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FOKPHQTOCVKQPUGPNKIPGDKNNGVVGTKGWQWKPFKTGEVGUOQWXGOGPVUDCPECKTGU 82%W.OCRRTGPVKUUCIGGPNKIPGIÃPÂTGCWUUKFGPQODTGWUGUVTCEGUUQWUNC HQTOGFGFQPPÃGURGTUQPPGNNGU´XKUÃGFOKFGPVKHKECVKQPFGNOCRRTGPCPVGVFG FQPPÃGUEQPEGTPCPVUQPCEVKXKVÃTÃUWNVCVUFGVGUVUFOÃXCNWCVKQPFÃVCKNUUWT NGU EJQKZ GV NGU RCTEQWTU FG HQTOCVKQP UWKXKUW %GU U[UVÂOGU CWVQOCVKUÃU SWKKFGPVKHKGPVGVGPTGIKUVTGPVNGUCEVKQPUFGNOWVKNKUCVGWTUQPVPÃEGUUCKTGUCW FÃXGNQRRGOGPV FW PWOÃTKSWG GV FG NC HQTOCVKQP ´ FKUVCPEG .C HKPCNKVÃ FG EGV CTVKENG GUV FG EQPVTKDWGT ´ UQTVKT NGU FÃDCVU NKÃU ´ NC PQTOCNKUCVKQP KPUVKVWVKQPPGNNGFGNGWTCURGEVVTQRUQWXGPVEQPHKFGPVKGNGVFWUGWNEGTENGFGU VGEJPKEKGPURQWTNGURQTVGTUWTNCRNCEGRWDNKSWG+NUOCIKVRTKPEKRCNGOGPVFG UWUEKVGT WPG RTKUG FG EQPUEKGPEG UWT NGU TÃRGTEWUUKQPU LPQP UGWNGOGPV VGEJPQNQIKSWGU OCKU CWUUK FOQTFTG ÃEQPQOKSWG EWNVWTGN LWTKFKSWG GV UQEKCNLFGEGUFÃOCTEJGUPQTOCVKXGU
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5WT KPVGTPGV NGU FQWDNGU PWOÃTKSWGU UQPV FGU GPUGODNGU FG FQPPÃGU PWOÃTKUÃGU VGZVWGNNGU QW XKUWGNNGU SWK UQPV KUUWGU FG NOKFGPVKVÃ TÃGNNG FG NOKPVGTPCWVG GP SWGNSWG UQTVG FGU HTCIOGPVU FOKPHQTOCVKQPU UWT UQP ÃVCV EKXKN UC XKG RGTUQPPGNNG RTQHGUUKQPPGNNG UGU VJÂOGU FOKPVÃTÄV UGU NQKUKTUW /CKU NOKPVGTPCWVG RGWV VQWV CWUUK DKGP GP ETÃGT ´ UC IWKUG SWK UQKGPV EQORNÂVGOGPV HCPVCKUKUVGU QW KOCIKPCKTGU VQWU EGU FQWDNGU VTCÁCPV RTQITGUUKXGOGPV NGU EQPVQWTU FOWPG UQTVG FOJQNQITCOOG FG NWKOÄOG 1P RQWTTCKVGP FKUVKPIWGT FGWZ OQFGU FG EQPUVTWEVKQP NGU FQWDNGU EQPUVTWKVU XQNQPVCKTGOGPV GV IÃTÃU RCT NOKPVGTPCWVG ´ HKPCNKVÃ FG EQOOWPKECVKQP GV FOÃEJCPIGU NGU FQPPÃGU PWOÃTKUÃGU EQPEGTPCPV NOKPVGTPCWVG GV SWK UQPV UVQEMÃGUUWTNGUUGTXGWTUFGUUKVGUYGDSWOKNXKUKVG
2TGPQPU SWGNSWGU GZGORNGU .C OWNVKRNKEKVÃ FGU KFGPVKVÃU EQOOG RCTCXGPVFGUCXÃTKVCDNGKFGPVKVÃGUVVTÂUHTÃSWGPVGFCPUNGUNKUVGUFGFKHHWUKQP RCT EQWTTKGT ÃNGEVTQPKSWG NGU HQTWOU FG FKUEWUUKQP HQTWOU FW TÃUGCW 7UGPGVGVHQTWOUUWTFGUUKVGUYGD´NOKPXGTUGFGUHQTWOUUEKGPVKHKSWGUNGU UCNQPU XKTVWGNU ITCPF RWDNKE UQWXGPV CRRGNÃU EJCV TQQOU UCNQPU FG DCXCTFCIGQWGPEQTGNGULGWZFG TÏNG 6QWU EGU OQFGU FG EQOOWPKECVKQP HQPEVKQPPCPVUGNQPWPRTKPEKRGFÃL´ÃRTQWXÃUWTNG/KPKVGNRGTOGVVGPVFG PQWGT QW FOGPVTGVGPKT FGU TGNCVKQPU UQEKCNGU ´ FKUVCPEG UCPU HCEG ´ HCEG RJ[UKSWG 5QWNKIPQPU CW RCUUCIG SWG VQWU NGU ÃEJCPIGU RCT NKUVGU FG FKHHWUKQP QWHQTWOUUQPV CTEJKXÃU .GU RCTVKEKRCPVU EJQKUKUUGPV UKORNGOGPV WP UWTPQO GV FCPU NGU GPXKTQPPGOGPVU ITCRJKSWGU KNU EJQKUKUUGPV WPG CRRCTGPEGRJ[UKSWGUQWUNCHQTOGFOWPCXCVCT%GVGTOGKUUWFGNCEQPVTG EWNVWTGPGYCIGFGUCPPÃGUUOGUVDKGPKORNCPVÃFCPUNOKPVGTPGVOCTEJCPF
FGU CPPÃGU RQWT UQP EÏVÃ NWFKSWG CNQTU SWG UQP UGPU ÃVCKV CKNNGWTU 'P GHHGVNCTGXGPFKECVKQPFOKFGPVKVÃUOWNVKRNGUGUVDKGPNCXÃTKVCDNGUKIPKHKECVKQP FG NOCXCVCT GV NOQP RGWV FOCKNNGWTU TGOQPVGT CWZ QTKIKPGU FW OQV UCPUETKV CXCVCTC GV CWZ FKHHÃTGPVGU KPECTPCVKQPU FW FKGW 8KUJPQW CWSWGN KN HCKV TÃHÃTGPEG
/CKU NOGZKUVGPEG OÄOG FG EGVVG NKDGTVÃ FG EJQKZ SWK NCKUUG NOKPVGTPCWVG NKDTGFGIÃTGTUQPKFGPVKVÃRTKXÃGFCPUNCURJÂTGRWDNKSWGGUVDGCWEQWRRNWU HNQWG GV EQORNGZG FCPU NG ECU QÔ NGU FQPPÃGU NG EQPEGTPCPV UQPV RTÃNGXÃGU RCT FGU NQIKEKGNU .OKPVGTPCWVG RGWV EGTVGU TGHWUGT FG EQOOWPKSWGT FGU FQPPÃGURGTUQPPGNNGUGVFGXQKTKPUVCNNGTFGUOQWEJCTFUUWTUQPQTFKPCVGWT OCKU EGNC KORNKSWG UQWXGPV SWOKN PG RQWTTC RCU CEEÃFGT CWZ UGTXKEGU RTQRQUÃU %CT UOKN XGWV WVKNKUGT KPVGTPGV RQWT NGU HKPCNKVÃU NGU RNWU FKXGTUGU NOWVKNKUCVGWT GUV EQPVTCKPV FG RCTVKEKRGT RCT UGU CEVKQPU UGU FÃRNCEGOGPVU GV UGUEJQKZ´NCEQPUVTWEVKQPFGUGUFQWDNGUPWOÃTKSWGUGVEGEKRCTHQKU´UQP KPUW.OCDQPPGOGPV´FGUNGVVTGUFOKPHQTOCVKQPPGYUNGVVGTUNOÃVCDNKUUGOGPV FG RTQHKNU RGTUQPPCNKUÃU UWT NGU RCIGU FOCEEWGKN FG UKVGU FOKPHQTOCVKQPU NOCEJCVGPNKIPGFGRTQFWKVUQWUGTXKEGUKORNKSWGPVSWGNOKPVGTPCWVGKPFKSWG FGU FQPPÃGU RGTUQPPGNNGU .C OKUG GP RNCEG FG OQWEJCTFU NGU EQQMKGU RGTOGVCWUUKCWZUKVGUOCTEJCPFUFGRTÃNGXGTFGUKPHQTOCVKQPUUWTNGUIQÖVU NGU VJÂOGU FOKPVÃTÄV GV NGU JCDKVWFGU FG EQPUQOOCVKQP FGU XKUKVGWTU GP HQPEVKQP FG NC PCXKICVKQP FGU XKUKVGWTU EG SWK RGTOGV GPUWKVG FG RQWUUGT FGUKPHQTOCVKQPUCFCRVÃGU´NGWTRTQHKN.GUKPVGTPCWVGUJCDKVWÃUCWZUGTXKEGU OCTEJCPFU GP NKIPG QPV FOCKNNGWTU RTKU NOJCDKVWFG FG UG RTQVÃIGT GP OWNVKRNKCPVNGUKFGPVKVÃURCTNGDKCKUFGUCFTGUUGUYGDOCKNEGSWKNGWTRGTOGV CW OQKPU FOÃEJCRRGT CW RQNNWRQUVCIG URCOOKPI RQWUUÃ RCT FGU TQDQVU NQIKEKGNUFCPUNGWTDQÉVGCWZNGVVTGURTKPEKRCNG%OGUV´FKTGSWGVQWUNGUUKVGU OCTEJCPFUQWFOKPHQTOCVKQPXKUKVÃURCTWPKPVGTPCWVGRQUUÂFGPVFGHCKVFGU FQWDNGU PWOÃTKSWGU NG EQPEGTPCPV UQWU NC HQTOG FG RTQHKNU RNWU QW OQKPU FÃVCKNNÃU&CPUNGECUFWHKNVTCIGEQNNCDQTCVKH EQOOG UWT NG UKVG FO#OC\QP NOKPVGTPCWVG RGWV OÄOG CNNGT ´ NC TGPEQPVTG FG UQP FQWDNG PWOÃTKSWG GP CEEÃFCPV´UQPRTQHKNSWOKNRGWVCNKOGPVGTQWOQFKHKGTNWKOÄOG
+N CRRCTCÉV SWG NGU NQIKEKGNU GP UG RGTHGEVKQPPCPV GV GP FÃNKXTCPV FGU UGTXKEGU RGTUQPPCNKUÃU CEEWOWNGPV RCT N´ OÄOG FGU FQPPÃGU RGTUQPPGNNGU UWTNGUWVKNKUCVGWTU/CKUSWGFGXKGPPGPVEGUFQPPÃGUEQNNGEVÃGUUWTNGUUKVGU YGD OCTEJCPFU GV GP RCTVKEWNKGT SWGN WUCIG GP GUVKN HCKV! +N UOCIKV PQP UGWNGOGPVFGURTQHKNUFOWVKNKUCVGWTUOCKUCWUUKFGUPWOÃTQUFOKFGPVKHKECVKQP FGUOCEJKPGUEQPPGEVÃGU´KPVGTPGV
.GXGTDGnRQWUUGTGUVRTKUFCPUNGUGPUKPHQTOCVKSWGFWVGTOGCPINCKUVQRWUJ
6TCÁCDKNKVÃFGUKPFKXKFWUNÃIKUNCVKQPGVRTQVGEVKQPFGNCXKGRTKXÃG
5WTNGRNCPPCVKQPCNNGUKFGPVKHKCPVUEJKHHTÃUUQWUNCHQTOGFGPWOÃTQUFG UÃEWTKVÃ UQEKCNG CVVTKDWÃU ´ FGU KPFKXKFWU UQPV TÃINGOGPVÃU RCT NGU NÃIKUNCVKQPUPCVKQPCNGU.GPWOÃTQ550´PGWHEJKHHTGUCWZ'VCVU7PKUGUVTÃIK RCT NO#OGTKECP 2TKXCE[ #EV FG 'P (TCPEG NG PWOÃTQ +05'' ´ VTGK\G EJKHHTGUETÃÃGPGUVGPECFTÃRCTNCNQK+PHQTOCVKSWGGVNKDGTVÃPu FWLCPXKGTOQFKHKÃGGVUQPFÃETGVFOCRRNKECVKQPPuFWLCPXKGT OQFKHKÃ TGNCVKH CW TÃRGTVQKTG PCVKQPCN FOKFGPVKHKECVKQP FGU RGTUQPPGU RJ[UKSWGU.CNQKFWCXTKNFCPUUQPCTVKENGCNKPÃCGTXKGPV FG TGUVTGKPFTG NC RQTVÃG FG NOCTVKENG FG NC NQK FG GP NKOKVCPV NC EQPUGTXCVKQPFGUFQPPÃGUPWOÃTKSWGU´ECTCEVÂTGRGTUQPPGNGV PQOKPCVKH´
FGU HKPU GZENWUKXGU FG VTCKVGOGPV JKUVQTKSWG UVCVKUVKSWG GV UEKGPVKHKSWG 'P (TCPEGVQWLQWTUNGFKURQUKVKHNÃIKUNCVKHGVTÃINGOGPVCKTGEQORTGPFÃICNGOGPV NGU VGZVGU TGNCVKHU CW 40+22 TÃRGTVQKTG PCVKQPCN FOKFGPVKHKECVKQP FGU RGTUQPPGU RJ[UKSWGU NGU FÃETGVU GP %QPUGKN FO'VCV RTKU GP CRRNKECVKQP FG NOCTVKENG FG NC NQK FW LCPXKGT NGU PQTOGU UKORNKHKÃGU FG NC %0+.
CWVQTKUCPV ÃXGPVWGNNGOGPV NOWUCIG FW 40+22 QW FW 0+4 PWOÃTQ FOKPUETKRVKQPCWTÃRGTVQKTGNGUFÃNKDÃTCVKQPUFGNC%0+.GVGPHKPNGUCEEQTFU CXGENO+05''
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&G RNWU WP VTCXCKN FG UVCPFCTFKUCVKQP FGU RTQEÃFÃU FG RTQVGEVKQP FGU FQPPÃGU GUV ´ NOÃVWFG FCPU NG ECFTG FW %'0 EQOKVÃ GWTQRÃGP FG PQTOCNKUCVKQP .O+25' KPKVKCVKXG RQWT NC UVCPFCTFKUCVKQP FGU U[UVÂOGU FG RTQVGEVKQPFGUFQPPÃGURGTUQPPGNNGUGP'WTQRGÃVWFKGFGUQWVKNUVGNUSWGNG ET[RVCIG NOWUCIG FG RUGWFQP[OGU NGU ECTVGU ´ RWEG NGU NGEVGWTU DKQOÃVTKSWGU NG NQIKEKGN FG RNCVGHQTOG TGEQPPCKUUCPV NC RQUUKDKNKVÃ RQWT NOWVKNKUCVGWTFGTGUVGTCPQP[OG22NCIGUVKQPFGUOQWEJCTFUGVE
.GU 'VCVU7PKU GP OCVKÂTG FG RTQVGEVKQP FGU FQPPÃGU RGTUQPPGNNGU UG OQPVTGPVFGOQKPUGPOQKPUHCXQTCDNGU´WPTCRRTQEJGOGPVCXGENGOQFÂNG FGNÃIKUNCVKQPGWTQRÃGPEGFGTPKGTÃVCPVVTÂUGZKIGCPVGPXGTUNGUGPVTGRTKUGU /CKU KN EQPXKGPV FG TCRRGNGT ´ EG UWLGV SWG NOCFOKPKUVTCVKQP %NKPVQP CXCKV RTQRQUà NG EQPEGRV FG 5CHG *CTDQT \QPG RTQVÃIÃG RQWT NGU FQPPÃGU RGTUQPPGNNGU GV SWG 4CNRJ 0CFGT EQPPW RQWT CXQKT LCFKU NCPEà NG nEQPUWOÃTKUOGU[UVÂOGFGFÃHGPUGFGUEQPUQOOCVGWTUCXCKVRTQRQUÃNC ENCWUGFKVGFGNOQRVQWVSWKCWTCKVFQPPôEJCSWGEQPUQOOCVGWTNGFTQKVFG PG RCU NCKUUGT FKXWNIWGT UGU FQPPÃGU RGTUQPPGNNGU GP XWG FOÃXKVGT NOGZRNQKVCVKQP CDWUKXG GV NGU ÃEJCPIGU FOKPHQTOCVKQPU RTKXÃGU GPVTG GPVTGRTKUGUEQOOGTEKCNGU
4ÃEGOOGPV NC (GFGTCN 6TCFG %QOOKUUKQP ´ NC FGOCPFG FG NOCFOKPKUVTCVKQP $WUJ C CPPQPEÃ SWOGNNG POÃVCKV RNWU HCXQTCDNG ´ NOKPUVCWTCVKQPFOWPGNQKFCPUEGFQOCKPGCNNCPVCKPUK´NOGPEQPVTGFGUXWGUFG NO'NGEVTQPKE 2TKXCE[ +PHQTOCVKQP %GPVGT EGPVTG RQWT NC RTQVGEVKQP FGU FQPPÃGU RTKXÃGU ÃNGEVTQPKSWGU CKPUK SWO´ WP ITQWRG VTÂU KPHNWGPV FOQTICPKUCVKQPU FG EQPUQOOCVGWTU .GU CUUQEKCVKQPU COÃTKECKPGU FG RTQVGEVKQPFGNCXKGRTKXÃGUOKPSWKÂVGPVFGEGVVGVGPFCPEGSWKUOGUVTGPHQTEÃG FGRWKUNGUGRVGODTG.GRCTCFQZGGUVSWOCWZ'VCVU7PKUNCRTQVGEVKQP FGUFQPPÃGURGTUQPPGNNGUPOGUVRCU´NOQTFTGFWLQWTFGNOCIGPFCRQNKVKSWG CNQTU SWG NG RTGOKGT COGPFGOGPV FG NC %QPUVKVWVKQP ICTCPVKV NC NKDGTVÃ FOGZRTGUUKQPSWGNSWGUQKVNGEQPVGPWFWUKVGKPETKOKPÃ#VKVTGFOGZGORNGNC SWGUVKQPFGNOGZVTCVGTTKVQTKCNKVÃUOGUVRQUÃGFCPUNGECUFGNCEQPUWNVCVKQPFGU RTQFWKVUPC\KUOKUCWZGPEJÂTGUUWTFGUUKVGU JÃDGTIÃUCWZ'VCVU7PKURCT FGUKPVGTPCWVGUHTCPÁCKU5KNCLWUVKEGHTCPÁCKUGCEQPFCOPÃ;CJQQNCLWUVKEG COÃTKECKPGCKPXCNKFÃEGVCTTÄV&GOÄOGWPUKVGFGRTQRCICPFGKUNCOKUVGGP NCPIWGHTCPÁCKUGCFOKPKUVTÃFGRWKUNC%TGWUGOCKUJÃDGTIÃCWZ'VCVU7PKU PG RGWV ÄVTG EQPVTÏNÃ UCPU NOCEEQTF FGU CWVQTKVÃU RQNKEKÂTGU COÃTKECKPGU ; CWTCKVKNFGURCTCFKUKPHQTOCVKSWGUEQOOGKNGZKUVGFGURCTCFKUHKUECWZ!
.GEQPVGZVGFGPÃIQEKCVKQPFGPQTOGU+51UWTNCHQTOCVKQP´FKUVCPEG .O+51 +PVGTPCVKQPCN 1TICPK\CVKQP HQT 5VCPFCTFK\CVKQP GP VCPV SWOKPUVCPEGKPVGTPCVKQPCNGFG PQTOCNKUCVKQP UOGUV TÃEGOOGPV GPICIÃG FCPU
1TICPKUOGFGTÃIWNCVKQPFGUÃEJCPIGUEQOOGTEKCWZCOÃTKECKPU
1TICPKUCVKQP KPVGTPCVKQPCNG ETÃÃG ´ .QPFTGU GP FQPV NC OKUUKQP GUV NOÃVCDNKUUGOGPVFGPQTOGUOCLQTKVCKTGOGPVVGEJPKSWGUVQWVRCTVKEWNKÂTGOGPVFCPUNGU FQOCKPGUFGNOKPHQTOCVKSWGGVFGUVÃNÃEQOOWPKECVKQPU.GUnPQTOGU+51EQPPWGU UWTVQWV EQOOG PQTOGU FG nSWCNKVÃ EQPUVKVWGPV WPG TÃHÃTGPEG VGEJPKSWG KPVGTPCVKQPCNGGVUQPVVTÂUNCTIGOGPVWVKNKUÃGURQWTWPKHKGTNGUPQTOGUPCVKQPCNGU
NC EQPEGRVKQP FG RTQEGUUWU FOKFGPVKHKECVKQP PWOÃTKSWG FG RGTUQPPGU RJ[UKSWGU WVKNKUCVTKEGU FG UGTXKEGU FOCRRTGPVKUUCIG GP NKIPG .G UQWU EQOKVÃ5%FW,6%+51GUVGPEJCTIGFGNOÃNCDQTCVKQPFOWPGUÃTKGFG PQTOGUKPVGTPCVKQPCNGUUWTNCHQTOCVKQP´FKUVCPEG
.GU ITQWRGU FG VTCXCKN CW UGKP FO+515% UOKPVÃTGUUGPV ´ NC PQTOCNKUCVKQPFWXQECDWNCKTGFGUVGEJPKSWGUEQNNCDQTCVKXGUURÃEKHKSWGUCWZ GPXKTQPPGOGPVU ÃFWECVKHU FGU CTEJKVGEVWTGU FGU U[UVÂOGU FG IGUVKQP FGU RNCVGUHQTOGU FGU EQPVGPWU FG HQTOCVKQP ECVCNQICIG FGUETKRVKQP FGU EQPVGPWU UQWU HQTOG FG OÃVCFQPPÃGU HQTOCVU FGU EQPVGPWU UVTWEVWTGU EQPVTÏNGFGURTQITCOOGUFGUKPHQTOCVKQPUUWTNOCRRTGPCPV
.CRTQEÃFWTGFOCFQRVKQPFOWPGPQTOG+51
.G UQWUEQOKVÃ GZKUVG FGRWKU NG FÃDWV FG NOCPPÃG GV C VGPW UC RTGOKÂTG TÃWPKQP GP OCTU ´ .QPFTGU &GWZ TÃWPKQPU RNÃPKÂTGU UQPV RTÃXWGU EJCSWG CPPÃG CW EQWTU FGUSWGNNGU GUV XQVÃG NC RQWTUWKVG FGU VTCXCWZFCPUNGUFKHHÃTGPVUITQWRGUFGVTCXCKN
.GRTQEGUUWUFOCFQRVKQPFOWPGPQTOGEQPUKUVG´RTQRQUGTGPRTGOKGTNKGW WP FQOCKPG FG TÃHNGZKQP VJÂOG FG VTCXCKN YQTM KVGO UWT WP CURGEV RCTVKEWNKGT´PQTOCNKUGTU[UVÂOGFGIGUVKQPFGURNCVGUHQTOGUEQORÃVGPEGU FG NOCRRTGPCPV VGEJPKSWGU EQNNCDQTCVKXGU RCT GZGORNG 5K EG FQOCKPG TGPEQPVTGNOKPVÃTÄVFGUCWVTGUGZRGTVURCTVKEKRCPVCWZTÃWPKQPUWPITQWRGFG VTCXCKNKPVGTPCVKQPCNGUVEQPUVKVWÃUQWUNCFKTGEVKQPFWRC[USWKCRTQRQUÃNG FQOCKPG´PQTOCNKUGTFQPVNCV¸EJGEQPUKUVG´ÃETKTGWPGRTGOKÂTGXGTUKQP FG NC PQTOG L ´ EG UVCFG KN UOCIKV FOWP RTQLGV FG PQTOG L GV ´ NC HCKTG CRRTQWXGT RCT NC OCLQTKVÃ FGU RC[U RCTVKEKRCPV CWZ VTCXCWZ .C RJCUG FG OKUGGPHQTOGHKPCNGFOWPGPQTOGEQPUKUVG´RCUUGT´NOKPUVCPEGUWRÃTKGWTGNG ,6%RQWTCFQRVKQPGPTGIKUVTGOGPVGVRWDNKECVKQPFGNCPQTOGGPSWGUVKQP NCSWGNNG ´ RCTVKT FG EG OQOGPV GPVTG GP XKIWGWT 7PG PQTOG RWDNKÃG FGXKGPVWPGPQTOGKPVGTPCVKQPCNG+51.GUEQPUVTWEVGWTUUOCRRWKGPVUWTNGU URÃEKHKECVKQPUFGEGUPQTOGURQWTEQPUVTWKTGFGUNQIKEKGNUGVFGUOCVÃTKGNU5K NGOCTEJÃUCPEVKQPPGRQUKVKXGOGPVNOWUCIGFGEGUPQTOGUGNNGUCDQWVKUUGPV´
FGUUVCPFCTFUCFOKURCTNGOKNKGWKPFWUVTKGNEQPEGTPÃ&GWZ´VTQKUCPUUQPV PÃEGUUCKTGU RQWT NOCFQRVKQP FOWPG PQTOG UCWH NQTUSWG UGU RTQOQVGWTU EJQKUKUUGPVFOWVKNKUGTNCRTQEÃFWTGTCRKFGHCUVVTCEMSWKTCEEQWTEKVNCRÃTKQFG FG EQPEGTVCVKQP CW UGKP FW ITQWRG FG VTCXCKN #WVTGOGPV FKV NG VGORU FOÃNCDQTCVKQPFGEQPVTGRTQRQUKVKQPUGVFGPÃIQEKCVKQPUFCPUNGECFTGFGNC TGEJGTEJG FOWP EQORTQOKU GUV EQPUKFÃTCDNGOGPV TCEEQWTEK RQWT NGU CWVTGU RCTVGPCKTGU RTKXKNÃIKCPV CKPUK NC RTQRQUKVKQP FW RC[U SWK NOC KPVTQFWKVG NG RTGOKGT
%JCSWG RC[U RCTVKEKRCPV CW UQWUEQOKVÃ +515% FQKV RTÃRCTGT UGU XQVGU CWZ TÃWPKQPU RNÃPKÂTGU GP TÃWPKUUCPV FGU GZRGTVU KPFWUVTKGNU GV WPKXGTUKVCKTGUKPVÃTGUUÃURCTNGUUWLGVUVTCKVÃUCHKPFGTGEWGKNNKTNGWTUQRKPKQPU GV FOCTTKXGT ´ WP EQPUGPUWU PCVKQPCN %G EQPUGPUWU GUV KPFKURGPUCDNG RQWT SWG UQP TGRTÃUGPVCPV TGÁQKXG OCPFCV FG XQVGT CW PQO FG VQWU GV SWG FGU TGEQOOCPFCVKQPU RWKUUGPV ÄVTG HCKVGU UWT NGU FQEWOGPVU GP FKUEWUUKQP OQFKHKECVKQPU ENCTKHKECVKQPU FW VGZVG FGOCPFÃGU GVE RCT NOKPVGTOÃFKCKTG FW U[UVÂOG FG XQVG ´ FKUVCPEG DCNNQV %GVVG FÃOCTEJG POGUV RCU NG HCKV FG VQWUNGURC[UTGRTÃUGPVÃUGVEGEKRQUGNCSWGUVKQPFGNCNÃIKVKOKVÃFGUGZRGTVU RCTVKEKRCPV´EGUPÃIQEKCVKQPU%GUFGTPKGTURGWXGPVUOKNUNGRTÃHÂTGPVPGRCU TGPFTGEQORVGFGUFKUEWUUKQPUFWHCKVFGNCEQORNGZKVÃFGUUWLGVUVTCKVÃUGV FW ECTCEVÂTG CDUEQPU RQWT PG RCU FKTG D[\CPVKP FG FKUEWUUKQPU SWK UOCRRCTGPVGPV UQWXGPV ´ FGU CTIWVKGU UWT FGU RQKPVU FG FÃVCKN SWK QPV EGTVCKPGOGPVNGWTKORQTVCPEGOCKUÃEJCRRGPV´NOCVVGPVKQPFWEQOOWPFGU OQTVGNU
7PGPLGWEQOOGTEKCNKPVGTPCVKQPCN
.GU PQTOGU CEVWGNNGOGPV FKUEWVÃGU CW PKXGCW KPVGTPCVKQPCN CW UGKP FG NO+51 TGRTÃUGPVGPV WP RQKPV FG RCUUCIG QDNKIÃ RQWT NOQDVGPVKQP FOWPG EGTVKHKECVKQP FQPV NOGPLGW GUV NG OCTEJÃ OQPFKCN FG NOÃFWECVKQP %GU UVCPFCTFU NQTUSWOKNU UGTQPV CFQRVÃU CWTQPV WPG HQTEG FG TÃHÃTGPEG KPFKUEWVCDNGCWRTÂUFGUEQPUVTWEVGWTUGVFGUÃFKVGWTUFGNQIKEKGNU&GEGHCKV RQWTNGUKPFWUVTKGNUFGEGUGEVGWTNCRCTVKEKRCVKQPCEVKXG´NOÃNCDQTCVKQPFGU PQTOGU EQPUVKVWG WP CXCPVCIG EQORÃVKVKH EGTVCKP FCPU NC OGUWTG QÔ EGU FGTPKGTURGWXGPVQTKGPVGTNGFÃXGNQRRGOGPVFGNGWTURTQFWKVUFGVGNNGUQTVG SWOKNU UQKGPV EGTVKHKÃU EQPHQTOGU CWZ PQTOGU +51 NQTU FG NGWT OKUG UWT NG OCTEJÃ
.GU KORNKECVKQPU VTÂU EQPETÂVGU UQPV GP VTCKP FOCRRCTCÉVTG EGU HWVWTGU PQTOGU RGTOGVVTQPV NOKPVGTQRÃTCDKNKVÃ FGU CRRNKECVKQPU NC EQORCVKDKNKVÃ FGU RNCVGUHQTOGUGVNGRCTVCIGFWOCTEJÃGPVTGNGURTKPEKRCWZHQWTPKUUGWTUFG HQTOCVKQPU ´ FKUVCPEG %GU PQTOGU +51 GP TCKUQP FG NC NQWTFGWT FGU FÃXGNQRRGOGPVU ´ GPICIGT RQWT NC EGTVKHKECVKQP UQPV FGXGPWGU FG HCKV WP QWVKNFGEQPSWÄVGFGUOCTEJÃUOQPFKCWZRCTNGUITCPFGUEQORCIPKGU
.GRTQLGVFGPQTOG+515*+5KORNG*WOCP+FGPVKHKGT 2TÃUGPVCVKQPFWRTQLGVFGPQTOG5*+
.GRTQLGVFGPQTOG5*+5KORNG*WOCP+FGPVKHKGTRKNQVÃRCTNCFÃNÃICVKQP COÃTKECKPGCÃVÃRTÃUGPVÃGPOCTUUGNQPNCRTQEÃFWTGTCRKFGRQWTÄVTG HKPCNKUÃ GP LWKP .G RTQLGV CEVWGNNGOGPV ´ NOÃVWFG GUV WP PWOÃTQ FOKFGPVKHKCPV RGTUQPPGN XKUCPV ´ FQVGT EJCSWG ÄVTG JWOCKP WVKNKUCVGWT FOWP U[UVÂOG FOGPUGKIPGOGPV ´ FKUVCPEG FOWP QW RNWUKGWTU EQFGU UKIPKHKCPVU +N EQPVKGPV FGU EQPUKFÃTCPVU XKUCPV ´ ECFTGT NGU EQPFKVKQPU FOWVKNKUCVKQP GV NGU WUCIGU´XGPKTCKPUKSWGFGUFKURQUKVKHUVGEJPKSWGUFGEQFCIGGVFGHQTOCVU
&CPUNGUEQPUKFÃTCPVUKNGUVRTÃEKUÃSWGEGVKFGPVKHKCPVCWTCRQWTQDLGEVKH FG FÃETKTG NOKFGPVKVÃ QW NC HQTOCVKQP FG NOWVKNKUCVGWT OCKU RGTOGVVTC CWUUK nCWZU[UVÂOGUFGVGEJPQNQIKGUFGNOKPHQTOCVKQPFOQDVGPKTWPCEEÂUTCRKFGCWZRTQHKNU GV CWZ RTÃHÃTGPEGU FGU JWOCKPU VGNU SWG NG UV[NG FOCRRTGPVKUUCIG NGU ECRCEKVÃU RJ[UKSWGU NGU ECRCEKVÃU EQIPKVKXGU GV NGU FÃRGPFCPEGU EWNVWTGNNGU R 2CT CKNNGWTU NOKPVTQFWEVKQP GV NG ETQKUGOGPV CXGE FOCWVTGU CRRNKECVKQPU PQVCOOGPV FG UCPVÃ GUV ÃICNGOGPV RTÃXWG R FG OÄOG SWOWPG XGPVKNCVKQPRCTNCPIWGU7P5*+RQWTTCUGTXKTFCPURNWUKGWTUEQPVGZVGUÄVTG KODTKSWÃ FCPU FGU PQOU FG HKEJKGTU FCPU FGU 74. FGU CFTGUUGU ÃNGEVTQPKSWGU ´ NOKPVÃTKGWT FGU 5+ IÃTCPV NOKPHQTOCVKQP JWOCKPG NGU 5*+
RQWTTQPVÄVTGWVKNKUÃURQWTTGNKGTFGUUVQEMUFOKPHQTOCVKQPURQWTHQWTPKTFGU OÃVJQFGUEQOOWPGUGVQWEQPUQNKFÃGUFOKFGPVKHKECVKQPR.GUECTCEVÂTGU KFGPVKHKCPVU UQPV URÃEKHKSWGU FOWPG NCPIWG GV FCPU FG PQODTGWZ ECU FOWP RGWRNG QW FOWPG GVJPKG R +N GUV EGTVGU RTÃEKUÃ SWOWP OÄOG WVKNKUCVGWT RGWV UG FQVGT FG RNWUKGWTU KFGPVKHKCPVU EG SWK RTQVÃIGTCKV UQP KFGPVKVÃ .OCTIWOGPV PG TÃUKUVG RCU ´ NOCPCN[UG ECT NGU RTQEGUUWU FG HQTOCVKQP [ EQORTKU GP NKIPG FÃDQWEJGPV GP IÃPÃTCN UWT FGU NKXTCKUQPU FG FQEWOGPVU RÃFCIQIKSWGU RCT NC RQUVG FG EGTVKHKECVKQPU GV FG DTGXGVU FG EQORÃVGPEGU SWKVQWVGUTGSWKÂTGPVNOKFGPVKVÃTÃGNNGGVNOCFTGUUGRQUVCNGFGUKPVÃTGUUÃU .CRQUKVKQPHTCPÁCKUGFGNO#(014UWTNG5*+
&CPU EGVVG PÃIQEKCVKQP KPVGTPCVKQPCNG NC EQOOKUUKQP FG PQTOCNKUCVKQP 6GEJPQNQIKGU RQWT NOÃFWECVKQP NC HQTOCVKQP GV NOCRRTGPVKUUCIG QWXGTVG ´ VQWV CFJÃTGPV FG NO#(014 #UUQEKCVKQP HTCPÁCKUG FG PQTOCNKUCVKQP TGRTÃUGPVG NG nOKTQKT HTCPÁCKU FW UQWUEQOKVÃ 2TÃUKFÃG RCT ,CESWGU
&QEWOGPV+51+'%,6%5%Pu
#UUQEKCVKQPEJCTIÃGFGNCEQPEGRVKQPGVFGNCFKHHWUKQPFGUPQTOGUHTCPÁCKUGUGVSWK TGRTÃUGPVGNC(TCPEGCWRTÂUFGNO+51GVFW%'0%QOKVÃGWTQRÃGPFGPQTOCNKUCVKQP´
$TWZGNNGU
2GTTKCWNVRTQHGUUGWT´NOWPKXGTUKVÃFG2CTKU:0CPVGTTGGNNGGUVEQPUVKVWÃGFG TGRTÃUGPVCPVU KUUWU FW OQPFG WPKXGTUKVCKTG GV UEKGPVKHKSWG FG NOKPFWUVTKG CKPUKSWGFOWVKNKUCVGWTU
.C EQOOKUUKQP HTCPÁCKUG C CNGTVÃ ´ NC TGPVTÃG NG ITQWRG KPVGTOKPKUVÃTKGN HTCPÁCKU UWT NGU PQTOGU GP UOCRRW[CPV UWT NGU RTKUGU FG RQUKVKQPFGNC%0+.GVFGNO+05'''P(TCPEGGPGHHGVNOCTVKENGFGNCNQKFW LCPXKGTUWDQTFQPPGNOWVKNKUCVKQPFWTÃRGTVQKTGPCVKQPCNFOKFGPVKHKECVKQP FGU RGTUQPPGU RJ[UKSWGU GV RCT GZVGPUKQP FW PWOÃTQ FOKPUETKRVKQP CW TÃRGTVQKTG0+4´WPGRTQEÃFWTGFOCWVQTKUCVKQPRCTFÃETGVGP%QPUGKNFO'VCV RTKU CRTÂU CXKU FG NC %0+. 'P (TCPEG CKPUK SWG FCPU NO7PKQP GWTQRÃGPPG FKTGEVKXG %' FW 2CTNGOGPV GWTQRÃGP GV FW %QPUGKN FW QEVQDTG NOCEVGFOCUUQEKCVKQPFOWPEKVQ[GP´WPPQODTG´XKUÃGFOKFGPVKHKECVKQP TGNÂXG FGU 'VCVU GV FG NGWTU 2CTNGOGPVU RQWT NKOKVGT CW OCZKOWO NC RQUUKDKNKVÃFGTÃUWTIGPEGFGUFÃTKXGURQNKVKSWGUGVKFÃQNQIKSWGUSWOCEQPPW´
FKXGTUOQOGPVUFGNO*KUVQKTGTÃEGPVGNOGORNQKFGEGUFQPPÃGU'P*QNNCPFG GPGVGP(TCPEGGPNGUKFGPVKHKCPVURGTUQPPGNUQPVUGTXKCWVTKGV´
NOKFGPVKHKECVKQP FGU ,WKHU GV FGU 6UKICPGU 5GNV\GT #PFGTUQP 5K NGU 'VCVU EQPPCKUUGPV FGU RTCVKSWGU CXGPVWTGWUGU XQKTG FÃXKCPVGU EGNC RGWV CTTKXGT CWUUK CWZ QTICPKUCVKQPU KPVGTPCVKQPCNGU FG FTQKV RTKXÃ FQPV NGU GZRGTVUPOQPVPKOCPFCVQHHKEKGNPKTGURQPUCDKNKVÃSWCPVCWZFÃEKUKQPUSWOKNU RTGPPGPV'PTGXCPEJGNGUUVCVKUVKEKGPUFGUGTXKEGRWDNKEEGWZFGNO+05''GP (TCPEGGPRCTVKEWNKGTGVCWUUKFCPUFOCWVTGURC[UTGURGEVGPVWPGPUGODNGFG TÂINGU FÃQPVQNQIKSWGU FKUEWVÃGU TÃIWNKÂTGOGPV FCPU NG EQOKVÃ FOÃVJKSWG RTQHGUUKQPPGNNGFGNO+PUVKVWVKPVGTPCVKQPCNFGUVCVKUVKSWGU
.CRQUKVKQPHTCPÁCKUGSWKUOCRRWKGUWTEGUEQPUKFÃTCVKQPUEQPUKUVG´UQWNKIPGT SWOWPVGNRTQLGVPGTGNÂXGRCUFGNCEQORÃVGPEGFWEKVQ[GPHÖVKNGZRGTVGV RQTVGRQVGPVKGNNGOGPVCVVGKPVG´NCRTQVGEVKQPFGUNKDGTVÃUKPFKXKFWGNNGUGVFG NC XKG RTKXÃG GV SWOKN GUV KPFKURGPUCDNG FG EQPVTÏNGT NGU RTCVKSWGU FOKOOCVTKEWNCVKQP FGU RGTUQPPGU GV NGU WUCIGU FKXGTU SWK RGWXGPV GP ÄVTG HCKVU%GVVGV¸EJGTGXKGPVCWUUKDKGPGP(TCPEGSWGFCPUNO7PKQPGWTQRÃGPPG CWZ KPUVKVWVKQPU VTCKVCPV FGU CRRNKECVKQPU FG NC NÃIKUNCVKQP HTCPÁCKUG %0+.
+05'' GV GWTQRÃGPPG ECT NG OQFG FG HQPEVKQPPGOGPV CEVWGN HCKV EQWTKT NG TKUSWG FOWP OCPSWG FOJCTOQPKUCVKQP GPVTG NGU TÃHNGZKQPU OGPÃGU FCPU NGU EQOOKUUKQPU PCVKQPCNGU FG NO+51 GV NC %QOOKUUKQP GWTQRÃGPPG PQP OGODTGECTUGWNUNGUÃVCVURCTVKEKRGPVCWZVTCXCWZFGNO+51
.GU PQTOGU KN GUV XTCK RGTOGVVGPV NC UVCDKNKVÃ OCKU WPG OQFÃNKUCVKQP VTQR J¸VKXG HKIGTCKV NGU WUCIGU VQWV GP CEETQKUUCPV WP EQPHNKV GPVTG NG VGORU FG TGPQWXGNNGOGPV VTÂU TCRKFG FG NC VGEJPKSWG GV NG VGORU FOCFCRVCVKQP FGU RÃFCIQIWGU%GRGPFCPVNOKFGPVKHKECVKQPGVNCOKUGGPEQOOWPFGUVCPFCTFU GPVCPV SWG URÃEKHKECVKQPU TGEQPPWGU RCT FGU EQOOWPCWVÃU EQPUVKVWGPV WP
OQ[GP VGTOG RCT TCRRQTV CWZ PQTOGU SWK QPV XCNGWT LWTKFKSWG ECT GNNGU RTÃUGPVGPVNOCXCPVCIGFOÄVTGTCRKFGOGPVQRÃTCVKQPPGNNGUGPTÃRQPFCPV´FGU DGUQKPU FOCEVKQPU FG VGTTCKP GV ´ FGU EQPVTCKPVGU ÃEQPQOKSWGU .OCEEQTF CW UGKP FOWPG EQOOWPCWVÃ UWT FGU nUVCPFCTFU RNCPEJGT FG V[RG 6%2+2
*66274.RGTOGVVTCKVFGFQPPGTFWVGORURQWTEQPHKIWTGTFGUUVCPFCTFU SWK TGRQUGTCKGPV UWT NOQDUGTXCVKQP FOWUCIGU UVCDKNKUÃU EG SWK KORNKSWGTCKV CWUUK SWOKNU UG UQKGPV EQWNÃU FCPU OQFGU EQORCVKDNGU FOQTICPKUCVKQP FW VTCXCKN UQEKCNGOGPV CEEGRVÃU ´ NOÃFKEVKQP FG PQTOGU &G RNWU NGU RTQITÂU TCRKFGUFGUNQIKEKGNUQRGPUQWTEGKPEKVG´RTGPFTGFWVGORURQWTEQPUKFÃTGT NGWTKPHNWGPEGUWTNCFÃVGTOKPCVKQPFGUUVCPFCTFU#NOJGWTGCEVWGNNGRTÂUFG FGWZEGPVUU[UVÂOGUNQIKEKGNUFGGNGCTPKPILQPNGUCRRGNNGFGURNCVGUHQTOGU L UQPV FKURQPKDNGU UWT NG OCTEJÃ %GU RNCVGUHQTOGU UQPV UQWUVGPFWGU RCT WPG EQPEGRVKQP FG NOGPUGKIPGOGPV EWNVWTGNNGOGPV OCTSWÃG .G TKUSWG FG UVCPFCTFKUCVKQP TKUSWG CKPUK FG RTKXKNÃIKGT EGTVCKPGU FOGPVTG GNNGU SWK XÃJKEWNGPV WP OQFÂNG FG VTCPUOKUUKQP FGU EQPPCKUUCPEGU SWG NGU EQPUVTWEVGWTU RTGPFTQPV EQOOG TÃHÃTGPEG GV SWK UOKORQUGTC OÄOG UOKN PG EQTTGURQPFRCUCWZEWNVWTGUNQECNGU
2TQDNÃOCVKSWGUGVGPLGWZNKÃU´NCPQTOCNKUCVKQP
.GUVGEJPQNQIKGUFGNOKPHQTOCVKQPRCTOKNGUSWGNNGUHKIWTGPVNOKPVGTPGV GV NGU VÃNÃEQOOWPKECVKQPU EQPVTKDWGPV ´ NC INQDCNKUCVKQP FG NOÃEQPQOKG GV ´ NOÃOGTIGPEG FOWPG EQOOWPKECVKQP ´ NOÃEJGNNG KPVGTPCVKQPCNG .GU VGEJPQNQIKGUFGNOGPUGKIPGOGPVGVNCHQTOCVKQP´FKUVCPEGHQPVRCTVKGFGEGU GPLGWZUVTCVÃIKSWGUOCKUUQWNÂXGPVFGPQODTGWUGURTQDNÃOCVKSWGU
0QTOGUKPUVKVWVKQPPGNNGUGVPQTOGUFGHCKV
.CPQTOCNKUCVKQPCLWUVGOGPVRQWTHKPCNKVÃFOKFGPVKHKGTFGUURÃEKHKECVKQPU IÃPÃTKSWGU RQWT UOCHHTCPEJKT FW OQPQRQNG FG ITCPFU HQWTPKUUGWTU CXGE RQWTOQVUENÃUNCRQTVCDKNKVÃNOKPVGTQRÃTCDKNKVÃGVNCTÃWVKNKUCDKNKVÃCUUQEKÃGU´
WPG TGEQPPCKUUCPEG KPVGTPCVKQPCNG /CKU NC NQWTFGWT GV NC NGPVGWT FW RTQEGUUWU FG PQTOCNKUCVKQP TGPFGPV RQUUKDNG NOÃOGTIGPEG FG UVCPFCTFU SWK FGXKGPPGPV FGU PQTOGU FG HCKV 2CT GZGORNG NG EQPUVTWEVGWT KPHQTOCVKSWG +PVGNCNCPEÃWPRTQLGVFGPWOÃTQWPKSWG2TQEGUUQT5GTKCN0WODGTRQWTNGU OCEJKPGU EQPPGEVÃGU ´ KPVGTPGV .C UQEKÃVÃ /KETQUQHV C CPPQPEÃ SWOGNNG RQUUÃFCKVFGUKPHQTOCVKQPURGTUQPPGNNGUUWTOKNNKQPUFOWUCIGTUFCPUUQP UGTXKEG2CUUGRQTVFCPUNCFGTPKÂTGXGTUKQPFWU[UVÂOGFOGZRNQKVCVKQPXGPFW RCT/KETQUQHVEGRTQITCOOGUVQEMGNGUPQOUNGUCFTGUUGUÃNGEVTQPKSWGUNGU RC[UFOQTKIKPGGVNGUOQVUFGRCUUGUCPUSWGNCUQEKÃVÃHQWTPKUUGNCOQKPFTG RTÃEKUKQPSWCPV´NOWUCIGWNVÃTKGWTFGEGUKFGPVKHKCPVU
&GRNWUNGRQKFUFGUQEKÃVÃUFQOKPCPVGUQWFGEQPUQTVKWOUTGITQWRCPV WPPQODTGTGUVTGKPV FOGPVTGRTKUGU FOGPXGTIWTG KPVGTPCVKQPCNG RGWV ÄVTG VTÂU NQWTF CW UGKP FOWPG EQOOKUUKQP EQTTGURQPFCPV ´ WP UGEVGWT FOCEVKXKVÃ GV NGWT HCEKNKVGT WPG OCÉVTKUG WNVÃTKGWTG FG OCTEJÃU # VKVTG FOGZGORNG NC EGTVKHKECVKQP #+%% #XKCVKQP KPFWUVT[ %$6 L EQORWVGTDCUGF VTCKPKPI L EQOOKVVGG EQOKVÃ FG NC HQTOCVKQP CUUKUVÃG RCT QTFKPCVGWT FG NOKPFWUVTKG CÃTQPCWVKSWG C ÃVÃ CEEQTFÃG RQWT NG OQOGPV ´ QWVKNU FG HQTOCVKQP GV RNCVGUHQTOGU FOGPUGKIPGOGPV ´ FKUVCPEG %GVVG EGTVKHKECVKQP HCXQTKUG NGU ITCPFGU GPVTGRTKUGU ECT GNNG KORQUG FGU GZKIGPEGU VGEJPKSWGU SWK PG UQPV TÃCNKUCDNGU SWG RCT FGU ÃSWKRGU FOKPIÃPKGWTU FKURQUCPV FG ETÃFKVU FG HQPEVKQPPGOGPVKORQTVCPVU$QGKPIGV#KTDWUUQPV´NOQTKIKPGFGEGUVCPFCTF ETÃÃ GP SWK C RGTOKU CWZ ITCPFU KPFWUVTKGNU FG UG EQPHQTOGT TCRKFGOGPV ´ FGU ETKVÂTGU NKÃU ´ FGU KORÃTCVKHU ÃEQPQOKSWGU KOOÃFKCVU EQOOG EGWZ TGNCVKHU ´ NC HQTOCVKQP UGEVGWT RCTVKEWNKÂTGOGPV TGPVCDNG FGU RKNQVGUGVOÃECPKEKGPU&GNCOÄOGOCPKÂTG5%14/5JCTCDNGEQPVGPVQDLGEV TGHGTGPEG OQFGNU OQFÂNGU FG TÃHÃTGPEG FG EQPVGPWU QDLGVU RCTVCIGCDNGU EQPÁW´NOQTKIKPGRQWTNOCTOÃG COÃTKECKPG GUV FGXGPW WPG CWVTG PQTOG FG HCKV KPVGTPCVKQPCNGOGPV TGEQPPWG RQWT NOKFGPVKHKECVKQP GV NC IGUVKQP FGU nITCKPUFGEQPVGPWURCTNGUU[UVÂOGUFG RNCVGUHQTOGU FOGPUGKIPGOGPV ´ FKUVCPEG
'PHKPNCTGEJGTEJGFWEQPUGPUWUPÃEGUUCKTGRGWVHCKTGRCUUGTCWRTGOKGT RNCPFGUEQPUKFÃTCVKQPUVGEJPKSWGUCWFÃVTKOGPVFGNCRTKUGGPEQORVGFGU DGUQKPUFGNCRÃFCIQIKGGVFGUCRRTGPCPVU.GFQUUKGTFGNOCRRTGPVKUUCIGGP NKIPG GUV RQTVÃ RCT NO+''' +PUVKVWVG QH 'NGEVTKECN CPF 'NGEVTQPKE 'PIKPGGTU KPUVKVWVFGUKPIÃPKGWTUGPÃNGEVTKEKVÃGVÃNGEVTQPKSWGHQTVGOGPVUQWVGPWRCT WPITQWRGFOWPGVTGPVCKPGFGOGODTGUVTÂUCEVKHUGVGPOCLQTKVÃCOÃTKECKPU NG FQEWOGPV FG FÃRCTV C ÃVÃ TÃFKIÃ RCT $QGKPI +PFWUVTKGU GV TGHNÂVG GUUGPVKGNNGOGPVNGRQKPVFGXWGFGUCXKQPPGWTUGPOCVKÂTGFGHQTOCVKQP.GU PQTOGU.1/.GCTPKPI1DLGEV/GVCFCVCUQPVWPGPUGODNGFGOÃVCFQPPÃGU EQPEGTPCPV NGU CVVTKDWVU PÃEGUUCKTGU ´ NC FGUETKRVKQP FGU QDLGVU FOCRRTGPVKUUCIG .GU .1/ UQPV NG HTWKV FG NOGHHQTV EQPLQKPV FW EQPUQTVKWO +/5 +PUVTWEVKQPCN /CPCIGOGPV 5[UVGOU U[UVÂOGU FG IGUVKQP FG NOCRRTGPVKUUCIG GV FO#4+#&0' #NNKCPEG QH 4GOQVG +PUVTWEVKQPCN
#WVJQTKPI CPF &KUVTKDWVKQP 0GVYQTMU HQT 'WTQRG CNNKCPEG FG TÃUGCWZ FG EQPEGRVKQP GV FG FKUVTKDWVKQP FG FKFCEVKEKGNU ´ FKUVCPEG GP 'WTQRG %GU PQTOGUQPVÃVÃOKUGUCWRQKPVCWHKPCNRCTNGEQOKVÃ+'''.65%+PUVKVWVGQH 'NGEVTKECN CPF 'NGEVTQPKE 'PIKPGGTU .GCTPKPI 6GEJPQNQI[ 5VCPFCTF
%QOOKVVGG EQOKVÃ FG UVCPFCTFKUCVKQP FGU VGEJPQNQIKGU FOCRRTGPVKUUCIG FG NOKPUVKVWVFGUKPIÃPKGWTUÃNGEVTKEKGPUGVÃNGEVTQPKEKGPU.GUPQTOGU.1/GP VCPV SWG OÃVCFQPPÃGU EQPEGTPCPV NGU QDLGVU FOCRRTGPVKUUCIG QPV ÃVÃ CRRTQWXÃGURCTRC[UNOCWVQOPGFGTPKGTCNQTUSWOGNNGUTGEÂNGPVFGU\QPGU
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.OWVKNKUCVKQP FGU VGEJPQNQIKGU PWOÃTKSWGU PQTOCNKUÃGU RGWV EQPFWKTG TCRKFGOGPV NGU KPVÃTGUUÃU PQP UGWNGOGPV ´ CFQRVGT FOCWVTGU OQFÂNGU EWNVWTGNUOCKUCWUUK´UOKPUÃTGTFCPUFOCWVTGUOQFGUFOQTICPKUCVKQPUQEKCNG SWG EGWZ CWZSWGNU KNU UQPV JCDKVWÃU %OGUV EG SWG OQPVTG NC PÃIQEKCVKQP KPVGTPCVKQPCNGGPEQWTUUWTNGUUVCPFCTFUFWGNGCTPKPIGVSWKFGXTCKVCVVKTGT NOCVVGPVKQP FGU RQNKVQNQIWGU GV FGU FÃEKFGWTU RWDNKEU ECT NG UVCPFCTF PG EQPEGTPGRNWUNOQDLGVVGEJPKSWGGPUQKEQOOGEOGUVNGECURQWTWPOQWNKP´
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3WGN GUV NG TÏNG FG NO'VCVPCVKQP FCPU EGVVG CEVKQP! .GU EQOOKUUKQPU VTCPUXGTUCNGU FG PQTOCNKUCVKQP UQPV EGTVGU EQPUVKVWÃGU UWT NC DCUG FG TGRTÃUGPVCVKQPUPCVKQPCNGUGPXWGFGNOQDVGPVKQPFOWPEQPUGPUWUOCLQTKVCKTG OCKUNCNÃIKVKOKVÃFGUnGZRGTVUTGRTÃUGPVCPVUFOWPGPCVKQPRQUGRTQDNÂOG 'P GHHGV EGNC TGXKGPV ´ EQPHKGT ´ EGU GZRGTVU NG FTQKV FG NÃIKHÃTGT UWT NOQTICPKUCVKQPVGEJPKSWGFGNCUQEKÃVÃUCPUEQPVTÏNGFÃOQETCVKSWGFGEGSWK GUV ÃOKU &G RNWU NGU KPUVCPEGU FG PQTOCNKUCVKQP PCVKQPCNGU UGODNGPV ÄVTG FCPUNCRNWRCTVFGURC[UFGFTQKVRTKXôNOGZEGRVKQPFGNC(TCPEGGVFQPE ÃVTQKVGOGPV NKÃGU CW OCTEJà 2CT CKNNGWTU EG U[UVÂOG FG TGRTÃUGPVCVKQP PCVKQPCNGGPUOKPUETKXCPVFKTGEVGOGPVFCPUWPEQPVGZVGKPVGTPCVKQPCNGZENWV FGUPÃIQEKCVKQPUFGPQTOGU+51NO7PKQPGWTQRÃGPPGSWKCRQWTVCPVÃNCDQTà WPGNÃIKUNCVKQPEQPEGTPCPVNCRTQVGEVKQPFGFQPPÃGURGTUQPPGNNGU
#RRCTVKGPVKN CWZ UGWNU VGEJPKEKGPU KPHQTOCVKEKGPU KPFWUVTKGNU GZRGTVU FGFÃHKPKTNGUEQPFKVKQPUGVNGUWUCIGU!2CTGZGORNGNGUWVKNKUCVGWTUHKPCWZ´
SWKEGUUVCPFCTFUUGTQPVCRRNKSWÃUPOQPVRCUÃVÃEQPUWNVÃU3WGUGRCUUGVKN GP ECU FG UWRGTRQUKVKQP RCTVKGNNG QW VQVCNG FG EGU EQPUKFÃTCPVU CXGE FGU FQOCKPGU TÃIKU RCT NC NQK HTCPÁCKUG QW GWTQRÃGPPG! %QOOGPV HCKTG RCTVKEKRGT NGU KPVÃTGUUÃU GP RCTVKEWNKGT NOCFOKPKUVTCVKQP GV NGU WVKNKUCVGWTU CWVTGU SWG FGU KPFWUVTKGNU ´ NC RTÃRCTCVKQP NC PÃIQEKCVKQP GV NOCFQRVKQP FG FÃEKUKQPU ´ ECTCEVÂTG KPVGTPCVKQPCN VTÂU UQWXGPV RTKUGU FÃUQTOCKU FCPU NOWTIGPEG!
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5GNV\GT9#PFGTUQP/n6JG&CTM5KFGQH0WODGTU6JG4QNGQH2QRWNCVKQP&CVC 5[UVGOU KP *WOCP 4KIJVU #DWUGU 5QEKCN 4GUGCTEJ XQN Pu ÃVÃ R
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