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GORTGUCCGUVQUGHGEVQU.QUHTGEWGPVGU
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PCNKFCFGPNCKPHQTOCEKÍPTGXGNCFCC
RCTVKTFGNCFKUVKPEKÍPGPVTGKPHQTOCEKÍP
RTKXKNGIKCFCGKPHQTOCEKÍPTGNGXCPVG
EQPUVKVW[GPWPSWGDTCPVCOKGPVQHNC
ITCPVGFGNCÃVKECFGNQUPGIQEKQU
RTQRKEKCPFQNCCRCTKEKÍPFGOGFKFCU
RTGXGPVKXCU[UCPEKQPCFQTCUEQPGNQD
LGVQFGEQODCVKTGUVCRT»EVKEC[ICTCP
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HWPFCOGPVCN RCTC NC ICTCPVÇC FG NC
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EKGTQUCWPSWGFGUFGNWGIQPQHCNVCP
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NCXKFCEQTRQTCVKXC[GPNCUGIWTKFCF
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PCN5WRTGOQ#NGO»PGURGEKCNOGPVG
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NCUGIWTKFCFLWTÇFKEC
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EQPUGEWGPEKCFGNCEQPUKFGTCEKÍPFGNQ
SWGGUKPHQTOCEKÍPTGNGXCPVGCGHGEVQU
FGNCKPHQTOCEKÍPRTKXKNGIKCFCQWPC
KPVGTRTGVCEKÍPSWGRQFTÇCOQUFGPQOK
PCTVGNGQNÍIKECGUFGEKTFGKPVGTRTG
VCEKÍPFGNCUFKTGEVKXCUEQPUKFGTCFCU
GURGEÇHKECOGPVGGNCTVRWPVQFG
NC &KTGEVKXC GP TGNCEKÍP
EQPGNCTVRWPVQFGNC&KTGEVKXC
CNQUGHGEVQUFGICTCPVK\CT
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ECFQU
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PCNKFCFFGICTCPVK\CTNCKPVGITKFCFFG
NQUOGTECFQUHKPCPEKGTQUFGNC7PKÍP
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NQUKPXGTUQTGUGPGUQUOGTECFQUNC&K
TGEVKXCRTQJÇDGNCUQRGTCEKQPGU
EQPKPHQTOCEKÍPRTKXKNGIKCFC[QDNKIC
CNQUGOKUQTGUFGKPUVTWOGPVQUHKPCP
EKGTQUCJCEGTRÔDNKECEWCPVQCPVGUNC
KPHQTOCEKÍPRTKXKNGIKCFCSWGNGUCHGEVG
FKTGEVCOGPVG
5GGPVKGPFGRQT†KPHQTOCEKÍPRTK
XKNGIKCFC•VQFCKPHQTOCEKÍPKFGEC
T»EVGTEQPETGVQKKSWGCÔPPQUGJC
JGEJQRÔDNKECKKKSWGUGTGHKGTGFK
TGEVCQKPFKTGEVCOGPVGCWPQQXCTKQU
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UQTGU[KXSWGUKUGJKEKGTCRÔDNKEC
RQFTÇC KPHNWKT FG OCPGTC CRTGEKCDNG
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KPUVTWOGPVQU HKPCPEKGTQU FGTKXCFQU
TGNCEKQPCFQU EQP GNNQU # VCN GHGEVQ
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WPCUGTKGFGEKTEWPUVCPEKCUGZKUVGPVGU
QSWGRWGFGGURGTCTUGTC\QPCDNGOGP
VG SWG GZKUVCP Q WP JGEJQ SWG UG
JCRTQFWEKFQQSWGRWGFGGURGTCTUG
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UGPVKFQ FG NC KPVGTRTGVCEKÍP RCTGEG
FKTKIKTUGO»USWGCNCWVKNK\CEKÍPQPQ
FGKPHQTOCEKÍPRTKXKNGIKCFCCNCICTCP
VÇCFGSWGVQFQUNQUCEVWCPVGUGPNQU
OGTECFQUXCPCVGPGTNCKPHQTOCEKÍP
TGNGXCPVG
SWGNGURGTOKVCPVQOCT
FGEKUKQPGUGPKIWCNFCFFGEQPFKEKQPGU
GUFGEKTGPNCUEQPFKEKQPGUSWGDWUECP
NCUFKTGEVKXCUEKVCFCU[NCNGIKUNCEKÍP
GWTQRGCCNQUGHGEVQUFGNQITCTWPOGT
ECFQGHGEVKXQ[LWUVQ
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TGHGTGPEKCCWPHGPÍOGPQEQOÔPGPNC
CEVKXKFCFUQEKGVCTKCGUVQGUNCKPHQTOC
EKÍPFGRTQEGUQUO»UQOGPQUFKNCVCFQU
GPGNVKGORQFGHQTOCSWGUGRNCPVGCP
FQURQUKDNGUKPVGTRTGVCEKQPGUEQPUWU
OCVKEGU
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WPCQRGTC
EKÍPFGKPIGPKGTÇCHKPCPEKGTCFGRTGEK
UKÍPJCEGPTGHGTGPEKCCNCFKNCVCEKÍP
GPGNVKGORQFGNCUWUVKVWEKÍPFGN%'1
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UGLQFG#FOKPKUVTCEKÍPFGNCUQEKGFCF
CNGOCPC&CKONGT#)'PCSWGNNQUOQ
OGPVQUGNKPVGPVQFGCFSWKUKEKÍPFGNC
EQORCËÇC/KVUWDKUJK/QVQTUCNQNCTIQ
FGNCËQ[CJCDÇCHTCECUCFQCFG
O»UUGEQPUKFGTCDCSWGGNQVTQRKNCTFG
UWCEVWCEKÍPNCCFSWKUKEKÍPFG%JT[U
NGTGUVCDCNCUVTCPFQNQUTGUWNVCFQUFGNC
EQORCËÇCCNGOCPC&KEJQFGQVTCHQT
OCWPRQUKDNGTGNGXQFG%'1GPEWCPVQ
RWFKGUGUKIPKHKECTWPECODKQFGGUVTC
VGIKCPQRCTGEÇCKPFKHGTGPVGCNCGXQ
NWEKÍPFGNCEQORCËÇC'PGUVGUGPVKFQ
GUTGNGXCPVGEQPUKFGTCTSWG5EJTGORR
UGRTQRQPÇCFGUFGGNFGCDTKNFG
GPSWGUGEGNGDTÍLWPVCFGCEEKQPKUVCU
FKOKVKTFGUWECTIQCPVGUFGGZRKTCTUW
OCPFCVQGP'NFGOC[QFG
EQOGPVÍUWKPVGPEKÍPCN5T-QRGT
RTGUKFGPVGFGN%QPUGLQFGXKIKNCPEKCGN
FCVQHWGEQPQEKFQGPVTGGNFGLWPKQ[
GNFGLWNKQRQTQVTQUOKGODTQUFGN
EQPUGLQFGXKIKNCPEKC[FGN%QPUGLQFG
CFOKPKUVTCEKÍP#RCTVKTFGNFGLWNKQ
UGRTGRCTÍWPEQOWPKECFQFGRTGPUC[
GNFGLWNKQUGEQPXQECTQPTGWPKQPGU
RCTCNQUFÇCU[FGLWNKQ'NFG
LWNKQ5EJTGORR[-QRGTFGEKFGPRTQRQ
PGTC&KGVGT<GVUEJGEQOQUWEGUQTGN
FGLWNKQNCEQOKUKÍPFG2TGUKFGPEKC
FGEKFGRTQRQPGTNCUWEGUKÍPRCTCGNFÇC
UKIWKGPVG(KPCNOGPVGGNFGLWNKQUG
CRTWGDCNCUWUVKVWEKÍP[UGEQOWPKECC
NCFKTGEEKÍPFGNCU$QNUCU[NC1HKEKPC
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HKPCPEKGTQU[GURWDNKECFCGPNCDCUGFG
FCVQUFGNCUQEKGFCFCNGOCPCFGRWDNK
ECEKQPGUDGKRF<GVUEJGWPJQODTGFG
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UGEQPUKFGTÍNCRTKPEKRCNKPHNWGPEKCRCTC
GNFGUGPICPEJGFG&CKONGTFGNCEQO
RCËÇCCOGTKECPCSWGUGCPWPEKQGN
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PQVKEKCFGNCUWUVKVWEKÍPFG5EJTGORR
RQT<GVUEJGUGTGHWGT\CNCVGPFGPEKC
CNCN\CFGNCUCEEKQPGUFG&CKONGT7P
ITWRQFGCEEKQPKUVCUSWGJCDÇCPXGP
FKFQGPGNRGTKQFQFGVKGORQGPVTGGN
KPKEKQFGN†RTQEGUQ•[NCUWUVKVWEKÍPUG
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IKT»NCUGIWPFCFWFCEGPVTCFCGPUKNC
WPKÍPGWTQRGC
FGUGRVKGODTGFG
ZZZGLDULRODOH\HV
RQUKDKNKFCFFGUWDKFCFGNCUCEEKQPGUGTC
RQUKDNGQRTGXKUKDNG[SWÃKORQTVCPEKC
VGPÇCGUCRQUKDKNKFCFCNCJQTCFGJCEGT
TGNGXCPVGNCKPHQTOCEKÍPUQDTGNQURCUQU
KPVGTOGFKQU
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FGWPRTQEGUQRTQNQPICFQGPGNVKGO
RQECDGPFQUKPVGTRTGVCEKQPGU7PC
GUNCUQUVGPKFCGPNCLWTKUFKEEKÍPPC
EKQPCNRQTGN1DGTNCPFUIGTKEJV5VWVV
ICTVRQTNCSWGNCEQOWPKECEKÍPRQT
NC EQORCËÇC &CKONGT FG NC FGEKUKÍP
HKPCNGPGNOQOGPVQGPNCSWGÃUVC
UGRTQFWLQEWORNÇCNCUQDNKICEKQPGU
FGNCNGIKUNCEKÍP'NFGHGDTGTQFG
GN1DGTNCPFGUIGTKEJVFGENCTCDC
SWGNCKPHQTOCEKÍPRTKXKNGIKCFCUÍNQ
UWTIKÍGNFGLWNKQWPCXG\RTQFW
EKFQGNCEWGTFQFGN%QPUGLQFG8KIK
NCPEKC 2GTQ GN $WPFGUIGTKEJV CPWNÍ
GUCFGEKUKÍPFGXQNXKÃPFQNC&GPWGXQ
GN1DGTNCPFIGTKEJVFGUGUVKOÍNCFG
OCPFCGPVGPFKGPFQSWGPQJCDÇCKP
HQTOCEKÍPRTKXKNGIKCFCTGURGEVQCNQU
OQOGPVQUKPVGTOGFKQUGPEWCPVQPQ
RQFÇCTGRWVCTUGRTQDCDNGGNECODKQFG
NCEQVK\CEKÍPFGNCUCEEKQPGUCLWKEKQFG
WPKPXGTUQTTC\QPCDNG1FKEJQFGQVTC
HQTOCCWPSWGUGGPVGPFKGUGSWGCNIW
PCUFGNCUCEVKXKFCFGURTGXKCUGTCPJG
EJQUEQPETGVQUECTGEÇCPFGTGNGXCPEKC
CNCJQTCFGEQPUKFGTCTUGKPHQTOCEKÍP
RTKXKNGIKCFC
'N6TKDWPCN5WRTGOQ#NGO»PHQTOW
NÍNCRTKOGTCEWGUVKÍPRTGLWFKEKCNFGNC
UKIWKGPVGOCPGTC†#NQUGHGEVQUFG
NCCRNKECEKÍPFGNCTVRWPVQFGNC
&KTGEVKXC[FGNCTVCRCTVCFQ
FGNC&KTGEVKXCCPVGWP
RTQEGUQFKNCVCFQGPGNVKGORQEW[QHKP
CVTCXÃUFGXCTKCUHCUGUKPVGTOGFKCUGU
NCOCVGTKCNK\CEKÍPFGWPCFGVGTOKPC
FCEKTEWPUVCPEKCQNCRTQFWEEKÍPFGWP
FGVGTOKPCFQJGEJQ™JCFGCVGPFGTUG
ÔPKECOGPVGCUKEQPCTTGINQCNCUEK
VCFCUFKURQUKEKQPGUFGNCU&KTGEVKXCU
NCUEKTEWPUVCPEKCUQGNJGEJQHWVWTQU
FGDGPEQPUKFGTCTUGKPHQTOCEKÍPFGEC
T»EVGTRTGEKUQFGOQFQSWGGPEQP
UGEWGPEKCUGCPGEGUCTKQEQORTQDCTUK
ECDGGURGTCTTC\QPCDNGOGPVGSWGUG
RTQFW\ECPFKEJCEKTEWPUVCPEKCQJGEJQ
HWVWTQUQRQTGNEQPVTCTKQFCFQSWG
UGVTCVCLWUVCOGPVGFGWPRTQEGUQFK
NCVCFQGPGNVKGORQVCODKÃPRWGFGP
EQPUVKVWKTKPHQTOCEKÍPRTGEKUCGPGN
UGPVKFQFGNCUEKVCFCUFKURQUKEKQPGUFG
NCU&KTGEVKXCUFGNCUHCUGUKPVGTOGFKCU
SWG[CUGFCPQUGJCPRTQFWEKFQ[
SWGGUV»PXKPEWNCFCUCNCOCVGTKCNK\C
EKÍPFGNCEKTEWPUVCPEKCQFGNJGEJQ
HWVWTQ!•
5KOWNV»PGCOGPVG [ GP WP RTQEGUQ
UCPEKQPCVQTKQRQTNQUOKUOQUJGEJQU
GN 1DGTNCPFGUIGTKEJV (TCPHWTV CPF
/CKPGPVGPFÇCSWGNCCITWRCEKÍPFG
EKTEWPUVCPEKCUCWVÍPQOCUGPWPCFG
EKUKÍPINQDCNÔPKECGTCEQPVTCTKCCNCU
FKTGEVKXCUEKVCFCU[SWGNCQDNKICEKÍP
FGRWDNKECEKÍPPCEKÍFGUFGSWGUWTIKÍ
WPCFGEKUKÍP[ÃUVCUGEQOWPKEÍCWP
TGURQPUCDNGFGNCGORTGUC
'NCDQICFQIGPGTCN/GPIQVVKJCDÇCTG
EQTFCFQSWGNCFGHKPKEKÍPFGNEQPEGRVQ
FGKPHQTOCEKÍPRTKXKNGIKCFCEQORTGP
FGEWCVTQGNGOGPVQUKPHQTOCEKÍPFG
ECT»EVGTEQPETGVQNCKPHQTOCEKÍPPQ
UGJCJGEJQRÔDNKECUGTGHKGTGFKTGE
VCOGPVGQKPFKTGEVCOGPVGCWPQFG
NQUKPUVTWOGPVQUHKPCPEKGTQUQCUWU
GOKUQTGU [ UK UG JKEKGUG RÔDNKEC GUC
KPHQTOCEKÍPRQFTÇCKPHNWKT
FGOCPGTC
CRTGEKCDNGGPNCEQVK\CEKÍPFGGUQU
KPUVTWOGPVQUHKPCPEKGTQUQGPKPUVTW
OGPVQUHKPCPEKGTQUFGTKXCFQUTGNCEKQ
PCFQUEQPGNNQU
'UVCUFQUQRKPKQPGUUQPNCUSWGFCP
NWICT C NCU EWGUVKQPGU RTGLWFKEKCNGU
WPC XG\ SWG GN $WPFGUIGTKEJVUJQHV
GPVGPFÇC SWG JCDÇC WP RTQDNGOC FG
KPVGTRTGVCEKÍPFGNCUFKTGEVKXCU
[.CKFGCSWGRCTGEGGUVCT
NCVGPVGGPNCRTKOGTCFGNCUEWGUVKQPG
RTGLWFKEKCNGUGUSWGNQURCUQUKPVGTOG
FKQUSWGUGRTQFWLGTQPRQFÇCPEQPU
VKVWKT[CNCKPHQTOCEKÍPEQPETGVCSWG
GZKIGPGNCTVRWPVQFGNC&KTGEVKXC
GPTGNCEKÍPEQPGNCTVRWPVQ
FGNC&KTGEVKXC
'NDKGPLWTÇFKEQCHGEVCFQ[SWGFCDC
NWICTCNNKVKIKQGPEW[QEQPVGZVQUGFCP
NCUEWGUVKQPGURTGLWFKEKCNGUGUGNOKP
WUXCNQTEQPGNSWGWPITWRQFGCEEKQ
PKUVCUXGPFKGTQPNCUCEEKQPGUFGNITWRQ
&CKONGTFWTCPVGGNRTQEGUQFGVQOCFG
FGEKUKQPGUSWGNNGXÍCNTGNGXQCRGVK
EKÍPRTQRKCFGN2TGUKFGPVGFGN%QPUGLQ
FG#FOKPKUVTCEKÍPFGNC%QORCËÇCSWG
RTQXQEÍWPCN\CGPNCEQVK\CEKÍPFGNCU
CEEKQPGU
'NCRCTVCFQFGNCTVFGNC&KTGE
VKXCTGUWNVCDCCENCTCVQTKQ
CNGZKIKTRCTCNCEQPUKFGTCEKÍPFGEC
T»EVGTEQPETGVQFGNCKPHQTOCEKÍPFQU
EKTEWPUVCPEKCUEWOWNCVKXCUWPCSWGNC
KPHQTOCEKÍPFGDGKPFKECTWPCUEKTEWPU
VCPEKCUGZKUVGPVGUQSWGRWGFGGURG
TCTUGTC\QPCDNGOGPVGSWGGZKUVCPQ
WPJGEJQSWGUGJCRTQFWEKFQQSWG
RWGFGGURGTCTUGTC\QPCDNGOGPVGSWG
UGRTQFWEKT»#FGO»UNCKPHQTOCEKÍP
FGDGUGTNQUWHKEKGPVGOGPVGGURGEÇHK
ECRCTCNNGICTCWPCEQPENWUKÍPUQDTG
UWRQUKDNGGHGEVQGPNQUKPUVTWOGPVQU
HKPCPEKGTQU
4GURGEVQCUKNCUHCUGUKPVGTOGFKCU
FGWPRTQEGUQRWGFGPEWORNKTGUVCU
EQPFKEKQPGU/GPIQVVKCRQ[CUWCRTG
EKCEKÍPRQUKVKXCGPSWGGNCTVCR
FGNC&KTGEVKXCEKVCEQOQ
GLGORNQFGKPHQTOCEKÍPRTKXKNGIKCFC
EW[CEQOWPKECEKÍPRWGFGCRNC\CTUG
EQPHQTOGCNCTVCRFGNC&KTGEVKXC
KPHQTOCEKQPGUSWGEQPUVKVW[GP
RCUQUVÇRKEQUFGRTQEGUQUITCFWCNGUEQ
OQPGIQEKCEKQPGUGPEWTUQQEQPVTCVQU
CRTQDCFQURQTWPÍTICPQFGWPGOKUQT
RGPFKGPVGUFGQVTQÍTICPQRCTCJCEGT
UGGHGEVKXQUNWGIQGPUGPVKFQEQPVTCTKQ
RWGFGGPVGPFGTUGSWGUKGZKUVGPECUQU
FGHCUGUKPVGTOGFKCUEW[CEQOWPKEC
EKÍPPQGUV»GZENWKFCRQTGNCTVCR
UGTÇCPCNIWPQUSWGPQRWFKGUGPFG
HKPKTUGEQPGUCUEKTEWPUVCPEKCU
'PGUVGQTFGPFGEQUCU[CGNCDQICFQ
IGPGTCNEKVCDCCNCUGIWPFCUGTKGFG
FKTGEVTKEGUFGN%'48%QOKVÃ'WTQRGQ
FG4GIWNCFQTGUFG8CNQTGUFQPFGUG
KPFKECDCSWGUKNCKPHQTOCEKÍPUGTG
HKGTGCWPRTQEGUQSWGUGTGCNK\CGP
XCTKCUHCUGUECFCHCUGFGNRTQEGUQCUÇ
EQOQNCVQVCNKFCFFGNOKUOQRQFÇCP
EQPUKFGTCTUGKPHQTOCEKÍPFGECT»EVGT
RTGEKUQ
'NUGPVKFQFGNCRTQVGEEKÍPGUGXK
VCTSWGWPQUKPXGTUQTGUUGGPEWGPVTGP
GP UKVWCEKÍP FG FGUXGPVCLC TGURGE
VQCQVTQUEQOQUGËCNCGPVTGQVTCU
NC UGPVGPEKC 6SHFWRU 3KRWR *URXS \
9DQ5DHPGRQFN % FG FG
FKEKGODTGFG&GGZENWKTUGNCU
HCUGUKPVGTOGFKCUGUVCXGPVCLCRQFTÇC
RTQFWEKTUG2QTGUVCTC\ÍPGN6TKDWPCN
FG,WUVKEKCKPFKECSWG†'PGHGEVQUKUG
GZENW[GTCSWGWPCKPHQTOCEKÍPTGNCVK
XCCWPCHCUGFGWPRTQEGUQRTQNQP
ICFQGPGNVKGORQRWGFCEQPUKFGTCTUG
FGECT»EVGTEQPETGVQUGTGFWEKTÇCCNC
PCFCNCQDNKICEKÍPFGJCEGTNCRÔDNKEC
CRGUCTFGSWGVWXKGTCWPCPCVWTCNG\C
RNGPCOGPVGGURGEÇHKEC[FGSWGVCO
DKÃPEQPEWTTKGTCPNQUQVTQUGNGOGP
VQUEQPUVKVWVKXQUFGWPCKPHQTOCEKÍP
RTKXKNGIKCFC'PVCNUWRWGUVQCNIWPQU
RQUGGFQTGUFGGUCKPHQTOCEKÍPRQFTÇCP
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