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W\KMHQQ\VDXNNRVllQQ|OOLVHVWLODLWWHHQPXNDQDWRLPLWHWXOOD
DSXYlOLQHHOOl1lLQVXODWXVYHVLSllVHHNXQQROODSRLVWXPDDQ
3XKGLVWDODLWWHHQWDNDSXROHOOHVLMRLWHWWXNRQGHQVDDWWRUL
OlPS|NHQQRVHNlMDONDOLVWDS|O\QLPXULOODWDLKDUMDOOD
3LWNlSRLVVDROR

7\KMHQQlMllNDDSSLMDSDNDVWLQ

,UURWDODLWHVlKN|YHUNRVWD

6XODWDSDNDVWLQRVDVWRMDSXKGLVWDMDNXLYDDPROHPPDWRVDVWRW

-lWlRYLDXNLKDMXQPXRGRVWXPLVHQYlOWWlPLVHNVL
$QWLEDNWHHULQHQVXRGDWLQ
PDOOLNRKWDLQHQWDNDDMllNDDSLQ
SDUKDDQPDKGROOLVHQK\JLHQLDQSRLVWDPDOODMDWNXYDVWLEDNWHHULW
NDDSLQVLVlOOlNLHUWlYlVWlLOPDVWD6XRGDWLQWXOHHYDLKWDDQRLQ
YXRGHQNXOXWWXD

,UURWDVXRGDWLQMDVXRGDWLQNRWHOR

9DLKGDVXRGDWLQMDODLWDVXRGDWLQNRWHORSDLNDOOHHQ
+XRP
6XRGDWWLPLDRQVDDWDYLVVDKXROWRSDOYHOXVWD
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.RNHLOHYRLWNRLWVHSRLVWDDKlLUL|QNDWVR
´9LDQHWVLQWlµ

.l\QQLVWlODLWHXXGHOOHHQQlKGlNVHVLRQNRYLND
SRLVWXQXW-RVYLNDHVLLQW\\HGHOOHHQVDPPXWD
ODLWHMDWRLVWDWRLPHQSLGHQRLQWXQQLQNXOXWWXD

-RVKlLUL|HLWlVWlKXROLPDWWDNDDQKlYLlRWD
\KWH\VYDOWXXWHWWXXQKXROWROLLNNHHVHHQ
,OPRLWDVHXUDDYDWDVLDW
KlLUL|QODDWX
ODLWWHHQPDOOL
6HUYLFHQXPHURODLWWHHQVLVlSXROHOOH
NLLQQLWHWW\\QDUYRNLOSHHQ6(59,&(VDQDQMlONHHQ
PHUNLWW\OXNX
Wl\GHOOLQHQRVRLWWHHVL
SXKHOLQMDVXXQWDQXPHURVL
+XRP
2YHQNlWLV\\WWlYRLGDDQYDLKWDD/DLWWHHQ
RYLHQNlWLV\\GHQYDLKWDPLVWD+XROWRSDOYHOXQ
WRLPHVWDHLNDWVRWDWDNXXWRLPHQSLWHHNVL
9LND 0DKGROOLQHQV\\ .RUMDXV
/DLWHHLWRLPL
6lKN|NDWNR
7DUNLVWDVlKN|OLLWlQQlW
7DUNLVWDHWWlSLVWRNHRQNXQQROODSLVWRUDVLDVVD
-RVODLWWHHVHHQHLWXOHYLUWDD.XWVXVlKN|PLHV
6XODNHSDODQXWWXUYDODLWH 9DLKGDVXODNHWXUYDODLWH
7HUPRVWDDWWLYDOLWVLQDVHQQRVVD
´2IIµWDL´µ
$VHWDOlPS|WLODYDOPLVWDMDQRKMHLGHQPXNDLVHHQ
DVHQWRRQ
2VDVWRMHQVLVlOlPS|WLODOLLDQ
NRUNHD
2YHWHLYlWROHNXQQROODNLLQQLWDL
WLLYLVWHHLROHNXQQRVVD
9DUPLVWDHWWlRYHWVXONHXWXYDW
PRLWWHHWWRPDVWL
7DUNLV WDHWWlWLLYLVWHHWRYDWNXQQRVVD
7HUPRVWDDWLQYllUlDVHQWR
$VHWDWHUPRVWDDWWLYDOLWVLQYDOPLVWDMDQRKMHLVVD
NXYDWWXXQDVHQWRRQ
/DLWHHLDVHQQHWWXRLNHLQ
7DUNLVWDRQNRODLWHOLLDQOlKHOOl
OlPP|QOlKGHWWl
-llNDDSSLRVDVWRQWDL
SDNDVWLQRVDVWRQSRKMDOOHNHUllQW\\
YHWWlPDOOLVWDULLSSXHQ
6XODWXVYHGHQW\KMHQQ\VDXNNRRQ
WXNRVVD
3XKGLVWDW\KMHQQ\VDXNNR7\KMHQQ\VDXNNRRQ
NRPSUHVVRULQ\OlSXROHOODWDLMllNDDSLQ
SLVDUDXUDQNHVNLRVDVVD
(OLQWDUYLNNHLGHQYllUlVLMDLQWL
(OLQWDUYLNNHHWHLYlWVDDROODNRVNHWXNVLVVD
MllNDDSLQVHLQLLQ
6LVlYDORHLWRLPL
6lKN|NDWNR .DWVRNRKWDD
2QNRODPSSXSDODQXW
,UURWDODLWHVlKN|YHUNRVWD3RLVWDODPSXQ
VXRMXV7DUNLVWDODPSSXMDYDLKGDYLDOOLQHQ
ODPSSXXXWHHQ/DPSXQPDNVLPLWHKRVDDROOD
:
-RLVVDLQPDOOHLVVDNl\WHWllQHULNRLVODPSSXMD
/DPSXQYDLKWRRKMHHWQlN\YlWWDXOXNRVVD
/DLWHSLWllPHOXD /DLWHHLROHVLMRLWHWWXRLNHLQ
7DUNLVWDODLWWHHQWDVDSDLQRWXVHGHVVlROHYDW
YLLWWHHW
7DUNLVWDNRVNHWWDDNRODLWHPXLKLQNDOXVWHLVLLQWDL
HVLQHLVLLQ
0HOXLVXXV
-llKG\W\VSLLULQODDMHQHPLVHVWD
DLKHXWXYDWllQHW
1RUPDDOLLOPL|
-llNDDSLQHWXUHXQD
1RUPDDOLLOPL|²HVWllNRVWHXGHQ
PXRGRVWXPLVHQ
125
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