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+2GUVUQWRNG´FÃRNQ[GTOCKUUOCXÂTGOQKPUCFCRVôEGTVCKPUWUCIGUQW UGTXKEGURCTGZGORNGNCOWNVKFKHHWUKQPQWNCDCPFGRCUUCPVGICTCPVKG#XGE NOCXÂPGOGPVFWOWNVKOÃFKCQPNKPGFGPQODTGWUGUÃXQNWVKQPUUQPVGPEQWTU FGFÃRNQKGOGPVRQWTCOÃNKQTGTUGUHQPEVKQPPCNKVÃU.CPQWXGNNGOQWVWTGFW RTQVQEQNG +2 RGTOGV FG TÃUGTXGT FGU TQWVGU QW FOCUUQEKGT WP PKXGCW FG RTKQTKVÃUWTNGTÃUGCWRQWTNGUCRRNKECVKQPUSWKNGPÃEGUUKVGPV2QWTGPXQ[GT NGU OÄOGU RCSWGVU FOKPHQTOCVKQPU ´ FG OWNVKRNGU FGUVKPCVCKTGU +2 IÂTG FÃUQTOCKUNCFKHHWUKQPOWNVKRQKPVU%GVVGÃXQNWVKQPCOÃNKQTGRCTGZGORNGNC FKHHWUKQPFGNCXKFÃQGPVGORUTÃGN
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&CPUUQPQWXTCIG&GUOCEJKPGUGVFGUJQOOGU#RRTGPFTGCXGENGUPQWXGNNGU VGEJPQNQIKGU / .KPCTF TGEGPUG QP\G HQPEVKQPU URÃEKHKSWGU ´ NC HQTOCVKQP ´ FKUVCPEGKPUVTWEVGWTVWVGWTKPIÃPKGWTRÃFCIQIKSWGGZRGTVVGEJPQNQIKSWG VGEJPKEKGP CFOKPKUVTCVGWT CPKOCVGWT FG UKVG FQEWOGPVCNKUVG ÃXCNWCVGWT ITCRJKUVGÃFKVGWTFGFQEWOGPVU
%GU ÃXQNWVKQPU FGU TÏNGU FG NC TGNCVKQP GPUGKIPCPVUCRRTGPCPVU GV FGU UWRRQTVURÃFCIQIKSWGUPÃEGUUKVGPVWPGVTÂUITCPFGQWXGTVWTGFOGURTKVWPG ITCPFG HNGZKDKNKVÃ FGU FKHHÃTGPVU CEVGWTU RQWT GPVGPFTG TGEQPPCÉVTG EQORQUGT CXGE FOCWVTGU OQFGU FG RGPUÃGU FOCWVTGU OÃVJQFGU FOCWVTGU EWNVWTGU %G VTCXCKN EQNNCDQTCVKH VTCPUFKUEKRNKPCKTG EQPUVKVWG WP EJCPIGOGPV RTQHQPFGVTCFKECNFCPUPQVTGOÃVKGT
2QWTEQPENWTGUKNOQPUGEQPVGPVGFGTGRTQFWKTGGPNKIPGEGSWKUGRCUUG GPRTÃUGPVKGNVCPVFWRQKPVFGXWGFWTÏNGFGUGPUGKIPCPVUSWGFGNCTGNCVKQP GPUGKIPCPVCRRTGPCPVGVFGUTGUUQWTEGURÃFCIQIKSWGUPQWUCNNQPU´NOÃEJGE
2TQEGUUWUFOKPIÃPKGTKGGPRÃFCIQIKGPWOÃTKSWG
&GPQODTGWUGUSWGUVKQPUUGRQUGPVCWVQWTFGNCVÃNÃHQTOCVKQPSWOGUVEG SWKRTÃEÂFGNCHQTOCVKQP!3WOGUVEGSWKUWKVNCHQTOCVKQP!3WGNNGUUQPVNGU KPVGTCEVKQPU GPVTG NOCRRTGPCPV GV NG VWVGWT! %QOOGPV UG FÃTQWNG NC RTQFWEVKQPFGUEQPVGPWU!%QOOGPVUOKPUETKXGPVNGUCRRTGPCPVU!%QOOGPV GUVQTICPKUÃNGRCTEQWTUFOCRRTGPVKUUCIG!%QOOGPVÃXCNWGTNOCRRTGPVKUUCIG!
.GU SWCVTG RTQEGUUWU UWKXCPVU FOWP RQKPV FG XWG IÃPÃTKSWG PQWU UGODNGPVTGRTÃUGPVCVKHUFGUSWGUVKQPURGTVKPGPVGUFGNCVÃNÃHQTOCVKQP
LNOCXCPVHQTOCVKQPRJCUGRTÃRCTCVQKTG LNCRTQFWEVKQPFGUEQPVGPWU
LNOWUCIGFGURTQFWKVUFÃXGNQRRÃU LNGUÃXCNWCVKQPUGVDKNCPU
#WVQWT FG EJCSWG ITCPF RTQEGUUWU PQWU GUUC[QPU FOÃNWEKFGT NGU QDUVCENGU NGU CVVGPVGU GV NG ECTCEVÂTG HNGZKDNG FGU UQNWVKQPU EQOOG ICIG FOGHHKECEKVÃ
.OCXCPVHQTOCVKQPRJCUGRTÃRCTCVQKTG
%GVVG RJCUG RGWV ÄVTG RTQXQSWÃG RCT WPG QRRQTVWPKVÃ VGEJPKSWG HKPCPEKÂTGGVEEQOOGNOCESWKUKVKQPFOWPPQWXGNÃSWKRGOGPVFOWPPQWXGCW NQIKEKGNQWNCOKUGGPRNCEGFOWPHKPCPEGOGPVEQOOGKNGPGZKUVGDGCWEQWR CWLQWTFOJWKRQWTUQWVGPKTNGURTQLGVU6+%/CKUEQOOGPVFGXGPKTWPCEVGWT FGEGVVGPQWXGNNGCRRTQEJG!+NHCWVEQORTGPFTGWPOKPKOWONOWPKXGTUFCPU NGSWGNQPUOCRRTÄVG´GPVTGTGVEQPPCÉVTGNGUDÃPÃHKEGUSWGNOQPRGWVGPVKTGT
.GU TÃUGCWZ FG EQOOWPKECVKQP CEVWGNU RGTOGVVGPV FOGPXKUCIGT NG FÃRNQKGOGPV FG UGTXKEGU FG HQTOCVKQP LWUSWOCW EWT FGU OÃPCIGU 'VTG ´ NOÃEQNG VQWV GP ÃVCPV FGXCPV UQP ÃETCP GUV WPG TÃRQPUG RGTOGVVCPV FOCEEQORCIPGTCWSWQVKFKGPNG FÃXGNQRRGOGPV FGU EQORÃVGPEGU FG EJCEWP
%OGUV WP RCU FÃEKUKH XGTU WPG DCPCNKUCVKQP FG NC HQTOCVKQP FCPU NOGPXKTQPPGOGPVFGVTCXCKNEOGUVNCHQTOCVKQP´RQTVÃGFGOCKP.CUQWRNGUUG FGUEQPHKIWTCVKQPUFGVÃNÃHQTOCVKQPRGTOGVFGOCPKÂTGXCTKCDNGFGRTCVKSWGT
LNOCWVQHQTOCVKQP CUUKUVÃG SWK RGTOGV CWZ CRRTGPCPVU FOCNVGTPGT FGU UGUUKQPUFOCWVQHQTOCVKQPCXGEFGUUGUUKQPUVWVQTÃGU
LNG FKTGEV CXGE WP VWVGWT QW WP UQWVKGP NQECN SWK CEEQORCIPG NC HQTOCVKQPQWNOGPVTCÉPGOGPVUWTFGUCRRNKECVKHUFKURQPKDNGUUWTDCUGUÃEQNG
LNG FKTGEV CXGE WP VWVGWT UKVWÃ ´ FKUVCPEG CXGE NGU QWVKNU FG OKUG GP RTÃUGPEGEQOOGNGVÃNÃRJQPGNGRCTVCIGFOCRRNKECVKQPQWNCXKUKQRJQPKGW
LNGVGORUFKHHÃTôVTCXGTUFGUOGUUCIGTKGUGVFGUHQTWOU
.OCRRTGPCPV RGWV GP VKTGT FG PQODTGWZ DÃPÃHKEGU CRRTGPFTG KPVGTCEVKXGOGPVVQWVGPC[CPVNCRQUUKDKNKVÃFGXÃTKHKGTNGPKXGCWFOCESWKUKVKQP FGUEQPPCKUUCPEGURTQRQUGTGPNKIPGFCPUNGECFTGFGDWTGCWFOÃVWFGUQW RTQLGV FOÃVWFGU FGU UQNWVKQPU CTIWOGPVÃGU DÃPÃHKEKGT FG VWVQTCV CFCRVÃ OÄOG´FKUVCPEGGPWVKNKUCPVNGUOQ[GPUVGEJPQNQIKSWGUCFCRVÃUTGPHQTEGT UCRTCVKSWGFGUPQWXGNNGUHQTOGUFOGPUGKIPGOGPVCWVQWTFGU6+%
%GFGTPKGTRQKPVEQPEGTPGCWUUKNGUGPUGKIPCPVUSWKRCTCKNNGWTURGWXGPV UOGPTKEJKTOWVWGNNGOGPVFGRCTNGWTUGZRÃTKGPEGURÃFCIQIKSWGUTGURGEVKXGU GVFKURQUGTFGTGRÂTGUHKCDNGURQWTÃXCNWGTNGVTCXCKNFGUÃVWFKCPVU
#WXWFGNOGZRÃTKGPEGEGTVCKPUÃNÃOGPVUFQKXGPVÄVTGRTKUGPEQORVGFCPU NCRJCUGRTÃRCTCVQKTG´NOWUCIGFGU6+%RQWTNCVÃNÃHQTOCVKQP5CPURTÃLWIGT FGNCHCÁQPFGNGUOGVVTGGPWXTGEGUÃNÃOGPVURGWXGPVÄVTGTÃUWOÃU
LNGU 6+% FQKXGPV VQWLQWTU ÄVTG EQPUKFÃTÃGU EQOOG FGU QWVKNU QP POCRRTGPF RCU NOKPHQTOCVKSWG OCKU QP FÃEQWXTG EGU QWVKNU CW EQWTU FGU RTQLGVUUWEEGUUKHU
LNOKPVÃITCVKQP FQKV ÄVTG CRRTQWXÃG RCT NOGPUGODNG FGU GPUGKIPCPVU QW ´ VQWVNGOQKPURCTWPGOCLQTKVÃTGRTÃUGPVCVKXGOQVKXÃG
LNOGPUGKIPCPVFQKVCEEGRVGTFGPGRCUÄVTGNGRQKPVWPKSWGFWUCXQKTUWT NGUQWVKNUKPHQTOCVKSWGUNOGPVTCKFGGPVTGÃNÂXGUFQKVÄVTGFÃXGNQRRÃG
LNG VTCXCKN GP ÃSWKRG FQKV ÄVTG TGEJGTEJÃ EGNC RGTOGV ´ NOÃNÂXG FG FÃXGNQRRGTNCPQVKQPFGnEQPVTCVXKU´XKUFGUGUEQÃSWKRKGTUGVFGNOÃEQNG
+NHCWVUQWVGPKTNOGPUGKIPCPVGP
LHQTOCPV WPKSWGOGPV NGU RGTUQPPGU OQVKXÃGU GV C[CPV WP RTQLGV FOWVKNKUCVKQPKOOÃFKCV
LCUUWTCPV WP UWKXK FG NC HQTOCVKQP RCT GZGORNG GP ETÃCPV WPG NKUVG FG FKHHWUKQPFOKPHQTOCVKQPUEQORNÃOGPVCKTGU
LETÃCPV WP UWRRQTV TÃGN RGTOGVVCPV ´ NOGPUGKIPCPV FG UOCHHTCPEJKT FGU RTQDNÂOGUVGEJPKSWGU
LCUUWTCPVWPGDQPPGFKURQPKDKNKVÃFGURQUVGUFGVTCXCKN LTGEQPPCKUUCPVEGV[RGFOCEVKXKVÃUGVGPNGXCNQTKUCPV
7PFGUOGKNNGWTUNKGWZFOKORNCPVCVKQPFGU6+%GUVNGEGPVTGFGTGUUQWTEGU SWKFQKVTGUVGTQWXGTVGVPGRCUÄVTGNOQWVKNGZENWUKHFWFQEWOGPVCNKUVG .CRTQFWEVKQPFGUEQPVGPWU
1PRGWVEQPUKFÃTGTSWOKN[CVTQKUÃNÃOGPVURTKPEKRCWZRQWTRTQFWKTGFW EQPVGPWRÃFCIQIKSWGCEEGUUKDNGGPNKIPGNGEQPVGZVGNCUVTWEVWTGNCOCVKÂTG FOCRRTGPVKUUCIGRTQRTGOGPVFKVG
.G EQPVGZVG KPVÂITG VQWV NG FKURQUKVKH FOCEEQORCIPGOGPV FGU HWVWTU WUCIGTUSWKUGTCUWRRQTVÃRCTFGUWVKNKVCKTGUFGFKXGTUQTFTGURQWXCPVCKFGT NGUWUCIGTU´DKGPUGUKVWGTFCPUEGVWPKXGTUKPUETKRVKQPKFGPVKHKECVKQPGVE
´ GP VKTGT NG OGKNNGWT RTQHKV OÃFKCU WVKNKVCKTGU ´ HCKTG EQTTGEVGOGPV FGU DKNCPUSWGUVKQPPCKTGUTÃRQPUGUGVE
.GU CRRTGPCPVU QPV FQPE NGWT OQV ´ FKTG FCPU NC EQPEGRVKQP FG EG FKURQUKVKH+NUFQKXGPVÃICNGOGPVRCTVKEKRGTCWZVGUVUFOÃXCNWCVKQPRGTOGVVCPV FOCOÃNKQTGT ´ VTCXGTU WPG GTIQPQOKG GHHKECEG NGU CURGEVU EQIPKVKHU GV NC EQPXKXKCNKVÃ
.C UVTWEVWTG GUV NOGPUGODNG FGU XCTKCDNG CWZSWGNNGU QP CHHGEVG NGU EQPVGPWU2CTGZGORNGNOCRRTGPCPVRQWTTCGPTKEJKTNGUWRRQTVXKCWPHKEJKGT FOCFTGUUGU KPVGTPGV QW UKORNGOGPV RCT NC OGUUCIGTKG 7PG CWVTG RQUUKDKNKVÃ RQWTNOCRRTGPCPVEOGUVFOGPTKEJKTNGUEQPVGPWURCTFGUHKEJKGTUDWTGCWVKSWGU 'ZEGN 9QTF *6/. GVE ECTCEVÃTKUÃU RCT FGU RTQRTKÃVÃU ´ TGORNKT RTÃCNCDNGOGPV ´ VTCXGTU WP HQTOWNCKTG 5WKXCPV NGU RTKPEKRGU FG NC )'&
IGUVKQPÃNGEVTQPKSWGFGUFQEWOGPVUQPTGVTQWXGCWOKPKOWOFCPUEGECU NGPQONGVKVTGNOKFGPVKHKCPVNGUCWVGWTUNCFCVGFGFGTPKÂTGOKUG´LQWTNGU FGUVKPCVCKTGUQWNGWTV[RQNQIKGNGTÃUWOÃ
3WCPV´NOGPUGKIPCPVKNFQKVKPUÃTGTNGEQPVGPWFGUGUGPUGKIPGOGPVUFCPU WPGUVTWEVWTGSWKPGNWKRQUGRCUFGFKHHKEWNVÃOCLGWTG5OKN[CDNQECIG´EG PKXGCW EGNC UKIPKHKG SWG NC UVTWEVWTG RTÃXWG RQWT CEEWGKNNKT NGU EQPVGPWU RÃFCIQIKSWGU GUV TKIKFG FQPE KPCFCRVÃG 0QWU RGPUQPU SWG NOQTICPKUCVKQP FOWP EQWTU UWKXCPV FGU VGTOGU UÃOCPVKSWGOGPV EQORCVKDNGU CXGE NGU RTQEGUUWU FÃETKVU RNWU JCWV GUV UQWJCKVCDNG %GVVG CRRTQEJG ICTCPVKV NC UQWRNGUUG FQPE NC RQTVCDKNKVÃ FG NC UVTWEVWTG OCKU KN [ C KEK EQPETÂVGOGPV EQOOGEGNCUGFQKVFKUUQEKCVKQPGPVTGNGEQPVGPWGVNCUVTWEVWTG&GEGRQKPV FGXWGNGOGKNNGWTQWVKNPGUGTCKVKNRCUEGNWKSWKICTCPVKVNCUQWRNGUUGVQWV GPÃVCPVWPXÃTKVCDNGQWVKNFGVTCXCKN!#WSWGNECUKNRGTOGVVTCKVFOCEEWGKNNKT NGUSWCVTGRTQEGUUWUÃPWOÃTÃU
'P VGTOGU FG OCVKÂTG FOCRRTGPVKUUCIG NOCODKVKQP FQKV ÄVTG FG RTQRQUGT FGU EQPPCKUUCPEGU ECRVKXGU GV SWK RGTOGVVGPV ´ NOCRRTGPCPV FOÄVTG CWUUK WP CEVGWTEQPVTKDWCPV´NCETÃCVKQPFGTGUUQWTEGU%GNCRCUUGRCTWPGHCEKNKVCVKQP FGUÃEJCPIGUGPVTGCRRTGPCPVUFGFÃXGNQRRGTWPPQODTGTGRTÃUGPVCVKHFG OQFWNGUUWTWPFQOCKPGFQPPÃFGOGVVTGGPRNCEGWPGQWRNWUKGWTUÃVWFGU FOCRRNKECVKQPGVRQTVCPVUWTNCRNCPKHKECVKQPNOQTICPKUCVKQPGVNOCFOKPKUVTCVKQP FOWPEJCORFOCEVKXKVÃFQPPÃ
'PRCTCNNÂNGWPGDCUGFGFQPPÃGUFQKVÄVTGEQPUVTWKVGGVOCKPVGPWGRQWT RTGPFTG GP EQORVG NOQTICPKUCVKQP FGU GPUGKIPGOGPVU ´ RCTVKT FOWPKVÃU FG DCUG TÃWVKNKUCDNGU UÃSWGPEÃGU GV CWZSWGNNGU QP ITGHHG NGU EQPFKVKQPU
FOWVKNKUCVKQPGVNGPQODTGFOJGWTGUGPXKUCIÃGU.CDCUGFGFQPPÃGUGUVCWUUK WP QWVKN KPFKURGPUCDNG RQWT NG UWKXK FGU CRRTGPCPVU IGUVKQP FGU UGUUKQPU GPTGIKUVTGOGPV FGU PQVGU VTCÁCDKNKVÃ FGU EQPUWNVCVKQPU TÃRQPUGU CWZ SWGUVKQPPCKTGUGPTGIKUVTGOGPVFGUUWLGVUGVUQNWVKQPUGVE
&KXGTUCWVTGUÃNÃOGPVURGWXGPVCXQKTNGWTKORQTVCPEG
LNGFÃXGNQRRGOGPVFGUKPFGZRCTVJÂOGQWRCTQTFTGCNRJCDÃVKSWG LNOÃNCDQTCVKQPWPINQUUCKTGTÃUGCWGVVÃNÃEQORQWTNCEQORTÃJGPUKQPFG NOÃVWFGFGECU
LNGUNKGPUGPVTGNGUWPKVÃUFOGPUGKIPGOGPV
LWPG DKDNKQITCRJKG NKXTGU CFTGUUGU YGD RQWT EJCSWG WPKVÃ FOGPUGKIPGOGPV
LFGUSWGUVKQPPCKTGUTÃIWNKGTUFCPUNGEQPVGPWFGUGPUGKIPGOGPVU .OWUCIGFGURTQFWKVUFÃXGNQRRÃU
.G RTKPEKRCN DÃPÃHKEKCKTG FGU RTGUVCVKQPU QHHGTVGU RCT WPG HQTOCVKQP GP NKIPG GUV NOCRRTGPCPV +NU QPV FGWZ CVVGPVGU GUUGPVKGNNGU NOCUUKOKNCVKQP FGU EQPPCKUUCPEGUGVNCXÃTKHKECVKQPFGEGVVGCUUKOKNCVKQP
.QTUSWOKNCVTQWXÃUCVKUHCEVKQPRCTTCRRQTV´EGUCVVGPVGUKNGUVGPRQUKVKQP FG RTQFWKTG NWKOÄOG FGU TGUUQWTEGU RÃFCIQIKSWGU FGUVKPÃGU CWZ CWVTGU CRRTGPCPVU .OCEEÂU CWZ EQPVGPWU UGTC FOCWVCPV OQKPU EQPVTCTKCPV RQWT NOWUCIGTSWOKNCWTCRCTVKEKRÃNWKOÄOGUQKVGPRJCUGFGEQPEGRVKQPUQKVGP RJCUGFGVGUVU´NGWTÃNCDQTCVKQP
2QWTUGEQPPGEVGTCWUKVGCDTKVCPVNGUWRRQTVKNHCWVÄVTGKFGPVKHKÃGVENCUUÃ FCPUFGUECVÃIQTKGUFOWUCIGTU
2TQEÃFWTG FOKFGPVKHKECVKQP FWECPFKFCVNKDTG
2TQEÃFWTG FOKPFGPVKHKECVKQP
FGNOGPUGKIPCPV
%NKGPVKFGPVKHKÃ %NKGPVPQPKFGPVKHKÃ
2TQEÃFWTG FOKFGPVKHKECVKQP
FGNOÃVWFKCPV
(KIWTG.GUVTQKUXQKGUFOKFGPVKHKECVKQP
%OGUVUGWNGOGPVNQTUSWOKNCÃVÃKFGPVKHKÃSWOWPCEVGWTSWGNSWOKNUQKVRGWV CEEÃFGTUGNQPUGUFTQKVU´FKHHÃTGPVUUGTXKEGURTQRQUÃU
7PCRRTGPCPVKFGPVKHKÃRQWTTCUOKPUETKTGCWZGPUGKIPGOGPVUEQPUWNVGTNGU EQPVGPWURÃFCIQIKSWGUEQPUWNVGTNGUWVKNKVCKTGUKPFGZGVE RQWT EQPHQTVGT UGUEQPPCKUUCPEGUFKCNQIWGTCXGENGUCWVTGUCRRTGPCPVUFKCNQIWGTCXGE NGU GPUGKIPCPVUTGURQPUCDNGUGVNGUCWVGWTUHCKTGUCRTQRTGCWVQÃXCNWCVKQP
3WCPV´NOGPUGKIPCPVTGURQPUCDNGKNCWTCNCHCEWNVÃFGOGVVTGGPRNCEGNGU GPUGKIPGOGPVU FG EQPUVKVWGT FGU ITQWRGU FOCRRTGPCPV RCT UGUUKQP FG EQOOWPKSWGT CXGE NGU GPUGKIPCPVU CWVGWTU FG FKCNQIWGT CXGE NGU CRRTGPCPVUGVFGRTQEÃFGTCWZÃXCNWCVKQPUDKNCPU
.GUÃXCNWCVKQPUGVNGUDKNCPU
&OWPG HCÁQP IÃPÃTCNG NGU RTGUVCVKQPU FOWP UWRRQTV UQPV ÃXCNWÃGU UGNQP FKHHÃTGPVGUOCPKÂTGURCTNGUCRRTGPCPVU´NOKPKVKCVKXGFGUGPUGKIPCPVU2QWT OGUWTGT NC SWCNKVÃ FOWP UWRRQTV RÃFCIQIKSWG GV UOCUUWTGT SWOKN TGORNKV NGU OKUUKQPU SWK NWK UQPV CUUKIPÃGU NGU CZGU FOÃXCNWCVKQP UWKXCPVU UQPV GPXKUCIGCDNGU NOÃXCNWCVKQP n´ EJCWF RCT NOCRRTGPCPV NWKOÄOG NOÃXCNWCVKQP nUWKXK RCT NOGPUGKIPCPV NOÃXCNWCVKQP DKNCP RCT NOGPUGKIPCPV NOÃXCNWCVKQPDKNCPGPVTGVQWVGUNGURCTVKGURTGPCPVGU
.OÃXCNWCVKQP´EJCWFUOCRRNKSWG´VQWVGUNGURTGUVCVKQPUFGHQTOCVKQPGV EQPUKUVG GP WP SWGUVKQPPCKTG ´ TGORNKT GV ´ XCNKFGT .GU TÃUWNVCVU FG NOCRRTGPCPV GPTGIKUVTÃU GV GPUWKVG EQORCTÃU CXGE FGU TÃUWNVCVU EQTTGEVU RTÃCNCDNGOGPVUVQEMÃUFCPUNCDCUGFGFQPPÃGU+NCRRCTCÉVGPUWKVGWPGHKEJG FOCRRTÃEKCVKQP HQWTPKUUCPV FG OCPKÂTG XCTKCDNG NC PQVG NOCRRTÃEKCVKQP NKVVÃTCNG NGU RQKPVU HCKDNGU NGU TGPXQKU CW EQWTU .C RQUUKDKNKVÃ FG FÃRNQ[GT WPG DCVVGTKG FG SWGUVKQPU FKHHÃTGPVGU RQWT NG OÄOG EQWTU GUV UQWJCKVCDNG
&CPUEGECUWPGJGWTKUVKSWGRTQFWKV´EJCSWGQEECUKQPWPPQODTGHKZGFG SWGUVKQPUXCTKCDNG
.OÃXCNWCVKQP nUWKXK RCT NOGPUGKIPCPV NOGPUGKIPCPV C[CPV FGU TGURQPUCDKNKVÃU RÃFCIQIKSWGU FQKV UWKXTG NC RTQITGUUKQP FG EJCSWG CRRTGPCPVUQWUUCTGURQPUCDKNKVÃ+NFQKVNWKUQWOGVVTG´VTCXGTUNGUUGTXKEGU FOWPUWRRQTVGPNKIPGNGUÃRTGWXGUPÃEGUUCKTGU´UCPQVCVKQP.GUUWLGVUFG FKHHKEWNVÃU KPÃICNGU CWVQWT FOWPG ÃVWFG FG ECU EQPUVKVWGPV WP GZGORNG KPVÃTGUUCPV FG VTCXCKN ´ RTQRQUGT .OGPUGKIPCPV FQKV RQWXQKT TÃQTKGPVGT EQPUGKNNGTWPCRRTGPCPVCWTGICTFFGUFKHHKEWNVÃUTGPEQPVTÃGU
.GRTKPEKRGFGNOÃXCNWCVKQPDKNCPRCTNOGPUGKIPCPVTGRQUGUWTWPGEQNNGEVG FG FQPPÃGU FOCRRTGPCPVU GV WPG TGUVKVWVKQP FGU TÃUWNVCVU RWKU CWZ VTCKVGOGPVU UVCVKUVKSWGU EQTTGURQPFCPVU 5GNQP NC PCVWTG FGU FQPPÃGU EQNNGEVÃGUNGUKPFKEGUUWKXCPVURGWXGPVÄVTGTGEJGTEJÃU
LKPFKEGFGEQPUWNVCVKQPPQODTGFGEQPPGZKQPUVGORURCUUÃGVE
LKPFKEGFOCUUKOKNCVKQPUVCVKUVKSWGUUWTNGUÃXCNWCVKQP´EJCWF LKPFKEGFGUWEEÂUCPCN[UGINQDCNGFGUPQVGU
.OQDLGEVKH KEK GUV FOCXQKT WPG DQPPG RGTEGRVKQP FG NC RTQITGUUKQP FGU CRRTGPCPVURCTTCRRQTVCWZQDLGEVKHURÃFCIQIKSWGU
.OÃXCNWCVKQPDKNCPGPVTGVQWVGUNGURCTVKGURTGPCPVGUKNUOCIKVFOQTICPKUGT FG NC OCPKÂTG NC RNWU RTQRKEG WPG EQPHTQPVCVKQP GPVTG RTGUVCVCKTGU GV DÃPÃHKEKCKTGU FG RTGUVCVKQPU .GU CRRTGPCPVU RGWXGPV CKPUK HCKTG EQPPCÉVTG NGWTURQKPVUFGUCVKUHCEVKQPNGWTUHTWUVTCVKQPUGVNGWTUUQWJCKVU.GUTÃUWNVCVU FG EGU EQPHTQPVCVKQPU UGTQPV NG RQKPV FOGPVTÃG FG EQOKVÃ FG RKNQVCIG FGU FKTGEVKQPU FG VÃNÃHQTOCVKQP %G V[RG FOÃXCNWCVKQP GUV FG PCVWTG ´ EQPHQTVGT NGUNKGPUGPVTGNGUFKHHÃTGPVUCEVGWTUFGNOGPUGKIPGOGPVGPNKIPG
4GUUQWTEGUFG5WRGOUKV
5WRGOUKV5WRRQTVRÃFCIQIKSWGOWNVKOÃFKCRQWTU[UVÂOGUFOKPHQTOCVKQP FG VÃNÃEQOOWPKECVKQPU GUV WP RTQLGV UOKPUETKXCPV FCPU NG ECFTG FG NO7PKXGTUKVÃXKTVWGNNGHTCPEQRJQPGLCPXKGT´UGRVGODTG.GUQDLGEVKHU FGEGRTQLGVUQPVRNWTKGNU
LTGPHQTEGTNGURTCVKSWGUFGPQWXGNNGUHQTOGUFOGPUGKIPGOGPVCWVQWTFGU 6+%GPUGKIPGOGPV´FKUVCPEGKPVGTPGVOWNVKOÃFKCGVE
LHCXQTKUGTNOÃEJCPIGFOGZRÃTKGPEGRÃFCIQIKSWGUGPVTGGPUGKIPCPVU LEQPUVTWKTGFGUEQWTUGPHQPEVKQPFOWPEQPVGZVGRÃFCIQIKSWGFQPPÃ LRTQRQUGTFGUQWVKNURGTOGVVCPVWPUWKXKRÃFCIQIKSWGFGUCRRTGPCPVU LRTQOQWXQKTNOCWVQPQOKGGPÃFWECVKQP
LRGTOGVVTG CWZ CRRTGPCPVU FOCRRTGPFTG KPVGTCEVKXGOGPV FKHHÃTGPVU CURGEVU TGNCVKHU CWZ U[UVÂOGU FOKPHQTOCVKQP VQWV GP C[CPV NC RQUUKDKNKVÃ FG XÃTKHKGTNGPKXGCWFOCESWKUKVKQPFGNGWTUEQPPCKUUCPEGU
LQHHTKT CWZ CRRTGPCPVU WP FKUEQWTU EQJÃTGPV UWT WPG RTQDNÃOCVKSWG TÃCNKUVGFCPUNGFQOCKPGFGUVÃNÃEQOOWPKECVKQPU
LRTQRQUGTCWZCRRTGPCPVUFGUUQNWVKQPUCTIWOGPVÃGUNGWTRGTOGVVCPVFG TÃUQWFTG FGU RTQDNÂOGU FG IGUVKQP FGU VÃNÃEQOOWPKECVKQPU GP UOCRRW[CPV UWTNGUCRRTQEJGUGVOQFÂNGUFGU[UVÂOGFOKPHQTOCVKQP
LRGTOGVVTG CWZ CRRTGPCPVU FG DÃPÃHKEKGT OÄOG ´ FKUVCPEG FG VWVQTCV CFCRVÃ
.GU RCTVGPCKTGU SWK QPV CRRQTVÃ NGWT RKGTTG ´ NOKPKVKCNKUCVKQP FG 5WRGOUKV UQPV TGURGEVKXGOGPVNO+PUVKVWVPCVKQPCNFGUVÃNÃEQOOWPKECVKQPUFO'XT[NO'EQNGUWRÃTKGWTG OWNVKPCVKQPCNG FGU VÃNÃEQOOWPKECVKQPU FG &CMCT NO'EQNG PCVKQPCNG UWRÃTKGWTG FGU RQUVGUGVVÃNÃEQOOWPKECVKQPUFG;CQWPFÃNGEGPVTG5;('&FG;CQWPFÃ
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