nove tehnologije i razvoj maloprodajnih oblika - Ekonomski fakultet ...

27 downloads 49 Views 216KB Size Report
Maloprodaja je kao djelatnost u razvijenom gospodarstvu dośla u svoju fazu ... Kljuşne rijeşi: maloprodaja, maloprodajna poslovna jedinica, vrijednosni lanac,.
!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

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`)']&'!0-.a.%.' N-!)]$!0.Q','+!J)/&'J.'!%&'$&1%&'"&"*&$%)`&S'' '''''B' 0-,(.' N&+' "*-&%.Q' ",$-./.%&' -&]$!J%&' +-.*&%J&' ,$J.*!$&%&' ",' %!$)/' *.\%!#!()J&/&S' >%.' !/!(,_,J,' %!$' N-)"*,N' !^#)+!$&%J,' /&#!N-!0&J%)\' !^#)+&' b(-,N&`)J&Q'+!/N&%)J&Q'N!"#!$%)\'J.0)%)`&Q'+&*.(!-)J&'N-!)]$!0&'c'!0J.#J.%J&')'"#SdS'e' *!/' J.' "/)"#,' N!".^%!' $&1%!' "&(#.0&$&%J.' $-)J.0%!"%!(&' #&%`&' ,%,*&-' *-(!$)%.' )' N-!/J.%&' 0!' +!J)\' 0!#&])' !^&$#J&%J./' N!J.0)%)\' &+*)$%!"*)' ,' *!/' $-)J.0%!"%!/' #&%`,S' ;!' J.' %!$' N-)"*,N' ,' "&(#.0&$&%J,' -&]$!J&' !^#)+&' /&#!N-!0&J%)\' N!"#!$%)\' J.0)%)`&S' ' 2@BDE;:$3AB:EAZ'/&#!N-!0&J&Q'/&#!N-!0&J%&'N!"#!$%&'J.0)%)`&Q'$-)J.0%!"%)'#&%&`Q'' ''''''''''''''''''''''''')%I!-/&`)J"+&'*.\%!#!()J&Q'.W`!//.-`.Q'/,#*)+&%&#%&'/&#!N-!0&J&S'' ' '()$*!+$& ''''H.*&)#'*-&0.Q'&"'&%'&`*)$)*O')%'&'0.$.#!N.0'.`!%!/OQ'`&/.'*!')*"'"*&(.'!I'/&*,-)*OQ' f\)`\' /.&%"' *\&*' )*' `!%*&)%"' *\.' %,/^.-' &%0' "\&-.' !I' ./N#!O.."' *\&*' 0!."' %!*' )%`-.&".'&%O/!-.S';\)"'&`*)$)*O'`&%'%!f'^.',%0.-"*!!0'!%#O')I'f.'&%&#O].'*\.'$&#,.' `\&)%"'I!-'"N.`)I)`'N-!0,`*"Q')%'f\)`\')*')"'&%')/N!-*&%*'`!/N!%.%*S' '''''>%' *\.' !*\.-' \&%0Q' *\.' `!%*./N!-&-O' 0.$.#!N/.%*' *-.%0"' &-.' `&,".0' ^O' %.f' *.`\%!#!()."S' ;\.O' N-!$)0.' &' %.f' &NN-!&`\' *!' *\.' 0.")(%' !I' -.*&)#' *-&0.' I!-/"' b(-!,N"Q'`!/N&%)."Q'^,")%.""',%)*"Q'N-!0,`*'`&*.(!-)."'W'`#&""."Q'.*`SdS'A%'*\)"'".%".Q' )*')"'N&-*)`,#&-#O')/N!-*&%*'`!%")0.-&*)!%'!I''*\.'$&#,.'`\&)%')%'*-&0.'&%0'`\&%(."'*\&*'

' '

' '

647

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

!``,-'^O'N.-I!-/)%('`.-*&)%'&`*)$)*)."')%'*\.'$&#,.'`\&)%S';\)"')"'&'%.f'&NN-!&`\'I!-' ,%0.-"*&%0)%('*\.'0.$.#!N/.%*'!I'I!-/"'!I'-.*&)#'*-&0.'^,")%.""',%)*"S' $ 2:FG4378H'-.*&)#'*-&0.Q'-.*&)#'*-&0.'^,")%.""',%)*Q'$&#,.'`\&)%Q')%I!-/&*)!%'''' $$$$$$$$$$$$$$$$$$$*.`\%!#!(OQ'.W`!//.-`.Q'/,#*)W`\&%%.#'-.*&)#)%(S' ' I6$$J"!0$ ' '''''E._' -&%)J)/' &%&#)]&/&' 0!' "&0&' -&]$)J.%)\' +!%`.N`)J&' ]&' !^J&L%J.%J.' N-!/J.%&' /&#!N-!0&J%)\' !^#)+&' b/&#!N-!0&J%)\' N!0,]._&Q' /&#!N-!0&J%)\' N!"#!$%)\' J.0)%)`&Q' (-,N&`)J&')'"#Sd',"*&%!$)#!'".'0&'%)*)'J.0%&'!0'%J)\'%)J.','!^])-',].#&'"$.'-.#.$&%*%.' K)/^.%)+.' )' ]^!(' *!(&' ".' %)*)' "' J.0%!/' !0' %J)\' %.' /!1.' ,' N!*N,%!"*)' !^J&"%)*)' *&J' -&]$!JYRS' ' ;.+' ".' %J)\!$!/' +!/^)%&`)J!/' /!1.' ^!#J.' -&],/J.*)' -&]$)*&+' /&#!N-!0&J.YVS' '''''g&N-&$!Q'-&]$!J'!^#)+&'/&#!N-!0&J%)\'N!"#!$%)\'J.0)%)`&'*-.^&'N-!/&*-&*)'"'$)L.' /!*-)L*&S' 8&)/.Q' !^#)+' /&#N-!0&J%.' N!"#!$%.' J.0)%)`.' )%*.(-)-&%)' J.' -.],#*&*' !0#,+.Y7Z' b&d'!'I,%+`)J&/&'b*./.#J./']&0&_&'+!J.'N-.,])/&'/&#!N-!0&J%&'N!"#!$%&'J.0)%)`&dh' b^d' !' /&-+.*)%L+)/' )%"*-,/.%*)/&' b+&+!' %&"*,N&' %&' *-1)L*,dQ' b`d' !' K)/^.%)`)/&' -&0%!(&'N-!`."&'b+&!'!-(&%)]&`)J"+!/'-J.L.%J,dS' '''''B'!^])-!/'%&'*!'0&'J.'/&#!N-!0&J&','-&]$)J.%!/'*-1)L%!/'(!"N!0&-"*$,'N!*N,%!' -&]$)J.%)' ".+*!-' )' 0&' J.' 0!L#&' ,' I&],' ]-.#!"*)Q' /!(,_&' ",' )' 0-,+K)J&' "\$&_&%J&' ]&+!%)*!"*)' ,' -&]$!J,' !^#)+&' /&#!N-!0&J%)\' N!"#!$%)\' J.0)%)`&S' >%&' ".' *./.#J.' ' %&' ]&+!%)*!"*)/&' +!%`.%*-&`)J.' +&N)*&#&Q' "-.0"*&$&' )' I,%+`)J&S' 8&' *./.#J,' *&+$)\'' "\$&_&%J&' *-(!$)%&' ".' "&(#.0&$&' +&!' "&"*&$%)`&' $-)J.0%!"%)\' #&%&`&Q' )' ,' *!/.' ".' "/)"#,'*-&1.'%!$.'+!%`.N`)J.'+!J)/&'".'/!1.'!^J&"%)*)'-&]$!J'!^#)+&'/&#!N-!0&J%)\' N!"#!$%)\'J.0)%)`&S' '''''=)N!*.]&' %&L.(&' )"*-&1)$&%J&' J.Q' 0&' ".' ]^!(' *!(&' L*!' J.' /&#!N-!0&J&' $._' N-)J.' 0.".*&+' (!0)%&' N!"*&#&' ]-.#)Q' -&]$)J.%)' ".+*!-Q' *-.^&J,' /)J.%J&*)' +!%`.N`)J.' ]&' !^J&L%J.%J.' -&]$!J&' /&#!N-!0&J%)\' !^#)+&' bN-)J.' "$.(&' /&#!N-!0&J%)\' N!"#!$%)\' J.0)%)`&dQ''+&!')'0&'",'*.\%!#!()J&')')%*.(-&`)J&'I,%+`)J&'(#&$%)' K)/^.%)`)','-&]$!J,' %!$)\'/&#!N-!0&J%)\'!^#)+&S' '''''B*!(&'_./!','N-$!/.'0)J.#,'!$!(&'-&0&'&%&#)])-&*)'/&#!N-!0&J,'+&!'0J.#&*%!"*',' I&])']-.#!"*)Se'*,'"$-\,'&%&#)])-&*'_./!'".')]&^-&%.'N!+&]&*.#J.'+-.*&%J&'!"*$&-.%!(&' N-!/.*&' *-(!$)%.' %&' /&#!Q' ^-!J&' ]&N!"#.%)\' ,' *-(!$)%)' %&' /&#!Q' N-!0&J%.' N!$-L)%.' *-(!$)%.'%&'/&#!Q'*.'+!%`.%*-&`)J.','*-(!$)%)'%&'/&#!S' '''''''''''''''''''''''''''''''''''''''''''''''''

YR

E)0J.*)Z'F&"!%3F&O.-39].#Q'6iUUSQ'"*-S'4iS'' 'F&"!%3F&O.-Q'6ii5SQ'"*-S'4PS' Y7 '?.-`\.%/j##.-Q'6ii4SQ'"*-S'R7')'RUh'?.-`\.%/j##.-Q'455RSQ'"*-S'4VUS' YV

' '

' '64Y

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

'''''e' 0-,(!/' _./!' 0)J.#,' &%&#)])-&*)' $-)J.0%!"%)' #&%&`' ,' /&#!N-!0&J)' +&!' N!#&])L*.' ]&' !^J&L%J.%J.' N!J&$.' )' -&]$!J&' %!$)\' /&#!N-!0&J%)\' !^#)+&Q' ,"N!-.a,J,_)' *&J' %!$!)]&^-&%)'&%&#)*)K+)'&N&-&*'"'-&%)J.'-&]$)J.%)/'+!%`.N`)J&/&S' ' K6$.,'!/+!0,*,$2,!$0*#',% !=%$J$L,-)$-+#'!=%)$ ' '''''D&%&"' J.' *-(!$)%&' ,' -&]$)J.%!/' "$)J.*,' 0!"*)(#&' $)")%,Q' +!J&' N!+&],J.' !" #$" %!#" &$'%()" *" +!,-" ,)$.(&%-" -" " !" *" */(0" )('*" (&%1!)*#$" #(2" 1).(" 3-&'$" /( -23#$" &%(4$" )!&%!YYS'8&)/.Q','$-./.%,'!0'N!K.*+&'0.$.0.".*)\'N&'"$.'0!'N!K.*+&'%!$!('/)#.%)J&' ,' BH' 8J./&K+!J' J.' "*&(%)-&!' N-!/.*' ,' *-(!$)%)' %&' /&#!YPS' e' +&"%)J)/' (!0)%&/&' !"*$&-)$&#.'",'".'J!L'%)"+.'"*!N.'-&"*&S' ''''' -!/.*','*-(!$)%)'%&'/&#!'6iiiS'c'455PS','8J./&K+!J')','=-$&*"+!J'N-)+&]&#)'"/!' %&'(-&I)+!%,'6S' '''''A]' (-&I)+!%&' 6' -&]$)0%!' J.' 0&' ".' N-!/.*' ,' *-(!$)%)' %&' /&#!' ,' 8J./&K+!J' ,' N-!/&*-&%)\' !"&/' (!0)%&' %!/)%&#%!' N!$._&!' *.+' ]&' 47Q6k' bN-!"J.K%&' "*!N&' -&"*&' ^)#&' J.' TRQ47kdQ' 0!+' J.' ,' )"*!/' -&]0!^#J,' ,' H.N,^#)`)' =-$&*"+!J' *!' %!/)%&#%!' N!$._&%J.'^)#!']%&*%!')')]%!")#!'J.'6R6QUkS''bN-!"J.K%&'"*!N&'-&"*&'^)#&'J.'T64QPYkdS' g%&K)'0&','H.N,^#)`)'=-$&*"+!J'/&#!N-!0&J&'J!L'%)J.']&")_.%)'".+*!-Q'N&'",'$-)J.0)#.')' %.+.'0-,(.']&+!%)*!"*)S'' '''''e'-&]0!^#J,'6iiYS'c'4554S''^-!J']&N!"#.%)\','/&#!N-!0&J)','8J./&K+!J'"/&%J.%' J.' "' 4SP67' *)",_&' %&' 4SVP7' *)",_&YU' b"/&%J.%J.' ]&' UQUk' )#)' N-!"J.K%!' (!0)L%J.' ]&' c' 6Q7RkdS' e' ' -&]0!^#J,' 4555S' c' 455US' J.' ,' 8J./&K+!J' ^-!J' ]&N!"#.%)\' N!$._&%' !0' 4S77R'/)#S'%&'4SPVY'*)",_&YiQ'*JS'*.+']&''PQ7Yk')#)'N-!"J.K%!'5Qi4k'(!0)L%J.Q'"'*)/'0&' J.'4556S'^-!J']&N!"#.%)\'"'0J.#!/)K%)/'-&0%)/'$-./.%!/'N-./&L)!'^-!J']&N!"#.%)\' "'N,%)/'-&0%)/'$-./.%!/S' ' ' ' ' ' ' ' ' ' '

''''''''''''''''''''''''''''''''''''''''''''''''' YY

'E)0)Z' &%!-&/&'!I'9e'A%0,"*-O'liPQ'"*-S'46'c'67S' 'B*-,+*,-f&%0.#Q'4554SQ'"*-S'7' YU 'B*-,+*,-f&%0.#Q'4554SQ'"*-S'iS' Yi 'A]$!-Z'B*&*)"*)"`\."'M&\-^,`\'455iSQ'B*&*)"*)"`\."'m,%0."&/*Q':)."^&0.%Q'"*-'S'V56Sh'^-!J']&N!"#.%)\' "&'"*&%J./'R5S5iS' YP

' '

' '

64P

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

(3C5A0%!")')]/.a,'N-!0&J%.'N!$-L)%.')'@D W&'N!'6'"*&%!$%)+,','=-$&*"+!J')'' '''''''''''''''''''','%.+)/'.,-!N"+)/']./#J&/&'4557S' !()

!$

!#) !%*

!)

!%)

!)B$#

! )

!$)

( !)%

!)) ()

*B!#

'&

'* *

B$(

#) %)

*B%

*B!#

$(B!

#

%

!B! $*B$

!"'

3$M!))")))69:LN06+JKN0

3$6/06!))6A50/"I6+JK676!)))69:L61,6!6A5"

!#(

$ !*

$)

'B'

)

) ;0

D508.
' '

' '

6RR

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

(3C5A
'''''B*!(&' ^)' ^)#!' N!*-.^%!' &%&#)])-&*)' #&%`.' "*$&-&%J&' $-)J.0%!"*)' ' (!"N!0&-"+)\' ",^J.+&*&' )]' 0J.#&*%!"*)' 0)"*-)^,*)$%.' *-(!$)%.Q' N!".^%!' /&#!N-!0&J.Q' !0%!"%!' N!"#!$%!'N!$.])$&%J.'*)\'(!"N!0&-"+)\'",^J.+&*&'"'0!^&$#J&K)/&')]'N!J.0)%.']./#J.Q' *JS'%&'/.a,%&-!0%!/'N#&%,S'' '''''8!$)'".'!^#)`)'/&#!N-!0&J%)\'N!"#!$%)\'J.0)%)`&'-&]$)J&J,' ,N-&$!','I,%+`)J)'*!(&' -&]$!J&S' ' N6$/!"#-, !=%$%+(!") #$J$"+)*#0 != !.$', PJ$2,!$$ $$$$&)/!%#-,$-,$$$!1*,Q *# *#$/+!.*# ,$.,'!/+!0,* )&$$ $$$!1')2,$ ' '''''n&!' L*!' "/!' $._' )"*&+#)PUQ' "' /!*-)L*&' N!J.0)%&K%!(&' N!0,]._&' !^#)+!$&%J.' N!"#!$%)\'J.0)%)`&'J.'"-.0)L%J&']&0&_&'"*-&*.()J"+!('N#&%)-&%J&','*-(!$)%)'%&'/&#!Q'J.-' )]^!-'!^#)+&'N!"#!$%.'J.0)%)`.'"N&0&','!+$)-%.Q'+!%"*)*,*)$%.'!0#,+.S'D&'^)'*.'!0#,+.' ^)#.',"NJ.L%.Q'N!*-.^%!'J.'N!]%&$&%J.'!0-.a.%)\']&+!%)*!"*)','-&]$!J,'/&#!N-!0&J%)\' !^#)+&S' ''''''m-!J%)' ",' &,*!-)' N!+,L&#)' ,*$-0)*)' ]&+!%)*!"*)' N-!/J.%&' /&#!N-!0&J%)\' !^#)+&S' A]' *!(&'",'".'-&]$)#.'-&]#)K)*.'+!%`.N`)J.S'8&JN!]%&*)J.'!0'%J)\'",Zz+!*&K'/&#!N-!0&J.zPih' z0)%&/)+&'!^#)+&'N!(!%&zU5h'z\&-/!%)+&'/&#!N-!0&J.zU6h'1)$!*%)'`)+#,"U4Q's0)J&#.+*)K+)' N-!`."tUR')'0-,(.UVS' '''''C%&#)]!/' 0!"*,N%)\' +!%`.N`)J&' /!(#)' ",' ".' "*$&-&*)' !+$)-)' ]&' -&]/)L#J&%J.' )' ]&' )]^!-' )"*-&1)$&K+!(&' )%"*-,/.%*&-)J&' ]&' &%&#)],' 0!"&0&L%J.(' -&]$!J&' /&#!N-!0&J%.' "*-,+*,-.' )' ]&' %J.])%.' N-!/J.%.' %&' *./.#J,' -&]$!J&' %!$)\Q' +$&#)*.*%)J)\' !^#)+&S' F.a,*)/Q'N-!/J.%.','!+-,1J,'/&#!N-!0&J.'0!$.#.'",')'0!'N-!/J.%&',',N-&$#J&%J,',' /&#!N-!0&J)Q' *&+!' 0&' ",' ".' 0&%&"Q' "' J.0%.' "*-&%.Q' ,$.#.' )' %!$.' +!%`.N`)J.' "&(#.0&$&%J./'0)%&/)+.')'N-!`."&Q'&'"'0-,(.'",'".'"*-&%.'N-!L)-)#.'(-&%)`.'N!"#!$%)\' ","*&$&']&'&%&#)],'')']&'0J.#!$&%J.S' '''''8&)/.Q' N!".^%!"*)' ".' /&#!N-!0&J.' !0%!".' %.' "&/!' %&' ,N!-&^,' ",$-./.%)\' )%I!-/&`)J"+)\' )' +!/,%)+&`)J"+)\' *.\%!#!()J&Q' %.(!' )' %&' !-(&%)]&`)J"+.' )' +!!N.-&`)J"+.' ' !^#)+.' *-(!$)%"+)\' N!0,]._&' +!0' +!J)\' ' 0!' )]-&1&J&' 0!#&].' +!%+,-.%*"+.' N-.0%!"*)' ]^!(' .+!%!/)+.' $.#)K)%.' b$.#)+!N!$-L)%"+.' N-!0&$&!%)`.Q'

''''''''''''''''''''''''''''''''''''''''''''''''' PU

'E)0J.*)Z'B.(.*#)J&Q'455YSQ'"*-S'RP')'%&$S'#)*S' 9%(#S''$-)J.0%!"%)/'#&%`)/&','".+*!-,'N-.\-&/^.%)\'N-!)]$!0&'$)0J.*)Q')]/.a,'!"*&#!(Z'b&d'B.(.*#)J&Q'gSZ' ;-(!$)%&')'"*$&-&%J.'$-)J.0%!"*)Q'B,$-./.%&'*-(!$)%&Q'E!#S'RRQ'm-S'Y3455USQ'"*-S''47'c'RRh'b^d'B.(.*#)J&Q' gSZC+*,&#%!"*'-&]/&*-&%J&'$-)J.0%!"%)\'#&%&`&','N-.\-&/^.%!/'".+*!-,Q'B,$-./.%&'*-(!$)%&'E!#S' RVQ''m-S'7WY3455iSQ'"*-S''65U6PS'^S' UY '>0'.%(#S'"*44.M"H=!-3"0!3!/$0$3%"S"O
'''''e' I)])K+!J' ".' 0)"*-)^,`)J)' N!+&],J.' ".' 0&' J.' #!()"*)K+!' N!0-,KJ.' "&]-.#!' ,' "&/!"*&#%,' )' -&"*,_,' )%0,"*-)J,S' D&#J.' %&"*&J.Q' -&"*,_!/' )%0)$)0,&#)]&`)J!/Q' *]$S' s*.%0.%`)J&'N-!0,`*W!%S0./&%0tiVQ'+!J&'N!+&],J.'"'*]$S'/&"!$%)/'N!0.L&$&%J./i7Q' !0%!"%!''"'N!J.0)%&K%!/'N-!)]$!0%!/'')'+-&_)/'`)+#,")/&'0)I,])J.'N-!)]$!0&Q'0$&' #)`&S'>$0J.'",'!"!^)*!'0!^-!'N!])`)!%)-&%)'!%)'*-(!$`)'+!J)')/&J,'$#&"*)*.'J&+.'/&-+.' )'"&/)'".'&%(&1)-&J,'+&!'N-!)]$!a&K)S' '''''H&"N-&$&' !' !^#)+!$&%J,' &"!-*)/&%&' )' !' ,N-&$#J&%J,' )%I!-/&`)J&/&' b*]$S' A;' W /.%&01/.%*,d' !0%!"%!' !' "&$J.*!$&%J,' N!+&],J.' 0&' ".' !$.' I,%+`)J.' 0&%&"' $._' ,' +!%&K%)`)' )]$-L&$&J,' N,*./' )%I!-/&`)J"+)\' N!"-.0%)+&' b*]$S' )%I!/.0)J&-&d' )]$&%' "*-,+.' )' 0-,L*$.%)\' /-.1&S' >$!' $-)J.0)' "-.0%J.-!K%!' ]&`)J.#!' ]&' "$.' +&*.(!-)J.' N-!)]$!0&' )' $-"*.' +,N!$)%&S' C"!-*)/&%)' ' +!J)' ",' ".' ' %.+&0&' ' 0-1#&#)' ' `.%*-&#%!' +!0'' N!%,a&K&Q' ' +!J.' 0&%&"' ' )%I!/.0)J&-)' ' b%N-S' 7((/.$' )#)' 7*3&%-/$)d' ' -&LK#&%J.%!' %)1,' `.%*-&#%!'+!0'N-!)]$!a&K&Q'$J.-!J&*%!'".'0,(!*!K%!'N-.$!0.','K)%J.%)K%!'+,N&K+!W )%0)$)0,&#%.' s/OW"!-*)/.%*.tQ' +!J)' ",' "*$&-%!'!-J.%*)-&%)' %&'+!-)"%)+.S' -)' *!/.' _.' $.#)+,',#!(,')(-&*)'0-,L*$.%.'/-.1.S'' ''''''''''''''''''''''''''''''''''''''''''''''''' iV

'9%(#S'4)( *H%"(3" $0!3 "S"N-!)]$!0']&'N!*-.^,S' '9%(#S'0!&&"H*&%(0-,!%-(3A"

i7

' '

' '6V5

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

'''''|.*$-*)' .#./.%*' sI)%&%`)J"+.' ,"#,(.t' ' ",' ,' J!L' $._./' !^,\$&*,' N-.,].#)' *-._)S' 9.@$)&TB$%$)&" b6iiPSd' %&$!0.' 0&' ".' I)%&%`)J"+.' I,%+`)J.' *-(!$)%.' ,' .#.+*-!%)K+!J' -&]/J.%)' N-.,])/&J,' ]&`)J.#!' %&J!^)/%)J.' !0' "*-&%.' 0-,()\' N!0,]._&' )]$&%' "*-,+.Q' %N-S' !0' "*-&%.' *-&0)`)J"+)\' I)%&%`)J"+)\' N!0,]._&' b%N-S' F&"*.-`&-0Q' E)"&d' )#)' %!$)\' N!%,a&K&'0)()*&#%!(&'%!$`&S' '''''D&%&"' ".' /%!(.' *-&%"&+`)J.' !0$)J&J,' $._' N,*./' +-.0)*%)\' +&-*)`&' )' N!0,]._&' ]&' N!"#!$&%J.' +-.0)*%)/' +&-*)`&/&Q' N-)J.' "$.(&' !%#)%.' 0!/)%)-&J,' !$.' $-"*.' %&N#&*.' N!-.0' 0)()*&#%)\' N#&_.$%)\' "-.0"*&$&S' >")/' *!(&Q' %,0.' D=?Q' G.0.X' )' e B' b/.a,%&-!0%.d' ,"#,(.' %&N#&*.' ]&' *-(!$)%"+&' N!0,]._&' +!J&' ".' "#,1.' /.*!0&/&' N-!0&J.' %&' ,0&#J.%!"*' )' N-!)]$!a&K)/&' "' N!"#!$&%J./' "' +!%&K%)/' +,N`)/&' b%N-S' fffS0\#W(#!^&#/&)#S`!/'dS'' '''''n!0' 0!0&*%)\' bN!$.]&%)\d' ,"#,(&' ".' N!+&]&#!' 0&' /%!()' ,K)%`)' "$.' $)L.' "#)J.0.' %.!$)"%!'!'/&#!N-!0&J%)/'N!0,]._)/&')#)')\'N!*-!L&K)'-&LK#&%J,J,Q'*-&1.')'$-.0%,J,S' n!0' N-!L)-.%)\' ,"#,(&' N!+,L&$&J,' /&#!N-!0&J%&' N!0,]._&' ]&' "&0&' ' "#)J.0)*)' N-!)]$!a&K.' "' N-!)]$!0)/&' )' $#&"*)*)/' /&-+&/&S' ,*' N-./&' *./&*"+)' "N.`)I)K%)/' "$J.*!$)/&'0!1)$#J&J&'!"*&J.')N&+'!*$!-.%'"N.`)J&#)"*)/&'"'-!^%)/'(-,N&/&'%&'+!J)/&' ".' !N#!a,J,'/&-1.S' -!/&*-&J,'#)'".'N!^#)1.'/!*-)L*&']&^&$.'N-)'+,N!$)%)Q'/!1.'".' ,!K)*)'0&'",'!$,'I,%+`)J,'$._')"N,%)#)',N-&$!'N!+-.*&K)'$.#)+)\'*-(!$)%"+)\'`.%*&-&S' 8&'+-&J,'".'-&]&^)-.'^,0,_)'-&]$!J''%.'^.]%&K&J%)\'.#./.%&*&'0-,L*$.%)\'+!%*&+&*&')' +-!]'+,N!$)%,''N!+-.%,*!(&''0-,L*$.%!('"*&*,"&'N,*./'0-,L*$.%.'/-.1.S' ''''' -!/&*-&J,_)' N-!/J.%.' ,' !+-,1J,' *-(!$)%.Q' "N!/.%,*)' &,*!-)' N-.0$)a&J,' ]&' /&#!N-!0&J,'0$)J.')/N#)+&`)J.Q'*./.#J./'%J.])%.'-&LK#&/^.'"-.0)L%J)\'&+*)$%!"*)'+!J.' "*$&-&J,' $-)J.0%!"*S' CAT:[$ TC@4R347CB;4$ R47DW:Y:$ T4\:$ 8@B:7A?A$ T47:@$ $ 7C$ 8:$ 7D>434E;4$ R4WA9A4;A3C$ A8?AE4SC9$ 8$ R34AWS4_CE:T$ :%.',J.0%!'/!(,'N!+-.*&*)'^)*%.'N-!/J.%.','+&%&#,'0)"*-)^,`)J.S' '''''e' "$./,' *!/.' $&1%!' ' J.' 0&' ".'N-)/J.%!/' %!$)\'*.\%!#!()J&' /!(,'^)*%!' "%)])*)' *-&%"&+`)J"+)'*-!L+!$)'N-)'N-)+,N#J&%J,Q'!^-&0)')'-&"N!0J.#)')%I!-/&`)J&Q'^,0,_)'0&'".' )%I!-/&`)J"+)'&"N.+*'*-&%"&+`)J&'0)()*&#)])-&S'e%&*!K'$)"!+)/'N!K.*%)/')%$."*)`)J&/&' ,' !%#)%.WN!%,0.Q' ,' )0,_)/' ".' )*.-&`)J&/&' (-&%)K%)' *-!L+!$)' N-)^#)1&$&J,' %,#)S' A"*!0!^%!'!$.'N!%,0.'N,*./':.^W&'/!(,'".'0&$&*)'(#!^&#%!Q'%.!$)"%!'!'N-!"*!-,')' $-./.%,S'>$&'/!(,_%!"*'%.'N!"*!J)','-.&#%!/'"$)J.*,S" ' `6 J.*#=%!$-,2'*Ja2,$ ' '''''m,0,_)' 0&' J.' *-(!$)%&' 0!L#&' ,' "$!J,' I&],' ]-.#!"*)Q' 0!"&0&L%J&' ".' -&]/&*-&%J&' +!%`.N`)J&' ]&' !^J&L%J.%J.' -&]$!J&' /&#!N-!0&J%)\' !^#)+&' /!-&J,' 0!N,%)*)' "\$&_&%J)/&',#!(.'%!$)\'*.\%!#!()J&Q'%!$)\'!-(&%)]&`)J"+)\')'+!!N.-&`)J"+)\'!^#)+&' *-(!$)%.' )' 0-,()\' 0J.#&*%!"*)Q' *.' %!$.' N!0J.#.' -&0&' )]/.a,' -&]#)K)*)\' (!"N!0&-"+)\' 0J.#&*%!"*)S'F&#!N-!0&J&'J.'"*!(&'"&/!'s$-\'#.0.%!(&'^-)J.(&tS' ''''' !".^%!"*)' ,' "$./,' *!/.' ",' ,' ,N!-&^)' ",$-./.%)\' )%I!-/&`)J"+)\' )' +!/,%)+&`)J"+)\' *.\%!#!()J&Q' +!J.Q' +&!' L*!' "/!' $)0J.#)Q' !/!(,_,J,' ^!#J,' *-&%"N&-.%*%!"*' *-1)L*&Q' *.' "%)1.%J.' *-&%"&+`)J"+)\' *-!L+!$&S' >%.' ",' *./.#J' )' ]&' N-!/J.%.' ,' &"!-*)/&%"+!J' I,%+`)J)' *-(!$)%.Q' &' )' ,' 0-,()/' N!"#!$%)/' N!0-,KJ)/&' b%N-S'#!()"*)K+!/Q'I)%&%`)J"+!/Q',"#,1%!/dQ'+!J.'".'%&J$)L.'*)K,'/.*!0&'N-!0&J.S' '''''8!$.')%I!-/&`)J"+.'*.\%!#!()J.')'%&'%J)/&']&"%!$&%)'N!"#!$%)'/!0.#)'!/!(,_,J,' ^-1.'-.&+`)J.'%&'N!*-&1%J,'+,N&`&')'.I)+&"%)J.']&0!$!#J&$&%J.'%J)\!$)\'N!*-.^&S'>")/' *!(&Q'!%.'/!(,_,J,')'%&0&#J.')'"$.'$._.',+#J,K)$&%J.'"&/)\'N!*-!L&K&','!0#,K)$&%J.' !'&"!-*)/&%,'-!^.')'',"#,(&Q','+!/,%)`)-&%J.')'N-!/!`)J,')'"#S' '''''e'H.N,^#)`)'=-$&*"+!J'J.'0!'"&0&'^)!'!/!(,_.%'N-.*J.-&%)'-&]$!J'/&#!N-!0&J%)\' +&N&`)*.*&Q'&#)'"&/!','"/)"#,'s^-)`+'&%0'/!-*&-t')'N-!0&J%)\'N!$-L)%&'b,'!0%!",'%&' -&])%,' !N_.(!"N!0&-"+.' -&]$)J.%!"*)dS' ;!' ".' %.(&*)$%!' !0-&1&$&#!' %&' !N_.(!"N!0&-"+)''-&]$!J'%.'"&/!']&*!'L*!'".'*)/.'!/!(,_)!'N-.*J.-&%)',$!]'%&'L*.*,' 0!/&_.'N-!)]$!0%J.Q'%.(!')']&*!'L*!'",'".')!%&+!'!"+,0%&'0-,L*$.%&'"-.0"*$&'*-!L)#&' ]&'0)I,])J,'"&0&'$._'"*&-)\'*-(!$)%"+)\'*.\%!#!()J&'b$.#)+)',*-!L&+'N-!"*!-&')'.%.-()J.d' )]'-&]$)J.%)\']./&#J&S'H&]#!])'*!/.'",Q']&N-&$!Q','%!$)/'*.\%!#!()J&/&'N-!)]$!0%J.' +!J.'N!"J.0,J,'(!"N0&-"+)'",^J.+*)')]'-&]$)J.%)\']./&#J&S' ' ')%#+,%J+,$)$)-"!+)$/!0,%,2,$ ' 6S555'%&J$._)\'\-$&*"+)\'*$-*+)'N-./&',+,N%!/'N-)\!0,'455iS'b4565dQ'?)0.-' -.""Q' g&(-.^Q' !".^%!'')]0&%J.Q'4VS'#)N%J&'4565S'

' '

' '6V4

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

C\#.-*Q' @S' b6iU7dZ' ' " L-&%)-@*%-(3&4(.-%-'Q' @,"*&$' G)"`\.-' E.-#&(Q' B*,**(&-*' W' 8.f' r!-+S' D)"*-)^,*)$%&'*-(!$)%&','4555S'b4554dQ'B*&*)"*)K+&')]$J.L_&'667UQ'D-1&$%)']&$!0']&'' "*&*)"*)+,Q'g&(-.^S' D)"*-)^,*)$%&'*-(!$)%&','4554S'b455VdQ'B*&*)"*)K+&')]$J.L_&'644VQ'D-1&$%)']&$!0']&'"*&*)"*)+,Q'' g&(-.^S'

D!+,/.%*&`)J&' t -!0&J%)' +&N&`)*.*)' ,' *-(!$)%)' %&' /&#!u' b-&]%&' (!0)L*&dQ' HgBQ'' g&(-.^S' 9)%].#\&%0.#')/'A%*.-%.*Q'nFe'G!-"`\,%('C,"*-)J&Q':).%Q'455PSQ'N-./&Z' \**NZ33fffS+/,I!-"`\,%(S&`S&*3'Q'bN-)"*,N'R5S57S4565SdS'

9)%].#\&%0.#'$!-'/&"")$./'B*-,+*,-f&%0.#'c' .-"N.+*)$.'4545Q'N-./&' \**NZ33fffS)\+W"&&-#&%0S0.3)\+3\&%0.#30!f%3 .-"N.+*)$.%k454545SN0IdQ'''' bN-)"*,N'6PS5PS4557SdS' 9/.-()%(' I-!/' *\.' 0!f%*,-%' @#!^&#' !f.-"' !I' H.*&)#)%(' 4565SQ' N-./&' \**NZ33fffS0.#!)**.S`!/3&"".*"3D`!/W @#!^?!`&#k45C"".*"3D!`,/.%*"3.\/.Q':SZ'b6iURdZ'U!3 $.&"S"P!)'$%-3/Q'E.-#&('G-&%]':&\#.%Q'Fj%`\.%S''

' '

' '

6VR

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

&%!-&/&'!I'9e'A%0,"*-O'liP'b6iiPdQ'E!#S'6Q'>II)`.'I!-'>II)`)&#' ,^#)`&*)!%"'!I'*\.' 9,-!N.&%'")J.+S' B.(.*#)J&Q' gS'b455i^dZ' C+*,&#%!"*'-&]/&*-&%J&'$-)J.0%!"%)\'#&%&`&','N-.\-&/^.%!/' ".+*!-,Q'O*1)$0$3!"%)/(1-3!Q'RV'b7dQ''"*-S''65U6PS' B*&*)"*)K+)' #J.*!N)"' =-$&*"+.' bB?M=dQ' H&]%&' (!0)L*&Q' D-1&$%)' ]&$!0' ]&' "*&*)"*)+,Q' g&(-.^S' B*&*)"*)K+)'^)#*.%'te%,*-&L%J&'*-(!$)%&'W'+&N&`)*.*)'N-!0&J.uQ'H&]%&'(!0)L*&Q'BgBQ''m.!(-&0S'

B*&*)"*)"`\."'M&\-^,`\'455iSQ'B*&*)"*)"`\."'m,%0."&/*Q':)."^&0.%Q'N-./&''''

' '

' '6VV

!"#!$%&'#!()"*)+&','",$-./.%!/'/.%&01/.%*,'234565'

\**NZ33fffS0."*&*)"S0.3J.*"N..03N!-*`/"3B)*."30."*&*)"3A%*.-%.*3D938&$)(&*)!%3 , ^#)+&*)!%.%3,.-"`\%)**"$.-!.II.%*#)`\,%(.%3M&\-^,`\D!f%#&0"Q*./N#&*.A0o-.%0.-)%*SN"/#}}%%%o*-,.'Q'bN-)"*,N'54S5PS4565SdS' B*-,+*,-f&%0.#Z'@-.%].%'!0.-' WG)-/.%'4565SQ45S'C,I#&(.'0."'B*&%0&-0f.-+"'j^.-'0.%'0.,*"`\.%' ?.^.%"/)**.#\&%0.#Q'N-./&'\**NZ33fffS//.,-!0&*&S0.3 -."".34565} H};> W G)-/.%SN0IQ'bN-)"*,N'6PS'54S4565SdS' e#*-&(-!"Q'4565SQ'N-./&'\**NZ33fffS,#*-&(-!"S\-3Q'bN-)"*,N'R5S5YS4565SdS' $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

$ $

' '

' '

6V7