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UQKV GZGORV FG EQPHNKV FG XCNGWTU GV FOGPLGWZ FG RQWXQKT /CKU NGU KPUVTWOGPVUFGTÃIWNCVKQPFGXKGPPGPVCRRTQZKOCVKHUUQWOKU´FOKPEGUUCPVGU PÃEGUUKVÃU FOCLWUVGOGPV ECT WPG FQWDNG RTGUUKQP URCVKCNG GV VGORQTGNNG UOGZGTEG UWT NGU RQNKVKSWGU RWDNKSWGU NGU TÂINGU FW LGW ÃEQPQOKSWG GV NGU OQFCNKVÃUFGUÃEJCPIGUUQEKCWZ'NNGCEETQÉV NCFGOCPFGFGHNGZKDKNKVÃFCPU NGU OQFCNKVÃU FG TÃIWNCVKQP 'NNG PQWTTKV NG UWEEÂU FOWPG PQVKQP CWUUK

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%H4KEJCTF&GNOCUEQNNQSWG.O+PVGTPGVGVNGFTQKV WPKXGTUKVÃ 2CTKU UGRVGODTG

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EQORNGZG SWG EQPVTQXGTUÃG EGNNG FG NC nIQWXGTPCPEG€ FQPV NC HQTOG VTCPUCEVKQPPGNNG TQORV CXGE NGU RTQEÃFWTGU ENCUUKSWGU FG TÂINGOGPV FGU EQPHNKVUQWFOGZGTEKEGFGUTGURQPUCDKNKVÃU

,WTKUVGU GV RQNKVKUVGU UG FGOCPFGPV nFQKVQP RTQFWKTG WPG NÃIKUNCVKQP URÃEKHKSWG ´ NOKPVGTPGV!€ GV nSWGN CTDKVTCIG RGWVKN UOÃVCDNKT SWCPF NC NQK FOWPRC[UEQPVTGFKVEGNNGFOWPCWVTGRC[U!€.GURTQOQVGWTUFGNOGDWUKPGUU TÃENCOGPV SWG NOQP UOGP VKGPPG ´ NOnCWVQTÃIWNCVKQP€ FW OCTEJà .GU OWNVKRNGU CUUQEKCVKQPU GV KPFKXKFWU UQWEKGWZ CXCPV VQWV FG OCKPVGPKT NC VTCFKVKQPFOQWXGTVWTGGVFGRCTVCIGFWTÃUGCWTGFQWVGPVSWGEGNNGEKPGUQKV DCVVWGGPDTÂEJGSWGEGUQKVRCTNGUHQTEGUFGNCNQKQWNCVQWVGRWKUUCPEGFW OCTEJÃCNQTUSWGFOCWVTGUGPCRRGNNGPVCWZVTKDWPCWZRQWTHCKTGRTÃXCNQKT FCPUNGURTCVKSWGUFGUnPQWXGCWZOÃFKCU€NGUFTQKVUCESWKUXKU´XKUFGNC RTGUUGFGNOÃFKVKQPFGNCTCFKQGVFGNCVÃNÃXKUKQP

#WRTÃCNCDNGKNPQWUHCWVTCRKFGOGPVENCTKHKGTNGURQUKVKQPUGPRTÃUGPEG HCEG CW FKNGOOG FG NC TÃIWNCVKQP FG NOKPVGTPGV RQWT EQPUVCVGT SWOCWEWPG UQNWVKQPRTKUGKUQNÃOGPVPOGUVUCVKUHCKUCPVG

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%HFCPUNGURCIGU4GDQPFUFWSWQVKFKGP.KDÃTCVKQPNGURQKPVUFGXWGTGURGEVKHUFG ,GCP) 2CFKQNGCW n.GU IQIQU FG NC IQWXGTPCPEG€ ^GT LWKP GV FG *CUUGP /(QFCn$QPPGIQWXGTPCPEG€LCPXKGT

2QWTNGUVGPCPVUFOWPGCVVKVWFGnLGHHGTUQPKGPPG€nPQWUUQOOGUUWTNGTKXCIGFG NOKPVGTPGVWPPQWXGNGPFTQKVUCWXCIGKPVÃTGUUCPVQÔNGUIGPURGWXGPVTGFÃOCTTGTFG

\ÃTQGVRGPUGTNOKORGPUCDNG€EH&CXKF2QUVEQFKTGEVGWTFGNO+PUVKVWVFWE[DGTFTQKV WPKXGTUKVÃFG6GORNG2JKNCFGNRJKGKPVGTXKGY´.KDÃTCVKQPFW

#NQTUSWGNO#WUVTCNKGQW5KPICRQWTQPVVTÂUHQTVGOGPVGPECFTÃNGUGEVGWTNCnNQK UWT NC UQEKÃVà FG NOKPHQTOCVKQP€ RTQLGVÃG FGRWKU FGWZ CPU RCT NG IQWXGTPGOGPV HTCPÁCKUPOCVQWLQWTURCUXWNGLQWT/CKUUGUFKHHÃTGPVUCTVKENGUUQPVRTQITGUUKXGOGPV ÃRCTRKNNÃU FCPU FGU NQKU GV FÃETGVU UQWOKU ´ NC EQPLQPEVWTG GWTQRÃGPPG QW KPVGTPCVKQPCNGGVFQPVNOKPURKTCVKQPGUVCXCPVVQWVUÃEWTKVCKTG

ECU FG EQPHNKV FOKPVÃTÄVU QW FG XCNGWTU .C EQTÃIWNCVKQP SWK TGRQUG UWT NC EQPUVTWEVKQP FW EQPUGPUWU GPVTG VQWU NGU CEVGWTU RWDNKEU GV RTKXÃU UQEKÃVà EKXKNG KPENWUG FQPPG PCKUUCPEG ´ FGU QTICPKUOGU J[DTKFGU FGU n1,0+€

QDLGVULWTKFKSWGUPQPKFGPVKHKÃUFQPVNGUVCVWVNGTÂINGOGPVGVNGUHKPCNKVÃU NCKUUGPV UKPIWNKÂTGOGPV ´ FÃUKTGT CW RNCP FG NC FÃNKDÃTCVKQP EQOOG FG NC FÃEKUKQP

.C SWGUVKQP FG NC nIQWXGTPCDKNKVà FG NOKPVGTPGV€ GUV ´ NOQTFTG FW LQWT 0QWUPOCXQPURCUEJQKUKFGNOCDQTFGTUQWUNOCPINGFGURQNKVKSWGURWDNKSWGU PK´VTCXGTUNGURTQRQUKVKQPUnÃVJKSWGU€FGUCEVGWTUÃEQPQOKSWGUOCKURCT NGDKCKUFGNCSWGUVKQPUWKXCPVGNGUKPVGTPCWVGU´NCHQKUWUCIGTUGVEKVQ[GPU RGWXGPVKNU FÃOQETCVKSWGOGPV RGUGT UWT NGU TÂINGU FW LGW! 'V RNWU RTÃEKUÃOGPVNOKPVGTPGVRGWVKNEQPUVKVWGTWPGURCEGRWDNKEQWXGTVCNQTUSWOKN GUV FÃUQTOCKU UQTVK FG NC n4ÃRWDNKSWG FGU KPHQTOCVKEKGPU€ SWK NOC GPIGPFTÃ!%GUKPVGTTQICVKQPUGPCOÂPGPVWPGVTQKUKÂOGNCTÃIWNCVKQPFGU TÃUGCWZFQKVGNNGUOQTICPKUGT´RCTVKTFGUEQPVGPWUSWK[EKTEWNGPVQW´RCTVKT FG UQP KPHTCUVTWEVWTG VGEJPKSWG! 0QWU CNNQPU VGPVGT FG OQPVTGT ´ VTCXGTU FGWZ ÃVWFGU FG ECU SWG NGU FGWZ CRRTQEJGU TÃXÂNGPV WPG RTQDNÃOCVKSWG EQOOWPGOCKUSWGNGUTÃRQPUGUUQPVNQKPFOÄVTGCUUWTÃGU

.C RTGOKÂTG ÃVWFG EQPEGTPG NG RTQEÂU ;CJQQ CEVKQP GP LWUVKEG FOCUUQEKCVKQPUHTCPÁCKUGUCPVKTCEKUVGUEQPVTGNCRTÃUGPEGFOQDLGVUPÃQPC\KUUWT NG UKVG FOGPEJÂTGU FW RQTVCKN COÃTKECKP 'NNG VTCKVG FG NC TÃIWNCVKQP FGU EQPVGPWURCTTCRRQTV´NOQTFTGGVCWFÃUQTFTGUQEKCNGVCDQTFGNGUSWGUVKQPU FGNÃIKVKOKVÃFGNOKPUVCPEGFOCTDKVTCIGFGXCNKFKVÃFGNCFÃEKUKQPFGLWUVKEGFG EQPHNKV FG XCNGWTU GV FOKPVÃTÄVU FCPU WP ECFTG KPVGTPCVKQPCN .C UGEQPFG RTÃUGPVGNGFÃTQWNGOGPVGVGZRQUGNGUGPLGWZFGUÃNGEVKQPUFGUTGRTÃUGPVCPVU FGU WVKNKUCVGWTU CW $WTGCW FKTGEVGWT FO+%#00 NOQTICPKUOG SWK IÂTG NG HQPEVKQPPGOGPV VGEJPKSWG FG NOKPVGTPGV .OKPVGTTQICVKQP RQTVG KEK UWT NGU EQPFKVKQPU FG NC RCTVKEKRCVKQP RQNKVKSWG FCPU WP U[UVÂOG INQDCN FG IQWXGTPCPEGNGUGURQKTUGVNGUTCVÃUFGUCOKUGGPWXTG0QVTGJ[RQVJÂUG GUVNCUWKXCPVGUKNOKPVGTPGVCWLQWTFOJWKRGWVPGRCUÄVTGWPTQ[CWOGJQTU NCNQKECUGVUOKNRGWVRTÃVGPFTGLGVGTNGUDCUGUFOWPGFÃOQETCVKGRNCPÃVCKTG ECUEOGUVUGWNGOGPVGPFQPPCPV´NCPQTOGVGEJPKSWGNGRCUUWTNGUCWVTGU HQTOGU FG TÃIWNCVKQP #WLQWTFOJWK NG FTQKV GV NO'VCV UQPV nOQFGUVGU€ NGU GPVTGRTKUGU GP LQWGPV CW OKGWZ FG NGWTU KPVÃTÄVU .C TGEJGTEJG FOWPG

%H NG TCRRQTV CW 2TGOKGT /KPKUVTG FW RCTNGOGPVCKTG HTCPÁCKU %JTKUVKCP 2CWN CWLQWTFOJWKOKPKUVTGn.CTÃIWNCVKQPFGNOKPVGTPGVFGUTGURQPUCDKNKVÃURCTVCIÃGU€

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%HKPHTCNOGZGORNGFO+%#00

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LGNNG RQUG NG RTQDNÂOG FG NC TÃIWNCVKQP FGU EQPVGPWU FG NOKPVGTPGV TCRRQTVÃG CW TÃIKOG LWTKFKSWG FG NC NKDGTVà FOGZRTGUUKQP 7P EQPVGPW NÃIKVKOGFCPUWPRC[URGWVÄVTGKNNÃICNFCPUWPCWVTGCNQTUFCPUSWGNUGPU FQKVQP CTDKVTGT! .OKPVGTPGV RTQXQSWG GP GHHGV UGNQP NOGZRTGUUKQP FG 2KGTTG 6TWFGN WP nVÃNGUEQRCIG FG NC UQWXGTCKPGVà VGTTKVQTKCNG CXGE NOGURCEG KPHQTOCVKQPPGNKPUGPUKDNGCWZHTQPVKÂTGU€

LGNNG SWGUVKQPPG ÃICNGOGPV NC PQWXGCWVà FW nOÃFKC€ +PVGTPGVRCT TCRRQTVCWZTÃIKOGUCPVÃTKGWTUCRRNKECDNGU´NCRTGUUGÃETKVGGVCWFKQXKUWGNNG .G LWIGOGPV TGPFW GP (TCPEG KORQUG WPG UQNWVKQP FG nHKNVTCIG€ RCT NCSWGNNGNGTGURGEVFGNOQTFTGRWDNKETGRQUGUWTNOKPUVCNNCVKQPFOWPNQIKEKGN.C VGEJPKSWGGUVCKPUKCRRGNÃG´NCTGUEQWUUGFWFTQKVUQWXGTCKP

.GECNGPFTKGTFGUÃXÃPGOGPVU

CXTKNWPGFÃRÄEJG#(2KPFKSWGSWGNO7PKQPFGUÃVWFKCPVULWKHU FG (TCPEG 7',( GV .C .KIWG KPVGTPCVKQPCNG EQPVTG NG TCEKUOG GV NOCPVKUÃOKVKUOG.+%4#CUUKIPGPVGPLWUVKEG;CJQQ+PECWOQVKHRTÃEKVÃ

CXTKN CWFKGPEG GP TÃHÃTà NGU RNCKIPCPVU FGOCPFGPV ´ ;CJQQ FG nFÃVTWKTGVQWVGFQPPÃGKPHQTOCVKSWGUVQEMÃGUWTUQPUGTXGWT€EQPEGTPCPVNC XGPVGFOQDLGVUÃXQSWCPVNGPC\KUOG

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LWKNNGV NG /QWXGOGPV EQPVTG NG TCEKUOG GV RQWT NOCOKVKÃ GPVTG NGU RGWRNGU/4#2TGLQKPVNO7',(GVNC.+%4#

LWKNNGVWPnGZRGTVGPKPVGTPGV€GPICIÃRCT;CJQQTGOGVWPTCRRQTV SWK EQPENWV ´ NOKORQUUKDKNKVà FG HKNVTGT NOKPHQTOCVKQP GP HQPEVKQP FG NC RTQXGPCPEGIÃQITCRJKSWGFGNOKPVGTPCWVG ;CJQQ HCKV XCNQKT SWOKN POGZKUVG RCU FG UQNWVKQP VGEJPKSWG NWK RGTOGVVCPV FG TGURGEVGT KPVÃITCNGOGPV NC FÃEKUKQPFWVTKDWPCN

LWKNNGV NG /4#2 CRRGNNG CW DQ[EQVV FG ;CJQQ nVCPV SWG NC UQEKÃVà POCWTCRCUOQTCNKUÃUGUUGTXKEGU€

CQÖVNGLWIGHTCPÁCKUQTFQPPGWPGGZRGTVKUGRCTWPEQNNÂIGPGWVTGFG VTQKUURÃEKCNKUVGUEQPHQTOÃOGPV´NOCTVKENGFWEQFGFGRTQEÃFWTGEKXKNG SWKRGTOGVFOÃENCKTGTNGLWIGUWTWPGSWGUVKQPVGEJPKSWG

PQXGODTG NGU GZRGTVU TGPFGPV NGWT TCRRQTV GP UÃCPEG RWDNKSWG # NGWT CXKU NG VCWZ FOGHHKECEKVÃ FGU UQNWVKQPU VGEJPKSWGU FG HKNVTCIG FGU EQPVGPWU RTÃLWFKEKCDNGU CW TGICTF FG NC NQK HTCPÁCKUG QUEKNNGTCKV GPVTG GV

PQXGODTG;CJQQGUVEQPFCOPôGORÄEJGTNOCEEÂUFGUKPVGTPCWVGU HTCPÁCKUCWZUKVGUCPVKUÃOKVGUGVFKURQUGFGVTQKUOQKURQWTOGVVTGGPWXTG NGHKNVTCIG.OCOGPFGUGTCFG(RCTLQWTFGTGVCTF

FÃEGODTG ;CJQQ FGOCPFG ´ NC LWUVKEG COÃTKECKPG FG FÃENCTGT KPCRRNKECDNGNGLWIGOGPVTGPFWGP(TCPEG

LCPXKGT;CJQQDCPPKVNCXGPVGFGVQWVQDLGVRQWXCPVKPEKVGT´NC JCKPGTCEKCNGGVUWRRTKOGNOCEEÂUITCVWKV´UQPUKVGFOGPEJÂTGU

OCTU NG VTKDWPCN FG )TCPFG +PUVCPEG FG 2CTKU TGHWUG FOCEEQTFGT WPG CKFG HKPCPEKÂTG FG GWTQU FGOCPFÃG RCT NO7',( RQWT CNNGT RNCKFGT EQPVTG;CJQQCWZ'VCVU7PKU

LWKP WP LWIG FG %CNKHQTPKG UG FÃENCTG EQORÃVGPV RQWT GZCOKPGT NC RNCKPVG SWG ;CJQQ C FÃRQUÃG ´ UQP VQWT EQPVTG NGU CUUQEKCVKQPU HTCPÁCKUGU XKUCPV´QDVGPKTFGNCLWUVKEGCOÃTKECKPGWPGFÃENCTCVKQPFOKPCRRNKECDKNKVÃFG

8QKTYYYLWTKUEQOPGVVZVLWTKUHTEVKVIKRCTKUTRFGHRFH

+NUOCIKVFG8KPVQP%GTHNOWPFGURÂTGUHQPFCVGWTUFWPGV'VCVU7PKU$GP.CWTKG 4Q[CWOG7PKGV(TCPEKU9CNNQP(TCPEG

4CRRQTV FOGZRGTVKUG XQKT YYYLWTKUEQOPGVVZVLWTKUHTEVKVIRCTKU TRJVO

5QWTEG#(2

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NCEQPFCOPCVKQPHTCPÁCKUGCWZ'VCVU7PKUCWOQVKHSWOGNNGGUVnEQPVTCKTG´NC

%QPUVKVWVKQPGVCWFTQKVCOÃTKECKP€

PQXGODTG NG LWIG COÃTKECKP TGPF UQP XGTFKEV NC UQEKÃVÃ COÃTKECKPG POGUV RCU VGPWG FG TGURGEVGT NOQTFQPPCPEG TGPFWG RCT NG VTKDWPCN HTCPÁCKU .O7',(HCKVCRRGNFGNCFÃEKUKQP

HÃXTKGT RNWUKGWTU CUUQEKCVKQPU HTCPÁCKUGU /4#2 CPEKGPU FÃRQTVÃURQTVGPVRNCKPVGCWRÃPCNEQPVTG;CJQQRQWTCRQNQIKGFGETKOGU FGIWGTTG

.GHGWKNNGVQPLWFKEKCKTGFG;CJQQKNNWUVTGNCFÃHKPKVKQPFG.WE$QNVCPUMK UGNQP NCSWGNNG n.GU CHHCKTGU UQPV WP RTQEGUUWU FOGPTÏNGOGPV GV FOGPTQWNGOGPV CWVQWTFOWPECURTQDNÃOCVKSWGGVNKVKIKGWZFQPVNCFÃVGTOKPCVKQPGVNCFÃHKPKVKQPUQPV NKÃGUCWZGHHQTVUFGOQDKNKUCVKQPFÃRNQ[ÃUFCPUEJCSWGECOR€0QWUCNNQPUFCPU WP RTGOKGT VGORU GZCOKPGT NGU OQVKXCVKQPU GV NGU TÃCEVKQPU FGU FKHHÃTGPVU CEVGWTU

&WEÏVÃFGNCLWUVKEG

1PVTQWXGWPG SWGUVKQPTÃEWTTGPVGRGWVQPNÃIKHÃTGTUWTNOKPVGTPGV! .C TÃRQPUG NC RNWU HTÃSWGPVG GUV RQUKVKXG QP RGWV RWKUGT FCPU NOCTUGPCN NÃIKUNCVKH GZKUVCPV SWKVVG ´ HCKTG SWGNSWGU CFCRVCVKQPU RCT XQKG LWTKURTWFGPVKGNNGEHTCRRQTVFW%QPUGKNFO'VCVFG/CKUEGPOGUVRCU UKUKORNGNQTUSWOGUVGPLGWNCNKDGTVÃFOGZRTGUUKQP

'P (TCPEG NC NKDGTVÃ FOGZRTGUUKQP C ÃVÃ ÃVCDNKG RCT NOCTVKENG FG NC

&ÃENCTCVKQPFGU&TQKVUFGNO*QOOGGVFW%KVQ[GPFG2NWUKGWTUNQKU TÃRTKOGPVNCRTQRCICPFGCPVKUÃOKVGGVNCRTQXQECVKQP´NCJCKPGTCEKCNGXQKT KPHTC #WZ 'VCVU7PKU EGU RTQRQU DÃPÃHKEKGPV FW RTKPEKRG FG NC NKDGTVÃ FOGZRTGUUKQPICTCPVKFGOCPKÂTGCDUQNWGRCTNGRTGOKGTCOGPFGOGPVFGNC

%QPUVKVWVKQP FG &CPU NC RTGOKÂTG EQPEGRVKQP TGRTKUG GP FCPU NOCTVKENG FG NC &ÃENCTCVKQP WPKXGTUGNNG FGU FTQKVU FG NOJQOOG GV GP FCPU NOCTVKENG FG NC %QPXGPVKQP GWTQRÃGPPG FGU FTQKVU FG NOJQOOG

+Pn.CFÃPQPEKCVKQP€#EVGUFGNC4GEJGTEJGGP5EKGPEGU5QEKCNGUPuOCTU +PVGTPGVGVNGUTÃUGCWZPWOÃTKSWGU.C&QEWOGPVCVKQPHTCPÁCKUG2CTKU

n.CNKDTGEQOOWPKECVKQPFGURGPUÃGUGVFGUQRKPKQPUGUVWPFTQKVRCTOKNGURNWURTÃEKGWZ FGNOJQOOGVQWVEKVQ[GPRGWVFQPERCTNGTÃETKTGKORTKOGTNKDTGOGPVUCWH´TÃRQPFTG´

NOCDWUFGEGVVGNKDGTVÃFCPUNGUECUFÃVGTOKPÃURCTNCNQK€

n.G %QPITÂU PG HGTC CWEWPG NQK TGUVTGKIPCPV NC NKDGTVà FOGZRTGUUKQP GV NC NKDGTVà FG NC RTGUUG€2QWTWPGFÃHGPUGTGPQWXGNÃGFGEGVVGEQPEGRVKQPXQKT(TGGFQOQH'ZRTGUUKQP

$TKGHKPI 2CRGT Pu UWT NG UKVG FG NO#OGTKECP %KXKN .KDGTVKGU 7PKQP YYYCENWQTINKDTCT[RDRJVON

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2QWT TÃIWNGT NGU VÃNÃEQOOWPKECVKQPU GV NOCWFKQXKUWGN WP TÏNG RTÃFQOKPCPVÃVCKVCEEQTFôNO'VCVRQWTNOKPHQTOCVKSWGNC NQK HWV EGNNG FGU GPVTGRTKUGU .G U[UVÂOG UQEKQVGEJPKSWG FG NOKPVGTPGV HCKUCPV EQPXGTIGT NGU VTQKUEWNVWTGUnNGUQTICPKUOGUKPUVKVWVKQPPGNUFGPQTOCNKUCVKQPUQPVCWLQWTFOJWK UQWOKU ´ FGU VGPUKQPU GV EQPHNKVU GPVTG KPVÃTÄVU PCVKQPCWZ QW EQOOGTEKCWZ QW KPFWUVTKGNU€EQPUVCVG4KEJCTF*CYMKPU+NGPFÃFWKVSWGnFCPUWPGFÃOQETCVKG TGRTÃUGPVCVKXG KN [ C FÃNÃICVKQP FG RCTVKEKRCVKQP ´ VGN QW VGN PKXGCW FG NC XKG RWDNKSWGFCPUNCFÃOQETCVKGVGEJPQNQIKSWGEOGUVOQKPUNGEQPVGPWFGEJCSWGPQTOG SWKKORQTVGSWGNGRQKFUCEEQTFôNOKPVÃTÄVRWDNKEFCPUNOÃVCDNKUUGOGPVFOWPGPQTOG KPFÃRGPFCOOGPV FG NOQTICPKUOG ´ NOQTKIKPG FG EGNNGEK€ &GWZ KPVGTTQICVKQPU UOGPUWKXGPVNCPQTOGVGEJPKSWGRTGPFGNNGNGRCUUWTNGUCWVTGUPQTOGU!SWK OGUWTGGVRTQOGWVnNOKPVÃTÄVRWDNKE€!.QTUSWGNCSWGUVKQPGUVRQUÃGFWNKGP GPVTG OQPFKCNKUCVKQP GV PQWXGN GPXKTQPPGOGPV PQTOCVKH FCPU NOWPKXGTU KPHQTOCVKQPPGNNGFÃHKGUVDKGPRQWTTGVTQWXGTWPGFKOGPUKQPRTQRTGOGPV RQNKVKSWG FOCTVKEWNGT NGU VTQKU PKXGCWZ FG PQTOGU VGEJPKSWG LWTKFKSWG UQEKÃVCN

n.G TGOÂFG ´ NC OCWXCKUG KPHQTOCVKQP EOGUV VQWLQWTU RNWU FOKPHQTOCVKQP€ TÃRÂVGPV ´ NOGPXK NGU JÃTKVKGTU FG NC E[DGTPÃVKSWG /CKU NC VJÃQTKGFÃOQETCVKSWGUWRRQUGSWGNOCDUGPEGFGEQPVTÏNGGPIGPFTGCTDKVTCKTG GVHCXQTKVKUOG2QWTÃXKVGTSWGNGUUGWNGUCXCPEÃGUFGTÂINGOGPVPCVKQPCNQW KPVGTPCVKQPCN FGU EQPHNKVU NKÃU ´ NOKPVGTPGV PG UQKGPV FG NOQTFTG FG NC TÃRTGUUKQPQWFWTGPHQTEGOGPVFGUKPVÃTÄVURTKXÃUNOCFCRVCVKQPFWFTQKVFGU VGEJPKSWGU EQOOG NOCFCRVCVKQP FGU FTQKVU HQPFCOGPVCWZ GP TCKUQP FGU PQWXGNNGU VGEJPQNQIKGU PG RGWXGPV ÄVTG NCKUUÃGU CWZ UGWNU URÃEKCNKUVGU FW FTQKVQWFGNOKPHQTOCVKSWG

'NNGU PG RGWXGPV RCU PQP RNWU UOCEEQOOQFGT FGU EQPVQWTU HNQWU FOWPG nE[DGTUQEKÃVÀQÔNGURTÃTGSWKUFGNCFÃOQETCVKGPGUQPVRNWUXCNCDNGU2QWT /KNVQP /WGNNGT n+%#00 TGPFTCKV ÃXGPVWGNNGOGPV RQUUKDNG ´ NC HQKU WP PQWXGCWTÃIKOGKPVGTPCVKQPCNQWVUKFGPCVKQPHTCOGYQTMGVWPTÃCNKIPGOGPVFGU RQUKVKQPUFWRTKXÃGVFWRWDNKE€0QWURCTVCIGQPUNGRQKPV FG XWG FG &CPKGN

KP n8GTU WPG ÃXQNWVKQP QW WPG FKURCTKVKQP FG NC FÃOQETCVKG VGEJPKSWG!€

4ÃUGCWZPu

1PRQWTTCUGTGRQTVGTCXGEKPVÃTÄV´NOQWXTCIGFKTKIÃRCT,GCPFG/WPEMGV/CTKG 8GTJQGXGP.GUOWVCVKQPUFWTCRRQTV´NCPQTOGWPEJCPIGOGPVFCPUNCOQFGTPKVÃ!&G

$QGEM7PKXGTUKVÃ 8QKTUWRTCPQVG

-CRNCP RTÃUKFGPV FG NC (+0) UGNQP NGSWGN nNG EQTRU ÃNGEVQTCN FO+%#00 GPVTGVKGPVNOKFÃGHCWUUG SWOKN [ C WPG EQOOWPCWVà FOKPVGTPCWVGU FKHHÃTGPVG FG EGNNG FGUEKVQ[GPUFGUFKHHÃTGPVU'VCVU€6TÂURTQUCÊSWGOGPVOÄOGUKNOQPUOCEEQTFG UWT WP OQFÂNG FG IQWXGTPCPEG FÃOQETCVKSWG KN GUV DGUQKP FOWP RTQEGUUWU RQWTNGICTCPVKT%QOOGNCFÃOQETCVKGPGUGNKOKVGRCUCWOQOGPVFWXQVGL GNNG KPENWV NG VGORU NQPI FG NOKPHQTOCVKQP FW FÃDCV GV FG NC FÃNKDÃTCVKQP L WPGNCTIGKPHQTOCVKQPWPFÃDCVQWXGTVGVEQORTÃJGPUKDNGFGUTÂINGUFWLGW UVCDNGUGVCRRTQWXÃGURCTVQWUTGUVGPV´EQPUVTWKTG5CPUEGNCGNNGOCPSWGFG TÂINGU PQTOCVKXGU CUUWTCPV NÃIKVKOKVà GV TGURQPUCDKNKVà FCPU NOGZGTEKEG FW RQWXQKT GNNG KPUETKV EGNWKEK FCPU WP RTQEGUUWU FOKPVGTCEVKXKVà HQTOGNNG OCTSWÃRCTNOKPEGTVKVWFGGVWPGTGNCVKXKVÃOCZKOWOGNNGCUUQEKGNGUCEVGWTU FCPUWPLGWFGFWRGUQÔTKGPPOGUVICTCPVKSWGRCTWPGUÃTKGFGEQPUGPUWU ÃRJÃOÂTGU

.OGZVTCVGTTKVQTKCNKVÃGVNOKORQUKVKQPVGEJPKSWGFGNOKPVGTPGVPQWTTKUUGPVNG EQPEGRV FG IQWXGTPCPEG &ÃHKPKG UÃXÂTGOGPV RCT /KNVQP /WGNNGT EQOOG nNOGZRNQKVCVKQP FG IQWNQVU FOÃVTCPINGOGPV VGEJPKSWGU QW FOCEEÂU ´ FGU TGUUQWTEGU VGEJPKSWGURQWTTÃINGTNCEQPFWKVGUQEKQÃEQPQOKSWG€NCIQWXGTPCPEGnXQWFTCKV FÃVQWTPGT NOCVVGPVKQP FGU TÂINGU GV FG EG SWK FQKV ÄVTG RQWT NC HKZGT UWT NGU EQORQTVGOGPVUGVUWTEG SWKGUV=?GNNGGUVEQRTQFWKVGRCTNOKPFWUVTKGNGULWIGU NOQRKPKQP =? GV PG UÃRCTG RCU NG IQWXGTPGOGPV FGU CWVTGU HQTEGU UQEKCNGU CIKUUCPVGU€ &CPU UC XGTUKQP HTCPÁCKUG FG EQTÃIWNCVKQP KORWNUÃG RCT NC RWKUUCPEGRWDNKSWGGNNGRQUVWNGIÃPÃTGWUGOGPVNGUFTQKVUÃICWZFGVQWUNGU RCTVKEKRCPVU nNGU RTQHGUUKQPPGNU NGU KPVGTPCWVGU GV NGU RQWXQKTU RWDNKEU RGWXGPV EQPVTKDWGT GPUGODNG ´ WPG OGKNNGWTG FÃHGPUG FGU NKDGTVÃU UWT NGU TÃUGCWZ€ /CKU UK nNC EQTÃIWNCVKQP FQKV RGTOGVVTG FG VTQWXGT NG LWUVG ÃSWKNKDTG GPVTG WPG CRRTQEJG FG UQWXGTCKPGVà FG NO'VCV GV NC NQIKSWG OCTEJCPFG€ SWOGP GUVKN FW TÏNG FGU WUCIGTUEKVQ[GPU! .OQDLGEVKH FG FÃXGNQRRGT WPG FKOGPUKQP VTCPUXGTUCNG EQNNCDQTCVKXG FCPU NOGZGTEKEG FGU TGURQPUCDKNKVÃU PG UCWTCKV HCKTG NOKORCUUG UWT NGU OQ[GPU RCT NGUSWGNU UG TÃCNKUGNCOCZKOGFG%KEÃTQPn'VTGNKDTGEOGUVRCTVKEKRGTCWRQWXQKT€

.CDGNNGGVLWUVGGZRTGUUKQPFG8KEVQT5ECTFKINKFGnEQKPXGPVKQPFWUGPU UQEKCNFGNCVGEJPKSWG€UOCRRNKSWGPQPUGWNGOGPVCWZQDLGVUOCKUCWUUKCWZ RTKPEKRGUEQOOGWPNQWTFEJCPVKGTVQWLQWTUTGEQOOGPEÃ

(QPFCVKQP+PVGTPGVPQWXGNNGIÃPÃTCVKQPXQKTYYYHKPIQTI

%H )GTT[ 5VQMGT n%KPS RTQRQUKVKQPU RQWT WPG VJÃQTKG FG NC IQWXGTPCPEG€ KP 4GXWG+PVGTPCVKQPCNGFGU5EKGPEGUUQEKCNGUPuOCTU

2TQRQUFO'NKUCDGVJ)WKIQWCNQTU)CTFGFGU5EGCWZNQTUFOWPEQNNQSWGn+PVGTPGV GV.KDGTVÃURWDNKSWGU€VGPW´2CTKUNGLWKP

KDKF

4GOGTEKGOGPVU

.OCWVGWT VKGPV ´ TGOGTEKGT 5GTIG 2TQWNZ RTQHGUUGWT ´ NO73#/

EQQTFKPCVGWT IÃPÃTCN FW RTQITCOOG %14'8+ EQQRÃTCVKQP GP TÃUGCW XKC KPVGTPGV SWK C QTICPKUà NG EQNNQSWG FG FÃEGODTG CKPUK SWG /CTKMQ -WUJKOC FQEVQTCPVG GP UEKGPEGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP SWKCEQNNCDQTôNCTGEJGTEJGGV´NOCPCN[UGFGUFQEWOGPVUUWTNGYGD