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.CVGEJPKSWGPCVWTGNNG

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'V RQWTVCPV VQWU NGU GPUGKIPCPVU FW UWRÃTKGWT EQOOG FGU CWVTGU PKXGCWZ RCUUCKGPV FÃL´ FG PQODTGWUGU JGWTGU ´ RTQFWKTG FGU UWRRQTVU FG EQWTUQWFGUEQPFKVKQPUVGEJPKSWGUFGHQPEVKQPPGOGPVFGNGWTCEVKXKVÃUCPU QWDNKGTNGUPQODTGWZRGTUQPPGNUQHHKEKGNNGOGPVVGEJPKSWGUKPFKURGPUCDNGU´

NCXKGQTFKPCKTGFGVQWVÃVCDNKUUGOGPVFOGPUGKIPGOGPV/CKUVQWVUGRCUUCKV EQOOGUKNGUUCXQKTUGVEGWZSWKNGUFKURGPUGPVXKXCKGPVGVPCKUUCKGPVFCPUWP OQPFGKOOCVÃTKGN6QWVEGNCÃVCKVFGXGPWVGNNGOGPVPCVWTGNEQOOGEOGUVNG RTQRTG FG VQWVG VGEJPKSWG KPEQTRQTÃG SWG RGTUQPPG PG NGU TGPFCKV RNWU RTQDNÃOCVKSWGUUCWHNQTUFGETKUGUOCLGWTGUFWV[RGUWTEJCTIGFGUGHHGEVKHU FCPUEGTVCKPGUWPKXGTUKVÃU

.CVGEJPKSWGGPEJCPVÃG

.GU UWRRQTVU PQWXGCWZ UGODNGPV RQWXQKT VQWV TGOGVVTG GP ECWUG .GU RTQLGVU RÃFCIQIKSWGU PQVKQP TKVWGNNGOGPV KPXQSWÃG FCPU NOGPUGKIPGOGPV UWRÃTKGWT OCKU LCOCKU CRRTQHQPFKG UGODNGPV RQWXQKT ÄVTG ´ PQWXGCW QWXGTVU NGU HQPFGOGPVU FGU OÃVJQFGU CPEKGPPGU TGFGXKGPPGPV RTQDNÃOCVKSWGUGVVQWUEQPUKFÂTGPVNGUVGEJPKSWGUPWOÃTKSWGUGVNGUTÃUGCWZ EQOOGFGUNGXKGTURQWTNGWTRTQLGVUNGU RNWU XCTKÃU FG TGOKUG GP ECWUG FW EQPHQTOKUOGRÃFCIQIKSWGHQPFÃUWTNCRWTGVTCPUOKUUKQP+NUGETÃGFÂUNQTU WPG GHHGTXGUEGPEG WP RGW DTQWKNNQPPG QÔ NOQP XQKV NGU GPUGKIPCPVU FW UWRÃTKGWT QUGT RCTNGT WPG nPQXNCPIWG€ RÃFCIQIKSWG CNQTU SWG NGU FKUEKRNKPGU UGODNCKGPV LWUSWOKEK UWHHKTG ´ RTQFWKTG NGU ECFTGU FG NC TGRTQFWEVKQP WPKHQTOG GV FKVG WPKXGTUGNNG FGU UCXQKTU 1P RGWV OÄOG UOÃVQPPGTRCTGZGORNGFCPUNGECUFGNOGPUGKIPGOGPVEQQRÃTCVKHSWGEGUQKV FGU VGEJPKSWGU ´ FKUVCPEG C RTKQTK RNWU GZKIGCPVGU RQWT NC EQQTFKPCVKQP UQKGPVNOQEECUKQPFGTGNCPEGTEGURTQLGVUCNQTUSWOKN [CUKRGWFGVTCFKVKQPU EQQRÃTCVKXGU FCPU NOGPUGKIPGOGPV HCEG ´ HCEG RQWTVCPV RNWU CFCRVà ´ WPG RTGOKÂTG OKUG GP WXTG WPG RÃFCIQIKG RTQLGVU GUV EGRGPFCPV OKUG GP WXTGFGHCÁQPTGUVTGKPVGFCPUEGTVCKPUÃVCDNKUUGOGPVUUWRÃTKGWTU'PVTGNC VGEJPKSWGFWNGXKGTUVTCVÃIKSWGKNHCWVRTQHKVGTFGNOGHHGVFOCURKTCVKQPFGU6+%

SWK RGTOGV FG HCKTG RCUUGT VQWU NGU RTQLGVU GV NC nVGEJPKSWG GPEJCPVÃG€

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.CVGEJPKSWGHCVCNG

.GUUWRRQTVUPQWXGCWZFGXKGPPGPVPQPRNWUWPGQWXGTVWTGFGRQUUKDNGU OCKU FGU TCKNU FÃL´ RQUÃU RCT FOCWVTGU GV VQWV NOGPLGW EQPUKUVG GP GODCTSWGT´VGORUFCPUNGVTCKPLHQWLFGNOKPPQXCVKQPVGEJPKSWGRQWTPG RCUTGUVGTGPOCTIGFGUPQWXGCWZOCTEJÃUFGNOÃFWECVKQP#EGOQOGPVNG UWRRQTV HCKV UC NQK RCTEG SWOKN FGXKGPV RQTVGWT FG OQFÂNGU RÃFCIQIKSWGU KPUVKVWVKQPPGNURQNKVKSWGUGVÃEQPQOKSWGUSWOQPPGRGWVRNWUKPVGTTQIGTUQKV RCTWTIGPEGGVV[TCPPKGFWTGVCTF=$17?UQKVRCTCXGWINGOGPVGVPQWXGNNG PCVWTCNKUCVKQP &CPU EG FGTPKGT ECU NGU VGEJPKSWGU UQPV PGWVTGU ÃXKFGPVGU HCVCNGUGVKNHCWVUO[RNKGTNGRNWUTCRKFGOGPVRQUUKDNGGVTÃKPXGPVGTVQWVGUUGU HCÁQPUFGVTCXCKNNGTGPEQPHQTOKVÃCXGEEGU VGEJPKSWGU EOGUV´FKTG CXGE WP ÃVCV UQEKQVGEJPKSWG JKUVQTKSWG RCTVKEWNKGT RTQRQUÃ RCT NGU EQORCIPKGU RTQFWEVTKEGUFGEGUVGEJPKSWGU.GUEQPEGRVGWTUFGEGURTQFWKVUHKPKUUGPVRCT VGPFTG XGTU WPG PQTOCNKUCVKQP FG HCKV QW FCPU NGU QTICPKUOGU QHHKEKGNU FG PQTOCNKUCVKQPEQOOGEOGUVNGECUGPEGOQOGPVOÄOGRQWTNGUVGEJPQNQIKGU ÃFWECVKXGUUCPUSWOWPXTCKFÃDCVRWDNKEUWTEGUSWGUVKQPUUQKVRQUUKDNG.C NQK FW UWRRQTV UG EQPHQPF CXGE NC NQK FW OCTEJÃ RQWT ÃNKOKPGT EGTVCKPGU EQPHKIWTCVKQPU RÃFCIQIKSWGU QW KPUVKVWVKQPPGNNGU LWIÃGU VTQR OCTIKPCNGU 2QWT ÄVTG RNWU RTÃEKU RCT GZGORNG NG OQFÂNG FG NC XGPVG FG HQTOCVKQPU KPFKXKFWGNNGU GP NKIPG OCKU KPFWUVTKCNKUÃGU UCPU VWVQTCV PQVCOOGPV HCKV RTGUUKQPUWTVQWUNGUCWVTGUOQFÂNGUDGCWEQWRRNWUEQÖVGWZRGWTGPVCDNGU GVPQPKORQTVCDNGUGPNKIPGFGHCÁQPCWUUKCKUÃGSWGEGNWKFGNCVTCPUOKUUKQP NCRNWUVTCFKVKQPPGNNG

&G EG VCDNGCW KN TGUUQTV SWG NC NQK FW UWRRQTV GUV QRÃTCVQKTG CWUUK DKGP FCPUNOQWDNKFWUWRRQTVUGUPCVWTCNKUCVKQPUFKXGTUGUSWGFCPUUGUOKUGUGP CXCPV0QVTGRTQRQUPOGUVRCUEGRGPFCPVFGRTQFWKTGWPGPQWXGNNGXGTUKQP FOWPFÃVGTOKPKUOGVGEJPQNQIKSWGSWGNOQPCVVTKDWGRCTHQKU´NCOÃFKQNQIKG FOWP &GDTC[ RCT GZGORNG +N GUV RNWVÏV FG OQPVTGT NGU GPLGWZ UVTCVÃIKSWGU QWXGTVU FCPU NOKPPQXCVKQP VGEJPKSWG GV RÃFCIQIKSWG FÂU NQTU SWG NOQP UOKPVÃTGUUGPQPRNWU´FGITCPFGUECWUGUQW´FGURTKPEKRGUOCKU´NOCEVKXKVà QTFKPCKTG FG OKUG GP WXTG FG EGU VGEJPKSWGU .OGZKIGPEG FOQDUGTXCVKQP GORKTKSWG FGXKGPV KEK RNWU SWOWP RTKPEKRG FG RTÃECWVKQP OÃVJQFQNQIKSWG GNNG RQTVG GP GNNG WPG RQUVWTG FG EQPPCKUUCPEG GV WP RQKPV FG XWG UWT NC VGEJPKSWGGNNGOÄOGEGUQPVNGUCEVGWTUSWKTGEQORQUGPVEGUVGEJPKSWGUGV SWK NGWT FQPPGPV CW DQWV FW EQORVG NGWT UVCVWV ÃXGPVWGN FG nUWRRQTV FÃVGTOKPCPV€%GUCEVGWTUUQPVDKGPUÖTFGVCKNNGKPÃICNGGVEOGUVNCUKVWCVKQP QWXGTVGCEVWGNNGFGNCHWVWTGDQÉVGPQKTGFGNOKPPQXCVKQPVGEJPKSWG=.#6?

FCPU NOGPUGKIPGOGPV SWK RGTOGV FG FKTG SWOKN GZKUVG WP RQVGPVKGN FG TÃKPXGPVKQP GV FOCFCRVCVKQP FG EGU QWVKNU ´ FGU RTQLGVU RÃFCIQIKSWGU GV RQNKVKSWGUFKHHÃTGPVU0QWUPGRQWTTQPURNWUVGPKTEGRTQRQUFCPUSWGNSWGU CPPÃGUECTPQWUCUUKUVGTQPUEQOOGEGHWVNGECURQWTNGUVGEJPKSWGUQWNGU UWRRQTVUFGNOÃEQNGHTCPÁCKUGFWTCPVNGUFÃDWVUFGNCVTQKUKÂOGTÃRWDNKSWG´

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2QWTGHHGEVWGTEGVVGFGUETKRVKQPPQWURTQRQUQPUWPECFTGFOCPCN[UGSWK POCRCUUGWNGOGPVWPHQPFGOGPVVJÃQTKSWGNCFKXGTUKVÃFGPQUEQORÃVGPEGU JWOCKPGUVGNNGUSWGNGUHQTOCNKUG)CIPGRCKP=)#)?OCKUCWUUKXCNGWTFG ECJKGT FGU EJCTIGU RQWT NC OKUG GP RNCEG FG FKURQUKVKHU FOGPUGKIPGOGPV ´ FKUVCPEG PWOÃTKUÃU %G FÃEQWRCIG POKIPQTG RCU SWG VQWU EGU CZGU UG TGEQWRGPVGPUKVWCVKQPOCKUKNRTÃUGPVGNOCXCPVCIGFGOCKPVGPKTNCFKXGTUKVÃ FGUTCKUQPUSWKPQWUHQPVCIKTGVFGUOCUUWTGTSWOCWEWPGPOCNCRTÃÃOKPGPEG UWT NGU CWVTGU RCU OÄOG NC VGEJPKSWG SWK TGUVG PQVTG RQKPV FOGPVTÃG RQWT NOQDUGTXCVKQP

0QWU CXQPU HCKV WPG FGUETKRVKQP FÃVCKNNÃG FG EGVVG KPPQXCVKQP FCPU NG ECFTG FW EQNNQSWG06+%(FG4QWGPGP=$#4?

n'VWFG EQORCTCVKXG VGEJPKSWG GV RÃFCIQIKSWG FGU RNCVGUHQTOGU RQWT NC HQTOCVKQP QWXGTVG GV ´ FKUVCPEG€ /'046 &KTGEVKQP FG NC VGEJPQNQIKG UGRVGODTG %GVVG ÃVWFG EQORCTG FG HCÁQP U[UVÃOCVKSWG NGU URÃEKHKECVKQPU OCKU PQP NGU WUCIGU GP UKVWCVKQP FG UGRV RNCVGUHQTOGU .GCTPKPI 5RCEG .KDTCTKCP 2NGKCF 6QR

%NCUU8KTVWCN79GD%69GD6WVQT

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NOGPUGKIPCPV 4ÏNGUFG NOCRRTGPCPV 6GEJPKSWGU

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%GV CTIWOGPV PQWU C HCKV UQWUGUVKOGT NC EJCTIG FG VTCXCKN NKÃG ´ NC OCKPVGPCPEG FOWP UGTXGWT 0QVGU 4CRRGN SWK POGUV RCU KPWVKNG WP RTQLGV FOKPPQXCVKQPVGEJPKSWGFCPUNOGPUGKIPGOGPVUWRRQUGFGUKPXGUVKUUGOGPVUFG FÃRCTVEQPUÃSWGPVU GV NC RCTV FG NC HQTEG FG VTCXCKN [ GUV NC RNWU NQWTFG GV DKGPSWGNCRNWUUQWUÃXCNWÃG.CRNCVGHQTOGVGEJPKSWGPG UG FÃHKPKV FQPE RNWUEQOOGnWPUGTXGWT&QOKPQ€OCKUGPTÃCNKVÃEQOOGnWPUGTXGWTGV WPCFOKPKUVTCVGWT€KPIÃPKGWTHQTOô0QVGUGVFKURQPKDNGRQWTKPVGTXGPKT GPECUFGDGUQKPGPWTIGPEG GV FQPE RTÃUGPV CW UGKP FG NOKPUVKVWVKQP 0QU RTGOKÂTGUKPUVCNNCVKQPUFWUGTXGWTEQOOGFGUENKGPVU0QVGURCTNGUUQKPUFG NOÃSWKRG FG FÃRCTV CXCPV NOCTTKXÃG FG NOKPIÃPKGWTCFOKPKUVTCVGWT ´ VGORU

RCTVKGNQPVEGTVGURGTOKUFGFÃOCTTGTNGRTQLGVOCKUCWRTKZFOWPGRGTVGFG VGORUEQPUKFÃTCDNG

.C RNCVGHQTOG POGUV TKGP PQP RNWU UCPU QTFKPCVGWTU ´ FKURQUKVKQP RGTOCPGPVG FG PQU ÃVWFKCPVU RWKUSWOKNU XKGPPGPV FG VQWVG NC (TCPEG GV FQKXGPV TGUVGT GP TGNCVKQP CXGE NG UGTXGWT RGPFCPV NGU VTQKU QW SWCVTG UGOCKPGU RCT OQKU QÔ KNU UQPV JQTU FG NOWPKXGTUKVÃ .G RCTE FGU OCEJKPGU RQTVCDNGU+$/UOGUVVTQWXÃPQTOCNKUÃFGHCKVIT¸EG´NOKPVGTXGPVKQPFO+$/

SWK RQUUÂFG .QVWU EG EJQKZ VGEJPKSWG CRRCTGOOGPV EQPVTCKPV GUV TGUVÃ EGRGPFCPV WPG EQPFKVKQP FG NC TÃWUUKVG FW RTQLGV IT¸EG ´ EG UQWVKGP SWK CNNÃIGCKV PQU KPXGUVKUUGOGPVU GV RCT NC HCEKNKVÃ FG OCKPVGPCPEG FOWP RCTE JQOQIÂPG ´ FKUVCPEG .GU RQTVCDNGU FG PQU ÃVWFKCPVU UQPV RCTCOÃVTÃU FG HCÁQPKFGPVKSWG´NGWTFÃRCTV%QODKPÃCWU[UVÂOGFGTÃRNKECVKQPFGDCUGU SWKGUVEGNWKFG0QVGUGVSWKCUUWTGWPGUKOKNCTKVÃFGVQWUNGUENKGPVUFÂUNQTU SWOKNU QPV TÃRNKSWÃU EG U[UVÂOG VGEJPKSWG UG VTQWXG CKPUK HQTVGOGPV PQTOCNKUÃ%GNCETÃGWP WPKXGTU VGEJPKSWG RCTVCIÃ SWK HKPKV RCT FKURCTCÉVTG FGU ÃEJCPIGU GP UG PCVWTCNKUCPV GP ÃVCPV EQPUKFÃTÃ EQOOG WP HQPFU EQOOWP FOÃXKFGPEG 1P EQPPCÉV GP TGXCPEJG NGU RTQDNÂOGU EQPUKFÃTCDNGU SWKUWDUKUVGPVFCPUNGUÃEJCPIGUFGFQEWOGPVUGPVTGKPVGTNQEWVGWTUSWKPOQPV RCU NGU OÄOGU RNCVGUHQTOGU U[UVÂOGU GV NQIKEKGNNGU 6QWV EJQKZ FG FÃRNQKGOGPV FG 6+% FCPU NOWPKXGTUKVÃ SWK KIPQTGTCKV EGV KORÃTCVKH FG UVCPFCTFKUCVKQP UG EQPFCOPGTCKV ´ IÃTGT FGU RTQDNÂOGU UCPU HKP FG EQORCVKDKNKVÃEQPFKVKQPFGDCUGFGNOKPVGTCEVKQPVGEJPKSWG

2QUUÃFGT WPG RNCVGHQTOG EOGUV GPEQTG RQUUÃFGT FW XGPV QW VQWV CW OQKPUWPRWTRQVGPVKGNVCPVSWGFGUWVKNKUCVGWTUDKGPEQPETGVUPOQPVRCUOKU NCOCKP´NCR¸VGGVPOQPVRCUOQDKNKUÃNGWTUEQORÃVGPEGUVGEJPKSWGU1PPG EGUUG FOGPVGPFTG FGU FKUEQWTU UWT NG ECTCEVÂTG KPVWKVKH FGU KPVGTHCEGU ITCRJKSWGU RCT GZGORNG UQKV EQOOG HCKV ÃVCDNK UQKV EQOOG GZKIGPEG ´ TGURGEVGT RCT NGU FÃXGNQRRGWTU &KUQPUNG VQWV PGV EGU FKUEQWTU VTQORGPV NGWTOQPFGGPHGKIPCPVFOKIPQTGTSWGVQWVFKURQUKVKHVGEJPKSWGUWRRQUGWPG HQTOCVKQP %OGUV FÃL´ XTCK RQWT FGU VGEJPKSWGU SWG NOQP ETQKV N´ CWUUK PCVWTGNNGUGVUKORNGUOCPIGTCXGEWPGEWKNNÂTGUOJCDKNNGTTQWNGT´XÃNQ QW EQPFWKTG WPG XQKVWTG =$17? ECT QP C HKPK RCT QWDNKGT VQWU NGU KPXGUVKUUGOGPVU PÃEGUUCKTGU GV VQWU NGU KPVGTXGPCPVU OQDKNKUÃU /CKU EOGUV GPEQTGRNWUXTCKRQWTNGUVGEJPQNQIKGUPWOÃTKSWGUSWKQHHTGPVVQWLQWTURNWU FGEJQKZGVFOGURCEGFOKPVGTXGPVKQP´NOWVKNKUCVGWT0QWUPQWUCUUWTQPUSWG PQU ÃVWFKCPVU TGRCTVGPV EJG\ GWZ CRTÂU NG RTGOKGT TGITQWRGOGPV nRTÃUGPVKGN€ CXGE WP UCXQKTHCKTG FG DCUG ICTCPVK FCPU NOWVKNKUCVKQP FG 9KPFQYU FG 9QTF GV CWUUK FG 0QVGU GV FG .GCTPKPI 5RCEG .G VGORU FG HQTOCVKQP KPKVKCNG UWT EGU FKURQUKVKHU UOGUV CNNQPIà GV WP XÃTKVCDNG VGUV GUV GHHGEVWà CXCPV NGWT FÃRCTV &G OÄOG RQWT NGU GPUGKIPCPVU UQKV FQW\G

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