HAL Id: hal-00772107
https://hal-mines-paristech.archives-ouvertes.fr/hal-00772107
Submitted on 10 Jan 2013HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Controversial valuations. Assembling environmental
concerns and economic worth in clean-tech markets
Liliana Doganova, Peter Karnoe
To cite this version:
Liliana Doganova, Peter Karnoe. Controversial valuations. Assembling environmental concerns and economic worth in clean-tech markets. 2nd Interdisciplinary Market Studies Workshop, Jun 2012, Dublin, Ireland. �hal-00772107�
!"
!"#$%"&'%()*+
"&*+,*$)"#(-""
.(('/0+)#1
"'#&)%"#/'#$*+"2"#2'%#("*#3"'2"#"/)2"4"%$5")#"
2+'*# $'25
"/*%6'$("
" " " "#$#%&%"'()%&(*%+"%&,"-./.0"1%0&2.++" " !""#$%&#"'#"()*+),)-+#"'#",./$$)01%+)$2"3/45("61&+78#*9" ,+,+1$1:')-1$)01;<+$#7ど=1&+7%#*9:>&"" !!"/?@2"")=#$91-#$"AB7+$#77"(*9))," =C1:+)1;*D7:'C"" " " -%3.0"30.3%0.,"4(0"/5."6&,"7&/.0,#893$#&%0:";%0<./"=/>,#.8"?(0<85(3" '>@$#&A"B>&."6C!6" " 6&#,+<+$1&E"'&1>%"6"
7#$%"3,2$)"#
"
D&*#0(&E.&/%$"9(&9.0&8"%0."#&90.%8#&)$:"8..&"%8"&(/"(&$:"0%#8#&)"%"/50.%/"/("F5#95"4#0E8"&..,"/(" %,%3/"@:"@.9(E#&)"G)0..&.0H"%&,"E(0."G8(9#%$$:"0.83(&8#@$.HA"@>/"%$8("%8"(44.0#&)"(33(0/>&#/#.8"4(0" &.F"@>8#&.88",.*.$(3E.&/I"7&8/.%,"(4"@.#&)"0.$#&J>#85.,"/("/5."8/%/>8"(4".K/.0&%$#/#.8A"F5#95"4#0E8" E(0."(0"$.88"F#$$#&)$:"9(E."/("#&/.0&%$#L.A".&*#0(&E.&/%$"J>%$#/#.8"M(0",.4#9#.&9#.8N"&(F"8(E./#E.8" 5%33.&"/("@."@0(>)5/"/("/5."9.&/.0"(4"/5."9%$9>$%/#(&"(4"/5."*%$>."(4"&.F"30(,>9/8I"O5.".E.0).&9." (4"%"G9$.%&ど/.95H"8.9/(0".3#/(E#L.8"/5#8"E(*."/(F%0,8"/5.".9(&(E#L%/#(&"MP%$$(&"%&,"P%$#8<%&"6CCQN" (4"9(&9.0&8"F5#95"5%*."5#/5.0/("@..&"9(&8#,.0.,"%8"$:#&)"(>/8#,."(4"/5."E%0<./I"O5#8"3%3.0"30(3(8.8" /("#&*.8/#)%/."/5."9(&8/0>9/#(&"(4"9$.%&ど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email protected]"%&,"30#9.8" #&"3%0/#9>$%0A"F#/5#&"#/8"89(3."(4"%&%$:8#8"MD83.$%&,"%&,"=/.*.&8"6CCWT";>&#.8%"6CCYNA"/5#8"3%3.0" %,(3/8"/5."4($$(F#&)"%88>E3/#(&R"/5."9$.%&"J>%$#/#.8"(4"%"30(,>9/"%&,"#/8"30#9."%0."&(/"30.ど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ど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ど/.95".&/0.30.&.>08".&,.%*(0" /("E(*."/5#8"J>%$#/:"F#/5#&"/5."@(>&,%0#.8A"%&,"/("/5."9(0."(4A".9(&(E#9"9%$9>$%/#(&I"O5#8"E(*."#8"&(/" 8/0%#)5/4(0F%0,I"?5#$."#&"8.//#&)8"$#<."9%0@(&"E%0<./8"/5."E./0#98"(4"9$.%&$#&.88"M,.4#&.,"%8"/5." J>%&/#/:"(4"P\6".E#88#(&8N"5%*."@..&"3>03(8.4>$$:",.8#)&.,"%&,"#E3$.E.&/.,A"/5."J>%$#/#.8"%&,"/5." 30#9.8"(4"F(>$,ど@."9$.%&"/.95&($()#.8A"%8"F.$$"%8"/5."#&8/0>E.&/8"/("E.%8>0."/5.EA"%0."#&"/5." E%<#&)I"O5>8A"9$.%&ど/.95".&/0.30.&.>08".E@%0<"(&"%&"#&&(*%/#(&"](>0&.:"/5%/",.%$8"F#/5"/5." """""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ! "?."%0.")0%/.4>$"/("^.#&%@"_$ど_84((0"%&,"`(E%&"V0%@.0A"F5(",.*(/.,"/5.#0"E%8/.0"/5.8#8"/("/5#8"9%8."8/>,:A" 4(0"/5.#0"5.$3"F#/5",%/%"9($$.9/#(&"%&,"4(0"/5."#&8#)5/4>$",#89>88#(&8"F."5%,"%/"P(3.&5%).&"X>8#&.88"=95(($"%&," ,>0#&)"4#.$,"/0#38A"#&"F5#95".E.0).,"E%&:"(4"/5."#,.%8",.*.$(3.,"#&"/5#8"3%3.0I"""Z" .K3$(0%/#(&"&(/"(&$:"(4"&.F"/.95&($()#.8A"@>/"%$8("(4"5./.0().&.(>8"M/.95	%$A".9(&(E#9A"8(9#%$N"a" %&,A"%8"F."F#$$"8..A"9(&/.8/.,A"*%$>.8I""
8*%6'$(")#()3'"$5'"'2"+"1)2*+"%'&"+,$)"#
9"
?5%/"#8"/5."3$%9."(4"E%0<./8"F#/5#&"F5%/"8(E."5%*.",.890#@.,"%8"%&"G.9($()#9%$"0.*($>/#(&Hb"c(F",(" 4#0E8",.%$"F#/5"#/b"O50..",#44.0.&/"/:3.8"(4"%&8F.08"9%&"@."#,.&/#4#.,"#&"/5."E%&%).E.&/"$#/.0%/>0.I" U#08/A"#&"/5."/0%,#/#(&"(4"G#88>."E%&%).E.&/H"M_&8(44"!QWCNA"9(03(0%/#(&8"5%*."/.&,.,"/("9(&8#,.0"/5." 0#8."(4".&*#0(&E.&/%$"9(&9.0&8"%8"%"3(/.&/#%$"/50.%/"/("F5#95"/5.:"85(>$,"0.%9/I"D&,.%*(08"/(" 30.*.&/"(0"0.83(&,"/("M.K3.9/.,N"9(&/.8/%/#(&"5%*."0.8>$/.,"#&"/5."#E3$.E.&/%/#(&"(4"G9(03(0%/." 8(9#%$"0.83(&8#@#$#/:H"MP=`N"30()0%E8"%&,"(/5.0"G&(&ど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c(F.*.0A"%//.E3/8"/("0.9(&9#$."%&,".&/%&)$."E%0<./"%&,".&*#0(&E.&/%$"$()#98"5%*.".E.0).,I" ;%&%).E.&/"895($%08A"4(0".K%E3$.A"5%*.".&)%).,"#&/(",.@%/.8"(&"F5./5.0"G#/"3%:8"/("@.")0..&H" M1#&)"%&,"".&(K"6CC!NI"D9(&(E#8/8"5%*."@..&"#&*($*.,"#&"8/>,:#&)"%&,",.8#)&#&)"E%0<./8"#&"F5#95" .&*#0(&E.&/%$".K/.0&%$#/#.8A"#I.I"P\6".E#88#(&8A"%0."E%,."/0%,%@$.I"=>95"%//.E3/8"#&*.8/#)%/.A"%&,".K3.0#E.&/"F#/5A"/5."/0%&8$%/#(&"(4".&*#0(&E.&/%$"#&/(".9(&(E#9"*%$>.I"d.*.0/5.$.88A"/5.:"%33.%0"/(" $.%*.">&J>.8/#(&.,"/5."8/%0/#&)"3(#&/"(4"/5."/0%&8$%/#(&"M5(F"9.0/%#&")((,8"9(E."/("%9J>#0."%&" .&*#0(&E.&/%$"*%$>.N"%&,"#/8"#&8/0>E.&/8"M30.ど,.4#&.,"#&,#9%/(08"%&,"E.95%E8A"8>95"%8" 30(4#/%@#$#/:"%&,"30#9.A"%0.").&.0%$$:">8.,NI"7&"/5#8"3.083.9/#*.A".K/.0&%$#/#.8"%0.").&>#&.$:" #&/.0&%$#L.,T"5(F.*.0A"/5.:"%0."&(/"&(0E%$#L.,R"/0%&8$%/#(&"(3.0%/#(&8"%33.%0"%8".K9.3/#(&%$"%&," G0.)>$%0H"9%$9>$%/#*."40%E.8"0.E%#&">&95%&).,I"" O5.".E.0).&9."(4"%"G9$.%&ど/.95H"E%0<./"#8"#&/.0.8/#&)"#&"/5#8"0.83.9/A"%8"#/"@$>08"/5."@(>&,%0:" @./F..&".9(&(E#9"%&,".&*#0(&E.&/%$"*%$>.I"c.0.A".&*#0(&E.&/%$"J>%$#/#.8"%0."@0(>)5/"/("/5." 9.&/.0"(4"/5."9%$9>$%/#(&"(4"&.F"30(,>9/8["F(0/5I"_"&.F"3.083.9/#*."/5.&"(3.&8">3A"#&"F5#95" .&*#0(&E.&/%$"9(&9.0&8"%0."&.#/5.0"8..&"%8"%"/50.%/A"&(0"%,,0.88.,"F#/5#&"/5."@(>&,%0#.8"(4" #,#(8:&90%/#9"9(03(0%/."%&,"E%0<./"83%9.8"M8>95"%8"P=`",.3%0/E.&/8"%&,"9%0@(&"E%0<./8NI" D&*#0(&E.&/%$"9(&9.0&8A"/5."30(E(/.08"(4"9$.%&ど/.95".&/0.30.&.>085#3"%0)>.A"30(*#,."G0.)>$%0H" .9(&(E#9"%9/(08"M8/%0/ど>38"%&,"#&9>E@.&/"4#0E8"%8"F.$$N"F#/5"&.F"(33(0/>&#/#.8"0.%,:"/("@." .K3$(#/.,I"" O5.".K#8/.&9."(4"8>95"*,#1$ど%#*9")==)&%B$+%+#7"#8"30(@$.E%/#9A"/5(>)5I"?5#$."/5.0."9.0/%#&$:"#8"%" ,.E%&,"4(0"9$.%&.0")((,8A"/5."J>%$#/#.8"(4"30(,>9/8"F5#95"%0.">&40#.&,$:"/("M(0"8#E3$:"#)&(0.N"/5." .&*#0(&E.&/"%0."%$0.%,:",..3$:"#&/.)0%/.,"#&"/5."E%0<./"%8"5%@#/8"(4">8."%&,"9(8/ど.44#9#.&9#.8A"%8" F.$$"%8"%99.3/.,"#&"8/%&,%0,8"%&,"0.)>$%/#(&8I"7&,..,A"9(&/0%0:"/("/5."&.(9$%88#9%$">&,.08/%&,#&)"(4" E%0<./8"%8"#E3%0/#%$"%0.&%8"4(0"9(E3./#/#(&A"&.F".9(&(E#9"%&,"8(9#($()#9%$"/5.(0#.8"5%*.",.3#9/.," """""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 6 "?."@(00(F"/5#8"350%8."40(E"/5."/#/$."(4"%"8>@ど/5.E."(0)%&#L.,"@:"U%@#%&";>&#.8%A"-./.0"1%0&2."%&,"-.//.0" c($E"%/"/5."DV\="9(&4.0.&9."#&"B>&."6C!!I""
e" E%0<./8"%8"4>$$"(4"3($#/#98A"@.9%>8."#&/.0.8/8"%0."#&890#@.,"#&"#&8/#/>/#(&%$#L.,"E./0#98"%&,"0>$.8" MU$#)8/.#&"6CC!NI"O5."E%0<./"&("$(&).0"%33.%08"%8"%"&.>/0%$"E.95%E"4(0"8.$.9/#&)"/5."@.8/" 30(,>9/8A"@.9%>8."/5."90#/.0#%"4(0"F5%/",.4#&.8"/5."@.8/"J>%$#/#.8"%0."&(/"#&,.3.&,.&/"%&,"30.ど .K#8/#&)A"@>/"@.9(E."3%0/"(4"E%0<./"8/0>9/>0.8"#&"/5."5#8/(0#9%$"30(9.88"(4"/5.#0"4(0E%/#(&I"O5#8"85.,8" $#)5/"(&"/5.",#44#9>$/#.8"4%9.,"@:"9$.%&"30(,>9/8R"/5.:",.4:"F.$$".8/%@$#85.,"E%0<./"E.95%E8A" @.9%>8."M3%0/"(4N"/5.#0"*%$>."$#.8"#&"F5%/"#8"40%E.,"%8"G.K/.0&%$H"/("/5."E%0<./I"P$.%&ど/.95" .&/0.30.&.>08".E@%0<"(&"%&">&9.0/%#&"#&&(*%/#(&"](>0&.:"/5%/",.%$8"&(/"(&$:"F#/5".K3$(0#&)"&.F" /.95&($()#.8A"@>/"%$8("F#/5"@>#$,#&)"&.F"E%0<./"83%9.8"%&,"&.F"*%$>."E./0#98I"O5."4($$(F#&)" J>.8/#(&"/5.&"%0#8.8R"5(F"9%&"/5.0."@."%&:".&/0.30.&.>0#%$"(33(0/>&#/#.8"%/"%$$"#&"/5."9$.%&ど/.95" E%0<./b""
!+'*# $'25
""::"%$,#)$)'(;"#'$4"%6("*#3"&*+,*$)"#"
7&"/5."$#/.0%/>0.A".&/0.30.&.>085#3"5%8"9$%88#9%$$:"@..&"%&%$:L.,"%8"/5.".&9(>&/.0"@./F..&" #&,#*#,>%$8"%&,"(33(0/>&#/#.8"Mf.&<%/%0%E%&"!QQYT"=5%&."%&,"f.&<%/%0%E%&"6CCCNI"`.9.&/$:A" ,#89>88#(&8"5%*.".E.0).,"%8"/("/5."(0#)#&"(4".&/0.30.&.>0#%$"(33(0/>&#/#.8A"9(&/0%8/#&)"G,#89(*.0:H" %&,"G90.%/#(&H"/5.(0#.8"M_$*%0.L"%&,"X%0&.:"6CCYNI"O5."4(0E.0A"%$@.#/"30.*%$.&/"#&"/5." .&/0.30.&.>085#3"$#/.0%/>0.A"%0."(4"$#//$."5.$3"F5.&"#/"9(E.8"/("9$.%&ど/.95"(33(0/>&#/#.8I"7&,..,A"/5.:" ,.3#9/"(33(0/>&#/#.8"%8"8(E./5#&)"F5#95"#G+7%7"(>/ど/5.0.A"#&"/5."E%0<./A"#&"/5."4(0E"(4"30#9." ,#890.3%&9#.8"(0">&8%/#84#.,"9>8/(E.0"&..,8I"O5."30(@$.E"F#/5"9$.%&ど/.95"(33(0/>&#/#.8A"/("3>/"#/" @$>&/$:A"#8"/5%/"/5.:",("&(/".K#8/A"@.9%>8."/5."*%$>."(4"9$.%&"30(,>9/8"4%$$8"(>/"(4".8/%@$#85.," 9%$9>$%/#*."40%E.8T"#/"$#.8"#&"F5%/"#8"8>33(8.,"/("@.".K/.0&%$"/("/5."E%0<./I"" O5."%$/.0&%/#*."%330(%95A"F5#95"%&%$:L.8"(33(0/>&#/#.8"%8"/5."0.8>$/"(4"%"9($$.9/#*."%&,".K3.0#E.&/%$" 30(9.88.8"(4"9(&8/0>9/#(&"MV%0>,"%&,"1%0&(."6CCZT"=5%5"%&,"O0#38%8"6CCYT"X%<.0"%&,"d.$8(&"6CCST" '()%&(*%"6CCQNA"%33.%08"/5.&"E(0."%330(30#%/."#&"/5."9%8."(4"9$.%&ど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ど/.95" (33(0/>&#/#.8A"F#/5(>/"0.,>9#&)"E%0<./8"/("3($#/#98I"7&"(0,.0"/(",("8(A"F."@>#$,"(&"/F("$#&.8"(4" 0.8.%095I"" U#08/A"/%<#&)"#&83#0%/#(&"40(E"#&&(*%/#(&"8/>,#.8A"F.".K%E#&."9$.%&ど/.95".&/0.30.&.>085#3"%8"%" 30(9.88"(4"@>#$,#&)"8(9#(ど/.95	%$"&./F(0<8I"O5."$#/.0%/>0."5%8"#&,..,".E35%8#L.,"/5.",#8/0#@>/#(&" (4"#&&(*%/#(&"%90(88"*%0#(>8"%9/(08A"8>95"%8"9>8/(E.08A">8.08A"/.95&($()#9%$"(0"9(EE.09#%$"3%0/&.08A" #&*.8/(08A"%&,"0.)>$%/(08A"F5(E"/5.".&/0.30.&.>0"E>8/".&0($$"#&"(0,.0"/("#&&(*%/."8>99.884>$$:" MX#]<.0"%&,""%F"!QQ6T"P5.8@0(>)5"6CCZT"V%0>,"%&,"1%0&(."6CCZT"O..9."!QWgT"*(&"c#33.$"!QYgNI"O5." .&0($E.&/"(4"%$$#.8"0.8>$/8"40(E"/5."F(0<"(4"G#&/.0.88.E.&/H"M_<0#95A"P%$$(&A"%&,""%/(>0"6CC6N"F5#95" 9(&8#8/8"#&"(3.0%/#(&8"(4"/0%&8$%/#(&"M"%/(>0"!QWYN"%&,",.E(&8/0%/#(&"M`(8.&/%$"6CCYT"=/%0<"%&," -%0%*.$"6CCWNI"O5.8."(3.0%/#(&8"%0."E%/.0#%$A"#&"/5."8.&8."/5%/"/5.:"%0.".J>#33.,"F#/5"*%0#(>8"/(($8" MX.>&L%"%&,"=/%0<"6CCeT"P%$$(&A";#$$(A"%&,";>&#.8%"6CCYT"'()%&(*%"%&,"D:J>.Eど`.&%>$/"6CCQNI" X>#$,#&)"(&"/5#8"$#&."(4"0.8.%095A"F."%&%$:L."9$.%&ど/.95".&/0.30.&.>085#3"%8"%",#8/0#@>/.,"%&," #&8/0>E.&/.,"30(9.88"/50(>)5"F5#95"30(3(8.,".&*#0(&E.&/%$"%&,".9(&(E#9"*%$>.8"%0."3>/"(&"/0#%$A" .K3.0#E.&/.,A"9(&/.8/.,A"&.)(/#%/.,A"%&,")0%,>%$$:"8/%@#$#L.,"M"%/(>0"!QWYNI"""S" =.9(&,A"F."/%<."#&83#0%/#(&"40(E"%"&(*.$"8/0.%E"(4"0.8.%095"(&"/5."30%)E%/#98"(4"*%$>%/#(&"F5#95" @0#&)8"/()./5.0"/5."8/>,:"(4"M.9(&(E#9N"*%$>."%&,"M8(9#%$N"*%$>.8"M=/%0<"6CCQNA"(4"/5."&(E#&%$"%&," &>E.0#9"89%$.8"(4"*%$>%/#(&"MV>:.0"6CCeNA"(4"/5.".E(/#(&%$"%9/#*#/:"(4"30%#8#&)"%&,"/5."0%/#(&%$" .&,.%*(0"(4"30#9#&)"M'.F.:"!QZQNI"7&"/5#8"3.083.9/#*.A"*%$>%/#(&"#8".&*#8%).,"%8"%"30(9.88"(4"#&J>#0:" %&,".K3.0#E.&/%/#(&"M'.F.:"!Q66N"/50(>)5"F5#95"&.F".9(&(E#9".&/#/#.8"%0.")0%,>%$$:"30(*#,.,"a" #&8/.%,"(4"#&#/#%$$:".&,(F.,"ど"F#/5"%"8./"(4"J>%$#/#.8"MP%$$(&A";h%,.$A"%&,"`%@.5%0#8(%"6CC6NA"%E(&)" F5#95"/5.#0"9$.%&$#&.88"%&,"/5.#0"30#9.I"O5#8"%330(%95"8..E8"F.$$"8>#/.,"/("/5."8/>,:"(4"9$.%&ど/.95A" F5(8.",.4#&#/#(&"%&,"F(0/5"%0."9(&/.8/.,"%&,"#&"/5."E%<#&)I"7/"#E3.,.8"0.8/0#9/#&)"%//.&/#(&"/("(&." (4"/5.",#E.&8#(&8"(4"*%$>%/#(&"a"@:"0.,>9#&)"9$.%&$#&.88"/("%"8(9#%$$:"9(&8/0>9/.,"J>%$#/:"(0"/("%"30#9." 30.E#>E",./.0E#&.,"@:"/5."&%/>0%$".&9(>&/.0"(4"8>33$:"%&,",.E%&,"ど"%&,"%88>E#&)"/5%/"/5."(/5.0" ,#E.&8#(&"#8"8./"%&,">&30(@$.E%/#9I"" 7&"(>0"*#.FA"/5."30(@$.E"(4"*%$>%/#(&"$#.8"%/"/5."5.%0/"(4"9$.%&ど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
8'$5"3"+"1<"
\>0".E3#0#9%$"8#/."#8"/5."9(03(0%/."*.&/>0#&)">&#/"(4"%"$.%,#&)"'%U"3>E3"E%&>4%9/>0.0I"O5." E#88#(&"(4"/5#8"0.9.&/$:"90.%/.,",.3%0/E.&/"MF5#95"F."F#$$"9%$$"4#HA+INZ"9(&8#8/8"#&"#,.&/#4:#&)A" 8.$.9/#&)A"%&,"#&*.8/#&)"#&"9$.%&ど/.95"#&&(*%/#(&"30(].9/8I"O5."30(].9/8"*%0:"#&"/5.#0"9(&/.&/"M.I)IA" 8($>/#(&8"4(0"30.88>0."E.%8>0.E.&/A"4(0"%&#E%$"30(,>9/#(&A"4(0"F%8/.F%/.0"/0.%/E.&/A"4(0"F%/.0" 8>33$:"#&"3((0"0.)#(&8NA"/5.#0",.)0.."(4",.*.$(3E.&/A"/5.#0"(0#)#&"M#&/.0&%$"(0".K/.0&%$NA"%&,"/5.#0" 4(9>8"M/.95&($()#9%$"(0"@>8#&.88"E(,.$"#&&(*%/#(&NI"?5%/"/5.:"5%*."#&"9(EE(&A"%8"4#HA+I"3>/8"#/A"#8" /5.#0"$(9%/#(&"#&"/5."9$.%&ど/.95"4#.$,I"" ?."9(&,>9/"%&"#&ど,.3/5"9%8."8/>,:"MD#8.&5%0,/"!QWQT"i#&"6CCZN"(4"(&."(4"/5.8."9$.%&ど/.95"#&&(*%/#(&" 30(].9/8"MF5#95"F."F#$$"9%$$"",#1$J1&<NI"",#1$J1&<"#8"%"&.F"*.&/>0."/5%/"(44.08"8($>/#(&8"4(0"5%&,$#&)" E%&>0."#&"%)0#9>$/>0.I"4#HA+I"#&*.8/.,"#&"/5#8"8/%0/ど>3"#&"6CCe"%&,"8>@8.J>.&/$:"@.9%E."#/8">&#J>." 85%0.5($,.0I"_/"/5."/#E."(4"#&*.8/#&)A"",#1$J1&<"F%8"8/%0/#&)"/("9(EE.09#%$#L."%"8$>00:"%9#,#4#9%/#(&" 8:8/.E"M5.0.#&"9%$$.,"@$%+@<<)$+1N"/5%/"%$$(F.,",.90.%8#&)"%EE(&#%".E#88#(&8"40(E"3#)"%&,"9%//$." 4%0E8I"=#&9."/5.&A"/5."9(E3%&:"5%8",.*.$(3.,"%"8.9(&,"30(,>9/"M5.0.#&"9%$$.,"@$%+(<#,,NR"%&"(L(&.ど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g" O5."9%8."8/>,:">8.8"/F("8(>09.8"(4",%/%R"#&/.0*#.F8"%&,",(9>E.&/"%&%$:8#8I"?."5%*."9(&,>9/.," #&/.0*#.F8"F#/5"/5."[email protected]"(4"4#HA+IA"F#/5"E%&%).08"40(E"",#1$J1&<"ME%&%)#&)",#0.9/(0A"`j'" E%&%).0A"/.95	%$"E%&%).0A"8%$.8"E%&%).0NA"%&,"F#/5"",#1$J&1<[8"8/%<.5($,.08"M9>8/(E.0"4%0E.08A" %"4%0E.08["%88(9#%/#(&A"/5.";#/0:"(4"/5.".&*#0(&E.&/A"%"89#.&/#8/A"%"dV\A"%&,"%"9(E3./#/(0NI"?." 5%*."@..&")#*.&"%99.88"/("%"F#,."0%&)."(4"#&/.0&%$"9(03(0%/.",(9>E.&/8"0.$%/#&)"/("/5."",#1$J1&<" 30(].9/A"#&9$>,#&)"@(%0,"E../#&)8"E#&>/.8A"@>8#&.88"3$%&8A"-(F.03(#&/"30.8.&/%/#(&8"%&,"8/%/>8" 0.3(0/8I"7&"%,,#/#(&A"F."5%*."9($$.9/.,"3>@$#9",%/%"0.$%/#&)"/("",#1$J1&<"%&,A"E(0.").&.0%$$:A"/("/5." 3($#/#9%$A"$.)%$"%&,"/.95	%$"%83.9/8"(4"%EE(&#%"%&,"(,(0".E#88#(&8"0.,>9/#(&"M.I)IA"$.)#8$%/#(&A" 8/%&,%0,8A"89#.&/#4#9"3%3.08A"0.3(0/8"%&,"30.88"0.$.%8.8NI"O5."J>(/%/#(&8">8.,"#&"/5."0.E%#&,.0"(4"/5." 3%3.0"9(E."40(E"/5.8."#&/.0*#.F8"%&,",(9>E.&/8I""
!*('
"($,3<"
?5%/",(.8"%"4%0E"30(,>9.b"P.0/%#&$:A"%"3#)"4%0EA"4(0".K%E3$.A"30(,>9.8"E.%/I"X>/"/5#8"#8"&(/"%$$I"7&" %,,#/#(&"/("/5."/0>9<8"4>$$"(4"%&#E%$8"5.%,#&)"4(0"/5."8$%>)5/.05(>8.A"%"3#)"4%0E"$./8"(>/"%"&>[email protected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eNI""d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ど>3" ",#1$J1&<"@>9<$.,",(F&"#&"6CCSI""" 7#"$5'"#'=,("">"$'25#"+"1)'("*#3")((,'(" O5."%EE(&#%"%&,"(,(0".E#88#(&8"(4"%)0#9>$/>0."8/.E"40(E"%&#E%$"F%8/.I"_8"%&#E%$8"a"3#)8A"4(0" .K%E3$."ど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	"E%//.0"%&,"&>/0#.&/8A"8>95"%8"&#/0().&A"/5%/"#/" 9(&/%#&8I"_8"/5#8"30(9.88">&4($,8A"%EE(&#%".*%3(0%/.8"#&/("/5."%/E(835.0."40(E"/5."8$>00:"3#/8A"/5." 8/(0%)."/%&<8"%&,"/5."4#.$,8I"O5#8"0%#8.8"/F("E%#&"#88>.8I"O5."4#08/"(&."5%8"/(",("F#/5"(,(0I"O5." 8.9(&,"(&."5%8"/(",("F#/5"/5.".9($()#9%$"9(&8.J>.&9.8"(4"%EE(&#%".E#88#(&8R"/5."%EE(&#%".E#//.," #&"/5."%#0"9(&/0#@>/.8"/("/5."4(0E%/#(&"(4"%9#,"0%#&8T"4%$$#&)"@%9<"(&/("/5.".%0/5A"&#/0().&"9%&"5%*."%" ,%E%)#&)"#E3%9/"(&".9(8:8/.E8"%&,"@#(,#*.08#/:I"_8".K3$%#&.,"@:"%&"dV\"/5%/"F."#&/.0*#.F.,R"Y" K@<<)$+B<"+7"1"D+-"=&)D,#<">)&"#*)ど7E7%#<7"+$"L#$<1&C:"M#"910#"<1$E"0B,$#&1D,#"#*)ど7E7%#<7" H9+*9"1&#"'#=#$'#$%")$",)H",#0#,7")>"$+%&)-#$"1$'"%9#&#>)&#"%9#",1&-#"1<<)$+B<"#01=)&1%+)$">&)<" 1$+<1,7"+$"L1$+79">1&<7"+7"1"%9%"%)"%9#7#"#*)ど7E7%#<7:"N#&#"+$"O)B&"4P?Q2"H#"910#"=&)=)7#'"%91%" 1<<)$+B<"#<+77+)$"%)"D#"&#'B*#'"DE"RS"T"+$"USUS"*)<=1&#'"%)"%)'1E:"VWX"Y#*#$%,E"+%"%B&$#'")B%" %91%"%9#&#"+7"1$)%9#&"=&)D,#<"H+%9"1<<)$+12"H9+*9"+7"%91%"+%"*)$%&+DB%#7"%)"=),,B%1$%7"1$'"=1&%+*,#7:" O89#&#"H17Q"1"&#=)&%">&)<"%9#"L1$+79"5$0+&)$<#$%1,"Y#7#1&*9"/$7%+%B%#"71E+$-"%91%"1<<)$+1"O>&)<" 1-&+*B,%B&#Q"*)<D+$#7"H+%9"7B,>1%#">&)<")%9#&"7)B&*#72"#7=#*+1,,E">&)<"79+=7Z"%9+7">)&<"1<<)$+1ど 7B,>1%#2"H9+*9")**B&7"17"=1&%+*,#72"1$'"%9#7#"=1&%+*,#7"1&#"91I1&')B7"%)"9B<1$"9#1,%9:[" _EE(&#%".E#88#(&8"%0."&(F"G%&"#&/.0&%/#(&%$$:"0.9()&#L.,"30(@$.EH"%&,"3($#/#9%$"%9/#(&"5%8"@..&" /%<.&"#&"(0,.0"/("0.,>9."/5.EI"7&"3%0/#9>$%0A"/5."7--P"M7&/.)0%/.,"-($$>/#(&"-0.*.&/#(&"%&,"P(&/0($N" ,#0.9/#*."#&"/5."D>0(3.%&"k&#(&"5%8"#&9$>,.,"%)0#9>$/>0."MF5#95"#8"8%#,"/("%99(>&/"4(0"%@(>/"YSl"(4" /(/%$"%EE(&#%".E#88#(&8N"#&/("#/8"89(3.A"9%$$#&)"4(0"Dk"[email protected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c"*%$>.",.90.%8.8A"F5#95" 0.,>9.8"%EE(&#%".E#88#(&8I"O5."8.9(&,"/.95&($():A"F5#95"F."F#$$"9%$$"@$%+(<#,,"5.0.A"9$%#E.,"/5%/" /5.">8."(4"(L(&."%&,"kf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`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a"83(0%,#9%$$:".K30.88.,"@:"%$$"/5(8."F5("5%33.&"/("$#*."(0" ]>8/"3%88"@:"%"4%0E"a"#&/("%"9($$.9/#*."9(&9.0&A"/5.0.@:"30(*#,#&)"%&"(,(0ど0.E(*#&)"/.95&($():"8>95" %8"@$%+(<#,,"F#/5"%&"(@*#(>8"*%$>."4(0"#/8"/%0)./.,"9>8/(E.08A"#I.I"4%0E.08I""
W" O5."#88>."(4"%EE(&#%".E#88#(&8A"@:"9(&/0%8/A"F%8"%$0.%,:".E@.,,.,"#&"8/0>9/>0.,"9($$.9/#*."%9/#(&A" #&"F5#95")(*.0&E.&/"3$%:.,"%"9.&/0%$"3%0/I""O5."$.)#8$%/#(&"#E3$.E.&/.,"#&"/5."F%<."(4"/5."D>0(3.%&" 7-PP",#0.9/#*."0.J>#0.,"/5%/".*.0:"4%0E.0"F5("F#85.,"/(".K3%&,"5.0"4%9#$#/#.8"(0"@>#$,"%"&.F"4%0E" (@/%#&.,"%&"G.&*#0(&E.&/%$"3.0E#/HI"O("(@/%#&"8>95"%"3.0E#/A"/5."4%0E.0"5%,"/(",.E(&8/0%/."/("/5." E>	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`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どE%<#&)" 8/0%/.):"0.$#.,"(&"3>//#&)"3($#/#98"%&,"89#.&9."G(&"/5.#0"8#,.HR"E(@#$#L.")(*.0&E.&/A"/(".&8>0."/5%/" .&*#0(&E.&/%$"0.)>$%/#(&"#8"3%88.,"(&"%&,"9(E3$#.,"F#/5A"%&,"E(@#$#L.">&#*.08#/#.8A"/(".&8>0."/5%/" /5.",.90.%8."(4"%EE(&#%".E#88#(&8".&%@$.,"@:"/5."@$%+@<<)$+1"/.95&($():"F%8",(9>E.&/.,"%&," @%9<.,">3"F#/5">&,#83>/%@$.".*#,.&9.I" ?%"/"/*$$'%("">"2"#2'%#"$""/*$$'%("">">*2$" O5.")(*.0&E.&/"E(@#$#L%/#(&"%K#8"(4"",#1$J1&<[8"4%9/どE%<#&)"8/0%/.):"#&*($*.,"%"8.0#.8"(4" 30.8.&/%/#(&8"%&,",#89>88#(&8"F#/5"/5."'%U"3%0$#%E.&/"%&,"#/8"D&*#0(&E.&/"9(EE#//..A"F#/5"/5." ;#/0:"(4"/5.".&*#0(&E.&/A"%&,"%/"/5."D>0(3.%&"9(EE#88#(&I"O5.".&/0.30.&.>08["G.$.*%/(0"3#/95H" F%8"8#E3$.R")#*.&"/5.",.90.%8."#&".E#88#(&8".&%@$.,"@:"/5."8$>00:"%9#,#4#9%/#(&"/.95&($():A").//#&)" /5."/.&"@#)).8/"3#)"30(,>9.08"#&"'.&E%0<".J>#33.,"F#/5"@$%+@<<)$+1"F(>$,".&%@$."/5." )(*.0&E.&/"/("%95#.*."/5."$.*.$"(4"%EE(&#%".E#88#(&8"0.,>9/#(&"/5%/"#/"5%,"9(EE#//.,"/(I" ",#1$J1&<[8"8/0%/.):"%#E.,"%/"G3$%&/#&)"*#8#(&8"%&,"#,.%8"%/"9.&/0%$"3$%9.8HI"O5.8."9.&/0%$"3$%9.8" #&9$>,.,"E#/0#.8"%&,"3%0$#%E.&/A"@>/"%$8("(/5.0"8/%<.5($,.08"8>95"%8"4%0E.08["%88(9#%/#(&8"%&," dV\8"%9/#*."#&"/5."4#.$,"(4".&*#0(&E.&/%$"30(/.9/#(&I"O5."(@].9/#*."F%8"&(/"(&$:"/("3>85"4(0"/#)5/.0" 0.)>$%/#(&A"F5#95"0>E(08"8%#,"F%8"4(0/59(E#&)A"@>/"%$8("/("30(E(/."/5."*#8#(&"/5%/"G8$>00:"#8"*%$>.ど 8/0.%E8A"#&8/.%,"(4"30(@$.Eど8/0.%E8HI"" D*.&"/5(>)5"#/"9%&&(/"@."8%#,"/("F5%/".K/.&/"/5%/"F%8"%"0.8>$/"(4"",#1$J1&<[8"G3$%&/#&)H".44(0/8A"/5." E.88%)."F%8"830.%,#&)"%&,"/5."5%&,$#&)"(4"E%&>0."F%8"@.9(E#&)"%")0(F#&)"#88>.A"%8"F."9%&"8.."#&" /5."4($$(F#&)"J>(/."@:"%";-"83(<.83.08(&"4(0"/5.".&*#0(&E.&/R"" K/$"L#$<1&C"%9#&#"1&#"1D)B%"`:SSS"=,1$%7"%91%"=B&+>E"H17%#H1%#&">&)<"9B<1$7:"")$0#&7#,E2"%9#" <1$B&#">&)<"Ua"<+,,+)$"=+-7"+7"$)%"*,#1$#'2"DB%"=)B&#'"'+&#*%,E"+$%)"%9#">+#,'72"%)"%9#"'#%&+<#$%")>" $1%B"L1$+79"'&+$C+$-"H1%#&2",1C#72"#7%B1&+#72"#%*:"1$'"%9#"%9)B71$'7")>"=#)=,#"H9)"910#"%)",+0#"+$"
Q" %9#"<+'7%")>")')&:"J)&"%9#"=&)%#*%+)$")>"%9#"L1$+79"*)<<)$")B&*#2"H1%#&2"1$'">)&"#$0+&)$<#$%1," )$72"%9#"()*+1,"L#<)*&1%7"71E"%91%"%9#"#G%#$7+0#"7='")>"<1$B&#")$">+#,'7"1$'"+$"$1%B&#"<B7%" 7%)="H+%9+$"1D)B%"`S"E#1&7:"VWX"@-&+*B,%B&#"917"$)H"<1G+<B<"`S"E#1&7"%)"1*9+#0#2"+$"*),,1D)&1%+)$" H+%9"#1&*9#&7"+$"%9#"=&+01%#"1$'"%9#"=BD,+*"7#*%)&2"%9#">B&%9#&"'#0#,)=<#$%")>"%9#"%#*9$),)-+#7" $#*#771&E"%)"=B%"1$"#$'"%)"%9#"7='")>"B$%%#'"<1$B&#")$">+#,'7:"/$"1''+%+)$"%)"7+-$+>+*1$%" #$0+&)$<#$%1,"D#$#>+%72"&#<)0+$-")')&"1$'"+<=&)0+$-"%9#")0#&1,,"+<1-#")>"1-&+*B,%B"%9#&#"1&#"1,7)" 9B-#"#G=)&%")==)&%B$+%+#7"+$"7B*9"7,B&&E"%#*9$),)-+#7:[" O5."8.9(&,"%K#8"(4"",#1$J1&<[8"4%9/ど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e"%"/.8/"(&"%"/(/%$"(4"!I6CC"%&#E%$">&#/8"83$#/"#&/("4(>0"8.9/#(&8"M(>/"(4"F5#95"/F(" 9(&/0($")0(>38N"9(&9$>,.,"/5%/"/5."8$>00:"%9#,#4#9%/#(&"E./5(,"0.,>9.,"%EE(&#%".E#88#(&8"@:"YClI" @$%+@<<)$+1"F%8"%330(*.,"@:"/5."'%U"D&*#0(&E.&/%$"-0(/.9/#(&"_).&9:"%&,A"#&"6CCgA"F%8"
#&9$>,.,"#&"/5."X.8/"_*%#$%@$."O.95&($():"MX_ON"$#8/eI"X:"9(&/0%8/A"/5."/.8/8"9(&,>9/.,"(&"/5."
@$%+(<#,,"/.95&($():"30(*#,.,"#&9(&9$>8#*."0.8>$/8A"%&,"#/8"9(EE.09#%$#L%/#(&"F%8",.$%:.,",>."/("/5." &..,"4(0"4>0/5.0"0.8.%095"%&,",.*.$(3E.&/"M9(&8.J>.&/$:A"#&"F5%/"4($$(F8"F."F#$$"4(9>8"(&" @$%+@<<)$+1NI"" V.//#&)"(&"/5."G/.95&($():"$#8/H"F%8"%"90>9#%$"8/.3"4(0"@$%+@<)$+1I"7/"#8"(&"/5%/"$#8/"/5%/"E>	#3%$#/#.8A" F5#95"%0."#&"95%0)."(4",.$#*.0#&)".&*#0(&E.&/%$"3.0E#/8"/("4%0E.08"F#85#&)"/(".K3%&,"/5.#0"4%0E"(0" @>#$,"%"&.F"(&.A"0.$:"#&"(0,.0"/(",.9#,."F5./5.0"%&"%33$#9%/#(&"85(>$,"@."%99.3/.,"(0",.&#.,I"O5." /.95&($():"$#8/"#8"8>33(8.,"/("8.0*."%8"%"G)>#,.$#&.HA"@>/")#*.&"/5."9(E3$.K#/:"(4"30(*#&)"%EE(&#%" .E#88#(&8"0.,>9/#(&A"#/"@.9(E.8"%"'#">1*%)"8/%&,%0,R"%"4%0E.0"F5("#E3$.E.&/8"(&."(4"/5." /.95&($()#.8"%330(*.,"(&"/5%/"$#8/"#8"8>0."/("(@/%#&"%"3.0E#/T"9(&*.08.$:A")(#&)"4(0"%"E./5(,"/5%/"#8" &(/"(&"/5."$#8/"%&,"/0:#&)"/("30(*."#/8".44#9#.&9:"#8"%"0#8<:"8/0%/.):A"%$$"/5."E(0."%8"8.*.0%$"dV\8" E(&#/(0"/5."%//0#@>/#(&"(4"3.0E#/8"%&,"E%:"4#$."9(E3$%#&/8I"X.9%>8."#/"30(*#,.8",%/%"(&"/5."@.&.4#/8" %&,"9(8/8"(4".%95"/.95&($():A"/5."$#8/"#8"%$8(">8.,"@:"4%0E.08"%&,"/5.#0"%,*#8(08"#&"(0,.0"/("9(E3%0." %&,"95((8."F5#95"/.95&($():"/("#E3$.E.&/I"7&"(/5.0"F(0,8A"/5."$#8/"@.9(E.8"/5."9%$9>$%/#*."83%9." F#/5#&"F5#95"@$%+@<<)$+1"#8"0%&<.,"0.$%/#*."/("8>@8/#/>/."30(,>9/8"%&,"%88.88.,"@:"3(/.&/#%$" 9>8/(E.08I"7/"(3.0%/.8"%"G40%E#&)HA"@:".8/%@$#85#&)"%"@(>&,%0:"@./F..&"/5."J>%$#/:"(4")((,8"/5%/"F#$$" """""""""""""""""""""""""""""""""""""""""""""""""""""""""""" e "O5."'%U"D&*#0(&E.&/%$"_).&9:[8"MD-_N"F.@8#/.",.890#@.8"X_O"%8"%"$#8/"(4"/.95&($()#.8"/5%/"5%*."@..&" %&%$:L.,"F#/5"0.)%0,"/("/5.#0".&*#0(&E.&/%$"3.04(0E%&9.I"\&"/5."@%8#8"(4"/5."0.8>$/8"(4"/5#8"%&%$:8#8A"30.8.&/.," #&"/5."8("9%$$.,"G/.95&($():"85../8HA"G/5."'%U"D-_"5%8"9(&,>9/.,"8/%&,%0,#L.,"X_Oど%88.88E.&/8"4(0"/5." E(8/"30.*%#$#&)"9(E@#&%/#(&8"(4"/:3.8"%&,"8#L.8"(4"$#*.8/(9<"4%0E8"#&"'.&E%0<I"O5.8."X_Oど9(&9$>8#(&8"#&9$>,." J>%&/#/%/#*."X_Oど.E#88#(&"$#E#/"*%$>.8"4(0"%EE(&#%"%&,"35(835(0(>8"/()./5.0"F#/5"J>%$#/%/#*."X_Oど %88.88E.&/8"4(0"&#/0%/."$.%95#&)"%&,"/5."9(&8>E3/#(&"(4"F%/.0"%&,".&.0):I"O5.".E#88#(&"$#E#/"*%$>.8"%33$:"/(" /5."#&8/%$$%/#(&"ど"#&"/5#8"9%8."/5."4%0E"ど"%&,"#/"#8"$.4/"/("/5."4%0E.0"/(",.9#,."F5#95"/.95&#J>.8"(0"/.95&($()#.8" 5."F#85.8"/("%33$:"(&"/5."#&8/%$$%/#(&"#&"(0,.0"/("9(E3$:"F#/5"/5.8.".E#88#(&"$#E#/"*%$>.8IH" M5//3RmmFFFIE8/I,<mD&)$#85m_)0#9>$/>0.m.&*#0(&E.&/%$n/.95&($()#.8n%)0#9>$/>0.m@%/[email protected]/n%*%#$%@$.n/.95&#J >.8mN""
!C" @."/%<.&"#&/("%99(>&/"#&"/5."9%$9>$%/#(&"(4"/5.#0"F(0/5A"%&,"/5(8."/5%/"F#$$"@."$.4/">&9(&8#,.0.," MP%$$(&"!QQW%NA"%&,"#/"/0%&8$%/.8"/5."4(0E.0"J>%$#/#.8"#&"E(&./%0:"/.0E8I"" K/%"+7"#77#$%+1,"H91%"+%"71E7")$"%9#"8#*9$),)-E",+7%:"4)D)'E"*1"1D)B%"%9#",+%E:"A#*1B7#"E)B" *1$$)%"<#17B&#"+%"1$EH1E:""_)B"*1$$)%"-)")B%"+$%)"1">1&<"1$'"71Eb"c?C2"/"<#17B&#"%9#"1<<)$+1" *)$%#$%"9#"%9#$"/"C$)H"+>"+%"H)&C7")&"+>"+%"')#7$d%"H)&C.:"/%"+7"D17#'")$"1"%#7%"1$'"+%"+7"D17#'")$"1$" 1==&)01,"1$'"%9#$"E)B"')"$)%"-)")B%"1$'"<#17B&#"+$"%9#"1*%B1,"1==,+*1%+)$:"/%"+7"1,,"D17#'")$"%9#"%#7%:" ()"H9#$"+%"71E7"9#&#b"cJ,))&7"O1$"1,%#&$1%+0#"1<<)$+1"#<+77+)$7"&#'B*%+)$"<#%9)'2"H9+*9"*)$7+7%7"+$" &#'B*+$-"%9#")=#$+$-7"+$"%9#"7,1%%#'">,))&7"+$")&'#&"%)"&#'B*#"%9#"7B&>1*#"%9&)B-9"H9+*9"1<<)$+1"*1$" #01=)&1%#">&)<"%9#"7,B&&E"=+%7Q"910#"1"RST"&#'B*%+)$.2"%91%"+7"+%:"891%"+7"H91%"+%"71E72"7)"+>"/"DBE"%9+7" >,))&"1$'"/"=B%"+%"+$2"/"910#"1"RST"&#'B*%+)$:"/>"/"DBE"O1$"1*+'+>+*1%+)$Q"7E7%#<2"/"910#"1"RST"&#'B*%+)$2"/" ')"$)%"910#"%)"%#7%"+%:"/"')"$)%"$##'"%)"<#17B&#"+%:"()"+%"+7"#G%&#<#,E"+<=)&%1$%"H91%"+7")$"%9+7",+7%"1$'" H9+*9"&#'B*%+)$"=#&*#$%1-#7"1&#")$"+%:["" O5."/.95&($():"$#8/"/5>8"30(,>9.8"4%9/8I"O5."J>%$#/#.8"9(&8#,.0.,"%&,"J>%&/#4#.,"#&"/5."$#8/"M@:"5(F" E>95"%")#*.&"8:8/.E"0.,>9.8"%EE(&#%".E#88#(&8"%&,"5(F"E>95"#/"9(8/8N"@.9(E."0.%$#/:I"O5."0.%$#/:" #&"J>.8/#(&"#8"&(/"(&."/5%/"F(>$,".K#8/"#&,.3.&,.&/$:"40(E"/5."$#8/"%&,"@."(@].9/#*.$:"E#00(0.,"a"/5#8" #8"F5:"(>0"0.83(&,.&/"#&"/5."J>(/%/#(&"%@(*."$%E.&/8"/5%/"G&(@(,:"9%0.8"%@(>/"/5."0.%$#/:H"どA"@>/" (&."/5%/"#8"3.04(0E.,"@:"/5.",.*#9."%&,"/5."9%$9>$%/#*."83%9."/5%/"#/".8/%@$#85.8I"c(F.*.0A"%8"&(/.," @:"P%$$(&"M!QQW%NA"%&:"40%E#&)"/0#)).08"(*.04$(F#&)I"O5#8"#8"F5%/"5%33.&.,"#&"/5."9%8."(4"",#1$J1&<R" ).//#&)"(&"/5."/.95&($():"$#8/"F%8"%",(>@$.ど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email protected]"#&" /5#8"/%@$."#&"4>0/5.0",./%#$I"_8"/5."9(8/"(4"/5."8:8/.E",.90.%8.8"F#/5"/5."8#L."(4"/5."4%0EA"/5."4#08/" 9($>E&"#&,#9%/.8"/5."&>[email protected]"(4"G%&#E%$">&#/8H"4(0"F5#95"/5."9%$9>$%/#(&8"%0."0.$.*%&/I"O5."8.9(&," 9($>E&"#&,#9%/.8"/5."%,,#/#(&%$"9(8/A"3.0"9(F"9>@#9$.A"#&9>00.,"@:"#&*.8/#&)"#&"/5."@$%+@<<)$+1" 8:8/.EI"O5."/5#0,"9($>E&"#&,#9%/.8"/5."%,,#/#(&%$"9(8/"3.0"<#$()0%E"(4"E.%/A".K9$>,#&)"/5."*%$>."(4" /5."8%*#&)8"(&"&#/0().&"MdN"%&,"8>$4>0"M=N"F5#95"/5."8:8/.E"%$$(F8"4(0"M/5."E.%8>0."(4"/5.8."8%*#&)8" F#$$"@.".K3$%#&.,"#&"4>0/5.0",./%#$8"@.$(FNI"\>0"0.83(&,.&/8"0.4.0"/("/5#8"&>[email protected]"%8"G/5."9(8/"/("/5." 4%0E.0HI"O5."4(0/5"9($>E&"#&,#9%/.8"/5."%,,#/#(&%$"9(8/"3.0"<#$()0%E"(4"0.,>9.,"&#/0().&A".K9$>,#&)" /5."*%$>."(4"/5."8%*#&)8"(&"&#/0().&"MdN"%&,"8>$4>0"M=NI"O5#8"&>[email protected]"#8"0.4.00.,"/("%8"/5." G.&*#0(&E.&/%$"9(8/HR"%"&>[email protected]"%@(>/"F5#95"G/5."4%0E.0",(.8"&(/"9%0.A"@>/"/5."%>/5(0#/#.8"9%0.HI" O5."4#4/5"9($>E&"#&,#9%/.8"/5."*%$>."(4"/5."J>%&/#/:"(4"&#/0().&"%&,"8>$4>0"/5%/"/5."8:8/.E"%$$(F8"/5." 4%0E.0"/("83%0.I"O5."$%8/"/F("9($>E&8"0.9%$9>$%/."/5."%,,#/#(&%$"9(8/"3.0"<#$()0%E"(4"E.%/"%&,"3.0" <#$()0%E"(4"&#/0().&"0.,>9.,A"#&9$>,#&)"/5."*%$>."(4"/5."8%*#&)8"(&"&#/0().&"MdN"%&,"8>$4>0"M=NI"U(0" .K%E3$.A"4(0"%"4%0E.0"F5("5%8"!SC"%&#E%$">&#/8"MF5#95"9(00.83(&,"/("%@(>/"!6C"9(F8NA"/5."9(8/"(4" ",#1$J1&<[8"@$%+@<<)$+1"8:8/.E"F#$$"%E(>&/"/("CICQ"'%U"<0(&%"3.0"<#$()0%E"(4"E.%/"30(,>9.," MF5#95"9(00.83(&,8"/("%"el"#&90.%8."#&"9(8/8",>."/("/5."#&*.8/E.&/N"#4"/5."*%$>."(4"/5."8%*#&)8"(&" &#/0().&"%&,"8>$4>0"#8"&(/"/%<.&"#&/("%99(>&/T"#4"/5#8"*%$>."#8"/%<.&"#&/("%99(>&/A"/5."9(8/")(.8",(F&"
!!" /("CICg"<0(&%"MF5#95"9(00.83(&,8"/("%"Zl"#&90.%8.NI"7&"/5#8"9%8.A"%"<#$()0%E"(4"&#/0().&"0.,>9.,"9(8/8" SW"(0"ZQ"<0(&%A",.3.&,#&)"(&"F5./5.0"/5."*%$>."(4"8%*#&)8"#8"/%<.&"#&/("%99(>&/I"" " !"#$%&"'(")"*+,-&"."*/"012*"&2*"3+*&2"4%13"*/&"*&0/51-1#6"7"2*" O5.8."&>[email protected]"%0.".K/0.E.$:"#E3(0/%&/I"U#08/"(4"%$$A"#/"#8"(&"/5.#0"@%8#8"/5%/"/5.")(*.0&E.&/",.9#,.8" F5./5.0"#/"#8"G0.%8(&%@$.H"%&,"&(/"/(("G.K3.&8#*.H"/(".&4(09."0.)>$%/#(&I"O5."/50.85($,"#8"%"E%//.0" (4"G3($#/#9%$",.9#8#(&HA".K3$%#&8"%"",#1$J1&<"E%&%).0A"%&,"/5."&>[email protected]"*%0:"F#/5"/5."/:3."(4"%&#E%$" 9(&8#,.0.,R"4(0".K%E3$.A"/5."%,,#/#(&%$"9(8/"#&9>00.,"@:"#&*.8/#&)"#&".&*#0(&E.&/%$"/.95&($()#.8" 85(>$,"&(/")("@.:(&,"6l"(4"/5."30(,>9/#(&"9(8/"#&"/5."9%8."(4"3#)8A"%&,"!l"#&"/5."9%8."(4"9(F8I"74" /5.0."%0."%*%#$%@$."/.95&($()#.8"/5%/"%$$(F"0.,>9#&)"%EE(&#%".E#88#(&8"%/"8>95"%"G0.%8(&%@$.H"9(8/" %&,"5.&9."0.)>$%/#(&"#8".&4(09.,A"4%0E.08"%0."0.J>#0.,"/("#E3$.E.&/"/5.8."/.95&($()#.8"#4"/5.:"%0." /("(@/%#&"%&".&*#0(&E.&/%$"3.0E#/I"O5.:"5%*."/("95((8."(&."(4"/5."/.95&($()#.8"%*%#$%@$.A"%&,"#/"#8" (&9."%)%#&"(&"/5."@%8#8"(4"/5."&>[email protected]"30.8.&/.,"#&"/5."/%@$.8"(4"/5."/.95&($():"$#8/"/5%/"/5.:"E%<." %",.9#8#(&I"O5."9(8/"(4"/5."8:8/.EA"%8"9(E3%0.,"F#/5"(/5.0"8:8/.E8A"@.9(E.8"/5.&"%"90>9#%$" 3%0%E./.0I"" K/"*1$")>"*)B&7#"+$%#&$1,,E">&)<")B&"*)<=1$E"<1C#"1"*1,*B,1%+)$"1$EH1E"/",+C#:"AB%"%9#&#"+7"%9+7")>>+*+1," ')*B<#$%"%91%"%9#">1&<#&7"VWX",))C"1%:"VWX"M91%"H#"$##'"%)"')"+7"%91%"H#"$##'"%)"<1C#"7B&#"%91%"%9+7" *)$%1+$7"%9#"&+-9%"$B<D#&72"&+-9%e"A#*1B7#"%9+7"+7"H91%"#0#&ED)'E"H+,,"D#",))C+$-"1%"1$'"%9+7"+7"1,7)" H91%"%9#E"*)<=1&#:[" V.//#&)"G/5."0#)5/"&>[email protected]"#8"&(/"8/0%#)5/4(0F%0,A"/5(>)5I"U(0".K%E3$.A"9(&/0(*.08#.8"5%*."%0#8.&" (*.0"/5."G0.%$H"9(8/"(4"/5."@$%+@<<)$+1"8:8/.EI"7&"3%0/#9>$%0A"/5."4%0E.08["%88(9#%/#(&"5%8"9$%#E.," /5%/"/5."E%#&/.&%&9."9(8/"(4"/5."8:8/.E"85(>$,"@."5#)5.0R" KM#"71E"%91%"<1+$%#$1$*#")>")$#")>")B&"7E7%#<7"*)7%7"1D)B%"US:SSS"C&)$1"=#&"E#1&:"89#"=+-"B$+)$" %#,,7"%9#"<+$+7%&E"%91%"+%"*)7%7"fS:SSS"C&)$1:"J)B&"%+<#7"<)&#"#G=#$7+0#:"VWX"@$'"E)B"*1$"71E"O%91%Q" <1+$%#$1$*#"+7"%9+7"<B*9"O1$'"%91%Q"%9#&#"+7"$)%"<B*9"%)"1&-B#"1D)B%2"DB%"%9#&#"+7:"M#"*1$"')*B<#$%"
