CWE WTFGNCUVTCVÃIKG
%JCPIGOGPVFGRCTCFKIOGU IWGTTGFGN O KPHQTOCVKQPTÃUGCWZ ,GCP/CZ0Q[GT
C TÃXQNWVKQP PWOÃTKSWG GV NG FÃXGNQRRGOGPV FGU TÃUGCWZ ÃNGEVTQPKSWGUGUV´NOWXTGCWEWTFGUUQEKÃVÃUQEEKFGPVCNGUFGRWKU NCHKPFGNC5GEQPFG)WGTTGOQPFKCNG.GWTUGZVGPUKQPU´NOGPUGODNG FGNCRNCPÂVGUQWUFGUHQTOGURNWUQWOQKPUURÃEKHKSWGUUGNQPFGUT[VJOGU GV FGU OQFGU FOCRRTQRTKCVKQP RNWU QW OQKPU FKHHÃTGPEKÃU GUV RNWU TÃEGPVG 1P RGWV ITQUUKÂTGOGPV FCVGT EG OQWXGOGPV JQTU FG NC URJÂTG FGU RC[U VGEJPQNQIKSWGOGPV CXCPEÃU FG NC HKP FGU CPPÃGU GV FW FÃDWV FGU CPPÃGU
2QWT CRRTÃJGPFGT FG OCPKÂTG EQTTGEVG NGU KORNKECVKQPU UVTCVÃIKSWGU GV OKNKVCKTGUFGNOCXÂPGOGPVFGEGVVGNKIPÃGVGEJPQNQIKSWGSWOGUVNGPWOÃTKSWG KNEQPXKGPVUGNQPPQWUFGRTÃEKUGTEGSWKGUVGPLGWGVEGFOWPGOCPKÂTGRNWU IÃPÃTCNG
.C TÃXQNWVKQP PWOÃTKSWG UOKPUETKV FOGODNÃG FCPU NC NQPIWG JKUVQKTG GUUGPVKGNNGFGNO'ETKVWTGGVFGNC/ÃOQKTG.CECRCEKVÃFGPWOÃTKUGTNGUUKIPGU FGVQWVGUUQTVGUQRÂTGCWPKXGCWFGNCUVTCVGCPVJTQRQNQIKSWG .C SWGUVKQP IÃPÃTCNG GUV FQPE NC UWKXCPVG SWGNNGU UQPV NGU PQWXGNNGU HQTEGU FCPU NOJQOOGSWKUQPVCEVKXÃGURCTEGUPQWXGNNGUHQTEGUFWFGJQTUVGNNGGUVFQPE NOKPVGTTQICVKQPIÃPÃTCNGSWGPQWUFGXQPUPQWURQUGT
.
.OÃOGTIGPEG FGU VGEJPQNQIKGU PWOÃTKSWGU GV FGU TÃUGCWZ ÃNGEVTQPKSWGU FG OÃOQKTGU FOWP PQWXGCW V[RG CHHGEVG FQPE RQWT RCTVKG NG UQENG CPVJTQRQNQIKSWGJÃTKVÃGVQWXTGWPPQWXGCWXKTVWGNFQPVPQWUEQOOGPÁQPU
´RGKPG´GZRNQTGTNGURTQEGUUWUFOCEVWCNKUCVKQPFKHHÃTGPEKCVKQP&GPQWXGNNGU HQTOGU QTICPKUCVKQPPGNNGU EQOOGPEGPV ´ CRRCTCÉVTG FGU VGORQTCNKVÃU UKPIWNKÂTGUXKGPPGPVVTQWDNGTNGUCPEKGPPGUGVFÃHKPKTFGPQWXGCWZTCRRQTVU FKHHÃTGPVKGNU GPVTG NGU CNNWTGU FW VGORU .GU EQPFKVKQPU FG RTQFWEVKQP FGU UWDLGEVKXKVÃUEJCPIGPVFGPQWXGCWZCHHGEVURGTEGRVUGVEQPEGRVUUGHQTOGPV SWK OGVVGPV ´ NOÃRTGWXG NGU CPEKGPU RCTCFKIOGU &G OÄOG NGU PQWXGNNGU EQPFKVKQPUFGEQPUVTWEVKQPFGNCOÃOQKTGCHHGEVGPVNGURTCVKSWGUEQIPKVKXGU RQNKVKSWGUEWNVWTGNNGU=01;?
%QOOG QP RGWV NG RTGUUGPVKT EG SWK GUV GPICIÃ FGRWKU WP FGOKUKÂENG VQWEJGCWEWTFGPQUUQEKÃVÃU0QWUPGPQWUÃVGPFTQPURCUFCXCPVCIGUWT EGURQKPVU
5WTNGRNCPOKNKVCKTG GV UVTCVÃIKSWG NGU EQPUÃSWGPEGU PG UQPV RCU OQKPU HQTVGU$KGPCWEQPVTCKTGNGUGURCEGUVGORUUVTCVÃIKSWGUNGUFKXGTUGUTGNCVKQPU UVTWEVWTCNGUFOJQUVKNKVÃNGUFKXGTUGUTGNCVKQPUFOCNVÃTKVÃUQPVCWRTGOKGTEJGH EQPEGTPÃU RCT EGU XCTKCVKQPU CPVJTQRQNQIKSWGU 'V EG FOCWVCPV RNWU SWG NGU RJÃPQOÂPGUEQNNGEVKHUFQPVKNUUQPVNOGZRTGUUKQPGVNOGZRTKOÃPQWUOGVVGPVCW EQPVCEV CW RNWU RTÂU EQPVTG OCKU VQWV EQPVTG FOGPEJGXÄVTGOGPVU FG VGORQTCNKVÃUGVFGHQTEGUEQORNGZGUQÔNGRNWUCTEJCÊSWGGVNGRNWUHWVWTKUVG UG OÄNGPV GV UOÃEJCPIGPV UG EQODCVVGPV GV UOCNNKGPV FCPU FGU CNNKCPEGU CNNKCIGURCTHQKUEQPPWUGVTGEQPPWURCTHQKUKPÃFKVUGVDCTDCTGU
&QPE FGRWKU SWGNSWGU FÃEGPPKGU NC SWGUVKQP VGEJPKSWG EOGUV´FKTG NC SWGUVKQP FG NOÃXQNWVKQP FW EQWRNCIG nVGEJPQIÃPÂUGUQEKQIÃPÂUG QEEWRG WPG RNCEG EGPVTCNG %GVVG SWGUVKQP GUV ´ NC VTCXGTUÃG FG VQWVGU NGU OQTRJQIÃPKGU GP EQWTU .GU EQPFKVKQPU UQWU NGUSWGNNGU PQWU PG EGUUQPU FG HCKTG NOGZRÃTKGPEG KPFKXKFWGNNGEQNNGEVKXG FG PQWUOÄOGU UQPV GP RGTOCPGPEGVTCXCKNNÃGU&CPUFGPQODTGWZFQOCKPGUGVUGNQPNGURQKPVUFG XWGGVPKXGCWZFOÃEJGNNGRTKUGPEQORVGPQWU UQOOGU KOOGTIÃUFCPUFGU RTQEGUUWUNQKPFGUÃSWKNKDTGUGVRQWTRCTVKGFÃUQTKGPVÃU
.C RTQFWEVKQP GV NC IGUVKQP FGU OQ[GPU FG NC XKQNGPEG NC RGPUÃG UVTCVÃIKSWG UQPV FCPU EG EQPVGZVG GNNGU CWUUK EQPHTQPVÃGU ´ FG PQODTGWZ RTQDNÂOGU5KPQWUVGPVQPUWPDTGHGVTCRKFGÃVCVFGUNKGWZKNCRRCTCÉVVCPV FWEÏVÃFGUGUQDLGVUSWGFGUGUUWLGVUSWOKNUQPV´HCKTGHCEG´FGUÃXQNWVKQPU VTÂUKORQTVCPVGU
.GU GURCEGUVGORU SWG NC RGPUÃGCEVKQP UVTCVÃIKSWG FQKV RTGPFTG GP EQORVGUQPVGPFKHHÃTGPEKCVKQPETQKUUCPVGGVFGRNWUGPRNWUF[PCOKSWGOGPV GPEJGXÄVTÃU+NUUQPVFGRNWURCTEQWTWURCTFGUOQWXGOGPVUEQORNGZGUFG
FÃVGTTKVQTKCNKUCVKQPTGVGTTKVQTTKCNKUCVKQP+NGPGUVFGOÄOGRQWTNGUCEVCPVU FQPV KNU UQPV NOGZRTGUUKQP GV NOGZRTKOÃ 2CTOK EGWZEK NGU 'VCVU OCLGWTU SWK FQOKPGPV NGU FKXGTU EJCORU UVTCVÃIKSWGU QPV CWUUK RTQHQPFÃOGPV ÃXQNWÃ 7PG EGTVCKPG QDUQNGUEGPEG FGU OQ[GPU FG TÃIWNCVKQP GV FG EQPVTÏNG VTCFKVKQPPGNU PG EGUUG FG ETQÉVTG .GU U[UVÂOGU FG RTQFWEVKQP GV FG IGUVKQP FGUOQ[GPUFGNCXKQNGPEGUQPVUQWOKU´FGRWKUUCPVGUHQTEGUEGPVTKRÂVGUGV NCPCVWTGOÄOGFGURTKPEKRGUFGNCIWGTTGSWGNOQPETQ[CKVUVCDKNKUÃURQWT NQPIVGORUGPEQTGUGODNGPVTGOKUGPECWUG.GUTCRRQTVUGPVTGNGUOQ[GPUGV NGU DWVU FG NC IWGTTG UQPV OQKPU PGVVGOGPV FÃHKPKU SWG RCT NG RCUUÃ GV FG PQWXGCWZGVXCUVGURTQEGUUWUFGFÃVGTTKVQTKCNKUCVKQPTGVGTTKVQTKCNKUCVKQPUQPV
´ NOWXTG SWK VTCXCKNNGPV VCPV NC PQVKQP FG HTQPVKÂTG SWG NC SWGUVKQP FGU HTQPVKÂTGU .GU FKUVKPEVKQPU JÃTKVÃGU UQPV TGOKUGU GP ECWUG FQOGUVKSWG GV ÃVTCPIGT RWDNKE GV RTKXÃ OKNKVCKTG GV EKXKN IWGTTG GV RCKZ IWGTTG KPVGT ÃVCVKSWGGVTÃUGCWZOCHHKGWZETKOGQTICPKUÃW
&G PQWXGCWZ CEVGWTU nVTCPU PG EGUUGPV FG UWTIKT UWT NG FGXCPV FG NC UEÂPG 5WT NG RNCP EQPEGRVWGN EGNC UG VTCFWKV RCT NC RTKUG GP EQORVG FGU FKOGPUKQPUFGRNWUGPRNWUJÃVÃTQIÂPGUFWEJCOREQPHNKEVWGNRCTNCOQPVÃG GP RWKUUCPEG FOQWVKNU RGTOGVVCPV FG RGPUGT NC RTQEGUUWCNKVÃ FW OQPFG UVTCVÃIKSWG NOCEVKXKVÃ FGU CEVCPVU EQOOG nKPEQORNÃVWFG GP RTQEÂU FG RTQFWEVKQP'VEG´FGUPKXGCWZFOÃEJGNNGOWNVKRNGU
%OGUV CKPUK SWG FCPU EG EQPVGZVG NGU nTGRTÃUGPVCVKQPU FGU EJCORU UVTCVÃIKSWGU VCEVKSWGU QPV FÖ UOCFCRVGT CHKP FG RTGPFTG GP EQORVG EGU ECTCEVÂTGU&GRWKUUCPVU OQ[GPUFGOQFÃNKUCVKQPGVUKOWNCVKQP QPV FÖ ÄVTG FÃXGNQRRÃCRRTKXQKUÃUCHKPFGUGFQVGTFGOQ[GPUGHHKECEGURGTOGVVCPVFG RTQFWKTG FGU RTQEÃFÃU CWVQUKORNKHKCPVU RGTOGVVCPV SWG NGU FKURQUKVKHU OKNKVCTQUVTCVÃIKSWGU EQORNGZGU OCKU CWUUK VGEJPQIWGTTKGTU RWKUUGPV ÄVTG WVKNKUÃU EQOOG KPUVCPEGU FG NGWTU RTQRTGU QRÃTCVKQPU .´ EQOOG CKNNGWTU NOCPVKSWGSWGUVKQPFGUOQ[GPUFGRKNQVCIGUÃOKQVKSWGCÃVÃGVEQPVKPWG´ÄVTG ITCPFGOGPV TGPQWXGNÃG 2NWU TÃEGOOGPV GPEQTG NGU FKURQUKVKHU FG
n7PG TGRTQFWEVKDKNKVÃ ÃNGEVTQPKSWG FGU NKGWZ RC[U GV ÃVGPFWGU IÃQITCRJKSWGU GUV GP TGXCPEJG GP EQWTU FG FÃRNQKGOGPV GPEQTG RGW FÃXGNQRRÃG =´ NOGZEGRVKQP FW OQPFG OKNKVCKTGRTÃEKUKQPFGNOCWVGWTFGNOCTVKENG?GNNGQWXTGFOKOOGPUGURGTURGEVKXGUGVEQPUVKVWG DKGPWPGPWOÃTKUCVKQPFGUVGTTKVQKTGUGVFGUGURCEGUFOJCDKVCVKQPRTQEÃFCPVUFWFÃXGNQRRGOGPV FGUQDLGVUPQOCFGUWFGUKPHTCUVTWEVWTGUSWK[UQPVCRRTQRTKÃUWFGUDCNKUGU)25W FGUDCPSWGUFGFQPPÃGUIÃQTÃHÃTGPEÃGUWFGUU[UVÂOGUFOKPHQTOCVKQPIÃQITCRJKSWGU5+) FGUUCVGNNKVGUFGU[UVÂOGUFOCKFGU´NCPCXKICVKQPGVERCTNGUSWGNUGUVGPVTCKPFGUOCOQTEGT WP RTQEGUUWU FG TGVGTTKVQTKCNKUCVKQP UWT NGU TÃUGCWZ GV RCT NGU TÃUGCWZ SWK QWXTG FGU RGTURGEVKXGU VQWV ´ HCKV KPÃFKVGU GV TGFKUVTKDWG NGU GPLGWZ RQNKVKSWGU FG NC UQEKÃVÃ FG NOKPHQTOCVKQP$GTPCTF5VKGINGT.CVGEJPKSWGGVNGVGORU6QOG'FKVKQPU)CNKNÃG2CTKU
EQPEGRVKQPRTQFWEVKQP FGU U[UVÂOGU FOCTOGU QPV EQOOGPEÃ ´ UG VTCPUHQTOGT %GVVG VTCPUHQTOCVKQP UOGUV VQWV FOCDQTF OCPKHGUVÃG RCT WPG KODTKECVKQPETQKUUCPVGFGUCEVGWTURTKXÃUGVRWDNKEUCKPUK SWGRCTFGXCUVGU OQWXGOGPVU FG TGUVTWEVWTCVKQP GV FG EQPEGPVTCVKQP ´ NOKPVÃTKGWT FGU ÃVCVU
%GTVCKPUFGEGUOQWXGOGPVUÃVCPVVTCPUHTQPVKÂTGUVTCPUPCVKQPCWZ
&OCWVTGU ECTCEVÃTKUVKSWGU UQPV ´ PQVGT CKPUK NG TGPXGTUGOGPV FG NC VGPFCPEG SWK XQWNCKV FGRWKU FGU UKÂENGU SWG NGU RTKPEKRCWZ OQWXGOGPVU FOKPPQXCVKQP VGEJPQNQIKSWG UG HCUUGPV RQWT VQWV QW RCTVKG ´ RCTVKT FG NC URJÂTGOKNKVCKTGRTGPFEJCSWGLQWTRNWUFOCORNGWT.GECTCEVÂTGFGRNWUGP RNWU FKUVTKDWÃ FGU FKURQUKVKHU KPPQXCPVU VGPF ´ GHHGV ´ RNCEGT NC RCTVKG nEKXKNGFGUÃVCVUFGUPCVKQPUGPCXCPEG.GUEGPVTGU FG ITCXKVÃ FOKPPQXCVKQP VGEJPQNQIKSWG QTICPKUCVKQPPGNNG UG UQPV CWLQWTFOJWK NCTIGOGPV FÃRNCEÃU XGTU NG UGEVGWT RTKXÃ XGTU NC UQEKÃVÃ EKXKNG .GU HTQPVKÂTGU UQPV FG RNWU GP RNWU OQWXCPVGUGVNGUFKURQUKVKHUFGVQWUQTFTGURCTVKEKRCPVFGNCFÃHKPKVKQPFGNC RWKUUCPEG FG RNWU GP RNWU J[DTKFGU GV EG SWGN SWG UQKV NG PKXGCW FOÃEJGNNG GZCOKPÃ &G OÄOG PQWU CUUKUVQPU ´ WPG OQPVÃG GP RWKUUCPEG FG NC IÃQ ÃEQPQOKG EQOOG EQPVKPWCVKQP QW UWDUVKVWVKQP ´ NC IWGTTG UQWU FOCWVTGU EQPFKVKQPU
%GVVGOQPVÃGGPRWKUUCPEGRQUGFGPQWXGNNGUEQPFKVKQPU´NCFÃHKPKVKQPGV
´ NOGZGTEKEG FG NOCWVQPQOKG UVTCVÃIKSWG 3WOGP GUVKN FQPE CWLQWTFOJWK FG EGVVG SWÄVG FG NOCWVQPQOKG UVTCVÃIKSWG FCPU WP OQPFG J[DTKFG GV EQORNGZG!
.OÃOGTIGPEG FÃL´ PQVÃG FG PQWXGCWZ CEVGWTU RNWU QW OQKPU RWKUUCPVU GV PQPÃVCVKSWGURCTHQKUVTCPUPCVKQPCWZXKGPVVTQWDNGTNCXKUKDKNKVÃGVNCPGVVGVÃ FGU TGNCVKQPU UVTWEVWTCNGU FOJQUVKNKVÃ GVQW FG EQPEWTTGPEG NC RTKXCVKUCVKQP FGNCXKQNGPEGXQKTGFGNCIWGTTGCEEGPVWCPVEGRJÃPQOÂPGFGVTQWDNG'PHKP FG PQWXGNNGU UWDLGEVKXKVÃU GV VGORQTCNKVÃU UQPV ´ NOWXTG FG PQWXGCWZ KOCIKPCKTGU RGWRNGPV NGU EJCORU RQNKVKSWGU GV IÃQRQNKVKSWGU .GU EQPVGPWU FG UWDLGEVKXKVÃU nFÃRGPFGPV =CWLQWTFOJWK? VQWLQWTU RNWU FOWPG OWNVKVWFG FG U[UVÂOGUOCEJKPKSWGU#WEWPFQOCKPG FOGZRTGUUKQP FG RGPUÃG FOKOCIG FOCHHGEVU FG PCTTCVKXKVÃ PG RGWV FÃUQTOCKU RTÃVGPFTG ÃEJCRRGT ´ NOGORTKUG GPXCJKUUCPVG FG NOCUUKUVCPEGRCTQTFKPCVGWTUFGUDCPSWGUFGFQPPÃGUFGNC6ÃNÃOCVKSWGW
n.GU CEVWGNNGU OCEJKPGU KPHQTOCVKQPPGNNGU GV EQOOWPKECVKQPPGNNGU PG UG EQPVGPVGPV RCU FG XÃJKEWNGT FGU EQPVGPWU TGRTÃUGPVCVKHU OCKU GNNGU EQPEQWTGPV ÃICNGOGPV ´ NC EQPHGEVKQP FG 0QWXGCWZ #IGPEGOGPVU FOÃPQPEKCVKQP KPFKXKFWGNU GVQW EQNNGEVKHU =)7# ? 'PHKP FCPU PQU UQEKÃVÃU nCXCPEÃGU WPG PQWXGNNG CPVJTQRQNQIKG FG NC OQTV UG HCKV LQWT SWK CHHGEVG EG SWG PQWU XQWNQPU nTKUSWGT CW EQWTU FG NOWVKNKUCVKQP FGU OQ[GPU FG NC XKQNGPEG
=5%*? %GU ÃXQNWVKQPU GV EGU VTCPUHQTOCVKQPU UQPV ´ NOWXTG RCTVQWV CW UGKPFGUPCVKQPUFGUÃVCVUQEEKFGPVCWZVGEJPQNQIKSWGOGPVCXCPEÃUGVUQWU FOCWVTGUHQTOGUCKNNGWTU
.OKPHQTOCVKQPQDLGVUVTCVÃIKSWGUWTFÃVGTOKPCPV!
%OGUV FQPE FCPU EG ECFTG GV CW OKNKGW FG EGU OQPFGU SWG PQWU FGXQPU CRRTÃJGPFGT GV OGUWTGT NC RNCEG NG UVCVWV FG NC IWGTTG PWOÃTKSWG GV FGU TÃUGCWZ CHKP FG RQWXQKT TÃRQPFTG ´ NC SWGUVKQP FG UCXQKT GP SWQK NOKPHQTOCVKQPUQWUNGUEQPFKVKQPUFWPWOÃTKSWGGVFGUTÃUGCWZGUVQWPOGUV RCU WP QDLGV UVTCVÃIKSWG UWTFÃVGTOKPCPV +N PQWU HCWV FQPE RTÃEKUGT VQWV FOCDQTF NG URGEVTG FGU RTQDNÂOGU FGU QDLGVU SWK UQPV RQTVÃU RCT NGU GZRTGUUKQPU RTQEJGU GV RQWTVCPV FKHHÃTGPVGU EOGUV´FKTG IWGTTG FG NOKPHQTOCVKQPIWGTTGPWOÃTKSWGIWGTTGFGUTÃUGCWZIWGTTGFWUCXQKTFGU KPVGNNKIGPEGU EQNNGEVKXGU IWGTTG XKTVWGNNG IWGTTG FGU EWNVWTGU IWGTTG FGU OÃFKCU&OCWVTGUOQVUGVHQTOWNGUSWKRCTHQKUTÃUQPPGPVEQOOGFGUUNQICPU XKGPPGPV UCVWTGT PQU FKUEQWTU PQVTG CRRTÃJGPUKQP FG EG SWK UG RCUUG /CPKRWNCVKQP FG NOKPHQTOCVKQP RTQVGEVKQP FGU TÃUGCWZ E[DGTYCT ET[RVQITCRJKGW#EGUOQVUFOCWVTGUGPEQTGRNWUURÃEKHKSWGUOCKURQTVGWTU FOGPLGWZ RNWU FKTGEVGOGPV UQEKQRQNKVKSWGU RNWU UVTCVÃIKSWGU UQPV CEEQNÃU XGKNNG KPHQTOCVKQPPGNNG UQEKÃVÃ FG EQPVTÏNG UKOWNCVKQP XKTVWCNKUCVKQP FW EJCORFGDCVCKNNG.QKPFGPQWUFOÃRWKUGTNCNKUVG
2QWTVCPV KN GUV VGORU FOQTICPKUGT NG VTQWDNG RQTVÃ RCT NOÃVGPFWG FGU SWGUVKQPUCKPUKUQWNGXÃGU0QWUPQWUCRRWKGTQPUUWTNOCPCN[UGETKVKSWG FGU 'VCVU7PKUFO#OÃTKSWGGVFOWPGRCTVKGFGUOQWXGOGPVUSWK[UQPV´NOWXTG FCPUNGFQOCKPGOKNKVCKTGGVUVTCVÃIKSWGFGRWKUDKGPVÏVRNWUFOWPGFÃEGPPKG CHKPFO[XQKTRNWUENCKT+NPOGUVRCUKPWVKNGVQWVGHQKUFGTCRRGNGTSWGFÂUNCHKP FG NC 5GEQPFG )WGTTG OQPFKCNG RNWUKGWTU ITCPFGU SWGUVKQPU CXCKGPV ÃVÃ UQWNGXÃGU EQPEGTPCPV NGU OQFGU FG RTQFWEVKQPU FGU UCXQKTU NGU OQFGU FG RTQRCICVKQP FGU RWKUUCPEGU RU[EJKSWGU ´ VTCXGTU NGU PQWXGCWZ OÃFKCU NC OCÉVTKUG FGU UQEKÃVÃU EQORNGZGU NOÃOGTIGPEG FG PQWXGNNGU HQTOGU FOQTICPKUCVKQPFWVTCXCKN2TKPEKRCNGOGPVCZÃUCWVQWTFGUSWGUVKQPUTGNCVKXGU
´ NOCEETQKUUGOGPV FGU ECRCEKVÃU EQIPKVKXGU ´ NC OCÉVTKUG FG FKURQUKVKHU KPVGNNGEVWGNU EQORNKSWÃU GV JÃVÃTQIÂPGU ´ NC OQPVÃG GP RWKUUCPEG FGU TÃUGCWZ GV FG NC EQPVGUVCVKQP FGU UEJÂOGU QTICPKUCVKQPPGNU EGPVTÃU FGUEGPFCPVUUGOGVVGPVGPRNCEGNGUOCVTKEGUEQPEGRVWGNNGUGZRÃTKOGPVCNGU
´ RCTVKT FGUSWGNNGU FCPU VQWU NGU FQOCKPGU FQPV NG FQOCKPG OKNKVCKTG NOÃOGTIGPEG FGU NKIPÃGU VGEJPQNQIKSWGU SWK PQWU KPVÃTGUUGPV XQPV ´ NC HQKU RQWXQKTÄVTGKPVGTRTÃVÃGUVTCXCKNNÃGUFKHHÃTGPEKÃGUGVUOCEVWCNKUGT
3WG TGEQWXTG FQPE VQWVGU EGU GZRTGUUKQPU SWGNU OQWXGOGPVU UQPV ´ NOWXTGGVFGNOCEVKXKVÃFGSWGNUCEVCPVUUQPVKNUNOGZRTGUUKQPGVNOGZRTKOÃ!
6QWV EGNC C EQOOGPEÃ RCT NC OGUWTG FGU VTCPUHQTOCVKQPU XGPCPV ´ NC UWKVG FW FÃXGNQRRGOGPV FGU ITCPFU OÃFKCU FG OCUUG GV NGWT GZVGPUKQP RNCPÃVCKTG CXGE NG EQTVÂIG FGU KPVGTTQICVKQPU NKÃGU ´ NC NÃIKVKOKVÃ FGU
EQPUVTWEVKQPU FGU OQFGU KFÃQNQIKSWGU CHHGEVKHU RGTEGRVKHU FCPU NG ECFTG FOCHHTQPVGOGPVUFGUPCVKQPUFGUEWNVWTGUGVFGUTGNKIKQPU&ÂUNGFÃDWVFGU CPPÃGUNCRGPUÃGUVTCVÃIKSWGRTKPEKRCNGOGPVCOÃTKECKPGCEQOOGPEÃ
´ RTGPFTG NC OGUWTG UKPQP FG NOQDUQNGUEGPEG FG NC HQTEG DTWVCNG RQWT NG OQKPU FGU HQTEGU PQWXGNNGU SWK XGPCKGPV NC EQPVTCKPFTG .C OKUG GP EQPPGZKQP FGU EWNVWTGU ´ VTCXGTU NGU HQTOGU PQWXGNNGU FG NC RTQRCICVKQP EQPUVTWEVKQP FGU ÃXÃPGOGPVU NGU ÃEJCPIGU FOCHHGEVU NKÃU CWZ OÃFKCU FG OCUUG DTGH NC FKOGPUKQP FG RNWU GP RNWU nKPEQTRQTGNNG FGU TGNCVKQPU EQPHNKEVWGNNGUVQWVEGNCCEQPFWKV´TGOGVVTGGPECWUGNGRQWXQKTFGEQJÃUKQP SWG NC XKQNGPEG GV UGU OQ[GPU FG IGUVKQP CXCKGPV RW RQTVGT RCT NG RCUUÃ
%QOOG NOÃETKXCKV CNQTU 5VCPNG[ *QHHOCPP NC HQTEG GUV UQWXGPV WP OQ[GP VTQR DTWVCN HCEG ´ NC UWDXGTUKQP GPFÃOKSWG GV ´ RGVKVG ÃEJGNNG GNNG GUV CW EQPVTCKTG WP OQ[GP VTQR NKOKVÃ HCEG ´ FGU RTQEGUUWU W ´ ITCPFG ÃEJGNNGW 2CTEQPVTGNGRQWXQKTFGUKOCIGUGVFGUOQVUUGODNGFÃXGNQRRGTWPGXKGGP UQK RWKUSWG nWVKNKUÃU RQWT GZRNKSWGT GV FÃETKTG WPG RQNKVKSWG KNU HKPKUUGPV RCT TGORNCEGT NC RQNKVKSWG GNNGOÄOG =*1( ? 2TÃEGUUKQP FGU UKOWNCETGU RQWT TGRTGPFTGNOGZRTGUUKQPFG,GCP$CWFTKNNCTFSWKGPIGPFTGNGTÃGN=$#7?
0QWUPGPQWUÃVGPFTQPURCUUWTEGUSWGUVKQPUKEK%GSWKPQWUKPVÃTGUUGRNWU RTQHQPFÃOGPVEOGUVFGOGVVTGGPÃXKFGPEGNGUOCPKÂTGUFQPVNGPWOÃTKSWGGV NGU TÃUGCWZ ÃNGEVTQPKSWGU RCTVKEKRGPV FOWP XCUVG RTQEGUUWU FG VTCPUHQTOCVKQPFKHHÃTGPEKCVKQP FGU HQTOGU FG IWGTTG GV FG NOCEVKQP UVTCVÃIKSWG
.CIWGTTGFGNOKPHQTOCVKQPGVNCTÃXQNWVKQPPWOÃTKSWG
.C IWGTTG FG NOKPHQTOCVKQP C RTKU GP GHHGV WPG FKOGPUKQP PQWXGNNG CXGE NOÃOGTIGPEGFGUOÃOQKTGUPWOÃTKSWGUGVFGUTÃUGCWZÃNGEVTQPKSWGU6CPVCW PKXGCW VCEVKSWG SWG UVTCVÃIKSWG GNNG GUV CW EWT FW XCUVG RTQEÂU FG VTCPUHQTOCVKQPSWKVQWEJGFGOCPKÂTGIÃPÃTCNGNGUHQTOGUQTICPKUCVKQPPGNNGU FCPUNGOQPFGVGEJPQNQIKSWGOGPVCXCPEÃ2NWUKGWTUFKOGPUKQPUUQPVRTKUGU GPEQORVGIÃPÃTCNGOGPVNQTUSWGNOQPVTCKVGFGEGUSWGUVKQPU
+N EQWTCPV OÄOG DCPCN FG OGVVTG NOCEEGPV UWT NGU CURGEVU VGEJPKSWGU
%GVVG CRRTQEJG POGUV RCU VQWLQWTU VGEJPKEKUVG 6QWVGHQKU NQTUSWG EOGUV GHHGEVKXGOGPV NG ECU NGU RTQDNÂOGU UQWNGXÃU POGP TGUVGPV RCU OQKPU NKÃU FOWPG OCPKÂTG QW FOWPG CWVTG ´ FGU SWGUVKQPU RQNKVKSWGU ÃEQPQOKSWGU UQEKCNGUUÃEWTKVÃFGUTÃUGCWZHKCDKNKVÃRTQDNÂOGUFGET[RVCIGÃVCPVFCPUEG ECU RGPUÃU ´ VTCXGTU NGU UEJÂOGU FQOKPCPVU JÃTKVÃU 7PG CWVTG FKOGPUKQP VQWEJG ´ NC VTCPUHQTOCVKQP FGU OQFGU FG RTQFWEVKQP GV FG EKTEWNCVKQP FGU UCXQKTU.GUPQWXGCWZOQFGUEQNNGEVKHUGVEQQRÃTCVKHUNGUPQWXGNNGUHCÁQPUFG
HCKTG EQPXGTIGT FGU TGUUQWTEGU FKUVTKDWÃGU CHHGEVCPV CNQTU NGU TCRRQTVU RQNKVKSWGUNGUNÃIKVKOKVÃUJKÃTCTEJKSWGU
%GVVG EQORNGZKHKECVKQP FKHHÃTGPEKCVKQP C GPVTCÉPÃ FG PQWXGCWZ V[RGU FG XWNPÃTCDKNKVÃUGVNCRTKUGFGEQPUEKGPEGSWGNGUTCRRQTVUFGRWKUUCPEGÃVCKGPV RQWT WPG NCTIG RCTV TGFÃHKPKU RCT NGU TCRRQTVU FG HQTEG GPVTG NGU FKXGTU GPUGODNGU FOKPVGNNKIGPEGU EQNNGEVKXGU EQPUVKVWVKHU FGU ÃVCVU PCVKQPU QW GPUGODNGUFOCEVGWTUSWGNEQPSWGUKORNKSWÃUFCPUFGUTGNCVKQPUEQORÃVKVKXGU JQUVKNGUGVQWXKQNGPVGU
5WT NG RNCP RNWU URÃEKHKSWGOGPV OKNKVCKTG NC FÃHKPKVKQP FG NC IWGTTG FG NOKPHQTOCVKQP[EQORTKUFCPUUGUFKOGPUKQPUPQPPWOÃTKSWGUVGNNGSWOGNNG GUV FQPPÃG RCT NG OKPKUVÂTG COÃTKECKP FG NC FÃHGPUG GUV NC UWKXCPVG %OGUV NOGPUGODNGFGUCEVKQPUGPVTGRTKUGURQWTCHHGEVGTVQWVQWRCTVKGFGUUVTWEVWTGU GVRTQEGUUWUKPHQTOCVKQPPGNUFGUTÃUGCWZFGEQOOWPKECVKQPFGUU[UVÂOGU NQIKEKGNU FGU OÃOQKTGU PWOÃTKSWGU RCTVKEKRCPV CW OCKPVKGP GV CW FÃXGNQRRGOGPV FG NC RWKUUCPEG COÃTKECKPG .C IWGTTG KPHQTOCVKQPPGNNG EQORTGPFFQPECWUUKNOGPUGODNGFGURTQEGUUWUGVEQPFKVKQPUPÃEGUUCKTGU´NC RTQFWEVKQP GV NC RTQVGEVKQP FG VGNU TÃUGCWZ RTQEGUUWU QWVKNU &G OCPKÂTG RNWU NCTIG GV OQKPU VGEJPKEKGPPG NC IWGTTG KPHQTOCVKQPPGNNG EQPUKUVG GP ICTFCPV NC RQUKVKQP FQOKPCPVG FCPU NGU UGEVGWTU RTÃEÃFGOOGPV EKVÃU ´ CUUWTGTNOGHHKECEKVÃFGNOGPUGODNGFGUU[UVÂOGUFÃEKUKQPPGNU%GVVGFÃHKPKVKQP UGTCKV VQWVGHQKU KPEQORNÂVG UK NOQP PG RTÃEKUCKV RCU SWG NC IWGTTG FG NOKPHQTOCVKQP UG XGWV CWUUK WPG CWVTG OCPKÂTG FG RGPUGT NC IWGTTG NGU EQPHNKVU NGU OQ[GPU FG HCKTG NC IWGTTG GP UOKORQUCPV ´ UQKOÄOG RQWT OKGWZ GP FÃRQUUÃFGT NGU CWVTGU FG PQWXGNNGU HQTOGU FOQTICPKUCVKQP GV FG IGUVKQP FGU VGORQTCNKVÃU FG PQWXGCWZ OQFGU FG XKUKDKNKVÃ FW EJCOR FG DCVCKNNGFGUUVTWEVWTGUFGEQOOCPFGOGPVURNWUUQWRNGU
5WT WP RNCP RNWU IÃPÃTCN EG SWG NOQP GPVGPF CWZ 'VCVU7PKU RCT KPHTCUVTWEVWTGU KPHQTOCVKQPPGNNGU EQOOWPKECVKQPPGNNGU EQORTGPF NC 0CVKQPCN +PHQTOCVKQP +PHTCUVTWEVWTG 0++ NC )NQDCN +PHQTOCVKQP +PHTCUVTWEVWTG )++ GV NC &GHGPUG +PHQTOCVKQP +PHTCUVTWEVWTG &++ +N UOCIKV FOCUUWTGT FCPU WP RTGOKGT VGORU NC UWRÃTKQTKVÃ KPHQTOCVKQPPGNNG FCPU NG UGEVGWTFGUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP
%GVVGUWRÃTKQTKVÃFQKVFQPPGTWPGOCTIGFGOCPWXTGEQPUKFÃTCDNGCWRNCP IÃQUVTCVÃIKSWG XQKTG FG NC ITCPFG UVTCVÃIKG EOGUV´FKTG SWOGNNG FQKV RGTOGVVTG FG IÃTGT FCPU NG VGORU NC OCÉVTKUG ÃEQPQOKSWG RQNKVKSWG UVTCVÃIKSWG FGU HNWZ KPHQTOCVKQPPGNU HKPCPEKGTU UEKGPVKHKSWGU EWNVWTGNU TGNKIKGWZ FGU OÃOQKTGU PWOÃTKSWGU DTGH FG nNOKPVGNNKIGPEG NQIKEKGNNG FW OQPFG +N UOCIKV ´ VTCXGTU NC OCÉVTKUG FW OCKPVKGP FG NC UWRÃTKQTKVÃ FGU ECRCEKVÃU FOKPPQXCVKQP FGU PQTOGU FG ETÃGT RQWT UQKOÄOG FG NC FWTÃG RQWTGPRTKXGTFOCWVCPVNGUCWVTGU&CPUWPUGEQPFVGORUKNUOCIKVFOCUUWTGT
NC EQPVKPWKVÃ FG EG RTQLGV +N EQPXKGPV FQPE CHKP FG OCKPVGPKT GP ÃVCV EGU KPHTCUVTWEVWTGUFGNGURTQVÃIGTEQPVTGFGUCVVCSWGUQWOCPWXTGUFGUVKPÃGU
´ GP CNVÃTGT NG DQP HQPEVKQPPGOGPV GV CKPUK ´ RGTVWTDGT NGU FKURQUKVKHU FÃEKUKQPPGNU GV FCPU WP VGORU RNWU NQPI FG RGTVWTDGT NGU UVTCVÃIKGU FG FQOKPCVKQPRCTNOGZVGPUKQPFGURTQEGUUWURQNKVKEQÃEQPQOKSWGUURÃEKHKSWGU
&KHHWUKQP FGU EQPVTCKPVGU PQTOGU OQFÂNGU CVVCEJÃU CW TGPHQTEGOGPV FGU OCTEJÃU GV FGU TÃUGCWZ FOCEVCPVU SWK NGU EQPUVKVWGPV +N UOCIKV N´ GPEQTG FG HCKTG LQWGT ´ UQP CXCPVCIG NGU VTCPUHQTOCVKQPU SWG NOQP UWUEKVG UQKOÄOG EQPEGTPCPVNGUTÃUGCWZGVOQFGUFGRTQFWEVKQPFGUUCXQKTUFCPUNGEQPVGZVG PWOÃTKSWGGVSWKCHHGEVGPVGPHKPFGEQORVGNGUOQFGUFOCFOKPKUVTCVKQPFGU UQEKÃVÃU FG EQPVTÏNG CKPUK SWG NGU PQWXGNNGU HQTOGU KORÃTKCNGU %QPLWIWCPV HQTOGU VTCPUEGPFCPVGU GV DWTGCWETCVKSWGU FG IGUVKQP UVTCVÃIKSWG GV IQWXGTPCPEG RCT NC FKUUÃOKPCVKQP FGU PQWXGNNGU PQTOGU nNG XKGWZ RTKPEKRG CFOKPKUVTCVKH FOWPKXGTUCNKVÃ VTCKVCPV VQWVGU EJQUGU ÃICNGOGPV GUV TGORNCEÃ RCT NC FKHHÃTGPEKCVKQP GV NOKPFKXKFWCNKUCVKQP FGU RTQEÃFWTGU EJCEWPG ÃVCPV VTCKVÃGU FKHHÃTGOOGPV W &G EG RQKPV FG XWG NOCEVKQP CFOKPKUVTCVKXG GUV FGXGPWG HQPFCOGPVCNGOGPV PQP UVTCVÃIKSWG GV GNNG UG VTQWXG NÃIKVKOÃG RCT FGU OQ[GPU JÃVÃTQIÂPGUGVKPFKTGEVU=0')?
%GRGPFCPV GP EG SWK EQPEGTPG NGU OQ[GPU OKNKVCKTGU GV UVTCVÃIKSWGU RTQRTGOGPV FKVU NC RTKUG GP EQORVG FGU XWNPÃTCDKNKVÃU QHHGTVGU RCT EGU PQWXGNNGUEKDNGUFGXKGPVGUUGPVKGNNG&GNCEGKPVWTGQTDKVCNGCWZOKETQTÃUGCWZ ÃNGEVTQPKSWGUFGVQWVGUUQTVGUGPRCUUCPVRCTNGUOÃOQKTGUPWOÃTKSWGUNGU KPVGTHCEGUGVNGUÃNÃOGPVUNQIKEKGNUKNEQPXKGPVFOCPVKEKRGTGVFGTÃHNÃEJKTCWZ PQWXGNNGU OGPCEGU CKPUK SWOCWZ RQUUKDKNKVÃU SWOGNNGU QWXTGPV FCPU NG ECFTG FGUFÃHKUCU[OÃVTKSWGUQÔRGWXGPVUOKPXGTUGTNGUTCRRQTVUFWHCKDNGCWHQTV
&CPU NG ECFTG FOCU[OÃVTKGU VGEJPQRQNKVKSWG HQTVGU QW DKGP FCPU NG ECFTG FOCU[OÃVTKGU CPVJTQRQNQIKSWGU GV EWNVWTGNNGU OCTSWÃGU OCKU CWUUK FCPU NG ECFTGFGTKXCNKVÃURTQEJGUFGNCU[OÃVTKGXQKTGFGTKXCNKVÃUOKOÃVKSWGUNGU CEVKQPU UWUEGRVKDNGU FOCNVÃTGT NGU U[UVÂOGU KPHQTOCVKQPPGNU EQOOWPKECVKQPPGNU QW FG NGU OCPKRWNGT CW PKXGCW FGU EQPVGPWU FG NC UÃEWTKVÃFQKXGPVÄVTGCPVKEKRÃGU5CDQVCIGUFGNOKPVÃTKGWTCVVCSWGUEQPVTGNG JCTFYCTG GV NG UQHVYCTG RÃPÃVTCVKQP FGU TÃUGCWZ FKUUÃOKPCVKQP FGU XKTWU VQWV EGNC EQPUVKVWG NGU FKOGPUKQPU FG EG SWOKN GUV EQPXGPW NC IWGTTG E[DGTPÃVKSWG
%OGUV FQPE GP ITCPFG RCTVKG UWT EG HQPF FG F[PCOKSWGU GV FG VTCPUHQTOCVKQPUHQTVGUSWGPQWUFGXQPUGZCOKPGTNCSWGUVKQPFGNOGZVGPUKQP FGUPÃEGUUKVÃUOKNKVCKTGUGVUVTCVÃIKSWGUFÂUNQTUSWOGNNGGPICIGFGOCPKÂTG HQTVGNGUTGUUQWTEGUFKUVTKDWÃGU.CIWGTTGPWOÃTKSWGQPNOCXWVQWEJCPVCW RNWU RTQHQPF CWZ HQTOGU FOQTICPKUCVKQP FG NC FÃHGPUG FG UGU U[UVÂOGU FG EQPEGRVKQPRTQFWEVKQP FG U[UVÂOGU FOCTOGU GV GP RCTVKEWNKGT ´ WPG TGFÃHKPKVKQP FG
NOGZRNQKVCVKQPFGUTGUUQWTEGUFKUVTKDWÃGUFGNCPCVKQPXQKTGFOWPGPUGODNGFGPCVKQPU 2CTTGUUQWTEGUFKUVTKDWÃGUPQWUGPVGPFQPUNOGPUGODNGFGUCIGPEGOGPVURNWU QWOQKPUJ[DTKFGUSWKEQPEQWTGPVCWLQWTFOJWK´NCRTQFWEVKQPFGTKEJGUUGU HKPCPEKÂTGU EQIPKVKXGU EWNVWTGNNGU UEKGPVKHKSWGU GV VGEJPKSWGU GV RCTVKEKRGPVFGNCFÃHKPKVKQPFGPQWXGCWZTCRRQTVUFGRWKUUCPEG
&G EG RQKPV FG XWG NC SWGUVKQP GUV FOCEEÃFGT ´ WPG OGKNNGWTG EQORTÃJGPUKQPFGUNKGPUPQWXGCWZSWKUQPVVKUUÃUGPVTGNCUQEKÃVÃEKXKNGGVNC UQEKÃVÃ OKNKVCKTG GPVTG CEVGWTU RTKXÃU GV CEVGWTU RWDNKEU CKPUK SWG FGU FKHHKEWNVÃUGVEQPVTCKPVGUSWKTÃUWNVGTCKGPVGVPGOCPSWGTQPVRCUFGTÃUWNVGT FOWPGXCTKCVKQPFGHCEVQFGEGUNKGPU%GOQWXGOGPVRQNKVKEQUVTCVÃIKSWGGVNC RTQDNÃOCVKSWG SWK NOCEEQORCIPG RQTVG CWZ 'VCVU7PKU NG PQO FG nEKXKNKCPK\CVKQP 0QWU RTQRQUQPU FG NG ICTFGT GP NG HTCPEKUCPV nEKXKNKCPKUCVKQP
.CnTÃXQNWVKQPFCPUNGUCHHCKTGUOKNKVCKTGU
&GRWKU WPG FK\CKPG FOCPPÃGU GV EG FCPU NC HQWNÃG FG NOGHHQPFTGOGPV FW DNQE UQXKÃVKSWG NC TÃHNGZKQP UWT NC OCEJKPG FG IWGTTG COÃTKECKPG DCV UQP RNGKP .C OKUG GP RNCEG RTQITGUUKXG GV EQORNGZG FG PQWXGNNGU HQTOGU FOQTICPKUCVKQP NGU OQWXGOGPVU FG TGUVTWEVWTCVKQP FGU KPFWUVTKGU FG FÃHGPUG NC FKUEWUUKQP UWT NGU OQFGU GV HKPCNKVÃU UVTCVÃIKSWGU UG UQPV HCKVU RQWTWPGITCPFGRCTVKGCWVQWTFGNCSWGUVKQPFKVGFGNC4ÃXQNWVKQPFCPUNGU CHHCKTGUOKNKVCKTGU
#WVQWTFGEGFÃDCV4GXQNWVKQPKP/KNKVCT[#HHCKTUNGEJCPVKGTUVTCVÃIKSWG GZJKDG´PQWXGCWUGUKPEGTVKVWFGUUGURCTCFQZGUUCEQORNGZKVÃ
3WQK FG RNWU PQTOCN .QKP FGU ÃSWKNKDTGU JKUVQTKSWGU SWCPF NC VTCPUHQTOCVKQP CPVJTQRQNQIKSWG SWCPF NGU GURCEGUVGORU UVTCVÃIKSWGU GV OKNKVCKTGU UG FKHHÃTGPEKGPV RTQHQPFÃOGPV GV GPVTGPV RQWT EGTVCKPU FCPU FGU TCRRQTVU KPÃFKVU UQWU NC RTGUUKQP FGU VGEJPQNQIKGU PWOÃTKSWGU GV FGU VGEJPQNQIKGU KPHQTOCVKQPPGNNGU GV EQOOWPKECVKQPPGNNGU GV SWG NC SWGUVKQP FGUHTQPVKÂTGUGVFGUNKOKVGUFGVQWUQTFTGURTGPFFGNOCORNGWTKNGUVPQTOCN SWOKN [ CKV WPG nETKUG FGU HQPFGOGPVU UGNQP NOGZRTGUUKQP FW IÃPÃTCN . 2QKTKGT6QWVGHQKUPQWUNGUCXQPUCWUUKEGVVGETKUGPOGUVRCUÃICNGRQWTVQWU NGUCEVGWTU
%GVVG GZRTGUUKQP 4/# TGEQWXTG WP GPUGODNG FOKPVGTTQICVKQPU GV FG VTCPUHQTOCVKQPUSWKUQPVCWVCPVFGVGPVCVKXGUFGRGPUGTGVFOGZRNQKVGT´UQP CXCPVCIG NGU GHHGVU FG NC FQOKPCPEG RCT NOKPHQTOCVKQPEQOOWPKECVKQP CW UGPUNCTIG
+PHQTOCVKQPEQOOWPKECVKQPCWUGPUNCTIGEOGUV´FKTGCWUUKGVCWFGN´FG NCRTQFWEVKQPFOKPHQTOCVKQPFGUQPVTCKVGOGPVFGUQPGZRNQKVCVKQPGVFGUC RTQVGEVKQP FGU VGEJPKSWGU UCVGNNKUÃGU GV KPHQTOCVKUÃGU FG NOQDUGTXCVKQP FG NOKPVGNNKIGPEG CW UGPU CPINCKU GV HTCPÁCKU FW VGTOG NGU KPVGNNKIGPEGU EQNNGEVKXGU NG ECRKVCN EQIPKVKH CPVJTQRQNQIKSWG EWNVWTGN NGU HQTOGU QTICPKUCVKQPPGNNGU
&GEGRQKPVFGXWGNCSWGUVKQPIÃPÃTCNGRGWVÄVTGCKPUKHQTOWNÃGGPSWGN UGPU UQWU NGU EQPFKVKQPU CPVJTQRQNQIKSWGU GV UQEKQVGEJPKSWGU CEVWGNNGU GV ÃXQSWÃGU CW FÃDWV NOKPHQTOCVKQPEQOOWPKECVKQP GUVGNNG WP QDLGV UVTCVÃIKSWGUWTFÃVGTOKPCPV!
&G HCÁQP RNWU RTÃEKUG SWG RTQFWKUGPV EGU EQPFKVKQPU EQOOG EJCPIGOGPVUSWKCHHGEVGTCKGPVEGSWKGUVCRTÂUVQWVWPGFGURNWUCPEKGPPGU SWGUVKQPUFGNCUVTCVÃIKG!
.C 4/# VQWVGHQKU PG UCWTCKV ÄVTG EQORTKUG FCPU UQP GPVKGT UK NOQP PG RTGPCKV RCU EQORVG FGU F[PCOKSWGU SWK UQPV ´ NOWXTG FG OCPKÂTG OQKPU GZRNKEKVG GP UQP UGKP OÄOG EOGUV´FKTG NC n4GXQNWVKQP KP $WTGCWETCVKE
#HHCKTU 4$# NC n4GXQNWVKQP KP .QIKUVKE #HHCKTU 4.# GV NC n4GXQNWVKQP KP &KRNQOCVKE #HHCKTU 4&# 0QWU TGXKGPFTQPU UWT EGU F[PCOKSWGUGVNGWTCTVKEWNCVKQPRNWUVCTF
.CETKUGFGUHQPFGOGPVU
%GVVG ETKUG FQPE RCTEG SWOGNNG GUV nETKUG FGU HQPFGOGPVU POCHHGEVG RCU UGWNGOGPVNGEJCPVKGTUVTCVÃIKSWG'NNGCHHGEVGNOGPUGODNGFGURTQFWEVKQPUGV TGRTÃUGPVCVKQPU FW OQPFG QEEKFGPVCNQTKGPVCN CXCPEÃ FG NGWTU HQTOGU QTICPKUCVKQPPGNNGU GV EG CW RNWU RTQHQPF %OGUV RQWT EGNC OÄOG SWG LOCK ÃXQSWÃ FOGODNÃG NC FKOGPUKQP CPVJTQRQNQIKSWG FG NC nETKUG FGU HQPFGOGPVU
+N[CETKUGFGNCRGPUÃGUVTCVÃIKSWGRCTEGSWOKN[CETKUGCPVJTQRQNQIKSWG
%GSWKPGEGUUGFGXGPKTCWFGXCPVFGPQWULOÃOQKTGU VGEJPQRQNKVKSWGU ÃEQPQOKSWGU DKQNQIKSWGU L FÃL´ N´ OCEJKPKSWG EQORNGZG L UG VTQWXG EQPHTQPVÃCWZPQWXGNNGUNKIPÃGUVGEJPQNQIKSWGUVGEJPQIÃPÂUGFQPESWKGUV GPCXCPEGUWTNCUQEKQIÃPÂUGEOGUV´FKTGUWTNOGZRNQTCVKQPCRRTQRTKCVKQPFGU HQTEGUGVUWDLGEVKXKVÃUSWGEGUNKIPÃGUGPFGXGPKTRQTVGPVGVRTQOGWXGPV'P EGOQOGPVPQWUGZRNQTQPUGVGZRÃTKOGPVQPUFCPUNGFQOCKPGUVTCVÃIKSWG GV OKNKVCKTG NGU PQWXGCWZ V[RGU FG HQTEGU FG VGPUKQPU FG RGTEGRVKQPU FG EQPEGRVU PQWU GZRÃTKOGPVQPU NGU XCTKCVKQPU SWK CHHGEVGPV NC PCVWTG FGU TGNCVKQPUUVTWEVWTCNGUFOJQUVKNKVÃNCFÃHKPKVKQPFGUTCRRQTVUFGRWKUUCPEGCW UGPUNCTIGNGTCRRQTVCWEQTRU´NCOQTVNGURJÃPQOÂPGUFGETQ[CPEG
%GU VTCPUHQTOCVKQPU UQPV FG PCVWTG CPVJTQRQNQIKSWG GV EOGUV DKGP FG NOJQOOGFQPVKNGUVSWGUVKQPFGUJQOOGUFGNGWTURCUUKQPUGVKPVÃTÄVUGVFG NGWT ÄVTGGPUGODNG FG NC XKQNGPEG FCPU FGU EQPFKVKQPU DKQVGEJPKSWGU RTQHQPFÃOGPVTGPQWXGNÃGURQWTNO'ORKTGGVRQWTPQWUOÄOGU'VEGSWOKN UOCIKUUG FG UQP WUCIG =5%* ? FG UQP FÃUKT FG NC RTQFWEVKQP FGU QDLGVU OKNKVCKTGUSWKNCOÃFKCVKUGGVNCHQPVÄVTG=.#0?SWOKNUOCIKUUGGPEQTGFGU RTQEGUUWU OKOÃVKSWGU =)+4 ? XQKTG FOKPFKHHÃTGPEKCVKQP =$#7? SWK XKGPPGPV UG JGWTVGT CXGE HQTEG CWZ RTQEGUUWU FOCNVÃTCVKQP DKQVGEJPKSWGU DKQRQNKVKSWGU
%OGUV GPEQTG NG OQWXGOGPV EQORNGZG FOCEVWCNKUCVKQP FW TGNKIKGWZ CWLQWTFOJWK SWK POGUV RCU nUKORNG TGVQWT ECT UC OQPFKCNKVÃ GV UGU HKIWTGU VÃNÃVGEJPQOÃFKC UEKGPVKHKSWGU ECRKVCNKUVKSWGU GV RQNKVKEQÃEQPQOKSWGU TGUVGPV QTKIKPCNGU GV UCPU RTÃEÃFGPV =&'4 ? 'V RNWU RCTVKEWNKÂTGOGPV FCPUEGOQWXGOGPVEQORNGZGFOWPGRCTVNCRWNUKQPRCEKHKECVTKEGCWUGPUNG RNWUEQNQPKCNRQTVÃGRCTnNGEQORNGZGGWTQRÃQCPINQCOÃTKECKPWPGUQTVG FG OQPFKCNCVKPKUCVKQP GP EQPHNKV CXGE NGU FKHHÃTGPEKCVKQPU GV TÃUKUVCPEGU TGNKIKGWUGU KUUWGU FGU CWVTGU URJÂTGU GV FOCWVTG RCTV NG EQWRNCIG SWK TGPF nKPFKUUQEKCDNGNCTGNKIKQPGVNCTCKUQPVÃNÃVGEJPQUEKGPVKHKSWGFCPUUQPCURGEVNGRNWU ETKVKSWGGVTÃCIKVKPÃXKVCDNGOGPV´NWKOÄOGGVnUGETÂVG UCRTQRTGCPVKFQVGOCKU CWUUK UQP RTQRTG RQWXQKT FOCWVQKOOWPKVÃ =&'4 ? %GEK GUV ´ OGVVTG GP TGNCVKQP ETKVKSWG CXGE NC VJÂUG FG 5COWGN 2 *WPVKPIVQP FCPU %NCUJ QH
%KXKNK\CVKQPUCPFVJG4GOCMKPIQH9QTNF1TFGT=*70?
&KHHÃTGPEKCVKQP N´ GPEQTG FGU TGNKIKQPU OQPVÃG FG NOKOOCPGPVKUOG ETQ[CPEGUVTCXCKNNCPVEQPVTGOCKUVQWVEQPVTGNGUKOCIKPCKTGUFGUHTQPVUNGU RNWUCXCPEÃGUFGNCVGEJPQUEKGPEGGVLGWFCPIGTGWZSWKFWJCWVFGNOGORKTG EQPUKUVG ´ KPVTQFWKTG UWT NC DCUG FG EGVVG FKHHÃTGPEKCVKQP GV FGU EQPHNKVU JÃTKVÃU FGU UVTCVÃIKGU FG EJCQVKUCVKQP GV FG FGUVTWEVKQP FGU NKGPU CPVJTQRQNQIKSWGU ÃEQPQOKSWGU TGNKIKGWZ HQPFCPV NGU UQEKÃVÃU FGU RC[U CWZOCTIGURTQEJGUQWNQKPVCKPGUFGUCEVGWTUFQOKPCPVUGVFKEVCPVNCPQTOG CHKPFGOKGWZRQWXQKTNGUTCOGPGTFCPUNGUGKPFGURTQEGUUWUFGECRVWTGFGU OCTEJÃU KORÃTKCWZ QW FQOKPCPVU 3WKVVG ´ XQWNQKT NGU KPUVTWOGPVCNKUGT EQOOGCEVGWTUKPVGTFKVUFOCWVQPQOKGFCPUFGU\QPGUHTQPVKÂTGU´XQWNQKT NGU TÃFWKTG ´ FGU HQPEVKQPU CTEJCÊSWGU GV ´ NGU HCKTG NG RNWU NQPIVGORU RQUUKDNGCWVQIGUVKQPPCKTGUFGNGWTRTQRTGFQOKPCVKQP,GWFCPIGTGWZSWKPG UCKVSWGNNGUDQÉVGUFG2CPFQTGKNQWXTGKEKGVN´LGWFCPIGTGWZSWKTÄXGFOWP EQPVTÏNGEQPVKPWGVVQVCNUWTNGURTQEGUUWUFOCNVÃTCVKQP
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EQOOGCKNNGWTUEOGUVNCOCEJKPGUQEKCNGSWKUWTRNQODGNOÃNÃOGPVVGEJPKSWG n%GSWKGUVRTGOKGTRCTTCRRQTV´NOÃNÃOGPVVGEJPKSWGEOGUVNCOCEJKPGPQPRCUNC OCEJKPG VGEJPKSWG SWK GUV GNNGOÄOG WP GPUGODNG FOÃNÃOGPVU OCKU NC OCEJKPG UQEKCNGQWEQNNGEVKXGNOCIGPEGOGPVOCEJKPKSWGSWKXCFÃVGTOKPGTEGSWKGUVÃNÃOGPV
VGEJPKSWG´VGNOQOGPVSWGNGPUQPVNGUWUCIGUNOGZVGPUKQPNCEQORTÃJGPUKQP'V nWPG CTOG POGUV TKGP KPFÃRGPFCOOGPV FG NOQTICPKUCVKQP FG EQODCV FCPU NCSWGNNG GNNG GUV RTKUG =&'. ? TKGP KPFÃRGPFCOOGPV FG NC OCEJKPG UQEKCNG EQNNGEVKXGSWKNCVTCXGTUG
3WOKNUOCIKUUGFQPEFGNCOQFGTPKUCVKQPFGUU[UVÂOGUFOCTOGUGZKUVCPVU FGUU[UVÂOGUVTCFKVKQPPGNUIT¸EGCWZVGEJPQNQIKGUÃOGTIGPVGUPWOÃTKSWGU DKQVGEJPQNQIKGUPCPQVGEJPQNQIKGUQWDKGPSWOKNUOCIKUUGFGNCEQPEGRVKQP GV FW FÃXGNQRRGOGPV FG PQWXGCWZ U[UVÂOGU FOCTOGU CXCPEÃU UQWU FGU EQPVTCKPVGUVGORQTGNNGUDWFIÃVCKTGUUVTCVÃIKSWGUKPEGTVCKPGUEGSWKGUVOKU GP ÃXKFGPEG EG UQPV NGU NKOKVGU FGU UVTWEVWTGU QTICPKUCVKQPPPGNNGU EGPVTCNKUÃGUDWTGCWETCVKSWGUJKÃTCTEJKSWGUTÃICNKGPPGU
.GU QDLGEVKHU UQPV FQPE FG HCXQTKUGT NC EQPEGRVKQP FG VGEJPQNQIKGU OKNKVCKTGUGPWVKNKUCPVNGUTGUUQWTEGUFGTGEJGTEJGGVFGFÃXGNQRRGOGPVEKXKNU GVRTKXÃU.OWVKNKUCVKQPFGEGUTGUUQWTEGUGPVTCÉPCPVWPGPQWXGNNGUQEKQNQIKG FGUTCRRQTVUEKXKNUOKNKVCKTGUCKPUKSWGNGFÃXGNQRRGOGPVFGOQ[GPUGPEQTG TÃICNKGPU CHKP FOKFGPVKHKGT NGU TÃUGCWZ FOCEVGWTU TÃUGCWZ QRÃTCPV FCPU NGU UGEVGWTUENÃU FG NC TGEJGTEJG NGU VJÃOCVKSWGU UGPUKDNGU %GU OQ[GPU TÃICNKGPU GZRNQKVCPV ´ NGWT VQWT NGU VGEJPQNQIKGU CXCPEÃGU FW VTCKVGOGPV FG NOKPHQTOCVKQP
+NUUQPVCWUUKFGFÃXGNQRRGTNOCESWKUKVKQPFGRTQFWKVUGVFGVGEJPQNQIKGU EQOOGTEKCWZC[CPVFGUURÃEKHKEKVÃUOKNKVCKTGUTÃFWKVGU%GNCKORNKSWCPVFOGP FÃVGTOKPGT NGU EQPUÃSWGPEGU UÃEWTKVCKTGU GV UVTCVÃIKSWGU .OQDLGEVKH UWKXCPV ÃVCPV FQPE FG TÃFWKTG NGU TÃIWNCVKQPU ÃVCVKSWGU KORQUÃGU CWZ ITQWRGU KPFWUVTKGNU VQWV GP OCKPVGPCPV ´ WP JCWV PKXGCW NC OCÉVTKUG FGU UVTCVÃIKGU KPFKTGEVGURQVGPVKGNNGUCFXGTUGU.OGURCEGFGULGWZCKPUKQWXGTVUÃVCPVFCPUEG ECU RCTVKEWNKÂTGOGPV KPUVCDNG GV NOCFQRVKQP UQWJCKVÃG FGU PQTOGU GV UVCPFCTFUEQOOGTEKCWZRQUCPVFGURTQDNÂOGURTQEJGU'PHKPGVEGPOGUVRCU WP FGU OQKPFTGU RCTCFQZGU NC TÃFWEVKQP UQWJCKVÃG FGU RGTUQPPGNU KORNKSWÃUFCPUNGURTQEGUUWUFOCESWKUKVKQPGVNCNQIKUVKSWGCKPUKSWGNGWTRNWU ITCPFG RTQHGUUKQPPCNKUCVKQP CNNCPV FG RCKT ´ WP CWVTG PKXGCW CXGE NC TGEJGTEJG FOWPG RNWU ITCPFG nJ[DTKFCVKQP EKXKNGOKNKVCKTG GP RCTVKEWNKGT GP EG SWK EQPEGTPG NC TGEJGTEJG UEKGPVKHKSWG GV VGEJPKSWG NC XGKNNG KPHQTOCVKQPPGNNG FCPU NG UGEVGWT FG NC IWGTTG ÃEQPQOKSWG FG NC IÃQ ÃEQPQOKG
&CPU EGVVG RJCUG KPEGTVCKPG FOCFCRVCVKQP GV FG VTCPUHQTOCVKQP NC FKHHÃTGPEKCVKQPFWLGWOKNKVCTQUVTCVÃIKSWGXCUOCORNKHKCPVQWFW OQKPUGUV RGTÁWEQOOGVGNNG&WRQKPVFGXWGCOÃTKECKPNOQDUGUUKQPFGNCOCÉVTKUGFW nOCTSWCIGEQPVKPWFGNCTÃCNKVÃUVTCVÃIKSWGUGVTQWXGN´GPEQTGCNKOGPVÃGV NGU LGWZ KPUVCDNGU GPVTG EG SWG NOQP RGWV CRRGNGT NC HCKDNGUUG FGU HQTVU GV NC
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.GU EQORNKECVKQPU FWGU ´ NC FQOKPCPEG KPHQTOCVKQPPGNNG EQOOWPKECVKQPPGNNG CW UGPU NCTIG CEETQKUUGPV NGU CU[OÃVTKGU VCEVKSWGU GV UVTCVÃIKSWGU%GSWKCWRCUUCIGCNKOGPVGGPTGVQWTNCEQWTUG´NCFQOKPCVKQP RCTNCOCÉVTKUGFGUVGEJPQNQIKGUFGRQKPVGGVCKPUKFGUWKVG
.C PQVKQP FOCU[OOGVTKE YCTHCTG EQOOG QP NOC PQVÃ RTÃEÃFGOOGPV UG VTQWXG FQPE ÄVTG UCPU EGUUG TGNCPEÃG RCT NOCWIOGPVCVKQP FG TÃCNKVÃ UVTCVÃIKSWG %GNC GUV FOCWVCPV RNWU WP RTQDNÂOG SWG NGU HQTOGU KPUVKVWVKQPPCNKUÃGU FOQTICPKUCVKQP OKNKVCKTG QPV VGPFCPEG ´ RTKXKNÃIKGT NG TCRRQTVFWOÄOGCWOÄOG#NQTUSWGVTÂUUQWXGPVGVGPTCKUQPOÄOGFGNC XCTKÃVÃ VTÂU KORQTVCPVG FG EQPHNKEVWCNKVÃU GP CEVG CWLQWTFOJWK CKPUK SWG FG NOGZVTÄOGJÃVÃTQIÃPÃKVÃFGUCEVGWTUNCTKRQUVGXCRNWVÏVFWOÄOG´NOCWVTG
$KGPSWGFCPUNGECFTG FG NC 4/# NC RGTURGEVKXG UQKV PGVVGOGPV RNWVÏV VGEJPQNQIKSWG XQKTG RCTHQKU VGEJPKEKUVG NC 3&4 OCKPVKGPV NOÃVGPFWG FG NC PQVKQPnNCFQOKPCVKQPCOÃTKECKPGFCPUNGFQOCKPGOKNKVCKTG EQPXGPVKQPPGN RGWV GPEQWTCIGT NGU CFXGTUCKTGU ´ WVKNKUGT FGU OQ[GPU CU[OÃVTKSWGU RQWT CVVCSWGT PQU HQTEGU GV PQU KPVÃTÄVU ´ NOÃVTCPIGT GV UWT NG UQN PCVKQPCN +NU RQWTTCKGPV EJGTEJGT NOCXCPVCIG GP WVKNKUCPV FGU CRRTQEJGU PQP EQPXGPVKQPPGNNGU RQWT FÃLQWGT QW UCRGT PQURQKPVUHQTVUGPGZRNQKVCPVPQUXWNPÃTCDKNKVÃU&OWPRQKPVFGXWGUVTCVÃIKSWGWP CFXGTUCKTGRQWTTCKVEJGTEJGT´ÃXKVGTWPGEQPHTQPVCVKQPFKTGEVG GP WVKNKUCPV RNWVÏV FGUOQ[GPUEQOOGNGVGTTQTKUOGNGUCTOGUPWENÃCKTGUDKQNQIKSWGUGVEJKOKSWGUNC IWGTTGFGNOKPHQTOCVKQPQWNGQUCDQVCIGGPXKTQPPGOGPVCNRRQWTCVVGKPFTGUGUDWVU
5QPV CKPUK RTKUGU GP EQORVG GV GPXKUCIÃGU NGU RQUUKDKNKVÃU CU[OÃVTKSWGU UWKXCPVGUnTGVCTFGTQWFGPKGTNOCEEÂUFGU75#´FGUKPHTCUVTWEVWTGUGUUGPVKGNNGU RGTVWTDGTNGUTÃUGCWZFGEQOOWPKECVKQPGVFGEQOOCPFGOGPVFKUUWCFGTNGUCNNKÃUGV NGURCTVGPCKTGURQVGPVKGNUFOWPGEQCNKVKQPFGUQWVGPKTNOKPVGTXGPVKQPFGU75#KPHNKIGT FGU RGTVGU JWOCKPGU RNWU KORQTVCPVGU SWG RTÃXWGU RQWT CHHCKDNKT PQVTG FÃVGTOKPCVKQP=%+4?
&CPU EG EQPVGZVG NC IWGTTG FG NOKPHQTOCVKQP CW UGPU NCTIG QWXTG FOWP EGTVCKPRQKPV FG XWG FGU RQUUKDKNKVÃU EGTVCKPGU RQWT FGU UVTCVÃIKGU CFXGTUGU QDNKSWGU 5WT NG RNCP VGEJPKSWG NGU UVTWEVWTGU GP TÃUGCW ÃNGEVTQPKSWG FQKXGPV FQPE CPVKEKRGT EGU CVVCSWGU 'V NOQWXGTVWTG FW U[UVÂOG FG FÃHGPUG CWZ TGUUQWTEGU FKUVTKDWÃGU FG NC UQEKÃVÃ FG OWNVKRNKGT UQWU EGTVCKPGU EQPFKVKQPU NGU RQKPVU FOCRRNKECVKQPU FGU HQTEGU CFXGTUGU NGU XWNPÃTCDKNKVÃU .OGZVGPUKQP FGU PÃEGUUKVÃU UVTCVÃIKSWGU CW EWT OÄOG FW OQWXGOGPV FG EKXKNKCPKUCVKQP C[CPV VGPFCPEG ´ OKNKVCTKUGT FG RNWU GP RNWU FOCEVGWTU GV FG HQPEVKQPU EKXKNGU 1P EQORTGPF CNQTU EQODKGP NGU EQPFKVKQPU FOWPG J[DTKFCVKQPEKXKNKCPKUCVKQPTÃWUUKGUWRRQUGPVCWFGN´FGNCOKUGGPRNCEGFG
XGTTQWU RQNKVKSWGU VGEJPKSWGU GV UÃEWTKVCKTGU VTCFKVKQPPGNNG WPG CRRTQEJG UQEKÃVCNG URÃEKHKSWG FGU TCRRQTVU EKXKNU GV OKNKVCKTGU WPG CRRTQEJG FGU UWDLGEVKXKVÃUCIKUUCPVCWUGKPOÄOGFWEQTRUUQEKCNQWFGURCTVKGUFWEQTRU UQEKCN FKTGEVGOGPV GV KPFKTGEVGOGPV KORNKSWÃGU 'V EG FOCWVCPV RNWU UK NG OQFÂNG FG NC UQEKÃVÃ QWXGTVG UQP OCKPVKGP GV FÃXGNQRRGOGPV TGUVG NG DWV RTGOKGT0QWUCXQPUFÃL´ÃXQSWÃNGUF[PCOKSWGUSWKCHHGEVGPVNGRTQEÂUFG VTCXCKNCWLQWTFOJWKCKPUKSWGNGUVGPUKQPURTKPEKRCNGU SWK UQPV´NOWXTGCW EWTFGUHQTOGUQTICPKUCVKQPPGNNGUUQWUNGUEQPFKVKQPUFWPWOÃTKSWGGVFG NCOQPVÃGFGNOQPVQNQIKGTÃVKEWNCKTG
4GPFTGRNWUHNGZKDNGUGVCFCRVCVKXGUNGUUVTWEVWTGUHCXQTKUGTNGUECRCEKVÃU KPPQXCPVGU OKGWZ OCÉVTKUGT NGU FKXGTUGU VGORQTCNKVÃU CEETQÉVTG NC RGTHQTOCVKXKVÃFÃEKUKQPPGNNGFCPUFGUEQPFKVKQPUKPUVCDNGUXQKTGKPEGTVCKPGU VQWVEGNCEQPFWKV´WPEGTVCKPPQODTGFOÃXQNWVKQPU
&CPU WP FQWDNG OQWXGOGPV KN EQPXKGPV GP GHHGV FG UG FQPPGT WPG OGKNNGWTG TGRTÃUGPVCVKQP FGU OQFGU FG HQPEVKQPPGOGPV KPVGTPG FG IGUVKQP FGUOÃOQKTGUKPVGTPGUGVFOCRRTKXQKUGTNGUPQWXGCWZOQFGUFGRTQFWEVKQP EKTEWNCVKQPGZRNQKVCVKQPFOKPHQTOCVKQPUSWOQHHTGPVNGUPQWXGNNGUVGEJPQNQIKGU PWOÃTKSWGU
'PUWKVGKNUOCIKVFGOGVVTGGPRNCEGFGUCIGPEGOGPVUEQNNGEVKHUHQPFÃUUWT FGURTQEÃFWTGURNWUnCWVQQTICPKUCVKQPPGNNGUGPOWNVKRNKCPVCWZRNWUDCU PKXGCWZ FOÃEJGNNG RQUUKDNGU NGU DQWENGU TÃEWTUKXGU GV NGU VGEJPQNQIKGU KPVGNNGEVWGNNGUTGPFCPVEGUFGTPKÂTGUGHHKECEGU0QWUCXQPUFÃL´RTÃEKUÃCXGE UWHHKUCOOGPVFGHQTEGNGECFTGFGEGUCRRTQEJGU6TQKUKÂOGOGPVKNEQPXKGPV FGUGEQPEGPVTGTUWTNGUEQORÃVGPEGUHQTVGUGVFGUGFÃUGPICIGTFGUHQPEVKQPU SWKRGWXGPVÄVTGUCUUWTÃURCTFOCWVTGUFGHCÁQPRNWURGTHQTOCPVG
.GUOQ[GPUFGRKNQVCIGUÃOKQVKSWG
6QWV EGNC UWIIÂTG WP EGTVCKP PQODTG FOCVVKVWFGU PQWXGNNGU CHKP FG HCKTG HCEG CWZ FÃHKU SWK XKGPPGPV CWFGXCPV FG PQWU %QOOGPV UG OGVVTG GP UKVWCVKQPFGFÃETKTGFGOCPKÂTGF[PCOKSWGNGUTÃUGCWZFOCEVCPVUKORNKSWÃU RCT NOJ[DTKFCVKQP FGU FKURQUKVKHU FG FÃHGPUG! %QOOGPV KFGPVKHKGT GV RQWTUWKXTG EGVVG KFGPVKHKECVKQP FCPU NG VGORU NGU RQKPVU FOCRRNKECVKQP RQUUKDNGU FGU HQTEGU CFXGTUGU CW UGKP FG EGU CIGPEGOGPVU EQNNGEVKHU GP TÃUGCWZ QÔ NGU KPVÃTÄVU UQPV RCTHQKU FKXGTIGPVU XQKTG QRRQUÃU! ,COCKU EG SWG NOQP CRRGNNG FOWP OQVXCNKUG NC XGKNNG KPHQTOCVKQPPGNNG GV UVTCVÃIKSWG POGUVCRRCTWGFGEGRQKPVFGXWGRNWUKORQTVCPV
.OGZVGPUKQP FGU PÃEGUUKVÃU UVTCVÃIKSWGU CKPUK SWG NC FKHHÃTGPEKCVKQP FGU CEVGWTUGVNGOQWXGOGPVFGEKXKNKCPKUCVKQPGPEQWTUTGPFGPVRNWUWTIGPVGNC
TÃHNGZKQPUWTNGURTKPEKRGUFOKPVGNNKIKDKNKVÃGVNGUPQWXGNNGUXKUKDKNKVÃUSWOKNGUV PÃEGUUCKTG FG RTQOQWXQKT CHKP FG FÃXGNQRRGT NOKPVGNNKIGPEG FGU UKVWCVKQPU PQWXGNNGU.CSWGUVKQPGUVFQPEFGUCXQKTEQOOGPVUGFQPPGTFGnPQWXGCWZ OQ[GPUFGRKNQVCIGUÃOKQVKSWGEQPEGTPCPVNCHQTOCVKQPNOKPPQXCVKQPNC TGEJGTEJGFÃXGNQRRGOGPVNCPCVWTGFGUCNNKCPEGURTKXÃRWDNKENGUOQPVCIGU HKPCPEKGTUNGUOÃOQKTGUPWOÃTKSWGUFKUVTKDWÃGUFGUQK´UQKOCKUCWUUKFG UQK XKU´XKU FGU CWVTGU XGKNNG UVTCVÃIKSWG UWT NGU CNNKCPEGU KPFWUVTKGNNGU NC UWTXGKNNCPEGGVNGEQPVTÏNGFGUÃECTVUFGRWKUUCPEGUNCIGUVKQPFGUCNNKCPEGU ÃEQPQOKSWGURQNKVKSWGUGVUVTCVÃIKSWGUFGUUWDLGEVKXKVÃUGVEGFGHCÁQPFG RNWUGPRNWUHQPEVKQPPCNKUVG
&CPU NG ECU SWK PQWU QEEWRG NC OKUG GP XKUKDKNKVÃ FG NC F[PCOKSWG FGU CEVGWTUTÃUGCWZÃEQPQOKSWGUUEKGPVKHKSWGUVGEJPKSWGUTGSWKGTV´RTÃUGPVFGU OQFGUFGVTCKVGOGPVCWVQOCVKSWGFGRNWUGPRNWUGPRNWUUQRJKUVKSWÃUGVEG GPTCKUQPFGUÃPQTOGUSWCPVKVÃUFQEWOGPVCKTGUSWGEGVVG OKUGGPXKUKDKNKVÃ KORNKSWG%GNCFOCWVCPVRNWUSWGNCFKHHÃTGPEKCVKQPFGUVCEVKSWGUGVUVTCVÃIKGU QDNKSWGU GUV HCXQTKUÃG RCT NGU QRCEKVÃU TGNCVKXGU SWK PCKUUGPV FG NC RTQNKHÃTCVKQPFGUVTCEGUUKIPGUUÃOKQVKSWGUGVFGNGWTULGWZ
.GU EQÃOGTIGPEGU FGU F[PCOKSWGU IÃQÃEQPQOKSWGU OKNKVCKTGU CPVJTQRQNQIKSWGU GV TGNKIKGWUGU FGU UWDLGEVKXKVÃU TGPFGPV RCTHQKU VTÂU FÃNKECVGU NOKFGPVKHKECVKQP GV NOKPVGTRTÃVCVKQP FGU OCPWXTGU FCPU NG UGEVGWT FGUCEVGWTUTÃUGCWZVGEJPKEQÃEQPQOKSWGU
3WGHCWVKNGPGHHGVQDUGTXGTGVnVTCKVGT!
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RCTV GPVKÂTG QÔ KPVGTCIKUUGPV GP RGTOCPGPEG GV UCPU QTFTG RTÃÃVCDNK NGU FKHHÃTGPVGU HQPEVKQPU 'V NGU TÃUGCWZ KPVGTPGU UG RTQNQPIGPV ´ QNOGZVÃTKGWTR GP COQPV FW EÏVÃFGNCTGEJGTEJGOCKUCWUUKGPCXCNFWEÏVÃFGNCRWDNKEKVÃFGUWUCIGTUCKPUKSWG NCVÃTCNGOGPVUQWUNCHQTOGFGRCTVGPCTKCVUKPVGTHKTOGU
'VnNGUOQFGUFGEQQRÃTCVKQPGVFGOKUGUGPTGNCVKQPGPVTGEGUFKHHÃTGPVUCEVGWTU
´NOKPVÃTKGWTFGUQTICPKUCVKQPUQWGPVTGGNNGUUGOCVÃTKCNKUGPVFCPUNCEKTEWNCVKQPFG VQWVGWPGICOOGFOKPVGTOÃFKCKTGUSWKPGUGTÃFWKUGPVPK´FGUDKGPUOCVÃTKGNUPK´
FGU DKGPU OCTEJCPFU 5K PQWU WVKNKUQPU EGVVG PQVKQP FOKPVGTOÃFKCKTGU EOGUV RQWT FÃUKIPGT VQWV EG SWK RCUUG FOWP CEVGWT ´ WP CWVTG GV SWK EQPUVKVWG NC HQTOG GV NC OCVKÂTGFGUTGNCVKQPUSWKUOKPUVCWTGPVGPVTGGWZ
%GNC KORNKSWG SWG NC UWTXGKNNCPEG FG EGU KPVGTOÃFKCKTGU VTÂU XCTKÃU GV JÃVÃTQIÂPGU UQKV ÃNCTIKG CW OCZKOWO CHKP SWG nNGU HNWZ FOKPVGTOÃFKCKTGU GV NGWTU VTCLGEVQKTGU UQKGPV FÃETKVU CXGE RTÃEKUKQP 7PG ECTVQITCRJKG FCPU NCSWGNNG UGTCKGPV TGRTÃUGPVÃU NGU CEVGWTU GV NGWTU KPVGTOÃFKCKTGU FG VQWVGU ECVÃIQTKGU EKTEWNCPVGPVTGGWZEQPUVKVWGTCKVWPGDQPPGFGUETKRVKQPFWTÃUGCW=%#.?
.GUVCEVKSWGUGVNGUUVTCVÃIKGUUGNCKUUCPVRNWUQWOQKPUHCEKNGOGPVnNKTG
´ RCTVKT FGU KPUETKRVKQPU FG VQWVGU UQTVGU SWG NCKUUGPV NGU CEVGWTU GV NGU KPVGTOÃFKCKTGUCWEQWTUFGNGWTUCEVKXKVÃUGVSWKNGUCUUQEKGPVFGVGNNGQWVGNNG OCPKÂTG
+N HCWV FQPE RQWXQKT KFGPVKHKGT NGU CEVGWTU GV NGU VGORQTCNKVÃU SWK EQPFWKUGPV ´ NC HQTOCVKQP FG VGN QW VGN RÏNG +N HCWV RQWXQKT ÃXCNWGT NGU RJÃPQOÂPGU FG EQPXGTIGPEG GV CPVKEKRGT NGU XWNPÃTCDKNKVÃU FQPV KNU UQPV RQTVGWTUGVFÃHKPKTNGUOQ[GPUFGEQPVTÏNGGVFGXGTTQWKNNCIGGPHQPEVKQPFW ECTCEVÂTGRNWUQWOQKPUKTTÃXGTUKDNGFGEGURJÃPQOÂPGU5WKXCPVNGUECUNGU PKXGCWZ FG EQPVTCKPVGU UÃEWTKVCKTGU GV NGWT GZRTGUUKQP LWTKFKSWG UQEKCNG RQNKVKSWGUQPVUWUEGRVKDNGUFGXCTKGTHQTVGOGPV
#HKPFOCUUWTGTWPGDQPPGXKUKDKNKVÃFGURQKPVUFGHCKDNGUUGGPIGPFTÃURCT NG FÃXGNQRRGOGPV FG EGU PQWXGCWZ CITÃICVU VGEJPQGEQPQOKEQHKPCPEKGTU JÃVÃTQIÂPGUGVRCTVKGNNGOGPVQWVQVCNGOGPVFÃVGTTKVQTKCNKUÃUnCHKPFGRQWXQKT CPCN[UGTGPEQPVKPWNOÃXQNWVKQPFGUEQPHKIWTCVKQPUUVTCVÃIKSWGUGVVCEVKSWGUKNHCWV RQTVGT WPG CVVGPVKQP UQWVGPWG ´ NOÃOGTIGPEG FG EQPPGZKQPU KPÃFKVGU UWUEGRVKDNGU FOCHHCKDNKTNGUECRCEKVÃUFGVQWVGHCÁQPTGNCVKXGFOCWVQPQOKGFGFÃEKUKQPGVFOCEVKQPU OKNKVCTQUVTCVÃIKSWGU
%GNC PG RGWV UG HCKTG FCPU NGU EQPFKVKQPU CEVWGNNGU SWG UK NOQP UG FQVG FOQWVKNUFGVGEJPQNQIKGUKPVGNNGEVWGNNGUCFCRVÃU´NCFGUETKRVKQPF[PCOKSWG FG EGU CIGPEGOGPVU RNWU QW OQKPU J[DTKFGU 3WOGUV EG SWK EQPXGTIG SWK UOCUUQEKG SWK GUV EQPVTÏNCDNG SWK PG NOGUV RCU SWGNNGU UQPV NGU KPEGTVKVWFGU ÃOGTIGPVGUW!.CSWGUVKQPFQPEFGUKPFKEGURWKUFGUKPFKECVGWTURGTVKPGPVU SWOKN EQPXKGPV FG RTGPFTG GP EQORVG CHKP FG HCEKNKVGT NOKFGPVKHKECVKQP FGU TKUSWGU FGXKGPV EGPVTCNG .G EJQKZ NC EQNNGEVG NG VTK FGU FQPPÃGU KPHQTOCVKQPUW CKPUK SWG NGWT VTCKVGOGPV FQKXGPV RQWT WPG RCTV GUUGPVKGNNG ÄVTGCWVQOCVKUCDNGU
.G UWKXK FGU HNWZ KPHQTOCVKQPPGNU GV NOCEVKXKVÃ FG XGKNNG FQKXGPV ÄVTGU ÃVGPFWUCWOCZKOWO
+NHCWVFQPEnRCTVKTFGEGSWKEKTEWNGSWKPQWUEQPFWKV´EGSWKGUVFÃETKVRCT EGSWKEKTEWNG.GXGTDGFÃETKTGGUV´RTGPFTGFCPUUQPFQWDNGUGPUQFGUETKRVKQPQCW UGPU NKVVÃTCKTG FW TÃUGCW KPUETKV FCPU NOKPVGTOÃFKCKTG EQPUKFÃTÃ SWOKN UOCIKUUG FG VGZVGU FG FKURQUKVKHU FG EQORÃVGPEGU KPEQTRQTÃGU FGUETKRVKQPEKTEWNCVKQP FG
NOKPVGTOÃFKCKTG FCPU NG UGPU QÔ NOQP FKV SWG NOQP FÃETKV WPG VTCLGEVQKTGW
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&CPU EG EQPVGZVGN´ NOGPUGODNG FGU VTCXCWZ SWK QPV ÃVÃ FÃXGNQRRÃU FGRWKUWPGXKPIVCKPGFOCPPÃGUFCPUNGUGEVGWTFWVTCKVGOGPVFGUITQUEQTRWU FQEWOGPVCKTGU FG NOCPCN[UG VGZVWGNNG FG NC OQFÃNKUCVKQP FGU U[UVÂOGU EQORNGZGUFGNCTGRTÃUGPVCVKQPFGUUCXQKTUCRTKUWPGKORQTVCPEGOCLGWTG +FGPVKHKGT NGU FQEWOGPVU RGTVKPGPVU EQPUVTWKTG FGU OÃOQKTGU PWOÃTKSWGU FÃFKÃGU ´ NOKPVGTRTÃVCVKQP OKNKVCTQUVTCVÃIKSWG EQPEGXQKT FGU OÃVJQFGU FOCPCN[UG RGTOGVVCPV FG FÃETKTG NGU RNWU QW OQKPU NQPIWGU nEJCÉPGU FOCEVGWTUTÃUGCWZ KORNKSWÃU FCPU NGU RTQEGUUWU CUUQEKCVKHU J[DTKFGU FGU U[UVÂOGU FG EQPEGRVKQP RTQFWEVKQP IGUVKQP HCKTG CRRCTCÉVTG FGU nKPFKECVGWTUHQWTPKUUCPVNCOQTRJQNQIKGFGUKPVGTCEVKQPUGVSWCNKHKCPVNGUÃNÃOGPVU GP KPVGTCEVKQP UWKXTG NGU RTCVKSWGU OÃVTQNQIKSWGU FGU CEVGWTU RTCVKSWGU RCT NGUSWGNNGU EGU FGTPKGTU VTCPUHQTOGPV GP OGUWTG GV GP TGNCVKQPU SWCPVKHKÃGU FGU KPVGTCEVKQPU SWK PG NOÃVCKGPV SWG HCKDNGOGPV =%#.? VQWV EGNC PÃEGUUKVG FG PQWXGCWZQWVKNUNQIKEKGNU
2CTOKEGUPQWXGCWZQWVKNUEGWZ SWKUQPVKUUWUFGUVTCXCWZOGPÃUFCPU NGU FQOCKPGU FG NC UQEKQNQIKG FGU UEKGPEGU FG NC XGKNNG UEKGPVKHKSWG GV VGEJPKSWGFGNCXGKNNGFQEWOGPVCKTGKPHQTOCVKQPPGNNGUQPVFÃEKUKHU
&G EG RQKPV FG XWG KN GUV GUUGPVKGN FG RQTVGT NC SWGUVKQP FGU PQWXGNNGU VGEJPQNQIKGU KPHQTOCVKQPPGNNGU GV KPVGNNGEVWGNNGU CCW EWT FGU FKURQUKVKHU FGHQTOCVKQPGVFGUÃNKVGUGVFGNCRQRWNCVKQPCWVCPVSWGHCKTGUGRGWVDCW EWTFGNCIGUVKQPÃEQPQOKSWGFGUHNWZHKPCPEKGTUECWEWTFGUOQ[GPU OKNKVCTQUVTCVÃIKSWGUFCWEWTFGUnKPVGNNKIGPEGUEQNNGEVKXGU=.'8?
+N EQPXKGPV GP RCTVKEWNKGT FOCEEÃFGT GV FG TÃRQPFTG CW FÃHK EQPVKPW FGU RTQEGUUWU FG FÃVGTTKVQTKCNKUCVKQP CHHGEVCPV NG UVTCVÃIKSWG OCKU CWUUK CWZ RTQEGUUWUFGTGVGTTKVQTKCNKUCVKQPSWKXQPVCXGE%OGUVFQPERGPUGTGVCIKTUWT NCEQGZKUVGPEGFGEGSWGNOQPPQOOGRQWTCNNGTXKVGFWRNWUCTEJCÊSWGGVFW RNWUHWVWTKUVG/CKUQPUCKVSWOnCTEJÃUKIPKHKG´NCHQKUEG´RCTVKTFGSWQK UQTVUGFÃXGNQRRGSWGNSWGEJQUGGVEGSWKOCKPVKGPVUQPGORTKUGUWTEGSWK UQTVFGNWK%OGUVRGPUGTGVCIKT´FGUPKXGCWZFOÃEJGNNGFKHHÃTGPVULFCPUFGU EQPVGZVGUQÔNGUTÂINGUGVNGUCEVCPVUUQPV´EJCSWGHQKUFKHHÃTGPVULQÔNGUGPU GV NGU F[PCOKSWGU EJCPIGPV GP EJCPIGCPV FOÃEJGNNGU GP EJCPIGCPV FG TCRRQTVUFKHHÃTGPVKGNU
2QWT EGNC GV RQWT UG FQVGT FG EGU OQ[GPU FG OKUG GP XKUKDKNKVÃ SWK KPENWGPV U[UVÂOGU FOCTOGU CWVCPV SWG TGRTÃUGPVCVKQPU FGU EJCORU UVTCVÃIKSWGU TGRTÃUGPVCVKQPU FGU UCXQKTU GV PQWXGCWZ OQFGU FOKPVGNNKIKDKNKVÃKNHCWVFÃRNQ[GTWPXCUVGOQWXGOGPVCWEWTFGUPQWXGNNGU VGEJPQNQIKGU KPHQTOCVKQPPGNNGU GV EQOOWPKECVKQPPGNNGU KPVGNNGEVWGNNGU GV EG
FCPUNGU FQOCKPGU SWG NOQP C FÃL´ KPFKSWÃU 'P GHHGV FÂU SWG NOQP IÂTG QW XGWV IÃTGT FGU nRTQEGUUWU KN HCWV PQP UGWNGOGPV ÄVTG GP OGUWTG FG EQPUVTWKTG GV FG ETÃGT NGU FQPPÃGU SWK XQPV CXGE OCKU GPEQTG KN HCWV CRRTGPFTG´IÃTGTNGURQKPVUFGXWGKNHCWVRTQFWKTGFGUTGRTÃUGPVCVKQPURNWU QW OQKPU UKORNKHKÃGU CWZ PKXGCWZ FOÃEJGNNG GV CWZ FGITÃU FG RTÃEKUKQP PÃEGUUCKTGU#WRCUUCIGKN[CVQWLQWTUWPUGWKNCWFGN´FWSWGNRTÃEKUKQPGV UGPUUQPVOWVWGNNGOGPVGZENWUKHU
.GU UEKGPEGU FG NOKPHQTOCVKQP EG SWG NOQP CRRGNNG CWUUK NC EQIPKVKQP FKUVTKDWÃG UQPV FQPE CW EWT FW RTQDNÂOG FG NC OCÉVTKUG RQNKVKEQ UVTCVÃIKSWGFGEGURTQEGUUWU
.GUFKOGPUKQPURTQEGUUWGNNGUFGNCUVTCVÃIKG
&GRNWUNGUVTCVÃIKSWGGUVRNWUSWGLCOCKUnKPEQORNÃVWFGGPRTQEÂUFG RTQFWEVKQP ÃVCV OÃVCUVCDNG PQP VQVCNKUCDNG ´ RCTVKT FOWP UGWN EGPVTG QW RQKPV FOCRRWK %G SWK ÃVCKV FÃL´ WP NGWTTG WPG KNNWUKQP PÃEGUUCKTG KPFÃRCUUCDNGOCKUEQOOGRQKPVCXGWINGQWEQIKVCVKQECGECFGUGORKTGUGUVN´
CWEWTFGNOGORKTGGPCEVGGVVTKQORJCPVNOGURCEGVGORUKORÃTKCNFQKVFG VQWVGHCÁQPÄVTGEQPÁWEGNCFKVUCPURCTCFQZGEQOOGCEGPVTÃEQPHTQPVô
WPGJÃVÃTQIÃPÃKVÃVQWLQWTURNWUITCPFGFGUGUCEVGWTU´FGURTCVKSWGUCWVQ QTICPKUCVKQPPGNNGU ÃOGTIGPVGU ETQKUUCPVGU GV FQPE ´ NC RTKUG GP EQORVG FOCWVQPQOKG RNWU ITCPFG FG NC RCTV FGU CEVGWTU CNNKÃU QW C HQTVKQTK CFXGTUCKTGU $TGH NO'ORKTG FQKV UG RGPUGT RNWU SWG LCOCKU EQOOG nCIGPEGOGPVEQNNGEVKHKORÃTKCNGPRTQEÂU
5KNCUVTCVÃIKGGUVFGRNWUGPRNWURTQEGUUWGNNGUKFQPENGUCNNKCPEGUUQPV FG RNWU GP RNWU HQPEVKQPPGNNGU VTCPUÃVCVKSWGU VTCPUUQEKÃVCNGU UOKN UOCIKV FG IÃTGT FGU EQCNKVKQPU ´ IÃQOÃVTKG XCTKCDNG CNQTU KN HCWV UG FQVGT FG OQFGU FOÃETKVWTGFGTGRTÃUGPVCVKQPTGPFCPVEQORVGFGNCEQORNGZKVÃEQPHNKEVWGNNG
%GUPQWXGCWZOQFGUSWKTGNÂXGPVFOWPGXÃTKVCDNGnUVTCVÃIKGFGUKPVGTHCEGU
UQPV NG ICIG RQWT RCTVKG UGWNGOGPV FG RQWXQKT CEEÃFGT ´ WPG OKUG GP XKUKDKNKVÃ FW XCUVG EQORNGZG FG TGNCVKQPU VTCPUFWEVKXGU EQPUVKVWVKXGU FGU EJCORU FG HQTEG UVTCVÃIKSWGU EOGUV´FKTG FG NOGPUGODNG FGU TGNCVKQPU F[PCOKSWGUSWKEQPUVKVWGPVNGUCEVCPVUOKUTCRRQTVQWSWKUOCHHTQPVGPV%GVVG EQPSWÄVG FG NC RQUKVKQP FQOKPCPVG FCPU EG FQOCKPG EQWRNÃG ´ WPG KPVGNNKIGPEGCPVJTQRQNQIKSWGFQKV FQPE XKUGT NG OCKPVKGP FG NOCWVTG GP ÃVCV FOKPHÃTKQTKVÃ SWCPV CWZ EQPFKVKQPU UVTWEVWTCNGU FG UQP EJCOR FG XKUKQP GV FQPEFOCEVKQPFGVGNNGUQTVGSWOKNUFGXKGPPGPVFCPUNGECUFOWPGOCPWXTG TÃWUUKGCWVQIGUVKQPPCKTGUFGNGWTRTQRTGFQOKPCVKQP
1W RQWT RGPUGT FCPU NG ECFTG JÃTKVÃ FG NC VJÃQTKG FGU LGWZ GV FG NC EQOOWPKECVKQPUVTCVÃIKSWGFGNCITCOOCKTGFKUUWCUKXGXQKTGVCIKTFGVGNNG UQTVGSWGOQPCEVKQPnXKUG´KPHNWGPEGTNGEJQKZFGNOCFXGTUCKTGGPHCXGWTFGUQK OÄOGGPLQWCPVUWTNOCVVGPVGFGEGFGTPKGTHCEGCWEJQKZSWGNOQPHGTC+NUOCIKVCNQTU GPUGEQPVTCKIPCPVUQKOÄOGCWEJQKZFOWPEGTVCKPOQFGFOCEVKQPFGHCKTGRGUGTUWT NOCFXGTUCKTG WPG EQPVTCKPVG SWK NOCOÂPGTC GP TGVQWT ´ TÃUQWFTG NG RTQDNÂOG FG OCZKOKUCVKQPCWSWGNKNUGVTQWXGEQPHTQPVÃFCPUWPUGPUHCXQTCDNG´UQKOÄOGVQWV GPNWKKPVGTFKUCPVFGRTQEÃFGTFGOÄOG=5%*?
&CPUWPCWVTGNCPICIGTCFKECNGVXGPWGPFTQKVGNKIPGFGNC4GCN2QNKVKM
<$T\G\KPUMK SWK UCKV UOGZRTKOGT CXGE VQWVG NC EQPEKUKQP GV NC DTWVCNKVÃ FW FÃUKT KORÃTKCN NOÃPQPEG CKPUK ´ RCTVKT FOWP RQKPV FG XWG RNWU NCTIG SWG NG PÏVTGKEKn5WTNGHQPFEGVVGCRRTQEJGPOCFGUGPUSWOCWVCPVSWOGNNGUGTVNGUKPVÃTÄVU FG NO#OÃTKSWG EOGUV´FKTG ´ EQWTV VGTOG NG OCKPVKGP FG UQP UVCVWV FG UWRGTRWKUUCPEG RNCPÃVCKTG GV ´ NQPI VGTOG NOÃXQNWVKQP XGTU WPG EQQRÃTCVKQP KPVGTPCVKQPCNG KPUVKVWVKQPPCNKUÃG &CPU NC VGTOKPQNQIKG CDTWRVG FGU GORKTGU FW RCUUÃ NGU VTQKU ITCPFU KORÃTCVKHU IÃQUVTCVÃIKSWGU UG TÃUWOGTCKGPV CKPUK ÃXKVGT NGU EQNNWUKQPUGPVTGXCUUCWZGVNGUOCKPVGPKTFCPUNOÃVCVFGFÃRGPFCPEGSWGLWUVKHKGNGWT UÃEWTKVÃEWNVKXGTNCFQEKNKVÃFGUUWLGVURTQVÃIÃUGORÄEJGTNGUDCTDCTGUFGHQTOGTFGU CNNKCPEGUQHHGPUKXGU=$4<?
+PVGTPGVGVUVTCVÃIKG
%OGUV NC TCKUQP RQWT NCSWGNNG PQWU FGXQPU EQPUKFÃTGT CXGE CVVGPVKQP NGU RTCVKSWGURGTEGRVKQPUTGRTÃUGPVCVKQPUSWKUGFÃXGNQRRGPV´RCTVKTFWTÃUGCW KPVGTPGV 'P TCKUQP FG UC PCVWTG OÄOG QP XQKV RQKPFTG WPG ÃXQNWVKQP RTQHQPFG FGU RGTEGRVKQPU FGU EJCPIGOGPVU FOÃEJGNNGU UVTCVÃIKSWGU FG NC RGTEGRVKQP FGU GURCEGU JKÃTCTEJKSWGOGPV GV F[PCOKSWGOGPV GPEJGXÄVTÃU
%OGUV FOWP EGTVCKP RQKPV FG XWG WPG PQWXGNNG KPECTPCVKQP FW RTQDNÂOG FG nNC FKURGTUKQP FW RQTV FOCTOGU ´ RCTVKT FGU FQOCKPGU QÔ LQWGPV NGU PQWXGNNGUFÃHKPKVKQPUFGNCRWKUUCPEG2QWTTGHQTOWNGTNGRTQDNÂOGVGNSWOKNC ÃVÃ RQUÃ RCT # ,QZG GV # 5CPVQU nSWGNNG GUV NC PCVWTG FG NC TGNCVKQP GZKUVCPVG GPVTG NC FKUUÃOKPCVKQPFKURGTUKQP FGU PQWXGNNGU VGEJPQNQIKGU KPVGNNGEVWGNNGU GV NC IGPÂUG CW UGKP FOWPG HQTOCVKQP UQEKCNG FOWPG ECRCEKVÃ WNVÃTKGWTG FOGZRCPUKQP ÃEQPQOKSWG UVTCVÃIKSWG NKÃG ´ WPG ECRCEKVÃ FGU KPVGNNKIGPEGUEQNNGEVKXGU!=,1:?
+NHCWVFQPERQWTEGSWKPQWUEQPEGTPGPQWUGWTQRÃGPUGPOCNFOGORKTG CEETQÉVTG PQVTG EQORTÃJGPUKQP FG EG HCKV FW FÃRNQKGOGPV UQWU FGU EQPFKVKQPU UQEKQÃEQPQOKSWGU GV EWNVWTGNNGU XCTKCDNGU FGU VGEJPQNQIKGU KPVGNNGEVWGNNGU ÃOGTIGPVGU FGU VGEJPQNQIKGU FOÃETKVWTGU CKPUK SWG FGU KPVGNNKIGPEGU EQNNGEVKXGU GV RTCVKSWGU CUUQEKÃGU FÃEQWNG WPG XCTKCVKQP FGU
RGTEGRVKQPU GV TGRTÃUGPVCVKQPU FGU GURCEGUVGORU UVTCVÃIKSWGU FGU ÃEJGNNGU GVFGNGWTUTCRRQTVUXCTKCVKQPSWKCHHGEVGNGUÃNKVGUFGNO'ORKTG
'V NOGZRNQTCVKQP UCPU EGUUG TÃRÃVÃG FÃOWNVKRNKÃG FG EGU FKXGTUGU FKOGPUKQPU FGU FKURQUKVKHU UQEKQEQIPKVKHU GV RGTEGRVKHU SWK UQPV N´ OKU GP WXTG GV FÃXGNQRRÃU FG RTQFWKTG FGU GHHGVU LWUSWG FCPU NC RGTEGRVKQP RTÃEKUÃOGPVFGUGURCEGUVGORUUVTCVÃIKSWGUGVEGFCPUVQWVGNGWTÃVGPFWG
+NUOCIKVFQPEFOGZRNQKVGTCWOKGWZNGUPQWXGCWZOQFGUFOÃETKVWTGGVFG VTCPUOKUUKQP
.G RTQEGUUWU FG PWOÃTKUCVKQP VQWEJG VQWU NGU RNCPU VQWVGU NGU URJÂTGU 5RJÂTGHKPCPEKÂTGGVÃEQPQOKSWGÃFWECVKXGUEKGPVKHKSWGGVVGEJPKSWGURJÂTG OKNKVCKTGCTVKUVKSWGTGNKIKGWUG#WPCWVTGPKXGCWFOÃEJGNNGNGUOQWXGOGPVU UVTCVÃIKSWGUSWKUQPVCUUQEKÃU´EGRTQEGUUWUQRÂTGPVRQWTNOGUUGPVKGN
LFCPUNGUKPFWUVTKGUFGRTQITCOOGU LFCPUNGFQOCKPGFWnJCTFYCTG
LFCPUNGFQOCKPGFWnUQHVYCTG
2NWURTÃEKUÃOGPVRQWTEGSWKEQPEGTPGNGUKPFWUVTKGUFGRTQITCOOGUNG IÃPKG IÃPÃVKSWG CWVQWT RCT GZGORNG FW RTQITCOOG FG ECTVQITCRJKG FW IÃPQOG JWOCKP NGU RTQITCOOGU KPHQTOCVKSWGU GV VQWV EG SWK VQWEJG CWZ KPFWUVTKGU FW URGEVCENG KOCIGU GV UQPU PWOÃTKSWGU EKPÃOC 68 OQPFGU XKTVWGNU 2QWT EG SWK GUV FW nJCTFYCTG NGU EQORQUCPVU NGU RWEGU ÃNGEVTQPKSWGUNGUUWRTCEQPFWEVGWTUNCPCPQVGEJPQNQIKG2QWTEGSWKGUV FW nUQHVYCTG NC SWGUVKQP FGU PQTOGU FGU OÃOQKTGU PWOÃTKSWGU FGU VGEJPQNQIKGU KPVGNNGEVWGNNGU GV RQWT EGU FGTPKÂTGU VQWV EG SWK TGNÂXG FG NOKPIKÃPÃTKG NKPIWKUVKSWG FW VTCKVGOGPV CWVQOCVKSWG FGU NCPIWGU FG NOKPIKÃPÃTKG FQEWOGPVCKTG FG NC TGRTÃUGPVCVKQP FGU UCXQKTU FGU NQIKEKGNU RGTOGVVCPV NOGZRNQKVCVKQP KPVGNNKIGPVG FGU FKOGPUKQPU RTQEGUUWGNNGU FW FQEWOGPV ÃNGEVTQPKSWG NKGPU ECTVQITCRJKGU CPCN[UG UVCVKUVKSWGU FG FQPPÃGUGVE1PPGRTÃVGPFRCUÄVTGKEKGZJCWUVKH'UVNCKUUÃFGEÏVÃVQWVEG SWKEQPEGTPGGPRCTVKEWNKGTNGUVTCPUOKUUKQPU
+N GUV KORQTVCPV FG DKGP CRGTEGXQKT SWG EGU OQWXGOGPVU OQDKNKUGPV UGEVGWT RTKXÃ GV UGEVGWT RWDNKE SWCPF DKGP OÄOG KN GZKUVG GPVTG CEVGWTU TÃUGCWZÃEQPQOKSWGUFWUGEVGWTRTKXÃFGUDCVCKNNGUHÃTQEGU8QKT/KETQUQHV 1TCENG 5WP GVE /CKU RCTEG SWG NGU TÃUGCWZ ÃEQPQOKSWGU UQPV NQPIU GV GPVTGOÄNÃUJ[DTKFGURCTEGSWGNGUPKEJGUKPPQXCVTKEGUPGTGEQWXTGPVRCUNGU GURCEGU FOCWVQPQOKG FÃEKUKQPPGNNG FOCEVKQPU VTCFKVKQPPGNNGU NC TGEJGTEJG FGURQKPVUFOCRRWKQÔUQPVUWUEGRVKDNGUFGUGOCPKHGUVGTFGUNKIPGUFGHWKVGU KORQTVCPVGUEGVVGTGEJGTEJGGUVFQPEETWEKCNG
&OQÔ EQPVTCKTGOGPV ´ EG SWG FGU EQOOGPVCVGWTU VTQR TCRKFGU RGWXGPV EQPVKPWGT ´ CHHKTOGT KN [ C WPG EQORTÃJGPUKQP GV WPG EQPEGRVWCNKUCVKQP HQTVGU FW EÏVÃ FG NO'ORKTG SWCPV ´ NOCRRTQRTKCVKQP UQEKQVGEJPKSWG GV UQEKQRQNKVKSWG FGU PQWXGNNGU VGEJPQNQIKGU KPHQTOCVKQPPGNNGU EQOOWPKECVKQPPGNNGU+NUOCIKVDKGPFOCEETQÉVTGNCRGTHQTOCVKXKVÃIÃPÃTCNGFGU KPVGNNKIGPEGU EQNNGEVKXGU EQPUVKVWCPVGU FG NO'ORKTG VQWV GP GUUC[CPV FG EQPVTÏNGT NGU GHHGVU RGTXGTU TÃUWNVCPV FG NC FKUUÃOKPCVKQP RQWT NOKPUVCPV TGNCVKXGOGPV QWXGTVG FG EGU VGEJPQNQIKGU OCKPVKGP QW CEETQKUUGOGPV FGU ÃECTVU FG RWKUUCPEG VQWV GP UG RTQVÃIGCPV EQPVTG WP ÃXGPVWGN n2GCTN
*CTDQT KPHQTOCVKSWG GV ÃNGEVTQPKSWG RCTCN[UCPV NGU EGPVTGU XKVCWZ CWZ 'VCVU7PKU OÄOGU 5CPU EQORVGT NGU CEVGWTUTÃUGCWZ ÃEQPQOKSWGU GV HKPCPEKGTU
'V FG EG RQKPV FG XWG NOKPVGTPGV LQWG FCPU NG OQPFG EKXKN WP TÏNG KFGPVKSWG ´ EGNWK FG NC 4/# FCPU NG FQOCKPG OKNKVCKTG GV UVTCVÃIKSWG +PVGTPGV GUV UVTWEVWTCPV # EG VKVTG KN GUV EQOOG nRTQDNÂOG UVTCVÃIKSWG
RQWTNO'ORKTG
+N GUV RTKUG UWT NG OQPFG GV ETÃCVKQP FOWP GURCEGVGORU FG V[RG VQRQNQIKSWG TGPQWXGNCPV HQPFCOGPVCNGOGPV NGU OQFGU FG RTQRCICVKQP FGU RWKUUCPEGU RU[EJKSWGU ´ VTCXGTU NGU PQWXGCWZ OQFGU FOKPUETKRVKQP GV FOÃETKVWTG #W EWT FG EGV GURCEG UG LQWG NC SWGUVKQP RQNKVKSWG GV IÃQRQNKVKSWG FG NC /ÃOQKTG 6QWVG WPG ETKVÃTKQNQIKG GUV N´ GP EJCPVKGT EQWRNÃG´NOCXÂPGOGPVFOWPQTFTGOCTEJCPFNWKOÄOGCVVCEJÃCWZHNWZFGNC OQPPCKGPWOÃTKSWGGVCWFÃXGNQRRGOGPVFGEQOOWPCWVÃUFGUCXQKTURNWU OQWXCPVGU GV HNWKFGU 0QWXGCWZ OQFGU FG RTQFWEVKQP EKTEWNCVKQP VTCPUOKUUKQP FGU UCXQKTU GV FGU UWDLGEVKXKVÃU PÃEGUUKVCPVU ´ POGP RQKPV FQWVGT WPG CPCN[UG TGPQWXGNÃG FW RTQEÂU FG VTCXCKN KPVGNNGEVWGN FCPU NGU EQPFKVKQPUFOWPGnKPVGNNGEVWCNKVÃFGOCUUG)GPGTCN+PVGNNGEV+NGUVRTKUGUWT NGOQPFGGPEQTGEQOOGGURCEGVGORUFKURQUKVKHUWUEGRVKDNG FG RQTVGT FGU UVTCVÃIKGUFGFKUUÃOKPCVKQPRTQRCICVKQPFGUXCNGWTU/ÃFKQNQIKGKORÃTKCNG GVKPEGTVCKPG
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