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YHVGR

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HJD LQ YDUVWYR RVHE ] GHPHQFR PQRJRNUDW SRVWDYOMDWD QHJRYDO QLP GRPRYRP YHOLNH SUREOHPH 2EVWRMHÿL NRQFHSWL LQ QDÿLQL GHOD ]ODVWL ] YHGHQMVNR VSUHPHQMHQLPL PRWRULÿQR QHPLUQLPL VWDQRYDONDPL LQ VWDQRYDOFL V VUHG QMH DOL PRÿQR UD]YLWR GHPHQFR QH XVWUH]DMR YHÿ DOL SD OH GHOQR 1D SULPHUX QHJRYDOQHJD GRPD ]D VWDUHMäH 3ROOH NL VH MH VSHFLDOL]LUDO QD WD NURJ RVHE æHOLP SRND]DWL NDNR SRPHP EHQ MH MDVHQ NRQFHSW YDUVWYD REOLNRYDQMH PLOMHMD MH VHVWDYQL GHO FHORYLWHJD NRQFHSWD

HWD VPR VH XPDNQLOL L] PRÿQR LGHDOL ]LUDQR YRGHQH UD]SUDYH R YSUDäDQMX LQWH JUDWLYQHJD DOL VHJUHJDWLYQHJD YDUVWYD NHU VR ELOL SR QDäHP PQHQMX QD SRGURÿMX YDUVWYD RVHE ] GHPHQFR SRWUHEQL QRYL NRQFHSWL NL EL ELOL XVPHUMHQL N VWDQRYDOFHP LQ QMLKRYLP SRWUHEDP 'RæLYOMDOL VPR QDPUHÿ GD VR Y WUDGLFLRQDOQLK REOLNDK YDUVWYD VWDQRYDOFL ]HOR SRJRVWR RGNODQMDOL RVHEH ] GHPHQFR LQ MLK YHUEDOQR DOL FHOR À]LÿQR QDSDGDOL =D REH VNXSLQL VWDQRYDOFHY VH MH UD]YLOD QHY]GUæQD VLWXDFLMD R] SRWUHED SR ]DäÿLWL NL MR MH ELOR WUHED XSRäWHYDWL 2 WHM WHPDWLNL ]GDM PQRJH XVWDQRYH RGNULWR JRYRULMR SRWUGLOD MR MH WXGL VWURNRYQD MDYQRVW 6FKLQGOHU %UXGHU

EUDQH L]NXäQMH SUHWHNOLK OHW VR PHG GUXJLP SUL SUHVRMDQMX ´UHäOMLYRVWLµ YDUVWYD RVHE ] GHPHQFR SULSHOMDOH GR VSR]QDQMD GD MH YSUDäDQMH YLäMLK RVNU EQLQ äHOH GUXJRWQHJD SRPHQD 3ULPDUQR MH YSUDäDQMH RVHEQHJD RGQRVD QDUDYQDQRVWL REOLNRYDQMH PLOMHMD LQ RGQRVD HQRWQHJD UD]XPHYDQMD QHJH NRQFHSW WHU VWUXNWXUH XVWDQRYH RUJDQL]DFLMD GHOD LQ VWUXNWXUH

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HJRYDOQL GRP 3ROOH MH ]DVHEQD XVWDQRYD ] VWDQRYDONDPL LQ VWDQRYDOFL WHU ]XQDQMR VWDQRYDQMVNR VNXSLQR V äWLULPL PHVWL ]D OMXGL V NURQLÿQR RUJDQVNR SUL]DGHWRVWMR ]DUDGL RGYLVQRVWL RG DONRKROD 'RP MH ELO RGSUW OHWD ] MDVQR NRQFHSWXDOQR XVPHULWYLMR 9 VNODGX V WHP MH ELOD XVWDQRYD UD]GHOMHQD QD WUL UD]OLÿQH VWDQRYDQMVNH GHOH VSHFLDOL]DFLMD ] QDVOHG QMLPL VNXSLQDPL VWDQRYDOFHY GHO 6WDQRYDOFL ] QDSUHGRYDQR GHPHQ FR LQ PRELOQL VWDQRYDOFL ] L]UDæHQLPL YHGHQMVNLPL PRWQMDPL VHJUHJDWLYQR GHO 0HäDQL JHULDWULÿQL EROQLNL V SRWUH ER SR QHJL LQWHJUDWLYQR GHO 6WDQRYDOFL V NURQLÿQR RUJDQVNR SUL]DGHWRVWMR ]DUDGL RGYLVQRVWL RG DONR KROD

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VDN VWDQRYDQMVNL GHO MH VDPRVWRMHQ V VYRMLP NRQFHSWRP LQ VWDOQLP RVHEMHP QDÿHOR SURVWRYROMQRVWL 9 VNORSX KLäH VR äH GRP V PHVWL GRP ]D VWDUHMäH 0HL ERUVVHQ LQ DPEXODQWQD QHJRYDOQD VOXæED

rvujlw{ê}hyz{}h .RQFHSW QHJH LQ VSUHPOMDQMD SUL QDV æLYHÿLK RVHE ] GHPHQFR MH ELVW YHQR SRYH]DQ ] RGQRVRP VRGHODYN LQ VRGHODYFHY GR VWDQRYDON LQ VWDQRYDO FHY 3R QDäHP PQHQMX QDM EL WD RGQRV L]UDæDO VSUHMHPDQMH LQ VSRäWRYDQMH : ê ê ê ê

YHVGR

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D GYD SRMPD L]KDMDWD L] LQWHJUDWLYQH YDOLGDFLMH ,9 NL SUHGVWDYOMD ELVW YHQR GHORYQR SRGODJR Y SRGSRUR QDäHPX NRQFHSWX 2VWDOH ]DKWHYH NL MLK PRUDMR L]SROQMHYDWL VRGHODYFL VR äH VSR VREQRVW HPSDWLMH VSRäWOMLYRVW UDGRYHG QRVW LQ SURæQRVW WHU VSRVREQRVW UHÁHNVLMH 9DUVWYHQR ÀOR]RÀMR KLäH VSUHPOMD QDÿHOR QRUPDOL]DFLMH NL JD ERPR L]ÿUSQR SUHG VWDYLOL

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HWD VPR VH RGORÿLOL ]D YDUVWYR RVHE ] GHPHQFR ] L]UDæHQLPL YHGHQM VNLPL PRWQMDPL ]D NDWHUH VR Y GUXJLK GRPRYLK SUHVRGLOL GD NRW WDNL QH VRGLMR Y GRP LQ VR ]DWR L]JXELOL VYRMH GRPVNR PHVWR 3UHNR YPHVQH SRVWDMH QD JHURQWRSVLKLDWULML VR SULäOL LQ SULKDMDMR VWDQRYDOFL GHPHQWQHJD GHOD QHJRYDOQHJD GRPD 3ROOH L] VSRGQMHVDäNLK GHæHOQLK EROQLäQLF +LOGHVKHLP LQ *|WWLQJHQ WHU L] SVLKLDWULÿQH NOLQLNH %HWKHO Y %LHOHIHOGX

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YVWRSDQMH Y WXMH VREH LWG PRæQH QHYDU QRVWL LQ NRQÁLNWL ]DXæLYDQMH RVWDQNRY KUDQH UD]QDäDQMH IHNDOLM MHPDQMH WXMLK VWYDUL SVLKLDWULÿQL VLPSWRPL SUHJD QMDYLFD YVLOMLYRVW XPLN Y L]RODFLMR LWG DOL WUDMQL QHPLU QHQHKQR QHPLUQR WHNDQMH QDRNURJ ID]H DJLWLUDQRVWL PRWQMH ULWPD VSDQMD LQ EXGQRVWL

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DUVWYR Y 3ROOHMX MH VSUYD SRWHNDOR Y ]DSUWL REOLNL WRUHM ] RGY]HPRP SURVWRVWL Y VNODGX ] YDUVWYHQR ]DNRQRGDMR 3R äWLULK OHWLK VPR Y RNYLUX NRQFHSWXDOQHJD UD]YRMD ]DSUWL GHO SRÿDVL WRGD GRVOHGQR RGSLUDOL 3R L]NXäQMDK SULGREOMHQLK Y QHJL LQ YDUVWYX ODKNR SRWUGLPR PQHQMH GD MH PRJRÿH Y YHÿLQL SULPHURY RSXVWLWL ]QDQH QDVWDQLW YHQH XNUHSH ÿH MH RNROMH XUHMHQR Y VNODGX V SRWUHEDPL GHPHQWQLK LQ ÿH MH GHOR ] QMLPL ´SURIHVLRQDOQRµ :RMQDU

ROHJ WHJD Y VHGPLK OHWLK QDäHJD GHORYDQMD QLWL HQHJD VWDQRYDOFD ] GHPHQFR NL MH N QDP SULäHO L] SVLKLD WULMH QLVPR SUHPHVWLOL QD]DM

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RW SULPHUH YHGHQMVNLK PRWHQM ODKNR QDYHGHP RJURæDQMH VHEH LQ GUXJLK XGDUFL äÿLSDQMH WHQGHQFD XKDMDQMD

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%LVWYHQD RSRUD QD WHM SRWL MH LQ MH ELOD PHG GUXJLP XYHOMDYLWHY NRQFHSWD QRUPDOQRVWL LQ V WHP YSUDäDQMH RGQRVD XVWYDUMDQMD MDVQH GQHYQH VWUXNWXUH UHDOL]DFLMD SULPH UQHJD ELYDOQHJD Y]GXäMD PLOMHMD Y]SRVWDYLWHY VWDQRYDQMVNLP GHORP SULPHUQH QHJH LQ QHJH NL WHPHOML QD

RGQRVX WHU YNOMXÿLWHY LQWHJUDWLYQH YDOLGDFLMH LQ ED]DOQH VWLPXODFLMH Y QDä NRQFHSW YDUVWYD

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D QDV VR ELOL OHWD SUL RGORÿLWYL ]D KRPRJHQRVW VNXSLQH VWDQRYDO FHY SRPHPEQL QDVOHGQML NULWHULML R] WHPHOMQH SUHGSRVWDYNH 2EVWDMDMR RVHEH ] GHPHQFR NL Y SRWHNX EROH]QL UD]YLMHMR PQRæLFR YHGHQMVNLK PRWHQM NDU ]PDQMäXMH QMLKRYR PRæQRVW LQWHJUDFLMH 2GOR ÿLOQD MH REOLND LQ SRJRVWRVW YHGHQM VNLK PRWHQM 7DNR GHPHQWQL NRW WXGL VRPDW VNR EROQL SRWUHEXMHMR ]DäÿLWR NL MR PRUDPR XSRäWHYDWL åLYOMHQMH LQ EL YDQMH Y QHJRYDOQL XVWDQRYL QH VPH SRVWDWL ´WHVW Y]GUæOMLYRVWLµ .ROLNR LQ NDWHUH PRWQMH DOL RJURæDQMD ´PRMH NDNRYRVWL æLYOMHQMDµ VR ]DPH VSUHMHPOMLYL" 5D]XPHYDQMH LQ WROHUDQFD RUL HQWLUDQLK VWDQRYDOFHY SR QDäLK L]NXäQMDK SRJRVWR QH ]DGRäÿDWD ]D VNXSQR LQWHJUDWLYQR YDUVWYR 7X VSRGOHWL WXGL XSDQMH GD EL SUHNR SRGSRUQLK XNUHSRY ]D RVHEH ] ¡¡

RGVHY

GHPHQFR Y]SRUHGQR GRVHJDOL SUHYHQWLYQL XÿLQHN ]D QHSUL]DGHWH VWDQRYDOFH 3ROHJ WHJD YHOLNR YORJR LJUD GHMDYQLN VWUDKX ´GD EL VDPL SRVWDOL WDNL NRW VR GHPHQWQLµ 9 SUYL YUVWL MH SUL YDUVWYX RVHE ] GHPHQFR WUHED ]DGRVWLWL QMLKRYL SRWUHEL SR YDUQRVWL 3RVWDYOMD VH YSUDäDQMH SR VWDGLMX GHPHQFH LQ VLPSWRPDWLNL 1DMNDVQHMH WDNUDW NR RVHEH ] GHPHQFR QH PRUHPR YHÿ XVPHULWL Y QDäR UHDOQRVW ML MH WUHED Y]SRVWDYLWL SULPHUHQ æLYOMHQMVNL VYHW NL QH XVWUH]D QXMQR WXGL æHOMDP LQ SRWUHEDP RULHQWLUDQLK VWDQR YDOFHY

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UD]SUDYL RNURJ YDUVWYHQLK NRQ FHSWRY VH MH SR QDäHP PQHQMX SRODUL]DFLMD QD VHJUHJDWLYQR LQ LQWHJUDWLYQR L]ND]DOD NRW RYLUD ]D LVNDQMH UHäLWHY =GL VH GD MH Y GREUR SUL]DGHWLK SRPHPEHQ ´WHNRÿµ SUHKRG PHG REHPD REOLNDPD YDUVWYD LQ WXGL WR OH ]D RPHMHQ NODVLÀFLUDQ NURJ RVHE NL JD WYRULMR PRELOQH YHGHQMVNR VSUHPHQMHQH RVHEH ] GHPHQFR 9 1HPÿLML MH YHGQR YHÿ XVWDQRY V VHJUHJDWLYQR REOLNR YDUVWYD NL QD RVQRYL SR]LWLYQLK L]NXäHQM ODKNR RYUæHMR DUJXPHQWH NRW VR Q SU GD VHJUHJDFLMD QXMQR YRGL Y SRSROQR L]NOMXÿHYDQMH DOL GR SRPDQMNDQMD VSRGEXG ]D SUL]DGHWH 3ROHJ WHJD MH WUHED XSRäWHYDWL GD JUH VDPR ]D

]DÿDVQR RVNUER Y RNYLUX GHPHQÿQHJD SURFHVD NL QH L]NOMXÿXMH PRæQRVWL VUHÿHYDQMD ] GUXJLPL VWDQRYDOFL 6FKPLGW +HHJ /LQG

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VHELQVNL UD]YRM GHOD Y QHJRYDOQHP GRPX 3ROOH VH RSLUD QD LQWHQ]LYQR XNYDUMDQMH ] EROH]HQVNR VOLNR GHPHQFH LQ QMHQLPL SRVOHGLFDPL =D EROMäH UD]XPHYDQMH NRQFHSWD SUHGVWDYOMDP ELVWYHQH YLGLNH EROH]QL :RMQDU RSLVXMH GHPHQFR NRW SULGREOMHQR V VRPDWVNLPL REROHQML SRJRMHQR JOREDOQR PRWQMR YVHK YLäMLK NRJQLWLYQLK PRæJDQVNLK IXQNFLM NL QH L]KDMD L] GUXJLK SVLKLÿQLK EROH]QL DOL DNXWQLK VWDQM ]PHGHQRVWL LQ SRWHND NURQLÿQR :RMQDU 7D SURFHV YSOLYD QD

XSRÿDVQLWHY PLäOMHQMD 0RWQMH NRQFHQWUDFLMH 0RWQMH SUHSR]QDYDQMD DJQR]LMD WHæDYH SUL SRLPHQRYDQMX DQRPLMD QHVSRVRE QRVW SRYH]DQHJD L]YDMDQMD JLERY DSUDN VLMD

0RWQMD JRYRUD DID]LMD WHæDYH SUL EUDQMX LQ UDÿXQDQMX DOHNVLMD DNDONXOLMD

=RæHQMH YLGQHJD SROMD ,]JXED ]D]QDYH WHOHVQLK PHM ,]JXED ´UGHÿH æLYOMHQMVNH QLWLµ YHGHQMD R WHP NGR VHP

QRæLFD PRWHQM WHU YSOLY WHOHVQLK VSUHPOMHYDOQLK EROH]QL NRQÿQR SULSHOMH GR YHGQR PDQMäH VLWXDWLYQH REUHPHQOMLYRVWL LQ GR GHORPD PRÿQLK QLKDQM SRÿXWMD 3UL]DGHWL LPDMR SRJRVWR REÿXWHN QHJRWRYRVWL VWUDKX DOL HNVLVWHQÿQH RJURæHQRVWL ]DWR MH HQ RG QDMSRPHPEQHMäLK FLOMHY YDUVWYD RNUHSLWHY REÿXWND YDUQRVWL .OLQJHQIHOG %UXGHU 9 WR PRUDMR ELWL XVPHUMHQD SUL]D GHYDQMD VRGHODYFHY

REYODGRYDQMH GQHYQLK æLYOMHQMVNLK DNWLYQRVWL L]JXED SUDNWLÿQLK VSUHWQRVWL ]D æLYOMHQMH VWUXNWXUL UDQMH QDÿUWRYDQMH RUJDQL]LUDQMH LWG

RVHEQRVW ]ODVWL Y VPLVOX NUPLOMHQ MD LQ NRQWUROH ÿXVWYHQHJD æLYOMHQMD LQ GRæLYOMDQMD WHU

PRWRULÿQH VSRVREQRVWL

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VHP SUL]DGHWLP MH VNXSHQ YHGQR YHÿML XSDG VSRVREQRVWL RULHQWD FLMH Y QDäL UHDOQRVWL ,]JXEOMDMR VWLN V ÿDVRP VH QH ]QDMGHMR YHÿ Y VYRML RNROLFL QMLKRYD RVHEQRVW LQ LGHQWLWHWD VH L]JXEOMDWD 9 VWDGLMLK VUHGQMH UD]YLWH LQ KXGH REOLNH GHPHQFH Y RNYLUX YDUVWYD SRVWDMDMR YHGQR SRPHPEQHMäL VSRPLQL L] GROJRURÿQHJD VSRPLQD NL WXGL Y SR]QHMäLK VWDGLMLK EROH]QL GHOQR IXQNFLRQLUD

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QDGDOMHYDQMX SRGDMDP SRHQRVWDY OMHQ SULND] PRæQLK PRWHQM

0RWQMD VSRPLQD VSRPLQVNH VSRVREQRVWL SURFHVL SR]DEOMDQMD L]JXED RGQRVD GR VHGDQMRVWL XVPHUMH QRVWL Y SULKRGQRVW 0RWQMD RULHQWLUDQMD 1H]PRæQRVW DEVWUDNWQHJD PLäOMHQMD

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D YDUVWYR MH SRPHPEQR GD VH XNYDUMDPR ] EROH]HQVNR VOLNR VLPSWRPDWLNR LQ SRWHNRP EROH]QL 6DPR WDNR MH PRJRÿH UD]YLWL SULPHUQH SULVWRSH ]D QHJR LQ VSUHPOMDQMH 9 3ROOHMX VH PRUDMR ]DWR VRGHODYFL YVDNR OHWR V WHP WHPDWVNLP NRPSOHNVRP XNYDUMDWL Y RNYLUX LQWHUQHJD QDGDOMHYDOQHJD L]REUDæHYDQMD : ê ê ê ê

YHVGR

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