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K ilKmK_o>^am K] >_?]SmSm· ip_oa ial ip_oa· IK ]> Kx $lQ?_SG> i>l> K] Km>lla]]a
Ga_b^SGa x 0amoK_SFS]SI>I SmG>] ol>m ]> i>_IK^S> $7΃‹· ipF]SG>Ia K_ K] 1KlGKl
0pi]K^K_oaIK]/KQSmola$}GS>]"a¼‡Š‰·Ga_PKGR>„‹IK_auSK^FlKIK„‚„ƒ¼

 &2175,%8&,21(6 7(0325$/(6 3$5$ (/ ,038/62

(&21’0,&23267&29,'

 &RQWULEXFL²Q 7HPSRUDO DO 3DWULPRQLR GH ODV 3HUVRQDV

1DWXUDOHV
>miKlma_>m_>opl>]KmkpK>]ƒIKK_KlaIK„‚„ƒiamK>_p_i>olS^a_SaS_ISuSIp>]SQp>]a
^>xal > p_ ^S]]b_ IK Ib]>lKm a Gp>_Ia KwSmo> maGSKI>I Ga_xpQ>] SQp>] a ^>xal > Iam
^S]]a_Km IK Ib]>lKm i>Q>l?_ p_> Ga_olSFpGSb_ maFlK mp i>olS^a_Sa K_ K] KZKlGSGSa }mG>]
„‚„„·IK>GpKlIaGa_]>mSQpSK_oKo>F]>¶

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

" 000$ /  :$/" ,/ 0//$ $ $"%! $:
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Ú >IKG]>l>GSb_xi>QaIKKmo>Ga_olSFpGSb_oK^ial>]mKIKFKl?lK>]S{>lR>mo>K] ƒIK
^>l{aIK]KZKlGSGSa}mG>]IK„‚„„¼
Ú]i>Qao>lIUaIK]>Ga_olSFpGSb_Kmo>l?mpZKoa>]GaFlaIKS_oKlKmKmx^p]o>m¼
Ú] i>Qa IK Kmo> Ga_olSFpGSb_ oK^ial>] _a mKluSl? Ga^a GlLISoa olSFpo>lSa _S mKl?
IKIpGSF]Ki>l>K]i>QaIKaolamS^ipKmoam¼
Úmo>Ga_olSFpGSb_iaIl?Kmo>lmpZKo>>P>GS]SI>IKmIKi>Qaialp_i]>{a^?wS^aIKˆ
^KmKm mS_ kpK mK KwSZ> K] i>Qa IK ]> Gpao> S_SGS>] Kmo>F]KGSI> K_ K] >loUGp]a ƒ‡„ IK]

bISQa1lSFpo>lSa¼
Ú_ K] G>ma IK lKmSIK_oKm }mG>]Km K_ Gp>Ial· ]> Ga_olSFpGSb_ mK G>]Gp]>l? x i>Q>l?
maFlKK]i>olS^a_SapFSG>IaIK_olaxPpKl>IK]i>Um¼
Ú am_alKmSIK_oKm}mG>]KmK_Gp>Ial·G>]Gp]>l?_xi>Q>l?_]>Ga_olSFpGSb_maFlKK]
i>olS^a_SapFSG>IaK_K]i>Um¼

6HH[FOXLU GHHVWHF OFXOR

] ^a_oa kpK GallKmia_I> >] u>]al i>olS^a_S>] ilaialGSa_>] IK ]>m >GGSa_Km a
i>loSGSi>GSa_Kmx]amS_^pKF]KmkpK^>_oK_Q>_FamkpKmilS^>lSamx{a_>mIKISuKlmSI>I
KGa]bQSG>¼

'HGXFFL²Q
kpSu>]K_oK >] u>]al i>olS^a_S>] IK mp ilS^Kl> uSuSK_I> a >] IK oSKll>m >QlUGa]>m
S^ilaIpGoSu>mIKmpilaiSKI>I·R>mo>IamGSK_oam^S]Ib]>lKmGa_mSIKl>_Iap_aa>^Fam
Ga_GKioam¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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&RQWULEXFL²Q7HPSRUDOVREUHHO3DWULPRQLRGHODV6RFLHGDGHV
>mmaGSKI>IKmkpKiamK>_p_i>olS^a_Sa_KoaSQp>]a^>xal>GS_Ga^S]]a_KmIKIb]>lKm
>] ƒ IK ISGSK^FlK IK „‚„‚ x lK>]SGK_ >GoSuSI>IKm KGa_b^SG>m IKoKl^S_>l?_ x i>Q>l?_
p_>Ga_olSFpGSb_oK^ial>]maFlKmpi>olS^a_Sai>l>]amKZKlGSGSam}mG>]Km„‚„„x„‚„ ¼

] i>Qa IK ]> Ga_olSFpGSb_ oK^ial>] maFlK K] i>olS^a_Sa IK ]>m maGSKI>IKm mK R>l? IK
Ga_Pal^SI>IGa_]>mSQpSK_oKo>F]>¶

> IKG]>l>GSb_ x i>Qa IK Kmo> Ga_olSFpGSb_ oK^ial>] mK IKFKl? lK>]S{>l R>mo> K] ƒ IK
^>l{aIK]KZKlGSGSaS^iamSoSua¼

Ú]i>Qao>lIUaIK]>Ga_olSFpGSb_Kmo>l?mpZKoa>]GaFlaIK]amS_oKlKmKmx^p]o>m¼
Úmo>Ga_olSFpGSb_iaIl?Kmo>lmpZKo>>P>GS]SI>IKmIKi>Qaialp_i]>{a^?wS^aIK
mKSmʈË^KmKmmS_kpKmKKwSZ>K]i>QaIK]>Gpao>S_SGS>]¼
Ú] i>Qa IK Kmo> Ga_olSFpGSb_ oK^ial>] _a mKluSl? Ga^a GlLISoa olSFpo>lSa i>l> K]
i>QaIK]amS^ipKmoam_SmKl?IKIpGSF]Ki>l>K]i>QaIKaolamS^ipKmoam¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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Ú >mK_oSI>IKmxK^ilKm>miqF]SG>mÁ
Ú^SmSa_KmISi]a^?oSG>m·Ga_mp]>lKmxalQ>_Sm^amS_oKl_>GSa_>]KmÁ
ÚKS_moSopGSa_KmmS_}_KmIK]pGla¼

6DQFL²QSRUIDOWDGHSUHVHQWDFL²QGHGHFODUDFLRQHVFRUUHVSRQGLHQWHVDODV
&RQWULEXFLRQHV
]0KluSGSaIK/K_o>m_oKl_>mm>_GSa_>l?Ga_p_lKG>lQaIK]‡‚ïIK]u>]alIKoKl^S_>Ia·
^?mS_oKlKmKm·mS_iKlZpSGSaIK]>mlKmia_m>FS]SI>IKmiK_>]Km>]>mkpKR>x>]pQ>l¼

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0K GlK> K] /LQS^K_ ^iamSoSua 7a]p_o>lSa· 3_SGa x 1K^ial>] >i]SG>F]K > ]am lKmSIK_oKm
}mG>]Km K_ K] Gp>Ial kpK >] ƒ IK ISGSK^FlK IK „‚„‚ R>x>_ ^>_oK_SIa K_ K] KwoKlSal
>GoSuam IK Gp>]kpSKl G]>mK Gpxa alSQK_ R>x>_ mSIa S_QlKmam Ql>u>Iam Ga_ S^ipKmoa > ]>
lK_o> K_ Gp>Ial· a R>x>_ lK>]S{>Ia aiKl>GSa_Km ^a_Ko>lS>m a _a ^a_Ko>lS>m mpZKo>m >]
^ipKmoa > ]> 0>]SI> IK SuSm>m· _a IKG]>l>I>m a Gpxa S^ipKmoa GallKmia_ISK_oK _a
RpFSKlK mSIa aFZKoa IK lKoK_GSb_ xÂa i>Qa K_ K] Gp>Ial IK Ga_Pal^SI>I Ga_ ]a
Kmo>F]KGSIaK_]> KxIK/LQS^K_1lSFpo>lSa_oKl_a¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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3OD]R
am mpZKoam i>mSuam kpK IKmKK_ >GaQKlmK >] /LQS^K_ ^iamSoSua 7a]p_o>lSa· 3_SGa x

1K^ial>] i>l> ]> /KQp]>lS{>GSb_ IK GoSuam K_ K] woKlSal ]a iaIl?_ R>GKl R>mo> K] ƒ IK
ISGSK^FlKIK„‚„„¼

+HFKRJHQHUDGRU
m ]> ilKmK_o>GSb_ IK ]> IKG]>l>GSb_ Zpl>^K_o>I> K_ ]> kpK ^>_S}KmoK ]> ua]p_o>I
SllKuaG>F]KIK>GaQKlmK>]lLQS^K_S^iamSoSua>]0KluSGSaIK/K_o>m_oKl_>m¼

%DVHLPSRQLEOH
mo>l?Ga_moSopSI>ialK]^a_oaIK]am>GoSuamIKGp>]kpSKlG]>mKkpKIKG]>lK^>_oK_KlK]
mpZKoai>mSuaGa_GaloK>] ƒIKISGSK^FlKIK„‚„‚¼

ammpZKoami>mSuamkpKmK>GaZ>_>KmoKlLQS^K_·i>Q>l?_]>mmSQpSK_oKmo>lSP>m¶

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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]^ipKmoa3_SGax1K^ial>]i>l>]>/KQp]>lS{>GSb_IKGoSuamK_K]woKlSal_aiaIl?
mKlpoS]S{>IaGa^aGlLISoaolSFpo>lSa·_SGa^aQ>moaIKIpGSF]Ki>l>]>IKoKl^S_>GSb_IK
aolamS^ipKmoam¼

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p>_Ia mp iKl^>_K_GS> K_ K] i>Um· S_G]pxK_Ia >pmK_GS>m Kmial?ISG>m mK> IK ƒŠ  IU>m
G>]K_I>lSa a ^?m· Ga_mKGpoSuam a _a· K_ p_ ]>ima IK ƒ„ ^KmKm IK_ola IK Iam iKlSaIam
}mG>]Km¼

_G>maIKkpK]>iKlma_>>GlKISoKmplKmSIK_GS>}mG>]K_p_i>l>Uma}mG>]aZplSmISGGSb_
IK^K_alS^iamSGSb_·IKFKl?ilaF>lkpKR>iKl^>_KGSIaK_KmKi>Um>]^K_amƒŠ IU>m
G>]K_I>lSa·Ga_mKGpoSuama_a·K_K]KZKlGSGSaS^iamSoSuaGallKmia_ISK_oKxkpKK]_qG]Ka
ilS_GSi>] IK mpm >GoSuSI>IKm a S_oKlKmKm KGa_b^SGam mK K_GpK_ol>_ K_ Km> ZplSmISGGSb_·
G>maGa_ol>lSamKilKmp^Sl?mplKmSIK_GS>}mG>]K_K]Gp>Ial¼

] _qG]Ka ilS_GSi>] IK mpm >GoSuSI>IKm a S_oKlKmKm KGa_b^SGam l>ISkpK_ K_ Gp>Ial· IK
Pal^>ISlKGo>aS_ISlKGo>¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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"a R>x> iKl^>_KGSIa K_ _S_Qq_ aola i>Um a ZplSmISGGSb_ ^?m IK ƒŠ  IU>m G>]K_I>lSa·
Ga_mKGpoSuama_a·K_K]KZKlGSGSaS^iamSoSua¼

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0K Kmo>F]KGK p_> _pKu> o>F]> ilaQlKmSu> i>l> ]SkpSI>l K] S^ipKmoa > ]> lK_o> IK ]>m
iKlma_>m_>opl>]KmxIK]>mmpGKmSa_KmS_ISuSm>m¶

KGa_Pal^SI>I>]>o>F]>·]>l>GGSb_ ?mSG>KmQl>u>I>Ê Ë·KmIKGSl·kpKKmo?Ql>u>I>

Ga_o>lSP>IK]‚ïIKS^ipKmoa>]>lK_o>·GallKmia_IK>20ƒƒ¼ ƒ‚¼

*DVWRVSHUVRQDOHV
>miKlma_>m_>opl>]KmQa{>l?_IKp_>lKF>Z>IKmp^ipKmoa>]>/K_o>G>pm>Iaialmpm

Q>moamiKlma_>]Km·>i]SG>F]K>_oKmIKS^ipo>lGlLISoamolSFpo>lSam¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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,>l>Kmo>F]KGKlK]^a_oa^?wS^aIK]>lKF>Z>·mKIKFKl?_aFmKlu>l]>mmSQpSK_oKmlKQ]>m¶

>Ë0SmplK_o>Flpo>>_p>]ÊS_G]pxK_IaS_QlKmamKwK_oamË_aKwGKIKIK„·ƒ l>GGSa_Km
?mSG>mKmQl>u>I>mÊ Ë·K]^a_oa^?wS^aIK]>lKF>Z>ialQ>moamiKlma_>]KmmKl?K]
kpKlKmp]oKIK>i]SG>l]>mSQpSK_oKPbl^p]>¶

ÚÚÚ/è w„‚ï

ÚÚÚFË0SmplK_o>Flpo>>_p>]ÊS_G]pxK_IaS_QlKmamKwK_oamËKwGKIKIK„·ƒ  ¶

ÚÚÚ/è wƒ‚ï

a_IKi>l>]am]SoKl>]Km>xF¶

/è/KF>Z>ialQ>moamiKlma_>]Km

 è ] u>]al kpK lKmp]oK ^K_al K_olK ]am Q>moam iKlma_>]Km IKG]>l>Iam IK] iKlSaIa }mG>]
>_p>]xK]u>]alIK]>G>_>mo>F?mSG>^p]oSi]SG>IaialmSKoK¼

"ao>¶ 0K Ga_mSIKl>l? K] u>]al IK ]> >_>mo> >^S]S>l ?mSG>· >] ^Km IK ISGSK^FlK IK]
KZKlGSGSaK_K]Gp>]mK]SkpSI>K]S^ipKmoa·mKQq_]amI>oamkpKipF]SkpKK]" ¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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_>ZK_>GSb_aG>mSa_>]IKS_^pKF]Km

am QK_Kl>Iam ial ]> K_>ZK_>GSb_ aG>mSa_>] IK S_^pKF]Km lK>]S{>I> ial iKlma_>m
_>opl>]Km·mSK^ilKkpKmKol>oKIKS_^pKF]KmIKmoS_>Iam>uSuSK_I>·xoKllK_am¼

_uKlmSa_Km>i]>{a}Za

0K ISm^S_pxK K] i]>{a IK K^SmSb_ IK ˆ‚ IU>m > ƒŠ‚ IU>m· i>l> ]> >i]SG>GSb_ IK ]>
Kwa_Kl>GSb_ IK ]am lK_IS^SK_oam x FK_K}GSam aFoK_SIam ial iKlma_>m _>opl>]Km x
maGSKI>IKmK_]amIKibmSoam>i]>{a}ZaKS_uKlmSa_KmK_lK_o>}Z>¼

/K_IS^SK_oam}_>_GSKlamIKIKpI>iqF]SG>

am lK_IS^SK_oam }_>_GSKlam alSQS_>Iam K_ ]> IKpI> iqF]SG> KGp>oalS>_> >Ral> mK
K_GpK_ol>_ Ql>u>Iam Ga_ S^ipKmoa > ]> lK_o> ol>m ]> IKlaQ>GSb_ IK] _p^Kl>] „„ IK]
>loUGp]a‹¼

_>ZK_>GSb_IK>GGSa_Km

mo>l?_KwK_o>mIK^ipKmoa>]>/K_o>]>mpoS]SI>IKmkpKiKlGSF>_]>mmaGSKI>IKmx]>m
iKlma_>m _>opl>]Km ilauK_SK_oKm IK ]> K_>ZK_>GSb_ IK >GGSa_Km· i>loSGSi>GSa_Km· p aolam
IKlKGRamlKilKmK_o>oSuamIKG>iSo>]·lK>]S{>I>mK_Fa]m>mIKu>]alKmKGp>oalS>_>m¶

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú>mo>p_^a_oa>_p>]IK‡‚Pl>GGSa_KmF?mSG>mQl>u>I>mGa_o>lSP>GKlaIK]i>QaIK]
S^ipKmoa>]>lK_o>IKiKlma_>m_>opl>]KmÊ ËxmSK^ilKkpKK]^a_oaol>_mPKlSIa
mK>S_PKlSal>]„‡ïIK]G>iSo>]mpmGlSoaxi>Q>IaIK]>Ga^i>`U>¼
Ú_G>maIKkpK]>a]>mK_>ZK_>GSa_KmmpiKlK_K]„‡ïIK]G>iSo>]mpmGlSoaxi>Q>Ia
IK ]> Ga^i>`U>· ]> ISPKlK_GS> mKl? Ql>u>I> Ga_ p_> o>lSP> q_SG> IK] ‡ï maFlK ]>
poS]SI>IaFoK_SI>IK]>uK_o>·oa^>_IaK_GpK_o>]>KwK_GSb_IK]>m‡‚ ¼

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0KIKlaQ>K]_p^Kl>]„ƒÊmSGËIK]>loUGp]a ‹maFlK]>Kwa_Kl>GSb_IK]^a_oalKS_uKloSIa
ial ]am mpZKoam i>mSuam IKFSI>^K_oK >GlKISo>Iam >_oK ]> 0KGlKo>lU> IK IpG>GSb_
0piKlSal· SK_GS>· 1KG_a]aQU> K __au>GSb_· kpK lK>]SGK_ >GoSuSI>IKm KwG]pmSu>m IK
S_uKmoSQ>GSb_GSK_oU}G>lKmia_m>F]KIK^>_Kl>>pob_a^>xkpKlKS_uSKlo>_>]^K_amK]
ISK{ialGSK_oaIKmpmpoS]SI>IKmK_K]i>UmxK_]>lKPKlSI>>GoSuSI>I¼

0KIKlaQ>K]>loUGp]a ‹¼ƒmaFlKK]FK_K}GSaGp>_Ia]>maGSKI>IGpxaG>iSo>]>GGSa_>lSa·
K_p_^a_oa_a^K_al>]‡ï·ol>_mPKlU>>oUop]aa_Klama>P>ualIK>]^K_amK]„‚ïIKmpm
ol>F>Z>IalKm· iaIU> ISPKlSl K] i>Qa IK mp S^ipKmoa > ]> lK_o>· R>mo> ial GS_Ga
KZKlGSGSam}mG>]Km·Ga_K]GallKmia_ISK_oKi>QaIKS_oKlKmKm·G>]Gp]>IamK_F>mK>]>o>m>
>GoSu>Galial>oSu>·K_]amoLl^S_amkpKmKKmo>F]KGK_K_K]lKQ]>^K_oaIKKmo>Ú]Kx¼moK
FK_K}GSa Kl> >i]SG>F]K mSK^ilK kpK o>]Km >GGSa_Km mK ^>_oK_U>_ K_ ilaiSKI>I IK ]am
ol>F>Z>IalKm¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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]S^S_>GSb_IKKwa_Kl>GSa_KmIK]^ipKmoa>]>/K_o>

0KK]S^S_>_]>mmSQpSK_oKmKwa_Kl>GSa_Kmi>l>K]i>QaIK]^ipKmoa>]>/K_o>¶

Ú >`am  i>l> K] IKm>lla]]a IK S_uKlmSa_Km _pKu>m x ilaIpGoSu>m K_ mKGoalKm
‡
ilSalS{>Iam¼
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Ú i>l>K]IKm>lla]]aIKS_uKlmSa_Km_pKu>mxilaIpGoSu>mK_S_IpmolS>mF?mSG>m¼
ƒ‚>`am
Ú K_K]IKm>lla]]aIKilaxKGoamiqF]SGamK_>maGS>GSb_iqF]SGaÎilSu>I>¼
Ú >`am  > S_QlKmam aFoK_SIam ial >GoSuSI>IKm KwG]pmSu>m IK Gp>]kpSKl oKG_a]aQU>
‡
ISQSo>]]SFlKGa_u>]al>QlKQ>IaKGp>oalS>_a¼
‡>`am
Ú K_]>PpmSb_IKK_oSI>IKmIK]mKGoal}_>_GSKlaiaip]>lxma]SI>lSa¼
Ú >`am i>l>_pKu>m^SGlaK^ilKm>m¼
Ú >`am  i>l> ]am mpZKoam i>mSuam kpK mK>_ >I^S_Smol>IalKm p aiKl>IalKm IK p_>
ƒ‚
<a_>miKGS>]IKKm>lla]]aGa_b^SG>Ê<˼

'HGXFFLRQHV
KIpGGSb_>ISGSa_>]i>l>]>IKilKGS>GSb_x>^aloS{>GSb_

0K >i]SG>l? ]> IKIpGGSb_ >ISGSa_>] IK] ƒ‚‚ï > ]> IKilKGS>GSb_ x >^aloS{>GSb_ IK
^>kpS_>lS>m· KkpSiam x oKG_a]aQU>m IK Ga_molpGGSb_ mpmoK_o>F]K· K_ ]> ^KISI> K_ kpK
Gp^i]>_ Ga_ ]am i>l?^Kolam oLG_SGam x Ga_ISGSa_Km Kmo>F]KGSIam K_ ]> _al^>oSu> kpK
i>l> K] KPKGoa K^So> ]> >poalSI>I >^FSK_o>] Ga^iKoK_oK¼ moK Q>moa >ISGSa_>] _a iaIl?
mpiKl>lp_u>]alKkpSu>]K_oK>]‡ïIK]amS_QlKmamoao>]Km¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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KIpGGSb_>ISGSa_>]i>l>]amQ>moamIKipF]SGSI>I·ila^aGSb_xi>olaGS_Sa

0K>^i]U>]>IKIpGGSb_>ISGSa_>]IK]ƒ‚‚ï>]ƒ‡‚ïÚmaFlK]amu>]alKmIKmoS_>Iam>¶

Ú>ualIKIKialoSmo>m·xilaQl>^>mIKialoSuam¼
Ú KG>m a >xpI>m > KmopIS>_oKm IK F>Zam lKGplmam K_ S_moSopGSa_Km KIpG>oSu>m IK
Pal^>GSb_Ip>]xIKoKlGKlaGp>loa_SuK]¼
Ú am >pmiSGSam x i>olaGS_Sam lK>]S{>Iam > K_oSI>IKm KIpG>oSu>m IK _SuK] F?mSGa x
F>GRS]]Kl>oaIKmoS_>Iam>FKG>m·>]S^K_o>GSb_·S_Pl>KmolpGopl>·K_KmGpK]>mxGa]KQSam

iqF]SGamx}mGa^SmSa_>]Km¼
Ú_oSI>IKm mS_ }_Km IK ]pGla Gpx> >GoSuSI>I mK GK_olK K_ ]> Kll>ISG>GSb_ IK ]>
IKm_polSGSb_S_P>_oS]x>oK_GSb_IK^>IlKmQKmo>_oKm¼

KIpGGSb_>ISGSa_>]i>l>KuK_oam>loUmoSGam·Gp]opl>]KmxaFl>mGS_K^>oaQl?}G>m

Ú0K S_G]pxK ]> IKIpGGSb_ >ISGSa_>] R>mo> p_ ƒ‡‚ï > ]am Q>moam ial alQ>_S{>GSb_·
ilaIpGGSb_xi>olaGS_SaIKaFl>mGS_K^>oaQl?}G>m¼
Ú0Kl?_ IKIpGSF]Km o>^FSL_ ]am Q>moam ial >ialoKm ilSu>Iam i>l> K] Pa^K_oa > ]>m
>loKm·K]GS_Kx]>S__au>GSb_K_Gp]opl>R>mo>p_ƒ‡‚ï>ISGSa_>]¼

KIpGGSb_>ISGSa_>]ialilaQl>^>m>^FSK_o>]Km

0KiaIl?IKIpGSlK]ƒ‚‚ï>ISGSa_>]ial]>mIa_>GSa_Km·S_uKlmSa_KmxÂai>olaGS_SamkpKmK
IKmoS_K_ > P>ual IK ilaQl>^>m· Pa_Iam x ilaxKGoam IK ilKuK_GSb_· ilaoKGGSb_·
Ga_mKlu>GSb_· FSaK^ilK_IS^SK_oam· lKmo>pl>GSb_ x lKi>l>GSb_ >^FSK_o>]· mSK^ilK kpK
Kmo>IKIpGGSb__ampiKlKK]ƒ‚ïIK]amS_QlKmamFlpoam>_p>]KmiKlGSFSIamK_K]KZKlGSGSa
S^iamSoSua>_oKlSal¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú > IKIpGGSb_ IK] ƒ‚‚ï >ISGSa_>] IK ]>m lK^p_Kl>GSa_Km x FK_K}GSam maGS>]Km ial
S_GlK^K_oa_KoaIKK^i]Kam¼
Ú > IKIpGGSb_ IK] ƒ‡‚ï >ISGSa_>] IK ]>m lK^p_Kl>GSa_Km x FK_K}GSam maGS>]Km ial
i>Qam>>Ip]oam^>xalKmx^SQl>_oKmlKoal_>Iam^>xalKmIK†‚>`am¼
Ú0KK]S^S_>K]_p^Kl>]ƒ IK]>loUGp]aƒ‚kpKKmo>F]KGU>]>mlKQ]>mxGa_ISGSa_Kmi>l>
kpK ]>m ilauSmSa_Km ial IKm>RpGSa x iK_mSa_Km ZpFS]>lKm i>ola_>]Km  mK>_

IKIpGSF]Km¼

Ú0KK]S^S_>K]_p^Kl>]ƒˆIK]>loUGp]aƒ‚kpKKmo>F]KGU>]>mlKQ]>mxGa_ISGSa_Kmi>l>]>
IKIpGGSb_IK]amQ>moamiKlma_>]KmIK]>miKlma_>m_>opl>]Km¼

Ú0K K]S^S_> K] _p^Kl>] ƒ‰ IK] >loUGp]a ƒ‚ kpK Kmo>F]KGU> ]> IKIpGGSb_ IK] ƒ‚‚ï
>ISGSa_>]IK]amQ>moamS_GpllSIamial]>m^SGla·iKkpK`>mx^KIS>_>mK^ilKm>m
K_ ]am lpFlam IK G>i>GSo>GSb_ oLG_SG>· S__au>GSb_ oKG_a]bQSG>· ^KZal> IK ]>
ilaIpGoSuSI>I· Q>moam IK uS>ZK· Kmo>IU> x ila^aGSb_ Ga^KlGS>] i>l> K] >GGKma >
^KlG>IamS_oKl_>GSa_>]Km¼
Ú0KK]S^S_>K]_p^Kl>]ƒ‹IK]>loUGp]aƒ‚maFlK]>IKIpGGSb_>ISGSa_>]IK]ƒ‚‚ïIK]am

u>]alKmIKmoS_>Iami>l>]>Ga^iK_m>GSb_ IK ]am KmopIS>_oKm K_ Pal^>GSb_ Ip>] x

ialFKG>mIKKIpG>GSb_¼

Ú0K K]S^S_> K] mKQp_Ia _p^Kl>] „‚ >_oKlSal >] _p^Kl>] „ƒ IK] >loUGp]a ƒ‚ maFlK ]>
IKIpGGSb_ IK] ƒ‚‚ï >ISGSa_>] ial ]am u>]alKm IK mpK]Iam· FK_K}GSam maGS>]KmÁ x ]>
i>loSGSi>GSb_ IK ]am ol>F>Z>IalKm K_ ]>m poS]SI>IKm· kpK mK KPKGoqK_ > ]am opoalKm
IKmSQ_>Iami>l>]>Pal^>GSb_Ip>]¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú0KK]S^S_>K]_p^Kl>]„ƒIK]>loUGp]aƒ‚maFlK]>IKIpGGSb_IK]‡‚ï>ISGSa_>]IK]am
Q>moam kpK KPKGoqK_ ]am Ga_olSFpxK_oKm Gpx> >GoSuSI>I KGa_b^SG> ilS_GSi>] mK> ]>
aiKl>GSb_IKa}GS_>mGK_ol>]S{>I>mIKQKmoSb_IK]]>^>I>m ialGa_GKioaIK 
QK_Kl>IaK_]ammKluSGSamIKoK]KPa_U>}Z>x^buS]¼

,QJUHVRVGHODDFWLYLGDGGHXUEDQL]DFL²QORWL]DFL²QWUDQVIHUHQFLDGH
LQPXHEOHV\RWUDVVLPLODUHV
0KS_G]pxKK]mSQpSK_oKi?ll>Pa¶ >miKlma_>m_>opl>]KmamaGSKI>IKm·Gpx>>GoSuSI>I_a
KmoLlK]>GSa_>I>Ga_]>plF>_S{>GSb_·]aoS{>GSb_·ol>_mPKlK_GS>IKS_^pKF]Kmxaol>m
mS^S]>lKm·kpKR>x>_aFoK_SIaS_QlKmamQl>u>Iamial]>ol>_mPKlK_GS>aG>mSa_>]IKp_FSK_
S_^pKF]K·IKoKl^S_>l?_]>poS]SI>IK_]>uK_o>IK]S_^pKF]KGa_Pal^K]aKmo>F]KGSIaK_
K]/KQ]>^K_oa>]>ilKmK_oK Kxx]>S_Galial>l?_>mplK_o>Q]aF>]K_]>lKmiKGoSu>
IKG]>l>GSb_IKS^ipKmoa>]>lK_o>¼

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Ú0KKwa_Kl>IK]i>QaIK]^ipKmoa>]>KlK_GS>>]amFK_K}GS>lSamIK_olaIK]ilS^Kl
Ql>IaIKGa_m>_QpS_SI>IGa_K]G>pm>_oK¼
Ú1>^iaGa G>pm>l? S^ipKmoa > ]> RKlK_GS> Gp>_Ia K] FK_K}GS>lSa mK> p_a IK ]am
Gb_xpQKmmpiKluSuSK_oKm·mSK^ilKkpK_aKwSmo>_RSZam¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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0KmpmoSopxKK]ilS^KlS_GSmaIK]>loUGp]aƒ ialK]mSQpSK_oK¶

¿lo¼ƒ ¼Î,>Qam>]KwoKlSal¼Î0a_IKIpGSF]Km]amQ>moamKPKGop>IamK_K]KwoKlSalkpKmK>_
_KGKm>lSamxKmoL_lK]>GSa_>IamGa_]>QK_Kl>GSb_IKlK_o>mQl>u>I>m·mSK^ilKxGp>_Ia
mKR>x>KPKGop>Ia]>lKoK_GSb_K_]>PpK_oK·mS]ai>Q>IaGa_moSopxKi>l>K]FK_K}GS>lSap_
S_QlKma IK PpK_oK KGp>oalS>_>· mS_ iKlZpSGSa IK ]> IKIpGSFS]SI>I IK ]am Q>moam kpK mK
^K_GSa_>_ > Ga_oS_p>GSb_· kpK _a mK K_GpK_ol>_ mpZKoam > lKoK_GSb_ K_ ]> PpK_oK· >mU
Ga^aIK>kpK]]amG>mamK_kpKISGR>lKoK_GSb__aKmilaGKIK_oKIKGa_Pal^SI>IGa_]a
ISmipKmoaK_ a_uK_Sam_oKl_>GSa_>]KmmpmGlSoamialGp>Ial¼¿

0KmpmoSopxKK]q]oS^aS_GSmaIK]>loUGp]a„‹ial]ammSQpSK_oKmi?ll>Pam¶

Õ >m iKlma_>m _>opl>]Km a maGSKI>IKm· Gpx> >GoSuSI>I _a KmoL lK]>GSa_>I> Ga_ ]>
plF>_S{>GSb_·]aoS{>GSb_·ol>_mPKlK_GS>IKS_^pKF]Kmxaol>mmS^S]>lKm·kpKR>x>_aFoK_SIa
S_QlKmam Ql>u>Iam ial ]> ol>_mPKlK_GS> aG>mSa_>] IK p_ FSK_ S_^pKF]K· IKoKl^S_>l?_ ]>
poS]SI>IK_]>uK_o>IK]S_^pKF]KGa_Pal^K]aKmo>F]KGSIaK_K]/KQ]>^K_oa>]>ilKmK_oK
Kxx]>S_Galial>l?_>mplK_o>Q]aF>]K_]>lKmiKGoSu>IKG]>l>GSb_IKS^ipKmoa>]>lK_o>¼

] S^ipKmoa kpK mK RpFSKlK i>Q>Ia > ]am ^p_SGSiSam· K_ Ga_GKioa IK S^ipKmoa > ]>
poS]SI>I K_ ]> Ga^il>uK_o> IK ilKISam plF>_am x i]pmu>]U> IL ]am ^Sm^am mKl?
Ga_mSIKl>IaGa^aGlLISoaolSFpo>lSai>l>IKoKl^S_>lK]S^ipKmoa¼]GlLISoaolSFpo>lSa>mU
Ga_mSIKl>Ia_amKl?^>xal·F>Za_S_Qq_Ga_GKioa·>]S^ipKmoaKmo>F]KGSIaialKmo> Kx¼¿

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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!SGlaK^ilKm>m

0KK]S^S_>]>IKIpGGSb_>ISGSa_>]KkpSu>]K_oK>ƒ i>l>Kmo>F]KGKl]>F>mKS^ia_SF]K
ILmaGSKI>IKmGa_mSIKl>I>m^SGlaK^ilKm>m¼

/KS_uKlmSb_IKpoS]SI>IKm

0KK]S^S_>]>lKIpGGSb_IKƒ‚ip_oamialGK_op>]KmIK]>o>lSP>IK]S^ipKmoa>]>lK_o>>¶

¼ >m maGSKI>IKm Kwialo>Ial>m R>FSop>]Km· >mU Ga^a ]>m kpK mK IKISkpK_ > ]>
ilaIpGGSb_IKFSK_Km¼
Ž¼ >mmaGSKI>IKmIKoplSm^alKGKioSua¼

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0KK]S^S_>]>o>F]>IKo>lSP>ilaQlKmSu>i>l>]>poS]SI>IK_]>K_>ZK_>GSb_IK>GGSa_KmxmK
Kmo>F]KGKp_S^ipKmoa>]>lK_o>q_SGaGa_o>lSP>IK]ƒ‚ï¼

5HGXFFL²QGHWUHVSXQWRVSRUFHQWXDOHV  GHO,PSXHVWRDOD5HQWD
,>l> K] IKm>lla]]a IK _pKu>m S_uKlmSa_Km Qa{>l?_ IK p_> lKIpGGSb_ IK olKm ip_oam
ialGK_op>]KmÊ ïËmaFlK]>o>lSP>IK]/R>mo>ialkpS_GKƒ‡>`am]>m¶

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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0aGSKI>IKm·KS_uKlmSa_Km_pKu>m
Ú mSK^ilKxGp>_IaGp^i]>_Ga_]>mGa_ISGSa_Km
xlKkpSmSoamKmo>F]KGSIamK_]> Kx¼Ú

5HGXFFL²QGHFLQFRSXQWRVSRUFHQWXDOHV  GHO,PSXHVWRDOD5HQWD
>m maGSKI>IKm x ]>m S_uKlmSa_Km _pKu>m Qa{>l?_ IK p_> lKIpGGSb_ KmiKGS>] IK R>mo>
GS_Ga ip_oam ialGK_op>]Km ʇïË maFlK ]> o>lSP> IK S^ipKmoa > ]> lK_o> >i]SG>F]K ial ]>
mpmGlSiGSb_IK a_ol>oamIK_uKlmSb_mSK^ilKxGp>_IaGp^i]>_Ga_]>mGa_ISGSa_Kmx
lKkpSmSoamKmo>F]KGSI>mK_]> Kx¼

=RQD(VSHFLDOGH'HVDUUROOR(FRQ²PLFR =('( `
0KK]S^S_>]>lKIpGGSb_IKƒ‚ip_oamialGK_op>]KmIK]>o>lSP>IK]S^ipKmoa>]>lK_o>>]am
mpZKoami>mSuamkpKmK>_>I^S_Smol>IalKmpaiKl>IalKmIKp_><¼

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Ú0K K]S^S_> K] lKkpSmSoa IK K_Ga_ol>lmK GKloS}G>Ia ial S_Pal^Km KwiKISIam IK
>pISoalKmS_IKiK_ISK_oKmkpKoK_Q>_mpGplm>]Km·}]S>]KmalKilKmK_o>GSb_K_K]i>Um
K_K]G>maIKkpKK]i>Qa_aGa_moSopx>p_S_QlKmaQl>u>IaK_K]Gp>Ial¼
Ú0K K]S^S_> ]> aF]SQ>GSb_ IK] 0KluSGSa IK /K_o>m _oKl_>m K_ Kmo>F]KGKl ^a_oam
^?wS^am x aolam lKkpSmSoam· i>l> kpK >i]SkpK_ >poa^?oSG>^K_oK ]am FK_K}GSam
ilKuSmoamK_]am a_uK_Sami>l>uSo>l]>aF]K^iamSGSb_¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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0S_ iKlZpSGSa IK ]a Kmo>F]KGSIa K_ Ga_uK_Sam S_oKl_>GSa_>]Km· ]>m iKlma_>m _>opl>]Km
lKmSIK_oKm K_ K] i>Um x ]>m maGSKI>IKm _>GSa_>]Km kpK iKlGSF>_ S_QlKmam K_ K] KwoKlSal
mpZKoam>]S^ipKmoa>]>lK_o>K_K]i>UmIKalSQK_·oSK_K_IKlKGRa>poS]S{>lGa^aGlLISoa
olSFpo>lSa IK] S^ipKmoa > ]> lK_o> G>pm>Ia K_ K] Gp>Ial· K] S^ipKmoa i>Q>Ia K_ K]
Kwol>_ZKla maFlK Kmam ^Sm^am S_QlKmam· R>mo> ]> Gpao> kpK GallKmia_I> >] S^ipKmoa
>olSFpSF]K>ISGRamS_QlKmamK_K]Gp>Ial¼

]0/K^SoSl?]>_al^>oSu>Ga_G>l?GoKlQK_Kl>]kpKlKQp]K]>Pal^>xlKkpSmSoami>l>kpK
K]Ga_olSFpxK_oKipKI>poS]S{>lGa^aGlLISoaolSFpo>lSaK]S^ipKmoai>Q>IaK_K]KwoKlSal¼

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1l>_mPKlK_GS>m x ol>_m^SmSa_Km IK K^ilKm>m x Kmo>F]KGS^SK_oam IK Ga^KlGSa K_ ]am
oLl^S_amKmo>F]KGSIamK_K] bISQaIK a^KlGSa¼

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Ú!>mG>lS]]>m·awU^Kolam·>]GaRa]xQK]>_oSF>GoKlS>]mpiKlSal>]‰‚ïIKGa_GK_ol>GSb_¼

Ú1a>]]>mm>_So>lS>m·o>^ia_Km·Gai>m^K_molp>]Kmxi>`>]KmIKmKGR>F]Kmiaip]>lKm¼
Ú > S^ialo>GSb_ IK Ga^FpmoSF]Km IKlSu>Iam IK RSIlaG>lFplam· FSaGa^FpmoSF]Km· mpm
^K{G]>mS_G]pSIaQ>mKm]SGp>IamIK]iKolb]KaÊ ,ËxQ>m_>opl>]·IKmoS_>Iami>l>K]
Ga_mp^aS_oKl_aIK]i>Um¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú!>oKlS>]Ga^i]K^K_o>lSakpKmKGa^KlGS>]S{>Ga_Zp_o>^K_oKGa_]am]SFlam¼
Ú SK_Km S^ialo>Iam ial ]am >I^S_Smol>IalKm x aiKl>IalKm IK <a_>m miKGS>]Km IK
Km>lla]]aGa_b^SGaÊ<˼
Ú ?^i>l>m ¼
Ú aGS_>mIKpmaIa^LmoSGaK]LGolSG>mx]>mkpKPp_GSa_K_KwG]pmSu>^K_oK^KIS>_oK
^KG>_Sm^amK]LGolSGamIKS_IpGGSb_·S_G]pxK_Ia]>mkpKoK_Q>_Ral_aK]LGolSGa·>mU

Ga^a ]>m a]]>m IK pma Ia^LmoSGa· ISmK`>I>m i>l> mp poS]S{>GSb_ K_ GaGS_>m IK
S_IpGGSb_ x ]am mSmoK^>m K]LGolSGam IK G>]K_o>^SK_oa IK >Qp> i>l> pma Ia^LmoSGa·
S_G]pxK_Ia]>mIpGR>mK]LGolSG>m¼

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Ú]>llK_I>^SK_oaIKoSKll>mIKmoS_>I>m>pmam>QlUGa]>mx>QlaiKGp>lS>m¼
Ú am mKluSGSam ilKmo>Iam ial Kmo>F]KGS^SK_oam IK >]aZ>^SK_oa oplUmoSGa > oplSmo>m
Kwol>_ZKlam¼SGRamKmo>F]KGS^SK_oamIKFKl?_Kmo>lS_mGlSoamK_K]/KQSmola">GSa_>]

IK1plSm^axGa_o>lGa_]> SGK_GS>3_SG>_p>]IKp_GSa_>^SK_oa¼

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]mp^S_SmolaIKIa^S_SamIKi?QS_>mvKF·mKluSIalKmÊRamoS_QË·Ga^ipo>GSb_K_]>_pFK
ÊG]apIGa^ipoS_Q˼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú0KluSGSamIKoK]KuSmSb_i>Q>I>K_]>^aI>]SI>IIKmolK>^S_Q¼
Ú0KluSGSamIKoK]KPa_U>}Z>xi]>_KmkpKGa^KlGS>]SGK_q_SG>^K_oKua{·I>oamxm^m
IK]mKluSGSa^buS]>u>_{>IailKmo>Ia>maGSKI>IKm¼
Ú0KluSGSam IK oK]KPa_U> ^buS]· kpK Ga^KlGS>]SGK_ q_SG>^K_oK ua{· I>oam x m^m IK]
mKluSGSa^buS]>u>_{>IailKmo>Ia>iKlma_>m_>opl>]Km¼

%LHQHVH[RQHUDGRVGH,&(
Ú amuKRUGp]am^aoalS{>IamK]LGolSGamKRUFlSIam¼
ÚpQamGa_Ga_oK_SIa_>opl>]^>xal>]‡‚ï¼

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Ú amuSIKaZpKQam¼
Ú >]KPa_KmxmSmoK^>mIKG>]K_o>^SK_oaIK>Qp>·IKpmaIa^LmoSGa·kpKPp_GSa_K_
oao>]ai>lGS>]^K_oK^KIS>_oK]>Ga^FpmoSb_IKQ>m¼

Ga_oS_p>GSb_·mKilKmK_o>]>mo>F]>m>Gop>]S{>I>mIK]amFSK_KmkpKKmo?_Ql>u>IamGa_
 ¶

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú0KK]S^S_>K]/LQS^K_^iamSoSua0S^i]S}G>Ia¼

Ú0KK]S^S_>K]/LQS^K_^iamSoSuai>l>!SGlaK^ilKm>m¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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IKm>lla]]amaGS>]·^>_KZampmoK_o>F]KIK]>^FSK_oKxIKFSK_Kmo>lGa]KGoSua·mSQpSK_IaK]
ilaGKIS^SK_oa]KQ>]^K_oKKmo>F]KGSIa·IK^>_Kl>_aISmGlS^S_>oalS>·xGp^i]SK_IaGa_
K]i>QaIKp_>S_IK^_S{>GSb_Zpmo>x>IKGp>I>¼

2EOLJDFL²QWULEXWDULD$GXDQHUD
>aF]SQ>GSb_>Ip>_Kl>_>GKGa_K]S_QlKmaIK^KlG>_GU>m>]oKllSoalSa>Ip>_Kla·aGa_]>
m>]SI> IK ^KlG>_GU>m IK ISGRa oKllSoalSa· kpK mK K_GpK_ol>_ ma^KoSI>m > ]> iaoKmo>I
>Ip>_Kl>¼

%DVH,PSRQLEOH
>F>mKS^ia_SF]KIK]amIKlKGRam>l>_GK]>lSamKmK]u>]alK_>Ip>_>IK]>m^KlG>_GU>m
S^ialo>I>m·KwG]pSIaK]~KoK¼

3OD]RVSDUDHOSDJR
amolSFpoam>]Ga^KlGSaKwoKlSalmKi>Q>l?_K_]ammSQpSK_oKmi]>{am¶

¼_ ]> IKG]>l>GSb_ >Ip>_Kl> IK S^ialo>GSb_ a Kwialo>GSb_· IK_ola IK ]am „ IU>m
R?FS]KmmSQpSK_oKm>]>>poalS{>GSb_IK]i>Qa¼
Ž¼_]>mo>m>mIK_olaIK]am„IU>mR?FS]KmmSQpSK_oKm>]>PKGR>K_kpKmK>poalS{>K]
i>QaK_]>]SkpSI>GSb_¼

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 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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¼ _ ]am IK^?m G>mam· p_> uK{ kpK K] lKmiKGoSua >Goa IK IKoKl^S_>GSb_ olSFpo>lU>
>Ip>_Kl> a >Goa >I^S_Smol>oSua GallKmia_ISK_oK >IkpSKl> }l^K{>· Kmoa Km· Gp>_Ia
R>FSK_Iaol>_mGpllSIaK]oLl^S_a^?wS^ai>l>mpS^ipQ_>GSb_K_uU>>I^S_Smol>oSu>

xÂaZpISGS>]·_aR>x>mSIalKGpllSIa¼

&RPSHQVDFLRQHV
0K Ga^iK_m>l? oao>] a i>lGS>]^K_oK· IK a}GSa a > iKoSGSb_ IK i>loK· ]>m IKpI>m ial
aF]SQ>GSa_Km>Ip>_Kl>mK_}l^KIK]mpZKoai>mSua¼

5HFODPRV\5HFXUVRV$GPLQLVWUDWLYRV
am lKG]>^am kpK mK ilKmK_o>lK_ mK mpmo>_GS>l?_ x lKma]uKl?_ IK >GpKlIa Ga_ K]
ilaGKIS^SK_oaKmo>F]KGSIaK_K] bISQa1lSFpo>lSa·IK_olaIK]i]>{aIK_auK_o>‹‚IU>m
Ga_o>IamIKmIKkpKK]lKG]>^>_oKRpFSKlKilKmK_o>IaISGRalKG]>^a¼

([HQFLRQHVGHOSDJRGHORVWULEXWRVDOFRPHUFLRH[WHULRU
0K K_GpK_ol> KwK_o> IK] i>Qa IK ]am olSFpoam >] Ga^KlGSa KwoKlSal ]> S^ialo>GSb_ IK
FSK_Km IK G>iSo>] x ^>oKlS>m ilS^>m KPKGop>Iam ial ]>m maGSKI>IKm· K_ ]am oLl^S_am IK]
>loUGp]a‹ŠIK]> KxIK/LQS^K_1lSFpo>lSa_oKl_a·kpKmpmGlSF>_Ga_ol>oamIKS_uKlmSb_·
> i>loSl IK ]> uSQK_GS> IK ]> Kx $lQ?_SG> i>l> K] Km>lla]]a Ga_b^SGa x 0amoK_SFS]SI>I
SmG>] ol>m ]> i>_IK^S> $7΃‹· R>mo> ial ]am ^a_oam x i]>{am Kmo>F]KGSIam K_ ISGRam
Ga_ol>oam IK S_uKlmSb_ xÂa >IK_I>m· mSK^ilK kpK ISGR>m >IkpSmSGSa_Km mK>_ _KGKm>lS>m
i>l>K]IKm>lla]]aIK]ilaxKGoa¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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1RWD
,>l>>GGKIKl>Kmo>Kwa_Kl>GSb_·mKIKFKl?Ga_o>lGa_ISGo>^K_IK]>K_oSI>IlKGoal>IK
]>m}_>_{>miqF]SG>milKuSa]>GK]KFl>GSb_IK]Ga_ol>oaIKS_uKlmSb_amp>IK_I>¼

5HVROXFL²QDQWLFLSDGD
p>]kpSKl iKlma_> iaIl? ma]SGSo>l ila_p_GS>^SK_oa ^KIS>_oK K] >Goa >I^S_Smol>oSua IK
G>l?GoKl uS_Gp]>_oK· Ga_ lKmiKGoa IK] Ga_mp]o>_oK· Ga_ K] }_ IK P>GS]So>l >] ma]SGSo>_oK·
Ga_aGKl >_oKm IK ]> S^ialo>GSb_ IK ]> ^KlG>_GU> >F>lG>I> K_ ]> ma]SGSopI a Ga_mp]o>· K]
ol>oakpKmK>i]SG>l?>]>^KlG>_GU>aFZKoaIKS^ialo>GSb_Ga_lKmiKGoa>¶

¼ ]>mS}G>GSb_>l>_GK]>lS>IKp_>^KlG>_GU>¼
Ž¼ >Ku>]p>GSb_IK]G>l?GoKlalSQS_>lSaIKp_>^KlG>_GU>·IKoKl^S_>IaGa_Pal^K>]am
GlSoKlSamalSQS_>lSamIKp_>GpKlIampmGlSoaialGp>IalxK_uSQK_GS>·>]>^i>laIK
]>m"al^>mIK$lSQK_Á
¼ >>i]SG>GSb_IKGlSoKlSamIKu>]al>GSb_>Ip>_Kl>Ê^LoaIaIKu>]al>GSb_Ë·Ga_Pal^K>]
GpKlIaIK7>]al>GSb_Ip>_Kl>IK]>$lQ>_S{>GSb_!p_IS>]IK] a^KlGSa¶x·

¼K^?m >mp_oam ISmoS_oam > ]am ip_oam >_oKlSalKm kpK mK K_GpK_olK_ ilKuSmoam K_
>GpKlIamS_oKl_>GSa_>]Km¼

&RQWURO$GXDQHUR
1aI>m ]>m ^KlG>_GU>m· p_SI>IKm IK G>lQ> x ]am ^KISam IK ol>_mialoK kpK R>x>_ mSIa
iKl}]>I>mGa^alSKmQam>m·mKl?_ma^KoSIam>lKuSmSb_>ol>uLmIKKkpSiamIKS_miKGGSb_
_a S_olpmSu> ilKuSa >] S_QlKma x m>]SI> IK {a_> ilS^>lS> >Ip>_Kl>· mKQq_ ]> _al^>oSu>
mKGp_I>lS>kpKK^So>K]0KluSGSa">GSa_>]IKIp>_>mIK]Gp>Ial¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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(48,'$'75,%87$5,$'(/(&8$'25

1XHYDVH[HQFLRQHVGHO,PSXHVWRDOD6DOLGDGH'LYLVDV

/RVSDJRVGHFDSLWDORGLYLGHQGRVUHDOL]DGRVDOH[WHULRU
_p_^a_oaKkpSu>]K_oK>]u>]alIK]G>iSo>]S_QlKm>Ia>]i>Um·mK>Ga^a}_>_GS>^SK_oa

ilaiSa mS_ S_oKlKmKm a Ga^a >ialoK IK G>iSo>]· mSK^ilK x Gp>_Ia mK R>x>_ IKmoS_>Ia >
lK>]S{>lS_uKlmSa_KmilaIpGoSu>m¼

9HQWDGHGHUHFKRVUHSUHVHQWDWLYRVGHFDSLWDO
ami>QamKPKGop>Iam>]KwoKlSalialGa_GKioaIKuK_o>IKIKlKGRamlKilKmK_o>oSuamIK
G>iSo>] a Gp>]kpSKl aola >GoSua >IkpSlSIa ial maGSKI>IKm a iKlma_>m _a lKmSIK_oKm K_
Gp>Ial¼

3DJR\RGHYROXFL²QGHYDORUHVUHFDXGDGRV
>ol>_mPKlK_GS>aol>m]>IaIKISuSm>m>]KwoKlSalmK>lK>]S{>I>ialK_oSI>IKmIK0KluSGSam
pwS]S>lKmIK]0SmoK^>S_>_GSKlaG>]S}G>I>mxGa_moSopSI>mK_K]Gp>Ial·xGallKmia_I>_
IK ^>_Kl> ZpmoS}G>I>· >] i>Qa xÂa IKua]pGSb_ IK u>]alKm lKG>pI>Iam Ga^a i>loK IK ]>

ilKmo>GSb_ IK mKluSGSam IK ^KISa IK i>Qa K]KGolb_SGam· mSK^ilK x Gp>_Ia ]am S_QlKmam
kpK]>K_oSI>IiKlGSF>ial]>ilKmo>GSb_IKISGRammKluSGSammK>_IKG]>l>IamxolSFpo>Iam
K_Gp>Ial¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

 " 000$ /  :$/" ,/ 0//$ $ $"%! $:
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3DJRVUHDOL]DGRVDOH[WHULRUSRUFRQFHSWRGHLPSRUWDFL²QGHELHQHVGH
FDSLWDO\PDWHULDVSULPDVHIHFWXDGRVSRUODVVRFLHGDGHV
_ ]am oLl^S_am IK] >loUGp]a ‹Š IK ]> Kx IK /LQS^K_ 1lSFpo>lSa _oKl_a· kpK mpmGlSF>_
Ga_ol>oam IK S_uKlmSb_· > i>loSl IK ]> uSQK_GS> IK ]> Kx $lQ?_SG> i>l> K] IKm>lla]]a
KGa_b^SGa x mamoK_SFS]SI>I }mG>] ol>m ]> i>_IK^S> $7ƒ‹· R>mo> ial ]am ^a_oam x
i]>{am Kmo>F]KGSIam K_ ISGRam Ga_ol>oam IK S_uKlmSb_ xÂa >IKpI>m· mSK^ilK kpK ISGR>m
>IkpSmSGSa_KmmK>__KGKm>lS>mi>l>K]IKm>lla]]aIK]ilaxKGoa¼

,>l>>GGKIKl>Kmo>Kwa_Kl>GSb_·mKIKFKl?Ga_o>lGa_ISGo>^K_IK]>K_oSI>IlKGoal>IK

]>m}_>_{>miqF]SG>milKuSa]>GK]KFl>GSb_IK]Ga_ol>oaIKS_uKlmSb_amp>IK_I>¼

 5()250$ $ /$ /(< '(/ 5(*,6752 ™1,&2 '(

&2175,%8<(17(6
>miKlma_>m_>opl>]KmxmaGSKI>IKm_alKmSIK_oKmGpx>>GoSuSI>IKwG]pmSu>K_K]Gp>Ial
mK> KPKGop>l S_uKlmSa_Km K_ >GoSuam }_>_GSKlam K_ K] i>Um _a Kmo>l?_ aF]SQ>I>m >
S_mGlSFSlmKK_K]/KQSmola3_SGaIK a_olSFpxK_oKm¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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]0KluSGSaIK/K_o>m_oKl_>m^>_oK_Il?K]lKQSmolaIKFK_K}GS>lSam}_>]Km¼

5HJLVWURGHEHQHÕFLDULRVÕQDOHV
0Kl? p_ lKQSmola IK I>oam iqF]SGam kpK oK_Il? ial Pp_GSb_ lKGaQKl· >lGRSu>l· ilaGKm>l·
ISmolSFpSl· ISPp_ISl x lKQSmol>l ]> S_Pal^>GSb_ kpK iKl^So> SIK_oS}G>l > ]am FK_K}GS>lSam
}_>]KmKS_oKQl>_oKmIK]>G>IK_>IKoSop]>lSI>IIK]>miKlma_>mZplUISG>mxmaGSKI>IKm¼

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Ú am u>]alKm i>Q>Iam ial Ga_GKioa IK] ^ipKmoa 3_SGa x 1K^ial>] i>l> ]>
KG]>l>GSb_ IK GoSuam _a mKl?_ mpmGKioSF]Km IK lKG]>^a a ma]SGSopI IK i>Qa
S_IKFSIaaK_KwGKma¼

Ú_ ]am IK^?m G>mam· p_> uK{ kpK K] lKmiKGoSua >Goa IK IKoKl^S_>GSb_ olSFpo>lU>
>Ip>_Kl> a >Goa >I^S_Smol>oSua GallKmia_ISK_oK >IkpSKl> }l^K{>· Kmoa Km· Gp>_Ia
R>FSK_Ia ol>_mGpllSIa K] oLl^S_a ^?wS^a i>l> mp S^ipQ_>GSb_ K_ uU>
>I^S_Smol>oSu>xÂaZpISGS>]·_aR>x>mSIalKGpllSIa¼

Ú >m maGSKI>IKm· kpK ipKI>_ >GaQKlmK > FK_K}GSam K S_GK_oSuam olSFpo>lSam· iaIl?_
>GGKIKl>]am^Sm^am>p_Gp>_IamKK_GpK_olK_iK_ISK_oKmIKK^SmSb_IK}_SoSu>
iKl^Smam·>poalS{>GSa_Km·xaol>mlKQp]>GSa_KmQpFKl_>^K_o>]Km¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

" 000$ /  :$/" ,/ 0//$ $ $"%! $:
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Ú] ilKmSIK_oK IK ]> /KiqF]SG>· ^KIS>_oK KGlKoa ZKGpoSua· iaIl? lKIpGSl ]> o>lSP>
QK_Kl>] IK 7 IK] ƒ„ï R>mo> K] Šï· > ]> ilKmo>GSb_ IK oaIam ]am mKluSGSam IK}_SIam
Ga^a>GoSuSI>IKmoplUmoSG>m·>P>ualIKiKlma_>m_>opl>]KmamaGSKI>IKm·_>GSa_>]Kma
Kwol>_ZKl>m· R>mo> ial p_ ^?wS^a IK ƒ„ IU>m >] >`a Ipl>_oK PKlS>Iam a }_Km IK
mK^>_>·mK>_p_S}G>IamaISuSISIamÁx>mK>>_SuK]_>GSa_>]alKQSa_>]¼
Ú1aIam ]am mpZKoam i>mSuam mpZKoam >] /0 x >] /LQS^K_ ^iamSoSua i>l>
!SGlaK^ilKm>m· mK S_Galial>l?_ IK a}GSa IK ^>_Kl> >poa^?oSG> >] lLQS^K_ IK

K^ilK_IKIalKmx_KQaGSamiaip]>lKm/!,¼

Ú/KmiKGoa IK ]am ilaGKIS^SK_oam IKoKl^S_>oSuam olSFpo>lSam mK aFmKlu>l?_ ]>m

mSQpSK_oKmlKQ]>mi>l>K]i>QaIK]>maF]SQ>GSa_Km¶
Ú p>_Ia IK_ola IK ]am GS_Ga IU>m Ga_o>Iam > i>loSl IK] IU> mSQpSK_oK > ]>
_aoS}G>GSb_IKp_>GoaIKIKoKl^S_>GSb_·K]Ga_olSFpxK_oKalKmia_m>F]Ki>Qb
]> aF]SQ>GSb_ olSFpo>lS> IKoKl^S_>I>· oao>] a i>lGS>]^K_oK· _a mK Ga^ipo>l?_
lKG>lQam maFlK ]> i>loK kpK mK KwoS_QpK· x maFlK Kmo> i>loK ]am S_oKlKmKm mK
G>]Gp]>l?_Ga_]>o>m>i>mSu>lKPKlK_GS>]IK] >_Ga K_ol>]IK]Gp>Ial¼
Ú0SK]i>Qa]alK>]S{>IK_olaIK]amISK{IU>mGa_o>Iam>i>loSlIK]IU>mSQpSK_oK>

]> _aoS}G>GSb_ IK] >Goa lKPKlSIa K_ K] S_GSma >_oKlSal· K] u>]al IK] S_oKlLm x ]am
>GGKmalSam>kpKR>x>]pQ>lGallKmia_IKl?>]„‡ï¼
Ú0S K] i>Qa ]a lK>]S{> R>mo> K] IU> kpS_GK· K] u>]al IK] S_oKlLm x ]> ^p]o>
GallKmia_IKl?>]‡‚ï¼:·mS}_>]^K_oK·K]Ga_olSFpxK_oKlK>]S{>K]i>QaR>mo>K]
IU>uKS_oK·K]u>]alIK]S_oKlLmx]>^p]o>GallKmia_IKl?>]‰‡ï¼

aixlSQRoöial pSm¼ R?uK{Î a_mp]oalU>x >i>GSo>GSb_¼1aIam]amKlKGRam/KmKlu>Iam¼

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Ú amlKGplmamkpKmKlKG>pIK_ialGa_GKioaIK]>m a_olSFpGSa_Km1K^ial>]Kmi>l>
K] ^ip]ma Ga_b^SGa iamo auSI΃‹· _a IKFKl?_ mKl Ga_mSIKl>I>m Ga^a S_QlKmam
iKl^>_K_oKm·ial]ao>_oa_ama_aFZKoaIKilK>mSQ_>GSb_>]Qp_>¼
Ú] ,lKmSIK_oK IK ]> /KiqF]SG> iaIl? IKGlKo>l· ilKuSa ISGo>^K_ P>ual>F]K IK] K_oK
lKGoal IK ]>m }_>_{>m iqF]SG>m· ]> K_olKQ> IK p_ FK_K}GSa KGa_b^SGa a iK_mSb_·
oK^ial>]auSo>]SGS>·>P>ualIK]amRKlKIKlamaGb_xpQKmmaFlKuSuSK_oKmIKiKlma_>m
kpK·>GlSoKlSaIK],lKmSIK_oKIK]>/KiqF]SG>·RpFSKlK_ilKmo>IamKluSGSamlK]Ku>_oKm
>] i>Um x kpK K_ uSI> >]G>_{>la_ ^LlSoam Gp]opl>]Km· IKialoSuam· S_oKl_>GSa_>]Km x

IK^?m kpK lK>]GK_ K] _a^FlK IK] i>Um¼ SGR> lKolSFpGSb_ KGa_b^SG> iaIl?
K_olKQ>lmK > FK_K}GS>lSam kpK mK K_GpK_olK_ K_ mSop>GSb_ IK iaFlK{> a iaFlK{>
KwolK^>¼Ú

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GlLISoa > F>Za Gamoa x ]>lQa i]>{a i>l> ]am mKGoalKm >QlUGa]>m x ilaIpGoSuam· K_ K]
oLl^S_aIKˆ‚IU>mGa_o>IamIKmIK]>ipF]SG>GSb_IKKmo>]KxK_K]/KQSmola$}GS>]·
]>m S_mo>_GS>m Ga^iKoK_oKm S_SGS>l?_ ]am ilaGKIS^SK_oam iKloS_K_oKm i>l> PpmSa_>l

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K_oSI>I>]]>^>lmK " $$!"1$ $"%! $  2$/¼

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Ú] /LQS^K_ ^iamSoSua 3_SGa· 7a]p_o>lSa x 1K^ial>] i>l> ]> /KQp]>lS{>GSb_ IK

GoSuam K_ K] woKlSal ilKuSmoa K_ Kmo> Kx mKl? >i]SG>F]K > i>loSl IK] ƒ IK K_Kla IK
„‚„„¼
Ú_K]i]>{a^?wS^aIKp_>`aGa_o>Ia·]ammpZKoami>mSuamIK]^ipKmoa>]>/K_o>
kpKmKK_GpK_olK_aF]SQ>Iam>P>Gopl>l·IKFKl?_R>FKlS_Galial>Ia>mp>GoSuSI>IK]
KmkpK^> IK P>Gopl>GSb_ K]KGolb_SG>¼ mo> ISmiamSGSb_ _a mKl? >i]SG>F]K > ]am
Ga_olSFpxK_oKm kpK mK>_ Ga_mSIKl>Iam _KQaGSam iaip]>lKm IK Ga_Pal^SI>I Ga_ ]a
Kmo>F]KGSIaK_]>ilKmK_oK Kx·mSK^ilKkpKoK_Q>_]>aF]SQ>GSb_IKK^SoSlP>Gopl>
mKQq_]>_al^>oSu>uSQK_oK¼
Ú >miKlma_>mkpKIKFSKlK_IKG]>l>lai>Q>lu>]alKmGallKmia_ISK_oKm>]S^ipKmoa>
]> lK_o> alSQS_>Ia K_ K] S_GlK^K_oa i>olS^a_S>] ilauK_SK_oK IK RKlK_GS>m >

Ga_mKGpK_GS>IK]P>]]KGS^SK_oaIKmpmP>^S]S>lKmK_olKK]ƒ‡IK^>l{aIK„‚„‚xK] ƒ
IKISGSK^FlKIK„‚„ƒ·mKl?_FK_K}GS>lU>mIK]>Kwa_Kl>GSb_S_Galial>I>ialKmo> Kx¼
mo> Kwa_Kl>GSb_ _a I> IKlKGRa > IKua]pGSb_ a lKG]>^>GSb_ IK _S_Qp_> G]>mK >
kpSK_Kmx>RpFSKlK_lK>]S{>IaK]i>QaIKISGRaS^ipKmoa¼

%HQHÕFLRVWULEXWDULRVSDUDHO6HFWRU7XU¬VWLFR
,>l>]amGa_olSFpxK_oKmkpKmKK_GpK_olK_S_mGlSoamK_K]/KQSmola">GSa_>]IK1plSm^ax
GpK_oK_Ga_]>lKmiKGoSu> SGK_GS>3_SG>_p>]IKPp_GSa_>^SK_oa>]IU>¶

Ú,aIl?_ Ga^iK_m>l ]>m iLlISI>m olSFpo>lS>m mpPlSI>m K_ ]am KZKlGSGSam KGa_b^SGam
„‚„‚ x „‚„ƒ· Ga_ ]>m poS]SI>IKm Ql>u>F]Km kpK aFopuSKlK_ IK_ola IK ]am iKlSaIam

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