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EJTQPOJCMFFOPQUJPO
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1PVSMBTÏDVSJUÏEFWPUSFFOGBOUWPVTBWF[DIPJTJMF
TJÒHF$0/$03%-*'51305&$5-BGBCSJDBUJPOEF
DFUBSUJDMFFTUBTTVKFUUJFËEFTDPOUSÙMFTEFRVBMJUÏ
FYUSÐNFNFOUNJOVUJFVYNBJTMFTQSPQSJÏUÏTEFTÏDVSJUÏ
PGGFSUFTQBSDFTJÒHFOFTPOUUPVUFGPJTHBSBOUJFTRVF
TJWPVTMVUJMJTF[DPOGPSNÏNFOUËOPTQSFTDSJQUJPOT
"VTTJSFTQFDUF[TUSJDUFNFOUUPVUFTOPTJOTUSVDUJPOTEF
NPOUBHFFUMFNPEFEFNQMPJ-FTJÒHFQFVUÐUSFGJYÏ
ËOJNQPSUFRVFMMFQMBDFEBOTWPUSFWÏIJDVMFQPVSWV
RVFMMFEJTQPTFEVOFDFJOUVSFËUSPJTQPJOUT7VMFT
TUBUJTUJRVFTEBDDJEFOUOPVTWPVTSFDPNNBOEPOT
DFQFOEBOUEFDIPJTJSMBQMBDFRVJTFUSPVWFTVSMB
CBORVFUUFBSSJÒSFEFSSJÒSFMFQBTTBHFSBWBOU-FTJÒHF
TFDPNQPTFFTTFOUJFMMFNFOUEFUSPJTÏMÏNFOUTMF
EPTTJFSMFSFIBVTTFVSDPOGPSUFUMhBQQVJFUÐUFSÏHMBCMF
ËIBVUFVSTNVOJEhVOÏMÏNFOUEFQSPUFDUJPOEFT
ÏQBVMFT%FQMVTJMFTUJODMJOBCMFFOBSSJÒSFDFRVJ
QFSNFUVOFJOTUBMMBUJPOQMVTGBDJMF$POUSBJSFNFOUBV
NPEÒMF-*'5130MF-*'51305&$5FTUÏRVJQÏEF
MÏMÏNFOUEFNBJOUJFOEFTÏQBVMFT
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1MBDF[MF-*'51305&$5EBOTMFTFOTEFMBNBSDIF
TVSMBCBORVFUUFEFWPUSFWÏIJDVMFPVTVSMFTJÒHFEV
QBTTBHFSBWBOU"TTFZF[WPUSFFOGBOUEFGBÎPOËDF
RVJMTFUSPVWFCJFOBVGPOEEVTJÒHF
"NFOF[MBDFJOUVSFUSPJTQPJOUTEFWBOUMFOGBOUKVTRVË
MBGFSNFUVSF,FUGFSNF[MBDFJOUVSFDPNNFQPVSVO
BEVMUFWPVTEFWF[FOUFOESFVODMJDOFU
1PTJUJPOOF[FOTVJUFMFTTBOHMFT
&OGJMF[MBTBOHMFEFCBTTJO(EFDIBRVFDÙUÏBJOTJ
RVFMBTBOHMFEJBHPOBMF&TVSMFDÙUÏEFMBGFSNFUVSF
EBOTMFTGFOUFTEFTBOHMF+EFMBDPRVJMMFEVTJÒHF*
&OGJMF[MBTBOHMFEJBHPOBMF&EBOTMFQBTTBHFEFMB
TBOHMFEÏQBVMF$QSÏWVËDFUFGGFU7FJMMF[ËDFRVF
MBTBOHMFTFUSPVWFCJFOËMJOUÏSJFVSEVDSPDIFUEF
TÏDVSJUÏ$&OTVJUFSÏHMF[MBUÐUJÒSFËMBIBVUFVS
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USPJTQPJOUT
3FTQFDUF[MBQPTJUJPO
EFMBTBOHMFEFCBTTJO
1PTJUJPOOF[MBTBOHMF
EJBHPOBMF
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WÏSJGJF[TBQPTJUJPO
WPVMVFFOBQQVZBOUTVSMBQPJHOÏFEFSÏHMBHF#
FUFOEÏQMBÎBOUMBUÐUJÒSF-hBQQVJFUÐUFFTUSÏHMBCMF
ËIBVUFVSTFUEPJUThFODMFODIFSVOFGPJTRVFWPVT
MÉDIF[MBQPJHOÏFEFSÏHMBHF-FQBTTBHFEFMBTBOHMF
EÏQBVMF$EPJUTFUSPVWFSMÏHÒSFNFOUQMVTIBVURVF
MÏQBVMFEFMFOGBOU*MMVTUS
&ONÐNFUFNQTMBDFJOUVSFEÏQBVMFEPJUQBTTFSBV
DFOUSFEFMhÏDBSUFNFOUFOUSFMFDPVFUMFCPSEFYUÏSJFVS
EFMÏQBVMF
5FOEF[CJFOMBTBOHMFMBTBOHMFEFCBTTJOFUMBTBOHMF
EJBHPOBMFEFGBÎPOËDFRVFMMFTSFQPTFOUCJFOTVS
MFOGBOUTBOTÐUSFUPSEVFT7FJMMF[ËDFRVFMBDFJOUVSF
WFOUSBMFTPJUBVTTJCBTTFRVFQPTTJCMFBVOJWFBVEV
CBTTJOEFM}FOGBOU
4JWPUSFWÏIJDVMFFTUQPVSWVEVOEJTQPTJUJGEFSÏHMBHF
FOIBVUFVSEFMBDFJOUVSFEFTÏDVSJUÏSÏHMF[MFBMPST
TVSMBQPTJUJPOEÏTJSÏF
4JWPUSFWÏIJDVMFFTUÏRVJQÏEABQQVJFUÐUFTWPVT
QPVSSF[NPOUFSQMVTGBDJMFNFOUMF-*'51305&$5FO
SFUJSBOUPVFOSÏHMBOUFODPOTÏRVFODFDFTBQQVJFUÐUFT
$FDJQFSNFUEFNJFVYQMBDFSMF-*'51305&$5DPOUSF
MFEPTTJFSEVTJÒHFFOSBJTPOEFTBQBSGBJUFBEBQUJPOË
MABOHFEAJODMJOBJTPOEVTJÒHF*MMVTUS
"UUFOUJPOBWBOURVVOBEVMUFQSFOOFQMBDFMËPáÏUBJU
JOTUBMMÏMFTJÒHFBVUPJMGBVUSFNFUUSFMBQQVJFUÐUF
EVWÏIJDVMFFOQPTJUJPODPSSFDUF
1PVSEÏHBHFSMFOGBOUJMTVGGJUEPVWSJSMBDFJOUVSFFUEF
GBJSFQBTTFSMBTBOHMFEFWBOUMFOGBOU"DIBRVFGPJT
RVFWPVTSÏVUJMJTF[MFTJÒHFWFJMMF[UPVKPVSTËDFRVFMFT
TBOHMFTTPJFOUFOCPOOFQPTJUJPO
-FTJÒHFBVUPOFEPJUKBNBJTÐUSFUSBOTQPSUÏTBOTÐUSF
GJYÏNÐNFTBOTFOGBOU&ODBTEBDDJEFOUVOTJÒHF
OPOGJYÏFTUVOSJTRVFEFCMFTTVSFTQPVSMFTQBTTBHFST
EVWÏIJDVMF
$FTUMBSBJTPOQPVSMBRVFMMFMBTBOHMFEJBHPOBMFEPJU
UPVKPVSTÐUSFGFSNÏFMPSTRVFWPVTDJSDVMF[BWFDMF
TJÒHFBVUP
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1PVSMFEPTTJFS$0/$03%-*'51305&$5OPVTBWPOT
FOUBOURVBDDFTTPJSFTTQÏDJBVYÏMBCPSÏEFTTBOHMFT
EFGJYBUJPORVJBNÏMJPSFOUMBQPTJUJPOWFSUJDBMFEVTJÒHF
BVUPFODPNQFOTBOUMFTJODPOWÏOJFOUTEFDFSUBJOFT
GPSNFTEFTJÒHFTEFWÏIJDVMF
*NQPSUBOUMFTDFJOUVSFTEFGJYBUJPOOFGPOUQBTQBSUJF
JOUÏHSBOUFEVTZTUÒNFEFTÏDVSJUÏ
$IPJTJTTF[UPVUEBCPSEMBQMBDFBQQSPQSJÏFBWFD
DFJOUVSFQPJOUTEBOTWPUSFWÏIJDVMF7FJMMF[ËDFRVF
WPVTQVJTTJF[ËDFUFOESPJUFOUPVSFSMFEPTTJFSEFMB
CBORVFUUFEVWÏIJDVMFBWFDMFTTBOHMFTEFGJYBUJPO-B
NFJMMFVSFQMBDFÏUBOUÏWJEFNNFOUMFTJÒHFEVQBTTBHFS
BWBOUPVVOFCBORVFUUFBSSJÒSFBWFDTÏQBSBUJPO
SFQMJBCMF
-FDSPRVJTJMMVTUSFMhVOFEFTGBÎPOTEFGJYFSMFTJÒHF
"55&/5*0/
t 1MBDF[MFTGFSNFUVSFTEFTBOHMFTEFGBÎPOËDF
RVFMMFTTPJFOUBDDFTTJCMFTFUSFQPTFOUTVSVOF
TVSGBDFQMBOF
t 7FJMMF[ËDFRVFMFTTBOHMFTOFTPJFOUQBTUPSEVFT
FOEPNNBHÏFTPVDPJODÏFT
t -FTFYUSÏNJUÏTMJCSFTEFTTBOHMFTEPJWFOUUPVKPVST
ÐUSFGFSNÏFT
t 1PVSÏWJUFSEFTEPNNBHFTÏWFOUVFMTQBS
GSPUUFNFOUTVSMFTJÒHFEVWÏIJDVMFOPVTWPVT
SFDPNNBOEPOTEFHMJTTFSVOFQJÒDFTPVQMFFOUSF
MBTBOHMFFUMBDPNQPTBOUFEVWÏIJDVMF
TVTDFQUJCMFEÐUSFFOEPNNBHÏF
"55&/5*0/-&4$&*/563&4%&'*9"5*0//&
1&67&/5³53&65*-*4²&410631305²(&3
-&/'"/5
4JWPUSFWÏIJDVMFFTUÏRVJQÏEVOBJSCBHJOUÏHSÏMB
TBOHMFEFGJYBUJPOOFEPJUQBTMFSFDPVWSJSFUTPO
GPODUJPOOFNFOUOFEPJUQBTÐUSFQFSUVSCÏ
*MMVTUS
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3FUSBJUEFTIPVTTFTQPVSMFMBWBHF
-BIPVTTFFTUGJYÏFFOUSPJTQPJOUTQBSBUUBDIFT
7FMDSPCPVUPOTQSFTTJPOTFUTBOHMFTDFRVJGBDJMJUFTPO
SFUSBJUQPVSMFMBWBHF-BSFNJTFFOQMBDFEFTIPVTTFT
TFGGFDUVFFOTFOTJOWFSTF
t &OQSÏTFODFEhIVNJEJUÏOPUBNNFOUMPSTEhVO
MBWBHFMFTIPVTTFTQFVWFOUMÏHÒSFNFOUEÏUFJOESF
/FQBTVUJMJTFSEFTPMWBOUT
3FNBSRVFTJNQPSUBOUFT
t -FTFOGBOUTPOUQBSGPJTEFTPCKFUTQFYEFTKPVFUT
EBOTMBQPDIFEFMFVSWFTUFPVEFMFVSQBOUBMPO
FUMFVSTIBCJUTDPNQPSUFOUQBSGPJTBVTTJEFTQJÒDFT
SJHJEFTCPVDMFEFDFJOUVSFQBSFYFNQMF7FJMMF[Ë
DFRVJMOZBJUBVDVOPCKFUFOUSFMFTWÐUFNFOUTFUMB
DFJOUVSFEFTÏDVSJUÏEFWPUSFFOGBOU7PVTÏWJUFSF[
BJOTJVOHSBOEOPNCSFEFSJTRVFTEFMÏTJPOT
QPTTJCMFTFODBTEBDDJEFOU$FTDPOTFJMTWBMFOUEV
SFTUFÏHBMFNFOUQPVSMFTBEVMUFT
t -FTFOGBOUTTPOUOBUVSFMMFNFOUBVTTJTPVWFOUUSÒT
WJWBOUTFYQMJRVF[MFVSMJNQPSUBODFEFMB
TÏDVSJUÏ*MTDPNQSFOESPOUBMPSTRVJMTOFEPJWFOU
QBTNPEJGJFSMBQPTJUJPOEFMFVSTBOHMFFURVJMTOF
EPJWFOUTVSUPVUQBTTFEÏUBDIFS
t -BTÏDVSJUÏEFWPUSFFOGBOUOFQFVUÐUSFHBSBOUJF
RVFTJWPVTTVJWF[TUSJDUFNFOUMFTJOTUSVDUJPOTEF
NPOUBHFFUMFNPEFEFNQMPJEFWPUSFTJÒHFBVUP
t -FTTBOHMFTEPJWFOUUPVKPVSTÐUSFCJFOUFOEVFTFU
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WFIÓDVMPRVFGBDJMJUBTVNPOUBKF&MNPEFMP-*'5130
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IBTUBFMGPOEPEFMBTJFOUP1BTFFMDJOUVSØOEFUSFT
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EFMBTDPSSFBT
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FOUSFFMDVFMMPZMBQBSUFFYUFSOBEFMIPNCSP
5FOTFFMDJOUVSØOEFGPSNBRVFMBDPSSFBQÏMWJDBZMB
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DPSSFBTOPFTUÏOSFUPSDJEBT-BDPSSFBQÏMWJDBEFCF
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EFMDJOUVSØOBKÞTUFMPBMBBMUVSBDPOWFOJFOUF&O
WFIÓDVMPTDPOSFQPTBDBCF[BTEFTFSJFTFQVFEFMPHSBS
VOBNFKPSJOTUBMBDJØOEFMBTJFOUPDBNCJBOEPTVBKVTUF
PEFTNPOUÈOEPMP4VNFKPSQPTJDJØOFTFOFMBTJFOUP
USBTFSPEFMDPDIFMPRVFCÈTJDBNFOUFTFDPOTJHVF
QPOJÏOEPMPFOFMSJODØOEFMBTJFOUPWÏBTF*MVTU
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FMSFQPTBDBCF[BTEFCFSÈNPOUBSTFEFOVFWPFOMB
QPTJDJØODPSSFDUB
/BUVSBMNFOUFBMEFTDFOEFSEFMWFIÓDVMPCBTUBSÈ
DPOBCSJSFMDJFSSFZTBDBSMBDPSSFBQBTÈOEPMBQPS
EFMBOUFEFMOJ×P4JOFNCBSHPBMVTBSMPEFOVFWP
QSFTUFTJFNQSFBUFODJØOBMBDPSSFDUBDPMPDBDJØOEF
MBTDPSSFBT/PTFQFSNJUFUSBOTQPSUBSFMBTJFOUPFO
FMWFIÓDVMPTJOFTUBSTVKFUPBVORVFOPWBZBFMOJ×P
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PDVQBOUFT1PSFTUFNPUJWPMBDPSSFBEJBHPOBMEFCF
FTUBSTJFNQSFDFSSBEBEVSBOUFFMWJBKF
7FSTJØOBCSFWJBEB
"DDFTPSJPFTQFDJBMDPSSFBTEFGJKBDJØO
1BSBFMBTJFOUP$0/$03%-*'51305&$5IFNPT
EFTBSSPMMBEPDPNPBDDFTPSJPFTQFDJBMVOBTDPSSFBTEF
GJKBDJØO&TUBTDPSSFBTEFGJKBDJØOTJSWFODPNPBZVEB
QBSBDPOTFHVJSMBQPTJDJØOSFDUBEFMBTJFOUPJOGBOUJM
QBSBDPDIF&MVTPEFMBTDPSSFBTEFGJKBDJØOQFSNJUF
DPNQFOTBSMPTJODPOWFOJFOUFTRVFQVFEFOTVSHJSEFCJEP
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BTJFOUPZBRVFOPGPSNBOQBSUFEFMTJTUFNBEF
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FTUFBTJFOUPTFBQPTJCMFSPEFBSFMSFTQBMEPEFMBTJFOUP
DPOMBTDPSSFBTEFGJKBDJØO-PJEFBMFTFMBTJFOUPEFM
BDPNQB×BOUFPVOBTJFOUPQPTUFSJPSBCBUJCMF
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t -BTDPSSFBTOPEFCFORVFEBSUPSDJEBTEB×BEBTP
FOHBODIBEBT
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DPMPDBSFOMBT[POBTDSÓUJDBTVONBUFSJBMCMBOEP
JOUFSQVFTUP
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BMUFSBSTVGVODJPOBMJEBE
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GVOEBTTFSFBMJ[BFOPSEFOJOWFSTPEFCJFOEPQSFTUBS
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EFMWFIÓDVMPPQPSMBTQVFSUBT
7FSTJØOBCSFWJBEB
*OTUSVDDJPOFTQBSBFM
DVJEBEP
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EBEEFTVVTPZTFBOFDFTBSJP
SFFNQMB[BSMPTJOEJWJEVBMNFOUF
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JOGBOUJMFTBMEFQBSUBNFOUPQFSUJ
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QBSBBVUPNØWJMFTPBFNQSFTBT
EFWFOUBQPSDPSSFTQPOEFODJB
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DPNQMFUPEFBDDFTPSJPTQBSBMPT
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DPOVOJOGPSNFEFMBDDJEFOUF
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6

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