13570807 spirulina farming report fao[1]

8/8/2019 13570807 Spirulina Farming Report FAO[1]

1/41

FAO Fisheries and Aquaculture Circular No. 1034! FIMA/C1034 (En)!ISSN 2070-6065

A REVIEW ON CULTURE, PRODUCTION AND USE OFSPIRULINA AS FOOD FOR HUMANS AND FEEDS FORDOMESTIC ANIMALS AND FISH


2/41

Copies of FAO publications can be requested from:

Sales and Marketing Group

Communication Division

FAO

Viale delle Terme di Caracalla

00153 Rome, Italy

E-mail: [email protected]

Fax: (+39) 06 57053360

Web site: http://www.fao.org


3/41

FAO Fisheries and Aquaculture Circular No. 1034! FIMA/C1034 (En)!

A REVIEW ON CULTURE, PRODUCTION AND USE OFSPIRULINA AS FOOD FOR HUMANS AND FEEDS FORDOMESTIC ANIMALS AND FISH

byM. Ahsan B. HabibMashuda ParvinDepartment of AquacultureBangladesh Agricultural UniversityMymensingh, Bangladesh

Tim C. HuntingtonFAO Consultant

Mohammad R. HasanAquaculture Management and Conservation ServiceFAO Fisheries and Aquaculture DepartmentRome, Italy

FOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONSRome, 2008


4/41

The designations employed and the presentation of material in this information

product do not imply the expression of any opinion whatsoever on the part

of the Food and Agriculture Organization of the United Nations (FAO) concerning the

legal or development status of any country, territory, city or area or of its authorities,

or concerning the delimitation of its frontiers or boundaries. The mention of specific

companies or products of manufacturers, whether or not these have been patented,

does not imply that these have been endorsed or recommended by FAO in preference to

others of a similar nature that are not mentioned.

The views expressed in this information product are those of the author(s) and do not

necessarily reflect the views of FAO.

ISBN 978-92-5-106106-0

All rights reserved. Reproduction and dissemination of material in this information

product for educational or other non-commercial purposes are authorized without

any prior written permission from the copyright holders provided the source is fully

acknowledged. Reproduction of material in this information product for resale or other

commercial purposes is prohibited without written permission of the copyright holders.

Applications for such permission should be addressed to:

Chief

Electronic Publishing Policy and Support BranchCommunication Division

FAO

Viale delle Terme di Caracalla, 00153 Rome, Italy

or by e-mail to:

[email protected]

FAO 2008


5/41

! ! !!!

"#$"%#%&'()!(*!&+',!-(./0$)&!"#$%!&'"()*"+!,(!*()"+*++!-&"-."()*"/&!(*0"12(!-&+"3*&*%24"5++*6748"9:*;-&0"


6/41

! ! !!!!

%1,%.&!

:G!%$4!&2" 2%*" 6$4(!;*44$42%" 2&0" .!426*&(-$+" 74$*R'%**&" 6!;%-24'2*" 7*4-&'!&'" (-" (D-" +*G2%2(*" '*&*%2"6'()*+(,-"2&0"7).2)%"'()-" 2&0" ;-&+!+(+"-." 27-$(" Y>"+G*;!*+I" K."()*+*="7).2)%"'()-$'+-.#,"(""!+"()*"6-+(";-66-&"2&0"D!0*48"2A2!4274*"+G!%$4!&2"2&0"6-+("-."()*"G$74!+)*0"%*+*2%;)"2&0"G$74!;")*24()"0*;!+!-&"%*.*%+" (-" ()!+" +G*;!.!;" +G*;!*+I" U(" '%-D+" !&" D2(*%=" ;2&" 7*" )2%A*+(*0" 2&0" G%-;*++*0" *2+!48" 2&0" )2+"

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

:G!%$4!&2" 2GG*2%+" (-" )2A*" ;-&+!0*%274*" G-(*&(!24" .-%" 0*A*4-G6*&(=" *+G*;!2448" 2+" 2" +6244R+;24*" ;%-G" .-%"&$(%!(!-&24"*&)2&;*6*&(="4!A*4!)--0" 0*A*4-G6*&("2&0" *&A!%-&6*&(24"6!(!'2(!-&I"J5K" .!+)*%!*+"+(2(!+(!;+"9J!+):(2(@")!&("2("()*"'%-D!&'"!6G-%(2&;*"-."()!+"G%-0$;(I"H%-0$;(!-&"!&"


7/41

! ! !!A

!.()&$)&,!

@ ')(-/.&'()!%)-!,.("$ 6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666 @

A +',&(#'.%B!1%.CD#(/)-!()!&+$!/,$!(*!,"'#/B')%!%,!+/0%)!*((-!%)-!%)'0%B!*$$- 66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666 A

?IY TU:NKFUIY :HUF/WU15"51#"UN:"/:e"Eg"T/S51: IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y\>I? JKK#":5JeNg"5:He FeIa HKNe1NU5W"/:e"5:"5"1/NFUNUK15W":/HHWeSe1N"U1"T/S51UN5FU51"eSeF3e1


8/41

! ! !Y

@ ')(-/.&'()!%)-!,.("$!:G!%$4!&2"2%*"6$4(!;*44$42%"2&0".!426*&(-$+"74$*R'%**&"24'2*"()2(")2+"'2!&*0";-&+!0*%274*"G-G$42%!(8"!&"()*")*24()".--0"!&0$+(%8"2&0"!&;%*2+!&'48"2+"2"G%-(*!&"2&0"A!(26!&"+$GG4*6*&("(-"2L$2;$4($%*"0!*(+I"U("'%-D+"!&"D2(*%=";2&"7*")2%A*+(*0"2&0"G%-;*++*0"*2+!48"2&0")2+"A*%8")!')"62;%-R"2&0"6!;%-R&$(%!*&(";-&(*&(+I"U(")2+" 4-&'" 7**&" $+*0" 2+" 2" 0!*(2%8" +$GG4*6*&(" 78" G*-G4*" 4!A!&'" ;4-+*" (-" ()*" 24Q24!&*" 42Q*+" D)*%*" !(" !+"&2($%2448" .-$&0"b" .-%" !&+(2&;*"()-+*" 4!A!&'" 20O2;*&("(-" W2Q*"


9/41

! ! !?

A +',&(#'.%B!1%.CD#(/)-!()!&+$!/,$!(*!,"'#/B')%!%,!+/0%)!*((-!%)-!%)'0%B!*$$-!!

:G!%$4!&2"!+"2"G%!6!(!A*"-%'2&!+6"-%!'!&2(!&'"+-6*"]I>"7!44!-&"8*2%+"2'-"()2(")2+"*+(274!+)*0"()*"27!4!(8"(-"$(!4!X*" ;2%7-&" 0!-,!0*" 0!++-4A*0" !&" +*2D2(*%" 2+"2" &$(%!*&(" +-$%;*" .-%" ()*!%" %*G%-0$;(!-&I" :G!%$4!&2"!+" 2"

G)-(-+8&()*+!X!&'" ;82&-G)8(*" 974$*R'%**&" 24'2*@" ()2("'%-D+" A!'-%-$+48" !&" +(%-&'" +$&+)!&*" $&0*%" )!')"(*6G*%2($%*+"2&0")!')48"24Q24!&*";-&0!(!-&+I"

A6@ +4?84R2P!;?N!U&"()*"+!,(**&()";*&($%8="D)*&"()*" :G2&!+)"!&A20*%+";-&L$*%*0"S*,!;-="()*8"0!+;-A*%*0"()2("()*"5X(*;+"4!A!&'" !&"()*" f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

N)*"k2&*67$"G-G$42(!-&"4!A!&'"24-&'"()*"+)-%*+"-."W2Q*"

U&"YZa_"+G!%$4!&2"D2+"*+(274!+)*0"2+"2"BD-&0*%.$4".$($%*".--0"+-$%;*C"!&"()*"U&(*%&2(!-&24"5++-;!2(!-&"-."5GG4!*0"S!;%-7!-4-'8"9:2++-&="YZZ_@I""5&248+!+"-."()*"&$(%!(!-&24"G%-G*%(!*+"-."+G!%$4!&2"+)-D*0".!%+("2&0"

.-%*6-+("2&"*,;*G(!-&2448")!')"G%-(*!&";-&(*&(="-."()*"-%0*%"-."a[

_["G*%;*&("-."!(+"0%8"D*!')(d"!("24+-"+)-D*0"()*"*,;*44*&("L$24!(8"-."!(+"G%-(*!&+"97242&;*0"*++*&(!24"26!&-"2;!0";-&(*&(@I"N)!+".!%+("02(2"D2+"*&-$')"(-" 42$&;)"62&8"%*+*2%;)"G%-O*;(+".-%"!&0$+(%!24"G$%G-+*+"!&"()*"YZ_[+="7*;2$+*"6!;%-R-%'2&!+6+"98*2+(=";)4-%*442="+G!%$4!&2="+-6*"72;(*%!2"2&0"6-$40+@"+**6*0"2("()2("(!6*"(-"7*"()*"6-+("0!%*;("%-$(*"(-"!&*,G*&+!A*"G%-(*!&+"b"()*"!;-&!;"B+!&'4*";*44"G%-(*!&+CI""

5("()*"+26*"(!6*"D)*&"Wl-&2%0"%*0!+;-A*%*0"+G!%$4!&2"!&"5.%!;2="2"%*L$*+("D2+"%*;*!A*0".%-6"2";-6G2&8"&26*0":-+2RN*,;-;-"W(0"78"()*"BU&+(!($(".%2&m2!+"0$"Gl(%-4*C"(-"+($08"2"74--6"-."24'2*"-;;$%%!&'"!&"()*"*A2G-%2(!-&"G-&0+"-."()*!%"+-0!$6"7!;2%7-&2(*"G%-0$;(!-&".2;!4!(8"!&"2"42Q*"&*2%"S*,!;-"


10/41

! ! !]

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

N)*")*4!;24"+)2G*"-."()*".!426*&(+"9-%"(%!;)-6*+@"!+";)2%2;(*%!+(!;"-."()*"'*&$+"2&0"!+"62!&(2!&*0"-&48"!&"2"4!L$!0"*&A!%-&6*&("-%";$4($%*"6*0!$6I"N)*"G%*+*&;*"-."'2+R.!44*0"A2;$-4*+"!&"()*";*44+="(-'*()*%"D!()"()*")*4!;24"+)2G*"-."()*".!426*&(+="%*+$4("!&".4-2(!&'"62(+I"N)*"(%!;)-6*+")2A*"2"4*&'()"-.">["(-">[["o6"2&0"2"D!0()"-."]"(-"^"o6I"T-D*A*%=";82&-72;(*%!2")2A*"2";*44"D244"+!6!42%"(-"()2("-."3%26R&*'2(!A*"72;(*%!2c"()*8" ;-&(2!&" G*G(!0-'4$;2&=" 2" 48+-X86*R+*&+!(!A*" )*(*%-G-486*%" ()2(" ;-&.*%+" +)2G*" 2&0" -+6-(!;"G%-(*;(!-&"(-"()*";*44="!&"200!(!-&"(-"-()*%"62(*%!24"&-("+*&+!(!A*"(-"48+-X86*I"U&"()*"YZ_[+="+G)2*%-G42+(+="G%-0$;*0" 78" 0!+!&(*'%2(!-&" -." ()*!%" ;*44" D244" 78" *&X862(!;" (%*2(6*&(=" D*%*" !+-42(*0" .%-6"9"/(++-.%)(-$

&%)0%"-D$8)#0E#++-$4(''+%"('2%,D$

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d"()!+";42++!.!;2(!-&" !+" ;$%%*&(48" 2;;*G(*0" 9N-62+*44!=" H242&0%!" 2&0" N%*0!;!=" YZZad" :q&;)*X" #.$ -+I=" $&02(*0@I"7).2)%"'()-$0-G(0-"2&0"7H$'+-.#,"(""2%*"()*"6-+("!6G-%(2&("+G*;!*+"!&"()!+"'*&$+"2&0"26-&'"()*+*"*,!+(*0"(2,-&-6!;" 0!..*%*&;*+" !&" .!426*&(+="A2;$-4*+"2&0" *,(*%&24" ;-A*%" -%" ;2G+$4*" %*'$42%!(8"-." *2;)".!426*&("9N-62+*44!="YZZ_@I"N)*"D-%40D!0*"!&A*+(!'2(!-&"-&"6!;%-24'2*")2+"7**&";2%%!*0"-$("$&0*%"()*"&26*"-."B+G!%$4!&2Cd"()!+";-66-&"0*+!'&2(!-&"7*(D**&"+;!*&(!+(+"2&0";-&+$6*%+")2+"G%-A*0"0!..!;$4("(-";)2&'*I"N)*"6!;%-24'2*"$&0*%"0!+;$++!-&"7*4-&'+"(-"()*"'*&$+"7).2)%"'()-="7$("!("D!44"G%-72748"7*";244*0"6'()*+(,-".-%"+-6*"(!6*I"J-%"()*"G$%G-+*"-."()!+"%*G-%("D*"%*.*%"(-"7-()";-44*;(!A*48"2+"B+G!%$4!&2CI"

N)*" +8+(*62(!;" G-+!(!-&" -." ;82&-72;(*%!2" )2+" 7**&" 2" 62((*%" -." 0!+;$++!-&=" 2+" ()*+*" G)-(-+8&()*(!;"-%'2&!+6+"D*%*".!%+(";-&+!0*%*0"24'2*I"U&"YZa?="2"0!+(!&;(!-&"7*(D**&"G%-Q2%8-(*+"2&0"*$Q2%8-(*+"D2+";4*2%48"*+(274!+)*0I"N)*"62!&"0!..*%*&;*"!+"72+*0"$G-&"()*"G%*+*&;*"-.";*44"-%'2&*44*+"*&A*4-G*0"78"2"G)-+G)-4!G!0!;"6*67%2&*"!&"*$Q2%8-(*+I":(2&!*%"2&0"f2&"1*!4"9YZa?@"!&;-%G-%2(*0"'%**&R74$*"24'2*"!&(-"()*"G%-Q2%8-(*"Q!&'0-6"2&0"G%-G-+*0"(-";244"()*+*"6!;%-R-%'2&!+6+";82&-72;(*%!2I"N)!+"0*+!'&2(!-&"D2+"2;;*G(*0"2&0".!%+("G$74!+)*0"!&"YZ_^"!&"()*"E*%'*8r+"S2&$24"-."#*(*%6!&2(!A*"E2;(*%!-4-'8"93$'4!*46!="F!GGQ2"2&0"N2&0*2$"#*"S2%+2;="YZZ]@I"

E6A )2


11/41


12/41

! ! !>

!"!"# 3&%042/56,7%2'%8454%1,:G!%$4!&2" )2+" )!')" L$24!(8" G%-(*!&" ;-&(*&(" 9>Za>" G*%;*&(@=" D)!;)"!+" 6-%*" ()2&" -()*%" ;-66-&48" $+*0"G42&("+-$%;*+"+$;)"2+"0%8"+-87*2&+"9]>"G*%;*&(@="G*2&$(+"9?>"G*%;*&(@"-%"'%2!&+"9\Y["G*%;*&(@I"5"+G*;!24"A24$*"-."+G!%$4!&2"!+"()2("!("!+"%*20!48"0!'*+(*0"0$*"(-"()*"27+*&;*"-.";*44$4-+*"!&"!(+";*44"D244+"92+"!("!+"()*";2+*" .-%" *$Q2%8-(!;" '%**&" 6!;%-24'2*" +$;)" 2+";2+%)#++-="7,I(".)%4#"0*"=" 6#+#,-".)*0=" 6/#,#4#"0*"@c"

2.(*%" Y\" )-$%+" 6-%*" ()2&" \>" G*%;*&(" -." !(+" G%-(*!&" !+" 0!'*+(*0" 2&0" 2++!6!42(*0" 9:2++-&=" YZZ_@I" N)*";-6G-+!(!-&"-.";-66*%;!24"+G!%$4!&2"G-D0*%"!+"a["G*%;*&("G%-(*!&="?["G*%;*&(";2%7-)80%2(*=">"G*%;*&(".2(+=" _" G*%;*&(" 6!&*%24+=" 2&0" ]a" G*%;*&(" 6-!+($%*=" 62Q!&'" !(" 2" 4-DR.2(=" 4-D" ;24-%!*=" ;)-4*+(*%-4R.%**"+-$%;*"-."G%-(*!&I"""

&23PN!@M"G284>;?!O8>W4X2


13/41

! ! !a

!"!"! ;18/5"(-"a["G*%;*&("-." (-(24" .2((8" 2;!0+" !&" +G!%$4!&2I" N)*" !6G-%(2&(" .2((8" 2;!0+" 4!Q*" 4!&-4*!;" 2;!0" 2&0" 4!&-4*&!;" 2;!0" 2%*" 24+-"

G%*+*&(c" $G" (-" YI[" 'PY[[" '" -." 0%8" 7!-62++" -." +G!%$4!&2I" N)*" G%*0-6!&2&(" .2((8" 2;!0+" 2%*" G246!(!;" 2;!0"9^Îa>ÎY"G*%;*&(@="-4*!;"2;!0"9YY>I>"G*%;*&(@="4!&-4*!;" 2;!0" 9Y[I\][I_"G*%;*&(@" 2&0"!R4!&-4*&!;"2;!0"2%-$&0" \I[]YI_" G*%;*&(I" 32662R4!&-4*&!;" 2;!0" 93W5@" !+" 2&" *++*&(!24" .2((8" 2;!0" %2%*48" 2A2!4274*" !&"!&'%*0!*&(+"-%" 0!*(I" N)*" .2((8" 2;!0+"-." +G!%$4!&2" ;$4($%*0"!&" k-+2%!;" 6*0!$6" D*%*" 24+-" 2&248+*0" !&" ()*"427-%2(-%8"-."5L$2(!;"e;-4-'8="U&+(!($(*"-."H-+(R'%20$2(*":($0!*+"2&0"F*+*2%;)"W27-%2(-%8="/&!A*%+!(8"-."S24282="S2428+!2"2+c"G246!(!;"2;!0"9YÎZZ"G*%;*&(@="-4*!;"2;!0"9YI^]"G*%;*&(@="4!&-4*!;"2;!0"9?]IY\"G*%;*&(@="2&0"3W5"9][IYa"G*%;*&(@"2&0"*;-+2G*&(2*&-!;"2;!0"9ÎZ^"G*%;*&(@I"T-D*A*%="6'()*+(,-$'+-.#,"(""!+"-&*"-."()*"6-+("G%-6!+!&'"+-$%;*+"-."H/J5"2+"!R4!&-4*&!;"2;!0"D)!;)";2&"7*"*&)2&;*0"78";$4(!A2(!-&"$&0*%"4!')(R02%Q";8;4*+"!&"()*"427-%2(-%8"-%"-$(0--%+"9N2&(!;)2%-*&"#.$-+H="YZZ^@I"U(";2&"7*"!&;%*2+*0".%-6"YI?"(-"YIa"G*%;*&("D)*&";$4(!A2(*0"$&0*%"4!')(R02%Q";8;4*+I"U&"()*"0*%!A*0"6$(2&("6H$'+-.#,"(""nYZ="3W5"%*2;)*0"?I^"G*%;*&("D)*&";$4(!A2(*0"!&"-$(0--%";-&0!(!-&+="620*"+G!%$4!&2"-&*"-."()*")!')*+("3W5";-&(*&(+"%*G-%(*0".-%"24'2*"9N2&(!;)2%-*&"#.$-+H="YZZ^@I"U("!+"2"G%*;$%+-%"-.";*%(2!&"G%-+(2'42&0!&+"2&0")2+"+-6*"!&.4$*&;*"-&"()*"26-$&("-."74--0";)-4*+(*%-4I"U&"200!(!-&="()!+"2&0"-()*%"$&+2($%2(*0".2((8"2;!0+"+**6"(-"7*"*++*&(!24".-%";*44"'%-D()"2+"+(%$;($%24"*4*6*&(+"-.";*44"6*67%2&*+I"N)*+*"H/J5+")*4G"(-"Q**G"&-%624";*44R(-R;*44"G*%6*27!4!(8"!&"2L$2(!;"-%'2&!+6+"*A*&"!&"*,(%*6*";-40";-&0!(!-&+I""

N)*";-&(*&("-.";)-4*+(*%-4"!+"]?I>"6'PY[["'d"Y["'"-."+G!%$4!&2"G-D0*%="!I*I="2"+-$G"+G--&="G%-A!0*+"-&48"YI]"6'"-.";)-4*+(*%-4"2&0"]a"Q;24"-."*&*%'8="D)*%*2+"()*"*L$!A24*&("L$2&(!(8"-."G%-(*!&".%-6"*''"D-$40"G%-A!0*"][["6'"-.";)-4*+(*%-4"2&0"\["Q;24"-."*&*%'8I"5+"2"%*+$4("+G!%$4!&2"G-D0*%"!+"$+*0"(-"+$GG4*6*&("()*" 0!*(" D!()" G%-(*!&" 2&0=" 2(" ()*" +26*" (!6*=" ;-&(%-4" *,(%2" D*!')(I" N)*" 2A*%2'*" %*;-66*&0*0" 0-+*" !+"7*(D**&"?"2&0"\I>"'"!&"?^")-$%+I""

!"!"> $416&/)8,544" ()*" *++*&(!24" 6!&*%24+" 2%*" 2A2!4274*" !&" +G!%$4!&2" D)!;)" ;-&(%!7$(*+" 27-$(" _" G*%;*&(" 92A*%2'*" %2&'*"?I_a]I[["G*%;*&("-." (-(24"D*!')(@"$&0*%"427-%2(-%8";-&0!(!-&+I"E$("!&" ;-66*%;!24"+G!%$4!&2"G%-0$;(!-&="

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n-!&2="E-4+$&-A+Q8" 2&0" k242;)*A2" 9?[[[@" .-$&0" ()2("6'()*+(,-$'+-.#,"("" +)-D+" 2" %*42(!A*48" )!')" (-4*%2&;*" (-"

+24!&!(8"2&0"2";2G2;!(8"-."'%-D!&'"-&"()*"6*0!$6";-&(2!&!&'"$G"(-"_["'"12I> " G*%;*&(@" D)*&"

;$4($%*0" !&" B" 2&0" Î>="%*+G*;(!A*48@"


14/41

! ! !_

D)*&";*44+"*,)!7!(*0"()*")!')*%"G-48+2;;)2%!0*";-&(*&(I"U&"()*";2+*"-."I>="&-%"-."


15/41

! ! !\

F ./B&'G%&'()!%)-!"#(-/.&'()!(*!,"'#/B')%!F6@ )2Q;R:!S-+(" ;-66*%;!24" G%-0$;(!-&" +8+(*6+" 2%*" 72+*0" -&" +)244-D" %2;*D28+" !&" D)!;)" +G!%$4!&2" ;$4($%*+" 2%*"6!,*0" 78" 2" G2004*" D)**4I" T-D*A*%=" ()*%*" 2%*" +(!44" +-6*" *,26G4*+" -." +G!%$4!&2" 7*!&'" )2%A*+(*0"

;-66*%;!2448".%-6"&2($%2448"-;;$%%!&'"G-G$42(!-&+I"U&"S*,!;-5".-44-D!&'"()*"%*+*2%;)";-&0$;(*0"!&"YZa_"!&";-4427-%2(!-&"D!()"()*"J%*&;)"K!4"U&+(!($(*=":-+2RN*,;-;-"W(0")2+"7**&")2%A*+(!&'" 6'()*+(,-$0-G(0-$.%-6"2&"2%*2"-."W2Q*"N*,;-;-="2("?"?[["6"27-A*"+*2"4*A*4="!&"2"+*6!R(%-G!;24"*&A!%-&6*&(="!&"()*"f244*8"-."S*,!;-="D!()"2&"2A*%2'*"2&&$24"(*6G*%2($%*"-."Y\"w["(-&&*+"-."0%8"+G!%$4!&2"7!-62++"G*%"8*2%"+(2%(*0"G%-0$;(!-&"!&"YZ_]d"!(+"G%-0$;(!-&";2G2;!(8"D2+"()*%*2.(*%"%2!+*0"(-"][["(-&&*+"-."6*0!$6R'%20*"G%-0$;("G*%"8*2%".%-6"Y?I[")*;(2%*+"-."&2($%24"G-&0+I":-+2RN*,;-;-"W(0")20"!&A*+(*0"+-6*"/:`>"6!44!-&+"+!&;*"YZ__"(-"+-4A*"()*"*&'!&**%!&'"G%-74*6+"2%!+!&'".%-6"()*"!&;%*2+*"!&"G%-0$;(!-&"2&0"(-"%$&"()*"(-,!;-4-'!;24"(*+(+"!&0!+G*&+274*"7*.-%*"62%Q*(!&'"()*"G%-0$;("9K4!'$v&="YZ\a@I"

N)*" 2&&$24" A24$*" -." +G!%$4!&2" G%-0$;(!-&" %*G%*+*&(*0" 2" ()!%0" -." ()*" ;-6G2&8r+" !&;-6*" .%-6" ()*"62&$.2;($%*" -." G-D0*%*0" +-02" .%-6" ()*" 42Q*" 0*G-+!(+I" U&" YZZ>=" :-+2RN*,;-;-" ;*2+*0" G%-0$;(!-&" -."+G!%$4!&2I"

5&-()*%"+*6!R&2($%24"42Q*"!&"S82&62%")2+"7**&"%*G-%(*0"(-"7*"$+*0"2+"2"G%-0$;(!-&"+!(*".-%"+G!%$4!&2I"J-$%"A-4;2&!;"42Q*+"D!()"&2($%24"+G!%$4!&2"74--6+"D*%*"+($0!*0"7*'!&&!&'"!&"YZ\^I"H%-0$;(!-&"7*'2&"2("ND!&"N2$&'"W2Q*"!&"YZ\\="2&0"78"YZZZ"!&;%*2+*0"(-"Y[["(-&&*+P8*2%I"57-$("a["G*%;*&("!+")2%A*+(*0".%-6"7-2(+"-&" ()*" +$%.2;*" -."()*" 42Q*="2&0" 27-$("^[" G*%;*&(" !+"'%-D&" !&"-$(0--%" G-&0+" 24-&'+!0*" ()*" 42Q*I"#$%!&'"()*"74--6!&'"+*2+-&"!&"()*"+$66*%="D)*&"+G!%$4!&2".-%6+"()!;Q"62(+"-&"()*"42Q*="G*-G4*"!&"7-2(+";-44*;(" 2" 0*&+*" ;-&;*&(%2(!-&" -." +G!%$4!&2"!&" 7$;Q*(+I":G!%$4!&2"!+" )2%A*+(*0"-&" G2%244*4" !&;4!&*0" .!4(*%+="D2+)*0"D!()".%*+)"D2(*%="0*D2(*%*0"2&0"G%*++*0"2'2!&I"N)!+"G2+(*"!+"*,(%$0*0"!&(-"&--04*R4!Q*".!426*&(+"D)!;)"2%*"0%!*0"!&"()*"+$&"-&"(%2&+G2%*&("G42+(!;"+)**(+I"#%!*0";)!G+"2%*"(2Q*&"(-"2"G)2%62;*$(!;24".2;(-%8"!&"g2&'--&="G2+(*$%!X*0="2&0"G%*++*0"!&(-"(274*(+I"

F6A B23>828U!R;P

H2-4*((!="H$+)-2%2O"2&0"N-62+*44!"9YZ_>@"+($0!*0"()*"'%-D()"G*%.-%62&;*+"-."6'()*+(,-$'+-.#,"(""2&0"6H$0-G(0-"$&0*%"G)-(-R4!6!(*0";-&0!(!-&+"$+!&'"F-$,"7-((4*+"-."YI["4!(%*";2G2;!(8"!&;$72(*0"!&"2"D2(*%"72()"2("]["p


16/41

! ! !Z

N-62+*44!"#.$-+I"9YZ\_@" *,26!&*0"()*"'%-D()"-." (*&" +(%2!&+"-."6'()*+(,-$'+-.#,"(""2&0"*!')("+(%2!&+"-."6H$0-G(0-I"N)*8"-7(2!&*0"()%**"+(%2!&+"-."6H$'+-.#,"("".%-6"0!..*%*&("427-%2(-%!*+"9+(%2!&""-"- G


17/41

! ! !Y[

U&"E2&'420*+)="+G!%$4!&2"!+";$4($%*0"!&"0!..*%*&("2'%-R!&0$+(%!24"D2+(*+"+$;)"2+"+$'2%"6!44"D2+(*"*..4$*&(="G-$4(%8" !&0$+(%8" D2+(*=" .*%(!4!X*%" .2;(-%8" D2+(*=" 2&0" $%72&" D2+(*" 2&0" -%'2&!;" 62((*%I" N)*" '%-D()"G2%26*(*%+" -." 6'()*+(,-$ '+-.#,"("" '%-D&" !&" ()*" +$G*%&2(2&(" -." 0!'*+(*0" ^I[" 'P4!(%*" G-$4(%8" D2+(*" D*%*")!')*%"()2&"-()*%";$4($%*+"-&"()*"+$G*%&2(2&("-."?I["2&0"aI["'P4!(%*"0!'*+(*0"G-$4(%8"D2+(*"D)!;)"6!')("7*"0$*" (-" 2GG%-G%!2(*" &$(%!*&(" ;-&(*&(" 2&0" -()*%" *&A!%-&6*&(" G2%26*(*%+" 9H2%A!&=" ?[[a@I" 3%-D()"G*%.-%62&;*"-."6'()*+(,-$'+-.#,"(""D2+"+($0!*0"!&"()%**"0!..*%*&(";-&;*&(%2(!-&+"-."72&2&2"4*2."2+)"200*0"

D!()"[I^"'P4!(%*"O2;Q.%$!("+**0"G-D0*%"2&0"[I?"'P4!(%*"D!()"$%*2"!&"()*"427-%2(-%8"9N-8$7"#.$-+I="?[[>@I""

*4=;8N!EM!H'4&

T!')"8!*40c"i!()"2%-$&0"a["G*%;*&("G%-(*!&";-&(*&(="+G!%$4!&2r+"%2G!0"'%-D()"6*2&+"!("8!*40+"?["(!6*+"6-%*"G%-(*!&"G*%"$&!("2%*2"()2&"+-87*2&+="^["(!6*+"6-%*"()2&";-%&="2&0"-A*%"?[["(!6*+"6-%*"()2&"7**.I""

:-!4" %*L$!%*6*&(+c" :G!%$4!&2" ;$4($%*" 0-*+" &-(" %*L$!%*" .*%(!4*" 42&0" 2&0" ;2&" 2;($2448" 7*&*.!(" .%-6" +24!&*";-&0!(!-&+I"

e..!;!*&("D2(*%"$+*c":G!%$4!&2"$+*+"4*++"D2(*%"G*%"Q!4-"-."G%-(*!&"92GG%-,!62(*48"?"Y[["4!(%*PQ'"G%-(*!&@"()2&"-()*%";%-G+I"i2(*%";2&"7*"%*;8;4*0"2&0"()*"-&48"+!'&!.!;2&("D2(*%"4-++"!+"()%-$')"*A2G-%2(!-&I":G!%$4!&2";$4($%*"$+*+"?>"G*%;*&("-."()*"D2(*%"-."+-8="Y_"G*%;*&("-.";-%&"2&0"?"G*%;*&("()*"D2(*%"%*L$!%*0".-%"7**."G%-(*!&I"5+"6*&(!-&*0"27-A*="7%2;Q!+)"-%"+24!&*"D2(*%";2&"7*"$(!4!X*0I"

e..!;!*&("*&*%'8"$+*c":G!%$4!&2"%*L$!%*+"4*++"*&*%'8"!&G$("G*%"Q!4-"()2&"+-8=";-%&"-%"7**.="!&;4$0!&'"+-42%"2&0"'*&*%2(*0"*&*%'8I"U(+"*&*%'8"*..!;!*&;8"9.--0"*&*%'8"-$(G$(PQ'P*&*%'8"!&G$(PQ'@"!+">"(!6*+")!')*%"()2&"+-8="?"(!6*+")!')*%"()2&";-%&="2&0"-A*%"Y[["(!6*+")!')*%"()2&"'%2!&R.*0"7**.I""

N)*" +6244R+;24*" G%-0$;(!-&" -." +G!%$4!&2" !+" ;-&+!0*%*0" 2+" 2" G-(*&(!24" !&;-6*R'*&*%2(!&'" 2;(!A!(8" .-%")-$+*)-40+" -%" A!442'*" ;-44*;(!A*+I" :G!%$4!&2" 6!')(" 7*"24+-" 0%!*0" 2&0" G%-;*++*0" .-%" 4-;24" ;-&+$6G(!-&="

*+G*;!2448" D)*%*" G--%" 0!*(2%8" %*'!6*+" &**0" (-" 7*" +$GG4*6*&(*0I" U&" 200!(!-&=" ()*" *,(*&+!A*" -%" +*6!R!&(*&+!A*"G%-0$;(!-&"-."+G!%$4!&2".-%"2&!624"-%"2L$2(!;".**0+"6!')("7*";-&0$;(*0".-%"+6244R+;24*".2%6!&'"2&0"2L$2;$4($%*I""

5+" *2%48" 2+" YZ^Z=" :G-*)%" 2&0" S!4&*%" 9YZ^Z@" +$''*+(*0" ()2(" ()*" 62++" ;$4($%*" -." 24'2*" D-$40" )*4G" (-"-A*%;-6*"'4-724"G%-(*!&"+)-%(2'*+I"U%-&!;2448="!&"+G!(*"-."()*"426*&(2748"4-D"G*%";2G!(2"G%-(*!&"+$GG4!*+"!&"62&8"G2%(+"-." ()*"D-%40="62++";$4(!A2(!-&"-."24'2*")2+"%*;*!A*0"-&48";2+$24"!&(*%*+(I"N)*"/&!(*0"12(!-&+"e&A!%-&6*&(24" H%-'%266*" 9/1eH@" !+" *6G)2+!X!&'" &!(%-'*&" .!,2(!-&" 2&0" &$(%!*&(" %*;8;4!&'" ()%-$')" 2"G%-'%266*"()2("D!44"*+(274!+)"6!;%-7!-4-'!;24";*&(*%+"9SUF


18/41

! ! !YY

()*"7!-62++"0*)80%2(*+"!&"()*"+$&I"N)*"L$24!(8"-."()*"+G!%$4!&2$G%-0$;("-7(2!&*0"!&"()!+".2+)!-&"D-$40"&-("7*"2+")!')"2+"D)2("!+"2((2!&*0"!&"B;4*2&";$4($%*+C="7$("G%-0$;(";-$40"+*%A*"D*44"2+"2&!624".**0I""

N)*" +8+(*6" G%-G-+*0" 78" J-," 9YZ\>@" !&(*'%2(!&'" A!442'*R4*A*4" D2+(*" 62&2'*6*&(=" 7!-'2+" '*&*%2(!-&="+G!%$4!&2" G%-0$;(!-&d" ;-6G-+(!&'" 2&0" .!+)" ;$4($%*" D2+" 0*+!'&*0" .-%" 0*A*4-G!&'" ;-$&(%!*+I" 5" 0!'*+(*%"G%-;*++*+" +*D2'*" 2&0" -()*%" D2+(*+=" G%-0$;!&'" 7!-'2+" .-%" %$&&!&'" ;-66$&!(8" ;--Q!&'" .2;!4!(!*+" 2&0" 2"

4!L$!0"*..4$*&("()2("!+"(%*2(*0"!&"2"+-42%")*2(*%"2&0"()*&"$+*0"(-".*%(!4!X*"()*"24'24"G-&0+I"N)*"24'24"7!-62++"!+" )2%A*+(*0" D!()" 2" D-A*&" ;4-()" 2&0" 0*D2(*%*0" !&" 2" +-42%" 0%!*%I" N)*" +8+(*6" !+" 0*+!'&*0" (-" G%-A!0*"+$GG4*6*&(2%8" 26-$&(+" -." +G!%$4!&2" b" +*A*%24" '%26+"G*%" G*%+-&" *2;)" 028" b" (-" ()*" A!442'*" !&)27!(2&(+I"H%-74*6+"%*'2%0!&'"(*;)&-4-'8"(%2&+.*%="G$74!;")*24()")2X2%0+"2&0"-7+(2;4*+"(-"%*;8;4!&'"D2+(*")!&0*%*0"G%-'%*++I"5"+-6*D)2("+!6G4*%"2GG%-2;)"D2+"G%-A!0*0"78"-()*%"%*+*2%;)*%+I"

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a"9/:`YaI[@".-%"%*A!+*0"6*0!$6"9FSa@I" N)*%*.-%*=" ()*" 6*%!(+" -." ()*" %*A!+*0" 6*0!$6" 2%*" ;4*2%48" *6G)2+!X*0=" &-(" -&48" 2+" 2" 4-DR;-+("


19/41

! ! !Y?

24(*%&2(!A*"7$("24+-"2+"2")!')48"G%-0$;(!A*"!&G$(="D)!;)";2&"7*"$+*0"G%-.!(2748"78"()*"%$%24"G-G$42(!-&".-%"42%'*R+;24*"7!-62++"G%-0$;(!-&"-."G%-(*!&R%!;)"+G!%$4!&2I""

>"!"# 3&%:["GG6@=")20"2"GT"-."_I \I>"2&0"*4*;(%!;";-&0$;(!A!(8"-."_[[?^>_"o6)-+P;6I"N)!+"G)8+!;-R;)*6!;24"+(2($+"-.".*%(!4!X*%".2;(-%8"D2+(*"!+"+$!(274*".-%"()*"'%-D()"-.";2+%)#++-"2&0"6'()*+(,-I" 5GG%-,!62(*48="YYI[" G*%;*&(" 9DPD" 0%8" 62((*%@" 2+"1" -."+G!%$4!&2" D2+" -7(2!&*0"D)*&";$4($%*0"!&">[c>["6!,($%*"-."*..4$*&("2&0".!4(*%*0"+*2"D2(*%"9GT"\I][@"2.(*%"?Y"028+I"5&2'2"2&0"57$";-&;4$0*0" ()2(" ()!+" &-&R+*D2'*" *..4$*&(" ;-$40" 7*" $+*0" .-%" ()*" G%-0$;(!-&" -." 6!;%-24'24" 7!-62++" 2&0"A24$*R200*0"7!-;)*6!;24+I""

N)*"%*+G-&+*"-."6'()*+(,-$0-G(0-"'%-D()"(-"0!..*%*&(";-&;*&(%2(!-&+"-."2*%2(!-&"+(27!4!X*0"+D!&*"D2+(*"D2+";-6G2%*0"2+"2"D28"(-"0*(*%6!&*"()*"(%*2(6*&("*..!;!*&;8"-."+$+G*&+!-&"2&0"!66-7!4!X*0"+8+(*6+"

9["G*%;*&("+D!&*"D2+(*I"U&"()*"!66-7!4!X*0"+8+(*6="2("0!4$(!-&+"-."?>"2&0">["G*%;*&("+D!&*"D2+(*="6-%*"()2&"Z["G*%;*&("266-&!$6"&!(%-'*&"%*6-A24"D2+"-7(2!&*0I"["G*%;*&("0!4$(!-&"-."()*"D2+(*I""

F!;*" )$+Q" 2+)" 9FT5@"2&0" 12TXXN8R42P!2:Q!X2??!R;P


20/41

! ! !Y]

/:`YaIa"6!44!-&+="%*+G*;(!A*48I"@I""

S2++";$4(!A2(!-&"-."+G!%$4!&2"!+"$+$2448";2%%!*0"-$("!&"+)244-D"G-&0+="*L$!GG*0"D!()"G2004*"D)**4+"(-"6!,"

()*" ;$4($%*I"ND-" (8G*+"-." -G*&" %2;*D28" G-&0+"2%*" (8G!;2448" $+*0c"()*" .!%+("!+" 4!&*0" 78";-&;%*(*" 2&0" !+"()*%*.-%*"*,G*&+!A*="()*"+*;-&0"!+"2"+)244-D"*2%()*&"($&&*4"4!&*0"D!()"G-48A!&84R;)4-%!0*"9HfY\";6I"N)*"G2004*"D)**4="42%'*"9D!()"2"0!26*(*%"$G"(-"?I["6"2&0"2"+G**0"-."Y["%G6@"-%"+6244"9D!()"2"0!26*(*%"-."[I_"6"2&0"2"+G**0"?"(-"]"(!6*+".2+(*%"()2&"?I["6"0!26*(*%"G2004*"D)**4@="!+"()*"6-+(";-66-&"+(!%%!&'"0*A!;*I"K&*"0!..!;$4(8"-."()!+"G2004*"+(!%%!&'"!+"()2("()*".4-D"!+"&-("+$..!;!*&(48"($%7$4*&("(-"G%-0$;*"2&"-G(!6$6"4!')("G2((*%&".-%"+!&'4*R;*44"24'2*I"N)$+="-()*%"6*2&+"D*%*"$+*0"(-"!&;%*2+*"($%7$4*&;*"!&"+)244-D"G-&0+"-%"%2;*D28+="2&0";-&+*L$*&(48"G)-(-+8&()*(!;"*..!;!*&;8"9f-&+)2Q" 2&0" F!;)6-&0=" YZ\\@I" N)*" .-44-D!&'" +*;(!-&" 4--Q+" 2(" ()*" 62!&" A2%!274*+" !&A-4A*0" !&"G%-0$;(!-&I"

K,8'*&" ;-&;*&(%2(!-&+c" 5++$6!&'" ()2(" ()*" %2(*" -." G)-(-+8&()*+!+" ;2&" 7*" $+*0" 2+" 2&" !&0!;2(!-&" -." ()*"6*(27-4!;"2;(!A!(8"-."-$(0--%"24'24";$4($%*+="()*"028R(!6*";)2&'*+"!&"-,8'*&";-&;*&(%2(!-&"!&"()*"G-&0"2%*";-%%*42(*0"D!()"0!$%&24";)2&'*+"!&"4!')("2&0"(*6G*%2($%*I"U&"+$66*%="()*"62!&"4!6!(!&'".2;(-%".-%"'%-D()"-."+G!%$4!&2"!&"-$(0--%";$4($%*"!+"4!')(d"()*"02!48"G*2Q"!&"-,8'*&";-&;*&(%2(!-&"!+"%*2;)*0"2("()*"+26*"(!6*"2+"4!')("!&(*&+!(8"!+"62,!6$6I"U&"D!&(*%="()*"62!&"4!6!(!&'".2;(-%"!+"(*6G*%2($%*"7*;2$+*"-."2"+)!.("!&"()*"G*2Q" -." -,8'*&" D)!;)" .-44-D+" ()*" G*2Q" !&" ()*" G-&0" (*6G*%2($%*" %2()*%" ()2&" 4!')(" !&(*&+!(8" 9f-&+)2Q="YZZ_@I"

W!')(c"i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f-&+)2Q="YZZ_@I""

U&" YZZa=" 2(" ()*" #*G2%(6*&(" -." E!-;)*6!+(%8=" J2;$4(8" -." :;!*&;*=" "w


21/41

! ! !Y^

9?aIa"G*%;*&("-&"2A*%2'*@I"N)*"G)-(-+8&()*(!;"2;(!A!(8"-."()*";$4($%*"'%-D&"2("?>"w"w"w


22/41

! ! !Y>

*;-&-6!;" .*2+!7!4!(8" -." ()!+" 7!-(*;)&-4-'8I" 5&8" 0$%274*" 4!&*%" D!44" 200" $G" (-" /:`[I>" (-" ()*" ;-+(" -."G%-0$;(!-&"-."*2;)"Q'"-."24'24"7!-62++"G%-0$;*0="0*6-&+(%2(!&'"()*"&**0".-%";)*2G*%"4!&!&'"+$;)"2+"4-DR;-+(";428"+*24!&'I":$;)"4!&!&'")2+"(-"7*"(*+(*0".-%"0$%27!4!(8"$&0*%"($%7$4*&(".4-D"2&0"G*%!-0!;";4*2&!&'"-."()*"G-&0"9f-&+)2Q="YZZ_@I"

S!,!&'" 0*A!;*+c" 54()-$')" ()*" G2004*" D)**4" !+" ()*" 6-+(" ;-66-&" +(!%%!&'" 0*A!;*" .-%" +G!%$4!&2" !&"

;-66*%;!24"G42&(+="-()*%"6!,!&'"0*A!;*+"2%*"7*!&'"(*+(*0I"K&*"0!..!;$4(8"D!()"G2004*"+(!%%!&'"4!*+"!&"()*"&2($%*"-."()*".4-DI"U("!+"$+$2448"&-("+$..!;!*&(48"($%7$4*&("(-"2..*;("2&"-G(!624"4!')("%*'!6*".-%"()*"+!&'4*";*44I"i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f-&+)2Q="YZZ_@I"

S-&!(-%!&'c" 3!(*4+-&" #.$ -+I" 9YZZ>@" -." ()*" V2;-7" E42$+(*!&" U&+(!($(*" .-%" #*+*%(" F*+*2%;)=" E*&R3$%!-&"/&!A*%+!(8"-."()*"1*'*A"!&"U+%2*4=")2A*"+($0!*0"()*"-G(!;24"G%-G*%(!*+"-."0*&+*"24'24";$4($%*+"-$(0--%+"2&0"()*!%"2GG4!;2(!-&"(-"()*"%*6-(*"*+(!62(!-&"-."7!-62++"2&0"G!'6*&(";-&;*&(%2(!-&"!&" 6'()*+(,-$'+-.#,"("I"

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r" .!&0!&'+" 628" +*%A*" 2+" 2" 72+!+" .-%"%*6-(*"%*24R(!6*"6-&!(-%!&'"-."G)8(-G42&Q(-&"L$24!(8"!&")!')R0*&+!(8"G%-0$;(!A*"24'24"G-&0+I"

F6I $W2XOPN?!>V!O8>Q;R:!28>;:Q!8PQ!


23/41

! ! !Ya

*4=;8N!JM!':Q;R:!>V!?O48;P4:2!V2R4P4?[" 6]P)-$%" 2&0" -7(2!&" 2" G%*R;-&;*&(%2(*0" 7!-62++" D!()" 27-$(" >" G*%;*&(" (-(24" +-4!0+I" H%-0$;(!-&"%*2;)*0"&*2%48"]"(-&&*+"-."0%8"+G!%$4!&2"G*%"8*2%".%-6"?I^")*;(2%*+"9a"2;%*+@"-."!&(*&+!A*"G-&0+"9:q&;)*X"#.$-+="$&02(*0@I"H2%("-."()2("G%-0$;(!-&"!+";-66*%;!24!X*0"!&"7$4Q"G-D0*%"2&0"*&;2G+$42(*0"!&"'*42(!&";2G+$4*+".-%"()*"4-;24"2&0"&2(!-&24")*24()R.--0"62%Q*(="2+"D*44"2+".-%"*,G-%("(-"&*!')7-$%!&'";-$&(%!*+"2&0"

e$%-G*I"5&-()*%"G2%("-."()*"G%-0$;(!-&"!+"0*4!A*%*0"(-")$62&!(2%!2&"2'*&;!*+"D)!;)"$+*"+G!%$4!&2"2+"2"&$(%!(!-&24"+$GG4*6*&(".-%";)!40%*&"!&"5.%!;2"2&0"W2(!&"56*%!;2I""

:G!%$4!&2";2&"24+-"7*";$4($%*0"!&";--4*%";4!62(*+"b"!&"YZa_"2&"*,G*%!6*&(24";*&(%*".-%"62++";$4(!A2(!-&"-."6!;%-24'2*" D2+" .-$&0*0" !&" F-$G!(*=" E$4'2%!2" 9^Yw" 1-%()*%&" 42(!($0*@I" N)*" (-(24" ;$4(!A2(!-&" 2%*2" !+"?"a[["6?"2&0"()*";$4(!A2(!-&"G%-;*++")2+"7**&"-G(!6!X*0"()%-$')"()*c"

# !+-42(!-&"2&0";$4($%*"-.")!')48"G%-0$;(!A*"+(%2!&+"-."()*"+G*;!*+d$# ;%*2(!-&"-."2&"2GG%-G%!2(*";$4($%*"6*0!$6"D!()"2"6!&!6!X*0="7$("&-("4!6!(!&'="+24(";-&;*&(%2(!-&="

244-D!&'".-%"2"4-&'";$4(!A2(!-&"G*%!-0"D!()-$(";)2&'!&'"()*"6*0!$6="2&0"$+*"-.";)*2G"6!&*%24".*%(!4!X*%+d"2&0""

# 202G(2(!-&" -." ()*" ;*44" 0*&+!(8" (-" 02!48" 2&0" +*2+-&24" ;)2&'*+" !&" (*6G*%2($%*" 2&0" !%%20!2&;*";-&0!(!-&+I"

5&"2A*%2'*"02!48"G%-0$;(!A!(8"-."?>u]"'"6/#,#4#"0*"L6?".-%"()*";$4(!A2(!-&"+*2+-&")2+"7**&"2;)!*A*0="D)*%*2+".-%"+G!%$4!&2$()*"2A*%2'*"02!48"G%-0$;(!A!(8"!&"*,G*%!6*&(24"G4-(+"-."_"6 !"!+"27-$("Y\u^"'P6?I"5+"


24/41

! ! !Y_

()*";-+("-."&$(%!*&(+"!+"2"62O-%";-6G-&*&("-."()*".!&24"G%-0$;(!-&";-+("-."+G!%$4!&2"7!-62++"9*+G*;!2448";2%7-&"&$(%!*&(+"D)!;)"2;;-$&(".-%"Y>?>"G*%;*&("-."(-(24"-G*%2(!-&";-+(+@="2((*6G(+"D*%*"620*"(-"'%-D$+G!%$4!&2"!&"2"6*0!$6"620*".%-6"D2+(*+="7-&*"6*24"2&0"*..4$*&(+".%-6"7!-'2+"0!'*+(*%+I"

F6J +289N?RN??4:=!:G!%$4!&2")2%A*+(!&'="G%-;*++!&'"2&0"G2;Q!&'")2+"*!')("G%!&;!G4*"+(2'*+c""

YI J!4(%2(!-&"2&0";4*2&!&'"9+**"24+-"E-,"Y"7*4-D@c"5"&84-&".!4(*%"2("()*"*&(%2&;*"-."()*"D2(*%"G-&0"!+"&**0*0d""

?I H%*R;-&;*&(%2(!-&c"N-"-7(2!&"24'24"7!-62++"D)!;)"!+"D2+)*0"(-"%*0$;*"+24(+";-&(*&(d""]I I #!+!&(*'%2(!-&c"N-"7%*2Q"0-D&"(%!;)-6*+"78"2"'%!&0*%d""aI #*)80%2(!-&" 78" +G%28R0%8!&'c" N)!+" -G*%2(!-&" )2+" '%*2(" *;-&-6!;" !6G-%(2&;*" +!&;*" !(" !&A-4A*+"

27-$("?[]["G*%;*&("-."()*"G%-0$;(!-&";-+(d""

_I H2;Q!&'c"U("!+"$+$2448"!&"+*24*0"G42+(!;"72'+"(-"2A-!0")8'%-+;-G!;"2;(!-&"-&"()*"0%8"+G!%$4!&2d"2&0""\I :(-%2'*c" :(-%*0" !&" .%*+)=" 0%8=" $&4!(=" G*+(R.%**" 2&0" )8'!*&!;" +(-%*%--6+" (-" G%*A*&(" +G!%$4!&2"

G!'6*&(+".%-6"0*(*%!-%2(!&'"958242="YZZ\@I""

"

1>W!@M!*4PV!?O48;P4:2!O8>Q;R:!

U&" 244" ;-66*%;!24" G%-0$;(!-&" G%-;*++*+=" .!4(%2(!-&" 0*A!;*+" $+*0" .-%" )2%A*+(!&'" 2%*" 72+!;2448" (D-" (8G*+" -."+;%**&+c"!&;4!&!&'"-%"A!7%2(!&'I"U&;4!&*0"+;%**&+"2%*"]\[>[["6*+)"D!()"2".!4(%2(!-&"2%*2"-."? "6?P$&!("2&0"2%*";2G274*"-.")2%A*+(!&'"Y[Y\"6]"-."+G!%$4!&2";$4($%*"G*%")-$%I"E!-62++"%*6-A24"*..!;!*&;8"!+")!')="$G"(-"Z>"G*%;*&("2&0"(D-";-&+*;$(!A*"$&!(+"2%*"$+*0".-%")2%A*+(!&'"$G"(-"?["6 "/)-$%".%-6"D)!;)"+4$%%8"9\Y["G*%;*&("-."7!-62++@"!+"G%-0$;*0I"f!7%2(!&'"+;%**&+";2&"7*"2%%2&'*0"!&"0-$74*"-%"(%!G4*"0*;Q+"-."+;%**&+"$G"

(-"Y\]";6"!&"0!26*(*%I"f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f-&+)2Q"2&0"F!;)6-&0="YZ\\d"f-&+)2Q="YZZ_@I"N)*"+4$%%8"9\Y["G*%;*&("-."0%8"7!-62++@"-7(2!&*0"2.(*%".!4(%2(!-&"!+".$%()*%";-&;*&(%2(*0"78".!4(%2(!-&"$+!&'"A2;$$6"(274*+"-%"A2;$$6"7*4(+="0*G*&0!&'"-&"()*"G%-0$;(!-&";2G2;!(8I"

"

j$24!(8";-&(%-4".-%".--0R+(2&02%0"+G!%$4!&2"!&;4$0*+"6!;%-7!-4-'!;24"+(2&02%0"(*+(+=";)*6!;24";-6G-+!(!-&"(*+(=" 2&0" (*+(" .-%" )*2A8" 6*(24+=" G*+(!;!0*+" 2&0" *,(%2&*-$+" 62(*%!24+" 9!&+*;(" .%2'6*&(+=" %-0*&(" )2!%" 2&0".*2()*%".%2'6*&(+@"9E*428"#.$-+I="YZZ]@I"

"

"

"

"


25/41

! ! !Y\

I "#(-/.&,5!/,$,!%)-!1$)$*'&,!*(#!+/0%),5!*',+!%)-!(&+$#!%)'0%B,!!

I6@ ,O48;P4:2!2:Q!4


26/41

! ! !YZ

2&2*6!2d"()*8"(--Q"^"'"-."+G!%$4!&2"*2;)"2.(*%"6*24"2&0"!&"]["028+="74--0")*6-'4-7!&";-&(*&("!&;%*2+*0".%-6"Y[IZ"(-"Y]I?"9u?Y"G*%;*&(@="2"+2(!+.2;(-%8"4*A*4"&-"4-&'*%";-&+!0*%*0"2&2*6!;"9T*&%!Q+-&="YZ\Z@I":G!%$4!&2"+!'&!.!;2&(48"%*0$;*0"()*"74--0"'4$;-+*"4*A*4"-."7-()"624*"2&0".*624*"2'*0"7*(D**&"^["(-"a["8*2%+I" 5&" *,G*%!6*&(" D2+" ;-&0$;(*0" -&" ?[" 624*+" 2&0" ?[" .*624*+" !&" "'P028"2+"2"0!*(2%8"+$GG4*6*&("6!,*0"D!()"6!44*(="D2(*%"2&0"+G!;*+="2&0"()*8"%*;-A*%*0"!&"+*A*%24"D**Q+I"U&"


27/41

! ! !?[

6-()*%+="2&0" G*-G4*" !&"0!248+!+"2&0"!66$&*R;-6G%-6!+*0I"500!(!-&24"%*.*%*&;*+"(-" %*42(*0".--0"+2.*(8"2+G*;(+"-."+G!%$4!&2"2%*"4!+(*0"!&"5GG*&0!,"5"2&0"%*20*%+"628";-&+$4("()-+*".-%".$%()*%"!&.-%62(!-&I"

I6E ,O48;P4:2!2:Q!2=84R;P


28/41

! ! !?Y

7*"%*.4*;(*0"!&"()*";-66-&"8*44-D"G!'6*&("%*42(*0"(-"()*"2;;$6$42(!-&"-."X*2,2&()!&"D!()!&"()*".4*+)"9N-8-6!X$"#.$-+I="?[[Y@I""

I6F ,O48;P4:2!2:Q!2a;2R;P2-14%"-)3*"$ "-)1-@".*0"-&"+G!%$4!&2"6*24"2("$G"(-">["G*%;*&("4*A*4"D2+"$+$2448"&-("0!..*%*&(".%-6="2&0" .**0";-&A*%+!-&"*..!;!*&;8"&-("+$G*%!-%"(-="()-+*"'!A*&";-&(%-4" 0!*(+" D!()" +-4*48" .!+)6*24" 9e4R:28*0=" YZZ @I" 5(" _>" G*%;*&(" !&;4$+!-&" 4*A*4=" '%-D()" %*0$;*+"+!'&!.!;2&(48="7$(".**0";-&A*%+!-&"*..!;!*&;8"+(!44";-6G2%274*"(-"()*";-&(%-4"0!*(="D)!;)"+)2%G48"%*0$;*+"2("Y[["G*%;*&("!&;4$+!-&"4*A*4I"U("!+"7*((*%"(-"%*G42;*">["G*%;*&(".!+)6*24"78"+G!%$4!&2"6*24"+-"()2("()*%*"D!44"7*"&-"20A*%+*"*..*;("-&"'%-D()I""

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

200*0"(-"()*".**0"912Q2'2D2"2&0"3-6*XR#!2X="YZ_>@I"

:G!%$4!&2"!+"2";)*2G*%".**0"!&'%*0!*&("()2&"-()*%+"-."2&!624"-%!'!&I"


29/41

! ! !??

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a" G*%;*&(" G%*G2%*0" 78" [I_>"6-4P4!(%*" +-0!$6";)4-%!0*="2&0"G%-A*0"()2("G2%(!24"-%";-6G4*(*"%*6-A24"-."()*"*,(*%&24"+)*2()"*,G-+*0"$&0*%"()*" )!')48" ;-&;*&(%2(*0" +-0!$6" ;)4-%!0*" +-4$(!-&" ;-&0!(!-&" D2+" *++*&(!24" .-%" ()*" G%*G2%2(!-&" -."+!&'4*";*44+I"


30/41

! ! !?]

?"?"- 3)/15,*&%I5(,&6*@I" N)!+" (%2&+.*%" +8+(*6" )2+" &-(" 7**&" +$;;*++.$448" *+(274!+)*0" +!&;*" YZZ_" 9f-&+)2Q="YZZ_@I"5"%*;!G!*&("+8+(*6".-%"'*&*(!;"(%2&+.-%62(!-&"!&"+G!%$4!&2"D!()"*4*;(%-G-%2(!-&="!+-42(*0"+!&'4*";*44+"78"48+-X86*R.%**"6*()-0"D2+".-$&0"(-"7*"%*'*&*%2(*0"D!()"2"%2(*"-."?\Ia"G*%;*&("932-'*"#.$-+I="?[[^@I"/4(%2+(%$;($%24"-7+*%A2(!-&+".-%"*4*;(%-G-%2(*0";*44+"!&0!;2(*0"()2("*4*;(%-G-%2(*0";*44+"%*;-A*%*0"!&"+*A*&"028+I"e4*;(%-G-%2(!-&"!+"2"A24!0"(%2&+.-%6!&'"6*()-0".-%"(%2&+'*&!;"62&!G$42(!-&"-." .-%*!'&"'*&*+"!&(-"6H$'+-.#,"("I" N)$+=" +(%2!&" 0*A*4-G6*&(" 2&0" !6G%-A*6*&("-." 6H$'+-.#,"("" ()%-$')" (%2&+.-%62(!-&" -." .-%*!'&"'*&*";-$40"7*";-&0$;(*0"$+!&'"()!+"6*()-0I""

?"?"> M0'/1:41*,'&%:


31/41

! ! !?^

OC,@%/85/),/&6/,I45(,(4*(,562'6&/5

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

U&" f!*(" 126=" 2" +G!%$4!&2RG%-0$;!&'" ;*&(%*" 0!+(%!7$(*0" .--0" (-" ()-$+2&0+" -." 62%2+6!;" 9+$..*%!&'" .%-6"+*A*%*" G%-(*!&" 0*.!;!*&;8@" ;)!40%*&" *2;)" 8*2%=" 2&0" +*A*%24" G%-O*;(+" D*%*" $&0*%" D28" !&" U&0!2=" :*&*'24="N-'-="E$%Q!&2"J2+-="E*&!&="


32/41

! ! !?>

"

1>W!AM!.',#'_',"!

&TN!.>:9N::!V>8!V!*>>Q!04R8>_%P=2N5!':9N8:XN:


33/41

! ! !?a

J .().B/,'(),!%)-!#$.(00$)-%&'(),!J6@ .>:RP;?4>:?!:G!%$4!&2" 2GG*2%+" (-" )2A*" ;-&+!0*%274*" G-(*&(!24" .-%" 0*A*4-G6*&(=" *+G*;!2448" 2+" 2" +6244R+;24*" ;%-G" .-%"&$(%!(!-&24" *&)2&;*6*&(=" 4!A*4!)--0" 0*A*4-G6*&(" 2&0" *&A!%-&6*&(24" 6!(!'2(!-&I" U&" G2%(!;$42%=" ()*"G%-0$;(!-&"2&0"$+*"-."+G!%$4!&2")2+"()*".-44-D!&'"20A2&(2'*+c"

# !("G%-A!0*+"2&"*2+!48"0!'*+(!74*")!')"9;I"a["G*%;*&(@"G%-(*!&"G%-0$;("D!()")!')"4*A*4+"-."!-;2%-(*&*="A!(26!&"EY?=" !%-&" 2&0" (%2;*"6!&*%24+" 2&0" ()*" %2%*" *++*&(!24" .2((8"2;!0"!R4!&-4*&!;"2;!0" 93W5@I" U&"200!(!-&="!(")2+"&-"-7A!-$+"&*'2(!A*";$4($%24"-%"%*4!'!-$+"!++$*+"2++-;!2(*0"D!()"!(+";-&+$6G(!-&d"

# !(+"G%-0$;(!-&"-;;$G!*+"-&48"2" +6244" *&A!%-&6*&(24" .--(G%!&(="D!()";-&+!0*%274*" *..!;!*&;!*+" !&"(*%6+" -." D2(*%" $+*=" 42&0" -;;$G2(!-&" 2&0" *&*%'8" ;-&+$6G(!-&" D)*&" ;-6G2%*0" (-" (%20!(!-&24"(*%%*+(%!24";%-G+d"

# !(+"G%-0$;(!-&"!+"*+G*;!2448"+$!(274*"(-"+24!&*"2&0"24Q24!&*";-&0!(!-&+"()2("2%*"-.(*&"$&.2A-$%274*"(-" (%20!(!-&24" ;%-G+" 2&0" 2%*" .%*L$*&(48" -;;$G!*0" 78" 0!+20A2&(2'*0" G*-G4*" +$..*%!&'" .%-6=" -%"A$4&*%274*"(-="&2($%24"0!+2+(*%+d""

# !(+"G%-0$;(!-&";2&"7*";-&0$;(*0"2("2"&$67*%"-."0!..*%*&("+;24*+=".%-6")-$+*)-40"BG-(";$4($%*C"(-"!&(*&+!A*";-66*%;!24"0*A*4-G6*&("-A*%"42%'*"2%*2+d""

# !(")2+"()*"G-(*&(!24".-%"!&(*'%2(!-&"D!()"%$%24"-%'2&!;"D2+(*"(%*2(6*&("G%-;*++*+"(-"!6G%-A*"7-()"*&A!%-&6*&(24";-&0!(!-&+"2&0"!6G%-A*"*&*%'8"(%2&+.*%"*..!;!*&;!*+d"

J5K" .!+)*%!*+" +(2(!+(!;+" +)-D" 2" ;4*2%" !&;%*2+*" !&" G%-0$;(!-&" -." +G!%$4!&2" -A*%" ()*" %*;*&(" 8*2%+I" J-%"*,26G4*="G%-0$;(!-&"!&"XXN:Q2:?!!N)*%*" !+" 2" %-4*" .-%" 7-()" &2(!-&24" '-A*%&6*&(+" b" 2+" D*44" 2+" !&(*%R'-A*%&6*&(24" -%'2&!X2(!-&+" b" (-" %*R*A24$2(*"()*"G-(*&(!24"-."+G!%$4!&2"(-".$4.!44"7-()"()*!%"-D&".--0"+*;$%!(8"&**0+"2+"D*44"2+"2"(--4".-%"()*!%"-A*%+*2+" 0*A*4-G6*&(" 2&0" *6*%'*&;8" %*+G-&+*" *..-%(+I" K()*%" !&(*%&2(!-&24" -%'2&!X2(!-&+" ()2(" )2A*"

0*A*4-G*0"7-()"2&"!&(*%*+("2&0";2G2;!(8".-%"0*A*4-G!&'"+6244R+;24*"+G!%$4!&2"G%-0$;(!-&"D-$40"7*"Q*8"G-(*&(!24".2;!4!(2(-%+" !&" 0*6-&+(%2(!&'" 2A2!4274*" (*;)&-4-'!*+" .-%" 4-;24" $G(2Q*I" N)*8" ;-$40" 24+-" 0*A*4-G" !6G%-A*0"(*;)&!;24"2&0"*;-&-6!;"+-4$(!-&+"(-"+G!%$4!&2"G%-0$;(!-&"!&"*&A!%-&6*&(2448"!6G-A*%!+)*0";-&0!(!-&+="2+ "D*44"2+"G%*G2%*"(*+(*0"G%-0$;(!-&"G2;Q2'*+".-%"%2G!0"0*G4-86*&("!&"*6*%'*&;8"+!($2(!-&+I"

U&(*%&2(!-&24"-%'2&!X2(!-&9+@"D-%Q!&'"D!()"+G!%$4!&2"+)-$40";-&+!0*%"G%*G2%!&'"2"G%2;(!;24"'$!0*"(-"+6244R+;24*"+G!%$4!&2"G%-0$;(!-&"()2(";-$40"7*"$+*0"2+"2"72+!+".-%"*,(*&+!-&"2&0"0*A*4-G6*&("6*()-0-4-'!*+I"N)!+"+6244R+;24*"G%-0$;(!-&"+)-$40"7*"-%!*&(2(*0"(-D2%0+c""

9!@ G%-A!0!&'"&$(%!(!-&24"+$GG4*6*&(+".-%"D!0*+G%*20"$+*"!&"%$%24"2&0"$%72&";-66$&!(!*+"D)*%*"()*"+(2G4*"0!*("!+"G--%"-%"!&20*L$2(*d"

9!!@ 244-D!&'"0!A*%+!.!;2(!-&".%-6"(%20!(!-&24";%-G+"!&";2+*+"D)*%*"42&0"-%"D2(*%"%*+-$%;*+"2%*"4!6!(*0d"

9!!!@ 2&"!&(*'%2(*0"+-4$(!-&".-%"D2+(*"D2(*%"(%*2(6*&(="+6244R+;24*"2L$2;$4($%*"G%-0$;(!-&"2&0"-()*%"4!A*+(-;Q".**0"+$GG4!;2(!-&d"


34/41

! ! !?_

9!A@ 2+"2"+)-%(R"2&0"6*0!$6R(*%6"+-4$(!-&"(-"*6*%'*&;8"+!($2(!-&+"D)*%*"2"+$+(2!&274*"+$GG48"-.")!')" G%-(*!&P)!')" A!(26!&" .--0+($..+" !+" %*L$!%*0I" N)!+" !6G4!*+" ()*" 27!4!(8" (-" %2G!048" !&+(244"+8+(*6+" !&"2" A2%!*(8" -."*&A!%-&6*&(+" ()2(" ;2&" 7*"+$+(2!&*0" 78"4-;24" ;-66$&!(!*+"(-" ;-A*%"7-()" ()*" +)-%(R(*%6" .--0" &**0+" 2&0" (-" +$GG4*6*&(" 4-&'*%R(*%6" &$(%!(!-&24" %*L$!%*6*&(+="*+G*;!2448"-&;*"-()*%".-%6+"-.".--0"%*4!*.";*2+*"(-"7*"0*4!A*%*0I"

5" +*;-&0" &**0" !+" 2" 7*((*%" 6-&!(-%!&'" -." '4-724" +G!%$4!&2" G%-0$;(!-&" 2&0" G%-0$;(" .4-D+I" N)*" ;$%%*&("J!+):(2("*&(%8"D)!;)"-&48"!&;4$0*+"


35/41

! ! !?\

!!

K #$*$#$).$,!!%3Q;Pa2QN85! D65! 128?2:_,T2QU5!%6065! %3>;_$P_,>;>Q5! ,6065! $P_#2TNNX5! %65! $P_,T2:?T>;8U5! #6! b! 02TX>;Q5! c6%6D66!YZZ?I"H%-(-G42+(+".%-6"()*";82&-72;(*%!$6="6'()*+(,-$'+-.#,"("I"Q%)+4$MH$N(/)%1(%+H$R$S(%.#/2I="\c"]\>]\aI"

%ST>85! "65! d2T2:5! 06%6%6! b! +>??24:5! 0606! YZZaI! 6'()*+(,-" ;$4($%*" !&" E2&'420*+)I" fI"#"I="]Yc"Y]_YâI"

%:2=25! %6! b! %3;5! D6(6! YZZa6" 5" 427-%2(-%8R+;24*" ;$4(!A2(!-&" -.";2+%)#++-" 2&0" 6'()*+(,-" $+!&'" D2+(*"*..4$*&(".%-6"2".*%(!4!X*%";-6G2&8"!&"1!'*%!2I"S(%)#"H$A#/2,%+I=">\c"Z]Z>I"

%:;82QT25!G6!b!G4QTU25!-6! ?[[YI"U6G2;("-."206!&!+(%2(!-&"-.":G!%$4!&2"-&"()*"74--0"'4$;-+*"4*A*4+"-."+*4*;(*0"0!27*(!;"G2(!*&(+I"=,4(-,$MH$@*.)(H$R$T(#.#.(/"="]\c"^[ Î"

%U2RT45!,65!$P_%3NQ5!%65!0NQT4>;35!%65!18>;N8?5!06!b!028e>;S5!16!?[[Î"U&.4$*&;*"-."(*6G*%2($%*"2&0"4!')("!&(*&+!(8"-&" .2((8" 2;!0" ;-6G-+!(!-&" 0$%!&'" ()*" 0*A*4-G6*&(" -." +G!%$4!&2="7).2)%"'()-$'+-.#,"("I">(5(".-$=.-+(-,-$4#++#$6%".-,U#$V)-""#="\Yc"Y\>YZ[I"

%U2P25!*6!YZZ\6"3$v2"+-7%*"*4";$4(!A-"0*":G!%$4!&2I"=,"S(%.#/,%+%3W-$4#$N(/)%%)3-,("0%"$8%.%-*.X.)%&%" I"GGI"]?[I"S-(%!4="3%2&202="e+G2~2I""

12:N8`NN5!06!b!-N35!06!YZZaI"H-(*&(!24"-.".48"2+)"2&0":G!%$4!&2";-67!&2(!-&"2+"2"+4-D"%*4*2+*".*%(!4!X*%".-%"%!;*".!*40I";(#,.(&(/-$M-1%.(/-1-+="?^c">>a?I"

1NRSN85! $6f6! YZ\\I" S!;%-24'2*" .-%" )$62&" 2&0" 2&!624" ;-&+$6G(!-&I" =," SI5I" E-%-D!(XQ2" z" WI"E-%-D!(XQ2="*0+I"N(/)%K-+3-+$S(%.#/2,%+%3E="GGI"????>aI"


36/41

! ! !?Z

*24::N5!$6!YZZY6"U&.4$*&;*"-."()*"&$(%!(!-&24"+-$%;*+"-&"()*"'%-D()"%2(*"-.";82&-72;(*%!2I"7):*(5%"K4#KS(%+%3(-KA#/2,%+%3(-="]^c"Y]][I"

*2Pa;N=N5! f65! L;NRTN:=5! g65! -NP4:5! -6! b! .TN:=S;45! &6! ?[[^6" :($08" -&" %*;!G!*&(" +8+(*6" .-%" (%2&+'*&!;"

62&!G$42(!-&"!&"6'()*+(,-$'+-.#,"(""95%()%-+G!%2@I"M-'-,#"#$MH$I"D4P8>U5! -6d65!C2;VVX2:5! C6f65!+2PP5! #6%65!+;2:=5! L6!b! .T;! *6,6" ?[[[I"5++*++!&'" G-(*&(!24")*24()" %!+Q+"

.%-6"6!;%-;8+(!&"(-,!&+"!&"74$*R'%**&"24'2*"0!*(2%8"+$GG4*6*&(+"I"B,5()%,$O#-+.2$:?T2S5! %6! YZZ>6" KG(!;24" G%-G*%(!*+" -." 0*&+*" 24'24";$4($%*+"-$(0--%+"2&0"()*!%"2GG4!;2(!-&"(-"%*6-(*"*+(!62(!-&"-."7!-62++"2&0"G!'6*&(";-&;*&(%2(!-&"!&"6'()*+(,-$'+-.#,"("$9Z

Y_^I"E2+!&'+(-Q*="T2&(+="W-&0-&="N284-%"2&0"J%2&;!+I""B2:V2P>:45!B65!&84:N45!065!#;??>5!06!b!D;2PN8e45!.6(6!YZ\Z6"H%-0$;(!-&"2&0"%*'*&*%2(!-&"-."+G)*%-G42+(+"

.%-6"()*";82&-72;(*%!$6"6'()*+(,-$'+-.#,"("I"8BN6$N(/)%1(%+I"?#..I=">Zc"Y^YY^aI"Bl>:28Q5!d6"YZaaI"N)*"YZa^Ra>"E*4'!2&"N%2&+R:2)2%2&"*,G*0!(!-&I"@-.*)#="?[Zc"Y?aRY?\I"B45! -606! YZZ>6" :G!%$4!&2" 2+" 2" )*24()" .--0I" =," :G!%$4!&2=" GGI" ?Y?\I" E*!O!&'="


37/41

! ! !][

B;5!d6!b!&2SN;RT45!&6!?[[^6":G2D&!&'"2&0"*''"L$24!(8"-."()*"(!42G!2="9)#%/2)%0("$,(+%.(/*"".*0"+-4*48"-&"%2D"6'()*+(,-$'+-.#,"(""()%-$')-$("()%**"'*&*%2(!-&+I"7:*-/*+.*)#="?]^c"a?>a^[I""

02NQ25! ,6! b! ,2S2=;RT45! &6! YZZ[6" 5;;$6$42(!-&" 2&0" 0*(-,!.!;2(!-&" -." (-,!;" 6*(24" *4*6*&(+" 78" 24'2*I"=,.)%4*/.(%,$.%$7''+H$


38/41

! ! !]Y

,TN?95!,6!G6!b!#N2?:5!d6!YZ\_I"3*&*R(%2&+.*%"2&0")-+(RA*;(-%"+8+(*6+"-.";82&-72;(*%!2I"9G&%)4$6*)5H$


39/41

! ! !]?

gNN:2


40/41

! ! !]]

H %""$)-'L!%M!%--'&'()%B!#$%-')D,!.28X4RT2NP5! f6f6! b! *2PR>:N85! '6#6! YZZ]I" #!+*2+*+" %*42(*0" (-" .%*+)D2(*%" 74$*R'%**&" 24'24" (-,!&+=" 2&0"

;-&(%-4" 6*2+$%*+I" =," J24;-&*%=" UIFI" " *0I"7+3-+$ .%G(,"$ (,$ "#-&%%4$ -,4$ 4)(,I(,3$^-.#)I" GGI" Y\_?[ZI"W-&0-&="5;20*6!;"H%*++I"

.28X4RT2NP5!f6f65!1N2?PNU5!G6!1;::N85!-6B65!$P>VV5!d6)65!*2PR>:N85!'6#6!b!D>8T2X5!"6#6"YZ\\I"126!&'"-.";8;4!;")*G2G*G(!0*"(-,!&+"-.";82&-72;(*%!2"974$*R'%**&"24'2*@I"A%G(/%,I="?ac"Z_Y

Z_]I"

-2TPNX5! %6065! +2??2:5! %6,65! ,Y2:?>:5! ,6"65! .28X4RT2NP5! f6f65! 1N2?PNU5! G6#6" YZ\ZI"5" 6-0*4" +8+(*6".-%+($08!&'" ()*"7!-2A2!427!4!(8" -."!&(*+(!&2448"206!&!+(*%*0"6!;%-;8+(!&RWF="2")*G2(-(-,!;"G*G(!0*.%-6"()*";82&-72;(*%!$6"N(/)%/E".("$-#)*3(,%"-I":N85!'6#65!1N8N?V>8Q5!%6065!#;::N=285!06&6"YZ\]I"eA!0*&;*"-."4!A*%"0262'*"78"(-,!&".%-6"274--6"-."74$*R'%**&"24'2*="N(/)%/E".("$-#)*3(,%"-I"N#4$M$7*".I="Yc">YYb^I"

*-%6"?[[]I"73#,/E$)#"'%,"#$+#..#)I"3F5S:"&-(!;*"1-I"3F1"[[[Y?_"a"K;(-7*%"?[[]I"D8>33NP2285! d6/6" ?[[]" j$24!(8" ;-&(%-4" 2&0" 2++$%2&;*c" ;%$;!24" .-%" ()*" +$+(2!&27!4!(8" -." ()*" 2GG4!*0"

G)8;-4-'8"!&0$+(%8I"MH$7''+H$I"D8>??N5! c65! 122:5!#65! ,5! G6!?[[aI":! *>>Q! %QQ45!B6%65!C48ON:S>5!)6'6"YZ\YI":-6*"2+G*;(+";-&;*%&!&'"%*6-(*"2.(*%R*..*;(+"-."74$*R

'%**&"24'24"(-,!&"!6G2;("-&"D2%6R74--0*0"2&!624+="GG"?>_b?aZI"=,"iIiI"abaaaI"

0;>:=5!*6,65!02U:28Q5!$65!C48SN5!C6!b!B;SN5!.6"YZZ?I"U44&*++"2++-;!2(*0"D!()"74$*R'%**&"24'2*I"N#4$M$7*".I="

Y>ac"a_I",


41/41

9 7 8 9 2 5 1 0 6 1 0 6 0

ISBN 978-92-5-106106-0 ISSN 2070-6065

13570807 spirulina farming report fao[1]

Documents