GVUVTCVÃIKSWGUCWLQWTFOJWK
,GCP/CZ0Q[GT
C SWGUVKQP FGU VGORU GUV CW EWT FG NC IWGTTG GV FG NOCEVKQP UVTCVÃIKSWGCWLQWTFOJWKRNWUSWGLCOCKU&G5WP6UG´&G.CPFCGP RCUUCPVRCT/CEJKCXGNGVLWUSWO´.WVVYCMGV8KTKNKQNCSWGUVKQPFGU VGORU FG NC FWTÃG FGU CNNWTGU FW VGORU QW DKGP GPEQTG FGU TCRRQTVU FG XKVGUUG GV FG NGPVGWT GUV CW EWT FGU FKURQUKVKHU VGEJPQIWGTTKGTU GV FGU OQWXGOGPVU VCEVKSWGU GV UVTCVÃIKSWGU GV EG SWGNU SWG UQKGPV NGU PKXGCWZ FOÃEJGNNGEQPUKFÃTÃU6QWVGHQKUVQWVGUEGUGZRTGUUKQPUPGUGXCNGPVRCU
.C SWGUVKQP FGU VGORU RQWT EQOOGPEGT RCTEG SWG NOCEVKQP OKNKVCKTG UVTCVÃIKSWGPGRGWVGPCWEWPGOCPKÂTGÄVTGGVRGPUGTJQTUFGUOWNVKRNKEKVÃU JÃVÃTQIÂPGUJQTUFWXCUVGU[UVÂOGFGUTGNCVKQPUVTCPUFWEVKXGUEQPUVKVWVKXGU FGU EJCORU FG HQTEGU EQPHNKEVWGNU GV FGU CEVCPVU SWK NGU EQPUVKVWGPV
#WVTGOGPV FKV NOCEVKQP OKNKVCKTG GV UVTCVÃIKSWG GUV EQPHTQPVÃG ´ CWVCPV FG OWNVKRNKEKVÃUFOGURCEGUVGORUSWOKN[CFGV[RGUGVOQFGUFGTGNCVKQPUGPVTG NGUFKXGTUV[RGUFOCEVCPVUKORNKSWÃU
n&KXGTU CEVCPVU KORNKSWÃU UKIPKHKG SWG FCPU NGWT RNWU ITCPFG JÃVÃTQIÃPÃKVÃ FCPU NG RNWU ITCPF ÃECTV QW NC RNWU ITCPFG FKHHÃTGPEG PQWU FGXQPU NGU EQPUKFÃTGT EJCEWP EQOOG CIGPEGOGPVU EQNNGEVKHU TGNGXCPV FG OQFGU CPVJTQRQNQIKSWGU FKHHÃTGPVU .GWTU TCRRQTVU UQPV F[PCOKSWGOGPV GPEJGXÄVTÃUNGURTQEGUUWUFOCNVÃTCVKQPETÃCVKQPSWKNGUVTCXCKNNGPVEQORNGZGU GVNGULGWZIÃPÃTÃURCTNGWTUTGNCVKQPUCU[OÃVTKSWGUNCTIGOGPVQWXGTVU
#XCPVFGPQWUFGOCPFGTEQOOGPVNGUPQWXGNNGUNKIPÃGUVGEJPQNQIKSWGU ÃOGTIGPVGU GV NGU VGORQTCNKVÃU SWOGNNGU IÃPÂTGPV CHHGEVGPV NC SWGUVKQP FGU
.
VGORUOKNKVCKTGUGVUVTCVÃIKSWGUKNEQPXKGPVFGEQPUKFÃTGTSWGNSWGUWPGUFGU FKOGPUKQPUIÃPÃTCNGUFWRTQDNÂOG
3WG NC SWGUVKQP FGU VGORU UQKV CW EWT FG NOCEVKQP GP IÃPÃTCN GV FG NOCEVKQP OKNKVCKTG GV UVTCVÃIKSWG GP RCTVKEWNKGT PWN OKGWZ SWG /CEJKCXGN ÃETKXCPV ´ RTQRQU FW RQNKVKSWG PG NOC GZRTKOÃG .C SWGUVKQP FKVKN GUV FG ETÃGTRQWTUQKFGNCFWTÃGRQWTGPOKGWZRTKXGTNGUCWVTGU2QWTSWQKETÃGTFG NC FWTÃG RCTEG SWG NG VGORU POGZKUVG RCU QW ´ VQWV NG OQKPU GUV KPEGTVCKP KPUVCDNG EJCQVKSWG! %TÃGT FG NC FWTÃG RQWT UQK UKIPKHKG EQPUVTWKTG FGU CIGPEGOGPVU CPVJTQRQNQIKSWGU RQNKVKSWGU VGEJPKSWGU IWGTTKGTUW UG RGTRÃVWCPVFCPUNGWTUÄVTGUCWRQKPVFGUGFQPPGTWPGUWRÃTKQTKVÃIÃPÃTCNG FCPUNGTCRRQTVFGUHQTEGU
&KVCWVTGOGPVKN EQPXKGPV FG OGVVTG GP RNCEG WP FKURQUKVKH SWK FG HCEVQ CHHGEVGTCNGUEQORQTVGOGPVUFGNOCFXGTUCKTGFGVGNNGUQTVGSWGEGFGTPKGTUGTC OKU GP UKVWCVKQP FOCEEGRVGT NG ECFTG FG TÃHÃTGPEG CPVJTQRQNQIKSWG UÃOKQVKSWGOKNKVCKTGGVFQPEVGORQTGN´RCTVKTFWSWGNUGTQPVEQPFWKVGUNGU OCPWXTGU UVTCVÃIKSWGU GV VCEVKSWGU %TÃGT FG NC FWTÃG RQWT UQKOÄOG UKIPKHKG FQPE SWG NOQP GUV GP OGUWTG FG EQPVTCKPFTG NOCWVTG ´ TÃUQWFTG NG EQPHNKV QW NG RTQDNÂOG CWSWGN KN GUV EQPHTQPVÃ ´ NOKPVÃTKGWT FW U[UVÂOG FGU TÂINGU GPIGPFTÃGU RCT UQP RTQRTG FKURQUKVKH #W OKGWZ KN PG NWK TGUVG RNWU SWG NG EJQKZ FG OQFGU FOCEVKQPU CW UGKP FOWP ECFTG FG TÃHÃTGPEG SWOKN PG OCÉVTKUGRCU
6QWVGHQKU EGV ÃVCV FG EJQUGU EOGUV´FKTG NG OCKPVKGP FGU EQPFKVKQPU FG EGVVGUWRÃTKQTKVÃUVTCVÃIKSWGHQPFCOGPVCNGUCETÃCVKQPEQPVKPWÃGGZKIGRQWT NG EQORVG WPG KPVGNNKIGPEG ECRCDNG FG VGPKT FCPU NC FWTÃG NC RQUKVKQP FQOKPCPVGTÃINCPVGVNKOKVCPVNGUEQPFKVKQPUUVTWEVWTCNGUFGXKUKDKNKVÃDTGHNC RQUKVKQPFQOKPCPVGPGNCKUUCPV´NOCWVTGSWGNCRQUUKDKNKVÃFOÄVTGGPSWGNSWG UQTVG CWVQIGUVKQPPCKTG UGTXKNG QW TÃUKUVCPV FG UC RTQRTG FQOKPCVKQP
%QOOG NOJKUVQKTG PQWU NOC UCPU EGUUG OQPVTÃ NG OCKPVKGP FG EGV ÃVCV FG EJQUGU PG RGWV FWTGT KPFÃHKPKOGPV FCPU NG VGORU .OKPENWUKQP FCPU UQP RTQRTGCIGPEGOGPVEQNNGEVKHUVTCVÃIKSWGFGNOCWVTGRQWTFGOWNVKRNGUTCKUQPU GUUGPVKGNNGUUWTNGUSWGNNGUPQWURCUUGTQPUKEKPGRGWVEQPVKPWGTKPFÃHKPKOGPV FCPUNGVGORUWPGPEGTENGOGPVUVTCVÃIKSWGFWU[UVÂOGFQOKPCPVHKPKUUCPV VQWLQWTURCTUGRTQFWKTG'VEGFOCWVCPVRNWUSWGNGVTCXCKNFGEQPVGUVCVKQPFG EGU[UVÂOGEGVGPEGTENGOGPV PG UG HCKV RTGUSWG LCOCKU FG NOGZVÃTKGWT OCKU EQPUKUVGGPWPGTGOKUGGPECWUGVCPVÏVRTQITGUUKXGGVNGPVGVCPVÏVUQWFCKPG FGU PQTOGU UEJÂOGU FKURQUKVKHU TGUUQWTEGU FÃHKPKUUCPV NC OÃVCUVCDKNKVÃ FWFKVU[UVÂOG
%GVVGECRVWTGRCTVKGNNGQWVQVCNGFGEGSWKEQPUVKVWGNGUHQPFGOGPVUUGHCKV
´NCVTCXGTUÃGFGUCUUQEKCVKQPUFGVQWUQTFTGUFGUFGXGPKTUOKPQTKVCKTGUFW
VTCXCKN FGU UWDLGEVKXKVÃU FGU TGNCVKQPU GPVTG VQWV EG SWK GUV NKÃ GV FÃHKPKV NG U[UVÂOGLWUSWGFCPUUGUECRCEKVÃUFOGZRCPUKQP%OGUVNCTCKUQPRQWTNCSWGNNG PQWU PG RQWXQPU PQWU EQPVGPVGT FG NOQRRQUKVKQP FGJQTUFGFCPU PQWU PG RQWXQPUPQWUEQPVGPVGTFOWPGCRRTQEJGGUUGPVKCNKUVGFGNCUVTCVÃIKGHQPFÃG UWT WPG QPVQNQIKG OQPQXCNGPVG GV WPG NQIKSWG DKXCNGPVG %G UQPV VQWLQWTU FGU OWNVKRNKEKVÃU JÃVÃTQIÂPGU EQPVTCFKEVQKTGU SWK UQPV NKÃGU FG OCPKÂTG VTCPUFWEVKXGGVSWKUQPVRTKUGUFCPUFGUEQWRNCIGUQÔNGUWPGUGVNGUCWVTGU UQPV FCPU FGU TCRRQTVU FG EQFÃVGTOKPCVKQP TÃEKRTQSWGU %GRGPFCPV EGU OWNVKRNKEKVÃU JÃVÃTQIÂPGU GP EQPHNKV SWK PG UQPV RCU FCPU WPG TGNCVKQP FG VTCPURCTGPEGFGUQK´UQKGPVTGVKGPPGPVCXGENGWTUGPXKTQPPGOGPVUSWKUQPV nEQPUVTWEVKQPU GV nOKNKGWZ CUUQEKÃU RQWT WPG NCTIG RCTV CXGWING FGU TGNCVKQPU FG V[RGU CWVQRQÊÃVKSWGU %GU GPXKTQPPGOGPVU DKGP SWG RTKU FCPU FGUUÃTKGURNWUQWOQKPUEQORNKSWÃGUGVGODQÉVÃGUFGEQWRNCIGUUWKXCPVNGU PKXGCWZ FG EQORNGZKVÃ PG RGWXGPV CEVKXGT SWG FGU ÃVCVU KPVGTPGU GV FGU TÃRQPUGU GP CEEQTF CXGE NG OCKPVKGP FG NC OÃVCUVCDKNKVÃ IÃPÃTCNG FG UGU OWNVKRNKEKVÃU%GEKHQPFGGVRNCEGNGRTQDNÂOGFGNOCU[OÃVTKGCWEWTFGNC IWGTTGGVFGNCUVTCVÃIKG
&G EG RQKPV FG XWG EJCSWG U[UVÂOG FGU OÃFKCVKQPU URÃEKHKSWGU FGU OWNVKRNKEKVÃU GP EQPHNKV GV SWK QRÂTGPV EQOOG VTCFWEVGWTU FG NC TGNCVKQP U[UVÂOGGPXKTQPPGOGPV GUV GUUGPVKGN %GU U[UVÂOGU FG OÃFKCVKQPU FQKXGPV ÄVTGEQORTKUCWUGPUNGRNWUÃVGPFWRQUUKDNGEOGUV´FKTGVQWV´NCHQKUUQWU NGWTU CURGEVU KFÃGNU GV OCVÃTKGNU JWOCKPU GV PQP JWOCKPU 5K PQWU PQWU RNCÁQPU GP JCWV FGU ÃEJGNNGU FG EQORNGZKVÃ UQEKCNGU GV RQNKVKSWGU PQWU GPVGPFTQPU FQPE RCT U[UVÂOGU FG OÃFKCVKQPU NOGPUGODNG FGU FKURQUKVKHU EQPUVKVWVKHU FGU KPVGNNKIGPEGU EQNNGEVKXGU RQTVÃGU RCT EGU OWNVKRNKEKVÃU GP UKVWCVKQPEQPHNKEVWGNNG
%CRVWTGTNGUDCUGUFWU[UVÂOGCFXGTUGXGWVFQPEFKTGFCPUWPRTGOKGT VGORUCNVÃTGTRWKUTGVQWTPGT´UQPCXCPVCIGUQPU[UVÂOGFGUOÃFKCVKQPUUGU RCTCFKIOGUKPVGNNGEVWGNUGVNGUHQTEGUSWKNWKUQPVCUUQEKÃGUUGUUWDLGEVKXKVÃU GV NGWTU EQPFKVKQPU FG RTQFWEVKQP %GU RTQEGUUWU FG ECRVWTG SWK XKUGPV ´ VGTOG ´ RQWXQKT EJCPIGT NG ECFTG FG TÃHÃTGPEG FGU TÂINGU QRÂTGPV FCPU WP U[UVÂOG FG TCRRQTVU FKHHÃTGPVKGNU GPVTG FG OWNVKRNGU VGORQTCNKVÃU %G U[UVÂOG FG TCRRQTVU FKHHÃTGPVKGNU TGPXQKG ´ FGU FKOGPUKQPU KPVGPUKXGU FW VGORU %GU FKOGPUKQPU KPVGPUKXGU SWK ÃEJCRRGPV GP RCTVKG ´ NC RGTEGRVKQP FGU CEVCPVU GWZOÄOGU UG FÃXGNQRRGPV ´ RCTVKT OCKU RCU UGWNGOGPV FG NOÃXQNWVKQPFGUEQWRNCIGUUVTWEVWTGNUJQOOGUOCEJKPGU%GUEQWRNCIGUUQPV FGPCVWTGXCTKÃUGVUWKXCPVNGUPKXGCWZFOÃEJGNNGEQPUKFÃTÃUNGUÃOGTIGPEGU GVNGUCWVGPEQORNGZKVÃSWOKNUGPIGPFTGPVFÃVGTOKPGPVNGUCNNWTGUFWVGORU SWKXQPVÄVTGOQDKNKUÃGUQPRQWTTCKV RTGUSWG FKTG nEJGXCWEJÃGU EOGUV´
FKTGGZRÃTKOGPVÃGU0QWUFGXQPUFQPEGPVQWVGTKIWGWTÃXKVGTFGRGPUGTNGU
VGORQTCNKVÃU GP TGNCVKQP FOGZVÃTKQTKVÃ FG NGU QRRQUGT UGNQP NGU RCTCFKIOGU KUUWU FW nITCPF RCTVCIG VGORU VGEJPKSWG EQPVTGVGORU JWOCKP GVE RWKUSWOGPXÃTKVÃNGUTCRRQTVUGPVTGNGUFKXGTUGUCNNWTGUFWVGORUUQPVEQPVTG RTQFWKVU RCT FGU CIGPEGOGPVU FG EQWRNCIGU JQOOGUOCEJKPGU 0QWU TGXKGPFTQPU UWT EG RQKPV FCPU SWGNSWGU KPUVCPVU +N UWHHKV RQWT NOJGWTG FG FKTG SWOKN HCWV ÃXKVGT FOJ[RQUVCUKGT NGU VGORU FOGP HCKTG FGU ECVÃIQTKGU CDUVTCKVGU 5KPQP QP TKUSWG FG TCVGT NGU RTQEGUUWU CPVJTQRQNQIKSWGU SWK NGU HQPFGPV%GUVGORQTCNKVÃUUQPVFGUKPEQORNÃVWFGUGPRTQEÂUFGRTQFWEVKQP
#EEÃFGT ´ NC EQORTÃJGPUKQP FG NGWTU TCRRQTVU GV FQPE FGU LGWZ UVTCVÃIKSWGUFGUUEJKUOQIÃPÂUGUSWOGNNGURGTOGVVGPVUWRRQUGGPVTGCWVTGU FG nEQORTGPFTGGVFOCRRTGPFTG´TGEQPPCÉVTGNCUVTWEVWTGNCOCPKÂTGFGEQFGTGV NGUOQFÂNGUFGTGNCVKQPUFCPUNGUKFÃGUWTGEQPPCÉVTGFGUOQFÂNGUGVNGWTU EJCPIGOGPVU´VTCXGTUNGVGORUXGWVFKTGTGEQPPCÉVTGNGUTCRRQTVUNGUCTOGU FWU[UVÂOGW
n8QKN´NCHCÁQPFGOCÉVTKUGTNCUVTCVÃIKGFGUCFXGTUCKTGU1PITKORG´VTCXGTU FGUPKXGCWZFGEQORTÃJGPUKQPFG EQOOWPKECVKQP GV FOCEVKQP #XGE WP RCU GP CXCPV FCPU NGU PKXGCWZ FG NC UVTCVÃIKG QP EQOOWPKSWG ´ RTQRQU FGU OGUUCIGUFGUCEVKQPUGVFGUDWVUFGUCFXGTUCKTGUGVPQPRCUUGWNGOGPV´WP UGWNPKXGCW%GRCUGPCXCPVFCPUNGUPKXGCWZFGEQOOWPKECVKQPGVFOCEVKQP TGPFXKUKDNGNOCXCPVCIGFOCWVTGUPKXGCWZFGNCUVTCVÃIKG=9+.9+.?
/CKUnCVVCSWGTNCUVTCVÃIKGFGNOCFXGTUCKTGPGRGWVUGHCKTGFGOCPKÂTG INQDCNG FÂU NQTU SWOCWEWPG KPHQTOCVKQP RCTHCKVG FG UQK ´ UQK GV FG UQK CWZ CWVTGUPOGUVRQUUKDNG%GVVGCVVCSWGGUVFQPEVQWLQWTUKPEGTVCKPGGPXGTVWFGU RTKPEKRGU UWKXCPVU VQWV FOCDQTF RQWT UQK EQOOG FKV NG RTQXGTDG EJKPQKU RCTEG SWG nNOQDUEWTKVÃ GUV VQWLQWTU UQWU NC NCORG 1P PG RGWV GP GHHGV CEEÃFGT ´ NC OCÉVTKUG UWHHKUCPVG FG UGU RTQRTGU EQPFKVKQPU UVTWEVWTCNGU FG XKUKDKNKVÃ FG UQP KPEQPUEKGPV GV KOCIKPCKTG UVTCVÃIKSWG FGU OÃECPKUOGU FG EQORWNUKQP FG TÃRÃVKVKQP GV FGU VGORQTCNKVÃU OÃOQKTGU SWK PG EGUUGPV FG XGPKTCWFGXCPVFGPQWUGVUOCEVWCNKUCPVFGUGFKHHÃTGPEKGTGPFGPQWXGNNGU HKIWTGU PQWXGCWZ FKURQUKVKHU &GWZKÂOGOGPV RCTEG SWOCWEWP OQWXGOGPV UVTCVÃIKSWG PG UCWTCKV FWTGT KPFÃHKPKOGPV FCPU NG VGORU UCPU EJCPIGT FG PCVWTG
n1T UK PQWU EQPUKFÃTQPU NC NQIKSWG RCTCFQZCNG FG NC UVTCVÃIKG EQOOG WP RJÃPQOÂPG QDLGEVKH SWK EQPFKVKQPPG NGU TÃUWNVCVU QDVGPWU SWGNNG SWG UQKV NC HCÁQPFQPVNGURCTVKEKRCPVUGPRTGPPGPVEQPUEKGPEGGVEJGTEJGPV´NOGZRNQKVGTGV UK PQWU KPVTQFWKUQPU FÖOGPV NG VGORU FCPU NOÃSWCVKQP GP VCPV SWOÃNÃOGPV F[PCOKSWG PQWU RQWXQPU EQPUKFÃTGT EGVVG NQIKSWG FCPU UQP GPUGODNG EQOOG NC EQPXGTIGPEG XQKTG NOKPVGTXGTUKQP FGU EQPVTCKTGU W 'P FOCWVTGU VGTOGU UK NG RCUUCIG FW VGORU TGXÄV SWGNSWG KORQTVCPEG GV UK NC NQIKSWG RCTCFQZCNGRTGPFWPGHQTOGF[PCOKSWGEGNNGEKFGXKGPVWPGEQPXGTIGPEGGV OÄOGWPGKPVGTXGTUKQPFGUEQPVTCKTGU
2CTEQPUÃSWGPVFCPUNGFQOCKPGFGNCUVTCVÃIKGNGEQWTUFOWPGCEVKQPPGRGWV UG RQWTUWKXTG KPFÃHKPKOGPV EGNNGEK XC VGPFTG ´ UG OWGT GP UQP EQPVTCKTG ´ OQKPU SWG NC NQIKSWG FG NC UVTCVÃIKG PG UQKV EQPVTGDCNCPEÃG RCT SWGNSWG EJCPIGOGPV GZQIÂPG FCPU NC UKVWCVKQP FGU RCTVKEKRCPVU 5CWH FCPU NG ECU FG RCTGKNUEJCPIGOGPVUNCNQIKSWGEQOOCPFGTCWPGÃXQNWVKQPCWVQFGUVTWEVTKEG SWKRGWVCVVGKPFTGFGVGNNGUGZVTÃOKVÃUSWGVQWVUGTCTGPXGTUÃSWGNCRCKZGVNC IWGTTGUGTQPVNOWPGGVNOCWVTGOKUGGPÃEJGECKPUKSWGNCXKEVQKTGGVNCFÃHCKVG CXGEVQWVEGSWOGNNGUKORNKSWGPV=.76?
#DQTFQPU ´ RTÃUGPV NGU RTQDNÂOGU UQWNGXÃU RCT NG FÃRNQKGOGPV FGU PQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP
%GU PQWXGNNGU VGEJPQNQIKGU CKPUK SWOQP NOC FÃL´ FKV HQPV XCTKGT RQWT RCTVKG NG UQENG CPVJTQRQNQIKSWG FG NC IWGTTG NGU HCÁQPU FOJCDKVGT GV FOGZRÃTKOGPVGT NGU OQPFGU UVTCVÃIKSWGU GV VCEVKSWGU .OÃXQNWVKQP FW EQWRNCIG UVTWEVWTGN FGU CIGPEGOGPVU JQOOGUOCEJKPGU UQP ETGWUGOGPV KPVGPUKH NOÃXQNWVKQP DKQVGEJPQRQNKVKSWG FGU UQEKÃVÃU UQPV GPICIÃGU FGRWKU FGU OKNNÃPCKTGU .QTUSWG PQWU OCKPVGPQPU UÃRCTÃU JQOOG GV VGEJPKSWG NQTUSWG PQWU NGU OCKPVGPQPU FCPU WP HCEG ´ HCEG DQTPÃ GV EQORWNUKH PQWU PQWU VTQORQPU NQWTFGOGPV .OJKUVQKTG FG NOJQOOG FG UQP ÃXQNWVKQP GUV NOJKUVQKTGJGWTGWUGXKQNGPVGVTCIKSWGFGEGEQWRNCIG#EGVKVTGNGUFKXGTUGU OCEJKPGUFGIWGTTGSWKQPVÃVÃEQPÁWGUFGRWKUFGUOKNNÃPCKTGUGVNGUHQTOGU FOCHHTQPVGOGPVU QW FG VGPUKQPU UVTCVÃIKSWGU SWK QPV ÃVÃ OGPÃU POQPV EGUUÃ FOÄVTGCHHGEVÃRCTNGUXCTKCVKQPUFGEGEQWRNCIGGVRCTEGVVGÃXQNWVKQP
0QWU CNNQPU FQPE GZCOKPGT NGU PQWXGNNGU VGORQTCNKVÃU ÃOGTIGPVGU GV GUUC[GTFGOGVVTGGPÃXKFGPEGNGUXCTKCVKQPUFGUTCRRQTVUFKHHÃTGPVKGNUGPVTG EGUFGTPKÂTGUGVNGUCWVTGUJÃTKVÃGU.´EQOOGCKNNGWTUNGUCU[OÃVTKGUFGVQWU QTFTGUUQPV´RTGPFTGGPEQORVGGVNGUVGPUKQPUGPVTGNGUFKXGTUCIGPEGOGPVU SWKEQPUVKVWGPVNGUF[PCOKSWGUUVTCVÃIKSWGUGVVCEVKSWGUUQPVNOGZRTGUUKQPFG VGORQTCNKVÃUJÃVÃTQIÂPGUFGVGORUNQPIUGVEQWTVUFGTCRRQTVUFGXKVGUUGGV FGNGPVGWTKPHKPKOGPVXCTKÃU&ÃPQWGTNGUÃEJGXGCWZFGNGWTUEQGZKUVGPEGUGV NOKPVGNNKIGPEG FG NGWT JKÃTCTEJKG OQWXCPVG GUV FKHHKEKNG GV RQWTVCPV FÃEKUKH
&ÃHCKTG NGU NCD[TKPVJGU FGU HQTEGU GP TÃUGCWZ SWK UQPV NOGZRTGUUKQP GV NOGZRTKOÃ FG EGU VGORQTCNKVÃU FÃVGTOKPG RQWT WPG RCTV GUUGPVKGNNG NC EQORTÃJGPUKQP FGU EJQKZ EQPEGTPCPV NC FÃVGTOKPCVKQP FGU RQKPVU FOCRRNKECVKQPFGUOQWXGOGPVUUVTCVÃIKSWGUGVVCEVKSWGUNCEQORTÃJGPUKQPGV NCIGUVKQPFGUCU[OÃVTKGU
6QWVFOCDQTFPQWUCNNQPUGZCOKPGTEGSWKEQPEGTPGNGEJCORFGDCVCKNNG 3WGEGUQKVRQWTNGUCRRTQWXGTQWNGUHWUVKIGTQPCNOJCDKVWFGFGUGHQECNKUGT UWTVTQKUÃNÃOGPVU.GRTGOKGTEOGUVNCOQPVÃGGPRWKUUCPEGUWTNGEJCORFG DCVCKNNG FG NC PQVKQP FG VGORU TÃGN .G UGEQPF EOGUV NC U[PEJTQPKUCVKQP FGU HQTEGU FG NGWTU EQORQTVGOGPVU FCPU WP GURCEGVGORU FKUVTKDWÃ .G
VTQKUKÂOG EOGUV NC TÃFWEVKQP FGU VGORU FG RTKUGU FG FÃEKUKQP FG TÃCEVKQP 5GNQP,#'FYCTFU='&9?NCOCÉVTKUGFWEJCORFGDCVCKNNGFWRQKPVFG XWGFGURWKUUCPEGUVGEJPQNQIKSWGUCXCPEÃGUUGHQPFG´NCUWKVGFGUOQFÂNGU FÃXGNQRRÃUFGRWKUNCRNWUJCWVGCPVKSWKVÃGPRCUUCPVRCTNGUOQPIQNUUWTNC FKURGTUKQP FKNWVKQP OCÉVTKUÃGU FGU HQTEGU 2TGPCPV CRRWK UWT NGU OQFGU FG EQQTFKPCVKQPRGTOKURCTNGUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNC EQOOWPKECVKQP NOGUUCKOCIG UYCTOKPI RGWV UG TÃUWOGT GP VTQKU PQVKQPU nEQPXGTIGPEGCVVCSWGFKURGTUKQP)T¸EG´NCTGRTÃUGPVCVKQPPWOÃTKUÃGFW EJCOR FG DCVCKNNG FCPU WP ITCPF PQODTG FG FKOGPUKQPU IT¸EG ´ NC RTÃEKUKQP GV ´ NOCEETQKUUGOGPV FGU FKUVCPEGU FG VKTU HQPFÃU UWT NGU RGTHQTOCPEGU FGU %+54 EQOOCPFGOGPV EQPVTÏNG EQOOWPKECVKQP EQORWVGTGVKPVGNNKIGPEGUWTXGKNNCPEGTGPUGKIPGOGPVKNGUVRQUUKDNGFGIÃTGT WPEQNNGEVKHCWEQODCVUGNQPFGUOQFGUEQQRÃTCVKHUCXCPEÃU2NWUFGEQODCV HTQPVCN OCKU WP GURCEG FG HTQPV FKURGTUÃ RCTVQWV RTÃUGPV TÃRCTVK GV IÃTÃ KPFÃRGPFCOOGPVFOWPGKPUVCPEGEGPVTCNG
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#WZFGWZUGPUFWVGTOGEG´RCTVKTFGSWQKUQTVSWGNSWGEJQUGGVEGSWKOCKPVKGPV UQPGORTKUGUWTEGSWKUQTVFGNWK
&GU RQUUKDNGU NCVÃTCWZLWUSWOCWZ DQTFU NGU RNWU GZVGTPGU GV NGU RNWU KORTQDCDNGU FGUOQPFGUKPEQTRQTGNUGVNGUKOCIKPCKTGUNGURNWUURÃEWNCVKHUGVJÃTÃVKSWGU
IÃQNQIKSWG FGU TÃUGCWZ FOCEVCPVU GV FGU HQTEGU PÃEGUUCKTGU CW OCKPVKGP RTGUSWGnOÃECPKSWGCXGWINGFOWPÃVCVOÃVCUVCDNGRQWTUQK%OGUVN´UCPU FQWVG SWG UG NQIG WPG RCTVKG GUUGPVKGNNG FG NOQDUEWTKVÃ UVTCVÃIKSWG QÔ UG EQPUVTWKUGPVNGUEQPFKVKQPUUVTWEVWTCNGUFGXKUKDKNKVÃGVFGRGPUÃGFGUCEVGWTU UVTCVÃIKSWGU GV FQPE NGWTU NKOKVGU QÔ UG OGV GP RNCEG NOKPGTVKG FGU VGORQTCNKVÃU SWK UGTQPV UGWNGU UWUEGRVKDNGU FOÄVTG EQPXQSWÃGU %G RNCP FÃVGTOKPG GP SWGNSWG UQTVG NGU nEJTÃQFGU VGORQTGNNGU GV UVTCVÃIKSWGU ´ NOKPVÃTKGWT FGUSWGNNGU NGU CEVCPVU XQPV RQWXQKT FÃRNQ[GT NGWTU HQTEGU GV OQWXGOGPVU=01;?.GRNCPFOKOOCPGPEGTGPXQKGCWZF[PCOKSWGUSWK UQPV NOGZRTGUUKQP GV NOGZRTKOÃ FGU EQPFKVKQPU FG VTCFWEVKQP CEVWGNNGU ´ VTCXGTUFGUCEVCPVUFGRNWUGPRNWUJÃVÃTQIÂPGUFGUF[PCOKSWGUKPVGTPGUGV CWZF[PCOKSWGUGZVGTPGUFGUÃXÃPGOGPVUFGEGSWKGUVGPVTCKPFGUGHCKTG FG UG FKTG FG UOÃPQPEGT KEK GV OCKPVGPCPV &[PCOKSWGU KPVGTPGU GV F[PCOKSWGU GZVGTPGU EQPXQSWCPV VQWVGU FGWZ NGU FKOGPUKQPU JÃVÃTQIÂPGU FW VGORU UGNQP FGU CNNWTGU XCTKCDNGU %GNC UKIPKHKG SWG NGU TCRRQTVU FG XKVGUUG GV FG NGPVGWT SWK UQPV ´ NOWXTG ´ NOKPVÃTKGWT FG EJCEWPG UQPV FÃVGTOKPÃUUGNQPFGUOÃVTKSWGUFGUU[UVÂOGUFGPQTOGUGVFOÃXCNWCVKQPVTÂU FKHHÃTGPVU 6QWVGHQKU KN HCWV EQORTGPFTG SWG EGU FKUVKPEVKQPU UQPV nFÃTKXÃGUGVPQPRCURTGOKÂTGU.CRTÃRCTCVKQPFGUHQTEGUGVNOÃVCVFGRCKZ EQOOG TÃVGPVKQP RNWU QW OQKPU RTQNQPIÃG FG NOÃVCV FG IWGTTG NC EQPUVTWEVKQP FG NOKOCIKPCKTG IWGTTKGT GV UVTCVÃIKSWG NGU FWTEKUUGPV RCTHQKU LWUSWO´NOCDUVTCEVKQP
'P XÃTKVÃ NGU FGWZ RNCPU PG HQPV SWOWP /CKU PQWU POCXQPU CEEÂU ´ EG FGTPKGT SWOCW EQWTU GV ´ VTCXGTU UQP KPEGUUCPVG FKXKUKQP UQP KPEGUUCPV ÃENCVGOGPV UGNQP NGU FKOGPUKQPU OWNVKRNGU GV KPVGPUKXGU FW VGORU SWK UG OCPKHGUVGPV GV UOGZRTKOGPV CW EQWTU FW RTQEGUUWU FOCEVWCNKUCVKQP UVTCVÃIKSWG%GURNCPURGWXGPVÄVTGRGTÁWUEQOOGGPVTGVGPCPVFGUTCRRQTVU EQORNGZGU FG EQFÃVGTOKPCVKQP TÃEKRTQSWG .G UGEQPF RQWXCPV CNQTU CRRCTCÉVTG EQOOG GZRTGUUKQP RJÃPQOÃPQNQIKSWG FW RTGOKGT QW DKGP EQOOGCEVWCNKUCVKQPFGEGOÄOGRTGOKGTÃVCPVGPVGPFWSWOGPVCPVSWGVGNKN PG EGUUG NWK CWUUK FG UG FKHHÃTGPEKGT GP UOCEVWCNKUCPV 3WQK SWOKN GP UQKV NGU CEVGWTUUVTCVÃIKSWGULQWGPVCXGEGVFCPUNGUXCTKCVKQPUSWKCHHGEVGPVNOGURCEG VGORU GPVTG EGU FGWZ RNCPU +NU LQWGPV ´ NOKPVÃTKGWT FG EGV GURCEGVGORU GPVTGFGWZHQTOÃFGURNCPUSWOKNUQPVEQPUVKVWÃEQOOGVGNU
.CTGNCVKQPUVTWEVWTCNGFOJQUVKNKVÃGVNGEQPHNKVGPCEVGGPVTGFGWZCEVGWTU UQPV FQPE FÃVGTOKPÃU RCT NC TGNCVKQP GPVTG NGU RNCEGU QEEWRÃGU RCT EJCEWP FOGPVTG GWZ CW UGKP FG EGVVG KPVGTHCEG FG EGVVG DTKUWTG ´ NC OCPKÂTG FQPV EJCEWPOCÉVTKUGNGUFKCNGEVKSWGUGPVTGEGUFGWZRNCPUFQPVNCFKUVKPEVKQPGUV VQWVGHQKU VQWLQWTU TGNCVKXG KPEGTVCKPG RWKUSWG UWKXCPV NGU EQWRU LQWÃU NGU TÂINGUEJCPIGPVRNWUQWOQKPUSWKXQPVCEVWCNKUGTQÔRNWVÏVHCKTGOQPVGTGP
RTGOKÂTG NKIPG VGN QW VGN U[UVÂOG FG HQTEGU FQPE FOCEVCPVU FQPE FG F[PCOKSWGUGVFQPEGPHKPVGNQWVGNRNCPQWGPVTGNCEUFGUFGWZRNCPU
.COKUGGPTCRRQTVUQWFCKPGFGUJÃVÃTQIÂPGUGVNGUOCPKÂTGUFQPVEGVVG FGTPKÂTGPQWU NCKUUG KPVGTNQSWÃU ÃDCJKU ÃVQWTFKU OQPVTG SWG NC JKÃTCTEJKG FGUHQTEGUSWGPQWURTGPQPUGPEQORVGGUVNCEWPCKTGGVRNWURTQHQPFÃOGPV GPEQTG PÃEGUUCKTGOGPV HCWUUG 'P VQWVG TKIWGWT GP GHHGV KN EQPXKGPFTCKV FG POCEEQTFGTRCTCXCPEGCWEWPUVCVWVRTKXKNÃIKôVGNQWVGNV[RGFOCEVCPV´VGN QW VGN V[RG FG TGNCVKQP VTCPUFWEVKXG 2QWTVCPV PQWU CIKUUQPU EQOOG UOKN [ CXCKV WPG JKÃTCTEJKG UVCDNG &G NC EQORTÃJGPUKQP FG EGV GURCEGVGORU FG EGVVG HTQPVKÂTG ÃRCKUUG GV QRCSWG QÔ NGU RNCPU UG OÃNCPIGPV GV UOÃEJCPIGPV UGNQP NGU EQWRU GV OQWXGOGPVU GPICIÃU KN UG RGWV SWG NOQP UQKV ´ LCOCKU ÃECTVÃ5O[LQWGPVFGOCPKÂTGHQTEÃOGPVCXGWINGNGUEQPFKVKQPUFGRQUUKDKNKVà FG EQPVKPWGT ´ HCKTG NOGZRÃTKGPEG FG UQKOÄOG CW UGKP FOWPG TGNCVKQP EQPHNKEVWGNNGGVIWGTTKÂTG'V´EGUEQPFKVKQPUPQWUPGRQWXQPU[CXQKTCEEÂU CWVTGOGPVSWGEQOOGÃRTGWXGU
%GVVGHTQPVKÂTGKOOGPUGEGVGURCEGVGORUQWXGTVGUVRCTEQWTWVCPVÏVRCT FGU RTQEGUUWU FG nUWDFWEVKQP GPVTG NGU HQTEGU FGU FGWZ RNCPU GV FOKORNQUKQP FG FKHHÃTGPEKCVKQP GV FOGZRNQUKQP SWK VCPVÏV CEEGPVWGPV NC FQOKPCPEG FGU F[PCOKSWGU GZVGTPGU NGWT RWKUUCPEG FG ECRVWTG GV VCPVÏV NCKUUG OQPVGT NGU F[PCOKSWGU KPVGTPGU NGU OQWXGOGPVU FGU UVTWEVWTGU KPVGTPGUGPWPGUQTVGFGOÃECPKSWGCXGWINGVTKQORJCPVGQWPQKTGUGNQPNC RQUKVKQPSWGNOQPQEEWRGUQKVFWEÏVÃFGNCXKEVQKTGQWFGNCFÃHCKVG5KNOQP RGWVÄVTGCUUWTÃFGEGUnÃVCVUFGEJQUGUUWHHKUCOOGPVNQPIVGORU
.GU VGORU OCPSWGPV VQWLQWTU ´ NOCRRGN .GWT ETÃCVKQP EQPVKPWÃG GUV NOCHHCKTGUVTCVÃIKSWGRCTGZEGNNGPEG.CRTÃRCTCVKQPFGUHQTEGUGUVFQPEFCPU EG EQPVGZVG CEEWOWNCVKQP GV TÃVGPVKQP RQWT FGU VGORU ´ XGPKT RQWT FGU FKCEJTQPKGU KPEGTVCKPGU SWK XKGPFTQPV PÃEGUUCKTGOGPV VTQWDNGT FG NGWT FKUTWRVKQP NGU U[PEJTQPKGU FGU OCEJKPGU FG IWGTTG GP CVVGPVG GV RWKU UOÃDTCPNCPV .OCEVKQP UVTCVÃIKSWG FQKV FQPE HCKTG HCEG ´ WPG EQPEGRVKQP XGTVKIKPGWUG FW VGORU %GVVG EQPEGRVKQP KPVGPUKXG FW VGORU QÔ NOÃXÃPGOGPV EQOOG EQPXGTIGPEG KPUVCDNG FGU JÃVÃTQIÂPGU OGPCEG ´ EJCSWGKPUVCPVFGHCKTGUOGHHQPFTGTNCFWTÃGEQPUVKVWGNGVTQWPQKTFGNOCEVKQP GVFGNCRGPUÃGUVTCVÃIKSWG
'PNWKIÉVNOÃENCVCPVGGVPQKTGXÃTKVÃFGNCFÃEKUKQP/QOGPVVTKRNGFGNC TCVKQPCNKVÃFGNCUKORNKHKECVKQPGVFGNCHQNKG4CVKQPCNKVÃHQPEVKQPPGNNGFGNC OCEJKPGOKNKVCTQUVTCVÃIKSWGEQOOGTÃUGTXGFGVGORUFGXCPVnRGTHQTOGT
NG OQPFG GV TCVKQPCNKVÃ GPUGODNKUVG KFGPVKVCKTG FGU CIGPEGOGPVU EQNNGEVKHU FOÃPQPEKCVKQPGVFGNÃIKVKOCVKQPHQPFÃGUWTWPGQPVQNQIKGOQPQXCNGPVGGVNG FKUEQWTU FGU GUUGPEGU OQOGPV FG UKORNKHKECVKQP GPEQTG KN HCWV VTCPEJGT
FCPUNCEQORNGZKVÃFGUEJQUGUFGUHQTEGUFGUKPEQORNÃVWFGUGP RTQEÂU FG RTQFWEVKQPGPSWQKEQPUKUVGNGUEQNNGEVKHUFOCEVGWTURCTVKEKRCPVFGNCTGNCVKQP UVTWEVWTCNG FOJQUVKNKVÃ OQOGPV GPHKP FG HQNKG QÔ NOQP QWXTG WPG PQWXGNNG DKHWTECVKQPVGORQTGNNG5CWVFQPEFCPUNOKPEQPPWQÔNOQPHCKVNGRCTKSWGNG FGXGPKTXCRQWXQKTQWXTKTUWTWPCXGPKT
$KDNKQITCRJKG
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='&9?'&9#4&5,#JVVRYYYTCPFQTIRWDNKECVKQPU/4/4
=)1. ? )1.&5%*/+&6 8 .G U[UVÂOG UVQÊEKGP GV NO+FÃG FG VGORU .KDTCKTKG 2JKNQUQRJKSWG,8TKPGV&'.'7<').QIKSWGFWUGPU'FKVKQPUFG/KPWKV
=)7#?)7#66#4+(%CTVQITCRJKGU5EJK\QCPCN[VKSWGU'FKVKQPU)CNKNÃG
=,1: ? ,1:' # n.G VGORU VGEJPQNQIKSWG GV NG VGORU JWOCKP FCPU NGU EQPHNKVUCEVWGNU.OCTOGOGPV&)#
=.76?.7669#-.GRCTCFQZGFGNCUVTCVÃIKG'FKVKQP1FKNG,CEQD
=01; ? 01;'4 ,/ n.OGZRGTVKUG UVTCVÃIKSWG HCEG CWZ FÃXGNQRRGOGPVU FG NOKPVGNNKIGPEGCTVKHKEKGNNG'VWFGU+PVGTPCVKQPCNGUXQN:+:PuFÃEGODTG
=9+.?9+.&'0#5[UVÂOGGV5VTWEVWTG$QTÃCN'ZRTGUU3WÃDGE
=9+.?9+.&'0#n.CIWGTTGFW::GUKÂENGGVRGPUGTNCUVTCVÃIKG)WGTTGU GV5VTCVÃIKGU#PVJTQRQNQIKGUGV5QEKÃVÃUXQNPu
=<17?<174#$+%*8+.+(&GNGW\G7PGRJKNQUQRJKGFGNOÃXÃPGOGPV2TGUUGU 7PKXGTUKVCKTGUFG(TCPEG
