- 65 -
&X6L&X$O
ǻȚȐȝİIJȡȠȢȤȡȘıȚȝȠʌȠȚȒıȚȝȦȞıȣȡȝȐIJȦȞ PPPPİțįȠȤȒ$țĮȚ$
ȀȜȓȝĮțĮȡİȪȝĮIJȠȢıȣȖțȩȜȜȘıȘȢ
·$
ȀȜȓȝĮțĮIJȐıȘȢıȣȖțȩȜȜȘıȘȢ
9
ȋȡȘıȚȝȠʌȠȚȒıȚȝȠĮȑȡȚȠ
$U
ǹȞȠȟİȓįȦIJȠȚȤȐȜȣȕİȢȝȩȞȠİțįȠȤȒ$ǹțĮȚȜȐȝʌİȢ
ǻȚȐȝİIJȡȠȢȤȡȘıȚȝȠʌȠȚȒıȚȝȦȞıȣȡȝȐIJȦȞ
PP
ȀȜȓȝĮțĮȡİȪȝĮIJȠȢıȣȖțȩȜȜȘıȘȢ
·$
ȀȜȓȝĮțĮIJȐıȘȢıȣȖțȩȜȜȘıȘȢ
9
ȋȡȘıȚȝȠʌȠȚȒıȚȝȠĮȑȡȚȠ
ȝȓȖȝĮ$U2
2
Ȓ$U&2
2
(1-2%)
ȈȣȞȒșȦȢIJȠıȦȜȘȞȐțȚİʌĮijȒȢʌȡȑʌİȚȞĮİȓȞĮȚıIJȠİıȦIJİȡȚțȩIJȠȣıIJȠȝȓȠȣPP
IJȩıȠʌİȡȚııȩIJİȡȠȩıȠȣȥȘȜȩIJİȡȘİȓȞĮȚȘIJȐıȘIJȩȟȠȣȉȠİȜİȪșİȡȠȝȒțȠȢıȪȡȝĮIJȠȢ
VWLFNRXWșĮʌİȡȚȜĮȝȕȐȞİIJĮȚțĮȞȠȞȚțȐĮȞȐȝİıĮıİțĮȚPP
ǼijĮȡȝȠȖȒ
ıȣȖțȩȜȜȘıȘ ıİ ³șȑıȘ´ ıİ ʌȐȤȘ ȝȑıȠȤĮȝȘȜȐ țĮȚ ıİ ȣȜȚțȐ șİȡȝȚțȐ
İʌȚįİțIJȚțȐ
ȚįȚĮȓIJİȡĮțĮIJȐȜȜȘȜȠȖȚĮıȣȖțȩȜȜȘıȘıİİȜĮijȡȐțȡȐȝĮIJĮĮȜȠȣȝȓȞȚȠ
țĮȚțȡȐȝĮIJȐIJȠȣĮțȩȝĮțĮȚıİʌȐȤȘțĮIJȫIJİȡĮĮʌȩPP
.
ǹǼȇǿȅȆȇȅȈȉǹȈǿǹȈ
ǾȡȠȒIJȠȣĮİȡȓȠȣʌȡȠıIJĮıȓĮȢʌȡȑʌİȚȞĮİȓȞĮȚOPLQ
ȉȇȅȆȅȈȂǼȉǹǺǿǺǹȈǾȈȂǼȀȇȊȅȉȅȄȅ52270,*
ȉȠ 5227 0,* İȓȞĮȚ ȝȚĮ İȚįȚțȒ įȚĮįȚțĮıȓĮ ıȣȖțȩȜȜȘıȘȢ 0,* 6KRUW$UF ȝİȜİIJȘȝȑȞȘ
ȖȚĮȞĮįȚĮIJȘȡİȓIJĮȚIJȠȕȪșȚıȝĮIJȒȟȘȢĮțȩȝĮʌȚȠțȡȪȠĮʌȩIJȠȓįȚȠIJȠ6KRUW$UFȋȐȡȘ
ıIJȘȞʌȠȜȪȤĮȝȘȜȒșİȡȝȚțȒİȚıijȠȡȐİȓȞĮȚįȣȞĮIJȩȞȞĮİȞĮʌȠIJȓșİIJĮȚȣȜȚțȩıȣȖțȩȜȜȘıȘȢ
ʌĮȡĮȝȠȡijȫȞȠȞIJĮȢıIJȠİȜȐȤȚıIJȠIJȘȞİʌȚijȐȞİȚĮIJȠȣȣȜȚțȠȪțĮIJİȡȖĮıȓĮȢȉȠ52270,*
İȓȞĮȚȜȠȚʌȩȞȚįĮȞȚțȩȖȚĮȞĮȖİȝȓȗȠȞIJĮȚȤİȚȡȦȞĮțIJȚțȐȡȦȖȝȑȢțĮȚȡĮȖȓıȝĮIJĮǾİȞȑȡȖİȚĮ
ȖȑȝȚıȘȢİʌȓıȘȢıİıȤȑıȘȝİIJȘıȣȖțȩȜȜȘıȘ7,*įİȞĮʌĮȚIJİȓȣȜȚțȩʌȡȠıșȒțȘȢțĮȚ
İȓȞĮȚʌȚȠİȪțȠȜȘȢțĮȚȖȡȒȖȠȡȘȢİțIJȑȜİıȘȢȉĮʌȡȠȖȡȐȝȝĮIJĮ52270,*ʌȡȠȠȡȓȗȠȞIJĮȚ
ıIJȘȞțĮIJİȡȖĮıȓĮĮȞșȡĮțȠȪȤȦȞȤĮȜȪȕȦȞțĮȚȤĮȝȘȜȠȪțȡȐȝĮIJȠȢ
ȉȇȅȆȅȈȁǼǿȉȅȊȇīǿǹȈ0,*0$*
ȁİȚIJȠȣȡȖȓĮıİȤİȚȡȠțȓȞȘIJȠIJȡȩʌȠ
ȇȪșȝȚıȘȤİȚȡȠțȓȞȘIJȠȣIJȡȩʌȠȣǼȚț/
ȅȤȡȒıIJȘȢȝʌȠȡİȓȞĮİȟĮIJȠȝȚțİȪıİȚȩȜİȢIJȚȢʌĮȡĮȝȑIJȡȠȣȢıȣȖțȩȜȜȘıȘȢǼȚț/
-
IJȐıȘıȣȖțȩȜȜȘıȘȢ
-
IJĮȤȪIJȘIJĮIJȡȠijȠįȠıȓĮȢıȪȡȝĮIJȠȢ
-
ȂİIJȐĮȑȡȚȠ ǼʌȚIJȡȑʌİȚ IJȘȞ ʌȡȠıĮȡȝȠȖȒ IJȠȣ ȤȡȩȞȠȣ İțȡȠȒȢ IJȠȣ ĮİȡȓȠȣ
ʌȡȠıIJĮıȓĮȢĮʌȩIJȘıIJȚȖȝȒIJȘȢıIJȐıȘȢIJȘȢıȣȖțȩȜȜȘıȘȢ
-
ǼʌĮȖȦȖȚțȒ ȘȜİțIJȡȠȞȚțȒ ĮȞIJȓıIJĮıȘ ǵıȠ ȣȥȘȜȩIJİȡȘ İȓȞĮȚ Ș IJȚȝȒ IJȩıȠ
șİȡȝȩIJİȡȠİȓȞĮȚIJȠȕȪșȚıȝĮIJȘȢıȣȖțȩȜȜȘıȘȢ
-
%XUQEDFN ǼʌȚIJȡȑʌİȚ IJȘ ȡȪșȝȚıȘ IJȠȣ ȤȡȩȞȠȣ țĮȪıȘȢ IJȠȣ ıȪȡȝĮIJȠȢ ıIJȘ
ıIJȐıȘIJȘȢıȣȖțȩȜȜȘıȘȢ
-
6RIWVWDUW ǼʌȚIJȡȑʌİȚ IJȘȞ ʌȡȠıĮȡȝȠȖȒ IJȘȢ IJĮȤȪIJȘIJĮȢ ıȪȡȝĮIJȠȢ ıIJȘȞ
İțțȓȞȘıȘIJȘȢıȣȖțȩȜȜȘıȘȢȖȚĮȞĮȕİȜIJȚıIJȠʌȠȚİȓIJĮȚIJȠİȝʌȪȡİȣȝĮIJȠȣIJȩȟȠȣ
ȈIJȠȣȥȘȜȩIJİȡȠȝȑȡȠȢIJȘȢȠșȩȞȘȢİȝijĮȞȓȗȠȞIJĮȚIJĮʌȡĮȖȝĮIJȚțȐȝİȖȑșȘıȣȖțȩȜȜȘıȘȢ
IJĮȤȪIJȘIJĮıȪȡȝĮIJȠȢȡİȪȝĮțĮȚIJȐıȘıȣȖțȩȜȜȘıȘȢ
ȇȪșȝȚıȘʌĮȡĮȝȑIJȡȦȞȝİVSRROJXQȝȩȞȠİțįȠȤȒȝȠȞȒȜȐȝʌĮ
Ȉİ ȤİȚȡȠțȓȞȘIJȠ IJȡȩʌȠ Ș IJĮȤȪIJȘIJĮ IJȡȠijȠįȠıȓĮȢ ıȪȡȝĮIJȠȢ țĮȚ Ș IJȐıȘ ıȣȖțȩȜȜȘıȘȢ
ȡȣșȝȓȗȠȞIJĮȚȟİȤȦȡȚıIJȐȅįȚĮțȩʌIJȘȢʌȠȣȕȡȓıțİIJĮȚıIJȠVSRROJXQǼȚț,ȡȣșȝȓȗİȚ
IJȘȞIJĮȤȪIJȘIJĮIJȠȣıȪȡȝĮIJȠȢİȞȫȘIJȐıȘıȣȖțȩȜȜȘıȘȢȡȣșȝȓȗİIJĮȚĮʌȩIJȘȞȠșȩȞȘ
ȁİȚIJȠȣȡȖȓĮıİıȣȞİȡȖȚțȩIJȡȩʌȠ
ȇȪșȝȚıȘıȣȞİȡȖȚțȠȪIJȡȩʌȠȣǼȚț/
ȆȚȑȗȠȞIJĮȢ ȖȚĮ IJȠȣȜȐȤȚıIJȠȞ įİȣIJİȡȩȜİʌIJĮ IJȠȞ ʌİȡȚıIJȡȠijȚțȩ įȚĮțȩʌIJȘ &
İʌȚIJȣȖȤȐȞİIJĮȚȘʌȡȩıȕĮıȘıIJȠȝİȞȠȪȡȪșȝȚıȘȢʌĮȡĮȝȑIJȡȦȞȩʌȦȢȣȜȚțȩįȚȐȝİIJȡȠȢ
ıȪȡȝĮIJȠȢIJȪʌȠȢĮİȡȓȠȣ)LJ/ǾıȣıțİȣȒıȣȖțȩȜȜȘıȘȢȡȣșȝȓȗİIJĮȚĮȣIJȩȝĮIJĮıIJȚȢ
ȕȑȜIJȚıIJİȢ ıȣȞșȒțİȢ ȜİȚIJȠȣȡȖȓĮȢ ʌȠȣ țĮșȠȡȓȗȠȞIJĮȚ Įʌȩ IJȚȢ įȚȐijȠȡİȢ ĮʌȠșȘțİȣȝȑȞİȢ
ıȣȞİȡȖȚțȑȢțĮȝʌȪȜİȢȅȤȡȒıIJȘȢșĮʌȡȑʌİȚȝȩȞȠȞĮİʌȚȜȑȟİȚIJȠʌȐȤȠȢIJȠȣȣȜȚțȠȪȖȚĮ
IJȘȞȑȞĮȡȟȘIJȘȢıȣȖțȩȜȜȘıȘȢ
ȅȤȡȒıIJȘȢȝʌȠȡİȓİʌȓıȘȢȞĮİȟĮIJȠȝȚțİȪıİȚIJȚȢĮțȩȜȠȣșİȢʌĮȡĮȝȑIJȡȠȣȢıȣȖțȩȜȜȘıȘȢ
ǼȚț/
-
ǻȚȩȡșȦıȘIJȩȟȠȣıİıȤȑıȘȝİIJȘȞʌȡȠȡȣșȝȚȗȩȝİȞȘIJȐıȘ
-
IJĮȤȪIJȘIJĮIJȡȠijȠįȠıȓĮȢıȪȡȝĮIJȠȢ
-
ʌȐȤȠȢȣȜȚțȠȪ
-
ȇİȪȝĮıȣȖțȩȜȜȘıȘȢ
-
ȇȪșȝȚıȘ İʌĮȖȦȖȚțȒȢ ȘȜİțIJȡȠȞȚțȒȢ ĮȞIJȓıIJĮıȘȢ ıİ ıȤȑıȘ ȝİ IJȘȞ
ʌȡȠȡȣșȝȚȗȩȝİȞȘIJȚȝȒ
-
ǻȚȩȡșȦıȘ %XUQEDFN ǼʌȚIJȡȑʌİȚ IJȘ įȚȩȡșȦıȘ IJȠȣ ȤȡȩȞȠȣ țĮȪıȘȢ
ıȪȡȝĮIJȠȢıIJȘıIJȐıȘIJȘȢıȣȖțȩȜȜȘıȘȢıİıȤȑıȘȝİIJȠȞʌȡȠȡȣșȝȚȗȩȝİȞȠ
ȤȡȩȞȠ
-
ȂİIJȐĮȑȡȚȠ ǼʌȚIJȡȑʌİȚ IJȘȞ ʌȡȠıĮȡȝȠȖȒ IJȠȣ ȤȡȩȞȠȣ İțȡȠȒȢ IJȠȣ ĮİȡȓȠȣ
ʌȡȠıIJĮıȓĮȢĮʌȩIJȘıIJȚȖȝȒIJȘȢıIJȐıȘȢIJȘȢıȣȖțȩȜȜȘıȘȢ
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ȀȜȓȝĮțĮțĮșȩįȠȣIJȠȣȡİȪȝĮIJȠȢıȣȖțȩȜȜȘıȘȢ6/23('2:1ǼʌȚIJȡȑʌİȚ
IJȘ ȕĮșȝȚĮȓĮ İȜȐIJIJȦıȘ IJȠȣ ȡİȪȝĮIJȠȢ IJȘ ıIJȚȖȝȒ ʌȠȣ ĮʌİȜİȣșİȡȫȞİIJĮȚ IJȠ
ʌȜȒțIJȡȠȜȐȝʌĮȢ
ȈȘȝİȓȦıȘ ȠȚ ʌĮȡȐȝİIJȡȠȚ ȡİȪȝĮ ıȣȖțȩȜȜȘıȘȢ IJĮȤȪIJȘIJĮ IJȡȠijȠįȠıȓĮȢ ıȪȡȝĮIJȠȢ
ʌȐȤȠȢȣȜȚțȠȪıȣȞįȑȠȞIJĮȚȝİIJĮȟȪIJȠȣȢȕȐıİȚȝȓĮȢıȣȞİȡȖȚțȒȢțĮȝʌȪȜȘȢ
ȈIJȠȣȥȘȜȩIJİȡȠȝȑȡȠȢIJȘȢȠșȩȞȘȢİȝijĮȞȓȗȠȞIJĮȚIJĮʌȡĮȖȝĮIJȚțȐȝİȖȑșȘıȣȖțȩȜȜȘıȘȢ
IJĮȤȪIJȘIJĮıȪȡȝĮIJȠȢȡİȪȝĮțĮȚIJȐıȘıȣȖțȩȜȜȘıȘȢ
ȉȡȩʌȠȢ$7&$GYDQFHG7KHUPDO&RQWURO
ǼȞİȡȖȠʌȠȚİȓIJĮȚĮȣIJȩȝĮIJĮȩIJĮȞIJȠʌȡȠıįȚȠȡȚıȝȑȞȠʌȐȤȠȢİȓȞĮȚțĮIJȫIJİȡȠȒȓıȠȝİ
mm.
ȆİȡȚȖȡĮijȒȠİȚįȚțȩȢıIJȚȖȝȚĮȓȠȢȑȜİȖȤȠȢIJȠȣIJȩȟȠȣıȣȖțȩȜȜȘıȘȢțĮȚȘȣȥȘȜȒIJĮȤȪIJȘIJĮ
įȚȩȡșȦıȘȢIJȦȞʌĮȡĮȝȑIJȡȦȞİȜĮȤȚıIJȠʌȠȚȠȪȞIJȚȢĮȚȤȝȑȢȡİȪȝĮIJȠȢʌȠȣȤĮȡĮțIJȘȡȓȗȠȣȞ
IJȠȞ IJȡȩʌȠ ȝİIJĮȕȓȕĮıȘȢ 6KRUW $UF ȫıIJİ ȞĮ İʌȚIJȣȖȤȐȞİIJĮȚ ȤĮȝȘȜȩIJİȡȘ șİȡȝȚțȒ
İȚıijȠȡȐıIJȠȣȜȚțȩʌȠȣıȣȖțȠȜȜİȓIJĮȚȉȠĮʌȠIJȑȜİıȝĮİȓȞĮȚĮʌȩȝȚĮʌȜİȣȡȐȝȚțȡȩIJİȡȘ
ʌĮȡĮȝȩȡijȦıȘIJȠȣȣȜȚțȠȪĮʌȩIJȘȞȐȜȜȘȡİȣıIJȒțĮȚĮțȡȚȕȒȢȝİIJĮȕȓȕĮıȘIJȠȣȣȜȚțȠȪ
ʌȡȠıșȒțȘȢȝİIJȘįȘȝȚȠȣȡȖȓĮİȞȩȢİȪʌȜĮıIJȠȣțȠȡįȠȞȚȠȪıȣȖțȩȜȜȘıȘȢ
ȆȜİȠȞİțIJȒȝĮIJĮ
ıȣȖțȠȜȜȒıİȚȢıİȜİʌIJȐʌȐȤȘȝİȝİȖȐȜȘİȣțȠȜȓĮ
ȝȚțȡȩIJİȡȘʌĮȡĮȝȩȡijȦıȘIJȠȣȣȜȚțȠȪ
ıIJĮșİȡȩIJȩȟȠĮțȩȝĮțĮȚȝİȤĮȝȘȜȐȡİȪȝĮIJĮ
ȖȡȒȖȠȡȘțĮȚĮțȡȚȕȒȢıȘȝİȚĮțȒıȣȖțȩȜȜȘıȘ
İȣțȠȜȩIJİȡȘȑȞȦıȘİȜĮıȝȐIJȦȞıİĮʌȩıIJĮıȘȝİIJĮȟȪIJȠȣȢ
ȋȡȒıȘIJȠȣVSRROJXQȝȩȞȠİțįȠȤȒȝȠȞȒȜȐȝʌĮ
ǵȜȠȚ ȠȚ IJȡȩʌȠȚ ȡȪșȝȚıȘȢ ȣȜȚțȠȪ įȚĮȝȑIJȡȠȣ ıȪȡȝĮIJȠȢ IJȪʌȠȣ ĮİȡȓȠȣ
ʌȡĮȖȝĮIJȠʌȠȚȠȪȞIJĮȚȩʌȦȢʌİȡȚȖȡȐijİIJĮȚʌȚȠʌȐȞȦ
ȅįȚĮțȩʌIJȘȢʌȠȣȕȡȓıțİIJĮȚıIJȠVSRROJXQǼȚț,ȡȣșȝȓȗİȚIJȘȞIJĮȤȪIJȘIJĮIJȠȣıȪȡȝĮIJȠȢ
țĮȚIJĮȣIJȩȤȡȠȞĮIJȠȡİȪȝĮıȣȖțȩȜȜȘıȘȢțĮȚIJȠʌȐȤȠȢȅȤȡȒıIJȘȢșĮʌȡȑʌİȚȝȩȞȠȞĮ
įȚȠȡșȫıİȚIJȘȞIJȐıȘIJȩȟȠȣĮʌȩIJȘȞȠșȩȞȘĮȞĮȞĮȖțĮȓȠ
ȁİȚIJȠȣȡȖȓĮıİIJȡȩʌȠ$%3XOVH
ȇȪșȝȚıȘIJȡȩʌȠȣSXOVHǼȚț/
ȆȚȑȗȠȞIJĮȢ ȖȚĮ IJȠȣȜȐȤȚıIJȠȞ įİȣIJİȡȩȜİʌIJĮ IJȠȞ ʌİȡȚıIJȡȠijȚțȩ įȚĮțȩʌIJȘ &
İʌȚIJȣȖȤȐȞİIJĮȚȘʌȡȩıȕĮıȘıIJȠȝİȞȠȪȡȪșȝȚıȘȢʌĮȡĮȝȑIJȡȦȞȩʌȦȢȣȜȚțȩįȚȐȝİIJȡȠȢ
ıȪȡȝĮIJȠȢIJȪʌȠȢĮİȡȓȠȣ(LN/ǾıȣıțİȣȒıȣȖțȩȜȜȘıȘȢȡȣșȝȓȗİIJĮȚĮȣIJȩȝĮIJĮıIJȚȢ
ȕȑȜIJȚıIJİȢ ıȣȞșȒțİȢ ȜİȚIJȠȣȡȖȓĮȢ ʌȠȣ țĮșȠȡȓȗȠȞIJĮȚ Įʌȩ IJȚȢ įȚȐijȠȡİȢ ĮʌȠșȘțİȣȝȑȞİȢ
ıȣȞİȡȖȚțȑȢțĮȝʌȪȜİȢȅȤȡȒıIJȘȢșĮʌȡȑʌİȚȝȩȞȠȞĮİʌȚȜȑȟİȚIJȠʌȐȤȠȢIJȠȣȣȜȚțȠȪȖȚĮ
IJȘȞȑȞĮȡȟȘIJȘȢıȣȖțȩȜȜȘıȘȢ
ȈİıȤȑıȘȝİIJȠıȣȞİȡȖȚțȩIJȡȩʌȠįȚĮșȑIJȠȞIJĮȚȐȜȜİȢįȣȠʌĮȡȐȝİIJȡȠȚ
-
ǹȡȤȚțȩȡİȪȝĮ
-
ǻȚȐȡțİȚĮ ĮȡȤȚțȠȪ ȡİȪȝĮIJȠȢ ȇȣșȝȓȗȠȞIJĮȢ ıIJȠ ȝȘįȑȞ IJȘȞ ʌĮȡȐȝİIJȡȠ
ĮʌİȞİȡȖȠʌȠȚİȓIJĮȚIJȠĮȡȤȚțȩȡİȪȝĮ
ȁİȚIJȠȣȡȖȓĮıİIJȡȩʌȠ$%3R338/6(RQ38/6(
ȇȪșȝȚıȘIJȡȩʌȠȣSXOVHǼȚț/
ȅ IJȡȩʌȠȢ 3R3 İʌȚIJȡȑʌİȚ IJȘȞ İțIJȑȜİıȘȢ ȝȚĮȢ ʌĮȜȝȚțȒȢ ıȣȖțȩȜȜȘıȘȢ ȝİ İʌȓʌİįĮ
ȡİȪȝĮIJȠȢ,
2
țĮȚ,
1
țĮȚįȚȐȡțİȚĮȢĮȞIJȓıIJȠȚȤĮ7țĮȚ7
ȈİıȤȑıȘȝİIJȠȞIJȡȩʌȠ38/6(įȚĮșȑIJȠȞIJĮȚȠȚĮțȩȜȠȣșİȢȝİIJĮȕȜȘIJȑȢ
-
ǻİȣIJİȡİȪȠȞȡİȪȝĮıȣȖțȩȜȜȘıȘȢ
-
ǻȚȩȡșȦıȘįİȣIJİȡİȪȠȣıĮȢIJȐıȘȢIJȩȟȠȣıİıȤȑıȘȝİIJȘȞʌȡȠȡȣșȝȚȗȩȝİȞȘ
IJȐıȘ
-
įİȣIJİȡİȪȠȣıĮIJĮȤȪIJȘIJĮIJȡȠijȠįȠıȓĮȢıȪȡȝĮIJȠȢ
-
įİȣIJİȡİȪȠȞʌȐȤȠȢȣȜȚțȠȪ
-
įȚȐȡțİȚĮȡİȪȝĮIJȠȢ,
2
,
-
įȚȐȡțİȚĮȡİȪȝĮIJȠȢ,
1
.
ȁİȚIJȠȣȡȖȓĮıİIJȡȩʌȠ52270,*
ȇȪșȝȚıȘIJȡȩʌȠȣ52270,*ǼȚț/
ȅȚįȚĮșȑıȚȝİȢʌĮȡȐȝİIJȡȠȚİȓȞĮȚȠȚȓįȚİȢIJȠȣıȣȞİȡȖȚțȠȪIJȡȩʌȠȣȕȜȑʌİ
ȇȪșȝȚıȘȜȐȝʌĮȢ777ȝȩȞȠİțįȠȤȒȜȐȝʌİȢ
ǾȡȪșȝȚıȘȤȡȒıȘȢIJȘȢȜȐȝʌĮȢ77ȉȝʌȠȡİȓȞĮȖȓȞİȚțĮIJȐįȪȠIJȡȩʌȠȣȢ
ʌȚȑȗȠȞIJĮȢȖȚĮIJȠȣȜȐȤȚıIJȠȞȑȞĮįİȣIJİȡȩȜİʌIJȠIJȠʌȜȒțIJȡȠIJȘȢȜȐȝʌĮȢʌȠȣʌȡȩțİȚIJĮȚ
ȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȝȑȤȡȚȞĮİʌȚȜİȤIJİȓȘĮȞIJȓıIJȠȚȤȘİȚțȩȞĮ
İʌȚȜȑȖȠȞIJȐȢIJȘȞĮʌȩIJȠȝİȞȠȪȇȊĬȂǿȈǼǿȈȕȜȑʌİțİij
ȈȘȝİȓȦıȘ
ʌȚȑȗȠȞIJĮȢIJĮȣIJȩȤȡȠȞĮIJĮįȪȠʌȜȒțIJȡĮǼȚț&țĮȚǼȚț&İȝijĮȞȓȗİIJĮȚ
ȘȡȪșȝȚıȘțĮșİȝȓĮȢIJȦȞȜĮȝʌȫȞ
īȚĮ ȞĮ İʌȚIJȣȖȤȐȞȠȞIJĮȚ ȕȑȜIJȚıIJİȢ ıȣȖțȠȜȜȒıİȚȢ ıȣȞȚıIJȐIJĮȚ Ș ȤȡȒıȘ IJȠȣ ıȦıIJȠȪ
ıȣȞįȣĮıȝȠȪȜȐȝʌĮȑȜȟȘȣȜȚțȩǺȜȑʌİʌȓȞĮțĮȆǿȃ
ǼȁǼīȋȅȈȆȁǾȀȉȇȅȊȁǹȂȆǹȈ
ȇȪșȝȚıȘIJȡȩʌȠȣİȜȑȖȤȠȣIJȠȣʌȜȒțIJȡȠȣȜȐȝʌĮȢǼȚț/
īȚĮIJȘȞʌȡȩıȕĮıȘıIJȠȝİȞȠȪȡȪșȝȚıȘȢIJȦȞʌĮȡĮȝȑIJȡȦȞʌȚȑıIJİIJȠįȚĮțȩʌIJȘǼȚț%
ȖȚĮIJȠȣȜȐȤȚıIJȠȞįİȣIJİȡȩȜİʌIJĮ
ȉȡȩʌȠȢİȜȑȖȤȠȣʌȜȒțIJȡȠȣȜȐȝʌĮȢ
ǼȓȞĮȚįȣȞĮIJȒȘȡȪșȝȚıȘįȚĮijȠȡİIJȚțȫȞIJȡȩʌȦȞİȜȑȖȤȠȣIJȠȣʌȜȒțIJȡȠȣȜȐȝʌĮȢ
ȉȡȩʌȠȢ7
ǾıȣȖțȩȜȜȘıȘĮȡȤȓȗİȚʌȚȑȗȠȞIJĮȢIJȠʌȜȒțIJȡȠȜȐȝʌĮȢțĮȚIJİȜİȚȫȞİȚȩIJĮȞIJȠʌȜȒțIJȡȠ
ĮʌİȜİȣșİȡȫȞİIJĮȚ
ȉȡȩʌȠȢ7
Ǿ ıȣȖțȩȜȜȘıȘ ĮȡȤȓȗİȚ ʌȚȑȗȠȞIJĮȢ țĮȚ ĮʌİȜİȣșİȡȫȞȠȞIJĮȢ IJȠ ʌȜȒțIJȡȠ ȜȐȝʌĮȢ țĮȚ
IJİȜİȚȫȞİȚ ȝȩȞȠ ȩIJĮȞ IJȠ ʌȜȒțIJȡȠ ȜȐȝʌĮȢ ʌȚȑȗİIJĮȚ țĮȚ ĮʌİȜİȣșİȡȫȞİIJĮȚ ȝȚĮ įİȪIJİȡȘ
ijȠȡȐǹȣIJȩȢȠIJȡȩʌȠȢİȓȞĮȚȤȡȒıȚȝȠȢȖȚĮıȣȖțȠȜȜȒıİȚȢȝĮțȡȐȢįȚĮȡțİȓĮȢ
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