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b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bO]V&4MR WSYXLIVR %JVMGE [EW GSSPIV ERH [IXXIV XLER XSHE] &VSSO IX EP TVIWIRXIH WTIPISXLIQ XYJE ERH WERHHYRI HEXE XLEX HIQSRWXVEXI XLI SGGYVVIRGI SJ WIZIVEP [IX TIVMSHW HYVMRK XLI PEWX O]V 8LIWI [IX TIVMSHW SGGYVVIH W]RGLVSRSYWP] SZIV XLI 7SYXLIVR%JVMGERGSRXMRIRXERHWLS[RSGPIEVKPEGMEPMRXIVKPEGMEPTEXXIVRMRGSRXVEWXXS IEVPMIV JMRHMRKW F] 'SGOVSJX IX EP :ER >MRHIVIR &EOOIV ERH 8]WSR % QIGLERMWQ JSV MRGVIEWIH LYQMHMX] HYVMRK KPEGMEPW MR WSYXLIVR %JVMGE [EW TVIWIRXIHF]:ER>MRHIVIR&EOOIVERHPEXIVGSVVSFSVEXIHF]QSHIPWXYHMIWSJ 8]WSR 8LI] GSRGPYHIH XLEX XLI TSPEV JVSRX QYWX LEZI FIIR WYFNIGX XS 27 QSZIQIRXWHYVMRKXLI0EXI5YEXIVREV](YVMRKKPEGMEPWXLIJVSRXWLMJXIHIUYEXSV[EVH [LMGL VIWYPXIH MR E RSVXL[EVH HMWTPEGIQIRX SJ XLI GPMQEXI ^SRIW WS XLEX XLI ^SRI SJ QSMWX [IWXIVPMIW VIEGLIH WSYXL[IWXIVR %JVMGE VIWYPXMRK MR MRGVIEWIH VEMRJEPP (YVMRK MRXIVKPEGMEPWXEKIWXLITSPEVJVSRXLEHWLMJXIHWSYXLVIWYPXMRKMRETSPI[EVHHMWTPEGIQIRX SJXLIGPMQEXI^SRIW 8LI QEVMRI VIEPQ MW JEZSYVEFPI JSV XLI GSRWXVYGXMSR SJ YRMRXIVVYTXIH TEPISGPMQEXI VIGSVHW WMRGI WIHMQIRXEXMSR MW SJXIR GSRXMRYSYW ERH EKI GSRXVSP GER FI SFXEMRIH VIPEXMZIP] IEW] YWMRK XLI S\]KIRMWSXSTI GSQTSWMXMSR SJ JSVEQMRMJIVW -QFVMI IX EP 1EVXMRWSRIXEP%RYQFIVSJWXYHMIWLEZIGSRGIRXVEXIHSRWSYXL[IWXIVR %JVMGERTEPISGPMQEXIF]EREP]WMRKJMRIKVEMRIHXIVVMKIRSYWWIHMQIRXWTSPPIRJVIWL[EXIV HMEXSQW ERH TL]XSPMXLW XVERWTSVXIH XS XLI SGIER JPSSV :ER >MRHIVIR &EOOIV E (MIWXIV,EE.ERWIR:ER-TIVIR+MRKIPI7LM(YTSRX (YTSRX IX EP 7LM IX EP 7LM IX EP 8LIWI WXYHMIW WLS[IH XLEX GLERKIWMRXLIXVEHI[MRHW]WXIQERHGLERKIWMRWSYXL[IWXIVR%JVMGERGPMQEXIHYVMRK XLI PEXI 5YEXIVREV] LEZI LEH PEVKI IJJIGXW SR XLI XVERWTSVX SJ [MRHFPS[R ERH VMZIV XVERWTSVXIHQEXIVMEPXSXLI7)%XPERXMG3GIER,S[IZIVXLIVIMWRSGSRWIRWYWSRXLI WSYXL[IWXIVR %JVMGER GPMQEXI LMWXSV] *SV I\EQTPI :ER >MRHIVIR &EOOIV F GSRGPYHIHXLEXRSWMKRMJMGERXGLERKIMRVEMRJEPPSGGYVVIHMRWSYXL[IWXIVR%JVMGEHYVMRK XLI PEWX O]V [LIVIEW EGGSVHMRK XS 7LM IX EP XLI 0+1 MR XLMW VIKMSR [EW GLEVEGXIVMWIHF]VIPEXMZIP]GSPHERHEVMHGSRHMXMSRW,S[IZIVX[S]IEVWPEXIVXLIWEQI EYXLSVW 7LM IX EP GSRGPYHI XLEX XLI VIKMSR [EW MRJPYIRGIH F] RSVXL[EVH QSZIQIRXWSJXLI[MRXIVVEMRVIKMQIGEYWMRKMRGVIEWIHVEMRJEPPHYVMRKXLI0+1 -RWYQQEV]XLIVIMWRSGSRWIRWYWSRXLIWSYXL[IWXIVR%JVMGERGPMQEXILMWXSV]EW]IX RIMXLIVJVSQPERHVIGSVHWRSVJVSQQEVMRIVIGSVHW-RXLMWWXYH][IIZEPYEXIXLIKVEMR WM^I HMWXVMFYXMSRW SJ XLI XIVVMKIRSYW WIHMQIRX JVEGXMSR MR -QEKIW -- GSVI 1( &IVXVERHIXEPJVSQ;EPZMW6MHKIEWETVS\]JSVEVMHMX]ERH[MRHWXVIRKXL MR WSYXL[IWXIVR%JVMGE 1EXIVMEPWERH1IXLSHW 'SVI1([EWVIGSZIVIHJVSQ;EPZMW6MHKIEX7)EX Q [EXIV HITXL *MKYVI 8LMW Q PSRK GSVI JYPP] GSZIVW XLI PEWX b O]V &IVXVERH IX EP 8LI HSQMRERX PMXLSPSK] SJ XLI GSVI MW JSVEQMRMJIV RERRSJSWWMP 'LETXIV SS^I 8LI GSVI [EW WEQTPIH EX GQ MRXIVZEPW JVSQ XLI JMVWX QIXVIW FIPS[ WIE JPSSV QFWJ ERH EX GQ MRXIVZEPW JVSQ QFWJ [MXL X[S WIVMIW SJ QP W]VMRKIW8LIWIWEQTPIW[IVIYWIHJSVWXEFPIS\]KIRMWSXSTIEREP]WMWERHJSVKVEMRWM^I EREP]WMW *MKYVI 0SGEXMSRW SJ GSVIW 1( ERH +IS& 0MXXPI IX EP F MR XLI 7) %XPERXMG 3GIER ;LMXI HSXXIH PMRI XVERWIGX EPSRK [LMGL XLI TVIWIRXHE] HYWX WEQTPI [EW GSPPIGXIH &EXL]QIXV] MW WLS[R MR GSRXSYV MRXIVZEPW SJ Q %RRYEP VEMRJEPP MW MRHMGEXIH MR QQ ;EZ] PMRIW ^SRI SJ [MRH HVMZIR GSEWXEP YT[IPPMRK 8SWITEVEXIXLIXIVVMKIRSYWWIHMQIRXJVEGXMSRJSVKVEMRWM^IEREP]WMWGEPGMYQGEVFSREXI SVKERMGGEVFSRERHFMSKIRMGSTEP[IVIGEVIJYPP]VIQSZIHYWMRKVITIEXIHP]I\GIWW,%G FYJJIVT,!EX'WIITJSVEHIXEMPIHHIWGVMTXMSRSJXLMWQIXLSH,3EX ' ERH 2E3, 1 EX ' JSV QMRYXIW VIWTIGXMZIP] 1MGVSWGSTI EREP]WIW VIZIEPIH XLEX XLMW QIXLSH WYGGIWWJYPP] VIQSZIH EPP FMSKIRMG GSRWXMXYIRXW +VEMRWM^I EREP]WIW [IVI GEVVMIH SYX MR XLI WIHMQIRXSPSK] PEFSVEXSV] 9XVIGLX 9RMZIVWMX] SR E %O]VVIGSVHSJ[MRHWXVIRKXLERHEVMHMX] 1EPZIVR-RWXVYQIRXW1EWXIVWM^IV7YWMRKEPIRW[MXLQQJSGEPPIRKXL8LMWVIWYPXW MRKVEMRWM^IHMWXVMFYXMSRWJVSQ®QMRWM^IGPEWWIW&IGEYWIXLIXIVVMKIRSYW WIHMQIRX JVEGXMSR JVSQ ;EPZMW 6MHKI MW JMRIKVEMRIH ®Q *MKYVI % XLI RYQFIV SJ MRTYX ZEVMEFPIW JSV XLI IRHQIQFIV QSHIP MW VIHYGIH JVSQ XS WM^I GPEWWIWMRXLIVERKI®Q8SIWXMQEXIXLIQMRMQYQRYQFIV SJIRHQIQFIVW VIUYMVIHJSVEWEXMWJEGXSV]ETTVS\MQEXMSR SJXLIHEXEXLIGSIJJMGMIRXWSJ HIXIVQMREXMSR [IVI GEPGYPEXIH 8LI GSIJJMGMIRX SJ HIXIVQMREXMSR VITVIWIRXW XLI TVSTSVXMSR SJ XLI ZEVMERGISJIEGLKVEMRWM^IGPEWWXLEXGERFIVITVSHYGIHF]XLIETTVS\MQEXIHHEXE8LMW TVSTSVXMSRMWIUYEPXSXLIWUYEVIHGSVVIPEXMSRGSIJJMGMIRXVSJXLIMRTYXZEVMEFPIWERH XLIMVETTVS\MQEXIHZEPYIW;IPXNI4VMRW;IPXNI 4VIWIRXHE]EISPMERHYWX[EWGSPPIGXIHEPSRKEXVERWIGXk7k)XSk7 k)SJJXLI2EQMFMERGSEWX*MKYVIHYVMRKXLI-QEKIW--I\TIHMXMSR&IVXVERH IX EP YWMRK ER %RHIVWSR HYWX WEQTPIV QSHIP +1;0 [LMGL [EW PSGEXIH bQEFSZIWIEPIZIP(YVMRKXLIWEQTPMRKTIVMSHE77;JSVGI&JX[MRHTVIZEMPIH 8LIHYWX[EWVMRWIHSJJXLIJMPXIVJSPPS[MRKXLIQIXLSHHIWGVMFIHF]/MIJIVXERH /MIJIVX IX EP YWMRK HIQMRIVEPMWIH [EXIV MRWXIEH SJ XVM7SHMYQ SVXLSTLSWTLEXI WIITJSVEHIXEMPIHHIWGVMTXMSRSJXLIQIXLSH )MKLXXSXIR[IPPTVIWIVZIHERHGPIERWTIGMQIRW SJTPEROXSRMGJSVEQMRMJIV+PSFSVSXEPME MRJPEXEH 3VFMKR][IVILERHTMGOIHYRHIVEFMRSGYPEVQMGVSWGSTIJVSQXLIQ JVEGXMSRXSEGLMIZIEREREP]XMGEP[IMKLXSJXSQK8LIWXEFPIS\]KIRMWSXSTI GSQTSWMXMSRSJ+MRJPEXE[IVIQIEWYVIH[MXLE*MRRMKER1%8QEWWWTIGXVSQIXIV EXXLI*EGLFIVIMGL+IS[MWWIRWGLEJXIRMR&VIQIR %KIQSHIP 8LI S\]KIRMWSXSTI VIGSVH SJ + MRJPEXE MW GSVVIPEXIH [MXL XLI WXEGOIH VIGSVH SJ 1EVXMRWSRIXEPXSSFXEMREREKIQSHIPJSVGSVI1(*MKYVIW&ERH ' 'SVVIPEXMSR SJ XLI S\]KIRMWSXSTI VIGSVHW [EW IWXEFPMWLIH YWMRK XLI WSJX[EVI TEGOEKI %REP]WIVMIW ZIVWMSR 4EMPPEVH IX EP 8[IRX]X[S QEVMRI MWSXSTI IZIRXW1-)[IVIXEOIREWGEPMFVEXMSRTSMRXWJSVXLIEKIQSHIP 8LIJMREPEKIQSHIP VIWYPXIHJVSQPMRIEVMRXIVTSPEXMSRFIX[IIRXLIEKIGEPMFVEXMSRTSMRXW8LIYTTIVQ SJXLIWIHMQIRXVIGSVHMRGSVI1(ETTIEVXSWTERXLIPEWXbO]VMIQEVMRI MWSXSTI WXEKIW 1-7 XS %WWYQMRK RS LMEXYWIW MR WIHMQIRXEXMSR XLI PMRIEV WIHMQIRXEXMSR VEXI ZEVMIW FIX[IIR ERH GQO]V *MKYVI ( 1-) [EW RSX VIGSKRMWIHMRXLI δ3GYVZIEWEWMRKPIIZIRX8LMWTLIRSQIREMWX]TMGEPJSVXLIEVIE 7GLRIMHIVIXEP2IZIVXLIPIWWSRIMWSXSTITIEOETTIEVWXSGSMRGMHI[MXL1-) MR1EVXMRWSR WGYVZI*MKYVI' 6IWYPXW 8LIQIHMERKVEMRWM^IVIGSVHSJXLIXIVVMKIRSYWJVEGXMSRMRGSVI1(MWWLS[R MR*MKYVI&1IHMERKVEMRWM^IZEVMIWFIX[IIRERHQ8LIKVEMRWM^IVIGSVHERH XLI + MRJPEXE δ3 VIGSVH WLS[ ZIV] WMQMPEV TEXXIVRW SZIV XMQI EPFIMX [MXL E WQEPP TLEWIHMJJIVIRGIMRHMGEXMRKVIPEXMZIP]GSEVWIKVEMRIHQYHHITSWMXMSRHYVMRKMRXIVKPEGMEP WXEKIW 1-7 ERH VIPEXMZIP] JMRIKVEMRIH QYH HITSWMXMSR HYVMRK KPEGMEP WXEKIW 1-7 'LETXIV δ 3 } 4(& 1( +PSFSVSXEPME MRJPEXE 076 1( 1-) 1-7 GQO]V %KI O]V &4 (ITXL QFWJ δ3 δ3 } 4(& +PSFSVSXEPME MRJPEXE }4(& 74)'1%4 1( *MKYVI %KI QSHIP % +PSFSVSXEPME MRJPEXE δ 3VIGSVH ZIVWYW HITXL 1EVMRI -WSXSTMG )ZIRXW 1-) ERH 1EVMRI -WSXSTMG 7XEKIW 1-7 EJXIV 1EVXMRWSR IX EP EVI MRHMGEXIH & +PSFSVSXEPME MRJPEXE δ 3 VIGSVH ZIVWYW EKI ' 74)'1%4 EP ( 0MRIEV WIHMQIRXEXMSR VEXIW 076 δ 3VIGSVH EJXIV 1EVXMRWSR IX %O]VVIGSVHSJ[MRHWXVIRKXLERHEVMHMX] 1IHMER KVEMR WM^I ®Q 4VSTSVXMSR IRH QIQFIVW 1-7 %KI O]VW &4 )1 δ 3 }4(& +PSFSVSXEPME MRJPEXE )1 )1 *MKYVI 8MQI WIVMIW SJ ZEVMEXMSRW MR QIHMER KVEMR WM^I ERH IRH QIQFIV GSRXVMFYXMSRW SJ XLI XIVVMKIRSYW WIHMQIRX JVEGXMSR MR GSVI 1( GSQTEVIH [MXL KPSFEP GPMQEXI MRJPEXE δ QIQFIVW 3 } 4(& & QIHMER KVEMR WM^I ' % +PSFSVSXEPME )RH QIQFIV GSRXVMFYXMSRW SJ XLI XLVII IRH 'LETXIV 8LIEZIVEKIKVEMRWM^IHMWXVMFYXMSRMRGSVI1(LEWEQSHEPKVEMRWM^IRIEV®Q *MKYVI%*MKYVI&WLS[WXLIGSIJJMGMIRXWSJ HIXIVQMREXMSR V TPSXXIH EKEMRWX KVEMRWM^IJSVQSHIPW[MXLXSIRHQIQFIVW8LIQIERGSIJJMGMIRXSJHIXIVQMREXMSR SJ XLI KVEMRWM^I GPEWWIW MRGVIEWIW [LIR XLI RYQFIV SJ IRH QIQFIVW MRGVIEWIW *MKYVI 'TEKI8LIX[SIRHQIQFIVQSHIPVQIER!WLS[WPS[V JSVXLI WM^I VERKIW ®Q ERH " ®Q 8LI XLVII IRHQIQFIV QSHIP VQIER ! WLS[W PS[VJSVXLIWM^IVERKI"®QSRP]8LMWGSEVWIIRHMW[IPPVITVSHYGIHF]QSHIPW [MXL SV QSVI IRH QIQFIVW SRP] *SV XLI GLSMGI SJ XLI RYQFIV SJ IRH QIQFIVW LS[IZIVXLIGSEVWIIRH"®QGERFIMKRSVIHFIGEYWIMXGSQTVMWIWSRP]PIWWXLER [IMKLXSJXLIQEWWSJXLIWEQTPIW8LIKVEMRWM^IVERKI ®QSRXLIGSRXVEV] WLSYPH FI [IPP VITVSHYGIH F] XLI QM\MRK QSHIP FIGEYWI XLMW WM^I VERKI GSRXEMRW E GSRWMHIVEFPI TVSTSVXMSR SJ XLI WIHMQIRX QEWW 8LI KSSHRIWWSJJMX WXEXMWXMGW XLYW HIQSRWXVEXIXLEXXLIXLVIIIRHQIQFIVQSHIPTVSZMHIWXLIFIWXGSQTVSQMWIFIX[IIR XLIRYQFIVSJIRHQIQFIVWERHV 1IER *VIUYIRG] )1 1E\ )1 1MR )1 )1 )1 V +VEMR WM^I ®Q +VEMR WM^I ®Q *MKYVI )RHQIQFIV QSHIPPMRK VIWYPXW SJ GSVI 1( % 7YQQEV] WXEXMWXMGW SJ MRTYX HEXE KVEMRWM^I HMWXVMFYXMSRW R! QE\MQYQ QIER ERH QMRMQYQ JVIUYIRG] VIGSVHIH MR IEGL WM^I GPEWW & 'SIJJMGMIRXW SJ HIXIVQMREXMSR V JSV IEGL WM^I GPEWW SJ QSHIPW [MXL IRH QIQFIVW 8LI KVEMRWM^I HMWXVMFYXMSRW SJ XLI XLVII IRH QIQFIVW EVI WLS[R MR *MKYVI ( %PP IRHQIQFIVWLEZIEGPIEVP]HIJMRIH HSQMRERXQSHI)RHQIQFIV )1 LEW E QSHEP KVEMRWM^ISJb®QIRHQIQFIV)1SJb®QERHIRHQIQFIV)1LEWEQSHEP KVEMR WM^I SJ b ®Q 8LI HS[RGSVI VIGSVH SJ XLI VIPEXMZI GSRXVMFYXMSRW SJ XLI IRH QIQFIVW MW WLS[R MR *MKYVI ' )RH QIQFIV )1 ZEVMIW FIX[IIR )1 FIX[IIRERH)1FIX[IIR %O]VVIGSVHSJ[MRHWXVIRKXLERHEVMHMX] *VIUYIRG] V QIER )1 )1 )1 4VIWIRXHE] HYWX 2YQFIV SJ IRH QIQFIVW +VEMR WM^I ®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®QEVIKIRIVEPP]EXXVMFYXIHXSEISPMERXVERWTSVXERHWQEPPIVXLER®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} 4(& 0 0 δ 2 TEGL]HIVQE + MRJPEXE 'SRXMRIRXEP EVMHMX] ;MRH - WXVIRKXL + 1 0.5 W 9T[IPPMRK MRXIRWMX] *MKYVI 6IGSRWXVYGXMSRW SJ 0EXI 5YEXIVREV] EVMHMX] ERH XVEHI[MRH WXVIRKXL MR WSYXL[IWXIVR %JVMGE % δ 3 VIGSVH SJ +PSFSVSXEPME MRJPEXE YWIH EW E TVS\] JSV GSRXMRIRXEP EVMHMX] TVS\] JSV 7) XVEHI[MRH MRXIRWMX] & 8LI TVSTSVXMSR SJ XLI EISPMER IRH QIQFIVW EVI ' 8LI VEXMS SJ GSEVWI SZIV JMRI EISPMER HYWX MW YWIH EW E ( 6IPEXMZI EFYRHERGI SJ XLI TPEROXSRMG JSVEQMRMJIV 2ISKPSFSUYEHVMRE TEGL]HIVQE W MR GSVI +IS& VIJPIGXW &IRKYIPEYT[IPPMRK MRXIRWMX] 0MXXPI IX EP F %O]VVIGSVHSJ[MRHWXVIRKXLERHEVMHMX] 'SRWMHIVMRK XLI MRXIVTVIXEXMSR SJ XLI XLVIIIRHQIQFIV QSHIP GLERKIW MR XLI VEXMSW SJXLIIRHQIQFIVWVIJPIGXTEPISGPMQEXIZEVMEXMSRWMR7;%JVMGE8LITVSTSVXMSRSJXLI EISPMER IRH QIQFIVW )1 MW MRXIVTVIXIH XS VITVIWIRX GSRXMRIRXEP EVMHMX] 8LI EVMHMX] VIGSVH MRHMGEXIW VIPEXMZIP] EVMH GPMQEXI GSRHMXMSRW HYVMRK MRXIVKPEGMEPW ERH VIPEXMZIP]LYQMHGSRHMXMSRWHYVMRKKPEGMEPW*MKYVI&8LIVEXMSSJXLIGSEVWISZIV XLIJMRIEISPMERIRHQIQFIV)1)1)1VIJPIGXMRK XLI EISPMER KVEMR WM^I MW MRXIVTVIXIH EW E QIEWYVI SJ XLI MRXIRWMX] SJ XLI WSYXLIEWXIVR XVEHI [MRHW XLEX MW XLI XVERWTSVX EKIRX SJ XLI EISPMER HYWX 8LI VIGSVH MRHMGEXIW XLEX XLI XVEHI [MRHW [IVI MRXIRWMJMIHHYVMRKKPEGMEPWGSQTEVIHXSMRXIVKPEGMEPW*MKYVI' 4EVXVMHKI IX EP VITSVXIH ER EWXVSRSQMGEP HVMZMRK QIGLERMWQ JSV 7SYXL %JVMGER GPMQEXI 8LI] GSRWXVYGXIH E O]V WSYXLIVR%JVMGER VEMRJEPP VIGSVH SR XLI FEWMW SJ XI\XYVEP ERH GSQTSWMXMSREP GLERKIW SJ GVEXIVPEOI WIHMQIRXW MR RSVXLIVR 7SYXL %JVMGE 8LMW VEMRJEPP VIGSVH TVIHSQMREXIH F] XLI TVIGIWWMSREP G]GPMGMX] GSVVIPEXIW [IPP [MXL 7.ERYEV]MRWSPEXMSRGLERKIWERHVIJPIGXWLYQMHQSRWSSRWHYVMRKXLITIVMSHW[MXL QE\MQYQ EYWXVEP WYQQIV MRWSPEXMSR -R XLI [IWXIVR TEVX SJ 7SYXL %JVMGE LS[IZIV GPMQEXI ZEVMEFMPMX] MW VIKYPEXIH F] XLI WLMJXW SJ XLI GPMQEXI FIPXW GSRRIGXIH XS XLI QSZIQIRXW SJ XLI TSPEV JVSRX :ER >MRHIVIR &EOOIV 8]WSR (YVMRK KPEGMEPTIVMSHWXLITSPEVJVSRXQSZIHIUYEXSV[EVHVIWYPXMRKMRERSVXL[EVHWLMJXSJXLI [MRXIVVEMRJEPP FIPX GEYWMRK MRGVIEWIH TVIGMTMXEXMSR MR WSYXL[IWXIVR %JVMGE 7LM IX EP 8LIRSVXL[EVHHMWTPEGIQIRXSJXLITSPEVJVSRXMWGSYTPIH[MXLERMRGVIEWIMRXLI QIVMHMSREP TVIWWYVI KVEHMIRXW VIWYPXMRK MR MRXIRWMJMIH 7) XVEHI [MRHW 8LI ETTEVIRX EW]RGLVSR] SJ 0EXI 5YEXIVREV] EVMHMX] GLERKIW MR XLI [IWXIVR ERH IEWXIVR TEVX SJ WSYXLIVR %JVMGE GER FI I\TPEMRIH F] VIKMSREP ZEVMEXMSRW MR XLI EVMHMX] JSVGMRK QIGLERMWQW TVIGMTMXEXMSR MR XLI [IWXIVR TEVX MW GSRXVSPPIH F] XLI [MRXIV VEMR VIKMQI EWWSGMEXIH[MXLXLI[IWXIVPMIW[LIVIEWTVIGMTMXEXMSRMRXLIIEWXIVRTEVXMWGSRXVSPPIHF] XLIWYQQIVQSRWSSRW]WXIQ4EVXVMHKIIXEP3YVTVS\]VIGSVHWJSVGSRXMRIRXEP EVMHMX] ERH XVEHI[MRH WXVIRKXL MRHIIH WLS[ XLEX KPEGMEP TIVMSHW EVI GLEVEGXIVMWIH F] MRGVIEWIH [MRH WXVIRKXLW ERH HIGVIEWIH EVMHMX] 3-7 MR TEVXMGYPEV WLS[W E ZIV] LMKL TVSTSVXMSR SJ )1 ;LIXLIV XLMW MW GEYWIH F] YRYWYEP [MRH] GSRHMXMSRW LEW XS FI TVSZIRF]VIGSVHWJVSQSXLIVGSVIW 8LI TEPIS[MRH WXVIRKXL VIGSVH SJ GSVI 1( *MKYVI ' WLS[W E WMQMPEV ZEVMEFMPMX] GSQTEVIH XS XLI VIGSVH SJ XLI GSPH[EXIV JSVEQMRMJIV 2ISKPSFSUYEHVMRE TEGL]HIVQE W MR GSVI +IS& JVSQ XLI IEWXIVR 'ETI &EWMR 0MXXPI IX EP E *MKYVIWERH(8LIVIPEXMZIEFYRHERGISJXLMWWTIGMIWMWGSRWMHIVIHETVS\]JSV XVEHI[MRH MRHYGIH YT[IPPMRK 0MXXPI IX EP E 0MXXPI IX EP F 9JOIW IX EP %PXLSYKLXLIGSVVIPEXMSRFIX[IIRXLIX[SLMKLJVIUYIRG]VIGSVHWMWRSXTIVJIGX S[MRK XS MQTIVJIGXMSRW MR XLI EKI QSHIPW SJ XLI X[S GSVIW MX GSVVSFSVEXIW [MXL XLI MRXIVTVIXEXMSRSJIRHQIQFIVW)1ERH)18LIHMJJIVIRGIWFIX[IIRXLIWIVIGSVHW QE]EPWSEVMWIJVSQXLIJEGXXLEXTIEOWMRXLI2TEGL]HIVQEWGYVZIQE]FIMRJPYIRGIH F] GLERKIW MR XLI UYEPMX] SJ XLI YT[IPPIH [EXIVW RSX VIPEXIH XS XVEHI[MRH MRXIRWMX] 1EWPMRIXEP %RSXLIV TSWWMFPI XVERWTSVX QIGLERMWQ JSV XLI EISPMER HYWX HITSWMXIH ;EPZMW 6MHKI MW XLI WSGEPPIH FIVK [MRHW &IVK [MRHW EVI GEXEFEXMG [MRHW KIRIVEPP] FPS[MRK JVSQ XLI 2)WYTTP]MRKPEVKIEQSYRXWSJEISPMER HYWX MRXS XLI 7) %XPERXMG 3GIER 7LERRSR 'LETXIV %RHIVWSR8LITSWWMFPIMRXIVTPE]FIX[IIRFIVK[MRHWERHXVEHI[MRHWGERRSX FI HMWGIVRIH JVSQ SYV KVEMRWM^I VIGSVH ,S[IZIV FIVK [MRHW EVI PSGEP TLIRSQIRE ERHEVIMRXIVQMXXIRXSRERERRYEPXMQIWGEPI-JXLI]SGGYVXLI]FPS[JSVEJI[[IIOW SRP] [LIVIEW XLI 7) XVEHIW EVI E ]IEVVSYRH JIEXYVI 8LIVIJSVI [I EWWYQI XLEX XLI EISPMER HYWX HITSWMXIH SR ;EPZMW 6MHKI LEW FIIR WYTTPMIH F] XLI 7) XVEHI [MRHW 4SWWMFPI GLERKIW MR XVEHI [MRH ^SREPMX] GER RSX FI HIVMZIH JVSQ SYV TVS\] VIGSVHW IMXLIV'LERKIWMRXLI^SREPMX]SJXLI7)XVEHI[MRHWGSYPHTSWWMFP]VIWYPXMRGLERKIWMR [MRH WXVIWW HVMZMRK XLI &IRKYIPE YT[IPPMRK W]WXIQ EW [IPP EW MR GLERKIW MR XLI GSQTSWMXMSR SJ XLI [MRHFPS[R QEXIVMEP XVERWTSVXIH XS XLI ;EPZMW 6MHKI 8LYW TVSZIRERGIWXYHMIWSJXLIEISPMERWIHMQIRXWSR;EPZMW6MHKIEVIRIIHIHXSVIGSRWXVYGX GLERKIWMRXLI^SREPMX]SJXLI7)XVEHI[MRHWERHTSWWMFPIGSRXVMFYXMSRWSJEISPMERHYWX WYTTPMIHF]XLIFIVK[MRHW 'SRGPYWMSRW • 8LVII IRH QIQFIVW EVI VIGSKRMWIH MR XLI KVEMRWM^I HMWXVMFYXMSRW SJ GSVI 1( JVSQ ;EPZMW 6MHKI YWMRK ER IRHQIQFIV QSHIPPMRK EPKSVMXLQ 8LI X[S GSEVWIWX IRH QIQFIVW EVI MRXIVTVIXIH EW DGSEVWI ERH DJMRI EISPMER HYWX XLI XLMVH IRH QIQFIV MW MRXIVTVIXIH EW LIQMTIPEKMG QYH HITSWMXIH JVSQ RITLIPSMH PE]IVW • :EVMEXMSRWMRXLITVSTSVXMSRSJXLIEISPMERIRHQIQFIVWVIJPIGXZEVMEXMSRWMREVMHMX] MR WSYXL[IWXIVR %JVMGE 8LI VEXMS SJ XLI X[S EISPMER IRH QIQFIVW VIJPIGXW XLI EISPMER KVEMR WM^I 'LERKIW MR XLMW VEXMS EVI MRXIVTVIXIH XS VIJPIGX GLERKIW MR XLI MRXIRWMX]SJXLI7)XVEHI[MRH •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• 8LI[MRHWXVIRKXLVIGSVHWLS[WMRXIRWMJMIHXVEHI[MRHWHYVMRKKPEGMEPWGSQTEVIHXS MRXIVKPEGMEPW ERH WLS[W E WMQMPEV ZEVMEFMPMX] GSQTEVIH XS XLI YT[IPPMRKMRXIRWMX] VIGSVHSJ0MXXPIIXEPF %GORS[PIHKIQIRXW ;I XLERO XLI GVI[ ERH WGMIRXMWXW EFSEVH 23 1EVMSR (YJVIWRI JSV XLIMV LIPT [MXL GSVMRKERHWEQTPMRKSTIVEXMSRWHYVMRK-1%+)7--;IEPWSXLERO16IMXL9XVIGLX 9RMZIVWMX] JSV EREP]XMGEP WYTTSVX ERH 1 7IKP ERH & 1I]IV7GLEGO 9RMZIVWMXÇX &VIQIRJSVGEVV]MRKSYXXLIS\]KIRMWSXSTIQIEWYVIQIRXW.'SQTXSR.+MVEYHIEY ERH ER ERSR]QSYW VIZMI[IV EVI XLEROIH JSV XLIMV LIPTJYP WYKKIWXMSRW XS MQTVSZI XLI QERYWGVMTX8LMW[SVO[EWJMRERGIHF]XLI27+2-3>&VIQIRGSSTIVEXMSR8LMWMW 2IXLIVPERHW 6IWIEVGL 7GLSSP SJ 7IHMQIRXEV] +ISPSK] 27+ TYFPMGEXMSR RYQFIV
© Copyright 2026 Paperzz