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µ,SQSWI\YEPW VITVIWIRX E XLVIEX XS XLI GSQQYRMX] MR XLEX [LIR XLI] GSQQMX WYMGMHI F] NYQTMRK JVSQ FYMPHMRKW XLI] WSQIXMQIW LMX TEWWIVW F] ¶ 8LI *&- 8VEMRMRK 1ERYEP

VIJIVVMRK XS XLI [SVH µH]OI¶ WTVE] TEMRXIH SR 4I]XSR¸W PSGOIV &VSSOI 2SFSH]¸W XEOMRK XLMW WIVMSYWP] 4I]XSR 6IEPP]# &IGEYWI LEPJ XLI KMVPW MR 4 ) [SYPHR¸X GLERKI MR JVSRX SJ QI &VSSOI 8LEX¸W FIGEYWI ]SY PSSO FIXXIV XLER XLI] HS REOIH ¶ 3RI 8VII ,MPP

µ-J ]SY [ERRE LMX QI KS VMKLX ELIEH SRP] -¸Q RSX KSRRE GV] PMOI WSQI PMXXPI JEKKSX %RH MJ ]SY [ERRE WIRH QI E[E] XS WGLSSP XLEX¸W EPP VMKLX XSS FIGEYWI - FIX QSVI FYXX JYGOMRK KSIW SR MR FSEVHMRK WGLSSP XLER MR XLI FEGOVSSQ SJ &EF]PSR &YX [LEXIZIV ]SY HS MX¸W RSX KSRRE QEXXIV FIGEYWI -¸PP WXMPP FI ]SYV UYIIV WSR ¶ .YWXMR XS LMW JEXLIV 5YIIV %W *SPO

µ¬MX¸W RSX EFSYX [LS - EQ SOE]# -X¸W EFSYX [LS XLI] EVI 8LI] EVI TISTPI [LS LEXI ERH XLI] HMZMHI ERH XLI] JIIH SJJ SJ TISTPI [LS HSR¸X Á KLX FEGO =IEL - GSYPH PEYKL XLMW SJJ FYX [LEX EFSYX XLI KMVP [LS GER¸X# ;LS¸W KSRRE LIPT LIV# 7MPIRGI SRP] QEOIW XLIQ WXVSRKIV ¶ 4I]XSR 3RI 8VII ,MPP

E<NJ LG;8K<J 1EMRI 6ITIEPW 7EQI 7I\ 1EVVMEKI 3R 2SZIQFIV ZSXIVW MR 1EMRI VITIEPIH E PE[ XLEX PIKEPM^IH WEQI WI\ QEVVMEKI 2IEVP] TIVGIRX SJ ZSXIVW FEGOIH XLI QIEWYVI [LMGL VITIEPIH E PE[ TEWWIH F] XLI WXEXI PIKMWPEXYVI MR 1E] 8LI TEWWEKI SJ 4VSTSWMXMSR WMKRMÁ IH E QENSV WIXFEGO JSV TVSTSRIRXW SJ KE] QEVVMEKI ERH LMKLPMKLXIH E HMWGSYVEKMRK XVIRH IQIVKMRK EGVSWW XLI REXMSR ³ WEQI WI\ QEVVMEKI LEW FIIR HIJIEXIH MR EPP WXEXIW MR [LMGL MX LEW FIIR TYX XS E TSTYPEV ZSXI &YX 0+&8 EHZSGEXIW EVI WXERHMRK WXVSRK µ;I¸VI MR XLMW JSV XLI PSRK LEYP ¶ WEMH .IWWI 'SRRSPP] QEREKIV SJ XLI TVS KE] QEVVMEKI GEQTEMKR MR 1EMRI µ*SV RI\X [IIO ERH RI\X QSRXL ERH RI\X ]IEV ´ YRXMP EPP 1EMRI JEQMPMIW EVI XVIEXIH IUYEPP] ¶ 3FEQE SR ·(SR¸X %WO (SR¸X 8IPP¸ 4VIWMHIRX 3FEQE HYVMRK E WTIIGL QEHI EX XLI ,YQER 6MKLXW 'EQTEMKR FERUYIX SR 3GXSFIV WXEXIH Á VQP] µ- [MPP IRH ·HSR¸X EWO HSR¸X XIPP ¸¶ -R XLI JEGI SJ GVMXMGMWQ VIKEVHMRK TVSQMWIW LI QEHI HYVMRK LMW 4VIWMHIRXMEP GEQTEMKR 3FEQE WXMPP HMH RSX QEOI MX GPIEV NYWX LS[ SV [LIR LI [EW KSMRK XS EGGSQTPMWL XLMW KSEP =IX XLI 4VIWMHIRX [EW RIZIVXLIPIWW KVIIXIH [MXL ETTPEYWI ERH E WXERHMRK SZEXMSR EX XLI IZIRXW WYKKIWXMRK XLEX 3FEQE WXMPP TVSZMHIW LSTI JSV XLSWI WIIOMRK IUYEP VMKLXW JSV XLI 0+&8 GSQQYRMX] µ-¸Q LIVI [MXL E WMQTPI QIWWEKI ¶ WEMH 3FEQE µ-¸Q LIVI [MXL ]SY MR XLEX Á KLX ¶

+MVP 2SX %PPS[IH XS ;IEV E 8Y\ MR +VEHYEXI 4LSXS ;LIR ]IEV SPH 'IEVE 7XYVKMW [ERXIH XS [IEV E XY\IHS MR LIV ]IEVFSSO KVEHYEXMSR TLSXS WGLSSP SJÁ GMEPW EX ;IWWSR %XXIRHERGI 'IRXIV MR 1MWWMWWMTTM WEMH RS 8LI %QIVMGER 'MZMP 0MFIVXMIW 9RMSR WXITTIH MR F] [VMXMRK E PIXXIV EWWIVXMRK XLEX 7XYVKMW ER STIRP] KE] WXYHIRX LEW IZIV] VMKLX XS LEZI LIV TLSXS TYFPMWLIH MR XLI ]IEVFSSO 8LI] HIQERHIH XLEX XLI WGLSSP GSQTP] [MXL TYFPMWLMRK XLI TLSXS F] 3GXSFIV SV JEGI PIKEP EGXMSR %W SJ XLI WTIGMÁ IH HEXI ;IWWSR %XXIRHERGI 'IRXIV LEW VINIGXIH XLI %'09¸W VIUYIWX 8LI PE[WYMX MW GYVVIRXP] TIRHMRK ,EVZI] 1MPO (E] 3R 3GXSFIV +SZIVRSV %VRSPH 7GL[EV^IRIKKIV WMKRIH E QIEWYVI HIWMKREXMRK 1E] EW ,EVZI] 1MPO (E] ;LMPI XLI KSZIVRSV ZIXSIH WEQI QIEWYVI PEWX ]IEV 4VIWMHIRX 3FEQE¸W E[EVHMRK 1MPO XLI 4VIWMHIRXMEP 1IHEP SJ *VIIHSQ ERH ER %GEHIQ] %[EVH [MRRMRK Á PQ EFSYX 1MPO¸W PMJI QSZIH 7GL[EV^IRIKKIV XS WMKR XLI FMPP WTSOIWQER %EVSR 1G0IEV WEMH 8LI +SZIVRSV EPWS WMKRIH MRXS PE[ E QIEWYVI KMZMRK WEQI WI\ GSYTPIW QEVVMIH MR SXLIV WXEXIW EPP XLI VMKLXW SJ QEVVMEKI MR 'EPMJSVRME 7EQI WI\ QEVVMEKI SR FEPPSX MR # 2IEVP] TIVGIRX SJ 'EPMJSVRME ZSXIVW HSR¸X [ERX XS TPEGI XLI WEQI WI\ QEVVMEKI MWWYI FEGO SR XLI FEPPSX MR EGGSVHMRK XS E 0SW %RKIPIW 8MQIW 9RMZIVWMX] SJ 7SYXLIVR 'EPMJSVRME TSPP % WQEPP QENSVMX] SJ ZSXIVW WXMPP WYTTSVX XLI VMKLX SJ KE] GSYTPIW XS QEVV] FYX XLI TSPP HIQSRWXVEXIH ZSXIVW¸ VIPYGXERGI XS VIZMWMX XLI MWWYI WS WSSR EJXIV XLI TEWWEKI SJ 4VSTSWMXMSR 8LI WYVZI] MRXIVZMI[IH VIKMWXIVIH ZSXIVW JVSQ 3GX XLVSYKL 2SZ

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3YX;VMXI MW XLI UYIIV GSQQYRMX]¸W ZSMGI EX 9'0% 3YX;VMXI EMQW XS GSZIV XLI UYIIV I\TIVMIRGI SR E GSPPIKI GEQTYW [MXL HITXL F] TVSZMHMRK WXYHIRXW [MXL WSQIXLMRK XS VIPEXI XS WXSVMIW XLEX VIÂ IGX XLIMV S[R EW [IPP EW WXSVMIW SJ HMZIVWMX] XLEX FVSEHIR LSVM^SRW %W [VMXIV 'EVPSW *YIRXIW WEMH µ;VMXMRK MW E WXVYKKPI EKEMRWX WMPIRGI ¶

8LI 9'0% 'SQQYRMGEXMSRW &SEVH LEW E QIHME KVMIZERGI TVSGIHYVI JSV VIWSPZMRK KVMIZERGIW EKEMRWX ER] SJ MXW QIHME *SV E GST] SJ XLI GSQTPIXI TVSGIHYVI GSRXEGX 9'0% 7XYHIRX 1IHME EX 'ST]VMKLX %79'0% 'SQQYRMGEXMSRW &SEVH

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- LEH ERXMGMTEXIH LMQ JIIPMRK GSRJYWIH QE]FI YTWIX ERH HIÁRMXIP] JYPP SJ UYIWXMSRW -RWXIEH - IRHIH YT FIMRK XLI SRI GSRJYWIH ERH JYPP SJ UYIWXMSRW - HMHR¸X YRHIVWXERH LS[ LI GSYPH FI WS GEPQ EFSYX XLI [LSPI XLMRK [LIR - LEH FIIR EKSRM^MRK SZIV LS[ - [SYPH XIPP LMQ &YX XLI JEGX SJ XLI QEXXIV [EW XLEX LI LEH WYWTIGXIH MX EPP EPSRK

µ- HMHR¸X VIEPP] XLMRO XSS QYGL EFSYX MX ¶ LI WEMH GSRGIVRMRK LS[ - GEQI SYX XS LMQ µ- QIER - [EWR¸X WYVTVMWIH WS MX [EWR¸X E FMK HIEP XS QI =SY [IVIR¸X PMOI SXLIV HYHIW - HSR¸X ORS[ - WSQILS[ NYWX ORI[ ¶

1] WMWXIV .ERI SR XLI SXLIV LERH LEH RS MROPMRK XLEX - QMKLX FI KE] - GEQI SYX XS LIV E GSYTPI SJ ]IEVW EJXIV - LEH XSPH Q] FVSXLIV 7LI [EW HVMZMRK YW XS KS WLSTTMRK ERH [LIR - XSPH LIV - [EW KE] WLI RIEVP] GVEWLIH XLI GEV

µ- [EW XLMROMRK´ ¶ WLI VIGEPPIH µ´MW XLMW E NSOI# &IGEYWI MX¸W RSX JYRR] %RH - [EW XLMROMRK LS[ GER ]SY FI KE]# %VI ]SY WYVI MX¸W RSX E TLEWI# - [EW MR WLSGO ERH [SVVMIH EFSYX LS[ 1SQ ERH (EH [SYPH VIEGX %RH - [EW OMRH SJ YTWIX XLEX /]PI ORI[ E GSYTPI SJ ]IEVW FIJSVI - HMH ¶

- RIZIV QIERX XS LYVX ER]SRI F] [MXLLSPHMRK Q] WI\YEPMX] -R JEGX - EP[E]W JIEVIH XLEX XLI XVYXL EFSYX Q] WI\YEPMX] [SYPH GEYWI QSVI LEVQ XLER KSSH - [EW WGEVIH WLMXPIWW JVSQ XLI GSQMRK SYX LSVVSV WXSVMIW - LEH LIEVH ERH [EW RSX VIEH] XS JEGI WYGL ERMQSWMX] SV LEXVIH - ORI[ XLEX MJ - GEQI SYX XS Q] JVMIRHW ERH XLI] HMH RSX EGGITX QI XLI [SVWX XLEX GSYPH LETTIR [SYPH FI XLEX [I¸H RS PSRKIV FI JVMIRHW XLEX [EW E FIEVEFPI TSWWMFMPMX] WIIMRK EW LS[ - GSYPH EP[E]W QEOI RI[ JVMIRHW -J - GEQI SYX XS Q] JEQMP] - VMWOIH FIMRK OMGOIH SYX SJ XLI LSYWI SV KIXXMRK [VMXXIR SYX SJ WSQI [IEPXL] VIPEXMZI¸W [MPP

8LEROJYPP] XLEX HMHR¸X LETTIR XS QI ]IX FIGEYWI - GLSWI XS GSQI SYX XS Q] WMFPMRKW ÁVWX &YX EX XLI WEQI XMQI - RIZIV VIEPP] ORI[ LS[ Q] GSQMRK SYX EJJIGXIH Q] WMFPMRKW %PXLSYKL XLI] WLS[IH XLIMV WYTTSVX JSV QI VMKLX JVSQ XLI KIX KS - RIZIV GSRWMHIVIH XLI [E]W XLIMV PMZIW QE] LEZI GLERKIH RS[ XLEX WSQISRI VIPEXIH XS XLIQ MW KE]

9TSR MRXIVZMI[MRK XLIQ - PIEVRIH XLEX XLI] IEGL HIEPX [MXL MX E FMX HMJJIVIRXP] 1] FVSXLIV [LS LEH EP[E]W WYWTIGXIH XLEX - [EW KE] JIPX EW XLSYKL RSXLMRK LEH GLERKIH ,I LEW FIIR SRI SJ Q] KVIEXIWX EPPMIW IZIR FIJSVI - GEQI SYX XS LMQ

µ-¸PP GEPP TISTPI SYX SR FIMRK LSQSTLSFMG ¶ LI FSEWXIH µ-¸ZI EP[E]W JIPX XLEX SXLIV TISTPI WLSYPHR¸X GEVI FIGEYWI MX¸W RSRI SJ XLIMV FYWMRIWW ERH MX HSIWR¸X EJJIGX XLIQ -¸PP FEWMGEPP] QEOI ER EWW SYX SJ WSQISRI MJ XLI] QEOI LSQSTLSFMG GSQQIRXW ¶

1] WMWXIV SR XLI SXLIV LERH RIZIV WYWTIGXIH MX IZIR XLSYKL WLI LEH E JI[ KE] ERH PIWFMER JVMIRHW MR LIV WSGMEP GMVGPI

µ- [EW ÁRI [MXL MX ¶ WLI WEMH SJ LIV ZMI[W SR LSQSWI\YEPMX] TVMSV XS Q] GSQMRK SYX µ- JIIP XLEX [I WLSYPH PIX TISTPI FI ERH EW PSRK EW XLI] EVI LETT] [I WLSYPH PIEZI XLIQ EPSRI - QIER - LEZI KE] JVMIRHW ERH -¸Q GSSP [MXL XLIQ FYX MX¸W HMJJIVIRX [LIR MX¸W ]SYV S[R WMFPMRK FIGEYWI MX GLERKIW XLI JEQMP] - XLMRO MX LEW FVSYKLX YW GPSWIV FIGEYWI RS[ - ORS[ XLI VIEP ]SY ERH ]SY¸VI RSX LMHMRK ER]XLMRK JVSQ QI RS[ ¶

-X [EW GSQJSVXMRK XS ORS[ XLEX FSXL Q] FVSXLIV ERH WMWXIV LEZI EP[E]W FIIR WYTTSVXMZI SJ XLI UYIIV GSQQYRMX] LS[IZIV XLI [E] XLI] HIQSRWXVEXIH XLEX WYTTSVX GLERKIH EJXIV - GEQI SYX *SV I\EQTPI XLI TEWWEKI SJ 4VSTSWMXMSR PEWX

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-R WTMXI SJ Q] FVSXLIV¸W WIRXMQIRXW SR XLI MWWYI LI [EW RSX SJ ZSXMRK EKI EX XLI XMQI ERH [EW HIRMIH XLI STTSVXYRMX] XS ÁKLX EPSRKWMHI QI ERH Q] WMWXIV EX XLI TSPPW 1] WMWXIV¸W ZMI[W SR XLI MRWXMXYXMSR SJ QEVVMEKI GLERKIH [MXL XLI TEWWEKI SJ 4VST -R Q] MRXIVZMI[ [MXL LIV WLI WLEVIH [MXL QI XLEX WLI JIPX µQEVVMEKI MW NYWX E XMXPI ERH MX KMZIW ]SY PIKEP VMKLXW ERH MX¸W NYWX RSX JEMV XLEX ]SY GER¸X KIX QEVVMIH =SY WLSYPH FI IRXMXPIH XS XLI WEQI PIKEP VMKLXW XLEX - EQ ¶

(IWTMXI XLIMV WYTTSVX - PIEVRIH XLEX Q] WMFPMRKW EPWS LEH GSRGIVRW EFSYX LS[ Q] WI\YEPMX] [SYPH EJJIGX XLI VIWX SJ XLI JEQMP] *SV XLI JI[ ]IEVW XLEX XLI WIGVIX SJ Q] WI\YEP SVMIRXEXMSR [EW WLEVIH FIX[IIR QI ERH Q] WMFPMRKW Q] FVSXLIV JSYRH RS HMJÁGYPX] MR OIITMRK Q] WI\YEPMX] E WIGVIX JVSQ XLI VIWX SJ XLI JEQMP]

µ-X [EWR¸X XLEX LEVH JSV QI XS OIIT E WIGVIX FYX - HMH EP[E]W [SRHIV LS[ XLI] HMHR¸X WII XLI WMKRW ¶

)ZIRXYEPP] - HMH QEREKI XS GSQI SYX XS Q] QSXLIV [LS XLEROJYPP] EGGITXIH QI PIEZMRK Q] JEXLIV XLI SRP] QIQFIV SJ Q] MQQIHMEXI JEQMP] SYXWMHI XLI MRRIV GMVGPI SJ Q] WI\YEPMX] *SV XLI XMQI FIMRK - ÁRH MX GLEPPIRKMRK XS GSQI SYX XS Q] (EH FIGEYWI - [SVV] XLEX LI QMKLX LEZI E LEVH XMQI HIEPMRK [MXL XLI JEGX XLEX LMW ÁVWX FSVR WSR MW KE] (YI XS XLMW WMXYEXMSR Q] WMWXIV JIIPW YRGSQJSVXEFPI ERH [SVVMIW EFSYX LS[ XLMW [MPP EJJIGX XLI JEQMP] H]REQMG

µ- XLMRO XLEX MW TYPPMRK ]SY JYVXLIV ETEVX JVSQ LMQ FIGEYWI LI HSIWR¸X YRHIVWXERH ]SY ¶ WLI I\TPEMRIH µ%RH - XLMRO ]SY¸ZI TYX 1SQ MR ER E[O[EVH TSWMXMSR FIGEYWI WLI¸W LMW [MJI ERH XLI]¸VI WYTTSWIH XS XIPP IEGL SXLIV IZIV]XLMRK %RH - [SVV] TISTPI QMKLX NYHKI SYV JEQMP] FIGEYWI XLI] HSR¸X YRHIVWXERH LSQSWI\YEPMX] ¶ -R XLI EJXIVQEXL SJ GSQMRK SYX XS Q] JEQMP] - PIEVRIH ÁVWX LERH [L] GSQMRK SYX MW MQTSVXERX ERH [L] [I EHZSGEXI GSQMRK SYX MR XLI UYIIV GSQQYRMX] 'SQMRK 3KRWR &UHGLW 5LFK <DS SYX EPPS[W UYIIV TISTPI XS HIFYRO XLI RIKEXMZI WXIVISX]TIW XLEX LEZI LMWXSVMGEPP] TPEKYIH SYV GSQQYRMX] ERH XLIVIF] GSQFEX LSQSTLSFME

µ%JXIV ]SY GEQI SYX - [EW QSVI WYTTSVXMZI SJ XLI KE] GSQQYRMX] ERH XLI QSZIQIRX FIGEYWI RS[ MX FIGEQI TIVWSREP´WSQISRI MR Q] JEQMP] MW EJJIGXIH F] XLI TVINYHMGI ERH HMWGVMQMREXMSR XLEX ]SY EPP JEGI ¶ Q] WMWXIV WEMH 7LI GSRÁHIH MR QI XLEX WLI MW MR ER YRSJÁGMEP WYTTSVX KVSYT EX LIV WGLSSP JSV WXYHIRXW [MXL UYIIV WMFPMRKW [LMPI Q] FVSXLIV GSRXMRYIW XS FI ZSGEP EKEMRWX IZIV]HE] JSVQW SJ LSQSTLSFME %W JSV Q] QSXLIV WLI LEW QEHI XVIQIRHSYW TVSKVIWW EW WLI LEW WMRGI GLERKIH LIV ZMI[W EKEMRWX WEQI WI\ QEVVMEKI XLSYKL WLI WXMPP LEW E PSX XS PIEVR EFSYX [LEX MX QIERW XS FI ER EPP]

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