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LTWSV` LMMLJ[P]L ILOH]PVYZ ,ZZLU[PHSS` OV^L]LY PUZ[Y\J[VYZ
JHU ZPTWS` [YHPU [OLTZLS]LZ HUK LHJO V[OLY ^P[O TL[OVKPJHSVIZLY]H[PVUMLLKIHJRHUKW\YWVZLM\SPUUV]H[PVU^P[OJHYLM\S
HKHW[H[PVU[V[OL1HWHULZL[LY[PHY`JVU[L_[ 0UZ[Y\J[VYZ JHU KLZPNU [OLPY V^U YH[PUNZ PUZ[Y\TLU[Z IHZLK VU
[OL VIQLJ[P]LZ VM [OLPY JV\YZL HUK [OL HJ[P]P[PLZ HUK L]LU[ZJVUK\J[LK[OH[HYLPU[LUKLK[VHJJVTWSPZO[OLT>PUZRV^ZRP
">PUZRV^ZRP +\NNHU0UZ[Y\J[VYZJHUPUJVYWVYH[L
UV[PVUZVMLMMLJ[P]L[LHJOPUNPU[V[OLPYYH[PUNZPUZ[Y\TLU[Z-VY
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HUK^OPJOPZTVYLPUMVYTH[P]L[OHUOPNOPUMLYLUJLP[LTZ
>PUZRV^ZRP
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OLSWM\SJVTTLU[ZHUKHK]PJL
1RWHV (SSÄN\YLZPU[OPZYLWVY[HYLYV\UKLK *VOLU»Z RHWWH PZ H ^PKLS` HJJLW[LK PUKPJH[VY VM HNYLLTLU[YLÅLJ[PUNOV^MHYVIZLY]LKHNYLLTLU[VUJH[LNVYPJHSKH[HKLWHY[Z
MYVTL_WLJ[LKHNYLLTLU[>OPSL[OLYLHYLUV\UP]LYZHSS`HNYLLK\WVUZ[HUKHYKZHRHWWHVMH[SLHZ[PZMYLX\LU[S`HJJLW[LKHZ¸NVVK¹HNYLLTLU[5HIHUHQFHV(IYHTP7*K»(WVSSVUPH: *VOLU7( =HSPKP[`VM
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(IYHTP7*K»(WWVSVUPH:HUK9VZLUÄLSK:
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LK\JH[PVUJVU[L_[PU1HWHU&;LHJOPUNHUK;LHJOLY
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[LHJOLYKL]LSVWTLU[VMLUKVMZLTLZ[LYZ[\KLU[L]HS\H[PVU
VM[LHJOPUNPUH1HWHULZLJVU[L_[:`Z[LT *HZOPU>,:LW[LTILY 0+,(7HWLY5V:[\KLU[YH[PUNZVM[LHJOPUN!;OLYLZLHYJOYL]PZP[LK9L[YPL]LK-LI MYVTO[[W!^^^[OLPKLHJLU[LYVYNZP[LZKLMH\S[ÄSLZ
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Z[\KLU[L]HS\H[PVUVM[LHJOPUN1V\YUHSVM4HYRL[PUN
,K\JH[PVU 
K»(WVSSVUPH: (IYHTP7* 5H]PNH[PUNZ[\KLU[>PUZRV^ZRP +\NNHU¸/V^Z[\KLU[ZYH[L7HY[¹

YH[PUNZVMPUZ[Y\J[PVU(TLYPJHU7Z`JOVSVNPZ[ -LSKTHU2(0KLU[PM`PUNL_LTWSHY`[LHJOLYZHUK[LHJOPUN!,]PKLUJLMYVTZ[\KLU[YH[PUNZ0U977LYY` 1*:THY[,KZ;OLZJOVSHYZOPWVM[LHJOPUNHUKSLHYUPUNPU
OPNOLYLK\JH[PVU!(UL]PKLUJLIHZLKWLYZWLJ[P]LWW 5L^@VYR!:WYPUNLY-PJO-,(YLZ[\KLU[L]HS\H[PVUZVM[LHJOPUNMHPY&*VTW\[PUN9LZLHYJO5L^Z9L[YPL]LK4HYJO
MYVTO[[W!^^^JYHVYN*95HY[PJSLZTH`ÄJOO[TS
1VOUZVU=,.YHKLPUÅH[PVU!(JYPZPZPUJVSSLNLLK\JH[PVU5L^@VYR!:WYPUNLY=LYSHN2VSP[JO, +LHU(= 0[LT¸6]LYHSSB[OL
0UZ[Y\J[VYD^HZHULMMLJ[P]L[LHJOLY¹!4\S[PWSLTLHUPUNZHUKJVUMV\UKPUNPUÅ\LUJLZ1V\YUHSVU,_JLSSLUJLPU*VSSLNL;LHJOPUN  
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(UL]PKLUJLIHZLKWLYZWLJ[P]LWW 5L^@VYR!
:WYPUNLY
4J2LHJOPL>1 :[\KLU[YH[PUNZ!;OL]HSPKP[`VM\ZL
(TLYPJHU7Z`JOVSVNPZ[
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4\YYH`/.3V^PUMLYLUJL[LHJOPUNILOH]PVYZHUKJVSSLNL[LHJOPUNLMMLJ[P]LULZZ!9LJLU[KL]LSVWTLU[ZHUKJVU[YV]LYZPLZ0U977LYY` 1*:THY[,KZ;OL

6U*<,1V\YUHSWWZJOVSHYZOPWVM[LHJOPUNHUKSLHYUPUNPUOPNOLYLK\JH[PVU!
(UL]PKLUJLIHZLKWLYZWLJ[P]LWW5L^@VYR!
:WYPUNLY6YZPUP13 /HSVLMMLJ[ZPUZ[\KLU[L]HS\H[PVUZVM
MHJ\S[`!(JHZLHWWSPJH[PVU1V\YUHSVM4HUHNLTLU[,K\JH[PVU
9`HU:4 :[\KLU[L]HS\H[PVUVM[LHJOLYZ;OL
3HUN\HNL;LHJOLY 9L[YPL]LK1HU\HY`MYVTO[[W!QHS[W\ISPJH[PVUZVYN[S[ÄSLZ ZLW[SLHYUPUNO[TS:LSKLU7
*OHUNPUNWYHJ[PJLZPUL]HS\H[PUN[LHJOPUN!
(WYHJ[PJHSN\PKL[VPTWYV]LKMHJ\S[`WLYMVYTHUJLHUKWYVTV[PVU[LU\YLKLJPZPVUZ)VS[VU4(!(URLY;OLHSS4(IYHTP7* 4L[Z3(,KZ;OL
Z[\KLU[YH[PUNZKLIH[L!(YL[OL`]HSPK&/V^JHU^LILZ[\ZL
[OLT&5L^+PYLJ[PVUZMVY;LHJOPUNHUK3LHYUPUN5V :HU-YHUJPZJV!1VZZL`)HZZ>PUZRV^ZRP*+VJ\TLU[PUNPUZ[Y\J[VYLMMLJ[P]LULZZ
7HY[!;V^HYKSV^PUMLYLUJLZ[\KLU[YH[PUNZPUZ[Y\TLU[Z
6U*<, >PUZRV^ZRP*/V^Z[\KLU[ZYH[L7HY[!(WPSV[[OPURHSV\KZ[\K`VMZ[\KLU[Z»JV\YZLL]HS\H[PVUYLZWVUZLZ
6U*<,1V\YUHS>PUZRV^ZRP* +\NNHU:6J[VILY:[\KLU[VWPUPVUZJOHSSLUNLJV\YZLL]HS\H[PVUZ1HWHU(ZZVJPH[PVUMVY
3HUN\HNL;LHJOPUN[O(UU\HS0U[LYUH[PVUHS*VUMLYLUJL
;VR`V1HWHU*OYPZ[PUL >PUZRV^ZRP OVSKZ H KVJ[VYH[L PU WZ`JOVSVN` HUK H ZLJVUKTHZ[LY»Z KLNYLL PU ,UNSPZO HZ H ZLJVUK SHUN\HNL :OL WYLZLU[S` [LHJOLZ,UNSPZO HUK HYLH Z[\KPLZ H[ 4VYPVRH 1\UPVY *VSSLNL 0^H[L 7YLMLJ[\YHS
<UP]LYZP[`PU;HRPaH^H0^H[LHUKOHZ[H\NO[PU[OL<UP[LK:[H[LZHUK*OPUH
/LYL_WLYPLUJL^P[OZ[\KLU[Z»JV\YZLL]HS\H[PVUZZWHUZHIV\[`LHYZ

>PUZRV^ZRP +\NNHU¸/V^Z[\KLU[ZYH[L7HY[¹:\ZHU+\NNHUOVSKZHTHZ[LY»ZKLNYLLPU,UNSPZOLK\JH[PVU:OLOHZ
[H\NO[ -YLUJO ,UNSPZO HUK .LYTHU [OL SH[[LY [^V SHUN\HNLZ MVY
THU``LHYZPU0^H[L:OLWYLZLU[S`[LHJOLZ,UNSPZOH[0^H[L7YLMLJ[\YHS
<UP]LYZP[`$SSHQGL[㻳㼌㼏㼒㼗㻃㻵㼄㼗㼌㼑㼊㼖㻃㻶㼗㼘㼇㼜㻃㻐㻃㻕㻓㻓㻚㻐㻓㻛㻤㼖㼖㼈㼖㼖㼐㼈㼑㼗㻝㻃㻺㼈㼕㼈㻃㼗㼋㼈㻃㼖㼗㼘㼇㼈㼑㼗㼖㻃㼕㼈㼖㼓㼒㼑㼖㼌㼙㼈㻃㼗㼒㻃㼗㼋㼈㻃㼌㼗㼈㼐㼖㻢㻃㻤㼖㼖㼈㼖㼖㼒㼕㻊㼖㻃㻱㼄㼐㼈㻝㻃㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㼂㻬㼑㼖㼗㼕㼘㼆㼗㼌㼒㼑㼖㻃㻐㻃㻳㼏㼈㼄㼖㼈㻃㼖㼋㼒㼚㻃㼌㼉㻃㼈㼄㼆㼋㻃㼖㼗㼘㼇㼈㼑㼗㻊㼖㻃㼕㼈㼖㼓㼒㼑㼖㼈㻃㼖㼈㼈㼐㼈㼇㼕㼈㼏㼈㼙㼄㼑㼗㻃㼒㼕㻃㼕㼈㼖㼓㼒㼑㼖㼌㼙㼈㻃㼗㼒㻃㼗㼋㼈㻃㼌㼗㼈㼐㻑㻃㻃㻲㻃㻠㻃㻦㼒㼐㼓㼏㼈㼗㼈㼏㼜㻃㼕㼈㼏㼈㼙㼄㼑㼗㻃㼒㼕㻃㼐㼒㼖㼗㼏㼜㻃㼕㼈㼏㼈㼙㼄㼑㼗㻳㼏㼈㼄㼖㼈㻃㼗㼋㼈㻃㼉㼒㼏㼏㼒㼚㼌㼑㼊㻃㼖㼜㼐㼅㼒㼏㼖㻝㻻㻃㻠㻃㻷㼒㼗㼄㼏㼏㼜㻃㼒㼕㻃㼐㼒㼖㼗㼏㼜㻃㼌㼕㼕㼈㼏㼈㼙㼄㼑㼗㻷㼋㼄㼑㼎㻃㼜㼒㼘㻃㼙㼈㼕㼜㻃㼐㼘㼆㼋㻃㼉㼒㼕㻃㼜㼒㼘㼕㻃㼋㼈㼏㼓㻄㻢㻃㻠㻃㻱㼒㼗㻃㼆㼏㼈㼄㼕㼏㼜㻃㼕㼈㼏㼈㼙㼄㼑㼗㻏㻃㼅㼘㼗㻃㼑㼒㼗㻃㼆㼏㼈㼄㼕㼏㼜㻃㼌㼕㼕㼈㼏㼈㼙㼄㼑㼗㻃㻋㻬㻃㼄㼐㻃㼑㼒㼗㻃㼖㼘㼕㼈㻌㻶㼗㼘㼇㼈㼑㼗㼖
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