Informatica e diritto, Vol. XIV, 2005, n. 1-2, pp. 9-30

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1 Informatica e diritto, Vol. XIV, 2005, n. 1-2, pp \= E EIJH= E A@ECEJ= A A F EBE?= E A H =JEL= CA AIEA?HEJE?EJ 15)*- ),\- 1) A )41 ) 21-64) /- A \ E AE =JJ E 1J= E= E \= E EIJH= E A@ECEJ= A A = CI % =H # & D= K =IK=FA?K E=HEJ AK IK HE EAL IJH=JACE?,EHAJJ= A JAIJHK A J= A = E = E A@A =FK>> E?== E EIJH= E A AII = =HC=>A JHAJ= AI? F E FH FHE HE JAA AFH FHEAF JA E= EJ +E E? IE@AH= E A@A E = JA?DA =FK>> E?== E EIJH= E A`FKH? JKJJA AIKA?HEJE?EJ `?DE= =J==IL CAHAE H@E A= ILE KFF I?E= AA@A? E? = \AIAH?E EA= = HJEI?E= E,\= JH=F=HJA E IJH IAHEI?AE K K L? F EBE?= E AAHE=IIAJJ H =JEL FE =JJA J = =GK= AHAC A AFAHJ= J `@=JA A?=H=JJAHEIJE?DA@A IAJJ HA IAJJ `IEF A@EFAHI? A?= F A > A =JE? E?KE=JJK=HAK = ]HAC = E A@EGK= EJ ^?E E?= =HA@= E IE@@AJJE@E] K L=CA AH= E A^ A? K K L =FFH??E JH=ILAHI= AAE JAHIAJJ HE= A F=HJE? =H A JAE@ A =@=BBH J=HAE K =LEIE A@\E IEA AGKAIJ BA A ]C >= A^ JA? CE? A? E? CEKHE@E? AEIK EL=HEHEIL JEEIJEJK E = E?K JKH= E AJE?E )FF E?=J==GKAIJ IAJJ HA =]GK= AHAC A^?DE= =B HJA A JAE?=KI= =?K JKH=CEKHE@E?= A IK? F AII `GKA =FE FH FHE= A JAI?EA JEBE?=AGKA = FAH=JEL=`A AI A?EJ=K IFA?EBE? HE L= A J AH=BB H = A J ) =?K JKH=I?EA JEBE?=IEHE?DEA@AI JH=HA A = K E =GKAEL= HE? IJEJK E = EAI?E= E@E?KEJH=@E E = A JAAII=IE B=JJ=FH K =IIAJJ IEIJA = K L=AIFA 15)*- ),\- 1) FHE HE?AH?=J HAAHAIF I=>E A@ECHKFFE@EHE?AH?=FHAII HE=A6A? E?DA@A \1 B H = E A/EKHE@E?=@A + 4 )41 ) 21-64) /- JEJ IJAII 1IJEJKJ E= =JJHE>KEHIE= 2EAJH= CA

2 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A HEA =CEKHE@E?= FE IA F E?A?DE=H A@KJJE AF IIE>E A JHA?D E? AHA =? IEIJA =CEKHE@E? CA AH= A EIK E=HJE? =JE? BE E EFHE? FE? I E@=JE=@AII==FF E?=>E EAE K LE??AJJEHA =JELE=I CCAJJE CCAJJEAIEJK= E E?DAE AII==BBE H= )GK= JE FAH= =L=HE JEJ FHAII =FK>> E?== E EIJH= E AIE HE?DEA@A FAH= JH K =F=HJA?EF= E A=JJEL=A?HA=JEL=E B=IAIE=@EA => H= E A?DA@E=FF E?= E A@A = K E A F=HJA?EF= E H=E = EFK A@ALA HC= E =HIE=JJH=LAHI =@ACK=JAB H A@E= = E IEFHALA KJ= E EIK??AIIELA@\E =HAC = A J= E A)14 A814 GK= J FHALEIJ =?DA@= = ACCA@EIA F EBE?= E AFAHE # 5 JJ GKAIJEL=HEFH BE E JH= H? AIIE E IJH IJEJKEI?A K E AIEC EBE?=JEL=FAH =? EIKH=HA I FH=JJKJJ E JAH E E@EJKJA =@AE@EHEJJE?ELE EA@A A E>AHJ A? E?DA AEH=FF HJE? F JAHA= E EIJH=JEL 1 JAHLEA AE K =B=IAIEC EBE?=JEL=A=? JA F?HK?E= \AL K E A H =JEL=@A IAJJ HA? I? A@A B H = JE = E AFK>> E?= 1 BA A H =JEL D=H=CCEK J E GKAIJ=] =JAHE=^ K \AIJA IE AAK =? F A JA@ E =>E E A JA F `=F=HJEHA@=C E = E?E GK= J= =? K HEJ F=HJE? =H A JA=??A AH=J A? EK JE ELA J\= E`IEI IJH=JEBE?=JEE B=JJE JHA #=JJE H =JE LEE =HC=F=HJA@E ELA =LA JE=@ CCAJJ IAJJ HE= AABH= A J=HE JKJJEE JAF E?E=IFAJJEAFH > A E`@EL=HE H@E A ACH=@ `A AHCA JE@EF=HEF=II? \AL K E A@A I?A =HE JA? +BH =HJ " ACCA & LA >HA # "$ 5A F EBE?= E AAHE=IIAJJ H =JEL FAH \= # 1 AII JH=F EJE?DA@EHEB H =@A =FK>> E?== E EIJH= E A ILE E E=JELA@E A C LAH A J F EJE?DA@EHAC = E AA? E5J=JE@=JA F = EIE? F=H=JA@AEFE E F HJ= JE HC= EI EAEIJEJK E EI LH= = E = E A H=E. 4 -?KH=K =]FHE = AJJKH=^? F AIIEL= =?KH=@E + FAJE E AE JAH = E = AA2)EJ= E= A + A F EC E H= A J 4 = CEKC # 5KGKAIJE=IFAJJEIELA@= E F=HJE? =HA AHA = E + 44),1 A 1,\- 1) E GKAIJ 8 K A

3 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII CE?? A=FF E?= E EE C E= >EJ I?E= A? HAEJA AA? JH A@EHEB H =EIJEJK E = AA= E EIJH= JEL=? H=BB H =HIE@A JACH= E AAKH FA= 5E =JKH= A JAE BEJJEJ=E GKAIJ=B J= H =JEL==?DA =JH= =@AE FHE? FEA@AC EE JAHAIIEE EAL? K EJ=HE A? IJEJK E = A JKJJEF=HE A JE@AC E@EJKJA A?AII=HE >E =?E= A J =I LH= EJ F F =HAAE E AC= E J \E F=H E= EJ AE >K A =FK>> E?== E EIJH= E A = FH E AA = =?K JKH=A@A =HE?AH?=I?EA JEBE?= = \E E E=JEL=A? E?=FHEL=J= \E JAHAIIA@A AEIJEJK E EFK>> E?DA=@ =IIE?KH=HIE A>=IEE B H =JELAFAH AFH FHEA= E E@EC LAH \E C E=JKJA =HAE@EHEJJE@A =FAHI = EJ ALA JK= A JAE?EIE@= JH=JJ= A = E 2KH E J= A? JAIJ ECAH EFAHK =HAC = A J= E A FE IE =LLAHJEJ=JKJJ=LE= = F HHA GKAIJ L=IJ E IEA A@EE JAHLA JEA? F A A J=HE E K GK=@H HC= \AIECA =FHE HEJ=HE=@E IA F EBE?= E AA?DE=HA =@A AHAC A FAHC=H= JEHAFE ABBE?=?A A JAE K LEI CCAJJE >A EAIAHLE E@A \E B H = E AA=? JA F IJE =HA ILE IAJJ HA! 2=H= A = A JA =?DAE B H =JE = E AFK>> E?= FKH IKFAH=J =?K F=II=J HEAI?AJKJJ=LE==B=HAL LAHAE AC \AIFAHEA = =JKH=J=LAHI K GK=@H IEIJA E? +E I FH=JJKJJ FAH?D = E \=@ACK=J=FH IFAJJEL=EIJEJK E = A IA = =GK= A ALA A@A \E L= E A JH L= E LA J B=L HAL AA HE = C E?AFF=JA AEI EJE =??EA =??EK E@A =?K JKH=>KH?H=JE?= E = A JE@A =F EJE?=A@AEB HJEE JAHAIIEA? E?EE CEK? 3KAIJ=? IE@AH= E AIE=FF E >EAJJELEFE GK= EBE?=JEAIFHAIIE A AIJH=JACEA@AC EK JE ELA J\= E \=IIK E A@A ILE! =FHALEIE A@EK J= AHE=IIAJJ AIFHAII=E E E= A JA A F EBE?= E AFAHE )5%%$ 1 JAHLA JEKHCA JEE =JAHE=@EGK= =HAC = E A HE=IIAJJ H =JEL E A` ACCA@EIA F EBE?= E A BKF EHA?AFE J= A A E AACKE@=@A / LAH FAH ILE \1 B H = E A A = ACEI CEKC

4 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A EA@AEIAHLE EE B H =JELE? ABK E AIJH=JACE?=@A A IE C A= E EIJH= E EA@A / LAH A IK E IEA A E? AC= A \E A1+6? H =@A =FK>> E?== E EIJH= E A E H=BB H = A \=IIAJJ EIJEJK E = AFAHE? H@E = A J H =JEL BK E = AAJA? IAJJ HA 1 >EAJJELE` =B H = E A@EK F=JHE E E B H = JEL FK>> E? \KJE E IEIJA EAIAHLE E E B H =JELEFK>> E?E`JH L= IJ=? E F=HJE? =HA A JAHHA?K JKH= \= E EIJH= E A =@@ LAJ=H@= K LA? FAJA AA =JJEJK@E E= =? => H= E AE JAHEIJEJK E = AA= =CAIJE A@AE?= >E= A JE HC= E =JELE A FAH= JH LAHI A =?=HA =@EK \E BH=IJHKJJKH= JA A =JE?=@A =FK>> E?== E EIJH= E AL J==C=H= JEHAE IE?KHA = \E JAH? AIIE A@A A K AH IAHAJEFK>> E?DAFH FHEAJ=HEAA \E JAH FAH=>E EE B H =JELEFK>> E?E " ) HECK=H@ K =IAHEA@\E JAHLA JE H =JELEE =JAHE=@ECAIJE AE B H = E EA? E? I?E= E=LAL= =LLE=J CE IK BE EHA@AC E = E JJ= J= K = K L=@EI?EF E =IK =CAIJE A@A AE B H = E EA? E? I?E= E?DAD=FH II A=JJK=J ILE KFF E B H =JE? =BE E IJ=JEIJE?E@AC E=H?DELECAIJE = EA@A AH=?? JA@E@=JE= E EIJH=JELE # )J= AF EJE?=D=B=JJ F EIACKEJ A -KH FA E FH CH= = = E = A@EA C LAH A J HEA J=J = \AH C= E A@AEIAHLE EFK> " 4A= E = E A=LLE=J=? =4AJAK EJ=HE=@A =FK>> E?== E EIJH= E A472) +BH,EH 2 + #IAJJA >HA''#A,EH 2 + LA >HA''% IK??AIIEL= A JAAL KJ= A 5EIJA =FK>> CI &BA>>H=E # " 1IJEJK E A@A IEIJA =FK>> AJJELEJ A@A =HAJAE JAH = E = A@A =FK>> E?== E EIJH= E A = H =@A = ACCA ' KC E! ' H=E? HF H= E A A \= E EIJH= E A@ECEJ= A # =@EI?EF E =E =JAHE=@ECAIJE A@A AE B H = E EA? E? I?E= EIE JH L= A = ACCA " H =@A =2HAIE@A =@A + IEC E?DAFHABECKH K K L E?EF JAHEE =JAHE=AIJ=>E FHE? FECA AH= E@EC=H= E=FAH =H=?? J= \A => H= E AA =@EBBKIE A@AE@=JE =B=L HA@AEIE C EA@AC EA JEFK>> E?E A CI! H =@A \156)6 A@A 5EIJA = = E = AIJ=JEIJE??DAD=E L=J H=@E?= A JA \ H@E = A J IJ=JEIJE? = BE A@EHA= E =HA \ CA AEJ HC= E =JEL=A =H= E = E = E A@AEB KIIEE B H =JELE= ELA?A JH= H AE E E= EFAH \=??AII =E@=JEA =JKJA =@A IACHAJ IJ=JEIJE? 3KAIJ= H =JEL=IE F E? EIKH=J=AE JACH=J=? =@EI?EF E =E =JAHE=@EJKJA =@AE@=JEFAHI = E?BH CI '$! =JAHE=@EFH JA E A@AE@=JEFAHI = E?DA? I E@=FHA?A@A JE E JAHLA JE H =JELEIK JH=JJ= A = EFAHBE = EJ IJ=JEIJE?DA

5 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII! > E?E E A $ AL= KJ= E E@AC E HC= EI EI LH= = E = EIJAIIE IJHEHABAHA JE = E = E GKAIJ FH CH= = HEKI?EJ I = E =HAI K E EE L=JELAE =?K EIAJJ HEIFA?EBE?E^ =D= =I?E=J? F AIIEL= A JAE KJ=J E IEIJA == E EIJH=JEL?DA ELA E@EE LAIJE A JEFK>> E?EE 1+6 A@=K E IKBBE?EA B H =JE = E A@AE =L H AFH?A@KHA= E EIJH=JELAA@EE = ]FAH = A =@E@EI CA AEJ JH= A@ELAHIA= E EIJH= E E^& E I = K \E =CE A=CCE H =J=@A =IJ HE?=]E B H =JE = E A= =??DE=@E A F=H@ ^?DAHEB AJJAE LAH `? A=??A AH GKE@EIACKEJ ` \=JJK= A B=IA@\E?AHJA =A@E=IE AJHE=@A H == E EIJH=JEL= )?DA \E E E=JEL=? CEK J=@E5J=J 4ACE EA@A JE?= EFAH =FE= EBE?= E AAE BE = E= A CAJJE@EA C LAH A J HACEIJH=J K B HJAFH J=C AFK>> E?DA= E EIJH= E E?= E HEKI?EJ=JKJJ=LE==@E FHE AHAE GKAIJ?= E = E = AK EJ=HE \A A A J F EJE?= A JAAJA? E?= A JAFE HE AL= F JA =HA= E = E A@A 5EIJA =FK>> AJJELEJ 52+ AL K E A@A =4AJAK EJ=HE=@A =FK>> E?== E E IJH= E EIJEJKJEL? A] \E IEA A@EIJHKJ $ 7 FHE FH CH= = = E = A@E= E EIJH= E AA AJJH E?=A C LAH A E >AH=J A CEKC '''IKFH F IJ=@A E EIJH FAH =BK E AFK>> E?=*=II= E E BK =FFH + E EIJHEFAH \E B H = E AA@= =+ BAHA =K E BE?=J= A CEKC KC C LAH A J IJ=J / LAH *AH KI? EA@= K L E EIJH FAH \E L= E AA AJA? CEA 8, 2 + "BA>>H=E HA?= JA7JE E = E A@EGK J=@AEFH LA JE@AHEL= JE@= A E?A A7 65 FAHE FE= A C LAH A J, 2 + & LA JE@AHEL= JE@= A E?A A7 \=HJ!@A = ACCA!@E?A >HA!&& )LLEI!=FHE A " 5A A E A@EFH CAJJEFH F IJE@= AHACE EA@=C EA JE?= EFAH \=JJK= E A@A \A C LAH A J E / 7!=FHE A %&, & KC E #,AJAH E = E A@A? BE = E= A CAJJEFAH ILE =?EJJ=@E = =@ECEJ= A " % 1 GKAIJEJAH E EIEAIFHE A =?KH=@E A/ LAH A JE -KH FA 6DA5J=JA B)BB=EHI 4=FF HJ -12) -KH FA= 1 IJEJKJA B2K> E?)@ E BAHA =IK \A C LAH A J + % & KC E! F $ &?BH,EH E "CA =E # E AACKE@=FAHE #E =JAHE=@E@ECEJ= E = E \= E EIJH= E A

6 " 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A JKHA HC= E =JELA E BH=IJHKJJKHAJA? CE?DAAHAC AJA? E?DA FAH ILE KFF A \E JACH= E AA =?EH? F=JHE E E B H =FK>> E?== E EIJH= E A A?AII=HEAFAH=IIE?KH=HA \E JAH FAH=>E EJ A =? FAH= E A=FF E?=JEL=@AEIEIJA EE B H =JE?EA@AE B KIIEE B H =JELE C=H= =IE?KHA =A =HEIAHL=JA =@A AE B H = E E^ CI " # E 5EIJA =? E JAHAII= JA@E]= E EIJH= E A? F IEJ=^ FAH =? => H= E AJH=E L=HE ELA E@EC LAH FHAFE I\E F AFAHIKFAH=HA =@EBBE? JAHEIJ=J= E@EC LAH =HAEFH?AIIEA? E?EAI?E= EE K? JAIJ C >= E =J ' 1? AC= A B H =JE = E A? H =@A =FK>> E?== E EIJH= E >EAJJEL IJH=JACE? FAH ILE IAJJ HA`HEIA JA@A = E HA=JJA E A?DA A \=JJK= A ACEI =JKH=IE =LKJ=LAHI GKAIJ JA = AHEB H AEIJEJK E = EA= E EIJH=JELA@AC E= E L= J==LAL= FAH IACKEJ AHA= E =J E K \ JJE?=@E= FE HAIFEH =?K AE L= E E@A?EIE LAFAH E = E A@A EE JAHLA JE@EHEB H =@AC EA JE?= EA@= =@EI?EF E =CA AH= A@A FH?A@E A J = E EIJH=JEL C HC= H == E EIJH=JEL=? =@ABE E E A@E?HEJAHEAFHE? FEIK \E EE B H =JELEFK>> E?E=KJ =JE =JE 2E HA?A JA A JA A \E IEA A@A A ACCE? IE@@AJJA*=II= E EAHA =JE =HAHE EAL I IJ=JA=?K A EIKHA@EF H ' -IA FE@E= E EIJH= E E? F IEJA= ELA IJ=J= AI E 5EIJA =IJ=JEIJE? = E = AAE 5EIJA =I= EJ=HE = E = A ==?DAE 5EIJA =>E> E JA?=HE = E = A ) ELA HACE = A IE? J=? AJ= A =4AJA6A A =JE?=4ACE = A6 I?= EJ=]B H = IJ=>E A@E? H@E = A IEIJA =HACE = A@A A=KJ EA?= EA@E? FAH= E A@A IEIJA =IJAII? = JHEI CCAJJE FK>> E?EAFHEL=JE A A =JAHEA@A \= E EIJH= E AA AJ JH E?=A@A \E B H = E A^ =HJ? H 6 I?= = $CA =E " 2H E A@A \= E EIJH= E AA AJJH E?=A@A \E B H = E AA@A =? I?A = A IEIJA =HACE = A,EI?EF E =@A =]4AJAJA A =JE?=HACE = AJ I?= =^ 7 FHE I IJAC E F HJ= JA LA AE E E=JELA@EHEB H =@AC EA JE?= =@EI?EF E =CA AH= A@A FH?A@E A J = E EIJH=JEL AGK= E L JA? \AH= =? IA H= E = E? AHA JE IA F EBE?=JEA@A?H=JE?E@A \=JJELEJ = E EIJH=JEL= A?AII=HE= A JAE F E?=L= K \ HC= E = E AAK \E JACH= E AABBE?=?A@E=H?DELE EE B H =JELEFK>> E?EA=J= BE A BBHEL= FHE? FEA?HEJAHE@EF=HJE? =HAHE EAL

7 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII # J=J=@EBBKIEL= \=@ E EJ FAH =B H = E A \=H?DE LE= E AA =JH=I EIIE A@E@?K A JE? IJHK A JEE B H =JE?EAJA A =JE?E? \E E A@A IEIJA =@A =BEH =@ECEJ= A \= F E= A J A \E L= E A HC= E?=@A \=KJ?AHJEBE?= E AA \=@ E K EJ FAH =CAIJE A@A FH J? E B H AFK> > E?DA= E EIJH= E E 4E AL= = JHAI \=BBAH =HIE@A A?=HJA?EJJ=@E A= E?H FH?AII HA? IE@@AJJAI =HJ?=H@? A@?K A JEFAHI = JEJ A? AIEIJA E@EF=C= A EFK>> E?E \E E IF HJA K E? FAH A=JJELEJ AIJHKJJKH= HC= E =JEL= FHELE ACE=J=FAH \=FF E?= E A@AE K LE A JEE B H =JE?E 3KAIJ FKHL=IJ A=FFHA =>E H =D=FAHI FAH I =?E A =FH CAJJK= EJ E E E= A + JH=@@AJJ AFAH?AHJELAHIEILK =IAHEA@E IJ=? EH=@E?=JEK F LK GKA AII IE??HAJE =J E E E E=JELA@EE L= E AAIA F EBE?= E A= E EIJH=JEL=?DAHEIK J= E? F AJA IAJJ HE= EA? JH=@@EJJ HEA FHELA@EK GK=@H? F AIIE L A? AHA JA@EHEBAHE A J 3KAIJ=IEJK= E A@EE =BBE@=>E EJ A@EIGKE H == E E =@E? IACKA =E FH CH= = = E = A@E A C LAH A J E GK= A=IK=L J= E K?EH? LE E I E CAII=E A??= EI E@EHEB H =FF E?= E EE B H =JE?DA@EF=HE 2AHI=?EHAK FE IJHAJJ? AC= A J JH=E@KA=IFAJJE@A E = E A@A =FK>> E?== E EIJH= E A = ACCA! JJ >HA'' AC=L=E / LAH =@A = =HA H A FE H= E = EAIJHE CA JEE =JAHE= BE = A JAE? H@E = A E E B H =JELEFK>> E?E= =C=H= E=@A \E JACH= E AAE JAH? AIIE A 1 AIA?K E A@EJ= AC= CI ' ''!=@ JJ=L=K JAHE HE?HEJAHEA? JE H A HC= E =JELA?DA IEHEB AJJAL= IK \E \E B H =JE?= A \= E EIJH= E AFK>> E?= CI!' ''! HEL K E \=IIAJJ EIJEJK E = A@A IAJJ HA HA?=L=K =FHE =@EI?EF E =@E?=H=JJAHAIEIJA =JE? E =JAHE=@EIEIJA EE B H =JELEFK>> E?E=KJ =JE =JE +BH, 2 4 LA >HA''% #!, 2 4 JJ >HA''& "!, 2 4 JJ >HA ''& " & JKJJA?DAI IJ=JAF EJKJJA=>H C=JAAI IJEJKEJA? H A@EIE E =HAJA HA@=, 2 4 &@E?A >HA ""#6AIJ K A@EIF IE E E ACEI =JELAAHAC = A J=HEE =JAHE=@E@?K A J= E A= E EIJH=JEL= AI IJ=JA H=E F=HJAE? HF H=JA A \= E EIJH= E A@ECEJ= A +BH =?DAE, 2 + &BA>>H=E ''' F E=>H C=J AI 2 +!CA =E " +BH E?EJ=JEH=FF HJE@A \ +5- A@A \-12) IE JAJE =JEE. 4 - =?KH=@E F?EJ F=IIE

8 $ 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A E EJ=J=GK= EJ A@ABBE?=?E=FAHE HE L= A IEIJA == E EIJH=JE L A IK? F AII 2AH? F AJ=HAA? I E@=HAE =L H CE =LLE=J?? HHA@K GKA HEF HJ=HA=?A \=JJA E AF EJE?=E FH > A =@A =HEB H =@A = FK>> E?== E EIJH= E A A =IK=FE = FE=FH IFAJJEL=?E? A FH > A =F EJE? A@AJE? FHA E A JA B=JJ HA@EE JACH= E AA? FAH= E AEIJEJK E = AIE AI?E= AA@EFH CHAII A? E? AC= EJ 5 E IE? K \ FAH=IEBB=JJ=@E HEB H == E EIJH=JEL= =]@ECEJ= E = E =FK>> E?== E EIJH= E AFK HA?=HABHKJJEABBE?=?E \=IIAJJ EIJEJK E = A`K JE >EAJJEL IJH=JACE? FAH \ HC= E = E A AE BK E = A IAJJ HA` IJ=J =?D\AII \AL K E A@EI? JE K=A? JH=@@EJJ JE??HAJE =J=IE A \EIJEJK E A@EK K L E EIJH FAH \E L= E AA AJA? CEAA@A? HHE JA,EF=HJE A HJ A =IK??AIIEL=I FFHAIIE \)12) )KJ HEJ FAH \E B H =JE?= A =FK>> E?== E EIJH= E AA A JH=IBAHE A AIKABK E E@E?=H=JJAHAJA? E? HC= E =JEL = + 12) +A JH = E = AFAH \E B H =JE?= A =FK>> E?== E EIJH= E A +?E A? FAJA A?DE= =JAE?=KI=E =JAHE=`GKA AHA =JELA= FH?AII JA? CE? AGKA AHECK=H@= JEE H == E E =AIAH?EJ=JA? F AIIEL= A JA@= E EIJH A@=,EF=HJE A =BK E AFK>> E?=E? AC= A J? \)12) I IJ=JAIK@@ELEIAJH=E@KA E EIJHE JA KJEAN ACA = HA?EFH?? H@E = A J,EB=JJ EFE= EAEFH CAJJE=LLE=JE@= E EIJH FAH \E L= E A D= FHELE ACE=J K =FFH??E JA? CE? E FE= E? =HE HC= E = E AEIJEJK E = AA= E EIJH=JEL=? F E?A =?DA =@A> A =F EJE?=@A =.K E AFK>> E?= A \=JJK= A ACEI =JK H=?=H=JJAHE =J=E FHE =@EI? JE EE?=HE?DE! 2=H= A = A JA = ACCA? IJEJK E = A& JJ >HA! HA?= JEJ =+ IJEJK E A A JHAD= F JA E=J AFHAH C=JELAA A? FAJA A@A A4ACE EA@AC E= JHEA JE! +BH FAHK IFA?EBE? HEBAHE A J AL=HEAA@E E E= K= E@A A E AACKE@=FAH E = E A@A \= E EIJH= E >HA >HA!A"CA =E #

9 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII %?= EJAHHEJ HE= E?BH =HJE? E%A&+ IJ D==BBE@=J E LE=AI? KIEL= = 5J=J =? FAJA = ACEI =JEL=E =JAHE=@E]? H@E = A J E B H =JEL IJ=JEIJE? AE B H \= E EIJH= E AIJ=J= A HACE = AA?= A^ =HJ %? AJJ H + IJ F I E?= F K =GKAIJE FAJA AJH=5J=J 4ACE EA@=KJ EA?= EE IK>EA?J= =JAHE= F=II=J=CE =K FHE L=C CEK@E?A@A A ACCEA@AEFHE EE JAHFHAJE JA A JA@= C EFE =FFH IE@AH= E AIK JA = FHE?EF= AHAIJ== HECK=H@ E L CAHAE GKAIJ FH?AII A@ELAHIA=HJE? = E EAE@ELAHIE ELA E@EC LAH 3KAIJ\K JE =IFAJJ IA >H=E F=HJE? =HA A?AII=HE? HECK=H@ = ELA HACE = AA= GKA?= A FH J=C EIJEIJ HE?E@A \E B H =JE = E AFK>> E?= A4ACE E E B=JJE E GKAIJ IAJJ HAIL C E= E5AJJ= J=K = FE FH E A A? H@E = A J A F =HEB H =? IJEJK E = A =? HFE E AC=>E AK H F JAHA@E=KJ =IJH=JACE= FKHE K = ]LEIE C EA JE?= JH=F=HJA =?DAE GKAIJ IAJJ HA D= K =L?= E A@EIAHLE FE= 1? FAH= E A EIJEJK E = I=>E AFAH=??HAI?AHAE>A ABE?E@AHEL= JH= A J AE FA@EHA?DAAII =? E EE JA HAIIE?= E? IJEJKEI?=K IJ=? = =HEB H == E EIJH=JEL= 1 IJH AALE@A JA A JA=?H?ALE=@EGKAIJAL=HEA? HF IAJA =JE?DA " 1 JA =?BH + HJA? IJ %!$!%@A "!!# #A"#@A # 6H=E FHE E? A JEE =JAHE= L 21-64) /- *HALE JAIK ]? H@E = A J E B H =JE L E B H =JE? \= E EIJH= E AIJ=J= A HACE = AA?= A E 1 " FF!#II, )4 /17 =BK E A@E? H@E = A J E B H =JE? =KJ E=@A A4ACE EAF JAHE@A E EIJH FAH \E L= E AA AJA? CEA E,EH E B # FF 'II 8 5)4+ - = A= A? => H= E AL= A=?DAFAH \A C LAH A J,= = + IK J=K \??=IE AFAHJH=JJ=HA@A \E L= E AJA? CE?= A A= E EIJH= E E A =HELEIJ=JA A =JE?=MMM BA@AH= EI E EJ, )4 /17 + A J = \=HJ " E / +)55) + /174,) - ) =?KH=@E 1 =2K>> E?== E EIJH= E A@ECEJ= A + A J=HE CI % =H # E = /EKBBH # FF II # +BH \A C LAH A J FAHK BA@AH= EI ABBE?EA JA 7 =LEIE K =HA= E = E A? A J A => + EJ=J JA? =+ EIIE AFAH = A JAFAH \E L= E AA AJA? CEA? IJEJKEJ=JH=E2HAIE@A JE@A A4ACE EAE E EIJH FAH \E L= E AA AJA? CEA 4 = =FHE A!

10 & 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A = EI E = EI E JHE ILE KFF JA? CE? = EI?DAE FHE C E= JE >EAJJE LE@=FAHIACKEHA =IJAII=JA? CE=@ LH F EIKCCAHEHAAB=L HEHA K = EI E A AHA = E EEIJEJK E = EAI?E= E A E >HEC E=H AE I?DA E@AJJ=JE@= \AL K E AJA? E?=@A A J IFAII E >EAJJELE@ JH=F=HJA HEA J=HA \E JAH FHAJ= E A@A K L? HF H =JEL AI A?EJ=HA@EL J=E L J=C E E JAHLA JEFE =@ACK=JE= A A?AIIEJ LE@KE A= A H ACEJJE A=IFAJJ=JELA,E? IACKA = E =CCE HEFHE? FE>=IA@A = K L=HAC = A J= E A F II?DAAIIAHA I JJ E FH BE B H = A \AIIA E= EJ =?DE= HA =A =IA F E?EJ =? AHA =IEIJA =JE?=A = AKJH= EJ JA? AHAC A I JJ E FH BE I IJ= E= A A@E >EAJJELEA@E IJHK A JE FAH=JELE =? FAH= E A=FF E?=JEL= E E>AH =??AII = \E B H = E AB=JJAI= LA AEF JAIE@EJKJA =FHALEIJA@= = ACCA ) HECK=H@ 5J=J `GK= E?DAIE= EIK EF JAHE@E ACEI = E A ]AI? KIEL=^ A = =JAHE=E CCAJJ AE GKA A=BBE EA? F A A J=HE`D= E? FEJ A =HAIF I=>E K LAHAK \E JA H@E AHA = E EEIJEJK E = E=BE EI H@E = A J JA? E? A 4ACE EAC EA JE?= F II KJE E =HA A? FAJA A =@AIIE=?DA? IJEJK E = A JA=JJHE>KEJA? AIJA??=JEE IKFAH=>E E 5AHLA E I =?DAIE=BBAH EE GKAIJ=HAC = A J= E AK \E@A= K EJ=HE=@A =FK>> E?== E EIJH= E A IA =@EIJE E AJH=]?A JH= A^ A ]?= A^ A \E@A=@A \E B H =JE = E AFK>> E?=? A]? K A EIIE =FK>> E?== E EIJH= E A K EJ=HE= A JA? IE@AH=J= 3KAIJE LAHAIIAHA=?K E@AE?=H=JJAHEE L=JELE A?AII=HE = K L \=JJK= AIEJK= E A@EA F=IIA E?KELAHI= GKAIJ IAJJ HA +EIE?DEA@AIAAII =>>E=J= E?=H=JJAHE IA E@ A =E LAIJEHAHA= A JA? LA \E L= E AJKJJ= =FK>> E?== E EIJH= E AII=IJAII= J HA@EK E = E A@A IEIJA =2=AIA $ +BH / +)55) + /174,) - ) =?KH=@E 1 =2K>> E?== E EIJH= E A@ECEJ= A + A J=HE CI % =H # E = /EKBBH # - +)4 1 =?KH=@E 1 \= E EIJH= E A@ECEJ= A + A J =, CI % =H # & 4E E E =CCE E #

11 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII ' AFHE A= = EIEA? A JE@A $ JH=?KE=?DAGKA EGKEH=?? JE`A FHE ==? H= \=HJE? =J F=HAHA@A + IEC IK I?DA =@A CEK@E?=J =FFHA =>E A \ FAH=@A E EIJH = D= =?DAALE@A E=J K =IAHEA@EE A@E@AJJ=C E,\= JH=F=HJA GK= J?E= JE?EF=E GKAIJ 8 K A- HE?,A /E L= E % E K L E JAHLA J JACH= E A= `CE FHA@EIF \7BBE?E ACEI A J FAH \E L= E AA AJA? CEAA=JJK= A JAE B=IA@EL= KJ= E AFHAI I C E= JHEHABAHA JEEIJEJK E = E`] K CE@= L AHHEB H =HA?=F L CA HA \=IIAJJ IEIJA ^ D= I? F ]@E@=HAK =FE? F AJ= HA= E = E A=EFHE? FEA?HEJAHE@EHAJJELE@A = ACCA@A AC= ' E E =HAE?AHJA =HA =F A@EIF IE E IEIJA = H =JEL FE K EJ=HE HC= E? A? F AJ ^ 5A =L AH= JE?EF=HAK CEK@E AHEJ `FAHE GK= A?? F AJ= A \EJAH H =JEL E JE HA?DA =?K E@EBAJJE@\E F IJ= E A`?DA=LHA>>AH HE?DEAIJ =FFK J K E FAC FE H=@E?= AA? CEK CCAJJEEIJEJK E = EAI?E= E? E L JEE =JAHE=`HAIJE E IKFAH=JE=?DA@= \E JAHLA J? HHAJJEL 6H=GKAIJE?EJ I =? IE@AH= E AE? F AJ=@A = H =JEL=@EHEBA HE A J A = =?=J=HA= E = E A@EK \= = EIE@\E =HAC = A J= E A A A A E =J =F=HAHA@A + IEC 5J=J K =?=HA =@ELEIE AIEIJA E?=@A GKE I E \ABBE?=?E=@A = K L=@EI?EF E = =? IE@AH= E A@EJKJJ= =FHACHAII= H JJ E ACEI =J HAGK=IE =JKH= A JAIK =LE=@EK = =CCE HAAIIA E= EJ HC= E?EJ A? AHA = A JAHA?KFAH=>E A =HA= E = E A@A I =LHA>>AIKCCAHEJ K FE AGKE E>H=J =FFH??E H =JEL? A K?E=JEA@EIF IE E EI IJA KJA@=K CA =IKBBE?EA JAAHA= EIJE? ==LHA>>A? IA JA F IK=?K E=IFAJJE@A B H =JE = E AFK>> E?=?DAHAIJ= JKJJ H=EFE I? FAHJE \=IFAJJ HC= E =JEL % -,- /1 8) 1 1 \= E EIJH= E A@ECEJ= E JACH=JEL A? HHAJJEL? IE@AH= E ECA AH= E

12 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A =B H = E A@A FAHI = A?DA A \??=IE AI=HA>>AIJ=J IJE =J =? E L CE A J 1 =L H FHAF=H= J FH >=>E A JAFE => HE I =@E K \E?=? =>E AKJE EJ 3K= A?DAIE= \AIEJ BE = A@A \=JJAI E JAHLA J E JACH=JEL A? HHAJJE I=H? K GKA? FH IIE / LAH =LLE=HAK =JJA J EJ H=CCE A =L= KJ= E A@A AFAHB H =?A A@AE>A JE@= \=FF E?= E A@A FHABAHE>E A JA=JJH=LAHI =FF IEJAL= KJ= E E@\E = K L= ACEI = E A =IJHK A J= EJ A AHAC A@EGKAIJ IAJJ HA@= E B=JJE=GKAIJ =F JA E= EJ A H A?DA IAIEAIFHE AH E F IEJEL HEKI?EH = E>AH=HAAL= HE =HAA AHCEAFAH ILE = HE LE=HAIE A@EA C EHE?DEA IJ=@EILE KFF A@ELAH=@A?H= E= 1 K L IJHK A J H =JEL HA HAIJ=? K GKAFAHFE LAHIEK B=JJ =FFHA =>E A E HE EAL F \E E E=JEL= F FE LEIE>E A JA =FK>> E?== E EIJH= E HEA J= A J AIJHK A IJAC FAH \E JAH=I?EAJ E FAC = =CCE H A JAE IEIJA =@A =FK>> E?== E EIJH= E A=@=HA IACKEJ = \ HC= E = E AA= AHAC AGKEIJ=>E EJA A??E I IJA AHA A JA K =F EJE?=@EILE IAJJ HA 2HE =@E=FFH A K AH IAA? F AIIAGKAIJE E?DAE \= E EIJH= E A@ECEJ= A^ D=I AL=J JA@A AGK= E I AE? JHE>KJEH=?? JEE GKAIJ 8 K A JKJJE= E =JE@=? IJHKJJEL E JA A?EJ=HAK JAHE HEHEB AIIE EE LEIJ=@A \=FFH L= E A@A CE FHA= E JACH=JEL A? HHAJJEL FK CE L=HA =?DAK H=FE@?A = =CA AIE@A FAH AC E? A =??= E A= \E \ H@E = A J =IFA?EBE?=IK= H=JE A =FHAIK J=F HJ=J=E L=JEL= = ACCA ' KC E! =GK= AE HECE A D= E FHAII `? \ J `K K L? HI = F EBE?= E A E A@A = H =JEL=IJ=J= A HE I IK FE CA AH= AJA =@A =]GK= AHAC A^ 7 =FHE == = EJE?=HE? IJHK E A@EJ= AFAH? HI A

13 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII + IEC IK I?DA FHEAJ IJHE= A^ E GK= B H = A A=@K = H =@A AC= JA? JA KJ= A = ACCA '! D=@EB=JJ E =K CKH=J E K L? E A? A A =I IJ= = K \= JE?EF= E A & 1 J= AF=HAHA \)@K = =CA AH= A@A + IEC D=JH=JJACCE= J \AL K E A@A FAH? HI? ACEI =J HAIJ=J= E =IA F EBE?= E AA@A HE A H = F EBE?= E ACEBE?= E A=BBE@=J== \=FFH L= E = A JEIKIE C EFH?A@E A JE F E=JJH=LAHI E HE H@E HE=IIAJ JAHA =JAHEA HC= E?DA? EJAIJEK E?E EIJE FHE = A? E K LE F E IJAII + IEC E=J? A? = ACCA '!IEIE=F IJ==JJA E A= =IA F EBE?= E A A = IK==??A E AFE = FE= =GK= AHE?DE= = JHA= =IA F EBE?= E A@AE FH?A@E A JEE IA I IJHAJJ =FE CA AH= AJA =JE?=@A =GK= A HAC =? AHA =A?DE=HA =@=K FK B H = A = =AIIA E= EJ A E HA AH FK E? I IJ= E= A 1 K L FH?AII E =KCKH=J? E ]HE=IIAJJ ^ FHA GKA =@K =HE HC= E = E A? F AIIEL=@A AB JE?DAHAC = K =@AJAH E =J= =JAHE=A@= = H IEC EBE?=JEL=HE@K E A? AJJAHA=E?EJJ=@E E@E=LAHAK GK=@H >A FHA?EI AK AHAC A?DA@EI?E F E = K IAJJ HA@A =LEJ=I?E= A^' =?=I A@A ACDA@A = ACCA '!I FE = FEA?DA A FHA?A@A JE@A JA E?E EIJE? IA = ACEI =J HA@A A C=J =@EI?EF E =@EH= C ACEI =JEL =BE E@E? H@E = A J B H = A IE==?DA@EE L=HA? IE@AHAL A JA A AHEJ A H A E A 2H FHE E H=CE A@EGKAIJ\= FE= B=? JAHLA JA@= A@A ACDA E + IEC D=FHABA & + I 5J ) / # JJ >HA " " CI BA>>H=E #! = FH FHEAJ A = H =@A \=HJE? #@A = >HA %! IJ=J A = =J `? AIE@AIK A@= JEJ `E =JJK= E A@A \=HJ = >HA %! EIKHAFAHB=L HEHA \E E E=JEL=FHEL=J=A ILE =?? HHA = ' + I 5J ) / "?EJ FK J!!

14 1 B H =JE?=A@EHEJJ 1 \= E EIJH= E A@ECEJ= A HEJ =FFA =HA = K L=B=IA? JAH E E A^ FEKJJ IJ?DA ]HE=IIAJJ ^??AJJ?DA AC E =AL?=JE LLAH \E L=JELEJ I IJ= E= AAE? I E@= A J B H = A 3KAIJEK JE E? IJEJKEI? E ABBAJJE =FA?K = K L=B=IA@E ]HE=IIAJJ ^ H =JEL?DAIE?=H=JJAHE =FH FHE FAH =F IIE>E HEB H =HAE? JA KJE@A =@EI?EF E = ACEI =JEL=@EK =@=J= =JAHE= =?DA =JJH=LAHI =IA F EBE?= E AI IJ= E= AA =@AHAC = A J= E A A= IJAII JA =H=?? J= HC= E?=@EJKJJA A H ELA FHE =HE 6= J FHA AII F=HAE FF HJK?DEA@AHIE H=IA E K = =JAHE=? AGKA =@A \E B H =JE = E A= E EIJH=JEL=FAH@ABE E E A AC=J== AAL K E E@A =JA? CE= B IIAIJ=J FE =FFH FHE=J =BBE@=HA=@K E JAHLA J HAC = A J=HA`FKH? E JE E EJE?DA \=HJ %? $ + IJ F A= F JAHAHAC = A J=HAIJ=J= A`E HE IE E ELECA JE =?DA? IE@AH=J?DAAIIA CCEE =IIE =F=HJA =FF=HJA C =J= AH= C E LA?A= = ACEI = E AFHE =HE= E E A@AEI EFHE? FECA AH= E@A = =JAHE=,K>>EIKI?EJ= E B=JJE IE= =I?A J=@EFH?A@AHA= =HE ACEBE?= E A@E J=F=HJA@A = =JAHE=FHA?A@A JA A JA@A ACEBE?=J= I?A J=?DA FK?AHJ CEKIJEBE?=HIEIK =>=IA@EAIECA A@EHE =@EI?EF E = IE= \E JAHLA J H =JEL K L IKJA EJH FF = FE>=IJEFA I=HA= IE E E?DAHE? I? K =5A E A11@A +=F 1@A \7BBE?E ACEI E EIJAH A I F=H = A J=HA )FH F E IJ=? E ACEI =JELEAHAC = A J=HE?DAF II BHA =HA ILE \A C LAH A J \ +5- H=?? JH= \= JH E HE? HI =@K = ACEI = E A AKJH= A HEIFAJJ = A EILE KFFEJA? CE?E]6A?D CO AKJH= EJOE ACEI =JE HACK =JE ^A =B AIIE>E E H@E = A JE]. ANE>E EJOMEJDE >H =@HACK =J HOBH= A M H B?KHHA J =MIJ =@ECEJ= M H@^ +BH +5-! 6DAA / LAH A J1 FAH=JELA 2=HEI F $! A F?DA@EIF IE E E@EH= C HAC = A J=HA@A, 2 4 &@E?A >HA ""# 6AIJ K E? IK =@?K A J= E A= E EIJH=JEL==>H CI & # A@=GKA IJ HE ACEBE?=JA I =!@A \=HJ %#)>H C= E E 5EHE? H@=?DAK =@A A LEJ E JJA@= = ACCA@EIA F EBE?= E A \=JJHE >K E A=EIE C E E EIJAHE@A F JAHA@EE E E=JEL= H =JEL=FAH =IA F EBE?= E AA@

15 1,\- E= 2EAJH= CA 1 \= E EIJH= E A@ECEJ= A A FH?AII! )HECK=H@?? HHAHE? H@=HA?DACH= F=HJA@A = =JAHE=? B KEJ= A IJ=J=HE HC= E =J= A, 2 4 &@E?A >HA ""# 6AIJ K =@?K A J= E A= E EIJH=JEL= E GK= A=LAL=FAH= JH >A? EKC=J AAIECA A@A =?HAI?A JAE B H =JE = E A= E E IJH=JEL=? GKA A@A \=? H=FHAIA JAIEIJA =@E@?K A J= E A?=HJ=?A= H=?? C AHA =JELA H AE K =IJAII=B JA 6H= \= JH CI & #=>H C=I E F=HJAE?EJ=J 6AIJ K E? ^ = =JAHE=? HECK=H@ = =I =@?K A J= E AA AJJH E?= 1 K E B=JJE FAHIACK FE? AEFHA?A@A JEJAIJE K E?E EIJEE BE A@A =? F AJA = =JJH=LAHI \=>H C= E A@EJKJJ= = ACEI = E AFHA?A@A JA K =I?A J=?AHJ= A JA@ LKJ==?DA= HEI?DE FAH E ACEI =J HAIJ=J= A IJ= JAE K L FAJA AJH=5J=J A 4ACE L=@AHA= >EJE@E? FAJA =HACE = A 1 FAH E IJH AI=JJ= A JA A =@EHA E A FF IJ==GK= J HA= E =J? E?EJ=J, 2 4 K L= A JA =J= J JA KJ=IAF=H= E AJH=E L= E A= E EIJH=JEL= AE L= E AJA? CE?= 7 =IAF=H= E A?DAI \E@A=AHH=J=@E? IE@AH=HA = HE HC= E = E A= E EIJH=JEL=? ABK E = A= AJA? CEA FEKJJ IJ?DA=? JH=HE AJA? CEA? AIJHK A I=>E EFAH =HE HC= E = E A@A \= E EIJH= E AFK>> E?= FAH =HAE CAC AHE = E A@A >=? BBE?AAFAH =HEGK= EBE?= E A@AEIAHLE EAH C=JE=E?EJJ=@E E )HECK=H@ >=IJEGKEHE? H@=HAGK= J HE \ +5- A J 4=FF HJ IK IEIJA =@EHAC = E AEJ= E= HA= E =J A \= 4ACK =J HO4AB H 2H CH= A 1 J= A@?K A J LA EL==?KJ= A JA ALE@A E=J= =IJHAJJ= A A?AII=HE=? AIIE AJH=HEB H = E HE=IIAJJ A A =JAHEA@EFH FHE=? FAJA = B=JJEI= LEE?=F = =2HAIE@A =@A + IEC E EF A? H@E = A J AE? BH JE@A A= E EIJH= E E@EIAJJ HAFAH=IIE?K H=HA=?DA \K EB H EJ A \ CA EE JAHLA JE@EHE=IIAJJ AIA F EBE?= E A?D K F JAHA@E=JJEL=HAIFA?EBE?DAE E AH E=@A \= E EIJH= E A? FAJA JA?BH =HJ? E#A' ACCA #' ''%? \=HJ ACCA '!,ELAHI= A JA FAHE]JAIJEK E?E EIJE^ =HA@= E A@AC EI?DA E@AC E=JJE H =JELEAH==BBE@= J==@=FF IEJAIJHKJJKHA@A =2HAIE@A =@A + IEC E LLAH,EF=HJE A =BK E A FK>> E?=A K? A FAH =IA F EBE?= E A?BH =HJ %? " ACCA& =H ''' #,A ACEBE?= E AAJAIJEK E?E@E H A??AH A JEFH?A@E A JE= E EIJH=JELE` ACCA@E IA F EBE?= E IE E AF E=>H C=J=@= \=HJ!?! ACCA '!

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