIPKHKECPVFGXCNWCVKQPQXGTVJGPGZVHGY OQPVJU(TQO,WN[VQ#WIWUVVJGEQPUWOGTCUYGNNCUVJGRTQFWEGTRTKEGKPFGZ UQOGYJCVFGENKPGF6JG%\GEJ0CVKQPCN$CPMTGCEVGFYKVJUQOGUOCNNEWVKPKPVGTGUV TCVGU

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¯XKU&/

6JGTGKUCEGTVCKPFCPIGTVJCVOQPGVCT[RQNKE[KUVQQTGUVTKEVKXGMGGRKPIKPVGTGUVTCVGU CVCPWPPGEGUUCTKN[JKIJNGXGN+HYGNQQMHQT RQVGPVKCN HWVWTG FKHHKEWNVKGU VJGTG KU C RQUUKDKNKV[VJCVECRKVCNKPHNQYEQWNFRWUJVJG-QTWPCWRVQCRQKPVYJKEJYQWNFQPEG CICKPRTQFWEGCPWPUWUVCKPCDNGEWTTGPVCEEQWPVFGHKEKVRQUUKDN[RTQXQMKPICUWFFGP TGXGTUCNQHECRKVCNHNQYU*QYGXGTCRQVGPVKCNHWVWTGGEQPQOKEETKUKUYKNNPQVPGEGU UCTKN[ UVCTV HTQO DCNCPEG QH RC[OGPV RTQDNGOU QT UWFFGP ECRKVCN OCTMGV FGXGNQR OGPVU+VOKIJVGOGTIGHTQOFKHHKEWNVKGUYKVJKPVJGDWUKPGUUUGEVQTYJKEJEQWNFKPHGEV EQOOGTEKCNDCPMU+PVJGRTGXCKNKPIFGRTGUUGFENKOCVGVJGXQNWOGQHENCUUKHKGFNQCPU KPETGCUGFKPVJGHKTUVJCNHQHVJKU[GCTD[RGTEGPVCPFVJGKTUJCTGKPVJGQXGTCNNXQN WOGQHNQCPUTGCEJGFRGTEGPV5QOGQHVJGDKIEQORCPKGUCTGJGCXKN[KPFGDVGF NQUUOCMGTU+PVJGPGZVHGY[GCTUVJGIQXGTPOGPVYKNNPQVJCXGOWEJQRRQTVWPKV[

NGHVHQTOCPCIKPIVJGKTUWTXKXCNKPQPGYC[QTVJGQVJGT6JGUGEQORCPKGUYKNNCNUQ JCXGNGUUUWRRQTVHTQOEQOOGTEKCNDCPMUVJCPKPVJGRCUVUKPEGVJGNCVVGTYKNNJCXGVQ DGVVGTQDUGTXGVJGTWNGUQHRTWFGPVDCPMKPIGXGPKHVJGTGKUUQOGFGNC[YKVJVJGRTK XCVKUCVKQPQHVJGDKIDCPMU+PVJGYQTUVECUGKVEQWNFNGCFVQCUGXGTGETKUKUUKPEGVJG

(21)

DCPMUVJGOUGNXGUYQWNFUWHHGTPGICVKXGHGGFDCEMVJTQWIJCOCUUEQNNCRUGQHVJGKTENK GPVU

2QNKE[TGEQOOGPFCVKQPU

+PVGTPCVKQPCNECRKVCNHNQYUJCXGWPFQWDVGFN[DGEQOGCPKORQTVCPVHCEVQTPQVQPN[KP VJGOCETQGEQPQOKEHTCOGYQTMDWVCNUQCVHKTONGXGN6JG[CTGRQVGPVKCNN[XGT[HTWKV HWN DWV ECP CNUQ ECWUG OCLQT FKUVWTDCPEGU 9G UVKNN JCXG PQ ENGCT KPFKECVQTU YJKEJ YQWNFYCTPWUVJCVCEQWPVT[KUKPCEWVGFCPIGTPQTCYKFGN[CEEGRVGFUVTCVGI[HQT TGFWEKPI RTQPGPGUU VQ ETKUKU 9JCV YG JCXG ICKPGF JQYGXGT KU DGVVGT MPQYNGFIG CDQWVVJGRQVGPVKCNFCOCIGYJKEJEQWNFHQNNQYHTQOCRQNKE[YJKEJVTKGUVQHKPCPEGC FTCOCVKECNN[YKFGPKPIEWTTGPVCEEQWPVFGHKEKVD[CVVTCEVKPIOCUUKXGUJQTVVGTOECRKVCN KPHNQY

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

\GTQ ITQYVJ QH OQPG[ UWRRN[ EQWNF GCUKN[ DG EQPPGEVGF YKVJ KPHNCVKQP 6JGTG KU C JKIJRTQDCDKNKV[VJCVCXGT[TGUVTKEVKXGOQPGVCT[RQNKE[YKNNPQVTGCEJKVUOQPG[UWR RN[VCTIGVCPFVJGTGCNGHHGEVURQUUKDN[QWVRCEGVJGCPVKKPHNCVKQPCT[KORCEV

2QNKE[OCMGTUOC[DGNKGXGVJG[HCEGCVTCFGQHHDGVYGGPVCTIGVKPICNQYFGHKEKVQPVJG EWTTGPVCEEQWPVVTQWIJTGRGCVGFEWTTGPE[FGXCNWCVKQPCPFCUVTKEVHKIJVCICKPUVKPHNC VKQPD[MGGRKPIVJGKPVGTGUVTCVGJKIJCPFVJWUCDQXGKPVGTPCVKQPCNNGXGNU*QYGXGTKH KPVJGNCVVGTECUGVJGKPVGTGUVTCVGFKHHGTGPVKCNCVVTCEVUUQOWEJECRKVCNKPHNQYVJCVVJG TGUWNVKPITGCNCRRTGEKCVKQPUVCTVUYQTUGPKPIVJGEWTTGPVCEEQWPVCUWFFGPETKUKUOKIJV HQNNQY6JGEWTTGPE[EQWNFEQOGWPFGTRTGUUWTGCPFCFGXCNWCVKQPEQWNFCICKPHGGF KPHNCVKQP # OQPGVCT[ RQNKE[ YJKEJ CXQKFU VTKIIGTKPI QHH C NCTIGT EWTTGPV CEEQWPV FGHKEKVYKNNRTQDCDN[GPLQ[CNQYGTNKMGNKJQQFQHVWTDWNGPEG

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

(22)

UKXGPQPXKCDNGHKTOUOCKPN[CRRN[HQTNQCPUMPQYKPIVJCVVJG[YKNNOQUVRTQDCDN[

PGXGT TGRC[ VJGO 9GUVGTP KPUVKVWVKQPU CPF OGVJQFU YGTG UKORN[ EQRKGF CU VJG OQPGVCT[U[UVGOYCUVTCPUHQTOGF6JKUOCFGOQPG[UECTEGDWVFKFPQVRTGXGPVKVU YTQPICNNQECVKQP%QOOGTEKCNDCPMUKP%''%UEQWNFJCXGFQPGYKVJCPFUVKNNPGGF OWEJDGVVGTIWKFGNKPGUHQTVJGKTNGPFKPIDWUKPGUU6JKUYQWNFDGJGNRHWNKPEQPVTQN NKPIVJGUWRRN[CPFWUGQHOQPG[VQIGVJGTYKVJKPXQNXKPIUVTCVGIKERCTVPGTUHTQOVJG 9GUV

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

'ZEJCPIGTCVGRQNKE[KUENQUGN[EQPPGEVGFYKVJKPVGTGUVTCVGRQNKE[#UUWEJKVUJQWNF VT[CPFCXQKFCUKVWCVKQPYJGTGRQVGPVKCNN[XQNCVKNGECRKVCNKPHNQYHKPCPEGUCPKPETGCU KPIICRKPVJGEWTTGPVCEEQWPV+VUJQWNFKPUVGCFHQEWUQPMGGRKPIVJGEWTTGPVCEEQWPV FGHKEKV WPFGT EQPVTQN CPF UKOWNVCPGQWUN[ CXQKF CVVTCEVKPI OCUUKXG KPHNQY QH UJQTV VGTOECRKVCN

%QPENWFKPITGOCTMU

%''%UYKNNEQPVKPWGVQJCXGDCNCPEGQHRC[OGPVUVTQWDNGUCUNQPICUHTGGOQDKNKV[QH ECRKVCNKURCTCNNGNGFD[JKIJTCVGUQHKPHNCVKQP6JGKPFKXKFWCNEQWPVTKGUYKNNITCFWCNN[

NQUGVJGKTKPHNCVKQPYKVJVJGHQTOCVKQPQHCEQWPVT[URGEKHKEKPVGTPCVKQPCNN[EQORGVK VKXG KPFWUVTKCN PWENGWU +V YKNN DG EJCTCEVGTKUGF D[ JKIJ NCDQWT RTQFWEVKXKV[ CPF C UVTQPIGT RQUKVKQP QP KPVGTPCVKQPCN OCTMGVU 6JG UVTWEVWTCN YGCMPGUU QH %''%

GEQPQOKGUUVKNNRTGXCNGPVKUQPN[RCTVN[KPJGTKVGFHTQOVJGEQOOWPKUVRCUV+VKUCNUQC EQPUGSWGPEG QH VJG HCEV VJCV KV YCU PQV RQUUKDNG YKVJKP LWUV C HGY [GCTU VQ FGXGNQR QYPGTUJKR UVTWEVWTGU YJKEJ YQWNF JCXG GPCDNGF EQORCPKGU VQ DG OQFGTPKUGF SWKEMN[6JGFGEKUKXGGZEGRVKQPYCURTKXCVKUCVKQPTGN[KPIQP(&+(QTVJKUTGCUQPVJG

*WPICTKCPGEQPQO[PQYUGGOUSWKVGUQWPF

(23)

4GHGTGPEGU

4QDGTV %JQVG 9QTNF 'EQPQO[ 6JCK ETKUKU JKIJNKIJVU NGUUQPU QH /GZKEQ (KPCPEKCN 6KOGU 5GRVGO DGT

6JG GEQPQOKUV 5QOGVJKPI JQTTKDNG QWV VJGTG F 9KNN 'CUVGTP 'WTQRG DG VJG PGZV TGIKQP VQ UWHHGT GZ EJCPIGTCVG VWTOQKN! 1EVQDGT R HH

$CTT[ 'KEJGPITGGP #PFTGY - 4QUG CPF %JCTNGU 9[RNQU\ 'ZEJCPIG OCTMGV OC[JGO JVG CPVGEGFGPVU CPF CHVGTOCVJ QH URGEWNCVKXG CVVCEMU 'EQPQOKE 2QNKE[ 1EVQDGT R

(TCP\ 4 *CJP L9·JTWPIUMTKUGP F *GTCWUHQTFGTWPI HÒT 6JGQTKG WPF 2QNKVKM ¤UVGTTGKEJKUEJGU +PUVKVWV HÒT 9KTVUEJCHVUHQTUEJWPI /QPCVUDGTKEJVG R

+/( $CNCPEG QH 2C[OGPV /CPWCN 9CUJKPIVQP

8CN -QTQO\C[ 5QOG QDUGTXCVKQPU QP EWTTGPV CEEQWPVU CPF KPVGTPCVKQPCN CFLWUVOGPV RCRGT RTGUGPVGF CV VJG %QPHGTGPEG QP %WTTGPV CEEQWPV KODCNCPEGU KP 'CUV CPF 9GUV &Q VJG[ OCVVGT! 8KGPPC 0QXGODGT

2CWN -TWIOCP VJG /[VJ QH #UKCIU /KTCENG (QTGKIP #HHCKTU 0QXGODGT&GEGODGT

,WNKQ .ÉRG\ )CNNCTFQ )TQYVJ TGUWORVKQP CPF NQPITWP ITQYVJ KP .CPVKPCOGTKECP 'EQPQOKGU F C OQFGUV RTQRQUCN %WCFGTPQU FG VTCDCLQ /CGUVTÃC GP %KGPEKCU 'EQPQOKECU 70#/ /GZKEQ

,WNKQ .ÉRG\ )CNNCTFQ /GZKEQIU (KPCPEKCN /QFGTPKUCVKQP CPF (KPCPEKCN (TCIKNKV[ $0. 3WCTVGTN[ 4G XKGY PQ ,WPG

2CXGN /GTVNÃM +PXGUVOGPV 5WTXG[ 6JG %\GEJ 4GRWDNKE OCPWUETKRV KP VJG HTCOGYQTM QH 2JCTG #%' 2TQLGEV 24 2TCIWG #WIWUV

)KCP /CTVKC /KNGUK(GTTGVVK #UUCH 4C\KP 4GXGTUCNU KP EWTTGPV CEEQWPV FGHKEKVU CPF EWTTGPE[ ETKUGU RC RGT RTGUGPVGF CV VJG %QPHGTGPEG QP %WTTGPV CEEQWPV KODCNCPEGU KP 'CUV CPF 9GUV &Q VJG[ OCV VGT! 8KGPPC 0QXGODGT

4QDGTV # /WPFGNN 6JG KPVGTPCVKQPCN CFLWUVOGPV OGEJCPKUO QH VJG DCNCPEG QH RC[OGPVU <CITGD ,QWT PCN QH GEQPQOKEU R

2GVTC 0CWLQMU -NCWU&KGVGT 5EJOKFV (QTGKIP &KTGEV +PXGUVOGPV CPF 6TCFG KP 6TCPUKVKQP %QWPVTKGU 6TCEKPI .KPMU RCRGT RTGRCTGF HQT VJG EQPXGTGPEG LEQTRQTCVG CFLWUVOGPV OCTMGV HCKNWTGU CPF KPFWUVTKCN RQNKEKGU KP VJG VTCPUKVKQPL 2TCIWG /C[

/CWTKEG 1DUVHGNF /QFGNU QH EWTTGPE[ ETKUGU YKVJ UGNHHWNHKNNKPI HGCVWTGU 9QTMKPI 2CRGT 0CVKQPCN

$WTGCW QH GEQPQOKE TGUGCTEJ %CODTKFIG /# 1EVQDGT

)GTJCTF 2QJN )TGIQT[ 6 ,GFT\GLE\CM 4QDGTV ' #PFGTUQP L%TGCVKPI %CRKVCN /CTMGVU KP %GPVTCN CPF 'CUVGTP 'WTQRG 6JG 9QTNF $CPM #RTKN

,COGU 2QYGNN %WTTGPV CEEQWPVU +ODCNCPEGU CPF OQPGVCT[ RQNKE[ KP %CPCFC RCRGT RTGUGPVGF CV VJG

%QPHGTGPEG QP %WTTGPV CEEQWPV KODCNCPEGU KP 'CUV CPF 9GUV &Q VJG[ OCVVGT! 8KGPPC 0QXGODGT

,GHHTG[ 5CEJU KPVGTXKGYGF KP VJG 2TCIWG $WUKPGUU ,QWTPCN ,WN[ R

,QUGRJ ' 5VKINKV\ -PQYNGFIG HQT FGXGNQROGPV F GEQPQOKE UEKGPEG GEQPQOKE RQNKE[ CPF GEQPQOKE CFXKEG RCRGT RTGRCTGF HQT VJG #PPWCN 9QTNF $CPM %QPHGTGPEG QP &GXGNQROGPV 'EQPQOKEU 9CUJKPIVQP #RTKN

,QJP # 6CVQO &Q EWTTGPV CEEQWPV KODCNCPEGU OCVVGT! RCRGT RTGUGPVGF CV VJG %QPHGTGPEG QP %WTTGPV CEEQWPV KODCNCPEGU KP 'CUV CPF 9GUV &Q VJG[ OCVVGT! 8KGPPC 0QXGODGT

,COGU 6QDKP (KPCPEKCN )NQDCNK\CVKQP %CP PCVKQPCN EWTTGPEKGU UWTXKXG! RCRGT RTGRCTGF HQT VJG #PPWCN 9QTNF $CPM %QPHGTGPEG QP &GXGNQROGPV 'EQPQOKEU 9CUJKPIVQP #RTKN

0CFGGO 7N *CSWG &QPCNF /CVJKGUQP 5WPKN 5JCTOC &KG 7TUCEJGP XQP -CRKVCN\WHNÒUUGP WPF RQNK VKUEJG 4GCMVKQPGP (KPCP\KGTWPI WPF 'PVYKEMNWPI /·T\

7PKVGF 0CVKQPU 9QTNF +PXGUVOGPV 4GRQTV F 6TCPUPCVKQPCN %QTRQTCVKQPU /CTMGV 5VTWEVWTG CPF

%QORGVKVKQP 2QNKE[ 0GY ;QTM CPF )GPGXC R

(24)
(25)

#RRGPFKZ

5QWTEG9++9FCVCDCUG

6CDNG#

)&2)TQYVJTCVGU

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

)GTOCP[

'7

6CDNG#

%CVEJKPIWR)TQYVJTCVGFKHHGTGPVKCNXKU¯XKU'7

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

6CDNG#

%WTTGPVCEEQWPVKPQH)&2

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

(26)

6CDNG#

4CVGQHKPHNCVKQP22+

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

6CDNG#

&KUEQWPVTCVG

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

6CDNG#

0QOKPCNFGRTGEKCVKQP

%\GEJ4GRWDNKE

*WPICT[

2QNCPF

5NQXCMKC

5NQXGPKC

(27)

9GKVGTG8GTÌHHGPVNKEJWPIGPFGT(QTUEJWPIUITWRRG 6TCPUHQTOCVKQPWPF)NQDCNKUKGTWPI

&ÌTT)GTNKPFG6CPLC-GUUGN6TCPUHQTOCVKQPCUC.GCTPKPI2TQEGUU'ZRGTK GPEGU YKVJ ,QKPV 8GPVWTGU KP VJG %\GEJ 4GRWDNKE CPF CP 'ZCORNG HQT C 0GY /QFGTP (QTO QH 1TICPKUKPI 2TQFWEVKQP KP '/'4)1F ,QWTPCN QH 6TCPU HQTOKPI'EQPQOKGUCPF5QEKGVKGU8QN0QRR

-GUUGN6CPLC)GTNKPFG&ÌTT/CPCIGOGPV\YKUEJGP6TCPUHQTOCVKQPWPF4G UVTWMVWTKGTWPI <YGK 6TCPUHGTOQFGNNG XQP 1UV9GUV-QQRGTCVKQP KP %JTK UVQRJ $CTOG[GT ,ÒTIGP $QNVGP *I +PVGTMWNVWTGNNG 2GTUQPCNQTICPKUCVKQP 5VGTPGPHGNU$GTNKP8GTNCI9KUUGPUEJCHVWPF2TCZKU5

&ÌTT )GTNKPFG 6CPLC -GUUGN K ' 4GUVTWMVWTKGTWPI FWTEJ +PVGTPCVKQPCNKUKGTWPI

&KTGMVKPXGUVKVKQPURTQLGMVG FGT #WVQOQDKNKPFWUVTKG KP 1UVOKVVGNGWTQRC KP

*CPULÌTI *GTT -WTV *ÒDPGT *I 9CEJUVWOUTGIKOG WPF ÌMQPQOKUEJG 6TCPUHQTOCVKQP$GTNKPGFKVKQPUKIOC

9<$FKUEWUUKQPRCRGTU

(5++ )GTNKPFG &ÌTT 6CPLC -GUUGN 6TCPUHQTOCVKQP CNU .GTPRTQ\G­

'THCJTWPIGPCWU,QKPV8GPVWTGUKP6UEJGEJKGPWPFGKPGPGWGOQFGTPG (QTOFGT2TQFWMVKQPUQTICPKUCVKQP5

(5++ )GTNKPFG&ÌTT6CPLC-GUUGN'KPGMTGCVKXGCDGTPKEJVICP\GKP HCEJG -QQRGTCVKQP 'THCJTWPIGP CWU FGO FGWVUEJVUEJGEJKUEJGP ,QKPV 8GPVWTG 5MQFC8QNMUYCIGP -TGCVKXPÃ CNG PG LGFPQFWEJ± MQQRGTCEG

<MWUGPQUVK \ PGOEMQEGUM¾JQ ,QKPV8GPVWTG 5MQFC8QNMUYCIGP FGWVUEJVUEJGEJKUEJ5

(5++ ,KTÃ -QUVC &KG ÌMQPQOKUEJG 6TCPUHQTOCVKQPUUVTCVGIKG 6UEJG EJKGPUKO8GTINGKEJ\WT5NQYCMGK2QNGPWPF7PICTP5

(5++ )GTNKPFG &ÌTT 6CPLC -GUUGN &CU 4GUVTWMVWTKGTWPIUOQFGNN 5MQFC8QNMUYCIGPF'TIGDPKUCWU6TCPUHGTWPF6TCPUHQTOCVKQP5

(28)
(29)

Bei Ihren Bestellungen von WZB-Papers schicken Sie bitte unbedingt einen an Sie adressierten Aufkleber mit, sowie je Paper eine Briefmarke im Wert von DM 1,00 oder einen "Coupon Résponse International" (für Besteller aus dem Ausland).

Please send a self-addressed label and postage stamps in the amount of 1 DM or a "Coupon-Réponse International" (if you are ordering from outside

Germany) for each WZB-Paper requested.

Bestellschein Order Form

An das

Wissenschaftszentrum Berlin für Sozialforschung

PRESSE- UND INFORMATIONSREFERAT

Reichpietschufer 50 D-10785 Berlin

Absender • Return Address:

Hiermit bestelle ich folgende(s) Discussion Paper(s):

Please send me the following Discussion Paper(s):

Autor(en) / Kurztitel

Author(s) / Title(s) in brief Bestellnummer

Order no.

(30)

Referenzen

ÄHNLICHE DOKUMENTE

g) Tauchen Sie Kabel, Stecker bzw. das Gerät nicht in Wasser oder andere Flüssigkeiten, um einen Stromschlag zu vermeiden. Verwenden Sie das Gerät nicht auf

Anwendungen in kalten Klimazonen (-30°C) NR Zugverhalten unten Vorspannung für Anwendungen in kalten Klimazonen (-30°C) NF.. Dauerhaftigkeit

B03 Die Zulässigkeit der Sonderräder ist nicht geprüft für Fahrzeuge, die serienmäßig ausschließlich mit größeren und/oder breiteren Serienrädern für Sommerbereifung nicht

• Dvojitá základová deska: nosná deska odstředivky je vybavena tlumiči vibrací a je spojena se základovou deskou, ukotvenou k podlaze. To umožňuje snížení vibrací a

t) Abyste zabránili úrazu elektrickým proudem nebo poškození zařízení, nedovolte, aby se voda, pára, olej, čisticí roztok nebo jakákoli jiná tekutina dostala do

Das im Rahmen dieser Arbeit entwickelte Konzept ist nicht nur für die Evaluierung von Hüllmaterialien für die CPF-Technologie geeignet, sondern kann durch

In order to open the device after having cooked the meal, it is necessary to wait until the pressure inside the device.. Nie należy używać urządzenia w pomieszczeniach o bardzo

für CPF, CPT1, CPT2 bei: Bank XY (Zentrale und ggf. weitere Auslandsfilialen haben ihren Sitz außerhalb DE); die sich in deren BISTA-Meldung niederschlagen würden. beachte: ZaB ist