EL - bsh-partner.com
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EL - bsh-partner.com
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[email protected];4 ..; 12 C.@A2 6;@A.99.A62 A<242C<241 D<?12; 6; <C2?22;@A2::6;4 :2A 12 6;@A.99.A62?24296;4 J 2 C<216;4@@9.;4 :<2A G< 42=9..A@A D<?12; G<1.A 12G2 12 52A2 1292; C.; 12 8<<8=9..A <3 12 <C2; ;62A ?..8A J 2 6;1B0A62=9.A2; 8B;;2; 2;829 42Y;@A.9922?1 D<?12; <= <C2;@ :2A 9B05AA<2C<2? C.; 52AG29312 :2?8 #;12? 12 8<<8=9..A :<42; 422; 8<298.@A2; C..AD.@@2?@ <C2;@ G<;12? C2;A69.A62 <3 D.@:.056;2@ 42Y;@A.9922?1 D<?12; J ;162; 12 =9..A 42Y;@A.9922?1 6@ <= 22; 9.12 8B;;2; 12 :2A.92; C<<?D2?=2; 162 G605 /2C6;12; 6; 12 9.12 5<42 A2:=2?.AB?2; /2?2682; A2 D67A2; ..; 9B05A06?0B9.A62 .38<:@A64 C.; 12 C2;A69.A62 C.; 12 =9..A 562?A<2 D<?1A ..;/2C<92; 22; AB@@2;@A2B; A2 42/?B682; 9@ AB@@2;@A2B; 8.; 22; 5<BA2; =9.;8 42/?B68A D<?12; <3 22; 42@0568A .002@@<6?2 428<05A D<?12; 6; <;G2 A205;6@052 162;@A 2 ?232?2;A620<12 C.; 16A .002@@<6?2 6@ J 982 :.;6=B9.A62 ..; 12 /6;;2;G6712 C.; 52A .==.?..A :2A 6;/24?6= C.; 52A C2?C.;42; C.; 12 A<2C<2?8./29 :<2A B6A42C<2?1 D<?12; 1<<? 12 (205;6@052 62;@A ,<),3,5 =669),9,0+,5 -),,3+05. J , 266273((; +0,5; =3(2 ,5 /690A65;((3 ;, :;((5 , :5,+,5 05 /,; 4,<),3 46,;,5 <0;.,=6,9+ >69+,5 =LL9 +, 05:;(33(;0, =(5 /,; ;6,:;,3 , :7((5+,9: >,./(3,5 +, >,9205. =(5 +, ,3,2;90:*/, *64765,5;,5 2(5 ((5.,;(:; >69+,5 , :;()030;,0; =(5 +, 4,<),3,5 46,; 662 >69+,5 .,.(9(5+,,9+ 5( /,; <0;=6,9,5 =(5 +, :501>,92A((4/,+,5 J 2/?B68 B6A@9B6A2;1 @=206.92 D2?8/9.12; 162 A2:=2?.ABB? 2; D.A2?/2@A2;164 G67; /C C.; ;.ABB?@A22; <3 /2A24291 D2?8/9.1 J 2 6;/<BD:2B/292; :<2A2; /2@A.;1 G67; A242; A2:=2?.AB?2; A<A H J !6;6:.92 .3@A.;1 C.; 12 6;@;6716;4 A<A 12 G67D.;1 :: 2A D<?1A ;62A ..;/2C<92; 12 8<<8=9..A A2 =9..A@2; AB@@2; AD22 G67D.;12; :..? 6; 42C.9 16A 421..; D<?1A :<2A <<8 22; :6;6:.92 .3@A.;1 C.; :: ..; 22; C.; 12 G6712; 429.A2; D<?12; J 2A ..;?205A D..? 12 =9..A 42Y;@A.9922?1 D<?1A :<2A 22; 168A2 52//2; C.; A2; :6;@A2 :: J ;162; 12 /?221A2 ..; 12 /6;;2;G6712 C.; 52A :2B/29 :6;12? 1.; :: /21?..4A :<2A 22; 6;@;6716;4 ..;42/?.05A D<?12; 6; 12 G67D.;12; C.; :: C.;.3 12 /<C2;G6712 C.; 52A ..;?205A .3/22916;4 J &282;6;4 5<B12;1 :2A 12 C2;A69.A62 C.; 12 =9..A 6@ C2?26@A 22; <=2;6;4 ..; 12 /<C2;G6712 C.; 12 .05A2?D.;1 C.; 52A :2B/29 C.; :: /?221 <= :: 5<<4 .3/22916;4 22; @052616;4 C.; :: AB@@2; 12 .05A2?G6712 C.; 52A :2B/29 2; 12 D.;1 C.; 52A 3<?;B6@ .3/22916;4 6;162; 12 =9..A 42Y;@A.9922?1 D<?1A <= 22; 9.12 :<2A :: .3@A.;1 429.A2; D<?12; AB@@2; 12 9.12 2; 12 /<C2;G6712 C.; 12 8<<8=9..A J ;162; 52A 5<BA2; =.;229 C.; :: 168A2 42Y;@A.9922?1 D<?1A .9@ AB@@2;@A2B; 5<B1A 1.; ?282;6;4 :2A <;12?@A..;12 C2?26@A2; .3@A.;1 AB@@2; 52A 5<BA2; =.;229 2; 12 /<C2;G6712 C.; 12 8<<8=9..A C.; :: <=2;6;4 ..; 12 .05A2?G6712 C.; 52A =.;229 .3/22916;4 12G2 :<2A 162= 42;<24 G67; G<1.A 12 8./29 C.; 12 =9..A 8.; D<?12; B6A425..91 .3/22916;4 2A 5<BA2; =.;229 :<2A G< <;1<<?9.A2;1 :<429678 G67; <: 12 9.12 A2 @052612; C.; 12 G<;2 D..? 12 9B05A C.; 12 =9..A G.9 ?206?0B92?2; 62?A<2 :<2A2; 12 .3:2A6;42; C.; 52A =.;229 <C2?22;@A2::2; :2A 12 :.A2; C.; 12 ?<:= C.; 52A :2B/29 D..?6; 12 =9..A G.9 D<?12; 42Y;@A.9922?1 J ;162; <;12? 12 8<<8=9..A 22; <C2; 42Y;@A.9922?1 6@ 9261 12 8./29 C<<? ..;@9B6A6;4 <= 52A ;2A C.; 12 5<28 96;[email protected]? C.; 12 <C2; ;..? 52A @A<=0<;A.0A 2 8<<8=9..A 5<?6G<;A..9 6; 12 B6A@;6716;4 92442; 2; B6A967;2; 2A 2? 1..?/67 <= 1.A 12 @=922A 2? <:522; 429678:.A64 C2?9<<=A 2 3B;0A62 2; =<@6A62 C.; 12 .==.?.A2; 0<;A?<92?2; 2 @=922A AB@@2; 52A D2?8/9.1 2; 12 82?.:628=9..A :2A 42@0568A2 6; 12 5.;129 42/?B68296782 @6960<;2;86A C<242; 6; 12 42D2;@A2 892B? 2A <= /67 D2?8/9.12; C.; ;.ABB?@A22; 8B;;2; /67 42/?B68 C.; <;42@0568A2 @6960<;2;86A ;62A :22? A2 C2?D6712?2; C2?892B?6;42; <;A@A..; 2; 42@0568A2 86A 6@ A2 /2A?2882; /67 <;G2 89.;A2;@2?C602 "22: 562?/67 12 ..;D67G6;42; <C2? 12 C2?D2?86;4 C.; 12 3./?68.;A 6; .05A '6960<;2;86A 6; 12 C<242; @=B6A2; *<<?1.A G605 22; C962@ C<?:A 12 @6960<;2;86A :2A 22; G22=<=9<@@6;4 /2C<05A6412 .3@A?6782? <3 C6;42? 49.1:.82; ,<),3 =669),9,0+,5 S-),,3+05. (5:3<0;:*/,4( QR-),,3+05. 67 /2A242912 D2?8/9.12; 2 1?..4C9.882; 6;162; ;<164 :2A A2:=2?.ABB?e 2; D.A2?/2@A2;1642 ?.;12; ?<;1<: C2?5<42; 5:;(33,9,5 =(5 +, 7(2205. S-),,3+05. $9.8 12 G293892C2;12 =.886;4 4202;A?22?1 6; 12 B6A@=.?6;4 C.; 52A D2?8/9.1 G62 .3/22916;4 , 73((; 50=,33,9,5 S-),,3+05. ;162; 12 =9..A ;62A <= 52AG29312 =269 6@ 6;@A.9922? 12 4292C2?12 C2?.;82?6;42; 66273((; 05)9,5.,5 ,5 ((5:3<0;,5 -),,3+05. J '=.;;6;4 G62 AF=2=9..A72 J 29.;4?678 )6A@9B6A2;1 ..;@9B6A2; G<.9@ D22?4242C2; <= 52A ..;@9B6A@052:. J 2 8./29 C.; 12 ..?16;4 6; 4?<2;2 2; 4292 892B? 162;A 52A 22?@A A2 D<?12; ..;42@9<A2; 2; 52A 9..A@A A2 D<?12; .342@9<A2; <C2;162; 162;A 12G2 9.;42? A2 G67; 1.; 12 .;12?2 #= 162 :.;62? D<?12; 12 .;12?2 8./29@ 5<2D29 12 =9..A /2D224A C\\? 12G2 .342@9<A2; J -2A 12 ..;@9B6A8./29 ..; 52A ;2A ;62A 892: /67 52A 6;@A.992?2; C.; 12 8<<8=9..A ;<05 @05B63 12G2 9.;4@ @;6712;12 ?.;12; ,3(5.9012 )01 +, <0;)6<> =(5 +, 266273((; !..8 52A .==.?..A @=.;;6;4@9<<@ 2 1605A6;4 :2A 42@0568A 42?221@05.= 9.;4@ 12 82?.:628=9..A ?<;1<: <=2;@;6712; 2 8<<8=9..A C.; <;12?B6A ;..? /B6A2; 1?B882; ?B6; -D.?A 9.BD +6A 229 2; 4?<2; DA %0.;0., 673@:505.,9 J '6882?5212; B;12? /2;FAA29@2; .3 .==.?.A2A 8.; 8B; 4.?.;A2?2@ 5C6@ 6;@A.99.A6<;2; 2? B13`?A 8<??28A <4 6 <C2?2;@@A2::29@2 :21 12;;2 :<;A2?6;4@C27921;6;4 '8.12? 12? @8F912@ 3<?82?A :<;A2?6;4 2? 6;@A.99.A`?2;@ .;@C.? J B; 2; .BA<?6@2?2A A28;682? :R B13`?2 A69@9BA;6;42; .3 .==.?.A2A !.; @8.9 3`942 12 4S912;12 /2@A2::29@2? 3<? 12A =R4S912;12 3<?@F;6;4@@29@8./ 6 <:?R12A J ==.?.A2A A695`?2? 89.@@2 <4 12A 8.; 8B; /2;FAA2@ :21 2; 7<?13<?/6;129@2 J C6@ :.; /2;FAA2? 12AA2 .==.?.A B12; 2; 7<?13<?/6;129@2 2992? 6;@A.99.A6<;2; 6882 2? 8<??28A 8.; 12? 6 28@A?2:2 A693S912 <=@AR .9C<?9642 @8.12? ./?68.;A2; 8.; 6882 4`?2@ .;@C.?964 3<? B8<??28A 1?63A <4 :B9642 @8.12? @<: 3`942 .3 2; 3<?82?A 2928A?6@8 6;@A.99.A6<; J ;<?1;6;42?;2 2992? @8.9 CS?2 B1@AF?2A :21 2; @68?6;4 J C6@ .==.?.A2A 6882 2? B1@AF?2A :21 2A @A68 @8.9 12? :<;A2?2@ .3/?F12?.;<?1;6;42? 6 12; 3.@A2 6;@A.99.A6<; 6 <C2?2;@@A2::29@2 :21 /2@A2::29@2?;2 3<? 6;@A.99.A6<;2; J `128./92A @8.9 .;/?6;42@ =R 2; :R12 @R 12A 6882 /2?`?2? C.?:2 1292 .3 8<42@28A6<;2; 2992? <C;2; J ;1B8A6<;@8<:3B?2?;2 :R 8B; 6;@A.992?2@ <C2; =R C2;A69.A6<;@<C;2 .3 @.::2 :S?82 );12? 8<42@28A6<;2; :R 12? 6882 <=@A6992@ 3?F@2?2 <=C.@82:.@86;2? <C;2 B12; C2;A69.A6<; 2992? C.@82:.@86;2? J C6@ 8<42@28A6<;2; 2? 6;@A.992?2A <C2? 2; @8B332 8.; 12 :2A.9</728A2? 12? /236;12? @64 6 @8B332; <=;R 5`72 A2:=2?.AB?2? =R 4?B;1 .3 ?206?8B9.A6<;@9B3A2; 3?. 8<42@28A6<;2;@ C2;A69.A6<; 5C<?3<? 12A .;/23.92@ .A /?B42 2; .1@869929@2@.;<?1;6;4 '<: .1@869929@2 8.; :.; /2;FAA2 2; A?S5<912? 2992? 2; 12?A69 24;2A 5<912? @<: 8.; 3R@ 5<@ C<?2@ @2?C602.31296;4 &232?2;02;B::2?2A A69 12AA2 28@A?.B1@AF? 2? J ;5C2? :.;6=B9.A6<; 6 .==.?.A2A@ 6;1?2 52?B;12? B1@863A;6;4 .3 3`128./92A @8.9 B13`?2@ .3 C<?2@ @2?C602.31296;4 69),9,+,3:, (- 4O),3 0.<9 J O22,5)69+,; :2(3 =G9, -3(+; 6. =(5+9,; $+:2G905.,95, 0 4O)3,; :2(3 -G9+0..O9,: 05+,5 4(5 05:;(33,9,9 (77(9(;,; 1,95 ,=,5;<,33, :7F5,9 0+,; +, 2(5 ),:2(+0., +, ,3,2;90:2, ,3,4,5;,9: +90-; ";()030;,;,5 0 4O)3,95, :2(3 6.:F 265;9633,9,: ,-;,9 <+-O9,3:, (- <+:2G905.:(9),1+,; J ?B4 B129B882;12 @=2062992 .?/271@=9.12? @<: 2? :<1@A.;1@1F4A642 <C2? 3<? A2:=2?.AB? <4 C.;1 3 28@ ;.AB?@A2; 2992? 396@2/29.4A2 .?/271@<C2?39.12? J !`/92A 12? 8.; /96C2 A69@:B1@2A @8.9 CS?2 :<1@A.;1@1F4A64A <C2? 3<? A2:=2?.AB?2? =R <= A69 H J !6;6:B:@.3@A.;1 3<? B1@8S?6;42; 6 3<?5<91 A69 9<1?2A CS4 :: 2A .;/23.92@ 6882 .A 8<42329A2A =9.02?2@ :2992: A< 9<1?2AA2 CS442 :2; 5C6@ 12A .99642C29 2? ;`1C2;164A @8.9 12? CS?2 2; .3@A.;1 =R :6;1@A :: A69 12; 2;2 @612 <4 :: A69 12; .;12; J ?/271@=9.12; 5C<? 8<42329A2A 6;@A.992?2@ @8.9 5.C2 2; AF8829@2 =R :6;1@A :: J C6@ :`/92A@ 6;1C2;1642 /?2112 2? :6;1?2 2;1 :: @8.9 12? 9.C2@ 2; B1@8S?6;4 6 12 9<1?2AA2 CS442 =R :: 3?. 12; `C2?@A2 129 .3 .?/271@=9.12; 364B? J );12? 52;@F;A.42; A69 8<42@28A6<;2;@ C2;A69.A6<; 2? 12A ;`1C2;164A :21 2; R/;6;4 6 12; `C2?@A2 129 .3 12; /.42@A2 CS4 =R :`/92A @8.9 CS?2 :: /?21 <4 :: 5`7 364B? 2; .1@869929@2 =R :2992: :`/92A@ /.42@A2 129 <4 8`882;:B?2; 364B? 5C6@ 8<42@28A6<;2; 6;@A.992?2@ <C2; =R 2; @8B332 @8.9 12? CS?2 2; .3@A.;1 =R :: :2992: @8B332; <4 12; `C2?@A2 129 .3 .?/271@=9.12; J C6@ 12? 6;@A.992?2@ 2; .1@869929@2 6 3<?: .3 2A A?S=.;29 :21 2; AF8829@2 =R :: @8.9 1B A.42 12 3`942;12 8?.C 6 /2A?.4A;6;4 .3@A.;1 :2992: A?S=.;292A <4 12; `C2?@A2 129 .3 .?/271@=9.12; :: R/;6;42; 6 12; /.42@A2 129 .3 =.;292A 364B? @8.9 CS?2 A69@A?S882964 1F/ A69 .A 8<42@28A6<;2;@ 8./29 8.; A?S882@ 42;;2: 364B? (?S=.;292A @8.9 CS?2 @R ASA @<: :B964A 3<? .A .1@86992 @8B332<:?R12A 5C<? 9B3A2; 3?. 8<42@28A6<;2; 06?8B92?2? 2?3<? @8.9 =.;292A@ @A`??29@2 A69=.@@2@ :`/92A@ /2@8FAA29@2@3<?.;@A.9A;6;42? 5C<?6 8<42329A2A 6;@A.992?2@ 69),9,+,3:, (- 4O),3 S0.<9 *21 396@212 .?/271@=9.12? ?/[email protected]?;2 @8.9 3<?5`72@ :21 A2:=2?.AB?e <4 C.;13.@A2 96@A2? 5C6@ 12A 2? ;`1C2;164A 5:;(33(;065 (;G;505.::(4305. S0.<9 $R@SA 89S/2@.:96;42; 02;A?.9A <C2? 8<:3B?2A@ 6;15.8 @2 /699212 0=,33,905. (26.,:,2;065,5 S0.<9 A693S912 .3 .A @28A6<;2; 6882 2? =9.; 8.; 1B :<;A2?2 12 :213`942;12 3<?.;8?6;42? 3(*,905. 6. ;03:3<;505. (- 26.,:,2;065 0.<9 J '=S;16;4 @2 AF=2@869A J *64A64A (69@9BA B129B882;12 6 52;5<91 A69 A69@9BA;6;4@364B?2; J ./92A :21 7<?13<?/6;129@2 4?`; <4 4B9 3.?C2 @8.9 .9A61 3`?@A A69@9BAA2@ <4 @61@A .3/?F12@ 2A @8.9 12?B1<C2? CS?2 9S;42?2 2;1 ?2@A2; @R 12 .;1?2 3`?@A .3/?F12@ 6 3.91 8<42329A2A 39FAA2@ J 92: 6882 12A 2928A?6@82 A69@9BA;6;4@8./29 C21 :<;A2?6;4 .3 8<42@28A6<;2; <4 9.1 12A 52992? 6882 =.@@2?2 52; <C2? @8.?=2 8.;A2? J C6@ 12? B;12? 8<42329A2A 2? :<;A2?2A 2; <C; @8.9 1B 3`?2 12A 2928A?6@82 A69@9BA;6;4@8./29 3?. <C;2;@ /.42@A2 C2;@A?2 57`?;2 :<1 @A?`:@A6882A <42@28A6<;2; @8.9 =9.02?2@ C.;1?2A 6 B1@8S?6;42; <4 7B@A2?2@ 2? @8.9 :.; @`?42 3<? .A @=.9A2; 2? 9642 @A<? 5292 C272; ?B;1A <;A?<992? .==.?.A2? 3<? 3B;8A6<; <4 =9.02?6;4 '=.9A2; :2992: .?/271@=9.12; 82?.:68=9.12; 3B42@ A69 :21 @6968<;2 6 2; =.@@2;12 3.?C2 23A2? 242A C.94 *21 .?/271@=9.12? .3 ;.AB?@A2; @8.9 :.; CS?2 <=:S?8@<: =R .A 2; @6968<;2 12? 6882 2? =.@@2;12 A69 12;;2 /?B4 8.; :213`?2 3.?C2S;1?6;42? 6 @A2;2; 2 8.; /2@A6992 2; 24;2A @6968<;2 C6. C<?2@ @2?C602.31296;4 (.4 52;@F; A69 3./?68.;A2;@ .;C6@;6;42? '=?`7A @6968<;2 6;1 6 3B42?;2 `? <C2?39.12; =R @6968<;2; @A`?8;2? @8.9 1; 49.AA2@ B1 :21 2; 36;42? :21 2; .;29@2 @S/2C.;1 %0.;0.; =,+ +,465;,905. 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J BA696G.TP< 12@A2 .=.?295< @2: . 964.TP< M A2??. <B 0<: B:. 6;@A.9.TP< 6;0<??20A. =<12 =?<C<0.? .6;1. >B2 2: 06?0B;@AO;06.@ :B6A< =<B0< =?<CNC26@ @V?6<@ 1.;<@ # 3./?60.;A2 ;P< @2 ?2@=<;@./696G. =29< 3B;06<;.:2;A< 6;.12>B.1< 2 =29<@ 2C2;AB.6@ 1.;<@ <?646;.1<@ =<? 6;@A.9.T^2@ 29V0A?60.@ 6;0<??20A.@ J # 3B@XC29 ;<@ 16@=<@6A6C<@ <B V 6;16@=2;@NC29 J '2 < .=.?295< ;P< 2@A6C2? 2>B6=.1< 0<: B:. 3605. .02@@XC29 2;AP< 12C2?P< @2? 6;0<?=<?.1<@ :26<@ 12 12@0<;2EP< ;. 6;@A.9.TP< 36E. 12 .0<?1< 0<: .@ ?24B9.:2;A.T^2@ 1. 6;@A.9.TP< J :.;4B26?. 12 .1:6@@P< 12C2 @2? 0<9<0.1. 12 3<?:. . ;P< A<0.? =.?A2@ >B2;A2@ 1. =9.0. C6A?<02?O:60. <B 1< 3<?;< J @ =9.0.@ 12 6;1BTP< @\ =<12: @2? 6;@A.9.1.@ ;<@ 3<?;<@ 0<: C2;A69.TP< 3<?T.1. 1. :2@:. :.?0. $<? /.6E< 1. =9.0. C6A?<02?O:60. ;P< @2 =<12: 6;@A.9.? 3?64<?X360<@ :N>B6;.@ 12 9.C.? 9<6T. 3<?;<@ @2: C2;A69.TP< <B :N>B6;.@ 12 9.C.? ?<B=. J '2 . =9.0. A6C2? @61< 6;@A.9.1. @</?2 B:. 4.C2A. <@ </720A<@ :2AN960<@ >B2 @2 2;0<;A?.: ;. 4.C2A. =<12?P< .A6;46? 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