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OGPVQUGNKPVGPVQFGCFSWKUKEKÍPFGNC
EQORCËÇC/KVUWDKUJK/QVQTUCNQNCTIQ
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NGTGUVCDCNCUVTCPFQNQUTGUWNVCFQUFGNC
EQORCËÇCCNGOCPC&KEJQFGQVTCHQT
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NWEKÍPFGNCEQORCËÇC'PGUVGUGPVKFQ
GUTGNGXCPVGEQPUKFGTCTSWG5EJTGORR
UGRTQRQPÇCFGUFGGNFGCDTKNFG
GPSWGUGEGNGDTÍLWPVCFGCEEKQPKUVCU
FKOKVKTFGUWECTIQCPVGUFGGZRKTCTUW
OCPFCVQGP'NFGOC[QFG
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CFOKPKUVTCEKÍP#RCTVKTFGNFGLWNKQ
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FGLWNKQNCEQOKUKÍPFG2TGUKFGPEKC
FGEKFGRTQRQPGTNCUWEGUKÍPRCTCGNFÇC
UKIWKGPVG(KPCNOGPVGGNFGLWNKQUG
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HQTOCEKÍPRTKXKNGIKCFCTGURGEVQCNQU
OQOGPVQUKPVGTOGFKQUGPEWCPVQPQ
RQFÇCTGRWVCTUGRTQDCDNGGNECODKQFG
NCEQVK\CEKÍPFGNCUCEEKQPGUCLWKEKQFG
WPKPXGTUQTTC\QPCDNG1FKEJQFGQVTC
HQTOCCWPSWGUGGPVGPFKGUGSWGCNIW
PCUFGNCUCEVKXKFCFGURTGXKCUGTCPJG
EJQUEQPETGVQUECTGEÇCPFGTGNGXCPEKC
CNCJQTCFGEQPUKFGTCTUGKPHQTOCEKÍP
RTKXKNGIKCFC
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NÍNCRTKOGTCEWGUVKÍPRTGLWFKEKCNFGNC
UKIWKGPVGOCPGTC†#NQUGHGEVQUFG
NCCRNKECEKÍPFGNCTVRWPVQFGNC
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RTQEGUQFKNCVCFQGPGNVKGORQEW[QHKP
CVTCXÃUFGXCTKCUHCUGUKPVGTOGFKCUGU
NCOCVGTKCNK\CEKÍPFGWPCFGVGTOKPC
FCEKTEWPUVCPEKCQNCRTQFWEEKÍPFGWP
FGVGTOKPCFQJGEJQ™JCFGCVGPFGTUG
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VCFCUFKURQUKEKQPGUFGNCU&KTGEVKXCU
NCUEKTEWPUVCPEKCUQGNJGEJQHWVWTQU
FGDGPEQPUKFGTCTUGKPHQTOCEKÍPFGEC
T»EVGTRTGEKUQFGOQFQSWGGPEQP
UGEWGPEKCUGCPGEGUCTKQEQORTQDCTUK
ECDGGURGTCTTC\QPCDNGOGPVGSWGUG
RTQFW\ECPFKEJCEKTEWPUVCPEKCQJGEJQ
HWVWTQUQRQTGNEQPVTCTKQFCFQSWG
UGVTCVCLWUVCOGPVGFGWPRTQEGUQFK
NCVCFQGPGNVKGORQVCODKÃPRWGFGP
EQPUVKVWKTKPHQTOCEKÍPRTGEKUCGPGN
UGPVKFQFGNCUEKVCFCUFKURQUKEKQPGUFG
NCU&KTGEVKXCUFGNCUHCUGUKPVGTOGFKCU
SWG[CUGFCPQUGJCPRTQFWEKFQ[
SWGGUV»PXKPEWNCFCUCNCOCVGTKCNK\C
EKÍPFGNCEKTEWPUVCPEKCQFGNJGEJQ
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GN 1DGTNCPFGUIGTKEJV (TCPHWTV CPF
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EKTEWPUVCPEKCUCWVÍPQOCUGPWPCFG
EKUKÍPINQDCNÔPKECGTCEQPVTCTKCCNCU
FKTGEVKXCUEKVCFCU[SWGNCQDNKICEKÍP
FGRWDNKECEKÍPPCEKÍFGUFGSWGUWTIKÍ
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TGURQPUCDNGFGNCGORTGUC
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EQTFCFQSWGNCFGHKPKEKÍPFGNEQPEGRVQ
FGKPHQTOCEKÍPRTKXKNGIKCFCEQORTGP
FGEWCVTQGNGOGPVQUKPHQTOCEKÍPFG
ECT»EVGTEQPETGVQNCKPHQTOCEKÍPPQ
UGJCJGEJQRÔDNKECUGTGHKGTGFKTGE
VCOGPVGQKPFKTGEVCOGPVGCWPQFG
NQUKPUVTWOGPVQUHKPCPEKGTQUQCUWU
GOKUQTGU [ UK UG JKEKGUG RÔDNKEC GUC
KPHQTOCEKÍPRQFTÇCKPHNWKT
FGOCPGTC
CRTGEKCDNGGPNCEQVK\CEKÍPFGGUQU
KPUVTWOGPVQUHKPCPEKGTQUQGPKPUVTW
OGPVQUHKPCPEKGTQUFGTKXCFQUTGNCEKQ
PCFQUEQPGNNQU
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NWICT C NCU EWGUVKQPGU RTGLWFKEKCNGU
WPC XG\ SWG GN $WPFGUIGTKEJVUJQHV
GPVGPFÇC SWG JCDÇC WP RTQDNGOC FG
KPVGTRTGVCEKÍPFGNCUFKTGEVKXCU
[.CKFGCSWGRCTGEGGUVCT
NCVGPVGGPNCRTKOGTCFGNCUEWGUVKQPG
RTGLWFKEKCNGUGUSWGNQURCUQUKPVGTOG
FKQUSWGUGRTQFWLGTQPRQFÇCPEQPU
VKVWKT[CNCKPHQTOCEKÍPEQPETGVCSWG
GZKIGPGNCTVRWPVQFGNC&KTGEVKXC
GPTGNCEKÍPEQPGNCTVRWPVQ
FGNC&KTGEVKXC
'NDKGPLWTÇFKEQCHGEVCFQ[SWGFCDC
NWICTCNNKVKIKQGPEW[QEQPVGZVQUGFCP
NCUEWGUVKQPGURTGLWFKEKCNGUGUGNOKP
WUXCNQTEQPGNSWGWPITWRQFGCEEKQ
PKUVCUXGPFKGTQPNCUCEEKQPGUFGNITWRQ
&CKONGTFWTCPVGGNRTQEGUQFGVQOCFG
FGEKUKQPGUSWGNNGXÍCNTGNGXQCRGVK
EKÍPRTQRKCFGN2TGUKFGPVGFGN%QPUGLQ
FG#FOKPKUVTCEKÍPFGNC%QORCËÇCSWG
RTQXQEÍWPCN\CGPNCEQVK\CEKÍPFGNCU
CEEKQPGU
'NCRCTVCFQFGNCTVFGNC&KTGE
VKXCTGUWNVCDCCENCTCVQTKQ
CNGZKIKTRCTCNCEQPUKFGTCEKÍPFGEC
T»EVGTEQPETGVQFGNCKPHQTOCEKÍPFQU
EKTEWPUVCPEKCUEWOWNCVKXCUWPCSWGNC
KPHQTOCEKÍPFGDGKPFKECTWPCUEKTEWPU
VCPEKCUGZKUVGPVGUQSWGRWGFGGURG
TCTUGTC\QPCDNGOGPVGSWGGZKUVCPQ
WPJGEJQSWGUGJCRTQFWEKFQQSWG
RWGFGGURGTCTUGTC\QPCDNGOGPVGSWG
UGRTQFWEKT»#FGO»UNCKPHQTOCEKÍP
FGDGUGTNQUWHKEKGPVGOGPVGGURGEÇHK
ECRCTCNNGICTCWPCEQPENWUKÍPUQDTG
UWRQUKDNGGHGEVQGPNQUKPUVTWOGPVQU
HKPCPEKGTQU
4GURGEVQCUKNCUHCUGUKPVGTOGFKCU
FGWPRTQEGUQRWGFGPEWORNKTGUVCU
EQPFKEKQPGU/GPIQVVKCRQ[CUWCRTG
EKCEKÍPRQUKVKXCGPSWGGNCTVCR
FGNC&KTGEVKXCEKVCEQOQ
GLGORNQFGKPHQTOCEKÍPRTKXKNGIKCFC
EW[CEQOWPKECEKÍPRWGFGCRNC\CTUG
EQPHQTOGCNCTVCRFGNC&KTGEVKXC
KPHQTOCEKQPGUSWGEQPUVKVW[GP
RCUQUVÇRKEQUFGRTQEGUQUITCFWCNGUEQ
OQPGIQEKCEKQPGUGPEWTUQQEQPVTCVQU
CRTQDCFQURQTWPÍTICPQFGWPGOKUQT
RGPFKGPVGUFGQVTQÍTICPQRCTCJCEGT
UGGHGEVKXQUNWGIQGPUGPVKFQEQPVTCTKQ
RWGFGGPVGPFGTUGSWGUKGZKUVGPECUQU
FGHCUGUKPVGTOGFKCUEW[CEQOWPKEC
EKÍPPQGUV»GZENWKFCRQTGNCTVCR
UGTÇCPCNIWPQUSWGPQRWFKGUGPFG
HKPKTUGEQPGUCUEKTEWPUVCPEKCU
'PGUVGQTFGPFGEQUCU[CGNCDQICFQ
IGPGTCNEKVCDCCNCUGIWPFCUGTKGFG
FKTGEVTKEGUFGN%'48%QOKVÃ'WTQRGQ
FG4GIWNCFQTGUFG8CNQTGUFQPFGUG
KPFKECDCSWGUKNCKPHQTOCEKÍPUGTG
HKGTGCWPRTQEGUQSWGUGTGCNK\CGP
XCTKCUHCUGUECFCHCUGFGNRTQEGUQCUÇ
EQOQNCVQVCNKFCFFGNOKUOQRQFÇCP
EQPUKFGTCTUGKPHQTOCEKÍPFGECT»EVGT
RTGEKUQ
'NUGPVKFQFGNCRTQVGEEKÍPGUGXK
VCTSWGWPQUKPXGTUQTGUUGGPEWGPVTGP
GP UKVWCEKÍP FG FGUXGPVCLC TGURGE
VQCQVTQUEQOQUGËCNCGPVTGQVTCU
NC UGPVGPEKC 6SHFWRU 3KRWR *URXS \
9DQ5DHPGRQFN % FG FG
FKEKGODTGFG&GGZENWKTUGNCU
HCUGUKPVGTOGFKCUGUVCXGPVCLCRQFTÇC
RTQFWEKTUG2QTGUVCTC\ÍPGN6TKDWPCN
FG,WUVKEKCKPFKECSWG†'PGHGEVQUKUG
GZENW[GTCSWGWPCKPHQTOCEKÍPTGNCVK
XCCWPCHCUGFGWPRTQEGUQRTQNQP
ICFQGPGNVKGORQRWGFCEQPUKFGTCTUG
FGECT»EVGTEQPETGVQUGTGFWEKTÇCCNC
PCFCNCQDNKICEKÍPFGJCEGTNCRÔDNKEC
CRGUCTFGSWGVWXKGTCWPCPCVWTCNG\C
RNGPCOGPVGGURGEÇHKEC[FGSWGVCO
DKÃPEQPEWTTKGTCPNQUQVTQUGNGOGP
VQUEQPUVKVWVKXQUFGWPCKPHQTOCEKÍP
RTKXKNGIKCFC'PVCNUWRWGUVQCNIWPQU
RQUGGFQTGUFGGUCKPHQTOCEKÍPRQFTÇCP
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