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4LEWIQSHYPEXMSR 41
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
6IPEXMSRWLMT &IX[IIR XLI 1SHYPEXMRK 7MKREP ERH 'EVVMIV (IZMEXMSR -R*1XLIJVIUYIRG]HIZMEXMSRMWHMVIGXP]TVSTSVXMSREPXSXLIEQTPMXYHISJXLIQSHYPEX MRKWMKREP8LIQE\MQYQHIZMEXMSRSGGYVWEXXLITIEOTSWMXMZIERHRIKEXMZIEQTPMXYHIW SJXLIQSHYPEXMRKWMKREP-R41XLIJVIUYIRG]HIZMEXMSRMWEPWSHMVIGXP]TVSTSVXMSREPXS XLI EQTPMXYHI SJ XLI QSHYPEXMRK WMKREP 8LI QE\MQYQ EQSYRX SJ PIEHMRK SV PEKKMRK TLEWIWLMJXSGGYVWEXXLITIEOEQTPMXYHIWSJXLIQSHYPEXMRKWMKREP8LMWIJJIGXJSVFSXL *1 ERH41MWMPPYWXVEXIHMR*MK E
'LETXIV
*MKYVI *VIUYIRG] HIZMEXMSREWE JYRGXMSR SJ E QSHYPEXMRKWMKREPEQTPMXYHI ERH F QSHYPEXMRKWMKREPJVIUYIRG]
1SHYPEXMRKWMKREPEQTPMXYHI :Q
1SHYPEXMRKWMKREPJVIUYIRG] JQ F
E
2S[PSSOEX*MK F [LMGLWLS[WXLEXXLIJVIUYIRG]HIZMEXMSRSJER*1WMKREP MWGSRWXERXJSVER]ZEPYISJQSHYPEXMRKJVIUYIRG]3RP]XLIEQTPMXYHISJXLIQSHYPEXMRK WMKREPHIXIVQMRIWXLIEQSYRXSJHIZMEXMSR&YXPSSOEXLS[XLIHIZMEXMSRZEVMIWMRE41 WMKREP [MXL HMJJIVIRX QSHYPEXMRK WMKREP JVIUYIRGMIW 8LI LMKLIV XLI QSHYPEXMRK WMKREP JVIUYIRG] XLI WLSVXIV MXW TIVMSH ERH XLI JEWXIV XLI ZSPXEKI GLERKIW ,MKLIV QSHYPEXMRK ZSPXEKIWVIWYPXMRKVIEXIVTLEWIWLMJXERHXLMWMRXYVRTVSHYGIWKVIEXIVJVIUYIRG]HIZM EXMSR ,S[IZIV LMKLIV QSHYPEXMRK JVIUYIRGMIW TVSHYGI E JEWXIV VEXI SJ GLERKI SJ XLI QSHYPEXMRK ZSPXEKI ERH XLYW KVIEXIV JVIUYIRG] HIZMEXMSR -R 41 XLIR XLI GEVVMIV JVI UYIRG]HIZMEXMSRMWTVSTSVXMSREPXSFSXLXLIQSHYPEXMRKJVIUYIRG] WPSTISJQSHYPEXMRK ZSPXEKI ERHXLIEQTPMXYHI-R*1JVIUYIRG]HIZMEXMSRMWTVSTSVXMSREPSRP]XSXLIEQTPM XYHI SJXLIQSHYPEXMRKWMKREPVIKEVHPIWW SJMXWJVIUYIRG]
'SRZIVXMRK 41 XS *1 8SQEOI41GSQTEXMFPI[MXL*1XLIHIZMEXMSRTVSHYGIHF]JVIUYIRG]ZEVMEXMSRWMRXLI QSHYPEXMRKWMKREPQYWXFIGSQTIRWEXIHJSV8LMWGERFIHSRIF]TEWWMRKXLIMRXIPPMKIRGI WMKREP XLVSYKL E PS[TEWW 6' RIX[SVO EW MPPYWXVEXIH MR *MK 8LMW PS PXIV
*MKYVI 9WMRK E PS[TEWW w
XLI EYHMS QSHYPEXMRK WMKREP EQTPMXYHI
[MXL JVIUYIRG] '
1MGVSTLSRI %YHMS EQTPMJMIV
6 4LEWI QSHYPEXSV
JGS EFSYX,^
-RHMVIGX*1
'EVVMIV SWGMPPEXSV
6SPPSJJSJ EYHMSWMKREP [MXLERMRGVIEWI MRJVIUYIRG] *VIUYIRG]
*YRHEQIRXEPWSJ*VIUYIRG]1SHYPEXMSR
*MKYVI 4LEWI QSHYPEXMSR SJ EGEVVMIV F] FMREV]HEXETVSHYGIW47/ &MREV] :
&MREV] :
47/WMKREP
TLEWIWLMJXW
*VIUYIRG]GSVVIGXMRK RIX[SVO TVIHMWXSVXIV SVJwPXIV
-RHMVIGX*1
GEPPIHEJVIUYIRG]GSVVIGXMRKRIX[SVOTVIHMWXSVXIVSV PXIVGEYWIWXLILMKLIVQSHYPEX MRK JVIUYIRGMIW XS FI EXXIRYEXIH%PXLSYKL XLI LMKLIV QSHYPEXMRK JVIUYIRGMIW TVSHYGI E KVIEXIVVEXISJGLERKIERH XLYWEKVIEXIV JVIUYIRG] HIZMEXMSRXLMWMWSJJWIXF] XLI PS[IV EQTPMXYHISJXLIQSHYPEXMRKWMKREP[LMGLTVSHYGIWPIWWTLEWIWLMJXERHXLYWPIWWJVIUYIRG] HIZMEXMSR 8LI TVIHMWXSVXIV GSQTIRWEXIW JSV XLI I\GIWW JVIUYIRG] HIZMEXMSR GEYWIH F] LMKLIVQSHYPEXMRKJVIUYIRGMIW8LIVIWYPXMWERSYXTYXXLEXMWXLIWEQIEWER*1WMKREP 8LI*1TVSHYGIHF]ETLEWIQSHYPEXSVMWGEPPIHMRHMVIGX*1
4LEWI7LMJX /I]MRK
4LEWIWLMJXOI]MRK 47/ &MREV]TLEWIWLMJXOI]MRK &47/
7MHIFERH
+33(83/23; -R*1SRP]XLSWIWMHIFERHW[MXL XLIPEVKIWXEQTPMXYHIWEVI WMKRMwGERXMRGEVV]MRKMRJSVQE XMSR7MHIFERHWGSRXEMRMRKPIWW XLERTIVGIRXSJXLIXSXEPTS[IV LEZIPMXXPISZIVEPPIJJIGXSRXLI MRXIPPMKMFMPMX]SJXLIWMKREP
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
1SHYPEXMSR -RHI\ ERH 7MHIFERHW %R]QSHYPEXMSRTVSGIWWTVSHYGIWWMHIFERHW;LIREGSRWXERXJVIUYIRG]WMRI[EZIQSH YPEXIWEGEVVMIVX[SWMHIJVIUYIRGMIWEVITVSHYGIH8LIWMHIJVIUYIRGMIWEVIXLIWYQERH HMJJIVIRGI SJ XLI GEVVMIV ERH XLI QSHYPEXMRK JVIUYIRG] -R *1 ERH 41 EW MR%1 WYQ ERH HMJJIVIRGI WMHIFERH JVIUYIRGMIW EVI TVSHYGIH -R EHHMXMSR E PEVKI RYQFIV SJ TEMVW SJYTTIVERHPS[IVWMHIFERHWEVIKIRIVEXIH%WEVIWYPXXLIWTIGXVYQSJER*1SVE41 WMKREPMWYWYEPP][MHIVXLERXLEXSJERIUYMZEPIRX%1WMKREP-XMWEPWSTSWWMFPIXSKIRIV EXIEWTIGMEPREVVS[FERH*1WMKREP[LSWIFERH[MHXLMWSRP]WPMKLXP][MHIVXLERXLEXSJ ER%1WMKREP *MK WLS[WXLIJVIUYIRG]WTIGXVYQ SJE X]TMGEP *1WMKREP TVSHYGIHF]QSHY PEXMRK E GEVVMIV [MXL E WMRKPIJVIUYIRG] WMRI [EZI 2SXI XLEX XLI WMHIFERHW EVI WTEGIH JVSQ XLI GEVVMIV JG ERH JVSQ SRI ERSXLIV F] E JVIUYIRG] IUYEP XS XLI QSHYPEXMRK JVI UYIRG] JQ -J XLI QSHYPEXMRK JVIUYIRG ERHFIPS[XLIGEVVMIVF],^8LIWIGSRHTEMVSJWMHIFERHWMWEFSZIERHFIPS[XLI
'LETXIV
