121.

AUKTION
THE DE WIT COLLECTION
OF MEDIEVAL COINS
12. - 13. Mrz 2007
Steigenberger Hotel Remarque Osnabrck
Natruper-Tor-Wall 1
Hotel-Telefon (05 41) 60 96 633
Hotel-Fax (05 41) 60 96 634
(nur whrend der Auktion/only during the auction/
uniquement pendant la vente/solamente durante l'asta)

ZEITPLAN AUKTIONEN 121 - 124

AUKTION 121
THE DE WIT COLLECTION
OF MEDIEVAL COINS

Montag, den 12. Mrz 2007

14.00 Uhr - 18.00 Uhr
Nr. 1 bis Nr. 521
Dienstag, den 13. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 522 bis Nr. 970
14.00 Uhr - 18.00 Uhr
Nr. 971 bis Nr. 1514

AUKTION 122
MNZEN UND MEDAILLEN
AUS MITTELALTER UND NEUZEIT

Mittwoch, den 14. Mrz 2007

10.00 Uhr - 13.00 Uhr
Nr. 2001 bis Nr. 2494
14.00 Uhr - 18.00 Uhr
Nr. 2495 bis Nr. 3364
Donnerstag, den 15. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 3365 bis Nr. 3974
14.00 Uhr - 19.00 Uhr
Nr. 3975 bis Nr. 5000

AUKTION 123
DEUTSCHE MNZEN SEIT 1871
DIE SAMMLUNG PAULS U. A.

AUKTION 124
MNZEN AUS DER ANTIKEN WELT
DIE SAMMLUNG DR. ADOLF WILD U. A.

Freitag, den 16. Mrz 2007

10.00 Uhr - 13.00 Uhr
Nr. 6001 bis Nr. 6703
14.00 Uhr - 16.30 Uhr
Nr. 6704 bis Nr. 7237
16.30 Uhr - 19.00 Uhr
Nr. 7501 bis Nr. 8108
Samstag, den 17. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 8109 bis Nr. 8699
14.00 Uhr - 18.00 Uhr
Nr. 8700 bis Nr. 9509

Detaillierter Zeitplan siehe Seite 5

Besichtigungen siehe Seite 12
Horaire dtaill voir page 5
Exposition des monnaies voir page 12

Detailed timetable view page 5

Viewing of auction good view page 12
Calendario dettagliato veda pagina 5
Esposizione veda pagina 12

UNSERE ADRESSE
OUR ADDRESS

Fritz Rudolf Knker e. K. Mnzenhandlung

Gutenbergstr. 23 49076 Osnabrck
Telefon: 05 41-96 20 20
Telefax: 05 41-96 20 222
Gebhrenfreie Rufnummer: 08 00-58 36 537
International calls:
International fax:

+49 (0)5 41-96 20 20

+49 (0)5 41-96 20 222

Whrend der Auktion/During the auction

Steigenberger Hotel Remarque:
Telefon:
Fax:

+49 (0)5 41-60 96 633

+49 (0)5 41-60 96 634

Ust.-Id.-Nr.: DE 117 620 142

UNSERE GESCHFTSZEITEN
OPENING HOURS

Montag-Donnerstag
Freitag
Sonnabend
Saturday

9.00 - 17.00 Uhr

9.00 - 15.30 Uhr
nach Vereinbarung
by prior appointment

Auerhalb unserer Geschftszeit steht unseren Kunden ein

automatischer Anrufbeantworter zur Verfgung.
Answering machine available after opening hours.

WWW.KUENKER.DE
E-MAIL: INFO@KUENKER.DE

Auf unserer Internetseite haben Sie die Mglichkeit:

die Abbildungen zu vergrern
Ihre Gebote direkt per Email abzugeben
die Ergebnisse der Auktionen abzurufen
On our website you have the possibility:
to zoom all images
to place your bids
to view all auction results

IHRE ANSPRECHPARTNER
CONTACT

Abwicklung der Auftrge und

Einlieferungen

Gisela Thomas, Prokuristin

Telefon: (05 41) 96 20 221
Annahme von Einlieferungen
Staff members accepting consignments

Dr. Andreas Kaiser

Telefon: (05 41) 96 20 254
Arne Kirsch, Prokurist
Telefon: (05 41) 96 20 234
Oliver Kpp, Prokurist
Telefon: (05 41) 96 20 229
Jens-Ulrich Thormann MA (Antike Mnzen)
Telefon: (05 41) 96 20 242
Mitglied Verband der Deutschen
Mnzenhndler e. V.
Associaton Internationale des Numismates
Professionnels (AINP)
2

HINWEISE FR UNSERE
BIETENDEN AUKTIONSKUNDEN
1.
2.

Die Auktionsbedingungen finden Sie am Ende dieses Katalogs.

Bitte senden Sie uns Ihre Auftrge mglichst frhzeitig zu. Wenn uns Ihr
Auftrag erst kurz vor der Auktion erreicht, knnen sich bei der Bearbeitung
Fehler einschleichen.
3. Das beiliegende Formular macht es Ihnen leicht, ein schriftliches Gebot
abzugeben. Falls Sie Ihre Gebote faxen mchten: unser Telefax 0541 96 20 222 steht Ihnen Tag und Nacht zur Verfgung.
4. Die von Ihnen ersteigerten Objekte werden Ihnen innerhalb von acht Tagen
nach Beendigung der Auktion zugeschickt. Die Auftrge werden in der
Reihenfolge des Eingangs bearbeitet, d. h. die zuerst eingegangenen Auftrge werden auch zuerst bearbeitet. Auch alle Bieter, die keinen Zuschlag
erhalten haben, werden von uns nach der Auktion benachrichtigt.
5. Wenn Sie telefonisch bieten mchten, rufen Sie bitte vor der Auktion unseren Kundenservice an. Frau Thomas freut sich auf Ihren Anruf entweder
direkt unter 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37.
6. Wenn Sie als neuer Kunde noch nicht bei uns gekauft haben, ist es empfehlenswert, wenn Sie uns Referenzen angeben. Nennen Sie uns eine
Mnzhandlung, mit der Sie bereits in Geschftsverbindung stehen. Oder
rufen Sie unseren Kundenservice an. Telefon 0541 96 20 221 oder
gebhrenfrei unter 0800 5 83 65 37.
7. Unsere Broschre DIE KNKER-AUKTIONEN: WIE BIETE ICH
ERFOLGREICH? liegt in jedem Katalog und ist fr Sie eine ntzliche
Hilfe.
8. Die Echtheit aller verkauften Objekte wird auch ber die gesetzliche Frist
hinaus gewhrleistet.
9. Alle Kunden, die als Bieter an einer unserer Auktionen teilnehmen,
erhalten innerhalb von zwei Wochen nach der Auktion unsere Ergebnisliste
gratis.
10. Sie haben Fragen zu einer bestimmten Mnze? Sie mchten persnlich an
unserer Auktion teilnehmen? Sie haben andere Fragen? Unser Kundenservice freut sich auf Ihren Anruf, entweder direkt unter 0541 96 20 221
oder gebhrenfrei unter 0800 5 83 65 37.

RENSEIGNEMENTS L'ATTENTION DE
NOS CLIENTS DES VENTES AUX ENCHRES
1.

Vous trouverez les conditions gnrales de vente aux enchres la fin de ce

catalogue.
2. Veuillez nous faire parvenir vos ordres le plus tt possible. Si vos ordres
nous parviennent juste avant la vente aux enchres, des erreurs risquent dtre
commises lors de leur traitement.
3. Le formulaire ci-joint vous aidera rdiger facilement votre offre. Si vous
souhaitez faxer votre offre, vous pourrez le faire 24 heures sur 24 au
+49 (0)541 96 20 222.
4. Les objets dont vous serez adjudicataire vous seront envoys dans les huit
jours suivant la fin de la vente aux enchres. Les commandes seront prises
en compte dans lordre de leur arrive, cest--dire que les commandes
nous parvenant les premires seront dabord traites. Aprs la vente aux
enchres, nous prviendrons tous les enchrisseurs nayant pas obtenu
ladjudication.
5. Si vous souhaitez faire des enchres par tlphone, veuillez appeler
aupravant notre service clientle. Madame Thomas sera heureuse de vous
rpondre directement au +49 (0)541 96 20 221.
6. Si vous tes un nouveau client et navez encore fait aucune acquisition chez
nous, il serait conseill de nous fournir quelques rfrences. Indiquez nous
si vous traitez dj avec un professionnel du commerce des monnaies. Ou
contactez notre service clientle au +49 (0)541 96 20 221.
7. Notre brochure intitule : DIE KNKER-AUKTIONEN : WIE BIETE
ICH ERFOLGREICH? (Les ventes aux enchres de Knker : comment
faire une enchre russie ? ) jointe dans chaque catalogue vous sera trs
utile.
8. Lauthenticit des pices vendues sera garantie mme au-del des dlais
lgaux.
9. Tous les clients participant lune de nos ventes aux enchres en tant
quenchrisseurs recevront gratuitement une liste de rsultats dans les
deux semaines suivant la vente aux enchres.
10. Vous avez des questions concernant une pice particulire ? Vous dsirez
prendre part personnellement notre vente aux enchres ? Vous avez dautres
questions ? Notre service clientle se fera un plaisir de vous rpondre au
+49 (0)541 96 20 221.

IMPORTANT INFORMATION
FOR PLACING BIDS
1.

The terms and conditions of the auction can be found at the end of this
catalogue.
2. Please send us your instructions as early as possible. The likelihood of
errors occurring increases if we do not receive your instructions until
shortly before the auction.
3. The enclosed form makes it simple for you to submit a written bid. Our fax
machine +49 (0)541 96 20 222 is on standby day and night in case you
wish to fax your bids.
4. The objects which you purchase will be delivered to you within eight days
of the close of auction. Instructions are processed in the same order as they
were received in other words, the first instructions to be received are the
first to be processed. All unsuccessful bidders will be also informed after the
auction.
5. If you would like to bid by telephone, please ring our customer service
beforehand. Mrs. Thomas will be pleased to speak to you on +49 (0)541 96 20 221.
6. If you are a new customer who has not yet bought anything through us, we
recommend that you give us references. Name a coin dealer with whom
you have already done business. Or call our customer service on +49
(0)541 96 20 221.
7. Our brochure DIE KNKER-AUKTIONEN: WIE BIETE ICH
ERFOLGREICH? ("The Knker auctions: How to bid successfully?) is
enclosed in every catalogue and will prove useful to you.
8. The genuineness of all sold objects is also warranted beyond the statutory
length of time.
9. All customers who participate as bidders in our auction receive our list of
results free of charge within two weeks of the close of auction.
10. Do you have questions about a particular coin? Would you like to participate personally in our auction? Do you have any other questions? Our
customer service team will be pleased to help you call on +49 (0)541 96 20 221.

INFORMAZIONI PER GLI OFFERENTI

DELLE NOSTRE ASTE
1.
2.

Le condizioni dasta si trovano alla fine di questo catalogo.

Siete pregati di inviarci i vostri ordini il pi presto possibile. Se il vostro
ordine ci perviene poco tempo prima dellapertura dellasta, si possono
verificare errori nellelaborazione dello stesso.
3. Per le vostre offerte scritte potete utilizzare il modulo allegato al catalogo.
Nel caso voleste trasmettere le vostre offerte per fax, siete pregati di inviarle
al seguente numero: +49 (0)541-96 20 222.
4. Gli oggetti che avete acquistato allasta vi saranno spediti entro otto giorni
dal termine della stessa. Gli ordini vengono evasi in base alla data di
ricevimento, quindi hanno precedenza quelli pervenuti prima. Anche gli
offerenti che non hanno avuta alcuna aggiudicazione riceveranno una nostra
comunicazione al termine dellasta.
5. Se desiderate la partecipazione telefonica in diretta durante lasta, siete
pregati di chiamare prima la consulenza ai clienti. La sig.ra Thomas,
raggiungibile al numero diretto +49 (0)541- 96 20 221, sar a vostra disposizione.
6. Se siete clienti nuovi e non avete mai acquistato da noi, vi proponiamo di
inviarci delle referenze. Dateci il nome di un negozio di monete presso il
quale avete gi fatto degli acquisti, oppure chiamate la nostra consulenza ai
clienti al numero +49 (0)541 96 20 221.
7. Nel nostro opuscolo DIE KNKER-AUKTIONEN : WIE BIETE ICH
ERFOLGREICH? (Aste Knker: come avere successo nelle offerte?),
allegato ad ogni catalogo, troverete consigli utili.
8. Il certificato dautenticit di tutti gli oggetti venduti viene rilasciato anche
oltre i termini privisti per legge.
9. Tutti i clienti che hanno partecipato ad una nostra asta riceveranno
gratuitamente lelenco delle aggiudicazioni entro quindici giorni dal termine
della stessa.
10. Avete delle domande su una moneta in particolare ? Desiderate partecipare
personalmente ad una nostra asta? Avete altre domande? Rivolgetevi al
nostro Servizio Clienti al numero +49 (0)541 96 20 221.

WICHTIGE HINWEISE
FR UNSERE EINLIEFERER
1.

Unser Expertenteam garantiert Ihnen eine fachgerechte Bearbeitung der von

Ihnen eingelieferten Stcke.
2. Die Schtzpreise werden von uns aufgrund unserer hervorragenden
Marktkenntnisse sorgfltig festgelegt. Die Stcke werden zu 80% der im
Katalog angegebenen Schtzpreise ausgerufen. Durch diese Regelung werden
Sie als Einlieferer geschtzt. Fr nicht verkaufte Objekte werden keine
Gebhren erhoben.
3. Der Standard unserer Kataloge ist von hoher Qualitt und findet internationale Anerkennung. Wir haben eine der besten Kundendateien, die es
weltweit gibt.
4, Von der individuellen Betreuung unserer Kunden profitieren auch Sie als
Einlieferer.
5. Als Einlieferer erhalten Sie Ihren Auktionserls innerhalb von 45 Tagen
nach der Auktion. Sonderregelungen sind nach Absprache mglich.
6. Auf Wunsch kann Ihre Einlieferung bei Ihnen zuhause abgeholt werden. Ab
2.500,-- Einlieferungssumme bernehmen wir die Kosten, ab 25.000,-knnen wir unter Umstnden an einem vereinbarten Ort Ihre Einlieferung
nach Absprache gerne auch persnlich entgegennehmen. Selbstverstndlich ist Ihr Versteigerungsgut durch uns versichert.
7. Nicht alle Mnzen eignen sich, als Einzelstcke aufgenommen zu werden.
Vertrauen Sie auf die Erfahrung unserer Experten, die niedrigpreisige
Mnzen liebevoll zu interessanten Lots zusammenstellen.
8. Der Schtzwert Ihrer Einlieferung sollte mindestens 1.000,-- betragen.
9. Ihre Einlieferung wird Ihnen sofort bei bernahme durch ein Protokoll quittiert. Sptestens fnf Wochen vor der Auktion erhalten Sie eine genaue
Auflistung Ihrer Objekte mit den dazugehrenden Katalognummern.
10. Innerhalb einer Woche nach der Auktion erhalten Sie bereits die
Ergebnisliste und knnen alle erzielten Preise feststellen.
11. Profitieren Sie von der Anziehungskraft eines fhrenden Unternehmens.
Bitte wenden Sie sich bei Fragen an unseren Kundenservice unter Leitung
von Frau Gisela Thomas direkt unter 0541 96 20 221 oder gebhrenfrei
unter 0800 5 83 65 37.
12. Unsere Vertrge fr Einlieferungen knnen Sie unverbindlich anfordern.
Haben Sie noch Fragen? Frau Thomas freut sich auf Ihren Anruf. Telefon:
0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37.

RENSEIGNEMENTS IMPORTANTS
A L'ATTENTION DES VENDEURS
1.

Notre quipe dexperts garantit une prise en charge comptente des pices
que vous nous confiez.
2. Notre excellente connaissance du march nous permet de fixer soigneusement les prix estims. Les pices seront mises aux enchres un prix
reprsentant 80% du prix estim indiqu dans le catalogue. Cette rglementation vous protge en tant que vendeur. Aucuns frais ne seront prlevs sur les pices invendues.
3. Nos catalogues ont un niveau qualitatif lev, reconnu au plan international.
Nous disposons dun des meilleurs fichiers clients du monde.
4. En tant que vendeur, vous profiterez vous aussi du suivi personnalis que
nous offrons nos clients.
5. Le vendeur recevra le produit de la vente dans les 45 jours qui suivront les
enchres. Des dispositions spciales pourront tre prises sur accord pralable.
6. Nous prendrons en charge les frais dexpdition des pices dont le montant
sera suprieur 2.500,--: Si leur montant est suprieur 25.000,--, lun
de nos employs se poudra charger de prendre la livraison un lieu
concorde. En concertation, notre assurance couvrira tous les risques.
7. Les pices de monnaie ne se prtent pas toutes une vente individuelle.
Faites confiance lexprience de nos spcialistes qui se chargeront avec
plaisir de rassembler les pices bon march de manire constituer des lots
intressants.
8. La valeur estime des pices fournies devrait slever un minimum de
1.000,--.
9. Au moment de la prise en charge, vous recevrez un dtail des pices
fournies. Au plus tard cinq semaines avant la vente aux enchres, vous
recevrez une liste exacte de vos pices avec les numros de catalogue
correspondants.
10. Dans la semaine qui suivra la vente aux enchres, vous recevrez dj la
liste de ses rsultats et pourrez prendre connaissance des prix obtenus.
11. Profitez de lattrait du leader du march. Pour tout renseignement,
veuillez-vous adresser notre service clientle sous la direction de madame
Gisela Thomas : +49 (0)541 96 20 221.
12. Vous pouvez demander sans engagement de votre part nos contrats de dpt
de pices? Vous avez dautres questions? Madame Thomas sera heureuse
de vous rpondre au +49 (0)541 96 20 221.

IMPORTANT INFORMATION
FOR OUR CONSIGNERS
1.

Our team of specialists guarantees an expert treatment of the consigned

items.
2. The estimates are carefully established by us due to our excellent knowledge of the market. Bidding for the items is then started at 80 % of the
estimate price stated in the catalogue. This arrangement protects you as a
consigner. Unsold items incur no fees.
3. The standard offered in our catalogue is of the highest quality, and is recognised internationally. We have one of the best clientele lists worldwide.
4. You as a consigner also profit from the individual consultation offered to
our customers.
5. As a consigner, you receive the auction proceeds within 45 days of the
close of auction. Special arrangements can be made following discussion.
6. For consignments with a value over 2.500,-- we may bear the
transportation costs. For deliveries over 25.000,-- we may personally
collect the items at an arranged place after prior consultation. Upon
consultation, the shipping of your goods could be covered by our insurance.
7. Not all coins are suited to be registered as individual items. Trust in our
experts experience as they carefully combine less-valuable coins into
interesting lots.
8. The valuation price of your delivery should be at least 1.000,--.
9. Your delivery is confirmed in writing immediately on receipt. At least five
weeks before the auction, you receive an exact list of your objects with the
relevant catalogue numbers.
10. Within a week of the close of auction, you receive a list with the results in
order to see what prices were reached for each individual lot.
11. Profit from our position as a leading coin dealer. If you have any questions,
please contact our customer service team which is headed by Mrs. Gisela
Thomas directly on +49 (0)541 96 20 221.
12. Would you like to receive copies of our contracts for consigner, without
making any commitment? Do you have any other questions? Mrs. Thomas
will be pleased to help you please call on +49 (0)541 96 20 221.

INFORMAZIONI PER I
NOSTRI DEPOSITANTI
1.

Il nostro team di esperti assicura un trattamento accurato dei pezzi che ci

avete inviato.
2. Eseguiamo valutazioni finalizzate alla vendita. I prezzi di stima sono frutto
della nostra eccezionale conoscenza del mercato e della nostra attenta
valutazione. La base dasta ammonta all80% del prezzo di stima indicato
sul catalogo. Non si addebitano spese per gli oggetti invenduti.
3. I nostri cataloghi sono di alta qualit e sono riconosciuti a livello internazionale. I nostri clienti sono fra i migliori al mondo.
4. Come depositanti potete beneficiare dellassistenza riservata a ciascuno dei
nostri clienti.
5. Come depositanti riceverete gli importi realizzati allasta entro 45 giorni dal
termine della stessa. Si possono concordare condizioni particolari.
6. A partire da un controvalore degli oggetti di 2.500,--i costi del trasporto
sono a nostro carico, mentre a partire da un controvalore di 25.000 gli
oggetti possono essere ritirati personalmente da un nostro incaricato ad un
posto concordato. Naturalmente il trasporto dei vostri oggetti pu essere
assicurato tramite la nostra assicurazione.
7. Non tutte le monete possono essere negoziate singolarmente. Fidatevi
dellesperienza dei nostri esperti, che raggruppano le monete non molto
preziose in lotti di sicuro interesse.
8. Il valore stimato degli oggetti depositati deve ammontare ad almeno
1.000,--.
9. Nel momento in cui gli oggetti sono presi in consegna, viene rilasciata una
ricevuta numerata. Riceverete un elenco preciso degli oggetti che avete
depositato con i relativi numeri di catalogo al massimo cinque settimane
prima dellasta.
10. Riceverete lelenco degli oggetti aggiudicati entro una settimana dalla
chiusura dellasta. Potrete cosi verificare i prezzi realizzati.
11. Approfittate della capacit di un leader di mercato per aumentare il valore dei
vostri oggetti. Se avete delle domande, rimaniamo a vostra disposizione per
qualsiasi necessit. Rivolgetevi alla nostra consulenza ai clienti diretta dalla
sig.ra Gisela Thomas al numero +49 (0)541-91 20 221.
12. Volete ricevere i nostri contratti senza impegno? Avete altre domande? Potete
contattare la sig.ra Gisela Thomas al numero +49 (0)541-96 20 221.

DETAILLIERTER ZEITPLAN AUKTIONEN 121-124

AUKTION 121
THE DE WIT COLLECTION
OF MEDIEVAL COINS

AUKTION 122
MNZEN UND MEDAILLEN
AUS MITTELALTER UND NEUZEIT

AUKTION 123
DEUTSCHE MNZEN SEIT 1871
DIE SAMMLUNG PAULS U. A.

AUKTION 124
MNZEN AUS DER ANTIKEN WELT
DIE SAMMLUNG DR. ADOLF WILD U. A.

Montag, den 12. Mrz 2007

14.00 Uhr - 18.00 Uhr
Nr. 1 bis Nr. 521
Vlkerwanderung - Frankreich
Dienstag, den 13. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 522 bis Nr. 970
Elsa-Lothringen, Skandinavien,
Niederlande: Friesland - Zutphen
14.00 Uhr - 18.00 Uhr
Nr. 971 bis Nr. 1514
Niederlande: Geldern - Burgundische Niederlande
Mittwoch, den 14. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 2001 bis Nr. 2494
Goldprgungen: Ausland, Habsburgische Erblande
14.00 Uhr - 18.00 Uhr
Nr. 2495 bis Nr. 3364
Goldprgungen: Deutschland, Silberprgungen: Ausland
Donnerstag, den 15. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 3365 bis Nr. 3974
Silberprgungen: Habsburgische Erblande,
Deutschland: Aachen - Brandenburg-Preuen
14.00 Uhr - 19.00 Uhr
Nr. 3975 bis Nr. 5000
Silberprgungen: Braunau - Wuppertal, Sammlung Hans
Lummer Teil I und II, Medaillen, Notmnzen, Papiergeld,
Mnzgefe, Numismatische Literatur, Lots
Freitag, den 16. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 6001 bis Nr. 6703
Reichskleinmnzen, Reichssilbermnzen,
Reichsgoldmnzen: Anhalt - Mecklenburg-Strelitz
14.00 Uhr - 16.30 Uhr
Nr. 6704 bis Nr. 7237
Reichsgoldmnzen: Preuen - BRD, Weltkrieg und Inflation,
Weimarer Republik, Drittes Reich, BRD, DDR, Gent, Zweiter
Weltkrieg, Deutsche Kolonien, Notmnzen, Proben, Lots
16.30 Uhr - 19.00 Uhr
Nr. 7501 bis Nr. 8108
Goldprgungen der Antike, Griechische Mnzen,
Sammlung Hans Lummer Teil III
Samstag, den 17. Mrz 2007
10.00 Uhr - 13.00 Uhr
Nr. 8109 bis Nr. 8699
Rmische Mnzen Teil I
14.00 Uhr - 18.00 Uhr
Nr. 8700 bis Nr. 9509
Rmische Mnzen Teil II, Vlkerwanderung, Byzanz, Kreuzfahrer

BESICHTIGUNGEN

Besichtigung des Auktionsgutes in unseren

Geschftsrumen, Gutenbergstr. 23, 49076
Osnabrck, ab dem 12.02.2007, nach vorheriger telefonischer Vereinbarung unter
Nr. 05 41 - 96 20 221.
5

LIST OF CONTENTS AUCTION 121

No.
THE DE WIT COLLECTION
OF MEDIEVAL COINS

1514

13

470

Migration of the Germans

79

14

35

80

93

36

39

Municipal Coinage in Italy and Africa

Carthago
Rome
Ravenna
Early Imperial

94
94
97
103

105
96
102
104
105

40
40
41

43
41
42
43
43

Ostrogoths

106

127

44

50

Huns and Vandals

Gepiden

128

50

Visigoths

129

138

51

53

Lombards

139

146

54

58

Principality Beneventum

147

150

58

59

Franks - Frisia

Page

151

59

Merovingians
Provence

152
173

177
177

60
67

69
69

Carolingians - Robertines
Aquitaine
Francia Occidentalis
France Midi
Francia Orientalis

178
196
198
236
240

245
197
235
239
245

69
75
76
85
87

88
76
85
86
88

France
Duch de France
France Royale
France Fodale
Normandy, County and Duchy
Dreux, County
Nogent, Seigniory
Brittany, Duchy
Penthivre, County
Anjou, County
Maine, County
Touraine
Chartres, County
Chteaudun
Blois, County
Celles-sur-Cher, Seigniory
St. Aignan, Seigniory
Donzy, County
Vierzon, Seigniory
Sancerre, County

246
246
253
334
334
339
341
343

89
89
91
116
116

119

358
360
363
365

123
124

370
374

521
252
333
521
338
340
342
355
356
357
359
362
364
367
368
369
373
375
376
377

128
129

199
91
116
199
117
118
118
122
122
123
124
125
127
127
128
128
129
130
130
130

No.
France (Continuation)
Vendme, County
Deols (Chteauroux), Seigniory
Issoudun, Seigniory
Souvigny, Abbey
Bourbon, Seigniory
Puy, Diocese
Clermont, Diocese
Poitou, County
Aquitaine
Limoges, Viscounty
St. Martial de Limoges, Abbey
Angoulme, County
Prigord, County
Bergerac
Barn, Seigniory
Roussillon, County
Carcassonne
Toulouse, County
Albi, Viscounty
Cahors, Diocese
Cahors, City
Rouergue, County
Anduse and Sauve, Seigniory
Melgueil, County
Burgundia Arelate, Kingdom
Provence, Margraviate
Provence, County
Arles, Archdiocese
Saint-Gilles, County
Avignon, Commune
Burgundia Cisiurana, Kingdom
Burgundy, Duchy
Scodingue, County
Besanon, Archdiocese
Vienne, Archdiocese
Lyon, County
Lyon, Archdiocese
Viennois, Dauphins
Orange, Principality
Valence and Die, Diocese
Tournus, Abbey
Nevers, County
Auxerre, County
Sens, County
Provins, County
Meaux, Diocese
Meaux and Troyes

379
382
384
387

390
392
395

430
432
434
437
439
444
447

452

457
468

471
479

489

493
497
499
502

507

512
514

Page

378
381
383
386
388
389
391
394
425
426
427
428
429
431
433
436
438
443
446
449
450
451
453
454
455
456
467
469
469
470
478
486
487
488
491
492
496
498
501
505
506
509
510
511
513
515
516

131

132

136

147

151
152

156

160
161

167
168

172

131
132
132
133
133
134
134
135
145
145
146
146
147
148
148
149
150
152
153
153
154
154
154
155
155
156
158
159
159
159
161
163
164
164
165
165
166
167
168
169
169
170
171
171
172
173
173
7

No.
France (Continuation)
Reims, Archdiocese
Saint-Mdard Soissons, Abbey
Corbie, Abbey
Amiens, City
Alsace-Lorraine
Metz, Diocese
Epinal
Saarburg
Metz, City
Toul, Diocese
Verdun, Diocese
Gorze, Abbey
Remiremont, Abbey
Bar, Duchy
Lorraine, Duchy
Lorraine and Bar, Duchy
Porcan, County
Alsace
Strasbourg
Strasbourg, City
Haguenau
Altdorf, Abbey
Selz, Abbey

520
522
522

545
550
556

567
575
579

582
604
608

Scandinavia
Denmark
Sweden
Norway
Drontheim, Archbishopric
Scandinavian Imitations

614
614
670
696

703

Netherlands
Holland, County
Middenfriesland
East Frisia
Utrecht, Diocese
Utrecht, City
Tiel
Zaltbommel
Groningen, City
Kuinre
Koevorden
Northern or Western Netherlands
Hamaland
Zutphen

711
715
793
837
846
928
933
940
944
959
964

968

971
1025
1029

Gelre (Guelders)
Arnhem
s'Heerenberg
8

Page

517
518
519
521
613
542
543
544
549
555
563
564
565
566
574
578
580
581
603
607
611
612
613

176
176

181
182
184

187
189
190

192

710
669
695
702
702
710

200
201
216
223

225

1514
792
836
845
927
932
939
943
958
963
966
967
969
970

227
229
257
270
274
295
297
299
300
304
306

308

1024
1028
1031

310

327

173
174
174
175
199
180
180
180
182
183
185
186
186
186
189
190
191
191
197
197
198
199
199
226
216
222
224
224
226
470
256
269
273
295
296
299
300
304
306
307
307
309
310

325
326
328

No.
Netherlands (Continuation)
Nijmegen
Ijsselsteden
Deventer
Drie Steden
Zwolle
Kampen
Maassteden
Oyen
Megen
Arkel, Seigniory
Gorinchem
Lotharingia / Lorraine
Lower Lorraine
Upper Lorraine
Margraviate of Antwerpen
Leuven, Counts
Bruxelles, Chapter
Brabant, Duchy
Nivelles, Abbey
Limburg, Duchy
Looz, County
Rummen
Gerdingen
Unknown Mailles
Bicht
Reckheim
Maastricht
Lige, Prince-Bishopric
Flanders, County
Tournai, Diocese
Hainaut, County
Beaumont, Seignory
St. Aldegonde, Abbaye
Cambrai, Diocese
Cambrai, Chapter
Serain, Seigniory
Elincourt and Ligny, County
Crvecur, Seigniory
Namur, County
Luxembourg, County-Duchy
Burgundian Netherlands

1032
1048
1048
1079
1082
1085
1088

1090
1092
1094
1094
1099

1102

1107

1178
1181
1186
1191

1194
1197
1203
1239

1345

1377
1379

1386
1398
1416

Page

1047
1087
1078
1081
1084
1087
1093
1088
1089
1091
1093
1100
1098
1100
1101
1105
1106
1175
1176
1177
1180
1185
1190
1192
1193
1196
1202
1238
1343
1344
1375
1376
1378
1381
1382
1383
1384
1385
1397
1415
1514

329
334
334
343
344
345
346

347
349
350
351

354

356

374
375
376

380
381
385
395

419

432
435
441

333
346
342
344
345
346
350
346
347
348
350
353
353
353
354
355
355
373
374
375
376
377
378
379
380
381
384
394
418
418
428
428
429
430
431
431
431
432
434
441
470



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10


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11

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Nous dclinons toute responsabilit dans le cas o la
communication tlphonique serait interrompue, ou bien
ne pourrait tre tablie.

IMPORTANT INFORMATION ON
TELEPHONE BIDDING
If you wish to participate in the auction as a telephone
bidder, please let us know several days in advance as we
have to approve and schedule all calls. To register for
telephone bidding, we require that you submit at least the
estimate as a written bid in addition to being called.
Telephone bidding is accepted on lot numbers with
estimates above 500 Euro. Please call us at +49 (0)541
96 20 233 for more information or to register for
telephone bidding.
We do not assume liability for telephone bids, should the
telephone line be interrupted.

INFORMAZIONI PER LA
PARTECIPAZIONE TELEFONICA
Se desiderate la partecipazione telefonica in diretta durante
lasta, siete pregati di chiamare la Signorina Sonia Russo al
numero diretto +49 (0)541 96 20 245 qualche giorno
prima dellasta e di inviarci la vostra offerta, la quale deve
ammontare come minimo al prezzo di stima anche per
iscritto.
Accettiamo una partecipazione telefonica in diretta
durante lasta per oggetti il cui prezzo di stima ammonta
come minimo ai 500 Euro.
Non assumeremo nessuna responsabilit se la linea
telefonica occupata o se non siete raggiungibili.

__________________________________________

BESICHTIGUNG
Besichtigung des Auktionsgutes in unseren Geschftsrumen, Gutenbergstr. 23, 49076 Osnabrck, ab dem
12.02.2007, nach vorheriger telefonischer Vereinbarung
unter +49 (0) 5 41 96 20 221.

EXPOSITION
Les monnaies seront visibles partir du 12 Fvrier 2007,
Gutenbergstr. 23, 49076 Osnabrck, sur rendez-vous
tlphonique +49 (0)541 96 20 221.

12

ON VIEW
The auction good can be viewed at our office from
February, 12th 2007, Gutenbergstr. 23, 49076
Osnabrck, by prior appointment. Please call +49 (0)541
96 20 221.

ESPOSIZIONE
Tutti i lotti sono visionabili a partire dal 12 Febbraio
2007 presso la nostra sede, Gutenbergstr. 23, 49076
Osnabrck previo appuntamento telefonico +49 (0)541
96 20 221.

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VJCV+PVJGGCTN[UVCIGUCRRCTGPVN[4QOCPEQKPUYGTGVCMGPWRCUCOGCPUQHRC[KPIYJKEJ
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YCUQHHKEKCNN[ITCPVGFVJTQWIJCEGTGOQP[ECNNGFJQOCIGKPYJKEJVJGXCUUCNJCFVQRNGFIG
CNNGIKCPEG VQ JKU NQTF 6JG UW\GTCKP RTQOKUGF VQ RTQVGEV VJG XCUUCN YJQ KP VWTP JCF VQ  
EQOOKUUKQP JKU UGTXKEGU CPF RTQRGTV[ VQ JKU NQTF
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YGNNECNEWNCVGFOCTTKCIG
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GZRCPUKQP KP YJKEJ GURGEKCNN[ YQOGP OQTG VJCP QPEG RNC[GF FGEKUKXG RCTVU CEEQORNKUJKPI  
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YGTGHQTOGF6JKUOCKPHQTEGCVYQTMKPVJGRQNKVKECNNCPFUECRGQHVJG/KFFNG#IGUGXGPVW
CNN[ VJQTQWIJN[ FKUTWRVGF VJG RQNKVKECN DCNCPEG CPF VJG PCVKQPCN DQTFGTU GURGEKCNN[ UQ CU JG  
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(KPCNN[VJGRTQDNGOUKPOGFKGXCNUQEKGV[YGTGGZCEGTDCVGFD[QPIQKPITGNKIKQWUOCEJKPCVKPI
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13


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JKUVQT[2GEWNKCTKUVJCVVJG8CPFCNCPF)QVJKE
8KUKIQVJKECPF1UVTQIQVJKETGCNOUXCPKUJGF
CHVGTCRGTKQFQHVKOGYJGTGCUVJG(TCPMUNCKFVJGHQWPFCVKQPUQHCYQTNFGORKTGVJCVWPFGT
%JCTNGOCIPGYQWNFGPEQORCUUVJGYJQNGQH'WTQRG


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VJGUGTKXGTUYCUQEEWRKGFD[VJGQUVTQIQVJKE)TGWVJWPIK6JGTGCIKICPVKETGCNOITGY

WPFGT'TOCPCTKEUVTGVEJKPIHTQOVJG$NCEM5GCVQVJG$CNVKECPFVJG7TCNKVUEQTGOCFGWR
D[VJG7MTCKPG

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14

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OCPCIGF VQ UGK\G %QNQIPG
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(TCPMKUJRQUKVKQPKPVJGGORKTG

#UUQQPCU%JNQFKQVJGITGCVITCPFHCVJGTQH%NQXKUJCFVCMGP%CODTCK0QVJKPIKU
MPQYP CDQWV JKU UQP /GTQXGEJ GZEGRV HQT JCXKPI IKXGP VJG /GTQXKPIKCPU VJGKT PCOG *KU  
UQP%JKNFGTKEOCFGJKOUGNHKORQUUKDNGCPFYCUGZRGNNGFD[JKURGQRNGJGHNGFVQ6JWTKPIKC
CPFYGFFGF$CUKPC
TGNCVGFVQMKPI$CUKPWU%JKNFGTKETGVWTPGFCPFCUQPYCUDQTPYJQYCU
PCOGF%NQXKU%JKNFGTKEYCUDWTKGFKP&QQTPKM


/KPVKPI

(KPFURTQXGVJCV4QOCPEQKPUYGTGWUGFD[XCTKQWU)GTOCPKEVTKDGUHTQOGCTNKGUV)GTOCPKE
FC[UQPRTQDCDN[CURCTVQHVJGRC[HQTOKNKVCT[UGTXKEGUTGPFGTGFVQVJG4QOCPU

6CEKVWUVQQJQNFUHQTVJCDQWVVJGWUGQHOQPG[+PhQHJKU)GTOCPKCYGTGCF1WTKO
OGFKCVGDQTFGTKPIPGKIJDQWTUFWGVQVTCFGTGNCVKQPUFQCRRTGEKCVGIQNFCPFUKNXGTCPFVJG[
CEMPQYNGFIG UQOG QH QWT HCDTKEU CPF GXGP HCXQWT VJGO COQPI VJG KPJCDKVCPVU QH VJG KPPGT  
NCPFUVJGCPEKGPVRTCEVKEGQHDCTVGTKPIRGTUKUVU6JG[YKNNTGCFKN[CEEGRVVJGCIGKPIEQKPYKVJ
VJGOKNNGFGFIGCPFVJGECTTKCIGCPFRCKT6JG[YKNNTCVJGTENCORVQIQNFCPFUKNXGTPQVQWV
QHHCPE[DWVUQNGN[DGECWUGC
NCTIGTPWODGTQHUKNXGTEQKPUKUOQTGJCDKNGYJGPDCTICKPKPI
HQTVTKPMGVU

#VVJGDGIKPPKPIQHVJGVJEGPVWT[KOKVCVKQPUQH4QOCPOQPG[UWFFGPN[GOGTIGF$CUVKGP

+OKVCVKQPUQH4QOCPDTQP\GEQKPU#&#05/0
CUUWOGUVJCVVJKUHKTUV
VQQMRNCEGCHVGTVJGOQPGVCT[TGHQTOQH%QPUVCPVKPG+KP*GFKUVKPIWKUJGUUKZRJCUGUKP
YJKEJ VJGUG KOKVCVKQPU YGTG KUUWGF 9G YKNN CFJGTG VQ VJKUENCUUKHKECVKQP
KVUJQWNFDGPQVGF
VJCVYGJCXGKPVGTEJCPIGFJKUITQWRUCPF$CUVKGPKORNKEKVN[CUUWOGUVJCVVJGKOKVCVKQPU
YGTGUVTWEMCVVJGUCOGVKOGCUVJGQTKIKPCNU+PO[QRKPKQPVJKUKUPQVPGEGUUCTKN[VTWG6JG
OQTGHTGSWGPVUGTKGURCTVKEWNCTN[CUHQTKPUVCPEGVYQ8KEVQTKGUYKVJUJKGNFCPFCNVCTVQO[
MPQYNGFIGFKFPVGOGTIGWPVKNVJGVJKTVKGUCUQRRQUGFVQKP

9KVJVJGKPXCUKQPQHVJG*WPUVJGUGKOKVCVKQPUVQQMCPGPF$CUVKGPKPHGTUVJCVVJGUGKOKVCVKQPU
GOGTIGF QPN[ KP VKOGU QH VTCPSWKNKV[ 6JGKT KUUWCPEG EQWNF VJGTGHQTG YGNN EQJGTG YKVJ VJG  
HQWPFKPIQHVJGHQGFGTCVKUVCVGU+P%QPUVCPVKPG+JCFCVTGCV[FTCYPWRHQTVJGHQGFGTCVK
CPFUJQTVN[CHVGTVJCVUKIPGFUWEJCVTGCV[YKVJVJG8CPFCNUCPFVJG8KUKIQVJU


#RCTVHTQOVJGKTEJTQPQNQIKECNQTFGTVJGUGKOKVCVKQPUOC[DGENCUUKHKGFD[VJGKTOCPWHCEVWTG

 6GZVCPFOKPVCTGFKUVKPEVN[
WRVQQPGHNCYNGIKDNG

 6GZVKUUVKNNNGIKDNGDWVUJQYUOQTGHNCYUVJGOKPVPCOGKUDNWPFGTGF

 6GZVKUUVKNNNGIKDNGVQCPGZVGPVVJGOKPVXCPKUJGU

 6GZVDGEQOGUCUGTKGUQHNGVVGTU
WUWUCNN[0VJCVKUKPVGTTWRVGFQPN[QPEGQTVYKEGD[CP
QVJGTNGVVGT
QHVGPCP5

 6GZVOGTGN[EQPUKUVUQHCTQYQHFCUJGUCICKPQPEGQTVYKEGKPVGTTWRVGFD[CNGVVGT


15

9JQ OCPWHCEVWTGF VJGUG EQKPU TGOCKPU WPCPUYGTGF 6JG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CN  
VCTV[RGCPF&GEGPVKWUEQKPUKPRCTVKEWNCTCTGQHCTGOCTMCDN[JCPFUQOGFGUKIP6JKUTCKUGU
VJG CUUWORVKQP VJCV FKGEWVVGTU HTQO VJG QHHKEKCN OKPVU YGTG CV YQTM $CUVKGP UWIIGUVU VJCV  
VJGUGEQWNFJCXGDGGPVJGTGUWNVUQHGZVTCEWTTKEWNCTOCPWHCEVWTGUD[VJGUGFKGEWVVGTU*QY
GXGTRTQDCDNGVJCVOC[DGVJGV[RGVYQ8KEVQTKGUYKVJUJKGNFCPFCNVCTKUGURGEKCNN[UGGPKP
5KUEKCCPFUQ,CTXKE
KPJKU#+8VJCPF8VJEGPVWTKGUJQCTFQHTQOCPEQKPUCPFKOKVCVKQPUKP
VJG EQNNGEVKQP QH VJG 0CVKQPCN /WUGWO KP $GNITCFG KP 5KTOKWO 8+++ 'EQNG (TCPECKUG FG  
4QOG  UWIIGUVU VJCV VJGUG EQKPU YGTG UVTWEM CV UGRCTCVG OKPVU NKMG 0KU CPF 2KPEWO  
9JGPVJGVGZVUDGEQOGOQTGCPFOQTGDNWPFGTGFKVUGGOUKORQUUKDNGVQOGVJCVVJGUGEQKPU
EQWNFJCXGDGGPUVTWEMCVVJGQHHKEKCNOKPVU
VJGUCOGOC[DGUGGPKPVJG(TKUKCPKOKVCVKQPUQH
VJG &QTGUVCF EQKPU VJG[ VQQ YGTGPV OKPVGF KP &QTGUVCF +P O[ QRKPKQP VJGUG KOKVCVKQPU  
JCXGVQDGEQPUKFGTGFOKPVGFKPUOCNNKPFGRGPFGPVOKPVUCPFYJGVJGTVJGUGYGTGQTYGTGPV
YKVJKP4QOCPDQTFGTUKUCOCVVGTQHNGUUUKIPKHKECPEG

5QOGVKOGUVJGUGEQKPUCTGCNUQWVKNKUGFVQRTQXGCEGTVCKP)GTOCPKERGQRNGJCFNKXGFKPUKFG
VJGNKOGU6JWUVJG4QOCPKCPJKUVQTKCP&KEWNGUEWYTKVGU'URGEKCNN[VJGPWOGTQWUVJEGP
VWT[ DTQP\G EQKPU HQWPF VJGTG UWIIGUV CV NGCUV NCTIG RCTVU QH VJG 8CPFCN RGQRNG UGVVNGF JGTG  
WPVKNCHVGTVJGVWTPQHVJGEGPVWT[#UVJGHKTUVUGTKGUQHHQWPFEQKPURTQXGUPQQNFGTVJCPVJG
VJEGPVWT[CPFVJGCFFGFEQKPUUJQYCOQUVUVTKEVEJTQPQNQI[UWFFGPN[UVCTVKPIYKVJ%QP
UVCPVKPG+
LWUVCUCDTWRVN[EWVQHHYKVJ8CNGPVKPKCP++
VJKUCORN[RTQXGU
VJG)GTOCPKERGQRNGUVJCVVJKUEWNVWTCNUWDITQWRDGNQPIGFVQUGVVNGFJGTGKPVJGHKTUVJCNHQH
VJGVJEGPVWT[CPFNGHVCUUQQPCUVJGDGIKPPKPIQHVJGVJ

*QYGXGTVJGSWGUVKQPTGOCKPUYJQVJGUGKOKVCVKQPUYGTGKPVGPFGFHQT6JGCUUWORVKQPVJCV
VJG[YGTGUVTWEMKPVKOGUYJGPEQKPUYGTGUECTEGFQGUPVUGGOCEEWTCVGHQTKPUVCPEGYJ[
YQWNF VJG
IQQF FKGEWVVGTU UWFFGPN[ UVCTV OCPWHCEVWTKPI EQTTWRVGF TGRNKECU +P O[QRKPKQP
VJG[ OQUV FGHKPKVGN[ UGTXGF CU OQPG[ HQT VJG )GTOCPKE RGQRNGU VJCV JGNF HQGFGTCVK UVCVWU  
YKVJKP VJG 4QOCP 'ORKTG 9KVJ TGICTF VQ QVJGT HKPFU
LGYGNT[ GVE VJGUG RGQRNGU UJQYGF  
FGXGNQRGFETCHVUOCPUJKRYJKEJYQWNFJCXGCNUQCNNQYGFVJGOVQEWVVJGKTQYPEQKP

/C[DGVJGHQNNQYKPIFGXGNQROGPVECPDGQDUGTXGFYKVJVJG)GTOCPKERGQRNGU

6JG[WUGFQTKIKPCN4QOCPEQKPU

(QTVJGKTRTKXCVGWUGEQKPUCRRGCTGFVJCVFGTKXGFHTQO4QOCPEQKPUDWVYGTGEQTTWRVGF
 (TQO CDQWV VJG OKFFNG QH VJG VJ EGPVWT[ VJG[ KUUWGF QYP EQKPU DWV CXQKFGF KPENWFKPI  
VJGKTQYP
MKPIUPCOG
QPN[6JGQFGTKEJCFEQKPUUJQYJKUOQPQITCO%QKPUYGTGUVTWEM
YKVJ VJG PCOG QH C 4QOCP GORGTQT
PQV PGEGUUCTKN[ VJG QPG TGKIPKPI VJG 1UVTQIQVJKE -KPI  
$CFWKNC
UVTWEMEQKPDGCTKPIVJGPCOGQH'ORGTQT#PCUVCUKWU
5QNGRWT
RQUGYCUTCVJGTVQJCXGCP[KORGTKCNPCOG
VQKORN[KORGTKCNCWVJQTKV[GXGPKHVJGTGTGCNN[
YCUPQPGUWEJVJCVCRRNKGFVJCPVQJCXGVJGPCOGQHVJGTWNKPI'ORGTQT

 %QKPU UJQY VJG QYP
MKPIU PCOG 5GGP YKVJ VJG 8CPFCNU UVCTVKPI 
)WPVJCOWPF  
YKVJ VJG 1UVTQIQVJU UVCTVKPI 
#VJCNCTKE YKVJ VJG 8KUKIQVJU UVCTVKPI 
.KWXKIKNF  

6JKUECVCNQIWGCFJGTGUVQ$CUVKGPUENCUUKHKECVKQPHQTITQWRKVKURTGEGFGFD[HQWTEQKPUVJCV
FQPV HKV VJKU ENCUUKHKECVKQP CPF EQPENWFGU YKVJ C PWODGT QHEQKPUVJCVCTGENGCTN[KOKVCVKQPU
UVTWEMCHVGTVJGEQPHTQPVCVKQPYKVJVJG*WPU2QUUKDNGCVVTKDWVKQPKUKPFKECVGFHQTGCEJKPFKXKF
WCNITQWR$CUVKGPOCKPN[EQPEGPVTCVGUQPVJG9GUVCPFVJGHKPFUVJGTG
JGPEGVJGV[RGVYQ
8KEVQTKGU YKVJ UJKGNF CPF CNVCT KUTCTGN[OGPVKQPGF6JGTGCTGJQYGXGTPWOGTQWUJQCTFU
HTQOVJG'CUVHQTYJKEJVJGSWGUVKQPHQTYJQYGTGVJGUGKOKVCVKQPUKPVGPFGFCRRNKGU


16

)TQWR0QPENCUUKHKCDNGWPFGT$CUVKGP


,WRKVGTGCING

1
2:1

# .CWTGCVGF DWUV T  +/2%8#..+0+8%+0+852(#8) 4 ,WRKVGT UVCPFKPI YKVJ GCING 8KEVQT[ KP  
TKIJVJCPFCPF5KPVJGHKGNF+18+%%05'48#214+#8)KPGZGTIWG5/-. IT. 

#VVTCEVKXGURGEKOGPXGT[HKPG



/NNGT5QNKPIGP#WEVKQP
PQ

/KPV%[\KEXU

+PVJGPCOGQH.KEKPKWU+


$GECWUG CU YGNN VJG HCVJGT CU VJG UQP .KEKPKWU CTG OGPVKQPGF KP VJG VGZV VJKU EQKP JCU VQ DG UVTWEM KP VJG RGTKQF  


+VUGGOURGEWNKCTVJCVVJGVGZVQPVJGTGXGTUGUJQWNFGPF#8)
PQTOCNVGZV+18+%105'48#614+

*GNGPC(CWUVC

2
2:1

2:1


#&KCFGOGFDWUVT
*GNGPC(.0'.'0#*8)856*4'ORTGUUUVCPFKPIYKVJVYQEJKNFTGPU
CU
(CWUVC5#6854'+27$#+%KPGZGTIWG564ETGUEGPV. IT. 
$TQYPRCVKPCIQQFXGT[HKPG



5RKPM.QPFQP

/KPV6TKGT

4+%QPRVJGHQQVPQVGOGPVKQPU6JGTGKUCMPQYPDCTDCTKENQQMKPI*GNGPCEQKPYKVJ52'5QPVJGTGXGTUG

56=4?7+VUJQYUCEQWTUGUETKRV6.*'.'0#*8)856++ 

5VCT

3
2:1


2:1

#$WUVT(80u6+#0#45VCTKPYTGCVJ. IT.

4)TGGPRCVKPCOKPQTVTCEGUQHEQTTQUKQPCNOQUVGZVTGOGN[HKPG
*KTUEJ/PEJGP#WEVKQP
PQ
%QR[QHVJG(CWUVCEQKPHTQO6JGUUCNQPKEC
EH.4$%





17


*CPPKDCNNKCPWU
*CPPKDCNNKCPWUYCUCDTQVJGTQH&GNOCVKWUCPFCITCPFUQPQH%QPUVCPVKPG+CPF6JGQFQTC*G
JCFVJGVKVNG4':4')7/'62106+%#47/)'06+7/

4GKIP

4
2:1

2:1


# $WUV T  (. *#00+$#..+#0Q 4')+ 4 5KVVKPI 'WRJTCVGU  5'%84+6#5 28$.+%# KP DQVVQO  
HKGNF%105. IT.
44)TGGPDTQYPRCVKPCXGT[HKPG
/P\\GPVTWO-NP#WEVKQP
PQ
/KPV%QPUVCPVKPQRGN
6JGUKVVKPIGWRJTCVGUKUFKHHKEWNVVQFKUEGTP






)TQWR%QORTKUGUVJGRGTKQFVQFWTKPIVJGTGKIPQH%QPUVCPVKPG+

'URGEKCNN[ KP VJG V[RGU VYQ ECRVKXGU CTQWPF NCDCTWO CPF VYQ 8KEVQTKGU YKVJ UJKGNF CPF  
CNVCT5KUEKCKUV[RKECNN[PCOGFCUVJGOKPV+VVJGTGHQTGUGGOURTQDCDNGVJCVVJKUHKTUVITQWR
YCUKPVGPFGFHQTVJGRGQRNGNKXKPIKP2CPPQPKC
5KUEKCNKGUQPVJGQWVUMKTVUQH2CPPQPKC+VKU
EGTVCKP VJCV 8CPFCNU UGVVNGF KP 2CPPQPKC UVCTVKPI 
VJKU FCVG YCU CHVGT %QPUVCPVKPGU  
HQGFGTCVKNCY


%CORICVG

4GKIP

5


#&KCFGOGFDWUVT%10+u0++050014%CORICVGYKVJUVCTDGVYGGPVYQVQYGTU6*000&&
+*00u3*00. IT.
6TCEGUQHEQTTQUKQPCNOQUVXGT[HKPG
$GTPCTFK6TKGUV
6JGVGZVTWPUCNNVJGYC[CTQWPFCNNQYKPIPQOKPVKPFKECVKQP





2:1

2:1

# &KCFGOGF DWUV N YKVJ NCPEG   :::::::::::: 5+1 :::::: 5 4 %CORICVG YKVJ VJTGG  
VQYGTU::::::::::::::::KPGZGTIWG/5/. IT.
)TGGPRCVKPCXGT[HKPG



*KTUEJ/PEJGP#WEVKQP
PQ

6YQECRVKXGUCTQWPFNCDCTWO


6JGQDXGTUGUJQYUCDWUVHCEKPINGHVVJGTGXGTUGVYQECRVKXGUUKVVKPICVVJGHQQVQHCNCDCTWO
+PVJGNCDCTWO66::6JGPQTOCNVGZVQPVJGTGXGTUGYQWNFDG8+4685':'4%+6

2GTKQF

6JGQTKIKPCNV[RGYCUCPGZCORNGHQTVJGQNFGUVUEGCVVC
4KIQNF5'6JGVYQRTKOCT[UGTKGU
QHUEGCVVCUKP$0,
UGTKGU#GVUGSSEHGURGEKCNN[2DPT

#$WUVNYKVJJGNOGV&0+5'++e*2+(++
TGVTQITCFG46YQECRVKXGUCTQWPFNCDCTWOKPHKGNF
5KPNCDCTWO66::('6'5+6+++KPGZGTIWG5+5. IT. 

$TQYPRCVKPCOKPQTVTCEGUQHEQTTQUKQPXGT[HKPGURGEKOGPYKVJPKEGRQTVTCKV
*KTUEJ/PEJGP#WEVKQP
PQ
/KPV5KUEKC

18





8


#&KCFGOGFDWUVNYKVJUJKGNFCPFURGCT05:Q46YQECRVKXGUCTQWPFNCDCTWOKPHKGNF5(KP
NCDCTWO66:.*.6#5%86'KPGZGTIWG5+5. IT.
6TCEGUQHEQTTQUKQPXGT[HKPG
$GTPCTFK6TKGUV
/KPV5KUEKC





8QVC


6JG HKTUV EQKP UVKNN UJQYU VJG PQTOCN RQTVTCKV QH %QPUVCPVKPG + DQVJ VJG QVJGTU C DCTDCTKE  
XGTUKQP6JGPQTOCNVGZVUQPVJGTGXGTUGCTGFGRGPFGPVQP816::
&0%1056#06+0+
/#:#8)CPFTGURGEVKXGN[816:
%#'5#48/01564148/

2GTKQF

9
2:1


2:1

# .CWTGCVGF DWUV T  %10u0 60u00% 486 :: KP YTGCVJ  +01+010+  000100 KP DQVVQO  
HKGNF6u6. IT.
$TQYPRCVKPCCNOQUVGZVTGOGN[HKPG



$GTPCTFK6TKGUV

10
2:1

2:1


# .CWTGCVGF DWUV T  %1:56#06 ++++5+++% 4 ++ Q 6    :: KP YTGCVJ  %++++:56++++:56++++++65  
++++++%KPGZGTIWG5+5. IT.
/KPQTVTCEGUQHEQTTQUKQPGZRTGUUKXGUV[NGXGT[HKPG
5-#<TKEJ
/KPV5KUEKC





11
2:1


2:1

#.CWTGCVGFDWUVT*++++6++++-+++++5++4++16:KPYTGCVJ++++++5+++++++6++++++6++++++KP
DQVVQOHKGNF56. IT.

)TGGPRCVKPCKPRNCEGUYGCMN[UVTWEMQVJGTYKUGCVVTCEVKXGURGEKOGPXGT[HKPG
*KTUEJ/PEJGP
'Z*KTUEJ#WEVKQP
PQ
6JGRQTVTCKVEQORCTGUKPUQOGFGVCKNUVQVJCVQHPQ






19

6YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT


1P VJG QDXGTUG C JGNOGVGF OKNKVCT[ JGCF WUWCNN[ HCEKPI TKIJV 6JKU KU QPN[ UGGP WPFGT  
%QPUVCPVKPG + 1P VJG TGXGTUG VYQ 8KEVQTKGU DGVYGGP VJGO CP CNVCT DGCTKPI C UJKGNF 6JG  
KPUETKRVKQPUQPVJGUJKGNFCTGWUWCNN[WPENGCTQTKNNGIKDNGCNVQIGVJGT

6JTGGITQWRUOC[DGFKUVKPIWKUJGF

CVJGPCOGQHVJGOKPV5+5KUENGCTN[NGIKDNG
PQUCPF

DVJGCNVCTQPVJGTGXGTUGDGCTUCUJKGNFKPUETKDGFYKVJOCKPN[WPENGCTUETKRV

EVJGUJKGNFQPVJGCNVCTKUOKUUKPI2TGUGPVCTGVJGNGVVGTUCVVJGUCOGRQUKVKQP

6JGQTKIKPCNUUJQYVJGVGZV8+%6.#'6#'24+0%2'42
RGTKQF+HVJGOKNKVCT[
DWUVUKPVJGQTKIKPCNGFKVKQPUFKURNC[NKOKVGFXCTKCVKQPCOWNVKVWFGQHFKHHGTGPVFGUKIPUECPDG
HQWPFJGTGKPVJGKOKVCVKQPU

12

13

2:1


2:1

#$WUVNYKVJJGNOGVURGCTCPFUJKGNFQPVJGJGNOGV  %15++6+++++0++46YQ8KEVQTKGU
YKVJ CNVCT PQ UJKGNF NGVVGTU   QQ  RR DGVYGGP VJGO +10+++%21++'%+++ KP GZGTIWG  5+u.  
IT.
)TGGPRCVKPCXGT[HKPG
$GTPCTFK6TKGUV
+PXKGYQHVJGNGPIVJVJGVGZVQPVJGQDXGTUGOKIJVDG%QPUVCPVKPG+







#$WUVTYKVJJGNOGV+/2%1++56#06+0+52(#8%46YQ8KEVQTKGUYKVJUJKGNFCPFCNVCTNGIGPF
QPUJKGNFPQVXKUKDNG+++1+++(+++'6#++0+008KPGZGTIWGu+u. IT. 

.KIJVITGGPRCVKPCXGT[HKPG



/NNGT5QNKPIGP#WEVKQP
PQ

14

15

2:1


2:1

#.CWTGCVGFDWUVTYKVJJGNOGV+++151++50%0++%146YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT+1+++
QPUJKGNF8+%610+0. IT.
$TQCFXGT[HKPGURGEKOGP



*KTUEJ/PEJGP#WEVKQP
PQ



#.CWTGCVGFDWUVTYKVJJGNOGV00000++000046YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT##88QP
UJKGNF000000KPGZGTIWG00. IT. 

)TGGPRCVKPCUOCNNHNCPFGHGEVQPVJGTGXGTUGXGT[HKPGVQGZVTGOGN[HKPG



*KTUEJ/PEJGP#WEVKQP
PQ

16


#$WUVNYKVJJGNOGVURGCTCPFUJKGNF01&u0%0&&/*06*46YQ8KEVQTKGUYKVJUJKGNFCPF
CNVCT+++%#%QPUJKGNF0+6+++++++++1++++KPGZGTIWGu0+. IT. 

0KEGFCTMITGGPRCVKPCXGT[HKPG
*KTUEJ/PEJGP#WEVKQP
PQ

20



17

18

2:1


2:1

#.CWTGCVGFDWUVTYKVJJGNOGV&++*0&+++0000++00+46YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT81
CPFVYQEWDGUQPUJKGNF&&00000##00%%. IT.
)TGGPRCVKPCXGT[HKPG



*KTUEJ/PEJGP#WEVKQP
PQ



#&KCFGOGFDWUVTYKVJJGNOGV++++u10++6++++++++6++++46YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT 
++QPUJKGNF+++++++++6++++++++). IT.
)TGGPRCVKPCXGT[HKPG
5EJWNOCP#OUVGTFCO#WEVKQP
PQ
(QWPFKP%QNQIPG

19

20

2:1

2:1






# .CWTGCVGF DWUV T  &++:1#8*:5#5%+#508#% 4 6YQ 8KEVQTKGU Z Z QXGT CNVCT 15  
1#00++1KPGZGTIWG#. IT. 

)TGGPRCVKPCGZRTGUUKXGUV[NGOCIPKHKEGPVEGPVTGFXGT[HKPGURGEKOGP



4CWEJ9KGP#WEVKQP




#$WUVTYKVJJGNOGV***+****46YQ8KEVQTKGUYKVJUJKGNFCPFCNVCT++11+QXGTCN
VCT++*1+KPGZGTIWG++. IT.
5JKPKPIITGGPRCVKPCCNOQUVGZVTGOGN[HKPG



,CESWKGT-GJN(TQONKUVPQ

22

21

2:1


#$WUVTYKVJJGNOGV+++++++++++++++++++46YQ8KEVQTKGUYKVJCNVCT++++++++++. . 

&CTMITGGPRCVKPCVTCEGUQHEQTTQUKQPQPVJGQDXGTUGCVVTCEVKXGCPFXGT[HKPGURGEKOGP
.CP\/PEJGP#WEVKQP
PQ
5VTWEMCTQWPF



2:1



#$WUVTYKVJJGNOGV++++++++++46YQ8KEVQTKGUYKVJCNVCT++++++8. IT. 

5JKPKPIITGGPRCVKPCXGT[HKPG

*KTUEJ/PEJGP#WEVKQP
PQ




21

23

2:1

2:1


# $WUV T YKVJ JGNOGV  ++ + +  ++ + + +++1 4 6YQ 8KEVQTKGU YKVJ CNVCT TGEVCPING +++1 CDQXG CNVCT  

XGTVKECN++Q. IT.  5JKPKPIITGGPRCVKPCGFIGYGCMN[UVTWEMQVJGTYKUGGZVTGOGN[HKPG



.CP\/PEJGP#WEVKQP
PQ

)TQWR6JGNCUV[GCTUQHVJGIQXGTPOGPVQH%QPUVCPVKPG+VJTQWIJVQ

9G PQY OQTG CPF OQTG QDUGTXG VJG OKPV .WIFWPWO UQ VJCV VJG TGIKQP CNQPI VJG 4JKPG  
UJQWNFDGEQPUKFGTGFCUVJGCTGCQHEKTEWNCVKQP
GIVJG(TCPMU6JKUIQGUKPRCTVKEWNCTHQT
VJG PWODGTU  CPF  VJCV RQUUKDN[ EKTEWNCVGF KP 'PINCPF
VJG NCVVGT
PQ  KU C FKTGEV  

RTQVQV[RGHQTCUEGCV

%QPUVCPVKPQRQNKU

6JGQDXGTUGUJQYUVJGKOCIGQH%QPUVCPVKPQRNGYKVJCJGNOGVCPFETQUUDGJKPFKV1PVJGTG
XGTUGC8KEVQT[UJKGNFKPJCPFKPENKPGFVQVJGNGHV6JGRTQYKUWUWCNN[WPTGEQIPKUCDNG#NN
EQKPUCTGQHCUOCNNHQTOCV

2GTKQF!

24

2:1


25

2:1

2:1

2:1

# $WUV N YKVJ JGNOGV  %1056#0 6+0121.+5 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG  

2.). IT.
)TGGPRCVKPCXGT[HKPG
/P\GPWPF/GFCKNNGP$CUGN
/KPV.WIFWPWO



# $WUV N YKVJ JGNOGV NGIGPF PQV XKUKDNG 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG 2.
).  
IT.
)TGGPRCVKPCXGT[HKPG
/P\GPWPF/GFCKNNGP$CUGN
/KPV.WIFWPWO







27

26

2:1





2:1

2:1

#$WUVNYKVJJGNOGV%1056#048KEVQT[YKVJUJKGNFCPFURGCTDQVVQOHKGNFPQVXKUKDNG. IT.
)TGGPRCVKPCGFIGUNKIJVGN[EJKRRGFQPVJGQDXGTUGQVJGTYKUGXGT[HKPGURGEKOGP

2:1



/P\GPWPF/GFCKNNGP$CUGN



#$WUVNYKVJJGNOGVCPFETQUUDCTDCTK\GFNGIGPF48KEVQT[YKVJUJKGNFCPFURGCTDQVVQOHKGNFPQV
XKUKDNG. IT.
$TQYPRCVKPCXGT[HKPG
/P\\GPVTWO-NP#WEVKQP
PQ

22



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28
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30

29

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32

31

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23

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34

33

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36
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37

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39



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40



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25

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42


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)TGGPDTQYPRCVKPCYGCMN[UVTWEMXGT[HKPGVQGZVTGOGN[HKPG



(TCPEGUEJK$TWUUGN

43


# &KCFGOGF DWUV T  &0%0 6+852(#8) 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP  ('.6'02(+  
2+#6+1KPGZGTIWG500. IT.
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44


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26



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GZJKDKVVJGWUWCNYGKIJVQHVJGNCTIGTHQTOCVU

6JKUITQWREQPEWTUYKVJV[RGE

45



# &KCFGOGF DWUV T %+++++%+5++ #6u #+++++ 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP * KP HKGNF  
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46

47

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#$WUVT*KPHKGNF0++0++0+01+00+1004'ORGTQTYKVJHCNNKPIJQTUGOCP+000+0+0+
KPGZGTIWG+0. IT.
&CTMRCVKPCOKPQTVTCEGUQHEQTTQUKQPXGT[HKPG



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48

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#&KCFGOGFDWUVT8+++4'ORGTQTYKVJHCNNKPIJQTUGOCP++++++. IT.

5JCTRCPFENGCTURGEKOGPCNOQUVGZVTGOGN[HKPG
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6JGRQTVTCKVKUPQV%QPUVCPVKWURGTJCRUKVKUVJCVQH/CIPGPVKWU



49

49

#$WUVT#KPHKGNF06+854'ORGTQTYKVJHCNNKPIJQTUGOCP('.6#4. IT. 

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27

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50



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VYQNCDCTCUVCTCDQXG#N++1++188+6++&8KPGZGTIWG##. IT. 

&CTMITGGPRCVKPCDTQCFCPFEGPVTGFURGEKOGPXGT[HKPG



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VJGTGKUCTGHGTGPEGVQ%CV
-TGUU
PQ

51



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)TGGPRCVKPCXGT[HKPG
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WPFGTVJGPCOGQH%QPUVCPU

52



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28



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54



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55



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56



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29

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59


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60



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30



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62



63

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64


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31

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65



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66



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67



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32





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68



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69



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71

70

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33

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72


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KUUOQQVJ6JKUEQKPOKIJVUVGOHTQO8KUKIQVJVGTTKVQT[KVUJQYUUQOGTGUGODNCPEGVQCEQKPWPFGT#PVJGOKWU
UGG
5WDLCEMEQNNGEVKQP
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34



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9GCMN[UVTWEMOKUVCMGKPVJGFKGUOCNNITCHHKVKQPVJGTGXGTUGQVJGTYKUGGZVTGOGN[HKPG
4KGVFKLMFGP*CCI#WEVKQP
PQ
/KPV%QPUVCPVKPQRGN
+PXKGYQHVJGTGXGTUGRTQDCDN[.QODCTF






35

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#TQWPF  VJG *WPU ETQUUGF VJG 8QNIC CPF FTQXG VJG #NCPU CPF 'TOCPCTKEU 1UVTQIQVJU  
CYC[ +P  VJG[ FGHGCVGF %KVCPCTKEU 8KUKIQVJKE CTO[ +P VJG GPUWKPI  [GCTU VJG[  
HQWPFGF CP 'CUVGTP 'WTQRGCP 'ORKTG #TQWPF  *WP CTOKGU NGF D[ 7NFKP GOGTIGF KP  
9CNNCEJKC+PTGURGEVKXGN[VJG*WPUFTQXGVJG$WTIWPFKCPUCPFVJG5KNKPIK8CPFCNU
HTQOVJG8KUVWNCCPFVJG1FGT6JG5KNKPIK8CPFCNULQKPGFVJG*CUFKPIK8CPFCNUKPVJG7RRGT
6JGKUU VGTTKVQT[ CPF VJG 2CPPQPKCP 3WCFK CPF 5WGDKITQWRU CPF VJG[ VQIGVJGT UGV QWV HQT  
)CWNKP
UGG8CPFCNU

9KVJ #TECFKWU FGCVJ KP VJG GPF QH UWOOGT  VJG EQNNCDQTCVKQP YKVJ VJG 'CUVGTP 4QOCPU  
VQQMCPGPF6JG*WPUETQUUGFVJG&CPWDGCPFVQQMVJGHQTVTGUUQH%CUVTC/CTVKU+PC

RGCEGYCUOCFGDGVYGGP%QPUVCPVKPQRNGCPF*WP-KPI%JCTCVQP
+P  *WP -KPI 4WIC EJQUG VQ GUVCDNKUJ C PGY ECRKVCN KP VJG RNCKP GCUV QH VJG 6JGKUU +P  
 $NGFC CPF #VVKNC UWEEGGFGF -KPI 4WIC CU MKPIU QH VJG *WPU 6JG OWTFGT QH $NGFC D[  
#VVKNC KP  NGHV JKO VJG UQNG TWNGT *KU TGCNO YCU C VKIJVN[ IQXGTPGF HGFGTCVKQP UVTGVEJKPI  
HTQOVJG%CWECUWUVQVJG4JKPG6KGUYKVJ4QOGCPF$[\CPVKWOYGTGQPN[WRJGNFVQQDVCKP
YGCNVJ9CTUYGTGUVCTVGFVQICKPTKEJPGUUCPFVTKDWVGVQEQPVTQNOCTMGVUCPFETGCVGNWETCVKXG
FKRNQOCVKETGNCVKQPU6QEQPUKFGT#VVKNCCOGTGVJKGHCPFRKNNCIGTYQWNFDGKPCEEWTCVG
CUJG
WUGFVQDGTGICTFGF+ORQTVCPVGPXQ[UTGUKFGFCV#VVKNCUEQWTV*GMGRVWRIQQFTGNCVKQPUVQ
#VKWU
YJQ KP  EGFGF RCTV QH 2CPPQPKC VQ VJG *WPU 6JG ECPEGNNKPI QH /CTEKCPWU  
VTKDWVCT[UVCVWUKPCPFCUGETGVOCTTKCIGRTQRQUCNHTQOVJGCWIWUVC,WUVC)TCVC*QPQTKC

UKUVGTQH8CNGPVKPKCP+++YJKEJ#VVKNCCEEGRVGFVQUGEWTGRCTVQHVJG9GUVGTP4QOCP'ORKTG
CTG GXKFGPEG QH JKU KPHNWGPEG #VVKNC VTKGF WPKVKPI VJG 8KUKIQVJU CPF VJG 8CPFCNU WPFGT JKU  
TWNGDWVYKVJQWVUWEEGUU

+P#VVKNCEQPSWGTGF#URCTU'CUV4QOCPCTO[#[GCTN[VTKDWVGYCUCITGGFWRQPCPF
VJG*WPUCOCUUNCTIGCOQWPVUQHIQNFCNNQYKPIVJGOVQSWKGVN[RTGRCTGHQTVJG)CNNKE9CT
+P/GV\YCUFGUVTQ[GFCPF1TNGCPUDGUKGIGF#VKWUVJGPUWEEGGFGFVQFGHGCV#VVKNCQP
VJG%CVCNCWPKEHKGNFU
UKVWCVGFPGCT%JNQPUUWT/CTPGYKVJVJGCKFQHC4QOCP8KUKIQVJKE
$WTIWPFKCP(TCPEQPKCPEQCNKVKQP#VKWUHKTUVOCKPVCKPGFHTKGPFN[TGNCVKQPUJKRUYKVJVJG*WPU
JQYGXGT KP  VWTPGF CICKPUV VJGO 6JKU QTKIKPCNN[ ICXG JKO C RQYGTHWN RQUKVKQP VJCV  
PGXGTVJGNGUU RTQXGF HCVCN YJGP JG YCU CUUCUUKPCVGF FWTKPI CP CWFKGPEG YKVJ 'ORGTQT  
8CNGPVKPKCP+OOGFKCVGN[CHVGTYJKEJ
/CTEJ8CNGPVKPKCPYCUOWTFGTGF
UGG8CPFCNUD[
#VKWUJGPEJOGPUKIPCNNKPIVJGHKPCNFGENKPGQHVJG9GUVGTP4QOCP'ORKTG

6JGGPUWKPIECORCKIPKPVQ0QTVJGTP+VCN[
OGTGN[TGUWNVGFKPVJGVCMKPIQH#SWKNGKCVJG
'CUVTQOCP 'ORGTQT /CTEKCPWU YKVJUVCPFKPI VJG *WPU CPF HQTEKPI VJGO VQ TGVTGCV 6JWU  
#VKWUJCFRTGXGPVGFYQTUGHQT4QOG

+PFWTKPIJKUOCTTKCIGVQIQVJKE+NFKEQ#VVKNCFKGF

#HVGTJKURCUUKPIJKUGNFGUVUQP'NNCEDGECOGMKPI*KU[QWPIGTDTQVJGTQRRQUGF'NNCEFKGF
KPVJG5GEQPF9CTQH*WPPKE5WEEGUUKQPCV0GFCQ6JG*WPUHNGFVQVJGGCUV#VVKNCUUGEQPF
UQP&GPIK\KEJTGITQWRKPIVJG*WPU+PJGOGVJKUGPFKPVJGDCVVNGHQT$[\CPVKWOVJCV
YCUNQUVCPFVJKUEQPENWFGFVJG'WTQRGCPJKUVQT[QHVJG*WPU

#VVKNC QP VJG QPG JCPF OQFGNNGF JKU TGCNO QP VJG 4QOCP 'ORKTG QP VJG QVJGT JCPF GPXK  
UKQPGFCWPKHKECVKQPQHCNN5VGRRGRGQRNGU6JGYQTNFJKUVQTKEUKIPKHKECPEGQHVJG*WPUKUVJCV
VJG[URWTTGFVJGUGEQPF/KITCVKQP2GTKQF6JG8KUKIQVJ8CPFCN5WGDK$WTIWPFKCPCPF#NCP
VTKDGUVJCVKPXCFGFVJG4QOCP'ORKTGYGTGCEVWCNN[HNGGKPIHTQOVJG*WPU6JG4QOCP'O
RKTGOCPCIGFVQKPEQTRQTCVGVJGUGOCP[HQTGKIPRGQRNGUVQCEGTVCKPGZVGPVOCKPN[FWGVQVJG
CESWKGUEKPI*WPUWPVKNVJGYCTUQH$NGFCCPF#VVKNCFGHKPKVKXGN[GPFGFVJKU




8#0&#.5

6JG8CPFCNUJCFHCNNGPCRCTVKPVQVYQVTKDGUVJG*CTFKPIK
HTQO&CEKCCPFVJG5KNKPIK
HTQO
5KNGUKCCPFVJG[TGWPKVGFFWTKPIVJGUGEQPF/KITCVKQP2GTKQF+PVJG4QOCP'ORKTGYCU
KPXCFGFCPFKP)CWNYCUTGCEJGF
6QWNQWUG7PFGTVJGNGCFGTUJKRQH)QFKIKUGNUUQPU
)WPFGTKECPF)GKUGTKE
)WPFGTKEJDGECOGMKPI5RCKPYCUTGCEJGFKPVQIGVJGTYKVJVJG
#NCPKCPFVJG5WGDK6JG5KNKPIKUGVVNGFKP$CGVKEC
VQFC[U#PFCNWUKCVJG*CUFKPIKVQIGVJGT
YKVJVJG5WGDKGUVCDNKUJGFVJGOUGNXGUKP)CNKEKC+PCHQGFGTCVKVTGCV[YCUTGCEJGFYKVJ
4QOCPUDWVFCPIGTUUVKNNNQQOGF8KUKIQVJ-KPI8CNKCOCTEJGFKPVQ5RCKPCPFJGXCPSWKUJGF
VJG5KNKPIK6JG#NCPUVJCVTGOCKPGFYKVJQWVCMKPICHVGTVJGFGCVJQH-KPI#FFCZLQKPGFVJG
*CUFNKPIK8CPFCNU WPFGT )WPFGTKE 6JGP )WPFGTKE RTQENCKOGF JKOUGNH 4GZ 8CPFCNQTWO GV  
#NCPQTWO#HVGT)WPFGTKEUFGOKUGKP)GKUGTKEDGECOGMKPIQHVJG8CPFCNUCPF#NCPU
#HVGTEQPSWGTKPIVJG4QOCPUVJG[RKNNCIGF%CTVCIGPCVJG$CNGCTKE+UNCPFUCPF/CWTKVCPKCU
EQCUV

36

+POGPCOQPIYJQVJG#NCPUNGFD[)GKUGTKEETQUUGFVJGUVTCKIJVVQ#HTKECQP
TGSWGUVQH%QOGU$QPKHCEG6JG[UGVVNGFKP*KRRQ4GIKWU
VJGFKQEGUGQH#WIWUVKPGNGCXKPI
%CTVJCIGURQTVHTGGHQT$QPKHCEGVQWUG6JGPVJGNCVVGTYCUECNNGFDCEMVQ4QOGCPFJGCR
RQKPVGF#URCTKORGTKCNEQOOCPFGTKPEJKGH0GKVJGTUKFGHGNVKPENKPGFVQUVCTVCYCTUQKP
RGCEGYCUUKIPGFKP*KRRQITCPVKPIVJG8CPFCNUCPFVJG#NCPUHQGFGTCVKUVCVWU#URCTYJQ
YCU#NCPTGVWTPGFVQ$[\CPVKWO)GKUGTKELWUVCUJKUHCVJGTYCU4GZ8CPFCNQTWOGV#NCPQ
TWO+P%CTVJCIGHGNNVQVJG8CPFCNU)GKUGTKEDWKNVWRJKUHNGGVCPGYCPFECRVWTGF5CT
FKPKC5KEKN[%QTUKECCPFVJG$CNGCTKE+UNCPFU
GXGPVWCNN[UCEMKPI4QOG+P
RGCEGYCUTGCEJGFYKVJ4QOGCPF$[\CPVKWO$[VJCVVKOGVJG8CPFCNUENGCTN[EQPUVKVWVGF
VJG VJKTF HQTEG KP VJG /GFKVGTTCPGCP +P /C[,WPG  VJG 8CPFCNU RKNNCIGF4QOGDWVFKF
PQVQEEWR[KV

/+$ JCU EQKPCIG UVCTV KP  WR VQ VJCV VKOG OKPVKPI YCU FQPG D[ $QPKHCEG *WPGTKE CPF  
*KNFGTKE EQKPU CHVGT VJG JGCX[ UVCPFCTF
JCNH UKNKSWC  IO )WPVJCOWPF CPF 6TCUCOWPF  
CHVGTVJGNKIJVUVCPFCTF
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6JG VGTTKVQTKGU )GKUGTKE JCF EQPSWGTGF YGTG JCTF VQ EQPVTQN CPFKPVJG8CPFCNUJCFVQ
RC[VTKDWVGVQ1FQCEGTHQT5KEKN[YJKEJHGNNGPVKTGN[VQ6JGQFGTKEKP

80
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2:1

5KNKSWC  %CTVJCIQ. # &KCFGOGF DWUV T &0 1014+ 85 2( #8) 4 4QOC UKVVKPI YKVJ UEGRVTG CPF  
8KEVQTKC84$541/#KPGZGTIWG4825. /'%IT.
$TQCFURGEKOGPXGT[HKPG



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PQ

+OKVCVKQPQHCUKNKSWCHTQO*QPQTKWU4CXGPPC

6JKURKGEGFGHKPKVGN[KUHTQO%CTVJCIG
OCP[CTGEQRKGUHTQO4CXGPPC+VKUPQVNKUVGFKPVJG/+$2UGWFQKORGTKCN
UKNKSWCGCPFJCNHUKNKSWCGEQRKGFHTQO4CXGPPCVGEQKPUQH*QPQTKWUVJGJCNXGUJCXGQPN[TGEGPVN[DGGPKFGPVKHKGFCPF
CP GZEGNNGPVUVWF[ KU PQY CXCKNCDNG QH DQVJ UGTKGU
/QTTKUQP CPF 5EJYCTV\  6JG[ CTG FKUVKPIWKUJCDNG HTQO  
QTKIKPCN RTQFWEVUQH VJG 4CXGPPC OKPV D[ VJGKT VJKEM HNCPU CPF VJG RTGXCNGPEG QH Q FKGCZKU CNTGCF[ CNNWFGF VQ  

EQOOGPVCT[/'%+R4825UVCPFUHQT4#8'00#2858.#68/

2:1


81

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/'%IT.
5OCNNHNCPXGT[HKPG
#WHJWUGT/PEJGP
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*WPGTKEUQPQH)GKUGTKEDGECOGGPICIGFVQ'WFQZKCFCWIJVGTQH8CNGPVKPKCP+++*KUUCEM
KPI4QOGOKIJVJCXGDGGPCPCEVQHNQ[CNV[VQYCTFVJGCUUCUUKPCVGF8CNGPVKPKCP

#NTGCF[WPFGT)GKUGTKEPQDKNKV[NGFCPWRTKUKPIVJCVYCUUVTWEMFQYPKP*WPGTKEVQQ
JCFVQFGCNYKVJTGDGNNKQWUPQDKNKV[*GEQPVKPWGFVJGCTKCPKUKPIRQNKVKEUDWVJKUUWEEGUUQTJKU
EQWUKP )WPVJCOWPF
 RWV CP GPF VQ VJKU )WPVJCOWPFU TGKIP YCU OCTMGF D[ VJG  
YCTUCICKPUVVJG/QQTUCPFCICKPUV0QOCFKEVTKDGU

2:1


82

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RGNNGVU. /'%/+$IT.
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5EJWNVGP-NP#WEVKQP
PQ
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37

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IT.
48GT[HKPG
8KPEJQP2CTKU
&0FGPCTKK

85

84
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/+$IT.
4#NOQUVXGT[HKPG
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6QFGTK(NQTGPEG

/+$UJQYUCRGNNGVKPVJGEJTKUVQITCO)WPVJCOWPFKUVJGQPN[QPGYKVJCPWOOKCPFCEJTKUVQITCO

86
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87
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/QUVGEM[EH2N:+HHIT.
8GT[HKPG
*QNNGOCP'PUEJGFG
%QWNFVJGUKZRQKPVGFUVCTDGCEJTKUVQITCO!



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/QUVGEM[EH2N:+HHIT.
8GT[HKPG
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6JGUGEQKPUWUGFVQDGCVVTKDWVGFVQVJG/QQTUKP#HTKEC
UGG$/%





6*4#5#/70&



6JTCUCOWPF
DTQVJGTQH)WPVJCOWPFTWNGFCRTGFQOKPCPVN[TQOCPKUGFRGQRNG*G
OCTTKGF #OCNHTKFC UKUVGT QH 6JGQFGTKE GUVCDNKUJKPI C DQPF YKVJ VJG 'CUV )QVJU KP   
6JTCUCOWPFUVTQXGVQYCTFUQWPFVKGUYKVJ$[\CPVKWOCPFPWTVWTGFCFKCNQIWGYKVJVJG%JTKU
VKCPEJWTEJ

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88
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JQTK\QPVCN. /'%/+$CIT.
48GT[HKPGURGEKOGP
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TGXGTUG

38



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CDQXG. /'%/+$CIT.

45NKIJVGN[KTTGIWNCTHNCPOKPQTUETCVEJGUQPUWTHCEGQVJGTYKUGGZVTGOGN[HKPGURGEKOGP



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90

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4)QQFXGT[HKPG

6QFGTK(NQTGPEG



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*KNFGTKE
 YCU C UQP HTQO VJG OCTTKCIG QH *WPGTKE CPF 'WFQZKC *G MKNNGF #OCN  
HTKFCWUGFEQKPUDGCTKPIVJGKOCIGQH,WUVKPKCPCPFVWTPGFCYC[HTQO$[\CPVKWOHQTYJKEJ
VJG%CTVJCIG5[PQFQHYCUQPGQHVJGTGCUQPU#HVGTDGKPIFGHGCVGFD[VJG/QQTUJGYCU
ECRVWTGFCPFGZGEWVGF


91

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/NNGT5QNKPIGP#WEVKQP
PQ
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UWHHGTGFCNQUUCICKPUV$GNKUCTCPFYCUDCPKUJGFVQ#UKC/KPQT

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5EJWNVGP-NP#WEVKQP1EVQDGT
PQ

6JKUKUCDCTDCTKEKOKVCVKQPQHCPWOOWUQH)WPVJCOWPF
*CJP/+$HTQOVJGNCUV[GCTUQH8CPFCNFQOKPCPEG
#VVTKDWVGFVQ)GNKOGT




39

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9JGP4QOWNWU#WIWUVWUYCUFGRQUGFKPVJG'CUV4QOCP'ORKTGEQPUKFGTGF+VCN[RCTV
QHKVUVGTTKVQT[

+PVJGUQWVJVJG8CPFCNUUVKNNRTGXCKNGFCPFKPVJGPQTVJVJG)GTOCPKEEJKGHVCKP1FQCEGTKP
XCFGF +VCN[ +P  VJG [GCT QH VJG EQNNCRUG QH VJG 9GUV 4QOCP 'ORKTG 1FQCEGT JCF JKU  
VTQQRURTQENCKOJKOMKPI1FQCEGTU
DQTPCRRTQZCPEGUVT[KUWPENGCT*GOKIJVJCXG
DGGPCUQPQH'FGMQCOCIKUVTCVGCV#VVKNCUEQWTV#HVGTVJGGPFQHVJG*WP'ORKTGJGYCU
COGTEGPCT[KP)CWNCPFVJGPYGPVVQ+VCN[KP4KEKOGTUUGTXKEG

$[\CPVKWOCRRQKPVGFJKORCVTKEKCP*KUTGNCVKQPUJKRVQVJGUGPCVGKUIQQFCPFJGGPLQ[GFVJG
RTKXKNGIGQHCRRQKPVKPIEQPUWNU#HVGTJGFGUVTQ[GFVJG4WIKCP4GCNOJGICKPGF5KEKN[HTQO
VJG8CPFCNUVJTQWIJCFGOKUGEJCTVGT6JKUKPHNWGPEGUVTCKPGFJKUTGNCVKQPUJKRYKVJ$[\CPVKWO


+P  'ORGTQT <GPQ CUUKIPGF 6JGQFGTKE YJQ D[ VJGP YCU KP 'RKTQU VQ FTKXG 1FQCEGT  
HTQO+VCN[6QDGCNNQYGFGUVCDNKUJKPIJKOUGNHKP4CXGPPCJGUKIPGFCVTGCV[YKVJ1FQCEGT

DWVKPVJGUCOG[GCTUNGYJKO
VJGUWRRQUGFTGCUQPYCUVJGCXGPIKPIHQTVJGFGHGCVQH
VJG4WIKCP*QWUG

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/70+%+2#.%1+0#)'+0+6#.;#0&#(4+%#
#UUQQPCU4QOCPVKOGUEQKPUYGTGUVTWEMHQTVJGEKV[QH4QOGCPF%QPUVCPVKPQRNG
PQRCTV
QHVJKUEQNNGEVKQPDWVTGRTGUGPVGFKPVJGKOKVCVKQPU#NUQKPVJGVJEGPVWT[OWPKEKRCNEQKPU
YGTG UVTWEM KP %CTVJCIG 4QOG CPF 4CXGPPC 6JG[ DGCT VJG EJCTCEVGTKUVKEU QH VJGUG EKVKGU  
VTCEKPIDCEMVQQNFNGIGPFU

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6JGTGCTGXCTKQWUOQVKXGU(GOCNGHKIWTGQH%CTVJCIQUVCPFKPIKPVJGIWKUGQH%GTGUJQNFKPI
GCTUQHEQTPCPFVYQHKIWTGUHTQOVJGHQWPFCVKQPNGIGPFUQHVJGEKV[QPGCUVCPFKPIUQNFKGT
CPFVJGQVJGTCJQTUG

+P4QOG
UJGYQNHCPFVYKPUCUYGNNCUKP%CTVJCIG
JQTUGVJGTGKUTGHGTGPEGVQVJGNGIGPFU
UWTTQWPFKPIVJGHQWPFKPIQHVJGUGEKVKGU6JGJQTUGJCUVJGHQNNQYKPINGIGPFCVVCEJGFVQKV6JG
MKPIQH6[TGJCFCUQPCPFCFCWIJVGT'NKUUCT6JGRGQRNGYCPVGFQPN[VJGUQPYJQJCF'NKU
UCTUJWUDCPFMKNNGF'NKUUCTHNGFVQ#HTKEC5JGYCUYGNNTGEGKXGFCPFITCPVGFCRKGEGQHNCPF
VJGUK\GQHCPQZGUUMKP5JGPCOGFVJKUPGYUGVVNGOGPV$[TUCVJGITGGMYQTFHQTQZUMKP+P
VJGEQPUVTWEVKQPQHVJGEKV[VJGHKTUVURCFGUVTWEMCEQYUJGCFRTQXKFKPICDCFQOGP6JG
UGEQPFURCFGUVTWEMCJQTUGUJGCFJQNFKPICRTQOKUGQHRQYGT

6JGTGCTGENCUUGU

%CTVJCIQUVCPFKPI

5QNFKGTUVCPFKPI

$QVJENCUUGUQEEWTKPVJGFGPQOKPCVKQPUCPF
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94



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40






95

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96

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UGPVKPIVJGHKEWUTWOKPCNKU4WOKPCYCUVJGIQFFGUUQHPWTUKPIOQVJGTUDGPGCVJYKVJCE
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41

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101



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102



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CNQPIUKFG VJGUG OWPKEKRCN EQKPU /'% UKIPCNKUGU CDQWV  URGEKOGPU 6JG[ JCXG QPN[ VYQ  
PQOKPCNXCNWGUCPFPWOOK
VJGYCUKPVGPFGFHQTVJGUGUVGTVKKVJGHQTVJGCUUGU

6JG RNCEG QH QTKIKP TGOCKPU CODKIWQWU 6JG FGPQOKPCVKQPU  CPF  KPFKECVG #HTKEC  

/QTTKUQP 6JGTGWUGQHQDUGNGVGEQKPUVJGECUGQH4QOCPKORGTKCNDTQP\GUTGXKXGFKPVJG
NCVG HKHVJ EGPVWT[ KP 5VWFKGU KP 0WOKUOCVKE /GVJQFU RTGUGPVGF VQ 2JKNKR )TKGTUQP %CO  
DTKFIGR(TKGFNPFGTCPF9TQVJDWVPGCTN[CNNJQCTFUYGTGNQECVGFKP+VCN[

GURGEKCNN[KPVJG4QOGTGIKQP/'%ENCUUKHKGUVJGOWPFGT+VCN[*CJPCPF/QUVGEM[WPFGT
8CPFCNU *GTG PGKVJGT KU CFJGTGF VQ VJGUG EQKPU CTG EQPUKFGTGF VQIGVJGT YKVJ VJG OWPKEKRCN  
EQKPUVJCVURTGCFQXGT#HTKECCPF+VCN[CUYGNN

105



(QNNKU :.++. :.++ GPITCXGF KP QPG #U HTQO )CNDC. # $WUV T YKVJ NCWTGNYTGCVJ  )#.$# +/2  
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43

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#HVGTVJGFKXKUKQPKPVYQITQWRUGOGTIGFVQVJGYGUVVJG6GTXKPIK8GUKCPFVQVJGGCUV
)TGWVWPIK1UVTQIQVJK
1UVTQIQVJGP5QPPGPCWHICPIUIQVGP
UWPTKUG)QVJUQTFWTEJFGP
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VKPIWKUJDGVYGGPVJG1UVTQIQVJUWRVQVJGVWTPQHVJGVJEGPVWT[CPFVJG'CUV)QVJUCHVGT
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UCOGVTKDGFGURKVGVJGKTFKCURQTC
UGGWPFGT8KUKIQVJU

#HVGT VJG *WP 'ORKTG JCF HCNNGP
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#TKCPHCKVJ6JGQFQTKEYCURTGUWOCDN[DQTPFWTKPIVJG*WP'ORKTG


#HVGT VJG DCVVNG CV VJG $QNKC .GQ + TGNGCUGF 6JGQFGTKE YJQ JCF DGGP JGNF JQUVCIG KP %QP  
UVCPVKPQRNGHTQOVQ6JGQFGTKEVQQMQXGT2CPPQPKCHTQO8CNKOKTCPFEQPSWGTGFVJG
6JGKUU5CTOCVU
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+PVJG#OCN&[PCUV[NQUV2CPPQPKC8KFKOKTYGPVVQVJG9GUV4QOCP'ORKTG
YKVJJKU
UQP6JKWFKOKTVQQMJKUUQP6JGQFQTKEVQ/CEGFQPKCYJGTG6JKWFKOKTFKGFKP6JGQF
GTKEVJGPDGECOGMKPI

6JGRGTKQFHTQOVQKUCEQPHWUGFVKOG6QYCTFVJGGPFYGHKPF6JGQFGTKEKP'RKTQU
*KU OCKP CFXGTUCT[ YCU VJG )QVJKE -KPI 6JGQFGTKE 5VTCDQ #HVGT VJG NCVVGTU FGOKUG
  
6JGQFGTKEUUVCTDGICPVQTKUG

+PJGUKIPGFCVTGCV[YKVJ<GPQKPYJKEJJGRNGFIGFVQFTKXG1FQCEGTHTQO+VCN[6JKU
VTGCV[HQTOGFVJGHQWPFCVKQPWPFGTVJG'CUVIQVJKE'ORKTGKP+VCN[1PVJGVJQH(GDTWCT[
VJGDKUJQRQH4CXGPPCOGFKCVGFDGVYGGP1FQCEGTCPF6JGQFGTKEGPCDNKPICLQKPVIQX
GTPOGPV6JKUYCUKPEQPUKUVGPVYKVJVJGVTGCV[YKVJ<GPQDWVCNNQYGF6JGQFGTKEVQUGVWRKP
4CXGPPC
VJ/CTEJ+PVJGUCOG[GCTJGFKURQUGFQH1FQCEGT

5WDUGSWGPVN[VJG8CPFCNUYGTGFTKXGPHTQO5KEKN[CPFRKNNCIKPI$WTIWPFKCPUYGTGFKURGNNGF
HTQOVJGPQTVJ

6JGQFGTKEWUGFOCTTKCIGVQGUVCDNKUJVKGUYKVJQVJGTRGQRNGU*GJKOUGNHYGFFGF#WFQHNGFC
%NQXKU UKUVGT CPF KP  6JGQFGTKEU FCWIJVGT YCU GPICIGF VQ VJG $WTIWPFKCP %TQYP  
2TKPEG 5KIKUOWPF
OCTTKCIG KP  CPQVJGT QH JKU FCWIJVGTU 6JKWFKIQVJQ YGFFGF VJG  
8KUKIQVJ-KPI#NCTKE++VJGOCTTKCIGEQPPGEVKPIDQVJ)QVJKETQ[CNJQWUGU

9JGPVJG#NCOCPPKUWHHGTGFCFGHGCVCICKPUVVJG(TCPMUEQPHNKEVCTQUGDGVYGGPVJGDTQVJGTU
KPNCY 6JGQFGTKE CPF %NQXKU 6JGQFGTKE YKUJGF VQ TGVCKP 4CGVKC CPF +VCN[ CPF VQ VJKU GPF C  
EQORTQOKUGYCUOCFGDGVYGGP6JGQFGTKECPF%NQXKUTGUWNVKPIKPVJGNCVVGTUTGVTGCV&GURKVG
PWOGTQWU CVVGORVU QP 6JGQFGTKEU UKFG VQ RTGXGPV C EQCNKVKQP DGKPI HQTOGF DGVYGGP VJG  
(TCPMU CPF VJG $WTIWPFKCPU VJG[ LQKPGF HQTEGU CPF CVVCEMGF VJG 9GUVIQVJKE 4GCNO +P VJG  
$CVVNG QH 8QWKNN KP  %NQXKU RGTUQPCNN[ VQQM VJG NKHG QH #NCTKE ++ 6JGQFGTKEU ITCPFUQP  
YCUVQQ[QWPICUYCU#NCTKEUQVJGTUQP$CVVNGCOQPIVJG)QVJUGPUWGF
KP5QWVJ
)CWNCPF5RCKPCPFVJGHKPCNTGUWNVYCUVJCV6JGQFGTKEDGECOGMKPIQHVJG8KUKIQVJU

6JG JGKTGUU QH 6JGQFGTKE #OCNCUWPVJC YCU YGFFGF VQ 8KUKIQVJ -KPI 'WVJCTKE *G YCU  
FGGOGFJGKTCPFYCUVQUWEEGGF6JGQFGTKECUMKPIQHCNN)QVJU6JGPGY'ORGTQT,WUVKPCE
MPQYNGFIGFVJKUUWEEGUUKQP
HQT+VCN[)CWNCPF5RCKP6JGRNCPOKUECTTKGFJQYGXGTYJGP
'WVJCTKEFKGFCUUQQPCU

6JGQFGTKEYCUJGNFKPJKIJGUVGGOCOQPI4QOCPU*GYCUEQORCTGFVQ6TCLCPWUCPF8CNGP
VKPKCP'URGEKCNN[JKUCRRGCTCPEGKPOCTMKPIVJGVTKGPPKCNOCFGCPKORTGUUKQP6JG4Q
OCPUECNNGFJKOFQOKPWUCPFGXGPCWIWUVWU'XGPKHVJGGORGTQTKP%QPUVCPVKPQRNGCRRQKPVGF
VJGOCKPRQUKVKQPUJGCNYC[UCEVGFWRQP4CXGPPCUTGEQOOGPFCVKQP

6JGQFGTKE FKGF QP VJ #WIWUV  6JG #OCN &[PCUV[ VJGP NCRUGF KPVQ C ETKUKU 0GKVJGT  
#OCNCUWPVJCPQT#VJCNCTKEQT6JGQFQJCFYGTGWRVQVJGKTVCUMUCPFVJG[EQWNFPVCXQKFYCT
YKVJVJG$[\CPVKPG'ORKTG

+P9KVKIGUDGECOGVJGHKTUVPQP#OCNMKPICPFJGUGVQWVVQYCTFQHHVJGKOOKPGPVTWKP
QHVJG'CUV)QVJKE'ORKTG+PJQYGXGTJGKUHQTEGFVQECRKVWNCVGVQVJGKORGTKCNEQO
OCPFGT $GNKUCTKWU
CP KORQTVCPV 4QOCP IGPGTCN WPFGT ,WUVKPKCP JG FGHGCVGF VJG 8CPFCNU  

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RQUKVKQPYCUHKNNGFD[0CTUGU0GXGTVJGNGUUVJGYCTDGVYGGPVJG'CUV)QVJUCPFVJG$[\CP
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$WUVC )CNNQTWO FGHGCVGF D[ KORGTKCN EQOOCPFGT 0CTUGU +P 1EVQDGT  VJG 'CUV )QVJU  
OCFGCNCUVUVCPFCICKPUV0CTUGUUQWVJQHRTGUGPVFC[0CRNGUCUVJG'CUV)QVJKEMKPI6JGKC
NQUVVJGDCVVNGQH/QPU.CEVCTKWUOCTMKPIVJGFGHKPKVKXGGPFQHVJG'CUV)QVJKE'ORKTG

44

6*'1&14+%




2:1

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107

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110


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45

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112

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114



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ENWFGFHTQOUWEEGUUKQP

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