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

4 5-2-:4:?-4:.-6,:/042:6/.-6,:2:7-45:2/++0,/,05/4/660+:.:,/,:/++#-55-6A:/+--8: 5:8068-6,4-4B59++/?04./2:,/,0-2: :042:6/.-6,:30+:,:8:,-44:,04:/+: -5074/6: 96/,4/,,/A:06-2-+,-./2-++-?04.-2:,/,0: ,,:7/5,04:8/+/8+/55:?:8/A:06-2-: 2:7-45:.02-++:/ :0= ,4/+- 96/ ,,:7/ 3:C 2:/8406:8/ 8<- 5:68406:8/ /+: :.305,/A:06: 0??4060 :6?04./A:06: /68<- 5-,/+04/ /+896: G508:/+:5,/H% ,0 2:/44: /4: :+93305,04:80 6;9-5,/ 5-2- = 3055:>:+- 50+,/6,0 96/./33/,94/ 2-: 340>+-.:- 2-: 8068-,,:@ ::67-8-4:6968:/4-/296/,4/,,/A:06-/6/+:,:8/2:-55: + 396,0 2: 3/4,-6A/ I / 20./62/ 59++#04:1: ,/,[email protected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

5 3/4+/.-6,:,/420.-2:-7/+:-5034/77:559,0;9/5:6-++/50+/61<:+,-44/%?:60/+396,0 2: /95:>:+- ; = 5,/,0 2-?:6:, :.040 KK@ (%@ /+.-60 / :1:6: &G2-.084/A:/ 4/ ,/,:7/H% / 2-4:7/A: ,-4-2/ /,,4/7-450: 8/6/+: 2-++/ 4/ ,/6A/ 30+:,:8/ 2:7-6,/ :7/.-6,- +/?04./ 2-++/ /A:/ 3055:>: #-,B 2-:.02-46: 3 K /.0+,0-??:8/8-.-6,- G:+ 605,40 =:+, / 4/ ,/6A/H% /+0,/,0+:>-4/+-0,,08-6,-5804:?:9,//+9610+/3:-6/,4/29A: /,:7/2: ;9-5,0396,02:3/4,-6A/:.:,/620:+70,080684:,-4:2:5-550@2:/+?/>-,:AA/A: /,,9,,0 2: 8-650@-550 4:7-+/ +/ 34034:/ @ & )%@0.96:,B@:+/60@ ) K@3* *%+/59/05,:,9A:06-=30+:,:8/.-6,-+:>-4/+-@ -2@-2/.@/207/@ ))(@3% / +961/ >/,,/1+:/ 3-4 +#/++/41/.-6, ??4/1:0@ 8<-/,,4/7-45/ >906/ 3/4,- 2-1+:,/,:-9403-: 2/++/ /.-,B 2-++#0,,08-6,0 5:60/++/?:6-2-++/ 19-44/.062:/+-@,4/5?04./+0,/,0+:>-4/+-:6+:>-4/ /,: :,/,06-+ ;9/+--6,4/.>::34:68:3:;9-++0+:>-4/+--; /,:80/53:4/60/,407/4-3:-6/ 8:,,/2:6/6A/ / : =,9,,#/+,40 8<- +:6-/ :70 2:,4/9.: +/ G3/4-6,-5:H2-1+:,/,:,0,/+:,/4:8<-5-16/: /../,:80:+7-6,-66:0?4/ @3-4;9/6, :,0,/+:,/4:5.:2:,:30?/58:5,/@-8<-5: /?:60 /+ )()3-4:,0,/+:,/4:5.:2:,: :5,/2:.05,4/8<-+#:5,/6A/2-++#:65-4:.-6, / / 7:,/ 2-++0,/,0&2/ 89: +0,/,0 +:>-4/+- 0,,08-6, /7-7/ %</8-48/,0/+,4-7:-@4:53-,,0/;9-++/30:4:7-+/,/5:34-7/+-6,-@2/334:./ :2-6,/+--011:5958/+/1+0>/+- #/6/+:5:2-++-?04.-2:,/,0011:-5:5,-6,: -7:2-6A:/ +/ 34-7/+-6A/ ,/,0 +:>-4/ /,:80 06,/+- 2-?:6:A:06-5:6,-,:8/5::6,-62-96/?04./2:,/,08/4/,,-4:AA/,/2/ ,:?062/.-6,/+:/% +/ 2-4:7/A: ,-4-2/ : ,-5,0 2: 3+94/+:5.0 ))"@3 55% /+: ,: 8/4/,,-4:AA/6,: 805,:,9: / 5:6,-5:@ :6? :94:2:8<-2:34:68:3:0@2:96/ /3+94/+:,B2:?/,,04: % / 2-4:7/A: ,-4-2/ :8<:-2-8<- ;9/6, #041/60,:,0+/ ,-4-+-1:5+/,:70/>>:/6/,94/80++-1:/+--5:/-+-,,02:4-,,/.-6,-2/ ,,04/+- &-5,-50?:60 / 80:68: /,0,/+:,B 2-: 8:,,/2:6: /29+,:% :6 8< ,/60 +#/ /,/+- 041/60@ 0+,4-8<- /++/?04A/ 30+:,:8/ 2:./11: :5,-6A/@ ;9/6,0.-60 /++/ 59/ 34:68:3/+- /6,/106:5,/ # :60+, /4:0 8<- /68<- +#041/60 2: 7-4,: , ,:70 5:/ /,:8/.-6,-+-1:,,:./,0@0,4/.:,--+-A:06:2:4-,,-0.-2:/6,-2-4:7/A: / 59/ +-1:,,:./A:06-2/++#041/60 +-1:5+/,:704/ ,/,:70 061:96,/.-6, /4/,/.-6,-@,/+:29-041/6: :614/202: /+: 2:./55:.0+: #042:6/.-6,08065:2-4/,0&/+2:50,,02-++: ,:,9A:06/+-% -2::62:4:AA/4--806,40++/4-+#/33/4/,0/..:6:5,4/,:705,/,/+-??:68<J /,:8<-6065:/6050+,/6,096/790,/4:,9/+:,B@ : /4:-/ :A:06:@/ ;9/+: 606 </660 6/,94/ 1:94:2:8/@.-6,4-/+,4-8065:5, / 1/4/6A:/ 2:/+896: 2:4:,,: 2: +:>-4,B 8<-@ 394/ /,94/:62:7:29/ ?96A:06/+-@ :06062: ,0:62-?-,,:>:+- 3-4:+?96A:06/.-6, /,:8<- >/5,: 8:,/4-: 2:4:,,: 2: +:>-4/./6:?-5,/A: :-40@ 2: 4:96: : /5508:/A:06- &:6 3/4,:80+/4-2: /5508:/A:06-:63/4,:,:30+:,:8:%+?/,,08<-1+:041/6:2-.084/,:8/.-6,-+-1:,,:./,: 5

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

8 8/,-104:-,9,,::?-60.-6::6,-4-55/,:%.0+,:2-:4-1:.:89:5:/ B:6;9-5,- 3/1: /584:7:>:+: 6J/+ 34:.0 6J/ : : 04/ 8:,/,: 9,,/7:/,9,,::.02-++:8<-5:9,:+:AA-4/ /8+/55:?:8/A: ,,: >:6/A:06:?4/-+-.-6,:34034:2-:4-1:.:3/4+/.-6,/4: ,:34034:2-: 4-1:.: 34-5:2-6A:/+: <- +/?04./ 2: /4+/.-6,/4- - ;9-++/ 34-5:2-6A:/+-5060/880.96/,-2/;9-1+:-+-.-6,:5,49,,94/+:8<-4:?+-,,060+/?04./ 2:,/,0& +#-+-A: /4-- 2:4-,,/ 2: 96 /4+/.-6,0 89: =/,,4:>9:,0:+ 30, :5+/,:70%@ -55: 2/ A:06: 2:7-45-@ - :6 ;9/+8<-.020?4/ :..-,4:8<-@/,4-2:5,:6,-;9-5,:06: /%+/;9-5,: /+-1:,,:./A:06-2-:30,-4:30+:,:8:&5-89,:70--1:5+/,:70% :.- 3/4+/.-6,/4--5:5,- 96/ 50+/?06,- 2: +-1:,,:./A:06-&50,,0+:6-/;9-5,0 /53-,,0 /61:/.-+:@ ))(@ - %@ 4/ ,/,/ 2/ A:06: +-1:5+/,:[email protected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email protected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email protected]:/6,- 96/-+-A:06-&8<- 5: 4:?-4:58-@ 2: 50+:,0@/ :.0 :6:5,40@ 80.96; :6/,0=:+8/50@/2-5@2-++#/4,"2-++/-11-?062/.-6,/+-2:066@2-++#/4,)) 2-++/ 05,:,9A:06-53/160+/- 2-++#/4, 2-+ 8/3 2-++/ 05,:,9A: %@ 0 :62:4-,,/.-6,[email protected]:/6,-9670,03/4+/.-6,/4-2:?:298:// :16/,0 2/+ 8/ ,/, ;9-5,#9+,:./ +/.02/+:,B 3:C 4:8044-6,- &-55/ = 4/77:5/>:+-,4/+!/+,406-++!/4,)2-++/05,:,9A:06-:,/+:/6/2-+ )(%@=?4-;9-6,-+/ 60,/A: : = 34034:/ :.- 3/4+/.-6,/4- +/ 5955:5,-6A/ 2: 96 4/3304,0?:298:/4:0,4/30,-4-+-1:5+/,:70-30, ,:70 8

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email protected],4- = 3:9,,05,0 >4-7-:+ 3-4: /.06/48<:/ 805,:,9A:06/+-: :0&-550 5: 4:298-/1+:/66:?4/:+ "()-2:+ $ %@+/,4/65:A: : /4+/.-6,/4-8<-:6:A:/806+#/77-6,0/+, / 2:6/5,:/ / $ = 5,4/042:6/4:/.-6,- +961/- 39I 2:45: 2-+,9,,0 80.3:9,/ / /.-,B 2-+* * /4,:80+/4-,9,,0: <- 10

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email protected],4-/+896-?04.- 2: 4/A:06/+:AA/A:06-&/2-5; <- 2:58:3+:6/60 +/ :06-- +/ 4-708/ 2-++/?:298:/@ :7: : /4:/6,: 2-++/ 5?:298:/ 805,49,,:7/ /?:298:/ ,/% 4/??04A/60 +/ ;9/+:?:8/A:06-3/4+/.-6,/4-2-++/?04./ 2: & <- -+:.:6/60+-/.>:19:,B805,:,9A:06/+:5034/77:559,-:6,-5,:04./::6,-434-,/,::6 8<:/7-3/4+/.-6,/4-5:3-65:3-4,9,,-/++#-53-4:-6A/ :./2-++/4:?04./2-+ )$%@ +- 4/A:06/+:AA/A:06: 8<- 5305,/60 4:+-7/6,: 30,-4: 2-8:5:06/+: :2-6,- 2-++/ -39>>+:8/- 8< #-+-A:06-2:;9-5,#9+,:.0/ 59??4/1:0 96:7-45/+-- 2:4-,,0&=:+8/502-++/05,:,9A:06-2:R-:./42-+ ) )@2-++/4:?04./805,:,9A:06/+- /95,4:/8/ 2-+ )) -@ 3:C,/42:@ 2-++/ 05,:,9A:06-?4/ ) (" / 05,:,9A: /2-+ ))@ :,/4-8<-:8/5:3:C8<:/4:%4:58<:/602:?/4958:4- +#-53-4:-6A/ :6 ;9-5,:06-2/+ G,:30H 3/4+/.-6,/4- - / :+ 340>+-./ :6;9/24/.-6, :34-5:2-6A:/+-@ ,9,,:: +:.:,: 8<- 5/4/ :5/,:3:C/7/6,: +5:5,-./-+-,,04/+-3-4+/?04./A: / /.-4/ 30+:,:8/ </ 96!:.304,/6A/ 2-8:5:7/ 6-++!/55-,, : /?04./ 2: /4+/.-6,/4-@ :6,-4/ :+ 5:5,-./ 30+:,:80-806,4:>9-620 / 2-,-4.:6/46- +/ 5,49,,94/A:06--@/ 8/58/,/@ 8062:A:06/620 +#03-4/,:7:,B /?04./A:06--+/4:.0A: /3304,0806:+/4+/.-6,0 12

13 %6/+896:,/,:+!/33+:8/A: :5,-./96:60.:6/+-./11:04:,/4:0/, >:6/, /,-62-6A:/ :,B 2-++/ 2:5,4:>9A:06-2-: : 59+,-44:,04: !-5:5,-6A/ 2: 14/62: 3/4,:,: 59 58/+/ 2-,-4.:6/ 96/ 60, :?:8/A: :5,-./ 8<-,-62- / 5,/>:+:AA/45: ;9-5,:8/5:8<-5:7-4:?:8/60:64/64-,/16/-2:695,4/+:/-5:5060/ :?:8/,: /+:,B/6/+01<-:6 /6/2/-:6 907/ -+/62/ :+ 5:5,-./ 3/4+/.-6,/4-=8/4/,,-4:AA/,02/96/-+-7/,/8068-6,4/A:06-2-:30,-4: /4,:,02:./11:04/6A/2-+3/4,:,08<-0,,:-6-+/./11:04/6A/2-:5-11: 2:7:-6-/9,0./,:8/.-6,- 4:.0 :6:5,40/++!:620./6: A:06: +-1:5+/,: :,/96/.3:030,-4-2:2:4-A: /30+:,:8/6/A:06/+-@30,-620?/4-+-7/59++/ +-1:,,:./A: /4-8<-@ :6 088/5: A:06:@ :67-5, :+ /4+/.-6,0@.//68<-:+3/4,:,02:./11:04/6A/-2:+590% 6;9-5,:5:5,-.:60,:/68<-80.-X.02-++:R-5,.:65,-4X+/5-3/4/A:06-2-: 30,-4:,4/ 5-89,: :5+/,:70,-62- / 5?9./[email protected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

14 / 34:./ 70+,/:6,4020,,0/++!:6:A:0 2:;9-5,0 +/ 4/68:/ 2-++/ &?:60/+ 7/4:- 4-39>>+:8<- 2-++#9403/ 8-6,4004:-6,/ :+ )) 2/ / 5:5,-.: 2: :/A:06-,0,/+-,4/ +- 34:68:3/+:?04A- 30+:,:8<- &= 5,/, ,0,-.30 :+ 8/ ! +/62/% 0 2: :/A:06-3/4A:/+-@3/4/2055/+.-6,-:66-5,/,/ A:06:2:6/,94/03305,/@ 70+,- / /+896: 3/4,:,: 2/++/ 3/4,-8:3/A:06- / &+/ 805:22-,,/ :6,/+:/?:60 /+ )) 8?4 +:/@ )$K@ ")@ 6, K%@ , I+0402:3/4,-8:3/4-:6.0204:+-7/6,-/++/2-?:6:A:06-2:96/5-4:-2: 30+:,:8< /,- 6-++!/4-6/ 3/4+/.-6,/4-/6A:8<J:6;9-++/ /,:7/&=:+ 8/ !,/+:/6-+3-4:020 ) ))% %55-,,::6968-4,05-650:6,-4.-2:?4/;9-++:04/2-+:6-/,: :67-8-/ 2-,-4.:6/45: :6 ;9-: 4-1:.: 3/4+/.-6,/4: : ;9/+: /20,,/60 5:5,-.: -+-,,04/+: 8<- 80.>:6/ ,: 2: A:06/ ,: 2:./11:04:,/4:0 0 8<- :6, ,,:7: 6-+ 5:5,-./ A:06/+-&5: 7 04/ +#:6,-4-55/6,-/6/+:5: &/894/2:%@- -. +%)' '/ "@ E?0426:7-45:,V4-55@-Q ,,/6-0&3 %8<-:+ +5:/:+5:5,-./-+-,,04/+- 3-4:+** @ 805D 80.-:+ 5:5,-./ : 96:60.:6/+:./11:04:,/4: +0-4/ 5,/,03-4:+**-+/340304A:06/+-3-4:+**%@80.-+!/20A:06-2:8:480584:A:06: 4:5,4-,,- 5-6A/ /A:06/+-&3/16/% 0 2: 8+/ : 5>/44/.-6,0 8<-:.3-2: !/88-550:6 /4+/.-6,0 2-: 3/4,:,: 8< ,,-61/60 96/;90,/.:6:./ 2: :&=:+8/50@0+,4-8<-2-++/-4./6:/@2-++/7-A:/-2-++/ 948<:/-2:7/4:/+,4: /-5:8<-7/660:6, :7-45:,:3:2:8044-,,:7:/++/ A:06/[email protected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

16 >%/,,4:>9A:06-/+ 4-5:2-6,- 2-++/ 305:A: : 8/30 2% 5-3/4/A:06- G4:1:2/H 2-: 30,-4: #&:6 7:4,C :5,:6,- $% :0= 34-7:5,: 5,49.-6,: / 5?:298:/ :01+:.-6,0 8< ,/60/29602-:29-30,-4:&0/296041/60/4>:,4/+-80.-:+8/ ,/,0 6-: 4-1:.: 3/4+/.-6,/4:% 2: 3044-,-4.:6- /+./62/,0 2-++#/+,40 34:./ 2-++/ :06-2:-550 3%5% 6 % 68<- +/?04./ 2: :2-6A:/[email protected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email protected]:/620+/ ,02:8/4/,,-4-G/4:5,084/,:80H@./+/6/,94/-+-,,:7/2-++/?04./2:2-5:16/A: :2-6, ,D/;9-5,#9+,:.02:4-5,/4-/++/19:2/2-++#5-89,:70/68<-96/ 70+,/ ,/,/5: +#-70+9A:06-: /,: #041/6:AA/A:06-30+:,:8/ 2:??-4-6A/ 2:;9/6,0 5/4->>-/88/29, /48<:- 805,:,9A:06/+: @6-++- ;9/+::+30, ,:705:5/4->>-5305,/,02/+-/2962:.:6:5,4:@4/880+,: /,,0460/2964:.0:6:5, />:+-2/7/6,:/+/4+/.-6,0@+/,4/5?04./A:06- :6,-4-55I: :.-6,02:-+-A: / ,/,0944:./5,0?04./+.-6,- :62:4-,,0@: :.-6,0 2:-+-A:06-/55965-: 8/4/,,-4: 505,/6A:/+: 2: 96/-+-A:06-2:4-,,/@:64/1:06-2:96/5-4:-2:?/,,04:/%/3/4,:4-2/+ (,9,,:1+:,/,:.-.>4:@ 5/+70 +/ 09,< /40+:6/@/7-7/60:6,4020,,0 +#-+-A: /4-2-: 14/62:-+-,,04: &:6:A:/+.-6,--55:-4/60-+-,,::67/4:0.020@34-7/+-6,-.-6,-2/:3/4+/.-6,:5,/,/+:%F >% +/,4/5?04./A: #-+-A:06-2/ :.-6,0 2: 58-+,/,-62-6,- /++/ A/ 2: 14/62:-+-,,04::62:3-62-6,: 2/ <- +:/7-7/ ,:&,/+- 8/4/,,-4--4/ 5,/,0 >-6-7:2-6,- 5034/,,9,, ,046/,- 8<-/7-7/60-+-,,0-041-R/5<:61,06%: :.-6,0:689:5:806?406,/7/608/62:2/,:2:3/4,:,0 16

17 &/ 3/4,:4-2/+ 806?406,0?4/ S-?? :0-+-,,04/ (K%F 8% +/ 34/55:3-489::G14/62:-+-,,04:H :,:8/.-6,-7:680+/,:/ /62:2/,0 4-5:2-6,-5989:5:5060:.3-16/,:F2%+/:6,4029A: A:06:34:./4:-3-4+/ 58-+,/ 2-+ 8/62:2/,0 34-5:2-6,- 2/ 3/4,- 2: 8:/ : 29-14/62: 3/4,:,: &-39>>+:8/ /,:80% :88<J=2:7-69, :7/.-6,-+/4-10+/8<-/ ?4/:8/62:2/,:/++/ 4-5:2-6A/806;9:5,/55-+/./11:04/6A/2-:70,: :0-+-,,04/+--2/++#/+,40:+ 8/62:2/,0 8<-/7-7/ 0,,-69,0,/+-./11:04/6A/ = 5,/,0 30: 4-10+/4.-6,--+-,,0 2/ :0@/68<-6-:8/5:& ($"@ (((-KKK%:689:/7-7/0,,-69,096/3-48-6,9/ ,03030+/4-:6?-4:04-/;9-++/2-+8/62:2/,05806?:,,0 #-+-A: /4-2:4-,,/2-+4-5:2-6,-2-++/-39>>+:8/=296;9-2:7-6,/,/ 96/8/4/,,-4:5,:8/;9/+:?:8/6,-2-+5:5,-.//.-4:8/60@ ,/+-2/+396,0 2:7:5,/1:94:2:80?04./+-+:/+,4:-+-.-6,:011:4:,-69,:8/4/,,-4:AA/6,::+G :2-6A:/+-H5060+#96:?:8/A: :2-6, :A:06:2:/ ,/,0-2:/ &/6A:@5:=7:5,08<--1+:9+#-5-89,:70%-+/5-3/4/A:06-4:1:2/?4/ -5-89,: :5+/,:70 96/ 5-3/4/A:06-8<- 5955:5,- 5:/ 6 &:6 7:4,C 2-++#-+-A:06-2:5,:6,/ /68< ,-.304/6-/ :2-6,-- 2-: 29-4/.: %@5:/@ :>:+:6-+5:5,-./34-5:2-6A:/+-6J +/5?:298:/@6J+058:01+:.-6,0/5-3/4/A:06-2-:30,-4:@3-4/+,40@5:4:?-4: /++/ 2:.-65:06-5,49,,94/+-041/6:AA/,:7/ &:+ 30, /60% / ;9-++/?96A:06/+-&:+ 30, ?96A:06-% 5: 2-7-/ -95,/2,& -95,/2,@ )$"@ 7 /68<-+:/@ )$K@""%+/60,/?04.9+/2-++-2@806+/ ;9/+-5:=70+9,0-7:2-6A:/4-8<-5-7:=/55-6A/2:4/3304,05,49,,94/+-?4/-5-89,: :5+/,:70&+/5-3/4/A: #04:1: /5034/77:7-6A/2:89:3/4+/60<91/4,- /4-V% 7: = 3-4I 8062:7:5: ?96A:06: 1+: 5396,: 1:B 0??-4,::6;9-5, /+,-5,0 805,:,9A:06/+-&34:.0?4/,9,,::+ 30,-4-2: 7-,0@ 8<- 2B/+ 4-5:2-6,- 96./41:6-2::6,-47-6,0 6-++/?96A: :5+/,:7/@-2: /,0/ :6-2-:.-.>4: @8< ,-/296//.-4/2:3/4,-8:3/4-/296/?96A: ,:7/% 5: 5060 /11:96,: ;9-++: 4:59+,/6,: 2/++/ 34/55: 2/ 96 +/,0 : : :6:A:/,04-2-:3401-,,:+-1:5+/,:7:3:C5:16:?:8/,:7:@8<-,9,,:1+:055-47/,04:4: /+ 4-5:2-6,- & +:/@ )$K@ ""%@ 2/++#/+,40 +/,-86:8/ : :.-6,0@ 9,:+:AA/,/2/ /,,4:>9:4-/++-0..:55:06:3/4+/.-6,/4::68:5:7:30,-4: 2: 806, /4: :6 89: 5:/4,:80+/:+ 30, ,:70?-2-4/+- 05D2-?:6:,06-:590:-+-.-6,:5,49,,94/+:2:>/5-@: :2-6A:/+-606?96A:06/ /4:/.-6,-: G34-5:2-6A:/+-H@/ ;9-5,0,-4.:6-5: :6, / :6:02-++#5-89,:70591+:/+,4:30,-4:2-++0,/,0-2=:6?/,,: 8-+->4-+/2-?:6:A: :5,-.//.-4:8/6080.-G :06/ ,H@8<-5: 2-7- /2 96 /89,0 30+:, : 2:7-69,0 4-5:2-6,- &RR:+506@ (( ) "% :5-3/4/A:06-4:1:2/2-:30,-4:2:5-16/,02/++/05,:,9A: / 2: 3-4 5J/+ 4-5:2-6,- +/ 2-,-4.:6/A: #:62:4:AA0 30+:,:80 6/A:06/ <- +/ 5:/?04,-.-6,- 8062:A:06/,/ 2/+ 30, :5+/,:70: 30,-4: 805,:,9A:06/+.-6,- 806?-4:,: /+ 4-5:2-6, :5,-./ /.-4:8/60 +/ 19:2/ 2-++#/33/4/,0>94084/,:80.:+:,/4-&5:7+/ 2 2:89:/++#/4,@5-A -+/ 2:89:/++#/4,@5-A%@:+30,-4-2:7-,0&/4,@5-A$05,%@1+:-5,-5:30,-4: 2:60.:6/@:+30,-4-2:.-55/11:0&/4,@5-A%606>/5,/60/ /41+:+/19:2/ 2-++/6/A:06-6-??-,,:39I :7:5/+#055-47/A: :1+:-;9:+:>4:2-++/?04./ 2: /.-4:8/6/ 5/4->> /,: 2/ 96/ 2:6/.:8/ /4-& +:/@ )" %@:689:/?/5:2:./11:04-?04A/2-++/4-5:2-6A/5:806,4/33044->>-40?/5: 2: :6:0@ 0;9/6, : :/9,04:,B@ 2/ 3/4,

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email protected],4-,/+04/ 5: 4/1:06/ 2: 96/?04./ 2: G34-5:2-6A:/+:5,/H@ 2:5,:6,/ 2/ ;9-++/ 34-5:2-6A:/+-@ 2: 89: 5/4->>- 96/ /A:06-/++0 5, :6 89::+ G /55-.>+-/4-H5/4->>-96/ /A: :.-3/4+/.-6,/4-&:6;9-5,05-650/2-5:6-++:@KK % >% %? 065:2-4/620;9-++/?4/?04./ 2: /4+/.-6,/ :2-6A:/ <- 806,4/ ::53:4/,:/ +01:8<- 2:7-45-@ = 3055:>:+-/880.96/4-1+:/+,4:,:3: 5:604/-+/>04/,::620,,4:6/3-4:6,-434-,/4-+-34:68:3/+:?04.-2: :,/,: +:>-4/ /,:8:80.-?04.-2::>4:2/A:06-?4/: :34:68:3/+:6-??-,,:@./+14/20 5:/ 5,04:8/.-6,- 96/?04A/,94/:6;9/24/4-:6;9-5,/ ,,:7/:+ 4-1:.- 2:4-,,04:/+-&8<-=80-70/1+:/+,4:29-;9/6,0/++/59/04:1:6-%@;9-5,#9+,: : /+,4: 8<- 5: :++95,4-4/660 2: 5-19:, /880.96/,: 2/++/ 80.>:6/A:06-2: ,:,:3:8:2-++/?04./2: /4+/.-6,/4--2:;9-++/34-5:2-6A:/ La forma di governo semipresidenziale. L elaborazione del controverso concetto di forma di governo semipresidenziale si deve, com è noto, a Maurice Duverger, in una serie di saggi pubblicati all inizio degli anni ottanta (v. M. Duverger, 1970, 277 ss.; 1993, 112; 1980, ; 1983, 259 ss.; 1997, 1 ss.). Secondo Duverger un sistema semipresidenziale presenta le tre seguenti caratteristiche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

25 96/ /4:-?04.- +/ 04-/ 2-+ /:Q 4: : ,/ 34:./ 2-++/ 4-8-6, / 8:7:+-%- 6-++/ -2-4/A:06-955/ 0.96-/++/ 955:/-/: :-5-.3: 2: 5-.:34-5:2-6A:/+:5.0 -E,4/ >4/ / 2:6/.:8/ 2:,:30 G :2-6A:/+-H :6 ;9-5,: 8/5: = :+ 4-5:2-6,- / 20.:6/4- :+ 5:5,-./ 805,:,9A:06/+--/806,40++/4-:+30,-4-+-1:5+/,:703-4:+,4/.:,-2-+4:.0.:6:5,402/ +9:5, :6/,0:I2:3-62-2:70+,/:670+,/2/++/;9/+:,B2-:30,-4:34-5:2-6A:/+: &-@?4/ +#/+,40@ 2/++#-5:5,-6A/ / / : 96/ 30,-6,- G/..:6:5,4/A: :2-6A:/+-H@;9/5: /4/++-+0/; :2/,0 2/+ 4:.0 :6:5,40%@ 2/++# ,9,,0:62:3-62-6,- 2-: 30,-4: 2: 60.:6/ 2-+ 4:.0 :6:5,40 0 2: 58:01+:.-6,0 2-+ /4+/.-6,0@- 2/++/ 89+,94/ 30+:,:8/ +08/+-@ 2: 50+:,0 :.>-79,/ 2: /9,04:,/4: /4:0 6-+ ;9/+-,/+04/ 5/4->>-40 3:C 8<- +-1:,,:.: 29>>: 59++/ 80.3:9,-AA/ 2-: : 2: :2/.-6,0 2-++/ /A:/@ +#96:8/-88-A:06-8<--7:2-6A:/ +/ 34-7/+-6A/ :6/.:8<- 3/4+/.-6,/4: 5-.>4/ ;9-++/2::61/304-@8< ,05:53:-1/806:+?/,,08<-:6;9-++#042:6/.-6,0 +#-+-A:06-2:4-,,/2-+4-5:2-6,-=5,/,/:66-5,/,/59965:5,-./R-5,.:65,-4/3/4,:,0 20.:6/6,-@-606=4:958:,//2/+,-4/46-+-2:6/.:8<-@04./:80650+:2/,- >%B%* 66,% >-6 19/42/4-@ +/ 60A: :/6/ 2: 4-1:.- 5-.:34-5:2-6A:/ ,// /7: /.>:19:,B@ 8<- 14/7:,/ /,,9,,0 /,,0460 /+,:30 2: 30,-4: /,,4:>9:,: /+ 4-5:2-6,-2-++/-39>>+:8/-+-,,0/59??4/1:096:7-45/+-&8?40+3:@ ))$@ 55% 6,/+96:8/5:@:6?/,,:@5:,4/,,/2:30,-4:3-4+03:C?04./+:@5:.:+:/;9-++:2:968/302:,/,03/4+/.-6,/4--+-,,0:62:4-,,/.-6,-6/+,4:5:,4/,,/2::.304,/6,:30,-4:2: : :?4-60&=:+ 8/50 304,01<-5-@/ / 4:?04./ 805,:,9A:06/ )(%@8<-5/4->>-40/584:7:>:+:/+? G8044-,,:7:/+4-1:.-3/4+/.-6,/4-H0 2-+ G3/4+/.-6,/4:5.0 7:680+/,0H 6 ;9-5, :.- :30,-5: +/ 2:6/.:8/ 3/4+/.-6,/4-2-++/?04./2: ?:6: / :50607/+:2-4/1:06: : 8/5::6-5/.- 2/,/+-,:30+01:/ 2: #-+-A:06-2:4-,,/ :2-6,- 2:7-6,/:6?/,,: 96/,-86:8/ 2:-+-A:06-70+,// / 2:6/.:8/./11:04:,/4:/ 2-++/?04./ 2: /4+/.-6,/4-@ 0@ 5-5: 790+-@ 96/?04./ 2: 4/A:06/+:AA/A:06- /+04/@:67-8-@/+4-5:2-6,-5060/,,4:>9:,:30,-4:2:2:4-A:06-30+:,:8/:6/+896: 5-,,04:@:6 3/4,:80+/4-;9-++: 2-++/ 30+:,:8/-5,-4/- 2-++/ 2:?-5/@ 8<- 806?:194/60 96/ 504,/ 2: 2-+ / ,/,0@;9/5::6 806,:69:,B 806: /48/:6,/+96:4-1:.:3/4+/.-6,/4:29/+:5,:?4/0,,08-6, ,0#;9-5,0:+ 8/502-++/G:880+/805,:,9A:06-H30+/88/2-+ ))@2-++#-53-4:-6A/?:6+/ /6,- 1+:/66:2:O-WW06-6@2-+04,01/++0294/6,-+/4-5:2-6A// :.-30+:,:80?4/68-5-6;9-5,#9+,:.0:+./48<:01/9++:/6059++/34/55:2-++/-39>>+:8/</?/,, :2-6,- +#/9,04:,B 30+:,:8/ / 5034/,,9,, /,-4:- 04/ :62:8/,- &/68<-:6 4/1: : 30,-6A/ 698+-/4-/8;9:5:,0 2/++/ 4/68:/ 6-1+:/66: 5-55/6,/%@-8:I60605,/6,-8<-1+:/4,K- /,,4:>9:58/60?04./+.-6,-,/ / /+4:.0.:6:5, /-39>>+:8/=,/+-8<- /68<-6-:3-4:02:2:80/>:,/A:06-/+4-5:2-6,-=5,/,04:806058:9,0:6,/+:/.>:,: >-6./11:04-2: ; ,- 53-,,/6,- /: 590: <: >>+:8<-3/4+/.-6,/4: 6/?/,,:53-8:- /6804/ 9+,-4:04-5: </ 6-: 8/5: :6 89: :+ 4-5:2-6,- 2-++/ -39>>+:8/ -+-,,0 2:4-,,/.-6,- = 2:?/,,0 :+ 8/ @.-6,4- :+ 4:.0 :6:5,40 7: /,0: ,4-,,/.-6,--5-89,:70;9-5,0 =:+ 8/ / -39>>+:8/ 6-: 3-4:02: 2: 80:68:2-6A/ 2:./11:04/6A-@ 2-+ 5:5,-./ 805,:,9A:06/ : 5-.:34-5:2-6A:/+:5.: -E,4/-9403-: &806 +/ 1:B 8:,/,/ -88-A:06-2: :61/304-% 6 ;9-5,: 8/5:@ 30:@ >>- 2:5,:619-4-?4/ +- 05,:,9A:06: 8<- 25

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

27 ;9-++:6-:;9/+:+/./11:04/6A/=: ,:,9:,/2/96/80/+:A:06-/,/+-5:5,-./ 8<-4:./61060/++#-5, <-</660: /8065:5,-6A/.0+,0 +:.:,/,/ :,-69,-96/7-4/-34034:/03305:A: ,05:50,,0+:6-/2:50+:,08<-:+5:5,-./ /+-34/,:8/,0:67:AA-4/?96A:06/ 14/A:- /++#-5:5,-6A/ 2/ 96 +/,0 2: 96 5:5,-./?-2-4/ ;9/+- 5: 2: 4-? :5+/,:7:- 9,:+:AA/,: ,40: //+896-?04A- 8< , , ?? D /+896- :.304,/6,: 7/ : 5?010-5,-46- /+ 4/3304,0?4/ 5-89,:70--1:5+/,:70 -:5:610+:/6,06:57:AA-4::+5:5,-./2:4-,,04:/+-=8/4/,,-4:AA/,02/++/-+-A: /4-2:4-,,/ 2-1+:-5-89,:7: :/+: 0 2-: 5:610+:.-.>4: 2:-55: 90: 3-4 +/ +01:8/2-:5:5,-.:-+-,,04/+:@790:3-4+05,/>:+-04:-6,/.-6,02-++#-+-,,04/,0:6?/704-2:-5-89,:7:/80.305:A: /+:5,:8/@/68<-:6,/+:8/5:5:</6602:50+:,0-5-89,:7: 2: : -? :,:8< I 3:C 7/4:/>:+: 2:;9/6,0/88/2-/ +:7-++0?-2-4/+-&6067:=96/G?04.9+/./1:8/H8<-4-10+:+/?04./A: /+:A:06:% /6,0/+:7-++0?-2-4/+-@;9/6,0/+:7-++08/6,06/+-@+/;9/+:?:8/A: :5,-./ 2: G2:4-,,04:/+-H /33/4-34-?-4:>:+- / ;9-++/@,/+04/ ,/@ 2: G/55-.>+-/4-H&59++/;9/+-73/4$(F+#03:6:06-89:5:/2-4:58-=8062:7:5/6-++/ )$@(F@ :+;9/+- 9+,:.0 50,,0+:6-/ 8<- +/ 59>042:6/A: #-5-89,:70/+ +-1:5+/,:70 G606 5: 7-4:?:8/:6 7:/ 2:?/,,0H% +,4-8<-+/5-3/4/A:06-4:1:2/2-:30,-4:-5:5,-6,-6-+5:5,-./2:4-,,04:/+-57:AA-40@.:+:,/:6;9-5,/ 2:4-A:06- +/ 34/55:@ 8<- </-7:2-6A:/, : 570+,0 2/++#5-89,:70&,/+04//68<- 14/A:-/++/ 294/,/:6 8/4:8/ <: 3-4:02: 2:,/+96: 590:.-.>4:%@ 5:/ 394-:6?04.- 2: /; ,-/: 4-1:.: 3/4+/.-6,/4: :,4/,,/@ 80.96;9-@ 2: 96/ :/ :A:06/,/ 2/ : :62:7:29:,/+04/.0+,0/9,04-70+:-:6?+9-6,: +/ 7:AA-4/ = 4:./5,/-5,4/6-//++/ 1:B 8:,/,/G34-5:2-6A:/+:AA/A: /30+:,:8/H $$ : 590+-:60+,4-4: / :4-,,04:/+-/6A:,9,,0+#-53-4:-6A/2-+2:4-,,04:0?4/68-5-2/+ $) /+ (KK@59++/>/5-2-++/05,:,9A:06-2-+?49,,: #/660&/105,0 $) %@8<-4:./5-:67: /34/55:805,:,9A:06/+-:44-10+/4-?:60/ :5,/,02-+ (>49./:0@ +/;9/+-/34D +/ 7://++/ 2:,,/,94/ 6/30+-06:8/ 6,/+- 5:5,-./:+ 30, :5+/,:70 53-,,/7// 29-/55-.>+---+-,,-/ 59??4/1:0 4:5,4-,,0-4:6607/, ,-4A0 016: /660:+ 065:1+:0 2-1+: 6A:/6:& K.-.>4:%-:+ 065:1+:0 2-: :6;9-8-6,0 + 30, ,:70-4/ /,,4:>9:,0 / G2:4-,,04:H@ 8<- -4/60 -+-,,: 2/ > ,-9+,: ,-7/603-4I4-708/4+:@6J-4/34-7:5,09630,-4-2:58:01+:.-6,0 5-.3:2:4-1:.-2:4-,,04:/+-5/4->>-4030::+82@/20,,/,0:64919/V 2/+ ) $/+ )-2/+ ) /+ )""-:+4-1:.-805,:,9A:06/+-2::3402/+ )" /+ )" :;9-5,--53-4:-6A-@/ 3/4,-:+ 8/50?4/68-5-@ 50+0: /V/ ,/,4/,,:2/77-405:.:+:/++#/48<-,:30-+7-,:80/:+3/604/./+/,:60/.-4:8/60@ 5034/,,9,,0 6-++#0,,08-6,0@ = 3:C 4:880 5: 7 +/ 05,:,9A: >:/6/ 2-+ ( - ;9-++/3-497:/6/2-+ ( >%D% %?:=7:5,05034/8<-+/ 1-6-4/+-,-62-6A/-70+9,:7/2-:4-1:.:3/4+/.-6,/4:6-++/?/5-?:6/ ,0= 5,/,/ 2/ 96 +/, : 96 4/??04A/.-6, , :53-,,0/+ 27

28 294/,/ 2-1+: -5-89,:7: 3-4,9,,/ +/ +-1:5+/,94/ 9-5,0 5034/,,9,, :.- 3/4+/.-6,/4- = 5,/, :,0 /68<- :6 /+,4- 8/4/,,-4:AA/,- / 8/95/ 2: 96 /55-,,0.9+,:3/4,:,:80 2/./11:04- :65,/>:+:,B 6/+896-2:-55-& -39>>+:8/?4/68-5-@,/+:/@ +/62/@ 3/16/@ E,-2-58<:% = 5,/,/-+/>04/,/ G/,/70+:60H +/?04./ 2: /2-+-A:06-2:4-,,/ 2-+ 4:.0:6:5,40@8<-=5,/,/30:-??-,,:7/.-6,-:6,4020,,/6-++0,/,02#54/ / 4:?04./ 2-++/ -11-?062/.-6,/ ))&6-++0,/,0 2#54/ :5,-96/05,:,9A: ,/+.-6,-96:,/4:/%33+:8/,03-4+/34:./70+,/ A:06:2-+ ))"-30:2:69070:6; />401/,0:+$./4A0KK /394> :-6A/:54/-+:/6/=:6,-4-55/6,-:6;9/6,0 96/55-,,0.0+,0 5:.:+-/2-55/ </,407/,0 4-/+:AA/A:06-:6,/+:/@ 3-4 +/?04./ 2: :0.96:@ :68-&+-11-6( L ))% :06:& ,6 L )))% -+ 5:5,-./ 2: /2 -+-A:06-2:4-,,/ 2-+ 4:.0 :6:5,40 5: </ 96/ 80.>:6/A:06-2:-+-.-6,:,:3:8: :.- 3/4+/.-6,/4-- 2:; :2-6A:/+-@ 8<-/77:-6-3-4I /+:,B 2: /; <- 5: :5,- 6-++/?04./ 2: :34-5:2-6A:/+- - 8/4/,,-4:5,:8<- 5,49,,94/+: 2:,/ D4:/5596,- /% -+-A:06- / 59??4/1:0 96:7-45/+- - 2:4-,,0 0+,4-8<- 2: 96 /4+/.-6,0@ - 806,-5,9/+.-6,-/ :.0 :6:5,40@ 8/ , ,:70F:+ 4:.0 :6:5,40?04./;9:62:: @ 60.:6/620:.:6:5,4:@ 806 +/ 80++/>04/A:06-2-: ;9/+:-5-48:,/:+30, ,:70F >%?4/ 5-89,:70- -1:5+/,: :5,- 96/ 5-3/4/A:06-4:1:2/ / / 4-+/A:06-,4/ 4-5:2-6, :,/,: 6:,:@./ 8:/ ,-4-39I 3044-?:6- /6,:8:3/,/.-6,- /+./62/,0 2-++#/+,40 :+ /4+/.-6,0 39I 5?:298:/4- : :+4:.0:6:5,4039I58:01+:-4-:+/4+/.-6,0 8% 5:/:6 8/50 2: 5?:298:/@ 5:/:6 8/50 2: 58:01+:.-6,0@ /, A:06: 1-6-4/+:- 806,-5,9/+: 3-4-6,4/.>: 1+: 041/6:&34:68:3:0 0 % 2%-5:5,-2:604.//68<-96/ ,/,0&6-+8/50:54/-+:/605:,4/,,/7/2:96 4-5:2-6,-@./: =80.3/,:>:+-/68<-80696/55-,,0.06/48<:80%@2:5,:6,0 2/+ 4:.0 :6:5, :,: 2: 4/ ,/6A/ 2-++#96:,B 6/A:06/+-./ 606 2: 2:4-A: #:62:4:AA030+:,:80 #-+-A:06-2:4-,,/ 2-+ 4:.0 :6:5,40-4/ 4-/+:AA/,/ :6 54/ /+896: 8044-,,:7: :+ 30, :.0 :6:5,40 2: 58:01+:-4- +/ 1-4/ 8062:A:06/,0 /++#/ / ,/,0&/4, +-11-?062 ))%F:6 8/50 2: 2:.:55:06: 2-+ 4:.0 :6:5,40-2:6/+896:/+,4: 8/5: 5:?/8-7/ /2-+-A:06: 1-6-4/+:- 806,-5,9/+:3-4-/4+/.-6,0./50+0/2-+-A:06: 3-4:+4:.0:6:5,40 +-,, 8%@ "- ( 2-++/ -11-? / 59/-+-A:06-@ 207-7/0,,-6-4-+/?:298:/2-+/4+/.-6,03-4: /-550?04./,0&/4,+-,, 2% / 30: 60,/,0 8< :5,-./ :54/-+:/60-4/ 5,/,0./6,-69,0 96 5:5,-./ A:06/+-;9/5: 3940&806 96/ 8+/950+/ 2: ^ % 3-4 +#-+-A: /4+/.-6,0.0608/.-4/+- &1 %@ 8<- 606 </ 806,4:>9:,0 / 5,/>:+:AA/4- :+ 5:5,-./@./@/6A:@/ 5-19:,0 2-++/ 2:5,:6A:06-?4/-+-A: :.0 :6:5, A:06-2-+/4+/.-6,0@</ />:+:AA/,0+#-+-,,04-@8<-@/ ,/,03-4:+ G70,0 9,:+-H 6-++#-+-A: :.0 :6:5,40@ 5: = ,4/,0:6 58-+,-:2-6,:,/4: A:06: 3/4+/.-6,/4:@ ;9/+: :9,: : 3:880+: 3/4,:,: -4,/6,[email protected],4- +#-+-A: : = 4:20,,//2 96/ 80.3-,:A:06-?4/ 29-8/62:2/,:@: /4+/.-6,:-+-,,:6-+ ))"@ )))-KK -4/60/68043:C?4/..-6,/,:2:;9/6,01:B 28

29 /88/2-7/ ,:3/4,:,:5.0-5,4-.0 :54/-+:/60 68<- 3-4 ;9-5,- 5:5,-./2: =5,/,0/>>/6206/,06-+KK -+0,/,02#54/-+-=04/,046/,0/+ Il governo di legislatura con elezione diretta del Primo Ministro è stato talora considerato in dottrina come una variante del regime parlamentare, ed è stato a volte denominato forma di governo neo-parlamentare (in questo senso, fra gli altri, S. CECCANTI, 2002, 107 ss.). Tale qualificazione coglie senza dubbio alcuni profili caratterizzanti del modello in questione: la sua ispirazione (che guarda alla fase attuale del regime parlamentare britannico); la preservazione di un sia pur atipico rapporto fiduciario, nella forma della mozione di sfiducia; l attribuzione al vertice del potere esecutivo eletto direttamente del potere di sciogliere l organo legislativo-rappresentativo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l problema della forma di governo assembleare. Il concetto di forma di governo assembleare è stato molto discusso dalla dottrina meno recente. Invero, i contorni stessi di tale fenomeno (e del relativo concetto) sono piuttosto incerti: si tratterebbe di un regime caratterizzato dalla 29

30 preponderanza del potere legislativo e dalla riduzione dell Esecutivo a mera appendice inautonoma di questo (v. J. LAFERRIÈRE, 1947, 747; P. BASTID, 1956, 13; R. REDSLOB, 1952, 157 ss.). Tuttavia, quando si va a riempire la casella, vi si trovano esperienze di governo di periodi eccezionali, come quella del Long Parliament durante la Rivoluzione inglese e quella della Convention francese dopo il Accanto a queste esperienze (costituzionalmente non definibili, in quanto espressione di passaggi rivoluzionari), si suole collocare una forma normale di regime assembleare: quella svizzera, a livello federale e cantonale. Si discute, infine, se alcune esperienze parlamentari possano essere incluse in questo modello: e non è un caso che si tratti di una discussione soprattutto francese, molto viva negli anni della III e della IV Repubblica, e finalizzata a concettualizzare quelle forme di governo parlamentari, così diverse dall archetipo britannico ( :-6A- 5:6;9:-+-68/,- 5060: ,:30 /55-.>+-/4-2/@6@2:,:0659Z/5@/4:5@ ) "@3 55). In Italia il concetto di assemblearismo ha fatto più volte capolino, in genere per evocare una degenerazione del governo parlamentare, ed è stato utilizzato per qualificare la forma di governo delle regioni ordinarie, specie nella lettura datane dagli statuti del Il concetto di regime assembleare è in verità un contenitore per esperienze troppo diverse fra loro (negano l esistenza di un tipo autonomo di regime assembleare E. GIRAUD, 1938, 22; B. MIRKINE GUETZEVICH, 1935, p. 671 ss.; G.U. RESCIGNO, 1989). I casi dei regimi assembleari rivoluzionari sfuggono, a ben vedere, ad una classificazione interna alle forme di Stato liberal-democratiche in quanto in esse il principio della divisione dei poteri viene sostanzialmente annullato, producendosi un assetto speculare a quello della monarchia assoluta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email protected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

33 D%3%7%;9-5,:8/5:7/66030:/11:96,:;9-++::689:14/7: :7:+: </660 2-,-4.:6/,0 +/ 6 +/ 0./+:/@ +/ -39>>+:8/ /,:8/ &-E/:4-%/+.-60?:60/+KK"@+/:>-4:/&34:./ A:06: 34-5:2-6A:/+: 2-+ KK"%@ +/ :-44/ -06-@ +#?1</6:5,/6@ +#4/W &/,,9/+.-6,- 50,, /A:06-.:+:,/4-/.-4:8/6/%9-5,:-5-.3:5,/660/2:.05,4/4-962/,0077:0@./ :.-6,:8/,0 6-++/ ,,:7/ ,:,9A:06/+: :2-6,/+- +#-55-6A:/ ,/, /4/6A:/ 2: 96/ 8067:7-6A/ 8:7:+- 042:6/,/@8< /5,-55/3-65/>:+:,B2-+805,:,9A:06/+:5.0 /480+:7-,,: 33