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2TQLGVFW)'6L/WNVKOÃFKCKPVGTCEVKHGVTÃUGCWJCWVFÃDKVGZRÃTKOGPVCVKQP FG HQTOCVKQP ´ FKUVCPEG /+4G*&'(#& YYYETKRVGPUVHTRTQLGVUKPFGZJVON 4ÃUGCWFGRCTVGPCKTGUFWEQPUQTVKWOFWRTQLGV'065'056$TGVCIPG+06'0+%
#NECVGN 7PKXGTUKV[ $WNN (QTOCVKQP %GPVTG FG (QTOCVKQP FGU 2TQHGUUKQPU FG NC
$CPSWG KPUVKVWV '4+'' ÃEQNG FGU OKPGU FO#NGU 5WRÃNGE 76% WPKXGTUKVÃ FG
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%GU ECTCEVÃTKUVKSWGU U[UVÃOKSWGU VQWEJGPV CW PKXGCW RU[EJQNQIKSWG FG NOCRRTGPCPV OCKU CWUUK CW PKXGCW RU[EJQUQEKQNQIKSWG FG NC TGNCVKQP GPVTG CEVGWTU VWVGWTU GVE GV FCXCPVCIG GPEQTG CW PKXGCW QTICPKUCVKQPPGN FG NOKPUVKVWVKQP=%41?
2NWU EQPETÂVGOGPV CW PKXGCW FG NOKPUVKVWVKQP RNWUKGWTU RCTCOÂVTGU UGODNGPVDQWUEWNÃU
.OÃEQPQOKGGVNOQTICPKUCVKQPFGNCETÃCVKQPFGUUWRRQTVURÃFCIQIKSWGU
%GPGUQPVRNWUFGUKPXGUVKUUGOGPVU TÃRCTVKU FCPU NG VGORU RQN[EQRKÃ SWG NOQP COÃNKQTG FOCPPÃG GP CPPÃG OCKU FGU KPXGUVKUUGOGPVU KPKVKCWZ NQWTFU SWK UQPV ´ RTÃXQKT RQWT DCUEWNGT NGU UWRRQTVU RÃFCIQIKSWGU %G POGUV RNWU NOGPUGKIPCPV SWK ETÃG NGU UWRRQTVU OCKU WPG ÃSWKRG RNWTKFKUEKRNKPCKTG KPVÃITCPVNOGPUGKIPCPV
.COKUG´FKURQUKVKQPFGEGUUWRRQTVURÃFCIQIKSWGUFCPUNGECFTGFG FKURQUKVKHUFG(´&%GPOGUVRNWUWPGKORTKOGTKGSWKRGTOGVNCOWNVKRNKECVKQP RJ[UKSWG FGU UWRRQTVU OCKU FGU UGTXGWTU KPHQTOCVKSWGU GV FGU TÃUGCWZ RWKUUCPVUSWKNGUOGVVGPV´FKURQUKVKQPJGVLCXGESWKRNWUGUV WPGEQPVKPWKVÃFGUGTXKEGU
.OCEEQORCIPGOGPVRÃFCIQIKSWGFGEGUUWRRQTVU%GPGUQPVRNWUFGU GPUGKIPCPVU´JGWTGGV NKGW RTÃFÃHKPKU SWK VTCPUOGVVGPV NGWTU UCXQKTU OCKU FGU VWVGWTU SWK CEEQORCIPGPV NQTUSWG NOCRRTGPCPV GP C DGUQKP FCPU NGU NQECWZFGNOKPUVKVWVKQPQW´RCTVKTFGRQUVGUFGVTCXCKNNQECWZQWÃNQKIPÃU
.C NQIKSWG FG TÃRCTVKVKQP FGU CRRTGPCPVU %G PG UQPV RNWU FGU CRRTGPCPVU nECRVKHU SWK UWKXGPV NGU HQTOCVKQPU FG NOKPUVKVWVKQP OCKU FGU CRRTGPCPVU nENKGPVU FKURGTUÃU FQPV EGTVCKPU UGTQPV FCPU NGU NQECWZ FG NOKPUVKVWVKQPSWKXQPVEJQKUKTFGUWKXTGWPGPUGODNGFGOQFWNGURTÃUGPVKGNU GV´FKUVCPEGCRRCTVGPCPV´FKXGTUGUKPUVKVWVKQPU
.GUGPUGKIPCPVUFGNOKPUVKVWVKQPPGUQPVRNWUnECRVKHUWPGORNQ[GWT RTKPEKRCNGVWPVTCXCKNFOGPUGKIPGOGPVFCPUUGUNQECWZKNURGWXGPVVTCXCKNNGT RQWTRNWUKGWTUKPUVKVWVKQPUFCPUNGWTUNQECWZOCKUCWUUK´RCTVKTFGEJG\GWZ
.C NQIKSWG FG RQUKVKQPPGOGPV INQDCN FG NOKPUVKVWVKQP FCPU NG EQPVGZVG FG NOGPUGKIPGOGPV UWRÃTKGWT %G POGUV RNWU WPG NQIKSWG FG RQUKVKQPPGOGPV KPFKXKFWGNRCTGZGORNGXKU´XKUFGUCURGEVUÃNKVKUVGQWXGTVÃEQNGWPKXGTUKVÃ IÃPÃTCNKUVGURÃEKCNKUÃGQWIÃQITCRJKSWGNQECWZPCVKQPCWZ+NUOCIKVFÃUQTOCKU FOWPG NQIKSWG FOCNNKCPEG UVTCVÃIKSWG CXGE FOCWVTGU KPUVKVWVKQPU C[CPV NGU OÄOGURQUKVKQPPGOGPVUÃEQNGUÃNKVKUVGUWPKXGTUKVÃUURÃEKCNKUÃGUGPUEKGPEGU FWTGU QW CW EQPVTCKTG C[CPV FGU RQUKVKQPPGOGPVU EQORNÃOGPVCKTGU
EQWXTCPV VQWVGU NGU UEKGPEGU FG NOKPIÃPKGWT RGPUÃG CXGE QW UCPU FGU QRÃTCVGWTU FG VÃNÃEQOOWPKECVKQP RQTVCKN FOCEEÂU CXGE QW UCPU FGU KPUVKVWVKQPU URÃEKCNKUÃGU FCPU NC (´& %0'& %0#/ CXGE QW UCPU FGU ÃFKVGWTUFGEQPVGPW.GUKPUVKVWVKQPUCWUUKXQPVFGXQKTEQNNCDQTGT
#WPKXGCWFGNOGPUGKIPCPVEGVVGHQKUEKNGUOQFKHKECVKQPURTQHQPFGUFÃL´
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.OGPUGKIPCPV POGUV RNWU FÃVGPVGWT GZENWUKH FGU UCXQKTU KN NGU OGV ´ FKURQUKVKQPXKUUQPKPUVKVWVKQPGVFGHCÁQPINQDCNG
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+NPGVTCPUOGVRNWUFCPUWPGURCEGVGORURTÃFÃHKPKGVRTÃUGPVKGNHCEG´
HCEGRJ[UKSWGKNCEEQORCIPGFCPUWPGURCEGVGORUPÃIQEKÃCXGENOCRRTGPCPV GVnVGEJPQNQIKUÃGPFKTGEVQWGPFKHHÃTÃGPKOCIGQWGPVGZVG
+N POGUV RNWU WPKSWGOGPV NKÃ ´ WPG KPUVKVWVKQP GV UQP GURCEGVGORU KN VTCXCKNNG RQWT RNWUKGWTU FCPU NGU NQECWZ FG EGU KPUVKVWVKQPU QW ´ RCTVKT FG EJG\NWKUGNQPUQPRTQRTGGURCEGVGORU
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3WGN RTQEGUUWU PQVTG CEVKXKVÃ CVGNNG QW PQP IÃPÃTÃ! # SWGN RTKZ! 'V GP HQPEVKQPFGEGNCSWGNNGQTKGPVCVKQPFQPPGT´PQVTGCEVKXKVÃRQWTNGUCPPÃGU´
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.C EQPUVTWEVKQP GV NOÃXCNWCVKQP FOWP U[UVÂOG VQWV EQOOG NOWVKNKUCDKNKVÃ FOWP QWVKN RÃFCIQIKSWG PQXCVGWT VGN NGWT RTGOKGT VKVTG .OÃNGEVTQPKSWG GP SWGUVKQPURQKPVGPVNCPÃEGUUKVÃFOWPGKPPQXCVKQPGPINQDCPVVQWVGUNGUCWVTGU WP RTQEGUUWU INQDCN FOKPPQXCVKQP 1P EQPPCÉV NGU GPLGWZ JWOCKPU GP RCTVKEWNKGTUQWNGXÃURCTFGVGNURTQEGUUWU+EKNCOÃVCRJQTGFGNOCRRTGPVKUUCIG CW UGPU EQPUVTWEVKXKUVG FW VGTOG CRRCTCÉV RTÃEKGWUG ECT WPG KPPQXCVKQP UGODNGDKGPKORNKSWGTWPRTQEGUUWUFOCRRTGPVKUUCIGCXGEVQWVNGFÃUÃSWKNKDTG
=)+1 %41? NG FCPIGT NC TGOKUG GP ECWUG NGU CEEQORCIPGOGPVU CWUUK SWG EGU RTQEGUUWU UQPV UWUEGRVKDNGU FOGZKIGT RCT GZGORNG RQWT PQU GPUGKIPCPVU=$17?#WVTGOGPVFKVTÃHNÃEJKTUWTNOKPPQXCVKQPRÃFCIQIKSWG
EOGUV DKGP TÃHNÃEJKT UWT NOCRRTGPVKUUCIG L GV RCTVCPV NC HQTOCVKQP=&'8?L FGU GPUGKIPCPVU FGU CEVGWTU CW UGPU NCTIG KPENWCPV NGU ÃNÂXGU GV RNWU TCFKECNGOGPV GPEQTG FG NOQTICPKUCVKQP ÃFWECVKXG GNNGOÄOG EOGUV NOKFÃG nFOQTICPKUCVKQP CRRTGPCPVG 3WGNU V[RGU FOCRRTGPVKUUCIG XGWVQP UQNNKEKVGT! 5OCIKVKN FG HCKTG ÃXQNWGT NOQTICPKUCVKQP QW RNWU TCFKECNGOGPV GPEQTG FG SWGUVKQPPGT UGU HQPFGOGPVU OÄOG! 5K VGN GUV NG ECU SWGN CEEQORCIPGOGPVFGEGVCRRTGPVKUUCIGOGVVTGGPRNCEG=$41?!
+N UOCIKV FÃUQTOCKU RQWT NG ITQWRG FOGPUGKIPCPVU FOÃXCNWGT CXGE NOKPUVKVWVKQP GV UGU CEVGWTU SWGNU UQPV NGU EQÖVU HKPCPEKGTU GV JWOCKPU FG NOKPPQXCVKQP´OGVVTGGPRNCEGLNOKPPQXCVKQPJWOCKPGDCUÃGUWTNCTGOKUGGP ECWUGRGTUQPPGNNGEQORQTVCPVWPEQÖVÃNGXÃLGV´RCTVKTFGN´FOGPXKUCIGT CXGEGWZFCPUSWGNNGOGUWTGKNUUQPVRTÄVUGPRC[GTNGRTKZ
$KDNKQITCRJKG
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=$#7?$#7&4+66WVGWTWPGRNCEGFGUHQPEVKQPUWPOÃVKGT!27(
=$'6?$'64#0%1746 / n&G SWGNSWGU QRVKQPU FG RTÃUGPVCVKQP FGU KPHQTOCVKQPU FCPUWPFQEWOGPVOWNVKOÃFKC*[RGTOÃFKCUGVCRRTGPVKUUCIGU2TÃCEVGUGEQNNQSWG
%JCVGPC[/CNCDT[OCK+042+7(/%TÃVGKN
=$17? $174)'1+5 ' n+FGPVKVÃ GV CRRTGPVKUUCIG KP (QTOCVKQP GV F[PCOKSWGU KFGPVKVCKTGU'FWECVKQPRGTOCPGPVGPu
=$41? $41%*+'4 & n.C HQTOCVKQP FCPU NOGPVTGRTKUG WP XGEVGWT RQVGPVKGN FOCRRTGPVKUUCIGEQNNGEVKHFWEJCPIGOGPVKP(%TQUFKT&[PCOKSWGUFWEJCPIGOGPV GPÃFWECVKQPGVGPHQTOCVKQP+042+7(/8GTUCKNNGU
=%#.?%#..10 / FKT .C UEKGPEG GV UGU TÃUGCWZ )GPÂUG GV EKTEWNCVKQP FGU HCKVU UEKGPVKHKSWGU2CTKU5VTCUDQWTI'FKVKQPUNC&ÃEQWXGTVG%QPUGKNFGNO'WTQRG7PGUEQ
=%*1?%*12.+0*2TKUOÃQWPGGZRÃTKGPEGFGEÃFÃTQORÃFCIQIKSWG 4CRRQTVHKPCNDKNCPGVRGTURGEVKXGU%4+26)'6
=%*1 ?%*12.+0 * $100'#7 / %146'5+)417 0 )#.+5510 # n+PVÃITGT NGU J[RGTOÃFKCU FCPU NC HQTOCVKQP GV GURCEGVGORU RÃFCIQIKSWG NOGZRÃTKGPEG FG NO'056KP#EVGUFWGEQNNQSWGGWTQRÃGPUWTNOCWVQHQTOCVKQP2TCVKSWGUFOCWVQHQTOCVKQP FCPUNCUQEKÃVÃFGNOKPHQTOCVKQP)4#('0'5#&&KLQP
=%*1?%*12.+0*GV%146'5+)4170n'PLGWZRU[EJQUQEKCWZNKÃU´NOKPVTQFWEVKQP FG PQWXGCWZ UWRRQTVU FCPU NOGPUGKIPGOGPV KP * %JQRNKP ÃF 2TKUOÃQ WPG GZRÃTKGPEGFGEÃFÃTQORÃFCIQIKSWG4CRRQTVHKPCNDKNCPGVRGTURGEVKXGU%4+26 )'6
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=%41D?%415(FKT&[PCOKSWGUFWEJCPIGOGPVGPÃFWECVKQPGVGPHQTOCVKQP+042 +7(/8GTUCKNNGU
=&'8?&'8'.#;/2GWVQPHQTOGTNGUGPUGKIPCPVU!'5(ÃFKVGWT
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=*'5?*'55 4 .C TGNCVKQP RÃFCIQIKSWG $KDNKQVJÂSWG GWTQRÃGPPG FGU UEKGPEGU FG NOÃFWECVKQP
=/10?/1067.'6$.GUGPLGWZURCVKQVGORQTGNUFWUQEKCN.O*CTOCVVCP
=2#3 ?2#37'.+0 & n.GU ECTVGU FG EQPEGRVU QWVKN RQWT NGU EQPEGRVGWTU GV NGU WVKNKUCVGWTUFOJ[RGTOÃFKCÃFWECVKHKP'$TWKNNCTFCNÃF#EVGUFGUGLQWTPÃGU
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=2.1? 2.1/2 6 $47//'.*7+5 # 2'.)47/ 9, n0QWXGNNGU CRRTQEJGU FG NOGPUGKIPGOGPVFGNOCRRTGPVKUUCIGGVFGNOWVKNKUCVKQPFGUVGEJPQNQIKGUFGNOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP FCPU NOÃFWECVKQP KP 2GTURGEVKXGU XQN ::8++ Pu UGRVGODTG
=217? 217%*#+0#84+. % n&GU GPUGKIPCPVU FW UGEQPF FGITÃ GV FG NGWTU nF[PCOKSWGUKFGPVKVCKTGU'FWECVKQPRGTOCPGPVGPu
=517? 517%*+'4 ' n.O'ETKV FOÃETCP 2TCVKSWGU FOÃETKVWTG GV KPHQTOCVKSWG
%QOOWPKECVKQPGVNCPICIGUR
