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XKVGUUGUGVRTKUGUFGFÃEKUKQP

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GVGORUGUVKTTÃXGTUKDNG%OGUVUCRCTVKEWNCTKVÃNCRNWUKORQTVCPVG.G VGORU RCUUG EQWNG VQWLQWTU FCPU NC OÄOG FKTGEVKQP GV PG RGWV TGXGPKT GP CTTKÂTG 6QWU NGU QTICPKUOGU XKXCPVU UQPV UQWOKU ´ EGVVG NQKKNUPGTGOQPVGPVLCOCKUNGEQWTUFWVGORUNQTUSWOKNUUQPVFÃVTWKVUQPPG RGWVRNWUNGUTGEQPUVTWKTG%OGUVRTQDCDNGOGPVNCECTCEVÃTKUVKSWGFGNCXKGSWK CNGRNWUKPHNWGPEÃNOJKUVQKTGFGUJQOOGU

2GPFCPVFGUOKNNKGTUFOCPPÃGUNGUEJQUGUUQPVCNNÃGUNGWTVTCKPNGVGORU UOÃEQWNCKV ´ UQP T[VJOG GV NCKUUCKV CWZ JQOOGU NG NQKUKT FG TÃHNÃEJKT ´ NGWT EQPFKVKQP FG RTÃRCTGT NGWTU FÃEKUKQPU &GRWKU SWGNSWGU CPPÃGU EG SWOQP CRRGNNG EQOOWPÃOGPV NGU PQWXGNNGU VGEJPQNQIKGU QPV RTQXQSWÃ WPG HQTOKFCDNGCEEÃNÃTCVKQPFWVGORUNGUÄVTGUJWOCKPUGPRCTVKEWNKGTEGWZSWK GZGTEGPVFGUTGURQPUCDKNKVÃUUQPVOCKPVGPCPVEQPVTCKPVUFGFÃEKFGTGVFOCIKT FCPUFGUFÃNCKUFGRNWUGPRNWUEQWTVURCTHQKUUCPUCWEWPFÃNCKEOGUV´FKTG GPVGORUTÃGN

2TGUSWGVQWVGU NGU CEVKXKVÃU SWK GPVTGPV FCPU NG EJCOR FG NC FÃHGPUG QW FCPUEGNWKRNWUNCTIG FG NC UÃEWTKVÃ UQPV FÃUQTOCKU EQPFKVKQPPÃGU RCT EGVVG CEEÃNÃTCVKQPFWVGORUSWKVQWEJGFGNCOÄOGOCPKÂTGNGHQPEVKQPPGOGPVFG NCRNWRCTVFGUUQEKÃVÃUJWOCKPGU&CPUNGFQOCKPGFGNCFÃHGPUGNCUKVWCVKQP CKPUK ETÃÃG GUV FOCWVCPV RNWU FKHHKEKNG ´ OCÉVTKUGT SWG NGU PQWXGNNGU VGEJPQNQIKGU QPV UWRRTKOÃ NGU RÃTKQFGU FG TÃRKV SWOKORQUCKGPV NC PWKV NG E[ENG FGU UCKUQPU NGU OCWXCKUGU EQPFKVKQPU OÃVÃQTQNQIKSWGU NGU FKUVCPEGU NGU QDUVCENGU PCVWTGNU QW NGU FÃHGPUGU HQTVKHKÃGU NGU ECRCEKVÃU FGU JQOOGU 0QPUGWNGOGPVKNHCWVFÃUQTOCKUCIKTGP VGORUTÃGN OCKUKN HCWV CWUUK ÄVTG

.

ECRCDNG FG NG HCKTG FG HCÁQP EQPVKPWG FG LQWT EQOOG FG PWKV SWGNNGU SWG UQKGPVNGUEQPFKVKQPUKNPGTGUVGRNWUIWÂTGFGRNCEGRQWTNCTÃHNGZKQPNQTUSWG NGUQRÃTCVKQPUQPVFÃDWVÃ'PUWKVGNCUQRJKUVKECVKQPFGUU[UVÂOGUFOCTOGUPG EGUUG FG ETQÉVTG FG OÄOG SWG NC EQORNGZKVÃ FW OQPFG FCPU NGSWGN UG FÃTQWNGPVNGUEQPHNKVUCTOÃUGVNOQPEQPUVCVGSWGNGUEQPVTCKPVGUUQPVGPEQTG OWNVKRNKÃGU NQTUSWG NGU CEVKQPU OKNKVCKTGU UQPV EQPFWKVGU RCT FGU EQCNKVKQPU PQODTGWUGU 'PHKP CW OQKPU FCPU NGU RC[U OQFGTPGU NGU QRKPKQPU RWDNKSWGU QPV CEEÂU GP VGORU TÃGN ´ NOKPHQTOCVKQP GV RGWXGPV CKPUK UG HCKTG KOOÃFKCVGOGPVWPGQRKPKQPUWTNGUEJQKZGVNGUFÃEKUKQPUSWOCPPQPEGPVNGWTU FKTKIGCPVU

.COCÉVTKUGFWVGORUGUVCKPUKGPVTCKPFGFGXGPKTWPGSWGUVKQPEGPVTCNG FCPUNGOQPFGOQFGTPGECTEOGUVFOGNNGSWGFÃRGPFDKGPUQWXGPVNGUWEEÂU FGUGPVTGRTKUGUFGUJQOOGU'NNGGUVFÃL´WPGRTÃQEEWRCVKQPEQPUVCPVGRQWT NGU FÃEKFGWTU RQNKVKSWGU EQOOG RQWT NGU TGURQPUCDNGU EKXKNU QW NGU EJGHU OKNKVCKTGU SWK UQPV GP RGTOCPGPEG EQPHTQPVÃU ´ EG RTQDNÂOG UCPU [ ÄVTG XTCKOGPVRTÃRCTÃU3WGNSWGUUWLGVUSWKUQPVCWEWTFGUCHHCKTGUFGFÃHGPUG QWFGUÃEWTKVÃRGWXGPVCNKOGPVGTNCTÃHNGZKQPUWTEGVVGSWGUVKQPOCKUKNXCFG UQKSWGPQODTGFOGPVTGGWZUQPVVTCPURQUCDNGU´DKGPFOCWVTGUCEVKXKVÃUFGNC UQEKÃVÃ

.GE[ENGFGFÃEKUKQPGVFOCEVKQPFCPUNGUQRÃTCVKQPUOKNKVCKTGU

.GUEQCNKVKQPUFKTKIÃGURCTNGUCOÃTKECKPUQWRCTNOQTICPKUCVKQPFWVTCKVÃ FG NO#VNCPVKSWG PQTF QPV TGORQTVÃ FGU UWEEÂU OKNKVCKTGU VTÂU TCRKFGU FCPU VQWVGU NGU QRÃTCVKQPU FG IWGTTG SWOGNNGU QPV OGPÃGU FGRWKU NG FÃDWV FGU CPPÃGUFCPUNG)QNHGFCPUNGU$CNMCPUGPGVRNWUTÃEGOOGPVGP

#HIJCPKUVCP5KFCPUEJCSWGECUNCXKEVQKTGXKGPVFGNCUWRÃTKQTKVÃCÃTKGPPG GV URCVKCNG FGU COÃTKECKPU GV FG NGWTU CNNKÃU UC TCRKFKVÃ GP TGXCPEJG FQKV DGCWEQWR ´ NGWT OCÉVTKUG FW RTQEGUUWU FG RNCPKHKECVKQP GV FG EQPFWKVG FGU QRÃTCVKQPUOKNKVCKTGUFOCKNNGWTUNQTUSWGEGVVGEQPFKVKQPPOCRCUÃVÃTGORNKG EQOOG EG HWV NG ECU GP $QUPKG NGU CHHCKTGU QPV VTCÉPÃ KPWVKNGOGPV GP NQPIWGWT

.GUFKHHÃTGPVGURJCUGUFWE[ENG

.CRTGOKÂTGRJCUGFWE[ENGUGUKVWGGPCOQPVFGNOCEVKQPGNNGEQPUKUVG´

QDUGTXGTCPCN[UGTÃXCNWGTNGUECRCEKVÃUFGNOCFXGTUCKTGGVGUUC[GTFGRGTEGT UGUKPVGPVKQPU'NNGUGUKVWGCWEWTFWOÃVKGTFGUUGTXKEGUFGTGPUGKIPGOGPV FQPV GNNG GUV NC TCKUQP FOÄVTG .GWT RTGOKÂTG V¸EJG GUV FG EQPUVKVWGT RCVKGOOGPV GV FG VGPKT ´ LQWT FGU DCUGU FG FQPPÃGU UWT NOGPUGODNG FGU TÃIKQPUGVFGUUWLGVUSWKRGWXGPVKPVÃTGUUGTNCUÃEWTKVÃFGPQVTGRC[UQWEGNNG

FGPQUCNNKÃUGVCOKUNGWTUGEQPFGOKUUKQPRNWUFÃNKECVGGUVFOCRRTÃEKGTCW T[VJOGFGUÃXÃPGOGPVUNOÃXQNWVKQPFGUUKVWCVKQPUGVFGRTÃXQKTNGOQOGPV QÔNGUTKUSWGUXQPVUGVTCPUHQTOGTGPOGPCEGUUWUEGRVKDNGUFGFÃDQWEJGTUWT FGUETKUGUQWFGUEQPHNKVUCTOÃU.GWTTÏNG PGUOCTTÄVGRCUN´RWKUSWOKNNGWT HCWVCWUUKGPVGORUWVKNGFQPPGTCWZTGURQPUCDNGURQNKVKSWGUNGUÃNÃOGPVU PÃEGUUCKTGU RQWT FÃEKFGT GV CWZ EJGHU OKNKVCKTGU EGWZ SWK UQPV PÃEGUUCKTGU RQWTRTÃRCTGTGVEQPFWKTGNOCEVKQP

.QTUSWG NGU DWVU RQNKVKSWGU QPV ÃVÃ FÃHKPKU NC FGWZKÂOG RJCUG C RQWT QDLGVFGFÃVGTOKPGTNCUVTCVÃIKGNCRNWUGHHKECEGRWKUFGOGVVTGCWRQKPVNGU RNCPU FOQRÃTCVKQPU GNNG EQPUVKVWG NC RNCPKHKECVKQP QRÃTCVKQPPGNNG 6QWV NOCTV FGURNCPKHKECVGWTUGUVFGVKTGTNGOGKNNGWTRCTVKFGUHCKDNGUUGUFGNOCFXGTUCKTG GV FOWVKNKUGT CW OKGWZ NGU ECRCEKVÃU FG NGWTU RTQRTGU HQTEGU +N POGUV RCU RQUUKDNG FOCTTKXGT ´ WP VGN TÃUWNVCV UCPU FKURQUGT FOWPG QTICPKUCVKQP FW TGPUGKIPGOGPVHKCDNGGVEQORÃVGPVG+NRGWVÄVTGWVKNGFGTCRRGNGTSWGLWUSWO´

NCIWGTTGFW)QNHGNGTGPUGKIPGOGPVPOÃVCKVRCUWPGRTKQTKVÃFCPUPQVTGRC[U RQWTPQODTGFGEJGHUOKNKVCKTGUQWFGTGURQPUCDNGURQNKVKSWGU

.C RNCPKHKECVKQP QRÃTCVKQPPGNNG FÃHKPKV NGU VCEVKSWGU ´ GORNQ[GT GV NGU OQ[GPU ´ OGVVTG GP WXTG GNNG EQORQTVG WPG ÃXCNWCVKQP FGU FÃNCKU FG NOKPVGTXGPVKQP GV FGU TKUSWGU GPEQWTWU GNNG RTÃXQKV NG FÃRNQKGOGPV FGU JQOOGU GV FGU OCVÃTKGNU CKPUK SWG NGWT UQWVKGP NQIKUVKSWG ECT PQWU PG UQOOGU RNWU ´ NOÃRQSWG QÔ NOKPVGPFCPEG UWKXTC CWLQWTFOJWK NOKPVGPFCPEG RTÃEÂFG

7PÃVCVOCLQTKPVGTCTOÃGUFGRNCPKHKECVKQPCFÖÄVTGETÃÃUWTNCDCUGFG

%TGKN CRTÂU NC IWGTTG FW )QNHG KN C ÃVÃ EJCTIÃ FOÃNCDQTGT NC RNCPKHKECVKQP QRÃTCVKQPPGNNG FQPV QP PG UG UQWEKCKV RNWU DGCWEQWR +N GUV XTCK SWOCRTÂU CXQKT SWKVVÃ NC UVTWEVWTG OKNKVCKTG KPVÃITÃG FG NOQTICPKUCVKQP FW VTCKVÃ FG NO#VNCPVKSWG PQTF PQWU PQWU UQOOGU TGVTQWXÃU VTÂU EQPHQTVCDNGOGPV KPUVCNNÃUGPUGEQPFTKFGCW´NOCDTKFGTTKÂTGNGUHQTEGUFGNO#NNKCPEG0QWUPG RCTVKEKRKQPU RNWU CWZ VTCXCWZ FG RNCPKHKECVKQP FG NO16#0 GV HCWVG FG RTCVKSWGNGUÃVCVUOCLQTUUGUQPVRTQITGUUKXGOGPVÃNQKIPÃUFGEGVVGSWGUVKQP RQWTUGEQPEGPVTGTRTGUSWGGZENWUKXGOGPVUWTNGUETKUGUCHTKECKPGUQÔKNUQPV CESWKUWPTGOCTSWCDNGUCXQKTHCKTG

%QOOGNGTGPUGKIPGOGPVNCRNCPKHKECVKQPEQORQTVGFGWZXQNGVUFOCDQTF NOÃNCDQTCVKQPFGRNCPUIÃPÃTKSWGUTGNCVKHUCWZUEÃPCTKQUNGURNWURTQDCDNGUQW GPXKUCIGCDNGUGVSWKUQPVGPRGTOCPGPEGTGOKU´LQWTGPUWKVGFGURNCPUFG EKTEQPUVCPEGEQPÁWUGPVGORUTÃGNGVRCTHQKUFCPUNOWTIGPEGRQWTHCKTGHCEG CWZ ETKUGU SWCPF GNNGU ÃENCVGPV NGU CEVKQPU FKRNQOCVKSWGU GV FG EQOOWPKECVKQP HQPV RCTVKG KPVÃITCPVG FW VTCXCKN FG RNCPKHKECVKQP &CPU NC

RNWRCTV FGU ECU NGU RNCPU IÃPÃTKSWGU UQPV FKTGEVGOGPV WVKNKUCDNGU RQWT RTÃRCTGTNGURNCPUFGEKTEQPUVCPEG

.C VTQKUKÂOG RJCUG FW E[ENG GUV EGNNG FG NOCEVKQP RTQRTGOGPV FKVG 'NNG EQOOGPEG RCT NC OKUG GP RNCEG FGU OQ[GPU OKNKVCKTGU UWT NG VJøVTG FOQRÃTCVKQPURWKUUGFÃTQWNGUGNQPWPRTQEGUUWUGPDQWENGSWKCOÂPGFCPU NOQTFTG´EJQKUKTNGUQDLGEVKHUOKNKVCKTGUHKZGTNGUOQFGUFOCEVKQPGVÃVCDNKTNGU QTFTGU FOQRÃTCVKQPU RQWT NGU WPKVÃU GPICIÃGU EQPFWKTG NGU QRÃTCVKQPU RWKU QDUGTXGT NGU TÃUWNVCVU NGU CPCN[UGT ÃXCNWGT NGU ECRCEKVÃU TGUVCPVGU FG NOCFXGTUCKTGGVUGUTÃCEVKQPU'PUWKVGQPTGEQOOGPEGNGE[ENGGPCLWUVCPVCW DGUQKP NGU VCEVKSWGU RQWT CVVGKPFTG FCPU NGU OGKNNGWTGU EQPFKVKQPU GV UK RQUUKDNGCWOQKPFTGEQÖVNGDWVRQWTUWKXK.CEQPFWKVGFGUCEVKQPUOKNKVCKTGU GUV NOCHHCKTG FGU EGPVTGU FOQRÃTCVKQPU KPVGTCTOÃGU SWK FKURQUGPV FGU HQTEGU CKPUKSWGFGUOQ[GPUFGEQOOCPFGOGPVGVFGUWKXKFGNCUKVWCVKQPOKNKVCKTG GPVGORUTÃGN2QWTQTKGPVGTNGFÃTQWNGOGPVFGUQRÃTCVKQPUKNUUOCRRWKGPVGP RGTOCPGPEGUWTNGVTCXCKNFGUCPCN[UVGUFGNCFKTGEVKQPFWTGPUGKIPGOGPVGV EGNWKFGUURÃEKCNKUVGUFWEKDNCIG FQPV NG TÏNG GUV FG RTQRQUGT NGU QDLGEVKHU ´ FÃVTWKTG QW ´ PGWVTCNKUGT GP HQPEVKQP FGU DWVU RQNKVKSWGU HKZÃU GV FG NC UVTCVÃIKGTGVGPWG7PGEGNNWNGFGEKDNCIGCÃVÃETÃÃGUWTNCDCUGFG%TGKNCRTÂU NGU QRÃTCVKQPU FW -QUQXQ 'NNG C ÃVà RNCEÃG CWRTÂU FG NOÃVCVOCLQT KPVGTCTOÃGUFGRNCPKHKECVKQP

1PRQWTTCKVCLQWVGTWPGSWCVTKÂOGRJCUGCWE[ENGFGFÃEKUKQPGVFOCEVKQP

%OGUVEGNNGSWKEQPUKUVG´RNCPKHKGTGV´IÃTGTNCUQTVKGFGETKUGCHKPFGETÃGTNGU EQPFKVKQPU UWUEGRVKDNGU FOÃXKVGT SWOGNNG UG TGRTQFWKUG +N HCWV EGRGPFCPV UG TGPFTG´NOÃXKFGPEGEGVVGRJCUGUWUEKVGEJG\PQWUDGCWEQWROQKPUFOKPVÃTÄV SWG NGU QRÃTCVKQPU OKNKVCKTGU 1P NG EQPUVCVG WPG HQKU FG RNWU ´ RTQRQU FG NO#HIJCPKUVCP 5CPU FQWVG GUVGNNG OQKPU URGEVCEWNCKTG GV GPEQTG OQKPU EQPUGPUWGNNGSWGNGUQRÃTCVKQPUOKNKVCKTGUUWTVQWVCWUGKPFOWPGEQCNKVKQP .GUITCPFGUÃXQNWVKQPUFGUCPPÃGU

3WCPV CWZ RTKPEKRGU QP RQWTTCKV GP RTGOKÂTG CPCN[UG FKTG SWOKN PO[ C TKGPFGRTQHQPFÃOGPVTÃXQNWVKQPPCKTGRCTTCRRQTV´EGSWGNGUDQPUUVTCVÂIGU QPVVQWLQWTUHCKV1PEQPVKPWGFGFÃTQWNGTNGE[ENGFGNCOÄOGOCPKÂTG GP RCTVCPV FW TGPUGKIPGOGPV RQWT ÃNCDQTGT NC UVTCVÃIKG GV NGU RNCPU SWK EQPFWKUGPV´NCXKEVQKTGEGSWKCRTQHQPFÃOGPVEJCPIÃGPTGXCPEJGEGUQPV NC DCUG FG VGORU GV NC EQORNGZKVÃ FG NOGPXKTQPPGOGPV FCPU NGUSWGNNGU NGU QRÃTCVKQPU UG FÃTQWNGPV CKPUK SWG NC INQDCNKUCVKQP FGU RTQDNÂOGU CWZSWGNU VQWUNGUCEVGWTUUQPVEQPHTQPVÃU

.CRTGOKÂTGPQWXGCWVÃXKGPVFGNCRGTOCPGPEGFGNOCEVKQPGVFGNOGZVTÄOG TCEEQWTEKUUGOGPV FGU E[ENGU FÃETKVU EKFGUUWU PQVCOOGPV RQWT EG SWK

EQPEGTPG NC DQWENG QDUGTXCVKQP FÃEKUKQP CEVKQP SWK ECTCEVÃTKUG NG FÃTQWNGOGPVFGUQRÃTCVKQPU#NQTUSWOQPRCTNCKVGPOQKUGVGPLQWTUQPRCTNG OCKPVGPCPVGPJGWTGUGVGPOKPWVGUCNQTUSWGNGUQRÃTCVKQPUEQORQTVCKGPV WP ITCPF PQODTG FG RÃTKQFGU FOKPCEVKQP GNNGU UG RQWTUWKXGPV FÃUQTOCKU UCPUKPVGTTWRVKQPEQOOGQPNOCXWRGPFCPVVQWVGUNGUETKUGUTÃEGPVGU

.G UGEQPF EJCPIGOGPV XKGPV FGU OCUUGU EQPUKFÃTCDNGU FOKPHQTOCVKQPU FQPV QP FKURQUG &GWZ ECWUGU UG EQPLWIWGPV RQWT CDQWVKT ´ EG TÃUWNVCV FOCDQTFNOCWIOGPVCVKQPEQPUKFÃTCDNGFGNCECRCEKVÃFGUOQ[GPUFG EQNNGEVG FW TGPUGKIPGOGPV GP RCTVKEWNKGT EGNNG FGU ECRVGWTU CÃTKGPU GV URCVKCWZ FÃFKÃU ´ NC UWTXGKNNCPEG FW VJøVTG FOQRÃTCVKQPU GV ´ NC EQPFWKVG FGU QRÃTCVKQPU GPUWKVG NC XÃTKVCDNG GZRNQUKQP FGU U[UVÂOGU OQFGTPGU FG FKHHWUKQP FG NOKPHQTOCVKQP SWOKN UOCIKUUG FGU OÃFKCU VTCFKVKQPPGNU GV OCKPVGPCPVFGNOKPVGTPGV6QWUEGUU[UVÂOGUQPVGPEQOOWPFOÄVTGCFQUUÃU´

FGUQWVKNUKPHQTOCVKSWGURWKUUCPVUEQPÁWURQWTVTCXCKNNGTGPVGORUTÃGN .C SWGUVKQP GUV FÃUQTOCKU FG UCXQKT EQOOGPV KN HCWV UO[ RTGPFTG RQWT CPCN[UGT FG VGNNGU SWCPVKVÃU FG FQPPÃGU GV GP TGVKTGT UCPU UG VTQORGT NGU TGPUGKIPGOGPVU KOOÃFKCVGOGPV WVKNGU 1T EJCEWP UCKV SWG RQWT FÃEKFGT RWKUCIKTCXGEUWEEÂUKNHCWVFOCDQTFUCXQKT

.COCÉVTKUGFGNOKPHQTOCVKQPNOCPCN[UGFGUFQPPÃGU

.GU U[UVÂOGU OQFGTPGU FG EQNNGEVG FW TGPUGKIPGOGPV QPV VGPFCPEG ´ UWDOGTIGT NGU CPCN[UVGU RCT NC SWCPVKVÃ NC EQORNGZKVÃ GV NOGPEJGXÄVTGOGPV FGUFQPPÃGUSWOKNUNGWTHQWTPKUUGPV%GUFGTPKGTUUQPVFQPEUQWXGPVTÃFWKVU´

EQWTKTFGTTKÂTGNOÃXÃPGOGPVGVPQP´NGRTÃEÃFGTEQOOGQPNGNGWTFGOCPFG

%GVVGUKVWCVKQPPOGUVRCUXTCKOGPVPQWXGNNGGPGHHGVCWOQOGPVFGNCIWGTTG FW)QNHGNGUUGTXKEGUFGTGPUGKIPGOGPVFGUCTOÃGUEQPUCETCKGPVNGRNWUENCKT FG NGWTU GHHQTVU ´ NOÃVWFG OÃVJQFKSWG FGU OCVÃTKGNU UQXKÃVKSWGU FGU CPPÃGU GV EQOOG NGWTU ECRCEKVÃU FOCPCN[UG CWIOGPVCKGPV OQKPU XKVG SWG NC SWCPVKVÃ FOKPHQTOCVKQP TGEWGKNNKG QP CNNCKV KPÃNWEVCDNGOGPV RCUUGT FOWPG ´ FGWZIWGTTGUFGTGVCTF

.CETÃCVKQPFGNC&KTGEVKQPFWTGPUGKIPGOGPVOKNKVCKTG

1P C FQPE ETÃÃ NC &KTGEVKQP FW TGPUGKIPGOGPV OKNKVCKTG UWT NC DCUG FG

%TGKNCWRTÂUFGNOÃVCVOCLQTKPVGTCTOÃGUFGRNCPKHKECVKQP%GVVGETÃCVKQPUOGUV CEEQORCIPÃGFGNCFKURCTKVKQPFGUnFGWZKÂOGUDWTGCWZ€FGEJCSWGCTOÃG .CPQWXGNNGFKTGEVKQPCTGÁWRQWTOKUUKQPFGHQWTPKTCWZCWVQTKVÃURQNKVKSWGU GVOKNKVCKTGUWPGÃXCNWCVKQPFGUUKVWCVKQPUCKPUKSWGNGUÃNÃOGPVUPÃEGUUCKTGU

´NCRTKUGFGFÃEKUKQP´NCRNCPKHKECVKQPQRÃTCVKQPPGNNGGV´NCEQPFWKVGFGU

CEVKQPU'NNGGUVEQPHTQPVÃG´WPXTCKFÃHKECTRQWTQDVGPKTEGTÃUWNVCVKNNWK HCWV COÃNKQTGT EQPUVCOOGPV NGU EQORÃVGPEGU NGU OÃVJQFGU GV NGU QWVKNU KPHQTOCVKSWGUPÃEGUUCKTGUCW VTK GV CW TGEQWRGOGPV FGU KPHQTOCVKQPU WVKNGU FCPUWPGSWCPVKVÃFGFQPPÃGUSWKPGEGUUGFGETQÉVTG2QWTTÃCNKUGTEGVTCXCKN FCPU FGU FÃNCKU VTÂU EQWTVU NC FKTGEVKQP FW TGPUGKIPGOGPV OKNKVCKTG C FÖ FÃXGNQRRGT FGU U[UVÂOGU FOCPCN[UG FG RNWU GP RNWU CWVQOCVKUÃU GV EQORNGZGU ECRCDNGU FG HWUKQPPGT GV FG HKNVTGT NGU FQPPÃGU OCKU EQOOG EJCSWGQRÃTCVKQP FG HKNVTCIG HCKV FKURCTCÉVTG WPG RCTVKG FGU FQPPÃGU DTWVGU FG OCPKÂTG KTTÃXGTUKDNG KN HCWV UOCUUWTGT SWG EG SWK TGUVG EQPUVKVWG NOKPHQTOCVKQPWVKNG%OGUVVQWVGNCFKHHKEWNVÃFGNOGZGTEKEG$GCWEQWRCÃVÃHCKV CW EQWTU FG EGU FGTPKÂTGU CPPÃGU CHKP SWG EGVVG PQWXGNNG UVTWEVWTG KPVGTCTOÃGUCVVGKIPGCWRNWUXKVGUCOCVWTKVÃGVUCRNGKPGGHHKECEKVÃ

.CEQORNGZKVÃGVNCINQDCNKUCVKQPWPOQPFGHTCIKNGEQPHTQPVôFGUTKUSWGU OWNVKRNGU

2GPFCPV NC RÃTKQFG FG NC )WGTTG HTQKFG NGU EJQUGU ÃVCKGPV UQOOG VQWVG CUUG\UKORNGU.OGPPGOKÃVCKVFÃUKIPÃNGUFGWZECORUENCKTGOGPVFÃNKOKVÃU GVNOQPRQWXCKVSWCPVKHKGTNCOGPCEG%GWZSWKPOCRRCTVGPCKGPVPK´WPECOR PK ´ NOCWVTG ÃXKVCKGPV UQKIPGWUGOGPV FG VTQR KPVGTHÃTGT CXGE NGU CHHCKTGU FGU FGWZ)TCPFU1PRGWVOÄOGFKTGGVEGHWVNQPIVGORUNGECUGP;QWIQUNCXKG SWGNGEQWXGTENGÃVCKVUQNKFGOGPVXKUUÃUWTNCOCTOKVGNGUSWGTGNNGUTGUVCKGPV NKOKVÃGUGVEQPHKPÃGUFCPUWPGURCEGTGUVTGKPV

&GWZEJCPIGOGPVUOCLGWTUUGUQPVUWRGTRQUÃU´NCHKPFGUCPPÃGUGV UQPVXGPWUDQWNGXGTUGTNOQTFTGÃVCDNKNCFKURCTKVKQPFGUDNQEUGVNOÃENQUKQPFG NOÂTGFGNOKPHQTOCVKQP

.C FKUNQECVKQP FG NO7PKQP 5QXKÃVKSWG RWKU NC FKUUQNWVKQP FW 2CEVG FG 8CTUQXKG QPV OKU WP VGTOG ´ NOÃSWKNKDTG FG NC VGTTGWT SWK CXCKV HKIÃ NGU TGNCVKQPU KPVGTPCVKQPCNGU FGRWKU NC HKP FG NC 5GEQPFG )WGTTG OQPFKCNG 5G TGVTQWXCPV UGWNG NO#OÃTKSWG UOGUV TGRNKÃG UWT GNNGOÄOG %GVVG UKVWCVKQP PQWXGNNG C GW RQWT EQPUÃSWGPEG KOOÃFKCVG FG NCKUUGT WPG OCTIG FG OCPWXTG GV WP EJCOR FOCEVKXKVÃU RTGUSWG KNNKOKVÃU CWZ CIKVCVGWTU RQVGPVKGNU GV CWZ HCWVGWTU FG VTQWDNGU %GTVGU NC ETCKPVG FW ECVCEN[UOG PWENÃCKTGUOGUVGUVQORÃGOCKUFCPUNGOÄOGVGORUNGFÃUQTFTGUOGUVÃVCDNK CEEQORCIPÃ FOWPG OWNVKVWFG FG TKUSWGU SWK POCVVGPFGPV SWG NC XQNQPVÃ FG SWGNSWGUWPUKNNWOKPÃU QWQRRQTVWPKUVGURQWTUG VTCPUHQTOGT GP OGPCEGU XKVCNGU RQWT NGU UQEKÃVÃU FÃOQETCVKSWGU 1P GUV RCUUÃ FOWPG RÃTKQFG QÔ NGU ÃXÃPGOGPVU ÃVCKGPV RTÃFKEVKDNGU CW TÂIPG FG NOKPEGTVKVWFG GV FG NOKORTÃXKUKDNG&GHCÁQPRCTCFQZCNGFCPUWPOQPFGQÔNGRTQITÂUUOCEEÃNÂTG NGU\QPGUITKUGUQWFGPQPFTQKVTÃCRRCTCKUUGPVGVQPVVGPFCPEG´UOÃVGPFTG CNQTUSWGVQWVGNOCODKVKQPFGNCEKXKNKUCVKQPCXCKVÃVÃFGNGUHCKTGFKURCTCÉVTG

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#RTÂUUGWNGOGPVSWGNSWGUCPPÃGUFOGZKUVGPEGNGUPQWXGNNGUVGEJPQNQIKGU FGNOKPHQTOCVKQPGVNGUU[UVÂOGUEQORNGZGUSWOGNNGURGTOGVVGPVFGEQPUVTWKTG QPVFCPUNGOÄOGVGORURTQXQSWÃWPGCEEÃNÃTCVKQPFGNOÃXQNWVKQPFWOQPFG XGTU WPG QWXGTVWTG FGU UQEKÃVÃU GV WPG KODTKECVKQP ETQKUUCPVG FG NGWTU KPVÃTÄVU1PRCTNGEQOOWPÃOGPVFGINQDCNKUCVKQPQWFGOQPFKCNKUCVKQPEGNC XCWVRQWTNOÃEQPQOKGGVNGUHKPCPEGUEQOOGRQWTNGUSWGUVKQPUFGUÃEWTKVÃGV FGFÃHGPUG+N[CFKZCPUWPOKNNKCTFFOJWOCKPUÃVCKGPVKORNKSWÃUFCPUNGU ÃEJCPIGU OQPFKCWZ KNU UQPV CWLQWTFOJWK RNWU FG SWCVTG OKNNKCTFU KN [ C XKPIV CPU WP OKNNKQP FOJWOCKPU XQ[CIGCKGPV EJCSWG LQWT UWT NGU XQNU KPVGTPCVKQPCWZ KNU ÃVCKGPV RNWU FG VTQKU OKNNKQPU LWUVG CXCPV NG UGRVGODTG KNU UGTQPV GPEQTG RNWU PQODTGWZ DKGPVÏV &G HCÁQP RCTCFQZCNG N´ GPEQTG NGU HCWVGWTU FG VTQWDNGU QPV RW GP WVKNKUCPV KPVGNNKIGOOGPV NGU RQUUKDKNKVÃU QHHGTVGU RCT NGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP UOQTICPKUGT GP TÃUGCWZ ´ NOÃEJGNNG FG NC RNCPÂVG CNQTU SWG NGU UGTXKEGUFGTGPUGKIPGOGPVUQPVTGUVÃUENQKUQPPÃUFOCDQTFGPVTGNGURC[UFQPV NGU KPVÃTÄVU UQPV RQWTVCPV EQPXGTIGPVU OCKU CWUUK ´ NOKPVÃTKGWT OÄOG FG EJCSWG RC[U QÔ NC TKXCNKVÃ GPVTG NGU UGTXKEGU POGUV RQWTVCPV RCU WP HCEVGWT FOGHHKECEKVÃ1TFCPUNCNWVVGEQPVTGNGVGTTQTKUOGNGUVTCHKEUFGVQWVGPCVWTG QWNGURTQNKHÃTCVKQPUFOCTOGOGPVUFCPIGTGWZNCOCÉVTKUGFWTGPUGKIPGOGPV GUV CDUQNWOGPV KPFKURGPUCDNG NGU RC[U OQFGTPGU POQPV RCU FOCWVTG EJQKZ SWG FG UOGPVGPFTG GV FG EQPLWIWGT NGWTU ECRCEKVÃU UOKNU XGWNGPV CXQKT WPG EJCPEGFGLWIWNGTNGUTKUSWGU%GPOGUVRCUGPTGUVCPVEJCEWPFCPUUCDWNNG SWGNOQPUGFQPPGNGUOGKNNGWTGUEJCPEGUFGUWTOQPVGTNGRTQDNÂOGVGNSWOKN GUVRQUÃRCTNGUPQWXGNNGUHQTOGUFGVGTTQTKUOG

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.GVGORUFGNCEQPUWNVCVKQPQWFGNCEQPEGTVCVKQP

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.CEQPEGTVCVKQPCWUGKPFGUEQCNKVKQPU

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.CEQPFWKVGFGUCEVKQPUGPVGORUTÃGN

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.CNÃIKVKOGFÃHGPUG

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.COKUUKQPFGUÖTGVÃCÃTKGPPG

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.GUQRÃTCVKQPUCÃTQVGTTGUVTGU

.CEQPFWKVGFGUQRÃTCVKQPUCÃTQVGTTGUVTGURQUGÃICNGOGPVNGRTQDNÂOGFG NOQTICPKUCVKQPFGNCEJCÉPGFGEQOOCPFGOGPVEQPHTQPVÃGCWRTQDNÂOGFGNC OCÉVTKUG FW VGORU NQTU FW FÃENGPEJGOGPV FGU OKUUKQPU CÃTKGPPGU FOCRRWK HGWCWRTQHKVFGUVTQWRGUCWUQN.OGZGORNGFGNC$QUPKGGUVTÃXÃNCVGWT FGU FKHHKEWNVÃU´UWTOQPVGT

.OQTICPKUCVKQPOKUGGPRNCEGRCTNGU0CVKQPUWPKGUCXCKVGPGHHGVVQWLQWTU DGUQKPFGRNWUKGWTUJGWTGURQWTHCKTGNGVQWTFWRTQDNÂOGGVFÃEKFGTCNQTU SWOGNNGCWTCKVFÖTÃCIKTGPSWGNSWGUOKPWVGUUGWNGOGPVEQOOGNGEGPVTGFG EQOOCPFGOGPV FGU QRÃTCVKQPU CÃTKGPPGU FG NO16#0 EJCTIÃ FG HCKTG TGURGEVGT NC \QPG FOGZENWUKQP CÃTKGPPG #KPUK NGU CXKQPU SWK VGPCKGPV U[UVÃOCVKSWGOGPVNOCNGTVGGPXQNPOQPVRTCVKSWGOGPVUGTXK´TKGPCNQTUSWOKNU ÃVCKGPV ÃSWKRÃU FOCTOGOGPVU FG RTÃEKUKQP SWG NGU RKNQVGU UOÃVCKGPV NQPIWGOGPVGPVTCÉPÃUCXGENGUÃSWKRGUFGIWKFCIGCWUQNGVSWGNGUVTQWRGU TÃENCOCKGPVNCRTQVGEVKQPCÃTKGPPG.GUCITGUUGWTUFGVQWUDQTFURQWXCKGPV XGPKTVKTGTUWTNGUECUSWGUDNGWUGPVQWVGKORWPKVÃRWKU´NCPWKVVQODÃGKNU TGPVTCKGPVVTCPSWKNNGOGPVEJG\GWZ

+N PG UOCIKV CWEWPGOGPV FG OGVVTG GP ECWUG NGU TGURQPUCDNGU EKXKNU QW OKNKVCKTGU FG NO107 CNQTU SWOKN UGTCKV HCEKNG FG NG HCKTG GV ÃXKVGT CKPUK FG UOKPVGTTQIGTUWTNGHQPFFWRTQDNÂOG

&CPUEGECUQPGUVDKGPQDNKIÃFGEQPUVCVGTSWOWPGQTICPKUCVKQPEQPÁWG RQWTNGOCKPVKGPFGNCRCKZGVD¸VKGUWTRNWUKGWTUPKXGCWZFGFÃEKUKQPCNNCPV LWUSWO´ 0GY ;QTM UCPU FÃNÃICVKQP FG EQOOCPFGOGPV CWZ TGURQPUCDNGU EKXKNUQWOKNKVCKTGUUWTNGVGTTCKPPGRQWXCKVRCUCIKTGPVGORUTÃGN+NHCWV CLQWVGT SWG EGWZ SWK PG UQPV RCU RTÃRCTÃU ´ NC EQPFWKVG FGU QRÃTCVKQPU ´ FKUVCPEGQPVDGCWEQWRFGOCN´UGTGRTÃUGPVGT´nXKUWCNKUGT€NCUKVWCVKQP´

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.GUEKDNGUOQDKNGU

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RTÃEKUKQP UWHHKUCPVG RQWT FÃVTWKTG WP TCFCT QW WPG DCVVGTKG FG OKUUKNGU .G RTQDNÂOGFGNCNQECNKUCVKQPFGXTCKVÄVTGTCRKFGOGPVTÃUQNW

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&GHCÁQPRNWUIÃPÃTCNGNCFGUVTWEVKQPFGUEKDNGUOQDKNGUCWUQNGZKIGWPG CPCN[UGGPVGORUTÃGNFGNCUKVWCVKQPGVWPGTÃCEVKQPKOOÃFKCVGEGSWKXGWV FKTG SWOKN GUV KPFKURGPUCDNG FG TÃWPKT UQWU WPG OÄOG CWVQTKVÃ GV FCPU WP OÄOGNKGWNGUQHHKEKGTUFGTGPUGKIPGOGPVGVNGUQHHKEKGTUFOQRÃTCVKQPUEQOOG EGNCGUVFÃL´HCKVCW4Q[CWOG7PK

.CFÃHGPUGCPVKOKUUKNG

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OQFGFGXKGGVUVTWEVWTGRQWTWPGITCPFGRCTVNGWTOCPKÂTGFGRGPUGTFG RTÃRCTGT GV FG RGPUGT NGWTU CEVKQPU FCPU NC FWTÃG KN NCKUUG NG NQKUKT FG NC OÃFKVCVKQPFGNCTÃHNGZKQPGVFWEJQKZ

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.GUJQOOGUUQPVKNUECRCDNGUFGRTGPFTGNGUDQPPGUFÃEKUKQPUFCPUFGU DCUGU FG VGORU CWUUK EQWTVGU QPVKNU ´ NC HQKU NC ECRCEKVÃ KPVGNNGEVWGNNG NC UQNKFKVÃ OQTCNG GV NC FKURQPKDKNKVÃ RQWT NG HCKTG GP RGTOCPGPEG UQPVKNU UWHHKUCOOGPVHKCDNGURQWTCUUWOGTFGUKNQWTFGUTGURQPUCDKNKVÃU!+NGUVENCKT SWGEGWZSWKGUVKOGPVSWOKNHCWVCWVQOCVKUGTNGUU[UVÂOGUFGFÃHGPUGURCVKCNG GV CPVKOKUUKNG UQPV EQPXCKPEWU SWG PQP /CKU FOWP CWVTG EÏVÃ SWG UG RCUUGTCKVKNUKNGU[UVÂOGCWVQOCVKSWGUGFÃTÃINCKVGVUGOGVVCKV´FÃVTWKTGNGU HWUÃGU QW NGU UCVGNNKVGU EQOOGTEKCWZ QW RKTG GPEQTG NGU CXKQPU FG NKIPG!

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.CHQTOCVKQPFGUJQOOGUNOGPVTCÉPGOGPVNCUKOWNCVKQP

%GTVCKPGU ITCPFGU GPVTGRTKUGU QW UVTWEVWTGU UQPV EQPHTQPVÃGU GP RGTOCPGPEGFCPUNCEQPFWKVGFGNGWTUCEVKXKVÃUCWZRTQDNÂOGUFGUÃEWTKVÃGP VGORUTÃGNFCPUFGUEQPFKVKQPURTQEJGUFGEGNNGUSWGTGPEQPVTGPVNGUHQTEGU CTOÃGU GP QRÃTCVKQPU NC IGPFCTOGTKG QW NC RQNKEG CW SWQVKFKGP %OGUV GP RCTVKEWNKGT NG ECU FGU EQORCIPKGU CÃTKGPPGU FG NC 50%( FG NO'&( FG NC

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%QPENWUKQP

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