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6CNXG\QHGPÏOGPQRQNÈVKEQOCKUKORQTVCPVGFQKPÈEKQFQUÃEWNQVGPJCUKFQ
QPCUEKOGPVQFCUPCÁÐGUOQFGTPCU&GHCVQGUUGVGORQOCTECCVTCPUKÁºQFQ
(GWFCNKUOQ/GFKGXCNRCTCCUOQPCTSWKCUEGPVTCNK\CFCUFC+FCFG/QFGTPC
*KUVÎTKCFQ2GPUCOGPVQ+++ECRROF
SWGDTCSWK
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'ODQTCJKUVQTKCFQTGUGURCPJÎKURQUVGTKQTGUVGPJCOTGVTCVCFQQRGTÈQFQFG
CEQOQWOCNWVCEQPUVCPVGGINQTKQUCEQPVTCQUKPHKÃKUCXGTFCFGÃSWG
FWTCPVGVQFQCSWGNGRGTÈQFQC'URCPJCETKUVºGUVCXCRTQHWPFCOGPVGFKXKFKFC
FGPVTQFGUKOGUOCPCOGFKFCGOSWGX¶TKQUIQXGTPCPVGURTQEWTCXCOUGWU
RTÎRTKQUKPVGTGUUGUOGUOQUGKUVQKORNKECUUGPWOCCNKCPÁCQECUKQPCNEQOQU
OQWTQUEQPVTCWOXK\KPJQETKUVºQ(QKCRGPCUPQÕNVKOQVTKOGUVTGFQUÃEWNQ
SWCPFQ+UCDGNCFG%CUVKNJQECUQWEQO(GTFKPCPFQFG#TCIºQSWGQRCUUQFG
HKPKVKXQHQKFCFQRCTCQPCUEKOGPVQFGWOC'URCPJCWPKFC4GNCVKXCOGPVGNQIQ
CRÎUGUVCWPKFCFGRCTGEGWVGTUKFQCNECPÁCFCRQKUGOQUOQWTQUHQTCO
GZRWNUQUFGUGWÕNVKOQTGFWVQGO)TCPCFCG(GTFKPCPFQEQPSWKUVQW2QTVWICNG
0CXCTTCGO
%QOQTGUWNVCFQFCUIWGTTCUEQPVTCQUOQWTQUC'URCPJCKPVKOCOGPVGKFGP
VKHKEQWUWCPCEKQPCNKFCFGEQOUWCHÃECVÎNKECGQGURÈTKVQFGUGWGUHQTÁQRCTC
TGEQPSWKUVCTCRGPÈPUWNCKPVGKTCŌDGOEQOQQGURÈTKVQFCEQPSWKUVCFQ0QXQ
/WPFQŌHQKQFGWOCITCPFGGEQPUVCPVGETW\CFCEQPVTCQUKPHKÃKU
'CKPFCOCKUC'URCPJCGTCECVÎNKECCQUGWRTÎRTKQOQFQ'NCPWPECHQTC
GHGVKXCOGPVGWOCRCTVGFQ5CPVQ+ORÃTKQ4QOCPQŌQSWGRQFKCUGTXKUVQPC
TGCÁºQPGICVKXCFGOWKVQUGURCPJÎKUSWCPFQUGWTGK%CTNQU+HQKGNGKVQ5CPVQ
+ORGTCFQT4QOCPQ3WCPFQC'URCPJCGPVºQUGLWPVQW´UHKNGKTCUFCETKUVCPFCFG
ECVÎNKECGNQIQCUFKTKIKWGNCQHG\GOUGWURTÎRTKQUVGTOQU#JKGTCTSWKCGENGUK¶UVKEC
GTCUWLGKVC´EQTQCŌFGHCEVQPCRTÎRTKC'URCPJCGFGLWTGPQ0QXQ/WPFQŌ
RQTOGKQFCEQPEGUUºQRQT#NGZCPFTG8+FQRCVTQPCVQTGCNSWGRTCVKECOGPVG
HG\QUUQDGTCPQUFC'URCPJCGFG2QTVWICNQUIQXGTPCPVGUFCKITGLCGOUWCU
RQUUGUUÐGUCNÃOOCT#+PSWKUKÁºQWOCUÎNKFCFGHGPUQTCFCQTVQFQZKCHQKGHG
VKXCOGPVGEQPVTQNCFCRGNCEQTQCGUWCHWPÁºQUGVQTPQWVCPVQCRTGUGTXCÁºQFCHÃ
ECVÎNKECSWCPVQCRWTKHKECÁºQFQUCPIWGGFCEWNVWTCGURCPJQNCŌRQTOGKQFG
HTGSWGPVGULWNICOGPVQUFGUWRQUVQULWFGWUGOWÁWNOCPQUUGETGVQU(KPCNOGPVG
OWKVQURCRCUFQRGTÈQFQHQTCOGHGVKXQUKPUVTWOGPVQUFCRQNÈVKECGURCPJQNCGO
DQTC´UXG\GUKPXQNWPVCTKCOGPVG
#(TCPÁCGPVTQWPQUÃEWNQEQOQCOQPCTSWKCOCKUEGPVTCNK\CFCPC'WTQRC
1EKFGPVCN0C'URCPJCG+PINCVGTTCJCXKCFKXGTUQUNKOKVGU´CWVQTKFCFGFQUTGKU
OCUCOCKQTRCTVGFGUVGUNKOKVGUPºQGZKUVKWPC(TCPÁC#IWGTTCFQUEGOCPQU
EQOC+PINCVGTTCVGXGPC(TCPÁCWORCRGNUKOKNCTCQRCRGNFCUETW\CFCUPC
'URCPJCEQPVTCQUOQWTQUHQKQRQPVQFGTGVQOCFCFQUGPVKOGPVQPCEKQPCN
HTCPEÄU*QWXGWOVGORQSWCPFQC(TCPÁCRCTGEGWVQTPCTUGQPQXQEGPVTQFC
ETKUVCPFCFGRQKUOGUOQQRTÎRTKQRCRCFQXKGTCTGUKFKTFGDCKZQFGUWCUQODTC
GO#XKIPQP3WCPFQQRCRCFQTGVQTPQWRCTC4QOCGNGPºQRÏFGTGVKTCTFQTGK
FC(TCPÁCQEQPVTQNGSWGGNGICPJCTCUQDTGCKITGLCGOUGWUFQOÈPKQU
*KUVÎTKCFQ2GPUCOGPVQ+++ECRROF
SWGDTCSWK
1(+/&'7/#'4#
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FC(QKRTGEKUCOGPVGPCXKTCFCFQUÃEWNQSWG*GPTKSWG8++HKPCNOGPVGUWRGTQW
CÕNVKOCQRQUKÁºQUKIPKHKECVKXCFQU[QTSWKUVCU&CÈGOFKCPVGUWCRQNÈVKEC
EQPEKNKCVÎTKCKORNGOGPVCFCPQUGWECUCOGPVQEQO'NK\CDGVGFG;QTMHQKIGTCN
OGPVGDGOUWEGFKFC3WCPFQGNGOQTTGWGOHQKUWEGFKFQRQTUGWHKNJQ
*GPTKSWG8+++JGTFGKTQFCUTGKXKPFKECÁÐGUVCPVQFCECUCFG.CPECUVGTSWCPVQFC
FG;QTM'UUCWPKHKECÁºQRQNÈVKECHQKRTGEGFKFCGCEQORCPJCFCRQTWOETGUEK
OGPVQFQUGPVKOGPVQPCEKQPCN'PSWCPVQCIWGTTCFQUEGOCPQUGTCCECTCEVGTÈU
VKECRTGFQOKPCPVGPCRQNÈVKECGUVTCPIGKTCFC+PINCVGTTCFWTCPVGQUUÃEWNQUG
GQRCRCFQGO#XKIPQPGTCKPVKOCOGPVGCNKCFQFQUKPVGTGUUGUFC(TCPÁCQ
ETGUEKOGPVQFQPCEKQPCNKUOQPC+PINCVGTTCUGLWPVQW´EQPUEKÄPEKCFGSWGQU
KPVGTGUUGUFQRCRCFQGTCOIGTCNOGPVGEQPVT¶TKQUCQUFC+PINCVGTTC%QOQTGUWN
VCFQNGKUHQTCORTQOWNICFCURCTCRTGXGPKTQUHWPFQUKPINGUGUFGCNECPÁCTQU
EQHTGUFQRCRCFQ#UUKOQU#VQUFG#PPCVGU=VCZCRCIC´CWVQTKFCFGGENGUK¶U
VKEC?#RRGCNU=CRGNQU?G5WRTGOCE[=UWRTGOCEKC?SWGEQTVCTCOQUNCÁQUEQO
4QOCGHK\GTCOCKITGLCFC+PINCVGTTCKPFGRGPFGPVGHQTCOCEWNOKPCÁºQFGWOC
NQPICUÃTKGFGVGPVCVKXCUFGEQPVGTCKPHNWÄPEKCFQRCRCPQUPGIÎEKQUFQTGKPQ
0QEQOGÁQFQUÃEWNQŌGDGOFGRQKUFGUGWHKOŌC#NGOCPJCGTCWOC
EQNEJCFGTGVCNJQUFG'UVCFQURTCVKECOGPVGUQDGTCPQU'ODQTCQ5CPVQ+ORG
TCFQT4QOCPQFGXGUUGTGKPCTUQDTGGNGUFGHCVQUGWURQFGTGUGTCOITCPFGOGPVG
NKOKVCFQURGNQUKPVGTGUUGUIGTCNOGPVGEQPHNKVCPVGUFGPQDTGURQFGTQUQU#NÃO
FKUUQQUKORGTCFQTGUFCECUCFG*CDUDWTIQUGPFQVCPVQIQXGTPCPVGUJGTGFKV¶
TKQUFGRCTVGUFC#NGOCPJCSWCPVQIQXGTPCPVGUGNGKVQUFGVQFCCPCÁºQHTGSWGP
VGOGPVGEQNQECTCOUGWUKPVGTGUUGUJGTGFKV¶TKQUCEKOCFCSWGNGUFGVQFQUGCU
UKORTGLWFKECTCOQRTQEGUUQFCWPKHKECÁºQPCEKQPCN/CUCRGUCTFGUWCFKXKUºQ
RQNÈVKECC#NGOCPJCGUVCXCRGTOGCFCRGNQPCEKQPCNKUOQFGFQKUOQFQU1RTK
OGKTQFGUVGUGTCQETGUEKOGPVQFQUGPVKOGPVQPCEKQPCNKUVCOGUOQCNÃOGCRGUCT
FCUHTQPVGKTCUHGWFCKU1UGIWPFQGTCCETKCÁºQFGPCÁÐGUKPFGRGPFGPVGUŌ5WÈÁC
*QNCPFC$QÄOKCŌSWGFGTKXCTCOFQSWGVTCFKEKQPCNOGPVGHQTCEJCOCFQ#NG
OCPJC'OCODQUQUECUQUQPCEKQPCNKUOQGTCWOCETGUEGPVGECTCEVGTÈUVKEC
GPVTGWORQXQSWGCPVGTKQTOGPVGJCXKCEQPUKFGTCFQCUKOGUOQEQOQQRTÎRTKQ
EQTCÁºQFQ5CPVQ+ORÃTKQ4QOCPQ
'OTGUWOQPQEQOGÁQFQUÃEWNQC'WTQRC1EKFGPVCNPºQOCKUUGEQPUK
FGTCXCEQOQWOÕPKEQKORÃTKQQPFGJCXKCWOÕPKEQKORGTCFQTGORWPJCPFQC
GURCFCVGORQTCNEQOWOGSWKXCNGPVGTGNKIKQUQGO4QOCUWUVGPVCPFQCGURCFC
GURKTKVWCN2GNQEQPVT¶TKQWOCNGIKºQFGPQXCUPCÁÐGUGUVCXCTGKXKPFKECPFQUGT
'UVCFQUUQDGTCPQUGGUVCUTGKXKPFKECÁÐGUIGTCNOGPVGEQPHNKVCXCOPºQCRGPCU
EQOCSWGNCUFQKORGTCFQTOCUVCODÃOEQOCUFQRCRC#UUKOQPCEKQPCNKUOQ
*KUVÎTKCFQ2GPUCOGPVQ+++ECRROF
SWGDTCSWK
7/#*+56¦4+#&12'05#/'061%4+56“1
OQFGTPQHQKWOHCVQTUKIPKHKECVKXQPCFKUUQNWÁºQFCUUÈPVGUGUOGFKGXCKUGCDTKWQ
ECOKPJQRCTCCUGIOGPVCÁºQTGNKIKQUCSWGTGUWNVCTKCPC4GHQTOCRTQVGUVCPVG
7OHCVQTCFKEKQPCNSWGNGXQW´OWFCPÁCHQKQFGUGPXQNXKOGPVQFQEQOÃTEKQG
WOCGEQPQOKCOQPGV¶TKC+UUQGUVCXCKPVKOCOGPVGNKICFQEQOQETGUEKOGPVQFCU
EKFCFGUEWLQRQFGTGEQPÏOKEQGRQNÈVKEQGUVCXCUWRGTCPFQTCRKFCOGPVGQFC
PQDTG\C1ECRKVCNUGVQTPQWWOCOGTECFQTKCOCPKRWNCFCGCFOKPKUVTCFCRGNCU
EKFCFGUGRQTITCPFGUECUCUDCPE¶TKCU#UKVWCÁºQUQEKCNFCPQDTG\CRQDTGETGU
EGWCRQPVQFGUGWUOGODTQUUGVQTPCTGOWOCENCUUGUQEKCNFKUVKPVC#RQDTG\C
FQUECORQPGUGUHQKCEGPVWCFCRGNCEQPEGPVTCÁºQFGTKSWG\CPCUEKFCFGUGRGNQ
HCVQSWGVCNTKSWG\CFGTKXCXCCIQTCFQEQOÃTEKQGPºQFCCITKEWNVWTC1UÃEWNQ
VCODÃOXKWWOCVCZCFGKPHNCÁºQUGORTGEGFGPVGRTQXCXGNOGPVGCEGNGTCFC
RGNQKPHNWZQFGOGVCKURTGEKQUQUFQ0QXQ/WPFQ7OCXG\SWGUCN¶TKQUPºQ
CEQORCPJCTCOQRTGÁQFGEQOKFCGQWVTCUPGEGUUKFCFGUCUQTVGFQUECORQPG
UGUGFQURQDTGUWTDCPQUUGVQTPQWEQPUKFGTCXGNOGPVGRKQT1ETGUEKOGPVQFQ
EQOÃTEKQGQEQOGÁQFQECRKVCNKUOQPCCITKEWNVWTCUQNCRCTCOQXGNJQUKUVGOC
HGWFCNPCOCKQTRCTVGFC'WTQRC1EKFGPVCN0QXQUOÃVQFQUFGDCVCNJCHK\GTCO
QUECXCNGKTQUGQWVTQUPQDTGUKPHGTKQTGUSWGXKXKCOFCIWGTTCECFCXG\OCKU
GORQDTGEKFQUGQDUQNGVQU5QDGUUCUPQXCUEQPFKÁÐGURCRCGKORGTCFQTRTG
NCFQUGUGPJQTGUCEJCTCOFKHÈEKNTGVGTQEQPVTQNGSWGGNGURQUUWÈTCOCPVGTKQT
OGPVG6QFQQUKUVGOCFGCFOKPKUVTCÁºQGENGUK¶UVKECHQTCFGUGPXQNXKFQRCTCUGTXKT
GOWOCUQEKGFCFGHGWFCN1RQFGTFCEKFCFGGFQECRKVCNPºQGTCUWHKEKGPVGOGPVG
TGEQPJGEKFQPCUGUVTWVWTCUEKXKUGGENGUK¶UVKECU1UKPHGNK\GUECORQPGUGURTQXGTCO
WOECORQHÃTVKNRCTCCTGXQNWÁºQ1UPQDTGURTKXCFQUFQRQFGTDWUECTCOPQ
XCUECWUCURCTCUWUVGPVCTEQOQQDLGVKXQFGTGCHKTOCTUWCNKFGTCPÁC'OTGUWOQ
C'WTQRCGUVCXCOCFWTCRCTCOWFCPÁCGKUUQHQKRTGEKUCOGPVGPWOVGORQGO
SWGCJKGTCTSWKCGENGUK¶UVKECVTCFKEKQPCNGUVCXCRGTFGPFQWOCITCPFGRCTVGFQ
UGWRTGUVÈIKQGRQFGT
#FGECFÄPEKCFCCWVQTKFCFGFCJKGTCTSWKC
/GUOQKPFGRGPFGPVGFQETGUEKOGPVQFQPCEKQPCNKUOQCJKGTCTSWKCGENGUK¶UVKEC
XKPJCRGTFGPFQRQFGTGRTGUVÈIKQ'UUGFGENÈPKQEQOGÁQWKOGFKCVCOGPVGCRÎUQ
CWIGFQRQFGTRCRCNEQO+PQEGPVG+++/CUQRTQEGUUQHQKITCPFGOGPVGCEGNGTCFQ
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SWGDTCSWK
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RCTCWOPÈXGNECFCXG\OCKUDCKZQ'UVGUVTÄUGXGPVQUHQTCOCOWFCPÁCRCTC
#XKIPQPQ)TCPFG%KUOCQEKFGPVCNGCECRVWTCFQRCRCFQRGNQGURÈTKVQFC4G
PCUEGPÁCKVCNKCPC%CFCWOFGUVGUGUV¶IKQUPQFGENÈPKQFQRCRCFQHQKCEQO
RCPJCFQRQTWOCITCPFGPGEGUUKFCFGHKPCPEGKTC#EQTVGRCRCNGO#XKIPQP
TGSWGTKCXCUVCUUQOCUFGFKPJGKTQFGHQTOCCEQDTKTCUFGURGUCUFQUGWXKXGT
NWZWQUQ1URCRCUGCPVKRCRCUFQ)TCPFG%KUOCHK\GTCOVQFQUQUGUHQTÁQURQU
UÈXGKURCTCCUUGIWTCTHWPFQUFGHQTOCCHQTVCNGEGTCUUWCUTGKXKPFKECÁÐGUCPVCIÏ
PKECUFGUGTGOQUNGIÈVKOQUUWEGUUQTGUFG2GFTQ1URCRCUFC4GPCUEGPÁCUG
UGPVKTCOEQORGNKFQUCEQNGVCTQO¶ZKOQRQUUÈXGNFQUTGEWTUQUOQPGV¶TKQUFC
'WTQRCRCTCHKPCPEKCTUGWRCVTQEÈPKQFCUCTVGUGUWCUHTGSWGPVGUIWGTTCUGKPVTKICU
%QOQEQPUGSWÄPEKCGPSWCPVQQRCRCFQPGEGUUKVCXCFGOCKUGOCKUHWPFQUG
XKUNWODTCXCOÃVQFQUGPIGPJQUQUFGEQNGV¶NQUGUUGOGUOQRCRCFQGUVCXCRGT
FGPFQQRTGUVÈIKQSWGWOCXG\VKXGTCGOVQFCC'WTQRC2QTVCPVQCVCZCÁºQ
GENGUK¶UVKECUGVQTPQWVCPVQOCKUQPGTQUCSWCPVQOGPQULWUVKHKE¶XGNGKUUQRQT
UWCXG\HQTVCNGEGWCQPFCFGPCEKQPCNKUOQSWGGUVCXCXCTTGPFQC'WTQRC
/WKVQHTGSWGPVGOGPVGQUKPVGTGUUGUFCVCZCÁºQEQPHNKVCTCOEQOQUOGNJQTGU
KPVGTGUUGUFCKITGLCGGOVCKUECUQUCDWUQUUGVQTPCTCOEQOWPU2QTGZGORNQ
,QºQ::++ŌPQVCFQRQTUGWGNCDQTCFQOQFQFGVCZCÁºQGENGUK¶UVKECŌEQOGÁQW
CEQNGVCTQURCICOGPVQUFGRQUVQUXCIQURQTVQFCC'WTQRC1EKFGPVCN'PSWCP
VQQRQUVQRGTOCPGEGUUGXCIQUGWRCICOGPVQFGXGTKCUGTGPXKCFQRCTCC5CPVC
5ÃCUUKOQKPUCEK¶XGNQTÁCOGPVQRCRCNNWETQWEQOXCE¸PEKCUPºQRTGGPEJKFCU
1TGUWNVCFQHQKWOCOWNVKRNKECÁºQFGRQUVQUXCIQUGWOCUKVWCÁºQRT¶VKECOWKVQ
UKOKNCT´FQCDUGPVKUOQCSWGOWKVQUFQUOGNJQTGURCRCUVKPJCOUGQRQUVQVºQ
XKIQTQUCOGPVG#RT¶VKECFGETKCTQWVTQURQUVQUGXGPFÄNQUŌCOGUOCUKOQPKC
SWGTGHQTOCFQTGUCPVGTKQTGUVKPJCOEQPFGPCFQŌVQTPQWUGEQOWOUQD#NGZCP
FTG8+G.GºQ:(KPCNOGPVGCXGPFCFGKPFWNIÄPEKCUSWGUGVQTPQWWOCECWUC
EÃNGDTGFWTCPVGQURTKOGKTQUGUV¶IKQUFC4GHQTOCNWVGTCPCTGEGDGWPQXQÈORGVQ
GHQKNGXCFCCITCPFGUGZEGUUQURQKUGTCOPGEGUU¶TKQUHWPFQURCTCEQORNGVCTC
CTVGOCIPÈHKECFC%CVGFTCNFG52GFTQGO4QOC
%QOQGTCGURGTCFQEQTTWRÁºQGEQDKÁCGUVCXCORTGUGPVGUVCODÃOPQUPÈ
XGKUOCKUDCKZQUFCJKGTCTSWKC8¶TKQURTGNCFQUFGUGPXQNXGTCOUKUVGOCUFGVCZC
ÁºQSWGGTCOUKOKNCTGUCQFG,QºQ::++GODQTCPWOCGUECNCOGPQT0QPÈXGN
FCRCTÎSWKCNQECNUKOQPKCGCDUGPVKUOQOCKUWOCXG\UGVQTPCTCOEQOWPU
8GTXQNFGUVC*KUVÎTKCR
*KUVÎTKCFQ2GPUCOGPVQ+++ECRROF
SWGDTCSWK
7/#*+56¦4+#&12'05#/'061%4+56“1
+UUQPºQSWGTFK\GTSWGVQFCCJKGTCTSWKCFCKITGLCGTCEQTTWRVC2GNQEQPVT¶
TKQJCXKCOWKVQUNÈFGTGUECRC\GUGEQTTGVQUSWGUWUVGPVCTCOQCNVQRCFTºQOQTCN
SWGGTCGURGTCFQFGUWCURQUKÁÐGU7OFGUUGUNÈFGTGUHQKQECTFGCNGURCPJQN
(TCPEKUEQ:KOGPGUFG%KUPGTQUSWGEQODKPQWPQV¶XGKUEQPSWKUVCUKPVGNGEVWCKU
EQOCUEGVKUOQGUVTKVQ/CUCRGUCTFQUOWKVQUGUHQTÁQUFG:KOGPGUGFGQWVTQU
EQOQGNGCEQTTWRÁºQUGGURCNJQW
1TGUWNVCFQEQPETGVQFGUVGGUVCFQFGEQKUCUPCXKFCRT¶VKECFQETGPVGEQOWO
IGTCNOGPVGPºQGTCVCPVQWOCFÕXKFCCTGURGKVQFCGHKE¶EKCFCUOKPKUVTCÁÐGU
GENGUK¶UVKECUŌUQDTGKUUQPºQRQFKCJCXGTFÕXKFCRQKUCGHKE¶EKCFQUUCETCOGP
VQUGTCGZQRGTGQRGTCVQŌOCUWOCVGPFÄPEKCFGFKXQTEKCTVCKUOKPKUVTCÁÐGUFQU
TGSWGTKOGPVQUÃVKEQUFCXKFCFK¶TKC/CUGPVºQCNIWPUFQUOCKUKNWOKPCFQUEQPU
EKGPVGUFCUFGOCPFCUÃVKECUFQGXCPIGNJQFGXGOVGTRGTIWPVCFQUGJCXKCQW
PºQQWVTQOQFQFGUGTETKUVºQ'UUGQWVTQOQFQSWGCNIWPUGPEQPVTCTCOHQKC
TCK\FQOKUVKEKUOQ
/KUVKEKUOQEQOQWOCCNVGTPCVKXC
%QOQUGT¶FKVQQUUÃEWNQUGVGUVGOWPJCTCOWOCXKXCOGPVQIGPGTC
NK\CFQFCRKGFCFGOÈUVKEC)GTCNOGPVGGUVGOKUVKEKUOQPºQCVCEQWCKITGLCCDGT
VCOGPVGPGOUGECTCEVGTK\QWRGNCKPVGPUCGZCNVCÁºQGOQEKQPCNSWGÃIGTCNOGPVG
EJCOCFCFGOKUVKEKUOQ2GNQEQPVT¶TKQGOUWCOCKQTKCGUUGUOÈUVKEQUFQHKPCNFC
+FCFG/ÃFKCHQTCORGUUQCUSWKGVCUGGTWFKVCUSWGUGFGXQVCTCOCQGUVWFQ
OGFKVCÁºQGEQPVGORNCÁºQOCUSWGPºQFGEKFKTCOEQPXGTVGTVQFCCKITGLCRCTC
QUGWGPVGPFKOGPVQFCXKFCETKUVº0QGPVCPVQUWCOGTCGZKUVÄPEKCGUWCUXKFCU
GZGORNCTGULWPVCOGPVGEQOQHCVQSWGOWKVQUFGNGUOGPQURTG\CTCOCJKGTCT
SWKCGENGUK¶UVKECHK\GTCOOWKVQUUGSWGUVKQPCTGOUGGUUGPºQGTCWOOQFQCNVGT
PCVKXQFGUGTETKUVºQ
6CNXG\QTGUWNVCFQOCKUKORQTVCPVGFQOQXKOGPVQOÈUVKEQŌGODQTCJQWXGUUG
QWVTCUGUEQNCUOÈUVKECUKORQTVCPVGUPC'URCPJC+V¶NKCG+PINCVGTTCŌVGPJCUKFQC
HWPFCÁºQFC+TOCPFCFGFC8KFC%QOWO1UKTOºQUNGXCXCOXKFCUFGKPVGPUC
FGXQÁºQOCUGOXG\FGFGURGPFGTUGWVGORQGOTGENWUºQQWQEWRCPFQRQUVQU
GENGUK¶UVKEQUGNGUHK\GTCOFQCRTGPFK\CFQGFQGPUKPQUWCRTÎRTKCHQTOCFGOK
PKUVÃTKQ'OXG\FGUGIWKTCUCWUVGTCURT¶VKECUCUEÃVKECUFGCNIWOCUFCUQTFGPU
OCKUCPVKICUQUKTOºQUFCXKFCEQOWOICUVCXCOUGWVGORQGOGUVWFQOGFKVCÁºQ
GVTCDCNJQOCPWCN&WCUFGUWCUEQPVTKDWKÁÐGUOCKUKORQTVCPVGUHQTCOCRTQFWÁºQ
+DKF R
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FCÃRQECGTCVQTPCFQCEGUUÈXGN´LWXGPVWFG'TCUOQFG4QVGTFCOHQKGFWECFQ
GOWOCFGUUCUGUEQNCUGUGWCRTGPFK\CFQEN¶UUKEQGTWFKÁºQOGVKEWNQUCGURÈTKVQ
KTGPKUVCGRTQHWPFCFGXQÁºQNGXCTCOCOCTECFC+TOCPFCFGFC8KFC%QOWO
2QTOGKQFGUUGOQXKOGPVQŌGFGQWVTQUEQOQGNGŌQUNGKIQUVKXGTCOOCKQT
RCTVKEKRCÁºQGFKUEGTPKOGPVQCEGTECFCPCVWTG\CFQ%TKUVKCPKUOQ2QTVCPVQUWC
EQPVTKDWKÁºQRCTCQUGXGPVQUFQUÃEWNQPºQRQFGUGTEQPUKFGTCFCRGSWGPC
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