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C:.DNRVL"'REURGRãDR N:2GOLþQREROMHYDVQDãDR
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N:3RWUHEQRMHL]YHVQRYUHPH]QDWHWRMH C:'DGDOLVLRYRWHNVDGDSUYLSXWþXRRGPHQH"
C:0ROLP"
N:2YGHVDPWRþXRRQRSRSXW C:'DWRPRUDGDMH
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C:86UELML±QHåHOLPGDWHSRVWLGLP±X6UELMLVLERJWYRMHOLFHMHQD PDMLFDPDQDSRVWHULPDGDOLWLLNDGDGRVDGLGDYLGLãVRSVWYHQLOLNNDGD
VHYUDWLãNXüLMHURQMHEXNYDOQRVYXGD"
N: 'D þDN L PRMD SRURGLFD L SULMDWHOML L VYL RVWDOL åDOH VH NDNR LVNDþHPL]IULåLGHUDRQLUHFLPRNDåXÄ2KHYRJDL]OD]LPLãHWDPQRüX LVDPRKRüXGDSRSLMHPSLYRDOLHWR1RYDNDQDSLYXGD³
N:,OLDNRVHSLMHNDIDÄ2KHYRJDXãHüHUX³ C:'DGD
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C:âWDMHR
N:=QDWHWUHEDOREQLGDQDXþLWHGDLJUDWHQMLPHD]DWLP]QDWHDNR EXGHWH
C:$GD]DWLPSRVWHSHQRQDSUHGXMHPGRYHüHJUHNHWD"
N:7DNRMH$NRVHSRNDåHWHPRåHPRGDSULþDPRRYHüHPUHNHWX C:6WDQLPDOR'DOLVHPRMDHPLVLMDWDPRSULND]XMH"6DGDüXPDOR GDVWDYLPVHEHXFHQWDUSDåQMH
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N:'DGDGDWDPR9DVPQRJRYROH C:=DLVWD"
N:=DLVWD
C:'DOLWDPRLPDMXVYRJYRGLWHOMDNDVQRYHþHUQMHHPLVLMH"
N:'D]DSUDYRLPDMX]RYHVH,YDQ,YDQRYLüLWRMHNDRYHþHVD C:,YDQ,YDQRYLü"
N:7DNRMH C:,WRMH
N:3RNXãDYDGD9DVLPLWLUDDOLMHRQRGXSORPDQMLRG9DVWDNRGD PRUDPDORGDUDGLQDWRPH
C:'DNOHWDPRSRVWRMLWLSNRMLVH]RYH$MYDQ$MYDQRYLü",YDQLOL"
N:'D,YDQ
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3UHGUDJ'1LNHWLü
C:'REURMH3REHGLRVDP N:1HMRã
C:ýHNDMPDORLSDNVDPL]JXELR
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N:9LPRåGD]QDWHPRåHWHGDX]PHWHPDUNXGDPHOL]QHWHLGDPH ]DOHSLWHJGHJRGåHOLWHLOLGDLKVWDYLWHRYGH
C:1DPRPVLVSLVNXDWRMHSULOLþQRãDãDYVSLVDN
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2EDYRGLWHOMDSULGUåDYDMXVHWRNãRXNRQYHQFLMHSUHGVWDYOMDQMDJRVWD SXEOLFLXVWXGLMXL79JOHGDRFLPDLRERMLFDNRULVWHQDJODãDYDQMHSULOLNRP L]JRYDUDQMDLPHQDJRVWD77,YDQ,YDQRYLüXGDOMHPWHNVWX,YDQ XSUHGVWDYOMDQMHXEDFXMHLãDOXNRULVWHüLGYR]QDþQRVWUHþLUHNHW3ULPHüXMH VHGDSULOLNRPSUHGVWDYOMDQMD&RQDQ2¶%ULHQXGDOMHPWHNVWX&RQDQSUXåD DXGLWRULMXPXVYDSXEOLNDLVWXGLMVNDL79JOHGDRFLYLãHSRþHWQLKLQIRU PDFLMDRJRVWXXNOMXþXMXüLLRQXGDMHSRQRV6UELMH2YGHMHELWQRGHOMHQR ]QDQMHR1RYDNX±,YDQLQMHJRYDXGLWRULMXPYHü]QDMXGRVWDRJRVWXGRN X$PHULFLMHGDQGHRDXGLWRULMXPDVLJXUQRQH]QDNRMHJRVWLþLPHVHEDYL
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±VDPRJ&RQDQD&RQDQSDNQDSLWDQMHRGJRYDUDSLWDQMHPLQHGRSXãWD 1RYDNXGDRGJRYRULGDMXüLJODVDQLURQLþQLNRPHQWDULSUHWYDUDMXüLVHGD MHX]QHPLUHQ71RYDNNRULVWLRYDMNRQWHNVWGDPXXUXþLSRNORQ NRMLPXMHVSUHPLRPLQLMDWXUQLUHNHWSRVOHþHJD&RQDQQDNUDWNRQDSXãWD LQWHUDNFLMXV1RYDNRPLRNUHüHVHNDNDPHULWM79JOHGDRFLPDD]DWLPL
3UHGUDJ'1LNHWLü
SUHPDSXEOLFLXVWXGLMX6YHGR71RYDNMHWDMNRMLLJUDXORJXYRGLWHOMD ,YDQ X MHGQRP SURGXåHQRP WXUQXVX ]DRNUXåXMH WHNXüL SUHGPHW L ]DSRþLQMH QRYL 7 1RYDN XPHVWR RGJRYRUD QD SLWDQMH ãDOMLYR RG EDFXMH,YDQRYXSURSR]LFLMXNDRODå7GRN,YDQSURãLUXMHSUHGPHW Ä(QGL 0DUHM³ XYRÿHQMHP NUDWNRJ QDUDWLYQRJ VOHGD RGQRVQR DQHJGRWH ãWR MH RþLWR L] XSRWUHEH SULSRYHGDþNRJ SUH]HQWD 7 1RYDN RYRP SULOLNRPQHSRãWXMHSUDYLODVLVWHPDUHþ]DUHþYHüYDQPHVWDUHOHYDQWQH WUDQ]LFLMHXPHüHVYRMHSLWDQMH7DOL]DWLPNRULVWLSR]DGLQVNXDNFLMX WRNRPQDVWDYNDDQHJGRWH7
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1RYDNRYRSLWDQMHX7SRNUHüHQRYLSUHGPHWJOHGDQMHWHQLVDX 6UELMLVHPRWLYQLPQDERMHP,YDQJHVWLNXODFLMRPLSURPHQRPERMHJODVD RSRQDãDKLSRWHWLþNRJJOHGDRFDWHQLVD77XYRGLMRãMHGDQSUHG PHWGREDFLYDQMHL]SXEOLNH]DYUHPHPHþD7NRML1RYDNUD]YLMD QHãWRGXåRPQDUDWLYQRPVWUXNWXURP7DNRMDMHLVHþHQDMHGLQR ,YDQRYLPQDGRYH]XMXüLPWXUQXVRP7.DGDVH]DYUãLGUXJL1RYDNRY GXåLWXUQXVVLVWHPUHþ]DUHþYUDüDVHQDSUHWKRGQLULWDPNUDüLKWXUQXVD
3RVOHGQMLSUHGPHWX7RGORPNXVXSRãWDQVNHPDUNHV1RYDNRY LPOLNRP7D&RQDQRYGHSRQRYRNRPXQLFLUDVDXGLWRULMXPRP VNUHWDMXüLLPSDåQMXGDSRJOHGDMXPDUNLFHNRMHMHNDPHUDSUHWKRGQR]X PLUDOD7=DQLPOMLYRMHGDVH1RYDNRYGHãDOLSRPDORDWLSLþQR]D GRWDGDãQMLWRNLQWHUDNFLMHXSRWUHERPLJUHUHþLVDVHNVXDOQRPNRQRWDFLMRP PRåHWH>@GDPHOL]QHWH6SULWRPPLVOHüLQDPDUNX&RQDQSULKYDWDãDOXL UD]YLMDMHSRVOHGQMLPWXUQXVLPDXRGORPNX
,]SULORåHQRJVHYLGLGDMHXREHPDLQWHUDNFLMDPDELORYLãHSUHG PHWDNRMHMHXYRGLRLYRGLWHOMLJRVW3UHGPHWLVHQDVXSURWIRUPDOQRPLQ WHUYMXXXYRGHPHKDQL]PLPDNRMLRGOLNXMXVYDNRGQHYQLJRYRU,YDQ7 NRULVWLLVSXQMLYDþHPPerLRYDMDOLLQHIRUPDOQRSRVWDYOMHQD
1RYDNRYRREUDüDQMH&RQDQXSUHYHOLVPRREOLNRPSHUVLUDQMDVRE]LURPQDWRGDMH RYR1RYDNXELORSUYRJRVWRYDQMHNRG&RQDQDLGDMH&RQDQXYUHPHVQLPDQMD HPLVLMHELRGYRVWUXNRVWDULMLRGQMHJD
SLWDQMDREOLNRPMHO¶&RQDQ7WDNRÿHNRULVWLLVSXQMLYDþHSRSXW uhLQRZQHREHOHåHQLXSLWQLREOLNDOLLUHþHQLþQLLVND]
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LlikeRQRRQRNDR
7UHED SRPHQXWL GUDVWLþQX UD]OLNX X EURMX þXMQLK XGLVDMDL]GLVDMD L]PHÿXGYDUD]JRYRUD1DLPHX7VOXþDMHYDþXMQRJGLVDQMDLPDþDN GRNLKX7LPDVYHJDGYDVDPR&RQDQ2YRVHPRåHREMDVQLWLSRPRüX WUDMDQMDUD]JRYRUDXHPLVLML&RQDQLQWHUYMXVMHGQLPJRVWRPUHWNRSUHOD]L PLQXWDGRNXHPLVLML9HþHVD,YDQRP,YDQRYLüHPUD]JRYRUVJRVWRP PRåHGDWUDMHLþLWDYLKVDWYUHPHQD6WRJDMHNRG&RQDQDSULPHWQDEUåD UD]PHQD WXUQXVD NRML VX VDPLP WLP NUDüL SD MH ]D SURL]YRGQMX JRYRUD GRYROMDQ MHGDQ L]GLVDM .RG ,YDQD LPD YLãH GXåLK WXUQXVD L SRQHNDG MH QHRSKRGQRX]HWLYD]GXKSUHJRYRUDLL]EDFLWLYLãDN8þXMQLPXGLVDMLPD L]GLVDMLPDSUHGQMDþL1RYDNXRGQRVXQD,YDQD
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3UHGUDJ'1LNHWLü
L]1RYDNRYHSULþHRLVNXVWYLPDVGREDFLYDQMHPL]SXEOLNH7 1RYDNLPDYUHPHQDGDL]JUDGLNRPSOHWQXQDUDWLYQXVWUXNWXUXX UHODWLYQRNUDWNRPRNYLUXSULþDNUHüHRGRSãWHJLLGHNDSRVHEQRP±VYH LVYDãWDGDWLSULþDPGRVXWUDWLOMXGLQMLKRYDGREDFLYDQMDMHGQDåHQD QMHQDGREDFLYDQMD±D]DYUãDYDVHSRHQWRP1RYDNRYLURQLþQLRGJRYRU 3ULþDVHVDVWRMLL]SRþHWQDGYDGXåDLWULNUDüDWXUQXVDDGYDGXåDWXUQXVD VDGUåHYHOLNLEURMPLNURSDX]DLXGLVDMDX]MHGDQL]GLVDM=DSUDYRSUL SUHPD]DSULþXSRþLQMHSURGXåHQLPXGLVDMHPýXMQRGLVDQMHVHVYDNDNR SULURGQRMDYOMDXVYLPGXåLPJRYRUQLPLQVWDQFDPD
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=DNOMXþDN
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