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JVVRYYYECRECORWUEQOGORNQKUGCTEJ&GVCKNCUR!KFECV
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.OWVKNKUCVKQP FG EGTVCKPGU VGEJPKSWGU FG FÃXGNQRRGOGPV QW FOCPKOCVKQP RGWXGPV TGPFTG EQORNGZG FKHHKEKNG XQKTG KORQUUKDNG NGTÃHÃTGPEGOGPV FOWP UKVG
6QWV FOCDQTF UK QP PO[ RTÄVG RCU CVVGPVKQP VQWVGU NGU KPHQTOCVKQPU SWK UGTCKGPVEQPVGPWGUFCPUWPGDCUGFGFQPPÃGUUWRRQUCPVNGTGPUGKIPGOGPV FOWP HQTOWNCKTG FG TGSWÄVG RCT NG XKUKVGWT RQWT QDVGPKT WP TÃUWNVCV UGTQPV KIPQTÃGURCTNGUQWVKNUFGTGEJGTEJG
1P KFGPVKHKG KEK WPG RTGOKÂTG RTQDNÃOCVKSWG RQWT NG VTCXCKN FG TÃHÃTGPEGOGPV´UCXQKTNCRTKUGGPEQORVGFGnUKVGUF[PCOKSWGUUKVGUFQPV NGURCIGUPGUQPVRCUEQPÁWGU´NOCXCPEGOCKUIÃPÃTÃGU´NCXQNÃGGPVGORU TÃGN%GVVGIÃPÃTCVKQPCWVQOCVKSWGGUVHQPEVKQPFGURCTCOÂVTGUEJQKUKURCTNG XKUKVGWT GV EQPFWKV ´ NC nHWUKQP FOWP OQFÂNG FG RTÃUGPVCVKQP VGORNCVG UV[NGDQF[WGVFOWPLGWFGFQPPÃGUUVQEMÃGUFCPUWPGDCUGFGFQPPÃGURCT GZGORNG NGU JQTCKTGU FG NC 50%( RQWT NGUSWGNU KN UGTCKV KORQUUKDNG FG IÃPÃTGT ´ NOCXCPEG VQWVGU NGU RCIGU EQTTGURQPFCPV ´ VQWVGU NGU TGSWÄVGU RQVGPVKGNNGUFGUENKGPVUUQWJCKVCPVTÃCNKUGTWPGTÃUGTXCVKQP
2CTCKNNGWTUEQOOGPQWUNOCXQPUXWNGTGEQWTU´FGURCIGUUCVGNNKVGURGWV RGTOGVVTG FG EQPVQWTPGT WP FGWZKÂOG ÃEWGKN FG VGNNGU RCIGU NOWVKNKUCVKQP FCPU NGU 74. FG EGU RCIGU FG ECTCEVÂTGU KIPQTÃU RCT EGTVCKPU QWVKNU FG TGEJGTEJG
&OCWVTGUUKVGURGWXGPVEQORNKSWGTNGTÃHÃTGPEGOGPVFCPUEGTVCKPUQWVKNU FG TGEJGTEJG 2CT GZGORNG NOWVKNKUCVKQP FG ECFTGU HTCOGU RGTOGVVCPV FG FKXKUGTWPÃETCPGPRNWUKGWTU\QPGUHQPEVKQPPGNNGUEJCEWPGFOGNNGÃVCPVWPG RCIG *6/. RGWV EQPFWKTG ´ FGU GHHGVU KPFÃUKTCDNGU 'P GHHGV UWRRQUQPU SWOWPGRCIGÃETCPUQKVFÃEQWRÃGGPFGWZ\QPGUWPOGPW´ICWEJGGVWPG
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&CPU EGV GZGORNG NG OQVGWT FG TGEJGTEJG XC FOCDQTF KPFGZGT NC RCIG KPFGZJVO RCIG FG ECFTG KPFKSWCPV NGU PQOU GV RQUKVKQPU FGU RCIGU OGPWJVO GV EQPVGPWJVO +N KPFGZGTC GPUWKVG EGU FGWZ RCIGU GV NGWT EQPVGPW
+N [ C WP TKUSWG XCTKCDNG UGNQP NGU QWVKNU FG TGEJGTEJG FOQDVGPKT WP TÃHÃTGPEGOGPVFGNCRCIGEQPVGPWJVOSWKUKGNNGGUVEJCTIÃGUCPUUQPOGPW RGTFVQWVGUQPGTIQPQOKGFGPCXKICVKQP+NHCWVCNQTURNCEGTFGUEQFGUFCPU EGURCIGUSWKNQTUSWOGNNGUUQPVEJCTIÃGUUGWNGURTQXQSWGPVWPEJCTIGOGPV CWVQOCVKSWG FOWP LGW FG ECFTG RTÃXW ´ NOCXCPEG RGTOGVVCPV FG RNCEGT OGPWJVOGPRQUKVKQPRQWTTGPFTGVQWVGUQPGTIQPQOKGCWUKVG
'PHKPNGUUKVGUDTCPEJÃU´NCRQKPVGFGNCVGEJPQNQIKGEQPFWKUGPVRCTHQKU GWZCWUUK´FGUFKHHKEWNVÃUSWCUKKPUWTOQPVCDNGU1PEKVGTCRCTGZGORNGNGU UKVGUnFQRÃUCWPKXGCWXKUWGNRCTNCVGEJPQNQIKGFOCPKOCVKQP(NCUJSWOKN ÃVCKVCWFÃDWVSWCUKOGPVKORQUUKDNGFGTÃHÃTGPEGT&OCWVTGUVGEJPQNQIKGUFG EGV[RGRQUGPVCEVWGNNGOGPVFGURTQDNÂOGU
1P TGVKGPFTC FG EGU SWGNSWGU GZGORNGU WP UGWN GPUGKIPGOGPV VTÂU KORQTVCPV .G YGDOCTMGVKPI GV GP RCTVKEWNKGT NG TÃHÃTGPEGOGPV GUV WPG RTQDNÃOCVKSWG´EQPUKFÃTGTGPCOQPVFWRTQLGVFGETÃCVKQPFOWPUKVGGVPQP GPCXCN6TQRFGRTGUVCVCKTGUFGEWNVWTGKPHQTOCVKSWGCEEQTFGPVVTQRRGWFG EQPUKFÃTCVKQP´EGUWLGVGVGPVTCÉPGPVNGWTUENKGPVUFCPUFGUEJQKZVGEJPKSWGU HQTVJCPFKECRCPVURQWTNCHWVWTGXKGXQKTGNOGZKUVGPEGQRÃTCVKQPPGNNGFWUKVG +NGUVFQPEHQTVGOGPVEQPUGKNNÃFGURÃEKHKGTFCPUNGECJKGTFGUEJCTIGUVQWVGU NGUEQPVTCKPVGUNKÃGUCWZQDLGEVKHUFWUKVGGPVGTOGUFGYGDOCTMGVKPI
2TÃRCTGTNGUFKHHÃTGPVUÃNÃOGPVUPÃEGUUCKTGURQWTXQVTGTÃHÃTGPEGOGPV
.GTQDQVFOWPOQVGWTFGTGEJGTEJGPOCWTCDGUQKPSWGFGUCFTGUUGU74.´ TÃHÃTGPEGT GV FOWP GOCKN 'P TGXCPEJG WP CPPWCKTG FGOCPFGTC RNWU FOKPHQTOCVKQPUVGNNGUSWG
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LWPRNWUNQPIFGOQVU LWPCWVTGFG´OQVU
LGPHKPWPFGTPKGTVGZVGEQORQTVCPVFGUVCIU*6/.
%GTVCKPUOQVGWTUPGRTGPPGPVGPEQORVGSWGNGUVGZVGUEQWTVUCNQTUSWG FOCWVTGU CEEGRVGTQPV FGU VGZVGU UCPU TGUVTKEVKQP FG VCKNNG 'PHKP EGTVCKPU RGTOGVVTQPV FOKPVÃITGT FGU UÃSWGPEGU UKORNGU GP*6/. CHKP FG UQKIPGT NC EQORQUKVKQPFWVGZVGFGRTÃUGPVCVKQPITCUKVCNKSWGNKGPURWEGUGVE&CPU VQWUNGUECUKNHCWVÄVTGRTÄV´VQWVGUEGUQRVKQPU+NGUVKPFKURGPUCDNGFGETÃGT WP HKEJKGT UWT WP VTCKVGOGPV QW WP ÃFKVGWT FG VGZVGU V[RG0QVGRCF SWK EQPVKGPPG NG VKVTG FG NC RCIG FOCEEWGKN NO74. NGU FKHHÃTGPVU V[RGU FG VGZVGU FGUETKRVKHU NGU OQVU ENÃU GV NGU FQPPÃGU RGTUQPPGNNGU GOCKN VÃNÃRJQPG CFTGUUG GVE 2QWT ÄVTG GHHKECEG KN EQPXKGPV FG ICTFGT EG HKEJKGT QWXGTV GP OÄOGVGORUSWGUOGHHGEVWGNCFGOCPFGFOWPOQVGWTFGTGEJGTEJGQWFOWP CPPWCKTG UWT NOKPVGTPGV 7P UKORNG nEQRKGTEQNNGT ÃXKVGTC FG TGEQRKGT EQPUVCOOGPV NGU OÄOGU KPHQTOCVKQPU GV UWTVQWV FG HCKTG FGU HCWVGU FG HTCRRGSWKRQWTTCKGPVÄVTGHCVCNGU
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+N GUV KORQTVCPV FG VGPKT RCT ÃETKV WP ÃVCV FGU FKHHÃTGPVGU QRÃTCVKQPU FG RTQOQVKQPFWUKVGTÃCNKUÃGUFCPUNGVGORU%GNCRGTOGVVTCGPKPVGTTQIGCPVNG OQVGWT QW NOCPPWCKTG FG EQPPCÉVTG NGU VGORU FOKPFGZCVKQP CKPUK SWG NGU ENCUUGOGPVU QDVGPWU 'P HQPEVKQP FG EGU QDUGTXCVKQPU KN GUV RQUUKDNG FG EJCPIGTNGRQTVCKNFGECVÃIQTKGFGNGTGOGVVTG´LQWT&GUQWVKNUGHHGEVWGPV EGU QRÃTCVKQPU CKPUK SWG EGTVCKPGU CPCN[UGU EQORNÃOGPVCKTGU EQOOG 9GDRQUKVKQP)QNFFG9GDRTQOQVGJVVRYYYYGDRQUKVKQPIQNFEQOGP FÃNKXTCPV FGU TCRRQTVU FG TÃHÃTGPEGOGPV RGTOGVVCPV FG EQPVTÏNGT UQP RQUKVKQPPGOGPV XKU´XKU FG OQVU ENÃU UVTCVÃIKSWGU GV EG TGNCVKXGOGPV ´ NC EQPEWTTGPEG+NURGTOGVVGPVUWTVQWVFGUWKXTGNOÃXQNWVKQPFCPUNGVGORU
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UVCIGJQOGJVO 5VCIG
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UVCIGUUVCIGJVO 5VCIG
GVWFKCPV Q0QVKP
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,QDGVWFKCPV YYYECRECORWUEQO
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HKTUVR Q0QVKP
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HKTUVR 0# Q0QRCIGUHQWPFR 'ORNQK
LGWPG FKRNÏOÃ
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HKTUVR Q0QVKP
HKTUVR Q0QVKP
HKTUVR 0# Q0QRCIGUHQWPFR .GVVTGFG
OQVKXCVKQP YYYECRECORWUEQO
GORNQKOQVKXCVJVO .GVVTGFG
OQVKXCVKQP YYYECRECORWUEQO
UVCIGOQVKXCVJVO 6CDNGCW'ZGORNGFGXCTKCVKQPFGRQUKVKQPPGOGPVFGRCIG
RQWTWPQWVKNFGTGEJGTEJGKUUWFG9GD2TQOQVGRQWTNGUKVGECRECORWUEQO
.CXGKNNGFGTÃHÃTGPEGOGPVGUVWPVTCXCKNFGNQPIWGJCNGKPGSWKRGTOGVVTC FGICIPGTFGURQUKVKQPUFCPUNGUOQVGWTULWUSWO´CVVGKPFTGNGUFKZRTGOKÂTGU TÃRQPUGU GV FQPE WPG RQUKVKQP FCPU NC RTGOKÂTG RCIG FG TÃRQPUG FG EGU QWVKNU .OÃTQUKQP FW TÃHÃTGPEGOGPV GUV WPG VTKUVG TÃCNKVÃ SWOKN EQPXKGPV FG IÃTGT
.C EQPUVKVWVKQP FOWP ECTPGV FG DQTF RQWT NG UKVG OQVGWTUWVKNKUÃU OQOGPVFWTÃHÃTGPEGOGPVWGUVWPICIGFGICKPFGVGORUGVFOGHHKECEKVÃ%G
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5K NOQP RCUUG RCT NGU UGTXKEGU FG UQEKÃVÃU URÃEKCNKUÃGU UWT EG OÃVKGT FW TÃHÃTGPEGOGPV KN UOCIKV FG DKGP PÃIQEKGT NG EQPVTCV FG TÃHÃTGPEGOGPV GP GZKIGCPVWPGPICIGOGPVFGTÃUWNVCV%GEKRGWVUGVTCFWKTGRCTWPGQDNKICVKQP FGTÃUWNVCVRCTGZGORNGNGHCKVFOÄVTGFCPUNGUFKZRTGOKÂTGUTÃRQPUGUUWTFGU TGSWÄVGU RTÃFÃHKPKGU UWT WP PQODTG RTÃFÃVGTOKPÃ FOQWVKNU FG TGEJGTEJG /ÄOGWPGVGNNGRJTCUGRGWVUGTÃXÃNGTVTÂUCODKIWÅFCPUUQPKPVGTRTÃVCVKQP EQOOGTEKCNG
LGPGHHGVKNHCWVSWOGNNGUOCRRNKSWG´FGUQWVKNUUKIPKHKECVKHUGPVGTOGUFG PQVQTKÃVÃ NGVQR VGPFGU OQVGWTU FG TGEJGTEJG GV PQP UWT FGU QWVKNU FG OQKPFTGKPVÃTÄVQÔEGTÃUWNVCVUGTCRNWUHCEKNG´QDVGPKT
LRCT CKNNGWTU KN HCWV SWG NGU TGSWÄVGU FÃDQWEJCPV UWT WP TÃUWNVCV RTÃUGPVGPVWPKPVÃTÄVUVTCVÃIKSWG
LGPHKPEGTÃUWNVCVFQKVÄVTGRÃTGPPGECT´NCXKVGUUGFWFÃXGNQRRGOGPV FWPGVWPVGNTÃUWNVCVRQWTTCKVÄVTGCVVGKPVFGOCPKÂTGVTÂUÃRJÃOÂTGXQKTG PGFWTGTSWGLWUSWOCWLQWTFGNCTGEGVVG
+N UGTC FQPE LWFKEKGWZ FG UQWUETKTG WPG XGKNNG FG TÃHÃTGPEGOGPV UG VTCFWKUCPVRCTWPGOCKPVGPCPEGFGURQUKVKQPUCXGENCTGOKUGTÃIWNKÂTGFOWP TCRRQTVFGTÃHÃTGPEGOGPVOGVVCPVGPXCNGWTNGURTQITGUUKQPUGVTÃITGUUKQPU FWENCUUGOGPVFCPUNGUKPFGZGVCPPWCKTGU
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4CPI 5GTXKEGU 0QODTGFG
TGEJGTEJGU FWVQVCN
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5GTXKEG 'ZRTGUUKQPU 'ZRTGUUKQPU
VTQWXÃGU FWVQVCN
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RUZ
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6CDNGCW1EEWTTGPEGUFGUOQVUENÃURQWTWPQWVKNKEK;CJQQ
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.COÃOQKTGECEJGFGUOQVGWTUFGTGEJGTEJGWPGURKQPRQWTWPOGKNNGWT RQUKVKQPPGOGPV
+N GZKUVG FG PQODTGWUGU HCÁQPU FOQRVKOKUGT UQP TÃHÃTGPEGOGPV GP QDUGTXCPV NGU VGEJPKSWGU WVKNKUÃGU RCT UGU RTKPEKRCWZ EQPEWTTGPVU &CPU EG TGIKUVTGNOWVKNKUCVKQP FGNCEQOOCPFGECEJGYYYWTNFGOQPEQPEWTTGPVEQO GUV VTÂU TÃRCPFWG %GVVG EQOOCPFG WVKNKUCDNG UWT )QQING XC RGTOGVVTG FOCHHKEJGT´RCTVKTFGNCOÃOQKTGECEJGFWOQVGWTFGTGEJGTEJGNCHQTOGFG NCRCIGVGNNGSWOGNNGCÃVÃKPFGZÃGNQTUFWFGTPKGTRCUUCIGFWURKFGT#KPUKGP ÃVWFKCPV NG EQFG UQWTEG FGU RCIGU NGU OKGWZ ENCUUÃGU QP RGWV ÃVWFKGT NGU FKHHÃTGPVU ÃNÃOGPVU FG NOCNIQTKVJOG FWURKFGT EOGUV´FKTG NGU ETKVÂTGU FOWP OGKNNGWTRQUKVKQPPGOGPV
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LNGUDCNKUGUCNVUQPVGNNGUQRVKOKUÃGUCWPKXGCWFGUKOCIGU!
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2TGPQPUNOGZGORNGUWKXCPVGPVCRCPVNCEQOOCPFGNKMGYYYCNCRCIGEQO QP FÃEQWXTG NOGPUGODNG FGU UKVGU SWK UG RQUKVKQPPGPV EQOOG NG UKVG CNCRCIGEQO 1P RGWV CKPUK ÃVWFKGT NGU DCNKUGU/'6# WVKNKUÃGU RCT NGU EQPEWTTGPVU GV FGXKPGT SWGNU UQPV NGU ETKVÂTGU SWK NGWT RGTOGVVGPV FOÄVTG OKGWZENCUUÃU
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%QOOGNOCTVKENGFG;%JCVGNCKPGV.4QEJGFÃFKÃCWJCEMKPIOCTMGVKPI NGOQPVTGNGUNKOKVGUGPVTGNGYGDOCTMGVKPIGVNGJCEMKPIUQPVRCTHQKUHNQWGU 0QWUCNNQPUFQPPGTFGWZKNNWUVTCVKQPURTQRTGUCWTÃHÃTGPEGOGPVSWK´PQVTG CXKUUQPVXTCKOGPV´NCNKOKVGFGNOCEEGRVCDNGGVUQPVRQWTVCPVRTCVKSWÃGU
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0QWU RCTNGTQPU FGU RTGOKÂTGU VGEJPKSWGU SWK QPV HCKV TGEGVVG CW VQWV FÃDWVFGNCIWGTTGFWTÃHÃTGPEGOGPV.GUYGDOCUVGTUVGTOKPCKGPVNGWTRCIG FOCEEWGKNRCTWPGÃPWOÃTCVKQPFGOQVUUVTCVÃIKSWGUTÃRÃVÃURNWUKGWTUHQKUGV ÃETKVUFCPUNCOÄOGEQWNGWTSWGEGNNGFWHQPF.GNGEVGWTENCUUKSWGRCUUCPV UWTNGUKVGPGXQ[CKVRCUEGVGZVGEQORNÃOGPVCKTGOCKUNGUURKFGTUGWZÃVCKGPV NGWTTÃU GV CWIOGPVCKGPV CTVKHKEKGNNGOGPV NC FGPUKVÃ FGU OQVU CKPUK RQUKVKQPPÃU&GPQULQWTUVQWUNGUOQVGWTUFGTGEJGTEJGFÃVGEVGPVEGV[RGFG URCOFGZKPIFGNO¸IGFGRKGTTGGVTGLGVVGPVCNQTUNGUKVGGPDNCEMNKUV2QWTVCPVFG PQODTGWZYGDOCUVGTUGPJGTDGTÃKPXGPVGPVEJCSWGLQWTEGXKGWZVQWTUCPU OGUWTGT NGU EQPUÃSWGPEGU FG EGVVG FÃEQWXGTVG IÃPKCNG OCKU SWGNSWG RGW FÃUWÂVG
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