2./+832/8361+27+832./+-322+77+2-/

FGNCEQPPCKUUCPEG

.CTÃIWNCVKQPFGUFÃEKUKQPU UWTWPHQTWOFGFKUEWUUKQP

%JTKUVQRJG.GLGWPG

QODTG FOCEVGWTU KPUKUVGPV CWLQWTFOJWK UWT NOKORQTVCPEG FOKPVGTPGV EQOOGXGEVGWTFGEQOOWPKECVKQPFOKPHQTOCVKQPQWFGHQTOCVKQP

%GRGPFCPV EQOOG VQWVGU NGU VGEJPKSWGU NC HQTEG FG NC VQKNG FÃRGPF FGU WUCIGU SWK GP UQPV HCKVU .OCEEÂU ´ EGU TGUUQWTEGU GUV IÃPÃTCNGOGPV OÃFKCVKUÃ RCT FGU QWVKNU FG TGEJGTEJG GV FOQTICPKUCVKQP FG NOKPHQTOCVKQP%GUQWVKNUUQPVFQPEFGUKPVGTOÃFKCKTGUPQPPÃINKIGCDNGU%G EQPUVCV C OQVKXÃ NC TÃCNKUCVKQP FG EGVVG ÃVWFG SWK EQPEGTPG NG EWT FG NOÃNCDQTCVKQP FG NC OKUG GP RNCEG GV FG NC OCKPVGPCPEG EQNNGEVKXG FOWP FGU QWVKNUFOKPFGZCVKQPGVFGECTVQITCRJKGFWTÃUGCWFGUTÃUGCWZ

.OÃNCDQTCVKQP FG EGU KPVGTOÃFKCKTGU UWRRQUG GP GHHGV WPG UÃTKG FG FÃEKUKQPUSWKEQPFKVKQPPGPV´VGTOGNGWTRTQFWKVHKPCNE GUV´FKTGNCDCUGFG FQPPÃGU SWG EQPUWNVG NOWUCIGT .C RTGOKÂTG RCTVKG FG EG VGZVG RTÃUGPVG GV EQORCTG NGU OQVGWTU FG TGEJGTEJG GV NGU CPPWCKTGU 'NNG GUV UWKXKG FOWPG FGUETKRVKQP FW OQFG FG EQQTFKPCVKQP EQNNGEVKXG UÃNGEVKQPPà RCT NOÃSWKRG ÃVWFKÃG´UCXQKTNGHQTWOFGFKUEWUUKQP.CVTQKUKÂOGRCTVKGRTÃUGPVGGPHKP NOCRRCTGKNNCIG FÃEKUKQPPGN UQP KPEQTRQTCVKQP FCPU FGU QWVKNU CKPUK SWG NGU RTQEGUUWUFOCLWUVGOGPVFQPVNGHQTWOGUVNGVJøVTG

0

/QVGWTQWCPPWCKTG

.CRNWRCTVFWVGORUNGUWUCIGTUFOKPVGTPGVNGUKPVGTPCWVGUKPVGTTQIGPV WPCPPWCKTGQWWPOQVGWTFGTGEJGTEJGCHKPFGVTQWXGTNOKPHQTOCVKQPSWOKNU EJGTEJGPV .C FKUVKPEVKQP GPVTG CPPWCKTG GV OQVGWT GUV CPCN[VKSWG ECT CEVWGNNGOGPVNGUFGWZV[RGUFOQWVKNUUGEQODKPGPVGVHWUKQPPGPVNGEQPVGPW FGNGWTUDCUGUFGFQPPÃGU&CPUNGUFGWZECUGPGHHGVQPCCHHCKTG´FGUDCUGU FGFQPPÃGUEQORQUÃGUFOCFTGUUGUFGUKVGUKPVGTPGV.GUWUCIGTUUQWOGVVGPV NGWTUTGSWÄVGUUWTWPUKVGKPVGTPGVSWKFQPPGCEEÂU´EGUDCUGUEGUTGSWÄVGU KPVGTTQIGPV FGU CTEJKXGU FÃL´ EQPUVKVWÃGU GV PG FÃENGPEJGPV LCOCKU FG TGEJGTEJGFKTGEVGUWTNCVQKNG.GTÃUWNVCVFGNCTGEJGTEJGFOKPHQTOCVKQPTGHNÂVG FQPE NC SWCNKVÃ FG NC DCUG FG FQPPÃGU RNWU SWG NC RTÃUGPEG GHHGEVKXG FG NOKPHQTOCVKQP UWT KPVGTPGV %GVVG RTGOKÂTG RCTVKG RTÃUGPVG NGU FKHHÃTGPEGU GPVTGNGUOQVGWTUFGTGEJGTEJGGVNGUCPPWCKTGUNGWTUTCKUQPUFOÄVTGGVNGWTU EQPUÃSWGPEGU

&KHHÃTGPEGFGEQPUVTWEVKQP

.GU CPPWCKTGU EQOOG ;CJQQ UG FKUVKPIWGPV VQWV FOCDQTF FGU OQVGWTU FGTGEJGTEJGEQOOG#NVCXKUVCRCTNCHCÁQPFQPVKNUUQPVEQPUVTWKVUFCPUNG RTGOKGTECUNOKPFGZCVKQPUGHCKV´NCOCKP FCPU NG UGEQPF GNNG GUV CUUWTÃG RCT WP CWVQOCVG WP TQDQV SWK RCTEQWTV NC VQKNG GV SWK KPFGZG VQWVGU NGU CFTGUUGUTGPEQPVTÃGUFGOCPKÂTGCWVQOCVKSWG.GVTCXCKNFOÃNCDQTCVKQPFGU RTGOKGTUGUVFQPEHCUVKFKGWZGVRTGPFFWVGORU.CDCUGFOWPCPPWCKTGGUV WPTÃRGTVQKTGFOCFTGUUGUFGUKVGUCEEQORCIPÃGUFOWPEQOOGPVCKTGFÃETKXCPV NGEQPVGPW%GVVGDCUGGUVQTICPKUÃGFGOCPKÂTGVJÃOCVKSWG&CPUNGECUFW OQVGWT NGU UKVGU UQPV CUUQEKÃU ´ WPG UÃTKG FG OQVUENÃU IÃPÃTÃU RCT WP CNIQTKVJOG

&KHHÃTGPEGFOWVKNKUCVKQP

7PGUGEQPFGFKUVKPEVKQPUGUKVWGCWPKXGCWFGNOWVKNKUCVKQP&CPUNGECUFGU CPPWCKTGUNGUWUCIGTUTGEJGTEJGPVNOKPHQTOCVKQPFQPVKNUQPVDGUQKPFCPUWPG CTDQTGUEGPEG FG ECVÃIQTKGU FG NC OÄOG OCPKÂTG SWG NOQP TGEJGTEJG WP PWOÃTQFGVÃNÃRJQPGFCPUWPTÃRGTVQKTGEQOOG.GU2CIGU,CWPGUWPGUÃTKG FG TWDTKSWGU GUV RTQRQUÃG SWK RGTOGV FOCEEÃFGT HCEKNGOGPV ´ NOKPHQTOCVKQP FCPU WPG NQIKSWG JKÃTCTEJKSWG UGNQP NCSWGNNG FGU TWDTKSWGU IÃPÃTCNGU EJCRGCWVGPVGVTGITQWRGPVFGUTWDTKSWGURNWUURÃEKHKSWGU&CPUNGECUFGU

.GUEQPEGRVGWTUFGEGUTÃRGTVQKTGUUQPVEQPUEKGPVUFGUNKOKVCVKQPUSWOKNUKORQUGPV CW RCTEQWTU FG NOWUCIGT RCTVCPV FG TWDTKSWGU VTÂU IÃPÃTCNGU NG UGPU EQOOWP UG

OQVGWTU FG TGEJGTEJG NGU WVKNKUCVGWTU UQWOGVVGPV FGU OQVUENÃU QW NGWTU SWGUVKQPU GP NCPICIG PCVWTGN IT¸EG ´ WPG HGPÄVTG FG UCKUKG %QPVTCKTGOGPV CWZCPPWCKTGUFQPVNGEQPVGPWUGRTÃUGPVGUQWUWPGHQTOGCTDQTGUEGPVGNGU OQVGWTUFGTGEJGTEJGPGRTÃUGPVGPVCWEWPGQTICPKUCVKQPRTÃCNCDNGRWKUSWG NGWTEQPVGPWGUVUVQEMÃFCPUWPGDCUGSWKPOGUVCEEGUUKDNGSWOKPFKTGEVGOGPV UGNQPUGUDGUQKPUGVNGUTÃUWNVCVUSWOKNQDVKGPVNOWUCIGTURÃEKHKGQWÃNCTIKVUC TGSWÄVG

&KHHÃTGPEGFGSWCNKVÃ

&OCWVTGU FKHHÃTGPEGU FÃEQWNGPV FG EGU RTGOKÂTGU ECTCEVÃTKUVKSWGU

$QWTFQPENGROGVGPÃXKFGPEGRCTGZGORNGNGHCKVSWGNGUDCUGUFG FQPPÃGU EQPUVTWKVGU RCT NGU OQVGWTU UQPV RNWU EQORNÂVGU CW UGPU QÔ GNNGU EQPVKGPPGPV RNWU FOCFTGUUGU CNQTU SWG NGU CPPWCKTGU UQPV UVTWEVWTÃU GV QTICPKUÃUFGOCPKÂTGKPVWKVKXG%GVCXCPVCIGSWCNKVCVKHFGUCPPWCKTGUVKGPVCW HCKVSWGNGUKPFGZGWTURCTVCIGPVNGWTJWOCPKVÃCKPUKSWGFCPUWPGEGTVCKPG OGUWTGWPGEGTVCKPGEWNVWTGCXGENGUKPVGTPCWVGUSWKEQPUWNVGPVNGTÃRGTVQKTG 'PQWVTGNGUTWDTKSWGUUQPVEQPHKÃGU´FGUTÃHÃTGPEGWTUURÃEKCNKUÃUFCPUVGNNG QW VGNNG OCVKÂTG %GVVG EQPHKIWTCVKQP ICTCPVKV ÃICNGOGPV NC SWCNKVÃ FG NOKPHQTOCVKQPGVFGUCOKUG´LQWT

.G ECU FG NOCPPWCKTG FQPV NOKPVÃITCNKVÃ FW RTQEGUUWU FOGPEQFCIG GUV UQWOKUG´NOKPVGTXGPVKQPJWOCKPGCRCTVKEWNKÂTGOGPVTGVGPW OQP CVVGPVKQP

%GV CTVKENG UG HQECNKUG RTÃEKUÃOGPV UWT NG VTCXCKN FG EQPUVTWEVKQP FOWP CPPWCKTGRCTWPGÃSWKRGFOKPFGZGWTU.GUNKIPGUUWKXCPVGUGPRTÃUGPVGPVNG OQFGFGHQPEVKQPPGOGPV

6QWVFOCDQTF EGVVG ÃSWKRG EQPVTG NC HCKDNGUUG SWCPVKVCVKXG FG NOCPPWCKTG HCEG CWZ OQVGWTU RCT NG XQNQPVCTKCV SWK NWK ICTCPVKV NC EQPVTKDWVKQP FOWP PQODTGEQPUKFÃTCDNGFOCEVGWTUUCPUÄVTGHTGKPÃGRCTNGEQÖVFGUUCNCKTGU.G PQODTG FOKPFGZGWTU ICTCPVKV NC XKVCNKVÃ FG NOCPPWCKTG NC ETQKUUCPEG GV NGU OWVCVKQPU FW TÃUGCW UQPV UWKXKGU SWQVKFKGPPGOGPV 'P QWVTG NOGZKIGPEG FOWPGGZRGTVKUGURÃEKHKSWGOKPKOCNGRQWTGPVTGTFCPUNGRTQLGVEQPUVKVWGWP HKNVTG RCUUGJCWV GV ICTCPVKV GP RTKPEKRG WP VTCXCKN FOKPFGZCVKQP RGTVKPGPV

%GVVG GPVTGRTKUG HTCIKNKUG NOQRRQUKVKQP ÃXQSWÃG EKFGUUWU NC SWCNKVÃ FGU CPPWCKTGUXGTUWUNCSWCPVKVÃFGUOQVGWTUFGTGEJGTEJGRWKUSWGNGPQODTGFG UKVGUKPFGZÃUGUVVGNSWGNGTÃRGTVQKTGEQPEWTTGPEGNGUOQVGWTUPQPUGWNGOGPV FCPUUQPCURGEVSWCNKVCVKHOCKUÃICNGOGPVUWTNGVGTTCKPFWSWCPVKVCVKH

DCUG GP GHHGV FG RTÃHÃTGPEG UWT WP PKXGCW FOCDUVTCEVKQP KPVGTOÃFKCKTG EQOOG NG EQPHKTOGPVNGUTGEJGTEJGUGPRU[EJQNQIKGEQIPKVKXG4QUEJR

.G XQNQPVCTKCV GV NOGZRGTVKUG FGU TÃHÃTGPEGWTU KORNKSWGPV RTGUSWG OÃECPKSWGOGPVSWOKNUUQKGPVFGURCUUKQPPÃUFWUWLGVFQPVKNUUOQEEWRGPV%G HQPEVKQPPGOGPV GZENWV WPG OQVKXCVKQP DCUÃG UWT NOKPVÃTÄV ÃEQPQOKSWG EQOOGNOQPVOQPVTÃ$QNVCPUMKGV %JKCRGNNQ R CWEWP KPEKVCPV FW OQPFG FG NOGORNQK PG RGWV IÃPÃTGT WP VGN FÃXQWGOGPV ´ NC V¸EJG %G XQNQPVCTKCVXCFGRCKTCXGEWPGNKDGTVÃFGEJQKZFWOQOGPVFWNKGWGVFGNC SWCPVKVÃFGVTCXCKNSWGNOCEVGWTHQWTPKV%GVVGNKDGTVÃPOGUVRCUWPGEQPVTCKPVG RQWT NG RTQLGV NOÃSWKRG VTCXCKNNG ´ FKUVCPEG GV FG OCPKÂTG FKUVTKDWÃG GP CPINCKUQPRCTNGFGEQORWVGTUWRRQTVGFEQNNCDQTCVKXGYQTM%5%9

.CXCTKÃVÃFGUKPFGZGWTURTÃUGPVGPÃCPOQKPUWPTKUSWGFOÃRCTRKNNGOGPV GV FOKPEQJÃTGPEG FW TÃRGTVQKTG .OÃSWKRG UOGUV FQPE FQVÃG FOWP GURCEG FG EQQTFKPCVKQP SWK EQPUVKVWG WP NKGW RTKXKNÃIKÃ FG TGPEQPVTG GV FG EQOOWPKECVKQP FG EGU RGTUQPPGU SWK OCNITÃ NGWT CEVKXKVÃ EQOOWPG FOKPFGZCVKQP UOKIPQTGTCKGPV UKPQP .C EQPVTCKPVG RGTOGVVCPV FG RTÃOWPKT NOCPPWCKTG EQPVTG NOÃOKGVVGOGPV TÃUKFG FQPE FCPU NOQDNKICVKQP FG FÃDCV RTÃRCTCVQKTG´VQWVGOQFKHKECVKQP

%QOOWPCWVÃGVHQTWOUFGFKUEWUUKQP

.C RTÃUGPVCVKQP FCPU NC RTGOKÂTG RCTVKG FG NOQTICPKUCVKQP FG NOÃSWKRG ÃVWFKÃGOOCOÂPG´FKUEWVGTNGUURÃEKHKEKVÃUFGUQPGURCEGFGEQQTFKPCVKQP´

UCXQKTNGUHQTWOUFGFKUEWUUKQP+NKORQTVGFOGZRNKEKVGTNGUTÂINGURTQRTGU´EG OQFG FG EQOOWPKECVKQP UGU QTKIKPCNKVÃU GV UGU TGRTKUGU %GVVG FGWZKÂOG RCTVKG TGPF EQORVG FG NOQDUGTXCVKQP FG EGU URÃEKHKEKVÃU GP NGU TCRRTQEJCPV FOCWVTGUHQTOCVUFGEQOOWPKECVKQPVCPVVTCFKVKQPPGNUSWGPWOÃTKSWGU%GU TÃUWNVCVU RTQXKGPPGPV PQVCOOGPV FOWPG CPCN[UG SWCNKSWCPVKVCVKXG FGU FKUEWUUKQPU SWK GP EQORNÂVG NOQDUGTXCVKQP RCTVKEKRCPVG .C OÃVJQFG GORNQ[ÃG U KPUETKV FCPU WP RQUVWNCV FG RTKUG UWT N GORKTKSWG 0ÃCPOQKPU DKGP SW GNNG U KPURKTG RCTVKGNNGOGPV FOCRRTQEJGU OKETQNQIKSWGU EQOOG NGU FÃXGNQRRGOGPVU FG N CPCN[UG EQPXGTUCVKQPPGNNG QW FG NC RTCIOCVKSWG NKPIWKUVKSWGGNNGPGRTÃVGPFRCU´NGWTHKPGUUGOCKURNWVÏV´WPGUQOOCVKQP NGWTHCKUCPVFÃHCWV%GVVGRQUVWTGRTQNQPIGFQPENGRTQLGVFOKPVÃITCVKQPFGU PKXGCWZOKETQGVOCETQUQEKCWZFGNOCPCN[UGUQEKQNQIKSWG

%OGUVEGSWGOQPVTGPV$GCWXQKUGV,QWNGRGV&QKUG 8KPEM,GPP[

+NUOCIKVFWRTQITCOOGFGUQEKQNQIKGRTCIOCVKSWGGZRÃTKOGPVCNGGVTÃHNGZKXGUWT QTFKPCVGWT2TQURÃTQ2QWTWPGRTÃUGPVCVKQPXQKT%JCVGCWTC[PCWFGV6QTP[

R

.CVQWTR

,GOOCVVCTFGTCKVQWVFOCDQTFUWTNGEJQKZFWOQ[GPFGEQQTFKPCVKQPFGNC EQOOWPCWVÃ%GEJQKZPOGUVRCUHQTVWKV.CFKURGTUKQPIÃQITCRJKSWGKORQUG NCXQKGKPHQTOCVKSWG/CKURNWUKGWTUOQ[GPUFGEQOOWPKECVKQPEQGZKUVGPV .C EQQTFKPCVKQP CWTCKV RW UOGHHGEVWGT RCT NKUVG FG FKUEWUUKQP QW EQWTTKGT ÃNGEVTQPKSWG5OKNGUVWVKNKUÃRCTNGUOGODTGUFGNCEQOOWPCWVÃNGEQWTTKGT ÃNGEVTQPKSWG POGUV RCU NG HQTOCV RTKPEKRCN ECT KN PG EQTTGURQPF RCU ´ NOGZKIGPEGFGRWDNKEKVÃFGUFÃDCVU.CNKUVGTGITQWRGFGUOGODTGUTGEGXCPV TÃIWNKÂTGOGPVNGUSWGUVKQPUFGNGWTURCKTUXKCNGWTOGUUCIGTKGKNURCTVKEKRGPV CNQTU ´ NC FKUEWUUKQP FQPPGPV NGWT CXKU TÃRQPFGPV ´ EGU OGUUCIGU QW ICTFGPVNGUKNGPEG.CUKVWCVKQPSWKPQWUKPVÃTGUUGGUVQTICPKUÃGFKHHÃTGOOGPV RWKUSWGNGUKPFGZGWTURCTVKEKRGPV´WPHQTWOFGFKUEWUUKQPSWKEQPUKUVGGP WP UKVG KPVGTPGV UWT NGSWGN EJCSWG OGODTG RGWV RQUVGT UC EQPVTKDWVKQP .C FKHHÃTGPEGTÃUKFGFCPUNGHCKVSWGNOCEVGWTUGTGPFUWTNGHQTWORQWTXQKTEG SWKUO[FÃTQWNGGVÃXGPVWGNNGOGPVRCTVKEKRGTEQPVTCKTGOGPVCWECUFGNCNKUVG QÔ NGU ÃXÃPGOGPVU XKGPPGPV HTCRRGT ´ UC RQTVG EG SWK EQFÃHKPKV DKGP NG HQTOCVFWHQTWOGVNCRCTVKEKRCVKQPXQNQPVCKTGFGUGUOGODTGU.CNKUVGGUV WPOÃFKCFGFKHHWUKQPGVFOKPHQTOCVKQPEQPVTCKTGOGPVCWHQTWOSWKGUVWP OÃFKC FG EQOOWPKECVKQP CEVKXG .GU RQKPVU UWKXCPVU FÃVCKNNGPV NGU URÃEKHKEKVÃUFGEGHQTOCVSWKUOGUVKORQUÃCWZCEVGWTUEQOOGNGRNWUCFCRVÃ 0QODTGFOKPVGTXGPCPVU

.G HQTWO GUV WP NKGW FG EQOOWPKECVKQP ´ RNWUKGWTU .C UKPIWNCTKVÃ FGU KPVGTCEVKQPUSWKUO[FÃTQWNGPVVKGPV´NCHQKU´NCEKTEWNCVKQPFGNOKPHQTOCVKQP GV CW PQODTG FGU RCTVKEKRCPVU # NC FKHHÃTGPEG FOWP UKVG KPVGTPGV FOWP FQEWOGPVQWFOWPGNKUVGFGFKHHWUKQPSWKRTQRCIGFGNOKPHQTOCVKQPFCPUWP UGWN UGPU NC EQOOWPKECVKQP UO[ FÃTQWNG FG OCPKÂTG RNWTKNCVÃTCNG NOKPHQTOCVKQP GUV RCTVCIÃG ÃEJCPIÃG GV RTQRCIÃG RCT VQWU 'P QWVTG EGU KPVGTCEVKQPU PG UQPV RCU F[CFKSWGU GNNGU GPICIGPV FGU RCTVKEKRCPVU FQPV NG PQODTG GUV KPFÃVGTOKPÃ GV XKTVWGNNGOGPV KPHKPK RWKUSWG NGU CTEJKXGU FW HQTWO TGUVGPV FKURQPKDNGU GV SWO´ VQWV OQOGPV FG PQWXGCWZ KPVGTXGPCPVU LWUSWG N´ TGUVÃU UKNGPEKGWZ RGWXGPV KPVGTXGPKT GV FQPPGT NGWT CXKU %GVVG RWDNKEKVÃFGUFÃDCVUICTCPVKVRTÃEKUÃOGPVNOGHHKECEKVÃFGNCEQQTFKPCVKQP 6GORU

.GUÃEJCPIGU PGUOCEEQORNKUUGPV LCOCKUFCPU WP GURCEGVGORU EQOOWP CWZRCTVKEKRCPVUOÄOGNQTUSWOKNPGUOÃEQWNGSWGSWGNSWGUUGEQPFGUGPVTGNGU VQWTU NGU CEVGWTU UQPV GP UKVWCVKQP FG FWRNGZ EG SWK UWRRQUG WP JKCVWU VGORQTGNGVURCVKCN

.G EQPEGRV KPVGTCEVKQPPGN FG EQFÃHKPKVKQP GUV PQVCOOGPV FÃXGNQRRÃ RCT *GUVGT R

5WT NGU HQTWOU NOKPVGTCEVKQP GUV VQWLQWTU FKHHÃTÃG ECT NGU CEVGWTU POKPVGTXKGPPGPVLCOCKUGPOÄOGVGORUGVEGEQOOGLGNOCKFÃL´OGPVKQPPÃ OÄOGUOKNUTÃRQPFGPVFCPUNCOKPWVG%QPVTCKTGOGPVCWZEQPXGTUCVKQPUHCEG

´HCEGQWVÃNÃRJQPKSWGUNGUCEVGWTUPOKPVGTCIKUUGPVRCUFCPUWPGU[PEJTQPKG UVTKEVG %GEK POGZENWV PÃCPOQKPU RCU NC RQUUKDKNKVÃ FG EJGXCWEJGOGPVU EQOOG NOGPXQK UKOWNVCPÃ FOWPG OÄOG TÃRQPUG RCT FGWZ RGTUQPPGU RCT GZGORNG OÄOG UK NGU EQPVTCKPVGU VGEJPKSWGU FW HQTWO VGPFGPV ´ GP FKOKPWGTNGPQODTG

'P QWVTG ´ NC UWEEGUUKQP VGORQTGNNG FGU OGUUCIGU UOCTVKEWNG NGWT QTICPKUCVKQP UÃSWGPVKGNNG PQP UGWNGOGPV RNWUKGWTU OGUUCIGU TÃRQPFGPV RCTHQKU ´ NC OÄOG SWGUVKQP OCKU EGU TÃRQPUGU CRRCTCKUUGPV UGNQP FGU VGORQTCNKVÃUFKHHÃTGPVGU+NCTTKXGGPQWVTGSWOWPKPVGTXGPCPVTCRRGNNGEKVGQW TÃKPVGTRTÂVG NG EQPVGPW FOWP OGUUCIG ÃXGPVWGNNGOGPV VTÂU CPEKGP GV GP TÃCEVKXGNOCEVWCNKVÃ

'URCEG

.C EQOOWPKECVKQP FGU HQTWOU UG ECTCEVÃTKUG ÃICNGOGPV RCT NG HCKV SWG NGWTU RTQVCIQPKUVGU PG RTGPPGPV RCU RNCEG FCPU WP GURCEG EQOOWP .G EQTQNNCKTG FG EG JKCVWU URCVKCN GUV NC PQPEQRTÃUGPEG FGU KPVGTXGPCPVU EQOOG DGCWEQWR FOCPCN[UVGU NOQPV UQWNGXÃ NOCDUGPEG FG EQTRU UQWNKIPG GPEQTGNCURÃEKHKEKVÃFGNGWTUÃEJCPIGU&CPUNGUKPVGTCEVKQPUHCEG´HCEGQW CW VÃNÃRJQPG NGU CEVGWTU EQOOWPKSWGPV PQP UGWNGOGPV XKC NG EQPVGPW FG NGWTU FKTGU OCKU ÃICNGOGPV IT¸EG ´ FGU KPFKECVGWTU SWG LG SWCNKHKGTCK RCT EQOOQFKVÃ FOGZVTCNKPIWKUVKSWGU %GU KPFKECVGWTU UQPV EQPUVKVWVKHU FG NC EQPXGTUCVKQP +NU TGITQWRGPV NGU KPVQPCVKQPU KPUKUVCPEGU T[VJOGU RCWUGU XQNWOGU UQPQTGU RQUVWTGU TGICTFU HKZGU QW HW[CPVU VGPUKQPU EQTRQTGNNGU TGURKTCVKQPUJÃUKVCVKQPUGZRTGUUKQPURNKUUGOGPVUFGUNÂXTGUHTQPEGOGPVUFG UQWTEKNUUQWRKTUENKPUFOKNGVRTQUQFKG

.C FKHHÃTGPEG PG EQTTGURQPF RCU UKORNGOGPV ´ WP RCUUCIG FG NOQTCN ´ NOÃETKV'PGHHGVUKNOQPVTCPUETKXCKVUKORNGOGPVRCTÃETKVNGnEQPVGPW€FOWP ÃEJCPIGGPRTÃUGPEGUKOKNCKTG´EGWZSWKUOCEEQORNKUUGPVUWTNGUHQTWOU´

)QHHOCPRHCKVWPGQDUGTXCVKQPUKOKNCKTGEQPEGTPCPVNGVÃNÃRJQPG .G NGEVGWT KPVÃTGUUÃ EQPUWNVGTC WPG CRRNKECVKQP FG NOCPCN[UG EQPXGTUCVKQPPGNNG CW EQWTTKGT ÃNGEVTQPKSWG /QPFCFC R´ NC NKUVG FG FKUEWUUKQP /QPFCFC RGVCWEJCV*WVEJD[R

(NKEJ[ R GV TCRRQTVG NOWUCIG FG EGV CTIWOGPV EJG\ RNWUKGWTU nHWVWTQNQIWGU€COÃTKECKPU

2QWT#WTC[RNOGHHCEGOGPVFGEGUUKIPCWZOKOQIGUVWGNURCTVKEKRG´NC FÃUKPJKDKVKQPFGUKPVGTCEVKQPU

UWRRQUGT SWOWP VGN ÃEJCPIG RWKUUG GZKUVGT CKNNGWTU SWG UWT WP HQTWO EGNC ÃXCEWGTCKVEGUKPFKECVGWTUGZVTCNKPIWKUVKSWGU1TNGUCEVGWTUPGRCUUGPVRCU RCT FG VGNNGU TÃFWEVKQPU QP RGWV HCKTG EQPHKCPEG ´ NGWT KPIÃPKQUKVÃ NC TÃFWEVKQPRTQRTGCWECPCNLSWKPGNCKUUGFGRNCEGSWO´NOÃETKVLOQFKHKGRNWU SWOGNNG PG TÃFWKV NGU RQUUKDKNKVÃU GV OQFGU FG EQOOWPKECVKQP .G VQP NG XQNWOG NG T[VJOG GV NC RTQUQFKG VTQWXGPV NGWT ÃSWKXCNGPV FCPU FGU TGORNCÁCPVUFGOKUGUGPHQTOGCNQTUSWGNGUFKHHÃTGPVGUHQTOGUFOGZRTGUUKQP UQPV VTCFWKVGU RCT FOKPIÃPKGWUGU EQODKPCKUQPU V[RQITCRJKSWGU EQOOG NGU UOKNG[U

2TÃECWVKQPU

%GUUVTCVÃIKGUITCRJKSWGURCNNKGPVEQOOGLGNOCKOGPVKQPPÃNGTKUSWGFG RGTVG FOKPHQTOCVKQP NKÃG ´ NOCDUGPEG FG RGTEGRVKQP FKTGEVG FG NOCWVTG .C FKHHÃTGPEG CXGE WPG KPVGTCEVKQP XGTDCNG XC PÃCPOQKPU RNWU NQKP &CPU WP ÃEJCPIG XGTDCN NGU ECTCEVÂTGU GZVTCNKPIWKUVKSWGU UQPV EQPVKPWGNNGOGPV QDUGTXCDNGU GV NC TÃCEVKQP ´ EJCSWG OQV FG NC RJTCUG nGP VGORU TÃGN€

TGPUGKIPGUWTNOJWOGWTNCEQORTÃJGPUKQPGVNOKORNKECVKQPFWXKU´XKUFCPU NOKPVGTCEVKQP%GVVGFKURQPKDKNKVÃRGTOGVNOCFCRVCVKQPGVNOCLWUVGOGPVEQPVKPWÃ FG EJCEWP ´ NOCWVTG CW EQWTU FG NOÃEJCPIG 5WT NGU HQTWOU NOKPVGTCEVKQP GUV VQWLQWTUFKHHÃTÃG

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.GUOQFGUFGTÃIWNCVKQP

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.OCEEQTFGVNCFKUEWUUKQP

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.GTÂINGOGPV

.OGPVTÃG FCPU NC EQOOWPCWVÃ GUV UQWOKUG ´ NOCFJÃUKQP ´ WP TÂINGOGPV FOQTFTG KPVGTPG UWKVG ´ UC ECPFKFCVWTG NOKPFGZGWT GP TGÁQKV WPG EQRKG RCT OCKN5QPKPUETKRVKQPPOGUVGHHGEVKXGSWGNQTUSWOKNNOCEEGRVGGPCEVKQPPCPVWP DQWVQP%GDQWVQPEQPUVKVWGGPSWGNSWGUQTVGNCUKIPCVWTGÃNGEVTQPKSWGSWK OCTSWGUQPCEEQTF

+N GUV NQKP FOÄVTG UÖT SWG NG TÃHÃTGPEGWT RTGPPG EQPPCKUUCPEG FG EG FQEWOGPVLCUUG\NQPILNQTUFGEGRTGOKGTEQPVCEV5GUKPVGTCEVKQPUCXGENGU CWVTGU OGODTGU NO[ EQPHTQPVGPV EGRGPFCPV VTÂU XKVG ECT EGU FGTPKGTU [ HQPV TÃIWNKÂTGOGPV TÃHÃTGPEG %GVVG TÃINGOGPVCVKQP TÃIKV NOKPFGZCVKQP GV NOQTICPKUCVKQP FW TÃRGTVQKTG EQOOG FG NOÃSWKRG PÃEGUUKVÃ FGU FÃDCVU EQPXGPVKQPUFOKPUETKRVKQPUFGUCFTGUUGUFGUKVGUKPVGTPGVFTQKVUGVFGXQKTUFW TÃHÃTGPEGWTGVFGNCEQOOWPCWVÃNOWPGPXGTUNOCWVTG&GUPQTOGUFGPCVWTGU FKXGTUGUUO[GPVTGOÄNGPV´NOKOCIGFWSWQVKFKGPFGUKPFGZGWTUEQODKPCPVXKG EQOOWPCWVCKTG RCTVCIG FG UCXQKTHCKTG EQPUWNVCVKQP UWTXGKNNCPEG GV UVCPFCTFKUCVKQPFGUKPUETKRVKQPU

%QOOGVQWVGUNGUEQPXGPVKQPUNGTÂINGOGPVRTQXKGPVFOWPGKPEQTRQTCVKQP FGRTCVKSWGUKNTÃUWNVGFQPECWVCPVFOWPGJKUVQKTGSWOKNRCTVKEKRG´NCHQTIGT5K EQOOG VQWVGU NGU OCVKÂTGU SWK EQPEGTPGPV NC EQOOWPCWVÃ EGU TÂINGU FG EQPFWKVGUQPVÃNCDQTÃGUGVTÃFKIÃGUEQNNGEVKXGOGPVGNNGUPGRGWXGPVUOKORQUGT SWOCRTÂUNOCTTÄVFWFÃDCV

%GFGTPKGTGUVCUUWTÃRCTNGWTETKUVCNNKUCVKQPFCPUNCHKZCVKQPFWTÂINGOGPV SWKUOKORQUGFÂUNQTU´VQWU%GFQEWOGPVÃXCEWGNGUEKTEQPUVCPEGURQWTPG NCKUUGT SWG NGU TÂINGU 5C XGTUKQP QHHKEKGNNG GUV TÃFKIÃG RCT FGU TÃHÃTGPEGWTU SWK FÃVKGPPGPV WP RQWXQKT GV WP UVCVWV SWG POQPV RCU NGU CWVTGU KNU UOQEEWRGPVFGUECVÃIQTKGUFGRNWUJCWVPKXGCWKNUFÃEKFGPVFGNOCEEGRVCVKQP FGUECPFKFCVWTGUFGUPQWXGCWZKPFGZGWTUTÃFKIGPVNGUFQEWOGPVU QHHKEKGNU GVCTTÄVGPVEGTVCKPGUEQPVTQXGTUGURCTNCHKZCVKQPFWTÂINGOGPVQWNOCTDKVTCIG FGECUNKVKIKGWZ%GHCKUCPVKNUICTCPVKUUGPVNCUVCDKNKVÃFWRTQLGV

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