Community Driven Land Acquisition Strategies_HPFPI Experience (E&U Paper)

8/12/2019 Community Driven Land Acquisition Strategies_HPFPI Experience (E&U Paper)

1/26

"

!"##$%&'()*+&,-% /0%* 1-%$+- 2'+0'-3&-45

16- -78-+&-%9-4 ": '6- ;"#-"+>(/ *$ 5/>"1514 7"'O0 "$ ($>*'"$)($35+ A'"3(13*"$ 5$/ *$/*6($"20 A("A+(Q0 '*6#30- R$ 523#"' "C 0(>($

M""O0 "C A"(3'4 5$/ (00540? #( #5/ 5+'(5/4 7"$ C*>( 95'+"0 @5+5$15 8()"'*5+ R75'/0 C"' ;*3('532'( 5$/ 5

S53*"$5+ L""O R75'/ C'") 3#( 85$*+5 9'*3*10 9*'1+( 5$/ 3#( S53*"$5+ L""O :(>(+"A)($3 L"5'/7

E$6$;$"& F(;+%)'(")

G&66(A( &H I%)D +", @1$("1(D

J$%$+' G&66(A(? K&L&6+ M($AN)D

OC(/&" G$)L? PN$6$;;$"(D

$%('$6QL+N&&71&'

!50"$ 9#'*03"A#(' T- 9" *0 5$ 5+3('$53*>( +574(' M50(/ *$ :5>5" 9*34? (0? &$1 D@R9(

;(65+ R00*035$1( 9($3(' D*'"$)($35++4 /(6'5/(/? 7*3#"23 511(00 3" 3"*+(30? 753('

02AA+4 "' (+(13'*1*34 5$/ *$ (>('HA'(0($3 /5$6(' "C (>*13*"$- Z*3#"23 0(12'( +5$/? #"20*$6 5$/

0('>*1(/ $(*6#M"'#""/0? )"'( 5$/ )"'( "C 3#( A""'Q0 015$34 '(0"2'1(0 6" 0*)A+4 "$ 02'>*>*$6-


2/26

#

@("A+( 5'( A+51(/ *$ 5 141+( "C 0[2533*$6 5$/ (>*13*"$? 7#*1# C2'3#(' *)A">('*0#(0 3#( A""' 5$/

A'(>($30 3#() C'") /(>(+"A*$6 3#()0(+>(0-\E

M&X(#(%? D&6C)$&"D +%( .($"A 1%(+)(, .L ,L"+'$1 6&X>$"1&'( 1&''C"$)$(D )N+) +%( ;+%) &H )N( M&'(6(DD

P(&;6(DY E(,(%+)$&" PN$6$;;$"(D? R"17 XN& )N%&CAN D(6H>N(6; $"$)$+)$#(D 6$U( D+#$"AD +", +66$(, D)%+)(A$(D? .C$6,

)N($% &X" N&'(D? .CL 6+",? $';%( )N($% 6$#(6$N&&,D +", "(A&)$+)( H&% )N($% ;6+1( $" 1$)$(D7 ZN( 1&%( &H )N$D

;+;(% $D &" )N( X+LD )N+) )N(L N+#( ,&"( D&7 R) ,%+XD &" )N( +C)N&%DY X&%U X$)N )N( E(,(%+)$&" +", &"

$")(%#$(XD X$)N E(,(%+)$&" '('.(%D72

@@B HI!JKCEGDF

ZN( PN$6$;;$"(D X$)N $)D [?83[ $D6+",D +", 6$'$)(, 6+", +%(+ &H \33?333 D]C+%( U$6&'()(%D $D (^;(%$("1$"A

%+;$, C%.+"$/+)$&"7\ ZN( %+;$, $"1%(+D$"A C%.+" ;&&% ;&;C6+)$&" $D +) %$DU H%&' ,$D;6+1('(") .L 6+%A(

$"H%+D)%C1)C%( $"$)$+)$#(D +", ;%&.6('+)$1 6+", CD(? +,'$"$D)%+)$&" +", '+"+A('(") ;&6$1$(D7 G-,* H,3%&-,*> /*4*;*& &A 4A* I*AD*D%,*&A G(0-D*)%, &A

J*A-&A /%0*&A*& I(%A;C-.;--7 F,,-'%*)%-&> +*.K J(.&*7())( L-',%&A> B*C*0*D* H0%,* /%0*K> /*4*;*& &A 4A* I*AD*D*%,*&A G(0-D*)%, &A

J*A-&A /%0*&A*& I(%AC-.;--7 F,,-'%*)%-&> G-,(00* O.(,2*00(,> =*K*)*, /'*2(&A(.,

Q(-&-. $*00(R*> S-07(& /;-E(., SP+ *&7 J*00(,)(.-,> + 9#??#:> =$/4 >--,'- ./ 7+:'(&? @'4,1&.+/ A&($&'0.'- $/4 ' 9':'8+%5'/& B0'/4$C' 7#.8.%%./'-> =;%0%33%&( 8&,)%)6)( -U 1(2(0-34(&) /)67%(, 9=81/:PV 16M6(> =.%,'%00* => F))KP 9#??V:> 9.-$-&'( 3$/$0'5'/& $/4 "(.&.1$8 >--,'- +/ 9.-$-&'( @.-D @'4,1&.+/ >/ '

7#.8.%%./'-2 E9""FG"92T" X')PY@-> L*,-& @;.%,)-3;(. G*K-, 9#??Z:> @-446&%)KN7.%2(& 1%,*,)(. 8&)(.2(&)%-&[ H\3(.%(&'(, -U );( =F@/88 *&7 88H1> +*&%0* *&7 Q-&7-&>^? 3*A(,P^O;( _-.07 J*&D 9&- 7*)(:> >--,'- $/4 9?/$5.1-C H(I$/ A?-&'5- ./ 9':'8+%./0 J$-& B-.$> H*,) F,%* 8&U.*,).6')6.(

1(3*.)4(&)P` B*.*-,> F&&* +*.%( F 9#??T:P H(I$/ K+:'(/$/1' $/4 7+:'(&? B88':.$&.+/ ./ ' 7#.8.%%./'-> 3*3(. 3.(,(&)(7 )-

I*)%-&*0 @-&U(.(&'( -& a.C*& S-2(.&*&'(> +*KP


3/26

T

ZN( J(,$C' Z(%' PN$6$;;$"( F(#(6&;'(") P6+" DCAA(D)D )N+) \7[= '$66$&" N&CD$"A C"$)D +%( "((,(,

.()X((" 233= +", 2383 .C) )N( )+%A() H&% N&CD$"A ;%&,C1)$&" $" )N(D( L(+%D $D &"6L H&% 878= '$66$&"

N&CD(N&6,D7 Z& '+U( '+))(%D X&%D(? ,$D;6+1('(")D &H )N( C%.+" +", ;(%$>C%.+" ;&&% +%( &" )N( %$D( W

H%&' $"H%+D)%C1)C%( ;%&V(1)D? '+%U() ,(#(6&;'(") ;&6$1$(D? 1&C%)>(#$1)$&"D +", ,$D+D)(%D7 F+)+ H%&' )N(

P%(D$,(")$+6 G&''$DD$&" H&% )N( -%.+" P&&% DN&X )N+) +D &H 233=? + )&)+6 &H 2S8 I;;6$1+)$&"D H&% G(%)$H$1+)(

&H G&';6$+"1( N+#( .((" %(1($#(, +", 4T X(%( $DDC(, G(%)$H$1+)(D &H G&';6$+"1( +HH(1)$"A S?\3< H+'$6$(D

_(^16C,$"A 9&%)N c+$6 +", @&C)N c+$6`7 ZN(%( +%( +6D& 2[[ 1+D(D &H G&C%)>0%,(%(, F('&6$)$&"D7 E&% )N(

;(%$&, &H 233=>2383? A(%"'(") DN+66 %(6&1+)( D&'( 83T?\=T H+'$6$(D +HH(1)(, .L )N( 9&%)N +", @&C)N

c+$6X+L ,(#(6&;'(") _T3?[[4 N&CD(N&6,D`? )N( P+D$A c$#(% %(N+.$6$)+)$&" _S?T32 N&CD(N&6,D`? +", )N( 1+"+6

16(+"$"A ;%&A%+' _28?3&X"(,78\-"H&%)C"+)(6L )N( ;&&% XN&

+%( D)%&"A6L ,(;(",(") &" +11(DD )& 6+", &% D;+1( H&% )N($% 6$#(6$N&&, +", X(6H+%(? N+#( 6$'$)(, +11(DD78 L*,-& @;.%,)-3;(. GP > #??Z> -3 '%)P""F 3.%&'%30( %& 0*E E;%'; 4(*&, );*) *00 &*)6.*0 E(*0); N *A.%'60)6.*0> U-.(,) -. )%4C(.> *&7 4%&(.*0 0*&7, -U );( 36C0%'

7-4*%& *&7 *00 -);(. &*)6.*0 .(,-6.'(, C(0-&A )- );( ,)*)(P"#O;(,( *.( 0*&7, -U );( 36C0%' 7-4*%& );*) *.( ,6,'(3)%C0( -U C(%&A *'M6%.(7 CK 3.%2*)( %&)(.(,),> C*,(7 -& );(

@-&,)%)6)%-& *&7 @-44-&E(*0); F') "W"P"TQ0*&)- *&7 J*00(,)(.-, -3 '%)"WQ0*&)- *&7 J*00(,)(.-, -3 '%)


4/26

W

I11(DD )& 6+", .L )N( ;&&% $D +HH(1)(, .L )N( 6+", '+%U()7 P%&.6('D &H .&C",+%L ,$D;C)(D? $66(A+6

&11C;+)$&" &H D)+)( +", H&%(D)6+",D? H+U( )$)6(D? $"+;;%&;%$+)( 6+", #+6C+)$&"? +", 6+1U &H 1&''$)'(") )&

("#$%&"'(")+6 DCD)+$"+.$6$)L 1&"D)%+$" )N( (HH$1$("1L &H 6+", '+%U()D7 ZN(D( ;%&.6('D +%$D( H%&':

_$` C"16(+% +", $"1&"D$D)(") 6+", ;&6$1$(Da

_$$` $"(HH$1$(") 6+", +,'$"$D)%+)$&" $"H%+D)%C1)C%(a

_$$$`N$AN6L ;&6$)$1$/(, 6+", )+^ DLD)('a

_$#`$"(HH$1$(") +A%+%$+" %(H&%' ;%&A%+'a

_#` $"(HH$1$(") N&CD$"A ,(#(6&;'(") ;%&A%+'a8=

_#$`;%&.6('+)$1 6+", CD( ;6+""$"A78S

N&&O =+&%9&8( #*6#(03 A'*"'*34 3" 3#( ($513)($3 "C )(502'(0 3#53 A'"3(13 5$/

($#5$1( 3#( '*6#3 "C 5++ 3#( A("A+( 3" #2)5$ /*6$*34? '(/21( 0"1*5+? (1"$")*1? 5$/ A"+*3*15+

*$([25+*3*(0? 5$/ '()">( 12+32'5+ *$([2*3*(0 M4 ([2*35M+4 /*CC20*$6 7(5+3# 5$/ A"+*3*15+

A"7(' C"' 3#( 1"))"$ 6""/-

." 3#*0 ($/? 3#( (0? 5$/

0*)*+5' 1"++(13*>( "'65$*P53*"$0? 0#5++ #5>( 3#( '*6#3 3" "7$? (035M+*0#? 5$/ "A('53(

(1"$")*1 ($3('A'*0(0? 02M_(13 3" 3#( /234 "C 3#(


5/26

V

&H X(+6)N7 E%&' )N$D D&1$+6 VCD)$1( ;&6$1L ('(%A( )N( G&,(D? "C'(%&CD K+XD +", %(AC6+)$&"D )N+) ;(%)+$" )&

6+",? 16+DD$H$(, +D H&66&XD:

_$` 6+", 16+DD$H$1+)$&"? DC%#(L$"A +", ,$D;&D$)$&"a _$$` 6+", CD(? ;6+""$"A +", '+"+A('(")a _$$$` +11(DD )& 6+",

)("C%(a +", _$#` 6+", )$)6$"Aa _#` 6+", )+^+)$&"? H((D +", 1N+%A(D8T7

I) 6(+D) H$#( 1&,(D +", (6(#(" 6+XD ,$%(1)6L +HH(1) )N( C)$6$/+)$&" +", %(AC6+)$&" &H PN$6$;;$"( 6+", 847 I66

)N(D( 6+XD +%( D)$66 (HH(1)$#( +", ("H&%1(, .L #+%$&CD A(%"'(") +A("1$(D7 J&D) &H )N(D( 6+XD +%( ;%&,C1)D

&H )N( 84T[ PN$6$;;$"( G&"D)$)C)$&" XN$1N $"16C,( ;%$D$&"D &" 9+)$&"+6 P+)%$'&"L 1&C;6(, X$)N @&1$+6

BCD)$1(7

ZN( 6+XD )N+) +HH(1) +11(DD )& 6+", 1+" .( 1+)(A&%$/(, $")& H&C% A%&C;D7 ZN( H$%D) +%( )N( 6+XD )N+)

&;(%+)$&"+6$/( )N( D&1$+6 VCD)$1( ;%$D$&"D &H )N( G&"D)$)C)$&" +", )N(D( $"16C,( )N( G&';%(N("D$#(

IA%+%$+" c(H&%' K+X &H 84TT +", )N( -%.+" F(#(6&;'(") +", M&CD$"A I1) _-FMI` &H 84427 ZN( D(1&", +%(

)N( 6+XD )N+) +,#&1+)( (1&6&AL 1&"D(%#+)$&" +", ("#$%&"'(")+6 ;%&)(1)$&"7 ZN( )N$%, +%( 6+XD )N+)

+,#+"1( )N( ,(#(6&;'(") &H )N( 1&C")%L +", $"16C,( )N( K&1+6 f(%"'(") G&,( _KfG` &H 84487 ZN( H&C%)N

+%( )N( 6+XD X$)N (1&"&'$1 A&+6D? DC1N +D )N( J$"$"A I1) &H 844=? )N( )&C%$D' 6+XD +", )N( !1&"&'$1 j&"(

6+XD723

@@@B GCHID /IDF CA>ECM IDF ;EG2@DK28

N&O F-,-(0 "C 53 +(503 EJJ 8*++*"$ 0+2) /7(++('0 M4 IJIJ;%$,( )N( (%>+66 H%+'(X&%U H&% ,(#(6&;'(")

+1)$&"7 ZN(D( +%( C",(%;$""(, .L $")(%"+)$&"+6 NC'+" %$AN)D )N+) +))+$" "&%'+)$#( D)+)CD $" )N( -"$#(%D+6

F(16+%+)$&" &H MC'+" c$AN)D XN$1N 6+LD ,&X" 1&%( %$AN)D h d(")$)6('(")De &H (#(%L ;(%D&" )&:

d5 035$/5'/ "C +*>*$6? 5/([253( C"' 3#( #(5+3# 5$/ 7(++HM(*$6 "C #*)0(+C 5$/ "C #*0 C5)*+4? *$1+2/*$6

C""/? 1+"3#*$6? #"20*$6 5$/ )(/*15+ 15'( 5$/ $(1(005'4 0"1*5+ 0('>*1(0? 5$/ 3#( '*6#3 3" 0(12'*34 *$

3#( (>($3 "C 2$()A+"4)($3? 0*1O$(00? /*05M*+*34? 7*/"7#""/? "+/ 56( "' "3#(' +51O "C +*>(+*#""/ *$

1*'12)035$1(0 M(4"$/ #*0 1"$3'"+ \-IX

"#$%&'()%* +)&,-)%* .,/,)0, 1(2,3 4(5%* 6(/,-)7,)& 1(2, 8.9:";-?%) @,/,*(A7,)& %)2 B(0C')D

95& 8.9 :E:F=G"F

9 5(2, 'C 7(-, 5(7A-,H,)C'/, &H%) % *%IG 9 5(2, 'C 5(7A(C,2 (J *%IC &H%& H%/, &H, C%7, (- -,*%&,2C0?K,5& 7%&&,- &H%& %-, 5(7A'*,2 %C (),GE*6"'"20 A'*>53( ($3('A'*0( 0403() '(0A"$0*>( 3"

1"))2$*34 '([2*'()($30 *$ 3#( 20( 5$/ /(>(+"A)($3 "C 2'M5$ +5$/0-\

ZN( ,(1%(( )N(" $")%&,C1(, $" -%.+" K+", c(H&%' j&"(D _-KjD` &% I%(+D H&% P%$&%$)L F(#(6&;'(") _IPFD`

$""+)$#( X+LD &H ;6+""$"A? 6+", +1]C$D$)$&" _+5$/ 500()M+4? +5$/ M5$O*$6? +5$/ (^1#5$6(? +5$/

1"$0"+*/53*"$? '(5/_203)($30 5$/ _"*$3H>($32'( 5''5$6()($30`? 6+", ,$D;&D$)$&" _$(*6#M"'#""/ "7$('0#*A?

EUV,5&'() E3 9-&'5*, ++3 "F#: 1()C&'&0&'() IH,-,W X MH, YH'*'AA'),CZ%2(A&C &H, D,),-%**O %55,A&,2 A-')5'A*,C

(J ')&,-)%&'()%* *%I %C A%-& (J &H, *%I (J &H, *%)2Z[ERV,5&'() F3 9-&'5*, \+++ (J "F#: 1()C&'&0&'() A-(/'2,CW XMH, V&%&, CH%**3 ?O *%I3 %)2 J(- &H, 5(77() D((2

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`5,A& ') %55(-2%)5, I'&H *%I %)2 ') % K0C&%)2 H07%), 7%)),-GG[


7/26

^

'(0*/($3*5+ C'((#"+/0? +(50(#"+/0? '(0('>53*"$ "C /(>(+"A)($3 '*6#30`? 6+", #+6C( +DD(DD'(")D? )+^+)$&" +",

#$A&%&CD 6+", ,(#(6&;'(") H$"+"1$"A D1N('(72SZN( F(1%(( ;%$,(, D&'( '(+DC%( &H D(1C%( )("C%( H&%

)("+")D $" -KcjD &% IPFD .L ;%$,$"A + ;%&N$.$)$&" H%&' ,$D;&DD(DD$&" 1&';6('(")$"A )N( 6+", +1]C$D$)$&"

+", ,$D;&D$)$&" D1N('(D '(")$&"(,7 E$"+66L )N( ,(1%(( "&) &"6L (D)+.6$DN(, )N( ;NLD$1+6 +", 6+", CD(

;6+""$"A $"H%+D)%C1)C%( X$)N )N( 1%(+)$&" &H )N( J$"$D)%L &H MC'+" @())6('(")D? $) +6D& ;%&'&)(, 6+", CD(

;6+""$"A )& )N( ,$HH(%(") 6&1+6 A(%"'(") C"$)D7

-"H&%)C"+)(6L? )N( IPF D1N('( X+D ,$D1&")$"C(, $" 84TS C",(% )N( I]C$"& A(%"'(")7 gC) .(H&%(

)N$D? DC.D(]C(") J+%1&D ,$%(1)$#(D )(",(, )& 753(' /"7$)N( ;%&A%(DD$#( ;&%)$&"D &H )N( D1N('(7 kN$6( $)

1&C6, N+#( .((" + D1N('( )& ("DC%( C%.+" 6+",D H&% N&CD$"A )N( C%.+" ;&&% $" + '&%( $")(A%+)(,

,(#(6&;'(") 1&")(^)? )N( C"D((" N+", &H C%.+" 6+", &X"(%D? $)D ;(%1($#(, %(A%(DD$#( (HH(1) &" 6+",

'+%U()D? +", )N( ;&6$)$1+6 D)$A'+ $) C",(%;$""(, $';(66(, $)D ,$D1&")$"C+"1(72[J&%((%? C%.+" )("+"1L

_D(1C%$)L &H )("C%(` C",(% )N( IPF H%+'( )C%"(, &C) )& .( )("C&CD +D 6+", &X"(%D 1$%1C'#(")(, )N(

F(1%(( .L ($)N(% &C)%$AN) &HH(% )& D(66 +", (#$1) XN(" "& "(A&)$+)$&"D +%( +1N$(#(,? &% %(HCD+6 )& D(66 )& )N(

C%.+" ;&&%7

EC%)N(% +", '&%( $';&%)+") X+D )N( %(D)%$1)$#( $")(%;%()+)$&" A$#(" .L )N( @C;%('( G&C%) H&% )N( )(%'D

d3($5$3e2T+", d'(0*/($30 7#" #5>( +(65++4 "112A*(/ 3#( +5$/0 M4 1"$3'513e ,(D;$)( )N( +,,$)$&" &H )N( )(%'d"112A5$3 C5)*+4e C",(% PF 238S ;%(1$D(6L )& $"16C,( )N&D( $"H&%'+6 &11C;+")D &H 6+", X$)N&C) 6+",&X"(%D

1&"D(")a )& (^16C,( )N( #(%L ;(%D&"D )N( F(1%(( X+D '+,( )& ;%&)(1)7 E$"+66L? )N(%( X+D "& 16(+%?

DCD)+$"+.6( HC",$"A +66&1+)$&" H&% )N( IPF H%+'(X&%U H%&' XN$1N $) 1&C6, N+#( %(+66L '+,( + ,$HH(%("1(7

N&&O I F-9-%'+0+0#-P"+U :"+ K",-+%0%9-Q 26- %) ,;*00 (\(.'%,( 3-E(., *, * 3-0%)%'*0 ,6C7%2%,%-& -U );( &*)%-&*0 A-2(.&4(&) *&7 *, * '-.3-.*)(

(&)%)K .(3.(,(&)%&A );( %&;*C%)*&), -U %), )(..%)-.KdP 8& .(0*)%-& )- /(')%-& ## -U GF ^"Y? 9QS@:


8/26

`

N&&&O 16- 26&:' '" /"90


9/26

Z

9&)( )N+) ,(D;$)( )N( 1N+"A( $" +,'$"$D)%+)$&" H%&' )N( J+%1&D %(A$'(? )N( -FMI ,$, "&) %(;(+6 PF 8=8[7

R) %(1&A"$/(, )N( $"1(")$#(D A$#(" )& IPF +", -Kcj .("(H$1$+%$(D +", '+,( +,,$)$&"+6 $"1(")$#(D $" )N( H&%'

&H: +` 6+", DC%#(LD +", )$)6$"A +) '$"$'+6 1&D)a .` 6$.(%+6$/(, )(%'D &" 1%(,$) H+1$6$)$(D +", N&CD$"A 6&+"D +",

&"( NC",%(, ;(%1(") _833b` ,(,C1)$&" H%&' (#(%L N&'(.CL(%mD A%&DD $"1&'( )+^ &H +66 $")(%(D) ;+L'(")D

'+,( &" ,&1C'(")D 6&+"D $"1C%%(, H&% )N( 1&"D)%C1)$&" &% ;C%1N+D( &H )N( N&'(.CL(%mD N&CD(a 1`

(^(';)$&" H%&' )N( ;+L'(") &H ,&1C'(")+%L D)+'; )+^? %(A$D)%+)$&" H((D? +", &)N(% H((D H&% )N( $DDC+"1(

&H )%+"DH(% 1(%)$H$1+)( &H )$)6(Da +", _,` .+D$1 D(%#$1(D 6$U( X+)(%? (6(1)%$1$)L? D(X(%+A(? +", %&+, "()X&%UD7\8

ZN( 1&"1(;) &H (]C$)+.6( +", D&1$+66L %(D;&"D$.6( 6+", &X"(%DN$; +%( ;%(D(") $" )N( 6+XD &H )N(

PN$6$;;$"(D7\2 R) 1+" .( D((" $" )N( )(^) &H )N( 84[\ G&"D)$)C)$&" +", $" )N( )(^) &H )N( 84T[ G&"D)$)C)$&"

)N+) X+D ]C&)(, $" D(1)$&" RR7 @& XNL +%( D)$66 D& '+"L ;&&% +", N&'(6(DD $" )N( PN$6$;;$"(Dn @(%&)(

DCAA(D)D )N+) dZN( X(6H+%( %N()&%$1 &H )N( G&"D)$)C)$&" N+D )& .( )%+"D6+)(, $")& D;(1$H$1 D)+)C)(D .(H&%( $)

1+" .( &;(%+)$&"+6$/(,7 K(A$D6+)$#( .&,$(D? N&X(#(%? H%&' )N( "+)$&"+6 )& )N( 6&1+6 6(#(6? +%( "&) +.&C) )&

("+1) )N&D( "((,(, 6(A$D6+)$&"D X$)N +"L D("D( &H C%A("1L7 ZN+) $D .(1+CD( 6(A$D6+)C%(D H%&' )N( 6&1+6 )& )N(

"+)$&"+6 6(#(6D +%( ,&'$"+)(, .L 6+",(, ;%&;(%)L $")(%(D)D7e\\

ID '(")$&"(, ;%(#$&CD6L? )N( -FMI $D + 1&';%(N("D$#( 6+X )N+) 6+$, ,&X" "&) &"6L ;%&A%+'D &" N&CD$"A

.C) +6D& + ;%&A%+' H&% )N( ,(#(6&;'(") &H 1$)$(D +", 'C"$1$;+6$)$(D7 R"16C,(, +%( )N( ;%&A%+'D &H%(6&1+)$&"? G&''C"$)L J&%)A+A( P%&A%+'? D6C' C;A%+,$"A? $"#(")&%L &H A(%"'(") 6+",D? $,(")$H$1+)$&"

&H 6(A$)$'+)( .("(H$1$+%$(D +", )N( %&6( &H )N( 6&1+6 A(%"'(") C"$)D $" N&CD$"A7 I'&"A )N( $';&%)+")

H(+)C%(D &H -FMI $D )N( 1&';6()( ;%&1(DD +", 1&",$)$&" H&% )N( $';6('(")+)$&" &H + VCD) +", NC'+"(

,('&6$)$&"7\.+D(, H(,(%+)$&" XN$1N

;%&'&)(D D+#$"AD '&.$6$/+)$&" +D + X+L &H .C$6,$"A )N( H$"+"1$+6 1+;+.$6$)L &H 1&''C"$)$(D )& $"#(D) $" )N($%

&X" ,(#(6&;'(")7 ID &H F(1('.(% 233[? )N( E(,(%+)$&" N+, +;;%&^$'+)(6L [3?333 '('.(%D H%&' 8S8

+DD&1$+)$&"D +", A%&C;D $" 22 1$)$(D +", 'C"$1$;+6$)$(D $" KC/&"? 5$D+L+D? +", J$",+"+&7\S ID + D&1$+6

T"/(')%-& #V> GF ^#^ZT#

/(( /(.-)( 9&P7P: -3P '%)PTT /(( /(.-)( 9&P7P: -3P '%)PTWS*)3*)*&NJ(7%*> +*.0(&( $P 9#??#:P B%&*4*)*.6&A ,* =*AN*&AD-& ,*&A =606KN*&

9 /*&7.* XP 9#??#:>

1-'64(&)*)%-& -U );( H\3(.%(&'( -U );(


10/26

"?

'('(") &H ;&&% 1&''C"$)$(D (D;&CD$"A ;(&;6(>,%$#(" D(1C%( )("C%( $"$)$+)$#(D? $) %(D;&",D )& )N$D

1N+66("A( &H ,$D;6+1('(")D .L &%A+"$/$"A +", '&.$6$/$"A N&CD(N&6,D +HH(1)(, .L ,$D+D)(%D &% )N%(+)("(, .L

(#$1)$&" )& ;6+"? "(A&)$+)( +", '+"+A( )N($% 6+", +1]C$D$)$&" +", %(6&1+)$&" (HH&%)D7 ZN( H(,(%+)$&" $D

DC;;&%)(, .L $)D "&">A(%"'(")+6 &%A+"$/+)$&" ;+%)"(%? )N( PN$6$;;$"( I1)$&" H&% G&''C"$)L>6(, @N(6)(%

R"$)$+)$#(D? R"17 _PIG@RR`? XN$1N X+D H&%'(, $" 23327 PIG@RRYD '+$" ;C%;&D( $D )& DC;;&%) )N( E(,(%+)$&" X$)N

;%&H(DD$&"+6 +,#$1(? HC",%+$D$"A? 6&A$D)$1D? )%+$"$"A? 6(+%"$"A (^1N+"A(D? .+1U>C; ,C%$"A "(A&)$+)$&"D? +",

+11(DD )& $")(%'(,$+%$(D $" )N( '(,$+? A(%"'(") +", HC",$"A +A("1$(D7

ZN( E(,(%+)$&" .(6$(#(D $" )N( 1+;+1$)L +", DU$66D &H 1&''C"$)$(D )& ,%$#( )N($% &X" ,(#(6&;'(")

C",(%)+U$"AD7 R)D &%$A$"D +%( $" )N( P+L+)+D 1&''C"$)L +", $)D ,(#(6&;'(") &H D+#$"AD $" 844=? ("1&C%+A(,

+", DC;;&%)(, .L E%7 G+%1(66+% &H 5J@FER7\[ R" VCD) + H(X '&")ND? )N( ;%&A%+' 1&C6, 1&C") +'&"A $)D

'('.(%D V((;"(L ,%$#(%D? '+%U() #(",&%D? )%$1L16( ,%$#(%D? D1N&&6 1N$6,%("? '&)N(%D D+#$"A H&% $"H+")? +",

)N( (6,(%6L7 R" &"( L(+%? )N( D+#$"AD ;%&A%+' 6$D)(, 2?333 ,(;&D$)&%D? +", $" )X& L(+%D +", + N+6H? + )&)+6 &H

=?\33 ,(;&D$)&%D .(6&"A$"A )& +%&C", =g+D(,

!")%(;%("(C%DN$;7\4

LB XIM@D IDK HI;IY DI Z1E[ N1;@2 @2 EGC ;EG2AO5 !EMMGD@1Y /IDF I!\G@2@1@ED @D@1@I1@LA2

_$` K+", +1]C$D$)$&" '()N&,D

ZN$D D(1)$&" X$66 ,$D1CDD )N%(( 6+", +1]C$D$)$&" '()N&,D .($"A CD(, .L E(,(%+)$&" N&'(&X"(%D+DD&1$+)$&"D: F$%(1) PC%1N+D(a G&''C"$)L J&%)A+A( P%&A%+'? +", -DCH%C1)7 Z+.6( 8 6$D)D )N( ;6+1(D XN(%(

)N(D( +%( .($"A $';6('(")(, +", )N( %(+D&"D XNL W )N( ,$D;6+1('(") .(1+CD( &H '(A+>$"H%+D)%C1)C%( 6$U(

)N( J+"$6+ @&C)N c+$6X+L F(#(6&;'(") P%&V(1) +", )N( R6&$6& E6&&, G&")%&6 P%&V(1) +", ,$D+D)(%D )%$AA(%(,

.L )L;N&&"D +", H6+DN H6&&,D7

Q(7 /;(0)(. 8&%)%*)%2(,> e6(R-& @%)Kb ,(( *0,- $%&'(&)%*& +%,,%-&*.%(,9"ZZ`:> jO;( =*K*)*, H&2%.-&4(&)*01(2(0-34(&) =.-A.*44([ 4%'.-N(&)(.3.%,( 3.-4-)%-& *&7 %&2-02(4(&) %& ,-0%7 E*,)( 4*&*A(4(&) %& e6(R-& @%)Kj>

H&2%.-&4(&) *&7 a.C*&%R*)%-&> $-0P"?> I-P#> 3*A(, VVNY` *&7 $%&'(&)%*& +%,,%-&*.%(, /-'%*0 1(2(0-34(&)

5-6&7*)%-& 8&'-.3-.*)(7 9$+/158:> +*&%0* 9#??":> j+(() );( =;%0%33%&(,

H&2%.-&4(&) *&7 a.C*&%R*)%-&> $-0 "T I- #> 3*A(, ^TN`WPh6> /*&7.* *&7 F&&* +*.%( B*.*-, 9#??W:> OJ-&$I8.-#./0 '

(+8' +N 1+55,/.&.'- ./ 0+:'(/$/1'C ' 'P%'(.'/1' +N ' *+5'8'-- 7'+%8'Q- L'4'($&.+/ 7#.8.%%./'-O> H&2%.-&4(&) *&7

a.C*&%R*)%-&> $-0P "Y> I-P "> 3*A(, "?^N"#?PT^h6> #??# -3P '%)PT` h6> #??# -3 '%)PTZ/((


11/26

""

10VYZ3ZZZ >]Z3ZZZ

D)9- ;-C-"+@2-/9 >G\3ZZZ @-5 #-/-[Z3ZZZ @-5 #-/-!1^!7R >GNZ3ZZZ >GZZ3ZZZ

R" 1&")%+D) X$)N )N( ,$%(1) ;C%1N+D( '&,( XN(%( )N(%( +%( &"6L )X& ;+%)$(D $"#&6#(, _6+",&X"(% +", )N(

1&''C"$)L` )N( GJP $"#&6#(D H&C% (")$)$(D: )N( 1&''C"$)L? )N( 6+",&X"(%? &%$A$"+)&% +", )N( @&1$+6

M&CD$"A E$"+"1( G&%;&%+)$&"? X$)N 16(+% )+DUD ;C%DC+") )& ;%&A%+' %(AC6+)$&"D7

I'&"A )N( A(%"'(")YD D&1$+6 N&CD$"A ;%&A%+''(D? )N( GJP N+D %(+1N(, )N( '&D) ;&&% N&CD(N&6,D

.(6&"A$"A )& )N( N&CD$"A .+1U6&A D(A'(") +", 6&X(D) \3b &H )N( ;&;C6+)$&" .L $"1&'(a 8\T?T[8

N&CD(N&6,D X(%( %(+1N(, H%&' 84T4 )& 233\7 ZN( GJP $D +6D& )N( '&D) +,&;)(, +", DC;;&%)(, ;%&A%+' .L

Kf-D _2[ Kf-D +D &%$A$"+)&%D`a +", 9f0D _T3 9f0D +D 1&''C"$)L &%A+"$/(%D +", &%$A$"+)&%D7 GJP

$"$)$+)$#(D +%( +6D& $';&%)+") H&% D&1$+6 %(6+)$&"DN$;D +D "($AN.&C%N&&,D H&%'(, (% )N( L(+%D +%(

(DD(")$+66L %()+$"(,? +", ;NLD$1+6 ,$D6&1+)$&" $D U(;) )& + '$"$'C'7 ZNCD )N( $"N+.$)+")D %()+$" ;%&^$'$)L

+", +11(DD$.$6$)L )& (^$D)$"A D&1$+6 D(%#$1(D? '+%U()? D&C%1(D &H (';6&L'(") +", 6$#(6$N&&,D7 @&'( GJP

;%&V(1)D 1C6)$#+)( 1&''C"$)L (]C$)L H&%'+)$&" $" )N( 1&")$"C$"A N&CD$"A ;%&1(DD H&% )N( ;&&% +", )N$D

%(,C1(D )N( H$"+"1$"A .C%,(" &H )N( A(%"'(") .L .C$6,$"A )N( ;+%+66(6 D&1$+6 1&N(D$&" &H )N( 1&''C"$)L7

FC%$"A )N( ;%&1(DD &H 1&''C"$)L &%A+"$/$"A +", &%$A$"+)$&" &H D&'( GJP ;%&V(1)D? )N( 1&''C"$)L .C$6,D


12/26

"#

C; D+#$"AD A%+,C+66L? ,$%(1)(, )& )N( ;%(>)+U( &C) (^;("D(D X$)N$" + '$"$'C' ;(%$&, &H D$^ '&")ND )& +D

6&"A +D )N%(( L(+%D &% '&%(? ,(;(",$"A &" )N( &%A+"$/+)$&" '+)C%+)$&" &H )N( 1&''C"$)L7 I(E @%2%0 @-7( -U );( =;%0%33%&(,


13/26

"T

"7$('0#*A? +(50( 56'(()($3? 202C'213 5$/ "3#(' 1"$3'51325+ 5''5$6()($307+1]C$%(, 6+",D +", N&CD$"A H&% D&1$+6 N&CD$"A7 G(36C0%' F') ^#^Z> a.C*& 1(2(0-34(&) *&7 H-,N(,1& $- $/ B8&'(/$&.:' >/-&(,5'/& N+( 7(+:.4./0 A'1,(' 6'/,('2 L@8@/8 #??V> 33P TNW


14/26

"W

+%&C", )N( \3>N(1)+%( P+L+)+D X+D)( ,C'; D$)(? )N(L X(%( +X+%( &H )N( 1&"D)+") N(+6)N? +", 6$H(>

)N%(+)("$"A N+/+%,D )& XN$1N )N(L X(%( (^;&D(,7 ID '('.(%D &H )N( E(,(%+)$&"? )N( A%&C; X+D D(") )& +

1&''C"$)L (^1N+"A( ;%&A%+' $" JC'.+$? R",$+ +", @&C)N IH%$1+ D;&"D&%(, .L @6C' FX(66(%D R")(%"+)$&"+6

_@FR`7 R" R",$+? )N( A%&C; D+X + N&CD$"A (^N$.$)$&" XN(%( ;(&;6( XN& N+, %(1(")6L +1]C$%(, )N($% &X" 6+",

N+, ,(#(6&;(, )N($% &X" D+';6(D &H 6&X>1&D) N&CD$"A ,(D$A"D7 R" @&C)N IH%$1+? )N(L 6(+%"(, N&X D+#$"AD

A%&C; 1&C6, .( .())(% &%A+"$/(, H&% 6+", +", N&CD$"A +6&"A X$)N %(AC6+% D+#$"AD A%&C;7 ZN(%( )N(L D+X )N(

H&%'+)$&" &H K&X R"1&'( M&CD$"A f%&C;D XN$1N 1&C6, .( 1&"D)$)C)(, ,$HH(%(")6L H%&' )N( %(AC6+% D+#$"AD

A%&C;D? ,(;(",$"A &" )N( 6+", +1]C$D$)$&" ;%&V(1) )& XN$1N )N(L '+L .(6&"A7

83T?3337

WV h6> #??#> -3P '%)PWYh6> #??#


15/26

"V

ZN(%( +%( ;%&.6('D +.&C) ;+L$"A )N( +'&%)$/+)$&"? (D;(1$+66L +H)(% )N( P+L+)+D )%+DN D6$,( XN(%( 2[3

;(&;6( ,$(,? .C%$(, $" )N( '&C")+$" &H A+%.+A(7 @$^)L H+'$6$(D XN& X(%( '('.(%D &H )N( IDD&1$+)$&" 6&D)

)N($% N&'(D? +", (#(")C+66L? (#(%L&"( X+D +HH(1)(, .(1+CD( )N( ,C'; D$)( X+D 16&D(,7 ZN( IDD&1$+)$&"

)+6U(, X$)N G+%$)+D J+"$6+ +.&C) )N($% ,$HH$1C6)$(D X$)N ;+L$"A +", G+%$)+D A+#( )N(' +" (^)("D$&" +",

X%&)( &HH )N( 8\b $")(%(D) &H )N($% 6&+"D7 IDD&1$+)$&" '('.(%D 1&")$"C(, )& ;+L )N($% +'&%)$/+)$&" +", )&

+11C'C6+)( '&%( D+#$"AD7 IH)(% )N%(( L(+%D &H %(D$,$"A $" J$%+1C6&CD M$66D @C.,$#$D$&"? c&D(66+ Z%(D#+66(D?

+DD&1$+)$&" P%(D$,(") "&)(, dR" P+L+)+D X( X(%( D]C+))(%D7 M(%(? )N$D $D %(+66L &C%D7 k( 1+""&) .( ,%$#("

&C) H%&' N(%(7e

_$$` F$%(1) ;C%1N+D( .L )N( J0V0


16/26

"Y

0J8 4*+/*(A (%> ;+)=> .%2.2# .%2#$(> +% >.*$6# 4)*6-(2$G 5-$ 789: 4*+F.>$2 ( =+%/$*H#$*A ,.%(%6.%/ ,(6.=.#? ,+* 2-$=#$*H*$=(#$>4)*4+2$2G K# *$E).*$2 ( 2#(L$ ,*+A A$A K5 (=2+ =$F$*(/$2 6+%#*.$*2 #+/$ ,.%(%6$ A+*$ 2) 4)*6-(2$O 2.#$ >$F$=+4A$%# (%> -+)2.%/ 6+%2#*)6#.+%G 5-$ /$,.%(%6.%/ ,(6.=.#? .2 *$4=$%.2-$> #-*+)/- *$4(?A$%#2


17/26

"^

;%&1(,C%(D &H D(1C%$"A )N( 6+", _;+%)$1C6+%6L X$)N )N( c(A$D)%L &H F((,D`? "&">1&&;(%+)$&" H%&' )N(

6+",&X"(%D? +", ,(6$"]C("1L &H .("(H$1$+%$(D $" 6&+" %(;+L'(")7e


18/26

"`

k$)N )N( ID$+" F(#(6&;'(") g+"U HC",$"A? '+"L D$)( ,(#(6&;'(") ;%&V(1)D X(%( C",(%)+U(" $"16C,$"A )N(

1&"D)%C1)$&" &H 1&"1%()( %&+,D? H&&);+)ND? +", ,%+$"+A( H+1$6$)$(D7 ZN( D$)( X+D +6D& %(.6&1U(,7 ZN$D X+D "&)

X$)N&C) ,$HH$1C6)L .(1+CD( D&'( %(D$,(")D $" )N( +%(+ %(HCD(, )& 1&&;(%+)( X$)N )N$D ;%&V(1) +", + X&%U$"A

1&''$))(( X+D D() C; )& +,,%(DD )N$D7

ZN$D ,$HH$1C6)L $" 1&66(1)$"A ;+L'(")D H%&' '('.(%D $D )N( '+$" ;%&.6(' ;6+AC$"A )N$D ;%&V(1)7 J+"L

'('.(%D ,(1$,(, )& D)&; ;+L$"A )N($% '&")N6L +'&%)$/+)$&"7 J+"L .(6$(#(, )N+) )N(L X$66 "& 6&"A(% .(

(#$1)(, H%&' )N($% 6+", .(1+CD( )N( &X"(%? J+"$6+ c('"+")D? X+D +6%(+,L ;+$,7 ZN(L %(HCD( )& C",(%D)+",

)N( 1&"1(;) &H ;+L$"A )N( +'&%)$/+)$&" D& )N+) )N( PNP2\ '$66$&" CD(, )& ;+L H&% )N( 6+", 1+" .( %(1(%(,

.L )N( -PFE +", CD(, )& N(6; &)N(% N&'(6(DD ;(&;6(YD &%A+"$/+)$&"D7 gC) K(&"&% 5+66(/+? ;%(D$,(") &H &"(

&H )N( )X& +DD&1$+)$&"D? .(6$(#(D )N$D 1+" .( D&6#(,7 @N(? X$)N )N( N(6; &H +1)$#( &HH$1(%D +", '('.(%D &H

)N($% IDD&1$+)$&" +", #&6C")((% 6(+,(%D H%&' )N( E(,(%+)$&" +%( X&%U$"A N+%, )& 1&"#$"1( &)N(% '('.(%D

)& ;+L )N($% +'&%)$/+)$&" +", )& .( +1)$#( $" )N($% +DD&1$+)$&"D +A+$"7

N,O G4$:+$9' &% H03"%3 2&)("C%(+1]C$D$)$&"7 ID "&)(, (+%6$(%? )N( ,$D)$"1) H(+)C%( &H CDCH%C1) $D )N( CD( +", ("V&L'(") &H +66 H%C$)D &H

+"&)N(%YD ;%&;(%)L X$)N&C) +1)C+66L &X"$"A )N( ;%&;(%)L? .C) X$)N )N( &.6$A+)$&" &H ;%(D(%#$"A $)D H&%' +",

DC.D)+"1( ,C%$"A )N( +A%((, )(%' &H CD(7%$DU +%(+D $" P+L+)+D7 ZN( &HH$1(%D &H )N(

H(,(%+)$&" 1&"#$"1(, )N( %(D$,(")D 6$#$"A $" )N( ,+"A(% /&"(D "(+% )N( 1%((U &% +) )N( H&&) &H )N( ,C';D$)(

)& %(6&1+)( )& g+A&"A @$6+"A+" +", )& ;+%)$1$;+)( $" )N( N&CD$"A ;%&V(1) )N(%(7 ZN&D( XN& X(%( $")(%(D)(,

X(%( +,#$D(, .L )N( E(,(%+)$&" +.&C) D+#$"AD D1N('(D? ;&6$1$(D +", ;%&1(,C%(D $" %(D())6$"A +", )N(

,$HH(%(") ;+;(% %(]C$%('(")D )& H+1$6$)+)( )N($% %(6&1+)$&"7 ZN( E(,(%+)$&" '+,( $) 16(+% )N+) )N&D( XN&X$DN(, )& ;+%)$1$;+)( $" )N( N&CD$"A ;%&V(1) X&C6, N+#( )& D+#( &% ;+L )& .( +.6( )& D)+L $" )N( C"$) H&% +D

6&"A +D )N(L X+")(,7 ZN( D+#$"AD X&C6, "&) $"16C,( ;+L'(") H&% )N( 6+",7 R"$)$+66L? )N( H$%D) \S %(D())6(%

N&CD(N&6,D DN+%(, 8=>"(X6L 1&"D)%C1)(, C"$)D7 gL BC"( 233=? )N(%( X(%( 8 #??V> -3P '%)


19/26

"Z

+'&C")$"A )& PNP=3733 (#(%L '&")N +", 1&';C6D&%L D+#$"AD &H PNP2=>2=3 ;(% X((Ua +", +H)(% 8 L(+%?

1&")%+1)C+6 D+#$"AD H&% N&CD$"A &H PNP2=3 + '&")N H&% H$#( L(+%D

q 5&6C")+%L ,$D'+")6$"A &H )N($% N&CD(D $" P+L+)+D )& ;%(#(") "(X D())6(%D $" )N( N$AN>%$DU +", ,+"A(%&CD

+%(+D7 ZN( '+)(%$+6D D+6#+A(, H%&' ,$D'+")6(, N&CD(D '$AN) .( CD(HC6 H&% )N($% "(X N&CD( $" g+A&"A

@$6+"A+"

q P%&N$.$)$&" &H (^)("D$&"D &% +,,$)$&"D )& )N( C"$) DC1N +D + D(1&", H6&&%7 ZN( E(,(%+)$&" 'CD) .(

$"H&%'(, &H +"L ;6+"D &H %(;+$% &% %("+)$&" .(H&%( )N( .("(H$1$+%$(D 1&C6, ,& $)7

q P%&N$.$)$&" &H %(6+)$#(D +", H%$(",D )& 6$#( X$)N )N( H+'$6L>.("(H$1$+%L +", "& D+6( &% )%+"DH(% &H

+DD$A"'(") &H C"$) )& "&">%(6+)$#(D7 I"L )%+"DH(% &H +DD$A"'(") X+D +66&X+.6( &"6L $" 1+D( &H ,(+)N &H )N(

.("(H$1$+%L +", &"6L )& 1N$6,%(" &% 16&D( %(6+)$#(D7

q J+$")("+"1( +", ;%(D(%#+)$&" &H )N( N&CD$"A C"$)7=2

ZN( PNP\?333 ,&X" ;+L'(") ;%(, )&& (^;("D$#( H&% )N( H$%D) %(6&1+)((D D& )N( E(,(%+)$&" +66&X(, + &"(

L(+% A%+1( ;(%$&, $" ;+L$"A H&% )N( C"$) H&% )N( \S N&CD(N&6,D $" ICACD) 23387 R" 233


20/26

#?

%(6&1+)(, $" g+6+A)+D? gC6+1+" +", @+" P(,%&? K+AC"+ .C) '+"L &)N(%D +6&"A (+1N D$,( &H )N( %+$6X+L )%+1UD

N+#( "&XN(%( )& A&7

ZN( 9MI )&A()N(% X$)N )N( 6&1+6 A(%"'(") &H JC")$"6C;+ G$)L? +", )N( #+%$&CD ;(&;6(YD &%A+"$/+)$&"D

$"16C,$"A )N( E(,(%+)$&" X+D +.6( )& 1&"#$"1( )N( 9+)$&"+6 g$6$.$, P%$D&" _9gP` )& 6(", H$#( N(1)+%(D &H $)D

;%&;(%)L )& )N( ;(&;6( )& .( %(6&1+)(,7 k$)N )N( $")(%#(")$&" &H 5$1( P%(D$,(") 9&6$ ,( G+D)%&? )N( N&CD$"A

1/+% &H )N( 1&C")%L? )N( CDCH%C1) D1N('( X+D '+,( ;&DD$.6(7

@)+%)$"A BC6L 233T? )N( %+$6X+L $"H&%'+6 D())6(%D )N+) $"16C,( )N( '('.(%D &H oI@IJJR +%( %(6&1+)$"A )&

)N($% "(X N&'(D &" )N$D D$)(7 ZN( %&X N&CD(D +%( '+,( &H 1&"1%()( '+)(%$+6D +", '(+DC%( \2 D]C+%(

'()%(D (+1N7 ZN( )&)+6 1&D) H&% )N( '+)(%$+6D +", 6+.&% &H (+1N N&CD( $D PNPS=?333 XN$6( )N( ,(#(6&;'(")

1&D) _)N+) $"16C,(D )N( %&+,D +", ,%+$"+A( DLD)('` $D PNP[=?333 H&% (+1N N&CD(7 ZN$D $D ;+L+.6( $" \3 L(+%D

+", X$)N + &"( L(+% '&%+)&%$C' _$" %(1&A"$)$&" &H )N( (^;("D(D ,C%$"A %(6&1+)$&"`7 ZN(%( +%( 2?=33 N&CD(D

+#+$6+.6( &" )N$D D$)(7

I" $")(%#$(X X$)N GN+%$)& c&]C(%&? ;%(D$,(") &H oI@IJJR +", E(,(%+)$&" 1&&%,$"+)&% H&% )N( %(A$&"

N$AN6$AN)(, "&X %(6$(#(, DN( X+D )N+) )N(L X$66 .( )%+"DH(%%$"A $" + N&CD( )N+) $D )N($% &X" X$)N D(1C%(

)("C%( > +6)N&CAN DN( $D +X+%( )N+) )N( 6+", $D &"6L .($"A 6(") )& )N(' .L )N( A(%"'(")7 c&]C(%& +", N(%'('.(%D +%( .CDL ,(#(6&;$"A 6$#(6$N&&, ;%&V(1)D )& ("DC%( )N+) )N(L X$66 .( +.6( )& '(() )N( +'&%)$/+)$&"

&H )N($% N&CD(D +", H&% )N(' )& 1&")$"C( D+#$"A7 @&'( &H )N($% 6$#(6$N&&, ;%&V(1)D +%( D(X$"A %CAD +",

1C%)+$"D? .+6C) #(",$"A? +", &;(%+)$"A D'+66 "($AN.&C%N&&, _D+%$>D+%$` D)&%(D7 ZN(L +%( +6D& &%A+"$/$"A )N($%

)%+"D;&%) 1&&;(%+)$#(7 I 1&';+"L '+U$"A 'C6)$1+.D _D'+66 V((;"(LD CD(, H&% ;C.6$1 )%+"D;&%)+)$&"` $D

&HH(%$"A 8= C"$)D )& oI@IJJR H&% PNP8=3?333 (+1N H&% )N%(( L(+%D7 ZN( A%&C; X$66 '+"+A( )N$D H6(() &H 6$))6(

V((;"(LD? ;%$,$"A ;C.6$1 )%+"D;&%) 6$"U$"A )N($% 1&''C"$)L X$)N JC")$"6C;+ G$)L7

kN$6( )N( 6(A+6 $';6$1+)$&"D &H CD$"A CDCH%C1) H&% 1&''C"$)L>,%$#(" (HH&%)D )& +11(DD D(1C%$)L &H )("C%( H&%

)N($% N&CD(D +%( D)$66 )& .( HC66L D)C,$(, +", (D)+.6$DN(,? ;%&H&C", ;N$6&D&;N$1+6 A%&C",D 1+" .( %(+,$6L

%(+6$/(,7 ZN( "(A&)$+)(, CDCH%C1) D1N('( $" '+%U()>,&'$"+)(, C%.+"$/+)$&" 1&")(^)D $D + X+L &H A$#$"A

.+1U )& 6+", $)D D&1$+6 #+6C( %+)N(% )N+" VCD) $)D '&"()+%L #+6C( X$)N$" )N( '+%U()7 k$)N CDCH%C1)? 6+", $)D(6HD(%#(D +D + #$)+6 %(D&C%1( H&% .C$6,$"A ,(1(") DN(6)(%? .C$6,$"A NC'+" +", D&1$+6 1+;$)+6 +", 1%(+)$"A

&;;&%)C"$)$(D )& $';%( C%.+" 6$#+.$6$)L7 ZN( D)$66 (#&6#$"A CDCH%C1) D1N('( N(6;D 1N+66("A( ,(#(6&;'(")

)N$"U$"A $" )(%'D &H dD;+1(e H&% NC'+" +", D&1$+6 1+;$)+6 H&%'+)$&" +'&"A D6C' ,X(66(%D %+)N(% )N+" $"

)(%'D &H H$"+"1( +", '+%U()>,%$#(" +DD() .C$6,$"A7 c(D)&%$"A )N( D&1$+6 #+6C( &H 6+", $';6$(D D&1$+6

%(D;&"D$.$6$)L? ;+%)$1C6+%6L H&% )N( 6+",(,7 R) +6D& ("1&';+DD(D ;%$"1$;6(D &H D&1$+6 VCD)$1( +", D)(X+%,DN$;

+", D& H+1$6$)+)(D '+$")("+"1( &H D&C", "+)C%(>NC'+" $")(%H+1(7= L-(0 @P+P 9#??W:P RH-,N(,1& "+/&($1&-C H/8+1D./0 ' A+1.$8 W$8,' +N =$/4UV e6(R-&

@%)K> =;%0%33%&(,


21/26

#"

10V0F#F%/%01) L-1D "*$#" F*M%30/%01 #0, 1%$D0-$#" .%*."%


22/26

##

F&+-9' 8$+9604-5

! F$%(1) ;C%1N+D( XN(" 1&';+%(, X$)N GJP? ,&(D "&) %(]C$%( 'C1N 1&';6$+"1( X$)N )(1N"$1+6

+D;(1)D +", ,()+$6D H&% + 6&+" )+U( &C) PcR0c )& "(A&)$+)$&"D X$)N )N( 6+",&X"(%7 F&1C'(")+)$&"

+", )(1N"$1+6 +D;(1)D X$66 1&'( )& ;6+L ,C%$"A )N( %(A$D)%+)$&" &H )N( +A%(('(")? )$)6( +", )N(

;%&1(DD$"A H&% D$)( ,(#(6&;'(")7

! F$%(1) ;C%1N+D( H$)D .())(% X$)N '&D) 1&''C"$)$(DY &%A+"$/+)$&"+6 1+;+1$)$(Da + GJP ;%&1(DD

,('+",D + X(66 ;%(;+%(, 1&''C"$)L +.6( )& 1&;( X$)N )N( %$A$, ,&1C'(")+%L? H$"+"1$+6 +",

)(1N"$1+6 %(]C$%('(")D7

! G%C1$+6 %&6( &H 1&''C"$)L &%A+"$/$"A +", '&.$6$/+)$&" )& .C$6, D(6H>%(6$+"1( +",? H&% ;&D)>,$D+D)(%

%(D;&"D(D? '( )N( $"N+.$)+")D +X+L H%&' +DDC'$"A )N+) A(%"'(") X$66 +,,%(DD )N($% ;%&.6('D

! @+#$"AD 6(#(%+A(, X$)N -PFE DC;;&%) H&% 6+", +1]C$D$)$&"

! @$)( +", N&CD$"A ,(#(6&;'(") %(AC6+)$&"D +", ,&1C'(")+%L %(]C$%('(")D +%( D() C; H&%

1&"#(")$&"+6 ,(#(6&;(%D +;;6$1+)$&"D? "&) D(6H>N(6; A%&C;D &H 6&X $"1&'( 1&''C"$)$(D XN$1N ,&

"&) N+#( )N( "((,(, %(D&C%1(D H&% $''(,$+)( 1&';6$+"1(a R) 1+" .( +%AC(, )N+) D&'( &H )N(D(

,&1C'(")+%L %(]C$%('(") DN&C6, .( %(6+^(,? ;&DD$.6L )N%&CAN '+U$"A CD( &H (^$D)$"A +", %(1(")

6(A$D6+)$&" 6$U( )N( -FMI? I")$ c(, Z+;( K+X? !^(1C)$#( 0%,(% &" X&%U

D+#(D )$'( +", %(D&C%1(Da

! J+^$'$/( 6$"U+A(D X$)N "+)$&"+6 A(%"'(") N&CD$"A +A("1$(D H&% )N( $DDC+"1( &H (",&%D('(")D )&

H+1$6$)+)( ,&1C'(")D +", 16(+%+"1(D ;%&1(DD$"A $" 6&1+6 +A("1$(D

! c(AC6+% $")(%>1&''C"$)L +DD('.6$(D +", (^1N+"A( #$D$)D )& DN+%( +", 6(+%" H%&' (+1N &)N(%DY 6+",

)("C%( $"$)$+)$#(Da

! !+%6L +DD(DD'(") &H D$)( DC$)+.$6$)L? 16+DD$H$1+)$&"? ()1? H&% N&CD$"A +", N+/+%, ;%&H$6( )N%&CAN 6+",

%(D(+%1N +", 1(%)$H$1+)$&" X$)N J$"(D +", f(&D1$("1(D gC%(+C $"H&%'D 6+", "(A&)$+)$&"Da

! 9((, )& H+1)&% $" )N( HC)C%( D$)( ,(#(6&;'(") 1&D) )& $"H&%' 6+", "(A&)$+)$&"D +", 1&''C"$)L;6+""$"Aa

! 5(%D+)$6$)L &H 1&''C"$)L D+#$"AD +", ("C'(%+)$&" DC%#(LD +D ,$D+D)(% '$)$A+)$&"h ;%(;+%(,"(DD

)&&6D $" 6$"( X$)N &.)+$"$"A D+H( 6+", $" N+/+%, ;%&"( g$U&6a

! E&%A( $"D)$)C)$&"+6 6$"UD X$)N )(1N"$1+6 $"D)$)C)$&"D +", A(%"'(") H&% )N( ;%$D$&" &H DC;;&%) )&

6+", $"$)$+)$#(Da

! R"H&%'+)$&" +", +11(DD H&% D+H( 6+",: %(#$(X 6&1+6 A(%"'(") N+/+%, '+;D $H )N(D( +%( +#+$6+.6(

+", 6&..L H&% 'C"$1$;+6$)L &% ;%$"1( )& $")(A%+)( A(&>N+/+%, '+;;$"A $" )N($% 6+", CD( +",

,(#(6&;'(") ;6+""$"A

! R")(A%+)( ;&D) ,$D+D)(% %(1&"D)%C1)$&" +", ;%(>,$D+D)(% '$)$A+)$&" h ;%(;+%(,"(DD +D ;+%) &H

'C"$1$;+6 ,(#(6&;'(") +", DN(6)(% ;6+""$"A )N+) 1&"D$,(%D '&%( +1)$#( 1&''C"$)L ;+%)$1$;+)$&"

_D+#$"AD? ()1`a! 0" H$"+"1$"A: G&C")(%;+%) D+#$"AD )N%&CAN -PFE? ,&"&% HC",D? 6&1+6 A(%"'(") ,(#(6&;'(")

HC",D +", (#(" 1+6+'$)L HC",D )& .( CD(, )& +1]C$%( D+H( 6+", +", HC", N&CD$"A ,(#(6&;'(")

)N(%($"7


23/26

#T

!"##$%&'( M"+'303- =+"3+0#

! P6CD H+1)&%D H&% GJP +%(: +` $)D &HH(% &H C; )& P823?333 &% P833?333 H&% + )&)+6 6+",? D$)( ,(#Y) +",

N&CD$"A ;+1U+A(? D&'()$'(D $" + D$"A6( +;;6$1+)$&"a .` $)D +HH&%,+.6( +", 6&"A +'&%)$/+)$&" )(%'D

_2= L(+%D )& ;+L +) Sb ;(% +""C'`

! ZN( ,$HH$1C6)L X$)N GJP $D $" )N( "((, H&% + N$AN 6(#(6 &H 1&''C"$)L %(+,$"(DD )& 1&';6L X$)N )N(

#+%$&CD ,&1C'(")+%L? )(1N"$1+6? H$"+"1$+6 +", &%A+"$/+)$&"+6 %(]C$%('(")D

! XN$6( )N(%( $D + '(+DC%( &H 1(%)+$")L )N+) )N( 6&+" X$66 1&'( C;&" 1&';6$+"1( X$)N )N(

%(]C$%('(")D? )N$D '+L )+U( + 6&"A )$'( +", )N( 6+", &X"(% '+L "&) .( X$66$"A )& X+$) H&% )N( )+U(

&C) &H )N( 6&+"a

! + D)%&"A? (D)+.6$DN(, 1&''C"$)L D+#$"AD '(1N+"$D' +", A(%"+"1( $" +,,$)$&" )& H&%X+%,

H$"+"1$+6 )(1N"$1+6 ;6+""$"A $D "((,(,

! '+L .( ;&DD$.6( )& 6(#(%+A( .%$,A( H$"+"1( HC",D H%&' #+%$&CD D&C%1(D 6$U( 1&''C"$)L D+#$"AD?

-PFE? ()1 )& DC;;&%) &"A&$"A GJP ;%&1(DD$"A D& +D )& 6&1U C; )N( ;%$1( +", A+$" $''(,$+)( D(1C%(

)("C%(a

! )N( (HH&%)D $" 1&';6L$"A X$)N )N( %$A$, ,&1C'(")+)$&" +", )(1N"$1+6 +D;(1)D H&% 6&+" )+U( &C) X$66

;+L &HH +D )N(D( +%( $")(",(, )& 1(% +66 )N( .+D(D H&% (#(")C+6 D$)( +", N&CD$"A ,(#(6&;'(")7

G4$:+$9'4``

5

! -DCH%C1) $D + #$+.6( &;)$&" H&% &.)+$"$"A $''(,$+)( D(1C%( )("C%(? (D;(1$+66L &" #(%L ,("D( +",

N$AN #+6C( 1(")%+6 1$)L 6+",a

! P%&;(% 1&"DC6)+)$&" +", &%$(")+)$&" 1&';6('(")D )N( (#&6#$"A "+)C%( &H )N( E(,(%+)$&" CDCH%C1)

D1N('( XN$1N %(DC6)D $" '&%( ;+%)$1$;+)$&" +'&"A )N( H+'$6$(D +", #&C1ND+H(D '&%( +;;%&;%$+)(

%(D;&"D(D )& ('(%A$"A "((,Da

! kN$6( )N( (#&6#$"A "+)C%( &H )N( g+A&"A @$6+"A+" CDCH%C1) D1N('( 1&"D)$)C)(D $)D D)%("A)N? )N(%( $D

)N( "((, )& D() )N( A("(%+6 ;+%+'()(%D +", 1&",$)$&"D &"1( +66 D)+U(N&6,(%D N+#( +,(]C+)(6L

,$D1CDD(, )N( &;)$&"D7! ZN( E(,(%+)$&"YD (^;(%$("1( N$AN6$AN)D )N( +,#+")+A( &H D$)( ;%&^$'$)L +", %(+,L +11(DD )&

$"D)$)C)$&"D +", D(%#$1(D7 ZN( g+A&"A @$6+"A+" D$)( $D $" )N( '$,,6( &H )N( OC(/&" G$)L %(D$,(")$+6

/&"( XN(%( .+D$1 D(%#$1(D? $"D)$)C)$&"D +", +11(DD )& )N( '+$" %&+,D +%( ;%(D(")7 EC%)N(%? D$)(

,(#(6&;'(") $" )N( +%(+ N+D D&CAN) )& ;%$,( H&% )N( .+D$1 +'("$)$(Da

! P%(D("1( &H + D)%&"A 1&''C"$)L +DD&1$+)$&" 1&';6('(")(, .L D)%&"A $")(%'(,$+%L $"D)$)C)$&"DY

DC;;&%)? N(6; ("DC%( '&%( '(+"$"AHC6 D(1C%( )("C%( ;+%)"(%DN$;D7

! ZN( E(,(%+)$&"YD CDCH%C1) D1N('( $" g+A&"A @$6+"A+" ;+#(, )N( X+L H&% A(%"'(") )& 1&"1%()$/(

$)D $"#(D)'(") )& )N( N&CD$"A ;%&V(1)7 R) +6D& DN&X(, )N+) )N( CDCH%C1) D1N('( ;+#(D )N( X+L H&% +"

('(%A$"A 1&''C"$)L>6(, '(1N+"$D' H&% N&CD$"A )N+) &)N(% C%.+" ;&&% A%&C;D 1+" ,%+X &"7 R) $D

;%$'+%$6L '(+") )& ;%&'&)( +", (D)+.6$DN 1&''C"$)$(DY $"H6C("1( +", $"#&6#('(") $" 1$)L

,(#(6&;'(") ;%&1(DD(D ;+%)$1C6+%6L $" +,,%(DD$"A )N( ,$6(''+ &H D6C'>,X(66$"A +", D(1C%$"A$''(,$+)( +11(DD )& ,(1(") DN(6)(% .(L&", H$"+"1( +", 6+", '+%U()D 1&"D)%+$")D7

@$^ ;&$")D $" H+#&C% &H CDCH%C1):

VVO;%, %, 7.*E& U.-4 @-> L*,-& @;.%,)-3;(. G #??Y -3 '%)>


24/26

#W

8: ZN( (^$D)$"A 6(A+6 H%+'(X&%U .%&+,6L DC;;&%)D CDCH%C1)D +%%+"A('(")D7 kN$6( '&%( DC;;&%) +", ,()+$6

+%( "((,(,? ;%(D(") 6+XD +6%(+,L 6+L )N( .+D$D H&% ;%&'&)$"A CDCH%C1) +%%+"A('(")D7 ZN( CDCH%C1) D1N('(

%(+6$/(D )N( 1&"D)$)C)$&"+6 ,(16+%+)$&" &" )N( D&1$+6 #+6C( &H ;%&;(%)L +", ;%$,(D + 1&C")(%;&$") )& )N(

1"))"/*C*153*"$&H ;%&;(%)L )N+) +,#(%D(6L +HH(1)D )N( ;&&%7

2: -DCH%C1) +%%+"A('(")D ;%$,( $''(,$+)( D(1C%( )("C%( +", +11(DD )& .+D$1 D(%#$1(D7 K(DD )N+" 6+", )$)6(

)%+"DH(% D1N('(D +;;%&^$'+)$"A U(L (6('(")D &H CDCH%C1)D N+#( DC11((,(, $" ;%$,$"A $''(,$+)( D(1C%(

)("C%( )& 6&X>$"1&'( N&CD(N&6,D XN& +%( #$1)$'D &H ,$D+D)(%D +", )N&D( $" ,("D( C%.+" +%(+D X$)N N$AN

6+", #+6C(D7

\: ZN(%( $D DC.D)+")$+6 D&1$+6 +11(;)+.$6$)L &H )N( D1N('( .L )N&D( ,$%(1)6L +HH(1)(,7 kN$6( )$)6( )%+"DH(% $D

D)$66 )N( ;%(H(%%(, D1N('(? )N(%( $D + A%&X$"A +11(;)+"1( +'&"A )N( C%.+" ;&&% H&% 6(DD )N+" )$)6( )%+"DH(%

D(1C%( )("C%( +%%+"A('(")D 6$U( CDCH%C1)D +D 6&"A +D:

! 3#( 3(')0 5'( 1+(5' 5$/ 3#(4 5'( A5'3 "C 3#( A'"1(00`

! 3#( 0*3( *0 +"153(/ $(5' 3#(*' 0"2'1( "C +*>(+*#""/0 5$/ 7*3# '(5/4 511(00 3" M50*1 0"1*5+

0('>*1(0`

! 3#('( *0 1"))2$*34 )5$56()($3 5$/ "3#(' 035O(#"+/('0Q 02AA"'3`

! 3#( 01#()( *0 )"'( 5CC"'/5M+(? 50 3#( *0025$1( "C 3*3+( 3" M($(C*1*5'*(0 ($35*+0 6'(53('(^A($0( 5$/ (CC"'3 3#5$ 3#( 6'5$3 "C 202C'2130`

.("(H$1$+%$(D? )N( 1$)L 1+" .())(% 1&")%&6 )N( dA(")%$H$1+)$&"e &% d,&X"%+$,$"Ae )N+) ;6+AC( '+"L 6&1+6

A(%"'(") D&1$+6 N&CD$"A ;%&A%+''(D _+", )N+) ,(H(+) )N( #(%L ;C%;&D( &H DC1N ;%&A%+''(D .L "&)

;%$&%$)$/$"A )N&D( XN& 1+""&) +HH&%, N&CD$"A`7 R) $D +6D& + '&%( (HH(1)$#( 1N(1U &" #$&6+)&%D +",

&;;&%)C"$D)D7 IX+%,((D X$66 N(D$)+)( )& D(66 )N($% %$AN)D .(1+CD( )N(L +%( "&) &X"(%D +", .CL(%D 1+""&)

16+$' A&&, H+$)N +D )N( D(66(% N+D "& ,&1C'(") )& DN&X &X"(%DN$;7 ZN( A(%"'(") 1+" (+D$6L 1+"1(6

+X+%,D +", )+U( ;&DD(DD$&" &H )N( ;%&;(%)L X$)N&C) A&$"A )& 6(A+6 ;%&1(DD(Da=S

S: -DCH%C1)D (';N+D$/( )N( D&1$+6 +D;(1)D &H ;%&;(%)L +", DN&X )N+) )$)6( )%+"DH(% $D "&) )N( &"6L '(+"D &H

D(1C%$"A )("C%(7

ZN( )N%(( 1&''C"$)L>,%$#(" D)%+)(A$(D H&% 6+", )("C%( ,$D1CDD(, $" )N$D ;+;(% H&%' &;)$&"D H&% )N( C%.+"

;&&%7 kN$6( (+1N N+#( )N($% &X" D)%("A)ND +", 1&"D)%+$")D? +66 N+#( ;%(, )& .( #$+.6( '()N&,D )& &.)+$"

+11(DD )& 6+", &% D(1C%( )("C%(7 I66 )N%(( +%( +HH(1)(, .L $"(HH$1$(") 6+", '+%U()D? DU(X(, ,(#(6&;'(")

VY @-> L*,-& @;.%,)-3;(. GP #??Y -3 '%)


25/26

#V

;&6$1$(D? %$A$, +", "C'(%&CD %(AC6+)&%L %(]C$%('(")D +", $"D)$)C)$&"+6 6$'$)+)$&"D $" 6$"( +", %(AC6+)&%L

+A("1$(Da +6D& .L )N( +#+$6+.$6$)L _&% "&)` &H N&CD$"A H$"+"1(7

ZN( 1+D(D ,(D1%$.(, +.( +6D& DN&X )N( $';&%)+") %&6( &H D)%&"A? (';&X(%(, 1&''C"$)$(D +", D+#$"AD $"

1&'.$"+)$&" X$)N '(+"$"AHC6 1&66+.&%+)$&" X$)N "()X&%UD &H ;(&;6(YD &%A+"$/+)$&"D? 6&1+6 A(%"'(") +",

)(1N"$1+6 DC;;&%)7

o(L ;&$")D )& 1&"D$,(% $" ;%&'&)$"A ("+.6$"A ;&6$1$(D +", $';6('(")+)$&":

! '&%( ;+%)$1$;+)&%L '(+DC%(D )& .C$6, 1+;+1$)$(D &H 1&''C"$)L &%A+"$/+)$&"D $" )(1N"$1+6 +D;(1)D &H

6+", )%+"D+1)$&"D? +", '+"+A$"A )N($% H$"+"1(Da

! '(+DC%(D )& 1%(+)( )N( D;+1( H&% )N(D( &%A+"$/+)$&"D )& ;+%)$1$;+)( +", "(A&)$+)( H&% +66&1+)$&" &H

6+", $" 6&1+6 A(%"+"1(? ;+%)$1C6+%6L $" 6+", +", ,(#(6&;'(") ;6+""$"A &H )N($% 1$)$(Da

! '&%( (]C$)+.6( 1$)LW6(#(6 6+", CD( +", '+"+A('(") ;6+""$"A +", $';6('(")+)$&" )N+) 1&"D$,(%D

)N( N&CD$"A? C;A%+,$"A +", ,$D+D)(% %$DU "((,D &H $)D 1&"D)$)C(")Da

! HC66 $';6('(")+)$&" &H (^$D)$"A 6+XD +", %(AC6+)$&"D _I")$>c(, )+;( 6+X? !^(1 0%,(% )%+1U

16(+%+"1( +", ;(%'$)D ;%&1(DD$"Aa +", X&%U H&% %(,C1$"A %(AC6+)&%L D)+",+%,D H&% 6+", +", N&CD$"A

+1)$#$)$(D X$)N&C) 1&';%&'$D$"A D+H()L +", ("#$%&"'(")+6 $';+1)D

! $"1(")$#(D )& ;%&'&)( )N( ;+%)$1$;+)$&" &H ;%$#+)( D(1)&%? +1+,('(? ;%&H(DD$&"+6 A%&C;D H&%

;%$D$&" &H )(1N"$1+6 +", H$"+"1$+6 DC;;&%) )& 1&''C"$)$(Da

! (D)+.6$DN'(") &H +" +6)(%"+)$#( H$"+"1( H+1$6$)L $"#&6#$"A 'C6)$;6( _1&''C"$)L? 6&1+6? "+)$&"+6 +",

$")(%"+)$&"+6` HC", D&C%1(D? )N+) &;(%+)(D )N%&CAN '&%)A+A( H$"+"1(? AC+%+")((D? +", h &% )+%A()(,

DC.D$,$(D )& DC;;&%) 1&''C"$)L N&CD$"A &% C;A%+,$"A7

L@@B !ED!/G2@ED

d.#('( *0 $" /"2M3 3#53 3#( )"03 *)A"'35$3 513"' *$ 3#( #"20*$6 0(13"' 5'( 3#( 1"))2$*3*(0 5$/ 3#(*'

"'65$*P53*"$0- 9"))2$*34H*$*3*53(/ #"20*$6 0"+23*"$0 5'( )"'( "C3($ $"3 "$+4 M(33(' 02*3(/ 3" 3#( $((/05$/ 15A51*3*(0 "C 1"))2$*3*(0 M23 3#(4 5'( 5+0" (50*(' 3" 02035*$ M(1520( "C 3#( M2*+3H*$ A5'3*1*A53"'4

A'"1(00(0 3#(4 ($35*+\ab

ZN( &;(%+)$#( ;N%+D( N(%( $D d.C$6)>$" ;+%)$1$;+)&%L ;%&1(DD(De +D D((" $" )N( 1+D( D)C,$(D ;%(D(")(, (+%6$(%7

R" &%A+"$/$"A )N('D(6#(D? +", X$)N )N( N(6; &H 9f0D 6$U( PIG@RR? 1&''C"$)L &%A+"$/+)$&"D X(%( +.6( )&

A+)N(% )N($% '(+A(% %(D&C%1(D $" &%,(% )& D(1C%( N&CD$"A X$)N D(1C%$)L &H )("C%( H&% )N($% H+'$6$(D7 0H

1&C%D( )N(%( X(%( +6D& &%A+"$/+)$&"D 6$U( )N( f&6,(" @N&X(% M&'(&X"(%D PN+D( 8 +", 2 XN(%( d.C$6)>$"

;+%)$1$;+)&%L ;%&1(DD(De H+$6(, )& ,(#(6&; W .C) N(%(? H(,(%+)$&" 1&''C"$)L &%A+"$/(%D +%( X&%U$"A

(%)$'( )& %(>D&6$1$) ;+%)$1$;+)$&"7

ZN( '&D) $';&%)+") 6(DD&" H%&' )N( (^;(%$("1(D "+%%+)(, $" )N$D ;+;(% $D )N+) )N( C%.+" ;&&% 1+" +))+$")N($% ,%(+' &H &X"$"A + N&CD( $H )N(L 1+" &%A+"$/( +", ,& )N$"AD )&A()N(%7 0H 1&C%D(? )N( A(%"'(")

DN&C6, +6D& DN&X $)D 1&''$)'(") )& + +" ("+.6$"A? VCD) +", D&1$+6$/(, N&CD$"A ("#$%&"'(")7 @$';6$HL$"A

N&CD$"A ;(%'$)D +1]C$D$)$&" (D;(1$+66L H&% ;(&;6(YD &%A+"$/+)$&"D X&C6, .( + A&&, D)(; H&%X+%,7

V^F&&* +*.%( B*.*-,> H\('6)%2( 1%.(')-. -U L-;& @*..-0 8&,)%)6)( -& @;6.'; *&7 /-'%*0 8,,6(, 9L@8@/8: C*,(7 *) );(

F)(&(- 7( +*&%0* a&%2(.,%)KP


26/26

#Y

ZN( $",$#$,C+6 D)&%$(D &H E(,(%+)$&" '('.(% &%A+"$/+)$&"D +%( D)&%$(D &H ;(%D&"+6 +", 1&66(1)$#( D)%CAA6(D

&H ;&&% ;(&;6( $" &%A+"$/$"A )N('D(6#(D +", ,%$#$"A )N($% &X" ,(#(6&;'(") +A(",+7 R) $D + 1&")$"C$"A

D)%CAA6(7 ZN(%( +%( "& DN&%) 1C)D +", (+DL X+LD7 ZN(L X$66 D)$66 N+#( )& ;+L +'&%)$/+)$&" H&% L(+%D .(H&%(

)N($% N&CD(D +",h&% 6+",D .(1&'( 6(A+66L )N($%D7 gC) H&% "&X )N(L 1+" D+L X$)N ;%$,(? YR)*$ 5$6 M5#54 $5

c3"-\ ZN$D N&CD( $D &C%D7 I N&CD( )N+) $D D+H( H%&' ,('&6$)$&" +", ,$D+D)(%D7 ZN( "$AN)'+%( &H .($"A

,$D;6+1(,? + )N$"A &H )N( ;+D)7

Date post:	03-Jun-2018
Category:	Documents
Upload:	carmel-puertollano
View:	215 times
Download:	0 times

Community Driven Land Acquisition Strategies_HPFPI Experience (E&U Paper)

Documents