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 
1SJODÓQJPTEF#JPTTFHVSBOÎB 
4&±°0***
 
/ÓWFJTEF#JPTTFHVSBOÎB-BCPSBUPSJBM 
4&±°0*7
 
$SJUÏSJPTQBSBPT/ÓWFJTEF#JPTTFHVSBOÎB
QBSB"OJNBJT7FSUFCSBEPT 
4&±°07
 
"WBMJBÎÍPEPT3JTDPT 
4&±°07*
 
/ÓWFJTEF#JPTTFHVSBOÎB3FDPNFOEBEPTQBSB"HFOUFT
*OGFDDJPTPTF"OJNBJT*OGFDUBEPT 
4&±°07**
 
3FMBÎÍPEPT"HFOUFT 
4FÎÍP7**""HFOUFT#BDUFSJBOPT 
4FÎÍP7**#"HFOUFT'ÞOHJDPT 
4FÎÍP7**$"HFOUFT1BSBTJUÈSJPT 
4FÎÍP7**%1SÓPOT 
4FÎÍP7**&"HFOUFT3JDLFUUTJBJT 
4FÎÍP7**'"HFOUFT7JSBJT/ÍP*ODMVJOEPP"SCPWÓSVT 
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&26*1&5²$/*$"&&%*503*"- 
3&-"±°0%&5"#&-"4
5BCFMB3FTVNPEPTOÓWFJTEFCJPTTFHVSBOÎB
SFDPNFOEBEPTQBSBBHFOUFTJOGFDDJPTPT
5BCFMB3FTVNPEPTOÓWFJTEFCJPTTFHVSBOÎB
SFDPNFOEBEPTQBSBBTBUJWJEBEFTOBTRVBJTBOJNBJT
WFSUFCSBEPTJOGFDUBEPTOBUVSBMNFOUFPV
FYQFSJNFOUBMNFOUFTÍPVUJMJ[BEPT
5BCFMB"TEPFOÎBTDBVTBEBTQPSQSÓPOT
5BCFMB"HFOUFTDBVTBEPSFTEFJOGFDÎÜFT
BERVJSJEBTFNMBCPSBUØSJP
5BCFMB$FQBTWBDJOBJTEFWÓSVTEP/#
RVFQPEFNTFSNBOJQVMBEBTFNVNOÓWFMEFCJPTTFHVSBOÎB
5BCFMB*OGFDÎÜFTBTTPDJBEBTBPMBCPSBUØSJPPV
BPMBCPSBUØSJPBOJNBM
5BCFMB*OGFDÎÜFTBTTPDJBEBTBPMBCPSBUØSJPPV
BPMBCPSBUØSJPBOJNBM
5BCFMB$PNQBSBÎÍPFOUSFBTDBCJOFT
EFTFHVSBOÎBCJPMØHJDB
5BCFMB1BUØHFOPTBOJNBJT
3&-"±°0%&'*(63"4
'JHVSB$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF*
'JHVSBB$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF**UJQP"
2%,!ª/
$%4!"%,!3
&)'52!3
%,)34!3
'JHVSBC$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF**UJQP#
'JHVSBD$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF**UJQP#
'JHVSBE$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF**UJQP#
'JHVSB$BCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF***
'JHVSB&NCBMBHFNFSPUVMBHFNEFTVCTUÉODJBTJOGFDDJPTBT
'JHVSB&NCBMBHFNFSPUVMBHFNEFBNPTUSBTDMÓOJDBT
3&-"±°0%&-*45"4
-JTUB1SFDBVÎÜFTQBESÍPQBSBBVUØQTJBTEF
QBDJFOUFTDPNTVTQFJUBEFEPFOÎBQPSQSÓPOT
-JTUB1SPDFEJNFOUPTEFEFTDPOUBNJOBÎÍP
EBTBMBEFBVUØQTJB
-JTUB1SPDFEJNFOUPTEFDPSUFEPDÏSFCSP
-JTUB1SFQBSBÎÍPEPUFDJEP
-JTUB"SCPWÓSVTFBSFOBWÓSVTEFTJHOBEPT
QBSBPOÓWFMEFCJPTTFHVSBOÎB
-JTUB"SCPWÓSVTFBMHVOTPVUSPTWÓSVT
EFTJHOBEPTQBSBPOÓWFMEFCJPTTFHVSBOÎB
DPNCBTFFNFYQFSJÐODJBJOTVmDJFOUF
-JTUB"SCPWÓSVTFBMHVOTPVUSPTWÓSVT
EFTJHOBEPTQBSBPOÓWFMEFCJPTTFHVSBOÎB
-JTUB"SCPWÓSVTBSFOBWÓSVTFmMPWÓSVT
EFTJHOBEPTQBSBPOÓWFMEFCJPTTFHVSBOÎB
!02%3%.4!ª/
0JNQSFWJTÓWFMFEJWFSTJmDBEPDPNQPSUBNFOUPEBTEPFOÎBTJO
GFDDJPTBTFNFSHFOUFTFSFFNFSHFOUFTUFNBDBSSFUBEPBEJTDVTTÍP
EBTDPOEJÎÜFTEFCJPTTFHVSBOÎBOBTJOTUJUVJÎÜFTEFFOTJOPQFT
RVJTBEFTFOWPMWJNFOUPUFDOPMØHJDPFEFQSFTUBÎÍPEFTFSWJÎPT"
EFTQFJUPEPBWBOÎPUFDOPMØHJDPPQSPmTTJPOBMEFTBÞEFFTUÈGSF
RàFOUFNFOUFFYQPTUPBSJTDPTCJPMØHJDPTFEFQSPEVUPTRVÓNJDPT
DVKPFOGSFOUBNFOUPFTUÈDPOTVCTUBODJBEPOBBEFRVBÎÍPEBTJOT
UBMBÎÜFTEPBNCJFOUFEFUSBCBMIPFOBDBQBDJUBÎÍPUÏDOJDBEFTTFT
QSPmTTJPOBJT0NBOFKPFBBWBMJBÎÍPEFSJTDPTTÍPGVOEBNFOUBJT
QBSBBEFmOJÎÍPEFDSJUÏSJPTFBÎÜFTFWJTBNBNJOJNJ[BSPTSJT
DPTRVFQPEFNDPNQSPNFUFSBTBÞEFEPIPNFNEPTBOJNBJTEP
NFJPBNCJFOUFPVBRVBMJEBEFEPTUSBCBMIPTEFTFOWPMWJEPT
"CJPTTFHVSBOÎBDPOTUJUVJVNBÈSFBEFDPOIFDJNFOUPSFMBUJWB
NFOUFOPWBSFHVMBEBFNWÈSJPTQBÓTFTQPSVNDPOKVOUPEFMFJT
QSPDFEJNFOUPTPVEJSFUSJ[FTFTQFDÓmDBT/P#SBTJMBMFHJTMBÎÍPEF
CJPTTFHVSBOÎBGPJDSJBEBFNFBQFTBSEBHSBOEFJODJEÐODJB
EFEPFOÎBTPDVQBDJPOBJTFNQSPmTTJPOBJTEFTBÞEFFOHMPCBBQF
OBTBUFDOPMPHJBEFFOHFOIBSJBHFOÏUJDBFTUBCFMFDFOEPPTSFRVJTJ
UPTQBSBPNBOFKPEFPSHBOJTNPTHFOFUJDBNFOUFNPEJmDBEPT
"TFHVSBOÎBEPTMBCPSBUØSJPTFEPTNÏUPEPTEFUSBCBMIPUSBOT
DFOEFBPTBTQFDUPTÏUJDPTJNQMÓDJUPTOBTQFTRVJTBTDPNNBOJQV
MBÎÍPHFOÏUJDB.FEJEBTEFCJPTTFHVSBOÎBFTQFDÓmDBTEFWFNTFS
BEPUBEBTQPSMBCPSBUØSJPTFBMJBEBTBVNBNQMPQMBOPEFFEVDBÎÍP
CBTFBEPOBTOPSNBTOBDJPOBJTFJOUFSOBDJPOBJTRVBOUPBPUSBOT
QPSUFËDPOTFSWBÎÍPFËNBOJQVMBÎÍPEFNJDSPPSHBOJTNPTQBUP
HÐOJDPT
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DBTPTBPBOPQPSGVODJPOÈSJPTTFUFWF[FTNBJPSRVFBQP
QVMBÎÍPFNHFSBM%FNBOFJSBTFNFMIBOUFVNBQFTRVJTBEF
SFBMJ[BEBQPS)BSSJOHUPOF4IBOOPO
JOEJDPVRVFPTUSBCBMIBEP
SFTEFMBCPSBUØSJPTNÏEJDPTOB*OHMBUFSSBBQSFTFOUBWBNVNSJTDP
DJODPWF[FTNBJPSEFBERVJSJSVNBUVCFSDVMPTFEPRVFBQPQVMBÎÍP
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FTTBTFSBNBTUSÐTDBVTBTNBJTDPNVOTEFJOGFDÎÜFTBTTPDJBEBTB
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ÎBËTPDJFEBEF1PSFYFNQMPFNCPSBDBTPTEFJOGFDÎÜFTBT
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DBTPTEFJOGFDÎÜFTBTTPDJBEBTBMBCPSBUØSJPOPQFSÓPEPEF
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DPOUSBÓEPQFMBFTQPTBEFVNQBDJFOUFEFDBTPQSJNÈSJPDPODMVJV
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USBUBEPSEFBOJNBJTJOGFDUBEPTFEFTUFQBSBTVBFTQPTBBQBSFOUF
NFOUFQSPWPDBEPQFMPDPOUBUPEPWÓSVTDPNBQFMFMFTJPOBEBEP
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JOGFDÎÜFTMBCPSBUPSJBJTKÈFTUBWBNEJTQPOÓWFJT/PT&TUBEPT6OJ
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DBTEPFRVJQBNFOUPFEFPVUSBTDPOTJEFSBÎÜFTPVSFDPNFOEBÎÜFT
QBSBNBJPSFTGFSBEFBÎÍPEBTBUJWJEBEFTMBCPSBUPSJBJTDPOEV[JEBT
DPNVNBWBSJFEBEFEFBHFOUFTJOGFDDJPTPTFYØUJDPTFOBUJWPT0
GPMIFUP$MBTTJmDBÎÍPEPT"HFOUFT&UJPMØHJDPT#BTFBOEPTFOP(SBVEF
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CPSBUPSJBJTRVFVUJMJ[BNBHFOUFTJOGFDDJPTPT/FTTFGPMIFUPPDPO
DFJUPTPCSFBDMBTTJmDBÎÍPEPTBHFOUFTJOGFDDJPTPTFEBTBUJWJEBEFT
MBCPSBUPSJBJTFNRVBUSPOÓWFJTPVDMBTTFTTFSWJVDPNPVNGPSNBUP
CÈTJDPQBSBBTFEJÎÜFTBOUFSJPSFTEP#JPTTFHVSBOÎBFN-BCPSBUØSJPT
#JPNÏEJDPTFEF.JDSPCJPMPHJB#-#.&TUBRVBSUBFEJÎÍPEP#-#.
DPOUJOVBBEFTDSFWFSFTQFDJmDBNFOUFBTDPNCJOBÎÜFTEFQSÈUJDBT
NJDSPCJPMØHJDBTJOTUBMBÎÜFTMBCPSBUPSJBJTFRVJQBNFOUPEFTFHV
SBOÎBFSFDPNFOEBÎÜFTTPCSFTVBTVUJMJ[BÎÜFTOBTRVBUSPDBUFHP
SJBTPVOPTRVBUSPOÓWFJTEFCJPTTFHVSBOÎBEFPQFSBÎÍPMBCPSBUP
SJBMDPNBHFOUFTJOGFDDJPTPTRVFBGFUBNIPNFOT
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ËRVFMBTDPOUJEBTOBT%JSFUSJ[FTEP/*)QBSB1FTRVJTB&OWPMWFOEP
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PSJHJOBMNFOUFVTBEPTQBSBBEFTJHOBÎÍPEPTBHFOUFTJOGFDDJPTPT
QBSBBTDMBTTFTEFOB$MBTTJmDBÎÍPEPT"HFOUFT&UJPMØHJDPT#B
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CÏNTÍPEFUFSNJOBEPTQBSBBTBUJWJEBEFTEFEPFOÎBTJOGFDDJPTBT
VUJMJ[BOEPQFRVFOPTBOJNBJTEFMBCPSBUØSJP"TSFDPNFOEBÎÜFT
QBSBPTOÓWFJTEFCJPTTFHVSBOÎBQBSBBHFOUFTFTQFDÓmDPTTÍPGFJUBT
DPNCBTFOPSJTDPQPUFODJBMEPBHFOUFEBGVOÎÍPPVEBBUJWJEBEF
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EBNFOUPTFNBUJWJEBEFTBTTPDJBEBTDPNNBOJQVMBÎÜFTFOWPMWFO
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JNVOPEFmDJÐODJBBERVJSJEB"*%4PTQSJODÓQJPTRVFSFHVMBNB
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EFSBEPTBEFRVBEPTQBSBVNUSBCBMIPMBCPSBUPSJBMTFHVSP/PSNBT
UBNCÏNGPSBNQVCMJDBEBTQBSBPTUSBCBMIBEPSFTEBÈSFBEFTBÞ
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BHFOUFTFUJPMØHJDPTFNNPOUBHFNEFMBCPSBUØSJPTFEFQFOEÐO
DJBTQBSBBOJNBJT&NCPSBOÍPFYJTUBOFOIVNUJQPEFSFMBUØSJP
OBDJPOBMRVFEFTDSFWBBTJOGFDÎÜFTBTTPDJBEBTBMBCPSBUØSJPDBTPT
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NFJPMBCPSBUPSJBMPOEFFTUÍPTFOEPNBOFKBEPTPVNBOUJEPT0
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ÎÍPTFDVOEÈSJBBQSPUFÎÍPEPNFJPBNCJFOUFFYUFSOPBPMBCPSBUØ
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SBDJPOBJT%FTTBGPSNBPTUSÐTFMFNFOUPTEFDPOUFOÎÍPJODMVFN
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PQSPKFUPEBJOTUBMBÎÍP"BWBMJBÎÍPEPSJTDPEPUSBCBMIPBTFSSFB
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GFDDJPTPTPVDPNNBUFSJBJTQPUFODJBMNFOUFDPOUBNJOBEPTEFWFN
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BFSPTTØJTJOGFDDJPTPTQSPWPDBEPTQPSJOÞNFSPTQSPDFEJNFOUPTNJ
DSPCJPMØHJDPT5SÐTUJQPTEFDBCJOFTEFTFHVSBOÎBCJPMØHJDBDMBTTFT
***F***VTBEPTFNMBCPSBUØSJPTEFNJDSPCJPMPHJBFTUÍPEFTDSJUPT
FJMVTUSBEPTOPBQÐOEJDF""TDBCJOFTEFTFHVSBOÎBCJPMØHJDBDMBT
TFT*F**RVFQPTTVFNBGSFOUFBCFSUBTÍPCBSSFJSBTQSJNÈSJBTRVF
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SÍPNBOJQVMBEPTEFOUSPEBTDBCJOFT"DBCJOFEFTFHVSBOÎBCJP
MØHJDBDMBTTF***IFSNÏUJDBFJNQFSNFÈWFMBPTHBTFTQSPQPSDJPOBP
NBJTBMUPOÓWFMEFQSPUFÎÍPBPTGVODJPOÈSJPTFBPNFJPBNCJFOUF
6NPVUSPFYFNQMPEFCBSSFJSBQSJNÈSJBÏPDPQPEFTFHVSBO
ÎBEBDFOUSÓGVHBVNSFDJQJFOUFDPOFDUBEPËDFOUSÓGVHBQSPKFUBEP
QBSBFWJUBSRVFBFSPTTØJTTFKBNMJCFSBEPTEVSBOUFVNBDFOUSJGVHB
ÎÍP1BSBNJOJNJ[BSNPTFTTFQFSJHPDPOUSPMFTEFDPOUFOÎÍPDPNP
BTDBCJOFTEFTFHVSBOÎBCJPMØHJDBPVPTDPQPTEBDFOUSÓGVHBEFWF
SÍPTFSVUJMJ[BEPTOBNBOJQVMBÎÍPEFBHFOUFTJOGFDDJPTPTRVFQPT
TBNTFSUSBOTNJUJEPTDPNBFYQPTJÎÍPBPTBFSPTTØJT
0FRVJQBNFOUPEFTFHVSBOÎBUBNCÏNQPEFJODMVJSJUFOTQBSBB
QSPUFÎÍPQFTTPBMDPNPMVWBTBWFOUBJTHPSSPTQSPUFÎÍPQBSBTB
QBUPTCPUBTSFTQJSBEPSFTFTDVEPPVQSPUFUPSGBDJBMNÈTDBSBTGB
DJBJTPVØDVMPTEFQSPUFÎÍP0FRVJQBNFOUPEFQSPUFÎÍPQFTTPBM
GSFRàFOUFNFOUFÏVTBEPFNDPNCJOBÎÍPDPNBTDBCJOFTEFTFHV
SBOÎBCJPMØHJDBFPVUSPTEJTQPTJUJWPTRVFGBÎBNBDPOUFOÎÍPEPT
BHFOUFTEPTBOJNBJTPVEPTNBUFSJBJTRVFFTUÍPTFOEPNBOJQVMB
EPT&NBMHVOTDBTPTOPTRVBJTUPSOBTFJNQPTTÓWFMUSBCBMIBSFN
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BFSPTTØJTJOGFDDJPTPTFTUJWFSQSFTFOUFOÓWFJTNBJTFMFWBEPTEF
DPOUFOÎÍPQSJNÈSJBFCBSSFJSBTEFQSPUFÎÍPTFDVOEÈSJBTQPEFSÍP
TFSOFDFTTÈSJPTQBSBFWJUBSRVFBHFOUFTJOGFDDJPTPTFTDBQFNQBSB
PNFJPBNCJFOUF&TTBTDBSBDUFSÓTUJDBTEPQSPKFUPJODMVFNTJTUF
NBTEFWFOUJMBÎÍPFTQFDJBMJ[BEPTFNBTTFHVSBSPnVYPEFBSVOJ
EJSFDJPOBEPTJTUFNBTEFUSBUBNFOUPEFBSQBSBEFTDPOUBNJOBÎÍP
PVSFNPÎÍPEPBSMJCFSBEP[POBTEFBDFTTPDPOUSPMBEPDÉNBSBT
QSFTTVSJ[BEBTFOUSBEBTEFMBCPSBUØSJPTFQBSBEBTPVNØEVMPTQBSB
JTPMBNFOUPEPMBCPSBUØSJP0TFOHFOIFJSPTSFTQPOTÈWFJTQFMPQSP
KFUPEFWFNMFWBSFNDPOTJEFSBÎÍPBTSFDPNFOEBÎÜFTFTQFDÓmDBT
QBSBWFOUJMBÎÍPDPNPBTFODPOUSBEBTOP.BOVBMEF"QMJDBÎÜFTQBSB
$BMFGBÎÍP7FOUJMBÎÍPF3FGSJHFSBÎÍP"QQMJDBUJPOT)BOECPPLGPS)F
BUJOH7FOUJMBUJPOBOE"JS$POEJUJPOJOHo)7"$QVCMJDBEPQFMB4P
DJFEBEF"NFSJDBOBEF&OHFOIFJSPTEF$BMFGBÎÍP3FGSJHFSBÎÍPF
$POEJDJPOBNFOUPEF"S"NFSJDBO4PDJFUZPG)FBUJOH3FGSJHFSB
UJOHBOE"JS$POEJUJPOJOH&OHJOFFSTo"4)3"&
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ÎB/#FTUÍPEFTDSJUPTOBTFÎÍP***FDPOTJTUFNFNDPNCJOBÎÜFT
EFQSÈUJDBTFUÏDOJDBTEFMBCPSBUØSJPFRVJQBNFOUPTEFTFHVSBOÎB
FJOTUBMBÎÜFTEPMBCPSBUØSJP$BEBDPNCJOBÎÍPÏFTQFDJmDBNFOUF
BEFRVBEBQBSBPQFSBÎÜFTSFBMJ[BEBTWJBTEFUSBOTNJTTÜFTEPDV
NFOUBEBTPVTVTQFJUBTEFBHFOUFTJOGFDDJPTPTFGVODJPOBNFOUPPV
BUJWJEBEFEPMBCPSBUØSJP
0TOÓWFJTEFCJPTTFHVSBOÎBSFDPNFOEBEPTQBSBPTPSHBOJTNPT
EBTFÎÍP7**3FTVNPEPT"HFOUFTSFQSFTFOUBNBTDPOEJÎÜFTOBT
RVBJTPBHFOUFQPEFTFSNBOVTFBEPDPNTFHVSBOÎB0EJSFUPSEP
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ÎÍPBEFRVBEBEPTOÓWFJTEFCJPTTFHVSBOÎBSFDPNFOEBEPT(FSBM
NFOUFPUSBCBMIPDPNBHFOUFTEFTDPOIFDJEPTEFWFTFSDPOEV[JEP
FNVNOÓWFMEFCJPTTFHVSBOÎBSFDPNFOEBEPQFMBTFÎÍP7**1SÈUJ
DBTNBJTPVNFOPTSÓHJEBTQPEFSÍPTFSBEPUBEBTRVBOEPUFNPT
VNBJOGPSNBÎÍPFTQFDÓmDBEJTQPOÓWFMRVFQPTTBTVHFSJSBWJSVMÐO
DJBBQBUPHFOJDJEBEFPTQBESÜFTEFSFTJTUÐODJBBPTBOUJCJØUJDPT
FËTWBDJOBTFBEJTQPOJCJMJEBEFEFUSBUBNFOUPPVPVUSPTGBUPSFT
TJHOJmDBUJWBNFOUFBMUFSBEPT
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EFTFHVSBOÎBFPQSPKFUPEBTJOTUBMBÎÜFTTÍPBQSPQSJBEPTQBSBP
USFJOBNFOUPFEVDBDJPOBMTFDVOEÈSJPPVQBSBPUSFJOBNFOUPEF
UÏDOJDPTFEFQSPGFTTPSFTEFUÏDOJDBTMBCPSBUPSJBJT&TTFDPOKVOUP
UBNCÏNÏVUJMJ[BEPFNPVUSPTMBCPSBUØSJPTPOEFÏSFBMJ[BEPPUSB
CBMIPDPNDFQBTEFmOJEBTFDBSBDUFSJ[BEBTEFNJDSPPSHBOJTNPT
WJÈWFJTDPOIFDJEPTQPSOÍPDBVTBSFNEPFOÎBTFNIPNFOTBEVM
UPTFTBEJPT0#BDJMMVTTVCUJMJTP/BFHMFSJBHSVCFSJPWÓSVTEBIF
QBUJUFDBOJOBJOGFDDJPTBFPTPSHBOJTNPTMJWSFTTPCBT%JSFUSJ[FT
EP/*)EF%/"3FDPNCJOBOUFTTÍPFYFNQMPTEFNJDSPPSHBOJT
NPTRVFQSFFODIFNUPEPTPTSFRVJTJUPTEFTDSJUPT.VJUPTBHFOUFT
RVFHFSBMNFOUFOÍPFTUÍPBTTPDJBEPTBQSPDFTTPTQBUPMØHJDPTFN
IPNFOTTÍPFOUSFUBOUPQBUØHFOPTPQPSUVOPTRVFQPEFNDBVTBS
VNBJOGFDÎÍPFNKPWFOTJEPTPTFJOEJWÓEVPTJNVOPTVQSFTTJWPTPV
JNVOPEFQSJNJEPT"TDFQBTEFWBDJOBRVFUFOIBNNÞMUJQMBTQBT
TBHFOTJOWJWPOÍPEFWFSÍPTFSDPOTJEFSBEBTOÍPWJSVMFOUBTTJN
QMFTNFOUFQPSTFSFNDFQBTEFWBDJOBT
0OÓWFMEFCJPTTFHVSBOÎBSFQSFTFOUBVNOÓWFMCÈTJDPEFDPO
UFOÎÍPRVFTFCBTFJBOBTQSÈUJDBTQBESÍPEFNJDSPCJPMPHJBTFN
VNBJOEJDBÎÍPEFCBSSFJSBTQSJNÈSJBTPVTFDVOEÈSJBTDPNFYDF
ÎÍPEFVNBQJBQBSBBIJHJFOJ[BÎÍPEBTNÍPT
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QMBOUBFBDPOTUSVÎÍPEBTJOTUBMBÎÜFTTÍPBQMJDÈWFJTBPTMBCPSBUØ
SJPTDMÓOJDPTEFEJBHOØTUJDPMBCPSBUØSJPTFTDPMBFPVUSPTMBCPSBUØ
SJPTPOEFPUSBCBMIPÏSFBMJ[BEPDPNVNNBJPSFTQFDUSPEFBHFO
UFTOBUJWPTEFSJTDPNPEFSBEPQSFTFOUFTOBDPNVOJEBEFFRVF
FTUFKBNBTTPDJBEPTBVNBQBUPMPHJBIVNBOBEFHSBWJEBEFWBSJÈ
WFM$PNCPBTUÏDOJDBTEFNJDSPCJPMPHJBFTTFTBHFOUFTQPEFNTFS
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VTBEPTEFNBOFJSBTFHVSBFNBUJWJEBEFTDPOEV[JEBTTPCSFVNB
CBODBEBBCFSUBVNBWF[RVFPQPUFODJBMQBSBBQSPEVÎÍPEFCPS
SJGPTFBFSPTTØJTÏCBJYP0WÓSVTEBIFQBUJUF#P)*7BTBMNPOFMB
FP5PYPQMBTNBTQQTÍPFYFNQMPTEFNJDSPPSHBOJTNPTEFTJHOBEPT
QBSBFTTFOÓWFMEFDPOUFOÎÍP0OÓWFMEFCJPTTFHVSBOÎBÏBEF
RVBEPQBSBRVBMRVFSUSBCBMIPRVFFOWPMWBTBOHVFIVNBOPMÓRVJ
EPTDPSQPSBJTUFDJEPTPVMJOIBTEFDÏMVMBTIVNBOBTQSJNÈSJBTFN
RVFBQSFTFOÎBEFVNBHFOUFJOGFDDJPTPQPEFTFSEFTDPOIFDJEB
0TMBCPSBUPSJTUBTRVFUSBCBMIBNDPNNBUFSJBJTIVNBOPTEFWFN
DPOTVMUBSPMJWSP1BESÍPEF1BUØHFOPT5SBOTNJUJEPTQFMP4BOHVFEB
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QBSBBTQSFDBVÎÜFT
FTQFDÓmDBTOFDFTTÈSJBT
0TQFSJHPTQSJNÈSJPTFNSFMBÎÍPBPTGVODJPOÈSJPTRVFUSBCB
MIBNDPNFTTFTBHFOUFTFTUÍPSFMBDJPOBEPTDPNBDJEFOUFTQFSDV
UÉOFPTEBTFYQPTJÎÜFTEBNFNCSBOBNVDPTBPVDPNBJOHFTUÍP
EFNBUFSJBJTJOGFDDJPTPT%FWFTFUPNBSVNFYUSFNPDVJEBEPDPN
BHVMIBTDPOUBNJOBEBTPVDPNJOTUSVNFOUPTDPSUBOUFT&NCPSBPT
PSHBOJTNPTSPUJOFJSBNFOUFNBOJQVMBEPTFNVNOÓWFMEFCJPTTF
HVSBOÎBOÍPTFKBNUSBOTNJUJEPTQPSBFSPTTØJTPTQSPDFEJNFO
UPTFOWPMWFOEPVNBMUPQPUFODJBMQBSBBQSPEVÎÍPEFTBMQJDPTPV
BFSPTTØJTRVFQPTTBNBVNFOUBSPSJTDPEFFYQPTJÎÍPEFTTFTGVO
DJPOÈSJPTEFWFNTFSDPOEV[JEPTDPNVNFRVJQBNFOUPEFDPOUFO
ÎÍPQSJNÈSJBPVDPNEJTQPTJUJWPTDPNPB$4#PVPTDPQPTEFTFHV
SBOÎBEBDFOUSÓGVHB0VUSBTCBSSFJSBTQSJNÈSJBTDPNPPTFTDVEPT
QBSBCPSSJGPTBTQSPUFÎÜFTGBDJBJTPTBWFOUBJTFBTMVWBTEFWFN
TFSVUJMJ[BEBTEFNBOFJSBBEFRVBEB
"TCBSSFJSBTTFDVOEÈSJBTDPNPQJBTQBSBIJHJFOJ[BÎÍPEBTNÍPT
FJOTUBMBÎÜFTQBSBEFTDPOUBNJOBÎÍPEFMJYPEFWFNFYJTUJSDPNP
PCKFUJWPEFSFEV[JSBDPOUBNJOBÎÍPQPUFODJBMEPNFJPBNCJFOUF
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TFHVSBOÎBPQMBOFKBNFOUPFBDPOTUSVÎÍPEBTEFQFOEÐODJBTTÍP
BQMJDÈWFJTQBSBMBCPSBUØSJPTDMÓOJDPTEFEJBHOØTUJDPTMBCPSBUØSJPT
FTDPMBEFQFTRVJTBPVEFQSPEVÎÜFT/FTTFTMPDBJTSFBMJ[BTFPUSB
CBMIPDPNBHFOUFTOBUJWPTPVFYØUJDPTRVFQPTTVBNVNQPUFODJBM
EFUSBOTNJTTÍPWJBSFTQJSBUØSJBFRVFQPEFNDBVTBSJOGFDÎÜFTTÏ
SJBTFQPUFODJBMNFOUFGBUBJT0.ZDPCBDUFSJVNUVCFSDVMPTJTPWÓSVT
EBFODFGBMJUFEF4U-PVJTFB$PYJFMMBCVSOFUJJTÍPFYFNQMPTEFNJ
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DSPPSHBOJTNPTEFUFSNJOBEPTQBSBFTTFOÓWFM0TSJTDPTQSJNÈSJPT
DBVTBEPTBPTUSBCBMIBEPSFTRVFMJEBNDPNFTTFTBHFOUFTJODMVFNB
BVUPJOPDVMBÎÍPBJOHFTUÍPFBFYQPTJÎÍPBPTBFSPTTØJTJOGFDDJPTPT
/POÓWFMEFCJPTTFHVSBOÎBFOGBUJ[BNPTNBJTBTCBSSFJSBTQSJ
NÈSJBTFTFDVOEÈSJBTQBSBQSPUFHFSNPTPTGVODJPOÈSJPTEFÈSFBT
DPOUÓHVBTBDPNVOJEBEFFPNFJPBNCJFOUFDPOUSBBFYQPTJÎÍP
BPTBFSPTTØJTQPUFODJBMNFOUFJOGFDDJPTPT1PSFYFNQMPUPEBTBT
NBOJQVMBÎÜFTMBCPSBUPSJBJTEFWFSÍPTFSSFBMJ[BEBTFNVNBDBCJ
OFEFTFHVSBOÎBCJPMØHJDB$4#PVFNVNPVUSPFRVJQBNFOUPEF
DPOUFOÎÍPDPNPVNBDÉNBSBIFSNÏUJDBEFHFSBÎÍPEFBFSPTTØJT
"TCBSSFJSBTTFDVOEÈSJBTQBSBFTTFOÓWFMJODMVFNPBDFTTPDPOUSP
MBEPBPMBCPSBUØSJPFTJTUFNBTEFWFOUJMBÎÍPRVFNJOJNJ[FNBMJ
CFSBÎÍPEFBFSPTTØJTJOGFDDJPTPTEPMBCPSBUØSJP
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TFHVSBOÎBPQMBOFKBNFOUPFBDPOTUSVÎÍPEBTEFQFOEÐODJBTTÍP
BQMJDÈWFJTQBSBUSBCBMIPTRVFFOWPMWBNBHFOUFTFYØUJDPTQFSJHPTPT
RVFSFQSFTFOUBNVNBMUPSJTDPQPSQSPWPDBSFNEPFOÎBTGBUBJTFN
JOEJWÓEVPT&TTFTBHFOUFTQPEFNTFSUSBOTNJUJEPTWJBBFSPTTØJTF
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QSPDFEJNFOUPTDPNBNQMBJOGPSNBÎÍPBUPEPTRVFUSBCB
MIBSFNOPMBCPSBUØSJPTPCSFPQPUFODJBMEFSJTDPBTTPDJB
EPBPUSBCBMIPCFNDPNPTPCSFPTSFRVJTJUPTFTQFDÓmDPT
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MBEPTPVQPUFODJBMNFOUFQSFTFOUFTOPMBCPSBUØSJPQPS
FYFNQMPWBDJOBDPOUSBBIFQBUJUF#PVUFTUFDVUÉOFP
QBSBBUVCFSDVMPTF
2VBOEP BQSPQSJBEP EFQFOEFOEP EPT BHFOUFT
NBOJQVMBEPTQBSBSFGFSÐODJBGVUVSBEFWFNTFSNBO
UJEBTBNPTUSBTTPSPMØHJDBTEBFRVJQFEPMBCPSBUØSJPFEF
PVUSBTQFTTPBTQPTTJWFMNFOUFFYQPTUBTBPTSJTDPT"NPT
USBTTPSPMØHJDBTBEJDJPOBJTEFWFNTFSDPMIJEBTQFSJPEJ
DBNFOUFEFQFOEFOEPEPTBHFOUFTNBOJQVMBEPTPVEB
GVOÎÍPEBTJOTUBMBÎÜFTMBCPSBUPSJBJT
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QPSBEPTBPTQSPDFEJNFOUPTQBESÍPPQFSBDJPOBJTPVB
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BEPUBEPPVQSFQBSBEPQFMPEJSFUPSEPMBCPSBUØSJP5PEP
QFTTPBMEFWFTFSPSJFOUBEPTPCSFPTSJTDPTFEFWFNMFSF
TFHVJSBTJOTUSVÎÜFTTPCSFBTQSÈUJDBTFPTQSPDFEJNFOUPT
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UØSJPFBFRVJQFEFBQPJPSFDFCBNVNUSFJOBNFOUPBQSP
QSJBEPTPCSFPTSJTDPTQPUFODJBJTBTTPDJBEPTBPUSBCBMIP
EFTFOWPMWJEPBTQSFDBVÎÜFTOFDFTTÈSJBTQBSBQSFWFOÎÍP
EFFYQPTJÎÍPFPTQSPDFEJNFOUPTQBSBBWBMJBÎÍPEBTFY
QPTJÎÜFT"FRVJQFEFGVODJPOÈSJPTEFWFSÈSFDFCFSDVSTPT
BOVBJTEFBUVBMJ[BÎÍPPVUSFJOBNFOUPBEJDJPOBMRVBOEP
OFDFTTÈSJPTFUBNCÏNOPDBTPEFNVEBOÎBTEFOPSNBT
PVQSPDFEJNFOUPT
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ÎÍPBRVBMRVFSPCKFUPDPSUBOUFJODMVJOEPTFSJOHBTFBHV
MIBTMÉNJOBTQJQFUBTUVCPTDBQJMBSFTFCJTUVSJT
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FTFSVTBEPTTPNFOUFRVBOEPOÍPIPVWFSPVUSBBMUFS
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UJUVÓEPTQPSSFDJQJFOUFTEFWJESPTFNQSFRVFQPTTÓWFM
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WFMVTBEBQBSBJOKFÎÍPPVBTQJSBÎÍPEFNBUFSJBJTJO
GFDDJPTPT"TBHVMIBTEFTDBSUÈWFJTVTBEBTOÍPEFWF
SÍPTFSEPCSBEBTRVFCSBEBTSFVUJMJ[BEBTSFNPWJEBT
EBTTFSJOHBTPVNBOJQVMBEBTBOUFTEFEFTQSF[BEBT
"PDPOUSÈSJPFMBTEFWFSÍPTFSDVJEBEPTBNFOUFDP
MPDBEBTFNSFDJQJFOUFSFTJTUFOUFBQFSGVSBÎÜFTMP
DBMJ[BEPDPOWFOJFOUFNFOUFFVUJMJ[BEPQBSBSFDPMIJ
NFOUPEFPCKFUPTDPSUBOUFTEFTQSF[BEPT0CKFUPT
DPSUBOUFTOÍPEFTDBSUÈWFJTEFWFNTFSDPMPDBEPTFN
VNSFDJQJFOUFDVKBQBSFEFTFKBCFNSFTJTUFOUFQBSBP
USBOTQPSUFBUÏBÈSFBQBSBEFTDPOUBNJOBÎÍPEFQSF
GFSÐODJBQPSNFJPEFVNBBVUPDMBWF
D "TTFSJOHBTRVFQPTTVBNVNFOWPMUØSJPQBSBBBHV
MIBPVTJTUFNBTTFNBHVMIBFPVUSPTEJTQPTJUJWPTEF
TFHVSBOÎBEFWFSÍPTFSVUJMJ[BEBTRVBOEPOFDFTTÈSJP
E 7JESPTRVFCSBEPTOÍPEFWFNTFSNBOJQVMBEPTEJSF
UBNFOUFDPNBNÍPEFWFNTFSSFNPWJEPTQPSPV
USPTNFJPTUBJTDPNPWBTTPVSBFQÈEFMJYPQJOÎBT
PVGØSDFQT0TSFDJQJFOUFTRVFDPOUÐNBHVMIBTFRVJ
QBNFOUPTDPSUBOUFTFWJESPTRVFCSBEPTDPOUBNJOB
EPTEFWFSÍPQBTTBSQPSVNQSPDFTTPEFEFTDPOUBNJ
OBÎÍPBOUFTEFTFSFNEFTQSF[BEPTEFBDPSEPDPNPT
SFHVMBNFOUPTMPDBJTFTUBEVBJTPVGFEFSBJT
 $VMUVSBTUFDJEPTFBNPTUSBTEFnVJEPTDPSQØSFPTPVEF
KFUPTQPUFODJBMNFOUFJOGFDDJPTPTEFWFNTFSDPMPDBEPT
FNVNSFDJQJFOUFDPNVNBUBNQBRVFFWJUFPWB[BNFOUP
EVSBOUFBDPMFUBPNBOVTFJPPQSPDFTTBNFOUPPBSNB
[FOBNFOUPPUSBOTQPSUFPVPFNCBSRVF
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EFWFSÍPTFSEFTDPOUBNJOBEPTSPUJOFJSBNFOUFDPNVN
EFTJOGFUBOUFFmDB[BQØTBDPODMVTÍPEPUSBCBMIPDPN
NBUFSJBJTJOGFDDJPTPTFFTQFDJBMNFOUFBQØTCPSSJGPTF
EFSSBNBNFOUPTPVEFQPJTRVFPVUSBTDPOUBNJOBÎÜFTQPS
NBUFSJBJTJOGFDDJPTPTUFOIBNPDPSSJEP0FRVJQBNFOUP
DPOUBNJOBEPEFWFSÈTFSEFTDPOUBNJOBEPEFBDPSEPDPN
BTOPSNBTMPDBJTFTUBEVBJTPVGFEFSBJTBOUFTEFTFSFO
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QBSBUSBOTQPSUFEFBDPSEPDPNBTOPSNBTMPDBJTFTUBEV
BJTPVGFEFSBJTBQMJDÈWFJTBOUFTEFTFSSFNPWJEPEPMPDBM
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NBUFSJBJTJOGFDDJPTPTBPTPSHBOJTNPTEFWFSÍPTFSJNF
EJBUBNFOUFOPUJmDBEPTBPEJSFUPSEPMBCPSBUØSJP"BWB
MJBÎÍPNÏEJDBBWJHJMÉODJBFPUSBUBNFOUPEFWFSÍPTFS
QSPWJEFODJBEPT3FHJTUSPTEPBDJEFOUFFEBTQSPWJEÐODJBT
BEPUBEBTEFWFSÍPTFSNBOUJEPTQPSFTDSJUP
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PVUSPFRVJQBNFOUPEFQSPUFÎÍPJOEJWJEVBMBEFRVBEPPV
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B 4FKBNSFBMJ[BEPTQSPDFEJNFOUPTDPNFMFWBEPQPUFO
DJBMEFDSJBÎÍPEFBFSPTTØJTPVCPSSJGPTJOGFDDJPTPT
DPNPDFOUSJGVHBÎÍPUSJUVSBÎÍPIPNPHFOFJ[BÎÍP
BHJUBÎÍPWJHPSPTBNJTUVSBTSVQUVSBQPSTPOJmDBÎÍP
BCFSUVSBEFSFDJQJFOUFTDPOUFOEPNBUFSJBJTJOGFDDJP
TPTFNRVFBQSFTTÍPJOUFSOBQPTTBTFSEJGFSFOUFEB
QSFTTÍPBNCJFOUBMJOPDVMBÎÍPJOUSBOBTBMFNBOJNBJT
FFNDVMUVSBEFUFDJEPTJOGFDUBEPTEFBOJNBJTPVEF
PWPTFNCSJPOBEPT
C "MUBTDPODFOUSBÎÜFTPVHSBOEFTWPMVNFTEFBHFOUFT
JOGFDDJPTPTGPSFNVUJMJ[BEPT5BJTNBUFSJBJTTØQPEF
SÍPTFSDFOUSJGVHBEPTGPSBEBTDBCJOFTEFTFHVSBOÎB
TFGPSFNVUJMJ[BEBTDFOUSÓGVHBTEFTFHVSBOÎBFGSBT
DPTMBDSBEPT&TUFTTØEFWFSÍPTFSBCFSUPTOPJOUFSJPS
EFVNBDBCJOFEFTFHVSBOÎBCJPMØHJDB
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SJBJTQFSJHPTPTRVBOEPGPSOFDFTTÈSJBBNBOJQVMBÎÍPEF
NJDSPSHBOJTNPTGPSBEBTDBCJOFTEFTFHVSBOÎBCJPMØHJDB
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QSPDFEJNFOUPTQPSNFJPEPTRVBJTTØTFSÍPBENJUJEBTOP
MBCPSBUØSJPPVOBTTBMBTEPTBOJNBJTQFTTPBTRVFKÈUJWF
SFNSFDFCJEPJOGPSNBÎÜFTTPCSFPQPUFODJBMEFSJTDPRVF
BUFOEBNUPEPTPTSFRVJTJUPTQBSBBFOUSBEBOPNFTNP
QPSFYFNQMPJNVOJ[BÎÍPFRVFPCFEFÎBNBUPEBTBTSF
HSBTQBSBFOUSBEBFTBÓEBOPMBCPSBUØSJP
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UJWFSFNQSFTFOUFTOPMBCPSBUØSJPPVOPNØEVMPEFDPO
UFOÎÍPEFWFTFSDPMPDBEPFNUPEBTBTQPSUBTEFBDFTTP
EPMBCPSBUØSJPFEBTTBMBTEFBOJNBJTVNTJOBMEFBMFSUB
DPOUFOEPPTÓNCPMPVOJWFSTBMEFSJTDPCJPMØHJDPFBJEFO
UJmDBÎÍPEPBHFOUFEPOPNFEPQFTRVJTBEPSQSJODJQBMPV
EFPVUSPSFTQPOTÈWFMDPNFOEFSFÎPDPNQMFUP0TJOBMEF
BMFSUBUBNCÏNEFWFSÈJOEJDBSRVBMRVFSSFRVJTJUPFTQFDJBM
OFDFTTÈSJPQBSBBFOUSBEBOPMBCPSBUØSJPUBJTDPNPBOF
DFTTJEBEFEFJNVOJ[BÎÍPSFTQJSBEPSFTPVPVUSBTNFEJEBT
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OJ[BEPPVFYBNJOBEPRVBOUPBPTBHFOUFTNBOJQVMBEPT
PVQPUFODJBMNFOUFQSFTFOUFTOPMBCPSBUØSJPQPSFYFN
QMPWBDJOBQBSBIFQBUJUF#PVUFTUFDVUÉOFPQBSBUVCFS
DVMPTF&YBNFTQFSJØEJDPTUBNCÏNTÍPSFDPNFOEBEPT
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FYQPTUBTBPSJTDPEFWFSÍPTFSDPMFUBEBTFBSNB[FOBEBT
BEFRVBEBNFOUFQBSBGVUVSBSFGFSÐODJB"NPTUSBTTPSP
MØHJDBTBEJDJPOBJTQPEFSÍPTFSQFSJPEJDBNFOUFDPMFUBEBT
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NFOUPEPMBCPSBUØSJP
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NFOUPTEFCJPTTFHVSBOÎBEFWFNTFSJODPSQPSBEPTBPTQSP
DFEJNFOUPTQBESÍPPQFSBDJPOBJT5PEPQFTTPBMEFWFTFS
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TÈSJPTQBSBFWJUBSVNBFYQPTJÎÍPQFSJHPTBBPBHFOUFJO
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OFDFTTÈSJPFUBNCÏNFNDBTPEFNVEBOÎBTEFOPSNBTF
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QFSJUPTOBÈSFBEFNBOFKPEFQSÈUJDBTFUÏDOJDBTNJDSP
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UBOUFTJODMVJOEPTFSJOHBTFBHVMIBTMÉNJOBTQJQFUBT
UVCPTDBQJMBSFTFCJTUVSJTGPSFNNBOJQVMBEPT
B "HVMIBTFTFSJOHBTIJQPEÏSNJDBTPVPVUSPTJOTUSV
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SJPFTFSVTBEPTTPNFOUFRVBOEPOÍPIPVWFSPVUSB
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TFSJOHBTPVNBOJQVMBEBTBOUFTEFTFSFNEFTQSF[B
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MIJNFOUPEFPCKFUPTDPSUBOUFTEFTQSF[BEPT0CKFUPT
DPSUBOUFTOÍPEFTDBSUÈWFJTEFWFSÍPTFSDPMPDBEPTFN
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ÎÍPEFQSFGFSÐODJBDPNVNBBVUPDMBWF
D 4FSJOHBTRVFQPTTVFNVNFOWPMUØSJPQBSBBBHVMIB
PVTJTUFNBTTFNBHVMIBTFPVUSPTEJTQPTJUJWPTEFTF
HVSBOÎBEFWFSÍPTFSVUJMJ[BEPTRVBOEPOFDFTTÈSJPT
E 7JESPTRVFCSBEPTOÍPEFWFNTFSNBOJQVMBEPTEJSF
UBNFOUFDPNBNÍPEFWFNTFSSFNPWJEPTQPSPVUSPT
NFJPTNFDÉOJDPTUBJTDPNPWBTTPVSBFQÈEFMJYPQJO
ÎBTPVGØSDFQT0TSFDJQJFOUFTRVFDPOUÐNBHVMIBT
FRVJQBNFOUPTDPSUBOUFTFWJESPTRVFCSBEPTDPOUB
NJOBEPTEFWFSÍPQBTTBSQPSVNQSPDFTTPEFEFTDPO
UBNJOBÎÍPBOUFTEFTFSFNEFTQSF[BEPTEFBDPSEP
DPNPTSFHVMBNFOUPTMPDBJTFTUBEVBJTPVGFEFSBJT
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JOGFDDJPTPTEFWFSÍPTFSDPOEV[JEBTOPJOUFSJPSEFDBCJ
OFTEFTFHVSBOÎBCJPMØHJDBPVEFPVUSPTEJTQPTJUJWPTEF
DPOUFOÎÍPGÓTJDBEFOUSPEFVNNØEVMPEFDPOUFOÎÍP/F
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QBSBTFBMDBOÎBSPTWBTPTEFWFSÈTFSDPOEV[JEPFNCBO
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EBQBSBCBJYPSFDPCSJOEPBTTVQFSGÓDJFTEFUSBCBMIPOÍP
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EFWFSÍPTFSEFTDPOUBNJOBEPTSPUJOFJSBNFOUFDPNVN
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NBNFOUPWB[BNFOUPTPVPVUSBTDPOUBNJOBÎÜFTQPSNB
UFSJBJTJOGFDDJPTPT
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FYBVSJEPDPOUFOÎÍPEFPVUSBTMJOIBTEFTFSWJÎPTFBEFT
DPOUBNJOBÎÍPEPTFnVFOUFTEFWFSÍPTFSDPOTJEFSBEBT
FNDPOGPSNJEBEFDPNBTSFDPNFOEBÎÜFTQBSBNBOJQV
MBÎÍPEPTBHFOUFTDPNBTOPSNBTEFBWBMJBÎÍPEFSJTDP
DPOEJÎÜFTEPMPDBMPVPVUSBTOPSNBTMPDBJTFTUBEVBJTPV
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WPMWFBHFOUFTFYØUJDPTFQFSJHPTPTRVFFYQPOIBNPJOEJWÓEVPB
VNBMUPSJTDPEFDPOUBNJOBÎÍPEFJOGFDÎÜFTRVFQPEFNTFSGBUBJT
BMÏNEFBQSFTFOUBSFNVNQPUFODJBMFMFWBEPEFUSBOTNJTTÍPQPS
BFSPTTØJT0TBHFOUFTDPNVNBSFMBÎÍPBOUJHÐOJDBQSØYJNBPV
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ÎÍPEFBHFOUFTJOGFDDJPTPTFYUSFNBNFOUFQFSJHPTPTFEFWFSÈTFS
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EBTDBSBDUFSÓTUJDBTEPQMBOFKBNFOUPEPMBCPSBUØSJP0TUSBCBMIB
EPSFTEFWFSÍPTFSTVQFSWJTJPOBEPTQPSDJFOUJTUBTDPNQFUFOUFT
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VNBÈSFBDPOUSPMBEBEFOUSPEPFEJGÓDJPRVFTFKBUPUBMNFOUFJTPMB
EBEFUPEBTBTPVUSBT6NNBOVBMEFPQFSBÎÜFTFTQFDÓmDPQBSBBT
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UJMBEBTQPSTJTUFNBEFTVQPSUFEFWJEB0MBCPSBUØSJPEPOÓWFMEF
CJPTTFHVSBOÎBEFWFSÈQPTTVJSDBSBDUFSÓTUJDBTFTQFDÓmDBTRVBOUP
BPQSPKFUPFËFOHFOIBSJBQBSBQSFWFOÎÍPEBEJTTFNJOBÎÍPEFNJ
DSPPSHBOJTNPTEFOUSPEPNFJPBNCJFOUF
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DPNPBTJOTUBMBÎÜFTTFBQMJDBNBPTBHFOUFTQFSUFODFOUFTBPOÓWFM
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RVBOEPFYQFSJNFOUPTFTUJWFSFNTFOEPSFBMJ[BEPT
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BMJ[BEPTQBSBNJOJNJ[BSBQSPEVÎÍPEFBFSPTTØJT
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QFMPNFOPTVNBWF[BPEJBFEFQPJTEFRVBMRVFSWB[B
NFOUPEFNBUFSJBMWJÈWFM
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QPSUFBPQSPHSBNBBTFSEFTFOWPMWJEPDVKBTQSFTFOÎBT
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RVFFTUJWFSFNJNVOPDPNQSPNFUJEBTPVJNVOPEFQSJNJ
EBTFTUBSÍPDPSSFOEPVNBMUPSJTDPEFBERVJSJSJOGFDÎÜFT
1PSUBOUPBTQFTTPBTRVFGPSFNTVTDFQUÓWFJTPVBTQFTTP
BTFNRVFVNBFWFOUVBMDPOUBNJOBÎÍPQPTTBQSPWPDBS
TÏSJPTEBOPTDPNPOPDBTPEFDSJBOÎBTPVHFTUBOUFTOÍP
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PBDFTTPBPMBCPSBUØSJPEFWFSÈTFSCMPRVFBEPQPSQPSUBT
IFSNFUJDBNFOUFGFDIBEBT"FOUSBEBEFWFSÈTFSDPOUSP
MBEBQFMPEJSFUPSEPMBCPSBUØSJPQPSPVUSBQFTTPBSFT
QPOTÈWFMQFMPDPOUSPMFEPTSJTDPTCJPMØHJDPTPVQPSPVUSB
QFTTPBSFTQPOTÈWFMQFMBTFHVSBOÎBGÓTJDBEBJOTUBMBÎÍP
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EJEBTBQSPQSJBEBTEFTFHVSBOÎB"TQFTTPBTBVUPSJ[BEBT
EFWFSÍPDVNQSJSDPNSJHPSBTJOTUSVÎÜFTEBEBTFUPEPTPT
PVUSPTQSPDFEJNFOUPTBQMJDÈWFJTQBSBFOUSBEBFTBÓEBOP
MBCPSBUØSJP%FWFSÈIBWFSVNSFHJTUSPQPSFTDSJUPEFFO
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UJWFSFNQSFTFOUFTOPMBCPSBUØSJPEFWFTFSDPMPDBEPFN
UPEBTBTQPSUBTEFBDFTTPBPMBCPSBUØSJPFËTTBMBTEF
BOJNBJTVNTJOBMEFBMFSUBDPOUFOEPPTÓNCPMPVOJWFSTBM
EFSJTDPCJPMØHJDP0TJOBMEFBMFSUBEFWFSÈJEFOUJmDBSP
BHFOUFSFMBDJPOBSPOPNFEPEJSFUPSEPMBCPSBUØSJPPV
PVUSBQFTTPBSFTQPOTÈWFMFUBNCÏNJOEJDBSRVBMRVFSSF
RVJTJUPFTQFDJBMOFDFTTÈSJPQBSBBFOUSBEBOBÈSFBQPS
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DJPOBJTEFWFSÍPTFSQFSJPEJDBNFOUFDPMFUBEBTEFQFO
EFOEPEPTBHFOUFTNBOJQVMBEPTPVEPGVODJPOBNFOUP
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USPDBEBOPTWFTUJÈSJPTFYUFSOPTQPSSPVQBQSPUFUPSB
DPNQMFUBFEFTDBSUÈWFM5PEBTBTSPVQBTVTBEBTOPMBCP
SBUØSJPJODMVJOEPSPVQBTEFCBJYPDBMÎBTFDBNJTBTPV
NBDBDÜFTTBQBUPTFMVWBTEFWFSÍPTFSGPSOFDJEBTFVUJMJ
[BEBTQPSUPEBTBTQFTTPBTRVFFOUSBSFNOPMBCPSBUØSJP
"PEFJYBSFNPMPDBMFBOUFTEFTFEJSJHJSFNQBSBBTÈSFBT
EFCBOIPBTQFTTPBTEFWFSÍPSFUJSBSBSPVQBVTBEBOPMB
CPSBUØSJPOPWFTUJÈSJPJOUFSOP"TSPVQBTTVKBTEFWFSÍP
QBTTBSQFMBBVUPDMBWFBOUFTEFMBWBEBT
&TUPRVFTFNBUFSJBJTOFDFTTÈSJPTQBSBPMBCPSBUØSJPEF
WFSÍPTFSEFTDPOUBNJOBEPTFNBVUPDMBWFEFEVQMBQPSUB
DÉNBSBEFGVNJHBÎÍPPVTJTUFNBEFBOUFDÉNBSBQSFTTV
SJ[BEBBOUFTEFVUJMJ[BEPT"QØTHBSBOUJSBTFHVSBOÎBEBT
QPSUBTFYUFSOBTBFRVJQFEFOUSPEPMBCPSBUØSJPEFWFSÈ
SFUJSBSPTNBUFSJBJTBCSJOEPBTQPSUBTJOUFSJPSFTEBBVUP
DMBWFEBDÉNBSBEFDPNQSFTTÍPPVEBDÉNBSBEFGVNJHB
ÎÍP"TQPSUBTEFWFSÍPTFSUSBODBEBTEFQPJTEBSFUJSBEB
EPTNBUFSJBJT
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PCKFUPQFSGVSPDPSUBOUFDPOUBNJOBEPDPNPTFSJOHBTF
BHVMIBTMÉNJOBTQJQFUBTUVCPTDBQJMBSFTFCJTUVSJT
B "HVMIBTFTFSJOHBTIJQPEÏSNJDBTPVPVUSPTJOTUSV
NFOUPTDPSUBOUFTTÍPSFTUSJUPTBPMBCPSBUØSJPFVTB
EPTTPNFOUFRVBOEPOÍPIPVWFSPVUSBBMUFSOBUJWB
QBSBJOPDVMBÎÍPQBSFOUFSBMnFCPUPNJBPVBTQJSBÎÍP
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DPNEJBGSBHNB3FDJQJFOUFTQMÈTUJDPTEFWFNTFS
TVCTUJUVÓEPTQPSSFDJQJFOUFTEFWJESPTFNQSFRVF
QPTTÓWFM
C %FWFNTFSVTBEBTTPNFOUFTFSJOHBTDPNBHVMIBT
mYBTPVBHVMIBFTFSJOHBFNVNBVOJEBEFÞOJDBF
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NBUFSJBJTJOGFDDJPTPT"TBHVMIBTEFTDBSUÈWFJTVTB
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EFEFTQSF[BEBT"PDPOUSÈSJPFMBTEFWFSÍPTFSDVJ
EBEPTBNFOUFBDPOEJDJPOBEBTFNVNSFDJQJFOUFSF
TJTUFOUFBQFSGVSBÎÜFTMPDBMJ[BEPDPOWFOJFOUFNFOUF
FVUJMJ[BEPQBSBSFDPMIJNFOUPEFPCKFUPTDPSUBOUFT
EFTQSF[BEPT0CKFUPTDPSUBOUFTOÍPEFTDBSUÈWFJT
EFWFSÍPTFSBDPOEJDJPOBEPTFNVNSFDJQJFOUFDVKB
QBSFEFEFWFSÈTFSCFNSFTJTUFOUFQBSBPUSBOTQPSUF
BUÏVNBÈSFBQBSBEFTDPOUBNJOBÎÍPEFQSFGFSÐODJB
QPSNFJPEFBVUPDMBWF
D "TTFSJOHBTRVFQPTTVFNVNFOWPMUØSJPQBSBBBHV
MIBPVTJTUFNBTTFNBHVMIBFPVUSPTEJTQPTJUJWPTEF
TFHVSBOÎBEFWFSÍPTFSVUJMJ[BEPTRVBOEPOFDFTTÈSJP
E 7JESPTRVFCSBEPTOÍPEFWFNTFSNBOJQVMBEPTEJSF
UBNFOUFDPNBNÍPEFWFNTFSSFNPWJEPTQPSNFJPT
NFDÉOJDPTDPNPWBTTPVSBFQÈEFMJYPQJOÎBTPV
GØSDFQT0TSFDJQJFOUFTRVFDPOUÐNBHVMIBTFRVJQB
NFOUPTDPSUBOUFTFWJESPTRVFCSBEPTDPOUBNJOBEPT
EFWFSÍPQBTTBSQPSVNQSPDFTTPEFEFTDPOUBNJOBÎÍP
BOUFTEFEFTQSF[BEPTEFBDPSEPDPNPTSFHVMBNFO
UPTMPDBJTFTUBEVBJTPVGFEFSBJT
0NBUFSJBMCJPMØHJDPWJÈWFMPVJOUBDUPBTFSSFNPWJEP
EFDBCJOFTDMBTTF***PVEPMBCPSBUØSJPEFOÓWFMEFCJPT
TFHVSBOÎBEFWFSÈTFSBDPOEJDJPOBEPFNSFDJQJFOUFEF
DPOUFOÎÍPQSJNÈSJBMBDSBEPFJORVFCSÈWFM&TUFQPSTVB
WF[EFWFSÈTFSBDPOEJDJPOBEPFNVNTFHVOEPSFDJQJFOUF
UBNCÏNTFMBEPFJORVFCSÈWFMRVFEFWFSÈQBTTBSQPSVN
UBORVFEFJNFSTÍPDPOUFOEPEFTJOGFUBOUFVNBDÉNBSB
EFGVNJHBÎÍPPVQPSVNBDÉNBSBEFDPNQSFTTÍPQMBOFKB
EBDPNFTTFQSPQØTJUP
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RVFEFWFSÈQFSNBOFDFSJOUBDUPPVWJÈWFMQPEFSÈTFSSF
NPWJEPEFVNMBCPSBUØSJPEFOÓWFMEFCJPTTFHVSBOÎB
TFNBOUFTUFSTJEPBVUPDMBWBEPPVEFTDPOUBNJOBEP&RVJ
QBNFOUPTPVNBUFSJBJTRVFOÍPSFTJTUBNBUFNQFSBUVSBT
FMFWBEBTPVBPWBQPSEFWFSÍPTFSEFTDPOUBNJOBEPTVUJMJ
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PVFNVNBDÉNBSBFTQFDÓmDBQBSBUBMmN
0FRVJQBNFOUPEPMBCPSBUØSJPEFWFSÈTFSEFTDPOUBNJ
OBEPSPUJOFJSBNFOUFBQØTPUSBCBMIPDPNNBUFSJBJTJO
GFDDJPTPTFFTQFDJBMNFOUFEFQPJTEFWB[BNFOUPTHPUFKB
NFOUPTPVPVUSBTDPOUBNJOBÎÜFTQPSNBUFSJBMJOGFDDJPTP
0FRVJQBNFOUPEFWFSÈTFSEFTDPOUBNJOBEPBOUFTEFTFS
FOWJBEPQBSBDPOTFSUPPVNBOVUFOÎÍP
7B[BNFOUPTEFNBUFSJBJTJOGFDDJPTPTEFWFSÍPTFSSFGSF
BEPTFMJNQPTQPSQSPmTTJPOBJTFTQFDJBMJ[BEPTPVPVUSPT
QSPQSJBNFOUFUSFJOBEPTFFRVJQBEPTQBSBPUSBCBMIPDPN
NBUFSJBMJOGFDDJPTPDPODFOUSBEP6NQSPDFEJNFOUPQBSB
WB[BNFOUPEFWFSÈTFSEFTFOWPMWJEPFBEPUBEPQFMPMBCP
SBUØSJP
6NTJTUFNBEFOPUJmDBÎÍPEFBDJEFOUFTFFYQPTJÎÜFTMB
CPSBUPSJBJTBCTFOUFÓTNPEFFNQSFHBEPTFEPFOÎBTBTTP
DJBEBTBPMBCPSBUØSJPEFWFSÈTFSPSHBOJ[BEPCFNDPNP
VNTJTUFNBEFWJHJMÉODJBNÏEJDB3FMBUPTQPSFTDSJUPEF
WFSÍPTFSQSFQBSBEPTFNBOUJEPT%FWFTFBJOEBQSFWFS
VNBVOJEBEFEFRVBSFOUFOBJTPMBNFOUPFDVJEBEPTNÏ
EJDPTQBSBPQFTTPBMDPOUBNJOBEPQPSEPFOÎBTDPOIFDJ
EBTPVQPUFODJBMNFOUFBTTPDJBEBTBMBCPSBUØSJP
5PEPTPTNBUFSJBJTOÍPSFMBDJPOBEPTBPFYQFSJNFOUPRVF
FTUJWFSTFOEPSFBMJ[BEPOPNPNFOUPQPSFYFNQMPQMBO
UBTBOJNBJTFSPVQBTOÍPEFWFSÍPTFSQFSNJUJEPTOPMB
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EV[JEPTFNDBCJOFTEFTFHVSBOÎBCJPMØHJDBDMBTTF***PVDBCJOFT
EFDMBTTF**VTBEBTFNBTTPDJBÎÍPDPNSPVQBTEFQSPUFÎÍPQFTTPBM
DPNQSFTTÍPQPTJUJWBFWFOUJMBEBTQPSTJTUFNBEFTVQPSUFEFWJEB
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TÍPSFBMJ[BEBTFNVNBDBCJOFEFTFHVSBOÎBCJPMØHJDBDMBTTF***F
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CBTFBSFNVNEPTNPEFMPTPVFNVNBDPNCJOBÎÍPEPTEPJTNP
EFMPTOBDPOTUSVÎÍPEFVNTØMBCPSBUØSJP4FBDPNCJOBÎÍPGPS
VUJMJ[BEBDBEBUJQPEFWFSÈBUFOEFSUPEPTPTSFRVJTJUPTJEFOUJmDB
EPTQBSBPNFTNP
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EPQSÏEJPPVFNVNBÈSFBDMBSBNFOUFEFNBSDBEBFJTP
MBEB"TTBMBTEPMBCPSBUØSJPEFWFSÍPTFSQMBOFKBEBTQBSB
BTTFHVSBSBQBTTBHFNBUSBWÏTEFOPNÓOJNPEVBTQPSUBT
BOUFTEFTFFOUSBSOBTTBMBTDPOUFOEPBTDBCJOFTEFTFHV
SBOÎBCJPMØHJDBDMBTTF***TBMBEBTDBCJOFT%FWFNFTUBS
QSFWJTUBTDÉNBSBTEFFOUSBEBFTBÓEBEFQFTTPBMQBSBUSP
DBEFSPVQBTTFQBSBEBTQPSDIVWFJSP%FWFTFSQSFWJTUP
BJOEBVNTJTUFNBEFBVUPDMBWFEFEVBTQPSUBTVNUBO
RVFEFJNFSTÍPDPOUFOEPEFTJOGFUBOUFVNBDÉNBSBEF
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EPTWFTUJÈSJPTQBSBDIFHBSBUÏBTBMB
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CBMIPTFJOJDJFEFOUSPEPMBCPSBUØSJPQBSBBTTFHVSBSRVF
FTUFFTUFKBGVODJPOBOEPEFBDPSEPDPNPTQBSÉNFUSPTEF
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NBOJQVMBÎÜFTJOPDVMBÎÍP OF
DSPQTJBRVFQPTTBNDSJBSBFSPT
TØJTJOGFDDJPTPT11&TQSPUFÎÍP
SFTQJSBUØSJBBEFRVBEB
*OTUBMBÎÜFTEF/#"NBJT
 TFQBSBÎÍPGÓTJDBEPTDPSSFEPSFT
EFBDFTTP
 GFDIBNFOUPBVUPNÈUJDPQPSUB
EVQMBEFBDFTTP
 MJOIBTEFQFOFUSBÎÍPTFMBEBT
 KBOFMBTWFEBEBT
 BVUPDMBWFQSFTFOUFOPMPDBM
"HFOUFTFYØUJDPTPV
QFSJHPTPTRVFJNQP
OIBNBMUPSJTDPEF
EPFOÎBGBUBMUSBOT
NJTTÍPQPS BFSPT
TØJTPVSFMBDJPOBEB
BBHFOUFTDPNSJTDP
EFUSBOTNJTTÍPEFT
DPOIFDJEP
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POEFBSPVQBQFTTPBMÏSF
NPWJEBFBEPMBCPSBUØSJP
WFTUJEB#BOIPOBTBÓEB
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SFNPÎÍPEPMPDBM
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EFDPOUFOÎÍPQBSDJBMKVOUP
DPNNBDBDÍP QSFTTVSJ[BEP
QPTJUJWBNFOUFDPNBS VTBEP
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QSPDFEJNFOUPT
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FEJGÓDJPTFQBSBEPPVÈSFBJTP
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WÈDVPFTJTUFNBTEF EFTDPOUB
NJOBÎÍP
PVUSPTSFRVJTJUPTFOGBUJ[BEPT
OPUFYUP
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NFOUPPVVNBEPFOÎBPDPSSB/PDPOUFYUPEPTMBCPSBUØSJPTCJP
NÏEJDPTFEFNJDSPCJPMPHJBBBWBMJBÎÍPEPSJTDPTFDPODFOUSB
QSJNBSJBNFOUFOBQSFWFOÎÍPEFJOGFDÎÜFTSFMBDJPOBEBTBPTMBCP
SBUØSJPT"PFOEFSFÎBSBUJWJEBEFTMBCPSBUPSJBJTRVFFOWPMWBNNB
UFSJBJTJOGFDDJPTPTPVQPUFODJBMNFOUFJOGFDDJPTPTBBWBMJBÎÍPEP
SJTDPÏVNFYFSDÓDJPFTTFODJBMFQSPEVUJWP&MFBVYJMJBBEFTJHOBS
PTOÓWFJTEFCJPTTFHVSBOÎBJOTUBMBÎÜFTFRVJQBNFOUPTFQSÈUJDBT
RVFSFEV[JSÍPQBSBVNSJTDPNÓOJNPBFYQPTJÎÍPEFUSBCBMIBEP
SFTFEPNFJPBNCJFOUFBVNBHFOUFQFSJHPTP"JOUFOÎÍPEFTUBTF
ÎÍPÏGPSOFDFSVNHVJBFFTUBCFMFDFSQBSÉNFUSPTQBSBBTFMFÎÍPEP
BQSPQSJBEPOÓWFMEFCJPTTFHVSBOÎB
"BWBMJBÎÍPEPSJTDPQPEFTFSRVBMJUBUJWBPVRVBOUJUBUJWB/B
QSFTFOÎBEFSJTDPTDPOIFDJEPTQPSFYFNQMPOÓWFJTSFTJEVBJTEF
HÈTEFGPSNBMEFÓEPEFQPJTEBEFTDPOUBNJOBÎÍPEPMBCPSBUØSJP
BBWBMJBÎÍPRVBOUJUBUJWBQPEFSÈTFSSFBMJ[BEB.BTFNNVJUPT
DBTPTPTEBEPTRVBOUJUBUJWPTFTUBSÍPJODPNQMFUPTPVBVTFOUFT
QPSFYFNQMPBJOWFTUJHBÎÍPEFVNBHFOUFEFTDPOIFDJEPPVEF
VNBBNPTUSBTFNSØUVMP0TUJQPTPTTVCUJQPTFBTWBSJBOUFTEPT
BHFOUFTJOGFDDJPTPTFOWPMWFOEPWFUPSFTEJGFSFOUFTPVSBSPTBEJm
DVMEBEFEFBWBMJBSBTNFEJEBTEFVNQPUFODJBMEFBNQMJmDBÎÍPEP
BHFOUFFBTTJOHVMBSFTDPOTJEFSBÎÜFTEPTSFDPNCJOBOUFTHFOÏUJDPT
TÍPBMHVOTEPTWÈSJPTEFTBmPTOBDPOEVÎÍPTFHVSBEFVNMBCP
SBUØSJP%JBOUFEFUBMDPNQMFYJEBEFOFNTFNQSFPTNÏUPEPTEF
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NPQSFTDSJUP
0EJSFUPSEPMBCPSBUØSJPPVPQSJODJQBMQFTRVJTBEPSEFWFSÈTFS
PSFTQPOTÈWFMQFMBBWBMJBÎÍPEPTSJTDPTRVFJNQMJRVFOPFTUBCFMFDJ
NFOUPEFOÓWFJTEFCJPTTFHVSBOÎBQBSBPUSBCBMIP*TTPEFWFSÈTFS
SFBMJ[BEPFNDPMBCPSBÎÍPDPNP*OTUJUVUJPOBM#JPTBGFUZ$PNNJUUFF
FPVPVUSPTQSPmTTJPOBJTPVJOTUJUVJÎÜFTTFOFDFTTÈSJPQBSBBT
TFHVSBSBPCFEJÐODJBËTOPSNBTFSFHSBTFTUBCFMFDJEBT
"PTFSFBMJ[BSBBWBMJBÎÍPEPSJTDPRVBMJUBUJWPUPEPTPTGBUP
SFTEFSJTDPEFWFSÍPTFSJEFOUJmDBEPTFFYQMPSBEPT*OGPSNBÎÜFT
SFMBDJPOBEBTEFWFSÍPFTUBSEJTQPOÓWFJTOBGPSNBEFVNNBOVBM
$POTVMUBTËT/PSNBTEP/*)EF%/"3FDPNCJOBOUF/PSNBTEF
#JPTTFHVSBOÎBFN-BCPSBUØSJPT$BOBEFOTFTF/PSNBTEF4FHV
SBOÎBEB0SHBOJ[BÎÍP.VOEJBMEB4BÞEFEFWFSÍPTFSDPOTJEFSB
EBT&NBMHVOTDBTPTEFWFNPTDPOmBSOBTGPOUFTEFJOGPSNBÎÜFT
DPNPPTEBEPTEFDBNQPEFVNFYQFSUOPBTTVOUP&TTBJOGPSNB
ÎÍPEFWFSÈTFSJOUFSQSFUBEBQFMBTVBUFOEÐODJBFNBVNFOUBSPV
EJNJOVJSPSJTDPEFVNBJOGFDÎÍPBERVJSJEBFNMBCPSBUØSJP
0EFTBmPEBBWBMJBÎÍPEPSJTDPTFFODPOUSBOBRVFMFTDBTPTFN
RVFVNBJOGPSNBÎÍPDPNQMFUBTPCSFFTTFTGBUPSFTOÍPFTUÈËOPT
TBEJTQPTJÎÍP6NBBCPSEBHFNDPOTFSWBEPSBÏHFSBMNFOUFBDPO
TFMIBEBRVBOEPBTJOGPSNBÎÜFTGPSFNJOTVmDJFOUFTGPSÎBOEPB
VNKVMHBNFOUPTVCKFUJWP"T1SFDBVÎÜFT6OJWFSTBJTEFWFSÍPTFN
QSFTFSSFDPNFOEBEBT
0TGBUPSFTEFJOUFSFTTFFNVNBBWBMJBÎÍPEPTSJTDPTJODMVFN
t "QBUPHFOJDJEBEFEPBHFOUFJOGFDDJPTPPVTVTQFJUPJO
DMVJOEPBJODJEÐODJBFBHSBWJEBEFEBEPFOÎBQPSFYFN
QMPNPSCJEBEFNÏEJBDPOUSBVNBNPSUBMJEBEFBMUBEP
FOÎBBHVEBWFSTVTEPFOÎBDSÙOJDB2VBOUPNBJTHSBWFB
QPUFODJBMJEBEFEBEPFOÎBBERVJSJEBNBJPSTFSÈPSJTDP
1PSFYFNQMPP4UIBQIJMPDPDDVTBVSFVTSBSBNFOUFQSPWPDB
VNBEPFOÎBHSBWFPVGBUBMFNVNJOEJWÓEVPDPOUBNJOB
EPFNVNMBCPSBUØSJPFFTUÈSFMFHBEPBP/#+ÈWÓSVT
DPNPPFCPMB.BSCVSHFEBGFCSFEF-BTTBRVFQSPWPDBN
EPFOÎBTDPNBMUBUBYBEFNPSUBMJEBEFQBSBBTRVBJTOÍP
FYJTUFNWBDJOBTPVUSBUBNFOUPTTÍPUSBCBMIBEBTFNVN
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EBQPSPVUSPTGBUPSFT0USBCBMIPDPNVNWÓSVTIVNBOP
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UBNCÏNÏGFJUPFNVN/#FNCPSBFMFTQPTTBNDBVTBS
VNBEPFOÎBQPUFODJBMNFOUFGBUBM.BTFTTFTWÓSVTOÍP
TÍPUSBOTNJUJEPTQPSNFJPEFBFSPTTØJTFBJODJEÐODJBEF
VNBJOGFDÎÍPBERVJSJEBFNMBCPSBUØSJPÏFYUSFNBNFOUF
CBJYBQBSBP)*7/PDBTPEBIFQBUJUF#KÈFYJTUFVNB
WBDJOBFmDB[DPOUSBFTUBQBUPMPHJB
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SFBPVQPSJOHFTUÍPEFBHFOUFTJTPMBEPTSFDFOUFNFOUF
QPEFOÍPFTUBSEFmOJUJWBNFOUFFTUBCFMFDJEB0TBHFOUFT
RVFQPEFNTFSUSBOTNJUJEPTWJBBFSPTTPMUÐNQSPWPDBEP
HSBOEFQBSUFEBTJOGFDÎÜFTMBCPSBUPSJBJT"PQMBOFKBSP
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TFHVSPÏDPOTJEFSBSPQPUFODJBMEFUSBOTNJTTÍPQPSWJB
BFSPTTPM2VBOUPNBJPSPQPUFODJBMEPBFSPTTPMNBJPSP
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CBDUÏSJBTGPSNBEPSBTEFFTQPSPTNBTUBNCÏNBDBQB
DJEBEFEPBHFOUFEFTPCSFWJWFSQPSVNUFNQPFYUSBOP
NFJPBNCJFOUF'BUPSFTDPNPBEJTTFDBÎÍPBFYQPTJÎÍP
ËMV[TPMBSPVVMUSBWJPMFUBPVBFYQPTJÎÍPBEFTJOGFUBOUFT
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TJEFSBEP"EPTFJOGFDDJPTBQPEFWBSJBSEFVNBBNJMIB
SFTEFVOJEBEFT"OBUVSF[BDPNQMFYBEBJOUFSBÎÍPEPT
NJDSPPSHBOJTNPTFEPIPTQFEFJSPBQSFTFOUBVNEFTBmP
TJHOJmDBUJWPBUÏNFTNPQBSBPNBJTTBVEÈWFMFJNVOJ[B
EPUSBCBMIBEPSEFMBCPSBUØSJPQPEFOEPJNQPSVNTÏSJP
SJTDPËRVFMFTDPNNFOPTSFTJTUÐODJB0HSBVEFJNVOJ[B
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DJPOBEPËTVBTVTDFQUJCJMJEBEFËEPFOÎBQSPWPDBEBQPS
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DPOUÏNPPSHBOJTNPQPSFYFNQMPUFDJEPTØMJEPTBOHVF
WJTDPTPFTDBSSPPVNFJPMÓRVJEPFBBUJWJEBEFMBCPSBUP
SJBMQMBOFKBEBQPSFYFNQMPBNQMJmDBÎÍPTPOJmDBÎÍP
PVDFOUSJGVHBÎÍPEPBHFOUF0WPMVNFEPNBUFSJBMDPO
DFOUSBEPBTFSNBOJQVMBEPUBNCÏNÏJNQPSUBOUF/B
NBJPSJBEPTDBTPTPTGBUPSFTEFSJTDPBVNFOUBNDPNP
BVNFOUPEPWPMVNFEFUSBCBMIPEFNJDSPPSHBOJTNPTEF
BMUBUJUVMBÎÍPVNBWF[RVFVNNBOVTFJPBEJDJPOBMEPT
NBUFSJBJTÏGSFRàFOUFNFOUFTPMJDJUBEP
t "PSJHFNEPNBUFSJBMQPUFODJBMNFOUFJOGFDDJPTPÏUBN
CÏNGVOEBNFOUBMQBSBBBWBMJBÎÍPEPTSJTDPT"QBMBWSB
PSJHFNQPEFTFSFGFSJSËMPDBMJ[BÎÍPHFPHSÈmDBQPSFYFN
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EFJSPQPSFYFNQMPBOJNBMPVTFSIVNBOPJOGFDUBEPPV
OÍPPVOBUVSF[BEBGPOUFQPSFYFNQMPQPUFODJBMNFOUF
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PVUSPÉOHVMPFTTFGBUPSQPEFUBNCÏNMFWBSFNDPOTJEF
SBÎÍPPQPUFODJBMEPTBHFOUFTRVFBNFBÎBNBTBWFTFPT
BOJNBJTEFDSJBÎÍP
t "EJTQPOJCJMJEBEFEFEBEPTHFSBEPTQPSFTUVEPTBOJNBJT
OBGBMUBEFEBEPTIVNBOPTQPEFSÈGPSOFDFSJOGPSNBÎÜFT
ÞUFJTQBSBVNBBWBMJBÎÍPEPSJTDP"TJOGPSNBÎÜFTTPCSFB
QBUPHFOJDJEBEFBJOGFDUJWJEBEFFBWJBEFUSBOTNJTTÍPFN
BOJNBJTQPEFNQSPQPSDJPOBSJOGPSNBÎÜFTWBMJPTBT1P
SÏNTFNQSFEFWFNPTUPNBSDVJEBEPFNUSBEV[JSEBEPT
EFVNBFTQÏDJFBOJNBMQBSBPTEFPVUSBTFTQÏDJFT
t "EJTQPOJCJMJEBEFEFVNBQSPmMBYJBFmDB[FTUBCFMFDJEB
PVEFVNBJOUFSWFOÎÍPUFSBQÐVUJDBÏPVUSPGBUPSJNQPS
UBOUFBTFSDPOTJEFSBEP"GPSNBNBJTDPNVNEFQSPmMB
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USBCBMIBEPSJNVOJ[BEP"JNVOJ[BÎÍPUBNCÏNQPEFTFS
QBTTJWBQPSFYFNQMPPVTPEFVNBJNVOPHMPCVMJOBTP
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OBMEFQSPUFÎÍPNFEJBOUFPTDPOUSPMFTEFFOHFOIBSJBBT
QSÈUJDBTFPTQSPDFEJNFOUPTQBESÍPFPVTPEFFRVJQB
NFOUPTEFQSPUFÎÍPJOEJWJEVBM0DBTJPOBMNFOUFBJNV
OJ[BÎÍPPVBJOUFSWFOÎÍPUFSBQÐVUJDBUFSBQJBDPNBOUJCJ
ØUJDPTPVBOUJWJSBMQPEFTFSQBSUJDVMBSNFOUFJNQPSUBOUF
OBTDPOEJÎÜFTEFDBNQP"PGFSUBEFJNVOJ[BÎÜFTÏQBSUF
EPHFSFODJBNFOUPEPSJTDP
t "WJHJMÉODJBNÏEJDBBTTFHVSBRVFBTOPSNBTEFTFHVSBO
ÎBEFDJEJEBTSFBMNFOUFQSPEV[BNPTSFTVMUBEPTQPTJUJWPT
FTQFSBEPT"WJHJMÉODJBNÏEJDBUBNCÏNÏQBSUFEBBENJ
OJTUSBÎÍPEPSJTDP1PEFNPTJODMVJSPCBODPEFTPSPP
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QBSUJDJQBÎÍPFNVNHFSFODJBNFOUPQØTFYQPTJÎÍP
t "BWBMJBÎÍPEPSJTDPUBNCÏNQPEFJODMVJSVNBBWBMJBÎÍP
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QPTUBTBSJTDPTDPNPPTMBCPSBUPSJTUBTFBTQFTTPBTRVF
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BTFÎÍP***6NBFEVDBÎÍPBEJDJPOBMUBNCÏNQPEFTFS
OFDFTTÈSJBQBSBHBSBOUJSBTFHVSBOÎBEBTQFTTPBTRVFUSB
CBMIBNFNDBEBVNEPTOÓWFJTEFCJPTTFHVSBOÎB
0TBHFOUFTJOGFDDJPTPTDVKPSJTDPÏBWBMJBEPGSFRàFOUFNFOUF
TFSÍPDMBTTJmDBEPTFNVNBEFTUBTDBUFHPSJBT
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PCUJEBTDPNQFTRVJTBTMBCPSBUPSJBJTWJHJMÉODJBEBEPFOÎBFFTUV
EPTFQJEFNJPMØHJDPT0TBHFOUFTJOGFDDJPTPTDPOIFDJEPTQPSDBV
TBSFNJOGFDÎÜFTBTTPDJBEBTBMBCPSBUØSJPFTUÍPJODMVÓEPTOPSF
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TFSÞUFJT
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QPEFSÍPBVYJMJÈMPFNVNBBWBMJBÎÍPEFSJTDPTÍPBTTFHVJOUFT
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WJBEFJOGFDÎÍPÏJOEJDBEB 2VBMÏPÓOEJDFEFNPSCJEBEF
PVEFNPSUBMJEBEFBTTPDJBEPBPBHFOUF
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PBHFOUFTVCTUJUVUPDVKBTDBSBDUFSÓTUJDBTTÍPFODPOUSBEBTOPSFTV
NPEBTDBSBDUFSÓTUJDBTEPTBHFOUFTFQPEFSÍPTFSVUJMJ[BEBTQBSB
EFUFSNJOBSVNOÓWFMEFCJPTTFHVSBOÎB/BBVTÐODJBEFEBEPTDPO
DSFUPTSFDPNFOEBTFVNBBCPSEBHFNDPOTFSWBEPSB
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HFOFUJDBNFOUFNPEJmDBEPTQPSUFDOPMPHJBTEP%/"SFDPNCJOBO
UF&TTBTUFDOPMPHJBTDPOUJOVBNBTFSEFTFOWPMWJEBTSBQJEBNFO
UF0TQSPKFUPTFYQFSJNFOUBJTEFTJHOBEPTQBSBFYUSBJSOPWPTWÓ
SVTCBDUÏSJBTMFWFEPFPVUSPTNJDSPPSHBOJTNPTSFDPNCJOBOUFTTF
UPSOBSBNDPNVOTOPTEJBTEFIPKF²NVJUPQSPWÈWFMRVFGVUVSBT
BQMJDBÎÜFTEBUFDOPMPHJBEP%/"SFDPNCJOBOUFQSPEV[JSÍPOPWPT
WÓSVTIÓCSJEPT"QVCMJDBÎÍPEP/BUJPOBM*OTUJUVUFTPG)FBMUIDIB
NBEB(VJEFMJOFTGPS3FTFBSDI*OWPMWJOH3FDPNCJOBOU%/".PMFDV
MFT
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EFCJPTTFHVSBOÎBBEFRVBEPQBSBPUSBCBMIPRVFFOWPMWBNJDSPPS
HBOJTNPTSFDPNCJOBOUFT
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USBCBMIPUBMWF[PNBJPSEFTBmPTFKBBWBMJBSPBVNFOUPEPSJTDP
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NPEJmDBEPT&OUSFPTWÓSVTSFDPNCJOBOUFTBHPSBSPUJOFJSBNFOUF
EFTFOWPMWJEPTFTUÍPPBEFOPWÓSVTBMGBWÓSVTSFUSPWÓSVTWÓSVTWB
DÓOJBIFSQFTWÓSVTFPVUSPTEFTJHOBEPTQBSBFYQSFTTBSPTQSPEVUPT
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FBRVBOUJEBEFEFWÓSVTEFWFSÍPTFSDVJEBEPTBNFOUFDPOTJEFSBEPT
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DPNVNWÓSVTSFDPNCJOBOUF
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DSPPSHBOJTNPTSFDPNCJOBOUFTFTUÍP
t 0HFOFJOTFSJEPDPEJmDBVNBUPYJOBDPOIFDJEBPVVNB
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QBDJEBEFEFSFQMJDBÎÍPEPWÓSVT
t 0HFOFJOTFSJEPDPEJmDBVNPODPHFOFDPOIFDJEP
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UFTSFQMJDBEPTTFKBNHFSBEBT
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TJWB1FMPDPOUSÈSJPFMBTTFSWFNDPNPVNFYFNQMPEFJOGPSNB
ÎÍPOFDFTTÈSJPQBSBKVMHBSTFVNOÓWFMEFCJPTTFHVSBOÎBNBJPSÏ
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IVNBOPTFBPTBHFOUFT[PPOØUJDPT
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HJDPTOBTJOTUBMBÎÜFT"TJOGFDÎÜFTMBUFOUFTTÍPNBJTDPNVOTFN
BOJNBJTDBQUVSBEPTOPDBNQPPVFNBOJNBJTWJOEPTEFQPQVMB
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MJBÎÍPEPSJTDP0TBOJNBJTRVFUSBOTNJUFNWÓSVTQPSEJTTFNJOB
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MIBNDPNBHFOUFTJOGFDDJPTPTBQSFTFOUBNVNSJTDPNVJUPNBJPS
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QSPWPDBEPTQPSFMFT"TFÎÍP*7EFTDSFWFQSÈUJDBTFJOTUBMBÎÜFT
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QPSUFSBQJBPVQPSSBEJBÎÍP0SJTDPEFTFUPSOBSJOGFDUBEPPVB
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NFOUBEPTFNVNJOTUJUVUPEFHSBOEFTQFTRVJTBT0TJOEJWÓEVPT
JOGFDUBEPTOÍPUSBCBMIBWBNEJSFUBNFOUFDPNPNJDSPPSHBOJTNP
NBTQPTTVÓBNVNBDFTTPBPTFTQBÎPTFNDPNVNEFVNMBCPSB
UØSJPPOEFPBHFOUFFSBNBOJQVMBEP6NDBTPEFUSBOTNJTTÍPTF
DVOEÈSJBQBSBVNBQFTTPBEBGBNÓMJBGPJUBNCÏNEPDVNFOUBEP
6NJODJEFOUFTFNFMIBOUFPDPSSFVFNVNBHSBOEFVOJWFSTJEBEF
EPNFJPPFTUFEPT&TUBEPT6OJEPTRVFSFTVMUPVFNEPJTDBTPTEP
DVNFOUBEPTEFJOGFDÎÍPBERVJSJEBFNMBCPSBUØSJPFVNDBTPEPDV
NFOUBEPEFUSBOTNJTTÍPTFDVOEÈSJB
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JOGFDÎÜFTBERVJSJEBTFNMBCPSBUØSJPSFTVMUBOUFTEFNBOJQVMBÎÍP
EFBNPTUSBTDMÓOJDBTPVTVCTUÉODJBTJTPMBEBTOÍPGPSBNSFMBUBEBT
"JODJEÐODJBEFTTBJOGFDÎÍPEJTTFNJOBEBOPBSÏJOnVFODJBEBQFMB
JOUJNJEBEFFGSFRàÐODJBEBFYQPTJÎÍPEFJOEJWÓEVPTTVTDFQUÓWFJT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFFTUBSQSFTFOUFFN
TFDSFÎÜFTSFTQJSBUØSJBTNBTOÍPÏFODPOUSBEPOPTBOHVFPVUFDJ
EP6NBWF[RVFPNPEPEFUSBOTNJTTÍPÏWJBSFTQJSBUØSJBRVBOUP
NBJPSBHFSBÎÍPEFBFSPTTØJTEVSBOUFBNBOJQVMBÎÍPEFDVMUVSBT
PVEFTVTQFOTÜFTDPODFOUSBEBTEPBHFOUFNBJPSTFSÈPSJTDP
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTPTFRVJQBNFOUPT
EFDPOUFOÎÍPFBTEFQFOEÐODJBTEPOÓWFMEFCJPTTFHVSBOÎBTÍP
SFDPNFOEBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNBNBOJQV
MBÎÍPEFNBUFSJBJTPVDVMUVSBTDPOIFDJEBPVQPUFODJBMNFOUFJO
GFDDJPTBT+ÈPOÓWFMEFCJPTTFHVSBOÎBBOJNBMEFWFSÈTFSVTBEP
QBSBPBMPKBNFOUPEFBOJNBJT0TEJTQPTJUJWPTFFRVJQBNFOUPTEF
DPOUFOÎÍPQSJNÈSJBQPSFYFNQMPDBCJOFTEFTFHVSBOÎBCJPMØHJ
DBDPODIBTEFTFHVSBOÎBQBSBDFOUSÓGVHBTPVDFOUSÓGVHBTEFTF
HVSBOÎBFTQFDJBMNFOUFQSPKFUBEBTEFWFSÍPTFSVUJMJ[BEPTQBSBBT
BUJWJEBEFTRVFQSPWBWFMNFOUFJSÍPDBVTBSBGPSNBÎÍPEFBFSPTTØJT
QPUFODJBMNFOUFJOGFDDJPTPT"TQSÈUJDBTPTQSPDFEJNFOUPTFBT
EFQFOEÐODJBTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEPTQBSBQSP
EVÎÜFTFNHSBOEFFTDBMB
0ēĤĖģħĒšŝĠ"TWBDJOBTDPOUSBBDPRVFMVDIFFTUÍPEJTQPOÓ
WFJTNBTOÍPTÍPBUVBMNFOUFSFDPNFOEBEBTQBSBVTPFNBEVMUPT
4VHFSFTFBPMFJUPSDPOTVMUBSBTSFDPNFOEBÎÜFTBUVBJTEP"EWJTPSZ
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EFBEVMUPTDPOUSBBDPRVFMVDIF
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BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
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"CSVDFMPTFDPOUJOVBTFOEPBJOGFDÎÍPCBDUFSJBOBBTTPDJBEBB
MBCPSBUØSJPNBJTDPNVNFOUFSFMBUBEB
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$BTPTPDBTJPOBJTUÐNTJEPBUSJCVÓEPTËFYQPTJÎÍPBBOJNBJTJOGFD
UBEPTFYQFSJNFOUBMNFOUFPVOBUVSBMNFOUFFBPTTFVTUFDJEPT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFFTUBSQSFTFOUFOP
TBOHVFOPMÓRVJEPDFSFCSPFTQJOIBMOPTÐNFOFPDBTJPOBMNFO
UFOBVSJOB"NBJPSJBEPTDBTPTBTTPDJBEPTBMBCPSBUØSJPPDPS
SFVFNEFQFOEÐODJBTQBSBQFTRVJTBTFFOWPMWFVBFYQPTJÎÍPBP
BHFOUF#SVDFMMBMBSHBNFOUFQSPEV[JEP7ÈSJPTDBTPTFNMBCPSBUØ
SJPTDMÓOJDPTUBNCÏNGPSBNDPOTUBUBEPTFNDVMUVSBTCBDUFSJPMØHJ
DBTEFTQSF[BEBT
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BNPTUSBTDMÓOJDBTJOGFDDJPTBTEFBOJNBJTQPSFYFNQMPTBOHVF
TFDSFÎÜFTVUFSJOBTFTUÈDPNVNFOUFFOWPMWJEPOFTTFTDBTPT0T
BFSPTTØJTGPSNBEPTEVSBOUFPTQSPDFEJNFOUPTMBCPSBUPSJBJTUÐN
QSPWPDBEPHSBOEFTTVSUPT
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1JQFUBHFNDPNBCPDBJOPDVMBÎÜFT
QBSFOUFSBJTBDJEFOUBJTFTQSBZTMBOÎBEPTOPTPMIPTOBSJ[FCPDB
UBNCÏNUÐNQSPWPDBEPJOGFDÎÜFT
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ3FDPNFOEBNTFBTQSÈUJDBTEP
OÓWFMEFCJPTTFHVSBOÎBQBSBBUJWJEBEFTRVFFOWPMWBNBNPTUSBT
DMÓOJDBTEFPSJHFNIVNBOBPVBOJNBMDPOUFOEPPVQPUFODJBMNFO
UFDPOUFOEP#SVDFMMBTQQQBUPHÐOJDP+ÈBTQSÈUJDBTPTFRVJQB
NFOUPTEFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎB
FEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍPSFDPNFOEBEPTSFTQFDUJ
WBNFOUFQBSBUPEBTBTNBOJQVMBÎÜFTEFDVMUVSBTEP#SVDFMMBTQQ
QBUPHÐOJDPSFMBDJPOBEBTOFTUFSFTVNPFQBSBFTUVEPTEFBOJNBJT
FYQFSJNFOUBJT
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UFOIBNTJEPEFTFOWPMWJEBTFUFTUBEBTFNPVUSPTQBÓTFTDPNMJNJ
UBEPTVDFTTPBUÏPNPNFOUPEBQVCMJDBÎÍPEFTUFWPMVNFOFOIVNB
WBDJOBIVNBOBFODPOUSBWBTFËEJTQPTJÎÍPOPT&TUBEPT6OJEPT
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UBÎÍPEFWFSÈTFSPCUJEBOP%FQBSUNFOUPG$PNNFSDF/PDBTPEF
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TFHVOEPQSPWPDBEPQFMBGPSNBÎÍPEFBFSPTTØJTEVSBOUFBEFTUSVJ
ÎÍPEFVNBDVMUVSBRVFTFTVQVOIBTFSEF1T$FQBDJBFNGSBTDP
BCFSUPBUSBWÏTEFPOEBTTPOPSBTEFBMUBGSFRàÐODJB
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3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ&TUFBHFOUFQPEFFTUBSQSFTFOUFOP
FTDBSSPOPTBOHVFOPTFYTVEBUPTEFVNGFSJNFOUPFFNWÈSJPT
UFDJEPTEFQFOEFOEPEPMPDBMEBJOGFDÎÍP0DPOUBUPEJSFUPDPN
DVMUVSBTFNBUFSJBJTJOGFDDJPTPTEFIPNFOTBOJNBJTPVEPNFJP
BNCJFOUFBJOHFTUÍPBBVUPJOPDVMBÎÍPFBFYQPTJÎÍPBPTBFSPT
TØJTFQFSEJHPUPTJOGFDDJPTPTTÍPDPOTJEFSBEPTDPNPSJTDPTQSJNÈ
SJPTEFVNMBCPSBUØSJP0BHFOUFUFNTJEPFODPOUSBEPFNTBOHVF
FTDBSSPFNBUFSJBJTEFBCTDFTTPFQPEFFTUBSQSFTFOUFFNBNPT
USBTEFTPMPFEFÈHVBEFÈSFBTFOEÐNJDBT
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPSF
DPNFOEBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNMÓRVJEPTDPS
QPSBJTUFDJEPTFDVMUVSBTSFDPOIFDJEBNFOUFPVQPUFODJBMNFOUF
JOGFDDJPTBT%FWFTFVTBSMVWBTBPNBOVTFBSBOJNBJTJOGFDUBEPT
EVSBOUFBOFDSPQTJBFRVBOEPFYJTUJSBQPTTJCJMJEBEFEFDPOUBUP
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UFOÎÍPQSJNÈSJBFBTQSFDBVÎÜFTQFTTPBJTBEJDJPOBJTDPNPBRVF
MBTEFTDSJUBTQBSBPOÓWFMEFCJPTTFHVSBOÎBQPEFNTFSJOEJDBEBT
QBSBBUJWJEBEFTDPNVNBMUPQPUFODJBMQBSBQSPEVÎÍPEFBFSPT
TØJTPVQFSEJHPUPTFQBSBBTBUJWJEBEFTFOWPMWFOEPRVBOUJEBEFT
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OÍPTFFODPOUSBNBUVBMNFOUFËEJTQPTJÎÍPQBSBPVTPFNIPNFOT
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ&OUSFFNDPOUBUPDPNP%FQBSU
NFOUPG$PNNFSDFQBSBVNBMJDFOÎBEFFYQPSUBÎÍPEPBHFOUF
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0$KFKVOJ$DPMJHBTUSPFOUFSJUJTSBSBNFOUFÏBDBVTBEFEPFOÎBT
BTTPDJBEBTBMBCPSBUØSJPFNCPSBBMHVOTDBTPTBERVJSJEPTFNMBCP
SBUØSJPUFOIBNTJEPEPDVNFOUBEPT
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NÏTUJDPTFTFMWBHFOTJODMVJOEPBWFTBOJNBJTEFFTUJNBÎÍPBOJ
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SFDPOIFDJEPTDPNPSFTFSWBUØSJPTFTÍPVNBGPOUFQPUFODJBMEFJO
GFDÎÍPQBSBBTQFTTPBTRVFDVJEBNEFTTFTBOJNBJTFRVFUSBCBMIBN
OPMBCPSBUØSJP"OJNBJTFYQFSJNFOUBMNFOUFJOGFDUBEPTUBNCÏN
TÍPVNBGPOUFQPUFODJBMEFJOGFDÎÍP
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3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ"TDBNQZMPCBDUFSTQBUPHÐOJDBTQP
EFNTFSFODPOUSBEBTFNBNPTUSBTGFDBJTFNHSBOEFOÞNFSP"
$GFUVTTVCTQGFUVTQPEFUBNCÏNFTUBSQSFTFOUFOPTBOHVFOPT
FYTVEBUPTEFBCTDFTTPTOPTUFDJEPTFOPFTDBSSP"JOHFTUÍPPV
JOPDVMBÎÍPQBSFOUFSBMEB$KFKVOJDPOTUJUVJPTSJTDPTQSJNÈSJPTEF
VNMBCPSBUØSJP"JOHFTUÍPPSBMEFNJDSPPSHBOJTNPTQSPWP
DPVVNBJOGFDÎÍPFNVNJOEJWÓEVP
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BPTBFSPTTØJTOÍPÏDPOIFDJEB
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTPTFRVJQBNFOUPT
EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPSF
DPNFOEBEPTQBSBBUJWJEBEFTRVFFOWPMWBNDVMUVSBTPVNBUFSJBJT
DMÓOJDPTQPUFODJBMNFOUFJOGFDDJPTPT"TQSÈUJDBTPTFRVJQBNFOUPT
EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBBOJNBM
TÍPSFDPNFOEBEPTQBSBBUJWJEBEFTDPNBOJNBJTFYQFSJNFOUBMPV
OBUVSBMNFOUFJOGFDUBEPT"TWBDJOBTBUVBMNFOUFOÍPTFFODPO
USBNËEJTQPTJÎÍPQBSBPVTPFNIVNBOPT
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ1BSBPCUFOÎÍPEFVNBMJDFOÎB
QBSBJNQPSUBÎÍPFOUSFFNDPOUBUPDPNP$%$
"HFOUFT$IMBNJEJBQTJUUBDJ$QOFVNPOJBF$USBDIPNBUJT
*OGFDÎÜFTDPNPBQTJUBDPTFUSBDPNBFPMJOGPHSBOVMPNBWFOÏ
SFPKÈGPSBNOPQBTTBEPBTJOGFDÎÜFTCBDUFSJBOBTNBJTDPNVOT
BTTPDJBEBTBMBCPSBUØSJP
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&NDBTPTSFMBUBEPTBOUFTEF
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BNBJPSJBEBTJOGFDÎÜFTEJBHOPTUJDBEBTFSBEFQTJUBDPTFRVFFSB
BEPFOÎBRVFBQSFTFOUBWBPNBJTBMUPÓOEJDFEFNPSUBMJEBEFEF
BHFOUFTJOGFDDJPTPTBERVJSJEPTFNMBCPSBUØSJP0DPOUBUPFBFY
QPTJÎÍPBPTBFSPTTØJTJOGFDDJPTPTBPNBOVTFBSDVJEBSPVSFBMJ[BS
OFDSPQTJBTFNBOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPT
TÍPBTNBJPSFTGPOUFTEFUSBOTNJTTÍPEBQTJUBDPTFBTTPDJBEBBMB
CPSBUØSJP3BUPTFPWPTJOGFDUBEPTTÍPGPOUFTNFOPTJNQPSUBOUFT
EP$QTJUUBDJ0TBOJNBJTEFMBCPSBUØSJPOÍPTÍPGPOUFTSFMBUBEBT
EFJOGFDÎÍPIVNBOBDPNP$USBDIPNBUJT
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QSFTFOUFOPTUFDJEPTOBTGF[FTOBTTFDSFÎÜFTOBTBJTFOPTBOHVF
EFQÈTTBSPTJOGFDUBEPTFOPTBOHVFOPFTDBSSPFOPTUFDJEPTEF
IPNFOTJOGFDUBEPT"$USBDIPNBUJTQPEFFTUBSQSFTFOUFOPTMÓ
RVJEPTHFOJUBJTCVMCBSFTFDPOKVOUJWBJTEFIPNFOTJOGFDUBEPT"
FYQPTJÎÍPBPTBFSPTTØJTFQFSEJHPUPTJOGFDDJPTPTQSPEV[JEPTEV
SBOUFPNBOVTFJPEFQÈTTBSPTFUFDJEPTJOGFDUBEPTÏPSJTDPQSJNÈ
SJPQBSBPTUSBCBMIBEPSFTEFVNMBCPSBUØSJPRVFUSBCBMIBNDPNB
CBDUÏSJBQTJUBDPTF+ÈPTSJTDPTQSJNÈSJPTFNVNMBCPSBUØSJPFN
SFMBÎÍPBP$USBDIPNBUJTTFFODPOUSBNOBJOPDVMBÎÍPQBSFOUFSBM
BDJEFOUBMFOBFYQPTJÎÍPEJSFUBPVJOEJSFUBEBTNFNCSBOBTNVDP
TBTEPTPMIPTEPOBSJ[FEBCPDBBPTMÓRVJEPTHFOJUBJTCVMCBSFTF
DPOKVOUJWBJTBPTNBUFSJBJTEFDVMUVSBTEFDÏMVMBTFBPTMÓRVJEPTEF
PWPTJOGFDUBEPT0TBFSPTTØJTJOGFDDJPTPTUBNCÏNQPEFNTFSVNB
GPOUFQPUFODJBMEFJOGFDÎÍP
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPPT
SFDPNFOEBEPTQBSBBUJWJEBEFTFOWPMWFOEPBOFDSPQTJBEFQÈTTB
SPTJOGFDUBEPTFOPEJBHOØTUJDPEFUFDJEPTPVEFDVMUVSBTDPOIF
DJEBTQPSDPOUFSFNPVFTUBSFNQPUFODJBMNFOUFJOGFDUBEBTDPNB
$QTJUUBDJPVB$USBDIPNBUJT1BSBSFEV[JSPSJTDPEFGPSNBÎÍPEF
BFSPTTØJTEFGF[FTFTFDSFÎÜFTOBTBJTJOGFDUBEBTDPOUJEBTOBTBTBT
FOBTTVQFSGÓDJFTFYUFSOBTEPQÈTTBSPPNFMIPSQSPDFEJNFOUPÏ
NPMIBSBTBTBTEPTQÈTTBSPTJOGFDUBEPTDPNVNEFUFSHFOUFEFTJO
GFUBOUFBOUFTEFSFBMJ[BSBOFDSPQTJB"TQSÈUJDBTPTFRVJQBNFO
UPTEFDPOUFOÎÍPBTJOTUBMBÎÜFTFBQSPUFÎÍPSFTQJSBUØSJBEPOÓWFM
EFCJPTTFHVSBOÎBBOJNBMTÍPPTQSPDFEJNFOUPTJOEJDBEPTQBSB
BTQFTTPBTRVFSFBMJ[BNUSBCBMIPTDPNQÈTTBSPTFOHBJPMBEPTOBUV
SBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPT3FDPNFOEBTFPVTPEFMV
WBTQBSBBOFDSPQTJBEPTQÈTTBSPTFSBUPTQBSBBBCFSUVSBEFPWPT
JOPDVMBEPTFRVBOEPIPVWFSBQPTTJCJMJEBEFEFDPOUBUPEJSFUPEB
QFMFDPNUFDJEPTJOGFDUBEPTMÓRVJEPCVMCBSFPVUSPTNBUFSJBJTDMÓ
OJDPT"TJOTUBMBÎÜFTFBTQSÈUJDBTEPOÓWFMEFCJPTTFHVSBOÎBTÍP
JOEJDBEBTQBSBBTBUJWJEBEFTDPNBMUPQPUFODJBMEFQSPEVÎÍPEF
QFSEJHPUPTPVBFSPTTØJTFQBSBBTBUJWJEBEFTFOWPMWFOEPHSBOEFT
RVBOUJEBEFTPVDPODFOUSBÎÜFTEFNBUFSJBJTJOGFDDJPTPT
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TFFODPOUSBNEJTQPOÓWFJTQBSBPVTPIVNBOP
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ÎÍPEPTBHFOUFTFOUSFFNDPOUBUPDPNP%FQBSUNFOUPG$PNNFSDF
"HFOUF$MPTUSJEJVNCPUVMJOVN
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TPCSFPCPUVMJTNPBTTPDJBEP
BPNBOVTFJPEPBHFOUFPVEBUPYJOBOPMBCPSBUØSJPPVOPUSBCBMIP
DPNBOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPTBTDPOTF
RàÐODJBTEFUBJTJOUPYJDBÎÜFTBJOEBTÍPDPOTJEFSBEBTCFNHSBWFT
0USBCBMIPDPNDVMUVSBTEF$CPUVMJOVNSFRVFSDPOTJEFSBÎÜFTFT
QFDJBJTEFTFHVSBOÎBEFWJEPBPVTPQPUFODJBMEFTTBTDVMUVSBTOP
UFSSPSJTNPCJPMØHJDP
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0$CPUVMJOVNPVBTVBUPYJOBQPEF
FTUBSQSFTFOUFFNVNBWBSJFEBEFEFQSPEVUPTBMJNFOUÓDJPTFN
NBUFSJBJTDMÓOJDPTTPSPGF[FTFBNPTUSBTEPNFJPBNCJFOUFTPMP
ÈHVBEFTVQFSGÓDJF"FYQPTJÎÍPËUPYJOBEP$CPUVMJOVNÏDPOTJEF
SBEBPSJTDPMBCPSBUPSJBMQSJNÈSJP&TTBUPYJOBQPEFTFSBCTPSWJEB
BQØTJOHFTUÍPPVDPOUBUPQPTUFSJPSDPNBQFMFPVDPNBTNFNCSB
OBTNVDPTBTJODMVJOEPPUSBUPSFTQJSBUØSJP"JOPDVMBÎÍPQBSFO
UFSBMBDJEFOUBMUBNCÏNSFQSFTFOUBVNBTJHOJmDBUJWBFYQPTJÎÍPË
UPYJOB0DSFTDJNFOUPEBTDVMUVSBTFNDBMEPTRVBOEPTPCØUJNB
QSPEVÎÍPEFUPYJOBQPEFDPOUFSVNB%-
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPPT
JOEJDBEPTQBSBUPEBTBTBUJWJEBEFTDPNNBUFSJBJTDPOIFDJEPTQPS
DPOUFSPVQPUFODJBMNFOUFDPOUFSBUPYJOB6NUPYØJEFQFOUBWB
MFOUFEPCPUVMJTNP"#$%&FODPOUSBTFEJTQPOÓWFMQPSNFJPEPT
$FOUFSTGPS%JTFBTF$POUSPMBOE1SFWFOUJPODPNPVNBOPWBESPHB
EFQFTRVJTB*/%&TTFUPYØJEFÏJOEJDBEPQBSBBTQFTTPBTRVF
USBCBMIBNDPNDVMUVSBTEF$CPUVMJOVNPVDPNTVBTUPYJOBT4P
MVÎÜFTEFIJQPDMPSJUPEFTØEJPPVEFIJESØYJEPEFTØEJP
/JOBUJWBNBUPYJOBQSPOUBNFOUFFTÍPSFDPNFOEBEBTQBSB
BEFTDPOUBNJOBÎÍPEBTTVQFSGÓDJFTEFUSBCBMIPFEFQFSEJHPUPTEF
DVMUVSBTPVEFUPYJOBT$VJEBEPTQFTTPBJTFDPOUFOÎÍPQSJNÈSJB
BEJDJPOBMDPNPPTSFDPNFOEBEPTQBSBPOÓWFMEFCJPTTFHVSBOÎB
TÍPJOEJDBEPTQBSBBTBUJWJEBEFTDPNVNBMUPQPUFODJBMQBSBBQSP
EVÎÍPEFBFSPTTØJTPVQFSEJHPUPTFQBSBBTBUJWJEBEFTFOWPMWFOEP
RVBOUJEBEFTHSBOEFTEFUPYJOBT"TQSÈUJDBTPTFRVJQBNFOUPTEF
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JOEJDBEPTQBSBFTUVEPTEFEJBHOØTUJDPTFUJUVMBÎÍPEBUPYJOB
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TJHOJmDBOUFDJODPJODJEFOUFTSFMBDJPOBEPTËFYQPTJÎÍPEPQFTTPBM
EVSBOUFBNBOJQVMBÎÍPEBUPYJOBGPSBNSFMBUBEPT
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3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ"JOPDVMBÎÍPQBSFOUFSBMBDJEFOUBMF
BJOHFTUÍPEBUPYJOBTÍPDPOTJEFSBEBTDPNPSJTDPQSJNÈSJPQBSBB
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BCTPSWJEBBUSBWÏTEBTNFNCSBOBTNVDPTBTPTSJTDPTBTTPDJBEPT
BPTBFSPTTØJTFQFSEJHPUPTBJOEBQFSNBOFDFNEFTDPOIFDJEPT
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JOEJDBEPTQBSBBUJWJEBEFTFOWPMWFOEPBNBOJQVMBÎÍPEFDVMUVSBT
PVUPYJOBT&NCPSBPSJTDPEFUÏUBOPBTTPDJBEPBMBCPSBUØSJPTFKB
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UBEPSFTEFBOJNBJTFÏQPSUBOUPBMUBNFOUFSFDPNFOEBEB
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JOEJDBEPTQBSBUPEBTBTBUJWJEBEFTVUJMJ[BOEPNBUFSJBJTDMÓOJDPTPV
DVMUVSBTQPUFODJBMPVDPOIFDJEBNFOUFJOGFDUBEBT+ÈBTQSÈUJDBT
EPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍPJOEJDBEBTQBSBFTUVEPTRVF
VUJMJ[FNBOJNBJTEFMBCPSBUØSJPJOGFDUBEPT&NCPSBPSJTDPEBEJG
UFSJBBTTPDJBEPBMBCPSBUØSJPTFKBCBJYPBBENJOJTUSBÎÍPEFVNUP
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SJPSNFOUFSFEV[JSPSJTDPEFFYQPTJÎÜFTËUPYJOBFBUSBCBMIPTDPN
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DPMJUBNCÏNDIBNBEBEFDFQBTFOUFSPFNPSSÈHJDBTTÍPSJTDPT
DPNQSPWBEPTQBSBBTQFTTPBTRVFUSBCBMIBNFNMBCPSBUØSJPTOPT
&TUBEPT6OJEPTFFNPVUSPTMPDBJT
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NFOUFDSJBOÎBTFÏBSFTQPOTÈWFMQFMBNBJPSJBEBTNPSUFTBTTP
DJBEBTËTJOGFDÎÜFTDPNFTTFTPSHBOJTNPT0TBOJNBJTEPNÏTUJDPT
EFGB[FOEBTFNQBSUJDVMBSPTCPWJOPTTÍPSFTFSWBUØSJPTTJHOJm
DBUJWPTEPPSHBOJTNP1PSÏNPTQFRVFOPTBOJNBJTFYQFSJNFOUBM
NFOUFJOGFDUBEPTUBNCÏNTÍPGPOUFTEFJOGFDÎÜFTOPMBCPSBUØSJP
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ"&DPMJFOUFSPFNPSSÈHJDBÏHF
SBMNFOUFJTPMBEBOBTGF[FT6NBHSBOEFWBSJFEBEFEFBMJNFOUPT
DPOUBNJOBEPTDPNFTTFTBHFOUFTQPEFTFSWJSDPNPWFÓDVMPEF
USBOTNJTTÍPFJODMVJBDBSOFNPÓEBDSVBFPTQSPEVUPTEFMBUJDÓOJP
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPPT
JOEJDBEPTQBSBUPEBTBTBUJWJEBEFTVUJMJ[BOEPNBUFSJBJTDMÓOJDPT
PVDVMUVSBTDPOIFDJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTPT+ÈBT
QSÈUJDBTEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍPJOEJDBEBTQBSBBT
BUJWJEBEFTDPNBOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPT
"UVBMNFOUFBTWBDJOBTQBSBVTPFNIPNFOTOÍPTFFODPOUSBNË
EJTQPTJÎÍP0MFJUPSEFWFDPOTVMUBSBTSFDPNFOEBÎÜFTBUVBMJ[BEBT
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DPOUSBDFQBTFOUFSPFNPSSÈHJDBTEF&DPMJ
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CPSBUØSJPDPNVNFOUFSFMBUBEB
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OBTEFQFOEÐODJBTPOEFBQFTRVJTBEBUVMBSFNJBFTUBWBTFOEPSF
BMJ[BEB$BTPTPDBTJPOBJTUÐNTJEPSFMBDJPOBEPTBPUSBCBMIPDPN
BOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPTPVTFVTFDUP
QBSBTJUBT&NCPSBOÍPUFOIBNTJEPSFMBUBEPTFYJTUFNDBTPTRVF
PDPSSFSBNFNMBCPSBUØSJPT0USBCBMIPDPNDVMUVSBTEF'UVMBSFO
TJTSFRVFSVNBTFHVSBOÎBFTQFDJBMEFWJEPBPTFVQPUFODJBMVTPOP
UFSSPSJTNPCJPMØHJDP
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFFTUBSQSFTFOUFFN
FYTVEBUPTEFMFTÜFTOBTTFDSFÎÜFTSFTQJSBUØSJBTOPMÓRVJEPDFSF
CSPFTQJOIBMOPTBOHVFOBVSJOBOPTUFDJEPTEFBOJNBJTJOGFDUB
EPTFOPTMÓRVJEPTEFBSUSØQPEFTJOGFDUBEPT3FTVMUBSBNFNJO
GFDÎÍPPDPOUBUPEJSFUPEBQFMFPVEFNFNCSBOBTNVDPTBTDPN
NBUFSJBJTJOGFDDJPTPTBJOPDVMBÎÍPQBSFOUFSBMBDJEFOUBMFBJOHFT
UÍPFBFYQPTJÎÍPBPTBFSPTTØJTFQFSEJHPUPTJOGFDDJPTPT"JOGFD
ÎÍPUFNTJEPNBJTDPNVNFOUFBTTPDJBEBËTDVMUVSBTEPRVFBPT
NBUFSJBJTDMÓOJDPTFBOJNBJTJOGFDUBEPT"TEPTFTEFB
JOGFDDJPTBTQBSBIPNFOTTÍPEFBQSPYJNBEBNFOUFNJDSPPSHB
OJTNPTQFMBWJBSFTQJSBUØSJB
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EFDPOUFOÎÍPFBTEFQFOEÐODJBTEPOÓWFMEFCJPTTFHVSBOÎBTÍP
JOEJDBEPTQBSBBTBUJWJEBEFTDPNNBUFSJBJTDMÓOJDPTEFPSJHFNIV
NBOBPVBOJNBMDPOUFOEPPVQPUFODJBMNFOUFDPOUFOEP'SBODJTFMMB
UVMBSFOTJT+ÈBTQSÈUJDBTPTFRVJQBNFOUPTEFDPOUFOÎÍPFBTJOT
UBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBFEPOÓWFMEFCJPTTFHVSBOÎB
BOJNBMTÍPJOEJDBEPTSFTQFDUJWBNFOUFQBSBUPEBTBTNBOJQVMB
ÎÜFTEFDVMUVSBTFQBSBFTUVEPTEFBOJNBJTFYQFSJNFOUBJT
0ēĤĖģħĒšŝĠ"WBDJOBÎÍPDPOUSBB'UVMBSFOTJTFODPOUSBTFË
EJTQPTJÎÍPQBSBBQPQVMBÎÍPFEFWFTFSMFWBEBFNDPOTJEFSBÎÍPQF
MBTQFTTPBTRVFUSBCBMIBNDPNNBUFSJBJTJOGFDDJPTPTPVSPFEPSFT
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VNBEPFOÎBHÈTUSJDBBHVEB5BOUPBTJOGFDÎÜFTIVNBOBTBTTPDJB
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJOEJ
DBEPTQBSBBTBUJWJEBEFTDPNNBUFSJBJTDMÓOJDPTFDVMUVSBTDPOIFDJ
EBNFOUFPVQPUFODJBMNFOUFJOGFDUBEPTQFMPBHFOUF+ÈBTQSÈUJDBT
PTFRVJQBNFOUPTEFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTF
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EFNBNÓGFSPTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPTEVSBOUFP
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JOGFDÎÍP&NBOJNBJTDPNJOGFDÎÜFTSFOBJTDSÙOJDBTPBHFOUFÏFO
DPOUSBEPOBVSJOBFNOVNFSPTBTRVBOUJEBEFTQPSMPOHPTQFSÓPEPT
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VSJOBOPTBOHVFFOPTUFDJEPTEFBOJNBJTFIPNFOTJOGFDUBEPT"
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EPT3FDPNFOEBTFPVTPEFMVWBTQBSBPNBOVTFJPFBOFDSPQTJBEF
BOJNBJTJOGFDUBEPTFRVBOEPIPVWFSVNBQPTTJCJMJEBEFEFDPOUBUP
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DPOUSBPBHFOUFOÍPTFFODPOUSBNËEJTQPTJÎÍPQBSBVTPFNIPNFOT
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FRVJQFEPMBCPSBUØSJP0TCBDJMPTBFSØCJDPTHSBNQPTJUJWPTFOÍP
GPSNBEPSFTEFFTQPSPTTÍPIFNPMÓUJDPTFDBUBMBTFQPTJUJWPT
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VNBEPFOÎBTÏSJB+ÈBTNVMIFSFTHSÈWJEBTPTSFDÏNOBTDJEPTFBT
QFTTPBTDPNVNTJTUFNBJNVOPEFmDJFOUFGB[FNQBSUFEPHSVQP
EFSJTDPFBERVJSFNBGPSNBHSBWFEBEPFOÎB
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FODPOUSBEBOBTGF[FTOPMÓRVJEPDFSFCSPFTQJOIBMFOPTBOHVFBT
TJNDPNPFNBMJNFOUPTFNBUFSJBJTQSPWFOJFOUFTEPNFJPBN
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GFDUBEPTTÍPVNBGPOUFEFFYQPTJÎÍPQBSBPTUSBCBMIBEPSFTEF
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MIFSFTHSÈWJEBTPDPSSFNDPNNBJTGSFRàÐODJBOPUFSDFJSPTFNFT
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DPNBOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPT"UVBMNFO
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DPTQPUFODJBJTBTTPDJBEPTBPBHFOUFJODMVTJWFQBSBPGFUP
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"TJOGFDÎÜFTFYQFSJNFOUBJTTÍPQSPOUBNFOUFQSPEV[JEBTFN
DPCBJBTFPWPTEFHBMJOIBFNCSJPOÈSJPT
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UBNCÏNEFTFOWPMWFNBOUJDPSQPTNBTOÍPBEPFOÎBDMÓOJDBFO
RVBOUPRVFPTDBNVOEPOHPTTÍPSFTJTUFOUFTËFYQPTJÎÍPQBSFO
UFSBM&TUVEPTOÍPQVCMJDBEPTEPT$FOUFSTGPS%JTFBTF$POUSPMBOE
1SFWFOUJPONPTUSBNRVFBUSBOTNJTTÍPEFBOJNBJTQBSBBOJNBJT
OÍPBDPOUFDFFNVNBWBSJFEBEFEFFTQÏDJFTNBNÓGFSBTFBWÓDPMBT
FYQFSJNFOUBMNFOUFJOGFDUBEBT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFTFSFODPOUSBEPOP
MÓRVJEPQMFVSBMOPUFDJEPOPFTDBSSPFOBTGPOUFTEPNFJPBN
CJFOUFQPSFYFNQMPÈHVBEFUPSSF6NBWF[RVFPNPEPOBUVSBM
EFUSBOTNJTTÍPBQBSFOUFNFOUFÏWJBBÏSFBPNBJPSSJTDPQPUFODJBM
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EFPVUSPTNBUFSJBJTRVFDPOUFOIBNVNBHSBOEFDPODFOUSBÎÍPEF
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MJOPJOGFDUBEP
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJOEJ
DBEPTQBSBUPEBTBTBUJWJEBEFTFOWPMWFOEPPVTPPVBNBOJQVMBÎÍP
EFNBUFSJBJTDMÓOJDPTPVEFDVMUVSBTTBCJBNFOUFPVQPUFODJBMNFO
UFJOGFDDJPTBT+ÈBTQSÈUJDBTEPOÓWFMEFCJPTTFHVSBOÎBDPNEJT
QPTJUJWPTEFDPOUFOÎÍPQSJNÈSJPTFFRVJQBNFOUPTQPSFYFNQMP
DBCJOFTEFTFHVSBOÎBCJPMØHJDBDPODIBTEFTFHVSBOÎBFNDFOUSÓ
GVHBTTÍPVTBEBTQBSBBUJWJEBEFTRVFQPTTJWFMNFOUFQSPEV[FN
BFSPTTØJTQPUFODJBMNFOUFJOGFDDJPTPTFQBSBBTBUJWJEBEFTRVFFO
WPMWBNRVBOUJEBEFTEFQSPEVÎÍPEFNJDSPPSHBOJTNPT
0ēĤĖģħĒšŝĠ"UVBMNFOUFBTWBDJOBTQBSBVTPFNIPNFOT
OÍPTFFODPOUSBNËEJTQPTJÎÍP
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"HFOUF.ZDPCBDUFSJVNMFQSBF
"USBOTNJTTÍPQBSFOUFSBMBDJEFOUBMEBMFQSBEFIPNFOTQBSB
IPNFOTUFNTJEPSFMBUBEBBQØTBDPOUBNJOBÎÍPEFVNDJSVSHJÍP
QPSVNBQJDBEBBDJEFOUBMEFVNBBHVMIB
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MIBQBSBUBUVBHFNQSPWBWFMNFOUFDPOUBNJOBEB
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TPTSFMBUBEPTRVFUFOIBNTJEPQSPWPDBEPTQFMPUSBCBMIPFNVN
MBCPSBUØSJPFOWPMWFOEPCJØQTJBTPVPVUSPTNBUFSJBJTDMÓOJDPTEF
PSJHFNIVNBOBFBOJNBM&NCPSBBMFQSBRVFPDPSSBOBUVSBMNFO
UFFBTEPFOÎBTTFNFMIBOUFTËMFQSBUFOIBNTJEPSFMBUBEBTFNUB
UVT
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TFSWBUØSJPJNQPSUBOUFEBEPFOÎB
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFJOGFDDJPTPQPEFTFSFO
DPOUSBEPFNUFDJEPTFFYTVEBUPTEFMFTÜFTEFIPNFOTJOGFDUBEPTF
FNBOJNBJTOBUVSBMPVFYQFSJNFOUBMNFOUFJOGFDUBEPT0DPOUBUP
EJSFUPEBQFMFFEBTNFNCSBOBTNVDPTBTDPNNBUFSJBJTFJOPDV
MBÎÜFTQBSFOUFSBJTBDJEFOUBJTJOGFDDJPTBTÏDPOTJEFSBEPSJTDPQSJ
NÈSJPEFVNMBCPSBUØSJPBTTPDJBEPDPNPNBOVTFJPEFNBUFSJBJT
DMÓOJDPTJOGFDDJPTPT
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJOEJ
DBEPTQBSBUPEBTBTBUJWJEBEFTDPNNBUFSJBJTDMÓOJDPTTBCJEBNFO
UFPVQPUFODJBMNFOUFJOGFDDJPTPTEFIPNFOTFBOJNBJTJOGFDUBEPT
6NDVJEBEPFTQFDJBMEFWFTFSUPNBEPQBSBFWJUBSVNBJOPDVMBÎÍP
QBSFOUFSBMBDJEFOUBMDPNJOTUSVNFOUPTDPSUBOUFTDPOUBNJOBEPT
"TQSÈUJDBTPTFRVJQBNFOUPTEFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFM
EFCJPTTFHVSBOÎBBOJNBMTÍPJOEJDBEPTQBSBFTUVEPTBOJNBJTRVF
VUJMJ[FNSPFEPSFTUBUVTFQSJNBUBTOÍPIVNBOPT"UVBMNFOUFBT
WBDJOBTQBSBVTPFNIVNBOPTOÍPTFFODPOUSBNËEJTQPTJÎÍP
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"PCUFOÎÍPEFVNBMJDFOÎBQBSB
JNQPSUBÎÍPEPBHFOUFEFWFSÈTFSGFJUBKVOUPBP$%$
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CPWJTPV.MFQSBF
1JLFSFMBUPVDBTPTEFUVCFSDVMPTFOÍPQVMNPOBSRVFTFBDSF
EJUBWBFTUBSSFMBDJPOBEBBBDJEFOUFTPVJODJEFOUFTPDPSSJEPTOPMB
CPSBUØSJPPVOBTBMBEFBVUØQTJB
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FSBNQSPWPDBEBTQPSVNPVUSPUJQPEFNJDPCBDUÏSJBRVFOÍPB.
UVCFSDVMPTJTPVB.CPWJT6NOÞNFSPEFNJDPCBDUÏSJBTRVFTÍP
VCÓRVBTOBOBUVSF[BÏBTTPDJBEPDPNPVUSBTEPFOÎBTRVFOÍPBUV
CFSDVMPTFPVBMFQSBFNIPNFOTBOJNBJTEPNÏTUJDPTFTFMWBHFOT
&NSFMBÎÍPËTDBSBDUFSÓTUJDBTFTTFTPSHBOJTNPTTÍPJOGFDDJPTPT
NBTOÍPTÍPDPOUBHJPTPT+ÈDMJOJDBNFOUFBTEPFOÎBTBTTPDJBEBT
DPNBTJOGFDÎÜFTQPSFTTBTBUÓQJDBTCBDUÏSJBTQPEFNTFSEJWJEJEBT
FNHFSBMFNUSÐTDBUFHPSJBT
 %PFOÎBTTFNFMIBOUFTËUVCFSDVMPTFRVFQPEFNFTUBS
BTTPDJBEBTDPNBJOGFDÎÍPQFMPDPNQMFYP.LBOTBTJJ.
BWJVNFSBSBNFOUFQFMP.YFOPQJ.NBMNPFOTF.BTJB
UJDVN.TJNJBFF.T[VMHBJ
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DPNQMFYP.TDSPGVMBDFVN.BWJVNFSBSBNFOUFQFMP.
GPSUVJUVNF.LBOTBTJJ
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VMDFSBOT.NBSJOVN.GPSUVJUVNF.DIFMPOFJ
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OPFTDBSSPOPTFYTVEBUPTEFMFTÜFTOPTUFDJEPTFFNBNPTUSBTEP
NFJPBNCJFOUFQPSFYFNQMPTPMPFÈHVB0DPOUBUPEJSFUPEB
QFMFPVEBNFNCSBOBNVDPTBDPNNBUFSJBJTJOGFDDJPTPTBJOHFT
UÍPFBJOPDVMBÎÍPQBSFOUFSBMBDJEFOUBMTÍPSJTDPTQSJNÈSJPTMBCP
SBUPSJBJTBTTPDJBEPTBPTNBUFSJBJTDMÓOJDPTFËTDVMUVSBT6NSJTDP
EFJOGFDÎÍPQPUFODJBMBPTUSBCBMIBEPSFTEFMBCPSBUØSJPÏUBNCÏN
PGFSFDJEPQFMPTBFSPTTØJTJOGFDDJPTPTDSJBEPTEVSBOUFBNBOJQVMB
ÎÍPEPDBMEPEFDVMUVSBTPVIPNPHFOFJ[BÎÍPEFUFDJEPTDPOUFOEP
FTTFTPSHBOJTNPTBTTPDJBEPTËEPFOÎBQVMNPOBS
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
EJDBEPTQBSBBUJWJEBEFTDPNNBUFSJBJTDMÓOJDPTFDVMUVSBTEF.ZDP
CBDUFSJVNTQQDPNFYDFÎÍPEPTUJQPT.UVCFSDVMPTJTPV.CPWJT
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WFMEFCJPTTFHVSBOÎBBOJNBMTÍPJOEJDBEPTQBSBFTUVEPTBOJNBJT
DPNBNJDPCBDUÏSJBRVFOÍPB.UVCFSDVMPTJT.CPWJTPV.MFQSBF
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EJTQPOÓWFJT
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JNQPSUBÎÍPEPBHFOUFEFWFSÈTFSGFJUBKVOUPBP$%$
"HFOUF.ZDPCBDUFSJVNUVCFSDVMPTJT.CPWJT
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DMVJOEPB#$(TÍPVNSJTDPDPNQSPWBEPBPTUSBCBMIBEPSFTEF
MBCPSBUØSJPBTTJNDPNPQBSBPVUSBTQFTTPBTRVFQPEFNFTUBS
FYQPTUBTBPTBFSPTTØJTJOGFDDJPTPTOPMBCPSBUØSJP
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CFSDVMPTJTFNMBCPSBUØSJPUFNTJEPSFMBUBEBDPNPTFOEPUSÐTWF[FT
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UBTOÍPIVNBOPTJOGFDUBEPTOBUVSBMPVFYQFSJNFOUBMNFOUFTÍP
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DFEFDPOWFSTÍPBOVBMEFUVCFSDVMJOBFNQFTTPBTRVFUSBCBMIBN
DPNQSJNBUBTOÍPIVNBOPTJOGFDUBEPTÏEFBQSPYJNBEBNFOUF
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QVMBÎÍPFNHFSBM
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TFSFODPOUSBEPTOPFTDBSSPOPTMÓRVJEPTEFMBWBHFNHÈTUSJDBOP
MÓRVJEPDFSFCSPFTQJOIBMOBVSJOBFOBTMFTÜFTFNWÈSJPTUFDJEPT
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TPCSFWJWFSFNFTGSFHBÎPTmYBEPTDPNPDBMPS
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
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[BNBFSPTTØJTDPNPBQSFQBSBÎÍPEFFTGSFHBÎPTÈDJEPSFTJTUFOUFT
5PEBTBTBUJWJEBEFTRVFGPSNFNBFSPTTØJTEFWFSÍPTFSDPOEV[JEBT
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VNCJDPEF#VOTFO"MJRVJEJmDBÎÍPPVBDPODFOUSBÎÍPEPFTDBSSP
QBSBBDPMPSBÎÍPÈDJEPSFTJTUFOUFQPEFUBNCÏNTFSDPOEV[JEBEF
GPSNBTFHVSBFNVNBCBODBEBBCFSUBUSBUBOEPQSJNFJSBNFOUFB
BNPTUSBFNVNBDBCJOFEFTFHVSBOÎBDMBTTF*PV**DPNVNJHVBM
WPMVNFEFTPMVÎÍPEFIJQPDMPSJUPEFTØEJPBCSBORVFBNFOUP
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SJBJTOBQSPQBHBÎÍPFOBNBOJQVMBÎÍPEFDVMUVSBTEF.UVCFSDVMP
TJTPV.CPWJTFQBSBFTUVEPTBOJNBJTRVFVUJMJ[FNQSJNBUBTOÍP
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DFEJNFOUPEFWJHJMÉODJB6NBWBDJOBEFWÓSVTWJWPBUFOVBEP#$(
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QBSBFRVJQFTEFMBCPSBUØSJP0MFJUPSEFWFDPOTVMUBSBTSFDPNFO
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MBUBEBTOPT&TUBEPT6OJEPT
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FYTVEBUPTDFSWJDBJTVSFUSBJTFDPOKVOUJWBJTOPMÓRVJEPTJOPWJBMOB
VSJOBOBTGF[FTFOPMÓRVJEPDFSFCSPFTQJOIBM"JOPDVMBÎÍPQBSFO
UFSBMBDJEFOUBMFPDPOUBUPEJSFUPPVJOEJSFUPEBNFNCSBOBNVDPTB
DPNNBUFSJBJTJOGFDDJPTPTTÍPPTSJTDPTQSJNÈSJPTMBCPSBUPSJBJTDP
OIFDJEPT"JNQPSUÉODJBEPTBFSPTTØJTOÍPGPJBJOEBEFUFSNJOBEB
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNPVTPPVBNBOJ
QVMBÎÍPEFNBUFSJBJTDMÓOJDPTPVEFDVMUVSBT3FDPNFOEBTFPVTP
EFMVWBTBPNBOJQVMBSBOJNBJTMBCPSBUPSJBJTJOGFDUBEPTFRVBOEP
IPVWFSBQPTTJCJMJEBEFEPDPOUBUPEJSFUPEBQFMFDPNPTNBUFSJBJT
JOGFDDJPTPT$VJEBEPTEFDPOUFOÎÍPQSJNÈSJBPVQFTTPBMDPNPBT
EFTDSJUBTQBSBPOÓWFMEFCJPTTFHVSBOÎBQPEFNTFSJOEJDBEPT
QBSBBQSPEVÎÍPEFQFSEJHPUPTPVBFSPTTØJTFQBSBBTBUJWJEBEFT
FOWPMWFOEPRVBOUJEBEFTEFQSPEVÎÍPPVDPODFOUSBÎÜFTEFNBUF
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FYTVEBUPTGBSJOHÓOFPTOPMÓRVJEPDFSFCSPFTQJOIBMOPTBOHVFFOB
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UFDJEPTFDVMUVSBTDPOIFDJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJP
TBT1SFDBVÎÜFTQFTTPBJTFEFDPOUFOÎÍPQSJNÈSJBBEJDJPOBMDPNP
BTEFTDSJUBTQBSBPOÓWFMEFCJPTTFHVSBOÎBQPEFNTFSJOEJDBEBT
QBSBBUJWJEBEFTDPNVNBMUPSJTDPQPUFODJBMQBSBGPSNBÎÍPEFQFS
EJHPUPTPVBFSPTTØJTFQBSBBTBUJWJEBEFTRVFFOWPMWBNRVBOUJEB
EFTEFQSPEVÎÍPPVDPODFOUSBÎÜFTEFNBUFSJBJTJOGFDDJPTPT
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NFOUFDPNNBUFSJBJTJOGFDDJPTPT0MFJUPSEFWFDPOTVMUBSBTBUVBJT
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USBCBMIBNFNMBCPSBUØSJPT
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NFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPTTÍPVNBGPOUFQPUFODJBM
EFJOGFDÎÍPQBSBGVODJPOÈSJPTEPMBCPSBUØSJPFQBSBPTRVFUSBUBN
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BOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPT"TWBDJ
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RVFFOWPMWBNRVBOUJEBEFTEFQSPEVÎÍPEFNJDSPPSHBOJTNPT
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PVUSPTSPFEPSFTFQSJNBUBTOÍPIVNBOPTFYQFSJNFOUBMNFOUFJO
GFDUBEPTUBNCÏNTÍPGPOUFTDPNQSPWBEBTEFJOGFDÎÍP
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFTFSFODPOUSBEPOBT
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NJDSPPSHBOJTNPT
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BPTBFSPTTØJTEPBHFOUF
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTPTFRVJQBNFOUPT
EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFVUJMJ[FNNBUFSJBJTDMÓOJDPTPV
DVMUVSBTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTBT+ÈBTQSÈUJ
DBTFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍPJOEJ
DBEBTQBSBBUJWJEBEFTDPNBOJNBJTJOGFDUBEPTFYQFSJNFOUBMNFOUF
PVOBUVSBMNFOUF"TWBDJOBTOÍPTFFODPOUSBNËEJTQPTJÎÍPOP
NFSDBEPQBSBVTPIVNBOP
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EBFRVJQFEFVNMBCPSBUØSJPRVFUSBCBMIBWBDPNVNBTVTQFOTÍP
DPODFOUSBEBEP5QBMMJEVNPCUJEPEFVNDPFMIPDPNPSRVJUFFY
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QPTTJWFMNFOUFPVUSBTBEBQUBEBTBDPFMIPTDPOTFSWBSBNTVBTWJ
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NBUFSJBJTDPMFUBEPTEFMFTÜFTDVUÉOFBTEFNFNCSBOBTNVDPTBT
QSJNÈSJBTFTFDVOEÈSJBTFOPTBOHVF"JOPDVMBÎÍPQBSFOUFSBMBDJ
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NBUFSJBJTJOGFDDJPTPTFQPTTJWFMNFOUFDPNBFSPTTØJTJOGFDDJPTPTTÍP
PTSJTDPTQSJNÈSJPTQBSBBTQFTTPBTRVFUSBCBMIBNFNMBCPSBUØSJP
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EFDPOUFOÎÍPFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
EJDBEPTQBSBUPEBTBTBUJWJEBEFTRVFFOWPMWBNPVTPPVBNBOJ
QVMBÎÍPEFTBOHVFPVNBUFSJBMEFMFTÜFTEFIPNFOTPVEFDPF
MIPTJOGFDUBEPT3FDPNFOEBTFPVTPEFMVWBTRVBOEPIPVWFSB
QPTTJCJMJEBEFEPDPOUBUPEJSFUPEBQFMFDPNPTNBUFSJBJTEBMFTÍP
0NPOJUPSBNFOUPTPSPMØHJDPQFSJØEJDPEFWFTFSDPOTJEFSBEPQBSB
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QBSBBUJWJEBEFTDPNBOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUF
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EFWFSÈTFSPCUJEPOP$%$BOUFTEPFOWJPPVSFDFCJNFOUPEPBHFOUF
"HFOUF$SZQUPDPDDVTOFPGPSNBOT
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UPDPDDVTOFPGPSNBOTOBTNÍPTEFVNUSBCBMIBEPSEFMBCPSBUØSJP
PDPSSFVEVSBOUFBJOKFÎÍPPVBOFDSPQTJBEFBOJNBJTEFMBCPSBUØ
SJPT
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.BTOÍPIPVWFBGPSNBÎÍPEFVNHSBOVMPNBMPDBMFOFN
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VNBMFTÍPTVHFSJOEPVNBCBJYBQBUPHFOJDJEBEFQPSFTUBWJB"T
JOGFDÎÜFTSFTQJSBUØSJBTDPNPDPOTFRàÐODJBEFFYQPTJÎÍPMBCPSBUP
SJBMBJOEBOÍPGPSBNSFHJTUSBEBT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ"JOPDVMBÎÍPQBSFOUFSBMBDJEFOUBM
EFDVMUVSBTPVEFPVUSPTNBUFSJBJTJOGFDDJPTPTSFQSFTFOUBVNSJTDP
QPUFODJBMQBSBBFRVJQFMBCPSBUPSJBMQBSUJDVMBSNFOUFËRVFMFTRVF
QPTTBNFTUBSJNVOPEFQSJNJEPT.PSEJEBTEFDBNVOEPOHPTFYQF
SJNFOUBMNFOUFJOGFDUBEPTFBTNBOJQVMBÎÜFTEFNBUFSJBJTEPNFJP
BNCJFOUFJOGFDDJPTPQPSFYFNQMPFYDSFNFOUPTEFQPNCPTUBN
CÏNSFQSFTFOUBNVNSJTDPQSJNÈSJPBPQFTTPBMEPMBCPSBUØSJP
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBFEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍP
JOEJDBEBTSFTQFDUJWBNFOUFQBSBBUJWJEBEFTDPNNBUFSJBJTDMÓOJ
DPTBNCJFOUBJTPVEFDVMUVSBTTBCJEBNFOUFPVQPUFODJBMNFOUFJO
GFDDJPTBTFBJOEBDPNBOJNBJTJOGFDUBEPTFYQFSJNFOUBMNFOUF
0QSPDFTTBNFOUPEPTPMPPVEFPVUSPTNBUFSJBJTEPNFJPBN
CJFOUFRVFDPOUFOIBPVRVFQPUFODJBMNFOUFDPOUFOIBDÏMVMBTJO
GFDDJPTBTTFNFMIBOUFTËMFWFEVSBEFWFSÈTFSDPOEV[JEPFNDBCJOFT
EFTFHVSBOÎBCJPMØHJDBTDMBTTF*PV**&TTBQSFDBVÎÍPUBNCÏNÏ
JOEJDBEBQBSBBDVMUVSBEPFTUBEPQFSGFJUPPVTFYVBMEPBHFOUF
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEP
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
"HFOUF)JTUPQMBTNBDBQTVMBUVN
"IJTUPQMBTNPTFBTTPDJBEBBMBCPSBUØSJPÏVNSJTDPDPNQSPWB
EPFNJOTUBMBÎÜFTPOEFTÍPDPOEV[JEPTUSBCBMIPTEFJOWFTUJHBÎÍP
PVEFEJBHOØTUJDPT

"TJOGFDÎÜFTQVMNPOBSFTTÍPSFTVMUBO
UFTEFDVMUVSBTRVFGPSNBNGVOHPT
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+ÈVNBQFSGVSBÎÍPOBQFMF
EVSBOUFVNBBVUØQTJBEFVNJOEJWÓEVPJOGFDUBEP
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FVNBJOPDV
MBÎÍPQBSFOUFSBMBDJEFOUBMEFVNBDVMUVSBWJÈWFM
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QSPWPDBNVNB
JOGFDÎÍPMPDBM"DPMFUBFPQSPDFTTBNFOUPEFBNPTUSBTEFTPMPSF
UJSBEBTEFÈSFBTFOEÐNJDBTUÐNQSPWPDBEPJOGFDÎÜFTQVMNPOBSFT
FNUSBCBMIBEPSFTEFMBCPSBUØSJP0TFTQPSPTFODBQTVMBEPTTÍP
SFTJTUFOUFTËTFDBHFNFQPEFNQFSNBOFDFSWJÈWFJTEVSBOUFMPO
HPTQFSÓPEPTEFUFNQP0QFRVFOPUBNBOIPEPDPOÓEJPJOGFDDJPTP
NFOPTRVFNÓDSPOTQPTTJCJMJUBTVBEJTQFSTÍPOPBSFBSFUFO
ÎÍPJOUSBQVMNPOBS'VSDPMPXSFMBUPVRVFFNDBNVOEPOHPTFT
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QPSPTGPSBNRVBTFRVFUÍPJOGFDDJPTPTRVBOUPVNBEPTFMFUBMEF
BFTQPSPT
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3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0FTUÈHJPJOGFDDJPTPEFTTFGVOHP
EJNØSmDPDPOÓEJPFTUÈQSFTFOUFOBTDVMUVSBTEFGPSNBTFTQPSV
MBEBTFOPTPMPEFÈSFBTFOEÐNJDBT"GPSNBEFMFWFEVSBFNUFDJ
EPTPVMÓRVJEPTEFBOJNBJTJOGFDUBEPTQPEFQSPEV[JSVNBJOGFDÎÍP
MPDBMBQØTVNBJOPDVMBÎÍPQBSFOUFSBM"TQSÈUJDBTFBTJOTUBMBÎÜFT
EPOÓWFMEFCJPTTFHVSBOÎBFEPOÓWFMEFCJPTTFHVSBOÎBBOJNBM
TÍPJOEJDBEBTQBSBPNBOVTFJPFPQSPDFTTBNFOUPEFNBUFSJBJTDMÓ
OJDPTJEFOUJmDBÎÍPEFTVCTUÉODJBTJTPMBEBTUFDJEPTBOJNBJTFDVM
UVSBTGÞOHJDBTJEFOUJmDBÎÍPEFDVMUVSBTOBSPUJOBEFMBCPSBUØSJPT
EFEJBHOØTUJDPTFQBSBFTUVEPTBOJNBJTFYQFSJNFOUBJTRVBOEPB
WJBEPBHFOUFGPSQBSFOUFSBM
"TQSÈUJDBTFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍPJO
EJDBEBTQBSBSFQSPEVÎÍPFNBOJQVMBÎÍPEFDVMUVSBTKÈJEFOUJmDB
EBTDPNPEF)DBQTVMBUVNFQBSBPQSPDFTTBNFOUPEFTPMPPVEF
PVUSPTNBUFSJBJTBNCJFOUBJTDPOIFDJEPTQPSDPOUFSPVQPTTJWFM
NFOUFDPOUFSDPOÓEJPJOGFDDJPTP
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFTFSGFJUBKVOUPBP$%$
"HFOUF4QPSPUISJYTDIFODLJJ
04TDIFODLJJUFNDBVTBEPVNOÞNFSPFYQSFTTJWPEFJOGFDÎÜFT
MPDBJTOBQFMFFOPTPMIPTEFQFTTPBTRVFUSBCBMIBNFNMBCPSBUØ
SJPT

"NBJPSJBEPTDBTPTFTUÈBTTPDJBEBBBDJEFOUFTRVFPDPS
SFNDPNCPSSJGPTEPNBUFSJBMEFVNBDVMUVSBEFOUSPEPPMIP

BSSBOIÍP

PVNPSEJEBEFVNBOJNBMJOGFDUBEP

PVBPJOKFUBS

NBUFSJBMJOGFDUBEPOBQFMF"TJOGFDÎÜFTEFSNBUPMØHJDBTTÍPDBV
TBEBTUBNCÏNQFMPNBOVTFJPEFDVMUVSBT

PVQPSOFDSPQTJBT
EFBOJNBJT

TFNRVFPDPSSBVNDPOIFDJEPFSSPUÏDOJDPOBIPSB
EPQSPDFEJNFOUP/ÍPIPVWFOFOIVNDBTPEFJOGFDÎÍPQVMNP
OBSSFTVMUBOUFEBFYQPTJÎÍPMBCPSBUPSJBMFNCPSBTFTVQPOIBRVF
BEPFOÎBQVMNPOBSUFOIBPDPSSJEPOBUVSBMNFOUFDPNPSFTVMUBEP
EFVNBJOBMBÎÍP
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBFEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍP
JOEJDBEBTQBSBUPEBTBTBUJWJEBEFTFNMBCPSBUØSJPFFNBUJWJEB
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2%,!ÜÄ/$/3!'%.4%3
EFTDPNFYQFSJNFOUBÎÍPBOJNBMDPN4TDIFODLJJ3FDPNFOEBTFP
VTPEFMVWBTBPNBOVTFBSBOJNBJTFYQFSJNFOUBMNFOUFJOGFDUBEPT
FEVSBOUFPQFSBÎÜFTDPNDVMUVSBTMÓRVJEBTDBMEPTRVFQPTTBNSF
TVMUBSFNVNBDPOUBNJOBÎÍPEBNÍP
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
"HFOUFT.FNCSPTQBUPHÐOJDPTEPTHÐOFSPT
&QJEFSNPQIZUPO.JDSPTQPSVNF5SZDIPQIZUPO
&NCPSBBTJOGFDÎÜFTEFQFMFDBCFMPFVOIBTQSPWPDBEBTQPS
FTTFTGVOHPTEFSNBUPGÓEJUFTFTUFKBNFOUSFBTJOGFDÎÜFTIVNBOBT
NBJTGSFRàFOUFTPQSPDFTTBNFOUPEPNBUFSJBMDMÓOJDPBJOEBOÍP
GPJBTTPDJBEPËTJOGFDÎÜFTMBCPSBUPSJBJT"TJOGFDÎÜFTSFMBUBEBTGP
SBNBERVJSJEBTQPSNFJPEFDPOUBUPTDPNBOJNBJTEFMBCPSBUØSJP
OBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFJOGFDUBEPTDBNVOEPOHPDP
CBJBTFUDFPDBTJPOBMNFOUFDPNPNBOVTFJPEFDVMUVSBT

1ĖģĚĘĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0TBHFOUFTQPEFNTFSFODPOUSB
EPTOBQFMFOPDBCFMPFOBTVOIBTEFIPTQFEFJSPTIVNBOPTFBOJ
NBJT0DPOUBUPDPNBOJNBJTEFMBCPSBUØSJPTJOGFDUBEPTRVFBQSF
TFOUFNJOGFDÎÜFTBQBSFOUFTPVOÍPÏDPOTJEFSBEPSJTDPQSJNÈSJP
QBSBBFRVJQFEPMBCPSBUØSJP"TDVMUVSBTFPTNBUFSJBJTDMÓOJDPT
OÍPTÍPVNBGPOUFJNQPSUBOUFEFJOGFDÎÍPIVNBOB
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBFEPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍP
JOEJDBEBTQBSBUPEBTBTBUJWJEBEFTFNMBCPSBUØSJPFFNBUJWJEBEFT
DPNFYQFSJNFOUBÎÍPBOJNBMDPNPTEFSNBUPmUÓEFT0TBOJNBJT
JOGFDUBEPTFYQFSJNFOUBMNFOUFEFWFNTFSNBOJQVMBEPTDPNMVWBT
EFTDBSUÈWFJT
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
"HFOUFT'VOHPTEJWFSTPT
7ÈSJPTGVOHPTUÐNQSPWPDBEPTÏSJBTJOGFDÎÜFTFNIPTQFEFJSPT
JNVOPDPNQFUFOUFTBQØTVNBQSPWÈWFMJOBMBÎÍPPVJOPDVMBÎÍPQB
SFOUFSBMBDJEFOUBMEFGPOUFTEPNFJPBNCJFOUF&TTFTBHFOUFTTÍP
PT1FOJDJMMJVNNBSOFĊFJ&YPQIJBMB8BOHJFMMBEFSNBUJUJEJT'POTFDB
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3%ÜÄ/6))
2%,!ÜÄ/$/3!'%.4%3
FBQFESPTPJ0DISPDPOJTHBMMPQBWVN$MBVEVQIJBMPQPSBCBOUJBOTF3B
NJDIMPSJTJVNNBDLFO[JFJN&NCPSBOFOIVNBJOGFDÎÍPDBVTBEBQPS
HSBOEFQBSUFEFTTFTBHFOUFTBTTPDJBEPTBMBCPSBUØSJPUFOIBTJEP
SFHJTUSBEBBHSBWJEBEFEFTTBQBUPMPHJBBERVJSJEBOBUVSBMNFOUFÏ
TVmDJFOUFQBSBTFBEPUBSDVJEBEPTFTQFDJBJTOPMBCPSBUØSJP01FOJ
DJMMJVNNBSOFĊFJDBVTPVVNBJOGFDÎÍPMPDBMQPSJOPDVMBÎÍPBDJEFOUBM
FNVNMBCPSBUPSJTUB
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PBHFOUFDBVTBEPSEBJOGFDÎÍPFNTFSFTIVNBOPTRVBOEPPGVOHP
PVGÙNJUFTDPOUJEPTOPNPGPTÍPJOBMBEPTFNCPSBBJOHFTUÍPEF
HSÍPTNPGBEPTRVFQPTTVÓBNPGVOHPUFOIBFOWFOFOBEPBOJNBJT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ"JOBMBÎÍPEFDPOÓEJPTFNDVMUVSBT
EFGVOHPTDPNFTQPSPTPVBJOKFÎÍPBDJEFOUBMOBQFMFEVSBOUFVN
QSPDFEJNFOUPEFJOGFDÎÍPEFBOJNBJTEFFYQFSJNFOUBÎÍPTÍPSJT
DPTUFØSJDPTBPTUSBCBMIBEPSFTEFVNMBCPSBUØSJP
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MBÎÍPEFDVMUVSBTDPOIFDJEBTQPSDPOUFSFNFTTFTBHFOUFT
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFWF
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5SZQBOPTPNBTQQFB-FJTINBOJBTQQBERVJSJEBTFNMBCPSBUØSJP
GPSBNSFMBUBEBT
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&NCPSBOFOIVNBJOGFDÎÍP
MBCPSBUPSJBMDPNB#BCFTJBTQQUFOIBTJEPSFMBUBEBVNJOEJWÓEVP
QPEFBERVJSJSVNBJOGFDÎÍPQPSNFJPEFVNBQJDBEBBDJEFOUBMDPN
BHVMIBPVQPSVNBQJDBEBEFVNDBSSBQBUPJOGFDUBEP
&NCPSBJOGFDÎÜFTBTTPDJBEBTBBOJNBJTEFMBCPSBUØSJPOÍPTF
KBNDPNVOTBNBMÈSJBUSBOTNJUJEBQFMPNPTRVJUPSFBMNFOUFPDPS
SF0VUSBTGPOUFTEJSFUBTQPUFODJBJTEFJOGFDÎÍPQBSBBFRVJQFEF
VNMBCPSBUØSJPJODMVFNPDPOUBUPDPNVNNBUFSJBMFYUSBÓEPEF
VNBMFTÍPEFSPFEPSFTRVFBQSFTFOUBNVNBMFJTINBOJPTFDVUÉOFB
FPDPOUBUPDPNGF[FTPVTBOHVFEFBOJNBJTFYQFSJNFOUBMNFOUF
PVOBUVSBMNFOUFJOGFDUBEPTDPN5DSV[J
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BHFOUFTQPEFNFTUBSQSFTFOUFTOPTBOHVFOBTGF[FTOPnVJEP
DFSFCSPFTQJOIBMOBNFEVMBØTTFBPVFNPVUSPTUFDJEPTEFCJØQ
TJBFYTVEBUPTEFMFTÍPFBSUSØQPEFTJOGFDUBEPT%FQFOEFOEPEP
QBSBTJUBPTSJTDPTQSJNÈSJPTMBCPSBUPSJBJTJODMVFNBJOHFTUÍPB
QFOFUSBÎÍPOBQFMFQPSNFJPEFGFSJNFOUPTPVNJDSPBCSBTÜFTB
JOPDVMBÎÍPQBSFOUFSBMBDJEFOUBMFBUSBOTNJTTÍPQPSWFUPSFTBSUSØ
QPEFT"FYQPTJÎÍPBPTBFSPTTØJTPVQFSEJHPUPTEFPSHBOJTNPTOBT
NFNCSBOBTNVDPTBTEPTPMIPTEPOBSJ[PVEBCPDBÏDPOTJEFSBEB
VNSJTDPQPUFODJBMRVBOEPPUSBCBMIPÏSFBMJ[BEPDPNDVMUVSBTEF
-FJTINBOJBTQQ5DSV[JPVDPNIPNPHFOFJ[BÎÍPEFDVMUVSBTPVEF
TBOHVFDPOUFOEPIFNPnBHFMBEPT0TJOEJWÓEVPTJNVOPDPNQSP
NFUJEPTEFWFNFWJUBSRVBMRVFSUSBCBMIPDPNFTTFTBHFOUFTWJWPT
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBBUJWJEBEFTDPNFTUÈ
HJPTJOGFDDJPTPTEPTQBSBTJUBTSFMBDJPOBEPT0TBSUSØQPEFTJOGFD
UBEPTEFWFNTFSNBOUJEPTFNEFQFOEÐODJBTRVFJNQFÎBNBFYQP
TJÎÍPEPQFTTPBMEPMBCPSBUØSJPPVBTBÓEBEPBSUSØQPEFQBSBGPSB
EPMPDBM"DPOUFOÎÍPQSJNÈSJBQPSFYFNQMPDBCJOFEFTFHVSBOÎB
CJPMØHJDBFBQSPUFÎÍPQFTTPBMQPSFYFNQMPQSPUFÎÍPGBDJBMQP
EFNTFSJOEJDBEBTRVBOEPPUSBCBMIPGPSSFBMJ[BEPDPNDVMUVSBTEF
-FJTINBOJBTQQ5DSV[JPVDPNBIPNPHFOFJ[BÎÍPEFUFDJEPTPV
EFTBOHVFDPOUFOEPIFNPnBHFMBEPT
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3FDPNFOEBTFPVTPEF
MVWBTQBSBBUJWJEBEFTOBTRVBJTFYJTUBBQPTTJCJMJEBEFEPDPOUBUP
EJSFUPEBQFMFDPNPTFTUÈHJPTJOGFDDJPTPTEPTQBSBTJUBTSFGFSJEPT
0USBUBNFOUPBQSPQSJBEPQBSBBNBJPSJBEBTJOGFDÎÜFTQSPWPDBEBT
QPSQSPUP[PÈSJPTFYJTUF"TJOGPSNBÎÜFTTPCSFEPTBHFNGPOUFEB
ESPHBFUDTFFODPOUSBNËEJTQPTJÎÍP
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5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
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(JBSEJBTQQ4BSDPDZTUJTTQQFP$SZQUPTQPSJEJVNTQQBTTPDJBEBTB
MBCPSBUØSJPGPSBNSFMBUBEBT
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UPSJBMDPNNJDSPTQPSÓEJPTGPJSFHJTUSBEBNBTBJOHFTUÍPEFFTQP
SPTFODPOUSBEPTOBTGF[FTOBVSJOBOPFTDBSSPOPnVJEPDFSFCSP
FTQJOIBMPVOBTDVMUVSBTQPEFQSPWPDBSVNBJOGFDÎÍP
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UÐNTJEPSFMBUBEBTFDPOTUJUVFNVNBGPOUFEJSFUBEFJOGFDÎÍPQBSB
BTQFTTPBTRVFUSBCBMIBNOFTTFTMPDBJTFFTUÍPFNDPOUBUPDPN
BTGF[FTEFBOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFJOGFDUB
EPT/PDBTPEFSPFEPSFTJOPDVMBEPTFYQFSJNFOUBMNFOUFDPNP
5PYPQMBTNBWJBJOUSBQFSJUPOFBMPDPOUBUPDPNPMÓRVJEPQFSJUPOFBM
QPEFQSPWPDBSVNBFYQPTJÎÍPBPTPSHBOJTNPTJOGFDDJPTPT
+ÈBTJOGFDÎÜFTDPNP$SZQUPTQPSJEJVNBERVJSJEBTFNMBCPSBUØ
SJPPDPSSFNDPNSFHVMBSJEBEFFNRVBTFUPEPTPTMBCPSBUØSJPTRVF
USBCBMIBNDPNFTTFBHFOUFFTQFDJBMNFOUFBRVFMFTOPTRVBJTPT
CF[FSSPTTÍPVTBEPTDPNPGPOUFEFPØDJUPT0VUSPTBOJNBJTJOGFD
UBEPTFYQFSJNFOUBMNFOUFUBNCÏNPGFSFDFNSJTDPTQPUFODJBJT"
FWJEÐODJBDJSDVOTUBODJBMTVHFSFRVFBUSBOTNJTTÍPBÏSFBEFPØDJUPT
EFTTFQFRVFOPPSHBOJTNPQPEFBDPOUFDFS6NBPCFEJÐODJBSJHP
SPTBBUPEBTFTTBTSFDPNFOEBÎÜFTSFEV[BPDPSSÐODJBEFJOGFDÎÜFT
OPTMBCPSBUØSJPTFFNUSBUBEPSFTEFBOJNBJT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0TFTUÈHJPTBUJWPTJOGFDDJPTPTQP
EFNTFSFODPOUSBEPTOBTGF[FTPVFNPVUSPTnVJEPTFUFDJEPTDPS
QPSBJT%FQFOEFOEPEPQBSBTJUBBJOHFTUÍPÏPSJTDPQSJNÈSJPMB
CPSBUPSJBM&NCPSBOÍPTFDPOIFÎBPOÓWFMEPSJTDPBTFYQPTJÎÜFT
EBTNFNCSBOBTNVDPTBTEPTPMIPTEPOBSJ[PVEBCPDBBPTBF
SPTTØJTPVQFSEJHPUPTEFUSPGP[PÓUBTQPEFNTFSSJTDPTQPUFODJBJT
RVBOEPFTUÍPTFOEPSFBMJ[BEPTUSBCBMIPTDPNDVMUVSBTEFBNFCBT
RVFWJWFNMJWSFNFOUFDPNPB/BFHMFSJBGPXMFSJ"DBOUIBNPFCBPV
B#BMBNVUIJB0TJOEJWÓEVPTJNVOPDPNQSPNFUJEPTEFWFNFWJUBS
PUSBCBMIPDPNPSHBOJTNPTWJWPT%FWJEPËTHSBWFTDPOTFRàÐODJBT
EBUPYPQMBTNPTFFNGFUPTFNEFTFOWPMWJNFOUPFFNNVMIFSFTTP
SPMPHJDBNFOUFOFHBUJWBTRVFQPEFNFOHSBWJEBSDBCFBPTVQFSWJ
TPSEPMBCPSBUØSJPJOGPSNBSFTTBTNVMIFSFTTPCSFPTSJTDPTQPUFO
DJBJTBPGFUP$BTPPTFNQSFHBEPTCFNJOGPSNBEPTTPCSFPTSJTDPT
TFSFDVTBSFNBmDBSFYQPTUPTBFTTFTBHFOUFTPMBCPSBUØSJPEFWFSÈ
EFTJHOBSPVUSBTBUJWJEBEFTFNVNBÈSFBEFUSBCBMIPPOEFPUPYP
QMBTNBOÍPFTUFKBTFOEPNBOJQVMBEP0USBCBMIPDPNPØDJUPTDPO
UBHJPTPTPGFSFDFVNSJTDPNBJPSEFTFBERVJSJSVNBJOGFDÎÍP"T
QJDBEBTEFBHVMIBTDPNNBUFSJBMDPOUFOEPUBRVJ[PÓUBTPVCSBEJ[P
ÓUBTBUSBWÏTEBNFNCSBOBNVDPTBPVEFBCSBTÜFTOBQFMFUBNCÏN
TÍPSJTDPTTJHOJmDBUJWPT"JOGFDÎÍPQPSUBRVJ[PÓUBTPVCSBEJ[PÓUBT
BUSBWÏTEBNFNCSBOBNVDPTBPVEFBCSBTÜFTEBQFMFUBNCÏNTÍP
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QPTTÓWFJT0TMBCPSBUØSJPTRVFDPOEV[FNFTUVEPTTPNFOUFDPN
NBUFSJBJTEFQBSBTJUBTNPSUPTPVJOBUJWBEPTFDPNGSBÎÜFTEFQB
SBTJUBTOÍPPGFSFDFNSJTDPTTJHOJmDBUJWPTEFJOGFDÎÍP
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBBUJWJEBEFTDPNFTUÈ
HJPTDPOUBHJPTPTEPTQBSBTJUBTDJUBEPT"DPOUFOÎÍPQSJNÈSJBQPS
FYFNQMPDBCJOFEFTFHVSBOÎBCJPMØHJDBFBQSPUFÎÍPQFTTPBMQPS
FYFNQMPQSPUFUPSGBDJBMQPEFNTFSJOEJDBEBTFNUSBCBMIPTFO
WPMWFOEPDVMUVSBTEF/BFHMFSJBGPXMFSJPV$SZQUPTQPSJEJVN0USB
UBNFOUPBQSPQSJBEPQBSBBNBJPSJBEBTJOGFDÎÜFTQSPWPDBEBTQPS
QSPUP[PÈSJPTKÈFYJTUF.BJTJOGPSNBÎÜFTTPCSFBEPTFFBGPOUF
EBTESPHBTFUDFTUÍPEJTQPOÓWFJT
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5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
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MBCPSBUØSJPUÐNTJEPSFMBUBEBT/FOIVNBJOGFDÎÍPFTUBWBEJSFUB
NFOUFBTTPDJBEBBPTBOJNBJTEFMBCPSBUØSJPDPNFYDFÎÍPEPTNP
MVTDPTJOGFDUBEPTRVFTÍPPTIPTQFEFJSPTJOUFSNFEJÈSJPT
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UPTPNBTQQDFSDÈSJBFEB'BTDJPMBTQQNFUBDFSDÈSJBQPEFNTFS
FODPOUSBEPTSFTQFDUJWBNFOUFOBÈHVBPVFODJTUBEPTFNQMBOUBT
EFBRVÈSJPTEFMBCPSBUØSJPTVTBEPTQBSBNBOUFSPTDBSBDØJTIPT
QFEFJSPT"QFOFUSBÎÍPEBTDFSDÈSJBTEPFTRVJTUPTTPNPOBQFMFF
BJOHFTUÍPEBNFUBDFSDÈSJBEFRVBMRVFSUSFNBUØEFPTÍPDPOTJEF
SBEBTSJTDPTQSJNÈSJPT"EJTTFDÎÍPFPFTNBHBNFOUPEFDBSBDØJT
JOGFDUBEPTQFMPFTRVJTUPTTPNPQPEFNUBNCÏNSFTVMUBSOBFYQP
TJÎÍPEBQFMFPVEBNFNCSBOBNVDPTBBPTUFDJEPTDPOUFOEPBT
DFSDÈSJBT"MÏNEJTTPBNFUBDFSDÈSJBQPEFTFSUSBOTGFSJEBJOBE
WFSUJEBNFOUFEBTNÍPTQBSBBCPDBQFMPTEFEPTPVQFMBTMVWBT
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MBCPSBUPSJBJTBP4DIJTUPTPNBTQQTVQPTUBNFOUFSFTVMUBSJBFNCBJ
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HBTTFHVSBTFFmDB[FTQBSBPUSBUBNFOUPEBFTRVJTUPTTPNPTFKÈTF
FODPOUSBNOPNFSDBEP
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OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBBUJWJEBEFTDPNPTFTUÈ
HJPTDPOUBHJPTPTEPTQBSBTJUBTDJUBEPT3FDPNFOEBTFPVTPEFMV
WBTRVBOEPIPVWFSVNDPOUBUPEJSFUPDPNÈHVBDPOUBNJOBEBQPS
DFSDÈSJBTPVWFHFUBÎÍPDPOUFOEPNFUBDFSDÈSJBEFDBSBDØJTJOGFDUB
EPTFYQFSJNFOUBMNFOUFPVOBUVSBMNFOUF+BMFDPTEFNBOHBTDPN
QSJEBTPVPVUSPUSBKFEFQSPUFÎÍPEFWFSÍPTFSVTBEPTRVBOEPFTUJ
WFSTFOEPSFBMJ[BEPVNUSBCBMIPBPSFEPSEPBRVÈSJPPVFNPVUSBT
GPOUFTEFÈHVBRVFQPTTBNDPOUFSDFSDÈSJBTEPFTRVJTUPTTPNP0T
DBSBDØJTFBTDFSDÈSJBTFODPOUSBEBTOBÈHVBQSPWFOJFOUFEPBRVÈ
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QPSFYFNQMPIJQPDMPSJUPJPEPPVQPSNFJPEPDBMPSBOUFTEFTF
SFNKPHBEPTOPFTHPUP0USBUBNFOUPBQSPQSJBEPQBSBHSBOEFQBS
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TPCSFBGPOUFEBTESPHBTFTPCSFBTEPTBHFOTFTUÍPEJTQPOÓWFJT
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BHFOUFEFWFTFSPCUJEBKVOUPBP$%$
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SFMBDJPOBEBBMBCPSBUØSJPUFOIBTJEPSFMBUBEBBTDPOTFRàÐODJBT
EFTTBTJOGFDÎÜFTBQØTBJOHFTUÍPEFPWPTJOGFDUBEPTQPS&HSBOV
MPTVTPV5TPMJVNTÍPQPUFODJBMNFOUFTÏSJBT")OBOBÏVNQBSB
TJUBDPTNPQPMJUBRVFOÍPSFRVFSVNIPTQFEFJSPJOUFSNFEJÈSJPFB
DPOUBNJOBÎÍPTFEÈEJSFUBNFOUFQFMBJOHFTUÍPEFGF[FTIVNBOBT
PVEFSPFEPSFTJOGFDUBEPT
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0TPWPTJOGFDUBEPTQPEFNTFSFO
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mOJUJWPEP&HSBOVMPTVTPVOBTGF[FTIVNBOBTPIPTQFEFJSPEF
mOJUJWPEB5TPMJVN"JOHFTUÍPEFPWPTJOGFDUBEPTEFTTBTGPOUFT
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EFDJTUPTEP&HSBOVMPTVTOÍPTÍPJOGFDDJPTPTQBSBPIPNFN+ÈPT
DJTUPTRVFDPOUÐNBMBSWBEB5TPMJVN$ZTUJDFSDVTDFMMVMPTBFQSPO
UBNFOUFQSPEV[FNBJOGFDÎÍPIVNBOBDPNBTPMJUÈSJBBEVMUB"JO
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EBTGF[FTEPIPTQFEFJSPEFmOJUJWPQPEFQPUFODJBMNFOUFSFTVMUBS
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[FTEPIPTQFEFJSPEFmOJUJWPQPEFDBVTBSVNBJOGFDÎÍPJOUFTUJOBM
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
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UÈHJPTDPOUBHJPTPTEFTTFTQBSBTJUBT%FWFTFEBSVNBBUFOÎÍPFT
QFDJBMËIJHJFOFQFTTPBMQPSFYFNQMPMBWBHFNEBTNÍPTFFWJUBS
BJOHFTUÍPEFPWPTJOGFDUBEPT3FDPNFOEBTFPVTPEFMVWBTRVBO
EPIPVWFSVNDPOUBUPEJSFUPDPNBTGF[FTPVDPNTVQFSGÓDJFTDPO
UBNJOBEBTQPSGF[FTGSFTDBTEFDÍFTJOGFDUBEPTQPS&HSBOVMPTVT
DPNIVNBOPTJOGFDUBEPTQFMB5TPMJVNBEVMUBPVDPNIVNBOPT
PVSPFEPSFTJOGFDUBEPTQFMB)OBOB0USBUBNFOUPBEFRVBEPQBSB
NVJUBTJOGFDÎÜFTDBVTBEBTQPSDFTUØJEFTFYJTUF*OGPSNBÎÜFTTPCSF
BGPOUFEBTESPHBTEBEPTBHFNFUDKÈTFFODPOUSBNEJTQPOÓWFJT
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BHFOUFEFWFTFSPCUJEBKVOUPBP$%$
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DPNQPOFOUFTBOUJHÐOJDPTEFOFNBUØJEFTQPSFYFNQMPBOUÓHFOPT
EF"TDBSJTOFCVMJ[BEPTQPEFNSFQSFTFOUBSVNSJTDPBPJOEJWÓEVP
TFOTÓWFM"TJOGFDÎÜFTBTTPDJBEBTBMBCPSBUØSJPJODMVJOEPBSUSØQP
EFTOÍPGPSBNSFHJTUSBEBTNBTBTMBSWBTDPOUBHJPTBTFODPOUSB
EBTOBTGF[FTEFQSJNBUBTOÍPIVNBOPTJOGFDUBEPTDPNP4USPO
HZMPJEFTTQQTÍPDPOTJEFSBEBTVNSJTDPQPUFODJBMEFJOGFDÎÍPQBSB
USBCBMIBEPSFTEFMBCPSBUØSJPFUSBUBEPSFTEFBOJNBJT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0TPWPTFBTMBSWBTEFGF[FTGSFTDBT
EPIPTQFEFJSPEFmOJUJWPOÍPTÍPHFSBMNFOUFJOGFDDJPTPTVNBWF[
RVFPEFTFOWPMWJNFOUPEPTFTUÈHJPTJOGFDDJPTPTQPEFMFWBSEFVN
EJBBUÏWÈSJBTTFNBOBT"5SJDIJOFMMBQSFPDVQBQPSRVFPUFDJEPGSFT
DPPVEJHFSJEPQPEFDPOUFSMBSWBTRVFTFSJBNJOGFDDJPTBTTFJOHFSJ
EBT"JOHFTUÍPEFPWPTJOGFDUBEPTFBQFOFUSBÎÍPEFMBSWBTJOGFDUB
EBTOBQFMFTÍPPTSJTDPTQSJNÈSJPTQBSBBTQFTTPBTRVFUSBCBMIBN
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DBTPTGBNJMJBSFTFFTQPSÈEJDPTFBTEPFOÎBTBERVJSJEBTQFMBDPO
UBNJOBÎÍPPDPSSJEBFNQSPDFEJNFOUPTNÏEJDPTPVQFMBJOHFTUÍP
EFBMJNFOUPTDPOUBNJOBEPTQPSQSÓPOTEFWFTFPCUFSPUFDJEPDF
SFCSBMOÍPmYBEP&NUPEPTPTDBTPTEFTVTQFJUBEFVNBEPFOÎB
QSJÙOJDBPNÓOJNPEFVNDFOUÓNFUSPDÞCJDPEFDØSUFYDFSFCSBM
OÍPmYBEPEFWFGB[FSQBSUFEBCJØQTJB"BNPTUSBEFWFTFSCJTTFD
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MVWBTTFNDPOUBNJOBÎÍPBTBDPMBDPOUFOEPBBNPTUSBEFWFSÈTFS
DPMPDBEBFNPVUSBTBDPMBQMÈTUJDBRVFOÍPQPTTVBVNBTVQFSGÓDJF
FYUFSJPSDPOUBNJOBEB"TBNPTUSBTFOUÍPEFWFSÍPTFSDPOHFMBEBT
FNHFMPTFDPPVDPMPDBEBTEJSFUBNFOUFFNVNGSFF[FSDPNUFNQF
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ÎÍPEFQFSGVSBÎÜFTOBQFMFGPSNBÎÍPEFBFSPTTØJTFDPOUBNJOBÎÍP
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FWJUBSBGPSNBÎÍPEFBFSPTTØJTPVQFSEJHPUPTEVSBOUFBNBOJQV
MBÎÍPEFUFDJEPTPVMÓRVJEPTFEVSBOUFBOFDSPQTJBEFBOJNBJTFY
QFSJNFOUBJT3FDPNFOEBTFUBNCÏNPVTPEFMVWBTQBSBBUJWJEB
EFTRVFQSPQJDJFNPDPOUBUPEJSFUPEBQFMFDPNUFDJEPTFMÓRVJEPT
JOGFDDJPTPT0TUFDJEPTmYBEPTFNGPSNBMEFÓEPTFFNCFCJEPTFN
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QBSBmOBFTQFDJBMNFOUFPTUFDJEPTDFSFCSBJTQFSNBOFDFNJOGFD
DJPTPT"MHVOTQFTRVJTBEPSFTSFDPNFOEBNRVFUFDJEPTEFDBTPT
TVTQFJUPTEFEPFOÎBTQSJÙOJDBTmYBEPTFNGPSNBMEFÓEPTTFKBN
JNFSTPTEVSBOUFNJOVUPTFNÈDJEPGØSNJDPBPVFNGF
OPMBOUFTEFTFSQSPDFTTBEPTIJTUPQBUPMPHJDBNFOUF
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NBTFTTF
USBUBNFOUPQPEFEJTUPSDFSBOFVSPQBUPMPHJBNJDSPTDØQJDB
.ĒğĦĤĖĚĠĖ1ģĠĔĖĤĤĒĞĖğĥĠĕĖ5ĖĔĚĕĠĤĕĖ1ĒĔĚĖğĥĖĤ
ĔĠĞ4ĦĤġĖĚĥĒĕĖ%ĠĖğšĒġĠģ1ģŧĠğĤ"TDBSBDUFSÓTUJDBTFT
QFDJBJTEPUSBCBMIPDPNQSÓPOTSFRVFSFNVNBBUFOÎÍPQBSUJDVMBS
DPNBTJOTUBMBÎÜFTPTFRVJQBNFOUPTBTOPSNBTFPTQSPDFEJNFO
UPTFOWPMWJEPT"TDPOTJEFSBÎÜFTSFMBDJPOBEBTTVCMJOIBEBTOBTTF
HVJOUFTMJTUBTEFWFNTFSJODPSQPSBEBTËBENJOJTUSBÎÍPEPTSJTDPT
MBCPSBUPSJBJTQBSBFTUFUSBCBMIP
-JTUB1SFDBVÎÜFTQBESÍPQBSBBVUØQTJBTEFQBDJFOUFTDPN
TVTQFJUBEFEPFOÎBQPSQSÓPOT
/ÍPDPOGVOEJSDPNiQSPDFEJNFOUPTQBESÍPVOJWFSTBJTw
 0BUFOEJNFOUPEFWFSÈTFSMJNJUBEPBVNQBUPMPHJTUBFY
QFSJFOUFFBVNBFRVJQFQFRVFOB0TNFNCSPTEBFRVJQF
EFWFSÍPFWJUBSPDPOUBUPEJSFUPDPNPDPSQPNBTEFWF
SÍPBTTJTUJSBPQSPDFEJNFOUPQPSNFJPEPNBOVTFJPEPT
JOTUSVNFOUPTFSFDJQJFOUFTEBBNPTUSB
 6NUSBKFQBESÍPQBSBBVUØQTJBÏPCSJHBUØSJP
B "PJOWÏTEFVNBWFOUBMEFUFDJEPEFWFTFVTBSVNB
SPVQBEFTDBSUÈWFMFËQSPWBEFÈHVB
C -VWBTSFTJTUFOUFTBDPSUFTFQFSGVSBÎÜFTEFWFSÍPTFS
DPMPDBEBTEFCBJYPEFEPJTQBSFTEFMVWBTDJSÞSHJDBT
PVMVWBTDIBJONBJMRVFEFWFSÍPTFSVTBEBTFOUSF
EPJTQBSFTEFMVWBTDJSÞSHJDBT
D 0TBFSPTTØJTTÍPGPSNBEPTQSJODJQBMNFOUFEVSBOUFB
BCFSUVSBEPDSÉOJPDPNVNBTFSSB4USZLFS6NBQSPUF
ÎÍPSFTQJSBUØSJBBEFRVBEBEFWFSÈTFSVUJMJ[BEB1"13
 1BSBSFEV[JSBDPOUBNJOBÎÍPEBTBMBEFBVUØQTJB
B "NFTBEFBVUØQTJBEFWFSÈTFSDPCFSUBDPNVNMFO
ÎPMEFTDBSUÈWFMDPNGVOEPQMÈTUJDPËQSPWBEÈHVB
C 0TJOTUSVNFOUPTDPOUBNJOBEPTEFWFSÍPTFSDPMPDB
EPTFNVNQBQFMBCTPSWFOUF
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D 0DÏSFCSPEFWFSÈTFSSFNPWJEPFORVBOUPBDBCFÎB
EFWFSÈTFSDPMPDBEBFNVNTBDPQMÈTUJDPQBSBBSFEV
ÎÍPEBOFCVMJ[BÎÍPFEFCPSSJGPT
E 0DÏSFCSPQPEFSÈTFSDPMPDBEPFNVNSFDJQJFOUFDPN
VNSFWFTUJNFOUPEFTBDPQMÈTUJDPQBSBQFTBHFN
F 0DÏSFCSPEFWFSÈTFSDPMPDBEPFNVNBUÈCVBEFDPS
UFFBTBNPTUSBTBEFRVBEBTTFSÍPEJTTFDBEBTQBSBP
DPOHFMBNFOUPJOTUBOUÉOFPWFKBBMJTUB
G 0DÏSFCSPPVPTØSHÍPTBTFSGJYBEPTEFWFSÍPTFS
JNFEJBUBNFOUFDPMPDBEPTFNVNSFDJQJFOUFDPNVN
UBNQÍPOFVUSPEFGPSNBMJOBB
H /BNBJPSJBEPTDBTPTEFTVTQFJUBEFEPFOÎBQSJÙOJ
DBBBVUØQTJBQPEFTFSMJNJUBEBTPNFOUFBPFYBNF
EPDÏSFCSP&NDBTPTRVFFYJKBNVNBBVUØQTJBDPN
QMFUBEFWFNPTDPOTJEFSBSPFYBNFFBBNPTUSBHFN
EPTØSHÍPTUPSÈDJDPTFBCEPNJOBJTJOTJUV
-JTUB1SPDFEJNFOUPTEFEFTDPOUBNJOBÎÍPEBTBMBEFBVUØQTJB
 0TJOTUSVNFOUPTHSBNQPTFBTMÉNJOBTEBTFSSBEFWF
SÍPTFSDPMPDBEPTFNVNBQMBDBHSBOEFEFBÎPJOPYJEÈWFM
RVFEFWFSÈTFSJNFSTBEVSBOUFVNBIPSBFNIJESØYJEPEF
TØEJPB/PVEVSBOUFEVBTIPSBTFNIJESØYJEPEFTØEJP
B/%FQPJTEFWFSÍPTFSCFNFOYBHVBEPTFNÈHVBBOUFT
EFTFSFNBVUPDMBWBEPTBVNBUFNQFSBUVSBEF$BV
UPDMBWFEFWBQPSDPNEFTMPDBNFOUPEFHSBWJEBEFQPS
IPSBBVUPDMBWFEFWBQPSQBSBDBSHBTQPSPTBTQPSVNDJDMP
EFNJOVUPTBMJCSBTQPSQPMFHBEBRVBESBEBPVTFJT
DJDMPTEFNJOVUPTBMJCSBTQPSQPMFHBEBRVBESBEB
 "TFSSB4USZLFSEFWFSÈTFSEFTDPOUBNJOBEBDPNSFQFUJEBT
VNJEJmDBÎÜFTDPNVNBTPMVÎÍPEFIJESØYJEPEFTØEJPB
/QPSVNQFSÓPEPEFVNIPSB6NBMBWBHFNBEFRVBEB
EFWFSÈTFSSFBMJ[BEBQBSBSFNPÎÍPEP/B0)SFTJEVBM
 0QBQFMBCTPSWFOUFRVFDPCSFBNFTBFFOWPMWFPTJOTUSV
NFOUPTBTSPVQBTEFTDBSUÈWFJTFUDEFWFSÍPTFSEVQMB
NFOUFFNCBMBEPTFNTBDPTBEFRVBEPTQBSBMJYPTJOGFD
DJPTPTQBSBQPTUFSJPSJODJOFSBÎÍP
 2VBJTRVFSÈSFBTTVTQFJUBTEFDPOUBNJOBÎÍPEBNFTBPV
EBTBMBEFBVUØQTJBEFWFSÍPTFSEFTDPOUBNJOBEBTQPSSF
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QFUJEPTCBOIPTEFVNBTPMVÎÍPEFIJESØYJEPEFTØEJPB
/EVSBOUFVNBIPSB
-JTUB1SPDFEJNFOUPTEFDPSUFEPDÏSFCSP
 "QØTBBEFRVBEBmYBÎÍPFNGPSNBMEFÓEPQFMPNFOPTEF
BEJBTPDÏSFCSPEFWFSÈTFSFYBNJOBEPFDPSUBEPTP
CSFVNBNFTBDPCFSUBDPNVNQBQFMBCTPSWFOUFRVFQPT
TVBBQBSUFEFUSÈTDPCFSUBQPSVNNBUFSJBMJNQFSNFÈWFM
 "TBNPTUSBTQBSBBIJTUPMPHJBEFWFSÍPTFSFUJRVFUBEBT
DPNPUFSNPi"TQSFDBVÎÜFTEB$+%w1BSBMBCPSBUØSJPT
RVFOÍPQPTTVBNFRVJQBNFOUPQBSBDPMPSBÎÍPFJNFSTÍP
PVVNNJDSØUPNPFYDMVTJWPQBSBEPFOÎBTJOGFDDJPTBT
JODMVJOEPB$+%CMPDPTEFUFDJEPmYBEPQFMBGPSNBMJOB
QPEFSÍPTFSDPMPDBEPTFNÈDJEPGØSNJDPBCTPMVUPB
EVSBOUFNJOVUPTTFHVJEPEFVNBTPMVÎÍPEFUBNQÍP
OFVUSPEFGPSNBMJOBBQPSQFMPNFOPTIPSBT
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0CMPDPEFUFDJEPTFSÈFOUÍPJNFSTPFNQBSBmOBDPNP
OPSNBMNFOUFÏSFBMJ[BEP"TUÏDOJDBTQBESÍPOFVSPJT
UPMØHJDBTPVJNVOPJTUPRVÓNJDBTOÍPTÍPBGFUBEBTQFMP
USBUBNFOUPDPNPÈDJEPGØSNJDP1PSÏNEFBDPSEPDPN
FYQFSJÐODJBTPTDPSUFTEFUFDJEPTTFUPSOBNRVFCSBEJÎPT
FEBOJmDBEPTEVSBOUFPTFDDJPOBNFOUP
 5PEPTPTJOTUSVNFOUPTFBTTVQFSGÓDJFTRVFUJWFSBNVN
DPOUBUPDPNPUFDJEPEFWFSÍPTFSEFTDPOUBNJOBEPTDPNP
EFTDSJUPOBMJTUB
 0TSFTÓEVPTEFUFDJEPTGSBHNFOUPTEFDPSUFTFBTPMVÎÍP
EFGPSNBMEFÓEPDPOUBNJOBEPEFWFSÍPTFSEFTDBSUBEPT
DPNPMJYPIPTQJUBMBSQBSBFWFOUVBMJODJOFSBÎÍP
-JTUB1SFQBSBÎÍPEPUFDJEP
 0TUÏDOJDPTEFIJTUPMPHJBEFWFSÍPVTBSMVWBTBWFOUBJT
KBMFDPTFQSPUFÎÍPGBDJBM
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FYFNQMPCJØQTJBTEFVNQBDJFOUFDPNTVTQFJUBEFEPFO
ÎBQSJÙOJDBEFWFSÈQBTTBSQPSVNBQØTmYBÎÍPFNÈDJEP
GØSNJDPBCTPMVUPBEVSBOUFNJOVUPTTFHVJEPEF
IPSBTFNGPSNBMJOBGSFTDBB
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MJYPEFMJUSPTDPOUFOEPNMEFIJESØYJEPEFTØEJPB/
 "TMVWBTPTNPMEFTJNFSTPTFUPEPTPTNBUFSJBJTEFNB
OJQVMBÎÍPEFWFSÍPTFSEFTDBSUBEPTDPNPMJYPEFQFSJHP
CJPMØHJDP
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QBSBQSFWFOJSBDPOUBNJOBÎÍPEPTQSPDFTTBEPSFTEFUFDJEP
 0TUFDJEPTEFWFSÍPTFSJNFSTPTFNVNNPMEFEFTDBSUÈ
WFM$BTPIBKBTVBVUJMJ[BÎÍPBTQJOÎBTEFWFSÍPTFSEFT
DPOUBNJOBEBT
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DPSUFTOÍPVTBEPTEFWFSÍPTFSDPMFUBEPTFEFTQSF[BEPT
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EFWFSÈTFSEFTDBSUBEBJNFEJBUBNFOUFFNVNSFDJQJFOUF
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FUJRVFUBEBTDPNPTEJ[FSFTi1SFDBVÎÜFTDPOUSB$%+w0
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DBEPTQBSBBUJWJEBEFTRVFVUJMJ[FNNBUFSJBJTDMÓOJDPTTBCJEBNFOUF
PVQPUFODJBMNFOUFJOGFDDJPTPTPVDVMUVSBTEFBHFOUFTWJSBJTOBUJ
WPTRVFFTUFKBNBTTPDJBEBTPVTFKBNJEFOUJmDBEBTDPNPQBUØHF
OPTQSJNÈSJPTEFEPFOÎBIVNBOB&NCPSBFYJTUBNQPVDBTFWJEÐO
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HJDBDPOTUJUVFNBCBSSFJSBCÈTJDBEFQSPUFÎÍPEPTUSBCBMIBEPSFT
QBSBFWJUBSBFYQPTJÎÍPBBFSPTTØJTJOGFDDJPTPT
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EBJOnVFO[BDPNPBHFOUFDBVTBEPSOÍPTÍPOPSNBMNFOUFEPDV
NFOUBEBTOBMJUFSBUVSB&OUSFUBOUPEFWFNTFDPOTJEFSBSEBEPT
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SBNJOUSPEV[JEBTFNVNMBCPSBUØSJPQBSBEJBHOØTUJDPPVQFTRVJ
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EFBOJNBJTDPOUBNJOBEPTFOBDMPBDBEFNVJUBTFTQÏDJFTEFBWFT
DPOUBNJOBEBT0WÓSVTQPEFTFSEJTTFNJOBEPFNNÞMUJQMPTØSHÍPT
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0SJTDPMBCPSBUPSJBMQSJNÈSJPÏBJOBMBÎÍPEPWÓSVTQFMBGPSNB
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OPTUSBOTNJTTÓWFJTDPNVNBOPWBDPNQPTJÎÍPBOUJHÐOJDB
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OPTBOHVFOPMÓRVJEPDFSFCSPFTQJOIBMOBVSJOBOBTTFDSFÎÜFTEB
OBTPGBSJOHFOBTGF[FTFOPTUFDJEPTEFIPTQFEFJSPTBOJNBJTDPO
UBNJOBEPTFQPTTJWFMNFOUFEPIPNFN"JOPDVMBÎÍPQBSFOUFSBM
BJOBMBÎÍPBDPOUBNJOBÎÍPEBTNFNCSBOBTNVDPTBTPVEFQFMFT
SBDIBEBTQPSUFDJEPTPVMÓRVJEPTDPOUBNJOBEPTEFBOJNBJTJO
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GFDUBEPTTÍPPTSJTDPTNBJTDPNVOT"USBOTNJTTÍPQPSBFSPTTØJT
UBNCÏNÏCFNEPDVNFOUBEB
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0WÓSVTQPEFPGFSFDFSVNSJTDPFT
QFDJBMEVSBOUFBHSBWJEF[EFWJEPËJOGFDÎÍPQPUFODJBMEPGFUP
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBBTBUJWJEBEFTRVFVUJMJ
[BNMÓRVJEPTDPSQPSBJTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTPT
FQBTTBHFNEFDVMUVSBDFMVMBSEFDFQBTEFDÏMVMBTDFSFCSBJTEFDB
NVOEPOHPBEBQUBEBTQBSBMBCPSBUØSJP"TQSÈUJDBTFBTJOTUBMBÎÜFT
EPOÓWFMEFCJPTTFHVSBOÎBBOJNBMTÍPBEFRVBEBTQBSBFTUVEPTFN
DBNVOEPOHPTBEVMUPTDPNDFQBTEFQBTTBHFNDFSFCSBJTEFSBUP
1PSÏNBDPOUFOÎÍPFBTQSFDBVÎÜFTJOEJWJEVBJTBEJDJPOBJTDPNP
BTEFTDSJUBTQBSBPOÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSB
BUJWJEBEFTRVFQPTTVBNVNBMUPQPUFODJBMQBSBBGPSNBÎÍPEFBF
SPTTØJTPVBUJWJEBEFTRVFFOWPMWBNRVBOUJEBEFTPVDPODFOUSBÎÜFT
EFQSPEVÎÍPEFNBUFSJBJTJOGFDDJPTPT&TTBTQSFDBVÎÜFTUBNCÏN
TÍPSFDPNFOEBEBTQBSBBNBOJQVMBÎÍPEFUVNPSFTDPOUBNJOBEPT
JOGFDUÈWFJTPJTPMBNFOUPEFDBNQPFPTNBUFSJBJTDMÓOJDPTEFDBTPT
IVNBOPT"TQSÈUJDBTFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎB
BOJNBMTÍPSFDPNFOEBEBTQBSBPUSBCBMIPDPNIBNTUFSTDPOUB
NJOBEPT"TWBDJOBTOÍPFTUÍPEJTQPOÓWFJTQBSBVTPFNIVNBOPT
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5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFTFSPCUJEBKVOUPBP$%$
"HFOUF1PMJPWÓSVT
"TJOGFDÎÜFTDPNPQPMJPWÓSVTBERVJSJEBTFNMBCPSBUØSJPTÍP
SBSBTFTFMJNJUBNËTQFTTPBTRVFUSBCBMIBNEJSFUBNFOUFDPNFTTF
WÓSVTFNMBCPSBUØSJPFOÍPTÍPWBDJOBEBT
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&YJTUFNOPNÓOJNP
DBTPTEPDVNFOUBEPTEFJOGFDÎÜFTQPSQPMJPWÓSVTBTTPDJBEPTBMBCP
SBUØSJPJODMVJOEPEVBTNPSUFTFOUSFF
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1PSÏNVNB
WF[RVF_EBTJOGFDÎÜFTDPNPQPMJPWÓSVTSFTVMUPVFNQBUPMP
HJBTFNVNBDPOmSNBÎÍPMBCPSBUPSJBMÏJNQPTTÓWFMFTUJNBSQSF
DJTBNFOUFPTOÞNFSPTEBTJOGFDÎÜFTBERVJSJEBTFNMBCPSBUØSJP
$PNWBDJOBTFJOTUBMBÎÜFTMBCPSBUPSJBJTFmDB[FTUFDOPMPHJBFQSP
DFEJNFOUPTÏCFNQPTTÓWFMRVFFTTBTJOGFDÎÜFTKÈTFKBNSBSBTFN
MBCPSBUØSJPT.BTTFPTUSBCBMIBEPSFTEFVNMBCPSBUØSJPTFDPO
UBNJOBSFNFMFTTFUPSOBSÍPVNBGPOUFEFWÓSVTQBSBBQPQVMBÎÍP
OÍPWBDJOBEB
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FOUSFUBOUPOÍPUÐNTJEPSFMBUBEBT
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OPTFYQFSJNFOUBMNFOUFPVOBUVSBMNFOUFDPOUBNJOBEPTQPEFSJBN
TFSVNBGPOUFEFJOGFDÎÍPTFFYQPTUPTËTQFTTPBTOÍPJNVOJ[BEBT
0TSBUPTUSBOTHÐOJDPTBQSFTFOUBNPSFDFQUPSIVNBOPQBSBPQPMJP
WÓSVTFQPEFNUBNCÏNTFSGPOUFTQPUFODJBJTEFJOGFDÎÍPIVNBOB
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ
&TTFBHFOUFFTUÈQSFTFOUFOBTGF[FT
FFNTFDSFÎÜFTEFHBSHBOUBEFQFTTPBTJOGFDUBEBT"JOHFTUÍPFB
JOPDVMBÎÍPQBSFOUFSBMEFUFDJEPTPVMÓRVJEPTJOGFDDJPTPTQPSUSBCB
MIBEPSFTOÍPJNVOJ[BEPTTÍPDPOTJEFSBEBTDPNPSJTDPQSJNÈSJPEF
JOGFDÎÍPFNMBCPSBUØSJPT"TFYQPTJÎÜFTMBCPSBUPSJBJTPGFSFDFNVN
SJTDPJOTJHOJmDBOUFQBSBBTQFTTPBTBEFRVBEBNFOUFJNVOJ[BEBT
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBUPEBTBTBUJWJEBEFT
RVFVUJMJ[BNMÓRVJEPTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJPTPT
FNBUFSJBJTDMÓOJDPTDPOUFOEPPVTVTQFJUPTEFDPOUFSDFQBTEPUJQP
TFMWBHFN5PEPTPTUSBCBMIBEPSFTEFMBCPSBUØSJPRVFUSBCBMIFN
EJSFUBNFOUFDPNPBHFOUFEFWFSÍPQPTTVJSVNBUFTUBEPEFWBDJ
OBÎÍPPVQSPWBTTPSPMØHJDBTEBJNVOJEBEFBUPEPTPTUSÐTUJQPTEF
QPMJPWÓSVT
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BOJNBMTÍPJOEJDBEBTQBSBFTUVEPTEFWÓSVTWJSVMFOUPTFNBOJ
NBJT"NFOPTRVFFYJTUBNGPSUFTSB[ÜFTDJFOUÓmDBTQBSBPUSBCB
MIPDPNQPMJPWÓSVTWJSVMFOUPTRVFGPSBNFSSBEJDBEPTEPT&TUBEPT
6OJEPTPTMBCPSBUØSJPTEFWFSÍPVTBSDFQBTEFWBDJOBPSBM4BCJO
EFQPMJPWÓSVTBUFOVBEP&TTBTOÍPPGFSFDFNSJTDPBMHVNËFRVJQF
JNVOJ[BEBEPTMBCPSBUØSJPT
"0SHBOJ[BÎÍP.VOEJBMEB4BÞEF8)0UFNQVCMJDBEPHVJBT
EPDVNFOUBEBT
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SFMBDJPOBEBTBPUSBCBMIPDPNPQPMJPWÓSVTTFMWB
HFN"QBSUJSEFPTMBCPSBUØSJPTRVFNBOJQVMBNPQPMJPWÓSVT
EFWFSÍPFTUBCFMFDFSVN/#FTQFDÓmDPQBSBQØMJPQBSBUPEPTPT
USBCBMIBEPSFTRVFNBOJQVMBNPVRVFGPSFNNBOJQVMBSPQPMJPWÓSVT
TFMWBHFN"T/#QBSBQØMJPTFHVFNPTSFRVJTJUPTEP/#USBEJ
DJPOBMRVBOUPBJOTUBMBÎÜFTQSÈUJDBTFQSPDFEJNFOUPTDPNPTTF
HVJOUFTBDSÏTDJNPTUPEPTPTFTUPRVFTEFQPMJPWÓSVTFNBUFSJBJT
QPUFODJBMNFOUFJOGFDDJPTPTTFSÍPEFTDBSUBEPTRVBOEPOÍPIPVWFS
NBJTBOFDFTTJEBEFEFSFUÐMPTQBSBBSFBMJ[BÎÍPEFQFTRVJTBTPV
EJBHOØTUJDPTUPEBTBTQFTTPBTRVFFOUSBSFNOPMBCPSBUØSJPEF
WFSÍPFTUBSDPNQMFUBNFOUFJNVOJ[BEBTDPOUSBPWÓSVTEBQØMJP
PBDFTTPBPMBCPSBUØSJPEFWFSÈTFSSFTUSJUPUPEPTPTQPMJPWÓSVT
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TFMWBHFOTSFUJEPTOPMBCPSBUØSJPEFWFSÍPTFSSFMBDJPOBEPTFBSNB
[FOBEPTFNVNBÈSFBTFQBSBEBFTFHVSBDPNBDFTTPMJNJUBEPTP
NFOUFPTWÓSVTRVFGPSFNQSPOUBNFOUFJEFOUJmDÈWFJTQPSNÏUPEPT
NPMFDVMBSFTTFSÍPVTBEPTTFBTDFQBTEFWÓSVTTFMWBHFOTPVFTUPRVFT
EFUSBCBMIPGPSFNOFDFTTÈSJPTFPEFTDBSUFEFQPMJPWÓSVTTFMWB
HFOTNBUFSJBJTJOGFDDJPTPTFNBUFSJBJTQPUFODJBMNFOUFJOGFDDJPTPT
EFWFSÈTFSGFJUPVUJMJ[BOEPBFTUFSJMJ[BÎÍPFPVBJODJOFSBÎÍP
5PEPTPTMBCPSBUØSJPTRVFEFTFKBSFNHVBSEBSNBUFSJBJTDPOUB
NJOBEPTQPSQPMJPWÓSVTTFMWBHFNPVQPUFODJBMNFOUFJOGFDDJPTPT
EFWFSÍPDPNFÎBSBJNQMFNFOUBÎÍPEPTQSPDFEJNFOUPTEFDPOUFO
ÎÍPEPOÓWFMEFCJPTTFHVSBOÎBQBSBQØMJPFGPSOFDFSBEPDVNFO
UBÎÍPOFDFTTÈSJBQBSBJNQMFNFOUBÎÍPBUÏPTFHVOEPBOP0TMBCP
SBUØSJPTRVFEFTFKBSFNTFSRVBMJmDBEPTDPNPVNBJOTUBMBÎÍPEF
/#QØMJPFRVJTFSFNSFUFSNBUFSJBJTDPOUBNJOBEPTQPSQPMJP
WÓSVTEFWFSÍPTFSSFMBDJPOBEPTOB"HFODZ*OTUJUVUJPOBMFOP/B
UJPOBM*OWFOUPSJFT+ÈPTRVFOÍPEFTFKBSFNBDPOWFSTÍPQBSBVNB
DPOUFOÎÍPEF/#FTQFDÓmDBQBSBBQØMJPEFWFSÍPEFTUSVJSUPEPTPT
NBUFSJBJTDPOUFOEPPQPMJPWÓSVTTFMWBHFNPVQPUFODJBMNFOUFJO
GFDDJPTPTDPNJODJOFSBÎÍPPVVTPEBBVUPDMBWF6NBPVUSBBMUFS
OBUJWBTFSJBPDPOUBUPDPNVNEFQØTJUPFTQFDÓmDPEFTJHOBEPQFMB
0SHBOJ[BÎÍPEF4BÞEF1ÞCMJDBQBSBDPOUFOÎÍPEFBHFOUFTEFVN
/#QØMJPRVFTFSÍPSFTQPOTÈWFJTQFMPUSBOTQPSUFFBSNB[FOB
NFOUPEPTNBUFSJBJTTFMFDJPOBEPT
2VBOEPBJNVOJ[BÎÍPQFMB017WBDJOBPSBMEFQPMJPWÓSVTWJWPT
UFSNJOBSUPEPPUSBCBMIPDPNPQPMJPWÓSVTTFMWBHFNmDBSÈSFTUSJUP
BMBCPSBUØSJPTEFDPOUFOÎÍPNÈYJNB/#&TTBEFWFSÈTFSFNMB
CPSBUØSJPTDBCJOFTPVMBCPSBUØSJPTEFSPVQBEFQSPUFÎÍPTFÎÍP***
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBBJNQPSUBÎÍPEFT
TFBHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
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OJBZBCBQPYUBOBCPYGPSBNSFMBUBEPT
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HJDBTTVHFSFNRVFBUSBOTNJTTÍPEPWÓSVTEPNBDBDPQBSBIPNFOT
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OBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFDPOUBNJOBEPTTÍPGPOUFT
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QPUFODJBJTEFJOGFDÎÍPQBSBQFTTPBTRVFUSBCBMIBNFNVNMBCP
SBUØSJPFOÍPTÍPWBDJOBEBT7ÓSVTEBWBDÓOJBSFDPNCJOBOUFTSFQSP
EV[JEPTHFOFUJDBNFOUFPGFSFDFNVNSJTDPQPUFODJBMBJOEBNBJPS
QBSBBFRVJQFMBCPSBUPSJBMEFWJEPBPDPOUBUPEJSFUPPVDPOUBUP
DPNNBUFSJBJTDMÓOJDPTEFWPMVOUÈSJPTPVBOJNBJTDPOUBNJOBEPT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ&TTFTBHFOUFTQPEFNTFSFODPOUSB
EPTFNMÓRVJEPTEFMFTÜFTPVFNFTDBSBTTFDSFÎÜFTSFTQJSBUØSJBTPV
UFDJEPTEFIPTQFEFJSPTDPOUBNJOBEPT"JOHFTUÍPBJOPDVMBÎÍPQB
SFOUFSBMFBFYQPTJÎÍPEFNFNCSBOBTNVDPTBTPVEBQFMFSBDIBEB
BPTQFSEJHPUPTPVBFSPTTØJTEFMÓRVJEPTPVUFDJEPTJOGFDDJPTPTTÍP
PTSJTDPTQSJNÈSJPTQBSBUSBCBMIBEPSFTEFMBCPSBUØSJPFUSBUBEPSFT
EFBOJNBJT"MHVOTQPYWÓSVTTÍPFTUÈWFJTFNUFNQFSBUVSBBNCJFO
UFRVBOEPTFDPTFQPEFNTFSUSBOTNJUJEPTQPSNFJPEPTGÙNJUFT
1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"QPTTFFPVTPEPWÓSVTEBWB
SÓPMBmDBNSFTUSJUPTBP$PMMBCPSBUJOH$FOUFSGPS4NBMMQPYBOE0UIFS
1PYWJSVT*OGFDUJPOTEB0SHBOJ[BÎÍP.VOEJBMEB4BÞEFMPDBMJ[BEP
OPT$FOUSPTEF$POUSPMFF1SFWFOÎÍPEF%PFOÎBTFN"UMBOUB(F
PSHJB"TQSÈUJDBTFBTJOTUBMBÎÜFTEPOÓWFMEFCJPTTFHVSBOÎBTÍP
SFDPNFOEBEBTQBSBUPEBTBTBUJWJEBEFTFOWPMWFOEPPVTPPVBNB
OJQVMBÎÍPEFQPYWÓSVTDPNFYDFÎÍPEPWÓSVTEBWBSÓPMBRVFBQSF
TFOUBVNHSBOEFSJTDPEFJOGFDÎÍPBPTIPNFOT5PEBTBTQFTTPBT
RVFUSBCBMIBNEFOUSPEFVNMBCPSBUØSJPPVRVFGPSFNFOUSBSOBT
ÈSFBTEFMBCPSBUØSJPPVÈSFBTEPTBOJNBJTPOEFBUJWJEBEFTDPNPT
WÓSVTWBDÓOJBWÓSVTEBWBSÓPMBCPWJOBFEFNBDBDPTFTUJWFSFNTFO
EPDPOEV[JEBTEFWFSÍPQPTTVJSVNBUFTUBEPEFWBDJOBÎÍP&TTB
JNVOJ[BÎÍPEFWFSÈUFSTJEPSFBMJ[BEBEFOUSPEFVNQFSÓPEPEFEF[
BOPT"TBUJWJEBEFTDPNPTWÓSVTSFMBDJPOBEPTBOUFSJPSNFOUFFN
RVBOUJEBEFTNBJPSFTRVFBTBQSFTFOUBEBTOBTDVMUVSBTQBSBEJBH
OØTUJDPQPEFSÍPUBNCÏNTFSDPOEV[JEBTFNVNOÓWFMEFCJPTTF
HVSBOÎBNBTQPSQFTTPBTJNVOJ[BEBToKÈRVFUPEBTBTNBOJ
QVMBÎÜFTEFNBUFSJBJTWJÈWFJTEFWFSÍPTFSSFBMJ[BEBTFNDBCJOFT
EFTFHVSBOÎBCJPMØHJDBDMBTTF*PV***OEJWÓEVPTJNVOPEFQSJNJEPT
DPSSFNVNSJTDPEFBERVJSJSFNVNBQBUPMPHJBBJOEBNBJTHSBWF
RVBOEPJOGFDUBEPTQPSVNQPYWÓSVT
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5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFT
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NFSDF0SFHJTUSPEPTMBCPSBUØSJPTKVOUPBP$%$EFWFSÈTFSPCUJEP
BOUFTEPFOWJPPVSFDFCJNFOUPEPTBHFOUFT
"HFOUF7ÓSVTEB3BJWB
"TJOGFDÎÜFTQSPWPDBEBTQPSFTTFBHFOUFFBERVJSJEBTFNMBCP
SBUØSJPTÍPFYUSFNBNFOUFSBSBT4PNFOUFEVBTGPSBNEPDVNFOUB
EBT5PEBTBTEVBTSFTVMUBSBNEFVNBTVQPTUBFYQPTJÎÍPBOFWPBT
JOGFDDJPTBTEFBMUBTUJUVMBÎÜFTTFOEPVNBGPSNBEBFNVNMPDBM
EFQSPEVÎÍPEBWBDJOB
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FBPVUSBFNVNMPDBMEFQFTRVJTB
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BOJNBJTOBUVSBMNFOUFPVFYQFSJNFOUBMNFOUFDPOUBNJOBEPTTFVT
UFDJEPTFTVBTFYDSFÎÜFTDPOTUJUVFNVNBGPOUFQPUFODJBMEFFYQP
TJÎÍPQBSBPQFTTPBMEPMBCPSBUØSJPFUSBUBEPSFTEFBOJNBJT
3ĚĤĔĠĤĖĞ-ĒēĠģĒĥŭģĚĠ0BHFOUFQPEFFTUBSQSFTFOUFFN
UPEPTPTUFDJEPTEFBOJNBJTDPOUBNJOBEPT"TNBJPSFTUJUVMBÎÜFT
TÍPFODPOUSBEBTFNUFDJEPTEPTJTUFNBOFSWPTPDFOUSBMHMÉOEVMBT
TBMJWBSFTFOBTBMJWB"JOPDVMBÎÍPBDJEFOUBMPTDPSUFTPVBTGBSQBT
EFFRVJQBNFOUPMBCPSBUPSJBMDPOUBNJOBEPBTNPSEJEBTEFBOJ
NBJTJOGFDUBEPTFBFYQPTJÎÍPEFNFNCSBOBTNVDPTBTPVEBQFMF
SBDIBEBBMÓRVJEPTPVUFDJEPTDPOUBNJOBEPTTÍPBTGPOUFTNBJT
QSPWÈWFJTEFSJTDPTQBSBBFRVJQFMBCPSBUPSJBMFPTUSBUBEPSFTEF
BOJNBJT+ÈPTBFSPTTØJTDPOUBNJOBEPTBJOEBOÍPGPSBNEFNPOT
USBEPTDPNPTFOEPVNQFSJHPDPNQSPWBEPBPQFTTPBMRVFUSBCB
MIBDPNNBUFSJBJTDMÓOJDPTFDPOEV[FNFYBNFTEFEJBHOØTUJDPT
$FQBTmYBTPVBUFOVBEBTEFTTFWÓSVTTÍPTVQPTUBNFOUFNFOPT
QFSJHPTBTNBTPTÞOJDPTEPJTDBTPTDPNQSPWBEPTEFSBJWBBERVJ
SJEPTFNMBCPSBUØSJPSFTVMUBSBNEFFYQPTJÎÍPEFVN1BESÍP7JSBM
%FTBmBEPS$74mYPFEFVNBDFQBBUFOVBEBEFSJWBEBEFVNB
DFQB4"%4USFFU"MBCBNB%VĊFSJOSFTQFDUJWBNFOUF
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1ģĖĔĒĦšůĖĤ3ĖĔĠĞĖğĕĒĕĒĤ"TQSÈUJDBTFBTJOTUBMBÎÜFTEP
OÓWFMEFCJPTTFHVSBOÎBTÍPJOEJDBEBTQBSBUPEBTBTBUJWJEBEFT
RVFVUJMJ[BNNBUFSJBJTTBCJEBNFOUFPVQPUFODJBMNFOUFJOGFDDJP
TPT"JNVOJ[BÎÍPÏSFDPNFOEBEBQBSBUPEPTPTJOEJWÓEVPTBO
UFTRVFTFJOJDJFPUSBCBMIPDPNPWÓSVTEBSBJWBPVDPNBOJNBJT
JOGFDUBEPTPVBUJWJEBEFTRVFFOWPMWBNEJBHOØTUJDPQSPEVÎÍPPV
QFTRVJTBEPWÓSVT"JNVOJ[BÎÍPUBNCÏNÏSFDPNFOEBEBQBSBUP
EPTPTJOEJWÓEVPTRVFGPSFNFOUSBSOBNFTNBTBMBPOEFPWÓSVTEB
SBJWBPVEFBOJNBJTDPOUBNJOBEPTFTUJWFSTFOEPVTBEP&NCPSB
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OÍPTFKBTFNQSFQPTTÓWFMBCSJSPDSÉOJPPVSFUJSBSPDÏSFCSPEFVN
BOJNBMJOGFDUBEPEFOUSPEFVNBDBCJOFEFTFHVSBOÎBCJPMØHJDBÏ
FTTFODJBMPVTPEFMVWBTQFTBEBTEFQSPUFÎÍPQBSBQSFWFOJSDPSUFT
PVGBSQBTEFJOTUSVNFOUPTDPSUBOUFTPVEFGSBHNFOUPTEFPTTPTF
UBNCÏNPVTPEFVNFTDVEPGBDJBMQBSBQSPUFÎÍPEBTNFNCSBOBT
NVDPTBTEPTPMIPTEPOBSJ[FEBCPDBRVBOUPËFYQPTJÎÍPEFTUBT
BPTQFSEJHPUPTJOGFDDJPTPTPVBPTGSBHNFOUPTEFUFDJEPT4FBTFS
SBEF4USZLFSGPSVTBEBQBSBBCSJSPDSÉOJPFWJUFPDPOUBUPEPDÏSF
CSPDPNBMÉNJOBEBTFSSB"DPOUFOÎÍPQSJNÈSJBFBTQSFDBVÎÜFT
JOEJWJEVBJTBEJDJPOBJTDPNPBTEFTDSJUBTQBSBPOÓWFMEFCJPTTFHV
SBOÎBQPEFSÍPTFSJOEJDBEBTQBSBBUJWJEBEFTDPNVNBMUPQPUFO
DJBMEFGPSNBÎÍPEFBFSPTTØJTPVQFSEJHPUPTFQBSBBTBUJWJEBEFT
RVFFOWPMWBNRVBOUJEBEFTPVDPODFOUSBÎÜFTEFNBUFSJBJTJOGFD
DJPTPTFNHSBOEFFTDBMB
5ģĒğĤėĖģŤğĔĚĒĕĠ"ĘĖğĥĖ"MJDFOÎBQBSBJNQPSUBÎÍPEFTTF
BHFOUFEFWFSÈTFSPCUJEBKVOUPBP$%$
"HFOUFT3FUSPWÓSVTJODMVJOEPP7ÓSVTEB*NVOPEFmDJÐODJB
)VNBOBFP7ÓSVTEB*NVOPEFmDJÐODJB4ÓNJB)*7F4*7
0TEBEPTTPCSFBUSBOTNJTTÍPEP)*7PDVQBDJPOBMQBSBUSBCB
MIBEPSFTEFVNMBCPSBUØSJPTÍPDPMFUBEPTQPSJOUFSNÏEJPEFEPJT
TJTUFNBTEFWJHJMÉODJBOBDJPOBMBQPJBEPTQFMPT$%$WJHJMÉODJB
RVBOUPËBJETFËTQFTTPBTJOGFDUBEBTQFMP)*7RVFOÍPBERVJSJSBN
BJOGFDÎÍPFNFYQPTJÎÜFTPDVQBDJPOBJT1BSBQSPQØTJUPTEFWJHJMÉO
DJBPTUSBCBMIBEPSFTEFMBCPSBUØSJPTÍPEFmOJEPTDPNPBTQFTTPBT
JODMVJOEPFTUVEBOUFTFFTUBHJÈSJPTRVFUSBCBMIBNPVKÈUSBCBMIB
SBNFNVNMBCPSBUØSJPQBSBEJBHOØTUJDPEP)*7PVMBCPSBUØSJPDMÓ
OJDPBQBSUJSEF0TDBTPTSFQPSUBEPTOFTTFTEPJTTJTUFNBTTÍP
DMBTTJmDBEPTDPNPVNBUSBOTNJTTÍPPDVQBDJPOBMQPTTÓWFMPVEPDV
NFOUBEB"TRVFTÍPDMBTTJmDBEBTDPNPUSBOTNJTTÍPPDVQBDJPOBM
EPDVNFOUBEBQPTTVFNFWJEÐODJBTEFVNBTPSPDPOWFSTÍPEP)*7
VNUFTUF)*7OFHBUJWPOPNPNFOUPEBFYQPTJÎÍPRVFTFBMUFSPV
FTFUPSOPVQPTJUJWPTFHVJEBEFVNBEJTDSFUBFYQPTJÎÍPPDVQBDJP
OBMQFSDVUÉOFBPVNVDPDVUÉOFBBPTBOHVFBPTMÓRVJEPTPVBPV
USBTBNPTUSBTDMÓOJDBTPVMBCPSBUPSJBJT"UÏKVOIPEFP$%$
IBWJBSFHJTUSBEPUSBCBMIBEPSFTEFMBCPSBUØSJPTUPEPTDMÓOJDPT
OPT&TUBEPT6OJEPTDPNUSBOTNJTTÍPPDVQBDJPOBMEPDVNFOUBEB
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WPMWFSBNPWÓSVTEBJNVOPEFmDJÐODJBEFTÓNJPT4*7BQØTUFSFN
TFFYQPTUP6NDBTPFTUBWBBTTPDJBEPBVNBQJDBEBEFBHVMIBRVF
BDPOUFDFVFORVBOUPPUSBCBMIBEPSFTUBWBNBOJQVMBOEPVNBBHV
MIBDPOUBNJOBEBDPNTBOHVFBQØTVNBIFNPSSBHJBFNVNNBDB
DPJOGFDUBEPQPS4*7
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4*7TFNVTBSMVWBT&NCPSBFMFOÍPTFMFNCSBTTFEFTTFJODJEFOUF
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NBOPTPDVQBDJPOBMNFOUFFYQPTUPTBQSJNBUBTOÍPIVNBOPT0
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VNEFTTFTNBUFSJBJT
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EFVNUSBCBMIPEFWFSÍPSFDFCFSQFSNJTTÍPQBSBFOUSBS
OBTÈSFBTFOBTIPSBTRVFVNUSBCBMIPFNQBSUJDVMBSGPS
SFBMJ[BEP
B 0BDFTTPQBSBFTUVEBOUFTDJFOUJTUBTFUDEFWFSÈTFS
MJNJUBEPBPIPSÈSJPFNRVFPTGVODJPOÈSJPTSFHVMB
SFTFTUJWFSFNQSFTFOUFT
C 0BDFTTPQBSBMJNQF[BNBOVUFOÎÍPFDPOTFSUPTSPUJ
OFJSPTEFWFSÈTFSMJNJUBEPBPIPSÈSJPFNRVFPTGVO
DJPOÈSJPTFTUJWFSFNQSFTFOUFT
t 'SFF[FSTHFMBEFJSBTDBCJOFTFPVUSPTSFDJQJFOUFTFNRVF
FTUPRVFTEFBHFOUFTCJPMØHJDPTNBUFSJBJTDMÓOJDPTPVSB
EJPBUJWPTTÍPHVBSEBEPTEFWFSÍPTFSUSBODBEPTRVBOEP
OÍPFTUJWFSFNËWJTUBEPTUSBCBMIBEPSFTQPSFYFNQMP
RVBOEPMPDBMJ[BEPTFNÈSFBTEFBSNB[FOBNFOUPOÍPGSF
RàFOUBEBTSFHVMBSNFOUF
 4BCFSRVFNFTUÈOBTÈSFBTEPMBCPSBUØSJP
t 0TTVQFSWJTPSFTFEJSFUPSFTEPMPDBMEFWFSÍPDPOIFDFS
UPEPTPTUSBCBMIBEPSFT%FQFOEFOEPEPTBHFOUFTCJPMØ
HJDPTFOWPMWJEPTFEPUJQPEFUSBCBMIPBTFSEFTFOWPMWJEP
EFWFTFGB[FSVNBSFWJTÍPEBMJNQF[BFEBTFHVSBOÎBBO
UFTRVFOPWPTGVODJPOÈSJPTTFKBNEFTJHOBEPTQBSBBÈSFB
EFUSBCBMIP
t 5PEPTPTUSBCBMIBEPSFTJODMVJOEPFTUVEBOUFTDJFOUJTUBT
WJTJUBOUFTFPVUSPTUSBCBMIBEPSFTUFNQPSÈSJPTEFWFSÍP
VTBSDSBDIÈTEFJEFOUJmDBÎÍP0TDSBDIÈTEFWFSÍPDPOUFS
OPNÓOJNPVNBGPUPHSBmBPOPNFEPJOEJWÓEVPFBEBUB
EFWFODJNFOUPEBJEFOUJmDBÎÍP0VTPEFNBSDBEPSFTDP
MPSJEPTPVEFPVUSPTTÓNCPMPTGBDJMNFOUFJEFOUJmDÈWFJT
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EJDBSBMJCFSBÎÍPQBSBBFOUSBEBFNÈSFBTSFTUSJUBTQPS
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UPEFBOJNBJT
t 0TWJTJUBOUFTEFWFSÍPTFSJEFOUJmDBEPTDPNDSBDIÈTF
BDPNQBOIBEPTPVBVUPSJ[BEPTBFOUSBSVTBOEPPTNFT
NPTQSPDFEJNFOUPTDPNPPTVTBEPTQBSBUSBCBMIBEPSFT
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EBÈSFBMBCPSBUPSJBM
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QPSSBJPTYBOUFTEFUSB[JEPTQBSBEFOUSPEPMBCPSBUØSJP
t 0TQBDPUFTDPOUFOEPBNPTUSBTTVCTUÉODJBTCBDUFSJBOBT
PVJTPMBEBTPVUPYJOBTEFWFSÍPTFSBCFSUPTFNVNBDB
CJOFEFTFHVSBOÎBPVFNPVUSPEJTQPTJUJWPEFDPOUFOÎÍP
BEFRVBEP
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MBCPSBUPSJBM
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QBSBPVUSPTMBCPSBUØSJPTEFWFSÍPTFSFNCBMBEPTFSPUVMB
EPTEFBDPSEPDPNUPEPTPTSFHVMBNFOUPTMPDBJTGFEFSBJT
FJOUFSOBDJPOBJTBQMJDÈWFJT
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HVSBSRVFPTNBUFSJBJTTFKBNFOWJBEPTQBSBVNMPDBM
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DPNTFHVSBOÎB
t 0USBOTQPSUFNBOVBMEFNBUFSJBJTFUPYJOBTCJPMØHJDBT
QBSBPVUSPTMBCPSBUØSJPTÏDPOTJEFSBEPJOBEFRVBEP4F
PTNBUFSJBJTPVUPYJOBTCJPMØHJDBTBTFSFNDBSSFHBEPT
NBOVBMNFOUFGPSFNUSBOTQPSUBEPTQPSDBSSFHBEPSFTDP
NVOTUPEPTPTSFHVMBNFOUPTEFWFSÍPTFSTFHVJEPT
t .BUFSJBJTDPOUBNJOBEPTPVQPTTJWFMNFOUFDPOUBNJOBEPT
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CPSBUØSJP0TNBUFSJBJTRVÓNJDPTFSBEJPBUJWPTEFWFSÍP
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GFEFSBJTFFTUBEVBJT
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C 0TBENJOJTUSBEPSFTEJSFUPSFTQSJODJQBJTQFTRVJTB
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EPSFTSFTQPOTÈWFJTQFMBTFHVSBOÎBEPMPDBMEFWFSÍP
FTUBSFOWPMWJEPTOPQMBOFKBNFOUPEFFNFSHÐODJB
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FNFSHÐODJBOBTÈSFBTMBCPSBUPSJBJT
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MBCPSBUØSJPFQFTTPBTFODBSSFHBEBTQFMBTFHVSBOÎB
PVPVUSPTJOEJWÓEVPTRVBOEPPDPSSFSVNBFNFSHÐO
DJBEFNBOFJSBRVFQPTTBNMJEBSDPNBTRVFTUÜFTEF
CJPTTFHVSBOÎBDBTPPDPSSBN
t 0QMBOFKBNFOUPEFFNFSHÐODJBMBCPSBUPSJBMEFWFSÈTFS
DPPSEFOBEPDPNQMBOPTEFFYQBOTÍP'BUPSFTDPNPBNF
BÎBTEFCPNCBTQSPCMFNBTDMJNÈUJDPTGVSBDÍPFJOVOEB
ÎÍPUFSSFNPUPTGBMUBEFFOFSHJBFPVUSPTEFTBTUSFTOB
UVSBJTPVOÍPOBUVSBJTEFWFSÍPTFSDPOTJEFSBEPTRVBOEP
P QMBOP EF FNFSHÐODJB FTUJWFS TFOEP EFTFOWPMWJEP
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UBOUFTTFNEPDVNFOUPTEFTBQBSFDJNFOUPEFTVCTUÉO
DJBTRVÓNJDBTUFMFGPOFNBTJODPNVOTPVBNFBÎBEPSFT
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DBNFOUFPTQBUØHFOPTEFEPFOÎBTDPNQSPNFUFOEPPNFJPBN
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QPEFNTFSFmDB[FTFOFDFTTÈSJPTDPNPNFEJEBTDPSSFUJWBTNBT
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PVQPUFODJBMNFOUFDPOUBNJOBEPTEFWFSÍPTFSEFTDPO
UBNJOBEPTVUJMJ[BOEPNÏUPEPTDPOIFDJEPTQFMBFmDÈDJB
DPOUSBUPYJOBTBOUFTEFTFSFNSFNPWJEPTEPMBCPSBUØSJP
QBSBRVFQPTTBNTFSEFTQSF[BEPTMJNQPTPVDPOTFSUB
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FYFNQMPOPmOBMEFVNBTÏSJFEFFYQFSJNFOUPTSFMBDJP
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QBNFOUPFBPTVUFOTÓMJPTmDBSFTUSJUPBPTGVODJPOÈSJPT
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PUSBCBMIPDPNBTUPYJOBT
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PVDBCJOFEFTFHVSBOÎBCJPMØHJDBSPVQBEFQSPUFÎÍP
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