% 2:/6787:689//7
6:398326//396:39832:689//

TÃXQNWVKQPTÃGNNG QWTÃXQNWVKQPXKTVWGNNG!

5GTIG4CXGV

WPKXGTUKVÃFQKVFÃUQTOCKUCHHTQPVGTNCRQUUKDKNKVÃFOÄVTGVTCPUHQTOÃGRCTNC EWNVWTG FW E[DGTURCEG IÃPÃTÃG RCT UGU EGPVTGU FG ECNEWN GV UGU TÃUGCWZ 6CPFKUSWGNOKORTKOGTKGCPPQPÁCNOGZVKPEVKQPFGUKPUVKVWVKQPUOQPCECNGU GVNCPCKUUCPEGFGNOWPKXGTUKVÃOQFGTPGNGE[DGTURCEGRQWTTCKVFKUUQWFTGNGUECORWU CEVWGNU HCKVU FG DTKSWGU GV FG OQTVKGT FCPU WPG EWNVWTG FG NC EQPPCKUUCPEG FÃEGPVTCNKUÃG WP TÃUGCW FG UKVGU NXKTVWGNUO FOÃEJCPIGU KPVGNNGEVWGNU SWK TGPFTC QDUQNÂVGU NGU CPEKGPU D¸VKOGPVU EQWXGTVU FG NKGTTG FG OÄOG SWG NGU HTQPVKÂTGU KPUVKVWVKQPPGNNGUGVRQNKVKSWGUETÃCPVWPGEJQUGUKOKNCKTG´NCXKUKQP SWOCXCKV*) 9GNNUFOWPNEGTXGCWOQPFKCNO€2%JKNFGTU=%*+?

&GRWKU SWGNSWGU OQKU NGU WPKXGTUKVÃU XKTVWGNNGU UG OGVVGPV ´ RQWUUGT EQOOG FGU EJCORKIPQPU WP LQWT FG UQNGKN CRTÂU NC RNWKG 3WG FQKVQP GP RGPUGT! 5OCIKVKN FOWPG UKORNG OQFG FOWPG VQSWCFG SWK PG FWTGTC SWG NG VGORU FOÃETKTG SWGNSWGU CTVKENGU EQOOG EGNWKEK! 1W DKGP GUVEG NC OCPKHGUVCVKQPFGSWGNSWGEJQUGFGRNWURTQHQPFSWKOÃTKVGFO[RQTVGTVQWVG PQVTGCVVGPVKQP!

'PHCKVOÄOGUKNGRJÃPQOÂPGFGOQFGGUVRTQDCDNGOGPVWPGFKOGPUKQP PQP PÃINKIGCDNG NG FÃXGNQRRGOGPV FOWPKXGTUKVÃU XKTVWGNNGU GUV ´ OGVVTG GP TGNCVKQP CXGE NGU HCKVU UWKXCPVU NGU DGUQKPU ETQKUUCPVU FG HQTOCVKQP GV FG FÃXGNQRRGOGPV RTQHGUUKQPPGN EQPVKPW PG RGWXGPV UG UCVKUHCKTG FGU CPEKGPU OQFGU FOQTICPKUCVKQP FG NC HQTOCVKQP FG PQWXGNNGU CRRTQEJGU RNWU

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HNGZKDNGU UQPV FÃUQTOCKU KPFKURGPUCDNGU NC HTQPVKÂTG GPVTG NC HQTOCVKQP KPKVKCNGGVNCHQTOCVKQPEQPVKPWGVGPF´UOGUVQORGTEQOOGUGODNGNOKPFKSWGT NG TCLGWPKUUGOGPV FW RWDNKE UOKPUETKXCPV FCPU FGU QTICPKUCVKQPU VGNNGU SWG NO1RGP 7PKXGTUKV[ OCKU CWUUK NC OWNVKRNKECVKQP FGU RCUUGTGNNGU GPVTG NGU WPKXGTUKVÃUVTCFKVKQPPGNNGUGVNGUWPKXGTUKVÃUFOGPVTGRTKUGNGUVGEJPQNQIKGUFW PWOÃTKSWG TGPFGPV RQUUKDNG NC XKTVWCNKUCVKQP FGU QTICPKUCVKQPU EOGUV NG U[UVÂOGFOKPHQTOCVKQPSWKUVTWEVWTGNGUQTICPKUCVKQPUPQPNGUDTKSWGUGVNG OQTVKGT PQVCOOGPV NGU QTICPKUCVKQPU GP EJCTIG FG NOÃFWECVKQP GV FG NC HQTOCVKQP.CXKTVWCNKUCVKQPÃVGPFNGWT\QPGFOCEJCNCPFCIGCWOQPFGGPVKGT CXGE FGU EQPEWTTGPVU SWK PG UQPV SWO´ WP ENKE FG UQWTKU 'PHKP NG HKPCPEGOGPV FG NC HQTOCVKQP GUV GP VTCKP FG RCUUGT FW EQPVTÏNG FG NOÃVCV UWDXGPVKQPU´EGNWKFWENKGPVETÃFKVEQORVGQWEJÂSWGHQTOCVKQPCWVQGV EQHKPCPEGOGPV

&ÂU NQTU KN GUV NÃIKVKOG FOGZCOKPGT GP SWQK NGU WPKXGTUKVÃU XKTVWGNNGU GZKUVCPVGU QW GP EQWTU FG EQPUVTWEVKQP UQPV WPG TÃRQPUG CFCRVÃG ´ EGU PQWXGCWZ DGUQKPU FG FÃXGNQRRGOGPV RTQHGUUKQPPGN EQPVKPW GV HQPV NG OGKNNGWTWUCIGRQUUKDNGFWRQVGPVKGNFGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFG NC EQOOWPKECVKQP %QOOGPV RGTÁQKXGPVGNNGU GV TÃRQPFGPVGNNGU CWZ PQWXGNNGUGZKIGPEGUFWOCTEJÃFGNCHQTOCVKQP!5QPVGNNGUNCOCPKHGUVCVKQP FOWPG TÃXQNWVKQP SWK VTCPUHQTOG GP RTQHQPFGWT NGU U[UVÂOGU ÃFWECVKHU QW DKGP NG TÃUWNVCV FOWP UKORNG VTCXCKN EQUOÃVKSWG CW UGTXKEG FGU CPEKGPPGU RTCVKSWGUCECFÃOKSWGU!

8GTUWPGPQWXGNNGCTVKEWNCVKQPFWVTCXCKNGVFGNOCRRTGPVKUUCIG

2QWT EQORTGPFTG NC RNCEG GV NC PCVWTG FGU VGEJPQNQIKGU FCPU NOCRRTGPVKUUCIG KN GUV KORQTVCPV FG EQORTGPFTG NGU VTCPUHQTOCVKQPU FW OCTEJÃ FG NC HQTOCVKQP #PFTGY 2GDGT=2'$ ?RTQRQUG WPG FGUETKRVKQP CUUG\ÃNÃICPVGFGNOÃXQNWVKQPFWEQPVGZVGFGNOCRRTGPVKUUCIGEHVCDNGCW .GU FÃXGNQRRGOGPVU VGEJPQNQIKSWGU GV NC PQWXGNNG ÃEQPQOKG PWOÃTKSWG TGOGVVGPVGPECWUGNOQTICPKUCVKQP IÃPÃTCNG FW VTCXCKN GV FG NOCRRTGPVKUUCIG GV GP RCTVKEWNKGT NGWT CTVKEWNCVKQP .OCRRTGPVKUUCIG GUV RCTVKG KPVÃITCPVG FW VTCXCKNNGVTCXCKNGUVCRRTGPVKUUCIGEQOOGNOCRRTGPVKUUCIGGUVVTCXCKN

5K NOQP CEEGRVG EG EQPUVCV CNQTU NC SWGUVKQP FG NC PCVWTG FGU FÃXGNQRRGOGPVUGVFGUWUCIGUFGUVGEJPQNQIKGUFCPUNOCRRTGPVKUUCIGUGRQUG 5OCIKVKN UKORNGOGPV FG OGVVTG NC HQTOCVKQP GP NKIPG RQWT NC TGPFTG CEEGUUKDNG´EJCSWGKPUVCPVLCKPUKSWGNGRTQRQUGPVNGUXGPFGWTUFGRNCVGU HQTOGU FG VÃNÃHQTOCVKQP L QW DKGP FG FÃHKPKT FG PQWXGCWZ QWVKNU FOCRRTGPVKUUCIG CFCRVÃU ´ WP RWDNKE FG VTCXCKNNGWTU FG NC EQPPCKUUCPEG!

2QWT &QP 6CRUEQVV n#NQTU SWG XQWU GPVTG\ FCPU NOÃEQPQOKG PWOÃTKSWG XQWU

FGXGPG\PQPUGWNGOGPVWPVTCXCKNNGWTFWUCXQKTMPQYNGFIGYQTMGTOCKUCWUUKWP EQPUQOOCVGWT FG UCXQKT MPQYNGFIG EQPUWOGT %GNC RNCEG WPG TGURQPUCDKNKVà EQPUKFÃTCDNG UWT EJCEWP FG PQWU RQWT KPXGPVGT PQVTG EWTTKEWNWO 0QWU FGXQPU RNCPKHKGT PQVTG CRRTGPVKUUCIG VQWV CW NQPI FG NC XKG GV EQOOGPV IT¸EG ´ NOCRRTGPVKUUCIG CWVQFKTKIà NOCRRTGPVKUUCIG GP UKVWCVKQP FG VTCXCKN NC HQTOCVKQP GV NOÃFWECVKQP HQTOGNNG PQWU RQWXQPU TGUVGT XKIQWTGWZ FCPU WPG ÃEQPQOKG GP EQPUVCPVGVTCPUHQTOCVKQP€=6#2?

W .GCTPKPIVQYQTM 1PCRRTGPFRQWTVTCXCKNNGT.GUFKRNÏOGU RTKOGPVUQWXGPVUWTNOGZRÃTKGPEG

RTQHGUUKQPPGNNG

L .GCTPKPICVYQTM 1PEQPVKPWGFOCRRTGPFTGIT¸EG´FGUEQWTU UWKXKUUWTGV´NOGZVÃTKGWTFGUQPNKGWFG VTCXCKN

L .GCTPKPIVJTQWIJ

YQTM .OCRRTGPVKUUCIGGUVEGPVTÃCWVQWT FOCEVKXKVÃUGPUKVWCVKQPRTQHGUUKQPPGNNGL CRRTGPFTGGPHCKUCPV

LW .GCTPKPIKUYQTM 6TCXCKNGVCRRTGPVKUUCIGUQPVU[PQP[OGU .GUDCTTKÂTGUGPVTGCEVKXKVÃUVGORUGVNKGWZ FGVTCXCKNGVFOCRRTGPVKUUCIGUOGUVQORGPV 6CDNGCW.GCTPKPIKUYQTM

.CHNGZKDKNKVÃNCOQDKNKVÃGVNCTÃFWEVKQPFGVGORUFGVTCXCKNGZKIGPVSWG EJCEWPRTGPPGRNWUFGTGURQPUCDKNKVÃFCPUNCIGUVKQPFGUGUEQORÃVGPEGUGP UCKUKUUCPVVQWVGUNGU QRRQTVWPKVÃU´EQOOGPEGTRCTEGNNGUUG RTÃUGPVCPV CW EQWTU FG UGU CEVKXKVÃU FG VTCXCKN FOCRRTGPFTG GV FG OGVVTG ´ LQWT UGU EQPPCKUUCPEGU RTQHGUUKQPPGNNGU .GU CRRTGPVKUUCIGU KPHQTOGNU RTGPFTQPV FG RNWU GP RNWU FOKORQTVCPEG GP TGICTF FGU UKVWCVKQPU HQTOGNNGU FG EQWTU HWUUGPVKNUCEEGUUKDNGU´FKUVCPEG

.OWPFGUFÃHKUOCLGWTUFGEGURTQEJCKPGUCPPÃGUGUVUCPUFQWVGEGNWKFGNC EQPEGRVKQPFOQWVKNUGVFGFKURQUKVKHUECRCDNGUFGUVTWEVWTGTFGHCEKNKVGTOCKU CWUUK FG XCNKFGT EGV CRRTGPVKUUCIG KPHQTOGN EQOOG FGU QWVKNU HCEKNKVCPV NC RGPUÃGKPFWEVKXGGPHCKUCPVNGNKGPGPVTGNOGZRÃTKGPEGRTCVKSWGGVNGUVJÃQTKGU UQWULCEGPVGU QW ÃOGTIGPVGU MPQYNGFIG OCPCIGOGPV FG VTCXCKNNGT GP ÃSWKRG´NCTÃUQNWVKQPFGRTQDNÂOGUGV´NCFÃEQWXGTVGFGPQWXGNNGUUQNWVKQPU ITQWRYCTG/CKUCWFGN´FGEGUEQPUKFÃTCVKQPUNGRNWUITCPFFÃHKPOGUVKN RCU FG TÃWUUKT ´ CUUQEKGT CRRTGPVKUUCIG GV RNCKUKT=5%* ?! 2NCKUKT FG NC

FÃEQWXGTVGRNCKUKTFGVTCXCKNNGTGVFOÃEJCPIGTCXGEFOCWVTGUPQPUGWNGOGPV FCPUUQPFQOCKPGFOGZRGTVKUGOCKUCWUUKEQOOGEKVQ[GPRGTUQPPG

1ÔUQPVNGUWPKXGTUKVÃUXKTVWGNNGU!

#XCPVFOGZCOKPGTUKNGUWPKXGTUKVÃUXKTVWGNNGUUQPVWPGTÃRQPUGCFCRVÃG´

EG PQWXGN GPXKTQPPGOGPV EQOOGPÁQPU RCT FÃHKPKT EGV QDLGV SWOGUV NOWPKXGTUKVÃXKTVWGNNG&GSWQKUOCIKVKN!3WGNUGPUQPVUGUCVVTKDWVUWPKSWGU SWKNCTGPFGFKHHÃTGPVGFGUWPKXGTUKVÃUENCUUKSWGU!

.QTUSWGPQWURCTNQPUFOWPKXGTUKVÃXKTVWGNNGPQWUHCKUQPUTÃHÃTGPEG´WPG KPUVKVWVKQPUCPUOWTUNGUÃVWFKCPVUUQPVCEEWGKNNKU´FKUVCPEGGVUGTGITQWRGPV ÃXGPVWGNNGOGPV FCPU FGU EGPVTGU FG TGUUQWTEGU NGCTPKPI EGPVTGU HCKUCPV CRRGNCWZVGEJPQNQIKGUFWPWOÃTKSWGGVFWXKTVWGNRQWTFKUVTKDWGTCPKOGT GV IÃTGT UGU GPUGKIPGOGPVU OCÉVTKUCPV NOKPIÃPKGTKG FGU FKURQUKVKHU FOCRRTGPVKUUCIG QWXGTVU HNGZKDNGU GV ´ FKUVCPEG CXGE WP QW RNWUKGWTU NCDQTCVQKTGU FG TGEJGTEJG CVVCEJÃU FQPV CW OQKPU WP URÃEKCNKUÃ FCPU NGU SWGUVKQPUFGUVGEJPQNQIKGUFGNOCRRTGPVKUUCIGLQWVQWVCWOQKPUVTCXCKNNCPV GP RCTVGPCTKCV ÃVTQKV CXGE WPG KPUVKVWVKQP GPICIÃG FCPU NC TGEJGTEJG CECFÃOKSWG

5KNGUFGWZRTGOKGTUETKVÂTGUUQPVCKUÃOGPVUCVKUHCKVUNGUFGWZUWKXCPVUNG UQPV DGCWEQWR OQKPU UQWXGPV .G RQKPV RCT GZGORNG GUV VTÂU UQWXGPV KIPQTÃWPGETQ[CPEGVGPCEGXÃJKEWNÃGPQVCOOGPVRCTEGTVCKPUXGPFGWTUFG RNCVGUHQTOGUFGVÃNÃHQTOCVKQPÃVCPVSWOKNUWHHKVFOCXQKTNCVGEJPQNQIKGRQWT UCXQKT HCKTG %QOOG NG FKV .GG 9KNEQEM nGNGCTPKPI C ÃVà UCNWÃG EQOOG NC RCPCEÃGUWRTÄOGRCTUGUPQWXGCWZCXQECVUNCRNWRCTVFGUSWGNUPOQPVRCUNGDCICIGL QWNGUDNGUUWTGUFGIWGTTGLFGUXKGWZRTCVKEKGPUFGNOQRGPNGCTPKPI=W?.CRNWRCTV FGU RTQFWKVU GP NKIPG =W? UQPV RNWU FG NOKPUVTWEVKQP SWG FG NOCRRTGPVKUUCIG GV FW FÃXGNQRRGOGPV€=9+.?

'P QDUGTXCPV NOQHHTG CEVWGNNG FG HQTOCVKQP ´ FKUVCPEG KN GUV RQUUKDNG FG FÃHKPKTWPGV[RQNQIKGFOWPKXGTUKVÃUXKTVWGNNGU

.GUWPKXGTUKVÃUQWXGTVGU1RGP7PKXGTUKV[%0'&*GPNG[/CPCIGOGPV

%QNNGIG 70'& GVE UQPV DKGP FGU WPKXGTUKVÃU XKTVWGNNGU UCPU OWTU UCWH

2QWT4QIGT5EJCPM=5%*?NGUWPKXGTUKVÃUXKTVWGNNGUUGEQPVGPVGPVFGTÃEJCWHHGTNGU XKGWZ RNCVU UGWNGOGPV EGVVG HQKUEK UCPU NG HQQVDCNN NGU UWTRTKUGU RCTVKGU GV UCPU NC RGTUQPPGCXGESWKFÃNKTGTLWUSWO´VTQKUJGWTGUFWOCVKPFCPUUCEJCODTGFOÃVWFKCPV .O1RGP 7PKXGTUKV[ C RTÂU FG ÃVWFKCPVU KPUETKVU=&#0 ? FQPV FKRNÏOÃUEJCSWGCPPÃGRTKPEKRCNGOGPVCW4Q[CWOG7PKOCKUCWUUKFCPUNGOQPFG CWVTCXGTUFGRCTVGPCKTGUNQECWZGNNGXKGPVFGETÃGTWPGHKNKCNGCWZ'VCVU7PKU

RQWTNGUGPUGKIPCPVUGVNGUNCDQTCVQKTGUFGTGEJGTEJG EQOOG NG -PQYNGFIG /GFKC+PUVKVWVG-/+FGNO1RGP7PKXGTUKV[.GUVGEJPQNQIKGUFWPWOÃTKSWG EQOOGPEGPV ´ [ HCKTG NGWT GPVTÃG L WPKXGTUKVÃU XKTVWGNNGU GP XQKG FG PWOÃTKUCVKQP!

.GU WPKXGTUKVÃU VTCFKVKQPPGNNGU 5V .WKU 9GDUVGT 7PKXGTUKV[ '5% 2CW /CTKEQRC FKUVTKEVOU 4KQ 5CNCFQ %QNNGIG /CT[NCPFOU 7PKXGTUKV[ %QNNGIG GVE FÃXGNQRRGPV WPG QHHTG FG HQTOCVKQP ´ FKUVCPEG 'NNGU QHHTGPV EGTVCKPU EQWTU XQKTG FGU FKRNÏOGU EQORNGVU GP NKIPG L WPKXGTUKVÃU GP XQKG FG XKTVWCNKUCVKQP!

.GU WPKXGTUKVÃU PQWXGNNGU 2JPKZ 7PKXGUKV[ 0;7QPNKPG GVE UQPV NG RWT RTQFWKV FOKPXGUVKUUGOGPVU ECRKVCNKUVKSWGU ´ NC TGEJGTEJG FGU RTQHKVU KORQTVCPVURTQOKURCTNGOCTEJÃFGNCHQTOCVKQPEQPVKPWGXKTVWGNNGU OCKUCXGESWGNNGNÃIKVKOKVÃCECFÃOKSWG!

.GU WPKXGTUKVÃU FOGPVTGRTKUG )GPGTCN 'NGEVTKE /QVQTQNC $#G 5[UVGOU GVE RTQRQUGPV FGU EWTUWU KPVGTPGU RQWT NG FÃXGNQRRGOGPV RTQHGUUKQPPGN EQPVKPW FG NGWTU ECFTGU XQKTG FG NOGPUGODNG FG NGWTU GORNQ[ÃU %GTVCKPGU QHHTGPV FGU nETÃFKVU€ RQWT FGU FKRNÏOGU FÃNKXTÃU RCT FGU WPKXGTUKVÃU VTCFKVKQPPGNNGULFGPQWXGCWZEQPEWTTGPVURCTVGPCKTGURQWTNGUWPKXGTUKVÃU VTCFKVKQPPGNNGU!

.GU EQPUQTVKC FOWPKXGTUKVÃU9GUVGTP )QXGTPQTU 7PKXGTUKV[ 70GZV GVE RTQRQUGPV WPG OKUG GP EQOOWP FG NGWTU EQWTU RQWT RTQFWKTG WPG QHHTG INQDCNG FG HQTOCVKQP (QECNKUÃU UWT NG FÃXGNQRRGOGPV FOWPG QHHTG FG HQTOCVKQP KNU RGWXGPV CXQKT VGPFCPEG ´ RÄEJGT UWT NOCZG TGEJGTEJG XQKTG NOKIPQTGTEQORNÂVGOGPVGVFCPUEGECURGTFTGNOWPFGUECTCEVÂTGUGUUGPVKGNUFG EG SWK HCKV WPG WPKXGTUKVÃ L FGU WPKXGTUKVÃU XKTVWGNNGU GP XQKG FG RCWRÃTKUCVKQPKPVGNNGEVWGNNG!

2TÂUFGÃVWFKCPVUKPUETKVUFQPVFKRNÏOÃUEJCSWGCPPÃG^=&#0?

2TQRQUGWP/$#´FKUVCPEGFCPUVTGPVGRC[UCWVTCXGTUFGRCTVGPCKTGUNQECWZ 'PUGKIPG´ÃVWFKCPVUTÃRCTVKUFCPUEGPVTGUFQPVCWZ'VCVU7PKU 1RÂTG´RCTVKTFGEGPVTGUCWZ'VCVU7PKU

'PUGKIPG´ÃVWFKCPVUTÃRCTVKUFCPUFGUEGPVCKPGUFGUKVGUFCPUNGOQPFGGPVKGT 7PKXGTUKVà nHQT RTQHKV€ HKNKCNG FG #RQNNQ )TQWR SWK RTQFWKV FGU FKFCEVKEKGNU CEEGUUKDNGU CW VTCXGTU FG EKPSWCPVG EGPVTGU NQWÃU FCPU NGU RTKPEKRCNGU XKNNGU COÃTKECKPGURCTÃVWFKCPVULFQPV´FKUVCPEG#WRTGOKGTVTKOGUVTG GNNGCPPQPÁCKVOKNNKQPUFGFQNNCTUFGRTQHKVRQWTWPEJKHHTGFOCHHCKTGFGOKNNKQPU FGFQNNCTU

%CTCEVÃTKUVKSWGUFGUWPKXGTUKVÃUXKTVWGNNGU

# RCTVKT FG NOÃPQPEÃ RTÃEÃFGPV FGU FKHHÃTGPVU V[RGU FOWPKXGTUKVÃU XKTVWGNNGUKNGUVKPVÃTGUUCPVFOGZCOKPGTRNWUGPFÃVCKNNGWTUECTCEVÃTKUVKSWGU NGWTRJ[UKQPQOKGEQOOGNGWTVCKNNGNCPCVWTGFGUUGTXKEGURTQRQUÃUXQKTG NGWTUHTQPVKÂTGUQTICPKUCVKQPPGNNGUEHVCDNGCW$KGPSWOKNUQKVFKHHKEKNGFCPU NG ECFTG FG EGV CTVKENG FG FÃVCKNNGT NOGPUGODNG FGU RQKPVU CDQTFÃU FCPU EG VCDNGCWKNGUVKPVÃTGUUCPVFGRTGPFTGGPEQPUKFÃTCVKQPEGWZSWKRQUGPVRNWU RCTVKEWNKÂTGOGPVNCSWGUVKQPFGUVGEJPQNQIKGUÃFWECVKXGU

%CTCEVÃTKUVKSWGU &GRWKUW W,WUSWO´

6CKNNG /KETQWPKXGTUKVÃUUWTWPOCTEJÃ FGPKEJG

/GICWPKXGTUKVÃU

=&#0?UOCFTGUUCPV´FGUEGPVCKPGU FGOKNNKGTUFOÃVWFKCPVU

#NNKCPEGU /QPFGCECFÃOKSWGQWFG NOGPVTGRTKUGEJCEWPEJG\UQK

%QPUQTVKCTGITQWRCPVCECFÃOKSWGU KPFWUVTKGNUGVEQOOWPCWVÃU RTQHGUUKQPPGNNGU

(TQPVKÂTGU %QPUQTVKCPCVKQPCWZ %QPUQTVKCKPVGTPCVKQPCWZ 5GTXKEGU

RTQRQUÃGU

&GUÃXÃPGOGPVUFGHQTOCVKQPU FKUETGVUEQWTUUVCIGUQW UÃOKPCKTGU

7PGPXKTQPPGOGPVFG FÃXGNQRRGOGPVRTQHGUUKQPPGN EQPVKPWHQTOCVKQPEQCEJKPIGV OGPVQTKPI

)COOG FOCRRTGPVKUUCIGU

.KOKVÃG´NOCESWKUKVKQPFGUCXQKT HCKTGGVFGEQORÃVGPEGU FGUOQWNKPUPWOÃTKSWGU´

FKRNÏOGU=01$?

+PENWVNOGPUGODNGFGUnJWOCPKVÃU€

FOWPGHQTOCVKQPENCUUKSWG

3WCNKVÃ +PHÃTKGWTG´EGNNGFGU

GPUGKIPGOGPVUVTCFKVKQPPGNU 'ICNGXQKTGUWRÃTKGWTGRCTNC OWVWCNKUCVKQPFGUTGUUQWTEGU

2ÃFCIQIKG 4GRTQFWEVKQPFGNCRÃFCIQIKGFG NCVTCPUOKUUKQPXKUKQEQPHÃTGPEG VÃNÃEJCTIGOGPVFGEQWTU

2ÃFCIQIKGFGNOCRRTGPVKUUCIGCEVKH RCTRTQLGVHQPFÃGUWTFGUDWVUFGU GZRÃTKGPEGUGVEITQWRYCTG MPQYNGFIGOCPCIGOGPVGVE 5QEKCNKUCVKQP &GUÃVWFKCPVUKUQNÃUNGUWPUFGU

CWVTGUVÃNÃEJCTIGCPVFGUEQWTUGV FGUFGXQKTU

&GUÃVWFKCPVUSWKVTCXCKNNGPV GPUGODNGGVCWUUKRCTVCIGPVFGU nE[DGTNQKUKTU€

2QWXQKT 7PQWVKNCWUGTXKEGFGNC&)QW

FGNC&4* 7PQWVKNCWUGTXKEGFW

FÃXGNQRRGOGPVFGURGTUQPPGU 2WDNKE 'ZGEWVKXGOCPCIGOGPV 6QWVGNOQTICPKUCVKQP

%CTCEVÃTKUVKSWGU &GRWKUW W,WUSWO´

'SWKRG GPUGKIPCPVG

%CTCEVÃTKUÃGRCTWPOCPSWG FOGZRÃTKGPEGRTCVKSWGFWOQPFG GZVGTPG

'PUGKIPCPVU´VGORURCTVKGN RTQHGUUKQPPGNUEQPUWNVCPVU VÃNÃVTCXCKNNGWTUUQWJCKVCPVFGXGPKT FGUÃFWECVGWTUEQORÃVGPVU

%QORÃVGPEGU 2TKPEKRCNGOGPVNGUOÄOGUIT¸EG

´NCXKUKQEQPHÃTGPEG

2TKPEKRCNGOGPVPQWXGNNGUVWVQTCV ÃSWKRGFGRTQFWEVKQPFGTGUUQWTEGU FOCRRTGPVKUUCIGW

4GEJGTEJG .OCDUGPEGVQVCNG 5WTNOCRRTGPVKUUCIGNOQRGPNGCTPKPINGU 6+%'NGUEQPPCKUUCPEGU

5[UVÂOG FOKPHQTOCVKQP

.OKPVTCPGVFGNOQTICPKUCVKQPQWFG NOGPVTGRTKUG

7PGZVTCPGVTGNKCPVGPVTGRTKUGU WPKXGTUKVÃUÃEQNGUEQPUWNVCPVU RTQHGUUKQPPGNUGVGZRGTVU 6GEJPQNQIKGU

WVKNKUÃGU

.CFKUVTKDWVKQPFGEQWTUGPNKIPG RNCVGUHQTOGU

.CXKUKQEQPHÃTGPEG

.CIGUVKQPFGUEQPPCKUUCPEGU RGTUQPPGNNGUQTICPKUCVKQPPGNNGUGV RTQHGUUKQPPGNNGU

+PVÃITCVKQPFCPU NOGPXKTQPPGOGPV RTQHGUUKQPPGN

&KURCTKVÃFGUQWVKNU

FOCRRTGPVKUUCIGGVRTQHGUUKQPPGNU

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