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Introductie Algemene Economie HKU 2013: samenvatting.
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1.
/ŶƚƌŽĚƵĐƚŝŽŶ ƌƚ ĂŶĚ ĐŽŶŽŵŝĐƐ ZĂƉƉŝŶŐ
ŝƚ ƵƉ hŶŝǀĞƌƐŝƚLJ ŽĨ ƚŚĞ ƌƚƐ ZĞŶĞ <ŽŽLJŵĂŶ ^ĞƉƚͬKĐƚ ϮϬϭϯ ƵůƚƵƌĞůĞ ĞĐŽŶŽŵŝĞ ĐŽŶŽŵŝĞ ĂůƐ ;ƐŽĐŝĂůĞͿ ŐĞĚƌĂŐƐǁĞƚĞŶƐĐŚĂƉ ‡ ͚ ƵůƚƵƌĂů ĞĐŽŶŽŵŝĐƐ͛ ŝƐ ĚĞ ƚŽĞƉĂƐƐŝŶŐ ǀĂŶ ĚĞ ĞĐŽŶŽŵŝƐĐŚĞ ĂŶĂůLJƐĞ ŽƉ ĂůůĞ ĐƌĞĂƚŝĞǀĞ ĞŶ ƵŝƚǀŽĞƌĞŶĚĞ ŬƵŶƐƚĞŶ͕ ĐƵůƚƵƌĞĞů ĞƌĨŐŽĞĚ ĞŶ ĐƵůƚƵƌĞůĞ ŝŶĚƵƐƚƌŝĞģŶ͖ ƉƵďůŝĞŬ Θ ƉƌŝǀĂĂƚ ‡ ƌĞĂƚŝĞǀĞůŝŶŐĞŶ ĂůůĞƌŐŝƐĐŚ ǀŽŽƌ ĞĐŽŶŽŵŝƐĐŚĞ ĂŶĂůLJƐĞƐ͍
2.
<ĂƉŝƚĂůŝƐŵĞ <ĂƉŝƚĂůŝƐŵĞ͗ ĞĐŽŶŽŵŝƐĐŚ ƐLJƐƚĞĞŵ͕
ŐĞďĂƐĞĞƌĚ ŽƉ͗ ϭ͘ WƌŝǀĠ ĞŝŐĞŶĚŽŵ ǀĂŶ ŬĂƉŝƚĂĂůŐŽĞĚĞƌĞŶ ĞŶ ŐƌŽŶĚ Ϯ͘ ĞŚĂůĞŶ ǀĂŶ ǁŝŶƐƚ͖ ǀƌĂĂŐͬĂĂŶďŽĚ ͕ ĐŽŶĐƵƌƌĞŶƚŝĞ WƌŽĚƵĐƚŝĞĨĂĐƚŽƌĞŶ͗ Ă͘ <ĂƉŝƚĂĂůŐŽĞĚĞƌĞŶ ď͘ EĂƚƵƵƌůŝũŬĞ ŚƵůƉďƌŽŶŶĞŶ Đ͘ ĂƌďĞŝĚ E>͗ ,ĂŶĚĞůƐŬĂƉŝƚĂůŝƐƚ ‡ dƌĂŶƐƉŽƌƚͬŵŽďŝůŝƚĞŝƚ ‡ s K͗ Es ;ƌŝƐŝĐŽ ďĞƉĞƌŬƚͿ ŵďĂĐŚƚĞůŝũŬ ŬůĞŝŶďĞĚƌŝũĨ͗ ‡ 'ŝůĚĞŶƐƚƌƵĐƚƵƵƌ ‡ ƌďĞŝĚƐĚĞůŝŶŐ ƵůƚƵƌĂů ŝŶĞƋƵĂůŝƚŝĞƐ ‡ ,ŝŐŚ ĂŶĚ ůŽǁ ĐƵůƚƵƌĞ͖ ± ͚ƌĞĂů͛ Ăƌƚ ͬ ƉŽƉƵůĂƌ ĐƵůƚƵƌĞ ± ͚ƉƌŽĨĞƐƐŝŽŶĂů͛ ĂŶĚ ͚ĂŵĂƚĞƵƌ͛ Ăƌƚ ƒ ƵůƚƵƌĂů ĚŝŵĞŶƐŝŽŶƐ͗ >ŽĐĂů ĂŶĚ ŐůŽďĂů ĐƵůƚƵƌĞ ‡ ƵůƚƵƌĂů͕ ^ŽĐŝĂů Θ ĐŽŶŽŵŝĐ ĂƉŝƚĂů͗ ± ĐŽŶŽŵŝĐ ĐĂƉŝƚĂů͗ ĐŽŵŵĂŶĚ ŽǀĞƌ ĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐ ;ĐĂƐŚ͕ ĂƐƐĞƚƐͿ ± ^ŽĐŝĂů ĐĂƉŝƚĂů͗ ƌĞƐŽƵƌĐĞƐ ďĂƐĞĚ ŽŶ ŐƌŽƵƉ ŵĞŵďĞƌƐŚŝƉ͕ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ŶĞƚǁŽƌŬƐ ± ƵůƚƵƌĂů ĐĂƉŝƚĂů͗ ĨŽƌŵƐ ŽĨ ŬŶŽǁůĞĚŐĞ͖ ƐŬŝůů͖ ĞĚƵĐĂƚŝŽŶ͖ ĂŶLJ ĂĚǀĂŶƚĂŐĞƐ Ă ƉĞƌƐŽŶ ŚĂƐ ǁŚŝĐŚ ŐŝǀĞ ƚŚĞŵ Ă ŚŝŐŚĞƌ ƐƚĂƚƵƐ ŝŶ ƐŽĐŝĞƚLJ͕ ŝŶĐůƵĚŝŶŐ ŚŝŐŚ ĞdžƉĞĐƚĂƚŝŽŶƐ
3.
dŚĞ ĐƵůƚƵƌĂů ĂŶĚ
ĐƌĞĂƚŝǀĞ ŝŶĚƵƐƚƌŝĞƐ ‡ Ğ ͚ ƵůƚƵƵƌŝŶĚƵƐƚƌŝĞΖ njŝũŶ ĚŝĞ ŝŶĚƵƐƚƌŝĞģŶ͕ ǁŽƌĚĞŶ ďĞƐĐŚŽƵǁĚ ĂůƐ ĞĞŶ ƐƉĞĐŝĨŝĞŬ ĐƵůƚƵƌĞůĞ ƵŝƚŝŶŐĞŶ͕ ‡ ŽŶŐĞĂĐŚƚ ĚĞ ĐŽŵŵĞƌĐŝģůĞ ǁĂĂƌĚĞ ŬƵŶŶĞŶ ŚĞďďĞŶ͘ ŝũǀ͗ Ĩŝůŵ͕ s ĂŶĚ ǀŝĚĞŽ͕ ƚĞůĞǀŝƐŝŽŶ ĂŶĚ ƌĂĚŝŽ͕ ǀŝĚĞŽ ŐĂŵĞƐ͕ ŶĞǁ ŵĞĚŝĂ͕ ŵƵƐŝĐ͕ ŬƐ ĂŶĚ ƉƌĞƐƐ͕ ƉĞƌĨŽƌŵŝŶŐ ĂƌƚƐ͕ ǀŝƐƵĂů ĂƌƚƐ͘ Ζ ƌĞĂƚŝĞǀĞ /ŶĚƵƐƚƌŝĞģŶΖ njŝũŶ ĚŝĞ ŝŶĚƵƐƚƌŝĞģŶ ĚŝĞ ĐƵůƚƵƵƌ ŐĞďƌƵŝŬĞŶ ĂůƐ ŝŶƉƵƚ͕ ŵĂĂƌ ǁĂĂƌǀĂŶ ƌĞƐƵůƚĂƚĞŶ ǀŽŽƌĂů ĨƵŶĐƚŝŽŶĞĞů njŝũŶ͕ ŝũǀ͗͘ ĂƌĐŚŝƚĞĐƚƵƵƌ͕ ƌĞĐůĂŵĞ ĞŶ ĚĞƐŝŐŶ ĞŶ ŵŽĚĞ͘ <ĂƉŝƚĂůŝƐŵĞ <ĂƉŝƚĂůŝƐŵĞ͗ ĞĐŽŶŽŵŝƐĐŚ ƐLJƐƚĞĞŵ͕ ŐĞďĂƐĞĞƌĚ ŽƉ͗ ϭ͘ WƌŝǀĠ ĞŝŐĞŶĚŽŵ ǀĂŶ ŬĂƉŝƚĂĂůŐŽĞĚĞƌĞŶ ĞŶ ŐƌŽŶĚ Ϯ͘ ĞŚĂůĞŶ ǀĂŶ ǁŝŶƐƚ͖ ǀƌĂĂŐͬĂĂŶďŽĚ ͕ ĐŽŶĐƵƌƌĞŶƚŝĞ WƌŽĚƵĐƚŝĞĨĂĐƚŽƌĞŶ͗ Ă͘ <ĂƉŝƚĂĂůŐŽĞĚĞƌĞŶ ď͘ EĂƚƵƵƌůŝũŬĞ ŚƵůƉďƌŽŶŶĞŶ Đ͘ ĂƌďĞŝĚ E>͗ ,ĂŶĚĞůƐŬĂƉŝƚĂůŝƐƚ ‡ dƌĂŶƐƉŽƌƚͬŵŽďŝůŝƚĞŝƚ ‡ s K͗ Es ;ƌŝƐŝĐŽ ďĞƉĞƌŬƚͿ ŵďĂĐŚƚĞůŝũŬ ŬůĞŝŶďĞĚƌŝũĨ͗ ‡ 'ŝůĚĞŶƐƚƌƵĐƚƵƵƌ ‡ ƌďĞŝĚƐĚĞůŝŶŐ
4.
ƵůƚƵƌĂů ŝŶĞƋƵĂůŝƚŝĞƐ ‡ ,ŝŐŚ
ĂŶĚ ůŽǁ ĐƵůƚƵƌĞ͖ ± ͚ƌĞĂů͛ Ăƌƚ ͬ ƉŽƉƵůĂƌ ĐƵůƚƵƌĞ ± ͚ƉƌŽĨĞƐƐŝŽŶĂů͛ ĂŶĚ ͚ĂŵĂƚĞƵƌ͛ Ăƌƚ ƒ ƵůƚƵƌĂů ĚŝŵĞŶƐŝŽŶƐ͗ >ŽĐĂů ĂŶĚ ŐůŽďĂů ĐƵůƚƵƌĞ ‡ ƵůƚƵƌĂů͕ ^ŽĐŝĂů Θ ĐŽŶŽŵŝĐ ĂƉŝƚĂů͗ ± ĐŽŶŽŵŝĐ ĐĂƉŝƚĂů͗ ĐŽŵŵĂŶĚ ŽǀĞƌ ĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐ ;ĐĂƐŚ͕ ĂƐƐĞƚƐͿ ± ^ŽĐŝĂů ĐĂƉŝƚĂů͗ ƌĞƐŽƵƌĐĞƐ ďĂƐĞĚ ŽŶ ŐƌŽƵƉ ŵĞŵďĞƌƐŚŝƉ͕ ƌĞůĂƚŝŽŶƐŚŝƉƐ͕ ŶĞƚǁŽƌŬƐ ± ƵůƚƵƌĂů ĐĂƉŝƚĂů͗ ĨŽƌŵƐ ŽĨ ŬŶŽǁůĞĚŐĞ͖ ƐŬŝůů͖ ĞĚƵĐĂƚŝŽŶ͖ ĂŶLJ ĂĚǀĂŶƚĂŐĞƐ Ă ƉĞƌƐŽŶ ŚĂƐ ǁŚŝĐŚ ŐŝǀĞ ƚŚĞŵ Ă ŚŝŐŚĞƌ ƐƚĂƚƵƐ ŝŶ ƐŽĐŝĞƚLJ͕ ŝŶĐůƵĚŝŶŐ ŚŝŐŚ ĞdžƉĞĐƚĂƚŝŽŶƐ &/$66 /,)(67</( $1' 32:(5 WŝĞƌƌĞ ŽƵƌĚŝĞƵ͗ ϭ͘ ĞƐƚĂĂŶ ǀĂŶ ĞĞŶ ^ŽĐŝĂů <ůĂƐƐĞ ŝƐ ĞĞŶ ĞůĞŵĞŶƚĂŝƌ ƐŽĐŝĂĂů ĨĞŝƚ Ϯ͘ tĞ ůĞǀĞŶ ĐŽŶƚŝŶƵ ŝŶ ĞĞŶ ŚŽŽŐ ŐĞƐƚƌĂƚĞĨŝĐĞĞƌĚĞ ŬůĂƐƐĞ ŵĂĂƚƐĐŚĂƉƉŝũ͕ ŽƉ ďĂƐŝƐ ǀĂŶ ĐŽŶŽŵŝƐĐŚ <ĂƉŝƚĂĂů ĞŶ ƵůƚƵƌĞĞů <ĂƉŝƚĂĂů ϯ͘ Ğ ŵĂĂƚƐĐŚĂƉƉŝũ ƉƌŽďĞĞƌƚ ĚĞ ƵƉƉĞƌ ĐůĂƐƐ ƉŽǁĞƌĨƵůů ƚĞ ŚŽƵĚĞŶ ĞŶ ĚĞ ůŽǁĞƌ ĐůĂƐƐĞƐ ŵĂĐŚƚĞůŽŽƐ ϰ͘ sĞĞů ŐĞďĞƵƌƚ ŶŝĞƚͲŝŶƚĞŶƚŝŽŶĞĞů͖ ŐĞĞŶ ďĞǁƵƐƚĞ ŵĂŶŝƉƵůĂƚŝĞ ĚŽŽƌ ĚĞ ƉŽǁĞƌĨƵů ϭϰͲϭϬͲϮϬϭϯ ϴ
5.
ƵƌŽƉĞ ŝŶ ĐƌŝƐŝƐ
͍͍ DĂĂƚƐĐŚĂƉƉĞůŝũŬĞ ŽŶƚǁŝŬŬĞůŝŶŐĞŶ͗ ‡ hƌďĂŶŝƐĂƚŝĞ ‡ sĂŶ ŵĂĂŬͲŝŶĚƵƐƚƌŝĞ ŶĂĂƌ ŬĞŶŶŝƐ ‡ 'ƌŽĞŝ ƐƚŽŬƚ͖ ŝƐ ĂĨǁĞnjŝŐ ‡ DŝĚĚĞŶͲ ĞŶ ŬůĞŝŶďĞĚƌŝũĨ ;D< Ϳ ǀĂŶ ƐƚƌĂƚĞŐŝƐĐŚĞ ǁĂĂƌĚĞ ‡ Ğ ĞĐŽŶŽŵŝƐĐŚĞ ƉŽǁĞƌ ǀĂŶ ĚĞ ƵůƚƵƌĞůĞ ĞŶ ƌĞĂƚŝĞǀĞ /ŶĚƵƐƚƌŝĞ ; /ƐͿ ‡ ͚KůĚ ^ĐŚŽŽů͛ ŶŝĞƚ ůĂŶŐĞƌ ŐĞůĚŝŐ͗ ŝŶŶŽǀĂƚŝĞ ,Ğƚ ůŝďĞƌĂůŝƐŵĞ͗ ĚĂŵ ^ŵŝƚŚ ‡ WƌŽĚƵĐƚŝĞ ĚŽŽƌ ƉĂƌƚŝĐƵůŝĞƌĞ ďĞĚƌŝũǀĞŶ͕ ŝŶ njŽ ŐƌŽŽƚ ŵŽŐĞůŝũŬĞ ǀƌŝũŚĞŝĚ ‡ Ğ ŽŶnjŝĐŚƚďĂƌĞ ŚĂŶĚ͗ ŚĞƚ ƉƌŝũƐŵĞĐŚĂŶŝƐŵĞ͕ ǀƌĂĂŐͬĂĂŶďŽĚ ƌĞŐĞůƚ ĂĨƐƚĞŵŵŝŶŐ ƉƌŽĚƵĐƚŝĞ ĞŶ ŵĂĂƚƐĐŚĂƉƉĞůŝũŬĞ ďĞŚŽĞĨƚĞŶ ‡ ^ƚĂĂƚ͗ ďĞƉĞƌŬƚĞ ƚĂŬĞŶ͗ ϭ͘ ĞĨĞŶƐŝĞ Ϯ͘ ZĞĐŚƚ ŚĂŶĚŚĂǀĞŶ ϯ͘ ŽůůĞĐƚŝĞǀĞ ǀŽŽƌnjŝĞŶŝŶŐĞŶ ʹ ǀĂŶ ďĞůĂŶŐ ǀŽŽƌ ĚĞ ĞĐŽŶŽŵŝĞ Ͳ ǁĂĂƌ ŶŽŽŝƚ ǁŝŶƐƚ ŵĞĞ ƚĞ ŵĂŬĞŶ ŝƐ ;ǁĞŐĞŶ͕ ďƌƵŐŐĞŶ͕ ŝŶĨƌĂƐƚƌƵĐƚƵƵƌ͕ ĞƚĐͿ
6.
^ŽĐŝĂĂůͲůŝďĞƌĂůŝƐŵĞ͗ <ĞLJŶĞƐ ‡ Ğ ŽǀĞƌŚĞŝĚ
ĚŝĞŶƚ ĚĞ ĞĨĨĞĐƚŝĞǀĞ ǀƌĂĂŐ ƚĞ ƐƚŝŵƵůĞƌĞŶ͖ ǀĞƌŚŽŐĞŶ ƉŽůŝƚŝĞŬĞ ƵŝƚŐĂǀĞŶ ‡ tĞƌŬŐĞůĞŐĞŶŚĞŝĚ ƐƚŝŵƵůĞƌĞŶ ĚŽŽƌ ŽƉĞŶďĂƌĞ ǁĞƌŬĞŶ ;ŝŶǀĞƐƚĞƌŝŶŐĞŶͿ͕ ŬŽŽƉŬƌĂĐŚƚǀĞƌďĞƚĞƌŝŶŐ͕ ĂƌďĞŝĚƐƚŝũĚǀĞƌŬŽƌƚŝŶŐ ‡ ^ĂŵĞŶůĞǀŝŶŐ ͚ǀĂŶƵŝƚ ĚĞ ďĂƐŝƐ͛ ŽƉďŽƵǁĞŶ͖ ĐŽƌƉŽƌĂƚŝĞǀĞ ƐƚƌƵĐƚƵƵƌ͕ ƐƵďƐŝĚŝĂƌŝƚĞŝƚƐďĞŐŝŶƐĞů ;͚ŚŽŐĞƌĞ͛ ŽƌŐĂŶĞŶ ŵŽĞƚĞŶ ƚĂŬĞŶ ŽǀĞƌůĂƚĞŶ ĂĂŶ ͚ůĂŐĞƌĞ͛ ŽƌŐĂŶĞŶͿ ‡ <ŽƌƚĞ ƚĞƌŵŝũŶ ƐƚƌĂƚĞŐŝĞģŶ ǀĂŶ ďĞůĂŶŐ DŽŶĞƚĂƌŝƐŵĞ͗ DŝůƚŽŶ &ƌŝĞĚŵĂŶ ‡ ZĞŐƵůĞĞƌ ĚĞ ŐĞůĚŐƌŽĞŝ ‡ ĞƐƚƌŝũĚ ŝŶĨůĂƚŝĞ ‡ ĞŶƚƌĂůĞ ďĂŶŬĞŶ ƌĞŐĞƌĞŶ ‡ 'ƌŽĞŝƚĞŵƉŽ ďĞƉĂĂůĚ ĚŽŽƌ ŚŽĞǀĞĞůŚĞŝĚ ŐĞůĚ ŝŶ ŽŵůŽŽƉ ‡ dŚĂƚĐŚĞƌͬZĞĂŐĞŶ͗ ůŝďĞƌĂůŝƐĞƌĞŶ ĨŝŶĂŶĐŝģůĞ ŵĂƌŬƚĞŶ͕ ŽŶĚĞƌĚƌƵŬŬĞŶ ŝŶĨůĂƚŝĞ ĞŶ ŐĞůĚŐƌŽĞŝ͕ ůĞŶĞŶ ƐƚŝŵƵůĞƌĞŶ
7.
KǀĞƌŚĞŝĚƐƵŝƚŐĂǀĞŶ ‡ KǀĞƌŚĞŝĚƐďĞƐƚĞĚŝŶŐĞŶ͗ ƵŝƚŐĂǀĞŶ
ǁĂĂƌŵĞĞ ĚĞ ŽǀĞƌŚĞŝĚ ŐŽĞĚĞƌĞŶͬĚŝĞŶƐƚĞŶ ŬŽŽƉƚ͘ Ğ ŽǀĞƌŚĞŝĚ ĂůƐ ŬůĂŶƚ͖ ŵĂƌŬƚƉĂƌƚŝũ ‡ KǀĞƌĚƌĂĐŚƚƐƵŝƚŐĂǀĞŶ͗ ŽǀĞƌŚĞŝĚ ďĞƐƚĞĞĚƚ ŶŝĞƚ njĞůĨ͖ ĚĞ ŽŶƚǀĂŶŐĞƌ ŐĞĞĨƚ Ƶŝƚ с ŵĂƌŬƚƉĂƌƚŝũ ;ƐŽĐŝĂůĞ ƵŝƚŬĞƌŝŶŐĞŶ͕ ŬƵŶƐƚƐƵďƐŝĚŝĞƐ͕ ŝŶǀĞƐƚĞƌŝŶŐƐƉƌĞŵŝĞƐ͕ ƐƵďƐŝĚŝģƌŝŶŐͿ KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ͗ K ‡ KŶĚĞƌŶĞŵĞƌƐ njŝũŶ ĚŝĞ ƉĞƌƐŽŶĞŶ ;ďĞĚƌŝũĨƐĞŝŐĞŶĂƌĞŶͿ ĚŝĞ ǁĂĂƌĚĞͲĐƌĞĂƚŝĞ ŶĂƐƚƌĞǀĞŶ ĚŽŽƌ ĞĐŽŶŽŵŝƐĐŚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ ‡ ŽŽƌ ŚĞƚ ŝĚĞŶƚŝĨŝĐĞƌĞŶ ĞŶ ƵŝƚďĂƚĞŶ ǀĂŶ ŶŝĞƵǁĞ ƉƌŽĚƵĐƚĞŶ͕ ƉƌŽĐĞƐƐĞŶ ŽĨ ŵĂƌŬƚĞŶ ‡ ,Ğƚ ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǁŽƌĚƚ ŐĞĂƐƐŽĐŝĞĞƌĚ ŵĞƚ ŽŶĚĞƌŶĞŵĞŶĚĞ ĂĐƚŝǀŝƚĞŝƚĞŶ / Ɖ ϱϲ
8.
,ĞůƉ ĂŶĚ ŚŝŶĚĞƌ ‡
KƌŐĂŶŝƐĂƚŝŽŶĞůĞ ďƌŽŶŶĞŶ͗ ± &LJƐŝĞŬ ŬĂƉŝƚĂĂů͕ ŽŶƌŽĞƌĞŶĚ ŐŽĞĚ͕ ĂƉƉĂƌĂƚƵƵƌ ± &ŝŶĂŶĐŝĞĞů ŬĂƉŝƚĂĂů͗ ůĞŶŝŶŐĞŶ͕ ŝŶǀĞƐƚĞƌŝŶŐĞŶ ‡ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ͗ ŚĞƌŬĞŶŶĞŶ ĞŶ ŵĂƚĐŚĞŶ ǀĂŶ ĐƌĞĂƚŝĞǀĞ ďƌŽŶŶĞŶ ĞŶ ŵĂƌŬƚƉŽƚĞŶƚŝĞƐ ‡ DĂƌŬƚ ĐŽŶĚŝƚŝĞƐ͗ ƚŽĞƚƌĞĚĞŶ ƚŽƚ ŵĂƌŬƚĞŶ͕ ŵĂƌŬƚǀĞƌƐƚŽƌŝŶŐ ĞƚĞƌŵŝŶĂŶƚĞŶ ‡ ‡ ‡ ‡ ‡ ‡ ZĞŐĞůŐĞǀŝŶŐ dĞĐŚŶŽůŽŐŝĞ ĞŶ ZΘ ͗ ŝŶŶŽǀĂƚŝĞ KŶĚĞƌŶĞŵĞƌƐ ĐĂƉĂĐŝƚĞŝƚĞŶ KŶĚĞƌŶĞŵĞƌƐ ĐƵůƚƵƵƌ dŽĞŐĂŶŐ ƚŽƚ ŬĂƉŝƚĂĂů͗ ǀĂŶ ƐƚĂƌƚ ƚŽƚ ĞŝŶĚ DĂƌŬƚĐŽŶĚŝƚŝĞƐ
9.
ƵůƚƵƌĞĞů ĞŶ ƌĞĂƚŝĞĨ
ŽŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ‡ KŶĚĞƌŶĞŵĞƌƐĐŚĂƉ ǀĞƌŽŶĚĞƌƐƚĞůƚ ƌĞĂƚŝǀŝƚĞŝƚ ‡ ƵůƚƵƌĞůĞ ƉƌŽĚƵĐƚĞŶ ƐƉĞĐŝĨŝĞŬ ŬĂƌĂŬƚĞƌ͗ ± WƌŽĚƵĐƚ ĚŝĨĨĞƌĞŶƚŝĂƚŝĞ ± ƌďĞŝĚƐŵĂƌŬƚ ŬĂƌĂŬƚĞƌŝƐƚŝĞŬĞŶ ± EŽŽĚnjĂĂŬ ƚŽƚ ĐŽƂƉĞƌĂƚŝĞ ĞŶ ŶĞƚǁĞƌŬĞŶ ± ^ƉĞĐŝĨŝĞŬĞ ƉƌŽĚƵĐƚŝĞ ĞŶ ĚŝƐƚƌŝďƵƚŝĞ ± DĂƌŬƚĚĞĨŝŶŝƚŝĞƐ <ĞŶŵĞƌŬĞŶ / KŶĚĞƌŶĞŵĞƌƐ ‡ ^ŝnjĞ͗ D< ‡ ƌďĞŝĚƐŵĂƌŬƚ͗ ĐŽŵƉůĞdž ‡ ĐŚƚĞƌŐƌŽŶĚ ĞŶ ŽƉůĞŝĚŝŶŐ ĚŝǀĞƌƐ ‡ WƌŽĚƵĐƚŝĞ ƉƌŽĐĞƐ͗ ϭ͘ <ůĞŝŶƐĐŚĂůŝŐ ĚŝƌĞĐƚĞ ŝŶƚĞƌĂĐƚŝĞ Ϯ͘ DĂƐƐĂŵĞĚŝĂ͕ ǀŝĂ ŝŶƚĞƌŵĞĚŝĂŝƌƐ͕ ƉƌŽĚƵĐĞŶƚĞŶ ‡ sĞĞůǀƵůĚŝŐĞ ŽƵƚƐŽƵƌĐŝŶŐ͗ ŽŽŬ ͚ŐƌŽƚĞ͛ ďĞĚƌŝũǀĞŶ ǁĞƌŬĞŶ ŵĞƚ ŶĞƚǁĞƌŬĞŶ ǀĂŶ ŬůĞŝŶĞ / ;ƐĐŚŝů ǀĂŶ ĨƌĞĞͲůĂŶĐĞƌƐͿ
10.
,ŽĞ ŬŽŵ ŝŬ
ĂĂŶ ŐĞůĚ͍ ‡ WĞƌƐŽŽŶůŝũŬ ŬǁĂůŝƚĞŝƚĞŶ ĞŶ ŶĞƚǁĞƌŬĞŶ ‡ sƌĞĞŵĚ ǀĞƌŵŽŐĞŶ͗ ± ± ± ± ĂŶŬĞŶ͕ ĨŽŶĚƐĞŶ ;ϮϬϭϯ͗ Ϯϴϰ &ŽŶĚƐĞŶͿ ŝŐĞŶ ǀĞƌŵŽŐĞŶ ;ŽƉ ĂĂŶĚĞůĞŶͿ͕ ǀƌŝĞŶĚĞŶ ĞŶ ĨĂŵŝůŝĞ &ŝŶĂŶĐŝĞƌƐ ;njĞŬĞƌŚĞĚĞŶͿ ͬ /ŶǀĞƐƚĞĞƌĚĞƌƐ ;ĂĂŶĚĞůĞŶͿ ^ƵďƐŝĚŝĞƐ͗ D< ŽŶĚĞƌƐƚĞƵŶŝŶŐ͕ dŽƉƐĞĐƚŽƌĞŶďĞůĞŝĚ ‡ KŵůŽŽƉƐŶĞůŚĞŝĚ͗ ŐĂƚ ŝŶnjĞƚ ͬ ŽŵnjĞƚ ‡ ZŝƐŝĐŽĨĂĐƚŽƌ͗ ƐƚĂƌƚͲƵƉ ͬ ŐĞǀĞƐƚŝŐĚ ‡ dŝƉƐ͗ ĞŝŐĞŶ ŝŶďƌĞŶŐ͕ ďĞƉĞƌŬ ƵŝƚŐĂǀĞŶ͕ ƐƵďƐŝĚŝĞƐ͕ ƐŽĐŝĂůĞ ĚŝĞŶƐƚĞŶ͕ ďĂŶŬĞŶ͕ ŝŶĐƵďĂƚŽƌƐ͕ ůĞĂƐŝŶŐ͕ ůĞǀĞƌĂŶĐŝĞƌƐŬƌĞĚŝĞƚĞŶ͕ ĞŶnj͘ sĞƌŚŽƵĚŝŶŐ ĂƌďĞŝĚ ͬ ŬĂƉŝƚĂĂů ‡ ŶĂƌĐŚŽͲƐLJŶĚŝĐĂůŝƐŵĞ͗ ĚĞĐĞŶƚƌĂůĞ ƐƚƌƵĐƚƵƵƌ ‡ 'ĞĐĞŶƚƌĂůŝƐĞĞƌĚĞ ǀĂŬďĞǁĞŐŝŶŐ ‡ ,ĂƌŵŽŶŝƐĂƚŝĞŵŽĚĞů ;ϭϵϰϬ ʹ ϭϵϲϱͿ͗ Ă͘ KǀĞƌŚĞĞƌƐĞŶĚĞ ƌŽů ŽǀĞƌŚĞŝĚ ďŝũ ĂƌďĞŝĚƐǀŽŽƌǁĂĂƌĚĞŶ ď͘ ĞƐůƵŝƚǀŽƌŵŝŶŐ ĚŽŽƌ ŐĞŽƌŐĂŶŝƐĞĞƌĚ ŽǀĞƌůĞŐ ;с ĐŽůůĞĐƚŝĞĨ ŽŶĚĞƌŚĂŶĚĞůĞŶͿ Đ͘ ĞŶƚƌĂůŝƐĂƚŝĞ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ‡ ŽĂůŝƚŝĞŵŽĚĞů ;ϭϵϲϱ ʹ ϮϬϭϬͿ͗ ƐĂŵĞŶǁĞƌŬŝŶŐ ŽƉ ĚĞĞůŐĞďŝĞĚĞŶ͕ ƐĞĐƚŽƌĞŶ ĚĞĐĞŶƚƌĂůŝƐĂƚŝĞ͖ ƐĐŚĂĂůǀĞƌŐƌŽƚŝŶŐ
11.
^ŽĐŝĂůĞ njĞŬĞƌŚĞŝĚƐ ƐƚĞůƐĞů͗ ŽƉďŽƵǁ ǀĞƌnjŽƌŐŝŶŐƐ ƐƚĂĂƚ tĞƌŬŐĞůĞŐĞŶŚĞŝĚͬǁĞƌŬůŽŽƐŚĞŝĚ ‡ ĂŶďŽĚ͗ ƚŽĞŶĂŵĞ ďĞƌŽĞƉƐďĞǀŽůŬŝŶŐ͗ ±
ĞŵŽŐƌĂĨŝƐĐŚ ;ďĞǀŽůŬŝŶŐƐŐƌŽĞŝͿ ± ƵŝƚĞŶůĂŶĚƐĞ ŝŶĨůƵdž ;͚ŐĂƐƚĂƌďĞŝĚĞƌƐ͛Ϳ ± ƌďĞŝĚƐƉĂƌƚŝĐŝƉĂƚŝĞ ǀƌŽƵǁĞŶ ‡ sƌĂĂŐ͗ ǁĞƌŬŐĞůĞŐĞŶŚĞŝĚ ĂĨŚĂŶŬĞůŝũŬ ǀĂŶ ŐƌŽĞŝ ƉƌŽĚƵĐƚŝĞ ͬ ĂƌďĞŝĚƐƉƌŽĚƵĐƚŝǀŝƚĞŝƚ͗ ± WƌŝŵĂŝƌĞ ƐĞĐƚŽƌ ;ůĂŶĚďŽƵǁͿ ± ^ĞĐƵŶĚĂŝƌĞ ƐĞĐƚŽƌ ;ŝŶĚƵƐƚƌŝĞͿ ± dĞƌƚŝĂŝƌͬƋƵĂƌƚĂŝƌ ;ĐŽŵŵĞƌĐŝģůĞ ͬ ŶŝĞƚ ĐŽŵŵĞƌĐŝģůĞ ĚŝĞŶƐƚǀĞƌůĞŶŝŶŐͿ
12.
KŶŐĞůŝũŬŚĞŝĚ ŽƉ ĚĞ
ĂƌďĞŝĚƐŵĂƌŬƚ ‡ KŶŐĞůŝũŬŚĞŝĚ ĂƌďĞŝĚƐƉĂƌƚŝĐŝƉĂƚŝĞ͕ ǁĞƌŬůŽŽƐŚĞŝĚ͕ ĂƌďĞŝĚƐǀŽŽƌǁĂĂƌĚĞŶ ĞŶ ďĞůŽŶŝŶŐ ‡ ^ĂŵĞŶŚĂŶŐ͗ ± ĂĐŚƚĞƌŐƌŽŶĚ͖ ĂůůŽĐŚͬĂƵƚŽĐŚ͕ ǁĞƐƚĞƌƐͬŶŝĞƚ ǁĞƐƚĞƌƐ ± ^ĞŬƐĞ͗ ± KƉůĞŝĚŝŶŐƐŶŝǀĞĂƵ͗ ĚƵĂůĞ ĂƌďĞŝĚƐŵĂƌŬƚͬƐĞŐŵĞŶƚĞƌŝŶŐ ‡ KƉůĞŝĚŝŶŐ ƐƚŝũŐƚ͖ ŽŶĚĞƌŬĂŶƚ ǁŽƌĚƚ ǁĞŐŐĞĚƌƵŬƚ ‡ sĞƌƐĐŚŝů ƵŝƚŬĞƌŝŶŐͬŵŝŶŝŵƵŵ ůŽŽŶ ƚĞ ŬůĞŝŶ͍ ‡ ƌŵŽĞĚĞǀĂů ͬ njǁĂƌƚ ǁĞƌŬ ƵůƚƵƌĞůĞ /ŶĚƵƐƚƌLJ͗ ŵĂƌŬƚ ŬĂƌĂŬƚĞƌŝƐƚŝĞŬĞŶ ‡ tĂĂƌĚĞ ƉƌŽĚƵĐƚ ŽŶǀŽŽƌƐƉĞůďĂĂƌ ‡ KŶĞŝŶĚŝŐĞ ǀĂƌŝģƚĞŝƚ ‡ ,ŽŐĞ ĐŽŶĐĞŶƚƌĂƚŝĞƐ ŝŶ ŚĂŶĚĞů ĞŶ ŽŵnjĞƚ ‡ <ŽƌƚĞ ůĞǀĞŶƐ ĐLJĐůŝ ‡ ,ŽŐĞ ǀĂƐƚĞ ƉƌŽĚƵĐƚŝĞ ŬŽƐƚĞŶ ƵůƚƵƌĞĞů ĞƌĨŐŽĞĚ͗ ƚĞŐĞŶƐƚĞůůŝŶŐ ďĞŚŽƵĚͬďĞŚĞĞƌ ĞŶ ƉƵďůŝĞŬĞ ĨƵŶĐƚŝĞ
13.
ƌďĞŝĚƐŵĂƌŬƚ ŐĞŐĞǀĞŶƐ ‡ džƚƌĞĞŵ
ŽŶĞǀĞŶǁŝĐŚƚŝŐĞ ŝŶŬŽŵƐƚĞŶǀĞƌĚĞůŝŶŐ ;ƐƚĂƌƐͬƉLJƌĂŵŝĚĞͿ ‡ KǀĞƌƐĐŚŽƚ ĂĂŶ ŬƵŶƐƚĞŶĂĂƌƐ ĂĂŶďŽĚ ‡ ͚/ŶĚŝƌĞĐƚĞ ǁŝŶƐƚ͛ ĚŽŽƌ ƐŽĐŝĂůĞ ƐƚĂƚƵƐ͕ ǁĂĂƌĚŽŽƌ ŽŶĚĞƌďĞƚĂůŝŶŐ ǁŽƌĚƚ ŐĞĂĐĐĞƉƚĞĞƌĚ ‡ ^ĂŵĞŶǀĂůůĞŶ ǀĂŶ ƉƌŽĚƵĐƚ ĞŶ ŝĚĞŶƚŝƚĞŝƚ tĂĂƌŽŵ <ŶĂĂƌƐ Ăƌŵ͍ ‡ ZŽĞƉŝŶŐ Ͳх ďĞƌĞŝĚŚĞŝĚ ůĂŐĞ ŝŶŬŽŵƐƚĞŶ ƚĞ ĂĐĐĞƉƚĞƌĞŶ ‡ dĞŐĞůŝũŬ ƐƵƉƉŽƌƚ ǀĂŶ ĚĞ ƐĂŵĞŶůĞǀŝŶŐ ‡ ŝƐƚŝŶĐƚŝĞ͗ ŚŽŐĞͬůĂŐĞ ŬƵŶƐƚ ‡ 'ĞĞŶ ǀĞƌďĂŶĚ ŬǁĂůŝƚĞŝƚͬƉƌŝũƐ ͍ ‡ ƐƚŚĞƚŝƐĐŚĞ ǁĂĂƌĚĞ с ƐŽĐŝĂůĞ ǁĂĂƌĚĞ ‡ KǀĞƌŚĞŝĚ ƐƚŝŵƵůĞĞƌƚ ͚ĞdžƉĞƌƚƐ͛ с ŵĂƌŬƚǀĞƌƐƚŽƌĞŶĚ ‡ /ĚĞŽůŽŐŝĞ͗ <ŶĂĂƌ с ŽŶďĂĂƚnjƵĐŚƚŝŐ
14.
sŝũĨ ǀĞƌŬůĂƌŝŶŐĞŶ ϭ͘ WĞƌƐŽŽŶůŝũŬĞ
ǁĞƌŬďĞǀƌĞĚŝŐŝŶŐ͕ ĞƌŬĞŶŶŝŶŐ ĞŶ ƐƚĂƚƵƐ ďĞůĂŶŐƌŝũŬĞƌ ĚĂŶ ŐĞůĚ Ϯ͘ <ŶĂĂƌƐ ƐůĞĐŚƚ ŐĞŢŶĨŽƌŵĞĞƌĚ ŽǀĞƌ ŝŶŬŽŵĞŶƐ ϯ͘ ^ƵďƐŝĚŝĞ ůĞǀĞƌƚ ŵĞĞƌ <ŶĂĂƌƐ͕ ŐĞĞŶ ŚŽŐĞƌ ŝŶŬŽŵĞŶ ϰ͘ <ŶĂĂƌƐ ĂĂŶŐĞǁĞnjĞŶ ŽƉ ĂŶĚĞƌĞ ŝŶŬŽŵĞŶƐďƌŽŶŶĞŶ ϱ͘ <ŽƌƚĞŶ ŽƉ ĂƌďĞŝĚ ;ƉƌŽĚƵĐƚŝǀŝƚĞŝƚͿ ŶŝĞƚ ƉůĂĂƚƐŐĞǀŽŶĚĞŶ ŝŶ ĚĞ ŬƵŶƐƚĞŶ ‡ DLJƚŚĞ ǀĂŶ ĚĞ ŝŶĚŝǀŝĚƵĂůŝƐƚŝƐĐŚĞ <ŶĂĂƌ ǀĞƌŚŝŶĚĞƌƚ ŐĞŽƌŐĂŶŝƐĞĞƌĚĞ ƉƌĞƐƐŝĞŐƌŽĞƉĞŶ ;ǀĂŬďŽŶĚĞŶͿ ZĞůĂƚŝĞ ŽǀĞƌŚĞŝĚ ͬ <Θ ϭ͘ KǀĞƌŚĞŝĚ ŚĞĞĨƚ ďĞůĂŶŐ ďŝũ ŵĂĐŚƚƐǀĞƌƚŽŽŶ͗ ůĞŐŝƚŝŵĂƚŝĞ͖ ĐƵůƚƵƌĞůĞ ĞĚƵĐĂƚŝĞ ŝŶ ĚŝĞŶƐƚ ǀĂŶ ƐŽĐŝĂůĞ ĐŽŚĞƐŝĞ͖ ĐŽůůĞĐƚŝĞĨ ŐŽĞĚ Ϯ͘ <Θ с ŝŶƚĞƌŶĂƚŝŽŶĂůĞ ĐŽŶĐƵƌƌĞŶƚŝĞ͘ KǀĞƌŚĞŝĚ ŵŽĞƚ ŝŶǀĞƐƚĞƌĞŶ ϯ͘ <Θ ƉƌŽĚƵĐĞĞƌƚ ŵĂĐŚƚƐǀĞƌƚŽŽŶ ŝŶ ĚŝĞŶƐƚ ǀĂŶ ĚĞ ŽǀĞƌŚĞŝĚ ‡ <ŵĂŶĂŐĞƌƐ͗ ďĞŵŝĚĚĞůĂĂƌƐ ƚƵƐƐĞŶ ĚĞnjĞ ĚƌŝĞ ĂƌŐƵŵĞŶƚĞŶ ‡ DŝŶĚĞƌ ƐƵďƐŝĚŝĞ с ŵŝŶĚĞƌ ĂƌŵŽĞĚĞ
15.
'ĞůĚ͗ ƚŚĞ ĐŽůŽƌ
ŽĨ ŵŽŶĞLJ dǁĞĞ ƐŽŽƌƚĞŶ͗ ‡ ŚĂƌƚĂĂů͗ ƚĂƐƚďĂĂƌ͕ ďŝůũĞƚƚĞŶ ĞŶ ŵƵŶƚĞŶ ‡ 'ŝƌĂĂů ŐĞůĚ͗ ďĞƚĂĂůƌĞŬĞŶŝŶŐĞŶ͕ ǀŝƌƚƵĞĞů ‡ ĞƐƉĂƌŝŶŐĞŶ ͬ ŬƌĞĚŝĞƚĞŶ͗ ƌĞŶƚĞ ‡ tŝƐƐĞůŬŽĞƌƐĞŶ͗ ŐŽƵĚ ůŽƐŐĞůĂƚĞŶ ‡ /ŶƚĞƌŶĞƚ͗ ǀŝƌƚƵĞĞů ŐĞůĚ͕ ƚĂdž ŚĂǀĞŶƐ͕ K ĂŶŬĞŶ E> ‡ ŽŶĐĞŶƚƌĂƚŝĞ͗ ĐŽŶĐĞŶƚƌĂƚŝĞŐƌĂĂĚ ŚŽŽŐ͗ ŐƌŽƚĞ ǀŝĞƌ ;Z K͕ /E'͕ E ŵƌŽ͕ &ŽƌƚŝƐͿ с ϳϳй ŵĂƌŬƚ ‡ 'ĞƌŝŶŐĞ ĐŽŶĐƵƌƌĞŶƚŝĞ͖ ŚŽŐĞ ƚĂƌŝĞǀĞŶ ŚLJƉŽƚŚĞŬĞŶ ‡ /ŶƚĞƌŶĂƚŝŽŶĂůŝƐĂƚŝĞ ‡ KǀĞƌŚĞŝĚƐŝŶŐƌŝũƉĞŶ ďŝũ ͚ƐLJƐƚĞĞŵďĂŶŬĞŶ͛ ‡ EĂƚŝŽŶĂůŝƐĂƚŝĞ͗ ďĂŶŬĞŶ ďůŝũǀĞŶ ŵĂƌŬƚŐĞƌŝĐŚƚ ǁĞƌŬĞŶ͕ ƐƚƌĞǀĞŶ ŶĂĂƌ ǁŝŶƐƚ ;&ŽƌƚŝƐ͕ E DZK͕ ^E^Ϳ
16.
ĨĨĞĐƚĞŶďĞƵƌƐ ‡ ĂŶĚĞĞů с
ĚĞĞůŶĂŵĞďĞǁŝũƐ ‡ ŝǀŝĚĞŶĚ͗ ǁŝŶƐƚƵŝƚŬĞƌŝŶŐ ‡ <ŽĞƌƐƌĞƐƵůƚĂĂƚ͗ ǀĞƌƐĐŚŝů ĂĂŶͬǀĞƌŬŽŽƉ ‡ KďůŝŐĂƚŝĞ͗ ŐĞůĚůĞŶŝŶŐ ± sĂƐƚĞ ƌĞŶƚĞ ;ĐŽƵƉŽŶƌĞŶƚĞͿ ± sĂƐƚĞ ůŽŽƉƚŝũĚ ± sĂĂŬ ǀĂƐƚ ďĞĚƌĂŐ с ŶŽŵŝŶĂůĞ ǁĂĂƌĚĞ ‡ 'ƌŽƚĞ njĞŬĞƌŚĞŝĚ͗ ŝŶƐƚŝƚƵƚŝŽŶĞůĞ ďĞůĞŐŐĞƌƐ ;ƉĞŶƐŝŽĞŶĨŽŶĚƐĞŶͿ ,ŽĞ ŬŽŵ ŝŬ ĂĂŶ ŐĞůĚ͍ ‡ WĞƌƐŽŽŶůŝũŬ ŬǁĂůŝƚĞŝƚĞŶ ĞŶ ŶĞƚǁĞƌŬĞŶ ‡ sƌĞĞŵĚ ǀĞƌŵŽŐĞŶ͗ ± ± ± ± ĂŶŬĞŶ͕ ĨŽŶĚƐĞŶ ;ϮϬϭϯ͗ Ϯϴϰ &ŽŶĚƐĞŶͿ ŝŐĞŶ ǀĞƌŵŽŐĞŶ ;ŽƉ ĂĂŶĚĞůĞŶͿ͕ ǀƌŝĞŶĚĞŶ ĞŶ ĨĂŵŝůŝĞ &ŝŶĂŶĐŝĞƌƐ ;njĞŬĞƌŚĞĚĞŶͿ ͬ /ŶǀĞƐƚĞĞƌĚĞƌƐ ;ĂĂŶĚĞůĞŶͿ ^ƵďƐŝĚŝĞƐ͗ D< ŽŶĚĞƌƐƚĞƵŶŝŶŐ͕ dŽƉƐĞĐƚŽƌĞŶďĞůĞŝĚ ‡ KŵůŽŽƉƐŶĞůŚĞŝĚ͗ ŐĂƚ ŝŶnjĞƚ ͬ ŽŵnjĞƚ ‡ ZŝƐŝĐŽĨĂĐƚŽƌ͗ ƐƚĂƌƚͲƵƉ ͬ ŐĞǀĞƐƚŝŐĚ ‡ dŝƉƐ͗ ĞŝŐĞŶ ŝŶďƌĞŶŐ͕ ďĞƉĞƌŬ ƵŝƚŐĂǀĞŶ͕ ƐƵďƐŝĚŝĞƐ͕ ƐŽĐŝĂůĞ ĚŝĞŶƐƚĞŶ͕ ďĂŶŬĞŶ͕ ŝŶĐƵďĂƚŽƌƐ͕ ůĞĂƐŝŶŐ͕ ůĞǀĞƌĂŶĐŝĞƌƐŬƌĞĚŝĞƚĞŶ͕ ĞŶnj͘
17.
KŶĚĞƌŶĞŵŝŶŐƐƉůĂŶ ‡ KŶĚĞƌŶĞŵĞƌ͗ ± KŶĚĞƌŶĞŵŝŶŐ͗
ŵŝƐƐŝĞ ± KŶĚĞƌŶĞŵĞƌ͗ ŬǁĂůŝƚĞŝƚĞŶ ‡ DĂƌŬĞƚŝŶŐƉůĂŶ͗ ± ŝĞŶƐƚ ͬ ƉƌŽĚƵĐƚ ± ŽĞůŐƌŽĞƉ ĞŶ ŵĂƌŬƚ ‡ &ŝŶĂŶĐŝĞƌŝŶŐƐƉůĂŶ͗ ± /ŶŬŽŵĞŶ ͬ ŽŵnjĞƚ ± /ŶǀĞƐƚĞƌŝŶŐĞŶ͖ ƐƚĂƌƚŬĂƉŝƚĂĂů͕ ůĞŶŝŶŐĞŶ͕ ŝŶǀĞƐƚĞĞƌĚĞƌƐ͕ ŐĞĞĨŐĞůĚ͍ ZŝĐŚĂƌĚ ĨůŽƌŝĚĂ͗ ĐƌĞĂƚŝĞǀĞ ŬůĂƐƐĞ ‡ ƌĂĂŐƚ ďŝũ ĂĂŶ ĞĐŽŶŽŵŝĞ͕ ŝŶŶŽǀĂƚŝĞ ĞŶ ƚĞĐŚŶŽůŽŐŝĞ ‡ ^ƚĞĚĞŶͬƌĞŐŝŽ͛Ɛ ĐŽŶĐƵƌĞƌĞŶ ŽƉ ďĂƐŝƐ ǀĂŶ ĐƌĞĂƚŝĞǀĞŶ ‡ ϯϬ й с ĐƌĞĂƚŝĞǀĞ ŬůĂƐƐĞ ‡ ŽƌĞ ŽĨ ƚŚĞ ĐƌĞĂƚŝǀĞ ĐůĂƐƐ͗ ĞŵŝĞŶƐ͕ ĂƌĐŚŝƚĞĐƚĞŶ͕ ǁĞƚĞŶƐĐŚĂƉƉĞƌƐ͕ ũŽƵƌŶĂůŝƐƚĞŶ ‡ ƌĞĂƚŝǀĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ͗ ũƵƌŝƐƚĞŶ͕ ĨŝŶĂŶĐŝĞůĞ ƉƌŽĨĞƐƐŝŽŶĂůƐ͕ ĐŚŝƌƵƌŐĞŶ ‡ tŽƌĚƚ ŐĞŝŶƚĞƌƉƌĞƚĞĞƌĚ ĂůƐ ͛ĐƌĞĂƚŝĞǀĞ ƐƚĞĚĞŶ͛ ‡ 'ĞŶƚŝĨŝĐĂƚŝĞ͗ ‡ ǀĞƌĚƌŝŶŐŝŶŐ ƵƉƉĞƌͬůŽǁĞƌ ĐůĂƐƐ
18.
dŚĞ ĨŝŶĂů ǀĞƌĚŝĐƚ sŽůŐĞŶĚĞ
ǁĞĞŬ͗ džĂŵĞŶ͗ŵƵůƚŝƉůĞ ĐŚŽŝĐĞ ϵϬ ŵŝŶƵƚĞŶ ͖ ϳϬ ǀƌĂŐĞŶ Ă͘ tĂƚ ũĞ njĞŬĞƌ ǁĞĞƚ ď͘ tĂĂƌŽǀĞƌ ũĞ ƚǁŝũĨĞůƚ Đ͘ ,ĂǀĞŶ͛ƚ ŐŽƚ Ă ĐůƵĞ͖ ŐĞĞŶ ŝĚĞĞ ͊ ZĞƐƉŽŶƐ͗ Ěŝ ϭϵ ŶŽǀ ϭϭ͘ϰϱ ʹ ϭϰ͘ϭϱ ŚŽƵƌƐ ŚƚƚƉ͗ͬͬǁǁǁ͘ĞĐŽŶŽŵŝĞůŽŬĂĂů͘ŶůͬŝŶĚĞdž͘ƉŚƉͬďĞŐƌŝƉƉĞŶŶ ŚƚƚƉ͗ͬͬŶů͘ǁŝŬŝƉĞĚŝĂ͘ŽƌŐͬǁŝŬŝͬ ĐŽŶŽŵŝĞ ŚƚƚƉ͗ͬͬǁǁǁ͘ŽŶĚĞƌŶĞŵŝŶŐƐƉůĂŶͲŵĂŬĞŶ͘Ŷůͬ /ŶƚƌŽĚƵĐƚŝŽŶ ƌƚ ĂŶĚ ĐŽŶŽŵŝĐƐ dŚĂƚ͛Ɛ ŚŽǁ ŝƚ ŝƐ ĚŽŶĞ ͊ ^ƵĐĐĞƐ ǀŽůŐĞŶĚĞ ǁĞĞŬ ͊͊ zĞƐ͕ LJŽƵ ĐĂŶ ͊ ZĞŶĞ <ŽŽLJŵĂŶ ^ĞƉƚĞŵďĞƌ ϮϬϭϯ ŚƚƚƉ͗ͬͬĐĐŝ͘ŚŬƵ͘Ŷůͬ ŚƚƚƉ͗ͬͬĐƵƌĞͲǁĞď͘ĞƵ ƌĞŶĞ͘ŬŽŽLJŵĂŶΛŬĞ͘ŚŬƵ͘Ŷů
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